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The.
financial
rontrie
INCLUDING
Public Utility Compendium
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Railway Earnings Section
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SATURDAY, JANUARY 15 1927
VOL. 124.
Thronicle.
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The Financial Situation.
The expected ease in money after the turn of the
year has been realized. The call money rate which
had risen to 6% under year-end influences has declined to 4%;sixty and ninety-day acceptances have
declined, as has also prime commercial paper with the
best credit around the 4% level. Simultaneously,
prices of investment bonds have risen to the highest
point since 1917. The Dow-Jones average of forty
investment bonds is now above 96.50. This average has, broadly speaking, been constantly rising
since early in 1923, and, speaking in a more general
way, with the elimination of short trends, has been
rising since the middle of 1920, having advanced
during that period some 24 points.
Simultaneously, the year has opened with ample
investment funds. This fact may be somewhat overemphasized for the time being on account of the
tendency of available capital to accumulate at the
beginning of the year, particularly in view of the
record-breaking dividend and interest payments
made this year. However this may be, capital is
accumulating at a tremendous rate and is in abundant supply at present.
During the week there has been a large volume
of new bond offerings which have been eagerly
absorbee Among these the more conspicuous have
t
been 831,000,000 Gulf Oil Corp. of Pennsylvania
20-year 5% debentures, 1947, offered on Monday by
the Union Trust Co. of Pittsburgh at 100 yielding
5%; $15,000,000 Southern California Edison refunding 5s, 1951, offered on Tuesday by a syndicate
headed by Harris, Forbes & Co. and E. H. Rollins
yielding 5.10%. On the same day
& Son at 98
a First National Bank of New York, Halsey, Stuart
& Co., and Blair & Co., Inc., syndicate offered $14,-
Bank and Quotation Section
Bankers' Convention Section
NO. 3212.
505,000 Detroit 43is and 43/2s, serial bonds, maturing 1928 to 1957, and ranging from a yield of 4%
on the 1928 maturities to 4.15% on some of the
1957 maturities. On Thursday the First National
Bank of New York offered $24,000,000 serial 43/2s
of Province of Ontario, 1928-1957, yielding from
414% on the earliest maturity to 4.65% on those
of 1948-1957. On Thursday, also, Peirce, Fair &
Co. and Blyth, Witter & Co. offered $25,000,000
Sari Joaquin Light & Power unified & refunding
2
5s, 1957, at 983/, yielding 5.10%. On Friday
J. P. Morgan & Co. and the National City Co.
offered $27,000,000 Government of Argentine 6s,
4
1961, at 981 , yielding over 6.10%.
The week also witnessed a large number of further
favorable dividend actions, including the placing of
National Biscuit Co. definitely on a $5 basis, and the
fixing of the same rate for Woolworth, a quarterly
dividend of $1 25 having been declared payable on
March 1 on the increased amount of stock after payment of a stock dividend of 50% on Feb. 1. A regular quarterly dividend of $1 was declared upon Nash
and consoliMotors, thus making the annual rate
dating the previous regular rate and extra rate, each
of $2 annually. Important annual reports are beginning to appear, that of Nash Motors COmpany,
with a Nov. 30 year, and United Fruit Co. with a
Dec. 31 year, having been conspicuous during the
week. Both companies are without funded or floating debt and showed exceptionally strong balance
sheets. Nash reported earnings of $8 55 on its
2,730,000 shares of stock, and United Fruit $7 80 on
its 2,500,000. The Fruit report is notable because
the earnings are only slightly less than the level of
recent years, notwithstanding that conditions in
sugar, which constitutes a large proportion of its
business, have been extremely adverse. Its achievement also in getting out a report of this kind 11 days
after the close of the fiscal year is a tribute to the
efficiency of its accounting methods, a matter that in
all probability plays no small part in its success.
Out of a clear sky as the week opened came a
message from President Coolidge dealing with the
Nicaragua-Mexican situation. It had not been
supposed the matter had reached a stage requiring
a special communication from the executive. The
message is printed in full elsewhere in this issue.
It aroused public sentiment, and yet it contained
little of fact that had not previously come out of
Washington on the subject with virtually an official
stamp. According to the Washington correspondent
of the New York "Times," in a dispatch on the
day of the delivery of the message in Congress,
268
THE CHRONICLE
"among the various constructions placed on the
purpose of the President in sending such a communication to Congress there stood out the suggestion
that he intended it as an invitation to President
Calles of Mexico to break diplomatic relations with
the United States." While there appeared no basis
for any such suggestion, Mr. Coolidge made it
plain that our Government felt it has strong reason
for complaint over the attitude of the Mexican
Government. He said, "As a matter of fact, I
have the most conclusive evidence that arms and
munitions in large quantities have been on several
occasions since August 1926 shipped to the revolutionists in Nicaragua. Boats carrying these munitions have been fitted out in Mexican ports and
some of the munitions bear evidence of having
belonged to the Mexican Government. It also
appears that the ships were fitted out with the full
knowledge of, and in some cases, with the encouragement of Mexican officials, and were, in one
instance at least, commanded by a Mexican naval
reserve officer." The President also said, toward
the end of the message, that "the United States
• cannot, therefore, fail to view with deep concern
any serious threat to stability and constitutional
government in Nicaragua tending toward anarchy
and jeopardizing American interests, especially if
such state of affairs is contributed to or brought
about by outside influence or by any foreign power."
"It has always been," he added, "and remains the
policy of the United States in such circumstances
to take the steps that may be necessary for the
preservation and protection of the lives, the property
and the interests of its citizens and of this Government itself. In this respect I propose to follow
the path of my predecessors." His conclusion was
no less pointed—"Consequently, I have deemed it
my duty to use the powers committed to me to
insure the adequate protection of all American
interests in Nicaragua, whether they be endangered
by internal strife or by outside interference in the
affairs of that republic."
The President's concern was over the "threat to
American lives and property, danger to the stability
of all Central America and jeopardy of the rights
granted by Nicaragua to the United States for the
construction of a canal." "I think the time has
arrived for me," he said in his opening paragraph,
"officially to inform the Congress more in detail of
the events leading up to the present disturbances
and conditions." These the President fully sets
forth after stating that the Diaz Government, which
the United States has recognized in Nicaragua, was,
in his estimation, installed in accordance with constitutional provisions and that Juan Sacasa, former
Vice-President, is not entitled to claim that he is the
constitutional President of the country. The Washington correspondent of the New York "Times" said
in his summary of the message: "The President contends that in recognizing the Government of President
Diaz and in taking measures for its protection he
was actuated by a desire to live up to obligations
imposed upon the United States to give support to
constitutional government in Central American
countries and that this course is especially justified
by evidence that the Mexican Government sought to
overthrow Diaz in the interest of putting Juan Sacasa
in his place, with purposes supposedly hostile to the
interests of the American Government, including its
[Vol,. 124.
right to construct an inter-oceanic canal across
Nicaragua and establish a naval station in Nicaraguan
territory and affecting its responsibility for the maintenance of the Panama Canal."
On Wednesday Secretary of State Kellogg threshed
out the matter further with the Senate Committee on
Foreign Relations behind closed doors. The dispatch of that date to the New York "Times" said:
"From what could be gathered from members of the
committee Mr. Kellogg, broadly speaking, made a
good impression. He established a better case for the
President's course in Nicaragua than some of the committeemen expected. Even such a consistent critic
of Coolidge policies as Senator Hiram Johnson of
California, appeared to give his endorsement to what
the President had undertaken to do in the way of
preserving tranquility in the Central American country." "It is very clear to me," said Senator
Moses of New Hampshire, President pro ternpore of the Senate, "that a majority of the committee believes that the President's course is entirely
justified after hearing it explained by the Secretary
of State."
Mr. Kellogg, in the prepared statement given to
the press after the long sitting, devotes a great deal
of his attention to Bolshevism. On Thursday two
test votes by the House Committee on Foreign
Affairs indicated that that body would countenance
no move that would be likely to cause embarrassment
to the Administration in its present relations with
Mexico and Nicaragua, and the committee decided,
8 to 7, not to call Secretary Kellogg before it, as
demanded by the Democratic minority.
Mr. Coolidge's message brought a prompt rejoinder
from Mexico that "any person familiar with the
strength of Mexico, compared with that of the United
States, will understand that it is absurd to suppose
that Mexico wishes to face the United States in a military way." It was made in a statement by Foreign
Minister Saenz of Mexico, promulgated by the Mexican Embassy in Washington. He blamed "hostile
elements to the Mexican Government" with trying
to create a "serious antagonism" between the two
countries by charging "our Government with intervention in Nicaragua to offset the policy or the interests of the United States in that country." He avers
that the charge is groundless and defends Mexico's
recognition of Sacasa in much the same way as was
previously done by President Calles. "It would assume an absolutely inexplicable attitude," he concludes,"if the American Government,that has strived
so much for international peace and for arbitration
to settle the difficulties among nations, should turn
its back on its principles, trying to impose strength
upon right."
Meanwhile revolutionary disturbances in Mexico
itself began to increase and to assume a character
which stamped them as something more than merely
bandit operations. The correspondent at, Mexico.
City of the New York "Herald Tribune" on Jan. 11
cabled a statement issued by General Jose Alvarez,
Chief of Staff of President Calles, regarding "our
defeats and our victories," which destroyed all illusions on the subject. "Recounting events in Durango," the correspondent declares, "General Alvarez
said that General Enrique Leon, chief of operation
there, was trapped with 200 men in a ravine and attacked by 400 insurgents. General Eliseo Paez,
second in command, was killed and the Government
JAN. 15 1927.]
THE CHRONICLE
troops were forced to abandon their position in disorder. In addition, two officers, three non-commissioned officers and eight enlisted men fell and one
major and eight soldiers were wounded. Steps are
being taken to send sufficient Federals to clear
Durango of insurgents. As the intellectual leaders
of the religious uprising General Alvarez signaled out
Bishop Pascual Diaz and Rene Capistran Garza, the
latter being reported at El Paso, Texas, where he is
said to be directing Roman Catholic activities
in Mexico, and who is considered to be among
the few militaristically inclined Catholic civilian
leaders."
Dispatches of the day before, to all the papers and
to the Associated Press, said that six high prelates
of the church had been arrested in Mexico City, including Archbishop Ruiz y Flores and Bishop Pascual
Diaz, leader in the fight of his church with the CaIles
Government. The Episcopate, through its acting
Secretary, denied responsibility for the revolts laid
against its door by the Government and urged a
chance to disprove the accusations. At last accounts
more than 50 priests were reported held captive in
the capital.
In China the situation has remained tense, especially in the interior, where Cantonese demonstrations against British interests led to the surrender of
the British concessions in Hankow and Kiaukiung,
and caused apprehension for other foreign elements in
the country. The American warships that were
hurried to Chinese waters at last accounts still were
awaiting the arrival of Vice-Admiral C. S. Williams
from Manila before landing any of their forces. A
London dispatch of Jan. 10 to the New York
"World," discussing the non-resistance policy of the
British in China at this time, said: "This country
(Great Britain) has become so averse to fighting that
it swallows incidents which would have meant war
at any other time. Now only an attack, on Shanghai,
or large scale massacres in the interior, would be
likely to bring the British fleet into action." The
representative in Shanghai of the New York "Times'
in a dispatch on the same day,said that much anxiety
was felt there as to when the storm of revolution
would break over Shanghai, but it was not believed
any real attempt to take that settlement was likely
to occur for several months. On the same day, however, according to the Shanghai correspondent of the
New York "Times," the Shanghai Municipal Council,
"in a complete reversal of the previous policy of
patience," issued a "hands off Shanghai" proclamation to the Nationalists, and saying that the Council
would direct all its energies and resources toward
maintaining order and insuring the safety of life and
property within the area under its control, and to
this end had endeavored to make all necessary protective arrangements. The fifth clause of the
proclamation sets forth that "the Council will rigorously suppress all forms of violence and disorder,
and, to accomplish this purpose, will not hesitate to
use all the means at its disposal." On the next day
the same correspondent cabled that the Consular
body had followed suit and "decided to defend Shanghai against mob violence, no matter what form the
attack takes," adding that preparations were being
made to maintain order.
269
Minister in the Chinese National Government, said
they proposed to occupy the international settlement
at Shanghai, but would respect the rights of foreigners. He denied the charge that the Cantonese were
anti-foreign and added that it was imperialism that
they were fighting. He said: "The distinction between anti-foreignism and anti-imperialism is vital.
We are not, for instance, anti-German, nor are we
anti-Russian, because neither Germany nor Soviet
Russia is now a party to any unequal treaty upon
which rests the regime of international control known
as foreign imperialism in China. We are anti-imperialists because we demand the release of China
from the stranglehold of this foreign imperialism,
which was first imposed on China as a result of the
defeat inflicted by the British.in the first opium war.
The anti-British movement, therefore, in reality is a
movement for the recovery of the political and
economic independence which China lost in a war with
England. The fact that we are not anti-foreign partially explains why we have never harbored the mad
idea of expelling all foreign interests out of China."
Minister Chen protested that, while asserting and
enforcing Chinese authority, his Government would
not disregard the rights and justice due to foreigners,
and declared that the Nationalist attitude toward
the United States was one of friendliness, "even
though for economic reasons America had been a
party to the unequal treaties and American authorities, despite good intentions, were sometimes misled
into action inconsistent with the real interests of
American nationals." "The extension of the Nationalist authority to the foreign settlement at Shanghai," concluded the Minister, "will not occur as a
work of capture, but as an inevitable incident of the
resistless advance of the Chinese Nationalist movement. When the day of triumph comes we shall
enter Shanghai, not as mere conquerors, but as administrators and conservers of the work done there by
foreigners. Let foreigners face the future in China
with hope, not fear."
Evidently the Seiaatorial elections in one-third of
the Departments in France last Sunday have left
Premier Poincare as free as before to continue his
work of financial reconstruction, for they are interpreted as not registering noteworthy disapproval of
his policies. They must, however, inevitably result
in shortening the life of his National Union Ministry
in the view of the Paris representative of the New
York "Herald Tribune," who says: "While many
provinces re-elected their regular candidates and the
general figures on the Senate's composition are not
startling, the fact remains that the Left Wing of that
body has gained sufficient seats to encourage hostile
combinations within the Left Wings in both houses
against the Ministry. This means that Premier
Poincare's incumbency in office must be a temporary
one and will expire as soon as the country's financial
trials are ended, if not sooner. The day's balloting
shows that the fight between the Left and Right
wings is by no means ended and that the deadlock
which brought France into desperate straits last summer, until M. Poincare intervened, still exists in
spirit if not in fact."
There 'Were many surprises in the balloting. While
the Left candidates showed unexpected strength in
districts where they were challenging retiring members
In a statement to the New York "Herald Tri- of the Right, yet they also met with some unexpected
bune" published on Jan. 12 Eugene Chen, Foreign reverses and the Socialists made the remarkable
270
THE CHRONICLE
[VoL. 124.
tion being asked and serecord of gaining ten new seats without losing one. better chance of ratifica
last month."
The Radical Socialists fared badly, winning only five cured than was the case
The _Paris corresponnew seats while losing eleven..
Dr. Julius Curtius, Germany's Minister of Econodent of the New York "Times" in a dispatch on the
nt von Hindenburg on
same day further summarized the results as follows: mic Affairs, whom Preside
upon to form a new Cabinet to include,
"One of the most conspicuous among those defeated Jan. 10 called
s parties except the ultrais M.De Selves, the venerable President of the upper if possible, all the bourgeoi
reactionary Voelkische, was reported two days later
house, a friend of Premier Poincare and a politician
tative of the New York
of great distinction. He was fairly beaten by the by the Berlin represen
to have failed in his mission
Radical Socialist candidate. In the Seine Depart- "Herald-Tribune,"
party, through its Parliamentary
ment, which includes Paris, former President Mille- "when the Centrist
-night to participate in a
to
rand was the most outstanding figure,and he also was representatives declined
that would include the Nationalists."
beaten'. In the Lower Rhine Department General bourgeois bloc
added: "Perhaps the Centrists
Taufflieb was in a minority on the first ballot and The correspondent
lly moved in their hatred against a
retired from the contest. Among those re-elected were principa
the Nationalists in that it would
were the Minister of Justice, Louis Barthou; former Cabinet embracing
French opposition to evacuation of the
Finance Minister Clementel, Caillaux, Gaston Menier harden
year. It is now reported that the
Lazare Weiller and Paul Dupuy. Raoul Peret, pres- Rhineland this
will bring strong pressure to bear on
ent President of the Chamber, was elected Senator, Nationalists
nt Von Hindenburg to appoint a Chancellor
thus causing a vacancy in the Presidency of the Preside
ial authority on the basis of Article
Chamber, while M. de Selves's defeat creates a va- • with dictator
the Constitution, which suspends concancy in the Presidency of the Senate. For the XLVIII of
nal guarantees. The President, as an old
Moderate Right M. Peret scored a success in defeat- stitutio
having little patience with the devious methods
ing Francois Albert, former Minister of Education. soldier
entary procedure and politicians, unTrue to tradition and character, the eastern depart- of parliam
ly will lend a sympathetic ear to the pleadings
ments elected almost unanimously the Nationalist doubted
of his Nationalist friends. On the other hand, he is
candidates."
not anxious in his old age to be involved in a trewhich would shake Germany
In the new French Senate, one third of which, mendous political crisis
from one end to the other. This would certainly be
as stated above, was elected Sunday for a nineby such a challenge to Constitutional
year term, it is said that Foreign Minister Briand precipitated
this, it is thought that the Nationalists
will be to blame if a clash comes. He is represented rule. Failing
to persuade President Von Hindenburg
as impatient over his foreign policies, though pre- will endeavor
a conservative leader to form a cabinet
vailing sentiment in that body is said to be that to appoint
ation to obtain a dissolution of the
the battle to save the franc is more important at with authoriz
he find it impossible to make up a
the present stage. In the Chamber, however, Reichstag if
In any case, a general election is a serious
returns indicate that a show of strength would ministry.
be reckoned with. The only way out
favor M. Thiand over M. Poincare. "In general," possibility to
now is the reconstruction of the present Marx governsaid the correspondent of the New York "Times,"
g the middle parties and resting on the
defining the situation in the Upper House, "the ment, includin
of the Socialists." On the next
Left parties stand for Briand's Locarno policy and benevolent support
Berlin correspondent of the New
an expeditious arrangement with Germany, for sta- day, Jan. 13, the
-Tribune" said that the negotiations
bilization of the franc at its present value and the York "Herald
cabinet still dragged along under
cutting of past losses, and for ratifiaction of the for a new German
Dr. Curtius, adding: "A strong
foreign debts settlements so as to enable further the guidance of
a compromise on another minoloans to be raised to assist in the work of stabiliza- Centrist faction favors
a Centrist Chancellor, but with
tion. On the other hand, the Right candidates rity government with
the overthrown Marx Cabinet—
in the main remain suspicious of Locarno, this difference from
would look for its support in the Reichstag
hesitant as to stabilization or revalorization that it
Nationalists instead of the Socialists.
and steadily opposed to debt settlement ratifica- from the
They believe that the fact that the Nationalists would
tions without aprevious revision of the debt
not actually be represented in the Cabinet would
estimates."
r of remove any danger of irritating the French and preThe first act on the convening of the Chambe
judicing Foreign Minister Stresemann's goal of
Deputies at its regular session was to elect a Soobtaining the evacuation of the Rhineland. As a
cialist, Fernand Bouisson, as its President. This
result of a conference to-night between Centrist
was reported as a "clear victory for the Briandists
leaders and Dr. Curtius and Dr. Stresemann, this
over the Poincarists." The correspondent of the
compromise seems, after all, the most likely way out
Associated Press said: "His election marked a reof the difficulties. It is by now considered nearly
molding of the Left groups or Radicals and Socialists,
certain that Dr. Curtius will resign his commission
and in some quarters is interpreted as a possible
to-morrow and that President Von Hindenburg will
menace to the Poincare Cabinet." The correspondent
ask Adam Stegerwald, Centrist, to form a Cabinet."
of the New York "Times," cabling on Jan. 11,
Panama's National Assembly is represented in a
said: "The test of the session will lie in the GovernBalboa despatch to the New York "World" on Jan.
ment's ability to deal with the financial situation.
11 as largely in favor of ratification of the treaty with
It was to-day calculated in the lobbies that ratificathe United States which provides, among other
tion of the Berenger debt agreement has now an
that.Panama shall declare itself a belligerent
even chance of adoption with a large part of the things,
case of any war in which the United States should
Chamber abstaining from voting, and as it is known "in
ent," but fears the hullabaloo anticipated
a
that the Government must within a short period be belliger
opposition if the Assembly should ratify it.
have recourse to outside credits there seems a much from the
JAN. 15 19271
THE CHRONICLE
271
3
1
The alternative is declared to be return of the treaty having advanced to 43. %, but closing at 34%,
President of the Republic, with request for in comparison with 33% a week ago. At Paris
to the
modifications entailing reconsideration of the docu- open market discount rates have not been changed
nor in Switzerland from 334%.
ment that would be prolonged inevitably until after from 5
the 1928 Presidential elections. A Panama dispatch
The Bank of England in its statement for the week
to the Associated Press on Jan. 8, said that public
feeling against the treaty was marked, adding that ending Jan. 12 &owed an addition to gold holdings
the government was doing its utmost to prevent the of £108,082, bringing that item up to £151,488,719,
inflaming of the populace, even to forbidding mass as compared with £144,251,647 last year and with
meetings and requesting the Congressional Com- £128,569,400 in 1925 '(before the transfer to the
mittee engaged in studying the treaty to delay its Bank of England of the £27,000,000 gold formerly
report. Under the treaty Panama agrees to co- held by the redemption account of the currency note
operate in all possible ways in the defense of the issue). The reserve of gold and notes in the banking
canal and gives the United States complete control department increased £1;828,000 owing to a reduction
over all radio and cable communications and super- in note circulation of £1,720,000, combined with the
vision over all aircraft and aviation centers. Part of gain in gold, while the proportion of reserve to
Manzanilla Island, at the Atlantic terminus of the liabilities advanced to 26.12%, from 20.53% last
Canal, and the harbor of Colon are turned over to the week. Public deposits increased 0,846,000 but
United States for perpetual occupation. A despatch "other" deposits declined £29,518,000. Loans on
to the New York "Times," said "the strong feeling of Government securities declined £1,330,000 but loans
opposition here (Panama) to the treaty is connected on "other" securities fell off £26,147,000. The
with an undercurrent of anti-Americanism, which total of note circulation now stands at £137,995,000,
may be the result of agitation from outside sources or which compares with £141,907,835 in 1926 and £126,may have been only dormant and have been aroused 133,435 a year earlier. No change was made in
the Bank's official discount rate from 5%. We
by the treaty discussions."
The Associated Press dispatch quoted a speech of append herewith detailed comparisons of the principal
Dr. Harmodio Arias, former Panarnan delegate to items of the Bank of England's return for a series
the League of Nations, leader of the fight against the of years:
treaty, before the Rotary Club in Panama, as follows:
BANK OF ENGLAND'S COMPARATIVE STATEMENT.'
"It is impossible for anyone to predict whether or not
1924.
1925.
1923.
1926.
1927.
Jan. 14.
Jan., 13.
Jan. 16.
Jan. 17.
Jan. 12.
the Congress of Panama will ratify the treaty recently
b137,995,000 141,907,835 126,133.435 125,157,945 121,236,150
negotiated between Panama and the United States, Circulation
15,372.000 '13,803,506 11.658,758 13,944,801 10,408,126
deposits
but is quite evident that in all sections of the country Public deposits
111,539,000 114.850,576 117,865,598 109,294,769 133,601,983
Other
72,109,811
every man, woman and child feels that an injustice Govemnal securities 34,761,000 44,582,526 50,979,552 48,942,032 65,232,301
77,056,000 80,007,071 74,386,212 69,639,112
Other securitie8
will be committed against Panama in the event of its Reserve notes dc coin 33,154.000 22,093,812 '22,185,965 22.663,311 24,705,207
127,491.357
approval. Even those who negotiated on behalf of Coin and builion_a151,488,719 144,251,647.128,569,400 128,071,256
Proportion of reserve
17%%
17%
26.12%
174%
18/%
Panama seem dissatisfied, as their principal argu- to liabilities
4%
5%
4%
3%
5%
Bank rate
ment in its favor is that it is the most they could obcoin and
April 29 1925, 627,000,000
a Includes,
tain from the United States. Instead of remedying previously heldbeginning with currency note issues and whichgold transferredbullion
was
to the
as security for
of England on the British Government's decision to return to the gold standard
the hardships on Panama, brought by the treaty of Bank
b Beginning with the statement for April 29 1925. includes £27.000,000 of Bank
1903 and by its too stringent interpretation by the of England notes issued in return for the same amount of gold coin and bullion held
United States Government, the new treaty estab- up to that time in redemption account of currency note issue.
lishes additional and even more serious burdens on
Panama which will impede or at least seriously hamper
Following the expansion of over one billion francs
her progress and prosperity without materially benefit- in note circulation last• week, the Bank of France
ing the United States."
in its weekly statement issued Wednesday (Jan. 12)
showed a reduction of 789,080,000 francs in notes,
Cable advices were received this week from both bringing the total of note circulation down to 53,Brussels and Berlin announcing reductions in official 516,287,980 francs, as against 51,327,863,720 in
discount rates at those centres. The Reichsbank 1926 and 40,797,335,145 francs outstanding at the
on Jan. 11 made a reduction in its discount rate corresponding date in 1925. A further reduction
of 1% to 5%. The 6% rate previously prevailing occurred in advances to the State—namely 450,had been in effect since July 6 1926. The National 000,000 francs. Total indebtedness of the GovernBank of Belgium on Jan. 12 reduced its discount ment to the Bank of France is now down to 34,rate from 7% to 63/2%. The 7% rate had been 550,000,000 francs, as compared with 34,850,000,000
effective from April 23 last, when it was lowered francs for the same time last year, but with only
from 732%. The rate on advances continues at 8%. 21,500,000,000 francs in 1925. The gold item shows
On the other hand, the Bank of India on Jan. 13 an increase of 5,325 francs. Total gold holdings
advanced its rate from 5% to 6% after having now aggregate 5,548,821,075 francs as compared
on Dec. 30 raised the rate from 4% to 5%. Aside with 5,548,124,000 francs and 5,545,332,365 francs
from these changes, official discount rates at leading in 1926 and 1925, respectively. Changes in other
European centres continue to be quoted at 7% in items of the bank's report for the week were: Silver
in Den- increased 128,000 francs, trade advances 64,531,000
Italy and Austria; 63/2% in Paris; 5
mark; 5% in London and Madrid; 4M% in Sweden francs and Treasury deposits 7,554,000 francs. Bills
in Holland and Switzerland. discounted decreased 1,540,940,000 francs and genand Norway, and 3
Open market discounts in London are lower and eral deposits fell off 79,653,000 francs. Comparisons
short bills closed yesterday at 4 3-16@43.j%, as of the various items in this week's report
compared with 43j@4 5-16@, with three months, with the statement of last week and with cor,
bills at 43g(:)4 3-16%, against 4 5-16% last week. responding dates in the two previous years are
Call money in London was appreciably higher, as follows:
THE CHRONICLE
272
BANK OF FRANCE'S COMPARATIVE STATEMENT.
Status as o
C7sanges
for Week.
Jan. 12 1927. Jan. 14 1926. Jan. 15 1925.
Francs.
Francs.
Vold Holdings—
Francs.
Francs.
lao.
5,325 3,684.500,168 3,683,803.093 3.681.011,457
In France
Unchanged
Abroad
1,864,320.907 1,864,320.907 1,864,320.907
Total
Inc.
5,325
Inc.
128,000
Silver
Deo.1540940,000
Bills discounted
Trade advances Ino. 64,531.000
Note circulation Deo.789.080,000
Treasury deposits_Ine. 7.554,000
General deposits_ .Doc. 79,653,000
Advances to Sutte_Dec. 450,000,000
5,548.821,075
340.855,564
3,586.696,055
2,135,682,148
53,516,287.980
28,278,872
5,580,716,975
34,550,000,000
5,548,124.000
322,359.940
3.285,537,006
2,527.709,294
51.327,863,720
40,350.369
3,152,551.040
34,850,000,000
5,545,332,365
303,990,703
5.981,007,657
3,012.367,354
40,797.335.145
14.847.988
1,977,633,193
21,500,000,000
The Bank of Germany, also, after its big increase
in note circulation in the closing week of 1926 (437,413,000 marks) shows a reduction in this item for
the first week of the new year. The return, which
is of date Jan.7, makes the decrease in note circulation
298,723,000 marks. On the other hand, "other
maturing obligations" increased during the week
194,725,000 marks and "other liabilities" increased
30,627,000 marks. On the asset side of the account
most of the items record decreases, bills of exchange
and cheques being lower by 134,191,0001 marks and
advances lower by 69,302,000 marks. Deposits
abroad have decreased by 10,422,000 marks, reserves
in foreign currencies by 5,899,700 marks and investments by 49,000 marks. "Other assets," however,
are 101,449,000 marks larger than in the previous
week, while holdings of notes on other banks have
increased 8,339,000 marks. The sum of 17,504,000
marks has been added to the holdings of silver and
other coins. A slight loss occurred during the week
in the holdings of gold coin and bullion, namely, in
amount of 222,000 marks. The total stock of gold
now stands at 1,831,161,000 marks. Outstanding
note circulation now is 3,436,803,000 marks/.
Further contraction in borrowing at the Federal
Reserve banks .and also further additions to gold
reserves featured the returns of these institutions
issued on Thursday afternoon. The figures for the
banks as a group show that gold holdings were increased no less than $60,600,000. Rediscounts of
bills secured by 'Government obligations shrank
$106,455,000, while in "other" bills there was a decrease of $36549,000, so that total bills discounted
for the week were reduced $143,004,000. Holdings
of bills bought in the open market decreased $50,695,000. Total bills and securities (earning assets)
declined $196,642,000, and deposits fell off
$85,530,000.
Member bank reserve accounts
declined $78,306,000. The amount of Federal
Reserve notes in actual circulation shrank $62,234,000. The report of the New York bank indicated
an addition to gold reserve of $22,079,000. Rediscounts of G-overnment secured paper decreased
$51,774,000, but in other bills there was an increase
of $2,934,000. The net result of the week's operations was a reduction in bills rediscounted of $48,840,000. Open market purchases fell off $41,873,000. Total bills and securities shrank $95,328,000,
deposits decreased $62,926,000 and member bank reserve accounts $58,890,000. Federal Reserve notes
in actual circulation declined $13,970,000. The addition to gold reserve along with the contraction in deposits brought big increases in the ratios of reserves
to liabilities, the system showing a gain from
71.0% to 75.4%, while at New York the ratio rose
from 75.4% to 81.9%.
[VOL. 124.
ing evidently the completion the previous week of
the year-end requirements that involved the very
heavy increase of nearly $240,000,000 in loans and
discounts in that week, are reflecting also the heavy
1st of January interest and dividend disbursements
which enabled borrowers to pay off their loans
showed a notable decrease in the loan item for Jan.
8, namely $199,979,000, bringing the total of the
loans at the close of business on Friday last down
to $5,571,043,000. This was accompanied by a large
decrease also in net demand deposits, namely $191,551,000, reducing the total of demand deposits to
$4,502,151,000, exclusive of Government deposits to
the amount of $33,313,000. Time deposits increased
$25,843,000 to $676,888,000. Cash in own vaults of
members of the Federal Reserve Bank fell $6,379,000
to $49,452,000. Reserves of State banks and trust
companies not members of the Federal Reserve
Bank in their own vaults also decreased, falling
$369,000 to $10,030,000, but reserves kept by these
institutions in other depositories increased $634,000
to $11,261,000. The week's operations drew down
the reserves of member banks in the Federal Reserve
bank no less than $114,427,000 and this caused a
shrinkage in surplus reserve, notwithstanding the
large contraction in the deposits of $90,103,030,
wiping out the whole of the surplus reserve of the
previous week, and leaving, instead, a deficit in
reserves in the huge sum of $69,015,900. The calculation is based on legal reserve requirements of
13% against demand deposits for member banks of
the Federal Reserve but not including $49,452,000
cash in own vaults held by these member banks on
Saturday last.
Money continued easy all week notwithstanding
the large deficiency in reserves shown by the New
York Clearing House banks in their return last Saturday with only slight changes in rates. Call money
on the Stock Exchange opened Monday unchanged
from the close last week at 4 % but closed at 4%,
/
1
2
where it continued through most of the week until
Friday, when bankers called some $15,000,000 in
loans and the rate rose to 4 % after renewals had
/
1
2
been arranged at 4%. Trades in the outside market
were often made at concessions from the Stock Exchange rate, the rate on some days being as low as
334%. The Abundance of funds was emphasized by
/
activity in all departments of the bond market with
not a little overflow into seasoned investment shares
on the stock market. Security offerings of the week
exceeded $200,000,000, close to a record figure, with
an Argentine Government issue of $27,000,000, being oversubscribed at 9814 to yield 6.10%. The
/
expectation in some quarters that the Federal Reserve Bank of New York would lower its discount
rate of 4%,acceptances being below this figure, was
not realized.
Dealing with specific rates for money, the range
for the week was 4@41 2%, in comparison with
/
414@5% last week. On Monday the high was 41 2%,
/
/
the low 4% with 4 % for renewals. Tuesday
/
1
2
slightly easier conditions prevailed and the renewal basis was lowered to 414%, which was the highest
/
figure named for the day; the low was 4%. Increased ease developed on Wednesday, so that all
trust loans on call were negotiated at 4%. On Thursday
The New York Clearing House banks and
companies in their return for last Saturday, reflect- 4% was the only rate quoted. Friday call funds
JAN. 151927.]
THE CHRONICLE
again renewed at 4%, which was the low; before the
close, however, a slight flurry carried the call rate
up to 41 2%.
/
For fixed date maturities also easier conditions
prevailed toward the latter part of the week; that
is, for the shorter periods, and the close was 4%@
4I/ % for sixty day money, against 4 @4%%,with
2
/
1
2
ninety days, four, five and six months' still quoted
/
1
2
at 4 @4%%, unchanged. The inquiry for fixed
date funds was exceptionally light and the market
remained dull and narrow.
Commercial paper rates have not been changed
from 4@4y for four to six months' names of
470
choice character, with names not so well known
still requiring 4%@41 2%, the same as last week.
/
New England mill paper and the shorter choice
names continue to be dealt in at 4%. An active
demand was noted, but as offerings showed no increase, trading was light and the market featureless.
Banks' and bankers' acceptances moved in sympathy with other branches of the money market and
open market rates declined a fraction for the longest periods. Trading was still quiet, however, with
out of town banks furnishhing most of the limited
business paSsing. For call loans against bankers'
acceptances the posted rate of the American Acceptance Council was on Tuesday reduced from 4%
to 3%%. The Acceptance Council makes the discount rate on prime bankers' acceptances eligible for
purchase by the Federal Reserve banks 3 % bid
/
3
4
and 358% asked for bills running 30 days, 60 days
/
and 90 days; 378% bid and 3 % asked for 120
/
/
3
4
days; 4% bid and 378% asked for 150 days and 180
/
days. Open market quotations follow:
SPOT DELIVERY.
90 Days.
60 Days.
Prime eligible Mils
11M(43M
3M943M
FOR DELIVERY WITHIN THIRTY DAYS.
Eligible member banks
Eligible non-member banks
30 Days.
3M@.3,4
3M bid
3( bid
There have been no changes this week in Federal
Reserve Bank rates. The following is the schedule
of rates now in effect for the various classes of paper
at the different Reserve banks:
DISCOUNT RATES OF FEDERAL RESERVE BANKS IN EFFECT
JAN. 14 1927.
Paper Maturing—
After 90 After 6
Days. but but
Witkin 6 Within 9
Months. Months.
Within 90 Days.
FEDERAL RESERVE
BANK.
Cem'rcial Secured
hgric'l & by U. S. Bankers' 7Yade Arica* Agricull
Livestock Govern't AccepAccepand
and
Paper. Obliga- tances. tances. Livestock Livestock
n.e.s.
tions.
Paper, Paper. I
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
•Including bankers' acceptances drawn for an agricultural purpose and secured
by warehouse receipts. &o.
Sterling exchange was inclined to be colorless this
week and notwithstanding expectation that some
departure from the ordinary Might be witnessed as
a result of the introduction of the new radio telephone
between New York and London, the market gave no
sign of undue excitement or activity in consequence
thereof. There was in fact little to distinguish sterling
trading this week from that during other recent
weeks, notwithstanding the fact that some business
has actually been transacted in the new way. In
273
banking circles it is confidently predicted that radio
telephonic communication is going to revolutionize
exchange dealings with London. The International
Acceptance Bank was one of the first to avail itself
of the innovation and was reported as having put
through transactions to the amount of $6,000,000
with the Midland Bank by overseas telephone. Other
banks, however, appeared disinclined to follow suit
and it sown developed that certain defects would
have to be overcome before the new method could
become a factor of practical value. Strict secrecy
as well as quick and dependable connections are
absolutely essential to trading in foreign exchange,
neither of which are as yet assured by means of the
radio 'phone. Traders state, however, that as soon
as secrecy and speed have been attained, this device
will occupy an extremely important place in the
sterling exchange market, especially in the consummation of large transactions. That it will displace the cable transfer is regarded as improbable.
It should rather supplement it and place traders in
New York on a footing similar to that enjoyed by
Continental centres with telephone connections with
London. Moreover, it will undoubtedly, narrow the
spread between quotations at both centres. Nevertheless, as already pointed out, large operators were
satisfied to hold off and await further developments
before committing themselves to any important
extent. As a result quotations were steady at a
small fraction below last week, namely, 4 84%@
4 84 15-16 for demand bills. A slight tendency to
weakness prevailed in the earlier part of the week,
but later on when it developed that there was not to
be any lowering in the discount rate of the Bank of
England, sterling firmed up and the close was at the
best for the week. Another influence which added to
the improvement in undertone was the optimistic
utterances of Secretary Mellon with regard to the
future of sterling.
As to the more detailed quotations, sterling exchange on Saturday last was easier and demand sold
off a fraction to 4 84 25-32@4 84 27-32 and cable
transfers to 4 85 9-32@4 85 11-32; trading was dull
and narrow. Monday's market was only barely
steady with rates again a trifle lower; demand ruled
at 4 84% (one rate) and cable transfers at 4 853. on
small transactions. Quotations remained unchanged
on Tuesday from 4 843 for demand and 4 853 for
4
cable transfers. On Wednesday steadier conditions
prevailed and a small advance occurred that carried
demand to 4 84 13-16(one rate) and cable transfers to
4 85 5-16; the volume of business transacted was
larger. News on Thursday that the predicted lowering in the Bank of England rate had not come about
brought about increased firmness in sterling; the
range for the day was 4 84 13-16@4 84 29-32 for demand and 4 85 5-16@4 85 13-32 for cable transfers.
Friday rates were firmly held and demand sold up
to 4 84 13-16@4 84 15-16 and cable transfers to
4 85 5-16 @ 4 85 7-16. Closing quotations were 4
84 7-8 for demand and 4 85 3-8 for cable transfers.
Commercial sight bills finished at 4 84%, sixty days
at 4 80%, ninety days at 4 783, documents for payment (sixty days) at 4 81 and seven-day grain bills
at 4 84 8 Cotton and grain for payment closed at
.
4 843 .
4
For the first time in a number of weeks activity was
noted in the movement of gold. Imports of the precious metal from Canada were fairly heavy,including
$2,500,000 for the Bank of Montreal, $1,000,000 for
274
THE CHRONICLE
the American Exchange-Irving Trust Co., $1,000,000
for the Bank of the Manhattan Co. and $3,000,000
for the Canadian Bank of Commerce. The American Exchange-Irving Trust Co. has also received gold
to the amount of $4,000,000 from France via the
S. S. Paris. The Bank of England bought £250,000
in gold bars and exported about 00,000 in sovereigns
to Holland and Spain.
•
Movements in the Continental exchanges were restricted for the most part to one or two of the leading
European currencies, and to Spanish pesetas. In
these, however, speculative activity figured prominently and rate fluctuations were of frequent occurrence and.at times widespread. Italian lire came to
the front this week because of a sharp drop in the
price level-from 4.40 to 4.21-as a result of heavy
selling pressure, mainly of foreign origin,, with the
close, however, at 4.343/2. A good deal of the selling,
it was claimed, was for account of Italian bankers
who were said to be acting for the Government. It
is believed in trade circles that longs have been unloading, with the approval and "assistance" of the
authorities who are evidently as reluctent to allow
an extended long position outstanding as they are
to permit a large short interest. Both are liable to
constitute a menace to stability. In the latter part
of the week lire turned firm and recovered much of
the earlier losses. The explanation most generally
credited for the improvement was that it was due
largely to an inflow of funds derived from the proceeds of loans floated abroad by Italian interests;
although in all probability it was to a considerable
extent the natural reaction from a too rapid decline.
French exchange was steady, covering a range of
only 1.34. points, with the trend upward. Sight
bills ruled between 3.953. and 3.963/2. There was
little in the way of news developments concerning the
franc this week,although the arrival of a consignment
of gold from France set in motion rumors to the effect
that it was the inception of a movement to establish a
foreign gold reserve in this country preparatory to the
eventual stabilizing of France's currency on a gold
basis. Since the French authorities have been at such
pains to build up their gold reserves, it is argued that
gold would not be allowed out of the country except
for some very good reason. On the other hand, it
was intimated that the shipment of $4,000,000 to the
American Exchange-Irving Trust Co. might constitute payment of some indebtedness. Some bankers
were responsible for the statement that it was
intended to meet accumulated maturities without
having to resort to the sale of French bills and thus
unsettling the position of the franc. Belgian currency
ruled steady at around 13.903/i for the belga. German reichsmarks showed some irregularity on a small
2
volume of trading; opening at 23.723/, advancing to
then dropping back to 23.703/2, aided by
23..733/2,
the lowering of the official discount rate of the Bank
of Germany, but rallying and finishing at 23.74. It
is expected that the reduction will put a stop to the
outflow of gold from London to Berlin. Greek
currency was dull but firm at around 1.26, the same
as last week, then shot up to 1.28 at the close. The
minor central European group showed very little
change, although small irregular movements continue in Rumanian lei as a result of unsettlement in
the political situation. Reports that stabilization of
the lei was contemplated were not generally credited.
Some trading was done by means of the radio tele-
[VOL. 124.
phone, notably by the American Exchange-Irving
Trust Co., which was said to have transacted business
in francs, lire and pesetas by this method. The bulk
of the business passing, however, was still by means
of cable transfers and sight bills.
The London check rate on Paris closed at 122.13,
as against 122.80 a week ago. In New York sight
bills on the French centre finished at 3.963/2, against
;
3.9432 cable transfers at 3.973/2, against 3.9532,
,
and commercial sight bills at 3.9532 against 3.933/
last week. Final quotations on Antwerp belgas
were 13.903' for checks and 13.913/i for cable
transfers, which compares with 13.903 and 13.913j
a week earlier. Recishmarks closed at 23.73 for
checks and at 23.74 for cable transfers. Last week
the close was 23.733@23.743.-. Austrian schillings
.
8
have not been changed from 143/ Italian lire
4.343/ for bankers' sight bills and at 4.353/2
closed at
for cable transfers, in comparison with 4.40 and
4.41 the preceding week. Exchange on Czecho%
slovakia finished at 2.963 (unchanged); on Bu2
calmst at 0.543/, against 0.533.; on Poland at
11.50 (unchanged), and on Finland at 2
.523/2
(unchanged). Greek drachmae closed at 1.28 for
checks and at 1.29 for cable transfers. This compares with 1.263. and 1.273 the previous week.
In the smaller Continental currencies, the former
neutral exchanges, the feature of a dull week was
the gyrations of the Spanish peseta, which after
opening strong at 15.54, suddenly shot up to 15.86,
then for the first time in years, moved to 16.07.
Feverish activity attended dealings and it soon
became evident that the market was being boomed.
Speculative transactions attained very large proportions and a good deal of excitement prevailed
at times. The underlying reason for this sudden
spurt of buying was not easy to find, although it
is to some extent due to the fact that the peseta is
almost the only unstabilized foreign currency unit.
Bankers were of the opinion that it was a concerted
movement, somewhat similar to that undertaken
some time ago in the Danish and Norwegian exchanges, but without any interference of an official
nature. The Bank of Spain does not operate in
exchange, and it is understood that the Spanish
Government is not at all anxious to bring about
a return to parity or the gold basis just at the
present time. Although it is conceded that Spain's
finances are improving,it is doubted that the political
or financial status of the country as yet admits of
any such drastic change of position.
Dutch guilders and Swiss francs both softened
in sympathy with sterling and moved at slightly
lower levels, on narrow trading. Of the Scandinavian
group, Norwegian exchange was the only active
factor, showing a gain of about 25 points, to 25.67,
though closing lower. Danish and Swedish currencies remained virtually unchanged, and inactive.
Bankers' sight bills on Amsterdam closed at
2
39.963/2, against 39.993/2; cable transfers at 39.983/,
2
40.013/, and commercial sight bills at
against
2
39.923/, against 39.9532 last week. Closing rates on
Swiss francs were 19.26k for bankers' sight bills,
4
against 19.293/2 and 19.273 for cable remittances in
comparison with 19.303/ a week earlier. Copenhagen checks finished at 26.64 and cable transfers
at 26.65, against 26.65 and 26.66. Checks on
Sweden closed at 26.71 and cable transfers at 26.72,
2
against 26.713 and 26.723/, while checks on Norway
JAN. 15 1927.]
TilE CIERONICLE
_
The New York Clearirg House banks, in their,
operations with interior banking institutions, liav,a
gained $6,806,725 net in cash as a result of the
currency movements for the week ended Jan. 13.
Their receipts from the interior have aggregated
$7,815,425, while the shipments have reached
South American excharge was neglected and $1,008,700, as per the following table:
quotations tended slightly downward, though rally- CURRENCY RECEIPTS AND SHIPMENTS BY NEW YORK BANKING
INSTITUTIONS
ing before the close. Argentine pesos sold off to
41.31 for checks and to 41.35 for cable transfers,
into
Out of
Gain or Loss
Week Ended January 13.
Banks.
Banks.
to Banks.
then stiffened and closed at 41.39 and 41.44, in
Banks' Interior movement
67.8 5.425
$!,008 700 Gain - 6,906 725
comparison with 41.33 and 41.38 last week. Brazilian milreis continue heavy, although for a time
As the Sub-Treasury was taken over by the Federal
there was an advance of 15 points to 11.75; the Reserve Bank on Dec. 6 1920, it is no longer possible
close was at 11.65 for checks and at 11.70 for cable to show the effect
of Government operations on the
transfers, the same as the week before. Chilean
exchange turned weak and closed lower at 11.98, Clearing House institutions. The Federal Reserve
against 12.00, but Peru was steady, finishing at Bank of New York was creditor at the Clearing
House each day as follows:
3 58, against 3 56.
Far Eastern exchange was not particularly active, DAILY CREDIT BALANCES OF NEW YORK FEDERAL RESERVE BANK
AT CLEARING 110USE.
although quotations were well maintained. Indian
exchange continues Strong, while the so-called silver Saturday. Afonday, Tuesday. Wednesd'p. Thursday,
Prtday.
Aggregate
currencies reflected improvement in the market Jan. 8. Jan. 10. Jan. 11. Jan. 12. Jan. 13. Jan. 14. for IVeek.
for that metal. Japanese yen appear to be fixed
at close to the high levels attained some weeks ago. 100.000000 14,000,001 14,000.030 M1,0000911 '4.000 000 03.000000 Cr. 816.000.000
mass of checks which come
Heavy buying of silver was associated, it is thought, to Note.-The foregoing heavy credits refiee the huge country In the operation of
the New York Reserve Bank from all parts of the
the Federal Reserve
par collection
These large credit
with military activities in China. Very active however, reflect onlySystem'sof the Reservescheme. operations with the balances,
a part
Rank's
Clearing
House institutions,
York City
covering by Chinese speculators is reported. Fears the daily balances. as only the items payat.le In NewInstitutions are represented In
The large volume of cheeks on
Leated outside of
of a break with Mexico and probable curtailment New York are nut accounted for In arriving at these balances, as such checks do
not pass
in Mexican silver production was in part responsible Bank for through the Clearing House but are dee 'sited with the Federal Reserve
collection for the account of the local Clearing House banks
for the increase in buying. Hong Kong closed at
49 11-16@5034, against 48 9-16@48%; Shanghai,
The following table indicates the amount of bul61%@62, against 59%@603/ Yokohama, 48.80@
;
2
lion in tile principal Enropean banks:
49.00, against 48.95@,49.60; Manila, 49.50@49.60
(unchanged); Singapore, 563/@56,against 56.15@
8
January 13 1927.
January 14 1926.
56.50; Bombay, 363/24)36% (unchanged), and Cal- Banks of
Gold. I Slicer.
Total.
Gold. 71 Mira. I Total.
cutta, 363/
(4)365 (unchanged).
%
2
,
E
E
£
I
Z
L
I E
England 151.488.719
151.488.719
finished at 25.64 and cable transfers at 25.65, against
25.47 and 25.48 a week earlier. Spanish pesetas
finished the week at 16.07 for checks and at 16.08
for cable transfers'. This compares with 15.52 and
15.53 the preceding week.
1
144,251,64
144.251,647
France __. 147,380.007 13,600 000160.980 007147.352,124 12.880,000160,232,124
Germany. 83,565 000 c994.600 84.559.600 49.693.250 d994,600 50,687,850
Spain
102,277.000 27.004 000 129.281.000101.478,000 26.059.000 127,537,000
Italy
45,656.000 4,161,000 49.817 000 35.665,000 3.394,000 39,059.000
Netherrds 34,540.000 2.334 000 36.874.000 36,792.008 1,991.000 38.783.000
Nat. Belg, 17.722.000 1.073,000 18.795.000 10.954.000 3.649,000 14,603,000
Switzerl'd_ 18.259.000 2,933,000 21.192.000 18,686,000 3,594,00./ 22.280.000
Sweden.
12,477.000
12.477.000 12.778.000
' 12,778,000
Denmark. 11.610 000
838,000 12.448 000 11.626.000
752,000 12,378,000
Norway - 8,180,000
8,180,000 8.180,000
8,180,000
Pursuant to the requirements of Section 522 of the
Tariff Act of 1922, the Federal Reserve Bank is now
certifying daily to the Secretary of the Treasury the
buying rate for cable transfers in the different countries of the world. We give below a record for the
week just past:
Total week 633,154,726 52,937,600686.092.326577,456,021 53.313,600630.769.621
Prey. week 632.726,431 53,001,600685.728 031577.999,856 53,531,600631,531,450
FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
BANKS TO TREASURY UNDER TARIFF ACT OF 1922.
JAN. 8 1927 TO JAN. 14 1927, INCLUSIVE.
a Gold holdings of the Bank of France this year are exclusive of £74,572,836
held abroad. b Gold holdings of the Bank of Germany this year are exclusive
of £7,990,000 held abroad. c As of Oct. 7 1924.
Country and Monetary
Unit. •
I
The Controversy with Nicaragua and Mexico.
Mr. Coolidge was well advised in sending to Congress on Monday a message Setting forth the point
.14077
.14065
.14094
.14070
.14076
.1391
Of view of the Administration in its recent dealings
.1391
.1391
.1391
.1391
.007205 .007218 .007211 .007203 .007225
.029615 .029620 .029620 .029615 .029616
with Nicaragua. There has been a good deal of out.2665
.2665
.2665
.2665
.2665
spoken criticism, in Congress and elsewhere, of the
4.8522
4.8523
4.8528
4.8532
4.7533
.025201 .025210 .025213 .025200 .025206
policy which was apparently being pursued in the
.0396
.3096
.0397
.0397
.0397
.2374
.2374
.2371
.2371
.2373
Nicaraguan situation, a good deal of uncertainty as
.012657 .012657 .012680 .012748 .102828
.4000
.4000
.4000
.3999
.3999
to the real significance of what was being done, and
.1756
.1754
.1755
.1754
.1754
.0433
.0427
.0426
.0433
.0438
a growing fear lest a program of direct intervention
.2552
.2563
.2561
.2565
.2564
.1128
.1135
.1133
.1128
.1132
was being followed whose consequences the United
.0511
.0512
.0512
.0511
.0511
.005258 .005259 .005282 .005287 .005372
.1579
-States might have occasion later to regret. What
.1579
.1596 i .1597
.1600
.2672
.2671
.2672
.2671
.2671
.1928
.1929
Mr. Coolidge said in his message was supplemented
.1928
.1928
.1928
.017644 .017645 .017647 .017647 .017642
on Wednesday by an elaborate statement by Secre.6354
.6288
.6379
.6433
.6533
tary Kellogg to the Foreign Relations Committee of
.6241
.6188
.6259
.6325
.6413
.6050
.6007
.6054
.6138
.6202
the Senate. As a summary of facts and arguments
.6404
.6379
.6213
.6471
.6575
.4823
.4830
.4812
.4877
.4902
the two presentations of the Administration's case
.4441
.4406
.4434
.4534
.4506
may properly be considered together.
.4296
.4279
.4267
.4363
.4413
.4279
.4263
.4250
.4346
.4396
Mr. Coolidge's message is, in substance, to the
.3643
.3635
.3633
.3644
.3644
.4879
.4886
.4887
.4878
.4878
effect that "the present disturbances and condi.6594
.5594
.5594
.5594
.5594
tions" in Nicaragua "seriously threaten American
.998247 .998327 .998193 .998364 .998447
.999219 .999219 .999281 .999375 .999375
lives and property, endanger the stability of all
.468333 .469667 .469667 .468333 .468000
.996063 .996156 .995875 .996188 .996344
Central America, and put in jeopardy the rights
.9389
.9385
.9394
.9390
.9394
.1166
.1167
.1163
.1162
.1160
granted by Nicaragua to the United States for the
.1202
.1203
.1203
.1203
.1203
1.0178
1.0168
.0173
1.0147
1.0161
construction of a canal." The immediate occasion
, of the present political confusion in Nicaragua is to
Noon Buying Rate for Cable Transfers in New York.
Value in United States Money.
Jan. 8. i Jan. 10. Jan. 11. Jan. 12. Jan. 13. Jan. 14.
EUROPE$
Austria, ech.11Ing ___. .14078
Belgium, beige
1391
Bulgaria, lev
007236
Czechoslovakia, krone .029621
Denmark, krone
,...1 2666
England, pound ste
ling
4 8528
Finland, markka
025216
France, franc
0396
Germany, roichsmark. 2374
Greece, drachma
012680
H. Hand, guilder
4001
Hungary, pango
1757
Italy, lira
0440
Norway, krone
2546
Poland, zloty
1135
Portugal, escudo
0512
Rumania,leu
005275
Spain, peseta
1553
Sweden, krona
.2672
Switzerland, franc
.1930
Yugoslavia, dinar
.017644
ASIAChinaChefoo, tact
6288
Hankow,tael
6181
Shanghai, tael
5954
Tientsin, tael
6329
Hong Kong. dollar_ 4785
Mexican dollar_ ___ 4417
Tientsin or Pelyang,
dollar
4350
Yuan, dollar
4325
India, rupee
3634
Japan yen
4887
S1ngapore(S.8.),dollar .5594
NORTH AMER.Canada, dollar
998336
Cuba, peso
999180
Mexico, peso
464667
Newfoundland, dollar 996125
SOUTH AMER.Argentina, peso (gold) .9389
Brazil, milreis
1157
Chile, peso
1202
Uruguay, peso
1 0154
276
•
THE CHRONICLE
be found in the events whieh in January, 1926, resulted in the resignation of Carlos Solorzano as
President, and the accession of General Emiliano
Chamorro. Because of the irregular way in which
this change was brought about, the four Central
American Governments of Costa Rica, Guatemala,
Honduras and Salvador refused to recognize General Chamorro as President, their refusal being
based upon a treaty which the four Governments,
together with Mexico, concluded at Washington in
1923, in which they agreed "not to recognize any
other Government which may come into power in
any of the five Republics through a coup d'etat or a
revolution against a recognized Government, so long
as the freely elected representatives of the people
thereof have not constitutionally reorganized the
country." The United States, although not in any
way a party to the treaty, also refused recognition.
Before long another revolution was in progress.
On Oct. 30 1926, President Chamorro gave way to
Sebastian Uriza, who was chosen by a Congress
controlled by General Chamorro, but the United
States again refused recognition on the ground that
Uriza had no constitutional title to his seat. Thereupon the Congress, reconstructed by the readmission of members whom Chamorro had expelled, met
in extraordinary session and designated Adolfo
Diaz as President. On Nov. 17, three days after the
inauguration of Diaz, the United States recognized
his Government on the ground, as stated in Mr.
Coolidge's message, that the action of the Congress
which chose Diaz "may be considered as constitutional," and that the designation of Diaz was "perfectly legal and in accordance with the Constitution." The action of the Congress, however, was
contested by Vice-President Sacasa, who returned
-Nicaragua at the end of November, after a year's
to
absence, and put himself at the head of a revolutionary Government which Mexico alone has since recognized. In aid of the revolutionists, arms and munitions "in large quantities" are alleged to have been
shipped to Nicaragua in ships which were fitted
out in Mexican ports "with the full knowledge of
and in some cases with the encouragement of Mexican officials." The United States, on its part, has
licensed the export of arms and munitions for the
use of the Diaz Government, and has mobilized a
naval force in Nicaraguan waters which has established neutral zones at Bluefields and elsewhere
"where considerable numbers of Americans lived
and are engaged in carrying on various industries."
This, in brief, is the political side of the case. In
addition, Mr. Coolidge's message calls attention to
the fact that the Nicaraguan Government, by a
treaty concluded in 1914, "granted in perpetuity to
the United States the exclusive proprietary rights
necessary and convenient for the construction, operation and maintenance of an oceanic canal," together
with certain territorial and other rights pertinent
to the maintenance of the Panama Canal. The
$3,000,000 which was paid by the United States in
consideration of these concessions was used by
Nicaragua in reorganizing its national debt, and
under the plan which was eventually adopted "the
finances of Nicaragua have been rehabilitated in a
very satisfactory manner." "There is no question,"
the message avers, "that if the revolution continues,
American investments and business interests, in
Nicaragua will be very seriously affected, if not
{Vol,. 124.
destroyed. The currency, which is now at par, will
be inflated. American as well as foreign bondholders will undoubtedly look to the United States for
the protection of their interests."
It is in view of all these facts, the message coneludes, that the President, disclaiming any desire
on the part of the United States "to intervene in the
internal affairs of Nicaragua or of any other
Central American republic," has deemed it his duty
to use the powers committed to him "to insure the
adequate protection of all American interests in
Nicaragua, whether they are endangered by internal strife or by outside interference in the affairs
of that republic."
Secretary Kellogg's contribution to the discussion, at his appearance before the Senate Committee
on Foreign Relations on Wednesday, is reported to
have comprised the submission of photographs and
other documents showing Mexican participation in
the transport of arms and munitions to the Sacasa
party in Nicaragua, and an elaborate review of
Communist plans and activities looking to the overthrow of so-called American "imperialism" in
Central and South America, and the establishment
of a Communist regime in those countries, with Mexico as an important base of operations. A prepared
statement containing extracts from the documents
on which these latter allegations are based is the
only portion of Secretary Kellogg's presentation
that has thus far been made public.
There can be no doubt that the message of President Coolidge and the statements of Secretary
Kellogg have done a good deal to clear the air in
this unhappy controversy, and have shed light upon
a number of points hitherto obscure. Moreover,
both the President and the Secretary of State are
cautious and conservative officials, little likely to
be stampeded into ill-considered or hasty action by
mere rumors or unfounded allegations, and the
statements which they have made are entitled to all
due weight. What they have said, on the other hand,
is plainly directed quite as much at Mexico as at
Nicaragua, and the attitude which they have assumed toward the one country can not now be entirely separated from the attitude which they have
taken regarding the other, not withstanding that it
is in the direction of Mexico that the immediate outlook seems most serious.
Whether, now that the facts upon which the
Administration has acted are more fully known,
public opinion in this country will conclude that the
controversy with Nicaragua could not have been
avoided, or that Mexico's part in the dispute presents no extenuating circumstances, is at least an
open question. It is by no means clear, for example,
that the election of President Diaz, even conceding
its technical legality, was in essence very much more
constitutional than were the elections of his immediate predecessors in office, neither of whom the
United States saw its way to recognize officially.
The most that Mr. Coolidge is able to say for the
acts of the Congress which chose Diaz is that they
"may be considered as constitutional." It is delicate
business for the United States to assume to pass
upon the constitutionality of political conduct in a
country in which, as in Nicaragua, constitutional
requirements appear to be held in somewhat slight
esteem, and the recognition on Nov. 17 of a President who had been elevated to office by a quasi-
J4.N. 15 1927.]
THE CHRONICLE
277
constitutional Congress only three days before will made the mistake of rashly involvin
g itself in a
probably strike a good many observers as needlessly Nicaraguan dispute with which it has
no concern,
hasty.
its mistaken course ought at once to be disavowed
With a powerful American fleet already at hand and its interference terminated. The
Administrain Nicaraguan waters, and American marines estab- tion at Washington, on its part, can
aid powerfully
lishing and maintaining so-called neutral zones at in quieting a disturbed public opinion
in this counvarious points, there seems hardly to have been any try by scrupulously avoiding anythin
g fairly to be
urgent need of recognizing either of the rival Gov- regarded as intervention, by maintaining
a concilernments for the time being, especially since it does iatory attitude toward Mexico notwiths
tanding the
not appear, from the statements of either Mr. Cool- provocation which it claims to ,have received
, and
idge or Mr. Kellogg, that either American citizens by making it clear that its sudden
display of force
or American industries have as yet been actually in Nicaragua and its sharp reminde
r to Mexico •
put in jeopardy, save in the remote contingency of cloak no ulterior political purpose.
Whatever hapthe revolution getting out of hand. The mere pres- pens, it must not be that the settling
of a political
ence of the American fleet seems sufficient to make revolution in one Central America
n State is to be
such a contingency quite unlikely. The most that achieved at the cost of precipitating
a revolution in
appears to have been required under the circum- another.
stances was the taking of precautionary measures,
such as the presence of an adequate naval force in- Political Stability Through Protection of the
sured, without taking sides in an internal political
Right of Private Ownership.
quarrel between rival factions of the moment.
Addressing the American Statistical Association
With Mexico, obviously, the case is different. at St. Louis
Dec. 28, Wilford I. King, of the NationThere is nothing in the published statement of Secal Bureau of Economic Research, had this to say
retary Kellogg to show that the Calles Government
concerning the political significance of wealth:
has responded to the solicitations of the Russian
Communists, or that it shares the ambitions of the "Those who possess the wealth of a nation are,
Communists to see a Communist regime established oftentimes its real rulers. The fact is generally recin the Central and South American countries. The ognized that the country in which most of the
Mexican Foreign Minister, in a statement issued on wealth is in the hands of the few, while the great
Tuesday, categorically denied that Mexico had any majority of the people are propertyless, is one in
political interests of any kind in Nicaragua, or which it is easy to incite the inhabitants to revolu"any aims of territorial expansion." If Mexico is a tion, for under such circumstances the masses feel
sovereign State, it is certainly within its strict con- that they have little to lose through any
political
stitutional rights in recognizing the Sacasa Govern- upheaval." . . . "On the other
hand,in the nation
ment and aiding it with arms, even though its in which the
greatest majority of the inhabitants
course in these respects differs from that of the
are property owners, governments tend to be unusuUnited States. Aiding the Sacasa Government with
ally stable; for since property rights are comarms, however, as alleged, presents the matter in a
wholly different aspect, especially after the United monly prized next to life itself, the owners of
States had recognized the Diaz Government. The wealth oppose any policy which threatens the securstoutest friends of Mexico would probably agree ity of their holdings.
There are many interesting and important quethat Mexico's action under the circumstances was
extremely ill-advised, the more so in view of the ries which follow a statement of this kind. What can
pending controversy over oil leases in which Amer- be done in free governments to curb the revoluti
onary
icans and other foreign holders are interested. The spirit of those who, having little
in property, are
Calles Government could hardly have been unaware content to "redistribute
wealth," as they think, by
that the course which it is alleged to have taken in the process of making the
"very rich" pay in taxes
Nicaragua, was certain to generate friction with for "improvements that
are to be owned and enjoyed
the United States. There is no reason in the nature in common by the
people"—an insidious form of
of things why great Powers and lesser ones should confiscation that
tends to make governments weak
not live side by side in harmony and friendly co- and unstable and
mere machines for enriching the
operation, and in the peculiar situation which has many at the expense
of the few?
developed in this hemisphere, it would have been the
As things stand to
-day in not a few countries it is
part of wisdom for Mexico to have shown some con- true only in a limited
sense that the rich are the
sideration for the policy and course of our own Gov- "real rulers." The
general idea conveyed in the reernment.
marks quoted is right enough, and it may be added
It is most earnestly to be hoped that a way may that the only way
to conserve property in the hands
speedily be found to end this regrettable dispute, to of individuals is
to guarantee them ownership in
the honorable satisfaction of all the parties in- their own right
to honest accumulations, large or
volved, and without further menace to peace and small. But in
this behalf a greater political signifgood government anywhere. If the Diaz Govern- icance attaches
to the propertyless class than to the
ment really represents the predominant wish of the wealthy class.
In all countries there is a growing
Nicaraguan people, they should themselves be the class that does
not want to work to gather the
first to show their good faith by making that wish alleged political
power which attaches to the ownerprevail beyond reasonable possibility of doubt. If ship of the
property. They want to seize by direct
the Calles Government of Mexico, already harassed or indirect
methods the property that is already
by controversies with the oil interests and the created and
owned. When this indirect method of
Roman Catholic Church, and menaced by revolution- seizure by
taxation, or by a system of control and
ary uprisings in various parts of the country, has regulati
on in the hands of Boards and Commissions,
278
THE CIIRONICLE
[VoL. 124:
of capital and labor, when
is the one in vogue, the property holder, though in and promote the good
d with by political power, and
reality the backbone of stable government, is not the they are not interfere
conditions and react ions
ruler but the ruled. And so great is the envy in ':he preservation of these
of political governments. It does
engendered by loudspoken theories of "redistribu- lies the stability
owns the property as long
tion" that the property owner of small means is not matter so much who
is in active use in production. The results must
drawn into the whirlpool of sentiment and votes as it
over the whole.
with the men who have "little to lose" by the turn of distribute themselves
Equality of ownership if it were possible would be
events. And, therefore, it is by no means true in the
skyscrapers in New York,
special or general sense that the rich, any where, are undesirable. There are
immensely valuable, thrusting themselves constantly
to-day the "real rulers."
chief taxable values lie in the
That the few who are rich control the many who on the eye—but the
them. There are a few
are poor is a generalization so broad as to be untrue. lower levels that surround
ions constantly written up
For instance, in England it maY be true that the billion-dollar corporat
the thousands of corporations
nobility own the'lands in too large a degree to make for the public eye, but
do the principa! businerls
for the best interests of a self-sustaining and stable below the hair million mark
these out of just proportion
nation, but they were not politically powerful of the country. Taxing
entirely erroneous view of
enough to 'invent a war which has made many of is a wrong. We get an
on the power of great wealth.
them poor. In gigantic and rich Russia, the nobility affairs by harping
wealth to stimulate
were deprived of their lands by a proletarian revolu- We need the object of great
e. Not long ago the invention of the radio
tion, and much of the confusion that followed is due enterpris
of a large corporation
to the fact that the peasantry ownershp of land threatened the very existence
communal. and caused it to operate at a heavy loss for several
under the Soviets is not individual but
improvement, and partial combinaThese are'outstanding examples. But nationaliza- years. But by
with the tion with the new idea, it is again doing a prospertion of land in England, while a question
Envy, snarling at the "very rich," can
agitators, does not promise a revolution, while in ous business.
toward the have its home in the mind of the small owner as well
Russia there -is an 'unmistakable trend
ess.
return of individualistic capitalism. Revolutions as in that of the propertyl
Nor does wealth denature a man. To see clearly
down as well as
sweep backward as well as forward,
that lies in the ownership of priup. Some are bloody, some bloodless. Only in a lib- the stabilization
we must drive from the mind the fact
eral government that guarantees private ownership vate property
control, and introduce instead
of property can the middle class thrive and prosper. that the rich do not
must not;—and assert that it is not in
and then ownership by the many attained through that the poor
p made equal lies our stability,
toil and saving must be protected from semi- quantity ownershi
that in the freedom of acquisition and probut
socialism.
p there is the stability that comes
A natural distribution only follows freedom to tected ownershi
through enterprise vitalized by energy. Here the
acquire and to own. It is not in the nature of things
mind that men are never so well
that the rich shall either politically or economically old saying leaps to
can- occupied as when engaged in making money. An
permanently control a country. Monopolies
supported by the State out of the
not long exist under free cdmpetition. Fantastic idle class half
industry is never contented, and may, as
theories propose redistribution because of inequality earnings of
n, be ripe for revolution.
of ownership. But true stability lies in the diversity indicated in our quotatio
that if they are furnished subof unequal ownership. The overt and violent revolu- But the chances are
long they will become incapable
tion is not to be feared. The danger to all stable sidies or doles too
and a constant drain upon active regovernments today lies in the insidious effort to set .of revolution
on. Political control by such
up socialism and redistribute property. As power sources and producti
than the so-called revolies chiefly in the ballot the rich cannot take polit- a class would be more fatal
run. Industrial control tends
ical control and the power of the small-owner class lution, in the long
political control to apathy.
is not strongly declared against the powerful growth to stability, sheer
almost daily of consolidated corporaWe read
of what is known as public ownership of utilities.
figures of capitaland commercial corporation as an tions coming into being. The
The financial
ization are large and apt to be dazzling. But they
integer is not here to be confused with the undefined
result of the union of smaller corownership by the public. A people willing to see are merely the
porations. These grow in a fair field and are folthe slow erosion of private ownership by the estabof like constitution and tenure.
lishment of public ownership in lands, minerals, lowed by others
prom- Consolidated corporations, therefore, do not indiprincipal industries, governmental activities,
cate so much a concentration of power as its organises only the stability of slavery.
as political power of ownership
There is too much preaching by haphazard con- ization. And as far
a diminishing factor in control
trasts. We hear constantly of the small-percentage is concerned they are
. If they could prevent natowners who control the large-percentage of prop- rather than otherwise
business then they might exert undue
erty. Yet property of all kinds is in constant flux, ural growth in
but they cannot and do not.
constantly changing ownership. The rich do not influence of government,
prominence makes them targets
their
control even through the possession of large prop- Unfortunately,
are inert and valueless when not in for those who preach the political control of
erties, for these
conditions now prevail the corporaaction. Nor does labor control through a manifest wealth, and as
and more becoming an instrument of
opposition to capital. Labor that cannot expand tion is more
through the increasing ownership of
itself upon the basis of earned and owned accumula- distribution
Therefore even the ownership of great
tions outside itself is as far as collective service and shares.
be protected as well as the ownership
power are concerned, powerless and valueless. There wealth must
small-property class.
of the
are natural conditions and reactions which preserve
. JAN. 15 19271
THE CHRONICLE
What About the Buyer?
This is the day of the seller. Everywhere there
is talk of "putting it over," that is, getting acceptance of one's wares, whether of goods, or ideas, or
art, or writings. Instruction and advice are abunddant for the man who goes into the market with
something to sell. Because everyone has something
to offer in the market of daily life there is much
wise counsel for the seller.
When it comes to the buyer, the situation is
different. He now and then is told to look out;
Caveat emptor is an old adage. But to beware is
an appeal to a narrow and somewhat pitiful selfinterest. It evokes timidity. "Look out"; "Play
safe" "Take no risk," when you buy; think of
yourself, your own safety, your own interests, your
immunity from loss or trouble; that is the first
concern.
Money is abundant to-day and everyone is buying.
Competition prevails among sellers; they seek the
market, for they have the big deals to make and
want the buyers. When the condition changes and
folks have little to spend then the buyer is the
one in need of counsel. He must use his money with
utmost prudence. To-day he happens not to be a
candidate for help. He can spend anywhere and
at all times, and is content. The schools of business
and the public councillors who discourse to-day on
business conduct or management all have in mind
the merchant and the dealer, men concerned with
selling. The Chamber of Commerce of the United
States has brought out an elaborate series of "Principles of Business Conduct" addressed especially to
them. These principles are unmistakably sound
and valid. They enforce equitable consideration
toward capital and the public; obligations to society,
avoidance of unfair competition, excessive stimulation of sales and credit, and waste of natural resources, in connection with much wise counsel
about them.
But there is the multitude of buyers to whom they
have only a secondary or indirect application. Meanwhile, even in these prosperous and luxurious times
there are to be seen small stores having only a brief
existence, obviously because they were supplied with
goods for which there was no immediate or adequate
demand. Occasionally there are large establishments
drying up and going out of business because of overloading of one kind or another. These attract little
attention. There is also the multitude buying on
part-time payments who find themselves often not
unlike the man who bought the new andirons and
was led into refurnishing his entire house; and the
speculators of all kinds who are eager to make or
recoup their fortunes by picking up bargains when
.
they have no resources from which to pay for them.
Investors are a class by themselves and for them there
are many books of advice.
The "buyers"for business may stand in some degree
for all. They are our concern as they are quite outside the group addressed by the Chamber of Commerce in their Principles of Conduct.
Some years ago the chief buyer of a large Western
wholesale house in answer to a question about their
selling department said: "There is no special care for
that. When our goods are.bought they are sold."
He meant that their buying was so accurately gauged
that there was no need for any concern about the disposing of the goods. They had no "broken lots" and
279
no occasion for "bargain sales.' The correctness of
his statement and the justification of his pride are
proved by the position of the house to-day. It stands
quite at the head of the list of its kind.
An attempt may therefore be made to state some
principles of business conduct for the numerous but
less considered buyers. The genera/ principles applying to all business conduct have equal importance for
buyers, and need not be labored. There are some
principles more pertinent to this class as represented
by the men who are distinctively known.
Far more than others they must act on their own
initiative. Their decisions are final, and mistakes are
usually costly and irremediable. They require primarily the courage of their convictions. This comes
from character and knowledge of oneself. When
character is established and a man knows that he has
nothing to fear from his record and no reason to distrust his own strength of will or clearness of purpose,
he has only to add sound knowledge of the goods and
the market to enable him to act. Breadth of knowledge and experience then are cumulative and become
definite objects of attainment, for while with some
natural gifts are thought to suffice, these essential
qualities require special cultivation if they are to
attain full value.
Conservation, self control, steadiness of nerve,
patience, are indispensable qualities; but these are
not sufficient. Buying is at bottom a matter of
vision. It is seeing an opportunity, often one
that others have not recognized. The call is for
decision, often immediate, and that requires courage
of the peculiar, quiet kind that needs no blowing
or trumpets or wide support. It is in fact that
result of inner impulses of which a man is not entirely aware, his confidence in himself, his acquired
wisdom, his previous action, his readiness to accept
responsibility and risk, the temperament, in short,
that responds to a challenge to his pride of manhood,
his power to act, to "play off his own bat." All
this makes the quick decision possible when much
depends upon it.
Because such hours come to the buyer of high
or low degree, it is important that they should be
recognized and appreciated. They can be anticipated and prepared for. A man must, in fact, train
himself for them if others depend upon him, or he
is ambitious to be in any large way successful.
That way, it is true, lie speculation and gambling.
But the distinction between these and legitimate
business is rigid, and must be sustained and even
enforced; and that necessity only emphasizes the
importance of the individual training which gives
a man power to discern legitimate business opportunity and to take advantage of it without being
led into the morass of speculation or lost in the
perdition of the gambler.
It is not enough for the buyer to escape the temptation to speculate or to gamble. Dulness, stupidity,
mere prudence, will do that. The challenge is to the
eager and ambitious, the man who sees his chance
and knows when it is legitimate and he can act with
a steady pulse. If it is an opportunity prepared for
there should be no difficulty. He is his own chief
critic and he has pleased himself.
With this understanding of his position the buyermay profit by general principles. He, too, is a member of the community and has obligations. Indeed,
it would be ill served Without him, and when his
goods are in turn sought in the market he may hate
280
THE CHRONICLE
the satisfaction of knowing that he is a public benefactor. That he should also profit by the transaction is
no disparagement of his public service; rather it is
evidence that he may be expected in many ways to
repeat it. He is proving his value to his fellow-citizens.
He has less temptation than others who resort to
specious advertising or deceptive goods and unscrupulous methods of sale. He is one with those whose
offerings have the supreme quality of desirability at
the price and are "sold when they are bought." The
same is true of his regard for his contracts, for avoiding waste and for readiness to co-operate. His very
[VoL. 124.
success, depending as it does upon distinct ability
and integrity, dispels fear of competitors and opens
the way for friendly co-operation. He makes no appeal to the Government for aid, and can well be content if he escapes foolish legislation and is left free to
profit by the growth of the country. He can believe
in his country with the confidence with which he has
learned to believe in himself. He is little thought of
unless he chance to be also a producer or a merchant,
but in either case his role is equally important to the
public. It is establishing character as well as purveying goods.
Bank Clearings in 1926 and the Course of Trade
and Speculation.
The grand total of bank exchanges at the different
bank clearing houses throughout the country for the
calendar year 1926 eitablished another new high
record, making the third successive year when all
previous aggregates were surpassed. The latest distinction, however, appertains only to the twelve
months as a whole. It does not apply to all the
different months of the year, and in particular it
does not apply to the last four months. It follows
that the new high record established for the year •
was by reason of the further growth in the first twothirds of 1926. The achievement did not continue
beyond the month of August, after which the volume
of exchanges as compared with the corresponding
months of the previous year began to decline, not in
a progressive way but nevertheless to decline until
the end of the year. The gain for the twelve months
• would have been larger except for the losses of the
last four months, and the point of the discussion is
that while the grand aggregate of the bank clearings
for the calendar year 1926 runs considerably in excess
of that of 1925, which was the best previous year, a
change in that respect was already under way before
the year closed.
In the particular mentioned the figures of bank
clearings reflect accurately the course of general trade
and business. If there is one fact more clearly
established than any other with respect to industrial
conditions hi the United States during the year 1926,
it is that moderate recessions from the extreme
activity previously prevailing occurred in leading
lines of trade and business during the last three or
four months of the year. This is true unquestionably of the automobile trade, and it is equally true
of the steel trade, which latter is so largely dependent
on conditions in the automobile trade and upon some
other leading lines of manufacturing. The trade
statistics amply bear out these statements and assertions.
In November the output of motor vehicles in the
United States was the smallest of any month since
August of the previous year, when production had
been suddenly curtailed as a 'matter of policy in order
to deal with what proved to be only a temporary lull
in demand for automobiles and to prevent an undue
accumulation of cars. According to the United
States Census, the production of motor vehicles in
the United States in November 1926 amounted to
no more than 255,813 (comprising 219,479 passenger
cars and 36,334 trucks), against 366,505 in the same
month of 1925 and comparing with 397,341 in September 1926 and 425,662 in August 1926. For
December 1926 the figures of automobile production
are not yet available, but it is known that the output
was on an equally low level. In August 1925 the
production was at the smallest monthly figures of the
year, barring the month of January, and reached
only 252,451. From this there was an increase to
438,419 in October, with the output for November
366,505 and for December 311,400. In August
1926 on the other hand, the output was close to the
maximum of any month of the year, reaching 425,662
but then rapidly tapered off, and in November
reached 255,813, as already stated.
The statistics of steel production tell much the
same story. The production continued large, running well ahead of that of the previous year, until
the last two months, when it substantially declined.
The slackening which occurs as a rule during the
summer Months, proved far less than the ordinary,
and it was common remark that activity in the steel
trade was far exceeding expectations. The growth
during the summer and autumn, however, it subsequently appeared, was at the expense of the closing
months of the year, explaining and confirming the
statements of trade recession to which reference has
already been made. The American Iron and Steel
Institute estimates that steel ingot production of all
companies in the United States aggregated 47,133,517
tons during the calendar year 1926, as against
44,140,738 tons during 1925, thereby establishing a
new high record in steel production. But the falling
off in November and December was pronounced.
Against 4,004,583 tons in August, 3,930,675 tons in
September, and 4,092,548 tons in October, the product in November was only 3,722,119 tons, and in
December no more than 3,472,000 tons.
This is in sharp contrast with the situation in 1925
when the product in August and September was
respectively 3,420,998 tons and 3,489,565 tons and
then increased to 3,888,814 tons in October, to
3,902,900 tons in November and to 3,970,918 tons
in December. As the "Iron Age" put it in its issue
of Dec. 30 1926, in 1925 the production curve was
moving upward, while at the close of 1926 the trend
was downward. In like manner pig iron production
JAN. 15 1927.]
THE CHRONICLE
in United States, according to thercompilations of
the "Iron Age," though reaching 39,070,470 tons
(not including a small amount of charcoal iron)
during the calendar year 1926, against 36,403,470
tons in the calendar year 1925, showed a declining
tendency in final month of the year, although the
course of the monthly totals here was on the whole
remarkably well maintained. During the five months
from July to November, inclusive, the monthly make
of pig iron varied between 3,136,293 tons and
3,334,132 tons (this last being the product for
October) but in December there was a drop to
3,091,060 tons. On the other hand, in the last six
months of 1925 the monthly product gradually
increased from 2,664,024 tons in July to 3,250,448
tons in December.
There was some slackening of activity in trade at
the very beginning of 1926, but it did not find
reflection in the production figures, since mills,
furnaces and factories were kept busy on old orders
given so freely at the close of 1925, when a spirit of
optimism and enthusiasm so widely prevailed. In
January, for instance, trade quieted down considerably and the month proved somewhat of a disappointment in view of the hopes of continued trade expansion
which the growing trade revival in the closing months
of 1925 had so strongly encouraged. In February
the slackening of activity observed in January was
again in evidence and the indisposition to enter
upon new commitments looking far into the future
became further accentuated. In that month there
was a favorable development in the settlement of
the miners' strike in the anthracite regions where
mining had been completely suspended since the
previous Sept. 1, with not a pound of coal mined in
the interval. Work at the mines was resumed on
Thursday Feb. 18. The settlement, however, had
no influence in stimulating trade outside the territory
• affected. In March general trade continued to
evince a slackening tendency in certain directions
and along certain lines, though the steel trade managed to give a pretty good account of itself and
the United States Steel Corporation reached a very
high rate of operations, namely, 97%. During
April, enterprise still appeared to be held under
restraint and business men continued to manifest
palpable reluctance to entering into engagements
extending far into the future, yet iron and steel
production kept large and this, no doubt, exerted a
favorable influence upon business in general. In
May and June the backwardness of the season acted
as a further deterring influence, unseasonably low
temperatures retarding farm work in the agricultural
regions, while the backward spring and the prolonged
cold had the effect of spoiling considerable retail
trade in certain lines of goods, the latter in turn
exerting an adverse influence upon wholesale trade.
Buying from hand to mouth remained the distinctiire
feature and the dry goods trade particularly gave
evidence of the adverse effects. Cotton goods and
silk goods alike seemed to be suffering from overproduction—a situation, though, which was soon to
be relieved.
The 1926 building construction volume was the
highest on record for any year in the history of the
country, according to the F. W. Dodge Corp.,
which says that building and engineering contracts
let during the year 1926 for the entire country
must have been well over $6,800,000,000, with a
probable increase of 4% over 1925.
281
All the time, however, the farming classes were
suffering by reason of the low prices ruling for many
of the products of the farm, more particularly grain.
Nevertheless business men began to display greater
confidence in the outlook and to make purchases and
to buy with greater avidity in providing for
the future.
With the advent of the second half of the year
there came multiplying indications that the 1926
reaction in trade had run its course and that from
then on the volume of business was likely to spread
and to expand. Subsequent developments did not
belie these indications. Distinct trade revival marked
the rest of the year until the recession which came in
the closing months and which has already been
enlarged upon. Certain adverse developments did
not serve seriously to interfere with this revival,
though they may have had their part in bringing
about the recession in industry in the closing months.
The West was already suffering, as just pointed out,
because of the low level of agricultural values. The
South was now to undergo a similar experience.
Southern planters had in the spring planted the very
largest acreage in cotton in the history of the country.
The possibilities of yield involved in this had escaped
attention in the spring while temperatures were low
and the season backward, so that at the beginning of
July the crop, everywhere all through the cotton
belt was from one to three weeks late. But as the
summer advanced the weather began to improve and
the prospect of a large crop, the largest on record,
became more and more assured. Each bi-monthly
report of the Agricultural Bureau at Washington
showed an increase in the estimate of the size of the
crop. The effect upon the market value of the staple
was:startling. MiddlingluplandIspoticotton in New
York, which at the end of August still sold at 19.05
cents, in September sold below 15 cents and in October dropped to 12.45 cents, and it became necessary
to devise measures for additional credit facilities to
the Southern planter in order that he might not have
to sacrifice his cotton and to prevent the bottom from
dropping completely out of cotton values. These
measures proved successful and, though successive
semi-monthly reports of the Government estimated
the production higher and still higher until in the
final estimate for the season made on Dec. 8 the crop
was put at 18,618,000 bales against 16,103,679 bales
the actual production in 1925, which up to 1926 had
been the largest crop in the history of the South,
the price did not further decline, but closed Dec. 31
at 12.95 cents.
But this merely served to prevent utter/collapse.
It did not change the fact that the price of cotton
was commanding inordinately low figures in the markets of the world and that the purchasing power
of the South by reason of that circumstance was
correspondingly reduced. The South, as it happened,
suffered other setbacks. The real estate boom at
the winter resorts completely collapsed, particularly
in Florida, and this had the usual consequences in a
falling off in general trade and business. In September there came another blow in the hurricane
which did so much damage in Miami and other
Florida points. It was all that was needed to complete the discomfiture of the South and the effect
of all this in impairing the purchasing capacity of
the Southern population and in causing a great
shrinkage in the volume of trade was seen in the
large losses of revenue reported the latter part of
ti42
THE CHRONICLE
[voL. 124.
the year by the railroads serving that great section 483,687,000 tons in 1924. The anthracite product
Of the country. Bank clearings, particularly at the also shows a big increase over that of the previous
Florida points, were in like manner .affected and year, notwithstanding the cessation of mining during
underwent great shrinkage as will appear further January and the greater part of February. The inbelow. The big drop in the price of cotton had an crease follows of course in part because comparison
offsetting advantage, but this did not inure much is with 1925, when mining was suspended from
to the benefit of the South. Cheap cotton stimu- Sept. 1 right to the end of the year, a period of full
lated the cotton goods industry the latter part of four months. The anthracite product for the calenthe year, and in New England had the effect of dar year 1926 is put at 85,000,000 tons, against
reviving an industry which seemed to be threatened 61,817,000 tons in 1925 and 87,500,000 tons in 1924.
with complete extinction in view of the competition The great increase in coal production in 1926, parof the Southern cotton mills possessing so many ticularly in the last six months of the year, undoubtadvantages over Northern mills, owing to their loca- eulyi played an important part, along with the coltion and in many other respects. Prices of cotton lateral effects this had in other directions, in keeping
goods moved lower like those of cotton itself, but not general trade in this country at such a high state of
to the same degree, leaving the mills therefore a activity during the summer and the autumn.
larger margin of profit, of which they were sadly in
The bearing of all this on a proper interpretation
need. At the lower prices new uses were found for of the records of bank exchanges in various parts
cotton goods and the possibility of effective compe- of the country during 1926 need not be urged. As a
tition with wool and silk greatly augmented. It also matter of fact, it will appear, as our analysis prodeveloped that stocks of cotton goods both in the ceeds, that all the different circumstances and inhands of jobbers and retailers had been allowed to fluences narrated played a greater or smaller part
run down to inordinately low figures and were now in affecting the clearings figures at one time or anin urgent need of being replenished. At the lower other in one or more of the different sections of the
prices, too, buyers were no longer inclined to hold country during the year. For the whole country
off in fear of still lower prices and accordingly bought the grand aggregate of the clearings for 1926 reaches
with greater avidity and with greater confidence. $524,397,381,396. This compares with $512,215,The cotton goods industry the latter part of the 805,135 in the calendar year 1925, showing an inyear certainly saw distinctly better conditions crease therefore of $12,181,576,261, or 2.4%. Conahead.
sidering the various setbacks encountered during the
There was ore development favorable to trade in year, as outlined above, this is not an unsatisfactory
this country which perhaps has not been assigned showing, and is in full accord with most other trade
the importance which it merits in the trade reviews records, nearly all of which make it apparent that,
of the year. We refer to the coal miners' strike in on the whole, trade for the twelve months was larger
Great Pritain, which lasted from the 1st of May to and somewhat more active than in the previous year,
about the 1st of December, a period of seven months. whatever the deviations in the comparisons from
This paralyzed industrial operations in Great Britain month to month and from one quarter of the year
and induced huge buying of coal in the United States to another. The ratio of further growth in 1926 at
(as also in Germany) to make up in small part at 2.4% is not very large, but derives additional sigleast for the great void in British home supplies of nificance by reason of the very notable antecedent
fuel created by the strike. Export orders for coal growth. It comes after 12.4% increase in 1925 over
for shipment to Great Britain kept steadily growing 1924, 10.1% increase in 1924 over 1923, 5.6% inand the shipments of coal continued large even crease in 1923 as compared with 1922 and 10.1%
through December, when. the British miners had increase in 1922 over 1921.
returned to work. The Pocahontas region produces
We have here a cumulative record of increases
the coal which seems to be most closely adapted which speaks eloquently of the trade expansion
to the foreign need ,and the earnings of the roads that occurred in this interval of five years from 1921
serving that region—namely,the Chesapeake & Ohio, to 1926. In 1921 the volume of the country's bank
the Norfolk & Western and the Virginian Ry.—were exchanges stood at $355,588,192,536. In 1926 it
enormously increased as a result. The influence of was up to $524,397,381,396, showing an augmentathis special export demand for coal finally extended tion for the five years of $168,809,188,860, or not
to the other coal mining regions of the country and far from 50%. But the fact must not be overlooked
during November, before the settlement of the British that in starting with 1921 we are starting with a year
strike, the weekly output of coal in this country of low totals. The year 1921 was a period of intense
broke all previous records. For the week ending depression in trade—so much so that it has had few
Nov. 13 the United States Bureau of Mines made if any parallels in the mercantile and financial history
the production of bituminous coal in the United of the country, it marking the collapse of the specuStates 13,807,000 tons, a figure never previously lative post-war boom which culminated so suddenly
reached and for the week ending Nov. 20 it esti- towards the close of 1920. Bank clearings naturally
mated the product at no less than 14,282,000 tons, reflected the depression and the total fell 20.5% below
as compared with 12,526,000 tons and 11,534,000 that for 1920, which constituted the high record up
tons in the corresponding weeks of the previous year; to that time. The early increases, therefore, in the
while for the week ending Dec. 4 the output reached record for the five succeeding years constituted
14,676,000 tons, against 12,868,000 tons in 1925. merely a recovery of what had been so suddenly
The highest production recorded in any year prior lost in 1921. It took nearly three years to recover
to 1926 was 13,344,000 tons in the last week before from the 1921 loss, and it was not until 1924 that the
the strike of 1919. For the calendar year 1926 the total of the country's bank exchanges again reached,
production of bituminous coal in the United States and surpassed, the amount recorded in 1920 when
is estimated by the Bureau of Mines at 578,290,000 the post-war boom was ,at its height.and commodity
tons', against 520,053,000 tons in 1925 and only prices were so prodigiously inflated. In the two yeaks
•
J.N. 15 1927.]
THE CHRONICLE
283,
The fact that in 1926 the ratio of change from the
previous year in total bank clearings at New York,
and in those outside of New York should have been
exactly alike leads to the inference that the part
played by the two factors just mentioned, namely
independent financial transactions and Stock Exchange speculation, did not differ greatly in 1926
from 1925, so that the changes in the general totals
were only such as arose out of the ordinary transactions in trade and business. So far as Stock Exchange business is concerned, this appears to have
been true, as we shall see further along in this article,
for the volume of transactions at the New York Stock
Exchange, did not vary greatly in the two years,
being very large in both. As concerns financial
transactions, the same comment would appear to
apply, though here it is not possible to speak with
Inc.
Clearings
Inc.
Inc.
equal positiveness.
Year,
New York
Or
Outside
or
Total
or
Clearings.
Dec.
New York.
Dec.
Clearings.
Dec.
One measure of the volume of financial transac$
$
%
$
%
%
1926 see note 290,354,943.483 +2.4 234.042,437,913 +2.4 524.397.381.396 +2.4 tions is found in the new capital flotations. Ow
1925 see note 283.619.244.636 +13.5 228,596.560,498 +11.0 512.215,805.135 +12.4
1924see note 249,968,181,339 +16.8 205.165,887.454 +2.9 455.034,068.793 +10.1 compilations in that respect are very ,comprehensive,
1923 see note 213,996.192.727 -1.8 199.456.249.672 +14.8 413.452,431.399 +5.6
1922 see note 217.900.386.116 +12.1 173.606.925,839 +7.7 391.507.311.955 +10 1 comprising the new capital emissions in the Unite
1921 see note 194,331.219.663-200 161.256.972.873 -21.9 355.598.192.536 -20.5
1920 see note 243.135.013.364 +3.1 206.592.968.076 +12.3 449,727.981.440 +7.6 States, both on behalf of home and of foreign enter1919
235.802.634.887 +320 191,982.219.804 +18.3 417.784,854.691 +257
1918
178.533.248.182 +0.6 153.820.177.681 +19.7 332.354.026.463 +8.3 prises, as well as borrowings in this country by State
1917
177.404.965.589 +11.5 129.539.760.728 +26.7 306.944.726.317 +17.2
1916
159.590.645,590 +44.4 102.275.125.073 +32.4 261.855.773.663 +39.4 and municipal Governments here and abroad, and
1915
110.564.392.634 +33.2 77.253.171.911 +7.0187.817.584.545 +20.9
1914
83.018.580.016 -12.3 72.226.538.218 -3.9 155.245118,234 -8.6 likewise farm loan issues.
Complete figures are and
1913
94.634.281.984 -6.1 75.181.418.616 +2.7 169.815.1 00.600 -2.4
.
1912
100.7 3.967,262 +9.1 73.21)8,97.649 +7.9173.952.914.011 +8.6
yet available only for the 11 months to Nov. 30, and
1911
92.372.812.735 -5.0 67.856.060.931 +1.6 160.229.773.666 -2.4
1910
97 274.500.093 -6.1 66,920.729,906 +7.3 164.095.229.999 -1.0
1909
103.548.738.321 +30.7 62.249.403,009 +172 165.838.141.330 +25.2 for this period in 1926 the capital issues reached •
1908
79.275.880.256 -91 53.132.968,88o -8.4 132,409.849.136 -9.8
1907
87.192.169.381 -167 57.843.565.112 +4.8 145.025.733.493 -0.3 $4,870,250,115 as against $4,219,750,310, but com101675.828.1156 +11.6 55.229.888.677 +10.1 159,905.717.633 +110
inns
paring with only $3,465,400,638 in 1924 and no more
$2,865,937,797 in
Note -Figures for 1920. 1921, 1922, 1923. 1924, 925 and 1926 In this table for than $2,956,361,622 in 1923 and
total clearing, and for clearings outside of New York do not make an exact corn•
narlson with previous years, Inasmuch as St. Joseph. Toledo, and about a dozen the 11 months of 1922. The further increase here
minor places which in 1919 and previous years contributed regular returns now
refuse to furnish reports of clearings. The omitted places added, roughly, 11,000,- in 1926 is about 15%, which is several times the 2.4%
increase in aggregate bank .clearings at New York.
In the comparison of 1926 with 1925 it is curious But this loses much of its force in its application to
to find that the ratio of further increase in 1926 is New York when it is remembered that these new
precisely the same for New York standing by itself capital floations relate not merely to those placed
as, for the rest of the country. For the different here but cover the entire country from one end_ to
cities outside of New York the percentage of change the other, and the amounts of these placed in various
from the previous year varies, of course, widely, as outside cities is rapidly growing. Furthermore,
one would expect from the varying character of the as against this it is well enough to remember that
factors entering into the results, but for the outside there have been several large bank consolidations
cities as a whole the ratio of increase is precisely in this city, and the effect of such consolidations is
identical with that for New York, being 2.4% in- always to diminish the volume of bank exchanges,
crease in each case. Such a close parallel between since the effect of every bank merger is to enlarge
the two is very unusual, though in 1925 the two also the bank's own constituency; that is, to add to the
corresponded quite closely, the increase .for New number of its own depositors and where an exchange
York then being 13.5% and for the rest of the country of checks.can be effected by entries upon the bank's
11%. On the other hand, in 1924 the increase at books there is no need of going to the clearing house
New York was 16.8% and the increase elsewhere only in order to make the exchange.
2.9%, while in 1923 New York actually showed
At all events, the ratio of increase in bank clearings
a decrease of 1.8% when the rest of the country in 1926 as compared with 1925 is the same at New
registered an increase of no less than 14.8%.
York as for the rest of -the country. There is one
The variations between the two ratios is to be other coincidence worthy of note. In the case of
ascribed in large degree to the prominent part that New York City, as outside of New York, the monthly
financial transactions always play in affecting bank figures show increases over the previous years during
exchanges at New York and also to the influence of the first eight months, but decreases beginning with
Stock Exchange speculation on the totals. The September and continuing through the remainder of
magnitude of the financial transactions at New York, the year. Here, however, the percentages do not
independent of those growing directly out of com- correspond. They do, though, have this in commerce, trade and industry, is always a potential mon, namely that they reflect the change in the relafactor in its bearing on the volume of bank exchanges, tive condition of trade in the two years, trade
and the same is true of Stock Exchange business. having been, as put by the "Iron Age," on an ascendStock Exchange transactions likewise play some part ing curve in the closing months of 1925, but on a
in affecting clearings at some other leading cities, descending scale at the close of 1926. In the folbut only a relatively minor part, while at New York lowing two tables we show first the clearings by
they are a factor of very large importance, notwith- months for the whole country for the last two years
standing that the New York Stock Exchange clears and also those outside of New York by months for
the greater portion of its business through its own the same two years, and then in the second table
the monthly clearings at New York by itself, the
clearing house.
since 1924, however, the further growth has been
amazing, the totals in these two years having risen
from $455,034,068,793 to $524,397,381,396, an augmentation of over $69,000,000,000, or in excess of
15%. And if we compare the 1920 aggregate of
49,727,981,440 with the $524,397,381,396 for 1926
2
the increase exceeds $75,000,000,000, or 163/%.
Considering how inordinately high commodity prices
were in 1920 and how much of the inflation had been
squeezed out by 1926, the increase affords striking
testimony to the great development that has occurred
in the country's normal activities, commercial and
financial. In the following we show the yearly
:totals back to 1905, and also undertake to separate
the New York totals, which still exceed by far those
of the rest of the country, from the latter:
11, 004nan0A0
i 00
, en nne noo non
•
.•
. •
i so n 610 nnmAAnAill
•
•.
•
.
inn n
284
THE CHRONICLE
[voL. 124.
comparison in this last instance being extended so few cities in the agricultural sections of the West
and South, and even at some New England points,
as to cover four years.
MONTHLY CLEARINGS.
have failed to get back to the high levels of clearings
established in 1920. In other words, there has been
Clearings, Where Country
Clearings Outride New York.
onill.
no return to the heyday of prosperity then experi1926.
1925.
1926.
1925.
%
%
enced, one reason no doubt being the lower level of
$
$
$
$
n..._ 47,660.896,876 46,175,258,211 +3.2 20,559.798,610 19,454,564,225 +5.7
b___ 38,799.487.828 37,504,819,848 +3.5 17,346.130.353 16,447,760,596 +5.5 agricultural prices and the other that all commodity
ar- 48,505.299.107 42.348.334,406 +15.5 20,413.426.165 18.674,323,657 +9.4
prices in 1920 were on a highly inflated basis. St.
E qr. 134965683,811 125703412,465 +7.4 58.319,355,128 54,576,648,478 +6.9
Louis clearings have been gradually moving up again
w11._ 45,536,492,634 41,408,612.885 +10.0 19.572,431,866 18,559,728.280 +5.5
ay__ 42.411.631,981 41,880.240,874 +1.2 19.025,486,348 18,032,806,454 +5.5 in recent years, and yet at $7,632,000,000 for 1926
no_ 44,163,009,912 43,246,725.823 +2.1 19,968,020,328 19,227,882,108 +3.9
compare with $8,294,000,000 in 1920 and with
clr- 132111134,527 126507579.582 +4.4 58.565.938.542 55,820,416,842 +4.9
$8,202,000,000 in 1919. Kansas City shows permew. 267076818,338 252238992.047 +5.9 116885293,670 110397065.320 +5.9
haps the widest disparity in the comparison with this
ly __ 43,791.224,327 43.003.080.931 +1.8 19,964.011.685 19,607,330,824 +1.8
lif -- 39.952,860.13938.050.385,824 +5.0 18,276.880.440 17,831.867.459 +2.4 earlier period of high bank clearings, its total of $7,p4....40,172,453,832 40.770.409.028 -1.5 18,812.435,084 18,995.970.548 -0.8
1*3r- 123916538.298 121823875,783 +1.7 57,053.327,209 56,435,168.831 +1.0 302,000,000 for 1926 comparing with $11,615,000,000
Such cities
mos_ 390993356,636 374062867,830 +4.5 173938620,879 166832234,151 +4.3 in 1920 and $11,223,000,000 in 1919.
14-.- 44,911.151,270 47,287.215,139 -5.0 20,577,864,190 21,335,068,140 -3.6 as St. Paul, Omaha, Richmond and New Orleans
Dv __ 41,264,171,517 42.825.027.942 -3.9 19.002,592,731 19,347,849.859 -1.8
M -- 47,238,701,973 48,040.694,224 -1.7 20,523.360,113 21,081,408,348 -2.7 made an unfavorable comparison with 1920 even in
D qr. 133404024.760 138152937,305 -3.460.103.817.034 61,764.326,347 -2.5 1925, and with the further loss in 1926 the comparison
mi._ 524397381.396 412215805.135 +2.4 234042437.913 228596560.498 4-2.4 is still more unfavorable.
Thus New Orleans, as
against $3,085,000,000 in 1926, back in 1920 had a
CLEARINGS AT NEW YORK.
total of $3,315,000,000, and Richmond at $2,610,Inc. or
Dec.
1924.
1923.
1925.
JI•nth.
1926.
000,000 for 1926 compares with $3,046,000,000
i
$
$
4
%
+1,4 20,689,128,472 19,778,359,599 for 1920.
January. 27,101,098,266 26,720,893.986
Feb_ ___ 21,453,357,475 21,057.059,252 +0.8 18.120,109,846 16,783,978,443
On the other hand, cities of large financial promiMarch_ 28,091,872,942 23,349,010,749 +20.3 19,650,227,162 19,768,279,996
lst guar. 76,646,328,683 71,127,763,987 +7.8 58,459,465,480 56,330,618,039 nence like New York, Boston, Philadelphia and even
April__
. 25,964,060,768 22,848,884,605 +13.6 20,325,861,115 18,010,072,951 Baltimore long since left their 1920 record of clearMay ___ 23,386,145,633 23,847,434,420 -1.9 20,721.604,744 19,211,755,142
The same is true of cities of notable
.June_.... 24,194,989,586 24,018,843,715 +0.7 19,958,549,054 18,675,477,650 ings far behind.
2d guar_ 73,545,195,987 70,715,162,740 +4.0 61.006,014,913 55,897,305,743 growth in population and in general development.
6 moo.. _ 150,191,524,670 141,841,926,727 +5.9 119,465,480,393 112,227,923.781 Detroit and Los Angeles are two illustrations.
Both
Ju1y__ _ _ 23,827,212,640 23.395.750,107 +1.8 21,126,633,025 16,645,489,481 are each year establishing new high records of bank
August _ 21,675,979,699 20,218,518,365 +7.2 20,342,116,225 14,778,137,428
Sept_..... 21,360,018,748 21,774,438,479 -1.8 19,290,650,736 15,070,863,371 exchanges, the year 1926 having been no exception
ad guar_ 66,863,215,077 65,388,706,951
+2.2 60,759,399,986 46,494,490,280 to the rule.
At Detroit the clearings back in 1920
9 moo,,.. 217,054,735.757207,230.633,878
+4.7 180,224,880,379 158,722,414,061
were $6,014,000,000, which was followed by a drop
October. 24,333,287,080 25,952,146,998 - 6.3 21,584.627,234 17,730,152,909
Nov_ _ _ _ 22,251,578,786 23,477,178,083 -5.2 22,432.730.125 18,048,312,948 to only $4,648,000,000 in 1921, but since then the
Dec_ _ _ _ 26,715,341,860 26.959,285.877 -0.9 25,625,943,601 19,496,302,808
total has been rising year by year, and in 1926
41-b guar 73,300,207,726 76,388.610,958 -4.1 69,643,300,960 55,273,768.665
reached $8,813,000,000. Los Angeles experienced
no slump whatever in 1920, and its total likewise
Passing now to a consideration of the clearings at has been rising year by year until now for 1926 it
the leading cities it quickly appears that the further stands at $8,917,000,000 against $3,994,000,000 in
growth in 1926 did not take within its embrace all 1920, $2,339,000,000 in 1919 and only $1,547,000,000
parts of the country. But that is not strange, in 1918. In the following we furnish a comparison
bearing in mind the various adverse influences and for the last eight years for all the larger cities, adding
circumstances noted further above, some of which also a column to show the clearings for the same cities
were purely local in character, but others of which for 1914, the year of the outbreak of the great war.
CLEARINGS AT LEADING CITIES.
took within their sweep large sections of the country.
Thus we find that Chicago did not quite equal its (000.000s 1926. 1925. 1924. 1923. 1922. 1921. I 1920. 1919. 1914.
$
record of the previous year, nor did Minneapolis, milled.)
New York_ 290,354 283,619249,868 213.996 217,900 194.331 243,135 235,803 83,019
St. Paul and Omaha. Apparently there is a double Chicago ___ 34,907 35,392 31,654 31.113 mom 25,975 32,66 29,686 15,693
Boeton
21,323 19,31 16,453 14,328 18,81 17.903 7,617
reason for this, first, in the cir umstance that the Philadelphia 25,130 22.482 25,645 24.651 22.488 20.445 25.095 22.096 7,916
29.258 29.079
St. Louis_ 7,632 7,627 7,174 7,204 6,718 6,235 8,294 8,202 3,885
Western agricultural communities suffered by reason Pittsburgh 9,198 8,857 8,037 8,21 6,758 6,808 8.982 7.277 2,626
Ban Fran._ 9.800 9.479 8,366 8.04? 7.274 6,629 8,122 7.286
of the low level of values ruling for many products Baltimore__ 5,974 6,83 5.025 4,838 4,142, 3.745 4,896 4,343 2,516
1,874
3,0031 2.8011 3.597 3,131 1.293
Cincinnati
3.885 3,710 3,353 3,44
of the farm, and, secondly, in the fact that the spring Kansas City 7,302 7,036 6,582 6.882 6.8111 7,537, 11.615 11,223 3.016
C1eveland__ 6,179 5,997 5,441 6,5.1 4.645 4.667, 6,907 5.482 1,238
3,17
2,986 2,811 2,405, 2.210, 3,31
904
N Orleans_ 3,08
wheat crop of the Northwest, unlike the winter wheat hlinneapolls 4,11 4.483 4,026 3,677 3,370 3,3561 4.012 3.170 1,874
2,267
929
Louisville_ 1.782 1,74
1,612 1,552 1,3361 1.199 1,290
668
crop further to the south, in 1926 was very much Detroit_ ___ 8,813 8.431 7,358 6,094 6.389 4,648 6.014 4,503 1,350
2,062 1,912 1,876 1,570 1,445 1,736 1,528
848
Milwaukee_ 2,20
smaller than that of 1925, with sales and shipments Los Angeles 8,917 7,94 7,195 7.029 5,152 4,211 3,994 2,339 1,145
718
622
63
581
534
697
602
401
714
Providence_
to market correspondingly less. Buffalo also shows Omaha_ _ _. 2,104 2,188 2,004 2,103 1.982 1.903 3,094 3,058 883
1,811
591
Buffalo...
somewhat smaller bank clearings, and that also may St. Paul__ 2,727 2,7821 2,310 2.346 2,011 1,663 2,293 1,655 585
1,600
966
1.870
1,617 1,631 1,618 1,80
785
942
81
886
415
985
904j
be due to a smaller grain movement. Then New Indianapolis 1,192 1,668. 1,611 1.05 1,464 1.528 1.980 1.630 460
1,656
Denver......1,689
422
Richmond
2,610 2,839 2.853 2,60: 2,304 2,092 3,046 3.091
Orleans,Richmond and Memphislikewise show a some- Memphis 1,197 1,233 1,114 1.140 1.009 819 1,191 1,128 363
Seattle __
what smaller volume of clearings for 1926 than for Ilartford_ 2,353 2,205 2.039 1,949 1,658 1,511 2,073 2,021 633
452
490
456
531
567
281
6541
801
763
827
892
315
672
662
Salt L. City
805
785
898
922
1925. The explanation in these instances is not far
Total_ _ 476.452 466,154 414,170 373.537 358.109324.334'411.099 383,407 142,214
to seek, for the loss we may suppose follows directly Other
47,945 46,062 41,589 39.915 33,3991 31.254 38,629 34.378 13,031
1
slump in the price of cotton, the chief Total all. 524.397512,216 455,759 413,452,391,508 355.5881449,728 417,785 155.245
from the great
OutsideN.Y 234.032 228,597 205,891 199.455173.608 161.257 206.593 181.082 72,226
money crop of the South, and from the other depres
It is not until we group the different cities by
sing influences under which the southland is laboring.
however, in those cases where the 1926 Federal Reserve districts that the larger influences
Even,
figures do not show an actual decrease, the point of the year stand out with greatest prominence. It
made a year ago in reviewing the figures for 1925 is then that we find three Federal Reserve districts
deserves again to be emphasized, namely that not a showing decreases from the previous year, and the
Vail,
9011 Oct 0219 .100 041 RIO 9,14 RIR
•
-I-9 d 9.10 12A4 141 190 919 tuls% 190 797
JAN. 15 1927.]
THE CHRONICLE
285
reasons immediately appear when they are named. 10.4%, but this is misleading as to the character of
They are the Richmond Reserve district, the Atlanta the showing at most of the places in that district.
Reserve district and the Minneapolis Reserve dis- The improvement follows mainly from the large gain
trict. The first two are in the South and the col- at Boston (11.8%), which is rapidly forging ahead
lapse in the price of cotton and the other adverse owing to the growing importance and overshadowing
circumstances already enumerated, explain their prominence of thefinancial transactions at that point.
misfortune. As the Richmond Reserve district Bangor and Portland, Me., and Hartford:and New
covers simply the northern fringe of the cotton belt Haven, Conn., have improved on their totals of the
and includes within its limits the city of Baltimore, previous year, but all the other places, including the
with its prominence in financial transactions, the loss mill towns, have suffered losses. In the New York
in that district is only trifling, namely 0.6%, though Federal Reserve district every city except Buffalo
the North Carolina points and even Richmond itself and Jamestown, N. Y., records larger clearings than
(but not Norfolk) share in it and also Huntington, in 1925 and the gains are particularly marked at the
W. Va. It is to be presumed that the large export Jersey points. In the Philadelphia Reserve district
movement of coal from the Pocahontas region must the gains also outnumber the losses, and the resumphave operated to increase clearings at Virginia and tion of mining in the anthracite regions explains the
West Virginia points-possibly more so at Newport gains at such points as Reading, Scranton and BethNews, which, however, no longer furnishes returns lehem, though, on the other hand, Wilkes-Barre
of clearings.
and some other points failed to make up the losses
On the other hand, in the Atlanta Reserve district, of the early part of the year. In the Cleveland Rewhich lies in the heart of the cotton country, the serve district the results are also more or less uneven,
falling off reaches 7.60%. Not all the cities, how- though with the balance on the right side of the acever, share in the falling off; on the contrary, Chatta- count, due to the substantial gains at points like
nooga, Nashville, Macon, Ga., Mobile, and Hatties- Cleveland, Cincinnati and Pittsburgh. In the Chiburg, Meridian and Jackson, Miss., all have larger cago Reserve district, while Chicago itself has a
or smaller increases and the result for that Reserve small decrease, Detroit has again bettered its total
district is largely controlled by the shrinkage at the and Milwaukee has also enlarged its total. In the
Florida points and in lesser degree by the loss at New St. Louis Reserve district the changes are mostly
Orleans. Miami shows a decrease for the year of small and the same is true of the Kansas City Reserve
over 40% and Tampa of over 10%, but this comes district, though there are some minor points where
after 402% increase in 1925 over 1924 in the one case the ratio of gain is quite large, and Tulsa in Oklahoma
and 235% increase in the other. Jacksonville, as shows an increase of 20.9%. The increase of 3.8%
it happens, shows 4.1% increase, but that is wholly at Kansas City, Mo., has already been referred to.
because of the'huge gains in the early parts of the At Oklahoma City there is an increase of 5.7% and
year; beginning with July Jacksonville clear- at Denver of 1.2%.
ings registered big losses month after month, and
In the Dallas Reserve district, while Dallas itself
for December the decrease was 35.6%; at Miami falls slightly behind, Fort Worth shows 14% increase,
the December decrease was 63% and at Tampa Galveston 15.2% and Beaumont 22.1%. A few- of
45.1%, showing that conditions were especially bad the other points have fallen behind. In uniformity
the latter part of the year. The decrease for the of increase the San Francisco Reserve district in the
cities in the Minneapolis Reserve district is 5.5%, matter of these bank clearings surpasses every other.
and the result for this district is largely controlled There are 28 places represented altogether, and only
by the 16.8% loss at Duluth, the 6.9% loss at Minne- 5 of these have fallen behind. All the remaining
apolis and the 0.9% loss at St. Paul, all of which show increases, Los Angeles having added 12.2% to
have suffered because of the short crop of spring its large total of the previous year and San Francisco
wheat raised in that district in 1926. Some of the 3.4%. Full details for all the different cities in all
minor places in that district give a:very good account the different Federal Reserve districts will be founi
of themselves.
in the elaborate tables at the end of this analysis.
The Boston Reserve district, comprising the whole In the table we now insert we show the totals for
of New England, shows the largest percentage of the several Federal Reserve districts for each of the
increase of any Federal Reserve district, namely last seven years.
SUMMARY OF BANK CLEARINGS.
Year.
Federal Reserve Districts(1st) Boston
(2nd) New York
(3rd) Philadelphia
(4th) Cleveland
(6th) Richmond
(6th) Atlanta
(7th) Chicago
(8th) St. Louis
(9th) Minneapolis
(10t1)) Kansas City
(11th) Dallas
(12th) San Franc/goo
Grand Total
Outside of New York City
Canada
Inc. or
1926.
1925.
Dee:
1924.
1923.
1922.
1921.
1920.
No Cow.
$
14
28.182,070.347 25,525.891,741 +10.4 24.051.259,710 21,926,025,871
18,802,252,335 16.501,807.314 21,626,688,476
14 298.325,474,065 291,123,385,917 +2.5 256.565,553,138 220.932,019.132223,
287,551,941 199,277,593,009247,629,286.302
14
32,041,227.496 31,761,036,681
+0.9 28,144,370,886
15
21.582,154,504 20.822.673,742 +3.6 19,023,200,794 27,021,900,33 24,466,873,994 22,102,095,829 26,936,568.748
10
10.921,020,216 10,980,309,435 -0.6 9,940.890,246 19,468,577.86 16,429,998,141 16,338,831,975 22,266,931,515
8,267,285,235 7,509,38.5,130 9,990,009,735
18
12,456,123.556 13,477,069,522 -7.6 10.586.076,389 9.538,908,05
9.787.208.455 8,144,101,482 7,531,943,373 10,744,117,438
29
51,639,979.043 51,302,734,279 +0.6 45.989.493,112 44.778,960,59
39,000,926,300 35,364,192,489 44.766,436,187
10
11,894,757,283 11,868,632,259 +1.3 11,011,317.386 10,990,451,111
13
6.765.505,836 7,161,324.018 -5.5 6,666,382,662 6,541,351,63 1 9,981,200,867 9,078,837,959 12,023,009.926
16
14,873,742,294 14,500,816,244 +2.6 13,439.170.566 13,570,859,977i 5,938.828,272 6,016,415,994 7,204,394,142
12
6.812.308,797 6,571.295.884 +3.7 5,891.593,056 5,270,868,346 13,082,337.037 13,998,375,175 20,353,323.045
29
28.903,017,959 27,121,635,413 +6.6 24,420.234,546 23,637,299.985 4,467,984,974 4,363,427,924 5,985,693,219
19.637.971,467 17,515,286.565 20,301,522,084
193 529,397,381,396 512,215,805,135 +2.4 455,759,342.491
234,032,437,913 228,596.560,498 +2.4 205,891,161,152 413,452,431.399391,507.311.955355,588.192,538449727,980.817
199,458,248,672 173,606,925,839 161,256,972,873206,592,968,076
29 cities 17.648,961.411 16.731,243,254 +5.5 16.977.924.066 17,332,343,791
16,263,805,791 17,444,720,108 20,232,406.616
It remains to consider the course of Stock Exchange speculation in its bearing on bank exchanges.
The speculation on the New York Stock Exchange is,
of course, of chief importance. Where it is of the
volume found here, it necessarily plays a greater or
smaller part in affecting the totals of bank clear-
ings. The preponderating proportion of the dealings in stocks at the New York Stock Exchange, as
already noted, is cleared by the Exchange itself
through its Stock Clearing. House. That process
eliminates an enormous volume of business from the
bank clearing house, but, after all, this concerns only
THE CHRONICLE
286
the.transactions as between one broker and another.
It still leaves customers' checks given in payment
of purchases on the Exchange and brokers' checks
given to customers in payment of sales made for
them to be cleared by the banks.
In 1925, it may be recalled, the aggregate volume
of business in stocks had attained a new high record,
far surpassing the highest record in the past, even
in the war period of inflation. In 1926 the volume
of business did not differ greatly from that of 1925,
as far as the mere number of shares are concerned,
which is the same as saying that activity was at a
high level. Aggregate stock transactions for the
twelve months of 1926 were 450,845,256 shares, as
compared with 454,404,803 shares for the twelve
months of 1925, but as against only 281,931,597
shares in 1924, which up to that time had been considered a very respectable total. The following
carries the comparison back to 1880—a period of
47. years:
NUMBER,OF SHARES SOLD AT THE NEW YORK STOCK EXCHANGE
BY CALENDAR YEARS.
Stocks,
Cal.
Year. ' Shares.
Slacks.
Cal.
Year. - Shares.
1926.. 450,845,256
1825.. 454.404.803
1024.. 281.931.597
1923.. 238.115.320
1922 -_ 258.652.519
192.. 172.712,716
1920.. 226.640.400
1919.. 316.787,725
1918_. 144,118.469
1917 -- 186.628.948
1916— 233.311.993
1918.... 173 148.203
1914.. 47,900,568
1913.. 83.470,693
1912.. 131.1/8.425
1911__ 127.208.258
1910.. 164,051,0 1
1909.. 214,632,194
1908.. 197.206,346
1907.. 196,438.824
1906.. 284.298.010
1905__ 263.081.156
1904.. 187,312,065
1003 _ 61 10.:_lni
Cat.
Year.
Stocks,
Shares
1902.. 188,503,403
1901 _ 265.944.659
1900 _ 138.380,184
1899 _ _ 176.421,135
1898.. 112.699,957
1897.. 77,324,172
1898.. 54.654.096
1895.. 66,583,232
1894.. 49,075.032
1893 _ _ 80.977.839
1892.. 85,875,092
1301 __ 60_031.630
Cal.
Year.
Stocks,
Shares.
1890 _ 71.282.885
18:.9 _ 72,014,000
1888.. 65.179.106
1887__ 84.914.616
1886 -- 100,802,050
1885 — 92.538,947
1884.. 96.154.97 1
1883.. 97,049,909
1882.. 116,307,271
1881.. 114,511.248
1880.._ 97,919,099
[Vol.. 124.
break when the turnover reached 52,271,691 shares.
August was the second largest month with sales of
44,491,314 shares. As a matter of fact, however,
the volume of transactions, while varying more or
less from month to month, as is always the case,
remained large throughout, with the total in December, the closing month, 41,973,806 shares.
The bond market showed independent strength
with uninterrupted activity, and was scarcely affected
at all by the gyrations of the stock market, though
there was a temporary weakening of prices in March
at the time of the huge break in stocks. At that
time some gilt-edged bond issues were apparently
sold in order to protect speculative accounts in stocks.
With that exception the tendency of bond prices
was steadily upward, both in the case of high grade
issues and in those whose record is not yet so firmly
established. Nevertheless, while the bond market
all through was strong and activity well maintained,
Rggregate dealings did not quite come up to those of
1925, which year itself fell considerably below that
of 1924. One reason for the falling off is that the
dealings in United States Government bonds have
been so greatly reduced, these Government issues
having now found permanent lodgment to a great
extent through wide distribution. Dealings in United
States Government bonds on the New York Stock
Exchange during 1926 reached a par value of only
$262,204,300 against'$390,929,760 in 1925, and no
less than $876,930,815 in 1924. Dearngs in foreign
Government and State and municipal issues, on the
other hand, in 1926 were $720,661,950 aga'nst $660,932,760 in 1925 and $582,100,500 in 1924. The
grand aggregate par value of all bonds dealt in on
the New York Stock Exchange in 1926 was 2,987,133,150 shares, as against $3,383,788,695 in 1925 and
3,804,352,615 in 1924, as will be seen from the table
we now introduce:
As was the case in 1925, the year 1926 may be
said to have been one of continuous activity from
beginning to end. In 1926 also, as in 1925, the market broke badly in March and again later in the year,
the second break in 1925 having occurred in November and in 1926 in October. There were violent
tumbles in prices on each of the two occasions in
both years, but these did not seem to impair confidence in values to any great extent and sharp recov- SALES OF STOCKS AND BONDS ON NEW YORK STOCK EXCHANGE.
ery,ensued after each break. In 1926 after the March
122110.., 1926)12 Abs.. 1925. 12 Mos.. 1924.
Description.
break most stocks in the ensuing upward reaction
281,931,597
454.404.803
450,845,256
Stock—Number of shares
did not regain the whole of their previous losses,
Railroad and miscellaneous bonds-- $2.004,2665100 12.331.926,175 82.345,321,300
390.929,760
but, on the other hand, not a few share properties United States Government bonda--- 262.204,300 660.932.760 876.930,815
582.100,500
State, foreign, &a., bonds
720.661.950
advanced, to new high levels, only to suffer a second Total par value of bonds
12.987,133,150 $3,383,788,695 33.804,352,615
break in October, after which there was again recovAt the outside Stock Exchanges the transactions
ery, and some of the specialties, and many of the
railroad stocks, advanced still further to new high in 1926 were smaller than in 1925, with the exception
levels. In the following we show the monthly and of those at Philadelphia and at Los Angeles. On the
Philadelphia Stock Exchange the dealings in 1926
quarterly totals or the last five years:
aggregated 10,174,589 shares against 6,297,878 shares
SALES OF STOCKS ON THE NEW YORK STOCK EXCHANGE.
in 1925, 3,434,690 shars in 1924, 2,319,270 shares
i..arislis...Is
1922.
1923.
1924
1925.
1926.
in 1923, 2,456,631 shares in 1922, 1,579,470 shares
MEP _
No. Shares. No. Shares. No. Shares. No Shares. No. Shares.
...
MI
in 1921, 2,367,312 shares in 1920 and 3,230,740 shares
Month of January _ 38.987,885 41,570.543 26.857.386 19,914.827 16.472.377
February. 35,725.989 32.794.456 20,721.562 22.979.487 16.175,095 in 1919. On the Detroit Stock Exchange business
March__ 52.271,691 38.294.393 18.315.911 25.964.666 22.820.173
be dwindling, one reason for this being that
Total first quarter. 126,985.565 112,659,392 65,894,859 68,868.980 55.467.645 seems to
stocks have been discontinued
Month of April
30,326,714 24.844.207 18.116.828 20,091,986 30.634.353 dealings in unlisted
23,341.144 36,647.760 13.513.967 23,155.730 28.921,124
May
aggregate of the dealings
38,254.575 313.750.768 17.003.140 19.754.197 24.080.787 since Oct. 1925. The
June
'total second guar. 91,922,433 92,242.735 48.633,935 63.001.913 83,636.264 in listed stocks during 1926 is reported as 1,852,451
Tot/aids months._ 218.907,998 204.902.127 114.528.794 131.860,173 139.103.909 shares. This compares with 3,264,164 shares of
36,691.187 32.812,918 24.318,182 12.551.851 15.118.063 listed and unlisted stocks combined in 1925 and
Month of July
August _ _. 44,491.314 33.047,248 21.809.031 13344,641 17.862.553
At Cleveland
September 37,030.166 37.109,231 18.184.160 14.643,289 21.712.046 2,485,894 shares combined in 1924.
Total third Quarter 118,212,667 102.969,397 64,311.373 40.339.781 54,692.662 the transactions in stocks and bonds ($1,000 being
rota! nine Months._ 337,120,665 307.871,524 178.840.167 172,199,954 193.796.571 taken as the equivalent of ten shares of stock) aggre40,437,374 54.091.794 18,332,992 15.802.900 25.762.647 gated 1,226,551 shares as against 1,864,659 shares
Month ot October
November 31,313.410 49.176.979 41.657.(177 22.588.598 19.407.087
December. 41.973.806 43.264.506 43.101,361 25.523.868 19,686.214 in 1925, 736,976 shares in 1924, 812,682 shares in
Total fourth guar. 113.724.590 146.533.279 103.091.430 63.915.366 64.855.948 1923, 833,952 shares in 1922, 863,644 shares in 1921,
Totalsecond six mos. 231,937.257 249,501.676 167.402.803 104.255.147 119.548,610 943,250 shares in 1920, 725,970 shares in 1919 and
Total full year.... 450.845.256 454.404.803 281.931.597 236.115.320 258.652.519 176,463 shares in 1918. On the Chicago Stock ExThe maximum number of shares dealt in in any change the dealings reached 10,253,664 shares in
month of 1926 was in March at the time of the great 1926 against 14,102,892 shares in 1925, 10,849,173
JAN. 151927.]
THE CHRONICLE
shares in 1924, 13,302,187 shares in 1923 and comparing with 9,953,637 shares in 1922, 5,175,972 shares
in 1921, 7,382,145 shares in 1920 and 7,408,915
shares in 1919. In the Baltimore market 590,730
shares of stock were sold in 1926 as against 951,426
shares in 1925 and 468,063 shares in 1924, while the
value of the bond sales was $7,882,500 against
$9,623,000 in 1925 and $8,246,000 in 1924.
On the Boston Stock Exchange the sale totaled
9,562,931 shares in 1926 against 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, 6,06,423 shares in 1920, 9,235,751 shares in
1919 and 3,929,008 shares in 1918. On the Pittsburgh Stock Exchange the sales in 1926 were 1,562,769 shares against 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, 1,153,769
shares in 1920, 5,579,055 shares in 1919 and 6,072,300
shares in 1918.
On the San Francisco Stock & Bond Exchange
the sales of listed and unlisted stocks during the year
1926 amounted to 8,611,169 shares having a value
of $344,925,947 as compared with 9,272,598 shares
with a value of $267,653,230 in 1925 and 6,848,625
shares valued at $102,778,333 for the year 1924.
Bond sales at this Exchange were 13,027,500 shares
in 1926 against 25,971,500 in 1925 and 38,426,000
in 1924. For the Los Angeles Stock Exchange the
dealings are reported at 44,067,288 shares valued at
$184,727,444 compared with 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
at $18,3(12,9,00 for 1926 against $33,243,300 for 1925
and $26,513,400 for 1924. At the St. Louis Stock
Exchange transactions aggregated 382,839 shares
valued at $17,101,763 against 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 $2,325,000 par value in 1926 against $2,355,200
in 1925 and $2,424,100 in 1924.
Stock dealings on the Canadian Stock Exchanges,
on the other hand, increased during 1926. On the
Montreal Stock Exchange stock sales of listed shares
for the twelve months of 1926 were 6,751,570 shares
against 4,316,636 shares in 1925, 2,686,603 shares
in 1924, 2,091,002 shares in 1923, 2,910,878 shares
287
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 $17,807,921 in 1926 against
$17,715,503 in 1925, $22,153,753 in 1924, $38,003,500 in 1923, $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 2,470,1'67 shares in 1926 against 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 670,054 shares in 1920.
Comparisons of Canadian bank clearings in one
particular are precisely like those for the United
States in showing increases in each of the first three
quarters of the year, but a decrease in the fourth
quarter. The grand aggregate for all the Canadian
cities combined is $17,646,961,000 for 1926 as against
$16,731,243,000 for 1925, but comparing with
$16,977,924,000 in 1924 and $17,382,343,000 in
1923; back in 1920 Canadian bank clearings were
$20,232,406,000. At Winnipeg the 1926 total of
the clearings was 6.4% smaller than in 1925,and there
was a small loss also at Halifax and Brandon, but with
these three exceptions all the Canadian cities record
larger totals for 1926 than for 1925. At Montreal
the increase is 9.8% and at Toronto 5.7%, but these
follow respectively 3.9% and 6.5% decreases in 1925
as compared with 1924. The Canadian totals ,of
clearing by quarter-year periods for the last eleven
years appear in the table we now append.
Clearings Reported.
(000$ omitted.)
Canada
11926_
192&..
I1924_
.
1923._
1922_ 11921._
11920_
11919 _ _
11918._
11917__
11916._
Pk's:
Quarter.
.Second
Quarter.
Third
Quarter.
Fourth
Quarter.
Total,
Year.
$
3.929,891
3.708.304
3.834.997
3.606.308
3.840.001
4.127.525
4.638.357
3.329.475
2,818.417
2.657.205
2.162.216
a
4,383.475
3,854.678
3.950.010
4.158.184
4.031,429
4.447,088
4,924,428
3.970.863
3.387.131
3.363.7107
2.619.482
3
4.217.059
3.904.277
4.072.622
3.864.938
3,706.793
3.953,965
4.819,816
4,127.237
3.212.600
2.923.735
2.489.518
$
5,111,536
5,263,984
5,120,395
5.702.913
4.685,582
4,886.142
5,849,805
5.275,350
4.300,425
3,611,971
3.236.383
$
17.646.061
16.731.243
16.977.924
17.332,343
16.263.805
17.444.720
20.232,406
16.702,925
13.718.173
12,558.7173
10 506 MN
To complete our analysis we now give the complete
statement of the clearings at the different cities in
the United States for the last seven years, classified
according to Federal Reserve districts and also the
ratios of increase or decrease as between 1926 and
1925. 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
SEVEN CALENDAR
RESERVE DISTRICTS.
Clearings at—
Year 1926.
Year 1925.
,
$
strict—!Boston —
First Federal R
Di
Maine—Bangor
39,196,075
38.033,886
Portland
192.468.223
174,371,073
Massachusetts—Boston.
25.130,344,097 22,481.915.310
Fall ltivor
103,832.149
121,230,152
Holyoke
45.041,238
49,337.294
Lowell
56,863.614
60.639,419
a
Were Bedford
68.898,612
a
79,943,697
Springfield
299,931,604
303,889,872
worcoster
190,236,622
194,635,139
Connecticut—Hartford
800,645.811
763,288,763
Now Haven
373,982,839
370.464,451
Waterbury
125.216,500
129,137,900
Rhode Island—Providence714,045,000
717,576.500
N. 11.—Manchester
41,367.963
41.428.285
Inc. or
Dec.
• %
YEARS ACCORDING TO 'WNW,
Year 1924.
Year 1923.
Year 1922.
3
3
$
Year 1921.
.
Year 1920.
$
$
+3.1
40,138.437
40,413,668
40.568,658
41,855,269
+10.4
48,538.088
157,915,526
164.136.227 • • 160.459.419
140.608,794
161.489.197
+11.8 21.323,000,000 19,310,172,382 16.453,000,
000 14,328,413.721 18,816.778,696
—14.4
107,787.753
124.743.525
100,814.566
79.470,642
119.427.181
—8.7
47.091.321
50,115.764
44,299.646
43,632.988
53.732.053
—6.2
60.973.339
68,569,542
59.153.471
56.819.399
a
68,003.343
a
—3.8
74,187.603
a
79%33.874
79.991,080
a
74.033.903
a
101.461.094
—1.3
273.833.974
266,185.531
233,105.376
210.452.607
265,430.00
—2.3
183.377,338
183,348.619
181.398.149
180.617.978
234.986.54
+4.9
653.780.569
566.589.795
490,131.145
455,975.030
531.038.823
+0.9
358.478,841
342.812,458
291,355,625
274,849.673
326.577.2ii
696,799.0
—0.3
109.544.600
96.780,986
87,252,900
81.291.500
—0.5
102.427,1
621.855.500
633,123,500
580,722.300
533.785.800
—0.1
39,494.909
Total (15 cities)
28,182,070,347 25,525,891.741 +10.4 24.051.259.710
21.926,025.871 18.802.252.335 16.501.807.314 21.526,688.
47B
Second Federal Reserve District—New York—
Now York—Albany
338.712,898
332.232.566 +1.9
295,976.337
270.189.979
Binghamton
236.831.877
60,305,169
59,325,542 +1.6
218,783.279
249.344.
52,802.700
57,557.900
Buffalo
52,889.762
2,726,662,608 2,781,546,912 —2.0 2,310.146.597
47.999,221
63.379.
2.345,940,700 2.010,651.040 1,811.485.206 2,293.0152
Elmira
53,208.693
49,071.454 +8.4
42,537,314
38.338.921
Jamestown
28,941.689
77,093,639
25.441.244
77,417.846 —0.4
63,048.666
60,885,467
Now York
56,129.651
48.296.476
290,354.943,483 283.619.244.637 +2.4 249.868,181,339
48,296.471
213,996,182,727 217.900.386,116 194,331.219.663 243,135.013.364
Niagara Falls
55,359,559
54,933,844
+0.8
51,402.385
50,853,968
Rochester
55.656,564
684,858.080
50.024,885
667,924.306 +2.5
53.116.873
598,939.497
553.674.346
Syracuse
491.705,769
453,315.967
319,368.064
301,561,843 +5.9
594.398.278
261,665.876
242,876.903
Connoctieut--Stainford
218,598,137
201.131,156
188.037,428
183.262.196 +2.6
254,623,897
161,713,196
157.161,942
New Jersey—Montclatr
131.029.732
122.924,113
42,494,630
34,100.200 +24.6
70.985.513
31.255.790
25,303.131
Newark
23.087.947
1,309,996,214 1,129,083,897 +16.0
23,507.936
29,071,239
988,4E6,297
896,228.908
Northern New Jersey-- -2,036.418,567 1,762,919,810 +15.5 1,779,262.851
2.182,464,975 2;029.681,395 1.899.042.632
Oranges
78,015.033
69.760.864 +7.5
790.885,922
60.134,293
54.359,265
51.962.262
44,421.237
47.181.873
Total (14 cities)
298.325.474.065 291.122.385.917 +2.5 256.565.553.138 220.932.01
0139 293.967 631 051 100 977 602 0430 947 690 966 2n,
(VOL. 124.
THE CHRONICLE
288
BANK CLEARINGS IN DE7'A IL FOR THE LAST SEVEN CALENDAR YEARS ACCORDING TO FEDERAL
RESERVE DISTRICTS--(Continued).
Inc. or
Dec. "'Year 1924.
Year 1920.
Year 1921.
Year 1922.
Year 1923.
$
$
5
$
$
5
5
%
Third Federal Reserve D istrict-Philad elphia55.124,037
49,960.558
56,257.540
74,927,281
73.609,909
78.352.550 +7.8
Ponnsylvania--Altoona_.-84,490,339
109.985,297
148,261,469
164,679,360
215,037.790
199.810.058
Bethlehem
217,585,765 +9.4
238,163,397
78.788,384
53.191,492
56,962.184
70,832,174
66,680,312
Chester
77,529,200 -4.8
73,814,118
205.922,436
197.119.683
201.210.296
220.790.574
228.139.000
Harrslburg
253,681,837 -0.2
253,099,487
156.086.031
131.125,175
144,366.794
165.262,839
149,971,474
Lancaster
115.810,401 +2.6
118.782,669
40.241,372
30,983.622
26.204.214
30.270.008
30,335,728
Lebanon
32,485,324 +3.6
33,643,772
43.405.190
34,890,495
39,255,648
48,158.088
45,721,320
Norristown
55,109,799 -13.2
47,836,493
Philadelphia
29.079,000,000 +0.6 25,645.000.000 24,650.722,000 22.488,390.000 20,445.229.473 25.094,696.654
29.258,000,000
154,410.276
129,163.674
143,787.808
175.735.291
178.975.851
197.491,250 +11.3
Reading
219,885.671
267.995.988
241.511.815
234.316.827
299.737.971
304.448.208
Scranton
318.740,033 +2.4
326,296.868
148.981.702
136,894,9*
147,075.707
174.190,172
199.586.437
Wilkes-Barre
208.029.953 -7.8
191,824,257
80.472.866
66.859,863
67.854.851
80,812.315
91.660.586
York
99.618,300 -1.7
97,955,116
295.042.097
253.466.660
488.468.910
572.128.600
648,618.036
New Jersey-Camden
706.645,894 +8.9
769,896,222
205.416,418
183,436.701
208,043,847
243.295.232
281.813,967
320.956,375 +2.2
Trenton..
327,539,087
a
a
a
a
a
a
a
a
Delaware-Wilmington.. _ _ _
22.102.095.629 26.936.568.748
+0.9 28.144,370.886 27.021.900.336 24,466.873.994
Total (14 cities)
32,014.227.496 31.761.036.681
Clearings at-
Year 1926.
Year 1925.
Fourth Federal Reserve District-Cle velandOhio-Akron
312.480.000
316.985.000
235.573.21
Canton
212.805,851
Cincinnati
3,885,182.015 3,709.995.616
Cleveland
6,178.768,144 5.996.668.609
802.748,100
Columbus
880,312,600
Daytona
4
45.642.269
Hamilton
49.398,904
+1.4
-9.7
+4.7
+3.0
+8.3
399.027.000
240.417.716
3.353.396.387
5.441.304.185
729.097.000
359.023,000
252.147.137
3.444.728,332
5.549.996,148
788.068.900
304.599,000
197.620.199
3.002.696.354
4,646.443.940
728.809.700
4
41.719.412
34.235,937
4
39.338,310
16.394.416
71.120.900
a
Lorain
23,936.687
Lima4
Mansfield
108.577.509
a
Springfield
Toledo
Youngstown
4
278.698,371
39.349,464
Pa.
-Beaver County
26.169.237
4
103.342.812
a
-4.2
a
-8.5
+5.0
a
4
42.123.639
a
22.357.078
94.969.676
a
4
19.479,444
96,579.682
a
4
271.710.112
38.335.888
-r-2.6
+2.2
4
230.550,078
38,948.907
4
221.883.443
41.382.150
19,139.179
Franklin
Erie4
74,122,404
Greensburg
9.197,686.607
Pittsburgh
95.372.165
Kentucky-Lexington
221,819.604
West Virginia-eeling
4
17.863.881
80.384,053
8,856.572.090
98,886,981
226.340.773
-r.7.1
-7.8
+3.8
-3.6
-2.0
4
16.788.458
64,900,200
8.036.969.344
93.140,286
219.210.840
4
17,462.875
81.475,004
8,212.798.574
102.680,192
229.153,574
Total (15 cities)
21,582.154.504 20,822.673.742
Fifth Federal Reserve D istrict- Rich mond84.595,000
79.673.600
West Virginia-Huntington
Virenia-Newport News..
4
434,725.868
Norfolk
4
438.1343,130
Richmond
2.610.110.000 2.839,366,382
North
144447,129
Raleigh
137,166,758
Carolina--Asheville-4
WilmIngtona
132.823.778
4
129.465,414
3outh Carolina-Charleston
94,252,877
Columbia_ _ _ ___ 92.220.790
_Slaryland-13altimore
5.973.736,235 5,832,393,840
24.216.680
Frederick
25.429.360
40.209.781
Hagerstown
41,693.977
-Washington
1.392,580,952 1.353,278,092
D. of C.
4
192,241.724
33.122,920
a
17.390.842
71.033,255
6.757.743.989
87,579,183
229,627,472
326,285.000
177.118.849
2.800,971.276
4.666,948,126
660.408.100
210,625,250
29.957.518
43.203.848
16.918.319
64.242.584
a
4
188.369,061
32.690.761
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
89.161.095
a
•
244665,233
42,854.221
337.138
177
4
42.483.761
6.808,206,145
71.722,888
223.827.117
8.982,887,399
111,124.547
281,992,700
+3.6 19.023,200,794 19.458.577.867 16.429.998.141 16.338,831.975 22,266,931.515
75,797,582
-5.8
95.430.118
106.715.857
84.746.051
T1.0
-8.1
a
-5.1
a
-2,5
-2.2
+2.4
+5.0
+3.7
+2.9
4
410.030.506
2.823.259.786
4
417.592.524
2,607.658.000
4
378.724.141
2.303.640.337
127.834.023
4
4
123.034,303
95.719.124
4
4
66.167.871
4
80.041,899
4
128.720,868
100.924.588
5.025,334.741
22,302,730
39.454.460
1.167.398.426
4
136,596.755
144,619.704
4.838.199.185
21.552,958
40,779,793
1,102.158.974
4
118.654.406
110.450.926
4,141.820.192
20,320,74f
32.717.694
980.491.621
124
609,427
101.534.211
3.745.337.258
23.850.647
32.264.783
876,405,707
4
227.842.426
170.171,760
4.896.046,381
32.179,180
39,066.276
897.109.844
-0.6
9.940.690.246
9,538.908,053
8.267.285.235
7.509.385.130
9.990.009.735
D 'strict- Atlan taSixth Federal R
373.405,137 +9.5
408,846,266
rennossee-Chattanooga-+4.3
162,354,719
169,432,721
Knoxville
+0.4
1.126,611,577 1.122,203.95
Nashville3,055,832.651 3,604,290,297 -15.2
3eorgia--Atlanta
110,907,207 -1.4
109,335,361
Augusta
55,946,341 -0.1
55,878.551
Columbus
92.439,419 +6.5
Macon
98.414.791
328.290,641
160.601,525
1,012,243.160
2.895.571,945
99.663.868
45.680.188
78.296,104
331,326.017
160.236,191
1,003.582,995
2,/33.986.892
110,799.885
47,248,143
78.124,637
269.037.000
149.401,816
845,509,812
2,108.957.591
101.318.892
39.359.041
63,519,418
410.316.650
173,725.822
1,179,501,244
3,256.765,739
205.420.013
56.406.088
*120.000.000
-14.1
-40.7
-10.3
-2.5
+2.5
-8.5
+14.3
+3.0
-4.6
+12.0
-2.7
4
808.093.771
212.353.780
195.979.545
1.367.180.827
95.917.771
89.029,098
77,703,590
67.124.323
44,942.766
21,166,040
2,986.178,447
654380,124
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
4
487.697.668
4
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
54,0(36,338
2.811.107.416
118,325,039
1,124,592.189
91,304.244
72,374.453
118,325.378
899.335.31;
83,758.009
6/3.215.191
125.269.623
990,962,579
128,871.991
98.833.667
42.140,553
18,138.114
44,391,654
2.405,555,836
33.752,598
16.506,417
37,067,361
2,210.181,861
36.107,456
3.315.319,238
-7.6 10.586,076,389
9,787,208.455
8.144,101.462
7.531.943,37: 10,744,117.438
Total(10 dries)
10,921,020,216 10,980.309,436
Florida-Jauksonville
1,505,427,66?
Savannah4
632,867,021
Miami
414,418,178
Tampailaban.a--Birmingham1,337,643.846
109.203.32
Mobile
Montgommy
85.733.107
104,220,743
Ylississippi-Hattlesburg
47,121,3
Meridian
21.823,478
Vicksburg
88.596,211
Jackson
Louisiana-New Orleans
3,084,716,952
Total(18 cities)
4
1.446.158.867
1,066.528,874
461,800,170
1.372.382.901
106,497,788
93,706,133
91,157.667
45.737,142
22.873.142
79,106,248
3.169.573,524
12,456.123.556 13,477,069,522
86.508,000
a
359,033,009
2.092.674.217
4
526.234.163
3,045.520,224
16,312;231
Seventh Federal Reserve District-Chi cago-12.884,211
12,851,871
flichigan-Adrian
52.723.702
Ann Arbor
8.813.261,202 8,430,797.003
Detroit
125.846,805
150,681,429
Flint
415.171,313
431.880.060
Grand Rapids
110.245.863
92.142,380
Jackson
140.964,419
142.451,107
Lansing
147,658,263
152,161,060
1 :liana -Fort Wayne
267.637.178
322.544,570
904.278,000
1,191.869.000
gia2inapolis
151,241,800
162,609.400
South Bend
304.297,487
310.964,697
Terre Haute
2,200,177,699 2,062.451,850
Visconsin-Milwaukee
44,312,208
49,605,198
Oshkosh
162.735,232
184.725.157
MadLson
138.901.696
139.254.661
owa-Cedar Rapids
610.259,307
516,676.842
Davenport
572.052,641
546,115.415
Des Moines
2 075,364
25776.238
City
Iowa
1
2
1
Mason City
367.858,973
336.873.142
Sioux City
69.689,317
65,414.012
Waterloo
79,004,498
88,742,508
Wnois--Aurora
86,680,608
84,849.481
Bloomington_
34,907.132,946 35.391,593,571
Chicago
a
4
77,593,249
4
69,799,500
Decatur
240,174,212
262,806.044
Peoria
148.670.755
170,363.037
Rockford
145,548.018
147,894.237
Springfield
Total(29 cities)
14.170.314
10,233,2*
10.652.136
12.333,617
11,081.939
-0.3
31,947.723
30,119.761
36.979.412
41.330,175
45.246.243
+12.6
+4.5 7,355.598.022 6,693,595.581 5,389.251.502 4,648,490,38( 6,104,323.103
130.818.577
74.941,907
82.206.318
120,053.976
112,328,068
+19.7
352,898.673
291.514.4V
316.740.272
344.740,021
363.187.181
+4.0
85,320.244
62,338.441
66.857.141
89,947,954
87.684.083
-15.4
99.072,122
97.796,544
93.891.670
121,261.123
128,430,042
+1.0
108.622.114
92.206.238
101.017,089
121,740,534
127.312.901
+3.7
74.124,264
57.483,40'
124,507,300
200.870.511
210.616.956
+20.5
785.350.001
941.938.000
885,681.013
984,874.000 1,055,025.000
+31.8
99,495.626
96.804.201
109.492,366
+7.5 • 123.684.785 • 127.308,969
305.616.68
285.451.373
+2.2
1,736,327.000
+6.7 1,911,755.916 1.876,239,105 1,569,987,899 1,445.267.841
33,792,791
38.662.133
32.173,212
38.303.540
38.657.285
+12.0
93,844,934
131,164,602
133,704,284
+13.5
7
156.794,214
105.697.461
107,953,79r
129,167.904
126,526.061
+0.3
533,336,560
549,979.497
550.774.269
-15.3
459,177,931
641,749.310
490.365.390
568,486.827
558.805,547
-4.5
36.315.220
31.766,662
30,186.58(
31.971.121
24.709.215
+16.
47,649.396
27,320,208
26,700,598
29,285,431
26,746.730
f
503,551,309
284.871.891
289,854,113
324,275,394
333,556,857
-8.4
106.868,616
69.770.09:
68,205.766
76,952.214
77,441.966
-7.1
45,108,111
49,815.825
49,841.70?
61.805,584
63,886,388
+12.3
97.224.374
,
67,344.631
68.788,96
77.527.839
75.860,204
-2.1
-1.4 31.653,583.949 21,112.845,757 28,036.204,337 25.974,692,057 32.669.233,535
a
a
a
4
4
58,129,161
80,324,319
58.245.449
4
66.578.865
71.550,841
-10.1
281,528.229
190.650,991
205,868,102
229,195.011
237.563.061
+9.4
95.662.81:
99.936.920
136.846.998
117,145,966
129,299,719
+14.6
124.002,051
146.814,949
115.864,943
131.189.386
130.597.641
+1.6
51.639,979.043 51,302.734,279 +0.6 45,989.493,112 44.776.960,599 39.000,926,300 35.354,192,481 44,766,436.187
-St.L ouisEighth Federal Reserve District
281,939,450
280.656,764
ndiana--Evansville
9,030,201
9.789,770
New Albany
7,631,792,498 7,626.579.123
lissourl-St. Louis
a
1,781.961.053 1.743.689,890
Springfielda
;entucky-Louisville
21,826.590
19.799,879
Owensboro
110.568,863
112.093.719
Paducah
1.196,581.429 1.232.818,801
'ennessee--MemPhis
735,856,786
754,627,362
Rock
rkansas--Little
22,330.884
21.557.265
Elinols-Jacksonville
84.091,671
85.897.544
Quincy
11.894.757,283 11.868.632.259
Total(10 cities)
-0.5
+8.4
+0.1
258.034,160
8,387.513
7,174.033.847
240,642,009
7,880,616
7.203,667.512
217.898,167
6.840.77:
6.718.029,801
-;2.2
-9.3
+1.4
-2.9
+2.5
-3.5
+2.1
4
1.611.927.608
22.650,180
119.906,430
1,114.087.697
640.360.864
17,303.432
74.625.655
1.551.895.901
4
24,927,659
123.099.883
'
.369.12
1,1 40
605.007.351
18.678.528
74.332.582
1.336,370.707
4
23,860.819
85,742.890
1,008.743.102
499.708.912
16.598.320
67.407.373
98.029.001
6.006,531
6.235,129,198
77.474.191
1.199.298,211
22.993.456
78,393.734
819,009.459
459.412.342
17,653.042
65.438,802
10.990.451.162
9.981.200.867
9.078.837.959 12,023.009.926
+1.3 11.041.317.38
261,887.296
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
97.022.708
JAN. 15
1927.)
THE CHRONICLE
289
BANK CLEARINGS IN DETAIL FOR THE LAST SEVEN CALENDAR YEARS ACCORDING TO FEDERAL
RESERVE DISTRICTS
-(Concluded).
Clearings at-
Year 1926.
Year 1925.
Inc. or
Dec.
Year 1924.
Year 1923.
Year 1922.
Year 1921.
S
S
S
S
Year 1920. -
$
S
District
-Minn eapolis414,865.676
498,450,286
4.110,311.739 4.462,950.450
28,236,656
22,880.408
1,617,454.198 1,631.459.933
97,024,377
85.601.746
70,908,000
74,480,000
15.705,910
13.487,998
76,436.737
77,750.830
79.223.999
61.037.892
32.104.577
32,928,493
47.337.663
40.201.009
166.861.271
152,712,443
9,035,033
7.382.530
%
-16.8
-6.9
+23.4
-0.9
+13.3
-4.6
+16.4
-1.7
+29.8
-2.5
+17.7
+9.3
+22.4
'
504.915.852
4.025 843.109
20018.429
1,617.749.116
94.406,016
68,235.694
12.227.863
69,714.916
54.408.657
28.233.717
34.391.079
135,471,5.53
f166,671
390.031.763
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
334.987.342
468.056.391
3,369.928.782 3.355.654,989 .4.012.206.419
21.648.002
21.312,922
33.837.110
1,599.711.125 1,662.221.623 1.870.424,350
98,020.882
102.431,095
149,040,028
53.283.900 •
63.880.262
85.425,000
15,352,795
14.632.537
19.556,718
63,082,335
63.704.876
92.483,832
136,602.027
115.737.719
178.970,141
31.078.529
38.271.751
68.875,652
42,974.637
55.806.848
95.746.057
168,305.165
163.848.372
98.340.186
18.262,087
31,432.258
23.916.668
Total(13 cities)
6.765,505.836 7.161.324,018
Tenth Federal Reserve District-Kans as City--Fremont
Nebraska
19.738.367
22.396.587
Hastings
28.008.329
32.596,380
Lincoln
245.980.282
254.049,952
Omaha
2,103.548.186 2.188.210,683
Kansas-Kansas City
213.374,463
213.127,476
Lawrence
a
a
Pittsburgh
Topeka
179.146.598
a8
184.941,687
Wichita
435.778.141
401.638.512
Missouri-Joplin
93.584.411
89.178.302
Kansas City
7.301.562.163 7,036.471,383
St. Joseph
375.642.240
392.705.388
Oklahoma-Lawton
Ok
McAlester
10.281.364
8
8
14,727,154
Muskogee
Oklahoma City
8
1.526.008.447 1,443.875,836
8
Tulsa
527.417,854
436,148,418
Colorado-Colorado Springs
61.751,002
63.581.225
Denver
1,688.644.834 1.667.800.725
Pueblo
63.275,613
69,266.536
Total (16 cities)
14.873,742.294 14.500.816.244
-5.5
6.666,382.662
6.541.351,637
5.938.828,212
6.016,415,994
7.204.394.142
-11.9
-14.1
-3.2
-3.9
+0.1
a
a
-3.1
+8.5
+4.9
+3.8
-4.4
a
-31.2
21,457,420
28,341.820
215.769.668
2.004.488.419
236,428.504
a
21.532.291
27,199,226
215.136.673
2.103,475.129
264.352.028
a
19,385.004
28,265.768
200.821,198
1.981,529.346
229.071,097
a
24.870.877
29.004,354
174.144.975
1,903.158.686
215,767.252
a
39.746.046
43,866.560
286,469.930
3,094.338.415
242.791.314
a
153.019.279
8
388,348.065
77.214,000
6,581.628.797
364,481.235
- a
15.134.877
169.025.208
8
466.734,222
73.853,814
6.881.567.927
a
18.638,258
8
143.491.794
8
536,121,306
66.212,000
6.811.486.964
a
a
17.305,274
1437935.182
174.180.439
8
556.080.029
719.765,924
53.860.820
93.265.048
7.537,160.601 11.615.142.427
a
a •
a
a
,
-1.5.7
+20.9
-3.0
+1.2
+6.8
1,283152.230
351,403.042
56,755.109
1.611.163.932
50.384.169
1.1657341.866
402,491.637
61.091.657
1,655.870,321
44.549,720
1.1057066,227
385,221.994
53.841,087
1.464,123,463
40,394.515
161,534,791
8
1.214.391.012
365.342,425
50.096.140
1,527.547.230
41.480,801
Ninth Federal R
Minnesota-Duluth
Minneapolis
Rochester
St. Paul
North Dakota-Fargo
Grand Forks
Minot
South Dakota-Aberdeen
Sioux Falls
Montana-Billings
Great Falls
Helena
Lewistown
241.241,938
8
1.037.717.950
669,690,614
62,382.894
1,980,644.477
52,079.690
+2.6 13,439.170.566 13,570,859.977 13.082.337.037 13.998,375.175 20,353.323.045
Eleventh Federal Reserve District
-Da has
Texas
-Austin
85.870.973
105,349,233
Beaumont
87.755.313
72,708.101
Dallas
2.518,137.647 2,556,829.919
El Paso
252,853.538
252.882.072
Fort Worth
743.352,678
652,152,962
Galveston
598,903.000
519,951.000
Houston
1,881,077.054 1.765.968,080
Port Arthur
29,605,231
26.832,869
Texarkana
37,614.237
42,558,699
Waco
115.105.048
128,903.194
Wichita Falls
182,772,225
170.705.772
Louisiana-Shreveport
279.361,853
276.453,983
Total (12 cities)
6.812.308.797 6.571,295,884
-18.5
+22.1
-1.5
-0.02
+14.0
+15.2
+6.5
+9.9
-11.6
-10.7
+7.1
+1.0
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
230.721.121
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
+3.7
5,891,593,056
5.270.868,346
4.467,984,974
4.363,427,924
5.985.693.219
Twelfth Federal R
District-San Francisco
Washington-Bellingham __
47.648,000
45,254.000
Seattle
2.352.953.405 2,205,404,626
Sp..kane
644.971.000
606.901.033
Tacoma
a
a
Yakima
78,171,284
82,266,636
Idaho-Bolse
59.201,417
57,198,886
Oregon-Eugene
28,038,489
27.542,807
Portland
2,103,840,202 2,015,148.908
Utah-Ogden
83.084,509
108.213.000
Salt Lake City
922.163,600
898,102,610
Nevada-Reno
35.923,678
35,036,112
Arizona-Phoenix
135.689,000
121.928.000
California-Bakersfield
66.884,028
59.438.319
Berkeley
232,803.013
220,021,829
Fresno
231.399.177
201,331,828
Long Beach
367.054.556
332,122,723
Los Angeles
8,917.424.000 7,945,493.000
Modesto
46.203.317
44,958,841
Oakland
1,077.033.672 1,063,291,078
. Pasadena
334,576,791
310,599,694
Riverside
52,790,322
42.786,332
Sacramento
442.501,119
450.001.211
San Diego
315,225,056
269,815,389
San Francisco
9,799,768.682 9.479,464.45
San Jose
158,055.163
143,791.357
Santa Barbara
76,943,863
73.009.035
Santa Monica
119,396.676
105,364.048
Santa Rosa
26,406,238
26,577,953
Stockton
146,867,700
150,581.700
Total (29 cities)
28.903,017.957 27,121,635.413
+5.3
+6.7
+6.3
a
-5.0
+3.5
+1.8
+4.4
-23.2
+2.7
+2.5
+11.4
+12.5
+5.8
+14.9
+10.5
+12.2
+2.8
+1.2
+7.7
+23.4
-1.7
+16.8
+3.4
+9.9
+5.4
+13.3
-0a
-2.5
40.148.000
2.039.249.570
573,914.864
38.425,000
1.949,171,370
578,862,349
34.753,147
1.658,144,134
534.619,000
26.800.000
1,511.348,283
518.456,000
28.149.719
2.072.639.437
659.860.797
Grand total (193 cities) 524,397.381.396 512,215.805.135
Outside Now York.,..234.032,437,913228,596,560,498
70,041,478
8
68,567.871
8
70,631.111
8
68.653,714
8
88.214.198
8
55,204,184
50.670.103
53.975.270
22.483.880
20.219.168
15.863.945
14,394,311
17.567.447
1.898,910.869 1.871,946,130 1.600.517.5s. 1.528.445.024 1,906,796,902
73.236.000
71.443.50
90.439.00
133,604.030
7 434 000
51 .
804.709.503
785.330.073
671.653.910
892,346.395
661.686.278
31,832.496
35.664,574
30.419.000
33.915.000 '
45.220.028
110.490.149
96.211.668
49.654.551
50,490,278
52.333.596
59,040.379
67.098.150
207.836.127
210.547.624
194,696.065
160.378.670
160.987.832
200,208.229
226,954,967
229.234.818
277.206,368
226.657,360
369.536.444
432,151.552
250,496,140
163.595.436
181.639.876
7.194.525.000 7.028.870.000 5.152.305.000 4.211.189.000 3,994.274.000
39.107.843
38,226,663
39,927.112
25,126.381
35,911,884
845,144,456
801.230.517
679,820,874
552,613.822
543.092.161
293.184,216
200,271,022
268.829.267
130.724.824
161.701,121
39,932,002
37,150,156
30.598,482 '
24,241,933
34,637.801
430.134,192
378,313.445
323,673.714
324.345.255
284,417,587
215.183,262
192,800,008
156.888.305
154,929.338
138.665.592
8,366,230.63
8,049,061,000 7.273.500,000 6.629.000.000 8.122.064.917
126,497,742
123,522.486
117,315,972
92.064,797
116.995.085
62,145.992
58,774.470
48.275.720
26.921,441
42.452,548
99.881,868 Not included in total.
25,412.496
28,046,959
25,604,390
21,516,807
21.689.481
132.600.507
140.631.100
124.314.800
249,179.300
293.913.000
+6.6 24.420.234.546 23.637,299,965 19.637,971.457 17,515.286,565 20.301.522.084
+2.4 455.759.342.491 413,452.431.399 391.507.311.955 355.588.192.536 449.727.981.440
+2.4 205.891,161.152 199.456,248.672 173.606,925,839 161.256,972.873 206.592.968,076
CANADIAN BANK CLEARINGS
Clearings at--
Year 1926.
Year 1925.
Inc. or
Dec.
OR THE LAST SEVEN CALENDAR YEARS.
Year 1924.
$
S$
Montreal
5.646.347.421 5,143,250,794
N.8 5,353,492.462
Toronto
5.196,428.183 4,914.652.246 +5.7 5,255,433,826
Winnipeg
2,708,415.764 2,892.376.615 -6.4 2,682.695.199
Vancouver
888.704.118
807,197,610 +10.1
803,051,359
Ottawa
338,607.358
328,862.264
+3.0
332,140,501
Quebec
319,659.404
296,868.697 +7.7
291,276,519
Halifax
160.800.492
153,908.814 -2.0
148.486.237
Hamilton
268,402.609
250.224.656 +7.3
255,781.872
Calgary
393.910.637
355,320,700 +10.9
343.415,332
136.226.527
St. John
131,306,092 +3.7
133.734.811
Victoria
110,885.953
101,269,481
+9.5
108.146,581
London
142.856.910
136,640,609 +4.5
140,878.932
Edmonton
259,611,119
239,350,281
+8.5
220.329.384
Regina
240.953,818
225.429,503 +6.9
179.302,867
Brandon
31,005.956
31,805.295 -2.5
29.796,999
Lethbridge
29,565,732
28.311.024 +4.4
27.718.556
Saskatoon
103.237,697
91.330,853 +13.1
83.355.958
Moose Jaw
64.190,200
61.186,405 +4.9
58.471,697
Brantford
•' 55,117,564
50,714.486 +8.7
46,050.667
Fort William
48,102,058
43,110.272 +11.6
48,122,905
New Westminster
39.253,110
33.049.655 +18.8
30,816,500
Medicine Hat
15.462,521
15,359.364 +0.7
16.463.668
Peterborough
41,385.282
40.564.340 +2.0
40,621.725
Sherbrooke
44,259.492
42,169,656 +4.9
41,432,014
Kitchener
51.757.433
49.231,111
+6.1
48.875.860
Windsor
219,129,742
172.716.001 +26.9
164,187,439
Prince Albert
20,193.964
17,347.712 +16.4
16,572.705
Moncton
44.207,861
41.258,874 +7.1
41.537.923
38,282,486
36.429.854 +6.1
Kingston
35.733.539
17,646.961.411 16.731,243,264 +5.5 16.977.924.066
Total(29 cities)
•No longer report clearings. t All banks closed in 1924 until Dec. 16.
Year 1923.
$
5.493,106.775
5,591.368,205
2.528,311.969
750,693.542
353,699.360
303,116.299
162,328,562
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
49.764,115
29,251,75i
17.668,504
39.376.920
43.329.228
51,889,983
176.443.115
18.010.599
50.243.501
34.886.471
17.332 343 701
Year 1922.
$
4.093.942,868
4,974,658,388
2,563,938.704
683,054,537
370,776.458
284.484,623
160,112,235
283.272,009
263.240.201
142.488.127
105.773.654
147.787.996
234.211.250
184,149.429
33,077.838
30.979,137
87,892.573
64,035.266
84,067,107
41.147,689
27.367.208
17,707,358
37.100.117
43,261.746
52,490.715
170.789.813
17.974.160
59.344,696
34.679.437
IR 9AR farm oge
Year 1921.
Year 1920.
$
$
5,720.258.253 7.109.189.038
5,105.893.768 5,410,214,802
2,682.441.103 3,015.704.299
867.901,614
708.205,932
515,006,228
404,237,674
364.651,362
302.491,488
255.678.403
181,802,598
380.733,960
297.932.727
438,073.277
335.465,202
176.671,887
147.301.169
145,707.146
122.416,239
192.157.969
161.956.960
294.863.362
266,888.619
231.070.269
203.659.641
41.398.339
39,282.713
47.397.555
35,350,739
115.403.076
100,553.190
74,739,761
94.584.910
76,113,949
62,235.591
43,619.961
48,072.207
36,435.337
30.737,565
21.848,524
27.808,580
44.195,516
50.639.788
53,641.710
64.046.861
51.159,584
61.600.500
162.268,354
171.282.078
Not included in total.
56,262.833
33.872.694
17 All 79A
Ina 20 922 AllA Ai A
290
THE CHRONICLE
[VoL. 124.
Listings on the New York Stock Exchange for the Year 1926.
• The total of listings of new and additional corporate $100,000,000 for the Kingdom of Italy; an issue of
securities on the New York Stock Exchange during $60,000,000 for the United States of Brazil; an issue
the calendar year 1926 (apart from Government and of $30,000,000 for the Republic of Uruguay. Numermunicipal issues) shows a large increase compared ous other securities of foreign Governments and
with the previous year. In this the comparison municipalities were listed, including several large-size
compares favorably with the actual corporate financ- issues for various German municipalities.
4. There is also to be noted the large number of
ing for the twelve months as represented by stock
offered in the investment market by foreign public utility companies whose securities were
and bond issues
corporations, where there has also been a large in- listed on the Exchange during 1926. These include
crease over the offerings of the year preceding. Full companies domiciled and serving in Denmark, Gerdetails regarding the latter will appear in a later many, Canada, Japan, Italy and Austria.
The aggregate amount of stocks of industrial and miscelissue of our. paper in our article on "New Capital
with
an laneous companies listed was $3,022,937,694, compared1,860
Flotations." The latter compilations constitute
2,057 millions in 1925, 1,224 millions in 1924 and
accurate index of new financing done and cover the millions in 1923. As in recent years, it must be taken into
entire country. The Stock Exchange listings relate account that in many cases the shares listed in 1926 were
.
to an entirely different thing. They embrace not of no par value and are represented by more or less nominal
securities which have just figures. Although this practice has to a certain extent
only new but also old
changed the comparisons of the total stocks listed as exfound their way to the Exchange, and they have pressed in dollars, still the value of comparisons is in no way
reference alone to the New York Stock Exchange. impaired, as the figures given represent the stated or declared
They also include securities replacing old securities, value of the shares as reported in the companies' latest
which process occurs chiefly in cases of recapitaliza- balance sheets.
The total of note issues put out in 1926 but not listed on
tion and reorganizations. The latter .have been the Exchange, as compiled at the end of this article, shows
few, whereas recapitalizations have been on the .in- an increase over 1925. The amount in 1926 reached $425,000,000, as compared with 424 millions in 1925, 335 millions
crease in recent years.
The large portion of the corporate listings on the in 1924 and 247 millions in 1923. This table of note issues
issued for extensions or renewal of
Stock Exchange took place during the second six includes principally notesor represents short-term financings.
$2,595;158,587 for the maturing bonds or notes, this table here is because companies
months, the figures being
Our object in referring to
second half, as compared with $2,207,360,821 the in taking care of their immediate wants through this class
first six months, or a difference of $388,397,766. of financing act to that extent to diminish the volume of
The total corporate listings for the twelve months of stocks and bonds that would normally be presented for listing
the
1926 aggregated $4,803,119,408, a new high record onThe Exchange.table embraces the record of aggregate
following
over any preceding twelve months' period in the corporate listings for each of the last ten years:
history of the Exchange. The 1926 total compares
CORPORATE LISTINGS ON NEW YORK STOCK EXCHANGE.
with 4,277 millions in 1925, 2,972 millions in 1924,
Replacing
Old Issues
Isswa for New
Total.
Old Securities.
Now Listed.
Capital, cte.
Bonds.•
3,879 millions in 1923 and 4,366 millions in 1922,
s
1
$
for any twelve
$
this last having• been the record
238,906.200 1,091,669.000
852,762.800
1926
540,511.601 I,o70,242,107
25,107,600
1,1/..,0,02u.2 it)
As in previous years, 1025
months' period prior to 1926.
406,587,832 1,040,453,421
36,623,489
597,242,100
1924
619,351,290 1,268,354,246
11,962,400
037,040,556
our totals, while excluding Government and munici- 1923
698,808,139 1,582,422,450
15.979.350
867,634,961
1922
795,910.078
226,202,119
44.055.900
525,652.059
pal financing, both foreign and domestic, include 1921
438,894,706
45,621,906
4,564.300
388,708,500
1920
321,002,540
68,132,729
41,795,500
211.074.311
1919
of foreign corporations. The listing of 1918
securities
227,634,700
93,527,800
33,958,500
100,148,400
990,833,500
212,702,200
64,445.000
713.686.300
Government and municipal issues, while not included 1917 Stocks.
687,584,274 1,601,981,439 3,711,450,408
1.421,884,695
1926
in our general totals, are shown in separate tables 1925
344,71.).098 1,225,905,711 2,701,007,800
1,000,308,991
286,501,896 1,020,605,601 1,932,313,689
625,206,192
1924
further below.
346,922,069 1,346,405,054 2,611,083,707
917,756.584
1923
335,061,654 1,467,062,739 2,784,025,370
981,900.977
Among the distinctive features in connection with 1922
481,037,553 1,099,723,686
249,931,033
368,755,100
1921
680.638.517 2,155,398,653
343.522,220
1,131,237,916
1920
464,957,828 1,266,634.492
236.060,904
the year's listings are to be observed the following: 1919
565,615,760
312,024,647
100,684,130
44,652,250
160,688,267
1918
734._450 mg 1.4141.285.345
139.87754"
818 057.946
1. A large decrease in the total of railroad securities 1017
foreign
listed, both stocks and bonds, the combined total • Government issuesfor the and domestic not here included shown separately.
listing of trust company receipts and of securities
Note.—Apullent ons
marked "assented' (if preparatory to reorganization), or of securities stamped
compared with 845 mil- "assumed" or "assessment paid"—the securities themselves having previously been
aggregating 340 millions as
lions in 1925 and 655 millions in 1924. Except for listed—are not Inc uded in this table.
we reclassify the figures so as to indiIn the
the year 1918, when the railroads were under Govern- cate the following under each leading head, namely railamounts
ment control, and the year 1920, when the railroads road, public utility and industrial and miscellaneous comwere for the most part financed under the provisions panies. This table shows at a glance the volume of bonds
of the Transportation Act, the 1926 total of railroad and stocks listed during the last ten years by each of the
different groups mentioned:
listings is the lowest in years.
2. A large increase in the amount of securities of
Stocks,
Bonds.
industrial and miscellaneous companies listed, the
Indus. a
Public
Indus. &
Public
Niscell.
Utilities.
Railroad.
MisceU.
Utilities,
Railroad.
bonds totaling $499,474,500 and the stocks $3,022,8
$
$
$
$
$
of $3,522,412,194. The 1926... 246.643,000 345,551,500 499,474,500 93,955,290 594,557,424 3,022,937,694
937,694, or an aggregate
493,714,467 211,528,440 432,310,099 2.057,169,261
448,344,172
total for 1925 was 2,550 millions and for 1924 1,469 1925__ 634,183,468 343,819.900 244,766,66f 203,465,921 504,253,160 1,224,504,600
1924._ 451,866,855
193._ 329,100,746 382,953,500 556,300,000 171,500,230 579,445,088 1,860,138,385
millions.
1922_ 669,344,650 398,447,700 514,630,100 519,467,400 289,070,132 1,975,478,838
335,809.578 76.743,500 219,228.895 803,751,291
1921_
further broadening of the New York mar- 1920_ 314,912,600 145,187,900 124,778,156 87,122,800 70,408,250 1.997,867,598
243,816,550 70,300,000
3. The
1919_ 205,251,700 49,857,400 65,893,440 249 865,251) 77,869,420 938,809,817
241,081,665
61,294,600
ket for foreign securities, both corporate, municipal 1918._ 595 'son 95n 128,305.600 38.034.500 66,268,50015,674,482 638.616.320
Its 2650011311154360823.807.080218.861.965
11117
Government. Foreign Government bonds in
and
In the following tabulations we undertake to show how
1926 include three issues for the Argentine Govern- much of the listings in the above were for foreign purposes.
ment aggregating $113,620,000; an issue of $75,000,- We give first the amounts of securities of foreign corporations
000 for the Commonwealth of Australia; an issue of per se, and secondly the amounts of sepurities of American
$40,009,000 for the Dominion of Canada; an issue of corporations issued for acquiring or financing and develop-
JAN. 151927.]
THE CHRONICLE
291
ing properties outside the United States. Both amounts, as & Omaha, and $26,364,700 common stock of the Chesapeake
already stated, are included in the totals of corporate listings & Ohio, issued in connection with the conversion of its
in the above.
outstanding bonds.
The principal stocks of public utility companies listed are:
SECURITIES OF FOREIGN CORPORATIONS PLACED IN THE UNITED
$84,765,700 6% preferred stock and 2,604,168 shares of no
STATES AND LISTED ON THE NEW YORK STOCK EXCHANGE.
par value common stock of Columbia Gas & Electric Corp.;
Bonds.
Stocks.
$19,383,100 capital stock of the International Telephone &
Public
Public
Industrial& Telegraph Co.; 1,728,085 shares of no par value common
Industrial&
Railroad.
Utilities. Miscellan's.
Mtscellan's Railroad.
stock of the American Power & Light Co., and 2,277,971
$
shares of no par value common stock of the National Power
23,293.000 136,726,000 143,226,000 39.934,300
1926 _
119,007,000 17,266.000 35,500,000
1925 _
843,700 & Light Co.
11,962,000 18,000,000 28,500,000
1924
8,407,918
13,352.500
1923 _
63.900,000
15,931,000
Prominent among the industrial and miscellaneous stock
104.500,000 4,750,000 41,145.000
1922 _
87,287,400
75.000,000
1921
2,500,000
128.000 issues added to the list are: $419,573,275 capital stock of the
6,489.926
1,000.000
1920 -- 50.000.000
1,240,000
1919 _6,139.300 Standard Oil Co. of New York, being old stock listed for the
1918 first time; 8148,745,925 capital stock of the Texas Corp.;
1917 _ _
291,808 shares (no par) common stock, 2,000,000 shares (no
SECURITIES OF AMERICAN COMPANIES ISSUED FOR FINANCING par) class B stock and $51,882,800 preferred stock of the
OPERATIONS OUTSIDE UNITED STATES.
Continental Baking Corp.: $4,124,775 class A stock, 210,826
shares (no par) class B stock and $5,492,500 preferred stock
Bonds.
Stocks.
of the Purity Baking Corp.; 13,016,434 shares (no par)
Public
Industrial&
Public
Industrial&
Utilities. MisceUan's Railroad.
Railroad.
Utilities.
iscellan's. capital stock of the Standard Oil Co. of California (Del.),
2,827,470 shares (no par) stock of the Union Carbide & Car$
5,500,000 15,000,000
1926 _
38,569,973 68,135.413 bon Corp.; 814,800 shares common stock of the Amerada
25,479,000 86,250,000
1925 _
68,149,667 40.642,000
500.000
1924 _
30,000,000 25,775,934 5.792,760 Corp.; 2,704,966 common shares (no par) of Chrysler Corp.;
1923 _ _
2,247,000 2,618,500 10,000,000 10,000,000 19,118,300 43,589.885
1922 _
3,848.000 24,820,700
5,250,000 and 3,987,366 shares (no par) common stock of Lago Oil &
1921 _
38,528,300
5,000,000 1,280,600 Transport Corp.
1920
27,117.000
20,580.900
1919
3,959,000
8,589,700 34,040,800
The following table shows at a glance the foreign Govern1918 _
1,250,000 1,325,700
1917 45,000.000
5,946,400 6,966,000 ment bonds listed on the Exchange during 1926. It must be
in mind that our figures cover only the foreign GovernGovernment issues, foreign and domestic, as already borne
ment loans actually listed or authorized to be listed. The
stated, are not included in the above tables. The following
totals do not show the full amount of foreign Government
is the aggregate amount of such issues listed or authorized
issues floated in this country, since some others were brought
to be listed for the past ten years:
out which did not find their way to the Stock Exchange.
GOVERNMENT BONDS LISTED ON THE NEW YORK STOCK EXCHANGE
Foreign Issues
(Ina. Canadian).
1926
1925
1924
1923
1922
1921
1920
1919
1918
1917
$613.186.000
607.700,000
588,720,750
235,929,500
502,500,000
452,500.000
520.578,700
55,000,000
100,000,000
636.000,000
U. S. Government
Securities.
$494,898,100
200,000,000
al00,000,000
a55,000,000
b4,516,611,735
c16,165,563,850
Total.
$1.108,084,100
607,700,000
788,720,750
335,929,500
502,500.000
507,500,000
520,578,700
4.571.611,735
16,265,563,850
636,000,000
a New York City obligations. b Including State and municipal obligations and
$4,500,000,000 Victory Loan. c Includes Liberty loans.
GOVERNMENT AND MUNICIPAL ISSUES LISTED AND AUTHORIZED TO BE LISTED DURING 1926.
Antioquia, Department of Colombia external 7s, series A.
1945
$5,962,500
Antioquia, Department of Coombia external 7s, series B.
1945
6,000.000
Argentine. Government of, external 6s, 1959
45,000.000
Argentine, Government of, external 6s. 1959
29.700,000
Argentine, Government of, 5% internal gold loan of 1909_ _
38.920.000
Australia, Commonwealth of, external 5s, 1955
75,000,000
Austria. Province of Upper (Republic of Austria), external
7s, 1945
4.941.500
Bavaria. Free State of, external 6Sis. 1945
10,000.000
Berlin, City of, Germany,municipal external loan 6 Ms, 1950
14.850.000
Brazil. United States of, external 656s, 1957
,
60.000.000
Bremen, State of. Germany. external 7s, 1935
14,609.500
Caldes, Department of, Colombia,external ”is, 1946
9.932.500
Canada. Dominion of. external 434s. 1936
40,000.000
Cologne, City of, Germany, municipal ext. loan 6s, 1950
10,000,000
Czechoslovakia. Republic of, external 7Sis, 1945
25,000,000
Dominican Republic customs administration 55
-is, 1942_
3,300.000
Dresden, City of, Germany, 7s, 1945
4,868,000
Finland, Republic of, external 63s, 1956
15,000,000
Graz, Municipality of, Austria, 8% mortgage loan, 1954_ _
2,500.000
Heidelberg, City of, Germany, extranal 25
-year 7 Ms. 1950
1.500.000
Hungarian Consolidated Municipal Loan ”is, 1945
9.888.500
Italy, Kingdom of, external 7s, 1951
100.000.000
Leipzig, City of, Germany, external 7s, 1947
5,000,000
Norway, Kingdom of, e ternal 5Iis, 1965
30,000.000
Oslo. City of. Norway Municipal external loan 5;is, 1946_ _
4,000.000
San Paulo, State of, Brazil, 7% secured gold bonds. 1956_
7,500,000
Santa Fe, Province of, Argentine, public credit external 7s,
1942
9,713,500
United States of America 3%% Treasury bonds. 1946
-56
494.898,100
Uruguay, Republic of, external 6s, 1960
30.000,000
Railroad bonds listed during the year, it will be seen, foot
up 246 millions, as compared with 634 millions in 1925 and
451 millions in 1924. Chief among the issues of this class
are $25,000,000 Seaboard-All Florida 1st 6s of 1935, issued
for refunding purposes and for construction, &c.;$30,000,000
Baltimore & Ohio ref. & gen. 5s of 2000, issued for additions
and refunding purposes; $35,000,000 Illinois Central 43 s
%
of 1966, issued for construction purposes. Other bonds of
railroads are the following: $18,632,000 Chicago & North
%
Western gen. 43 s of 1987; $15,000,000 Great Northern gen
4s of 1976; $15,000,000 Florida East Coast 1st & ref. 5s
Total
of 1974,and $16,926,000 Kansas City Terminal 1st 4s of 1960.
$1.108,084.100
Public utility bond issues listed amounted to 345 millions
The purposes on account of which the several bond and
against 448 millions in 1925. Principal among the issues stock issues listed during the year were issued are given in
were $50,000,000 Bell Telephone Co. of Pennsylvania 1st & the following tables:
ref. 5s of 1960, issued to repay advances and for extensions,
RAILROAD BONDS LISTED FIRST SIX MONTHS OF 1926.
&c.; $40,000,000 New Englahd Telephone & Telegraph its
Company and Class of Bonds—
Amount.
Purpose of Issue.
Chic Ind & Lou 1st & gen 5s"A"'66 $1,000,000 Capital expenditures.
4%s of 1960, issued for improvements, &c.; $24,437,500 Chic & West Ind cons as 1952-- -_
266,000 Refunding.
Del & Bud 1st
Capital expenditures,&c.
Cities Service Power & Light Co. secured 6s of 1944,issued El Paso & S W& ref 4s19431965_ _ 2,196.000 Refunding.
1st & ref 5s
168.000
for purpose of acquir:ng public utlity properties. Other Est RR (France) ext'l 7s 1954_ _
19,793.000 Construction, &c.
Fla East Coast 1st & ref 5s"A"'74 15,000,000 Additions & betterments.
bond issues of pub.ic utility companies are $18,500,000 Wcst Kansas City Term'! 1st 4s 1960
16,906,000 Refunding.
St Paul &
Bonn Power Co. 1st 5s of 1956; $11,383,000 Brooklyn Union Minn consol gtdS Ste Marie
1st
5s, 1938
8,136.000 Refunding.
& Mex 1st5s
Gas Co. cony. 5% debentures of 1936 and $15,000,000 NO Texseries B, 1954 ser A 1954 1.500,0001Acquisition of properties of
1st 5s
4,537,5001 constituent companies.
NY Ch & St L ref 55 ser B 1975
-is
Detroit Edison Co. gen. & ref. 5s of 1955.
9,575,000 Refunding.
NY Connecting lst gtd 5s"B"'53
Pay floating debt, &c.
Miscellaneous bond issues listed totaled $499,474,500, NY Nit & Hartf4% debs, 1957-- 3,333,000 Exch.for Pr. Sec. Co. debs.
107.000
Nor
div 1st
against 493 millions in 1925 and 244 millions in 1924. Lead- St P& WestShort L I & gen m 4s'44 6,000,000 Expenditures on property.
&KC
1st 4.Sis 1941
529.000 Add'ns, betterments. Stc.
Seaboard-All Fla
ing the list are $30,000,000 Westinghouse Electric & Mfg. Southern Ry 1st 1st 6s ser A 1935 25,000.000 Refunding, construc'n. Stc.
consol 6g, 1994
1,774,000 Refunding.
Barnsdall Corp. 6% debentures
Co. 5s of 1946; $25,000,000
Total
$115,820,500
of 1940; $20,000,000 Crown Willamette Paper Co. 1st 6s of
$15,000,000 Loew's Inc. 6s of 1941; $15,000,000 RAILROAD BONDS LISTED SECOND SIX MONTHS OF 1926.
1951;
Company and
Amount.
Purpose of Issue.
Silesian-American Corp. 7s of 1941; $18,000,000 General Balto & Ohio refClass of Bonds— $30,000,000 Refunding, add'ns,&c.
St gen 5s"C"2000
Chic & NW gen 45is
18.632,000 Refunding.
Petroleum 1st 5s of 1940, and $13,000,000 Perin-Dixie Great Northern gen 41887
;is"D" 1976 15,000,000 Corporate Purposes.
Illinois Central 4!Us 1966
35.000,000 Construction.
Cement Corp. 1st 6s of 1941.
Int Rys of Cent Am 1st colt 6%
notes, 1941
Among the stocks of railroad companies listed we note
3,500.000 Construction, &c.
Northern Central gen & ref 5s'74
Refunding.
$39,934,300 preferred stock of the Consolidated Railroads St Paul Un Dep Co 1st & ref 5s'72 5.231.000 Refunding, add'ns, &c.
1.998.000
Seaboard Air Line 1st &
Impts., betterments, &c.
6s
of Cuba, issued in connection with the acquisition of the Seaboard & Roanoke RRcons5s,'45 7.921.500 Old bonds
1st
'31 2,500.000
extended.
stocks of its subsidiary companies; $11,574,990 common Texarkana & Ft Sm 1st gad 5 Sis'50 10,000,000 Refuncllng. bett'ts, &c.
Texas Pacific-Missouri Pacific TerWestern, issued in connection
stock of the Chicago & North
minal RR of NO 1st 5As"A"'64 1,040,000 Improvements.
with the acquisition of the stock of the St. Paul Minneapolis
Total
$130,822.500
PUBLIC UTILITY BONDS,LISTED FIRST SIX MONTHS OF 1926.
Purpose of Issue.
Amount.
Company and Class ofBonds—
Bell Tel of Pa 1st & ref 5s"0,"'60 550,000.000 Repay advs.. extens., &c.
Bklyn Union Gas Co cony debs, 11,383,000jAcq. stock of subs., pay
1 notes, expenditures, &c.
534%, 1936
.-Cities Serv Pr & Lt Co sec 6s, 1944_ 24,437,500 Acq..pub. util. properties.
Copenhagen Tel Co (Denmark) 6s,
2,000,000 Plant extension, &c.
L
.1950
Elec Pr Co(Germany) 1st630'50- 7,500,000 Develop plants, &c.
Met Edison Co 1st & ref As"C"'53 3,500,000 Refunding,impts., &c.
Milw El By & Lt Co ref & 1st 5s,
2,000,000 Exch.for series C 6s.
"B," 1961
Montreal Tramways-17,826,500 Exchange debenture stock.
Gen & ref5s"A," 1955
2,500,000 Refdg., extolls. to prop'ty.
Gen & ref 5s"B," 1955
1,250.0001Issued per reorganization
NY Rys Corp income 6s, 196&
3,800.000! Plan.
Prior lien 6s, A, 1965
520,000 Construction, &c.
N Y Steam Corp 1st 6s, A, 1947
Portland El Pr Co 1st lien & ref
1.000.000 Extensions, additions, &c.
Ss, B. 1947
Rhine-Westphalia El Pr Corp
10,000,000 Construction.
(Prussia) 7s, 1950
493,000 Capital expenditures.
So Colorado Power 1st 6s, 1947Toho El Pr Co,Ltd(Japan)7s,A,'55 14,875,000 Refunding,. impts., &c.
Co(Japan)6% notes'28 24,000,000 Pay debt, construction, &c.
Tokyo El Lt
Tyrol Hydro-El Pr Co (Austria)
3,000,000 Construction.
730, 1955
Total
L
$180,085,000
PUBLIC UTILITY BONDS LISTED SECOND SIX MONTHS OF 1926,
Purpose of Issue.
Amount.
Company ee Class of Bonds—
Consol Ilydro-Electric Works of
Upper Wuerttemberg 1st 7s, 1956 3,974.500 Enlarge plant, &c.
Detroit Edison Co gen & ref 5s,'55. 15,000,000 Expenditures & impts.
Empire Gas & Fuel Co 1st & ref
20,000.000 Refunding, work'g capital.
8.Sie. 1941
Federal Lt & Tr Co 1st lien
1.329,000 Additions, impts. &c.
stamped 5s, 1942
5.500.000 Acquisition constituent co.
Havana Elec Ry 5Ms.1951
Italian Public Utility Credit
20,000,000 Loans to participating cos.
Institute external 7s. 1952
Metropolitan Edison Co 1st & ref
1,000,000 Additions, betterm'ts, &c.
5s,"C," 1952
Milwaukee Elec By & Lt Co
8.800.000 Refunding,impts., &c.
ref & 1st 5s, "B," 1961
New England Tel & Tel Co 1st
40.000.000 Improvements, &c.
Oft, 'B." 1961
312.500 Exchange bonds sub. cos.
NY Rys Corp prior lien es. 1965- _
Toho Elec Power Co, Ltd (Japan)
10.000.000 Corporate purposes.
6% notes, 1929
Ujigawa Electric Power Co, Ltd
13.550.500 Refunding, working capital.
(Japan) 1st 7s, 1945
West Penn Pr Co lst 5s,"0," 1956 18.500.000 Additions, betterments, &c.
Westphalia United Elec Pr Corp.
7.500,000 Enlarge plants, &c.
(Germany) 1st 63.s, 1950
Total
$165.466.500
INDUSTRIAL BONDS LISTED FIRST SIX MONTHS OF 1926.
Purpose of Issue.
Amount.
Company and Class of Bonds—
Atl Gulf & W I SS Lines 5s. 1959-513.000.000 Acquire constituent cos.
Corp 6% deb% 1940._ 25,000.000 Acquire constituent cos.
Barnsdall
Belding flem'way Co 6% notes'36- 5.410.000 Acquire constituent cos.
515.600 Construction, &c.
Bu h Term Bidgs Co 1st 55, 1960—
Coral Credit Co 5Si% notes, 1935.. 4.900.000 Fund obligations.
Crown Will'mette Pap Co 1st 6s '51 20,000,000 Acquire constituent cos.
Elk Horn Coal Corp
4.500.0001Redemption 6% gold
1st & ref 6 a, 1931
1.500.0001 notes.
6% notes, 1931
French Nat SS Lines ext 7s 1949_ - 10.000.000 Fleet expansion, &c.
'40.. 10.000.000 Working capital. &c.
General El Co (Germany)6
Gen'l Petroleum Corp 1st 5s. 1940.. 18.000.600 Refund bonds and notes.
German Cent Bk for Agriculture
55.000.000 To make farm loans.
1st lien 7s, 1940
500.000 Working capital.
(B F)Goodrich Co 1st 6,4s. 1947
Inland Steel Co 5%% debs. 1945- - 12.500.000 Additions, work. cap., &c.
Cons Cop Co 6%% notes '31_ 6,000,000 Constr. plants, &c.
Insp
Lehigh Val Coal Co 1st & ref 5s._ 14,627.000 Pay debt to Leh. Vall. RR.
394.000 Exch.for bonds not guar.
Midvale St & Ord Co gu con 5s'36North American Cement Corp
1.650.000 Acquis. constituent cos.4
614% debs, 1940
Paramount Broadway Corp
10.000.000 Construction.
1st 5)45,_1951
Rbeinelbe Union (Germany) 7s.'46 25.000.000 Red. float. debt, Wkg. cap.
13,000.000 Construction.
Hotel Co 1st Os, 1945
Stevens
13.000.000 Fund current debt.
1940
Trumbull Steel Co 1st 6s.,
8.500.0001Acquis., refunding, &c.
Walworth Co 1st Os, "A,' 1945
2.500.0001
614% dabs, 1935
Warner Sugar Corp 1st & rolls,'39 2.111.000 Working cap., add'ns, &c.
White Sew Mach Corp 6% debs.'36 4,000.600 Acquis. constituent cos.
394,060 Exch. for old bond...per
Wickwire Spencer Steel Co 7s '35—
reorganization plan.
Total
[VOL. 124.
THE CHRONICLE
292
5252.001,000
RAILROAD STOCKS LISTED FIRST SIX MONTHS OF 1926.
Purpose of Issue.
Amount.
Company and Class of Stocks—
$184,600 Exch.for M.C.& Ft.D.bda.
Chicago Great Western, prof
24,254.000 Exchange for cony. bonds.
Chesapeake & Ohio, common
Chicago & North Western, corn_ _ _ 10,683,490 Acquire stock of Omaha
161,200 Issued under reorg'n plan.
Denver & Rio Grande West, prof
2,647,900 Conversion of preferred.
Illinois Central common
'n
75,000 Issued under reorg plan.
Missouri-Kansas-Texas, prof
Norfolk & Western, conunon
1,027,000 Conversion of bonds.
62,8001Exch. for 5% cony. pref.,
Wabash Railway, common stock
62,8001 already listed.
5% Preferred "A"
36,000 Exch.sec. of constit. cos.
Western Maryland, common
Total
839.194,790
RAILROAD STOCKS LISTED SECOND SIX MONTHS OF 1926.
Amount.
Purpose of Issue.
Company and Class of Stock—
2,110,700 Exch. for cony. bonds.
Chesapeake & Ohio common
Chic & North Western common....
891,500 Acq. stock of Omaha.
Consolidated RRs of Cuba, prof_ 39,934,300 Acquisition stocks of subs.
577,200 Conversion of bonds.
Delaware & Hudson stock
281,200 Issued under reorg. plan.
Denver & Rio Grande West, pref
1,825,300 Conversion of preferred.
Illinois Central, common
3,326,200 Conversion of bonds.
Missouri-Kan-Texas, preferred _
New York Chic & St Louis, pref. _ 4.453,700 Acquisition constit. cos.
1,286,000 Conversion of bonds.
Norfolk & Western, common
37,2001Exchange for 5%cony.pref.
Wabash RY, common
37,2001 already listed,
5% preferred A
Total
$54,760,500
PUBLIC UTILITY STOCKS LISTED FIRST SIX MONTHS OF 1926.
Purpose of Issue.
Amount.
Company and Class of Stock—
American Power & Light Co, corn
*16,804,120 Old stock just listed, stock
(1,680,412 shares)
dividends, &c.
3,168,700 Contr.of bonds, work'g cep.
Am Tel & Tel Co,cap stock
American Water Wks & Elec Co—
1,096,820 Stock div.;issued tesub.cos.
Common
per consol, plan of elec.
tric sub,
1.026,400 Exch.of particip. preferred.
7% Preferred
Brooklyn Edison Co,cap stock...... 1,411,800 Capital expenditures.
Detroit Edison Co, capital stock.... 1,779,800 Conversion of bonds.
118,591 Stock dividends.
Federal Light & Trac Co. common
General Gas & Elec Corp—
*325.584 Stock dividends.
Class A (8,568 shares)
Cum pref B (10.970 shares)...._ *1,097.000 Exch. for stocks of sub. cos.
491,400 Pay floating debt, &c.
Hackensack Water Co. prof classA
779,100 Acquis. constit. cos.
Int Tel & Tel Co, capital stock_ _ _
National Power & Light Co, corn
*28,434.637 Exch. stock of constit. cos.
(2,277.971 shares)
N.Y Railways Corp, corn (tr ctfs),
*451,000 Issued per reorg. plan.
90.200 shares
Mtwara Lockport & Ont Pow Co,
148.100 Corporate purposes.
preferred
North American Co, common_ _ _ _ 1,908,880 Stock dividends.
Omnibus Corp—
*3,116.5001Issued per unification plan
V t c corn (623,300 shs)
8,816.8001 of June 25 1924.
.54
89' Preferred
5,130.800 Additions and extensions.
Pacific Gas & Elec Co,common
194,000 Expenditures, &c.
Peoples Gas Lt & Coke Co,cap stk.
Public Service Corp (N J)—
*8,964,364 Purch. stock of sub. cos.
Common (154,558 shares)
2,092,600 Corporate purposes.
79' Preferred
2.647,000 Corporate purposes.
6% Preferred
Southern Calif Edison Co. corn- — 42.895,600 Old stock just listed.
-Standard Gas & Elec Co
*11,617,2561Acquisition of stock of con
Common (414,902 shares)
6,333,1001 stituent companies.
8% Preferred
Utilities Power & Lt Co, class A
*2,038,360 Corporate purp.Tstk"divs.
(101,918 shares)
Issued per plan o consollWest Penn Electric Co—
21.945.8001 dation of Am. Wtr. Wks.
7% Preferred
*5,333,220 & Elec. Co. sub. cos.; 1
Class A (59,258 shares)
West Penn Power(Jo—
3.319.8001Extensions,additions:corp6% Preferred
108.9001 orate purposes.
7% Preferred
Total
8183,595.832
PUBLIC UTILITY STOCKS LISTED SECOND SIX MONTHS OF 1926.
Purpose of Issue.
Amount.
Company and Class of Stock—
..r.....1
MSS
,
'
Amer & Foreign Power Co—
*5260.3431Acquisition of properties:of
Common (28.927 shs)
*1,652.7001 constituent companies.
Preferred (16.527 shs)
Am Pr & Lt Co corn (47.673 she)... *476.730 Stock dividend. &c.•-••
Am Tel & Tel Co stock
39,561,200 Corporate purpose..., ca
317.820 Stock dividend.
Am Water Wks & El Co common
ill
.111
Columbia Gas & Electric Corp-'*88.772.288 Acquisition ‘,.. constituent
Common (2.604,168 shs)
6% preferred
84.765.7001 companies.
..., '.4
Detroit Edison Co stock
.6,197,300 Additions to property;&c.
Electric Power & Light Corp—
*1.074,3001Acq. of properties &-conCommon (42.972 shs)
Preferred (48,111 shs)
*4,811,1001 trol of constituent cos.
Engineers Public Service Co—
Common (778.821 shares)
0
)38,951,8301Acquis. of control of con1 stituent companies.
Preferred (304,787 shares)
120,989 Stock dividends.
Federal Lt & Trac Co common
_
General Gas & Elec Corp—
*339.948 Stock dividends.
Common "A"(8,946 shares)... _ _
Common class B (204.066 shares) *7,754,508 Exch. stk. Maine corp.
198,475 Pay floating debt, &c.
Hackensack Water Co prof cl A.—
Havana Electric Ry—
Int rec for allotment ctfs. pre—. 5.000,000
Acquisition of properties of
Int rec for allot cti's common,!
*7.953,8301 constituent companies.
(30,000 shares)
Int rec for corn (170.000 shares)
18.604.000 Acquis.; corporate:purp,
Int Tel & Tel capital stock
Manila El Corp corn (120.000 she). *4.320,000 Refunding.
N Y Steam Corp $6 pf (25,000 shs) *2.500.000 Additions.
41.300 Corporate purposes.
Niag Lockp & Ont Pr Co prof
1,993,040 Stock dividends.
North American Co common
Peoples Gas Lt & Coke Co stock.._. 4,342,600 Corporate purposes.
Public Service Corp (N J)—
*64.910.329 Exch. for old shares.
Common (3,577,275 shares)
307.000 Corporate purposes.
79'.preferred
4,466,800 Corporate Purposes,
6% preferred
15.000.000 Improvements, &c.
Pub Serv Elec & Gas Co prof
671,625 Corporate purposes.
Southern Calf Edison Co,common
Standard Gas & Electric Co—
*1,801.2191Acquisition of stock of subCommon (62.111 shares)
3,291.3001 sidiary companies.
%
8 preferred
Utilities Power & Light Co—
*292.840 Corporate purposes, &c.
Class A (14,642 shares)
1.178.900 Issued per consol. plan.
West Penn Elec Co 7.% prref
1.023.6001Impts., add'ns and _ corWest Penn Power Co 6% prof
8,0001 porate purposes.
7% preferred
INDUSTRIAL BONDS LISTED, SECOND SIX MONTHS OF 1926.
Amount.
Purpose of Issue.
Company and Class of Bonds—
Calif Petrol Corp. cony 5145. 1938-512.000.000 Refunding, working capital.
,
Consol Cigar Corp,6% notes, 1936 10.000.000 Acquis.stocy of constit.cos.
Davison Chemical Co 614.. 1931_ _ 3.000.000 Refunding, working capital
10,000,000 Expansion mfg. plants.
Fiat, Turin, Italy, 7s, 1946
Good Hope Steel & Iron Works,
9,875,000 Repay bank loans, workGermany, 78, 1945
ing capital, &c.
Gotham Silk Hosiery Co., Inc., 68,
6,000,000 Acquisition "Onyx."
1936
Ilseder Steel Corp., Germany, 7s,
7,500,000 Working capital, &c.
1946
Keith (B F)Corp lat&gen 651946. 6.000.000 Pay mtges., acquis'ns. &c.
Kresge Found'n coil tr 6% notes'36 8,000,000 Acquisitions.
Liquid Carbonic Corp 1st cony 68
4.000.000 Acquis. constit. cos., &c.
1941
15,000,000 Acquis'n, work. cap., &c.
Loews,Inc,65,1941
Midvale Steel& Ord Corp coil tr 55,
594,000 Exch. for bonds not gtd.
1936
mortgage Bank of Chile 6145, 1957 19.903.500 Credit facilities.
20.000.000 Credit facilities.
1961
6s.
12,000.000 Refunding, work'g capital.
Otis Steel Co 1st 6s, 1941
Penn-Dixie Cement Cdrp 1st 6s,'41 13,000.000 Acquis'n constituent cos.
Rand Kardex Bureau, Inc. 535%
2,759.000 Acquis'n stock sub.co.
notes, 1931
Rhine-Main-Danube Corp, Ger5.917.500 Construction.
many, 7s 1950
3.500.000 Acquisition real estate.
1314., 1948
Co, Inc.Shulo
4,000.000 Acquisition real estate
$410,961,592
Total
614s, B, 1946
Silesian-American Corp 7s, 1941_ _ 15.000.000 Acquis'ns, working capital.
r'etroleum Co 6% notes,'29 3.431,500 Refunding, corp. purposes, INDUSTRIAL STOCKS LISTED FIRST SIX MONTHS OF 1928.
Simms
Tenn Copper & Chem Corp cony es, 1.600.000 Capital
Purpose of Issue.
Amount.
Company and Class of Stock—
expenditures, ace.
1941
Abraham & Straus, Inc, common
Westinghouse El & Mfg 5s, 1946.... 30.000,000 Refund 7s of 1931.
*1,387,500101d stocks just listed.
(155.000 shs)
Wheeling Steel Corp 1st & ref 514.,
4,250,0001
971 000 Refunding, work. capital.
Preferred
194813
392,000 Exch.for old bds.per reorg. Albany Perf Wrapping Paper Co—
Wick wire Spencer Steel Corp 7s35
*240.000 Old stock just listed.
Common (96,000 shs)
Youngstown Sheet & Tube Co 6s, 10,000,0001Refundllig, working
1,500,000 Refunding, corp.ipurpossi,
Preferred
capital
1943
Alliance Realty Co—
*3,000,000 Exch. for shs. of $100 par,
Stock (120,000she)
$247,473,500
Total
JAN. 15 1927.]
THE CHRONICLE
293
Company and Class of StockAmount.
Purpose of Issue.
Company and Class of StockAmount.
Purpose of Issue.
Amerada Corp,com (713,300 shs)- *7,133,009 Old stk. Just listed, wkg.cap Southern Dairies, Inc
"a)
Class A (129.990 shares)
American Can Co common
61.849,9501Exch. for $100 par shares,
*2.339.820 Acquis. constituent cos.
Class B (225,000 shares)
*2.935.400
working capital.
1 50% stock dividend.
Standard Milling Co,6% pref
American Home Products Co
6,488.000 Each, for 5% pref.
Capital stock (300.000 shs)
*1,548.344 Acquisition constituent cos. Standard Oil Co of Calif (Del)
Capital stock (13,016,434 shs) *325,410.850 Acquis. of companies.'Mi
l
American Ice Co common
409.000 Conversion of notes.
Standard Oil Co(N J) com
2,433.775 Issued under empl. stock
Am-La France F Eng Co Inc corn_ 1,043,000 Worldng capital.
acquisition plan.
American Locomotive Co- •
(John R)Thompson Co corn
6,000.000 Old stoc just listed.
Common (270,000 shs)
*13.500.0001Acquisition Ry. Steel
Tobacco Products Corp corn__
14,444,800 Acq. stock constit. cos.
Preferred
Union Carbide & Carbon Corp
11,724.0001 Spring Co.
Capital stock (2.827,470 shs)--*109.112.421 Old stock just listed.
Armour & Co (Ill) class A (v t c)
2,140,375 Old stock just listed.
United Cigar Stores Co of Am com 10.061.775 Work, cap., stock div.
Arnold Constable Corp
Stock (78.693shs)
*981,702 Exch.stk. of Arn. Const.Co United Fruit co
Capital stock (2,500,000 shs) -100.000,000 Each, for $100 par shs.
Barnsdall Corp, class A
6,571,650 Working capital,&c.
U S Realty & Improvement Co
Belding Heminway Co
Capital stock (666.457 shs)____ *26,658,300 Each. shares of $100 par.
Common (415,032 shs)
*6.917,200 Each. Belding Bros. stock.
Bethlehem Steel Corp 7% pref
39,843,000 Exch. & red. of 8% pref. Vanadium Corp cap stk (5,534 shs) *210.292 Acquis. constit. cos.
Vick Chem Co cap stk (400,000 shs) *2,002,900 Acquis. constit. cos.
stock, extensions.
Bloomingdale Bros, InoVirginia-Carolina Chemical Co
Common (300.000 shs)
Common (416,699 shares)
*3,541,881 Issued per reorg. plan o
*3,600.000fAcquis. & exchange of old
6S' prior preferred
7
(
Preferred
13.227,000
old company.
4,000,0001 stocks.
Brown Shoe Co corn (252,000 al's).. *8,400,000 Each, for shs. of $100 par.
preferred
20,082,600
By-Products Coke Corp-(V) Vivaudou. Inc
Common (189 919shs)
Common (357.000 shs.)
*9,495400 Old stock just listed.
*3.570.000 Each, for $10 par shares.
Calif Packing Corp corn (2,000 shs)
Preferred stock
*90,000 Acquisition properties.
1,700,000 Acquis. constit. co.
Calif Petroleum Corp corn
Weber & Heilbroner2,573,925 Acquisition.
°singlet & Ariz Min Co cap stock- 6,427,570 Exch.for stock of Ariz. Co.
Common (11,502 shares)
414,072 Stock dividend.
Calumet & Heels Consol Copper Co
White Motor Co cap stock
15.000.000 Stk. dtv., business expans
Capital stock
59,525 Consolidation constit. cos. Willis-Overland Co common__
1,308,585 Payment accum. pref. din.
Chandler-Cleveland Motor Corp
Wilson & Co, Inc cons (365,764 shs) *1.838.820{Issued per reorg. plan 41'
Common (280.000 aim)
Class A (318,670 shs)
1*16.599.045f Merger of Chandler Motor
*15.933.500
old Wilson & Co.
Preferred (350.000 shs)
1Car Co.& Cleve. Auto. Co.
Preferred
25,497.800
1
Childs Co cap stk (7,353 shs)
*73,530 Stock dividends.
Chrysler Corp corn (2,704,966 shs)_•24,406.340 Each,for old no par shares.
Total
$1.436.663.699
City Investing Co com
6,000.000101d stock just listed; 50%
INDUSTRIAL STOCKS LISTED SECOND
X MONTHS OP 1926
1 stock dividend.
Coca-Cola Int Corp
Company and Class of StockAmount.
Purpose of Issue.
Common (251,000 shs)
*7.530,000 Old stock just listed.
Air Reduction Co,corn (7,659 shs)- *160,839 Acq of constituent cosCollins & Arkman Co
Amalgamated Mather Co
-Common (360,000 shs)
*4.800,0001Acquisition assets of con
Common (175,000 shares)
*2,500.000 Old stock just listed.
Preferred
5,000.0001 stituent companies.
Preferred
5.000.000 Old stock just listed.
Commercial Credit Co
Amerada Corp stock (101.500 shs)- *1,040.375 General corporate purpose,
Common (200,000 shs)
*3,400.000 Stock div., working capital. Amer Brown Boveri Else Corp
63 % preferred
8.000.000 Working capital.
Participating stock (20,000 shs)-*400.000 Working capital.
Commercial Invest Trust Corp
Am Druggists' Syndicate stock_ _ _ _ 1.369,740 Old stock just listed.
Common (81,999 shs)
*2.541.9691Additional working capital. American Ice Co common
591.000 Conversion of notes.
6%% preferred
7,500.0001
Am Locomotive Co pref
1,564.200 Acq. Ry. Steel Spring 00
Commercial Solvents Corp
American Machine & Fdy Co
Class B (21.837 shs)
*480,414 Conversion of notes
Common (180.000 shs)
*6.000.000 Each. for par value stock
Congress Cigar Co. InoPreferred
2.000.000 Working capital.
Capital stock (350,000 shs)
*5.237.366 Acquis. stock old company. Amer Safety Razor Corp
Consol Cigar Corp corn (48,665 shs) *1,703,275 Redemption of notes.
Stock (200.000 shares)
*10.800.000 Each. for 3100 par shares
Consol Distributors, too
Amer Sumatra Tobacco Corp
Capital stock (69.806 shs)
*261,771 Working capital.
Common v t c (165.846 shares)
*1,225.000 Issued per reorganien plan
Continental Can, cons (23.448 shs) *1.406.880 General corporate purposes Armour & Co (Ill) class A (v t c)
31.250 Old stock just listed.
Cuban-Amer Sugar Corp cap stock
Class B (v t c)
31.250 Old stock just listed.
(277.833 shs.)
*11,391 153 Each, for stock of old co.
Arnold Constable Corp
Cushman Sons,Inc.com.
(5.000 shs)
*25,000 Acquisitions, capital expenStock (9,878 shares)
*128,414 Old shares just listed.
$8 preferred (3,964 shs)
'396.4001 dltures, &c.
Auto Sales Corp com (80.592 shs) *4.029.570 Each, for par value share,
7% preferred
951.600
Bayulc Cigars.Inc. 7% 1st prof_ _ _ 1.000.000 Working capital. &c.
E I duPont de Nem&Co deb stock 10.000.000 Working capital, &c.
Bethlehem Steel Corp, pref
7.936.400 Each.& red. of8% Pf•• &q
Elsenlohr (Otto) & Bros, Inc, corn
6,000.000 Old stocks just listed.
Bon And Co com A (100,000 sluz)
*1,374.627 Exch. of predeces. co. stk
Preferred
2,160.000
Brunswick Term & Ry Seem Co
Electric Auto Lite Co cap stock
Stock (87,000 shares)
*1.963.466 Each. for par value hare*
(250.000 shs)
*2.618.894 Old stock just
Butterick Co common
1.149.900 Stock dividend.
Else Boat Co cap stk (766.932 shs) *7,972,806 Acquis'n assetslisted.
(AM)Byers Co. pref
2.427,900 Refunding.
old co.
Electric Refrigeration Corp capital
Calif Packing Corp stk (321,387 sh)14.301,721 Stock dividend.
stock (577.446 shs)
*4.388.630 Acquisition constituent cos. Calif Petroleum Corp common_
1,902,775 Acq. stock constituent coo
Equitable Office Bldg Corp, peel
4.936.500 Old stock just listed.
Calumet & Heels. Consol Copper
Equitable Trust Co capital stock
6,969,000 Additional capital.
Co stock
76,425 Consolidate constituent cal
First National Stores, Inc,common
Canada Dry Ginger Ale, Inc-1
1Stock dividends, old stock
(595,000 shs)
*1.502.406 Acquisition constituent cos.
Stock (450.694 shares)
f *1.831.6611 just listed.
Fisk Rubber Co. cony pre__
4,470.700 Pay accum. pref. divs.
Central Alloy Steel Co
Gen Cigar Co,Inc. corn (362.556sh) *362.556 Each, for $100 par shares.
Common(1,320,625 shares)--*53.542.4751Acquisition of predecessor
Gimbel Bros, Inc. com (22,500 shs) 1,035.000'Acquisition stock of conPreferred
9.439.3001 & constituent companies.
Preferred
3,000.0001 stituent company.
Chase Nat Bank stock (tr rcts)
19.948.5001Merger of Mechanics &
Gold Dust Corp. com (13078 shs
*32,745 Acquis'n F. F .bailey Corp. Chase Secur Corp stk (199,485 shs) *997.4251 Metals Nat'l Bank.
Goodrich (B F Co. pref
1.436,000 Working capital.
Childs Co stock (6.591 shs)
*131,820 Stock dividends.
Gotham Silk hosiery Co non-vot
Collins & Arkman Co
com (25.447 shs)
*254370 Conversion of pref. stock.
Common (27,222 shares)
*362.960 Conversion of preferred.
Howe Sound Co com v t c (458.367
Commercial Solvents Corp class B
!Conversion of notes k
she)
*2,291,835 V. t. c. extended to 1935.
39. C
cona09 0
( 1 6 ig
*4,395.6001 Class A stock.
Hudson Motor Car Co capital stock
Cigar Corpcom (55.338 shi *4.122,681 Pay debts, work. cap
(266.610 shs)
*3.332,625 20% stock dividend,
Consol Distributors Inc
Intercontinental Rubber Co stock
Stock (36.358 shs)
*327.222 Working capital.
(593.334 shs)
*5.933.340 Issued per reorginza'n plan. Continental Baking Corp
Int Agric Corp, com (3.933 shs)-•16.665 Iss. under empl. pur. plan.
Common (291.808 shs)
1'3,161,193 Issued sin e 1924 In conPreferred
10.000.000 Each,for depositary cez•tifs.
Common class B (2,000.000 shs)/
nect on with stocks of
Internat Business Mach Corp stock
P eferred
51,882.800 sub, and affiliated cos.
(385.762 shs)
*1.928.810 Split up of shares.
Crown Willamette Paper Co
International Harvester Co. pref._ 1.592.400 Working capital, &c.
Common (v t c) (149.000 shs) 41 ..688.000 Acquisition of old Malr.s
4 9 0.0 0 cq
0 01
y.
Int Paper Co. corn (84,277 shs)-- *8.427.700 Expansion, &c.
1st preferred (149.000 shs)
Preferred
839,800 Exchange for 6%
21.249.500 Each, for $10(1 par stock,
preferred. Cudahy Packing Co
Kresge (S (3) Co. corn
36.776.360 Each, for $100 par shares.• Davison Chem Co stk(75.655 shs). *2,912,717 Acquisitions.
common__Lap 011 & Transport Corp. com
E I du Pont de Nemours & Co
(.1,968,901 shs)
*39.689.010 Acquis'n constit. cos.. &c.
Common (2.661,658 shs)
*133.082.900 Each, for $100 par shares.
Lambert Co, corn (281,250 she).*575,510 Acquisition constituent cos. Elec Refrig Corp stk (33.758 shs)- *270.064 Stock div.. corp. purpose,
Lee Rubber az Tire Corp cap stock
Electric Storage Battery Co
(85,163 shs)
*1.603.260 Working capital.
Common (5.038 ells)
*125,950 Corporate purposes.
Life Savers, Inc, stk (500.000 she) *1.394.805 Acquis'n assets constit. CO. Emerson-Brantingh am
Corp
Liggett & Myers Tobacco Co corn
5.401,325 Stock dividend.
Class A (74.003 shs)
1 *5,180.000 Issued per reorganizatiox.
Louisiana 011 Ref Corp.6 ° pref. 4.000.000 Red. of bonds, corp .purp.
h
Class B (10.821 shs)
plan of old company.
I
McCrory Stores Corporation.
Emporium Corp stock (358,914 shs) *5.980.900 Acquisition stock of constit'
Common (376.721 shs)_
*10.924.909 Old stock just listed.
CO., Corp. purposes.
Class B (1,134 shs)
*32.886 Stock dividend.
Erie Steam Shovel Co corn
2.000.000 Acquisition and excha g
Mack Trucks, Inc. COM (203.8381 *1,019.190 Stock dividend.
Preferred
3,000,000' for old stock.
Marland Oil Co,cap stk(30.400 sh *1,459.200 Working capital, &c.
Famous Players-Lasky Corp
Marlin-Rockwell Corp,com (85.20
Common (201.325 shs)
*18,193.720 Stoc div.; corp. purpo e
*85.207 Conversion of preferred.
Federal Motor Truck Co
Miller Rubber Co
-Stock (410.000 shs)
*2,050.0001Exch. for par yak's
Common (260.088 shares)
*5.201,100 Old stock just listed.
1 stock dividend.
Motion Picture Capital Corp-Fidelity-Phenix Fire Ins Co stock_
451.250 Old stock just listed.
Common (33,690 shares)
*370.590 Working capital.
Fisk Rubber Co com (13,289 shs)- *132,890 Conversion of preferset.
Nash Motors Co
General Electric Co
Common (2,457,000 shares)_-_-*12,285.000 Stock dividend.
Common (7.211,484 shs)
*180.287,100 Each, for $100 par
National Cash Register Co
Special stock
7,210,810 Stock dividend.
Corn "A"(1,000.000 shares)----*32,729,348 Acquis. constituent co.
General Motors Corp-National Dairy Products Corp-Common (3,535.717 shs)
*176,785,850 Stock div., acquis. Fis
Capital stock (305.484 shs)__ __ *7,942,532 Acquis. of constituent co.
od
By Corp.
Nevada Consol Cooper Co
Gold Dust Corp com (5.320
*15,900 Acq.F. F. Dailey 0 lis
Capital stock (2,464,090 she) __*12,320,450 Exch. for $5 par shares, Gotham Silk Hosiery Co shs)
red, of debentures.
Non-voting cons (49.877 shs)
*498,770 Cony,of preferred s
New York Canners. Inc
Hartman Corp cl B (396.927 shs)_*17.432.021(Each. for old stock. c
Common (6,177 shares)
30,885 Stock dividend.
Class A (18.113 shs)
*452.8251 Stock dividend.
$6 preferred (60,000 shares)
*5,100.000 Red. • existing securities, Hupp Motor Car Corp com
913.800 Stock dividend.
working capital.
International Cement Corp
Otis Steel Co corn (100.000 shs)__
*500.000 Working capital.
Common (62,500 shs)
*2.994.675 Construction of pla
Owens Bottle Co com
819.775 Stock dividend.
International Combustion Engineering Corp
Park Utah Consol Mines Co corn- _ 2,093.500 Old stock just listed.
Stock (2_5.971 shs)
*792.115 Increase business.
Pathe Exchange, Inc
Internat Harvester Co pref
1,146.700 Working capital,&
Class "A"(20,787 shares)
*501.072 Stock div., working capital. International Match Corp pref
15,750,000 Finance business
Postum Cereal com (665.000 shs)- _ *2,859.500 ACQUIS. constituent cos.
International Paper Co
Pressed Steel Car Co common
_ 12.239.600{Exch. for old stock in
Common (130.001 shs)
*13.000,100 Expansion &c.
merger with Western Kraft Cheese Co common
Preferred
14.395.900
8.447.350101d stock Just
Steel Car & Fdry. Co.
dividend.
Railway Steel Spring Co com_
6,750.000 Stock dividend.
Lag.o 011 & Transport CorpHeld Ice Cream Corp
Common (18.465 shs)
*184.6
nie mast%
Common (27.987 shares)
*979.545 Corporate purposes.
Liquid Carbonic Corn
Schulte Retail Stores Corp
Common (100,000 sarbos)
*6,218,938 Acq. of predecessor c...
Common (660.317 shares)
*923.883 Stock dive.. wkg. cap.. &c. Mack Trucks Inc com (101.919 she) *509.595 Working caphal.
Sears Roebuck & Co
Manhattan Co stock
700.000 Acqubdtion of b an
Stock (4,200,000 shares)
*105.000.000 Each, for $100 par shares. Manhattan Electrical Supply Co..
Skelly Oil Co capital stock
2.524,000 Cony, of notes.
*34
Stock(5.000 shs)
[VOL. 124.
THE CHRONICLE
294
' Purpose of Issue.
Amount.
Company and Class of Stock—
Marlin-Rockwell Corp—
*2.404 Conversion of pref. stock.
Common (2.404 sits)
*235,020 Acquisition of constit. cos.
:Nat Dairy Prod,corn (11,751 shs)_
Nevada Consol Copper Co stock
*5,971.075 Exchange for debentures.
(1,194.215 shs)
New York Air Brake Co,com (100,*6.600,000 Working capital, &c.
000 shs)
11,643.100 Liquidate accum. diva.
'Otis Steel Co. prior preferred
3,895.420 Stock dividend.
_Packard Motor Car Co,corn
Pah-Amer Petroleum & Transport
25.656.400 Acquis'n Lego Oil stock.
Co. class B
13.429,450 Old stock just listed.
as Motor Car Corp. corn_
Seaboard Steel Corp stock
*7.108,723 Exch.for v.t.c.,work'g cap.
(3.100,000 shs)
Pennsylvania-Dixie Cement Corp
*4.000.0001Acquisition of constituent
Common (400.000 shs)
13,000,0001 companies.
Preferred
365.000 Merger with W.St.Car & F
.
Steel Car Co. preferred__
nessed
(
4.124.775 Acquisition ofstocks ofsubPurity Bakeries Corp,class A
*7,950.3191 sidiary companies: genClass B (210.826 shs)
5.492.5001 eral corporate purposes.
Prefe rred
just listed.
Real Silk Hosiery Mills. Inc.corn. _ 2,000.000 Old stock just listed
2.500,000 Old stock
Preferred
Schulte Retail Stores Corp. corn
*420,700 Stock dividends.
(43.335 sits)
1,798.000 Conversion of notes.
Skelly 011 Co'stock
1,120,600 Acquis'n stock constit. cos.
South Porto Rico Sugar Co,corn
South Dairies, Inc. cl A(30,010 shs) *660.2201Addl working capital.
*138,000J
Class B (9.200 shs)
1,407,750 Issued under employees
Standard Oil Co (N J), corn
stock acquisition plan.
Standard Oil Co of New York stk._419,573,275 Old stock just listed.
*2.165.694 Stock dividend.
Sun Oil Co. corn (66.338 shs)
148.745,925 Exch. for Texas Co.shame.
Texas Corporation stock
Texas Gulf Sulphur Co stock
*6,350.1300 Exch. for par value shares.
shs)
_ (2,540,000
124,400 Corporate purposes.
Union Oil Co of California stock
United Cigar Stores Co of Am,corn 1.239.550 Stock divs., acquisitions.
2,300,000 Exch.stock of constit't cos.
United Drug Co. corn
U S Hoffman Mach Corp, corn
*4.632,182 Exchange for v. t. C.
(222,204 shs)
Va-Car Chem Co,com (37.694 shs). *320,3991Is8ued per reorganization
1,119,7001 plan of old company.
'8% preferred
White Sew Mach co,pf(100.000 oh) *5,000.000 Acquisition of old company.
Wilson & Co. Inc, corn )43,987 shs) *219,935(Issued per reorganization
plan of old Wilson & Co.
*1.506.200
Class A (30,124 shs)
2.407.200
Preferred
Yellow Truck & Coach Mfg Co. B.. 7,000,000 Corporate purposes.
tetr
$1,586.273.995
Total
* Includes shares of no par value. The amounts given represent the
or stated value.
declared
As has been our practice, we give herewith a list of the new
(unlisted) notes issued for one thing or another during 1926.
This compilation is entirely distinct from the corporate listings and the totals are not included in the above tables.
Note issues represent principally short-term financing and
thus act to diminish the volume of stocks and bonds that
would normally be presented for listing on the Exchange.
PRINCIPAL NOTE ISSUES NOT LISTED FIRST SIX MONTHS 1926.
Amount.
Maturity.
Date.
Rate.
Railroads—
Chic Rock Isl & Pac Ry_4Si% June 1 1926 June 1 1928 $8,000.000
Minn St Paul & Sault
1,500,000
% June 10 1926 June 10 1928
Ste Marie Ry
5.000.000
Feb. 1 1926 Feb. 1 1928
St Louis-San Fran Ry- _5%
112,500.000
Total, railroad company notes, first six months
Amount.
Maturity.
Date
Rate
Public Utilities—
3,000.000
1928-1929
Berlin City Elec Co_ _ _ _13Si% Feb. 1 1926
1,500.000
Mar. 1 1926 Mar. 1 1929
& Elec Co67
Central Gas
700.000
June 1 1926 May 31 1927
City Light & Trac Co5
2,500,000
Nov. 2 1925 Nov. 1 1928
Columbus Elec & Pr Co_5 0
2.000.000
June 1 1926 June 1 1929
do
59'
do
1,000,000
July 1 1926 July 1 1927
Community Water Serv.69
250.000
June 1 1926 June 1 1927
East Coast Util Co_ _ _ _5
1.000.000
May 1 1926 May 1 1929
Fed Water Service Corp.5
2.000.000
0
Galveston-Houston Co_6 7 June 1 1926 June 1 1931
1,000.000
Greenwich Water Co_ _.4 % July 1 1926 July 1 1927
750.000
Jan. 1 1926 Jan. 1 1928
Greenwich Water & Gas6%
250,000
5%% May 1 1926 Jan. 1 1928
do
do
100.000
Mar. 1 1926 Mar. 1 1927
Kentucky Central Elec..69'
335.000
Apr. 1 1926 Apr. 1 1927
6%
do
.do
350.000
Apr. 15 1926 Apr. 15 1927
.5%
Middle West Telep Co..
150.000
Nebraska Elec Power Co5Si% May 15 1926 May 15 1927
1,500.000
No Boston Ltg Prop. .43% Feb. 1 1926 Feb. 1 1929
300.000
May 1 1926 May 1 1927
Northeastern Iowa Pr 5%
10,000.000
Apr.Apr. 15 1928
Pittsburgh Utilities Co.5%
1,000.000
1926-1928
Sachsen-Anhalt El Co_ _6 % Jan. 11928
1,700,000
June 1 1926 June 1 1929
Savannah Elec & Pow 5
8e0,000
Mar. 1 1926 Mar. 1 1927
5
Edison Co
Union
Industrial & Other Cos.Rate.
Inspir Consol Copp Co.63 %
Kerr Dry Goods
Keystone Steel & Wire_6%
0
Kleinert(I B)Rubb Co-67
Kresge Foundation Co-6%
67
McCord Mfg Co
Mfrs' Finance Co
Mercantile Accept Corp 6Si%
Minn & Ont Paper Co_ _6%
0
Mtge & Accept Corp_ —67
,
Motor 1 inance Corp-6%
Pacific Finance Corp_ _ _53
531%
Pacific Mills
Perkins-Snider Bldg 0o-5%
i%
Pillsbury Flour Mills Co 5S
Powell /liver Co,Ltd_ _ -5%
Roper (Geo D) Corp_ —6Si
Schuster(Ed)& Co,Inc5%
.5 0
Seiberling Rubber Co..
6%
Sorrel Corp
Shaffer 011 & Ref Co_ _ -6%
Sisters of the Holy Fam57
ily of Nazareth
,
61
South Georgia Co
Southern Bleachery,Inc 7
Standard Milling Co5 0
-Franklin Corp-6%
Stewart
Summerfield & Hecht,
634%
Inc
United Fuel & Sup Co 6%
United Oil Co (Callf)__ _6%
Upper Miss Barge Line_5 %
6%
Warner Gear Co
West Am Finance Corp-534%
64
Date.
Mar. 1 1926
Feb. 20 1926
Jan. 1 1926
Dec. 15 1925
June 1 1926
April 1 1926
Mar. 1 1926
May 15 1926
Mar. 1 1926'
Jan. 1 1926
June 1 1926
Mar. 1 1926
Feb. 1 1926
July 25 1925
Mar. 15 1926
Feb. 1 1926
May 1 1926
Mar. 1 1926
Mar. 1 1926
April 1 1926
April 15 1926
daturity.
Mar. 1 1931
Feb. 20 1931
Jan. 1 1933
1926-1932
June 1 1936
1926-1927
Mar. 1 1931
1926-1927
Mar. 1 1931
1926-1928
1927-1932
1927-1936
Feb. 1 1931
1926-1935
1927-1931
1928-1933
May 1 1936
1927-1934
Mar. 1 1929
April 1 1931
April 15 1928
Amount.
6.000.000
200.000
1,000.000
1,100,000
8,000,000
360.000
7,500.000
300,000
3,500,000
2,000,000
1.000.000
5.000,000
17.500.000
205.000
1,000.000
4,000.000
700.000
1.200.000
1,500.000
5,000,000
7.500.000
400.000
1926-1935
Feb. 25 1925
350.000
Mar. 15 1926 Dec. 31 1930
500.000
1927-1935
Jan. 15 1926
May 1 1926 Nov. 1 1930 - 3.300,000
300,000
Feb. 15 1926 Feb. 15 1931
Feb. 15 1926 Feb. 15 1941
April 15 1926 April 15 1936
1927-1929
Mar. 1 1926
Feb. 1 1926 Aug. 1 1930
1926-1931
May 1 1926
1926-1927
Mar. 1 1926
1.0&000
2,00(,000
2,500,000
500.000
500.000
1,500,000
Total industrial and miscellaneous cos., first 6 months___-$240.665.000
Total railroad, public utility and misc. cos., first 6 mos.— 285,350.000
PRINCIPAL NOTE ISSUES NOT LISTED SECOND SIX MONTHS.
Amount.
Maturity.
Date.
Rate.
Railroads—
July 1 1926 July 1 1928 $10.000.000
59'
Erie RR
7,500.000
Jan. 1 1927 Jan. 1 1930
Wisconsin Central Ry 59
$17,500.000
Total railroad company notes, second six months
Amount.
Maturity.
Date.
Rate.
Public Utilities—
3100.000
Nov. 1 1927
Nov. 1 1926
Caribou W Lt & Pr Co_ _6%
300,000
Nov. 15 1926 Nov. 15 1927
Cent Cities Utilities Co_5 Si
1,550,000
,
Co_531 , July 1 1926 June 30 1927
Cent West Pub Serv
2,000.000
Colonial Gas ilc Mee Co_5%% Aug. 1 1926 Aug. 1 1929
2,000,000
Oct. 1 1926 Oct. 1 1927
Commonwealth Lt & Pr.6%
2,500.000
1927-1930
Sept. 1 1926
Consol Wat,Pr & Paper.5%
900,000
Aug. 1 1926 Aug. 1 1929
ElecPublic8erviceCo..6%
1,500.000
July 1 1926 July 1 1927
Co_ —6 o
General Pr & Lt
1.750,000
Nov. 1 1926 Nov. 1 1927
General Telephone Co_.5%
1.500.000
June 1 1926 June 1 1929
Ga-Carolina Electric 00.6%
Indiana Consumers Gas
1,200,000
By-Products CoOct. 1 1926 Oct. 1 1929
490,000
Aug. 15 1926 Aug. 15 1929
Indiana Tel Scour Co.._P
700.000
Nov. 1 1926 Nov. 1 1927
Keystone Tel Co (Phlla)5%
1,400.000
McGraw Electric Co_ _ _6 % Nov. 1 1926 Nov. 1 1929
5,000,000
1929-1931
Aug. 1 1926
Midland Utilities Co_--5
200,000
July 1 1926 July 1 1927
Northern States Telep_6
2,500,000
Dec. 15 1926 Dec. 15 1929
Utilities Co-.7°/
No Texas
425,000
Sept. 1 1926 Sept. 1 1927
Ohio Central Telep Co.....5%
1.650,000
1926-1928
June 15 1926
Peoples Lt & Pr Corp--5%
1.000.000
1927-1928
Nov. 15 1926
534%
do
do
500.000
Feb. 1 1927 Feb. 1 1932
Roanoke Water Wks00.6
400,000
July 1 1926 July 1 1929
Sierra Pacific Elec Co- _5
700.000
1928-1929
1 1926
West Boston Gas Co-4 % Sept.
630.265.000
Total public utility company notes. second six months
Amount.
Date.Maturity.
Indus. & Other Cos.— Rate.
36.000,000
Si% July 1 1926' 1927-1929
Anglo-Amer Oil Co,Ltd.4
1,250,000
Oct. 1 1926 Oct. 1 1929
Auburn Automobile Co_67
1,750,000
June 25 1926 July 1 1928
6S
Beach Hotel Co
4,250,000
1927-1937
Braun Lumber Corp_ --5 2% July 1 1926 Nov. 15 1931
600.000
Nov. 15 1926
Bullard Machine Tool--6%
1.000,000
May 1 1929
1%
63Capital Garage Co
200.000
1927-1936
Nov. 1 1926
Chaminade College_ _ --5%
1,150.000
Sept.
Coldak Corporation— -6%% Sept.15 1926 July 15 1933
2,000,000
1 1936
July 1 1926
Commander-Larabee-7%
5,000.000
Sept. 1 1926 Sept. 1 1929
6%
Compania Cubans,
10,000,000
Oct. 15 1926 Oct. 15 1936
Consolidated Cigar Corp6%
4,300.000
11938
Consol Publishers,Inc--6 % July 1 1926 July • 1 1927
175.000
Aug. 1 1926 Aug.
-Pontiac Homee_6 c
Detroit
1.600,000
1936
1926
70
Elk Hill Co
First Church of Christ
(Scientist). Louisville,
205.000
1927-1937
June 1 1926
6
1,000,000
1927-1936
July 1 1926
Gen7 Necessities Corp- _6
1
300,000
1928-1931
July 1 1926
6
Her ick (Fred)
100.000
1927-1932
Aug. 1 1926
Hibernia Mtge Co. Inc-6
100,000
1927-1932
Sept. 1 1926
6
do
do
100,000
1929-1932
Oct. 1 1926
60
do
' do
5.000,000
5 % Oct. 15 1926 Oct. 15 1936
Hood Rubber Co
1,000.000
1 1926 July L1936
July
Hope Eng & Supply Co_6
350.000
Sept. 11928 Sept. 1 1929
6
Kehler Shoe Co
1,000.000
Oct. 1 1926 Oct. 1 1936
Lloyds Finance Corp....6%
3.250,000
Dec. 1 1926 Dec. 1 1931
Long Bell Lumber Co.6%
100,000
1927-1937
Nov. 1 1926
Marine Mtge Co,Inc__ _6 0
1,300,000
Apr. 1 1926 Apr. 1 1941
McCalltun Hosiery Co_ _6Si
334,000
McCormick(C R)Lum_5% 0 Aug. 1 1926 Aug. 1 1929
McCormick(EdithRocke585,000
1927-1930
July 1 1926
6%
feller) Trust
Methodist Hospital,
350,000
1928-1938
TennMay 1 1926
Memphis,
901,000
1927-1930
Sept.11 1926
Moto Meter Co, Inc 6;,
500.000
Nashua Mfg Co—
1,500.000
Nat Theatre Supply Co_6Si% Sept. 1 1926 Sept. 1 1931
750.000
1927-1936
-5 -6% July 1 1926
Newcomb Hotel Cos
1.000.000
Dec. 1 1936
North Amer Car Corp--6
150,000
Sept. 1 1926 Sept. 1 1927
Oran eCrushHoldCorIL6 0
500,000
Red RIverLumberCo.534% Nov. 1 1926 Nov. 1 1928
400.000
1928-1931
15 1926
Aug.
Roach (Hal) Studios,Inc7 0
400.000
1927-1933
63-4% July 1 1926
Russ Mfg Co
200,000
1927-1936
Mar. 15 1926
St Louis University..
._.5%
3,000.000
1936
1926
7
Scranton Coal Co
500,000
534% Dec. 1 1926 Dec. 1 1931
Lace Co
Scranton
1,500.000
July 1 1926 - 1927-1928
775 Park Ave, N Y.. 6
3,431,500
Nov. 151928 Nov. 15 1929
Simms Petroleum Co---6 0
Co.
Sonneborn (Henry)
' Aug. 1 1926 Feb. 1 1928 1,250,000
8
Inc
1.500.000
1
Stanley-Mark Strand Co6 % July 1 1926 July 1 1941
12.500.000
1936
Oct. 1 1926 Oct.
Stinnes (Hugo) Corp.7%
500,000
Oct. 1 1926 Oct. 1 1931
Subway Terminal Co-7 0
634% Nov. 1 1926 Nov. 1 1936 $4,000,000
Ulen & Co
United Porto Rican
1.500.000
Nov. 1 1926 Nov. 1 1931
7%
Sugar Co
1,500.000
1927
Aug. 15 1926
West Am Finance Corp_69
350,000
Nov. 1 1926 Nov. 1 1927
69
(J E) Wheeler)
78.000
Nov. 1 1926 Nov. 1 1928
Ltd ()%
Wood & English,
six
Total industrial & miscellaneous co. notes, second six months_ 392.259.500
months-140.024.500
Total railroad, public utility & misc. co. notes 2d
330.000.000
Total railroad companies for 1926
62.450.000
companies for 1926
Total public utility
332,924.500
Total industrial and miscellaneous companies for 1926
$32.185.000
Total public utility company notes, first six months
Amount.
Maturity.
Date.
Indus. & Other Cos.— Rate.
$1,000.000
1927-1931
Feb. 1 1926
Adams Royalty Ca_ _ _
4.000.000
June 1 1926 June 1 1931
Am La Fr Fire Eng Co__5%
4,000.000
July 1 1926 July 1 1936
Amer Seating Corp_ __ _6
400.000
Mar. 1 1925 Mar. 1 1940
Assoc'd Laundries, Inc_6
1.500.000
1927-1931
Feb. 1 1926
Associates Invest Co---6
2,200.000
Feb. 15 1926 Feb. 15 1936
5
Baldwin Co
2,500.000
1927-1929
Feb. 1 1926
Berkshire Knit Mills_.-59"
10,000.000
1929-1931
June 15 1926
Bethlehem Steel 0orp 57
1,000.000
June 1 1926 June 1 1929
6
Celotex Co
750.600
April 15 1926 April 15 1941
ChamplonCoatedPaper-6
2,000,000
April 15 1926 April 15 1941
_ _ _6
Champion Fibre Co_
3,000.000
April 1 1926 April 1 1931
Chicago Evening Amer-6
4,500,000
1927-1936
Jan. 1 1926
Chicago Mill & Lum Co 5
1.100,000
Mar. 1 1926 Mar. 1 1931
63-i
Consol Cement Co
2,000,000
0 April 15 1926 April 15 1936
Consol Laund Corp_ _ _
Wholesale
Consumers
300.000
June 15 1926
1927-1931
6
Supply Co
2.500.000
1927-1931
May 1 1926
Credit Alliance Corp_ _ _5 0
1,500.000
July 1 1926 July 1 1941
Dalton Adding Mach Co 6
750.000
1927-1931
April 1 1926
Dayton Rubber Mfg Co 6
8.250.000
1927-1929
5
Dodge Bros, Inc
3.000.000
Jan. 1 1926 Jan. 1 1936
Bloc Refrigeration Corp 6
1,700.000
1927-1936
Mar. 1 1926
Est of Francis Palms_ _ _6
10.000.000
Jan. 1 1926 Jan. 1 1931
5
Fisk Rubber Co
3,500.000
Flour Mills of Am,Inc--6S5 0 April 1 1926 April 1 1946
Free & Accep Masons of
300.000
1927-1932
April 1 1926
5
Washington
400,000
1928-1935
1926
Mar.
Furn Capital Bldg Co..6 % Feb. 1 1926
1,250.000
1
1927-1936
General Furniture Co--63.5%
General Motors Accept
50,000,000
Mar. 1 1926
1927-1936
Corp
15,000.000
Jan. 15 1926
1927-1929
Goodrich (B F)Co
Tire & Rubber
Goodyear
5,000.000
Feb. 15 1926 Feb. 15 1931
5Si%
Co (Calif)
1.000.000
April 1 1926 April 1 1929
Gould Car Ltg Corp.__ _6%
600.000
May 1 1926 May 1 1936
Green (A 11 Fire Brick-6%
1.800,000
Feb. 1 1926 Feb. 1 1936
Greif Bros Coop'ge Co 6%
Coke
misc, companies for 1926-1425,374,500
Hamilton By-Prod
1.250.000 Total railroad, public utilities &
1927-1931'
April 1 1926
424,784,050
6%
1925
Ovens, Ltd
2,000.000 Total as reported for 1924
1927-1936
1926
Mar.
335,100.000
Hazle Brook Coal Co 67c , Jan. 1 1926
for
100.000 Total as reported
1927-1931
1
247,022,500
Hibernia Mtge Co, Inc-6%
100.000 i Total as reported for 1923
1927-1932
May 1 1926
151,811,500
6%
do
do
3,000,000 Total as reported for 1922
Independent Oil & Gas-63 % Jan. 15 1926 Jan. 15 1931
0
2R
JAN. 15 1927.]
THE CHRONICLE
295
Gross and Net Earnings of United States Railroads
for the Month of November
Earnings of United States railroads for the month
of November, as shown in our tabulations further
below, are, treating the roads as a whole, much like
those for preceding months in recording improved
results, as compared with a year ago in both gross
and net. Only cursory' examination, however, suffices to make it plain that the totals on this occasion
are misleading, just as they were in October and
September. The improvement follows almost .entirely from the enormous coal traffic with which the
roads were favored as the result of the huge export
demand for coal induced by the strike of the coal
miners in Great Britain, which was not settled until
the end of November and which led to an enormous
export demand for coal in the United States in order
to fill in part the void occasioned by the absence of
home supplies of fuel in the British isles. The carriers serving the Pocahontas region enjoyed the
greatest advantage in that respect, since that region
yields the grade of coal particularly desired, these
roads being the Norfolk & Western, the Chesapeake
& Ohio and the Virginian Ry.; but as a matter of
fact the influence of this special demand for coal
extended to the bituminous districts virtually everywhere in the Middle and Middle Western States,
where enormous increases occurred in both the mining
and shipping of coal. At the same time, in the'case
of the anthracite roads, comparison is with the
period in the previous year when the anthracite
miners were on strike and not a pound of anthracite
was mined in the anthracite fields. As a consequence, all the large soft coal carriers and all the distinctively anthracite carriers have large gains in
gross and net alike over the previous year—the gains
by the anthracite roads being, of course, merely a
recovery ofthelargelosses of the previous year—and the
improvementin thegeneraltotalsfollowsalmostentirely
from that circumstance. With the large gains contributed by the bituminous and anthracite carriers eliminated,the gains in the general totals would disappear.
Outside the improvement contributed by the coalcarrying roads in the Middle and the Middle Western
States, gains of any considerable size are not very
numerous. Not only that, but in several different
sections of the United States we are confronted by
large losses rather than gains of any size. These
losses are due to trade reaction and thus it is becoming more and more evident that this trade reaction,
which has been disputed, is an actually existent fact,
at least in the sections of country referred to. Southern roads, nearly all of them, have suffered large
losses, the result of the recession in business occasioned by the big slump in the price of cotton and the
collapse in the real estate boom in Florida and at
other Southern points. Then, also, in the Western
half of the country, the low level of agricultural
prices has left its impress upon business, evidencing
the diminishing purchasing capacity of the agricultural classes. Several of the Western transcontinental lines have also sustained a diminution of their
revenues, while those on the North have had their
traffic and revenues reduced by reason of the poor
spring wheat harvest in that part of the country.
Thus the returns of earnings on this occasion are
truly indicative of the general business situation,
which of late has been spotted and uneven.
The part played by the heavy coal shipments in
swelling the traffic and revenues of the roads favored
in that way is clearly revealed in the coal statistics.
For the week ending Nov. 13 the production of soft
coal in the United States reached 13,807,000 tons,
bxeaking all records; for the week ending Nov. 20
another high record was reached at 14,282,000 tons*
and in the week ending Dec. 4 the record was again
broken with an output of 14,676,000 tons. The
U. S. Bureau of Mines in reporting these figures
pointed out that the highest production ever recorded
in any year prior to 1926 was 13,344,000 tons in the
last week of March 1919, just before the inauguration
of the great strike of that year. For the five weeks
ending Dec. 4 1926 the quantity of bituminous coal
mined was 69,282,000 tons, as against 61,130,000
tons in the corresponding five weeks of 1925, while
the quantity of anthracite mined was 8,748,000 tons,
as against only 179,000 tons in the same five weeks
of 1925, the latter simply the product of the wash.
cries, no coal having actually been mined. Here,
then, is an increase for the five weeks in bituminous
and •anthracite combined of 16,721,000 tons. This
explains the large earnings of the coal-carrying roads
and the improvement in earnings in the general totals
for the whole United States railroad system.
A few of the particularly large gains in earnings
deserve noting here. We have already referred to
the roads in the Pocahontas region as having been
especially favored in that way, and we find the Norfolk & Western reporting for the month $1,949,154
gain in gross and $1,353,120 gain in net; the Chesapeake & Ohio $786,019 gain in gross and $878,018 in
net, and the Virginian Ry. $854,229 gain in gross
and $506,166 gain in net. The Pennsylvania RR.,
of course, is the largest coal-carrying system in the
country and it reports $5,433,832 gain in gross and
$3,076,124 gain in net;the Baltimore & Ohio, another
large coal carrier, added $1,718,878 to gross and $533,584 to net. Among the anthracite carriers the Reading added $2,029,189 to gross and $1,108,864 to net;
the Lackawanna $2,002,747 to gross and $1,274,976
to net; the Delaware & Hudson $1,806,945 to gross
and $1,087,506 to net; the Erie, which. is both a large
anthracite and a large bituminous carrier, $1,578,280
to gross and $674,211 to net; the Lehigh Valley, which
also has a large tonnage in both kinds of coal, $1,528,-517 to gross and $815,976 to net; the Central of New
Jersey $878,616 to gross, but with a loss of $39,676
in net. And these illustrations of gains by the anthracite roads might be extended so as to include
virtually all the anthracite roads, small as well as
large.
On the other hand, Southern roads, the most of
them, suffered losses by reason of the adverse condition and circumstances already noted. The Atlantic Coast Line reports $621,528 loss in gross and $611,889 loss in net. The Louisville & Nashville falls
behind only $81,721 in gross, but loses $653,975 in
net; the Florida East Coast has suffered $505,872
decrease in gross and $71,794 in net. The Seaboard
Air Line reports a falling off of $276,172 in gross,.
which, however, was converted into a gain of $76,661 in net by a reduction in expenses. The Southern
Ry. is An exception to the rule and reports $402,561
gain in gross and $111,405 gain in net. These are
296
TH l
CHRONICLE
the figures for the Southern Ry. proper. Including
all the roads that go to form the Southern Ry. System, the result is an increase of $30,089 in gross with
a decrease of $672,366 net. The Yazoo & Mississippi
Valley is also an exception to the rule of loss among
Southern roads and is able to show $631,206 gain in
gross and $134,742 gain in net. Notwithstanding
these exceptions, however, and a few other minor
ones, the roads in the Southern region as a whole
have suffered a loss of $985,731 in gross and of $2,296,095 in net.
In the West also, as already stated, some important systems are obliged to report diminished
earnings, though some others in more favored localities are able to offset these with gains. The Union
Pacific has suffered a contraction of $1,436,024 in
gross and of $531,715 in net; the Southern Pacific
of $465,465 in gross and of $572,316 in net, and the
Northern Pacific of $627,137 in gross and of $503,917
in net, though the Chicago Burlington & Quincy has
increased its gross by $971,042 and its net by $376,084; the Great Northern its gross by $890,085 and its
net by $653,275; the Milwaukee & St. Paul its gross
by *325,540 and its net by $599,486. The Chicago
& North Western added $251,908 to gross, but lost
$455,740 in net; the Rock Island enlarged its gross
by $905,717 and its net by $555,886, while the Alchison added no less than $2,553,727 to gross and $654,746 to net; contrariwise, the St. Louis & San Francisco lost $501,785 in gross and $460,844 in net.
All these illustrations serve to confirm what we
set out to show, namely that losses have been numerous and in Some sections of the country quite common,
due to the recession in trade, and that it has been the
coal-carrying roads with their large gains that have
come in to save the day and give an improvement
for the United States railroad system as a whole.
To summarize the general results in brief, our tabulations show $28,736,430 gain in gross, or 5.41%,
attended by augmentation in expenses of $18,671,212,
or 4.79%,affording therefore again in net(before the
deduction of the taxes) of $10,065,218, or 6.79%.
The grand totals for the two years are shown in the
table which follows:
Mantis of November.
Inc. (-I-) or Dec. (—).
1925.
(186 Roads.)
1926.
Mlles of road
23 i.369
+968 +0.40%
237,335
Gross earnings
8559.935,895 5531,199,465 +828.736,430 +5.41%
Operating expenses
401,738.449 383,067,237 +18,671,212 +4.79%
72.10%
Ratio of expenses to earnings
71.75%
Net earnings
8158,197,446 $148,132,228 +$10.065.218 +6.79%
This year's moderate increases come on top of
moderate increases last year, too, in November,
the losses of the anthracite carriers at that time
having served to reduce the extent of the general
improvement. Our tabulations at that time showed
$26,960,296 gain in gross, or 5.34%, and $16,775,769
gain in net, or 12.77%. It should be pointed out,
however, that the 1925 gain in gross of $26,960,296
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
bad been lost the previous year, which is not surprising. 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 while enterprise did take on new
life, after Election Day, there was not yet time
enough for the change to find more than partial reflection in the traffic and revenues of the roads.
Slow recovery was in progress even before Election
Day as confidence in a satisfactory outcome steadily
increased, but trade nevertheless was oftmuch
[Vor.. 124.
smaller volume than in November 1923, which accounts for the $26,135,505 decrease shown by our
totals for November 1924.
But while the 1924 gross were diminished in'
the sum named, for the reasons stated, there was at
that time no loss in the net, inasmuch as operating
expenses had been curtailed in amount of no less than
$32,485,896, leaving the net at that time larger by
$6,350,391. The November 1925 improvement of
$16,775,769 was additional to this improvement of •
the previous year. And it is this net showing that
furnishes strongest occasion for gratification and rejoicing. The roads, in a word, are being operated
with increasing economy and efficiency. In November 1923 the ratio of expenses to earnings was 76.43%, in November 1924 the ratio was only 73.97%, in
November 1925 there was a further reduction to
72.10%, and now for 1926' the ratio is down to
71.75%. As a matter of fact, the improvement in
the net has been continuous year by year ever since
1919, often in the face of a heavy falling off in the
gross earnings. In these cumulative gains in the
net, as has been many times noted by us, is to be
read the story of how the managers have, since the
return of the roads to. private control, been in constantly growing degree regaining their hold on the
expense accounts. 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, when the comparison
was fairly satisfactory, our statement showed $57,618,155 gain in the gross and $15,846,050 gain in the
net. It was in the year before, however, namely
November 1921, that the most striking achievement
in the matter of cutting down of expenses was accomplished. There was improvement then in the
net even in face of the great falling off in gross revenues. By forced economy and drastic cuts in every
direction, 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 compilations for November 1920 having
registered $154,239,572 increase in 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 (owing to a coincident large augmentation in the
expenses) of $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 expanded railroad expenses
JAN. 15 1927.]
THE CHRONICLE
that the increase in the latter far outdistanced the
gain in gross revenues, large though these were by
reason of the higher rates put in force some months
before. In brief, though the gain in the gross then
reached $28,163,408, 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 is in the prodigious expansion of the expenses in these early
years that there has existed the basis for the retrenchment and economies since established. In the
following we furnish the November summaries back
to 1906. For 1910, 1909 and 1908 in the table we use
the Inter-State 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 our
own tables each year
-a portion of the railroad 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.
Year
Given.
Net Earnings.
Year
Isw. (-I-) or
Preceding. Dec.(-).
Year
Given.
Year
Preceding.
(+) or
Dec.(-).
Nos.
t
1906 _ 140,697,123 131,123,621 +9,573.502 48,065,287 48,506,160 +1,589,127
1907 _ 138.079,281133,284.42
+4.794,85 39.171.387 46,113,471 -8,942.084
8908 .211,597,792220.445,47
-8,847,673 74,511.332 68,294,996 +8.216,336
1909 - 248,087,561 211.784.35 +36,303,20 94,531,128 74,556,97 +19,974,158
1910 _ 248,559,120 247,564,47
+994,65 83.922,437 04,383,397 -10,480,969
1911.
241,343,763 243,111,38 -1,767,62 79.050.299 82.069,166 -3,018,867
1912 _ 276,430,016244,461.84 +31,968,171 93,017.842 80,316,771 +12,701,1371
1913 269.220,882 278,364.475 -9,143.59 78,212,966 93,282,860 -15,069,894
.
1914 _ 240,235,841272,882,181 -32,640.341 67,989,51577.567,898 -9,578,383
1915 306.733.3171240,422,69 +66.310.622118,002,025 67.999,131 +50.002,894
1916 330,258,745306,608.471 +23,652,274 118,373,538 118,050.448
+323,090
1917 360,062,052 326,757.14 +33,304.90 96,272,216 117,102,625 -20,830,409
1918 _ 438,602.283356.438,87 +82,163.40 75,882,188 95,809.982 -19.927.774
1919 _438,436,5511439.029.98 -2,593,483 48,130,467 74,979,347 -26,848.880
1920 _ 592,277,620 438.038,04 +154.239,572 85,778,171 48,244,641 +37,533,530
1921 - 464.440,498
-126,027,666 97,366,264 78,431,412 +18,934,852
1922 523,748,483468,130,32 +57 618 15 113,662,987 97,816,937 +15,846,050
1923 - 530.106,708 522,458,20
+7.648,500124.931.318117.623.537 +7,307,781
1924 _ 504,589,062 530,724,56 -26.135.50 131,435,105 125,084,714 +6,350,391
1925 _ 531,742,071 504,781,77 +26,980,298 148,157,618 131.381,847 +16,775,769
1928 - 559.935,895531.199.48 +28.736.430158.197,448 148,132,228 +10,065,218
Note.
-In 1906 the number of roads Included for the month of November uas 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 1915,246,910: 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, 236,728; in 1926. 237.335.
We have already outlined quite at length the showing made by the separate roads and it only remains
to say that even among Eastern lines, in the case
of thnse roads where the coal traffic is not a predominating factor in the total traffic, only moderate
increases as a rule appear as compared with a year
ago, while there are not lacking some instances of
losses. Thus the New York Central shows only
$836,477 increase in gross and $300,425 increase in
net, which look small alongside the gains for the
Pennsylvania Railroad of $5,433,832 in gross and of
$3,076,124 in net. Even for the entire New York
Central System, the result is a gain of only $1,223,223
in gross and of $423,294 in net. In the following
we show all changes for the separate roads or systems,
for amounts in excess of $100,000, whether increase
or decreases, and in both gross and net:
PRINCIPAL CHANGES IN GROSS EARNINGS FOR THE MONTH
OF NOVEMBER 1926.
Increase.
Increase.
Pennsylvania
45.433.832 NY NE & Hartford__
$495.758
Atch Top & Santa Fe (3) 2,553.727 Pittsburgh & Lake Erie_
493.276
Reading
2,029,189
466,083
Del Lackawanna & West 2,002.747
Is d & Western_
nlrio
465,939
Norfolk & Western
1,949.154 Missouri Pacific
455,712
Delaware & Hudson_ _ _ - 1,806.945 Southern Rall way
c402,561
Baltimore & Ohio
Great Worth
1,718.878
358,135
Erie (3)
1.578,280 Chicago Milw & St Paul_
325.940
Lehigh Valley
1,528,517 Bessemer & Lake Erie
303,769
Chicago Burl & Quincy..
971.042 Mo.-Kan-Texas (2)
290,837
Western Maryland
947.094 Kan City Mex Or of Tex
271.981
Chic 11 I & Pacific (2)
905.717 Colorado Southern (2)
255.049
Great Northern
890.085 Chicago & Northwestern
251.908
Central of New Jersey._
878,616 Boston & Maine
209,244
Virginian
8N;'
854,229
205,611
Hay Milwaukee
New York Central
b836.477
170,410
Chesapeake & Ohio
786.019 New ON Tex & Mex (3)_
165,062
Yazoo & Miss Valley.- -631.206 CentralNew England-155,182
NO
V
heotetg
297
Increase,
$124.594
120,761
120.037
116,324
110.872
107.548
101,937
Decrease.
St Louis-San Fran (3)__
$501,785
Southern Pacific (7)____
465,465
Minn St Paul & S S Marie
451,398
Detroit Toledo & Ironton
299.717
Seaboard Air Line
276.172
Los Angeles & Salt Lake_
250,596
Cin New Orl & Tex Pac
215,494
Michigan Central
213,502
Total (50 roads)
$34,846,284 Denver Rio Grande & W
203,356
Georgia Southern & Fla
169,057
Decrease. Western Pacific
162,503
Union Pacific Co
$1,436.024 Richmond Fred & Potom
124.324
Northern Pacific
627.137 Hocking Valley
112,608
Atlantic Coast Line
621,528
Florida East Coast
Total (25 roads)
505,872
$6,636,538
a This is the result for the Pennsylvania RR. (including the former
Pennsylvania Company, the Pittsburgh Cincinnati Chicago & St. Louie
and the Grand Rapids & Indiana).
Is The New York Central proper shows $836.477 increase. Including
the various auxiliary and controlled roads, like the Michigan Central. the
"Big Four," &c., the whole going to form the New York Central System.
the result is a gain of $1,223.223.
c This is the result for the Southern Railway proper. Including the
Alabama Great Southern, the Ci icinnati New Orleans & Texas Pacific.
the Georg a Southern & Florida, the New Orleans & Northeastern, and the
Northern Alabama, the whole goiag to form the Southern Railway System.
the result is an increase of $30.089.
Note.
-All the figures in the above are on the basis of the returns filed
with the Inter-State Commerce Commission. Where, however, these
returns do not show the total for any system, we have combined the separate
returns so as to make the results conform as nearly as possible to those
given in the statements furnished by the companies themselves.
Chic & Eastern Illinois__
Cleve Cin Chic & St L__
Galveston Wharf
Lehigh & Hudson River..
N Y Susquehanna & W.
Chic & Illinois Midland_
Chicago Ind & Louisville
PRINCIPAL CHANGES IN NET EARNINGS FOR THE MONTH OF
NOVEMBER 1926.
Increase.
Increase. I
$104,044
Pennsylvania__
___ 43.076.124' N Y Susquehanna & W
Norfolk & Western _1.353,1201
___
Total (33 roads)
$16,730,807
Del Lackawanna & West 1.274,976
Decrease.
1,108,864
Reading
$653,975
Delaware & Hudson.... 1,087.506 Louisville 8z Nashville__
611,889
Chesapeake & Ohio
878,018 Atlantic Coast Line
572,316
815.976 Southern Pacific (7)-Lehigh Valley
571,642
674.211 Cin New ON & Tex PacErie (3)
531,715
Atch Top & Santa Fe (3)
653.275 Northern Pacific
503,917
Great Northern
599.486 St Louis-San Fran (3)-460.844
Chic Milw & St Paul..._
555.886 Chicago & Northwest -455,740
.
Chic R I & Pacific(2„
533,584 Minn St Paul & S S Marie
343,884
Baltimore & Ohio
506.166 Detroit Toledo & Ironton
328.339
Virginian
431.113 N Y N IT & Hartford__
167.803
Western Maryland
376.084 Union RR
161.549
Chicago Burl & Quincy..
b300.425 Indiana Harbor Belt....
156,898
New York Central
229,603 Duluth Missabe & North
143,105
N Y Ontario & Western
225.669 Rich Fred & Potomac
141,739
Mo-Nan-Texas (2) _ _ _ _
196.878 Georgia Southern & Fla
137,767
Bessemer & Lake Erie..
169.571 Hocking Valley
136.901
Detroit Gr Hay & Milw
169.098 Pere Marquette
131.536
Lehigh & New England
136.507 St Louis Southwest (2).._
118,564
Pittsburgh & Lake Erie
134.742 Alabama Great Northern
110,975
Yazoo & Miss Valley_ _ _ _
132,507 Cincin Indiana & Western
105.772
Central New England
128,115 Gulf & Ship Island
104.037
Grand Trunk Western..
113.108 I
Chicago & Eastern Ill
c111,405 I Total (34 roads)
$6,650,907
Southern Railway
a This is the result for the Pennsylvania RR. (Including the former
Pennsylvania Company, the Pittsburgh Cincinnati Ch cago & St. Louis
and the Grand Rapids & Indiana).
Is 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 an increase of $433.294.
c This is the result for the Souther., 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 $672.366.
When the roads are arranged in groups or geographical divisions according to their location we find
further corroboration of what has already been said.
The gains in gross are moderate in all the different
regions except where the coal traffic has come in to
enlarge the totals, while the Southern region shows
an actual loss in gross. In the net, not alone the
Southern region, but also the Northwestern region
and likewise the Southwestern region show losses.
Our summary by groups is as follows:
SUMMARY BY DISTRICTS AND REGIONS.
Gross Earning
District and Region.
November.
1926.
1925. Inc. (+) or Dec. (-).
$
Eastern Districti
$
5.29
New England region (10 roads)_ _ 23.713,301 22.523,356
+1.189.945
Great Lakes region (33 roads)... 99,539.216 90.243,438
10.30
+9.295,778
Central Eastern region (31 roads)130.911,552 118,690,409 +12,221,143
10.29
Total(74 roads)
Southern District
Southern region (30 roads)
Pocahontas region(4 roads)
254,164,069 231.457,203 +22,706,866
9.81
73,001.788
26,734.807
73.987,519
23.269,729
-985,731
+3,465,078
Total(34 roads)
99,736,595
Western District
Northwestern region (18 roads)_ _ 63,704.619
Central Western region (22 roads) 90.118,930
Southwestern region (38 roads)_ _ 52.211,682
97,257,248
+2,479,347
2.55
83.220.152
89,940,467
49,324,395
+484.467
+178,463
+2.887.287
0.77
0.20
5.85
206.035.231 202,485.014
+3,550,217
1.75
Total(78 roads)
1.33
14.89
Total all districts(188 roads)._ _559.935,895 531,199,465 +28,736.430
5.41
District and Region.
Net Earnings
November. -Mileage1926.
1925. Inc.(+) or Dec.(-).
Eastern Dist.- 1926. 1925.
$
$
$
%
New England reg'n 7,354 7,530 6,176.429 6,128.919
+47.510
0.77
Great Lakes region 24,919 24,945 25,553,654 20,619,707 +4,933,947 23.92
Central East. reg'n 27,088 26,952 32,065.642 27,960,623 +5.005.019 17.90
Toeal
53,361 59.427 64.635.725 54,709,249 +9.986,476
Southern District
Southern region... 39,118 38,479 18,578,494 20.874,589 -2.296.095
Pocahontas region_ 5.555 5,556 10,507,577 7,912.012 +2.595,565
Total
44,673
Western District
Northwestern reg'n 48,493
Central West.reg'n 51,164
Southwestern reg'n 33,644
18.25
11.00
32.81
44,035 29.086.071 28.786.601
+299,470
1.04
48,668 18,903,891 18,972,235
50.726 30.754.948 30,689.030
33,513 14.756.811 14.975.113
-68,344
+65,918
-218,302
0.36
0.21
1.46
133,301 132.907 64.415.650 64,636.378
-220,728
0.35
Total all districts_237.335 238,389 158,197.448 148,132,228 +10.065.218
6.79
Total
EASTERN DISTRICT
New England Region.
-This region comprises the New England States.
Great Lakes Region -This region comprises the section on the Canadian boundary
between New England and the westerly share of Lake Michigan to Chicago, and
north of a line from Chicago via Pittsburgh to New York.
Central Eastern Reolon.-This region comprises the section south of the Grea
Lakes Region. eact 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
Parkeraburg, W. Va.. and a line thence to the southwestern corner of Maryland
and by the Potomac River to its mouth.
SOUTHERN DISTRICT.
•
-This region comprises the section north of the southern
Pocahontas Region.
boundary of Virginia. east of Kentucky and the Ohio River north to Parkersburg,
W.Va.,and south of a line from Parkersburg to the southwestern corner of Maryland
and thence by the Potomac River to its mouth.
Southern Region.-This region comprises the section east of the Mississippi River
and south of the Ohio River to a point near Kenova. W. Va., and a line 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 MbMateyo' River south of St. Louis and a line from St. Louis to Kansas City and thence
to El Paso and by the Rio Grande to the Gulf of Mexico.
Western roads had a smaller grain traffic than in
November 1925 notwithstanding that the 1925 movement in that month was itself considerably less than
in the corresponding month of 1924, when the receipts of wheat at least were of exceptional proportions. The receipts at the Western primary markets
for the five cereals, wheat, corn, oats, barley and rye,
combined, for the four weeks ending Nov. 27 1926
aggregated only 65,119,000 bushels as against 70,124,000 bushels in the corresponding four weeks of
1925, and 103,765,000 bushels in the same period of
1924. The falling off extended to all items except
corn. The receipts of wheat for the four weeks ending Nov. 27 1926, were 27,983,000 bushels as against
32,504,000 bushels in the corresponding period of
1925; the receipts of corn 21,575,000 bushels as compared with 17,037,000 bushels in 1925; the receipts
of oats, 10,237,000, as against 13,663,000 bushels;
of barley, 3,232,000 bushels, as compared with
4,551,000 bushels, and the receipts of rye, 2,092,000
bushels, as against 2,369,000 bushels. The details of
the Western grain movement in our usual form are
set out in the table we now present:
WESTERN FLOUR AND GRAIN RECEIPTS.
4 Weeks
Oats
Rye
Flour
Barley
Corn
Ended
Wheat
(bbls.)
(bush.)
Nov. 27.
(bush.)
(bush.)
(bush.)
(bush.)
Chicago
492,000
366,000
1926___ 1,027,000
1,590,000 13,025,000 3,724,000
468,000
1925___ 989,000
629,000
720,000 6,669,000 3,153,000
Milwaukee-.
658,000
100,000
634,000 1,153,000
1926... 15.5,000
680,000
1,628,000
312,000
1925... 177,000
32,000
758,000
183,000
St. Louis
9,000
1,048,000 1,062.000
221,000
1,772,000
339,000
1928_ _ _
210,000
3,000
1925... 427,000
1,962,000 2,041,000 1,658,000
Toledo554,000
15,000
367,000
733,000
1926216,000
1.000
1,047,000
243,000
5,000
1925...
Detroit
214,000
68,000
166,000
200,000
1926,...
4,000
1,000
58,000
16,000
135,000
1925-Peoria- \
8,000
56,000
1,115,000
68,000
506,000
1926.- 183,000
56,000
185,000 1,853,000
635,000
168,000
1925._ _
Duluth-7,549.000
298,000
292,000
669.000 1,120,000
1926.
7,000
9,781,000
1,925,000
933,000
880,000
1925Minneapolis
350,000
8,049,000
515,000
1926_
1,307,000 1,130,000
11,259,000
762,000
722,000 2.065,000 2,163,000
1925Kansas City3,984,000
710,000
275,000
19263,974,000
603,000
1,000
708,000
5,000
1925.
Omaha and Indianapolis1,160,000 2,972,000
978,000
42,000
19261,192,000 3,287,000 1,254,000
1925_
Sioux City
205.000
243.000
78,000
14,000
6,000
1926_
193,000
520,000
235,000
9,000
1925.
St. Joseph
513,000
438,000
70,000
1928_
674,000
168,000
538,000
1925_
Wichita1,480,000
52,000
18,000
192638,000
1,199,000
148.000
1925.
Total All1928- 1,704,000 27.983,000 21,575,000 10,237,000 3.232,000 2,092,000
1925_ 1,761,000 32,504,000 17,037,000 13,663,000 4.551,000 2.369,000
Flour
Jan. 1 to
(bbls.)
Nov. 27.
Chicago
1926_ _ .11,802,000
1925 .11,982,000
Milwaukee
1926___ 1,798,000
1925._ _ 2,046,000
St. Louts
1928___ 4,849,000
1925. _ _ 4,946,000
Toledo
1926.
1925.
[VOL. 124.
T H 144 CHRONICLE
298
Wheat
(bush.)
Corn
(bush.)
Oats
(bush.)
Barley
(bush.)
Rye
(bush.)
37,217,000 85,708,000 43,812,000 8.719,000 2,033,000
26,866,000 69,912,000 50.532,000 9.205,000 4,744,000
7,062,000
4,121,000
7,747,000 12,682,000 8.021,000 1,030,000
6.946,000 15,448.000 11,099,000
888,000
31,691,000 22,549,000 23,845,000 1,007,000
31,716,000 21,312,000 29,807,000 1,074,000
11,121,000
7,161,000
4,004,000
2,880,000
8,414,000
8,274,000
24,000
38,000
337.000
226,000
213,000
103,000
Rye.
Barley.
Ortts.
Corn.
Wheat.
Flour.
Jan. 1 to
(bush.)
(bush.)
(bush.)
(bush.)'
(bush.)
Sept. I.
(bbls.)
Detroit
327,000.
3,000
736,000 1,234,000
1,788,000
1926_
162,000
47,000
371,000 1,300,000
1925___
1.287,000
37,000
Peoria
1,264,000
47,000
1926._ 2,369,000
1,446,000 22,997,000 8,281,000
34,000
1925--- 1,947,000 1,722,000 19,623,000 9,731,000 1,081,000
Duluth
422,000 10,193,000 5,168,000 9,436,000
48,697,000
1926_
781,000 22,179,000 15,977,000 11,498,000
66,542,000
1925_
Minneapolis
91,903,000 9,033,000 22,098,000 14,289,000 4,362,000
1926_
,
95,459,000 13,571,000 38,899,000 21,553.000 6,794,000
1925..
Kansas City
79,155,000 15,579,000 3,798,000
1928_
1,000
11,000
45,540,000 16,878,000 12,860,000
1925_
Omaha and Indianapolis
64,000
10.000
23,166,000 33,041,000 15,398,000
1928_
19,460,000 28,087,000 24,799,000
1925.
Sioux City
16,000
40,000
2,356,000 3.002.000 2,124,000
1928_
10,000
83.000
1,806,000 4,008,000 4,343,000
1925.
St. Joseph8,722,000 10,174,000 1,871,000
19282,000
1,728,000
9,150,000 8,473,000
1925_
Wichita
4,000
375,000
24,712,000 1,551,000
1926_
682,000
13,963,000 2,238,000
1925_
Total All
1928_20,818.000 369,036,000 216,550,000 152,125,000 38,549,000 17,865,000
1925-20,958.000 324,793,000 195,080,000 220,582,000 60,170,000 24,460,000
On the other hand, Western roads had the advantage of a somewhat larger livestock movement in
Nov. 1926 than in the same month of the previous
year. The receipts for the month at Chicago comprised 25,079 cars as against 23,344 carloads in 1925
and at Kansas City, 11,510 carloads, as against
10,830, but at Omaha the receipts were 7,045 care,
as against 7,990.
Southern roads in November enjoyed a very much
larger cotton movement owing to the banner crop
raised, though this did not prevent large losses in
the earnings of Southern roads as we have already
seen. Shipments of cotton overland were somewhat
smaller than in Nov. 1925, amounting to 262,506
bales, as against 287,403 bales in 1925; 288,108 bales
in Nov. 1924; 235,137 bales in Nov. 1923, and
298,922 bales in 1922. Receipts of cotton at the
Southern outports, however, aggregated no less than
2,267,965 bales in Nov. 1926 as against 1,539,068
bales in Nov. 1925 and 1,619,712 bales in 1924, as
will be seen from the following:
RECEIPTS OF COTTON AT SOUTHERN PORTS IN NOVEMBER AND
FROM JAN. 1 TO NOV. 30 1926, 1925 AND 1924.
Month of November.
Ports.
Since January 1.
1026.
1925.
1924.
1926.
Galveston
Texas City, &a
New Orleans
Mobile
Pensacola, &c
Savannah
Brunswick
Charleston
Wilmington
Norfolk
Total
1925.
1924.
569,825
768,271
468,797
96,074
3,109
152,789
648.594
273,310
341,914
33,327
6.892
87,541
87,452
18,750
102,898
32,890
17,952
96.642
677,388 2,755.733 2,684,666 2,789,890
313.294 3,108,405 1,778,599 1,050,927
352,150 1,871,219 1,814,985 1,463.738
24,431 294,417 189,006 128,253
12,753
25,535
15,598
1,066
82,731 867.150 765,188 561,817
283
813
413
46,822 472,743 308,358 157,831
86,188
26,673 112,554 124,853
95,157 408,678 440.132 276,491
2,267,965 1,539,068 1.619,712 9,906,910 8,132,135 6,528,171
1927 Building Forecast of Copper and Brass Research
Association-Expenditures on Account of Building
Estimated at Nine Billion Dollars.
Nine billion dollars will be spent on building in the United
States during 1927, according to estimates in a survey just
completed by the Copper and Brass Research Association,
and made public Jan. 3. The Association estimates that
new building will exceed four billion dollars, with $2,100,000,000 going into new housing construction and $2,205,000,000 into other new construction. Repair and maintenance
of present construction w_11 add another $4,049,000,000.
To take care of normallosses from fire and storm $535,000,000
will be required, according to the survey, making a total of
$8,889,000,000 for all classes of building in 1927. The
survey points out that "building forecasts as a rule do not
take cognizance of anything but new construction, but the
other items figured in the survey have reached such staggering
figures that they are of almost equal importance to those
connected with the building industry."
Estimate of new housing requirements is based on an
annual population growth of nearly 1,450,000, as shown by
the United States Census. With about five persons in the
average family, 280,000 new homes must be built annually,
at an average cost of $7,500. All other classes of new
JAN. 15 1927.]
299
THE CHRONICLE
-construction are estimated on the basis of $1 05 expended places depreciation in excess of four billion dollars. The
per dollar of housing construction. Fire and storm losses survey says:
billion dollars is by far a closer approximation of the
The
are based on statistics of the National Board of Fire Under- actual total of nine in the construction industry than are any estimates
expenditure
writers.
based solely on new construction done or needed. Although the building
In estimating repairs and maintenance cost, the survey need is approximately $5,000,000,000 annually, all estimates show higher
figures. This is due to two causes: First, the tremendous amount of
takes an annual depreciation rate of 2% for housing and for construction necessary to catch up and, second, the fact that considerable
commercial, public and religious buildings; 3% for hotels, repair and alteration work is classified as new work.
For years to come the construction industry will be one of the greatest
industrial plants and recreational structures; and 4%
in the country. Unfavorable factors there are, such as overbuilding in
hospitals and schools. Taking the total value of all such certain localities, but as long as this country grows at the present rate, so
construction as more than $175,000,000,000, the Association long must vast sums be spent to take care of this growth.
Indications of Business Activity
I
THE STATE OF TRADE—COMMERCIAL EPITOME. a year ago, and the same may be said of lumber and manufacturing machine tools. The sales of jewelry are about as
Friday Night, Jan. 14 1927.
Wholesale business in the United States is still slow. large as they were at this time in 1926. That is also the case
Spring trade is not promising. Retail sales have to be in hardware, furniture and clothing. There is a falling off in
stimulated by special efforts and cuts in prices. The coal silks, woolens, worsteds, coal and automobiles as compared
trade has been less active, owing to milder weather, al- with a year ago. Pittsburgh wired late to-day that Buckeye
though it is colder to-night in the West. Pig iron prices crude petroleum had been advanced 30 cents and five others
have been reduced. Steel has been for the most part quiet, 25 cents. Pennsylvania in New York transit and Bradford
with some tendency toward lower prices for sheets. Minor district is now $3 40, in the National transit and Southwest
metals are mostly lower. Of late copper has been in better Pennsylvania Station, $3 30; Eureka, $3 25; and Buckeye
demand and firmer. Cotton has advanced some 40 points lines, $3 10, with the others unchanged. London has been
owing to an excellent demand. At last there seems to be cheerful with money cheap and general business increasing.
tangible evidence of a revival of the cotton manufacturing There has been considerable noise during the week in this
business in Lancashire which has languished for years and country over the Mexican and Nicaraguan questions, but the
needless to say was hard hit by the prolonged British coal great mass of the people in the United States are satisfied to
strike. Manchester is making larger sales to India, China leave this matter in the hands of President Coolidge.
At Fall River, Mass., weavers of the Barnard Mills, who
and the Near East. The next big event in the cotton market
will be the ginning report on the 24th inst. Cotton mer- had been on strike for the past two weeks, voted to return
chants and others seem to be completely in the dark as to to work on the 12th inst., accepting the propositions made
the total likely to be given in this report. Meanwhile there by the mill management. At New Bedford, Mass., three
is a good demand for the actual staple from spinners at home Manomet Mills, it a stated, will close down as soon as the
and abroad, many of whom appear to be poorly supplied present stock in process can be run off. Under present
with raw material. That would seem to be the case especially conditions, it seems, it has been impossible to operate the
in this country. The domestic consumption in December three mills at a profit. This company has the largest
turns out to have been larger than in the previous month, cotton yarn mill in New Bedford and is one of the largest
reaching, that is to say, 605,200 bales, which has not been in the country. The total spindleage is 318,000 and has
very often exceeded. Speculation in cotton has at times been operating at from 45 to 50% capacity. Rumors of
broadened somewhat, and since Dec. 4 the price with little liquidation have not been confirmed. In Massachusetts
interruption has been advancing. The common impressions a bill to amend the State 48-hour law, so as to permit
now is that the Government crop estimate of 18,618,000 cotton mills to operate 54 hours in any given week, while
bales will not be ginned. In this country cotton goods have maintaining the average for the year at 48 hours, was filed
to Xc. higher. in the State Senate on the 10th inst. It is said the present
been in better demand and in some cases
Silks and woolens have been rather dull. Japanese raw silk law hampers Massachuett's mills in competing with plants
at the South, some of which, it is said, operate 60 hours
declined sharply and this developed a better business.
Wheat advanced somewhat with a fair export demand, a week and at times on double shifts. At Goff's Falls,
and rye was taken in larger quantities by Europe at rising N. H., the Devonshire Nills are working on samples with a
prices. Corn advanced 2cents,owing partly to bad weather, greatly curtailed force. This woolen mill, like so many
light receipts and fears of the corn borer. Coffee has de- others, has felt the depression of the past year. Prior to
clined on local and European selling, despite some advance 1926 it was seldom that the Devonshire curtailed materially.
of late in Brazilian markets. There seems to be no very great The Dundee Mills at Hookscot, makers of linen crashes,
confidence as yet in the plans to stabilize Brazilian currency. are now running five days a week. At Greenville, N. H.,
Raw sugar, as might have been expected, has declined as the a reduction in wages became effective in the Columbian
grinding season opens in Cuba and supplies increase. The Mills, owned by the Otis Co. there and at New Ipswich on
clearance sale of fall and winter goods have been on a rather Jan. 7, to lower manufacturing costs. No trouble is
large scale. The Pacific Coast is benefiting by the winter expected.
In New Hampshire a brighter textile outlook is reflected,
travel from the East. Chain stores in December had sales
13.2% larger than in the same month in 1925. Those of it is said, in a better demand for labor in Dover,Newmarket,
department stores were 3.8% larger. On the other hand, Somersworth and Suncook. Suncook companies operating
mail order sales showed a slight decrease. The sales of in these four towns have taken practically all of the help
chain stores for 1926 were 14% larger than in 1925. Those from the Salmon Falls Manufacturing Co.. The mills of
of mail order houses 6.6% larger, and those of department the Salmon Falls Manufacturing Co., which started weaving
stores 3.6% larger. Of late the automobile trade has been cotton goods a century ago, closed down on the 11th inst.,
quiet, as might have been expected at this time. There it is said, permanently. Manchester, N. H., adviees said
was some increase in operations at the manufacturing auto- that the Gonie Manufacturing Co., which went on a 54-hour
mobile centres. Price reductions on cars were general. week schedule the first of the year, is steadily increasing its
The public has been much interested in the automobile show output. Some leading manufacturers, it is said, have
here this week. There has been a fair amount of building decided to use larger quantities of cotton cloths instead of
in the Central West and some of the Eastern States of late, burlaps and are now placing contracts in osnaburgs and
owing to favorable weather. On the whole, however, new some other goods.
Winnipeg fur prices advanced 50% on the 11th inst. over
projects seemed to be fewer. Building permits during 1926
fell off, according to one report, nearly 6% as compared with those at last August sale. Best silver cross brought $115,
1925. This is something new. In fact it is the first de- medium silvers, $45 to $75; pales and part silvers, $22 to $35.
A severe cold wave here lasted from the 7th to the 12th inst.
crease since 1918.
' As regards general trade, it is of interest to notice that, with temperature 13 degrees below the average for 46 years
after all, the railroads of the West are having a traffic that past and 10 below those for a year ago. New York on the
makes a good showing as compared with that of a year ago, 11th inst. the minimum was 12 degrees and the amximum 25.
though some deerease occurred on certain lines in December. Boston was 18; Buffalo, 14; Chicago, Kansas City, PhilaThere is a larger trade in building materials than there was delphia and Cleveland, 16; Milwaukee, 12; Minneapolis, 4
300
THE CHRONICLE
[VOL. 124.
below zero, New Orleans, 32. But on the 12th inst. the 1925. The statement of the F. W. Dodge Corporation
cold wave here broke and the temperature from 17 at 3 a. m. continues as follows:
rose to 32 at 4 p. m. But there is no epidemic of influenza
New York State and Northern New Jersey.
December construction contracts amounted to $226.495.700 in New York
here as there is in Spain, France, Switzerland and other parts
over Noof Europe. On the 11th inst. all New England was in the State and Northern New Jersey. There were increases of 92% the large
vember of this year and 7% over December 1925. A few of
inches and in some parts contracts included in last month's statistical record were actually awarded
grip of snow storms. Boston had 6
of Massachusetts the wind was 50 miles an hour, which with before Dec. 1, but required special investigation before they could be initems in the December building
the snow storm hampered shipping on the Coast. Even in cluded in the record. The more important or 36% of all construction, for
and engineering record were: $81,983,200,
Southern Florida it was only.5 degrees above freezing, this residential buildings; $70,946,500, or 31%, for public works and utilities;
being recorded at Miami, the coldest in 26 years, and ice $30,348,900, or 13%, for commercial buildings; $10,420,200. or 5%, for
social and recreational projects; $10,228,700, or 5%, for hospitals and
threatened there over night. Schools had to close in parts institutions; 37.512,500, or 3%, for religious and memorial buildings; and
of Florida. To-day it was rainy, mild and foggy here early, $7,307,000, or 3%,for industrial buildingsThe year 1926 closed with a total construction volume of $1.775,060,200.
with the temperature at noon 44 and at 3 p. m.41. But the
being a gain of 11% over the amount ($1,601,257,200) for the previous year.
forecast was for clear and colder weather with a cold wave
Contemplated construction planned for this district sa reported in
on Saturday. There is a big snow storm at the West, to- December amounted to $225,169.700. The above figure represented an
night and ,low temperatures will reach the Atlantic States increase of40% over November 1926,but a decrease of 22% from December of last year.
to-night or to-morrow. It was down to zero in Wisconsin,
New England States.
Iowa and Nebraska. Central Illinois has 20 inches of snow.
Building and engineering contracts were awarded last month to the
amount of $33,113,100 in the New England States. The above figure
Chicago was working hard to keep traffic open.
as Meastired by Use of Electrical
Energy Lower in December.
• General industrial activity in the United States in
December was 2.6% under that of November and slightly
lower than in the corresponding month a year ago, "Elec• trical World" reports. The decline reflects lessened activIndustrial Activity
ity in the automobile and lumber industries. Operations in
metal, leather, textiles, and stone, clay and glass industries were higher in December than in the preceding month.
• the
showed declines of 9% from November of this year and 3% from December
1925. Analysis of the construction record for this section of the country
showed the following important items: $14.70,800, or 45% of all construetion, for residential buildings 310,163,300, or 31%, for public works and
utilities: $3,440,800, or 10%,for commercial buildings; $1,578,300, or 5%,
for educational buildings; $1,270,100, or 4%,for industrial buildings; and
$870,700, or 3%, for social and recreational projects
New England had $441,183,100 worth of construction contracts let
during the year 1926, compared with $477,181,000 for the year 1925, which,
was a loss of 8%.
Contemplated new work reported for the district last month reached a
total of $40,508,300. This rerresented a gain of 3% over November 1926
However, there was a loss of 18% from December of last year.
Middle Atlantic States.
The Middle Atlantic States (eastern Pennsylvania,southern New Jersey,
Maryland, Delaware, District of Columbia and Virginia) had $46.444,900.
scattered worth of contracts let for new building and engineering work during De-billion cember. There was an increase of 21% over December of last year, but a
throughout the country, consuming more than 8
kilowatt-hours annually. The metal industries group In decrease of 30% from November 1926. Last month's building record included $22,625.700. or 49% of all construction, for residential buildings:
December operated at a slightly higher rate than in Novem- $7.117,400. or 15%, for commercial buildings: $5,822,200, or 13%, for
• ber, as did also the textile plants. Operations in the public works and utilities; $4,071,700. or 9%, for industrial buildings;
$2,328,100, or 5%, for educational buildings; $1,888,300, or 4%,for relileather industry, which includes leather products increased
gious and memorial buildings, and 31.605,200, or 3%,for social and recrea6% in December, the rate of activity being the highest tional projects.
The year's construction total for the district was $658,414,000, as comsince October, 1925, and about 25% above December, 1925.
pared with $552,318,000 in the year 1925, which was a gain of 19%.
In December the automotive industry operated at 7% under
Contemplated construction rrojects were reported for the district in
the November rate, and the lumber industry registered a December to the amount of $91,631,300. The above figure exceeded
December of last year by 21%. However, there was a decline of 6% from.
drop approximately 20%. Industrial activity in the United
November 1926..
States, based on electrical energy consumption, monthly
Pittsburgh District.
average 1923-25 epuals 100, unadjusted for seasonal variaThe total volume of construction contracts awarded in the Pittsburgh,
District (western Pennsylvania, West Virginia, Ohio and Kentucky) during
tion with a comparison, follows:
December amounted to $44,498,900. The above figure exceeded NovemNov. 1926. ber of this year by 9% and December 1925 by 2%. The December buildDec. 1926.
All industrial groups
104.7
107.6
ing record included $14,043,500, or 32% of all construction, for residential.
Metal industries group
109.7
110.0
Rolling mills and steel plants
buildings; $10,970,000, or 25%. for commercial buildings: $6,110,500, or
108.5
109.0
Metal fabricating plants
112.8
110.5
14%, for public works and utilities: $3.336,500, or 7%, for religious and
Leather
101.7
107.7
memorial buildings; $3,012,200. or 7%,for industrial buildings; $2,857,200,
Textiles
123.0
122.6
or 6%,for hospitals and institutions; and $2,687,300, or 6%,for social and
Lumber
108.2
86.0
Automotive
74.0
79.7
recreational projects.
Stone. clay and glass
117.5
114.0
The Pittsburgh District had 3741,368,100 in contracts for new building
and engineering wotk in the year 1926, which was a loss of 11% from the
amount ($824,641,600) for the previous year.
1926 Was Record Year in Building Construction
Contemplated construction rrojects were reported for this territory in
Industry—F. W. Dodge Corporation Estimates
Docemlacw to the amount of 871.034.400. The above figure was 69% in
excess of November 1926, as well as 13% above December of last year.
Total at More than $6,800,000,000.
The rate of activity is based on the monthly
energy consumption in manufacturing plants,
electrical
The 1926 construction volume was the highest on record
for any year in the history of the country, according to
F. W. Dodge Corporation. Building and engineering contracts were let during the year 1926 to the amount of $6,349,914,700 in the 37 States east of the Rocky Mountains,
which was an increase of 6% over the record for the year
1925. For the entire country he total 1926 construction
volume must have been well over $6,800,000,000, with a
probable increase of 4% over 1925.
Building and engineering contracts awarded in December
in these 37 States amounted to $537,395,800. The above
figure showed increases of 10% over November 1926 and 2%
• over December of last year. Included in the December
record were $203,966,100, or 38% of all construction, for
residential buildings; $120,290,000, or 22%,for public works
and utilities; $75,196,200, or 14%, for commercial buildings; $51,180,700, or 10%, for industrial buildings; $24,927,100, or 5%, for social and recreational projects; $22,177,600, or 4%, for educational buildings; and 816,617,300,
or 3%,for hospitals and institutions. December's gain over
November, it is stated, had no special significance. There
were included in the December statistical record certain largo
projects which might a little more properly have been entered in October and November, except that some special
investigation was required in order to determine whether
the projects were going ahead. Contemplated construction
'projects were reported for this territory to the amount of
$911,168,200 in December. This figure showed gains of
44% over November of this year and 1% over December
The Central West.
Building and engineering contracts were awarded last month to the
amount of $127.050.500 in the Central West (Illinois, Indiana, Iowa, Wisconsin, southern Michigan, Missouri, Kansas, Oklahoma and Nebraska).
There was an increase of 16% over December 1925 but a decrease of 18%
below November 1926. The more important items in December's building record were $51,925,300,or 41% of all construction,for residential buildings; $26,544,200, or 21%, for industrial buildings; $15,173,000. or 12%.
for public works and utilities; $12,318,300, or 10%, for commercial buildings; $8,549,200, or 7%,for educational buildings; and $7,742,700. or 6%,
for social and recreational projects.
The year 1926 closed with a total construction volume of 31,669,042,800,
which was 12% in excess of the amount($1.487,309,090)for the year 1925.
Contemplated construction planned for this territory as reported in December amounted to $330,744,700.
There were increases of 90% over
November 1926 and 63% over December of last year.
Southeastern States.
December construction contracts let in the Southeastern States (the
Carolinas, Georgia, Florida, Tennessee, Alabama, Mississippi. Arkansas.
and Louisiana) amounted to $39,075.700. Decreases of 26% from Nov.
1926 and 42% from Dec. 1925 occurred. Included in last month's building
record were: $12,606,800, or 32% of all construction, for residential buildings;$9,402,800,or 24%,for public works and utilicies; 35,214,300, or 13%,
for commercial buildings; $4,872,000, or 12%, for industrial buildings;
83.378,700, or 9%, for educational buildings; $1,197.500, or 3%, for
religious and memorial buildings,and $1,147,800,or 3%,for public buildings
Total building and engineering contracts awarded in these States during
the year 1926 amounted to $730,316,7C0. as compared with $779,131,900*
for the year 1925, being a decline of 6%.
Contemplated new work reported for this territory last month amounted
to $73,372,500. The above figure showed a gain of 3% over Nov. 1926.
However, there was a loss of 55% from December of last year.
The Northwest.
Building and engineering contracts were let last month to the amount
of $3,428,400 in the Northwest (Minnesota, the Dakotas and northern
Michigan). The above figure represented losses of 35% from November
of this year and 34% from Dec. 1925. The more important items in the
December construction record were:$1.327,200, or 39% of all construction,
JAN. 15 1927.]
301
T1TE CHRONICLE
for residential buildings; $964,500, or 28%, for public works and utilities;
$709,000, or 21%, for educational buildings: $224.700, or 7%, for commercial buildings, and $75,000, or 2%,for public( buildings.
The year 1926 closed with a total construction volume of $102,118,000,
as compared with $95,228,800 for the year 1925,which was an increase 017%•
Contemplated construction projects were reported for the Northwest in
December to the amount of $10,484,400. This figure showed increases of
43% over November of this year and 3% over Dec. 1925.
2% those for 1925, whereas an indebtedness estimated at
$409,232,278 for the twelve months just ended is nearly 8%
below the amount for the immediately preceding year. The
number of insolvencies is the largest reported for any year
since 1922, but the liabilities are the smallest for all years
back to 1920. Most of the increase in number of failures
over the total for 1925 occurred in the final quarter of last
year, while the indebtedness also rose during that period.
In the other three quarters, however, the liabilities were substantially below those for the immediately preceding year,
the first quarter showing a reduction of about $20,000,000.
Monthly and quarterly reports of business failures, showing
number and liabilities, are contrasted below for the periods
mentioned:
Best 1926 Record in Texas.
The State of Texas had $232,411,800 worth of contracts awarded for new
construction work during the year 1926. The above figure was 25% in
excess of the 1925 yearly total. This district showed the highest percentage
of increase over 1925 of any section of the country.
Building and engineering contracts were let in Texas during December
to the amount of $17,288.600. This was 30% in excess of Nov. 1926, but
was 4% below December of last year. Included in last month's building
record were: $5,561,800, or 32% of all construction, for commercial buildings: $4,483,600, or 26%, for residential buildings: $4,041,500, or 23%,
for industrial buildings; $1,707,200, or 10%, for public works and utilities;
$675,000, or 4%,for social and recreational projects, and $265,900, or 2%.
December
for educational buildings.
November
Contemplated new work reported for the State last month amounted to October
$39,222,900. There were increases of 91% over Nov. 1926 and 158%
4th quarter
over December of last year.
September
August
July
1926.
2,069
1,830
1.763
Number
1925.
1,878
1,672
1,581
1924.
2,040
1.653
1,696
5,662
1,437
1,593
1,605
5,131
1,465
1,513
1.685
5,389
1,306
1,520
1,615
Liabilities
1925.
1926.
236,528.160
245,619,578
35.922,421
32,693,993
29.543.870
33,230,720
8111,544,291
$29,989,817
28,129.660
29,680,009
8101,994.451
$30,887,319
37,158.861
34,505,191
Continued Decline in Factory Employment in New
287,799,486 $102,351,371
4,441
4,663
4,635
3rd quarter
York State.
866.701.496
229,407,523
1,607
1,745
1,708
June
37.026.552
33,543.318
1.816
1,730
1,767
May
37,188,622
38,487.321
1,707
The decline in factory operations in New York State April
1,939
1 957
which began in November continued for another month. 2nd quarter
5,130 3101.438.162 2110.916.670
5,451
5,395
234.004,731
$30,622,547
1,817
1,859
1,984
March
Employment was reduced almost 1% in December when, February
40.123.017
34.176,348
1.730
1,793
1,801
54,354,032
43,661,444
2,108
persons. were engaged in manu- January
2.317
2 296
it is estimated 50,000 fewer
- facturing than a year ago. This statement was issued
5,655 $108,460,339 $128,481,780
5,969
6,081
1st quarter
Jan. 10 by State Industrial Commissioner James A. Hamil-show a seasonal
The latest statistics-those for December
ton. It was based on reports from about 1,500 firms em- increase in number of failures, the total being 2,069. This
ploying 35% of all the factory workers of the State. The is the largest number for any month since last January, and
statement further says:
is considerably above the 1,878 defaults of December 1925.
Revived activity in the railroad equipment industry was a new element
liabilities also increased last month, being $45,619,578,
In the December situation. Although It did not check the downward The
course of steel, it was large enough to offset some of the losses which were and exceeding the amounts for all months back to January
sustained by the basic metals. Textiles ceased to exert a steadying in- 1925. Comparing with the $36,528,160 of December 1925
fluence in December as conditions in the knit goods industry of this State
nearly 25%. When the December rebecame increasingly unfavorable. Heavy seasonal losses in food only there is an increase'of
emphasized the downward tendencies in other lines. The only favorable turns are examined, according to branches of business, it is
report outside of a few gains in the metals came from the clothing trades
teen that six of the fifteen manufacturing classifications show
which were busier following the settlement of the women's garment strike.
fewer msolvencies than for the corresponding period of 1925,
Heavy Reduction in Steel .
while in two-woolens, carpets and knit goods, and cottons,
By December the reduction in the steel mills had exceeded 10% and
were reemployment was almost as low as in mid-summer. Automobiles were lace and hosiery-no change appears. No failures
losing steadily and heating apparatus shops were operating with the smallest ported for paints and oils for December last year; the other
force in almost five years.
groups in which decreases are shown are clothing and milliConditions in other metal industries were somewhat more encouraging,
Instruments and appliances advanced to the highest point nery, hats, gloves and furs, chemicals and drugs, printing
however.
since the spring of 1924 and cutlery made a further gain. Brass and ane engraving, and milling and bakers. Only three of the
copper mills were a little slower after the abrupt curtailment of November
separate trading classifications show reductions in
but manufacturers of brass goods were reported a small increase in opera- fifteen
tions. Machinery showed renewed firmness and many of the companies number of defaults from those for December 1925, these being
were adding to their forces. Electrical equipment, however, repeated the clothing and furnishings, hardware, stoves and tools, and
less of the preceding month. In view of the decline in automobiles, scattered small gains in castings and automobile hardware were interesting. paints and oils.
There were no serious losses in the textiles outside of knit goods. Anotherremoval to the South was reported for the latter industry. The reason
given was that increased competition made lower production costs absolutely necessary. Woolens improved further but there was a small
loss in cotton which occupies the strongest position in the textile. Silk
goods failed to gain. Operations in the carpet mills, which have been
exceptionally high, were irregular with a tendency toward lower earnings.
Employment in the clothing trades was from 1 to 2% higher in December
as hundreds of operatives were at work after the settlement of the strike.
Men's clothing manufacturers were busier up-State but not in New York
City. Modistes; had passed their peak month and other branches of the
sewing• trades were slowing down, including some of the up-State shirt
factories. The shoe industry still presented an uneven aspect and there
were seasonal decreases in leather goods and furs. Tanneries increased
operations again in December. 'Wood manufactures, chemicals, paper
goods and printing were about the same as in November. Industrial
chemicals, however, in contrast to most producers' goods, were more
active.
The decline in food products amounted to approximately 6%. There
were the expected reductions in canning and beverage plants and in the
candy factories. In most cases the losses were heavier than a year ago.
Three of the six up-State cities reported further decreases in December.
Buffalo was most severely affected, as the decided curtailment in steel
and heating apparatus continued. The December loss exceeded 3%.
Employment in Utica dropped between 1 and 2% as the slowing up in the
textiles was felt. Reductions in some of the metals and in the shirt
and collar factories added to the unfavorable comparison with last year
in the Albany-Schenectady-Troy district.
of 1%. The release of
In the other cities the gains approximated
.
large numbers of workers from the canneries kept Rochester's increase
shops continued to extend
small. Instruments factories and clothing
in Syracuse-principally the automobile
operations. Metals were firmer
industry-and chemicals were still advancing. The shoe industry of
on did not make as large a gain as in November but earnings
Binghamt
were higher after the holiday.
The reduction in New York City was smaller than in November. The
settlement of the clothing strike was a favorable element but seasonal
reductions predominated in other sewing trades, food, leather and leather
goods. The shoe industry slowed down further in a month when an increase is usual. Chemicals lost after the activity of November and wood
products moved downward also. Printing stayed even.
-DECEMBER
FAILURES BY BRANCHES OF BUSINESS
Liabilities
Number
1925.
1926.
1926. 1925. 1924.
Manufacturers.
8201,700
2481.100
5
6
Iron, foundries and nails__ 10
41
2,249.236 1,937,586
32
33
Machinery and tools
Woolens, carpets & knit
7
3
245,000 1.100,627
3
goods
800,000
53.238
1
1
Cottons,lace and hosiery
Lumber, carpenters and
28 2,480,730 1,414,718
55
60
coopers
925,637 1,187,254
62
69
51
Clothing and millinery _ _
291,193
247,826
18
18
11
Hats, gloves and furs
529,096
64,613
10
9
5
Chemicals and drugs
70,100
3
8
Paints and oils
106.121
116,000
16
13
11
Printing and engraving_
424,850
276,275
55
42
38
Milling and bakers
407,418
154.600
13
13
14
Leather,shoes & harness
39,050
298,955
11
7
11
Liquors and tobacco
Glass. earthenware and
221,420
12
s
brick
241 216 194 7,954,150 5,411.264
All other
Total manufacturing-Traders
General stores
Groceries, meat and fish_
Hotels and restaurants_ _ _ _
Liquors and tobacco
Clothing and furnishings
Dry goods and carpets_
Shoes, rubbers and trunks_
Furniture and crockery_
Hardware,stoves & tools
Chemicals and drugs
Paints and oil
Jewelry and clocks
Boole and papers
Hats, furs and gloves
All other
1926.
1924.
$81,700
2.968,589
185.600
1,009,344
1,374,143
241.250
280,900
47,500
114,277
485,418
170.549
352,505
1,073,182
7,367.027
494
490
475 216,758,491 $12,931,276 $15,752,584
130
329
109
29
215
103
52
79
26
63
11
29
11
14
269
104
281
105
19
241
74
50
59
35
43
15
26
10
12
233
148 $1,751,794 $1,531,912 21,366,827
3,267,867 2.848,139 3,759.131
321
834,747
66 1,155.627 2,478,627
242,803
.222,103
161,700
36
265 4,073,400 4,246,842 4.642,138
109 2,002,217 1,072,508 7,654,678
519,484 1,494,886
596,200
76
913,164
54 1,427,860 1.283,693
325.635
357,200 1,328.808
28
535,931
472,114
731,837
55
227,900
113,937
157.900
10
718.329
478,365
814,200
37
72,248
233,191
217,100
9
284,685
143,557
103,600
14
236 3,760,452 3,661,771 4,068,340
1 469 1,307 1,464 220,578,954 320,635.051 227,141,448
106
81 101 8,282,133 2,961,833 2,385,249
Total United States_ .._ _2,069 1,878 2,040 845,619,578 336,528.160 $445,279,281
Trading
Other commercial
53,309,644 Cars Loaded with Revenue Freight in the
52 Weeks of 1926-Largest Number Ever
Reported.
The volume of freight handled by the railroads in 1926
Dun's Report of Failures for 1926.
was the largest ever moved by them in any corresponding
A small increase in number of commercial failures, but a period, according to a statement issued by the Car Service
considerable decrease in liabilities, is shown by the report of Division of the American Railway Association on Jan. 6.
failures for 1926 compiled by R. G. Dun & Co. With a total I Loading of revenue freight for the 52 weeks period e ded
of 21,773, last year's defaults exceed by a little more than on Dec. 25 amounted to 53,309,644 cars. This wa
THE CHRONICLE
302
increase of 2,085,492 cars, or 4.1% over the best previous
record established in 1925 and an increase of 4,775,211 cars,
or 9.8%, over 1924. This record freight movement in
1926 was handled without transportation difficulties, congestion, or car shortage except in a few instances of a temporary nature. It was also moved with the greatest expedition and dispatch ever attained by the rail carriers.
Loading of revenue freight exceeded one million cars
in 27 separate weeks in 1926, the largest number of such
weeks ever reported and an increase of seven over the
number of such weeks in 1925. For the first time on
record the total loading of 53,309,644 cars was a weekly
average in excess of one million cars for the entire 52 weeks
in 1926. The peak loading for any one week in 1926 came
in the week ended on Oct. 30, for which the total was
1,216,432 ears. This exceeded by 91,994 gars the peak
Week in 1925. Total loading by commodities for 1926,
compared with 1925, follows:
1926.
1925.
2,406.111
2,305,731
Grain and grain products
1,603,322
1,635,610
Livestock
8.905,384
Coal
9,928,059
692,221
623,331
Coke
3,736,824
Forest products
3.654,43
2
2,011,640
2,184,893
Ore
13,192,591
Merchandise dr less-than-carload-lotfreight_ _13,457.847
18,813,041
19,382,759
Miscellaneous freight
For the week ended on Dec. 25 loading of revenue freight amounted to
772,590 cars, an increase of 71,539 ears over the same week in 1925 and
an increase of 125,266 cars over the same week in 1924.
• Due to the usual seasonal decline, as well as the observance of a holiday
(Christmas'Day) the total for the week of Dec. 25 was a decrease of 177,985
cars under the preceding week.
Coal loading for the week of Dec. 25 totaled 179,195 cars, an increase
of 56,815 cars above the same week in 1925 and 49.470 cars aliove the
corresponding week in 1924.
Grain and grain products loading totaled 39,613 cars, an increase of
6,262 cars over the corresponding week in 1925 and 6.151 cars above the
same week in 1924. In the Western Districts alone, 22,529 cars were
,loaded with grain and grain products, 1,397 cars above the same week in
1925.
•
Miscellaneous freight loading totaled 253.036 cars, an increase of 1,772
cars above the same week in 1925 and an increase of 43,602 cars above
the same week in 1924.
Livestock loading amounted to 22,453 cars, a decrease of 244 cars under
the same week in 1925 and 2,775 cars below the same week in 1924. In
the Western Districts alone livestock loading totaled 17,293 cars, an
Increase of 114 cars above the same week in 1925.
Loading of merchandise and less
-than-carload-lot freight for the week
totaled 210,723 cars, an increase of 10,115 cars above the corresponding
.week in 1925 and 19,854 cars above the same week in 1924.
Forest products loading totaled 47,820 cars, 1,967 cars above the same
week in 1925 and 7.551 cars above the same week in 1924.
Ore loading totaled 8,696 cars. 1.510 cars below the same week in 1925,
but 1,817 cars above the same week in 1924.
Coke loading totaled 11,054 cars, 3,648 cars below the same week in
1925 and 364 cars below the corresponding week in 1924.
All districts except the Southwestern showed increases in the total
oading of all commodities compared with the corresponding week in
1925, but all showed increases over the same week in 1924.
Loading of revenue freight this year compared with the two previous
years follows:
1924.
1925.
1926.
Five weeks in January
4.294,270
4,456,949
4,432,010
Four weeks in February
3,631,819
3,623.047
3,676.449
3,661,922
Four weeks in March__
3,702,413
3,877,139
Four weeks in April_____
3,498,230
3,726,830
3,795.837
4,473,729
Five weeks in May
4,853,379
5,142,879
3,625,182
Four weeks in June
3,965,872
4,112,150
Five weeks in July
4,470,522
4,945,001
5,245,267
3,898,384
Four weeks in August
4,321,427
4,417,780
Four weeks in September
4,147,885
4,297,936
3.552.378
Five weeks in October
5,455,431
5,537,159
6,006,024
3,902,172
Four weeks in November
4,093,715
4,271,700
3,474,887
Four weeks in December
3,700.334
3.780,031
Total
53,809,644
51.224.152
48,534.433
For a week later, that is for the week ended Jan. 1.
Loading of revenue freight totaled 740,348 cars, the Car
Service Division of the American Railway Association
announced on Jan. 11. This was a decrease of 1,212 cars
under the corresponding week last year and 26,750 cars
under the same week in 1925. Due to the usual seasonal
decline, the total for the week of Jan. 1 was a decrease of
32,242 cars under the previous week. Coal loading for the
week of Jan. 1 totaled 171,573 cars, an increase of 12,638
ears above the same week last year but 10,031 cars below
the corresponding week in 1925. The following further
dates are furnished for that week:
Grain and grain products loading totaled 36,498 cars, a decrease of
1.461 cars under the corresponding week last year, and 4,409 cars below
the same week two years ago. In the Western Districts alone. 21.901 cars
were loaded with grain and grain products, 2,201 cars below the same
week in 1926.
Miscellaneous freight loading totaled 247,438 cars, a decrease of 5,261
cars under the same week last year, but an increase of one car above the
same week in 1925.
Live stock loading amounted to 23,843 ears, a decrease of 5,090 cars
under the same week last year and 10.824 cars below the'same week two
years ago. In the western districts alone, live stock loading totaled 17,894
cars, a decrease of 3,641 cars under the same week last year.
Loading of merchandise and less than carload lot freight for the Week
totaled 202,256 cars, an increase of 7,695 cars over the-corresponding week
last year and 9,532 cars above the same week in 1925.
Forest products totaled, 35,050 cars, 5,895 cars under the corresponding
• week last year and 9,937 cars below the same week t'wo years ago.
Ore loading totaled 9,391 cars, 1,665 cars above the same week in 1926.
and 1,124 cars over the corresponding week two years ago.
[VOL. 124.
Coke loading totaled 11,299 cars, 5.503 cars below the same week last
year and 2,206 cars below the corresponding week in 1925.
All districts except the Eastern. Allegheny and Northwestern showed
decreases in the total loading of all commodities compared with the corresponding week in 1926. while all except the Allegheny. Pocahontas and
Southwestern showed decreases under the same week in 1925.
Loading of revenue freight this year compared with the two previous
years follows:
1926.
1925.
1927.
741,560
767,098
740,348
Week ended January 1_
Automobile Show Reveals Many Changes in 1927 Cars.
The National Automobile Show, under the auspices of the
National Automobile Chamber of Commerce, opened for
its twenty-seventh annual display in the Grand Central
Palace, New York, on Jan. 8 and will continue until Jan. 15
at 10:30 p. m. A hasty summary of the automobiles on
exhibit indicates that there are 45 makes (about 300 models)
of passenger cars; 4 of taxi cabs (from 9 to 12 models); and
21 of light motor trucks (about 65 models). In addition
there is a division reserved for the display of accessories and
parts, with about 148 exhibitors.
The show itself reveals a colorful display wherein values
and refinements are clearly shown, despite some reductions
in prices, indicating that the manufacturers are expecting
sharp competition. This year, as in the past few years, the
predominating type of passenger car is the closed model, for
which the demand continues to grow more pronounced.
Space does not permit a complete review of tall he changes
announced at the show, but in addition to the new models
mentioned in last week's issue, the more prominent, as to
model and price, are those we list as follows:
The Buick Motor Co., a General Motor.division, has presented six entirely new models comprising the town brougham, a de luxe five-pasenger
car, the convertible coupe, with a top which may be either raised or lowered:
the sport roadster, and touring models on the Series 115 chassis; the Series
115 Country Club coupe and the Series 128 five-passenger coupe. There
are sixteen other Buick models on the three chassis lengths of 1143.5. 120
and 128 inches, which make up the entire line of cars for 1927.
The Chandler-Cleveland Motors Corp. has introduced a new Royal
Straight Eight line, comprising four models, which include two sedans of
five and seven passenger capacity, a four-passenger coupe and a low hung
roadster, with rumble seat for extra passengers. The new Royal Eight
chassis, powered by a Chandler built "L" head eight in line motor with
-16-inch bore and 434-inch stroke, develops 80 horsepower at 3,000
33
r.p.m. and will do 75 miles an hour. Standard equipment includes fourwheel mechanical brakes, air cleaner, oil filter, thermostatic heat control,
self-adjusting spring shackles and the "one-shot" system of automatic
chassis lubrication, which permits the owner thoroughly to lubricate his
car without leaving the driver's seat.
-passenger coupe, first mentioned in our issue of Jan. 1,
Chrysler's new 5
p. 24. is mounted on the Imperial "80" chassis with a 92 horsepower engine.
It is low in appearance, combined with liberal headroom within. The two
front seats are of the folding type. The new coupe is obtainable in a variety of attractive colors and rich upholstery combination and is priced at
$3.095 f.o.b. Detroit.
The Erskine six motor is said to deliver ffom 25 to 30 miles per gallon
of gasoline and to consume one gallon of oil to every 1,000 miles. Numerous other details concerning this new departure in type have been mentioned
in our issues of Jan. 1, p. 24, and Jan. 8, p. 160. The models now being
exhibited at the show comprise a custom sedan for five, a custom coupe
for four, with auxiliary seat in the rear, a business coupe for two and
mart tourer for five passengers. All models are priced at less than $1,000.
They are reported to attain a speed of 60 miles an hour and to be able to
ascend a 11% grade in high speed.
The H. H. Franklin Mfg. Co. of Syracuse has introduced a new Tandem
Sport model which is featured as the lowest car at the show, being but 65
-door type with built-in
inches from top to ground. It is a 4-passenger 4
baggage space and floor wells in the rear compartment to add to the leg
room. This is a European innovation.' Despite the lowness of this model,
there is the standard road clearnace. The model is shown in a light cream
and black combination and is priced at $3,150 f.o.b. Syracuse. In addition, the Franklin company is displaying 17 models in 11 body types, some
of which are being shown at the New York salesroom and in hotel lobbies.
The new Gardner eight-in-line has been presented to sell at prices of from
$1,395 to 81,795.
The Hudson Motor Car Co. is offering entirely new Hudson and Essex
cars. Not only have the bodies been redesigned, but the motors and whole
chassis of both the Hudson and Essex have been completely re-engineered.
This moved is understood to mark the end of frequent price changes. A
total of 12 styles-seven Hudson and five Essex-are announced, including
coaches, open cars and custom-built enclosed cars. The new cars are
lacquer finished in a variety of colors and interior furnishings are of high
grade. There is a standard line and a custom line. The new models are
called the Hudson Super-Six and the Essex Super-Six and are priced as fol-passenger
lows: Hudson Super-Six, coach, $1,285; brougham, $1,575; 5
-passenger sedan, $1,850. Essex Super-Six, coach. $735;
sedan, $1.759; 7
coupe, $735; sedan, $785: 4-passenger speedster, $750. All prices f.o.b.
Detroit, plus war excise tax.
The Hupp Motor Car Co. has made no change in the type of the Hupmobile Eight which is still priced at from $1,045 to $2,585, f.o.b. Detroit.
Hupmobile Sixes are priced as follows: Brougham, $1,385; sedan, $1,385;
coupe,$1,385; roadster, $1,385. and touring,$1,325.
The Jordan Motor Car Co. has presented for the first time, a new line
of six-cylinder small models, priced at $1,595.
The Locomobile Co. of America. Inc., has announced an important
reduction in prices, possible through increased production and more efficient methods of manufacturing. New prices on the Locomoblle 8-66.
formerly the Junior Eight, are: Sedan, roadster and brougham, $1,895, a
reduction of from $255 to $390. The touring model remains at 51.785.
An entirely new style of body design was introduced by Nash Motors
in the two enclosed models, the Ambassador and the Cavalier. The exterior appearance of the cars presents the skilful molding of the body lines,
the French-type top, and the curving French-type back, forming in the
finished product a type of much distinction.
JAN. 15 1927.1
THE CHRONICLE
and
No black is used on these models. The usual dark colors of roof
upper body, running gear, fenders, and lamps has been entirely done away
striking color combinations.
with on both models through the use of
The Oldsmobile models will hereafter be equipped with four-wheel brakes
the
and larger balloon tires at no increase in price. Ten types comprise
and
line displayed at the show, including sedans, landau, coupes, roadster
that can be used with
two newly designed tourings with rigid side curtains
the top either up or down.
The Paige-Detroit Motor Car Co. announced that beginning in March,
-cylinder car. There will be six models, of
It would produce an eight
is in
which one, the five-passenger sedan, is at the Show. The eight
issue,
addition to the three series of six-cylinder Paige cars. (See Jan. 8
page 160.)
a new
The Peerless Motor Car Corp. has introduced a Peerless six-60,
Other
model to sell at the lowest price ever quoted on a Peerless car.
_
Peerless models sell from $1,395 to 83,795. f.o.b. factory.
fourDurant Motors, Inc., has reduced prices $20 to $50 on various
coupe,
and six-cylinder closed Star models as follows: Four-cylinder line
$765, against
$650, against $675; coach, $675, against $695, and sedan,
against $880;
$795. Six-cylinder coupe, $795. against $820; coach, $845,
landau,
sport roadster. $885, against $910; sedan, $925, against $975;
The Fleetruck
8975, against $995, and sport coupe, $975, against $995.
is listed at $950.
Studebaker custom models on display at the Show include the following:
Big
Standard Six-Custom Victoria, $1,335; Custom Sedan, $1,385.
Six-The Chancellor, $1.735; Custom Brougham, $1,785; The President,
four-wheel
$2,245. These prices (f.o.b. factory) include disc wheels,
brakes, exclusive no-draft ventilating windshield, front and rear bumpers,
rear traffic signal light, two-beam headlights, automatic windshield cleaner,
rear-vision mirror, coincidental lock, and engines thermometer and hydro
static gasoline gauge on the dash.
With the completion of the Whippet six, which is now being shown for
the first time, Willys-Overland has completely redeveloped its line of
motor cars in two years. Prices for the new six are as follows: touring,
$765:roadster,$825; coupe,$795;sedan,$875;landau,$925 (f.o.b. factory).
Crude Oil Prices in East Advanced-Gasoline Prices
Show_Many_Changes.
While few changes were made in crude oil prices throughout the week just ended, the most significant revision was
that made by the Joseph Seep Purchasing Agency on Jan. 14
when it posted prices 250. per barrel higher than those in
effect, with the exception of oil in the Buckeye Pipe Line,
which was advanced 30e. per barrel. These advances
nullify the reduction made several months ago and bring
the prices up to the scale in effect July 8 1926. The new
schedule is as follows:
New.
Grade$3 40
Pennsylvania grade in N. Y. Transit Line
3 40
Bradford district oil
3 30
Pennsylvania grade in National Transit Linen Penn. Lines 3 30
Pennsylvania grade in Southwester
3 25
Pennsylvania grade in Eureka Line
3 10
Pennsylvania grade in Buckeye Pipe Line
•
Old Advance.
$0 25
$3 15
0 25
3 15
0 25
305
0 25
305
0 25
300
0 30
2 80
303
oil .produetion. An, they-tIqited AtAte§ for the week ended
Jan. 8 was 2,389,850 barrels as.compared with- 2,388,460
barrels for the pteceding weeki-or an increase of 1,450 barrels.
The daily average,prodliction east of California was 1,731,050
barrels, as compared with 1,724,400 barrels, an increase of
6,650 bairels.' 'The following are estimates of daily average
gross production by diStricts for .the weeks given:
• DAILY AVERAGE PRODUCTION.
.(In Barrels)- . - Jan.8 27, • Jan, 1 '27. ‘Dec. 25 '26.
570.300
571,100
587..200
Oklahoma
117,750
118,400
116,600
Kansas
152,400
145,200
137.550
Panhandle Texas
102,750
102,450
Texas_ _ _• _ .. _ _:: • 101,450
North
129.150
130.750
West Central Texas_ _. 133.800
54.350
52.750
52,950
East Central Texas..
40,250
40,450
40,250
Southwest Texas 54,000
53,800
51,150
North Louisiana
137,300
136,650
133,250
Arkansas
171,650
172,250
170,650
Coastal Texas
11,550
11.000
13,000
Coastal Louisiana
110,000
109.000
108,500
Eastcrn
60,600
55,750
59,900
Wyoming
11,600
11,600
11,550
Montana
7,250
8,250
7.750
Colorado
7,850
5,000
5,500
New Mexico
663.600
664.000
' 058.800
California
Jan. 9 '26.
449.750
99;950
2,900
78,700
75.800
64.000
40,300
44.200
184,150
76.950
11.150
101,000
82.4E0
13.300
5.900
4,3(8)
629.000
1,963.800
2.402.350
2,388,400
2,389,850
Total
The estimated daily average gross production of the Mid-Continent
central, west
field. including Oklahoma, Kansas. Panhandle, north east
the week
central and southwest Tams, north Louisiana and Arkansas, for
for the
ended Jan.8 was 1,354,200 bbls.. as compared with 1,351,550 bbls.
nt production,
preceding week,an increase of 2.650 bbls. The Mid-Contine
excluding'Smackover, Arkansas heavy oil, was 1.248,900 bbls. as compared
with 1,243,750 bbls., an increase of 5,150 bbls.
at 13,650 bbls..
In Oklahoma, production of north Braman is reported
no change; Tonkaw
against 14.500 bbls.; south Braman, 4,850 babls.,
20,000 bbl,
26,100 bbls., against 25,700 bbls.; Garber, 19,050 bbls., against
27,350 bbls.
Burbank, 47,750 bbls.„against 47,450 bbls.; Bristow-Slick,
13.850, bbls. against 13,550 bbls.; Papoose,
against 27.100 bbls.; Cromwell,
against 24,650 bbls.;
8,100 bbls., against 8,150 bbls.; Wewoka,23.900 bbls.,
Seminole, 167,100 bbls., against 149,600 bbls.
bbls.,
In Panhandle, Texas, Hutchinson County is reported at 122.500
13.950
against 131,250 bbls., and balance Panhandle 15,050 bbls., against
23,950
bbls. In east central Texas, Corsicana Powell,24,200 bbls., against
bbls.; Nigger Creek, 9,150 bbls., against 9.400 bbls.; Reagan County, west
counties,
central Texas, 28.800 bbls., against 29,150 bbls.; Crane & Upton
field,
n
27,650 bbis., against 24,300 bbls., and in the southwester Texas
bbls.,
Luling. 18,200 bbls., against 18,250 bbls.; Laredo district, 16.200
In north
no change; Lytton Springs. 2,900 bbls., against 2,950 bbls.
Louisiana. Haynesville,is reported at 8,350 bbls., no change; Ursula, 10.000
12,550 bbls..
bbls., against 12,200 bbls., and in Arkansas. Smackover light,
and
against 12,950 bbls.; heavy, 105,300 bbls., against 107.800 bbls.,
Hull is
Lisbon, 5,550 bbls., against 5,850 bbbls. In the Gulf Coast field,
bbls.,
reported at 19,350 bbls., against 18,650 bbls.; West Columbia, 12.800
Orange
against 9.400 bbis.; Spindletop, 88,750 bbls., against 95,550 bbls.;
South Liberty, 4,400 bbls..
County. 6,650 bbls., against 6,500 bbls., and
against 3.900 bbls.
In Wyoming, Salt Creek is reported at 42,50 bbls., against 38,400 bbls..
and Sunburst, Montana, 9,000 bbls., no change.
against
In California, Santa Fe Springs is reported at 44,000 bbls.,
44,500 bbls.; Long Beach, 93,500 bbls., against 94,000 bbls.; Huntington
bbls.. no
Beach. 97,500 bbls., against 101,500 bbls.; Torrance. 26,000
bbls., no
change; Dominguez, 19.000 bbls., no change; Rosecrans. 13.500
bbls..
change; Ignlewood, 39,000 bbls.; no change; Midway Sunset, 91,000
against 53.500 bbls., and Seal
no change; Ventura Avenue, 54,300 bbls.,
Beach, 9,000 bbls., against 10,000 bbls.
Other prices remained unchanged.
Gasoline price changes were numerous, the majority of
companies bringing the quotations upward. Such was the
case on Jan. 10 when the Standard Oil Co. of New York
announced a change, the revision being an advance of lc.
per gallon at Albany, making tank wagon 19c. and service
station 21c. per gallon. Another increase took place on
Jan. 11 when the Sinclair Refining Co. advanced the tank
wagon price of gasoline 2c. a gallon in Georgia, Florida,
Alabama and Mississippi, effective on Jan. 12. On that
day, also, the Standard Oil Co. of Indiana reduced the price
of gasoline lc. a gallon throughout its territory, thereby
making the tank wagon price in Chicago 17c. a gallon and
service station price 19c. a gallon for the Red Crown brand,
the standard gasoline. Solite, the .high-test grade, sold
for 20c. tank wagon. Ethyl gasoline is also reduced to 20e.
The Sinclair Refining Co. met the lc. a gallon cut of Standard Oil of Indiana, which occurred last week (see p. 161).
The Standard Oil Co. of Indiana reduced tank wagon and
service station price of kerosene Mc. a gallon in the Chicago
area on Jan. 12.
The Texas Co. followed the reduction of lc. a gallon in
gasoline and Mc. in kerosene made by the Standard Oil Co.
of Indiana and Sinclair Refining Co.
On Jan. 13 at Louisville, Ky., the Standard Oil Co. of
Kentucky advanced gasoline generally 2c. a gallonin Alabama, Georgia and Florida, following the advance put into
effect by the Sinclair Refining Co. on the 12th.
In the wholesale markets on Jan. 14 quotations were as
%
follows: United States motor grade gasoline, 83 (4)90.; 41-46
%
water white kerosene, 53@643., and 24-26 gravity fuel
$1 273@$1 323'.
Late on Friday it was reported that the Standard Oil Co.
of Louisiana had reduced the price of kerosene 1Mc. per
gallon in Arkansas, Tennessee and Louisiana.
Lumber Industry; Resumes Activity.
Revised reports of upwards of 500 of the leading softwood and hardwood lumber •millS of the United States,
published by ,the National Lumber Manufacturers Association, indicate that lumber sales were. larger in 1926
than in any of the three •preceeding years. Lumber shipments also were larger, according to this index, than in
any of the three preceding years except 1923. Production,
however, was smaller than in any of these three years except 1924. Including the mills of the California White and
Sugar Pine Association, which are not included in the regular weekly totals, the softwood mills of the National Association produced 13,752,660,914 feet; their shipments were
13,739,693,677; and their sales 13,400,188,974; production
being a little less and shipments and sales substantially
larger than in 1925.
Figures for the first week of 1927 reported by 330 comparable mills, as compared with 318 mills for the last week
of 1926, indicates a general resumption of lumber activity,
with substantial increases in production, shipments and
orders. However, as compared with the corresponding
week a year ago, last week showed considerable decreases
In shipments and orders, with production virtually the
same.
The resumption in the hardwood industry was much more
marked than in softwood; approximately the same number
of mills increased their output last week. over the preceding week about 40%; shipments 25%; and orders 20%, according to the reports of' the Association, which add:
Small Gain Reported in Crude Oil Output.
A small increase occurred this week in the crude oil output
according to reports by the American Petroleum Institute,
which stated that the estimated daily average gross crude
Unfilled Orders
The unfilled orders of 221 Southern Pine and West Coast mills at the
end of last week amounted to 498,680,742 feet, as against 466,643,748
feet for 218 mills the previous week. The .119 identical Southern Pine
mills in the group showed r unfilled orders of 182,741,978 feet last week,
as against 180,548,504 feet.for the week before. For the 102 West Cokst
304
THE CHRONICLE
mills the unfilled orders were 315,938,766 feet, as against 286,097,244
feet for 99 mills a week earlier.
Altogether the 330 comparably reporting softwood mills had shipments
92%, and orders 98%, of autual production. For the Southern Pine
mills these percentages were respectively 78 and 81; and for the West
Ooast mills 90 and 103.
Of the reporting mills, the 307 with an established normal production
for the week of 210,963,937 feet, gave actual production 75%, shipments 68% and orders 73% thereof.
The following table compares the softwood lumber movement, as refleeted by the reporting mills of seven regional associations, for the
three weeks indicated:
Week Ended
Corresponding
Dec. 31 '26
Past Week.
Week-1926.
(lievised).
Mills
330
340
318
Production
164,538,918
163,848,771
111,824,064
Shipments
151,655,248
179,697,273
128,125,195
-Orders (new business)
101,794,401
193,652,895
144,309,315
The mills of the California White and Sugar Pine Association make
weekly reports, but not being comparable, are not included in the foregoing tables. Nineteen of these mills, representing 59% of the cut of the
California pine region, gave their production for the week as 10,510,000
feet, shipments 15,349,000 and new business 15,987,000. Last week's
report from 13 mills, representing 41% of the cut was:
Production,
.3,025,000 feet; shipments, 9,025,000, and new business, 12,678,000.
West Coast Movement.
The West Coast Lumbermen's Association wires from Seattle that new
business for the 102 mills reporting for the week ended Jan. 8 was 3%
above production, and shipments were 10% below production. Of all
new business taken during the week 46% was for future water delivery,
amounting to 33,639,267 feet, of which 23,211,410 feet was for domestic
cargo delivery, and 10,427,857 feet export.
New business by rail
amounted to 35,574,234 feet, or 99% of the week's new business. Fortytwo per cent of the week's shipments moved by water, amounting to
28,604,681 feet, of which 17,717,868 feet moved coastwise and intercoastal, and 8,886,813 feet export. Rail shinments totaled 33,887,603
feet, or 53% of the week's shipments, and local deliveries 3,549,088 feet.
Unshipped domestic cargo orders totaled 103,424,962 feet, foreign 102,633,150 feet and rail trade 109,880,654 feet.
Southern Pine Reports.
The Southern Pine Association reports from New Orleans that for 119
mills reporting, shipments were 22.19% below production and orders
18.60% below production find 4.62% above shipments. New business
taken during the week amounted to 49,729,512 feet, shipments 47,534,040
feet and production 61,090,838 feet. The normal production of these
mills is 74,928,956 feet. Of the 116 mills reporting running time, 63
operated full time, 18 of the latter overtime. Six mills were shut down,
and the rest operated from two to five and one-half days.
The Western Pine Manufacturers Association of Portland, Ore., with four
more mills reporting, shows production on about the same, considerable
Increase in shipments, and a heavy reduction in new business. Only
about half of the reporting mills sawed last week, and most of these
allow much less than usual production.
The California Redwood Association of San Francisco with one less mill
reporting, shows a marked increase in production, a substantial increase
in shipments, and new business slightly in adynce of that reported for
the previous week.
The North Carolina Pine Association of Norfolk, Va., with two more
mills reporting, shows large increases in producton and shipments, and
,1 little gain in new business.
The Northern Pine Manufacturers Association of Minneapols, Minn ,
-with one more mill reporting, shows a heavy decrease in production, a
notable increase in shipments, and more than 100% increase in new
+busi ness.
The Northern Hemlock and Hardwood Manufacturers Assocation of
.Oshkosh, Wis. (in its softwood production), reports some increase in
,production and shipments, and a nominal increase in new business.
Hardwood Reports.
The Northern Hemlock and Hardwood Manufacturers Association reported from 15 mills, production as 2,627,000 feet, shipments 1,954,000
and orders 1,970,000.
The Hardwood Manufacturers Institute of Memphis, Tenn., reported
-from 100 units, production as 12,186,395 feet, shipments 13,646,560 and
.orders 10,757,021. Mc normal production of these units is 17,094,000 feet.
The two hardwood groups totals for the week as compared with the
.preceding week were:
Orders.
Mills. Production.
Shipments.
Weed ended Jan. 8
115
14.813,395
15.600.560
12,727,021
107
Week ended Dec. 31
10,442,401
12.979,759
10,648,323
West Coast Lumbermen's Association Weekly Report.
Ninety-nine mills reporting to the West Coast Lumbermen's Association for the week ended Jan. 1 1927 manufactured 36,304,010 feet, sold 66,421,374 feet and shipped
58,886,055 feet. New business was 30,117,364 feet more
than production and shipments 22,582,045 feet more than
production.
[VOL. 124.
month of December 1926 and 1925. Cotton consumed
amounted to 605,217 bales of lint and 54,016 bales of linters,
compared with 576,216 bales of lint and 61,234 bales of
linters in December 1925 and 583,950 bales of lint and
62,978 bales of linters in November 1926. It will be seen
that there is an increase over December 1925 in the total lint
and linters combined of 21,783 bales, or 3.4%. The following is the statement complete:
DEPARTMENT OF COMMERCE-BUREAU OF TILE CENSUS.
(Preliminary Report.)
Washington. 10 A. NI. January 13 1927.
Cotton consumed, cotton on hand, active cotton spindles and imports
and exports of cotton for the month of December 1926 and 1925, with statistics of cotton consumed, imported and exported for the five months
ending Dec. 31.
(The statistics of cotton in this report are given in running bales, counting round as half bales, except foreign cotton, which is in equivalent 500
pound bales.)
COTTON CONSUMED AND ON HAND IN SPINNING MILLS AND IN
OTHER ESTABLISHMENTS. AND ACTIVE COTTON SPINDLES.
(Linters not Included.)
Cotton consumed
during (bales)-
LocalUy.
Cotton on hand Dec. 31Cotton
Spindles
5 months
active duren i,,g In consuming Inpublicstor- ins Dec.
Year DecentSec.
Dec. 31. meats (bales) presses(bales) (number)
United States_ J 1926 *605.217 *2,829,456 *1,766,392
1 1925 576.216 2.598.119 1,720,696
*6,478,998
5,584,016
32,496,250
32.951.138
Cotton-growing
States
New England
States
All other States.
1926 439.837 2.040.510 1,227.582
6.192.532 17.395,284
1925 400,590 1,784,046 1,105,600
5.365,470 17,196,434
1926 139.423 658.809
458,970
128,264 13,603,022
1925 146,032 673.933
537,716
102,927 14,112,538
1926 25,957
130,137
79,840
1,497,944
158,202
140,140
1925 29.504
77,380
1,642,164
115,619
* Includes 17,0 5 Eg • 5,494 other for., and 1,989 Am-Eg. consumed; 36,904 Eg.,
16,035 other for. and 5 330 Am-Eg. In consuming est.; and 13,065 Eg.. 9,908 other
for. and 4.022 Am-Eg. In public storage. Five-months' consumption, 94.317 Eg.,
29,693 other for. and 9 902 Am-Eg.
Linters not included above were 54.016 bales consumed during December in 1926 and 61,234 bales in 1925; 137,743 bales on hand in consuming
establishments on Dec. 31 1926 and 135,657 bales in 1925: and 57,588 bales
in public storage and at compresses in 1926 and 51,722 bales In 1925. Linters consumed during five months ending Dec. 31 amounted to 339,666 bales
In 1926 and 346,809 bales in 1925.
IMPORTS AND EXPORTS OF COTTON AND'LINTERS.
Imports of Foreign Cotton (500
-Pound Bales).
December.
6 Mos. End. Dec. 31.
Country of Production.
1926.
Egypt
Peru
China
Mexico
British India
All other
Total
Exports of Domestic Cotton and
1925.
1926.
1925.
20,958
1,814
3.181
13,131
238
529
27,122
1,543
2,248
2,824
312
325
62,745
8,51)0
4,342
52,301
6,605
862
70,765
9,511
4,755
5,601
6,690
848
39.851
34,374
135.446
98,170
inters-Running Bales (See Note for Linters).
December.
5 Mos. End. Dec. 31.
Country to Which Exported.
1926.
United Kingdom
France
Italy
Germany
Other Europe
Japan
All other
Total
1925.
1926.
1925.
398,113
168.756
120.000
443,299
119.285
207.755
76,089
309,633
127.744
84,079
182.004
99.647
130.128
50.826
1.400.453
636.042
409,137
1.530,200
602.098
729,646
265,644
1,388.677
646,054
340.288
1.125,232
540.373
603.987
155.887
1,531,297
984,061
5,573,220
4,680.478
Note.-Yigures include 27,290 bales of linters exported during December
In 1926 and 10,220 bales In 1925 and 61,267 bales for the 5 months ending
Dec. 31 In 1926 and 33.342 bales in 1925. The distribution for December
1926 follows: United Kingdom, 3,796: Netherlands, 1,499; France, 2.139:
Germany, 17.376; Belgium, 1.116; Italy, 176; Spain, 25; Canada. 1,148:
Mexico, 5; Cuba. 10.
World Statistics.
The estimated world's production of commercial cotton exclusive of lint,
era, grown in 1925. as compeed from information secured through the domestic and foreign staff of the Department of Commerce is 26,618,000 bales of
478 pounds lint, while the consumption of cotton (exclusive of linters in the
United States) for the year ending July 31 1926 was approximately 23,940.000 bales of 478 pounds lint. The total number of spinning cotton spindles,
both active and idle, is about 164.000,000.
Transactions in Grain Futures During December on
Chicago Board of Trade and Other Markets.
Revised figures showing the volume of trading in grain
futures on the Board of Trade of the City of Chicago, by
days, during the month of December 1926, together with
monthly totals for all "contract markets" as reported by the
Grain Futures Administration of the U. S. Department of
295,122,033 314,325,746 303,461,498 Agriculture, were made public Jan. 6 by L. A. Fitz, Grain
288,097.244
Total (feet)
1926.
1925.
1924.
1923.
First 53 Weeks-Exchange Supervisor at Chicago. The total transactions
113
105
122
134
Average number of mills5.421,734,935 5,193,272,797 4,870.030,136 6.315.055.089 on all markets in December 1926 amounted to 1,577,824,000
Production (feet)
5.418,850.407 5.377.4116.402 4.978,575,087 5,342,099,744
New business (feet)
5.440,820,379 5.383.338.789 5,007.669,250 5,422,405,884 bushels and compared with 3,140,131,000 bushels in the
Shipments (feet)
same month in 1925. On the Chicago Board of Trade the
transactions in December 1926 totaled 1,360,270,000 bushels
Census Report on Cotton Consumed in December.
Under date of Jan. 13 1927 the Census Bureau issued its against 2,761,028,000 bushels in December 1925. In the
report showing cotton consumed, cotton on hand, active comparisons which follow the figures listed represent sales
cotton spindles and imports and exports of cotton for the only, there being an equal volume of purchases:
COMPARATIVE TABLE SHOWING PRODUCTION, NEW BUSINESS.
SHIPMENTS AND UNFILLED ORDERS.
Jan. 1.
Dec. 25.
Dec. 18.
Dec. 11.
Week Ended
99
102
102
100
No,of mills reporting-36,304.010
74.464.047
89.805.329
98,017,941
Production (feet)
58.874,200
86.421.374
87.373.066
81,166,437
New business (feet)
58.886,055
73.100,878
84,082.066
82,181,935
'Shipments (feet)
Unshipped balances:
108,662,473
99.770,587 106,239,691
92.655,934
Rai) (feet)
98.854,588 104,288,860
99,483.228
Domestic cargo (feet)__ 94.727,162
82.707.609
96,496,878 103.797,195 111,322,338
Export (feet)
VOLUME OF TRADING.
Expressed 1,i Thousands of Bushels, t. e., 000 Omitted.
Rye
Oats.
Wheat. Corn.
Date—December.
2,877
9,563
55,106 30.329
1
1.818
7.347
58,508 24,084
2
1,067
8,543
38,259 13.842
3
788
5,609
33,586 15,576
4
5 Sunday
629
3,438
35,060 10,472
6
1,020
6.064
33,733 15,265
7
829
7,307
28.999 12.833
8
459
4,648
20,108 16.558
9
831
5,601
43.583 14,791
10
618
6,069
7,131
21,185
11
12 Sunday
663
7.261
36,869 12.051
13
513
5,628
7.781
28,265
14
422
35,605 9.524 10.326
15
269
7,030
29,723 13.937
16
423
3.650
20.002 10,928
17
869
5,323
7,989
15,827
18
19 Sunday
1,098
7.158
15.055 10.480
20
2.652
9,534
50.460 25,408
21
1,905
4.387
37,273 19,259
22
718
4,756
16,852 12,896
23
483
1,324
6,213
7,101
24
25 Holiday
26 Sunday
1.192
2.719
6,631
18.238
27
2,063
7,336
47,915 21.374
28
1,311
2.841
38,291 10,622
29
721
1.865
26.425 11,491
30
866
2.767
27,712 18,868
31
Total.
97,875
91,757
61.711
55,559
49,599
56,082
49,968
41,773
64.806
35,003
56.844
42,187
55,877
50.959
35,003
30,008
33,791
88,054
62.823
35,222
15,121
27,780
78.688
53.065
40,502
50,213
Further Decline in December's Steel Production.
According to the statement of the American Iron & Steel
Institute, issued Jan. 8, a further decrease occurred in December in steel ingot output of the United States, bringing
the production of that month down to the lowest level since
August 1925. Steel ingot production in December, compiled from companies which made 94.50% of the steel output
in 1925, totaled 3,281,040 tons, of which 2,778,949 tons
were open hearth, 493,172 tons Bessemer and 8,919 tons all
other grades. The high figures of the ear was the March
production of 4,241,502 tons, from which there was a fall
to the low figure of 3,281,010 tons, as already mentioned.
.
Calculated monthly production of all companies was 3,472,000
tons in December, as against 3,722,119 tons in November,
4,092,548 tons in October, 3,930,675 tons in September,
and 4,488,362 tons in March, the highest figure for the
year. As indicated below total production in 1926 was
44,541,173 tons, an increase of 2,801,203 tons, or approximately 6% over last year. In the following we show
details of production back to January 1925:
____ 1,360.270
Total Chicago 13d. of Tr_ 819,740 365,332 148,094 27,104
56,857
30
2.762
36,775 17,290
Chicago Open Board_ _ _
69,847
3,438 1,496 1,031
20,157
43,725
of C._ _ _
Minneapolis C.
52,018
165
9,336
42,517
Kansas City Bd. of Tr
9 16.648
2,879 - -6 2,59.
Duluth Board of Trade_ .11,361
6,553
_
1,014
St. Louis Merch. Exch._ :5.539
4,628
246
1,721
1,365
1,296
Milwaukee C. of C
10,650
Prod. Each
New York
353
Seattle Merch. Each _ _
Los Angeles Grain Each_
San Francisco C. of C_
0
Baltimore C. of C
MONTHLY PRODUCTION OF STEEL INGOTS. JAN. 1925 TO DEC. 1925
Reported for 1925 by companies which made 94.50% of the steel Ingot production
In that year.
Total all mkts. Dec. 1926 971,956 394,693 172.543 33,697 1,505 3,430 1,577,824
2,761.028
Total Chicago year ago_2.062.928 477.660 148,376 72,054
Total all mkts. yr. ago_ _2,346,957 513,963 177,489 94,230 3.225 4,267 3,140,131
a Hard wheat with exception of 597 red wheat.
• Durum wheat.
305
THE CHRONICLE
JAN. 15 1927.]
Months
1925.
January...
February_ _
March. _ _ _
AprIl
May
June
July
A ugust__ _
September.
October_ _ _
November.
December
OpenHearth.
BesseMel
3,263.256
2.933.225
3,337.721
2.858.866
2.755,561
2.540.729
2,446,068
2.698.285
2,738.673
3,077.114
3.092.194
3,169.796
689,996
602,042
611,860
515,715
497,708
476.945
457.095
523.734
547,121
584.567
581.347
569,304
Approx.
Calculated
Daily
No. of
Monthly
Monthly
Production Production II „rrk- Production
All
All Cot.
trig
All
Other. Companies
Re porting °moor:Us. Days. Gross Tons.
11,960
12.998
13,633
14.182
13,790
12,490
13.547
12.914
13.977
15.624
17.085
15.843
3.965.212
3.548.265
3.960.214
3,388,763
3.267.059
3.030,164
2,916.710
3,234.933
3,299,771
3.677.305
3.6!l0,626
3,754,943
4,193,281
3,752.352
4,194,340
3.583.676
3,454.971
3,204.451
3,084.472
3.420.998
3.480.565
3.888.814
3.1,02.900
3.970.918
27
24
26
26
26
26
26
26
26
27
25
26
155,307
156.348
161.321
137.834
132.883
123,248
118.634
131.577
134.214
144.030
156.116
152,728
"OPEN CONTRACTS" IN FUTURE8 ON TIIE CHICAGO BOARD OF TRADE
FOR DECEMBER, 1926.
("Short"side of contracts only, there being an equal volume open on the "long" side)
Total.
Sue.
Oats.
C'orn.
Wheat.
December 1926.
141.932
,
a99.510,000 59,141,000 42.762.000 13,060,000 214,473.000
1
Tend — 34.911.488 6.660.434 168 04 41.730.965 44(40 733 311
58,662,000 642.754.000 13.242.000 212,292,000
97.634.000
2
7 194.000 658,151.000 43,179,000 13,123.000 211.647.000 MONTHLY PRODUCTION OF STEEL INGOTS, JAN. 1928 TO DEC. 1926
3
95,603,000 59,502,000 43,555.000 13,053.000 211,713,000
4
Reported for 1926 by companies which made 94.50% of the steel Ingot production
5 Sunday
In i925
94,824.000 59,112.000 43.628.000 13,115.000 210.679,000
59,579.000 43.024.000 13.081.000 207.479.000
.91.195.000
7
Approx. Per
689,313.000 59.738.000 44.175.000 13.051.000 206.277.000
Calculated
8
Cent
Daily
89,549,000 60.260,000 44,366,000 13.071.000 207,246,000
No. of
Monthly Al onthly
9
93.080.000 60.006.000 41.974,000 13.027.000 211,087,000 Month, Open10
AU Production Production Work- Production of
BesseAU Cot. OperaAll
Mg
93.353,000 60.276,000 46,017,000 13,000.000 212.654,000
11
Other Companies
.
fuer.
1916. Hearth.
12 Sunday
Reporting.Companies Days. GrossTons 8106.
95.559.000 59.728.000 45.843.000 12.768.000 213.898.000
13
159.63: 88.90
97.699,000 60,111,000 45.811,000 12,917.000 216.538.000 Jan.,. 3,326,846 581.683 13,669 3.922,110 4,150.440
26
14
158.40; 88.22
24
96,167.000 60,518.000 46.813,000 12.919,000 216.417.000 Feb... 3.023,827 556.031 12.819 3.592,679 3.801,771
15
166,231 92.58
27
97,663,0011 62.266.000 40.690,000 12.932.000 219.551,000 March 3,590,791 635.680 15.031 4.241.602 4,488.362
16
158.61: 88.33
26
97,853.000 862,985,000 46.926,000 12,965,01100220.729.000 April. 3.282,435 601.037 13.652 3.897.129 4.123.941
17
151.744 84.51
26
96,123,000 62,880,000 47.267.000 612.689,000 218,959,000 May.. 3.201.230 516.676 10.437 3.728.343 3.945,336
18
144,25( 80.34
26
19 Sunday
June__ 3 036.162 498.764 9,441 3.544.367 3.750.65:
140.421 78.20
26
95,470,000 62.002.000 47.963,000 12,860.000 218.295.000 July__ 2.911 375 526.50( 12,372 3.450.247 3.651.051
20
26
154.021 85.78
93.901.000 59,471.000 48.289.000 13.292.000 215.043.000 Aug _ _ 3,145.055 627.277 12.191: 3,704 171 4.004.587
21
93.362.000 59,051,000 48.499.000 13,280,000 214,201,000 Sept__ 3,089.240 612,588 12.660 3.714,488 3,930.675
151,180 84.19
26
22
214.465,000
157.404 87.66
26
93,672,000 59.223,000 48.272.000 13.298.000
23
Oct___ 3.224.584 630.526 12.348 3.867.458 4.002,548
143.158 79.73
26
93,443,000 59,922,000 849,299,000 a13,376,000 216,040,000 Nov.. 2.915,558 592.239 9.605 3.517.402 3.722.119
24
26
133,53: 74.37
25 HnlIday
493,172 8,919 3.281.040 3,472,000
Dec.. 2.778.94
26 Sunday
15151.84.41)
93,550,000 59,195.000 49,211,000 13.251,000 215.207.000
311
27
i'ntaI17 A9A omit R79 1610149 nAn44 541.17347.113_51
217.126.000
94,454.1810 60.470.000 48.879.000 13.323.000
28
92.830.000 60.956.000 48.675.000 13,321.000 215.791.000
The igures of per cent of operation" are based on the "theoretical capacity"
29
93,103,000 60,727,000 48.650.000 13,283.000 215.709.000 as of Dec. 31 1925, of 55,844.033 gross tons of Ingots.
30
92.014.000 61,051.000 47,113,000 13.275 000 213,453,000
31
Steel and Pig Iron Prices Decline—Market Preserve
Stability in Majority of Lines.
resumption of the free flow of business that marked
With no
the eighteen months preceding November, the steel mills
have had in the past week some increase in number of orders,
but individually they are small and mill scheduling is largely
on a weekly basis, says the "Iron Age" this week. The
Steel Corp. is producing ingots at a rate slightly better than
its December average of 83% and independent companies
which were down to 60% at their recent low point are now
Increase in Unfilled Tonnage of United States Steel
at 65 to 70% according to the reports issued by the "Age"
Corporation During December.
on Jan. 13 from which we add the following:
As a whole, the steel industry appears to intert ret the present situation
The United States Steel Corporation in its monthly statea delayed start on the new year. which, while in contrast
ment issued Jan. 10 1927, reported unfilled tonnage on books In the light of activities of January of last year and 1925, is not significant
with the larger
of subsidiary corporations as of Dec. 31 1926 at 3,960,969 of a definite drop in the rate of consumption.
On the general run of products the mills have lighter bookings than had
tons. This is an increase of 153,522 tons over unfilled
week the efforts of some producers to increase
orders on Nov. 30 and an increase of 277,308 tons over been expected y and in the past lower prices, notably in sheets and strips.
their tonnages have brought out
Oct. 31 figures. On Dec 31 last year orders on hand stood at in other lines the market has preserved for the most part the stability that
5,033,364 tons and at the same date in 1924 at 4,816,676 has been seen for a good many months in bars, plates and shapes, though
mills are now operating at more than 60% of capacity.
tons. In the following we show the amounts back to the few bar the Steel Corp.'s unfilled orders on Dec. 31 were 3,960.969 tons, or
That
of 1922. Figures for earlier dates may be found 153.522 tons more than on Nov. 30, naturally caused sun rise. since no
beginning
other important producer of steel could show a December increase. Both
in our issue of April 14 1923, page 1617.
Average—
Dec. 1926
Dec. 1925
Nov. 11126
Oct. 1926
Sept. 1926
Aug. 1926
July 1926
June 1926
May 1926
April 1928
Mar. 1926
Feb. 1926
Jan. 1926
a MIA.
94.547,000
109,964,000
108,933,000
100,156,000
102.235.000
99.118.000
87.023.000
84.845.000
85.808.000
96.935.000
95.431,000
109,023,000
111.992.000
b Low.
Erni of Month—
January
February
March
AprIl
May
June
July
August
September
OiltoberNovember
December
60.192.000
45.102,000
63,758.000
54,427,000
46.780.000
53.654.000
52,196.000
60.624.000
53.831.1100
57,870.090
59,434.000
54.717.11110
45.959,000
1926.
4,882,739
4,616.822
4.379,935
3,867,976
3,649,250
3.478.642
3.602.522
3.642.335
3.593.509
3.1183.661
3.807.447
3,960,969
46.278,000 13.099,000 214,116.0110
49,503,000 10.038,000 214.607.000
50.015.000 15,144.000 237.850.000
49.162.000 13,823,000 217.568,000
46.899.000 12.814.000 208.728,000
42,730,10(0 13.014.000 208,516.000
31.397.000 12.393.000 183.000.000
9.751,000 191.851.000
36.631.000
8.351.000 185.616.000
37.618.1100
46.132.000 13.177.000 214.120.000
50.350.000 14.875.000 220.090,000
53,664.000 15.015.000 232,419.000
52.990.000 12,713,000 223,662,000
1925.
5,037.323
5,284.771
4.863,564
4,446,568
4.049,800
3,710.458
3.539.467
3,512.803
3,717,297
4,109.183
4,581.780
5,033.364
1924.
4.798.429
4.912.901
4,782.807
4.208.447
3,628,089
3.262.505
3.187.072
3.289.577
3,473.780
3.525.270
4,031,969
4.816,676
1923.
6.910.776
7,283.989
7,4(13.332
7.288.509
6.981.851
6,386.261
5,910,763
5.414.663
5,035.750
4,672,825
4.368.584
4.445.339
1922.
4.241,679
4.141,069
4,494,148
5.096.917
5.254,228
5.635,531
5.776,161
5,950,105
6.691.607
6.902,287
6.840.242
6.745,703
the corporation and the independents have light bookings in bars, the
leading tonnage item in finished steel, and there was no December gain in
plates, shapes and other heavy products. One explanation of the corporation's statement is that good-sized year-end specifications were entered on
the American Can Co.'s tin plate contract taken some weeks ago.
With attention directed to the automobile industry and the rate at which
It will soon be operating, it is significant that it bus been the chief beneficiary of the sharp competition of the past week between sheets and wide
strips. While automobile steel is now being ordered at a better rate than in
November and December. important buying from that source is not looked
for before Feb. 1.
Railroad and structural demand have been made more conspicuous in
the past week by the waiting situation in bars.
306
THE CHRONICLE
Freight cars placed in the week have brought the total for the past
fortnight to more than 10.000. The Santa Fe has closed for 2,800, the
Rock Island for 2,500, the Northwestern Refrigerator Co. for 1,020, and
the Missouri Pacific has increased its 2,000
-car order of last week to 3.120.
Several small orders bring the total to 10,065. The Santa Fe has bought 25
locomotives and the Baltimore & Ohio,Central of New Jersey and the Reading are inquiring for locomotives. The Burlington and the Wabash have
each inquired for 1,000 freight cars.
The Pennsylvania RR. will receive bids Jan. 18 on 18,000 tons of plates
and 7,000 tons of bars. Other products bring the total of its first quarter
requirements close to 30.000 tons.
Several thousand tons of plates and shapes have been ordered of a Pittsburgh mill by a Chester, Pa., shipyard for an oil tanker, and a Detroit
shipyard has an order for a lake boat requiring 3,000 tons of steel. Dams
on the lower Ohio call for 2,200 tons of sheet piling.
On top of 50,000 tons in the preceding week, structural steel awards
totaled about 60.000 tons. The larger lettings are 10,000 tons for a New
York office building, 6,000 tons ofr oil field work at Port Arthur, Tex.,
5,000 tons for a Masonic building at Providence, R. I., 4,100 tons for a
Chicago police station and 3,500 tons for an office building in Los Angeles.
New work totaling 21,000 tons includes 6,500 tons for an athletic club in
Chicago, 3,800 tons for a railroad bridge in New Jersey and 3.500 tons for
an apartment building in Louisville, Ky.
For its 1927 requirements the Nickel Plate has placed 20.900 tons of rails
with Pittsburgh and Chicago district mills.
As the recent weakness in wide hot
-rolled strip steel became more pronounced, sales were made in the week at 2.15c. to 2.20c. Pittsburgh, on
business carrying good extras. On strip narrower than 6 in. the market has
declined 82 a ton or more form the December quotation of 2.50c. Pittsburgh.
Interest in pig iron has centered in the past week in the Southern market.
Alabama and Tennessee producers unexpectedly reduced their price $2 a
ton or to $18, Birmingham, and sales of 150,000 tons, including some large
lots to pipe foundries, have resulted. Stimulation of buying by pipe companies rather than the desire to compete in Northern markets is the explanation given for the cut.
For the first time since Feb. 1925. Birmingham iron is quoted in the
Cincinnati market below Ohio River iron. However, Lake Erie furnaces
have sold at $20 90, Cincinnati, as against the present price of $21 69 for
Alabama iron.
Japan has brought 57.000 base .boxes of American tin plate for the
Nippon Oil Co. and 14,000 boxes for the Koito Oil Co.
Both of the "Iron Age" composite prices are lower this week, that for
pig iron declining from $19 71 to $19 39 per ton and that for finished steel
from 2.453c. to 2.439c. per lb. Pig iron is now lower than at any time
during 1926
-at the lowest point, in fact, since early Sept. 1925. Finished
steel is at the level of four months ago.
The usual composite price tables follow:
Finished Steel.
PO Iron.
Jan. 111927, 2.439c. Per Pound.
Jan. 111927, $1939 Per Gross Ton.
One week ago
$1971
2 453e One week ago
One month ago
2 4530 One month ago
19 96
One year ago
2.453e. One year age
21 79
10-year pre-war average
1.6890. 10-year pre-war average
15 72
Based on steel bars, beams,tank plates.
Based on average of basic iron at Valplain wire, open-hearth rails, black pipe ley furnace and foundry irons at Chicago,
and black sheets, constituting 87% of Philadelphia, Buffalo. Valley and Birthe United States output.
mingham.
g
••
I926_2.453c., Jan. 5; 2.403e., May 18 1926._$21 54, Jan. 6; $19 46, :July 13
1925_ _2.560c., Jan. 6: 2.396c., Aug. 18 1925.- 22 50: Jan. 13; 1896. July 7
1924_2.789c.. Jan. 15; 2.460c.. Oct. 14 1924._ 2288. Feb. 28; 1921, Nov. 3
1923_ _2.824c.. Apr. 24: 2.446c.. Jan. 2 l923._ 3088. Mar.20: 2077, Nov.20
Freight car awards totaling 10,000 have enlivened the 3E3(31 market
which is slowly working up from the low point of the holidays, declares
the "Iron Trade Review" in its market summary issued Jan. 13. The
week's car business exceeds 8,830, more than placed in all last January.
and since 20,000 cars are on active inquiry, the total of 30,555 ordered in
the first quarter of 1926 may easily te surpassed in the current quarter
observes the "Review," which then goes on to say:
Considered brow ly, the tenor of the steel market is improving in several
departments, notably in sheets. Pipe operating schedules are a shade
lower than last week,but on the whole shipments of heavy finished material
are slightly higher. Less cold iton is being piled by steel works blast
furnaces. Corsumption in general is gaining moderately and some replenishment of the record low inventories is under way. Steel Corporation
subsidiaries are operating at nearly 84%, compared with 78% last week.
Independe,t producers are somewhat under 70%.
Included in freight cars placed this week are 3.120 by the Missouri
Pacific, 2,800 by the Santa Fe and 2,500 by the Rock Island. Finished
steel requirements of 100,000 tors, plus half that tonnage in other iron and
steel products, will go chiefly to Chicago district mills. Railroads in the
past week ordered 35,000 tons of rails, of which 25,900 tons are for the
Nickle Plate. An Eastern carrier is taking bids on 22,500 tons of finished
steel for its first quarter program.
Pig iron sales the past week approximate 150,000 tons, of which 100,000
tons represent business taken by Southern producers following a reduction
of $2 per ton to.318, base Birmingham. The market on southern Ohio
Iron has given way 50 cents to $19 50, Ironton. In keeping with this
.
trend, sales at Cleveland exceed 25,000 tons. Sales in Pittsburgh and
Mahoning Valley district are light, owing to divided opinion concerning
coke. The decision in regard to coke wages has not yet been made and
meanwhile both melters and blast furnaces are loath to act.
The "Iron Trade Review's" composite price on 14 leading iron and steel
products this week is $37 78. This compares with $58 07 last week and
$38 08 the previous week.
I
There was a net loss of 9furnaces during December,4 having been blown
in and 13 shut down. In November the net loss was 6, with a net gain of'
4 in October.
On Jan. 1 there were 204 furnaces in blast as compared with 213 on
Dec. 1. The estimated daily capacity of the 204 furnaces active on the
first day of January was 98,860 tons as contrasted with 105,850 tons per
day for the 213 furnaces in blast on Dec. 1. Of the 4 furnaces blown in last
month, 3 were merchant and 1 was an independent steel company stack.
The 13 furnaces blown out or banked are credited as follows: 7 to independent steel companies, 2 to the Steel Corporation and 4 to merchant iron
producers.
Manganese Alloy Production.
The ferromanganese output in December at 31,627 tons was the second
largest for the year. The 1926 production at 315,828 tons was the largest
since the war and compares with the peak war output of 333,000 tons in 1918.
Total Furnaces Smaller.
Serviceable blast furnaces now total 371. The Rebecca furnace of the
Kittanning Iron & Steel Mfg. Co.at Kittanning,Pa.,and the Alice furnace
of the Valley Mold & Iron Corporation, Sharpsville, Pa., have been dismantled.
Furnaces Blown In and Out.
Among the furnaces blown in during December was one Northern furnace
of Witherbee, Sherman & Co. in New York; the Keystone furnace of the
Reading Iron Co.in the Schuylkill Valley:the Clairefurnace in the Shenango
Valley, and No. 2 Steubenville furnace of the Sheeling Steel Corporation
in the Wheeling district.
Among the furnaces blown out or banked during December was B furnaceat the Lackawanna plant of the Bethlehem Steel Corporation in the Buffalo
district; No. 2 Donora furnace of the American Steel & Wire Co. and
No. 2 Monessen furnace of the Pittsburgh Steel Co. in the Pittsburgh district; F furnace at the Cambria plant of the Bethlehem Steel Corporation
and the Colonial furnace in western Pennsylvania; E furnace at the Maryland plant of the Bethlehem Steel Corporation in Maryland; No.3 Haselton
furnace of the Republic Iron & Steel Co. in the Mahoning Valley; one furnace of the National Tube Co. in northern Ohio;the Sarah furnace in southern Ohio; one Federal furnace in the Chicago district; No. 2 City furnace of
the Sloss-Sheffield Steel & Iron Co.,one furnace of the Woodward Iron Co..
and one Pioneer furnace of the Republic Iron & Steel Co. in Alabama.
DAILY RATE OF PIG IRON PRODUCTION BY MONTHS
-GROSS TONS
&eel Works.
Total
Merchant.*
1925
-December
81.662
23.301
104,853
1926-January
83.887
23,107
106.974
February
81,148
23,260
104,408
March
85.841
25.191
111,032
April
89.236
115.004
25.768
May88,682
25,622
112,304
June
82,186
25,858
107,844
July
79.392
24,686
103,078
August
78,218
25,025
103,241
September
81,224
23,319
104.543
October
83.188
24.366
107,653
November
82,820
25.070
107.890
December
74,909
24,803
90,712
made for the market by steel companies.
• Includes pig Iron
PRODUCTION OF STEEL COMPANIES FOR OWN USE
-GROSS TONS.
Total Iron.
SPiege2eisen and Ferromanganese.*
Spiegel and Ferro.
-1925-- -19261928
Fe-Mn. Spiegel. Fe-Mn. Spiegel.
1925.
2,692.537 2,699.876 23,578
January
6.418 29,129
7.746
2,539,785 2,272,150 18.184
February
4.910
22,309
7,084
2,812 995 2,661,092 20,082
March
5,449 24.064
7.333
2,514.828 2.677.094 21.448
Apra.
6.341 24,134
7,051
2,306.887 2.687.138 22.679
May
6.204 23.159
8,999
2,113,566 2,465.583 19,836
June
4.972 25.378
6,864
Halt year
in December Pig Iron Output.
A sharp drop took place in the December production of
pig iron. Data collected largely by wire by the "Iron Age,"
on Jan. 3 show ,that the daily rate for December of 99,712
gross tons was 8,178 tons, or about 7.5%, less than the daily
rate of 107,890 tons per day in November. The December
rate was the first one to fall below 100,000 tons per day last
year, declares the "Age," adding:
The production of coke pig iron for the thirty-one days of December was
3,091,060 tons, or 99,712 tons per day as compared with 3,236,707 ton
or 107,890 tons per day for the thirty days in November..
The output of coke pig iron for 1926 was 39,070.470 tons, which corncompares with 36,403.470 tons in 1925 and with 40,059.308 tons In 1923, the
record year. When charcoal iron and ferro-alloys are added to the December total of 39,070.470 tons, the 1926 production will approximate 39.500.000 tons.
14,980,598 15,362,933 125.787
July
August
September
October
November
December
2,037.160
2,124,439
2.109.205
2,370,382
2,317,888
2,528,120
2,481,181
2.424.687
2.436,733
2.578.830
2,484,620
2,322.180
16,614
18,887
18.381
21,421
25,490
26.072
Year
28,467.792 30,071,144 262.632
•Includes output of merchant furnaces.
January
February
March
April
May
June
31,384 148,173
5,074
4,939
5,162
6,071
6.376
7,756
28,877
23.557
25.218
28,473
31,903
31,627
65.761 316,828
TOTAL PRODUCTION OF PIG IRON.
By Month Beginning Jan, 1 1924
-Gross Tons.
1924.
1925
3,018,890
3,370,338
3.074,767
3.214,143
3.466.086
3,564,247
3,233 428
3,258,958
2,615,110
2,930,807
2.026,221
2.673.457
42,083
3,699
4,372
2,925
6,295
7,565
7,157
74,098
17.434,492
19,011.948
1928.
3,318.201
2.923,415
3,441,980
3,450,122
3.481.428
3,235,309
_
19,848.461
1,784,899
1,887.145
2.053,264
2.477,127
2.509.673
2,961.702
Half year
July
August
September
October
November
December
2,664,024
2,704.476
2,726,198
3,023,370
3,023.006
3.250,448
3.223,338
3,200.479
3,136.293
3.334.132
3,236,707
3,091,060
Year•
31.108,302
36,403,470
39,070,470
•These totals do not include charcoal pig iron. The 1925 production of this Iron
was 19e ,164 tons.
Increase
Sharp Drop Reported
[VOL. 124.
of Refined Copper
-December
Exports Largest of Year.
Refined stocks in hands of North and South American
producers and refiners Jan. 1 came to 85,501 short tons,
according to American Bureau of Metal Statistics, compared with 73,856 tons Dec. 1, increase of 11,645 tons, or
23,290,000 pounds in the month, making stocks of refined
copper at beginning of the year equal to about three weeks'
shipments, or two weeks' consumption. The "Wall Street
Journal" of Jan. 12, from which the foregoing is taken,
reported further in the matter as follows:
in
Stocks
Blister stocks at refineries and smelters, including blister in process
at refineries and in transit Jan. 1, came to 272,342 tons, compared with
277,479 tons Dec. 1, decrease of 5,137 tons. Refined stocks Jan. 1 1928
were 73,082 tons.
Total metal above ground to blister stage and beyond in hands of producers and refiners in North and South America came to 357.843 tons
JAN. 15 1927.]
THE CHRONICLE
Jan. 1, compared with 351.335 Dec. 1, increase of 6,508 tons. Copper to
blister stage and beyond Jan. 1 1926 came to 321,957 tons.
Shipments of copper in December to consumers totaled 114,779 tons,
compared with 120,699 in November, 125,024 in October and 119,911 in
September. Total shipments for 1926 came to 1,428,035 tons, monthly
average of 119.003 tons, compared with 1.415.724 tons in 1925, monthly
average of 117,977, and 1,319,783 anc1•109,982 tons, respectively, in 1924.
Domestic shipments in December came to 61.942 tons, compared with
74.207 tons in November, 73.939 in October and 78,459 in September.
Domestic shipments for the full year came to 902,174 tons, monthly average
of 75.181 tons, compared with 831.171 and 69,264 tons, respectively, in
1925 and 753,389 and 62.780 in 1924. It is understood that drop in
domestic shipments was due largely to fact that domestic fabricators
asked refineries to hold over delivery on December metal until January
because of inventory taking, aud that if all metal purchased for December
shipment had been delivered refined stocks would probably have shown
little increase.
Export shipments in December came to 52,837 tons, largest in 1926,
and comparing with 46,492 in November,51.085 in October.second largest.
and 41.452 in September. Total of export shipments for 1926 was 525.861
tons, monthly average of 43,821 tons, compared with 584,553 and 49.712
tons, respectively, in 1925 and 566,395 and 47.200 tons in 1924.
Production of refined copper in December came to 126,424 tons, compared with 126,322 in November, 123,120 in October and 123,390 in
September. Refined output for 1926 came to 1.440,454 tons, monthly
average of 120,037 tons, compared with 1.352.309 and 112,692 tons, respectively, in 1925 and 1,300,330 and 108.360 tons in 1924.
The following table gives the comparisons of blister and refined stocks
at the end of the past six months in North America and South America,
figures in tons of 2.000 pounds each, is from the "Wall Street News":
Blister, Incl.
Total.
Refined.
in Process.
342,828
64,940
277,888
July
326,844
66,658
260,186
August
334,073
70,137
263.934
September
336,099
68,233
267,866
October
351,335
73.856
277.479
November
357,843
85,501
272,342
December
307
higher. Much of the buying is being done so quietly that it
escapes popular attention. Nevertheless its presence is
making itself felt in all the major producing districts. At
the present rate of stock accumulation, the industry will face
April 1 with the largest stockpile in its history, in the estimation of the "Age," which then adds:
The same paper said:
Segregated figures show that the stocks on Jan. 1 last were divided as
follows: Blister at smelters, 16,035 tons; blister in transit, 68,604 tons;
blister at refineries, 30.198 tons; in process at refineries, 157.505 tons;
refined, 85,505: total. 357.843 tons.
On Dec. 1 last the surplus was distributed as follows: Blister in smelters,
15,965 tons; blister in transit, 70.349 tons; blister at refineries!, 33.342 tons;
In process at refineries, 157,823 tons;refined.73,856 tons; tota,351,335 tons
An increase of 204,000 pounds occurred in the production of refined
copper during the month. The production in December totaled 252,848,000
pounds, of which 241,700,000 pounds were primary and 11,148.000 pounds
scrap. In November the output was 252,644,000 pounds, consisting of
242.746,000 pounds primary and 9,898.000 pounds scrap. Total production for 1926 was 2,880,908,000 pounds, against 2,704,618.000 pounds
in 1925, a gain of 176,290,000 pounds.
In the following table is given a comparison of the production of refined
copper. figures in tons of 2,000 pounds each:
Total.
Scrap.
Primary.
119,020
4,780
114.240
July
128,925
7.433
121,492
August
123,390
6,892
116,498
September
October
126,322
4,949
121.373
November
126,424
5,574
120,850
December
The daily average rate of production in December was 4,078 tons.
compared with 4.211 tons in November, 3,972 tons in October. 4.113
tons in September, 4,159 tons in August, and 3,839 tons in July.
Production of blister copper in North America in December amounted
to 93,075 tons compared with 99,304 tons in November, 93,198 tons in
October. 86,163 tons in September, 84,061 tons in August and 82,938
tons in July.
There was a decrease of 11,840,000 pounds in the shipments during
December. The total for that month was 229,558 pounds. against 241.398.000 pounds in November. Deliveries for the year ended Dec. 31
last were 2,856,070 pounds, compared with 2,831,448 in the previous
year, an increase of 24,622,000 pounds.
In the following table is given the shipments with comparisons, figures
in short tons:
Total.
Export.
Domestic.
76,352
43,824
120,176
July
84.034
43.173
127,207
August
78.459
119,911
41,452
September
73,839
51,085
125,024
October
46,492
74,207
120,699
November
61,942
52.837
114,779
December
The labor situation Is now the question which overshadows all others in
the bituminous industry. What the districts which remain under the
domination of the United Mine Workers will demand will not be known
definitely until after the convention of the union delegates is well under way
in Indianapolis later this month. Presumably, with the Lewis organization
strongly in control, the demand will be for an extension of the expiring
agreement. The non-union wage situation is no less interesting. At the
present time there seems to be neither unanimity of opinion nor unanimity
of action among the non-union operators.
The "Coal Age" index of spot bituminous prices on Jan. 10 was 194 and
the corresponding weighted average price was $2 34. Compared with the
figures of a week ago, this represents an increase of one point and one cent.
Advances in quotations on somkeless coal in several markets was primarity
responsible for the change.
Domestic anthracite trade still is in the doldrums. Independent prices
are weaker and company movement slower. A greater softness is checked
only by the declining rate of production. Steam sizes, particularly No. 1
buckwheat, are showing unusual strength, and it is not uncommon for independent tonnage to command full company circular.
A less cheerful view of the situation is taken by the "Coal
and Coal Trade Journal," which observes in its market
review, issued Jan. 12, that some disturbing conditions
which have recently prevailed, have shown their effects
during the past week. Prices have exhibited a tendency to
decline, there has been a withdrawal of buying and a general
tendency towards inactivity, according to the "Journal."
The situation is made most pronounced by rather conflicting
reports that come from different points and sections and it
would be hard to draw any consistent conclusion as to the
temper of the coal industry at the present time if viewed as
a whole, continues this review, from which we add further
extracts as follows:
Increase in Zinc Stocks.
Stocks of zinc on Dec. 31 1926, according to the American Zino Institute, amounted to 21,887 tons, compared
with 14,481 tons on Dec. 1, an increase of 7,406 tons.
Production in December amounted to 56,884 tons, and shipments were 49,478 tons. The following are the figures
made public by the Institute Jan. 10:
It would seem, however, as if the weather was the prevailing factor.
Probably it is psychologically rather than as an actual fact. Where the
cold has not appeared, or has disappeared, there is apathy. Where severe
weather prevails the outlook is more cheerful. Just now cold is expected
by all classes of coal men at all points. Where it fails to come there is
mental depression, and this is reflected in the tendency to refrain from
constructive activity and so look for lower prices and to accept them.
This is thoroughly natural. The probabilities are that a country-wide
cold snap would cause vigorous dealings all along the line, and prices
would stiffen.
Just now, when the coal operator finds immediate cause for depression.
he can find an excuse close at hand to feed it on. The industrial buying is
not seemingly what he expected. No amount of warning of impending
shut downs seems to result in the apparent gathering together of great piles
ofreserve stocks. The hand-to-mouth purchasing goes on in most domestic
quarters. The final consumer is far from being frightened. A blizzard,
or at least a good cold snap, is needed for the good of the coal merchant.
It would appear as if the apprehension that is contained in the possibility
of a strike a few months ahead was losing its force as a market factor.
Outwardly it has had only slight effect in causing the ones who will need
fuel to bank up reserves against its coming. This may be a fallacious
appearance. There are some who declare that reserves are being created
by the great industrials and the utilities. The probabilities are that this
is to some degree true. These interests cannot afford to speculate on the
chances that there will be no shortage. They must be prepared for all
contingencies, with either actual coal or contracts that they are sure will
be carried out by deliveries of fuel.
A significant note comes from Philadelphia where many appear to
believe that thesthreatened strike of the late spring will be hardly more
than a gesture. It is stated that some of the well informed in that city
look for a compromise on the part of the miners that will reduce the disturbance to a minimum. It must be stated, however, that this is a view that
tends to the side of optimism. Cincinnati is looking forward to some
strike. So are a few other cities.
The good position of the industry Is that it is prepared for labor trouble
after the first of April. It is building its plans to meet such an emergency.
If such a disturbance occurs the machinery will already be In operation.
But it must be taken into consideration what will happen to prices if no real
disturbance does appear, or if the trouble is of very limited extent. This is
evidently what some are now contemplating.
The closing down of mines is going on to a limited extent. Wage scales
are being successfully adjusted in several places. The production is
continuing to be admirably flexible. In short an underlying healthy
condition in the industry prevails.
21,887
Stock Dec.31
3,387
Shipped from plant for export
304
Stored for customers
88.668
Dec. 31
Retorts operating
"Globe," reports: Stocks zinc in bins Tr -State
.1. H. Wadleigh, Joplin
Mines Dec. 31. 19,158; 17.000 sold; stocks Dec. 1, 22,482; 20,000 sold.
Coal Output Gains Slightly over Holiday
Week-Anthracite Declines.
The output of bituminous coal during the week ended
Jan. 1 1927 increased about 223,000 tons over the production
during the week preceding, when the Christmas holiday was
observed. Anthracite, on the other hand, according to the
weekly report of the United States Bureau of Mines,fell off
by about 375,000 tons during the same period. The output
of coke is estimated to have increased 19,000 tons, reports
the Bureau, from which we quote further as follows:
Quiet Buying Continues in Bituminous Coal and
Anthracite Markets-Prices Variable.
Production of bituminous coal continued upon a healthy
basis and more buying which was plainly labeled "storage"
made its appearance in different parts of the country, according to the Jan. 12 "Coal Age" reports. Prices were
uneven, but the net changes left the averages a fraction
Production of soft coal during the week ended Jan. 1, Including lignite
and coal coked at the mines, is estimated at 10,709,000 net tons This is
an increase of 223.000 tons over the revised figure for Christmas week
10.486,000. The daily rate of output, however, was lower than during
Christmas week.
Total production of bituminous coal during the calendar year 1926 is now
estimated at 578.290,000 net tons. The final returns from the operators
will change this figure somewhat,but probably not more than 2%. For the
year 1925 the Bureau's estimate was 522,967,000 tons. The final complete
reports from the operators showed 520,052.741 tons. The error for 1925
was thus six-tenths of one per cent.
-DECEMBER 1926.
-ALL COMPANIES
ZINC
(Tons of 2,000 Pounds.)
Stock Dec. 1
Produced-
14,481
56,884
Shipped
71,365
49.478
Bituminous
308
THE CHRONICLE
[VoL. 124.
Estimated United States Producticmlof BituminouslCoal (Net Tons
Average per
Production. Working Day.
1r PeriodCalendar year 1918
579,386,000
1,881,000
568,667.000
1,847,000
1920
564.565.000
1,845,000
1923
483,687,000
1,573,000
1924
520,053,000
1,692.000
1925
578.290,000
1,880.000
1926
New Year's week ended Jan. 3 1925- b
10,785,009
2,035,000
10,704.000
2,020,000
Jan. 2 1926_c
10.709,000
2,021,000
Jan. 1 1927-c
a The figures for 1918-1925 are final figures of production as reported by
the operators; those for 1926 are preliminary estimates. b Counting New
Year's day as 0.3 of a working day. c Subject to revision.
The detailed figures in the table show that in point of
actual tonnage, the greater part of the increase in November
was naturally in the large fields of the Northern and Middle
Appalachian region. The greatest proportionate gains,
however,were in the States of Illinois and Indiana,averaging
22% as against 8% in Pennsylvania, 5% in West Virginia
and 12% in Ohio.
The last three columns of the table show the total amount
of soft coal produced in each State during the first eleven
months of 1926. Similar data, given for corresponding
periods in 1925 and 1923, make possible an interesting comparison. It should be remembered, however, that the figures for 1925 and 1923 only are final, states the Bureau's
report from which we add these tables: • ,1
ANTHRACITE.
The total production of anthracite for the calendar year 1926 is estimated
to be approximately 85.000.000 net tons. This shows a gain of 23,183,000
tone. or 37.5%, when compared with 1925, when total output amounted to
61,817,000 tons. Four months of 1925 and two months of 1926, however,
were curtailed by the strike. Compared with 1924 and 1923, there was a
decrease in 1926 which amounted to 3% and 8.9%, respectively.
Estimated United States Production of Anthracite (Net Tons).
-1925-1926----1926-27
Coal Year
Coal Year
to Date.a
Week.
Week Endedto Date.
Week.
40,347,000
56,000
71,345,000
Dec. 18 1926
1.794,000
40,380,000
33.000
72,848.000
Dec.25 1926
1 503,000
40,408,000
28,000
73.976,000
Jan. 1 1927
1,128,000
a Minus one day's production first week in April to equalize number of
days in the two years.
BEEHIVE COKE.
Production of beehive coke during the week ended Jan. 1 1927 is estimated
at 166,000 net tons, a gain of 19,000 tons over the preceding week, in which
output was curtailed by the observance of the Christmas holiday. The
usual table was omitted from the Bureau's report.
ESTIMATED PRODUCTION OF SOFT COAL BY STATES IN NOVEMBER
1926, AND IN THE FIRST ELEVEN MONTHS OF THE CALENDAR j
YEARS 1926, 1924 AND 1923 (NET TONS)a.
Jan. 1 to Nov. 30
1926.
1923.
1925.
2,008,000 2,201.000 20,256,000 18.006,000
194,000
218,000 1,509,000 1,088,000
1,058,000 1,180,000 9,261,000 9,058,000
6,683,000 8,153,000 61,050,000 59,248,000
2,132,000 2,609,000 20,174,000 18,888,000
515,000
586,000 4,747,000 4,220,000
481,000
524,000 4,007,000 4,039,000
4,202,000 4,360,000 43,948,000 38,802.000
1,550,000 1,595,000 13,840,000 10,661,000
329,000
346,000 3,149,000 2,400,000
574,000
73,000
697,000
80,000
286,000
313,000 2.383,000 2,396,000
319,000 2,295,000 2,742,000
315,000
284,000 2,579,000 2,298,000
266,000
1,195,000
158,000 1,016,000
160,000
2,973,000 3,346,000 25,949,000 25,235,000
252,000 2,072,000 2,090,000
235,000
14,088,000 15,216.000138,175,000 123,408,000
523,000
598,000 5,358,000 4,920,000
122,000
944,000
119,000
910,000
432,000
425,000 3,968,000 4,231,000
1,222,000 1.297,000 12,316,000 11,659,000
280.000 2,276,000 2,303,000
285,000
13,727,000 14,456,000134.531.000 110,974,000
727,000
794,000 6,147,000 5,847,000
9,000
9,000
95,000
216,000
1§§§§§§§§§§§§§§§§§§§§§§§§§§
Alabama
Arkansas
Colorado
Illinois
Indiana
Iowa
Kansas
Kentucky-East
West
Maryland
Michigan
Missouri
Montana
New Mexico
North Dakota
Ohio
Oklahoma
Pennsylvania
Tennessee
Texas
Utah
Virginia
Washington
West Virginia
Wyoming
Other States b
November
1926.
5 w
a8t450...aptow.wmp...top...p.aa.woo,-p
_,
o.occo9
amow.-mm
October
1926.
,
Production of Bituminous Coal in November.
The following table compiled by the U.S. Bureau of Mines
present for the first time, estimates of soft coal production
by States, in November. The total output for the country
as a whole is estimated at 59,721,000 net tons, the highest
figure ever recorded for a single month in bituminous coal
history. Compared with the production in October, there
was an increase of 5,129,000 tons. The average daily rate
of output in November was 14.2% greater than in October,
and there was approximately one more working day in
November.
Total Production for:
54,592,000 59.721.000 520,619,000 467,531,000 523,323,000
a Figures for 1925 and 1923 are final: for 1926, subject to revision.
b This group is not strictly comparable In the three years.
The total amount of anthracite produced in Pennsylvania
in November is estimated at 7,446,000 net tons, as against
8,675,000 tons in October. The average daily rate of output
in November was 310,000 tons,less by 37,000 tons, or 10.7%
than in October.
Current Events and Discussions
The Week with the Federal Reserve Banks.
The consolidated statement of condition of the Federal
Reserve banks on. Jan. 12, made public by the Federal
Reserve Board, and which deals with the results for the
twelve Reserve banks combined, shows a decline of $196,600,000 in bill and security holdings, of $78,300,000 in
member bank reserve deposits, and of $62,200,000 in Federal
Reserve note circulation, and an increase of $72,800,000 in
cash reserves. Holdings of discounted bills declined $143,000,000, of acceptances purchased in open market $50,700,000, and of Government securities $2,800,000. After
noting these facts, the Federal Reserve Board proceeds as
follows:
Most of the Federal Reserve banks report substantial reductions for the
week in discount holdings, the principal decreases being: New York,
$48,800,000; Chicago, $37,800,000; Philadelphia, $15,900,000; San Francisco, $10.700,000; Boston,$6,900,000; Atlanta. $6,300.000, and St. Louis,
$5,600,000. The New York bank also reports a decline of $41,900,000 in
open market acceptance holdings and Boston a decline of $3,500,000. The
system's holdings of Treasury certificates were $1,600,000 and of U. S.
bonds and notes $1,200,000 below the preceding week's totals.
All of the Federal Reserve banks report a smaller volume of Federal
Reserve notes in circulation than a week ago, the principal declines being
as follows: New York, $14,000,000; Boston, $13,100,000; Chicago, $11.600,000, and San Francisco, $7,400,000.
The statement in full, in comparison with the preceding
week and with the corresponding date last year, will be
found on subsequent pages-namely, pages 345 and 346.
A summary of changes in the principal assets and liabilities
of the Reserve banks during the week and the year ending
Jan. 12 1927, is as follows:
Increases (-I-) or Decreases (-)
During
Week.
Year.
+$72.800,000 +$121,200.000
Total reserves
+60,600,000 +117,000,000
Gold reserves
-196,600,000 -68,900.000
Total bills and securities
-143.000.000 -15,300,000
Bills discounted, total
U. S. Govt. obligations... -106,500,000 -51,000,000
Secured by
-36,500.000
+35,700,000
Other bills discounted
-50,700,000
+10,700.000
Bills bought in open market total
-2,800,000 -57,700,000
U. S. Government securities,
-6.400,000
-1,100.000
Bonds
-100,000 -90.400.000
Treasury notes
+39,100,000
-1,600,000
Certificates of indebtedness
-62,200.000
+17,200,000
Federal Reserve notes in circulation
-85,500,000
-1,200,000
Total deposits
-78.300.000
-6.100,000
Members' reserve deposits
+5,900,000
+16.500.000
deposits
Government
The Member Banks of the Federal Reserve System
Reports for Preceding Week-Brokers' Loans
In New York City.
It is not possible for the Federal Reserve Board to issue
the weekly returns of the member banks as promptly as the
returns of the Federal Reserve banks themselves. Both
cover the week ending with Wednesday's business, and the
returns of the Federal Reserve banks are always given out
after the close of business the next day (Thursday). The
statement of the member banks, however, including as it
does nearly 700 separate institutions, cannot be tabulated
until several days later. Prior to the statement for the week
ending May 19 1926 it was the practice to have them ready on
Thursday of the following week, and to give them out concurrently with the report of the Reserve banks for the next
week. The Reserve authorities have now succeeded in expediting the time of the appearance of the figures, and they
are made public the following week on Mondays instead of on
Thursday. Under this arrangement the report for the week
ending Jan. 3 was given out after the close of business on
Monday of the present week.
The Federal Reserve Board's condition statement of 684
reporting member banks in leading cities as of Jan. 5 shows
an increase of $16,000,000 in loans and discounts and a decline of $53,000,000 in investments. These changes were
accompanied with increases of $137,000,000 in net demand
deposits and $66,000,000 in time deposits and a reduction of
$65,000,000 in borrowings from the Federal Reserve banks.
Member banks in New York City reported an increase of
$51,000,000 in loans and discounts and a decline of $3,000,000
in investments, together with increases of $72,000,000 in net
demand deposits, $25,000,000 in time deposits and $12,000,000 in borrowings from the Federal Reserve Bank.
States Govbonds, including
Loans on stocks
ger ii
ernment obligatuease. $33,000,000, the
crease of $46,000,000 reported by banks in the New York
district being offset in part by declines of $16,000,000 and
$8,000,000 in the Chicago and Boston districts, respectively.
JAN. 15 1927.]
THE CHRONICLE
All other loans and discounts declined $17,000,000, the relatively small reductions reported for most districts more than
offsetting an increase of $14,000,000 in the Chicago district.
Total loans to brokers and dealers, secured by stocks and
bonds, made by reporting member banks in New York City
were $31,000,000 above the Dec. 29 total, loans for own account and for out-of-town banks having increased $29,000,000 and $28,000,000, respectively, while loans for others
decreased $26,000,000. As already noted, the figures for
these member banks are always a week behind those for the
Reserve banks themselves. The statement goes on to say:
309
most strongly the effects, of the business depression and prospects in the
wool and silk factories are also unfavorable. Fair activity prevails in the
cotton industry, butforward orders are declining. The market for chemical
products is reported as quiet. Imports of petroleum in November were
normal. The agricultural outlook 's promising. Car loadings and railway
receipts registered a high total during 1926, but are now falling off.
GERMANY.
German imports for November inclusive of gold and silver amounted to
999,700,000 marks; exports totaled 876,300.000 marks. The unfavorable
balance is, therefore, 123,400,000 marks, or 14.000.000 more than in the
preceding month. November imports showed an increase in foodstuffs
of 4.000,000 marks over October, a further increase of 20.000,000 in raw
materials, and finished goods fell off by 15,000,000 marks. The number of
unemployed receiving doles from the Government advanced from 1.369,000
on Dec. 1, to 1,464.000 as of Dec. 15. On Dec. 15,loans and discounts of
the Reichbank amounted to 1.278,000,000 marks, a drop of 8,000.000
marks in comparison with the first of the month. Note circulation on the
same date was 3,166,000,000 marks as against 3,374,000.000 on Dec. 1.
The amount of gold reserve also declined slightly from 1.755,000,000 marks
to 1,772,000,000 marks. Tax receipts in the period from April 1, to Dec. 1
amounted to 4,726,000,000 marks as compared with 6.555,000,000 marks
estimated for the entire fiscal year which ends on March 31 1927. Bankruptcies in the first half of December amounted to 197, this figure being
slightly below the rate for previous months.
Holdings of United States Government securities were $37,000.000 less
than a week ago. The principal changes in this item include reductions of
$26,000,000 in the Chicago district, $11,000,000 in the New York district
and $7,000,000 in the Boston district. Holdings of other bonds, stocks and
securities declined $16,000,000, reductions of $16,000,000 and $8,000,000
in the Chicago and Cleveland districts being partly offset by an increase
of $8,000,000 in the New York district.
Net demand deposits were $137,000,000 above the December 29 total,
the principal increases being $83,000,000 in the New York district, $20,000,000 in the Boston district, $17,000,000 in the Philadelphia district and $11,000,000 in the Richmond district. Time deposits increased $66,000,000,
ESTONIA.
of which $25,000,000 was in the San Francisco district, $23,000,000 in the
The report by the financial expert who made a careful study of Estonia's
York district and 611,000,000 and 810,000,000 in the Cleveland and
New
finances and economic condition for the Council of the League of Nations.
St. Louis districts, respectively.
willingness to recommend the granting of a
Borrowings from the Federal Reserve banks were reduced $65,000,000. has resulted in the Council's
favorable terms, as the Council is reported to be
of which $22,000,000 was in the Cleveland district, $17,000,000 in the Boston loan for £1,350,000 on
satisfied with the Estonian economic and financial situation. Considerable
district and 615,000,000 in the Chicago district.
optimism prevails in business circles, as a large portion of this loan is
On a subsequent page—that is, on page 346—we give the intended for investment in productive industries. Business in general is
money
figures in full contained in this latest weekly return of the more or less at a standstill, principally because of the shortage ofyear.
among the farmers following tax payments due at this time of the
member banks of the Reserve System. In the following is
furnished a summary of the changes in the principal items
as compared with a week ago and with last year:
Increase (-0 or DeCrane (—)
During
Week.
Year.
Loans and discounts, total
+$16,000,000
+$405,000,000
Secured by U. S. Govt. obligations_
+4,000.000
—27,000.000
Secured by stocks and bonds
+29,000.000
+48,000,000
All other
—17.000.000
+384.000.000
Investments, total
—53.000,000
+44.000,000
U.S. securities
—37,000,000
—224,000.000
,Other bonds, stocks and securities
-- —16,000,000
+268,000.000
Reserve balances with F. R. banks
+75,000,000
+62.000,000
Cash in vault
—15,000,000
—14,000.000
Net demand deposits
+137.000,000
—86.000.000
Time deposits
+66,000,000
+498,000,000
Government deposits
—7.000,000
—58,000,000
Total bdrrowings from F. R. banks
—65.000.000
+36,000.000
Summary of Conditions in World's Markets According
to Cablegrams and Other Reports of the
Department of Commerce.
The Department of Commerce at Washington releases
for publication to-day (Jan. 15) the following summary of
conditions abroad, based on • advices by cable and other
means of communication:
CANADA.
A period of marking time has existed in wholesale circles since just
before Christmas. Christmas sales even exceeded the favorable anticipation, and holiday buying was well maintained up to the first few days of
January. Weather conditions favor brisk sales of rubber shoes and the
heavier lines of boots and hosiery. All textile mills are well employed and
are making liberal deliveries of spring lines. No recent change is reported
in the sugar market, factory figures for standard granulated remaining at
$6 85 per cwt. on Jan. 5. The past month has not developed any notable
change in money conditions. Banks have funds in abundance, while
considerable trust and private money is seeking investment. The general
discount rate is maintained at from 6% to 634% and bankers still quote
6% for call money though loans are said to be available in other quarters
as low as 5(%. Among the significant factors in Canada's progress
during 1926 were the satisfactory, although not record-breaking, crops
for which good prices prevailed for the most part; the most extensive manufacturing operations ever recorded; the establishment of new high totals for
the value of mineral production; a record output of pulp and paper; the
splendid showing of the principal railway systems; substantial improvement in the volume of employment; and the upward trend in industrial
stocks accompanied by a strong market for both municipal and industrial
bonds.
GREAT BRITAIN.
There is a shortage of coal orders for both domestic and expert purposes,
and hence the demand is generally below expectations. The export demand
is affected by contracts that were placed elsewhere before the resumption
of mining became general, and domestic consumption is increasing more
slowly than was anticipated. A total of 945.000 coal miners were working
during the week ended Dec. 25. This represents an increase of 20.000
over the previous week's total.
FRANCE.
The general slackening in French business has been accentuated in both
wholesale and retail trade. Although the crisis is not yet acute, operations
in most lines of manufacture are becoming increasingly unfavorable. Stocks
of merchandise in all lines are moderate or small. The number of persons
officially reported as unemployed on Jan. 1 was 39.000, but actual unemployment was conAlderably greater. Partial unemployment is also increasing. Despite the unfavorable business outlook, official announcements regarding the financial situation continue to be optimistic. Although
advances from the Bank of France were reduced by a large sum, the note
circulation showed a big increase on Jan. 6. Production in the iron and
steel industries remains at a record level, but an early contraction of output
is expected in France. Pig iron production in 1926 was 10% and steel
production 11% above the 1925 output. The coal production in November set a new high record, and the coal market is much easier, with rising
imports from England. Leather and automobile manufacturers are feeling
LATVIA.
General economic conditions prevailing in Latvia are not very satisfactory.
Two successive years of poor crops greatly reduced the purchasing power of
the farmers and necessitated large expenditures for the importation offoreign
grain. Considerable over-expansion of credit extension has resulted in
some stringency in the money market. A plan for the writting off of a
portion of the indebtedness is suggested. The net profit of the Bank of
Latvia for the first three-quarters of the year, totaling 6,552,691 late
(1 lat = $0.193) is lower by 1,500,000 late than during the same period
last year. This decline is due principally to the reduced operations in
foreign exchange and letters of credit. On Dec. 10 Parliament ratified the
Latvian-Italian treaty of commerce and a sanitary convention with Germany. The treaty of commerce with Germany, based on the most favored
nation principle, became effective Dec. 1. The first Latvian sugar factory
is working to capacity.
RUMANIA.
Revenues from customs duties for the first ten months of 1926, as published by the Ministry of Finance, totaled 7,101,343,000 lei, as compared
with 6,202,702,000 lei for the same period of 1925. Revenues for 1926
consisted of 3,582,653,000 lei import duties, 2,981.364,000 lei export duties
and 537,326,000 lei other charges. These figures compare with 2,503,022,000 lei, 3,184,500,000 lei and 515,179,000 lei, respectively, for the same
period of 1925, thus showing that the increased revenues have been derived
from import taxes. The total customs revenues of 7,135,000,000 lei anticipated in the budget for 1926 have thus nearly been reached in the first teal
months of the year.
The total revenues from export and import duties anticipated in the budget for 1927, as submitted by the Minister of Finance to the Diet, are estimated at 6,500.000,000 lei. The relative figures anticipated from export
and import duties have been reversed in the 1927 budget, as compared with
the 1926 budget. Whereas revenues from import duties in 1926 had been
estimated at 2,500,000,000 lei, and from export duties at 4,000.000,000 lei,
the yield for 1927 is estimated at 4,000,000,000 from import duties and
2,500,000,000 from export duties. Since the actual collections of export
duties for the first 11 months of 1926 amounted to 3,365,082,750, it is evident that the Government anticipated further reductions in export duties
during 1927.
GREECE.
The financial situation is still the outstanding problem in Greece, and the
discussion of possible solutions is expected to be taken up in Parliament
during January. As a result of unsettled conditions throughout 1026 it
was, on the whole, a bad economic year. Imports and exports were both
less than in 1925, local markets are inactive on account of the tightness of
money and the fear of exchangefluctuations,tax collections are below official
estimates and Government expenditures above the budget estimates. The
grain, tobacco and current crops are estimated as lees than those of 1925.
Cotton production, however, has made a record of 17,160,000 pounds
ginned cotton, and wool production is estimated at 14,500.000 pounds.
The outlook for 1927 is still uncertain, but the present coalition Government is planning a program of severe economy in order to balance the
budget, and exchange shows a slight improvement. The cost of living is
still rising.
TURKEY.
Turkish shipping has continued to feel the effect of the coal shortage
which developed during October and there are increased difficulties in the
shipping situation, to modify which the Turkish Chamber of Commerce
has proposed a Government subsidy for Turkish shipping. The choice of
the Constantinople free zone site has as yet not been made. The wool,
mohair and carpet markets have shown somewhat decreased activity, but
carpet transactions were stimulated by the Government's decision that sales
from local transit stocks were not subject to the 23 % consumption tax
levied on purely local business transactions. The tobacco market has remained firm as the demand is steady and this year's production is good.
The opium market shows an increase in prices. The 1926 cotton crop is
said to indicate that cotton production in Asia Minor shows a strong tendency to regain the agricultural position that it held prior to the late TurkoGreek war.
EGYPT.
The economic situation continues to be unsatisfactory. During the
latter part of December the cotton situation became so acute that the
Government was pressed to take emergency measures in addition to the
cotton purchases it has already made and the E E 4,000,000 cotton financing
scheme already launched. In spite of considerable opposition by elements
who wished to withhold such action temporarily, the Egyptian Parliament
passed the three-year cotton acreage restriction bill during the last week in
December. It is estimated locally that this bill would reduce the country's
total acreage planted to cotton by 350,000 acres. This measure, however:
310
THE CHRONICLE
must be passed upon by the mixed courts before it can become effectiv.
The Government's Intervention in the cotton situation has tended to
create confidence and to give more stability to the market, and cotton
prices are somewhat higher. The general business situation, however, has
shown a distinct depression as a result of the cotton situation and this
depression is reflected in a pronounced reduction in customs receipts. which.
according to a Government estimate, declined by £ E 450,000. or approximately 22,250,000 during the last two months of the year. The latest
foreign trade figures available, I. e., for the first eleven months of 1926,
show a continued increase in the import surplus for the year, and according
to the latest cable reports,imports continue to decline. All bonded produce
stocks in Alexandria warehouses have shown a reduction, reflecting the
general stringency of money in the country. Cotton piece goods stocks
have shown the same trend, continuing a steady decline begun last March.
The lumber market has also been affected by the tightness of money. The
Egyptian coal market has been dull during the past month,and prices have
declined precipitately since the settlement of the British strike.
JAPAN.
Slow recovery of the textile and silk industries, unsatisfactory foreign
trade last year, and unsettled political conditions in Japan are reported to
have created among the Japanese business men a feeling of pessimism for
the year 1927. It is expected in Japan that imports which declined in 1926,
will probably be still lower this year. There is no indication of an early
removal of the gold embargo.
CHINA.
American trade contributed in fair proportion to the increase of 8,230,000
halkwan taels in China's Maritime Customs collections last year, which
totaled 78.100,000 balk-wan tools. (The average value of the Haikwan
tael was $0.7624 in 1926 and 10.8374 in 1925.) This Increase indicates a
broadening demand for foreign goods as a whole rather than unusual growth
in sales of any particular article or commodity group. Profits on sales last
year were generally less than for the previous year on account of the higher
overhead costs and increased competition. Business conditions in Hankow
during the week ended Jan. 8 1927, were very depressed resulting from
disorderly conditions prevailing. Shipping and trade is suffering seriously
along the entire Yangtze River.
[VOL. 124.
December amounted to 147,500 tons, all of which was from the United
States. Stocks on hand amounted to 90,000 tons and supplies en route
to 120,000 tons, about two-thirds of which is of American origin. Prices
for American coal have been $9 75 c.i.f., freight being 14s. 6d. Increased
import duties on automotive vehicles and gasoline will become effective
April 8.
The budget for 1927 shows estimated receipts at 140,605 gold contos
(176.812,000) and 1.155,736 paper contos ($138,260,000) and expenditures at 109,023 gold contos (159,559,000) and 1,288,520 paper contos
(1154.145,000). Combining these figures gives total receipts of $215,073,000 and expenditures of $213,705,000, a small surplus being anticipated.
PERU.
Mercantile conditions in Peru remained unchanged during the week
ended Jan. 8 and exchange was stationary at approximately $3 55 to the
Peruvian pound. The 1927 budget has been approved by both Houses of
Congress for a total of EP 10,371.542 ($36,818,974 at present rate of exchange). Government authorization has been secured for the negotiation
of a loan of £5,000,000 (sterling), or approximately $24,250,000. for refunding and public works. The proposed loan is to be secured by revenues
from the tobacco monopoly. This measure has passed the Chamber of
Deputies, and the Senate's approval is reported to be assured.
ECUADOR.
There was no material improvement noted in general conditions in Ecuador during the month of December. The status of the Banco Commercial
y Agricola remains unchanged, while the Sociedad Bancaria del Chimborazo has decided to liquidate. In connection with the latter, it is reported that steps are being taken by the Government to save the deposit
of the municipality of Rio Bamba intact. Exchange fluctuated during
the month, opening at 5.08 sucres to the U. S. dollar, dropping as low as
4.50 sums and closing at 4.60 sucres to the dollar.
Cacao receipts during December were 57,000 Spanish quintals (approximately 5,780,000 pounds), compared to 3.600.000 pounds reported in
November. Exports of cacao totaled 2,629,000 kilos, or 5,783,800 pounds.
35% of which was shipped to the United States. Other exports were:
Cinchona, 6.000 kilos; coffee, 97,000 kilos: hides, 28,000 kilos:kapok,
60,000 kilos; rubber. 3,000 kilos; ivory nuts, 106,000 kilos. Total exports
PHILIPPINE ISLANDS.
amounted to 4,700.000 kilos, valued at 4,900,000 sucres.
General business continues quiet. The copra market is firm with prices
Export commodity stocks reported on hand,in Spanish quintals, and the
slightly higher. The present provincial equivalent of resecado (dried copra)
average prices for the month per quintal, were: Cacao, 7,000 quintals, price
delivered in Manila is from 11.75 pesos to 12 pesos per picul of 139 pounds.
68 sucres: cotton. 6,000 quintals, price 25 sucres: cinchona, 250 quintals,
(1 peso equals $0.50). Arrivals of copra at Manila are fair, and all mills
price 44 sucres; coffee, 2,000 quintals, price 85 sucres: hides. 1,300 quintals.
continue to operate. The abaca trade is quiet and easier as a result of a
price 42 snores: kapok,250 quintals. price 47 sucres: rice, 100,070 quintals,
weaker tendency in foreign markets. Production continues low. Current
closing price 23 sucres; rubber. 1,000 quintals, price 80 sucres.
quotations for abaca grades are 41 pesos per picul for grade F: 1.36;JUS,26;
.TUIC. 23.25; and L. 22.50. The Philippine National Bank has announced
CUBA.
estimated profits of $900,000 in 1926.
An unmistakable improvement in the tone of business in Havana was
apparent in December. with a moderate increase in the movement of goods,
INDIA.
India's foreign trade during November, both imports and exports, de- although the holiday trade was quieter and on a smaller scale than in recent
clined from the preceding month. Exports dropped from 231,300,000 to years. This latter condition is. however, regarded as one to be expected,
212,000.000 rupees and imports from 197,700.000 to 183,000.000 rupees. and the business community is looking forward to a gradual but steady
The decline in imports appears to have resulted from smaller receipt of upward movement. The credit position is growing better and there are
plecegoods from overseas markets. The value of white piecegoods re- signs of a slight revival In building.
The grinding of the 1926-27 sugar crop was inauguarted shortly after the
mained the same, but gray declined from 54,000.000 to 48.000,000 yards
And colored from 45.000,000 to 38.000,000. The anticipation of lower first of the year with eleven mills grinding on Jan. 4. 25 started by the 5th
and 107 by the 6th. Sugar is selling comfortably above three cents and the
prices is believed to be responsbile for this trend in the piecegoods market.
• All other principal import commodities except motor cycles, sugar and ani- improved price of this commodity is the cause of the present more optimistic
line dyes showed good Increases. Imports of motor cars increased in outlook. There Is no expectation In Cuba that a rapid revival of business
number from 1.276 to 1,457, and trucks from 189 to 578. Electrical will occur, however, as the first receipts from the new crop will go to settle
outstanding indebtedness. The Central Highway project appears to be on
equipment and certain iron and steel products also .registered increases.
The decline In exports is due largely to smaller shipments of jute cloth the point of becoming a reality, the decree awarding the contract to an
and Jute bags. Tea exports, however, increased from the value of 37,- American company having been signed on Dec.31. It has been announced
000,000 to 49,000.000 rupees and shellac from 30.000 to 52,000 hundred- that the work will commence within 30 days after the signing of contracts
and a start should be made very shortly. This, it is generally believed in
weight.
The direction of imports showed little change from October. The United Cuba, will give employment to thousands who have been idle and will place
States continued to contribute 9% of the total and took 13% of India's in circulation the money impounded in the public works fund with a resultany favorable reaction on buying power.
total exports.
All major markets have shown general improvement since the holidays.
MEXICO.
The up country demand has improved and the outlook Is encouraging.
No improvement in business in Mexico occurred during the week ended
NETHERLANDS EAST INDIES.
Jan.8 and the feeling of uncertainty is still prevalent. Practically all marChinese dealers claim that up country collections are very slow, as a kets continue to feel the effects of the present depression.
result of the political situation caused by recent communistic outbreaks in
PORTO RICO.
• Java. Otherwise, business has been only slightly affected by the disturb-.
Figures for November rubber exports, Just released, show total
ances.
Retail business in Porto Rico during the first week of January was active
shipments of 18,804 long tons, of which 10,979 tons came from Sumatra, but a slight post holiday reaction is expected locally. The retail situation
is generally better as stocks have been reduced and collections are improving
4.060 from Java, and 3.765 from Borneo and Celebes.
as a result of liquidations. Merchandise shipments from Porto Rico to
•
AUSTRALIA.
the United States during December 1926 amounted to $5,503,568, a gain
Following an unusually busy holiday season in Australia business is of nearly $1,500,000 over December 1925. Included in the December
reported fair. At the last Sydney wool sale 10,000 bales were offered to shipments were 12,627,380 pounds of sugar and 5,600 gallons of molasses.
a firm market. An estimate made by the Australian wool selling brokers Fruit shipments were light and prices weak. Preliminary figures give
place the 1925-27 wool crop at 2,200.000 bales of an average weight of shipments of merchandise from Porto Rico to the United States for the
320 pounds per bale. Wheat prices have been reduced to 5 shillings calendar year 1926 amounting to $90,166,856, compared with $91,282,489
334 pence per bushel ex trucks at Sydney. Little business Is being trans- for the year 1925.
acted at this level as growers continue to withhold their crops from the
The economic outlook continues encouraging as the strong sugar prices
market. According to recent reports the principal daily papers of Sydney hold and the prospects for the sugar, coffee and tobacco crops are bright,
have united in carrying the New South Wales newspaper tax issue up to Twelve sugar mills are reported to be grinding. Favorable weather conthe high court to test its validity. Meantime the 34d. tax has been passed tinues except in the south and west coast where minis needed.
along to the ultimate consumer.
San Juan bank clearings for the first eight days of January 1927 amounted
to $4,892,000, compared with 5$,003,000 for the corresponding period
ARGENTINA.
of 1926.
Argentine retail trade was brisk during the week ended Jan. 8, receiving
Its impetus from holiday buying for Jan.6. There was continued activity in
Stock of Money in the Country.
harvest work. Cereal exports were less with continued low prices. The
hide market is quiet. December commercial failures Involved liabilities of
The Treasury Department at Wahington issued its cus14,200,000 paper pesos (paper peso—$0.41), as compared with 12,700,000
paper pesos in November. The Anglo-South American Meat Co. has tomary monthly statement showing the stock of money in
started operation of its new plant in Buenos Aires, the largest killing and the country and the amount in circulation after deducting
freezing establishment in the world. Its daily capacity is 5,000 head of the moneys held
in the United States Treapury and by
cattle and 10,000 sheep. The present wool market is steady and is being
sustained by the direct buying of manufacturers. There is a keen demand Federal Reserve banks and agents. The figures this time
for superior wool, with England leading all other purchasers and Germany are for Jan. 1. They show that the money in circulation
second. In the lower quality crossbreds. France stands third. Few wool at that date (including, of course, what is
held in bank
sales to the United States buyers have been reported.
BRAZIL.
General conditions in Brazil are showing marked improvement, although
the fall in exchange below the level adopted for stabilization has limited
Import ordering. Demand for commercial paper has increased after a
comparatively easy market during December. Coffee prices have been
higher. The establishment of a customs house at Bello Horizonte, capital
of the State of Minas Geraes. has been authorized. Coal imports In
vaults of member banks of the Federal Reserve System)
was $5,001,322,207, as against $4,949,247,261 Dec. 1 1926
and $5,008,120,968 Jan. 1 1926, and comparing with
$5,628,427,732 on Nov. 1 1920. Just before the outbreak
of the European war, that is, on July 1 1914, the total was
only $3,402,015,427. The following is the statement:
JAN.
311
THE CHRONICLE
15 1927.]
CIRCULATION STATEMENT OF UNITED STATES MONEY-JANUARY 1 1927
.
MONEY OUTSIDE OF THE TREASURY
MONEY HELD IN THE TREASURY.
RIND
OA
MONEY
Amt. Held in Reeve against
TIU8tagaIns, United States
Notes
Gold & Silver
Certificates(& and Treasury
Netts
recast, Notes
of 1890).
of 1890).
MuCIL of
Money. a
Taw{
$
$
$
Gold coin and
64,502,429,488 3,657,147,612 1,680,416,339
bullion
Gold certificates c(1,680,416,339)
469,116,882 466,128,485
534,981,184
Stan. any. doll's
Silver cuffs_ _ c(464,788,181)
Treasury nots
c(1,340,304)
of 1890
3,107,687
295,452,961
Subsidiary alive
2,879,898
346,681,016
U. S. notes_ _ _ _
1.595,626
2,260,821,500
It. notes__ __
F.
133,070
5,149,658
F.R.bank notes
15,360,559
697,767,929
Nat. bank notes
Held for
Federal
Reserve
Banks
and
Agents
AU
Other
Money
Torw.
Held Dv
Federal
Reserve
Banks
and
Population
I
of
ontinental
United
Per
&atm
Capita.(Estimated.)
In Circulation.
-
Amount.
Agents.'
s
$
154,188,886 1,628,695,531
S
193,846.856
s
a
a
s
845,281,876 422,383,080 422,898,796
1 680,416,339 588,355,410 1,092,060,929
51,580,905
14,293,397
65,874,302
2,988,397
68,036,040 396,752,141
464,788,181
3.04
9.40
.44
3.41
1,340,304
10,766,216 281,579,058
46,990,993 296,810,125
434,789,013 1,824,436,861
4,967,498
49,090
53,511.780 628,895,590
.01
2.42
2.56
15.70
.04
5.41
1,340,304
3,107,687 292,345,274
2,879.898 343,801,118
1,595,626 2,259,225,874
5,016,588
133,070
15,360,559 682,407,370
Total Jan. 1 '27
8,643.293,736 d4,149,341,334 2,146,544,824
154,188.886 1,628,695.531 e219,912,0936,640.487,226 1,639,175,019 5,001,322,207
43.03 116,232,000
Comparative
totals:
Dec. 1 1926.
Jan. 1 1926_
Nov. 1 1920.
Apr. 1 1917_
July 1 191C
8,485,116,656 d4,183,670,291 2,138,376,040
8,484,266,521 d4,175,414,293 2,160,270,263
8,326,338,267 d2,406,801,772 696,854,226
5,312,109,272 d2,942,998,527 2,684,800,085
3,738.288,871 d1,843,452,323 1,507,178,879
154,188.886 1,674,219,455
153.620,986 1,649,387,435
152,979.026 1,206,341,990
152,979,026
150,000,000
216,885,910 6,439,822,405 1,490,565,1444.949.247,261
212,135,609 6,469,122,491 1,461,061,5835.068,120,908
350,626,530 6,616,390,721 987,962,989 5,628,427,732
105.219.416 5,053,910,830 953,320,126 4,100,590,704
3,402,015,427
186,273,444 3,402,015,427
42.62 116,114,000
43.62 114,813,000
52.36 107,491,000
39.54 103,716,000
34.35 99,027,000
1A 09 AS 021 nnn
Tn.
1 1970
1 nni mu AQ9
,910 A00 Ano
91 A00 gAA
10A nn,, AAA
SIR Ogg 291
a Includes United States paper currency in circulation in foreign countries and
Visit to United States of Montagu Norman, Governor
the amount held by the Cuban agencies of the Federal Reserve banks.
of Bank of England-Possibility That Bank's
b Does not include gold bullion or foreign coin outside of vaults of the Treasury,
Federal Reserve banks, and Federal Reserve agents.
Credit of $300,000 With New York Federal
c These amounts are not Included in the total since the money held in trust against
Reserve Bank May Not Be Renewed.
and Treasury notes of 1890 is included under gold coin
gold and silver certificates
and bullion and standard silver dollars, respectively.
Montagu Norman, Governor of the Bank of England,
d The amount of money held In trust against gold and silver certificates and
the French Line steamer
Treasury notes of 1890 should be deducted from this total before combining it with arrived in New York on Jan. 12 on
total money outside of the Treasury to arrive at the stock of money in the United
Paris. In a statement to newspaper men Mr. Norman indiStates.
e This total includes $16,371,584 of notes in process of redemption, $177,951,033 cated that the British credits in this country will "run their
of gold deposited for redemption of Federal Reserve notes, 511.265,682 deposited
take care of themselves," the
for redemption of national bank notes. 33,510 deposited for retirement of additional course" and automatically
circulation (Act of May 30, 1908), and $6,614,600 deposited as a reserve against pos"Wall Street News" giving the following account as to'what
tal savings deposits.
Includes money held by the Cuban agencies of the Federal Reserve banks of he had to say:
Boston and Atlanta.
"I am optimistic regarding the business outlook in England for this year,".
-Gold certificates are secured dollar for dollar by gold held in the Treasury said Montagu Norman, Governor of the Bank of England, arriving on the
Note.
are secured dollar for dollar by standard
for their redemption: silver certificates
Jones & Co. "The coal strike is behind Engsilver dollars held in the Treasury for their redemption; United States notes are French Liner Paris, to Dow
secured by a gold reserve of $151,188,58 i held in the Treasury. This reserve land and she should now enjoy an era of prosperity.
Governor
1890, which are also
fund may also be used for the redemption of Treasury notes of
"There is no significance attached to my visit here," continued
secured, dollar for dollar, by standard silver dollars, held in the Treasury. Federal Norman. "I am not here on any special mission. My plans are somewhat
United States and a first lien on all the assets
Reserve notes are olbigations of the
where I will go while I am here. I expect to
of the issuing Federal Reserve bank. Federal Reserve notes are secured by the unsettled and I don't know
deposit with Federal Reserve agents of a like amount of gold or of gold and such be in America about two weeks.
Reserve
Federal Reserve
discounted or purchased paper as is eligible under the terms of the
"I came over to see Governor Benjamin Strong of the Federal
Act. Federal Reserve banks must maintain a gold reserve of at least 40%,including Bank, who has.been ill for some time. I have come to the United States at
deposited with the United States Treasurer.
the gold redemption fund which must be
seven years. One must come to your
against Federal Reserve notes in actual circulation. Lawful money has been de- this time every year for the past six or
posited with the Treasurer of the United States for retirement of all outstanding country at least once every year."
by United States
British
Federal Reserve bank notes. National bank notes are secured
Regarding the Bank of England credit in this country and the
bonds except where lawful money has been deposited with the Treasurer of the
were placed with J. P. Morgan & Co., Mr. Norman
United States for their retirement. A 5% fund is also maintained in lawful money Treasury credit, which
of England has a credit with the New
with the Treasurer of the United Stated for the redemption of national bank notes had the following to say: "The Bank
there is
secured by Government bonds.
York Federal Reserve Bank of approximately $200.000,000 and
Co. These
about $100,000,000 British Treasury credit with J.P. Morgan &
of themcredits will run their course;then they will automatically take care
Production of Gold and Silver in the United States
1926 Production Below That of 1925.
The Bureau of the Mint, with the co-operation of the
Bureau of Mines,issued on Jan.8 the following statement of
the preliminary estimate of refinery production of gold and
silver in the United States during the calendar year 1926:
ARRIVALS AT U. S. MINTS AND ASSAY OFFICES AND AT PRIVATE
REFINERIES.
Silver.
Gold
Stales.
Alaska
Arizona
California
Colorado'
Georgia
Idaho
Illinois
Michigan
Missouri
Montana
Nevada
New Mexico
North Carolina
Oregon
Pennsylvania
South Dakota
South Carolina
Tennessee
Texas
Utah
Vermont
Virginia
Washington
Philippine Islands
Value.
Ounces.
312,856
230,227
559,911
331,819
101
12,181
$6,467,300
4.759,200
11,574,400
6,859,300
2,100
251,800
80,411
189,598
25,513
97
12,831
19
288,980
14
421
111
178,078
1,248,800
3,505,900
527,400
2,000
261,100
400
5,932,000
300
8,700
2,300
3,681,200
641,080
7.507,798
1,974,556
4,637,114
10
7,556,764
3,150
110,022
70.508
12,498,246
6,313,622
538,966
20
27,412
544
83,120
10
8,872
98,259
200
183,400
2,031,200
Ounces.
106,344
449,985
19,299,533
1,750
163,678
44,778
Value.*
Governor Norman.
nothing
"I am not here to arrange about any French credits and I know
more or less
about them. I have always regarded the French situation as
place in
of an internal matter. The Senatorial elections have just taken
these elecPrance, and I think France winbe governed to smoe extent by
tions.
intention
"I know nothing about Brazil going on a gold basis and I have no
$400,034
the part
4,684,866
discussing with American authorities the conservation of gold on
1,232,123 of the United States and England."
2,893,559
,
6
The "Wall Street News"reported the following from Wash4.715,421
ington Jan. 13:
1,966
68,654
Because of the exchange conditions now existing, the Treasury Depart43,997 ment believes it may not be necessary to extend credit to England on the
7.798.906
made two years ago, which will expire
3.939,700 $200,000,000 Federal Reserve loan
-day'
336,315 within the next few months. Secretary of the Treasury Mellon to
13 expressed the informal view of the extension of credit is largely "up to Eng17,105 land." Governor Norman of the Bank of England, in New York yester340
about run its51,887 day, was quoted to the effect that the gold credit "would
course."
68,359
280,791
-Full
12,042,909 Brazil Announces Financial Stabilization Plan
1,092
Milreis Currency
102.135
27,942
2,288,089 $47,299,000 62,029,000 $38,706,100
Totals
of bar silver.
• Value at 62.4 cents per ounce, the averaeg New York price
The 1926 production of gold was less than that of 1925 by
$2,561,200; the year of greatest gold production was 1915,
when $101,035,700 was produced. The gold production of
1926 was the lowest of any year since 1895. The silver production of 1926 was less than that of 1925 by about 4,126,000
ounces; 1915 was also the year of greatest silver output,
74,961,075 ounces having been produced that year.
selves."
It may be presumed this statement means the Bank of England will not
his visit
renew the credits when they expire. But Mr. Norman stated
had nothing to do with this phase of the situation.
reduced ita
Governor Norman had not heard that the Reichsbank had
rate to 5% and he was greatly Interested at the news.
"I do not known when the British Bank rate will be changed, but if there
was a choice of two rates I would always favor the lower rate." continued
Text of New Law Changing
System to new Gold Unit to be Called
Cruzeiro.
Brazil has announced its financial stabilization plan
following the signing of the National Finance Bill by
President Washington Luiz last Dec. 18 to change the currency system from the milreis to a new unit to be known
as the cruzeiro on a gold basis convertible at what is expected to be approximately 12 cents for each milreis when
sterling is at par in New York. A dispatch from the Rio
de Janeiro representative of the Associated Press on Jan. 10
gives these details of the plan:
312
r
THE CHRONICLE
The scheme calls for the issuance of convertible gold notes against the
present outstanding paper circulation of slightly more than 2.500,000
contos, which will be withdrawn in exchange for notes backed by gold
rated at 200 milligrams per paper mike's.
One source of this gold fund will be a loan. Under the terms of the
stabilization scheme it will be permissible to store reserve funds in New
York or London in addition to the Brazilian Treasury, all funds to be
handled in a stabilization department which can be transferred to the
Banco do Brazil.
▪ It also will be permissible to ship gold from Brazil to London or New
York during abnormal times, but only upon an order issued by the President
of Brazil.
Pr The provisions of the plan stipulate that the gold notes will be exchangeable for gold on sight demand and state that gold cannot be used except
to pay for the outstanding notes.
The Brazilian paper circulation Is the equivalent of more than
$300,000,000.
[voL. 124.
or amount. This requires that the Government or bank have the gold.
and such acquisition demands either the building up of reserves and balances
or floating a sufficiently large loan. Calculating our currency at 2,400,000.000 mikeis on a basis of 6 pence we would require £60,000,000 for a total
conversion. But if £60,000,000 were acquired by loans, this abundance
of gold would immediately valores the mikels up to 8, 10 or 12 pence.
requiring additional gold reserves, and thus making the transaction impossible. Thus at 10 pence £100,000.000 would be required, at 20 Pence
E200,000,000. &c. On the other hand, a high exchange would cause total
ruin to the country's production. The object of this financial monetary
reform is precisely to save Brazilian agriculture and industry, in fact all
classes dependent upon the riches of the country. Stabilization of exchange
on the basis indicated may be achieved through the Office of Stabilization,
an organization to receive gold, giving Treasury notes in exchange, at a
legal rate, representing a number of reis at rate adopted, and to re-exchange
this gold, on deposit, upon presentation of the Treasury notes. All gold
entering the country, whether for purchase of goods or by reason of loans,
will find the certainty of being converted into notes at a given rate and
The announcement had the effect of steadying the market
will be
for milreis the rate for which has been marked by a decline outsidere-exchanged at the same rate upon presentation of the notes. Any
effort to raise the rate of exchange, causing a lesser number of
ever since the new President of the republic took office on notes to be given for pounds or dollars will not occur. Anyone requiring
notes for purchases or local application will obtain it at the fixed and best
Nov. 15 last. It was then at over 15, after being as high
rate
as 16.25 last summer and whereas last week it dropped to tion at the Office of Stabilization. No one denies that the Office of Stabilizawill prevent inflation of exchange, one of the elements of fluctuation.
11.45 for cheeks and 11.50 for cable transfers and rallied Consequently local products will not be sold below cost of produdtion, as
far as exchange is concerned, and with this salvation, confidence will be
and finished at 11.65(4)11.70 in comparison with 11.80
restored, initiative will appear while industry and
and 11.85 a week earlier; this week it rose to 11.65 for checks and expand; railways will have goods to carry, banksagriculture will thrive
will be able to operate
and 11.75 for cables, closing at 11.65 and 11.70, respectively. and prosperity will return thus logically preventing a depreciation of
Dr. Luiz had made the question of the reorganization of exchange.
Having achieved stabilization, the rate being fixed, knowing the amount
of the country's finances the principal plank of his platform necessary for conversion purposes, the second phase of the situation, the
and three weeks after his induction into the Presidency he conversion itself is reached. Here again prudence is required and a certain
kept his ante-election pledge by presenting a bill on the time limit is necessary to initiate this measure. The entire country must
be apprised of its operation in order that the same action be taken throughsubject in the Chamber of Deputies. The "Chronicle" out the country. Considering the great territorial area of the country,
is in receipt from the investment banking firm of Momsen the variety of transactions, the difficulties of communication, a notice of
six months
the plan into operation on a given
& Torres, Ltd., Rio de Janeiro, of a pamphlet entitled date. Any is required before putting a run on the Office
unpatriotic movement of
of Stabilization
"Brazil's program for Stabilization of Exchange" which and draining of the gold reserve must be avoided under the penalty of
having the country return to its present situation.
contains a full copy of this bill, now a law of the country.
The rate chosen represents some relation to the cost of
There is only the financing, therefore, remaining to be done it is adopted, the necessary adjustments will occur. The living, but once
second phase of
to complete the work of stabilization and the impression the problem having been solved, the country can then mint its gold coins.
Taking four of our mike's we will have one "Cruzeiro," gold coin, of 0.800
prevails in London, according to a cablegram on Jan. 10
milligrams, and as each 200
from that centre to the New York "Journal of Commerce" will be worth 24 pence. Hemilligrams is worth 6 pence, the "Cruzeiro"
who now receives 1,200 mikels per month
will receive 300 cruzeiros. The bill itself provides for the various measures
that the arrangements for such financing are now well
to which the Government shall have the right to resort in putting the
advanced. The dispatch follows:
•
plan into action.
In connection with the recent report that the Rotbschilds were engaged
This law will respond to the highest national aspirations, because it
in negotiating a loan to the Brazilian Government, it was rumored here Interests
everybody, not only the producers but the consumers, not one
to-day that New York bankers had offered to make a loan to that Govern • but
all classes, the rich and poor, the capitalists and laborers, and more
me,nt on the security of Para rubber lands. Whether or not such an offer, than
all Brazilians, all those who live in Brazil and abroad who do not
if it has been made, materializes, the impression prevails that arrangements
know us but who have business and other interests here.
for Brazilian financing looking toward the stabllzation of the milreis are
Following is the full text of the bill as given in the pamphlet
now well advanced. It is not surprising, therefore, that existing Brazilian
loans show improvement. It is recalled that Brazilian sinking fund bonds, of Messrs. Momsen dz Torres, Ltd.:
which suspended payments during the war, were scheduled to resume
Article 1. Gold in coins on a gram basis composed of 900 milligrams of
payments in 1927. Thus, present financing plans are considered to have pure metal and 100 milligrams of adequate alloy constitutes the monetary
bearing on existing loans.
an important
standard of Brazil.
Section 1. The unit will be known as the "Cruzeiro" and will be divided
The text of the bill as given in the pamphlet received by
in hundredth parts.
the "Chronicle" is preceded by an exposition of Brazil's
Sec. 2. The fractional coins shall be of silver, nickel and copper in the
problems and the proposed method of their solution made respective proportions.
Art. 2. The total supply of paper money now in circulation, amounting
by Dr. Julio Prestos, leader of the Chamber of Deputies
when he presented the bill to the Committee on Finance. to Rs. 2,569,304350E500 (2,569,304,350 mike's), shall be converted into
gold on the basis of 0.200 milligrams per mike's.
Dr. Prestes' exposition is summarized in the pamphlet as
Art. 3. Upon six months previous notice, by a decree of the Executive
follows:
power, the exact date and the method of conversion mentioned in Art. 2
The greatest evil of the country, to which its economic and financial shall be determined.
crises may be attributed, is the fluctuation of the Brazilian milreis; this
Art. 4. The financial resources for the conversion herein provided for,
fluctuation is inherent to a paper currency which the country has in circula- shall be collected as follows:
tion. Not being money in the true sense, because it,has no intrinsic value
Sec. 1. By gold already collected and deposited in accordance with
such as gold, and being merely representative of the general credit of the existing laws for the redemption, guaranty and conversion of paper money.
country or its bank of issue, it becomes subject to every influence affecting
Sec. 2. By amounts collected as a result of these laws.
the credit of the Government or the bank. And thus such conditions as
Sec. 3. By budget balances after same have been definitely converted
administrative or other disorders, lack of economic equilibrium, excess to gold.
of imports over exports, exportation of gold, and speculation, all contribute
Sec. 4. By the proceeds of credit operations intended for this purpose.
to destroy the country's credit, and to depreciate its currency.
Sec. 5. By any other means which may be intended for this special
No one knows, with certainty, the value of his belongings, nor his profits purpose such as the bankings profits mentioned in clause III of contract of
on sales or purchases. There is no stable basis for business with foreign April 24 1923, authorized by law 4635 A of Jan. 8 1923 and which have been
countries in relation to goods imported and exported, because every trans- included in the present project.
action becomes an exchange speculation. Suffice it to cite that the milreis
Art. 5. Pending the sanctioning of the decree mentioned in Art. 3 the
was worth 15 pence six years ago, 5 pence a year ago and 8 pence six months exchange of notes for gold or vice-versa on the basis indicated in Art. 2
ago,showing a depreciation of60% between the first two periods mentioned. shall be made in the Office of Stabilization which is hereby created for
During this period of depreciation, where it remained for some time. this exclusive purpose.
various enterprises and industries became established in the country,
Sole l'ar. The Office of Stabilization, known by this or another name,
Including the production of cotton, wool, sugar. cocoa, &c.; coffee planta- may operate as a part of the Bank of Brazil as soon as this bank is reorgantions were extended as well as those of other products; cattle raising was ized in accordance with the present law.
increased—at a time when it took 48 milreis to purchase a pound sterling.
Art. 6. The gold received shall be reserved in deposit by the Office of
On this basis lands were purchased, agricultural and industrial machinery Stabilization or by its branches in London and New York, and cannot in
installed, raw materials acquired and labor costs adjusted.
any case nor by any authorization be applied for any purpose than the
Confidence was renewed. loans were made, gold commenced to flow in conversion of the issued notes, under the personal responsibility of the
and exchange rose to 8 pence, making the pound worth 30 mike's. That members of the Office and the guaranty of the Federal Treasury. The
which is produced on the basis of 48 milreis cannot be sold on a 30 milreis notes exchanged will be legal tender.
basis, without ruin to the producer. Bankruptcies and compositions
Sole Par. For the misappropriation of the gold deposit referred to in
occurred in business, industries halted operations, tax collections became this Act, the members of the Office of Stabilization besides being personally
difficult, exports receded, and exchange suffered a new collapse, the pound responsible are subject to the penalties of Art. 221 of the Criminal Code.
becoming worth 40 milreis. New capital losses, new efforts for appreciaArt. 7. In the proposed regulations for the organization of the Office
tion, new diminution of production occurred and repeated themselves. of Stabilization, which shall be under the direct supervision of the Minister
destroys capital, but when it appreciates it destroys of Finance, and which shall be modeled as nearly as possible after the
Low exchange
production.
present Bureau of Amortization, the Executive power shall supervise the
What country can live and prosper with its capital and production in employees,
'determining their duties and salaries.
chaos? This situation cannot continue; we must remedy it as rapidly as
Art. 8. The Executive power is hereby authorized to buy and sell bills
prosper. It is our duty to suppress the fluctua- and exchange on foreign countries in order to maintain the rate established
possible if we are to live and
tions of our currency. To do this we must suppress our paper money; in Art. 2. In order to carry out these operations which cannot be done
we must adopt, have and maintain a fixed gold standard. Therefore we by the Office of Stabilization. the Executive Power will have the authority,
must substitute the unstable paper currency circulating in Brazil by sound once the reorganization of the Banco do Brazil 113 consummated, to use the
metallic money, which can be nothing else than gold. To accomplish this gold fund guarantying the present banks issue and for which the Governend we must stabilize the value of the mike's, make it convertible and with ment will assume responsibility.
Art. 9. After the conversion stated in Art. 3 is made, the Executive
such conversion come to a metallic circulation. This problem requires
time, prudence, energy, decision, confidence and safety of credit and money. Power shall issue a decree for the minting of the coinage, indicating the
Stabilization must take place first. Convertible currency is that which weight, value, size and denomination, as determined in this law, for the
exchangeable by the Government or bank for gold, irrespective of time gold, silver, nickel and copper coins in decimal units.
JAN. 15 1927.]
THE CHRONICLE
313
ners.
French Income Taxes Applied to Resident Foreig
s that have been widely published to the effect that
Report
declare and
foreigners residing in France should be forced to
France but
pay taxes on their income derived not only from
caused considerable confusion among
from abroad have
those who
Americans resident in France, particularly among
arises
d in business here. Much of this concern
are engage
upon the word "domicile."
from the interpretation placed
Trust Co. of
According to advices transmitted to Bankers
French Information Service the deterNew York by its
and no general
mination of this question is governed by facts,
the
to Aid Brazil.
London[Bankers
be stated accurately, but, broadly speaking,
rule may
de Janeiro advices appeared in the best opinion seems to be that an individual engaged in
The following Rio
ed from the
"Wall Street Journal" of Jan. 6:
ss here—who may be considered as detach
mentfacilitiesfor effect- busine
British bankers have offered the Brazilian Govern
America for representation abroad—is
Brazilian currency. The home company in
ing President Luiz's plan for the stabilization of
. In
, made public a cable- not taxable upon his income derived outside of France
ocal agent of Rothschild & Sons, London bankers
adds;
banking house were
from his principals in which the services of that
under date of Jan. 10, the trust company,
gram
stating this,
cablegram stated that Rothschild & Sons
a study
continue to be
Art. 10. The gold and paper taxes on imports shall
collected in accordance with the prevailing ratio.
be maintained in the
Sole Par. In a like manner identical ratios shall
gold payments.
ed to amend the contract
Art. 11. The Executive Power is hereby authoriz
with the Banco do Brazil in accordance with this law.
ed to carry out credit
Art. 12. The Executive Power is hereby authoriz
be necessary for the
operations, either domestic or foreign, which may
interest, sinking funds,
execution of this law, determining the maturities,
and guaranties.
to open the necessary
Art. 13. The Executive Power is hereby authorized
law.
up to 500 contos for the enforcement of this
credits
.
Art. 14. All provisions to the contrary are revoked
tendered the Government. The
for launching a loan
were prepared to submit to the Government a scheme
of stabilization.
in London. A loan would be an essential part
London advices at the same time stated:
report
to
IF An officer of Rothschild & Sons refused hadconfirm or deny the to the
offered its facilities
cabled from Rio de Janeiro that the firm
e.
Brazilian Government for stabilizing Brazilian exchang
French Treasury's Repayment to Bank—How Last
LWeek's Billion-Franc Reduction in Loans to the"
State Was Made.
A large part ofthe financial market's interest centr=st
week on Thursday's Bank of France return, because of its
the
2
report of - 000,000,000 francs repaid in the week by
stated a Jan.9
nment on its borrowings from the bank,--Gover
Paris message (copyright) to the New York "Times," which
continuing said:
lawyer, who has made
The following is the opinion of a French
been corroborated in principle by a
of this particular question and has
French expert in tax matters:
several foreign papers, there
"Contrary to information published in
the application of the income tax
have been no modifications made as to
to foreigners residing in France."
are as follows:
The rules to be applied in their case
are not subject to the tax.
Foreigners making a short stay in France
on all foreigners having a habitual
The tax is levied, on the contrary,
excepted.
residence in France, diplomatic agents
ly in France all persons who have at
The law regards as residing habitual
owners, usufructuaries or tenants, and,
their disposal a dwelling either as
are held for a period of at least twelve
in the latter case, when the premises
of a single contract or of several
consecutive months either in virture
successive contracts.
subject to assessment, the habitual
On the other hand, in order to be
year
must be e:dstant on Jan. 1 of the
residence, as hereabove described,
of assessment.
Consequently the tax is not due:
Jan. 1; the tax is then only due for the
1. If the premises are rented afterwere it even for a few days only, during
year following, if the contract lasts,
amounts merely the said following year.
As regards more than half of that sum, the repayment
only for a period beginning after Jan. 1,
2. If the premises are rented g.
The State pays the
to a bookkeeping entry. It is so for the following reason:
and ending before Jan. 1 followin
be due if be resides
the bank retains only 34 of 1% out of this interlives in an hotel; but the tax shalld above.
bank 3% for advances, but
3. If the foreigner
redemption n a furnished apartment under the conditions describe
remaining 2;4% being credited to a special secount for
est, the
francs at the
but does neither carry on in France
of advances. That account showed a credit of 1,332 million
The foreigner who resides in France
the redemption
on, nor draw any income from the French
end of the year. On Dec. 31 this sum was transferred from
any trade, industry, or professi
an
income tax, calculated on the basis of
account to the credit current account of the Treasury.
soil, is liable only to the general
paid by the taxpayer.
ting seven times the amount of rent
income represen
Puzzles of the Slate's Accounts.
apartments, the price of the rent on
In the case of residents in furnished
taken from
t actually
By means of this 1,332 millions, together with 700 millions
based is not that which the occupan
ad- which such an estimate is
bank, whose
other resources, the State has repaid two billions to the
due for the empty premises only.
on, industry
Advances to the pays, but the rent
who carries on a professi
vances should thereby have been reduced to 34 billions.
The foreigner residing in France and
as
a reduction of only
post, or is owner of real estate such
State now figure in the return, however, for 35 billions,
or commerce, or occupies a salaried
from
means ather that the Treasury borrowed anin other words a foreigner drawing
one billion for the week wlich
income producing houses or land;
or else that it required
is bound to declare
other billion from the bank for year-end requirements
subject to the various cedullary taxes,
complete repayment France any income
citizen, but he must furthermore declare
300 millions for such requirements and 700 millions to
such income as well as a French
to declare
of the two billions.
by him. Formerly,a foreigner was bound
apparent. Its the amount of rent paid
In either case, this repayment is really less real than
income in this case only.
any
s from 38% billions his
residing in France without drawing
only positive effect is to reduce the maximum of advance
Prom Jan. 1 1927, a foreigner
the Treasury has
be bound to make a statement, but in
to 3634. The figure for advances being now 35 billions,
Income from the country shall also
amount of
m.
his nationality and the
a margin of only 1,500 millions under the legal maximu
that case he shall only have to declare
The Required Reduction.
rent paid by him.
receive the statement of a foreigner
year in the
When the Government authorities
g him
The proscribed automatic reduction of two billion francs each
they have the right either of assessin
te advances is criticized in financial circles, because it drawing income from France,
limit for aggrega
the amount of his
the bank return only under the general income tax based on seven times
deprives the Treasury of elasticity. Other variations in
assessing him
him to a French citizen and
rent, or of partially assimilating
are calwere due to the year-end settlements.
tax and the cedullary taxes, all of which
g
Bills discounted increased 690 millions on top of the preceding week's 79 under the general income
income collected in France only, includin
; that was because of the lateness of branch bank entries. culated on the basis of the
millions increase
repay- consequently the amount of his salaries.
y,
Circulation rose 1.398 millions also in consequence of the year-end
in France are, on the contrar
Foreigners having their legal domicile
ments. Private deposits fall 233 millions.
to French citizens, and in that case,
obligatory and entirely assimilated
declaration must include even the income
but in that case only, their
Phases of the French Collection of Taxes—New Income they draw from abroad.
of fact left to the discretion of
Tax Impost foil1926 Had Risen to
The question of domicile being a question
the above rule may lead to practical
the law courts, the enforcement of
5,016,100,800 Francs.
citizens is certain in the case of a
difficulties. Assimilation to French
domicile with a view to
The following is from the New York "Times" of Jan-10: foreigner who has himself applied for the right of
in France, based on the subsequent naturalization.
A summary of the increase of tax col ections
consider that foreigners whose
point of the recovery of direct
But Government authorities furthermore
revenue returns of November/makes a special
permanently
points out that the revenue interests and business obviously are centred in France, or who
taxation under the present Government. It
their domicile in France.
show that total received by the Treasury during the reside in France, must be regarded as having
returns for November
in France as head of
francs, of which 4,175,Thus the fact that a foreigner habitually resides
d
month from all sources to have been 4,234.364.000
s," as compared with some largo industry, or owner of a large agricultural undertaking manage
was from "normal and permanent resource
322,800
has his legal
in September. The degree to by himself, will certainly induce the law courts to declare he
5,106;100.800 in October and 3,035,921,200
for French
speeded up by the present domicile in France. According to the principle laid down
which the recovery of _direct taxation has been
Code, "the domicile is the place of the
n
by the official returns. The "demand notes"l. citizens by Art. 102 of the Civil
Government is
and scheduled income tax for 1926 (which were sent out principal establishment."
respect of general
residing almost continually
er) totaled 5,987,889.400
On the contrary, a foreigner who, although
only during September, October and Novemb
in his own country,
es:
in France, is able to prove that he has kept a dwelling
francs, distributed over the following categori
he owns either landed
2,762,534.400 that he frequently goes back to his country, where
be able
General income tax
2,063.609,300 property or commercial or industrial undertakings, will probably
Commercial and industrial profits
country
has kept his legal domicile in his own
Incomes from—
,300 to claim successfully that he
409.397
ed, remains temporary.
Salaries and wages
98.842 600 and that his residence in France, though protract
for the solution of
Liberal professions
76,652,300
But it must be repeated that this is a question of fact,
Agricultural profits
641.864,200 which no final criterion can be stated, and which the courts are free to
Developed real estate
195,249,300
Undeveloped land
749,800 solve at their discretion.
Cost of delivering demand notes
from Paris
We also quote the following in the matter 16:
with income tax for 1926, some
Of these total assessments in connection
of Dec.
recovered by Nov. 30, leaving published in the "Wall Street Journal"
60%. or 4,210,091,000 francs, had been
to the effect that
for
A report which has reached the United States from Paris income tax not
Outstanding. Demand notes levied,down
henceforth have to pay
including for=ca1 government purposes, totaled Americans resident in France will
tk r direct taxation,
-in the United States is
called for on behalf of the State only on property in France but also on property
"Journal Official" here.
5,144,188,400, of which 1.217.941,000 was
communes, &c. The portion of proved false by a decree recently published in the
and 3.926,247,400 for the departments,
are now so numerous that
includes the "civic tax," created This codifies the various laws in force. They
codify the texts. The
these imposts due to the State this year
a special commission was appointed last April to
representing a total of 650,605.600.
specially for the current year and
published, is merely the regrouping in
"other direct taxes," 3,490.987,700, or over first fruits of its labors, as recently
Of these 5,144,000,000 of
laws. Later the commission
The 3.926,000,000 levied logical order of the provision of the various
improvements.
65%,was recovered by the end of November.
h collected by will issue a report suggesting modifications and
n, the law holds
for on behalf of the departments, communes, &c., althoug
As concerns the foreigner, and therefore the America
not Included in the figures of the
France to be liable to the
means of the same demand notes, are
every person having "an habitual residence" in
annual national budget.
_,__ry77.000.000
rcyNov730
314
THE CHRONICLE
impot general sur le revenue or general income tax unless
his income does
not exceed 7,000 francs or he is a diplomatic or consular
official. "An
habitual residence" is defined as not only meaning having
a habitation at
one's disposition by right of ownership or lease
of at least one year but as
applying to anybody whose "principal place of abode
' in France. Declas Is
rations of income must be made annually on
oath within the first two,
or in special cases, three months of each year.
Distinction as to Source of Income.
As concerns the declarations of income by foreigners,
however, there
Is a distinction between incomes drawn from foreign
sources alone and incomes drawn in whole or part from sources in France. This
results from
the legal text stating that "persons not domiciled in France
but possessing
there one or several residences" will be taxed upon an income
equal to seven
times the rental value of the residence or residences,
unless the income
derived from properties, businesses or professions situated
or exercised in
France exceed the figures based upon the calculation
of rental values, in
which case they will be taxed on the higher scale.
In effect, then, an American may be drawing a much larger
income from
foreign sources than the equivalent of seven times the rental
value of his
house or apartment in France, but he has the right to declare
for taxation
purposes only this sevenfold rental total to the tax authorities,
unless he
happens at the same time to be drawing from French sources
an income
higher than the sevenfold rental value. If he is drawing income
from French
sources he must declare it, however, in detail, even though it
does not total
the sevenfold rental value of his home.
Law Favors Foreigner.
On the other hand, all persons of French nationality having
property
abroad are bound to declare it in detail and on oath. The
distinction in
favor of the foreigner is therefore beyond doubt.
The distinction in disfavor of the foreigner comes in with the law
compelling every foreigner to take out an identity card after a stay
of two
months in France. The price of this card has recently been raised
375
francs, and this sum must be paid every two years, since the card is valid
only for two years. There are numerous exceptions, however, in
favor of
students, salaried workers, writers and others, for whom the cost of
the
card and its renewals is reduced to 40 francs, while foreigners who served
in the French armies during the war are wholly exonerated.
[VOL. 124.
DaneilEnd[Gold and:Silver: Curb.
Under daterof:Jan. 11 copyright advices from Copenhagen.
to the New York "Times" said:
The Danish Ministry of Justice has canceled the prohibition
against the
export of silver and
also now permits export of gold bars and coins to the
United States, Sweden, England, Canada, the South African
Union, Australia and New Zealand,
National Bank of Commerce in New York Appointed
Trustee of Bonds of Municipality of Medellin
(Republic of Columbia).
The National Bank of Commerce in New York has been
appointed trustee for the $3,000,000 Municipality of Medellin, Republic of Colombia 25 year external 7% secured
gold bonds of 1926, the offering of which was referred to in
these columns Jan. 8, page 167.
Congo Gold for Bank of Belgium Reserves.
A Brussels cablegram, Jan. 5, from the Central News to
the New York News Bureau said:
The National Bank of Belgium has concluded an agreement with
the
Kilo-M
oto Gold Mining Co., whereby all gold dispatched from the Belgian
Congo after March 1 will be paid into the reserves of the bank,
at the
current rate for the metal. The bank will sell to jewelers whatever is necessary, refining to be carried on in Belgium.
New Coin, Hungarian Pengo, Enters Foreign Exchange.
The following is from the New York "Times" of Jan. 4:
The new currency was referred to in these columns Dec. 25
,
(page 3250) and Jan. 1 (page 35).
A new chrrency,
Call for Redemption of Bonds of French Government foreign exchange the Hungarian pengo, made its bow to trading in the
market yesterday. This unit supersedes the crown, and
has a parity of 17.49 cents, compared with 20.3 for
8% External Gold Loan of 1920.
the old crown.
transactions
J. P. Morgan & Co., as sinking fund trustees, issued a ofNo half-million were reported in the new currency, but offers were made
a
and more pengo at prices approximating 17.60 cents.
statement this week to holders of Government of the French Trading in the crown has been almost at a standstill for more than a
year.
Republic twenty-five year external gold loan 8% sinking the crown being nominally quoted at $14 1234 per million. The basis of
conversion was 12,500 crowns for one pengo.
fund bonds issued under loan contract dated Sept. 8 1920,
Since Jeremiah Smith, League of Nations Commicsioner,
the
announcing that $2,000,000 face amount of the bonds of rehabilitation of Hungary's finances, cables from Budapestsupervisedthat
reported
this issue have been drawn for redemption at 110 on March the country now has a balanced buget and that there will be approximately
15 1927 out of moneys in the sinking fund. Bonds bearing $12,000,000 in surplus after 1926's affairs have been closed up.
the serial numbers drawn by lot will be redeemed and paid
Budapest Seeking $13,000,000 Loan—New York Flotaon and after March 15 at the office of J. P. Morgan & Co. on
tion Made Possible by Agreement on Interest by
the presentation of such drawn bonds. Interest will cease
Holders of Pre-War Bonds.
on all drawn bonds after March 15. Notice is also drawn to
Under the above head the "Evening Post" of Jan. 5 stated:
the fact that an unusually large amount, $432,000, of the
The City of Budapest is negotiating with New York bankers for
bonds of this issue called for the redemption previously, are of $13,000,000, according to reports received from London to-day a loan
The
London dispatch indicated the financing would be handled by Speyer &
still outstanding. The holders of these bonds having failed
Co.. but at the firm's office here it was said there were no active negotiationsto present them for redemption, are therefore losing inter- for the loan.
est on this amount.
It was believed in banking circles, however, that the loan might be
arranged by the Guaranty Company, which recently granted a substantial
short-term credit to
Budapest on a 5% basis. This credit followed one
Exchange of Dresdner Bank "American Shares."
previously granted by Speyer & Co. at a higher rate and was used for the
purpose of taking up the Speyer credit.
Announcement is made that on and after Jan. 15, Dresdner
The
Bank "American Shares" may be exchanged for the German ago, it way for flotation of a loan in this country was paved several weeks
was said in banking circles, by a final agreement of French bondshares at the National Bank of Commerce upon payment of holders to a readjustment of a pre-war loan in European markets. Underthis readjustment service on the loan was resumed at a reduced
50 cents for each "American Share" surrendered. The Interest.
rate of
"American Shares," representing deposited stock of the
Dresdner Bank of Berlin, Gertnany, in the amount of 400 Republic of Salvador Customs
Collections and Debt
Reichsmarks par value per "American Share," were offered
Service.
in this market last year by Hallgarten & Co. and Lehman
F. J. Lisman & Co. issue the following statement relative
Brothers at 104. The mark shares are currently quoted to the customs
collections and debt service of the Republic
18*4% in Berlin, so that the equivalent value for the of Salvador:
"American Shares," allowing 50 cents for cost of making
1926.
1925.
December collections
the exchange, is approximately 1723 .
$537.696
4
$318.313.
Service
on "A" and "B" bonds
Italy Warns Speculators—Mussolini's Organ Says
More Cuts in Note Circulation Will Be Made.
The following copyright message from Rome, Jan. 13,
appeared in the New York "Times:"
The Government's determination to proceed energetically
with its
deflation policy is voiced to-day by Premier Mussolini's personal newspaper,
the Popolo d'Italia of Milan, which warns speculators who are again buying
foreign currencies, relying upon an early increase of circulation, that their
hopes will not be realized.
"Some people," says the "Popolo d'Italia," "have begun buying
dollar
and sterling because they believe and say that an early and large increase
In the fiduciary circulation is planned. This belief or hope is perfectly
Imbecile. The total circulation has decreased 80,000,000 lire in December
and In the following months not only will not be increased, but will continue
to be decreased systematically, according to the pledges given by the
Fascist Government. And the Fascist Government is in the habit of keeping
its promises absolutely."
Quotations on the dollar, which stood at 22 three days ago,rose to
almost
24 this morning. To-night, after the "Popolo d'Italia's" warning, they
dropped again to 23.
• 87.494
Available for Series "C" bonds
$450,202
Interest and sinking fund requirements on"C" bds.
63,333
January-December collections
6,921.373
January-December service on "A"and "B"bonds_ 1,049.928
89.181
$229,132
56,667
5,630,488.
1.070,169
Available for Series"C" bonds
65,871.445 $4,560,319
$720.000
$680,000
Collections in the twelve months of 1926, after deducting service requirements of the "A" and "B" bonds were equivalent to over eight times interest and sinking fund requirements on the Series "C" bonds.
The bankers'representative collects 100% of theimport and exportduties.
all of which is available for bond service, if needed, and 70% of
which is
physically pledged for that purpose.k
Full interest and sinking fund requirements on the "A","B" and "C"
bonds for thelyear were met outlet' collections remitted by the fiscal agent
by May 15.
Interest & sinking fund requirements on "C" bonds
Offering of $6,090,000 External 7% Bonds of United
Electric Service Co. of Italy.
A syndicate headed by E.H. Rollins & Sons and including
Blair & Co., Inc., J. A.Sisto & Co., and Banca Commerciale
Norway Reduces Gold Surtax to 20%.
Italian°. Trust Co.,this week offered a new issue of$6,000,00()
The Norwegian gold surtax for the payment of specific United Electric Service Co. external first mortgage
7% sinkduties in paper crowns has again been reduced from 30% ing fund goldlbonds, series A,due 1956 (with stock
purchase
advices received from Copenhagen and warrants attached), at a price of 923. and accrued
to 20%,according to
interest,
announcediby the Department of Commerce on Jan. 12.
to yield 7%%. The issuelwaElloversubscribed the day of
JAN. 15 1927.]
THE CHRONICLE
offering. A cumulative sinking fund payable semi-annually
is provided, estimated to be sufficient to retire the entire
issue on or before maturity. The United Electric Service
Co., known as Unione Esercizi Elettrioi ("Unes") transmits
and distributes electricity, serving over 1,000 communities
in Italy. For the year ending J'ine 30 1926,the net earnings
statement after bond interest and operating expenses,showed
a balance available for other interest, depreciation, &c.,of
$1,166,684. Net earnings were, therefore, over 33 times
annual interest requirements of the entire funded debt of the
company, including this issue.
The proceeds from this financing will be used for the acquisition and construction of various properties in the company's zone of expansion. The company has prepared a
comprehensive scheme of development, including the construction of new power stations and high tension transmission lines which it began to put into execution in 1925 and
which will probably be completed toward the end of 1927.
It is concentrating upon the development of hydro-electric
properties as well as further inter-connection of existing
properties and those to be added to the system, which is one
of the principal power systems in Italy. Electrification of
Italian industries, which has already proceeded further than
in some other European countries, is being encouraged by
the Italian authorities who recognize that in this work lies
a great economic contribution to the nation. This progress
is reflected to a remarkable degree in the earnings of the
United Electric Co. as reported to the bankers by the management. Further data regarding the offering and the
company are given in our "Investment News" Department,
page 375.
Offering of $27,000,000 6% Bonds of Argentine Government—Books Closed—Issue Oversubscribed.
An issue of $27,000,000 external sinking fund 6% gold
bonds of the Government of the Argentine Nation was
placed on the market yesterday (Jan. 14) by J. P. Morgan
& Co. and the National City Co., the offering being made at
983% and accrued interest to yield 6.10% to maturity.
As to the purpose of the issue it is stated:
315
agricultural in character, has a population estimated to be
in excess of 375,000, practically all of which is of European
extraction. Its principal products are grapes, alfalfa, wheat,
corn, linseed and cattle. It is the foremost grape and
wine producing area in the Western Hemisphere, having
in this industry an invested capital of over $158,000,000
United States currency. The Province is served by an
extensive railway system, including the only transcontinental railroad in South America, which connects
Argentina and Chile. The value of rural real estate in the
Province has been appraised for taxable purposes at over
$400,000,000 U.S.currency. These bonds will be the direct
and unconditional obligation of the Province, which pledges
its full faith and credit for the performance of its obligations
under this loan,and in addition these bonds will be specifically
secured by the following tax revenues: A first and exclusive
charge upon 1.50 pesos per hectoliter of the wine export tax;
a first and exclusive charge upon 40% of the land tax; and a
first and exclusive charge upon 40% of the wine and grape
production taxes. Proceeds of this issue will be applied to
the retirement of existing indebtedness, and represents no
increase in the present indebtedness of the Province.
Offering of Two Issues of Bonds of Republic of Chile
by Paine, Webber & Co.
Following the purchase by Paine, Webber & Co. of two
new issues of 8% five-year internal bonds of the Republic
of Chile, public offering of the bonds was made on Jan. 11
at $121 per 1,000 pesos to yield about 8%. One of the
ssues (Mapocho Riber Canalization Second series) amounts
to 4,600,000 pesos, redeemable through purchase or call
at par'prior to Jan. 2 1932; and the other (Talcahuano Naval
Station, second series) 2,700,060 pesos, redeemable through
purchase or call by 2% cumulative sinking fund. The
amortization is expected to retire this entire issue before 1949.
The principal and interest on both issues are free from all
Chilean Government and municipal taxes. Regarding the
issue of 4,600,000 pesos, we quote the following details from
the offering circular:
Amount issued: First series, 1922, 1,500.000 pesos: second series, 1927.
4.600.000 pesos. Authorized by law of the Government of Chile No.3814.
Interest payable June 30 and Dec. 31. Redeemable within five years at
par. Denominations 5,000 and 10.000 pesos. Coupons may be cashed
through any office of Paine, Webber & Co. Coupons receivable in payment of Chilean Government taxes.
These bonds are a direct obligation of the Republic of Chile,and principal
and interest have been exempted from all or any taxes levied by the Republic
of Chile or any of its municipalities. The interest coupons of the bonds are
receivable as payment for Government taxes. The bonds are a second
The subscription books were closed following their opening series of an authorized issue of 6,100,000 pesos for the expense of the canaliwithin five
of the Mapocho River. The bonds are to
at 10 a. m. yesterday, the bonds, it is announced, having zationfrom Jan. 1 1927, date of issue, through be amortized of lands
the public sale
years
been oversubscribed. The bonds will bear date Feb. 1 1927 acquired and improved in the process of canalization. It is provided in the
law authorizing the issue that should the proceeds from such land sales be
and will become due Feb. 1 1961. It is announced that—
to redeem the total issue at the end of the five-year period
A cumulative sinking fund of 1% per annum, calculated to be sufficient insufficient
that unredeemed bonds, together with interest thereon, are to be paid from
to retire the bonds of this issue at par, not later than Feb. 11961, is to be
the National Treasury.
applied to the purchase of bonds below par through tenders, or. if not so the general funds of
obtainable, to the redemption of bonds, called by lot, at par. Sinking fund
As to the issue of 2,700,000 pesos we quote the following
payments may be increased by the Executive Power if considered advisable. information:
Obligation.
These bonds are to be direct external obligations of the Argentine Government, issued for the purpose of refunding a like amount of bonds maturing
Feb. 1 1927. The Government will covenant that if, while any of these
bonds remain outstanding, it shall create or issue or guarantee in accordance
with the Argentine Constitution, any loan or bonds secured by lien on any
of its revenues or assets, the bonds of this issue shall be secured equally and
ratably with such other loan or bonds or such guaranty.
The bonds, coupon, in denominations of $1,000 and $500,
will be registerable as to principal only. Principal and int.
will be payable in United States gold coin of the present
standard of weight and fineness, in New York City, either at
the office of J. P. Morgan & Co. or at the National City
Bank of New York, Fiscal Agents for the bonds of the issue
of Feb. 11927, without deduction for any Argentine taxes,
present or future. A statement in behalf of the Argentine
Government by Felipe A. Espil, Esq., its Charge d'Affaires
at Washington, D. C., says:
Amount issued First Series, 1924, 1,100,000 pesos—Second Series. 1926,
2,700,000 pesos. Authorized by law of the Government of Chile No. 3966.
Interest payable Dec. 5 and June 5. Redeemable by cumulative sinking
fund of 2% per annum by purchase, or by lot, at par. At this rate the
sinking fund will retire the whole issue not later than 1948. Denominations
5,000 and 10,000 pesos. Coupons may be cashed through any office of
Paine, Webber & Co.
These bonds are a direct obligation of the Republic of Chile and principal
and interest have been specifically exempted from all or any taxes levied.
by the Republic of Chile or any of its municipalities. The bonds are a
second series of an authorized ifs8110 of 3,800.000 pesos for the purpose of
obtaining funds for constructing workers' homes, &c., at the Government
Naval Station at Talcahuano. Provision for the payment of interest
and amortization of the bonds is required to be made in the National
The total debt of the Argentine Government as of June 30 1926,amounted Budget.and there is to be additionally applied to the service of the loan tile
to about $8938,923,301, as compared with the national wealth, according net revenues derived from the work done for private concerns or individuals
to the census of 1914 (the latest official figures), of $14,543,000,000. by the Navy Yard authorities.
Government owned properties (including revenue producing investments of
Further information relative to the currency and revenues
3530,000,000) had a total value in 1914, according to the same census, of
$1.125,000,000, or about $186.000,000 more than the total government debt of Chile, says in part:
now outstanding.
The Chilean currency, through the establishment of the National Reserve
Temporary bonds or interim certificates, exchangeable for Bank, ha been stabilized on a gold basis equal at par of exchange to 12.16e.
definitive bonds when prepared, are to be delivered in the per Chilean peso. Since stabilization has taken place in 1924,international
exchange rates between Chile and both the 'United States and Great Britain
first instance.
have remained around the gold exchange value. Because of Chile's large
excess of exports over imports and steady growth of its international trade,
there is ever indication that the Chilean currency will maintain its present
Purchase by New York Bankers of $6,500,000 Bonds of stabilized level in
the international exchange. For the six years ended
Province of Mendoza (Republic of Argentina).
1925 (which includes the period of world-wide trade depression) the average
annual trade balance of Chile has exceeded $69,000,000.
A syndicate headed by P. W. Chapman & Co., Inc.,
The Chilean Government has recently reformed its fiscal system and
Chatham & Phenix National Bank & Trust Co. and A. M. Its budget for 1927, which aggregates about $117.000,000. represents a
issue of $6,500,000 balance of income and expenditure. During the period 1922 to 1925 the
Lamport & Co.,Inc., has purchased a new
amount appropriated from
Province of Mendoza, Argentine Republic, external 7.50% for amortization of externalordinary revenues by the Chilean Government
debt exceeded $41,000.000. At the same time
fund gold bonds, public offering of which large amounts have been appropriated from ordinary revenues tor permr flea
secured sinking
will be made on Monday next (Jan. 17). The bonds will Internal improvements.
Chile has been borrowing
markets for about a century.
mature on June 1 1951, and be priced at 98.75 and interest, Official records disclose thatin international been a default onsany of its
there has never
to yield over 7.60%. The Province, which is chiefly external or internal obligations. The credit of the country ranks high
316
THE CHRONICLE
among South American Republics. A recent loan of 842,500.000. offered
n New York to yield 6.50%, was largely oversubscribed. Another loan in
the London market in January 1926, was offered to yield 6.38% and was
five times oversubscribed. The 8% dollar bonds of the Government of
Chile for some time past have been selling at approximately the call price,
to yield slightly above 7%.
All conversions above of pesos into dollars are at 12.16
cents, the par of exchange.
Offering of $5,000,000 53% Sinking Fund Gold Bonds
of Dominican Republic—Books Closed—Issue
Oversubscribed.
Public offering was made on Jan. 10 of a new issue of
$5,000,000 Dominican Republic 14-year customs administration 532% sinking fund gold bonds of 1926, first series,
by a syndicate headed by Lee, Higginson & Co.and including
the National City Co.; Dillon, Read & Co.; Brown Brothers
& Co., and Alex. Brown & Sons. The bonds will be dated
Oct. 1 1926, are due Oct. 1 1940. They were priced at
100 and interest to yield about 5.55%. They are repayable
at maturity at 101 and interest. The proceeds of this
Issue will be used to construct public works. The closing
of the books was announced immediately following their
opening, the issue it is stated, having been oversubscribed.
• The issue of these bonds, it is stated, has received the
approval of the United States Government required by the
American-Dominican convention of 1924. They are coupon
bonds in denominations of $1,000 and $500, registerable as
to principal only. Principal, sinking fund, premium and
interest (April 1 and Oct. 1) will be payable in New York,
Boston and Chicago, at the offices of Lee, Higginson & Co.,
fiscal agents for the service of this loan, in United States
gold coin of the present standard of weight and fineness,
exempt from Dominican taxes, present or future. The
bonds are not callable before Oct. 11931. A sinking fund,
payable in monthly installments beginning Aug. 20 1930,
will be provided, sufficient to retire the entire issue by
maturity at 101; bonds to be purchased in the open market
or, beginning Oct. 1 1931, called by lot at 101 and interest.
Regarding the security, revenues, &c., Senor Angel Morales,
• Envoy Extraordinary and Minister Plenipotentiary of the
Dominican Republic, says:
Security.
These bonds will be the direct and general obligation of the Dominican
Republic, and, in accordance with the convention of 1924 between the
Dominican Republic and the United States, will be specifically secured
by a charge upon customs revenues which the Republic agrees shall be
collected during the life of the bonds by an official appointed by the
President of the United States. Upon retirement of the 1908 loan called
for redemption Feb. 1 1927 the charge of these bonds upon the customs
revenues will he subject only to the expenses of their collection and the
nor charge of $10,000.000 bonds of the 5%% loan of 1922.
The issue Et these bonds has received the approval of the United States
Government required by the American-Dominican convention of 1924.
Except as to another $5.099,000 to which the United States has already
consented, the public debt of the Dominican Republic cannot, under the
pros lsions of sa:d convention, be increased unless by previous agreement
between the Dominican Republic and the United States. The Dominican
Republic also has agreed, under the terms of the 1924 convention. that
!wort duties will at no time be modified to such an extent that, on the
basis of exportations and importations during the two preceding years
total net customs receipts in each of such years would have been less than
134 times the amount necessary to provide interest and sinking fund
charges upon the public debt.
Revenues.
Average annual customs revenues have been as follows:
For period from Aug. 1 1907 to Dec. 31 1925
$3,937,118
For six years ended Dec. 31 1925
4,153,200
For 12 months ended Oct. 31 1926
a4,700,479
Maximum requirements,• upon completion of this financing:
Interest, $825.000; sinking fund,$1,346,667
2,171,667
a Based on Dominican Republic's monthly reports. 4 Upon retire.
me: t of 1908 loan.
In each year since 1907 annual customs revenues have been ample for
the service of both interest and sinking fund on funded debt outstanding
during the year:
Debt Reduction.
After the issue of these bonds the funded debt of the Dominican Republic will be over $5,800.000 less than it was in 1916 or a reduction of
about 28% In ten years. Funded debt upon completion of this financing
and retirement through sinking fund on Feb. 1 1927 of remainder of 1908
loan will be:
-year customs administration 534% sinking fund gold bonds,
20
loan of 1922..
$10,000,000
14
-year customs administration 534% sinking fund gold bonds.
this issue)
fzst series ,
5.000.000
Total funded debt to be so outstanding
$15,000,000
It is expected that interim receipts will be ready for
delivery about Jan. 18.
[VOL. 124.
department of the Harris Trust & Savings Bank of Chicago.
The bonds, issued under the Federal Farin Loan Act, are
dated June 1 1926 and will become due June 1 1956. They
will be redeemable at par and accrued interest on any interest date on and after ten years from date of issue. In coupon form the bonds are in denomination of $1,000 and registered bonds are in denominations of $1,000, $5,000 and
$10,000. Principal and interest (June 1 and Dec. 1) will be
payable at the Atlantic Joint Stock Land Bank, Raleigh,
N. C. Arrangements have been made whereby the coupons
may be presented for payment at the office of the New York
Trust Co. in New York City. Capitalization and earnings
are reported as follows:
As of Dec. 31 1926: Capital stock. $750,000. subject to 100% assessment:
and surplus,reserve and undivided profits. $223,001. Present net earnings
are at the rate of over 14% perannum. Dividends on the capital stock
are being paid at the rate of 8% per annum. Total bonds outstanding.
including this issue, $12,450,000.
The following figures of the bank are also announced of
date Dec. 31 1926:
Acres of real estate security
Appraised value of real estate security
Total amount loaned
Average appraised value per acre
Average amount loaned per acre
Percentage of loans to appraised value
621.666
$39,464,683
$13.126,085
$64 14
$21 20
'
33.4%
The bonds are exempt from Federal, State, municipal and
local taxation. They are acceptable for postal savings funds
at the par value thereof. The Atlantic Joint Stock Land
Bank operates in the states of North Carolina and South
Carolina, and its loans are in selected agricultural counties
in these States. Of the total amount loaned, approximately 90% is in North Carolina and 10% in South Carolina.
The bank is under private ownership and management.
A. W. McLean, President, was for over twenty-five years
President of the National Bank of Lumberton, N. C., and
for four years director of the War Finance Corporation at
Washington.
Denver Joint Stock Land Bank to Increase Capital
Stock.
The stockholders of the Denver Joint Stock Land Bank
will vote soon on an increase of the capital from $1,000,000
to $1,250,000, with a view to enable it to issue additional
bonds. Under the Farm Loan Act, Land Bank issues
bonds in the proportion of $15 to each dollar of capital, and
as the Dec. 31 1926 financial statement of the Denver Joint
Stock Land Bank shows an increase in the mortgage loans
during 1926 of over $4,500,000, the capital must be increased
in order to issue bonds to meet the demands for loans during
1927. This capital increase will entitle the Bank to issue
bonds to the extent of a further $3,750,000.
Offering of $750,000 5% Bonds of St. Louis Joint Stock
Land Bank.
William R. Compton Company and Halsey, Stuart & Co.,
Inc., offered yesterday (Jan: 14) $750,000 St. Louis Joint
Stock Land Bank 5% bonds, dated Jan. 1, 1927 due Jan. 1
1957, optional Jan. 1 1937, priced at 103% and interest,
yielding over 4.55% to the optional date and 5% thereafter
to maturity. The bonds, coupon, fully registerable and
interchangeable are In denominations of $1,000 and $5,000.
Principal and interest (Jan. 1 and July 1) will be payable
at the American Trust Company, St. Louis, or coupons may
be presented for collection through any office of the
banking houses offering the bonds. The bonds issued
under the Federal Farm Loan act, are acceptable as security for postal savings and other deposits of Government
funds and are exempt from Federal, State, municipal and
local taxation. As of Dec. 31 1926 the bank reported capital
stock of $1,430,000; permanent reserve $225,000 and undivided profits, $75,963.12. Dividends on the capital stock
are being paid at the rate of 9% per annum. Total bonds
outstanding, including this issue, $21,249,000. The bank
was chartered March 27 1922. The following is the statement of the St. Louis Joint Stock Land Bank as officially
reported Dec. 31, 1926%
Acres of real estate security
Appraised value of real estate security
Total amount loaned
Average appraised value per acre
Average amount loaned per acre
Percentage of loans to appraised value
The hank operates in the States
694,422.04
$54,587,951 89
22,622,910 00
78 50
32 88
40%
Offering of $500,000 5% Bonds of Atlantic Joint Stock
of Arkansas and Missouri.
Land Bank.
_
At 103M and interest, to yield approximately 4.54% to Increase in Directorate of Chicago Joint Stock Land
Bank.
the redeemable date and 5% thereafter, an issue of $500,000
The ninth annual meeting of the stockholders of the Chi5% bonds of the Atlantic Joint Stock Land Bank of Raleigh,
'N. C., is being offered by Harris, Forbes & Co. and the bond cago Joint Stock Land Bank was held at the office of the
JAN. 15 1927.]
THE CHRONICLE
317
bank in Chicago on Jan. 3, at which time the directorate of
the bank was increased from five to ten members. New
members elected were:
Jan. 13—Renewal,4%;high,4%;low,4%;last,4%. Quiet day. Money
condition easy.
%. Withdrawals
Jan. 14—Renewal, 4%; high. 4%;low. 4%; last,
(
of money for out-of-town accounts caused advance to 434 70•
Schuyler B. Terry, Manager. Chicago office, Kissel, Kinnicutt & Co.
Joseph J. White, President, Regan Printing Co., Chicago; and President
Hill Binding Co., Chicago.
Charles E. Johnson, Cashier, Bank of Galesburg, Galesburg, Ill.
Albert C. Roach, President, Bank of Bushnell, Bushnell, Ill.
George M. Marshall, President, First National Bank, Belvidere, Ill.
Statements of previous weeks have appeared weekly in
our issues since July 10 1926; last week's statement will be
found on page 169 of our issue of Jan. 8.
All old members of the board of directors were retained Inactive Shares Put at One Exchange Post—Dealings
the re-elected members being:
of Fewer Than 100 Shares Sent Out on Tape.
Guy Huston, President, Chicago Joint Stock Land Bank, Chicago; and
The following is from the "Evening Post" of Jan. 4:
Y.
President, New York Joint Stock Land Bank, New York, N.
Many stocks classed in the inactive group and in which the unit of trading
0. F. Schee, Vice-President. Chicago Joint Stock Land Bank, Chicago;
is less than 100 shares appeared on the tape to-day. Official trading in the
and President, Des Moines Joint Stock Land Bank, Des Moines, Iowa.
newly-selected list of inactive shares began on the New York Stock ExRay E. Pickrel, President, Pickrel Walnut Co., St. Louis, Mo.
J. E. Huston, Vice-President, Chicago Joint Stock Land Bank, Chicago change yesterday.
Segregating approximately 190 issues which are ordinarily inactive from
J. L. Boyles, Secretary, Chicago Joint Stock Land Bank, Chicago.
the active stocks and assigning the group to Post 21 on the Exchange floor,
The Chicago Joint Stock Land Bank, with paid-in capital officials of the Exchange are of the opinion this move will facilitate
of $4,000,000, reserves and undivided profits of more than trading in the less active shares.
Such stocks as CCL, Carolina, Clinchfield; DrsPr, Devoe, Reynolds,
$1,000,000, is the oldest and largest joint stock land bank preferred; IRCPR, International Railways of Central America, preferred;
Farm Loan System. The bank has assets in excess VXPR, Vulcan Detfaaning, preferred; ABNPR, American Bank Note,
in the
of $64,000,000, and since its organization in 1917, has made preferred, and CHPR, Continental Can, preferred, all included in the
newly-selected group, appeared to-day In ten and twenty-share lots. Most
farm mortgage loans in the corn belt counties of Illinois and trading in these shares heretofore has been on the over-the-counter market.
Iowa in excess of $73,000,000.
Offering of
Collateral Trust Bonds of
of Richmond.
Reference to the rules governing dealing in active stocks
appeared in our issues of Sept. 18, page 1457, and Dec. 18,
Industrial Bank page 3127.
Two issues of $48,000 each, serial payment collateral
trust 7% gold bonds (Series 6) of the International Bank
of Richmond (dated Jan. 3 1927 and Jan. 15 1927, respectively) are being offered by Scott and Stringfellow of Richmond. They are coupon bonds in denominations of $1,000
and $500. Interest is payable quarterly on March 15, June
15, Sept. 15 and Dec. 15 at the office of the Industrial Bank
of Richmond, Va. The First & Merchants National Bank
of Richmond is trustee. The issues are offered at prices
ranging from 100.39 and interest to yield 5% for bonds
maturing March 15 1927 and 100 and interest to yield 7%
for bonds maturing Dec. 15 1930. The offering circular
says:
These bonds are part of a series of $1,000,000, of which $96,000 have
been issued, including the bonds now being issued. Additional bonds of
the series may be issued in accordance with the trust indenture providing
for the deposit with the trustee of like real estate mortgage notes represent.
ing 125% of the aggregate principal amount of the bonds so issued. The
collateral deposited under each series is to be held separate from that
deposited under any other series.
The bonds Are the direct obligation of the Industrial Bank of Richmond,
a corporaton chartered under the laws of Virginia, with a paid in capital
of $500,000 and a surplus of $80,000, and operated under the supervision
of the Bankng Division of the State Corporation Commission.
McNary-Haugen Farm Bill Reported to House.
The McNary-Haugen farm relief bill, with its controversial
equalization fee feature, was approved on Jan. 13 by the
House Agriculture Committee, party lines breaking on the
13 to 8 vote to report the measure. Four Republicans joined
with that many Democrats in opposition, while eight Republieians and five Democrats supported it. The Associated
Press advices, said:
Chairman Haugen was instructed to ask the Rules Committee to provide
for an early House vote on the proposal, which is certain to face a bitter
fight if it is called before March 4 adjournment.
One of the Agriculture Committee members who announced he had
voted to report the bill was Representative Fulmer, Democrat, South
Carolina. He explained that In so doing he had reserved the right to fight
for delaying imposition of the equalization fee on cotton and,if unsuccessful,
to vote against the measure on final passage.
-Crisp bill, which would
A new move was made to substitute the Curtis
not provide an equalization fee, but it failed, 16 to 5.
Throughout the long struggle over farm relief, the equalization fee has
been the principal point of divergence. Among those who favor the fee are
Southern Democrats who do not, however, want it imposed upon cotton
immediately because, they contend, the industry cannot stand it for two
years.
Chairman Haugen said that the primary purposes of the bill were "to
prevent surpluses from unduly depressing the prices" of basic com-modities,
and to prevent undue fluctuations in prices.
The $250,000.000 revolving fund contains no subsidy. It is advanced as
working capital and is repayable to the Treasury. In its loan previsions
the measure offers assistance to producers of all commodities, but it provides for special operations with cotton, wheat, corn, swine and rice, which
are defined as "basic agricultural commodities."
Albert H. Wiggin of Chase National Bank Urges Use of
Government's Surplus to Scale Down Public
Debt—Review of Domestic and Foreign
Conditions—Profits of Bank.
Albert H. Wiggin, Chairman of the Board of Directors of
the Chase National Bank of New York, in his annual report
submitted to the stockholders this week urges using the
Government's present surplus in further scaling down the
public debt.
Mr. Wiggin says:
The consistent policy of the Federal Government since August 1919, of
steadily reducing the public debt has been one of the most wholesome
financial developments of this period. It has constituted a partial offset
to the undue expansion of bank credit which the same period has witnessed,
and to the unduly rapid expansion of State and municipal debt which the
cheap money of recent years has facilitated.
The ideal in public finance Is to avoid either a surplus or a deficit. The
revenues of 1926, based largely on the incomes received in 1925, have
proved unexpectedly large. A surplus is better than a deficit, but a surplus
is undesirable because it takes more money from the taxpayer than necessary, and because it constitutes a grave temptation to governmental
extravagance.
Considerations of this sort doubtless actuated the President and the
Secretary of the Treasury in their suggestion that the surplus be made the
basis of credits on 1927 tax payments. On the whole. however,I think that
we may well be content with the decision of the majority members of the
House Committee on Ways and Means to use the surplus in paying off
public debt instead. The revenues of 1926 are probably abnormally great,
reflecting as they do the incomes of 1925. A great expansion of bank credit
was being expended in capital uses, and when business activity and speculative enthusiasm were very high. Bank expansion of this kind can .not
safely continue, and in its absence it is reasonable to expect that private
incomes and public revenues will not be so great. It is well to use the
present surplus, therefore, in reducing public debt. It is especially unsafe
to make the existence of the surplus the occasion for the permanent reduction of taxation at the present time,as proposed by the minority members of
the House Committee.
Commenting on domestic and foreign conditions, Mr.
Wiggin had the following to say:
After two and a half years of extraordinary business activity there are
some indications of moderate reaction as the year comes to a close, but the
volume remains very high. The indications are not clear enough or marked
enough to indicate a decisive trend. Business has been conducted prudently. In general, hand-to-mouth buying has prevailed, commercial borrowing has been conservative, and the financial position of American
business is sound. There has been too much speculation in certain directions, notably in securities and in real estate. The most unsatisfactory
phase of the business situation is to be found in agricultural sections and
notably in the cotton-growing South. The textile industry will ultimately
benefit from the lower price of cotton, but transitional difficulties in this
connection have not yet been fully worked through.
Money rates have been higher on the average in 1926 than in 1925, but
this is due primarily to low rates in the early part of 1925 rather than to
-year of 1926
high rates at any time in 1926. Rates during the second half
have been slightly above those of the second half of 1925. The expansion of
less than that in
bank credit in 1926 has, however, been substantially
1925, and whereas the chief use of expanding bank credit in 1925 was in
loans against securities, a larger part of the expansion in 1926 has gone into
other uses.
The situation in the world outside the United States is in many ways
more promising than it has been since the war. There is good reason to
suppose that the tide is turning in British business affairs and that the next
move will be upward. France also appears to have faced the worst of her
financial situation. The great financial emergency has brought a truce
Call Money Market.
among political factions. Drastic financial measures have been taken.
The following are the daily statements issued this week Taxation has been brought up to a point which the outside world did not
problem reby the New York Stock Exchange regarding the call money anticipate and does not yet appreciate. The most significantstabilization
maining in the French situation is the adoption of a definite
market:
low enough to avert a serious business crisis and to prevent a sharp
rate
CALL LOANS ON THE NEW YORK STOCK EXCHANGE.
falling off in the revenues of the State.
Italy also has made during the year a striking demonstration of financial
Jan. 10—Renewal, 4t%; high, 41%;low, 4%; last. 4%. Free offering
strength, and the chief concern of friends of Italy outside the country is,
of money brought about decline in rate to 4%.
e:
Jan. 11—Renewal, 447 high, 4%; low, 4%; last, 4%. Moderate not that the lira may go too low, but rather that Italy may overburden herself in the process of placing it too high.
turnover. Ample supply at the reduced rate.
Denmark, Norway, Japan, Italy, France. Belgium, Chile and India
Jan. 12—Renewal, 4%; high, 4%; low, 4%; last. 4'%. Light turnover
have all taken steps during the year which made the restoration of the gold
with money in supply at close at renewal rate.
318
THE CHRONICLE
[VOL. 124.
standard throughout the world seem much nearer than appeared to be possi- Charles E.
Mitchell in calling attention, at the annual
ble when the year began.
Industrial co-operation between Germany, France and Belgium has made meeting on Jan. 11 to the statement of condition of the
striking progress. Germany's entrance into the League of Nations, the bank at the close of the year 1926. Incidentally Mr. Mitchell
fruit of the Locarno treaties of last year, is an extraordinarily significant sounded
a note of optimism regarding the business outlook,
event. The continued smooth and efficient working of the Dawes Plan,
and the steady industrial recovery of Germany,following the crisis of late commenting on the situation as follows:
Although 1925 was a record year for business in the United States, it has
1925, are also constructive developments of first importance.
These scud and substantial achievements of the year 1926 far outweigh been surpassed by 1926, and this has been accomplished by a growth of
production and distribution so general and normal in character as to be
clipmloatic frictions which have arisen, and elements of uncertainty in the
unusually free from unhealthful symptons. Although the manufacturing
Balkans, in China and in Mexico.
industries have been active, their products have been
One of the outstanding events in 1926 was the merger of sumption. Commodity prices show no sign of inflation.moving into conAt the close of
the Mechanics and Metals National Bank with the Chase the year the aggregate loans of reporting member banks of the Reserve
System were slightly above the figures for the preceding year, but the
National Bank. In referring to this, and mergers in general, increase
was all in commercial loans, the amount of loans secured by stocks
Mr. Wiggin says:
and bonds being lower. The amount of reserve credit in use as measured
This merger, together with similar steps on the part of other institutions by rediscounts at the Reserve Bank is less than a year ago.
In the last two or three years, has been made the occasion of comments to
These are not conditions which ordinarily precede a reaction, but rather
the effect that mergers are the order of the day and that the line of logical such as justify confidence that prosperity will be maintained. Foreign
development is toward fewer and much bigger banks. I am not prepared trade in 1926 has been the largest in physical volume recorded in our
to subscribe to this doctrine without qualification, and I would not have history. In Europe, currency stabilization has made decided progress
our merger with the Mechanics and Metals National Bank Judged on that during the year and industrial conditions are generally better. It is safe
basis alone. It is significant that while bank mergers are taking place. to say that the world is making continued progress in recovery toward
new banks of moderate size are also coming into existence and doing well. normal conditions and there is every reason to expect that our own business
A rmeger may bring together organizations which cannot work harmoni- at home and in the foreign branches will continue to enjoy a healthy
ously and may combine interests which are not compatible. Each case growth.
must be Judged on its own merits. Haphazard mergers merely for the sake
The Dec. 31 statement of the bank represented a consoliof large figures do not assure good banking. In the case of the merger of
the Chase National Bank and the Mechanics and Metals National Bank a dated statement of the head office and domestic and foreign
great deal of careful thought and planning preceded the decision. The offices, including the National City Bank of New York
responsible officials of both institutions knew one another well before the (France)
S. A.
merger,and were sure that they could co-operate in a friendly and efficient
The resources of the bank, appearing in the statement as
way. The merger has been accomplished with entire good will and with a
minimum of friction and disturbance.
$1,394,389,890, set a new high record, the increase during the
It may be observed that the Chase National Bank reached the position
year being $179,356,187. In commenting on these figures,
of the second largest National Bank in the country in volume of net deposits
without any mergers at all. Attaining great size through growth alone, it Mr. Mitchell characterized them as evidencing "the condiwas able to develop a body of traditions, ideals and practices which give tion of the times and the esteem in which
the bank is held
it a distinctive character. The mergers which have since taken place have
made it possible for us to give larger lines ofcredit to great business organiza- by the public which we serve." The gain in aggregate
tions, have made possible the more economical handling of many functions, resources over the last ten years has been more than 100%,
and have broadened the range of our activities, but they have not destroyed the total at the end of 1916 standing
at $615,519,000.
the distinctive character of the Chase National Bank.
-Mr. Mitchell gave the gross deposits of the bank as
The report of condition of the Chase National to the
—
Comptroller of the currency on Dec.31 showed total resources
_
— —
of 8968,967,312, this comparing with $422,460,081 ten years
ago and $114,310,479 twenty years ago. Undividedprofit
account on Dec 31 1926 was $13,204,473 which with $40,000,000 capital and $25,000,000 surplus, makes"he total
capital, surplus and profits $78,204,473. Cash, and due
from banks totaled $358,337,038, investment in U.S.
Government securities $59,442,211, and loans and discounts
$2L_t_21707. The book value of other securities was
91
$30F,223,012, the market value being in excess of this amount.
his 7eport to the stockholders Mr. Wiggin notes that a
'dividend of4%, amounting to $800,000, was declared on
'$20,000,000 capital-- — the merger-and
outstanding prior to
,
three dividends of3y
2 each, totaling $4,200,000, were
f,
declared on the $40,000,000 capital outstanding subsequent
to the merger. Thus the Bank declared total dividends for
the year 1926 of $5,000,000, exclusive of the dividends
declared by Chase SecuritiesCorp. He also states:
During the first half of the year, the adjustments incidental to the
consummation of the merger were effected. The capital was doubled.
and the surplus increased, as noted above: the accounts covering safe
deposit vaults and other vaults and equipment, branch real estate and
certain other assets, were revalued, and the requisite bookkeeping changes
were effected to harmonize the accounting systems of the two institutions.
During the second half of the year from July 1 to Dec. 31, profits of the
bank, after deducting all expenses and making full provision for all bad
and doubtful debts and providing for reserve for taxes, were 4,240,351 35,
or 10.60% on the $40,000,000 capital of the consolidated bank.
The Chase Securities Corp. organized under the Business Corporation
Law of the State of New York, is owned by the shareholders of the bank.
It now has a capital of $11,000.000, represented by 400.000 shares of no
par value, as compared with a capital on Dec. 31 1925 of $10,000,000,
represented by 200,000 shares of no par value. The capital and number
ofshares were increased in connection with the Mechanics & Metals National
Bank merger, 100.000 of the additional shares having been subscribed
t $5 per shareby shareholders of the Securities corporation, the remaining
100,000 shares having been allocated to the shareholders of the Mechanics
& Metals National Bank at the same price. The profits of the corporation
'from Dec. 31 1925 to Dec. 31 1926, after deducting all expenses, were
$3.652,824 36. The previous dividend rate of $4 per share per annum
has been continued on the increased number of shares, a dividend of $1
per share on the 200,000 shares outstanding prior to such increase, and
three dividends of $1 per share each on the 400,000 shares now outstanding
having been declared during the year, an aggregate of $1,400,000. The
surplus and profit account on Dec. 31 1926 was $9,523,643 65.
The number of shareholders of the bank and Securities corporation
was greatly increased at the time of the merger by the addition of former
Mechanics & Metals shareholders, and we now have 7.730 shareholders,
with an average holding of 52 shares. Chase shareholders reside in almost
every State in the United States and in many foreign countries, and cover
with remarkable accuracy the actual field of operations of the bank itself.
Shareholder co-operation has contributed in large measure to the growth
and success of the institution, and we wish to make grateful acknowledgement of it here.
$1,083,599,160, an increase over the year previous of
$162,025,662. He pointed out that, even after eliminating
the deposit increases resulting from the acquisition of the
Peoples Trust Co. and the taking over of the Far Eastern
branches of the International Banking Corp., net deposit
showed an increase of 11.23% against an average increase
for all other Clearing House banks of less than 2%. Aggregate
deposits of the National City Bank now exceed the total
resources of any other American banking institution. Mr.
Mitchell reported that the net profits of the bank during
the year, after reserve for taxes, pensions, death benefits
and management funds, amounted to $15,853,122. Of this
total, which does not include the profits of the National City
Co. or the net earnings in excess of dividends of the International Banking Corp. or the Banque de la Republique
d'Haiti, $1,598,528 according to a fixed rule of the bank
was applied to a contingency reserve, $8,000,000 was paid
out in dividends, and $6,254,594 was carried to undivided
profits. Net profits of the bank during 1925 amounted to
$13,907,168, the increase in profits during 1926 being
nearly $2,000,000.
The net gain in undivided profits as compared with the
close of 1925 was $1,254,594, the sum of $5,000,000 having
been paid out of accumulated undivided profits for the good
will or going value of the Peoples Trust Co. Because of the
transfer at the end of the year to the bank of the Far Eastern
branches of the International Banking Corp., giving the
National City direct representation at every important
center of world commence, particular interest attached to
Mr. Mitchell's comments on the foreign organization of the
bank, now world-wide in scope. Mr. Mitchell, said:
The results of operation of our foreign branches, continue to justify the
early difficulties experienced incident to their establishment and the training of a staff for their management. Every foreign division has been
profitable during the year and all branches, including the National City
Bank of New York (France) S. A., have returned profits, in the aggregate
exceeding those of the previous year by over 25%, and in an amount in
excess of half the dividends paid by the bank.
Mr. Mitchell remarked that the branches of the International Banking Corp. now taken over had been uniformly
profitable during the year and forecast savings as the result
of the closer co-ordination made possible by direct incorporation into the National City System. He announced that
the capital of the International Banking Corp. as of Dec. 31
was $5,000,000, its surplus $5,000,000 and undivided profits
$2,561,188. It is proposed shortly to reduce the capital and
surplus of the corporation by 50% and undivided profits by
about the same percentage, which will leave it a capital
Operations ofT National City Bank of New York— structure more than sufficient to cover the operations
President Mitchell Optimistic as to
remaining with it and with earnings more than ample to
Business Conditions.
carry the structure. The shareholders of the bank now
The establishment of new records in the history of the number 13,267; Mr. Mitchell said, it being worthy of note
National City Bank of New York was referred to by President that of this number 3,820 are officers or employes of the
JAN. 15
19271
THE CHRONICLE
319
institution, exclusive of those who are subscribers under the unlikely that it will equal the high record of 1926. Nevertheless we:mey
staff stock acquisition plan and whose purchase payments go forward with courage and calm confidence.
Mr. Alexander noted that "the prosperity of the year just
have not yet been completed. The distribution of the
bank's shares extends through every State of the United closed has surpassed even that of its predecessor. In part
he observed:
States and twenty-five foreign countries.
Earnings
consumption
With reference to the bank's development in this city, ofThere have been large production andrecords. The of goods. have eonrailroads
many corporations have made new
National City tinned to improve their position until at last the great majority may be"
Mi. Mitchell said that a further extension of
facilities in other sections of Greater New York was con- said to be prospering. Money has been stable and the business community is gradually coming to recognize that this should be the usual con- templated as favorable opportunities presented themselves. dition under a normal, peacetime functioning of the Federal Reserve"
The branches and offices in Manhattan showed an increase System. Export trade has been large. Full employment at high wages.
for the year of 9.98% in deposits and their earnings increased has prevailed, subject only to those seasonal irregularities which are myavoidable.
170%. Mr. Mitchell expressed particular gratification at
We may liken the United States to a well-equipped, well-balanced, well
the rapid development of the bank's trust department and managed plant, supplying the major part of its own raw materials, having
an efficient
ample
force which
the growth of its business. Profits of the National City far theworking capital and it produces. workingthe economicconsumes by
While
larger part of what
organization
Co., while not of record-breaking proportions, showed
of this country is self-contained to a remarkable degree, it is nevertheless
large surplus over dividend requirements. The year, Mr. true that our external commercial relations are a large factor in our pro,for 1927, therefore, conditions in other
perity.
Mitchell said, has been one in which the investment demand countriesIn weighing the prospectsconsideration.
are deserving of careful
had been extraordinarily large, and the company looks
The European Situation.
forward with assurance to the coming year. The purchase
The outstanding fact which impresses one when viewing the European
of the property at 52 Wall St. by the company is preliminary situation is the increasing dissimilarity of conditions among
the several
to the erection of a modern office building with large vault countries. For quite a period after the war,and indeed until comparatively
facilities designed to supply the needs of space for the recently, one could speak of the problems of the European nations with
a certain approach to unity. This similarity arose
from
company and for many operating departments of the bank ing influence of the Franco-German situation or either the the dominatfrom
existence of a
and to provide for the developing needs of the institution in number of special problems common to all, namely, balancing of the
budgets, reorganization of the floating debts, the control of the currencies,
the future.
President Johnston of Chemical National Bank Says
Enormous Purchasing Power of Nation Assures
Continued Large Demand for Manufactured
Products—Best Year in History of Bank.
The past year was the best in the history of the Chemical
National Bank of New York and even surpassed the preceding
year which up to that time had been the most successful
of the 102 years of its history, according to the report of
President Percy H. Johnston to the stockholders at the
annual meeting on Jan. 11. President Johnston added
in part:
The business of the bank covers so wide a field that all considerations
affecting the general prosperity of the country are of the greatest importance
to us. It is, therefore, appropriate to offer briefly a few observations
concerning the present trend of business and the outlook for the coming year.
American business has, on the whole, been prosperous during the past
year; prospects for next year are more than satisfactory. As is usually
the case, however, all branches of industry and production have not shared
In the prosperity of the past year to the same degree. Some have not
shared at all.
Present indications are that ease in credit, due to our enormous supply
of monetary gold in conjunction with a falling commodity price level, will
continue as will the policy of "hand to mouth" buying made possible
through greatly improved transportation facilities. The enormous purchasing power of the nation, due to increased wealth and the complete
employment of labor at high wages, assures a continued large demand for
manufactured products.
It is natural that after a prolonged period of prosperity we should scrutinize more and more carefully the conditions and factors underlying the
business situation and this solicitous attitude on the part of business is
one of our greatest safeguards at the present time.
We are fortunate in having at Washington in the control of the affairs
of Government an Administration whose policies are economically sound
and conservative.
The most noteworthy action taken by the directors during the past
year was the decision to move the main office of the bank from 270 Broadway to a new six-story building, especially designed for banking, to be
erected at the corner of Broadway and Cortlandt Street, connecting with
and forming a part of the thirty-two story building known as the Benenson
Building. It was only after long deliberation and careful consideration
that it was decided to be to the best interests of the bank to have its main
office located in the financial district. There will be established at 320
Broadway an office for the purpose of serving the convenience of those
depositors whose places of business are in the vicinity of the present main
office.
There have been received proxies representing more than the necessary
two-thirds of the outstanding shares of stock, which assures favorable
action upon the declaration of a stock dividend increasing the capital
of the bank from $4,500,000 to $5,000,000.
The condensed financial statement following this report shows the
condition of the bank at the close of business Dec. 311926. After charging
to earnings account all expenses and extra compensation to employees and
after charging off all losses and setting up proper tax and other reserves,
we have made disposition of the balance of the year's earnings as follows:
$1,080,000 00
24% dividend to shareholders
1,000,000 00
Added to surplus account
10,628 80
Added to undivided profits account
$2.090,628 80
Total net earnings
There are at present 618 members of our staff, of which 38 are officers.
There are three former officers and 20 former employees who are receiving
a pension from the bank. We have 1,426 shareholders.
Prosperity of Country Deeply Rooted According to
James S. Alexander of National Bank of Commerce
in New York—Report of Bank's Operations.
The situation here and abroad was reviewed by James
S. Alexander, Chairman of the National Bank of Commerce
in New York in addressing the annual meeting of the stockholders on Jan. 11, Mr. Alexander saying in conclusion:
After giving due weight to adverse influences, it is still true that the
prosperity of this country is rooted deeply in sound underlying conditions.
The indications are for a large volume of business in 1927, but it seems
the rectification of the balance of payments, the stabilization of the exchanges, &c.
As common problems these are now removed from the European situation..
Fundamentally, Franco-German relations to-day are far better than at
any time since the war and are moving toward a point where they may
become better than at any time within the last half century.
Progress in the working out of the several special problems referred to a
moment ago has reached such a point in the various countries as to render
It impossible longer to deal with them except as special problems of a few
countries. In so far as one may generalize concerning the European
situation, one may do so only by dividing the subject into two sections,
the Eastern situation and the Central and Western European situation.
The Eastern, which includes Russia, Poland and the Balkan region, lies
in the field of the unknown or unpredictable. Problems of overshadowing
importance in European life may or may not arise in this territory in the
future. For the present there is no indication of a change from the condition that has existed for some time of such degree as to alter the relation,
of this problem to Western Europe and to the rest of the world.
In Central and Western Europe, steady progress has been made during
the year and there appears no important reason why this progress should
.
not continue both politically and economically. .
The most notable specific accomplishments during the year have been
the turn in business conditions in Germany and the progress during the lattex
half of the year in its recovery from the crisis. . . .
In several countries, particularly in France and Italy.important problem,
Incident to the currency situation still remain. It is yet to be known how
severe an economic crisis industry in these two countries must weather in
connection with the appreciation or stabilization of the exchanges. There
.
Is some ground for the fear that if the governments of these countries proceed too far in attempts to appreciate their currencies, the crises believed
to be incidental to stabilization may be accentuated. There are also.
certain political aspects in these countries which leave something to be.
desired. However, the Central and Western European outlook is clearly
better than it has been at any time in recent years. With respect to*
the ultimate recovery of world trade, therefore, the European situation
may be looked upon with less apprehension than at any previous time*
since the war.
Uncertainties in the Outlook.
Favorable as are the basic factors, both domestic and foreign, there are
certain less favorable aspects which must be considered. It is increasingly
clear that in this country the major adjustments following the World WaY
and the collapse of 1920 have been made. This means that the great&
upward swing of business which constituted that recovery has been mad.,
and that from now on, unless fortuitous circumstances intervene, yearto-year expansion will largely be based on growth of population,mechanical
or chemical improvements affecting productivity and changes in the standard of living which may take place in consequence of them.
There are indications that in some lines, at least, the upward swing may
have temporarily gone too far. For instance, some overbuilding may have
already occurred, at least in certain classes of structures and in some
localities. Contracts let are at high levels. and this, together with the
pressure of funds seeking investment, affords assurance that construction
will continue in large volume for at least a considerable part of 1927. However, monthly statistics of building permits and contemplated construction
are running below the corresponding figures for 1925, and there is considerable irregularity in building activity between the different sections of
the country.
There is also the unsatisfactory agricultural situation. There is no.
doubt that the urban standard of living has risen without agricultural.
standards sharing equally in the advance, and of late the maladjustment
between the purchasing power of farmers and of urban workers has been
acceituated, to the further disadvantage of the farmers. With few exceptions, the prices of the leading farm products are materially lower than'
they were at the close of 1925. This condition even extends to quite'
specialized crops, such as fruits and burley tobacco. In some regions,
such as the Minnesota-Dakota wheat area, there has not been the offset
,
of large yields.
The cotton-growing States will suffer as a result of low prices for cotton.
As a partial offset, however, the yield in the Southern States of other crow
was as phenomenal in 1926 as was that of cotton and in consequence the"
farmers there will not have to buy feed •
Another factor to be considered is the outlook for the automobile in-dustry. It has probably alread made a considerable part of the transition.
from the period of expanding domestic markets to demand based primarily'
on replacements plus year-to-year growth in population and business: buts
it is not yet certain that this adjustment Is complete. As the industry
approaches stabilization, general business will not enjoy thee timuluir
which has been so important an element in our prosperity, both directlY
and indirectly, during the period of its remarkable growth.
The labor situation may cause some unsettlement. After a period of
comparative stability there has been of late some tendency toward rising
320
THE 'CHRONICLE
wages. Certain groups of railroad employees have serluted important
advances, and others are seeking them. Of importance is ttlie possibility
of labor difficulties in the bituminous coal Industry in the spring. No
difference of opinion exists in the United States as to the economic desirability of high wages, but if due consideration be given to our international
competitive position and to the condition of agriculture, it is by no means
certain that business could escape untoward consequences if widespread
wage advances should be sought.
[Vor,. I.
says the Philadelphia "Ledger," makes the eleventh consecutive time that Mr. Rue has been honored by his fellowbankers. John C. Boyd was re-elected Secretary. The
"Ledger" also says:
Members of the Association unanimously approved the resolution
adopted at last week's meeting of the Clearing House Committee relative
to the disposition of the banks in Philadelphia to make loans on soldiers'
The report on the operations of the bank for the year ended bonus certificates. This resolution was to the effect that the banks would
Dec. 31 1926 was presented as follows by Stevenson E. aid whole-heartedly in making the loans. It was emphasized at yesterday's
meeting that prospective borrowers on the certificates must be identified
Ward, President:
before loans will be made.
The year just closed was notably satisfactory from the standpoint of
The following were elected members of the Association's committee:
banking operations. With commerce and industry prosperous and with
Clearing House Committee: E. F. Shanbacker, President Franklin
sustained activity in the market for securities, there was a steady demand
Fourth Street National Bank; Charles S. Calwell, President Corn Exchange
for funds at profitable rates. Money has been unusually stable and credit
National Bank; William J. Montgomery, President Eighth National Bank;
ample, without being redundant.
William R.Nicholson,President Land Title & Trust Co.;E.Pusey Passmore,
During the year, in addition to the regular dividends, an extra dividend
President Bank of North America & Trust Co.; Charles E. Ingersoll, Presiof 2% was declared. The sum of $15.000,000 was transferred from Undent Central National Bank. and M. G. Baker, President Penn National
divided Profits to Surplus, which now stands at $40,000,000. Operations
Bank.
for the year ended Dec. 31 1926 resulted as follows:
Committee on Arbitration: James F. Sullivan, President Market Street
Profits after all expenses and taxes, and full provision for bad
National Bank; Edward S. Schmidt, President Northwestern National
and doubtful items
$6,044,029 55 Bank:Ira W.Barnes,President Ninth Bank & Trust Co.; Henry G.Brengie.
Applied as follows:
President Fidelity-Philadelphia Trust Co.: Howard A. Loeb, President
To payment of regular dividends of 16% and extra dividend
Tradesmen's National Bank: J. S. McCulloch. President Union National
of 2%
4,500,000 00 Bank. and Livingston E. Jones, President
First National Bank.
To addition to undivided profits account
$1,544.029 55
Because of the importance of the banking and business center being
developed in the Forty-second Street district and the consequent desirability
of making our facilities available there, an office will be opened about
May 1 on Madison Ave., between Thirty-ninth and Fortieth Streets.
The foreign business of the bank shows a gratifying increase in volume
and in profit. On Dec. 18 1926 our office formerly maintained at Copenhagen was transferred to Berlin.
The services of our trust department are being increasingly availed of by
the customers and other friends of the bank, and this department Continues its healthy growth.
The number of stockholders is 6,534, the average holding being about
38 shares.
H.M. Robinson of First National Bank of Los Angeles
on National and International Situation.
Henry M.Robinson,President of the First National Bank
of Los Angeles and Chairman of the Board of the PacificSouthwest Bank, presented his annual report at the meeting
of the holders of beneficial certificates of his institutions on
Jan. 7. An outstanding feature of his annual address was
his analysis of the financial situation throughout the world
The bank's statement of condition Dec. 31 1926 shows and the nation, as well as locally. Discussing the national
capital of $25,000,000; surplus of $40,000,000, and un- situation, Mr. Robinson, in part, said:
divided profits of $2,479,320, deposits of $563,356,023, and
The national Government, through the efforts of President Coolidge and
Secretary Mellon, has tried to carry on the administration on as economical
total resources of $717,114,643.
Views of Louis G. Kaufman of Chatham & Phenix
National Bank & Trust Co. on Business—No
End to Prosperity.
Louis G. Kaufman, President of the Chatham & Phenix
National Bank & Trust Co. of New York, adduces figures in
support of his confidence in the continuance of national
prosperity. Mr. Kaufman says:
,
There is no end to prosperity in the United States. Our institutions, the
economic structure, the organization of industry and business, the Federal
Reserve banking system, and the ever-increasing working population, are
all guarantees of prosperity on an ascending scale. Our position is unique
among the nations. The United States is the way-shower and pace-setter.
The coming year should surpass 1926 in accumulation of wealth and improvement in material well-being of all the people.
The United States Census Bureau records show an increase in working
population of about 700,000 persons each year. The increase in the past
five years' totals was about 3.500,000. A small nation is added to the
-decade. Therefore, if the country is to continue
working forces every half
prosperous, business must find openings each year for at least 500,000 new
workers. These openings will be found. The working population now
totals 46.900,000. Approximately 46% of all the taxable income received
in the United States is in the form of wages and salaries. Then comes business, which constitutes approximately 22% of the total income received.
The trend of wages has been upward since 1920, especially as measured in
real wages, as represented by purchasing power of the worker's dollar.
The rise and fall of the purchasing power of the people of the United
States may be traced through data calculated at Washington by Government agencies. Purchasing power, it is generally agreed,is the power that
makes for national prosperity or national depression. The Federal Reserve
Board's records show a healthy increase in purchasing power. As during
the past year, so in 1927, we may look forward to an increase in banking
power, to increased savings with all that these imply, effective demand for
goods, increased production and consumption. It is quite possible that
the expansion may not be proportionately as great as last year, but at least
normal expansion may be reasonably expected. Bank resources last year
Increased to neariY $65.000,000,000. or over 3%. Savings deposits mount
more rapidly than ever. Last year they reached $24,500.000,000. a per
capita jump of $7. The average life insurance policy is now in excess of
33.000. an increase of $300 over a year ago. All these achievements
constitute effective demand for increased employment and production with
corresponding business expansion.
There is nothing in sight calculated to retard a high output in basic industries. New enterprises will give effective demand to iron and steel where
there may be any falling off in present standard uses, such as the auto—
mobile and building trades. But a marked falling off in either of these directions is not to be expected. The peak of the building boom may be passed,
but every city and section is in for a modernization program. Building will
continue at high levels.
We hear much about the evils of installment buying. This is rather
much hue and cry without a culprit. Installment buying is here to stay.
It will doubtless increase in volume as credit safeguards surround the bust
corporations now organizing to safeguard inDOS. The new acceptance
stallment buying will place the business on a sound basis and will lead to
extension and increased output.
Levi L. Rue Heads Philadelphia Clearing House
Association for Eleventh Time—Action on
Soldier Bonus.
L. Rue, Chairman of the Board of the PhiladelphiaLevi
:Girard National Bank, was on Jan. 10 re-elected President
.of the Philadelphia Clearing House Association. This,
a basis as possible and with policies thoroughly sound. Our smaller subdivisions, however,the State,county and municipal governments,apparently struggle to create additional burdens which must be borne by the people.
In our own State we might be said to be running wild in the matter of
expenditures, and, apparently. It is most difficult to convince either the
authorities or the taxpayers that our present trend is bound to make
trouble in our living costs and that it constitutes an even more serious
menace than this. We have had a good year and the outlook for the
first half of 1927. particularly in our own area, is promising, quite as
promising as it was a year ago. As always, there are some definite conditions in various areas of the United States that during the coming year may
easily result in distinct recession in general business.
The year 1926 was not unlike the year 1925 in the general business turnover. There has been no difficulty in the matter of credits for general
business movements. On the whole, locally, we have had a satisfactory
year from the standpoint of our agricultural and Industrial products,
although some commodities have been less in amount and others have
suffered in price Our banking institutions have had an active business
year, with reasonably strong demand for loans and fairly good earnings.
There have been no unusual circumstances that have directly affected
our area, except the fall in the price of cotton which has been serious for
many of the producers. There is a plan under way for warehousing and
holding in the neighborhood of 25% of the crop and for a definite attempt
to curtail acreage next year to about the same percentage extent. This is
the same plan that is being attempted elsewhere in the United States. It
is too early to be able to report definitely whether it will be generally
successful.
Our principal co-operative marketing organizations have again proved
their efficiency, particularly by their skilful handling of what might have
been a difficult situation in the raisin growing area. The agricultural
producers in this State are to be congratulated on the relative success
achieved by their co-operative organizations and should be encouraged to
support this type of marketing.
On the international situation, Mr. Robinson, who was
one of the three United States representatives on the two
committees of experts, appointed by the Reparation Commission, which evolved the Dawes plan now in operation
in Europe, said:
The year just past has shown some improvement in direction and accomplishment in international affairs politically, socially and financially.
The report of the Agent-General for Reparations under the experts' plan,
just issued and covering two years, shows that the plan has been working
successfully.
During the two year period there has been transferred payment of
reparations in the form of currency and gold exchange amounting to approximately one-third of the total reparations payments—that is, about $175,000,000. The balance of reparation payments, approximately $375,000,000, has been taken in the form of German products by deliveries in
kind, and paid for by mark payments within the boundaries of Germany.
A basis for the settlement of inter-ally indebtedness has been determined
upon between all of the important countries and the United States, with
the exception of France, and the French representatives acting with our
War Debt Commission have agreed on a basis of settlement or the French
indebtedness. At this juncture it has not been confirmed by the proper
representative authority, either in France or the United States.
A definite attempt to continue the lowering of the tariff walls is under
way and the people of the various nations are gradually coming to understand the dangers, to the normal flow of credit and trade between countries,
of many of the attempts to protect domestic commerce. There are evidences
that if and when the settlement between France and the United States has
been authoritatively approved, the central banks of issue, working with
the Federal Reserve Bank. have a definite plan for stabilization on a gold
basis of the currency of the respective countries. The indications are that
all of these contemplated plans will be consummated during the coming
year. This action is believed by economists to be absolutely essential to
final rehabilitation and readjustment in international trade.
JAN. 15 1927.1
THE CHRONICLE
321
counsel ard
policy. The directors and officers will miss greatly his wise
Sir John Aird of Canadian Bank of Commerce Describes kindly personality.
Past Year as One of General Progress in Canada
Mr. Young was born in Van Hornesville, N. Y., in 1874,
—Favorable Outlook for 1927.
received his A. B. degree from St. Lawrence University,
y
In an address delivered on Jan. 11 at Toronto before the New York, 1894, his LL.B. degree from Boston Universit
in
ers of the Canadian Bank of Commerce, Sir John in 1896. He began the practice of law in Boston, and
sharehold
Counsel for the
Aird, President of that institution, said that the past year 1913 became Vice-President and General
of the
was one of general progress in Canada and that it was the General Electric Co. In 1922, he became Chairman
ry for that nation's business since the setback Board of the General Electric Co. In 1924 Mr. Young was
most satisfacto
the so-called
of 1921. All the principal developments in Canada and one of the three Americans invited to serve on
and
by Sit John. He referred to the two recent political Dawes Commission to stabilize German currency
abroad
in each case the existing Govern- balance the German budget, and took a leading part in the
campaigns and said that
on of its
ment has been returned with a strong Parliamentary major- work of that Commission and in the preparati
should enable those entrusted with power to devote report. After the adoption of the Dawes plan, Mr. Young
ity, which
as
their full energies to the important tasks before them, was unanimously elected by the Allied Governments
without that consciousness of insecurity of tenure which Agent General for Reparations and served as such during
.
exerts such a paralysing effect on the practical usefulness of a the period when the work of that office was being organized
government. He also mentioned that both successful parties His present connections are announced as follows: America, a
Mr. Young is Chairman of the Board of the Radio Corp. of
appealed to the electorate on the grounds of reduction in
of General Motors Corp., Adirondack Power and Light Corp..
are carried out honestly director General Elec. Co., International General Electric Co., Mohawk
taxation and that if the pledges given
Buffalo
Ccr,).. Internation
and wisely they will prove to be in the best interests of the Hudson Power Crrr., American and Foreign Powerof New York. lie al
is
Chamber of Commerce and Merchants Association
country and full of promise for its future. He expressed also honorary 'Vice-President of the Chamber of Commerce of the United
in
approval of the steps already taken to afford some relief
States and President of the board of directors of St. Lawrence University.
this respect. Sir John's remarks on the foreign trade of
The following letter has been sent by Mr. Young to
Canada revealed important changes. Imports and exports the members of the committee appointed by the Bankers
combined for the fiscal year ending in March 1926 reached Associations of New York, New Jersey, and Connecticut,
$2,255,764,000, figures which have been surpassed in the on nominations for directors of the Federal Reserve Bank
history of this country only during the period of feverish of New York:
Jan. 12 1927.
activity which marked the close of the great World War.
second term
Dear Sir,—One year ago I was nominated and elected for a
Indeed the total value of exports in the fiscal year 1925-6
Federal
by the Group j member banks as a Class "B" director of the
has been exceeded in only one previous year, 1917-18. The Reserve Bank of New York. There is therefore substantially two years
surplus of exports over imports last year was $400,958,000, of my term unexpired. It so happened that as of Dec. 31 1926, Mr.
of the Board of the Federal Reserve Bank
as
to which the largest contribution was that made by the Pierre Jay resigned theChairman
term of Mr. W. L. Saunders, a Class "C" director
New York, and
of 1925. Recently, however, Canada's exports of the Federal Peserve Bank of New York, expired by limitation. Mr.
wheat crop
of
been designated by the
had not expanded in the same degree as her imports, which Saunders had, during his long term of service,the Board of the Federal
Deputy Chairman of
might largely be accounted for by the coal strike in Great Federal Reserve Board as
Reserve Bank of New York.
a
Britain and by the fact that the production of Canadian
These two occurrences coming coincidently left the Board without
Board
gold mines is no longer exported to the United States but is Chairman, and the Federal Reserve to act asdesignated Mr. Clarence
Deputy Chairman. Mr.
Woolley, the other Class "C" director,
now refined at Ottawa.
remainder
Woolley, for personal reasons, felt unable to accept for the
Bank of of his term the Deputy Chairmanship. Thereupon the Federal Reserve
S. H. Logan, General Manager of the Canadian
the Treasury (the Chairman
Secretary
Commerce, said that the Bank had enjoyed a very satisfac- Board, with the concurrence of therequested of to resign as a Class '11"
me
of the Federal Reserve Board),
tory year, the profits being $3,636,000 after the customary director of the Federal Reserve Bank of New York in order that they
revaluation of the assets and provision for bad and doubtful might appoint me a Class "C" director with the designation of Deputy
concurred in by the Board of Directors
debts. This is an increase of $150,000 over 1925 figures. Chairman. That request was New York and by the executive officers
of the Federal Reserve Bank of
The substantial amount of $1,280,000 was carried forward of the Bank.
that
after paying the usual dividend and a bonus of 1%,$540,000 Under such circumstances it seemed to me best,I was serving the Federal
and therefore serving the
Reserve System and the New York bank
in taxes and subscriptions, contributing $200,000 to the banks which nominated and elected me best, by acquiescing in the request.
Officers Pension Fund and reducing the book value of Accordingly. I wish to advise you that I will present my resignation as a
Bank Premises by $250,000. Mr. Logan's remarks on the Class"B"director of the Bank to the next meeting of its Board on Thursday.
have no doubt of its acceptance.
future of Canada indicate a great faith in the country. Jan. 13. at which time I you gentlemen whom I may regard as the repreI sincerely hope that
the marked developments in pulp and paper sentatives of the banks which elected me, will feel that I have acted wisly
He said that
May I
"13"
manufacturing, mining, electrical energy, &c. are attracting under the circumstances in resigning the Classthose directorship.were my
banks who
e.to you and to
the attention of abundant capital to the country. With also in this ,way communic.at of the honor which you did me in choosing
constituents my appreciation
important natural resources two great transcontinental me for such a high and responsible office.
Very respectfully yours,
railway systems and plenty of land for settlers, one could not
(Signed) Owen D. Young.
enthusiastic about the futnre of the great Dominion.
but be
F. B. Cooley Appointed a Director of Buffalo Branch of
New York Federal Reserve Bank.
Appointed Deputy Chairman and
Owen D. Young
Frederick B. Cooley, President of the New York Car
Class C Director of Federal Reserve Bank of New
Wheel Co. of Buffalo, has been appointed a director of the
York, Succeeding W. L. Saunders.
the Federil Reserve Bank of New York
Owen D. Young of New York City was on Jan. 13 Buffalo branch of
Reserve Board as a Class C for a term of three years by the Federal Reserve Board. Mr.
appointed by the Federal
James H.McNulty,who was a direcDirector and Deputy Chairman of the Board of Directors Cooley succeeds the late
of his death in
Reserve Bank of New York. In order to tor of the Buffalo Branch board at the time
of the Federal
Young has resigned his October. Harry T. Ramsdell, Chairman of the board of
accept this appointment, Mr.
& Traders Trust Co., has
position as a Class B Director of the bank, an office to which directors of the Manufacturers
years
member banks of the district, and been appointed to succeed himself for a term of three
he was twice elected by
Federal Reserve Bank of New York. The other
which he has held since Jan. 1 1923. The New York Federal by the
directors on the Buffalo Branch board are: Arthur G. Hough
Reserve Bank in announcing this added:
Schneckennew appointment upon the unanimous of Batavia, Chairman of the Board; Walter W.
Mr. Young has accepted the
Federal Reserve Board, in which the directors and officers burger, Managing Director; Frank W.Crandall of Westfield,
request of the
the terms of the law, his
McDougal.
of the New York bank heartily concur. Under
of the N. Y.; John A. Kloepfer, and Elliott C.
by a special
election
successor as a Class Director will be determined
a
member banks in Group I. the banks in the district which have capital
of $1,999.000.
and surplus in excess
The position to which Mr. Young has been appointed was, until recently,
term expired on Dec. 31
held by W. L. Saunders of Plainfield, N. J., whose
as
1926. Mr. Saunders has served as a Class C Director for ten years and
five years. In recognition of the important service
Deputy Chairman for
which he has rendered, the board of directors of the Federal Reserve Bank
to-day:
of New York adopted the following resolution at their meeting
Upon the retirement of William Lawrence Saunders as a Class C Director
on the board desire to express their
and Deputy Chairman, his associates
appreciation of the unselfish and effective service which he has rendered
during the last ten years.
Distinguished as an engineer, inventor, and industrial executive, he has
the bank, and his
given liberally of his time and energy to the affairs of
broad knowledge and experience, coupled with sound Judgment and tact,
its
have enabled him to make a large contribution to the determination of
Annual Statement of Federal Reserve Bank of
New York.
Total earnings of $10,600,968 during the calendar year
1926 are reported in the twelfth annual statement of the
Federal Reserve Bank of New York made public yesterday
(Jan. 14). These figures compare with total earnings of
net
$10,217,174 in the year ending Dec. 31 1925. The
earnings in 1926 amounted to $3,749,748, of which $2,100,190 was paid out in dividends and $1,649,558 applied
to surplus. The following is the profit and loss account
for the two years:
322
THE CHRONICLE
PROFIT AND LOSS ACCOUNT FOR THE CALENDAR YEARS
1926 AND 1925.
1926.
1925.
Earnings-.
From loans to member banks and paper discounted
for them
$5,836,835 57 $5,188,505 53
From acceptances owned
2,001,668 33 1,469,858 04
From United States Government obligations owned
2,379,546 18 2,984,698 11
Other earnings
382,917 47
574,111 85
Total earnings
$10,600,967 55 $10,217,173 53
Additions to Earnings
For sundry additions to earnings, Including income
from Annex Building
$174,366 14
Deductions from Earnings
For current bank operation. (These figures include
most of the expenses incurred as fiscal agents of
the United States)
$5,991,459 59 $6,006,571 11
For Federal Reserve currency, mainly the cost of
printing new notes to replace worn notes in circulation, and to maintain supplies unissued and on
hand, and the cost of redemption
429,981 88
318,630 63
For depreciation, self-Insurance, and other reserves, &c
604,143 98
788,673 37
Total deductions from earnings
$7,025,585 45 $7,113,875 11
Net income available for dividends, additions to
surplus, and payment to the United States
Government
$3,749,748 24 $3,103,298 42
Distribution of Net Income
In dividends paid to member banks, at the rate of
6% on paid-in capital
$2,100,190 56 $1,888,195 73
In additions to surplus
-The bank is permitted by law
to accumulate out of net earnings, after payment of
dividends, it surplus amounting to 100% of the subscribed capital; and after such surplus has been
accumulated to pay into surplus each year 10%
of the net income remaining after paying dividends 1,649,55768
1,215,102 89
Any net income remaining after paying dividends
and making additions to surplus (as above) is paid
to the United States Government as a franchise
tax. No balance remained for such payments in
1926 or 1925.
Total net Income distributed
[VOL. 124.
(In addition to these operations for the Treasury, the bank performed other
work for the Government connected with the currency, the collection of checks,
the custody, purchase and sale of securities, the transfer of funds, &c., which have
been referred to under their respective headings.)
*This figure does not Include Buffalo branch operations.
Annual Statement of Federal Reserve Bank of Chicago.
Net earnings of $2,253,923 from Jan. 1 1926 to Dec. 31
1926 are reported by the Federal Reserve Bank of Chicago,
-these figures being equal to 13.7% on the average paid
in capital and 4.8% on the average paid in capital and
surplus. Out of the net earnings, dividends, at the rate of
6%, absorbed $985,959 and $1,267,954 was transferred to
the surplus. The bank reports capital paid in at the end of
the year of $16,716,050 and surplus of $31,880,796. Its
deposits total $319,046,395 and its resources at the close of
the year aggregated $697,915,042.
William Orgill a Director of Federal Reserve Bank of
St. Louis.
William Orgill, President of Orgill Bros. & Co. of Memphis,
was appointed a director of the St. Louis Federal Reserve
Bank on Dec. 16 by the Federal Reserve Board in Washington. Mr. Orgill is a stockholder and a director of the Union
& Planters Bank & Trust Co. of Memphis. He succeeds
S. E. Rayland, whose term expired with 1926.
$3.749,748 24 $3,103,298 42
The gross earnings by months are reported as follows:
Secretary Mellon in Reply to Senate Resolution Calling
for Soldier Bonus Loan Data.
1926.
1925.
1926.
1925. Z
Under date of Jan. 10, Secretary of the Treasury addressed
January-- 8784,164 19
6860,325 11August___ $852,827 28
$769,788 295
February_
890,812 82
818,113 09September
906,301 92
868,521 715 to the Senate the following
communication in reply to the
March_ __
883.87304
963,013 630ctober_ _
886,854 77
878,820 015
April
761,713 17
845.435 45November
859,293 80
769,208 59Z Senate resolution (referred to in our issue of Jan. 8, page
May
869,518 24
886,437 25December 1,189,908 15
1.029,976 235
June
827,544 39
746,26709
Z 173) calling for information on regulations promulgated by
July
888.155 98
781,267 08
810,600,967 55 $10,217,173 53Z
The following figures are presented, showing the ratio the Federal Reserve Board to facilitate loans on soldier bonus
certificates.
of net earnings:
The following figures show in comparison the gross earnings of the
bank by months for the years 1926 and 1925:
Office of the Secretary, Treasury Department.
Washington, Jan. 10 1927.
Sir.
-I have the honor to reply to Senate Resolution 320 adopted by the
Senate of the United States on Jan. 7 1927, requesting me as ex-officio
We also annex the following comparative statement show- member and chairman of the Federal Reserve Board to report to the Senate
what, if any, plans the Federal Reserve Board has for making possible the
ing the volume of operations during the past three years:
The following table presents in comparative form for the past three carrying into effect Section 502 of the adjusted Compensation Act of May
years the volume of the principal operations of the Federal Reserve Bank 19 1924.
The only thing that it was necessary for the Federal Reserve Board to do
of New York, which are of such character that they can be expressed
in quantitiave terms. At the close of business Dec. 31 1926 the total in order to discharge its share of the responsibility of carrying into effect
Section 520 of the World War adjusted Compensation Act was to promulgate
prsennel of the bank, including the Buffalo branch. numbered
2,446.
regulations pertaining to the rediscount with Federal Reserve Banks of
Supplying Currency and Coin1926.
1925.
1924.
notes representing loans made to veterans on the security of their adjusted
Currency paid out, received, or re$
deemed:
service certificates. This responsibility the Board met by promulgating on
Individual notes counted
605,280,000
554,123,000
512,097,000
Dollar amount paid and received._ 7,357,861,000 6,739,530,000 6,014.938,000 Dec. 9 1926 its regulation M a copy of which is enclosed herewith for the
information of the Senate.
Coln paid out or received, a service
previously performed largely by
In promulgating this regulation the Federal Reserve Board had in mind
he Sub-Treasury, but now enthe fact that in order to be eligible for rediscount at Federal Reserve Banks
tirely in the hands of the Federal
notes of veterans secured by their adjusted service certificates must comply
Reserve Bank:
In all respects with the requirements of the World War adjusted CompenIndividual coins received
1,129,026,000
931,654,000
917,121,000
Tons of coin received during year
sation Act and that for practical reasons they should be accompanied by
5,611
5,055
4,623
Currency and coin shipments, number
such evidence as the Veterans Bureau would require if it should become
of shipments to and from out-ofnecessary for the Federal Reserve Banks to present such notes to the
town banks during the year
284,630
274,076
252,210 Veterans Bureau
Making Loans and Investments
for payment. These requirements were set forth in the
Bills discounted for member banks,
Board's regulations as clearly and simply as possible.
either discounted customers'
In addition to promulgating this regulation, the Federal Reserve Board
paper or advances against the
at the request should with the full co-operation of the Director of the
notes of member banks secured
by collateral in the form of GovUnited States Veterans Bureau enter into an arrangement whereby full and
ernment securities or commercial
complete information with reference to the making of loans to veterans on
or agricultural paper:
their notes secured by their adjusted service certificates, the rediscount of
Number of bills discounted
35,660
36,272
39,622
Dollar amount
17,242,348,000 17,067,799,000 7,030,842,000 such notes at Federal Reserve Banks and the payment of such notes by the
Acceptances and Government obligaDirector of the United States Veterans Bureau if not paid by the veterans
tions purchased for the account
at maturity was furnished to every incorporated bank in the United States
of this bank and other Federal
before Jan. 1 1927, the earliest date on which such loans might legally be
Reserve banks:
Dollar amount
4,490,000,000 3,984,000,000 3,672,000,000 made. Prusuant to this arrangement each Federal Reserve Bank sent to
Collecting Checks, Drafts, Notes, and Coupons
every incorporated bank in its district during Dec. 1926 a circular letter
Cash items, mostly checks, handled
containing full information on this subject and enclosing a copy of
for collection for banks In all
1. The World War Adjusted Compensation Act.
parts of the country:
Number of items
2. The Act of July 3 1926, amending the World War Adjusted Compen154,903,000
142,522,000
136,166,000
Dollar amount
92,915,828,000 88,013,358,000 88,397,734,000 sation Act.
Non-cash items, handled for collec3. The regulations of the United States Veterans' with respect to loans on
tion, Including drafts, notes and
adjusted service certificates.
coupons:
Number of items
4. The regulations of the Federal Reserve Board with respect to the
2,064,000
2,040,000
2,429,000
Dollar amount
2,065,742,000 2,085,032,000 1,873,743,000 rediscount of notes secured by adjusted service certificates.
Supplementary Services
5. The form of note and affidavit approved by the United States Veterans
Securities held in safekeeping for the
Bureau for use in making loans to veterans.
United States Government, the
War Finance Corporation, and
6. A form of resolution to be adopted by banks authorizing their officers
others:
to indorse such notes and rediscount them with Federal Reserve Banks,and
Average dollar amount
1,289,000,000 1,161,000,000
979,000,000
7. A form of application for the rediscount of such notes at the Federal
Acceptances and other securities
bought or sold for member banks,
Reserve Bank.
and foreign banks:
A copy of the circular and enclosures sent out by the Federal Reserve
Dollar amount
599,029,000
305,722,000
173,682,000 Bank of Kansas City is inclosed herewith for the further information of the
Funds transferred by telegraph to and
Senate. The letters sent out by the other Federal Reserve Banks was
from all parts of the country for
the Treasury Department and
substantially the same and enclosed the same documents.
member banks:
In addition to sending out this information the Federal Reserve Banks at
Number of transfers
329.000
294,000
293,000 the request of the United States Veterans Bureau have undertaken
to
Dollar amount
44,392,474,000 38,821,300,000 35,182,641,000
distribute to lending banks upon request a supply of note forms furnished
Services in Connection with Government Loans
United States Government securities
by the United States Veterans Bureau.
Issued, redeemed, or exchanges.
The Federal Reserve Board has thus done everything in its power to
including Government bonds,
facilitate the carrying into effect of Section 502 of the World War Adjusted
notes, and certificates of indebtedness:
Compensation Act and In doing so it has acted in the closest co-operation
Number of items
1,572,000
1,640,000
2,987,000 with the United States Veterans' Bureau.
Dollar amount
2.635,722,000 2,959,125,000 3,522,488,000
Respectfully,
Coupons paid on Government seA. W. MELLON,
Number of coupons
10,783.000
Secretary of the Treasury, Chairman of the Federal Reserre Board.
12.158,000
14,055,000
Dollar amount
298,577,000
311,847,000
332,839,000 The President of the Senate.
Per cent earned on capital paid in
Per cent earned on capital and surplus
Per cent earned on capital, surplus, and deposits
1926.
10.7
3.9
0.4
1925.
9.8
3.4
0.3
JAN. 15 1927.]
THE CHRONICLE
Message of President Coolidge to Congress on Government's Policy Toward Protection of United States
Interests in Nicaragua. .
A message outlining the policy of the Government toward
the situation in Nicaragua and the reasons prompting the
sending of armed forces to that country, was transmitted to
Congress by President Coolidge on Jan. it,. The President
declares that he has deemed it his duty "to use the powers
committed to me to insure the adequate protection of all
American interests in Nicaragua,whether they been dangered
by internal strife or by outside interference in the affairs of
that Republic." The President's message deals with the
efforts of the Sacasa faction to upset the Diaz Government,
which has been recognized and supported by the United
States; he asserts that the revolutionists have secured arms
and munitions from Mexico, some of which bear evidence of
having come from the Mexican Government itself, and says:
As arms and munitions in large quantities were reaching the revolutionists, I deemed it unfair to prevent the recognized Government from purchasing arms abroad,and accordingly the Secretary of State has notified the
Diaz Government that licenses would be issued for the export of arms and
munitions purchased in this country. It would be thoroughly inconsistent
for this country not to support the Government recognized by it while
the revolutionists were receiving arms and munitions from abroad.
President Coolidge in his message also says that "immediately following the inauguration of President Diaz and frequently since that date he has appealed to,the United States
for support, has informed this Goveriunedt of the aid which
Mexico is giving to the revolutionists, and bas stated that he
is unable, solely because of the aid given by Mexico to the
revolutionists, to protect the lives and property of American
citizens and other foreigners." The President further states:
For many years numerous Americans have been living in Nicaragua,
developing its industries and carrying on business. At the present time
there are large investments in lumbering, mining, coffee growing, banana
culture,shipping and also in general mercantile and other collateral business.
All these people and these industries have been encouraged by the Nicaraguan Government. That Government has at all times owed them protection, but the United States has occasionally been obliged to send naval
forces for their proper protection. In the present,crisis such forces are requested by the Nicaraguan Government,which protests to the United States
its inability to protect these interests and states that any measures which
the United States deems appropriate for their prorion will be satisfactory
to the Nicaraguan Government.
.. .The United States cannot, therefore, fail tp view with deep concern
any serious threat to stability and constitutional 4overnment in Nicaragua
tending toward anarchy and jeopardizing Americ.ii interests, especially if
such state of affairs is contributed to or brought a ut by outside influences
or by any foreign Power. It has always been andirema ns the policy of the
United States in such circumstances to take the steps that may be recessary for the preservation and protection of the lives, the property and the
interests of its citizens and of this Government itself. In this respect I
propose to follow the path of my predecessors.
'
A statement issued on Jan. 11 by the Mexican Foreign
Minister relative to the recognition by Mexico of the Sacasa
faction is given elsewhere in this issue. The following is the
message of President Coolidge to Congress:
To the Congress of the United Stoles,
While conditions in Nicaragua and the action of this Government pertaining thereto have in general been made public. I think the time has
arrived for me officially to inform the Congress more in detail of the events
leading up to the present disturbances and conditions which seriously
threaten American lives and property, endanger the stability of all Central
America, and put in jeopardy the rights granted by Nicaragua to the
United States for the construction of a canal. It is well known that in
1912 the United States intervened in Nicaragua with a large force and
put down a revolution, and that from that time to 1925 a legation guard
of American marines was, with the consent of the Nicaragtian Government,
kept in Managua to protect American lives and property4 In 1923 representatives of the five Central American countries, namely, Costa Rica,
Guatemala, Honduras, Nicaragua and Salvador, at the invitation of the
United States, met in Washington and entered into a series of treaties.
These treaties dealt with limitation of armament, a Central American
tribunal for arbitration, and the general subject of peace and amity. The
treaty last referred to specifically provides in Article II that the Government
of the contracting parties will not recognize any other Government which
may come into power in any of the five republics through a coup d'etat or
revolution and disqualifies the leaders of such coup d'Oat from assuming
the Presidency or Vice-Presidency.
Provision of Article II.
Article II is as follows:
"Desiring to make secure in the Republics of Central America the benefits which are derived from the maintenance of free institutions and to
tribute at the same time toward strengthening their stability, and the
prestige with which they should be surrounded, they declare that every
act, disposition or measure which alters the constitutional organization
in any of them is to be deemed a menace to the peace of the said republics,
whether it proceed from any public power or from the private citizens.
"Consequently. the Governments of the contracting parties will not
recognize any other Government which may come into power in any of
the five republics through a coup d'etat or a revolution against a recognized Government, so long as the freely elected representatives of the
people thereof have not constitutionally reorganized the country. And
even in such a case they obligate themselves not to acknowledge the
recognition if any of the persons elected as President. Vice-President or
Chief of State Designate should fall under any of the following heads:
-(1) If he should be the leader or one of the leaders of a coup d'etat
or revolution, or through blood relationship or marriage be an ascendant
or descendant or brother of such leader or leaders.
"(2) If he should have been a Secretary of State or should have held
some high military conunand during the accomplishment of the coup
d'etat, the revoluton. or while the election was being carried on, or if
he should have held this office or conunand within the six months preceding the coup d'etat, revolution or the election.
"Furthermore, in no case shall recognition be accorded to a Government which arises from election to power of a citizen expressly and unquestionably disqualified by the Constitution of his country as eligible
to election as President, Vice-President or Chief of State Designate."
323
The United States was not a party to this treaty, but it was made in
Washington under the auspices of the Secretary of State, and this Government has felt a moral obligation to apply its principles in order to encourage the Central American States in their efforts to prevent revolution
and disorder. The treaty, it may be noted in passing, was signed on
behalf of Nicaragua by Emiliono Chamorro himself, who afterward assumed
the Presidency in violation thereof and thereby contributed to the creation
of the present difficulty.
In October 1924 an election was held in Nicaragua for President and
Vice-President and members of the Congress. This resulted in the election of a coalition ticket embracing Conservatives and Liberals. Carlos
Solorzano, a Conservative Republican, was elected Presdent and Juan
B. Sacasa. a Liberal, was elected Vice-President. This Government
was recognized by the other Central American countries and by the United
States. It had been the intention of the United States to withdraw the
marines immediately after this election, and notice was given of the intention to withdraw them in January 1925. At the request of the President
of Nicaragua this time was extended to Sept. 1 1925. Pursuant to this
determination and notice the marines were withdrawn in August 1925
and it appeared at that time as though tranquility in Nicaragua was assured.
Within two months, however, further disturbances broke out between
the supporters of General Chamorro and the supporters of the President,
culminating in the seizure of the Loma, a fortress dominating the City
of Managua. Once in possession of the Loma, General Chamorro dictated an agreement which President Solorzano signed the next day. According to the terms of this agreement the President agreed to substitute
supporters of General Chamorro for certain members of his Cabinet, to
pay General Chamorro $10,000 for the expenses of the uprising, and to
grant amnesty to all those who participated in it. Vice-President Sacasa
thereupon left the country. In the meantime General Chamorro, who,
while he had not actually taken over the office of President, was able to
dictate his will to the actual Executive, brought about the expulsion
from the Congress of 18 members on the ground that their election had
been fraudulent, and caused to be put in their places candidates who had
been defeated at the election of 1924. Having thus gained the control
of Congress he caused himself to be appointed by the Congress as Designate
on Jan. 16 1926. On Jan. 16 1926 Solorzano resigned as President and
Immediately General Chamorro took office.
The four Central American countries and the United States refused
to recognize him as President. On Jan. 22 the Secretary of State addressed to the Nicaraguan representative in Washington the following
letter:
"Dear Dr. Castrillo —In your communication of the 19th inst. addressed
to the Secretary of State you advise that President Solorzano having resigned his office, General Emiliano Chamorro took charge of the executive
power on Jan. 17.
"The hope expressed in your letter that the relations which have been
close and cordial for so many years between Nicaragua and the United
States will continue and grow stronger has been noted with pleasure. The
Government and people of the United States have feelings of sincerest
friendship for Nicaragua and the people of Nicaragua and the Government
of the United States will of course continue to maintain the most friendly
relations with the people of Nicaragua. This Government has felt privileged to be able to be of assistance in the past, at their request, not only
to Nicaragua but to all countries of Central America. more specially during
the conference on Central American affairs which resulted in the signing
of a general treaty of peace and amity on Feb. 7 1923 between the five
republics of Central America. The object of the Central American countries, with which the United States was heartily in accord, was to promote
constitutional government and orderly procedure in Central America and
those Governments agreed upon a joint course of action with regard to the
non-recognition of Governments coming into office through coup d'etat
or revolution. The United States has adopted the principles of that treaty
as its policy in the future recognition of Central American Governments,
as it feels that by so doing it can best show its friendly disposition toward
and its desire to be helpful to the republics of Central America.
"It is therefore with regret that I have to inform you that the Government of the United States has not recognized and will not recognize as the
Government of Nicaragua the regime now headed by General Chamorro,
as the latter was duly advised on several occasions by the American Minister
after General Chamorro had taken charge of the citadel at Managua on
Oct. 25 last. This action is, lam happy to learn,in accord with that taken
by all the Governments that signed with Nicaragua the treaty of 1923.
Notwithstanding the refusal of this Government and of the other Central
American Government to recognzie him, General Chamorro continued to
exercise the functions of President until Oct. 30 1926.
In the meantime a revolution broke out in May on the east coast in
the neighborhood of Bluefields and was speedily suppressed by the troops
of General Chamorro. However, it again broke out with considerable
more violence. The second attempt was attended with some success
and practically all of the east coast of Nicaragua fell into the hands of the
revolutionists. Throughout these events Sacasa was at no time in the
country, having remained in Mexico and Guatemala during this period.
Repeated requests were made of the United States for 'protection,
especially on the east coast, and on Aug. 24 1926 the Secretary of State.
addressed to the Secretary of the Navy the following communication:
"I have the honor to suggest that war vessels of the special service squadron proceed as soon as possible to the Nicaraguan ports of Corinto and Bluefields for the protection of American and foreign lives and property in case
that threatened emergencies materialize. The American Charge d'Affaires
at Managua has informed the department that he considers the presence of
war vessels at these ports desirable, and the American Consul at Bluefields
has reported that a warship is urgently needed to protect life and property
at that port. An attack on the bluff and Bluefields is expected momentarily."
Accordingly, the Navy Department ordered Admiral Latimer, in command of the special service squadron, to proceed to Bluefields. Upon
arriving there he found it necessary for the adequate protection of American lives and property to declare Bluefields a neutral zone. This was
done with the consent of both factions and afterward, on Oct. 26 1926.
it was reduced to a written agreement, which is still in force. In October
1926 the good offices of the United States were sought by both parties for
the purpose of effecting a settlement of the conflict. Admiral Latimer commanding the special service squadron, brought about an armistice to permit
of a conference being held between the delegates of the two factions. The
armistice was originally for fifteen days and was later extended for fifteen
days more. At the request of both parties, marines were landed at Corinto
to establish a neutral zone in which the conference could be held. Dr.
Sacasa was invited to attend this conference, but refrained from doing so
and remained in Guatemala City. The United States Government did not
participate in the conference except to provide a neutral chairman. It
simply offered its good offices to make the conference possible and arranged
a neutral zone at Corinto at the request of both parties during the time the
conference was held. I understand that at this conference General Chamorro offered to resign and permit the Congress to elect a new Designate to
assume the Presidency. The conference led to no result, since just at the
time when it seemed as though some compromise agreement would be
reached, the representatives of Dr. Sacasa suddenly broke off negotiations.
According to our reports, the Sacasa delegates on this occasion stated
freely that to accept any Government other than one presided over by Dr.
Sacasa himself would be a breach of faith with their Mexican allies. HoeUnties were resumed on Oct.30 1926. On the same date General Chamorro
324
THE CHRONICLE
formally turned over the executive power to Sebastian Mize, who had been
appointed Designate by the Congress controlled by General Chamorro.
The United States Government refused to recognize Senor Uriza on the
ground that his assumption of the Presidency had no constitutional basis.
Uriza thereupon convoked Congress in extraordinary session, and the entire
eighteen members who had been expelled during the Chamorro regime were
notified to resume their seats,
The Congress which met in extraordinary session on Nov. 10 had, therefore, substantially the same membership as when first convened following
the election of 1924. This Congress. whose Acts may be considered as
constitutional, designated Senor Adolfo Diaz as First Designate. At this
session of Congress 53 members were present out of a total membership of
67,of whom 44 voted for Diaz and 2 for Solorzano. The balance abstained
from voting. On Nov. 11 Senor Uriza turned over the Executive power to
Diaz, who was inaugurated on the 14th.
The Nicaraguan Constitution provides in Article 106 that, in the absence
of the President and Vice-President, the Congress shall designate one of
its members to complete the unexpired term of President. As President
Solorzano had resigned and was then residing in California, and as the
Vice-President, Dr. Sacasa, was in Guatemala, having been out of the
country since November 1925, the action of Congress in designating Senor
Diaz was perfectly legal and in accordance with the Constitution. Therefore the United States Government on Nov. 17 extended recognition to
Senor Diaz.
Following his assumption of office President Diaz. in the following note,
dated Nov. 15 1926, requested the assistance of the United States Government to protect American and foreign lives and property:
I
"Upon assuming the Presidency I found the Republic in a very difficult
situation because of the attitude assumed, without motive, by the Government of Mexico in open hostility to Nicaragua. It must be clear to you
that, given the forces which that Government disposes of, its elements of
attack are irresistible for this feeble and small nation. This condition
places in imminent risk the sovereignty and independence of Nicaragua and
consequently the continental equilibrium on which the pan-Americanism
is founded which the United States has fostered with such lofty spirit. in
"Naturally, the emergency resulting from these conditions places
peril the interests of American citizens and other foreigners residing in
our territory and renders it impossible for a Government so rudely attacked
rii.0 ,i, ad ap recia
them, a:14 its nAtty and a.s it desires.
to
13 t theset the friendly disposition of the
.Porect
United States toward weak reputlics and the intentions which your Government has always manifested for the protection of the sovereignty and
independence of all the countries of America by morally supporting legitimate
governments in order to enable them to afford a tranquil field of labor for
foreigners, which is needed for the stimulation of the growth of the prosperity
of these countries, I address myself to you in order that, with the same goodwill with .which yen have aided in Nicargauan reconciliation, you may
solicit for my Government and in my name the suppert of the Department
of State in order to reach a solution in the present crisis and avoid further
hostilities and invasions on the part of the Government of Mexico. be the
"I desire to manifest to you at the same time that whatever may
means chosen by the Department of State, they will meet with the approval
of my absolute confidence in the high spirit of justice of the United States.'
Immediately following the inauguration of President Diaz and frequently since that date he has appealed to the United States for support,
has informed this Government of the aid which Mexico is giving to the
revolutionists, and has stated that he is unable solely because of the aid
given by Mexico to the revolutionists to protect the lives and property of
American citizens and other foreigners.
When negotiations leading up to the Corinto conference began, I immediately placed an embargo on the shipment of arms and ammunition
to Nicaragua. The Department of State notified the other Central American States, to wit, Costa Rica, Honduras. Salvador and Guatemala, and
they assured the Department that they would co-operate in this measure.
So far as known, they have done so. The State Department also notified
the Mexican Government of this embargo and informally suggested to
that Government like action. The Mexican Government did not adopt
the suggestion to put on an embargo, but informed the American Ambassador at Mexico City that in the absence of manufacturing plants in Mexico
for the making of arms and ammunition the matter bad little practical
importance.
As a matter of fact. I have the most conclusive evidence that arms and
Munitions in large quantities have been on several occasions since August
these
1926 shipped to the revolutionists in Nicaragua. Boats carrying
munitions have been fitted out in Mexican ports and some of the munitions
bear evidence of having belonged to the Mexican Government. It also
appears that the ships were fitted out with the full knowledge of and, in
some cases, with the encouragement of Mexican officials and were, in one
Instance at least, commanded by a Mexican Naval. Reserve Officer. At
the end of November,after spending some time in Mexico City, Dr. Sacasa
went back to Nicaragua. landing at Puerto Cabems, near Bragman's Bluff.
He immediately placed himself at the head of the insurrection and declared
himself President of Nicaragua. He has never been recognized by any of
with the
the Central American republics nor by any other Government,
exception of Mexico. which recognized him immediately. As arms and
deemed it
munitions in large quantities were reaching the revolutionists, I
abroad,
unfair to prevent the recognized Government from purchasing arms
that
and,accordingly, the Secretary of State notified the Diaz Government
licenses would be issued for the export of arms and munitions purchased
country not
in this country. It would be thoroughly inconsistent for this
were
to support the Government recognized by it while the revolutionists
from abroad.
receiving arms and munitions
the Government of the United States has
Pt During the last two months
received repeated requesta from various American citizens, both directly
lives and
and through our consuls and legation. for the protection of their
property. The Government of the United States has also received requests
Ambassador at
from the British Charge at Managua and from the Italian
Washington for the protection of their respective nationals. Pursuant to
Squadron,
such requests. Admiral Latimer, in charge of the Special Service
under the agreement
has not only maintained the neutral zone at Bluefields,
forces at Puerto Cabezas and Rio Grande,
of both parties. but has landed
zones at these points, where considerable numbers
and established neutral
engaged in carrying on various industries. He has
of Americans live and are
such other neutral zones as are necessary
also been authorized to establish
mentioned.
for the purposes above
Americans have been living in Nicaragua
For many years numerous
on business. At the present time
developing its industries and carrying
banana
there are large investments in lumbering, mining, coffee growing,
general mercantile and other collateral business.
in
culture,shipping and also
these industries have been encouraged by the NicaragAll these people and
That Government has at all times owed them protecuan Government.
naval
States has occasionally been obliged to seed
tion but the United
protection. In the present crisis such forces are
for their proper
forces
Government. which protests to the United
requested by the Nicaraguan
protect these interests, and states that any measures
States its inability to
deems appropriate for their protection will be
which the United States
Government.
satisfactory to the Nicaraguan
industries now in existence, the Government of
In addition to these
entered into on the fifth day of August 1914,. granted
Nicaragua, by a treaty
[Vor.. 124.
in perpetuity to the United States the exclusive proprietary rights necessary
and convenient for the construction, operation and maintenance of an interoceanic canal. Articles I and H of said treaty are as follows.
"Article 1.—The Government of Nicaragua grants in perpetuity to
the Government of the United States, forever free from all taxation or
other public charge, the exclusive proprietary rights necessary and convenient for the construction, operation and maintenance of an interoceanic canal by way of the San Juan River and the Great Lake of Nicaragua. or by way of any route over Nicaraguan territory, the details of the
terms upon which such canal shall be constructed, operated and maintained
to be agreed to by the two Governments whenever the Government of the
United States shall notify the Government of Nicaragua of its desire or
Intention to construct such canal.
"Article II.—To enable the Government of the Unied States to protect
the Panama Canal and the proprietary rights granted to the Government
of the United States by the foregoing article, and also to enable the Government of the United States to take any measure necessary to the ends contemplated herein, the Government of Nicaragua hereby leases for a term
of 99 years to the Government of the United States the islands in the Caribbean Sea known as Great Corn Island and Little Corn Island, and the Government of Nicaragua further grants to the Government of the United
States for a like period of 99 years the right to establish, operate and maintain a naval base at such place on the territory of Nicaragua bordering upon
the Gulf of Fonseca aS the Government of the United States may select.
The Government of the United States shall have the option of renewing
for a further term of 99 years the above leases and grants upon the expiration
of their respective terms, It being expressly agreed that the territory hereby
leased and the naval ba.se which may be maintained under the grant aforesaid shall be subject exclusively to the laws and sovereign authority of the
United States during the terms of such lease and grant and of any renews 1
or renewals thereof."
Finances of Nicaragua.
The consideration paid by the United States to Nicaragua was the sum
of $3,000,000. At the time of the payment of this money a financial plan
was drawn up between the Nicaraguan Government and its creditors which
provided for the consolidation. of Nicaragua's obligations. At that time
the bondholders holding the Nicaraguan external debt consented to a reduction in interest from 6 to 5%, provided the service of this loan was
handled through the American Collector of Customs, and at the same time
a series of internal guaranteed customs bonds amounting to $3,774,000 was
issued by the Nicaraguan Government to pay off the claims whclh had
risen against It because of revolutionary disturhances from 1009 to 1912.
The other outstanding external bonds, amounting on Feb. 11928 to about
£772,000, are held in Great Britain. Of the guaranteed customs bonds.
$2.867,000 were on Feb. 1 1926 still in circulation, and of these about
$1,000,000 were held by Nicaraguans, $1,000,000 by American citizens and
the balance by nationals of other countries. The bonds held in the United
States are held by the public in general circulation and,so far as the department knows, no American bankers are directly interested in the Nicaraguan
indebtedness. This financial plan was adopted by an Act of the Congress
of Nicaragua on Aug. 31 1917. The National Bank of Nicaragua was
made the depository of all Government revenues. The internal revenues
were, as hretofore, to be collected by the Government Collection of the
internal revenue, however, was to be taken over by the Collector General
of Customs, an American citizen appointed by the Nicaraguan Government
and approved by the Secretary of State of the United States, if the product
should average less than $60,000 a month for three consecutive months
This has never yet been necessary. The proceeds of the customs revenues
were to be applied, first, to the payment of such sums as might be agreed
upon in the contemplated contracts for the service of the foreign loan, the
internal loan and claims against the Nicaraguan Government. From the
balance of the revenue $80,000 a month was to be used for the ordinary
budget expenses and an additional $15,000 for extraordinary expenses.
Under this financial plan the finances of Nicaragua have been rehabilitated in a very satisfactory manner. Of the $3,744,000 of internal customs
bond issued in 1917 about $900,000 have been paid. Of the external debt.
bonds issued in 1909, amounting to £1,250.000. there now remains only
about £770,000. The total public debt of Nicaragua has been reduced
from about $22,000,000 in 1917 to $6,625.203 at the beginning of 1926.
Furthermore, the country in time of peace, has ample revenues for its ordinary budget expenses and a surplus which has been used in extensive public
improvements. The Nicaraguan National Bank and the National Railroad. controlling interests in which were formerly owned by American
bankers, were repurchased by the Nicaraguan Government in 1920 and 1924
and are now wholly owned by that Government.
There is no question that if the revolution continues American investments and business interests in Nicaragua will be very seriously affected
if not destroyed. The currency, which is now at par, will be inflated.
American as well as foreign bondholders will undoubtedly look to the United
States for the protection of their interests.
It is true that the United States did not establish the financial plan by
any treaty, but it nevertheless did aid through diplomatic channels and
advise in the negotiation and establishment of this plan for the financial
rehabilitation of Nicaragua •
Manifestly, the relation of this Government to the Nicaraguan situation
and its policy in the existing emergency are determined by the facts which
I have described. The proprietary rights of the United States in the
Nicaraguan Canal route, with the necessary implications growing out
of it affecting the Panama Canal. together with the obligations flowing
us
from the investments of all classes of our citizens in Nicaragua, place
in a position of peculiar responsibility. I am sure it is not the desire of
the United States to intervene in the internal affairs of Nicaragua or of any
other Central American republic. Nevertheless, it must be said, that we
have a very definite and special interrest in the maintenance of order and
good Government in Nicaragua at the present time, and that the stability,
prosperity and independence of all Central American countries can never
be a matter of indifference to us. The United States cannot, therefore, fail
to view with deep concern any serious threat to stability and constitutional
government in Nicaragua tending toward anarchy and Jeopardizing American interests, especially if such state of affairs is contributed to or brought
about by outside influences or by any foreign Power. It has always been
and remains the policy of the United States in such circumstances to take
the steps that may be necessary for the preservation and protection of the
lives, the property and tbe interests of its citizens and of this Government
itself. In this respect I propose to follow the path of my predecessors.
Consequently, I have deemed it my duty to use the powers committed
to me to insure the adequate protection of all American interests in Nicaragua, whether they be endangered by internal strife or by outside inter
ference in the affairs of that republic.
CALVIN COOLIDGE.
The IVhite House, Jan. 10 1927.
Allegations by Secretary of State Kellogg Regarding
Bolshevik Arms in Latin America and Mexico.
There was made public at Washington on Jan. 12 a
memorandum submitted to the Senate Committee on
Foreign Relations by Secretary of State Kellogg, alleging
JAN. 15 1927.]
THE CHRONICLE
the propogation of Bolshevik aims in Latin America and
Mexico against the aims and poliies of the United States.
According to the "United States Daily," for more than three
hours the Senate committee in executive session listened to
an explanation by the Secretary of State of the Administration's attitude and present activities in Latin America.
The "Daily" went on to say:
Testimony Kept Secret.
Except for the memorandum on Bolshevist activities, no details of the
statement made by Secretary Kellogg were made public, and unusual steps
were taken to insure absolute secrecy. The stenographer who usually
reports the proceedings in the executive sessions of the committee was
excused, and Mr. Kellogg's personal secretary was pressed into service to
report the meeting.
After the meeting Senator Borah declared that any statement as to what
the Secretary had told the committee, other than the memorandum referred
to, would have to come from the State Department.
' The Chairman's only authorized comment on the Secretary's testimony
other than the statement that it referred to the situation in Latin America
was that "the facts brought out were those with which I was already fairly
familiar."
A majority of the Republic members of the Foreign Relations Committee
expressed the opinion that on the basis ofinformation given by the Secretary
of State, together with that already in their possession, they felt that the
attitude of the Administration in Central America is fully justified. Democratic members who could be reached after the meeting declined to comment.
Efforts to have Secretary Kellogg called before the Committee on Foreign
Affairs of the House on Jan. 14 to discuss relations with Nicaragua were
blocked at a meeting of the committee on Jan. 12. Representative Moore
(Dem.), of Fairfax, Va., offered a resolution for this purpose, but a point
of order was successfully raised against it by Representative Fairchild
(Rep.), of Pelham, N. Y.
The following is the text of Secretary Kellogg's memorandum of the Senate committee:
MEMORANDUM.
Bolshevist Aims and Policies in Mexico and Latin America.
The Bolshevist leaders have had very definite ideas with respect to the
role which Mexico and Latin America are to paly in their general program
of world revolution. They have set up as one of their fundamental tasks
the destruction of what they term American imperialism as a necessary
prerequisite to the successful development of the international revolutionary
movement in the New World.
The propagation of Communistic ideas and principles in the various
countries of Latin America is considered secondary to the carrying on of
propaganda against the aims and policies of the United States. Thus
Latin America and Mexico are conceived as a base for activity against the
United States. Communists in the United States have been repeatedly instructed to devote special attention to the struggle against "American
imperialism" in Latin America and to the organization of resistance to the
United States. Bolshevist aims in this respect were succinctly set forth in a
resolution of the Third Congress of the Red International of Trade Unions,
July 8 to 22 1924, as follows: It was resolved:
4. To unite the national struggle against American imperialism in individual countries in a movement on a scale of the whole American continent, embracing the workers of all countries of Latin America and the
revolutionary forces of the United States. Mexico is a natural connecting
link between the movement of the United States of North America and
Latin America; therefore Mexico must be the centre of union.
7. In the name of the Trade Union Educational League of the United
States, to appeal to the toilers of Latin America with a call to create a
united front against -American imperialism.
Similarly a representative of the American Communist Party speaking
at the sixth session of the Enlarged Executive Committee of the Communist
International on Feb. 4 1926, declared;
The last and most important task of our party is the fight against imperialism. The Communist Party of America must become the defender
of the oppressed peoples of Latin America. The time is not long distant when Latin .America will become the China of the Par West and
Mexico the Canton of Latin America.
In the theses approved at the sixth session of the Enlarged Executive
Committee of the Communist International, it is stated, with respect to
Latin America:
Latin America also can and must become a basis of support of the liberation movement against imperialism (against the imperialism of the
United States). In the present state of things the nations living in Latin
America are as a majority oppressed nations which sooner or later will be
drawn into the struggle against the imperialism of the United States.
,
Moscotcs Instructions to American Communists.
During the past few years the Bolshevist leaders have been giving more
.and more attention to anti-American activities in Mexico and Latin America,
The Communists in the United States have been criticized for not displaying
sufficient energy in this sphere. Very specific instructions in this regard
were issued to the Communists in the United States in the "resolution on
the American Question" adopted at the sixth enlarged plenery session
of the Executive Committee of the Communist International at Moscow
,on March 16 1926. It pointed out:
To the American Communist Party the qemendous importance which
the labor movement (and the movement for independence) is assuming
in the countries of South America. There is no doubt that in the future
struggle for the overthrow of the yoke of the bourgeoisie of the United
States the working class and the peasantry of Latin America will play a
tremendous role. The American Communist Party must not be a party of
'self-centered interests, but must become a party which understands how to
,raise the question of the hegemony of the proletariat in the whole movement for freedom which is directed against the imperialists of the United
States. Moreover, it is noces.sary that the Workers (Communist) Party
'maintain the cies( st contact with the labor movement in the colonies of
Cuba, the Philippines, &c., and support them in their fight against American imperialism.
In view of this the Executive Committee of the Communist Interns•tional instructs the Central Committee of the American Communist I'arty
'to devote the most serious attention to the tasks cited, and above all to
appoint an earnest group of party workers to participate in the current
work in Latin America in agreement with the presidium of the Executive
'Committee of the Communist International.
In accordance with Moscow's instructions, the American Communists
'during the last two years have been placing special emphasis on their antiAmerican work in Mexico and Latin America. Considerable attention
'was given to this matter at the fourth convention of the Workers' (Com•munist) party in Chicago, ling. 21-30 1925. A special organization, known
-as the All-American Anti-Imperialist League has been created by the
American Communists to carry out the instructions of Moscow in the
'matter of organizing Latin America against the United States. The followTing is taken from a report on "anti-imperialist work" delivered at the
:Fourth National Convention referred to above:
325
"The fifth congress of the Communist International severely criticized
nearly all the Communist parties in the imperialist countries for not carrying on a sufficiently energetic campaign against imperialism.
"Under the present Central Executive Committee the Workers' Party
of America has for the first time made anti-imperialist work one of its basic
activities. The outstanding feature of our work against American imperialism is that it has entered the field of active practical co-operation with
the oppressed peoples of American imperialism, the most important step
In this connection being the successful organization of the All-America
Anti-Imperialistic League.
"In January of this year, 1925, a sub-committee was elected by the
Central Executive Committee which assumed charge of all the anti-imperialistic activities of the party. This committee prepared material for campaigns, furnished articles on imperialism for the party press, drew up
manifestoes and leaflets; and was the medium through which the party
co-operated with anti-imperialist organizations in Latin America. Manifestoes were issued to the Cuban Labor Congress held at Havana, to the
International Marine Transport Workers' Convention held at New Orleans,
several maifestoes to the Mexican workers and to the Filipinos, a special
May Day manifesto to the workers of Latin America. a manifesto in connection with the Tacna-Arica affair, and other manifestoes and leaflets which
will be referred to later on.
"Direct contact with Mexico was maintained throughout the period;
through the visits of Comrades Johnstone. Gomez and Lovestone to 'Mexico
and through steady correspondence. Comrade Wagenknecht visited the
Philippines and established connections there. Correspondence connections were also established, with greater or less success, with practically
every country in Latin-America as well as with Hawaii and the Philippines.
Through our activities five Filipino delegates were secured for the International Tran.sport Conference In Canton, for which our party was commended by the Communist International.
"Our party has carried on a consistent campaign, both in this country
and in Latin America, against the labor imperialism of the so-called
Pan-American Federation of Labor, Comrade Johnstone attended the
convention of the Pan American Federation of Labor at Mexico City in
November of last year (1924) and co-operated with the Mexican party in
Its strategy in connection with this convention.
"Comrade Gomez was sent to Mexico in April of this year (1925) and
attended the convention of the Communist party of Mexico as fraternal
delegate from our party. During this visit plans for joint action of the
Mexican, Central American and United States parties against imperialist
policies of the l'an American Federation of Labor were adopted.
"Our party was largely instrumental in the establishment of the AllAmerican Anti-Imperialist League, which, although ogranized only a few
months ago and still in its initial stages, has aroused a real response in Latin
America. despite the miserably small funds which we were able to put
Into this work. The All-American Anti-Imperialist League was endorsed
by the Communist International and the Red International of labor unions.
"The League is a non-partisan international organization admitting to
affiliation all groups in the Americas willing to take up the fight against
American imperialism. It aims to give driving force and centralized expression to the national liberation movements in Latin America, Hawaii, the
Philippine Islands, &c.. in alliance with the movement of this country.
"The Ali-America 'Anti-Imperialist League' has a special secretariat
located in Mexico City, under whose supervision the monthly Spanish
language organ of the League, which has now published five issues. is edited,
as well as special manifestos, leaflets. &c. Our party has contributed
toward defraying the expenses of the monthly magazine "El Libertadoe
and toward other expenses of the Mexico City secretariat, but lack of funds
has made It impossible to give adequate sunnort in this respect.
"A regular section of the All-America Anti-Imperialist League has been
formed in Cuba. with Julio Antornio Melia as Secretary, and is extremely
-meetings, lectures, &c. Labor, peasant and student
active, holding mass
organizations in Costa Rica, Panama, Salvador and Peru have affiliated
with the League, but no regular sections have been formed in these countires
as yet. Contacts have been established with some of the foremost intellectuals of Latin America, who are supporting the League and writing for its
monthly organ.
"At the suggestion of our party, the League sent out the call for the
observance throughout America of 'Anti-Imperialist Week' (June 29 to
July 4), calling upon all anti-imperialist organizations in special literature
to conduct mass meetings, hold demonstrations in front of American consulates and embassies, &c. Our party published a special leaflet for
Anti-Imperialist Week and actively co-operated in its observance.
"Tentative plans are already being laid, also at the suggestion of our
party, for an All-America Anti-Imperialist Congress to be held at Buenos
Aires some time next year."
Fourth Contention's Program.
The fourth convention listed among the concrete tasks of the party:
"To carry on a systematic and active agitation against American imperialism, particularly in Latin America. To demand the withdrawal of American armed forces from foreign lands.
"To give active support to the activities of the All-America Anti-Imperialist League."
The same convention adopted a lengthy resolution with respect to the
struggle against American imperialism. This resolution pointed out that:
"There is sufficient homogenuity to permit the building of a powerful
continental movement of workers and farmers against American imperialism.
and sufficient resentment due to the occupation of the Central American
and Caribbean countries, the sustaining of autocracies such as those of
Venezuela and Peru by United States aid, the interference in the internal
affairs of all of the countries, the system of financial and military advisers.
the monopolistic Monroe Doctrine and the robbery of the tremendous
natural resources of Latin America."
Weapon in Struggle Against Wall Street.
The resolution declared that there were "millions groaning under the
American imperialist rule" in the Philippines, Porto Rico, Cuba, Mexico.
Haiti, &c., and that it was the task of the Communists to give active support to the anti-American movements in the various countries in Latin
America. The resolution continues:
"42. There is a strong tradition of Latin A merican solidarity which is a
historic force for the unification of the anti-imperialist movements of the
various Latin American countries. This will be an important weapon in
the struggle against Wall Street.
"The All-America Anti-Imperialist League was created as the expression
of the liberating movement of all the exploited peoples of the Continent.
The Workers l'arty took part in the creation. Represented in the league
are also the Communist parties of Mexico, Central America and South
America, as well as student groups, labor organizations, peasant leagues
and national societies in various countries.
"43. For us the League constitutes an organizational expression of our
determination to fight side by side with the exploited peoples of America's
colonies and semi-colonies. While we strive to make the groups affiliated
to the All-America Anti-Imperialist League recognize in the Communists
and the Communist International the leaders of the world struggle against
imperialism. we must work conscientiously to build up the league itself, to
push it into activity and to make of it a powerful driving force for the overthrow of American imperialism.
"44. The following is our concrete program of joint action with the
exploited peoples for the struggle against American imperialism:
"(a) Expose the purpose and methods of American imperialism everywhere.
"(b) Demand independence for all American colonies and unconditional
withdrawal of Amtrican troops from Latin-American, Chinese and other
foreign soil.
"(c) Actively support Latin-American strikes against American concerns.
"(d) Ideological and practical struggle against the doctrine of PanAmericanism.
"(e) Expose and struggle against the so-called Pan-American Federation
of Labor as an agency of American imperialism, and the Mexican and
American parties shall work out Joint plans for exposing the true character
of the Pan-A m-rican Federation of Labor and propagate the idea of the
formation of a Latin-American Labor Federation with Anti-imperialist
tendencies.
"(') Interchange of delegates at conventions and close co-operation with
the Communist Party at Latin America; fraternal relations with the parties
of the Far East.
"(g) Help build the All-American Anti-Imperialist League into a powerful
organization for the overthrow of American Imperialism.
THE CHRONICLE
326
"(h) Immediately strive to build up sections of the All-American Anti
Imperialist League in parts of the United States through affiliation of
resident organizations of Mexicans, Filipinos, Chinese, &c.
"(i) Support the proposed plan of the All-American Anti-Imperialist
League for an All-American conference against imperialism.
"(j)'The Machete,' organ of the Mexican Communist Party, and 'El
Libertador,' organ of the Amti-Imperialist League (published in Mexico)
should be circulated among the Spanish-Speaking workers of the United
States."
The activities and plans of the American Communists as regards the
organization of opposition to the United States in Mexico and Latin America
are summed up admirably in a resolution passed by the Central Executive
Committee of the Workers' (Communist) Party on Nov. 12 1926. This
resolution reads as follows:
"The tasks of our party at the present time, as set forth in the resolution
of the political committee are those presented by the conditions of imperialism. American imperialism is able to win over large sections of the Amerisharing with them a small part of super-profits
can workers by . .
and continues to extend Its hegemony in foreign fields.
"However, the steady expansion of American capitalism upon an imperialist basis is accompanied by the enormous extension of the vulnerable surface
which it presents to attack. Recent months have furnished striking evidence of the widespread movement for Latin-American unity against Wall
Street.
'We cite particularly the present attitude of the Calies Government in
Mexico—its general Latin-Americanism, its policy in Central America, its
tendency toward co-operation with the All-American Anti-Imperialist
League, and the decision of President CaIles to send a personal representative to the Brussels World Conference Against Imperialism.
"The comintern has repeatedly indicated that a basic task of any party
situated in an imperialist country is to stimulate and give aid to the nationalist and national revolutionary movements in the colonial and semi
colonial countries under the heel of imperialism. This, together with the
work among the American masses, forms the basis of our party work.
"While our party has made considerable progress in anti-imperialist
work, it is still far from a proper realization of the importance of this
work. A far greater proportion of the party's resources must be utilized
in anti-imperialist activities. District executive committees must have
standing sub-committees on anti-imperialist activity, and these must be
directed by capable comrades. The party machinery on a district as
well as a national scale must be drawn into this work.
"The anti-imperialist work has been greatly hampered by lack of sufficient comrades. The party must take measures to create and train
a corps of comrades engaged directly in anti-imperialist work.
"In spite of many handicaps, we have done much to build the AllAmerican Anti-Imperialist League into an organization engaged in actual struggle against imperialism. We have carried on systematic work
inside of the Pan-American Federation of Labor and have achieved some
valuable results there.
"We have participated in work against United States imperialism in
a number of Latin-Amercian countries, notably Mexico, Porto Rico,
Cuba, Panama, and Peru. We have also established some contact with
the Philippine independence movement, although we have yet to establish
our own nucleus there.
"The main task for the period immediately ahead is the building of
A. A. I. L. (All-American Anti-Imperialist
a substantial section of the
A.
League) in the United States itself. This will be acocmplished through
the affiliation of groups organized around specific issues, such as hands-Mexico committees, &c.
off
"The Workers' (Communist) Party must remain the central factor in
the United States section of the A. A. A. I. L., grouping around itself
as closely as possible other working-class organizations."
Soviet and Mexico.
The significance of Mexico in the eyes of the so-called Soviet Government
is revealed in the following extract from the report of Tchitcherin, made
at the third session of the Union Central Executive Committee in March
3.125:
"Resumption of Diplomatic Relations with Mexico in America.—In
this matter we still stand before a question mark. But in this time we
have succeeded in re-establishing diplomatic relations which give us a
political base in the new continent with the neighbor of the United States,
Mexico. The Mexican Government is based on the right trade unions
and the radical small bourgeoisie.
"The Soviet Republic is extraordinarily popular in Mexico. Our plenipotentiary representative, Pestkovsky, met in Mexico the most enthusiastic
reception,receiving constantly from all sides expressions of the most friendly,
even enthusiastic, attitude toward the Soviet Republic. Mexico gives us
thus a very convenient political base in America for the development of
our further ties."
As respects relations between the Soviet legation in Mexico City and
Communist activities being carried on in Mexico, there is the following
evidence:
1. Statement by Mexican Labor Deputy Ricardo Trevino in the Mexican
Chamber of Deputies on Sept. 19 1925:
"I cannot say which are the better elements, whether ours or the reds or
those whom the Russian Minister brought. And on this point I must
say that there are documents in which it is established that certain red
and Communist elements receive money from the said Minister and from
the Communists at Moscow in order to work along Communist lines in
Mexico against the United States whereby they would provoke an international conflict."
2. A communication addressed to the Soviet Minister by the Central
Committee of the Mexican Federation of Labor by direction of the seventh
congress of that organization:
"To the Minister of Russia in Mexico City:
"On the other hand, there was also considered by the convention the
report referring to the fact that in the diplomatic mission in your charge
moral and economic support is lent to so-called Communist radical groups,
the enemies of the Mexican Federation of Labor and of our Government.
"This Central Committee was ordered by the convention to inform
you, in your character as representative of Russia in Mexico, that the
Mexican labor movement represented by this confederation maintains the
principle that the workers or each country must be organized in accordance
with their opinions and necessities, and that no nation has the right to impose, nor to lay down for another, the doctrine which must control its
activities."
[VOL. 124.
The second statement of Dr. Sacasa (Jan. 12) followed the
transmission of the message of President Coolidge to Congress (which we give elsewhere in this issue) on the policy
of this Government toward Nicaragua. In this statement
Dr. Sacasa declares that he has no agreements with Mexico and says that "the assertion by President Coolidge that
Mexican officers fight in our army and that said Government protects us is absolutely erroneous." Still another
statement Is given under a separate head in this issue of
our paper. The following is Dr. Sacasa's statement of Jan.
12 as contained in Associated Press advices from Puerto
Cabezas (Nicaragua)
.
I have received your radiogram referring to the message of President
Coolidge before Congress. Many thanks.
Once more I reiterate the categoric statement that I have no agreements with Mexico or any other government. We bought arms first from
the United States, and after the embargo wherever we could. We were
encouraged in our attitude by the declarations of the State Department
and the American Minister in Central America after the Chamorro-Diaz
coup d'etat.
The assertion by President Coolidge that Mexican officers fight in our
army and that government protects us is absolutely erroneous. There
does not exist a single Mexican gunboat on our shores. Meanwhile several
more American warships are announced to arrive for the supporting of
Diaz against the constiutional President and the Nicaraguan people.
It is also inaccurate to say that Liberal representatives refused to attend Congress when Diaz was designated President and that I absented
myself at that time. Many Liberal representatives were away from
Nicaragua on account of persecution, and I was ruthlessly pursued immediately after the Chamorro-Diaz coup against the legitimate President,
Solorzano, obliging me to leave Nicaragua. I went directly to Washington
and in Dec., 1925, presented a memorandum to the State Department.
It is strange that President Coolidge does not know or has forgotten
these facts and is making contrary assertions. I remained in Washington
for several months in close contact with the State Department.
Later, in my character as Vice-President and in view of the absence of
President Solorzano, I returned to Nicaragua to re-establish order, interrupted by Chamoro and Diaz. Identical conduct would have been observed
by Vice-President Coolidge at the death of Mr. Harding had any citizen
without right usurped the Presidency.
In order to divert American public opinion, extravagant reasons, without foundation, are alleged, such as an alliance with Mexico, American
canal rights, protection of life and property, when there exists no motive or
menace of any kind. This propaganda is explained by the existence In
New York of a great financial force which actively develops intrigues to
favor the political group here rejected by the majority of Nicaraguans.
Since 1912 this group has existed through the support of the State Department.
Even now Chamoro and Diaz are defeated in the struggle here, as they
were two years ago at the polls in the popular elections. Diaz himself has
stated that it is impossible for him to sustain himself without the aid of
the United States, creating responsibilities for this great nation and material advantages for intriguing bankers.
Nicaragua was governed from 1912 to 1924 by the Conservatives, without the Liberals ever thinking of disturbing peace. In 1923 Solorzano
took in charge the government through a free election recognized by the
United States and other governments, and not even a year had elapsed
when Chamorro and Diaz threw the country into revolt and the greatest
dangers. This is the regime President Coolidge has said in his message
his government would support..
If such declaration is confirmed—which would be tantamount to a declaration of war against Nicaraguan people I represent, by delegation—there
would be nothing left for me to do but to abandon my posts in order to
economize (lessen) for Nicaragua, if nothing more, the risk of an absurd
and unequal war with the United States.
SACASA.
The statement of Dr. Sacasa made under date of Jan. 9
was given as follows in a copyright message to the New
York "Times" from Puerto Cabezas:
I gladly reply to your radiogram. For better comprehension of the
Nicaraguan problem and in order that the American people may be fully
informed, I will make a fair and brief narration of the facts.
On Jan, 1 1925, Senor Carlos Solorzano and the undersigned took the
oath of office as President and Vice-President, respectively, in conformity
with the popular election of the previous year.
• On the 25th of October of the same year General Chamorro took hold
of the Managua fortress through treason, which act determined the resignation of President Solorzano.
The Nicaragua Constitution establishes that in case of the absolute or
temporary absence of the President the executive power goes into the
hands of the Vice-President, but Chamorro persecuted me, employing
violence to the point of obliging me to leave the country and having himself elected President by a discredited Congress, that is, with the omission of Liberal representatives.
Resolution adopted March 6 1926 at the seventh annual convention of
the Mexican Federation of Labor:
Not Recognized by Latin Republics.
".
. 3. That a courteous invitation be extended by the Central
Committee to the diplomatic representative of Russia accredited to Mexico
Central American Governments in compliance with the Washington
this office may abstain from lending moral and economic support treaties of 1923 expressly declared non-recognition of the Chamorro Govso that
to the so-called radical group, enemies of the Mexican Federation of Labor ernment, and the American Government,
guarantor of said compact, deand of the Government."
clared through Secretary of State Kellogg and the American Legation In
Nicaragua they qualified the Nicaraguan case as a question of principle
and not of persons, that from the 25th of October he considered the conContentions of Dr. Sacasa, Liberal Claimant to
stitutional order disturbed by the subversive movement headed by Chamorro
and that the Washington treaties, which guaranteed peace in Central
Presidency of Nicaragua.
America, would be faithfully upheld.
After some months Chamorro, finding it impossible to obtain American
Several statements have come this week from Dr. Juan
recognition and popular Nicaraguan acceptance, handed his power to
Sacasa, Liberal claimant to the post of President in Senor Sebastion Uriza, who in turn resigned the same favor to Senor
Nicaragua; the first of these, dated Jan. 9, declared with Adolfo Diaz.
The Presidencies of Chamorro, Uriza and Diaz are equally vitiated.
reference to President Diaz (whose regime has the support
Neither stands on a constitutional basis. Moreover, the Washington comof the Administration at Washington), that "Diaz lacks pacts, sponsored by the Unted States, oblige the Central American signaconstitutional support and the Washington compacts in- tory States to no-recognition of a Government that originates from a
validate him, he having as his only support influential New "coup d'etat" or revolution against a recognized Government, and these
conventions are the same Secretary Kellogg affirmed would be observed,
York bankers connected with a group of Nicaragua traders." sponsored as they were by his Government.
JAN. 15
1927.]
THE CHRONICLE
Links Diaz to Coup d'Etat.
Nevertheless, Diaz has not only been recognized, but supported efficiaciously, notwithstanding his being one of the principal organizers of said
"coup d'etat."
Guatemala and Costa Rica remain faithful to the compacts, refusing to
recognize Diaz, but the State Department, in spite of the precise declaration it had made that the case was a question of principle and not of
persons, has recognized him.
Diaz lacks constitutional support and the Washington compacts invalidate him, he having as his only support influential New York bankers
connected with a group of Nicaraguan traders.
The responsibility of intervention affects the prestige of the American
Government, while the yield of such intervention favors the exploiters.
During the whole of Diaz's former Administration a body of American
marines remained at Managua protecting his unpopularity. Today there
are again at Managua American forces to protect him against the people.
In compliance with my duty, after exhausting all pacific means during
the long negotiations in Washington and Central America and a fruitless
peace conference at Corinto, while we fruitlessly proposed to submit our
civil discord to the arbitration of Washington and of the Central American
Governments, I landed at Puerto Cabezas organizing my Cabinet for the
re-establishing of constitutional order interrupted by Chamorro and Diaz.
But the movements of my Government are daily obstructed by the American forces.
Assails Methods of Marines.
On Dec. 23 marines were landed at Rio Grande and Puerto Cabezas.
Here I was notified to disarm my guard after surrounding the Government
Building, menacing the same with cannon ashore and by the ships Denver
and Cleveland. The alternative was to deliver my arms or abandon the
town.
My Government remains here disarmed in order to signify by its presence its right and possession.
Hostility is manifest. My Government is impeded in collecting imports
on timber in places under its control which in no way affects the American Government or its creditors, since said imports are not comprehended
in the financial plan.
I am obstructed in providing combustibles, and even provisions. Indeed, an unheard-of act I
The auxiliary schooner Albert, my only means of communication, was
ordered away and a censorship established against me, thus leaving me
isolated from my army and the world.
Latterly, through the noble effects of the American press, the censorship
has been removed.
The neutral zones established have only served to protect Diaz and are
hostile to my Government.
To-day I received advice from Rio Grande that a detachment of marines
threw into the river about 2,000,000 cartridges exclusively our property,
thus depriving us of important values with the purpose, undoubtedly, of
weakening my army. Such a proceeding has no precedent between nations
at peace.
However, in spite of all these obstacles, which favor Diaz, our forces
continue advancing, having obtained, first at Pearl Lagoon and then in the
Interior, two great victories that cost Diaz about 1,500 guns and 500,000
cartridges, and two strong columns of his army were almost totally destroyed.
There has been a manifest determination to accuse me of nourishing designs of changing the social order in a common campaign with Mexico.
Said propaganda denounces my wicked intentions and seems simply absurd
to those acquainted with my antecedents and ideas.
In regard to our armament, we purchased it in the United States previous to the embargo there and afterward from wherever we could get it
Without compromising any nation or Government.
No Threat to Canal Rights.
Allusion has been made latterly to American canal interests in order to
explain the landing of forces, while in no manner are such interests menaced. I have declared that my Government is a government of order and
of respect for international agreements. The same statement has repeatedly
been made by the Liberal Party, that supports me, especially in reference
to the canal.
There being no just cause for the landing of forces, apparent reasons
are alleged. There is no record in Nicaraguan history of any offense
against an American diplomat, not even during anomalous times. The
Nicaraguan people are civilized, respect the rights of others, and demand
their own rights.
As a continental nation and by the fundamental principles of humanity
and democracy nourished by the United States this nation is highly regarded by Nicaraguans. Misgivings are born from banking exploitations
that utilize national diplomacy for their own profits.
My earnest desire is for cooperation and open friendship with the
United States—political and honest commercial friendship that will
benefit both Nicaragua and the United States. Thus American continental
prestige will grow, otherwise it will be feared but not loved. I still trust
that President Coolidge will do justice to Nicaragua.
SACASA.
President Diaz Declares Dr. Sacasa Presents Example
of Pretender to Presidency.
In answer to the statement on Jan. 9 of Alan B. Sacasa,
Liberal claimant to the Nicaraguan Presidency (which we
give in another item in this issue), Adolfo Diaz, the Conservative President of Nicaragua, gave out the following
statement on Jan. 10, according to Associated Press advices
from Managua (Nicaragua):
History records many cases of royal pretenders to thrones they never
occupied, or from which they were removed by political events usually
shaped to meet the popular will, who, basing their claims on the doctrine
of the divine right of kings, went from country to country soliciting aid to
set up their reign by the force of foreign arms and incidentally stirring
up international complications and at times wars. Such procedure,regardless of the virtues of the pretender or otherwise, is now universally repudiated by monarchical and republican nations alike.
Dr. Sacasa presents the unique and pathetic example of a pretender to a
Presidency which he never exercised who, unwilling patiently to seek in
the field of peaceful negotiation the solution of his country's most delicate and serious political problem, rushed off to Mexico to obtain funds
and arms with which to bring upon his native land the horrors of fratricidal war in an ambitious and selfish endeavor to vindicate a personal
claim to the Presidency. Wars for the restoration of kings are now taboo.
327
Foreign-aided wars for the installation of Presidential pretenders should be
no less so.
In 1924 Dr. Sacasa, a Liberal, was elected Vice-President a long with a
Conservative President, Senor Solorzano. The mistake of'electing a President of one party and a Vice-President of another was made in the early
days of the North American Republic. There the error was promptly
perceived, rectified by the Twelfth Amendment to the Federal Constitution and the impracticable arrangement abandoned. Nicaragua has not
been so fortunate. An unhappy series of political events culminating in a
coup d'etat terminated the latest trial in Nicaragua of this unworkable
combination.
Unfortunately, an unrecognized government resulted and thedesirabillty
of reorganizing the Government in a constitutional mantic/ bceame apparent. This might have been done in various ways, any one of which would
have been equally constitutional and would have met the requirement after
the Central American Treaty for recognition of a Government following
a coup d'etat.
The treaty, be it noted, does not mention restoration, but constitutional
reorganization. The solution adopted was naturally one agreeable to the
majority party, the Conservatives, who controlled the Congress, and not
through the Liberals, whose principal force lay in Mexican aid.
The Liberals saw no solution possible and acceptable other than that of
the installation of Dr. Sacasa. The Conservatives solved the problem
satisfactorily by means of the thoroughly constitutional procedure of having
Congress designate one of its members, myself, to be President for the
remainder of the constitutional term of Senor Solorzano, who had resigned,
and of Dr. Sacasa, who had, in the Judgment of the National Congress,
empowered to impeach public officials, forfeited his rights by reason of his
action in seeking foreign armed aid to make revolution against the Government.
Whatever the legal defects of the unrecognized Government preceding
my administration, it must be admitted that it constituted the only regime
In Nicaragua which can fairly be called n government. Therefore, when
Dr. Sacasa resorted to armed expeditions from other countries and against
that Government. he placed himself in as weak a position morally as that
of any de facto regime.
Before proceeding to the constitutional reorganization of the Government
the Conservative majority in Congress and in control of the unrecognized
Government sought to reach a friendly agreement with the Liberals at the
Corinto conference. The Liberals there proposed an arbitration by the
United States and the Central American Governments of their claims to
the Presidency. This proposition we rejected as impracticable and inconsistent with national dignity.
Our rejection was made after the American representative, Lawrence
Dennis, explained to both delegations in clear terms that an internal
political dispute of one country was not a Justiciable question which could
be arbitrated and that he was sure that the United States Government
would not consider undertaking such an unprecedented arbitration, in
violation of all known law and theory on the subject.
A dispute between two nations can be arbitrated by a third power but
an internal election, for obvious reasons, cannot be settled by a concert
of nations which would not be in agreement one with the other or impartial
and would not have rules or adequate evidence to guide them in reaching
a decision. It is inconceivable,for instance, that the Hayes-Tilden election
would have been arbitrated by England, France and Germany. The
making of such an equally absurd and impracticable proposal for the
resolution for the solution of our national and internal problem shows
clearly the indisposition of the Liberals at the Corinto conference to make
peace, dominated as they were by the Calles Government.
The repeated denials by Dr. Sacasa of Mexican Government aid are
obviously dictated by the exigencies of his situation, but they should mislead
no one. Eye witnesses saw Mexican soldiers loading arms on the vessel
Tropical, which brought a filibustering expedition to Nicaragua in August.
Several Mexican soldiers and officers captured from this expedition were
cared for by the Mexican Consul here, who later arranged for their return
to Mexico. When the vessel, after its failure to launch successfully the
expedition, put in at La Union. Salvador, the Mexican Government made
strong representations there in its behalf and supplied the captain and crew
with funds through the Mexican legation in Salvador.
The latest expedition, on the Superior, was prepared, to the knowledge
of the general public and the American Government, at Puerto Mexico,
with the aid of the local authorities there. Arms and cartridges detained
by the American authorities under Admiral Latimer at Puerto Cabezas
-of
were seen by him to bear the shield and coat -arms of Mexico and the
marks of the Mexican Government arsenals. Mexican officers and men
are also known to have come with this expedition and to be fighting ler
the Sacasa regime at the present time.
If Dr. Sacasa would have it believed that Nicaraguan Liberafs have
contributed several million dollars for the purchase of these arms and
supplies let him offer more evidence than mere assertion to that effect and
let him publish a list of the Nicaraguan Liberal contributors. It is known
that most of the Liberals active in the conduct of the revolution, including
.
particularly Dr. Sacasa are personally in precarious financial circumstances.
It is also known that no considerable stuns of money have been transferred
by Nicaraguan Liberals to foreign correspondents in recent months. For
the sources of the Liberal war chest funds one has only to look to Mexico
and perhaps further still, to Russia.
The assertion that the support of my Government comes from New York
bankers is absurd. I repeat that my Government at the present time owes
not one cent to American bankers, although I admit that on the re-establishment of peace I should be most happy to see a large loan contracted by
my Government in the United States for constructive purposes, such as
railroad building, Just as such loans are obtained weekly by the leading
countries of the world in New York for like uses.
It may be that the New York bankers and conservative people generally
show a preference for my Government, known to be friendly to the United
States and fair to all foreign interests, to a regime supported by the communistic Government of President Calles. This preference I am not
ashamed of, nor do I offer any apology therefor.
My Government has the support of all the Conservatives in Nicaragua
and of moderate members of all parties who desire peace,law and order,
security of life and property and progress. All the elements in Nicaragua
and outside who are not in sympathy with what the Calls regime stands
for—Communism, religious persecution, political oppression and national
disorder—are actively supporting me.
MyGovernment still holds out the olive branch of peace to our Liberal
brothers, but we are prepared to defend with the last drop of our blood and
to the limit of our resources our native land from domination by the Callas
Government. We are ready at any time to meet Liberal delegates under
the friendly good offices of the United States Government or its representatives with a view to reaching a friendly agreement in forming a Nicaraguan
Government with justice for all parties.
ADOLFO DIAZ.
328
THE CHRONICLE
Statement of Mexican Foreign Minister Saenz Regarding Recognition of Sacasa Faction in Nicaragua
—Attitude Toward Enforcement of Petroleum
Law.
Following the transmission to Congress by President
Coolidge of a message bearing on the policy of the United
States toward Nicaragua, in which reference was made to
support of the Sacasa faction by Mexico, the Mexican
Foreign Minister, Aaron Saenz, issued a statement on Jan.
11 in Mexico City in which it was indicated that the recognition of the Sacasa Government in Nicaragua "was based
on a principle of justice and respect for the constitutional
order of other countries." "Mexico" says the statement,
"has no interest whatever in Nicaragua, nor political views
of any kind, nor any aims of territorial expansion, nor any
Mexican properties or commercial interests to protect.
Therefore Mexico in this regard has nothing to do in that
country and naturally she only entertains spiritual feelings
akin to all the countries of the same culture." With reference
to the Mexican petroleum law, the statement says:
Mexico has freely and repeatedly declared that neither with the enforceMent of her laws in the matter of petroleum, nor with the enforcement of
any other law, shall she in violation of any international duty fail to
recognize rights legitimately acquired by any person. Mexico has invited
the United States to point out cases in which such violation may have been
Incurred, promising to administer full justice in each case. Mexico firmly
believes that nothing more can be asked from her.
[vol.. 124.
Washington, and this Commission may be resorted to by any American
citizen who considers himself entitled to do so. Never having opposed any
understanding or agreement based upon justice, Mexico has been unable to
give clearer or more irrefutable proofs of her purposes of complying not only
with her international duties but even with principles of equity, and since
the Commission referred to is a real court of arbitration, it is one of the
means to which Mr. Evarts referred in his statement in order that the
United States may carry out her purpose of complying with her duty of
protecting the rights of her citizens.
Under the present conditions Mexico deems it indispensable clearly to
define her position in order to discharge her responsibility in case that,
were she to remain silent, unforeseen events, originating in aims entirely
unknown to her, should mislead foreign public opinion. Again. Mexico
deems it a duty of high convenience to state to the world at large the
standards of her policy and her firm intention to offer the wholesome contribution of her co-operation to the cause of universal peace, and especially
that of the American continent, since her purposes and wishes are to live
undisturbed, solving by herself her own problems, and to this end she can
hardly depend on her resources.
If the American Government, that has striven so much for international
peace and for arbitration to settle the difficulties among nations, should
turn its back to its principles trying to impose strength upon right, it would
assume an attitude absolutely inexplicable.
Foreign Minister Saenz in Answer to Secretary
Kellogg's Charges.
A subsequent statement by Foreign Minister Saenz,regarding the charges by Secretary Kellogg of Bolshevik influence
in Mexico, is referred as follows in a cablegram to the New
York "World" (copyright) from Mexico City, Jan. 13:
Foreign Minister Aaron Saenz gave out a statement to-night vigorously
denying that the Mexican Government is under the influence of Soviet
Russia'. In handing it to the American Press representatives he said it
was the Mexican Government's refutation of Secretary Kellogg's declarations before the Senate Foreign Relations Committee yesterday.
Despatches from the United States published by the press are to the
"I do not allude," said the statement,"to the decisions adopted by foreign
effect that the hostile elements to the Mexican Government are trying to
create a serious antagonism between both countries, and in this connection organizations (referring evidently to Communist documents cited by Secretary Kellogg), for which I am sure, nobody can hold the Mexican Governthey set forth no reasons, only two pretexts: They charge our Government
with intervention in Nicaragua to offset the policy or the interests of the ment responsible, but it is necessary energetically to reject those charges
United States in that country and, on the whole, they affirm that the against the Mexican Government, especially regarding its relations with
application of the Mexican laws in the matter of petroleum will result in Russia.
"As Secretary Kellogg quoted Tchitcherin's statements referring to Mexthe ignoring of prior rights legitimately acquired by American citizens.
Any person familiar with the strength of Mexico as compared with that ico as a suitable base, it is necessary to remind him that President Cellos
of the United States—and everybody knows this fact—will understand that made a statement on May 4 1925, fully quoting Tchitcherin's declarations,
it is absurd to suppose that Mexico wishes to face the United States in a and said: The Mexican Government will not tolerate any abuse of its good
mllitary way. Mexico is not bound with any other country nor has any faith in an attempt to use it as an instrument to carry out maneuvers or
agreement which may compel her to unite her strength or her interests with combinations of international politics or for spreading principles contrary
those of other countries. Neither will she voluntarily go to war with any to those held by the Mexican Government."
The Foreign Minister concludes with the statement that the Mexican
country excepting in the case of self-defense, should she be the object of an
aggression, because then she would have the inevitable duty of doing her Government is intent on developing its own political economic and social
program in accord with its own organization and is not looking for guidance
utmost to maintain her independence.
The above consideration would be sufficient to show that such charge to "exotical" doctrines or governmental procedures.
is groundless. But, furthermore, it is evident that Mexico has no interests
whatever in Nicaragua nor political views of any kind, nor any aims of Sacasa Replies to President Diaz's Charges—Says He
territorial expansion, nor any Mexican properties or commercial interests
Offered to Step Down for Harmony.
to protect. Therefore Mexico in this regard has nothing to do in that
country and naturally she only entertains spiritual feelings akin to all the
The following from Senor Sacasa in answer to the charFes
countries of the same culture.
of his
The statement was made public as follows by the Mexican
Embassy at Washington:
Recognition of Sacasa Faction.
The reasons that prompted Mexico to recognize the Government of Mr.
Sacasa have been already set forth by President Calles in several statements
published by the press. This recognition was based on a principle of
justice and respect for the constitutional order of other countries, Such
attitude, however, not even has the credit of being her own, but agrees
with the same policy followed by other nations.
In the particular case of Nicaragua this attitude entirely conforms with
the agreement reached before the representatives of the Governments of
Mexico and the United States by Guatemala, Costa Rica, Honduras,
Nicaragua and El Salvador, under the treaty of peace and amity signed in
Washington, Dec. 20 1907, and which was reproduced in that of Feb. 7
1923, made also in Washington before delegates from the United States.
Under Article 1 of the former and 2 of the latter, the contracting parties
agreed not to extend recognition to any Government originating in a coup
d'etat er in a revolution so long as the freely elected representatives of the
people have not constitutionally sanctioned such Government. According
to press reports, it seem that in an interview President Coolidge referred to
a certain statement made in 1877 by Mr. Evarts when trying to justify the
order given to General Ord to cross the border in pursuit of the Indians who
were committing depredations north of Rio Bravo and returned to Mexican
territory.
That statement affirmed that the first duty of a Government was to
protect life and property, and that the Government of the United States
intended to fulfill it, either by means of formal treaties or informal conventions or through the judicial action of the courts, or finally through
military force. In answer, Mexico. of course, did not deny the statement
made by Mr. Everts, but expressed her disagreement to the fact that
American troops had a right to enter Mexican territory without the consent
of our Government:, and insisted on the convention proposed and finally
accepted to permit reciprocally the passing of troops. under the only
condition that the instructions given to General Ord be revoked.
right to office
made by Senor Diaz and to his outline
was contained in copyright advices from Puerto Cabezas
Jan. 13:
Acceding to your desires, I reply to the inexact Diaz assertions.
The Corinto conference failed because of Conservative stubbornness. They
would only accept an arrangement on the basis of a Conservative Government presided over by Diaz. The Liberals proposed arbitration by the
Governments of Washington and Central America for a solution of the
conflict, and even any resignation in favor of a Senator who would be
neither Liberal nor Conservative and in whose Government all parties
would co-operate.
We struggle to maintain the Constitution, the principles of the Washington compacts and the popular will, all incompatible with the Dias
Presidency, and not simply for obtaining Government offices.
Diaz was designated President by a Congress integraded under a regime
of violence and pressure and without the concurrence of many Liberal
representatives, who were persecuted and obliged to leave the country,
and are still away.
Further, even if Congress had been free and legally constituted, it lacked
the authority to destroy my legal and popular Vice-Presidency and to
deny me the exercise of the Presidency.
The Washington treaties do not authorize recognition of the Diaz Gov.
ernment, since it sprang from a coup d'etat, of which he was the principal chief with Chamorro.
The Liberal Party proved its majority in the country at the 1924 eletions, and it is further demonstrated in the fact that Diaz has declared
his impotence in maintaining his power without the aid of the American
Government, though he has at his disposal all the arms and resources of
the country.
Reports of Mexican support of my Government are Diaz'a calumnious
propaganda. Not one Mexican soldier is in our army nor a Mexican
gunboat on our coasts.
Enforcement of Petroleum Law.
The Liberal Party desires peace on a basis of justice and decorum, but
freely and repeatedly declared that neither with the enforce- in no way on a basis of submission to Diaz, who usurped the Presidency
Mexico has
ment of her laws in the matter of petroleum, nor with the enforcement of and who is lacking in support of the people, and who by mploring the
sincere Panany other law, shall she in violation of any international duty fail to help of foreign forces compromised the harmony and the
recognize rights legitimately acquired by any person. Mexico has invited American fraternity that ought to exist for the greatness and prestige of
SACASA.
out cases in which such violation may have been this continent. Thanks.
the United States to point
incurred, promising to administer full Justice in each case. Mexico firmly
believes that nothing more can be asked from her.
House Banking and Currency Committee Declines to
Mexico in the present case has not failed to fulfill her international duties
Vote Out Hull Bill Dividing McFadden Branch
as a member of the family of nations. The legal remedies provided by the
laws of the country are open to those who consider themselves entitled to
Banking Bill into Three Parts.
them, even though no threat pends upon foreigners or their interests,
The House Banking and Currency Committee on Jan. 7,
notwithstanding the intense anxiety felt in the international political
atmosphere and the campaign through the press which undoubtedly tends refused to report out the three bills introduced on Dec. 16
to upset public opinion at home and abroad. On the other hand, Mexico by Congressman Hull, dividing the McFadden Banking
has entered with several nations, among them the United States, into
formal agreements to the end that mixed Commissions settle the claims Bill into three parts in order that the renewal of the Fedagainst Mexico submitted by their respective nationals.
eral Reserve Bank Charters and the other non-controversial
The Mexican-American Commission created under the General Claims
between both countries is already operating in provisions of the bill need not longer be delayed by the
Convention concluded
JAN. 15 1927.]
THE CHRONICLE
329
branch banking legislation. In commenting of the commitSenate Committee Reports Adversely on Nomination
tee action, Mr. Hull said:
of Cyrus E. Woods as Member of Inter-State
I understand that two of the three house bills recently introduced by
Commerce Commission.
me on the subject of bank legislation, one containing the non-controversial
provisions of the McFadden Bill, and the second containing the extenAn adverse report to the Senate on the nomination of
sion for thirty years of the charter of the Federal Reserve banks were
considered in the House Banking and Currency Committee to-day, and Cyrus E. Woods as a member of the Inter-State Commerce
that action upon them was unfavorable. This is an illuminating bit of Commission was presented by the Senate Committee on
news. It turns the spotlight on the motives of those who are opposing Inter-State Commerce on Jan.
12. The Committee voted
the Hull Amendments to the McFadden Bill. It shows,very clearly that
their interest in banking legislation is not concerned with the general 8 to 6 against the nomination. The Associated Press from
remedial features of the McFadden Bill, nor are they concerned with the Washington on Jan. 12 said:
extension of the 'Federal Reserve bank charters. Their whole interest is
centered upon blocking legislation which would forbid them to extend
their monopolistic system into states not now permitting branch banking.
This action followed vigorous opposition to Mr. Woods by Senators of
the bituminous coal States of Virginia, West Virginia, Tenneo and Kentucky, who charged that his selection by President Coolidge, with the sponThe introductipn of the three separate bills was noted in sorship of Senators Pepper and Reed of Pennsylvania, was an attempt to
pack the
to the advantage of coal and other
these columns Dec. 25, page 3262. In referring to the com- sylvania Commission disadvantage of their own States.interests of Pennand to the
They declared,
mittee vote on Jan. 7 the Washington correspondent of the further, that Pennsylvania was attempting to get a monopoly of the soft
coal business of the United States that would work hardship, especially
New York "Journal of Commerce" said:
The vote, as cast, reflected vrying opinions and the net result: in nowise on the Northwest.
The vote came directly after a speech by Senator Reed of Pennsylvania
could be as being favorble to the rejection of the so-called Hull Amendin Mr. Woods's behalf and a speech by Senator Neely, Democrat, of West
ments from the McFadden measure.
Virginia, against him. Mr. Woods declared a few days ago, when unsupported rumors were laid before the Senate by Senator Stock of Iowa that
Overcome of Vote.
Senator-elect Brookhart was in his employ, that he was being made the
The first vote came on the charter-extension bill, a report on which object of persecution.
was refused 1 to IS, the minority consisting of Representatives Leather.
Whether the Administration will seek confirmation of the appointment
wood, Republican, and Wingo, Steagall, Brand and Stevenson, Democrats. in the face of the adverse committee report has not been announced.
These were joined in the vote (11 to 6) upon the other bill by RepresenAccording to the New York "Times" advices from Washtative King, Republican, of Illinois. The other votes recorded against
both bills were Representatives McFadden, Strong, Luce, MacGregor, Fenn, ington, Senator Reed, who sponsored the nomination of
Campbell, Beedy, Hooper, Allen and Goodwin, all Republicans, and Frail, Mr. Woods, had a long conference on Jan. 13 with President
New York Democrat.
Coolidge on the action of the Senate Inter-State Commeroe
The proposal to report out these two bills, no consideration being given
at all to a third bill of the series dealing with branch banking, by Rep- Committee in reporting adversely on the nomination.
reeenative Leatherwoed, of Utah. His motion was opposed by Represen- Senator Reed is quoted as saying: "I assured the President
tative Strong, Kansas, and defended by Representative Stevenson, of South
Senate would confirm Mr. Woods. I am confident
Carolina, while other members entered in the general debate that occu- that the
pied the attenton of the committee in executive session for nearly an hour. that the committee does not represent the sentiment of the
Opponents of the Hull bills declared that they represented a move on Senate." The nomination of Mr. Woods was referred to
the part of the proponents of the Hull Amendments which would forever
columns Dec. 25, page 3270.
preclude from engaging in branch banking those national banks that are in these
now located in non-branch banking States, even though such States later
should change their statutes to permit State banks to engage in branch
banking, to side-step all legislation on branch banking. They took the Slight Recession in Business Expected by Eastman,
position that if these two bills were reported it would mean the end of
Dillon & Company.
legislation on branch banking.
Despite a generally growing feeling that the peak of prosSome declared it would be a discourtesy to both Senate and House,
in the face of the situation now surrounding the McFadden Bill, were the perity may have been passed, there is actually little to supcommittee to favorably recommend the two Hull measures.
port this view, according to Eastman, Dillon & Co. in a
"Business Survey" just issued. The present condition of
House Against Senate Bill.
Others held the view that the House Committee, as well as the conferees, trade is flourishing and it probably will continue for some
stand under instructions from the House to hold out against the Senate months. Freight car loadings, bank clearings, sales of retail
bill and favorable to the Hull Amendments and other House provisions.
It is understood that Representative Stevenson, in seeking the report- merchants, steel tonnage figures, all remain at very high
ing out of these two bills, did so to afford an opportunity to Congress to levels, very close, indeed, to the highest figures ever reached,
pass finally on the uncontroverted features of the McFadden Bill. He con- it is noted; the Survey also stating:
tended that complaint was made that the other relief contained in the
Automobile production has slowed down more than can be accounted for
bill and the extension of the Reserve Board charters were being jeopardusual seasonal slump at this time of the year, and there is considerized because the House conferees would not agree to the Senate proposals by the
unemployment in Detroit and other automobile manufacturing centres.
on branch banking. He suggested that any one has the right to intro- able
automotive industries constitute one of the most important factors
duce a bill to carry out any of those remedial provisions which the Sec- While the
industrial situation to-day, a recession in this field alone conceivably
retary of the Treasury has declined to be so necessary, without insulting in the
might be the natural result of the heavy sales and the liberal installment
Congress.
Mr. Stevenson apparently looked upon this as the only opportunity to terms of the past two seasons, without necessarily indicating a general
bring these certain provisions before the House with the probability that slackening in other lines of business.
This generally pessimistic feeling does not encourage hope of a further
they would be accepted.
It was indicated here again to-day that efforts would be made to bring general advance in stock prices at this time. The first evidence of a genabout the reporting to the House of a disagreement, accompanied by a eral slowing down in business may be expected to be reflected in a derequest for another conference with the Senators, which would be brought clining stock market. In the bond feld, however, the volume of new issues
about with the discharge of the present House conferees and the selection of is not unusually heavy, and there is every reason to believe that the abnew ones favorable to the Senate provisions. The Democrats declare that sorptive capacity of the market will continue to exceed the supply of new
they do not want to make it a partisal proposition but say that if this is issues for some time to come. The outlook for bond prices over a longer
term still indicates high levels.
undertaken every effort will be made to defeat that move.
The same paper In its Washington advices Jan. 4 said:
With the present short session of Congress rapidly drawing to a close.
there remaining but little more than eight weeks before adjournment.
efforts are being renewed to bring about action on the McFadden national
bank bill,now tied up in a deadlock between the Senate and House conferrees.
With the knowledge that unless the bill is passed before March 4, the
whole question must be retraced in a new Congress, evidences are that
proponents of the measure are seeking to reconcile Senate and House
differences that exist with respect to the branch banking features.
Both Houses Adamant.
Senate conferees have refused further to meet with House members unless
the latter recede from their objections to Senate demands for rejection of
the so-called Hull amendments.
House conferees steadfastly cling to the belief that the instructions from
the House that there shall be written into the proposed legislation a provision
that national banks in the existing non-branch banking States shall forever
be precluded from engaging in branch banking even though these States
enact laws in the future allowing State institutions to operate branches.
It was said that Chairman McFadden of the House Committee on Banking
and Currency, would like to take the matter into the House and report
a disagreement. His two colleagues, Representatives King, of Illinois,
and Wing°, of Arkansas, are opposed to such action. Unless by some
means the matter can in fact be taken before the House itself and either the
present conferees discharged, thus breaking a deadlock among them, or
the conferees be absolved from obligations under previous instructions of
the House.
Amendments in Dispute.
There is a difference of opinion as between the proponents and opponents
of the Hull amendments as to the probable action of the House should
another vote be taken upon the Hull amendments. The former contend
that the latter by their arguments cannot overcome the majority of upward
of eighty votes favorable to the retention of the Hull amendments, while
those who would strike out this disputed feature declare that there is a vast
change In the line up in the House since the recent convention of the Am rican Bankers Association in Los Angeles.
Belief that the recent open discussions of the New York
City transit problem have made more serious attempts to
attack this problem at the source of the difficulties and that
the outlook is perhaps brighter to-day than it has been for
many years past is expressed by the bankers. According to
the Survey, "if the city chooses to operate its own subway
system, it is obligated to make it self-supporting within three
years' time." If the new subways are to be included in a
unified system, a fair return must be allowed on the money
Invested. City engineers estimate that it would be impossible to operate the new lines at less than a 7
-cent fare to
earn this fair return at the end of three years' operations.
"It would not be feasible to have a 7
-cent rate on municipal
lines with the privately owned parallel lines operating at a
5-cent rate," it concludes.
ITEMS ABOUT BANKS, TRUST COMPANIES, &C.
New York Stock Exchange memberships made a further
advance this week, reaching the highest point at which they
have ever sold, when arrangements were reported for the
transfer of two memberships at $180,000 and $185,000, respectively. This last is $10,000 above the last preceding
sale. Three other memberships were reported transferred—
that of Leon Moyse to Lew Wallace, Jr., the consideration
being stated as $175,000; that of Leonard A. Hockstader to
Luther S. Dickey for the same consideration; the membership
of Paul Brown was transferred to Albert M. Keller for a
330
T1TE CHRONICLE
[VOL. 124.
nominal consideration. The last-mentioned sales were at liabilities of the Broadway CeAtral Bank at the Northeast
the same figure as the preceding transaction.
corner of Boradway and 97th Otreet, this city, and the latter
is now being operated as a brat-ell-el-the Central Mercantile
The New York Cotton Exchange membership of Allan S. Bank & Trust Co. with Michael G. Kletz, a Vice-President
Lehman was reported sold this week to A.B. Gwathmey,Jr., of that institution, in charge. The absorption of the
for another, the consideration being stated as $28,000. This Broadway Central followed "a run" on that institution on
is the same as the last preceding transaction.
Saturday morning (Jan. 8) when it became known that three
At the annual meeting of the shareholders of the Chem- officials of the bank had been arrested the previous night
ical National Bank of New York on Jan. 11 the following for the alleged embezzlement of "more than $100,000 of
the bank's funds." On Saturday from the time the bank
new directors were added to the board:
Robert Goelet, real estate owner and operator of New York City, and opened for business until it closed at 4:30 p. m., upwards of
fourth of his family to serve on the bank's board. Members of the Goelet $1,000,000 was paid out to approximately 1,500 depositors.
family were active in the early development of the bank. His cousin, And on Monday morning, long before the bank opened,
Robert Walton Goelet, is a member of the board as at present.
Lammont DuPont, President of E. I. DuPont De Nemours & Co. The hundreds of depositors were on hand to withdraw their
DuPont family have been customers of the Chemical Bank continuously savings. Even the announcement at noon Monday, when
for 100 years.
"the run" was at its height, that the institution had been
This makes a total of 36 directors that have served the purchase'd by the Central Mercantile Bank & Trust Co.
Chemical Bank during its career of 102 years. Frederic W. failed to restore the confidence of the panic-stricken deStevens begins his 56th consecutive year of service as a positors. Finally, however, the sight of $1,000,000 in cash,
member of the board of directors of the Chemical Bank. which the new owners had rushed from the Federal Reserve
It is believed he holds the record among bank directors for Bank and displayed on a table in the Broadway Central's
length of service. The sharehplders ratified the $500,000 window, and a sign over the door announcing the new
stock dividend recommended by the board, which brings the ownership had their effect and at 6:15 p. m., when the doors
total capital of the bank to $5,000,000. Reference to'the were finally closed, all who had been waiting were inside.
stock dividend was made in these columns Dec. 4 page 2852. C. Stanley Mitchell, President of the Central Mercantile
Other directors were re-elected as follows:
Bank & Trust Co. on Monday issued a statement with regard
F. Emlen Roosevelt, Robert Walton Goelet, Darwin P. Kingsley, to the purchase of the Broadway Central which was in part
Charles Cheney, William Fellowes Morgan, Arthur Iselin, Garrard Cornly, Henry A. Caesar, Frederic A. Juilliard, Ridley Watts, Charles A. as follows:
The Central Mercantile Bank & Trust Co. has purchased the assets of
the Broadway Central Bank and assumed all of its liabilities and obligations.
Before buying the bank we, of course, assured ourselves, not only by our
At a meeting of the directors of the Chemical National own personal investigation, but also by
examination by McArdle & McArdie,
on Jan. 13 the following new officers were elected:
the bank auditors, that the institution is absolutely sound and solvent.
Some of the depositors were alarmed by the defalcations of three employees
Assistant Vice-Presidents—Charles E. Meek, formerly Assistant VicePresident of the American Exchange National Bank; Meredith Wood, and its directors felt that new and stronger ownership was needed to avert
further withdrawal of funds. They accordingly approached us with the
formerly Assistant Cashier.
Assistant Cashiers—Gilbert Yates, Gilbert H. Perkins, Wandell M. result that after a satisfactory investigation, our board of directors this
morning authorized the purchase of the bank.
Mooney.
This was quickly effected and the former Broadway Central is now a branch of our own instituAssistant Manager Madison Avenue Office—R. A. Odle.
tion and has all our resources, in excess of $50,000,000 behind it.
Percy H. Johnston was re-elected President; other ofIn the purchase of the Broadway Central Bank we are confident that we
ficials re-elected include the following:
have made a good business deal. We have long been desirous of securing a
Vice-Presidents—Frank K. Houston, Clifford P. Hunt, Jesse M. Smith, branch in their neighborhood and this purchase will give us such a branch.
Wilbur F. Crook, Samuel T. Jones, N. Baxter Jackson, Robert D. Scott,
In making this purchase we wish to acknowledge the valuable advice
Charles Carson, Paul Partridge.
and assistance which we have received from Frank H. Warder,State
Assistant Vice-President—John D. Perry.
Superintendent of Banking, and his staff.
Cashier—Samuel Shaw.
Banking, also
Corliss, Edwin S. Schenck, William A. Phillips, Jansen Noyes, Percy H.
Johnston and Frank K. Houston.
Deposits of The National City Bank of New York passed
the billion dollar mark at the close of 1926, establishing a
new high record for American banking. This fact was revealed by President Charles E. Mitchell at the annual meeting of shareholders on Jan. 11, when the proposal to increase the bank's capital by 250,000 shares, to be offered to
shareholders at $200 a share, was approved. As a result of
this action, the capital of the bank is increased to $75,000,000,
the surplus at $50,000,000, while the capital of The National
City Company is increased to $25,000,000 and its surplus to
$25,000,000. The National City Bank thereby becomes the
largest banking institution in the world from the standpoint of capital, surplus and undivided profits, while its
absorption of the major branches of the International
Banking Corporation establishes it in the leading position
• as regards its international organization. The proposed
increase in capital was noted in our issue of Dec. 11 page
2999. Detailed reference to President Mitchell's remarks
at the annual meeting appear elsewhere in this issue.
The stockholders of the National Park Bank, of this city,
at their annual meeting this week elected George V. Moffett
a director. Mr. Moffett is Vice-President of the Corn
Products Refining Co. Subsequently the directors elected
H. W. Vanderpoel, Vice-President, and L. H. Ohlrogge,
Assistant Vice-President.
At a meeting of the board of directors of the Chase National
Bank of this city this week the following appointments were
made:
John Prentice, Assistant Cashier.
LeRoy W. Lutz, Assistant Cashier.
Louis C. Hon, Assistant Cashier.
Edward J. Lewis. Assistant Manager of the Produce Exchange Branch.
William P. Skinner, Assistant Manager of the Harlem Market Branch.
Joseph Brown, Assistant Manager of the Harlem Market Branch.
Paul H. Selchow, Assistant Trust Officer of the Bank at the Fifth Avenue
Branch.
Norman W. Andrews, Assistant Trust Officer of the Bank at the Fifth
Avenue Branch.
Clarence B. Wilkes,formerly Assistant Manager of the Produce Exchange
Branch, was transferred to the Forty-first Street Branch, where he will be
Assistant Manager.
Mr. Warder, the State Superintendent of
issued a statement, saying:
The Central Mercantile Bank are Trust Co. purchased the Broadway
Central Bank and assumed all of its liabilities and it now becomes a branch
of the Central Mercantile Bank and Trust Co., the Banking Department
having issued a formal approval of this branch. The taking over of this
bank by the Central Mercantile Bank & Trust Co. is a guarantee that all
the obligations of the Broadway Central Bank will be met fully and promptly
and that the funds of every depositor will be safeguarded adequately.
A statement at the same time by the Federal Reserve
Bank,read:
In connection with the announcement of the absorption of the Broadway
Central Bank by the Central Mercantile Bank & Trust Co., it may be said
that the Central Mercantile Bank & Trust Co. is a Member of the Federal
Reserve System in good standing and as such it has the use of the usual
facilities of membership.
The three former officials of the Broadway Central Bank,
whose arrest on Friday night for alleged embezzlement
precipitated "the run," were Anthony Ziesat, 2nd VicePresident; Harry Rebholz, Cashier, and George H. Cook,
Assistant Cashier. They are charged specifically with the
embezzlement of $10,000, but have admitted, it is said, that
their thefts amount to more than $400,000. Their manipulations of the bank's funds, it is understood, have been
going on for two years. According to Assistant District
Attorney Harold W. Hastings, the money was used for
deals in the stock market. On Tuesday (Jan. 11) they were
indicted by the Grand Jury and are at present it is understood lodged in the Tombs. In reporting the arrest of the
men in its issue of Jan. 8 the New York "Times" said in
part:
The thefts were discovered yesterday through a check-up by officials of
the bank of one customer's account. Rebholz was questioned and admitted,
according to the police, that he had been manipulating the accounts to play
the stock market. He professed his inability to estimate accurately the
amount involved.
Rebholz was questioned by Assistant District Attorney Harold W.
Hastings, who said the accused told him he was at present without funds
and that all of the money he had taken had been lost through speculation in
Wall Street. Rebholz explained, Mr. Hastings said, that he and the others
had bought stocks in the name of the bank and had made payment with a
cashier's check, drawn by himself; that he made no record of these checks
and that the stock came to the bank as an outright cash transaction. If the
stocks increased in value, which Rebholz said they seldom did, he sold them
and pocketed the profits, according to Mr. Hastings, and if they went down
the cashier also sold them and charged the losses to various customers.
Rebholz said that Ziesat and Cook took part in these transactions with
him. He was arrested immediately and they were arrested at their homes
last night.
On Monday of this week the Central Mercantile Bank &
The officers of the Central Mercantile Bank & Trust Co.,
Trust Co. with resources of more than $50,000,000 purchased
all of the assets and assumed all of the obligations and of which the Broadway Central Bank is now a branch, are
JAN. 15 1927.]
THE CHRONICLE
as follows: C. Stanley Mitchell, President; Julian M. Gerard,
Chairman of the Board; Joseph Brown, Michel G. Kletz,
Robert Adamson, Frederick G. Sinclair, Louis Stewart, Jr.,
and H. I. Stevens, Vice-Presidents; Charles H. Hoffman,
331
gage & Title Co. and President of the First National Bank,
Mount Vernon, N. Y., was elected for the term of four
years, filling the vacancy caused by the death of the late
William P. Dixon.
Secretary-Treasurer, C. P. Cleary and Charles E. Rinehart,
Assistant Treasuieri, and Mandeville Mullally, Trust
J. Henry Schroder Banking Corporation earned during
1926 a net return,of 29.4% on its paid in capital and surplus,
Officer.
Edward S. Rothchild, President of the Chelsea Exchange
Bank submitted his annual report for 1926 to stockholders
at their meeting on Jan. 11. Mr. Rothchild reported progress for the year, pointing out that deposits increased
approximately $1,300,000 and amounted to more than $18,000,000 on Dec. 31, 1926. Net earnings for the year totaled
$469,956, equal to 31% on the capital stock. Capital, surplus and undivided profits totaled $2,395,156 at the close
of the year. No changes in the board of directors or officers
of the bank took place at this week's meeting. During the
year, however, the following directors were added to the
board, William J. Flynn, Commissioner of Publit Works
in the Bronx; Chester F. Ericson, of Henry D. Lindsley &
Co., and Louis Haas, associate of A. E. Lefcourt in the
real estate business.
The Chelsea Exchange Bank, on Monday, Jan. 3, took possession of the property located at 3819 Third Avenue, Bronx.
The institution has let a contract for the renovation of the
building at a cost of upwards of $50,000. This building will
house the Bronx branch now located on Claremont Parkway, near Third Avenue, and the plans according to
President Rothchild, call for the erection of a modern bank
building. The bank has also completed plans for the
removal of its main office now loCated on 34th Street. This
banking office will be moved on Jan. 29, to the new building
at 36th Street and Eighth Avenue.
Edward W. Sheldon, who has been President of the
United States Trust Company since 1906, was elected chairman of the Board of Trustees at the annual meeting
this
week. William M. Kingsley was made President and
William Pell, First Vice-President. Mr.. Sheldon will continue
his active personal participation in the business
of the
company which will continue to devote itself primarily to
the administration of trusts, and the management of property which may be entrusted to its care.
At a meeting of the board of trustees of the Bank of
New York and Trust 'company held on Jan. 11, George S.
Butler, an Assistant Treasurer of the company since 1919,
was appointed as Assistant Vice-President. Mr. Butler has
been associated with the company since 1910. At the same
meeting Dave Hennen Morris, Jr., was appointed as
Assistant Treasurer. Mr. Morris entered the employ of the
company in 1923 after his graduation from the Harvard
School
of Business Administration.
Prentiss N. Gray, President, reported to the annual meeting
of stockholders. Undivided profits at the end of the year
totaled $1,750,004 36 as compared with $809,225 08 at
the close of 1925, an increase of $940,779 28. Gross earnings
during 1926, which amounted to $2,378,586, showed an
increase of 55% over those of 1925. Expenses increased
only 10%, the amount of gross earnings received for each
dollar expended, being $2 63 in 1926, as compared with
$1 86 in 1925 and $1 47 in 1924. Analysis of tho year's
operations, presented by Mr. Gray, showed that acceptance
and issues bus
.ness contributed largely to the total income.
Bills accepted during the year amounted to $56,128,000.
Important personnel changes were announced by Mr. Gray.
John L. Simpson has been appointed ,
Secretary to fill the
office formerly held by F. Seaton Pemberton, who has
become Assistant Manager of the American, British &
Continental Corporation, an affiliated institution. Harold
Sutphen has been appointed Assistant Secretary.
At the annual meeting of the stockholders of the Equitthe
able Trust Company of New York on Jan. 11, all retiring
trustees were re-elected.
At the annual stockholders meeting of the Bankers Trust
Company of New York on Jan. 13 the retiring members of
the Board of Directors were re-elected.
The Bankers Trust Company statement of condition as of
Dec. 31 1926 shows earnings for the year of $9,068,000, or
$45.34 per share, which represents 16.95% earned on capital, surplus and undivided profits. These figures compare with the earnings of $8,411,000, or $42.06 per chare for
the year 1925. Average earnings for the three-year period,
1924-1926, inclusive, were $8,274,000, or $41.37 per share, as
compared with the three-year period 1923-1925, inclusive,
which shows average earnings of $6,810,000, or $34.05 per
share. Total resources as shown on the recent statement
equal $531,683,000, this figure being practically unchanged
since Dec. 31 1925 and up $47,500,000 since Dec. 31 1924.
After paying $4,000,000 in dividends, surplus and undivided
profits are shown as $36,031,000, an increase of $5,068,000
over the previous year and an increase of $9,479,000 over
1924. The Bankers Trust Company is one of the two
largest trust companies in the United States at the present
time from the point of view of capital, 'surplus and undivided profits. Its growth has been largely internal, the
last merger having occurred early in 1917.
At the meeting of the directors of Chatham Phoenix NaThe past year was the most succeseul in the history of
the
Lawyers Mortgage Co., according to the annual report to tional Bank and Trust Company of this city on Jan. 13 the
stockholders made public this week. Gross earnings were following promotions were made: Elliott Debevoise,
$3,758,331, compared with $3,282,708 a year ago, while Charles H. Stone, Jr., and Frank J. Denison, became Assisnet profits after expenses amounted to $2,270,215, com- tant Vice-Presidents at the main office. Graveraet Y. Kaufpared with $2,003,588 last year. The sales of guaranteed man was made Vice-President at the branch at Fifth Ave-mortgage, including extensions, amounted to $93, 25,533, nue and 30th Street; C. E. Spiegel and Young Kaufman
and net g in in outstanding guaranteed mortgages amounted were designated Assistant Cashiers at the branch at 57th
to $43,778,488. Since the Lawyers Mortgage Co. was Street and Third Avenue; Alexander H. Walsh was made
organized, it has guaranteed $954,331,743 of mortgages, of Assistant Vice-President at the branch at Seventh Avenue
which $662,331,406 have been paid in full, leaving now and 39th Street. All other officers were re-elected. Frank
outstanding $292,000,337. Twenty-four years ago the com- J. Denison, one of the new Assistant Vice-Presidents of the
pany adopted a by-law limiting the amount of its outstanding Chatham Phenix, was formerly Vice-President of the Denguaranteed mortgages to twenty times its capital and surplus. ver National Bank, of Denver, Colo. Mr. Denison has been
In conformity with this by-law the stockholders of the com- associated with the First National Bank of Denver, retirpany on Dec. 20 1926 paid in $1,000,000, increasing the ing from that bank to become Vice-President of the Stock
capital stock from $9,000,000 to $10,000,000. The com- Yards National Bank, Denver, and subsequently assuming
pany also transferred during the year 1926 from current the Presidency of that bank. He later became associated
earnings to surplus the sum of $1,000,000, making a total with the Hamilton National Bank of Denver, as Senior
addition of $2,000,000 in. 1926 to the fund protecting in- Vice-President; the Hamilton National subsequently merged
vestors in their guaranteed mortgages. The balance sheet with the Denver National Bank, and Mr. Denison continued
shows total assets of $17,873,963,including cash of $2,209,265 his association with that bank as Vice-President. Mr. Denison served a number of years on the executive council of
and New York mortgages amounting to $12,954,657.
the American Bankers' Association; he also served as
At the annual meeting of the stockholders of Lawyers President of the Colorado State Bankers' Association.
Title & Guaranty Co. of New York, held on Jan. 12, the
The Chatham Phenix National Bank & Trust Co. of
retiring directors, Louis V. Bright, Philip Lehman, Vander- New York announces
that Frederick L. Chapman, formerly
bilt Webb and Albert H. Wiggin, were re-elected for the of Redmond &
Co.,has become associated with its invest-
term of four years, and Clarence S. McClellan, Chairman ment department.
of the board of directors of the Lawyers Westchester Mort-
332
TEM CHRONICLE
The election of Jeremiah T. Maguire, Paul A. Degner
and Beveridge C. Dunlop as directors of the Garfield National Bank of this city, occurred at this week's annual
meeting.
Hugo S. Radt, Vice-President of the Capital National
Bank of this city has been elected director of the bank.
William E. Dobbin has been appointed TruSt Officer of the
institution.
The Franklin National Ban-k of this city has named B. C.
Haynes and Reginald • G. Narelle as directors to succeed
Alfred W. Frost, deceased, and Paul Plunkett, resigned.
The Longacre Bank at 8th Avenue and 43rd Street, this
city, reports net profits for 1926 of $107,898, as compared
with $24,623 for 1925. Capital, surplus and undivided
profits on Dec. 31 1926 totaled $1,033,521 as compared with
$775,623 at the close of business Dec. 31, 1925. At the annual meeting of stockholders, held January 11, all officers
and directors were re-elected. Frederick K. Teipel is
President.
The Bank of America of th-is city has elected Henry Root
Stern of the firm of Rushmore, Bisbee & Stern a director
to fill the vacancy caused by the resignation of Frederick
E. Hasler.
(Wu 124.
Burke, Comptroller of the bank—these:additions/continuing
the)bank's policy of selecting as directors representative
business interests. Sydney Bernheim, Vice-President of the
MadisonlMortgageiCorporation, was on Jan. 12 elected a
member of theTAdvisorylBoardrofIthe Harriman National.
1S. Franklin Jr, the
177Eidgwick)WilliamsonTandlPhilipIA.
latter formerly Assistant Cashier, were on Jan. 13 appointed
AssistantlVice-Presidents (lithe Harriman National Bank.
Mr. Williamsonlhasiallarge acquaintance among the important mercantile interests of the city and Mr. Franklin
is widely:knowniinithe:transportation field.
At therannualimeeting of stockholders of the Equitable
Eastern Banking Corporation on Jan. 11, all retiring directors were re-elected. At the meeting of the board of directors held the:same day, the regular quarterly dividend of 2%
was declaredron the capital stock of the corporation, payable
Jan. 12;toIstockholders of record Dec. 31. $500,000 was
transferred from undivided profits to surplus account, giving
the corporation a total surplus of $1,000,000 and undivided
profits $412,000. The corporation's capital is $2,000,000.
All:officers'of the corporation were re-elected. TheEquitable
Eastern Banking Corporation was organized in December
1920 by the Equitable Trust Co. of New York taking over
the parent company's Far Eastern business. The corporation has shown a steady growth and consistent earning
power, having paid dividends continuously since the date of
its organization. The total resources of the corporation are
over $16,000,000.
At the annual meeting of the stockholders of The New
York Trust Company of this city held Jan. 12, all trustees
The earnings of the United States Mortgage & Trust Co.
whose terms have expired were re-elected for a period of
for 1926 totalled $838,049, or 27.93% on the $3,000,000 capthree years.
ital, an increase of 6.51% over the earnings of 1925. DurOn the question of loans against Adjusted Service Cer- ing the year, there was paid out in dividends, including an
tificates as collateral, the Manufacturers Trust Company extra dividend of 4%, a total of $600,000, and $238,049 was
of this city announces that it will co-operate with the Gov- added to undivided profits. Surplus account was Increased
ernment officials and the American Legion in helping the $500,000 to $4,500,000 briliging surplus and undivided
service men to the best of its ability. The institution states profits to an aggregate of over $4,800,000. Total resources
that it has already made a considerable number of such were $87,812,117.
loans and will continue to make them up to a reasonable
total amount, where there Is a proper identification of the
The stockholders of the B-owery & East River National
borrower and a fair explanation of the need for the loan and Bank of this city on Jan. 11 elected M. Narizzano, Adolph
Its possible repayment by the borrower. Should the work Schapira and Emanuel Gerli to the board of directors rebecome too involved on any particular day by reason of placing J. Rapoport, W. S. Jaeckel and G. J. Baumann, retoo many applicants at any one office for the clerical force signed. L. Berizzi and G. Girardon, heretofore President
to handle properly, a limited number will be cared for each and Vice-President, respectively, of the Italian Discount
day and the other, applicants asked to return at another and Trust Company, which was converted into the Disconvenient time.
count National Bank, and will presently operate its three
banking offices as branches of the Bowery & East River,
At the annual stockholder-s' meeting on Jan. 11 of the
were appointed Vice-Presidents of the institution. All other
Seaboard National Bank of the City of New York, the re- retiring directors were re-elected.
tiring board of directors, as follows, was elected for the ensuing year.
Stockholders of the Nassau National Bank of Brooklyn on
Jan. 11 ratified the plan of the directors (referred to in these
pages on Dec. 18) to 'increase the capital of the bank from
$1,500,000 to $2,000,000 by the sale of 5,000 additional shares
of stock at $200 a share, on the basis of one new share for
each two shares now held, according to the Brooklyn "Eagle"
of that date. At the meeting the entire board of directors
was re-elected.
An interesting feature of the stockholders' meeting at the
Westchester County National Bank of Peekskill, N. Y., on
Jan. 11 was the re-election as a director of Thomas Nelson
Jr., the grandson of an original stockholder in the bank in
1833, Congressman William Nelson, and in whose office
Chauncey M. Depew, the oldest depositor of the bank,
At the annual election of officers of the Seaboard National studied law. The stock has been held continuously for
Bank on Jan. 13, the following changes in the official 95 years by three generations of Nelsons, grandfather, father
personnel were made:
and son. Other directors re-elected were William Delavan
John A. Burns, formerly Vico-President and Trust Officer, now a Baldwin, Chairman of the board of directors of the Otis
Vice-President.
Elevator Co.; Martin Nilsson, research engineer of the
William A. B. Ditto, formally Assistant Cashier, now Assistant ViceFleischmann Yeast Co.; William L.Dyckman,retired farmer;
President.
Frank E. Frazier, Assistant Vice-President (new).
and Cornelius A. Pugsley, President; Chester D. Pugsley,
Egbert V. Nelson,formerly Assistant Trust Officer, now Trust Officer.
Vice-President, and Frederick I. Pugsley, Cashier. The
Willard Schenck, Assistant Cashier (new).
Jr., Assistant Cashier (new).
bank showed net earnings of 227% on the capital stock for
George Kellogg Rose
Wyliys P. Ames, Assistant Cashier (now).
the year 1926, and has a capital of $100,000 and surplus of
Charles C. Fagg. Assistant Cashier (new).
$500,000. The old stock ledger in continuous use for 95
The following were also appointed Assistant Managers years was again used at the meeting for a record of stockof the Foreign Department:A. C. Stousland, and John R. Lynch.
holders and their holdings. Six other present stockholders
P. McGovern, H. R. Robinson,
of the bank go back in their own families to the organization
The Harriman National Bank of New York announces the of the bank in 1833.
bank:
election on Jan. 11 of the following as directors of the
On Jan. 1 Frank A.Boswort- h,a Vice-President of the First
Louis
George M. Gales, President of Louis K. Liggett Co.;
J. A. McKay, Bank 85 Trust Co. of Utica, retired from active business
M. Weiller, President of Weber & Heilbroner;
Publishers; and William A. after 54 years of continuous banking service, according to
:
President of the Angus Co,
Chellis A. Austin, President.
Elliott Averett, New York.
Edward .7. Barber, President, Barber
Steamship Lines.
Howard Bayne, New York.
Henry S. Bowers, Goldman, Sachs & Co.
Harry Brenner, Blair & Co., Ino.
H. D. Campbell. Vice-President.
Harold Benjamin Clark, White, Weld &
Co.
3.5. Coffin, Chairman, Franklin Railway
Supply Co., Inc.
Delos W. Cooke, New York.
Edward J. Cornish, President, National
Lead Co.
Louis N. DeVausney, Vice-President.
Franklin D'Olier, Vice-President, Pendential Insurance Co. of America.
Charles G. DuBois, Chairman of the
Board, Western Electric Co.
Frederick F.Fitzpatrick, President Amerlean Locomotive Co.
Henry C.Folger, Chairman, Standard Oil
Company of New York.
Bennett L. Gill, Terrell, Texas.
Edward H. R. Green, President, Texas
Midland RR.
George W.Hill, President, American Tobacco Co.
John L. Kemmerer, Chairman, Whitney
& Kemmerer, Inc.
Eigood C. Lufkin, New York.
Charles D.Makepeace, Vice-President.
Peter McDonnell, General Agent, Trans
atlantica Rallana SS. Co.
Theodore F. Merseles, President, Mont
gomery Ward & Co.
Albert G. Milbank, Masten & Nichols.
John J. Raskob, Vice-President, E. I.
DuPont tie Nemours & Co.
Joseph Seep, Chairman, South Penn Oil
Co.
B. Stern, Vice-President.
C. C. Thompson, New York.
Henry Whiton, President, Union Sulphur
Co.
JAN. 15 1927.]
THE CHRONICLE
the Utica "Press" of that date. On Dec. 31 his associates
at the bank presented him with a sterling silver pitcher and
tray suitably inscribed. Mr. Bosworth, who is seventy-two
years of age, purposes to spend his remaining years in rest
and travel, it is said. He will, however, maintain his connection with the bank as Chairman of the investment committee and as a director.
Recently the First Bank & Trust Co. formally opened its
handsome new building at the corner of Genesee and Elizabeth streets, when between the hours of 2:00 p. m.and 10:00
p. m. more than 15,000 persons visited the institution.
Souvenirs in the form of a booklet containing an interesting
historical sketch of Utica and of the bank, which was founded
in 1812, were distributed. Since Sept. 27 last (as noted in
our Oct. 9 issue, page 1837), the institution has been operating as the First Bank & Trust Co.; prior to that time it was
known as the First National Bank. Coincident with its
change of title the Oneida County Trust Co. was merged with
the institution and is now a branch office of the First Bank &
Trust Co.
333
Department, Hollis M. Gott; Manager, Safe Deposit Vault,
William H. Ballard and Actuary, Leonard E. Elms.
At the annual meeting of The Hampshire County Trust
Company, Northampton, Mass., Ralph W. Hemenway,
President Coolidge's partner, of the firm of Coolidge and
Hemenway, was elected Second Vice-President. The officers re-elected were: President, Gordon L. Willis; VicePresident, John W. Mason; Treasurer, Arthur B. Witherell;
Manager, Savings Dept., Harold R. Newcomb; Manager,
Service Dept., Ruth D. Stockwell. Roger Warner, of A. C.
Warner & Sons, cattle dealers in Sunderland, and Charles
E. Clark, President of the Haydenville Savings Bank, of
Haydenville, Mass., were added to the board of directors.
A. prosperous year is reported by the bank.
Philip Wilson of Haddonfield, N. J., a director of the Central Trust Co. of Camden, N. J., was elected President of
that institution on Jan. 11, succeeding F. S. Simmons, who
retired from active business on Jan 1, according to the
At the stockholders meeting of the First National Bank of Philadelphia "Ledger" of Jan. 12. Mr. Wilson is a brother
Boston Jan. 11, Homer Gage, President of the Crompton & of Rear Admiral Henry B. Wilson, of the United States
Navy.
Knowles Loom Works of Worcester, Mass., and Joseph A.
Skinner, Treasurer of William Skinner & Sons of Holyoke,
Announcement was made in Philadelphia this week that
Mass., were added to the board of directors. During the a syndicate headed by Wm. Fulton Kurtz, President of the
year George C. Lee, of Lee, Higginson & Co.; Wilmot R. Colonial Trust Co. of Philadelphia, and Anthony G. Felix,
Evans, President Boston Five Cents Savings Bank, and Vice-President of the Peoples Bank & Trust Co. of that city,
Henry J. Fuller, of Aldred & Co. of New York, were elected has acquired substantial stock holdings in the Peoples Bank
to fill vacancies. All directors were re-elected at the annual & Trust Co. These holdings, with other stock connected
meeting. All the officers were elected and in addition with the syndicate, represent virtual control of the People's
A. C. Maim and R. D. Birch were made Assistant Trust Bank. A plan for the merger of the two banks was apOfficers.
proved on Jan. 10 by the board of directors of both instituThe annual meeting of the stockholders of the First tions. As the Peoples Bank owns a large majority of the
National Corporation was held on Jan. 11. The directors, stock of the Excelsior Trust Co. of Philadelphia, that insticonsisting of Edwin P. Brown, Robert F. Herrick, Henry tution will shortly be included in the consolidation. The
Fornblower, John R. Macomber, Allan M.Pope, Charles G. detailed plan of the merger, involving an exchange of Peoples
Rice, Bernard W. Trafford, Edwin S. Webster, Albert B. Bank & Trust Co. stock for stock of the new company, which
Wells, Daniel G. Wing were re-elected, and W.H.Potter, Jr., will keep the name of the Colonial Trust Co., will shortly
Vice-President of the First National Corporation, was added be presented to the stockholders for their approval. From
to the list of directors. At the annual meeting of the board the published financial statements at the close of the year,
of directors of the First National Corporation the following the new bank, when the merger is effected, will have capital,
officers were re-elected: Daniel G. Wing, President and surplus and profits in excess of $4,000,000, deposits of over
Chairman of the board; Allan M. Pope, Executive Vice- $36,000,000 and total resources of more than $42,000,000.
President; William H. Potter, Jr., Alexander Henderson, The three institutions involved in the merger have a total
James Coggeshall, Jr., Arthur C. Turner and Nevil Ford, of approximately 65,000 depositors. When ratified by the
Vice-Presidents; Charles T. W. Tigh, Treasurer (by stock- stockholders, the merged institution will have the following
holders); James S. Baker, Assistant Treasurer; Arthur B. senior officers: Wm. Fulton Kurtz, President; Anthony G.
Kenney, Secretary; George B. Seager, Assistant Secretary.
Felix, Vice-President; Harry R. Robins, Vice-President;
The following appointments were made by the board of Walter T. Grosscup, Vice-President and Treasurer;- Henry
directors:
B. Reinhardt, Vice-President; Frank C. Eves, Vice-PresiPhilip A. Russell, Manager New York office.
dent; and William M. West, Vice-President and Title Officer.
L. Meredith Maxson, Manager acceptance department, New York.
The Colonial Trust Co. was established in 1899 and was
Louis G. Mudge, Manager Chicago office.
originally located at 2020 Chestnut Street, moving to its
George E. Wisner, Manager Cleveland and Detroit offices.
Winthrop E. Sullivan, Assistant Manager Chicago office.
present location at Thirteenth and Market Streets in 1905.
Howard P. Richardson, Manager Philadelphia office.
The Peoples Bank & Trust Co. was established in 1915 as the
Ralph Irving, Manager trading department. New York.
Gerard Collier, Sales Manager. Boston office.
Peoples Bank. Since then it has absorbed several smaller
R. Parker Kuhn, Assistant Manager, New York.
institutions and has enjoyed a marked growth. In 1924 it
William D. Eckerson, Assistant Manager, New York.
moved its head offices to its handsome banking building at
Robert A. Love. Assistant Manager, New York.
James B. Dobbins, Comptroller.
20 South Fifteenth Street. Both banks are members of the
• Howard M. Jefferson, Assistant to the President.
Federal Reserve System. It is understood that all the presThomas Coggeshall, Assistant to the President.
banking offices of the institutions will be maintained,
The following special appointments were made by the ent
with the head executive office at the 15th Street location;
Executive Vice-President:
and that there will be no major changes in either the policy
Harold B. Farrar, Assistant Comptroller.
or the operation of the banks.
Edmund R. Davis, Manager statistical department, Boston.
John T. Baldwin, Assistant Sales Manager, Boston.
The stockholders of the Exchange Trust Co. of Boston at
their annual meeting on Jan. 11 authorized the proposed
increase in the capital of the institution, raising it from $1,000,000 to $1,250,000 (referred to in the "Chronicle" of
Jan. 1, page 64) by the issuance of 2,500 additional shares
of stock of the par value of $100 per share, according to the
Boston 'Transcript" of Jan. 11. As the new stock will be
sold at $200 a share, the surplus of the bank will also be
increased by $250,000. Officers were elected at the meeting
as follows: President, John J. Martin; Vice-Presidents,
G. Wallace Tibbetts, Robert E. Fay, Herbert S. Frost and
John J. Martin Jr.; Secretary, Francis H. Benson; Assistant
Secretary and Trust Officer, John E. Gilchrist; Assistant
Secretaries, Myron W. Tewksbury, Fred J. Hellenbrook,
Clarence L. Weaver, Arthur M. Wheeler and Harry F. Murphy; Treasurer, Frederick T. Monroe; Assistant Treasurers,
William H. Healey and Jerome F. Crowley; Cashiers, George
H. Cummings and Francis X. Blackwell; Manager, Bond
The capital and surplus of Bankers Trust Co. of Philadelphia, which began business Jan. 3rd, having taken over
Bank & Trust Co. of West Philadelphia, with approval of
stockholders at a meeting called for March 21, will be
increased from $1,000,000 capital, $250,000 surplus, to
$2,000,000 capital, and $500,000 surplus. On a resolution
of the Board of Directors of the company at a special meeting
held Jan. 10, it is proposed that the additional 20,000 shares
sha I be offered pro rata at $62 50 a share, pa- $50, to
stockholders of record Mach 25, payment to be made
$12 50 a share March 31, and the balance in four like payments at the end of each succeeding month. Max Weinmann
has been elected a Vice-President. An item regarding the
organizatio of the Bankers' Trust Co. appeared in our
issue of Jan. 8, page 176.
Directors of the Lancaster Trust Co., Lancaster, Pa., on
Jan. 3 transferred $100,000 to surplus account from the
undivided profits, making the former item $1,700,000, or
334
THE CHRONICLE
[VoL. 124.
nearly seven times the bank's capital which remains at and Treasurer; C. H. Nourse and C. H. Merry were elected
$250,000. Deposits stand at $9,915,295 and total resources Assistant Managers of Sales; Anthony Von Wening was
at $12,092,320. The trust company was chartered in 1889 elected Assistant Secretary and Assistant Treasurer.
and commenced business on March 10 1890.
The 15th annual report o-f the Central Manufacturing
At the annual meeting of the Mellon National Bank of District Bank of Chicago, covering the twelve months ending
Pittsburgh, the following new directors were elected: Howard Dec. 31 1926 shows total resources of $12,885,021 (as corn
Heinz, President, H. J. Heinz Co.; B. F. Jones, 3rd, Sec- pared with $11,862,576 for the same period of 1925) of
retary, Jones & Laughlin Steel Corp.; Wm. G. Warden, which loans and discounts amounted to $10,215,781 and
cash and cash items to $1,515,250. On the debit side of
Chairman of the Board, Pittsburgh Coal Co.
the statement, deposits are shown at $9,837,020, as compared
Chicago press dispatches reported the death yesterday with deposits on the same date the previous year of $9,693,(Jan. 14) of Ernest A. Hamill, Chairman of the board of 325. Net profits for the twelve months, after providing
directors of Illinois Merchants Trust Co. of Chicago. He for Federal and local taxes and making ample provision for
had been ill about a week.
special and employees' profit sharing reserves, the statement
In a letter to Elzy A. Garard, President of Garard Trust shows, were $203,257, and when added to $738,578, repreCo. of Chicago, Judge Louis B. Hart, Surrogate of the senting the balance to credit of profit and loss brought
County of Erie, New York, has this to say about Frank forward from the previous year, made $941,835 available
M. Hickok, the new Vice-President and Trust Officer of for distribution. After deducting from this sum $50,000
to pay regular dividends at the rate of 10% per annum and
the company mentioned:
Mr. Hickok's record here has been so progressive and so able that, $25,000 to pay two extra dividends at the rate of 23/2% each,
While I seldom comment on matters of this kind. I would like you and there remained a bal nce of $866,835, representing surplus
your people to know how highly this branch of the court regards your
and undivided profits as of Dec. 31 1925. At present the
new Vice-President.
To my mind the main problem connected with the operation of a trust bank has under construction and nearing completion a new
department in any banking instutition converges on the Trust Officer bank building, representing a total cost of approximately
himself. The public, dealing with trust companies, wants to have an
follows:
individual in mind. He must make a customer feel that a personal re- $450,000. The officers of the institution are as
lationship exists to the end that the individual may transact business Wm. N. Jarnagin, President; H. E. Poronto, David E.
with the institution with confidence and satisfaction.
Shanahan, Frank L. Webb (and Cashier) and C. R. Gray
Because of the able, intelligent and sympathetic service performed by
Mr. Hickok in this field, coupled with his happy faculty of winning and Jr., Vice-Presidents, and J. R. Rolley, F. C. Hoebel and
retaining the confidence and esteem of the Bench and Bar, I am certain S. M. Goldberg, Assistant Cashiers.
you have obtained in him an ideal officer to manage your trust department.
Mr. Hickok's record as trust officer, to which Judge Hart
referred, was made as Vice-President and Trust Cfficer of
the Marine Trust Co., Buffalo, N. Y., one of the 25 leading
trust companies in the country. Under his direction and in
only seven years, the business of this company grew from
a fairly modest proportion to a total of $575,753,244.
At the annual meeting of the stockholders of the Illinois
Merchants Trust Co. on Jan. 6, Charles W. Nash, President
of the Nash Motors Co. of Kenosha, Wis., William H.
Mitchell of Mitchell, Hutchins & Co., and Eugene M.
Stevens, Vice-President of the bank, were added to the
Board of Directors. Other directors were all re-elected.
The promotion of a number of officers and employes of the
Illinois Merchants Trust Co. was announced on Jan. 7
following the annual election by the Board of Directors.
John J. Mitchell, President, and the other officers were
re-elected. T. J. Bryce, formerly Assistant Manager, was
made Manager of the Bond Department, and B. R. Brindley,
Assistant Manager. In the Trust Department, C. G. Sedgwich was added to the staff of Assistant Secretaries, and
W. F. Baltz was promoted to Assistant Manager of the
Foreign Banking Department. F. E. Bates, formerly
auditor, and R. E. Vogel were both made Assistants to
Vice-President; William Woodward was made Auditor, and
M. I. Ronning, Assistant Auditor.
At the annual meeting of the stockholders of the Continental & Commercial National Bank of Chicago on Jan. 11,
Charles F. Glore, member of the firm of Marshall Field,
Glore, Ward & Co., was added to the directorate. J. Ogden
Armour resigned from the boards of the Continental & Commercial Banks and his place is filled by the election of PhilipD. Armour, First Vice-President of Armour & Co. The
board of directors of the Continental & Commercial National
Bank elected Carl A. Birdsall, Assistant Cashier, to the
office of Second Vice-President, and E. Mansfield Jones was
made Comptroller.
At the meeting of the stockholders of the Continental &
Commercial Trust & Savings Bank, Philip D. Armour and
George F. Getz, recently elected to the board of the Continental & Commercial National Bank, were elected to the
directorate. The directors elected William P. Kopf, Secretary, to the office of Vice-President; Everett R. McFadden,
Assistant Secretary, was made Secretary, and Harold P.
Smith, L. C. Davis and R. M. Kimball were promoted to
the positions of Assistant Secretary of the Trust Department
of the Continental & Commercial Trust & Savings Bank.
Philip D. Armour was elected to the board of .the Continental & Commercial Co., and the following official changes
were made at a meeting of the board of directors: Howard D.
Whitehouse was promoted froni the position of Secretary to
that of Second Vice-President; Edward Schranz, Jr., Man,
ager, Municipal Department, was also elected Second VicePresident; Walter J. Engle, Treasurer, was made Secretary
At the annual meeting on Jan. 11. of the stockholders
of the Union Trust Co., Chicago, Warren Wright Jr., President of the Calumet Baking Powder Co., was elected to
the board of directors. Following the stockholders' meeting,
the board of directors announced the following promotions
and new additions to the present official staff:
C. B. Carter,from Assistant Cashier to Assistant Vice-President. W.A.
Zimmerman, Assistant Cashier. M. H. Thies, Assistant Cashier. C. J.
Maurer, Assistant Cashier. E. S. Clark, Assistant Cashier. R. S. Carr,
Assistant Cashier.
The directors also voted to transfer $1,000,000 from
undivided earnings to surplus, making the surplus $4,000,000.
wson,
The Union Trust Co., according to Frederick H.
Chairman of the Board, has just closed its most successful
year. During the past five years deposits have grown
from $42,000,000 to approximately $75,000,000. The combined capital and surplus is now $7,000,000.
The organization of the Peoples Securities Co. was authorized by the directors of the Peoples Trust & Savings Bank,
Chicago. Capital and surplus will be $125,000. The stock
will be held in trust for the benefit of the bank's stockholders.
Rogers & Tracy of Chicago announced on Jan. 12 that
they have completed negotiations resulting in the acquiring
of a substantial interest in the Austin National Bank by
several prominent Chicago bankers. The policy of the bank,
it is stated, will remain the same'. The new interests will
be added to the old management for the furtherance of the
bank's progress. The growth of the Austin National Bank
made necessary the commodious new building last year.
To properly care for this increasing business, several additions were made at the annual meeting to the directorate
and the official staff. The old directors have been re-elected
as follows: M. J. Collins, J. F. Cahill, Geo. M. Leathers,
T. MacArthur, P. Miller, • W. B. Templeton, G. R. E.
Williams, D.D.S., Fred A. Thulin, J. H. Gormley, Dr. Chas.
E. Humiston and A. H. Clement. The following new
directors have been added to the board:
James J. Pesicka, Pres. Depositors State Bank; Edward Popper, Pres.
E. Popper Iron Co.; E. J. A. Gold, Pres. Stockmen's Trust & Savings
Bank; Van F. Ridgway,Pres. Ridgway-Quest Paint Co.; Frank M.Sanders.
contractor and builder; Thos. F. Chamberlain, V.-Pres. Depositors State
Bank.
The following are the officers elected for the ensuing year:
M. J. Coffins, Chairman of Board; Thos. F. Chamberlain,
President; G. R. E. Williams and Frank M. Sandera, VicePresidents; J. F. Cahill, Vice-President and Cashier; P. V.
Barmore and A. J. Kouba, Assistant Cashiers; Joseph A.
Graber, Trust Officer..
Among the changei which occurred in the Chicago loop
banks at this week's annual meeting, which are not elsewhere
noted in these columns to-day were the following:
The Chicago Title & Trust Co.—Elected Donald Riley as a Vice-President
and gave a similar office to M. J. Kautzky. Harlan W. Cooley was made
Assistant Trust Officer.
Chicago Trust.—Elected Avery Brundage, director; C. W. Blackwell.
Vice-President;IT. II. Gilightly and H. M. Batson, Second Vice-Presidents
JAN. 15 1927.]
THE CHRONICLE
Harold G. Townsend, Trust Officer; Edward K. Welles, Assistant Manager;
A.Duner,Cashier; Leslie B. McMahon,Auditor; T. H.Jenkins,Assistant
Secretary, and James A. Woodburn, Assistant Manager Bond Department.
First National Bank.—Elected James B. McManus and Alfred B. Johnson as Vice-Presidents; Carl E. Schinner, Assistant Cashier.
First Trust & Savings.—Elected Roy R. Marquardt, Assistant VicePresident; Austin Jenner, Assistant Cashier; John D. Pollock, Assistant
Manager.
Foreman National.—Elected Robert Lehman and Edwin Stanley
directors.
Foreman Trust & Savings.—Elected Robert Lehman and W. Edwin
Stanley directors.
First Trust Joint Stock Land Bank.—C. B. Jennett, Vice-President.
Guardian National.—Lyle H. Dayhoff, William A. Galvin, Irwin T.
Gilruth, and Fred L. Holzer, directors.
Harris Trust & Savings.—Gilbert H. A. Rech, Vice-President; Harry A.
Weese, Treasurer; Harry A. Brinkman, Cashier; Guy E. Reed, Assistant
Vice-President; Joseph B. Mitchell and E. W. Ohman, AssistantCashiers;
B. H. Brunkhorst, Comptroller; Rufus R. Jeffrls, Publicity Manager.
Illinois Merchants Trust Co.—T. J. Bryce was elected Manager of the
Bond Department; B. R. Brindley, Assistant Manager of the Bond Department; C. G.Sedgwick, Assistant Secretary; W.F.Baltz, Assistant Manager
ofthe Foreign Banking Department;F.E.Bates and R.E. Vogel,Assistants
to Vice-President; William Woodward, Auditor and M. I. Ronnong,
Assistant Auditor.
Northern Trust.—Andrew B. Caswell, Vice-President; Charles M.
Nelson, Lewis L. McArthur Jr., David B. McDougal, Lanning Macfarland
and Herman D. Smith, Second Vice-Presidents: John A. Prosser and
William Waddell, Assistant Cashiers; Arlen J. Wilson and Frederick S.
Booth, Assistant Secretaries. Let G. Morris, Manager.
National Bank of the Republic.—Elected Raymond F. McNally as a
Vice-President and director; William R. Schuster and William H. Miller,
Assistant Vice-Presidents; David M. Sweet, Assistant Cashier.
Peoples Trust & Savings.—Cyrus McCormick, Jr., director.
State Bank of Chicago.—R. R. Reeder, Jr. was elected Manager of the
Credit Department; Edward J. Engel, director.
Transportation Bank of Chicago.—John C. Watson, Newton Jenkins,
George C. Jewett. A. B. Leeper, and William C. McQueen, directors.
335
Stony Island State Savings.—Robert A. Bain and Terrence F. Golden.
directors; W. Alcrie Fisher, Vice-President.
Southwest Trust & Savings.—Leonard C. Reid, director; Crescent P.
O'Connor, Cashier; J. L. Henenan, Assistant Secretary.
State Bank of West Pullman.—Aubrey L.Sikes and Kazimier Kolomyski.
directors.
Stockyards National.—S. T. Kidd°, Chairman; F. H. Prince and 0. T.
Henkle, directors; Charles N. Stanton, President; H. I. Tiffany, VicePresident.
Stockyards Trust & Savings.—S. T. Kiddo,Chairman; H.E.Poronto and
0.T. Henkle,directors; J. T.Mangan, Vice-President; R.M.Zehr, Cashier.
Second North-Western State.—Charles E. Elsner, Cashier; H. E. Shoskey, Secretary.
Sixty-Third & Halsted State Savings.—Arthur H. Dehning, director.
' South Chicago Savings.—William Lederer, director; Harry Kriewitz.
Assistant Cashier.
West Englewood Trust & Savings.—George Herrmann Jr. elected director; James Bland, manager of bond department.
Washington Park National.—Byron G. Graff, director.
West Side National.—Gred G. Litsinger, director and Vice-President;
Albert Peck Sr., Vice-President.
West Englewood Trust & Savings.—James A. Bland, manager.
Western StEite of Cicero.—Henry F. Tykal and William Schick,directors;
John E. Jedian, Assistant Cashier. .
We beg to advise that, at a meeting of the Board 0;
Directors of the South Texas Commercial National Bank of
Houston on Jan. 11, held to-day, the following officers were
elected and appointed:
James A. Baker, Chairman of the board; S. M. McAshan, President;
E. F. Gossett, First Vice-President; Wm. S. Patton, Vice-President &
Trust Officer; Geo. Ellis, Jr., and R. H. Hanna, Vice-Presidents; Jno.
Dreaper, Vice-President and Assistant Trust Officer; Jno. M. Dorrance,
and F. A. Heitmann, Vice-Presidents; E. P. Stallings, Cashier; Ben W.
Ralston and E. W. Vogelpohl, Assistant Cashiers.
Effectiv3 Dec. 28, the Merchants' National Bank of St.
We also indicate as follows changes among the banks in Cloud, Minn. went into voluntary liquidation, the instituthe outlying Chicago districts.
tion having been absorbed by the American National Bank
Albany Park National.—Frank Camp, Vice-President; Ernest C. Nagel, of the same place. The acquired bank was capitalized at
Cashier.
$100,000.
Alliance National.—Mrs. Sophia Rushkewicz, director.
American State of Berwyn.—Dr. Frank Fara, director.
Ashland-Sixty-Third State.—W. F. Campbell, President; Walter Gillette, Vice-President.
Ashland State Savings.—Cedric Fountlerey and Joseph Bare, directors,
and Leon V. Maciejewski, Vice-President.
Bingo. State Bank.—A. H. Roberts Sr., Thomas R. Webb and R. A.
Williams were elected directors.
Belmont Trust & Savings.—Edward J. Prebis elected a director.
Broadway Trust & Savings.—Hayden Miller, Assistant Cashier.
Capital State Savings.—II. Itlnzelberg, director; Martin Katte, Assistant
Cashier.
Chayfield Trust & Savings.—Peter N. Seiler, director.
Chicago City Bank & Trust.—Robert E.L.Brooks,director; M.Goldman
Assistant Cashier.
Citizens State.—Louis Gardner, Cashier.
•
City National of Evanston.—Hurd Comstock, Vice-President.
City State Bank.—J.C.Johnson and Edwin G. Rellihen elected directors.
Cottage Grove State.—Walter E. Schmidt elected President and director;
Richard F. Evans, Assistant Cashier.
Columbia State Savings.—I, R. Ocheltree, Assistant Cashier.
Cosmopolitan State.—Nicholas J. Nelson, director, and Herman J.
Bleidt and Albert F. Madlener Jr., Assistant Vice-Presidents.
Depositors State.—Robert J. Mathias, Vice-Chairman; Walter Klarecki,
Manager; Conrad Staudacher, Manager.
Douglass National.—T. M. Smith and Leroy Johnson, directors.
Drovers National.—Elmer Edstrand and Frank M. Covert, Assistant
Cashiers.
Englewood State.—Albert B. Fulton, director; R.J. Mitchell, Vice-President; Edward E. Wyatt, Cashier, and Ralph W. Grunewald, Assistant
'Cashier.
Fidelity Trust & Savings.—H. N. Snapp, Assistant Cashier.
Howard Avenue Trust & Savings.—J. L. Zender, elected Vice-President;
V. W. I3ecking, Cashier.
Halsted Street State.—Henry Riess°, director.
Irving State Savings.—A. Z. Halperin, elected Vice-President.
Industrial State Bank of Chicago.—William C. Vodak, director.
Jackson Park National.—Frank M. McKay, President.
Kenwood National.—A: K. Brown, Chairman; Edwin S. Ford, VicePresident.
Keystone Trust & Savings.—Stockholders voted to change name of bank
to Keystone State Dank;E. W.Shellenberger was elected Assistant Cashier.
Kimbell Trust & Savings.—Lilly M. Hansen, Vice-President; R. James
Larson, Cashier; Herbert J. Scheffner, Assistant Cashier; John W. Visser.
.
Secretary; Alfred A. Mueller, Assistant Secretary.
Lake View Trust & Savings.—B. J. Steacy, Vice-President; W.A. Brucker, Cashier; E. C. Burmeister, Assistant Cashier.
Lincoln State.—John J. Cullen, Vice-President and Cashier.
Lincoln Trust & Savings.—H. C. Anderson, Vice-President; U. M.
Foerster, VicoPeident and Trust Officer; II. J. Brown and J. B. Bobzien.
Assistant Cashiers.
Lawrence Avenue National.—Lewis Glick and George I. Pilat, directors,
and Fred H. Massman, Vice-President.
Liberty Trust & Savings.—James E. Tecker and Edward E. Brown elected directors; Maurice Schwartz and J. W.Thompson,Assistant Cashiers.
Mayfair State Savings.—Joseph J. Quinn and Eugene W. Kaspar, VicePresidents.
Marquette Park State.—B. W. Willard elected director.
Madison & Kedzie State.—William F. Gleason, director; S. Springer
sales manager and Assistant Cashier.
Madison Square State.—Charles Rohn and C. E. Stimming, Vice-Presidents; S. P. Tomaso, Cashier.
North Center Trust & Savings.—George W. Blomgren, director.
North Austin Trust & Savings.—Christ Serum and Lester W.Shelhamer,
directors.
Prudential State Savings.—L. W. Ernst, Dr. Sylvio Sciarretta and
Charles E. Finki, directors.
Pullman Trust & Savings.—Albert E. Price and Leslie E. Roberts elected
Assistant Cashiers; William W. Craig, Assistant Secretary.
Rogers Park National—Mrs. Anna E. Kelsey. manager.
Roosevelt State.—Louis W. Frank, director.
A special dispatch from Tulsa, Okla., to the "Wall Street
Journal" on Jan. 12, stated that the stockholders of the First
National Bank of Tulsa at their recent annual meeting had
increased the capital of the institution from $1,000,000 to
$2,000,000, with surplus of $500,000, and had authorized the
establishment of a new institution to be known as the First
Trust & Savings Bank with capital of $1,000,000. They
further authorized, the dispatch stated, an addition to the
board of directors of the First National Bank of Tulsa of
sixteen new members. Grant R. McCullough, for several
years President of the First National Bank, was elected
Chairman of the Board, succeeding R. P. Brewer, who was
elected President, in lieu of Mr. McCullough. H. 0.
McClure, President of the Atlas Life Insurance Co. of Tulsa,
was elected Chairman of the Board of the new First Trust
& Savings Bank,while Colonel P.J.Burley,former President
of the Gilliland Oil Co., was chosen President and Trust
Officer. The dispatch further stated that the Title Guarantee
& Trust Co. of Tulsa will be taken over as a nucleus of the
First Trust & Savings Bank.
The Bank of Italy (head office San Francisco) recently
announced the opening of new quarters for the bond department on the third floor of the Bank of Italy Building,
Seventh and Olive Sts., Los Angeles.
At the annual meeting of the stockholders of the Wells
Fargo Bank & Union Trust Co.of San Francisco held on Jan. 6
two new directors were elected, according to the San Francisco "Chronicle" of Jan. 7. They are R. S. Shainwald
General Manager of the Paraffine Companies, Inc., and
Claus Spreckels, who succeeds his father, the late John D.
Spreckels. The only change made in the personnel of the
bank by the directors at their meeting, it is understood, was
the election of Herman Feldheym formerly of the Union
Trust Co. branch, as an Assistant Cashier. Mr. Feldheym
has been with the bank for twenty-two years, starting as a
bookkeeper. At the same meeting of the stockholders, it
was stated, the incorporation of a subsidiary institution to
be known as the Wells Fargo Investment Co., with capital
of $900,000 and surplus of $90,000, was approved. The
capital, it was stated, would be furnished from the undivided
profits of the bank and each stockholder would own onetenth share in the new company for each share of bank stock
owned. The auxiliary, it was stated, is to be formed solely
to execute business allowed by State charter, not now
allowed under the national charter of the bank. The
"Chronicle" quoted F. L. Lipman, President of the Wells
Fargo Bank & Union Trust Co., as saying that the bank
had had an eminently satisfactory year's business and that
conditions,in his opinion, were sound and had every evidence
336
of continuing. The bank's statement, as of Dec. 31 1926,
the "Chronicle" went on the say, shows an increase of
$7,250,000 in assets over a year ago, making its present resources $152,561,948. Capital remains at $9,000,000 and
surplus at $5,000,000, while undivided profits have increased
from $2,925,839 to $3,289,574.
The annual meeting of the h- olders of beneficial certificates
of the First National Bank of Los Angeles, the Pacific-Southwest Trust & Savings Bank and the First Securities Company, was held on Jan. 7. The annual stockholders' meetings of the institutions in the First National-Pacific-South
west Banking Group, will be held as follows: Pacific-Southwest Bank, Jan. 18; Los Angeles Trust & Safe Deposit Co.,
Jan. 18; First National Bank, Jan. 19; Bankers' Equipment
Co., Jan. 19; and First Securities Co., Jan. 20. In his
annual report, Henry M. Robinson, President of the First
National, and Chairman of fhe Board of the Pacific-Southwest Bank, pointed out that the banking group is typically
a California institution. Of the 2,697 certificates outstanding, 94.3% are held in California, with an average number
of shares per holder of 26, while the percentage of sharesheld
outside of the State is only 5.7%, with an average number
of shares per holder of 24. An increase in the aggregate resources of the three institutions from $305,402,666 on Dec.31
1925, to $324,016,987 on Dec. 31 1926, was reported to the
certificate holders. The increase in deposits of the First
National for the same period was $3,003,678; of the PacificSouthwest, $11,607,673, while the capital and surplus of the
First Securities Co. was increased from $600,000 to $1,100,000.
The San Francisco "Chron- icle" of Dec. 31 stated that
negotiations on the part of the Bancitaly Corporation (the
holding company of .the Bank of Italy) to purchase stock
control of the Commercial & Savings Bank of Stockton,
Calif., had been completed on Dec. 30, according to a statement given out by John Raggio, a Vice-Pesident of the
institution. Continuing, the "Chronicle" said:
Raggio stated that the Bandtaly Corporation has offered $220 a share for
control or all of the 7,500 shares, and that figure is so fair that officers and
directors expect the purchase of all of the stock. Bancitaly's agreement to
purchase was based on Raggio's ability to deliver 5.000 or more shares.
Raggio states that the directors and officers of the bank have signified
their willingness to sell and that they now have stock control of the bank,
thus assuring Raggio of the ability to deliver the necessary amount of stock.
If Bancitaly secures all the stock, it will pay local stockholders $1,650,000.
If it secures only the 5,000 shares agreed upon, it will pay $1.100,000. The
agreement, however, specifies that Bancitaly will take all the stock if its
$220 per share offer is accepted by the 300 individual stockholders.
Sale of the stock will not necessitate a change in the personnel of the
bank, said Raggio.
In a letter to the stockholders, C. W. Hawks, Cashier of the bank, explains the Bancitaly offer and seta forth instructions if the individual stockholders desire to dispose of their stock. Bancitaly will accept the stock at
the stated price at any time within ninety days, according to Raggio.
With the delivery of the stock to the Bancitaly offices in San Francisco,
negotiations extending over a period of more than a year will be concluded.
Out of the negotiations, Bancitaly will have purchased stock control of the
Commercial and Savings Bank, the First National Bank of Manteca and
the Calaveras County Bank of Angels Camp. The two latter transactions
were closed earlier this week.
The Bank of Italy has also purchased the Bank of Concord and will take
over the institution shortly after the first of the new year,it was announced
yesterday by J. F. Busey, President of the Concord Bank. The local bank
was established in 1901 and has a capital and surplus of $75,000 and total
resources of $700.000. The Concord Bank is the second bank in Contra
Costa County to be purchased by the Bank of Italy this month. Two
weeks ago It purchased the Bank of Pittsburgh.
A healthy condition in Brit-ish trade; notwithstanding the
retarding influence of the coal strike, is indicated in the
annual statement of condition and earnings of Barclays
Bank Limited of London for 1926, received by cablegram on
Jan. 11 by the New York representative of the bank at 60
Wall Street. Aggregate resources, as of Dec. 31 last, stood
at $1,742,190,337 compared with $1,741,390,553 at the end
of 1925, both figures being translated into dollars at the
rate of $5 per pound sterling. Net profits, of the bank during the year amounted to $12,134,810, an increase of $686,630 over the $11,449,180 reported for 1925. As was the case
in the preceding year the reserve fund has been increased
by $5,000,000 and now stands at $51,250,000. Dividends of
10% on the Class A stock and of 14% on the Class B and
Class C stocks are declared, duplicating the 1925 payments. The continued activity of British trade is reflected
In the changes that have occurred in Barclay's Bank's statement as follows: Bills discounted increased from $160,144,236 at the end of 1925 to $183,086,397 as of Dec. 31 last,
while advances to customers and other accounts rose from
$765,142,426 to $777,273,975. Deposits of the bank now
stand at $1,549,418,453 as compared with $1,531,299,081 at
the end of 1925, an increase of approximately $17,000,000.
[VOL. 124.
THE CHRONICLE
THE WEEK ON THE NEW YORK STOCK EXCHANGE.
The stock market has been somewhat irregular and
uncertain during the present week and alternate periods of
strength and weakness have characterized the trading.
Railroad issues under the leadership of the Northwestern
group have at times been moderately firm, and oil stocks
have had occasional period of considerable strength, but the
general trend of prices has been downward. The outstanding
feature of the market on Saturday was the sensational
performance of American Telephone & Telegraph Co. stock
shot forward more than four points to a new record high
following a one point rise on the previous day. Railroad
shares also moved to higher levels, the Northwestern stocks
again assuming the lead,followed by Rock Island, Southern,
Atchison, Atlantic Coast Line and New York Central. High
priced industrials came in for a liberal share of attention,
J. I. Case Threshing Machine Co. selling around 149, and
Allied Chemical & Dye rose about 4 points above its previous
close. Commercial Solvents B. which had, possibly, the
widest movement in this group bounded forward 7 points to a
new high record at 240. United States Steel common was in
active demand throughout the day and closed at 158 and
United States Cast Iron Pipe & Foundry advanced nearly
2 points. The market maintained its strong tone as trading
was resumed on Monday,fresh buying late in the afternoon
keeping the market fairly buoyant until the close. Interest
centered largely in the oil stocks, though there was considerable demand for railroad shares and low priced automobile
stocks and rubber tire issues. Railroad stocks continued in
demand, Northern Pacific having the largest gain, followed
by Chicago & North Western, Rock Island and Pennsylvania,
the latter moving to the peak of the present movement and
Rock Island making a new top at 74. American Smelting
made a brisk advance of over 2 points and Pan-American B
was the outstanding strong stock in the oil group.
Considerable irregularity characterized the movements
of the market on Tuesday, some groups of share properties
turning weak while others displayed moderate strength,
though the general trend except for occasional rallies was
toward lower levels. Motor shares were particularly weak,
especially Nash Motors and General Motors and such issues
as J. I. Cash Threshing Machine, Woolworth, du Pont and
American Smelting sold off sharply. The only strong stock
in the railroad list was Pennsylvania, which made a new high
above 57. The market was again irregular on Wednesday,
the downward trend of the morning being partially reversed
in the afternoon. Atchison continued to move forward and
Pennsylvania sold at its highest peak since 1916. Some of
the oil shares were in steady demand, Barnsdall reaching a
new high level and Atlantic Refining made a gain of 2 points,
though part of this advance was lost later in the day. The
feature of the trading on Thursday was the activity of the
oil shares, which were in good demand during most of the
day, though the gains were not particularly large. Some
railroad stocks continued to improve, especially Lehigh
Valley, which.shot upward 5 points to a new top at its high
for the day. Commercial Solvents made a new high on a
gain of 5 points to 255, but lost most of its advance later
in the day.
The outstanding feature of the trading on Friday was the
spectacular advance of Lehigh Valley, which bounded forward more than 11 points and closed at 1183i. The strength
of this stock stimulated interest in the railroad group and
substantial advances were recorded by Wheeling & Lake Erie,
New York Central, Delaware & Hudson and Pennsylvania,
the latter reaching top prices for the present movement.
Price movementsin the late afternoon, however,again turned
downward, and most of the market leaders closed at lower
levels.
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY. WEEKLY AND YEARLY.
Stocks.
Number of
Shares. ,
Railroad,
&c.,
Bonds.
State,
Municipal ,k
Foreign Bonds.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
800,965
1,404,476
1,306,871
1,358.936
1,380,057
1,335,500
15,707,000
9,866,000
8,816,500
10.120,500
13.216.000
10,916,000
$3,450,000
5,828,500
4,667,200
5,192,000
6,253,000
4,556,000
$580,000
759,70()
1,861,600
974,900
1,897,700
1,480,000
Total
7,586,805
$58,642.000
829,946,700
$7,553,900
Week Ended Jan. 14.
United
Males
Bonds,
JAN. 15
1927.]
Sales at
New York Stout
Exchange.
THE CHRONICLE
Week Ended Jan. 14.
1927.
-No,of shares_
Stocks
Bonds.
Government bonds_ _ _
State and foreign bonds
Railroad At misc. bonds
1926.
Jan. 1 to Jan. 14.
1927.
1926.
10,574.057
14,557,512
21,419,737
37.553.900
29,946.700
58,642,000
$7.042,200
13,184.500
50.385.000
316,181,700
51.052,200
105,019.300
314,445,150
24.843.000
99,709,500
$96,142,600 870,611.700
Total bonds
7,586,805
8172,253.100
$138,997.650
DAILY TRANSACTIONS AT THE BOSTON. PHILADELPHIA AND
BALTIMORE EXCHANGES.
Boston.
Week Ended
Jan. 14 1927.
Philadelphia.
Baltimore.
Shares. Bond Sales. Shares. Bond Sales. Shares. Bond Sales.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
*14.943
812,000
•28.044
10,700
23.875
20.000
•24.733
11,150
23.392
34,000
12.168 14,000
Total
127.155
$101,850
24,337
42,526
39,227
32,828
28,937
18,221
$80,900
74,000
79,000
152,300
54.200
81,000
a680
01.607
a2341
a1,962
al.587
02,378
$10,000
35,200
31,000
26,600
22.400
43,000
186,074
3521,400
10,355
168,200
Prey. week revised 112.491
395.500 113.463 3298.900
1.928
117.600
•In addition, sales of rights were: Saturday, 21; Monday, 216; Wednesday, 1,844.
a In addition, sales of rights were: Saturday,828; Monday, 776; Tuesday, 12:
Wednesday, 401; Thursday, 316; FridaY, 555.
THE CURB MARKET.
There was no change in Curb Market trading from conditions prevailing the past few weeks. Prices moved without
any special trend and held to a narrow range. The volume
of business improved somewhat. Oil stocks were about the
only issues to show animation. Buckeye Pipe Line weakened from 463 to 45, but recovered to 47. Ohio Oil de%
clined from 61 to 595 and sold finally at 59%. Prairie
Pipe Line gained three points to 135 and closed to-day at
13434. South Penn Oil after loss of about a point to 38
sold up to 40. Standard Oil(Indiana)improved from 683/s to
703. Standard Oil (Ohio) common advanced from 3401
to 353. Vacuum Oil moved up from 96 to 98 and closed
3
to-day at 97%. Gulf Oil of Pa. improved from 9334 to
9634 and reacted finally to 95%. Elsewhere for the most
part conditions were quiet with price movements mixed and
of small moment. Victor Talking Machine continued to
attract attention as it has since the change in control. The
old stock after an advance from 155 to 15934 dropped to
15034 and sold finally at 152. The new common stock
made its appearance, sold up from 37 to 383/i and at 383
finally. Lehigh Coal & Navigation rose from 114 to 121
and closed te-day at 119. Marmon Motor Car after an
advance during the week from 52 to 54%, jumped to-day
8
to 58%,the close being at 5734. Rand Kardex also was a
%
strong feature, advancing from 593 to 68, the final figure
to-day being 6734.
A complete record of Curb Market transactions will be
found on page 363.
DAILY TRANSACTIONS AT THE NEW YORK CURB MARKET.
STOC KS (No. Shares).
Week Ended Jan. 14.
ind&Misc
00.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
59,504
152,990
118,656
134,231
44,760
124,555
61.850
124,740
180,480
110,820
117,010
170,860
Total
634,696
765,760
BONDS (Par Value).
Mining. Domestic. For'n Govt.
53.608 $1,497,000
71,611 2,845,000
118,030 2,315,000
68,432 2,476,000
93,905 2,752,000
101,010 2,926,000
$136,000
391,000
273,000
476,000
341,000
375,000
506,596 14,811,000 $1,992,000
337
The gold production of Ontario during the first nine months of the
present year has been returned by the Ontario Department of Mines as
1.122,873 ounces, valued at 823,158.679. compared with 1,085.749 ounces,
valued at $22,442,860 for the corresponding period of 1925.
SILVER.
The market, as usual at holiday time, has been quiet and business
naturally restrictedt China operators, pending the close of the year,
have not been much disposed to sell, although exchange rates with that
quarter have hardly advanced in correspondence with somewhat higher
silver quotations. America has been usually a seller at the fixed rate.
The Indian bazaars have continued to buy silver for shipment by this
week's "Bombay settlement" steamer, and had not completed their requirements by to-day; the value of silver, therefore, at the time of writing
has been well maintained.
Ontario's silver production for the first nine months of this year has been
officially returned as 6,918,775 ounces, as compared with 7.913,706 ounces
for the similar period of 1925.
United Kingdom imports and exports of silver during the week ended
the 22d inst. were:
ImportsExports
United States of America_ £102,845 France
£49,221
Other countries
15,779 Egypt
10.500
Bombay
11,607
Other countries
6.976
£118.624
£78,304
INDIAN CURRENCY RETURNS.
(/n Lacs of rupees.)
Dec.7. Dec. 15. Dec.22.
Notes in circulation
18790
18626
18169
Silver coin and bullion in India
10498
10460
10403
Silver coin and bullion out of India
Gold coin and buillon in India
2232
23'
.12
3
Gold coin and bullion out of India
Securities (Indian Government)
stio
8tW
isiti
Securities (British Government)
950
857
557
No silver coinage was reported during the week ended the 22d inst.
No fresh news has been cabled regarding the stock in Shanghai, which
on the 18th inst. consisted of about 68,600,000 ounces in sycee, 70,700.000
dollars, and 1.900 silver bars.
-Bar Silver, Per Oz, FineBar Gold,
Quotations During WeekCash.
2 Mos.
Per Oz. Fine.
24 11-16d.
Dec. 23
24 11-164.
845. 1134d.
243jd.
Dec. 24
24 11-16d.
84s. 11;id.
24 15-16d,
Dec. 28
247 d.
4
848. 113d.
24 15-16d.
Dec. 29
244d.
845. 11 Yid.
Average of above four days_ _24.828d.
24.781d.
84s. 11.86.
-day for cash and two months delivery are.
The silver quotations to
respectively, 3-164. and Hd. above those fixed a week ago.
COURSE OF BANK CLEARINGS.
Bank clearings the present week will show a decrease
compared with a year ago. Preliminary figures compiled
by us, based upon telegraphic advices from the chief cities
of the country, indicate that for the week ending to-day
(Saturday, Jan. 15) bank exchanges for all the cities of the
United States from which it is possible to obtain weekly
returns will be 7.3% smaller than those for the corresponding
Week last year. The total stands at $10,258,517,350,against
$11,066,183,219 for the same week in 1926. At this centre
there is a loss for the five days of 8.3%. Our comparative
summary for the week is as follows:
Clearings-Relurns 1111 Telegraph.
Week Ended January 15.
1927.
1926.
Per
Cent.
New York
Chicago
Philadelphia
Boston
Kansas City
St. Louis
San FraneLseo
Los Angeles
Pittsburgh
Cleveland
Detroit
Baltimore
New Orleans
$4,679,000,000
574,761,164
455,000,000
409,000.000
132,138,984
128,200,000
173,363.000
165,978,000
146,585,334
104,750,900
140,777,861
94.497,318
60,884,612
35,101,495,288
630,890,255
506,000.000
399,000.000
122.626,531
139,400.000
170,609,000
154.173,000
148,850,298
102,781,608
137,281,709
98,428.094
61,354,757
-8.8
-8.9
-10.1
+2.5
+7.7
-8.0
+1.6
+7.7
-1.5
+1.9
+2.5
-4.0
-0.8
Thirteen cities, five days
Other cities, five days
$7,264,937,113
1,283,827,345
$7,772,890,540
1,219,840.490
-84
+5.2
Total all cities, five days
All cities, one day
$8,548,764,458
1,709,752,892
$8,992,731,030
-4.9
2,073,452,189 -17.6
THE ENGLISH GOLD AND SILVER MARKETS.
Total all cities for week
S1e.258.517.350 311.088.183.219
-7.3
We reprint the following from the weekly circular of
Complete and exact details for the week covered by the
Samuel Montagu & Co. of London, written under date of
foregoing will appear in our issue Of next week. We cannot
Dec. 29 1926:
The Bank of England gold reserve against notes amounted to £150.658,465 furnish them to-day, inasmuch as the week ends to-day
on the 22d inst., as compared with £150,821,815 on the previous Wednesday. (Saturday),
and the Saturday figures will not be available
The small amount of bar gold offering• in the open market this week
until noon to-day. Accordingly in the above the last day
-was readily absorbed by the Continent, trade and India.
about .£178.000
The following movements of gold to and from the Bank of England have of the week has in all cases had to be estimated.
been announced since our last issue:
In the elaborate detailed statement, however, which we
Dec. 23. Dec. 24. Dec. 28. Dec. 29.
present further below, we are able to give final and complete
Received
Withdrawn
£110,000 £500,000 £205.000
£5,000 results for the week previous-the week ended Jan. 8. For
The bulk of the withdrawals has again been in the form of bar gold that week there is an increase of 6.5%, the 1927 aggregate
destined for Germany. A total of £20,0130 in sovereigns has been with- of clearings
being $12,991,811,199 and the 1926 aggregate
drawn as follows: Argentina, £10,000; Holland, £5,000, and Aden, E5.000.
During the week under review £820,000 has been taken from the Bank, $12,195,598,059. Outside of New York City the increase
reducing the net influx since Jan. 1 1926 to £6,271.000 and increasing the is only 2.0%,the bank exchanges at this centre having shown
net efflux since the resumption of an effective gold standard to £5,324,000. a
gain of 9.9%. We group the cities now according to the
United Kingdom imports and exports of gold during the week ended
Federal Reserve districts in which they are located, and
the 22d inst. were:
from this it appears that in the Boston Reserve District
ImportsExports
France
£15,198 Germany
£1,763,695 there is a loss of 5.3%, but in the New York Reserve District
British West Africa
30.077 Netherlands
10.000 (including this
city) there is 9.8% improvement and in the
British South Africa
731.400 France
22.050
Other countries
3.780 Austria
14.000 Philadelphia Reserve District 4.4%. In'the Cleveland ReOther countries
1,180 serve District the totals are larger by 8.0% and in the Rich£780,455
.C1,810,925 mond Reserve District by 8.5%, but in the Atlanta Reserve
District the totals are smaller by 18.5%, the latter •due
mainly to the falling off at the Florida points, Miami having
a decrease of 68.2% and Jacksonville of 34.2%. The St.
Louis Reserve District records a falling off of 2.0% and the
Minneapolis Reserve District of 4.1%. In the Chicago
0,
Reserve District there is an increase of 5.2% in the Kansas
City Reserve District of 5.7% and in the Dallas Reserve
District of 3.1%. The San Francisco Reserve District
enjoys a gain of 5.0%.
In the following we furnish a summary by Federal Reserve
districts:
SUMMARY OF BANK CLEARINGS.
Week End. Jan. 8 1927.
Federal Reserve Dists.
let Boston__ _ _12 cities
2nd New York _11 "
3rd Philadelphial0 "
4th Cleveland__ 8 "
5th Richmond _ 6 "
6th Atlanta_ __ _13 "
7th Chicago ___20 "
8th St. Louis __ 8 "
9th Minneapolis 7 "
10th Kansas City12 "
5 "
11th Dallas
12th San Fran17 "
Inc.or
Dec.
1926.
1927.
1925.
1924.
564,032,333
-5.3
+9.8 6,610,134,252
+4.4
643,591,133
407,367,089
+So
211,548,985
+8.5
198,012,857
-18.5
+52 1,012,145,827
254,833,161
-2.0
-4.1
135,591,979
+5.7
270,618,394
93,962,075
+3.1
504,084,124
+5.0
490,124,930
4,545,835,581
498,084,987
361.767,853
187,311,893
214,159.804
855,352,016
222,404,839
108,977,743
236,503,640
71,406,302
496,280,042
129 cities 12,991,811,199 12,195,598,059 +6.5 10,905,922,119
Total
5,243,789,700 5,142,375,784 +20 4,437,707,056
Outside N. Y. City
8,288,209,630
3,566,280,0M
Canada
[Vol- 124
TFIF CHRONICLE
338
688,280,587
7,926,586,919
749.802,668
494,879,712
262,081,036
250.669,431
1,159,333.397
290,442,854
132,593,086
294,352,869
103,038,443
639,720,199
29 cities
374,363,083
726,647,797
7,219,250,163
718,141,4M
458,124,479
241,545,802
307,486,244
1,102,296,187
296,312.339
138,260,573
278,467,474
99,928,285
609,137.240
345,522.554 +8.3
459.313.591
340,079.286
We now add our detailed statement, showing last week's
figures for each city separately, for the four years:
Week Ended January 8.
1927.
1926.
Inc. or
Dec.
1925.
1924.
$
$
$1
$
%
-BostonFirst Federal Reserve Dist net
1,033.364
+1.1
1,044,024
Maine-Bangor..
4,497.799 +0.1
4,502,906
Portland
612,000,000 650,000,000 -5.8
-Boston
Mass.
2,500,160 -12.6
2,186,303
Fall River....
a
a
a
Holyoke
1,357,120 +19.5
1,621.652
Lowell
a
aa
Lynn
1,726,144 -21.1
1,362,513
New Bedford
8,358,928 +0.1
8,370,462
Springfield....
5,064,619 -2.4
4,940.618
Worcester
20,608,523 +4.8
21,604,269
-Hartford
Conn.
10.573,284
9,069,028 +9.2
New Haven_ _ _
21,463.200 -11.3
R.I.-Providence
19,045.500
968,912 +6.3
1,029,056
N.H.-Manches'r
872,546
3,611,486
502.000.000
2,367,158
a
1,312,063
a
1,614.684
6,644,154
4.825,000
16,446,325
7,859.066
15,526,400
953,451
-5.3
564,032,333
Total(12 cities)
688,280,587
726,647,797
797,412
3,300.000
433,000,000
2,526,697
a
1,253,232
a
1,602,496
5,326,178
3,998,000
16,984.576
7,580,563
12,999,200
756,576
H
490,124,930
-New
Second Feder al Reserve D 'strict
8,647,475
-Albany...
9.446,374
N. Y.
1,757,100
Binghamton...
1,696,300
71,230.784
64,440,415
Buffalo
1,085,423
Elmira
1.185.886
1,950,727
Jamestown...._
c1,839,671
New York__ _ _ 7,748,081.499 7,053,222,275
19.816,997
Rochester
21,510,857
9,039,630
Syracuse
10,519,538
4.033,524
-Stamford
c3,739,763
Conn.
669,207
N. J.
-Montclair
932,570
47,797,021
Northern N. J.
63,194,046
York-5,398,055
7,187,045
+9.2
1,436,800
1,570,500
-3.5
49,726,220
62,735,357
-9.5
874,080
900,885
+9.2
1,433,327
1,426,288
-7.7
+9.9 6,468,215,063 4,421,929.625
11,370,210
14.542,355
+8.5
5,494,561
6,848,771
+16.3
3,137,872
3,299,141
-7.3
630,316
573,448
+39.3
44,404.515
42,835,399
+32.2
Total(11 cities) 7,926,586,919 7,219,250,163
+9.8 6,610,134,252 4,545,835,581
Third Federal Reserve Dist rict-Philad elphia 1,351,843
Pa.
-Altoona.....
1,570,181 +17.7
1,848,745
3,812,049
4,654,445 -1.5
Bethlehem..
4,585,582
1,438,148
Chester
1,153,674 +77.4
2,046,664
3.114,930
Lancaster
3.705,125 -29.1
2,613.808
Philadelphia... 708,000,000 679,000,000 +4.3 608.000,000
3,970,271
Reading
5,094,505 +16.9
5,954.238
7,931,250
Scranton
8,402.476 +11.2
9,346,629
4,062,025
Wilkes-Barre
5.096,332 -4.0
d4,890,747
2.196,372
2.244,361 -4.1
York
2,152,929
7,714,235
-Trenton...
7,220,377 +15.8
8,363,324
N.J.
a
a
a
a
Del.-Wilming'n.
1,334,605
3,541,791
1,706,373
2,975,677
467.000,000
3,788,865
6,309,604
3,956,752
1,848,278
5,623,042
a
643,591,123
498,084,987
Totru (10 cities)
749.802,666
718.141,478
+4.4
Fourth Feder al Reserve D istrict-Clev land10.641.000
6,627,000 -13.1
Ohlo-Akron
5.760,000
4,609,096
4,840,049 -4.8
4,606,476
Canton
76,380,214
+6.0
85,031,301
Cincinnati
90,180,142
150,798,078 135,891,031 +11.0 118,155,984
Cleveland
15,138,900
21,940,200
19,603,700 +11.9
Columbus
a
a
a
Dayton
a
a
a
a
a
Lima
2,043,156
2,401,758 -13.7
d2,073,854
Mansfield
a
a
a
Springfield _ _
a
a
a
a
Toledo
a
6,778,589
6.325,400 +18.7
Youngstown...
7,508,895
aa
a
Pa.
-Erie
Pittsburgh_ _ _ 212,012,267 197,404,240 -r7.4 173,620,150
7,988,000
4,832,708
63,610.565
107,195,893
14,527,200
a
a
1,787,380
a
a
7,094,421
a
154,731,686
+8.0
407,367,089
361,767,853
-Riches ondFifth Federal Reserve Dist net
+5.7
1,826.293
1,930.880
W.Va.- Hunron
9,098.924 +5.3
9,578,320
Va.-Norfolk
56.230,000 +9.9
61,778,000
Richmond
+4.2
3.035.796
e3.164.251
B.C.-Charieston
+8.3
Md.-Baltimore. 151.693,647 140.028,541
31,326.248 +8.3
33,935.938
D. C.-Wash'ton
2,097,006
10.360,781
57,780,000
4,781,814
109,450.631
27,078,693
2,086,233
9,635.199
55,240.000
2,749,821
92,868,840
24,732,000
+8.5
211,548.905
187.311,893
8.818,424
3,728,081
24,776,217
10,508,309
2,641,206
1,809,654
a
21,315.858
9,538,545
33,106,318
2.511.372
1,520.000
739,073
77,000,000
8,598,007
3,921,470
21,383,000
62,924.720
1,749,125
1,352,734
a
15,377,997
Total(8 cities)_
Total(6 clties)_
494,879,712
262,081.036
458,124,479
241,545,802
Sixth Federal Reserve Dist rict-Atiant a8.771.528 -8.3
8,039,525
Tenn.-Chatt'ga.
5,364,013 -11.8
4,733,640
Knoxville
24,829,962 +4.0
25,824.458
Nashville
88.057,265 -28.3
63,173.626
Georgia-Atlanta
2,433,544 +4.3
2,539.264
t
I. Augusta
1,954,678 +24.9
2,440,590
Macon
a
a
a
P Savannah
41,884.804 -34.2
27,543.956
Fla.-Jacks'nville
28,882.591 -88.2
9.192,197
Miami
33,811,615 -2.6
32.918,248
Ma.-Birm'ham _
+8.5
3,060.231
4
3.321.68
mr Mobile
2,104.000 -2.3
2,055,000
Miss.
-Jackson
616.066 +1.6
626.789
Vicksburg
65,715,947 +3.9
68,260.454
La.
-New Orl'ns_
kaoll
'Total(13 cities) 250,669.431 307,486,244 -18.5
198,012,857
30,683,290
2,182,713
1,248,652
533,070
64,205,026
214,159,804
Week Ended January 8.
Clearings at
1927.
1926.
$
3
Seventh Fe ler al Reserve D 'strict-Chi
285,431
261,799
Mich.
-Adrian _ _
1,682,112
2,983,477
Ann Arbor_ _ -184,610,416 174.867.225
Detroit
9,485,770
10,705,931
Grand RapidIs.
.3,000,000
3,225,000
Lansing
3,273,119
3.480,594
Ind.
-Ft. wayne
32,030.000
28,645.000
Indianapolis_
3,386,800
4,001,500
South Bend.
6,539,786
10,397,478
Terre Haute_
47.687,416
51,783,769
Wis.-Milwau :ea
3,751,083
3,892,442
Ia.-Ced. Rap Ids
13,484,400
12,511.366
Des Moines_
7,876.271
7,165,013
Sioux City-1,385,364
1,767,663
Waterloo_ _ _ _ _
1,779,024
1,745,750
111.-Bloomlng on
812,556,363 780,325,171
Chicago_ _ _ _
a
a
_
1,725,215
1,704,197
Decatur_ _ _ _
-6,614,459
6,416,329
Peoria
3,378,256
4,432,586
Rockford_ _ _
3,400,339
3.385,670
Springfield_ _
Inc. or
Dec.
%
ago+9.2
+77.3
+5.6
+12.9
+7.5
+6.3
+11.8
+18.1
+59.0
+8.6
+3.8
-7.2
-9.0
+27.6
+1.9
+4.1
a
+1.2
+3.1
+31.2
-0.4
1925.
$
1924.
$
301,220
1,305,406
151,647,570
7,821,927
2.528,820
2,800,453
20,537.000
2,884,700
7,738.763
41,362,723
3,357,177
31,197,463
8,431,448
1,860,224
1,716,478
731,387,367
a
1,834,615
5,724,185
2,649,680
3,058,608
306,671
836,558
122,466,633
7,189,033
2,879,896
2,421,752
23,203,000
2,538,300
6,497,291
36,717,157
2,539,237
10,924,206
6,167,225
1,541,941
1,363.352
616,259,484
a
1,302,067
4,907.116
2,531.707
2,759,396
Total(20 elti n) 1,159,333,397 1.102.296,187 +5.2 1,012,145,827
Eighth Fed is 1 Reserve Dis trict-St. Lo tas5,602,175
6,828,144
6,536,175 +4.5
Ind.-Evansvilte.
Mo.-St. Lout __ 199,800.000 198,100,000 +0.9 162,800.000
38,762,836
40,638,887 +0.6
40,864.728
Ky.-Loulsvill L_
841,661
803,298
809,899 -0.7
Owensboro_ _
29,724,124
31,548.873 -25.6
Tenn.-Memp us
23,472,342
14,875,912
Ark.
16,532,904
16,330,297 +1.2
-Little R ck
555,663
599,201
567,647 +5.6
Ill.-Jacksonvi le.
1,671,390
Quincy
1.542,237
1,780,561 -13.3
855,352,016
Total(8 cIties)_ 290,442,854 296,312,339 -2.0 254,833,161
Ninth Fede al Reserve Dis trict-Minn eapolisMinn.
-Duluth
6.327,590
7,845.819 -19.4
8,064.860
82,776,884
88,953,021 -7.0
85,836,648
Minneapolis_
33.993.803 +5.9
33,760,189
St. Paul_ _ _ _
35,665,540
2,279,566
1.855,704 +22.8
2,273.189
No. Dak.-Fa go
1,465,990
S. D.-Aberdesm
1,674,569 -12.5
1,513,727
810,034 -13.9
Mont.
697,627
724,319
-Billing8.
3,379,889
3,127,623 +8.1
3,419.047
Helena
222,404,839
Total(7 chi 0_ 132,593,086 138.260.573 -4.1 135,591,979
Tenth Fede al Reserve Dis trict- Kane as City
d411,458
399,517 +3.0
431,794
Neb.-Fremon
758,080 -34.8
494,958
628,653
Hastings__ _ -6,143,502
6,189,787 -0.7
5,232,967
Lincoln
43,658,803 -4.5
41,672,007
43,745,554
Omaha
3.862,490
4.260,643 -9.3
4,257,536
Kan.
-Topeka
8,620.129
8.608.850 +0.1
8,584.000
Wichita
Mo.-Kan. Ci y_ 168,638,570 149.614.419 +12.7 143,479,943
d7,201,548
8.656,749 -16.8
10,359,720
St. Joseph_ _
a
a
a
a
Okla.-Musko me
31.783,644 -3.9
28,201,818
Oklahoma CIty d30,551,150
a
a
a
a
Tulsa
1,364,588
+0.4
1,369,850
1,269,839
Colo.
-Colo.S gs
24,018,585
21,690,107 +10.7
23,126,932
Denver
el.398,622
1,482,287 -5.7
1,299,638
Pueblo
108.977,743
Total (12 chi ss) 294,382,869 278,467,474
-Da
Eleventh Fede ral Reserve District
1,932,361
2,286,586
Texas
-Austin
63,152,169
63,071,475
Dallas
13,749,348
d13,961,878
Fort Worth_
14,448,000
15,900,000
Galveston__ _
a
a
Houston_ _ _-8,092,035
6,372.876
La.-Shreveno 1-
+5.7
has
-15.5
+0.1
+1.5
+10.0
a
+27.0
5,681,300
141,434,527
35,436,394
745,697
24,996,669
12,326,132
385,478
1,398,642
6.682,696
65.580,578
30,782,980
1,775.310
1,285,189
588,688
2,284.322
409,660
500,448
3,794,015
34,426,792
4.831,267
8,372,000
123,857,687
8,409.987
a
28,526,782
a
1,174,399
21.233,426
967,188
270,818,394
236,503,640
2,107,037
55,902.998
16,408,353
13,924,400
a
5,619.287
1.998,000
39,415.931
12,976,242
11,711,127
a
5,305.002
93,962,075
99,928,285 +3.1
Total(5 cities0_ 103,038,443
Twelfth Fe oral Reserve D !strict-San Franci sco-48,960,669 -3.7
39,087.915
47,134.966
Wash.
-Seattle _ _
13,015,000
13,410,000 -0.01
13,409,000
Spokane_ _
a
a
a
a
Tacoma
1,702.404
1,978,840
2,012,275 -1.7
Yakima
_ _ __
34,599,158
41,810,214
39,202,900 +6.7
Ore.
-Portland __
24,361,702
25,323,310 -3.8
17,860.606
Utah-S. L. C ty
a
a
a
a
Nev.-Reno___ -a
a
a
a
Ariz.
-Phoenix- 5,128,132
5.153,526 -0.5
3,860,848
Call!
.-Fresno.__
8,104,862
9,170,556
9,161,802
+0.1
Long Beach.
208,120,000 190,279,000 +9.4 154,090,000
LosAngeles_
25,664,210 -2.4
19,767,168
25,050,737
Oakland_ _ _ _
9,127,299
7,695,121 +18.6
6,897,332
Pasadena _ -9,375,849
9,266,548 +1.2
10,737,339
Sacramento.
San Diego_ .._
6,045.012
7,939,697 -23.9
5,244,950
San Francisc0_ 226,646,589 213,763.000 +6.0 178,600,000
San Jose... _ _
4,965,319
3,860.306 +28.6
3,483,532
Santa Barba a_
1,745.501
1,975,362 -11.6
1,519,462
2,642,783
2,280,014 +15.9
2,078.148
Santa Monka_
3,189.500 -5.7
3,436,400
Stockton_ _
3,007,700
71,406,302
Total(17 citi a) 639.720,199 609.137.240
Grand total (129
cities
_ 12991.811,199 12195,598,059
rk 5 243 76 1 700 5.142 375.764
,
+5.0
504,084,124
40,694,645
10,634,000
a
1.331,782
38,000,986
15,391,116
a
a
4,563,611
9,534,713
161,592,000
18,109,329
6,685,024
9,120,886
5,939.913
164.800,000
3,065,180
1,432,772
2,322,185
3,061,900
496,280,042
+6.5 10905,922,119 8,288,209.630
.1.2.0 4.437.707.0563.866.280.005
Week Ended Jan. 6.
Clearings at
1927.
CanadaMontreal
Toronto
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
Hamilton
Calgary
St. John
Victoria
London
Edmonton
Regina
Brandon
Lethbridge
Saskatoon
Moose Jaw
Brantford
Fort William
New Westminster
Medicine Hat_ - Peterborough....
Sherbrooke
Kitchener
Windsor
Prince Albert....
Moncton
Kingston
Total(29 cities)
1926.
$
$
107,397,022 103,377.825
121,178,910 101,330,061
56.296,378
52,906,802
16,493,490
19,361,414
6.759,434
6,678,650
7,179,918
5.353,418'
3,225,355
3,751.880
4,957.138
5.726,299
8,160.403
10,363,129
2,709,089
2,836,275
2,118,i.08
1,965,155
3,246,050
4,195,888
6,997.554
7.014.674
5.180.962
5,532,398
622.688
665,233
887,658
555,563
2,174.865
2,173,225
1,631.384
1,698,088
1,198.500
1.416,413
1,423.436
977.043
662,003
979.272
370,305
359.675
832.518
849.671
842,549
1.082.706
1,164,160
1.007,134
3,878,032
4,112,345
466.664
465.249
904,215
910,384
881,512
848,170
374.363.083
345,522,554
inc. or
Dec.
1925.
$
%
+3.9 172.396,058
+19.6 125,942,634
62.041,203
-6.0
+17.4
18.681.867
-1.2
9,163.477
-25.4
10,415.035
+16.3
4,524,366
+15.5
5,913,104
+27.0
9,510,247
+4.7
3,080,716
-7.2
2,691,220
+29.2
3.594,257
+0.2
7,567,998
6,201.604
+6.8
+6.8
730,525
-37.5
589,836
2.236.485
-0.05
1,571,212
+4.1
1,149.394
+18.3
-31.4
940,350
+47.9
748,003
-2.9
339.926
+2.0
1,083,749
932,034
+28.5
1.201.217
-13.5
+6.0
2.894,346
-0.3
.434,252
+0.7
887,035
951,441
-3.8
+8.3
459,313,591
1924.
8
109.826,752
106,193.245
46,132,485
15,457,575
6,364,045
5,516,247
3,368.061
5,280,427
8,500,080
2,754,499
1,921,348
3,652.729
5,874,818
3,838,844
625,657
527,907
2,095,412
1,229,031
954,746
953.336
575,642
442,138
841,401
819,953
1.218.725
3,192,448
373,617
806,441
743,677
340.079.286
a No longer report clearings. b Do not respond to requests for figures. c Week
ended Jan. 5. d Week ended Jan. 6. a Week ended Jan. 7. • Estimated.
JAN. 15
THE CHRONICLE
1927.]
339
The following shows the amount of national bank note
ENGLISH FINANCIAL MARKETS
-PER CABLE.
The daily closing quotations for securities, &c., at London, afloat and the amount of legal tender deposits Dec. 1 1926
and Jan. 1 1927 and their increase or decrease during the
as reported by cable, have been as follows the past week:
month of December:
Sat.,
Mon., Tues., Wed., Thurs., Frt.,
London.
Jan. 8. Jan. 10. Jan. 11. Jan. 12. Jan. 13. Jan. 14.
Week Ended Jan. 14.
28 346 2544
cl 25
Silver. per oz
257-16 2544
2544
Gold, per fine ounce
$ 84.1134 84.1044 84.1044 84.1154 84.1144 84.1134
Consols, 244 per cents
......
54 11-165454
5444
5444
5554
British 5 re- cents
10054
10034
101
10144
10054
British 414 per cents
9544
9514
96
9554
96
French Rentes fin Parls)._fr_
52.70
52.50
52.75
53
54.30
FrenchWarLoan(InParLs)_fr62.25
62.85 62.95
62.40
82.45
National Bank Notes-Total Afloat
Amount afloat Dec. 1 1926
Net decrease during December
$700,692,587
2,924,858
Amount of bank notes afloat Jan. 1
Legal Tender Notes
Amount on deposit to redeem national bank notes Dec. 1 1926
Net amount of bank notes retired in December
Amount on deposit to redeem national bank notes Jan. 1 1927
$697,767,929
$37,927,974
1,208,510
$36.721.464
The price of silver in New York on the same day has been:
Silver in N.Y., per oz. (eta.):
Foreign
5354
5434
55
5434
5534
5534
Soinux=tat u ml111iscellaneans Atextis
FOREIGN
TRADE OF NEW YORK-MONTHLY
STATEMENT.
Merchandise hfoverturns at New York.
Imports.
Month.
1925-26.
1924-25.
Customs Receipts
at New York.
Exports.
1925-26.
1924-25
$
$
S
$
January __ 215,137,735 156.923.263 153,410.759 156,313,003
February _ 195,930.212 160.460.910 135.855.812 123.210.344
March.__.234,703.468 183.494.498 147,798.478 175.312,931
April
193,961.303 166,694.007 164.810.083 171,392.165
. .
May
. .
24.55 .13 7
.545,54
175,031.076 160.308,912 112.535.945 123.740,727
June
164,794.382 154.206,974 132.903,105135.781,354
July
August_.. 161.973.351 166.853.232 116.821,090 168,713,039
September 182,914.678 166.212.020 151,629.613 137,468.018
October _ 177,239.667 192,479.742 123,823.326 126,801,02
November 185,959,035 198.527,0681149,662.955135.152,139
1925-26. 1 1924-25.
26,628,880
25,131,733
29,523,243
24.280,726
22.333,749
25.280,530
24,619.552
29,183.549i
32,000,997
31,369,820
30,431,596
2
17,121,252
27,072,503
27,666,955
22,893,230
21.933,3713
23.298.326
24,327,006
26,235.015
30,186,355
29,389.796
29,333,221
Total__.2049452766 185333064411513802803 160143028 300.784,375279.457.035
Movement of gold and silver for the eleven months:
Gold Movement at New York.
Month.
Imports.
1925-26.
January _ _
February _
March__ __
April
May
June•
July
August _ September
October
November
Total_ _
Exports.
Silver-New York.
imports.
Imports. I Exports.
1924-25. I 1925-26. I 1924-25. I 1925-26. I 1925-26.
I
$
I
S
s
I
s
I
705,698 1,029,134 2,569,831 66.002,282 1,858.862
10,707.020
612,514 2,012,359 33.520,792 5,524.289
3.201.667] 3,862,342 2,038.148 21,435.084 1,613.500
895,895 5,894,336
802,731, 19.899.3811 2.252,994
619.245 7,776.455
901,208 10.304,670 1,273.845
4,287,6011
948.811' 2,174,510 2,641.349 1,925.834
848.762 6,489,017 1.598,540 2.468,247 2,172,443
662.46ei
759.804 21,154,974 1.024.953 1,724,207
972,617
872,610 21,675,322 5,060,700 3,225,5871
523,939, 42,379,042 1,013.790 1,395,082 1,508,2441
653,4881 3,867,632 1,463,905] 2,969,990
740,123
6,436.232
3.848.818
5,558.070
4,650.649
4.432.012
4,945.823
3,888.992
4.260.831
3,758.076
4,029.252
4,270,276
24,076,398; 73.891,697 57,405,318168,695,510 23,819,928 50,077,032
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 Circula
ion for National
Bank Notes.
'
Dec. 31 1926._ _ _
Nov.30 1920Oct. 311926......
Sept.30 1926_ --.
.
.
Aug. 31 1926_ _
July 31 1926_ _ _ _
June 30 1928 _ _ -May 31 1926_ __
.
Apr1130 1926-Mar.31 1926........
Feb. 27 1928_ _ __
Jan. 31 1926 _ _ ._
Dec. 31 1925_ .._ _
Nov. 30 1925._
Oct. 31 1925_ _ _
Sept.30 1925_ ...
.
Aug. 31 1925_ _ __
July 31 1925....
June 30 1925_ _ ...
May 31 1925_ _ __
April 30 1925-Mar. 31 1925_ _ -.
Feb. 28 1925_ _ __
Jan. 31 1925......
Bonds.
Legal
Tenders.
8
666,211,440
666,278,180
665,492,880
665,830,440
boo,889,940
665,941.890
665,616,390
665.465,140
665,886,140
665,568,140
665,235,640
665,363,590
666,273,130
660,087,630
666,185,130
665,542,630
665,810.130
685.227,130
665.061.330
665,502,880
666.010,330
665,608,330
666,943,330
725.171.780
S
661,046,465
662,764.613
661,742,830
660,555,797
659,760.4147
661,434,195
660,986,560
660,677,175
681.684,478
661,016.470
661.244.347
661,298,333
658,362,223
662,622.888
662.538,483
661,380,320
662.186.083
660.341,413
660,501,393
681,293.895
661.397,558
661,613,281
863,324,911
722.092.283
$
36,721,484
37,927.974
38,971,702
39,178,467
39,768.777
40.714.779
41.682,684
42,697.987
42,519,201
44,211.319
45,059,372
45,050,979
46,194,204
48.127,556
51,264,261
56,543,569
61,476,914
66.214,271
72,864,881
78.275,574
86,028,261
93,597,406
100,532,366
47,748,139
National Bank Circulation
Afloat on
Total.
s
697,767,92
700,692,58
700,714,53
699.734,26
699.519.14
702.148,97
702,669,24
703,375,16
704.183.87
705,227,78
706.303,71
706.349,31
704.556,42
710,750,44
713.802.74
717.923.88
723.662,997
726,555.684
733,366.07
739,569,489
747.425,81
755,210,687
783,857.277
769,840.402
25.149,658 Federal Reserve bank notes outstanding Dec. 31 1926 secured by
lawful money, against $6,353,418 Dec. 311925.
2s, U. S. Consols of 1910
2s, U. S. Panama of 1938
2s, U. S. Panama of 1938
Totals
APPLICATIONS TO ORGANIZE RECEIVED.
Capital.
Jan 8
-The Cohoctah National Bank, Cohoctah, Mich
$25.000
Succeeds the Bank of Cohoctah, Cohoctah, Mich. Correspondent, W. B. Jones, Cohoctah,
Jan. 8
-The West New York National Bank, West New York.
N. .1
100,000
Correspondent, George F. Sauer Jr., 15 34th St., West
New York, N.J.
-The First National Bank of Taylor. Pa
Jan. 8
100.000
Correspondent, John T. Griffiths, • 308 Church St.,
Taylor, Pa.
CHARTERS ISSUED.
-The State National Bank in West, Texas
Dec. 31 1926
$50,000
President, C. W. Holloway; Cashier, H. C. Edwards.
-The Second National Bank of Paintsville, Ky
Jan. 3 1927
75,000
Conversion of the Paintsville Bank & Trust Co., Paintsville, Ky. President, C. T. Rule; Cashier, D. H.
Dorton.
-The Union National Bank of Elizabethtovrn. Ky
Jan. 3
50.000
Conversion of the Union Bank & Trust Co.. Elizabethtown, Ky. President, II. L. Igleheart: Cashier, John
A. Gardner.
-The Discount National Bank of New York, N. Y
Jan. 5
1,000,000
Conversion of Italian Discount & Trust Co., New York,
N. Y. with main office and two branches located in
the Borough of Manhattan, City of New York.
Cashier, F. M. Rohn.
-The Hatfield National Bank. Hatfield, Pa
Jan. 6
50,000
President, Robert L. Kaler: Cashier, Nelson S. Hartranft.
-The Claremont National Bank of New York, N. Y
Jan. 7
400,000
Harvey J. Connolly; Cashier, John J. Leugers.
President
-First National Bank in Merced. Calif
Jan 8
100,000
President Wm. J. George; Cashier, J. M. Anderson.
-First National Bank in Escondido, Calif
Jan, 8
50.000
Succeeds Commercial Dept. of Northern San Diego
County Bankof Escondido, Escondido, Calif. PresiCounty
dent, Ira E. Leek; Cashier. J. J. Rutherford.
CHANGE OF TITLE.
-The Hillsboro National Bank, Hillsboro, Ore., to "The
Jan. 3
Commercial National Bank of Hillsboro."
-The Farmers National Bank of Osage, Iowa, to "Osage
Jan. 5
Farmers National Bank."
VOLUNTARY LIQUIDATIONS.
Dec. 27-8325 The First National Bank of Wessington, S. D_ _$25.000
Effective Dec. 20 1926. Lig. Agent, 0. W. Hallback.
Weesington, S. D. Succeeded by the Citizens National
Bank of Wessington, S. D. No. 12888.
Dec. 31-11480 The First National Bank of Dillvryn, Va
$50,000
Effective Dec. 23 1926. Liq. Agent, Merchants &
Planters National Bank of Dillwyn, No. 11501. Absorbed by the Merchants & Planters National Bank
of DIllwyn.
-The West Branch National Bank of Williamsport. Pa $500,000
Jan. 3
Effective at close of business Dec. 311926. Liquidating
agents, Walton B. Geiger and J. M. Painter, Williamsport, Pa. Succeeded by a State bank.
-The Lycoming National Bank of Williamsport. Pa
Jan. 3
200,000
Effective at close of business Dec. 311926. Liquidating
agent, H. C. Bubb, Williamsport, Pa. Succeeded by
a State bank.
-The Merchants National Bank of St. Cloud, Minn
Jan. 3
100,000
Effective Dec. 28 1926. Liquidating agent. L. F. Cary,
St. Cloud, Minn. Absorbed by the American National Bank of St. Cloud. Minn., No. 11818.
-The West Hollywood National Bank of Crescent Heights.
Jan. 3
Calif. (P. 0. Los Angeles, Calif.)
25,000
Effective Dec. 18 1926. Liquidating agent, O. L. Lamp
log, Crescent Heights, Calif. Absorbed by Pacific
Southwest Trust & Savings Bank of Los Angeles, Calif.
-The First National Bank of Stayton, Ore
Jan. 3
25,000
Effective Dec. 31 1926. Liquidating committee, J. W.
Mayo, George H. Bell and A.D. Gardner, Stayton. Ore.
Absorbed by First State & Savings Bank of Stayton. Ore.
-The Security National Bank of Newkirk, Okla
Jan. 7
30,000
Effective Dec. 31 1926. Liquidating agent, F. S.
Midgley, Newkirk. Okla. Absorbed by the Eastman
National Bank of Newkirk, Okla., No. 9011.
CONSOLIDATION.
-The National Bank of Commerce of Norfolk, Va
Jan. 7
$1,200,000
The Norfolk National Bank, Norfolk, Va
1,000.000
Consolidated under the Act of Nov. 7 1918, under the charter of
the National Bank of Commerce of Norfolk, No.6032,and under
the corporate title of "Norfolk National Bank of Commerce &
Trusts. with capital stock of $2,500.000.
-
Auction Sales.
-Among other securities, the following,
not actually dealt in at the Stock Exchanget were sold at auction
in New York, Boston and Philadelphia on Wednesday of
this week:
By Barnes & Lofland, Philadelphia:
Shares. Stocks.
per sh.
25 Phila. Girard Nat. Bank
665
35 Corn Exchange Nat. Bank
720
1 Interborough Bank of Prospect
Park, Pa
10944
56 Penna. Co. for Ins.on Lives, &c-865
14 Metropolitan Trust Co., par $50.117
5 Metropolitan Trust Co., par $50 A17
U. S. Bonds Held Dec..11 192010 Secure
- 25 Bankers Trust Co. of Phila., par
$50
63
15 Bakers Trust of Phila., par $50. 6214
On Deposit to On Deposit to
8 Germantown Trust Co
Secure
Federal
55244
Total
Secure
2 Security Title & Trust Co.. par 850 55
Reserve Bank National Bank
Held.
10 Girard Trust Co
1350
Notes.
Notes.
1 Peoples Bank & Tr. Co., par 350.176
10 Olney Bank & Tr. Co., par $50-255
501,776,900 591.776,900 18 Mutual Trust Co., par $50
180
48,679,160
48,67'1,160 1 Citizens & Southern Bank &'Fr._l24
Republic Trust Co., par 550
25,755,380
188
25,755,380
Allegheny T.& Tr. Co.. par $50,as
follows: 12 at 6634.3 at 66, 10 at
666.211,440 668,211,440
6514• 17 at 65.
The following shows the amount of each class of United
States bonds and certificates on deposit to secure Federal
Reserve bank notes and national bank notes on Dec. 31.
Bonds on Deposit
Dce. 31 1926.
National Banks.
-The follOwing information regarding
national banks is from the office of the Comptroller of the
Currency, Treasury Department:
Shares. Slevil.
S per all.
17 Delaware County Trust Co. of
Chester. Pa
23014
73 Merchantville 'tr. Co. of N.J 175
1 Broadway Merchants Trust Co.
of Camden, N. .1
350
30 Phila.& Darby Passenger Ry
2134
10 Hare & Chase, Inc, pref
95
20 Hare & Chase, Inc., pref
93
20 Hare & Chase. Inc., com.,no oar 25
20 Hare & Chase. Inc., com., no par 23
20 Hare & Chase, Inc. com, no par 22
5 Phila. Sub. Gas & Elec. prat---104
1 West End Trust CO
385
10 North Philadelphia Trust Co--345
Per Cent.
Bonds.
51 000 University Club of Phila. 5%
9$
gold loan Oct. 1924
Certificate of membership in Rolling
Green Golf Club
900
.
By Adrian H. Muller & Sons, New York:
per sk.
filberts. Stocks.
100 Minor C. Keith Florida Prop8
ertieti Land. pref. ells
100 Minor C. Keith Florida Prop234
erties, common
100 Minor C. Keith Florida Profs.
1 /4
ertles, common
[VOL. 124.
THE CHRONICLE
340
$ per alt.
Shares. Stocks.
55 lot
30 The Green Vale School
1.000 De Forest Radio Co., corn.
9
v. t. c., no par
550
1 6-10 Corn Exchange Bank
Name of Company.
Per
When
Cent. Payable
Books Closed.
Days Inclusive.
Miscellaneous.
75e. Jan. 15 Holders of rec. Jan. 3
Alpha Portland Cement, com
*60c. Jan. 14 "Holders of rec. Jan. 12
American Chain, com. (qear.)
Eight per cent pref., class A (guar.)._ 050c. Apr. 1 *Holders of rec. Mar.21
Amer. Machine & Foundry, pref. (qu.). II( Feb. I Holders of roe. Jan. 22
50o. Jan. 10 Holders of rec. Dec. 31
Apco Manufacturing. class A (quar.)
•13-4 Mar. 1 'Holders of rec. Feb. 17
Artloom Corporation, pref. (guar.)
By R. L. Day & Co., Boston:
*25c. Feb. 1 "Holders of rec. Jan. 20
Balaban & Katz, corn. (monthly)
i per alb.
025e. Mar. 1 "Holders of roe. Feb. 17
$ Per :h. Shares. Stocks.
Common (monthly)
Shares. Stocks.
70
6 units First Peoples Trust
•25c. Apr. 1 *Holders of rec. Mar. 21
352
Common (monthly)
5 First National Bank
0135 Apr. 1 "Holders of rec. Mar. 21
24914 24 special units First Peoples Trust 5
Bank
Preferred (guar.)
21 National Shawmut
123
2 Merrimac Hat Corp.. corn
260
British Columbia Pulp & Pap.. 7% pref. r835 Feb. 1 Holders of rec. Jan. 15
10 Atlantic National Bank
3 Old Colony (la., Co.. pref., old stk160
Mar. 15 *Holders of rec. Feb. 28
200
0$1
California Packing (guar.)
13 Fall River National Bank
Feb. 10 Holders of rec. Jan, 31
Chase (A.M.) Co.. Ltd., 8% pref. (qu.) 2
1 Naumkeag Steam Cotton Co_159 ki 1 Comml Fin. Corp., fit. par $501326 lot
41 Si 34 Com nil Finance Corp., corn...I
Chic. WI .& Franklin Coal, pref.(qu.) 134 Feb. 1 Holders of rec. Jan. I7a
41 Lancaster Mills, pref
Jan. 25 Holder le f roe. Jan. 15
51
2034 1 Mutual Finance Corp., pref., par
Cleveland-Cliffs iron (guar.)
Co
5 Otis
37
550
5134 Feb. 5 *Holders'A rec. Jan. 21
1414-1414
Conlon Corporation, pref. (guar.)
13-8 Pepperell Mfg. Co
7814
50 Mass. Lighting Cos., corn
50
Consolidated Laundries, corn.(quar.)._ 50c. Jan. 31 Holders of rec. Jan. 20
1 Textile Securities Co
69 Back Bay Realty Associate:L...13535
Jan. 31 Holders of roe. Jan. 20
78
in common stock).. 11
Common (payable
10 Acushnet Mills
11334 Continental Can, corn.(guar.)
61344 25 Boston Wharf Co
$1.25 Feb. 15 Holders of rec. Feb. 50
6 Potomska Mills
62
871.5 4 units First Peoples Trust
'$1.25 Mar.31 *Holde s of rec. Mar.21
Coty, Inc.(guar.)
1 Arlington Mills
1434 Diversified Invest., Inc.. 7% pref. (qu.) laf Jan. 15 Holders of rec. Jan. 8
20 National! Dock Trust
1 West Point Manufacturing Co_ 139
5
10 Post Office Square Co., pref._
Jan. 15 Holders of rec. Jan. 8
$1
Class A (guar.)
176
10 Ludlow Mfg. Associates
Jan. 12 Hilders of rec. Dec. 31
2
..
Nashua Mfg. Co.. pref. _ .9034 & div. 500 Amer. States Secur. Corp. A_ 4
Equitable Eastern Banking (quer.)
10
3554 Franklin (H. H.) Mfg., pref. (guar.).- •135 Feb.
,
'Holders of rec. Jan. 20
10 Naumkeag Steam Cotton Co_ 154 si 185 American Glue Co., corn
Holders of rec. Jan. 15
Feb.
1671.4 500 Lehilh Pow. See. Corp.. corn.... 1714 French (Fred F.) Companies. pref
3
20 Farr Alpaca Co
74
Holders of rec. Jan. 22
Feb.
V
General Cigar, common (guar.)
100 Amer. Rayon Products Corp_ 734 1 unit Mutual Finance Corp
*Holders of reo. Feb. 21
*144 Mar.
' Preferred (guar.)
816 Industrial Rayon Corp., A..4 9-16 5 Quincy Market Cold Storage &
43
Warehouse Co.. corn
*Holders of rec. Mar. 24
April
Nashua Mfg. Co.. pref___9034 & eh,.
Debenture preferred (roar.)
5
Holders of rec. Jan. 31
Mar.
60e. 47 Central Wharf & Wet Dock Corp227H Gillette Safety Razor (guar.)
51
33 U.S. Worsted Corp.. com
3534
15 American Glue Co.. corn
Holders of rec. Jan. 31
60
12340 Mar.
Extra
20 Maverick Mills. corn
74
1414 1 unit Mutual Finance Corp
*Holders of rec. Jan. 20
(monthly)..' 33 1-3c Feb.
Mfg. Co
32-8 Pepperell
Gosaard (II. W.) Co.. corn.
*Holders of rec. Feb. 20
• 33 I-3c Mar.
42 U.S. Worsted Corp.. Int pref_3-3 tf 211 Fitchburg Gas & Elec. Co.. par
Common (monthly)
121. ex-dIv.
$50
*Holders of rec. Mar. 20
0 33 1-3c Apr.
11234
3 Merrimack Mfg. Co., corn
Common (monthly)
44 Cambridge Gas Lt. Co., par $25 8214
83
*Holders of rec. Mar.20
•141 Apr.
8 East Middlesex Street fly. Co
Preferred (guar.)
50
Holders of rec. Jan. 10
134 Feb.
Goose Packing, Ltd.. pref. (guar.)
1 Smith & Dove Mfg. Co.. pref.-- 3614 4 Sullivan Machinery Co
14
5 National Dock Trust
4
"Holders of rec. Jan. 15
W.)5-10-25c.Stores, pr.(qu.) °l34 Feb.
Saco Lowell Shops. corn
1
Per Cent. Grand(F.& Paper, common (No. 1). _ _ •25c. Feb. 1 "Holders of rec. Jan. 31
Bonds.
30655
Hammermill
8 Great Northern Paper Co
$1,000 Thompaon's Spa Bldg. 1st
Holders of rec. Jan. 21
Hellman (Richard), Inc., panic. pf.(qu.) 6234e. Feb.
20 Cambridge El. I.t. Co.. par $25_178
104)( Hollinger Consul. Cold Mines, Ltd
645. March 15 1930
10e. Jan. 2 Holders of rec. Jan. 12
111214
30 Essex Co.. par $50
1224 $2.000 Thompaon's Spa Bldg., 1st
4 Walter Baker & Co.. Ltd
Ingersoll-Rand Co., common (guar.)... •75e. Mar. 'Holders of rec. Feb. 2
10515 Internat. Cigar Machinery (quer.)
11 345, March 15 1931
Holders of rec. Jan. 22
Feb.
$1
1134 Rand Kardex Bureau. pref. A. 96 I(
Holders of rec. Jan 15
3-4 Feb.
Internat. Shoe, preferred (monthly)..._
25 No. Boston Ltg. Prop.. pref.109.ex-div $30 Eastern Maas. St. Ry. Co. 5s, 91
*Holders of rec. Feb. 18
623.4e Mar.
•
8914 1 Jan. 1948, 11, scrip
Jaeger Machine Co. (guar.)
1 Wiggin Terminals. Inc., pref
Feb.
Holders of rec. Jan. 15
Knox Hat, Inc., class A partic. stock__ 55
Holders of rec. Jan. 15
53.50 Feb.
By Wise, Hobbs & Arnold, Boston:
Second preferred
$ Per sib. Kress (S. H.) & Co., new com. (au.)
per alt. Shores. Stocks.
$
Shares. Stocks.
025e. Feb.
132
*Holders of rec. Jan. 24
5 Taunton G. L. Co.. par $50
(No. I)
335
12 Old Colony Trust Co
•ISi Feb. 28 *Holders of rec. Feb. 18
Lanston Monotype Mach.(guar.)
21101.4 ID Central Wharf & Wet Dock Co_225
12 Atlantic National Bank
991.4
10 Amer. Mfg. Co., common
Loblaw Groceteriaa, common (guar.)._ •25c. Mar. 1 *Holders of rec. Feb. 15
139
10 Citizens National Bank
•25c. Mar. .,1 "Holders of rec. Feb. 15
49)4
92 Brockton C. L. Co.. par $25
Common (bonus)
91
10 Brookside Mills
.
Lord dr Taylor, let preferred (guar.). _ - 0134 Mar. 1 "Holders of roe. Feb. 17
l434 WO FlIntkote Co., corn., par $25,
68 Pepperel Mfg. Co
*5 1.6214 Feb. 15 *Holders of rec. Feb. 1
55lf -5544 ex-div. Louis ana 0 I Refining (guar.)
40
20 Nyanza Mills
McCord Radiator & Mfg., class B (gn.). •50e. Feb. 1 *Holders of rec. Jan. 21
Natarokeag Steam Cotton Co---1584 15 Nor. Bost. Ltg. Prop., pref.,
6
109)4 ex-div. McIntyre Porcupine Mints. Ltd. (qu.). 025c. Mar. 1 'Holders of rec. Feb. 1
1434
21 Salmon Falls Mfg. Co
Si
154
Feb. 15 Holders of rec. Jan. 31
in Collyer Insulated Wire Co
113
Mercantile Stores. common (guar.)
73 Boston Wharf Co
51 75 Feb. 15 Holders of rec. Jan. 31
10 George E. Keith Co., pref_ _101 & div.
74
Preferred (quer.)
S units Mutual Finance Corp
6814
,
.$1.75 Mar. 1 'Holders of rec. Jan. 14
Draper Corp
25
Merrimac Mfg.. common (quer.)
74
1 unit Mound Finance Corp
•$2.50 Mar. 1 *Holders of roe. Jan. 14
14 malts Mutual Finance Corp._ 74
Preferred
4 special units First Peoples Trust_ 5
1 Si
50 Soginaw Transit Co . prof
Metrop. Chaln Stores ist&2d pf. (au.). $1.75 Feb. 1 Holders of rec. Jan. 20
70
2 units First Peoples Truat
Jan. 25 Jan. 16 to Jan. 25
60 New York Tunnel Co., com__-_ lot
Minos Chemical Corp., pref. (guar.)... 2
53
234 Wincheiter Co.. let pre
Mar. I Holders of rec. Jan. 29
31
Mohawk Mining (guar.)
154 Feb. 2 Holders of rec. Jan. 11
& Co., Buffalo:
pref. (guar.)
By A. J. Wright
Moloney Electric.
Feb. 15 *Holders of rec. Feb. 4
$ per sh. Montgomery Ward & Co., com. (qtr.).- *SI
S per sh. Shares. Stocks.
41.
Shares. Cpu
•31.75 Apr. 1 "Holders of rec. Mar. 21
Class A (guar.)
1.000 Chapin HtIghes Mines, par $1 Sc.
20 Pioneer Telep. Co. of Clarence,
•SI.50 Feb. I *Holders of rec. Jan. 10
11.5 It Buff. Mac. & E. Pr., pf. par 820. 204 Moore Drop Forging, class A (guar.)
par $10
SI
Feb. 1 Holders of rec. Jan. 20
Nash Motors, common (guar.)
2914 10 Labor Temple Assn. of Buffalo
6 Buff. Niag. & East. Pr., no par..
Co.. Inc.(gu.)(No.1) .75c. May 2 "Holders of rec. Apr. 15
$2 lot National American
and Vicinity. Inc.. par $5
250 March Gold, Inc.. par 10c..... 180.
•$1.25 Apr. 15 "Holders of rec. Mar. 31
National Biscuit, common (guar.)
•I% Feb. 28 'Holders of rec. Feb. 14
Preferred (guar.)
2
Feb. 1 Holders of rec. Jan. 20
National Carbon, pref. (guar.)
DIVIDENDS.
Jan. 15
National Shirt Shops. Inc.. pref.fann.1_ "8
1/12 Jan. 15
(acct. accum. dividends)... "
Preferred
Dividends are grouped in two separate tables. In the National Tea,6 ii% pref. (quar.)
154 Feb. 1 Holders of rec. Jan. 18
31.75 Feb. 1 Holders of rec. Jan. 15
first we bring together all the dividends announced the Neisner Bros.(guar.)
,1
Rosario Mining (qu.) 25c. Jan. 2 Holdors of rec. Jan. 19
current week. Then we follow with a second table, in N. Y.& Honduras
25c. Jan. 29 Holders of rec. Jan. 19
Extra
rec.
Holders
which we show the dividends previously announced, but North American Cement, pref.(atm.).. I% Feb. 1 H alders of rec. Jan. 20
of
Jan. 28
Feb. 15
Oppenheim Collins & Co., com.(guar.). 51
which have not yet been paid.
050c. Feb. I *Holders of rec. Jan. 15
Ontario Biscuit, common (guar.)
The dividends announced this week are:
•25c. Feb. 1 °Holders of rec. Jan. 15
Common (extra)
*50c. Feb. 1 *Holders of rec. Jan. 15
Preferred (guar.)
•13.5 Feb. 1 "Holders of rec. Jan. 24
Pacific Coast. Co.. let pref. (guar.)
Books Closed.
When
Per
Feb. 1 *Holders of rec. Jan. 24
•I
Second preferred (guar.)
Days Inc wive
Cent. Payable.
Name of Company.
Pick (Alpena, earth & Co., Part.pf.(qu.) 431.4c Feb. 15 Jan. 27 to Feb. 14
corn.. $100 par
Pierce, Butler & Pierce,
Railroads (Steam).
Jan. 15 Holders of rec. Jan. 5
2
(guar.)
50c. Jan. 15 Holders of rec. Jan. 5
Common ($25 par) (quar.)
Internat. Rya. of Cent. Am.. pf.
- 114 Feb. 15 Holders of rec. Jan. 31
•35 Feb. 15 *Holders of rec. Jan. 31
Pittsburgh Plate Glass (extra)
51.25 Feb. 1 Jan. 14 to Jan. 31
Mine Hill & Schuylkill Haven
$1.25 Feb. 1 Holders of rec. Jan. 210
Poatum Cereal (guar.)
334 Feb. 1 Holders of rec. Jan. 22
Nashville Chattanooga & St. LOUIS
050o. Feb. 28 *Holders of roe. Jan. 31
Prairie Oil & Gas
Feb. 1 'Holders of reo. Jan. 21
03
Virginian fly., preferred
75e. Mar. I Holders of rec. Feb. 15
Purity Bakeries, Class A (guar.)
50c. Mar. 1 Holders of rec. Feb. 15
Class B ,guar a (No. 1)
Public Utilities.
134 Mar. 1 Holders of rec. Feb. 15
Preferred (guar.)
Reed (C. A.) Company, Class A (qu.).. 50c. Feb. I Holders of rec. Jan. 21
•75c. Jan. 29 "Holders of rec. Jan. 15
Amer. Dist. Teleg. of N..1., corn. (qu.).
Tobacco, corn. dr corn.B 025 Feb. 15 Holders of rec. Feb. 1
Reynolds(R. J.)
•14 .lan. 15 "Holders of rec. Dec. 15
Preferred (guar.)
Feb. III Holders of rec. Feb. 15
55
Richman Bros. (extra)
- 41.50 Mar. 1 Holders of rec. Jan. 31
Associated Can & El.. $6 pfd. (guar.).
ell) Fob. 10 Holders of rec. Dec. 22
Stock dividend
1.62 Si Mar. I Holders of rec. Jan. 31
36.4 preferred (altar.)
shares...'$ 1.3334 Jan. 28 *Holders of rev. Jan. 14
Royal Dutch Co., American
Brazilian Tr. f.t & Pow.. ord. (guar.).. •134 Mar. 1 'Holders of rec. Jan. 31
135 Feb. 1 Holders of roe. Jan. 20
St. Lawrence Flour Mills, pref.(gu.)..._
Jan. 15 Holders ol rec. Jan. 5
2
Bridgeport Hydraulic Co.(guar.)
134 Feb. 15 Holders of rec. Jan. 26
$1.50 Jan. 15 Holders of rec. Jan. 3a Shell Union Oil, pref. ser. A (guar.)
Commonwealth (lack Electric (guar.)
Feb. 15 *Holders of rec. Feb. 1
'2
Sinclair Consul. OIL pref. (guar.)
Community Power & Light, 1st pf. (gu ) •I ff Feb. 1 "Holders of rec. Jan. 21
*50c. Mar. IS *Holders of rec. Feb. 15
Skelly 011 (guar.)
of rec. Feb. 18
Mar. 1 *Holders
*2
Second preferred (guar.)
13.5 Mar. 1 Holders of rec. Jan. 28
Standard 011 (Ohio) pref. (guar.)
Derby Gas & El. Corp., pref. (quar.).._ 31.75 Feb. 1 Holders of rec. Jan. 20
Stover Mfg. & Engine, pref (guar.)._ _ 0 134 Feb. 1 *Holders of rec. Jan. 21
134 Mar. 15 Holders of rec. Feb. 15
Duquesne Light Co., lot pref.(guar )
14 Feb. 15 Holders Of rec. Jan. 28
Tobacco Products. class A (guar.)
Feb. 1 Holders of rec. Jan. 15
Eastern Massachusetts St. fly.. pref. B. 3
United Bond & Share Corp., partic. pref_ 25c. Feb. 1 MMus of roe. Jan. 15
ref" 15 Holders of rec. Jan. 31
3
First pref and sinking fund stock
154 Jan. 3 Holders of rec. Dec. 15/1
Upson Company. preferred (guar.)
rec. Jan. 15
134 Feb. _ Holders of
Eastern States Power Corp., pref. (au.).
l34 Feb. 1 Holders of rec. Jan. 22
Washburn-Crosby Co., pref.(guar.)._
Feb. 1 Holders of rec. Jan. 15
3
Edison Elec. 111 of Boston (guar.)
Williams 011-0-Matic Heat. Corp.(au.). '37 Sic Feb. 15 "Holders of rec. Feb. 1
66 2-3c Feb. 1 *Holders of rec. Jan. 15
Fuel.8% pf.
.) -•
Empire Cask
051 .25 Mar. 1 "Holders of rec. Feb. 10
Woolworth (F. W.) Co.(guar.)
Eight per cent preferred (monthly)..• 58 I-3c Feb. 1 'Holders of rec. Jan. 15
Fort Worth Power & Light. pref (guar.) 134 Feb. 1 Holders of rec. Jan. 15
Below we give the dividends announced in previous weeks
Feb. 25 Holders of rec. Jan. 5
1
poshay (W. B.) Co., common (extra)
Feb. 25 Holders of rec. Jan. 5
2
Seven per cent preferred (bonus)
and not yet paid. This list does not include dividends anFeb. 25 Holders of roe. Jan. 5
1
cent preferred (bonus)
Eight per
nounced this week, these being given in the preceding table.
Georgia fly. & Electric. preferred (guar.) 135 Jan. 20 Holders of rec. Jan. 10
-Indiana Consum. Gas& By-Prod.
Feb. 1 Holders of rec. Jan. 15
$2.33
Books Closed.
When
1st pref. (No. I)
Per
Feb. I Jan 21 to Jan. 31
30e
Days Inclusive.
Interstate Railways, common
Cent. Payable.
Name of Company.
- I% Feb. 1 Holders of rec. Jan. 20
Knoxville Power & Lt., pref. (guar.).
Jan. 21
50c. Feb. 1 Holders of rec.
Long Island Lighting. comtnon
Railroads (Steam).
$1.50 Feb. 15 Holders of rec. Jan. 31
Middle West Utilities, common (gear.)
$1.75 Feb. 14 Holders of rec. Jan. 14
Alabama Great Southern, preferred
Montreal Water & Power, corn. (guar.). 623-4c. Feb. 15 Holders of rec. Jan. 31
$1.75 Feb. 14 Holders of rec. Jan. 14
Preferred
I% Feb. 15 Holders of rec. Jan. 31
Preferred (guar.)
50c Feb. 14 Holders of rec. Jan. 14
Preferred (extra)
Holders of rec. Jan. 280
National Electric Power, corn., cl. A (qu) 45e. Feb. 1 Holders of rec. Jan. 20
Atchison Topeka & Santa Fe. corn.(qu.) 13-5 Mar.
15 Holders of rec. Dec. 31
Holders of rec. Jan. 280
7,54. Mar.
New England Public Serv., $7 pref.(qu.) $1.75 Jan.
Common (extra)
Holders of rec. Jan. 15
Holders of rec. Doe. 31a
N. Y. Utilities, pref. (guar.).. 144 Feb.
Feb.
Northern
234
Preferred
Jan. 3 Holders of ree. Jan. 24
$1
Holders of rev. Jan. 15a
Philadelphia Co., corn.(guar.)
13-4 Mar.
Baltimore & Ohio. corn.(guar.)
*51.25 Mar. 'Holders of rec. Feb. 10
Holders of roe. Jan. 16a
34 Mar.
Five per cent preferred
Common (extra)
(guar.)._ 600. Feb.
Holders of rec. Jan. 150
Holders of rec. Jan. 16a
Mar.
1
Sierra Pacific Elec. Co.. corn.
Preferred (guar.)
Si Feb.
Holders of rec. Jan. 19c1
Holders of rec. Dec. 300
134 Feb.
Preferred (guar.)
Canada Southern
Holders of rec. Jan. 17
Jan. 15 Holders of roe. Dec. 27a
2
Power & Light. Pref. (guar.)._ $1.75 Feb.
Standard
Central RR. of N. J. (extra)
75c. Jan. 15 Jan. 7 to Jan. 14
Jan. 20 Holders of rec. Jan. 13a
5
York Rye.,corn. (gear.)
Cincinnati Northern
6234c. Jan. 31 Jan. 22 to Jan. 30
134.la. 20 Holders of roe. Dec. 30a
Preferre (guar.)
Cleve. Ctn. Chic. & St. L., Coln. (ea.)
I if Jan. 20 Holders of rec. Dec. 300
Preferred (guar.)
Feb. 1 Holders of rec. Jan. 15a
3
Joint Stock Land Bank.
Cuba RR., pref. (guar.)
Jan. 1
4
of
Blurt Carolinas
Delaware Lackawanna & Western (qu.) $1.50 Jan. 20 Holders of rec. Jan. 84
roe. Jan. 84
51.00 Jan. 20 Holders
Extra
Jan. 15 Holders of roe. Jan. fia
3
Fire Insurance.
Detroit River Tunnel
Jan. 11 Jan. 1 to Jan. 12
6
234 Jan. 15 Jan. 1 to Jan. 14
City of New York
Georgia RR.& Banking ((Man)
Jan. 10 Jan. 1 to Jan. 12
9
234 Feb. 1 Holders of rec. Dee. 30a
Home(semi-annual)
rv.orlowa nt on.
Great Northern, preferred
5
Quarterly
•135
Name of Company.
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Railroads (Steam) (Concluded).
2% Feb. 15
.Holders of rec. Feb. la
Hudson & Manhattan. preferred
1
Jan. 15 Holders of rec. Dec. 31a
Kansas City Southern, pref. (Quar.)____
Jan. 15 Dee. 18 to Jan. 16
$1
Little Schuylkill Nay. RR. & Coal
Louisville & Nashville
334 Feb. 10 Holders of rec. Jan. 14a
$12.50 Feb. 1 Holders of rec. Jan. 14a
Maher:dna Coal RR.. corn. (guar.)
Michigan Central
173.4 Jan. 29 Holders of rec. Dec. 300
I sx Feb. 1 Holders of rec. Jan. 155
Missourl-Kansas-Texas, pref. A (guar.) _
1% Feb. 1 Dec. 31 to Jan. 26
N. Y. Central RR.(quar.)
Jan. 31 Holders of rec. Jan. 140
1
New York Ontario & Western
Feb. 19 *Holders of rec. Jan. 31
•1
Norfolk & Western, adj. pref. (quar.)
Jan. 15 Holders of rec. Dec. 3 i a
32
Northern Central
Northern Pacific (quar.)
I ( Feb. 1 Holders of rec. Dec. 316
1
1)4 Feb. 1 Holders of rec. Jan. 150
Pere Marquette, prior pref. (quara
114 Feb. 1 Holders of rec. Jan. 15a
Preferred (guar.)
234 Jan. 20 Holders of rec. Jan. 10
Pitts. Gin. Chic. & St. Louis
$2.50 Feb. 1 Holders of roe. Jan. 17a
Pittsburgh & Lake Erie
Feb. 1 Holders of rec. J. n. 170
$5
Extra
11.4 Jan. 31 Holders of rec. Jan. I5a
Pitts. & West Virginia, corn.(quar.)._
Feb. 10 Holders of rec Jan. 130
Reading Company, corn. (guar.)
$1
Common (extra)
$1 Feb. 10 Holders of rec. Jan. I3a
1
Jan. 20 Holders of roe. Dec. 300
RuUand, preferred
1% Feb. 1 Holders of rec. Jan. 15a
St. Louis-San Francisco, pref. (guar.)._
Preferred (guar.)
114 May 2 Holders of rec. Apr. Pa
Preferred (guar.)
134 Aug. 1 Holders of rec. July 15a
11.4 Nov. 1 Holders of rec. Oct 15a
Preferred (guar.)
I% Feb. I Holders of rec. Jan. 10a
Southern Railway. corn. (guar.)
Preferred (guar.)
134 Jan. 15 Holders of rec. Jan. 3a
Jan. 15 Holders of rec. Dec. 3I0
6
Troy Union RR
Wabash Railway, pref. A (guar.)
134 Feb. 25 Holders of rec. Jan. 25a
Public Utilities.
American Gas & Electric Co.
Nu par value pref., unstamped (guar.) 134 Feb. 1 Holders of roe. Jan. 10
No par value pref., stamped (nithly.) 50c Feb. 1 Holders of rec. Jan. 10
Feb. 1 Jan. 15 to Jan. 27
Amer. Light & Traction, common (1m.). 2
rti Feb. 1 Jan. 15 to Jan. 27
Preferred (quar.)
2% Jan. 15 Holders of rec. Dec. 200
American Telep. & Teleg. (guar.)
2)4 Apr. 15 Holders of roe. Mar. 15e
Quarterly
40c. Feb. i5 Holders of roe. Feb. a
Amer. Water tVks. & Lie.. corn.(qu.)
Common (payable In corn. stock)
/234 Feb. 15 Holders of rec. Feb. ia
Feb. 15 Holders of rec. Feb. la
7% first preferred (guar.)
Associated Gas & Electric, class A (guar.) (s) Feb. I Holders of rec. Dec. 31
Jan. 15 Holders of rec. Doe. 23
Bell Telephone of Canada (guar.)
2
Bell Telep. of Penna.,634% pref.(guar.)
134 Jan. 15 Holders of rec. Dec. 20s
Broad River Power. pref. (guar.)
1% Feb. 1 Holders of roe. Jan. 15
Bro,,k ly ii-Mtudiattun Trans't, cum.(qu.) $1
Jan. 15 ttoluers of rec. Dec. lie
Preferred se les A (guar.)
I% Jan. 15 Holders of roe. Dec. 31
114 Apr. 15 Holders of roe Apr. I
Preferred series A (guar.)
Canada Northern Power, Ltd., pf.(au). I% Jan. 15 Holders of rec. Dee. 31
Central illinula Public Serv.. pref. (qu.) $1 dli Jan. 15 Holders of rec. Dec. ha
Central Power Co.(Neb.), pref. (guar.). 1% Jan. 15 Holders of rec. Dec. 31a
13
Feb. I Holders of rec. Jan. 15
Central Power & Light. preferred (guar.)
Central & Southwest Utilities, corn
$1.50 Feb. I Holders of rec Dec. 31a
Prior lieu (qu ,r.)
El 75 Feb. 15 Holders of rem Jan. 31
Preferred (guar.)
51.75 Feb. 15 Holders of rec. Jan. 31
Ches.& Potomac Telep. of Balt.,pf.(qu.)
I % Jan. 15 Holders of rec. Dec. 31
Chicago Rapid Transit. prior p1.(mthly.) 65e. Feb. 1 Holders of rec. Jan. 180
Prior preferred (inoutalin
65c. Mar. I Holders of rec. Feb. l5a
Cin.New port & Coy L.& Tr..com (q) 114 Jail. 15 Jan. 1
to Jan. 18
Preferred (guar.)
I% Jan. 15 Jan. 1 to Jan. 16
Cleveland Electric Ilium.. corn. (quar.)
2 Si Jan. 15 Holders of rec. Dec. 3io
Columbia Gas & EL, com.(qu.)(No. 1)- $1.25 Feb. 15 Holders of rec. Jan. 210
6% preferred ser. A (quar.)(No. 1).. I% Feb. 15 Holders of rec. Jan. 200
CommonwealthEdison (guar.)
2
Feb. 1 Holders of rec. Jan. 15
Commonwealth Power,common (guar.). 50c. Feb. 1 Holders of rec. Jan. 7
Preferred (guar.)
I % Feb. 1 Holders of rec. Jan. 7
Consolidated (lits of N. Y pref. (guar.) $1.10 Feb. I Holders of me Dec 1115
Consolidated Traction of New Jersey... 2
Jan. 15 Holders of rec. Dec. 31s
Detroit Edison (guar.)
2
Jan. 15 Holders of rec. Dec. 200
Diamond State Telephone. pref. (guar.) 1% Jan. 15 Holders of rec. Dec. 20a
Dominion Power & Transport'n, uf.(qu.) 1% Jan. It Holders of rec. Dec. 23
East Bay Water, pref. A (guar.)
11.4 Jan. 15 Holders of rec. Dec. 31
Preferred B (guar.)
144 Jan, IS Holders of rec. Dec. 31
Electric Bond & Share, pref • (guar.)
1 Si Feb. I Holders of rec. Jan. 15
Electric Bond & Share Securities (guar.). 25c. Jan, 15 Holders of rec. Dec. 15
Electric Investors.
lan. IS Holders of rec. Dee. 31
com.stk) (el
51.75 Feb. 1 Holders of rec. Jan. 12
$7 prefe ed (guar.)
$1.50 Feb. 1 Holders of rec. Jan. 12
$6 Preferred (guar.)
El Paso u.levlrls, met. A (guar.)
11-4 Jou. IS Holders of rec. Jun. 30
Preferred, series Fl (guar.)._
... 1% Jan. 15 Holders of rec. Jan. 3n
% Feb.
Das & Elec. Securities, corn. (monthly)_
Holders of rec. Jan. 15a
Common (payable in common stock) _ _
bi Feb.
Holders of rec. Jan. 15a
Common (monthly)
% Mar.
Holders of rec. Feb. I5a
Common (payable In common stock)
Holders of rec. Feb. 15a
134 Mar.
Common (monthly)
Holders of rec. Mar. I5a
34 Apr.
Common (payable in common stock) _
f% Apr.
Holders of rec. Mar. I5a
Preferred (monthly)
7-12 Feb.
Holders of roe. Jan. I5a
Preferred (monthly)
7-12 Mar.
Holders of rec. Feb. I5a
Preferred (monthly)
7-12 Apr.
Holders of rec. Mar. I50
General Public Service Corp.,56 pr.(qu.) $1.50 Feb.
Holders of rec. Jan. 100
Convertible preferred (guar.)
$1.75 Feb.
Holders of rec. Jan. 100
Havana Electric & Utilities, 1st pf. (qu.) 51.50 Feb. 15 Holders of rec. Jan. 21
Cumulative preferred (guar.)
$1.25 Feb. 15 Holders of rec. Jan. 21
Illinois Northern Utilities. pref. (guar.) _ •I % Feb. I 'Holders of rec. Jan. 15
International Telep. & Teleg. (guar.) _
13.4 Jan. 15 Holders of rec. Dec. 27a
international Utilities. class A (quar.). 87 Ssc. Jan. 15 Holders of rec. Jan.
$7 preferred ((luar.)
$1.75 Feb. I Holders of rec. Jan. 21n
Kentucky Securities. Prof.(guar.)
1% Jan. 15 Holders of roe. Doe. 2(34
Kentucky Utilities. pref. (guar.)
1% Jan. 15 Holders of rec. Dec. 24a
Lawrence Gas & Electric (guar.)
214 Feb. I Holders of rec. Jan. I5a
Laurentlde Power (guar.)
1 4 Jan. 15 Holders of rec. Doe. 31
Loulsv. Gas & El. of Ky., 7% Pf• (au.).. 14 Jan. 15 Holders of rem Dee. 3I0
13.4 Jan. 15 Holders of rec. Dec. 3Ia
6% preferred (guar.)
Manufacturers Light & Heat (guar.)._
51 Jan. 15 Holders of rec. Dec. 31a
„Massachusetts Gas Cos.. coin. (guar.)._ $1.25 Feb. I Holders of rec. Jan. 15
Maas. LW. Cos..8% Pref. (guar.)
114 Jan. 15 Holders of rec. Doe. 27
Jail. 15 Holders of rec. Dec. 27
Eight per cent preferred (quar.)
Mexican Utilities. preferred
$3.50 .lan. 15 Holders of rec. Dec. 31
Middle West Utilities, pref. (quar.)....
134 Jan. 15 Holders of rec. Dec. 31a
su, Jail. 3, lioldere of rec. Jan. 20a
Milwaukee El. Ity. & Lt., 6% pf.(gm)
Missouri Gas & El. Serv., prior lien Pm.) $1.75 Jan. 15 Holders of rec. Dec. 31
Mohawk & Hudson P wer, pref.(quar.)- $1.75 Feb. 1 Holders of roe .Jan. 20
51.75 Feb. I Holders of rec. Jan. 20
Second preferred (guar.)
Montreal Lt. Heat & row. Consolidated
No par value stock (2 months dIv.)._. 33 1-3 Jan. 31 Holders of roe. Dec. 31
2
Jan. 15 Jan. I
to Jan. 15
Montreal Telegraph (guar.)
214 Jan. 15 Holders of rec. Jan. 7
Montreal Tramways (guar.)
1)4 Jan. 20 Holders of rec. Dec. 31
Mountain States Power. pref. (guar.)..Jan. 15 Holders of rec. Dee. 3Ia
-Mountain States Telep. & Teleg. (quar.) 2
2)4 Jan. 15 Holders of reo. Dee, 3Ia
National Fuel Gas (guar.)
Jan. 15 Holders of rec. Dec. 31a
2
Extra
1% Feb. I Holders of rec. Dec. 30
Nevada-Calif. Elec. Corp., pref. (go.)
New England Power Assn., corn. (quar.) 37 aie Jan. 15 Holders of rec. Dec. 31
I% Jan. 15 Holders of rec. Dec. 20
New York Telephone, pref.(guar.)
4354c. Jan. 15 Holders of rec. Dec. 31
Niagara Fails Power. pref. (guar.)
North Boston LW. Props., cum.(go.).. $1.12 Jan. 15 Holders of rec. Jan. ba
Preferred (guar.)
13.4 Jan, 15 Holders of rec. Jan. so
1
Jan. 15 Holders of rec. Dec. 31
Northern Mexico Power & Devel.. corn..
Jan, 25 Holders of rec. Dec. 31
3
Northern Ontario Lt. & Pr., pref. (qu.)
Feb. 1 Holders of ree. Dee, 31
Nor. States Pow.(Del.). el. A com.(qa.) 2
144 Jan. 20 Holders of rec. Dec. 31
Seven per cent preferred (guar.)
Six per tent preferred (guar.)
13.4 Jan. 20 Holders of rec. Dee. 31
% Jan. 15 Holders of rem Dec. 200
Northwestern Bell Telep., pref. (guar.).
1% Mar. 3 Holders of ree. Fet). 15
-Ohio Edison,6% pref. (guar.)
1.65 Mar. 3 Holders of ree. Feb. 15
6.6% preferred (guar.)
I% Mar. 3 Holders of rec. Feb. 15
7% preferred (guar.)
600. Feb. 1 Holders of rec. Jan. 15
6% preferred (monthly)
600. Mar. 1 Holden) of tee. Feb. 15
6% preferred (monthly)
550. Feb. 1 Holders of rec. Jan. 15
6.6% preferred (monthly)
56e. Mar. 1 Holders of rec. Feb. 15
6.6% preferred (monthly)
341
THE CHRONICLE
JAN. 15 1927.]
134
Name of Company.
Public Utilities (Cont(nued).
Ohio 011 & Gas (guar.)
Ontario Power & Light, pref.(guar.)- - Ottawa Montreal Power, 7% pref. (qu.)
Pacific Gas & Elec., corn. (guar.)
Pacific Telep.& Teleg., pref.(guar.) - Penn-Ohio Edison 7% prior pref.(qu.).
$6 preferred (guar.)
People.) Gas Light & Coke (guar.)
Philadelphia Rapid Transit (guar.)
Philadelphia & Western Ry., pref.(qu.)
Porte Rico Railways common (quar.).
Power Corporation of Canada. pref.(gu.)
Public Service Co. of No. Illinois
Common, $100 par value (quar.)___ _
Common (no par) (guar.)
Six per cent preferred (quar.)
Seven per cent preferred (quar.)
Public Service Elec. Power, pref.(go.)..
Puget Sound Pow. & Lt., prior pf (qu I.
Preferred (quar)
Quebec Power, common (guar
Republic Ry. & Light, pref. (guar.) _
San Diego Consol. Gas & EL, pf.(go.).South Pittsburgh Water. pref. (guttr.)F,ve pe ent prefe ed
Southern California Edison, orig. pf (qui
Southern Canada Power, Ltd.. pf.(qu.)
Southern Colorado Power, corn. A (qu.)
Southern N. E.Telephone (guar.)
$7 preferred (guar.)
6% preferred (guar.)
Standard Gas & El., common (guar.)...
.Common (payable in common swot)
Prior preferred (guar.)
Tennessee Electric Pow..8% 1st pf.(qu.)
Seven per cent first preferred (quar.).
7.2% first preferred (guar.)
Six per cent first preferred (monthly)
Six per cent first preferred (monthly)
Six per cent first preferred (monthly)
7.2% first preferred (monthly)
7.2% first preferred (monthly)
7.2% first preferred (monthly)
United Gas Zr. Electric ('ss,plas. uref _ _ _
United Gas Improvement (guar.)
United Light & Pow., new com. A (quar.)
Old common A (guar.)
New common B (guar.)
Old common B (guar.)
United Utilities, common
(gu .1
Wash. Water Power,Spokane,corn.
West Penn Electric Cu.. 7% pref. (qu.)
West Penn Power,7% preferred (guar.).
Six per cent preferred (quar.)
Western Power Corp., uref. (quar.)
Western States Gas& Elec.. pref. (guar.)
Western Union Telegraph (guar.)
Per
When
Cent. Payable.
Boots Closed.
Days Inclusive.
Jan. 15 'Holders of roe. Jan. 1
Feb. 1 *Holders of rec. Jan. 16
1
Jan. 15 Holders of rec. Dee. 30s
2
Jan. 15 Holders of rec. Dec. 31a
13.4 Jan. 15 Holders of rec. Dec. 31a
114 Mar. I Holders of rec. Feb. 21
$1.50 Jan. 15 Holders of rec. Dee. 31
2
Jan. 17 Holders of rec. Jan. 30
Jan. 31 Holders of rec. Jan. 156
$1
6234c Jan. 15 Holders of rec. Dec. Sla
1
Jan. 15 Holders of rec. Dec. 310
114 Jan. 15 Holders of rec. Dec. 30
•134
2
Feb. 1 Holders of rec. Jan. 15
Feb. 1 Holders of rec. Jan. 15
52
114 Feb. I Holders of rec. Jan. 15
Feb. 1 Holders of rec. Jan. 15
1% Feb. 1 Holders of rec. Jan. 14a
I% Jan 15 Holders of roe Dec. 20'
144 Jan. IS Holders of roe. Dec. 20,
I% Jan. 16 Holders of rem Dec. 31
I% Jan. 15 Holders of rec. Dee. 31
13.4 Jan. 15 Holders of rec. Dec. 310
134 Jan. 15 Holders of rec. Jan. la
*S1.45 Feb.
...Holders of rec. Feb. 5
2
Jan. 15 Holders of rec. Doe. 20
114 Jan. 15 Holders of rec. Dee. 24
50c. Feb. 2 Homers of roe. Jan. 31
2
Jan. 15 Holders of rec. Dec. 31
$1.75 Mar. I Holders of rec. Feb. to
I Si Mar. I Holders of rec. Feb. la
75e. Jan. 25 Holders of rec. Dee. 31
2151 Jau. 25 Holders of tee. Dec. 310
I% Jan. 25 Holders of rec. Dec. 31
Holders of rec. Mar. 15
134 Apr.
1% Apr.
Holders of rec. Mar. 15
1.80 Apr.
Holders of rec. Mar. 15
50c. Feb.
Holders of rec. Jan. 15
50c. Mar.
Holders of rec. Feb. 15
Apr.
Holders of rec. Mar. 15
60e. Feb.
Hokiers of rec. Jan. 15
60c. Mar. •
Holders of rec. Feb. 15
60e. Apr.
Holders of rec. Mar. 15
•i Jan. IS Holders of rec. Dec. 31
51 Jan. 15 Holders of rec. Dec. Sb
i 2c. Feb. i Holders of roe. Jan. 15
60c. Feb. 1 Holders of rec. Jan. 15
P2c. Feb. I Holders of rec. Jan. 15
010e. Feb.
Fielders of rec. Jan. 15
Jan. 20 Holders of rec. Jan. 100
$2
2
Jan. 15 Holders of rec. Dec. 340
% Feb. I.. Holders of rec. Feb. Hs
1% Feb. 1 Holders of rec. Jan. ISa
1)4 Feb. I Holders of rec. Jan. 150
1% Jun. 15 Holders of rec. Dec. 310
Jan. 15 Holders of roe. Dec. 31
2
Jan. 15 Holders of rec. Dec. 230
1)4
134
Banks
Chemical National, stock dividend
Corn Exchange (guar.)
(1)
5
Jan. 15
Feb. 1 Holders of rect. Jan. 31e
Trust Companies.
Title Guarantee & Trust, extra
5
Mar. 31 Holders of rec. Mar.22
4
4
$5
Jan. 15 Holders of rec. Dec. 316
Ian. 15 Holders of rec. Dee. 31a
Jan. 15 Dec. 9 to Dec. 30
Fire Insurance.
American Alliance (guar.)
Great American (guar.)
National Liberty
Miscellaneous.
Abitibi Power & Paper,common (guar.). SI .25 Ian. 20 Holders of rec. Jan. 10
I, Feb. I Holders of rec. Jan. 1E4
4
Abraham & Straus. Inc., uref. (quar.)..
81.25 Jan. 15 Holders of rec. Doe, 316
Alr Reduction (guar.)
152 34c. Mu. IS Holders of rec. Jan. 86
Alliance Realty (quar.)
8734e Ian. 18 Holders of rec. Jan, 8a
Extra
SI 51 Feb. I Holders of rec. Jan. 140
Allied Chemical & Dye, corn. (guar.)
Allis-Chalmers Mfg.. common (qual.).. $1.50 Feb. 15 Holders of rec. Jan. 246
I S 11111. Id Holders of rec. Dec. 244
Preferred (guar.)
50e. Ian. 31 Holders of rec. Jan. 150
Amerada Corporation, com. (quer.).
i / hail 15 Holders of rec. Dec. 31
1
2
Amara an Art works. Nan &.pf (au.)
Airier. thrown Boyer' Elec., panic.stock. 50c. Jan. 20 Holders of rec. Jan. 10a
500 Feb. 15 Holders of rec. Jan. 31a
American Can,cum.(qual.)
2
Feb. I Holders of rec. Jan. 15
American Cizar. common (guar.)
51
Feb. I Jan. 12 to
American Coal (quar.)
Feb. 1
2
Feb. 1 Holders of rec. Jau. 13
American Glue. preferred (quar.)
American Home Products (monthly) _ 20e. Feb. I Holders of rec. Jan. 150
Jan. 25 Holders of rec. Jan. 76
2
American ice, corn.(quar.)
2
Jun. 25 Holders of rec. Jan. 74
Common (extra)
Preferred (guar.)
134 Jan. 25 Hu,kiers of rec. Jan. 74
Amer.
-La France Fire Engine, com.(qu.) 250. Feb. 15 Holders of rec. Feb. la
Mar. I Holders of rec. Feb. 21
airier. Laundry Machinery, emu. Wu.) Si
I% Apr. 1 Holdeal of rec. Mar. 18
American Linseed, preferred (guar.).___
50e. Jan. 15 Holders of roe. Dec. 3Ia
truer Rolling Mill, com (guar./
American Seating, com.(extra)
25e. Apr.
Holders of rec. Mar. 20
Common (extra)
25c. July
Holders of rec. June 20
Common (extra)
260. I u,•t.
Homers of rec. Sept. 20
Amer. Shipbuilding. com.(guar.)
2
Feb.
Holders of rec: Jan. 150
Preferred (guar.)
Holders of rec. Jan. 156
194 Feb.
Amer. smelt. & Hera.. common (guar.). 2
Feb.
Holders of rec. Jan. I46
Preferred ((Mar.)
1 Si Mar.
Holders of rec. Feb. 46
American Steel Foundries, com (guar.)- 75e. Jan. 16 Holders of roe. Jan. 8a
Amer. Type Founders, man.(guar.).... 2
Jan. 15 Holders of rec. Jan. 50
Preferred (guar.)
I% Jan. 15 Holders of rec. Jan. 66
American Vitrified Products, corn. (qu.) SI
Jan. 15 Holders hf rec Jan. 5
Preferred (guar.)
154 Feb. 1 Holders of ree. Jan. 20
Amerleau Woolen, pref. (guar.)
14 Jan 15 Dee 18 to
Doe. 22
Anaconda Copper Mluing (guar.)
75e. Feb. 21 Holders of rec. Jan. 1545
Archer-Deplete-Midland Co.
Common (guar.)(No. 1)
76e. Feb. 1 Holders of rec. Jan. 21a
Preferred (guar.)
14 Feb. 1 Holders of rec. Jan. 21a
Arizona Commercial Mining
•50e. lan. 25 •11.1ders of rec. Jan. 17
Armstrong Cork, corn.(pay.In corn.stk)
5 Jan. 15 Holders of rec. Dec. 17
Asbestos Corporation, pref. (guar.)
194 Jan. 15 Holders of rec. Dee. 31
Associated Dry Goods Corp.. cum.(qu.)
63c. Feb. I Holders of rec. Jan. 1511
First preferred (guar.)
13.4 Mar. 1 Holders of rec. Feb. Ila
Second preferred (guar.)
I% Mar. 1 Holders of rec. Feb. lla
Associated Oil (extra)
40e. Jan. 25 Holders of rec. Doe. 6a
Atlantic!' Refining. preferred (guar.)._
I % Feb. I Holders of rec. Jan. 150
Atlas Plywood (guar.)
51
Jan. IS Holders of rec. Jan. 1
Atlas Powder, preferred (guar.)
1)4 Feb. I Holders of roc. Jan. 206
Austin Nichols & Co., pref.(guar.)
I% Feb. 1 Holders of roe. Jan. 130
Auto Finance Co.. preferred
•314 Jan. 15 'Holders of rec. Dec. 31
Babcock & Wilcox (guar.)
134 Apr. 1 Holders of rec. Mar. 20
Bankers Capital Corporation, corn
53
Jan. 15 Holders of rec. Dec. 31
Preferred (guar.)
Jan, 15 Holders of ree. Dec. Si
52
Barnhardt Bros. & Spindler
First and second preferred (quar.)---13.4 Feb. 1 Builders of tee. Jan. 24a
Bayuk Cigars, first pref. (guar.)
194 Jan. 15 Holders of ree. Dec. 316
Convertible second pref. (guar.)
144 Jan. 15 Holders of rem Dec. 31a
Second preferred (guar.)
2
Jan. 15 Holders of rec. Dec. 3Ia
Beech-Nut Packing. pref. (quit.)
13.4 Jan. 15 Holders of rec. Dee.
Big Lake 011
'2214 Jan. 17 *Holders of rec. Jan. 11
Bigelow-Hartford Carpet Corp.,common
and preferred (guar.)
$1.50 Feb. I Holders of rec. Jan. 14
Blaw-Knox Co., com. (gar.)
75e. Feb. I Holders of rec. Jan. 21
First preferred (guar.)
194 Feb. I Holders of roe. Jan. 21
Bloomingdale Bros., preferred (guar.)._
134 Feb. 1 Holders of rec. Jan. 200
342
Nam. .k1 Company.
When
Per
Cent. Payable
Books Closed.
Days Inclusive.
MI•ceitaneous (Continued).
Bon-Ami Co., class A (guar.)
Jan. 31 Holders of rec. Jan. I50
$1
Borden Company, common (guar.)
Holders of rec. Feb. I5,a
$1.25 Mar.
Bowman-BlItmore Hotels, pref.(annual) 5
Feb. 1 Holders of rec. Dec. 220
Brach (E. J.) & Sons (guar.)
70e. Mar. 1 Holders of rec. Feb. 20a
Brewers & Distillers of Vancouver, Ltd
215 Jan. 15 Jan. 12 to Jan. 15
Briggs Manufacturing (guar.)
75c. Jan. 25 Holders of rec. Jan. 10a
British-American Tobacco. ordinary.... (aa) Jan. 17
See note (aa)
Ordinary (interim)
See note (aa)
(aa) Jan. 17
Iirompton Pulp & Paper. corn
50c. Jan. 15 Holders of rec. Dec. 31
Brown Shoe, preferred (guar.)
155 Feb. I Holders of rec. Jan. 20a
Bunte Bros., common
*50c. Feb. I "Holders of rec. Jan. 25
•I ,4 Feb.
Preferred (quar.)
'Holders of ree. Jan. 25
Burns Bros., prior pref. (guar.)
155 Feb. 1 Holders of rec. Jan. 140
Burroughs Adding Machine
Common (payable in corn, stock)
f33 1-3 Mar. 1 Holders of rec. Feb. 15
Bush Terminal, preferred
3
Jan. 15 Holders of rec. Dec. 3Ia
Debenture preferred (quar.)
155 Jan. 15 Holders of rec. Dec. 3I0
Byers (A. M.) Co.. pref. (quar.)
155 Feb. 1 Holders of rec. Jan. 15a
Canada Cement, ordinary (guar.)
155 Jan. 17 Holders of rec. Dec. 31
Canada Dry Ginger Ale (guar.)
50c.• Jan. 15 Holders of rec. Jan. la
*Stock t11v !guar I
el14 Jan. 15 Holders of rec. Jan. 10
Canada Iron Foundries. pref
Jan. 15 Holders of rec. Dec. 31
4
Canadian Industrial Alcohol (quar.)
32c. Jan. 15 Holders of rec. Dec. 31s
Stock dividend
Jan. 15 Holders of rec. Dec. 31a
e20
Cellulose Products. pref. (guar.)
6255c Jan. 15 Holders of rec. Jan. 3
Century Ribbon Mills, pref. (quar.)
Holders of rec. Feb. 1Sa
i !, Her.
Cerro de Pa co Copper Corp. (guar.) _ __ 51
Feb. 1 Holders of ree Jan 1"a
Chicago Pneumatic Tool (guar.)
154 Jan. 25 Holders of rec. Jan. 15a
Chicago Yellow Cab Co.(monthly)
33 1-30 Feb. 1 Holders of rec. Jan. 20.
Monthly
33 1-3c Mar. I Holders of reo. Feb I8a
Christie. Brown & Co.. Ltd., com. (qu.) 300. Feb. 1 Holders of rec. Jan. 15o
Preferred (guar.)
15-5 Feb. 1 Holders of rec. Jan. 20a
Cities Service. common (monthly)
54 Feb. 1 Holders of rec. Jan. I5a
Common (payable in common stock)__
1Si Feb. I Holders of rec. Jan. 15a
Preferred and preferred B (monthly)__
55 Feb. 1 Holders of reo. Jan. 15a
Preferred BB (monthly)
50c. Feb. 1 Holders of rec. Jan. 15a
City Ice & Fuel (guar.)
50c. Mar. 1 Holders of rec. Feb. 100
Quarterly
50c. J.me 1 Holders of rec. May 105
Quarterly
50c. Sept. 1 Holders of rec. Aug. 104
Cleveland Stone (guar.)
50c. Mar. 15 Holders of rec. Mar. Is
Quarterly
50c. June 15 Holders of rec June 5a
Quarterly
50c. Sept. 15 Holders of rec. Sept. 5a
Cluett, Peabody &Co.,common (guar.) $1.25 Feb. 1 Holders of rec. Jan. 2 a
Collins & Airkman Co., corn. (guar.)._ $1
Feb. 1 Holders of rec. Jan. Ila
1)4 Feb. 1 Holders of rec. Jan. 1 la
Preferred (guar.)
Colombian Carbon (guar.)
Feb. 1 Holders of rec. Jan. I 5a
81
Consol. Min.& Smelt. Co., Ltd., of Can
$1.25 Jan. 15 Holders of rec. Dec. 31s
Bonus
$5
Jan. 15 Holders of rec. Dec. 31s
Consolidated Royalty 011 (guar.)
2)4 Jan. 25 Jan. 16 to Jan. 25
Continental Motors Corp.(guar.)
200. Jan. 31 Holders of rec. Jan. 15a
Corn Products Refining, com. (guar.)._ 50c. Jan. 20 Holders of rec. Jan. 30
Common (extra)
750. Jan. 20 Holders of rec. Jan. 3s
Preferred (guar.)
155 Jan. 15 Holders of rec. Jan. 30
Credit Alliance Corp.. corn.& el. A.(qu.) 750. Jan. 15 Holders of rec. Jan. 1
Common & class A stocks (extra).... 75c. Jan. 15 Holders of rec. Jan. 1
Preferred (guar.)
155 Jan. 15 Holders of rec. Jan. 1
Credit Discount Corp of Am.,com.(gu.). $1
Jan. 20 Holders of rec. Jan. 3
Crucible Steel, com.(guar.)
115 Jan. 31 Holders of rec. Jan. 15a
.3
Cuba Company, preferred
Feb. 1 *Holders of rec. Jan. 15
Cudahy Pack. new $50 par corn.(No. 1) Si Jan. 15 Holders of rec. Jan. 5a
Davega, Inc. (guar.)
25e. Feb. 1 Holders of rec. Jan. 15
Extra
25e. Feb. 1 Holders of rec. Jan. 15
Davis Coal & Coke
Jan. 15 Holders of rec. Dec. 31
$3
Del. Lackawanna & West. Coal. (guar.) "12.50 Jan. 15 *Holders of rec. Dec. 1
Extra
.
5$1 Jan. 15 *Holders of rec. Dec. 1
Dictograph Products Corp., pref.(guar.) $2
Jan. 15 Holders of rec. Dec. 31
Dodge Brothers, Inc., pref.(guar.)
$1.75 Jan. 15 Holders of rec. Dec. 27a
Dome Mines(guar.)
50c. Jan. 20 Holders of rec. Dec. 310
Dominion Textile, pref.(guar.)
15i Jan. 15 Holders of rec. Dec. 31
Draper Corp., extra
12M Jan. 15 Holders of rec. Aug. 28
Du Pont (E. I.) de Nemours & Co.
Debenture stock (guar 1
1)4 Jan. 25 Holders of reo. Jan. 10a
Eagle-Picher Lead Co.. pref. (quar.)____
I '7 Jan. 15 Holders of rec. Dec. 31
Eastern SS. Lines, no par prof (guar.)._ 871.4c. Jan. 15 Holders of rec. Jan. 6a
Eastern Theatres. Ltd.(Toronto), pref.. 315 Jan. 31 Holders of rec. Dec. 31
Eaton Axle & Spring, corn. (guar.)
50c. Feb. 1 Holders of rec. Jan. 15a
Economy Grocery Stores( guar.)
His. Jan. 15 Jan. I
to Jan. 15
Elgin National Watch (guar.)
62)40 Feb. 1 Holders of rec. Jan. 14
Extra
81.50 Jan. 20 Holders of rec. Jan. 4
Ely-Walker Dry Goods, common (guar.) 75e. Jan. 15 Holders of rec. Jan. 4
First preferred
355 Jan. 15 Holders of rec. Jun. 4
Second preferred
3
Jan. 15 Holders of rec. Jan. 4
Eureka Pipe Line (guar.)
1
Feb. 1 Holders of roe. Jan. 15
Eureka Vacuum Cleaner, common (qu.). Si
Feb. I Holders of rec. Jan. 21a
Common (extra)
25e. Feb. I Holders of rec. Jan. 21a
Common (payable in common stock)-- /5
Mar. I Holders of roe. Feb. I a
Common (payable In common stock)__ /5
Aug. 1 Holders of rec. July 20a
Exchange Buffet (guar.)
3755c. Jan. 30 Holden, of rec. Jan is
Fageol Motor
'(Sc. Jan. 15 Holders of rec. Dec 31
Fair (The), common (monthly)
20c. Feb. 1 Holders of rec. Jan. 200
Preferred (quar.)
1)4 Feb. 1 Holders of rec. Jan. 20a
Fajardo Sugar (guar.)
2 l,,, Feb. 1 Holders of rev. Jan. 17
Famous Players-Lasky Corp., pref.(qu.) 2
Feb. 1 Holders of rec. Jan. 15a
Federal Knitting Mills (quar.)
6255c Jan. 15 Holders of rec. Jan. 5
•2
Federal Terra Cotta( ar)
Jan. 15 *Holders of reo. Jan. 5
.7
Special
Jan. 15 *Holders of rec. Jan. 5
*12
Felin (J. J.). common (annual)
Jan. 15 *Holders of rec. Jan. 10
Preferred (quar.)
•135 Jan. 15 *Holders of rec. Jan. 10
Flftb Avenue Bu. Securities (quar.).___ 16e Jan. 18 Holders of rec. Jan. 90
Firestone Tire & Rubber. corn.(quar.)__ $1.50 Jan. 20 Holders of rec. Jan. 10a
Six per cent preferred (guar.)
155 Jan. 15 Holders of rec. Jan. 1
155 Feb. 15 Holders of rec. Feb. la
Seven per cent preferred (guar.)
155 Feb. 1 Holders of rec. Jan. 15 r
Fisk Rubber, lot pref (guar.)
First convertible preferred (quar.)
135 Feb. 1 Holders of rec. Jan. 150
Fox Illm Corp., common A & B (guar.). $1
Jan. 15 Holders of reo. Dec. 30a
Freeport Texas Co.(guar.)
50c. Feb. 1 Jan. 16 to Feb. 1
Garland Steamship, pre(
2
Jan. 15 Holders of rec. Jan. 10
General Development (quar.)
25c. Feb. 21 Holders of rec. Feb. 10
General Electric. com.(guar.)
75c. Jan. 28 Holders of rec. Dec. 150
Special stock (guar.)
15c. Jan. 28 Holders of rec. Dec. 150
1)4 Feb. 1 Holders of rec. Jan. 100
General Motors Corp., pref. (quar.)____
Six per cent debenture stock (guar.)._
155 Feb. 1 Holders of reo. Jan. 100
Seven per cent debenture stock (guar.) 155 Feb. 1 Holders of rec. Jan. 10a
General Outdoor Advertising, corn.(qu.) 50e. Jan. 15 Holders of reo. Jan. 5a
75c. Jan. 15 Holders of rec. Jan. 7a
General Refractories (guar.)
75o. Jan. 31 Holders of rec. Jan. 15
Gilchrist Company (guar.)
155 Feb. 1 Holders of rec. Jan. 15a
Gimbel Bros., Inc.. pref. (guar.)
C. G. Spring & Bumper, com. (guar.)._ 10c. Feb. 15 Holders of rec. Feb. 80
Sc. Feb. 15 Holders of rec. Feb. 80
Common (extra)
Common (In eom. atk. on each 10 elm) 13-10 Feb. 15 Holders of rec. Feb. 8a
Gebel (Adolf), Inc., cony. pref. (guar.). 155 Feb. 1 Holders or rec. Jan. 20
3755c. Jan. 15 Holders of rec. Dec. 31
Gotfredson Corp., Ltd. (guar.)
$7.50 Jan. 25 Holders of rec. Dec. 27
Group No. 1 011 Corp
25c. Jan. 15 Holders of rec. Dec. 30
Happiness Candy Stores. Inc
Harbison-Walker Refrac., corn. (guar.). 1)4 Mar. 1 Holders of rec. Feb. lea
2
Jan. 29 Holders of rec. Jan. 15a
Common (extra)
1 Si Jan. 20 Holders of rec. Jan. 104
Preferred (guar.)
155 Apr. 20 Holders of rec. Apr. ea
Preferred (guar.)
500. Mar127 Holders of reo. Feb. 15a
Hartman Corporation, Maas A (guar.)._
50o. J'nel'27 Holders of roe. may Ha
Class A (guar.)
(o) Mar 127 Holders of rec. Feb. 15a
(guar.) in elan A stock
Class B
(o) rnel'27 Holders of reo. May 170
Class B (guar.) In clans A stock
Jan. 15 Holders of reo. Dec. 31
Hathaway Baking. Inc., pt. claw A (qu.) 2
*20e. Feb. 28 *Holders of rec. Feb. 18
(extra)
Hawaiian Pineapple
Subj. to stkhldrs meeting in Feb.
•10
Stock dividend
100. Feb. 1 Holders of reo. Jan. 240
Hayes Ionia Co.(monthly)
10o. Mar. 1 Holders of rec. Feb. 211
Monthly
155 Feb.d12 Holders of rec. Feb. 5
Hercules Powder, pref. (guar.)
155 Jan. 15 Holders of rec. Dec. 31
Hillereet Collieries, cons. (guar.)
1,1 Jan. 15 Holders of rec. Dec. 31
Preferred (War-)
[VOL. 124.
THE CHRONICLE
Name of Company.
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (CdittInued).
Holly Sugar. Pref. (guar.)
155 Feb. 1 Holders of reo. Jan. 15
Homestake Mining (monthly)
50c. Jan. 25 holders of rec. Jan. 200
Extra
$1
Jan. 25 Holders of rec. Jan. 200
Hood Rubber, 734% preferred (quar.)_. $1.87 Feb. 1 Jan. 21 to Feb. 1
Seven per cent preferred (guar.)
154 Feb. 1 Jan. 21 to Feb. 1
Horn & Hardart (guar.)
373.4c Feb. 1 Holders of rec. Jan. 11
Extra
1255c Feb. 1 Holders of rec. Jan. 11
Howe Sound Co.(guar.)
$1
Jan. 15 Holders of rec. Dec. 310
Hunt's Theatres, Inc., met
4
Feb. 1 Holders of rec. Dec. 31
Hupp Motor Car (quar.)
35c. Feb. 1 Iloiders of rec. Jan. 150
Illinois Brick (guar.)
60c. Jan. 15 Jan. 5 to Jan. 16
Extra
40e. Jan. 15 Jan. 5 to Jan. 16
Quarterly
60e. Apr. 15 Apr. 5 to
Apr. 15
Quarterly
60c. July 15 July r to July 15
Quarterly
60e. 0 t. 15 Oct. 5 to Oct. 16
Independent 011 & Gas(guar.)
25o. Jan. 17 Holders of rec. Dec. 300
Indiana Pipe Line
Feb. 15 Holders of rec. Jan. 21
51
Industrial Finance Corp.. deb. stk.(qu.) 155 Feb. 1 Holders of rec. Jan. 22
7% preferred (guar.)
155 Feb. 1 Holders of rec. Jan. 22
6% preferred (guar.)
134 Feb. 1 Holders of rec. Jan. 22
Interlake Steamship (guar.)
$1.50 Apr. 1 Holders of rec. Mar. 16
Internat. Agrlcul. Corp., prior pref.(qu.) 155 Mar. I Holders of rec. Feb. 15a
international Harvester, corn. (guar.)._
154 Jan. 15 Holders of rec. Dec. 240
Common (payable in common stock)_
f4
Jan. 25 Holders of rec. Dec. 240
International Match. panic. pref.(qu.). 800. Jan. 15 Holders of rec. Dec. 27a
International Nickel, prof.(quar.)
115 Feb. I Holders of rec. Jan. 13a
International Paper, corn. (quar.)
50c Feb. 15 Holders of rec. Feb. in
Six per cent pref. (guar.)
155 Jan. 15 Holders of rec. Jan. 30
Seven per cent pref. (quar.)
155 Jan. 15 Holders of rec. Jan. 3a
Intertype Corporation (quar.)
25c. Feb. 15 Holders of rec. Jan. 3Ia
Extra
25e. Feb. 15 Holders of rec. Jan. 31a
Ipswich Mills, pref. (quar.)
155 Feb. 1 Holders of rec. Jan. 20
Iron Products Corporation, corn
$2.75 Jan. 31 Holders of rec. Jan alba
Kaufman Dept.Stores, common (quar.). $2
Jan. 28 Holders of rec. Jan. 200
Kawneer Co. (quar.)
•
56254c Jan. 15 Holders of tee. Dec. 31
Kayser (Julius) & Co., com.(quar.)- --- $1
Feb. 1 Holders of rec. Jan. 170
Kellogg Switchboard & Supply,com.(qu) 3255e Jan. 31 Holders of reo. Jan. 10a,
Preferred (guar.)
155 Jan. 31 Holders of rec. Jan. 100
Kelsey Wheel, pref. (quar.)
1)4 Feb. I Holders of rec. Jan. 210
,
Keystone Tire & Rubber, pref. (quar.)_ _ •1M Jan.
'Holders of rec. Jan. 5
Kruskal & Kruskal, Inc.(No. 1) (guar.) 500. Feb. 15 Holders of rec. Jan. 310
Quarterly
50c. May 16 Holders of roe. Apr. 290
Landay Bros., Inc., class A (guar.)
75c. Feb. I Holders of rec. Jan. 140,
Lehigh Valley Coal
$1.25 Feb. 1 Jan. 9 to Jan. 31
Extra
250. Feb. 1 Jan. 9 to Jan. 31
Libby-Owens Sheet Glass (extra)
$1
Jan. 15 Holders of rec. Jan. 5
Lion 011 Refining (guar.)
50o. Jan. 27 Holders of reo. Dec. 30a
Extra
25c. Jan. 27 Holders of rec. Dee. 300
Liquid Carbonic Corp.(guar.)
90e. Feb. 1 Holders of reo Jan 20a
LOCW'S I.ondon Theatres (Can.). corn._ 250. Jan. 15 Holders of rec. Dec. 31
Preferred
315 Jan. 15 Holders of rec. Dec. 31
Loew's (Marcus) Theatres. Ltd., pref._
355 Jan. 15 Holders of rec. Dec. 31
Loose-Wiles Biscuit, 2d pref.(quar.)____
155 Feb. 1 Holders of rec. Jan. 18a
Lord & Taylor, 2d pref.(guar.)
2
Feb. 1 Holders of rec. Jan. 17
MacAndrews & Forbes, com.(quar.)
65
0• Jan. 15 Holders of rec. Dec. 31a
Common (extra)
90c. Jan. 15 Holders of rec. Dec. 3Ia
Preferred (guar.)
155 Jan. 15 Holders of reo. Dec. 3Ia
Macleadden Publications Inc
4
Feb. 2 Holders of rec. Dec. 31
Madison Square Garden Co.(quar.)____ 25c. Jan. 15 Holders of reo. Jan. 5
Quarterly
25o. Apr. 15 Holders of reo. Apr. 5
Quarterly
25c. July 15 Holders of rec. July 5
250. Oct. 15 Holders of rec. Oct. 5
Quarterly
Mac a Copper Co. (guar.)
75e. Jan. 15 Holders of rec. Dec. 310
Maple Leaf Milling. pref. (guar.)
155 Jan. 18 Holders of rec. Jan. 3
McCall Corporation. corn.(guar.)
500. Feb. 1 Holders of reo. Jan. 200
McCrory Stores Corp., pref. (guar.)._
155 Feb. 1 Holders of rec. Jan. 200
155 May 2 Holders of rec. Apr. 20a
Preferred (guar.)
155 Aug. I Holders of rec. July 200
Preferred (guar.).
155 Nov. 1 Holders of reo. Oct. 200
Preferred (guar.)
Mexican Petroleum. common (guar.)._ _ 3
Jan, 20 Holders of reo. Dec. 310
2
Preferred (guar.)
Jan. 20 Holders of rec. Dee. 3I0
Miami Copper Co. (guar.)
3755c Feb. 15 Holders of rec. Feb. la
Miler Rubber, common (quar.)
50o. Jan. 25 Holders of reo. Jan. 5a
NtinIng Corporation pf Canada (interim) 12550. Jan. 15 Dec. 30 to Jan. 14
Motion Picture Capital Corp., pref.(qu.) 50c. Jan. 15 Holders of rec. Jan. 1
Mountain Gulf 011 (guar.)
20. Jan. 15 Holders of rec. Jan. 20
Extra
lo. Jan 15 Holders of tee. Jan. 2a
Mulford (H. K.) Co
•$1.50 Feb. 15 *Holders of rec. Jan. 15
Stock dividend
•10
Feb. 15 *Holders of rec. Jan. 15
Mullins Body, pref. (guar.)
2
Feb. 1 Holders of rec. Jan. 18
National Biscuit, common (guar.)
Jan. 15 Holders of rec. Dec. 310
Si
Common (extra)
25e Jan. 31 Holders of rec. Jan. 14a
National Cash Register, common A____ 75c. Jan. 15 Holders of rec. Dec. 30a
N.st. Dept. Stores. 1st pref. Hoar.)____
155 Feb. 1 Holders of rec. Jan. 15a
National Fireproofing. pref. (quar.)-134 Jan. 15 Holders of rec. Dec. 316
Nelson (Herman) Corp.(guar.)
30c. Apr. 1 Holders of reo. Mar. 17
Stock dividend
el
Apr. 1 Holders of rec. Mar. 17
Quarterly
30o. July 1 Holders of rec. June 20
Stock dividend
el
July 1 Holders of rec. June 20
Quarterly
300. Oct. 1 Holders of rec. Sept. 19
Stock dividend
el
Oct. 1 Holders of rec. Sept. 19
New Bradford 011 (guar.)
12350. Jan. 15 Holders of rec. Dec. 310
New River Company. pref. (guar.)
$1.50 Feb. 1 Holders of rec. Jan. 15
New York Alr Brake. common (quar.)_ 750. Feb. 1 Holders of rec. Jan. 60
New York Dock, preferred
255 Jan. 15 Holders of rec. Jan. 5a
New York Merchandise Co.,com.
(No. 1) 50c. lob. 1 Holders of rec. Jan. 20
Preferred (quar.)
*134 Feb. I 'Holders of rec. Jan. 20
'slew York Transportation (guar.)
Mc. Jan. 15 Holders of rec. Dee. 3Ia
Newmont Mining Corp. (guar.)
600. Jan. 17 Holders of rec. Dec. 31a
Stock dividend
e5
Jan. 17 Holders of reo. Dec. 31a
Nil:awing Mines(guar.)
150. Jan. 20 Holders of reo. Dec. 31
Ohio Brass, class B (guar.)
$1
Jan. 15 Holders of rec. Dec. 31
Preferred (guar.)
155 Jan. 15 Holders of rec. Dec. 31
,.
011 Well Supply (Com.), pref. (guar.). _
155 Feb. 1 Holders of rec. Jan. 15a
Orpheum Circuit, com.(monthly)
162-3c Feb. 1 Holders of rec. Jan. 204
Preferred (guar.)
2
Apr. 1 Holders of rec. Mar dl5a
Otis Elevator, common (guar.)
31.50 Jan. 15 IIolders of tee. Dec. 31a
Common (payable In common stock)_ (25
Feb. 1 lIolders of rec. Jan. 5a
Preferred (quar.)
114 Jan. 15 Holders of rec. Dec. 8113
Outlet Company, corn
*75e. Feb. 1 *Holders of rec. Jan. 20
First preferred (guar.)
*155 Feb. 1 *Holders of reo. Jan. 20
Second preferred (quar.)
•114 Feb. 1 *Holders of rec. Jan. 20
Owens Bottle, corn.(guar.)
75c. Apr. 1 IIolders of rec. Mar. 160
Preferred (guar.)
1)4 Apr. 1 Holders of tee. Mar. 1.6a
Packard Motor Car
Common (monthly)
20o. Jan. 31 Holders of reo. Jan. 154
Common (monthly)
200. Feb. 28 Holders of rec. Feb. 15a
Pan Am.Petrol.&Tr.,coat.de com.B(au) $1.50 Jan. 20 Holders of rec. Dec. 31a
Pan-Amer. Western Petrol. A & B (gni
50c. Jan. 30 Holders of rec. Jan. 10a
Pathe Exchange, class A & B (guar.).75c. Feb. 1 Holders of rec. Jan. 100
Penmans, Ltd.. com. (guar.)
2
Feb. 15 Holders of reo. Feb. 5
155 Feb. 1 Holders of rec. Jan. 21
Preferred (guar.)
Penn Traffic
734e. Feb. 1 IIolders of rec. Jan. 15
Pennsylvania Salt Mfg.(guar.)
$1.25 Jan. 15 Holders of Tee. Dee, 31a
$2
Philadelphia Insulated Wire
Feb. 1 llolders of roc. Jan. 150
50e. Feb. 1 Holders of rec. Jan. 15a
Extra
1% Feb. 1 Holders of rec. Jan. 20a
PhillIpe-Jones Corp., pref.(guar.)
Plymouth Cordage, com. & employees'
stock (guar.)
'134 Jan. 20 *Holders of reo. Jan. 1
•50c. Jan. 18 *Holders of rec. Jan. 11
Plymouth 011
Prairie Plpe Line (qaal%)
2
Jan. 31 Holders of rec. Dec. 310
Procter & Gamble, preferred (quar.)._.. 2
Jan. 15 Holders of rec. Dee. 240
Pro-phy-lao-tic Brush. CODIE12011 (quar.)- 500. Jan. 15 Holders of reo. Dec. 31a
Pullman Co.(quar.)
2
Feb. 15 Holders of rec. Jan. 31
Pyrene Mfg.(guar.)
2
Feb. 1 Jan. 21 to Jan. 31
•15c. Jan. 15 *Holders of rec. Jan. 1
Q It 13 Music Co. (monthly)
Quaker Oats, common (guar.)
$1
Jan. 15 Holders of rec. Dec. 310
115 Feb. 28 Holders of rec. Feb. 16
Preferred (quar.)
Realty AssocIates, 1st preferred
3
Jan. 15 Holders of reo. Jan. 5a
Reliance Manufacturing, pref. (guar.).- '1)4 Mar. 1 *Holders of rec. Feb. 18
•
Name of Company.
343
THE CHRONICLE
JAN. 151927.]
Per
When
Cecil. Payable.
Books Closed.
Days Inclusive.
Weekly Returns of New York City Clearing House
Banks and Trust Companies.
The following shows the condition of the New York City
Clearing House members for the week ending Jan. 8. The
figures for the separate banks are the averages of the daily
results. In the case of the grand totals, we also show the
actual figures of condition at the end of the week.
Miscellaneous (Concluded)
Remington-Nolseless Typewr.. Pr. WO- 13 Jan. 15 Holders of rec. Jan. 3
25e Feb. 1 Holders of rec. Jan. 5
Richfield 011 of California
15c Feb. 1 Holders of rec. Jan. 5
Extra
75e. Jan. 15 Holders of rec. Dec. 31a
Richmond Radiator, pref.(guar.)
25c. Jan. 15 Holders of rec. Dec. 31a
Preferred (extra)
Rockland & Rockport Lime, 1st pref._
33. Feb. 1 Holders of rec. Jan. 15
Feb. 1 Holders of rec. Jan. 15
3
Second preferred
$1
Jan. 17 Holders of rec. Jan. 10
Royal Typewriter, corn
Preferred
33. Jan. 17 Holders of rec. Jan. 16
NEW YORK WEEKLY CLEARING HOUSE RETURNS.
$1
Jan. 15 Holders of rec. Dec. 3I0
Safety Cable (quar.)
50c. Mar.21 Mar. 10 to Mar. 21
St. Joseph Lead (guar.)
(Stated in thousands of dollars-that is, three ciphers (000) omitted.)
25c. Mar. 21 Mar. 10 to Mar. 21
Extra
500. June 20 June 10 to June 20
Quarterly
250. June 20 June 10 to June 20
Extra
New
Quarterly
50c. Sept.20 Sept. 10 to Sept.20
Reserve
Capital Profits Loans,
25c. Sept.20 Sept. 10 to Sept. 20
Extra
Time Bank
with
Net
Discount, Cash
Week Ending
500. Dec. 20 Dec. 10 to Dec. 20
Quarterly
Legal Demand I De- Circein
Jan. 8 1926. Nat'l, June 30, InvestDec. 10 to Dec. 20
25c, Dec. 20
Extra
State, Nov.15' ments, Vault. Deposi- Deposits. I posits. legion.
Salt Creek Producers Association (quar.) 6234c.Feb. 1 Holders of rec. Jan. 15a
tories.
dcc.
(000 omitted.) Tr.Cos Nov.15
Jan. 1 *Holders of rec. Jon. 4
*51
Sanford Mills new stock
Jan. 15 *Holds's of rec. Jan. 4
*51
New stock (extra)
Members of Fed. Res. Bank. Average. Average Average Average. 'Average dogs.
Savage Arms, first preferred (quar.)_ _ •i34 Feb. 15 *Holders of rec. Feb. 1
$
Bank ofNYZit
•114 Feb. 15 *Holders of rec. Feb. 1
Second preferred (quar.)
58,893 9,434
627 8,456
Trust Co_ _ _ _ 4,000 13.354
79,280
$1.50 Feb. 1 Holders of rec. Jan. 15
Savannah Sugar, corn. (quar.)
140,120 25,360
Bk of Mantiat'n 10,700 15,854 173,302 3,882 19,038
50c. Feb. I Holders of rec. Jan. 15
Common (extra)
90.483 3,590
Bank of America 6,500 5.286
81,026 1,279 12,111
1% Feb. 1 Holders of rec. Jan. 15
Preferred (guar.)
93
National City__ 50,000 63.133 711,774 5,407 75.545 *799,178 132,467
Seagrave Corporation. corn. (quar.)_ _ _ _ 830c. Jan. 20 Holders of rec. Dec. 310 Chemical Nat__ 4,500 18,535, 144,012 1,586 17.878
132.009 4,236
346
Sears. Roebuck & Co.(guar.)
°62)4c Feb. I *Holders of rec. Jan. 15
771 44,070
327,888 38,226
Nat Bk of Corn_ 25,000 41,9431 402,778
295 Jan. 15 Holders of rec. Dec. 31
Securities Company
189.187, 43,537 6,117
ChatPh N B &T 13.500 12.763 234,740 2,815 27.668
13.5 Jan. 15 Holders of rec. Jan. 1
Securities Management, class A (qu.)_ _
114,874
___ _
Hanover Nat__ 5.000 26,003 128,942
551 15,332
Seeman Bros., Inc., common (quar.)_ 50c. Feb. 1 Holders of rec. Jan. 140 Corn Exchange_ 10,000 15,269 204,722 6.056 25.727
173.890 31,280
Segal Lock & Hardware. prof.(guar.)._ _
195 Jan, 15 Holders of rec. Dec. 31
135.840 6,757 3,490
National Park__ 10,000 24,152 174,242
82 17,753
57
Jan. 25 Holders of rec. Dec. 31
Shaffer Oil & Refg.,com.(No. 1)
40.119, 18,690 1,484
Bowery & E It. 3,000 3,224
57,849 1,922 5.893
,
195 Jan. 25 Holders of r• c. Dec. 31
Preferred (guar.)
209,376 12,139 6.442
543 26,194
First National_ 10.000 74,875 324,685
Preferred (acct. accum. dividends)_.... 1994 Jan. 25 Holders of rec. Dec. 31
395,8911 39,087
Am Ex Irving Tr 32.000 28,808 436,915 5,24 53,262
common
50c. Jan. 15 Jan. 1 to Jan. 14
Sharon Steel Hoop,
438
849
6,050
128
7,843
Continental.... 1,000 1,269
Shell Transport & Trad Amer shares_-_ 96.7e Jan. 21 Holders of rec. Jan. 140 Chase National_ 40.000 36.782 572,16
7,236 70,987 *535,929 41,118 2.474
Simmons Co., pref.(quar.)
195 Feb. 1 Holders of rec. Jan. 150 Fifth Avenue__
774 3,845
28.050
500 2,985
27,296
Southern Dairies, class A (guar.)
31
Jan. 31 Holders of rec. Jan. 15a Commonwealth.
1,412
9,900 4,336
800
740
13,622
58
Southern Pipe Line, new $50 par stock
10
Mar. I Holders of rec. Feb. 10
32
16,891
583 2,729
17,05
Garfield Nat'l.. 1.000 1,782
Spanish River Pulp & Paper Mills
42
876 16,311
122,688 4,403
Seaboard Nat'l_ 6,000 10,415 131,927
Common and °referred (guar.)
195 Jan. 15 Holders of rec. Dec. 31a Bankers Trust_ 20,000 35.540 365,610 1,036 40.195 *329.553 34,03
$1.2 Jan. 15 Holders of rec. Jan. 8
Spalding (A. G.)& Bros.,com.(quar.)
60.885 3,77
828 7,09
U S Mtge & Tr_ 3.000 4,965 64,255
195 Mar. 1 Holders of rec. Feb. 15a
First preferred (quar.)
Guaranty Trust 25.000 25.202 468,040 1,341 53.493 *433,637 69,53
Second nreferred (guar.)
2
Mar. 1 Holders of rec. Feb. 15
40,147 5.05
739 5.469
Fidelity Trust__ 4.000 3.23545,839
Steel Co. of Canada. coin. & pt. (quar.)_
134 Feb. 1 Holders of rec. Jan. 7
141.274 24,13
607 19.86
New York Trust 10,000 21.813 174,330
Sterling Products, Inc.(quar.)
$1.25 Feb. 1 Jan. 15 to Feb. 1
411 14.464 *108.879 19,99
Farmers L & Tr 10,000 19.908 141,116
*53,75 Jan. 15 *Holders of rec. Jan. I
Stetson (John B.) Co., corn
Equitable Trust 30.000 22,907 285,010 1,864 29,602 *301.435 30,53
Preferred
*4
Jan. 15 *Holders of rec. Jan. 1
Jan. 15 Jan. 1. to Jan. 13
Sullivan Machinery (quar.)
$1
Total of averages 335.500530.7525,468,370 48,519 515,242c4,518,764 602.47520,488
Superheater Company (guar.)
Jan. 15 Holders of rec. Dec. 29
$1.50
Extra
$5
Jan. 15 Holders of rec. Dec. 29
Totals, actual Condition Jan. 75,349,451 49,452 517,656 c4.378,293608.222 19,815
Swift International
600. Feb. 15 Holders of rec. Jan. 15
Totals, actual condition Dec. 31 5,548,164 55.831 632.083 c4,571.516 581,888 20,545
leek-Hughes Gold Minos
Sc. Feb. 1 Jan. 20 to Jan. 31
Totals, actual co ndition Dec. 2:5,308.952 65,52 622,778 c4,341,669 592,832 20,518
Texon Oil & Land (quar.)
200. Jan. 25 Holders of rec. Dec. 270
1
Thompson (J. It.) Co.(monthly)
30c. Feb. 1 Holders of rec. Jan. 240
State Banks INot Me mbers of Fedil Res've Bank.
Monthly
30e. Mar. I Holders of rec. Feb. 23a Greenwich
23,5371 2,747 ____
25,005 2,120 2.221
Bankl 1,000 2,645
Thompson Products, pref.(quar.)
Mar. I Holders of rec. Feb. 19a
194
40,9541 64,418
5,000 5,761 109,368 4,963 2,493
State Bank._
Tide Water Associated 011 common____ 30c. Feb. 1 Holders of rec. Jan. 15
Tide Water 011, pref. (quar.)
ig Feb. 15 Holders of rec. Feb. la Total of averag 6.000 8,408 134.373, 7 083 4,714 64,491 67,165
Tobacco Products,common (quar.)
15( Jan. 15 Holders of roe. Dec. 270
Truscon Steel, common (quar.)
40c. Jan. 15 Holders of rec. Jan. 50 Totals, actual condition Jan. 7 134,319 7,024 5,311
65,315, 66,775 _
Common (payable in common stock)_ _ h6
Jan. 15 Holders of rec. Jan. 15a Totals, actual condition Dec. 31 135.005 7.56
64.675' 67.376
4,749
Tuckett Tobacco, corn. (guar.)
1
Jan. 15 Holders of rec. Dec. 31a Totals, actual co ndition Dec. 25 136,469 7.659 4,464
65,993 67.195
Preferred (guar.)
134 Jan. 15 Holders of rec. Dec. 31a
Union Biscuit, lot pref. (guar.)
134 Jan, 15 Holders of rec. Jan. 5
Trust Cornea nice Not Mem bers of Fed'I Re s've Bank.
Union 011 of Calif. (quar.)
*50c. Feb. 10 *Holders of rec. Jan. 15
928 ---39,728
Title Guar & Tr 10,000 19,506
64,285 1.948 4,125
Extra
*50c. Feb. 10 *Holders of rec. Jan. 15
24,052,
1.879
19,552;
Lawyers Truet.l 3,000 3,429
98
United Drug, 1st pref. (guar.)
8795c Feb. 1 Holders of rec. Jan. 15a
United Profit-Sharing Corp.. com.(ext.)_ 60o. Jan. 15 Holders of rec. Dec. 150 Total of averages 13,000 22,936
59.2801 1.850 ---;
88,3371 2,936 6,004
Common (payable in common stock). (x) Jan. 15 Holders of rec. Dee. 15a
United Verde Extension Mining (quar.)_ 75e. Feb. 1 Holders of rec. Jan. 6
58,5431 1,8911 _
Totals, actual condition Jan. 7 87,273, 3.006 5,950
U.S. Industrial Alcohol, com
81.25 Feb. 1 Holders of rec. Jan. 15a Totals, actual condition Dec.31
57,511 1,781' _87,853; 2,834 5,8781
Preferred (guar.).
194 Jan. 15 Holders of roe. Dec. 31a Totals, actual condition Dec. 25
5,674;
55,766 1,789 -__86,100; 2,98
U. S. Radiator, corn. (quar.)
*50c. Jan. 15 *Holders of rec. Jan. 3
Common (extra)
60c. Jan. 15 Holders of rec. Jan. 3
Gr'd aggr., avge.354.50 562,0955,691,080 S8.538625.960 4.642,535 671,490 20,488
Preferred (guar.)
134 Jan. 15 Holders of rec. Jan. 3
Comparison with prey. week
+93.490,-4.89: +9,979 +121.189+18.179 -99
United States Rubber, let pref. (quar.)_
2
Feb. 15 Holders of rec. Jan. 200
U.S.Smelt., Ref. Jr Min., com.&pf.(qu) 873.i Jan. 15 Holders o 1 rec. Jan. 60 Grid aggr.,
act'lcond'n Jan. 175,571,043' 59,482528,917[ 4.502.151 676,88819,815
U.S. Steel Corporation
Comparison with prey, week -199,979,--6.748 -113793, -191.551,+25843 --730
.40
Common (payable In corn. stock).Union Biscuit, let pref. (quar.)
194 Jan. 15 Holders of rec. Jan. 5
20,545
'
Universal Pipe & Radiator, pref.(qu.)
194 Feb. 1 Holders of rec. Jan. 15a Grid aggr., eelcond'n Dec. 31 5,771.022 66,230,642,710 4,693,702651,045 20,518
Grid aggr.. act'l cond'n Doc. 25 5,531,5211 76,170'632,916 4,462,828 661,816
Preferred (guar.)
134 May 2 Holders of rec. Apr. 150
Gr'd aggr.. aelcond'n Dec. 185,428,150 65,516 578.982 4.420,609 651,232 20,468
Preferred (quar.)
134 Aug. 1 Holders of rec. July 15a Grid aggr.. acrl
contra Dec. 11 5.414,521' 59.695 596,408 4.388.535 6S3.93925.430
Preferred (guar.)
194 Nov. 1 Holders of rec. Oct. 15a
Gr'd aggr., eel cond'n Dec. 4 5.453,2471 54,7161541,103 4,415.277646,361 25,418
6
Universal Utilities, common
Jan. 15 Holders of rec. Dec. 31
Gr'd aggr., act'l condin Nov.275,416,581i 59,276.594,979, 4,350,204649,408 25,432
12
Preferred
Jan. 15 Holders of rec. Dec. 31
Vick Chemical (quar.)
8734c Feb. 1 Holders of rec. Jan.d15a
Note.-T.T. S. deposits deducted from net demand deposits in the general totals
Victor Talking Machine. common
8
Jan. 17 Holders of rec. Jan. 13
Vivaudou (V.), Inc., corn.(guar.)
750. Jan. 15 Holden of rec. Dec. 31a above were as follows: Average total Jan. 8, $37,190,000. Actual totals Jan. 8.
Feb. 1 Holders of rec. Jan. 15a $33,313,000: Dec. 31, 539,680,000; Dec. 25, 539,681,000; Dec. 18. 539,680,000.
Preferred (guar.)
194
Vulcan Detinning, pref.(quar.)
19( Jan. 20 Holders of rec. Jan. 80 Dec. 11, 517,515.000: Dec. 4, $17,516,000 131113 payable, rediscounts, acceptances:
Preferred A (guar.)
195 Jan. 20 Holders of roe. Jan. 80 and other liabilities, average for week. Jan. 8, 5673,392,000: Dee. 31, $688.516,000'
Jan. 20 Holders of rec. Jan. 8a Dec. 25, 5651,340,000; Dec. 18, $615,714.000: Dec. 11, 5633,223,000; Dec. 4. $617.
Preferred (account!mourn. dividends). 82
240,000. Actual totals Jan. 8, 8596,858.000: Dec. 31. 5721,662,000: Dec. 25.
600. Feb.
& Co.. com
Waltke
$712,139,000: Dec. 18, 5610,740,000; Dec. 11,5588.572.000; Dec.4,5582.048.000.
Warner (Chas.) Co.
194 Jan. 27 Holders of rec. Dec. 31
First and second preferred (quar.)--* Includes deposits in foreign branches not included in total footings as follows:
Weber & Hellbroner. pref.(Guar.)
154 Mar. I Holders of roe. Feb. 15a National City Bank, $225,856,000: Chase National Bank, 511.739,000; Bankers
Western Grocers, preferred (guar.)
134 Jan, 15 Holders of rec. Dec. 31
Trust Co.. $27.876,000; Guaranty Trust Co., $70,167,000; Farmers' Loan & Trust
$1.75 Jan. 31 Holders of rec. Dec. 3I0 Co., $3,399,000; Equitable Trust Co., 585,285,000. Balances carried in banks in
Westinghouse Air Brake (guar.)
Jan. 31 Holders of rec. Dec. 310 foreign countries as reserve for such deposits were: National City Bank, $35,960,000:
Extra
51
Jan. 31 Holders of rec. Deo. 31a Chase National Bank, $1,847,000; Bankers Trust Co., $1,354,000: Guaranty Trust
Westinghouse Elec.& Mfg.,com.(quar.) $1
Jan. 15 Holders of roe. Dec. 310 Co., 52,251,000; Farmers' Loan & Trust Co., $3,399,000; Equitable Trust Co..
Preferred (guar.)
51
Jan. 15 Holders of recs. Dec. 31
Westland Oil Corporation
51
$7,730,000.
50c. Jan. 20 Holders of rec. Dec. 3I0
White Eagle Oil di Refining (quar.)
c Deposits in foreign branches not included.
Feb. 1 Holders of rec. Jan. 190
White Sewing Machine, pref. (quar.)_
$1
* Not members of Federal Reserve Bank.
500. Feb. 10 Holders of rec. Jan. 15
Wilcox(H. F.) Oil dr Gas (guar.)
Feb. I Holders of rec. Jan. 10a
Woolworth(F.W.)Co..com.(in corn.stk 150
295e.Feb! 1 Holders of rec. Jan. 15
The reserve position of the different groups of institutions
-Hargreaves Mines (quar.)
Wright
12950.Feb. 1 Holders of rec. Jan. 15
Extra
25e. Feb. 1 Holders of rec. Jan. 200 on the basis of both the averages for the week and the
Wrigley (Wm.) Jr. & Co.(monthly).
Mar. I Holders of roe. Feb 200
950
Monthly
actual condition at the end of the week is shown in the
Zellerbach Corp.. corn. (quar.)
37350 Jan. 15 Holders of rec. Dec. 31
following two tables:
t The New York Stock Exchange has ruled that stock
•From unofficial sources
t The
will not be quoted ex-dividend on this dats and not until further notice
New York Curb Market Association has ruled that stock will not be quoted 6'111106nd on this date and not until further notice
,
•Transfer books not closed for this dividend. d Correction •Payable In stock.
g Payable in scrip. k On amount of accumulated
/Payable In common stock
dividends al Payable in preferred stock
aa British-American Tobacco dividends are one shilling and eight pence regular
and ten pence interim. Transfers received in London up to Dec.Swill be in time
for payment of dividend to transferreea.
k Thirty cents cash or 2 A % stock at stockholders' option.
o Less $2 per share to cover legal expenses of extending second mortgage and
third and fourth installments of 1925 income tax.
p Payable in class B stock.
r Electric Investor stock dividend is three-fiftieths of a share of common stock
for each share held.
s Payable either in cash or in stock at the rate of 4 6-100ths of a share of class A
for each share of $6 pref. and 5-100tho of a share of class A for each share of $635 pref.
Chemical National Bank stock dividend of 5500,000 (one-rfinth of a share for
each share held), subject to ratification by stockholders at meeting in January.
o For fifteen months ending Jan. 31 1927.
-Sharing stook dividend is one share corn. stock for each 20 stukrel.
United Profit
z At rate of 235% of one share of Class A stock for each share hew
STATEMENT OF RESERVE POSITION OF CLEARING HOUSE BANKS
AND TRUST COMPANIES.
Averages.
Cash
Reserve
Reserve
in
in Vault. Depositaries
Members Federal
Reserve Bank
State banks•
Trust companies_ _
$
7,083,000
2,936,000
Total
Reserve.
Reserve
Required.
Svrylus
Reserve.
615,242,000 615,242,000 605,513,570 9,728.430
188.620
4,714,000 11.797,000 11.608,380
'
48,000
6,004,000 8,940,000 8,892,000
Total Jan. 8
_ 10,019,000 625,960,000635,979,000 626,013,950 9,965,050
Total Jan. I _ _ _
10.438,000 615,981,000 626,419,000 609,658.050 16.760.950
Total Dec. 25_ _
10.573,000 591,847,000 602,420.000 597,111,480 5,308.520
Total Dec. 18 _ _ _ 10.162.000 592.928.000 603,090,000 595.509,190 7.580,810
* Not members of Federal Reserve Bank.
b This is the reserve required on net demand deposits in the case of State banks
and trust companies, but In the case of members of the Federal Reserve Bank,
includes also amount of reserve required on net time deposito. which was as follow=
Jan. 8. 518,074,250; Dec. 31, 517,527,590: Dec. 25; 517,546,970; Dee. 18, 517.517.870; Dec. 11, 517,445,450; Dec. 4, 517,388,630.
344
[VOL. 124.
THE CHRONICLE
Actual Figures.
Reserve
Cash
Reserve
In Vault. Depositaries
a
Reserve
Required.
Total
Reserve.
Surplus
Reserve.
-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:
$
$
$
$
517,656,000 517,656,000 587.424.750 69,778.750
578,300
7.024,000 5,311,000 12,335,000 11.756,700
174,550
3,006.000 5,950,000 8.956,000 8.781,450
Total Jan.
Total Jan.
Total Dec. 25
Total Dec. 18
BOSTON CLEARING HOUSE MEMBERS.
10,030.000 528,917,000 538,947.000 607,962,900 69,015,900
10,399,000 642.710.000 653,109,000 632,021,870 21,087.130
10.645.000 632.916,000 643.581,000 602,367.570 41,193,430
10.113.000 578,982,000 589,095,000 594,131,920 -5,036.920
Members Federal
Reserve Bank___
State banks•
Trust companies*.
$
a
$
$
69,650,000
69,500.000
Capital
69,650,000 Unchanged
93.963,000
Surplus and profits_ _ _
92,602,000 Dec. 1,361,000
94,014,000
Loans, disc'ts & invest_ 1,013,172,000 Dec.27,123,000 1,040,295,000 1,037,720.000
Individual deposits
680,608,000 Dec.21,926,000 702,534,000 681,206.000
147,318,000 Dec. 1,324,000 148.642.000 134,415.000
Due to banks
760,000 232,428,000 234,612,000
Time deposits
233,188,000 Inc.
18.389,000
18,667.000
United States deposits_
14,345,000 Dec. 4,044,000
47,087,000
35,019,000 Dec. 12,068,000
31,432.000
Exchanges for Cl'g H'se
Due from other banks
99,503.000
80,009,000
86,175,000 Dec. 13,328,000
82,500,000
79,739.000
Res've in legal deposles
81,275,000 Dec. 1,225,000
12,202,000
14,201.000
Cash in bank
11,789,000 Dec. 413,000
Rfoli'VPPW.P.51/1 in n• II ilk
070 000 Dec.45000(1
1459.000
69.000
• Not members of Federal Reserve Bank.
•This is the reserve required on net demand deposits in the case of State banks
and trust companies, but in the case of members of the Federal Reserve Bank includes also amount of reserve required on net time deposits, which was as follows:
Jan. 8, 318,246,660: Dec. 31, $17.456,640; Dec. 25, $17,784,960; Dec. 18, 517,461,380: Dec. 11. $17,545,260; Dec. 4, 517.322,690.
Jan. 12
1927.
Changes from
Previous Week,
Dec. 25
1926.
Jan. 5
1927.
State Banks and Trust Companies Not in Clearing
House.
-The State Banking Department reports weekly
-The Philadelphia Clearing House
Philadelphia Banks.
figures showing the condition of State banks and trust comClearing House as follows: return for the week ending Jan. 5, 1927, with comparative
panies in New York City not in the
for the two weeks preceding, is given below. Reserve
SUMMARY OF STATE BANKS AND TRUST COMPANIES IN GREATER
figuresrequirementsfor membersof the Federal Reserve System
NEW YORK: NOT INCLUDED IN CLEARING HOUSE STATEMENT.
(Figures Furnished by State Banking Department.)
are 10% on demand deposits and 3% on time deposits, all
Differences from
Previous Week. to be kept with the Federal Reserve Bank. "Cash in vaults"
Jan. S.
$1,263,095,000 Inc.$23,013,100 is not a part of legal reserve. For trust companies not
Loans and investments
58,200
4,892,000 Inc.
Gold
486,400 members of the Federal Reserve System the reserve required
28,122,800 Inc.
Currency notes
Deposits with Federal Reserve Bank of New York_ 107,718,800 Inc. 4,762,400
1 348,912,000 Inc. 52,190,400 is 10% on demand deposits and includes "Reserve with
Total deposits
Deposits, eliminating amounts due from reserve delegal depositaries" and "Cash in vaults."
positaries and from other banks and trust com-
panies in N.Y.City, exchange,and U.S. deposits.1,255,881,700 Inc. 36,040.300
193,294.600 Inc. 14.954,600
Reserve on deposits
Percentage of reserves, 21.9%.
RESERVE.
-Trust Companies
-State Banks$99,719,900 15.64%
$41,013,800 16.78%
Cash in vault
37,174,600 50.83%
15,386.300 06.29%
Deposits in banks and trust eos
$56,400,100 23.07%
Total
5136,894,500 21.47%
•Includes deposits with the Federal Reserve Bank of New York, which for the
State banks and trust companies combined on .1.n. 8 was $7,718,8013.
-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:
Week Ended Jan 5 1927
Two Ciphers (00)
omitted.
Capital
Surplus and profits
Loans, insole dr.investmls
Exchanges for Clear.House
Due from banks
Bank deposits
individual deposits
Time deposits
Total deposits
Reeve with legal deposits.
Reserve with F. R. Bank_ _
Cash in vault.•
Total reverve& cash held_
Reserve required
Excess res. & cash in vault
Membersof
Trust
F.R.System Companies
5.0225.0
152.408.0
963.897 0
43.528 0
117,757.0
143,254.0
851,814.0
159,765,0
954.833.0
70.865.0
*10.417,0
81,282,0
70.7150
10,567.0
1927
Tota,
.
5,000.0
17,812.0
46,919.0
463.0
18.0
910.0
26.902,0
2.291,0
30.103.0
3.652,0
55,225.0
170.220.0
1010,816.0
43,991.0
117,775,0
144,164,0
678.716,0
162,056,0
981,936,0
3,652.0
70,865.0
1,441,0
11.858,0
5,093.0 86,375,0
4,213 0 74.928.0
880,0 11.447,0
Dec. 31
1926.
Dec. 25
1926,
$54.975,0 54.975.0
168,481,0 168,044,0
1005,260,0 1009,207,0
51,712,0 42.572,0
116,194,0 105,186.0
133,835,0 129,170.0
678,332.0 660,335.0
158,208,0 162,159,0
970,375.0 951,664.0
3,117,0
3,415.0
69,713,0 67,288.0
12,995,0 14,485,0
85,825.0 85,188.0
74.5400 73,103.0
11 2s5 0 12,085,0
•Cash in vault not counted as reserve for Federal Reserve members.
COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
GREATER NEW YORK.
Loans and
Investments.
Week EndedSept. 11
Sept. 18
Sept.25
Oct. 2
Oct. 9
Oct. 16
Oct. 23
Oct. 30
Nov. 6
Nov. 13
Nov. 20
Nov.27
Dec. 4
Dec. 11
Dec. 18
Dec. 25
Dec. 31
Demand
Deposits.
Total Cash
in Vaults.
Reserve in
Depositaries.
$
6,593.206,900
6,625,391.700
6.816,162,700
6.683,007,800
6,668,046,700
6,617,799,100
6,559.420,600
6.553,253,200
6,615,890.200
8,553,162.600
6,570.297,600
6.599,992,200
6,689,295,600
6.667,713,300
6,664,332,100
6,713,433,300
6,837,671,900
a 00.1 170 ry.
S
5,569,556,300
5,007,019,600
5,576.966,700
5,662,751,200
5,660.177.400
5,628.365,000
5,542,973.000
5,539,644,900
5,562,041,000
5,511,751,000
5,551,891,300
5,556,678,300
5,716,914.900
5,586,288.800
5,630,977.600
5,636,517,700
5,741,187,400
S 201 Ala 700
8
87,287.200
85,257,300
83,168,800
84,153,500
85,684,200
89,206,200
84,662,600
86,186,300
86.272,300
87.381.300
84,480,000
864.684.000
76,615.500
88,538,500
96.557,700
105.590,700
95,908.300
01 552 000
$
713.794,700
725,144.400
718,452,500
733,798,400
730,174600
719,799,100
722,780,700
717,062,800
723,552,600
721,151,800
724,021,000
728,368,600
734,203,700
726,827,700
738,221,800
734,688,400
761.848,700
786 239 700
New York City Non-Member Banks and Trust Cornpanies.-The following are the returns to the Clearing
House by clearing non-member institutions and which are not
included in the "Clearing House Returns" in the foregoing:
RETURN OF NON-MEMBER INSTITUTIONS OF NEW YORK
CLEARING HOUSE.
(Stated in thousands of dollars, that is, three ciphers 1000] omitted.)
Loans,
DisCLEARING
counts,
NON-MEMBEFt8 Capital.
Net
ProfUs. Investments,
Week Ending
etc.
Jan. 8 1927.
Members of
Fed'i Res've Bank.
Grace Nat Bank_
Total
State Banks.
Not Members of the
Federal Reserve Bank.
Bank of Wash Ilte.
Colonial Bank
Total
Trust Company.
Not Member of the
Federal Reserve Bank
Mech.Tr..Bayonne
Cash
In
Vault.
Average. Average Average. Average
$
8,335
3,746
40
1,288
1,883
14,772
1,000
1,883
14,772
40
1,288
8,335
3,746
400
1,200
1,028
3,305
10,106
32,700
816
3,500
403
1,700
6,718
28,000
3,045
5,500
1.600
4,334
42,806
4,316
2,103
34,718
8,545
500
660
9,255
488
215
4,298
5,897
500
6- 0
.
9,255
488
215
4,296
5,897
3,100
(3rd aggr., Jon. 8
Comparison with prey. week
6,878
66,833
+141
4,844
+21
3,606 a47,349
+192 +1,582
18,188
+188
3,414 a45,767
4,823
6.828 66,692
3,100
Or'd aggr., Dec. 31
5.042
3.403 *45.471
6,828 64.163
3,100
Gr'd aggr., Dec. 24
4,971
3,435 a46,681
6.828 67.317
3,100
Ord aggr., Dec. 18
5,058
3,558 a47,746
6,828 88.098
3,100
Dec. 11,
Geis agar.,
$28.000.
•United States deposits deducted,
Bills payable, rediscounts, acceptances, and other liabilities. 53.675.000
Excess reserve. $320.430 decrease.
Jan. 12 1927.Jrn. 5 1927. Jan. 13 1926.
S
Resources-$
$
347,897,000 282,987,000 389,857,000
Gold with Federal Reserve Agent
14,355,000
Gold redemp. fund with U. S. Treasury. 12,716,000
11,478,000
Gold held exclusively agst. F. R.notes_ 360,613,000
Gold settlement fund with F. R. Board
175,459,000
Gold and gold certificates held by bank.... 503,566,000
18.000
17.773
17.735
17.742
297,342,000
261,447,000
458,770,000
401,335,000
222,621,000
379,293.000
Total gold reserves
Reserves other than gold
1 039,638,000 1.017,559.000 1,003,249,000
30,991,000
26,444,000
36,463,000
Total reserves
Non-reserve cash
Bills discounted
Secured by U. S. Govt. obligations__
Other bills discounted
1.070.629.000 1,044,003,000 1,039,712,000
24,675,000
20,182,000
21,558,000
77,651,000
49,568,000
129,425,00(1
46,634.000
137,961,001
33,598,000
127.219.000
77,977,000
176,059,000
119,850,000
171,559.000
25,847,000
1,891.000
12.958,000
44,889,000
3,643,00(1
13,208,000
47,502,000
1,934.000
39,633,000
11,182,000
59,738,000
64,353,000
52,749,000
1,890,000
Total bills and securities (See Note)
264,934,000
360,262,000
252,045,000
Due from foreign banks (See Note)
Uncollected items
Bank premises
.
All other resources
657,000
172,417,000
16,276,000
1,776,000
657,000
198,050,000
16.276,000
1,837.000
645,000
176.240.000
16,652,000
4,109.000
Total blils discounted
Bills bought in open market
U. S. Government securities
Bonds
Treasury notes
Certificates of indebtedness
Total U.S. Government securities
Foreign loans on gold
Reserve
Net
Net
-with
Legal Demand Time
Depot+ Deposits. Deposits.
tortes.
1.000
Total
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. 12 1927 in
comparison with the previous week and the corresponding
date last year:
Total resources
1 551,364,000 1.641,267.000 1.510,958,000
LtatAlUiesFed') Reserve notes in actual circulation_ 391,838.000
Deposits-Member bank, reserve noel- 897.221,000
Government
3,499.000
Foreign hank (See Note)
1,990.000
Other deposits
12.482,000
405,808.000
956,111,000
385,000
4,867,000
16,755,000
367,600,000
887,109,000
4,541,000
1,817,000
10,377,000
Total deposits
Deferred availability items
Capital paid in
Surplus
All other liabilities
978.118,000
157.141.000
36,50(1.000
61.614,000
2,017.000
903,844,000
145,111.000
32,395,000
59,964.000
2,044,000
Total liabilities
Ratio of total reserves to deposit and
Res've note liabilities combined
Contingent liability on bills purchased
for foreign correspondence
915,192,000
144,0(39,000
36,589,000
61,614,000
2,122,000
1 551.364,000 1,641,267,000 1,510,958,000
81.9%
24,274,000
75.4%
19.735,000
81.8%
22,086,000
NOTE.
-Beginning with the statement of Oct 7 1925, two new Items were added
In order to show separately the amount of balances held abroad and amounts due to
foreign correspondents. In addition, the caption, "All other earning assets," previously made of Federal intermediate credit bank debentures, was changed to "Other
securities," and the caption "Total earning assets" to "Total bills and securities."
The latter term was adopted as a more accurate description of the total of the discounts, acceptances and securities acquired under the provisions of Sections 13 and 14
of the Federal Reserve Act, which,It wasstated, are the only Items included therein.
345
THE CHRONICLE
JAN. 15 1927.]
Weekly Return of the Federal Reserve Board.
The following is the return issued by the Federal Reserve Board Thursday afternoon, Jan. 13,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
es 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 tho
latest week appears on page 308, being the first item in our department of "Current Events and Discussions."
BUSINESS JANUARY 12 1927.
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE CLOSE OF
Jan. 12 1927. Jon. 5 1927. Dec. 29 1926. Dec. 22 1926. Dec. 15 1926. Dec. 8 1926. Dec. 1 1926 Nov. 24 1926. Jan. 13 1926.
s
$
a
3
9
9
$
9
RESOURCES.
3
1.523.670.000 1.419,755.000 1,369,124.000 1,376,776,000 1,435.352.000 1,348.339.0001.342,346.000 1,395,138,000 1,472.351,000
iold with Federal Reserve agents
49,711,000
54,844,000
59,599.000
53,314,000
56,229,000
65,407,000
67,927.000
65.712.000
50.318.000
bold redemption fund with U. S. Treas.
1,491,581.000 1,406.653,000 1.401.945.000 1,449,982,000 1,522,062.000
Gold held exclusively nest. F.R. notes 1,573,988.000 1.487,682.000 1,434.836.000 1,442,183.000
731,402.000 739,979,000 696,966,000 698,492,000
1old settlement fund with F. R.Board.. 555.673.000 637,805,000 658.330,000 657,023,000 622.656,000 690,338,000 687,701,000 682,782,000 668,479,000
786,382.000 729,956.000 721,645.000 704,074,000 716,480,000
bold and gold certificates held by banks
2,916.043.000 2.855.443,000 2,814,811,000 2.803,280,000 2.830,717,0002,828,393,000 2.829,625,000 2,829.730,000 2,799,033.000
155,054.000 142.816,000 129.404.000 106,985,000 121.331,000 121,060,000 126,526,000 128,201,000 150,846,000
Total gold reserves
teservee other than gold
Total reserves
Con-reserve cash
Ms discounted:
Secured by U. S. Govt. obligations
Other bills discounted
3.071.097.000 2,998,259,000 2,944.215.000 2,910,265,000 2,952,048,000 2,949,453.000 2,956.151,000 2.957,931,000 2,949.879.000
86,990,000
47,236,000
49.116.000
48,920,000
51,007,000
47,073,000
68,348,000
76,180,000
81.808,000
254.077.000
236,401.000
360,532,000
272,950,000
383.388.000
327,543,000
422.397,000
293,027,000
321,981,000
240,326.000
348,334,000
256,392,000
351,060,000
294,416.000
335,499,000
292,105,000
305.104,000
200,659,000
Total bills discounted
Mils bought in open market
J. 8. Government securities:
Bonds
Treasury notes
Certlficates of indebtedness
490.478.000
338,142,000
633,482.000
388,837,000
710.931 000
378.798,000
715,424.000
387.593,000
562,307,000
384,125,000
604.726,000
390,989,000
645,476,000
368,163.000
627.604.000
340,629,000
505,763.0011
327,402,000
52,992.000
93,606.000
164.453.000
54,108,000
93,659.000
166,106,000
47.525.000
86.279,000
183,400.000
46,858.000
89,844,000
177,704,000
46,428,000
82,216,000
349,595,000
56.436.000
118.214,000
148,933,000
48,021,000
112,912.000
144.975.000
45,668,000
112,583,000
141.653.000
59.410,000
194.022.000
125,363,000
Total U. S. Government seem-Rtes.__
Ither securities (see note)
!foreign loans on gold.
311,051,000
3.500,000
313,873,000
3,621,000
317,204,000
2.596.000
314,403,000
2,596,000
478,239,000
2,564,000
323,583.000
2,563,000
305,908,000
2,564,000
299,904,000
2.544,000
368.795.000
3,158,000
7,000,000
1,270,681.000 1,212,118,000
Total bills and securities (see nate)____ 1,143,171.000 1.339,813.000 1,409,529,00 1,420,019,000 1.427,235,000 1,321,861,000 1.322,111,000
651,000
642.000
652,000
651,000
650,000
650,000
657.000
651.000
657.000
Due from foreign banks (see note)
894.699,000 669.517.000 729,046,000 694.469,000 750,502.000
706.362,000 814,912,000 728.043.000 785.171.000
Uncollected items
60,093.000
59,308.000
50,106,000
.5,000
60,19
60,148,000
60.271,000
58,168.000
58,131.000
60.273.000
Bank premises
14,924.000
16,456,000
15,339,000
15.710,000
13,919,000
13,154.000
13.074.000
12,108.000
12,302,000
Oil other resources
5.045,985,000 5,075,895,000
5,073,371,000 5.300,254,000 5,224,133.000 5,236,603,000 5,399.706.000 5,066,237.000 5.132,521,000
resources
Total
LIABILITIES.
1,750,464,000 1,812,698,600 1,857,015,000 1,913,960,000 1,840,132.000 1,803,787,000 1,771.626,000 1,774.054,000 1,733,284,000
V. R. notes in actual circulation
Deposits—
Member banks—reserve account
Government
Foreign banks (see note)
Other deposits
2,273.647,000 2,351,953,000 2,264,144.000 2,218,095,000 2,353.883.000,2,230,971.000 2.257,165.000 2,202,406.000 2,279,741,000
28,118.000
17,117,000
35,689.000
25,798,000
6,170,000
67.848,000
38,579,000
6.451,000
22,989,000
13,883,000
7,763.000
14.065,000
13,459,000
6,204,000
5,506,000
5.632,000
25.882,000
25,308.000
17,904,000
20.369,000
17,441,000
18,361.000
16,513,000 .26,223,0001
17,133,000
25,657,000
21,571,000
2,324.990.000
2,323,839.000 2,409.369.000 2.345.738,000 2,307.962,000 2,392.480.000'2.288.589,000 2.324,360,000 2,262,311.000 669.225,000
641,028,000
635,148.000 714.682.000 650.096,000 644,012,000 797.018.0001 604.185,000 667,987,000 124,441.000 11.7,277.000
124.763.000 124,752,0001 124.734.000 124.462.000
125.066.000 125.011,000 124.824,000
220.310.000 220,310.000 220,310,000
228.775,000 228,775.000 220.310,000 220,310.000 220,310,0001 220,310.000
10,809,009
23,841,000
23,776,000
24.632,000
25.014,000
25,596,000
26,150,000
9,719.000
10,079,000
5,132.521.000 5,045,985,000 5,075,895,000
5,073,371,000 5,300,254,000 5.224,133,000 5.236.603.000 5.399.706,000 5.066,237,000
Total liabilities
Ratio of gold reserves to deposit and
70.1%
68.9%
69.1%
69.1%
66.9%1
67.2%
66.9%
67.6%
71.6%
F. R. note liabilities combined
natio of total reserves to deposit and
7.27%
73.3%
72.2%
72.1%
69.7%1
68.9%
70.1%
71.0%
75.4%
F. R note liabilities combined
Oontingent liability on bills purchased
48,887,000
81,042,000
48.889.000
50,491,000,_ 48,837,000
52.437.000
55.857,000
60.718.000
86,273,000
for foreign correspondents
s
3
9
$
$
3
$
$
$
Distribution by Ma,nrilies—
I
142,583,000, 150,949,000 141,706.000 114.422.000 105,423,000
130.158.000 170,212,000 155.744 000 157,087,000
1-15 day bills bought in open market
515.094.000 494,608.000 393,006,000
382.115,000 517,727.000 575.544.000 583.639,000 446.952.0001 483,009.000
1-15 days bills discounted
500.000
45,494.000
100,000 183,000,0001 32,041,000
7,860,000
4.500.000
5,676,000
1-15 days U. S. certif. of indebtedness
18,000
111.000
1-15 days municipal warrants
59,292,009
59,899.000
65.011.000
77,340.000, 72,986.000
80,459,000
76.818.000
bills bought in open market
78.1(0,000
78.201.000
16-30 days
26,942,000
41.032.000
40.005,000
37.705,000
39,153,000
37,193.000
30,510,000
38,865,000
28,768,000
113-30 days bills discounted
49.217,000
18-30 days U. S. certif. of Indebtedness
96.000
96,000
16-30 days municipal warrants
94,319,000
97,685.000 105,149.000 103.995,000 101,734.000
86.642,000
08,299,000
90,963.000
95,654,000
31-60 days bills bought in open market.
50,266,000
53,000.000
55.231,000
48,069,000
42,924,000
52.688,000
47,635,000
49.876,000
45,490,000
31-60 days bills discounted
31-60 days U. S. certif. of Indebtedness
64.000
44,000
63,000
64,000
10,000
01-60 days municipal warrants
47.883.000
57,779,000
.54.270,000
54,301,000
59,468.000
56.469.000
27,344,000
36,144.000
49,382,000
81-90 days bills bought in open market
25,194,000
28.038.000
27.454.000
26.172.000
26,096.000
33,150.000
37,232,000
27.090,000
24,270,000
01-00 days bills discounted
1.000
20,000
01-90 days U. S. certif. of indebtedness
01-90 days municipal warrants
10,589,000
10.304.000
9.528.000
7,604.000
7,049.000
6,936.000
5,891,000
6,032.000
6,785,000
Over 90 days bills bought in open market
9,289.000
10,355,000
9.279.000
9,771.000
7,182.000
8,754,000
9.414,000
9.835.000
10.520,000
Over 90 days bills discounted
91,936.000 125,363,009
99,481,000
161,594.000 116.892.000
158,777,000 158,246,000 178,900,000 177,584,000
Over 90 days certif. of indebtedness
Over 90(lays municipal warrants
Total deposits
Deferred availability items
Capital paid in
Surplus
all other liabilities
0'. R. notes received from Comptroller.. 3,002,781.000 3,023,052,000 3.039.590,000 3,022.190,000 2.994.086.000 2,953.343.000 2.9:19,405,000 2.942,033.000 2,944,910,000
792,378,000 770,918,000 774,815,000 755,030,000 803,711.000 795.801.000 824.007,000 851.260.000 821,435,000
F. R. notes hold by F. R. Agent
Issued to Federal Reserve Banks
How Sectored—
By gold and gold certificates
Gold redemption fund
Gold fund—Federal Reserve Board
By eligible Paper
TWAI
2,210,403,000 2,252,134,00) 2,264,775,000 2,267.160.000 2.188,375,000 2,157,542,000 2.115,402.000 2.090,773,000 2,123,475,000
306,281.000 306,096,000 306,095.090 306,151,000 306,274,000
106,287,000 111,071.000 109.052.000 111,978,000 104,828.000
1,111.102,060 1.002.538.090 953.977.000 958,647,000 1,024,250.000
812,610.000 996.817.000 1.058.364.000 1,066.858,000 919.193,000
306,453.000
109.610.000
932.276.000
975.741.000
306.453.000
101.627.000
934,266.000
988,404.000
300,452.000 302,636,000
98,181,000
101.684.000
987.002.00011,071,534,000
939.544,0001 789,051,000
4
2.336.230 000' 1,, 572 000 2.427.433 000 2 443 634 000 2.354.545.000 2.324.080.000 2.330.750 000 2.334.682.0001 2.261.402.000
---Beginning with the stet ement ol oct. 7 1925, two new Items were added In order to show separately the amount of balances held abroad and amounts due
NOTE.
to foreign correspondents. In additt n, the caption. "All other earning assets," previously made up of Foreign Intermediate Credit Bank debentures, was changed to
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 a
"Other
Ohs discounts, acceptances and securities se mired under the provisions of Sections 13 and 14 of the Federal Reserve Act, which, it was stated. are the only items included
therein.
,
WEEKI.V STATEMENT or aEsouncr; ANTI LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS JAN 12 1927.
Two dphers (00) omitted.
Federal Reserve Bank of—
Boston.
New York.
Phila.
Cleveland. Rkhmond Atlanta. Chicago. 31. Louts.
inneap. Kan. Ctti, Dallas. 1San Fran.
Total.
RESOURCES.
Gold with Federal Reserve Agents 124.342,0
2.460,0
Gold recrn fund with U.S. Treas.
$
$
$
$
$
347,897.0 114,066,0 163,051,0 68,759.0 140.901.0 198,3941.0 27.506.0 61,150,0 16,209.0 34.072,0 181,821,0 1,523,670.0
50,318.0
12,716,0 7.003,0 5,937,0 2,017,0 3,049,0 7,234,0 1,204,0 2.103.0 2,271,0 2,031,0 2,293,0
Gold held excl. eget. F.R. notes 127,302,0
Gold settle't fund with F.R.Board 29,219,0
39,190,0
Gold and gold certificates
360,613.0 121,069,0 168,988.0 70,776,0 143,951,0 205,630,0 28.710,0 63,253,0 63,430,0 36,103,0 184,114.0 1,573.988.0
175,459,0 48,079,0 50.874,0 19,195,0 19,786,0 100.386,0 24,908.0 14,396.0 27,394.0 16,129.0 29,848,0 355,673.0
503,566,0 28,537.0 48,023,0 13,280,0 4,421,0 69,453.0 14,450,0, 7.061,0 6,957,0 8.532,0 42,912,0 786,382,0
Total gold reserves
BABOrVell other than gold
195,711,0 1,039,638,0 197,685.0 267,885.0 103,251,0 168,157,0 375,469,0' 63,068,0 84.710,0 97,831,0 60.764,0 256.874,0 2,916,043.0
30,991,0 6,477,0 11,115,0 10,178,0 11,570,0 25,765,0, 16,043,0 3,729.0 5.530.0 8,346,0 7,591,0 155.054,0
17,719,0
913,430,0 1,070,629.0 204,162,0 279,000,0 113,439,0 179,727,0 401,234.0 84,111,0 88,439.0 103,361.0 69,110.0 264,465,0 3,071,097,0
Total reserves
24,675,0 1,652,0 5,345,0, 7,127,0 5,336,0, 12,255,0 5,359,01 1,415,0 2,671,0 2,778,0, 3,809.0i 81,808.0
9,386,0
Non-reserve cash
Bills discounted:
1
1
1
1.880,0 17,185.01 254,077,0
446,0 3,414,0
Sec. by U. S.•Govt. obligationa 18,276,01 77.651,01 23.647,0 47,333,0 6,245,0 2,177,0 44.300,0 11,250.01
49.568.0 14.116,0 23,248,0 14,411,0 31,152,0 37,843,0 9,230,0 3,007,0 7,350,0 5,258,0 23,550,0, 236.401.0
17,668,0
Other bills discounted
Total bills discounted
Bills bought in open market
U. S. Government securities:
Bonds
Treasury notes
Certificates of indebtedness
Total U. 4. Govt. securities_
35.947,0
38,701,0
1
1,241,0
2,598,0
7,048,0
10,885,0
127,219,0 37,763.0 70,581,0 20,656,0 33,329,0 82,143,0 20,750.0 3,453.0 10.764,0
77,977,0 25,405,0 30,631.0 13,920,0 19,193,01 46,579.01 10,479,0 11,875,01 18.418,0,
634,01 1,301,0 1 1,250,0
241,0 20,743,01 2,245,01 7,658,01 9,522,0
1,891,01
1,436,0 1.534,0 8,384,0 7,455,0 2,123,0 4,707,0
12,958,0 15.543,0 18,683,0
32,0, 20.649,0 10,674,0 6,710,0 14,389,0
44,889,0 3,751,0 15,358,0 4,373,0
59.738,0 19,928,0 35,342,0
7,059,0
7,138,0 40,735,0, 490,478,0
14,842,0 30,122,01 338,142,0
384,01
5,882,0
52,992.0
4,394,0 15,791,0, 93.606.0
13,885,0 22,97,1,0, 164,453,0
1,807,0' 47,776.0 20,374,0 18,491,0' 28,618,0 24,161,0 38.872,0
311.051,0
346
[VOL. 124.
THE CHRONICLE
RESOURCES (Concluded)
Two Ciphers (00) omitted.
Boston.
New York.
$
$
$
2,000,0
Other securithe
Total bills and securities
Due from foreign banks
Uncollected items
Bank premises
All other resources
Cleveland. Richmond Atlanta. Chicago. Si. Louis. Minneap.Ran.City Dallas. San Fran
Phila.
$
$
$
$
$
1,500,0
$
$
$
Total.
$
$
3,500,0
264,934,0 85,096,0 136,554,0 41,635,0 54,329,0 176,498,0 51,603,0 33,319,0 57,800,0 46,141,0 109,729,0 1,143,171,0
657,0
657,0
172,417,0 58.824,0 61,799,0 58,606,0 31,971,0 85,462,0 35,390,0 13,063,0 44,425,0 .29,389,0 48,894,0 706,362,0
58,168,0
16,276,0 1,705.0 7,119,0 2,113,0 2,864,0 7,806,0 3,957,0 2,774,0 4,459.0 1,752,0 3.397,0
1,191,0
12,108,0
391,0
608,0
896,0 2,102,0
794,0 2,725,0
936,0
279,0
322,0
1,776,0
85,533,0
66,122,0
3,946,0
88,0
378,505,0 1,551,364,0 351,761,0 490,753,0 223.189,0 275,021,0 685,980,0 181,316,0 141,112,0 213,324,0 149,561,0 431.485,0 5,073,371.0
Total resources
LIABILITIES.
1
F. R. notes In actual circulation_ 141,253,0 391,838,0 122,104,0 212,466,0 78,842,0 160,595,0 233,805,0 46,794.0 66,685,0 70,688,0 48,491,0 178,903,0,1,750,464,0
Deposits:
1
Member bank-reserve wet 144,218,0 897,221,0 140,516,0 180,629,0 69,309,0 68,808,01322,525,0 81,488,0 49,435,0 88,847,0 57,744,0 172,907,0 2,273.647,0
3,499,0 1,201,0 1,559,0 1,777,0 1,311,0 4,581,0 1,363,0 1,680,0
618,0 1,201,0 2,637,0, 22,989,0
1,562,0
Government
5,632,0
151,0
353,0
176,0
186,0
217,0
695,0
262.0
1.990,0
206,01
Foreign bank
484,0,
378,0
21,571,0
101,0
37,0 5,910,01
122,0 ' 98,0
293,0
215,0 1,290,0
95,0,
819,0
12,482,0
109,0
Other deposits
r
915,192,0 142,416,0 184,012,0 71,449,0 70,420,0 328,620,0 83,361,0 51,388,0 89,749,0 59,158,0 181.807,0 2,323,839,0
144,009,0 53,116,0 55,691,0 53,900,0 28,936,0 72,723,0 35,155,0 11,516,0 39,162,0 30.999,0 46,706,0, 635,148,0
36.589,0, 12,588.0 13,743,0 6,095,0 5.023.0 16,724,0 5,295,0 3,056,0 4,196,0 4,298,0, 8,659,01 125,066,0
61,614,0, 21,267,0 23,746,0 12,198,0 9,632,0; 31,881,0 9,939,0 7,527,0 9,029,0 8,2 5.0; 16,121,0, 228,775,0
10,079,0
289,0;
705,0
415,0; 2,227,0
270,0 1,095,0
400,0;
500,0
772,0
940.0
2,122,01
1
'
Total liabilities
378,505,0 1,551,364,0 351,761,0 490,753,0 223,189,0275,021.0 685,980,0 181,316,0 141,112,0 213,324,0 149,561,0 431,485,0,5,073,371,0
'
Memoranda,
1
1
73.31
75.4
75.5
70.4
65.4
64.4
77.8!
71.3
74.9
81.9,
77.2
64.6
Reserve ratio (per cent)
74.2
Contingent liability en bills our1
1
I
1
86,273,0
chased for foreign correepond•ts 6,431,0
24,274.0! 8,232,01 9,090,0 4,459,0 3,516,01 11,834,0 3,687,0 2.573,0 3.173,0 3,001,01 6,003,0
F. R. notes on hand (notes reed
from F. R. Agent less notes in
1
46.326.0 128.936.01 50.962.01 39.887.0 21.962.0 30.878.0 57.117.0 5.707.0 5.279.0 15.948.0 7.015.01 51.922.0 459.939,
circulation)
Total deposits
Deferred availability items
Capital paid in
Surplus
All other nabilitiee
146,267,0
64,235,0
8,800,0
17,606,0
344,0
FEDERAL RESERVE NOTE ACCOUNTS OF FEDERAL RESERVE AGENTS AT CLOSE OF BUSINESS JAN. 12 1926
Federal Reserve Agent at
-
Boston.
Phila. ICleveland. Richmond Atlanta. Chicago.
New York.
1..Louis 14finneap. Kan. City Dallas. San Fran
Total.
(Two Ciphers (00) omitted.)
F.E.notes reed from Comptroller 261,729,0
F.R.notes held by F. R. Agent__ 74.150,0
$
8
$
$
800.854,0 198,766,0 292,043,0 124,383,0 253,383.0 445.422.0 72,241,0 88,656.0 114.046,0 70.953,0 280,325,0 3,002,781,0
282,080,0 25,700.0 39,690,0 23,579.0 61,890,0 154.500.0 19,740.0 18.692,0 27,410,0 17,447,0 49,500,0 792,378,0
F.R.notes Issued to F.R. Bank 187,579,0
Collateral held as security for
F.R. notes issued to F R. Bk.:
Gold and gold certificates_ 35,300,0
Gold redemption fund
15.542,0
Gold fund-F.B. Board
74,000,01
Eligible paper
74.648,0
518,774,0 173,086,0 252,353,0 100.804,0 191,473,0,290,922,0 52,501,0 71,964,0 86,636,0 53,506,0 230,825,0 2,2104,03,0
Total collateral
199,490.0
1
1
7,450,0 13,507,01
8,780,0 28,805.0, 15.398,0,
18,343,01 10,000.0 306,281,0
168,698,0
23,199,0 9,189,0 14,271,0 4,954.0 5,503.0 2,751,0 2,756,0 1,643,0, 4,849,0 3,729.0 17,901,0 106,287,0
156,000,0 104.877,0 140,000,0 35.000,0 120,000,0 195,645.0; 17,300,0 46,000,0 56,380,0 12,000.0 153,920,0 1,111,102,0
195,913.0 59.513,0 100,142,01 34,072,0 52,368,0 128,505,0 31,165,0 15,074,0 29,117,0 21.870,0 70,223,0 812,610,0
543,810.0 173,579,0 263,193.0 102,831,0 193,269,0 326,901,0 58,671.0 76,224,0 90,326,0 55,942,0 252,044,0 2,336,280,0
Weekly Return for the Member Banks of the Federal Reserve System.
Following is the weekly statement issued by the'Federal Reserve Board, giving the principal items of the resources
and liabilities of the 64 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 Rerve Board upon the
for the latest week appears in our Department of "Current Events and Discussions," on page 308.
I. Data for all reporting member banks In each Federal Reserve District at close of business JANUARY 5 1927. (Three cipners (000) omitted.)
Federal Reserve District.
Phila. ICievelandiRichmond Atlanta. Chicago. 1St. Louis. Minneay. Ran. My! Dallas. SanFran
Rotten. New York
Number of reporting banks •
Loans and discounts, gross:
Secured by U.S.Gov't obligations
Secured by stocks and bonds____
All other loans and discounts.
53,408
8,196
352,418 2,472,778
640,328 2,888,578
819,865 1,371,744' 509,750
Totalloans and discounts
1,000,942 5,414.762
Investments:
U. S. Government securities
128,489 940,660
Other bonds,stocks and securities 255,747 1,202,107
514,958 2,174,111
Total,
24
8 •
3,314
72,454
169,940
46
63
684
8 1 5
S
$
1
4,583
2,378
7,058
148,353
110,8911
72,1411 328,500 5,736,745
296,653 238,946; 970,551 8,700,249
501,806
245,708
412,127
64,778
119,817
63,685
47.8061
96,698
95,232
31
97.
74
68
35
$
AS
16
1
S
1
3
$
I
22,204
4,602
5,593
6,310
20,055,
10,652
444,300, 560,988, 152,209' 108.704 868,282; 193,082
364,9131 788,552, 352,939 400,661 1,285,774' 302,414
50
92
38
66
313,465 1,306,109 14,585,347
1
48,560 248,074 2,285,162
24,224: 237,152 3,202,676
84,224
272,260
254,735
362.321
64,798
68,867
36,362
60,143
254,099
457,000
356,484
617,056
133,665
96,505
711,099
184,595
111,4911
191,930
72,784: 485,226 5,487,838
Total loans and investments
1,385,178 7,557,529 1,176,349 1,988,800 643,415 611,463 2,885,210
44,044 254.883
85,851 120,1811 43,929
Reserve balance Ew 1118 It. Bank
92,851 840,296
15,154
33,665,
17,133
12,780
58,185
84,197
Cash in vault
23,080
Net demand deposits
5,855,596 779,043 1,010,946; 384,000 342,343 1,755,747
914,485
Time deposits
423,947 1,361,386 252,082 824,644 210,143; 219,663 1,054,702
4,326
12,508
21,768
9,329
16,089
Government deposits
47,010
16,794
sins pay. k recite. with F. R. Bk.:
1
2,682
34,8671
3,459
19,845
61,830
Secured by U.S.Gov't obligations
3,725 111,051
7,606
17,752;
19,856
26,803
5,033
37.171
All other
20,550
686.401
49,396
8,458
406,034
220,661
3,750
357,199 604,057
55,392
24,632
13,183
6,342:
215,070' 489,941
123,699; 144,536
2,218
828'
386,249 1,791,335 20,073,185
29,945 108,383 1,749,783
11,733
24,297
308,207
271,353 794.969 13,219,527
101,486 021,800 5,858,749
15,833
155.853
5,400
1
1.301
22,610
271,999
2,651
22,680
174,511
Total investments
384,236 2,142,767
Total borrowings from F.B.Bank
Bankers'balances of reporting member banks In F. R. Bank cities:
Due to banks
Due from banks
24,275
1,650
4,838
3,985
1.650
8,823
3,952
55.2231 104,008
25.242
: 46,407
34,618
27,692
24,878
52,619
10,288
23,315
88,633
14,565
177,864
63,922
148,222
140,489 1,183,040
38,384 108,932
5,791
8.774
1
49,149,
31,470
34,338
21,825
20,113
16,065
373,899
164,357
77,957
32,578
45,290
448,510
107,730 2,358,428
50,496
627,370
2. Data of reporting member banks In New York City. Chicago. and for the whole country.
Ail Reporting Member Banks.
Jan. 5 1927.
Dec. 29 1926.
Jan. 6 1926.
Repotting Member Banks in N. Y. City.
Reporting Member Banks In Chicago
Jan. 5 1927. Dec. 29 1926. Jan. 6 1926. Jan. 5 1927. Dec. 29 1926. Jan. 6 1926.
54
54
61
716
"Number of reporting banks
688
684
$
$
Loans and discounts, gross:
175,731,000
57,690,000
57,959,000
50,556.000
144,075.000
Secured by U.S. Gov't obligations
148,353,000
Secured by stocks and bonds
5,736,745,000 5,708,092,000 5,688,378,000 2,174,311.000 2,121,298,000 2.354,308,000
All other loans and discounts
8,700,249.000 8,717,058.000 8,318,552,000 2,536,592,000 2,541,409,000 2,268,684,000
45
45
48
14,648,000
649,812,000
723.830,000
14,574,000
666,486.000
710,938,000
16,582,000
640,338,000
680,553,000
Total loans and discounts
14,585,347,000 14,569,225,000 14,180,659,000 4,761,469,000 4,710,397,000 4,680,951,000 1.388,090,000 1.391,998,000 1,337,473,000
Investments
U.S. Government securities
2,285,162,000 2,322,534,000 2,509,165,000 854,055,000 860,279,000 909,681,000 134,050,000 143,700,000 172,895,000
Other bonds, stocks and securities. 3,202,676,000 3,218,290,000 2,934,836,000 884.046,000 880,611,000 806.972,000 215,004,000 231,594,000 196,127,000
Total investments
Total loans and investments
Reserve balances with F.R. Banks
Cash in vault
Net demand deposits
Time deposits
Government deposits
Bills payable and rediscounts with
t Federal Reserve Banks:
fitenred by U. S. Gov't obligations_
All other
Total borrowings from F.S. bks._
5,487,838,000 5,540,824,000 5,444,001,000 1,738,101,000 1,740,890,000 1,716,653,000
20,073.185,000 20,110,049,000
1,749,783,000 1,674,541,000
308,207,000
323,310,000
13,219,527,000 13,082,058.000
5,858,749,000 5,792,255,000
155,853,000
163,065,000
'Revised figural.
375,294,000
370,022.000
271,999,000
174,511,000
301,295,000
210,170,000
274,730,000
135,785,000
97.200,000
33,250,000
81.750,000
36,250,000
98,612,000
10,450,000
29,730,000
7.971,000
18,249,000
24,507,000
36,303,000
10,133,000
448,510,000
511,465,000
410,515,000
130,450,000
118,000,000
109,062,000
37,701,000
42.756,000
46,436,000
Loans to brokers and dealers (secured by stocks and bonds) made by reporting
member banks In New York City:
1,037,311,000 1,008,235,000 1,338,259,000
For own account
1,049,246,000 1,021,747,000 1,239,344,000
For account of out-of-town banks
732,004,000 757,779,000 563,522,000
For account of others
Total
On demand
On time
349,054,000
19,624,660,000 6,499,570,000 6,451,287,000 6,397,604,000 1,737,144,000 1,767,292,000 1,707,495,000
1,687,293.000 775,837,000 716,245,000 709.533.000 179,719,000 177,600,000 168,219,000
24,410.000
24,352,000
26,225,000
74,506,000
321,881,000
67,130,000
71,277,000
13,305,385,000 5,274,855,000 5,202,540,000 5,308,309,000 1,185,586,000 1,199,202,000 1,162,361,000
5,360,979,000 921,757,000 897,009,000 807,698,000 523,495,000 527,547,000 499,708,000
8,073,000
8,562,000
214,287.000
53,758,000
13,923,000
43.356,000
45,326,000
2,818,561,000 2,787,761,000 3,141,125,000,
2,137,288,000 2,108.872,000 2,223,315,000
681,273.000 678.889,000 917,810,000
347
THE CHRONICLE
JAN. 15 1927.]
New York City Banks and Trust Companies.
Wall Street, Friday Night, Jan. 14 1927.
-The review of the
Railroad and Miscellaneous Stocks.
Stock Market is given this week on page 336.
The following are sales made at the Stock Exchange this
week of shares not represented in our detailed list on the
pages which follow:
STOCKS.
Week Ended Jan. 14.
Sales
for
Week.
Range for Week.
Lowest.
Highest.
Range Since Jan. 1.
Lowest.
Highest.
Par.Shares $ per share. $ per share. $ per share.$ per share.
Railroads.
Atlantic Coast Line Rts_ 12,600 1731 Jan 8 1831 Jan 10 1534 Dec 184 Nov
Mar
Dec 50
30 42 Jan 10 42 Jan 10 40
Buff& Buse pref v t c 100
Ap 125
118
Mar
C C C&St Louis pref 100 190
M 114, Jan
40 110 Jan 10 110 Jan 13 100
Chic StP Min&Om pf100
Consol RR of Cuba pf100 2,300 6974 Jan 10 7034 Jan 11 6831 Nov 7234 Dec
Aug
10 6134 Jan 13 6134 Jan 13 6234 Nov 63
Erie & Pittsburgh_ _ _ _50
Dec 3134 Dec
Havana El By rcts____.; 400 2933 Jan 12 2933 Jan 12 30
*. 100 9434 Jan 14 94% Jan 14 9534 Dec 9731 Dec
Certificates
Jan
Jan 111 17034 Nov 205
10 176 Jan 11 176
50
N Y & Harlem
Nov 5034 Jan
100 3433 Jan 14 3434 Jan 14 30
NY State Rye pref_ _100
July
Jan 98
170 9734 Jan 10 98% Jan 14' 90
Vicksb Sherv & Pac _ _100
M
9834 Nov
100 400 99 Jan 11 99 Jan 11 91
Preferred
Indus. & Miscall.
34 Jan 10
33 Jan 10
Ajax Rubber Rts
110'5001
Sent
Amalgamated Leather_*, 900 1634 Jan 12 1734 Jan 10 1434 Oct4 21
July 113 Sept
Jan lit 102
100104 Jan 11 104
100
Preferred
DecI 97 May
100 90 Jan 13 90 Jan 13 88
Amer Chicle Prior pref
400 89 Jan 10 89 Jan 10 9434 DecIlO3 May
Am-La Fr FE 7% prat__
90105 Jan 11 107 Jan 13 9334 Mar110434 Dec
American Piano pref 100,
American Snuff pref_100, 230 95 Jan 8 9574 Jan 13 9534 Dec 100 June
18010734 Jan 8 108 31 Jan 1310234 Aug 1083( Dec
Am Type Founders pf100
Jan
1010234 Jan 1410234 Jan 14 9731 A 100
Am Wholesale CV pf_100
Jan 4474 Dec
100 38 Jan 11 38 Jan 11 18
50
Autosales pref
Jan 1010134 Jan 12 98 May 10231 Dec
Bayuk Bros let pref.100 420 101
*, 6,100 5334 Jan 12 5533 Jan 13 5336 Dec 5631 Dec
Bon Anal class A
Sept
Canada Dry Ging Ale_• 6,600 38 Jan 8 3934 Jan 10 3234 Cu 49
Central Alloy Steel__ ...* 2,500 28 Jan 13 2834 Jan 8 2836 • Oc 3331 Aug
Nov
100 20010634 Jan 1110734 Jan 1410634 Oct 107
Preferred
Dec 831 Nov
Central Leather ctfs_100 4,200 934 Jan 13 974 Jan 10 7
Nov 5434 Dec
100 800 54 Jan 13 57 Jan 10 50
Preferred ctfs
Jan 1210134 Jan 13 90 May 100
Sept
Cert-Teed Prod 2d p1 100 200 101
Dec
Colum Gas& El new__ _•27,800 8974 Jan 11 9134 Jan 12 8534 Nov 91
100 5,4001003-4 Jan 1310134 Jan 8 9874 Nov 101% Nov
Preferred new
30,800 333 Jan 8 331 Jan 8 231 Dec 334 Dec
Rights
20 65 Jan 11 65 Jan 11
Conn Ry & Lights Co100
Continental Baking el A*85.800 6834 Jan 11 7474 Jan 13 5034 Oc 9374 Aug
•12,400 934 Jan 11 931 Jan 8 733 Oct 1534 Sept
Class 13
Oct 9634 Aug
100 7,700 9534 Jan 8 9731 Jan 13 87
Preferred
Apr
M 126
Continental Car pref.100.
3012034 Jan 1212034 Jan 12 117
Jan 10
Jan 10 91
Crown Wintte let pref_*1 300 91
1st pref ctfs
*I .300100 Jan 10 100 Jan 10
40 108 Jan 8 108 Jan 8 993.4 Feb 10736 Aug
Cush Sons pref 7%._100,
Apr 11733 Oct
Eastman Kodak pref los
8011934 Jan 10 123 Jan 12 115
Apr
Nov 93
Eisenlohr & Bros prat 100
100 89 Jan 10 89 Jan 10 89
Elk Horn Coal Corp_ I*
Mar 3034 Oct
300 9 Jan 13 10 Jan 8 21
Emerson Haut CIA __*, 100 733 Jan 10 733 Jan 10 634 Dec 834 Dec
Engineers Pub Service_• 7,100 2134 Jan 11 24 Jan 13 1934 Oct 2433 July
Preferred
* 1,000 9331 Jan 8 9534 Jan 13 9234 Nov 9634 Aug
Erie Steam Shovel
513,900 25 Jan 8 2634 Jan 14 2134 0 2534 Nov
Oct 3434 Aug
Jan 11 3074 Jan 10 23
Federal Motor Truck-• 9,300 29
Mar
General Baking pref *
25 120 Jan 1112234 Jan 13 107 Jun 120
31 Jan 10
33 Jan 13
Goth m Silk Hosiery Rts 17,665
Preferred new
100 20010634 Jan 1310634 Jan 13
Mar 9534 Dec
Guantanamo Sus pref100
100 96 Jan 13 96 Jan 13 90
Oct 10934 May
Gulf States St let p1.1001
1010134 Jan 1010134 Jan 10 100
Sept
Hartman Corp cl B.._ _*1 700 2534 Jan 13 2634 Jan 8 2434 Dec 30
Nov 107 May
Hayes Wheel pref._.100, 10010134 Jan 1410134 Jan 14 100
Nov
Heime(OW) prat..100,
1011834 Jan 1111834 Jan 11 115 May 119
Aug 75
30 66, Jan 10 67 Jan 11 75
Internat Salt
100,
Aug
Feb 17233 Feb
30219 Jan 13230 Jan 12 167
11
Island Creek Coal
Aug
Jan 120
Jones & L Steel prat100 200 119 Jan 8 119 Jan 8 114
Dec
Kayser & Co Ist pref. _ _ *1 200 111 )4 Jan 12 113 Jan 14 100 May 113
Sep 9931 Jan
100 320 8434 Jan 12 8634 Jan 14 85
Kinney Co pref
Nov
Kraft Cheese
• 25 3,100 56 Jan ii 59 Jan 13 5634 Dec 68
Feb
110 36 Jan 10, 36 Jan 10 2934 Juni 35
5
Kuppenhelmer
Sept 100g Dec
Laclede Gas pref....l00 210 95 Jan 12 9534 Jan 14 86
1,900 5 Jan 12 6 Jan 14
Rights
Jan 101 5334 Jan 10 4334 Oct 5874 Nov
Liquid Carbonic etre_ _• 3,500 52
Dec
Dec 98
Louisiana 011 pref. 100 600 95 Jan 10 96 Jan 8 93
Jan 12 75 Jan 14 7034 Oct 117
McC ory Stores pref _100 200 72
Feb
70 110 g Jan 1411034 Jan 8 105
100
April 10
Preferred
Feb
May Dept Stores new.25 200 6834 Jan 10 6934 Jan 10 6933 Dec 70
Dec
5,800 1 33 Jan 14 131 Jan 14 131 Dec 133 Dec
Rights
20 80 Jan 14 80 Jan 14 83 • Aug 9433 July
Mullins Body pref _100
100
Nat supply prof
Dec
10011434 Jan 14!11434 Jan 14 104g Man 1 16
N Y Steam 1st pref....* 200 105 Jan 121053( Jan 12 9931 Apr,10531 Oct
110 108 Jan 13. 10834 Jan 12 10431 Apr,109
Oil Well Supply pref _100
Oct
July; 9836 Feb
Omnibus Corp pref__100 200 8833 Jan IQ 89 Jan 10 88
20 115 Jan 12115 Jan 12 112
Mar117 June
. Owens Bottle pref _100
Pac tic Gas& Elec new25 1,700 3234 Jan 141 3234 Jan 14
400
% Jan 1
33 Jan 141
Rights
Jan 135
220 13933 Jan 8 140 Jan 8 117
_100
Pacific Tel & Tel _ .
Sept
Dec
Preferred
9010734 Jan 1410733 Jan 1410134 June 107
Penick & Ford pref _ _100
10010134 Jan 13'10134 Jan 13 3834 Nov 4034 Nov
Peerless Motor Car_50 7,400 2834 Jan 13 32 Jan 8 2334 Nov 3133 Nov
Dec 41
Penn-Dixie Cement...* 4,900 3833 Jan 8 3936 Jan 13 38
Dec
Nov.10033 Nov
100 600 9933 Jan 12 9933 Jan 13 99
Preferred
Jan: 3931 Dec
10 40 Jan 12 40 Jan 12 36
Plata Co 5% pref
50
Jan 9334 Dec
Porto-Rican Am Tob 100 800 87 Jan 8 8874 Jan 8 60
Oct" 4936 Nov
Purity Bakeries cl A -25 1,400 4731 Jan 13 4834 Jan 10 47
Dec
Jan 12 4133 Nov 44
• 2,100 43 Jan 10 44
Class 13
Oct 103
Dec
100 600 10131 Jan 8 102 33 Jan 14 99
Preferred
Real Silk Hosiery__ _10 6,800 4134 Jan 14 4536 Jan 8 3733 Nov, 5034 Oct
Nov
100 300 9334 Jan 8 9334 Jan 8, 9334 Dec 100
Preferred
Apr
Sherwin Wms Pr A..100 . 4010734 Jan 11 108 Jan 13 10531 Sept 108
Jan 1010734 Jan 10 10033 Jan 110 June
Sloss-Sheff St & Ir pf.100 300 107
Jan 10531 June
Spalding Bros let pref100
1010334 Jan 1410334 Jan 14 101
Stand Oil Co of N Y..2540,500 3233 Jan 101 3334 Jan 14 3234 Dec 3334 Dec
Stand 011 of N Jersey Itts 546599 2 Jan 8 236 Jan 14 134 Nov 234 Nov
25 31,100 5834 Jan 10 5733 Jan 13 5333 Nov 5734 Dec
Texas Corp
Texas Pac Land Tr new 11,400 1836 Jan 14 2034 Jan 13
Jan 1311534 Sept 123
Jan 11 121
Jan
80120
Typew pf100
Underwood
Del 9534 Dec
Union Tank Car new_100 1.200 943-4 Jan 8 9534 Jan 13 93
Jan 1011334 Dec117
Dec
250500 113% Jan 14 116
U S Steel new w I
Aug 75
Jan 12 58
Feb
Jan 12 66
20 66
Van Raalte let prof. 100
D
54 Dec
20,422 7-16 Jan 129-16 Jan 11
Vivaudou Corp Rts
Sept. 15
Dec
Vulcan Detinning_100 420 20 Jan 8 24 Jan 11 10
Apr 105
Dec
5010634 Jan 8 10634 Jan 8 88
100
Preferred
10 10734 Jan 8 10733 Jan 810736 Dec 110 May
Washburn Crosby pf.100
Dec
Mar 103
100 102 Jan 1110234 Jan 12 95
West Penn Pow 6%pf100
Westing Elec let prat _50 300 8234 Jan 8 8233 Jan 8 7834 Oct 8734 Feb
White Sewing Mach pt.' 2,800 5536 Jan 8 5833 Jan 16 4834 Oct 6434 Oct
Woolworth Corp new w 113,700117g Jan 1112134 Jan 8 120 31 Dec 128 Dec
-•No par value.
New York City Realty and Surety Companies.
Alliance R'Ity1
Amer Surety.
Bond & M G.
Lawyers Mtge
Lawyers Title
& Guarantee
Bid.
45
217
334
274
200
All prices dollars per share.
I
Bid. Ask.
Ask.
52 Mtge Bond_ 145 150 Realty Assoc's',
(Bklyn)com
222 Nat Surety _ 242 245
let pref____I
337 N Y Title &
2d pref.-Mortgage-. 448 432
277
U S Casualty. 325 335 Westchester
Title & Tr295
Bid. Ask.
237
92
88
550
244
95
91
Banks-N.Y.1 Bid.
America*____ 302
Amer Unions_ 205
Bowery EastR 400
BroadwayCen --Bronx Boro*_ 1375
Bronx Nat...' 500
Bryant Park* 210
Capitol Nat..l 223
Cent Mercan_ 290
1 142
Central
424
Chase
Chath Phenix
NatBk &Tr 386
Chelsea Exch*, 275
Chemical.... _, v800
.
Colonial*. ...1 800
Commerce_ 428
Com'nwealth*, 320
Continental _*, 265
Corn Exch.__I 545
Cosmop'tan•..1 290
Fifth Avenue*2250
2750
First
160
Franklin
375
Garfield
Globe Excho_ 225
350
Grace
Greenwich*... 525
Hamilton__ ___
1210
Hanover
Ask.
310
210
410
275
1475
515
225
227
295
147
427
390
280
815
1000
432
___
280
550
_._
2500
2775
175
385
250
_ 550
215
1240
AU prices dollars per share.
Bid. Ask. Trust Co.. Bid.
Banks.
Harriman„- 430 450 I New York.
Manhattan'. 231 235 Am Ex Iry Tr. 329
650 -__ Bank of N
Mutual*
National City y486 492 I & Trust Co. 745
New Neth'ds* 320 330 Bankers Trus 682
520 530 Bronx Co Tr_ 310
Park
130 140 Central Union 955
Penn Exch
320
Port Morris_ 400 --- County
379
555 560 Empire
Public
Seaboard ___. 700 710 Equitable Tr_ 309
167 173 Farm L & Tr_ 663
Seventh
665 800 Fidelity Trus 305
Standard
450
590 600 Fulton
State*
175 185 Guaranty Tr_ 443
Trade*
190 205 Interstate__ _ _ 210
United
UnitedStates• 315 320 Lawyers Tru --Wash'n Hts*. 700 900 Manufacture 549
135 142 Murray Hill__ 220
Yorktown •
(W
Mutual
Brooklyn.
Chester) ___ 215
Coney Island* 325 375
200 ___ N Y Trust_ _ _ 546
Dewey •
400 410 Terminal Tr_ 180
First
Mechanics'.. 347 352 Times Square. 138
690
Montauk'... 350 .-- Title Gu &
Municipal *_. 314 318 U S Mtg & Tr. 400
5325,, 335 United States.2020
Nassau
550
700 _ _ ,Westehest'r
People's
Queensboro •_ - ___ 1 Brooklyn.
Brooklyn_ _ _ _ 810
Kings County 2100
.s-ns
XiIrl mrsnA
•Banks marked (*) are State banks. I New stock.
y Ex-rights.
z Ex-cllv.
Ask.
332
775
683
as°
962
330
384
314
657
315
475
450
220
-553
225
--552
--142
696
410
2060
..820
2200
oars
o Ex-stock dkr.
Quotations for U. S. Treas. Ctfs. of Indebtedness, &c.
Maturity.
Du.
1 Rate.
Bid.
Mar. 15 1927-- 431% 100322
June 161927,.. 334% 100'n
Asked.
,
100 n
100 ss
,
Maturity.
Int.
Rate.
Bid.
Asked.
Sept. 15 1927_ _ _ 3M% 99", 1003ss
101ns
Dec. 15 1927.. _ 44°t 101
United States Liberty Loan Bonds and Treasury
Certificates on the New York Stock Exchange.-'
Daily Record of U. S. Bond Prices. Jan.8. Jan. 10 Jan. 11 Jan. 12 Jan. 13 Jan. 14
High 1013322 10144n 10112n 1014n 1014n
First Liberty Loan
334% bonds of 1923-47_ Low. 1013388 1011082 1014n 1014n 1014st
Close 101"as 101nn 101411 1014n 1014,1
(First 334e)
286
26
1531
1
206
Total sales in $1,000 units_
---- 100372,2
Converted 4% bonds ofIHigh
1932-47 (First 4s)--- - Low"
---- 100 33
---------__
Total sales in 31.000 units_ _ _
_.
-1ss 103iss
- -41, 103
Converted 434% bondrigh 1034ss 1034ss 103
103
103
988 103
102
of 1932-47 (First 4gs) Low_ 103
103382
103
Close 103388 103
103
4
22
44
19
38
Total sales in 31.000 units__
Second Converted 434 ',/ High
____
____
____
____
____
bonds of 1932-47(First Low_
Second 431s
____
____
___
____
____
Total sales in $1,000 units. _ _
_ _ 100382 100382 1003:8
{High
---Second Liberty Loan
---__-- 100412 1004n 1004n
4% bonds of 1927-42--- _ Low_
---____ 100382 100322 1003r2
Close
(Second 4s)
__ _.
5 ____
1
1
Total sales in $1,000 units. _ _
9n 100"82 1003382 111113382
Converted 434% bonds(High 10030,2 100
Low. 100"ss 10044n 100"i, 100"fl 100"ss
of 1927-42 (second
Close 10044n 10044st 10044as 100"ss 10044ss
445)
172
218
276
76
147
Total sales in 31,000 units__
High 101"ss 101"st 101"n 10144st 10144n
Third Liberty Loan
434% bonds of 1928._ Low_ 1013381 101"ss 101"st 101"ss 10144ss
Close 1013322 1011422 1011.88' 1013382 101"12
(Third 434e)
58
42
129
90
230
Total sales in $1,000 units... _
High 1031382 1031482 103.3n 103"ss 103"ss
Fourth Liberty Loan
44% bonds of 1933-38- Low. 103"ss 103"ss 103"a: 103"st 10314n
Close 103"ss 103"n 103"ss 103"ss 1031411
(Fourth 434$
268
199
194
256
145
• Total sales in 81.000 urits_ _
{Nigh 110"ss 110"ss 110"n 110"ss 110"ss
Treasury
Low. 110"ss 110"ss 110"ss 110"n 110"ss
44s. 194752
Close 1101088 1101328 110"as 110"ss 110"n
62
25
38
10
10
Total sales in $1,000 twits__
-___ 1084ss 1064n
{111g13
106',1 4ss
106412 1064n
Low
---- 1064ss
4s, 1944-1954
___ - 1064n 1064st
Close
---_ 1064n
3
5
---Total sales in $1,000 units. __
942...
(High 103"ss 103"ss 103"ss 103ass 103"n
(Low. 103"ss 103"ss 103"st 103"ss 103"n
334s, 1946-1956
(Close 1031388 1031381 1031% 1033388 1031422
sr.,
2
a
I
IS
Meal sales Intl nun ,e.1
101'ss
101322
1014n
132
--1
103 ;2
103
1034n
27
....
_
__
'
100 n
100'n
1004n
5
100"n
100"n
100 5n
.319
10111n
101"n
101441,
52
%
1034
10344n
103"n
714
110"n
110"n
110"ss
66
1063421
,
106",
10644ss
131
103"a
,
10344
8.2*
ao
-The above table includes only sales of coupon.
Note.
bonds. Transactions in registered bonds were:
15 let 334s
4 1st 4345
97 2d 430
101782 to 1019221 50 3d 43.(s
1024411 to 102"ss 41 4th 434.
10024ss to 100"ss
101322 to 1013
,
103"ss to 1034411
Foreign Exchange.
-Sterling exchange ruled quiet and
steady, although slightly lower than last week. Trading
by means of the new radio telephone had no perceptible
effect on market conditions. In the Continental exchanges
trading activity was centred mainly around francs, lire and
pesetas, which fluctuated quite sharply, especially the last
two named. The remainder of the list was dull and featureless.
To-day's (Friday's) actual rates for sterling exchange were 4 84 13-160
4 84 15-16 for cheeks and 4 85 5-1604 85 7-16 for cables. Commercial
on banks. sight, 4 84 11-1604 84 13-16:sixty days.4 80 11-1604 80 13-16:
ninety days, 4 78 3-1604 78 5-16. and documents for payment (sixty
days), 4 80 15-1604 81 1-16: cotton for payment, 484 11-1666488 13-16.
and grain for payment, 4 84 11-1666484 13-16.
To-day's (Friday's) actual rates for Paris bankers' francs were 3.9534
for short. German bankers' marks were not, yet quoted for long and short
bills. Amsterdam bankers' guilders were 39.9234 for short.
Exchange at Paris on London, 122.13; week's range, 122.13 high and .
122.45 low:
The range for foreign exchange for the week follows:
Cables.
4 85 7-16 Sterling ActualChecks.
High for the week
4 85 7-16
4 84 15-16
Low for the week
48514
4 8434
Paris Bankers' Francs
High for the week
3 9734
3 9656
Low for the week
39594
39436
German Bankers' Marks
High for the week
23.75
23 74
Low for the week
23.71
23.70
Amsterdam Bankers' Guilders
High for the week
40.01
39,99
Low for the week
39.9834
39.9634
Domestic Exchange.
-Chicago, par. St. Louis, 150250. per $1,000
discount. Boston, par. San Francisco, par. Montreal, $1 40625 per
$1,000 discount. Cincinnati. par.
348
New York Stock Exchange-Stock Record, Daily, Weekly and Yearly
OCCUPYING SIT PAGES
For sales during the week of stocks usually Inactlyo. see Precedl
1g Page
HIGH AND LOW SALE PRICES
-PER SHARE. NOT PER CENT.
Saturday.
Jan. 8.
Monday,
Jan. 10.
Tuesday,
Jan. 11.
Wednesday, Thursday,
Jan. 12.
Jan. 13.
3 Per share $ per share
per share
IS per share $ Per share
Friday,
Jan. 14.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
per share Shares.
-- PER SHARE
-Range for Previous
Year 1925.
PER SHARE
Range for yea,1926.
On basis of 100
-share lots
Lowest
$ per share
Highest
Lowest
Highest
$ per share $ per share
per plan
Railroads.
Par
16514 16618 165 1663 1641s 166
s
166 1873 16614 16712 165 1663 53,200 Atch Topeka & Santa Fe__100 122 Mar 30 172 Dec 24 11614 Jan
4
3
14012 Dee
.994 993
4 9934 994 100 100
100 100
993 100
4
1,400 Preferred
994 993
4
100 944 Mar 5 102 Dec 30 9212 Feb 98
Dee
3
4
3
4
3
4
3
4
53
3
4
3
3
3
3
1
4
*3
4
7
8 1,900 Atlanta 131rm & Atlantle_100
t2May 28
10 Jan 2
3 Jan
1184 Dee
18714 191
19014 19112 190 190
18912 19014 190 190
187 1893
9,200 Atlantic Coast Line RR
100 18112 Mar 30 26213 Jan 2 1474 Jan 268 Dec
10738 108
10818 1087 1083 10912 109 1093 10914 110 £10713 10818 37,200 Baltimore & Ohio
8
s
4
100 8312 Mar 3 1093
4Sept 7 71 Mar 9412 Dee
733 7334 733 73 4 74
74
74
4
3
74
74
74
.7318 733
8
800 Preferred
100 6712 Jan 6 737 Aug 20 627 Apr 673 Noy
2
4
*4414 45
45
4514 4512 46
4512 46
4512 46
4512 453
4 2,500 B .ngor & Aroostook
50 33 Mar 2 46 Feb 1 3514 Mar 5612 Noy
.102 10214 10112 1033 10312 10312 103 1043 103 103
8
4
103 10312
635 Preferred
8Feb 8 103 Dec 11 89 June 100
100 977
Oct
674 6818 6814 693
6812 69
6812 687
8 68
69
s 69 693
11,600 BkIn-Manh Tree v t o_No par 5418 Mar 31
777 Dec 20 3513 Jan 64 New
.87
877 88613 88
3
•8712 88
8712 874 .8712 88
.8712 88
200 Preferred v t o
No par 78 Mar 31 893 Dec 24 727 Jan 833 Dec
4
3
4
144 1453 1414 143
3 14
1518 14
1413 1413 147
8 1414 1458 3,700 Brunswick Term & Ry Sec.100
812Mar 4
1838 Nov 5
3 Feb
1718 Noy
8014 81 .
80
82 .80
82
813 813 *80
4
82 .80
4
82
308 Buffalo Rochester & Pitts_100 69N Mar 26 873
4July 20 48
Apr 925 May
3
59t2 5912 .59 60 .59 60 *59 60 .
60 •
59
59
60
10 Canada Southern
100 58 Jan 15 61 June 14
Jan 59 May
56
1667 166% 167 16712 1667 16714 167 1673 1663 1674 167 1673
8
3
4
3
4 3,903 Canadian Pacific
14612 Jan 9 17014 Dec 20 13613 Mar 15218 Jan
100
nao 290 290 290 *280 295 *283 290 2893 28934 200 294
800 Central RR of New
Ya11
15912 16012 160 16118 16013 16112 16018 1617 15913 16114 15812 1595 45,300 Chesapeake & Ohio Jersey_100 240 Mar 30 305 Jan 11 265 Mar 321
8
8
100 112 Mar 2 1783 Sept 21
8
8914 Mar 13013 Dec
•160
.160
Preferred
100 119 Jan 20 171 Sept 28 10514 Apr 130 Der
434 5
47
8 47
8
5
5 13
.5
5
5
512 *5- "-it; - - ;1566 Chicago & Alton
6
33 Apr 1053 Feb
414Sept 18 1153 Feb 20
100
,
77
8
8 84
8 18
84 914 .
83
812 812
84
84 9
618May 18 1814 Feb 13
100
54 Apr 194 Feb
nso 275 •250 275 .250 275 *250 305 . 4 305 .250 305 3,300 C Preferred Louis
250
C C & St
100 17314 Mar 29 275 Aug 24 140 May 200 Dee
830
35
3012 3012 *3014 32
.30
.30
32
32
.30
32
100 Chic & East Illinois KR.
..100 30 Dec 30 37 Feb 10
293 Mar 3814 Aug
4
*44
46
.4312 46
*434 46
.4313 46
*44
46
245
46
600 Preferred
100 3613 Mar 31 511 Feb 10
/
4
40 Mar 5714 Jan
812 812 *858 9
83
4 918
812 812
9
9'8
2,400 Chicago Great Western...100
83
4 9
7N Mar 31
1213 Sept 9
9' Jan
15
Feb
244 2514 243 2514 2453 2514 2414 25
8
2418 244 245s 243
4 8,200 Preferred
100 164 Mar 30 31NSept
1914 Mar 323 Feb
3
10
107
8 1012 11
1012 1012 103 11
107 107
4
8
8 1012 1012 7,300 Chicago Milw 4,51 Paul__ _100
314 Apr
814 Dec 23 1413 Jan 6
163 Jan
8
1018 10 4 1013 103
,
4 1014 103
1014 ION
8
4 105 11
101: 1012 6,900 Certificates
100
734 Dec 23 14 Jan 8
7 Sept 11 Nov
20
8
203
4 203 21 18 2018 203
2014 207
3 2014 21
2012 13,800 Preferred
3 20
100 144 Mar 31 24 Aug 24
7 Apr 2813 Jan
20
204 2013 207
8 2014 2014 20
2012 2012 2012 2014 2014 7,500 Preferred certificatee___ _100 14 Apr 20 233 Aug 24
8
127 Oct 22 Nor
3
80
81
803 813
4
4 803 82
8
81
813
4 8012 8112 8012 82
18,400 Chicago & North Weetern_100 6514 Mar 30 83 Sept 10
54
47
Apr 807 Dee
2
*12512 126 .
125 126
126 126
127 127
12712 12712 *126 128
300 Preferred
100 11812 Jan 4 12612 Apr 30 10114 AM 120 Dee
72
733
8 7253 74
723 7312 734 73,
4
2 7314 7418 738 7412 44,200 Chicago Rock lel& Paciflo_100 4012 Mar 3 7114 Dec 18
4013 Mar 58s Dee
104 10418 10414 10414 1043 1047 10412 10412 10413 10412 10414 105
4
8
1,700 7% preferred
100 96 Mar 4 108 Dec 9
Jan 100 Der
92
9614 963
8 9614 9614 963 9613 963 964 9612 9612 9613 964 2,00
3
s
6% preferred
100 8314 Mar 31 98 Nov 30
82 Mar 8912 Mal
*83
86 .83
86
8512 8512 .
.84
87
923
4
87
84
70( Colorado & Southern
87
100 62 Mar 3 9614 Oct 13
44le Jan 7012 Sept
72 72
.7112 75
*7112 75 I *7112 73
73
73
73
.72
200 First preferred
100 62 Mar 2 74 Oct 13
60 Mar 664 Dee
/
1
70 .65
*65
70
70 .65
.65
70 .65
70
68
70
800 Second preferrea
100 59 Jan 11
72 Sept 27
Jan 8212 Aug
54
1753 1754 1747 1753 17412 1747 174 174
8
8
3
174 175
2
1743 17612 4.500 Delaware & Hudson
4
100 15014 Mar 30 18312Bept 2 1334 Mat 155 Apr
1423 1423 142 142
4
4
142 14214 142 142
142 14214 142 14312 2.700 Delaware Lack & Western_ 50 129 afar 30 15312 Jan 12 126 Mar
147 June
/
1
4
4238 427
8 4214 43
*423 44
44
4
44
4312 44
2,600 Deny CIE Rio Or West prof..200 3712May 19 47 Jan 2
345 Oct 60
Jan
40
4014 40
407
3 403 4114 41
41
41
41
. 4012 4012 8,700 Erie
100 2212 Mar 29 42 Dec 21
263 May 3918 Dee
4
53
547
5314 5353 55
5413 55
5412 547
8 54
53
5414 25,000 First preferred
4
100 333 Mar 30 554 Dec 24
35 June 40
/ Jan
1
4
4914 4914 4912 50
493 493
3
8 4912 493
4
4 493 50
495 495
8
8 2,400 Second preferred
100 30 Mar 30 5914 Dec 24
34 June 438 Jan
4
8212 8312 8373 843
4 8412 854 844 85,8 843 85
8
8414 853 73,600 Great Northern preferred .100 684 Mar 30 8418 Dec 9
4
60
Apr 82 Dee
/
1
4
1912 193
4 1912 194 1912 1933 1912 1912 1914 1913 194 193
4 2,900 Iron Ore Properties_.No par 18 Dec 10 274 Feb 15
25 Dec 401 Jan
8
•3512 3612 .3513 36
36
3714 4.364 37
•36
37
3613 3714 2,700 Gulf Mobile & Northern. 100 2513 Apr 20 41 I4Sept 29
23 Mar 3618 Sept
•103 106 .103 105 .104 105 •103 106 •103 105
105 10512
200 Preferred
100 95 Mar 29 109'2Sept 30
8912 Mar 1094 Sept
41
414 41
41 18 41 13 4153 4112 4314 4238 433
8 4214 423 11,200 Hudson & Manhattan
4
8
100 343 Jan 22 411 Dec 14
:
2114 Mar
38 Aug
/
1
4
•78
8() .
80 .7612 80
78
80
80,2 8014 8014 80
80
600 Preferred
4
100 673 Mar 31 80 Dee 14
6412 Feb 72 July
*1215 12218 12118 12112 12113 12112 12133 12134 1213 1211: 1213, 12112 2,300 Illinois Central
8
8
100 11312 Mar 3 131 Sept 7 111 Mar 1254 Dee
.
120 12212 •120 12212 •121 125
1207 1204 122 122 •121 128
3
200 Preferred
100 11513 Mar 30 12912Sept 7 11212 Apr 12514 Dee
*7312 78
*7312 74,
74
4 74
7413 75
*747 7514 75
8
75
660 Railroad Sec Series A._1000 71 14 Jan 6 77 June 23
6814 Aug 7414 Dee
24
818
•1818 24
*1813 24
•20
25 .181s 25
*1818 25
Jut Rys of Cent America_ _100 24 Dec 13 31 Feb 13
18
Jan 3318 Sept
0 18 647
61
4
64
8 643 643 .61 18 644 .
4
.62
62
647 .62
8
65
110 Preferred
100 62 afar 30 66 June 24
5912 Jan 6612 July
4512 4512 4514 46
4512 4512 434 4514 45
46
4518 4612 4,600 Interboro Rapid Tran v t o_100 2412 Jan 15 533 Dec 20
4
1312 Mar 3412 Feb
es, 112
482
112
37
2
112
*5
8
*52
1:2
112
*hi
U2
Iowa Central
1 Aug 14
312 Jan 15
100
1(3 Jan
34 Mar
413 424 4178 421
4
42 4212 413 411 415 423
4
8
/
4
8 413 4314 4,300 Kansas City Southern
4
100 3414 Mar 3 513
8Sept 9
2838. Mar 51 Dee
.6412 66
65 65
65 6514 *64
66
66
*65
.65
66
300 Preferred
100 6053 Mar 31 083 Sept 10
s
57
Jan 634 I)ee
101 101
101 102
101 1025 10212 10212 10212 1073 10712 121
4
4
19,600 Lehigh Valley
50 7513 Mar 3 106 Dec 10
69 Mar 884 Dee
1323 133
13312 1333 •1334 134
4
13314 13353 133 13312 21283 12833 2,400 Louisville & Nashville
4
8
100 118 Mar 30 144 Sept 3 106
Jan 148 Dee
88 .84
8
82
90 .84
90 .
84
84
90 .
90 '84
90
Manhattan Elevated gnat.100 84 Mar 3 923 Apr 20
4
64 May 11912 Sept
* 4 50
483
493 50
4914 4914 49
8
50 4 51
3
493
514 • 8 50
2,500 Modified guaranty
100 3813 Jan 26 614May 28
324 Mar 5114 Feb
*412 512 *512 612 *412 5, *412 512 .412 olz *412 512
Market Street Railway.
418July 31
100
10 Feb 9
6 Nov
12 Sept
26
•24
*24
26
.24
26 .20
26 .20
26
•20
26
Preferred
100
1912 Oct 22 40 Feb 9
20
Jan 4614 Sept
134312 44 .43
44 . 8 44
433
44
•43
*43
44
4314 4314
100 Prior preferred
100 3918June 21 51N Feb 10
4214 Nov 6514 Sept
•13
16
*13
16
•13
16
*13
•13
16
15
*13
15
Second preferred
100 113 Oct 29 2212 Feb 10
4
15 Dec
•118
*114
13
8
13
8
_
133 214
2
218 4,700 Minneapolis & St Louls_104)
37 Jan 11
1 13 Dec 29
214 Oct 354 B"
4 137118
30
.26
293 2933 -2934 29
4
31
4
29
29
29 .
29
32
700 Minn St Paul &SS Marle_100 257 Dec 31 5212 Feb 3
8
303 Apr 57 N,.•
8
52 .
*51
51
52
52 52
51
5112 53
53 .53
55
500 Preferred
100 50 Dec 21
79 Feb 3
40 Mar 8614 Nov
62 .61
60
62
*61
62
63
614 6118 61
*6112 62 2
195 Leased lines
,
100 60 Oct 28 667 Feb 24
3
5712 June 63 Feb
323 3212 3212 33
3
3234 3318 3253 33
3212 327
8
3 327 33
26.700 Mo-Kan-Texas RR..
-No par 2913 Oct 20 4718 Feb 0
2814 Jan 4512 Sent
9714 97,2 97
9712 9718 9712 9714 97,
4
2 973 984 29714 9712 10.000 Preferred
100 82 Mar 2 963 Dec 7
8
7441 Jan 9213 Dee
3814 3812 3812 3914 383 3913 3812 39,
4
2 383 39
8
3814 39 4 9,400 Missouri Pacific
,
100 27 Mar 3 45 Sept 1
303 Jan 414 Dee
8
91
91 12 91
9134 91
92
9134 9014 91,
91, 9214 91
4
4 8,600 Preferred
100 7112 Mar 3 95 Sept 3
71 Mar Olin Dee
5
*412
*412 5
412 412 *4
*44 5
*4
100 Nat Rys of Max lat pref. _100
5
48 Apr 10
884 Jan 7
112 June
*134 2
13
4 13
4
IN
13
13
4
4
13
4
13
4
IN
700 Second preferred
13
13
4
4
100
13 Oct 27
4
412 Jan 7
112 June
pee
3 4 Dec
121 121 .121 12612 •121 1264 .121 1263 •121 12612 .121 12612
s
100 New On Texas & Mexico..100 120 afar 30 13212 Jan 9 11314 June 13718 Dee
14114 1417 14114 142
8
141 1417 141 1424 1403 142
4
8
4
14053 1413 37,500 New York Central
100 117 Mar 30 14712Sept 7 11314 June 13712 Dec
186 190
186 1874 1857 187
18712 18712 187 1873
18712 188
3
3 5,800 N Y Chic & St Louis Co.__ 100 130 Mar 3 20112Sept 21 118 June 183 Dee
10318 1034 103 10312 10312 10312 •103 1034 10314 10312 •103 10312 1,000 Preferred
100 93 Mar 11 109 July 8
884 Jan 987 Nov
8
423 4212 4218 427
s
3 4218 427
s 424 42
43
10,200 N Y N
/ 4214 4234 42
1
4
& Hartford
100 30,hf ar 30 483
28 Mar 47 Dee
3July 17
2412 2412 243 243
3
3 243 25
s
2412 Ws 2418 247 . 8 23s 3.200 N Y Ontario & Western...100 163 afar 30 287 Feb 13
235
4
8
205 Apr 343 Aug
8
4
14
•13
•13
14
•13
14
•I412 1512 14
14
14
900 N Y Railways prof ctfs_No par
153
4
0 Jan 25 2014 Feb 5
5 Dee 12 June
1818 184 •1712 18
1712 1712 •I514 173 *1514 19
*1514 19
300 New York State Railways_ 100 13 1)ec 8 2812 Jan 14
4
21 Dec 30 July
39
38
38
3
3813 377 3812 .3718 3812 *3713 38'2 371s 374 1,900 Norfolk Southern
100 2773 Apr 15 4418 Sept 2
2171 Apr 45 Sept
8
15812 15812 1583 1583 15773 158
4
1573 159
3
159 15933 159 15914 3,100 Norfolk & Western
100 13914 Mar 30 17078 Oct 2 12312 Mar 151 Dee
418412 92 .85
89
*8412 89 .8412 85
*8412 80
.8412 86
Preferred
100 8312 a'ov 4 853 Aug 11
g
754 Jan 86 Dee
82
82
833
81
s 8214 83,
4 8112 834 8114 823
s 8112 8314 49,300 Northern Pacific
100 65 4 Mar 30 8212 Aug 26
3
5814 Apr 7814 Dee
•15
*15
20
•15
20
20
•15
15
20 .
20
*15
20
Pacific Coast
100 15 Oct 19 48 Jan (I
20 Aug 4013 Dee
57
,
57 4 5714 5712 5758 57 3 573 573
,
3
4 575 577 20,900,Pennsylvania
8
4 5753 573
8
50 455 Mar 30 5713 Oct 27
4212 Apr 553 Dee
s
21
*20
.20
21
22 .2012 2112 .20
21
2112 .20
400 Peoria & Eastern
2112
100 157 Oct 19 263 Jan 14
3
4
1334 Apr 211 Dec
/
4
*11412 11512 116 116
116 117
11678 1167 •115 117
115 115
1,000,Pere Marquette
s
100 67 Mar 3 122 Dec 13
613 June 8512 Dee
4
*95
95
95
953
9512 *93
3 95
•93
96
400 Prior preferred
96
96
.93
100 79 Mar 1 96 July 7
July 89 Dee
78
/
1
4
90
90
90
90
90
90
90
91)
*8912 9018 290
1,600 Preferred
90
100 704 Mar 29 914 July 17
684 Apr 795 Dee
8
•1495
*1493 -- - •14953 - - -- •14953
8
3
. 8
1493
•1495
8
Pitts Ft Wayne & Chic pref 100 14213 Jan 2 1514 Dee 2 139
Jan 144 Nov
131 131 •130 131
130 130
1277 128
8
1253 128 z123 12412 1,500 Pittsburgh & West Va.___100 85 Mar 30 13514 Dec 30
4
63 Mar 123 Dec
9512 9612 96
963
8 9558 9634 96
973 29414 9618 943 9678 40,700 Reading
3
ao 79 Mar 30 101 1 4 Dec 21) 6934 Mar 9114 June
*4012 41
*4013 41 .
404 41
403 403
4
400 First preferred
4 4012 403 .
4 4012 41
3
50 30 4 Dec 4 42 Apr 26
357 Mar 41 June
8
443 443
8
44
8 44
*433 44
4
433 44
4
*44
4413 44
4412
800 Second preferred
40 40 Mar 30 453 Dec 21
4
3614 Mar 444 June
/
1
*44
44
44
47
44
46
49 .44
•45
4812 •
45
49
500 Rutland RR prof
100 42 Apr 8 6114 Aug 2
42 Apr 624 Jan
8
1023 1025 102 1027 1024 10212 10212 1027 10212 103
3
8
8
10212 10313 22,900 St Louts-San Francisco
100 85 Mar 30 10312 Dec 22
574 Jan 10214 Aug
99
*9714 98
*9712 973
•
9718
4 973 973
4
4 98
89812 9812
200 Preferred A
98
100 8312 Apr 1 974 Dec 23
76
Jan 9214 July
63 .62
823 623 .
4
63 .
4 62
62
63
62
62
62
• 500 St Louis South western __ _100 574 Mar 19 74 Feb 9
62
43N June 6914 Dee
•764 77 .
767 77
7612 77
8
77
77
7712 78
800 Preferred
79
•
78
100 72 Mar 19 8014 July 27
7018 June 784 Dec
/
1
3612 38
364 36
36
36
3553 353
8 355 36
3514 3512 3,900,Seaboard Air Line
100 274 Mar 31 51 Dec 2
2033 Jan 544 Nov
8 41
84112 413
413 *40
4 4153 413
4
41
407 407
8
4012 4012
500 Preferred
3
35 Mar 514 Aug
100 3112 Mar 31 483 Feb 18
4
4
10918 10958 10912 1093 10914 1103 1093 11012 109 110
3
10814 1093 22,100 Southern Pacific Co
8
100 9813 Mar 30 11214 Dec 20
96
Oct 10818 Jan
8
1243 125 4 12453 1247 1233 1243 27,200 Southern Railway
4
1257 1263 212412 12513 12418 125
8
,
8
4
4
8
775 Jan 12012 Deo
100 1033 Mar 30 131 14SeP4 3
8
9513 9514 95
943 948
95
953 *95
9513 95
3
95
95
1,200 Preferred
100 8712 Apr 6 954 Aug 5
83 Jan 954 Sept
54, 544 54
5112 5473 54
8
543
54
5412
4
54
54
5513 7,000 Texas & Pacific
8
100 4218 Mar 30 615 Jan 13
4314 Jan 69 Dee
3912 397
4 3912 40
3912 40
40
s 3912 393
40 .3813 3912 2,900 Third Avenue
712 Apr
100 134 Jan 8 43 Apr 23
15 8 Sept
5
*6414 66
*6414 66
*6114 68
*6414 654 *644 68
*65 d 66
Twin City Rapid Transit..100 5914 Oct 25 783 Jan 4
4
Jan 784 Dee
58
8
4
161 416112 1613 16212 1615 16212 16 184 1623 16134 1627 18112 1823 10,800 Union Pacific
4
8
8
100 14113 Mar 30 1683 Oct 1 13314 Apr 16314 Jan
s
3
,
8 8014 80,
•8018; 804 8018 8012 803 8012 8018 80 8 803 805
2 1,600 Preferred
100 743 Jan 6 81 14 Aug 28
Jan 7714 July
4
72
------ United Railway,Investm1 100 191 Mar 3 2713 Apr 7
4
18 Aug 3312 May
Preferred
4812 Mar 837 Dee
100 65 Mar 2 125 Nov 11
8
3
415 128 119
,
- 4258 -411-4 42 4 20.400 Wabash
1-142 12 8 42 124 4i7 423
.18
1913 Mar 474 Aug
100 337 Mar 30 52 Jan 12
7712 771
7812 7833 7812 78
78,
8 78
783
8 78
e 78
784 7,100 Preferred A
100 68 Mar 30 78N Jan 13
5534 Jan 737 Dee
2
65 .
*51
61
68
65
*61
*61
65
*61
63
Preferred It
'614 68
381s Jan 604 Aug
100 57 Mar 20 72 Jan 29
3
8 1418 1513 147 153
(514 1612 155 163 60,600 Western Maryland
1413 144 1414 147
8
4
100 11 Mar 3 163 Jan 4
11 Mar 184 Aug
8
/
1
3
8 253 263
s
3 2512 257
2414 337 253
8 253 26
22,200 Second preferred
8
4 21
2312 233
3Sept 25
16 Mar 2614 Jan
100 1633 Mar 30 243
4
3
284 28 4 294 28,3 273 277 *28
3
28,3 28
1.200 Western Pacific new
*Ws 2914 .
2413
1984 July 3912 Dee
100 274 Dec 23 3914 Jan 2
8
s 7314 7333 7312 7312 73, 7313 734 734 3.100 Preferred new
733 733
4 7312 737
72 July 81 Dee
100 72 Dec 28 863 Sept 11
4
2912 29
31
273 28
3018 307
8 293 313 77.200 Wheeling & Lake Erie Ry-- 100 18 Mar 30 32 Jan 2
4
273 2812 28
3
8
ION Mar 32 Dee
50,
4 494 5214 514 533
3 52
4 48
4.81
48
48
48
5614 34,800 Preferred
100 37 afar 30 5012 Jan 4
22 Apr 537 Dee
2
34
89
85
977 877 *86
2
8712 •85
2
8
*95 4 88
3
90
• Bid and asked prime. .r Ex (I. vIdend. a Ex-rights.
*
86
89
Industrial & Miscellaneous.
100 Abitibi Power & Paper _No Par
4May 21
703
98 Sept 14
62
Jan
764 Dee
New York Stock Record-Continued-Page 2
349
For sales during the week of stocks usually inactive, see second page preceding
HIGH AND LOW SALE ,PRICES
-PER SHARE. NOT PER CENT.
Saturday,
Jan. 8.
Monday.
Jan. 10.
Tuesday,
Jan. 11.
1Vednesday, Thursday,
Jan. 13.
Jan. 12.
Friday,
Jan. 14.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range for yea .- 1928
On basis of 100
-share lots
Lowest
Highest
PER SHARE
Range for Precious
Year 1925
Lowest
Highest
per share
Per share $ per share
$ Per share
43 May 20 72 Dec 28
10418 Mar 19 112 Dec 13
2012 Oct 6 273
4June 23
Jan 13384 Oct
131 Jan 6 155 July 24 119
9978 Mar 18 136 Sept 22
90 Apr 11714 Oct
13 Apr 20
8 Dec 16 22 Sept 24
Oct
3
47 Feb 62 4 Oct
287 Dec 16 65 4 Sept 24
8
,
434 Nov 22
918 Jan 4
718 Oct 125 May
8
4
863 Jan 1173 Dec
4
8
10714May 19 1463 Dec 14
93 Dec 154 Jan
8
713 Oct 20 16 Feb 19
78 Oct 22
2 Jan 4
1
Jan
212 Oct
80 Mar 11638 Dee
106 Mar 30 1487 Dec 20
8
4
Jan 12114 Nov
1183 Mar 20 12234 Dec 2 117
Me Mar 26 945 Jan 14
8
7112 Jan 9714 Dec
105 Apr 7 11112 Dec 14 10314 Jan 109 Dec
8
2414May 20 327 Aug 9
8
1312 Mar 297 Oct
*
9 Oct 14 343 Jan 14
353 Oct 30 9612 Jan 14
8
3612 Mar 821s Dec
345 Mar :31
8
46 Oct 2S
3912 Dec 443 Dee
,8
5312 Jan 5812 Sept
55 Jan 15 5812July 10
2012Sept 13 3834 Feb 5
295 Oct 43
8
Jam
55 Nov 5 83 Feb 24
78 Dec 877 June
8
16 May 19 343 Jan 4
8
2618 Mar 5412 J110
0014 Mar 156 Dec
110 May 19 180 Feb 2
11014 Mar 24 12814 Feb 18 10712 Jan 11438 Dee
4734 Dec 537 Oct
3014 Mar 29 50 Aug 9
8
8612 Mar 31
9718 Jan 16
9018 Nov 98 Dee
4714 Dec 491 Dec
387 Mar 30 6318 Aug 4
8
4
121 Jan 4 13018 Dec 15 115
Jan 1214 Sept
8
9712 Apr 11534 Sept
9112 Mar 31 1147 Jan 12
4
1201 2 Oct 15 13014 Der 22 1203 Apr 128 July
2212 Oct 27 Feb
2314 Mar 30 2614 July 20
37
Jan 62
31 Oct 11
51 Jan 4
Apr
Jan
37
5812 Apr
28 Oct 13 4714 Jan 7
414 Jan 5 103 Avg 19
8
414 Dec
63 Jam
4
Apr 166
1057 Mar 3 140 Jan 6 125
8
Jan
1414 Nov 3 423 Jan 2
8
2714 Apr 513 Sept
8
98 Feb 13
87
Jan 94 Feb
79 Oct 1
812 Mar
143 Dee
8
7 May 10 1712 Feb 9
3312May 7 6714 Feb 9
.5812 Sept 754 Jam
223 Oct 8 30 3 Dec 30
8
3
_
109 Mar 31 136 June 8
83 Mar 139 -Dec
7412 Mar 86 July
8112 Oct 18 86114June 1
4July 19 463 Feb 16
4
313
324 Mar 4678 Nov
1114 Jan 20 Nov
94 Dec 29 154 Jan 4
2538 Oct 20 527 Jan 4
8
20 Mar 5914 Nov
8734 Oct 19 87 JUI) 4
53
Jan 89
Oct
8
9014 Mar 31 1197 Jan 4 10412 Jan 1444 Mar
116 Aug 9 12414 Dec 7 115 Aug 124 Feb
_
6514 Oct II 8012 Aug 16
114 July 15 125 Dec23
4514 Mar -575; Oct
4214 Dee 23 573 Feb 16
8
11312 Apr 15 120 Feb 6 111 Mar 119 No,
4May 19 7212Sept
503
8
01 1 May 19 1223 Aug 9 i
1
8046712212 No,
7738 Mar 31 90 Dec 10 z7
Sep
Jan
84
397 s:ot 9 74 Jan 5
8
8
793 Dec
4
4
42 Apr 14 703 AIM 17
367 Jan 761 Nov
8
4
538 Dec 29 117 Mar 12
8
518 Dec 1412 Feb
903 Mar 14412 Dec
8
1095 Apr 21 152 Aug 17
8
1127 Mar 31 1223 Dec 20 10512 Jan 11514 Oct
8
8
1213 Oct 6 115 Feb 9 13814 Apr 154 Nov
4
40 May 11 47 Aug 3
375 June 4712 Dec
8
11014 Sept 21 115 Feb 23 108
Jan 11318 Oct
6514 Apr 14 8714 Nov 26
475 Jan 773 Dee
8
8
9114 Jan 10414 Nov
100 100 June 19 11012 Nos 30
10818 10818 *107 108
1,100 Preferred
108 108 *108 109
10814 1093 *10812 110
4
ctfs_No par 2914 Aug 13 44 Dee 18 ---- -444 45
8
444 443
4 437 4412 44
443
8 44
4558 444 4514 10,800 Am Sum Tob new
100 141 3 Apr 28 26 Aug 19
Option A ctfs
-----373 June 47 Feb
4
29
;28- 29
100 Amer Telegraph & Cable_ _100 2512July 6 414 Feb 10
'28
29
29
'28
29
»Zi" 26'- ;28- 29
100 1395
8June 18 151 Dec 18 1305 Jan 145 Dee
8
4
15214 15514 153 1553 1533 1544 15314 1533 15314 1533 1533 1537 18,500 Amer Telep & Teleg
8
4
3
8
4
50 11138 l‘lar 31 1243
4Sept 8
85 Feb 12112 Oct
4
2,000 American Tobacco
120 12014 1217 1217 121 1217 1213 1213 *1213 1217 1203 122
8
8
4
4
4
8
8
100 10618 Jan 4 113 May 26 10418 Jan 110 Nov
409 Preferred
*111 112 *111 112 *11114 1124 11114 11114 11214 1121 *11114 11212
50 1104 Mar 31 124 Sept 8
8412 Feb 11912 Oct
Common Class B
*12012 12112 12014 1207 *12012 1203 120 1205 12012 12034 1203 12112 5.900
8
4
8
4
Apr 1353 Nov
8
125 127
12512 12512 12512 12512 12514 12514 *12514 126
125 125
800 American Type Founders._100 114 Jan 22 135 Feb 13 103
344 Jan 7614 Dee
6512 65
65
65
6614 65
66
65 653
8 6412 6514 6,200 Am Water Works & Elea_ _ _20 434 Apr 13 74 Jan 4
65
100 10112 Mar 3 108 4 Jar 27
,
181 preferred (7%)
1063 1063 107 107
4
107 107
10712 1073 108 108
4
974 Aug 103 Feb
106 106
4
1,400
8
343 May 643 Jan
4
*3212 327
2918 3114 2853 297
8 28
2918 19,600 American Woolen
100 19 June 9 427 Jan 13
4
8 31 18 3214 3114 311
6912 May 9618 Jan
8
85
84
85
8114 84
81
82
100 66 Apr 30 9014 Dec 7
8512 8512 847 854 85
3,300 Preferred
*3
114 *1
114
12 Aug 13
14
118 *1
14 *1
114 *1
114
553 Jan 13
112 Dec
712 Jam
100 Amer Writing Paper pref 100
Dec
12
412 Jan 13
Preferred certificates ____100
12 Aug 4
4
Jan
93 10
8
918 91
9
9
9
9
518May 19 124 Feb 4
7 May
812 • 858
1212 Jan
3 3,500 Amer Zinc, Lead & Smelt__25
*SI2 83
4614 481
4778 4818 4512 47
4412 45
44
4412 4312 4418 5,300 Preferred
247 May 447 Dec
8
21 20 May 19 ' 54 , Dec 10
8
8 48
4814 481
48
483
453
8 4818 49'2 483 4912 x4753 4814 31,700 Anaconda Cooper Mining-50 41 12 Mar 30 517 Aug 6
4
8
3514 Apr 5314 Nov
4112 41 1 *41
411 *41
4112 4112 41 12 *4114 41 12 41 14 41,
4
8June II
443 Jau 2
26
Jan 4612 Dee
400 Archer, Darels, MidIA_No par 347
2
•106 1073 106 106
1073 1073 *106 1073 *106 10734 *106 1073
4
4
4
4
20 Preferred
10 100 Mar 4 108 Oct 16
9012 Jan 105
Oct
4
94
81 9112 95 I 943 95
94, *9312 9412 9412 9412 944 947
8
4
100 90'4May21 974 Jan 13
904 Mar 100
1,000 Armour & Co (Del) pref
Oct
8
153 154 153 155
8
8 154 154
1514 153
8 144 154
1458 144 7,900 Armour of Illinois Class A._25 1318May 22 2512 Feb 13
20 Mar 2712 Oct
814 83
4
*83
4 84
88 88
,
,
814 83
8
8
25
5 4May 20 17 Jan 4
3
84
77
3 8
16 Dec 203 Oet
4,500 Class B
4
84
*83
84
*83
*8312 85
8414 *83
84
*8312 8412 *81
Preferred
100 80 Apr 30 93 Feb 11
90 Dec 9314 Nov
23
22
23
•2218 2312 2212 2212 *2212 23
*23
2414 23
700 Amn Cons Corp tem ctf No par 18 Apr 12 313 Jan 6
4
8
Jan
1738 Get
22
22
22
22
2214 2212 *2214 2212
•22
223 *22 .221
15
Jan 203 Nov
400 Art Metal Construction_ ___10 194 Jan 2 2334 Oct 5
8
541
53 53
52
504 5158 *50
52
52
4634Sept 23 6312 Jan 21
;5412 55'2 54
No pa
39 June 603 Dee
4
1,000 Artloorn
Preferred
112 114 *112 114 *112 114 *112 114 •112 114 *112 114
100 108 Mar 18 113 Dec 6 10112 Aug 110 Dee
4112 42
4112 425
8 413 42
8
34034 41 18 7,800 Associated Dry 000ds
.•4114 413
4 4134 413
100 3714 Mar 30 547 Jan 9
8
4612 Aug 6111 Nov
_10012 102 *10012 102 •10013 102 •10012 102 •10012 102 *10018 102
1st preferred
100 96 Mar 25 10212 Jan 6
94
Jan 102
Oet
'106 10812 *107 110 *106 109 *106 109 •107 109 *107 109
2d preferred
100 102 May 19 110 Dec 20 101
Jan 10814 Feb
50
*49
4912 4912 *49
4912 *49
491
25 4414 Jan 6 60 Mar 4
*4912 5012 *4912 501
200 Associated Oil
32 Mar 474 Dec
41
41
41
4134 403 413
403
8 4,000 Atl Gulf & W S LIne___100 29 Oct 11
4
4 4018 404 4012 4112 40
6838 Jan 6
20
Jan 77 Sept
39
*3712 39
*3712 39
*37
3812 3812 3814 381 .37
38
100 3314 Oct 27 5614 Jan 30
303 Preferred
31
Jan 80 Sept
1123 114
8
4
111 111
112 1133 11212 11212 1115 1143 11312 115
100 97 Mar 3 12838May 24
4
11,500 Atlantic Refining
9512 Jan 11712 Feb
117 117 *11512 1171
*11614 117 *11612 117 •11612 117 •1163 117
8
Preferred
100 11518 Oct 1 120 June 22 113 Sept 1173 June
100
4
61
61
61
*60
61
*60
62
*60
6012 *60
6012 60
500 Atlas Powder
No pa
54 Mar 4 64 Nov 22
45 June 65 Dec
*99
99
9914 9812 981
100 100
99
983 983 *9812 100
4
75 Preferred
100 94 Jan 8 973 Dec 16
8
9012 Oct 94
JI112
8 *84 93
8
*812 94 .81 2 93
8 *812 93s
*812 94 *812 93
Atlas Tack
No pa
8 Oct 21
91: DecFeb 21 Dee
1712 Jan 30
9
9 18
83
4 9
*958 10
94 94 94
93
8
9,
4 914
1,300 Austin, Nichols&Co vto No pa
74 Oct 23 28 Jan 29
22 July 3212 Jan
53
804 587 60
8
60
5614
8
710 Preferred
*60 4 6112 60
,
100 54 N,,, 3 93 Jan 6
6014 593 60
873 Jan 95 Aug
3
014
3
2
*14
58
14
500 Auto Knitter Hosiery_No par
•14
14
414 May
38
3
3
'8
3
8
218 Feb 11
'8
Is Oct 9
4
1523 15414 15212 15434 1513 1534 14914 15212 14912 15212 14918 1511 58,300 Baldwin Locomotive Wks_19
4
9278 Mar 31 1674 Dec 24 107 Mar 146 Feb
4
*115 1173 *115 11714 •116 11714 •115 11714 *116 1163 116 116
4
100 Preferred
100 105 Mar 31 11914 No, 24 107 Aug 116% Jan
32
32
8
323
4 317 321 204,800 Barnsdall Corp class A
283 29
4
294 31 14 3012 31 14 31
2
2312May II
1834 Aug 3312 Dee
3312 Jan 21
3018 2914 297 24.700 Class B
8
*2618 2612 263 28
4
2714 28,
8 2814 294 29
2
2212 Oct 27 294 Jan 2
18 Aug 30 Dee
5118 5114
53
5218 524 5112 52
53
5218 52 8 53
•52
1,600 Bavuk Cigars, Inc
No pa
39 Mar 31 553 Nov 30
3814 Sept 5314 Feb
,
8
45812 81
5718 5718
5812 583 *5814 5812 5314 5812 *57• 58
500 Beech Nut Packing
4
2
4
521, Oct 6 717 Feb 4
8
60 Mar 773 Aug
267 26 3 2612 261
27
8
,
1,100 Beld'g Frway Co tem ctfNo pa
*27
273
8 2714 27,
8
4 27
8
4 265 27,
26 Dec 31 3984 Jan 4
37 Sept 413 Dee
8
4 47
473 18,400 Bethlehem Steel Corp
8
8 467 473
8
47
8
4712 465 4712 4718 474 467 473
100 3714Nlay 20 51 1,Sept 20
37 June 5312 Jan
8
8
,
*10513 1057 10534 1057 1057 10612 1063 106 8 10812 1067 107 10812 4,400 Preferred (7%)
8
Jan
8
8
100 99 June 1 1057 Dec 22
9314 June 102
8
41
*393 4034 *393 4012 1,100 Blootningdale Bros____No pa
4
4
*3914 40
40
41
41
414 •40
28 June 11
42 Dee 30 ---- --•110 8
,
_ •1105
8
.111
*111
Preferred
*1103
4
100 10414June 21 110 Dec 11
-- •111
64 7
7
7
64 64 *Ws 7 2
900 Booth Fisheries
878 Oct
714
,
No pa
*7
7,
4 '7
418 Mar 24
4
418 May
93 Jan 11
*41
*41
*41
47
48
45
48
49
45
*45
49
*45
100
1st preferred
100 3434 Oct Il 5112 Jan 7
25 June 52 Oct
264 2653 26
26
*2714 283 .
4 2714 2714
400 Botany Cons Mill, class A._5
4
8 1.273 284 *2714 273
20 May 25 41 18 Jan 4
403 Aug 46 July
8
8
,
4 2914 30'2 293 2918 29 4 297 27,200 Briggs Manufacturing _No par 24 Oct 20 3712 Jan 4
285 30
8
x293 305
4
8 2918 293
3
Ort 4412 May
27
*5
2
7
8
*3,
7
8
03
4
7
8
*3
8
72
*5
8
1
12May 5
*4
British Empire Steel
5 Oct
4
138 May
100
3 Jan 18
1
•1312 1912 *1312 191z *913 1312 *1312 1912 •1312 1912 • 312 191 2
Oct
let preferred
22 July 36
934June 29 27 J80 28
100
234
4 *218
23
4 *218
23
4 *218
218 23
4 *218 23
14
Oct
•21, 2 4
,
2d preferred
63 July
8
112June 24
100
1018 Jan 11
153 15312 •I52 153
152 152
153 153
1537 154
8
154 154
1,200 Brooklyn Edison, Inc
Sept 8 1204 Jan 15812 Nov
100 133 Mar 31 163
•91 14 94
.92
933 *9212 93
4
93
92
9:33
4 933 93 4 *43
1,300 Bklyn Union Gas
7318 Dec 10014 Nov
4
3
Vo par 68 Mar 30 98 Dec 1
*3314 3312 *33
3318 333 3338 33
8
3312 33
33
3312 *33
400 Brown Shoe Ins
46 Dec 4614 Dec
No pa
2912June 1 483 Jan 7
,8
•112 11514 •11212 11514 11212 11212 *11112 120 'III'. 120 •111l2 120
96 Mar 109
100 Preferred
Oct
100 107 June 5 111 Mar 10
8 373 374 363 3714 11,800 Brunsw-Balke-Collan'r_No par 243 Mar 30 39 45ept 15
8 3678 367
2
4
373 3712 3718 387
8
3 3714 373
24 June 4938 Jan
s
3
12414 12414 124 124
124 8 1244 124 124
,
•12412 127 •125 126
500 Burn, Bros new clAcom No par 121 Mar 31 144 July 23
9212 Feb 136 Det
*2712 29
*2718 29
•2718 28
*2712 29
28
2714
2813 27
New class B com____No par 2612 Nov 4 44 Feb 13
17 Mar 39 Dee
600
100 100 *100 101
*98 101 •100 101 *100 101 *100 101
100 Preferred
9112 July 99
Ore
100 97 Mar 30 10312June 22
119 329 •I19 120 *119 120
120 120
4
1203 1203 *120 122
4
65 Jan 103 Sept
600 Burroughs Add Mach__No par 7712 Apr 13 124 Dec 29
'Bid and linked prima; no Wee On this pay. •En-dlvtdana.
per share $ Per share it Per share $ per share 8 Per share S per share Shares. Indus. & MIscel. (Con.) Par
*6712 68
68
.63
67
200 Abraham & Straus___No par
*6614 68
*6614 68
6614 6614 *64
*11114
Preferred
100
*1114
*11114
*11114 ____ •11114
•10912
Albany Pert Wrap Pap_No par
_ 2612 *
2612 *____ 2612 *____ 2612
*_
2612 *__
2658
1,700 All America Cables
100
146 146
150 150
146 148 *145 150 *14212 145 *142 143
•124 127 *124 128 *126 127
200 Adams Express
100
126 126
126 126 *125 127
100
1114 1114 11
8
8
1012 105
8 1012 1012 103 103
4
11 14 107 107
4 1,300 Advance Rumeiy
8 1,300 Preferred
100
3412 3412 341 2 343
8
4 3353 335
33
337
8 333 333
4
4 337 34
1
900 Ahumada Lead
473 5
4
43
4 47
8
43
4 5
*47
3 5
*43
4 5
43
4 43
3,100 Alr Reduction, Inc____No par
14014 14218 1417 1417 139 139
8
8
13912 140
14014 14214 139 140
93 10
4
93 10
4
No par
95
8 958
93
4 97
8
95 1014
8
4 7,100 Ajax Rubber, Inc
93
4 93
*112 13
8 *13
8
15
800 Alaska Juneau Gold Min__ 10
4
114
14
114
13
8
13
114
1 14
114
13714 13812 137,2 13914 1364 13914 137 1387 1367 1384 x13518 136, 70,100 Allied Chemical & Dye_No par
8
8
2
*12038 1207 *1203 1207 12058 12058 *1204 1207 *1205 1207 *12012 1207
8
8
8
8
8
100 Preferred
100
8
8
89
90
887 8914 89
8
100
89
8914 8914 *8914 9012 89
89,
2 2,000 Allis-Chalmers Mfg
110 110
111 111
11012 111 *110 111
111 111 *111 112
800 Preferred
100
No par
32
3214 324 34,
333 3412 3412 353g z35
4
2 3312 34
357 42,500 Amerada Corp
3
*133 14
8
*1314 1334
135 14
8
8 134 134 2,100 Amer Agricultural Chem__100
•1353 14
1114 113
7,500 Preferred
100
47
4812 4918 514 4912 51 4 4814 4814 47, 4814 4618 47
,
2
8
43
43
43
4312 4312 435 *4312 433
4 433 433
4
4 44
10
453
4 4,000 Amer Bank Note, new
100 Preferred
50
*59
5912 *5612 5912 *59
5912 59 2 5912 5912 591 *5914 60
,
*22
25
245 2458 *243 255 *2414 2514 *234 2512 2434 25
8
4
8
300 American Beet Sugar
100
5912 5912 5918 5918
*5918 60
*5912 60
200 Preferred
100
*5918 60
*5918 50
4
900 Amer Bosch Magneto_No par
*1614 163
4 163 163
4
4 163 163
8
4 1614 1612 *1614 163 *1614 1812
*136 138 *136 138 *13512 138 *13512 139
13512 138 *13512 138
Am Brake Shoe & F___No par
•11714 11814 11814 11858 *11714 11812 *11714 1181 118 118 *11714 120
200 Preferred
100
3814 383 383
8
8 38
383 3914 33812 383
4
4 3814 3814 *38
38
1,700 Amer Brown Boverl El_No par
9714 9714 9714 97
97
*97
98
974 9712 *97
97
97
500 Preferred
100
4712 4814 4712 483
8 4718 4818 464 473
8 4718 473
25
4 4718 47, 52,900 American Can w 1
2
•127 12812 *127 128
127 127 *125 127 *12512 127
126 12678
100
500 Preferred
10012 1014 10012 10 3.1 101 101
101 101
1013 10212 102 102
4
4,000 American Car & Fdy___No par
*129 ____ 129 129 *12812 130 *1283 130 *129 130 *129 130
4
100 Preferred
100
2512 2512 2512 2512 2512 2512 *253 25, *2538 2512 253 2512 1,400 American Chain, class A _ _ _ _25
8
8
2
No par
8 1,200 American Chicle
394 3912 3712 395 *3712 3912 3714 3714 3713 37, *3712 397
8
2
*36
3812 *3612 38
*36
38
*3512 37
*35118 37
No par
*3512 37
Do certificates
10
1018 1018 1012 105 114
8
103 1112 1058 1114 87,900 Amer Druggists Syndicate_ _10
4
107 113
8
8
130 130
100
1304 13012 130 131
130 130
130 13112 131 133
2,200 American Express
• 213 2214 217 223
4
8
8 213 22
4
8 2018 2012 6,200 Amer & For'n Pow new _No par
21 18 213
4 207 213
8
No par
8 8913 8912 8914 8958 8953 895
89 8914 8918 893
8 8918 8918
1,809 Preferred
*812 9
*81 2 9
*814 9
*814 934
700 American Hide dr Leather 100
*814 9
83
8 84
100
•51
5212 *51
5212 *50
52
524 52
800 Preferred
0517 524 52
3
5214
317 :3314 313 325
8
4
8 317 3218 313 3214 315 313 3303 3138 9.400 Amer Home Products__No par
8
8
4
4
4
122 122 *12012 121
12012 121
100
120 120
119 120
120 120
1,500 American Ice
8519
100
85 85
•8412 85
85
85
851 *85
600 Preferred
85
851 *S5
3712 373
4 373 3734 373 3738 3714 371
4
8
374 3712 371.2 375
4,000 Amer International Corp 100
4
10,100 American La France F E _10
8
812
812 83
83
4 9
87
8 014
84 93
8
83
4 9
100
285 2918 2878 301 *2912 3014 2914 301 _ *293 30
8
2
29 14 291
3,700 American Linseed
100
69
7014 *69
69'2 69
4
69
69
1,100 Preferred
69's 69 69 12 .683 70
1067 10712 10718 10812 108 108
8
4,700 American Locom newNo par
10753 107 1087 10612 1071
8
10753
100
12012 12012 *120 120'2 120 120
120 120
12014 12012 *12014 12012
600 Preferred
753 *7514 7534 753 753
4
*75
4
400 Amer Machine & Fdy__NO Pa
4 757 757 *7553 7814
8
8
7553 7553
100
Preferred
*125 135 *125 135 *125 135 *125 135 *125 135 *125 135
*4212 427
8 43 43
423 423
8
8 4212 427
8 427 4318 .4312 431 2 2,800 Amer Metal Co Ltd___No pa
8
100
31109 110 *109 110
109 109 *109 11018 109 109
400 Preferred
11018 11018
603 6012 6014 603
8
4 604 613
8 6012 6118 6,000 Am Power & Light___,,No pa
613
8 61 18 614 61
1134 11318 11312 115
25
114 11514 114 11412 11334 114
11313 1134 5,900 American Radiator
8912 8912 •88
9018 *88
200 Amer Railway Express_ _ _ _100
90
884 8812 *88
893 *88
8
8814
*38
42
*38
42
3712 3838 38
38
*35
40
*35
42
400 American Republics_..No pa
*5218 53
5218 5314 52
53
55
10,100 American Safety Razor__ __100
55
5314 52
5218 52
.
6 2 64
,
6'46
0
3,200 Amer Ship & Comm _ _No pa
612 63
4
618 63
6
8 *6
612
1397 1407 140 14212 13912 14112 1394 1403 140 1413 x1384 139
8
8
4
30.200 Amer Smelting & Refining _10
4
10
*12012 12112 *12014 121
121 12112 124 13 1213 121 18 12138 12112 12112 1,000 Preferred
8
•127 131 *12712 132
10
1283 1263 *12512- 127 *12512 127 .12512 127
100 American Snuff
4
4
444 4414! 443 4412 4438 4452 445 447
8
8 444 4514 5,700 Amer Steel Foundries_No pa
8
8 445 447
8
10
•113 11312 *113 114
300
Preferred
113 113
113[8 113[8 115 115 *113 115
10
8214 823
4 8214 823
82
4,800 Amer Sugar Refining
4 82 8214 813 82
4
82
827
8 82
350
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. 8.
Monday,
Jag. 10,
Tuesday,
Jan, 11.
Wednesday, Thursday,
Jan. 12.
Jan. 13.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Rangefor year 1928.
On basis of 100
-share tots
PER SHARE
Range for Previous
Year 1925.
Friday,
Jan. 14.
Lowest
Highest
Lowest i Highest
S per share $ per share $ per share 3 per share $ per share Shares. Indus. & MIscell.(Con.)
Par $ per share $ per shore $ per share $ per shard
30
3018 *29
30
2934 293
4 293 30
4
*297 30
8
1,000 Bush Terminal new____No par
163 Mar 18 3414 July 1
4
1438 June 28 Dee
92
923
4 933 933 *9112 9312 94
4
4
94
*9112 95
300 Debenture
100 86 Apr 6 93 Aug
80 May 897 JUDI
8
106 106 *105 106
106 108 *106 10612
1058 106
270 Bush Term Bldgs, pref
100 9912 Jan 20 104 Nov 1
984 Jan 103 Dee
432 438 *414 412 *414 412
414 414
500 Butte Copper & Zino
414 414
5
4 Dec 23
614 Feb 1
4 Mar
14
88 Jan
4
525 5314 53
544 5318 534 *53
5378 2.300 Butterick Co
538 *53
100 173
4Mar 3 71 Sept!
17 May 283 Jan
4
11
11
.11
12
11
11
11
11
11
11
800 Butte & Superior Mining
10
718May 18 1614 Jan 1
612May 2414 Jan
*6714 68
*6714 673
4 678 678 *6712 68
400 By-Products Coke____No par 53 June 30 90 Sept 2
675 6814
435 44
435 44
8
4418 44
44
45
437 443
8
8 4,900 Byers & Co (A M).....No par 28 Mar 29 447 Nov
23 - -Oct - $ 447 1:101
685 69
6814 688 6838 69
6712 8814 673 8814 4,900 California Packing__ __No par 8814 Oct 18 17912 Feb I
10012 Jan 3812 Nov
31
3114 31
3114 3118 3118 3114 317
8 3159 317 22,100 California Petroleum
25 29 4 Oct 11 3818 Feb 1
8
237 Jan 343 Dee
2
152 Ps
152
13
4
13
4
17
s
13
4 24
I% 218 11,500 Callahan Zinc-Lead
112Mar 26
10
114 Oct
259 Jan 1
43 Feb
4
6712 8712 6712 67 67
*
66
67 67
6618 6614
500 Calumet Arizona Mining
10 5512 Mar 29 7359 Aug
45 Apr 6118 Dee
*143 15
8
15
154 143 143
4
15
4
1434 1518
15
700 Calumet & Ueda
25 1338 Mar 31 1812 Aug
124 May 183 Jan
8
148 149
14034 14612 141 14312 140 14312 13712 14018 11,900 Case Thresh Machine
100 6212 Jan 4 176 Aug
24 Mar 8812 Dee
116 116 *116 11612 116 117 *11414 116 *11414 116
5001 Preferred
100 96 Jan 5 11812 Aug 1
60 Mar 10712 Dee
103 103
4
4 103* 1059 1014 1014 10
103
4
978 4,000 Central Leather
959
100
7 Nov 11 2012 Jan
143 Mar 2359 001
4
574 5712 5718 5714 5618 574 5412 55% 54
54
2,500 Preferred
21
100 4314 Apr 28 683 Jan
4
494 Mar 71
Oci
*1118 12
1112 113 *1112 12
1112 111
4
12
12
600 Century Ribbon Mills_No par 104 Oct 25 327 Jan
8
30% Sept 4712 Mar
*75
7814 75
*72
75
7814 747 74% 72
72
2101 Preferred
100 7814 Dec 29 90 Jan 2
94 Dec 983 Jan
4
62 62
62
8214 62
6218 62
623 z607 6112 6114 6212 7,600 Cerro de Pasco copper_No par 5712 Jan 22 7312 Aug 9
8
8
431s Mar 84 2 Nov
3
424 427
43
43
424 427
4214 4278 7,800 Certalo-Teed Products_No par 3618May 20
42 34 433* 42* 43
4912 Jan 5
4034 Mar 5814 Sept
10614 10614 *105 10712 *105 10712 *105 10712 10712 10712 *105 10778
200
lst preferred
100 100 May 22 10614 Nov 9
894 Jan 110 Sept
812 9
9
9
9
94
3
11
95* 1059 10
10
1012 18,600 Chandler Cleveland Mot No par
84 Nov 5 26 Feb 11 _.-- ---- - --23 23
23
23
22
23
23
2418 23
2312 2214 2214 6,800 Preferred
No par 20 4
3
9
1264 1263 126 126
4
125 128
127 12812 128 130 212812 13059 9,200 Chicago Pneumatic Tool_ _100 944 Dec 8 4514 Feb 15 --- --- -- - - -Apr
12814 Dec 27
8014 Mar 128 2)ee
527 533
2
8 5212 5318 5212 535
8 5212 5212 53
5359 52
5212 6,700 Childs Co
No par 4518May 19 663* Jan 4
8
497 Mar 747 Oct
2
3459 34% 348 35
4
3512 35
347 3518 35
42,400 Chile Copper
3559 3512 36
25 30 Mar 3 363* Jan 6
3012 Mar 3759 Jan
*20
25
*20
25
*20
*20
25
25
*20
25
*20
25
Chino Copper
5 18 Mar 3 26 Nov 4
19 Apr 283* Feb
3814 3814 37
37
37
374 37
37
38
38% z3812 40
4,100 Christie-Brown certlfs_No par 294 Oct 15 63114 Jan 4
623 Dec 13412 Dec
4
4212 43
4218 43
8 413* 4214 4034 42
4012 413 93,500 Chrysler Corp new_ _ _ _No par 2812 Mar 30
4159 423
8
._548 Jan 9
- --104% 10434 1044 1043 10418 1043 1043 105
4
1043 1043 10412 1043
4
4
4
4
5,000 Preferred
4
No par 93 Mar 30 108 Jan 2 10618 July 1117 Nov
.
2
6112 6112 6112 8334 63
6314 63
83
623 834 6212 63
4
6,200 Cluett. PeabarECK__ _100 60 Dec 18 8812 Jan 7
5812 Mar 7134 Jan
113 113
113 114 *113 114
114 114
113 114 *113 11312
280 Preferred
100 10314 Jan 13 118 Sept 17 10312 Jan 109 Semi
16918 1703 17012 1713 170 1717 16959 171
4
8
8
170 1707 170 1707
8
8 6,200 Coca Cola Co
No par 128 Mar 24 174% Dec 27
80
Jan 1778 Nov
4
88
6612 66 667 2643 8612 663 663* 65% 66
8
8
*
653 6612 7,000 Collins & Aikman
4
No par 343
4May 27 6912 Dec 21 ___- ---- --- -4
'130 135 *130 _ __ *134I
*130
__ *128
_ _ *130 140
Preferred
4May 27 13812 Dec 24
100 9333
445* 45
445* 4512 44% - 3
45 4 441'2 1518 4518 46
-18 4412 447 14,900 Colorado Fuel & Iron
8
100 271aMar 3 49 8 Oct 2
3
3214 Apr 4859 Jill
-,
68% 687
8 8812 8912 694 693
69
698 89
69
26714 6812 3,400 Columbian Carbon v to No par 555 Jan 28 70 4 Dec 14
3
45 Mar 821 Del
4
*90
91
*90
90% 88
88
897 91
8
90
90
9012 9012 1,200 Col Gas & Elea
No par 6312 Mar 29 905 Dec 6
Oct
45 4 Jan 86
3
117 117 *1163 11834 *1163 118% *1163 1183* 116% 11859 *1163 118%
4
8
8
8
100 Preferred
100 1113
4Sept 13 11718 Nov 28 10414 Jan 1144 DOA
1712 1734 *173 18
8
*173 173
8
4 173 173
4
4 1759 1759 1712 17 2 ' 500 Commercial Credlt____No par 1612 Nov 13 4712 Jan 14
,
384 Sept 554 Dee
22 22
213 213 *213 22
2
2
8
217 217
8
22
22
*2112 22
280 Preferred
25 2114Na 13 2614 Jan 13
2514 Sept 274 Oct
*22
23
*2214 23
*2214 23
*2214 2234 2214 2214 *2112 2214
10 Preferred B
25 20 Nov 16 273 Jan 11
4
2814 Sept 271 Deo
4
*8511 8712 *85
8712 .85
86
8518 8518 85 85
85 85
400 1st preferred (83$)
100 8512 Dec 31 9911 Feb26
*53
55
5434 545 *53
*53
54
54
*53
353
54 '
100 Comm Invest Trust_ _No par 5412 Dec 31 72 Jan 11
54
Jan iiia NOV
50
*9614 99 '
39812 99
*9812 99
*9812 99
*9812 99
*9812 99
7% preferred
100 97 June 7 104 Jan 28 100 Nov 1074 Nov.
*91
92
9178 9178 *91
92
9118 9118 *91
92
*91
200 Preferred (83/)
92
100 89 May 7 100 JAE) 13 ____ -__ ---- ---235 240
239 24912 243 25312 244 2528 24914 255
2444 250
43,300 Commercial Solvents B No par 11814 Jan 4 237 No, 23
76 May 189
JIM
1938 197
8 1934 197
194 193
4
183 1918 18% 184 17,100 Congoleum-Nairn Ino_No par 1212May 13 293
19
1914
sSept 1
157 Nov 4312 Jan
5412 543
4 5418 544 54
544 5312 5359 5312 5312 5314 5312 2,900 Congress Cigar
No par 4012May 17 57 Dec 31
*12
%
*12
83
12
12
240 Conley Tin Foil stpd...._No par
*12
3
8
*12
ki
*12
%
3 Dec 9
$
I Mar 12
12May 17 Feb
83
3 843* 84
843,, 83
3 83 8 827 8359 7912 823
7
8
4 7914 804 19,500 Consolidated Cigar... No par 454 Apr 15 8714 Dec 14
2612 Jan 833 Dee
e
*100 102 *100 102 *101 102
102 102 *100 10212 *101 10212
200 Preferred
100 91 Mar 31 1073
8July 28
795 Jan 96 Dee
112
152
112 112
112
13
138
4
13
8
8 3,000 Consolidated Distrib're No par
112
15
4
13
4
18
14 Aug 13
812 Jan 7
318 Jan
Ps Feb
10818 10914 1083 10912 10812 109
4
108 10812 107 10812 10614 1073 24,200 Consolidated Gas(NY)No par 87 Mar 30 115% Aug 6
4
7412 Mar 97 Dee
37
378 4
37
37
37
4
37
4
4
4
4
10,300 Consolidated Textile__ _No par
114May
414 Nov 22
25 June
54 Jan
7014 714 7059 714 7012 7114 707 7112 7112 7112 713* 7112 8,400 Continental Can, Ino_No par 70 Mar 10
8
30 9212 Jan 2
6012 Mar 9312 Dee
13712 13712 138 13914 13912 1413* 140 1403 14012 14012 14014 1403
4
4 4,500 Continental Insurance_ 25 122 Mar 31 1443 Jan 9 103
4
Jan 140 Dee
1314 1312 1338 1312 1314 1312 13
1314 z123 1314 34,80.. Cont'l Motors tern etfa_No par
8
133* 13
9 8May 17 137 Dec 27
7
814 Jan
1512 Oct
48
4838 4714 477
5 22,600 Corn Products Refin w I
4859 48
468 4712 4718 473
47
47
4
25 355s Mar 30 515* Dec20
3238May 423 DSO
2
*128 12912 128 12912 128 128 '
3128 130 *12814 130 *128 130
500 Preferred
100 12212 Jan 6 13014 Dec23 11818 Jan 127 July
58
58
583 583
4
4 59
5914 594 6014 6018 61
8012 6114 6,700 Coty. Inc
No par 4412 Mar 29 82 Des 9
48 Aug 8012 Del
80
80
8014 803
4 80
z79
81
80
80
8014 81
795* 3,300 Crucible Steel of America__100 64 Apr 15 823 Dec 11
4
6412 Mar 843 Nov
8
*103 10414 *103 105 .103 10414 *103 105 .103 10414 10414 10414
100 Preferred
100 96 Mar 30 104 Dec 14
92 May 102 Dee
3312 3414' 33 333
4 3318 337
7
335* 33 8 3312 34
33
9,300 Cuba Co
333
No par 2814 Oct 30 533
8June 20
4414 Dec 543 Oct
s
1018 103
8 1012 1012 1012 1012 1038 103
8 1014 1014 *1014 1012 2,100 Cuba Cane Sugar
13118May 22 1112 Jan 29
No par
78 Oct 14% Feb
4
4878 4914 4914 493
49
4814 4914 4812 493
49
48, 8 483
3
4 5,800 Preferred
100 3512June 8 5059 Dec 11
374 Oct 6259 Feb
2714 273
274 273
277 277
8
273 28
27
273
8 8,500 Cuban-American Sugar
273* 28
10 2014 Aug 10 303* Jan 28
20
Oct 3312 Mar
*101 108 *101 108 '
3101 105 *101 105 *101 105 *101 105
Preferred
100 975 Jan 5 105 Nov 19
9372 Nov 101 Mar
•1712 18
*1712 18
*1712 18
*1712 18
*1712 18
1712 1712
200 Cuban Dom'canSugnewNopar 15I2Sept 24 2014June 7
*5112 52
51
5114 517 52
8
4
513 5259 5218 5218 52
5,200 Cudahy Packing new
52
50 51 18 Nov 19 55 1)ec13
*108 108
108 108
107 107
1067 107 *108 107
8
1067 107
1,100 Cushman's Sons
8
No par 7712Mar 1 108 Dec28
62 Mar 104
Oct
3212 3212 .3234 33
.321z 33
3212 3212 324 323
4 3314 3314
900 Cuyamel Fruit
No par 32 Nov 26 51 Jan 14
44 Nov 69 Mai
3012 31
30
3012 305 313
4 303 31
3
29, 3
2 0% 29 2 295* 9,600 Davison Chemical v t c_No par 2318 Oct 20 485 Feb 17
,
27% Apr 4914 Jan
1353 136 *135 136
4
136 136
1353 1354 8135 13512 135 135
4
650 Detroit Edison
100 12312 Mar 30 14112 Dec 13 110
Jan 1594 Sept
.39
40
39
40
3914 4012 383 39,
2,500 Devoe & Reynolds A.
40
4 339
4
393 '
2 39
.No par 31 Oct 7 10418 Feb 10
53
Oct 9014 Dee
2659 2714 2612 2714 2614 27
2614 265* 2559 26 2 253 253i 37.400 Dodge Bros Class A... No par 2114May 17 474 Jan 2
,
,
4
4
213 June 483 Nov
8214 83
83
8359 823 83% 8212 83
4
4 8214 8212 2,700 Preferred certifs
8214 823
7313 May 9111 001
No par 7912May 17 90 July 20
1014 1012 1014 10 8 10
3
97 10
8
97 1012
8
1014
10
7.500 Dome Mines, Ltd
10
No par
1812 Nov
4
8 Oct 18 20 Mar 13
123 Apr
4832 50
493 50
4
8
52
50
527
5014 5014 5014 503 53
6,000 Douglas Pectin
No par 19 Mar 20 46 Nov 27
14 Feb 234 Aug
116 116 '11534116
11578 116 *115 4 116
1157 115s •1153 116
8
900 Duquesne Light 1st pref___100 11112Mar 3 1183 Aug 10 105 Jan 11314 Dec
3
4
4
*128 129
1283 13012 129 13011 1285 130
12912 13412 131 132
4
9,000 Eastman Kodak Co___N0 par 1083 Mar 30 1363 Dec 27 1043 July 118
*
8
JAB
4
4
243 243 *243 25
8
8
8
25
8 243 257
8 3,300 Eaton Axle & Spring___No par 23 Oat 2 I 325 Feb 14
4
4 2512 257
25 4 253
3
257
104 Feb 304 Dec
17512 1763 176 17712 1733 175
4
175 17612 173 17512 24,500 El du PontdeNem new_Nopar 1543 Nov 4 181. Dec27
17312 177
4
4
*109 1093,2109 10918 1077 109 *10612 109
10812 10812 *107 10812
8
700 6% non-cot deb
4
100 1003 Apr 20 11018 Dec 10
Jan 10412 Nov.
94
1212 1212 1212 1212 1259 1213 1212 1259 1212 1212 *12
1212 2,600 Elsenlohr & Bros
25 101 Oct 11 2012 Feb 1 - ---- ---- -4
*64
65
*65
67
400 Electric Autolite
8 8312 6312
6312 837
64
*64
6412 64
No par 813 Mar 31 82 Feb 1-4
143 153
8
8 1514 1614
4
4
1559 1613 143 153
143 1512 1412 1514 50,900 Electric Boat
No par
4 Mar 23 16 Deo 27 ---- ---- --- --18
1818 1818 1812 18
18
183
1814
8 18
1818
173 173
4 8,300 Elm Pow & Lt etre_ _ _ _No par 1514 Oct 7 344 Feb 10
173 Apr 4012 July.
$
*1043 1054 *1045* 105
8
900 40% pr pd
10459 1045* 1045 10459 1045g 1045s 10412 10412
994 Mar 30 115 Feb 11 100 Mar 110 Jun*
*1041
__ •10412 _ _ *10412 --_ .10412 _
*10412
_ *10412 - _ .O.
Pref full paid
10212 Oct 5 11012 Feb 28 10012 Mar 110 4 June
3
2*957 -2 9612 96% --96 9814 - -- 8 96
9612 963 - 4 96%
O OOOO Preferred eartits
963
9612
4 963
-34
894 Mar 24 9814Sept 10
/
897 Aug 94/4 Dee
367 367
8
8 36
3 3759 3812 3718 36
8 3514 3578 27,000 Electric Refrigeration_No par 333 Dec 9 7812June 23
367
8 353* 363
8
3 783
*7812 7914 783 79
3 773
777
4 7718 7814 77
77
7712
8014 Mar 80 Dee
2 3,200 Elea Storage Battery_ _No par 714 Mar 3 944 Aug 19
*3
4 2
*114
.114 2
.114 2
2
*114 2
Emerson-Brantingham Co_ 100
*3
4 2
Ms J1117
I May 20
4 Feb 1
Da May
*7
15
*7
15
*7
15
15
*7
*7
*7
Preferred
15
15
100
8 May 283 Aug
5 May 20 245 Jan 29
4
6714 6714 67 67
67 67
700 Endicott-Johnson Corp... 50 0512 Mar 31 72% Feb 8
6712 667* 67
67 67
.67
5
83 4 Apr 747 Sept
s
117 117 *116 117
1163 1163 *11612 117
4
4
300 Preferred
117 117 *11612 117
100 114 Jan 7 120 Sept 15 111 May 1181 Oct
4
122 122 *121 122
1213 122
EQU1Utble Office Bldg p90.100 997
121 121
800
12012 12012 121 121
8June 17 13214July 28
8612 667
8 683* 865* 66
667
8 6612 688 6612 663
4 6312 6614 21,800 Eureka Vacuum Clean_No par 43 May 19 683 Dec 18
4811 Nov 5712 We
3
1538 15% 1538 1559 *153* 15
3 *153 16
400 Exchange Buffet Corp_No par 145
*153 16
8
*155* 16
8
0017 20 17 Apr 22
1312 July 197 Jan
2
*Ds 312 *212 312 *212 312 *212 312 *212 314
Fairbanks Co
*21. 312
4Sept 11
214 Mar
33
2 Apr 18
25
434 Aug
4012 4912 40%4084 4012 401
4012 4012 4012 4218 4218 4259 1,500 Fairbanks Morse
3214 Jan 541 Oat
No par 3759 Dec 30 595 Feb 10
2
*10812 111 *108 111
10812 1081 *107 109 *107 109 *107 109
100 Preferred
100 1084 Nov 23 115 Feb 9 1064 June 1101s NOV
11314 114
112 11312 11214 113
11038 1123, 11018 11112 110% 111
40,300 Famous Players-Lasky_No par 1034 Jun 19 127122une 11
9014 Feb 1104 July
•121 125 *121 125 *123 12459 1243 1243 122 122 212114 1211,
8
8
300 Preferred (8%)
$
100 115 Mar 31 12412 Dec 6 1037 Feb 120 July
4114 4114 4112 4218 4112 42
42
42
4112 417
8 407 4114 4,200 Federal Light & Tree
8
Oct 374 Dee
15 28 Mar 31 4712 Dec 13
28
*91
_ _ *91
.91
_ _ *91
__ *91
Preferred
94
*91
No par 86 June 18 94 Doc 20
94
824 Sept 89 Dee
*8.5 93
89 89
*80 91 *90 - 2
*80
92
100 Federal Mining & flineltl_100 41 May 22 11114 Jan 5
*91
94
1514 Mar 2512 Del
784 7618 76
76
767 767
8
8 7612 7612 *76 4 77
400 Preferred
491/ Mar 947 Dee
*7614 77
,
100 61 Mar 3 105 Jan 6
s
*190 194 *186 193 z97
9712 9714 98
1,600 Fidel Phen Ftre Ins of N Y_ 25 180 Apr 16 20014 Jan 23 14711 Jan 179 Dee
993
9712 98
98
1512 *13
313
15 '
15
*13
'13
15 '
313
Fifth Ave Bus tern otta_No par 14 Oct 14 2132 Feb 9
15
12
*13
Jan
15
173 July
4
991
98
9912 *97
*98
98
9912 *97
9712 98
200 First Nat'l Pie. 1s1 pref___100 98 May 18 107 Feb 13
*9812 99
4
*283 2914 2914 2914 2918 29'8 2918 293 *2918 2912 291* 2918
8
500 First Nat'l Stores
No par 28 Nov 27 493 Feb 5
Deo 40 Dee
8
384 1612 1714 17
1714
17
17's
163
17
8
163 1714
4
1012 Mar 281 Oee
163 163
8
4
4 9,900 Flak Rubber
No par 1414May 20 2814 Jan 13
8114 82
81
81
81
81
let preferred stamped_100 Ws Apr 19 8414 Mar 16
4,500
8259 844 8418 8659 z84
84
_ _ *99
99
'399
399 10218 *9818 9912
99
__ '
hat preferred cony
100
100 94 June 3 107 Mar 1
3 4812 4818 - - - 8 4712 - 487
481
474 *98- 4814 4812 473 4814 28,200 Fleischman Co new____No par 3214 Mar 29 5612 Feb 1
47
47
8012 8012 8012 *7912 80
7912 8112 81
817
80
8012 5,800 Foundation Co
80
8
90
No par 734 Dec 17 179 4 Jan 29
Jan 1833 Nov
4
703 71
8
7212 703 71
8 71
8
6912 703
7212 727
4 6914 7014 10,200 Fox Film Class A
No par 5518 Mar 31 85 Jan 2
8812 Sept 85 Des
3934 39
357 36% 363 38
4
375 394 39
4014 3818 3912 120,100 Freeport Texas Co....No par 195* Jan 13 36 Dec 3
8 Mar 241 Oct
s
8
.31
31
4,200 Gabriel Snubber .4__.N. par 255, Nov 11 42 Feb 11
304 3014 30% 303 *3014 301.2 3018 311
3018 303
287 Aug 397 No,
$
8
714
51 Nov 5
712 73
4
73
4 73
*71 i
4
600 Gardner Motor
712
7
,
93 Jan 4
3
4
*712 7 4 *7 2 73
414 Jan
1814 Mar
No pa
4718 47 4714 4718 473
4712 4759 4712 4712 2,500 Gen Amer Tank Car
8 47
477
47
8
444 Aug 80
100 39 Mar 29 553 Jan 2
0011
4
107 1073 10712 10712 108 10812 108 108 *108 10912
*10712 109
700 Preferred
933 Feb 104 Nov
4
100 9912.1une 24 109 Deo 14
863
4 843 8512 947 86% 8418 85 4 40,600 General Asphalt
4
8
85 8 8614 853 87% 85
3
3
4212 Mar 70 Des
100 50 Mar 1 9414 Aug 28
12812 12812 *125 132 *125 132 *128 132
12712 130
400 Preferred
*126 130
8
8812 Mar 109 Dee
100 947 Mar 3 14018 Aug 28
544 54'2 5413 544 55
4 541, 5412 5412 5412 *
541 543
4
5512 1,800 General Cigar, Inc new_No par 48 Mar 29 5912 Feb 11
*115 117i2 *116 11712'
3116 11712 *118 11712 *116 11712 *116 11712
Preferred (7)
Jan 11114 Mu
100 109 Jan 1 1 118 Dec 8 105
116 116 *116 11712 *116 11712 *116 11712
100 Debenture preferred (7).100 1094 Apr 12 11812 Feb 10 104 July 116 Dee
'115 11712 *118 11712
8 5618 5638 5614 .584 56, 5612 1,300 Gen Outdoor Ada A__ _No par 51 Mar 30 583 Aug 4
8
*553 561, 563 seas 54312 557
4
8
$
454 Aug 545 Sept
4
3814 3814 3814 38% 377 38
377 38
,377 388 38
38
2,100 Trust certificates____No par 26% Mar 30 397
8Dec 27
281s Aug 343 Dee
2
_ ____ _ -_ ____ ____
___
_ ____
__ __
General Eleculo
100 285 Apr 15 3884 Feb 19 22714 Feb 33714 Aug
New
8 8412 28.900
818 -iiis - 3- -i34- -8459848459848434 8414 851s 833 - .__ No par 79 June 9 9512 Aim 14
v en . a Es-rights.
• Bid and a&ed pr1ce4: no salsa on this day.
8 Per share
30
30
*913 92
4
*105 10612
.414 412
5212 5212
*1112 12
*8712 885s
*43
44
687 69
8
31
31
.112 134
*66
6712
*1412 15
14812 1493
4
•118 11812
1012 10%
5712 574
117 12
8
*75
7814
New York Stock Record-Continued-Page 4
351
Pee sales during the week of smoke usually Inactive. see fourth page preceding
-PER SHARE, NOT PER CENT.
HIGH AND LOW BALE PRICES
Saturday,
Jan. 8.
Monday,
Jan. 10.
Tuesday, 'Wednesday,' Thursday,
Jae. 13.
Jan. 12.
Jan. 11.
Friday,
Jan. 14.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Rangefoe yea,1926
On Mats o/ 100-share loge
Lowell
Highest
PER SHARE
BanIMIfir Previous
Year 1925
Lacoste
Higdon
$ per share $ per share $ per share per Mare
$ per share $ per share $ per share I $ per share $ per share II per share Shares. Indus. & ?Macon. (Con.) Par 11 Jan 5 1154 Dec 14
4
1
/ Oct 1178 July
10
4
/
4
/
1
/
4
/
111 1112 1132 1112 1114 111 1114 114 1132 111: 111 1132 7,400 General Electric special_ __ _10 34 Mar 30 59 Jan 2
4
/
7
58 2 Dee 611 Doe
50C General Gas & Eleo ANo Par
4212' *41
4
/
421 *41
*42
4212 4114 41121 4114 4114
42 42
No par 95 NI ay 11 100 Dec 9 99 Dee 100 Dee
200 Preferred A (7)
1001: 101 *10012 102
1
/
*100 10212 *10012 101 *1004 101 r10018 101
:
No par 1051 Apr 8 113 Sept 9 110 Dec 110 Dee
Preferred A (8)
•113 11512 *1131: 11512 *114 117
- *113
*113 115 •113
4
1
/
No par 92 Apr 27 98 Jan 4
200 Preferred 13 (7)
96 96
96
96
96 •95 96
*95
*95 96
945
0 8 96
6458 Jan 1493* No,
4
1
/
15112 15378 15012 1521: 354,000 General Motors Corp No 945r 11314 Mar 29 225 Aug 9
15312 15514 15414 15$% 152 15412 15124 154
100 1134 Jan 29 12214 Dec 13 102 Jan 115 Dee
2,800 7% preferred
12112 12112 122 122
121 121
4
122 122 212034 1205 12014 121
884 Apr 994 Nov
100 9814 Apr 13 105 June 29
6% preferred
*104 ____ *104 ____
•10.818
_ •104
_---*104
*104
42 Jan 5918 Dee
25 4912 Mar 2 704June 23
General Petroleum
68 Nov 803* 088
4
4
I23 -33F2 8284 _ -:4645 Gen Ry Signal new____No par 8012 Mar 31 9378 Aug 18
8314
'
83¼
83 8314 "iiT2 83
9012 July 10578 Not
100 103 Apr 14 105 Nov 16
Preferred
106 *1041: 106
4
1045 105 *10412 106 *1041: 106 *10412
*104 105
42 Oct 5812 Jan
100 General Refractories_ _ No par 36 May 27 49 Jan 4
38
38
*3534 40
*3612 40 I *3612 40
*3612 43 *3612 43
47 Mar 83 Dec
No par 4114 Nov 16 7878 Jan 19
4
/
4 411 4115 4,100 Gimbel Bros
4134 4112 413
4112 41
41
41
4054
4034 41
4
/
100 100 Nov 10 1111 Jan 7 10214 Mar 11412 Nov
700 Preferred
4
4
104 10412 *104 105 10434 1043 *10412 10434 *104 10434 *104 1043
124 Mar 2612 Dec
5
3June 3 25 4 Jan 4
No par 153
1934 6,400 Glidden Co
a
2013 197 2014 19
4 20's 2014. 20
2058 208 2014 202
Oct
8
1
/
4512 4132 444 4,300 Gold Dust Corp v t o No par 4112 Mar 31 567 Feb 3 .37 Mar 51
45
4
/
451 4572, *4414 45
4
5
4434 45 8 443 457
4
1
/
3654 Jan 74 Nov
39,2 Nov 30 7054 Feb 9
4
1
/ 10,400 Goodrich Co (B F)__No par
1
/
4
/
471 4812 464 47
1
/
4
1
/ 464 48
4
4
1
/ 473 48
4714 4812 477 48
Jan 102 Nov
92
200I Preferred100 9412 Dec 22 100 Feb 18
4'
:
4
1
/
4
98 1 9634 963 *954 963 •951 963
96
96
*95
•95 9618
52
8818 Jan 114 Oct
8
1004 10012 1,400,Goodyear T & Rub pt v $o_100 9812 Dec 16 1097 Aug 1
100 100
4
1
/ 10034 10054 100 100
4
10014 10014 1003 100
100 10414 Dec 18 109 Bent 14 103 Apr 109 Dec
200 Prior preferred
4
1
/ 10532 107 *10512 107 *10512 107
*10512 10612 10512 1051: 10532 105
39 Dec 42 Dee
2,600 Gotham Bilk Hoidery-Ne par 334 Mar 30 694 :sr v 15
59
59
60
59
5912 5732 59
*59
5878 59 a58 60
591: 1,700 New
No par 4712Ju11 12 6878 Noe 15
4
1
/ 6032 *59
59
58
5912 58
59 59 a5812 5812 •59
Dec 1021i Dec
Apr 6 125 Aug 17
100 98
100 Preferred
4
/
4
/
•1111s 112 *11118 112 1111 11118 *11114 112 *1111 11112 *11112 112
1872 Dec 23 Sept
8 Oct30 2112 Jan 23
No par
1
/
400 Gould Coupler A
912 94 *935 9
4
1
/
1
/
94 9
4
1
/
4
1
/ *932 97
4
1
/ 9
9
2
*91: 10
13 Mar 2174 Dee
Cone M Sin & Pr 100 1612 Mar 31 3672 Dee 9
6,400 Granby
4
1
/ 3432 3372 34
4
1
/ 33
4 3432 34
343
4 34
5
3352 33 4 3312 333
Jan 11315 JUIN
91
4 5,500 Great Western Sugar tern ctf25 89 Apr 14 1131: Dec 14
4
4
11114 11114 111 1113 10914 11112 1093 1103
11172 11214 11172 112
4
/
100 10812 Mar 30 1181 July 22 107 Apr 11512 Dee
330 Preferred
:
120 1201 120 120 •11912 120 •
120 120
120 120 *11914 120
4
/
111 Mar 19 Jan
14
3
Apr 3 34 4 Dec 14
4
1
/
9
4
1
/ 3014 9,100 Greene Cananea Copper _ _ _100
1
/
294 3032 30
4
1
/ 304 29
1
/
4
/
3014 301 3018 304 2932 30
612 Jan
3% Sept
512 Jan 5 1072 Feb 1
3
4
1
/ *914 9 4 1,100 Guantanamo Sugar----Ne Par
8
4
1
/ 9
9
912 912
3
9 4 97
4
4 93
93
3
*914 9 4
674 Mar 9554 Nov
4
1
/
100 5132 Oct 25 93 Jan 4
Gulf States Steel
4,000
561
5758 56
55
5514 5514 55
55
4
1
/ 5438 55
55
*55
424 July 89 Feb
.
610 Hanna let prof class A __ _100 45 June 18 60 2 Dec 27
641: 66
8412 641
4 6114 6114 64 64
1
/
*584 6314 5934 593
27
*26
200 Hartman Corp class A _No par 28 Oct 20 284 Nos 15
27
*26
27
27 •26
*26
27
2672 27 •26
30 Ka; WI; NZ);
1
/
No par 174 Dec 23 46 Jan 14
3,000 Bayen Wheel
1912 1814 183
4
/
1
/
4
/
•191 1912 1912 1912 1934 194 1912 191 19
4
1
/
25 68 Mar 29 88 Dec 7 66 May 77 Jan
300 Helme(G W)
7612 761
791
7934 *76
*76
*76
80
80
80 80 •76
27 Dec 48% Jan
17lMay27 3512 Aug 11
Hoe(R)& Co tern etfs_,Yo pa
273
2734
1,000
*2712 281
2712 28
27
27
25
24
4
1
/ 24
*23
43 Jan 50 Jan
100 471: Jan 4 83 Oct 9
600 Homeetake Mining
63 6312 *63 6314 83 63
63 63
831 *62 631
*62
3412 Jan 474 Nov
41) Mar 3 4838 Jan 8
441
4,100 Hotieeh Prod,Ino.tem ctfNepa
4
1
/ 43'i 4334 4334 44
8 4314 4414 43
4412 45
45 455
621: 633
3,700 Houston 011 of Tex tern ctfe100 5014 Mar 31 71 Jan 5 59 Apr 85 Jan
6112 623
4
4 603 81
4
/
1301 603
61
6158 61
61
8114 Nov
1812 Jun
27 Jan 8 45 Sept 15
No pa
4,700 Howe Sound
2
383 387
4
/
4 381 381
4 3814 383
383
38
3812 39
3878 39
4
1
/
33 Jan 13912 Not
4054 Oct 20 12314 Jan 4
4
1
/
4
/
5215 5334 511 53 189,300 Hudson Motor Car_ _ No pa
4
1
/
544 554 513 541
1
/
5558 5658 5558 563
4
1
/
14 Mar 31 Nov
8
Mar 2 285 Jan 4
4
/
4
1
/ 2212 221 z211 221 30,200 Hupp Motor Car Corp..10 17
4
1
/ 223 2314 2232 22
4
4
1
/ 23
22
22 22
134 Jan 414 June
1
/
5
3184 30¼ 3114 14,900 Independent Oil& Gaa_No par 19 8 Mar 30 34 Jan 2
4
4
/ /
301 311 31
4
2 303 3114 3016 301
4
1
/ 303
30
18 Mar 24 Aug
No par 144 Dec 31 2414 Feb 4
Indian Motooyole
17
*15
17
17 •15
*15
17
*15
17
*15
17
*15
512 Jan 1414 Dec
754 Oct20 1334 Feb 13
10
814 1,300 Indian Refining
4
/
81 *8
8
814
81
•8
*8
81
•8
*814 81
4
1
/
6 Sept 12 Dee
712 Oct 20 121: Feb 13
10
81
8
4
1
/ 1,0001 Certificates
4 8
*73
732 8
*754 8
4 8
*73
,
*7 4 8
77 Mar 110 Dec
100 90 May 14 104 Jan 7
Preferred
*100 107 *100 107 *100 107 *100 107 •100 107 *100 107
77 Nov 1074 Dec
500 Ingersoll Rand new----No par 804 Mar 31 104 Jan 5
95
9312 931: *92
95
92
*92
*92 95
92
95 95
3854 May 50 Feb
No par 3412May 11 4334 Dec 20
2,500 Inland Steel
4212 421
4234 43
43
43
43 43
42 4258 43 431
100 10854 Mar 16 115 Feb 9 10412 Apr 112 Sept
Preferred
*106 113 *106 113 *106 113 *109 113 *111 113 *111 113
2214 Apr 32 4 Jan
,
2,800 Inspiration Cons Copper-_20 2034 Mar 30 2832 Nov 10
2458 247
2512 2458 25
1
/
5
2458 244 2514 2514 *24 4 2514 25
4
1
/ 1,600 lntercont'l Rubber_No par 12 Dec 31 2124 Feb 11 ---- -4
1
/ 12
4 12
1214 123
*1315 1314 1312 1312 1254 1254 *1254 13
718 Jan 241s No,
918 Dec 8 2614 Jan 22
No par
500 Internet Aeon'
101
958 1012 1012 *10
958
10
8 1014 1014 10
1032 103
40 Apr 85 Nov
100 5838 Dec 6 95 Jan 27
Prior preferred
*6212 64
64
*62
64
*62
*62 64 *62
64
*6112 64
5312 5334 2,500 Int Business Machines_No par d3818 Mar 30 56% Dec 15 110 Mar 17614 Nov
4 5318 531
4
1
/ 533
4
1
/ 5312 53
53
4
7
53 4 5372 537 54
52 Jan 8112 Sept
1
/
4
1
/ 4912 494 4.100 International Cement_ _No par 4414 Oct20 717 Jan 21
4
1
/ 50
4
/
4
5114 511 511 fah 603 5112 49
4
/
*5114 52
100 10178 Oct 26 106 Jan 26 10212 Nov 107 Aug
300 Preferred
10412 1041 *104 105
1
/
1044 10414 104 104 *10412 105 *10412 105
4
/
311 Jan 694 Dec
4
1
/
4812 4514 47 23,700 Inter Comb Eng Corp_ _No par 3312 Mar 30 6412 Jan 5
4
1
/ 47
1
/
4734 4712 4812 4712 484 4712 47
47
961s Mar 1384 Sept
9,500 International Harvester- _100 11214 Mar 2 15812 Dec 15
5
14012 14112 140 1407 140 1401 13734 140
4
/
1411 1415 1411: 142
4
100 118 Jan 5 129 Dec 27 114 Ma 121 Nov
400 Preferred
4
1
/
4
*12854 12772 12754 1275 •12634 1274 12634 12634 127 127 *1263 127
1478 Feb
4
1
/
712 Jun
6 Sept 21 12 Feb 17
100
71
800 Int Mercantile Martne
7
4
/
71 714 *712 714 *712 71z
714 732
4 7
*63
27 Aug 52 4 Feb
5
100 27 Mar 30 4658 Feb 16
377 18,800 Preferred
37
4
/
371 381
4
1
/ 38
4
1
/ 37
3734 38
3715 377
2 3712 39
8
607 Dec
4
1
/
8
585 De
Mar 3 66 Feb 23
4,600 International Match prat_ _35 5312
83 631
1
/
4
1
/ 634 633
4 6232 63
4
1
/
63 633
4
/
4 621 63
4
1
/ 63 633
4
/
241 Mar 4812 Nov
4
1
/
4218 4014 411 99,600 International Nickel (The)..25 32 Mar 30 4614 Jan 5
4
1
/ 41
4336 4134 42
4
/
4214 4275 411 4314 4214
94 Jan 102 Not
100 10118 Jan 29 104? Dec 29
100 Preferred
105 105 *10412 ___. *103 ____ *10314 105
*10412 105 *10412 105
76 Oct
4814 Ma
100 444 Apr 15 6354 Aug 28
16,100 International Paper
4
:
571 5812 5714 58'z 563 58
4
/
5812 6014 581 59
1
/
564 59
,
100 89 May 7 100 Dee 13 86 July 998 Oct
9834 9932 2,1001 Preferred (7)
4
/
991 991
9914 991
991
99
9912
99
983
*98
,
International Shoe... No par 135 May 6 175 Jan 11 108 Feb 199 4 July
100
1
/
1604 1601 •157 160
.159 1621 *159 161
•159 1625 *159 1631 4
8712 Apr 144 Aug
12554 1274 42,900 Internal Telep & Teleg_100 111 Mar 3 133 Jae 25
1
/
1
/
2
1263 l29'z 12814 1291 1274 1281 127 1281 12612 127
18 July 2958 Oct
No par 181:July 24 29 Jan 7
ertYlie Corp
4
/
4
/
8
111,
*2012 217 *2012 217 *2012 217 *2012 217 *2012 217 *201 211
1612 July 264 Dec
1
/
100 25 Jan 4 56'. DeJ 23
4
/
4
1
/ 561 5512 5512 5,700 Jewel Tea, Inc
55
5534 56
571
56
4
/
571 581
5634 573
100 11512 Jae 29 12712 Nov 12 10212 Jan 1154 Dec
Preferred
*120 123 •120 123 *120 123 •120 123 •120 123
*120 123
,
11 4 Dec 2172 Feb
9 Dec 4 1912 Feb 5
Jones Bros Tea, Inc,etpd 100
4
/
13t1 131 4,600
4
1
/ 14
1412 141 •13
1434 145
151
4
/
161 15
14
3538 Aug 65 Nov
No par 12 Nov 12 66 Feb 19
20
2014 3,000 Jordan Motor Car
2014 21
21
20
201: 21
2112 22
8
205 205
4
, Jan 8
May
14 Mar 4
112 June
10
14
200 Kansas Gulf
*18
I
•14
3
3
1
/
*4
4
1
/
*14
as
*14
14
14
99
1
/
Jan 10958 Sept
601) Kan City P&L let pf A_No par 1074 Mar 29 115 No 27
4
/
113 113 *1121 11412 *113 1141 114 11412 *113 11414
. 113 113
424 Dec
,
18 4 Ma
4May 20 5134 Dec 27
1
/
4
/
1
/
2 504 541 8,900 Kayser (J) Co v t o___ _No par 33
4
8 5014 504 50 5012 503 507
5014 507
1
/
1
/
504 501
4
1
/
12 Ma
215s July
9 Oct 9 211 Feb a
:
25
4
1
/ 103
4
/
1114 •107 1114 1078 111 10
2
1112 11
4 4,400 Kelly-Springfield Tire
1034 li's 11
41 Mar 74 July
434 Oct20 7434 Feb 5
1
47
8% preferred
*44
47
*44
47
*44
47
*44
48
•44 46 •44
7314 Feb 5
43 Mar 72 July
51
*48
100 6% preferred
51
*48
*48' 51
51
*48
48 48
51
•47
23 /(154 'v 14 126 Feb 4
Dec
87
AI1R 124
ec
Io
4
/
800 Kelsey Wheel. Inc
4
/
85
82 82
4
805 8112 811 811 *80
88
88 *81
•82
12 Mar
46
,
5914 Nov
No par 49 4 Mar 30 6414 No, 16
4
/
1
/ /
4
/
1
1
/
4 614 618
4
/
4 614 614 611 611 6112 8114 20,000 Kennecott Copper
6114 6158 611 615
218 Jan 2
12May 11
34 July
*12
,
1 4 Sept
4
1
/
•12
1,400 Keystone Tire & Rubb-No
8
5
8
5
8
5
4
1
/
%
4
1
/
2
5
12
75 Mar 100 Oct
401
No par 39 Nov 5 8212 Jan 7
39
*4014 47
4234 44
47
600 Kinney Co
4612 *44
*44
47
•44
10 4254 Mar 30 82 Jan 29
4
1
/ 54
5312 533
4
/
4 53
9,800 Kresge (5 El) Co new
5412 5312 5412 531 533
54
5414 55
4
1
/
100 11212 Nov 22 114 Feb 28 11014 Mar 116 Oct
*105 1121
11214 11212 *9712 11212
30 Preferred
*9712 11332 112 112 •11214 113
4
1
/
4
1
/
28 Dec 4554 Jan
19
191
*18
*1812 1912 •18
Kresge Dept Stores__ __No par 1512 Mar 25 33 Jan 14
20
*18
29 •1912 20
•19
Jan 975
88
4June
100 7014 Mar 26 9314 Feb 1
*7812 80
Preferred
*75
801
*7812 80
*7812 80
*7812 82 *7812 80
4
1
/ Jan 178 Mar
Laclede Gas L (St Louis)-100 146 Mar 29 19614 Dec 8 110
0170 190 *170 185 *170 188 *170 183 *170 183 *176 187
6001Lago Oil dr Transport_No par 1918May 14 241:June 14
:
201 21 *20 21 201: 2012 201: 21
*2012 21
1
/
*204 21
No par 391:May 7 72 Nov 5
671: 67
6734 4,300 Lambert Co
4
1
/ 68 ' 6712 6712 67
67
8 68 68
4
1
/
67 685
714 714 *714 8
No par
814 Dec 3 14 Jan 4
Feb 19 Oct
*714 8
100 Lee Rubber & Tire
8
754 *7
734 *7
*7
4
1
/
No par 30 Mar 31) 4118 Jan 2
3714 Deo 4413 Oct
3612 3632 36
361: 1,400 Lehn & Fink
3612 3654 3812 374 *3614 361
3654 37
1
/
23
No par 174May 4 26 Dec 15 - -231 *23
2314 2,700 Life Savers
•2234 23
2234 23
23
4
1
/ 23
2212 23
57 Mar 92 Dec
1
/
4
1
/
10132 1014 •100 10114 100 10072
400 Liggett & Myers Tob new--25 7218 Mar 31 103 Dec 31
100 100 *100 102 *100 102
1612 Jan 124 Dee
4
1
/
126 126 *126 128
5
100 119 Jan 18 '29 4May 5
300 Preferred
2
1257 1257g *125 126
126 126 *125 126
8
25 71 Mar 24
5512 Mar 897 Dec
254 Dec 28
4
1
/
1
/
4
993 1004 99 101
9,300 *B" new
4
1
/
1004 1003 100 100
4
1
/
99 100
4
/
991 100
No par 5312Mar 31
4
1
/
60 June 74 Jan
6412 64 6414 1.400 Lima Loo Wks
*64
',. Jan 4
64
6414 64's 644 6412 64
641
6312
0
1
/
Dec 6
4812 487
22 Feb 4444 Nov
3 4712 4878 31,500 I.,,ew's Incorporated-No par 344 Mar 2 4
4812 49
8 48
4
1
/ 4912
4854 495
5
4814 48
: 3,900 Loft Incorporated
612 el
4
1
/ 612
6
918 Apr
No par
8 Oct 8 1114 Feb 10
6 Jan
4
/
4
1
/ *61 61
612 6
8
612 63
614 61
4112 4112 41
41
4
/
4
1
/ Mar 43 Sept
NO par 411 Dec 31 504 Feb 3
900 Long Bell Lumber A
4154 4154 415
4134 4184 4134 413 *41
•158 163 *156 159
77 Feb 14314 Dee
100 88 Mar 30 1774 Dec 15
300 Looee-Wiles Biscuit
l61'2 1611 161 1621 *160 1614 *160 162 •160 170 *160 165
100 12014 Mar 30 175 Dec 14 104 Feb 148 Dec
2d preferred
5160 170 *160 170
0160 170 *160 170 '
304 32
3112 3218 4,600 Lorillard
4
/
25 27 Oct 25 421 Feb 3
3014 Jan 3954 Sept
,
4
1
/
4
313 3212 31 4 321
4
1
/ 324 327
•3134 32
4
1173 11812 *116 118
100 11118 Apr 5 120 Aug 31 10818 Feb 116 Aug
200 Preferred
*114 118 *114 118 *114 118 0114 118
17
4
1
/ 167 1712 43,200 Louisiana 011 temp ctfs_No par 12 Mar 3 1978June 21
17
8
171
1336 Aug 2354 Feb
8 17
175
17
1714 1734 1714 18
4
1
/ 2412 25
1
/
244 24
241
5
23 Dec 26 8 July
4
2,500 Lout:Mile 0 ik El A_-__No par 225 Mar 31 2818 Feb 10
2438 24
24
24
24
24
24
28
2612 27
1
/
3154 Feb 60 Dee
No par 224 Oct 25 5814 Feb 4
4
/
800 Ludlum Steel
2812 2612 261 261 *26
27
27
28
•27
120 1203
121 122
122 Oct 26 138 Feb 9 114 Mar 141 Sept
1
4
1
/
122 123
4 1,500 Mackay Companies
12254 12254
12284 124
0124 126
72
4
/ 711
4
/
4
1
/ 72
500 Preferred
4
1
/
100 68 Mar 19 734 Feb 9
68 Mar 78 Feb
4
711
not: 72 71 71 7112 95/ *70/ 95 '71 4 9412 711 95/ 70,700 Mack Trucks, Inc
9312
923
8952 Nov 4 159 Jan 4 117 Jan 242 Nov
No
4
1
4
1
4
1
/ 93
4
1
/
9214 9453 93
911: 93
11012 11034 *110 11114
400 let preferred
100 10712 Nov 23 113 June 10 104 Jan 118 Aug
1
/
1094 1094 110 110
*110 111 *10914 110
4
1
/
103 103 *102 105 *102 105
100 2d preferred
100 102 Oct 5 108.1413e96 3 99 Jan 106 Aug
*102 103 *101 103 *101 103
1
/
8912 Jan 112 Oct
Macy(R H)& Co,Ino_No par 8612Mar 29 131 Dec 22
•12313 125 *12312 128 *12312 126 *12312 128 *1234 129 *12312 127
Preferred
4
1
/
100 11434 Oct20 118 Jan 14 11414 Jan 118 Aug
35533414
No par 84 Apr 19 4478 Feb 10
34 Mar 46 Nov
_ Yizoo Meg a Copper
773 3473 Wig 34
3473 11
3424 35
is'
15
2114 Dec 3711 Jan
1512 1512 *1512 16
500 Mallineon (H R)& 0o-No par 12112 Nov 1 2818 Jan 5
17
•u5iz 17 *1512 1712 *1512 77 7534 7534 *74 75 74 74
200 Manati Sugar prod
79 July 8214 June
100 55 June 4 82 Feb I
*7312
77
*72
•7412 77
55
5514 5553 55
32 Mar 59 Mar
•5512 56
600 Manb Elea Supply__NO Par 44 Oct 16 8714July 19
•5518 56
56
56
551
4
1
/
55
4
/
2014 Mar 34% Nov
500 Manhattan Shirt
' 25 2178 Oct20 3278 Jan 4
261g 2614 2612 2812 2612 2612 261 261
27
27 •26
*26
4
/
*3812 40
*3812 40
Manila Electric Corp__No par 2712 Mar 20 45 sSept 14
2812 Mar 491 Apr
*3812 40
*381: 40
,
*3812 40
*3812 40
4
/
201 2174 203g 211 18,300 Maracaibo 011 Expl--__No par 1612 Oct 6 28 Feb 2
2034 Sept 3512 Jan
4
/
2012 201: 211 2114 22
1912
19
19
4
1
/
32 Mar 6012 Dec
4
/
5734 571 5734 571: 5814 5732 58t 91.500 Marland 011
4
1
/
49 Mar 30 6388June 17
No
4
/
a
567 5714 571 5712 57
8
1035 Mar 327 Oct
28
2832 4,200 Marlin-Rockwell
2834 28
:
244 Oct 21 33 Mar 11
No
4 281 2912 2812 29
283
27
*2515 27
2 2212 22's 213 221
2
19 Dec 3718 Jan
1,800 Martin-Parry Corp_ _ No
4
1
/
17 May 20 23 June 25
1
/
2112 2232 224 22 •2214 223
*2012 21
1
/
4
1
/ 857
51 Jan 1074 Dec
4
1
/ 86g 85
4
1
/ 85
85
84
3,200 Mathieson Alkali W kstem ct:50 6212May 12 10618 Jan 2
85
8312 8512 84
4
/
*821 84
_
4
/
1
/
May Department Stores.. 60 10672May 17 14514 Oct 28 101 Mar 13912 Dec
2
1
/
4
/
851 3514 137 13734 1373 1374 1361 1364
4 /;
1
/
4
1
/ Preferred
4
1
/
4
1
/
100 122 Feb 2 126 Dec 8 11812 Mar 124 June
4
1
/
•124 1251 *1244 12512 *124 12512 *12434 1254 *1245 1 51 *124 1251
1
/
4
/
211 Nov 26 Oct
4
1
/
4
1
/ 2372 2312 237 • 2,700 Maytag Co
4
1
/ 23
No par 19 Mar 3 2413Sept 8
*2354 233 2312 23
8
237 24
*2314 24
79 Mar 139 Oct
4
1
/
4
4
1
7212 723 a72
/ 1,100 McCrory Stores Claes B No par 72 Mar 30 121 Jan 11
72
7312 7312 73 73
75
7312 73's 75
258
16 Jan 22 4 Oet
,
4
1
/
8 2578 2612 25
2614 2614 263
1,000 McIntyre Porcupine Mines.-5 221 Oct 14 30 Feb 15
4
:
4
4
2612 263 *253 261 •26
18 Jan 2412 Nov
4
1
/ 2532 1,000 Metro-Goldwyn Pictures pf-27 22 Jan 8 254 Nov 24
1
/
2512 2514 2514 2514 254 25
4
1
/
25 •25
25
35 25
4
1
/ 753 1,100 Mexican Seaboard OIL No par
7
9 Dec 2212 Jan
1
/
74 732
714 714
4
1
/
8 Feb 25 13 Jul/ 23
718 714
5
7
71
4
1
/
74 7
8 May 23 4 Jan
,
4
1
/ 16
*15
1558 16
1
/
3,000 Miami Copper
54 154 16
5 11 Mar 3 1758 Oot 1
1538 1553 1534 15
254 15t
,
1
/
364 3614 363 52,800 Mid-Continent PetroNo par 2712JuiY 23 37 Jan 2 25 4 Aug 38 Nov
1
/
4
1
/ 364 36
6 35
363
1
/
s
ges 8018 3618 364 36
•HIS and asked Waal no sales an this de, 81112-171vidilea. •EX-rights.
352
New York Stock Record-Continued-Page 5
For *ales during the week of stocks usually
Inactive, see fifth page preceding
HIGH AND LOW SALE PRICES
PER SHARE
-PER SHARE, NOT PER CENT.
PER SHARE
Sales
STOCKS
Range Jo^ yea- 1926.
Range for Preo4ons
for
NEW YORK STOCK
Monday,
On basis of 100
Tuesday, 1Wednesday,' Thursday,
-share lots
Year 1925.
Friday,
the
EXCHANGE
Jan. 10.
Jan. 11.
Jan. 12.
Jan. 13.
Jan. 14.
Week.
Lowest
Highest
Lowest
Highest
$ per share $ per share $ per share $
per share I $ per share $ per share Week. Indus. & &Recoil.(Con.)
•103 10312 103 104
Par $ per share $ per share
103 10312 .103 10312 10312 10312 .103
Per share $ per share
17
500 511d-Cont Petrol pref
103%
21s
100 90 Mar 30 10414 Dec 23
214 25
8
212 27
8
212 25
8
8314 Apr 9414 Oct
214 23
24 212 109,000 Middle States 011 Corp..
4
112 112
134
10
2
8 Nov 19
4
178
2
212 Jan 8
5 Apr
8
8
17
17
8
17
314 June
8
17
s
13
4
13
4 7,500
Certificates
.111 112
112 112
Oct13
10
112 112 *110 112
1% Dec 2
112 Feb
1113 1113 110 110
4
113 Feb
4
40 Midland Steel Prod pref _ _ _100 107 Mar 8
3412 3412 35
35
3478 347
30 13312 Feb 23
8 3412 3412 323* 33
96
Jan 147 Aug
*33
35
700 Miller Rubber ctfs____No par 30 May 17
82
827 *804 8212 82 8214 *823 83
8
443 Feb 25
4
4
8214 83
8214 8214
1,100 Montana Power
6614 66% 663 67
100 693 Mar
8
*
664 6612 6512 664 654 663* 6514 66
64 -A 11- -- ; Aug
-r 9 1
9
14,500 Montg Ward & Co Ill corn_ _10 56 May 20 8612 Nov 11
11
1114 1118 1114 11
19 82 Jan 2
11 1g
1118 117
41 Mar 8414 Nov
8 11 12 117
11 18 1118 4,100 Moon Motors
8
418 414
No par
418 414
93 Nov 23 373 Feb 10
4
44 414
8
418 414
4
223 Mar 42 Doe
414 414
4,
4 4 4 3,800 Mother Lode Coalition_No
,
12
12
1238 1238
4 \,v 19
1238 1238 *123 1212 12
Par
8
712 Feb 8
6 May
1212 .12
123
4
1,000 Motion Picture
918 Jan
3512 35 4 354 35 8 358 3514
3
No par
103 Dec 28 2312June 3
,
4
*3514 353
4 343* 3514 .3412 36
195 Dee 2012 Dee
8
1,500 Motor Meter A
233* 237
8 233* 237
No par 333
4Muy 19 53% Feb 10
8 2314 233
4 223* 2338 2214 2238 21
40 Nov 44% Oct
224 7,700 Motor Wheel
•10
1114 10
No par 194 Nov 27 33% Feb 16
10
*95 10
8
10
10
18 Apr 35 June
*95 11
.93* 10
8
200 Mullins Body
3912 393
4 3912 30 4 3912 397
No par
3
8 Nov 13 19% Feb 1
393* 393* 383* 3914 3812 3812 2,600 Munsingwear Corp_
13 Aug 2112 Feb
*612 8
Co
No par 343 Apr 6 383
614 66
4
2
6
6
.614 8
4July 8
6
3018 Apr 39 Dee
6
.6
612
400 Murray Body
7112 7212 7014 723
No par
3 May 8 157 Feb 20
8 67
693* 6714 684 674 6814 654 677 118,903 Nash
8
514
8
Motors Co
*618 83
4 *614
No par 52 Mar 24 7078 Dec 23 19312 Dec 4213 Mar
6.3
4 '614 64 *614 63
Jan 488
4
61.1
614
6
614
700 National Acme etamped___100
Oct
98 8 1003
7
8 10038 10118 10018 1013
5 Nov 30 1278 Jan 9
8 99 1007
414 Mar 125 Dee
8 98, 983 s98
4
984 21,200 National Biscuit
8
*130 132
130 130 *130 132 *13012 13214 13014 13112 .130
25 74 Jan 8 102 Dec 20
65 Apr 79 Dee
4
132
600 Preferred
100 126 Jan 27 13112, Apr 28 123% Mar 1281
4112 4114 4134 4114
4078
2May
4112 4118 4112 4114 4112 4114 413
8! 7,000 Nat Cash Register A WI No par
.20
21
21
213
3712
4 21
21
*204 21
20
20
1912 1912
800 National Cloak & Suit _ _ _100 18 Oct 26 54 Jan 5
66% 663 .6512 67
4
NoV 3
67 67
57 Jan 2
.65
68
8718 •67% 66% 67
- - 2 Dec 54-7; Oat
491700
Preferred
7212 73
723* 73
100
7238 7312 723 733
am Dec 104
4
7212 73% 723* 73
13,500 Nat Dairy Prod tern ctrallo par 5818 Nov 19 9212 Jan 8
Jan
.2612 27
2618 2612 26
26
253 253
4
42
Jan 817 Nov
4 25% 257
8 26
26
1,000 Nat Department Stores No par 53 Apr 14 80 Jan 2
8
*9212 9412 944 9414 *93
24 Oct 25 4238 Jan 7
9412 9312 9312 *93
3512 Jan 45 May
943 *93
4
944
200
181 preferred
2014 2014 20
20
100 893 Oct 15 97 Jan 19
4
1838 197
8 1914 1914 1912 19% .188 193
9(3 Apr 102
4 2,200 Nat Distill Prod ctfs_ __No par 1212May
Jan
.4512 4612 46
46
46
4612 4614 4614 45 8 45% *45
,
295 Dec 4318 Oct
8
4512 1,100
Preferred temp elf.. _No par 3712 Aug 18 34 Jan 4
•
25
26
25
25
2412 243* 2412 2412 *24
25
5212 Jan 81
24% 25
700 Nat Enarn & Stamping_ _ _ 100 2118Jul 2 7318 Jan 4
Oct
*81
83 .81
83
*81
y 14 4012 Jan 2
83 .80
83 .80
83 •
25 Apr 41% Doe
80
83
Preferred
•166 1681 2 16614 168
100 76 July 13 893 Jan 4
16712 16712 166 186 •16512 16612 1643 16512 1,200
4
75 June
4
,
National Lead
11814 1183 *118 119 *118 119
4
100 138 Apr 15 181 Dec 17 13812 Apr 895 Jan
118 118
118 118
11712 11712
500
Preferred
2114 2134 2112 213
100 116 Jan 16 120 May 20 11412 Sept 174% Nov
4 2114 213
4 21
2112 21 18 21,
2 2034 2114 13,903 National Pr & Lt otts_No
119 Sept
.
8212 8312 .8212 8312 83
par
163 Mar 2 383 JIM 21
4
8312 83 83
8
8312 8312 .83
84
700 National Supply
117 117
116 116
50 5512 Jan 4 88 Dec 10
11412 115 .114 116
11514 11514 *115 120
54% Dec
700 National Tea Co
Jan
14% 14%
1412 143
No par 11612 Nov 4 238 Jan 4 201 Dec 71
4 1412 143
41 1412 147
143 15
4
14% 15
15,800 Nevada Consol Copper
250 Dee
40% 41
403 43
4
8June 1
42
5 113
42 I 413* 413* *413 42
1614 Nov f
4
113 Apr 16% Jan
41
4
413
4 3,700 N Y Air Brake
.2114 213
No par 3612 Jan 2 4012Sept 7
4 21
2114 2118 2118, 20% 214 2012 21
3112 Oct 5612 Jan
207
Y Canners
70
70 .
70
75
no 75 1 •70 75 72 72 .68 8 20% 1,800 N Preferred temp etts_No par 2018 Nov 24 8434 Jan 29 3134 Mar 8112 Dee
72
200
n412 36
35
No par 7014 Dec 30 85 Apr 29
35 .3414 35
*34
343 .3412 35
34
4
347
8 1,000 New York Dock
.73
74
74
100 32 Oct 2 45% Feb 5
7412 7314 7314 •73
75
*73
75 •
18 VIWr 45I NO,
73
7412
300
Preferred
.283 29
4
*288
8 29
100 69
29
29 I .283 29 • .28% 29
4
28% 283
5218 Jan 76 Dee
600 Niagara Falls Power pf new_25 274 May 13 77 Dec 30
4
464 463
8 46
4612 46
8 Mar 31
4614 457 4614 453 464 45% 46
291 2 Dec 29
4
275 Oct 29
8
15,500 North American Co
Jan
10 42 Mar 30 67 Jan 14
51
51
4112 Jan 75
50
5018 .50
Oct
5012 5014 5014 5018 503
8 503 503
8
8 1,500 • Preferred
.9612 974 963* 963
4 9714 9712 9712 98
9712 973
465 Jan 5012 Sept
4 9712 9712 1,300 No Amer Edison pref _No 50 49 Jan 2 5214 Aug 31
8
*43
8
43
4
.
Dar 9118518r 31 97 Dec 22
412 43
4 *43* 43
4' .43
8 43
4 •414 45
9412 Dec 9612 Dee
8
4311
. 412
700 Norwalk Tire & Rubber_ _10
•13
14
•13
41g Oct 20 1518 Jan 14
15
.13
15 1 •13
15 .13
15
•13
1212 Sept 1814 Aug
15
Nunnally Co(The)No par 1234 Dec 20
33% 33% *31
33
3314 3314 33
1712 Jan 7
33
3212 3212 33
Jan
8
33
003 011 Well Supply
1812 Nov
1312 133
4 138 13% 135 137
25 30 July 2 3638 Oct 19
8
135 133* 1314 133* 13% 1314 2,600 Omnibus
*
33% Dec 38 Nov
Corp
•
No par
3614 •
373
12 Oct 16 2214 Feb 23
4
373 •
4
373 •_.-- 3734 S
4,
Onyx Hosiery
3734
No par 3114 Feb 2 4512June 29
-19 Jan 30 Dec
-;
5
Preferred
6012 ;Li'28
100 95 Apr 17 118 Nov 4
6134 .P.8
8
7814 Mar 97 Nov
58
6154 ;5§- 613
4
Oppenhelm Collins & CoNo par 47 Jan 12
3112 3112 3112 3112 3112 3112 31 18 6134'.
635
8Sept 29
31
313* 31
41 18 Sept 53 Dec
31
31
2,900 Orpheum Circuit, Ino
.
103
*103 105 *103 106 ,•103 105 *103 105
1 2712 Mar 25 3318 Nov 29
2534 Jan 327 July
*103 105
8
Preferred
13018 13012 12812 12812 1293 13012 1297
100 101 Jan 13 105 Apr 21
4
8 130
1293 130
4
98
129 130
Jan 107 Sept
3,309 Otis Elevator
10912 10912 10912 110
.
50 106 May 20 136 1)ec 13
110 11018 *11012 111 *11012 111
87% Feb 140% Aug
1103 111
8
90
Preferred
8
8
778 7%
100 1023 Jan 13 10912 Aug 30 101
4
778 8
8
8
8
818
Feb 112 July
8 4 812 3,100 Otis Steel
,
•63
69 •
63
No pa
69
8 Oct 18 1412 Jan 19
63
63
*63
69 .84
69
8 Mar 1514 Aug
*
65
69
100
Prior pref
78
78
7818 7814 78
100 83 Nov 3 74 Sept 22
78
78
78
78
7814 78
784 2,000 Owens Bottle
.
5212 54 .5212 54
2
533 Mar 29 90% Dec 14
*5212 54
4
.5212 54
*5212 54
*5212 54
W688
Outlet Co
•I05
'104'106
_
No pa
44 May 19 5514 Dee 31
'106
.101
49% Nov 57 Not
_
-----Preferred
•I29 12912 12814 1-2834 12812
100 9712 Apr 1 10712 Dee 30
4.12834 129 - 129 1- .106
98 Nov 1007 Deo
29
,
750 Pacific Gas &
1%
17
14
118 Mar 31 1337 Sept 21 10212 Jan
13
4 *13
17g
4
8
nz 13
I%
13
4
13718 Nov
13
4
13
4 4,400 Pacific Oil
35% 3614 3538 3618 357 36 4
35% 36
No pa
n1 May 13 831s Feb 13
8
353 361s 3518 35% 9,000
51% Aug 7812 Dee
4
113 11 4 113 117
4
4
,
1
8
113* 1134
313 Mar 31 4514July 7
4
1112 11 12 114 11 12 1114 11 14 2.500 Packard Motor Car
15
Jan 4812 Nov
Paige Det Motor Car __No Da
82
62% *6212 6312 6212 6212 62
9 Nov 19 2812 Jan 4
623* 623 63
4
17% May 32
Oct
"633 .6312 6.400 Pan-Amer Petr & Traria_ __50 561s Mar 31 7612 Jan 2
623 627
8
5912 Sept 83% Mar
8 8212 633
4 8212 6314 6212 63
6238 6318 63
63, 19,90131 Class B
2
367 367 2367 3712 37
2
8
50 567 Mar 31 7838 Jan 4
8
37
37
37
6018 Aug 84% Ma!
37
37 5
8 35% 3718 3,800 Pan-Am Weet Petrol
1412 1412 143 15
3(1 Oct 13 46 Jan 2
4
B_No Pa
15
1512 15
15
3714 Oct 49% Dec
1518 1618 153 16
4
4,200 Panhandle Prod & Ref_No pa
.6814 75 .6414 65 .68
412 Jan 21 32 June 17
76
*6814 75 .6814 75 .6814 75
214 Aug
6% Dee
Preferred
.21
24
.2018 23
100 51 Jan 19 993
*2018 23
8June 16
.2118 23
37
*2018 24 .
Oct 6012 Doe
204 23
"art & Tliford tern ctfe_No pa
6
6
618 63
, 614 612
185 Oct 23 2818 Jan 4
8
63* 614
26 Sept 3512 Jan
614 6%
6% 6%
5,900 Park Utah C 51
4014 4012 s3958 393
1
4 40
54Sent 30
40
812 Feb 5
39
39
387 387
8
3912 3912 1,900 Pathe Exchange A ____No pa
.2112 22
22
22
3214 Nov 30 83 Jan 7 'kr Nov
.2112 217 *21 12 2138 .
8
2112 213 *2112 212
164 Oct
*1112 14
4
500 Penick & Ford
4
.1112 14
No pa
1678 Jan 28 24 Dec 1
*1112 14
*12
13
12
17 Dec 28 Apr
12
.12
13
300 Penn Coal & Coke
%
50
84
3
4
54
7 Aug 6 19 Oct 26
3
4
5
8
34
12% Apr 26% Jan
%
7
8
3
4
7 11,300 Penn-Seaboard St'l vtc No Da
8
•1274 12714 12712 12712 12712 12712 *12712 129 8
38 Oct
214 Jan 4
12712 12712 126 127
1
Aug
3 Jan
1,000 People's 0 L & C (Chic)_100 117 Jan 26
•87
89
8618 87
87 87
4 131 Dec 8 112
8612 8612 8612 861 2 •
Jan 123
85
8612
Oct
700 Philadelphia Co (Pittsb)
*493 50, *5014 5012 .50
4
2
50 5912 Mar 2 91 Dec 13
5012 .50
5012 .50
5112 Mar 6714 Dee
5014 5012
50 2 .
,
8% preferred
4412 .44% 4434 4514 4414 45
50 45 Oct 11 5114July 7
4312 4414 4312 4412 4318 44
4512 Jan 49 July
14,400 PhIla & Read C & 1___No pa
*44
4514 *44
45 4 4312 4312 4314 4314 *43
3
3614 Apr 14 4838 Feb 13
3734 May 524 Jan
45 .423 44
4
200
Certificates of Int___No pa
*47
56
*47
56
.47
363
4June 14 4612 Jan 11
56
•47
56
*47
56 .
38 July 5012 Jan
47
56.
Phillips-Jones Corp____No pa
40% 3914 41 , 383 4014 3g
40
1
45 Dee 11 5554 Jan 29
4
. 383
4 38
384 373 38
51 Nov 9018 Jan
4
11,300 Phillip Morris & Co, Ltd _ _
5614 56 2 5613 57.,, 564 57
,
5614 57
5654 573
123 Mar 2514 Sept
563 57 4 81,900 PhIllipe Petroleum ____No 10 16 Apr 3 41 Dec 6
4
4
,
43 4 44 .4312 41
3
pa
4312 4312 .43
40 Mar 30 573 Dec 13
4312 4312 4310 43
8
3614 Mar 4712 June
43%
900 Phoenix Hosiery
.103 10412 .103 104:2 103 103 .103
5 31 Mar 30 4111 Nov 2i
10412 .1033* 1043* 10312 10412
.
18 Apr 4214 July
100
Preferred
22 2212 22
2212 22
100 94 Mar 25 103 Oct 28
223
8 22
223
8 215 22,
8
84
Apr 99 Dee
4 2012 21,2 11,400 Pierce-Arrow Mot Car No
.98 100
98
993 *973 9912 98
pa
4
19 May 15 4312 Jan 9
99
9712 973* 95
107 Mar 47% Oat
,
97,
8 2,500
34
34
Preferred
*53
100 7812 Apr 15 12714 Aug 19
34
NI
5
s
5
6
5s
43 Mar 100 Nov
3
4
3
3
4
4
3
4 2,900 Pierce 011 Corporation
25
12 Oct 1
17 Jan 30
8
*15
1634 163 .16
16
114 Nov
4
17
312 Feb
*15
17
17
17
*17
19
300
Preferred
312 312
33 3lz
8
338 33*
3,
2014 Dec 40 Feb
33
2 353
4 3%
312 3% 11.400 Pierce Petrol'm tern ctfallo 100 1118 Nov 15 2718 Jan 30
34 .34
34
337 34
36
pa
214 Aug 26
34
7 Jan 30
34
35
412 Dec
3514 353 353
814 Feb
1,100 Pittsburgh Coal of Pa
4
4
74
74
*73
100 29 June 9 4212 Jan 6
75
74
74
.73
7412 *73
3714 May 5412 Jan
7412 7314 74
• 600
Preferred
.
100 102 .100 102 •100 102 .100 102 •100
100 70 June 21 85 Jan 6
80 May 99
102 .
100 102
Jan
Pittsburg!) Steel pre!
•40
43% .40
100 94 Mar 29 101 18 Dec 29
43 .40
437 •40
437 .40
94 Mar 10212 Jan
43 .
40
43
Pitts Term Coal
.8212 88
*8212 88
100 39 Oct 5 63% Jan 9
•8214 88
*8214 88 .
30 Apr 63 4 Jan
83
88
3
Preferred
984 9812 973 983
100 8012 Oct 7 9214 Feb 5
4
4 973 9812 9712 9734 99 10012 .8214 88
79 July 88% Nov
10012 1023 32,400 Post'm Cer Co Inc new_No pa
4
.
3912 41
.3912 4012 3914 3912 38
7512 Mar 30 1247 Feb 3
8
38
*36
645 Nov 121 Dec
8
39
3812 4218 7,400 pressed Steel Car new
80 .
.78
100 3418May 19 44 Nov 27
78
80
79
79
.77
80
•77
80
80
81%
500
Preferred
17
17
100 7712 Dec 30 963 Jan 7
17
177 •16
8
17
4
•17
1712 17% 183
8
W1- July 9218 Jan
1814 18% 4,500 Producers dr Refiners Corp.60 11
4
*385 37
8
3718 3718 .367 38
Mar 29 20% Oct 29
.367 38
8
1212 Aug 32% Feb
.367 38
8
.367 38
8
Preferred
100
32
3214 3214 3212 323 3212 3238 32
50 303
4May 11 41% Oct 29
8
27 Sept 47% Feb
,
2 32% 3212 323 3212 15,500 PubServCorp of NJ new
8
*99 10014 •99
9912 *9914 9912 9912 9912 •
3114 Oct 29 3332 Nov 2:
No Da
99 10014 99
09
200 6% preferred
1087 108% 109 109
8
100 9612 Apr 7 101 Oct 1
109 109
108% 109
110 110 •110 III
7% preferred
700
100 10318 Jan 12 110 Nov 13
-- 125 125
125 125
125 125 •125 1251s 125 125
90 - -hin 100 No,
400 8% preferred
.125-10218 10214 1023 1023 10214 1023 10214
8
100 116 Mar 2 1243 Nov
8
8
4
8
10214 .10214
s
Oct
1,000 Pub Serv Elec & Gas pfd.100 97 Jan 22 10418Sep 17 1085 Apr 119
.114 116 •114 116 *114 115 *114 115 *114 1023 10238 102%
t
9212 May 10018 Dec
115 .114 115
Pub Service Eleo Pr pref _100 106 Jan 18 114 Aug 27
186 18612 1853 1867 18514 186
4
8
185 1863* 18518 1863 18418 18512 12,200 Pullman
5
99
Jan
Oct
8
Company
44% 453
100 14514 Mar 31 19912Sept 16 120 Mar 108
8 45
4512 4418 45
4412 453
8 4418 45
17312 soot
44
44,8 5,000 Punta Alegre Sugar
60 33 Apr 14 4914 Dec 13
2712 27 4 2712 274 2712 273
,
4 2738 28
33
2814 29
4714 Jan
29% 29% 76,400 Pure 011 (The)
111 113 •112 113
25 2514 Oct 20 31 Jan 4 2512 July 33% Feb
.
1113 11138 11 13* 1113* •l1112 1121
8
Aug
2 *1113 116
4
300
8% preferred
loo 106 Apr 14 1123
52
51% 52
541
5212 5313 5053 5218 5114 52,
4June 25 10212 Jan 108% Sept
4 5012 5112 36,000 Radio Corp of Amer___No pa
32 Mar 30 615 Nov 10
8
3914 Nov 7772 Jan
5012 51
5112 5112 52
52
5112 5212 52
52
515 5158
8
1,600
Preferred
*4014 42
•407 42
50 445 Mar 31 53% Dec 2(1
8
4014 4014 *3934 41 .
8
45 Dec 54 Feb
40
41
*3912 41
20 Rand Minim, Ltd
No par 323 Apr 30 4134 Oct 1
15
•1512 1514 15
4
15
15
.147 1514 16
2
333 Nov 39% Aug
4
1514
1514 1514
700 Ray Consolidated Copper.
.10 10% Mar 3 153 Nov 8
40
4018 4018 40
40
40 .3812 39
4
113s Apr 173 Feb
40
40
8
•3812 40
500 Reid Ice Cream
No par 39 4 Dec 28 58 Jan 4
9
9
*812 9
*812 9
3
.812 9
43
Oct 6014 Dec
*812 9
812 812
300 Refs (Robt) & Co
j164 117
No par
11514 11612 11412 11612 11212 11412 11414 117
712July 24 1834 Feb 23
10 May 28% July
11514 1153 19,100 Remington Ty pewriter_ __ _100
4
*112 113 *112 115 *112 115 .112 115 .112 115
8312 Apr 20 127 Feb 3
4634 Jan 117%
11212 11212
20
7% let preferred
.112 115 .112 115
100 106 Apr 21 118 Oct 1 100 Jan 109% Dee
115 115
115 115 •112 115 •112 11212
20
8% 26 preferred
127 1312 127 1312 127 13 4
100 106 Apr 1 11514 Aug 27 103 Sept 11312 Oct
8
2
1212 13
8
,
123 13,8
4
1212 123 35,900 Replogle Steel
Apr
4
NO Par
8 Oct 27 15% Jan 4
,
5714 58% 584 58 2 58% 60% BO
61,
125 June 2314 Jan
4 613 63% 61 12 63
8
4
39,600 Republic Iron & Steel
100 44 May 10 635 Jan 7
9714 97% 9712 97% 98
" 964 97
8
9812 983 9914 9912 99%
4218 Apr 64% Jan
8
1.800
Preferred
43
100 9114 Mar 30 99 Sept 15
438 434
4% 4%
FT,
412
4% 43
8
8414 July 95
4% 43
4
4% 4% 2,100 Reynolds Spring
Jan
No par
414 Oct
120 12014 11958 12014 120 120
120 1207 11912 12018 12212 124
8
8
8 July
18
Jan
19,500 Reynolds (ft.)) Tob Class 13 25 90 Mar 29 105 Jan 5
*78
7812 .76
7614 .77
78 2 76
,
30 1217 Nov 19
7812 74
8
7212 Mar 953 Nov
75% *75
4
76,
8
530 Rosela Insurance Co
25 7618 Dec 28 100 Jan 20
52% 5314 523 53% 52% 5314 ..52
534 533
4
4 533 537
4
85 June 9712 Feb
52,2 4.500 Royal Dutch Co(NY aharee)_
4
41 12 413
.4112 42
475* Oct 21 573 Jen 9
4 413 41% 4112 413
4 4l7 41% 4112 417
8
4814 Mar 57% Jan
8
8 2,700 St Joseph Lead
10 3638May 11 4818 Feb 10
5312 .5312 534 55
5412 54% 543 55
53
53
35 4 July 52% May
4
3
543 54% 6,100 Safety Cable
4
No par 4218 Mar 31 5511 Nov 10
81
•67
69,2 •69
6912 .69
.69
70 .
69
48 Dec 50% Dec
70
69
69
100 Savage Arme Corporation_ 100 6714 Nov
54 34
314 33
2
3% 3 2
3
30 10211 Feb 10
,
34 33
4
4812 July 108% Mar
3%
312
3 2 3 2 7.800 Seneca Copper
,
,
No par
57
573 58
5712 5612 57
4
1
°57 4 60
212 Dec 31 1014 Jan 4
5612 58
9 Nov
57
11 Nov
573
4 2,300 Shubert Theatre Corp_No par
49
48 4 48% 4814 48% 4812 49
49
5112 Dec 551k
,
4
483 49
,JUlY 28
4814 48% 7,800 Schulte Retail Stores_ No par 52 Mar 4 703
4212 Mar 30 1381 Jan 23 1013 Sept 134% Dec
:
4
'1183 1183 .118 1183 *118 11834 118 118 .117 120 .117 11814
4
4
Dec
Preferred
100
100 11212 Jan 6 120 Sept 9 110
13% .1314 13% •13
•1314 13% 1314 133* •I3
Jan 118 Aug
1314
134 13 4
200 Sammy e Corp
,
No par
1212 M*r 3 1434 Mar 12
1314 Nov 163 Jun
4
Drives; no sales on this day. x Ex-allrldeud•
•Bid and asked
a Ex-rights. V Ex-dividend one share of Standard 011 of
California new
Saturday,
Jan. 8.
------
353
New York Stock Record-Continued--Page 6
For sales during the week of stocks usually inactive. see sixth page preceding
-PER SHARE, NOT PER CENT.
HIGH AND LOW SALE PRICES
Saturday,
Jan. 8.
Monday,
Jan. 10.
Tuesday,
Jan. 11.
Wednesday, Thursday,
Jan. 13. 1
Jan. 12.
Friday,
Jan. 14.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Jo, pea- 1926
-share lots
On basis of 100
Lowest
Highest
PER SHARE
Range for Previosse
Year 1925
Lowest
Highest
per share $ per share
per sitars
per share $ per share $ per share S per share $ Per share $ per share Shares. Indus. & !MaceII. (Con.) Par g per share
12,400 Sears.Roebuck & Co newNopar 444 Mar 29 5838Sept 7
5218 5258 52
523
8 5212 5318 x.514 52
5218 5212 5212 53
,
8
47 Mar 30 895 Jan 4 "i61- Mar 92 .hUi
58
4
5612 5712 *563 5712 5612 5612 1,2001Shatuck (F 0)__.. __ __No par
58
5818 5818 577 577
3912 Sept 49 Dec
209151iel1 Transport dt Trading £2 4012J3l3' 26 4838 Jan 4
.
*4618 47% *4614 47% *4612 4712 *4614 4712
• *464 46% 46% 47
2158 Aug 281s Dee
No par 24 Mar 3 31 Nov 23
s 2914 293 21,900 Shell Union 011
4
2914 2914 294 2912 294 2938 2918 2912 2918 297
9912 Jan 10014 Nov
100 103 Mar 3 114 July 2
300 Preferred
*10818 10812 10812 10812 108% 108% 10814 10814 *108 10812 *108 10812
8
173 Sept 263 Jan
4
4
10 1518 Aug 18 285 Jan 2
4
8 2038 207
8 203 214
1934 2018 203 2019 2012 207
8
8 35,400 Simms Petroleum
3114 Mar 54% Nov
No par 2858 Oct 15 5412 Jan 4
357 36
353 36
4
3512 353
4 9,090 Simmons Co
3514 36
358 36% 35% 36
1,060 Preferred
100 10512 Nov 10 10912Ju1y 2 1004 „Tao 10818 Dec
10912 10912 *1084 109 *10812 109
*10714 1081 10712 10712 10812 109
17
Jan 247 Feb
8
8
4
193 19% 193 2018 20
2012 204 2053 54,300 Sinclair Cons 011 Coro_No par 183 Oct 19 247 Feb 23
4
4
1938 20
193 20
4
783 Jan 9418 Feb
4
9812 9812
400 Preferred
100 90 Mar 30 9912June 24
9812 *9712 9812 0712 97,
*97
981 *97
2 9714 98
213 Mar 3212 Nov
4
8
4
8
25 285 Mar 30 3718June 28
8
4
353 358 353 3614 353 3618 357 3613 357 364 353 364 55,303 Skelly Oil Co
4
8014 Mar 1434 Dec
129 129
2,800 Sloss-Sheffield Steel & Iron 100 103 Apr 12 14213 Aug 10
130 130
13014 13112 13012 1311 2 *130 131 *127 129
Jan 1091g Dee
62
167 17012 164 16612 9,500 South Porto Rico Sugar__ _100 92 Apr 15 16912 Dec 14
167 171
16912 17314 168 16914 16814 171
993 Jan 1134 Dee
4
120 120
120 120 *120 12212
100 Preferred
100 110 Oct 8 121 Dec 24
*120 12212 *120 12212 *120 122
323 32% 323 33
4
33
3414 33% 3414 17,300 Southern Calif Edison
25 30 Dec 23 33 July 19
33
4
33
32% 33
443 45
4
44
4,100 Southern Dairies cl A_No par 41 Oct 27 5512July 17
45
454 4514 453 x44
4412 4412 *4412 45
4
12
1912 193 195
1914
19
19
6,300 Class 13
No par 17 Oct 20 353 Mar 11
8
8 19
1918 193
4
1914 1912 19
-11111- 115- ; 24 May
8 O
4
*103 14
4
*1212 14
No par 10 Dec 2 173 Feb 19
•12
14
Spear & Co
*1212 14
•103 133 *103 133
4
4
4
4
7814 Dec 92 May
. 100 Preferred
100 72 Apr 20 8212 Jan 13
80
*77
80
79
*77
79
*76
*76
1512 Feb
3678 Sept
4
No pan i 183 Apr 191 3138 Feb 5
8
223 2318 2212 2212 4,400 Spicer Mfg Co
4
231
, 227 2314 23
23
227 2318 23
8
92
Apr 108 July
100 101 Jan 12' 10714 Dec 24
100 Preferred
106 .106 *10414 107'4'104'2 1108 *10414.106 *10414 106
•10412 108
Oct
4014 Jan 61
8 5512 553
5514 12,400 Standard Gas ct El Co_No par Si Mar 21 69 Feb 8
55% 55% 5514 5512 5518 557
4 554 5539 55
8912 mar 5812 Noy
4
Preferred
50 533 Mar 30 5738 Feb 9
2,60
573 5814 577 577
4
5712 577
5714 5712 5714 5752 5712 58
02 May 88 Dec
Standard Milling
100 6718 Oct 20 924 Feb 4
7112 71
71
71
71
704 703
800
71
713 *71
4
4
*7112 72
81
Jan 86% Dee
100 80 Mar 2 90 Feb 5
8612 8612 8612 8612
109 Preferred
87
*8514 86
86
86
*85
.85
87
-- _585 59
8
16,400 Standard Oil of Cal new.No par 52581%lay 14 635sSept 8
583 59
4
8 5818 5814 5814 587
58% 583
4 5814 587
7 3818 38
38, Mar 171- Feb
8
-s
2
373 3814 37
4
37% 38
:3839 3812 3912 393 393 123,600 Standard 011 of New Jersey _25 373 Dec 10 4638 Jan 2
4
4
100 115 Nov 29 11918May 18 11614 July 110 Feb
4
4
8
4
8
115%1M% 1153 115% 1153 115% 1153 1157 1153 1157 1157 115% 8,277 Pref non-voting
53 Aug
8
16
Jan
311 Nov 15 107 Feb 10
3
35
9
314 31
3,909 Stand Plate Glass Co__No par
3% 35
8
312 33
4
*3% 3%
3,2 3 2
,
6214 Mar 82 Dec
No par 75 Mar 27 9614 Nov 29
95
9614 9614 961
, 9514 96
79414 943
9412 943 95
4
94
4 3.100 Sterling Products
55 Mar 9612 Dee
8
65% 65 653
654 '647 6514 *65
8
66
66% 65
8 3,700 Stewart-Warn Sp Corp_ No par 61 Nov 4 927 Jan 2
663 07
4
61 Mar 895 Oot
8
5018 5012 *50
4
*5012 51
50% 51
5012 1,100 Stromberg Carburetor_No par 473 Dec 31 7714 Jan 4
501 51
.
8
507 51
4114 Jan 685 Nov
8
8 5414 55
53'4 54 2 5314 54
43,400 Studeb'rCorp(The) new No par 47 May 18 62 Sept 15
56
8 5412 553
56,2 5512 56,
100 11412 Feb 23 12212June 23 112 Mar 125 Sept
*11912 123 *11912 123 *11912 12214 *11912 12214 •1194 12214
Preferred
•120 123
33 40,200 Submarine Boat
3
Oct 12 Mar
3l
33 Feb 21
4
112Ju1y 27
314
No par
312 3 4
3
353 312
3
4 334
358
34 33
4
3818 Nov 437 Nov
8
32
32
32
32
324 3212 33
33
No par 3018 Mar 30 415 Jan 4
32
313 32
4
2.600 Sun 011
32
514 Dec 11
2 Dec
1318 Feb
1 July 29
4% 5
4% 5
No par
43
4 5
4% 5, 14,000 Superior Oil
4 5
43
4 4%
43
20 May 413* Jan
8Sent 7
100 1912 Apr 12 347
243 243
4
24
244 *24
*24
26
4 24
24
25
•24
26
800 Superior Steel
8Sent 13
57 Mar 1512 Oct
g
8
8
*115 12
8
50
838 Apr 13 175
*115 1212 *115 1212 *113 12 2 *115 12
8
•115 13
8
4
Sweets Co of America
,
1011 Jan 207a Sept
4 Nov 8 1412 Jan 4
5% 53
4
6
6
5% 53
4 *53
4 6
400 Symington temp ctfs__No par
*53
4 6
*53
4 6
1934 Dec 2618 Sept
8
52
14
*13
13
4
1212 1212 1218 133
8
•1318 14
13
*123 13
700 Class A temp ctfs__No par i 10 Oct 20 207 Feb 4
11 Aug
1614 Nov
•1112 1212 *1112 1212
Corp____No part 11 Apr 5 141e Jan 19
12
115 11% *1112 1212 *11 12 12,
8
200 Telautograph
12
2
758 Apr 16 Dec
Dec 10 16 Feb 5
125 1314 123 1318 43,400 Tenn Copp & C
8
4
No par 10%
1114 115
8 1114 1212 113 13
4
107 115
8
8
4234 Jan 55 Dee
25 48 Mar 30 58 Aug 31
5714 5712 5712 5714 5712 9,200 Texas Company (The)
5614 5612 5614 567s .5612 57
57
8
523
4 52
5212 51, 5218 5012 513 100,100 Texas Gulf Sulphur new No pa' 39 Oct 25 52% Nov 29
2
5018 503
4 50 8 5214 52
107 Aug
8
4
8 157 1618 1512 16
8
1512 163
8 16
1658 153 1618 20,100 Texas Pacific Coal & OIL__ AO 12 Oct 25 194 Jan 7
1538 157
Apr 657 Dec
125 Texas Pacific Land Trust,_100 510 Mar 19 2040 Dec 23 255
1990 2010 2000 2000 1938 1938 1927 1950 1920 1995 *1900 1925
8
324 Sept 30 het
2712 273
No par 26% Dec 31 34 Jan 14
8 2414 26
4 3,500 The Fair
263 27
4
2412 26
268 26% 2612 265
25 4214May 7 5012Sept 16
4734 48
*48
48
*473 483 *4712 4814
4
8
1,000 Thompson (2 II) Co
4712 48
4814 48
10
1
4
100 27 Nov 29 3914 Jan 25 - ;Sept 367 Dec
2918 *287 29
28
28
2814 2858 29
8
Tide Water Oil
*2712 2812
2812 29
13,300
99 Nov 101
Oat
8914
100 8714 Nov 4 103 Jan 25
_
*89
90
883 883 *8912 90
4
900 Preferred
*89
90
4
*887 8914 89
8
85% Nov 16
371 Mar 593 Oct
4
8
8218 807 813 .8012 8114 8012 815
8014 81 • 13.600 Timken Roller Bearing _No par 4418 Mar
804 8212 81
8
4
Jan 1013 Noy
4
11653 Sept 22
70
109 10917 10838 10914 10812 109
10814 109
10814 1093 24,900 Tcbacco Products Corp_..100 9514 Apr 1
4
10838 110
8Sept 21
8
100 103 Mar
1183
931g Jan 1103 Nov
*11418 115
115 115
11434 115
115 115
1,600 Class A
1143 11514 *11414 115
4
512July 9
312 Sept
3 Mar
5% Ma,
414 41,
,
438 412 • 414
458 438
412
453 412 18,900 Transc't'l 011 temctf newNopar
453 4'2
1512
2412 Sept 35
Jan
*15
157 •15
8
157 *15
8
1512 *15
Transue & Williams St'l No par 16 Aug 28 27 Jan 28
157 *15
16
•25
63 4 Jan 7
3
3818 Mar 0514 No
47
47
47
47
4612 464 46
47
4614 4612 4612 47
1,325 Underwriter Ty pewriter__25 4314 Nov 1
Apr 86
36
Oct
43 43
*42
44
*42
4312 *42
43
4214 4214 4212 4212
600 Union Bag & Paper Corp_ 100 35 May 21 7114 Jan 5
3
103 10412 10314 10438 1017g 10318 1025 1037 10212 10318 10118 1027 26,800 Union Carbide dt Carb_No par 774 Mar 2 100 4 Dec 31
8
8
8
Oct 438, Feb
33
25 3714 Jan 20 583g Sept 23
5514 55'2 557 5612 5512 56
x545 55
8
Union 011 California
8
14.800
553 5614 553 563
4
4
94 Dec 134 June
100 8414 Mar 31 12038 Oct 1
Union Tank Car
_
100 11314May 22 118 July 12 11314 June 117', May
_
------ Preferred
24 May 36 t Mar
7
United Alloy Steel_ _ --NO Dar 2512 Jan 21 357g July15
60 4 Jan 11512 Noy
,
25 8318 Feb 4 10934 Aug 17
08
66738 -56i4 --612 -56- 2
if; -:666 United Cigar Stores
9838 97'2 9813 96, 97
100 1147 Mar 4 125 June 30 115 Dec 13314 as
g
20 Preferred
*12214 135 *130 135 126 126 •126 132 *127 135 *127 135
e
100 134 Mar 30 174 Dec 24 1107 Feb 16212 Oct
5,400 United Drug
1685 169
8
169 17114 169 170
168 16912 167 169 I 166 168
Jan 5811 Nov
62
50 554 Mar 5 59 July 8
1st Preferred
59
59
59
59
*59
60
597 60
60
60
z5912 5912 1,100
No par 98 Apr 15 126 Nov 2r3
--11714 11714 11714 118 *11714 118
11712 11812 117 11712 115 1163
8 3,200 United Fruit new
1814 Apr 3312 Dee
100 17 Dec 30 3812Mar 2
United Paperboard
•17
18
18
*17
18
*17
18
*17
1812 *1712 1812 .17
9478 Dec 10312 Oct
200 Universal Pictures 1st pfd. 100 90 Mar 8 98'2 Dec 17
*994 10112 *98 10112 *9818 10112 *9818 10012 *98, 99,
8
8 98
9914
26 Dec 5072 Feb
315* 2914 307
30
3114 301g 31
51,800 Universal Pipe & Rad__ No par 1358 Mar 31 34 2 Dec 30
31
32
301 3112 30
Feb
100 52 Mar 30 9012 Dec 30
65 July 94
87
88
8812 8812 *85
87
1,100 Preferred
88
883 *8714 8758 8712 90
4
Feb
8
219 224
21,800 US Cast Iron Pipe & FdY-100 150 May 19 24812 Aug 3 13114 Apr 250
8
2181g 2193 2173 2243 223 226
4
4
21914 2205 218 221
91 July 113 Aug
100 10014 Mar 8 118 Dec 22
115 115 *112 115 *11212 1147 *11212 115 *11212 115
8
100 Preferred
•109 114
3018 Feb 6314 Dec
8
8 583 60
4
55
577 28,000 US Distrib Corp tern ctf No Par 39 Mar 30 Oils Feb 13
583 595
8
8 5814 6018 595 607
5812 59
8
23
Jan 4918 Oct
56
55
56
1,400 US Hoff Mach Corp vtcNo pat 457 Jan 2 6938 Feb 4
56
56
553 5534 *553 56
4
2
5512 553
4 56
8
7014 Dec 98
Oot
100 453 Mar 30 8412 Dec 8
4
8 7912 81 14 793 807 x7814 79, 30,100 U S Industrial Alcohol
4
8018 805
8 7912 81353 793 813
s
8
4
8
100 994 Apr 22 1147 Nov 8 102 Dec 115 June
1087g 1087 109 109 *10812 1093
•10814 109 *1083 109 *10814 109
200 Preferred
8 64
6514 6412 65
6414 64% 64 6412 6414 641 11,500 US Realty & Impt new.No par 4818 Mar 29 71% Jan 4
63% 643
33l Mar 971 Nov
8814 Jan 23
603 6212 61 1g 62
8
6014 6114 603 615
8
8 595 60
100 5014May 1
6012 61
34,000 United States Rubber
92% Ma 1087 Nov
o
8
10912 10912 1093 1093 10912 110
4
4
1093 1097 1095 110
4
8
1093 1093
4
100 10112 Mar 30 109 Jan 19
1,800
let Preferred
30
Feb 51
Dee
3418 35
35
35
3412 347
335 3412 333 34
34
34
4,200 US Smelting, Ref & MIn___50 30 Oct 23 49% Jan 2
44
*4018 47
*43318 47
*4614 47
46
4614 46
50 42 Oct 26 50 Jan 4
AD
494 Der
46
46
46
500 Preferred
15718 158
157% 15914 15738 15914 15718 1583 1573 15914 1 565* 1581 287.700 United States Steel Corp.. 100 117 Apr 15 16012 Dec 17 11211s Ma 1394 Nov
4
4
130 130
8
1303 Dec 29 12218 May 12652 Jam
4
13018 13018 130 13014 130 1303 13018 13014 13018 130.5* 2,000 Preferred
100 12412 Mar
70
70
*68
70
*68
69% •68
69%
67 Dec 30
514 Ma
•66
68
68
68
5612 Jan
No pa
5914 Nor
100 U S Tobacco
*12212 125 *123 125 *123 125 *123 125 *123 125
123 123
100 112 Mar 19 123 Dec 2 105% AD 114 Bent
300 Preferred
*11312 115 *11312 115 *11312 11412 *11312 114% 11312 11312 *11312 1143
10 93 Apr 1 116 Nov 13
82 Mar 111 Nov
100 Utah Copper
4
-6614
27
27
27
383 3834 *39
4
8 49
4812 497
27
40
51
2712 2712 2814 281
*385 40
8
*3812 40
5012 5112 51 18 511
2814 28 4 2,300 Utilities Pow & Lt A-No Par
,
*385 3834
8
No pa
100 Vanadium Corp
25018 517 18,500 Vick Chemical
8
No pa
Virginia-Caro Chem
No pa
.978 1012 ---6_0
61No pima
10 -1- - ;16- -1- 2 97 97 *97 -16
";157, 10
.
0 New
No
3513 ;34- 3514
034l
100
4
-311- -W 35 3438 5514
700 6% pref WI
*86
87
*86
87 ,
86
*86
87
87
7% pre Wi
100
*86
87
*86
87
50
50
*47
*47
50
*47
50
50
*47
Virginia Iron Coal & Coke,100
60
*47
*47
8 3412 343
4 3414 3412 6,300 Vivaudou (V) new____No pa
343 345
8
343 345
8
4
8 347 3518 343 347
8
4
4
1077g 1077g
100
13105 108 *106 108 *1063 107% •1063 1073 *105 108
4
100 Preferred
4
223 23
4
227 23
8
4 223 23
4
2,909 Waldorf System
N p:
2212 223
8 223 223
4 227 227
8
18
8
8
8 183 1853 18, 1814
18
183 187
4
1,000 Walworth Co ctfs
No
*187 1914 *187s 19
8
Ward Baking Class A__No pa
*10612 120 *10612 120 *10612 120 *10612 120 *10612 120 •105 120
31
32
31
31
31
31
31
13,300 Class B
31
No pa
3012 303
4 303 31
4
8
91 12 913 914 *91
913
4
300 Preferred (100)
913
4 9112 9112 'Si
No pa
*91
913 *91
4
8 4012 41 18 4012 41
4
4 4058 415
25,400 Warner Bros Pictures A__ _1
425 4318 4114 427g 403 413
8
67
05
68
*65
6518
*66
68
503 Warren Bros
No pa
673 684 *65
4
*6612 68
4
4
4
58
573 573 *5718 573 *5718 5712
58
900 Weber & Helibr, new e_No pa
57
57
57
58
1443 145
4
1,009 Western Union Telegraph_10
147 1471 148 148 *14612 14712 146 146
14412 145
4
135 1374 1353 136
8,600 Westinghouse Air Brake_ -_5
135 13512 1344 136
136 13614 13514 136
6938 69% 8914 6912 14,900 Westinghouse Elec & Mfg__5
8
8 695 70
685 6914 694 7058 694 703
8
155 *1518 154 *15
8
1512
800 Weston Eleo Instrument
1512 l5'z 1512 1512 *15
15
1512
3178 *31
*31
32
*31
313
32
4
Class A
32
*31
4131
*30
32
993 993
8
8 99% 100
9912 100
850 West Penn Elec cl A vtf No par
*99 100
9918 9918 *9812 100
103 103
106 100
193 Preferred
100
10212 102,2 *102 10214 10212 1021 *10212 100
114 *11014 112
4
4
290 West Penn Power pref
100
4
*113 1133 113 113 *113 1133 *1123 1133 112%
4
263 27
4
263 263
4
27
26
4 3.800 White Eagle Oil
No par
25% 26
254 254 254 20
563
4 5512 56
8.600 White Motor
50
5612 564 5612 57
5014 56% 5614 564 56
28% 2812 4,600 White Rock Min Sp ctf_No par
8
27
8 2818 285 *2712 281 *2712 28
275
8 2712 283
3
4
3
4
7
8 2,200 Wickwire Spencer Steel ctf _
3
4
7
7
8
"4
*3
4
14
34
*3
4
7
8
21% 22% 86,100 Willys-Overland (The)
2212 233
233
8
, 23
2252 2312 2314 2878 2314 237
5
9312 93
93
*93
9212 94
2,200 Preferred
95
*90
91
91
100
91
91
13
1212 123
13
131
4 2,200 Wilson & Co. Int). new_No par
1312 *1314 1312 1318 1314 13
*13
29
2814 30
29
2918 291
3,800
Class A
3018 3018 3014 3014 2912 30
No par
76% 78% 3,100 Preferred
7814 79
795 797
8
797 8012 791g 8013 7814 79
8
100
8
180 181
17812 18012 176 180
17538 1783 17814 179% 177 1783 26.400 Woolworth Co (F W)
25
22
23
22
227 *22
1,200 Worthington P.& M
2312 *22
235 235
8
2312 2312 23
100
49
*47
49
*47
49
*47
100 Preferred A
*47
49
*48
4812 48
48
100
41
.41
41
43
421
400 Preferred B
42
42
4212 4212 *4112 4212 *41
100
313 323
4
8
8 5,000 Wright Aeronautleal___No par
323 33
3212 33
3314 3414 33
33
333
4 33
51
5112 *50% 5212
400 Wrigley (Wm Jr)
•5112 52
55l12 52
5112 5112 *513 511
8
No par
7012 7012 *70
72
800 Yale & Towne
7014 7014 4
7113 71 18 7112 721
70
72
25
281
273 138,000 Yellow Truck & Coach__100
8
263 2712 25
4
8 27
2814 283
4 285 2914 2814 287
8
953
8 95
95
95
2,500 Preferred
9612 97
9512 9614 961
96
96
95
100
90
*8814 89
89
887 89
8
4,700 Youngstown Sheet & T_No par
8712 8712 88
88% 89
88
•Bld and asked prices: no Galas on this day. x Ex-dividend. to Bz-dly dead and ex-rIgsta.
27
27
4
*383 3912
4812 4812
27% Dec 28
29 Mar 3
4314July 21
38 Feb 26
9 Oct 2()
114 July 2
3138 Oct 14
83 Oct 15
40 May 15
26 Mar 30
9434 Jan 29
17 Jan 12
1214June 2
99 June 30
214 Oct 20
8812 Oct 7
12 June 11
437g Apr 15
53 Apr 20
134123.1ar 30
10514 Mar 31
65 May 19
133
4May 10
2714 Jan 4
884 Jan 6
9512May 17
108 Mar 25
254 Apr 20
514 Apr 15
22 Oct 22
5 Dec 2
8
18 May 17
8812 Oct 25
6 May 20
14 May 21
42 May 19
13514May 19
19 Nov 22
44 Nov 26
3714 Nov 23
2412 Mar 30
47 Apr 3
6012 Mar 4
20 May 24
9112 Apr 3
69 May 14
37 Feb 15
43 Aug 16
52 Aug 6
1% Jan 15
254 Feb 3
1% Jan 8
69 Jan 4
9818 Jan 6
6012 Nov 11
38,2 Dec 22
1102 Dec 8
23 Dec 28
2314 Jan 27
195 Jan 2
853 Feb 1
2
11012 Jan 15
6914 Sept 15
69 Dec 20
8512 Jan 13
1577
8Sept 8
146 Dec 18
7912 Feb 10
19's July 28
3212 Oct 71
984 Oct 28
10212 Dec 14
115 Sept 21
293 Feb 10
4
90 Feb 11
383 Feb 3
8
33 Jan 0
8
34 Jan 4
99 Feb 4
143 1)0c13
4
305* Dec 13
813 Dec 13
*
222 Jan 4
443 Jan 6
4
80 Feb 2
05 Feb 24
394July 16
5984 Feb II
7211 Aug 26
395sSept 8
10712Sept 2
9514 Aug 9
30 Au
25% Ma
Sept
17% De
78 Au
5614 No
9214 No
30 June
714 Jan
2114 Dec
Apr
116
374 Mar
9412 Feb
1714 Dec
43 June
Apr
51
11614 Jan
97 AM'
6614 Mar
914 Apr
19% Mar
38 Anil
343 July
4
14 Yuii
217, Dec
4%
63%
954
46
283
4
July
Dec
Dec
Dee
Dee
- 67; Jal
12414 Dee
198 Dee
9512 Orn
112 Dec
27 Oct
2
5012 J111,
10012 Des
1447 Sept
e
144 Aug
Jan
84
201s Ang
De
4
287
Jan 115 KS
2512 Aug 3134 Feb
574 Mar 10412 Ana
334 Dec 493g Aug
53 May
2
2 Dec
94 Jan 3472 Nov
4
,
72 4 Jan 1231 Dee
-
16C
-
112's Jan ii6- 051
351, Aug 793 Jan
s
Jan
70 Nov 88
58 Aug 76% Feb
16 Mar 32% July
2512 Mar 5714 Oct
82 Sept 7014 July
8,
4
227 Oct 401 Oct
Oct 100
90
Oat
63 Mar 994 Nov
354
New York Stock Exchange—Bond Record, Friday, Weekly and Yearly
Jan. 1 1909 as Exchange method of quoting bonds was changed and prices are now -and Innires1"--ezcapt for Ineossa and dafaugsd bonds
BONDS
N.Y.STOCK EXCHANGE
Week Ended Jan. 14.
Price
Friday.
Jan. 14.
Week's
Range or
Last Sale
ozQ
Range
Year
1926.
BONDS
N. Y.STOCK EXCHANGE
Week Ended Jan. 14.
Price
Friday.
Jan. 14.
Week's
Range or
Last Sale
Range
Year
1926.
U. S. Government.
da Low
High
Bid
High No. Low
Bid
A sk Low
High No Low
liffoll
Mint Liberty Loan
Leipzig (Germany)s f
_1947 F A 10112 Sale 1003
4
10112 33
95 101
in 101333 Sale 101333 1011433 2182 9911310111n Lyons (City of) 15
834% of 1932-1947
-year 63_1934 M N 9512 Sale 9414
9512 174
811a 9352
Cony 4% of 1932-47
in 100,33, -- 1001733100,1n
1 9911310111n oiarsetiles(City of) I6-yr ea-1934 MN 9578 Sale 9414
811 934
/
4
8
957 169
8
Cony 444% of 1932-47
in 103333 Sale 102343103631 154 100111u03729 @Wean irrigation 4345. __ _1943 MN
30 Mar'26
30
31
J D 1021333
3d cony
% of 1932-47
1021033Dec'26
101333 021131
Assenting s f 4gs_ ......1943 ...- 32 Sale 314
3218 11
2814 40
Second Liberty Loan—
Mexico(US)eat! Soot 1899 £' 5
1945
5112 Oct'26
4213 58
MN 10043 Sale 100333 100333
Ss of 1927-1942
12 99113,001
'u
Assenting 58 of 1899
40
41
4018
413
8 60
3412 6014
MN 1003.33 Sale 100243100"w 1208 1001430143
Cony 4134% of 1927-1942
Assenting 5s large
393
8
4014 10
38
4814
Third Liberty Loan
Assenting 58 small
3712 May'25
434% of 1928
MS 1011313 Sale 101113,1011731 601 1001In 0111u
Gold deb 48 of 1904
19543 D
27i 34
34 July'26
Fourth Liberty Loan
Assenting 48 of 1904
2812 Sale 273
8
29
25
20
/ 3712
1
4
AO 103343 Sale 103130103"w 1776 10129,20313w
434% of 1933-1938
Assenting 4s of 1904 large
27 Dec'26
27
27
Treasury 4148
1947-1952 AO 110143 Sale 1101033110,3n 199 106'31
Assenting 48 of 1904 small
.....
_
254 Sept'26
_
25
/ 25Is
1
4
Treasury 48
1944-1954 JO 106143 Sale 106333 106133, 1085 102"3106"n
Assenting 4s of 1910
.2714 281- 273
2738
2
4
8
Treastu7 3148
1948-1966 MS 1031433 Sale 103103310313w 96 10014.03'n
Assenting 48 of 1910 large.....
- 2814 Sale 273
8
283 238
4
2358 847
State and City Securities.
Assenting 400f 1910 small_________
237 Sale 24
8
243 124
4
22
3182
Y City
-4'is Corp stock _1960 M
8
10012 -- 1003 Dec'26
Tress es of'31 assent(large)'33
4218 44
4
42
42
38
5214
434s Corporate stock
1964 MS 10214 103 1024 Dec'26
12 109214
1 01
Small
42
444 36
3711 534
4345 Corporate stock
1966 AO 10214 103 10178 Oct'26
10012 102
/ Montevideo 75
1
4
1013 Sale 10112 1013
4
4 34
96 1024
434s Corporate stock
1972 AO 10238 10313 10138 Oct'26
100 4 102
3
Netherlands es (fiat prices).,19 2 j D 10712 ____ 10714
ees).197 MS
.. 5
10712 14 1064 110
4.148 Corporate stock
1971 J
1063 - - - - 10634 Oct'26
10512 1083
4
4
30
-year external 68(fiaI)_ _1954 A 0 1038 1033 1035
8
4
8
8
10354 91 1034 1047
4146 Corporate stoek_3u1y1967 J J 10612 10714 10634 1063
2 1044 1063 Norway 20-year extl es
8
4
1943 F A 10214 Sale 10112 10214 92
994 1024
8
4148 Corporate stock
4
1965 in 1063 10712 10612 Dec'26 _ — 1044 10684
/
1
20
-year external 68
1944 F A 1013 Sale 10112
4
8 49 100 1021/
1017
11346 Corporate stock
1963 MS 10612 Sale 10612 10612
10412 1085s
30
-year external es
10 14 Sale 10114
12 100 1024
102
II% Corporate stock
99
10
1959 MN 983
973 99
4
99
4
40
-years f 514s temp
19 2 J D 9912 Sale 99
65 A D
5
99 12 101
95
994
4% Corporate stock
6
1958 MN 983 -- - - 09
973 99
4
99
4
Oslo(City)30
-year of es_ __ _1955 M N 1003 Sale 1007
4
9813 1024
8
10114 63
11% Corporate stock
3
8
4
1957 MN 983 9918 987
987
8
977 99
8
Panama (Rep) extl 5)45..,,1953 J D 10212 Sale 10212 10212
1 1004 1034
4
4% Corporate stock
1958 MN 9814 -- 9812 Nov'26
9714 98 4 Peru (Rep of) external 821_1944 A 0 104 Sale 10312 1043
3
8 41 10113 105
a% Corporate stock
1955 MN 9814 ---- 9778 Oct'26
9714 977
8
Eat'sink fd 734s temp__ 1940 M N 10114 Sale 10014
4
97 1014
1013 101
4% Corporate stock
99 Mar'26
1936 MN
1044 106
9899
Poland (Rep g gold ea
Eui s epon u
fd
1940 A 0 84 Sale 803
172
8
7713
85
61
1134% Corporate stock _ _ _1957 MN 1053 1061s 10538 Jan'27
4
1950 i J 9614 Sale 95
/
1
4
8218 94
963 735
8
4
1957 MN 1053 10618 10534
1053
434% Corporate stock
4 10 10414 106
Porto Alegre (City of)8s
1961 J D 105' Sale 104
98 105
/
1
4
105
23
834% Corporate atk_May 1954 MN 893
89 Aug'26
4
87
/ 8912 Queensland (State)extl of 781941 A 0 11118 Sale 111
1
4
11112 30 110 1141
4
MN 893
814% Corporate stk_Noy 1954
4
8912 Oct'26
8814 8912
25
-year external es
10412 Sale 10412 1044 11 10418 108
/She Corporate stock
89 Apr'26
1955 MN
88114 89
Rio Grande do Sul extl f 88_19 6 F O 105 Sale 10314
1947 A A
4
105
62
984 105
New York State Canal Im 48.1961
10212 Oct'26
1015 10212 Rlo de Janeiro 25-yr f fia
8
1946 A 0 104 Sale 1023
34
4
104
9714 104
SS Canal
10212 Aug'26
10212 10212
1960
25-yr extl 8s
1947 A 0 1027 Sale 1023
8
97 10813
4 10318 72
48
1013 102
4
102 May'213
1962
Rotterdam (City) extl 65_ _ _1964 M N 10414 Sale 10414
10414
2 103 107
da Canal
10238 Nlar'25
1942 JJ
Sao Paulo
10814 Sale 1073
4
7 10015 1094
434s Canal !rapt
102
ioi" 1101, San Paulo(City) sf88 f 88_1956 JJ 105 Sale 10412 10814 30 1024 10613
1964 J J
Apr'26
(State) ext s
1932 M N
10538
4. Highway impt reglat'd_1958
10178 Mar'26
1017 1017
8
8
External sf8s int recta_1950 J J 10518 Sale 1054 10512 35 10113 106
Highway improv't 4148.._1963 MS
111 Dec'26
11014 111
External water loan 78_ _ _1956 M S 98 8 Sale 983
9415 100
4
9912 30
Virginia 2-38
1991 J J
7612 Feb'25
- - Santa Fe (Pros' Arg Rep) 71_1942 M S 9518 Sale 9412
93
96
9514 171
'ensign Gov't and Municipal's
Seine (France) extl 75
1942 J J 9914 Sale 9814
4
84
984
993 393
Argentine Coot Pub Wks 68..1960 AO 98 Sale 9734
9738 983 Serbs. Croats & Slovenes 85_1962 MN 100 Sale 99
8
983 150
8
1003 386
8
874 984
Argentine (Nat Govt of) 75_1927 FA 100 Sale 100
20 100 10218 Soissons (City) extl 68
100
1936 M N 934 Sale 923
9334 84
8
914
8
81
Sink fund es of June 1925_1959 J D 98 Sale 9734
96
9978 Sweden 20
983 108
8
-year 68
1939 J D 1043 Sale 104
8
1044 18 102 4 10614
8
Esti a f es of Oct 1925._ _1959 AO 98 Sale 9734
8
957 100
9812 81
External loan 5318
103 Sale 1027
8
10312 51 10112 1054
M S 9812 Sale 98
Sink fund as Series A__
155
9614 101
I967
983
8
Swiss Conted'n 20-yr f 88_ _1954 JJ 11314 114 11338
40
19 M N
1137
8
7 113 1174
External es series BDec 1958 JO 98 Sale 9734
95
/ 99
1
4
/ Switzerland Coot ext 5146...1946 A 0 103 Sale 103
1
4
983
8 28
10312 81 1024 106
Extl a f es of May'26 temp 1960 MN 98 Sale 9734
971 997 Tokyo City 58 loan of 1912..1952 MS 79 Sale 791s
8
9812 80
a
77
793
8 89
67
Argentine Treasury 58
_ _1945 MS 9138 Sale 91
85
9314 Trondhjem (City) extl 6341_1944 J J 994 1003 1003
913
8 28
4
8
9914 1014
10012
8
Australia 30-yr 58_ _ _July 15 1955 J J 973 Sale 9758
8
9734 265
9618 9912 Upper Austria (Prov) 711_ ,_,.1945 J D 9632 Sale 9512
967
8 64
90
95
Austrian ((loot) 81 7s
182 100 103
1943 JD 103 Sale 1013
4 104
Uruguay (Republic) extl 83_1946 F A 1083 Sale 1083
4
4
10922
5 10713 111
Bavaria (Free State) 6148_ ,J945 FA 994 Sale 99
167
94
/ 99
1
4
100
External 6 f 68
1960 M N 96 Sale 9538
964 169
945 97
8
Belgium 25-yr ext at 734s g_1945 in 1127 Sale 111
91 105 1104 Yokohama (City) extl 65_ _ _1961 J D 954 Sale 94
8
113
953 1000
4
93
94
FA 109 Sale 10814
20
-year f fis
211 10534 1083
8
1941
109
RaI!road
25
-year external 614s
1949 MS 10012 Sale 983
88
4 1003 342
8
9718 Ala fit Sou 1st cons A 58.,,.,1943 3 D 10318 1033 103 Dec'26
4
1017 103
8
/
1
4
Externals f 68
1955 ii 9512 Sale 9438
8112 927 Ala Mid 1st guar gold 58.....-1928 M N 10012 102 10012 Sept'26
9512 478
8
1004 102
/
1
External 30
337
-year a f 78__ _1955 JD 1033 Sale 10314
8
911 1024 Mb & Suso cony 3
/
4
104
/
1
1946 A 0 873 _
/
1
411
8
_ 8714 Dec'26
841 8714
/
4
Stabilization loan 78
520
1956 M N 103 Sale 10214
9414 102
103
Alleg & West 1st g go 46_ _ _1998 A 0 843 9514 '8418 Nov'26
4
82
/ 8611
1
4
Bergen (Norway) s f 88
1945 MN 11212 Sale 11212 11212 14 11112 115
Alleg Val gen guar 548
96
92
/ 96
1
4
15
1942 M 8 9512 Sale 9514
26
-year sinking fund (is__ _1949 AO 9912 10014 10014
2
98 10212 Ann Arbor ist g 48
10014
July 1995 @ J 8012 Sale 80
757 824
8
81
55
Berlin (Germany) 614s
4
1950 AO 993 Sale 9834
8616 98 4 Atch Top dc El Fe—Gen 848.1995 A 0 934 Sale 93
997 557
8
3
9912 94
937
8 93
Bogota (City) ext'l a f
_.1945 AO 10314 Sale 10234
10314 49
Registered
A 0
4
8814 917
913 Dec'26
4
- _
Bolivia (Republic of) 88_ _.,1947 MN 1043 Bale 104
4
9654 11094
9612 5
1043 131
4
Adjustment gold as_ _July 1995 Nov 893
4
_ 883
4,
84
/ 888
1
4
90141 18
4
,Bordeaux (City of) 15-yr 68_1934 MN 954 Sale 9414
8114 93 4
9578 159
3
Registered
Nov 8414 -- 8412 Sept'26 _ _ _
/
1
4
8412 84
Brazil(US of) external 82_ _ _1941 in 1047 Sale 10414
8
/
1
4
10478 03 100 105
Stamped
July 1996 M N 893 Sale 89
8
8412 89
90141 24
External s f 614s of 1926_ _1957 AO 92 Sale 8978
874 90
92 1026
Registered
M N 8412 873 85 Sept'26
8
8314 85
Ts (Central Railway)
1952 in 9712 Sale 95
891 9612
/
4
9712 381
Cony gold 48 1909
1955 J D 8812 -- -. 8812 Dec'26
841 897
4
,
7)48(coffee seem.) (flat)_1952 AO 10412 10518 0512 106
2 10358 108
Cony 48 1905
D 8812 89
1955
89
84
/ 897
1
4
89 1
s
1
Bremen (State of) ext,78 _1935 MN 10314 Sale 013
61
4 1033
924 10233
4
Cony g 48 tame of 1910_ _1980 J D 86
9313 878
877 8712 Dec'26
8
4
Buenos Aires (City) extl81,4a1955 J J 993 Sale 9918
24
4
9714 1013
100
4
East Okla Div 1st g 4a.
1928 M 8 9914 ---- 9912
98 100
/
1
4
993
41 25
Caidas Dept of
(Colombla)718'46 ii 98 Sale 98
9814 31
Rocky Mtn Div 1st 4s_ __ _1965 i .1 893 Sale 893
9512 99
8
8612 90
/
1
4
8
90
6
Canada(Dominion of) be._ -1931 AO 10118 Sale 0014
1014 22 100 10318
/
1
4
Trans
-Con Short L 1st 43_1958 J J 91 Sale 9012
88
92
91
18
10
-year 5148
67 1011 1033
/
4
8
1929 FA 102 Sale 0112 102
Cal-Aria 1st & ref 414a A_ _1962 M S 9818 _
98 Dec'26 _
944 99
/
1
/
1
4
56
8
10512 43 102 1053 Atl Knox,& Nor lat g bis_ _ _1948 J D 1043 - 8
1952 MN 1043 Sale 0418
4
10312 10312
- - 10312 Apr'26 _
4148
9718 99
9812 162
1938 FA 9812 Sale 9814
ALI & Char! A L 1st A 4)48..1944 J J 983 100 100
4
Jan'27
968 9812
4
Carlsbad (City) a f 88
11 10114 105
04
104
1954 J J 104 105
1st 30-year 5s series B
1944 J
10414 1043 10414
4
104141
4
1 10218 1043
Chile(Republic) ext'l a f
8
1083
4 41 10714 109
_1941 FA 1083 Sale 08
/ Atlantic City tat cons 4&_._1951 J
1
4
8518 90
863
4
8612 86
/
1
4
20
-year external 78
54 100 1021s All Coast Line let cons 4.July '52 M S 9512 Sale 9514 Dec'26
101
4
1942 MN 1003 Sale 00
92
9512 26
947
s
25
-year sinking fund 88_..1946 MN 1083 Sale 08
66 107 1095,
109
8
10
-year secured 70
10518 Sale 1054
10512 11 104 107
External sinking fund 66_ _1960 AO 933 Sale 9212
8
9214 9312
933 474
8
General unified 4141
69 M D 977 9814 98
1
19 J N
8
98
9314 • 98 8
7
2
Chile Mtge Bk 8148 June 30 1957 JD 9614 Sale 953
4
963
8 90
94
/ 9812
1
4
L & N coil gold 40_ __Oct 1952 MN 93 Sale 924
90
923
4 11
944
B f 634s of 1926_ _June 30 1961 in 9712 Sale 9714
88
96
/ 9912 AtI & Daisy 1st g 48
1
4
9,
84
1948 J J 794 80
8018
803
8 26
76
8212
Chinese(Hukuang Ry)5s_ _1951 in 26 Sale 2418
13
2312 487
26
6
2214a
1948 J J 7414 743 74
8
7412
66
7612
3
Christiania (Oslo) 30-yr a f 681954 M S 100 Sale 100
1
100
99 10212 Atl & Yad 1st g guar as_ _1949 A 0 8312 833 8218
4
8218
1
7614 83
Cologne(City) Germany61481950 MS 9914 Sale 9838
91
9871. Austin & N W let gu g bo__ _1941 J J 103
99 4 235
3
103
103
1 10018 10312
Colombia (Republic)6148_ _ _1927 AO 10014 Sale 100
4
10014
Dept of Antiogula 78 A_ 1945 J J 9514 Sale 94
9384 105
99
91
9512 171
Balt& Ohio 1st g 4s_ __ _July 1948 A 0 9412 Sale 943
894 944
8
9514 74
External a f 7a ser B_ _ _ _1945 J J
9514 Sale 9414
9512 118
Registered
July 1948 Q J 914
9212 Dec'26
8843 924
928 1014
814 95
Copenhagen 25
-year a f 6146_1944 J
997
994 Sale 99 4
8 95
,
20
-year cony 4148
1933 M 13 975 Sale 974
M
8
94
984
9712 225
Cordoba(Amy) Argentina 781942 J J 9814 993 9814
10
8
9584 99 4
99
,
Registered
963 Nov'26
8
884 90 3
4
4
Cuba ba of 1904
1
98 102
1944 MS 10012 101 10012 10012
Refund & gen 5a series A _ _1995 J D 10154 gale 1014
934 1007
102
155
8
External bs of 1914 Mr A _1949 FA 10114 1013 10114
7
98 10214
1013
4
4
let g ba
4
1048 A0 1053 Sale 10514
10612' 159 10218 10513
External loan 4148
1
8
943
8
88 4 1011a
8
1949 FA 9438 953 943
4
10
-year 68
1023
1929 ii 10212 Sale 10214
81 53 10214 104
Sinking fund 534s
139 10012 103
102
Ref & gen es aeries C
1953 ii 102 Sale 10118
1955 JO 10814 Sale 1073
4 1083 119 104 109
8
Czechoslovakia(Rep of) 88..1951 AO 10612 Sale 105
9934 10512
10612 88
PLEd3WVa Sys ref 48_1941 MN 944 Sale 927
8
0412 33
89
/ 93
1
4
/
1
4
Sinking gund 86 set B _ _ _1952 A0 106 Sale 105
40
99 10512
/
1
4
106
Southw Div 1st 58
8
1023
4 98
1950 J J 1023 Sale 102
98 102
/
1
4
External f 7)48 series A_ _1945 AO 1053 Sale 1043
173
4
967 105
6
106
4
Tol & Ciii Div 1st ref 4a A.1959 J J 8212 833 8212
4
823
4 14
744 82
/
1
/
1
4
Ref .4 gen 58 series D.
4
,..2000 MS 1013 Sale 1014
1013 140
4
071s 10012
Danish Cons Municip 86 A 1946 FA 10934 Sale 1093
4 11014 13 10812 11214 Battle Crk & Stur 1st gu 38-1989 JO 64
65
64
64
1
61
6512
Series 13 f 8a
24 10812 112
1946 FA 10934 110 1094 110
'leech Creek 1st gu g 40._ 1936 J J 953 964 9512
9512
8
7
93
957a
Denmark 20
-year es
4
10438 68 102 1044
1942 J J 10414 Sale 104
JO 9412 9512 94 Aug'26
Registered
94 94
Dominican Rep Con Adm if 56'58 FA 10112
2 10113 10513 Beech Crk Ext 15t g 315
_ 10018 10018
___ 83 Nov'26
80
83
/4
1951 AO
Custom Administen 530_1942 MS 9934 Sale 993
934 100
4
10012 101
Big Sandy 1st 4s
9114 Dec'26
9114 92
1944 in 82/
4
897 911
s
Dresden (City) external 721_1945 MN 103 Sale 10122
924 101 12 Bost & N Y Mr Line lat 48-1965 FA 807 Sale 784
91
103
8
807
8
4
724 83
Dutch East Indies ext1 es_1947 ii 10318 Sale 10318
8
953 97
8
954 Dec'26
1034 19 102 1063 Bruns & W 1st gu gold 43_1938
934 95
/
1
4
40
-year 68
10312 49 103 1064 Buffoanso42-4sis gen gold bs__ _1937 MS 10312 ____ 10312 10312
c lo aP
1962 MS 10318 Sale 1031&
3 1014 10312
80
-year external 5348
8 10118 10412
1953 MS 10114 10112 10114
10134
9512 74
1957 MN 0512 Sale 944
874 9411
10112
80
-year external 514a
5 1014 10514
90 Dec'26
1953 MN 10112 Sale 10114
MN 88
Restaffed
874 90
El Salvador (Repub) tis
9 103 1094 Burl C R & Nor 1st 58
_1948 JJ 107 Sale 10739 1073
-__ 101
Dec'26
4
1934 AO
10014 1014
/
1
Finland (Republic) extl 68_ _1945 MS 95 Sale 944
14 108
84114 93
4
4
1053 106 1053
Canada Sou cons gu A Rh _ _1962 AO 10195
1055
4
5 10278 1054
External sink fund 76_ _ _ _1950 MS 10112 Sale 10012 10114 35
/
1
4
94 101
Canadian Nat 4148_Sept 15 1954 MS 953 954 954
8
934 9544
954 81
MS 9914 Sale 973
8
External s f 614a
94
9714
9912 201
8
1956
99 8 40
3
5-year gold 4148_ _Feb 15 1930 FA 993 Sale 991
98
994
Vlnnlah Mun Loan 6344 A1954 AO 9811 Sale 9714
9812 30 8914 9614 Canadian North deb a f 76 1940 JO 11514 11538 11514 11512 21 1144 11714
974
External 6148 series B_ _1954 AO 9812 99
9812 12
8914 9818
20-year f deb 6146
8
1948 J J 11814 Sale 11712 11814 35 1167 1184
I S 1083 Sale 10814
French Repub 25-yr ext'l 88_1946
8
9812 108 4
3
10-yr gold 414a _ _Feb 15 1935 FA 98
08l8 973
4.
10834 179
984 12
9615 984
8
20
9212 10514 Canadian Pac Ry 4% deb stock _
-year external loan 7148_1941 ID 1067 Sale 10639 10724 368
J 85 _Sale 845
8
8512 261
804 87
1003 Sale 10014
4
1007 1098
8
External 78 of 1924
1949
861s 100
Carb & Shaw 1st gold 48._ 1932 MS 953 ____ 054 Jan'27
8
94
95
/
1
4
German Republic ext'l 75......1949 AO 107 Sale 10634
863 8714 Dec'26
4
_
10714 666 1014 10712 Caro Cent 1st cons 548
1949 J D 86
8112 874
German Cent Agile Bank 75_1950 MS 103 Sale 10112 103
84
94 1014 Caro Clinch & 0 1st 3-yr 58_1938 J
1033
10314 10312 1027
4 54 10118 10378
8
MN 1013 Sale 1013
4
4 1023
Graz (Municipality) 88
4
4
964 10214
1964
108 2 42 1064 1094
,
1st & con g es series A---.1952 JO 10812 Sale 108
.
4
1042634 67 10314 1064 Cart & Ad 1st gu g 4s
02 Brit & Irel(UK of) 5)48_1937 FA 1_0_43 Sale_ 1100443812
1981 JO 9014 -__- 9012 Dec'26
8144 904
F A
_
Nov
,
Registered
1043 l057 Cent Branch U P 1st g 4a
8
86
844 Dec'26
1948 in 85
91
794 864
8
2
1029 FA 1167 Sale 1167
10
-year cony 5348
11718 33 11718 119
10412
Central of Ga 1st g bs_Nov 1945 FA 10412 105 10412
3 10318 106
10438 61
Greater Prague(City)7)48..1952 MN 104 Sale 104
9278 10412
4
4
104
Consol gold be
10 1024 1044
1945 MN 1033 10412 1033
8
1964 MN 9314 Sale 9314
933
Greek Government 76
4
95
8
84
MN 10012 102 1013 Feb'26
8
1014 1014
Registered
1952 A0 10014 Sale 9914
Haiti (Republic) 8 f 66
953 994
4
10014 26
10-year secured es_ _June 1929 3D 10218 10212 10212 1024
4 1024 1037
8
Heidelberg (Germany) ext 734850 J J 104 Sale 10378 104
964 10414
3
4
1047
8 26 1017 1064
Ref & gen 5146 series B._ _1959 AO 1043 Sale 10412
5
4
9978 188
Hungarian Mimic Loan 7348.1945 J J 993 Sale 9914
4
8
843 100
8
Chatt Div put money g 40,1951 D 877 8812 877 Dec'26
8618 881g
4 1034 104
934 102
Hungary (Kingd of) a f 7)48_1944 FA 1034 Sale 1003
____ 10214 Dec'26
'3 100
Mae & Nor Div 181 g 58-1946
103 1034
Ind Bank of Japan 6% notes.1927 FA 10014 Sale 10018
10038 64
8
s
99313 1007
Mobile Division 5/1
1946 J J 1014 ____ 1017 Dec'26
1014 1024
8
4
957 2282
8
Italy (Kingdom of) ext'l 76_1951 JO 953 Sale 9414
4
80
4
88, 943 Cent New Eng 1st gu 48-1961 J J 793 81
8
80
68
79
/
1
4
9114 Sale 91
9112 79 1834 9012 Central Ohio reorg 4)46. —1930 M S 98 ---- 993 Dec'26
Japanese Coot E loan 48___ _1931 J
4
9812 99
/
1
4
F A 10114 Sale 1003
8 10114 339
1954
• 80
-year a f 646
9238 1012 Central RR of Ga coil g 58-193 Q N 10012 1004 10012 Dec'26
/
1
4
984 1014
8
1 87 M j
8
957 203
8
Oriental Development 68_1963 MS 957 Sale 9412
85
4
95
Central of N J gen gold 56__...1987 J J 1134 11418 1133
11378
1084 113
11212 115 1124
1123
8
Registered
3 1084 1111
4
New York Bond Record
BONDS
N.Y.STOCK EXCHANGE
Week Ended Jan. 14.
14
Price
Frtday.
Jan. 14.
Range
Year
1926.
Week's
Binge or
Last Sala
High
High No. Low
Ask Low
Bid
8871 921,
9212 22
Coat Pac 1st ref gu g 411.-1949 F A 9212 Sale 915g
911
90
F A
9.) Sept'26
Registered
4 -8
4
968 9 4
4
Mtge guar gold 3 48_ _Aug 1929 J D 973 9812 973 Sept'26
8
90 4
87
9012 Jan'27
Through St L 1.4 gu 46_1954 A 0 9012 91
16
103
4
1960 It A 10278 Sale 1013
974 102
Guaranteed g 5s
11812 1181
:
Charleston & Savannah 6s__1936 1 J 118 ____ 11812 Oct'26
4
10014 1.918
8
8
Ches & Ohio fund & Malt ts.1929 .1 .1 1003 10012 1005 Jan'27
8
7 1023s 105as
8 1037
4
1
/
1939 fle N 103 Sale 1033
181 consol gold 58
10114 10314
1939 M N
10314 Dec'26
Registered
42
9784
92
98
1992 M El 9712 Sale 9712
General gold 4)48
9383 94
8
941 Oct'26
1992 M 8
Registered
a
7
97 e 997
4
1
/
99 Sale 9914
1930 F A
4
1
/ 72
99
-year cony 4148
20
4
/
1004 1021
1946 J J 10038 ___ 10012 Dec'26
Craig Valley 1st g 58
88
83
8
Potts Creek Branch 1st 48_1946 J J 84, 8813 8714 Dec'26
85 4 884,
3
1989 J J 874 _--- 873
4
4
4
873
R & A Div 1st con g 48
4
.1989 J J 855 8612 853 Jan'27
4 8712
8
82
2d consol gold 48
4
988 102
Warm Springs V ist g 58_1941 M S 994 ---- 9912 67..e.e26 ____
63
,
717
65
73
Chic & Alton RR ref g 3s...1949 A 0 73 Sale 7112
70
64
7112 72 8814 Oct'26
Ctf dep stpd Apr 1928 lot
5134 62
6112 119
Railway first lien 3SO_ - _ -1951 J J 6114 Sale 6114
6
8
59 4
51
8012
4
693 6012
Ctfe dep Jan '23 & sub mut _ -- 60
4
/
8
83 4 871
4
874 17
Chic Burl & Q-111 Div 3 K8_1949 J J 873 Sale 8714
844 8614
4
/
861 Dec'26
.11 J
Registered
14
8
95
8
1949 J .1 95 Sale 944
913 947
Illinois Division 48
4
963 10014
4
8 32
997
Nebraska Extension 48_ _1927 M N 993 Sale 9984
9912 Nov'26
9912 994
M N
Registered
9088 04
9412 37
1958 M £3 9112 Sale 9334
General 48
924 Mar'26 -8
9118 923
NI 61 91.8
Registered
4
1
/
1971 F A 10612 Sale 1083
8 1064
7 102 10712
A
1st & ref 58 series
4
1
/
Chicago & East III 1st 68. 1934 A 0 106 10712 10612 Dec'26 -- 103 10712
7312 818
4
M N 8214 Sale 8178
8212
C & Ill Ry (new co) gen 63.1951 6.1 N 1064 1073 10744 Jan'27 382
- 1011 10714
4
4
4
/
1982
Chic & Erie 1st gold 55
4
7,3 736
644 7 9
0Chicago Great West let 4e 1959 J41 S 7012 Sale 70
----
-__
355
-Continued -Page /
BONDS
N.Y.STOCK EXCHANGE
Week Ended Jan. 14.
Price
Friday,
Jan. 14.
Range
Year
1928.
Week's
Range or
Lost Sate
High No. Low
A stk Low
Hifb
Bid
7
97 i 984.
3
' 9812 984 98(5 Jan'27
Day & Mich let C0094 Sis___1931
90% 96
9414 141
Del & Hudson let & ref 41.....1943 MN 94 Sale 935a
11714 148 10614 1224
4
1935 AO 1163 Sale 116
-year cony 58
30
9 10274 1054
4
/
1
/
1937 MN 10318 1044 1041 1044
-year 5(45
I5
8 106% 11014
8
1065
.3
1
/
1930 ID 1064 Sale 1083
10-year secured 7e
95
94
95 Apr'26 -D RR dr Mtge let gu 48 8-1936 FA 9412
2 71
917
8544 9144
4
913 Sale 914
-let eons g 414_1936
Den & 11 0
95
89
9514 33
4
1938 J J 94 4 9512 947
,
Cense) gold 4(45
9512 100
13
Improvement gold M._ _1928 ID 9913 Sale 9912 100
62
7712 1176
764
Den & R 0 West gen 5s.Aug 1955 MN 77 Sale 7512
4712
39
39 Sept'26 ---44
Dee M & Ft. D 1st au 48_ __ _1935 Ii 35
4
1
/ 47
33
3512 3418 Jan'27 ---33
Temporary etts of deposit....
9612 964
4
983 Aug'26
Dee Plaines Val 1st 44s_ _1947 MS 934
75
1
70
7012
7012 7312 7912
Del & Mack-1st lien g 48..1995
65
65
65 Nov'26
D 65
6613
1995•
Gold 48
944 984
8
97
7
4
4
1
/ 978 973
975
.1
Detroit River Tunnel 4145_196i MN
1
1033 Dec'26 -- -- 10312 104 4
4
Missabe &. Nor gen 59_1941 12 10412
1 10118 10312
10218
4
1937 AO 1013 10312 10218
Dul & Iron Range 1st 58
8
4
1
/ 904
79
7612
Dui Sou Shore & All g 39_ _1937 12 7512 7612 754
East Ry Minn Nor Div hat 48248 40
1930 31
East T Va & Ga Div g 58
1956 MN
Cons 1st gold 59
Elgin Joliet & East 181 g 58_1941 MN
1965 AO
El Paso & W 1st 58
Erie 1st consol gold 7e ext...1930 MS
1996 J J
cons it 45 prior
let
1997 12
Registered
1996 J J
let eons& gen Hen g 4s
1996 J J
Registered
1951 P A
Penn cell trust gold 48
60-year cony 48 eerier; A 1953 AO
1953 AO
1953 AO
Secly 4s
Gen rlo R aeries 1:1
If 81
3-195521
Erie & Jersey 1st
Ger.etee River 1st a f 5e_.1957 31
1940 J J
Erie & Pitts tru g 3302 B
1941)11
Series e 310
1954 MN
Eat RR esti e f 712
9212
91
934 ____ 9212 Dec'26 ---4
4
1003 ___ 1003 Jan'27 -- 10042 1014
4
1
/
100 106%
10614 13
10614 Sale 106
7
Jan'27 ---- 10118 104 8
103 10412 103
4
4
4
1043 __ 1043 Jan'27 -- 10214 1061
8 10534-1081,
10714
10714 10712 1074
744 824
4
82% 35
4
813 Sale 818
7774 774
774 Oct'26 -64
:
741
7614 588
4
1
/
75 Sale 7518
1
72,
65
Jan'27
73
4 25 985s 984
933
8
983 Sale 93 4
4
871 794
4
8018 69
804 Sale 7912
6714 794
54
80
8918 8012 79
4
1
/
7314 854
8518 359
84', Sale 8414
11212 59 104 112
4
11212 Sale 1118
20 1044 112
112
8
11118 11214 1115
92
86
4
883 __ 8812 Nov'26 ---894
88
4
883 ____ 884 Sept'26
811 98 4
, 8
4
983 291
9812 Sale 974
4
1
/
8
-Ref 81_1947 J J 1135 115 11312 Nov'26 --- - 11078 113
Chic Ind & Louise
1947 I J 10312 ____ 10334 Jan'27 ---- 101 10
Refunding gold 58
8
79112 908,
Refunding 45 Series C____1947 -I J 90118 ___ - 903 Dee'213 ---100.8
10018
3
1966 M N 10018
92 10 /14
General be A
9 10314 10884
May 1966 J J 10684 107 10634 107
General 69 13
921 Jan'27,---834 92
-year 48_1956 J J 94
Chic Ind & Sou 50
98 10011
1
/
4
/
974 Fla Cent& Penn 1st ext g 59_1930 J J 10918 1004 10012 Dec'26 -95
Chic L S& East 1st 4425____1969 .1 D 971 10012 974 Nov'26'....
9814 109
i
4
/
8
1943 1 J 1015 Sale 1011 1013
8
00121801 gold 68
5
56
57
47
QM & Puget Sd 1st gu 4s._ _1949 .1 J 57 Sale 57
9518 9912
9812 14
4%8_1959 J D 9814 Sale 9314
78
457 5614 Florida East Coast 1st
57 Sale
8
U S Tr certif., of deposit ______
97 1004
1004 88
1974 M S 100 Sale 100
8;
87
1
8
7
1st & ref 58 series A
814 87
Oh M d St P gee g 46 Ber A.41989 .r.i 877 Sale 8,112
584 66
3
8
613
1952 M N 614 Sale 6114
Johns & Glov 4 t,s
Dec'26 ---84
84
Fonda
81
4
/
Q .1 831 84
Registered
14
1941 J J 944 ____ 9) Dee'25
7014 7918 Fort St U D Co ist g 434a
General gold 3 338 net 13- _e1989 J
103" Ili"
____ 1063 Jan'27
4
a
9038 96
4
1
/ FIW&DenClstgs'4s...196lJ D 103
--May 1989 J JJ 974 931e ;r8
Gen 4328 Series C.
1
981
2
96
4
1
/
97
8
934 975
ist g 48_1928 J J 97
4
1
/
!MA Ft Worth & Rio Gr
91
Registered
107 108%
8
4814 5;414 Frem Elk & Mo Val 1816s...1933 A 0 10712 109 10712 Nov'26
4
52 8
n8
4
:
Gen & ref ear A 4411..Jan 2014 A 23 69. Sale 973 Dee.29 -it'
l
4
Sale 574
4
4714 58
_ 59
Guar Tr certife of deposit
9714 1014
Jan'27
4
5734 48
b734 Sale 5613
4713 5714 40 It 3£131AM&P let 5a___1931 MN 1008 ____ 101
Gen ref cony Ber B 5s_Jati 2014 ir A
- 100 101
1931 31 10018 10012 100 Dec'26
1
/
574
2d extens 5s guar
574 Sale 5612
47
5712 330
Guar Tr certIts of deposit_
9312 99
7
1933 40 93 Sale 97l8
93
fiend let 5e
20 102 10
10412
Galv Hotta &
1934 2 i 103/31041z 104
lnteeo6s
96 100
9412 Jan'27
58.8 83
574 Ga & Ala Ry let cons 58.001 1945 J J 9312 100
47
1932 J D 589. Sale 574
Debenture 4.2e
994 1004
694 231
10
99'8
Sale 57
4
1
/ Oa Caro & Nor let gu g 59....1929 3, 10018 10014 99
57
58
4
461
Bankers Tr certife of deposit
74
63
7212 10
1948 AO 723
4
8
1_ 7212
8 31
58,
4
1
/ 574 Georgia Midland 181 38
45
4
1925 Ili 573 5812 57
Debenture 45
95% 974
4
963 Dec'26
8
467 57(
584 97
58 Sale 57
Or [IA lent 1st gu g4 46_1941 21 9534
US Mtge & Tr etle of doe,.
2 113 11614
11514
of Can deb 79_1940 A0 11514 Sale 11514
574 36
Grand Trunk
4713 57
8
1934 i i 577 Sale 574
-year debenture 45
46
106% 108
1936 MS 1073 Sale 10714
8
10718
183
58
47
15-year f 6s
58 Sale 574
3
57 8
Farm L & Tr et fa of dep_.
1947 J O 9518 _ _ I 9.54 Oct'26 -71 9512 954
9813 994 Grays Point Term tat 5s
Chic & Mo Riv Div 5s___1926 171 .._ - ____ 9912 June'26 ---1000 1094 116%
193o.3,
Sale
7912 34
Great Nor gen 78 series A
8
745 79
Chic & N'weet gen g 3338_1987 M N 79 Sale 78.8
11214 1134
3 J 11334
4
313
113 3 No1v1'4286
Registered
764 Jan'27
744 741:
Q F 763
Registered
9112 98%
9814 42
Ist & ref 4441 seriee A____1961• j -9814 _1e I 9713
41
85 8 9012
4 12
993
1987 M N 9012 Sale 9944
General 4a
8
.1 .7 1085 Sale 1084
1952
8
10912 128 1025 10912
General 555 seriee B
87 Aug'26
8614 87
Q F 89
Registered
4
1
/
974 103
1973 j
1033 Sale 1034
4
4 99
1033
General 5s series C
9.913
9012 le
.
99
8 891
92
855
filtpd 48 non-p Fed in tax '87 M N
90% 9574
954 254
1976 J J 9518 9518 048
4
2 10114 10414
58
General 4 3 aeries D
____ 11.1534
4
1053
Gen 44s stpd Fed Inc tax_1987 M N 107
86
Oet'26 ---- I 78
Green Bay & West deb etfe A.._ Feb 83.._l 84
4 1094 14 103 109
8
General 58 stamped._ __1987 M N 1097 Sale 1083
14, 134 364
Feb 22
2214
22141 22
Debentures ctfe B
8
1879-1929 A 0 102.8 103 10114 Jan'27 ---5 10112 1057
filidtIng fund 68
92 Dec'26 ----I 88% 92
4
1024 1033 Greenbrier Ry let gu 4e____1940 MN 92
A 0 1024 -_ - 101
Registered
106
29 101 106
8
4
c6
10114 101 12 Dec'26 -- 10012 103', Gulf Mob & Nor 1st 5(58___1950 A0 1053 ____ 1055
-12
1879-1929 A 0
-linking fund 58
- 1034 1074
Jan'27
8
1004 101
Oct'26
Gulf & 13 1181 ref & ter 858.D1952 J J 1063 ____ 107
1879-1929 A 0 10914 -Registered
1 26
102 --i 100 10212
02
- 1933 VS N 102 14 102
stinking fund deb 5/1
91% 984
16
98
1 10114 1011. Hocking Val let cons 84341,1999• J 98 Sale 98
1014
____ 1014
M N 10114
Registered
99
90
1994) J J
93 May'26
4
/
1061 24 10618 10818
Registered
1930 1 D 10614 Sale 10614
-year secured 758
10
9513 994
1937 MN 983 1 11114 11414 HousatenIc Ry cons g 5e
4 9912 9813 Dec'26
2
4
/
1936 M 8 1114 112 1111 1117
IS-year secured 6 tsa g _
100 1024
10038
8
8
21
1937 j j 1015 ____ 1003
104
104
_
8
995 1041. Ii & T C 1st g Int guar
May 2037 J 13 19414 _
let at ref g be
___ 1013 Mar'26 _- 1014 10154
1930 MN 102
4
6
Ware & N W 1st 68
88
85
8844
Chic R I& P-Railway gen 481988 1 .1 884 Sale 8818
9612 1064
9912 foo 103
Jan'27 -Houston Belt & Term 181 55.1937 .1
4
1 J 8612 873 8,134 Jan'27 --- 8384 86
Registered
1004 1014
934 339
8712 924 Houston E dr W Tex 181 g 5a _193:3 MN 10018 __ 10314 Oct'26
..1934 A (I 924 Sale 9234
Refunding gold 4e.....
1933 MN 1003 fool. 103 4 Dec'26 -- 100 1014
3
8
9112 Dec'26 - --tat guar 5 red
8814 9112
A 0
8
Registered
9212 9a4
991 128
994 Sale 93
serks A..1957 P A
Jan'27 - - -4
868 90, Hud & Manhat
t7b St L & N 0 Mem DIT 40_1951 J D 8914 ____ 90
97
97
97 Apr'26
FA
8_
Registered
,55i4 6;1_ 10114
i
1 101 102
1014
St L & P let cone g 51,,..1932 A 0 .
1 1127 10412
7514 844
8
867 544
10312 10312
Adjustment Income 5a Feb 1957 AO 8612 Sale I 8518
8
1 0
& 0 cone 68_1930
40 le Elt P
941s 95
Cone 6e reduced to 348_ _1930 1 D 94.8 9412 9.3 N037'20 - - - 9114 974
5
95
9912
Jan'27
Illinois Central let gold 48_ -.1951 J J 944 95
1930 NI S 99.2 9914 9912
9814 101
Debenture 5e
93
93
93 Mar'213
1951 J
99
99.2 100
Oct'26
Registered
9812 1001
.
Stamped
834 91
187
____ 743 Jan'27 _
8
1951 .1 3
96
.g
ru id 3,Se
77
944
Ist gol aered
etde T El & So East let 5e__1980 .1 0 9512 Sale 9434
8284 Jan'2
J J
4
903 302
78
Dec 1 19811 M El 9312 Sale 8934
4
1
/ 884
58
Inc gu
99
41
-aire 8.
Jan'27
___ 87
Extended 1st gold 348...1951 A 0
9418 984
Chic Un Sta'n 1st gu 445 A.1963 J D 973* Sale 974
72
12 101 1057
71
1
2
%
70
7434
901
7 7
87- 3
1951 al S _8 42 9842 9412
let gold 3s sterling
1963 J 1 10512 Sale
a
let 58 series B
141 100 1041s
8812 92
10314 Sale
trust gold 48.-1952 A 0
1944 .1 D
Collateral
Guaranteed g 55
8
80 4 Nov'2
A0
.._
1963 J 1 10512 106
4
/
Registered
s
1157 1191
let 8 18s series C
12 -kis 844.
941
1955 M N 941 - 3 9312
991 10612
4
/ 947hat refunding 48
4
/
chic & West Ind gen g 8s_ _01932 Q M 10512 106
2
8
811 85
4
1
/
1. 8 49
19523 J 8512 89
8414 Dec'26
Purchased lines 3149
1952 J 1 8712 Sale 8742 1E7
81
8714
consol 50-year 48
4
1
/ 28 10012 105
J J
8412 J917'2 -1962 M S 10414 Sale 104
Registered
1st ref 5tie ser A
11 102 10414
19418
8 89
6 -WC
4
883
trust gold 4s___1953 M N 885 .
8812
4
1
/
M N -------- 1041a
Collateral
1952
Choc Okla & Gulf cons 58
4
1
/ 10
97
8513 854
j --------9734
8512 Oct'26
M N
Registered
98
84
98
Ole H & D 2d gold 4 411_ _ 1937 j
1081
ao 105 1084
1955 M N jails Sale 108
95---Refunding M
93
954
0I St L & C let g 48._ _Aug 1936 Q F 959534 Nov'26
10314 58 10184 10414
19342 J 10318 Sale 1024
934 July'26
1
/
-year secured 5(55
15
934 934
Aug 1936 Q F 9458
Registered
4
1
/
1 11112 1134
8
4
1
/ 112
5
-year secured 6)6s _ .1938 J J 112 e 1127 112
I5
,
891 91
1942
Cin Leb & Nor gu 413 2
8
957 96 4
8
a 8
: 9012 j v 27
11
Aug 1 1965 F A 974 Sale 97
j 001 :
9734 584
100 10112
-year 44s
40
Cio 8 & CI cone 1st g 15s. _ _1928 J N 190 - -.. 10034 Non:2
4
4
/
891
8
8914
908 924
19503
9212 ____ 9212 Jan'27
85
89
Cairo Bridge gold 48
Cleve CM Ch & St I. gen 48.1993 J D 894 gide
6
,
781
74
4
4
983
Litchfield Div let gold 88_1951 3 J 7614 ___ 7612 Jan'27
1931 J .1 983 991 9834
9714 11012
.
-year deb 4 4e
20
804 831,
102 108
Louise Div &TerM g 348_1953 J J 8239 ____ 8312 Dec'26
1993 J D 10718 113 108 1)ec'26
General 5s Perim 13
8
78 8 824
8114 Aug'26
Registered
1929 J J 10234 Sale 10212 1024 22 WI4 1034
Ref & impt 65 series A
784 764
77
105 108
Jan'27
Omaha Div let gold 8sL....1951 F A
1941 I j 107 10712 107 1)ec'26
8seerlee C
10413 74
734 76
4
7912 ____ 7612 Jan'27
4
998 104
8t Louts Div & Term 938_1951 J J
5e series D_1963J J 10418 Sale 1033
4
4
1
/
8118 871
l95lJ J 86
87
91
8512 Nov'26
933,
Gold31le
48.....1939 J J ----- 93 14.2.'26
Cairo Div let gold
,
821 85
_ _' 8612 Jan'27 -- - Springfield Div lat g334 1951 .1 J 884 ---- 84 Sept'28
8114 88
M Div 1st g 44..199i J J
Clo W
88
,
894 901
8211 99.
90 Nov'26
1
/
F A 904 ____ 8
8
4 Aug.2
4
1
/ 88
87
Western Lines 181 g
St L Div let coil tr g g 44_199'1 MN 858311 1eb'26 - - - ___
85
1951 F A
8314 831,
Registered
Si N
Registered
9178
89
9112 111 Central & Chic St L& NO
s- 914
Etpr & Col Div 1st g 4e_1940 M S 917
9114 104
104
4
1
/ 1i 14
29
1983 J D 10312 Sale 10314
8113 94
Joint 1st ref Si eeriee A
1st g 4s__1940 J J 90 - i 91
W W Val Div
2 !tails 1074
10314 10611
9 27
8
1951 1 D 10512 10712 10512 Dec'26
Gold 52)
CC CA I igen cons g 68._ _1934 I j 1067 108 10714 Jan'27
4
1024 1021
1 13 10314 Sale 10214 Apr'26
111.14 1028
4
Cloy Lor & W con let g 5e..1933
7813 784
19111s 995
D
(
)
1951
63e
791/4 -- -- 7812 Fela'26
Gold 33tered
8
Cleve & Mahon Val g 58. _1938 j 1 Ig?
1
4
1
/
98
91
984
8
3
1
/
964 983, Ind Bloom & Westin ext 48.1940 A 0 924 ____ 93 8 Dec'26
N 9812 -- -. 981
1935
CI & Mar 1st gu g 463e
Aug'26
8512 92
1951) J
8
8
933 ____ 933 Jan'27
994 994 tad ill & Iowa let g 4s
Cleve & P gen gu 44e ear 11 1942 A
1014 101... Ind & Louisville let go 4,_.19561 .1 86
8
7911 8814
4
8 . :
86
Jan'27
.1
4
,4 15 -• -__ -.. WI84 Jan'27
1942
,
8 71014 156
9 1 _ _ 8 1 Oct'26 -- - 4
1
/
100 104
8312 km
4
1
/
102 1023 10212 Jan'27
4
Ind Union Ry gen 5e eer A_ _1985 J
1948 m
Series C 3338
1
/
1004 1034
4
1
/
84 Sept'26 --- 8
113651 J 1024 10312 10212 Sept'26
84% gb
F A 853 _ _
Gen & ref 158 series B
1950
&rim 13 312e
7
10113
.
97%
8
4
1
/ 31 103 10715
107
int & Ort Nor 151 6s Sec A..1952 J J 10712 Sale 1065
Cleve Sher Llne let gu 445 1961 A 0 10112 Sale 10118
6 10513 100
4
86
66
8 1084
109 11018 1085
,
8638 360
8618 Sale 8514
Adjustment 65 aer A J111) 1952 Apr
Clove Union Term 51ss..._1972 A
7) 101184 1.15
105
604 8114
8 __
0 1047 Sale 1044
8213 Sale 8212
Apr
Stamped
1973 A
3
82 4 28
let s f ba ser Ii
1
884
7412 81
884 8851. lilt Rya Cent Amer 181 ras_ _1972 M 5 76 Sale 76
7612 53
9934
1946 J 0 8838
Coal River Ry 1st gu 48
99 __ _ _
8
944 9e
Sale 085
9.0. 9942
14
95
95 Sale 95
1941 VS N
1st cod tr 6% notes
Colorado & Bouth let g 48 1929 F A 984 Sale 97.2
3.1
977
1
534 85 8
4
/
7
5312
5312
95% 9713 Iowa Central let gold 5e_ _ _1938 .1 0 .5318 54
Refunding & exteu 442.4 1935 NI N 9.1
6313 65
9__ 888 Nov'26 -- -912
871g 9213
53
5312 Jan'27
4
1
/ 59
1948 A 0 908 .
Certificates of deposit
let ext g 46
Col & II V
.
231
15
1
171g
4
/
171 1718
1951 M S 17
8714 90
gold 46
F A 9012 _ _ 8934 Nov'26.---Refunding
1955
Col & Tol latest 45 .
138% 92%
44
Nov'26 ---81
4
Janice Frank & Clear 181 48_1959 J 13 9139 9314 913 Jan'27
Conn & Passum R14 1st 48_ _1943 A
63
82
9 4
__ 924 Dec'26 ---.z
1
/
754 93.
1930 F
Consol Ry deb 45
101 101
73
4
73
•1938J
75
Apr'26
6512 73
10212 __ ._ 101
Ka A & R 1st gu g be
1954 J J 71 12 - Non-eons 48.
87
83
1990 A 0 80
87
70
8518 Dec'26
Kan & M let gu 48
J D ____ __._ 70 Sept'26 ---70
Registered
16
99% 10114
72
4
/
1
1003
1
/
1927 1 J 1004 Sale 1003
8
8
2d 20-year 68
4
1
/ 75
65
Non-eons debenture 44. 1955 J J 72 Sale 711
4
/
4
/
1928 M N 1011 Sale 1011 10112 11 1004 10334
4
KC Ft 8&M cone g 68
6511 74
7112 723 694 Jan'27 --- Non-.8.1e debeentre ts.. 1908 .1 I
4
/
951 24
ass, 961, K C Ft 13 & M Re ref g 49_1936 A 0 9278 93 9278 93 102 8914 93
18143 1 95
9514 95
-year Rs a
Cuba RR let 50
98% 10214
3 .08 110
10712
8
997
19362 D. 10712 10814 107
KC&MR&BletgU5s 1929 A 0 100 10014 994
let ref 7341
76
72
10014 20
7418 25
974 leo
4
Kansas City Sou let gold 34.1950 A 0 74 Sale 738
1936 J D 10014 Sale 9912
lit 'fen & ref ele let B
1004 73
931s 9971
4
/
4
1
/
3
9214 100
AIM 1950 I I 99 Sale . 99 4
Ref & Imot 5.8
68-1986 .1_. 1 1004.Salo. 10952. _1021 40
011ble Northern Ry lst
tt)ue leet,. e Mar MAY. D Use Dee
'1%1
l
E F.,4: i
--
-__-
_-_-
__-_
.
::::"atta=
s.
356
BONDS
N.Y.STOCK EXCHANGE
Week Ended Jan. 14.
New York Bond Record-Continued -Page 3
Price
Friday,
Jan. 14.
11
Week's
Range or
Last Sak
Range
Year
1926,
ell
Kamm City Term let 48_1960 1 .
1
Kentucky Central gold 46_1987 J J
Kentucky & Ind Term 4,1961J J
Stamped
19613 J
Lake Erie & West let g 5s 1937 3 J
2d gold 56
1941 .1 3
Lake Shr & Mich El g 330.1971 D
Registered
Debenture gold 45
12;i 4 l
1, i
35
-year gold 4a
Registered
1
,
:
Pal F 1
Leh Val Harbor Term 58_1954
,
Leh Val N Y 181 gu g 4346_1940 J J
Lehigh Val (Pa) eons g 46-2003 M N
Registered
M N
General cons 43isN
Lehigh Val RR gen 59 seriee_0113
N
8:
i-ab V Term Ry let go g M.A941 A 0
Leh 1,N Y itguar foLc 413___Rgg
tiiit
y. i .
l
r,..,
Inge No.
Ask Low
Bid
4
89
46
883 Sale 8838
88
8834 88
Jan'27 ---85
88
8514 Dec'26 -- -88
8812 9014 Nov'26
1021, ___ 10214
1
10214
1003
8
_ 10034 10012
5
8114
8114
4
814
__ 8012 Jan'27 ---1 94 Sale 987
1
8
9914 66
973 Sale 073.
4
96 - Dec73 -71
8 25
'4
1046 105 1047
8
8 10514
7
9834 16
4
984 Sale 983
88
• 11
8
8712 87% 877
8012 May'26 -3
98
98 Sale 977
10568 Sale 1053
1053
3
1
10212 Bale 10212 10212
Igs 5 00__ 10 4 %VII:::
13
4
8
1
1
Little Miami 43
1952 M N
Ling Dock consol g fis
1935 A 0
Long laid 1st COD gold 5aJuly1931 Q J
1st consol gold 42__July1931 Q J
_
General gold 41
1938 J D
Geld 48
Unified gold 4e
1:1
i
3
1
1634 J D
Debenture gold M
1937 M N
20
-year p m deb as
Guar refunding gold 4a
1949 M 13
Nor Sh 13181 con gu 5a_Oct '32 Q J
Louisiana & Ark let g 66-1927 M S
Low &Jeff Bdge Co gu g 46._1946 M 8
Louisville & Nashville 5a_....1937 M N
Unified gold 43
1940 3 3
I,oilaterlo trust grad 56
1931 M N
low MN
10-year secured 70
list refund 53is 40-1413 A 2003 A 0
lit & ref be series B
2003 A 0
let & ref 4lt8 series C
2003 A 0
NO & M let gold Gs
1930 3 J
3d gold 68
1930J J
Paducah & Mem Div 0_1948 F A
St Louie Div 2d gold 34_1980 M S
Mob & Montg let g 4%0_1945 M S
South Ry Joint Monon 4a_1952 J 1
All Knoxv & Cin Div 4e_1955 M N
Lousy Cin & Lex Div g 43031 MN
Mahon Coal RR 1st 5a
1934J 3
Manila RR (South Linea) 43.1939 MN
let 4a
1956 M N
Manitoba SW Colonlza'n 58 1934 3 D
Man Oh & NW lit 330
1941 3 3
Mich Cent Det & Bay City 135.'31 8 M
QM
Registered
Mich Air Line 4.
1940J J
3 J
Registered
I L & 13 lat gold 334a
1961 M S
lit gold 3%a
SO-year debenture M
11
199 111 111
Mid of N J let ext 55
1240 A 0
Milw L (3 & West imp g 56-1929 F A
MU & Nor let ext 43
15(blue)1934 3 D
Cons ext 4345 (brown)„.1934 1 D
1111 Spar & NW let gu 46_1947 M 8
hillw & State L let gu 3346-1941 3 J
90
4
90 lici- e 88
l
109 1083 Jan'27 -4
10034__ 10034 Nov'26 ---96 18 974 Aug'26 --__ 93 Dec'26 -948 95% 97 July'26 ---93-8918 8912 883 Dec'26 ---4
99 Bale 98 4 1003
3
4
8
98 g 99
8
9814
9834 35
89
8914 90
Jan'27 ---100 1004 100 Dec'26 ---2
100 Sale 100
100
6
901
--- 90
904
10418 105 10518 Dec'26 -38
9613 Bale 958
963
4
101 1013 10118 Nov'26 --4
10534 Sale 105
10534 10
10812 Sale 108
10812 23
2
1058 106 10534 10534
35
101 Sale 1004
101
4
10334 107 1033 Jan'27 - -10312 10414 10313 10368 15
934 944 9314 Dec'26 6714 874 6712 Dec'26 --10018 10112 1004 Jan'27 --8734 8814 8714 Dec'26
944 Sale 9334
9434 14
100 10014 100 Dec'26
_ 103 Dec'26 ---103
6512 67 864
6714
74 Sale 74 DDec'26_ ....S..
744
100 10013 1004
8312 Oct'98 -85
10134 ____ 10134 Jan'27 --101 Dee'26 --9518
____ SP 21 31 - 3
:
---"iiis ____ 79 Nov'26 -8814
8813 10
gr3 9834 983
4
9534
2
11
95
953 95
4
95
10034
8
100% 1001
4
9512 16
9412 Dee'25 ---9512 96
9512 Dec'26
4
9134 9312 9212
924
83 ____ 8134 Deo'25 --
II 1
Minn & St Louis lit 75
3
4
1927 3 D 98 4 993 9813 De'26
1627 3 D 100 101 100 Nov'26 --let guar g 75
1$t conaol gold Se
54
5312 Dec'26 ---1934 M N 53
Temp etfs of deposit
MN
5312 Sale 5312
5312
2
let & refunding gold 4a___11,49 M
1
Ref & ext 50-yr es Der A__1962 Q 88 8a313 18
F 13
11
3
J812 27 --18
)A St P & 8IEIM con g 45 int gu'38 3 3 88
884 87
884 14
lit cons M
9818 26
1938 J 3 976* Sale 9734
152 cons In go as to int
1938 3 3 9814 Sale 98
9814
4
-year coil trust 13346
10
10134 18
1981 11 S 10134 Sale 10134
lit & ref tls aeries A
8
1948 3 J 1014 Sale 10034 10114
25
-year 510
8813 25
1949 M El 88 Sale 88
lit Chicago Term a I 0-1941 M N 8312 ____ 973 Jan'27 ---4
Sdiaalscappi Central 1st 5s
1
9618
1949 3 3 9813 ____ 9618
Alo Kan & Tex-lst gold 46_1990 J D 8712 Sale 8714
8712 10
Mo-K-T RR-Pr I be ser A 1962 J J 10218 10214 10112 10218 46
59
-year 40 series B
8
4
87
1962 1 3 87 Sale 863
10
-year 6a aeries C
1932 .1 J 1034 Sale 102% 10314
Corn adjust 56 ser A Jan-1987 A 0 9812 Sale 9714
983 125
4 10
8
Missouri Pacific
let dr refunding Si 34/ A _1665 F A 997 Sale 992
94
100
lit & refunding es eer D.._1949 F A 1067 Sale 10613 10714 135
8
let & refund 68 ser E__ _1956 MN 1063 Sale 106 4
4
3
.
10734 83
General 48
7818 416
1975 M 53 7814 Sale 774
Mo Pac 3d 7s ext at 4% July 1938 MN 927 ____ 93
1
93
Mob & Sir prior Ilen g 58Ig45 J J
Mortgage gold 4.
1945 J I
Small
1945
Mobile & Ohio new gold 69_1927 J D
let extended gold 66__Ju1y1927 Q 3
General gold 41
1938 M S
Montgomery Div let gile_1947 F A
St Louis Division fie
1927 J D
kWh & Mar lat gu gold 48_1991 M S
Mort C 1st gu g 66
1937J 1
3 J
Registered
lit guar gold 58
1937 J 3
Morrie & Essex lat gu 8148_2000 J D
Naahv Chatt & St L lit 66_1928 A 0
1937 F A
PIFIa&Sistgug 5a
•NstRyofMexprlien434a 1967J 1
July 1914 coupon off
Ament cash war rat No 3 on To
Guar 70
-year s f 4s
1977
Anent cash war rot No 8 on
'Nat RR Me: prior lien 4348_1926
J .1
July 1914 coupon on
Assent cash war rot No 3 on.
1951
lit comet 48
A 0
April 1914 coupon on
Areent cash war rct No 300.
10018
99 Sept'25
8618 1714 884 Jan'27
82
85% 82 Jan'27
101 10138 10114
10114
10018 1007 10012 10013
8
923 954 93
4
93
10014 101 100 Dec'26
100
100
100
9012 11 90 Dec'26
112 Sale 112
112
10914 Oct'26
10384 101 10312 Jan'27
14
81
.._ 81
81
10013 Sale 00% 10012
10214 10314 102 Dec'26
30 Sept'24
19 Apr'25
1313 14
14
1414
874 Aug'25
15
2374 16% Dec'26
3812 July'25
24 Sept'25
23 Sale 23
23
28 Apr'25
184 June'26
1412 15
1212 Dec'26
2
1
3
1
3
10
8
0812 9912 974 Dec'26
1945 3
New England cons 5a
87 Dec'26
Consol guar 49
1945 J J 8714
8512
854
87
1986 FA 85 N J June RR guar let 48
12
97
NO& NE 1st. ref&imp 4315A'52 J J 9612 9714 9612
8714 87% 8712
8713
5
New Orleans Term let 48-1953 J
4
N 0 TIMM dt Mel 0-e Me M.1935 AO 10014 1003 10018 10012
1954 AO 10012 Sale 10014
1003
4 47
lit In series B
1954 AO 105 Sale 10434 105
23
let 5355 aeries A
99
9834 Dec'26
X & C Bdge gen guar 4 338_19463, 96
1
14Y5&MBlatcong58-1936 A0 10034 102 1003
4 1003
4
10712 39
N Y Cent RR cony deb 613-1935 MN 10712 Sale 106
MN
10612 May'26
Registered
1998 FA 9112 Sale 9014
9112 22
Consol 46 aeries A
4
127
2013 AO 983 Sale 97%
99
Ref & !rapt 4Am A"
$
10718 242
2018 AO 1067 Sale 10534
Ref & impt 6$ serial C
A0
10512 10513
1
Registered
BONDS
N.Y.STOCK EXCHANGE
Week Ended Jan. 14.
.44
Price
/Prides.
Jan. 14.
Week's
Range or
Last Sate
Range
Year
1926,
Low
86
86
81
80 4
1
100
98%
78%
77
98%
9614
Nigh
893
Ask Low
High No. Low
84gs
883 N Y Central & Hudson River
4
92
1997 J. J 81% 82
Mortgage 330
813
8
813
4 39
7612 89
91,
,
Registered
1997 3 J
7912 Jan'27
78% 80%
90
14
Debenture gold 48
1934 M N 96% Sale 96
7
96%
9414 062
4
103
Registered
MN
0412 2222,
_
94% Dec'26
101
30
-year debenture 4s
1942 J
6
95
94%
9514 9412
924 97
8214
Registered
93 Feli25
80
Lake Shore coil gold 3348_1998 F A 80% Bale 7912
3
80%
161;
99 4
3
Registered
1998 F A 7812 80
783 Jan'27
4
76
Ws
973
4
Mich Cent coil gold 3346_1998 F A 797 84
4
4
804
8012
78
84
Registered
1998 I A 78% 8112 7814 Sept'28
77
80
102 105
N Y Chic & St L 1st g 4a_1937 A 0 95
3
96
95% 9574
92% 9614
90
99
Registered
1937 A 0
9314 Mar'26
92
934
825 871
3
,
25
-year debenture 4s
1931 M N 564 9634 96%
2
96%
934 97%
80
83
2d 66 series A B C
1931 M N 1025 Sale 102% 103% 183 10213 105
8
92
99
Refunding 5318 series A __1974 A 0 10512 Sale 104% 10513 81
9812 106
10013 105 4
3
Refunding 5 1113 series B1975 J J 10514 Sale 105
10514 61
9814 105%
102 105
N Y Connect lat gu 4%a A1953 F A 97
92
974 9712
97% 14
97
85
903
3
1st guar 5a series B
1953 F A 1033 10414 10334 1033
2 100% 105
8
4
1054 110
N Y & Erie 1st ext gold 46_1947 M N
913 001.'28
8912 9144
84% 874
3d ext gold 4348
1933 M
9812 ____ 9812 Dec'26
98
934
109 10934
4th ext gold Se
1930 A 0 10014 -- 1005 Mar'26
10016 100%
10018 101
5th ext gold 48
1928 J D 9814 ____ 99 Mar'26
98% 99
9412 9712 N Y & Greenw L gu g 5s_1946 M N 9912 ---- 101
Dec'26
94 101
90% 9314 N Y & Harlem gold 334e,.._2000 M N
814 Dec'26
794 814
97
97
Registered
M N
80 Dec'26
80
80
84% 91%
97% 100
N Y Lack & W 1st & ref 56..1973 M N
80 July'25
94 100
First & ref 4356
1973 M N ioii,
10134 Dee'26
Ws fa'
85
90% NY LE&W let 7sext......1930 M S 106
106 Nov'26
106 1061
4
994 100 4 N Y & Jersey lst 5e
3
5 100 $ 1014
1932 F A 1003 Sale 0034 1003
4
4
3
99% 10113 N Y & Long Branch gen 5481941 M S 90
90 Dec'26
90
902
1
86% 9012 NY & NE Boat Term 46_1939 A 0 90
91% Oct'26
9112
88
10212 105 4 NYNH.felin-e deb 46_1947 M
3
10
74
79%
74
701 78
2
9 4 9 13
3
6
Registered
M S
63) June'25
10034104
Non-cony debenture 330_1947 M S
724 Jan'27
"
(lir, W.
105 10918
Non-cony debenture 3%6_1954 A 0 6934
6934
7012 16
61% 704
105 8 11014
3
Non-cony debenture 46.....1955 J J 7914Sale 79
79 18 30
66114 77%
101 10814
Non-cony debenture 44_1958 M N 7912 Sale 781:
55
794
8
673 78
98 1004
Cony debenture 330
22
1956 J ./ 7012 Sale 6934
701
74
61
1033 107
4
Cony debenture 613
1948 1 J 108 Sale 0613 1084 55
97% 106
10318 104
Registered
J J
03 Jan'27 _
96 1034
91% 93
14
Collateral trust 69
1940 A 0 l04l Sale 0312 1044 35
9612 1034
6513 68
Debenture 414
1957 M N 73 Sale 704
32
73
68
7013
3
98 4 1004
Harlem R & Pt Chen let 461954 MN 887 893 89%
4
1
4
891
8
843 89.
4
1
N Y & Northern 1st g 56_1927 A 0 997
854 89
4
997 Nov'26
99 $ 100%
7
90
9414 NYO&W ref ist g 4s_June 1992 M
77 eisie" 7614
38
77
67% 7712
994 100
Registered 15,000 only
_
M S
724 Dec'26
6212 7213
1013 103
4
General 48
734 42
1955 J D 73 Sale 73
6218 73%
6012 67
Y Providence & Boston 48.1942 A 0 881k ____ 8612 Dee'21
8612 884
6212 764 N VA Putnam 1st con gu 46 1993 A 0 8912
891s Ders'20
8614 89%
100 101
NY&RBIstgoldiSe
100 Sale 00
5
1927MS
100
99% 100%
834 85
N Y Swig & West let ref 55 19371 J 884 89
10
8812
89
77% 89 1
7
100% 102
2d gold 4 315
1937 F A 70% 7314 7314 Jan'27
64
7314
99% 101
General gold 55
1940 F A 714 714 714
5
714
63
7418
92% 9612
Terminal ist gold tgi
4
1943 al N 984 Sale 983
8
98%
97% 99
92
92
4
N Y W'chea & B lat ser 4%8'46 J J 813 Sale 79%
222
82
1595 79 $
2
7
79
803
3
83
86% Nord Ry ext'l f 6 tis
1950 A 0 954 Sale 95
9512 314
774 93
93% 98 6 Norfolk South lst & ref A 56_1961 F A 9114 Sale 914 . 12
7
$8
77% 92
14
Norfolk & South let gold 55.1941 M N
9012 96
___ 1004 Dee'213 _
98 101
1001$ 101% Norfolk & W•st gen gold 66_1931 M N 10110512 108 106
Jan'27
10514 108
Improvement & ext 6a
1934 F A 10812 110 10884 Dec'26
10812 110
-62.8991
7
New River let gold 6s... _ _1932 A 0 107 ____ 10718 Dec'26 _
1067 107%
4
93
89
N &V? Ry ist eons g 0_1998 A 0 9313 ___ 93
92
9014 93%
Registered
_
_
9012 06126
1996 A 0
89
9211
911let lien & gen g 46.1944 .1 I 93 - 2 934
9312
9074 944
98,
,
98
_ 113114 Dec'26
10-yr cony. tis
1929 11 S
138 167
9312 94
100 100
Pocah C at C joint 4a_1941
935 Jan'27
2
91
944
5312 64
10511 __ 10513 Jan'27
North Cent gen & ref In A1974 M
100% 1051
4
6334 North Ohio let guar g In., _1945 A 0 95 Sale 947
53
16
95
88
974
173 23
4
North Pacific prior lien 4e...1997 Q J 92 Sale 9112
9214 57
864. 91%
12
1614
897 9112 906 Jan'27
8
8
Registered
1997 Q J
86
90%
85% 914
8
Gen'l lien gold 3a____Jan 2047 Q F 863 Sale 66
6613 66
611 664
4
4
3
9712 993
Registered
Jan2047 Q F 6412 6514 654
654
60
6518
4
9713 993
Ref & impt 430 series A__2047 J J 974 Sale 96
9713 32
87
96%
101% 100
J I 923
Registered
4854 Feb'25
3
10014 105
Ref & impt 66 series B--2047 J J 11333 gide- 11312 113% 70 1084 118
-:
1
138% 974
1104 Mar'26
Registered
J J
1104 1104
93
93
16
Ref&ImptIneegleSC2047J J 105 Sale 1044
105
984 194
93 1014
Ref & Impt 5a aeries D - _2047 J J 106 Sale 1035* 106
30
984 10812
84% 88
Nor Pae Term Co 1st g 6s-1933 J
1091 110 1093 Dec'26
4
10912 1105
4
9614 108
Nor of Calif guar a Es
10518 Jan'27
1938 A 0 105
10112 1051
4
8012 864 North Wisconsin let ge
19301 J 102% 105 10213 Oct'26
10212 1034
1013 10414
8
Og & L Claim let gu 48 6...1948 J J 82
9012 97
83 83
83
82
78
Ohio Connecting Ry let 49..1943 M S 924 ____ 902 Dec'26
894 100
Ohio River RR let g58
1936 J D 102 1024 10113 Oct'26 -- 1O01 19234
1004 1074
General gold 58
1937 A 0 10178 ____ 1014 Jan'27
100 8 10212
3
10014
100 10014 10014
4 100 10114
10114 10714 Oregon & Cal 1st guar g 58..1927 J
77
922
5
66
Oregon RR & Nay con g 48.19463 D 9212 Sale 9212
8914 924
88
93
Ore Shore Line lit cone g 56_1948 J J 92% ____ 1074
1077i
6 10444 108
Guar cope 58.
4 10512 108
1948 J J 10712 110 1073. 10712
Guar refunding 48
1929 J D 9834 Sale 981*
981e 50
9672 984
7934 I67; Oregon-Wash let & ref 46.._1981 I J 8914 Sale 8713
834 8712
894 56
1
924
782 87
.
9212
Pacific Coast Co 1st g 58_
19443 J D -- -- 93
91
/ 98
1
4
10014 10332 Pac RR of Mo let exti g 48_1938 F A 94
____ 935
8434 62
9113 94%
100, 10814
8
2d extended gold fla
1938 J J 10218 10214 1024 Jah'27 -- 100 103
90
931$ Paducah & Ills let 6 f 4 316._1955 J J 984 ____ 98
98
964 984
1
98 4 101
3
Paris-Lyons-Med RR 65
1958 F A 924 Sale 90
9212 569
734 8712
9913 10012
Sinking fund external 76_1958 M S 994 Sale 98
9912 267
82
963
4
87
98% Paris-Orleans RR if 75
984 133
1954 M S 98 Sale 9712
82
95,2
109% 1124 Pauline Railway 7$
10214 30 100% 103%
1942 M S 102 103 102
1 Nov'26-4
1091 10914 Pennsylvania RR cons g4a 1943 M N 96 .._._ 95
9314 95%
954
2
10112 103%
Coneol gold 4e
1948 M N 9512 Sale 944
914 99%
77% 81%
Materl stpd dollar_May 1 1948 M N 9438 95% 95 Jan'27 -914 984
100% 101%
Consolidated 430
1960 F A 102 Sale 100
102
17
987 102%
8
3
100 4 1034
General 4 Si e series A-- _ 1965 3 D 10012 Sale 995
101
99
944 100
General 68 series B
19683 D 109 Sale 10813 1094 37 102% 108
02
4
e 118
10
-year socured 76
1930 A 0 11012612
10614 108%
1413 2212
Sale
15
-year secured 6341
F A
1936 F A
11812874
1113 1131:
8
11118 ____ 11114 Oct'26 4931 1114 11214
Registered
1027 Sale 1027
15
8
27
40
-year gold 53,
988 102%
1034 144
8
87
Pa Co gu 3.14e coil tr A reg_18 7 M N
Oct'26 - 19 4 MS
8
3
87
87
68
Guar 3346 coil trust ser 13_1941 F A 8512 89 8 / Dec'26 -83
87
228g 3612
8
Guar 3115 trust Ma C-1942 J D 847 ____ 844 Aug 28 -84
844
8
Guar 314s trusectfs D....1944 .1 D 843 ____ 8412 Dec'26 -82
86
Guar 16-25-year gold 4a
1818 ii"
1931 A 0 9713 9734 9712
9713
5
904 97%
1212 20%
4
1952 M N 883 ____ 883 Jan'27
Guar &terries E
864 894
9514 10018
87
81
8438 8514
92% 97%
84
884
9614 100114
96 1007
8
10218 10512
9412 97
99% 102
1043 109
8
1064 1064
85 4 90%
3
9214 981:
10118 106
1034 103 4
3
Peoria & Eastern let cons 45_1940 A 0
April 1990 Apr.
Income 48
Peoria & Pekin Un let 5346_1974 F A
Pere Marquette let ser A 58.1956 J J
19563 1
1st 45 aerie' B
Phil. Halt & Wash let g 48-1943 M N
1974 I A
General fs series B
Philippine Ry 1st 30-yr sf411937 J J
1932 3 D
Pine Creek registered 6a
PCC&StLgu4t4eA
1940 A 0
1942 A 0
Series 13430 guar
1942 M N
Series C 4 Si e guar
Series 04a guar
6M A
9
Series E 3 lie guar gold.. 194 F N
Series F 4s guar gold
1953 J
Serie., 48 guar
1957 hi N
8534 86
854
88
70
41% 42% 414
42
40
11011
104
10412 13
10412 sale 10414 104% 22
104% 104% 8912
894
2
95%
9514 9612 9538
2
11012
1103 Jan'27
4212 424 4938
42%
3
1064
10812 Dec'26 ---101
1
9958
5
99 s
99%
993 Nov'26
8
99 ---. 100 Dec'26 -%
95% ____ 9413 Nov'26
9512
9611 Nov'26 -9512
9714 Dec'26
9512 97. 96 Nov'26
794 874
35
42%
10014 104
10114 10412
85% 8912
934 9514
1064 11112
4012 46
10612 10612
964 10014
954 9912
9714 100
934 gg
9214 9612
927 97%
2
93
974
357
New York Bond Record-Continued -Page 4
BONDS
IC Y.STOCK EXCHANGE
Week Ended Jan. 14.
2.
6
Price
Ptiday.
Jan. 14.
Week's
Range or
Last Sale
Range
Year
1926.
BONDS
N.Y.STOCK EXCHANGE
Week Ended Jan. 14.
0
Price
PTiday,
Jan. 14.
Week's
Range or
Last Sale
Range
Year
1926.
High No, Low
Bid
Ask Low
MN
High
High No. Low
Bid
Ask Low
94 1044
9414 Dec'26
U N J RR & Can gen 4e_1944 M B
Pith C1n Chic & St L(Concluded)
9512 96
Oct'26 -1933 J 1 0714 983 96
Utah & Nor 1st ext 4.
4
9714 9712
9712 Nov'26
1960 F A 9512
Series H 45
9054
88
95% 981: vendetta eons g 48 aeries A__1955 F A 924 ____ 9212 Jan'27
1
1968 F A 99n102 99%
995
5
Series I eons guar 4)44
9012 Oct'26
1957 M N 9214
881. 9045
Conan!45 series R
9814
95
97 Nov'26
1984 MN 99%
,
%rice J 458e
20 Sept'25
Vera Cruz & P let gu4 30_1934 J .1
1970 J D 10778 Sale 10714 107% 20 100 108
Berke A
General M
24 1.7
24 Apr'26
J J
July 1914 coupon on
102 102
102 Oct'26
3D
Registered
22
33
2334 Dec'26
Amenung lit 4145
1934
99% 108
1975 A 0 108 Sale 10714 10814 103
Gen mtge Is series B
101 Sept'26 _- 101 101
1931F-i
Virginia Mid Si series F
1 100 101
99%
/
1
Pitts & L Erie 2d g 58_ __Jan 1928 A 0 100 10014 994
101 107111
2 .Dec'26
1936 M N
General 5s
106 1,6
J 1057 106 105 Oct'26
s
Y Ist gu
.1
Otte McK &
2
102
102
Ma 103
1015 1013 Va & Southw'n 1st gu 5e_2003 J J 102
4
4
1934
10134 Nov'26
J 103% _
2nd guar 68
1
14 90 4 97
8
96
1958 A 0 95% Bale 953
1 1004 10314
let cons 50-year 58
1940 A 0 10178 Sale 10178 10178
Pitts Sh & L E let g 5a
lot% Virginian let 58 series A1982 ra N 103% Sale 10314 10334 71 9954 10853
June'26
1943
J 10014 ---- 10134
let consol gold 55
38 101 104
1939 M N 10378 Sale 10314 1037
Wabash let gold 58
9114 May'25
1943 M N 92%
Pitts Va & Char Mt 4a
9813 102
1939 F A 10114 Sale 10114 101% 27
2d gold 58
91334 10014
1927 MN 10014 --- 10014 Dec'26
Pitts Y & Ash 1st eons 5e
10434 100
9855 103
1975M 53 1043 Sale 104
4
Ref a f 553e aeries A
91
93
1948 1 D 9378
93 Dec'26
let gen 48 series A
83 Feb'25 _
Debenture B 65 regletered_1939 M 13
10212 105
105 Jan'27
1962 F A 105%
let gen 55 series B
ii"
8412 Aug'26
let lien 50-yr g term 48..„1954 J J
6212 69
72 69 Dec'26
Providence (*cur deb 41L-1957 MN 69
101 hIlls
Jan'27
Det 3. Chl ext let g 5e_1941 J J 104 105 104
84% 84%
1956 M
8454 Aug'26
Providence Term 101 41
8414 90
4
:
Des Moines Div 1st g 43_1939 J J 891 -- 887 Dec'26
77% 8312
1941 A 0 84% Bale 83%
84%
9513 10012
8
Om Div 1st g 3sie
1004 Dec'26 1997 J J 100%
Reading Co gen gold 45
87
90%
91
91
5
1941M B 9118
Tol & Ch Div g 4.1
444 May'25 J J
Registered
80
81
8012 Sept'26
81
2000 F A 78
9213
2
Jersey Central coil g 4e-1951 A 0 9212 923 9212
Warren let ref gu g 333e
90
95
84
84
1948 Q M 8714 89 8512 Dec'26 _
9414 98% Wash Cent let gold 46
1997 J J 98% Sale 9814
99
30
Gen dr ref 45e series A
83
88%
e
1945 F A 853 861 85% Dec'26 _ _
9934 10012 Wash Term let gu 3 igit
4
Richm & Dan,deb Es irtnipd 1927 A 0 997 100 997 Dec'26 -3 83
9114
8712
8712
1945 F A 9212
78
80
let 40-year guar 4i
1948 M N 79% 80 7912 °MI5 -Rich & Meek lit g 4a
10212 Dec'26 -- 10012 102%
1952 .1 3 10214
illohm Term Sty lit gu 5a
961 9 4
4
2 4
9512 10114 W Min W & N W lat gu 53_1930 F A 9914 1013 983 Dec'26
4 100%
8
Grande Juno 1st gu 51_ _1939 .1 D 10058 1011 1003
Rio
7834 246
6674 76%
1952 A 0 7812 Sale 7712
514 718 West Maryland 1st g 4s
7% Dee.26
Rio Grande Sou 1st gold 4a-1940 J J ' 7% 9
3 100% 10312
May'25 -712 12
West N Y & Pa let g fs_ _ _1937 J J 10214 1023 101% 102
Guaranteed (Jan 1922 MID on) J 3
3
89
835 88
4
12
1943 A 0 8814 Sale 884
I27
-8
Gen gold 48
8
9214 39
917 Sale 917
Grande West 1st gold 41.1939
Rio
45 Feb'25 _ _ _
Apr 1 1943 Nov
1949 A 0 84% Bale 8414
74% 85
Income g 58
8514
9
Mtge & ooll trust 48 A
ioo- ti;fe" 9934 10018 117 9514 100%
32
96
1934 M B 9534 Sale 9514
89
9514 Western Pao let ser A 55_19413 M
R Ark & Louis lst 4 As
7 10034 1064
1946 M
10334 10312 10314 10354
75% 83%
1949 J J 823 8312 8254 Jan'27 -let gold 65 series 13
4
Rut
-Canada let gu g 48
30
83% 8718
87
23613
874 ____ 8614
9134 10
4
87
92
West Shore let 4.3 guar
1941 J J 9134 Sale 913
Rutland lit con g 4 s
28
83
883
86%
2361 1 J 8618 Sale 864
88
3 7814 8912
Registered
Grand lel let g 48-1947 3 3, 87% 88 88
▪ Joe &
9713 90% Wheeling & Lake Erie
88 Nov'26
J
1996
Ss Lawr & Adir lst 55
100
5 9912 1024
Wheeling Div lit gold 50_1928 J J 100 Sale 100
105 10514
1996 A 0 105% ---_ 10534 Dee'28'2d gold 65
95 100
___ 9714 Dec'26
1930 F A 100
9
97
1931 3
95
Ext'n & Inlet gold 58
9612
961i 97 9614
St L & Cairo guar g 46
92
80% 9012
92 92
Refunding 41.4e series A 1986 M S 9012 4
9sLIrMt&Sgencong5s_1931 A 0 10012 1003 10012 1004
9 100 101
894
7 81
88
1949M S 864 8812 88
10014 100%
. 10034 Sept'26
1931 A 0
RR let consol 45
Stamped guar tia
24
6414 74%
75
1942 J D 7312 Sale 7312
19293 J 98 Sale 98
95% 97% Wilk & East let gu g 5a_
9811 56
Unified & ref gold 4.3
.
19383 D 10312 1044 103 Nov 2 ___ 10232 103
93 Sept'25
J
Wilt & 8 F 1st gold 5t.
Registered
8
854 881
/
4
s
Winston-Salem 13 B let 4s...1960 J J 883 88 867 1341e2
89
94
9334 79
Rlv&0Dlv1stg41....1933MN 9334 Bale 938
8018 87
83% 33
6
9954 100% WM Cent 50-yr let gen 411-1949 J .1 83 2 Sale 8312
10014
• L M Bridge Ter gu g 5a---1930 A 0 100 Sale 100
2
8612 90%
89
8614 611
77% 85
Sup & Dul div & term let 4a '38 M N 8918 8912 89
5$L&SanFran(reorgoO)4519503 J 8614 Bale 8524
761 8615
4
80
84
J J
Wor & Con East let 4 iis.....1943 J J 92 ____ 89 Jan'27
. 8214 Oct'26
Registered
93 10034
Sale 10014 100% 141
1950 J J
Prior lien series B Se
INDUSTRIALS
10112 10158 74 101% 103
1928 3 .1 10112 Sale
Prior lien series C 58
85 100
8912 Sale 8912
90
9
99 1034 Adams Express coil tr g 41948 PA
/
1
4
10211 Sale 10214 102% 89
19423
Prior Ilen 5 Sig series D
2 10111 10713
106 107 1057
4 106
9214 994 Ajax Rubber 1st I 5-yr ii 86_1936 .1
Cum adjust eer A 64_ _July 1955 A 0 100 Sale 994 10014 419
8
5
34 312 31c Jan'27 __
/
1
84% 963 Alaska Gold M deb fis A____1925 M
4
987 1731
Income series A 6s_ _July 1960 Oct. 9814 Sale 97
3
4%
312 Dec'26 ____
1928 M
314 4
- 101 10614
Cony deb 68 series B
4
10514 1053 10514 Jan'27
8$ Louis & San Fr Ry gen 68.19a1
96 Sale 9574
9712 142
89% 92%
1955 M
1931 3 3 10011 Bale 10012 . 10012
5 10014 10112 Alpine-Montan Steel 7s
58
General gold
103
10234 1044
Oct'26
1928 A
10212 104
Am Agri., Chem 151 55
St L Peor & N W let gu 01-1948 J J 10334 10512 10512 Jan'27
104 Sale 104
10414 55 10312 106
1941F
4eg
lstref of 73
,
Elt Louts Sou lst gu g 42- - -1931 MS 96% 972 948 Oct'26 -- 94% 97%
978 Sale 973
904 10153
4
98
14
8814 10
8414 88
Amer Beet BUR cony deb 65_1935 F
9$L SW 1st g 4s bond ette_1989 MN 8712 8812 87
10114 Sale 10114
9814 102
10178 19
82
American Chain deb s f 6s1933 A
75
2d g48 Inc bond ctfs_ Nov 1989 J J 8212 8678 82 Jan'27 -15
3
9812 9714
951
9512 98 9512
913 95
8
Conaol gold 45
Cot Oil debenture 5s- _1931 M
1932 .1 D 953 Sale 94%
Am
8
95
9
5
10512 10613
19361 J 10512 ____ 10512 Ney'26
89% 9712 Am Dock & Impt gu 6s
9815 59
lit terminal & unifying 58.1952
97% Sale 9714
118 134
130 Dec'26
938 122
11
86
93% Amer Ice deb 7s___July 15 1939
It Paul & K C Bb L let 4S•18 1941 F A 9312 gale 934
1939 A 0 104 105 110414 Dorm --__ 1004 10414
10114 10114 Am Mach & Fdy a f 6a
et Paul & Duluth let ba
10114 Sept'26 1931 Q F unit
911 10014
991
.9
87
91
Am Republic Corp deb 6a-1937 A 0 99% Sale 99
91 Nov'26'- --lit conaol gold 4a
1968 J D 91
99 10184
10134 30
9014 924 Am Sm & R 1st 30-yr 641 ser A '47 A'0 101 Sale 101
ft Paul Or'Trunk 413a
98 927 Oct'26 -1947 J 3 95
1947 A 0 1084 Bale 107% lOS's 19 106 109
953 98
4
1st M 62 series B
Si rmii mum & Man con 41a 1933 J D 974 ---- 98 Dec'26
1
54 102 10553
1937 J J 105 Sale '10474 105
Amer Sugar Ref 15-yr 6e
Registered
J 13 106 __-_ 9212 July'25 --s 8 Am Telep & Tales eoll tr 48.19293 .1 9834 Sale 9812 9814 143 964 9834
_ jail 109
1s1 consol g 4a
19333 D 107% ____ 108 Jan'27
92
95%
9334 Sale 934
9355
5
1936 M
Convertible es
107 108
108 Aug'26 Registered
J 3 106
_ 9955 9914 Dse'2 _ _ _. 974 1024
1933 M 8
1
99 1004
20-year cony Ole
reduced to gold 430_1933 J J 1004 ____ 10014 10014
64
3
l034 115 10014 103 4
1946 J D i0334 Sale 1103
-year colt tr 56
974 99
30
9812 Aug'26 1933 J .1 99
Registered
103 June'2 __ __ 10234 103
J D
9555
Registered
93
4
96
15
953
Mont ext let gold 4a
1937 J D 9512
97% 102
19603 J 10214 Sale 1014 10214 369
2
1)214 941.
9512
35-yr s deb 5s
9512
Registered
J D 95
4 10638 165 1025s 106%
1943 M N 10614 1Sale 1053
3 8914 9071
-year s f 5ige
91
20
Pactric ext guar 45 (sterling)'40 J J 9114 92 91
1940 A 0 1035i 104 103% 103% 13 10014 105
17 101% 108% Am Type Found deb 6e
St Paul Union Depot Es_ _1972 J J 10512 Sale 10512 106
99
54
95 4 99
3
54
Am Wat Wks & Else 5e____1934 A 0 99 Sale 9814
621:
42
604
7
893 Am Writ Paper s 1 7-65_1939 J J 60 Sale 80
s
84
B A & Ar Peas Mt gu g 48_ _ _ _1943 J .1 90% Bale 8914
9012 80
Wiz 23
60 604
4115 6251
10013 102114
Temp interchangeable ctfe dep. _ 57
Santa Fe Pros & Phen 53_ _ _1942 M S 102 ___ 10212 Dec'26
108 110
4
1934 A 0 1083 --- 108 Sept'26
Say Fla & Weat lat g 6s
10234 1023. Anaconda Cop Min let 68_1953 F A 10412 Bale 10414 104% 360 10114 10414
1934 A 0 10234 ____ 10234 Oct'26
1st gold 5s
10434 Dec'26
10254 1041
4
Registered
87% 90%
Scioto V & NE let gu g 48.-1989 MN 9112 921: 9112 Jan'27
1938 F A 109 Bale 10852 10912 291 1024 1094
9
7114 82
1950 A 0 8114
15-year cony deb 71)
8114
81%
Seaboard Alr Line g is
96% 109
4
16
7814 92
83
Cop Min cony deb 76.1943 J J 10812 Sale 1074 1087 294
1950 A 0 82 Bale 8112
Andes
Gold 4.1 stamped
9212 1004
-- 97 Nov'26
__
76
8538 277
877 Anglo-Chilean Nitrate 7sww1945 M N
1
Oat 1949 F A 85 Bale 8434
Adjustment 55
90
8912 Sale 8812
84
90
244
7454 422
6914 76
Refunding 4s
1959 A 0 7412 Sale 7334
Without warrants
8412 97
9514 73
91
97 4 Antilla(Comp(Azue) 7.4._1939 J J 95 Sale 95
981 488
1945 11 5 9854 Sale 98
3
let & cons (Se series A
27
9414 1004
4
923
7
88% 94
9234 93 9114
Atl & 13Irm 30-yr let g 48_41933 51
Ark & Mem Bridge & Ter 51.1964 PA 8 10078 -- 10034 1003
98% 263
9214 983 Armour & Co let real est 4 Si e'393 1) 9274 Sale 921g
4
Seaboard All Fla let gu 6s A _1935 F A 973 Sale 9714
9014 92%
4
93'e 328
9534 258
9975 10014 Armour & Coot Del 5).4s..1943 3 J 9512 Sale 95
Beaboard & Roan 56 extd_1931 J J 100 10054 10014 Oct'26
92
9618
101 102
1929 M N 10112 101% 10112 1011
8 102 10312
So Car & Ga 1st ext 5i3e
Associated 011614 gold notes 1935)4 5 102% Sale 102% bO2ls
9958 Mar'2
10214 1044 Atlanta Gas L 1st Se
1938 F A 103% _ _ 10312 Nov'26
19473 D 10212
II& N Ala cons gu g Se
1774 24
155 Dee 26 ___
10534 111
Gen cons guar 50-yr Se_ _1968 A 0 11014 111 111 Dec'2
15
28
Atlantic Fruit 78 effs dep._ _1934 J
26
891
So Pau coil 40(Cent Pao cell) 8'49 J D 8914 Sale 894
2014 204
1534-..- 201s Jan'26 _ _
854 90%
Stamped ctfa of deposit
755 Sale 748s
787k 225
8414 85% SUOMI& W E113 L col te 58_1959 J
Registered
J D 844 8712 86 Jan'27
6512 73
83
983
June 1919 Xi 8 983 Sale 9812
9934 1023
,
96% 994 Atlantic Refg deb 5e
20
-year cony 4a
19373 J 101% Sale 10112 10184 18
2 100 10234
1011
1934 J D 10112 Bale 101
20
-year cony Si
994 10174 Baldw Loco Works let 5s_ _ _1940 Pa N 10812 107 10614 10612
1944 M N 1004 ____ 10112 Jan'27
6 102% 110
20-year gold 511
91154 13
3 103 107
87
91
Ban Fran Terml let 48....19104 0 907 Sale 904
Baragua(Comp As) 7(-4u_..1937 J J 107 Bale 10834 107
86 Dec'26
IA•
85
86
8
9214 756
96 101
Barnsdall Corp deb 6s
1940 J D 92% Bale 905
Registered
10054 104% Belding-Hemingway 60
94% 100%
9814 37
1937 M N 10414 --- 10312 Oct'26
19363 J 9712 Sale 9713
So Pac of Cal-Gu g 5a
9512 Jan'27
944 9514 Bell Telephone of Pa Se
1948 J 3 10312 Sale 10314 10312 15 100% 10414
So Pao Coast 1st gu g 48.--1927 J J 9512
19883 J 9414 Sale 9312
90
94
944 46
1960 A 0 104 Sale 103% 10414 17 100 10414
let & ref 5s series C
Bo Pao RR lst ref 45
52
20
95 10212
Beth Steel lit & ref Es guar A '42 RI N 101 Bale 100% 101
10714 71 104 108
997g 69
1936 J J 991: Sale 9813
Southern-lit eons g 5e---1994 J J 10614 Sale 106%
93
99%
30-yr p m & Imp s 5s_
Jan'27
10134 10812
104
JO
954 101%
103
194
Registered
Cons 30
-year 64 wales A _ _1948 F A 10234 Sale 102
8712 134
814 87%
9912 207
Devel & 920 45 series A___1956 * 0 8714 Sale 86%
874 97%
Cons 30 year 5148 series 13_1953 F A 99 Bale 97%
55 10714 114
935k 10
115
1956 AO 115 Sale 114
933 9355
1950 M 8 93
Develop & gen 68
Bing & Bing deb 851a
904 95
1956 AO 121% Sale 12014 121% 229 112 119% Booth Fisheries deb if 6s_1926 A 0
1038i 100 Nov'26
Devel & gen 6i8
70 190
1 101% 106% Botany Cons Mills 614e..b934 A 0 90% Sale 9014
10612
10612
' 10654
3
9078 34
Mom Div loll 414s-5e_.1996
8012 954
904 12
91
86
1961 3' 9014 9034 89%
1044 21 101 105
194 A 0 104 Sale 104
St Louis Div let g 4s
Brier Hill Steel 1st 5lie
99% 101
4
77
4
180
B'way & 7th Av Ist c g 513_ _194 J D 76 Sale 74
East Tenn reorg lien g 58_1938 MB 1003 102 10014 Nov'26
7014 763
1
9212 8514
874 93
8514
1938 MS 92
75 Sale 74
75
10
Ctrs of dep atnepd June '28 in
Mob & Ohio coil tr 48_
6818 73
ogle 96
81
873 Brooklyn City RR 58
844 84% 8412 Dec'26
4
9412 95 94
Spokane Internet let g IS. _1965 J
95
8
194
10012 Sept'26
9912 10012 Bklyn Edison Inc gen 5e A_ _194 J
10412 104% 10434 10454 52 102% 105%
Superior Short Line lit 5s..e1930 2+1 S 94% -- -954 9912
4
1044 Sale 10414 10412
6 103% 10612
General 68 series B
1930.2
Term Assn of OIL let g 4Sia..1939 A 0 98% 993 98% Jan'27
101 106
1944 P A 1024 10314 10234 Dec'26
Bklyn-Man R T sec 6s
19683 J 9914 Sale 99
997 388
let cons gold 5!
9214 99%
16
88
843 8814 Bklyn Qu Co & Bub con gtd Es'41 M N 6574 Sale 6574
4
4
1953.23 88 Sale 877
50
66
3
Gen refund e f g 40
65 4
3
130 101% 105
79
_
lot
1941
J 8014 ____ 79 Nov'26
Texarkana & FIB 1st 5i3s A 1950 P A 10475 Sale 104% 105
72
10418 Dec'26
98% 10414 Brooklyn R Tr let cony g 46_2002 J J
4
tkl5s
yn
19433' 993 ---8812 Aug'26
884 884
Tex & N 0con gold 5a
3-yr 7% secured notes __1921 J J
13612 Nov'25
2000 3D 106 -- 105% 10614 43 103 10712
Texas & Pao let gold 5a
3
9934 101
Ctfa of deposit stamped ______ --_
' 10014 100% 10012 1004
3
1931
---- 12812 Mar'26
_
La Div L let g 5s
1
105
994 105
Bklyn tin El 1st g 4-513
94
94% 14 "ipirs WI;
1950 FA
Tex Pao-Mo Pac Ter 510_1964 MS 105 Sale 105
_ 1001s 1024
Stamped guar 4-5e
8812 953
4
6
1950 F A 945 Sale 944
Tol & Ohio Cent let gu tw__-1935 J J 10114 -- 10214 Dec'26
9434
_ 1001s 10115 Bklyn Un Gas let cons g 5s..1945 M N 1031.1 1034 10312
101 Nov'26
10312
3 1004 11348
Western Div lst g 55
1935 A0 10012 -4
2 97% 10214
let lien & ref fie series A_ _1947 M N
110 11412
11412 Dec'26
1935 3D 10012 101 10114 10114
General gold 58
20
20 20 Oct'26
37%
Cony deb Via
162
19363 J 159 162 160
29 126 166
Toledo Peoria & West 4a___ _1917 J J 15
28
874 905 Buff & Susq iron f 5a
4
93
5
91
9214
9214
1
1932.2 D 9214 93
Tol St L & W 50-yr g 4s_1950 * 0 903 92 9014
90'
97% 9914 Bush Terminal let 4e
991 9914 Dec'26
914
2
873 924
1931 33 99
4
1912 A 0 9112 Sale 9112
Tol W V &0gu 4i3e A
9654 Dec'25
-9814
9614 33
99
90
Consol 5e
1933 j
1955 J J 052 Sale 9512
SerlesB44s
60
93 93
95% 102
33
101
Bush Term Ridge 58 Cu gag-e., A 0 100 Sale 9914
&Nies C 4s
1942 MS 93% - - 94 Jan'27
90 Dec'26
871 90%
8
Tor Ham & Buff let g 48-.1946 3D 8912 91
Cal GAB Corp unit& ref 58_1937 MN 10112 Sale 101% 10214 10 10014 1024
6012 go
69 64 Jan'27
5 103% 10534
Cal Petroleum e f g 533s____1933 AO 104 Sale 10312 104
Ulster & Del let eons g 55.--1928 3D 64
413
4 10
9554 100%
Ms 48
Cony deb s f 5SO
1948 M N 1014 Sale 101
10214 262
1952 A0 3934 41% 4114
let refunding g 41
92
96
92% 9511 Camaguey Bug let f g 70_1942 A 0 100 Sale 9914 10014 17
9012 997
4
1947 33 9538 Sale 95
Union Pacific let g 435
2 1014 10312
83% 93% Cent Dist Tel lit 30-yr 55-1943 J D 10312 1044 10312 10312
4
9434 953 943 Nov'26
4
J
Registered
9934 100
9914 100
Cent Foundry let f fie_May1931 F A 96
3
1927
J 9934 Sale 9954
93% 99 4
98 98 Dec'26
20-year cony 41
_ 9414 Dec'26
1014 40 100 108
941,4 9912 Cent Leather let Hen f 60_1945 J J 10114 Sale 101
J'
Registered
9214 29
86
9218
let & refunding 44__June 2008 MS 9534 Sale 9152
9 1061 109%
4
let lien & ref Is
June 2008 M S 1084 Sale 10874 10874
4 10214 29 101% 103%
4
10
-year perm mowed 6e-1928 33 1013 Sale 1013
Due May. S Due Aug.
358
BONDS
V 48Tfl('KlXCHANOE
Week Ended Jan. 14.
NeN York Bond Record -Continued -rage
t;
9
Price
Friday.
Jan. 14.
Weer,
Range or
Last Sole
Range
Year
1926,
BONDS
N. Y FITOcK EXCHANGE
Week Ended Jan, 14.
Pries
Friday.
Jan, 14.
Leers
Range or
Lan 8ale
11
Range
Year
1926,
Bid
Ask Low
High No. LOW
EWA
Low
Mtge Ara• Low
HIgh
11912 Sale 11914
11912 12 11514 1231, Kings County Elea ist g 45_1949 F A In
112, 85 88
A41
Jan'27
7714 83
5312
534
7
4414 56
Stamped guar 4e
1949 F A 8214 84
8312
84
7
7712 89
102 6;1;3- 102
1 10112 103
102
Kings nunty Lighting 58
(
J
1954
10112
__ 10184 1013
98 103
/
1
4
4
5
75% 79
75 Sale 743
4
First & ref 13348
651 81
4
1954 .1 J 11214
11314 11314 13 106 112
11012 Sale 1097
2 11012 421 104% 110% KinneY(OR)3c Co 734% notes '36 3
102 10212 103
4 1014 107
104
/
1
102 Sale 102
10214
7 101% 1034 Kresge Found'n cell It 8e. __lint} 1 D 1021
71 100 103
10312 10212 103
/
1
4
10432
104% 104% 10418
1 10214 105% Lackawanna Steel let be A 1950 M
10014
10032 48
964 100
/
1
/
1
4
983 Sale 977
2
9812 193
9484 98 4 Lac Gas Lot St L ref&ext 58 1934 A 0 1003 Sale 100
3
4 Sale 1003
4 1003
4
/
1
4
7 100 103
82 May'28 -,
82 821
coli & ref 5 HS series C__ 1953 F A 1041 Sale 10432 105
4
66 102 105
/
1
4
974 Sale 974
9712
7
9
014 974 Lehigh C & Nay s f 4 %a A 1954 J J 9814 10014 994 Nev'28
90 100
94% Sale 9312
94% 14
833 Y4
4
Lehigh Vallee Coal let g 56 1933
2
J 1013 10112 1013
1018 14 1004 1014
/
1
/
1
997 Dec'26 -9914 10114
tat 40-yr gu Int red to 4'7 1933 J 1
902 961
997 Dec'26
4
2
9912 101
let & ref 8 158
1934 F A 1014 S11- - 101
96 -- e 97
101
97
6 101 10112
1
10
Oct'25
Ist & ref s f as
1944 F A 99% Sale 998
99%
8
9924 101
1st & ref 5s
1954 F A 100 Sale 100
1
Columbus Gas lat gold 58.. _1932 J J 9714 9712 97
100
99 101
Jan'27
9614 1003
4
1st & ref 5.s
1984 F A 99% 10012 99%
Commercial Cable let g 482397
993
993 1001e
2
4
1
• J 81 Sale 81
81
75
1st & ref s f 5s
83
1974 F A 99% 10014 9914 Dec'26
Commercial Credit ef 8e_ 1934 M N 96 Sale 9812
9914 99 4
1
3
9812
93 1019, Lex Ave & P F let gu g 51_1993 M S
Col tr s f 5 WV. notes
-- 4012 Feb'26
397 40Itt
2
1935 J
9114 92
9312
17
91
901s 99 4 Liggett & Myers Tobacco 78 1944 A 0
3
Sale- 122
122% 24 118 12612
Commonwealtg•Power 8s. I947 MN 10514 Sale 1043
3 10234 10512
4 10514
Registered
A 0 11712 ____ 12012 May'26 -- 12012 122
Computing-Tab-Ree 51 6e 1941 J J 105 10514 105
34 10412 106
105
be
1033 Sale 103
8
Conn Ry & L let & ref g 4 lie 1951 • J 9512 98 9314 Ney'28 -103% 17
9934 103
/
1
4
go
944
Registered
1951 r A 99'
F
Stamped guar 4s
99 100
/
1
4
1951 .1 .1 9512 9812 95
4
953
2
90
95
Liquid Carbonic Corp 85-1941 F A 105 S -- 1044 BePO 236 174
-ale- 9 3
Consolidated Cigar a f 8s
9 4 lt. 4
5
98 107
1936 A0 993 Sal
125
924 1013
100
9914
,
p co w
leb llsisith warr. 1941 1 (1 10258 Sale 10212 10412 255
.
Cons Coal of Md let & ref 58.1950 J D 83 Sale 8212
98 103
/
1
4
26
83
7812 86
Lol'uriewil'asrdIne(
1944 A 0 11814 Sale 118
Cense! Gas(N Y)deb 5%e..1945 FA 108 Sale 19578
/
1
4
11814
/
4
11 115 1211
10614 120 10414 10612
Registered
A 0 114
Cent Pap & Bag Mille 810_ .1944 FA
1181 June'28 ---z 118 118
/
1
4
/
1
4
754 Sale 75
7512 12
8
737 82
58
9934 Sale 993
Consumers Gas of Chic gu M193(1 JO 10114 __-- 102
4
/
993
1
4
4
98 4 103
1
b
Jan'27
9814 1023
.
Registered
1951 F A 1004 8 _l_ _ 10514 0 24
r
97:8 _a e 9
10
1
Consumers Power 1st 58..
0
1952 MN 1023 Sale 10214 1023
2
8 33
974 103
Louisville Gas & Elec (Sy) be 52 M N
57 'offs fa'
Copenhagen Telep ext 6e_ _ _1950 * 0 998 100 100 Dec'26
99 101
Louisville Ry let cone 5a..
95
Corn Prod Refg let 25-yr s f 5s'34 MN 10212 Sale 10112 103
9812 96
96
1
8912 96
3 100% 103% Lower Austrian Hydro Elee 1930 J
Pow
Crown Cork & Seal let •65.1942 P A 95 Sale 9412
12
95
82 4 96
3
let f %a
1944 F A 937 Sale 9112
937
8
78
CrOwn-Willamette Pap 6s._ _1951 J J 101 Sale 100
82
/ 90
1
4
54
101
99 100
Cuba Cane Sugar cony 7a_..1930 J J 9818 Sale 9512
9712 259
88
983 %tenet! Sugar 1st f 7145___1942 A 0 105 Sale 10412 105
5
9314 105
48
Cony deben stamped 87..1930• J 10014 Sale 99
1e
10012 154
1(11i
92
Manhat Ry(NY)cone g 48_1990 A 0 89 Sale 88
89
'Alban Am Sugar let coil 88_193 MS 1073 Sale 1073
152
5914 69
/
1
4
15 10612 10918
4
4 108
2d 45
2013.1 13 57
597 60
2
Cuban Dom Sue let 714s__ _1944 MN 10014 Sale 993
80
53
1
63
4
10014 31
9114 101
Manila Elec Ry & Lt a f 5a...1953 M
9512 96
9412
96
Comb T & T let & gen •e..1937 ii 1017 102 1017
35
8912 98
2 10014 10218 market St Ry 7e ser A
2
8
1017
8
k
A pri11940 Q .1 967 97
987
2
97
Cuyamel Fruit 1st e f 8s A._ _1940 * 0 948 Sale 948 • 95
32
95 4 991
3
)
6
93 4 973a Metr Ed let & ref g 68 ser 13_1952 F A 1081
3
- 10512 105%
6 104 1081/
let & ref 1la series C
19533 J 10012 1003 10332 1003
4- 4
Davison Chemical deb 6Hs.193l ii 9512 97
962 10122
4
4
2
9413
9518
97
92
Metropolitan Power 1st 65 A1953 J D 10512 108 10534 Dec'26 15
Deny City Tramw let con 5e 1933 A
-- 10212 10614
9218 Aug'25
vletr Wes Side El(Chic) 48.1938 F A
7512 777 7812 Jan'27
Den Gas & E 1.1st & ref a f g 55'51 MN 9812 Sale 9812
7112 76
9
9812
04
98
Mid-Cont Petrol let 814s_ _ 1940 M S 105 Sale 10412 105
21 IAN 106
Stamped as to Pa tax
/
1
4
M
4
9814 983 984
4
9812
9312 (F)
Midvale Steel &0cony s f be 1936 M S 9814 Sale 9812
99
2
39
Dory Corp (1)(3) let f 7s. _1942 M S 7634 77
92
/ 98
1
4
1
7712
77
91
65
Elec Fty&Lt ref&ext 4%6'31
J 9812 98% 9834
2
99
Detroit Edison ist eoll tr 58.1933
96 8 99
2
6 10(17 1037
102 Sale 10172
102
4
,
General & ref be A
1951 J
994 100 1004 1001a ..
let & ref 58 series A _July 1940 M 8 103 10314 103
9812 10112
5
2 100% 1041
10318
,
1st & ref be 13
D
1981
20i2 9812
993 301
Gen & ref be series A
4 .
21 100 103. vIllwaiikee Gas Light let 48_1927 M N 9914 Sale 9818
103
1023 103 1023
4
4
993 ___- 9934 100
4
let & ref Se series 11..July 1940 MS 1073 Sale 1073
13
99
991
2
6 106 1083 Montana Power let be A__1943 J
949A 0
4
4 108
4
10218 Sale 1017
1023
4 51
Gen & ref 55 ser 11
991e 105
34 10012 104
103
103 Sale 103
1955
‘iontreal Tram let & ref 513_ .1941 .1 .1 994 Sale 99
9912
8
Det United let cons g 4148_1932
964 90
/
1
9514 Sale 9512 Jan'27
90
Gen & ref
974
5e aeries A__1955 A 0 94%
994
994 21
92
/ 94
1
4
/
1
4
Dodge Bros deb 6e
9512 Sale 95
8
958 211
9212 97% Morrie & Co let a f 4 %a_ _1939 J
88 Sale 8714
8888 93
Cold (Jacob) Pack let 68_ _ _1942 M N 88 Sale 813
84
88
11
1941 1,MN
90
6984 90
Mortgage-Bond Co 4a ser 2.1988 A 0
81 Dec'26 -Dominion Iron & Steel 58_1939,M S 48 Sale 48
80
81
5
49
34
623
4
10-25
-year be series 3
1932 .1 .1 81963 97
4
9712 Dec'26 -Donner Steel let ref is
961 98
4
1942J
98 Sale 96
Me 10. 92% 98
Murray Body let 6%a
1934 J
983
-_- 9812
9714 14
Duquesne 14 1st & coil 8s_ _.1949
83
/ 97
1
4
/
1
4
19612 Sale 106
10612 25 104% 107
Mutual Fuel Gas let go g 58 1947 M N 10112 103 10112 Dec'26
4gels 103
let coil trust 5148 series 13_1949,1 J 10478 Sale 10478
8 1043 1063 MugUn Tel gtd b ext 4% 194i M N 10134
105
4
,
1013
4 1013
4
100 1024
East Cuba Sue 15-yr ate 7328•37M S 107 Sale 107
26 103 1083 1assau Elec guar gold 4e...._1951
108
,
J 617 Sale 8112
37
82
6814 64
/
1
4
Ed El III Ran let con w 4s....1939,1 J
Jan'27
95
997 1
. 1atianal Acme In s 714s_J D 10112 Sale 102
93
102
3
ad Ehsc III let cons g Es_ _1995 J
98 102
10873 10712 10718 Dec'26
103 1083 Vat Dairy Prod 6% notes
,
1940 MN 101% Sale 101
102 ..
8.9.
Elec Pow Corp(Germany)
95 100
/
1
4
/
1
4
840e50 M 8 99 Sale 97%
1.17
99
85% 9414 Vat Enam
Stampg let 58 1929 J D 101 10212 102 J'27 -- 1001 103
an
Elk Horn Coal 1st & ref 614e.193113
/
4
3
98
98% 98%
984
93 2 l001$ Vat Starch 20-year deb 58_ _1930 J
993 101
4
9914 Oct'26 ---Deb 7% notes (with warr1.5•31 J D 9514 984 9
9914 10311
1
9312
95 10112 National Tube letsf 5s_ _ _ _1952 fA N 1033 10414 10384
512
4
10414 ....
17 101 10414
.
/
1
4
Empire Gas & Fuel 7%e_ _1937,M N 105% Sale 1054
1053
4 83 10112 105
Registered
he N
_ 10214
102 102
/
1
4
let & ref 614e(with waretay41'A 0 10012 Sale 98 2 100% 2,8
/
1
4
9612 ILO% Vewark Congo' Gas cons 5s 1948 J D 1025* id 102% Sept'26
Jan'27
10012 105
/
1
4
Equip Gas Light 1st con 5e 1932 M 13 10012 101 10012 10012
7
99% 1003. 'hew England Tel & Tel 58 A 1952 .1 D 10314 Sale 103
10314 20 1004 103
/
1
4
/
1
Federal Light & Tr lot 18._.1942 M 18 96
9
9812 9514
9814
9212 98
let g 4%e series B
1981 M N 983* Sale 96
963 104
2
ist liens f 5s stamped_ _ _ 9421114 S 9612 -- 9514
924 95
/
1
/
1
4
9614 25
9512 96
Vow Or) Pub Sere let be A 1952 A 0 983 Sale 9534
2
983
9024 964
73
let lien 813 stamped
1942.61 S 10314 10312 103
Jan'27
1(10 1043
,
First & ref 5s series B._1955
D 96'8 Sale 955
9615 31
9014 984
30
-year deb 68 see 13
195411 D 98 Sale 97
2
98
89
V Air Brake let cony 68_1928 M N 10212 1023 10212 1023
984
3 100 105
4
4
/
1
4
Federated Metals st 7e
91
193913 13 91 Sale 8912
5
84
98
1Y Dock 50-year 1st g 45 1951 F A 84% 8512 843
3
4
85
8114 864
Flak Rubber let e f 5,
115 Sale 115
11814 13 1134 1161
/
1
4
Y Edison 1st & ref 8142 A_1941 A 0 118 Sale 11514
9 115 118
118
IN Smith
& Tr tat g 58_ _19 8 M
341
9
88
89
88
88
7614 9114
3
First lien & ref 6s11
34 102 104
1944 A 0 10312 1033 1033
4
4 104
/
1
4
Frameric Ind & Dee 20-yr /30'42'3 J 10112 Sale 99%
13)112 324
88
99%
Y Gas El Lt & Pow g 5s. _1948
13 10814
104 101 14
Francisco Sugar 1st at 7)0_1942 M N 107 Sale 107
107
101 107%
Purchase money gold 46..1949 F A 924 - - 39 4
i
89
French Nat Mail 88 Lines 78 1949 J D 974 Sale 984
/ 92
1
4
/
1
4
973 321
s
951
,
79
Y LE& WC& RR 510_1942 MN
01 july'26 ---- 101 101
N Y LE& W Deck & Imp 581943
1 1014 102%
0112 10112
.1
Lias & El of Berg Co cons g 5819491.1 D 10214 103 1013 Dee'213
/
1
_ 10022 1022
4
4
Y &Q El L & P let g So. 1930 F A iiiii2 iiii" oils 10112
2 10014 10214
Gen asphalt cony Os
19391A 0 10712 Sale 10812 108
27 102 110
Y Rys 1st R E & ref 4e_ _1942 J J
6712 Dee21 iiii
674
Gen Electric deb g 334s.._19421F A
/
1
52
91
Jan'27
92
87
Certificates of deposit
6034 OcC26 --nen Elec(Germany) 75 Jan 15.45.1 J 10414 Sale 11,3%
46
62
10414 74
95 10414
30
-year ad) Inc 58_ _ _Jan 1942 A0
8 Dee'213
414 104
S f deb 1114s with war
1940,1 D 116 Sale 1,3
11612 79
9914 119
Certificates of deposit
8 Dee28 -z.,_
3
/ 1014
1
4
Without waren; attach'd •401.1 D 1003 Sale 1.04
152
4
101
964 100
Y Rye Corp Inc Be_ _Jan 1965 A pr
30% Sale 2988
303 218
Uenl Petrol 1st a f 58
22
4
87
1940 F A 10112 Sale 10112 101% 16
982 10114
Prior lien 8s series A
1965 1 J 8514 Sale 85
85 14 57
Gen Refr lets f g 68 ser A _ 1952 F A 103 Sale 133
8114 884
10312 50 10014 10314 NY & Richm Gas let
1951 MN 10212 103 103 Dec'26 ---- 10014 105
Good Elope Steel & I sec 79_ 1945A_
/
1
4
0 10212 Sale 1503
1024 106
8
92
99% WY State Rye let cons 4 Sie_1962 MN 55 Sale 5418 . 55
38
Goodrich (B F) Co 1st 6%5_1947 J J 10612 Sale 108
49
594
10812 182 104 107
1st eons8 As series B
1962M N 72 Sale 72
1
72
Goodyear The & Rub let 88_1941 MN 12112 Sale 121
60
82
1213
4 75 1194 122
NY Steam let 25-yr
8 1014 105
10
/
1
/
1
4
-year ef deb g Ets_ M ay 1931 F A 11012 Sale 110%
5 109 4 11218 N Y Telep let & gen 68ser A 1947 M N 10634 Sale 10512 lO63g
11012
3
f 4 145_1939 MN 981 s Sale 984
983 105
4
'
Uould Coupler Isle f 85.__ _1940 F A 8414 8612 84
97
994
85
844 97
30-year deben s 18s_ __Feb 1949 F A 11014 Sale 11014
11014 25 1091e 11114
Granby Cone M 13 & P een8eA•28 111 N 100 102 100
Oct'26
100 101
20
-year refunding gold 811_1941 A 0 10812 Sale 10812 1087
51 10712 10911
Stamped
1928 M N 100 102
003 Dec'26
4
100 101
Niagara Falls Power tat 58 1932 J .1 10114 Sale 101
10112
6 100 108
Cony deb 721
1930 M N 13712 Sale 3412 139% 30 100 148
Ref & gen tla
Jan 1932 A 0 105 1053 10514 10518 18 104 4 1
4
tit Cons El Power(Japan)7a_1944 F A 99 Sale 9812
1 0612
9912 110
Niag Lock & 0 pr 1st fe A_ .1955 A 0 1003 Sale 1001
90% 98
20
4
* 101
99 1014
Great Falls Power lat f 551940 MN 103%
100 104% No Amer Cement deb 6%a A.1940 M S 94 Sale 94
---- 03% Jan'27
95
44
94 100
North American Edison 85_1952 M El 104% Sale 10418
20 10114 1084
105
Hackensack Water let 4e___1952 1 J 8658 Sale 8312
7
86%
8418 884
Secured at g 8)4e ser B_ _1948 NI S 10612 Sale 10518 1007
37 103% 106
Hartford St Ry let 4s
Oct'28
1930 MS 9314 ---- 93
90 90
Nor Ohio Trac & Llght 85_ _ _1947 M S 96 Sale 9512
9614 19
923 99
4
Havana Elec mum!g 5s_
9512
FA 9512 96
5
1952
9512
9412 10015 Noen States Pow 25-yr be A.1941 A 0 101 Sale 105 Bop%11,4 .. 6
63
0904 : 21
9
%
0
97% 101
Hershey Choc 1st & coil 5)451940 .1.1 102 Sale 02
10212 50
994 102%
Registered
A 0
99
994
Hoe(R)& Co 1516)41 ser A.1934 AO 98% Sale 98
98% 22
9112 9914
lat & ref 25-yr 65 series 11.1941 A 0 1981 gtil- 4
e
10412 1064
Holland-Amer Line 88 Wa().1947 MN 937 Sale 92%
8
9414 118
937 North W T let fd g 4%5 gtd.1934 .1 J
.;
79
9818 Jan'27 ---9812 9811
Hudson Co Gas let g 5s
6 100% 10312
8
1940 MN 1027 10314 02%
103
Humble Oil& Refining 5%8_1932 * j 10214 Sale 0214
10212 53 1014 103
Ohio Public Service 734s A _1946 A 0 115 Sale 11518
1151
8 113 116
/
1
4
let & ref 7$ series 11
1947 F A 114 Sale 114
1141
7 110 119
/
1
4
1111note Bell Telephone be. 1958• D 103% Sale 033
2 1033
4 18 1003 104
4
Ohio River Edison lot 82_.1948 J J 10612 Salo 10512
1061
28 10114 1064
1111nole Steel deb 434s
* 0 9812 Sale 9734
1940
9812 100
Old Ben Coal let 68
943 98
4
1944 F A 9112 Sale 91
911
8
88
9714
Raeder SteelCorp f s
1948 A0 10212 Sale 0114
1023
4 91
987 10012 Ontario Power N F 151 5s_ _ _ 1943 F A 10112 103 10114
2
10134
2
99 102
/
1
4
/
1
4
Ind Nat Gas & 011 56
1938 MN 98
9812 98
Jan'27
911e 9812 Ontario Transmission 58_ __ _1946 M N 1008 10112 10 4 Jan'27 zi6
4
03
99 101
/
1
4
Indiana Steel let 58
1952 MN 104 Sale 04
10412 13 10114 10515 Otis Steel 1st M 6s ref A._ _1041
S 95 Sale 94
95
1M
93% 98
Ingersoll-Rand ist re Dec 3119 5 33
194
3
993 Dec'25
4
_ Pacific Gm& El gen & ref 58.1942
.1 1003 Sale 1004
5
10012 43
97% 1004 •
(island Steel deb 530
MN 10214 Sale 01% 102% 28 .
9884 162
Pac Pow & Lt Istarel 20-yr 58 30 F A 997 Sale 993
.
4
10014 37
9912 101
/
1
4
Inspiratioo Con Copper 6%a. 931 MB 10114 10112 0114
10112 75 1004 1024 Pacific Tel & Tel 1st 511
1937 .1 3 10212 Sale 10214
10212
8 100 102
/
1
4
/
1
4
Interboro Metrop coil 414s.. 56 * 0
11
Apr'25
Ref mtgefe aeries
*
1952 M N 1023 Sale 10214
102% 43
9872 10212
Guaranty Tr Co etre dep
15
13 Mar'26
II
13
Pan-Amer P & T cony
68 1934 M N 10478 Sale 10414
105
197 104 11312
Ctf dep stpd aastd 16% sub_ _
1012 May'25
st lien cone 10-yr 7s.... 1930 F A 105 Sale 105
105
13 103 2 107%
7
773g Sale 77
iaterboro Rap Tran let 5s__1988
78 'He
Paramount-Bway let 5%8 1951 .1 J 99% Sale 9814
100
57
9212 snug
Stamped
.13 77 Sale 77
77% 532
8014 Park-Lox et leasehold 614e. 19533 .1 9112 92
62
9114
9312 49
8512 95
-year (le
10
1932
8012 Sale 8012
110
8112
84
Path, Passaic & El cons Ss 1949 111 8 1023 10314 10214 Dec'26 - 64
1
100 10224
10
-year cony 7% notes_ _A932 M S 97% Sale 973
4
98% 83
8534 100
Penn-Dixie Cerneet Its
..4 I
S 101 Sale 993
4 101
148
98:2 9914
lot Agile Corp 1st 20-yr 58_1932 MN 83
92% 7912 Dec'26 - - -8814 9812 Peop Gas & C let cons g 611_1943 A f. 11312
_ 11312 Dec'26
10118 11418
Stamped extended to 1942_ _
MN 8012 823
4
2
•
2
79
917
Refunding gold 58
10218 1- -- 10218
024
1947 M
10212
98% 10314
Inter Mercan Marine a f Bs. _1941 AO 9712 Sale 953
4
9814 955 8434 98 Philadelphia Co coil tr A.1944 F A 10332 Sale 10312 104 103 10238 1054
23
International Paper ba
1947• J 973e Sale 9712
98% 78
91% 98
15
-year cony deb 6)48_ _ _1938
1008i Sale 100%
101
32
98 1011
/
1
4
/
4
955 MS 10012 Sale 10014
Ref e 8e aer A
10012 135
984 10012 PhIla & Reading C &
8
10112 14
99 1024
/
1
4
•I/ 3 1003 Sale 100
int Telep & Teleg cony 534e 945 M S 11012 Sale 1097
2 11114 854 107 1161 Pierce-Arrow Mot Car ref 53-1973 SI 13 105 Sale 1043
.
deb 8s1943
4
10514
14 103 11,9
Pierce 011 deb s f
_Dec 15 1931 J D _... 10112 103% 103%
1
99 107%
.1947 J
108 Sale 10734
urgens Works(Is(fiat price)
10912 93 100 118
Pillsbury Fl Mills 20-yr 611..1943 A 0 10214 Sale 10214
103
13 10114 1044
Kansas City Pow & Lt 52--1952 M S 10334 Sale 103% 103% 24 10014 104
Pleasant Val Coal 1st g f 5
993
9912 Sept'28
8-1928
__
98 100
/
1
4
Kansas Gas & Electric 13e._1952 M S 10512 Sale 105
105% 29 1011 10812 Pocah Con Collieries let e 11581957 J
/
4
9212 Sate9112
20212
9
90
/ 93
1
4
10712 23 105 10712 Port Arthur Can & Dk 6a A _1953 F A 10512 Sale 105
Kayser (Julies) de Co let if 78'42 F A 107 10714 19712
10512
8 102 10514
9834 Sale 98%
994 14
Keith (B F) Corp let 811----1946 M
let M 88 series B
9134 994
_1953 F A 1041* Sale 1043, 1043
2
2 1011 105
/
4
/
1
4
Kelly-Spring!Tire8% notee_1931 M N 10412 Sale 103% 104% 14 10234 108
Portland Elm' Pow 1,1 65 B_1947 M N 101 1013 10012
4
10112 15
99 104
9312 933 9312
9312
4
Royston Telep Co let 5e---1935 J
9
90
9412 Portland Gen Lice let 55___1935 J J 101 Sale 1008g
101
12
90 102
/
1
4
/
1
4
1C'nge County El & PAM-1937 A 0 10312 105 10312 10312
1 102 1(14
Portland By let & ref 5e-_1930 M N 9514 98
9512
97
9
92
/ 96
1
4
4
1997,A 0 1243 Sale 12412 12434 21 11912 129
Pantheon money 61
Portland Ry L& P 1st ref 50.1942 F A 93% Sale 92
9312 13
8814 94a•
let lien & ref 82 series 13._1947 M N 101 Sale 10012 101
12
99 103
/
1
4
tat & refund 7 Ks eerles A 1945 M N 10612 10712 10612 1083
4
2 10334 1081/4
Central Steel lot g f
_ __194I MN
Mile City & Conn Rye 5e.lan1927 A0
Cb
L & Coke 1st gu g 58_1937 JJ
Chicago Rye let 56
1927 FA
Chile Copper cony 85 ser A_ _1932 * 0
Mein Gas & Elec let & ref 58'56 * 0
610 ger B due
Jan 1 1961 * 0
Cities Serv Pow & I.e f 8,1_ _1944 MN
Clearfield Bit Coal let 4s__19441 .1 .1
Colo F & I Co gen e 5a___ _1043 FA
Col Indus let & cell ba gu.__1934 P A
Columbia 0& E let 58
1927 1
Stamped
1927• J
Col & 9th Ay let gu g 58...._1993 I S
11
2:: 1111% _
THE CHRONICLE
JAN. 15 1927.]
.
New York Bond Record-Concluded-Page 6
BONDS
R. Y.STOCK EXCHANGE
Week Ended Jan. 14.
Price
orilday.
Jan. 14.
Week's
Saner ar
Last Snit
Range
Year
1926.
359
Quotati,ns of Sundry Securities
All bond pc ee. Sr.,'Need lint.rese mcept where marked
Public Utilities
Standard 011 Stocks P rl Sta. 14413.
73
•73
2113 American Gm A Electric_
Anglo-Amer(Sleetstock El •21
t *963 97
4
6% preferred new
El *2018 2014
Non-voting stock
MAN 10152 10214
Deb Os 2014
113 114
100
High Atlantic Iteflning
High N.' Low
Rid
.40 how
100 11512 11712 Amer Light & Tree com_100 228 230
Preferred
7
94
984
96
Pressed Steel Car cony g 56._1933 J J 96 Sale 9514
117
Preferred
65
_ *61
4 114e ne Scrymeer Co new
11014 1123
D
4
1103 Dec'26
Prod & Ref.188(with war'ts)'31
982
14
18
:
1
54 6 92
48 Amer Pow & Light pret_ _1 00 1,)1 101,
3 10914 1124 Buckeye Pipe Line Co_ _...60 *47
11112
4
Without warrants attached... J o lois ill- 1103
Deb 65 2016
7712
25 *76
44 100 1043
4 Chesebreugh Mfg
FA 10412 Sale 1037
10412
8
Pub Serv Corp of NJ sec 13e.1944
72
10 *224 2214 Amer Public Util corn....100 65
011 v t 0
11 103). 10614 Continental
106
Pub Serv Elec dr Gas let61461959 A0 10512 Sale 10518
91)
1414
7% prior preferred_ _100 88
7
10512 34 103 3 10512 Crescent Pipe Line co_ _ .50 *14
1964 A '0 10514 Sale 10514
let A ref 53,s
79
4% [Artie preferred_ _100 75
Cumberland Pipe Line_ _100 10713 10812
3
107 6 31 106 109
Pub Serv El Pow s f let 6s._1948 * 0 107 Sale 107
4712 4812 Associated Gas& Else pref_t *5017 52
Pipe Line Co....100
Punta Alegre Sugar deb 75_1937 Ji 11012 Sale 1 04 11112 14 104 11134 Eureka Signal 011 com_ .. 100 10
111. Blackstone Val(3&E com_50 •105 107
8014 gels Galena
MN 954 Sale 9513
954 31
Remington Arms 68_____
100 534 56 Com'w'Ith Pow Corp new..t *444 444
Preferred old
3
974 1013
1014 23
Rep0b I & 8 10-30-yr 56211_1940 * 0 10114 Sale 10114
100 911 9214
Preferred
100 5312 56
Preferred new
217
924 994
3
Ref dr gen 51 s series A.__1953 J J 99 4 Sale 994 100
61
10 60
4 Humble Oil A Refining_ ...25 *5138 8112 Consul Gas 6% pref
9513 1193
53
1221
Rhelnelbe Union 76 with war 1946 J J 121 Sale 12054
_100 10012 10712
12612 12717 Elec Bond & Share pref.
100
3
99 4 Illinois Pipe Line
93
4 92
1023
3
Without stk purch m0416_1946 J J 1015 Sale 10153
4
..
*39)s 3914 Elec Bond A Share Scour. 1 703 7113
9812 10314 Imperial 4 01
MS 1014 1017 10212 1024 21
1950
4 •17
3
fthIne-Main-Danube 75A
171s
3
95 162 4 Indiana Pipe Line Co_ -50 *8112 63 Lehigh Power Securities..
10414 56
4
Rhine-Westphalia Elec Pow 7550 MN 10414 Sale 1023
96
*3214 3212 Mississippi Riv Pow pret MO 94
International Petroleum_ _
94
88
1955 FA 9712 Sale 97
4 14
973
Rime Steel let 1 75
First mtge 53 1951._ _J&J 101 102
National Transit Co _12.50 *1312 14
77
54
• D 63
68 Dec'26
68
Robbins & Myers let she._1952
4
14 g deb 76 1935...MAN 102
New York Transit Co._ .100 •3114 313
5 III 114
Rochester Gas dr El User B_1946 MS 112 Sale 11112 112
National Pow A Light pref.' *102
72
Northern Pipe Line Co. 100 71
2 1044 106
106
__ 106
series C._ _1948 MS
Gen mtge 5
25 *591 634 North States Pow com_ -100 110 111
4
Ohio 011
9014 9012
904 9212 904 Sept'26
Pitts C&Ipm 5e. _1946 MN 106Roch
lie 102 105 .
Preferred
25 •1614 1712
733
50
4 Penn Mex Fuel Co
50 Dec'26
52
-Brown Iron gen&ref 75'42 MN 51
Rogers
100 27 25
Nor Texas Elm Co com_100 62 69
4
1
494 6511 Prairie Oil A Gas new... 25 *521
MN
50
50
Stamped
Preferred
Pipe Line new _100 134 13412
Prairie
pref-100 105 1064
1041 194 198 Ohio Pub Serv, 7%
3-3
914 974 Solar Refining
N 952
4
953
953
4
et Jos Ry Lt & Pr let 544-1937
100 101.
, Southern Pipe Line Co __. *2414 25 Pacific Gas & El 1st pret-100 *5
3
95 6 971
4
flt Joseph Stk Yds 1st 4146-1930 J J 973 9814 9713 Aug'26
10'
1
43 : 4012 Power Securities corn
814 South Penn01125 4
5
76
76
76
3
Eit L Rock Mt & P 5e stmpd-1955 J J 757 77
36,
t *32
Second preferred
Southwest Pa Pipe LInes.100 544 0613
1
954 98
9514
8
953 953 9514
4
St Paul City Cable cone 541_1937 .1 J
9312
Coll trust 65 1949-J&D 92
,
Standard 011 (California). *58 4 59
4 1013 10 2
4 67
10553 10612
San Antonio Pub Serv lstOs.1952J J 10111
Incomes June 1949.-F&A *8512 874
Standard Oil (Indiana).....25 *70'41 7014
56
9254 110
103
4
Saxon Pub Wks(Germany) 75'45 F A 103 Sale 1013
33
tt
goond POW & Lt_100 31
012 20
3
98 4 11104 Standard Oil (Kansas) _25 "
4
4 54
1946 J J 1003 Sale 10012 1013
Ilehulco Co guar 6 Ns
100 8312 86
25 11912 120
6% Preferred
Standard 011 (Kentucky)
9812 100
1948 A 0 10013 Sale 1004 10114 13
Oiler s f 6 1 4n issue Ii
100 104 108
4
25 *4714 473
7% preferred
Standard 011 (Neb)
_ 1073 109
3
4
4
88 ser A '41 M 8 1073 10814 1073 Jan'27
Sharon Steel Hoop 1st
4
1st A ref 564e 1949-J&D 1003 :014
6 1064 10812 Standard 011 of New Jer 25 *3913 394
1075
4
4
4
Sheffield Farms lat dr ref 61411'42 A 0 1073 108 1073
100 *11578 116
1 epubile lty & Light.-100 124 .27
Preferred
96 26 9113 984
Sierra A San Fran Power 58_1949 F A 96 Sale 95)4
*3I4 3913
100 120 -..-Preferred
t
R•
99
216
95
102
Silesian-Am Exp col tr 73. _ _1941 le A 1014 Sale 994
35 *11146. 23 S1111th Cal Edison 8% of _2
8
R ghts _
3
324 MI 1017
104
4
Blayne Petrol 6% notes... _1929 M N 1033 Sale 102
of New York.2: *33 I 3313 land 0& E 7% Pr Pf 100 1044 10512
367
4
935 9952 Staudard
100
1004 Sale 98
Sinclair Cons 011 15 9 78-193 M
7
-3 5er
101 350 353 'Tenn Elm Power 1st met7% 10212 10313
Standard Oil(Ohio)
94412 1133
4
10112 335
let I'D col tr 136 C with war.1927 J D 101 Sale 101
10534
101 11814 120 Toledo Edison 7% pref..-100
Preferred
9453
87
3
973 361
1938.6 D 973 Sale 93
3
let lien 6 4443 series B
16
10i) 15
8% preferred
80 1004 10112 Swan & Finch
101
8
Sinclair Crude 011 3-yr 66 A..1928 F A 1004 Sale 1003
18
1®
96 V6.stern Pow Corp pref-100 19514 It/
100 94
Tank Car Co
284
9414 Union
87
94
4
1942 A 0 94 Sale 923
Sinclair Pipe Line 6 t 512
25 *9712 98
10234 16 100 10213 Vacuum Oil new
Smith (A 0)Corp 1st 630-1933 M N 102 Sale 102
•
Chic it Stk La Itt Bonds'
10
Waohingum Oil
5148 Nov 1 49e, 0,4 41231_ 101 103
Other 011 S
4
3
10412 26 105 4 10941
South Porto Rico Sugar 7e_ _1941 Jo 1074 Sale 10712
114 5s Nov 1 1951 opt 1931._ 100 1014
1
"
1011$ 1034 Atlantic Lobos 011
10312 36
4
J 1023 103 1023
4
South Bell Tel & Tel 1516f 551941
so *358 414 Si May 1 1952 opt 1932- 9934 101
Preferred
974 103
1014 38
10112 Sale 101
Southern Colo Power 65 A..1947
25 *9512 90 414e Nov 1 1952 opt 1932- 98 101
3
4 27 100 4 1034 Gulf 011
3 1033
S'west Bell Tel let & ref 58. _1964 F A 10312 Sale 1035
12518 2514 43441 Nov 1 1952 opt 1932.- 9612 100
10 .
Mountain Producers
3
9914 1003
Spring Val Water let. g 611_1943 MN
9912 1004 1004 Nov'26 ---5 *4 7 4146 May 1 1963 opt 1933._ 99 101
011
9853 10112 Mexican Eagle
19341 MN 101
____ 10053 Dec'26 -Standard Milling 1.1 58
Nov I 1963 opt 1933._ 98 10012
100 195 197 5e
974 10214 National Fuel Gas
1945 MB 10333 -__ 10313
3
10314
let A ref 5'e
4 8 4345 Nov I 1964 opt 1934__ 984 100
73
Salt Creek Congo! Oil. _10
10212 530 1014 102
Stand 011 of NJ deb 5s.Dec 1546 F/. 1024 Sale 1014
*33012 301 4 Ns Oct I 1965 opt 1935-- 97 100
4
Salt Creek Producers_ _ _10
107174 109
Jan'27
Steel dr Tube gen e f 76 eer C_195I
.1 1023 Sale 100
4
Railroad Equipments Sec Harts Par Coast of Portland.Ore
12
9914 101
Stevens Hotel let 66 eer A _ _ _1945 J J 10() Sale 9914100
5.10 500
56 1955 opt 1935. __MAN 10012 1034
Atlantic C01181. Line 6e
8912 100
Sugar Estates (Oriente) 75_1942 • S 9.914 Sale' 994
914 10
9
4.90 4.70
Se 1954 opt 1934. __MAN 1004 1034
Equipment6 411
1
95 10012
Oil 1st 5175
1929 P A 109
100
Superior
5.10 5.00
Sugar Stocks
Baltimore A Ohio Os
5
50 4444 3,
4
Syracuse Lighting let g
3D 10234-- _ 1023 Dec'26 -- 100 I02 4
4.85 4.62 caracas Sugar
Equipment 4145 A 511_
3
/ 1044 105 104 Dec.26 -- 1021s 104 4
Tenn Coal Iron & RR gen 68.1961
Buff Koch A Pitts equip 65. 5.20 5.00 Cent Aguirre Sugar corn 20 *9812 100
1(1(1 100,1
10114 113
Tenn Cele, A Chew deb Os_ _194 ;
0 10034 Bale 100
100 160 162:
Canadian Pacific 4 Ns & 6e. 4.95 4.66 Fajardo Sugar
8
10553 78 1025 106
D 1053 Sale 10513
Tennessee Elee Powlst tls_ _ 1947
3
5.10 4.95 Fr deral Sugar Ref com-100 ---- 40
03
554 66'4 Central RR of N J 68
6 5)3. 143
66
Third Ave 1st ref 48
1960
J 6514 Sale 63
60
100
5.10 5.00
Preferred
4 Chesapeake A Ohio Os
4113 657
Adj Ina is tax-ex N Y Jan 1960 40 63 Sale 63
1
*212 412
5.15 4.90 Godachaux Sugar,Inc
Ne
Equipment6
9211s 9811
9
23
9713
1937 JJ 964 974 97
Third Ave Ry 1st g 55
100 18
4.85 4.70
Preferred
Equipment53
0012 984
9914 119
Toho Elec Pow 1st 76
42
1955 itt
9914 Sale 98
5.10 5.00 Holly Sugar Corp corn__ _1 .37
Chicago Burl & Quincy fie
9813 99
984 52
86
6% gold notes
_July 161929 1 .1 9814 Sale 98
100 83
Preferred
5.15 5.00
West 6s_.
97
9912 Chicago A North
984 115
Tokyo Eleo Light 6% notes 1928 P A 983 Sale 9812
4
4.95 4.75 National Sugar RetIning_100 134 137
Equipment6148
4
4 43 1074 1093
80
1941 MS 10813 Sale 108
1083
Toledo Edison 1st 78
100 70
Chic RI & Pac 4 Ne & 5a.... 4.8.5 4.70 New Niq tier° Sugar
9914 35
98 10)
4
4
Toledo Tr L & P 514% notes 1930 1 .1 9914 Sale 983
5.211 5.05 Santa Cecilia Sug Corp
Equipment Os
1024
t 10:141
Trenton 0 & El 1st g 5a1949 MS 1024 103 10213 Dec'26 -- 10013
_. 5.20 5.00 Savannah Sugar corn pf100-- 145
Colorado & Southern
944 99
9913 19
I940 MN 9812 Sale 984
Trumbull Steel let if 65.
100:118 121
Preferred
5.10 5.00
Delaware & Hudson 68
75
61
Jan'27 -67
68
J 67
Twenty-third St Ry ref 55_ _1962
5.00 4.75 Sugar Estates Oriente 14_100 78 80'
8
944 994 Erie 414e A 5
1004 42
Tyrol Hydro-Elm Pow 7Ns-1955 MN 10014 Sale 10014
Tobacco Stock,
5.25 5.05
Equipment65
5.12 5.00 American Cigar com100 120
Great Northern 66
96 100
56
1945 M
100
(Mums El Pow s f 76
100 Sale 99
100 101
4.85 4.70
Preferred
3,4440inuent Si
96
94
J 9512
96
Apr'26 ---Underged of London 4)36._1933
4.85 4.70 British-Amer Tobae or& Cl *2312 2434
Hocking Valley 58
96
90
95 Aufr2S
1948 • J
Income 6a
El *2312 2414
Bearer
5.12 6.00
Equipment*
7 1004 1024
Union Elec Lt dr Pr(Mo)56_1932 hi S Unit, Sale 10114 .10I4
4.75 4.61) Imperial Tub of0 B & Irel'd *2712 29
3 Illinois Central 4645 A
6 10014 1023
10153
1933 MN 10114 Sale 10114
Ref A ext 58
Machinery...AO° 106 110
5.1.1 5.00 Int Cigar
Equipment68
J 102 Sale 1018
10214
4
UnELAP(111)IstgliNsser A1964
11 1004 103
4.85 4.70 Johnson Tin Fell & Met_100 65
Equipment 7s &6 Ns
7712 8512
6
8412
1945 * 0 8413 Sale 844
Union Elev Ry (Chic) bs
42
Kanawha & Michigan 65... 5.30 5.10 M ac A ndrewe & Forbee._100 40
6 1004 102
1931 • J 102 Sale 10112 102
Union Oil let lien 6 f be
100 100 103
Preferred
5.10 4.85
4 Kansas City Southern 5 Ne
3
4
May 1942 P A 10814 1087 1083
30-yres series A
10834
37
3
100 32
5 1003 1083
6.10 5.00 Mengel Co
Louisville & Nashville 65_
4
9514 993
9912 43
1935 FA 9914 994 9914
let lien 6 1 5a series C
90
4.90 4.75 Porto Rican-Amer Tob 100 80
Equipment6 Ns
10712 30 10313 10712
United Drug 20-yr 6e-Oct 15 1944 A0 10714 1073 107
4
39
4.95 4.75 Universal leaf Tob corn ..t *36
Michigan Central 5e&
1034 29 10113 10413
United Fuel Gas lets t 8s___1936 .1 J 10314 Sale 10314
100 104 108'
Preferred
MInnSt PASSM 41*AI* 5.10 4.85
7812 Jan'27 -.7413 79
4
United Rye St List g 4s_1934 J .1 763 77
100 116 119'
5.25 4.90 Young (1 S) Co
Equipment 610 A
79
MN 93 Sale 9213
8712 95
9312
1937
United 853 Co I5-yr 66
100 100 102
'
Preferred
5.20 4.90
M femur' Pacific 65 & 6148
4 103 109
105 i
4
United Stores Realty 20-yr Os '42 A0 1044 105 1643
4.90 4 70
9612 436
J
914 9512 Mobile & Ohio 541
3
9613 Sale 955
B Rubber let & ref 58 ser A 1947
New York Central 414e & be 4.80 4.61 Rubb Sties (Cleeed gtiotarii)
927 925
5
924 Sept'26 - -3
1 J
Registered
5,
1 *3
5.10 5.4)1 Falls Rubber corn
Equipment65
3 92 10353 1084
10-yr 7 N % secured notes_1930 FA ionig Sale 10813 1065
18,.
25 •I5
Preferred
48)4.70
Equipment 71)
4
1073 230 103 1118
U 8 Steel Corp coupon Apr 1963 MN 107)4 Sale 10714
4.70 4.55 FireatoneTire& RtlbcoM 10 *117 118
Norfolk A Western 4 Ns_ _ _
5
1063 Dec'26 -- 10434 106 4
4
s t 10-60-yr talregist.. Apr 1963 MN
100 10012 103'
'
6.00 4.75
6% preferred
Nbrthern Pacific 75
864 9414 Pacific
4
943 130
4,
Utah Lt& Trac 1st & ref 55.1944 40 944 Sale 94
100 984 993
7% preferred
3
0 4.73
Fruit Expreos Ts
95
9834: 130
3
99 4
4
1944 FA 983 Sale 9814
Utah Power A Lt let 56
et ee
1.65 General Tire & Rub corn_ _2 •150 155 ,
Pennsylvania RR eq
10253 Oct'26 -- 10053 10254 P034414 & Lake Erle 6 Ns._
1960 J J 1024
Utica Elec LA Pist be
100 ---- 10212
Preferred
5.05 4.80
7 1004 102 4
3
102121
3
10214 10334 1023
Utica Gas dr Elec ref A ext 581957 J
9512
5.15 5.00 Goody'r KARol Can pf 100 r
Equipment Os
27
9013 100
100
9912
Vertienteo Sugar let ref 76 1942 JO 944 100
4
4.70 4.55 ludla Tire & Rubber new..t *293 3212
5.114 644 Reading Co 4 Ns & tel
1
5614
671 5814
55
1963 J
Ds 2
Victor Fuel 1st s t 56
4.85 4.70 Mason Tire & Rubber com.t •
St Louis & San Francisco be
105 110
10812 Nov'26 -1947 Jo 10714
Vs-Caro Chem 1st 76
100 1713 19
Preferred
Seaboard Air Line 514s A Os 5.25 4.95
Stpd as to [met 40% of Prin
4.70 4.60 Miller Rubber preferred 100 102 1024
107341 12 10434 41444 Southern Pacific Co 4445
10714
1947
25
10714
let 76
100 19
4.90 4.70 Mohawk Rubber
Equipment 76
10412 110
10714 -- 1084 Dec'26 65
CU of deposit aestd
52
Preferred
4.85 4.70
Southern Ry 4)45 & 6e
5
1074 --- 1084 Sept'26 ---- 1067 logt,
Ctt of deposit stid.....
8
5.12 5.00 (*Meiling Tire & Rubber_ t *213 23
Equipment65
9114 98
3
93
V• Iron Coal & Coke 1st g tis 1949 MB 9412 .__. 945 Jan'27 -100 96
Preferred
510 5410
9712 10152 Toledo A Ohio Central 68
99141 21
99 Sale 99
1934
Vs Ry Pow let A ref 55
Water Bonds.
4.90 4.70
Union M444104-76
89
95
4
Walworth deb 6)46(wIth war)'35 A 0 92 Sale 92
Arkau Wet 1st .55'56 1 Adr0 943 954
Short Term Securities
9114 97
; 11
951
9514 95
1st sink fund Os series A.. 1945 A0 95
4
A nneuuda Cop (411,1 6e29.11t.1 1013 10214 Birm WW let45146A'54.A&O 10412 105
79 100
9313 19
4
Warner Sugar ROM let 76_1941 J D 923 Sale 924
151 M 58 1954 ser B. _JAI) 9814 984
.
34
884 Chic It I A Pac 54)1929-IA1 100 101114
56
80
4
783 Sale 781a
Warner Sugar Corp let 7s_ 1930
.141,61 100 10014 Butler Wat Coo f 58'27 JA1 100
.4444 44- 1929
3 10112 10333
1023
4
4
10314 10312 1023
9612 13 Wash Water Powers 1 58.. _1939
542 Sept 2 1931.4_ _M&S 1
412% notes 1928____JeD 9914 9912
1014 1034
103
103
1034 -- - Wenches Luc g 56 stmpd gtd 1950 J
83 86 CityW(Chatt.)5146'54 J D 1044 105
100 111214 Federal Sae Ref 68'33 MAN
4
1944 MN 1014 102 1013 Jan'27
4
West Ky Coal let 76
973
JAD 97
ts '27....J&J 100 10314
181 M 56 1954.
Missouri Pacific
18
994 103
West Penn Power tier A be_ __1946 MS 10053 Sale 10013 101
Castle Water
I
3
99 4 10314 Skies-Shelf S & I 65'29.F&A 10112 10214 City of New 1941 ....JAC. 1 93
101
95
101 Sale 101
1963 M
let be series F
10314
.
5e Dee 2
W141 Cent 5548 Apr 13 1927. 100
04 106
4
1953 A0 1003 1014 10514 Jan'27
1st 514,44 series F
Clinton WW let 58'39..F&A 89
Indus. & Miscellaneous
3
8
1956 J D 10113 Sale 10012 1013 227 1997 101
let see 58 series0
American Hardware
25 '83 85 Com'w'th Wet lot 54464 '47 103 104
10
65
80
91
79
7912 79
1950
MI
West Va C C let 66
100 116 117 ConnelIev W SeOct2'394&01 92
Babcock & Wilcox
3
1
23 It St L & lot Wet Si'42 1,1.11 93 4 944
*22
Blise(E W)Co new
62 1004 10314
1944* 0 103 Sale 10213 103
J&J 101 102
Western Electric deb 58
540 .56
let M 63 1942
Preferred
7
14 100 4 1034
10214
4
4
Western Union roll tr cur 55 1938 J J 1013 Sale 1013
Huntington 1st 68'54...M&S 1(1313 104
•104 106
Borden Company oora
9614 100
4
3
99 4
4
100 18
1954 951 Me
Fund A real est it 454e. _ _ 1950 M N 993 Sale 9812
Company
22
56
3
4 11 110 6 11712 Cellelold
1113
4
19311 F A 1113 112 1114
t6
-year 6425 g
74
M14 States WW 68'36 MAN 100
Preferred
100 70
9
,
t
M 20-yr g 55 1946 M S 98341023 Sa e 111434
5425641AD 95 --Wes'houseE &
14% 217
18
1
4
1 14 TA Chlide Company pref. _ _1(0 117 119 MonmeonW ist
.
Westphalia Un El Pow (1.4n 1950 J D
100 175 183 Mon V I Wt 534 '50 Jct.] 991 __Hercules Powder
92
98
9812 119
4
Wheeling Steel Corp let 510 1948.6 J 9813 Sale 963
Muncie WY/ 580442'3s) 401 92
Preferred
100 11612 11812
944 101
9814 26
3
White Sew Mach 63(wIth war)'363 J 984 Sale 977
St Joseph Water 581941A&O 9412 _
704 International Silver pret 100 105
46
9
55
Wickwire Seen CM let 7s_ _1935 J J 53 Sale 53
99 So Pitts Wm let 58 1960 JAJ 9512 97
6014 6014 Lehigh Valley Coal Sales.50 *97
6014 Mar'26 ......
9713
FAA 97
Certificates of deposit
let M Si 1955
100 128 132
7012 704 Phelps Dodge Cory
MN ____ ____ 7012 Mar'26
A _ _JAD 102
Ctfe of deposit stamped
654 Royal Baking Pow corn IOU 164 175 Ter H WW 65 '49 B FAA 934 9412
4
397
8
445 101
Wickwire Sp RI Co 76 Jan 1935 MN 40 Sale 40
101 (41 55 1958 ser
Preferred
100 100 102
18 10114 10314
102
_
4
3
Willys-Overland s f 6'4e _ ..1933 M S 1017 Sale 1013
Wat let '49.MAS 103 I
3 Singer klanufacturIng__ _100 365 370 Wichita Si 1958 ser B._FAA 9312 941
44
3
:
955 1013
102
Wilson & Co 1st 25-yrs f ile...1941 A 0 1014 Salo 10114
151 M
6
Sieger Mfg Ltd
LI .5
F b'25
11 1014 106
105
1941 A 0 .
d Purchaser also pays accrued dividend.
•Per share. t No par value. Ii Basis
Registered- Sale 10412 105
Winchester Arms 7 Ne
1014_105
Voung'n .
Sheet A T 20-yr 65_1943 J J 10414 Sale 104 ..... 10412 153 ...
a New stock. I Flat price. 3 Last sale. a Nominal r Ex dividend. s Ex-rigru.
_..
, Canadian quotation. s Sale price
a
13
360
BOSTON STOCK EXCHANGE-Stock Record
HIGH AND LOW SALE PRICES
-PER SHARE, NOZ' PER CENT.
Saturday,
Jan. 8.
Monday, 1 Tuesday,
Jan. 10.
Jan. 11.
Wednesday, Thursday,
Jan. 12.
Jan. 13.
Friday,
Jan. 14.
Sales
for
the
Week.
STOCKS
BOSTON STOCK
EXCHANGE
Range for year 1926
Lowest
Highest
miSIC Z1141.KIS
Range for Precious
Year 1925
Lowest
!Bohm
Railroads.
172 172
17478 1747 •1721z 175
8
17212 17212 174 174
--------145 Boston & Albany
100 159 Jan 9 17512 Dec 1 156 Feb 1641
86
8612 854 88
85
853
4 85
4 •
85 4 84
3
8512 834 84
990 Boston Elevated
100 77 May 3 8612Ju1y 15
•99 100
7514 Mar 85 .
. *99 100
•99
_ 100 100
100 100
162 Preferred
100 89 Feb 27 103 Dec 2
•____ 11212 *99Ill 111
92
Jan 1044 1
Ill 111
11012 111
-- Ill 111
11012 111
122 1st preferred
100 11212 Dec28 122 Jan 7 109 Mar 130 I
10412 105
10512 10512 *105
_ _ 105 10512 105 10512 10412 10412
318 2d preferred
100 9812 Jan 9 112 Jan 2
---- - _
94 Mar 116 1
5212 53
5312 - 12 ____
53
_ _ ---- _ *5212 53 •
408 Boston & Maine
100 35 Mar 30 5812July 26
6112 - 6112 _
_
_
10
_ *____ Apr 4912 I
61712 * . 6112 ____ ____
15 Preferred
100 32 Apr 14 8112 Dee 16
80 80
114 Apr 48 I
80 iciio 16
85 Series A lot prat
100 59 Apr 15 88 Dec II
125 125
17 Apr 65 I
__ 125 125 *125
____ *120 ------------35 Series 13 lot pref
100 84 Apr 15 130 Dec 7
110 110 *12012- 105 105
29 Apr 8712 I
105 105 *110 ____ *105 ------------24 Series
C 1st pref
100 74 Apr 11 110 Sept 29
*145_ *150 -- _ 160 160 *155
25 Apr 7912 I
... *150 ------------20 Series D let pref
100 105 Jan 29 165 Dec 7
106 106
106 106
3512 Apr 116 I
106 106
10512 102 105 10514 10512 10512
- 12
223 Prior preferred
94 Apr 16 10712 Dec 15
•I90 200 *190 ____ •195 199
96 Dec 99 ls
____
_ *195 199
_ ____ _ _ Boston & Providence
100 z17512Mar 19 2(1712 Dec 22 187 Feb 180 N.
.29
___ *29
__ *29
3112 *29 --3112 *29
3112 ____--29
29
10 East Malls Street Ry Co
100 28 Oct 6 61 Jan 6
.683 4 69
69 89
26 Sept 524 I
69
,
71
70
70
70
70
70
71
744
lot preferred
100 5912 Apr 29 71 Jan 2
•66
67
GO July 73 I
16612 67
66
46
67
67
66
--------265 Preferred B
67
100 56 May 6 89 Jan 13
4712 4712 47
61 Aug 70 I
4712 *47
471 *47
.
4712 47
--------430 Adjustment
47
100 40 Apr 29 4914 Jan 29
*52
__
35 Sept 60 I
52
5212 .523
8
_ 5312 5312 4712 5012 63
53
113 Maine Central
100 49 Sept 1 60 Feb 3
424 - 11 4212 4278 42 -- i23
23 May 56 I
424 4214 4214 4214 424 417 4214
8
512 NY NH & Hartford
488s July 17
100 317
*98 ____ *93
28 Mar 4684 I
____ *98
*98
____ 9212 9212 --------10 Northern New Hampshire_100 81 8 Mar 30
Apr 8 9812 Dec 30
70 Feb 90 1
*12514
__ *12514 ___
_ 128 128 *126 ------------10 Norwich & Worcester pret_100 120 Apr
22 132 Dec 8 100
124 125 •122 125 92812-- Jan 125
1
122 122
122 122
122 122
__
92 Old Colony
100 111 Jan 6 125 Sept 1
•10612
96
Jan 113 .
•10712 ____ •10712 ____ 908 __ •I08
____ ____
_ ______ Vermont & Diassachusetta_100 9934Mar 12 107
Dec 29
87 Feb 101
1
Miscellaneous.
*232 214
*212 23
4
24 27
8 •212 3
212 212 --------350 Amer Pneumatic Service _ 25
2 Nov 24
5 Jan 7
17
212 Mar
17
6 I
1714 1714
17
17
1512 16
16
16
17
17
280 Preferred
50 18 Dee 23 241
1513 15534 15212 15534 1533 16414 15314 154
4
1612
3
8
15314 15312 15314 164
1,797 Amer Telephone & Teleg_100 13912June 24 15034June 15 13038 Mar 244 1
4 Feb
50
Jan 145 1
50
50
SO
50
50
549
50
*49
60
49
4914
675 Amoakeag Mfg
No par 4812July 13 71 Jan 2
.71ie 76
6111 May 87 )
734 733 *733 75
4
4
•733 75
4
*733 75
4
____ ____
12 Preferred
No par 724 Nov 4 78 Feb 23
7014 May 864 I
_ Art Metal Conatruc, Inc__10 20 Jan 16 2112 Jan 23
*513
Jan
14
16 A
67
*56
57
67
57
5612 5612 *55
30 Atlas Plywood tr ctfs
6612 ---5212 Apr 14 634 Jan 19
4612 Aug 674 I
____ ...... _____ _ Atlas Tack Corp
No par
814 Oct 11
1714 Jan 2
*1912 2014 *1912 2014 •I912 - 94 Aug 21 1
2C1-12 •1912 201 *19
1912 ____
Beacon 011 Co corn tr ctfs____
1418May 11 2012 Jan 14
86
86
15
Sfi
85
613
8512 86
651s 854
-------364
*10714
9/12 Nov 10
912 I
-_ 1074 1074 10712 1071 1074 10714 10714 1074 --------200 Bigelow-Hartf Carpet_No par 74 Nov 1 9812 Jar 2 Boston Cons Gas pref 6l4%100 10512 Jan 25 10912June 21 103 Jan 1084
*4 _-5
)
5
414
5
4
4
--------510 C.,Id oh Cop., (1.1.9s A T C _
414
4
4
*67
89
851 153 •16
4
4
19 .67
*67
69
--------5 Dominion Stores, Ltd__No par 57 May
69
71 Dec 28
284 Jan
74 1
Preferred A
100 104 Jan
11218June 9
99 June 100 1
•
112 I
•112 2
*112 2
•112 - •112 1
2
___ __ _ East Boston Land
10
1 12 Dec 2
312 Jan 21
*4
112 Apr
5
61 6
8
4
4
312 4
5
5
512 512
575 Eastern Manufacturing
6
312 Mar
74 Oct 26
46
46
3 July
614 .
45
4634 4634 463 *4512 47
4
*454 47
--------440 Eastern 138 Lines. Ins
25 44 Nov
8812 Jan 22
42 Mar 897 1
436
364 ./36
8
37 *x35
37 435
*x35
37
37
___ ____ ____ __
Preferred
No par 34 Nov
45 Jan 0
*9112 93
Jan 464 1
36
*9112 92
*9112 92
9112 9112 .9312 9112 --------20 let preferred
100 9014 Oct
9912 Jan 9
89
Jan 100 5
*/15
16 415
16 415
16 415
16 415
16
____
___ ___ _ Economy Grocery Stores
14 Nov 16 26 Feb 5
18 Aug 2313 El
226 227
22612 229
228 230
22712 229
22812 230 x224 225
529 Edison Electric Ilium
100 :207 Jan 16 250 Feb 11 200 Jan 213 N
•26
28
*26
28
•26
28
2714 2714 2612 2612 2512 26
120 Galveston-Houston Elec_100 14 June 22 27 Oct 4
17
Oct 38 .
41114 1212 41114 124 113 113 *112
4
4
1214 4113 1212 ____
__ ___ _ _ General Pub Serv Corp coca_
4
11 Dec 22 17 Jan 22
*36
361
. 363 37
4
37
37
3612 37
364 3612 /36 -36
286 Gilchrist Co
No par 3414 Apr 20 403 Jan 12
8
2234 Aug :ii J
9314 934 9314 95
94
954 93
1,683 Gillette Safety Rasor
944 924 9312 9212 9318
No par 8812Mar 30 11312 Feb 6
5712 Jan 1154 1
•1012 13
11
11
11
11
*1012 13
*1012 13
10 Greenfield Tap &Die
25 10 May 6 14 Sept 17
1512 J,
11 May
47
47
4612 464 4612 467
8 4612 47
4612 463
470 Hood Rubber
47
4 464 No p.r 4514 Dec 1 683 Feb 4
4
52 May 72
1
_____
Internal Cement Corp_No par 52 May 17 6814 Feb 9
5212 Jan 80
•. - __
-5
2
1
i. - __ _ •. - __
-5
2
;5
2
37.25 __
-•.-25 _ _
__ _ ____ ______ International Products_No par .10 Jan 2 .311 Nov 26 .05
Dec
___
2 .
.2 •_„„
.25 •_„_
.28 •_ r:..4 *- 7,i
.ii
Preferred
---. ---- ___ r __
100 .30 May 19 .55 Jan 6 .10 Dec 1012 .
595 _ _
95 95
-----------.95 _
_ 95
95
110 Kidder. Peab Accep A prat 100 293 Apr 15 96 July 30
824 Jan 9512 D
•103 if •10
8
11 4.1014 1634 10 10 *95 13 ____ _ __
1038
8
41 Libby, McNeill & Libby____10
612 Aug 13 103 Dec 2
4
614 Apr
614 614
93 .
8
64 64
612 612
63
8 68
,
181 Loew's Theatres
612 612
0
654 - 04
25
6 July 8 1218 Jan 18
1114.Aug
1378 •
*89
8912 8912 8912 8912 8912 89
8912 89
8 89
893
89
156 Massachusetts GU Co,.....10080 Apr 20 9112 Nov 17
68 Feb 86 1
71
71
71
71
73
73
73
734 7318 7314 733 733
4
420 Preferred
4
100 65 Jan 8 704 Feb20
6312 Jan 70
i
10912 10912'109 110 *109 1091_ •109 110
10914 110
122 Mergenthaler 1.1notype_No par 1104 June 2 1110 May 1 167
10912 110
Jan 197
1
*94
954 594
954 394
98
•94
96
*94
96
Miss Riv Pow stpd pref_100 89 Apr 9 96 Jan 4
874 Jan 964 D
212 212
212 21
*24 24
212 212 *212 23 --------216 National Leather
4
10
2 Aug 4
412 Jan 5
3 Dec
04
264 21118 26
63 •
4
28
26
26
26
26
26
26
26
26
747 Nelson (Herman) Corp
5 154 Jun 9 2912 July 10
1138 Dec 17 1
•.20 .30 •.20 .30 •.20 .30 .
0.20 .30 •.20 .30 ____ ___-___ .... New Eng 011 Ref Co tr ctfs_ _
20 Jan 2 .95 Apr 29 .10 Dec
2 J1
*312 4 •_... _
4
312 312 •____
4 •____
4
50 Preferred tr Ws
__-- ---100
3 July 15 1012 Jan 6
5 4 Apr
8
12 8
*100 1003 *y99 1003 •999 1003 10012 10012 100 100
4
4
4
38 New England Pub Serv prior pf 05 Sept 20 101 Sept 1
____ -- _ •.80 ---- ..80
•.80
_ •.8.0 _ _ _ •.80 _ __ ____ ____ ____ _ _ New Eng South Mills_ _No par .50 Dec 8 8
•6
Feb 18
24 Dec 11 1
•6
6 .If
•11
6
41
__
30 Preferred
100
2 Dec 21 28 Jan 29
20 Dec 55 .
4
1163 1183 116 117
4
11612 117
117 117
117 11814 118 118
949 New Eng Telep dt Teleg_100 11078 Ave 1 11814 Feb 17
99 Apr 122222'
*901
- 59312 ___ •913
1
_. •90
_ _ *9012
_ ____
_ ____ _ _ No Amer Utll lot pf full paid_
89 Feb 15 98 Feb 25
90 Sept 100 N
*4014 2_- *41 41
45
40 -45
41
41 540 -- - 4014 - -41
1st pref 25% paid
4014
50
143 Dec 13 27 Feb 25
4
20 May 28 D
42
43 .42
4312 4254 43
4218 4218 42
42
940 Pacific Mills
4218
42
100 3512July 6 55 Jan 2
50 Dec 8112 .
*42
43
•42
43
4218 4218 4212 4212 4012 4
012 --------30 Plant (Thus 0). Mt pref _100 40 Mar 26 6814 Jun 12
32 Aug 76
1
.15
•15 __
1512 1512 *1514 __
------------25 Reece Button Hole
*154
10 15 Feb 8 174 Aux 26
1514 Aug
18 I
*114 --- 3
1314 1 5 *115
5
15
5 *115 15 •112
5
15 -------10 Reece Folding Machine...... 10
14 Dec 4
2 Nov 22
1 14 Nov
214 .
10712 10814 108 10813 108 109
108 1083 10812 109
4
10812 109
986 Swed-Amer Inv part pref _100 98 ?day 28 110 Aug 6
9914 Dec 101 I
117 1174 116 11712 116 1164 116 11612 11612 117
563 Swift & Co
117 11714
'100 111 Apr 21 11814 Dec 9 10914 Apr 120 1
*6612 68
*66
671 *6612 69
6712 68
6712 6712 --------60 Torrington Co
25 54 Mar 31 72 Sept 10
454 Apr 734 1
11
114 *11
111
102 1112 311
1112 II
11
1112 1112
265 Union Twin Drill
6
7 Jan 5 1512 Feb II
3
Oct
74 .,
51
5112 5114 52
5112 52
51
514 51 14 513
4 5112 52
3,920 United Shoe Mach Corp.... 25 47 Mar 31 534 Aug 25
403 July 50 b
4
28
028
28
2812 *28
2812 •28
2812 2812 2812 28
28'z
305 Preferred
25 28 Jan 2 30 June 25
2612 Jan 29 (
*8812 89
89
89 487
88 487
8712 8712 8712 8712 8712
305 El 8 & Foreign Sec lot pref f pcl 82 Nov 15 135 Feb 16
98 Mar 12412 I
81
81
8012 81
27912 7912 47912 80
80
80
7934 80
400 lot pref 75% paid
60 May 30 90 Apr 3
2412 Jan 73 1
2212 23
.
1
223 23
4
23 23
227 2318 23
8
2314 23
23
3,436 WaldorfSys.lne, new oh No par
17 Jan 6 223 Oct 19
4
1412 Aug
*42
194 ;
3
45
•42
45 .41
_
41
41
4118 4118 41
41
77 Walth Watch el B com.No par 29 Jan 18 41 Dec 23
5
Jan 34 I
*6114
_ *81
63 .61
_- 63
ND
63
61
61
5 Preferred trust Ws
____ ____
100 4818 Nov 24 61 Dec 24
174 Jan 57 I
112 1 - -16
112 112 *112 116 *112 116 *112 116
15 Prior preferred
____ - 100 101 Sept 30 112 Dec 29
Jan 105 I
68
184 184 19
19
1812 184 1812 1812 18
18
18
260 Walworth Company
II
20 123
46lay 28 23 Jan 27
163 June 2714 .11
4
6712 673
4 67 4 6812 *6712 88
,
6612 68
6518 654 66
6612
800 Warren Bros
60 44 Mar 25 69 Dec20
37
Jan 5012 .1,
*44
45
*44
46
•44
45
*44
45
*44
45
let preferred
50 39 Apr 15 46 Dee 21
374 Jan 434 * '
044
44
49
49
1
*44
49
*44
•44
49
49
____ ____ ____ __
2d Preferred
50 42 Apr 16 47 Feb 10
4012 Jan 48 I
•134 15
*1312 15
*1312 15
14
14
*1312 15
75 Will & Baumer Candle com___
-- ---104 Aug 18 174 Jan 2
11 Mar 217s A
Mining.
--- ----•
.25 ....._
.25 •____
.25 ......„
.25
.05 .05
115 Adventure Consolidated____25 .05 Mar 15 .40 July 19 .05 Dec .25 :ax
•_ -------------------------------------------10
Algornah Mining
25 .10 Feb 2 .10 Feb 2 .10 Mar .25 :
1.70
.80
.80 .80
.80 .81
.80 .80
.89 .89 .
3.70 .80
675 Arcadian Consolidated
26 .26 Mar 27
13 Aug 4 .50 Dee
8
3 ., all
9 8 93
3
94 10
4
097 104
s
93
4 94 *93 104
575 Arizona Commercial
93
4
4 94
9141..lay 25 124 Jan 2
5
94 Mar 15 2 1 eb
3
3812 3714 374 3714 3712 373 373
37
4
4 373 3814 3812 41
4
3,516 Bingham Mines
10 29 June 2 554 Jan 4
2814 July 6014 I 1
8 15
8
147 147
15
147 15
8
144 15
15
15
143 15
1,700 Calutnet & Ilecta
4
25 1314June 7 184 Aug 9
1238 June 187 ;an
8
•.05 .20 ..10 .20 •.10 .20 *.10 .20 *AO .20 *AO .20
Carson Hill Gold
1 .10 Dec 30 60 Jan 2 .20 May .90 A US
1314
13
1314 1312 1318 1312 1312 147
8 14
143
4 1414 143
1,150 Copper Range Co
4
25 13 May 20 20 Jan 4
18 Dec 33 ;Al
*212 24
24 212 •214
212
212 24
212 212
395 East Butte Copper blIning_ 10
212 24
314 Oct 13
4 Feb 3
3 June
614 ;AD
4.20
.35 4.20 ___ 4.20
.40 4.20
.35 4.25 .40 4.20
Franklin
114 Jan 20 .04
25 .25 Nov 3
Jan
14 ;as
•35 .50
.50 .50
.60 .60
.70 .70
.75 .75 '.60 .75
1.
400 Hancock Consolidated
14July 17 .50 June
25 .27 Dec 20
lii, I eb
11714 18
*1714 18
*171t IS
•1612 17
*1612 17
01612 17
Hardy Coal Co
14 Mar 29 2114 Jan 4
1
154 July 23 ;as
•.80
0..80
I
I
3..80
1
..80
1
...SO
1
. .80
.
1
1
Helvetia
2 Jan 11
25 .76 Oct 11
1
Dec
31/ I eb
225 225
225 232
222 225
218 220
217 221
22112 22112
336 Island Creek Coal
1 141 Mar 29 19912 Dec 22 121 Mar 165 I
•104 106 *104 106 *104 106 *104 106 *104 106 *1047 106
8
Preferred
1 994 Jan 4 106 July 28
9414 May 1004 I be
10
1012 1012 1018 1012 1018 1014 *10
10
1012 *10
1012
33 Isle Royale Copper
25
912June 7 14 Aug 9
9 7 Apr 2012 an
s
13
4 *1 12
.112 14 *113
13
4 •112 13
4
*l,se 13
4
175 Keweenaw Copper
1 12 I'A,
25 Al Jan 2
27
88ept 30 .60 June
114 3 Inc
•.90
14 *.90
114 •.90
114 •.90
114 *.90
124
114 *AV
Lake Copper Co
8J2lly 14
25 60 0e12'2
13
1
Apr
3 ;AD
•.85
1
*.85
1
'.85
1.
1
3..85
I
*.85
1
31.85 .95
La Salle Copper
212Mar 16
25 80 June 12
1
Dec
1 • an
4
4417
8 214 •17
8 214 •17
8 21 4
2
2
*17
5 214
*17
5
5 214
20 Mason Valley Mine
14 Jan 26
8Sept 17 .95 Sept
23
24 ;as
4.35 .50 •.35 .50
.50 .53 31.50
1
' .50 .75 3
1
.
..40 .50
200 Mass Consolidated
25 .15 Dec 3 75 July 19 .40 May
114 :an
.75
14
.99
14
.85 11,4 • .75 .99
.89 .75
,
.65 .75 11,696 Mayflower-Old Colony
112 Jan 5
25 40 Dec IS
50 Nov
3 :an
3912 39 4 393 394 3912 4012 41
3
4
40
*39
4114 4014 404
381 Mohawk
25 30 Mar 30 40 Oct 18
2512 June 41 ;AD
4 2212 2212 223 223
*2214 224 2212 223
4
4 2212 2312 *2212 23
5 isi1M5y 19 24 Aug 9
1,124 New Cornelia Copper
18 Mat 25 .
*.05 .15 '.05 .15 ' .05 .15 ' .05 .15 ' 05 .15 ____
1
.
1.
.
1
1%
._ ______ New Dominlon Copper
05 Jan 30 20 June 10
10 July .85 1 eb
•16
18
.16
*16
18
18
*14
18
*18
20
*18 -20
New River Company
100 18 Dec 6 25 Feb 4
25
AM' 31
A UI
*64
66
66
66 66
*64
66
*64
•64
67
*62
75 Preferred
67
100 45 July 13 72 Feb 11
40 June 65 A Ug
o
914
834 9
84 87
8
9
9
83
4 9
83
4 9
1,637 Niels:41ns Mines
1012 Dec 21
5 July 8
5
41 July
18
63 .• all
4
3
34 •34 314
3's 3,8
3
3
3
3
3
34 1,750 North Butte Mining
15
2 Apr 13
3728ept 20
89 June
374 D 0,
114
1
1 •a.90
114 4.90
112 *a.90
4.90
112 'i.90
27 Onbway Mining
113
25 60 Jan 4
2 Nov 22 .15 Nov
114 :an
15
1412 1412 *14
*14
15
15
1412 1412 *14
•14
15
1,135 Old Dominion Co
25 13 nee 29 20 July 17
163 Dec 27 .an
4
124 *1114 12
1218 *12
*1114 12
1218 1212 12
*1114 12
235 P'd Cr'11 Pocahontas Co No par
1011 Mar 29 15 Jan 2
1012 June
1878 8 91
1612 153 16
15
16
4
15
16
1612
16
16
1512 16
791 Quincy
19
25 1512May 24 25 July lfl
Apr 31112 ;an
24
2318 24
24
23
24
24
24
•
2418 25
2312 24
59081 Mary's Mineral Land._ 25 25 Dec27 3812 Feb 10
2812 Apr 48 .an
43
34
4
*314 33
4 *314 33
4 *314 3 4 *314 312
3
312
312
300 Seneca Mining
94 Jan 4
74 Nov
2 4 Dee 31
3
11 D ov
.30
.33 .40
.
.40 .40
3.25 .30
'.25 .36 '
.25 .25 1,680 Shannon
10 .15 Dec 24 80 Jan 5 .50 May
14 • an
.31 .31
..25 .35 *.25 .40
.30 .30
.30 .33 3
•.25 .30
300 Superior At Boston Copper. 10 20 Nov 30
4
1 li Mar 1
.70 May
2 .an
e
614
638 612
612 64
63
4
8 63
612 84
612 84 6,160 Utah-Apex Mining
5
434 Oct 28 113 Feb 6
4
34 Jan
10,4 .an
2
18, 13
8
114 94 13
114
5
115
1 18
14 14
*118
1,410 Utah Metal & Tunnel
114
I .25 Dec 8 2% Mar 13 .40 July .98 . an
.82 .85
.80 .80 •.60 .70 .3.70 .75
.70 .95 3..75 .95
450 Victoria
25 40 May 24 75 Feb 23 .22 Nov
14 . an
.15 .15 3
%13 .15 *.12 .15
•.12 .15 ..13 .15 •.13 .15
Winona
25, 10 Sept 13 40 July 20 .10 Dee .48 . an
,..,
an Fah 1
45 Mar 22
05
Anr .21
1 eb
salds 011 tills day. a A9S0Aunent paid. b Ex-stock dividend. j New stuck. 2 Ex-dividend
•Bid and *eked prim: 210
y Ex-right& s Ex-dividend and right.
.Nuas
tec Play
Range for Year 1926.
Last Week's Range for
Week.
ofPrices.
Sale
Low.
High.
Stocks (Conttnued) Par Price. Low. High. Shares.
Outside Stock Exchanges
-Transactions in bonds at Boston
Boston Bond Record.
Stock Exchange Jan. 8 to Jan. 14, both inclusive:
Bonds
-
Friday
Last Week's Range Sales
ofPrices.
for
Sale
Price. Low. High. Week.
96% 96%
Amer Tel & Tel 435s_ _1933
74% 75
Atl0& W I SS L 55_1959
10015 101
Chic Jet Ry dr US Y 58.'40
1940
83
83
Dom Coal 5s
65
East Mass St RR,A 4348'48 67
67
6934 72
1948 72
Series B 5s
Series D 68
1948 8235 82% 92%
10315 104
1937
Hood Rubber 7s
99
KCM&B Income 53_1934
9935
99% 99%
1929
Mass Gas 415s
Miss River Power 5s_ A951 101% 101 10134
New Engl Tel & Tel 6s 1932 100% 10034 101
104 104
PC Pocah Co 7s deb_ _1935
99
99
1936
Ulen & Co 634s
93
93
United Ind Corp as_ 1945
Western Tel dr Tel 58_1932 10I% 10134 101%
$2,000
3,000
3,000
1,000
3,000
4,950
1,000
7,000
18,000
1,000
4,000
29,000
7,000
3,000
1,00
12,000
Range for Year 1926.
High.
Low.
98% Nov 9835 Nov
Apr 74
Feb
65
Jan 102
99
Aug
62
65
74
103%
9735
98%
99
100%
99
100
82
9915
Mar
Mar
Apr
Dec
June
June
Mar
Feb
Dec
Nov
Apr
Mar
70%
7615
88
1063t
9934
101
102%
102
111
100
93
101%
June
June
June
June
June
Dec
July
May
Feb
Nov
Dec
Aug
-Record of transactions
Philadelphia Stock Exchange.
at Philadelphia Stock Exchange, Jan. 8 to Jan. 14, both
inclusive, compiled from official sale lists:
Stocks-
Friday
Sales
Last Week's Ranee Sales Ramis for Year 1926.
Sale
ofPrices.
Week.
Low.
Paz. Price. Low. HieS. Shares.
High.
55 10014 Jaz 10334 Dee
10334 10335
Abbott,* AI Dairy prof-100
16
16
17%
745 1034 Oct 2035 Sept
Almar Stores
555 4434 July 59
Alliance Insuranee
10 5234
5134 5334
Jan
* 7134 7134 7234 11,138 60
Mar 9434 Jan
American Stores
169 10934 Mar 11335 Dec
Dell Tel Co of Pa, wet__ 11234 11235 113
50 4015 4034 4015
Jan 4034 Sept
6 38
Cambria Iron
33 42
Aug 4414 Dec
Catawlssa let preferred_50 4434 4434 443.4
700 1354 May 29
Congoleum Co Inc
•
1934 1934
Sept
871 29
Cense' Traction of N J _100 40
37
40
Apr 38
Sept
Electric Storage Batt'y _100
7715 7934
328 73
Jan 933.4 Aug
235 50
July 68
Jan
Fire Association new._ _ _10 53
5234 5334
895 31
Mar 83
Dec
Giant Portland Cement.50 90
86
93
Dec 56
July
Preferred
570 43
50 4734 4634 4815
Oct
Horn de Hardart(Phila)com
25 260
Dec 275
260 260
700 46
Sept 5734 Dec
Horn & Harden(N Y) corn
5434 55
Huntington Bed & Top_50
100
114 June
5
Feb
134
134
Mar 6434 Jan
Insurance Co of N A.__ AO 5434 5215 5434
1,518 49
4
Dec
Keystone Telephone. 50
455 435
35
734 Jan
July 2934 Jan
Preferred
18
9 17
50
18
Lake Superior Corp _ _ _ _100
550
134 July
135
135
135
43.4 Jan
Lehigh Navigation
50 11934 11234 11934 13,634 9734 Mar 12034 Feb
Lehigh Pow Security com.
•
1535 1834 39,712
Lehigh Valley
14 8015 Apr 10434 Dec
50
10034 10034
Lit Brothers
Mar 3334 Jan
10 2734 2734 28
1,380 25
Little Schuylkill
Jan 4134 Nov
50 4134 4114 4134
6 40
Northern Central
July
100 7934 Feb 82
50
8135 8135
Penn Cent L & P,cum pf _• 7134
Sept
150 7034 Sept 91
7134 7134
Pe, na rIvania RR
57
50
5734 23,650 4834 Mar 5735 Oct
Feb
Pennsylvania Salt Mfg_ _50 7535
Jan 91
5 71
7534 7534
Phila Co (Pitts). Pf 5%-5
Mar 4134 Dec
24 37
4034 4015
0
Preferred (cumul 6%).50
5l3
25 48
Jan 5034 July
5034
Phila Electric of Penna_ _25 5234 5214 54
27.216 4134 Mar 6715 Jan
935 Oct
Power receipts
35 Dec
9 1-16934
1.916
25 9 1-16
Phil(' Insulated Wire
Jan 70
NON
65
10 50
65
•
Phila Rapid Transit
Jan 58
Jar
_50 54
5314 5434 2,650 51
Philo, Germ'n & Norris_ _50
Oct 124
May
124
124
10 122
Phila.& Read C & I Co.
4335 4354
110 3734 May 5834 Fet
..8
Nor
365 56
Nov 65
Philadelphia Traction_ _ _50
57
5734
Phila & Western
Mar 1634 May
330 11
50 1114
1134 1155
415 Jan 41
37
37
100
Preferred
Ant
50 37
Apr 10034 Deo
Reading Company
x9535 97
410 82
so
Aug 4034 Api
let preferred
4034 4014
9 40
50
2d preferred
32
50
4334 4335
Oc
24
800 1315 July 28
Shree El Dorado Pipe L 25
2434
Scott Paper Co. prof_ _ _100 9934 99
40 9934 Dec 101
Fel
9934
May 9254 Sep
Stanley Coot Am erica _ _* 83
8234 8434 6,977 55
415 Jai
3,075 2 1-16 Apr
Tono-Belmont Devel _A
234 234
Tonopah Mining
1
3 3 5-16
600
735 Fel
334 Nov
50 36 34 3634 3734
1,849 38
Jan 4334 Jai
Union Traction
United Gas Improv't. _ _60 9134 9134 9334 20,642 13434 Mar 14435 Jai
United Light & Pow,com •
1434 1534 4,000
Mar 15434 De
Victor Talking Machine_ ..1 15' x15134 15934 8,223 80
New
• 3835 3734 3834 9,242
6% preferred
• 9034 8734 9034 3,837
98% 3,182
97
• 98
7%.Preferred
40
41
398 40
West Jersey & Sea Shore_50 41
Oct 48
Jul:
154 40
Apr 5834 De
Westmoreland Coal, new 50
5334 67
Bonds
Amer Gas & Elee 5s-2007
9634 100 115.200 8934 Feb 10134 Ma:
Jan 6915 Fel
Cense! Traci N J 1st 58 1932 75
7035 76 317,000 58
39.100 52
Nov 6934 Fel
55
Elea & Peoples tr etre 45'45 55
54
Jan 9434 De
Keystone Telep let 55.1935
9334 9335 12,000 91
18,500
6
Dec
6
6
63.4 De
Lake Superior Corp 55 1924
51,000 96
Nov 10034 Ma
9935 100
Lehigh Ciablav gen 415s'24 100
2.000 98
Aug 98
99
99
Au
Lehigh Val Coal 4158_1940
N Y Pirtle & Norf 1st 48'39
9134 9154
1.000
Peoples Pass tr ars 45_1943 8734 6634 6714 33,000 8134 Nov 8835 Ja
Phila Co cons & coil tr 55
5,000 9634 Jan 100
De
Stpd sk fd & red.__ _1951 100
9934 100
1,000 99 June 10434 Set
10015 10015 10034
Unstamped
1960
103 10315 5.100 10134 Oct 10334 At
Phila Elea 5s
Mar 105
DE
10434 10534 18,400 102
1st 55
1966 105
1,000 10334 Mar 108
Jut
10734 10734
1953
5355
10714 10754 4,100 105 June 10834 At
135
1941
10434 10434 2.000 10434 Dec 10434 04
Reading Terminal 55_ _1941
June 65
16,000 57
Ja
6434 65
United Rys gold tr et'45'49 65
ono.-- 4.. 5. an',, ORLI
OR te 1321
1 000 RI U Dee 6(0W Icl
•NO par value. z Ex-dividend.
-Record of transactions at
Baltimore Stock Exchange.
Baltimore Stock Exchange Jan. 8 to Jan. 14, both inclusive, compiled from official lists:
Stocks-
361
THE CHRONICLE
JAN. 15 1927.]
Sales
Friday
Range for Year 1926.
Last Week's Range for
Week.
ofPrices.
Sale
Low.
Par. Price. Low. High. Shares.
High.
Arundel Corp new stock_
Baltimore Trust Co_ _50
100
Baltimore Tube
Benesch (I) preferred _ _25
10
Central Fire Ins
Central Teresa Sug pfd_ _10
50
Century Trust
Ores & Po Tel of Bait p1100
100
Commerce Trust
•
Commercial Credit
25
Preferred
25
Preferred 13
100
635% preferred
Cons Gas E L & Pow_ _ •
100
63.5% preferred
100
7% preferred
100
8% preferred
Rights
31% 32
130 130
12
12
26% 26;5
25% 26
.75
.75
17135 180
180
11535 115 116
56
56
17% 1735
1734
22
22%
2235 23
85
87*
51
51
52
111
11 1
111
11335 114
114
127 127
1110 1.70
31%
720
50
100
28
233
15
15
13
50
107
124
200
17
341
27
34
9
1.477
2834
128%
11
2615
25
.50
153
11035
67
1635
21%
21
86
45
108%
109
124
1.30
Apr
Dcc
Dec
Jan
Sept
Aug
Aug
Jan
Oct
Nov
Nov
Nov
Nov
Jan
Mar
Mar
Jan
Nov
36
154
22
27
28%
1.00
182
116
61%
47
2635
2734
97
5735
11235
115
128%
1 70
Jan
Feb
Jan
Jan
Feb
Nov
Mar
Jan
Mar
Jan
Jan
Jan
Feb
Feb
Dec
Jan
Feb
Dec
Consolidation Coal__ _100
East Rolling Mill new stk.. 27
Fidelity & Deposit
50 142
Finance Co of America. 25
Finance Service class A _ _10
Preferred
10 10
Hare & Chase
Preferred
100
Houston Oil, pref v t c _ _100 89
Humphreys Mfg Co, pf.100
Lorraine Pet Co..lc shares
Manufacturers Finance_25 4334
lot preferred
25 2134
20 preferred
25 2134
Maryland Casualty Co.
.25 100
Mercantile Trust Co_ _ _ _50
Merch & Miners new_ _ _ _* 4234
Monon Val Trac pref _ _ _25
Mt V-Woodb Mills100
Preferred v t r
New Aunt Casualty Co_10 55
Northern Central
50 8135
Silica Gel Corp
•
Standard Gas Equipment
Preferred with warr__11)0
United States More corn........
United Porta Rican com _•
United Ry & Electric _50
U S Fidelity & Guar__..50 240
Rights
50 33
West Md Dairy, Inc, corn,
new
•
Preferred
50
BondsBernheimer-Leader 75_1943 104
Case Fowler Lum 1st 75'36
Central Ry eons 55„ _1932
Consolidated Gas 58_1939
1954 99
General 4%a
Consol G,E L &P534% notes, ser E.1952
6% notes, ser A_ _ _1949 10735
Cense! Coal ref 43.4s..1934
Elkhorn Coal Corp 6345 '32 9834
Florida East Coast Ry 55..
Bender Creamery 65_ _1946 101
Md Electric Ry 63.4s..1952
13.1onon Valley Tree 5s 1942
North Bait Tree 55.. _1942
1940
Penna W & P 5s
United Porto Rican 78____ 101
United Ry & E 45_ ..l949 7035
1949 51
Income 45
1936
Funding 55
1927 100
6% notes
65, when Issued_ _ _ _1949 9754
Wash Bait & Annap 551941 70
West Md Dairy 6s_ _ _ _1946
275 35% Dec 51%
578 2555 Nov 48
283 117% Mar 132
815 Oct 12
10
July 2134
110 18
Aug 10%
9
335
Dec 26%
54 22
34 8515 Aug 96
Nov 8935
216 81
Oct 26
20 26
1.10
.25 Dec
100
334 37% Nov 68%
436 19% Nov 23
135 19% Aug 24%
May 102
186 94
Apr 40734
50 402
119 3715 Dec 47
Apr 25
319 20
36
3634
27%
26
138 142
9;5 915
1734 18
10
10
19
22
92
89
89
87
25
25
.25
.25
43% 44
21% 22
2134 21%
98 100
405 405
4034 43
24
24)4
82%
53
81;5
1634
83
5614
83
2235
June
Jan
Dec
Jan
6215,June
Mar
49
7834 Jan
13
Oct
80
727
8
1,12
83
55
8115
18
94
Oct
27% Dec 38
17
Jan 21
Mar 245
137
13
Jan 34
Dec
Nov
Dec
Dec
20
13
1,16
1,41
$1,000 100
104 104
1.000 100
100 100
1,000
993( 99%
103% 103% 2.000 100%
1,000 91;6
99
99
5,000
1.000
1,000
7.000
1,000
2,000
500
1,000
2.000
1,000
25.000
30.000
17,000
6.700
4,000
5,000
44,000
3,000
35
Aug
54)5 Jan
36
Aug
1035 Doe
200
7
353(
5115
106% 106%
10715 10735
9235 92%
9835 99
100% 100%
101 101
97
97
9335 9334
9954 99%
102% 102%
101 101
7034 703.4
52%
51
7534 7635
100 10034
9731 97%
70
65
100% 100%
Oct
83
90
90
10
10
37% 33
20
20%
23235 240
31% 33
35
51
Feb
Feb
Dec
Jan
Feb
Feb
Mar
Sent
Jan
Oct
Oct
Feb
Jan
Feb
Jan
Oct
Jan
Nov
Jan 10214 Dec
July
July 100
Apr 103% June
Feb 98% AP*
104% Jan 107
10534- Jan 10754
9134 Aug 98
9834 June 100
100
915(
87%
99
101%
10034
69
48
67%
97)5
91%
62
10034
Oct
Apr
Jan
Mar
Sept
Dec
Mar
Mar
Jan
Jan
Jan
Jan
Oct
Nov
Aug
Feb
Apr
Oct
100
97% Mar
9315 June
100% Nov
104% July
101)5 Deo
7134 Mar
5234 Dee
Dec
77
100
Nov
Dec
98
7334 Feb
10214 Aug
•No par value.
-Record of transactions at
Chicago Stock Exchange.
Chicago Stock Exchange Jan. 8 to Jan. 14, both inclusive,
compiled from official sales lists:
Stocks-
Sales
Friday
Range for Year 1926.
Last Week's Range for
Week.
ofPrices.
Sale
Low.
High.
Par. Price. Low. High Shares.
Adams Royalty Co corn... 2534
834
All America Radio el A.5
American Pub Serv pf _100
Am Pub UM Co par pfd100
American Shipbuilding_100 x80
335
Amer States Secur Corp A *
*
415
Class B
%
Warrants
Armour & Co (Del) pref 100 95
100 8334
Armour & Co pref
Common el A v t c_..25
834
Common el B v t c_ _25
Associated Invest Co__ _ _• 3655
Auburn Auto Co com__ _25 78
Balaban St Katz v t c...25
Beaver Board v t c B.....5
Preferred certificates_100 383.4
10 37
Bendix Corp cl A
10 5554
Borg & Beek com
.
Brach & Sons(E J) corn. 8 25
10 1934
Bunte Bros
20 25
Butler Bros
•
Celotex Co corn
100
Preferred
Central III Pub Serv pref.*
Central Ind Power pref_100
Central Pub fiery (Del)_ _• 18
• 60
Central S W, corn
7% preferred
• 95
Prior lien preferred__ _ • 99%
14
Chic City & Con Ry pt sh •
•
4
Preferred
Chic N S & Milw, com.100 38
Prior lien preferred_100
Preferred
100 70
Chic R T prior pref A _ _100
Chic Rys part ars ser 2.100
Chicago Title ht Trust._100
Commonwealth Edison.100 141
Consumers Co,new
5
634
Preferred
100
Continental Motors
* x1234
Crane Co
25
Preferred
100 118
Cuneo Press, A
50 5034
Decker (Alf) & Cohn, Inc_•
Deere & Co. pref
100
Diamond Match
100
El Household Util Corp _10 1134
Elec Research Labor'y___• 1115
Empire G & F.7% pref.100
Evans & Co, Inc, class A_5 3035
Class B
5 2715
Fair Co(The)
• 2754
Preferred
100
Fitz Simons & Connell
I)ock & Dredge Co
29
Foote Bros(3 & at) Co •
General Box Corp, corn_ •
Gill Manufacturing Co _ _10
Gossa d(H W)Co
• 34
Great Lakes D & D..100
Grief Bros Coop'ge A corn.* 39
Hart,Schaffner dr Marx.100 11215
Hupp Motor
10 z2114
Illinois Brick
25 50%
Illinois Nor Utilities, pf.100
III nolsWire&Cable Co,corn 2434
Indep Pneumatic Tool _ _ _* 5435
TIIPOPP 11.f Achim Po
,
• OR 1.4
2515 2515
83.4 10
9514 9534
75
75
81
80
355 434
4
434
%
1
9335 95
8334 84
1434 1554
83.4 834
3634 3635
77
70
6234 63
3
3
3835
38
37
3734
55
5715
25
2534
19
1934
25
26
83
73
89
903.4
8815 89
8634 8634
1734 1834
61
59
94
95
9834 99%
34
35
4
43,4
34
3654
9935 100
70
70
103 10335
35
55
590 590
13935 141
6% 654
7415 7434
12% 1335
5115 52
1173.4 118
4934 5014
2734 28
1063.4 10634
116 11635
11
1334
10
1235
9415 9535
2834 31
2435 2734
2514 2734
107 107
29
1215
5
5
34
144
39
11215
2134
5034
9215
2434
5474
sore
29
1234
6
5
3535
147
40
11215
2315
6234
9315
25
5434
OR XI
200
760
40
10
96
14,350
4.915
12,400
245
1,895
150
340
125
24,825
381
.50
165
340
7,550
315
200
3,325
800
435
272
135
840
5,700
470
1,169
850
1,700
865
180
70
135
100
23
577
150
100
825
98
196
850
515
180
155
4,525
2,500
28
3,150
4,460
1,475
50
Oct 3735 Feb
Jan
Dec 19
July
May 99
Dec 91
Feb
May 9535 Jan
834 Feb
May
535 Feb
Mar
May
1
J1111C
Mar
Aug 98
May 9234 May
May 2554 Feb
Feb
17
May
Aug 3734 Dec
Mar 7234 Mal
Sept 7634 June
Dec
434 Aug
Mar 45
Aug
Mar 3834 Oct
Jan 5634 Dew
Dec 3735 Fel
Apr 22
July
July
Dec 30
ssx Dec 8735 Not
8854 Dee 9135 Da
Jar
May 91
87
Jai
84345 Nov 93
Apr 1734 Not
12
4714 Nov 5934 Do
8935 Mar 9634 Jul!
Fel
93 Jun 100
34 Jai
35 May
Jai
7
235 Aug
May 6154 Fel
37
Mar 10134 De
99
Jai
70
Dec 83
9934 Nov 10334 De
54 Ja
35 May
Oc
545
Apr 600
1353,4 Aug 145 Jun
534 Aug
1034 Fe
Sept 93
Fe
70
9% May 1334 De
Ja
473,4 Oct 60
No
11314 Mar 119
Fe
4535 July 50
28
Dec 32 Jun
Dec 110
Au
105
114
Nov 125% Fe
Ja
1154 Oct 25
834 July 323.4 Ja
Ja
Apr 97
91
25
May 32
Set
Set
2434 Oct29
May 3335 Ja
27
Fe
Dec 109
102
2315
534
92
75
70
134
1
15
90
7934
13
534
30
4035
62
3
32
2534
28
24
14
2234
100 26
9
200
234
175
50
334
2,275 3134
7.5 122
400 36
200 10615
650 19
2,600 37
56 90
1,310
30 58
480 2414
Jan 32
May
1534
234
Oct
535
May
Mar 39
Mar 171
May 43
Nov 125
Mar 2834
Jan 57
May 93
Jan
May
Jtur
Ja
0(
DE
Ja
Ja
Ma
Ja
Ja
Se'
DI
61
Jo
32 SC Nc
362
THE CHRONICLE
k'rtday
Sales
Last Week's Range for
ofPrices.
Sale
Week.
Stocks (Continued) Par Price. Low
High Shares
!triage for Year 1926.
Low.
High.
Kellogg Switchb'd, new_10 1434
1451 15
504 12
Dec 17 June
Preferred
100
97
98
130 95
Nov 102 June
Ky Hydro-Elec, prat_ _100
9434 943,4
20 9151 June 9534 Aug
Keystone St& W.com_100 50
50
50
65 48
Dec 50
Dec
Preferred
100 91
92
91
38 8834 Dec 91
Dec
Kentucky UM Co, prof--50 51
51
51
235 49
Mar 5234 Aug
Kraft Cheese Co
25 59
5634 59
725 55
May 9034 Jan
Kuppenheimer & Co, Inc_5
38
37
165 2931 Jan 46
Sept
La Salle Ext Univ (III) _10
8
834
8
160
Sept 1434 Jan
7
Libby,MeN & Libby,newl0 1034
1034 1034 1,985
734 Mar 1134 Dec
McCord Radiator Mfg A... 39
38
865 38
May 4934 Sept
3934
McQuay-Norris Mfg
* 1734 1734 1731
25 1531 June 1934 Feb
Middle West Utilities_ __ _* 111 54 11151 11334 1,705 99
Mar 13434 Jan
100 10734 107 10734 1,590 9751 Jan 11134 Feb
Preferred
Prior lien preferred_ _100
11734 11854
387 10634 Jan 12354 Feb
Midland Steel Products_ _• 4434 44
4431
185 40
Oct 4934 Feb
Midland CBI prior ilen_100 9851 98
153 98
Mar 104
9834
June
Preferred A
100
97
97
15 96
Jan 9951 June
Morgan Lithograph Co_ _* 59
5854 5934
550 2451 Mar 6534 Oct
Mower Leather corn
11
* 12
12
40 1134 Dec 1634 Aug
Nat Elec Power A vr i
2434 2451
*
645 1931 Mar 2634 July
Preferred
100 0554 95
9554
310 92
July 9654 Feb
National Leather
10
251
251 234
1,000
451 Jan
251 Nov
National Standard
• 31
3034 3151 2,405 26
Sept 3354 Oct
North American Car corn * 29
29
2934
465 26
Mar 32
Jan
Nor West CBI pr in prat 100
9834 99
55 93
Jan 100
Nov
7% preferred
100 96
9551 96
560 91
Nov 9734 Aug
Novadel pre'
•
2551 26
150 24
Oct 28 June
Penn Gas & Else w I
• 19
19
75 19
Nov 24
19
Feb
People's Gas Lt.& Coke 100 127
127 127
11 12634 Sept 12634 Sept
Pines Winterfront A
5
4534 47
450 3334 Mar 6034 Aug
Pub Serv of Nor III
132 133
•
189 121
Oct 140 June
Pub Serv of Nor Ill_ _100
.
13234 13234
180 128
Oct 143 June
Preferred
100
104 104
160 9934 Oct 106
July
7% preferred
114 114
100
60 112
Jan 11634 Mar
Quaker Oats Co
•
180 180
Dec
10 128
Jan 195
Preferred
107 10734
107
100
Feb 10854 July
85 105
Q R S Music corn
* 3334 33
3334
535 2534 Aug 3731 Nov
Real Silk Hosiery Mills_10 42
42
42
125 3634 Apr 5834 Jan
Reo Motor
10 2134 2134 2251
670 1734 June 2534 Jan
Sears. Roebuck & Co__100
52
52
Mar
25 3951 Jan 180
Southern City Util A corn •
29
29
July
10 3454 Sept 42
So Colo Pr Elec A com_25 ..26% 2534 2634
500 22
Apr 2634 Nov
Sweet Gas & Elea pref_100
9434 96
40 93
Apr • 98
Mar
Sprague Sells
30
150 x2534 Dec 3034 June
2534 2651
Stewart
-Warner Speedom • 65
6431 67
1.835 71
Jan
Nov 93
Swift & Company
100 11734 11634 11734 1,425 110
Apr 11834 Nov
Swift International
15 2151 2134 2234 7,300 1451 Apr 2434 Nov
Thompson (J R)
25 48
48
4834
Apr 5034 Sept
940 42
Union Carbide de Carbon_• 10234 102 104
1.485 7254 Jan 10051 Dec
United Biscuit class A. *
40
41
490 3434 Oct 5851 Jan
United Iron Works v t c_50
351
231 334 2,185
51 Mar
434 Dec
United Light & Power
A w i new
* 1451
1434 1534
520 11
Feb
Oct 26
Preferred CIA WI a__ ....* 8734 87
8834
435 8134 Mar 92
May
Preferred cl B WI a_ _ _ _* 5034 50
147 4954 Dec 54
Sept
5034
U El Gypsum
20 10334 103 10654 2,850 125
Mar 171
July
Preferred
116 116
10C
Dec 121
65 104
Aug
Vesta Battery Corp
10 3051 29
3034 2,125
Dec
834 Aug 30
Wahl Co
3
9
1154 1,175
73.4 June 1434 Feb
Ward(Montgomery)&Co 10 65
65 • 68
900 5851 Mar 8134 Jan
Class A
*
117 117
200 10734 May 116
Dec
Waukesha Motor Co
• 38
38
38
50
Williams0110 Mat com _• 1534
.
1534 1534 1,050 13
Oct 2334 Feb
Wolff Mfg Corp
*
6
6
551 Nov
50
1034 Feb
Wolverine Portland Cem 10
534 534
225
934 Jan
Aug
5
Wrigley Jr •
• 51
51
52
1,191 49
Apr 5734 Oct
Yates Machines part pfd_
' 2534 2534 2734 4.370 26
Feb
Mar 32
Yellow Tr & C'ch Mfg B 11
2531 2534 28
2.700 21
May 3934 Sept
Yellow Cab Co Inc (Chic)• 4351 4251 4334 2.395 42
Dec 5051 Dec
Bonds
Cent West PS con debar;'3r 97% 97% 9734 $10,000 9734 Dec 9934 Dec
Chicago City Ry 5a..1927
7751 7734 7851 18,000 67
Mar 8134 Sept
Chic City & Con Rye 5s'27
54
53
54
80,000 4451 July 5834 Jan
Chicago Rys 55
1927
75
17,000 67
75
Apr 82
Jan
let 34 Mrs of dep 58_1927
75
75
2,000 73
Nov 7734 Oct
65 Series A
1927 5254 5251 5251 12,000 45
Mar 5451 Sept
4s Series B
1927
3551 3551 2,000 29
Jul) 46
Sept
Purchase money 58_
2951 30
10,000 27
Jan
38
Da
Commonw Edison 50.194' 10434 103 10434 11,000 10051 Mar 105
July
1st M 6s
194'
10234 10231
1,000 10034 Mar 1103-4 Mar
Hous G 0 Co 8f g 6518193
97
96
97
Feb
43.000 95
Sept 99
Mete W Side El 1st 45_193
7751 7734 7751 2,000 73
Dec
Mar 77
Extension gold 45_ _193'
7651 7534 763.4 14,000 7051 May 73
Dec
Northwestern Elev 58_194
1,000 8351 Dec 8534 Oct
8434 8434
SwMt & Co let 8 f g 55.1944
10134 10134 10,000 9934 Jan ung Dec
• No par value.
x Ex-dividend.
Pittsburgh Stock Exchange.
-Record of transactions
at Pittsburgh Stock Exchange Jan. 8 to Jan. 14, both
inclusive, compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
Range for Year 1926.
Sale
ofPrices.
Week.
Par. Price. Low. High. Shares.
Low.
High.
Am Vitrified Prod com....50
Preferred
100
Am Wind G1 Mach com.100 48
Preferred
100 7954
Am Wind Glass Co pref_100
Arkansas Nat Gas com-100
751
'Maw-Knox Co
25 70
Byers(A M)Co corn
• 44
• Preferred
100 10834
Carnegie Metals Co_ _ _100
Columbia Gas& El corn_ •
'
Preferred
100 101
Consolidated Ice pret 50
Devonian 011
10
Duquesne Lt 7% pref _100 118
Exchange Nat Bank_ __100
Ear-Walker Ref corn--100
Houston Gulf Gas
•
Indep Brewing prat
50
Jones-Laughlin 1311, pf.100 11834
Lone Star Gas
25 4131
Nat Fireproofing, pref.100
Oklahoma Nat Gas ctf don 2034
Pittsb Brewing, corn_ _ _ _50
451
Preferred
50
Pittsburgh 011 de Gas__ __A
351
Pittsb Plate Glass, com.100
Salt Creek Consol 011_ _ _10
Stand Sanitary Mfg,com2.5 90
100 25
Tidal Osage 011
• 33
Union Steel Casting,com.
100 104
Preferred
25
U 8 Clams Co
100
Washington Trust
Waverly Oil Wks, class A _• 42
West'house Air Brake_..50
West Penna Rys, pref- _100
Rights•
Columbia Gas & Electric__ ......
Bonds
Pittsburgh Brew 68-1949
No per value.
2631 27
87
8734
403-4 50
78
80
108 109
734 751
70
70
44
45
101334 108
1134 1134
9034 '134
10051 10134
14
14
1434 1434
118 116
89
89
10534 10534
631 834
551 53-4
118 11851
41
4454
27
2751
2054 2034
4
451
11
1134
354 3%
263 270
751
751
88
90
2254 2554
33
33
10234 104
1554 1551
575 575
42
4234
13534 1353,4
99
99
3g
354
300
42
255
185
70
2,297
175
900
89
10
198
219
10
110
20
10
35
600
60
46
7,854
135
815
125
30
275
195
200
695
5,393
100
30
60
4
335
100
10
23
87
56
80
10651
534
45
45
98
1151
7934
95
15
1234
112
85
132
534
551
114
39
26
1934
3
1034
3%
268
734
88
8
31
103
15
Aug 3334
Dec 9451
Nov 80
Oct 9134
Jan 112
Feb
834
Mar 80
Mar 80
Apr 107
Nov 21
Aug 9051
Aug 10134
Oct 24
Apr 17
Mar 11651
Aug 89
Oct 150
10
Nov
Nov
8%
Jan 11934
Apr 46
Sept 39
Oct 21
7
Jan
Dec 15
Aug
6
Nov 310
Oct 10
Dec 11834
July 27
Oct39
Feb 108
Nov 1954
Jan
Jan
Jan
Jan
Feb
Oct
Sent
Sept
Dec
Feb
Dec
Dec
Feb
Jan
Nov
Dec
Feb
Feb
Mar
Aug
Oct
Jan
Dec
Mar
Feb
Jan
Jan
Feb
Jan
Nov
Nov
Oct
Jan
4034 Nov 4434 Dec
1013
Mar 145
Dec
9054 Jan 100
Dec
424
234 Dec
9551 9551 51.000
9151 July
Cincinnati Stock Exchange.
-Record of transactions
at Cincinnati ,Stock Exchange Jan. 8 to Jan. 14, both
inclusive, compiled from official lists:
Friday
Sales
Last Week's Range for
Range Since Jan. 1 1927
Sale
of Prices.
Week.
Stocks
-Par.Price. Low. High. Shares.
Low.
High.
Am Laundry Mach com_25 114
Preferred
100
American Prod corn
2251
Amer Rolling Mill cons_ _25 45%
Preferred
100 11151
American Thermos A
1031
Preferred
3734
Buckeye Inc
44%
Baldwin new preferred_100
Campbell's Cr'k Coal 01100
Carey (Philip) cons_ _100
Preferred
100
Champ Fibre pref
100 105
Churngold Corp
• 45
Cincinnati Car Co
2254
City Ice & Fuel'
• 2351
Cooper Corp new pref_ _100 10251
Dixie Ice Cream
50
Dow Drug pref
100
Eagle-Picher Lead corn._20 2751
Early dr Daniel pref____100
Fay & Egan pref
100
Formica Insulation
• 2234
Giant Tire
•
Gibson Art corn
43
Globe Wernicke pref.
..100 90
Gruen Watch corn
• 50
Preferred
100
Hatfield-Reliance pref_100 10334
Hobart Mfg
Jae-me Mach
* 2834
Kahn let preferred
Participating pref
Kodel Radio A
•
Preferred
20
Kroger com
10 13451
New preferred
100
McLaren Cone
•
Paragon Refining com__25
Procter & Gamble corn.
.20 18534
8% preferred
100
6% preferred
100 11234
Pure 0116% pref
100
8% preferred
100 1 1 1
U S Can pref
100 102
U 8 Playing Card
20
US Print & Litho corn.100
US Shoe pref
100
Whitaker Paper com
•
Preferred
100
WurlItzer 7% pref
100
Banks
Citizens National
100
Fifth-Third Union units100
Public Utilities
Cincinnati de Sub Tel__ _50 9334
Cincinnati Gas& Elec__100 9534
Cin Gas Transportation 100 11351
C N & C Lt de Trac corn 100
Preferred
100
Ohio Bell Tel pref
100 111
Tractions
Cincinnati Street Ry_ _50 3834
RailroadsCNO&TPcom
100
114 115
12531 12534
2254 2251
45% 46
11134 112
1034 10%
37
37
4334 45
107 107
100 100
190 200
11334 113%
105 105
42
45
22% 23
2231 2334
102 10234
54
54
11234 11234
2734 28
102 102
61
61
22
2234
50
55
4234 43
90
90
48
50
10934 110
10334 10334
2951 2934
2834 2834
100 100
39
39
9)§ 9%
2054 2034
133 13434
III% 113
1754 1234
874 7
183 186
16334 16334
11251 113
9731 98
111
111
101 102
178 178
773-4 78
42
42
53
56
10234 10251
115 115
254 254
30251 30254
9051 94
95
9534
114 114
9034 Ng
73
70
1103411134
3851 39
363
363
1,688
50
284
1,083
81
105
29
287
8
5
15
2
56
90
462
464
31
10
6
L486
10
7
228
291
486
1
2
9
5
338
300
10
25
80
95
1.410
15
50
80
805
10
165
98
12
47
59
2
5
300
20
16
110
12534
2251
45%
11134
934
35
434
10634
100
190
11334
105
42
22
2234
102
54
11254
27,
102
61
22
49
4234
90
44
10954
wag
29
2834
99
39
9
2034
13154
112
1751
1336
183
16314
11251
98
111
98
176
7534
42
51
1023-4
115
2 250
2 3023-4
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
Jn
n
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
J n
Jan
Jan
Jan
Jan
Jan
Jan
Jan
115%
12534
23
47
112
1034
37%
4534
107
100
200
11334
105
45
2351
2331
103
54
11231
2854
102
61
2234
55
43
90
50
110
103%
2934
295-4
100
Ix
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
n
203-4
13434
113
1734
754
190
16334
113
98
111%
102
17734
78
43
56
104
115
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
J n
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan 254
Jan 320
Jan
Jan
283 0034 Jan 93
471 9334 Jan 9534.
40 11251 Jan 114
180 893-1 Jan 9234
215 70
Jan 73
156 11054 Jan 11151
Jan
Jan
Jan
Jan
Jan
Jan
943
39
Jan
Jan 383
Jan
3851
3 383
Jan
•No par value.
St. Louis Stock Exchange.
-Record of transactions
at St. Louis Stock Exchange -Jan. 8 to Jan. 14, both
inclusive, compiled from official sales lists:
Frtuay
Saks
Last Week's Range fur
Range since Jan.1 1927.
Sale
ofPrices.
heck.
-Par.Price. Low. High. Shares.
Stocks
Low.
High.
Boatmen's Bank
100
First National Bank_ --IOC):
Nat Bank of Commerce 100
Trust Company Stocks
American Trust
100 164
Miscellaneous Stocks
Boyd-Welsh Shoe
•
Brown Shoe corn
100 3354
Preferred
100
Chicago Ry Equip corn_ _25
Preferred
25
Curlee Cloth pref
100
E. L Bruce corn
•
' Preferred
100
Ely de Walker D G com _25 3334
Fulton Iron Works corn..' 1151
Hamilton-Brown Shoe__25 38
Hussman Refr corn
•
Huttlg S & D corn
•
Hyd Press Brick corn..100
634
Preferred
100 813's
Independent Packing corn • 25
International Shoe corn •
Preferred
100 109
Mo Portland Cement_ _ _25 523-4
Nat Candy corn
100 8954
Pedifo-V)eber Shoe
•
Polar Wave I & F
Rice-Stix
G cons
• 22
First preferred
100 107
Second preferred.._ _100 0955
Scruggs
-V-B D G corn.._25
Sheffield Steel corn
•
SWIM Packing corn
•
Skouras Bros "A"
•
Sou Acid & Sulphur com _• 45
S'western Bell Tel pref.100 117
St Louis Car pref
100
Stlx-Baer & Fuller corn...'
Wagner Electric min....* 22
Wagner Elec Corp pref-100 7154
Waltke & Co com
• 58
100 11234
Preferred
Mining StocksConsol Lead & Zinc Co...'
Street R ilway Bonds
United Rya 45
1934
31s C
-D
1934
Miscellaneous BondsKInloch Long Dist 55.1929
• Mer Beige & Ter Ry 55.1930
Mar Mo-Edison Else 58_ _1927
354 Dec
96
[Vol.. 121.
•No par va'ue.
154% 155
253 253
18251 18251
184
164
6 154%
5 251
23 162
20 164
Jan 155
Jan 253
Jan 163
Jan
Jan
Jan
Jan 164
Jan
•
4051 Jan
34% Jan
11151 Jan
2851 Jan
23% Jan
105
Jan
38
Jan
97% Jan
3334 Jan
1251 Jan
39
Jan
36
Jan
30
Jan
654 Jan
81% Jan
25
Jan
160% Jan
109
Jan
54
Jan
90
Jan
31
Jan
32% Jan
2251 Jan
Jan
107
99% Jan
22
Jan
26
Jan
18
Jan
48
Jan
4551 Jan
117
Jan
9854 Jan
31% Jan
22
Jan
7151 Jan
5851 Jan
112% Jan
40% 401f
34
33
111% 11151
2855 28%
2355 2351
10451 105
36
38
9731 9754
33% 3351
11% 12
38
38
36
36
2951 30
6
6%
79% 8154
2451 25
160 16054
108% 109
51% 53
00
88
31
31
32% 32%
2131 2251
106 107
99% 9951
22
22
2551 26
18
18
47
48
45
4555
11634 117
96
9854
31% 31%
20% 22
70
7111
5151 58)1
11251 11231
50
215
10
20
4
7
30
8
973
741
35
5
130
993
341
65
316
Si
510
210
2
150
1,011
135
50
12
205
10
130
100
75
425
20
555
112
133
40
33
111
2811
23%
104
36
9751
32%
11
, 3751
36
28
551
79
24%
160
so
51%
8714
31
32
21%
10551
9951
21%
2551
18
46
45
11551
96
31%
1851
69
5151
112
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
16%
16% 18%
180
1654
Jan
17
Jan
7654
7651 7734 59.000
76% 7614 2,000
7831
7651
Jan
Jan
77%
77
Jan
Jan
Jan 100
Jan 10134
Jan 100
Jan
Jan
Jan
100 100
101% 10151
100 100
10834
3,000 100
2,000 1013,4
1,000 100
THE CHRONICLE
JAN. 15 1927.]
363
X
................L.
c.u,...0.....,
.........u.......................
......4............. u,...u................L.,
........,
:0.4......
ggnigttniggtgtEnIOSMOlgtOgCggritgttEgggSEVarAgggtOtgggggrAggtglgtggEggS
ON
0...0.
.WW
•
. CnW
b. --.0 w..5..5....8.0—ow_...t. .......8—qp. ....... .,......0
.......00......0.!..........
w ...........—w......o..... X X 4 XX X X =XX =A s X XX
. wo. -...
Xi.
V= XXS
XX=
c:.
X
xx8 x x xx =
xVx
&Use
Range for Year 1926.
Last Week's Rang, for
San Francisco Stock and Bond Exchange. Record of
Week.
ofPrices.
Sale
High.
Low.
High Shares.
at San Francisco Stock and Bond Exchange
transactions
Stocks (Continued) Par Price. Low.
Jan. 8 to Jan. 14, both inclusive, from official sales lists: Blackstone V0& E,comb() 10634 106 108
700 9034 Apr 1184 Jan
500 1611 Ma) 274 Oct
213( 22
Sales
Friday
Blies(E W)& Co corn. •
631 Feb
34 'Aug
300
331 331
Last Week's Range for Range Since Jan. 1 1927 Blyn Shoes. Inc. oom___10
334
Jan
1051( 3,800 91% Ma 110
Week.
ofPrices.
Sale
10434 101
Unrden Company ...
Mar 11034 Oct
High.
Low.
100 89
107 107
Par. Price. Low. High. Shares.
Brazilian Tr L &Pr pf_ _100
Stocks44 Nov 1531 Jan
300
534 54
corn.*
Bridgeport Machine
1.50 Jan iirui Corp (new). class A.
900 8134 Sept 87% Jan
45
4734
100
1.50 1.50
46
25 1.50
Almeda Sugar
Jan
Jan
350
200 13 Sent as
213( 2134
678
3064 350
100 347
Class B
•
American Bank
931 June
634 Apr
Jan Brill° Mfg, corn
340
22
340
834 94 1,600
338
951
•
Anglo California Trust..100 338
2114 Jan grit-Amer Tob.ord bear.6)
100 42134 Jul) 23% Dee
24
24
315
200 2114
Ang & Lon Paris Nat Bk 100 200
800 244 Apr 434 Oct
154 Jan Brockway Mot Trk corn...*
434 44%
10
15
15
Armor & Co "A" com_ •
934 Feb
No•
6
Jan .4....oktyn City RR
96
64 631 2,300
17,506
25 9431 9431 96
635
Bancitaly Corp
Dee
Jan Bucyrus Co new com_ _25
270
200 584 Dec 59
58
58
145
267 270
100 269
Bank of Calif N A
3134 July
Fe
Jan Buff Niag & East Pow pf_. 2531 254 254
551
100 24
498
545 551
100 5454
Bank of Italy
Dec
Dec 125
Jan uan Cement Ltd. corn_100
97
20 118
132 134
50
97
97
100
Booth FE pref
Aug
75
Fe
714 Jan Celluloid Co prof
180 51
714 72
95
7031 714
100 72
Calamba Sugar common100
Dec
Dee 82
Jan Eelotex co
84
50 83
95
84
7734 7731
83
100 83
•
Preferred
Jan
5
175 8531 Nov 97g Aug
498
8734 89
44 5
431
10
100 89
California Copper
7% preferred
Dee
1,050 7031 Juis 103
10431 Jan Cent ral Astarte/Sugar...50 99
5
99 101
103 103
.100
Calif Oregon Pow pref
6931 Jan Central Leather (new core)
California Packing Corp...• 684 674 6934 4,237
324 Ja
100
934 9%
.
Voting trust certificates*
Calif Petroleum com _ _ _25 324 3031 3234 7.675
Oct
NO. 21
Jan
28
4,400 17
22
20
8,890
A vot tr tufa . •
Caterpillar Tractor_ _ _.100 274 2731 28
Nov 7934 Oct
Jan
94
400 71
75
74
35
94
94
Prior firer vat tr ctts..100
ast CountiesG&E ist pf 100 •
Dec
Jan Central Public Serv corn. *
97
200 16% Dec 17
395
1714 174
Water A, pref.100 9031 9634 97
East Bay
3634 Jan Cent & S IV Util 7% pref.'
25
96
96
85
Emporium Corporation..' 3634 3631 3631
Jen
27
Jan t'entrifutrat Ph.. Coro _ •
45
1,300 1.6,‘ MAN
55
174 18
20 4431 4431 45
Ewa Plantation Co
934 Feb
July
4
6% Jan Checker Cab Mfg Cl A..*
100
100
64
434 431
64
_10
44
Fageol Motors, pref
Feu 4434 Aug
200 42
10% Jan Chic Nipple Mfg cl A___50 4334 43% 44
1031 1,491
Federal Telegraph Co...10 1031 10
Oct
31
914 Jan
3134 2.100 2514 A p
628
Class50 31% 31
Fireman's Fund Insur.....25 9034 904 914
Dec
1331 Jan
100
13
13%
.10
20 z5131 5034 51% 22,900 3734 Pet .50
cities Service, corn
Foster & Kleiser (Com)
10331 Jan
318
100 29114 s9134 91% 2,200 82% Alo $234 Nov
Preferred
Great Western Pow. 0(.100 10334 10331 10334
Or.
831 Dec
7
500
4934 Jan
145
4934
8% 834
If)
Preferred II
Hawaiian Comml & Sug.25 4934 49
Nov
Mar 83
5531 Jan
100 74
335
5531
8231 8234
55
100
Hawaiian Pineapple..-20
Preferred BB
Jan 254 Dec
40% Jan
200 19
253( 25%
404 40%
30
20
Hawaiian Sugar
Bankers shares
25 234 May 2331 Dec
324 Jan City Ice & Fuel (Cleve). •
24
365
24
Home Fire& Marine Ins.10 314 3136 324
100
39% Jan Columbia Gas & Elec WI.. 88
3931 1.255
gs 88
Honolulu Consol Oil.. _ -10 394 39
1134 Jae
14 Oca
2614 Jan
655
264
24 3•14 107,300
26
2111
ersoolicate
Hunt Bros Pack Co "A"..' 26
Jar Com'wealth Edison.
33
July 138% Dee
30 134
1,285
140 141
• 3234 324 33
Illinois Pacific, class A__.
,__100
Jan
64
225
63
63
Gom'wealut Power C.ort)Key Sys Transit. pr 0(.100
Mar 433( Bent
12% Jar
40
12% 12%
• 4431 4334 4431 20,700 29
Langendorf Baking "A"...•
Common
Mar 9331 Dee
9934 Jar
235
La Gas & Elec, pref _100 9934 994 9931
102 91% 9134 924 1,200 82
Preferred ..
5% Jan
14 Oct
.40 Jar
400
1% 234
400
.40 .40
1
Magnavox Co
Consol Dairy Prod
Feb
2711 Jar
• 274 254 274 3.154
Magnin (I), corn
.nn
Co .n as E Ltr
C u Ol ilunoe6Balt corn* 5114 51% 52% 3.000 4434 Jan 58
Atut 284 Feb
4334 Jar
414 4334 6,470
• 2231 21% 224 2,500 21
North American 011_ _ _ _10 42
Laundries
Dec 43)4 Oct.
7.5 37
364 Jar
36
36
30;
20 3631 3534 364
Oahu Sugar
Consolidation Coal corn 100
Jar
42
5
20
42
42
Onomea Sugar
Copeland Products Inc
984 Jar
233
834 11% 1,300 11% Dec 2734 Jan
9834
98
Pacific LW Corp6% pf.100 98
Class A with warrants.'
Dee 354 June
•
700 23
1.75 Jar
24% 2534
150
1.75 1.75
31
Pacific Oil
r'nurinuldn 1.14 .
Jan
Nov 64
Jar
137
100 38
50
50
10
137 137
Pacific Tel & Tel com_ _100
•
Cuban Tobacco v t c
Feb 3434 Nov
10731 Jar
200 26
323( 32%
81
100
1064 10754
Preferred
Cuneo
mg Jar ''turtle.Press corn M corn..' 1715544
300 1.554 May 2334 Jan
19% 19%
11234 1184 1,800
s
:
Aeropl &
Paraffine Cos, Inc. corn...* 115
Dee 203 Sept
70 11165
5734 Jar
175 178
585
564 574
Phillips Petroleum
•
Curtis Pub Co. corn
1914 Jar
11434 116
1,510 113 Sept 11734 Dee
10
1934 1934
Pig Wig, West States"A"•
$7 preferred
Dee
27
Ja
84 1014 4.000 610 June 13
5
20
27
27
934
Pioneer Mill
De Forest Radio Corp-. •
De*
14
8% Dee 12
Ja
734 1034 6,000
20
14
14
$ F Sacram RR pref 100
Vat trust ctfs of depot/b.
Ja
50
50
S J Lt & Pr common...100 4934 494 494
Dinkier Hotels Co class A
1074 Ja
2234 2234
100 19% May 2531 Jan
230
107 1074
Prior preferred
100 107
with purchase warrants.
Jan
Mar 159
Ja
23
153 153
20 130
355
22
B F Schlesinger,"A"corn * 22
22%
Dixon (Jos) Crucible...100
Nov
Ja
19
92
19
300 114 May 20
55
92
•
91
Preferred
100
Doebler Die-Casting
2931 Jar
Shell Union 011, corn_ ...• 294 29
___• 2234 2234 22% 1.000 1734 Oct 2631 Jan
2931 6,428
Dunhill International_
34 MAY 14% Beet
Ja
95
634 731 14,400
125
94
634
Sherm & Clay 7% pr p(100 95
•
95
fitment Motor°. Inc
Feb
Ja
90
654 Dec 22
400
9% 11
10
•
90
90
Sierra Pacific El. pref..100
Dna Co class A y to
3731 Jan
110% Ja
400 25 Sep
334 3334
194
Southern Pacific
100
1094 110%
Eitingon &Mid Co coin ...• 334
July
484 Ja
660 104% Jan 110
Sperry Flour Co corn...um
532
484
45
Klee Bond & Share prat.100 s10754 10734 109
Jan
Ja
94
170
Sperry Flour Co pref _100 924 92% 94
.
EleC Bond & Share Secur.• 70 , 6931 7234 9.800 5631 Mar 86
1024 Ja
3131 3614 6.600 303( Nov 74)4 Jan
142
• 36
Spring Valley Water...100 102
10131 102%
MEW) Invest without MUT.
Ja
913(
59
575 853.4 Nov 911( Dee
90
10.477
Standard Oil of Calif _ __ _25 59
584 5)
Elec Pow & Lt. 2d pf A •
Ja
8 Beet
54 Oct
21
100
74 75(
100
Traung Lab & Litho A...5 •
20% 20%
option warrsots
Jan
44 Jan 10
Ja
26
100
534 5%
14
54
•
26
26
Teleph Investment Corp 20
Elea Ry Securities
Feb
May 32
100 21
.66 Ja
part stk. 2631 264 264
.55 .60 5,300
Texas Consolidated 011..10
Empire Pow Corp
Ja
4831 Dee
56% J.
2,560
• 4834 48% 484 59,400 24
Union 011 Associates....25 5454 544 56
Eetey-Welte Corp class A.
834 Dec 174 Dee
17% 184 5300
5634 Ja
18
5434 5614 6,565
Union 011 of Callfornla..25 55
4 Jan
234 Dee
101
Ja
19
5,100
331
310
19
17
334
Union Sugar common...25 19
Claga otore Co com-10
Fageol MB
1.75 J
560 1241( Air 16911 Dec
161 1624
100 161
1.70 1.6734 1.75 2,300
US Petroleum
t
Fajardo Sugar
Sept
J.
41
7.900 1934 Sept 28
33
220
394 404
Candy SIL• 2934 27
Waialua Agricul Co Ltd 20
Fanny Farmer
Jan
J
270
100 11 June 22
5
1234 1231
•
270 270
Wells Fargo Bk & Un Tr100
Federated Metals
94 J
100
43( 431
520
334 May 10% Sept
9
•
West Amer Finance pf...10
9%
Film Iispect Mach
No 666
Mar
4614 J
210 328
410 422
10
464 464
Western Dairy Products.*
Ford Motor Co of Can.100 413
Ja
4
Jam
400 1334 Mar 20
351
3.75 3.75
3.75
West Coast Life Ins Co..1
• 1754 1731 17%
Forban Co. class A
934 Ja
160
914 94
Yellow-es Checker Cab A 10
Foundation Co
2914 Ja
Jan
17
1831 3,900 16 ma) 66
* 2034 2831 29% 6.535
Zellerbach Corp
Foreign shares class A.-• 17
UAW In
ens
nate
inn ooze on
....ata.....6.1
8434 Jan
Fox Theatres. Cl A,corn..' 2234 2234 234 1.500 1914 Mat 33
Jan
No.
200 16
19% 19%
•
Franklin (}111) Mfg. corn.
•No par value.
25 78
Jul:
Dec 90
794 794
100
Preferred
34 Mai
94 Aug
6.800
3% 7
7
-Official transactio^s in the Frew- Eltlemaun Radio...
•
N •‘. York Curb Market.
• 224 184 2234 17.600 174 Jas 1734 Sept
P•eshman
New York 01101 markot f.om Jan. 8 to Jan. 14, inclusive: Milton (Chas)Co
Dec
Dee 42
394 40% 3.200 40
• 40
ttttt
200 14 May 2634 Dec
26
26
Gal- v-HoustonEtec COM 100
Sales
Dec 594 Jae
475 53
58
59%
• 59
Gatnewell Co corn
Range to- Ye 1"26.
Last Week's Range for
Week Ended Jan. 14.
• 3
8
2% Dec
800
Aug
23( 3
Oared Corp
Week.
ofPrices.
Sa'e.
General Baking, algae A • 5934 5914 61% 11.500 4434 Apr 7934 Jan
La".
I
High.
StocksPar. Price. Low. High. Shares.
53.4Mar
731 Jan
614 6% 12,900
• 634
Cltess
100 2234 Mar 4234 Nov
404 404
•
Gen'l Elec. Germany
Indus. az Miscellaneous.
200 384 Oct6634 Jan
4331 4331
Mar 13431 Sept General ice Crown C...rp_ •
100 95
Ala tat dant Kit. cum. .60
12731 12734
Nov9 Sept
7
100
634 634
Gen'l Necessities Corp_ _10
40 9434 Mar 135
Sept
123 130
50
Preferred
Nov 1634 Feb
200 11
1131 12
so 10614 Oct 108 14 Nov General Pub Serv corn. •
Alabama Power $7 prof _• 104% 108% 102
Feb
Mar 114
6,600 89
Sept 4.534 July Gillette Safety Rawer_ .• 9231 9234 95
150 37
40% 42
Cement.
Alpha Portland
2% Dec 1534 JIII7
10
um
'
800 5434 Jan 76
Feb C G $pring az Bump corn • 1031
7031 72
Aluminum Co common. •
lig 12)4 1,900 5 Apr 12348e*
.no 102
.
, Gleasoulte Prod. com.....10 12
rt.
300 ott 4 kis, .01
102 102
6% preferred..
Nov
177 177
200 1384 Jan 188
• 177
Oct 1324 Feb Glen Alden Coal
325 106
100 1054 10634 109
American Arch Co
Nov 2934 Des
400 22
2634 2734
Gobel (Adolf) Inc com_ •
km Brown Bowed El Curt
Mar
Dc 40
2.700 26
31
30
100 16 34 Oet 2231 Aug Goodyear T & R row..10r) 30
20
20
Founders shares
De( 2134 Dec Greif (L) & Bros Inc 7% cd
200 18
21
21
Founders shares•t e. •
100 10534 Nov 108)( Nov
105% 10534
100
With warrants
40
89
82
Amer Cellulose & Chem. •
Jan
7
50c 5Sc
1.100 30.; Dec
Grime. had & Cam Rec..• 50c
10
100 100
100
Preferred
Dee
F. hag Dee
20% 1,700 104 Apr 17
17
• 20
op s117
Cattle & Ire..
270 II)
leer
117 122%
200
831 84
Feb Hall(C M) Lamp Co
200 3214 Oct 47
34
31
Am Cyanamid. el B com.20 31
gm Jan
.5% Nov
6% 6% 2.100
631
Feb Happiness Candy St cl A.•
240 8631 Sept 96
100 88% 883( 8834
Preferred
7% Jan
51( Dec
634 10.600
6
64
•
3)4 Dec 114 Feb
Founders shares.
200
4% 44
Amer ElectrIce Corp v t 0.•
831 Apr 2134 July
123( 12%
100
•
Hazeltine Corp
Amer Gas & Elec2% Jan
June
I
100
154 14
•
10.900
74
Corn (new ex-stock div)• 71% 71
Jan
,
22
22
200 21% Dec 26
(.hue'icai
1,700 so if AP' 974 Ise. Hires has) Co,CIA,corn*
• 97
Pref•rred
964 98
29
29
29
500
Aug 9231 Sept Hobart Mfg Co
10 83
81
81
Amer Hardware
100 Si
253( 254
100 254 Dec 3634 Jan
sg 104 2,100 7% NO, 1114 Jan lit Meader (At & Son eom.•
10
tmerlean Hawaiian i4m4 .
•
39% 3934
100
50 105 Dec 155 Jan Holly Sugar Co corn
113 115
Amer Laundry Mach corn • 113,
Mar 264
Mar 6234 Jan
700 41
•
550 195
54% 55
Jae Horn it Hardart common.
am ir Lt & Trait. cum 100 s229 z229 2304
Mar
7
Feb
Mar 134
7
7
6
100
75 105
7
Dee Imperial Tobacco of Can.5
114 11414
1110
Preferred
1974 Jen
334 De
431 5% 6.800
54
•
A.
175
Industrial lia.Y012. Chian
92
91
American Meter Co
Jan
Oct 64
Now 278
325 50
120 220
Dec Ineur Co of No Amer._ _10 544 5334 5434
269 271
American Piano. com...100
Apt 9931 Oct Int Concrete Inc fdrs eb.10
84 Jen
3
200
4
3
810 92
134 Oct
Ame'Pow & Lt pref....100 98% 9731 98%
Apr 1654 Jan
9
200
1034 1034
20 884 Dec °73.4 Aug Internet Projector Corp •
874 88
Amer Pub Util prior pf.
_100
Feb
July 108
111
106 11331 1.700 90
10 784 Oct 89
74
Mar intern:it •zilver rom
74
Participating pref....100 74
Jan
Dec 39
•
74 Dee 3.54 Jan Internet Util class A
200 24
400
2834 2815
74 8
American 'toy..., product••
934 Jerk
•
334 Sept
334 2,800
Class B
3
310 444 Oct 59% Feb
334
.
Amer Rolling Mill com _25 454 4514 46
Dee
Mar 220
210 214
• 210
75 130
3,900 32% July 45% Nov Johno-Menvme. Inc
45
44% 44
Amer Seating corn v t 0...
58
• 59
New common w I
1,500 5031 Dec 6254 Dec
60
600 3634 Out 454 Nov
443( 44%
Convertible preferred. •
Dec
Dec 117
New preferred w I._ _ 100 11634 115 1174
825 115
700 19 34 Mar 373.1 Jan
271( 28
Amer Superpower Corp A •
•
Dec 2034 Dec
Kawneer Co
2934 2931
400 21)
2,100 2131 Mar 39
284 29
Jan
• 28%
Class B
Dec 6334 Oct
Ma, 27%
61
ee Kress(3 H)& Co new
62
200 60
Participating preferred 25 2731 26% 27% 1,100 23
Dec
Apr 137
, 95
Ms
1334 1334
50 108
500 93
s•nt Kroger Grocery & Baleg.10
9334 944
•
First preferred .
May 2034 Feb
18
34 Aug
100
184
4
200 16
Jan KrUskal & Kruskal Inc...,'
.•
3%4 35
3%6
American Thread pref....5
Oct 4734 Jan
•
931 Nov 104 Nov Land Co of Florida
100
303( 3234
10
500 17
10
Am Writ Pap new COM Ytt 10
Feb
37
D
•
300 284 Dec 34 Sept Landay Bros class A
3334 344 1.300 30
29
2934
New preferred v t c__100
173( Dec Landover Holding Corp
Anglo-Chil Nitre'• Corp • 1631 164 1614 1,300 133( 1666
g
Dec
Apr 15
14
1 14
Class A stamped
Oct 394 Jan
50 19
1434 1.000
2434 2431
Arizona Power, corn...100
M
12031 Feb
114 121
3,400 130
353( 2.400 254 Mar 35% AU6 Lehigh Coal Az Nevis_ _ _50 119
• 354 35
Assoc Gas& Elec. class A.
s
, Yer
Lehigh Power Securities
14 14 2,800 890 Jan
Atlantic Fruit & Rugar ..•
g
Apr 15
Dee
New coneollidated corp.
• 164 14
Dec 55% Mar
600 40
173( 5.500
40
4034
Atiast Portland Cement_ *
4331 4434 1,700 364 Mar 4834 Dec
925 4134 Mar 73
Mar Lehigh Val Coal ctfa new.10 43
Auburn Automobile corn 25 76% 714 7734
Mar 102
125 80
Aug
964
96
50 112
Oct 149
Jan Lehigh Valley Coal Sales 50 96
1164 11634
Babcock & Wilcox Co...100
Aug 219
lea
5,200 7544 Jun. sit/ Nov Libby Owens Sheet Oleeen 1545( 1354 15754 3.300 125
97
94
Banoltaly Corporation .25
364
TAP, CHRONICLE
Friday
Sales
Last Week's Range for
Range for Year 1926.
Sale
ofPrices.
Week.
Stocks (Continued) Par Price. Low. High. Shares.
Low.
High.
[VOL. 124.
Friday
Sales
Last Week's Range for
Range for Year 1926.
Sale
ofPrices.
Week.
Stocks (Continued) Par Price. Low. High. Shares.
Low.
High.
Liberty Radio Chain St's..•
20c 200
1,000 10c Apr
33,4 Jan
Tublze Artif Silk class 13...• 155
155 159
Dec 240
200 153
Jan
Long Island Lighting coin •
148 150
425
Tung Sol Lamp Wks CIA..'
1831 1815
500 17% May
1934 Sept
Preferred
10831 10831 10831
20
Union & United Tab corn_• 85
8435 88
2,900 8731 Dec 90
Dec
MacAnd & Forbes corn_ _-• 41
41
4131
500 394 May 36% Feb
United Artists Theatre Co
Madison So Gard Co v t c• 1734 174 18
9,000 13% Sept
1811 Dee
Allot etts for corn & pf stk
9531 9534
300 9511 Dec 101
June
Marconi Wirel of Canada.1
90c 90c
200 730 Sept
111 Jan United Biscuit class
7
7
635 Nov
1,200
731
1731 June
Marc Wirel Tel of Lond_ £1
331 34
100
34 Sept
634 Jan United Elec Coal Cos v t c•
2634 2611
100
Marmon Motor Car com.• 5734 52
5831 9,400 4311 Dec 50% Seta
Wilted Gas Impt
50 91% 9034 92% 5,700 84
Mar 1444 Jan .
McCall Corporation
• 5254 52% 54
Mar 66% Sept United Light & Power A--• 2144 :144 1534 37,500 10% Oct 28
600 36
Feb
McCord Rad dt Mfg v t c •
21
19
600 17
May 25% Jan
Preferred A
•
8811 88%
25 85 June 8831 Oct
Melville Shoe pf with wan_
130 130
10 120
Feb 126
Feb United Prof Sharing corn.' 104 10
94 Oct 1331 Nov
400
1035
Warrants
31
31
30
75
Un'd Rys & El Bait corn 50
20
20
100 1731 Jan 21% Nov
Mesabe Iron
•
96c 99c
400 87c Dec
24 Jan United Shoe Mach com_ _25
51
Apr 53
52
Aug
800 47
Metropol Chain Stores_ •
33
3311
300 244 Mar 39)4 Jan US Foil Co corn cl B
_10 64% 6435 64%
60
Mktg M111 Mach stk pur wa
85
95
4
U S Gypsum, corn
20 10414 10331 10811
Mar 166
July
500 125
Middle West UUI.com___• 11135 11114 113
800 1074 May 135
Jau
CI 13 Light & Heat,com 10 3116
2936 311.1
Mar 33
900 10
Oct
Prior lien stock
100 11835 118 11831
200 98
Jan 122% Feb
Preferred
10
731
711
736 2,400
654 Mar
731 May
7% preferred
100
107 108
Jan 1114 Fet
150 97
S Radiator
41
41
Aug 424 Feb
100 39
Midland Steel Products_' 4511 4514 4516
100 41
Mar 484 Feb U S Rubber Reclaiming_ •
12
12
14
100 1135 Nov
June
Midvale Co
2411 244
100 2111 May 254 Mar Unfit Leaf Tobacco corn. • 38% 38
,
394 2,700 34% Dec 374 Deo
Miller Rubber pref__ _ _100 101
101
101
Sept 103
60 97
Feb Universal Pictures
• 41
37
41
500 2915 July 43
Dec
Mohawk & Hud Pow com_•
2094 2131 2,100 2011 Mar 28% Feb ontities Pow & Lt. cl B_ _• 1315
A tic
1335 1311
18
600 13
Feb
First preferred
104 105
325 10111 May 105
Mar Utility Share Corp com_ •
1011 1031
731 May 1434 Feb
600
Mohawk Valley Co
•
38
3831
1,300 25
July 41% Aug
Option warrants
24 231
6
700
Feb
131 Dec
Moore Drop Fore class A.'
59
59
Dec 68
101) 57
July
Victor Talk'g Mach old 100 152
15036 15911 17.000 68
Apr 155
Dec
Mu-Rad Radio Corp
• 750
750 780
Nov
200
1
3
New common
Sept
• 3831 37
3331 21,600
Murray Body new corp w L 333.4 3231 3311
400 3034 Dec 3535
7% prlor preferred _ _ _100 98
9631 99
8,700
Nat Else Power, class A..-• 243( 2411 2431 6,000 1531 Mar 264 Nov
Jan
$6 cony preferred
90
89
9011 3,900
Nat Food Products cl B_ *
631
711
Dec
400
10
8
Nov Waltham Watch & Clock 13•
40
40
25
National Leather
10
231
231 231
234 May
300
Warner Bros Pictures._,
414 Jan
3051 3011 3131
3,000
8 June 65 Snit
Nat Power & Light.
• 10231 1024 103
Mar 10234 Dec warner-Quinlan Co
1.000 97
•
26
28
100 2394 Mar 3011 June
Nat Pub Serv corn class A• 2011
met_.
1914 214 3.400 154 Mar 24
Jan Wesson 0 & T com v t e_.• 54
5331 54
100 4931 June 5731 Sept
Common class B
1431 1594 2,100 10
Mar 1834 July
Preferred
9835 98
Nov
65 9215 June 99
9831
7% participating pref 100
1103.41103.6
10
Western Auto Supply part
Pre!, ser A, with warr 100
9414 9415
10
pref with warrants
•
2534 2531
Mar 28
100 22
Jan
Pf,ser A,without war 100
91
50
9334
West Dairy Prod cl A_
•
48% 49
1,000 44
Aug 53 June
Warrants
231
211
100
ClassBvtc
•
1531 1835 1,100 13% June 1711 Dec
Nat Sugar Refg
100
133 135
Mar 132
West aid Ry 1st pref__100 10534 101 10534
Nov
75 102
May 100
Dec
70 70
Neisner Bros Inc corn__ • 38
38
3835
350 3734 Aug 3831 Dec Western Power, prof _ _100
98 100
140 9116 Mar 99
Jan
Preferred
97
98
30 9511 Nov 100
Dec Wheeling Steel Co pf A.100
100 100
Nov 105
10 90
Oct
Nelson(Herman)Co
5
26
200 1931 Mar x2931 June White Sew Mach corn....
26
17
1536 17
Oct 2931 Sept
1.500 14
Nevada-Calif Elec com_100
2631 264
200 1815 Mar 443.4 Jan Yates Amer Mach part pf_•
26
27
July 31
Sept
200 27
New Eng Tel & Tel
11631 117
Mar 11811 Sept Yellow Taxi of N Y new,. 34
30 109
34
3415
2,600 3331 Dec 42
Dee
New Mex & Ariz Land_ _ _1
1231
1,500
Jan
911 Apr 17
Rights1231 1231
New On Grt Nor ER. 100
21% 27
600 144 Feb 22
Oct Bancltaly Corp
590 75e
1.100
N Y Merchandise Co ....• 28
27
164 Mar 26
28
300
Feb Blackstone Vail G & E.... -----954 934
100
NY Telep. 64% pref.100
11331 1144
150 11016 Aor 118
Dec consol 0, El Lt dt Pr, Bait
135
131 2.000
14 Nov
131 Dee
N Y Transportation
_10
45
45
July 60
100 46
Oct Former Standard
Sub sldiatl es
Northeast Power. corn.
..• 1831
1731 1874 8.600 15% Oct 3814 Jan
Anglo-Amer Oil(vot sh) £1 21
2034 214 4,400 1134 May 21
Nov
Northern Ohio Power 4110 • 1031 10
11
934 Dec 264 Jan
3,500
Non-voting stock_ _ _ _ £1
2034 1934 2031
1,700 1631 Mar
203.4 Nov
Nor Ont LAP pref. _100
8731 8794
10 77% Sept 8731 Dee Borne Scrymser &Co___100
63
63
Sept
Nov 75
50 65
Nor States PCorp.com-10t 11034 11031 111
600 984 MELD 1364 Jan Buckeye Pipe Line
50
45
47
300 42
Oct 6954 Jan
Preferred
100
10131 1014
200 9934 Apr 10331 Oct Continental OH v t c____10 2211 2111 2231 45,300 174 Oct 2534 Jan
North Tex Elec Co corn 100
27
28
200 50
Jan 55
Aug Cumberland Pipe Line_100 108
108 103
Oct 137
60 102
Jan
Ovington Bros panic pf •
931 10
200
934 June 11
June Eureka Pipe Line
100 49
48% 49%
Nov 6331 Jan
200 43
Pac Gas & El6% ist Pi 100
10131 10111
Sept Galena-Signal 011, com_100 1011
100 9811 Nov 100
10% 104
400
934 Oct 324 Jan
Pacific Steel Boiler
• 1254 1234 1231
600 11
17
New preferred
Dec
APT
100 534 52
55
520 35
Oct 85
Apr
Parke Davis & Co
25
145 146
Apr 132
20 111
Old preferred
Dec
100 55
52
55
420 40
Der 9711 Jan
Pender(D) Grocery cl A_ •
47
47
100 42
Nov 5234 Jan Humble Oil & Reflning_25 81% 8031 6134 10.600 52
Oct 683.1 Apr
Class B
•
22
2214
Dec 3631 Feb Illinois Pipe Line
600 21
100
12331 12611
650 125% Der 1444 Apr
Penn Ohio Ed 7% pr p1100
97% 99
30 954 Nov 9731 Nov Imperial 011 (Can)
• 3931 38
39% 12,200 32% May 3934 Nos
$6 preferred
•
81
82
40
Indiana Pipe Line
50
614 63
200 5411 Nov 70
Mar
Warrants
1116
1031 1134 2.100
1134 Dec National Transit..__12.5i) 1331
824 Nov
1336 13%
1,500 1214 Nov
2954 Jan
Penn Ohio &war Corp---•
034
954 104 2.300
10% Dec
N Y Transit
815 May
100 3131 3131 314
10b 274 Oct 514 May
Pa Gas& El cl A panic stk•
19
19
500 19
Nov 21% Aug Northern Pipe Line_ _ _100 7231 72
7235
100 64
Nov 8031 Feb
Penne Pow & Light. pref.. 107
10634 10734
195 10434 Jan 109
Aug Ohio Oil
215 5934 5931 61
5,200 5531 July 67% Jan
Penn Water & Power...Ann 1784 1784 17931
180 130% Mar 184% Dee Penn-alex Fuel
25
1635 17
400 15
Mar 24% July
Penney(IC)& Co, A p1100 100
100 100
70 98
July Prairie Oil & Gas
Aug 99
25 5231 5231 53% 12,300 48
Mar 6011 PnC
Peoples Drug Stores
• 3115
3111 3131
Mar 3411 Mar Prairie Pipe Line
200 20
100 13415 132 135
3,300 12215 Sept 13731 Dec
Phelps Dodge Corp_ _ _ _100 130
130 130
10 120
Apr Solar Refining
May 139
100
195 195
10 18415 June 220
Aug
Philip-Mon Cons Inc com • 1834
1754 2014 37.800 10
Dec South Penn 011
Sept 18
25 40
38
40
3,000 3455 June 50
Jan
Class A
25 2011
1931 22
6,800 18
Dec 21% Sent Southern Pipe Line
50
24
24
20C 21
Der 27
July
Piek(Albert).Barth & Co
Standard Oil (Indlana)-25 7011 68% 7011 57,400 6034 Oct 70% Jan
Preferred Class A
12% 13
300 19
Oct 23
Feb Standard Oh (Kansas)_ _25 20
1936 20
600 1631 Oct 3814 Jan
Pillsbury Flour Mills__ _50
5331 55
875 36
Feb 54
Dec Standard 011 (KY)
25 11931 119 12011
1,600 108
Mar 13435 Jan
Pitney
Bowes
Postage
Standard Oil (Neb)
25 474 469.1 47,1
600 42
Apr 5131 May
Meter Co
•
6
8
100
831 Feb Stand 011 N J new part pd
Apr
5
Mel)& Lake Erie corn_ 50
175 1774
Sept
Mar 178
sub receipts
650 130
39% 3731 394 14,300 374 Dee 39
Dec
Pittsburgh Plate Glass_100
267 267
10 270
Nov 310
Jan Standard 011(0) oom--100 353
34011 353
210 288
Oct 372
Dec
Pratt & Lambert
•
53
5311
Mar 6031 Feb
Preferred
500 31
100
nag 119
140 11811 Feb 122
July
Procter & Gamble. com _20 186
180 186
420 14214 June 185 • Dec Vacuum 011
25 0734 98
98
8,200 90)a OM 10934 Jan
6% preferred
100
112 112
100 10731 Mar 110% Aug
Other Oil Stocks.
Prudence Co 7% pref
10211 10231 10211
625 10235 Dec 10231 Nov Amer Contr 011 Fields
-5
231.
1%
Vat 71.600 454 Oct
64 Feb
Puget Sound P&L.COM 100 33
3234 334 1,400 26
Oct 6614 Jan
Amer Maracaibo Co
•
636
8% 631 25,400
Oct 144 Jan
4
6% preferred
100
84
84
10 82
Dec 84% Oct Arkansas Natural Gas_ _10
711 754
700
X June
831 Oct
7% preferred
105 105
100
Dec 107
50 101
Nov Atlantic Lobos 011 pref _
334 334
100
231 Oct
5
Aug
Pyrene Manufacturing_ _10 1451
1434 1411
1,000 1011 Mar 1431 Dec Barnsdall Corp stock punch
When Issued
934
911
911
100
warrants (per 100 warrs) 1214 99 124
245 82 June 125
May
Rand-Kardez
674 5931 68
38,700 3411 Apr 58
Dec Eleavon 011 Co,..oM
• 19% 1931 1935 8,200 14;4 M
2031 Dec
Warrants
410 550
550
39 410
Dec 420
Dec Cardinal Petroleum
10 250
25c 260 10.000 19c Dec
34 Feb
Realty Associates corn...* 240
240 245
60 195
Oct 257% Nov Carib Syndicate
2531 25
2831 88.400
931 Mat 2831 Dee
Remington Arms Co
1054 1111
10
300
1031 Dec
JU1Y
Certificates of deposit_
2531 254 28
300
Rem Nolsel Typew corn A •
34
3431
800 304 Mar 524 Jan Consolidated Royalties...1
9
911
200
816 Mar 104 Feb
Preferred
100
9711 100
100 100
Mar 11334 Jan Creole Syndicate_
144 13
14% 61.900 10
Mar
Bern
16
Reo Motor Car
10 2154 2131 23
13,600 18% Dec 25% Jan Crown Cent Petrol Corp •
231
231 3
5,300
134 Mar
731 Jan
Republle Mot Truck v t6_
5
534
900
331 Oct 1631 Jan Crystal 011 Refit corn
•
9
94
200 11
Nov
14
Sept
Richmond Radiator corn • 23
22
23
900 15
Jan 2431 Dec
Preferred
100
52
52
50 50% Nov 534 Sept
Preferred
100 49
47
400 3(14 Feb 50
49
Dec Derby 011 & Ref pref._ •
10
12
600 124 Mar 19 June
Bickenbacker Motor
14
•
111
914 Jan Gibson 011 Corp....
131 2,400 90o Nov
1
3%
234
331 39,300
234 Oct
734 May
Royal Bak Powd pref....100
100 10031
Feb Gilliland Oil corn vi O._ •
90 9911 Apr 103
1%
200 63e Mar
134
2
Jan
St Regla Paper Co
•
45
48
Sept 50% June Gulf 011 Corp of Ps
300 39
_25
9314 9614
Apr 98
4,800 82
Dec
Seeman Brothers. corn_ •
2734 28
400 27
0et International Petroleum • 32% 3131 324 13,700 28% Mar 3794 Jan
Aug 30
Serve! Corp (Del). corn..
•
9
831 94 24,000
Kirby Petroleum_
531 Dee 2234 July
134
131
800
Oct
331 Feb
Sierra Pacific Elec corn _100 27
27
Mar 21436 Jan Leonard 011 Developl._25
27%
500 23
831 915 13.700
834
1231 Feb
6% Apr
Silica Gel Corp, corn vi c.•
1631 1735 2 5
• 25
244 25
. 00 114 Mar 22% Jan Lion Oil Refining
2,700 20
May 27
Dee
Silver (I) & Bros Inc com_•
32% 32%
Aug 42
50 21
Feb Livingston Petroleum
750 950
* 750
1,100 50c
Oct
135 Jan
Singer Mfg
100 369
367 371
Sept Lone Star GM Corp
60 295
May 401
41
41
1.800 38
Atli 46
4311
Oct
Sol Viscose ord (200 lire)
n411 Dec *16
Jan
Magdalcoa Syndicate_ _ _1
235
234
2
234 35,600
Nov
24 Oct
Dap rote Chase Nat Bk _
411 Dec 1331 Apr alargay 011
100
531
534
12% 1231
•
100 11% Nov
18
Jan
Sou Calif Edison pref A_25 28
28
28
200 27% June 33 June Mexican Panuro 011____10
231 3
9,000
3
114 Nov
534 Feb
Preferred B
25 2431 2431 2411
300 24% Oct 33 June Mexico Ohio 011
11
11.
11% 3.500
61outhern 0 dr P.class A _ _• 2134 214 2231
Nov
700 21
2794 Feb Mexico 011 Corp
3Ic 350 19,000
10
Se
Apr 56, Dee
ireastern Pow & Lt. corn.
• 314 314 3231 10,700 2154 Mar 46% Jac Mountain & Gulf 011
1
200
151
111
131 Jan
1 14 Aug
Common vot tr certirs.• 30
30
3034
1,200 26
Aug 3414 Nov Mountain Producers-__l0 254 254 2531 6.100 23
Apr 26
Jae
47 preferred
•
10131 101%
100 9631 Apr 10414 Dec National Fuel Gas
192 200
110 131
100 198
Apr 200
Dec
Participating preferred.• 68
6734 68
Mar 89% Sent New Bradford 011
1,000 59
531
514 *
5
300
Dec
634 Jan
Warrants to our corn stk.
874
831 8%
600
7 • Mar Iasi Feb New York 04
10
400
1035
25
Mar
17
Jan
Southwest Bell Tel of _ _100 117
116 117
140 90% Feb 118
July Northwest Oil
4c
4c
4c
1,000
3c May
1
Sc Nov
Southw Pr & Lt 7% 1)1_100 105
10454 105
130 99% Feb 10435 Aug Pandem Oil Corp
834
84 831 9,000
Oct 104 Dec
Spliltdorf Bethlehem Elec_•
184 19
400 20
1131 12
Aug 4331 Jan Panteper 011 of Venezuela*
3,800 1131 Dec
12
12
net
Standard Comm'l Tobacco 2031 20
20
1,700 15
Dec 20
Dec Pennok Oil Corp
1235 1214
1,100 12
•
Oct 22% Feb
Standard G & El 7% Pi-100
10431 10431
Nov 105% Dec Reiter Foster Oil corp. • 14
75 102
1335 1411 3.500
12
ter
AM
Standard Motor Constr.100
14
111
111
200
131 Dec
2% Mar Richfield 011 of Calif. _ _25
26
26
300 22
Oct 273.4 Sept
Standard Pr & Lt
_25 2431 2416 2474
800 1735 May 254 Deo
260 270
Royal-Can Oil Syndicate
4,000 200 Apr
'
134 Sept
clA_514
Stand Publishing, class A25
534 531
600
4
Dec 1911 June Ryan Consul Petrol
4,000
554
53'5 7
434 Oct
736 Jan
corn 25
90
Stand Sanitary Mfg
91
100 91
July Salt Creek Consol 011_ _ _10
Dec 102
73.4 776
300
714 Oct 10
Feb
Stromberg-Carlson Tel MI*
40
404
300 28
Ma
38
Apr Salt Creek Producers. _
2,700 26% Oct 36
x3011 :3034 3135
Jan
43
•
Stroock (S) & Co
43
100 30
Apr 49 31 Sept Tidal Osage voting stock.' 2455 22% 2534 3,400
Apr 27
Nos
• 174 17
1731
Stutz Motor Car
700 184 Oct 3715 Jan
Non-voting stock .
9,100
-• 21% 214 23
831 May 25% No;
100 117
11611 1174
Swift & Co
Nov Tide Water Assoc Oil_ • 4231 2135 23
700 110
Apr 119
19,800 2014 Oct
27
15 2134 2134 224 3.800 144 May 25
Swift International
Nov
IOC 95% 9331 9531 1,500 9334 Dec 9954 Mar
Preferred
Mar
• 5631 52
5715 2.900 4531 Oct 67
Tampa Elec Co '
May
Venezuelan Petroleum..
6)4 654 5,000
834
74 Mar
431 Jan
1011 2035 6,100
sub ctfsTex Pac Land Tr
Wilcox Oil& Gas new. _ • 22831 284 29
3,100 22
Mar 2934 Dee
Timken-Detroit Axle...JO
129.4 1211
300
834 Mar 13% Nov
Woodley Petroleum
•
735 8
8
700
411 May
931 Sept
324
375 2,700
336
•
Tobacco Prod ExPorta--3
22c 220
Deo
3,000
435 Jan "Y" 011 & Gas
sr
.lan
If,. Mat
,
46% 48
800 29
Todd Shipyards Corp. •
Dec
Jan
50
New
531
200
53.4
Dec
6
634 Dec
-Luz Day Pict Screen
Trans
al Into* 34•orkt
•
811
751 831 17,700
common
Jan Amer Corn I Min & Mill.
Ciao A
644 June 14
Sc
.1
2,000
3e
30 July
130 Aug
931
700
25
931 10
Trumbull Steel corn
831 Jan
13% Feb American Exploration _1
51c 55e
300
50o. Jan
750. Deo
7445 7434
100
50 74
Dec 7631 Nov Arizona Globe Cooper_ ..1
Preferred
Bo
6c
60
6c Nov 31e
7,000
Feb
10 253.6 2554 2831
Truscon Steel
Mar 30% Jan Bunker 11111 & Sullivan_
600 22
6915 73
500 75
July 754 July
ioo
JAN. 15 19271
365
THE CHRONICLE
Friday
Sales
Range for Year 1926.
Last Week's Range for
Week.
Sale
of Prices.
High.
Low.
Stocks (Concluded) Par Price. Low, High Shares.
Bonds (Concluded)
Friday
Last Week's Range Sales
for
ofPrices.
Sale
Price. Low. High. 1Week.
Range for Year 1926.
Low.
High.
Mansfield Min & Smelting
Calumet& Jerome Cop -1
May 104% Dec
1054 108 156,000 94
(Germany) 7s with w_'41 108
10
Carnegie Metals
Dec
10135 99 101 147,000 9535 Dec 96
Without warrants
255
Copper M Ines_ _ 1
Consol
1,000 9535 Nov 9935 Sept
95% 95%
McCallum Hosiery 6353'41
1
Cortez Silver Mines
9835 19.000
McCrory Stores 548_ _ 1941 9835 98
Cresson Consol G
& M _I
2%
_1956 107% 103% 108 530,000 9134 Oct 9734 Dec
Mlag Mill Mach
1
70
Divide Extension
Dec 934 Dec
78_Without ink purchwarr. 9735 9635 98 122,000 93
Engineer Gold Mines,Ltd 5
Nov 100% Nov
41,000 100
98
98
1936
Midwest Gas 7s
Eureka Croesus
Mar 10094 June
1.000 100
1004 10034
Missouri Pacific RR 531927
1
770
Falcon Lead Mines
Montgomery Ward 58.1946 9834 9734 98% 54,000 964 Dec 9835 Aug
7
1
Forty-Nine Mining
994 99% 26.000 9894 Nov 9934 Oct
Montreal L, H &P 5s A_'51
_5
Golden Centre Mines
Sept 105% ADr
14,000 102
1024 103
Morris & Co 74s-1930 103
Golden State Mining _10c
Jan
9834 9934 12,000 95 June 99
Nat Dist Prod 615s_ _ _1945
Goldfield Consolidated_ _1
Aue 9934 Dec
scar Pow lb Light Os A 2026 1004 100 10034 124,000 98
90
Hawtnorne Mines, Inc. I
Oct 9834 Nov
1.000 96
98%
Nat Pub Service 6%3_1955 98% 9834
25e 15
Hecla Mining
Dee
2,000 9894 June 102
Nebraska Power 63_2022 1024 10235 103
Hollinger Conaol Gold M 5
22.000 9134 June 1084 Nov
1941 my, No% 101
Nevada Cons 58
Jerome Verde Devel_ _50c
102% 103% 30.000 9934 Oct 10234 Dec
New Ori Tex & M RR 58'56
i
164c
Kay Copper Co
N Y Trap Rook 6s_ _ _ _1946 9815 9855 9894 11,000 984 Dec 98% Dec
5
Kerr Lake
Jan
Mar 131
Nor States Pow 6358_1933 11334 112% 113% 18,000 108
_5
Mason Valley Mines
6148 gold notes____1933 103% 103 103% 15,000 10214 Aug 10434 Jan
Mining Corp. of Canada__
1.000 105% May 107 June
1064 10635
Ohio Power 7s, ser A _ _1951
5
New Cornelia
Jan 101% June
1952 9834 98% 98% 75.000 94
5s, series B
100 189
New Jersey Zinc
1956 9035 90% 9055 147,000 8034 Aug 9334 June
4358, series D
Newmont Mining Corp_10 69
58_1951 9834 974 98% 39,000 944 June 9735 Dec
Ohio River Edison
87
4
5
Nipissing Mines
Sept 1004 Dec
9955 57.0011 99
99
Okla Natural Gas 6s._ 1941 99
• 2235
Noranda Mines. Ltd
Dec 10094 Dec
3.000 100
9935 9955
Oswego River Pow 68_1931
15
34
North Butte
July
Pan Amer Petrol 66_1940 10035 9994 10034 195,000 984 Dec 105
1
Ohio Copper
96
Mar 98
Feb
964 9634 3.001
1931
Park &Tilford 68
Mines& Ent Cons20 25
Patin°
5.000 9835 Apr 107% Feb
100 100
1927
0116s
Pennok
Plymouth Lead Mines._1
Apr 1184 Dec
44.000 98
Penn-Oblo Edison es_ _1950 120% 118 121
1111i,
1
Premier Gold Mines
974 9635 973-1106000
Without warrants
1
Red Warrior Mining
9915 99% 17.000 9735 Mar 100% Nov
Penn Pow & Light 58._1952
60
Reorg-West Divide M_I0c
1953 9934 9935 99% 48.000 974 June 10034 Nov
58 series D
San Toy Mining
July
Electric 54s_ _ _1953 10634 106% 106% 3,000 106% Mar 108
Phila
South Amer (.101d & Plat_ _1
1,000 106
Jan 1084 June
107% 107%
68
1941
Spearhead Gold Mining_ _1
10231 10234 3.000 10134 Oct 10334 June
1960
53
18c
Standard Silver-Lead._ _1
Phila Elec Pow 546_1972 10334 10355 103% 95.000 10034 Mar 10394 Nov
Teck-Hughes
6%
1
Phi's Rapid 'Fran 66..1962 1003-4 100 10055 10.000 9734 Jan 101% Nov
Tonopah Belmont DeveLl
9934 9934 3,000
Porto Rican AmerTob63'42
Tonopah Ext blining _ _1
280
Dec
Dec 97
5 000 97
97
97
Potomac Edison 5s_ _ _ 1956
1
Tonopah Mining
Aug 10094 Dec
Pub Serv Corp NJ 555s'56 10035 10055 10035 113.000 98
Mining_ _1 50c
United Eastern
1933 103% 10335 10394 17,000 10234 Jan 1044 Aug
63514
Pure Oil Co
United Verde Extens_ _50e 2234
Rand Kardex 5358 without
5
Utah Apex
9834 100% 39.000
1931 100
warrants
Wenden Conner Mining_ _1
3%
Oct
13.000 99
Oct 99
99
99
Richfield 011 of Calif 68_'41 99
West End Consolidated _5
Dec
Mar 98
Sauda Falls Co 5s. __195b 974 9734 9855 56.000 94
1
West End Extension
Public Wks 6301951 9934 9835 994 347.000 9134 Aug 9734 Dee
Saxon
Bonds Apr 9835 Jan
Job Schulte RE Co 613_ _ _1935 95% 9334 95% 17,000 92
Allied Pack deb 8a__-1939 75% 75% 7535 $19.000 7034 May 89
Am 90
86
86% 3.000 83
Jul,
Jan
Se without corn stk_1936
1939 6134 61% 66
16,000 6135 Nov 80
Debenture 6s
84 543.000 6035 Dec 109
June
1931 81% 72
Serve) Corp 68
1933 10515 1054 105% 18,000 10535 Dec 10734 Peo
Aluminum Co 78
1004 101
May 10234 Jan
18.000 96
km G & El 68. new-2014 103% 10235 10335 185,000 98% AI) 1024 No, Sbawsheen Mills 7a_1931 10035
10135 10235 46.000 94
Jan 1024 Sept
Sieman & Halske 78_ _1935
American Power & LightSlemane & Halske SS
Jan 10134 Nov
6a,old without warr_2016 10234 102% 10334 219,000 96
Dec 9974 Oct
994 101% 888,000 98
635y with w trrant3_1951 101
Jan 103% July
101
Amer Roll Mill es_ _ _1938 103% 10355 1034 5.000
1934 10435 104% 10435 6,000 101% Aug 104% May
90,00e 974 Oct 10334 Dec Solvay & Cie es
102% 104
Amer Seating Ss
1936 104
Southeast P & L 6e.,,2026
Jan
101% 101% 5.000 101% Sept 103
Amer Thread 11,4
1928
Mar 9734 Dec
9835 9734 9834 369,000 89
Without warranta
Amer W Wks & El 66_1075 1034
9934 10355 282,000 924 Ma 1007-4 Dec
99 June
8534 Oat Sou Calif Edison 58_1951 984 984 98% 107.000 9734 Nor
Amer Writing Paper(Is 1947 827
4 8235 83% 19,000 . 774 Au
9835 9894 2.000
New
1014 Dec 1034 Aug
Anaconda Cop Min 68_1929 10134 101% 102% 37,000
10134 13.000 9634 Jan 101% June
1944 101% 101
53
And an Nat Corp (Is 1940
Mar 10335 Nov
102 10235 4.000 95
101
101
1.000 9735 Oct 10134 July Southern Gaa Co 648-1935
Without warrants
101
10014 10035
1,000 974 Oct 994 Dee
974 Nov Southwest P & L 68_ _ _2022
Aemalach El Pow 58_ _19561 9654 9534 9634 141,000 9434 Jul
10434 105% 79.000 104% Oct 10794 Jai)
96
96
Arkansas Pow dc Lt 53.1956 96
10.000 95% Dec 9614 Dec Stand 011 of NY 6358-1933 105
Dee
4358 when Issued_1951 97% 974 97% 343,000 971% Dec 98
Dee
Assoc Gas & Elec 68_ _1955 103% 103% 104
87,000 924 Ma 105
Sept Stinnes (Hugo) Corp 7%
Jan 98
alesoc'd Sim Hardw 648'33 9734 9734 9734 68,000 95
notes Oct I '36, with warr 9934 9935 99% 40,000 9935 Nov 9934 Nov
19% 20
19,000 1734 Nov 334 Jan
Atlantic Fruit 88
1949
78 1946 with warrants.. 9935 9934 9915 44,000 9934 Noy 99% Nov
Nov 10335 Dec
Beacon 0116s, with warr'38 102% 10255 10334 40,000 101
92
92
1,000 964 Nov 120
Jan
1937
984 99
34.000 93% Feb 10034 Sept Stutz Motor 7353
Beaver Board 8s
1933 99
100 10055 39.000 9735 Jan 10035 Jane
19341 100
99% May 101% Dec dIlLI Oil 534a
10134 10134
Belgo-Canadien Pap 631943
1.000
9915 97.000 9634 Jan 9934 Dee
Co 5s_Oct 15 1932 9994 99
Bell Tel of Canada 58.1955 101% 1014 10134 19,000 994 Jan 10134 June Swift &
1,000
9734 9734
08
Dec 9834 Dec Texas Power & Light 58 '56
9534 56.000 98
Berlin City Elec 6353_1951 93
28.000 93
Jan 10255 Dec
Nov Thyssen (Aug) 18,8 78_1930 102% 102% 103
Mar 100
100 10034 11,000 97
Berlin Electric 634s._1929
98% 37.000 91
June 99
98
July
Berlin Elea Elev 6348.1956 9734 974 9334 546,000 9435 Dec 9634 Dec Trane-Cont'l 011 78_ __1930 9835
Nov
Dec 101
9935 100 153,000
1936 100
101% 10035 10134 27.000 9434 Jan 101% Sen. Ulen & Co 6 48
Boston & Maine FtR 681933
9355 286.000
85% 86
4,000 86 June 10134 Feb United El Serv (Unes)73'56 9335 93
Brunner Tur & En 7146'55 86
Dec
9754 98
62,000 0634 Dee 98
98
yin In iu.t la' 534s...1941
Buffalo Gen Elec 5s_ __1956 10335 103 1034 50,000 9994 Jan 10334 May
Dee
78% 53.000 3054 Aug 60
Jan 1144 June United 011Prod 8s _ __1931 784 66
Canadian Nat Rye 7a-1935 1114 111% 11135 16,000 110
Oct United Rye of Hay 735s '36 11115 111 11135 15,000 10914 Jan 11156 Aug
Canadian Pac 4353 _ _1946 964 9534 9635 112.000 9535 Dec 97
100% 1001i 2,000 100% Dee 102% Mar
Carolina Pow d4 Lt 56_1956 1004 10035 10055 100,000 97% May 101% Nov U S Robb.634% notes 1927
102 102% 4.000 101
Aug 103% Apr
Serial 64% notety _1929
1947 96% 9634 9634 278,000 9634 Dec 9655 Dec
Chile Copper 55
1024 10234 5,000 101
July 10294 Apt
Serial 615% notes_1930
9935 100 398,00F 9134 Apr 9835 Dec
1966 100
Cities Service 68
102% 10235 10.000 100% Aug 10294 Jan
Serial 635% notes_ _1931
1014 Jan 12234 Dec
124 126
13,000
Oitlea Saw 78. 8er D 1966 126
102 10235 18.000 100
Aug 10235 Jan
Serial 635% notes_ _1932
100 100
1.000 1004 Dec 100% Dec
Cleve Term Bidgs(3s_ 1941
4,00
1.0034 Ma 103
Del
1024 10235
Serial 635% notes_ _1933
Nov 99
Aug
9514 9534 12,000 95
Commander-Larabee 63'41
1023-4102% 3.000 10035 Mar 103
Dec
Serial 635% notes _ _1934
May
108 1084 5,000 105% Feb 108
Cons 0 El & P es ser A '49
Mar 102% May
10254 102% 5,000 100
Jan 102% June
Serial 635% notes_ _1935
10214 1024
58, series F
1.000 100
1965
9.000 10014 Mar 102% Feb
10255 103
Serial 634% notes_ _1936
102% 102% 10234 48,000 10115 Dec 10234 Dec
New
10235 10335 3.000 1004 Oct10294 May
Serial 635% notes 1937
Sep 100
Aug
Consol Publishers 648-'36 98% 984 9855 17,000 97
4,000 1004 Mar 102% May
Serial 634% notes_ _1938 1024 10255 103
92
Feb
Consolidated Textile 88 '41 9635 924 96% 37,000 80 Jun
103 103
3.000 10035 Ma 10234 Apr
Serial 634% notes _ _1939
9934 Aug
Container Gory 6s _ _ _ _1946 98% 984 9835 10,000 80 Jun
Jan 103
Dee
Serial 615% notes__1940 1034 103 10335 10.000 100
96% 98
24,000 9634 Dec 100% Nov
Cuba Co 8% notes_ _1929 97
7,000 100
Aug
Jan 103
Mar US Smelt & Ref 5.35E1935 10234 102 102%
14,000 10835 Jan 112
73581941 110% 110% Ill
Cuban Telephone
Jul
9635 Aug United Steel Wks Burlach,
77.000 91
Cudahy Pack deb 543.1937 96% 9534 97
9935 Nov
1951 1004 993-4100% 69,000 924 May
Luxemburg 75
9735 Sept
1946 9934 98.5 99% 14,000 9435 Nov
58
Detroit City Gas 68_1947 10734 107 107% 17,000 1044 Jan 10735 Sent II 8 Steel Works A 6143'51
Dee 10034 Dec
With stk pur warr, See A 105% 10535 106% 701.000 9534 Sept 1034 Dee
1,000 100
1004 10034
1950
58 Series 13
Nov 9554 Dee
Without stock pur wart. 9955 9735 9994 266,000 91
53,000 100% Ala 10514 Dee
Duke Priet Pow 1st 631906 104% 10435 105
106% 105 10635 161.000 96
Aug 10234 Dec
Nov 10135 Aug
Series C
4,000 98
99
99
East Term Off Bldg 6353'43 99
May
105 105
4.000 10334 Jan 105
1937
Aug 1)8
Aug Valvoline Oil es
9734 9735
2.000 96
Eitingon Sehtld lie.. _ _1938
98% 264,000 9414 Oct9734 Dec
1976 9834 98
Jan Wabash Ry 58
9514 Nov 107
Elea Refrigeration 6e._1936 974 9694 9734 14,000
Sept
82.000 1004 Dec 122
7,000 9234 Jan 1004 June Warner Bros Pic 6%6_1928 10594 105 106
Europ ISItg & by 73581950 99% 9915 99%
Jan
9734 984 10000 904 May 101
Nov 9815 Feb
Webster Mills 83.4s...1033
8535 86
12,000 84
1933 86
Federal Sugar es
Nov
99
99
1,000 99
Nov 99
Western Pr Corp 5348 A '57
Fisk Rubber 5348 ....1931 97% 9734 9734 44,000 9335 Apr 98% Jan
Florida Pow & Lt 58..1954 9434 9434 9434 279,000 9135 Mar 964 June Western Union Tel 58_1951 101% 10194 102 315,000 10034 Oct10134 Dee
May 10535 Mar Foreign Government and Muni elpalities.
10135 10435
3.000 103
Gair (Robert) Co 73..1937
Mar Austria (Prov of Lower)
13,000 804 Oct 103
Galena-Signal 011 76_1930 91% 9134 92
994 1004 $19,000 9454 Nov 984 Mae
1950 100
Oct 96
Dec
73441
954 9574 228,000 93
Gatineau Power 58_1956 9534
Feb9934 Dec
9934 1013-4182,090 93
1941
9931 9831 994 82,000 9735 Sept 99% July Baden (Germany)78-1951 101
65
Sept 138
Jan Buenos Aires (Prov)7358'47 98% 984 9874 119.000 964 Aug 10135 Feb
115 115
2,000 111
'35
General Ice Cream 6,355
1936 954 9555 9634 21.000 9515 Dec 10034 AIN
1024 Jan
78
General Petroleum 66.1928 101% 1014 10134 31,000 10035 Aug
1952 96
9535 96 128,000 9334 Sept9734 May
78
9734 97% 9,000 964 Aug 995( Jan
Goodyear T & R 5s._1928
95
1957 95% 954 96 583.000 9535 Dec 9534 Dee
Apr
9$34 11,000 9434 Dec 99
713
Goodyear T&R Cal 5353'32
9535 Dee
Grand Trunk Ity 6%3.1936 10834 10835 1084 25,000 1074 May 109% June Costa Rica (Rep) 73_1951 9535 9535 954 38,000 9535 Dec
Apr 9435 Dec Cundinamnrca (Dept of),
9534 9635 173,000 85
Great Cons Else 63531 1950 96
9434 9434 20,000 9534 Dec 954 Deo
946
9835 Feb 1014 June
Colombia ext 78_
1937 100% 10034 10034 58,000
Gulf 01101 Pa 51
974 98% 36.000 96
May 9934 July
Danish Cons Munic 5158'55 98
1947 10035 10035 100% 546,000
53
Mar mg Nov
1928 1004 1004 100% 2,000 100% Nov 10134 Jan Denmark (King) 548_1955 9934 9934 9935 59.000 98
Serial 5355
100% 101
12,000 9935 Jan 10134 Jan
Oct
1970
63
Gulf States Utilities 58 1056 9535 9534 9534 94,000 944 Dec 96
Jan 102
Nov German Cons Munk 78 '47 101% 100% 101 332,000 9434 Mar 1004 Dec
10134 22,000 94
Hamburg Elec Co 78_ _1935 10135 101
974 9834 118,000 9751 Dec 9834 Oct Hamburg (State) Ger tis '46 9835 9534 9834 251,000 9234 Oct 9834 Dee
Hood Rubb 548 Oct 15 '36
9434 95% 214,000 924 Nov 944 Nov
,
3,000 10334 Nov 10532 Juno Hungarian Con. Mun 7846
10234 103
1936
7s
Dec Hungarian Land Mtge Dist
Indep Oil & Gal 6355_1931 101% 10191 101% 22,000 9535 May 102
984 9835 22,000 95 June 994 Sept
Oct 96114 Aug
7358 series A
1961
994 101,000 97
4
Indiana Limestone 68_1941 994 09
Indianapolis P & L 68.1936 103% 10034 103% 563,000 96% July 10335 Oct Indust Mtge Bk of Finland
0
let M coll s f 73_ _ _1944 10114 10015 1014 39,000 964 Jan 10 54 Dee
Intermit (it Nor 58 11_1956 98% 9835 99 173,000 044 Oct 9735 Dec
Jan 104
Aug
37,000 98
(let 9834 Dec Medellin (Colombia) 8s '48 log 103% 104
9834 434,000 08
98% 98
194,
Internat Paper Se
9334 9334
1,000
75
1951
Interstate Nat Gs,. o5-1936
Dec
03% 9335 27,000 93% Dec 94
974 Oct 1014 Dec Montevideo (City) 6358 59
Without warrante
101% 10134 1014 64,000
984 9844 15,000
Dec
Mtge Bk of Chile 65(8_1961
25,000 994 Dec 103
Jeddo-Highland Coal 68 '41 10234 1024 103
Aug 1004 Aug
1956 100% 100 10055 356,000 100
Apr 91% Nov Peru 7348
19,000 83
0%
Keystone Telep 5340_1955 90% 0034 9
vox, Prusida(Free State3648 'ill 9934 984 99% 191,000 9534 went 99% Dec
Krupn (Fried) Ltd, 781929 101% 100 101% 219,000 9034 Jan 101
50,000 12 June 1735 Nov
1455 15
Jan 1013, Aug Russian Onvt614 etfs 1919 15
101
10135 16,000 98
Laclede Gas Lt 5%s._1935
3,000 12 June 174 Nov
15
15
Mar 954 Feb
93
5%5 certificates- _ _1921
Lehigh Pow !Recur 68..2026 9831 9635 98% 402,000
101
Des
100% 102
Saxon State Mtge Inv 7a.45 102
Leonard Vets, Inc, 748'46
974 Nov
9834 9935
Dec
1946 99
63413
103,000 9335 Mar 110
With stock purch war'te 11235 11014 11235
33,000 10134 lOct 10235 Jan
Jan Switzeri'd Govt 548_1929 1014 10134 10154
14,000 1033( Oct 105
10334 104
Libby. MeN & Lib 78_1931 104
3,00 106% May 108% Apr
10835 10815
Listed on the Stock Exchange this week, where
• No par value. k Correction.
Ligg Winchester 7s. _ _1942
102% 10354 23,000 994 Mar 10374 July additional transactions will be found. m Sold under the rule. n Bold for cash.
Long leld Lta Co 65_1945 103
Ex-rightsand bonus. v Ex-cash and stock diviManitoba Power 5358_1951 9831 98% 98% 31.000 9414 Ain
DecDeso New stock. 3 Option sale.
91
8
103% 1044 21,000 99% Jan 103
Meal Gas Cog 630-1940
dends. W When issued. z Ex-dividend. y Ex-rights. t Ex-stoek dividend.
13c Dec 113c Feb
2,000
7c
7c
Jan
100 1135 Sept 21
12
12
34 Dec
134 Apr
3,20
2% 3
Oct 14c Aug
3e
8c
7,000
Jan
134 June
2
500
2% 235
7c Mar
3c Feb
7c 29,000
Sc
Nov
3
2894 Feb
44 435 1,300
16.3 Aua
Apr
Sc
5,000
5c
50
73c 780 23,400 61c Ana 90e Nor
Apr
19c
5c
Feb
1,000
7
7
3
Msy
I
Mar
300
15% 1514
To Dee
Jan
20
3c
4c 12,000
40 Feb 22e June
9c 11c
3,000
Feb
Sc Nov 320
8c
10c 50,000
4
1434 15
2,400 1134 Mar 191 Mar
1934 June
20% 2035
200 1794 Jan
51c. Oct
25c. Dec
200
39c 39c
2 14 lkiat
11( 164,1 270,700 115 Dec
135 Feb
900 740 Nov
76c 80
'2% Ss,'
June
i
2%
300
2
4
July
Oct
3
100
334 3%
22% 23% 2,100 1834 May 2334 Aug
Jan
Oct 210
189 104%
380 178
Oct
1,700 4634 Jan 77
67
69
9% Dec
5 June
8% 935 16,200
2234 2335 4,100 124 Mar 244 Dee
2
May
334 Dec
700
335 34
75e
Jan
5,000 350 Nov
46c 49c
25
3.800 2535 Dec 2655 Dec
25%
8c. Jan
28c. Mar
2,000
90
iby
234 Mar
litre 1,400 1 13-.6 Nov
Feb
16c 20c
8.000 15c July 35e
Sc Dec 220 June
4c
9,000
Sc
73c1 Nov
30 Mar
5c
Sc 38,000
335 Oct634 July
335 3% 2,500
7c No
2c Feb
4,000
3c
3c
70
Jan
20c Doe
17c
18c
2.000
534 Dec
555 6% 21,900 2 11-16 Jan
435 Jan
234 Dec
234 2% 2,000
Sc May
134 Jan
25c 28e
3,000
734 Feb
3% OCt
600
334 34
7,800 300 June 590 Sept
50e 53e
33
Feb
800 2335 Dec
22% 2335
Feb
11
4% Oct
635 6% 2,700
,
331 Jil `
2% May
334 34 1,200
9e. Nov
300. Feb
8c
9c
4,000
2c. Dec
7c. May
3c
3e
6,000
09
21:28 gl"
366
Investment anti
Latest Gross Earnings by Weeks.
-In the table which
follows we sum up separately the earnings for the first
week of January. The table covers 10 roads and shows
1.21% increase over the same week last year.
First Week of January.
Buffalo Rochester & Pitts
Canadian National
Canadian Pacific
Duluth So Shore & Atl
Mineral Range
Mobile & Ohio
Minneapolis & St. Louis
Southern Ry. E.& W
St. Louis Southwestern
Texas Pacific
Total (10 roads)
Net increase (1.21%)
1927.
1926.
$
314.759
4,298,515
3,421.000
82.861
5.332
278,358
225.115
3.369.565
434.000
617.628
$
350,292
4.107.076
2,973.000
92.198
6.002
326.486
244.818
3.626.116
465.302
689.813
13,047,533 12.881.103
Increase. Decrease.
$
$
35,533
191.439
448.000
9,337
670
48,128
19,703
256.551
30,902
72.185
639,439
166.430
473,009
In the table which follows we also complete our summary
of the earnings for the fourth week of December.
Fourth Week of December.
Previously reported (7)
• Duluth So. Shore & Atl
Georgia & Fkrida
Mineral Range
Nevada California Oregon
Total (11 roads)
Net decrease (6.25%)
1926.
1925.
Increase. Decrease.
13.242,531 14,114,459
116.892
127,986
44,500
53.917
8.372
8.443
7.754
10.125
871.928
11.094
9.417
71
2,371
13.420.049 14,314.930
894.881
894.881
In the following we show the weekly earnings for a number
of weeks past:
Week.
let week July (15 roads
2d week July (15 roads
Bd week July (15 roads
4th week July (15 roadsI
let week Aug.(16 roads)._
2d week Aug.(14 roads)...._.
3d week Aug.(15 roadel___.
4th week Aug.(15 roads)._.
lit week Sept il5 roads)_.....
2d week Sept. 15 roadsi
ad week Sept. 15 roads
4th week Sept.(14 roads .....
let week Oct. (14 roads
2d week Oct. (14 roads).__.
341 week Oct. (14 romi-o___
4th week Oct. (14 roads)___.
let week Nov.(14 row ..)___
2d week Nov.(14 roads
8d week Nov.(15 roam,
4th week Nov.(14 roads
let week Dec. (14 roads)._
2d week Dec. (14 roads)
3d week Dec. (13 roads)._
4th week Dec. (11 roads)____
1st week Jan. (10 roads)____
Cur ent
Y.ar.
Previous
Year.
Increase or
Decrease.
18 862.723
18 873.507
19.658.751
28,153.394
It .791.75)
2:‘.509.601
2(.284.661
2P.857.268
19,862,06:
21.117.87i
22.401 PRI
?1.049.598
52.080.405
21.459.351
22 217.51,
30.638.424
21.1 in )21.112.807
23.484.29,
26.404 1126
18016,73S
17.92)3.230
16.002.655
13.420.049
13.047.533
$
17.481.987
17.886.208
18.149,032
26.762.799
18.665.20(
22.158.613
19.377.682
28.327.016
19.068.091
21.681.685
22.4 3.298
30.220.186
22.265.044
21.265.11!
91.111.9(11
29.041.065
9,75 %,5 ••
20.154.637
Z3.144.554
21.1137.411
19.492.721
19.351.69k
17.628.11(1
14.314.930
12.881.103
+1.380.73(
+987.291
+1.409,711
1
+1.390.601
+1.126.551
+1.350.1
18'
+906.97k
+1.530.252
+793.147
-563.813
+42.782
+829.412
-184.639
+191.:zi
+1,1111 19•
+1.597,359
+1.ter).6
+967.369
433.7.17
+1.767.21.'
-1.486.983
-1.923.467
-1.625.565
-894.881
4
-166.340
ailtovat $ntelligente.
Gross
Fixed
Net after
Earnings.
Charges.
Taxes.
Companies.
Fort Worth Power Nov '26
241,834 *127,868
17,028
& Light Co
'25
239.762 *118,129
16.950
12 mos end Nov SO '26 2.871.401 *1,445.320
206.677
'25 2,835.203 *1,386.817
202,254
Honolulu Rapid
Nov'26
83,170 j31.108 kg17.998
Transit Co
'25
83,147
kg14,155
4.'92.244
11 mos end Nov 30 '26
926,988 J4217.253
kg70.989
'25
973,698 J*251.092 kg73,419
Nebraska Pow Co Nov '28
391,241
72.570
*221,704
'25
376.125 *213.491
69,183
12 silos end Nov 30 '26 4,365.989 *2,304,521
845.796
'25 4,149,782 *2.206,879
808.775
Pacific Power &
Nov '26
327,711
*162,579 / 64.655
Light Co
'25
327,103 *157.985
65.465
12 mos end Nov 30 '26 3,745,490 *1.764.524
809.578
'25 3.487,042 *1,538,276
791.121
Portland Gas&
Nov'26
362,107 *111,596
55.364
Coke Co
'25
349,508 *111.699
50.669
12 mos end Nov 30 '26 4,146.178 *1,482,659
641,349
'25 4.058.788 *1,462.377
541.743
Texas Power &
Nov'26
782,250 *369.690
93,646
'25
658,703 *288.974
83,267
Lig11 Cgs end Nov 30 '26 7,575,571 *3,205,392 1.045.240
12tm
'25 6,826,201 *3,025.931
971.360
Utah Power &
Nov '26
932.064 *552.381
176.921
Light Co
'25
884.352 *499.871
177.327
12 mos end Nov 30 '26 10.437,622 *5.869,811 2,126,048
'25 9,807.969 *5.332.774 2,139.096
York Utilties Co
Nov '26
14.113 *J-1.734
38.689
'25
14,034
143,790
*J103
12 mos end Nov 30 '26
182,843 *J-4.915
k41.676
'25
166.094
k44,280
*J6,839
- Deficit. k Includes taxes. * Includes other income.
taxes. g Includes depreciation.
Balance,
Surplus.
t
110,840
1011179
1.238.643
1.184.563
13.110
15.090
146,264
177.673
149.134
144.308
1.458.725
1.398.104
97.924
92,520
954.946
747.155
56.232
61.030
841.310
920.634
276.004
205.707
2.160.152
2.054,571
375,460
322.544
3.743.763
3.193.678
-5.423
-3.686
-46,592
-37.441
j Before
FINANCIAL REPORTS
Financial Reports.
-An index to annual reports of steam
ralroads, public utility and miscellaneous companies which
have been published during the preceding month will be given
on the last Saturday of each month. This index will not
include reports in the issue of the "Chronicle" in which it is
published. The latest index will be found in the issue of
Dec. 25 1926. The next will appear in that of Jan. 29 1927.
United Fruit Company.
(Annual Report-Year Ended Dec. 31 1926.)
President Victor M. Cutter says in substance:
7.90
5.52
7.82
5.19
6.03
6.09
4.68
5.40
2.91
2.60
Appropriations.-Appropriltions have b en made this year In the sum
0.01
2 68 of $6.916.458 for capital expenditures during 1927. In addition there
0.82 remain unexpended appropriations previously made in the sum of $11.030.341 for work now in progress.
0
Devreciation.-Charges for depreciation in 1926 amounted to $7,934,073.
93
In depreciating tropical properties a life is assigned to the cultivations
5 50 accordi g to age,
location, soil and other conditions. Properties tributary
4 79 to or used In connection with such cultivations, Including lands, buildings,
0.14 railways and permanent improvement., are assigned a life for depreciation
7.17 corresponding to that of the cultivations. A life Is s.ssigned company's
7.61 ships commensurate with their class and past experience.
The company carries substantially all of its own insurance and a reserve
7.'5 has been
set up for that purpose.
9.231
Inventories of material, supplies, and merchandise for sale are based
6.25
on cost. These stocks are kept at a minimum consistent with the require1.21 melts
of the business.
Bananas.
is being
to
We also give the following comparisons of the monthl and el'ect -Every effort operation madethe Improve cultivation methods
economies in
by
i.ttroductlon of labor-saving
totals of railroad earnings, both gross and net (the net before devices and by the study and practice of more intensive methods of cultivation. Total area cultivated In bananas is now 166.203 acres.
the deduction of taxes), both being very comprehensive
During the year company shipped from the tropics 48.057.094 stems
fruit produced on company farms and
They include all the Class A roads in the country, with a total (including an increase of approximately 8% over purchased from private
planters),
1925. Company owns
substantial reserves of virgin land in several countries.
mileage each month as stated in the footnote to the table.
Sugar.-Desptte unfavorab'e market conditions and crop restrictions
by the Cuban Government. the company has met its sugar operating expense. Including the usual charge for depreciation. 1.054.529 bags were
Gross Enntruts.
Net Earnings.
produced during the year, and, with the exception of 7.842 bags sold
liosta
locally, the entire production has been shipped to and refined by the Revere
Increase or
Increase or
Sugar Refinery, a subsidiary of the company. The Revere Sugar Refinery
1925.
1924. , Decrease.
1925.
1924.
Decrease
me ted 407,705,473 pounds (an average of 1.493,427 pounds per day) in
1926, as compared with 406.484,641 pounds last year. •
$
Cacao.
-Company produced 9.478.708 pounds of cacao as compared with
Nov__ 531.742,071 504.781.775 +28.5.80.296 198.157.616 131.331.847 +18.775,781,
Dee__ 523,041.784 504.450.580 +18.591.184 134.995.634 124.090.958 +10.354.87f 8.860.084 pounds in 1925. The prices received during the year have not
been satisfactory.
Steamships.
11128.
-Company's steamships have made 1.273 round trip voyages
1925
1926
1925.
Jan __ 480.062.657 484.022.895 -3.960.038 102.270.877 101.323.883
+948.994 and steamed 5,200,022 rules during the year. This statement gives some
idea of the magnitude of service performed by its 86 steamships. In 30.403
Feb.. 459.227.310 454,198.055 +5.029.255 99.480.850 99.518.858
-38.04*
March 528.995.183 485.238.559 +43.888.824 133.642.754 109.081.102 +24.581.853 days' operation the steamships lost no time on prearranged schedules. This
Aprll _ 498.448.309 472.820.820 +25.818.489 114.885.151 102.920,855 +11.764.296 Indicates efficient performance for personnel and machinery.
In addition to transportation of the company's bananas and other
May.518.467.480 487.952,182 +28.515.298,128,681.568 112,904.074 +15.877.493
June. 538.758.797 508.124.782 + 32.834.035 149.492.478 130,920.898 +18.571.682 products, the fleet carried 66,848 passengers, 993.633 tons of freight, and
196.480 bags of mall.
July__ 556.471.276 521,598,191 + 33.139.544.601875.086 161.070.612
+21.435.011
maintenance of the steamships has been of the usual high standard.
577.791.741( 553.933.94)4 +23.857.8421179.416.017 1841,4211 2144 +12.959.754Sept.. 588946.933564.758.924 +24.192.009 191.933.148 178.938.230 +14.998.019 The company has nine ships under construction.
General.
-The national advertising campaign inaugurated a year ago
Oct. 804.052 017 5811.008.438 +18.043.581 193.990.813 180,4129,334 +13.381.419
has givet such definite Indications of value to the company that the direcNote.
-Percentage of increase or decrease In net for above mon he has been
tors have voted to continue it for another year. Magazines will be used
1925-Nov.. 12.77% Inc.: Dec.. 3.69% Inc. I928
-Jan.. 0.93% Inc.' Feb.. 0.045 and will be supplemented by such local and Intensive newspaper
dec.: March. 22.50% Inc.; April. 11.43% Inc.; May. 13.89% Inc.; June. 14.18% Inc.. campaigns as may be necessary in view of production and advertising
market conJuly, 15.35% Inc.: Aug.. 7.88% Inc.; Sept.. 8.48% Inc.; Oct.. 7.35% Inc.
ditions.
In November the length of road covered was 236.728 miles In 1925. against 235.917
The dealers' service created a year ago has proved an important adjunct
miles In 1924; In December. 238.959 miles, against 236.057 melee; In January 1926. to advertising. Improved methods of ripening, handling,
displaying and
238.944 miles, against 236.599 miles In 1925: In February. 238.839 nines. against selling unifrult bananas should result in an increased
demand and con238,529 miles:In March. 238.774 miles. against 238.500 miles; in A pH!. 236.518 miles sumption of the principal product of the company.
against 2313.528 miles: In May. 236.833 miles. against 238.858 miles; In June 238 5(0
The largestand mostimportant
confereacein the history of thecommiles, against 236.243 miles: In July. 236.885 miles. against 235.348 miles: In August
pany was he:d in October. All phases of the company's activities werethor238.759 tittles. against 238,092 miles: In September. 238.779 ranee. against 235.977 oughly analyzed and plans and policies for the future were formulated.
miles; In October. 238.854 miles. against 238.898 miles.
It is felt that this will result in closer co-ordination and greater efficiency
In our varying operations than ever before.
Net Earnings Monthly to Latest Dates.
Number of Stockholders.
-The table
-The company now has 23,881 stockholders.
following shows the gross and net earnings for STEAM INCOME rt PROFIT & LOSS ACCTS., FISCAL YEAR ENDED DEC.31.
1926.
1925.
1924.
1923.
railroads reported this week:
Net income from omen_
$21,723.704 318.440,421 $26,878.656
4,494,312
--Gross from Railway- -Net from Railway- -Net after Tares
2.128,407
339.364
- Interest, dividends, &c1926.
1928.
1925.
1925.
1925.
1928.
Total net income
$23.030,183 $26,218,015 520.568.828 827,218,020
$
Estimated taxes
33,519,012 $3,671.135 $3.274,620 $4,120.690
-Kansas Oklahoma .4 Guff
Dividends
11,998.254
z
y10,000.000 x20.000.000
269,827
28,200
November _ 237,889
65,497
18,817
56,589
hate pt r annum
($12)
l810)
($20)
2,343.997 2.266,955 -113,307
207,094 -243,771
From Jan 1_
114.385
----Bal.,
for year.. 37,513,217
133.097,33G
Railway and Other public Utility Net Accum.profit Jan. 1._ _. 72.629.266 $22,516,880 $7.204.208 44,970,023
Electric
profit
50,737,562 48,067.354
-The following table rives the returns of
--- -- -- Earnings.
Total
380,142.483 373,284.442 355,361,562 518.067.353
ELECTRIC railway and other public utility gross and net Insurance rest rve
4.936,803
a655.175
4,624.000
Aarnings with charges and surplus reported this week:
Profit & logs bal
$75,155,591 372,629,266 250,737,562 348,067,353
-Gross Earnings--Net Earnings
a Amount charged to reduce book cost of securities to market value or
Current
Previous
Current
Previous
below. x Including 310,000,000 dividends for 1924. y Being dividends for
Year.
Year.
Year.
Companies.
Year.
year 1925, declared in December 1924. z Directors took no action on dividends at their meeting on Dec. 8 1925. Heretofore at the December
72,000
65,665
23,000
Nov
21.468 meeting dividends were declared a year in advance. A quarterly basia
Philippine Ry Co
666,928
746.742
149.995
199.376 was adopted beginning with the Feb. 1926 declaration.
12 mos end Nov 30
'
367
THE CHRONICLE
JAN. 15 1927.]
CONSOLIDATED BALANCE SHEET (DELAWARE COMPANY).
Including North American Provision Co. and Their Subsidiaries. •
1925.
Oa. 30 '26. Jan. 2 '26.
$
Oa. 30 '26. Jan. 2 '26.
AssetsItetTiesA
98,538,407 107,356.315 Capital stock_.:100 000.000 100.000 000
Trop.lands& eq.
1.932.981 Land, buildings.
7% pref. stock
Drafts payable_ 2,061,396
Domestic & EuDelaware Co. 63.566.000 63.566.900
ropean prop.- 7.947.763 8.707.434 Accts.payable__ 3.619.226 3.253 031 . machinery and
equipment. -128,424.495 121.020.453 do N.A.Pr.Co. 8.600 000 8.600.000
Steamships ----(28.18)794 21.154,oi 1 Divs. payable._ 2.50.000 2.500.000
Common stock y60.000.000 60.000.000
Deferred credits
Refrigerator cars.
Ins, fund seem% 1 oft., 0
1 561.249
4.896.973 4,471.40S Wm. F. Mosser
to operations. 1,406.660
&c
Govt.securities. 5.66.412 2.159.959
1,900.000
Co 8% notes.
1 0)9.049 Franchises and
Other Investm'ts 3,682.428 3.921.429 SS.constr. res ve
1,936.675 Morris & Co.
leaseholds.. _ 1.952.240
25.013.247 29.333,82,1 Insurance res've 10 000 000 4.463 642
Cash
% note,.. 12.710.000 13.000 060
3.943 400 2.988 613
Tax reserve_ _ _ _ 6,257,088 8.454.273 Cash
Notes and accts.
00
1.7511.241
4.536,018 4,527.195 Deferred IIab _ 2,821.326
Notes receivable 12 053 1031 34.315,488 Dclaw. Co. 5S 60 0 000 60.000 000
receivable. _
Morris&Co 4 sis 16.10 i.000 16.467.000
Profit and loss__ 75,155,591 72.629,267 /VOLS. receivable 24.439,5401
Sugar and fruit
Inventories __ 176.297.889 77.090.410 Notes payable.. 20 600.371 25.307.035
3:24 373 2.981.237
stock
815.080
Marketable stes 9.410.046 9,294.153 Accept. payable. 7.941,847
,
Marls & auppl- 7.483.616
A feta. payable 7.484.032 6,548,204
Invest't stocks,
Deferred assets. 6.936.614 6.789.644
1.623,224
bonds & adv 20.793.266 30.654.882 Min. stockhekils
Deferred charges 1.751.332
401,519
equity In subs. 1.562.679
1.015 534
Deferred charges 12,166,955 12,581.555
Transit items _ 1.0r4.222
35.771.083 37.747.849
Surplus
203,821.287 197,570,463
Total
203.821.287 197,570,463
Total •
294.377.913 294.353,637
294.377.913 294.353.637 Total
Total
x The stockholu.r.. in Marco 24 1926 approved a (hang in the capital
x Packing house products at market value, less allowance fir selling
stock from shar s of $100 par value to no par value shares and the issuanco
re
e. penses. Other products and supplies at c, St or market-whichever is
,
par shars r each $100 share. On Dm.31 1926 th, ynre
of 214 no
standing 2,500,000 no par value shares as crmpared with 1,000,000 shares 1 ,wer. $4.191.765 in drafts have been drawn against foreign consignments
aid deducted from inventory item. y All owned by Armour & Co. (Iii.).
of $100 par value on Dec. 31 1925.-Y. 123. p. 2276.
a Including $18.150.371 duo Armour it Co. (111.).-V. 121. p. 238.
CONSOLIDATED BALANCE SHEET DEC. 31.
1926.
1925.
1926.
Arn-our & Company (Illinois).
(Financial Report 10 Mos. Ended Oct. 30 1926.)
President F. Edson White, Chicago Jan. 10, wrote in
substance:
-The operations of company during the past fiscal
Volume of Business.
year were in keeping with company's established position in the livestock
and meat packing trade, resulting in a volume of business amounting,
on an annual basis, to more than $900.000.000.
-During the 10 months covered by
Financial Position Strengthened.
this report, the financial position of company was further strengthened.
A reduction of more than 82,000.000 in current liabilities was effected,
and the funded debt reduced by $2,516,000. The 8% gold notes of the
William P. Messer Co., amountng to $1,900,000, were discharged through
calling the notes for payment.
It seems proper here to mention the fundamental improvement which
has been effected in the financial position of your company since June 311
1923 which was the date of our first financial statement after taking over
the assets of Morris & Co. During that time, in addition to the payment
of the Messer notes referred to above. the 714% Morris gold notes due
in 1930 have been reduced by $1,494.000: the mortgage indebtedness of
Morris & Co., due in 1939, has been reduced $2.501.000: and the preferred
stock of Armour & Co. of Delaware has been reduced $1,267.400. These
reductions in funded debt and capital obligations aggregate $7,192,400.
To sum up the situation since June 30 1923: (1) Company has improved its ratio of current assets to current liabl'ities from 1.95 on June 30
1923 to 3.9 on Oct. 30 1926* (2) current liabilities have been reduced from
$135.000.000 to less than $54.000.000: (3) working capital has been in.
creased from $130.000.000 in 1923 to $156,000,000 on Oct. 30 1926
(4) surplus of $41.800.000 in 1923 has been increased to $55,054,776 as of
Oct. 30 1926.
Armour Leather Co.
-The management has for some time past considered that there should be a financial reorganization of the Armour Leather
Co. This we accompashed last July. The plan which was adopted involve I
cancellation of the founders' shares, and the exchange of the old preferred
and common stock for new stock of the J. K. Mosser Leather Corp. (see
V. 123. p. 209. 585). This plan has greatly simplified the corporate structure of the Leather company, and its statement has now been included
In the consolidated balance sheet. The business of the Leather company
for the past year has been profitable, and it has maintained its position
in the trade. Its outlook for the coming year is unusually encouraging.
GENERAL INVESTMENT NEWS
STEAM RAILROADS.
Senate In'erstate Commerce Committee Rejects C. E. Woods as Inter-State
.-Ne v York "Times" Jan. 13, p. 1.
Commerce Commissioner
Canadian Maintenawe of 1Vay Men Win 2 Cents an Hour Wage Increase-v York "Times" ra a. 13. 0. 6.
Strike Ave
s
U. S. Board of Arbitration Own's Wage Inlreases of 2)4 Cen, ne• Hour
-N. V."Times" Jan.
to 60.001 Employees of American Railway Express Co.
14,
Officials Estimate U. S. Roads Will Spew! Mune 8900.000.000 in Additions
and Betterments During 1927.-N.Y."Times .1st. 9, p. 16.
-Class I railroads on Dee. 31 had 275.260 surp'us freight
Surplus Cars.
cars in good repair and Immediate available for service, the Car Service
Division of the American Railway Association announced. This was an
increase of 77.506 cars compared with Dec. 22. at which time there were
197.751 cars. Surplus coal cars on Dec. 31 tota'ed 61.181. an increase of
33.530 cars within approximately a week, whi e strp'us box ears totaled
165.532, an iocreise of 35.551 cars for the same pe-iod. Reports also
showed 25,340 surplus stock cars, an increase of 4.114 above the number
reported on Dec. 22, wide s•trplus refrigerator .cars totaled 10.587, an
Increase of 1,481 within the same period.
-The Item of "properties" in the statement of assets
Property Account.
in the consolidated balance sheet of Oct. 30 1926 shows an increase of
$7.000,000 over the previous statement. This is due to the inclusion,
in this item, of properties of the Leather company amounting to 38,200.000.
But for that includion the total "properties" account would have shown a
net reduction of $1,200.000 as compared with the statement of Jan. 2 1926.
-Company's operations in
Operations in Domestic and Foreign Markets.
the domestic market were conducted on a satisfactory basis, due in part
to nation-wide prosperity, with resulting strong demand for our products,
and in part to greater efficiency and new economies which have been
introduced into the company's procedures. Offsetting these domestic
results to some extent were the results in the South American field. Difficulties beyond our power to correct have beset the trade there for some
time past. It was this situation which last May caused the board of
directors to omit dividends on class A common stock. Negotiations are
in progress, however, which if successful should lead to a prompt resumption
of profitable operations.
Outlook.
-The outlook for the coming year is favorable. This country
last year produced a large corn crop, and as that crop must be marketed
largely in the form of livestock, there is every reason to expect that supplies
of livestock available in 1927 will be ample. That the demand for our
products will be heavy is best indicated by the fact that the country is
extremely prosperous, and that there is widespread employment at good
wages.
CONSOLIDATED INCOME AND SURPLUS STATEMENT.
Including Armour & Co. of Illinois. Armour & Co. of Delaware, North
American Provision Co.,and Their Subsidiaries.
Alabama & North Western RR.-Pinal
-S. ('. Commission has pla,s2,1 a final valuation of 8105,000 on the
The I.
owned and used property of the c.impany, as of Juno 30 1919.
Allegheny & Western Ry.-Lease of Terminal Co.
-V. 123. p. 2514.
See Buffalo Rochester & Pittsburgh Ry. below.
Atlantic Coast Line RR. Co.-biqina.The Ne v York Stock Exchange has authorised the listing, onor after
Jan. 21, of $13.756,500 additional common stock, on official notice of payment in full, making the total amount app:ied for $81,342,700 of such
common stock.
The increased amount of $13.756,500 of common stock is to be issued
for cash, having been offered for subscription at $100 per share to stockholders of record Nov.30 1926. at the ratio of one share fir each five shares
held at that date. Such shares of stock as are not subscribed for by stock-
holders Jan. 20 1927, will be sold in the market for cash at not less than par.
The proceeds from the sale of the additional common stock are to be used
for the acquisition or construction of necessary additions, extensions and
Improvements to the company's properties and far other corporate purposes.
Income Account, Ten Months Ended October 31.
Railway operating revenues
Railway operating expenses
Railway tax accruals
Uncollectible railway revenues
1926.
1925.
$81.010,481 $76,370,420
58.861.600 52,695.646
5,525.000 5,300.000
11.056
12.851
316,639,825 818.361.923
Total operating income
4.034,339 3,495,293
Non-operating income
1,028,793
685.862
Dividend appropriations of non-operating income
Net non-operating income
Gross income
Joint facility rents
Rent for leased roads
-Dr. balance
Hire of equipment
Miscellaneous rents
Interest
Miscellaneous income charges
Income applied to sinking and other reserve funds
$3.005.546 $2,809,431
$19.645,371 $21,171.354
269,399
226.245
42,230
39,230
2,037,646
258,479
5.909.535
38.166
26,061
1,388,841
243,056
5,797,570
36,778
18,023
Income bal. transf. to credit of profit and loss_ _$11,063.853 813.421,610
Calendar Years
Condensed Balance Sheet.
1924.
1925.
1923.
Oct. 30 '26.
Oct. 31 '26. Dec. 31 '25.
Oct. 31 '26. Dec. 31 '25.
Net sales (in excess on -$750,000.000$900.000.000$800.000,000$800.000.000
LIabilitIes$
Assets
Income
$25,890.166 $36,213,923 $40.167,497 $38,583.217
Inv.In road&eq.257,944,315 241,242,724 Common stock_ 67,586.200 67,586.200
Deprec. (bldgs., mach.
Class "A" Rich.
9,197,017 9.064.575 7.971.703 Impts. on leased
7.956.281
& cars)
& Pet.RR.stk. 1,000.000
124,020
124,020
1,000,000
railway prop'y
9,785,315 12.565,096 12,793,183 14,920,256
Interest charges
21,919 Preferred stock.
196.700
21,919
196,700
Preferred stock dividends 6.901.928 9.247,980 9,293.389 8.357.625 Sinking funds__
Prem. on capital
Deposits in lieu
Class A corn. diva_ _ _(50c.)1,000.000($2.50)5000000
10 Mos.End.
$246,642 .8203.830 $9,016,349 $7,333,632
Balance
Special charges (net)
202,847
1,919,232
Write-offs & res, agst.sec
55.010.982 54,807.152 45,790,803 40.376,402
Previous surplus
Total surplus
$55.054.777 $55.010.982 854,807.152 845,790.803
stock
2,592
4,829,443 4,829,443
2,592
of mtgd. prop.
1,415,053 Long term debt_l57,678,630 154,989,930
Misc.phys.prop_ 1,443.782
Inv.in affil. cos_ 70,438,798 69,088,861 Traffic 22 car service bal. pay_ 1,529,587 2,078,249
Other investmls 7,436,754 7,438,017
10,373,598 18.579,417 Audited accts. &
Cash
1,137,226
wages payable 5.308,815 6,767.956
Special deposits_ 1,705,010
4,966 Misc. accts. nay.
933,256
Loans & bills me
8.177
631.059
Int. mat'd unp'd
834,255
Traffic dc car ser434,5$2
5,851
5,851
vice bal. recie 1,472,984 2,684,018 Divs. mat'd unp.
Funded debt maNet bal. rec.from
tured unpaid.
1.070.709
3,000
agents & cond. 1.232,209
48,000
Mime. wets. rec. 2.022,780 2,355,029 Unmat.divs.decl
3,086.379
7,391,201 Unmat.int.accr. 1,407.882
Materials & sup. 8.107.198
1,433.982
244,832 2,107,282 Unmat.rents ace
Int. & divs. rec.
6.794
1,362
Other currassets
160,371
190,665
52,553
89,654 Other curr.
Deferred assets576,876
530,932 Deferred
130,886
148.025
Umuiild debits_ 2,425,809
825,469 Unadj. credits. _ 29,875,540 27.230,582
AddMs to prop.
through Inc. &
surplus
2.423.422 2,423,422
Profit and loss 91.678.576 83,071,732
CONDENSED BALANCE SHEET (ILLINOIS COMPANY).
Including Armour & Co. of Illinois, Armour & Co. of Delaware, North
American Provision Co.,and Their Subsidiaries.
Oct. 30 '26. Jan. 2 '26.
Oct. 30 '26. Jan. 2 '26.
Liabilitiesi
8
8
Assets$
7% pref. stock
Land, buildings,
Delaware Co_ 63,566,900 63,566,900
machinery &
do N. A.Pr.Co 8,600.000 8.600,000
fixture equipment
207,052,129 200,585,362 7% pf.stk.III.Co 59,298.400 59.298,400
Corn. stk. cl. A_ 50,000.000 50.000.000
Refrigerator cars
50,000,000 50,000,000
Class 13
delivery equipment. tooLs,&c 17,962,802 17,393,866 Notes payable 29,664,200 41,112,476
Accep's payable 8.848,840
1,309,198
Franchises and
1,941,875 Accts. payable. 15,376.382 13.538,395
leasebolds.._ ._ 1,957,085
Total
365,634,207 356,109,090
Total
365,634.207 356,109,090
Cash
11,683,884 10,490,409 Ni1m, F. Mosser
Co.8% notes_
1,900,000 -V. 124. p. 105.
Notes receivable 12,893,0471 68,869,998
Morris & Co.
Accts. receivable 53.798,2611
Atlanta Birmingham & Coast RR.-Pref. Stock Offered.
Inventories _ _ _x122,199,062 118,651,624
7)d% notes__ 12,750,000 13.000,000
9,311,717 1st M.4140.1939 50,000,000 50,000,000 -Trust Co. of Georgia, the Robinson-Humphrey Co. and
Marketable sec_ 9,410,046
do Del.Co.534s 60,000,000 60,000,000 Fourth National Bank of Atlanta are offering at 9334, to
Invest% stocks,
bonds and adv 29,886,608 42,589,794 do Morris 434s. 16,101,000 16,467,000
1,500,000 yield about 5.10%, a limited amount of 5% guaranteed
Deferred charges 14,981,094 15,878,559 Res. for conting 1,000,000
Minority stockh.
pref. stock, guaranteed by the Atlantic Coast Line RR. The
1.564,139
eo'y in sub.cos
407.853
55,054,777 55,010,982 offering does not represent new financing.
Total (each side)481,824,618 485.711,203. Surplus
Transfer Agent, Chase National Bank, New York. Registrar, National
x Packing house products at market value, less allowance for selling
-whichever is Bank of Commerce in New York. No additional preferred stock, nor any
expenses. Other products and supplies at cost or market
drawn against foreign consignments stock ranking on a parity with or having priority over the preferred stock
lower. $12,341,765 in drafts have been
shall be issued without the affirmative vote or written consent of the
and deducted from inventory item.
368
THE CHRONICLE
holders of 75% of the preferred stock then outstanding. This
shall not apply 1,c.equipment trust certificates issued on the provision
plan...
so-called
"Philadelphia
Is entitled to full and exclusive voting power after
default of two consecutive semi-annual dividends. Red. as a whole but not
In part, at 103 and dive. on any div. date after Jan. 1 1935, upon 90 days'
notice; however, in the event of default on the part of the guarantor company and liquidation is effected by the Atlanta, Birmingham & Coast RR.,
the preferred stockholder shall be entitled to 100 and div.
Capitalization to be Presently Outstanding.
5% guaranteed preferred stock (par $100)
51,803 shs.
Common stock (no par value)
x150,000 shs.
x To be owned by the Atlantic Coast Line RR.
Listing.—The preferred stock shall be prepared in form for listing upon
the New York Stock Exchange.
Property.—Ineorp. in Georgia. Will own trackage from Brunswick,
Ga., to Birmingham, Ala., a distance of 454 miles; from Atlanta. Ga., to
Manchester, Ga., a distance of 76 miles; from Fitzgerald, Ga., to Thomasville, Ga., a distance of 80 miles; from Sessions, Ga., to Waycross,
a
distance of 25 miles. The total lines owned cover a distance of 637.06
Ga..
miles. The tentative valuation of the property of the company as announced
by the 1.-S.C. Commission in April 1921, was $26,548.250.
The company is the vehicle through which the Atlantic Coast Line RR.
has acquired the operation and management of the Atlanta, Birmingham
& Atlantic Rye. properties, rights, &c. This plan was based upon an
agreement dated Feb. 23 1926, between the bondholders' committees of
the company in receivership and the Atlantic Coast Line RR. The I.
-S.
C. Commission subsequently approved the plan and has now authorized
its execution.
It is expected that the Atlantic Coast Line RR. will eventually use the
acquired trackage to route passenger and freight traffic from the middle
west to points in Florida and to Birmingham, Ala., one of the South's
greatest industrial centers. Through this routing of traffic, the properties
of the acquired road will undoubtedly be operated on a very profitable
basis.
Guaranty.—Dividends on the preferred stock are unconditionally guaranteed by the Atlantic Coast Line RR. Such dividends shall be paid
semi-annually. In the final order of the I.
-S. C. Commission it was
stipulated that the initial semi-annual dividend would be paid July 11928.
dividends accruing from Jan. 1 1928. The guarantor not only assures
dividends, but also agrees to redeem the preferred stock at 103 and accrued
dividends in case of liquidation, dissolution or winding up of the affairs of
the company, whether voluntary or involuntary; or in case of merger or
consolidation, or any transfer or conveyance, whether by operation of law
or otherwise, all of, or a substantial part of, the Atlanta Birmingham &
Coast RR. while any of its preferred stock shall be outstanding.—V. 124,
P. 105.
(VoL. 124.
above mentioned, would have represented the full "value for rate making
purpose" as of valuation date.
In other words, it is my belief that, subject to correction for
cumstances that may be found to exist in the case of individual special cirproperties.
the sum of money that would result at any given time from addition
of reproduction cost less depreciation, land values and
some allowance for "Intangibles," would represent working capital, with
the kind of "present
value for rate making purposes" that the courts are now recognizing. I
therefore concur in this report, believing it to be in accord with
law
and with the interpretation placed by the highest authority upon the law
the
at this time.
The I. C. Commission also, as of June 30 1916, placed a
-S.
final valuation of $901,912 on the owned and used property
of the Greenwich & Johnsonville Ry., $26,000 on the owned
and used and $515,427 on the used but not owned property
of the Cooperstown & Charlotte Valley RR.,and $1,468,089
on the owned and used property of the Wilkes-Barre Connecting RR., all subsidiaries of the Delaware & Hudson Co.
—V. 123, p. 3034.
Denver & Salt Lake Ry.—Takes Over Property.—
Effective
midnight Dec. 31. this company took over the operation of
the old railroad. The officers and directors of the new company are:
Gerald Hughes, Chairman of the board: W. R. Freeman, Pres.: L. 0.
Phipps Jr., Treas.; A. L. Dodd, Asst. Treas.; D. C. Bromfield, Sec.; S. S.
Mayer, Auditor. The foregoing, together with Alexander Berger, Mary
ton, Va.; George H. Burr, Now York; W. C. Carpenter, Denver; Charles
Boettcher, Denver, form the board of directors.—V. 123. p. 3315.
Ft. Smith Subiaco & Rock Island RR.—Value.—
The I.
-S. C. Commission has placed a final valuation of $130,442 on the
owned and used property of the company as of June 30 1919.—V. 122, p.
1022.
Franklin & Abbeville Ry.—Lease.—
See Southern Pacific Co. below.—V. 119, p. 2757.
Galveston Harrisburg & San Antonio Ry.—Lease.—
Bee Southern Pacific Co. below.—V. 123, p. 1111.
Great 'Northern Ry.—Merger of Northern Pacific and
Bamberger Ehrhardt & Walterboro Ry.—Final Valua'n. Great Northern Roads Taking Definite Form—Action Expected
The I.
-S. C. Commission has placed a final valuation of $27,615 on the Next Week.—We take the following from the New York
property of the company as of June 30 1918.
"Times" of Jan. 14:
The
merger of the Great
Buffalo Rochester & Pittsburgh Ry.—Control of Pacific long expected taken definite form. Northern and the Northern
railroads has
It was announced yesterday
Allegheny Terminal Co.—
that a meeting would be held here next week to begin the work of framing
The I. S. C. CommissiOn on Dec. 28 authorized the acquisition by the
Allegheny & Western Ry. of control of the railroad and other property of
the Allegheny Terminal Co., under lease. The Commission also approved
the acquisition by the Buffalo Rochester & Pittsburgh By. of control of
the railroad and other property of the Allegheny Terminal Co., by transfer
and assignment of lease.
The report of the Commission says in part:
The Allegheny & Western owns a line of railroad extending from Punxsutawney, Jefferson County, to Butler Junction, Butler County, Pa.,
59.72 miles. Under date of Oct. 11898, this line was leased to the Buffalo
for the term of the Allegheny's corporate existence and renewals thereof.
Between Butler Junction and Pittsburgh, the Buffalo operates over a line
of the Baltimore & Ohio system under trackage rights. At Pittsburgh,'
the Buffalo uses freight terminal facilities owned by the Terminal Company
Included in such facilities is a main track leading from the Terminal Company's freight station to a connection with the line of the Baltimore Sc
Ohio, 0.12 mile.
The Terminal Company was organized in Pennsylvania in 1899. It has
outstanding $150,000 ofcapital stock,all of which is owned by the Allegheny.
Since Jan. 11900. the Buffalo, as lessee of the Allegheny, has operated the
properties of the Terminal Company under an informal arrangement pursuant to which the Buffalo has paid all taxes, expenses and maintenance
costs. The purpose of the proposal of the applicants herein is to reduce
this arrangement to writing.
The duration of the proposed lease from the Terminal Company to the
Allegheny is to be for the term of the lessor's corporate existence (999
years) and all extensions thereof. The lessee agrees to pay as rent the
sum of$1 per annum,the cost of maintaining the lessor's corporate existence
and all taxes, assessments, &c., levied upon the leased properties and upon
the income and capital stock of the lessor. Provision is made for improvement of the properties by the lessee and for reimbursement of sums advanced for such purpose through the issue to the lessee of stock or bonds
of the lessor. In this connection the proposed lease provides that stock
Is to be accepted by the lessee at not less than par, and bonds, obligations,
or other evidences of indebtedness at their fair market value.
Transfer and assignment to the Buffalo by the Allegheny of all its right,
title, interest, and estate, under the proposed lease, In the properties of
the Terminal Company, is to be accomplished by a separate agreement.—
V. 123. p. 574.
Central Pacific Ry.—Tenders.—
The company will until Feb. 28 receive bids at its office, 165 Broadway,
N. Y. City, for the sale to it of 1st ref. mtge. bonds dated
to an
amount sufficient to exhaust 525,133.—V. 123, p. 322. Aug. 1 1899
Columbia Newberry & Laurens RR.—Tentative Valua'n.
The I.
-S. C. Commission has placed a tentative valuation of $1,797 000
on the owned and used property of the company, as of June 30 1918.—V.
123. p. 2650..
Crosbyton-Southplains RR. Co.—Final Valuation.—
The I.
-S. C. Commission has placed a final valuation of $428,195 on the
total owned and used property of the company as of June 30 1916.—
V. 101. p. 614.
a petition to the I.
-S. C. Commission for authority to merge the two
roads. If the unification is carried out as planned it will form the largest
railroad system in North American in point of mileage.
First reports of the move were that the unification would include the
Chicago Burlington & Quincy and the Colorado & Southern railroads.
However, Howard Elliott, Chairman of the Board of Directors of the
Northern Pacific, said that these roads had not been considered
plan "as yet." It was pointed out that the Northern Pacific and in the
Great
Northern held control of these roads, and it was believed possible that
they might be included in the merger before the plans were completed.
In that event the combined capitalization of the now system would be
approximately $1,600,000,000.
Whether they were put into the merger or not, it was also pointed out.
they would necessarily be start of the new system. This system would
Involve 28.300 miles of railroad and create a system that would exceed
in mileage both the Canadian National and the Canadian Pacific railroads,
which now surpass in mileage any railroad operated in the United States.
The largest system operated in this country is the Southern Pacific, with
more than 13,000 miles. The Great Northern on Dec. 31 1924 operated
8,251 miles and the Northern Pacific 6,701. a total of 14,952 for the two
companies.
The unification plans are being handled by a committee headed by
Arthur Curtiss James, who is looked upon as one of the leading railroad
financiers of the present day, if not the leading one. It is understood
that the first meeting will be held on Jan. 19 in the Northern Pacific
offices at 32 Nassau St. Others expected to attend are Mr. Elliott,
who is Secretary of the committee; Presilent Donnelly and Budd of the
Great Northern and Northern Pacific; Frank L. Polk, who is to serve
as counsel for the Northern Pacific: Walker D. Hines, who is to serve
in a similar capacity for the Great Northern, and other officials.
Mr. Elliott issued the following statement in regard to
the situation:
After the Transportation Act of 1920 was passed there was formed a
so-called "Consolidation Committee," made up of members of the boards
of the C. B. & Q., the N. P. and the G. N., the legal advisers of these
companies and representatives of the banking firms advising them in
finances. Arthur Curtiss James, long time a director of the Northern
Pacific and at the present time a director of the Great Northern and a
very large shareholder in both companies, Is the Chairman of this committee. Howard Elliott, Chairman of the Northern Pacific By., is the
Secretary. Frank L.Polk,a director of the Northern Pacific and a member
of the firm of Davis, Polk, Wardwell, Gardiner & Reed, is counsel for the
Northern Pacific, Walker D. Hines, a director of the Great Northern,
Is counsel for that company. Bruce Scott of Chicago, a director of the
C. B. dc Q., Is counsel for that company.
During the last six years much study and consideration has been given
by this committee to the subject of consolidation and within the last
six months Mr. Polk and members of his firm and Mr. Hines have prepared some plans and papers connected therewith which may permit a
greater unification of the three properties than exists to-day.
These papers are still in a purely tentative form, but it is expected
that they will be discussed during the coming week by representatives
of the three roads and arrangements made to complete the papers for
submission at the proper time to the Inter-State Commerce Commission
and the shareholders of the interested companies.
Vincent Astor has been elected a director, subject to the approval of the
L-S. C. Commission, as ho is also a director of the Illinois Central RR.
Delaware & Hudson Co.—Final Valuation.—The I. C.
-S.
Commission has placed a final valuation of $57,195,100 on
the owned and used properties, $38,639,879 on the used but
President Ralph Budd believes this plan will be
not owned properties and $37,312 on the owned but not used for presentation to the 1.-S. C. Commission in 60 ready
to 90
properties of the company, as of June 30 1916.
days. Details of the plan have not been announced. FolAccording to the report of the Commission, the D.& H. Co. has issued lowing the publication
of reports that the presentation of a
and assumed a total of $150,602.296 in stocks, bonds and other long-term
merger plan was imminent, Mr. Budd issued a statement,
debt, of which $106,127,600 were outstanding June 30
$42,502,600 common stock and 563,625.000 first mortgage1916, comprising saying:
and other bonds.
The carrier also had
issued a total of $155,829,247 in short-term notes, of
which $2,703,533 were outstanding on date of valuation.
The investment of the D. & H. Co. in road and equipment, including
land, on date of valuation is stated at $68,642,567. Cost of reproduction
new of the road's total owned property is placed at $58,469,105 and less
depreciation at 543,277,518, while the cost of reproduction new of the total
used property is placed at $95,680,800 and less depreciation at $72,982,077.
The report also shows that the carrier owns 1,032 acres of land, classified
as non-carrier, having a present value of $3.181,358. The company had
investments in other companies of a par value of $53,577,137, which it
carried at book value of $49.501,712. Value of materials and supplies on
hand on date of valuation was placed at $2.323,040.
The Great Northern, Northern Pacific and Burlington consolidation
has been desired by those roads for the past 25 years, and oven though
the Northern Securities Co. was not permitted to own these stocks, the
two northern lines each continued to own almost one-half of Burlington
stock, together owning a total of about 97%•
The Transportation Act of 1920, among other things, approved the
consolidation of the railways of the country, and directed the I.
-S. C.
Commission to group the railways of the United States into about 20
systems. Such a tentative grouping was announced, but was accompanicd by a statement on the part of the Commission that it was tentative
only, and not final. In that grouping, the Great Northern, Northern
Pacific and Burlington were not placed in the same group, but the Great
Commissioner Woodlock, in a brief concurring opinion on Northern and the Chicago Milwaukee dr ,St. Paul were placed in one group
and the Northern Pacific and Burlington were placed in another.
the finding of value, said:
Since then, however, in the absence of such final announcement of
A final value is found for the total used property of the system com- groupings for the whole United States, certain railway consolidation
prised in the report of $95,834,979. As has been the rule of the Commis- have been presented • to the Commissoin and considered by it. plans
This
sion in the case of all preceding reports, of final value, no statement of the indicates that it is not necessary to wait for complete final
grouping
method by which it has been arrived at is made. This sum presumably on that account the Great Northern and Northern Pacific attorneys and
have
represents a general judgment upon all the facts of the case. I observe, been considering the question of whether a plan can be prepared to
effectuate
however, that it is equivalent to the sum of three factors, viz., cost of re- consolidation. The plan has not yet been prepared and the
announcement
production less depreciation (at 1914 unit prices), value of lands at valua- of it is premature and inaccurate.
tion date, and working capital, plus an amount of a little less than $8,000,As soon 1LS such a plan is made, if such a plan is found practicable at
000. If the inventory of physical property should be priced at 1916 figures, all, it is the purpose of the railroad officials before presenting
it
111 my Judgment the addition of these three factors, together with the excess Commission, to explain it to the State authorities, Governors andto the
Com-
JAN. 151927.]
THE CHRONICLE
missioners of the various States of the Northwest, through which they
operate, following which details of the plan will be made public. It is
-V.123,P.2651.
impossible to say how soon suchipresentation can be made.
-Tentative Valuation.-'
Northwestern Pacific RR.
The I.-S. C. Commission has placed a tentative valuation of 535.565,000
'
on the property of the company a.s of June 30 1916.-V. 120. p. 2397.
Greenwich & Johnsonville Ry.-Final Valuation.
-V. 117. 1). 288 .
9
See Delaware & Hudson Co. above.
-Lease.
Houston & Shreveport RR.
-Final Valua'n.
Pencoyd & Philadelphia RR. Co. of Pa.
-S. C. Commission has placed a final valuation of 5105.000 on the
The I.
property of the company as of June 30 1917.
-Rights Practically All Converted.
Reading Co:
-V. 122, p. 1022.
See Southern Pacific Co. below.
-Lease.
Houston & Texas Central RR.
-V. 124, p. 107.
See Southern Pacific Co. below.
Houston East & West Texas Ry.-Lease.-V. 122, p. 3601.
See Southern Pacific Co. below.
Kansas Southwestern Ry.-Final Valuation.
-S. C. Commission has placed a final valuation of 5739,295 on the
The I.
property of the company as of June 301916.-V. 121, p. 703.
A Philadelphia dispatch Jan. 6 stated that final tabulation shows that
Drastically all of the 2,800,000 rights for Philadelphia & Reading Coal &
Iron Corp. shares issued by the Reading Co. to its stockholders as part
of the segregation plan had been turned in for conversion by the close of
business Jan. 3.-V. 124, p. 108.
Rock Island Frisco Terminal Ry.-Bonds.The $33,390,000 5% bonds, due Jan. 1 1927 are being purchased at office
of Mercantile Trust Co. in St. Louis and Speyer & Co., New York. It is
-V.123. p.2893.
stated that no new financing is contemplated at present.
-Tentative Valuation.
Lansing Manufacturers' RR.
-S. C. Commission has placed a tentative valuation of $117.000 on
The I.
the property of the company, as of June 30 1918.-V. 82. P. 692.
-Lease.
Louisiana Western RR.
-V. 122, p. 2795.
See Southern Pacific Co. below.
Manistee & Northeastern Ry.-Acquisition & Stock Issue
-S. C. Commission on Dec. 28 issued a certificate authorizing the
The I.
company to acquire and operate a line of railroad in Manistee,Benzie, Grand
Traverse, and Leelanau Counties, Mich.
The Commissie n also authorized the company to issue 51,103.700 common
stock, (par $100) in payment for the property to be acquired and for
directors' qualifying shares.
The rerort of the Commission, says in part:
The c( mpany on Sept. 15 1926, filed an application for a certificate that
the present and future public convenience and necessity require the acquisition and operation by it of a line of railroad extending from Manistee
northeasterly to Traverse City, a distance of 70.76 miles. with branch
lines from Solon to Provement, 14.50 miles; from a point south of Portage
Lake to Onekama, 2.67 miles and from a point about 1 mile north of Manistee in a southeasterly direction 2.50 miles, all in Manistee. Benzie, Grand
Traverse. and Leelanau Counties, Mich. By an application recorded in
Finance Docket No. 5829 the applicant seeks authority to issue $1,103,700
of common capital stock. The Michigan P. U. Commission has approved
the applicant's certificate of incorporation and plan of reorganization, and
has authorized the issue of stock, subject to our approval.
The railroad that the applicant proposes to acquire and operate was
formerly operated by the Manistee & Northeastern RR., the property of
which was sold at a receiver's sale held Dec. 16 1925, pursuant to a decree
of the U. S. District Court for the Western District of Michigan, entered
Oct. 31 1925. J. H. Daggett, representing a bondholders' committee, was
the sole bidder, and purchased the property for $300,000, of which $50,000
was represented by cash and the balance by 1st mtge. bonds of the Manistee.
The balance sheet of the receiver of the old Manistee, as of April 30 1926,
shows investment in road and equipment 51.114.643, with depreciation on
equipment of $64,135, or net investment of $1,050,508; miscellaneous physical property $5,140; cash, $332,203; materials and supplies 539,748, and
other current assets $44.061. The old Manistee's capital stock is shown as
$2,000,000, against which there is a discount charge of $1.474,234. Funded
debt unmatured is $838,667, and funded debt matured unpaid is $333,333,
a total of $1,172,000. Interest matured unpaid is 5427,000, and other
current liabilities $56,719. The profit and loss debit balance la $947,188.
The items of funded debt =matured and funded debt matured unpaid
represent first mortgage 6% bonds issued by the old Manistee under date
of Jan. 1 1909. They are of serial maturity commending Jan. 1 1912, the
final maturity date being Jan. 1 1939. Of the aggregate amount shown
above, the bondholders' Committee on behalf of which the old Manistee
property was purchased represents the holders of 51.103,000 of these bonds,
and it is stated that the holders of the remaining 569.000 of bonds can not
be located. Under the court's decree of foreclosure and sale the receiver is
ordered to hold out of the $50,000 cash payment made by the purchaser a
sum sufficient to pay to the unknown owners of bonds their proportionate
share of the purchase price in the event such owners are located.
The applicant was incorp. on Sept. 4 1926, in Michigan with an authorized
capital stock of $1,172000 (par $100). It proposes to issue presently 11,037
shares of stock, of which 11,030 shares will be delivered to Daggett at par
in payment for the properly to be acquired, and the remaining 7 shares will
be sold at par as directors' qualifying shares. Under the plan of reorganizatien, the proposed stock will be assigned to the holders of bonds
of bonds
represented by the Committeeon the basis of $1 of stock for each
held, but the stock will be delivered to trustees who will hold it is a voting
trust for five years. The trustees will issue participation certificates to the
owners of the stock.
The old Manistee traverses a slightly rolling country which is for the most
part cut over timber land, and nearly one-half of the territory served is
covered by timber. The population of the four counties traversed by the
railroad is stated as 56,425. based upon the United States census report
of 1920, and the population of the territory served is estimated at 32,575.
The city of Manistee is shown as having a population of 9,500, but the
population of other towns and villages along the line is shown under the unit
of families. Connection is made at Manistee, Kaleva, Interlochen, and
Traverse City with the Pere Marquette, at Copemish with the Ann Arbor,
and at Traverse City with the Pennsylvania. The other points served by
the old Manistee are located from 3 to 20 miles from points served by other
railroads.
The applicant states that the line of the Leelanau Transit Company
between Hatch's Crossing and Northport had been operated by the old
Manistee under a lease. While this lease has expired, the receiver of the
Manistee has continued to operate the line. No arrangements have as yet
been made for the operation of this line by the applicant. Under date of
July 31 1926, the receiver entered into a contract for trackage rights over
the line of the Pere Marquette between a point just south of the city of
Manistee to Filer City, a distance of 2 miles, for switching purposes. The
contract provides for tho payment by the receiver to the Pere Marquette of
$1 for each loaded car handled between the points named, empty cars being
handled free. A similar contract was entered into under date of Aug. 2
1926, between the receiver and the Louis Sands Salt & Lumber Co.. Reitz
Plant. The applicant further states that it hopes to negotiate a contract
with the Pennsylimnia for trackage rights between Traverse City and
Walton, a distance of 26 miles. Nothing contained in this report shall be
construed as authorizing the applicant to operate over the lines mentioned
above, or either of them, without first obtaining authority from us.V. 123, p. 1111.
Roscoe Snyder & Pacific Ry.-Securities.-S. C. Commission on Dec. 29 authorized the company to issue
The I.
promissory notes aggregating not exceeding $280.355 and to pledge as
collateral security for them two temporary first refunding mortgage bonds
aggregating $250,000. The report of the Commission says in part:
The company has applied for authority (1) to issue two promissory notes
of $80,000 each and (2) to pledge as collateral security therefor its temporary first refunding mortgage bonds in the aggregate amount of $250,000.
and (3) to issue two demand notes in the aggregate amount of $205.000.
Ms proposed that two notes for $80,000 each be dated Oct. 11926 bear
'
interest at the rate of6% per annum, payable semi-annually on April 1 and
Oct. 1 and mature Oct. 11928. One a those notes is to be payable to Ed. S.
Hughes or order and the other to H.0. Wooten or order. The demand notes
are to be dated Oct. 1 1926 and are to bear interest at the rate of 6% per annuni, payable monthly. One of thorn is to be for $105,000, payable to
Ed S. Hughes or order, and the other is to be for.$100,000, payable to H.O.
Wooten or order.
The applicant plans to issue the proposed notes to extend notes issued
July 1 1923 without the authority of the Commission in the same principal
amount which bore the same interest rate and were payable July 1 1925.
The basis for the 1923 issue of notes was the following: $62,000 unpaid dividends of a total of$82,500 declared in the years 1915, 1916 and 1917;$11,450
for matured and unpaid interest; 512,000 for unpaid officers' salaries;
$33,000 represented by a note given Aug. 2 1916 as payment on construction debt, and $247,355 balance due for construction, a total of $365.805.
On July 1 1923 $8805 of this sum was paid in cash, making the net amount
of$365,000. which the proposed notes are to cover.
Since 1919 the applicant has shown substantial net income, sufficient to
pay off that portion of its note obligations which is properly chargeable to
income. It represents, however, that it is contemplating an extension of
its line and wishes to retain as much cash as possible for that purpose. The
stockholders are willing that this be done, provided these note obligations
can be utilized by them as personal collateral in financing other business
interests.
The reasons given for the necessity of issuing securities to evidence obligations oflong standing for unpaid dividends and salaries are not convincing
and it does not appear that such issue would be compatible with the public
interest. The amount of the indebtedness represented by outstanding notes
less the amount ofindebtedness for unpaid dividends and salaries is $280,355.
On the showing made the applicant may properly be authorized to issue
-V.95, p. 1685.
notes to this amount.
Maryland & Delaware Coast Ry.-Notes.-
-S. C. Commission on Dec. 31 authorized the company to issue
The I.
17 promissory notes aggregating $9,562 in connection with the procurement
of a Mogul type locomotive costing 518,000.-V. 122, p. 745.
-Final Valuation.
Midland Continental RR.
-S. C. Commission has placed a final valuation of $1,110.050 on
The I.
the owned and used property of the company, as of June 30 1917.-V. 122,
p. 3335.
-Tentative Valuation.
Morristown & Erie RR.
-S. C. Commission has placed a tentative valuation of $410.350
The I.
on the property of the company, as of June 30 1918.-V. 121, p. 1345.
New Orleans Texas &Mexico Ry.-Registrar.-
The Guaranty Trust Co. has been appointed registrar for 150,000 shares
of common stock, effective Jan. 151927.-V. 123, p. 2893.
-To Lease Road.
New York Central RR.
Pr At the annual meeting Jan. 26 the stockholders will be asked to approve
a lease for a term of 999 years of the Nicholas Fayette & Greenbrier RR.
to this company and the Chesapeake & Ohio Ity., jointly and severally as
lessees, of the line of railroad proposed to be constructed by the Nicholas
Fayette & Greenbrier lilt, in the State of West Virginia.
Nicholas Fayette & Greenbrier RR. has been organized in the interest
of the proposed lessees, each of which will own one-half of its capital stock,
to construct a line of railroad, extending from Swiss to Nallen, in the counties of Nicholas and Fayette, W. Va.-V. 124, p. 108. 231.
Northern Pacific Ry.-Merger of Northern Pacific and
-See Great
Great Northern Roads Taking Definite Shape.
-V. 124, p. 108.
Northern Ry. above.
369
-San Francisco Ry.-Securities.St. Louis
The I.-.9. C. Commission on Dec. 27 authorized the company to issue
$2.127,100 of prior-lien mortgage bonds, series B; said bonds, or any part
thereof; to be pledged and repledged from time to time until Dec. 31 1928,
as collateral security for any note or notes which it may issue under Paragraph (9) of Section 20a of the Inter-State Commerce Act.
Authority was granted also to subsidiaries of the St. Louis-San Francisco
Ry. to issue their promissory notes as follows: Kansas City Memphis &
Bfrmingham RR., $196; St. Louis San Francisco & Texas Ry., 542,032;
Fort Worth & Rio Grande Ry.. 52,587; Birmingham Belt RR., $31,564;
said notes to be delivered to the St. Louis-San Francisco Ry. in respect of
expenditures for additions and betterments made by it to the properties of
-V. 124, p. 108.
the subsidiaries.
-Final Valuation.
Salina Northern RR.
-S. O. Commission has placed a final valuation of 51.811,630 on
The I.
the owned and used property of the company as of June 30 1919.-V. 121,
p. 1567.
Seaboard Air Line Ry.-Adjustment Mortgage Interest.
An installment of interest on the adjustment bonds amounting to 2;4%
($25), represented by Aug. 1 1924 coupons, Nos. 57 and 58 for $12 50
each has been declared and will be paid on and after Feb. 1 1927 at the
New York Trust Co., 100 Broadway, N. Y. City.
The Miami extension between West Palm Beach-Palm Beach and Miami
-Naples extenon the east coast of Florida and the Fort Ogden-Fort Myers
sion on the west coast were opened to the public Jan. 7-8. Pres. Davies
Warfield had brought from New York and Philadelphia two sections of the
Orange Blossom Special,the super de luxe Pullmans making their first trip.
The trains carried as guests of the road 250 representatives of bankers
-V. 124, p. 231.
and business houses interested in Florida property.
Sheffield & Tionesta Ry.-Final Valuation.
-S. C. Commission has placed a final valuation of $442,975 on the
The I.
property of the company as of June 30 1917.
-Lease of Lines in Texas and La.
Southern Pacific Co.
-S. C. Commission on Dec. 28 approved and authorized the acquiThe I.
sition of control by the Texas & New Orleans RR. of other lines of the
Southern Pacific System in the States of Texas and Louisiana, by lease.
The report of the Commission says in part:
"The application in this proceeding seeks our authorization for the completion of unification of operations of 12 subsidiary companies of the Southern Pacific System, comprising all of the transportation properties of that
system in the States of Texas and Louisiana. To effect this purpose, it
is proposed to constitute one of them, the Texas & New Oreians RR., the
lessee, and the remaining 11 companies lessors.
All of these companies, including the Texas & New Orleans, are now controlled by the Southern Pacific Co., and with two exceptions have been
under such control for many years. The Southern Pacific owns all of the
capital stock, except directors' qualifying shares, of the Texas & New Orleans RR., the Louisiana Western RR., Morgan's Louisiana & Texas RR.
& Steamship Co.. Lake Charles & Northern RR. the Houston & Shreveport
RR., the Houston & Texas Central RR.. the Houston East dr West Texas
Ry. and the Southern Pacific Terminal Co., and it owns all, except a few
shares, of the capital stock of the Galveston Harrisburg & San Antonio Ry.
and of the San Antonio & Aransas Pass Ry. The stock of the last named
company was acquired under our order in Finance Docket No,4499, Mar.25
1925. Morgan's Louisiana & Texas RR. & Steamship Co. owns all of the
capital stock, except directors' qualifying shares, of the Iberia & Vermilion
RR. and the Franklin & Abbeville Ry., the latter acquired under our order
in Finance Docket No, 4259, Oct. 21 1924. As to the two last named
companies, therefore, the control of the Southern Pacific is exercised through
Its subsidiary.
All of these companies have heretofore made separate operating reports
,
to the Commission, although in many important matters of management,
traffic, shop work, purchase of materials. &c., the companies are, to a large
extent, already unified. The companies also have many officers in common, acting thus under our authority. Their lines in some cases form
through routes now operated as units. For example, the line between
New Orleansm La., and El Paso, ex., is now divided among the Morgan's
Louisiana & Texas, Louisiana 'Western, Texas & New Orelans and Galveston Harrisburg & San Antonio. Similarly, the line between Houston,
Tex., and Shreveport, La., is divided between the Houston East & West
Texas and the Ilouston & Shreveport.
It Is represented by the applicant that for rate-making purposes all of
the properties are dealt with by Federal and State commissions as being
under common ownership, management and control, but the companies,
nevertheless, find it necessary to maintain separate organizations in Texas
and Louisiana, as the result of which they are unable to realize the economies
which would result from the more complete unification now proposed.
They find it necessary to maintain separate records and accounts, to keep
370
THE CIIRONTCT4E
I 2,.11704. 124.
much larger stocks and a greater variety of stationery than would be ntCos-Provision was also made for stock dividends. In lieu of the cash dividends,
sary under the 'reprised plan, and their accounting and other forces. h,e
at the rate of 4.6-100ths of a share of class
-sock for each
of $6
Ara ly sir a clerical nature, are unnecessarily large. It is also necessary to dividend series, and 5-100ths of a share of "A" a A stock forshare share
class
each
keep separate accounts for the properties as to disposition of revenues and of 36 50 dividend series preferred stock held. On the basis of 335 50 per
expenses, and the issuance of pay checks, vouchers, bills and many other share for the class "A" stock this is at the annual rate of $6 52 per share
Items. The keeping of accounts of materials and supplies for the various for the $6 dividend series and $7 10 per share for the $6 50 dividend series
corporate properties also involves considerable clerical work, which can preferred stock. (Compare V. 123, p. 2136.)-V. 124, P. 233,
109.
be dispensed with under the proposed plan. The principal saving will be
effected in the cost of printing and in the reduction of clerical and accouuAvalon Telephone Co., Ltd.
-Bonds Offered.
-Royal
hag forces. Applicant estimates that the saving thus to be effected will Securities Corp.,
Ltd., Montreal, are offering at 100 and inamount to between $350.000 and $400.000 per year.
Our attention is also called to the fact that under the present nominally terest, $400,000 6% first mtge. 20
-year sinking fund gold
separate operation, material for maintenance and for additions and better- bonds, series "A."
ments transported by one or more of the lines for use on another must be
Dated Dec. 11926: due Dec. 11946. Callable, all or part, at any time
accounted for at commercial rates, the effect of which is to increase both
operating revenues and operating expenses, as well as charges to capital before maturity on 60 days' notice. at 105 and interest. Denom. $1.000
and $500 c*. Interest payable J. & D.In Canadiaa
account for such of the material as is used in additions and betterme
coin or its equivalIt is the practice to use a rate of 5 mills per ton per mi:e for local units. e it at Canadian Bank of Commerce. St. John's, NP.: Halifax: St. John,
Based upon an examination of accounts for the first nine months of 1926. the N. B.: Charlottetown, Montreal, Toronto, Winnipeg and Vancouver.
Increase in capital charges for the year on thLs account will amount to about Montreal Trust Co., trustee.
CapitalizationAuthorized. Outstanding.
$47.000: and it is stated that for an average vear the amount would be greater
The operating system proposed to be formed will include about 4.500 Clnmmon shares
3100.000
$236,350
7% n -n-cumulative participating preferred shares
miles of line, made up as follows:
400.000
400,000
6% first mortgage bonds. series "A" (this Issue).- - 400.000
400,000
CompanyMiles.
Texas & New Orleans RR
56o..541 Data from Letter of Pres. J. J. Murphy, St. John's, N.F., Dec. 18 1926.
Galveston Harrisburg & San . ntonio Ry
Company -Organized in 1919 for the purpose of acquiring the entire
*2.104.65
Louisiana Western RR
207.74 te'ephone system of St. John's. Newfound'and, and surrounding district
Morgan's Louisiana & Texas RR. & Steamship Co
400.67 formerly owned by the Anslo-American Telegraph Co., Ltd. Company
Houston & Texas Central RR
900 32 now ownsa thoroughly modern telephone system la St. John's, with proHouston East & West Texas Ry
191.60 vision for on ultimate capacity of 10.000 telephones. Its system extends
flou.ston & Shreveport RR
40.74 throughout the Avalon peninsula, serving a population in excess of 100,000
Iberia & Vermilion RR
Ith telephone exchanges at principal points. Further extensions are now
21.44
Franklin & Abbeville Ry
50.90 under way.
Lake Charles & Northern RR
The company operates by irtue of franchises granted under or by Acts
72.66
of the Legislature of Newfoundland, giving it operati es rights for 30 years
4,560.11 from Sept. 2 1919. exclusive as to the greats- part of its territory-subject
Deduction account of duplication
70 58 to the right of the Governmeat upon one year's notice to parchase its plant
at any time after 1934 at the fair value of the property for the purpose of its
Total
4,489.73 Use.
Security -Bonds will be secuved by a specific mortgage and charge on all
*Including 729.25 miles of the San Antonio & Aransas Pass, now under
lease to the Galveston Harrisburg & San Antonio, to be assigned to the properties, equipment and other fixed assets and franchises of the company
now or hereafter owned, and by a toating charge as to all other assets.
Texas & New Orleans.
The Texas & New Orleans is already operating under lease the line of Further bonds of other se-ies may be issued to the extent of 66 2-3% of
the Dayton-Goose Creek RR.,25.14 raes, under authority given In Fl lance permane it additions to the company's property under restrictions set forth
Docket No.5273 and the line of the Tex is State Ry.. 32.6 ml.es in length, In the trust deed.
Purpose -Proceeds will be used to retire presently outstanding bonds, to
under authority in Finance Docket No. 1576.
The leases proposed to be °vomited are substantially uniform in their fund expenditures made or to be made for extensio a and for the general
provisions, being for the term of one year and thereafter, subject to tenni- purposes of the company.
Sinkiny Fund.
-The trust deed will provide for an annual cumulative
nation on 30 days' notice by either party. They provide, among other
things, that all expenditures by the lessee which under our regulations are sinking fund of 134% of par value of series A bonds now to be issued, plus
properly chargeab e to any operating expense account or to any income an amount equal to annual interest on all bonds of se-ies A previously reaccount shall be charged to and assumed by the lessee, and that all expendi- deemed, commencing Dec. 1 1927. which will be applied towards redemptures by the lessee which under our regulations are properly chargeable to tion of the bonds of this series.
-Company under Its franchise was granted the right to apply
Earnings.
any Investment account shall be charged to and assumed by the lessor.
The lessee agrees to pay to or for the account of each of the lessors annually for an increase in rates when the number of te'ephones in use reached 3.000:
a rental sufficient to provide for interest on the lessor's funded debt, income these now exceed 4,600. Operations have been carried on under its original
taxes on outstanding tax-exempt bonds of the lessor, unextlastuished dis- rates which have been below the average in other te ephone centres. Comcount on the lessors' bonds, sinking fund contributions and expenses neces- pany's applcation for increased rates was granted by the Governor in
take effect as from Jan. 11927.
sary to keep up the corporate organization of the lessor. In addition to Council of Newfoundland on Dec. 10 1926. t)
these payments. It Is provided that the lessee shall pay cash rental as to Net earnings for the year ended Dec, 31 1925. under original rates
after all operating and maintenance charges and taxes, but before
certain of the properties,said to be based in large part upon the past and prosdepreciation and available for bond interest. were
pective earnings. The following table gives the amount 41 annual rental
$46,767
In each case and the net income of each of these carriers as reported for Net earnings on the same basis for the year ending Dec. 31 1926 are
estimated at approximately
the year 1925:
55.000
year °ad!ag Dec. 31 1927, with new
Annual Net Income Net earnings as above for the
rates in effect, are conservatively estimated at
Cal rierRental.
1925.
92,000
Equivalent to nearly four times annual interest charges on series A
Houston & Shreveport RR
340.000 3188,096
bonds, of
Louisiana Western RR
504,000
24,000
659.922
Galveston Harrisburg & San Antonio Ry
1.000.000 2.532.837
Binghamton Light, Heat & PowerCn.-Int,
Houston & Texas Central Central RR
"•conneetion.
1,000.000 1,955.396
-V. 123. p. 2894.
See General Gas 8c Electric Corp. below.
Houston East & West Texas RR
200,000
447.464
Southern Pacific Terminal Co
120.000
122.751
Blackstone Valley Gas & Electric Co.
-Improvements,
The lease of the San Antonio & Aransas Pass to the Galveston HarrisPres, David Daly says in substance: "The company will continue its
burg Sz San Antonio, which is to be assigned to the Texas & New Orleans,
policy of extension and improvement in the year 1927 as it has done the preIs similar in its terms to those above described.
We find upon the record that the proposed acquisition by the Texas & ceding years. While not all of the 1927 improvement program has been
New Orleans RR. of control of other lines of the Southern Pacific, by lease, approved by the directors. it is safe to assume that we shall spend in the
B.ackstone Valley, I. e., Pawtucket, Woonsocket and the intervening towns,
described in the application, will be in the public interest, that the con- and
in our share of improvement at the Somerset station of the Montaup
sideration, terms and conditions are reasonable, and that the acquisition
Electric Co., between $4,000.000 and 34,500.000. This program covers
should, therefore, be approved and authorized.
-V. 123. p. 3035.
additional generative capacity at the Somerset station of the Montaup
Electric CO., a new coal gas plant at the Tidewater Works in Pawtucket,
Southern Pacific RR.
-Tenders.
The Farms rs Loan & '1 rust Co., trustots, 22 William St., Nsw Ycrk City, a second high-pressure gas main between Pawtucket and Woonsocket, and
-V. 124. p. 233.
will until Jan. 20 r..-coive bids for tin) sale to it of South Pacific Coast Ry. a number of other major improvements."
first mtge. 4S: k-uarant.,ed gold &lids, duo July 1 1937, to an amcunt
-Sells $10,500,000 Bonds.
Poston Consolidated Gas Co.
sufficient to atss.rrb '224,610. at prices not excseding par and Interest.
Bids were opened Jan. 13 by the company on a new issue of $10,500,000
V. 122, p. 746: V. 124, p. 108.
5% bonds dated Feb. 1 1927 and maturing Feb. 1 1947. The bonds were
awarded to Dillon, Read & Co., with whom were associated Bankers Trust
Texas & New Orleans RR. ease of Lines.
-L
Co.of New York. The successful bid was not made public, but it is stated
See Southern Pacific Co. above.
-V. 122. p. 3336.
that the price was 101.7799, and it is understood that the second bid was
101.771.
Western Pacific RR. Co.
-Changes in Personnel.
Five bids were received in all. In addition to the winning bid, bids wore
Arthur Curtiss James, of New York, heaviest stockholder of the Northern
Pacific and Western Pacific railways, WOO recently elected Chairman of submitted by the following groups: (a) Lee, Higginson & Co., National City
Co. Estahrook & Co., Parkinson & Burr and Edmunds Brothers; (b; First
the board of directors, succeeding Alvin W. Krech, of New York.
Charles Elsey, of San Francisco, Vice-President & Treasurer of the National Corp., White, Weld & Co., Brown Brothers & Co.. Guaranty Co.
company, was elected a director to succeed R. It. Pardoe, of San Francisco, of New York and F. S. Moseley & Co.;(s) Kidder. Peabody St Co., Harris,
Forbes & Co. and Stone & Webster and 1Blodget; and (d) Halsey. Stuart &
resigned. A. R. Baldwin. of San Francisco, and F. W. Gutchen, of New Co.
York, resigned as Vice-Presidents. See also V. 124. p. 109.
It is expected that an offering to the public will be made next week.
V. 124, p. 233.
Wisconsin Central Ry.-Notes Called.
All of the outstanding 3
-year 534% secured gold notes due April 15 1927
Boston Elevated Ry.-Sells Bonds.
have been cal ed for payment Mar. 1 at 100 and int, at the Equitable Trust
A syndicate composed of Brown Bros. & Co., F. S. Moseley & Co.,
Co., trustee, 37 Wall St., N. Y. City.
-V.124. p. 109.
Tucker, Anthony & Co., It. B. Smith & Co. and the Atlantic Corp. has
been awarded the $4,626.000 10
-year
% bonds. The proceeds are to
be used to refund two issues of West End Street Ry. assumed by Boston
Elevated on consolidation of the two companies. The West End issues
PUBLIC UTILITIES
comprise 32.700,000 6%% bonds maturing Feb. 1
Tri-State Delaware River Commission Signs Treaty for Use of Water of 6% bonds maturing May 1 1927.-V. 123, p. 3180. 1927 and 31,926,000
Delaware River.
-Special Commissioners (one each from New Jersey, New
York and Pennsylvania) sign pact giving New Jersey right to divert 600,Brazilian Traction, Light & Power Co., Toronto.
000.000 gallons, New York 600,000,000 gallons and Pennsylvania 900.000,000 gallons daily from points between river's source and Trenton Falls, Dividend Rate Increased on Common Stock to 6% per Annum.
N. J. States Legislatures must pass upon same before it becomes effective.
directors have declared a quarterly dividend of 114% on the outThe
New York "Times" Jan. 14. p. 30.
standing ordinary stock, payable March 1 to holders of record Jan. 31.
Public Service Commission (New York) Asks Control Over Holding Com- During 1926 the company paid four quarterly dividends of 1 3. % each on
panies Related to Public Utility Companies.
-New York "Times" Jan. 11, p.54 this issue, while from Sept. 1922 to Dec. 1925. inclusive, quarterly dividends
of 1% were paid.
-V. 123, p. 2773.
American Telephone & Telegraph Co.
-To Extend
Radio Telephone Throughout United States.-Presidont W. S.
Gifford says:
In 1915 company transmitted speech by wireless telepnone across the
Atlantic to Paris and across our own continent and out into the Pacific as
far as Hawaii. As a result of research and experimentation carried on since
that time, and in co-operation with the British Post Office, company successfully opened transatlantic radio telephone service between New York
and London on Jan. 7.
At the start the service is limited to telephones in thesnetropolitan areas
of New York and London, and to certain hours of the day when atmospheric interferences are least troublesome. As fast as is practical,theservice will be extended to all telephones throughout the United States and
Great Britain, and it is expected that ultimately it can be made available
during the entire 24 hours of the day.
Thi service marks an important step in the advance of the art of telephone communication.
The annual report to the stockholders,in which will be shown the financial
results for the year 1926, is now in preparation, and as usual a copy of this
-V.124, p. 232.
will be mailed to each stockholder early in March.
Associated Gas & Electric Co.---Divs. Payable in Stock.
The directors have declared regular quarterly dividends of $1 50 Per
share on the $6 dividend series preferred stock and $1 623-i per share on the
$6 50 dividend series preferred stock, both payable Marcia I, to holders of
record Jan. 31.
Bridgeport (Conn.) Gas Light Co.
-Split Up Shares.
-
The stockholders on Dec. 16 1926 voted to change the outstanding capital
stock from 33,000 shares, par $100 each, to 165.000 shares without par
value, five new shares to be issued in exchange for each share (par $100)
held. The amount of capital stock represented by said 165,000 shares of
stock without par value was fixed at $3,300.000. which is the amount of
the aggregate par value of the present outstanding capital stock.
-V. 110,
p. 2569.
-New Director.
Brooklyn City RR. Co.
A. L. Hedgers has been elected a director, succeeding Richard Rainsey.
-V. 123, p. 3180.
Brooklyn Manhattan Transit Corp.-Wai.Finance Corp.
to Dispose of $18,199,200 7'raction Company's Bonds.
Immediate sale of $18,199,200 bonds of the Brooklyn-Manhattan Rapid
Transit Corp. has been ordered by the War Finance Corp. The announce-.
ment was made Jan. 12 by Secretary Mellon, who explained that the move
was another step in liquidation of the Government corporation's assets.
Following is the text of Mr. Mellon's statement:
The Secretary of the Treasury, as Chairman of the Board of Directors of
the War Finance Corp., announced that the board has decided to offer for
sale 318,199.200 par value of Brooklyn-Manhattan Transit Corp., rapid
transit security 8% sinking fund gold bonds, series "A, due July 1 1968.
The bonds were received by the War Finance Corp. as the result of one of
JAN. 15 1927.]
THE CHRONICLE
its war-time loans, and this action is being taken in connection with the
liquidation of the corporation's assets in accordance with the provision of
the law requiring it to wind up its affairs.
The bonds are in coupon form and are in the following denominations:
18,199 bonds having a par value of 1,000 each, and two bonds having a
par value of $100 each. They are held by the Federal Reserve Bank of
New York as custodian and fiscal agent of the War Finance Corp. and are
for sale against payment in New York funds acceptable to the* Federal
Reserve Bank of Now York as fiscal agent of and for account of the War
Finance Corp. The bonds are being offered at 9955, plus accrued interest.
A commision of Y. of 1% of par value will be allowed to banks, trust Companies and recognized bond dealers and brokers.
Sales will be made in the order in which applications are received.
V. 124. p. 109.
-Correction-Bonds not Called
Butler (Pa.) Water Co.
for Redemption.
-we advised that the Butler (Pa.)
-V. 124, p. 233
In the "Chronicle"
Water Co. bonds would be redeemed and under Federal Water Service Corp.
P.235 we state that the Butler Water Co. 1st mtge. 5s. 1946 are redeemable
at 102. This statement is in error inasmuch as it is the Butler (N. J.)
Water Co. that is referred to. The Butler (Pa.) Water Co. Is controlled
by the American Water Works & Elec. Co., Inc., and has not any bonds
-V. 124, p. 233.
maturing as of that year.
-Bond Interest.
Central California Traction Co.
The interest rate on the 1st mtge. 5% gold bonds has been reduced once
more through action of certain bondholders in agreeing to accept 23 %
1 1926
per annum (instead of 5% as in the past) on interest due Aprilpaid forand
the
Oct. 1 1926. Interest at the rate of 234% per annum was also
years 1923, 1924 and 1925. Another interest payment will be due in April,
-V. 121. P.
this disbursement has yet been done.
but nothing definite on
1099.
-Further Data.
Central Power & Light Co.
In connection with the offering of $1,750,000 additional 7% cumul.
stock by a syndicate headed by Howe, Snow & Bertles, Inc.(V. 123.
pref.
P. 3318), a revised circular shows:
y -Supplies one or more classes of public utility service to a
Compan*
centralized group of 106 communities, the majority of which are located in
the southern portion of the State of Texas. Electric light and power is
supplied to 98 communities, ice to 61, water to 17, gas to 3 and street railway service in 2 communities. Company serves 41,614 customers with
electric light and power, 702 with gas and 10,047 with water. The total
combined population of the territory now served is estimated at 559,420.
The poroperties now operated comprise electric power stations having a
generating capacity of 34,500 h.p., ice plants having a daily ice-making
capacity of 2,398 tons, gas plants of 45,000 Cu. ft. daily capacity, and 690
miles of electric transmission lines.
Authorized. Outstanding.
Capitalization7% cumul. pref. stock (including this issue). -a$15.000.000 $9,025,000
150.000 shs. 95,730 shs.
Common stock (no par value)
(b)
$14.500,000
First mortgage 5% gold bonds, 1956 series
a No additional preferred stock may be issued unless during a period of
consecutive months ending within sixty days prior to such issue, the
twelve
net income, as defined in the company's amended articles of organization,
shall have been at least 234 times the annual dividend requirement of the
preferred stock outstanding and that proposed to be issued. b Restricted
by provisions of the mortgage.
Consolidated Earnings Statement, Year Ended Oct. 311926.
$6,605,429
Gross earnings
4,049,571
Operating expenses, rentals, taxes and maintenance
Annual interest requirements on $14,500,000 first mtge. 58.
789,628
general interest, amortization, &c., deductions
Florida, as well as gas works and distribution systems supplying gas service
in 4 communities and ice manufacturing plants in 20 communities. Total
communities served aggregate 92. Properties now owned include those
formerly owned by Miami Electric Light & Power Co., Miami Gas Co..
Miami Beach Electric Co., Southern Utilities Co., Daytona Public Service
Co., Ormond Supply Co., Lakeland Gas Co., St. Johns Electric Co. and
Southern Holding Co. and other properties. All of the electric power and
light properties, except a few isolated 0130S, are now interconnected as a
result of the completion recently of high voltage transmission lines and will
be operated as a single and unified system. Company also controls through
stock ownership the companies owning and operating the water distributing
systems in Miami. Coral Gables and Stuart, and Miami Beach Ry. Co.,
which in addition to operating its own lines in Miami Beach,operates under
-year agreements a co-ordinated electric street railway and motor coach
30
transportation system in Miami, owned by the city of Miami.
Outstanding.
Authorized.
Capitalizationa
$42,000,000
1st mtge. gold bonds,5% series, due 1954..
6% gold debentures, due 1951.c22,000,000
00
'
99.967 shs.
Pref.stock (no par)$7 cumul.(incl. this issue) 500,0 shs.
500.000 shs.
$6 cumulative
do
100,000 shs.
30
)3
b5r,( (1 3shs.
Second preferred stock (no par)
5,000,000 shs. 62.500,000 shs.
Common stock (no par)
a Limited by the restrictions of the indenture. Is Owned by American
Power & Light Co. c Upon the issuance of these $22,000,000 of 6% gold
debentures, the company will have net current assets of over $5,600,000.
The debentures will be owned by American Power & Light Co.
The $6 preferred stock, none of which has yet been issued, will upon
Issuance rank equally with the $7 preferred stock.
Any particular number of shares of 2d preferred stock may, on vote of"
the board of directors, become $7 preferred stock and entitled to its rights
and privileges whenever net earnings for 12 consecutive months within the
Immediately preceding 15 months shall be in the aggregate not less than
twice the annual dividend requirements on the $7 preferred stock and the
$6 preferred stock then outstanding and on such number of sharesof2d pref.
stock thus becoming $7 preferred stock. •
-The earnings of the properties now owned and operated for
Earnings.
the 12 months ended Nov. 30 were as follows:
1925.
1924.
1926.
$5,938,214 $8,862,201 $12,985.541
Operating revenue
5,176.782
3.590,788
8.138.306
Operating expenses, including taxes
$1.766,231
Balance for Federal taxes, depreciation and dividends
Annual dividend requirement on $9,025,000 of 7% cumul. pref.
631,750
stock (including this issue)
$1.134,481
Balance
Management.-Operations are controlled, through the Central & South
-V. 123, p. 3318.
West Utilities Co., by the,Middle West Utilities Co.
-Sales of Appliances.
Cities Service Co.
Appliance and installation sales of the new business departments of Cities
Service public utilities amounted in 1926 to $9,500,000, according to an
announcement made by Henry L. Doherty & Co. This is the largest year's
sales in the history of the organization and an increase of 23% over 1925.
Sales averaged approximately $15 per customer as compared to $12 20
per customer in 1925. The average appliance and installation sale per
customer for the entire country was about $10.-V. 124, p. 233.
-Plan Operative.
Commonwealth Light & Power Co.
-V. 123, p. 2896.
See Inland Power & Light Corp. below.
•
-To Issue Stock for ConCommonwealth Utilities Corp.
version of Louisiana Ice & Utilities, Inc., Bonds.
-V.122, p. 3080.
See Louisiana Ice & Utilities, Inc., below.
-Defers Dividend.
Danville (Va.) Trac.& Power Co.
The directors have decided to defer the regular semi-annual dividend of
% usually paid on Jan. 1 on the 7% cumul. pref. stock. This action
was said to have been caused by a large capital outlay for improvements in
the past year, inroads on passenger traffic from bus competition and a decrease of $10.000 in receipts as compared with 1925.-V. 116, p. 515.
-Ordered Sold.
Denver & Interurban RR.
Federal Judge Symes, at Denver, has ordered the sale of the properties
of the company at public auction on Feb. 16, under foreclosure suit of the
Guaranty Trust Co., New York, trustee under the defaulted bonds.
V. 124, p. 110.
-Dividend No. 2.
Derby Gas & Electric Corp.
The directors have declared a quarterly dividend of $1 75 per share on
the outstanding $7 dividend preferred stock for the period ended Jan. 31
1927, payable Feb. 1 to holders of record Jan. 20. An initial quarterly
-V. 123. p. 2260.
dividend of like amount was paid on Nov. 1 last.
--Stock.
Edison Electric Illuminating Co. of Boston.
A special adjourned meeting of the stockholders scheduled for Jan. 10
to act on the proposed increase in capitalization by 93.429 shares has been
further adjourned to Jan. 17 pending a decision by the Mass. Dept. of
-V. 124. p. 110.
Public Utilities of the company's application.
-Sale.
Elizabethtown Water Co., Consolidated.
The Newark (N. J.) "News" Jan. 6 said: An ordinance appropriating
$4,391,699 for the acquisition of the above company's system, either
through purchase or condemnation, passed first reading before the City
1
Council of Elizabeth, N. J., on Jan. 5.-V. 122, 1: • 2798.
-Interconnection.
Elmira Water, Light & Railioad Co.
-V. 122, p. 2493.
See General Gas & Electric Corp. below.
371
Net revenue from operation
Other income
Total income
Total interest. &c., deductions
82.347,426 $3,685.419 $4,847,235
967.098
55.814.333
2,198,438
$3.615.895
Balance available for dividends. depreciation & surplus
699.769
Annual dividends on 99,967 shares cumulative $7 preferred stock
52,916,126
Balance
-Company now owns and operates electric generating stations
Property.
having a total installed generating capacity of 139,154 kw., including the
two 25,000 k.w. units (one now in operation and the other presently to be
in operation) in the new Lauderdale station, the new Sanford station placed
in operation last November and the new Punta Gorda station just placed
in operation. Company now owns more than 850 miles of high voltage
transmission lines, including transmission lines recently completed, and
1,799 miles of electric distribution system. As a result of the completion
recently of transmission lines under construction and the interconnection
of all electric properties, except a few isolated ones, certain generating
equipment in some of the smaller and less efficient stations will be maintained only for standby purposes.
The Lauderdale steam electric generating station, now in operation, is
located on the Now River and is designed and partially built for an ultimate
capacity of 150.000 k.w. The initial installation will consist of two 25,000
k.w. units,one of which was placed in operation in December and the other,
It is expected, will be placed in operation this month. This station, which
Is the largest owned by the company, is a high pressure steam turbine
station of the most modern type and has been designed to burn either coal
or fuel oil, and both rail and water transportation are available for fuel
deliveries. Fuel oil is now being used.
The new Sanford steam electric generating station, located on the St.
Johns River,is designed and has been partially built for an ultimate capacity
of 100,000 k.w.,the initial 10,000 k.w. unit having been placed in operation
In November 1926. This station is a high pressure steam turbine station
of the most modern type and has been designed to burn either coal or fuel
oil. Fuel oil is now being used. Transportation by rail and by water is
available for fuel deliveries.
Another large electric generating station of the company is at Miami.
This is a modern station having a present installed generating capacity of
34,000 k.w., including a 12,500 k.w. unit placed in operation in May 1925,
and a 15.000 k.w. unit placed in operation in Dec. 1925. Other principal
generating stations include those at Miami Beach, with a present installed
generating capacity of 8.500 k.w., including a 5,000 k.w. unit placed in.
operation in 1924; at West Palm Beach, with a present installed generating
capacity of5,100 k.w.; at Daytona Beach,with a present installed generating
capacity of 5.000 k.w.; at St. Augustine, with a present installed generating
capacity of 5,500 k.w., and at Bradenton with a present installed generating
capacity of 3,514 k.w.
Company in addition to its electric properties, owns gas works and
distribution systems in Miami, Daytona Beach, Palatka and Lakeland.
and ice plants in 20 cities, including Miami, Fort Lauderdale, West Palm
Beach, Daytona Beach,Fort Myers, Sanford, St. Augustine and Pensacola.
The gas systems have 244 miles of mains,serve more than 13,400 consumers,
have a holder capacity of 4,875,000 cu. ft., a daily generating capacity of
9,650,000 cu. ft. and a yearly output at present exceeding 973.1300,000
cu. ft. The gas works and distribution systems in Miami have been
practically rebuilt and more than trebled in size during the last two and
one-half years. New gas holder capacity of 2.000,000 Cu. ft. has been
recently added to the Miami works, and at Lakeland there was recently
placed in operation additional gas generating capacity of 1,800.000 cu. ft.
per day and gas holder capacity of 750,000 Cu.ft. The ice plants, to which
many improvements and additions have been recently made, have an
aggregate daily manufacturing capacity of about 2,000 tons per day and
additional daily capacity of 208 tons is in course of construction.
-As a result of
Interconnection of Properties by Transmission Lines.
construction recently completed, the physical interconnection by high
voltage transmission lines of the company's electric generating stations and
distribution systems, except a few isolated ones. in all communities served
has been effected. All of the electric properties of the company, with the
exceptions noted, will now be operated as one unified system. This interconnected transmission system of more than 850 miles now in operation
extends from St. Augustine,the northernmost point served by the company
on the east coast, south to the Miami district tying in the properties at
Palatka, Daytona Beach, Sanford, Titusville, *Cocoa, Melbourne, Stuart.
West Palm Beach. Palm Beach, Del Ray, Fort Lauderdale. Hollywood.
Miami and Miami Beach,and all intervening points served by the company.
In the southwestern section of the State the line extends from Bradenton,
through Sarasota and Venice. to Punta Gorda and Fort Myers. A transmission line extending across the State from Punta Gorda, through Arcadia
and Okeechobee, to Fort Pierce on the east coast completes the interconnection.
-The company is controlled through ownership of all its
Supervision.
2d pref. and common stocks by the American Power & Light Co. Electric
Bond & Share Co. supervises (under the direction and control of the boards
of directors of the respective companies) the operations of the American
Power & Light Co.and the Florida Power & Light Co.and of the subsidiaries
-V. 124. p. 234.
of these companies.
-A
Florida Power 8c Light Co.-Pref. Stock Offered.
syndicate headed by Bonbright & Co., Inc., and including
Old Colony Corp., W.C. Langley & Co., J. G. White & Co.
and Tucker, Anthony & Co., are offering at 100 per share
Florida Public Service Co.
-Bonds Offered.
-A. C.
70,000 shares cumulative preferred stock. Dividends $7
Allyn & Co.,New York,and Harper & Turner, Philadelphia,
per share per annum.
-J. Preferred as to dividends over 2d are offering at par and mt. an additional issue of $1,684,000
Dividends of $1 75 are paid Q.
pref. stock and common stock. Red. all or part at $110 per share and diva. 1st mtge. 6% gold bonds, series B, dated April 1 1925 and
The $7 pref. stock is of no par value and non-voting and has preference over due April 1
1955. (See description in V. 122, p. 2650.)
.2d pref. stock and common stock to $100 per share and diva. in case of
Listed-TLeise bonds are listed on the Boston Stock Exchange.
liquidation. Transfer agents, Biscayne Trust Co., Miami. Fla. and
Guaranty Trust Co. of New York. Registrars, City National Blink &
Data From Letter of W. S. Barstow, Pres. of the Company.
Trust Co. of Miami, Fla., and American Exchange Irving Trust Co.,
Compnaib-Supplies electric light and power at retail to 60 communities
New York.
in central Florida.including De Land,Eustis,Tavares,Apopka, Davenport,
Data From Letter of S. R. Inch, President of the Company.
Haines City Lake Wales, Frostproof and Avon Park, and in addition supCompany.
-Organized Dec. 28 1925 in Florida. Owns and operates plies electricity at wholesale for distribution in Mt. Dora and Winter Park.
electric power and light properties in 90 communities in many sections of company supplies gas in Orlando and water and ice in other of these
372
TRE CHRONICLE
communities. The territory served extends from Seville on the north to
Lake Stearns on the south, a distance of about 180 miles. and
of the most important fruit, truck growing and industrialforms a part
sections in
Florida. The aggregate permanent population of the territory served with
electricity or gas is estimated at 83,000, and the territory is experiencing a
rapid and substantial growth and development.
Earnings 12 Months Ended Nov. 30 1928.
(Including those of properties now owned.)
Gross earnings (Ind, other income)
$1.824.976
Operating expenses & taxes
1.041,401
Net earnings
Annual interest requirements on 1st mtge. bonds (incl. this issue) $783,575
447,754
Net earnings as shown above were thus 1.75 times annual interest requirements on the total 1st mtge. bonds outstanding, including this issue.
Capitalization (After this Financing).
1st mtge, gold bonds, series "A" 6Si%
$1,550,000
do
series "B"6%,(this issue)
5,720.000
Underlying divisional bonds
47.550
10
-year 7% secured gold bonds
550.000
7% cumulative preferred stock
2,049,800
Common stock (no par value)
60,000shs
Management.
-Company is controlled by General Gas & Electric
and, in common with the other subsidiaries of that corporation, theCorp.
company is operated and managed by the W. S. Barstow Management Association, Inc., of New York City.
-V.124, p. 110.
General Gas & Electric Corp.
-Interconnection.
--Interconnection has been arranged and is now under way between the
Binghamton Light, Heat & Power Co. and the Elmira Water, Light & RR.
Co., it is announced by W. S. Barstow, President of the General Gas &
Electric Corp., controlling the former company. When completed the interconnection will provide for electrical energy to be interchanged at 110,000
volts. At the present time the Northern Pennsylvania Power Co. and the
Binghamton Light, Heat & Power Co., both subsidiaries of General Gas &
Electric Corp. are interconnected and together serve a territory of more
than 4,000 square miles in northern Pennsylvania and New York State.
'
During the first three years of the period just arranged the Elmira company will take a portion of the electrical energy which is to be made available
through an increase in capacity at the Binghamton power station. The new
unit, now under construction, will add 30.000 k.w. to the capacity of the
Binghamton plant and is expected to be ready for operation next September.
Following this period a straight interchange of current between Binghamton and Elmira will be in effect, the amount of current then passing to
depend on conditions at either of the properties. This interchange will
obviate for both the Binghamton and Elmira companies the necessity of
maintaining large unused capacity installation and, at the same time, will
protect both systems in cases of emergency, and provide reserve capacity
for both companies.
-V. 124, p. 235, 111.
General Power 8c Light Co.
-Notes Sold.
-True, Webber
& Co., It. E. Wilsey & Co. Chicago, Edmund Seymour
& Co., and Throckmorton & Co., New York, have sold at
'
par and int. $750,000 one-year 6% gold notes.
Dated Jan. 1 1927, due Jan. 1 1928. Principal and interest
& 5.)
payable at Guaranty Trust Co. of
New York, trustee. Denom. $500 and
$1,000 O. Red. all or part on 30 days' notice at 101 and int. Company
agrees to pay interest without deduction for any Federal income tax not
exceeding 2%. Personal property taxes of any State, under any present
law, not in excess of 5 mills and the Mass, income tax on the interest not
exceeding 6% of such interest per annum. refundable.
Data From Letter of E. J. Condon, President of the Company.
Company.
-Controls through entire stock ownership (except directors
qualifying shares) the Arizona Edison Co., the Northern Michigan Public
Service Co., Southern Edison Co. and the Western States Utilities Co.
Owns and operates an electric light and power, gas, water and (or) ice
business in the cities and towns located in Michigan, Arizona, California,
Nevada, Wyoming, Mississippi, Arkansas and Mexico. Diversified public
utility service is rendered to a population estimated in excess of 115,000
people in prosperous communities in which are represented
interests as agriculture, mining, manufacturing, dairying andsuch various
livestock.
Earnings 10 Months Ending Oct. 31 1926.
Gross income
81.004.815
Operating expenses, including maintenance & general taxes..
592,044
Net revenue
$412,771
Interest on underlying bonds applicable to period
133,415
Net earnings available for note interest
$279.356
Note interest applicable to period
112.500
Net earnings for the first 10 months of 1926 applicable to interest charges
on the notes were 254 times interest requirements.
Purpose.-Proceeds will be used to pay in part for the acquisition of
additional properties and for other corporate purposes.
Capitalization-
Underlying bonds
6% secured notes, due 1927
One-year 6% notes, due Jan. 1 1928
Preferred stock, 7% (par $100)
Common stock (no par value)
-V. 124, p. 235.
Authorized.
Outstanding.
(Open)
$2,668,300
(Closed)
1,500.000
1,500.000
750.000
1,000.000
600.000
100,000 shs.
100,000 shs.
Grand Rapids Holland & Chicago Ry.-All Operations
Abandoned-Bondholders to Receive 6%.
-
[VOL. 124.
value for rate-making purposes. The rates in
adjusted to the satisfaction of the company and theIndianapolis have been
sion and the users of electricity, both for light and Public Service Commispower
The Indianapolis P. S. Commission in approving the purposes.
Indianapolis Light & Heat Co. and the Merchants Heat merger of the
& Light Co.,
issued the following orders:
I. That the Indianapolis Power & Light Co. be and it is
and permitted to purchase and actatire the propertieshereby authorized
and
Indianapolis Light & Heat Co. at a price of $26.000,000 and business of
and acquire the properties and business of Merchants Heat to purchase
& Light Co.
at a price of 314,000,000.
2. That the Indianapolis Power & Light Co. be audit is
and permitted to do business as a public utility and hereby authorized
manage and control said properties and businesses, andto own, operate,
the Commission
finds and declares that public convenience and necessity require
that
petitioner be authorized to purchase and acquire said properties said
and
businesses and to own, operate and manage the same as a public utility,
and that a certificate of convenience and necessity issue accordingly.
3. That contemporaneously with the acquisition by Indianapolis
Power
& Light Co. of the properties and businesses of Indianapolis
Light as
Heat Co. and Merchants Heat & Light Co., it is hereby
authorized to
pay and discharge (or deposit with the trustees under
gages sufficient moneys to pay and discharge) as the respective moreabove authorized purchase price of the properties andpart payment of the
businesses of Indianapolis Light & Heat Co. and Merchants Heat & Light
the $3.782,000 principal amount of bonds secured by Co.. respectively.
mortgage
properties now owned by Indianapolis Light & Heat Co. and on the
989,000 principal amount of bonds secured by mortgage upon the the $8,properties
now owned by Merchants Heat & Light Co.
4. That for the purpose of enabling it to acquire such properties
and
businesses and to make payment of the above authorized purchase
prime,
therefor. Indianapolis Power & Light Co. is
its securities as follows: (a) $30.000.000 1st authorized to issue and sell
mtge. gold bonds, series A,
dated Jan. 1 1927, payable Jan. 1
5% per annum; the bonds to be of 1957 and bearing interest at rate of
an
to maximum amount in the aggregate,authorized issue without limit as
of which 330.000.000 are to be
present issued; (6) 120,000 shares of 636%
and to sell said pref. stock at not less than cum. pref. stock (par value CM
92:(e) 600.000
stock of no par value, and to sell the 600,000 shares shares of common
at a price to yield
In aggregate not less than $1,060.000.
Inland Power & Light Corp.
-Plan Operative.
-
The plan whereby the Commonwealth Light & Power
Interstate Electric Corp. will be acquired and operated by a Co. and the
company lobe known as the Inlanl Power & Light Corp.,has newly formed
operative by A.E.Fitkin,of A. E. Fitkin & Co. (See V.been declared
123, p. 2328
and 2494.)
Mr. Fitkin stated "The securities deposited under the plan
average
about 65% of the total, and we have assurance of additional securities
will bring the total to 80%. We have just completed negotiations which
for
purchase of another utility property in the middle West which will the
be
included in the merger. This company, the name of which I
cannot disclose at this time, will add about $800.000
of the new corporation. In addition to theannually to tho not earnings
stocks and bonds to be changed, the new company will issue $3,000,000 1st mtge. bonds and es
$2,000.000 pref. stock. It is planned to list the stock of the new corporation
on the Chicago Stock Exchange."
-V. 123, p. 2900.
Interstate Electric Corp.
-Plan Operative.
-
See Inland l'ower & Light Co. above.
-V. 12.1. p. 2900.
Louisiana Ice & Utilities, Inc.
-Bonds Offered. Liberty
Central Trust Co., St. Louis; Chicago Trust Co., Chicago,
and John Nickerson & Co., New York, are offering at 98
and int. to yield about 6.20% $500,000 1st mtge. gold bonds
convertible 6% series A. Dated April 1 1926; duo April 1
1946. (See original offering in V. 122, p. 3082.)
Data from Letter of Wiley F. Cori, President of the Company.
Company.
-Formed in Feb. 1926 to purchase and consolidate ice and
utility properties in the South and Southwest. Owns and operates
artificial ice plants, 4 electric plants, 6 cold storage warehouses and 3 22
ice
cream plants in Louisiana. Mississippi and Texas. Ice is distributed
at retail in 29 communities having an urban population in excess
of 200.000.
A substantial business in icing or re-icing refrigerator
cars is transacted with the Missouri Pacific RR., Gulf Coast Lines. Texas
& Pacific RR. and American Refrigerator Transit Co. Company has
completed or under construction over 100 miles of electric transmission lines and
will serve 10 Louisiana towns with electric light and power.
Security.
-Secured by a direct 1st mtge. on all of the fixed assets of the
company. All fixed assets hereafter acquired will, as provided in the
mortgage. be subjected to the lien thereof. The depreciated replacement
value of the mortgaged properties as appraised by Stone & Webster. Inc.,
plus additions and improvements at cost, is $5,822,919. This issue of bonds
is therefore 43% of the total property,value.
Earnings.
-Net earnings before interest, depreciation and Federal
of the properties now owned by the company and its subsidiaries for thetaze
yea
ended Sept. 30 1926 were 8.556,344, or over 334 times annual interest
requirements on all of the bonds of this issue to be presently outstanding.
Conversion Privilege.
-Company has entered into an agreement with the
Commonwealth Utilities Corp. whereby bonds of the convertible 6% series
A will be convertible at the holder's option into class A common
the Commonwealth Utilities Corp. on the following basis: Up to stock of
Dec. 31
1927, 20 shares of stock for each $1,000 of bonds, and up to Doc. 31
1936.
16 shares of stock for each $1,000 of bonds.
Purpose.
-Proceeds will be used to provide funds for the acquisition of
properties,for betterments and extensions, and for other corporste purposes.
In addition to the sale of this issue the company has sold $300.000 6% serial
notes and 8150,000 pref. stock to the Commonwealth Utilities Corp.
The bondholders protective committee in a recent letter to the bondholders says: "On Oct. 20 1926, the road was sold at public auction to the
Hyman-Michaels Co. of Chicago, for the sum of $227,500. The receiver
continued the operation of the road, by direction of the court, for two weeks
CapitalizationAuthorized. Issued.
thereafter, and then operations ceased, and the purchasers (who are junk let mtge. gold bonds, cony.6%
series A, 1946-315,000.000 $2,500,000
men) are disposing of the property in various ways. The railroad will be Serial 6% notes. 1929-30-31
300.000
300,00Q
abandoned; the rails (except in villages) will be torn up; the rolling stock will Prof. stock
-8% cumulative
1,000.000
841,700
be disposed of. and the community served by bus lines.
7% cumulative
150.000
150,000
"The receiver is in the process of winding up the affairs of the corporation, Common stock (no par value)
15,000 abs. 15,000 elm.
hearings on various claims are pending, and it is hoped that all of these
Additional 1st mtge. gold bonds can only be issued under strict provisions
matters will be disposed of during the months of Jan. and Feb., so that
provided in the mortgage. Common stock, except directors' qualifying
a final distribution may be made either in Feb. or March. At present it
shares, is owned by the Commonwealth Utilities Corp.
-V. 123, p. 1251.
would seem that the dividend to the bondholders will be about 6%•
"The Committee consists of Sidney T. Miller, George M. Scripps,
Merchants Heat & Light Co.
-Merger.
Stewart Hanley (Chairman) with Richard G. Burchell, Sec.
-V. 123, p.
See Indianapolis Power & Light Co. above.
-V. 120, p. 957.
2899, 2391.
Houston Gulf Gas Co.
-Tenders.
-
The Chatham Phenix National Bank & Trust Co., trustee, 149 Broade
way, N. Y. City, will until Jan. 20 receive bids for the sale to it of 1st mtge.
634% sinking fund gold bonds, due Jan. 11931. to an amount sufficient to
aust $100.193 at prices not exceeding 104 and int.-V. 123, p. 3038.
Middle West Utilities Co.
-Acquisition.
See City Ice Co.of Kansas City under "Industrials" below.
-V.124.P.112
Monongahela West Penn Public Service Co.-Listin
The Baltimore Stock Exchange has authorized the listing of $750.'Ii
(par $25) additional preferred stock.
•
Earnings 12 Months Ended Sept. 301926.
1925.
Gross earnings (all sources)
87.329,325 86,701.750
directors have declared an initial dividend of $2 33 per share on Oper. exp., incl, taxes, mortgage maintenance, renThe
tals. deprec'n & depletion requirements
5,034,296
4,571,299
the 7% 1st pref. stock (for the four months period from Oct. 1 1926) Interest and amortization
1,330,870
1,328,455
payable Feb. 1 to holders of record Jan. 15.-V. 123, p. 3319.
Net income
Indianapolis Light & Heat Co.
$964.160
$801,996
-Merger.
Balance Sheet Sept. 30 1926.
-V. 123, p. 1502.
See Indianapolis Power & Light Co.
Indiana Consumers Gas & By-Products Co.
-Initial
Dividend on First Preferred Stock.
-
Assets-
Liabilities
-
Indianapolis Power & Light Co.
Property and investments$41,665,390 Preferred stock
-New Financing.
85,965,654
386.956 Common stock
It is expected that a syndicate headed by Chase Securities Corp. and Cash
9,574,061
595,464 Funded debt
Blair & Co., Inc., II. M. Byllesby & Co., Blyth, Witter & Co., Notes & acc'ts receivable
including
23.685,735
300.000 Notes & acc'ts payable
West & Co., Pynchon & Co., Federal Securities Corp., John Nickerson & Due from affil. companies
322,230
421,356 Preferred diva, declared
Co. W. S. Hammoas & Co. and A. B. Leach & Co. will offer next week Material and supplies
104,343
830:000,000 5% 1st mtge. bonds of the company and $12,000,000 634% Disc,on bonds & notes,&c 1,559,722 Deferred liabilities
280.070
9,931 Accrued liabilities
preferred stock, securities which were recently approved by and authorized Unclassified charges
618,933
Deferred credits
S. Commission, in connection with the sale of the Indianap- Commission and expense
the Indiana P.
26,373
91,534 Res've for renewals, &c
on sale of stock
olis Light & Heat Co. and the Merchants Heat & Light Co.to the Indianap3,083.745
Other reserves
123,904
olis Power & Light Co., the new operating company.
Surplus
It is understood that the valuation of these properties by Stone & Web1,245,304
ster, exclusive of "going concern value." is in excess of 846,000,000.
$45.030,353 Total
Total
The Public Service Commission of Indiana in authorizing the merger has
$45,030,363
expready stated that the amount of the securities was not based on any -V. 123, p. 3320.
JAN. 15 1927.]
THE CHRONICLE
National Electric Power Co.—New Chairman, &c.—
r Samuel Insull has been elected chairman, succeeding Victor Emanuel.
Albert Emanuel has resigned as president and has been succeeded by Harry
Reid of Indianapolis, Ind.. formerly President of the Interstate Public
Service Co. and the Kentucky Utilities Co. Albert Emanuel, Thomas
O'Hara, L. E. Yeager and Charles W. Yant have resigned as directors and
have been succeeded by Samuel Insult, Martin J. Insult, Harry Reid and
0. B. Zeigler. Victor Emanuel. A. C. Allyn, Charles D. Makepeace,
W. H. Seibert and It. E. T. Riggs will remain as directors of the company.
The directors have declared the regular quarterly dividend of 45 cents
on the Class A common stock, payable Feb. 1 to holders of record Jan. 20,
but did not announce the usual option of 1-50th of a share of Class A stock
in place of the cash dividend.—V. 123. P. 581.
New Bedford & Onset Street Ry.—Committee,
373
1927 or July 1 1927. next subsequent to the full payment of their subscriptions.
Interest will be paid by the company on all sums received by it in payment of the purchase price at the rate of 6% per annum until full payment
has been made, and thereafter at the rate of 8% per annum until issuance
of certificates.
Stockholders receiving fractional warrants may purchase additional rights
to enable them to subscribe for whole shares, or they may sell fractional
warrants which they may not desire to utilize. The company, on request
of stockholders, will buy or sell for their account fractional warrants on the
best available terms, or such purchases and sales may be arranged through
banks or stock brokerage houses in New York, San Francisco and elsewhere.
The California RR.Commission has approved the above offer to common
stockholders.
Exchanges of old for new shares, in the proportion of 4 new shares for
each old share surrendered, may be made at any time either at the company's transfer office, 245 Market St., San Francisco, or at the Bankers
Trust Co., 16 Wall St., N. Y. City.
Stock in process of purchase from the company on the installment plan
after it has been paid in full, will be issued, without further action on the
Part of subscribers, in shares of the new $25 par value in the proportion of 4
new shares for each old share subscribed for.
The road is in the h nds of a committee of bondholders, the bonds,
hot as to interest and principal, having bee i defaulted Jan. 1 1926. The
•committee had signified their intention of stopping all operation the middle
of last October, but the townspeople in Wareham, Mattapoisett and Fairhaven have been very mu h interested to evolve some means of handling
the situation, and the bondholders have, at their request, continued the
operation of the road up to the present.
There are bills in t'e Legislature authorizing the payment of higher fares
"P. G. and E. Progress" (published by the Pacific Gas &
as to school children, and also authorizing the towns to appropriate money
this month, says:
for the support of the railroad. It is doubtful if any arrangements can be Electric Co.) issued
Will
made that will benefit the situation a great deal as far as the stockholders BeNew Plants Will Be Added to Company's System and Existing Plants conEnlarged.—The Salt Springs development calls for a tremendous
bondholders are concerned, although it may lead to a continuation of the
or
struction program—a great rock-fill dam, 220 ft. high, or more, across the
service und^r some plan yet to be devised.
of
The committee for the bonds consists of Edward S. Brown, Oliver Pres- Mokelumne River, a reservoirh.p.at least 50.000 acre-ft. capacity. a 25
generating plant at Tiger Creek, and
mile water conduit, a 44,000
cott, John B. Rhodes. The First National Bank, New Bedford, is de- greater output for Electra power-house, capacity of which is to be raised
positary.—V. 123, p. 1505.
from 26.000 h.p. to 44,000. The job will take 4 years. This year a 25
-mile
around the
New England Power Association.—To Acquire R. I. Co. permanent all-year road, windingBarton placemountains at an altitude of
the
highway. 20
The stockholders will be asked to ratify the purchase of the entire class B 3.700 ft., will be built from site of the dam; aon the Alpinecamp
construction
Jackson, to the
will be
stock of the Rhode Island Public Service Co. by their company at a meeting miles above the river diverted and work begun on the dam itself. Approwhich will be called shortly, according to an announcement made Jan. 14. established,
The Rhode Island Public Service Co. was recently formed to acquire con- propriations for the first two years, which will be devoted largely to pretrol of the Narragansett Electric Lighting Co., which does the electric lianiaary work, total $1,500,000.
from the reservoir
Work
and gas business, and the United Electric Ry. Co., which operates the built on on Melones power-house, which is to take water Oakdale irrigatiop
the Stanislaus by the South San Joaquin and
traction lines and buses, in the city of Providence.
districts, is going ahead on a schedule that calls for completion on June r.
In connection with the announcement the following statement was issued A
4,400-ft., horseshoe tunnel, 12 ft. 3 inches high and as wide at the base,
by the New England Power Association:
The power-house
but is yet to be
'Over 95% of the United Electric Rys. Co. stock and Narragansett has been completed, concrete poured concreted. foundation of the site has
up to the
turbine
been excavated and
Electric Lighting Co. stock is available for carrying out the plan and agreement of July 28 1926, subject to the right of withdrawal referred to below. units. Now comes the building of the superstructure and the installation
merger to become effective, a modification to the plan and of hydraulic and electric equipment. Work on the project will continue
To enable the
agreement has been announced permitting the issue of collateral bonds in through the winter, and there will be no let up until the new $2,500,000
lieu of the first mortgage bonds originally contemplated. Under the plan power project is adding its 36,000 h.p. to the capacity of the P. G. and E.
system.
Railways stockholders have until Jan. 28 to withdraw their shares.
On the Spaulding-Drum developments Drum Canal is to be enlarged, the
"The New England Power Association is now arranging to acquire the
Rhode Island Public Service Co. when the plan becomes two Spaulding power plants dismantled to make way for plants of larger
class B stock of the
effective. A meeting of the shareholders of New England Power Asso- capacity, a third Spaulding plant built on the rim of Lake Spaulding and
the capacity of Drum power-house increased from 50.000 h.p. to 67.000.
ciation has been called to approve the arrangement.
"By reason of the facilities enjoyed by the New England Power Asso- All thl work is necessary to enable the company to make full use of the
water made available by
ciation a reduction in lighting rates will be made on or before the close of additional come from the storage nowthe raising of Fordyce Darn and that
being developed by Nevada Irrigation
which will
the present year. Considerable study is necessary to determine the proper District at Bowman. Already the railroad to carry material and
supplies
amount of reduction. The quantity of hydro-electricity to which the
Pacific main
power association has access, and the interconnection with numerous has been laid from the Southern for the crewsline at Smart to Lake Spaulding
that will dismantle the present
and a central camp established
large power plants will enable the community to profit by improved service
Spaulding plants. In the spring, when the snows begin to melt, the work of
and reasonable rates.
"Arrangements have been made by which there will be substantial putting in the new plants will begin.
Spaulding 1 and 2 will be replaced this year, and the third plant will be
Rhode Island representation on the board of directors of the New England
A power shovel is cleaning and
Power Association in order that the interests of Rhode Island will be prop- ready In the spring of 1928. pressed as rapidly as possible enlarging Drum
so as to permit
Canal, which work will be
trly protected."
in the short-water season of the
The New England Power Association is a voluntary association which utilization of part of the increased storageis to be added
to Drum plant,
was formed in 1926 to acquire all the assets of the New England Co. Affili- present year. A fourth generating unit line from
Drum forebay to the
ated interests, including Northeastern Power Corp., the International necessitating the laying of another penstock
Spaulding-Drum
power-house.
Paper Co. and Stone & Webster, Inc., provided $20,000,000 of new money aggregate moreAppropriations already made forjob to be carried additions
than $2,000,000. Still another
on in that
by subscription to 400,000 shares of common stock of the New England
portion of P. G. and E. territory is the enlarging of Bear River Canal so
Power Association.—V. 123, p. 3320.
as to enable Halsey and Wise plants to generate to capacity twenty-four
hours a day.
New England Public Service Co.—Rights.—
begun last year. is to be completed
In the Shasta division, Pit 4
Holders of warrants may subscribe, share for share, for no par value When the concreting is finishedDam,
the new reservoir will
put into
common stock at $30 per share. Subscriptions must be made before at once as an afterbay for Pit 3, permitting that plant be operate service
at
5 p. m. Jan. 15 at 317 Water St., Augusta, Me., according to an announce- at all times. Eventually Pit 4 Dam will divert water forto 4 power peak
Pit
plant,
ment made by the company.—V. 123, p. 2519.
which is to be the next link in the company's chain of Pit River powerNew England Telephone & Telegraph Co.—Rates.— houses. expenditures are to be made in all other divisions. San
Large
Francisco
The Vermont P. S. Commission in an order made public on Dec. 27
new work and as
a
division
sustained in the main the schedule of rates which has been tentatively in tion andis to spend halfInmillion on division $500.000 much more for operaEast Bay
is to be
effect in that State since Oct. 1 1925, according to George H. Dresser, building maintenance. transmission lines alone. Sacramentoapplied to the
of new tower
division gets
operating Vice-President of the company. "In its broader aspects." Mr. half a million for a construction program that includes rebuilding
of Davis
Dresser said, "the Commission finds the company's Vermont property,
the
and useful in rendering telephone service, as of Nov. 1 1925, had a substation. San Jose division will spend $400,000 onat Newark-Coyote
used
substation
$100.000
fair value of $6,330,000; and in line with its former utility decisions, the tower line andis the gas or more on a newfor $4,000,000 Monte Vista.
program, calling
for additions and
Then there
Commission finds that we are entitled to earn 7% thereon. The company
than $1.000.000 for maintenance. In East Bay
had contended that 8% would be a reasonable earning—a figure which has betterments and morebe paid out for mains for new
will
consumers. In every
been sustained by sundry commissions and courts. The difference, how- territory $400,000 additions will be made to meet and
anticipate demands
ever, is of no present importance,since the present rates fall several thousand section important
dollars short of producing 7%. While the New England Telephone & for service. In Biggs and Gridley and adjacent territory a thousand new
Telegraph Co.'s contract relations with the American Telephone & Tele- consumers are to be supplied from a new high-pressure distribution line.
graph Co. and the Western Electric Co. were not attacked in Vermont, as Sacremento gets half a million dollars to provide for growing gas needs.
Historic Canals Sold—Irrigation District Will Take Over Deer Creek
they have been in some other States, it is gratifying that these relations
are upheld by the Vermont Commission as economically sound and advan- System.—Canals and water rights of the Deer Creek water distribution
system have been sold by the Pacific Gas & Electric Co. to the Nevada
tageous to the telephone user."—V. 124. p. 236.
Irrigation District. For $350,000, a price subject to approval by the
North Boston Lighting Properties.—To Increase Stock. California RR. Commission, the Nevada county district obtains a nucleus
for the big irrigation system on which it is now working and also takes over
The stockholders will vote Jan. 25 on authorizing an increase in the
capital stock by 60,130 shares for the purpose of providing funds with which the business of supplying water to Nevada City, Grass Valley and numerous
Telephes
to pay indebtedness incurred or to be incurred in the acquisition of shares gold minon
. Lines Acquired With Lighting System Sold.—Telephone lines.
e
in the several companies in which the North Boston ldghting Properties
are stockholders. The price and the manner in which the new shares will stations and equipment, acquired by the P. G. and E. three years ago,
when it took over the properties of the California Telephone & Light Co..
be issued will be determined at this meeting.—V. 122. p. 1918.
have been sold to the Sacramento Valley Telephone Co.,subject to approval
I.
-S. C. Commission. Electrical
Northern Indiana Public Service Co.—New Financing. by the transaction, the purpose of the power properties were not included
P. G. and E. being to divest
the
—The board of directors have authorized the sale of $1,750,- in the telephone business in order to devote all its efforts to extending itself
of
light
000 6% preferred stock. Public offering of this stock is and power service in the territory affected. Property transferred included
telephone plants,
the Utility Securities Co. at 393 50 a share. exchange, toll and farmers' lines andLakeport, Sonoma,also exchanges in
being made by
Calistoga, Healdsburg, Guerneville,
Middletown and
The company serves 119 communities with gas or electricity or both Potter Valley, and surburban telephone lines running out of Cloverdale,
and is the largest operating subsidiary of the Midland Utilities Co. It Geyserville, Santa Rosa and Sebastopol.
was formerly called the Calumet Gas & Electric Co. and the Northern
Disposes of Water Supply Plants in Six Cities.—In keeping with its policy
to confine itself as closely as possible to the business of supplying gas and
Indiana Gas & Electric Co. was merged into it on June 3 1926.
Operating revenue for the 12 months ended Sept. 30 1926, of the com- electricity the Pacific Gas & Electric Co. has sold, subject to the approval
panies now comprised in the company was 810,752.848. Net income of the California RR.Commission,its water supply plants serving Stockton,
after all charges including interest on funded debt was $2,522,379. The Oroville, Willows, Redding, Dixon and Livermore to the Federal Water
dividend requirements on the company's preferred stocks is $884,500.— Service Corp. The latter organization, operator of numerous water service
systems in the East, recently purchased from other California owners the
V. 123, p. 2778.
plants supplying water to Fresno, Bakersfield, Visalia,
Pacific Gas & Electric Co.—Rights, Exch. of Ctfs., &c.— Hermosa and Redondo. If the Commission approves, Chico, Martinez,
it will merge its
The common stockholders of record Jan. 26 will be given the right to holdings in an operating organization to be known as the California Water
subscribe on or before March 1 at par to an additional ssue of $25 par Service Corp.—V. 124, p. 236.
par value stock for
value common stock at the rate of (a) one share of $25
Passaic(N. J.)Consolidated Water Co.—Transfer of Stk.
each 10 shares of $25 par value common stock then owned; or (b) four
The New Jersey P. U. Commission has granted permission to the comshares of $25 par value stock for each 10 shares of $100 par value common
stock then owned. It will not be necessary to exchange the old certificates pany to transfer on its books all of the stock, excepting that of the directors,
of $100 par value common stock for the new certificates of $25 Par value now held by the New Jersey General Security Co.to the Passaic Holding Co.
common stock in order to exercise subscription rights. No subscriptions —V. 119, p. 83.
for fractional shares will be received.
Peoples Light & Power Corp.—Bonds Sold.—In conHolders desiring either to divide or consolidate warrants may present
them for that purpose to the transfer agent of the company, 245 Market nection with the recent extensive property acquisitions in
St., San Francisco, Calif. or to the Bankers Trust Co.. 16 Wall St., N. Y.
City, and will receive in exchange new warrants for the same aggregate Texas, Kansas, Arizona, Pennsylvania and Vermont, an
number of shares divided as the holder may have indicated.
additional issue of $6,500,000 1st lien 532% gold bonds,
Subscriptions are payable at either of the above offices as follows: Either
in full ($25 per share) with the subscription, not later than March 1 1927. series of 1941, has been sold by G. L. Ohrstrom & Co., Inc.
or, at the option of subscriber, in installments as follows: $10 per share The bonds, dated July 1 1926 and due July 1 1941, were
(with subscription) on or before March 1; $5 per share on or before April 1; priced at 97 and
int. to yield over 5.80%. (See original
$5 per share on or before May 1; $5 per share on or before June 1. Subscribers who pay in full at time of making subscription will receive full-paid offering in V. 123, p. 84.)
stock certificates dated April 1 1927, which will entitle them to dividends
Business.—Corporation, through its constituent properties and upon
declared after that date. Subscribers who pay on the installment plan acquiring properties now under contract of purchase, will supply public
may. if they wish, anticipate the maturity date of one or more of the utility service in 15 States, serving territories with a total population
unpaid installments and will receive stock certificates dated either April 1 estimated to be in excess of 380.000. The sale of electricity is the mai
374
UTE CHRONICLE
source of revenue and the electric properties are, forithe greater part,
hydro-electric systems.
Consolidated Earnings of the Constituent Properties of the Corporation and
Those now Under Contract of Purchase.
Dec. 31 '25. Oct. 31 '26.
Year Ended—
$3,217,915 $3,451,187
Gross revenue
Oper. exp., maint. & taxes, other than Federal 1,845.235
2,022,489
Income taxes
$1,372,680 $1,428,698
Balance
%
Annual interest requirment on $12,100,000 1st lien
2665,500
gold bonds, Including this issue
earnings do not reflect the economies to be derived from
The above
benefits that
the consolidation of the properties and the W. B. Foshay should accrue
from the supervision and the management by completing a Co.
large hydroThe Green Mountain Power Co., Inc.. is
the corporation's propelectric generating station which is connected withunder contract for net
in Vermont. This development is to be
erties
and
lease to the constituent company of Peoples Light & Power Corp.stock
'
purchase all of the capital
the corporation will have an option to unusually favorable terms. IndePower Co., Inc. on
of Green Mountain
increase the net earnings
pendent engineers estimate that this lease willyear.
of the Vermont properties by at least $70,000 a of all of the outstanding
pledge and deposit
Security.—Secured by the
bonds and capital stock, except directors' shares of the present constituent
companies and the companies to be presently acquired, constitutng,
corporation
upon completion of this financing, the only secured debt of the the public.
in the
and its constituent companies outstandingbe issuedhands of constituent
by these
stocks that may
Any additional bonds or
companies in the future shall likewise be pledged with the trustee as
to time outstanding.
additional security for the 1st lien bonds from timeinclude all of the 1st
The securities pledged and to be presently pledgedand the companies to
mtge. bonds of the present consituent companies be equal in aggregate
be presently acquired, which 1st mtge. bonds will
the 1st lien bonds
principal amount to the aggregate principal amount of
outstanding, including this issue. Pending acquisition of the properties
planned, cash to an amount equal to the
of any constituent company, as
will be deposited with
.bonds issuable against such company's securities provisions of the trust
the
the trustee to be applied in accordance withof 1st lien bonds.
indenture to such acquisition or to retirement or to be deposited with the
Of the $12,100,000 1st mtge. bonds pledged
mtge.
trustee as security for like amount of 1st line bonds, $11,424,500 1st
under the supervision
bonds represent a first lien on properties operating
commissions to the extent provided in the laws of the
of public service
ilve States.
tion.—The appraised value of the various properties, including
properties now under contract of purchase, less depreciation, is in excess
of $23.000,000.
Authorized. Outstand'g.
Capitalization—
2 0 000
$15 10 :00
x
:00
0
1st lIen 5 % gold bonds,series of 1941,incl. this iss.
6 cony. gold &Jim.. series 1962. due Jan. 1 1962-$30,0K0.000 2,700,000
preferred stock
7 0 cumulative
300,000 shs.45,000 shs.
Class A common stock (no par
300,000 shs. 45,000 shs.
Class B common stock (no par
'let additional 1st lien bonds may be issued
x Trust indenture provides
thereunder to refund an equal amount of bonds of future constituent comtrust indenture.
panies or to refund bonds of different series issued under the
in
Additional 1st lien bonds may also be issuedin the manner provided in
excess of 70% of the cost
the trust indenture to a principal amount not
properties,
or fair value, whichever is lower, of new constituent additions, extensions
companies, and
and permanent improvements of presentof the cost of acquisition or to a
fair
principal amount not in excess of 70%
properties of future constituent companies.
value, whichever is lower, of the
for
y Limited by the restriction of the indenture providingis inthe issue thereof.
charge of W.B.
Management.—The management of the corporation
Foshay Co.
nsaft
$5,000,000 Debentures to be Offered Next Week.—G. L.
Ohrstrom & Co., Inc., have purchased and will offer early
next week a new issue of $5,000,000 6% convertible gold
debentures, series of 1962.—V". 124, P. 236.
Philadelphia Electric Power Co.—Payment on Stock.—
the
On Jan. 10 1927 the Land Title & Trust Co., Philadelphia, advised the
of
Philadelphia Stock Exchange as follows: Stock allotment warrantscumul.
Co.
Philadelphia Electric Co. for Philadelphia Electric Power or 8%
installments
stock are transferable only if the installment
preferred
payment of 10%
theretofore due have been paid. The third installment and therefore the
has been called and is payable on or before Jan. 15 1927,
first and second installments totalling 20% paid are
warrants with the
transferable only up to and including Jan. 15.—V. 123, p.844.
Power Corp. of Canada, Ltd.—Pref. Stock Offered.—
Nesbitt, Thomson & Co. Ltd., Montreal are offering at
96 per share, to yield 6W% $2,500,000 6% cumulative 1st
preferred stock.
assets over the
Dividends payable Q-J. Preferred as to dividends and
non-cumulative participating preferred and common stocks. Red. on any
div. date on 30 days' notice at 110 and div. Transfer agent, Montreal
Trust Co. Registrar, Eastern Trust Co.
Issued.
Authorized.
Capitalization—
$5.000,000 $5,000,000
6% cumul. 1st pref. stock (par $100)
2.500,000
5,000,000
6% non-cumul. partici. pref. stock (par $50)
250,000 shs. 150,000 shs.
Common shares (no par value)
From Letter of J. B. Woodyatt, Vice-Pres. of the Company.
Data
of Canada. and
Corporation.—Organized under the laws of the Dominion or a substantial
control of,
is primarily interested in the acquisition of the
-electric and public utility companies. In addition, in
Interest in, hydro
of the
consideration of a management fee, it supervises the management
properties it controls and provides experienced management and engineering services to other properties as well.
following companies:
The company owns the controlling interest in the
Ltd. (which controls. (1) Porcupine
(6) Canada Northern Power Corp.,
(3) The
Power & Telephode Co., Ltd., (2) Northern Canada Power Ltd., o., Ltd.
Quinze Power Co., Ltd., (4) Northern Ontario Light & Power C
and (5) Great Northern Power Corp., Ltd.).
River
(b) Ottawa & Hull Power Co., Ltd. (which controls Ottawa
Power Co., Ltd.).
(c) Ottawa-Montreal Power Co Ltd.
(d) Also a substantial interest in the following companies: (1) Southern
Co. (which controls
Canada Power Co., Ltd. (2) Winnipeg Electric & Transmission Co.,
Manitoba Power Co. Ltd.), (3) DomWon Power
Power Co., Ltd.
Ltd. and (4) East KoOtenay
Purpose.—Proceeds will be used for the acquisition of the control of, or
but
a substantial interest in, hydro-electric and public utility companies;
tmiforarily may be invested in other high-grade bonds and dividendng
paying stocks.
pa
earnings of the corporation for the year 1926 (December
available for
estimated) together with the proportion of net eacnings to the present
dividends, income tax and depreciation, applicable
common
by the corporation, aggrestock holdings in controlled companies, owned
requirements on
gated $682,699 or at the rate of over 23‘ times dividend
issue.
the 1st pref. stock, including this earnings which will become available
The foregoing does not include
the present issue.
through the investment of the proceeds of company controls or in which it
Properties.—The properties which this
substantial interest, are situated in Quebec, Ontario, Manitoba
holds a
have an installed capacity of 435,000 h.p.
and British Columbia. They
h.p. and serve a population of over
with an ultimate capacity of 700,000
with gross earnings for 1926 of about $13,000,000.—V. 123,
1,000,000
p. 2656.
[VOL. 124.
Public Service Electric & Gas Co.—To Increase 6%
Preferred Stock.—The stockholders will vote Jan. 31 on increasing the authorized 6% cumul. preferred stock, 1925
series from 300,000 shares to 1,000,000 shares, par $100.
and on eliminating 400,000 shares of 6% cumulative preferred
stock now authorized. If the amendment is adopted the
capital stock of the company will consist of 20,000,000
shares of common stock (no par value); 200,000 shares of
7% cumulative preferred stock; 100,000 shares of 63/2%
cumulative preferred stock, and 1 1000,000 shares of 6%
cumulative preferred stock, 1925 senes.
The increase is proposed as part of the plan already alliatillnced for
consolidating with .Public Service Electric & Gas Co., nine companies now
operated by it under long term leases.
The stockholders of the Essex & Hudson Gas Co., the
Hudson County Gas Co., the South Jersey Gas, Electric &
Traction Co., the Gas & Electric Co. of Bergen County,
the New Brunswick Light, Heat & Power Co., the Newark
Consolidated Gas Co., the Paterson & Passaic Gas & Electric
Co., the Somerset, Union & Middlesex Lighting Co. and
the Ridgewood Gas Co. have been given until Feb. 10 to
deposit their shares with J. P. Morgan & Co. N. Y.; Drexel
'
& Co., Philadelphia, depositaries, or with the Fidelity-Union
Trust Co., Newark, N. J. agents for the depositaries.
An announcement dated Jan. 10, issued to the holders of
stocks of companies leased to Public Service Electric & Gas
Co.,says:
The plan of readjustment of certain securities of Public Service Corp. of
New Jersey and its subsidiary companies, announced in March 1924,
contemplated the later offer to holders of the capital stocks of certain
companies now leased to Public Service Electric & Gas Co.of the opportunity
to exchange their stocks for other securities, and for the ultimate consolidation of the leased companies with Public Service Electric & Gas Co.
The holders of large amounts of the stocks of these leased companies
have expressed their desire that this provision of the plan be carried out
at this time and have indicated their readiness to make exchanges on the
bases set out below. Accordingly Public Service Corp. of New Jersey and
Public Service Electric & Gas Co., with the approval of the Board of
Public Utility Commissioners of the State of New Jersey in so far as its
approval is necessary, are now prepared to offer, in exchange for such
stocks, at the option of the holders. either (A) 6% preferred stock. 1925
series, of Public Service Electric & Gas Co., (1)) cash, or (C) common
stock of Public Service Corp. of New Jersey, on the basis shown below.
The basis ofsuch exchange (which also provides for adjustment of dividends
and for payment for any fraction of a share in cash) may be summarized
as follows:
For each share of stock of the companies listed below the holder will
obtain under Option A, 6% preferred stock 1925 series of Public Service
Electric & Gas Co. to amount shown in column headed Option A, or under
Option B. cash to amount shown in column headed Option B, or under
Option C,common stock of Public Service Corp. of New Jersey to amount
shown in column headed Option C.
-Existing Companies _Nave Option of Receiving—_
-Option A— ON.B. —001,011 C—
Annual
Annual
Income
Div.
Income
No. of at $6
Stock
Per
No. of at $2
Shares. Per Sh.
Name of Company— Share. Outstand'g Shares. Per Sh.
$6,500,000
Essex & Bud.Gas Co_ $8
4.21 $8.42
Hudson Co. Gas Co__ $S $10,800,000 1.37 $88.22 $142
So. Jersey Gas, Elec.
$8 $6,000,000
& Traction Co
Gas & Electric Co. of
Bergen County_ _ _ - $5 22,000,000
New Brunswick Lt.,
$90
.86 $5.16
2.63 $5.26
$400,000
$5
Ht.& Pr. Co
Newark Cons. Gas Co. $5 $6,000,000
Paterson .1: Passaic
Gas & Electric Co._ $5 a$5,000,000
Somerset, Union &
Middlesex Lighting
.69 $4.14
$72
2.10 84.20
$4 b$1,050,000
Co
$313
1.05 $2.10
.345 $2.07
$100,000
$2
Ridgewood Gas Co
a $269.700 owned by Public Service Electric & Gas Co. b $422,400
owned by Public Service Electric & Gas Co.
No fractional shares of new stock will be issued and the excess of the
shares or fractions of a share of the deposited stock over the shares exchangeable into the number of whole shares of new stock on the above basis,
will be paid for in cash at the prices specified in column headed Option B.
The United Gas Improvement Co., which owns nearly one-third of the
total of these leased companies' stocks, has agreed to exchange the entire
amount of its holdings on the terms now offered.
The stocks of the leased companies have Inactive and restricted markets.
The stocks offered in exchange represent ownership in a large and comprehensive system, have broad and active markets, and, at the dividend rates
Indicated in the above table, will give the present stockholders an increased
Income. These offers are accordingly advantageous to the stockholders
of the leased companies.
Public Service Electric & Gas Co.'s corporate and financial structure
will be simplified and strengthened by the transaction. It is planned.
following this exchange offer, to consolidate with Public Service Electric &
Gas Co. the Public Service Electric Power Co., which owns the recently
completed Kearny power station. An important and valuable plant will
thus be added to the property which Public Service Electric & Gas Co.
owns in fee. See also V. 124. p. 237.
Rhode Island Public Service Co.—New Control.—
See New England Power Association above.—V. 123, p. Mg.
San Joaquin Light & Power Corp.—Bonds Sold.—
Peirce, Fair & Co. and Blyth, Witter & Co. have sold at
9£44 and int. to yield about 5.10% $25,000,000 unifying and
-year 5% gold bonds, series D.
refunding mortgage 30
Dated Jan. 1 1927; due Jan. 1 1957. Int. payable J. & J. in San Francisco, Los Angeles and New York without, deduction for Federal normal
income tax not exceeding 2%. Red., all or part, by lot, on the first day of
any month on 30 days' notice to and incl. June 1928 at 105 and int., with
of 1% during each 18 months' period
red, price successively reduced
thereafter. Denom. $1,000 and $500 c*. Exempt from present California personal property tax. All the mortgage bonds of the corporation
heretofore issued have been certified as legal investments for California
savings banks and application will be made to have these bonds so certified.
Equitable Trust Co. of New York, trustee.
Data from Letter of A. G. Wishon, President of the Corporation.
Business and Properties.—The electric properties of the corporation constitute a unified system furnishing electric light and power service to more
than 70,000 customers in the 7 principal counties of the San Joaquin Valley
In California. a territory having a population estimated to exceed 400,000,
and including the cities and towns of Fresno, Bakersfield, Merced, Madera,
Selma, Hanford, Sanger. Dinuba and about 50 other communities. The
present installed capacity of its generating plants is 178,558 h.p., of which
109.092 h.p. is hydro-electric and its transmission and distribution system
Jersey.—Stockholders.—
furmiles of lines
Public Service Corp. of New preferred stock of the corporation includes 7.071 domestic water and 50 sub-stations. Corporation alsofrom
services in certain parts of its territory,
nishes gas and
the acquisition of
Due in large part to
on which approximately 5% of its total earnings is derived.
the number of shareholders
through the popular ownership policy, was 55,253. These held a total of
Secursty.—Upon completion of this financing the unifying and refunding
Dec. 31 last
the corporation's records additional 9,739 subscriptions to 20.597 shares mortgage bonds will be secured by. direct 1st mtge. on about 95% of the
4,169,194 shares with an
This is an increase of 8,131 corporation's properties, and by a direct mortgage on the remainder subwhich payments were incomplete. the year the popular ownership ject only to $2,210,000 (closed mortgage) underlying bonds. Such underupon
shareholders since Dec. 311925. In 1921,
number of shareholders listed was less than lying bonds and the unifying and refunding mortgage bends will then concampaigns were started, the
stitute the only funded debt of the corporation.
2,500
purpose of Issue.—The proceeds of this issue will be used to retire all outon the books of the corporation Dec. 31
.
The total stockholdings listed
standIng 1st & ref. mtge. bonds and all outstanding series "A" 7% and
67,303.—V. 124, p. 113.
1926, were
JAN. 15 1927.]
THE CHRONICLE
375
and will require a large outlay In
Prin- tremendous growth of Staten Island
expected
'aeries "0" 6% unifying & ref. mtge. bonds (aggregating $22,725,000 res advance by Staten Island Edison Corp. for extensions to meet the
for expenditu
cipal amount), and to reimburse the corporation's treasury system.
growth.
on approxiand
for additions, extensions or improvements to its plantssinking fund, comis such that it should be able to finance s will not
The company's credit
the contemplated extension
-Mortgage provides for an annual
Sinking Fund.
& ref. mtge. mately a 5% basis, but inasmuch as increase in earnings, the stockholders
mencing March 1 1927, amounting to 2% of the total unifying
of such Immediately result in a commensurate
g bonds at the time outstanding. One-half which of the company have assumed the burden of providing the funds required,
bonds and underlyin
against
of offering new bonds to
fund may be used for additions, extensions or improvements,
and consequently there is no present intention
no bonds can be issued.
those called.
under
Issues.
-Additional bonds may be issued issued refund company is a part of the Associated Gas & Electric System, and
Restrictions on Further
"The
security for
of bonds
the unifying & ref. mtge. at par to refund a like amount75% of the cost substantially all of its common stock is pledged as part of the
Electric Co.
exceeding
thereunder or of underlying bonds, and for not the corporation's property, the secured 6% gold bonds of the Associated Gas & in this system, and
interest
of
of additions to or extensions or improvements
"We hope you will continue your financial
of the preto the secured
when the net income for 12 consecutive calendar months out the annual in this connection we desire to call your attention not onlydividend series
times
to
mentioned, but also to the $6 50
ceding 15 calendar months has been at least equalref.1%
mtge. bonds, includ- 6% gold bonds above Associated Gas & Electric Co. and the 5%% con&
interest on all underlying bonds and all unifying been requested.
preferred stock of the
-V. 123.
d Electric Co."
ing, those for which authentication shall have
vertible gold bonds of its subsidiary, Associate
California.
Issuance.-Authorized by the Railroaci Commission of
p. 1878.
Outstanding Upon Coinpletion of This Financing.
Capitalization
-Definitive Bonds Ready. gen. lien
$2,210.000
Tide Water Power Co.
Underlying mortgage (closed) bonds
to deliver definitive
9.633.000
-Series "B"6% (non-callable)
The Bank of America, trustee, is prepared outstanding interim receipts.
Unifying & ref. mtge. bonds
25,000.000 20
exchange for the
-year 6% gold bonds in
Series "D" 5% (this issue)
15,636,300 (For offering see V. 123, P. 1998.)-V. 123. P.3039.
Prior preferred 7% and 6% cumulative stock
6,500,000
i Elettrici)
Preferred 7% and 6% cumulative stock
0
11,000,00
United Electric Service Co.(Unione Eserciz & Sons,
Common stock
-E. H. Rollins
and common stocks have a total market value of "Unes,"
Sold.
Bonds
The above preferred
Stock
Commerciale
over $28,000,000, based on current quotations on the San Francisco
Blair & Co., Inc., J. A. Sisto & Co.and Bence
& Bond Exchange.
to yield
Italiana Trust Co. have sold at 92% and int.,
Earnings for 12 Months Ended December 31.
fund gold bonds,
Int. on
Applic. to Int. &
/%$6,000,000 external 1st mtge. sinking e warrants at75
Outstand'g
purchas
Depreciation (Before
Gross
Balance. series A 7%, due 1956 (with stock
Funded Debt.
Federal Taxes).
t
Earnings.
$602.492 tached).
$504,211
$1.106,703
1916-$1.838,464
528,515
670,693
enom. $1,000 c*. Principal and
1.199,208
1918__- 2,658,854
Dated Dec. 11926; due Dec. 1 1956.iD the present standard of weight
1,325,692
1,057,634
2,383,326
coin of
1920-- 4.472.798
of Chase National
1,825.115 int. (J. & D.) payable in U. S. gold
1,535,477
3,360,592
5,750,446
City at the principal office either without deduction
1921--2,375,466 and fineness in N. Y.
1,895,908
4,271,374
Co., fiscal agents,
7,036,651
2,474,657 Bank, New York, trustee or Blair & taxes of the Kindgom of Italy or of
2,149.170
4,623,827
future
1925..__ 7,949,285
3,069,886 for and free from any present or
2,119,788
Red.for sinking fund on April 15
5,189,674
1926*-- 8,875,451
any taxing authority thereof or therein. Otherwise red, in whole or in part
int.
*12 months ended Nov. 30 1926. t
and Oct. 15 in each year at 100 and 105 and int, to and incl. Dec. 1 1936.
American
Contra-Corporation is an importan subsidiary of the North control. on any date on 60 days' notice at
five year
on and
plus a premium of 1% for each
Co.. and its operations are under that company's supervisi
and thereafter at par and int.,unexpired term.
-V. 124. P. 237
.
period and (or) part thereof of
the
-Sale
City.
Second Avenue RR., N. Y. for Jan. 13 has Delayed.
been postponed to
Sale at auction of the road scheduled
and city
June 23 because of the controversy on transit between State company.
the
officials, according to Charles E. Chalmers. receiver for ing holders of
by the committee represent
The original plan, proposed
and
receiver's certificates on Dec. 15 1926, was to buy the road at auction
railway
then form two corporations to control ma rally the real estate and
properties. See V. 123. p. 3185.
ng director of
The letter of the president and managi
the following:
company affords
. in 1905 under the laws of
Company (Union° Esercizi Elettrici).-Incorp
through subsidiaries, a comprehensive
Italy. Owns and operates directly or ion and distribution of electricity for
system for the generation, transmiss Company has a record of successful
purposes.
electric power and light
of more than 20 years. Territory served
operations covering a period ies in Italy, and the zones served are located
embraces over 1,000 communit
Novara, Cuneo, Spezia, Fedi, Pesaro--Listing.
in the provinces of Genova. Torino,
Teramo,Chieti, Aquila. Caserta,
Sodus (N. Y.) Gas & Electric Light Co.
$592,000 Urbino, Ancona, Macerata, Ascoli, Roma,
The Baltimore Stock Exchange has authorized the listing of $108.000 Perugia, Potenza, Salerno, Bari. The principal districts served include
Margherita, Rapallo, Ceva.
6% gold bonds, series B, with authority to add
first mortgage
This com- Rivoll, Strom. Pallanza, Viareggio, Santa
additional, upon official notice that they have been sold.manufacture Chiavari, Marche, Abruzzi, Umbria, Basilicata and Tevere. The aggrepany was incorporated Feb. 19 1904 in New York for thean authorized gate population served is estimated over 4.500.000.
directly supplied by electric light and
and sale ofelectric light and power and gas. Capital consist of
stock
In this field 358,000 are consumers year it is estimated that 10.000 new
and limited issue of $700,000 1st mtge. bonds.$8,850 of6% preferred
power service. During the present the system. The industrial business
common stock.
d
and $90,000
customers will be directly connecteisto
well diversified.
Financial Statement as of April 30 1926.
In this territory is expandingsandthe company and its subsidiaries include
Liabilities
-The propertie of
Properties.
Assets
' $90,000
present installed capacity of 75,270 h.p.
$133,658 Common stock
hydro-electric plants with a Company proposes to construct additional
Cash
8,850 50
625,382 Preferred stock
steam plant of 7,200 h.p.
Planta and equipment_ _ _ _
with the pro500.000 and a -electric plants with an installed capacity of 20,000 h.p. subsequently
1,788 Bonds
MatePlais on hand
74,216 hydroof this financing, and its plans include 150,000 h.p.to be high-tension
Demand notes
16,792
Accounts receivable
15,661 ceeds
power is sent over 3,400 miles of
1.069 Interest accrued
developed. From these plants
Prepaid taxes
115,498 transmission lines to the various distributing systems, which carry the curSurplus and reserves
of
Unamortized debtdiscount
24.312 rent directly to the consumer through 1.579 substations and 1,790 miles
52,083 Accounts payable
and expense
2,235 distribution lines. While the various districts served by the company are
Consumers' deposits
ess, through
company, neverthel
all
directly connected by the lines of the
$830,772 not net work of transmission lines of other companies, substantially
Total
$830,772
the
Total
plants are interconnected.
these
of the company
-V. 121, p. 3005.
of the electric power and light businessfor power. The
The revenues
50%
-Har- are divided about 50% light and heat and aboutloads with an excellent
-Bonds Offered.
Southern California Edison Co.
industrial
power business consists largely of small
ris, Forbes & Co., E. H. Rollins & Sons and Coffin & Burr, diversification.
over 5.10%,
Financing).
Inc., are offering at 984 and int.,
Capitalization (After Giving Effect to Present
$15,000,000 additional ref. mtge. gold bonds, series of 5s, Divisional bonds and purchase money mortgage payable in lire $411,820
(closed issues)
6,000,000
due 1951. (See description in V. 122, P. 3342.) California.
of
First mortgage gold bonds (this issue)
*3.294,400 sh.
-Authorized by Railroad Commission of Statensive
Issuance.
(shares 50 lire par value)
in
Cornpany.-Ovrns and operates one of the most compreheion of systems y Common stock
treasury or 1,200.000 additional
electricit
*Not including 80.600 shares held in
the world for the generation, transmission and distribut
large shares held in escrow for purchases under option warrants.
additional bonds
for power and lighting purposes. The territory served embraces 10
-The trust indenture will provide for
a
Additional Bonds.
in southern and central California (including Los Angeles). withto
counties
total amount (including the series A
which may be hereafter authorized to a l bonds, under certain conditions,
population of over 2.500,000 and an area of 55.000 square miles-equal
Such additiona
the combined area of Massachusetts, Vermont, New Hampshire, Rhode bonds) of $10.000.000. which may vary from the bonds of series A as to
may be issued in series
Additional bonds
Island, Connecticut, Delaware and New Jersey.
date and in certain other respects.
The electric generating plants of the company have a present installed Interest rate, maturity(a) to an amount not exceeding 50% of the cost or
capacity of 815.700 h.p., of which 465,700 is hydro-electric and 350,000 is may be issued either r is less of additional property and improvements,
, for
steam. The total output of these plants for the year ended Nov. 30 1926 fair value, whichieve
of the company, as defined in the indenture
was 2,185,163,190 kilowatt hours. The largest hydro-electric development provided the net earnings of the 15 months immediately preceding, shall
is located on Big Creek and the San Joaquin River and in- 12 consecutive months out annual interest on the divisional bonds and on
of the company
the
bonds for which the
cludes power houses with a generating capacity of 345,700 h.p. This pro- have been at least twice
outstanding under the indenture, and on the
ject, upon completion, will include a drainage area of 1,200 square miles all bondson is made: or (b) par for par to retire bonds of any series then mamore than 1,400,000 h.p. of hydro-electric energy. applicati
and will yield considerably
indenture.
steam plant west sts ding under the
mtge. on•the physThe Long Beach steam plant of the company is the largestof
-These bonds will be secured by a direct 1st
287.600 h.p.
Security.
of Chicago and has a present installed generating capacity
subsidiaries subject only to prior
ical properties of the company and its
).
bonds and
follows: $211,820 divisionalthe MuniciCapitalization Outstanding (Upon Completion of This Financing
mortgages on certain parcels as
844,108,997 $200,000 purchase money mortgage on the municipal plant of
Common stock (paying 81
25,430,900 pality of Foligno. The total value of the properties on which these bonds
series A,7
Preferred stock,
31,251.975 will be secured by 1st mtge. exceeds 90% of the total value of all properties
Preferred stock, series B,6
4,000,000 mortgaged as security'for these bonds. The mortgaged properties have
Original preferred stock. 8 0
55,000.000 been appraised by independent engineers as having a sound valuation after
due 1951 (incl. this issue)
Ref. mtge. bonds, series of 5s,
26,500 000 depreciation of $12,536,370 exclusive of properties to be acquired and conSeries of 6s, due 1943
valuation of the
)
974.000
with the proceeds of this issue. Neither the
Debentures 7%, due 1928 (secured by refunding mortgage
49.297.700 structed municipal plant nor its earnings are included in the figures given
Underlying (secured by closed mortgages)
Follgno
d as additional security for these
-In addition to the stocks shown above as outstanding, the com- herein, although this property is mortgage
Note.
preferred and $3,366,175 common bonds subject to the purchase money mortgage referred to.default on the
pany has subscriptions for $4,327,075partial payment plan.
of
In addition to the above hat mtge. the trustee in case
stock, which is being paid for on the
for its account
part of the company is given the right to receive and collect
Earnings Year Ended November 30 1926.
produced andpur$27,533,028 all the proceeds from the sale of all the electric energy
indenture
Gross earnings
9,652,376 chased by the company and the subsidiary companies. The trust
and taxes
common stock
Operating expenses, maintenance
vill provide that no cash dividends shall be paid on the
Additional
, Sec __- -$17,880,652 except from earnings accumulated subsequent to June 30 1926.
d and
Net available for interest, depreciation, dividends
bonds
6,956.670 bonds up to the amount of $4,000,000 may be hereafter authorize
Annual interest charge on $131,771.700
trust indenture.
l bonds will be
-The proceeds of these $15,000,000 additiona the retirement issued under the conservative provisions of the interest on all bonds of
Purpose.
s of the company and for
-For the purpose of paying the
Fund.
Sinking
all
used for extensions to the propertie
es which are equally secured series A and of creating a cumulative sinking fund sufficient to redeem to
of $991,000 of the company's 7% debentur
will pay
-V. 123, p. 2902.
of such bonds on or before the date of maturity, the company and Nov. 1
with the refunding mortgage bonds.
the sum of $242,000 semi-annually on May 1 be applied,
agents
-Redemption of Ref. & Impt. the fiscal beginning May 1 1927. Each such payment is to
of each year
date
Staten Island Edison Corp.
the payment of interest due on the next interest
Mtge. Gold Bonds, Series A, 6%%, Due 1953, and Series B, so far as necessary, to A outstanding, and the balance is to be applied as a
on all bonds of series
obtainable, at not
fund for the purchase of bonds of series A, if
6%, Due 1964.
that the bonds have been sinking
or if not so obtainThe holders of the above bonds are notified and int. A letter to the exceeding their principal amount and accrued itnrerest,15 and April 15 of
1927 at
able, to the redemption on the next succeeding Oct.amount and accrued
called for redemption on Feb. 1 . 11. C. 107%% says in sub;tame:
Hopson
by Vice-Pres
bonds of series A to be called by lot, at their principal to retire all of the
bondholders signed
purpose of releasing the stock of
"These bonds are being called for theunder the mortgag3 securing the interest. Such sinking fund is calculated as sufficient
series A bonds on or prior to their maturity date.
Richmond Light & RR. no a• pledged
the complete segregation of the electric and
bonds so as to make possible
Earnings Year Ended June 30 1926.
for financing the large
$3 295 245
. .
railroad properties and in order to make provision
.
_______
1,739.037
needed to meet tha growth in the Gross _
amount of betterments which will be rate with the present credit of the Operating expenses_____
electric business, on a basis commensu
$1.556.208
Net earnings before depreciation
company.
19.524
with New Jersey, one at the
mortgage
"Two bridges connecting Staten Island
420.000
and the other at the upp.r end Bond int.-Div. bonds & purch. money
Amboy
lower end connecting with Perthhave been authorized and are now either
First mortgage bonds (this issue)
Howland Hook
connecting with
been provided therefor:
in course of construction or the money has Island with Brooklyn at and
Balance avalible for other interest, depreciation, &c
the
of the entire
construction of a tunnel connecting Staten
Net earnings over 3% times the annual interest requirements
way for some time. A bridge I also bain; cotNarrows has been under
3dly result in a funded debt, including this issue.
sidered. These connections when made will undoubt
376
THE CHRONICLE
These earnings do not reflect the earning power of the substantial additions to the properties of the company which are to be constructed with the
proceeds of this financing. The entire operating revenue of the company
is derived from the sale of electricity. The above earnings are derived
from rates which have not as yet been adjusted to give effect to the depreciation of the purchasing power of the lira since such rates were determine I.
It is believed that with the new adjustment of the rates which took place
July 1 1926 the revenues of the company will be substantially increased.
Stock Purchase Warrants.
-Attached to each definitive bond will be
delivered a detachable warrant entitling the holder to purchase, on or before
Dec. 31 1931, 100 shares of the fully paid capital stock of the company
(par value 50lire) at the equivalent of 5!)lire a share, at the rate of exchange
current at the time of purchase. In no event, however, shall this price
be less than $5 per share. There will be appropriate provisions protecting
the interests of the holders of warrants in case of a change in the par value
of the stock, in case of the issuance of additional shares of stock as a stock
dividend, and in case of the issuance of additional shares for a consideration in cash or property less than the then existing purchase price per share.
Stock purchase warrants for a total of 1,200,000 shares will -be outstanding
upon completion of this financing.
Common Stock.-Company's common shares, as at present constituted,
have sold in Italy at prices (conversions from lire to dollars being made
at the then current exchange rates) ranging from $4 08 to $5 50 in 1925
and from $3 49 to 54 76 in 1926. The present quotation of84 lire is equivalent at the present exchange rate to about $3 75 per share. Dividends in
recent years have been paid out of earnings and accumulated surplus:
1923. 15%; 1924, 15%; 1925, 16%; 1926, 18%•
Franchises.
-The royal decrees authorizing the water power franchises
and given by the Ministry of Public Works have a duration of 60 years.
Franchises obtained in accordance with royal decree of Oct. 9 1919 (Law
No. 2161) can be extended until Jan. 31 1977. The water power franchises
of the company in general continue for about 55 years.
Purpose.-The proceeds of these bonds will be used for the purpose of
developing hydro-electric properties, for the construction of additional
transmission lines in order further to interconnect the various properties
of the company, and for other corporate purposes. "Unes" has prepared
a comprehensive scheme for the construction of new power stations and
high-tension transmission lines, which it began to put in execution in 1925,
and which will probably be completed toward the end of 1927.
(Signed, log. Paolo Frigerio. President; Cr. Uff. Ing. Oreste Simonotti.
Managing Director.)
(All conversions referred to in the above have been made at the rate of
$.04 per lira, unless otherwise stated.)
[VOL. 124.
The companies instrumental in starting this movement have agreed that
membership in the organization will be subject to the following requirements and restrictions: Periodical audits of member companies' books by
well-known certified public accountants; limitation of automobile financing.
to 12 months; 33 1-3% cash payment on the purchase price of new cars;
40% cash payment on the purchase price of used cars, and no member
company will be allowed at any time to have outstanding obligations
in.
excess of a ratio of 4 to 1 as against capital and surplus and that only during
the heaviest season for borrowings.
The Guaranty Trust Co., New York, will act as trustee for the corporation, and the underlying collateral against which the guaranteed notes
of
the corporation are issued will consist of collateral trust notes of the individual member finance companies; the underlying purchase money obligations being trusteed at their local banks. The company will start operations with a substantial membership and the notes of the corporation
be unconditionally guaranteed by the Metropolitan Casualty Insurance will.
Co.
of New York.
On account of the co-operative features of the Rediscount Corporation,
is evident that the plan as outlined should greatly strengthen the credit it
of
the contributing members and at the same time produce a commercial
obligation much stronger and more attractive than is now available through
existing methods.
The legality of all trust receipts, indentures of all kinds, contracts, &c..
is being supervised by Gould & Wilkie, counsel for the Allied
Rediscount
Corp. The Rediscount Corp. will maintain a statistical department.
collecting data of every description pertaining to the installment business,
which should be of great value to the member companies.
At a stockholders' meeting held recently the following directors were
elected: E. W. Johnson, Pres. (Blake Bros. & Co.), New York Louis
Bacon (Blake Bros.& Co.), Boston; A. M. Klepinger, V.-Pres. (Continental
York. and W. Finance Co.), Dayton, O.; David Kempner (G. B. Bergin
& Co.). New Worth Smith Jr., V.-Pres. (Dealers Motor Finance Corp.),
Richmond, Va.°. I. Palat is Secretary-Treasurer.
The temporary office of the company will be located at 5 Nassau St.,
New York City.
Alpine Montan Steel Corp.
-Production, &c.
-
Month of 12 Mos.End
Production (Tons)Dec.1928. Dec. 31 26,
Coal
91.700.
980.800
Raw iron ore
73,200
1.079.600.
Pig iron
29,100
332.200
Steel ingots
17.700
329,200
Rolled iron
Unterelbe Power & Light Co.
-:-Permanent Bonds.
15,600
254,900
Workshop manufactures
600Permanent 15
12.980
-year 7% sinking fund mortgage gold bonds, due Oct. 1
Shipments (Tons)
1941, are now ready and exchangeable for the temporary bonds previously Coal to
bsued, at the office of A. 0. Becker & Co., 54 Pine St., N.Y. City. See Pig ironcustomers other than subsidiaries
66.800
469,900
10.800,
also V. 123, p. 2142. 1879.
82,600
Rolled iron
16,000
229.500
Orders Received (Tons)
Western Union Telegraph Co., Inc.
-Earnings.
Coal
52.800
12 Months Ended
476,000
x1926.
1924.
1925.
1923.
Pig iron
11.800
Dec. 31
81,300
Steel ingots
23.400
Gross revenues
273,300
.136.445,900 129,151,617 115.235,563 113.628.470 Total outgoing invoices
$1,062.000 512.059,000
Idaintenance b
20.855.792 19,731,321 19,121,372 18,215,273
At the end of Dec. 1926 there were at work in the company's plants
Other oper. expenses ....-c97.940.837 90,897,521 80,460.184 79,497.441
6.341 miners and 4,713 mill hands,a total of 11.054 people.
-V.123,p.3187.
Net earnings
17,649,271 18,522,775 15,654,007 15,915.756
Alta Bates Hospital (Alta Bates, Inc.), Berkeley,
Deduct-Int. on bd. deb. 2,426.128 2,336,516
2,317,325 2,306.850
Approp.for cable dev.
1,000,000 2.000.000 Calif.
1.000.000
-Bonds Offered.
-Bradford, Kimball & Co.,San FranNet income
15,223,143 15,186.259 12,336,682 11,608.90C cisco are offering at 100 and int. $260,000 1st (closed) mtge.
a Incl. divs. & int. b Repairs & reserve for deprec. c Incl. rent of leased 6% serial gold bonds.
lines and taxes. x Month of Dec. 1926 estimated.
-V. 123. p. 3186.
Dated Nov. 11926; due serially Nov. 1 1929 to 1941 incl.
West Penn Electric Co.-Earning8.or part, last maturity first, on any int. date upon 60 days' Callable, all
12 Months Ended Nov.30and int. Normal Federal income tax up to 2% paid by thenotice lit 103
1925.
1926.
corporation.
earnings
531,222,132 $334.101,919 Principal and interest(M.& N.) payable at First National Bank in BerkeNet income after all charges, incl. reserves for
r
ley, trustee. Exempt from personal property tax in California.
renewals and replacements
Security.
-Bonds will be secured by a first closed mortgage on a parcel
3,446.606
4.421,900
Preferred dividend requirements
1 ,548,729 of land located at the southwest corner of Webster and Regent Ste., BerkeOlaas "A" dividend requirements
414.806 ley, with frontage of 2594 ft. on Regent St. and having a depth of 13214 ft.
on Webster St., and upon a 6
-story reinforced concrete, fireproof hospital
Balance
$2,458.365 building of the latest design to be erected thereon. This building will con-V. 123, p. 3040.
tain approximately 109 rooms, operating rooms and other fixed hospital
equipment, together with the present building, which is to be converted
Into a new nurses' home.
The real estate securing this issue has been appraised by the Berkeley
INDUSTRIAL AND MISCELLANEOUS
Real Estate Board at $58,000 and at $63,400. These figures include the
Refined Sugar Prices.
-Revere Sugar Refinery reduces price 10 Pie. 10 present improvements on the property. The estimated cost of the new
building anti reconstruction of the old building will be not less than
640c. Per lb.
$481,000.
Details of Agreement Between Garment Workers and union Made Public. giving a total value back of these bonds of $5539,000.
-New York "Times" Jan. 14. p. 8.
Ownership.
-The property is owned by Alta Bates, Inc., the principal
stockholders being Miss Alta Bates and associates.
"Apartment Hotels" Must Prohibit Cooking by Tenants in Apartments.
Earnings.
tree of serving pantries
-The earnings of the year
basis
38
a decision handed down as kitchenettes violates tenement-house law, under present capacity, amounted to $14,505. 1925 on the effect of the beds, the
by Court of Special Sessions. New York "Times"
After giving
to
increased
number of beds and increased facilities of the new hospital, the earnings
Ian. 8. p. 19.
Matters Covered in "Chronicle" Jan. 8.-(a) Camphor prices cut by on the basis of 80% occupancy are estimated to be $98.894, or more than
refiners; domestic manufacturers announce further advance on cream of 5 times the annual interest requirements on this Issue of bonds.
tartar. p. 159. (b) Price reductions by American Window Glass Co..
Sinking Fund.
-Under the sinking fund agreement in the
the corporation covenants to deposit monthly in anticipationtrust indenture
159. (c) Firestone cuts tube prices 5%,
of interest and
footwear prices, p. 161. (e) Reports to N.p. 161. (d) Cut in rubber serial payments each year, beginning Nov. 30 1927, an amount equal
Y. Stock Exchange shows
to
increase in brokers' loans on Dec. 31, p. 169. (f) Loans by banks on one-twelfth of the annual interest on these bonds, plus one-twelfth of the
soldier bonus certificates; statements by Brig.
-Gen. Hines and Sec. Mellon. amount of the annual serial retirement.
p. 172.
F
Amerada Corp.
-1926 Earnings Establish New High
Allied Chemical & Dye Corp.-Steere Engineering Co.
Acquired and Merged with Semet-Solvay Co.'s Engineering and Record.
President E. DeGolyer announces that the corporation has completed
Construction Departments
the
-New Company Formed.
-The cor- net most successful year in its history. Preliminary estimates show total
poration announces the formation of the new Semet-Solvay and profits of $4.915,000 after all expenses, includin;depletion, depreciation
share on 214.800 shares outstanding
Engineering Corporation,the organization of which marks the as atFederal taxes, equal to 56 03 per number of shares outstanding during
Dec. 31, or 36 66 on the average
resumption of activities in the construction of coke ovens 1926. This compares with net profits of $2,498.429, or $4 24 per share on
shares outstanding at the end
and by-product recovery plants for the, manufactured gas 588,300 excellent, Mr. DeGolyer said. of 1925. The outlook for the year
1927 is
The corporation's net production at the present time Is approximately
industry. The new company is a consolidation of the newly
or
a year
acquired Steere Engineering Co.and the engineering and con- 28,000 bbls. daily, saidmore thanathree times its production with ago.
The corporation is
to be in strong financial position,
cash of
struction departments of the Semet-Solvay Co., a subsidiary
oximately $5,000,000 and no bank loans or funded debt.
-V. 123. D.
of the Allied Chemical & Dye Corp. An authoritative an- n
American Chain Co., Inc.
nouncement says:
-Sets Up Dividend Reserve.- ,
The new company brings together two of the most prominent factors in
Vie manufactured gas industry and as it takes its place as a
Allied Chemical St Dye Corp., its resources are fully ample subsidiary of
for anything
that it may undertake.
The Semet-Solvay Co. designed and built the first by-product coke oven
installation in America and operates plants in many sections of the United
States. Several years ago it started to restrict its activities in
struction of plants for others, and c ncentrated its energies uponthe conprovement in design of oven and by-product recovery apparatus. the imDuring
these years of experimentation it has perfecte certain processes and structural improvements which obtain greater economies and permit more flexible and faster operation than do present installations. The success under
operating conditions of these developments determined the company to
again seek contracts for the construction of its ovens for others, and,in order
to properly handle this kind of business, its engineering and construction
departments are segregated by transferring them to the new company.
The Steer° Engineering Co. has its general offices in Detroit and owns a
plant at Owosso. Mich., employing about 400 men, being one of the largest
manufacturers and erectors of gas works, tanks and attendant equipment in
the United States. This consolidation, therefore, brings together in one
organization the facilities necessary to provide a complete engineering and
construction service to operators of every type of manufactured gas apparatus.
-17. 124. p. 114.
Allied Rediscount Corporation.
-Organized.
--
An important movement to stabilize the purchasing of installment paper
by finance companies was inaugurated Jan. 12 when the Allied Rediscount
Corp., chartered under the laws of the State of New York, was organized
for the express purpose of purchasing installment paper. This is a combined movement by finance companies throughout the country, and contemplates inviting other responsible companies to join as fast as memberships are available. Operations will begin immediately, and the idea of
t corporation is strictly a co-operative measure to be national in scope.
ie
The directors have declared the regular quarterly dividend of 50 cents
a share on the 8% cumul. partic. class "A" stock, payable April 1 to holder.
of record March 21, and a dividend of 50 cents a share on the common
stock, payable Jan. 14 to holders of record Jan. 12. A dividend of 50 cents
per share was also paid on the common stock on Oct. 4 last.
In addition, the company has set up In its current liabilities an amount
sufficient to pay the regular dividends on the class "A" stock for the a
quarters to Jan. 1 1928 Incl.-V. 123, p. 1764.
American Machine & Foundry Co.
-Subsidiary Announces Increase in Royalty Charges.
An upward revision in royalty on all automatic cigar machines
the International Cigar Machinery Co., a subsidiary, on and aftersold by
Feb. 1
1927, has been announced. The new contracts will provide that on air
cigars selling up to 10c., but not inclusive, the International company will,
receive a royalty of $125 Per 1.000; and on all cigars selling at 10c. and
upward, it will receive a royalty of 52 per 1,000. There will no no change
made in the minimum royalty rate. tinder the old contract the company
received a royalty of $1 per 1,000 on all cigars manufactured.
The number of automatic cigar machines outstanding has increased
1,085 in June 1924 to more than 2,300 at the present time. Thesefrom
machines, it is stated, are being used by practically all of the large cigar manufacturers in the country.
The American Machine & Foundry Co. CAMS 66 2-3% of the common,
stock of the International Cigar Machinery Co.
-V. 123, p. 2143.
American Republics Corporation.
-Listing.
--
The New York Stock Exchange has authorized the listing of not exceeding
50,000 additional shares common stock without par value
400,000 shares), on official notice of issuance in exchange for(authorized.
pref. stock of Galena-Signal 011 Co. on the basis of 3 glares outstanding
of
stock of American Republics Corp. for 2 shares of pref. stock ofcommon
Galena.
Signal Oil Co.
JAN. 15 1927.]
THE CHRONICLE
Fights.for Control of Oil Company.A fight for control of the company has been started by T.P. Lee, holder
if a large amount of stock and until recently Vice-President. He has
sent a letter to stockholders asking for proxies to be voted at the annual
meeting on Feb. 24. The request for proxies contains an attack on the
present management and tells the story of the growth of the company
from a small unit with limited capital to one of the most spectacular earners
in the petroleum business.
Mr. Lee, who asks that proxies be sent to him and to W. C. Hogg and
B. F. Woodward, calls for the election at the next annual meeting of a
board of directors "who shall be truly representative of at least 75% of the
stock ownership." Mr. Lee and his two associates, his letter says, have
been amodg the six largest stockholders of the corporation since its organization, and adds that they will"undertake to share with me and other interested stockholders, who may concur in our views, the burden and responsibilities of putting your company's house in order as promptly, efficiently and economically as possible, to the best interest of all concerned."
Consolidated Balance Sheet(American Republics Corp. and Subsidiaries).
Sept.30'26 Dec.31'25.
Sept.30'26. Dec.31'25.
Assets
Cash
1,200,412 1.339,390 Accounts payable. 949,699 1,497.186
Awls & bills rec'le 5,694,841 5,427,765 Bills payable
2,103.753 2,444,359
5,772,481 5,098.030 Accrued expenses- 508,573
Inventories
326,172
Marketable secure. 5,092.988 5.088,732 Acc'ts & b ils payable, intercom'y.13,132,206 12,390.361
Notes & arc'ts ree_13,198.649 13,459,832
Bonds,intercom'y. 800,000
Car trust certifs.- 1,928,000 1,503.000
Coll, trust certifs. 2.045.000 2,069,000
Deferred chges. &
prepaid items
840,171
743,702 Bonds,intercoMy. 800.000
41,580
72,930 Company bonds 4,550.000 4,800.000
Accrued funds_ _ _ _
Plant. bidgs.. &c... 9,475,588 9.916,103 Reserves
2,567,701 2,502,197
Bolling stock
6,031,578 5,558,905 Preferred stock- A0,000,000 10,000,000
Property & mineral
Common (200,000
equities
20.000,000 20,000,000
shares, no par).20,210,000 20.210,000
2,629,914 2,387,799 Surplus
011 properties
12,483,269 10,850,912
Oar sent. contracts 500,000
500,000
71,278,200 68.593.187
Total
-Y.123. p. 3323.
Total
377
Beacon Oil Co.
-New Director.
Daniel B. Priest has been elected a director to succeed the late Galen7.
Stone.
-V. 123, p. 3324.
-Merged.
-Bethlehem Motors Corp.
-V. 121, p. 1105.
See Hahn Motor Truck Corp. below.
Bridgeport Machine Co.,Wichita Kan.
-Bonds Offered.
-Prescott, Wright & Snider Co., Kansas City, Mo., are
offering at prices ranging rom 98% to 100, to yield from 6%
to 63,4%, according to maturity, $500,000 serial 6% gold
debentures.
71,278,200 68,593.187
American Seating Corp.(N. J.).
-Calls All Outstanding
Convertible Cumulative Preferred Stock.
The directors have authorized the redemption on Feb. 14 neat, at $40 per
share and dividends, of all the cony. cumul. pref. stock. A total of 80,000
shares of this class of stock was offered June 25 1926(V. 123, p.87). of which
substantial proportion has been converted into common stock. The pref.
stock may still be converted into common stock, share for share, on or
before Feb. 4 1927.
Following the redemption of the outstanding pref. stock the company's
capital structure will consist of 200.000 shares of no par value common stock
on which dividends at the rate of $4 per share are being paid annually, and
-year 6% convertible gold notes, due 1936.-V. 123, p. 3323.
$4.000,000 10
Dated Jan. 1 1927; maturing serially Jan. 1929-1937. Both principal
and interest (J.& J.) payable at New England National Bank & Trust Co.,
Kansas City, or at Guarantee Title & Trust Co., Wichita, trustee. Redeemable on any interest date, on 30 days' notice, at a premium of 34%
for each year of unexpired life, or fraction thereof. Company assumes the
normal Federal income tax up to 2% and agrees to refund the Kansas tax
of 234 mills upon timely and proper application. Denom. of $1,000, $500
and $100 cc.
Data from Letter of James A. Woods, President.
Company.-Cempany (and predecessor partnership) has been engaged for
nearly 20 years in the manufacture, sale and rental of the well-known
Bridgeport line of oil and gas well, drilling and fishing tools and Swan
T.Inderreamers which are distributed and rented through a complete sales
organization including 17 stores advantageously distributed over the oil
fields of Oklahoma, Texas and Kansas. The business was established in
1907 with small capital and through successful operation has been built up
to its present proportions. Company numbers among its customers most
of the leading oil companies of the country. The head office and manufacturing plant are located in Wichita, Kan.
Financial Position.-The balance sheet of Oct. 311926. adjusted to give
effect to this financing, shows net tangible assets of $2.171,947, available
for the payment of these bonds, or at the rate of $4,341 for each $1,000
bond. Current assets are 7.915 times current liabilities and net current
assets are $1,456,569. or at the rate of $2,913 for each $1,000 bond.
-The average annual earningsfor the last 6 years and 10 months
Earnings.
before depreciation, interest and Federal taxes, were $279.608. Average
annual net earnings for the same period after all charges except interest
were $184,613, or at the rate of 8.15 times the maximum interest charge
on this issue. Company has made substantial profits in each year of its
operation since its organization in 1907, with one exception.
-Proceeds will be applied to the reduction of bank loans and to
Purpose.
the increase of working capital to care fertile company's rapidly increasing
business.
-Company has outstanding $473.700 7% pref. stock and 150,000
Stock.
-V. 122. p. 2502.
shares common stock (no par value).
-Initial
British Columbia Pulp & Paper Co., Ltd.
American Soda Fountain Co.
-No Dividend Action.
- Preferred Dividend of 8Y1%.
The directors on Jan. 12 took no action on the quarterly dividend usually
due Feb. 15. Since and Incl. Nov. 16 1914 quarterly dividends at the rate
if
% each had been paid.
-V. 121. p. 1792.
American Spinning Co., Greenville, S. C.
-Proposed
Merger.
The directors of the Florence Mills Co. have notified its stockholders of
a special meeting on Feb.3 to vote on a proposal to purchase the American
Spinning Co. The directors, in a letter to the stockholders, say:
"To carry out this plan the board has voted to make an offer to stockholders of the American Spinning Co.to acquire their share holdings, paying
therefor per share $201 50 and $130 par value of a new 7% convertible
preferred stock to be authorized by the Florence Mills Co. Arrangements
have been made with bankers to purchase such preferred from American
Spinning stockholders, who desire to sell, at95 flat, which places the Florence
Mills offer on a cash basis of $325 per share of American Spinning Co. The
offer is contingent upon Florence Mills receiving not less than 51% of the
entire outstanding stock of the American Spinning Co."
To assist in financing this purchase, the Florence Mills Co. has voted
to increased its common stocic from 3500 000 to $1,560,000. The increased stock would be distributed $300.000 for a 60% stock dividend on
the common now outstanding; $500,000 to be offered pro rata to stockholders at $100 per share; $260,000 to be declared later as an additional
stock dividend of 20% on the $1,300,000 common then outstanding.
V. 110, p. 2293.
American Vitrified Products Co.
-Earnings.
Year Ended Oct. 311926.
1924.
1925.
Net sales
$3,600,488 $4,039,681 $4,105,544
Net credit to surplus after dividends. def53,440
148,796
286.495
Profit and loss surplus
1,402,930
1,456,371
1,307.574
-V. 123, p. 2781.
Argyle Apartments, Dallas, Texas.
-Bonds Offered.
The Fidelity Bond & Mortgage Co., St. Louis, is offering, at
par and interest $300,000 first mortgage real estate gold
bonds.
Dated Aug. 1 1926; due serially Aug. 1 1929-1938. Denom. $1.000:
$500 and $100. Interest payable at Fidelity Bond & Mortgage Co., St.
Louis. Callable at 103.
The Argyle Apartments will be a 7
-story building and contain 36 apartments of 4 and 5 rooms and 6 rooms. The Argyle Apartments will be the
only strictly first-class apartment building of this type in the city of Dallas
and will cater to an exclusive clientele. It will be first-class, fireproof
throughout, with every modern convenience. The lot is valued at $50.000
and the building, with all equipment, at 2494,867.
Based on owners' estimates, earnings will be more than three times the
greatest annual interest charge.
Auburn (Ind.) Automobile Co.
-Unfilled Orders.
The company has unfilled orders for 1927 delivery amounting to 16.500,000. President E. L. Cord annoUnced on Jan. 13 at a meeting of 186 dealers
In the Metropolitan area and Eastern sections who represent a buying power
of $15,000,000. This figure shows the gain the company has made since
1926, when Mr. Cord attended the Auto Show for the first time as President of that company, with unfilled orders amounting to but $28,000.
The announcement further states: "Lastyear Auburn delivered 11.000
ears and acquired an additional plant at Connersville, Ind., which will
enable it to bring Its production capacity up to 50.000 cars annually. The
financial strength of the company is indicated by the fact that, after showing
a. deficit in 1924, it earned $755.000 in 1925 and approximately $1,000,000
in 1926. The earnings for the first 9 months of 1926 were $781,472, apProximately $28,000 more than for the entire year of 1925.
'The company as established in 1900 represented an investment of but
,000, while the company as it stands to-day, at a market price of 86.750,. has been built on its earnings plus receipts from the sale of 17.572
-V. 123, p. 2904.
shares of stock and $1,250,000 borrowed on notes."
8N
-To Retire
Boss Manufacturing Co., Kewanee, Ill.
Preferred Stock.
-
The directors have declared an initial dividend of $8 75 a share on the
7% cumulative preferred stock (covering the 15 months ending Jan. 31
1927). payable Feb. 1 to holders of record Jan. 15. The company took
over the properties of the former Whalen Pulp & Paper Mills, Ltd., on
Nov. 1 1925.-V. 123, p. 459.
-Permanent Debentures Ready.
Butterick Publishing Co.
Halsey, Stuart & Co. Inc., announce that they are prepared to deliver
permanent 834% sinking fund gold debentures in exchange for temporary
debentures originally issued, at their .office 14 Wall St., N. Y. City. For
offering see V. 123, P. 1385.
-Bonds Offered.
Campbell River Timber Co., Ltd.
Baker, Fentress & Co., Chicago, are offering at par and int.
$1,225,000 1st mtge. 6% gold bonds.
Dated Jan. 11927:due serially 1932-1941. Int. payable J.& J. Denom.
$1,000 and $500 c*. Red. on any int. date on 30 days' notice at 101 and
int. Authorized $3,000.000. Principal and int. payable at the office of
Detroit Trust Co., Detroit, Mich., trustee. An agreement entered into
between certain of the stockholders who own 75% or more of the company's
stock and Detroit Trust Co.trustee, provides that these stockholders will
not sell any of their stock to'other interests except with the consent of the
trustee until at least one-half of the par value of all bonds issued shall have
been paid and cancelled and then only in the event that the amount of bonds
per $1.000 on the timber covered by
then outstanding shall not exceed
the mortgage at that time. While this agreement does not bind the estates
of these stockholders. it nevertheless practically assures a continuation of
the strong ownership now existing.
-Organized in Oct. 1926 in Washington to purchase and log
Company.
certain timber in British Columbia.
-Bonds are secured by a 1st mtge. on timber held under renewSecurity.
able lease from the Province of British Columbia expiring Aug. 22 1943,
designated as Lease Lot 110, and comprising approximately 27.504 acres
and carrying some 1.240.344.000 ft. a timber according to estimates reFarded as very conservative. An examination of the timber has been made
under the direction of the Western representative of Detroit Trust Co., and
based on his report they value it as follows: 859.773,000 ft. fir at $2 25.
11.934,489:311.349.000 ft. c3dar at $1 75,8544,860;69,222.000 ft. hemlock
&c., at 50c., $34,611; total valuation. $2,513.961.
-This timber, which is situated in Sayward District, Vancouver
Property.
Island, B. C., is recognized as one of the most valuable tracts of its size In
British Columbia, by reason of the heavy uniform stand, the excellent
quality of the timber, the favorable logging conditions and its easy access
to tidewater. It extends from about the north line of the Esquimault &
Nanaimo HR.land grant northward for about 12 miles, and carries a virgin
stand on all but a small part along the northerly edge of the lot. The timber is of medium age, thrifty and growing. Practically all of the fir is
yellow fir of medium size, close grained and unusually sound. Logs will
average a good merchantable grade of a type particularly desirable for
export mills.
The company expects to begin logging early in 1928. Plans are under
way to complete the necessary railroad construction and to acquire equipment and facilities to log approximately 75,000,000 to100,000,000 ft. per yr.
Royalties -The timber covered by this mortgage is held under lease and
Is subject to royalties fixed by the Act of Parliament dated Dec. 19 1924.
These royalties are payable ion lease timber as and when logged at rates
ranging from 75c. per 1,000 ft. to $1 65 per 1,000 ft. In addition to these
royalties, the company pays an annual fee of $140 for each 640 acres.
-The mortgage provides that the company shall pay to
Sinking Fund.
the trustee quarterly at the rate of $1 50 per 1.000 for all timber cut and
removed from Lot 110, to be applied to the retirement of principal only.
As against timber hereafter to b3 subjected to the lien as a basis for the
issuance of additional bonds, the sinking fund rate will be 134 times the
loan rate.
Purpose.-Proceedsof the bonds presently to be issued will be used to
apply on the purchase of this timber.
.
.-C. H. Cobb, Pres.; A. S. Kerry. V.-Pres.; John W. Eddy,
Officers
V.-Fres.; James G. Eddy, Sec.-Treas.
Canada Paper Co., Ltd.
-Exchange Offer.
See St. Maurice Valley Corp. below.
-V. 123, p. 2905.
The stockholders have approved the retirement of 2,500 shares of preferred
Canadian Northern Coal & Ore Dock Co., Ltd.
stock at 10234.and this amount has been called by the directors for payment
The American Exchange Irving
60 Broadway. N. Y.
Feb. 15. This will reduce the capitalization to $1,000,000 preferred and City, will until Jan. 26 receive bidsTrust Co.trustee.5% 1st mtge.20
for the sale to it of
-Year
$2.500.000 common stock, both of $100 par value.
sinking fund gold bonds, due Jan. 1 1938, to an amount sufficient to exhaust
148.838.-V. 122, p. 486.
Balance Sheet November 30.
1926.
1925.
Assets1926,
1925. I LiabilitiesCarib Syndicate Ltd.
-Rights-Deposit of Stock.Plant & equipment $545,098 $578.461 Common stock-32,500,000 $2,500,000
The directors have voted to offer to stockholders 25.00 additional sub1,250,000
Oash
397,780
630,912 Preferred stock_
shares at 223 50 a share, in the ratio of one new share for each 20 shares
Demand ins. & Int. 1,253,499
853,188 Accounts payable- 107,419
135.510 held, The directors also
authorized the execution of an agreement with
27.914
Recelrie (less res.) 1,014,971
33.188
831,583 Accrued wages....
The proceeds
97,978
Cash surrender val.Tax reserve
94,000 Hayden, Stone & Co. to underwrite the additional stock. Texas Co.
t
will be used in part to liquidate a note of $460.000 held by the
of insur. policy__ 158,576
128,908 Dividends payable
250,000
The
13 announced that about
1,605,439 2,004,372 Res, for coming's.
Inventories
200,000 260,000subsharebolders' committee on Jan. have been deposited with.it
12,300
Investments
18,550 Profit & loss surp. 1,033,895 1,865,444 and are subahares of the 500.000 outstanding
held at the Bankers Trust Co. See also V. 124. p. 118.
29,644
Deferred charges
32,168
$5.017,207 $50781421
Total
Compare also V. 122, p. 2803.
Total
$5,017.207 $5,078,142
Century-Parkway Corp.
-Listing.
-
The Baltimore Stock Exchange has authorized the listing of $930,000
general mortgage 6% bonds. This company was incorporated May 4 1928
378
THE CHRONICLE
In Maryland for operating theatres, &c. The bonds are dated May 10 1926,
are due May 10 1956 and were issued for the purpose of purchase of property, and are secured by mortgage upon such property,subject only to $430,250 of an underlying issue. Mercantile Trust & Deposit Co., Baltimore,
trustee. Sinking fund provides payments be made to the trustee as follows:
$17.325, semi-annually, Nov. 10 1930 to May 10 1935 incl.; $14,850, semiannually, Nov. 10 1935 to May 10 1940 incl.; $12,375. semi-annually.
Nov. 10 1940 to May 10 1945 incl.; $9,990, semi-annually, Nov. 10 1945 to
May 10 1950 incl.; balance on or about May 10 1956.
The officers of the company are: Marcus Loew, Pres.; N. M. Schenck,
V.-Pres.; D. Bernstein, Treas.; L. Friedman, Sec.; J. T. Mills, Asst. Sec.;
C. K. Stern, Asst. Treas.
Chase Companies, Inc., Waterbury, Conn.
-Capital
Stock Increased.
-Consolidation.
-
The directors on Jan. 6 voted to increase the authorized capital stock
from 210,000,000 to 212,000.000 by the issue of 20,000 additional shares
of common stock, par $100.
This company and the U. T. Hungerford Brass & Copper Co. of New
'York have merged as of Jan. 1 1927, it is announced. The terms of the
merger have not been disclosed, but it is stated that the combined assets
of the companies will be about $50,000,000. Various details are still to be
worked out. It is expected that the policies and management will be continued without any material change. The corporations are privately
owned by the Hungerford and Chase interests.
Jeremiah R. Van Brunt. President of the Hungerford company issued the
following statement: "The Chase CompaniesInc., of Waterbury have
purchased the assets and good will of the U. T. Hungerford Brass & Copper
Co. of New York, The Chase Companies, Inc., rank among the largest
manufacturers of brass and copper materials in the country, with mills at
Waterbury. The Hungerford corporations are regarded as the largest
distributors of brass and copper products in the country with main offices
and warehouses at 80 Lafayette St., New York City and branches in
principal cities."
Childs Co., New York.
-Sales.
-
Period End.Dee.311926
-Month-1925. 1926-12 Mos.-1925.
Sale of meals
$2.320,854 $2,275,303 $25,978,421 $24,338,940
No. of meals served
4.598,190
4,602.839 51.130.430 49.569.389
-V. 123, p. 3324.
City Ice Co. of Kansas City. (Mo.)-New Control.
-
Control of this company was recently acquired by the Middle West
Utilities Co. from the Chicago Warehouse and Central Industrial Group.
The City Ice Co. plans to decentralize the manufacture of ice in Greater
Mamas City and to reduce by 55% the hauling of ice over city streets.
It is proposed to build five new.ice plants and convert the main plant from
a 400 ton steam plant to a modern 200 ton plant electrically driven.
The company recently increased the authorized preferred stock from
750,000 to 21,500,000. par 2100, and the common stock (no par value)
from 20,000 to 40,000 shares.
-V. 123. P. 98 .
6
Congoleum Nairn, Inc.
-New Officer.
-
L, H. Sanford has been elected treasurer, succeeding L. W. Fogg.
V. 123. p. 2907.
Consolidated Laundries Corp. (of Md.).-Extra Div.
-
The directors on Jan. 12 declared the regular quarterly cash dividend of
50 cents per share on the common stock, in addition to a semi-annual stock
dividend of 1% (declared on July 13 1926), both payable Jan. 31 to holders
of record Jan. 20. A stock distribution of 1% was also made on July 30
last (see V. 123, p. 330)
President Charles B. Kilby stated that the corporation was now operating
efficiently under the consolidated management and that numerous economies were being effected. He reported that the volume of business for1926
showed a large increase over 1925.
It is expected the corporation will shortly announce the acquisition of one
or more large laundry systents.-V. 123. P. 2001.
Continental Can Co.
-Acquisition-Regular Dividend.
-
The company is reported to have acquired the Seattle Can Co. This
follows the purchase late last year of the Los Angeles Can Co.
kr The directors have declared the regular quarterly dividend of 51 25
a share on the common stock, no par value, payable Feb. 15 to holders
of record Feb. 5. On Feb. 15 19213 an extra cash dividend of $1 a share
was paid.
-V. 123, p. 3325.
Continental Mortgage Co. of No. Caro.
-Bonds Offered.
-Bristol & Co., Chicago,are offering at par and int. $1,500,000 53i% 1st mtge. real estate gold bonds, series "C."
Dated Dec. 1 1926; maturities 1, 2. 3, 4, 5. 10, 15 and 20 years. Denom.
$1,000 and $500 c*. Red. on any int. date at 101 and int. Principal payable on Dec. 1 of year of maturity. Int. payable J. & D. Central Bank &
Trust Co., Asheville, N. C. trustee.
Security
.-The bonds are ' direct obligation of the Continental Mortthe
gage Co., a North Carolina corporation, with paid-in capital of $250,000,
organized and chartered to make first mortgage loans on Improved,income
producing real estate located in various parts of the United States. For
each bond issued the company, operating under a trust agreement, deposits
with the trustee 100% collateral in the form offirst mortgages on real estate,
principal and interest on which is guaranteed to the trustee for the benefit
of the bondholders by the United States Fidelity & Guaranty Co.
In event of default on any mortgage, the surety company covenants to
pay accrued interest within 30 days, and principal within 6 months, with
interest at the bond rate in the interim.
Guarantor.
-The mortgages securing these bonds are guaranteed by the
United States Fidelity & Guaranty Co. of Baltimore, Md., whose assets
total more than 252,000,000.
[VOL. 124.
Dodge Bros., Inc.
-Estimated Earnings for 1926.
-
Addressing the Dodge Brothers dealers' convention at Detroit, Mich.,
President Wilmersaid in substance: "Our profits in 1926 were approximately
the same as in 1925 while production of 330.000 units was a new record,
comparing with 255.000 units produced in 1925. The motor for the new
line of high priced Dodge cars to be introduced to the public about July 1
will be made by Continental Motors according to Dodge specifications.
The company plans to produce about 30,000 of these cars this year. During
the past year 54% of the company's sales were time payment sales compared
with 64% for the industry. In 1925 time payment sales by the
comprised 75% of total sales and in 1924 80%."-V. 123, p. 2525.industry
Dwight Manufacturing Co.
-Comparative Bal. Sheet.AssetsNov. 27'26. May 29'26.
Real est.& mach__$3,032,223 23,000,000
Essex Cotton Mills 350,000
Misc. investment_
1
Merchandise
1,939,149 2,076,541
Subsc. res
824,350
Acc'ts receivable__ 830,230
543,029
Cash
380,487
915,452
Profit & loss
def565,918
451,237
-V. 124, p. 240.
Liabilities- Nov. 27'26. May 29'26.
Capital stock
25,000,000 $3,000,000
Notes payable__ 1,800,000 2,850.000
Acc'ts payable_ ___ 179,130
151,692
118,886
Deprec'n reserve- 160,247
Capital, surplus- 782,981
865,681
Total (each side)27,922,358 $6,986,259
El Cortez (Grant Terrace Building Co.), San Diego,
Calif.
-Bonds Offered.
-S. W. Straus & Co., nc., recently
offered at par and int. $800,000 1st mtge. fee 634% serial
coupon gold bonds, safeguarded under the Straus plan.
Dated Oct. 15 1926; maturities 3 to 16 years. Denom. 51.000, 5500 and
$100 c*. Interest coupons payable A.& O.; callable at 105 and int. for the
first 3 years, at 103 and Mt,for the next 5 years and at 102 and int. thereafter. Bonds and coupons payable at offices of S. W. Straus & Co. Exempt from personal property tax in California. United States Federal
Income tax, 2%, paid by borrower.
Security.
-This bond issue is secured by a direct closed 1st mtge. on the
land in fee and on the building to be erected and on its furniture, furnishings and equipment. The land on which this building is to be erected and
which constitutes a part of the mortgaged security occupies the entire
frontage on the north side of Ash St.from 7th to 8th Sts.,fronting approximately 200 ft. on each of these three streets. The building is to be of reinforced concrete full fireproof construction, 15 stores high with basement
and part mezzanine. It will be of Spanish Renaissance architectural type
with cement plaster exterior and cast stone trim. Its upper floors will
contain 245 rentable rooms with 118 baths. The first floor and mezzanine
will contain a large lobby, dining room, men's club room, women's lounge,
barber shop and beauty parlors and the manager's executive offices. The
basement will contain a garage for 50 cars, service quarters and storage
rooms for the accommodation of guests.
The value of the land and the completed building and the furniture and
furnishings, the property mortgaged as security for this bond issue, has
been independently appraised in excess of $1,341,190. This bond issue,
therefore, amounts to approximately 59% of the value of the mortgaged
property.
Rarn tgs.-The net annual earnings of the property when completed,
after deduction for taxes, insurance, operation and ample allowance for
vacancies, have been estimated at $106,850 available for interest'and serial
principal payments required under this bond issue. This is more than twice
the greatest annual interest charge and is $33,115 in excess of the greatest
combined annual interest and serial principal requirements hereunder.
Borrowing Corporation.
-These bonds are the direct obligation of Grant
he capital stock of which is owned by Richard T.
Terrace Building
Co.,Price, Herman Jacobson, Dempster McKee and C. M.
Robinson Jr., G. W.
Monroe. Mr. Robinson is President and director; 1\4r. Price is Secretary
and director, and the others are directors of this corporation. All are men
of successful business experience and prominent in commercial and financial
circles of San Diego.
Electric Household Utilities Co.
-Omits Dividend.
The directors have voted to omit the quarterly dividend due at this time.
It is stated that this action was taken because the board anticipates that
additional requirements for working capital will be necessary to carry out
the enlargement program of the management. Orders on hand were said
to be ahead of last year.
In October last a quarterly dividend of 50c. in stock was paid, in July
the payment was 25c. in cash and 25c. in stock and previous to that 50c.
-V. 123, p. 2001.
quarterly in cash.
Electric Refrigeration Corp. (& Subs.), Detroit.
Report for 9 Months Ended Sept. 30 1926.
Net sales
$17,163.128
Net sake. $17.163,163, 128; cost of sales, $11,134,279; gross
profit
$6,028,849
Selling, Advertising & administrative expenses
2,878,805
Operating profit
Other income, less other deductions
$3,150,044
4,168
Net profit
$3,154,211
Interest on gold notes (paid & accrued)
116,330
Provision for Federal taxes (estimated)
413.675
Amounts applicable to outstanding unexchanged stock of
subsidiaries (438 shares)
1,554
$2,622652
The foregoing includes the earnings of Electric Refrigeration C p.'and
its subsidiaries with the exception of the Refrigeration Discount Corp.
(100% owned) and Kelvinator of Canada, Ltd..(74% of common owned).
Coty, Inc.
-Dividend Rate Increased.
The consolidated balance sheet as of Sept. 30 1926 was given in V.
The directors hare declared a quarterly dividend of $1 25 a share, pay- 123. p. 3190.
able March 31 to holders of record March 21. During 1926 four quarterly
President A. II. Goss announces that B. A. McDonald. formerly Presidividends of Si a share were paid, and in addition an extra dividend of 21 dent of the Commercial Trust Co. of Chicago, has accepted, as of Jan. I
a share on Dec. 31 last -V 123. p. 2660.
1927, the positions of president of the Refrigeration Discount Corp. and
and treasures of the Electric Refrigeration
Court-Livingston Office Bldg. (66-74 Court Street vice-president Discount Corporation was formed recently to Corp. The
Refrigeration
handle exclusively deferred payment paper acquired by the Electric Refrigeration
Realty Corp.), Brooklyn, N. Y.
-Soon Completed.
Corp. which owns Its entire capital stock.
-V. 123, p. 3190.
Announcement has been made by Greenebaum Sons Securities Corp.
that the 30
-story Court-Livingston office building. Brooklyn which was
European Shares, Inc.
-The stockholders
-To Dissolve.
security for a 22,000,000 1st mtge. bond issue offered by then, would be
will vote Jan. 26 on dissolving the corporation. President
completed about April 1. See V. 123, p. 1637
Cresson Congo!. Gold Mining &Milling
-Earnings. Richard F. Hoyt says:
Co.
This corporation was organized primarily to deal in German securities,
The net profit for the fourth quarter of the year 1926. after deduction of
it being the judgment of the orga izers of the company, as expre s2d in the
all expenses, treatment and transportation charges, shows:
prospectus, that the shortage of working capital in Germany incident to the
Net
Net
Average
transition from inflation to a at bilized currency had caused Gorman securTons.
Returns. ities to sell at abnormally low prices, and the belief was expressed that
Gross Value.
October
8,712
826,954 unusual opportunities existed for the purchase f these SOC titles and financ512 87
November
10.336
76,288 ing of German concerns on a basis which would result in a substan ial profit.
18 26
December (estimated)
10,948
53,000 A substantial amount of the company's shares were placed in Germany and
15 12
connections were established with sever 1 of the leadi g financial instituTotal
29,996
$156,242 tions of Germany.
515 57
As of Dec. 31 1926 the company had cash in bank of $1,062,056.Toe shortage of working capital which existed in Germany at the time
V. 123, p. 331.
the company was organized has been cure I more rapidly than was originally
anticipated. Money conditions in Germany are now substantially as easy
Cuba Cane Sugar Corp.
-New President, &c.
as in many other countries. The result has eon that the opportunities of
Charles Hayden has been elected president to succeed W. E. Ogilvie, the particular economic sitlation in Germany, in contempiatio of which
resigned. Mr. Hayden has also been made chairman of the executive t is company was organized, nppear t h rve been fully realized, at least for
committee.
the time being. The directors do not feel that further share o orations in
J. J. Morrow has been elected a director to succeed the late Regino Germany would be advantageous at the level of prices which now prevails.
Truffin.- V. 123, p. 3189.
The economic developme ts within (1 rmany which were fore eon at the
time the company was organized have resulted in a very substantial profit
-Retail Sales.
Davega, Inc.
to the company upon the investment of original capital called in. This
1926-12 Mos.-1925.
Period End. Dec.31- 1926-Mon1h-1925.
will have remitted, in the ourse of approximately a year, the absorption
$542,825
$375,690 22,780,358 $2,007,367 of organization expenses, the payment of the advisory committee and a
Retail sales
.
The figures are exclusive of sales of Schoverling, Davis & Gans yeoentiy net liquidating value of the sto k, after taxes and other er penses, which on
corporation.
-V.123, p. 3042. 2782.
acquired by the above
the basis of present market quotations of securities which are still held is
calculated at between $25 and $26 a share.
-Sale
Diamond Match Co.
In view of this situation, the directors are of the opinion that it is wiser
and other property in South- to dissolve the company and return to the stockholders their capital and
The company h sold its land, bull
ford, Conn., including water rights extending to Quassapaug Lake, Wood- proportionate share of the profits realized, rather than to seek to embark
Ansonia Water Co. The sale does not include the upon operations in fields other than those contemplated when the company
bury, Conn., to the
-V. 23. P. 2396.
mnehinery of the Diamond Match Co.
was organized. See also V. 124. p 241.
THE CHRONICLE
JAN. 15 1927.]
-Sales.
(The) Fair (Department Store), Chicago. Mos.-1925.
1926-11
-Month-1925.
Period Ended Dec. 31. 1926
$3.920.989 $3,880,924 $25,767.472 $25,216.922
Sales
-V. 123. p. 2661.
Fairbanks, Morse & Co.-Sales.YearsSales
-V. 123, p. 2397. 1638.
1926.
232,038,739
1925.
$31.668.778
-New Director.Famous Players-Lasky Corp.
_ Sam Katz has been elected a director to fill a vacancy in the board.V. 124, p. 241.
-Definitive Bonds Ready.
Fiat (Turin, Italy).
-year
J. P. Morgan & Co., are now prepared to deliver definitive 20
sinking fund 7% gold debenture bonds, dated July 1 1926. in exchange
for the temporary bonds with temporary stock purchase warrants attached.
now outstanding, upon surrender of the latter at their office. (See offering
in V. 123, p. 211).-V. 123, p. 3326.
-Seeks Authority to Issue
First National Stores, Inc.
-To facilitate the financing of the
$2,000,000 of 5% Bonds.
company's proposed central plant, the stockholders have
been asked to assent to the creation of debentures or of
bonds secured by mortgage of the real estate of the corporation in Somerville, Mass., and the buildings (and fixtures
thereof) which are now being erected and which may be
erected thereon, to a total amount not exceeding $2,000,000.
The directors, in a letter to the stockholders dated Jan. 3,
said in part:
379
of men and women who eat all of their meals in restaurants, company's
locations are mostly in places where there is a field for three-meal-a-day
service. All Georgian food is cooked or otherwise prepared on the premises
which are
of the individual restaurant excepting bread, rolls and pastry,
produced in the company's bakeshop in Cambridge.
Issued.
Authorized.
Capitalization75,000 shs. 55.000 shs.
Class A preference stock (par $20)
100.000 shs. 100.000 shs.
Common stock (no par value)
pref-Net profits of the properties owned available for class A
Earnings.
erence stock for 2 years and 11 months to Nov. 30 1926 averaged $175,329
of certain nonyear, after depreciation based on cost, elimination 13%%. This is
per
recurring charges and Federal taxes at the current rate of
share on
equal to 1.99 times the annual dividend requirement of 31 60 per
stock have
55,000 shares. Net profits for the same period for the common
averaged 87 cents per share.
Balance Sheet NOV. 30 1926 (After This Financing).
Liabilities.
Assets.
$139.615 Class "A" preference stock_ _ _31,100,000
Cash
49,000
2,809 Common stock (no Par)
Accounts receivable
94,943
48,915 Accounts payable
Inventories
5.000
1,251,600 Purchase money notes
Fixed assets
24,379
1 Federal taxes accrued
Good-will
29.920
Taxes, int., da3., accrued__-30,685
Deferred charges
12,000
Mortgage payable
25,000
Purchase money notes
133,383
$1,473,626 Surplus
Total (each side)
Directors.-Pres., V. H. Philbrook: V.-Pres., C. P. Dodson; Treas.,
(of
William E. Smith; Asst. Treas., G. W. Ives, and Daniel W. Gurnett
Richardson, Hill & Co.).
-Transfer Agent, &e.
Portland Cement Co.
Giant
Trust
ThePhiladelphia Stock Ezch.wasrecently nflified that the Girard
as registrar
Co. will act as transfer agent and the Land Title & Trust Co.as of Jan. 5
the preferred and common stock of the company, effective
of
1927.-V. 123, p. 3043.
The merger of the Conner, Ginter, O'Keefe and Door companies under
Gill Mfg.Co.-New Vice-President.
the name First National Stores, Inc., contemplated the economies of a
and
F, A. Miller has been elected Vice-President and director of sales
central plant for warehouse, bakery, manufacturing plant and general
site and perfected plans for a plant advertising, effective Jan. 1.-V. 123. p. 2662.
offices. We have acquired a splendid
of the highest of, iency and are proceeding with its construction. fhe
-Extra Dividend of 123'c.
Gillette Safety Razor Co.
estimated cost wi approximate $2,500,000. Obviously, ail of this should
not be taken from working capital. It can be raised by a preferred stock The directors have declared an extra dividend of 12%c. per
Issue, but ony at an annual charge of 7%. The company is so strong
to the regular quarterly dividend of $1
financially that it can, we believe, secure the necessary amount of funds share in addition
from a 5% bond issue secured by a mortgage on the new plant. This per share on the outstanding 2,000,000 shares of capital
our stockhlder.z
of e large
asentcriovup
tanttL
stock, no par value, payable March 1 to holders of record
enbnnnanbeiaath;nugh asubsidiay uno
Jan. 31. An extra dividend of 50c. per share was paid in
on such favorable terms for our company.
As directors and owners of a substantial portion of the stock, we believe addition to a regular quarterly of $1 on Dec. 1 last. From
that financing by a direct bond mortgage of the company is the most
incl. extra dividends of 25e.
economical and proper plan and in the interest of all stockholders. A Sept. 1 1925 to Sept. 1 1926
conservative estimate of the saving by such a plan is In excess of $100,000 per share and regular dividends of 75c. per share were paid
during the term of the mortgage, besides securing a much better price for
-V. 123, p. 2268.
quarterly.
the security when issued.
The benefits of unified operation and of the acquisition of the Derr
-Annual Report.
Glidden Company.
Co. are growing. The proposed central plant will ensure improved service.
1925.
1926.
and substantial savings should be effected.
Year Ended Oct. 31225,431,664 223.769.398
- Salesof sales, expense, &c
Number of Stores in Operation Increased Over Last Year.
22,462,289 20.419.319
Cost
564,605
516,169
The First National Stores, Inc., has increased the number of its stores Interest,&c
300.715
323,260
from 1.639 prier to the merger of the O'Keefe, Connor and Ginter com- Depreciation
275.000
268.000
panies in Dec. 1925. to approximately 1.750 at the present time.
Federal tax
At the same time the meat department the Arthur E. Dorr division, has
$1.861,945 $2.209,757
last February when the contract
Increased the number of its stores since
Net profit
3.084,803
5,429,394
was made for its absorption by the First National Stores. Inc.,from 11 to Previous surplus
x1,024,268
-V. 124. D. 241.
28. The growth has been mainly in Greater Boston.
Excess received on common stock sold
9,287
14,971
Miscellaneous credit adjustment
3493.061
Fixed asset adjustment
-
-Proposed Consolidation.
Florence Mills Co.
See American Spinning Co. above.
4515 Lindell Boulevard Apartments, St. Louis, Mo.-Fidelity Bond & Mortgage Co., St. Louis, is
Bonds Offered.
offering at par and int. $330,000 1st mtge. real estate gold
bonds.
Total surplus
Prior preferred dividends (7%)
Common dividend ($2)
Reserve for contingencies
Inventory adjustment
Premium on bonds retired
Miscellaneous adjustment
$7,499,371 $6,328,115
500,396
497,800
798,750
500,000
109,518
383,816
14,509
12.645
Dated Jan. 11927: due serially Jan. 1 1930-1939. Callable at 103 and
$5,580,658 $5.429,394
Profit & loss surplus
int. Total issue, $330.000; value of mortgaged property. $560.850.
The 4515 Lindell Boulevard Apartments are located in one of the best
x Excess of net amount received over declared value of $5 per share on
blocks on Lindell, being within one block of the great St. Louis Cathedral 77,045 shares of no par value common stock sold during year 1925. Credit
and less than two blocks of the Hotel Chase and main entrance to Forest ariting from the adjustment of book value of fixed assets of Lithopone
Park. It is surrounded by beautiful residences and very high-class apart- Plant at Oakland. Calif., to conform with book value as of Oct. 31 1926.
ments and improvements. The apartments have unusually large living
Comparative Balance Sheet Oct. 31.
rooms.and each: room is an outside room, with maximum light and air.
1926.
1925.
1925.
1926.
Two-thirds of the apartments have southern exposure, which is so desirable
Liabilities
Assetsgarage space is provided for all tenants. The building
in St. Louis. Ample
7% prior pf. stock 7,166,300 7,201.300
contains 60 suites of living room, bath, bedroom, kitchen and dining alcove, Land, buildings,
equipment, dtc_a8,971,922 7.45,289 Common stock c2,000,000 2,000,000
together with garage. Based on very conservative rentals, the net annual
Minority int. (GI.
Good-will. tradeIncome should be 214 times the greatest total annual interest charge.
14,620
Stores Co.) stk_
12,605
131,227,864 1,218,137
marks. dm
2,900,000 3,000.000
418,997 1st serial Ss
445,103
Cash
-Listing.
Georgia Marble Co.
mtges 684,000
160,000
accts.ree_d4.002,472 3.958,536 Sund.
The Baltimore Stock Exchange has authorized the listing of $1,000.000 Notes St
e923,333 1,200,000
38,198 Notes payable_ _
74,242
rec1st mtge.6% sinking fund gold bonds. These bonds were placed by Town- Miscell. accts.
5,283,911 5,709,617 Accts. pay. misc.
send Scott & Son and Mercantile Trust & Deposit Co., Baltimore, in Oct. Inventories
961,290 1,033,818
accts., Ac
1,144,587 1,482,254
assets
1926. The bonds are dated Nov. 1 1926, are due Nov. 1 1950 and were Otherstk. for retire
64,774 Acced tax, int..kc. 172,195
164,708
20,740
Issued for the purpose of retiring outstanding indebtedness, including out- Pref.
240,000
180.000
371,174 Deferred items_
charges__ 365,358
standing bonds of the previous issue. They are secured by an absolute 1st Deferred
,c363,135
Res.for Fed. tax _ 268.000
costing approximately $4,500,000. Mercantile
(closed) mtge. on property
Res. for coating__ 687,818
Trust & Deposit Co., Baltimore, Md., trustee. Coupons are payable
5,580,658 5,429,394
Total (each side)21,536,199 20.806,975 Surplus
M.& N. Sinking fund provides for payments to the trustee of 280,000 pier
a Includes: Land.$1,399,470, bidgs., machinery. equip.. &c..$9.153,808.
annum, payable semi-annually, which will provide the total interest requireore lands and leases,
ments, and also sufficient funds to retire the entire issue at 1003 by ma- less allowance for depreciation, $1,985,165:Good-will, trade-marks, less
redepletion, $403,809; total $8,971,922. b
turity.
This company was tricorn. May 2 1884 in Georgia for the purpose of organization and development expenses and unamortized bond discount,
&c. c Common stock represented by 400,000 shares of no par value.
manufacturing marble.
quarrying and
The officers of the company are Sam Tate, Pres.; W. E. Tate, IT. L. d Customers' accounts and notes receivable, less reserve for doubtful
Litchfield, A. Anderson, A. V. Cortelyou, H. H. Miles, Vice-Presidents; accounts. discounts, &c. e Includes 2850,000 for money borrowed and
G. M. Atherton, Treas.; W. M. Dunn, Sec. The location of thb office $73,333 for purchase of property.taxes
is subject to any necessary adjust-The provision made for
Note.
of the company is Tate, Ga.
ment upon determination of the companies' final liability therefor.
Financial Statement as of October 31 1926.
V. 123, p. 1639.
Liabilities.
Assets.
-Listing.
Gotham Silk Hosiery Co., Inc.
$1,994,300
$40,885 Common stock
Cash
5,700
16,365 Preferred stock
The New York Stock Exchange has authorized the listing of outstanding
Working funds
69,441 Bonds
293,000 Interim certificates, issued by the National Bank of Commerce in New York
Notes receivable
536,374 for $2,318,000 7% cumulative preferred stock, with authority to admit to
1,196,849 Notes payable
Accounts receivable
11.101 the list temporary certificates for $2,682.000 additional stock on official
2,534 Accounts payable
Advances to employees
3.729 notice of issuance on subscription and payment in full.
118.974 Dividends payable
Deferred debit items
142,412
-The sale of the preferred stock at par ($100 per share)
Purpose of Issue.
4.409 Accrued liabilities
Cash with trustee
33,518 is for the purpose of providing a maximum sum of $2,263,000 with which
33,518 Discounted notes receivable._
Notes receivable discounted__
1,560,825 to effect the redemption of the outstanding first and second preferred
5,138,763 Reserves
Plant property
2,426,809 stock, which has been called for redemption on Feb. 11927. The remainder
168,799 Surplus
Investments
of the proceeds of the sale of said preferred stock will be applied as follows:
217,234
Inventory
21,385,000 for the acquisition of the Largman Gray plant and the balance
Total
$7,007,771
Total$7.007,771 for other corporate purposes (payment of a portion of the 'purchase price
Hosiery, Inc.).
the
and business, including
- ofThe assets will be given to commongood-will. of "Onyx"
(The) Georgian Inc., Boston.-Pref. Stock Offered.
right
stockholders (both voting and nonbefore Feb. 1927. to
voting) of record on Jan. 5
Hill & Co. are offering at $21 per share and div., this issue of preferred stock 1527, to subscribe on or of a share of1preferred
Richardson,
at the ratio of 10-79ths
to yield 7.61%, 55,000 shares class A preference stock (par stock for each share of common stock (voting or non-voting) held on the
record
offering 16,250 shares are being acquired for thedate; any shares of the preferred stock not subscribed for will be sold
$20). Of the above
account of the company at, par ($100 per share).
from the company and the remainder from individuals.
The Committee on Securities has ruled that transactions in com.stocks
f
;
log) er ai ar, At ann
zor ( regist a% per antic shall be ex-rights on Jan. 10. (See also V.123, p. 2784.)-V. 124. p.
.
of
awvi t v B
n
N
Baalona1 &lini n iit a amdei
Transfer
per
242.
National Bank of
a
on 15 days'
-J. Callable on any dividend
Dividends payable Q.
(F. & W.) Grand 5-10-25 Cts. Stores, Inc.-Sales.notice at $22 per share and dividends.
1926- Dec.
1925
Increased 1926-12 Mos.-1925 Increase.
Data from Letter of Wm. E. Smith, Secretary, Boston, Dec. 21 1926 $1.818,626
$1,756.629
$61.9971310,501,938 $8,619,192 $1.982.746
-A new corporation, organized in Mass, to take over directly -V. 123, p. 3043, 2398.
Company.
or indirectly the assets and business of the Georgian Inc. Company now
(W. T.) Grant Co. (Mass.).
-December Sales.
operates 10 restaurants with cafeteria and lunchroom service. Of these
6 stores are located in Boston, 2 in Cambridge, 1 in Brookline and 1 in 1926-Dec.--1925 Increase. 11926-12 Mos.-1925 Increase.
the rate of approximately $6.454,673 25,333,788 $1.120,8851$35,934,289 $30,162,524 55.771.765
Springfield. The Georgian stores are serving at
6,000,000 meals a year. Since a special effort is made to get the patronage -V. 123, p. 3043, 2526.
380
THE CHRONICLE
[Vol.. 124.
Great Northern Paper Co.
-To Change Par.
The
Bank, Chicago, trustee. Callable at 102 and Int. on any maturity
date
60 days' notice. Federal income tax up to 2% paid by the borrower. on
Security.
-These bonds are a direct obligation
Co. and will be secured by a direct (closed) 1st ofthe First Avenue Holding
mtge. on land owned in fee
having a frontage of 140 ft. on First Ave.
Greenfield Tap & Die Corp.
-Par Value of Common Second St. in Cedar Rapids, Ia., and byand a depth of 140.75 ft. on North
and store building, completely furnished a modern 12-story fireproof hotel
Shares Changed.
nowin the course of construction.
In addition, these bonds will be secured by a first lien in effect
The Boston Stock Exchange has been advised that as of Dec.
'
on the net
30
par value of the common shares of the above corporation has been 1926 the earnings of the property.
The building will contain 250 guest rooms, 10 stores, dining rooms
changed
from $25 per share to no par value.
and a.
-V.122,1)• 1035.
2
-story lobby on the street floor,
sample rooms and a terrace garden and a ballroom, private dining rooms,
on the mezzanine.
Gulf Oil Corp. of Pa.
-Bonds Sold.
-The Union Trust
Ground and building complete with furnishings have been
Co. of Pittsburgh, Guaranty Co. of New York, Bankers Herbert B. Beldier, architect, at $1,215,000 and by Hefter &appraised by
Beatty, Inc.
Trust Co., The National City Co., New York, and Mellon realtors, at $1.222,000.
Earnings.
-The net annual
National Bank, Pittsburgh, have scld at 100 and int. for operating expenses, taxes,income from the property, after deducting
insurance and a liberal allowance for vacancies,
$35,000,000 20
-year 5% sinking fund debenture gold bonds. figure is is estimated by independent hotel operators at $142,077. This
more than 314 times the maximum annual interest charge.
Dated Feb. 11927; due Feb. 1 1947. Denom. $1,000 c. Principal
Borrower.
and
-The bonds are the direct obligation of the First Avenue Holdint. payable at the office of the Union Trust Co.of Pittsburgh,
trustee, or at ing Co. Capital of the First Avenue Holding Co. consists of $410,000 of
Bankers Trust Co., New York.
for normal Federal income tax upInt. payable F. & A. without deduction pref. stock fully subscribed toby the business men of Cedar Rapids and
to 2%. Red., as a whole only, on any $200,000 of common stock, the majority of which is owned by Krenn &
int. date upon 4 weeks' notice at 104
or at 102 and int. if red. after Feb.and int. if red.on or befOre Feb. 1 1937, Date, Inc.
1 1937. Free of Penna. 4-mill tax.
Sinking Fund.-SInking fund
Hudson Valley Coke & Products Corp.
Jan. 1 1928 to be used toward the of $1,500,000 per annum commencing
-Bonds Called.
purchase on each Feb. 1 thereafter upon
Certain of the first mortgage 15
tender made during each January. bonds at not exceeding par and int.
-year 7% sinking fund gold bonds, aggreIf gating $29.000, have been called for
In January of any year a sufficient number
payment Feb. 7 at 110 and interest at
of bonds shall
tendered to exhaust the fund of that year the trustee shall not have been the Union Trust Co., trustee, Cleveland, Ohio.
-V. 122, p. 2689.
thereafter repay the balance in said fund to the company. on Feb. 1 next
Illinois Wire & Cable Co. Sycamore, Ill.
-Stock Sold.Data from Letter of W. L. Mellon, President of the Company.
Business.
-The business conducted by the company (together with sub- Mitchell, Hutchins & Co., Chicago, recently sold at $24 per
sidiaries, practically all of whose stock it owns) includes the producing, share 20,000 shares common stock.
refining, transporting, distributing and marketing of petroleum and its
First Trust & Savings Bank, Chicago, transfer agent; Illinois Merchant.
products. It is one of the largest oil producers in the United States, its Trust Co., Chicago,
registrar. Stock listed on Chicago Stock Exchange
production from its more than 5,000 wells in the United States exceeds
Capitalization
Authorized. Outstanding.
140,000 barrels per day. In addition, it has a substantial production in Common stock (No Bonds)($10 par value)
60,000 abs. 60,000 au/
Mexico and Venezuela. The total average daily production from the well&
Data from Letter of President Geo. E. Dutton, Dec. 29 1926.
of the company in United States and foreign countries is approximately
Company.
190,000 barrels.
-Organized in 1912 to manufacture bare and weatherproof
Practically all of the company's oil fields in Oklahoma, Kansas, Texas, copper wire and cable. These products are used for the distribution of
Arkansas and Louisiana are served by its pipe line system which, exclusive electrical current by light and power companies and by railroads, telephone
of field gathering lines, exceeds 3,000 miles. Through these pipe lines
and telegraph companies, of which the country's largest have been contsant
the customers
company delivered during 1926 more than 46,900,000 barrels of crude oil.
of the company. In 1919 the control and management of the
The company's Port Arthur refinery is one of the largest in the world. company was•taken over by the present organization, and since then the
In 1926 the company constructed a refinery at Bayonne, N. J.(New York company has had a constant increase of business from sales of 5.153,277
Harbor) with a (tally capacity 20.000 barrels. It has under construction pounds in that year to more than 33,000.000 poundsin 1926. Plant located
a refinery of equal capacity of
Philadelphia. At present the company has at Sycamore (52 miles west of Chicago).
in operation a total refiningat
Earnings.
-The net profits for the years 1923 to 1926, inclusive (the incapacity
150,000 barrels daily.
The company's ocean-going vessels,of
having a cargo carrying capacity of come for the month of December 1926 being
more than 1.600,000 barrels, are used to transport crude from fore*n fields reductions in officers' compensation which estimated) after giving effect to
will be In force in the
to the company's refineries and the refined oil to its distributing stations averaged $241,937. or over $4 per share per year, and the net profitfuture.
for the
on the Gulf of Mexico and the Atlantic seaboard, including the ocean
year 1926 (December estimated) is $305.057, or over $5 a share on the
ter- 60,000
minals at Galveston,New Orleans, Mobile,Tampa,Jacksonville,Savannah,
shares of common stock to be outstanding. In no one of these
Charleston, Philadelphia, New York Harbor, Providence and Beverly years has the company failed to earn the proposed dividend requirements
(Boston). From these points the oil is distributed and marketed through by a comfortable margin.
more than 1,500 sales stations.
Dividends.
-It Is the intention of the directors to establish dividends at
During the past year the company invested about $5,000.000 in a group the rate of $2 per share per year, payable 50 cents per share quarterly
of well established marketing companies in Europe. These companies
(Jan. 1, &c.).
have
ample terminals and marketing facilities covering the whole ofthe Continent
Purpose of Issue.
-During the past years the old s ock of the company
and the United Kingdom.
was very closely held, with the result that there was no established market
Purpose of Issue.
-The proceeds of these bonds will be used to provide for the shares. The present block of stock is being sold to establish a
funds for the payment of indebtedness contracted by the company
and by market which will be of advantage to the company in its policy of uture
Its subsidiary companies in the usual course of
development.
largely by investments in the United States andits business brought about
Balance Sheet December 1926.
foreign countries in properties not yet productive.
Assets
Liabilities and Capital
Earnings.
-Net earnings before interest, but after
Cash
preciation, &c.. have not been less than $16,660,000 intaxes, depletion. de- Notes rec. & trade accep_ 3134,647 Accounts payable-trade_ 3304.988
any one year during
68,338 Estimated maximim liabilthe past 5 years to Dec.31 1926, and the average ofsuch annual net earnings Acc'ts receivable-tra
de _ - 437,564 ity for reels returnable_ _
56,773
for this period has been in excess of $26,400,000. The net earnings before Other notes
& sects reek,
4,915 Wages & insurance accrued
4.065
interest(but after deductions as above,including writing down oil inventories Sundry accounts
receivable
603 Local and Federal taxes
to cost or market, whichever was lower)for the first 10 months of
Inventories
1926 were
325,926 taxes payable in 1927- 53.100
in excess of $33,460,000.
Net profit for December
Common stock
600.000
The maximum annual interest requirements on the total
not allocated
19.653 Surplus
480,633
including the present issue of bonds aggregate $3,500,200.funded debt, Prepaid insurance
During the
& exp_ _
4.551
past 5 years more than $92.000,000 surplus earnings after dividends have Real est.
bldgs. & equip't_
503.231
been retained in the business.
Goodwill
1
Trade marks
Consolidated Balance Sheet Oct. 31 1926 (After Present Financing).
100 Total (each side)
$1,499.580
Audi.
Liabilities.
International Paper Co.
-Changes in Personnel.
Cash
$24,674,580 Notes payable
$2,100
At a meeting of the board of directors, Allen Curtis was elected 1s1
Notes receivable
2,272,592 Accounts payable
13.161,247 Vice-President; Owen Sheppard, at present Treasurer, was elected ViceAccounts receivable
14.939.934 Accrued liabilities
3,065,684 President and Treasurer and A. A. White, was elected Vice-President
Employees' loans, secured__ 8,855,845 Funded debt
669,604,000 Chief Engineer. The directors also appointed Frank P. Lydon toand
Inventories-oil
be
465,870.579 Rea. for deplet. & deprec___171,135.124 manager of the manufacturing department.
Materials and supplies
Charles S. Colson is to be
11,509,049 Res. for taxes and contingenc. 5,628.966 hydraulic engineer.
-V. 124. p. 242.
Permanent Investments
5,963,768 Deferred credlts
293,531
Properties. plant & equipm1_366,276,694 Capital & surpl. of min. it's
9,722
International Projector Corp.
-Annual Meeting Date.
Prepaid & deterred charges
6,397,777 Capital stock
110.142.900
At the annual stockholders'
Capital surplus paid in
6.646,296 amended to provide that after meeting the by-laws of the corporation were
1927 the annual stockholders* meeting shall
Total (each side)
$506,760,820 Earned surplus
127,071,249
a Valuation basis, cost or market, whichever is lower. b 53•6% serial be held the third Tuesday of March instead of the second Tuesday of
January.
-V. 123, p. 719.
debenture gold bonds. due 1928. $4,000,000: 15
-year 5% debenture gold
bonds, due 1937. $30,604,000; 20
Iron City Sand & Gravel Co.
-year 5% s. f. debenture gold bonds, due
-Listing.
1947 (present issue). $35,000,000.
The Baltimore Stock Exchange has authorized the listing of 3350,000 6%
General.
-The present quoted price of the $110,142,900 par value of capi- seven-year sinking fund gold bonds.
tal stock of Gulf Oil Corp. of Pa. indicates a value ex
The bonds are dated April 1 1926 and are due April 1 1933; they were
$400,000,000.
-V. 124, p. 242.
Issued for the purpose of paying of bank loans and furnishing additional
working capital, and are secured by a closed mortgage, subject to $436,500
Hahn Motor Truck Co., amburg,Pa.
-Merger.-The Ilahn Motor Truck Corp. has been organized to take over and con- first mortgage bonds on property valued at $1,596,689. Union Trust 0o.
of Maryland, trustee. Coupons payable A.& 0. A monthly sinking fund
solidate the Hahn Motor Truck Co.. Hamburg: Hahn Sales & Service, Inc., is provided which requires
payments to the trustee of an amount sufficient
Allentown, Pa.; Bethlehem Motors Corp. and its subsidiary, Lehigh Truck
retire the entire
Co. both of Allentown, Pa. The consolidated company will continue to to Company was issue prior to maturity.
incorporated Oct. 9 1923 in Pennsylvania for the purpoet
operate all of the existing plants, with the Bethlehem company works of of dealing in
sand, stone, gravel, &c.
175,000 sq. ft. floor space, and the Hahn plant of 75.000 sq. ft. William
Officers are
0. Hahn, heretofore President of the Halm company, will be Chairman Elphinstone, George Vans, Pres.* Thomas B. Finan, V-.Pros.: D. 0.
'
of the board of the new company, and Ezra 0.Bull, previously head of the Pittsburgh. Treas.; J. C. Shriver, Sec. Office, 1106 Bessemer Building.
Pa,
Lehigh company, will be President; Adam G.Hahn,L. K.Gordon and C.E.
Financial Statement as of Sept. 30 1926.
Kline will be Vice-Presidents, and Arthur J. Hooman, Sec. & Treas.
AssetsLiabilities
Hammermill Paper Co. Erie, Pa.
$61,627 Common stock
-Initial Corn. Div.- Cash
$12,500
The directors have declared an initial dividend of 25 cents per share on Materials on hand
31.017 First preferred stock
'
58.600
the outstanding $1,803,000 common stock, par $10, Payable Feb. 15 to Notes and accounts receiv_ 360.444 Preferred stock
1.150.
holders of record Jan. 31.-V. 116, ro. 1282.
Investments
1.100 Bonds
786.51s
Treasury stock
100 Notes & accounts payable 151,918
(M. A.) Hanna Co., Cleveland.
19,343 Notes pay.for equip.purch.
-Sub. Co. Acquisition.
- Prepaid items
9,830
The Wheeling & Lake Erie Coal Mining Co.. a subsidiary, has purchased Property and equipment
1,856,646 Unclaimed wages
1.712
the Fairmont mine and holdings of the Troll Coal Co., near St. Clairsville, Uninvested funds with trus
28,001 Collec. on Lib. Loan subs..
246
0. There remain about 800 acres of coal land to be worked in the Troll Suspense
8,000 Accrued taxes
3,561
tract and the mine will continue operating, affording work for 500 men
Unamortized discount and
Reserve for bad debts---17.206
("Coal and Coal Trade Journal").
117.803 Reserve for contingencies_
organization expense__
-V. 123, p. 2269.
47.508
Goodwill
150,000 Surplus
394,699
Hartman Corp., Chicago.
-December Sales.
Period End. Dec. 31-1926-Mon/h-1925 1926-12 Mos.-1925
Total
32,634,281 Total
32,634,281
Retail sales
$1,496,285 $1,434,034 $18,606,081 $15,080,396 -V. 117, p. 2777.
-V. 123, 13. 3043. 2526.
stockholders will vote on changing the authorized capital
stock
from 250,000 shares, par $100, to 1,000,000 shares,
par
to be issued in exchange for each share outstanding. $25,four new shares
-V. 123, p. 2785.
Home Insurance Co., N. Y.
-Dividend Increased.
-
The directors have voted to increase the annual dividend rate from 18%
to 20% and has changed payments from a semi-annual to a quarterly basis
with the payment of 4% extra for 1927. A dividend of 9% was declared
payable Jan. 10 to holders of record Dec. 31. and in addition 5% payable
April 11 to holders of record March 31. Quarterly payments of 5% each
will also be made on the second Monday of July and October.
-V. 115.
P. 2911.
Hotel Roosevelt, Cedar Rapids, Ia.-Bonds Offered.Brenn & Dato, Inc., Chicago, recently offered at prices to
yield from 6.15% to 63i%, according to maturity, $600,000
1st mtge. fee 6% serial gold bonds.
Dated July 11928; due serially 1929 to 1938. Denom.$1,000, MOO and
$100 c•. Principal and int. (.1. & J.) payable at Foreman Trust & Savings
Jones 8z Laughlin Steel Corp.
-New Officers.
-
Williams D. Evans, General Counsel, and J. 0. Watson, Treasurer,have
been elected dfrectors.-V. 123. p. 2910.
(Julius) Kayser Co.(& Affiliated Cos.).
-Earnings.
-Consolidated Income Account for Six Months Ended Dec. 31 1926.
Net earnings. $1,309.617; other income,$107.471; total
51.417.088
Interest, $155,555; taxes, $132.836; depreciation, $165,344453,735
Preferred dividends, $264,460; common dividends, $173,374-- 437.834
Surplus
-V. 123. p. 3329.
$525,519
Kansas City Cold Storage & Warehouse Co.
-Call.--All of the outstanding 1st mtge. 7% gold bonds, dated Mar. 1
have been called for payment March 1 next at 105 and int. at the 1922,
First
Trust & Savings Bank, 33 South Clark St., Chicago,
122. p. 1619..
JAN. 15 1927.]
381
THE (ALPADNICLE
-Sale of Stock for
Mayflower-Old Colony Copper Co.
Knox Hat Co., Inc.-Dividends-Ustinq.-
The directors have declared a dividend of $5 per share on the class "A" Non-Payment of Assessment.
participating stock and the regular semi-annual dividend of $3 50 Per share
office of
at public
There will be
on the 2d pref. stock, payable Feb. 1 to holders of record Jan. 15. shares, the corporation.sold State St.,vendue to the highest bidder at theshares of
Boston, Mass., on Feb. 11. certain
148
of 15.000
The Boston Stock Exchange has authorized the listing
capital stock of the company for non-payment of an assessment on the
Without par value (total authorized issue) prior preference stock, 12.500 the
Assessment No. 6, 50c.. on Dec.8
shares, without par value (total authorized issue) class A participating stock, stock due and payable as follows, viz.: and the costs and expenses of the
date,
and 20.000 shares, without par value (total authorized issue) common stock. 1925, and interest thereon from said
assessment with interest, and the costs and expel:nes
sale thereof. unless the
-V. 122, p. 2806.
-V. 122, p. 2664.
of the sale, be sooner paid.
-Listing.
Kraft Cheese Co.
.
.
Stores Inc -December Sales.-
Metropolitan Chain
The New York Stock Exchange has authorized the listing of $126,650
Increase.
Increase.' 1926-12Mos.-1925.
-Dec.
1926
additional common stock (authorized. $8,750.000) on official notice of issue $2,1 0,819 -1925.
$301,1301311,008.349 $8,675,403 $2,332,941
$1.839.689
as a stock dividend of 1H%• making the total amount applied for $8,596,45e
-V.1 3, p.3045, 2401.
-V.123. p. 2911. 2004.
at common stock
-New Common Stock Put on a $1
(S. H.) Kress & Co.
-The directors on Jan. 14 declared
Annual Dividend Basis.
a quarterly dividend of 25 cents per share on the new common
stock of no par value, payable Feb. 1 to holders of record
Jan. 24. This is at the rate of $8 per annum on the old
common stock, par $100, which had been receiving $4 per
share per annum (compare V. 124, p. 243).
Metropolitan Properties (Corp.), Houston, Texas.
-S. W. Straus & Co., Inc., are offering, at
Bonds Offered.
prices to yield from 6% to 63%, according to maturity,
$3,200,000 first and refunding mortgage 6%%, fee and
leasehold bonds.
The New York Stock Exchange has authorized the listing of960.000 shares
(authorized. 1.500.000 shares) common stock without par value, on official
notice of issuance in exchange for $12.000,000 common stock, par $100 per
share, on the basis of eight shares of common stock without par value for
each share of common stock, par $100; with authority to add 50,000 shares
of common stock without par value, on official notice of issuance to employees of the company under the terms of the "employees' stock purchase
plan." making the total amount applied for 1.010,000 shares of com. stock.
Comparative Income Account (Including Subsidiaries).
Jan. 1 to
Year Ended
Dec. 31 '24. Dec. 31 '25. Dec. 4 '26.
$40,259,232 $45,963,196 $43,088,600
Sales
26,413,821 29,607.203 27,749.058
Cost of merchandise sold
9,790,227 10,939.858 10,242,501
Stores' expenses
587,668
650,000
427,164
Federal income taxes
570.499
568,566
958.826
Stores'depreciation
101.379
25,259
Net adm.exp. not charged to stores..
Net profit
Surplus at beginning of period
$3,143,934 $4,158,521 $3,876.542
10,917.060 13.371,646 16.842.062
$14,060,995 $17,530,167 $20.718.604
632.775
688,105
689,349
11.999.999
Total
Deduct dividends
Goodwill written down
Surplus carried to balance sheet-313.371.646 $16,842,062 $ 8.085,830
Comparative Balance Sheet (Including Subsidiaries).
Dec. 31 '25. Dec.4'26.
Dec. 31'25. Dec. 4'26.
Liabtlities$
A Baas760,379
8,108.797 1,296,464 Accounts payable_ 2,046,265
Cash
1.802.350 1,253.575 Reserve for income
Securities
59,126
494,000
tax
Sundry debtors... 412.831
605,034
7,559,635 12,005,798 Reserve for continInventories
952.588
.
1,105,301
Purn. & fixtures_ 3,151,104 3.589,914
gencies
2,944,600 2,920.000
impta.. alterns.drc 3,273,365 4,245,625 Preferred stock
Land and bu Idings 1,326,146 1,781,511 Common stock-12,000,000 12,000,000
18,842,062 8,085,830
Surplus
Goodwilljeaseh'ds,
&o
1
12,000.000
Total
35.432.228 24.777,922
Total
35,432,228 24,777,922
Balance sheet of Dec.4 1926 is subject to adjustment at end offiscal year.
-V. 124, p. 243.
This issue differsfrom the typical refunding issue in that all bonds authorized are presently issued and cash in an amount sufficient to effect the
retirement on April 1 1927 and April 11928,respectively, of the two underlying issues amounting in the aggregate to $425.000. and to most all principal and interest and other charges accruing prior to said respective dates.
has been deposited with Straus Trust Co.
Dated Dec. 11926; due serially 1928-1941. Denom. $1,000, $500 and
$100 c* .Bonds and coupons(M.& N.) payable at offices of S. W.Straus
& Co. Callable at 102 and interest on or before Nov. 15 1931, and at 101
and interest thereafter. California 4 mills, Colorado 5 mills, Iowa 6 mills,
i
,
Kansas 2; mills, Kentucky 5 mills. Minnesota 3 mills, and 2% Feelers/
income tax refunded upon proper application.
-The bonds of this issue are secured by direct closed first and
Security.
refunding mortgage on the following Houston, Texas, downtown propertiug
-story office
(a) The Keystone Building (completed in 1924), a modern 10
building of reinforced concrete fireproof construction.
(b) A 2.550-seat motion picture theatre to be known as the Metropalitaa
Theatre, now nearing completion, which will adjoin the Lamar Hotel.
This theatre will have a large, fully qeuipped stage for the presentation of
all kinds of theatrical performances.
(c) The Lamar Hotel, now nearing completion,will contain approximately
365 guest rooms, with baths. and 108 kitchenette apartment rooms, eace
with bath,and furniture and furnishings to be installed in the-hotel portion.
(d) Underlying real estate, as follows:
-The mortgaged property has been appraised by Independen.
Valuations.
appraisers. The lowest appraised value of property is 15.640,511. The
show a margin of security of $2,440,511. above the amount of
appraisals
the first and refunding mortgage and make this bond Issue 56.74% of the
lowest appraised valuation.
-The net annual earnings of the combined
Earnings and Rental Demand.
properties covered by this mortgage, available for payment of principal and
interest on this bond issue after completion of the new structure and after
a liberal allowance for vacancies, operating expenses, taxes, insurance and
ground rents, are estimated at $448,302. approximately 2.15 times the
greatest annual interest charges on this issue.
The Keystone Building, completed in April 1924. has been an unusually
popular building, occupied chiefly by doctors and dentists, and has at al
times since completion been rented to practically full capacity. The net
income available for all interest charges for the year 1925 was $62.796.
The net income for the year 1926. based on operation for the first tea
months, is estimated at $72.501.
The theatre portion of the new structure has been leased for a period of
25 years at an annual rental of $76.000, plus increases in real estate taxes,
to Southern Enterprises, Inc. of Texas, which is a subsidiary of and the
owner and operator of all Texas interests of Famous Players-Lasky Corp.
Tne Lamar Hotel and apartments nave been leased to Rice Hotel (Texas),
under a profit-sharing lease, expiring 1941, and providing a mimimtua
guaranteed rental for the period prior to Nov. 15 1930. sufficient to mese
all interest and principal charges on this issue, after payment of tame.
ground rent and other prior charges.
The Rice Hotel has for years been one of the best known,and one of the
most successful hotels in the Southwest. It is constantly occupied almost
to capacity.
-The annual
Lawyers Mortgage Co.
-Annual Report.
report of the year 1926 is given in full in the advertising
pages of to-day's issue. The year 1926 has been the most
successful in the history of the company. The sales of guar-7'o Change Name and Increase
Mexican Panuco Oil Co.
anteed mortgages, including extensions, amounted to
$93,225,533, and the net gain in outstanding guaranteed Capital Stock.
mortgages amounted to $43,778,488. Since the company
The stockholders will vote Jan. 25 on changing the name of the company
to Intercontinental Petroleum Corp. and on increasing
was organized, it has guaranteed $954,331,743 of mortgages, stock from $10,000.000 to $20,000,000. par $10. the authorized capital
of which $662,331,406 have been paid in full, leaving now
The directors believe that in view of the fact the company has acquired
properties in British Guiana, Guatemala, Venzuela and Colombia. the
outstanding $292,000,337.
name Mexican-Panuco Oil Co. should be changed to one which would
Gross earnings
Expenses
Results for Calendar Years.
more accurately represent the broadening of its activities and therefore
recommend adoption of the amendment. The increase in stock is to
1924.
1923.
1925.
1926.
$3,758,331 $3.282.708 $2.574,195 $2.358.251 provide for the acquisition of additional properties from time to tines.
1,279.120
1.072,987
1,488,116
977,460 -V. 122, P. 3220.
Net profits
-V.123, p. 2400.
$2.270,215 $2,003.588 $1.501,208 $1,380.791
-New Control, &c.
Miami Paper Co.
--V. 113. p. 2318.
See Oxford Miami Paper Co. below.
-Dividend of $1.
Mohawk Mining Co.
-New Director.
Lawyers Title & Guaranty Co.
The directors have declared a dividend of $1 per share on the capital
Clarence S. McClellan, Chairman of the board of the Lawyers West
after March 1 to holders of record Jan. 29. On
'cheater Mortgage & Title Co. and President of the First National Bank of stock, payable on and of $2 per share was paid, while from March 1925 te
Dec. 1 hat, a dividend
Mt. Vernon (N. Y.). has been elected a director to succeed the late William Sept. 1926. incl., quarterly dividends of $1 per share were paid.
-V. 1.5a,
-V. 122. p. 892.
P. Dixon.
p. 2148.
--New Interests Acquire
Libbey-Owens Sheet Glass Co.
Control.
-To Change Per
Montgomery Ward & Co., Chicago.
-Common Dividend No. 2.
Value of Common Shares
The directors on Jan. 14 authorized an amendment to the company's
A banking and industrial group. it is stated, has acquired control of the
company in a transaction involving $10,900,000. A majority stock interest charter eliminating the 42.498 shares of preferred stock, which was reis reported to have been obtained from the executors of Edward D.Libbey. deemed on Dec. 31 1926, and restoring the present $10 par common stock to
The purchasers, it is said.include the Semet Solvay Co.of Belgium, Graham a no-par basis.
In commenting on the proposed charter amendment, President Theodore
Brothers, Lehman Brothers, and Marshall Field, Glore. Ward & Co. The
-V.123. p.3193. F. Merseles said: "With an earned surplus of substantial size and the comSale will have to be approved by the Probate Court in Ohio.
pany paying dividends on the common stock, the directors believe that the
common stock should be restored to a no-par basis. The change in no way
(Louis K.) Liggett Co.-Sale8.affects the value of the shares of the common stock or Its relation to the
1925.
1924.
1926.
15.808.636 $4330.479 $3.826,989 Class A stock.
of December
Month
The directors have declared a regular quarterly dividend of Si per share
53,356.195 43,254.376 37,992.630
12 months ended Dec. 31
holders of record Feb. 4. An
The company, it is said, had 448 storm in operation on Dec. 31 1926. on the common stock, payable Feb. 15 to was paid on this issue on Nov.
initial quarterly distribution of like amount
-V. 123, p. 3045. 2527.
15 last.-V. 124. p. 244.
Loft, Inc.
-Sales for Quarter Ended Dec. 31.
1924.
1923.
1925.
Sales for1926.
'Quarter ended Dec.31.- $2,602.688 $2.585,684 $2.452,847 $2.411.863
8,166,202 7.712.398
7.404,137
12 mos. ended Dec. 31-. 8,399,768
-V. 123, p. 3045.
-Preferred Stock Approved.
McCrory Stores Corp.
The stockholders on Jan. 11 increased the authorized capital stock by
45,000.000 convertible 6% stock. See V. 124, p. 243. 120.
-Earnings.
Martin-Parry Corp.
Quarter Ended Nov. 30
Net sales
Cost of sales
1926.
1925.
$1.207,549 $1,308.366
1,116.035
1,230,549
$91,514
71,945
$77,817
72.905
Total income
lederal taxes, & misc. charges
$163,459
23,939
$150.722
31,725
Net profit for quarter
-V. 123, p. 3193.
$139.520
$118,997
Net operating profit
Other income
-New Director.
Mathieson Alkali Works, Inc.
Robert G. Stone has been elected a director to succeed the late Galen
L. Stone.
-V. 123. p. 2147.
-Tenders.
Moore Drop Forging Co.
The Bankers Trust Co., 16 Wall St., N.Y. City, and the First National
Bank of Boston, 67 Milk St., Boston, Mass., will until Jan. 20 receive bids
for the sale to it of sinking fund Class A shares to an amount sufficient be
-V.123, p. 3330.
exhaust $10,141. at prices not exceeding $75 per share.
-Bonds Offered.
Mortgage Guarantee Co. of America.
Peabody, Iloughteling & Co. Inc., New York, are offering
at prices to yield 6% $370,000 guaranteed 1st mtge. 53.
participation certificates, guaranteed by National Surety
Certificates mature monthly May to Oct. 1931 incl. Principal and int.
payable at the Chatham Phenix National Bank & Trust Co., New York,
trustee. Denom.$1,000,$500 and $100 c.o. Red. on any int. date on and
after one year from date of certificate at 102 and int. Interest payable
without deduction for any normal Federal income tax up to 2% per annum.
Company will agree to refund, if requested within 90 days after payment.
the Penn. and Conn. personal property taxes not in excess of 4 mills per
annum, the Maryland personal property tax not in excess of 4% mills Per
annum,and the MaS8, income tax up to 6% of the interest.
Securitg.-These certificates represent participation in obligations secured
by first mortgages on improved real estate and are guaranteed by Mortgage
Company of America, Atlanta, Ga. Payment of principal and interest
is further guaranteed by endorsement on each certificate by National
Surety Company.
The indenture under which these certificates are issued provides that
mortgages shall not in any case exceed 60% of the value of the mortgaged
382
THE CHRONICLE
property, as determined by appraisers approved by National Surety Co.
The majority of the mortgages are on dwellings occupied by the owners,
located in substantial and growing cities principally in Georgia and Alabama. Approximately 75% of loans are in cities of Atlanta and Birmingham. All titles to mortgaged properties are guaranteed by New York Title
& Mortgage Company.
• The total mortgage loans made by the company,outstanding Jan. 11927,
averaged approximately $5,000 each, and less than 53% of the appraised
value of the properties.
-V. 120, p. 2690.
-Annual Report.
Munsingwear, Inc.
Years Ended Nov. 30- •
1925-26.
1924-25.
1923-24.
a Net sales
117.962,601 815,775,600 $13,384,923
b Cost of merch'dise produced & sold 16,243,894 14,563,696 12.595,431
Net operating profit
c Miscellaneous earnings
$1,718.707 $1,211,904
262,554
134.632
$789,491
73,796
Gross earnings
$1,981,262 $1,346.536
Interest charges
202.413
248,026
Provision for Federal taxes
248,937
159.500
Federal taxes prior years
Dr.5,972
Cr.22,098
Div. pref. stock (subs.)
202,906
90,107
Decrease in int, of minority stockholders of Wayne Knit. Mills
Cr.1,579
Cr.118
1863.287
285,913
90,000
Cr.6,374
87,203
[VOL. 124.
(Y.-Pres. National American Co., Inc.), Leo J. Ehrhart (Pres. LeoTJ,.Ehrhart, Inc.). Carl M. Hansen (V..Pres. General Reinsurance Co.),
Lamar Hardy (trustee East River Savings Bank), Charles D. Mlles (New
York Life Ins. Co.), Darwin R. James (Pres. East River Savings Bank),
David H. Knott (Pres. Knott Hotels Corp.), Edward-B. Lewis (Pres.
J. M. Horton Ice Cream Co.), Willis J. McCullough (Treas. Collins &
Aikman Co.), C. Stanley Mitchell (Pres. Central Mercantile Bank & Trust
Co.). J. Scofield Rowe (Pres. Metropolitan Casualty Insurance Co. of
New York), Robert Westaway (Treas. A. D. Juilliard & Co., Inc.).
National Biscuit Co.
-Common Stock Placed on a $5
Annual Dividend Basis.
-The directors on Jan. 11 declared a
quarterly dividend of 5% on the outstanding $51,163,000
common stock, par $25, payable April 15 to holders of
record March 31. An extra distribution of 1%, previously
declared, is payable Jan. 31 next. Since Jan. 1 1926 the
following distributions were made on the common stock: in
Jan. and April 1926, quarterly dividends of 3% each; from
July 15 1926 to Jan. 15 1927, incl., quarterly dividends of
.
4% each; also in July 1926, an extra of 2% and in Nov. 1926,
an extra of 4% (Compare also V. 124, p. 120).
Cr.177
Year End. Dec.311926.
1924.,
1923.
1925.
Net applic. to holdings of Mun.,Inc. $1,322,613
$871,120
$406,722 Net profits after taxes_ _$14,674,162 $13,581,696 $12,881,530 $12,092.828
Capital & surplus previous year_-__$13,784,060 $13,512,940 $13,706,217 -V.
124, p. 120.
Total capital and surplus
115,106.673 $14,384,060 $14,112,940
National Pole & Treating Co., Minneapolis, Mimi.
Divs, paid by Munsingwear, Inc.($3)
600,000
600,000
600,000
Notes Offered.
-Halsey, Stuart & Co., Inc., New York, and
Prov. for red. of Thieme Bros. Co.
preferred stock
24,000
The Minnesota Loan & Trust Co. Minneapolis, are offering
Capital and surplus Nov.30
$14,482,673 $13,784,060 $13.512,940
a Of subsidiary corporations, incl. both underwear and hosiery, after
deducting returns, discounts and allowances. b Incl. maintenance and depredation of physical properties, advertising and distribution expenses and
general and administrative expenses. c Discounts on purchases, rentals,
interest earned and other income (net).
Consolidated Balance Sheet Nov. 30 (Including Subsidiary Cos.).
1926.
1925.
1926.
1925.
LiabilitiesAssets
$
Land, buildings,
Capital stock and
y14,482.673 13,784,060
machinery, ace_ .x6,090,810 5,480,880
surplus
Good-will, trade
Min. stockholders'
marks, pat'ts,Ac 3,165,474 3,000.000 Interest In subs.:
Cash
Muns.Corp.pref. 2,000,000
650,000
440,189
477,767
Thieme Bros. pf. 300,000
Customers' accts.
notes reedy._ 3,236,091 2,828.743
Wayne6% pref. 1,000,000 1,000.000
Other accts. rec
corn, stock
3,586
7,714
123,111
144,899
Inventories
2,951,500 4,607,300
8,145,712 8,380.388 Notes payable_
Prepaid expenses._ 118,675
176,191 Accts. payable, acInvestments
14,181
crued exp., Ac.._ 450,976
267,926
9,420
• ilnamor.exp.pf.stk. 105,641
Pref.stk. retire.res. 24,000
159,500
Res. for Fed. taxes 248,937
at 99 and int., to yield about 63i%, $2,000,000 5
'
-year
6% gold notes.
Dated Dec. 11926; due Dec. 1 1931. Principal and int. payable at Chicago and New.York offices of Halsey, Stuart & Co.,Inc. Interest payable
J. & D. without deduction for Federal income taxes not in excess of 2%.
Denom. $1,000 and $500 c5 Red. all or part at any time upon 30 days'
.
notice at following prices and int.: on or before Dec. 1 1927 at 103; thereafter and on or before Dec. 1 1928 at 1023i; thereafter and on or before
Dec. 1 1929 at 102; thereafter and on or before Dec. 1 1930 at 10134: thereafter and on or before June 1 1931 at 101, and thereafter to maturity at
100. Company will agree to reimburse residents of Penn. and Conn, for
the personal property taxes, not exceeding 4 mills per dollar per annum,
and of Mass, for the income tax on the interest not exceeding 6% of the
interest per annum, if requested in proper form within 60 days after payment.
Data from Letter of President Seymour W. Backus, Dec. 28.
-Recently incorp. in Delaware. Has acquired, among others.
Company.
the principal assets, both tangible and intangible, of the National Pole Co..
incorp. in 1907, and of the Northern Tie & Treating Co., incorp. through
a predecessor company in 1920. These companies were well established
and successful operators in the field of business in which the National Pole
& Treating Co. will further its operations, namely, the purchase, treating
and sale of forest products, principally cedar poles for electrical pole lines.
Total
21,461,672 20,476,501 of which latter business the company does approximately 307 of the aggre21,461,672 20.476,501
Total
x Land, buildings, machinery and equipment, less provision for deprecia
- gate of the United States. Company also does a very large business in the
sale and treating of ties for steam and electric railroad uses.
tion. sr Represented by 200,000 shares of no par value.
-V.123, p. 92.
-Proceeds will be used to retire floating debt and to increase the
Purpose.
Nash Motors Co.
-Common Stock Placed on a $4 Annual working capital. Contracts.
-Company supplies poles under contract to
Customers and
Dividend Basis.
-The directors on Jan.10 declared a quarterly such customers as the Western Electric Co., which purchases poles for the
System, one of the largest
dividend of $1 per share on the outstanding 2,730,000 shares Bell Telephone Graybar Electric Co., with consumers of pole timber in the
its 60 branch houses serving the
world, and the
of common stock, no par value, payable Feb. 1 to holders of Western Union Telegraph Co. and all of the larger public utilities throughthe United States, and has tie treating contracts with
record Jan. 20. On Nov. 1 last the company paid a quar- out Great Northern Ry.,the Minneapolis St. Paul & Saultsuch railroads as
Ste. Marie Ry.,
the
terly dividend of 50 cents per share, together with an extra the Duluth Missabe & Northern Ry., and the Duluth & Iron Range Ry.
-Net profits of the properties now owned available for interest,
Earnings.
of 50 cents, while on Aug. 2 a semi-annual distribution of $1
depreciation and Federal taxes, were as follows: for calendar years:
, per share and an extra of $1 per share were made (see also before(9 Mos.)
1924.
1923.
Annual Aver.
1925.
1926
1529.279
$828,734
$265,375
$552.657
$449,071
V. 123, p. 1886).
-Minnesota & Ontario
Control.
President Charles W. Nash, in a statement to the stock- a majority of both preferred and Paper Co. controls through a subsidiary
common stock of the company and has
-holders, said in part:
executed a contract to not allow. so long as any of these notes are outstandThe number of cars and trucks produced and sold in the year ended ing, such control to be sold or otherwise disposed of, except to itself or to a
Nov.30 1926 was 137,376. The increase in the company's foreign business company by it controlled, unless with consent of the bankers.
was 53%. During the year the company added $1,922,554 to real estate,
Balance Sheet as of Sept. 30 1926 (After Present Financing).
buildings, machinery and equipment. The balance sheet showed accounts
Assets
• payablemgg
oW15 which represented current bills after eliminating Plants,sites & equipment_ $964,447 6% gold notes
oitheopa
Int; 4t
$2,090,000
sweoyedness
77,800 Accounts payable
Real estate & stumpage__
154,991
• Current asses were 146,747.049.
Cash
1,500.440 Accrued liabilities
81,456
The company redeemed during the 12 months ended Nov. 30 1926 its Notes & acc'ts receivable_
300,210 6% cumul. pref. stock..3.000.000
outstanding pref. stock y a cash outlay of $8,580,992.
2,194.650 Common stock (30.111119
Inventories
-Years Ended Nov. 30.
Income Account
28,001
shares, no par valuel_ _ _
Investments (at cost)_
1
Other assets
65,246
1922-23.
a1925-26. a1924-25.
1923-24.
Sales and wood preserving
Net income after exp.,
contracts, patents,&c
1
reserves and taxes.. _ _ _$23.346.306 $16.256,216 $9,280,541 $9,280,032
Total (each side)
105,652
Preferred dividends_
1,103,262
$5,236.447
1,051,309
1,207,850 Deferred charges
140.908
Common dividends x(ii )10.920.000(116)4368000(110)2730000(16)1638,000
National Shirt Shops, Inc.
-Clears Up Back Divs.-
. Balance. surplus
• Adjustments
-Dr
Previous surplus
$12,285,398 $10,836,907 $5,447,279 $6,434,182
295.668
6401.921
8,793,686 20.127.172
25,077,872 14.240,965
Total surplus
136.961,350 125,077,872 $14,240,965 $26,265,686
Stock divs.-Com.stock
Paid in preferred A_
c16,380,000
Paid in common stk_ 412,285,000
cl.092,000
The directors have declared a dividend of 12% (on account of accumulations), and the regular annual dividend of 87 on the preferred stock, both
payable Jan. 15 to holders of record as of that date. This clears up all
accruals on the above issue. See also V. 122, p. 491.
National Sugar Refining Co.
-New Directors.
Ellsworth Bunker and Adolph M. Dick have been elected directors to
succeed George R. Bunker and J. Adolph Mollenhauer, deceased.
V. 124. p. 245.
Profit & loss surplus_ _124,676,350 $25,077,872 $14,240,965 18.793,686
Neisner Bros., Inc.
-Buys Indiana Store.
a Includes profits of Ajax Motors Co. (subsidiary). b Premium paid on
In the spring the corporation will take over the Fowler, Dick & Walker
preferred stock retired. c On Dec. 28 1922 the company paid a stock div.
of three shares of new pref. A stock, par $100, and four shares of no par Department Store at Evansville, Ind. This store has been in existence 37
common stock on each share of common stock then outstanding. d On years. The entire stock has been sold to M. I. Landman of the L. & C.
Feb. 1 1926 company paid a stock div. of900% in common shares, capitaliz- Store at Hornell, N. Y. Alterations are now under way and it is expected
• ing $12,285,000 of the surplus ($5 per share). x Being $10 per share on that the new Neisner Sc. to $1 store will open in the near future.
-V. 124.
• 273,000 shares (before the payment of 900% stock div.) and $3 per share P. 245.
on 2,730.600 shares.
-V. 123. p. 2401.
•
Nashua (N. H.) Mfg. Co.
-Acquisition-Sale.
-
New Bedford Martha's Vineyard & Nantucket Steam-
-Tentative Valuation.
The stockholders will vote Jan. 19 on approving (a) the purchase of boat Co.
substantially all the property of the Tremont & Suffolk Mills in Lowell,
The I.
-S. C. Commission has placed a tentative valuation of $325_,000 on
Mass., and (b) the sale of a large part of this property to the Merrimack the owned and used property of the company as of June 30 1918.-V. 116.
Mfg. Co.
-V. 124, p. 120, 245.
P. 1657.
National American Co., Inc.
-Organized.
-
Announcement is made of the organization of the above company, which
acquired the business and assets of the old National American Co. The
new corporation will continue the offices at 8 West 40th St., N. Y. City,
until it takes possession of its new building under construction at 340
Madison Ave. The capital of the new organization consists of 100,000
shares of no par value stock, of which 40.000 shares will be immediately
outstanding, An initial quarterly dividend of 75 cents a share has been
declared payable May 2 to holders of record April 15.
In addition to acquiring the assets of the old company of similar name,
'the new organization controls several mortgage securities companies. It
will engage in real estate and corporate financing and conduct a general
securities business originating and participating in the issue of investment
and mortgage securities.
C. Stanley Mitchell (Pres. of Central Mercantile Bank & Trust Co.)
was elected Chairman of the executive committee, which includes David H.
Knott, Lamar Hardy, J. Scofield Rowe and J. A. Dilliard. The finance
committee will be comprised of Charles D. lilies, John A. Dilliard and
Harold G. Aron, who will act as chairman. The offices of the new company
Difilard, Vice-Pres.; Harold G.
'will include David H. Knott, Pres.; J. A.Asst.
Treas.; Toney A. Hardy,
Aron, Treas.; Thomas D. Richardson. 3d,
Sec., and Lamar Hardy. Gen. Counsel.the
following: Robert D. Andrews
The board of directors is made up of
(Pres. Metropolitan Savings Bank), Harold C. Aron (Chairman Concord
Finance Corp.); Dr. C. Adelbert Becker (Pres. Bronx Borough Bank),
Barron G. Collier (Pres. Street Railways Advertising Co.), John A. Millard
-Extra Div.
N. Y. & Honduras Rosario Mining Co.
The directors have declared a quarterly dividend of 254% and an extra
dividend of 23.5 % on the capital stock, payable Jan. 29 to holders of record
Jan. 19. An extra dividend of like amount was paid in each of the previous
eight quarters.
-V. 123, p. 2005.
-Tenders.
New York Trap Rock Corporation.
The American Exchange Irving Trust Co., trustee, 60 Broadway, N. V.
City, will until Jan. 21 receive bids for the sale to it of 6% 25-year sinking
fund gold first mortgage bonds, series B, of the Upper Hudson Stone Co.
to an amount sufficient to exhaust $111,466, at prices not to exceed par and
interest.
-V 123, P. 3331.
.
-Certificates Offered:
90 Riverside Drive, N. Y. City.
The New York Title & Mortgage Co. is offering $2,125,000
1st mtge. certificates, representing a first
guaranteed 534%
mortgage of $2,125,000 on the land and 15-story apartment
building at 90 Riverside Drive.
The certificates are due $25.000 semi-annually, first payment Nov. 1
1927, and the balance due Nov. 111936.
Security.
-First mortgage on the land and building at the north corner of
Riverside Drive and 81st St. Owned by the Riverside Drive & Eighty
First Street Corp.
JAN. 15
1927.]
THE CHRONICLE
383
log is of steel and brick fireproof construction; the facade has two floors'
of limestone and the upper floors are of gold-colored tapestry2brick. The
dining room, physicians'
first floor contains a spacious lobby, a large as 3 private dining rooms.
suites of 4 and 7 rooms, respectively, as well into suites of 1. 2. 3
and 4
The building contains 189 apartments. divided are equipped with a serving
rooms. All apartments have a large foyer and
pantry, automatic refrigeration outlet and running ice water. There are
two large sun parlors, approximately 40x60, on the roof for private social
functions.
Valuation.-This property has been conservatively appraised as follows:
Land, $648,000; building. $2,018,000; total, $2,666,000. This appraisal
shows the offering of $1,775,000 to be less than two-thirds of the value of
the property.
-The owners have estimated the annual gross earnings at
Earnings.
$625,000.
-These certificates are a legal investment for trust
Investment.
Legal
-Earnings.
North Central Texas Oil Co.
companies, estates, trustees and guardians in the State of New York.
-Month-1925. 1926-10 Mos.-1925.
1926
Period End, Oct. 31-The payment of both principal and interest is guaranteed by
Guaranty.
Net earnings before de$324,843 the Prudence Co.. Inc.
$335.183
$35,845
$36.107
preciation & Fed. tax_
-Bonds
Petroleum Building, Oklahoma City, Okla.
-V. 123, p. 3047.
this mortgage
The property has been valued at $3,300,000, which shows
to be less than a 65% loan. Legal for trust funds. house with pent house
-story and basement apartment
-A 15
Property.
ft. 1 in. on Riverside
on the roof, built on a plot having dimensions of 104
102 ft. 2 in.
Drive by 203 ft. on West 81st St.; rear dimensions of 224 ft. by
practically 100% rented.
Recently finished, but
the owners as
-The annual income and expenses are given by
Income.
follows:
$450,000
Gross annual rent
145,000
Operating expenses and taxes
$305.000
Net earnings applicable to interest and payments I
annual
The approximate net income is almost 2X times the greatest
interest charge.
-Annual Report.
Northern Securities Co.
1923.
1924.
1925.
1926.
Calendar Years$405,345
$363,806
$403,748
x$403,115
Total receipts
22,060
21,725
16,553
23,166
Taxes
13,838
13,680
13,688
13,797
Administration expenses
3.993
3,311
400
Interest and exchange
(10%)395,390 (8)316.308 (10)395,380 (10)395.380
Dividends
Balance, sur, or def..- def$29,638 sur$57,219 def$70,289 def$29,926
x Total receipts in 1926 include dividends from C. B.& Q. RR.,$230,630;
interest,
dividends from Crow's Nest Pass Coal Co., Ltd.. $166,145, and
$6,340.
•
Balance Sheet December 31.
1925.
1926.
Liabilities1925.
1926.
Assets$3,954,000 23,954,000
$85,048 Capital stock
$85,048
Cost of charter__
242,011 Dividends un179,503
Cash
1,120
1,006
claimed &unpaid
C.B.at Q.stock_ 2,858,810 2.858,810
Balance, surplus.- 3.068,482 3,098.127
Crow's Nest Pass
Coal Co.stock 3,778,620 3,741,166
97
97
Fractional scrip
125,000
120,408
U. S. bonds
1.001 Total (each side).$7.023,602 $7,053,133
1,115
Suspense acct.,do.
-The company on Dec. 31 1926 owned of C. B. & Q. RR. stock
Note.
23,063 shares of $100 each, shown in balance sheet as $2,858,810. Company also owned on Dec. 311928 of the Crow's Nest Pass Coal Co. stock
28,107 shares of $100 each, carried in the balance sheet at $3,778,620.
-V. 123. p. 3194.
-S. W.Straus & Co.,Inc., recently offered, at prices
Offered.
according to maturity, 8550,to yield from 6.20% to 6
000 first mortgage 6%% serial gold bonds, safeguarded under
the Straus plan.
Dated Nov.1 1928;due serially Nov.1 1929-41. Interest payable M.&N.
Callable on any interest date at 102 and interest on or prior to Nov. 1 1931:
at 1014 and interest subsequent to Nov. 1 1931, and on or prior to Nov. 1
1936; at 101 and interest subsequent to Nov. 1 1936. Tax exempt in
Oklahoma.
-The bonds are secured by a direct closed first mortgage on an
Security.
-story and basement store and office building of reinforced concrete fire18
proof construction, now being erected, and land owned in fee, fronting apRobinson
proximately 50 feet on Second St. by 100 feet on Oklahoma St. Oklahoma
City, and one
City, Okla. This building will be tne tallest in
of the tallest in the entire southwest. It will be equipped with the latest
elevators, the first with sucn equipment in OkLanoma
type Micro-leveling
City. The building will contain 59,908 sq. ft. of rentable office space,
six ground floor stores and basement. Due to the efficient layout and the
absence of the usual large lignt court, toe building will contain an unusually
large percentage of rentable area.
-The net earnings of the property after liberal deductions for
Earnings.
esarestm
e ir
operating e enses taxesand insurance and an ample allowance for vacan$87.289. which is 2.44 times the greatest annual interest
cies
charge and much in excess of the greatest combined annual interest and
principal charges.
-Land and building when completed have been appraised by
Valuations.
a margin of security of
appraisers at $869,887. These appraisals show and make this loan
63.3%
above the amount of the first mortgage,
$319,887,
-Obituary.
Ohio Oil Co.
valuation.
of the lowest appraised
President James C. Donnell died at Findlay, 0., on Jan. 10.-V. 123,
-The bonds are the direct obligation of J. W. Mann, a successBorrower.
p. 2272.
ful contractor in Oklahoma City, who now owns and operates the Cotton
Exchange Building in that city.
-Extra Dividend.
Ontario Biscuit Co.
-Bonds Offered.
The directors have declared an extra dividend of 25 cents per share, in
Pick-Weston Properties, Chicago, 111.
of 50 cents per share on the comaddition to the usual quarterly dividend
Sons, Inc. Pittsburgh, are offering at par and
mon stock, both payable Feb. 1 to holders of record Jan. 15.-V. 121,p.1686 -S. Ulmer &
-Guaranty.
Orpheum Circuit, Inc.
-V. 123, p. 2912.
See Seattle Orpheum Co. below.
Oxford Miami Paper Co., West Carrollton, Ohio.
-Lee, Higginson & Co. are offering at 100 and
Bonds Offered.
int. $1,500,000 1st mtge. gold bonds, Series A 6%. The
bonds represent the only public financing to be done at this
time as the result of the acquisition of the control of the company by the Oxford Paper Co.
.
Dated Feb. 1 1927; due Feb. 1 1947. Denom. $1.000 and $500 c5
.
Callable as a whole at any time or in part on any int. date on 30 days' notice
at 104 during first 4 years, decreasing 1% each 4 years thereafter to 101
Feb. 1 1943. plus int. In each case. Int.
after Feb. 1 1939 and 100ti after
payable F. & A. at offices of Lee, Higginson & Co., in Boston, New York
and Chicago, without deduction for Federal income taxes not in excess of
2%. Penn. and Conn.4 mills tax and Mass,income tax up to 6% refunded
on application within 80 days after payment. Union Safe Deposit & Trust
Co., Portland, Me., trustee.
Authorized. Outstanding.
CapitalizationFirst mtge. gold bonds Series A 6% (this issue)---$10,000,000 $1,500,000
Capital stock (no par value, over 75% owned by
20,000 shs. 20.000 shs.
Oxford Paper Co.)
of
Data from Letter of Hugh J. Chisholm Preaident- the Company.
under name of the Miami
Colapany.-llas been in business since 1912
Paper Co. Recently over 75% of the stock was acquired by Oxford Paper
Co. and the name changed to Oxford Miami Paper Co. Officials of the
Oxford Paper Co., together with persons selected by them, have taken over
the management. Company owns and operates a rxtper mill with a capacity
of 100 tons of finished paper a day, situated in the Miami Valley in Ohio.
Its products include high grade book, envelope and writing paper and the
mill is well situated to supply the increasing demand for these and other
high grade papers from the large and growing markets of the Middle West.
-For the 8 years ending Aug. 31 1926 earnings applicable to
Earnings.
interest, but before Federal taxes and depreciation, averaged $271,402;
for the last 3 years of such period averaged $305,873; and for last year
-year
amounted to $314,388. After depreciation the earnings for such 8
period averaged $178,372,or nearly twice the interest requirement of $90,000
on the bonds now to be issued; for the last 3 years averaged $194,751, or
more than 2.1 times such interest requirement; and for the last year
amounted to $184,147, or more than twice such interest requirement.
-Proceeds will be used to retire the $668,000 bonds of the comPurpose.
pany which are to be called for payment March 1 1927, to discharge an issue
of debentures and all bank loans, add to working capital and provide part
of the funds for certain improvements and additions intended to be made
at once.
-The mortgage will provide for a sinking fund of 2 per
Sinking Fund.
annum on Series A bonds payable in bonds or cash.
Balance Sheet Aug. 31 1926 (After Present Financing).
Liabilities
Assets$187,778
$463,489 Accounts payable
Cash
27.147
28,339 Accrued expenses
Trade accept. receivable..
1,500.000
176.542 1st mtge. gold bonds
Accounts receivable
500,000
408,405 Common stock
Inventories
826,940
Land, bldgs.', mach., &c__ 1,948,537 Surplus
16,554
Deferred charges
Total
$3,041.866
$3,041,866
Total
-Oxford Paper Co. (which owns the control of the OxOxford Paper Co.
ford Miami Paper Co.), with mills at Rumford. Me., has been established
for over 26 years and is one of the principal and most successful manufacturers of high grade book papers in the country to-day.
int. $300,000 1st mtge. leasehold 6X% serial gold bonds.
Dated Nov. 1 1926; due serially Nov. 119274933. Int. payable M.&
Denom. $1,000. $500. $100. 'Trustee, Central Trust Co. of Illinois, Chicago. Interest and principal payable at Midland Bank, Cleveland. Normal Federal income tax up to 2% paid by borrower. Penn. 4 mill tax refunded. Red.on any int. date in inverse order of maturities at 102 and int.
-These bonds are secured by a first closed mortgage on four
Security.
leasehold estates in four adjoining parcels of land, located at the S. W.corhaadi g a com bid 90arert
m vinson st. an ned fee
f.wiSt. fro rar of
ner of W. Madison th aandn ageket 118.,ft. on
6
of 1 ,3 320 sel
on Market t. together with the buildings thereon. Leases on one of the
parcels is for a'term of 198 years; on the other three parcels for 99 year periods. The leases were made in 1908. 1909 and 1911, witholit increase except
for 82,000 per annum on one parcel after 1931.
The corner parcel, with a frontage of 84 ft. on W. Madison St. and 90 rt.
Hotel,
-story brick structure reon Market, is occupied by the Weston cost of a 5
$75,000; the lower floor concently remodeled and re-equipped at a space
being occupied by a Rakllos
taining hotel lobby and stores, the corner
restaurant. The two adjoining parcels fronting on W. Madison St. are
-story stone and brick commercial buildings, all occupied.
improved with 4
-The property has been appraised by W.J. Accola, Vice-PresiValuation.
of the First Realty Co. and Hefter & Beatty, prominent real estate
dent
operators of Chicago. Based on these appraisals, the leasehold estates and
buildings have a minimum valuation of $626.500.
-All of the space in the three buildings is fully occuIncome and Expenses.
pied, the total gross annual income under present leases being $95.044. The
total gross annual expense: including ground rent and taxes, is approxmately $45,979, leaving a net annnual 111001310 of about $49.065. The total
net annual income is more than 2yi times the greatest annual interest charge
on the bonds of this issue. Leases to restaurant and hotel tenants run for a
e .-rhe borro y l91
Bo d ofer
perlorrotr 20 y. arsMawer 1 6.
Albert Pick, President of Albert Pick & co.
-Consolidation.
Pine Hill Collieries Co.
A new company, to be known as the Pine Hill Collieries Co., has acquired
a company by the same name and the Elkram Coal Co. The new company
0
u0
satoinces nr b r
will have an authorized capital of 30.521 sharesofcommonj k, Copay
each.
Crosby
value. and 25,000 shares of pref. stock, 8ar
Brown of Philadelphia is President; Alan . Dodson and T. M. Dodson,
Vice-Presidents;0.R. Radford, Treasurer, and Elmer L. Mack, Secretary.
-V.115, 13- 1542.
-Bonds Offered.
Pine Hills (Miss.) Hotel Co., Inc.
Hibernia Securities Co. Inc. New Orleans, are offering at
prices to yield from 64% to 7%, according to maturity,
$700,000 1st mtge. 7% serial gold oonds.
Dated Jan. 1 1927; due serially, Jan. 1 1929-42. Principal and int.
(J. & J.) payable at Hibernia Bank & Trust Co., New Orleans, La., without
deduction for normal Federal income tax up to 2%. Denom. $1,000.
$500 and woe Red. all or part on any int. date upon not less than
30 days' notice IA 103 and int. to date of redemption. Hibernia Bank
& Trust Co. and Louis V. De Gruy, New Orleans. trustees.
Securitp.-Direct obligation of company and secured by a closed first
mortgage on all real property of the company located at Pine Hills, Miss.
The mortgaged property consists of a modern fireproof hotel of reinforced
concrete and hollow tile construction, containing 184 rooms and 127
baths, completed Dec. 1 1926, together with 21 acres of beautifully landscaped grounds fronting approximately 1.500 ft. on the Bay of St. Louis.
In addition, the mortgage will cover 203 acres of land in close proximity
-hole Pine Hills Golf Course
to the hotel on which there is located the 18
and the Pine Mils Club House. The property has been appraised at
$1,753,704. The amount of the first mortgage is less than 40% of the
appraised value of the property mortgaged.
Guaranty.
-These bonds are unconditionally guaranteed, both as to
payment of principal and interest by Pine Hills, Inc., which owns and is
-Acquisition.
Oxford Paper Co.
developing approximately 2.000 acres of land adjoining the hotel and
-V. 115, p. 553See Oxford Miami Paper Co. above.
gold muse. There is a mortgage of only $100.000 on this 2,000 acres
and Pine 11111s, Inc., has covenanted that it will place no further mortgage
-Bonds Called.
Paraffine Companies, Inc.
on this property so long as any of these bonds are outstanding.
first mortgage sinking fund 75i% gold bonds,
All of the outstanding
Pine Hills, Inc., has a paid-in capital of $1,250,000 represented by
series A, dated Feb. 1 1922, have been called for payment Feb. 1 next at 12,500 shares of preferred and 25,000 shares of common stock, both without
105 and interest, at the Anglo-California Trust Co., trustee, Market and nominal or par value. The stock of Pine Hills, Inc., has all been sold
-V. 123, v. 1124.
Calif.
Sansome streets, San Francisco,
for cash, no commissions having been padi and is practically all held by
in or near New Orleans.
- leading business men living is owned and held by Pine All of the stock of
14Park Royal (23 West 73d St. Corp.), N. Y. City.
Pine Hills Hotel Co., Inc.,
Hills, Inc., except
Co., Inc. New York, is qualifying directors' shares.
-The Prudence
Bonds Offered.
offering $1,775,000 5M% guaranteed Prudence certificates.
Secured by a first mortgage made by 23 West 73d St. Corp.
otahe new apartment hotel. Due serially 1927-1933.
-story
In Security.-TN, mortgage is a first lien on the land and new 15
fireproof apartment hotel known as the Park Royal, located at 23 West
73d St., adjacent to Central Park West. It occupies a plot fronting 216
ft. on the north side of West 73d St., with a depth of 102.2 ft. The build_
Pittsburgh Plate Glass Co.
-Extra Dividend.
The directors have declared an extra dividend of 5% payable Feb. 15
to holders of record Jan. 31. During 1926, the company paid two extra
dividends of the same amount.
-V. 123, p. 1515.
-Bonds Called.
Pittsburgh Steel Products Co.
Two hundred eighty (280) of the let mtge. 6% sinking fund gold bonds,
dated Feb. 2 1925, have been called for payment Feb. 1 next at 102X and
384
THE CHRONICLE
[VoL. 124.
Int. at the Union Trust Co. of Pittsburgh, trustee, Pittsburgh. Pa.
- City and the plant at Fort Wayne will be closed immediately.
--V. 123
V. 121, p. 987.
p. 2149.
Plaza Office Building Co., ittsburgh, Pa.
-Bonds
llold.-Hayden, Stone & Co.; Aarrison, Smith & Co. and
Brooke, Stokes & Co. have sold at 100 and int. $875,000
1st mtge. 63' 7'sinking fund gold bonds.
0
Dated Nov. 1 1926; due Nov. 11946. Int. payable M.& N. in Boston
without deduction of normal Federal Income tax up to 2%. Tax free in
Penna. Conn. 4
-mills tax, Md. 434-mills tax, D. of C. 5
-mills tax, Mich.
S
-mills tax and Mass. income tax up to 6% refunded upon appropriate
request. Denom. $1,000. $500 and $100c5 Callable all or part on 30
.
days' notice on any int. date at 105 and int. until Nov. I 1936, premium
decreasing 34% for each year or fraction thereof thereafter elapsing.
Bonds issued by Harry Haas. former owner of mortgaged property, and
payment of principal and int, and mortgage obligations have been assumed
by present owners, Plaza Office Building Co. Atlantic National Bank,
Boston, trustee. Semi-ann. sinking fund, operative commencing Nov. 1
1928, is provided to retire 3%, or $26,250 bonds annually, or 5534% by
maturity.
-These bonds will be secured, in the opinion of counsel, by a
Security.
4dosed first mortgage on (1) about 7,761 sq.ft. of land owned in fee, situated
on the northwest corner of 6th Ave. (approximately 69 ft.) and ROSS St.
(approximately 111 ft.), Pittsburgh, Pa.; (2) a 12
-story store and office
building to be erected thereon; (3) an adjoining plot on Ross St. (approximately 39 ft.) ownssi in fee, of about 1.879 sq. ft., held for resale and
subject to withdrawal from the mortgage upon payment to the trustee
(as an additional sinking fund on the bonds) of $30 per square foot, or
about $56,370. all in accordance with provisions contained in the mortgage.
The total plot is approxhnately 69 ft. on 6th Ave. and 150 ft. on Ross
St., and contains about 9,641 sq. ft. The building to be erected is to
be 12 stcries in height, modern, fireproof construction, of steel, stone and
brick. and will be used for stores and offices. It will have a cubage of
construction of about 1,185.000 Cu. ft. and contain about 70,800 sq. ft.
of net rentable space.
Purpose.
--The proems of the bonds will be used as part payment for
both the cost of the land and the cost of the construction of the building.
So much thereof as is to be applied to the construction cost will be deposited
with the Atlantic National Bank. Boston, and will be advanced from time
to time against the cost of the work, on certificates of construction to
specified stages, as certified to by Dwight P. Robinson & Co.,Inc.,engineers
who will, in the interest of the bondholders, supervise construction for
the trustee.
Appraisa/s.-Appraisals have been furnished on improved land and
aompleted building by leading real estate appraisers of Pittsburgh as
Ibllews:
Land.
Building.
Total.
John A. Sharp
$482.000
$920,427 $1.402.427
C. C. McKallip & Co
458,000
935.000
1.393,000
Average
8470,000
$927.713 $1.397,713
Based on the average of these appraisals, these bonds will represent
a loan of about 63%.
• Estimated Ineome.-John A. Sharp and C. C. McKallip & Co. have
estimated probable rents and the average of their estimates is as follows:
Annual gross rentals, $232,450; expenses (including 10% vacancies, taxes,
and operating). $90,615; estimated net annual income, $141.835. This
estimated net annual income Is equivalent to about 2.49 times the maximum
annual interest requirement on these bonds.
Legal for Pennsylvania Trust Funds.
-Bonds will be a legal investment
ler trust funds in Pennsylvania.
Porto Rican American Tobacco Co.
-Acquires Control
of Congress Cigar Co.
-Rights, &c.
-President L. Toro,
Jan. 10, says in substance:
Purity Bakeries Corp.
-Initial Class B Dividend.
-
The directors have declared an initial quarterly dividend of
on cla.ss B stock, no par value, and the regular quarterly 50c. a share
$1 75 a share on the preferred stock and of 75c. a share ondividends of
the class A
stock, all payable March I to holders of record Feb. 15.
Referring to rumors intimating a present or pending
between this company and the Schulze Baking Co., Thomas connection
O'Connor,
President of the former company issued a denial that any such connection
directly or indirectly exists or is contemplated.
-V. 123, p. 2273.
Rand Kardex Bureau, Inc.
-Notes Retired.
-
The corporation retired during December $700,000 of its five-year 53 %
,
4
sink)fund gold notes, due Jan. 1 1931, leaving outstanding on Dec. 31
1926, 2.050.000 par value of an original issue of $3.200,000 placed a
year
ago( 122, p. 102). During 1926 81,150,000 of notes had been
V.
and it is expected an additional $200,000 of notes will be retired this retired,
month.
-V. 123, P. 3333
.
Rand Mines Ltd.
-Gold Output (Ounces).-
December. November.
836,157
840,276
-V. 123, p. 3333.
October.
853,296
September.
839,939
August.
843,854
July.
860,134
Red River Lumber Co.
-Notes Offered.
-The Minnesota
Loan & Trust Co. Minneapolis, is offering at 100 and int.
$500,000 secured 51i%
gold notes,Series B,due Nov.1 1928.
Coupon notes in denom. of $1,000. Principal and int. payable M.& N.
In Minneapolis, Chicago, or New York. Callable on any int.
60 days' notice at par and int, plus a premium of 34 of 1% for date upon
each year
or fraction thereof to maturity. The Minnesota Loan & Trust Co.,'trustee.
Company owns valuable real estate and business properties in Minneapolis and extensive land and timber areas in the West and Northwest.
Included in the company's holdings are over 600,000 acres of timber land
in northern California with a saw mill having a capacity of 175,000,000 ft.
per year; also Minneapolis business real estate valued in excess of $2,000,000
over all encumbrances. The company's plant and equipment at Westwood,
Calif. together with 300.000 acres of its standing timber, are entirely
unencumbered.
The balance sheet of the company as of Dec. 31 1925 shows a net worth
in excess of $27.000,000.
These notes are a direct obligation of the company, and together with
$2,000,000 series A notes and $500,000 of notes of the company issued
in 1922, are secured by pledge and deposit wih the trustee of a contract
for sale of timber to McCloud River Lumber Co., on which there is unpaid
$3,500,000. Under the terms of the trust indenture the amount of notes
outstanding under this agreement, together with said issue of notes of
Nov. 1 1922,shall be limited to the unpaid balance on the pledged contract.
The McCloud River Lumber Co.. purchaser in the pledged
Is controlled and managed by the Shevlin, Carpenter & Clarkecontract,
Co.
-V.
121. p. 2416.
Republic Building (Republic Building Co.) Seattle,
Wash.
-Bonds Offered.
-Marine National Co., Seattle,
Wash., recently offered at 100 and int. $385,000 1st mtge.
leasehold 6M% sinking fund gold bonds.
Date Jan. 11927; due Jan. 1 1942. Principal and int. (J. & J.) payable
at Marine National Bank, Seattle, Wash.,trustee. Coupon bonds. Denom.
$1,000 and $500 c5 Rod. all or part, except for sinking fund on any int.
.
date, upon 60 days' notice at 103 and int. up to and incl. Jan. 1
1932;
thereafter at 102 and int. up to and incl. Jan. 11937; thereafter at 101
and
Its. Red. for sinking fund at 101 and int. Interest payable
without
deduction for normal Federal income tax not to exceed 2%.
The Republic Building will be a 10
-story steel and concrete
structure with basement and sub-basement. fronting 108 ft. on fire-proof
pike
and 116 ft. on Third Ave. Seattle. The first and second floors will St.
be
adapted for retail mercantile use, while the upper 8 stories are designed
for either mercantile space or offices. The building will be well lighted
and served with modern high-speed elevators. Lawton & Moldenhour,
architects, have certified this building, upon completion, wilt cost not less
than $650,000, or over 168% of the principal amount of this issue of bonds.
Based on the above appraisal, this loan represents less than 60% of the
value of the property.
The net annual income available for interest on these bonds, after the
payment of all operating expense, ground rent, taxes (other than Federal
taxes) and insurance lids been estimated by West & Wheeler to be $77,870.
or approximately 3.50 times the maximum annual interest of this bond issue
and approximately twice the maximum interest and principal requirements
During the first 7 months of the calendar year 1926 the company operated
under normal conditions and made satisfactory progress. For that period
the earnings, after providing for payment of bond interest, were on the
basis of approximately $500,000 per annum, equal to about $8 per share
on the outstanding stock. Commencing early in Aug.1926,the cigarmakers
ha Porto Rico went on strike and have continued on strike ever since. This
occasioned the closing down of all manufacturing in Porto Rico except that
which is done by maines.
Nonetheless the company on Nov. 15 1926, anticipated the maturity
of and paid off the balance of its outstanding issue of $3,000,000 of 10
-year
II% bonds, which were issued in 1921.
Strikes of a serious nature have recurred frequently in the company's
factories in Porto Rico from time to time during the last 5 or 6 years. The
loses and the failure to realize profits that have been suffered by the
stockholders as a consequence have been tremendous. Tile situation has
led the management from time to time to think seriously of providing a
means for being independent of the Porto Rican cigarmakers. The natural
step and the one that has been chiefly considered has been to provide
(R. J.) Reynolds Tobacco Co.
manufacturing facilities in the totes or at least place the company in a
-25% Stock Dividend.
position where it could readily manufacture its cigars in the States in the The directors on Jan. 13 declared a
25% dividend on the
event of a strike. Recently the management has arranged for the menuitscture of some of its cigars in the States-this, however, as a temporary common and new class "B" common stocks, payable on
expedient.
Feb. 15 in new class "B"ea mon stock (par $25), to holders
To enable the company to enjoy the normal expansion in its business
from which for the reasons indicated it has hitherto been largely cut off of record Feb. 1. It is Vie intention of the directors to
and at the same time to solve the problem confronting the management. continue to pay the present dividend of 5%
quarterly on both
they have purchased 200.000 shares of stock in Congress Cigar Co. out af
a total issue of 350.000 shares of such stock, all of one class. Congress the old and the new shares. The last stock distribution on
Cigar Co. is to-day one of the foremost manufacturers of cigars in the the common stocks was one of 33 1-3% made on
Dee. 2
Country. Its growth during the past 4 or 5 years has been phenomenal.
It operates 7 modern well equipped plants located in the Eastern States 1922 in new class "B" common stock.
and distributing branches in New York. Chicago and Philadelphia. Its
Results for Calendar Years.
production has increased from 55.000,000 cigars in 1921 to approximately
1926.
1925.
1924.
1923.
250,000.000 in 1926. This has all been accomplished under the able manNet profit
agement of Samuel Paley and Jacob Paley who founded the Congress Undiv. prof. prey. yr.....$26,249,403 $25,221,579 $23,777.717 $23.039.876
39,154,393 29.732,814 16,955,098 4.915.222
Cigar Co. and who have entered into a contract to continue actively in
charge of the conduct of the business of that company for a further period
Total surplus
$65,403,796 $54,954,393 $40,732,815 $27,955,098
of 5 years and who also will become directors and officers of this company Deduct
-Prof.divs.(7%)
1,400,000
1,400,000
1,.400.000
actively associated in the management of its business.
Common dividends (19)15,200.000(13)10400,000(12)9600000(12)9600000
It is contemplated that many economies will result from the acquisition Prem,on red, of pref.stk.
4,000.000
of control of Congress Cigar (jo. Beginning in the immediate future it
will be possible to gradually transfer the Porto Rican company's manuTotal undivid. profits-$50.203.796 $39.154,393 $29,732,814 $16,955,098
facturing business from Porto Rico to the States to the extent that such
• Net profits after deducting all charges and expenses
course may become necessary or desirable in view of the strike conditions and after making provision for interest, taxes (incl. Fed, of management
and State income
there. The combination of the 2 companies will also greatly promote the taxes), depreciation, advertising, &c.
-V. 122. p. 3223, 2054.
distribution of the cigars of each company. These features incident to
the combination will bring about ideal conditions for the advancement of
(Hal) Roach Studios, Inc.
-Earnings.
the business of your company and an increase in its profits.
Earnings for 34 Weeks Ended Nov. 27 1926.
In order to finance this purchase and to provide additional working
Gross ialcture earnings
capital the company has sold to National City Co., New York City, an
$854.901
Issue of $8,000,000 of 15
-year 6% cony, gold bonds and is now offering Negative costs and participants' proportion of profits
676,408
to the stockholders for subcriptions at $150 per unit 31.577k units of stock,
Picture profits
consisting of one share of 7% cumulative class A common stock and two
$178.493
shares ofclass B common stock per unit. This issue of stocks has been Add Interest, dividends and miscellaneous income
10.474
underwritten, at a cost to the company of usual bankers' commission, by
Total income
Hornblower & Weeks of New York City, managers of a syndicate in which
$188,967
this company's directors, Mr. Toro and Mr. Burroughs, will par- Interest and discount, selling and miscellaneous expenses
two of
36,944
Prey, for int, on adv., inv. losses and seer. Federal inc. tax
ticipate.
45,659
The earnings of Congress Cigar Co., Inc., for 1926 were at the rate of
Net profit
about $6 per share. It is contemplated that the earnings of Porto Rican
$106.365
company from its own operations, together with the dividends that it will -V. 123, p. 2402.
receive from the 200,000 shares a Congress Cigar Co.'s stock, will enable
Rollins HosieryMills; DesMoines la.
-Bonds Offered.
it to put the class A common stock on a permanent dividend basis beginning
with the next full quarter after its issuance, namely, July 1 1927. The Iowa National Bank and Des Moines ,National
Bank are
stock now held by the Porto Rican stockholders will by that time have
offering at prices to yield from 43 to 5%,according to
4
been converted into class A stock.
In the Judgment of the management the outlook for the company at the maturity, $650,000 let mtge. 53.% serial gold bonds,
ser. A'
present time is brighter than it has been for many years. See also V. 124,
Dated Jan. 3 1927; due serially, Jan. 1 1928 to 1937 incl.
P. 246, 122.
and int. (J. & JO payable at Des Moines National Bank, DesPrindPal
Iowa, trustee. Denom. $1,000 and $.500c5 Red. all or part Moines.
-Shipments.
.
-Prairie Pipe Line Co.
on
int, date on 60 days' notice, in inverse maturity order at 101 and int. any
-Month-1925.
Period Ended Dec. 31- 1926
1926-12 Mos. 1925.
Data from Letter of Harry T. Rollins. President of the Company,
4,182,026 50,688,577 52,392,467
Shin'ts ofcrude oil (bbls.) 4,331,958
Company.
-V. 123, P. 3047.
-An Iowa corporation. Was originally incorporated in MA
as the Des Moines Hosiery Mills and has been continuously controlled
-Acquisition.
Procter& Gamble Co.
by the Rollins family since that time. Company manufactures
Wm.Cooper Procter on Dec. 31 1926 announced the acquisition men's, women's and children's hosiery direct to the retail and sells
President
by this company of the Rub-No-More Soap Co. of Fort Wayne, Ind.. Shipments during 1926 amounted to approximately 10,800,000merchant.
pairs, to
effective Jan. 3 1927. The products of the latter will be made in Kansas merchants in 43 States and several foreign countries.
JAN. 15 1927.]
THE CHRONICLE
Earnings.
-The earnings, after depreciation, available for interest and
Federal taxes, for the five fiscal years, 1922 to 1926 have averaged annually
over 6.8 times the maximum annual interest charges on this issue of bonds
to be presently outstanding. In no year during the above peridd were
net earnings less than 3.10 times such interest charges.
Purpose.
-Proceeds will be used to reimburse the company for capital
expenditures created in the last 12 months through the construction of
plant additions and to retire current bank loans and provide the company
with additional working capital.
CapitalizationAuthorized.
Outstanding.
1st mtge. 5S4% serial gold bonds (this
1,000,000
0
1650, 00
Prof. stock $7 per share cum., series A issue)_11,300,000
210,000
Series B
480.600
Common stock
700,000
700,000
Balance Sheet Oct. 2 1926 (After this Financing).
Assets.
Liabilities.
Cash
$101,828 Accounts pay. & accrued- 8310.435
Customers' receivables..
814,448 Dividends payable
58.874
Inventories
1,628,500 1st mtge. 534% bonds__ _
650,000
Land, bides., machinery
7% preferred stock
690,600
1,055,713 Common stock
and equipment
700,000
Other assets
10,655 Surplus
1,285,377
Deferred expenses
84.141
385
sq. ft. It is expected that the building will be ready for occupancy on or
before Sept. 1 1927.
Security.
-Secured by a closed first mortgage on the land and the building
now in process of construction and all of the theater furniture and fixtures.
The land has a frontage of 210 ft. on Fifth Ave. and 108 ft. on Stewart St.
a total area of 22.680 sq. ft. Henry Broderick has independently appraised
the land as having a value of 8450.000: the building and equipment will cost
81.181.435, making a total of approximately $1.631.435.
Guarantor.
-The Orpheum Circuit, Inc., has been one of the most
successful theater enterprises in the country. Annual average net income of
Orpheum Circuit, Inc.. and its subsidiaries for the 3.i year period ended
June 30 1926, after depreciation and all interest charges but before Federal
income taxes, amounted to $2,205,210. Such net income for the year
1925 was $2,174.820.
Semet Solvay Co.
-Engineering and Construction Departments Merged with Steere Engineering Co.
See Allied Chemical & Dye Corp. above.
-V. 121, p. 1919.
Semet Solvay Engineering Corp.
-Organized.
See Allied Chemical & Dye Corp. above.
Servel Corp. (Del.).
-Large Contracts.
-
The corporation has just concluded a contract whereby the Southern
California Edison Co. will during 1927 sell Servel refrigerators exclusively,
it was announced this week. The Southern California Edison Co. has
-Sales.
Ross Stores, Inc.
350,000 meters.66 display points and serves a population of over 2,500,000.
Period End. Dec.31- 1926
-Month
-1925. 1926-11 Mos.-1925.
It is one of the outstanding public utilities in the United States and is a
Sales
$1,020,248
8924.244 $5,871.657 $4,941,507 dominating electric company in the southern part of California. Its
-V. 123. p. 3195, 2666.
addition to Servel's forces of distribution is declared the most important
some time.
Roxy Theatre, New York City.
-Work Being Expedited. that has occurred inLight Co. of St. Louis has been added to the
The Laclede Gas
Announcement was made this week to the 5,000 stockholders of the Roxy tributors of the gas fired refrigerator controlled by the Servel list of disCorp.,
Theatre by Bennett, Bolster & Coghill that three shifts of workmen will be has placed a substantial order for machines to be delivered during the and
first
used beginning next week so as to expedite completion of the theatre for the 6 months of this year.
opening scheduled for the latter part of February. It was stated that
The Servel Corp. announces that it has also acquired, without extra capworkmen are now busy on the lobby, the rotunda and the theatre proper.
- ital cost, the Canadian rights for its gas refrigerator. in addition to Amer-.
V. 123, p. 3195.
lean, Cuban and Panamanian rights now controlled.
-V. 123. p. 2913.
Total
$3,695,286
Total
$3,695,286
St. Maurice Valley Corporation.
-Stock Increased.
-
Sheridan-Grace Apartments, Chicago.
-Bonds
Offered.
The stockholders on Dec. 14 increased the authorized common stock
(no par value) from 150,000 shares to 500,000 shares. A portion of this -An issue of $2,150,000 1st mtge. 63'2% serial gold bonds is
Increase is being issued in exchange for the 20.000 sha•es of no par value being offered at prices to yield from 6.13% to 6.39%, accordcommon stock of the Canada Paper Co., Ltd., on the basis of one share of ing
to maturity, by Greenebaum Sons Investment Co.
St. Maurice stock for every two shares of Canada common stock. ExDated Jan. 1 1927; due serially Jan. 1 1930-1939. Denom. $100. 8500.
change should be made at the Montreal TrustCo.on or before Jan. 24, when
$1,000. Interest payable J. 5c J. 2% Federal normal income tax and any
offer expires.
-V. 123, p. 2913.
State taxes up to 5 mills of principal amount paid by borrower. Principal
and interest payable at offices of Greenebaum Sons Investment Co.
San Carlos Milling Co.
-Extra Dividend.
Monthly deposits in advance with Greenebaum Sons Bank & Trust Co..
The San Francisco "Chronicle" says; '"I'he directors at their recent
meeting declared an extra dividend of 5%, or 50 cents a share. payable Chicago, trustee, to meet interest and principal payments. Privilege to
Jan. 15 1927 to holders of record Jan. 7, together with the regular IA %. prepay by giving 60 days' written notice to trustee at a premium of 3%.
-Closed first mortgage on land, building, equipment and earnSecurity.
or 15 cents a share (not 20 gents) on the 180.000 shares of capital stock.
par $10. During 1926 the company paid dividends of 26% in the first eight ings. Property located at northwest corner Sheridan Road and Grace
months on $1.200.000 capital stock, and 6% on $1,800,000 stock in the last Street, Chicago; contains a total of approximately 35,000 sq. ft. of land.
four months, or a total of $420,000 for the year The company will close fronting 299 ft. on Sheridan Road, facing east and north; 209 1-3 fees on
the year with $675,000 cash in the treasury or in bank deposits at Manilla Grace St. and 233 1-3 ft. on the rear line. The Sheridan-Grace Apartments,
when completed, will comprise one of the finest and most attractively-deand Honolulu."
-V. 124. p. 122.
signed structures of its kind in Chicago. The building, which is designed
In the Tudor Gothic style of architecture, will be 17 stories and basement,
Sanford (Me.) Mills.
-Balance Sheet.
of steel and concrete fire proof construction. There will be a total of 86
Comparative Balance Sheet November 30.
-room duplexes occupying the 16th and 17th
apartments, including two 10
1926.
1925.
floors; 31 of 8 rooms, 15 of 7 rooms, 32 of 6 rooms, one of 5 rooms, one of
1926.
1925.
Assets8
s
Liabilities3 rooms, 3 of 2 rooms and 1 of 1 room. Extra servants' rooms will be pro11
$
Plant account..__ 6.293.624 6,408,916 Preferred stock.
1,485.900 vided on the 17th floor. On the rear of the site there will be a 100
-car
Inventories
6,889,662 6,395.385 Common stock.__
x
6,476.000 garage for the convenience of the tenants.
Cash and debts re-Independent expert appraisal of the property, including the
Notes & accts. pay
Valuation.
52.452
12,091
ceivable
598,017
911.430 Res. for Fedi tax_ 258,521}
land, buildings when completed, and equipment, places total value as
Divestments
505,703 .1,517.587 Res. for dive.. ad2,470,522 83,054,374.
-Conservative estimates of the annual income from the propEarnings.
vertising, ire_ 1,077,216
Surplus
x12,898.817 4.788,805 erty, when completed, with allowance for 10% vacancies, are as follows:
Gross income. 8387.000; operating expenses (including vacancies), $104.500:
Total (each sIde)....14,287,006 15,233,318
Total
14.287,006 15,233,318 net income, $282,500.
-The bonds are a direct obligation of the Sheridan-Grace
x Stockholders on Nov. 1 1926 approved a change in the common stock
Ownership.
,which is headed by Avery Brundage, who is generally
from shares of $100 par value to shares of no par value, four no par value Apart't Bldg. Corp.
shares being exchanged for each $100 par value share. On Nov.30.259.072 recognized as one of the leading building contractors of Chicago, and as as
shares were outstanding. All the pref. stock was retired during 1926.- Individual of strong financial standing.
V. 124, p. 247.
Shoreline Building (Corp.) Chicago.
-Bonds Offered.
Schoellkopf Securities Corp.
-Bonds Offered.-Schoell- -George M. Forman & Co., Chicago are offering at prices,
kopft Hutton & Pomeroy, Inc., Buffalo, are offering at 99 to yield from 6X% to 6M% according to maturity $800,000.
and int. $500,000 20-year 6% secured gold bonds.
,
1st mtge. 636% serial coupon gold bonds.
Dated Nov. 15 1926; due serially, 1929 to 1938. Normal Federal income
Dated Nov. 1 1926, due Nov. 11946. Int. payable M.& N. at Marine
Trust Co., Buffalo, trustee, without deduction for normal Federal income tax up to 2% paid by borrower. Bonds and coupons payable at office of
tax not in excess of 2%. Denom. $1,000 c*. Red. all or part by lot on George M. Forman & Co. Callable upon 60 days notice at 103 and int.
any int. date on at least 30 days' notice at 102% on or before Nov. 1 1931. Penn., Conn.. Maryland, Calif., Kansas, Mich., Vermont, Kentucky.
at 102 thereafter and on or before Nov. 1 1936, at 101 Yi thereafter and on Virginia and District of Columbia State taxes not in excess of 83i mills
or before Nov. 1 1941, and at 101 thereafter and prior to Nov. 1 1946.
per annum and Mass. and New Hampshire income taxes not exceeding 6%
Company.
-Organized in 1910 in New York. Is engaged in the business of the interest refunded upon application. Chicago Title & Trust Co.,
of purchasing and selling securities and other forms of investments.
trustee.
-These bonds are the obligation of the Shoreline Building Corp.
Security.
CapitalizationAuthorized. Outstanding
and will be secured by a closed first mortgage on land, owned in fee,located
-year 6% secured gold bonds (this Issue)
20
3.500,000
8500.000 at 2221-2231 E. 67th St.. Chicago. and 16-story modern fire
*Capital stock (par $100)
-proof apart1,200.000
784,000 ment building to be erected thereon. The bonds also will be
Surplus
in effect
431,897
•The capital stock, at present market value of securities owned, shows first lien on net earnings of the building when completed.
-Will be a 16
-story fire-proof reinforced concrete structure.
Building.
a net worth of over $2,400,000.
Earns.12 Mos.End.
-Feb. 28 '24. Feb. 28 '25. Feb. 28 '26. Dec. 31 '26. Will contain 49 high class apartment suites of 6 and 7 rooms with 2 and 3
-story studio apartment
baths respectively and one 10 room 2
Total earnings
$99.848
$129,442
$340,777
$326.496 On the first floor will be a spacious lobby 2 stories in height, with 4 baths.
Gross inc. avail, for int.
and connected
with the same will be an attractive lounge
charges & Fed. taxes..
74.383
106,736
324.818
315.125 sides and extending to the rear, there will and a chauffeur's room. To the
be a large garage with space for
Gross inc. times present
interest charges
2.5
3.6
10.8
10.5 50 cars, one for each tenant. An electric elevator will provide service
Gross income for the 3 years ended Feb. 28 1926, as above, averaged direct from the garage to apartments. The west wing of the second floor
-room apartment, the balance of space being utilized for
$168.646 a year, or more than 5.6 times the annual interest requirements will contain one 7
on this issue, and for the 12 months ended Dec. 31 1926, gross income service facilities. On the roof of the first floor wings will be an open air
lounge with pergolas, beautifully gardened and landscaped with grass,
was 8315,125 or more than 10.5 times this requirement.
Security.
-A direct obligation of the corporation. In addition,as security flowers and shrubs. From the 3rd to the 15th floor, each floor will be
-room apartments with 2 baths and two 7
for this issue, 40.000 shares of the common stock of Buffalo, Niagara & divided into two 6
-room apartEastern Power Corp. are to be pledged with the trustee, under a trust ments with three baths. The 15th and 16th floors will contain an elaborately
Indenture securing the bonds. Based on present market quotations, this finished studio apartment with the living room 2 stories in height.
collateral has a value of over $1,000,000.
On the basis of appraisals. this bond issue represents a loan of less than
Sinking Fund.
-Corporation will pay annually to the trustee, for the 59% of the value of land and completed building.
Income.
-Based upon conservative estimates, the net rental income of
account of the sinking fund for the retirement of these bonds,the sum
of $25,000, the first payment to be made Nov. 1 1927.
the building,including garage space, after making due allowance for possible
Purpose.
-Proceeds from the sale of these bonds will be used for the retire- vacancies and deducting operating and maintenance expenses and taxes, is
ment of bank loans and for other corporate purposes.
estimated to exceed $142,500 per annum; this net annual rental value being
nearly 28% times the highest annual interest charges on this bond issue.
Scranton & Lehigh Coal Co.
-Capital Increased.
-
The company has filed a certificate at Albany, N. Y., increasing its authorized capital stock from $1,750.000 to 82,750,000.-V. 119, p. 2891.
Seattle (Wash.) Orpheum Co.
-Bonds Offered.-Blyth,
Witter & Co.,Seattle, are offering at 100 and int. $1,000,000
1st mtge.6% serial gold bonds. Guaranteed as to principal
and interest by Orpheum Circuit, Inc.
Dated Dec. 1 1926: due serially. 1933-1941. Prin.and int. (J.& D.)
payable at Bank of California, National Association, Seattle. Wash.,
trustee. Denom. $1,000 and $500 c*. Red. by lot on any int, date prior
to maturity. on 30 days' notice, at 102 and int. Bonds called are to be
drawn from latest maturity outstanding. Interest payable without deduction for Federal income taxes not in excess of 2%.
Data From Letter of Vice-Pres. Joseph M. Finn, Dated Dec. 18.
Cornpane.-Organized to acquire the site and to erect a modern theater
and office building to serve as the Seattle home of the Orpheum Circuit and
for commercial purposes. Seattle Orpheum Co., as a wholly owned subsidiary of Orpheum Circuit, Inc., will be under the same control as other
Orpheum Theaters throughout the United States. The theater will be of
thoroughly modern fire-proof construction and will have a capacity of
2.600 seats. The commercial portion of the building will be 6 stories in
height and will contain 17.177 sq. ft. of rentable office space. In addition
there will be 1,624 sq.ft. of rentable store space on the ground floor exclusive
of the theater lobby and entrance, and the basement will contain 4.420
"Snia Viscosa"(Societa Nazionale Industrie Applicazioni Viscosa), Turin, Italy.
-Bond Issue Placed in London.
Hambros Bank. Ltd., and Higenson & Co., London, offered for sale
during the week of Dec.20 £1,400,000 73 % sterling 1st mtge. bonds at 93,
aglicatnt in u on aoifpnaad*:,27 on a n 1 raol
e itin,2pl naay e tanc 0 .0 ptan.
r .b11;
ev
.
ee
oln
.
27.
n.
under discount at 3% per annum; on any other date payment in full can
be made, but no discount will be allowed.
The bonds will be redeemed on or before Dec. 31 1951 by an annual
sinking fund of £61,000 commencing in 1929, and operating by drawings
at par and int. Company, however, has the right to surrender bonds
to the trustees for cancellation in satisfaction of the whole or any part
of the annual sinking fund payment, the bonds for this purpose being
taken at their par value. Company reserves the right to redeem the
bonds as a whole or in part by drawings at 103 and int. on June 30 1934
or on any int. date thereafter on not less than three months' notice.
Denom. £1,000. £500 and E100. Int. payable June 30 and Dec. 31.
Payment of principal and int. will be made without deduction for any
present or future Italian taxes at the offices of Hambros Bank, Ltd. The
first payment of interest at the rate of .f.3 per £100 bond, representing
interest on installments, will be made on June 30 1927 by means of a
coupon attached to the scrip certificate. Scrip certificates to bearer will
be issued in exchange for letters of acceptance on which the amount due
on acceptance has been paid. Scrip certificates to bearer when fully paid
will be exchanged in due course at the offices of Hambros Bank. Ltd.,for
definitive bonds with half-yearly coupons attached.
-V.123, p. 3334.
386
Solar Refining Co.
-New Directors.
-
THE CHRONICLE
Texas Pacific Land Trust.
-Listing.
-
[voL. 124.
The New York Stock Exchange has authorized the listing of temporary
I. M. Cory and S. M. Williams have been elected directors, succeeding
sub-share certificates for 1,929,000 sub-shares of the par value of $1 each,
F. G. Borges and N. D. Keys.
J. R. Cuthbert has been elected Vice-Pre 1dent, suc•eeding Mr. Borges each sub-share being 1-100 of a share of the par value of$100 ofproprietary
and E. L. Hughes as Vice-President and Treasurer, succeeding Mr. Keys. interest in the lands and property in the State of Texas conveyed by the
Texas & Pacific Ry. and other grantors to Charles J. Cando, Simeon J.
-V. 122, p. 1624.
Drake and William Strauss, as trustees, upon official notice
Southfield Development Co., Detroit, Mich.
-Bonds from time to time, of the sub-share certificates in exchange forof issuance,
the certificates of proprietary interest.
Offered.
-Wm.L.Davis & Co. and National Bank of ComAs provided in the declaration of trust, there were issued thereunder
merce, Detroit are offering $350,000 1st mtge. 634% serial certificates of proprietary interest in the amount of $10,370,000 par value,
gold bonds at prices ranging from 100 and int. to 101.35 of which $8,420,400 par value were, from time to time up to and including
and canceled, leaving $1,949,600 par value of certifiDec.
and int., to yield from 5% to 654% according to maturity. cates 311925, retired
of proprietary interest outstanding on that date. :Since Dec. 311925.
Dated Jan. 3 1927; due serially (J. & J.) from July 1 1927 to Jan. 1 1937 $20,600 additional of certificates of proprietary interest have been retired
Principal and int. (J. & J.) payable at Fidelity Trust Co., Detroit, Mich., and canceled, leaving the amount thereof outstanding Jan. 5 1927, $1.929.-V. 124, p. 247.
trustee. Red. all or part on 30 days notice at 102 and int. up to and incl. 000 par value.
Jan. 1 1934, and at 101 and int. thereafter to maturity. Interest payable
without deduction for normal Federal income tax up to 2%. Denom.
Titusville Forge Co.
-To Extend Notes.
1.000 and $500.
The $783,500 1st mtge. extended 7% sinking fund gold notes due Jan. 15
Security.
-A security for the payment of these bonds, the trustee has are being extended at the same coupon rate to Jan. 15 1930, and in addition
taken title under a trust indenture to approximately 161 acres of land, each holder of a $1,000 note is to receive 2 shares of preferred stock of the
subdivided into 1.010 lots located at the northwest corner of Southfield company. At the present time between 85 and 90% of the notes have
and the Ten Mile Roads, west of Royal Oak and between Birmingham and been deposited under the plan. President John T. Dillon Jr, in a letter
the city limits of Detroit. Of the 1,010 lots, 515 have been sold for a total to the noteholders, dated Nov. 10 1926, says in substance:
sales price of $702.100. There remain to be sold in this subdivision. thereThe company has issued and outstanding $783.500 out of an original
fore. 495 lots. The balance due on land contracts as of Dec. 1 1926, is issue of $1.150,000 1st mtge. extended sinking fund gold notes due on
$581.780. Contracts now made are assigned to and deposited with the Jan. 15 1927. The maturity of these gold notes was extended for a period
Fidelity Trust Co. as supplemental collateral to this issue of first mortgage of two years from Jan. 15 1925 to Jan. 15 1927.
bonds. In addition all contracts to be made are to be assigned to and
The profit figures of the company during the 2
-year period of extension
deposited with the Fidelity Trust Co. An appraisal has been obtained from have shown a steady and satisfactory increase. During 1924 there was
the Fidelity Trust Co., Detroit, showing a valuation for this property of available for interest on the notes and depreciation the sum of $37.732.
$729,000.
During 1925 there was available for the same purposes $71.716, and for
Guaranty.
-In addition to these bonds being secured by a first mortgage the first 6 months of 1926 the sum of $53.027, which is approximately twice
on real estate and the assignment of land contracts as stated, they are note interest requirements for that period. The present management has
unconditionally guaranteed as to the payment of interest and principal by been operating the company's properties since Jan. 1 1923. Their expecactual endorsement by the Stormfeltz-Loveley Co., Detroit. Its financial tations that the business would show a steady and material increase have
statement discloses a capital and surplus of over $3,900.000. total assets been fully justified. The management having been confronted with an
of over $11,000,000 and net earnings for the past year in excess of 23
unprecedented overproduction in the forge business, especially in general
times this entire issue of bonds.
commercial lines, expended considerable sums of money in so equipping
This issue of bonds will also be guaranteed jointly and severally principal its plant and training its employees that the company was put in a position
and interest by the officers of the Southfield Development Co., who own to handle special lines of forgings and particularly patented forgings used
in oil well drilling operations and for Diesel engine crankshafts.
all of the common stock.
As was predicted in both of these special lines of business, there has
-Listing.
Standard Oil Co.(New Jersey).
developed considerable activity, and the company has shown and is showThe New York Stock Exchange has authorized the listing of (a) $120.- ing substantial Improvements in its profits due largely to this special work
-year 5% gold debentures, due Dec. 15 1946; and (b) $86,232,925 in which the percentage of profit protected by the patents is considerably
000,000 20
(total authorized issue of $625,000,000) additional common stock (par $2)5. larger than in the ordinary commercial forgings. The gross sales of oil
on official notice of issuance and payment in full, making the total amount tools for the year 1924 was $184.421. For 1925 they were $332.545; while
applied for $619,162,625. The additional stock is offered at par ($25) per for the first 6 months of 1926 they were $218,266.
Colonel J. M. S. Waring of L. L. Summers & Co.. consulting engineers,
share to stockholders of record Nov. 26 1926 in the ratio of one new share
for each six shares held. All subscriptions must be made on or before has reported that the plant and buildings are well located and well adapted
Jan 15 1927. Subscriptions shall be payable in cash in two installments as to the heavy forge and machine work which is being produced and that all
follows: One-half thereof on Jan. 15 1927 and one-half thereof on Marc h14 buildings and equipment are well maintained and in excellent condition.
In view of the above facts, the directors confidently feel that except for
1927. Company will allow Interest amounting to 10 cents per share (being
approximately at the rate of 5% per annum) on the amount of the first the maturing note obligation on Jan. 15 1927, the company is in a favorable
nstallment of the subscription price for the period from Jan. 15 1927 to condition to continue as a vigorous factor in the forge business, very much
March 14 1927. The amount of such Interest will be credited or allowed at to the benefit and interest of the noteholders. It is recognized, however,
the time of payment of the second!installment, so that the net amount that the company cannot meet its maturing note obligations amounting
thereof, after the credit of such interest, will be $12 40 per share. The to $783.500 on Jan. 15 and unless some plan for refinancing is determined
proceeds of the stock and the $20.000,000 debentures will be used in the upon the only alternative would be foreclosure. Such action would be
financing of the proposed redemption of the peferred stock of the company most detrimental to the interests of the noteholders.
The plan of refinancing (set forth below) is, therefore, suggested with
on or about March 15.-V. 123, p. 3335, 2913.
a view to affording the greatest protection
of
- It is believed that the present position ofto the intereststhethe noteholders.
-Reduces Bank Debt.
Standard Textile Products Co.
the company,
increased earnBills payable (bank indebtedness) as of Dec. 31 1926 stood at $750.000 ings during the period of the present extension, and the prospects of further
as compared with a total of $2,700,000 as of Dec. 31 1925, or a reduction material increase in business and the value of the properties, justifies the
further extension of maturity and will result in the protection of the interone year.
-V. 123, p. 3050.
of $1,950,000 in
ests of the noteholders as such, as well as afford them an opportunity to
-Erecting 3 New Theatres.
Stanley Co. of America.
benefit as stockholders through the ultimate success of the company.
It is proposed that the maturity of the present 1st mtge. extended 7%
The company, under its expansion program, is erecting 3 new theatres,
one costing $3,000,0 0, another $500.000 and the third at an unnamed sinking fund gold notes will be extended for a period of 3 years from Jan. 15
1927 to Jan. 15 1930. This extension will be accomplished through the
flgtn• s. President J ho J. McGuirk announced.
The first h use is under construction in Philadelphia, the second will be depositing of the outstanding notes with Fidelity Trust Co. of Baltimore,
erected in West Philadelphia and third, of 2,000 capacity, at Bridgeton, as depositary. The security of the gold notes will remain exactly the same
as heretofore with the sole exception that during this period of extension
N. J.
-V 123, p. 33.35.
the payment of interest will not be guaranteed by the Fidelity & Deposit
-Sales (Incl. Sub. Cos.).- Co. of Maryland.
Steel's Consolidated, Inc.
It is also proposed that the supplemental indenture through which the
Increase.
1925.
1926.
Calendar Years$597,062 extension of maturity will be effected shall contain provision for a sinking
Totalsales ofcompany & subsidiaries_ $4.600,681 $4,003,619
fund payable to the trustee for the benefit of the noteholders in an amount
-V. 122, p. 763.
See also Steel's Consolidated. Ltd., below.
up to 50% of the net earnings, provided the payment thereof, in whole or
in part, does not reduce the company's net quick assets as defined in the
-Sales.
Steel's Consolidated, Ltd. (Canada).
supplemental indenture below $300,000, which amount is the minimum
Increase.
1926.
1925.
Calendar Yearsof net quick assets to satisfactorily meet the requirements
Bales
$1,957.944 $1.751.618
$206.326 business, in the opinion of the officers and directors. of the company's
All notes retired
During 1926 the company opened one new store at Chicoutimi, Que., but by the sinking fund will be called by lot.
reduced materially the size of one of its stores in Montreal. Total merchanArrangements have been made whereby the noteholders who consent
dise sales of Steel's Consolidated, Inc. the parent company, of Buffalo, to the extension of maturity will, in addition, receive pref. stock. The
'
N. Y., and Steel's Consolidated, Ltd., for the past year were $3.754.796. pref. stock is without par value, bearing a pref. dividend cumulative from
as compared with sales of $3.447,964 in 1925, a gain of $206,832, or an Jan. 1 1927 at rate of $7 per share per annum, payable J. & J.; red, by lot
increase of 8.89%. During the year 4 stores were closed in the United at $100 per share and has limited rights as to voting. It is proposed that
States, where leases expired,and 3 new stores were opened as replacements. for each $1,000 par value of notes extended the holder thereof shall receive
as a bonus 2 shares of pref. stock. In the event that
declared
Steiger Buildings (Albert Steiger Building Co.), effective, such stock will be deposited with the Fidelity the plan isas deposTrust Co.
the benefit
participation cerSpringfield, Mass.
-Bonds So/d.-Tifft Brothers, Edward itary forentitling theof the noteholders, who will receive either at
tificates
bearer to delivery of the pref. stock,
the
B.Smith & Co. Old Colony Corp. and Spencer Trask & Co. the gold notes are all retired through redemption or in the event that time
they
are not
their extended maturity. Dividends on the pref.
have sold at 100 and int. $2,000,000 1st mtge. 04% gold stock soretired, then at the depositary will be cumulative
'
deposited with
accounting from
bonds.
Jan. 1 1927; and any such dividend or dividends which may be paid thereon
Dated Jan. 3 1927; due Jan. 1 1952. Interest payable J. & J. at Old to the depositary for the period from that date to the date of delivery of
Colony Trust Co., Boston,trustee, without deduction of the normal Federal the stock will be payable to the bearers of the participation certificates on
income tax not exceeding 2%. Denom. $1,000 and $500 c*. Red. all or presentation to the depositary for endorsement of payment.
It is also proposed to retain the provisions of the first supplemental
part on any int, date upon 30 days' notice at 105 and int. on or before Jan. 1
1934.thereafter at 104 through Jan. 11940.thereafter at 103 through Jan. 1 indenture of Jan. 10 1925 to the effect that the company will not declare,
set apart or pay any dividends on any of the common stock at any time
1946, and thereafter at 102 to maturity.
Property.
-The Albert Steiger Building Co., organized in Massachusetts, outstanding so long as there are any of the said notes outstanding and unowns two valuable pieces of real estate in Springfield, Mass., situated be- paid as to either principal or interest.
tween the Third National Bank and the Post Office. These parcels are
Balance Sheet as of Sept. 30 1926.
located diagonally opposite each other on Bridge and Main Streets and
[With adjustments to reflect subsequent changes in its capitalization.]
contain in the aggregate approximately 49,861 sq. ft. of land. On the
Assets.
-story building occuparcel on the west side of Main St. there is a modern 3
$17,125 Current liabilities
$185,387
pied by S. S. Kresge Co. under a favorable lease to which the mortgage is Cash dr accounts receivable
131,842 lit mtge. extended bonds
Notes
783.500
subject, which runs to Sept. 30 1938 at an annual net rental of 06.000. Inventories
280,492 Depreciation reserve
•
359,510
On the parcel on the east side of Main St. there is a modern 4
-story build- Investments
10,500 Preferred stock
5339,700
ing used by Albert Steiger. Inc.,as a department store. There will be a new Plant and property
1,882,545 Net worth
b713,819
lease of this parcel to Albert Steiger, Inc., subject to the mortgage and run- Good-will
227,880
ning to Jan. 1 1957 at an annual minimum net rental of $150,000.
71,731
-This issue of bonds is secured, in the opinion of counsel, by a Deferred charges
Security.
closed first mortgage on the two real estate properties described above,
Total
$2,381,918
Total
$2,381,918
which are owned in fee. The total value of the property as appraised by
a 4,964 shares no roar $7 per annum cumulative, red. at $100 per share.
Daniel E. Burbank of Springfield, is $3,000.000, of which amount more
two-thirds represents the land. The assessed valuation of the land is b Represented by 13,350 shares common stock without par value.
than
V. 116, p. 422.
$1 833,000 and of the buildings $364,000, or a total of $2,197,000.
-The minimum net rentals to the company from the two leases
Earnings.
United Drug Co., Boston.
-November Sales.
will aggregate 8246,000 a year. Tne company will pay to the trustee the
Sales in this country for November amounted to $8,155,851, an increase
sum of $150,000 a year, semi-annually, beginning May 11927, an amount
of $1,062,000, or 15% over the same month of 1925. With December
pay interest and sinking fund requirements on these bonds.
sufficient to
le The average net earnings of Albert Steiger, Inc., the lessee of the larger estimated as approximately $8,500,000, the company finished 1926 with
parcel,for the 4 years ended Dec.31 1926 (last month estimated), plus rent- total turnover, exclusive of its foreign subsidiaries, of $91,500,000. Actual
-V. 123, p.
al; paid by S. S. Kresge Co., under its present lease of the smaller parcel, sales in 1925 were $78,145,000. (Boston "News Bureau.")
amounted to $482,825,or 3.21 times the maximum annual interest and sink- 3052.
ing fund charges on this issue of bonds. For the year 1926(Dec. estimated)
United States Dairy Products Corp.-Tendere.these net earnings plus S. S. Kresge Co. rentals amounted to $497.359.
The corporation will until Jan. 21 receive bids for the sale to it of $7
of 3.31 times the total charges.
-'A sinking fund is provided sufficient to retire practically cony. 1st pref. cum. stock to an amount sufficient to exhaust $123.103.
If Sinking Fund.
amount
of the bonds by maturity. Thewill be payable into the sinking fund in -V. 123, p. 3335.
all
increased
1927 will be $40,000, which sum be paid into the each year until 1950,
United States Distributing Corp. Recapitalization.
sinking fund. All sums
when approximately $136,000 will
The stockholders will shortly vote on approving a recapitalization plan
sinking fund will be used by the trustee for the purchase or repaId to the
canceled as acquired.
which will enable the acquisition by the corporation of minority interests
demption of bonds which will be
Managernent.-The Albert Steiger Building Co. is owned by the Steiger in subsidiary companies.
Tentative plans call for an offer of 40% in new 7% preferred stock and
Realty Co. which is owned by Albert Steiger and his five sons, who have
150% In new common stock to holders of each 100 shares of common stock
tad long eiperlence In the department store business.
of the U.S. Distributing Corp. now outstanding. Minority holders oft. S.
Trucking Corp.8% cumul. pref. stock would be offered new 7% pref. stock
of the Distributing Corp. on a share for share basis; holders of the U. S.
Trucking Class A common stock would be offered g of 1 share of new 7%
Prof. and RI of 1 share of new common stock for each share of Class A stock
held; holders of the U. S. Trucking Class B common stock would be offered
2,% shares of new common stock for each share of Class B stock held.
V. 123, p. 2276.
-Tenders.
-United States Rubber Co.
The Central Union Trust Co. of N. Y., trustee, will until Jan. 28 receive
bids for the sale to it of let & ref. mtge. gold bonds, due 1947. series "A"
at not exceeeding 105 and int., to an amount sufficient to absorb $670,384.
and "B" bonds at not exceeding 110 and int., to an amount sufficient to
exhaust $250,000.-V. 123. P. 977.
Liabilities
Assets
$6,587,246 Bank loans of sub. cos.__ $163,790
Cash
q.
3,886,300 Accts. payable, provision
U. S. securitities
for Federal taxes, &c__ 2,653.459
Other marketable securs- 2.497,592
250,000
Accounts receivable_ _ _ _ a4,929,875 Reserve for contingencies
6,900
7,228.899 Prof. stock (par $100)--Inventories
7% cum.prior pref.stock 20.766,780
Investment in trust fund
Cumul cony.pref.stock _ d12,113,955
for purch. of stk for
el6,842,365
167,110 Common stock
sale to employees
1.363,813
Corn. stk. of contr. cos_ b3,745,000 Surplus
Real est., plant & equiplc24,725,038
1
Patents St territorial rts_
1
Matrices
393,998
Def. charges to operat'ns
-Unfilled Orders.
United States Steel Corp.
-V.124,
See under Indications of Business Activity on a preceding page.
P. 123.
-Assistant Managing Director.
United Verde Copper Co.
H. DeWitt Smith, formerly general superintendent of the company's
mines at Jerome, Ariz., and for the last two 3rears associated with the New
York Trust Co.'s Industrial Department, has been appointed Assistant
Managing Director of the United Verde Copper Co. with headquarters at
-V. 122, p. 1626.
111 Broadway, N. Y. City.
-Production.
United Verde Extension Mining Co.
Month ofCopper output (lbs.)___
-V. 123, p. 3053.
387
THE CHRONICLE
JAN. 15 1927.]
December.
3,173,480
November.
3,354,004
October.
3,803,688
September.
3,511,966
Total
$54,161,062
$54,161.062
Total
a Notes receivable, $266,480: customers' accounts receivable, $4,674,320;
controlled companies, accounts receivable,$244,103; miscellaneous accounts
receivable, $126,824; less reserves for discounts and doubtful accounts,
$381,852. b Net book values per audited accounts of June 30 1926 (latest
date at which available). $6,838,278; less amount uncalled on shares in
Gramophone Co., Ltd. (Z637,500), $3,093,277. c Land, as appraised by
James F. Baker Co., and buildings, machinery and equipment at sound
values as appraised by the American Appraisal Co., $24,282,409; other
buildings and equipment, not appraised, at cost, less reserves for depreciation, $442,629. d No par value-preference upon liquidation $100 per
share-121,139.55 shares outstanding. e 571,086.45 shares outstanding.
-Wholly-owned subsidiaries, New York Talking Machine Co. and
Note.
Chicago Talking Machine Co., consolidated. The Gramophone Co., Ltd.
and Victor Talking Machine Co. of Can, carried as investment.
-Holders of more than
Recapitalization Already Assured.
-Acquires 11 Theatres two-thirds of the outstanding stock it is announced, have
Universal Chain Theatres Corp.
already assented to the proposed plan for recapitalization of
in New York State and Arkansas.
The corporation has acquired the Robbins chain of 8 motion picture the company and its approval at the stockholders' meeting
theatres located in Syracuse. Utica and Wattrtown, N. Y., and has also
Jan. 17 at Camden is assured. The
secured 3 theatres in Jonesboro, Ark. Thesd 11 theatres add about 16.000 which will be held
seats to the Universal chain, and increase the total number of theatres response of the minority stockholders has proved especially
to 275, with an aggregate seating capacity in excess of 230,000. These gratifying to the bankers who recently acquired control of
acquisitions follow closely that of 11 motion picture theatres in Seattle.
Wash., formerly operated by the Pacific Theatres Co. See also V. 123. the company, a large number of these stockholders having
p. 3335.
Committee in charge.
-Definitive 8% preferred and common already sent in their proxies to the
Definitive Stock Certificates Ready.
stock certificates are now exchangeable for outstanding allotment certifi- This Committee is composed of Edward E. Shu maker,
at the Chase National Bank of the City of New York, 57 Broadway, Pres. of the company; E. R. F. Johnson, V.-Pres.; De Witt
cates
-V. 123, p. 3335, 1889.
N. Y. City.
Millhauser (of Speyer & Co.); John C. Jay (of J. & W.
-Plans to Create Special Seligman & Co.); and Levi L. Rue, a director and chairman
Universal Pipe & Radiator Co.
-V. 124, p. 247.
Stock to be Used for Distribution to Common Stockholders.
of the Philadelphia Girard National Bank.
The directors on Jan. 12 decided to call a meeting of stockholders for
-Listing.-(V.) Vivaudou Inc.
Feb. 11, to authorize the creation of a special stock which is intended for
distribution to holders of common stockholders. This special stock will be
entitled to non-cumulative dividends at the rate of $7 per annum, and it
will be specially provided that the new stock is to be used exclusively for
dividend on the common stock.
The stockholders will also be asked to ratify a reduction of the authorized
preferred stock by 30,000 shares, this reduction being in connection with the
recent purchase for retirement of 29,206 shares of this issue. The dividends
for the full year 1927 were declared on the preferred stock on Nov. 6 1926.
The Central Union Trust Co. of New York has been appointed registrar
-year 6% debenture bonds, due Dec. 1 1936.-V. 124,
for $5,000,000 10
p. 123.
-Listing.
Victor Talking Machine Co.
The New York Stock Exchange has authorized the listing on or after
Jan. 18, on official notice of the approval by the stockholders of a plan
of recapitalization and reclassification of the capital stock of the company,
of temporary certificates for the following shares of its capital stock.
(a) 134,260 shares 7% cumulative prior preference stock (par $100): (b)
73.318 shares of cumulative convertible preferred stock (without par value)
and (c) 369,217 shares of common stock (without par value); with authority
to add to the list on official notice of issue pursuant to the plan of recapitalization and reclassification of temporary certificates for not to exceed the
following additional shares: (a) 75,080 shares 7% cumulative prior
preference stock; (b) 43,797 shares cumulative convertible preferred stock
and (c) 206,468 shares common stock without nominal or par value; and
with authority also to add to the list an additional 244,230 shares ofcommon
stock without par value on official notice of issue on conversion of cumulative convertible preferred stock.
The plan of recapitalization and reclassification provides that the present
common stock of the company will be reclassified so that each 10 shares
of common stock will be changed into 6 shares of 7% cumulative prior
preference stock, 3% shares of cumulative convertible preferred stock, and
16% shares of common stock. The issue of the shares the listing of which
Is covered by this application has been authorized by the board of directors
of the company at a meeting held on Jan. 6 1927, subject to the approval
of the stockholders and the proposed amendments to the certificate of
incorporation of the company being effected. A meeting of the stockholders of the company has been called to be held on Jan. 17 1927 to consider such proposed amendments.
The capitalization of the company, upon recapitalization as planned,
will be as follows (in addition to 69 shares of preferred stock now out.:
Tote
Authorized.
Tote
Outstanding.
7% prior preference stock (par $100) callable, as
a whole or in part, at 115 (sinking fund of 3%
annually to operate by purchase only, at or
$20,934.000 $20,934.000
below the call price)
Cumul. cony. pref. stock (without par value)
callable, as a whole or in part, at 110 and convertible after Oct.11927 into corn.stockat the
rate of 2 shs. of corn, stock for one share of
122,115 she. 122,115 shs.
cumulative convertible preferred stock)
Common stock (without nominal or par value) *819,915 shs. 575.685 shs.
*Including 244.230 shares reserved for conversion of the cumulative
convertible preferred stock.
Statement of Earnings for 5 Years and 9 Months ended Sept. 30 1926.
Federal
Net
Gross
Earnings. Depreciation. Inc. Taxes.
Sales.
Balance.
1921- - - _ -$51,281,276 $6,996,054 $1.057,473 *$1,748,167 $4,190,415
1.096,258
710,000
8,215,099
1922_- 41,577.067
6,408,841
1,068,64,2
915,000
8,552,513
1923--- - 44,160,211
6.568,850
1,216.114
72,000
2,515,540
c36.951,879
1924
1,227,426
1,072,746
c20,857,955 a4,459,506
1925_ - a5,532,253
828,581 (est.)135.000 6
6,158,635
5,195.0524
Y1926 --(132,586,756
* Includes $148,167. a Loss after extraordinary charges and adjust
menu. Since organization in 1901 the company's business has been
profitable in every year with the single exception of 1925. In that year
net earnings were $931,358 before writing off depreciation and extraordinary
expenses ($5,390,865) incident to the development and introduction of
new machines and processes, as well as all losses due to the abandonment
of old models. la Including operations of wholly-owned subsidiaries for
period owned, June 30 1926 to Sept. 30 1926. c The sales in these years
were adversely affected by lack of progress in the art of manufacturing
talking machines and records and the increased popularity and efficiency
of radios which were not then dealt in by the company. Early in 1925
contracts were entered into with certain companies which permitted the
introduction in late 1925 of the Orthophonic-Victrola, the Electrola, the
combination Radiola and Victrola and the electrically recorded record.
The results of the success of these new products were not realized in sales
until 1926 when quantity production was obtained. The increased sales
are general in character and made through regular sources of distribution
and are not dueeto increased sales to any other industry. d The business
of the company is a seasonal one and the sales for the last 3 months in each
Year substantially exceed those of any other quarter. y Nine months.
Consolidated Balance Sheet Sept. 30 1926 (incl. Subsidiaries).
(Giving effect as at that date to the appraisal of certain of the real estate,
plant and equipment as at Sept. 30 1926 and to the plan for the recapitalization of the company. Balance sheet does not reflect the dividend of
$2,769,759 declared by the directors on Jan. 6 1927, nor the earnings from
Sept. 30 to Dec. 31 1926.1
The New York Stock Exchange has authorized the listing of $1,250,000
preferred stock (par $100) and 12,500 shares of common stock (without par
value) on official notice of issuance, with further authority to add 13.500
shares of such common stock, on official notice of issuance in exchange for
and upon conversion of outstanding preferred stock, making the total
amount applied for $2,950,000 preferred stock and 458,000 shares ofcommon
stock.
Holders of common stock of record Dec. 30 were given the right to subscribe to 12,500 additional shares of preferred stock and 12,500 additional
shares of common stock in blocks consisting of one share of preferred stock
and one share•of common stock, at a price per block of $125 plus accrued
dividends on the preferred stock. Rights expire Jan. 17.
The consolidated earnings statement for the 10 months ended Oct. 31 1926
shows: Net sales. $4,701,194: earnings, $1,354,415; depreciation, $16,927;
net profit. $1,337,487: dividends paid. $628,163; balance, $709,324.
Comparative Consolidated Balance Sheet Oct. 31 1926.
Liabilities
Assets$217,198 Accounts payable, trade-- $2sgm
Cash
.
63,620 Acc'ts payable, sundry_ _
Notes receivable__
849,877 Dividends payable
29,706
Acc'ts recle (customers)
86,240 Reserve for contracts, &c
7,706
Sundry accounts receivable
940,846 Preferred stock
Inventories
1,697.500
158,886 Common stock
Investments
a5,357,500
89,382 Surplus
1.156.291
Fixed assets
Goodwill, formulas. &c __ 5,916,514
$8,571,531
Deferred and miscellaneous 248,969 Total (each side)
-V. 124. p. 123.
a 357,075 shares, no par value.
-Bond Redemption.
Wagner Electric Corporation.
One hundred ($100,000) first mortgage 7% serial gold bonds, due Aug. 1
1927, have been called for redemption Feb. 1 next at 10014 and interest
at the Mercantile Trust Co., St. Louis, or at the option of the holder, at
-V. 123, p. 727.
the Guaranty Trust Co., New York City.
Waialua Agricultural Co., Ltd.
-Dividend Increased.
The directors on Jan. 5 voted to place the capital stock, par $20, on a
12% annual dividend basis to be payable at the rate of 1% monthly. In.
1926 the company paid two extra dividends of 2% each and 12 monthly
dividends of % of 1%.-V. 123, p. 2534.
Waldorf System, Inc.-.5ales.Period End.Dec.31- 1926-Quarter
-1925. 1926-12 Mos.-1925.
$3,488.603 $3,404,345 $13.463,223 $12,832,953
Sales
-V. 123. p. 2150. 1773.
Waltham Bleachery & Dye Works.
-New Officers.
The following were recently elected officers of the company: President,
Samuel Kaplan: Treasurer, Bernard H. Marshall; Clerk, Raymond A.
Fitzgerald. The directors are: Richard C.Everts, Saul L. Kaplan,Bernard
II. Marshall, Jeremiah W. Mahoney and Raymond A. Fitzgerald. See
also V. 123, p. 3336.
Ward Baking Corp.
-Earnings.
--
lo Weeks Ended Dec. 251926.
Net profit after int.. depreciation & Federal tax__ -41.033.887
-v. 123, p. 2407.
1925.
$918,009
Waverly Oil Works Co.
-Earnings.
--Period
Net sales
Cost of sales and expenses
Reserve for depreciation
Reserve for Federal taxes
Net profits
-V. 123. p. 992.
Year End'g
Apr. 30 1926.
$3,599.910
3.332,202
82,401
12,000
&Mos. End'g
Oct. 30 1926.
$3.464.575
3,093,809
66.176
37,321
$173,306
$267,269
Western Dairy Products Co.
-Earnings.
Consolidated Earnings for Year 1926 (Partly Estimated).
Net earnings, after depreciation and expenses
$1,185,000
Interest and amortization discount
175.000
Federal taxes
136.000
$4 dividend class A stock
340.892
Balance
-V. 123. p. 3055.
$533,108
Westinghouse Electric & Mfg. Co.
-Bonds Called.
All of the outstanding $5,990,000 Westinghouse Machine Co. first & ref.
mtge. 6% gold bonds, dated Nov. 1 1910. have been called for payment
Feb. 1 next at 10214 and interest at the Colonial Trust Co., trustee, Pittsburgh, Pa.
Subsidiaries Merge--Bookings and Billings-Acquisition.
The corporate form of two subsidiaries of this company was.discontinued
on Dec. 13 1926. They were merged into the parent company as branch
works, according to a recent announcement made by the management.
The companies so affected are the Westinghouse Electric Products CO. of
Mansfield, Ohio, and the George Cutter Co. of South Bend, Ind., and St.
Louis, Mo. In the future they will be designated as the Mansfield Works
388
THE CHRONICLE
and the Street Lighting Department, respectively, of the Westinghouse
Electric & Mfg. Co., the latter including the South Bend works, which is
one of the largest in the country devoted to the manufacture of street lighting equipment, with branches for the manufacture of poles of the "hollowspun' type located in Milwaukee, St. Louis and Valdosta, Ga. The Mansfield works is devoted to the manufacture of domestic electric appliances,
including electric ranges and ovens and safety switches.
The directors of the It. D. Nuttall Co.. of Pittsburgh, a subsidiary of the
Westinghouse company, announces that F. A. Estop, for many years
Pres. and Treas., has been elected Chairman of the Board. At the same
time the duties of Treasurer were added to those of Vice-Pros. Milton Ruppert. The officers of the Nuttall Co. now are: F. A. Estop Chairman of
the Board; E. M. Herr, Pres.; F. A. Merrick, 1st V.-Pres.; Milton Ruppert,
V.-Pres. & Treas.; and James C. Bennett, Sec.
Period End. Dec. 31. x1926—Quar.-1925.
x1926-9 Mos.-1925.
Bookings
$49,825,000 $39,771,326 $135,700.000 $127,489,307
BillIngs
52,435.000 43,815,097 146,787,000 122,253.533
x December estimated.
The "Iron Age" recently stated that "the Westinghouse company has
concluded arrangements for the purchase of the plant and business of the
Kaestner & Hecht Co., Chicago, Ill., manufacturer of elevators and mechanisms. The acquisition includes two 7
-story structures and a machine shop.
The Westinghouse company proposes to maintain production, with early
exPansion,and will continue the company as a subsidiary."—V. 123, p.2791.
[VOL. 124.
Harold G. Aron, Treasurer; Thomas D. Richardson, 3d, Assistant Treasurer; Toney A. Hardy, Secretary, and Lamar Hardy, General Counsel.
...-The F. H. Smith Company, an investment house dealing exclusively
in real estate first mortgage bonds, announced to-day the opening of a
Chicago office in the Continental & Commercial Bank Building. G. Bryan
Pitts, Chairman of the Board of the F. H. Smith Co., is a member of the
committee recently appointed by Franklin D. Roosevelt, which is now
making a nation-wide survey of the real estate bond business. The other
members of the committee, of which Mr. Roosevelt is Chairman, are S. W.
Straus, Edgar M. Greenebaum, Edward Sonnenschein and W. J. Moore of
Chicago; J. Ulmer of Cleveland; and Judge A. L. Murphy of Detroit. The
F. H. Smith Company was founded in 1873 and has its main office in
Washington, D. C. The company also has offices in New York, Philadelphia, Boston, Pittsburgh, Buffalo, Albany and Minneapolis.
—E. A. Pierce & Co., successors to A. A. Housman-Gwathmey & Co.,
will further enlarge its organization by taking over in its entirety the wellknewn Stock Exchange firm of Swartwout & Appenzellar, of 141 Broadway,
New York, with branch offices at Pittsfield, Mass., and Poughkeepsie.
N. Y. The change will become effective on Jan. 24. The two branches of
Westinghouse Machine Co.—Bonds Called.—
Swartwout & Appenzellar will be continued permanently and the New York
See Westinghouse Electric & Mfg. Co. above.—V. 122, p. 2344.
offices temporarily until accommodations can be provided at the main offices of E. A. Pierce & Co., who now occupy the eighth, ninth and part of
(William) Whitman Co., Inc.—Capital Reduced.—
The stockholders on Dec. 21 last authorized tho cancellation of 5,000 the tenth floors of the New York Stock Exchange building.
shares of pref. stock. Of these shares 592 have been purchased for the
—Carl B. Spitzer is severing his connection with Spitzer, Rorick & Co.
sinking fund for retirement and 4.408 are in the treasury. It was also
voted to reduce the authorized amount of pref. stock from $18,500,000 to on Feb. 1 and is planning to sail for Italy with Mrs. Spitzer some time
in March, to be gone about a year and a half. Mr. and Mrs. Spitzer are
$18,000,000. and the amount outstanding from $6,000,000 to $5,500,000.—
V. 123. p. 3196.
taking this trip on account of Mrs. Spitzer's health. They will arrange to
Willamette Iron & Steel Works, Portland, Ore.—Call. have their four daughters join Ahem in Juno. Mr. Spitzer has been assoAll of the outstanding $340.900 634% gold notes were recently called dated with the firm of Spitzer, Rorick & Co. of Toledo, New York and
for redemption as of Dec. 15 1926.—V. 121. P• 2651.
Chicago since the fall of 1899, over 27 years ago.
—About Feb. 1, Edward D. Jones & Co.. 817 Boatmen's Bank Building,
Woodward & Lothrop (Wash., D. C.).—Listing.—
The Washington Stock Exchange has authorized the listing of the out- St. Louis, will distribute a limited amount of their annual booklet. "Constanding $2,000,000 of 7% cumul. pref. stock. par $100. This company, densed Statement of Transactions for Year 1926 on the St. Louis Stock
in addition to operating a department store in Washington, has branches Exchange," showing number of shares of each stock traded in, the high
in New York and Paris.
and low for the year, and the high and low by months and number of
Officers are: Donald Woodward, President; W. W.Everett, Vice-President; G. N. Everett. Vice-President and Secretary, and M.Fischer, Treas- shares traded in per month.
urer. The board of directors include the officers named and N.H. Luttrell,
—-Robert E. Jordan, formerly manager of the New York office of Coffin.
J. N.Luttrell, John Tyssowski, B. W.Parker. and L. I. Wilson.
Forman & Co., and James D. Colyer, who has been dealing in general mar(F. W.) Woolworth Co.—Common Stock Placed on a $5 ket bonds under his sown name. at 32 Broadway, have formed the firm of
Jordan, Colyer &
Annual Dividend Basis.—The directors on Jan. 12 declared a deal in investmentCo., Inc., with offices at 120 Broadway, New York, to
securities.
quarterly cash dividend of $1 25 per share on the common
—Chatham Phenix National Bank &
stock, par $25, payable March 1 to holders of record Feb. 10. registrar of 50,000 shares of7% cumulative Trust Co. has boon appointed
preferred stock, par value $100
This dividend will be applied to the total $97,500,000, each: 100,000 shares of class "A" stock without par
value,
stock to be outstanding after payment on Feb. 1 of the 50% shares of the common stock without par value of the American and 50.000
Rediscount
stock dividend which was declared on Dec. 8 1926.
Corporation.
The company during 1926 made the following cash dis—Ira H. Parsons, Manager of the Railroad Bond Department of J. G.
tributions on the present outstanding $65,000,000 common White & Co., Inc., has been elected to the company's Board of Directors,
stock; 4 quarterly dividends of $1 each, and extras of $1 It was announced yesterday. Mr. Parsons has been with the J. G. White
company since 1922 and prior to that time was associated with Wood
each on March 1 and Dec. 15.
The New York Stock Exchange has authorized the listing on or after Struthers & Co.
—Edwin S. Robinson, formerly associated with J. R. Schmeltzer & Co.,
Feb. 1 1927 of $32,500,000 additional common stock (par $25), on official
notice of issuance, as a stock dividend of 50%, making the total amount members of the New York Stock Exchange, and located at
14 Wall St.,
applied for 3,900,000 shares of common stock.—V. 124. p. 248, 123.
has become affiliated with the firm of Hardy & Co., also members of the
Exchange, of 50 Broad St., New York.
CURRENT NOTICES.
—Welton Stalismith, for several years Chicago correspondent of the
—According to "A Graphic Analysis of the Nation's Food Industry," Mississippi Valley Trust co., has joined the organization of the Chicago
issued by Chandler & Co., investment bankers of Philadelphia and New office of 0. E. Barrett & Co., having been appointed manager of their
York, more than 43.1% of the average workingman's family budget goes wholesaling department.
to pay the nation's food bill which has an annual retail valuation of between • —Arnold Gilissen's Bank, of Amsterdam and Rotterdam,(Holland), has
18 and 22 billion dollars. They say "food is America's greatest pursuit in compiled a booklet giving the highest and lowest prices during the last ten
respect to the value of annual output,the number of people engaged therein, years of all securities listed on the Amsterdam Stock Exchange. A copy
and the amount of investment involved."
of this booklet will be sent free on request, we are informed.
"To supply the demands of Americans for foodstuffs, every year more
—William R. Compton Company has opened a branch office in the Atthan 116.980.000 tons of foodstuffs are carried by our railroads and approxi- lanta Trust Building,
Atlanta, Ga., in charge of Marshall J. Wellborn and
mately 375.000 independent and chain grocery stores are in constant opera- John D. Wellborn,
a son of the President of the Federal Reserve Bank in
tion in the process of distribution. The average annual production of our Atlanta.
canning factories alone exceeds 30 pounds of fruits and vegetables for
—Guaranty Trust Co. of New York has been appointed trustee under a
each of our 110,000,000 men, women and children.
"A study of the aggregate annual retail valuation of foodstuffs reveals trust indenture dated Dec. 11926. of Florida West Coast Ice Co., securing
the startling fact that 17 different articles of food represent approximately an authorized issue of $10.000.000 par value first mortgage sinking fund
76% of the total national food bill, while the remaining 84% are distributed gold bonds.
—Irving Foltman, formerly with E. A. Pierce & Co., has become conover more than 1,000 different items. Many of the 1,000 articles are
manufactured combinations of the 17. The main food classifications are: nected with the bond department of Battelle, Ludwig & Co., members of
Pork, fish, chickens, other meats, milk, wheat flour, sugar, butter, eggs, the New York Stock Exchange, 25 Broad St., New York.
wheat, bread, white potatoes, ice cream, coffee, canned vegetables, apples
Chatham Phenix National Bank & Trust Co. is distributing the January
issue of "The Outline of Business," with special reference to the Federal
and canned fruits."
Chandler & Co. go on to say that "the outstanding recent development Reserve System and Federal expenditures.
in the distribution of food has been the rapid rise of the chain store and
—Goddard & Co. of New York and Pittsburgh are distributing a new cirthe resulting economies of large scale distribution in the industry. Where cular of investment recommendations, including convertible and
warrant
a few years ago the chain store was practically unknown, to-day approxi- attached.bonds.s
mately 40,000 or over 10% of our 375,000 grocery stores are members of a
—J. W.oldfield has opened offices at 42 Broadway, New York, under tire
chain. Comparative size shows that shops doing an annual gross business firm
name of J. W. Oldfield & Co., to transact a general brokerage business
of from $13,000 to $58,500 represent 78% of the total number in business, in unlisted
securities.
while shops with sales ranging from $58,500 to $250,000 represent 20%."
—Bankers Trust CO. has been appointed co-agont with the Nashville
—The growing popularity of insurance company stocks among conserva- Trust Co.,
Nashville, Tenn.,for the payment of Davidson County, Tenn.,
tive investors has emphasized the need of an authoritative review of the memorial coupons.
record of securities of this type over a period of years, according to Clinton
—The firm of McKinley sir Co., members of the New York Stock ExGilbert, who has compiled statistics for twelve representative insurance
company stocks covering the ten-year period 1917 to 1926, presenting the change, has been organized to continue the business heretofore conducted
results of this research in a comprehensive folder just issued. "The insur- under the name of McKinley & Morris at 144 Wall Street. New York City,
—Joseph H. Adams,formerly Assistant Manager of the Chase National
ance business," states Mr. Gilbert, "presents the seeming paradox of being
one of the fastest growing businesses in the country while undeniably one Bank's 72d Street Branch has become associated with Tripp & Andrews
oldest and most solidly established. Year after year, to keep pace of New York.
of the
—0. V. Crowe has resigned as Vice-President of George M. Forman &
with growing population, expansion of trade, general industrial development and increase in national wealth, the insurance business grows. The Co., Inc., and has organized tho firm of C. V. Crowe & Co.. Inc.. to conduct
tremendous assets of insurance companies, invested in high-grade securities a general investment security business at 51 East 42nd Street, New York.
under rigorous supervision of State insurance departments, are the bed—National Bank of Commerce in New York has been appointed agent
rock insuring their stability."
to receive subscriptions for an issue of 50,000 shares 7% cumulative pre—Announcement has been made of the organization of the National ferred stock of the Gotham Silk Hosiery Co.. Inc.
American Co., Inc., which has acquired the business and assets of the old
—National Bank of Commerce in New York has been appointed registrat
National American Co. The new corporation will continue the offices at for an issue of 130,000 shares Common Stock No Par Value of the Wear
8 West 40th Street, New York, until it takes possession of its new building Virginia Southern Coal Company.
under construction at 340 Madison Avenue. They will engage in real estate
—W. B. Brady has become associated with Robjent, Maynard & Co. in
and corporate financing and conduct a general securities business. C. Stan- charge of the Middletown and Newburgh, N. Y., territory.
President of the Central Mercantile Bank & Trust Co., was
ley Mitchell,
— Horace K. Vasey has been appointed resident manager of the Chicago
elected Chairman of the Executive Committee, which includes David H. office of G. E. Barrett & Co., 208 So. La Salle St.
Knott, Lamar Hardy, J. Scofield Rowe and J. A. Millard. The finance
—M. F. &Mater & Co. dealers in municipal bonds, have moved their
committee will be comprised of Charles D. HiIles, John A. Dillitu•d and offices to 57 William Street, New York.
act as chairman. The offices of the new com—De Witt Millhauser of Speyer & Co. left yesterday (Friday) on the
Harold a. Aron, who will
pany will include David H.Knott, President; J. A. Dillard, Vice-President; Aquitania for a three months' vacation abroad.
JAN. 15 1927.]
THE CHRONICLE
389
p.
The Commercial Markets and the Crops
-GRAIN-PROVISIONS
COTTON-SUGAR-COFFEE
-ETC.
-WOOL
-DRY GOODS
-METALS
PETROLEUM-RUBBER-HIDES
-Prompt Cuban raws were dull and rather weak
SUGAR.
3
on the 8th inst. at 3 11-32 to 3%c. c.&f., with grinding increasing. They fell later to 33o. Futures declined on
91 January notices and heavy selling attributed to Cuban
Friday Night, Jan. 14 1927.
interests. Cuba also bought as well as Wall Street. It
COFFEE on the spot was in fair demand early in the week; was said that 75,000 bags late January shipment sold at
No. 4 Santos, 19% to 19%c.; No. 7 Rio, 15%c. Later, on 3 11-32c. Later prices weakened again. On Wednesday
the spot trade was quiet at 150. for Rio 7s, With Victoria and Thursday sales were estimated at 200,000 bags prompt
7-8s, 14.60c. Fair to good Cucuta,20% to 223,c.;Laguayra, January and February, including Cuban January and
washed Caracas fair, 25 to 253c.; Colombian, Ocana, 21% February shipment at 3%c. c.&f. and Porto Rico at 3 7-32e.
to 22c.;* Bucaramanga, natural, 26 to 27c.; washed, 26 to Havana cabled: "Some rain; forecast clear. Futures de263c.; Honda, 26 to 26%c. The cost and freight offers on dined owing to European and general selling. Cuba gave
the 10th inst. were irregular but mostly higher. They some but not conspicuous support." Gumap Mejer put
included for prompt shipment from Santos, Bourbons 3s at the arrivals of old crop sugar at the ports at 1,358 tons;
20.15c.; 3-4s at 183c to 19c.; 3-5s at 18% to 18.85c.; 5-6s exports at 24,849 and stocks 46,251 tons. Of the exports
at 17.70c.; 6-7s at 17.20c.; part Bourbon 3-5s at 18.10 to 9,416 tons went to north of Hatteras, 8,470 to Europe and
/
/
1830.; 4-5s at 17.95e.; 6s at 173sc. to 17.45c.; Peaberry 4s 6,963 to New Orleans. Himely puts the receipts of new
at 18.20c. and 4-5s at 1834,o.; Santo Bourbon 3-5s were crop thus far at 3,677 tons against a total of 110,279 tons
here for February shipment in equal quantities at 18340. last year. There were no receipts of new sugar at Cuban
Rio de Janeiro cabled that provisions for carrying out ports and none last week, but 127,819 last year and 113,702
financial stabilization plans of President Luiz of Brazil were two years ago; exports none against none last week, 71,322
made public by the Government and called for issuance of last year and 68,466 two years ago; stock none against none
•convertible gold notes against present outstanding paper last week, 142,876 last year and 85,805 two years ago; cencirculation. Warehouse deliveries of Brazil coffee last week trals grinding (early) 137 against 142 last year and 145 two
were 156,249 bags, against 155,571 bags in the previous week years ago. Havana cabled: "Weather favorable." Reand 196,598 in the same week last year.
ceipts at United States Atlantic ports for the week were
On the 12th inst. cost and freight offerings included Vic- 16,550 tons against 25,567 last week, 46,552 last year and
toria 7-8s at 14.600.; a small parcel of Rio 7s at 15c.; for 38,288 two years ago; meltings 37,000 against 33,132 last
prompt shipment Santos Bourbon 2-3s were here at 19% to week, 47,000 last year and 34,000 two years ago; stock
20%c.; 3s at 19% to 19.65c.; 3-4s at 183/i to 18.85c.; 3-5s at 160,537 against 180,987 last week, 75,944 last year and
18.30 to 18.60c.; 4-5s at 17.85 to 18%o.; 5s at 179e. to 35,955 two years ago.
18.05c.; 5-6s at 173 to 174c.; 6s at 17c.; 7-8s at 17c.;
Some say they expect good prices in 1927 and 1928. PresiBourbon separations 6-7s at 16.550.; 7-8s at 15%c.; part dent Machado they contend was justified in ordering the
Bourbon or flat bean 2-3s at 20 to 21.15c.; 3s at 19 to 200.; restriction of the Cuban 1926-1927 sugar crop to 4,500,000
%
3-4s at 18.70 to 18.90c.; 3-5s at 18 to 183jc.; 4-6s at 173c.; tons, Even the price of 3% cents, it is contended, will not
Rio 7s at 15.20c.; Victoria 7-8s at 14.60c. To-day spot encourage planting in other countries to any extent and will
trade was light with Rio 78 15%c. and Santos 5s 193 to not increase much except at a considerably higher price.
%
198 i. Futures declined on the 12th inst. after an early Conditions later in the year may suggest an increase in the
advance of 2 to 5 points despite some reaction in Rio ex- Cuban output as too high a price would in the long run be
change, for there was a report from London that the indi- detrimental to Cuba. Havana reported that 142 mills were
cations pointed to the financing there of the Brazilian Gov- grinding on the 10th inst., against 144 last year. The latest
ernment's plan for stabilizing milreis exchange. But the include Hershey, Almeida, San Ignacio, San Antonio (H),
trading here kept within very narrow limits and late prices Estrada Palma, Niquero, Romello, Los Canos, Santa Cecilia,
-declined on some months. The sluggishness of the specu- Mabay, Macareno, Dos Hermanas, Maria Luisa and Galope.
lation may be gathered from the fact that the transactions It is recalled that Cuba's production last year from January
on the 12th inst. were only about 16,000 bags. Futures were to May, not including the month of December, amounted to
still very quiet late in the week. On Thursday the sales over 4,400,000 tons, an amount which was not easily sold.
were only 23,500 bags and prices for all an advance in Brazil All mills in Cuba, it is pointed out, will very shortly be in
fell here 27 to 30 points. Europe and New York sold out. operation. Some look for a production for the same period
Also there was apparently some hedge selling. Rio rose this year of 4,000,000 tons. They do not see the possibility
75 to 200 reis and exchange was steady at 5 29-37d.; dollars, of any real scarcity. Refined was in only moderate demand
8$380. Santos was 700 reis higher on January and 150 up at 6.35 to 6.50c. Willett & Gray state that the consumption
on March, but slightly lower on February. Exchange of sugar in Continental United States for the calendar year
5 57-64d.; dollars, 8$400. The American visible supply of of 1926 was 5,671,335 tons expressed tons of refined sugar
Brazil is 1,125,008 bars against 1,237,557 a year ago and against 5,510,060 in 1925, or an increase of 161,275 tons or
845,708 in 1924.
2.900%. The per capita consumption in the United States
Some of the recent buyers have sold of late owing to lower for 1926 was 109.3 pounds, the largest on record.
cables and the market's inability to withstand selling.
Germany, it is said, has decided to release the remaining
It is pointed out that there is little outside interest and that surplus of her crop, approximating 100,000 tons, for export;
oven moderate selling finds a reluctant and weaker market. but it is expected that the offerings will be made sparingly.
The violent fluctuations in the rate of Brazilian exchange, it Prague cabled that the factories were selling new crop
is emphasized have been a disturbing factor and until Brazil's freely as a considerable increase in the acreage is expected.
currency is on a more stable basis such conditions will Java reported the exports of new crop during December to
continue. Irregular quotations in Brazilian exchange had the United States or Europe as none in 1926; none in 1925;
a depressing influence at one time. Long liquidation too 4,125 in 1924; to elsewhere, 110,000 in 1926, 136,875 in 1925
.
in the near months became a feature partly, it was suppesed, and 103,844 in 1924. Exports April 1 1926 to Dec. 1 1926
for European account, despite private advices on the 85th to the United States or Europe, 7,000 tons in 1926-27,
inst., of a firmer market in Brazil. To-day futures closed 253,905 in 1925-26 and 426,767 in 1924-25; elsewhere, 1,399,1,192,336 in 1924-25;
5 to 10 points lower with sales up to 41,000 bags. Santos 000 in 1926-27; 1,543,000 in 1925-26 and 1925-26 and 1,619,total,
reis higher. Exchange was 103 in1,406,000 in 1926-27, 1,797,143 in on the 12th inst.
futures were unchanged to 250
1924-25. Futures fell 1 to 3 points
off to 5 8d.; dollars were up 20 points to 8$420. Rio futures The selling of wag months was by Cuban interests and the
were 175 reis lower to 25 higher; exchange 5 8c.; dollars, distant months by Europe. Europe's steady selling and
8$430. Fine lprices here for futures show a decline of scattered liquidation had its effect. Covering in March
was a qualifying factor. To-day London terminal opened
32 points on May. Prices were as follows:
unchanged to 1%d.lower to unchanged. Here,Cuba bought
I Sept
12.89a
14.08a
May
Spot unoffldalfutures heavily at the start to-day. January was 1 pomt
I Dec
12.58a 13.45a
I July
14.64a Mach
COMMERCIAL EPITOME
The introductory remarks formerly appearing hare will now be
found in an earlier part of this paper immediately following the
editorial matter in a department headed "INDICATIONS OF
BUSINESS ACTIVITY."
390
THE CHRONICLE
off on 10 notices. Generally prices were unchanged to 1
point higher. To-day futures ended 1 to 6 points lower with
sales of 61,400 tons. Raws were quiet for prompt delivery
at 33c. Ten January notices were issued and 4,550 tons
delivered on contract. Some 42,000 bags of Cuban raws,
partly loading Jan. 24, sold at 33c. Cables said that
Cuban was offered at 15s. 73/2d. with 15s. 6d. bid. Final
prices here show a decline for the week of 6 to 9 points. Spot
raws dropped %c. during the week. Prices follow:
Spot unofficial 354a --- I May
Jan3.15
'July
March
3 1903.21ISept
-
3.30a3.31 Dec
3.40a
3.47a___
3.32a
[vol.. 124.
States motor at the Atlantic seaboard was quoted
at 12 to 123.c. in bulk; tank cars delivered to the trade,
13 to 133.c. Jobbing demand was better. Gulf refiners.
asked 113/0. for U. S. motor and 133/0. for 64-66 gravity
8
8
375 end point. Kerosene has been more active, especially
for immediate delivery. Water white was quoted at 93 0.
/
at refineries and 10%c. in tank cars delivered to trade.
Price white was Mc. under water white. In the Gulf 8c.
was asked for prime white and 95 c.for water white. Lubri%
cating oils were quiet; Pennsylvania s. r. in barrels, New
York, 190. Fuel oils were firm. Bunker oil steady at
$1 75 at refineries. Later Gulf gasoline was easier. Export
demand fell off. Kerosene was also weaker. New York
refined export prices: Gasoline, U. S. motor specifications,
deodorized, 27.90c.; bulk refinery, 12 to 123.c.; kerosene,
cargo lots, cases, 19.15c.• bulk, 9%c.; water white, 1504
degrees, 20.65c.; bulk, 93c.• gas oil, Bayonne, tank cars,
%
28-34 degrees, 5%c.; 36-46 degrees, 63c.; petroleum,
refined, tanks, wagon to store, 18c.; Kerosene, bulk, water
white, delivered New York, tank cars, 10304 prime white,
103c.; motor gasoline, garages (steel barrels), 21c.; upState, 21c.; New England, 21c.; single tank cars, delivered,
New York, 13 to 133c.; naphtha, V. M. P. deodorized, in
steel barrels, 21c.
LARD on the spot was steady but quiet. Prime Western
12.95 to 13.05c. Compound car lots, in tierces, 10 to 103c.
Refined Continent, 133/2c.; South America, 143/2c.; Brazil,
153/20. Later prime Western was quoted at 12.95 to 13.050.
The tone was weak. Hog packing for the week ended Jan.8
was estimated at 738,200, against 531,500 in the previous
week and 832,000 last year. For the winter season to date
the total was 6,362,700, as against 6,748,000 for the same
time last season. To-day on the spot there was a moderate
demand only as a considerable increase is expected in the
mid-month statement of stocks. Prime Western was quoted
at 13.10c.; refined unchanged. Futures after a decline
advanced in light trading but with corn firm and ribs,up
Elk Basin
$2.00
25 to 30 points on the 10th inst. Hog receipts were large Oklahoma. Kansas and Texas28-28.9
Er Big Muddy
1.85
32-32.9
over Sunday and prices fell 10 to 15c. on the 10th. At the
1. 0 Lance Creek
2 00
,
52 and above
2.70 Homer 35-35.9
1.85
West the trade in, meats increased on the 10th inst. hog Louisiana and ArkansasCaddo
receipts at the West were 185,000, against 180,000 last year. 32-32.9
1.70 Below 28 deg
1.40
35-35 9
•
1.86 32-32.9
Chicago wired Jan. 10: "Lard prices a shade lower early
1.70
38 and above
2.00 38-38.9
2.00
due to liberal hog run and lower prices at the yard . Local Pennsylvania
$3.15 Buckeye
$2.80 Eureka
93 00
2.15 Bradford
shorts who sold on Saturday were buying. No pressure and Corning
3.15 Illinois
2 10
2.10 Lima
2.21 Crichton 40-40.9 2.10
volume of trade light. Best sellers were January lard longs. Cabell
Wooster
2.25 Indiana
1.98 Plymouth
1.63:
Just a light trade in ribs and bellies and sharply higher." Rock Creek__ .. 1.85 Princeton
2.10 Haynesville.33deg. 1.75.
Canadian
Chicago later in the week wired: "Notwithstanding liberal Smackover.27deg. 1.50 Corsicana heavy 2.61 Gulf Coastal "A' - 1.40
1.15 De Soto 44-44.9 2.30
hog receipts offerings of lard were light and it advanced on
RUBBER advanced on a factory demand on the 10th inst.
buying led by shorts both in January and May. Selling
mostly scattered realizing. Some increase in offerings at the despite a sharp increase of 1,808 tons in the London stock.
advance. Chicago hogs closed on the 11th inst. generally New York rose 30 to 70 points on that day, with London also
steady to strong at Monday's best prices; early top, $12 15; higher by % to %d. Trading here in the May delivery was
bulk, $12 to $12 10; heavy weight, $11 70 to $12; medium active. It led the rise. The manufacturers were more disweight, $11 75 to $12 10; light weight, $11 75 to $12 15." posed to buy. The house trade was said to be improving.
Futures declined 20 to 22 points on the 12th inst. with ribs Auto companies look for a year of expansion. Outside prices
down 30 points. Profit taking caused the setback. Many advanced % to %c. on the 10th inst. with a good demand
of the shorts had been eliminated. Liverpool was 6d. higher. from the West. Employment at Detroit last week increased
To-day futures were somewhat higher at the close though 116,054, marking the resumption of operations at plants that
cottonseed oil dropped 7to 12 points. The increased firmness were shut down for inventory-taking. The total now is
of hog prices helped lard. Buying here and there and cover- 203,896. Automobile officials attending the show here were
ing was also a stimulus as well as unsettled weather. That generally hopeful of an output of 4,000,000 cars this year.
may cause decreased hog receipts. The weakness in cotton- At the Exchange here February closed that day at 40.60e.;
seed oil held lard back, however, also a bearish hog supply March at 40.80c.; April at 41.200.; May at 41.600.; June at
report. Yet hogs ended 10 to 15 points higher with the top 41.90e. and October at 42.90c. In London spot and Janu$12 25. Western receipts were 100,000, against 127,000 a ary were 193/è to 20d.; February, 203/i to 203.d.; April%
a year ago. Final prices for the week show a rise on most June, 20% to 203 d.; July-September, 21 to 213.d. In
London the stock rose to 50,756 tons last week, against
months of 3 to 7 points.
48,948 in the previous week, 46,349 a month ago and only
DAILY CLOSING PRICES OF LARD FUTURES IN CHICAGO.
7,317 last year. Singapore was dull. Spot, 19%d.; FebSat.
Mon.
Tues.
Wed. Thurs.
Fri.
January delivery_ __cts_12.22
ruary-March, 19%d.; April-June, 19%d.; ex-godown Singa1247
12.25
12.22
12.25
12.30
March delivery
12.42
12.45
12.65
12.45
12.42
12.50
pore.
May delivery
12.60
12.65
12.85
12.65
12.62
12.70
July delivery
New York on the 12th inst. was 20 to 50 points lower with
12.75
12.80
13.00
12.82
12.80
12.87
demand smaller and London lower. All producers exclusive
PORK firm; mess, $33 50; family, $39 50 to $41 50; fat of
Ford sold 2,900,000 cars last year, it is said, against
back pork, $29 50 to $33; ribs, cash, 15.50c., basis 40 to 60
2,400,000 in the previous year. At the Exchange here Janupounds average. Beef steady; mess, $19 to $21; packet, ary
and
$19 to $21; family, $21 to $32; extra India mess, $34 to $35; 40.20c.; February closed at 40c. on the 12th inst.; March at
April at 40.60c., and May at 41.10c. Outside
No. 1 canned corned beef, $3; No. 2,
25; 6 lbs.,
50. prices: Ribbed smoked sheets, spot,
4058c.; January, 403c.;
/
Cut meats firmer; pickled hams, 10 to 20 lbs., 223 to 25c.;
%
/
bellies, 6 to 12 lbs., 22 to 223/2c.; bellies, clear, dry salted, February-March, 413sc.; first latex crepe, 413.c.; clean
thin, brown, crepe, 393..c.; light clean crepe, 353c.; specky
boxed, 18 to 20 lbs., 1930.• 14 to 16 lbs., 203c. Butter, brown
/
lower grade to high scoring, 40 to 49c. Cheese, flats, 23 to Ball crepe, 353.o.; No. 2 amber, 383c.; Para, Caucho
'
-Upper, 25 to 253.c.; Up-river fine spot, 323 to 330.;
28c. Eggs, medium to extras, 36 to 48c.
Mexican, Central scrap, 233- to 24e. London spot and
OILS.
-Linseed has been in rather better demand for January 193/d. to 20d.; Singapore spot, 195gd. To-day
8
/
spot but the demand for distant delivery was small. Spot prices declined 20 to 60 points, the latter on January. Deoil in carlots, cooperage basis, was 10.2c., while tank cars mand fell off. Spot and January ribs and sheets were offered,
were steady at 9.4c. prompt delivery. In lots of 5 barrels it was said, at 39% to 40c., with bids of 393.c. Februaryand more, 10.8c. to 10.9c. was asked. Later, 10.50. was March, 40c.; January, new, 39.300.; February, 39.700.;
quoted by leading crushers for raw oil in carlots, cooperage March, 39.90c. London closed with spot and January
basis, but it was intimated that 10.3c. could be done on a 198 to 20d.; February, 203/d. and trade light.
%
8
firm bid. In 5 barrels and more 11c. was asked, but no
HIDES.-Frigorifico have been firmer with recrent sales
offerings were reported. Spot tank cars, 9.7c. This price
could also be shaded, it was said, on a firm bid. The firm- reported of 40,000 Argentine steers to United States and
ness of flaxseed had a bracing effect. Cocoanut oil, Ceylon European banners at $39 25 to $40 50 or 17 15-16o. to
/
0,0. & f. Stocks on hand are estimated at 21,000 hides.
f.o.b. coast tanks, 83.c.; Manila, coast tanks, 83/s43.; spot, 1832
tanks, 83.c. Corn, crude, tanks, plant, low acid, 70.; Also 4,000 Montevideo steers sold at $43 25 for the second
China wood, spot, New York, barrels, 143/0.; Pacific Coast, half of December salting or 19 9-16c. c. & f. Of cows, 2,000
3
tanks, spot, 133 c. Olive, Den., $1 35 to $1 40. Soya Argentine sold at $36 25 or 169'c. c. & f. Russian buyers
%
Bean, coast, tanks, 93.c. Lard, prime, 147 3c.; extra are watching the dry hide market. Other hides were reported
/
strained winter, New York,13%c. Cod,domestic, nominal. steady; recent sales of steers were at 15%c.; spready native
Newfoundland, 63 to 65c! Turpentine, 803 to 84%c. steers 16 to 163.c.; also however at 15%c. There are as yet
Rosin,$12 05 to $18 25. Cottonseed oil sales to-day,includ- no offerings of January native or branded hides. Higher prices
ing switches, 16,400 bbls. P. Crude, S. E., 7c. Prices for these hides are expected. Common dry hides were quiet
but firm; Orinoco 210.; Antioquian 23 to 2443.; Savanilla
closed as follows:
203c. New York city calf skins rather more active at
Spot
Mar
8.67a
I June
8.50a
8.85a 8.92
Jan.
8.70a 8.80 July
8.60a 8.80 April
8.95a _ _ • _ $1 80 for 5-7s and $1 923 for 9-12s. Some ask $1 90, $2,
Feb
8.800
Aug
8.60a 8.70 May
9.03a 9.06 and $2 60 for all weights. Europe later took 5,000
Sansinena
PETROLEUM.
-A feature of the week,was the advance extremes 15 kilos at $38 373/i or 17%c. c. & f.; 3,000 La
of 2c. a gallon in the tank wagon price of gasoline in Georgia, Blancas 15 kilos average at 17 11-16c. and 1,000 La Blancas
Florida, Alabama and Mississippi by the Sinclair Consoli- at 17 15-16c. c. & f.
dated Oil Corporation. The trade looks for higher prices.
OCEAN FREIGHTS.
-Rates were firmer late last
Gasoline was firmer. Consumption exceeds anticipations. Later rates were lower; 40 loads of grain were taken week.
late last
The shortage of tankers is checking the movement. United week including first half of February at 163/20.
Jeri. 15 1927.]
THE CHRONICLE
391
Straits 7s. 6d. higher at £306 Eastern c.i.f.; London up £2
to £301.
LEAD has been in fair demand and firm at 7.65e. New
York and 7.50c. East St. Louis. Lead ore in the Tri-State
district declined $2 50 to $95. .In London on the 11th inst.
spot lead was unchanged at £27 158.; futures declined is.
3d. to £28 Is. 3d.; sales, 300 tons spot and 1,100 futures.
On the 12th in London spot advanced Is. 3d. to £27 16s. 3d.•
futures unchanged at £28 Is. 3d.; sales, 150 tons spot and 80d
futures. Later the demand increased. The American
1
company still quoted 7.15c.; East St. Louis, 7.47% to 7.500.
Buyers want January-February shipments. Arrivals in
Great Britain in December reached the high total of 27,000
tons. On the 13th inst., however, London was up 5s. to
£28 is. 3d. for spot and £28 6s. 3d. for futures; sales, 150
TOBACCO was steady in a quiet condition of trade as tons spot and 1,200 futures.
regards most descriptions. Wisconsin was even called firm
ZINC declined on the unfavorable December statistics.
at the quotations with offerings small. Connecticut was
month.
said to be selling well at firm quotations. Pennsylvania was Surplus stocks increased 7,406 tons during the
has been
rather slow of sale for the time being. Wisconsin binders, East St. Louis was quoted at 6.80e. DemandLondon on
20 to 220.; Northern, 40 to 45c.,• Southern, 25 to 35c.• New small. Zinc ore declined $1 to $45. Spot zinc in dropped
York State, seconds, 45e.; Ohio Gebhardt binders, 22 to 24c.; the 11th inst. fell 7s. 6d.. to £31 15s. and futures
Little Dutch, 21 to 22c.; Zimmer Span'sh, 2804 Havana, 1st, 10s. to £31 13s. 9d. On the 12th inst. spot was unchanged
Remedios,8543.; 2d Remedios,70c.; Pennsylvahia, brow]leaf, at£31 15s.; futures fell Is. 3d. to £31 12s. 6d.; sales, 125 tons
6.75c.
filler, 8c.; broadleaf binder 15 to 20c.; Porto Rico, 75 to spot and 1,175 tons futures. Later, the price fell tomarket
$1 10. Connecticut top leaf, 18c.; No. 1, second, 1925 crop, in a dull market. Supply is large for a reluctant
65c.; 1924 crop, 34 to 40c.;seed fillers, 15c.; medium wrappers here. Yet London on the 13th inst. advanced on the spot
75c.; dark, 1925 crop, 35c.; 1924 crop, 20 to 25c.; light is. 3d. to £31 16s. 3d.; futures were up to £31 13s. 9d.;
sales, 150 tons spot and 1,250 futures.
wrappers, $1 10.
STEEL has been quiet, especially at the East. Sales were
COAL after a steady recent decline has latterly been more readily made at the West. The year's business is slow
rather more stabilized. Soft coal has been quiet. Some in getting started, much slower.than last year or the year
descriptions of anthracite have been in better demand. before. It is said that the output of ingots has increased
Pennsylvania good medium is in some instances held at $2 25. somewhat. The U. S. Steel Corporation is apparently at
The price of high volatile steam was cut 10c. at some of the around 85% and other companies at 65 to 70, against 60
mines to $1 50, but some other producers asked $1 75. recently. Trade, however, is disappointing. The mills look
Fairmont run of mine sells at $2 and Youghiogheny also at for better things later. Meanwhile the best business is in
$2. These figures have been reduced 25c. on actual sales. pipe and tin plates especially in tin plates. European plates
Wholesale Hampton Roads navy standard, $5 to $5 25. are competing in the shipyards at New York. German
Good navy standard could not be bought at Hampton Roads floor plate, it is said, has been sold at 2.20c. duty paid,
freely at $5 25 or at New York around $6 25, without a quick against 3.55c. for American at Pittsburgh. Heretofore the
advance of 25 to 50c. Soft coal is supposed to be tending price has paid American makers a large profit. It proves to
upward now. Buckwheat anthracite is in better demand. have been a magnet, as might have been expected, to attract
It is a favorite with some mixed with larger sizes as being imports. The railroads want 21,000 tons of rails and a
cheaper, it is said, for the householder. Hampton Roads fair amount of cars, freight, passenger and automobiles.
steamer loadings on Monday, Jan. 10 were about 68,000 Shipments of heavy finished material have increased slightly.
tons. Smokeless coal in the West is said to be firm at about Prices of sheets at Youngstown later declined on blue an$3for run of mine plus freight for both Eastern and Western nealed grades to 2.15c. with some it is true quoting 2.25e.
production. Meantime the English strike has disappeared Lower prices are rumored for black and galvanized sheets
as a factor and yet coal production in this country is now the in the East. Black sheets wre 2.90 to 3c. but under 2.90c.
largest for 9 years. Rumors of buying against a possible now and then accepted; galvanized 3.75 to 3.85c., though
soft coal strike in April are without confirmation.
$1 per ton lower in the East was reported with competition
COPPER early in the week was very quiet. Generally sharp.
133.40. was quoted delivered to the Connecticut Valley. On
PIG IRON has been quiet as a rule and in southern Ohio
the 12th inst., however, a better demand appeared and the 50c. lower. It was $19 50 at Ironton. The South was also
price was firm at 133.(o. London was higher on that da9. lower. The composite price fell for the week 32 cents.
December statistics showed the largest surplus stocks of Philadelphia imported last week 400 tons, mostly Dutch,
refined since February, with a net increase over November but including 100 tons of German iron. New York has latof 23,290,000 lbs. Surplus stocks of refined copper in North terly reported a better inquiry and at the South at the recent
American amounted to 171,002,000 lbs., or an increase of decline of $2 large sales, it is said, took place in Alabama and
41,022,000 lbs. singe the low market at the close of July 1. Tennessee. They were said to have been some 100,000 tons.
Refined production in December was 252,848,000 lbs., Taking the country over it has been quiet this week. Eastagainst 148,414,000 in November. Exports showed an in- ern Pennsylvania is nominally $21 50 to $22; Buffalo, $18 to
crease, being 105,674,000 lbs., against 92,984,000 for No- $19; Valley, $18 50; Chicago $21 to $21 50. Basic pig iron
vember. Standard copper in London on the 11th inst. ad- has been quoted at Youngstown at $18, Valley furnace, with
vanced 5s. to £55 12s. 6d. for spot and futures rose 2s. 6d. sales of 2,500 tons. No. 2 foundry was quoted there at
to £56 7s. 6d.; electrolytic unchanged at £62 for spot and $18 50 to $19, with the inquiry reported to be increasing.
£62 10s. for futures. On the 12th inst. prices there ad- Birmingham reported an active demand on the 12th inst.
vanced 12s. 6d. to £56 5s. for spot and £57 for futures; elec- at the reduction in prices.
trolytic rose 10s. to £62 10s. for spot and £63 for futures.
WOOL has been quiet and steady. Foreign markets have
Later foreign demand braced the price. London was active
and higher. New York was 13M to 133%c. The American been firm with a good demand,notably from Japan. America
Brass Co. advanced the price of bare copper wire Mc. to has restricted its buying to about 33 1-3% of its purchases
/
1538e. Still, Copper Exporters quoted 13Mc. c.i.f. Ham- at this time last year. The rail and water shipment of wool
burg, Havre and London. Sales here for export attracted from Boston from Jan. 1 to Jan. 6 1927, inclusive, were
attention. Domestic buying was not large. London was 2,981,000 lbs., against 3,810,000 lbs. for the same period
2s. 6d. higher on the 13th inst. on standard at £56 7s. 6d; last year. The receipts from Jan. 1 to Jan.6 1927,inclusive,
spot and £57 futures; sales 400 tons spot and 2,700 futures. were 4,011,600 lbs., against 2,879,900 lbs. for the same
last
Spot electrolytic advanced 10s. to £63 and futures 5s. to periodand year. Boston prices: unwashed, 45 to 46c.; 14-blood
Ohio
Pennsylvania fleeces; Helaine
£63 5s.
combing, 45 to 46c.; 34-blood combing. 45 to 4534c.; g-blood combing,
44c.; fine unwashed, 38 to 39c. Michigan and New York'fleeces: Helaine
TIN declined early in the week. On the 12th inst. the unwashed,43 to 44c.; 34-blood combing,43 to 440.•, 34-blood combing, 45c.;
price fell le. after prices in London had dropped £2 58. to 34-blood combing, 44c.; fine unwashed, 36 to 37c. Wisconsin. Missouri
New England, 34-blood. 40 to 41c.; 34-blood, 42 to 43c.:
£3 5s. There was a good demand on the decline here. On and average to 42c. Scoured
34-blood. 41
Texas fine. 12 months (selected),
Northern, Si 00 to
basis.
the 13th inst., however, the market was quiet. Yet prices Si 05 to Si 08; fine 8 months, 90 to 92c.
.
rose both here and in London. There has been a better Si 05; Middle County. 92 to 95c.; Southern,California.,7l2to75c
Liverpool cabled on the 12th inst.: "80% of the wool
demand for future delivery of late. Some observers predict
that consumption will be as large this year as last. Tin offerings at the low-end East India sales opening was sold,
plate makers look for a good business. On the 12th inst. the offerings being 2,500 bales and sales 2,000 bales." Prices
.
prices in London declined £3 5s. to £298 10s. for spot and were part to 5% higher than those prevalent at the December
futures fell £2 5s. to £293 15s.; spot Straits dropped £3 5s. sales. Peruvian wools firm and unchanged. Wellington,
to £305. On the 13th inst. spot standard in London ad- N. Z., sales ended on the 13th inst. Prices closed firm.
vanced 12s. 6d. to £299 2s. 6d.; futures unchanged at Sales 25,500 .bales of the 27,000 offered. Good selection.
£293 1584 spot Straits advanced 12s. 6d. to £305 12s. 6d. Demand excellent. Prices closed as follows: Super merinos,
Eastern c.i.f. London declined £1 to £299 on sales of 200 203( to 223d.; average merinos 17 to 20d.; crossbreds,
4 to
tons. Later trade was dull and prices weak despite a rise 56-58s, 15 to 10.;50-56s, 143 ' 1830.; 48-50s, 13% to
in London. New York quoted spot Straits nominally at 1734d.; 4648s, 123 to 163.jd.• 44-46s, 113/ to 15d.; 40-44s,
4
4
670.; January, 66% to 663c.; February, 653 to 66c.; 10% to 133 d., and 36-40s, '103 to 12d. Some 131,300
3
to. London advanced on the 13th inst. bales will be offered at the London sales opening Jan. 18.
March, 65% to 65Y
on spot standard 7s. 6d. to £299 10s.; futures were up £1 15s. The first series of 1927 of the London colonial wool auctions
to £295 10s. Sales 200 tons spot and 350 tons futures. Spot will begin then, closing on Feb. 2. The quantities available
CHARTERS included grain from Atlantic range to Rotterdam. 18c.:
barley to Bremen, 20c., Jan. 24
-Feb. 7; Baltimore to two ports. Bayonne
and La PaBice. 240., Jan. 17-25; heavy grain from St. John to Mediterranean. 4s. 73fd., and 48. 1034d., according to number of 13orts. Feb. 1 to
15; Vancouver to Mediterranean. 39s. 6d., January-February; Atlantic
range to Greece, 240., Feb. 3 canceling, and 2336c.. Feb. 8 canceling;
,
barley, West St. John to Bremen, 18.36c.. prompt; Atlantic range to Antwerp-Rotterdam, 17c.. Hamburg-Bremen, 18c., barley option lc. additional. Feb. 20 canceling.; St. John to West Italy Islands. 40.000 quarters
at
Feb. 1-20; Philadelphia to West Italy. 28,000 quarters, 18c..
Jan. 10 to 25. Coal from Hampton Roads to Cuba.$1 60; Hampton Roads
22340.,
to Rio. last half January. $5; to Santos, $5, January; part cargo of coal,
Hampton Roads to River Plate. $5 15; Hampton Roads to West Italy,
$3 75. prompt. Sugar from Cuba to United Kingdom-Continent, 22s. 6d.,
Jan. 20
-Feb. 10. Petroleum from Black Sea to United Kingdom-Conti'Dent, 32s. Ild., January-February; oil. U. S. Gulf to Baltimore, 50c.. Fobary; clean from U. S. Gulf to French Atlantic, 47s. 6d.; lubricating oil
n
from north of Hatteras to River Plate. 45s.. March canceling. Time charters: 977 ton steamer, West Indies trade, $I 65: 1,186 tons, three months,
$1 65. West Indies trade: 2.896 tons, two trips North Pacific delivery and
redelivery north of Hatteras, 31.
392
THE CHRONICLE
comprise 80,350 bales of Australian, 41,850 New Zealands,
4,450 South African, 4,000 South America and 650 bales
sundries.
COTTON
Friday Night, Jan. 14 1927.
THE MOVEMENT OF THE CROP,as indicated by our
telegrams from the South to-night, is given below. For the
week ending this evening the total receipt shave (reached
264,749 bales, against 238,809 bales last week and 323,796
bales the previous week, making the total receipts since
Aug. 1 1926 9,060,858 bales, against 6,636,834 bales for
the same period of 1925-26, showing an increase since Aug. 1
1925 of 2,424,024 bales.
Receipts at--
.Sat.
Mon.
9.'751
Galveston
Texas City
Houston •
New Orleans
Mobile ______
Pensacola
Savannah
Charleston ---Wilmington __
Norfolk _ New York ___
Boston ______
Baltimore
Philadelphia_ _ _ _
9,079 30,799 11,114 12.893 11,405
1,907
18.284 14,600 12,790 11.746 10,039
8,825 15,828 10,160 7,480 4,727
1,054
567 1.248
587
735
12
6,718 3,607 2,646 4,229 2,069
1,250 1,006 1,403
624
447
572
10
553
351
440
1,747 1,059 1,182
271 1,241
84
____
__-100
50
28
__----840
551
1.765
300
40
50
88
----
9,496
9,283
95
2,056
1,036
536
1.296
-_-_
Totals this stressalr
Tuns,
Wed.
Thurs.
Total.
Fri.
85,041
1,907
76,955
56,303
4,286
12
21.325
5,766
2,462
6,796
234
1,419
1,765
478
22 RAO A7 9AR ita MR 49 070 29 122 2A 111 A 9R4 740
[VOL. 124.
From
• Exported to
Aug.1 1928 to
Jan. 14 1927. Great
GerJapan&
Exportsfrom- Britain. Frantz. many. Italy. Russia. China. Other.
Galveston._
Houston.
Texas City_
New Orleans
Mobile
Jacksonville_
Pensacola_
Savannah...
Charleston..
Wilmington.
Norfolk
New York_ _
Boston
Baltimore_
Philadelphia.
Los Angeles_
San Diego__
San Fran__ Seattle
Portland ,Ore
Total
Total.
427,694 256,739 375,540 134,030 37,417 233,086 245,410 1,709,918.
398,381 277,975 357.850 156.363 63,050 153,358 116,788 1,523,563.
33.010
33,010
269,895 95,821 173,922 107,561 17,506 2227
766
.
967.64647,845 3,515 63,956 1,000
15,599 1,803 133,718
104
104
4,919
3,569
"300 8.788
170,773
-166 334,219 4".ioo
47,666 21,911 578.403
42,723
458 202,442
19,288 11,610 276.521
10,000
---- 28,000 17,666
155,650•
62.359
76,882 10,509
8,050 2,666 160,788.
37,571 22;a6 41,556 17,403
622 117,082 236,654
1,283
100
2,532
3,915.
2,131
142
-ioo
2,673
728
2
2,666
2,790
32,094 8,680 18,995
781
3.850
63,247
847
1,990
1,990
"320 1.155 "la
350
esJo5
71,419
18
77,828
200
78,028
800
600
1,541,415 668,159 1676234 450,286 117,973 851,451 603,921 5,909,419.
Tota11925-26 1,458,833 579,964 1212385 359,553 97,123 832.428 509,782 4,850,088
Tota11924-25 1,692,804 592,331 1064843 381,808 63,643 528,310 470,240 4.793.979
NOTE.
-Exports to Canada.
--It has never been our practice to include in the
above tables reports of cotton shipments o Canada, the reason being that virtually all
the cotton destined to the Dominion comes overland and it is impossible to get returns
concerning the same from week to week, while reports from the customs districts
on the Canadian border are always very slow in coming to hand. In view, however,
of the numerous inquiries we are receiving regarding the matter, we will say that
for the month of December the exports to the Dominion the present season have
been 38,717 bales. In the corresponding month of the preceding season the exports
were 35,973 bales. For the five months ended Dec. 31 1926 there were 123,078
bales exported as against 116,275 bales for the corresponding five months of 1925.
•Houston statistics are no longer compi (xi on an interior basis, but only
We are changing accord ngly.
In addition to above exports, our telegrams to-night also
The following table shows the week's total receipt., the give us the following amounts of cotton on shipboard, not
total since Aug. 1 1926 and stocks to-night, compared with cleared, at the ports named:
last year:
on a port basis.
On Shipboard, Not Cleared for
-
1926-27.
Receipts to
Jan. 14.
1925-26.
This
Since Aug
Week.
11928.
Stock.
This Since Aug
Week. 1 1925.
1927.
1926.
Galveston--- -- 85,041 2.392,519 57,4732,384.034 682,963 671.216
Texas City
1.907 104,928 2.550
17.328
38,556
17.328
Houston*
76.955 2,997,710 35,961 1,223,554 983,036
Port Arthur, &c
New Orleans__ __ 56.303 1.631,521 52,5'ia 1,650,035 674,691 493,860
- .
Gulfport
Mobile
4286 291,753 2,357 178,119
23,362
58,429
Pensacola ------ 12
11 788
____
14,096
Jacksonville ----------603
531
838
15,201
Savannah ------21,325 77033,18i 685,370 122,553
95,834
Brunswick
400
Charleston
i',766 389.892 4,497 .207,351
92.221
52,819
Georgetown
Wilmington
2,462
84,518
94 94,379
16,813
41,797
Norfolk_
6.796 304,381 5,167 364,551 127.318 146,414
N'port News, &a_
374
New York
234
14,654
40
34,659 141,819
87,043
Boston
1.419
13,344 2,337
12,970
1,589
2.435
Baltimore
1.765
43,695
944
26.892
1,484
1,377
Philadelphia
478
2.875
900
3,531
6,472
5,829
Totals
264.749 9.060.858 178.734 6.912.470 2.948.782 1.639.845
•Houston statistics are no longer compiled on an interior basis, but only
on a port basis. We are changing accordingly.
In order that comparison may be made with other years,
we give below the totals at leading ports for six seasons:
Receipts at-
1926-27. 1925-26. 1924-25. 1923-24. 1922-23. 1921-22.
Galveston-__
Houston, ac•
New Orleans_
Mobile
Savannah__....
Brunswick _
Charleston...
Wilmington.._
Norfolk
N'port N.,&c.
All others
85,041
76,955
56,303
4,286
21,325
57,473
35,961
52,373
2,357
13,181
95.674
36,097
56,269
2,258
12,687
60,589
38,810
40,765
1,725
13,020
37,854
4,492
26,786
978
4,399
5.766
2.4. 2
1,796
4,497
954
5,167
5,859
7,228
7,313
959
600
7,338
2.386
742
8,120
43,239
318
19,687
1,447
7,549
250
2,941
895
5,529
5,815
, 6,771
8,199
5,642
6,501
21,752
Tot, this week
264,749
178.734
231,584
169,448
92,238 103,607
Since Aux. 1_ _ 9.060.8ss RA:112 470 66261111A M tin 697 A 972 440 2 712 AM
*Houston s atistics are no longer compiled on an interior basis, but only
on a port basis. We arc changing accordingly.
The exports for the week ending this evening reach a total
of 217,012 bales, of which 69,341 were to Great Britain,
13,372 to France, 46,597 to Germany, 19,476 to Italy,
35,215 to Japan and China,and 33,011 to other destinations.
In the corresponding week last year total exports were
132,894 bales. For the season to date aggregate exports
have been 5,909,419 bales, against 4,850,068 bales in the
same period of the previous season. Below are the exports
for the week:
Week Ended
Jan. 14 1927. Great
GerEsparta from
- Britain. France. many.
Galveston
Houston
New Orleans__
Mobile
Pensacola
Savannah
Charleston
Wilmington _
Norfolk
New York
Boston
Baltimore
Los Angeles
San Diego
San Francisco
Seattle
Total
Total 1928
Total 1926
10,748
9,618
31.918
400 17,898
8,429 7,625
4,243 8,418
9,062
Exported to
Japan&
Italy. Russia. China. Other.
4,262
8.489
3,475
500
12
2,481
5,000
3,815
1,329
153
2,804
"ioo
280
4.750
3,498
ao
1,465
Jan. 14 at-
Ger-
Other
Coast.
Britain. France. many. Foreign wise.
Total.
Leaving
Stock.
Galveston
16,500 13,300 20,000 40,300 11,500 101,600 581,363
New Orleans
8,222 8,883 4,390 40,659
624 62.778 611,913
Savannah
6,000 1,100
7,100 115,453
Charleston
92,221
Mobile
10,500
200
8,625
600 19,925
38,504
Norfolk
f.,500
100 6,600 120,718
Other ports •__ 3,000 2,000 5,000 4,500
500 15,000 1,175,607
Total 1927__ 38,222 24,383 41,890 95.184 13,324 213,003 2,735,779
Total 1926_ 47.537 32,130 28.948 68,320 8,914 185,847 1,453,998
Total 1925_ 55.330 22,162 42,963 84,095 13,945 218,495 1,435,925
•Estimated.
Speculation in cotton for future delivery has been more
active during the week at some advance in prices due to
bad weather and a good trade demand. Also there has been
some broadening of the speculation. The rise since Dec.
4th of 160 to 175 points has attracted attention. At times
Liverpool has been buying. Its cables have been quite encouraging; also those from Manchester. In Liverpool for
four days in succession the spot sales were 10,000 bales. At
the South spot markets were rising. The basis was stronger.
It was said that Galveston will ship four cargoes in the
next month to Bombay. The purchase by Russia in the first
half of the year, It is said will be large. Germany and
Japan have been buying in Alabama, taking mostly, it is
understood, the better grades, like midaling and strict middling. Other grades, however, have been in steady demand.
Memphis reports the best spot business of late for some
months past. Similar reports come from other parts of
the belt. It is said that Italy is trying to buy as far ahead
as 1930. In the fore part of the season there was a desire
on the part of foreign spinners to buy ahead for three to
five years. The deniand fell off when prices turned downward. Now it has reappeared. Manchester has reported
a broadening demand. That has attracted attention. Its
sales of cloths to India in particular are said to be encouraging. Moreover there is a larger demand for Manchester's goods from the Continent and the Near East. Some
bag manufacturers in this country are said to be buying
sheeting freely. There is a demand from such manufacturers in response to increasing sales of cotton bagging to
replace burlap. Worth Street business has been larger.
In Philadelphia yarns have been active and firm. A better
business has been done in tire fabrics here. In general the
textile situation has been brightening both at home and
abroad. Even China is said to have been inquiring rather
Total.
21,825 21,803 76,734
4,600 3,970 40,729
1,115 8,272 55,441
9,562
12
- 566
.
300
2,481
9,750
1:66O -664 5,589
312 5,387
163
_
50
2,804
1,485
1.550
1,550
5,025
5,025
89,341 13,372 48,597 19,476
35,215 33,011 217,012
39,980 17,708 19,571 20,894
75.863 24.487 14,044 13,889
1,000 19,728 14,215 132,894
Great
14,618 19,875 182,278
more freely for Manchester's goods in spite of the disorders
in that country. Finally the December consumption in this
country turns out to have been unexpectedly large. It was
605,217 bales of lint cotton against t'3.3,950 in November and
576,215 in December last year, 533,789 in December, 1924,
463,789 in 1923 and 520,342 in 1922. The highest on record
was 634,593 in March, 1926. In December, 1920, they were
down to some 395,500 hales. The total up to the end of
December this season is 2,829,456 bales against 2,594,740
bales during the same time last season, an increase thus
far of 234,716 bales.
The last few days the weather has been rather cold in
some sections. The temperatures have been 16 to 32 degrees
over parts of the Belt. The inference is that such conditions where existing have interfered with picking and ginning. The weekly report from Washington stated that in-
creased picking has recently been done in California and
the Southwest, but that considerable cotton was still in the
fields. Hedges selling during the week has been promptly
snapped up by the mills calling cotton. On the 13th inst.
heavy buying of October here by the South was said to be
for mill account. Japanese interests have from time to
time been buying here.
On the other hand the technical position had become
weakened by the 13th inst. and in spite of bad weather,
firm cables and a big consumption, prices after an early
advance turned downward. Profit taking was the order of
the day on both sides of the water. Hedge selling increased on the way down. Rather large offerings of July
punctuated the decline. Some contend that the recent big
advance has dicsounted a bullish ginning report on the
244h inst. if that is the kind of report that is to appear.
The stocks in public storage and compresses on Dec. 31st
were about 900,000 bales larger than on the same date
the previous year. In other words the total on the last
day of 1926 was 6,478,998 bales against 6,517,565 on Nov.
30th and 5,584,016 on Dec. 31st, 1925. The number of active
spindles during the month curiously enough was smaller
than in the previous month and also in December, 1925.
The total was 32,496,250 in December against 32,586,770
in November, and 32,951,136 in December, 1925. Consuming
establishments hold 1,766,392 bales against 1,497,844 on Nov.
30th and 1,720,696 on Dec. 31st, 1925. Some maintain that
a further reaction in prices is .due after a prolonged advance. A good deal of cotton is still to come forward. Nobody knows what the ginning report will say in the statement a week from Monday. There is no big bull speculation
In progress here. On the 13th inst. the market was more
or less disturbed by rumors that the American Ambassador
to Mexico had been recalled. Secretary of State Kellogg denied the report. But the stock market in the latter
trading showed some reaction. That affected cotton to a
certain extent. Wall Street was a seller as well as the
South and for the first time in some weeks, Liverpool, on
quite a large scale.
Today prices advanced 15 to 15 points, the distant months
leading and they ended firm at the highest prices of the
day. Offerings fell off. Operators who sold on Thursday
were anxious to cover. Mills were fixing prices. Spot
houses were buying March rather freely. Spot markets
were higher. Liverpool reported spot sales of 14,000 bales.
Previously for four days in succession they were 10,090 bales.
This rather remarkable activity attracted no small attention. Manchester advices were favorable. There was
a reaction at one time in the afternoon, but it was soon regained. There is said to be a big spot short interest at the
South and a very considerable short account in hedges.
These of course will have to be covered like any other sale.
Final prices show a 'rise for the week of 40 to 46 points.
Spot cotton ended at 13.50c. for middling, a rise for the
week of 40 points.
At a conference in Washington over the question of new
methods of harvesting cotton and of alleged undue severity
in grading on future contracts the consensus of opinion was
that nothing should be done to cause such snapper and sledded cotton to be sold at discounts, but that it should stand
on its own merits.
The following averages of the differences between grades,
as figured from the Jan. 13 quotations of the ten markets
designated by the Secretary of Agriculture, are the differences from middling established for deliveries in the New
York market on Jan. 20.
Middling fair
1 34 on *Middling "yellow" stained
3.48 off
Strict good middling
1.10 on *Good middling "blue" stained2.13 off
Good middling
.86 on, Strict middling "blue" stained___2.85 yff
Strict middling
.61 on *Middling "blue" stained
3.73 off
Middling
Basle Good middling spotted
.22 on
Strict low middling
1.01 oft Strict middling spotted
07 off
Low middling
2 80 off Middling spotted
1.00 off
*Strict good ordinary
3.60 off *Strict low middling spotted...A.30 off
4.75 off *Low middling spotted
*Good ordinary
3.65 off
StrItt good mid."yellow" tinged-0.11 off Good mid, light yellow stained_.1.38 off
Good middling "yellow" tinged-- .72 off *Strict mid,light yellow stained_1.88 off
Strict middling "yellow" tinged_ -1.18 off *Middling light yellow stained.:-.2.95 off
*Middling "yellow" tinged
78 off
2 38 off Good middling "gray"
1 18 off
*Strict low mid."yellow" tinged_3 65 oft *Strict middling "gray"
*Low middling "yellow" tinged_ .6.13 off *Middling "gray"
1 93 off
Good middling "yellow" stained.2.18 off
*Strict mid. yellow stained__ __2.70 off •Not deliverable on future contracts.
'
The official quotation for middling upland cotton in the
New York market each day for the past week has been:
Jan. 8 to Jan. 14.
Middling upland
Sat. Mon. Tues. Wed.Thurs.
13.15 13.30 13.35 13.50 13.40
Fri.
13.50
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.
Steady. 5 pts. adv. Steady
Steady, 15 pts. adv_ Steady
Steady, 5 pts. adv_ Steady
Steady. 15 pts. adv_ Very steady- - _
Quiet, 10 pts. dee__ Barely steady_ _
Steady, 10 pts. adv- Firm
Total_ _
Since Aug. 1
393
THE CHRONICLE
JAN. 15 1927.]
SALES.
Spot.
Corded Total.
100
300
1;656
100
340
3.300
1,200
100
loco
1,300
3.300
1.300
440
-The highest, lowest and closing prices at
FUTURES.
New York for the past week have been as follows:
Saturday,
Jan.8.
Monday,
Jan. 10.
Tuesday, Wednesday. Thursday,
Jan. 12.
Jan. 13.
Jan.11.
Friday,
Jan.14.
Jan.
Range__ 12.76-12.85 12.74-13.06 12.96-13.07 13.00-13.18 13.09-13.30 13.03-13.19
13.18 ---13.03-13.04 13.18 ---- 13.09Clorditg_ 12.81 ---- 13.00Feb.Range-13.24 ---- 13.14 ---- 13.2413.0813.05Closing- 12.87March12.88-13.16 13.06-13.18 13.08-13.32 13.18-13.42 13.15-13.31
Range-- 12.88-12.95
Closing_ 12:94-12.95 13.10-13.12 13.12-13.14 13.31-13.32 13.20-13.22 13.30-13.31
AprURange_ Closing_ 13.0313.19 ---- 13.22 ---- 13.40 ---- 13.30 ---- 13.40May
Range_ - 13.08-13.14 13.08-13.34 13.26-13.35 13.31-13.52 13.40-13.63 13.35-13.52
13.50-13.51 13.40-13.43 13.50-13.52
Closing_ 13.13 13.14 13.28-13.29 13.32,
June
13.58-13.58
Range-13.38 ---- 13.42 ---- 13.65 ---- 13.50 ---- 13.60 ---Closing_ 13.22July,
Range-- 13.20,13.33 13.26 13.53 13.46,13.55 13.51-13.71 13.60-13.82 13.54-13.73
Closing- 13.32,13.33 13.49 ---- 13.52-13.53 13.70-13.71 13.60-13.61 13.71-13.73
Aug.Range-Clostng_ 13.37 ---- 13.54- 13.59 ---- 13.78 ---- 13.68- 18.80Sept13.77-13.77
Range._
13.62 ---- 13.67 ---- 13.86 ---- 13.76 ---- 13.89Closing_ 13.46Oct.
Range__ 13.44-13.50 13.44,13.70 13.66-13.74 13.71-13.92 13.78-14.00 13.75-13.94
13.67-13.68 13.72 ---- 13.90-13.92 13.80-13.83 13.94 ---Closing- 13.50Nov.
13.94-13.94 14.09-14.09
13.77-13.77
Range__
14.02Closing_ 13.57 ---- 13.75 ---- 13.80 ---- 13.98 ---- 13.88Dec.Range-- 13.58-13.64 13.58-13.91 13.82-13.91 13.86-14.08 13.96-14.17 13.90-14.09
Closing_ 13.64 ---- 13.84 ---- 13.88 ---- 14.06-14.08 13.96-13.98 14.09-
Range of future prices at New York for week ending
Jan. 14 1927 and since trading began on each option:.
Option for
Range for Week.
Jan. 1927__ 12.74 Jan.
Feb. 1927_
Mar. 1927__ 12.88 Jan.
Apr. 1927_
May 1927_ 13.08 Jan.
June1927_ 13.58 Jan.
July 1927__ 13.26 Jan.
Aug. 1927
Sept. 1927 13.77 Jan.
Oct. 1927._ 13.44 Jan.
Nov. 1927.. 13.77 Jan.
Dec. 1927 13.58 Jan.
Range Since Beginning of Option.
10 13.30 Jan. 13 11.55
11.95
8 13.43 Jan. 13 11.80
12.60
8 13.63 Jan. 13 12.02
12 13.58 Jan. 12 12.92
8 13.82 Jan. 12 12.25
13.03
14 13.77 Jan. 1 4 12.50
8 14.00 Jan. 13 12.46
10 14.09 Jan. 13 12.75
8 14.17 Jan. 13 13.36
Dec. 4 1926 18.28 Sept. 8 1926
Dec. 3 1926 18.10 Sept. 1 1920
Dec. 4 1926 18.51 Sept. 8 1926
Oct. 22 1926 16.10 July 6 1926
Dec. 4 1926 18.65 Sept. 8 1926
Oct. 27 1926 16.00 Sept.23 1926
Dec. 4 1926 18.51 Sept. 2 1926
Jan. 4 1927 14.25 Oct. 14 1926
Dec. 4 1926 14.50 Oct. 15 1926
Dec. 4 1926 14.00 Jan. 13 1927
Dec. 6 1926 14.09 Jan. 13 1927
Jan. 3 1927 14.17 Jan. 13 1927
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.
1925.
723.000
2,000
81,000
1924.
706.000
2.000
91,000
344,000
214,000
3.000
93.000
49,000
806,000
2,000
211.000
185.000
8,000
80,000
59.000
2,000
5.000
799.000
6.000
56,000
130.000
13,000
107,000
51,000
2,000
7,000
703,000
552,000
372,000
Jan.14-1927.
bales_1.255.000
Stock at Liverpool
Stock at London
155,000
Stock at Manchester
1926.
881,000
1.410.000
967,000
613,000
262,000
11,000
94.000
53,000
1.033,000
Total Great Britain
Stack 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
155,000
2.443,000 1,670.000 1,358.000 1,171,000
Total European stocks
49.000 119,000 100,000 198,000
India cotton afloat for Europe_
American cotton afloat for Europe 747.000 417.000 650,000 498,000
Egypt,Brazil,&c.,afloat for Europe 87,000 103,000
69,000
110,000
431.000 324,000 263,000 267,000
Stock in Alexandria, Egypt
438,000 676,000 439,000 496.000
Stock in Bombay. India
2 948,782 1,639,845 1,654,420 933,415
Stock in U. S. ports
996,356
Stock in U. S. interior towns_ _..1.509.83 1,999.693 1.441,041
9.927
800
U. S. exports to-day
Total visible supply
8,654.415 6.958,465 5.974,461 4,669,771
:
Or the above, totals of American and other descriptions are as follows
American
bales_ 894.000 569,000 567.000 460,000
Liverpool stock
70,000
53,000
73.000
Manchester stock
138,000
Continental stock
995,000 667,000 509,000 284,000
American afloat for Europe
747,000 417,000 650,000 498,000
U. S. port stocks
2,948.782 1,639,845 1,654.420 933,415
U. S. interior stocks
1,509.833 1,999,693 1,441,041
996.356
U. S. exports to-day
800
9.927
Total American
East Indian, Brazil,
Liverpool stock
stock
London stock
Manchester stock
Continental stock
Indian afloat for Europe
Egypt, Brazil, &c., afloat
Stock In Alexandria, Egypt
Stock in Bombay. India
Total East India. Sze
Total American
7,233,415 5,372,465 4.874,461 3.244,771
361,000
312,000
17,000
38.000
49.000
87.000
431,000
438,000
16,000
36.000
119.000
103,000
324,000
676.000
156.000
2,000
28,000
43.000
100,000
69.000
263,000
439,000
246,000
2,000
18,000
88,000
198,000
110.000
267,000
496.000
1 421,000 1,586,000 1,100,000 1.425,000
7,233.415 5,372,465 4,874,461 3,244,771
Total visible supply
8,654,415 6,958.465 5,974,461 4,669,771
Middling uplands, Liverpool__ _ 18.83d.
13.08d.
10.84d.
7.163.
24.00c.
33.20c.
Middling uplands, New York.._ 13.59c.
21.05c.
Egypt, good Sakel. Liverpool
15.15d. 20.00d. 31.00d. 23.60d.
Peruvian, rough good, Liverpool_ 11.50d.
23.00d. 20.788. 24.506.
16.906.
Broach, tine, Liverpool
11.85d.
9.60d.
6.46-1.
18.05d.
Tinnevelly, good, Liverpool
12.40d.
6.906.
10.006.
Continental imports for past week have been 259,000 bales.
The above figures for 1926 show an increase over last
- week of 152,718 bales, a gain of 1,695,950 over 1925, an
840 5,600 6,410 increase of 2,679,954 bales over 1924, and an increase of
311 452 312.400 623,852 3,984,644 bales over 1923.
394
THE CHRONICLE
[Vox.. 124.
PP AT THE INTERIOR TOWNS the movement
-that is,
QUOTATIONS FOR MIDDLING COTTON AT
the receipts for the week and since Aug. 1, the shipments for OTHER MARKETS.
-Below are the closing quotations
the week and the stock to-night, and the same items for the for middling cotton at Southern and other principal cotton
corresponding periods of the previous year,is set out in detail markets for each day of the week:
below:
Movement to Jan. 14 1927.
Towns.
Receipts.
Week. Season.
Receipts.
Ship- I Stocks
merits. I Jan.
Week. 14.
Week. Season.
Ala.,Birming'm 1,020 78,781 1,2
15.657
Eufalua
17
23,35
861 12,318
Montgomery _ _ 1,373 110,31. 20571 32,529
Selma
82,659 1,868 38.686
18
Ark., Helena
2,363 79,70
2.496 42,035
Little Rock
3,561 181.786 4.128 73,111
Pine Bluff_ _ _ 3,11
155,36
4.153 71,742
Ga., Albany__ _
21
8,591
66 4,019
Athens
.11
200 12,868
32.021
Atlanta
6,111 209,516 5,000 95,482
Augusta
9,528 274.307 12,159111,435
Columbus....
7
39,377
796 4,929
Macon
1,17
81,085 2,164 15,214
Rome
1,54
900 28,249
44,259
La, Shrevepo
2,927 147,240 3,21 63,472
Miss.,Columb
617 38.414 1,339 10,948
Clarksdale_ 4,631 146,404 5,912 87,210
Greenwood
1,259 155,621 5,936 91,629
Meridian
591
48.324 1,282 16,669
Natchez
509 34,634
861 13,625
r Vicksburg_ 500 29,444 1,000 19,872
' Yazoo City
263 35,018 1,193 23,140
Mo., St. Louis_ 18,773 353,267 18,759 8,287
N.C.,Greensb'ro 1,334 24,984 1,039 17,199
1 Raleigh
61
17.177___ 11,281
Okla., Altus__ _ 9,768 146,910 7:695 26,697
Chickasha_ 6,339 131,645 6,313 19,965
Oklahoma... 8,039 126,781 6,818 33,898
S.C.,Greenvillei 9,801 211,686 8,542 82.600
Greenwood_ _
318
6,881
228 2,914
Tenn„Memphis 65.3541,358,998 69,243 326,314
Nashville__ _ _
5, 76
___
___ 1,436
Tex., Abilene
2:376 69.291 5,463 2.799
Brenham_ _ _ _
704 23,432
607 7,464
Austin
543 31,567
511 4,027
Dallas
4,370 147,249 2.838 56,374
Houston_.
*
*
*
*
Paris
1,070 50,495
707 2,211
San Antonio_
456 56,906
947 3,476
Fort Worth
2,978 97,221 3,364 18,052
.... PP ...
.
--. ---.--- --- ---
Ship- Stocks
mesas. Jan.
Week. 15.
Galveston
New Orleans_
Mobile
1,5
10,967 Savannah
Norfolk
16
7,050
636 28,419 Baltimore
Augusta
961 23,854 Memphis
2,672 34.659 Houston
4,092 66,842 Little
2,67 70.292 DallasRock__ _ _
6 2,461
220 12,605 Fort Worth..__ -
856 80,499
2
24,12
43. 89,702
688 82,861
2,296 79,771
3.442 195,082
150,212
3.4
8
7,82
87 23,003
2,981 163,481 5,983 56,307
6,453 280,96
5,76: 107,019
1,576 62,200 2.863 9.398
1,190 57,644 1,270 26,328
1,072 40,697 1.300 18,616
2,231 159,103 4,711 37,762
285 40,902 1,055 9,565
3.000 177,704 5,000 71,324
3,000 196,12
6,648 70,000
479 55,536 1,103 16,243
549 51,15
1,002 13,873
631
47,012
438 17,576
632 19,398
266 48,745
21,307 466,341 21,425 16,124
1,997 40,890 3,001 12,641
302 10,635 1.225 12,934
3,471 116,863 3,534 24,040
4,976 150,583 5,488 16,736
5,224 142,407 4,790 32,350
9,743 182,300 7,417 54,752
4,912___
____
,
61,7361,252,155 60,334279.736
202
699
.
1,745 76,935 1,610 1,233
53 4,390
4,906
6
344
080
11.207
247
2,878 133,547 2,498 23,882
85,484 3,959.466100,390 764,090
1,776 106.013 2,335 6,153
170 23,961
4231 1.992
1,924 72,162 1,431 12,111
INnnel.n.1
* Houston statistics are no longer compiled on an interior basis, but only
on a port basis. We are changing accordingly.
The above total shows that the interior stocks have in.
creased during the week 19,471 bales and are to-night
489,860 bales less than at the same pericd last year. Tie
receipts at all the towns have been 63,303 bales less than
the same week last year.
NEW YORK'QUOTATIONS FOR 32 YEARS.I
The quotations for middling upland at New York on
Jan. 14 for each of the past 32 years have been as follows:
1927
0c.
20.70c.
24.15c.
34.05c.
27.80c.
18.30c.
17.65c.
39.25c.
Week Endea
Jan. 14.
Movement to Jan. 15 1926.
Closing Quotations for Middling Cotton onSaturday. Monday. Tuesday. Wed'day. Thursd'y. Friday,
12.90
12.05
12.33
12.44
12.19
12.25
12.80
12.40
12.00
13.05
13.04
12.20
12.60
12.63
12.75
12.38
12.50
12.95
12.80
12.15
12.15
13.05
13.04
12.20
12.62
12.83
13.00
12.38
12.50
12.95
12.60
12.15
12.15
13.20
13.25
12.50
12.81
12.88
13.00
12.63
12.50
13.15
12.80
12.40
12.35
13.10
13.15
12.40
12.70
12.75
13.20
12.69
12.50
13.05
12.70
12.30
12.25
13.20
13.25
12.50
12.81
12.88
13.10
12.81
12.50
13.15
12.80
12.40
12.35
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.8.
Monday,
Jan. 10.
Tuesday, Wednesday
Jan. 11.
Jan. 12.
Thursday,
Jan. 13.
Friday,
Jan. 14.
January -13.04-13.05 13.0813.25-13.26 13.13-13.15 13.25 February.
March......
13.08-13.10 13.1013.29-13.30 13.18-13.20 13.27-13.31
April
May
13.25-13.26 13.26-13.29 13.47-13.48 13.36-13.37 13.45-13.41
June
July
13.41-13.43 13.42-13.43 13.62-13.63 13.52-13.53 13.60-13.6:
August.__ HOLIDAY
September
October
13.52-13.54 13.56-13.57 13.73-13.74 13.63-13.65 13.75-13.71
November
December_
13.59 bid 13.88-13.7113.88 bid 13.78 bid 13.92 bic
Tone
Spot
Steady
Steady
Steady
Steady
Steady
Options__ _
Steady
Steady Very ste'rlv Steady Very st'di
WEATHER REPORTS BY TELEGRAPH.
-Reports to
us by telegraph this evening indicate that the weather during
the week has been generally favorable for cotton picking in
most parts of the cotton belt where cotton remains in the
fields, and fair progress has. been made with this work.
Considerable cotton still remains unpicked in the northwestern portion of the cotton belt.
Galveston, Texas
Abilene
Brownsville
Corpus Christi
Dallas
Del Riot
Palestine
San Antonio
New Orleans, La
Shreveport
Mobile, Ala
Savannah, Ga
Charleston, S. C
Charlotte, N. C
Rain. Rainfall.
1 day 1.04 in.
1 day 0.26 in.
dry
1 day 0.06 in.
1 day 0.32 in.
dry
1 day 1.00 in.
1 day 0.52 in.
1 day 0.55 in.
2 days 0.64 in.
dry
1 day 0.03 in.
? days 0.11 in.
? days 0.45 in.
Thermometer
high 69 low 36 mean 53
high 72 low 24 mean 48
high 78 low 38 mean 58
high 76 low 36 mean 56
high 56 low 24 mean 40
high __ low 34 mean -high 66 low 26 mean 46
high __ low 28 mean..
high __ low __ mean 54
high 64 low 29 mean 47
high 67 low 26 mean 49
high 66 low 24 mean 42
high 56 low 26 mean 41
high 51 low 18 mean 34
8.85c.
The following statement we have also received by tele8.25c•
10.00c• graph, showing the height of rivers at the points
named at
7.69c•
6.06c• 8 a. m. of the dates given:
5.88c.
Jan. 14 1927. Jan. 15 1926.
7.31c.
Feet.
Feet.
Above zero of gauge_
8.19c. New Orleans
15.1
1.9 •
Memphis
Above zero of gauge37.5
7.4
Nashville
Above zero of gauge10.4
9.0
OVERLAND MOVEMENT FOR THE WEEK AND Shreveport
Above zero of gauge17.1
9.6
Above zero of gauge..
44.5
SINCE AUG. 1.
9.9
-We give below a statement showing the V.cksburg
1926
1925
1924
1923
1922
1921
1920
1919
1918
1917
1916
1915
1914
1913
1912
30.90c
32.60c. 1910
18.05c. 1909
12.50c. 1908
8.05c, 1907
12.70c. 1906
13.00c. 1905
9.85c. 1904
14.90c.
14.45c.
9.60c.
11.65c.
10.80c.
11.95c.
7.20c.
13.80c.
1903
1902
1901
1900
1899
1898
1897
1896
overland movement for the week and since Aug. 1, as made
NEW YORK COTTON EXCHANGE AMENDS BYup from telegraphic reports Friday night. The results for LAWS.
-The members of the New York Cotton Exchange
the week and since Aug. 1 in the last two years are as follows: on Jan. 7 voted favorably on three out of four amendments
-1925-26---- to Section 57 of the By-laws, providing for a reduction in
----1928-27---Jan. 14Since the floor brokerage and clearance fees and the disposition
Siflce
ShippedWeek. Aug. 1. of the
Week. Aug. 1.
money so derived. The amendments which were
Via St. Louis
358,432
21,425 461,052
18.579
Via Mounds, &c
11,050 208,280
8,050 197,702 adopted follow:
Via Rock Island
Via Louisville
Via Virginia points
Via other routes. &c
470
1,014
6,882
15,556
2,877
'1,447
1,398
32.858
148.128 • 6,014
306,997
7,835
Total gross overland
53,731 1,085,942
Deduct Shipments
Overland to N. Y., Boston, &c 3,896
74,421
Between interior towns
13,114
677
Inland, &c.,from South
28,049 446,699
Total to be deducted
32,622 534,334
Leaving total net overltuid*_ _ _21,109
531,608
47,597
4,221
706
33,002
1. Reduction in the rate of fees of approximately 50%•
27,973
2. The creation of an employees pension fund.
40,937
3. The improvement of the acoustics of the trading floor including
121.880
268,684 flooring over the light well on the 23d floor so as to create approximately
4,000 feet of rentable floor space.
The amendment authorizing the use of part of the fees for the improve1,118.208
.
ment of elevator service in the Exchange Building was defeated. This
77,887 proposal called for the carrying of two of the elevators which now stop at
13,405 the 15th floor, up to the 19th floor, and for other improvements in the
309.173 elevator system.
37.929
400,465
9.668
717,r 43
•Including movement by rail to Canada.
The foregoing shows the week's net overland movement
this year has been 21,109 bales, against 9,668 bales for
the week last year, and that for the season to date the
aggregate net overland exhibits a d(crease from a year ago
of 186,135 bales.
-1926-27
-----1925-26
In Sight and Spinners'
Since
Since
Week.
Takings.
Aug. 1.
Aug. 1.
Week.
Receipts at ports to Jan. 14
264.749 9,060,858 178,,34 6,912,470
Net overland to Jan. 14
21.109
717.743
531,608
9.668
Southern consumption to Jan. 14-115,000 2,371,000 100.000 2,040.000
Total marketed
400,858 11,963,466 288,402 9,670,213
Interior stocks in excess
19,471
978,498 *23,643 1,844.271
Excess of Southern mill takings
over consumption to Jan. 1_
603,884
675,119
Came into sight during week__ _420.329
284,759
Total in s.ght Jan. 14
13,545,828
12,189,603
North. sp.nn's's takaigs to Jan. 14 57.457 1,161,304 49,825 1.
173•809
*Decrease.
Movement into sight in previous years:
Week1924
-Jan. 17
1923
-Jan. 18
Bales./ Since Aug. 1326.701 1924-25
212,068 1923-24
Bates.
11,182,728
8,815,540
CENSUS REPORT ON COTTON CONSUMED AND
ON HAND IN DECEMBER, &c.
-This report, issued on
Jan. 13 by the Census Bureau, will be found in full in an
earlier part of our paper under the heasing "Indications of
Business Activity."
RECOGNITION OF JAMES F. MAURY'S SERVICES
BY NEW YORK COTTON EXCHANGE.
-The Board
of Managers of the New York Cotton Exchange on Jan. 8
presented James F. Maury with a handsome silver vase in
recognition of his being a member for half a century and
in appreciation of his twenty-one years of service as Treasurer
of the Exchange. The presentation was made by President
Samuel T. Hubbard, Jr. Employees of the Exchange also
presented Mr. Maury with a large basket of fru.t. After
the presentation, President Hubbard said:
"Mr. James Maury, Mr. Maury's grandfather, a citizen and a native of
Virginia, was appointed American Consul at Liverpool by President George
Washington. At the time that this appointment was made, the seat of
the Federal Government was in New York City in Federal Hall, located
on the site of the present Sub-Treasury. Mr. Maury's grandfather was
originally engaged in the exportation of tobacco, but as soon as cotton
became a factor, he entered the cotton business in Liverpool. For many
years the firm of Maury Brothers was the leading firm of exporters of
American cotton from this country with headquarters in New York, so
that the Maury family has been in the cotton business since the days of
George Washington, a record believed to be excelled by no other American
firm. Mr. Maury is held in the highest esteem and deepest affection
by his fellow members."
Mr. Maury, who is eighty-one years old, and lives at Morristown, N. J.,
was deeply touched by the tribute from his associates at the Exchange.
395
THE CHRONICLE
JAN. 151927.]
DEATH OF JAMES P. FERRALL.-The news of the Alexandria, Egypt. The followineare 'the' receipts and
death of James P. Ferrall which occurred on Jan.8, has been shipments for the past week and for the corresponding week
received with regret in the cotton world. Mr. Ferran was of the previous two years.
at the head of the cotton department of J. S. Bache & Co.,
1924-25.
1925-26.
1926-27.
Alexandria, Egypt,
which position he had occupied for about 15 years. PreJanuary 12.
vious to that time, for many years he had been engaged
(cantars)in the cotton business in the South and was widely known Recriptsweek
145.000
155.000
235,000
This
5,824.864
5.324.777
5,096.631
everywhere there. He was a native of Alabama and was
Since Aug:1
•
regarded as one of the best judges of cotton in the country.
This Since
This Since
This Since
His genial, kindly disposition made for him thousands of Exports (bales)
Week. Actg. 1. Wetk. Aug. 1. Week. Aug. 1.
friends in the Southern country as well as here.
-The folRECEIPTS FROM THE PLANTATIONS.
lowing table indicates the actual movement each week from
the plantations. The figures do not.include overland receipts nor Southern consumption; they are simply a statement of the weekly movement from the plantations of that
part of the crop which finally reaches the market through
the outports.
Receipts at Ports.
Weekl
Ended, 1926.
1925. 1924.
Stocks at Interior Towns.
1926.
1925.
1924.
Receiptsfrom Plantations
1926. I 1925.
1924.
Oct.
15_ _ 618.810423.813441.485 975.402 1,267,365 898,3511724.4191553,560543,800
22...587.297383,026339.292 1,076,125 1,385.045 1.057.209688,020500.706498.150
29_ 535.376 376,061 388.465 1,166,683 10516,099 1.196.1811625.934607.1151527.437
Noy.
5....508.763437,549383,258 1,264,450 1.568.0031,307.3761606.5301489.453494,453
t2__ 438.446343,371 373.602 1.349,950 1.646,178 1,411,260573,946 421,546477,486
19.. 516.711 377.983432.208 1.415.095 1,677,4421,486,392 583.298409.247487,588
AS__ 470,442311.384370.024 1.456.381 1,784,345 1.545,601 511.728418,287429,233
Dec.
482.959 396.275370.752 1.490,161 1.836,5251,583,955 516,739448,455409,106
10_ 451.084330,550 333,821 1.528,5551,902,018 1,565,764 489,478 396.043 315,636
1.858,379,479373.469323,262
17_ 400.731 351.485 330.6471.552,303. ,
23_ 339,577224.398 232,3461,561.4602.000,037 10577.997345,938 299,671 251,964
30_.323.796213,200 306,967 1.5' 2,8812,034.9051,514.450325.197247,971240.118
1925, 1 1927. I 1926. 1925.
1926.
Jan. 1927. 1926. 1925. 1 1927.
__ 238,809 151,454 234.091 1,529,3042,023,364 1,474,156 205,252 160,090,198,591
264,749 178,734 231,584 1.509,833 1.999,693 1,441,041 284,220 155,0911198 469
14
123,880
108,114 9.000 103,102
To Liverpool
142.215
85,612 11,000 101,165
To Manchester, &c
To Continent and India_ 13.000 177,812 6,500 179,520 5:13 213.407
900 75.706 11,000 77,747
61.241
To America
13.000 432,579 27:100 404.493 16.250 557.249
Total exports
-A cantar is 99 lbs. Egyptian bales weigh about 750 lbs. were
Note.
This statement shows that the receipts for the week end ng Jan.12
225,000 cantars and the foreign shipments 13,000 bales.
-Our report received by
MANCHESTER MARKET.
cable to-night from Manchester states that the market in
both yarns and cloth is steady. Demand for India is good.
We give prices to-day below and leave those for previous
weeks of this and last year for comparison.
1925-26.
1926-27.
32s Cop
Twist.
8Si Lbs.Shirt- Cotton
lags. Common Middrg
Uprds
to Finest.
d. s.d.
d.
Oct.15...... 133401434 12 2
22____ 13 01434 12 0
29____ 123401434 12 0
Nov.
5..__ 123401434 120
12____ 1234(414 12 0
19__ 1234014 12 1)
26____ 123401354 12 0
Dec.
3....... 12 01354 12 0
10.- 113013 11 6
17._ 1134013 11 7
23._ 1194€413 11 7
31___ 1134ig1254 116
„Ian.
7........ 1114(41254 11 6
11 ursi13 117
14
s. d.
012 8
412 3
4412 3
012 2
012 2
(412 2
012 2
32s Cop
Twist.
834 Lbs.Shirt- Cotton
tags. Common M14d1'0
Uprds
to Finest.
s. d.
d. a. d.
d.
d.
7.35 18 (41934 14 6 @15 2
6.70 18 @)19% 14 6 015 2
8.85 171(019 14 2 014 6
6.88 17 @1834 14 1 014 5
6.95 173401834 14 2 014 6
7.03 17)“± 18% 14 2 ®14 5
,
6.92 17 41834 14 2 014 6
d.
11 54
11.27
10.35
10.49
10.58
10.60
10.74
10.42
8.42 165(4*1834 14 2 014 6
012 2
The above statement shows: (1) That the total receipts
10.17
8.46 1654418 14 1 (617 4
012 0
from the plantations since Aug. 1 1926 are 9,840,07 bales:
9.81
6.62 16 4417(4 14 0 014 4
@l12 1
9.92
in 1925 were 8,662,170 bales, and in 1924 were 7,491,255
6.81 18 01734 14 1 414 5
(612 1
9.27
6.89 1634@1734 143 014 5
@120
bales. (2) That although the receipts at the outports the
10.54
past week were 264,49 bales, the actual movement from
6.98 1654@1734 143 @14 5
@12 0
10.84
7.16 1654 61744 14 3 @145
(4 12 1
plantations was 284,220 bales, stocks at interior towns
having increased 19,471 bales during the week. Last year
-As shown on a previous page, the
receipts from the plantations for the week were 155,091
SHIPPING NEWS.
bales and for 1924 they were 198,469 bales.
exports of cotton from the United States the past week have
detail, as made
- reached 217,012 bales. The shipments in follows:
WORLD SUPPLYAND'I KINGS OF COTTON.
The following brief but comprehensive statement indicates up from mail and telegraphic returns, are as
Bales.
at a glance the world's supply of cotton for the week and NEW YORK-To London-Jan. 7-London Mariner, 29
29
250
-Liberty, 150
-De Grasse, 100_ __Jan. 12
since Aug. 1 for the last two seasons, from all sources from
To Havre-Jan.5
-Bremen, 1,259__ _Jan. 11-President
To Bremen-Jan. 7
which statistics are obtainable, also the takings or amounts
3,496
liaruing,
gone out of sight for the like period.
To Rotterdam-Jan. 7-Burgeraik, 112
200
Cotton Takings.
Week and Season.
1925-26.
1926-27.
Week.
Season.
Week.
Season.
Visible supply Jan. 7
7.031.826
8,501.697
Visible supply Aug. i
2,342,887
3,646,413
American in sight to Jan. 14_ -- 420,329 13,545,828 264.759 12,189,603
Bombay receipts to Jan. 13--- 160,000
912,000 123,000 1.170,000
252,000
Other India ship'ts to Jan. 13..
30,000
154,000
5,000
31,000 1.065,200
Alexandria receipts to Jan.12 -45.000 1,020,400
Other supply to Jan. 12-*0---478,000
432.000
15,000
15.000
Total supply
Deduct
Visible supply Jan. 14
9.147,026 19,710,641 7,495,585 17,497,690
8,854,415 8,854,415 6,958,465 8,958.465
Total takings to Jan. 14_a
492,611 11,056,226 537,120 10,539,225
Of which American
420.611 8,550,826 350,120 7,860,025
Of which other
72,000 2.505.400 187,000 2.679.200
• Embraces receipts in Europe from Brazil, Smyrna, West Indies, Sic.
a This total embraces the tota estimated consumption by Southern mills.
-26
2,371,000 bales in 1926-27 and 2,040.000 bales in 1925 -takings not
being available-and the aggregate amounts taken by Northern and foreign
spinners. 8,685,226 bales in 1926-27 and 8,499,225 bales in 1925-26, of which
ten
6,179,826 bales and 5.820,025 bales American. b Estimated.
7
INDIA COTTON MOVEMENT FROM ALL PORTS The receipts of India cotton at Bombay and the shipments
from all India ports for the week and for the season from
Aug. 1, as cabled, for three years, have been as follows:
1926-27.
1925-26.
1924-25.
Since
Week. Aug. 1.
January 13.
Receipts at-
Since
Week. Aug. 1.
Since
Week. Aug. I.
_ 100,000 912,000 123,000 1.170,000 127,000
Bombay
Exports
from-
Great
Great Conti- Japan&I
Britain. neat, China. Total. Britain.
Bombay
-27_
1926
1925-26_.
1924-25._
Other India1926-27_ _
1925-26
1924-25._
____
_-_
____
.
1,000
____
Total all
1926-27
1925-26_
1924-25_
1.000 15,0001 46,000 62,000
____ 43,000 46,000 89,000
____ 7,000 52,000 59,000
11,000 46,0001 57,001
13,000 46,000 59,000
6,0001 52,000 58,000
4,0001
30.0001
1,000
____
906.000
Since August 1.
For the Week.
5,000
30,000
1,000
Contineat.
1,000 121,004
14,000 202.004
22,000 124.004
11,000 143,001
42,000 210,000
13.000 115,000
Japan &
China.
Total.
377,00 499,000
463,000 679.000
498.000 644,000
154,000
252,000
128.000
12,000 264,000 377,00 653,000
56,000 412,000 463,000 931,000
35,000 239,000 498,000 772,000
According to the foregoing, Bombay appears to show an
increase compared with last year in the week's receipts of
37,000 bales. Exports from all India ports record a decrease
of 27,000 bales during the week, and since Aug. 1 show a
decrease of 2i8,000 bales.
-We
ALEXANDRIA RECEIPTS AND SHIPMENTS.
now receive weekly a cable of the movements of cotton at
To Piraeus-Jan. 11-Edison. 200
. 400
-Jan. 7-Nitonian, 400
To Liverpool
900
To Manchester-Jan.7-City of Durham.900
-Jan. 8-Lavada, 9.476-Jan. I
-To Liverpool
NEW ORLEANS
.,26,872
-Explorer, 10,377
-West Cobalt. 7,019-Jan. 9
10
-Ex-West Cobalt, 2.137_Jan. 9
-Jan. 10
To Manchester
5.046
plorer, 2,909
4,243
-Winston Salem, 4,243
6
To Havre-Jan.
Ami150
-Winston Salem, 150
To Antwerp-Jan. 6
1,924
-Winston Salem, 1,924
-Jan.6
Ghent
To
8,318
To Bremen-Jan, 8-Riol, 8,318
au 100
To Hamburg-Jan. 8-Riol, 100
1.366
To Rotterdam-Jan. 10-Leerdam, 1.366
3.475
To Genoa-Jan. 10-Collingsworth, 3.475
1.115
-Memphis City, 1,115
To Japan-Jan.8
10
-Jan. 11-Texas, 10
To Copenhagen
1,572
-West Chetala, 1,572
To Barcelona-Jan. 12
300
-Mar Caribe, 300
13
To Bilboa-Jan,
150
-Toledo, 150
To Oslo-Jan.13
800
-Toledo. 800
To Gothenburg-Jan. 13
7-P. de Satrustegui. 2.375--..- 2,375
HOUSTON-To Barcelona-Jan.
-Ramon de
To Liverpool-Jan. 8-Abercos, 3,990__ -Jan. 12
6,071
Larrinaga, 2.081
-Ramon de
Jan. 12
To Manchester-Jan. 8-Abercos, 769
3.545
Larrinaga, 2,776
To Genoa-Jan. 7-Momstella. 4,315_ __Jan. 13-Maddalena 6,489
Odero,2,174
To Havre-Jan. 11-De la Salle. 7.329..,.Jan. 12-Hornby 8,429
Castle, 1,100
-Stanley,600
-Jan.8
To Japan
4,000
-Stanley, 4,000
To China-Jan. 8
3.865
-Rio Panuco, 3,865
To Hamburg-Jan. 10
390
To Antwerp-Jan. 12-Hornby Castle. 390
1.205
-Jan. 12-Hornby Castle, 1,205
To Ghent
3.760
-Maria de Larrinaga, 3,760
To Bremen-Jan. 12
9,790
-West Cressey, 9,790
-Jan.7
GALVESTON-To Liverpool
958
To Manchester-Jan. 7-West Cressey, 958
1,275
-Rio Panuco, 1.275
Hamburg-Jan. 12
To
-Babes.5,127; Mar Adriatic°,7.380--To'Barcelona-Jan,5
15,113
Jan. 10-P. de Satrustegui, 2,606
-Western Queen, 11.358--Jan. 7To Bremen-Jan. 6
16.621
Tenbergen 5,263
3,706
-Laconia, 3.706
To Venice-Jan.6
556
To Trieste-Jan. 6
-Laconia, 556
To Gothenburg-Jan. 7
-Tugela, 2,115_Jan. 11-Brahe2,915
holm, 800
3.775
-Tugela, 3,775
To Copenhagen-Jan. 7
7-Hotuku Meru, 11,150; Mayebashl Marti,
To Japan
21,625
an'
10.475
400
To Havre-Jan. 11-De La Salle, 400
-Jan. 8
-Winona County, 1.315
NORFOLK-To Liverpool
2,17g
Jan. 14-Galtymore, 800
654
To Antwerp-Jan. 10
-Western Ally. 654
1,700
To Manchester
-Jan. 11-Rockaway Park, 1.700
100
To Bremen-Jan. 11-Holstein, 100
1.000
To Japan-Jan. 13
-Steelworker, 1,000
300
SAVANNAH-To Japan-Jan,8
-Rhine Maru, 300
2,338
CHARLESTON-To Liverpool
-Jan. 13-Homeside. 2.338
143
To Manchester--Jan. 13-Homeside 143
-To Bremen-Jan. 6
MOBILE
.288
-West Modaket, 9.062W------ 9
To Genoa_ _Jan. 10--Maddalena Odero, 500
SAN PEDRO-To Liverpool
-Jan. 1-London Shipper, 400
2,804
Jan. 12-NoorderQk, 2,404
153
BOSTON-To Liverpool
-Dec. 3I
-New Foundiand. 153
4.750
WILMINGTON-To Genoa-Jan. 11-Nlcolo Odero, 4,750
5.000
To Liverpool
-Jan. 12-Homeside,5.000
SAN FRANCISCO-To Japan-Jan. 3
-Siberia Meru. 100
375
Jan. 7
-President Taft. 275
-Silver
To China-Jan. 7
-President Taft, 1,000_Jan. 10
1.175
Larch. 175
12
PENSACOLA-To Liverpool-Jan, 13
-Maiden Creek, 12
SAN DIEGO-To Liverpool-Jan. 6
-Tuscaloosa City, 1.465- _- _ 1.465
396
THE CHRONICLE
[vol. 124.
Bales.
PORT TOWNSEND-To Japan
-Jan. 4
-President Jackson,
1,075__-Jan. 10
-Yuri Maru, 3,000
4,075
To China-Jan. 4
-President Jackson, 950
950
BALTIMORE.
-To Havre
-Jan. 8-IAberty, 50
50
Total
217,012
to Dec. 31 only 46.5% graded contract. The average is
usually 80%. It seems to mean that there is a good deal of
low-grade wheat in Canada. In this country cash markets
on the 10th inst. were steady and premiums were maintained.
COTTON FREIGHT.
-Current rates for cotton from The United States visible supply decreased last week 2,356,New York, as furnished by Lambert & Burrows, Inc., are 000 bushels against 1,016,000
in the same week last year.
as follows, quotations being in cents per pound:
The total is 61,150,000 bushels,against 49,409,000 a year ago.
High StandHigh StandHigh Sand.
Density. ard.
Density. ard
Density. ord.
Liverpool May wheat was less than 9c. premium above ChiLiverpool .40o. .55c.
Oslo
.500.
.600. Shanghai .65o. .80o.
Manchester.40o. .550. Stockholm .600.
cago.
.750. Bombay .750. .900.
Antwerp .50o. .65c.
Trieste
.600. .750. Bremen
.500. .650.
Ghent
Chicago wired: "A large part of the trade are apparently
.57.140. .72340. Fiume
.600. .750. Hamburg .500.
.650.
Havre
.50c. .65o.
Lisbon
.65c. Piraeus
.50c.
.850. 1.00o.
under the impression. that there is a material increase of
Rotterdam .600. .750.
.800. Salonica .850. 1.000.
Oporto
.650.
Genoa
.500. .65c
Barcelona .30c.
.45c. Venice
.1300. .75o.
bread grain production for the world as a whole this year.
Japan
.62340. .77340.
LIVERPOOL.
-By cable from Liverpool we have the fol- The Department of Agriculture, in its compilation on Jan. 3
lowing statement of the week's sales, stocks, &c.,at that port: shows that this impression is not well founded. The producDec. 24. Dee. 31. Jan. 7. Jan. 14. tion of wheat for 39 countries, which produced 98.3% of
Sales of the week
28.000
17,000
41,000
65,000
Of which American
18,000
12,000
27,000
42,000 the world's crop, exclusive of Russia and China, officially
Actual exports
4,000
1,000
1,000
Forwarded
51,000
45,000
78,000
72,000 report a wheat crop for the current year of 3,313,536,000
Total stocks
1 189,000 1,209,000 1,234,000 1,255.000
Of which American
814,000 831,000 864,000 894,000 bushels, against 3,283,280,000 last year, an increase of
Total imports
142,000
80,000 112,000 111,000 0.9%." On the 12th inst.
New York ended 13 0. higher
/
Of which American
98,000
49,000
97,000 102,000
Amount afloat
325,000 313.000 302.000 274,000 with Chicago up % to 1340. and Winnipeg 13 0. higher.
/
Of which American
241,000 258,000 243,000 216,000
The tone of the Liverpool market for spots and futures The market was helped by the firmness of rye and the good
each day of the past week and the daily closing prices of export inquiry for it. It might be a hint of what was coming
spot cotton have been as follows:
in the wheat trade. Moreover, it is estimated that less
than 500,000 bushels will be available for delivery in May.
Spot.
Saturday. Monday. Tuesday. Wednesday. Thursday.
Friday.
Chicago's prices are no magnet. They are not drawing
Market, i
A fair
wheat to that market. Argentine and Australia may not
12:15
business
Good
Good
Good
Good
Good
P. M.
doing,
demand, demand, demand, demand. demand.
be able to monopolize the European market later in the
Mid.11/prds
7.00
6.96
7.11
7.08
7.19
7.16
season. Cash markets were firm. Export sales were 400,Sales
5,000
10,000
10,000
10,000
10,000
14,000
000 to 500,000 bushels. Shorts were covering, partly on
Futures.
Steady Steady un- Steady Quiet un- Steady
stop orders. India needs rain. The weather in Australia
Steady
Market { 3 to 5 pta. changed to 7 to 10 pts. hanged to 4 to 5 pts. 7•to 9 pts.
opened
was unfavorable. Both Liverpool and Buenos Aires were
advance. 3 pts. adv. advance. 1 pt. adv. advance.
decline.
better than due. In this country, on the other hand, stocks
Market, { Quiet
Steady unFirm
Quiet
Steady
Steady
4
2 to 4 pta. changed to 6 to 9 pts. 7 to 9 pts. 5 to 6 pts. 3 to 4 pts.
were increasing and Argentina may soon be shipping heavily.
P. M.
advance. 4 pts. adv, advance, advance, advance.
decline.
To-day prices were lower with the cables weaker and no
Prices of futures at Liverpool for each day are given below:
evidence of any very great export demand, although there
Sat.
Mon.
Meth
Fri.
Wed.
is a somewhat better foreign inquiry for domestic wheat.
Jan. 8
to
124 1234 12341 4:001 1234iz
' 1234 4 1234i 4 1234 4:00 The sales were stated at some 350,000 bushels, mostly to
Jan. 14.
p.m.P. m • P. ml,. m• P. m.
p. m.p. m.o. m.p. m.p.m. p.m.
Greece. Of red wheat the sales were estimated at 50,000
4. d. d. I d. d. d. d. d. d. 1 d. d. d. bushels.
January*
Buenos Aires closed 34 to lc. lower last night and
6.
6.76, 6.80 6.91 6.89 6.88 6.96 6.99 7.02 6.96 6.98
February
6.7 6.76 6.80 6.91 6.89 6.88 6.9 7.00 7.02 6.96 6.98
/
March
6.86 6.84 6.88 6.98 6.96 6.95 7.0 7.07, 7.09 7.03 7.06 to-day fell 13,4 to 13 0. more: The weekly statistics are
April
6.
6.88, 6.92 7.02 7.00 6.99 7.0 7.111 7.13 7.07 7.10 expected to be bearish. World shipments outside of North
May
6.97 6.95 6.99 7.09 7.07 7.06 7.14 7.18 7.20 7.13 7.16
June
7.01 6.991 7.03 7.13 7.11 7.10 7.18 7.22 7.24 7.17 7.20 America were 6,377,000 bushels, against 5,159,000 last
July
7.07 7.06: Z.10 7.19 7.17 7.17 7.25 7.29 7.30 7.24 7.26
August
7.09 7.08, 7.12 7.21 7.19 7.19 7.27 7.311 7.32 7.26 7.28 week. Australia shipped 3,184,000 bushels and Argentina
September_ _ _
7.10 7.10 7.13 7.22
7.28 7.30
October
7.11 7.111 7.14 7.23 7.21 7.21 7.29 7.34 7.35 7.29 7.31 1,969,000. Receipts at the West were small. Cash demand
November_ _
7.1 7.13, 7.16 7.25 7.23 7.23 7.31 7.36 7.37 7.31 7.33
was good. Premiums were firm, regardless of some falling
December
7.1 7.15 7.18 7.
7.25 7.26 7.34 7.38 7.39 7.33 7.35
January 1928_ _ _
7.14 7.15' 7.18 7.28 7.25 7.26 7.34 7.38 7.39 7.33 7.35 off in the export demand. There
was steady buying by
commission houses. Final prices show a rise for the week
of X to %
tc.
BREADSTUFFS
Friday Night, Jan. 14 1927.
Flour was steady in sympathy with wheat, which recently
was firmer. But no increase in flour business was reported.
Jobbers complain. Minneapolis reported only a fair business.
Southwestern mills were not active. Minneapolis later in
the week reported trade small, with shipping directions light
to fair. Export demand here'cf late has been still very light,
although prices in general have been firm, in response to
considerable steadiness in wheat. There is nothing to show
that home buyers have abandoned their old policy of buying
from hand to mouth.
Wheat declined at one time on realizing following an advance. On the 8th inst. Liverpool prices were disappointing.
Liverpool was affected by large River Plate and Australian
offerings and by fears of increased world's shipments over
the weekend. Later on the same day it is true Buenos
Aires advanced Mc. European, moreover, wanted hard
winter. Export sales were made on this side of 400,000 to
500,000 bushels. It may have been partly for mixing purposes. The real point is that the wheat was wanted. On
the 10th inst. Liverpool surprised New York and Chicago
by its firmness in the teeth of big world shipments and a
large increase or passage, especially to the Continent. The
shipments reached the imposing total of 19,440,000 bushels,
with North America contributing 13,525,000 bushels against
a grand total last week of 18,226,000 and 11,962,000 bushels
last year. The total on passage was 51,256,000 bushels
against 43,192X100 last week and 28,440,000 a year ago.
This included an increase of 7,184,000 bushels afloat for
the Continent and 792,000 bushels for the United Kingdom.
The Winnipeg "Free Press" said of the Canadian crop of
1926 that out of a total of 231,389,793 bushels inspected up
DAILY CLOSING PRICES OF DOMESTIC WHEAT IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
cts_141% 14134 14134 14334 14334 14234
13434 135
13434 135
13591 13534
DAILY CLOSING PRICES OF BONDED WHEAT IN NEW YORK.
Sat. Mon. Tues. Wed Thurs. Fri.
.
May delivery
• cts_13934 13934 13934 140
13934 13934
May delivery
July delivery
DAILY CLOSING PRICES OF DOMESTIC WHEAT AT NEW YORK.
Sat. Mon. Tues. Wed. Fhurs. Fri
No. 2 red
cts_15334 15334 15134 15334 15234 152
DAILY CLOSING PRICES OF WHEAT FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
January delivery in elevator- _cts_134 h' 13434 13434 13534 13534 13434
May delivery in elevator
1'383.j 13834 13834 140
13934 13834
July delivery in elevator
12934 12934 12934 13034 13034 1293.i
Ssytember delivery in elevator_ _ _ _12634 1261 126
12734 12791 126%
4n71=GLOSING PRICES OF WHEAT FUTURES IN W'NNIPEG.
Sat. Mon. Tues. Wed. Thurs. Frt.
cts_1343I 13434 13334 13534 13434 13434
13331 13334 13234 134
13334 13234
124
12434 12334 12534 12534 12434
May delivery in elevator
July delivery in elevator
October delivery in elevator
Indian corn advanced on small receipts: Roads were in
bad condition. The feeding demand, moreover, is expected
to be large this winter. No doubt the farmer has heard of
the "borer," if he has not seen it on his own lands. Speculation was active. Corn has more friends. Shorts oversold
the market and covered partly on stop orders. The United
States visible supply increased last week 1,584,000 bushels.
But in the same week last year it gained 4,091,000 bushels.
The total is now 36,096,000 bushels, against 21,952,000 a
year ago. Fears of bad weather braced prices late last week.
The corn borer attracts more attention. It has been discovered at Kankakee, Ill. It is in Canada, Pennsylvania,
West Virginia, Massachusetts, Ohio and Indiana and on the
border of Illinois. In 1921 the insect crossed the international border on the southern and western shores of Lake
Erie into Ohio and Michigan, where it has greatly affected
30% of the normal crop. This hit the shorts in an oversold
market.
JAN. 151927.]
THE
397
CHRONICLE
The House of Representatives at Washington hasjpassed
and sent to the Senate for concurrent action a bill providing
for an appropriation of $10,000,000 for use by the Department of Agriculture in combating the "borer." The Department looks upon this pest as a serious menace to the corn
crop of this country, upon which the great livestock industry
depends for roughage and grain. The money is to be used in
a huge clean-up experiment, although, according to Secretary of Agriculture Jardine, there is no assurance that it will
be effective. Prices advanced on the 12th inst. and then
reacted with a forecast of cold weather, but finally closed
higher in response to the rise in wheat. To-day prices advanced at one time, but reacted later. The rise was due to
a fear of bad weather and small receipts. But later, on finding the demand anything but urgent, there was a reaction.
Cash prices were rather firmer. The higher grades were in
better demand. Final prices show an advance for the week
of 13,4 to 3c. A report on hogs supply was bullish, pointing
to a larger feeding demand outside of the principal corn States.
DAILY CLOSING PRICES OF CORN IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Frt.
cts_ 89% 90% 90% 914 91% 91
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO.
Sat. Mon. Tu^s. Wed. Thurs. Fri.
January delivery in elevator__ _ets_
70% 70% 70% 70% 71
May delivery in elevator
cts_ 79% 80% 80% 81% 81% 81%
July delivery in elevator
83% 84% 84% 84% 84% 84
fleptember delivery In elevator_ _ _ _
86% 86% 86% 86% 86%
No. 2 yellow
Closing quotations were as follows:
GRAIN
I
Oats, New York
Wheat, New YorkNo. 2 white
57
152
No. 2 red f o.b.
554
No.3 white
_I 58
No. 1 Northern
No. 2 hard winter. f.o.b..... __l 60 Rye, New York
112%
No.21.o.b
Corn. New York91 Barley, New York
No. 2 yellow N. Y
88
Maltang as to quality-8834 ®90%
No.3 yellow
FLOUR.
1,6 15036 50
Spring patents
$7 25$7 60 Rye flour patents
Clears.first spring
6 75t 7 10 Semolina No.2.lb
5
/
3 00 13 05
Soft winter straights__ 6 35
.
6 65 Oats goods
2 153 220
Hard winter straights
7 i5@ 750 Corn flour
Hard winter patents__ _ 7 50 8 00 Barley goods
375
Coarse
675
7
Hard winter clears6 0 0 95
5
9 0
Fancy pearl Nos.2.3
975
8 90
Fancy Minn. patents
7 00
and 4
City mills
All the statements below regarding the movements of grain
-are prepared
-receipts, exports, visible supply, &c.
by us from figures collected by the New York Produce Exchange. First we give the receipts at Western lake and
river ports for the week ending last Saturday and since
Aug. 1 for each of the last three years.
Receipts at-
Corn.
Wheat.
Flour.
Oats.1 Barley.
Rye.
bbls.198lbs bush.60 lbs.bush. 56 lbs.bush. 32 ibs bush.48Ibs bush.5815s.
151,i i i
47,000
999,000
334,000 2,390,000
264,000
Chicago
88,000
359.000 226,00!
165,001
1,427,011
Minneapolis3,101
90,000
26,000,
417,000
Duluth
35,000
255,000! 218,111
311,000
29,000
24,000
Milwaukee
1,' II
2,000
156,000
85,000
314,000
Toledo
16,000
40.0001
65,000
70,000
Detroit
256.0001
337,000
25,000
Indianapolis.14,000
24,000
356,000
434,0001
300,000
121,000
St. Louis_ _
33,011
200,00
559,000
19,001
84,000
Peoria
75,000
424,000
1,068,000
Kansas City
146,000
561,000
249,000
Omaha
28,000
251,000
96,000
St. Joseph- - 26,001
4.0001
336,000
Wichita
36,001
6.000
4 000
.
Sioux City_ _
.
Oats were quiet with small fluctuations. They are
1
23i to 3c. higher than a year ago. Some are inclined to
302,000
Total wk. '27 493,000 4,690,000 5,566,000 2,982,000 646,111
take the buying side on declines. The United States visible Same wk. '2 500,000 6.225.0001 9,717,001 4.385,00 769,00' 392,000
459,000
494,000 4,097,0001 7,728,000 4,785,000 881,1 i 1
supply last week increased 100,000 bushels, against a de- Same wk. '2,
crease in the same week last year of 560,000 bushels. The Since Aug.1 11,057,000 214,538,000106,089,000 77,194,000 8.198,00019.593.000
1926
10,809,000 225,144,000 108,038,000 138,997,000 53,186,00016,329,000
total is 45,027,000 bushels, or 17,420,000 bushels less than a
1925
169.717.00043.135.00046,538.000
11 057 non 277 fifth 000 119.280
109A
year ago. The increase in the visible supply disappointed
Total receipts of flour and grain at the seaboard ports for
holders. Prices were braced in a measure on the 12th inst.
Jan. 8, follow:
by the firmness of wheat and rye, though trading was the week ended Saturday,
without interesting features. Today prices closed • un- Receipts at- Flour. I Wheat.
Oats.
Barley.
Rye.
Corn.
changed to %c. lower in a small market. In general, it
Bushels.
Bushels. Bushels.
Bushels.
Bushels.
Barrels.
32,000
23,000
132,000 364,001
followed the fluctuations in corn. For the most part it was New York_ _ _ 245,000 1,735,00
12,ill
45,1 1 1
80,001
28,000
54,000 1.798,00
Philadelphia__
260,000
44.000
7,000 400 11 i
steady, partly owing to threatening weather and the proba- Baltimore..... 22,000 290,000
4,000
bility that receipts would fall off. But on the other hand NewportNews
373,00
1,000
Norfolk
there was more or less liquidation. That weighed on the New Orleans* 84,000 272,00
45,000
189,000
price to a certain extent. The cash demand was moderate. Galveston__ _ _ 27,000 517.00
12,001
12,'''
52,000
132,000
Montreal_ _ .. _
Final prices show a decline for the week of
128,11 i
8,000 1,802,000
to 3 0.
A
St. John, N.B
DAILY CLOSING PRICES OF DOMESTIC OATS IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
May delivery
cts_ 52% 52% 52% 52% 52% 52%
DAILY CLOSING PRICES OF OATS IN NEW YORK.
•
Sat. Mon. Tues. Wed. Thurs. Fri.
No. 2 white
cts_ 56% 56% 57
57
57
57
DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO.
Sot. Mon. Tues. Wed. Thurs. Fri.
January delivery In elevator_ _ _cts_
45
45
45
May delivery in elevator
49% 49% 49
49
48% 48%
July delivery in elevator
47% 47% 47
47% 47% 47
September delivery in elevator_ _ - _ 46
45% 45% 45% 45% 45%
DAILY CLOSING PRICES OF OATS FUTURES IN WINNIPEG.
Sat. Mon. Tues. Wed. Thurs, Fri.
May delivery in elevator
cts_ 58% 58% 58% 59
59
58
July delivery in elevator
57% 57
56% 57% 57
56%
October delivery In elevator
51
51% 51% 51% 51% 514
89,001
2,111
474,0001 8,988,000
474,00d 6.988 i i i
282,00
282,000
29,0001
Boston
Total wk. '271
Since Jan.1'27'
20,000
233,111
1,217,111
301.
301,000 1,217.111
320.000
320,000
1,113,001
617.000 462.111
26,000
547,000, 3,843,
Week 1926..._
Since Jan.1'26 918,0001 7,149,000 2,429,000 1,081,111 1,081.000 152,000
not include grain passing through New Orleans for foreign porta on
*Receipts do
through bills of lading.
The exports from the several seaboard ports for the week
ending Saturday, Jan. 8 1927, are shown in the annexed
statement:
Exports fromNew York
Boston
Philadelphia
Baltimore
Norfolk
Newport News
New Orleans
Galveston
St. John, N.B
Wheat.
Corn.
Flour.
Oats.
Rye.
Barley.
Bushels. Bushels. Barrels. Bushels. Bushels. Bushels.
178,943
339,466 106,820
2,587,650
4,000
20,000
80,000
4,000
117,000
1,993,000 ......
5,000
585,000
256,000
1,000
373,000
4,000
24,000
79,000
48,000
404,000
611,000
8,000
860,000
128,000
8,000
1,802,000
Rye advanced with wheat early in the week. There are
hopes of a better export trade this year. Last week the
United States visible supply decreased 24,000 bushels,
against an increase in the same time last year of 315,000
bushels. The total is now 12,854,000 bushels, against
24,000 399,466 956,620
79,000 260,943
Total week 1927._ 8,355,650
13,107,000 a year ago. Late last week prices declined
to Same week 1926____ 4,618,267 1,191,147 199,335 339,818 28,093 1.148,818
Ye. Export sales on the 8th inst. were 150,000 bushels.
The destination of these exports for the week and since
Reports late last week were that 19 loads of barley had been July 1 1926 is as below:
engaged in Boston and Philadelphia for January shipment
to the Continent, presumably Germany, at 210. Chicago
Corn.
Wheal.
Flour.
for
wired: "The.rye production in 27 countries which last year ExportsSinceWeek Week Since
Since
Week
Since
Week
and
produced 98.6% of the world's crop exclusive of Russia and
Jan. 8
July 1
Jan. 8
July 1
Jan. 8 July 1
July 1 to1927.
1926.
1926.
1927.
1926.
1927.
China, officially report this year 807,480,000 bushels against
1,004,440,000 bushels, or a decrease this year of 20%."
Bushels.
Bushels. Bushels.
Barrels. Barrels. Bushels.
372.530
On the 12th inst. 300,000 bushels were taken for export United Kingdom_ 47,740 2,465,413 2,279,730 67,546,199
9,000
90,000
158,998 3,670,703 6,060,920 107,521,805
Continent
5.e to 1Y
and prices advanced
1o. The Continent, it is be- So.& Cent. Amer. 6.000 321,980 10,000 3,824,467 48,000 1,160,000
33,000
2,000
18,000
22,000
794,000
Roved, wants American rye especially Germany. Rye even West Indies
370.000
3,000
879,350
helped to bolster up wheat prices on account of the foreign Other countries_ - _ 15,205 389,910
demand for rye which showed independent strength. Chi- Total 1927
260,943 7,218,006 8,355,650 179,789,821
79,000 2,416,530
199.335 6.577.466 4.618.267 145.654.343 1.191.147 6.114.942
cago put the export sales of rye on the 12th inst. at 450,000 Total 1926
bushels. It may have been quite correct rather than over
The visible supply of grain, comprising the stocks in
enthusiastic. Rye was in the foregrolmd. That was plain. granary at principal points of accumulation at lake and
To-day prices closed
to e. lower with an absence of seaboard ports Saturday, Jan. 8, were as follows:
export demand. Moreover the decline in wheat had some
GRAIN STOCKS.
Barley.
effect. There were rumors of a small export business. ApRye.
Oats.
Wheat,
Corn,
bush.
bush.
Statesbush.
United
bush,
bush.
parently Norway did not buy, however. Cash prices were New York
382,000
66,000
124,000
536,000
810,000
steady. Speculation fell off. Outsiders showed less in- Boston
6,000
33.000
5,000
115,000
78,000
184,000
637,000
11,000
terest. Realizing had some effect. Final prices show an Philadelphia
5,000
230,000
122,000
120,000
1,510,000
advance in May for the week of lc. while July was down %a. Baltimore
New Orleans
124,000
1,308,000
359,000
DAILY CLOSING l'RICES OF RYE FUTURES IN CHIGAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
January delivery in elevator_
__ 98
98%
_
May delivery in elevator
101% 103
151ili 161
16§% 151
.
July deliver3r in elevator
8834 9834 99
9934 99
9834
September delivery in elevator_ _ _ _ 9734 97% 95% 96% 9634 96%
Galveston
Fort Worth
Buffalo
" afloat
Toledo
" afloat
Detroit
974,000
174,000 1,363,000
2,125,000
4,247,000 2,639,000 3,573,000
910,000 1,380,000
4,332,000
315,000
330,000
1,938,000
141,000
80.000
12,000
270,000
78,000
2,000
6,000
310.000
13,000
7,000
46,000
75,000
172,000
112,000
4,000
398
United States
Chicago
" afloat
Milwaukee
Duluth
•
afloat
Minneapolis
Sioux City
St. Louis
Kansas City
Wichita
St. Joseph, Mo
Peoria
Indianapolis
Omaha
On Canal and River
THE CHRONICLE
Wheat.
Rye.
Oats.
Corn.
Barley.
bush.
bush.
bush.
bush.
bush.
3,094,000 20,115,000 5,649,000 1,403,000
274,000
907.000
91,000 1,254.000 2.357,000
602.000
195,000
6,624,000
16,000 7,684,000 5,241,000
544,000
393,000
10,915,000
528.000 16,378,000 3,780,000 2,636,000
296,000
383,000
430,000
2,000
13,000
2,851,000 1,911,000
445,000
14,000
66,000
10.532,000 2,291,000
744,000
16,000
261,000
3,554.000
23,000
24,000
66,000
731.000
1,031,000
124,000
597,000
12,000
641,000
349,000
842,000
1,072,000
2,564,000 1,816,000 2,334,000
208,000
40.000
85,000
107,000
[VOL. 124.
THE DRY GOODS TRADE
New York, Friday Night, Jan. 14 1927.
Textile markets developed an irregular undertone during
the past week. While woolens and silk continued more
or less quiet, cottons, rayons and linens were firmer. The
latter was especially noticeable in the cotton goods division,
where conditions have been fast approaching a more normal
basis. Sales were reported as satisfactory and resulted in
some mills being sold up for the next few months. One of
the newest innovations in this division to stimulate sales
has been the traveling style show which will be the first of
the industry. It will be put on the road under the auspices
Total Jan. 8 1927
61,150,000 36.096,000 45,027,000 12,854.000 4,379,000
Total Jan. 1 1927
63,506.000 34.512,000 44.927,000 12,878,000 4,477.000 of the National Association of Cotton Goods Manufacturers
Total Jan. 9 1926
49,409,000 21.952,000 62,447,000 13,107,000 7,177.000 and will consist of forty dresses made up entirely of cotton
Note.
-Bonded grain not Included above: Oats, New York, 37,000 bushels; Buf- fabrics in the latest styles to be displayed by living manifalo, 158,000; Duluth, 23,000: total, 218.000 bushels, against 1,323,000 bushels in kins.
The tour will start Jan. 24 and will include most of
1925. Barley, New York, 596,000 bushels; Boston, 350,000; Baltimore. 468,000;
Buffalo, 572,000; Buffalo afloat, 112,000; Duluth, 53,000; Erie afloat, 258,000: the larger stores in the more important cities. All of the
Canal. 122,000; total, 2,531,000 bushels, against 2,703,000 bushels in 1925. Wheat, dresses to be shown are to be made
up from stock patterns
New York, 2,883,000 bushels; Boston, 390,000; Philadelphia, 1,539,000; Baltimore,
1,151,000: Buffalo, 6,862,000; Buffalo afloat, 7,285,000: Duluth, 262,000: Canal, and will be sold at the retail establishments during and
314.000; Erie afloat, 457,000; Fairport afloat, 656,000; total. 21,799,000 bushels, after the show. As to rayons, attractive prices and inagainst 22,986,000 bushels In 1925.
creasing consumption have resulted in broadening buying
Ca nadjanactivities and a stronger price structure. Mills were claimed
Montreal
2,849,000
1,755,000
393,000 1,332,000
Ft. William dr Pt. Arthur_30,481,000
3,128,000 1,881,000 4,925.000 to be well sold ahead on certain lines in more popular de••
afloat
•
5,290,000
105,000
102,000 mand. In regard to silks, while some houses have reported
Other Canadian
3,127,000
10,245,000
372.000
692,000
business as slightly better, spring orders have been generally
Total Jan. 8 1927
8,904,000 2,751,000 7,051,000 slow in developing. Prices for the raw material have con47,771,000
Total Jan. 1 1927
8,683,000 2,604,000 7.051,000
43,114,000
Total Jan. 9 1926
164,000 10,059,000 3,234,000 8,199,000 tinued to decline and are off about 20 cents since the begin55,663,000
Summary
ning of the year. In fact, they have reached the lowest
American
61,150,000 36,096,000 45,027,000 12,854,000 4,379,000 level in two years. In-most quarters it was not held likely
Canadian
8,904,000 2,751,000 7,051,000
47,771,000
that much improvement would be noticeable until next
Total Jan. 8 1927____108,921,000 36,096,000 53,931,000 15,605,000 11,430,000
Total Jan. 1 1927____106.620.000 34,512,000 53.610.000 15,482,000 11,528,000 month. This theory was advanced in view of the lateness
Total Jan. 9 1926____105,072.000 22,116,000 72,506,000 16,341,000 15,378,000 of Easter, which is retarding buying as compared with last
The world's shipments of wheat and corn, as furnished by year.
Broomhall to the New York Produce Exchange,for the week
DOMESTIC COTTON GOODS.
-Following the usual
ending Friday, Jar. 7, and since July 1 1926 and 1925, year-end quietening, markets for domestic cotton goods deare shown in the following:
veloped a firmer undertone and a broadening demand during
the week. Sales in a number of directions were the largest
for some time. For instance, several of the more important
Wheat
Corn.
bag manufacturers have decided to use larger quantities of
1927.
1927:
1926
1928.
cotton cloths for the replacement of burlaps and have been
I
Week I Since I Since
Since
placing good-sized orders for osnaburgs and other similar.
. Week
Since
Jan. 7. I July 1.
Jan. 7.
July 1.
July 1.
July 1.
goods. Osnaburgs were said to be well sold up for the first
Bushels. I Bushels. I Bushels. Bushels. Bushels.
quarter of the year and some of the contracts placed called
Bushels.
North Amer_ 13,525.000285.i96.000222,268,,IS
128,001 1,801,000 5,117,000
Black Sea___ 1,112,000 30,812,000, 14,992,00 1,607,115 15,302,111 14,073,000 for deliveries during the second quarter. Undoubtedly the
-759,001Argentina.._13,880,000; 31,342,000 4,864,111127,712,1 i 1 89,536,000 most important development was the opening of the longAustralia__ 3,112,11 16,608,00(/ 19,096,00
awaited flannel lines. New prices named by the Amoskeag
India
176,00
4,378,000; 2,512.000
Oth.Countr'
760,
13,145.000;
1,317.000 32,057,000 Mills for the fall season 1927 were from 10 to 123 % and
85,
in some cases as much as 15 and 20% lower than the 1926
Total
19,444,000384,017,000290.210
6,884,
146,132,000140,783.000 lines.
It was generally believed that these new levels disWEATHER BULLETIN FOR THE WEEK ENDED counted the decline in raw cotton and were low enough to
JAN. 11.
-The general summary of the weather bulletin overcome any hesitancy on the part of buyers. This proved
issued by the Department of Agriculture, indicating the to be the case, as the buying response was reported to be
influence of the weather for the week ended Jan. 11, follows: most encouraging. In regard to denims, mills were said to
have been enjoying a good volume of sales and are now proDuring the first half of the week the weather was
warm
In the Southern States and also in most of the Interior unseasonably by the vided with enough business for the next quarter. As a
valleys, but,
morning of the 9th, an extensive area of high pressure overspread the result, the spot market was materially strengthened and
Northwest, attended by much lower temperatures. The latter part of the
week was colder also in the eastern half of the country, and at its close prices were advanced on some of the leading lines. Imfreezing weather had extended well into the Florida Peninsula and to the provement was likewise reported in unfinished goods such
central Gulf coast. No unusually low temperatures for the season were
reported, however, the lowest for the week being 16 degrees below zero in as percales, print cloths, sheetings, &c. In regard to persome interior districts of the Northeast. Elsewhere subzero temperatures cales, while there has not been any particularly large busiwere confined to a local area in the central-northern portion of the Country.
The table on page 4 shows that the weekly mean temperatures were ness, a steady volume of orders has been received, thereby
below normal in the Northeast, extending as far west as the Ohio Valley placing printers in a much better position. Print cloths,
and south to eastern Georgia. Elsewhere the week was warmer than
28-inch 64x64s construction, are quoted at 5 8c., and 27
-inch
normal, and markedly so in most sections between the Mississippi
and Pacific Coast States, with the average temperature ranging River 64x60s at 45 c. Gray goods in the 39-inch •68x72s con/
from
6 degrees to as much as 19 degrees above normal.
struction are quoted at 73.o. and 39-inch 80x80s at 9'Nc.
During the first part of the week there was widespread, but
light, precipitation in the form of snow in the northeastern portionmostly
WOOLEN GOODS.
-Buying activities in the markets for
of the
country, and about the middle of the period it was rather general in
and Northern States west of the Rocky Mountains. Elsewhere theCentral woolens and'worsteds displayed a broadening tendency in
weekly
totals were mostly very light, with more than half the country receiving certain directions. This was especially true of the blanket
no measurable amount during the week, as indicated in the table on page 4. division, where there were further openings of independent
The weather was unusually sunny for the season, except in the area from the
Ohio Valley northward and in the Pacific Coast States where considerable lines at prices approximating those of the previous week.
cloudy weather prevailed.
In the men's wear division re-orders for spring merchandise
The mild, dry, and sunshiny weather which prevailed during much of the
week in nearly all sections of the country made conditions unusually were said to be developing satisfactorily. However, in the
favorable for seasonal farm work. The cold weather near the close, however, women's wear division, where sampling requirements on
checked the growth of winter crops in the more southeastern districts,
at the.same time frost probably harmed truck in Florida and some and spring goods were completed several weeks ago, duplicate
Gulf sections. The change to colder in the extreme Southeast, east business thus far has been disappointing. This was attribunseasonably warm weather had prevailed, was favorable in checkingwhere uted
a too
to two reasons: One was the determination among
rapid advance in the development of early fruit buds.
A light to fairly good snow cover protected grain and grass fields in
most retailers to move spot merchandise at the currant cut-price
sections over the area from the Ohio Valley northward and eastward, sales
and the other was the lateness of Easter this year,
and also in the Central-Northern States, but the lower Missouri
Valley and which allows buyers more time to determine the style trends
Great Plains area were mostly bare of snow. The absence of storms
or cold
waves, and the prevailing warmth in the great western grazing
districts before committing themselves. Nevertheless, prospects are
favorably affected livestock interests, while the warmer weather in
the
Southwest promoted growth of winter vegetation. Moisture Is neededfar for a better interest shortly in view of the fact that the
in
some southeastern districts and in the west
-central Great Plains, but current cold weather has stimulated belated consumer
elsewhere the soil generally has a sufficient supply.
SMALL GRAINS.
-The week had mild weather over the principal buying.
Wheat Belt until near the'close when a sudden change to much colder
was
-Encouraged by firm prices
FOREIGN DRY GOODS.
experienced in eastern districts, but at the same time a
afforded protection in most wheat States east of the fair snow covering and the arrival of a large number of buyers, linen markets
Mississippi River.
In the western portion of the belt the ground is generally bare, but apparently little harm has occurred to wheat, with condition of the crop La were active during the past week. Prospects for the year
that area continuing satisfactory, except in the western portion of Kansas were considered very bright, especially by mills which have
and some eastern districts of the Rocky Mountain States where moisture responded
to the changed style demands. Following the
has been deficient. In the Southwest winter grains made satisfactory
progress, and oats are doing well in most of the Southern States. In the heavy volume of Christmas buying and the encouraging rePacific Northwest wheat fields are mostly bare of snow, but the crop sponse to the current January 'white sales," most buyers
apparently continues in good condition.
-The dry and mild conditions were favorable were in the markets replenishing depleted stocks. Factors
CORN AND COTTON.
for corn husking in the interior valleys, except in some upper Ohio Valley did their best to attract prospective purchasers by offering a
districts, and the gathering of the crop remaining in the fields made mostly
satisfactory progress. Shelling and marketing were brisk in upper Miss large variety of ideas in patterns, colors and weavings.
issippi Valley sections. Considerable corn is still in the fields in Central Buying was particularly noticeable in household linens,
States east of the Mississippi Valley.
Cotton 'picking was resumed with better weather prevailing in the Im- handkerchiefs and some of the new novelty sets. Importers
perial Valley of California. and conditions were favorable for gathering were reported as being quite satisfied with the volume of
the crop in other Southwestern districts. Fair progress also was made in buying. Burlaps were somewhat less active with
prices
picking in the northwestern portion of the cotton belt where unusually
favorable weather prevailed for field work, but considerable remains in steady. Light weights are quoted at 6.50c. and heavies
parts of this area.
the fields in
afr /0.2%.
JAN. 15 1927.1
THE CHRONICLE
ftate an Titg gielaartuxent
NEWS ITEMS
•
399
100 and accrued interest. After Nov. 1 1936 the Republic IIIELY, at its
option, increase the amount of any payments to the sinking fund.
Further information regarding this loan was given in our
"Department of Current Events and Discussions" on page
37 of our issue of Jan. 1.
Dominican Republic.—$5,000,000 Loan Offered Here.—
On Monday, Jan. 10, a syndicate headed by Lee, Higginson
& Co.of New York,offered and quickly sold (the issue being
14-year customs adminisoversubscribed) $5,000,000 5
tration sinking fund gold bonds of 1926, first series, of the
Dominican Republic, at 100 and interest, to yield about
5.55%. Date Oct. 1 1926. Due Oct 1 1940. Not callable
before Oct. 1931. Repayable at maturity at 101 and interest. Coupon bonds in denomination of $1,000 and $500.
Registerable as to principal only. Principal, sinking fund,
premium and interest (A.& 0.) payable in New York, Boston and Chicago, at the offices of Lee, Higginson & Co.,
fiscal agents for the loan, in United States gold coin of the
present standard of weight and fineness, exempt from
Dominican taxes, present or future. With regard to the
sinking fund provisions of the loan the official offering
circular says:
Alabama (State of).—Legislature Adjourns.—On Jan. 4
the Legislature adjourned sine die after a six-day session.
As a result of the special session of six legislative days,
the Legislature submitted to voters of Alabama at a special
election to be held April 12 a constitutional amendment which
will provide for the issuance of $25,000,000 highway bonds;
levied an additional tax of 2c. a gallon on gasoline, which
will be used in payment of interest and sinking fund on the
bond issue if ratified, and provided a method whereby a
portion of the gasoline tax can be used in the removal of
the convicts from the mines. The measures have all been
approved by Governor Brandon.
California (State of).—Legislature Convenes—Governor's
Recommendations.—The forty-seventh Legislature of the
State of California convened in regular biennial session on
Jan. 3. Governor C. C. Young in his inaugural address,
Sinking fund, payable in monthly installments beginning Aug. 20 1930,
delivered before the Senate and Assembly in joint session sufficient to retire entire issue by maturity at 101; bonds to be purchased
on specific projects with a general in open market or,beginning Oct. 11931.called by lot at 101 and interest.
prefaced his remarks
Further information regarding this loan may be found in
statement of administration policy. The major projects
he outlined to the Legislators, according to the San Fran- our "Department of Current Events and Discussions" on a
preceding page.
cisco "Chronicle" of Jan. 5 were:
in the
1. Revision of California's system of taxation; the first step existingproGovernment of the Argentine Nation.—$27,000,000
tax
commission to "investigate whether our
ject to be creation of a
system, with periodic justifiable increases in public utility tax rates, will External Loan Sold in United States.—J. P. Morgan & Co.
provide necessary revenues for the State's normally increasing and the National City Co., both'of New York, offered and
continue to
expenditures; and, if not, what modifications should be made in our present
quickly sold yesterday, Jan. 14 (the issue being oversystem to put it on a safe, permanent and equitable basis."
2. Consolidation of various groups of independent boards and com- subscribed, books closing shortly after 10 a. m.),$27,000,000
missions into new departments, and in line with this systematization and
bonds of the Government
unification of governmental function, the creation of a Governor's cabinet, 6% external sinking fund gold
or council, composed of heads of departments who shall meet regularly of the Argentine nation at 98.25 and accrued interest, to
with the Governor to discuss the various problems confronting the State.
maturity. Date Feb. 1 1927. Coupon
3. Speedy completion of the State highway system: the revenue for this yield over 6.10% to
purpose to be derived from a modified form of gasoline tax acceptable in bonds in denominations of $1,000 and $500, registerable as
all its phases to both northern and southern counties.
only. Due Feb. 1 1961. Principal and interest
4. Adoption of a co-ordinated program of water conservation; "some to principal
comprehensive plan which will meet the needs of both our great central (F. & A.) payable in United States gold coin of the present
of a State-Federal advisory Commission to consider standard of weight and fineness in New York City, either
valleys." Organization
the co-ordination of present water conservation activities and plans for the
at the office of J. P. Morgan & Co., or at the National City
future.
5. Revision of the code of criminal procedure to speed up justice and
of New York, fiscal agents, without deduction for any
bring up to date a body of laws written to meet the needs of California as Bank
Argentine taxes, present or future. With regard to the
it was in 1872.
6. Extension of the prison road camp system, in order that more convicts sinking fund provision of the loan the official offering
may finish their terms of punishment "with strong bodies and such small
sums of money as they have honestly earned, thus giving them a fairer circular says:
chance to break away from crime and criminal association."
7. Relief of crowded conditions in the State prisons, and particularly the
establishment of a separate penal institution for women offenders.
8. Reorganization of the Department of Education so as to define more
clearly the functions of the State Board of Education and place upon the
Superintendent of Public Instruction the "entire respomiudity tor the
educational conduct of the schools and for the appointment of his professional assistants."
Connecticut (State of).—Legislature Convenes.—On
Wednesday, Jan.5, the Connecticut Legislature convened in
regular biennial session. Governor Trumbull delivered his
inaugural message to the General Assembly on that date.
The Governor in his speech advocated the following, according to the Hartford "Daily Courant" of Jan. 6:
Establishment of a reserve fund for use if ever State income falls short
of expectations.
Adjournment of Legislature after the opening sessions, to reconvene
several months later for bulk of legislative
complete financial condition
Compilation of annual balance sheet showingwork.
of the State.
Abolition of the fee system; with some exceptions.
Restriction of 8 ate transportation of officials in motor vehicles.
Broadening of powers of Governor and administration to allow emergency
real estate and other transactions when Legislature is not sitting.
Granting of power to Superior Court to remove derelict public officials,
for cause, pending legislative consideration.
Appointment of the Attorney-General by the Governor rather than by
popular election, and expansion of Attorney-General's office into State
legal department.
Repeal of obsolete laws.
Strengthening of State Insurance Department.
Cessation of State institutions' pollution of water-ways,and advancement
of stream purification work.
Establishment of a permanent.Fuel Commission.
Abolition of requirement of equal representation of military organizations
on Soldiers' Hospital Board.
Organization of a State advertising campaign.
Substitution of single-headed State Police Commission for present threeheaded Commission.
Erection of building for State Motor Vehicle Department.
Extension of safety activities in Motor Vehicle Department.
Endorsement of reforestation work.
Creation of a commission to deal with neighboring States for conservation
of waters of Connecticut River.
Legislation requiring teaching of civil government in public schools.
Encouragement of farming and aviation.
Amendment of motion picture tax law to provide greater revenue and a
more equitable distribution of the tax burden.
Opposition to the Federal Inheritance Tax law.
Increased accommodations in State's institutions to obviate congestion.
Postponement of any legislation which would create expenses in excess
of estimated income.
-38,000,000 External Loan
Costa Rica (Republic of).
Successfully Floated.—A syndicate headed by J. & W. Seligman & Co. of New York offered and quickly sold on Dec. 28
the issue being oversubscribed) $81000,000 7% Republic of
Costa Rica external secured sinking fund gold bonds at
95.50 and interest, to yield about 7.40%. Date Nov. 1
1926. Coupon bonds in denominations of $1,000 and $500.
Due Nov. 1 1951. Not redeemable prior to Nov. 1 1936,
except for the sinkingfund. Prin.and int.(M.& N.)payable
in United States gold coin of the present standard of weight
and fineness in New York City at the office of J. & W.
Seligman & Co.,fiscal agents, freefrom any Costa Rican taxes,
present or future. With regard to the sinking fund provision of the loan the offering circular says:
A cumulative sinking fund will be provided, calculated to rstire all these
bonds by maturity, operating by purchase in the market at or below 100 and
accrued Int, rest or, if bonds are not so obtainable. tasn by drawin;s at
A cumulative sinking fund of 1% per annum, calculated to be sufficient
to retire the bonds of this issue at par not later than Feb. 1 1961, is to be
by
ugh o er or,
has
cre e op
t1g: purchasem f bonds belowi.01 par through ltrda jar if not
obtainable,applied
bonds,
redemption
fund payments may be Increased by the Executive Power if considered
advisable.
Further information regarding this loan may be found in
our Department of "Current Events & Discussions" on a
preceding page.
•
4
Idaho (State of).—Governor Inaugurated—Legislature 0;
ganizes.—H.C.Baldridge succeeded C.C. Moore as governor
of Idaho on Monday,Jan. 3. William E. Lee, Chief Justice
of the Idaho Supreme Court, administered the oaths of office
to the new governor and his associates of the executive
branch of government, and to two members of the supreme
bench elected for new terms. Members of both branches
of the 19th Idaho Legislature were then sworn in in a body.
Each house then organized for the session, by electing officers and employees.
Illinois (State of).—Legislature Convenes—Then Adjourns
for Two Weeks.—The Illinois Legislature met in Fifty-fifth
General Assembly at noon on Wednesday,Jan.5. Governor
Len Small read a condensed version of his message to the
Legislature. An Amendment was then introduced to adjourn until Tuesday, Jan. 18, which carried by a rising vote.
Maryland (State of).—Legislature Convenes.—The Maryland Legislature met in regular session on Wednesday,
Jan. 5. The Legislature formerly met biennially in even
years, but after the session in Jan. 1924, under the amendment to the State Constitution, adopted Nov. 1922, the
Legislature did not convene again till this date. Governor
Albert C. Ritchie, addressed the Legislature and made the
following two recommendations. One is the financing of
the State Government during the next two -years and the
further lowering of State taxes. The other is the conservation of the sea food industries of the State.
Massachusetts (State of).—Legislature Convenes.—On
Wednesday, Jan 5 the State Legislature convened in regular
annual session. Governor Faller delivered his inaugural
address to the Legislature. According to the Boston Evening "Transcript" of Jan. 6, Governor Fuller's recommendations to the Legislature were:
Keep the $12.000.000 State tax and devote savings to care of insane
and defectives.
Put no additional burdens on local industries.
Restrict municipal loans, including those of Boston.
Limit gypsy moth and tree planting work.
Consolidate the Departments of Conservation and Agriculture and
Separate Banking and Insurance.
Reduce the Public Works Board to three members.
Have State take over snow removal on main routes.
Tax on gasoline with corresponding reduction in auto registration fees.
Abolition of Nautical Training School.
Observance of all laws by everybody.
Permit jury verdicts 11-1.
Have duty of considering respites of sentence in capital cases transferred
from Governor to courts.
Restrict the use of firearms.
Require stricter qualifications for physicians and lawyers.
400
THE CHRONICLE
Biennial sessions of Legislature and, this year, a short annual session.
Forbid legislators to appear as counsel before boards.
Teeth in corrupt practices law.
Women in politics have raised tone.
Lower gas and electricity rates with control of holding companies.
Extension of public control of Boston Elevated.
East Boston bridge, if built, to be a r ublic undertaking.
Abolition of pensions of public employees.
Medellin (Municipality of), Republic of Colombia.
13,000,000 External Bonds Floated.—Hallgarten & Co. of
New York and associates offered and sold on Jan. 3 $3,000,000 7% 25
-year external secured gold bonds of 1926 of the
Municipality of Medellin (Department of Antioquia, Republic of Colombia) at 93.25 and accrued interest, to yield
over 7.60%. Date Dec. 1 1926. Coupon bonds in denominations of $1,000 and $500, registerable as to principal only.
Due Dec. 1 1951. Prin. and in (J. & D.) payable in U. S.
gold coin, free from all present or future Colombian taxes,
at the principal office of Hallgarten & Co., New York City.
Not subject to call before Dec. 1 1931, except for Sinking
Fund. Callable as a whole at the option of the Municipality at 105 and accrued interest on that date or any interest date thereafter to June 1 1941 at 102.50 and accrued
interest on Dec. 1 1941, or any interest date thereafter to
June 1 1949, and at 100 and accrued interest on or after
Dec. 11949. With regard to the Sinking Fund provisions
of the loan the offering circular says:
"short ballot" which previously has been attempted. If
adopted, the Governor, Lieutenant-Governor and State
Auditor would be the only elective State officers. Secretary
of State, State Treasurer and Attorney-General would be
appointed by the Governor with Senate confirmation and
subject to be removed at wilt by the executive.
Pennsylvania (State of).—Legislature Convenes.—The
Legislature of the State of Pennsylvania convened in regular
biennial session on Tuesday Jan. 4. Governor Gifford
Pinchot delivered his final message to the Legislature. The
retiring chief executive made only four major suggestions
to the Legislature. They were: Appointment, instead of
election, of the State's fiscal officers; abolition of the Department of Internal Affairs; erection of a new executive mansion,
and revision of the insurance laws.
Rhode Island (State of).—Legislature Convenes.—The
Legislature of the State of Rhode Island met in regular
annual session on Tuesday Jan.4,Aram J.Pothier took the
oath of office on that date as Governor of Rhode Island for
the seventh time. A number of bills were introduced in the
Legisature, among those of principal importance being
measures for abolition of the property qualification, redistrict ng of the State, biennial registration, absentee voting,
creating of a Washington bridge commission, and of a criminal laws advisory commission. Governor Pothier addressed
the Legislature but briefly, chief among his recommendations
being: An increase of 10 men in the personnel of the Department of State Police, an increase from one cent to two cents
in the gasoline tax, and control by the Public Utilities Commission of the issuance of securities by public utility corporations. Other measures of importance were proposals to
construct the long agitated parallel highway between
Apponang and Wickford for the relief of traffic congestion;
to study the advisability of adopting voting machines, and
to extend the caucas law to include all towns and cities
in the State.
Tennessee (State of).—Legislature Convenes.—Both
houses of the sixty-fifth General Assembly were organized at
noon on Monday, Jan. 3. The first bill introduced in the
Senate provides for building eight toll bridges at a cost not
to exceed $5,000,000.
Texas (State of).—Federal Judge Declares Two Texas
Issues are Valid.—We quote the following from the Dallas
"News" of Jan. 5:
A cumulative sinking fund of 2% per annum is provided for, payable
semi-annually, for purchasing bonds below 1007. and accrued interest, or
if not so obtainable then for calling bonds by lot at 100% and accrued
Interest. All bonds so purchased or redeemed are to be canceled.
Further information regarding this loan was given in
our "Department of Current Events and Discussions" on
page 167, issue of Jan. 8. •
Michigan (State of).—Legislature Convenes.—On Jan. 5
the regular biennial session of the Legislature of the State of
Michigan convened. Recommendations that salaries of
Circuit judges and Supreme Court justices be increased and
that the Administrative Board Act be strengthened "by
making one or two of its members appointive on fixed salaries," were made by former Governor Alex. J. Groesbeck in
his farewell address to the Legislature. The retiring Governor also suggested consideration of a reduction in the automobile weight tax in view of the steadily increasing revenues
from the gas and weight taxes. We quote a part of the
retiring Governor's speech from the Detroit "Free Press" of
Jan. 7:
Referring to the Administrative Board Aet. Groesbeck said: "This messure,instead of being weakened, should be strengthened, not by changing
Its language here or there or by providing a different method of authenticating its proceedings, but by making one or two of its members appointive
on fixed salaries so that their full time could be devoted to the multitude
of important transactions within Its jurisdiction."
Concerning judicial salaries, the former Governor said: "It is generally
recognized that the salaries of our Circuit and Supreme Court judges are
very inadequate. For years this situation has prevailed, with little done
towards its remedying. The courts are one of the three important branches
of the Government, and while it is true that the pay of members of the
Legislature is likewise inadequate and borders on the ridiculous, yet this
fact should not doter the legislative branch from doing what justice dictates
b'y raising the salaries ofour Circuit judges and justices ofthe Supreme Court
so as to make their compensation commensurate with the services they
perform.'
State business, the retiring Governor declared, is "in an unusually healthy
condition. Neither deficit, depleted treasury nor the necessity of devising
new methods of taxation face the new legislature," he said.
He quoted figures to show legislative appropriations for the fiscal year
1925-26 totaled $22,187,249 67 for all State purposes, and that expenditures
for the same period and purposes weer $21.182,020 62.
Liberal appropriations for the University of Michigan and Michigan
State College were recommended by the retiring Governor. "They should
be granted liberal appropriations this year so as to insure the completion
of the building programs adopted by their governing bodies in 1921 and so
well carried along since then," he said.
Commending the State Highway Department. Groesbeck said: "The
type and class of pavements now being built by the Highway Department
are a credit to Michigan. Their costs on any comparable basis are low.
The department is well organized and its administration expense has decreased rather than increased, which speaks well for any public agency.
The problem of State highway financing has been solved. The State now
receives sufficient funds from the gas and weight tax to insure the continuance of a very pretentious program each year. There is a constant
increase in revenues from these sources. With seeming propriety the
weight tax could be materailly reduced without the least embarrassment to
the highway program.
[VOL. 124.
First Judgment to be entered by a Federal Court upholding the validity
of Texas road district bonds since the United States Supreme Court declared
the Archer County district invalid, was entered Monday by Judge J. C.
Hutcheson Jr. of the District Court of the United States for the Southern
District of Texas, Victoria and Houston Divisions, at Houston,in decreeing
road bonds, already issued, of DeWitt and Lavaca counties valid. Copies
of the decree were given for publication Tuesday by John D. McCall,
one of the three solicitors for the plaintiff in each case, Guy C. Dunn.
Suit was entered against DeWitt and Lavaca counties to restrain the
counties from spending money gathered from the sale of bonds until these
road districts were declared valid. The Court over-ruled the motion
of the plaintiff and sustained the defendants. DeWitt and Lavaca counties.
Road District No. 1, Series 2, special road bonds in the amount of
$250,000 were involved in the DeWitt County suit. Road District No. 2
special road bonds in the amount of $150,000 were involved in the Lavaca
County suit. The DeWitt County bonds were dated Nov. 2 1925, bearing
Interest at 5% per annum and payable Feb. 2 1927 and semi-annually
thereafter on Aug. 2 and Feb. 2 of each year, maturing serially through
the years 1927 to 1955. Lavaca County bonds were dated Aug. 1 1925,
bearing interest at the rate of 5% per annum, payable Feb. 1 1926 and
semi-annually thereafter on Aug. 1 and Feb. 1 of each year, maturing
serially throughout years 1926 to 1953.
•
Bonds Held Valid.
In each case the Court decreed that the bonds,were "valid, lawful and
legally outstanding obligations.'
A similar suit, filed against Road Districts Nod. 3 and 1 of Crosby
County, aggregating $70.000, received a judgment of validity Monday
from the District Court of Crosby County, Mr. McCall stated.
Mr. McCall said that Judge Hutcheson has approved a similar decree
In the Fort Bend County suit, involving $90,000 of bonds, but that his
judgment is yet to be approved by the three other judges, before whom
the case was tried. The Falb; County case, involving $115,000 of bonds,
is pending in the Federal Court. This case was also tried before three
judges.
Missouri (State of).—Legislature Convenes.—The fiftyBOND PROPOSALS AND NEGOTIATIONS
fourth general asssembly of Missouri convened on Jan. 5 in
regular biennial session.
this week have been as follows:
North.Carolina (State of).—Legislature Convenes.—The
ABILENE, Taylor County, Tax.—BOND OFFERING.—M. L. Sellers,
North Carolina Legislature convened in regular biennial City Secretary, will receive sealed bids until 4 p. m.Jan.21 for the following
six issues of 5% bonds aggregating $1,085,000:
session on Jan. 5 and received Governor McLean's first $600,000 water works bonds.
message on that date. Among the chief points in the 200,000 school bonds.
Governor's message, according to the Raleigh "News & 150,000 street improvement bonds.
60,000 auditorium bonds.
Observer" were": That the improvement of local government
50.000 sewer bonds.
25,000 fire station bonds.
in counties is most important matter before Legislature;
Bonds to be dated not later than Feb. 15 1927. Denom. $1,000.
thirty million dollar bonds for State highways for next two serially in 40 years. Principal and interest (F. & A.) payable at Due
the
York City. A
National
years recommended; increased equalizing fund for schools of the Bank of Commerce, New be approved bycertified check for 2
the
bid, required. Legality to
advocated; General Assembly to make provision for more of Texas and Chapman, Cutler & Parker of Chicago. Attorney-Genera'
superior courts; limitation of local bond issues urged; conACKLEY INDEPENDENT SCHOOL DISTRICT, Hardin
tinuation of salary and wage commission recommended; Iowa,—BONDS OFFERED.—Mrs.Pearl Baker, Secretary Board County,
of Direcstrict law enforcement measures stressed, and urged registra- tors, received sealed bids on Jan. 12 for $129,000 school bonds.
tion of motor drawn vehicle drivers and lights for horse
0. Lima), Ohio.—BOND OFFERING.—B. B.
ALLEN COUNTY (P.
Adgate. Clerk Board of County Commissioners, will receive sealed bids
drawn vehicles.
until 12 m.,Jan. 24,for $27,000 57.I. C.H.496, Section A-2 bonds. Date
1 1927 to
• Ohio (State of).—Legislature Convenes.—On Monday, 3,21. 1 1928. Denom. $1,000. Due $3,000, Sept.Treasurer's 1935. incl.
S.) payable at the County
. and int.
office.
Jan. 3, the regular biennial session of the State of Ohio certified check (M. & payable to the County Treasurer Is required. A
for $500
Legislature convened. Five bills and one constitutional
ALLEN COUNTY
amendment were introduced the first day. The first bill Adgate, Clerk Board (P. 0. Lima), Ohio.—BOND OFFERING.—S. B.
of County Commissioners, will receive sealed bide
introduced would codify the statutes governing the issuance until 12 in. Feb. 3 for $56,500 5% I. C. H. 133, Section B bonds. Date
Sept. I 1926. Denom. $1,000. Due Sept. 1 as follows: $7
1927 to
of bonds by taxing districts with amendments to further 1934, inclusive, and $500, 1935. Principal and interest( . 8.) payable
extablish a 'pay-as-you-go" basis. Among the other bills at the County Treasury. A certified check for $500, payable to the County
introduced one would establish an old age pension system. Treasurer, is required.
ATASCOSA COUNTY ROAD DISTRICT NO.4(P.O. Jourdanton).
Another would make Armistice Day, Nov. 11, a legal holiCounty
Tex.—BOND OFFERING.—Earl
day. The constitutional amendment would establish the sealed bids until 11 a. in. Feb. 7 for Scott, 5X% Judge, will receive
road bonds. Date.
$200.000
1
.
JAN. 15 1927.]
THE CHRONICLE
401
BOND SALE.-Prudden & Co. and Spitzer, Rorick & Co., both of ToSept. 1 1926. Denonan1,000. Due Sept. 1 as follows: $3,000, 1927 to
1931 incl.• $4,000, 1932 to 1935 incl.; .000, 1936 to 1938 incl.; $6,000, ledo, jointly purchased an issue of $300,000 6% school bonds at 95. Dated
1939 to '
1941 incl.; $7,000. 1942 to 1944 incl.; 88,000. 1945 and 1946: Oct. 1 1926. This corrects the report given in V. 123. p. 3351. These
$9,000, 1947 to 1949 incl.: 810.000. 1950 and 1951: $11,000, 1952 and bonds are part of the $500,000 issue offered on Oct. 14-V. 123, p. 1659
1953: $12,000, 1954 and 1955, and $6.000, 1956. Principal and interest the remaining $200,000 are being offered as above.
(M.& S.) payable at the U. S. Mortgage & Trust Co., New York City, the
BUCKINGHAM COUNTY (P. 0. Buckingham), Va.-BOND SALE.
Mercantile Trust Co., St. Louis, or at the County Treasurer's office. A
certified check for $2,500, payable to H.Allen, County Treasurer, required. -An issue of $50,000 school bonds has been sold to local banks.
-FINANCIAL STATEMENT.
BUFFALO, Erie County, N. Y.
-We
are now in receipt of the following financial statement of this city, which
is receiving sealed bids on Jan. 25 for four issues of 44% bonds, aggregating $5.260,000 (V. 124, p. 260)•
-The
-TEMPORARY LOAN.
BANGOR, Penobscot County, Me'.
Financial Statement.
Eastern Trust & Banking Co.of Bangor has purchased a $200,000 temporary Assessed valuationDec. 311926.
loan on a 2.975% discount basis. Due Oct. 1 1927.
Real property
8966.169,720 00
Special franchises
30.555,410 00
-BOND AND NOTE OFFERBARBERTON, Summit County, Ohio.
Personal property
7,154,000 00
/NO.
-Floyd S. Dna, City Auditor, will receive sealed bids until 12 m.
Jan. 31 for the following two issues of bonds and notes aggregating $202,Total
81,003.879.130 00
993 62:
$180.000 00 5% water works system bonds. Date April 1 1927. Denom. Bonded debt
$1,000. Due $18,000 Oct. 1 1928 to 1937, incl. Principal
Certificates of indebtedness and monthly local work (in
and interest (A. & 0.) payable at the City Treasurer's
anticipation of the collection of taxes)
$1,865,030 53
office or at the Hanover National Bank, New 'York City.
Water (prior to Jan. 1 1904)
1,446.638 20
Water (subsequent to Jan. 1 1904)
22,693 62 5% net deficiency notes. Date Dec. 31 1926. Denom.
14.774,820 33
$2,500, one for $2,993 62 . Due $2,993 62 Dec. 311927.
Net debt
58.636,512 70
$2,500 June 30 1928 and $2,500 Dec. 31 1928, and $2,500
June 30 and Dec.31 1929 to 1931,inclusive. Principal and
Total
$76.723.001 76
interest (J. & D.) payable at the City Treasurer's office or Sinking funds
at the Central Savings & Trust Co., Barberton.
Water
$3.331.930 67
A certified check for I % of the amount of the bid, payable to the City
Various
2,749,018 98
Treasurer, required.
-The State
-BONDS REGISTERED.
AUSTIN, Travis County, Tex.
Comptroller of Texas registered on Jan. 7 an issue of $150,000 4j
%
school bonds. Due serially.
-BOND OFFERING.
-William P.
BAYONNE, Hudson County, N. J.
Lee, City Clerk, will receive sealed bids until 11 a. m. Jan. 25 for an issue
of *i% coupon or registered bonds not to exceed $349,000, no more bonds
to be awarded than will produce a premium of $1,000 over $349,000. Date
Feb. 1 1927. Denom. $1,000. Due Feb. 1 as follows: $10,000, 1928 to
1961, inclusive; and $9,000. 1962. Pricipal and interest (F. & A.) payable in gold at the Union Trust and Hudson County National Bank,
Bayonne, or at the Chase National Bank, New York. The bonds will be
prepared under the supervision of the United States Mortgage & Trust Co.,
New York, which will certify as to the genuineness of the signatures of the
officials and the seal impressed thereon. Legality will be approved by
Hawkins, Delafield & Longfellow, New York. A certified check for 2%
of the amount of bonds bid for, payable to the City, is required.
-.-BEACHWOOD (P. 0. Cleveland), Cuyahoga County, Oh:
-Frank C. Maron,s, Village Clerk, will receive sealed
BOND OFFERING.
bids until 12 m.Feb. 1 at the office of Locher,Green & Woods,1040 Guardian
Building, Cleveland, for the following two is • es of 5% bonds aggregating
$
98.700:
$42,000 general water works. series 2. bonds. Denom. 81.000. Due
Oct. 1 as follows: $2,000 1928 to 1936, incl.: $3,000 1937, $2,000
1938 to 1946, incl., and $3.000 1947.
56.700 Richmond • Road water bonds. Denom. $1,000. except one for
$700. Due Oct. 1 as follows: $2,000 1928. $3,000 1929 to 1933.
Incl.; $2,000 1934, 83,000 1935 to 1939, incl.; $2,000 1940, $3.000
1941 to 1945, incl.: $2,000 1946 and $3.700 1947.
Date Jan. 15 1927. Principal and interest (A. & 0.) Payable semi
annually at the Guardian Trust Co. of Cleveland. A certified check on a
solvent Ohio bank for 5% of the amount of the bonds bid for, payable to
the Village Treasurer, Is required.
Total
$6.080,949 65
BURTON, Geauga County, 0.
-BOND OFFERING.
-Harry 0. Hill,
Village Clerk, will receive sealed bids until 12 in. (Eastern standard time) •
Jan. 21 for $35,000
% sewer bonds. Date Jan. 1 1927. Denom.
$1,000. Due Oct. 1 as follows: $1,000, 1928 and 1929: $2,000, 1930:
$1,000, 1931 and 1932 $2,000, 1933; $1.000. 1934 and 1935; $3.000, 1936:
$1,000, 1937 and 1938 32.000, 1939: 31.000. 1940 and 1941; 82.000, 1942:
11,000, 1942 and 1944 $3,000, 1945; $1,000. 1946 and 1947; 32,000, 1948:
$1,000, 1949 to 1951 ncl., and $2,000, 1952. Int. payable A. & 0. A
certified check for 5% of the amount of bonds bid for, payable to the Village
of Burton, is required.
BUTLER COUNTY (P. 0. Eldorado), Kans.-BOND SALE.
-The
Branch-Middlekauff Co. of Wichita purchased on Jan. 4 an issue of $80,000
436% road bonds at a premium of $92 80, equal to 100.11. Date Jan. 1
1927. Denom. $1,000 and $500. Due serially, Jan. 1 1928 to 1937, incl.
Interest payable J. & J.
-TEMPORARY LOAN.
CAMBRIDGE, Middlesex County, Mass.
Harris, Forbes & Co. of Boston were awarded on Jan. 13 a $500,000 temporary loan on a 3.517% discount basis. Date Jan. 14 1927. The notes
are certified as to the genuineness of the signatures thereon by the National
Shawmut Bank of Boston. Legality approved by Ropes, Gray, Boyden
& Perkins of Boston.
CAMERON COUNTY '(P. 0. Brownsville), Tex.
-BONDS NOT
% road bonds offered on Jan. 10(V. 123, p.3071)
SOLD.
-The $100.000
were not sold. The sinking fund will most likely take over these bonds.
Oscar C. Dandy, County Judge,
CARROLLTON SCHOOL DISTRICT, Carroll County0.-BOND
SALE.
-The 8145.0005% school bonds offered on Jan. 10(V.9
123, p.3351)
were awarded to the First National Bank of Carrollton at a premium of
84,393 50, equal to 103.03, a basis of about 4.64%. Date April 1 1926.
Due $3,000 April and Oct. 1 1927 to 1929 incl.; $3,000. April 1 1930 and
84.000 Oct. 1 1930:83.000 April and Oct. 1 1931 to 1933 incl.;83.000 April 1
1934 and $4,000 Oct. 11934; $3,000 in April and Oct. 1 1935 to 1936 incl.;
$3,000 April 11937; 84.000 Oct. 1 1937: $3,000 April and Oct. 1 1938 to
1 1940;
1939
BELLEVILLE SCHOOL DISTRICT,
Trhincb 1941 incl.; $3,000 April April 1 84.000 Oct. 11940: 83.000 April and Oct. 1
-Essex
1943 and $4,000 Oct. 1 1943; 83,000 April
and
SALE.
-The three issues of 4 % coupon or registered school bonds and Oct. 1942; $3,000
1 1944 and 1945; $3,000 April 11946; $4,000 Oct. 11946; $3,000
aggregating $247,000. offered on Jan. 10 (V. 123, p. 3351). were awarded April and Oct. 1 1947 and 1948:$3,000 April 1 1949 and $4,000 Oct. 1 1949.
to J. S. Rippel & Co. of Newark as follows:
$26,000 series A school bonds at a premium of $547 64. equal to 102.10,
-BOND SALE.
-The $100,000
CASS COUNTY (P.O. Walker), Minn.
a basis of about 4.54%. Due $1,000 Jan. 15 1929 to 1954, incl.
-were awarded to the
county bonds offered on Jan. 4-V. 124, p. 260
137,000 ($140,000 offered) series B school bonds at a premium of $3,892 14, Wells-Dickey Co. and Brewer, Brown & Co., both of Minneapolis, as 5Iis
equal to.102.84, a basis of about 4.53%. Due Jan.'5 as follows: at par. Dated Jan. 1 1927. Due Jan. 1 as follows: $4,000. 1930. and
to 1944, incl., and $4,000 1945 to 1966, incl., and $8,000, 1931 to 1942 incl.
53.000
(85,000 offered) series C school bonds at a premium of $1,937 49,
$1,084
-BIDS.
-The following is a
CEDAR RAPIDS, Linn County, Iowa.
equal to 102.30, a basis of about 4.53%. Due Jan. 15 as follows: complete list of bids for the $110,000
% liberty memorial bonds awarded
$2,000 1929 and 1930 and $3,000 1931 to 1956, incl., and $2,000 to Kauffman, Smith & Co., Inc., of St. Louis at 102.495, a basis of about
1957.
4.24%-V. 124, p. 260:
Date Jan. 15 1927.
BidderPremium.
Iowa National Bank of Des Moines and A. B. Leach & Co., Chi_ _$2,740 00
BENSON, Cochise County, Ariz.
-BOND DESCRIPTION.
-The Geo. M. Bechtel & Co., Davenport
$60,000 6% water bonds purchased by Gray, Emery, Vasconcells & Co. of Wells-Dickey Co., Minneapolis, and Detroit Trust Co.. Detroit- 2,66000
2.510 00
Denver at 101.73 (V. 123, p. 3208), a basis of about 5.827 are described
o,
White-Phillips Co., Davenport
2.166 50
as follows: Date Nov. 1 1926. Denom. $500. Due as follows: 31 moo, TheK. Terry & Co., Toledo
W.
1,967 77
1927 and 1929; $1,500, 1929 to 1934 incl.; 82,000. 1935 to 1938 Incl.: $2,500, Seasongood & Mayer, Cincinnati
1,951 00
1939 to 1941 incl.; 33.000, 1942 to 1944 incl.: $3.500. 1945 and 1946;$4.000. Cedar Rapids Clearing House
1,700 00
1947 to 1949 incl.: 85.500. 1950. Prin. and Int.(M.& N.) payable at the
Town Treasurer's office or at the Hanover National Bank, N. Y. City.
CENTERBURG, Knox County, Ohio.
-BOND SALE.
-An issue of
Legality approved by Pershing, Nye, Talhnadge & Bosworth of Denver.
$4,950 6% deficiency bonds Was awarded on Jan. 1 at par, as follows:
Financial Statement.
To the Centerburg Building & Loan Association Co.
Actual value
$1.000,000 $4,000 deficiency bonds.
Assessed valuation, 1925
488,199
To L. G. Walkfr, Cunttrburg.
Total bonded debt (this issue only, all for water)
60,000 $950 deficiency bonds.
Population (official estimate), 1,800.
Date Oct. 11926. Due $950 In 1927 and $1.000. 1928 to 1931, inclusive
BEAVER COUNTY (P. 0. Beaver), Pa.
-J. S.
-BOND OFFERING.
Edwards, Clerk Board of County Commissioners, will receive sealed bids
until 2 p. m. Jan. 24 for $500,000 4%.1
coupon road, series 6, bonds.
Date Feb. 1 1927. Denom. $1,000. Due $20,000 Aug. 1 1928 to 1952,
incl. Principal and interest (F.& A.) payable at the County Comptroller's
office. A certified check for 2% of the amount of bonds bid for, payable
"o the County Commissioners, is required.
kg
lay.
-LOAN OFFERING.
BEVERLY, Essex County, Mass.
-John C.
Lovett, City Treasurer, will receive sealed bids until 5 p. m. Jan. 19 for the
purchase on a discount basis of a 8200,000 temporary loan. Date Jan. 19
1927. Denom. $25,000, $10,000 and $5,000. Due Nov. 4 1927. The
notes will be prepared under the supervision of the Old Colony Trust Co.,
Boston. Legality approved by Ropes, Gray, Boyden & Perkins, Boston,
CHADRON, Dawes County, Neb.-BOND SALE.
-The First Na.
tional Bank of Chadron has purchased an issue of $28,000 5% intersection
paving bonds. Due 1946, optional 1931.
CHARLESTON COUNTY (P. 0. Charleston), So. Caro.
-BOND
SALE.
-The $300.000 5% road and bridge bonds offered on Jan. 6BRECKENRIDGE, Hardinsburg County, Ky.-BOND SALE.
- V. 123. p. 3209-were awarded to the South Carolina National Bank of
Caldwell & Co. of Nashville have purchased an issue of $250.000 454% Charleston and the Bankers Trust Co. of New York City, jointly, at a
premium of $10,925. equal to 103.67, a basis of about 4.53%. Date
road bonds at par.
Nov. 1 1926. Due $15,000. Nov. 1 1927 to 1946, incl. Other bidders
-BOND SALE. were.
BRIARCLIFF MANOR, Westchester County, N. Y.
BiddersPremium.
-The $42,000 04% coupon sever bonds offered on Jan. 11 (V. 124, p.
510.308
260) were awarded to the Estmor Corporation of Chicago at 103.30. a basis Columbia National Bank, Columbia
of about 4.20%. Date Jan. 1 1927. Due $2,000 Jan. 1 1932 to 1952 incl. W. F. Schaffner & Co. Winston Salem
9.900
Taylor, Ewart & Co., Chicago
9,875
- Peoples Security Co, Charleston
.N. Y.
-BOND OFFERING.
BRIGHTWATERS, Suffolk County,
9,872
Sanders Shanks Jr., Village Treasurer, will receive sealed bids until 1 p. in. Braun, Bosworth & Co. Toledo
9,603
,
Jan. 25 for 825.0005% coupon or registered park bonds. Date Feb. 11927. A. M. Law & Co., Spartanburg
9,249
Denom. $500 or multiples. Due $2,500, Feb. 1 1931 to 1940 incl. Prin. Caldwell & Co.. Nashville
9,210
and semi-annual int, payable at the South Side Bank, Bay Shore. Legality C. W. McNear & Co., Chicago
9,126
to be approved by Robbins, Wells & Housel, Bay Shore. A certified check A. V. Bell & Co., Toledo
8.516
for 2% of the amount of the bid, payable to the Village, is required.
CHICAGO, Cook County, III.
-BOND OFFERING.
-Sealed bids
-TEMPORARY LOAN.
- be received by the City Comptroller until Jan. 18 for $7,046,000 wit
BROCKTON, Plymouth County, Mass.
4%
F.8. Moseley & Co.of Boston were awarded on Jan.6 a $200,000 temporary city bonds.
loan on a 3.64% discount basis plus a premium of $4 25. Due Nov.7 1927
CLARIDON AND HUNTSBURG TOWNSHIPS(P.O. East Claridon,
BROOKHAVEN (P.0.Patchogue), Suffolk County, N. Y.-BONDA R. F. D.) Geauga County, 0.
-The
OFFERED.
-Robert Macintosh, Town Supervisor, received sealed bids impt. bonds offered on Dec. 24 -BOND SALE. were $15,900 5;5% road
awarded to Season(V. 123, P. 3209)
until 11.30 a.m. Jan. 14 for $42,000 not exceeding 6% road improvement good & Mayer of Cincinnati at a premium of $414, equal to 102.60. a basis
bonds. Denom. $1,000. Due $3,000. Feb. 1 1928 to 1941, incl. Prin'
in New York exchange. of about 4.95%. Date Dec. 1 1926. Due Oct. 1 as follows: $1,400, 1927;
and int.(F.& A.) payable at the Town Clerk's office
$1,500. 1928 to 1934, incl., and $2,000, 1935 and 1936.
.
BROWARD COUNTY SPECIAL TAX SCHOOL DISTRICT NO. 3
CLEARWATER,Pinellas Count., Fla.
-The $500.000
-BOND SALE.
-James S. Rickards,
(P. 0. Fort Lauderdale), Fla.
-BOND OFFERING.
6% impt. bonds offered on Nov. 15 V. 123. p. 2549) were awarded to Far
Secretary Board of Public Instruction, will receive sealed bids until 2 p.
Feb. 8 for $200,000 6V school bonds. Dated Oct. 1 1926. Denom. son, Son & Co. of New York City at 98.61. Due serially in 1 to 10 years.
o
81.000. Due Oct. 1 as follows: 56,000. 1929 to 1949 incl.: $12,000. 1950
-BOND SALE.
CLEARWATER COUNTY (I'. 0. Orofino), Idaho.
to 1954 incl., and $14.000, 1955. Prin. and int.(A. & 0.) payable at the
Hanover National Bank, New York City. A certified check for 2% of The $50,000 court house bonds offered on Jan. 10 (V. 124, p. 136) were
the bid required. Legality approved by Thomson, Wood & Hoffraan, awarded to Cantril, Richards & Bloom of Spokane as 5s at a premium of'
New York City.
$31 30, equal to 100.102.
402
THE CHRONICLE
-BOND SALE.
-The following two
CLYDE, Callahan County, Tex.
Issues of 6% bonds, aggregating $60,000 were awarded to the Municipal
•
Engineering Co. at par:
$30,000 sewer bonds.
$30,000 water works bonds.
Denom. $1,000.
COASTAL HIGHWAY COMMISSION (P.0:Colombia)(Comprising
Dillon, Florence, Williamsburg, Colletork, Beaufort and Jasper
-Wade Stackhouse, Chairman
-BOND OFFERING.
Counties), So. Caro.
Board of Coastal Highway Commission, will receive sealed bids until 1:30
p.m. Jan. 26 for $1.000.000 4% coupon highway bonds. Dated Feb. 1
1927. Denom. $1,000. Due Feb. 1 as follows: $111.000, 1931 to 1938
incl., and $112,000. 1939. Prin. and int. (F. & A.) payable in gold in
New York City. The bonds are Joint obligations of the above-mentioned
counties comprising the Coastal Highway Commission. A certified check
payable to the above-mentioned official for 2% of the bid required. Legality approved by Reed, Dougherty. Hoyt & Washburn, N. Y. City.
-BOND SALE.
COLUMBIANA COUNTY(P.O.East Liverpool),0.
The $35,000 57° road bonds offered on Dec. 13 (V. 123, p. 2927) were
awarded to W. L. Slayton & Co. of Toledo at a premium of $910, equal
to 102.60, a basis of about 4.45%. Date Jan. 1 1927. Due $3,500,
Oct. 1928 to 1937 incl.
-BOND SALE.
-The $621.000
COLUMBUS,Franklin County, Ohio.
% Hiltonia Ave., Sillivant Ave.to Mound St.. special assessment bonds
offered on Jan. 12 (V. 123. p. 3209) were awarded to Phelps Fenn & Co.
and Kean,Taylor & Co.,both of New York,Jointly, at a premium of$9,868,
-a basis of about 4.21%. Date Jan. 21 1927. Due
equal to I01.58
March 1 as follows: $77,000. 1930 to 1932, inclusive, and $78,000, 1933 to
1937, inclusive.
Other bidders were:
Premium.
Bidder
$7,576 20
Batchelder, Wack & Co. and Rutter & Co.,New York City
8,490 00
Eldredge & Co Now York City
7 080 00
• Halsey, Stuart & Co., Inc., and A. B. Leach & Co., Chicago
Bankers Trust Co.. Guaranty Co. of New York and Tillotson &
8,191 00
Wolcott Co., Cleveland
W. A. Harriman & Co., Inc., New York City; The Herrick Co.,
8,004 69
Cleveland, and First Citizens Corp., Columbus
The Northern Trust Co., Chicago, E. H. Rollins & Sons, and
5,644 89
Ward Securities Co
Second
9,491 00
Seasongood & Mayer, Cincinnati
Stone & Webster and Blodget, Inc., New York City; Graham,Par8,930 00
sons & Co., New York City, and The Detroit Co
Wm. R. Compton Co., Chicago and the Continental Commer6,831 00
cial Co
Otis & Co., Columbus, Estabrook & Co., Curtis & Sanger, and
9.496 00
Hannahs, Bailin & Lee
Harris, Forbes & Co., National City Co., Hayden, Miller & Co_ - 8,129 00
Gran & Co., Cincinnati. and R. W.Pressprich & Co., N.Y. City_ 7,452 00
8.619 45
Roosevelt & Son, New York City
First National Bank of New York and Huntington National Bank,
8,629 00
Columbus
[Vol.. 124.
Rorick & Co., both of Toledo and the Brown-Crummer Co. of Wichita.
at a discount of $1.740, equal to 96.52, a basis of about 6.38%. Date
Dec. 1 1926. Due $2,000 Dec. 1 1929 to 1953 incl.
BOND SALE.
-The above-mentioned syndicate also purchased an
issue of $85.000 6% school bonds at a discount of $2,950, equal to 97.70.
-BOND SALE.
DAVIDSON COUNTY (P. 0. Nashville). Tenn.
The $1,000.000 43% bridge bonds offered on Jan. 10-V. 123, p. 3352
were awarded to a syndicate composed of Caldwell & Co. and the American
National Co., both of Nashville, and the Harris Trust & Savings Bank of
Chicago, at a premium of $13,760. equal to 101.376, a basis of about 4.39% •
Date Oct. 1 1926. Due Oct. 1 as follows: $10,000, 1927 to 1932, incl.;
$20,000. 1933 to 1937, incl.* $33.000. 1938 to 1944, incl.*, $40,000, 194i
and 1946. R50.000, 1947 to'
1951, incl., and $60,000, 1952 to 1956, incl.
Other bidders were:
BidderPremium.
(leo. H. Burr & Co.. New York City, by Broadway National Bank
Bank of Louisville
$1,100
Guaranty Co. of New York City and Tennessee-Hermitage National_
Bank, Nashville
12,098
J. W.Jakes & Co., Nashville; Redmond & Co., New York City; Federal Commerce Trust Co., St. Louis. and.Howe, Snow & Bertles,
Inc., Grand Rapids
5,238
Nashville Trust Co., Nashville, and Bankers Trust Co. of N. Y. City-5,799
Stifel-Nicolaus & Co., St. Louis
1,100
Kauffman, Smith & Co., St. Louis; Taylor, Ewart & Co., Chicago;
Mississippi Valley Trust Co., First National Co., Durham; Smith,
Moore & Co., St. Louis
5,111
I. B. Tigrett & Co., Cincinnati; Ames, Emerich & Co.; Chicago;
A. B. Leach & Co., Chicago
8,100
The National City Co. of New York City
7,090
Wm. R. Compton Co., St. Louis; Old Colony Corp., New York City;
10,623
Mercantile Trust Co., St. Louis
Continental & Comniercial Co., Chicago: Illinois Merchants Trust
Co., Chicago; E. H. Rollins & Sons, Boston
10,423
DE GRAFF, Logan County, Ohio.
-BOND OFFERING.
-W. H.
Dachenbach, Village Clerk, will receive sealed bids until 12 m. (Centre
standard time) Jan. 31 for $6.000 53. % fire truck and equipment bonds
Date Sept. 1 1926. Denom. $600. Due 4600 Sept. 1 1928 to 1937 incl
Int. payable semi-annually. A certified check for 10% of the amount of
bonds bid for, payable to the Village Treasurer, is required.
-The following
-BOND SALE.
DETROIT, Wayne County, Mich.
coupon or registered bonds aggregating $14.505,000 offered on Jan. 10
sy.123, p.3352) were awarded to a syndicate composed of the First National
Bank, Halsey, Stuart & Co., Blair & Co., E. H. Rollins & Sons, Redmond
& Co. and Kissel, Kinnicutt & Co., all of New York; Continental & Commercial Trust & Savings Bank of Chicago; Geo. B. Gibbons & Co. Inc.,
'
Stone & Webster and Blodget & Co. Inc., R. W. l'ressprich & Co. and
Phelps, Fenn & Co., all of New Yorlr: Taylor. Ewart & Co. of Chicago;
Shawmut Corp. of Boston: Northern Trust Co. of Chicago, and Foster.
McConnel & Co. of New York, at 102.299. a basis of about 4.23%:
school bonds. Due Jan. 1 as follows: $100,000 in 1928
$3,010,000 4% %
and $100.000 in 1929 to 1957, incl.
3,000,000 4i07 public sewer bonds. Due Jan. 11957.
CONCHO COUNTY COMMON SCHOOL DISTRICT NO. 3 (P. 0
-DESCRIPTION.
-The price Paid
-PRICE PAID
3,0011,000
% water supply bonds. Due $100,030 Jan. 1 1928 to 1957.
Paint Rock), Tex.
incl.
for the $8,000 coupon school bonds purchased lyy the State Board of Educa-was par. The bonds bearinterest at the rate <I' 3,000.000 4%% lighting bonds. Due $100.000 Jan. 1 1928 to 1957. Incl.
-V. 123, p. 3352
tion
370,000 4%% grade separation bonds. Due Jan. 1 as follows: $22,000
5% and are described as follows: Date April 10 1926. Denom. $200.
in 1928 and $12,000 in 1929 to 1957, incl.
Due $200, 1927 to 1946. incl. Interest payable annually April 10.
480,000 4l.% hospital bonds. Due $16,000 Jan. 1 1928 to 1957.
-0. T.
-BOND OFFERING.
355,000 4)% heating plant and site bonds. Due Jan. 1 as follows:
CONROE, Montgomery County, Tex.
812.000 in 1928 to 1952, incl., and $11,000 in 1953 to 1957, incl.
Darby. Mayor, will receive sealed bids until 2.30 p.m. Feb. 9 for $55 000
1,290.000 4 v % art museum bonds. Due $43,000 Jan. 1 1928 to 1957,incl.
sewer bonds. These are the bonds offered unsucessfully on Nov. 18Date Jan. 11927.
V. 123, p. 2292.
DOLORES COUNTY SCHOOL DISTRICT NO. 1 (P. 0. Rico)
COOK COUNTY FOREST PRESERVE DISTRICT (P.O. Chicago),
-A syndicate composed of A. B. Colo.
-BOND SALE.
-BOND SALE.
-Peck, Brown & Co. of Denver have purchased
Cook County, 111.
Leach & Co., A. G. Becker & Co. and E. H. Rollins & Sons, all of Chicago, an issue of $10,000 534% steam heating plant and refunding school bonds.
Jointly, purchased on Jan. 10 an issue of $1,000.000 4% forest preserve Due 1947, optional 1937.
bonds at 99.157. a basis of about 4.10%. Date Jan. 15 1927. Due
DORCHESTER CONSOLIDATED SCHOOL DISTRICT (P. 0.
$50,000 Jan. 15 1928 to 1947, incl.
-PRICE
Hinesville) Liberty County, Ga.-BOND DESCRIPTION.
-BOND SALE.
-Garrett PAID.
-The price paid for the $15,000 607 coupon school bonds awarded
CORPUS CHRISTI, Nueces County, Tex.
124. P. 136
-was a premium
& Co. of Dallas purchased on Dec. 24 an issue of $25,000 5% gas plant to Robinson-Humphrey Co. of Atlanta
Due serially 1931 of $500, equal to 103.33. The bonds -V'
are described as follows: Denom.
bonds at par. Date March 11926. Denem. $1.000.
$1,000. Due serially, Jan. 1 1929 to 1957. incl. Interest payable J. & J
to 1939, incl. Interest payable M.& S.
-The three
-BONDS NOT SOLD.
CORTEZ, Manatee County, Fla.
issues of 6% bonds aggregating $100.000 offered on Nov. 15-V. 123, p.
-have not been sold. A. W. Meserve, City Clerk.
2162
COVINGTON, Kenton County Ky.-BOND, SALE.-Stranahan,
Harris & Oath, Inc., of Toledo, have purchased an issue of $217,000 43 %
coupon water works refunding bonds. Dated Jan. 1 1927. Denom.
$1,000. Due Jan. I as follows: $12000. 1933. 1935, 1937, 1939. 1941,
1943. 1945 and 1947. and $14,000, 1949, 1951. 1953. 1955. 1957, 1959. 1961
and 1963, and $9,000, 1965. Prin. and int. (J. & J.) payable at the Bank
of America. New York City. Legality approved by Thomson, Wood &
Hoffman, New York City.
-BOND SALE.
-The $6,000 5%
CRANESVILLE, Erie County, Pa.
borough bonds offered on May 28 (V. 122, p. 2990) were awarded to the
Erie County Sinking Fund Committee at par. Date March 1 1926. Due
$500 March 1 1928 to 1939, incl.
-BOND SALE.
-The
•
CURRY COUNTY (P. 0. Gold Beach), Ore.
Lumbermen's Trust:Co. of Portlandlhas purchased an issue of $100.000
pIlt
county bondsiC
-BOND OFFERING.
-L. R.
DADE CITY,Miami County, Fla.
Douglass, City Clerk, will receive sealed. bids until 8 p. m. Jan. 18 for
$40.000 6% street extension bonds. Dated Jan. 1 192'7. Due Jan. 1 as
follows: $2.000, 1929 to 1938 incl.; $3.000, 1939 to 1944 incl., and
$2.000 in 1945. Prin. and int. (J. Sz J.) payable at the Bank of Paco
County. Dade City, or at the National Park Bank. New York City. A
certified check, payable to A. P. Price, President City Council, for $2,000.
pop
required.
0
IsTimirc5IMTVOTECAT TA=TI001=rgTR I CT-51- . a7rnfr.
.
-The two issues of 6% school bonds aggre-BOND SALE.
Miami),_Fla.
-were awarded as
gating $390,000 offered on Jan. 11-V. 123. p. 3352
follows:
To C. W. McNear & Co. of Chicago.
$240,000 school bonds at a discount of $1.578, equal to 99.34. a basis of
about 6.07%. Date May 1 1926. Due $10,000, May 1 1929
to 1952, incl.
To W. L. Slayton & Co. of Toledo.
150,000 school bonds at a premium of $2,116, equal to 101.41, a basis
of about 5.85%. Date Dec. 1 1926. Due $6,000, Dec. 1 1929
to 1953. incl.
ilfDADE COUNTY SPECIAL TAX SCHOOL DISTRICT NO. 3 (P.'0.
-The 8500,000 6% school bonds offered on
-BOND SALE.
Miami), Fla.
-were awarded to Otis & Co. of Cleveland and
Jan. 11-V. 123, p. 3252
Braun, Bosworth & Co. of Toledo Jointly, at a premium of $11,928, equal
to 102.38, a basis of about 5.75%. Date Dec. 1 1926. Due $20,000,
Dec. 1 1929 to 1953. incl.
DADE COUNTY SPECIAL TAX SCHOOL DISTRICT NO. 5 (P. 0.
-The $100.000 6% school bonds offered on
-BOND SALE.
Miami), Fla.
-were awarded to Braun, Bosworth & Co. of
Jan. 11-V. 123, p. 3352
Toledo, at a premium of 84,170, equal to 104.17. a basis of about 5.62%.
Date Dec. 11926. Due Dec. 1 as follows: $3,000. 1929 to 1940, incl., and
84,000. 1941 to 1956.
PirbADE COUNTY SPECIAL TAX SCHOOL DISTRICT NO. 6 (P. 0.
-Morris Mather & Co. of Chicago have
-BOND SALE.
Miami), Fla.
purchased an issue of $30,000 6% school bonds at a premium of $339,
equal to 101.13.
"'DADE COUNTY SPECIAL‘TAX SCHOOL DISTRICT NO. 13
-Of the two issues of 6% school
-BOND SALE.
(P. 0. Miami), Fla.
bonds, aggregating $80,000, offered on Jan. 11-V. 123, p. 3352-850.000
were awarded to a syndicate composed of Prudden & Co. and Spitzer,
EAST ALTON COMMUNITY HIGH SCHOOL DISTRICT NO. 144
-BOND SALE.
-The H. 0.
(P. 0. Wood River), Madison County, 111.
Speer & Sons Co. of Chicago has purchased an issue of 8115.000 5% school
bonds. Date Dec. 151926. Denom. $1,000. Due Dec. 15 as follows:
86.000, 1935 and 1936: $7,000, 1937 and 1938: 38.000, 1939: $15,000, 1940:
$16,000, 1941 anbi 1942, and $17,000, 1943 and 1944. Principal and interest
(J. & D.) payable at the First National Bank,Chicago. Legality approved
by Chapman, Cutler & Parker, Chicago.
-BOND OFFERING.
EAST AURORA, Erie County, N. Y.
-D. N.
Rumsey, Village Clerk, will receive sealed bids until 8 p. m. (Eastern
standard time) Jan. 24 for $9,500 not exceeding 5% registered paving
bonds. Date Jan. 1 1927. Denom. $600 and 81.100. Rate of int.
to be stated in multiples of 3 of 1%. Due Jan. 1 as follows: $600,
1928 to 1941 incl., and $1,100, 1942. Int. payable J. & J. A certified
check on an incorporated bank or trust company for 2% of the par value
of the bonds bid for, is required.
Financial Statement.
Total bonded debt (Incl. this issue)
$489,860
Water debt (incl.)
60,000
Assessed valuation, real estate
5,536,085
Exempt property
84,110
Net assessment
5.471,975
EAST COVENTRY TOWNSHIP SCHOOL DISTRICT (P. 0. Potts-BOND SALE.
town, R. D. No. 3), Montgomery County, Pa.
-The
842,000 434% coupon school bonds offered on June 22-V. 122, p. 3488
were awarded to M. M. Freeman & Co. of Philadelphia at a premium
4.32%. Date July 1 1926.
of $1,070 58. equal to 102.54, a basis of about
Due on July 1 as follows: 15.000. 1931, 1936, 1941 and 1946; 810.000.
1951. and 812.000, 1956.
EDDY COUNTY LOVING SCHOOL DISTRICT NO.10(P.O. Carls-The $25,000 school bonds offered on Jan. 3
bad), N. Mex.-BOND SALE.
-were awarded.to Bonwoll & Co. of Denver as 5%s at
-V. 123, p. 3209
102.40, a basis of about 5.33%. Date Jan. 11927. Due $2,500, Jan. 1
•
1932 to 1936, incl.
-BONDS OFFERED.
ELDORADO, Butler County, Kan.
-H. H.
Hail, Mayor, received sealed bids on Jan. 11 for 8439,471 43407 water
bonds. Dated Jan. 1 1927. Due Jan. 1 as follows: $21,471. on. and
522.000, 1929 to 1947 incl. Interest payable J. & J. Legality approved
by Bowersock, Fizzell & Rhodes of Kansas City.
ELMWOOD PLACE (P. 0. Cincinnati. Hamilton County, Ohio.
-Harry C. Apking, Village Clerk, will receive sealed
BOND OFFERING.
bids until 12 m. Feb. 16 for 850.000 5% storm water sewer bonds. Date
Jan. 1 1927. Denom. $500. Due $2,500, Sept. 1 1928 to 1947, incl.
A certified check for 2% of the bonds bid for payable to the Village Treasurer is required.
EL SEGUNDO HIGH SCHOOL DISTRICT (P. 0. Los Angeles),
-BOND SALE.
-The 11300,000 5%_ school
Los Angeles County, Calif.
bonds offered on Jan. 3-V. 123. p. 3354-were awarded to R. H. Moulton
& Co. of San Francisco at a premium of 89,812. equal to 103.27, a basis
of about 4.65%. Dated Feb. 1 1926. Denom. $1,000. Due Feb. 1 as
follows: $7,000, 1928 to 1931 incl.; 812,000, 1932 to 1952 incl., and $13,000.
1953. Prin. and int. (F. & A.) payable at the County Treasurer's office.
Legality to be approved by O'Melveny, Millikin & Tuller of Los Angeles,
Financial Statement.
Assessed valuation
$13,319,250
Tbtal bonded debt (this issue only)
300.000
Population (est.), 4.500. Debt ratio, 2.25%.
FITCHBURG, Worcester County, Mass.
-TEMPORARY LOAN.
The First National Bank of Boston was awarded a $500,000 temporary
loan on a 3.62% discount basis plus a premium of $17. Due Nov.3 1927.
JAN. 15 1927.]
THE CHRONICLE
403
-BOND SALE.
FORT LAUDERDALE, Broward County, Fla.
Parson. Son & Co. of New York City have purchased an issue of $150,000
6% coupon bridge bonds. Date Aug. 1 1926. These bonds are part of
-when all bids
the $300.000 issue offered on Dec. 21-V. 123. p. 3072
were rejected.
-BOND SALE.
FORT LAUDERDALE, Broward County, Fla.
Parson. Son & Co. of New York City purchased on Jan. 7 an issue of $1,240,000 6% impt. bonds at 95.01, a basis of about 6.48%. Dated Jan. 1
1926. Due Jan. 1 1946.
-The
FORT THOMAS, Campbell County, Ky.-BOND SALE.
-were
$100.000 411% sewer bonds offered on Jan. 10-V. 124, p. 261
awarded to J B. Hilliard & Son of Louisville at a premium of $1,086,
equal to 101.86. Due serially in 5 to 20 Years.
FOSTER COUNTY SCHOOL DISTRICT NO. 5 (P. 0. Melville),
No. Dak.-BOND SALE.-Doyen"Bros. of New Rockford purchased on
Nov. 15 an issue of $5.000 5% school bonds at par. Dated Nov. 15 1926.
Due Nov. 15 1946.
-BOND SALE.
FRAMINGHAM, Middlesex County, Mass.
-The
$450.000 4% coupon memorial building bends offered on Jan. 7-V. 124,
-were awarded to Curtis & Sanger of Boston at 100.632, a basis of
p. 136
about 3.99%. Date Jan. 151927. Due $30.000 Jan. 15 1928 to 1942. incl.
-have not been sold. The bonds will
offered on Jan. 3-V. 123, p. 2929
be re-offered during the early part of May. R. A. Hutchens, Chancery
Clerk.
-BOND SALE.
-The
FRANKLIN COUNTY (P. 0. Columbus), 0.
431% improvement bonds aggregating $127.863 offered on Dec. 30(V. 123.
iao. 3353) were awarded to W.L. Slayton & Co. of Toledo as follows:
13,515 Shields Place road bonds at a premium of $1, equal to 100.02. a
basis of about 4.74%. Due $115 Mar. 1 1928: $400. Sept. I 1928;
$400. Mar. 1 and Sept. 1 1929 to 1931 Incl.; $300. Mar. 11932, and
3400. Sent. 1 1932.
3,900 Ingham Ave. road bonds at a premium of $1 equal to 100.02, a basis
of about 4.74%. Due $300. Mar. 11928: $400. Sept. 1 1928,and
$400. Mar. 1 and Sept. 1 1929 to 1932 incl.
27,284 Schreyer Place East road bonds at a premium of $461, equal to
101.68. a basis of about 4.44%. Due $1.000. Mar. 1 1928; $1,284,
Sept. 1 1928: 31.000 Mar. 1 and Sept. 1 1929 and 1930: $1 000
Mar. 1 and $2.000. Sept. 1 1931 to 1937 Incl.
27,955 Leland Ave. road bonds at a premium of $476. equal to 101.702. a
basis of about 4.43%. Due $955. Mar. I 1928:$1,000. Sept. 11928:
31.000, Mar. 1 and Sept. 1 1929, and $1.000. Mar. 1, and $2,000,
Sept. 1 1930 to 1937 incl.
56.381 Brown Road No. 2 bonds at a premium of $881. equal to 101.56, a
basis of about 4.44%. Due $3.000. Mar. 1 1928: $3.384, Sept. 1
1928: $3.000. Mar. 1 and Sept. 1 1929 to 1933 incl., and $2.000.
Mar. I. and $3,000. Sept. 1 1934 to 1937 Incl.
8,725 Main St. road bonds at a premium of $119. equal to 101.36. a basis
of about 4.47%. Due $225, Mar. 11928; $500. Sept. 1 1928, and
3500. Mar. 1 and Sept. 1 1929 to 1936 incl.
Date Jan. 15 1927.
-BOND OFFERING.
JACKSONVILLE, Duval County, Fla.
-M. W.
Bishop, Secretary of City Cnnunis.sion. will receive sealed bids until 3:30
p. m. Jan. 24 for $300.000 5% street impt. bonds. Date Sept. 1 1926.
Denom. $1,000. Due Sept. 1 1931. Prin. and int. (M. & s.) payable
in Jacksonville or at the fiscal agency in New York City. A certified check,
payable to the City Treasurer. for 2% of the bid required. Legality
approved by Thomson, Wood & Hoffman of New York City.
GARDNER, Worcester County, Mass.
-TEMPORARY LOAN.
-The
First National Bank of Gardner was awarded on Jan. 11 $100.000 temporary
loan on a 3.59% discount basis. Due Nov. 3 1927.
HUNTINGTON (P. 0. Southport), Suffolk County, N. Y.
-BOND
SALE.
-The Bank of Huntington was awarded on Dec. 31 the following
two issues of bonds aggregating 318,250 as 4348 at par:
$8,150 road bonds. Denom. $1,000 and one for $1.150. Due Jan. 2 as
follows: $2.150 1930 and 32.000 1931 to 1933, inclusive.
6.1
10,100 road bonds. Denom. 31.000 and one for 31,100. Due Jan. 2 as
follows: 32,100 1930 and $2,000 1931 to 1934, inclusive.
Date Jan. 2 1927. Principal and interest (J. & J.) payable at the Town
Supervisor's office.
INTERLAKEN (P. 0. Allenhurst), Monmouth County, N. J.
-BOND SALE.
-The $55.000 5% general improvement bonds offered on
Jan. 10 (V. 124. p. 137) were awarded to the-New Jersey Fidelity & Plate
Glass Insurance Co. of Newark at a premium of $311 99. equal to 100.56. a
basis of about 4.94%. Date Dec. I 1928. Due Dec. I as follows: $2,000.
1928 to 19541 ncl., and $1.000. 1955.
IOLA RURAL INDEPENDENT SCHOOL D1STRICT (P. 0. Knox-BOND SALE.
ville, R. R. No, 6) Marion County. Iowa.
-The $2.400
-were awarded to Durham
school bonds offered on May 3-V. 122, p. 2394
& Son of Knoxville, as 5s at par.
.
JOHNSTOWN SCHOOL DISTRICT. Cambria County, paBOND OFFERING.
-J. D. Rutledge, President of Board of Directors, will
receive sealed bids until 7:45 p.m Jan. 17 for $500.000 41.4% coupon or
registered school bonds. Date May 11926. Denom. $1.000. Due May 1
as follows: :517.000. 1928 to 1947. incl , and $16.000. 1948 to 1957. incl.
Legality approved by Townsend, Elliott & Munson or Philadelphia.
A certified check for $5,000 Is required. These are the bonds originally
scheduled for sale Jan. 7-V. 124. p. 137.
KERNERSVILLE, Forsyth County, No. Caro.
-BOND OFFERING.
-J. W. Wooten. Town Secretary, will receive sealed bids until 1 p. m.
Jan. 27 for 3100.000 coupon water bonds. Date Jan. 1 1927. Denom.
31.000. Due Jan. 1 as follows: $2.000. 1928 to 1947. Incl. and 33.000,
1948 to 1967. Incl. Bidders to state rate of interest. Vie bonds will
be prepared under the supervision of the United States Mtge. & Trust Co.,
New York City, which will certify as to the genuineness of the signatures
of the officials and the seal impressed thereon. Prin. and int. (J. & .T.)
payable in gold in New York City. A ccrtiflid check for 2% of the bid
required. Legality approved by J. L. Morehead of Durham.
KINGSVILLE, Kleburg County. Tex.
-BONDS REGISTERED.
The State Comptroller of Texas registered on Jan. 3 an issue of $180.000
5% street Improyement bonds. Due serially.
LAFAYETTE, Tippecanoe County, Ind.
-BOND OFFERING.
Sarah Westfall, member of the Board of School Trustees, will receive
sealed bids until 12 m. Jan. 26 for the following two issues of 434% school
aggregating $157.000:
building bonds.
315.000 Tippecanoe school building bonds. Due $7,500 July 15 1928 and
GARFIELD HEIGJITS(P.O. Bedford), Ohio.
-BOND OFFERING.
Herman Bohning, Village Clerk, will receive sealed bids until 8 p. m.
Feb.8 for $53,073 5% street improvement (village's portion coupon bonds.
Date Nov. 1 1926. Denom. $1,000 and one for $73. Due Nov. 1 as
follows: $3.073 1928, $3.000 1929 to 1932, incl., $4.000 1933, $3,000 1934
to 1938, Incl.; $4,000 1939 and $3,000 1940 to 1944, inclusive. Principal
and interest (NI. & N.) payable at the Central National Bank, Cleveland.
5
LO'ng1 ja
0
A certified check for 57 of the amount of bonds bid for, payable to the 142,000 3 5°ois s%o 1o1 building bonds. Due 37.500 July 15 1929: 37.500
Jan. 15 and July 15 1930: 37.500 Jan. 15 and 38.000 July 15 1931;
Village Treasurer, Is required.
38.000 Jan. 15 and July 15 1932; $8.000 Jan. 15 and 310.000 July
GEORGETOWN, Scott County, Ky.-BOND OFFERING.
-Z. L.
15 1933; 310,000 Jan. 15 and July 15 1934: 310.000 Jan. 15 and
Meyers, Mayor, will receive sealed bids until 1:30 p. m. Feb. 1, for 350.000
July 15 1935:310,000 Jan. 15 and July 15 1936 and 310.000 Jan. 15
43.4% sewerage bonds. Donom. $500. A certified cheek for $100,required.
1937.
Date Jan. 15 1927. Denom.$500. Int. payable semi-annually. A cerGEORGETOWN, Georgetown County, So. Caro.
-CERTIFICATE tified check for 1% of the total value of the bonds bid for is required.
SALE.-Seasongood & Mayer of Cincinnati have purchased an issue of
LAKE ARTHUR, Chaves County, N. Mex.-BOND SALE.--Oray
$50,000 534% paving certificates. Date May 1 1026. Denom. $1,000.
Due $5,000 May 1 1927 to 1936 incl. Prin. and int. (M. & N.) payable Emery, Vasconcells & Co. of Denver have purchased an issue of 312.000
at the National Park Bank, N. Y. City. Legality approved by Caldwell 6% water works bonds at par. Date May 1 1926. Due May 1 1956;
& Raymond, N. Y. City.
optional after May 1 1946. These are the bonds offered on June 3-V.
122, p. 2692.
Actual value taxable property
35.000.000
LAKE JONITA (P. 0. San Antonio), Pasco County, Fla.
Assessed valuation
-BOND
1.770,795
-The J. B. McCreery Co. of Atlanta has purchased an issue of $55,'Total indebtedness
281,838 SALE.
Water and electric light
060 6% water works bonds at 97.10.
$89,100
Sinking fund
15,391
LAMAR AND DELTA COUNTIES LEVEE IMPROVEMENT DISNet debt
177,347
-BONDS OFFERED.
TRICT NO.2(P. 0. Paris), Tex.
-Sealed bids were
Population, 1920 census, 4,579; present official estimate, 5.000.
received by the Secretary Board of Directors on Jan. 13 for 3210,000 6%
HAMBLEN COUNTY(P.O. Morristown),Tenn.
-BOND OFFERING. levee improvement bonds. Due serially in 30 years.
-T. R. Brooks, Chairman County Court. will receive sealed bids until
LEE COUNTY SPECIAL TAX SCHOOL DISTRICT NO. 1 (P. 0.
10 a. m. Jan. 29 for $105,000 highway bonds. Dated Jan. 1 1927. Due
-BOND SALE.
-Of the $859.000 6% school bonds
Jan. 1 as follows: $5,000. 1930:$10,000 1935:$15,000, 1940:320.000, 1945; Fort Myers), Fla.
offered on Dec. 9-V. 123, p. 2806-3400.000 were awarded to C. W.
325.000. 1950, and $30,000, 1955. Interest payable J. & J.
McNear & Co. of Chicago at 102.62, a basis of about 5.74%. Dated
HARRIS COUNTY (P. 0. Houston), Tex.
-BONDS REGISTERED. May 11926. Due May 1 as follows: 312,000. 1929 to 1932 incl.; 1934 to
-The State Comptroller of Texas registered in Jan. 3 the following two 1937 incl., and 1939 to 1942 incl.; 313.000. 1933. 1938 and 1943; $14.000.
Issues of bonds. aggregating $1,511,000:
1944 to 1947 incl.;$16.000, 1948 and 1950:317,000, 1949 and 1951; 318.000.
$1,500,000 5% special road bonds.
1953; 319.000. 1953 to 1955 incl., and $20,000, 1956. This corrects the
11.000 5 Vi% special road bonds.
report given In V. 123, p. 3211.
Due serially.
LEICFSTER. Livingston County, N. Y.
-BOND OFFERING.
HAVERHILL, Essex County, Mass.
-TEMPORARY LOAN.
-The Charles L. Welch, Town Clerk, will receive sealed bids until 7:30 p. in.
First National Bank of Boston was awarded Jan. 13 on a 3.605% discount Jan. 17 Iv $8,500 coupon town bonds. Date Feb. I 1927. Denom.
obasis plus a premium of $6 a $200,000 temporary loan. Date Jan. 14 1927. 31.700. Due 31.700 Feb. 1 1928 to 1932 incl.
Notes will be certified as to genuineness and validity by the First National
LIBERTY TOWNSHIP CENTRALIZED SCHOOL DISTRICT (P.O.
Bank of Boston, under advice of Ropes, Gray,Boyden & Perkins of Boston.
Findlay), Hancock County,0.
-BOND SALE.
-The 312,0005%
HEMPSTEAD AND NORTH HEMPSTEAD CENTRAL HIGH improvement bonds offered on May 1 (V. 122. p.2533) were awarded school
to the
SCHOOL DISTRICT NO. 2 (P. 0. Hempstead) Nassau County, First Citizens Corp. of Columbus at a premium of $108, equal to 100.90,
N. Y.
-BOND SALE.
-The $76.000 school coupon or registered bonds a basis of about 4.75%. Date May 1 1926. Due each six months as
offered on Jan. 10 (V. 124, p. 137) were awarded to the First National follows:$1,000, April 1 1927 to Oct. 1 1932 incl.
Bank of Floral Park as 43.s at 101.139, a basis of about 4.20%. Date
LINCOLN SCHOOL DISTRICT, Lancaster County, Neb.-BOND
Feb. 11927. Due Feb. 1 as follows: 312,000. 1928 and 316,000, 1929 to
SALE.
-The 3500.000 school bonds offered on Jan. 7-V. 124, p. 138
1932, incl.
were awarded to a syndicate composed of the Detroit Trust Co. of Detroit,
-BONDS NOT SOLD.
HIALEAH, Dade County, Fla.
-We are in- the First National Co. of St. Louis, Taylor, Ewart & Co. of Chicago.
City Clerk, that the $500.000 6% improvement and Ware. Hall & Co. of Omaha as 4315 at a premium of $703, equal to
formed by A. 0. Roberts,
100.14. Duo serially in 1 to 40 years.
bonds offered on Aug. 30 (V. 123, p. 1007) have not been sold.
Other bidders were:
-NOTE SALE.
HOLGATE, Henry County, Ohio.
Bidders-The $4.410 76
Amt. Bid On.
Premium.
6% net deficiency notes offered on Jan. 9(V. 124, p. 137) were awarded to E. H. Rollins & Sons; A. G. Becker &
the Farmers' State Bank of Holgate at roar. Date Nov. 1 1926. Due
Co., and the Minton, Lampert Co.,
April 1 1927. $441 Oct. 1 1927 and
-each six months as follows: $441 76
all of Chicago
$500,000
$11,373
$441 April 1 and Oct. 1 1928 to 1931 incl.
C. W. McNear & Co., and Bosworth,
Chanute, Loughridge & Co., of
SCHOOL DISTRICT NO.29(P.O.O'Neill), Neb.HOLT COUNTY
Denver
11395805
BOND SALE.
-The State of Nebraska purchased during November an Halsey, Stuart & Co.. of Chicago..... 500,000
issue of $27,000 434% refunding bonds. Dated Nov. 1 1926. Due Nov. 1 W. A. Harriman & Co. of New York 500,000
1946; optional any interest date.
City; Stern Bros. of Kansas City.
Mo., and the Omaha National Bank
-BIDS REJECTED.
HOLLYWOOD, Broward County, Fla.
-We are
of Omaha
12,645
Anformed by C. C. Freeman, City Manager, that all bids were rejected Continental & Commercial Trust & 500,000
for $2,000,000 6% municipal improvement bonds offered on Jan. 8Savings Bank of Chicago; The Wil- 1500,000
13.283
The bonds will be disposed of at private sale.
V. 124. p. 137.
l
ham R. Compton Co. of St. Louis, 344,000 as 434st
to
241
and the Omaha Trust Co. of Omaha1156.000 as 4s J
HOLYOKE, Hampden County, Mass.
-TEMPORARY LOAN.
260,000 as 434s)
27
The First National Bank of Boston was awarded on Jan. 13 a $600,000 The First Trust Co. of
Lincoln
240.000 as 4;1'0
temporary loan on a 3.62% discount basis, plus a premium of $14. Date
500,000 as 4345
9,165
Jan. 13 1927. Due Nov. 9 1927.
0 5
500,000 as 43is (discount of 5 659
13 0
:
500,000
HOOD RIVER COUNTY SCHOOL DISTRICT NO. 3 (P. 0. Hood The United States
Trust Co. of Omaha 356.000 as 434s1
-The $89,000 school bonds offered on Jan. 7
-BOND SALE.
River), Ore.
isi
04 0 0 as 41
4 :00 0
0
-were awarded to Ferris & Hardgrove of Spokane and the
-V.123, p.3210
1
5.75
6°
0
Ralph Schneeloch Co. of Portland jointly as 4 Us at 100.43, a basis of about The Lincoln Trust Co. of Lincoln-If 5
payment is made in New York City1 500,000 as 434s
4.250
4.68%. Dated Jan. 11927. Due Jan. 1 as follows: $12,000. 1932 to 1936
500.000 as 4s (discount of 5.900
incl.; 313.000, 1937 and 1938, and 33,000, 1939.
The above bids, except those specifically noted, were for 434% bonds.
HUMPHREYS COUNTY SUPERVISORS DISTRICT NO. 2 (P. 0.
LINCOLN COUNTY (P. 0. Star City), Ark.
-PRICE PAID
-BONDS NOT SOLD.
-The $40,000 5% road bonds DESCRIPTION.
Belzoni), Miss.
-The price paid for the $118.000 coupon funding bonds
404
THE CHRONICLE
purchased by the Merchants & Planters Title Investment Co. of Pine
Bluff
-V. 124, p. 138
-was a premium of $2,500, equal to 102.11. The
bonds bear interest at the rate of 5%% and are described as follows: Date
Dec. 1 1926. Denom. $1,000. Due serially. Interest payable J. & D.
LONG BEACH, Nassau County, N. Y.
-BOND SALE.-Fairservis &
Co.of New York were awarded on jan. 11 the following bonds, aggregating
$120.500:
$75,000 general municipal fire series No. 5 bonds as 5%s at 100.219-a
basis of about 5.23%. Due $5,000 July 1 1936 to 1950, inclusive.
Legality to be approved by Clay & Dillon, New York.
45,500 sewer assessment series "G" bonds. Denom. $1,000 and $375.
Due $11,375 Jan. 1 1928 to 1931. inclusive.
5,000 sewer assessment, series "H" bonds. Denom. 81,000 and $250.
Due $1,250 Jan. 1 1928 to 1931, inclusive.
The above three issues of bonds were sold as 6s at 100.09-a basis of about
5.96%. Date Jan. 11927.
McINTOSH SPECIAL TAX SCHOOL DISTRICT NO. 2 (P. 0.
Ocala), Marion County, Fla.
-BOND SALE.
-The Munroe & Chambliss
National Bank of Ocala has purchased an issue of $30.000 5%% school
bonds at par. Dated July 11925. Due July 1 as follows: $1,000, 1928 to
1942 incl.; $2,000. 1943 to 1949 incl., and $1,000. 1950. These are the
bonds offered on April 20-V.122, p. 1662.
McKENZIE COUNTY (P. 0. Schafer), No. Dak.-BOND SALE.
Brewer. Brown & Co. and Paine, Webber & Co., both of Minneapolis,
jointly, purchased an issue of $85,000 5%% bridge bonds.
MeMINNVILLE, Yamhill County, Ore.
-BOND SALE.
-E. H.
Rollins & Sons of Portland have purchased an issue of $25,000 5% refunding
bonds at 101.41.
MACOMB, McDonough County, 111.
-BOND SALE.
-The Continental & Commercial Trust & Savings Bank of Chicago has purchased an issue
of $100,000 water works system additional bonds.
[VOL. 124.
City, jointly, in V. 124, p. 263, was a premium of $3,375, equal to
a basis of about 4.08%. Date Jan. 1 1927. Due Sept. 6 1927. 100.19.
Other
bidders were:
BiddersPremium.
Chemical National Bank,N. Y.City; Redmond & Co.,N.Y.City $5500
Old Colony Corp., Boston; Blair & Co., N. Y. City; Commerce
Securities Co., Memphis
2,62500
Smith. Moore & Co.: St. Louis; International Trust Co., Denver;
First National Co., St. Louis
2,557 00
F. S. Moseley & Co., Boston
2.369 50
Bankers Trust Co., N. Y. City; Union & Planters Bank & Trust
Co., Memphis
1.61250
Continental & Commercial Trust & Savings Bank of Chicago;
Illinois Merchants Trust Co.. Chicago
1,32700
MIAMI, Dade County, Fla.
-BOND SALE.
-Eldredge & Co. of New
York City have purchased privately an issue of $1,200,000 5% impt.
bonds. Coupon bonds registerable as to principal. Date Dec. 1 1926.
Denom. $1,000. Due Dec. 1 as follows: $30,000, 1937: $193,000,1928 to
1932, incl.; $192,000, 1933. and 813,000, 1934. Prin. and int. (J. & D.)
payable at the United States Mortgage & Trust Co., New York City.
Financial Statement.
Assessed valuation (1926)
$389,648,391
Net bonded debt
13,190,297
Population (Census 1926). 131,286.
MILTON, Wayne County, Ind.
-BOND SALE.
-The 88.550 5%
coupon water works plant system bonds offered on June 14-V. 122, p.
3372
-were awarded to Adelbert P. Flynn of Logansport at par. Date
June 14 1926. Due each six months as follows: $500, Jan. 1 1947; $1,000,
July 11947; 8500,000, Jan. 11948; $1,000. July 11948; $500, Jan. 11949;
31,000, July 1 1949: $500, Jan. 1 1950; $1.000, July 1 1950 to July 1 1951.
Inclusive,
MILWAUKEE COUNTY (P. 0. Milwaukee), Wis.-BOND OFFER/NO.
-Patrick McManus, County Treasurer, will receive sealed bids until
11 a. m.Jan.27for $1.200,000 4%% Metropolitan sewerage bonds. Dated
June 15 1926. Denom. $1.000. Duo $120,000 June 15 1937 to 1946 incl.
Prin. and int. (J. & J.) payable at the office of the abbve-named official.
MINNEAPOLIS, Hennepin County, Minn.
-BOND OFFERING.
Dan C. Brown, City Comptroller, will receive sealed bids
D• In.
Jan. 26 for 81.131.05642 not exceeding 5% special street until 2bonds.
impt.
Dated Feb. 1 1927. Denoms. $50, $100. $500 or $1.000. at option of
purchaser. Due Feb. 1 as follows: $80,056 42; 1928, $80.000, 1929 and
1930; $81,000, 1932; $70,000, 1933 to 1937 incl., and $38,000, 1938
incl. Interest payable F.& A. A certified check, payable to C. A.to 1947
Bloomquist, City Treasurer, for 2% of the bid required. Legality approved by
Thomson. Wood & Hoffman, New York City.
MISSION INDEPENDENT SCHOOL DISTRICT, Hidalgo County,
Tex,
-BOND SALE.
-C. H. Meyers & Co. have purchased an issue of
885.0005% school bonds at 102.94, a basis of about 4.7.5%. Due $2,000.
1928 to 1957. Incl., and $2,500, 1958 to 1967, incl.
•
MONROE COUNTY (P. 0. Key West), Fla.
-BOND OFFERING.
D.Z. Filer, Clerk Board of County Commissioners, will receive sealed bids
until 8 p. m. Jan. 29 for the following two issues of 53 % road and bridge
bonds aggregating $340,000:
$202,000 road bonds. Due June 1 as follows: $5,000. 1936 to 1945 incl.;
$7000, 1946 to 1954 incl., and $89,000. 1955.
MADISON COUNTY (P. 0. London), Ohio.
-BOND OFFERING.138,000 bridge bonds. Due June 1 1955.
Lamar P. Wilson, County Auditor, will receive sealed bids until 12 m.
Dated June 11925. Denom. $1,000. Prin. and
Jan. 24 for 850.744 13 5% Springfield-Washington I. C. H. No. 197„ in gold at the National Bank of Commerce, N. Y. int. (J. & D.) payable
City. A certified check
Sections 0. P and South Solon bonds. Date Feb. 15 1927. Denoms. for 2% of the bid required. Legality approved
by Thomson, Wood & Hoff81,000. 8500 and one for $1,744 13. DUO Feb. 15 and Aug. 15 as follows: man. New York City.
$3,744 13, and 83.000, 1928: and $2,500 and $3,000 1929 to 1936, inclusive.
Interest payable F. & A. A certified check for 5% of the amount of bonds Pr MONTEREY PARK, Los Angeles County, Calif.
-BOND
bid for is required.
The California Securities Co. of Los Angeles has purchased anSALE.of
issue
8180,000 municipal water extension bonds, taking $90,090 as ss, maturing
MADISON PARISH SCHOOL DISTRICT NO. 2 (P. 0. Tallulah), t
6,000 Feb. 1 1937 to 1951 incl.,
-BOND SALE.
La.
-The Hibernia Securities Co. of New Orleans has Feb. 1 1937 to 1951 incl. Dated and $90,000 as 4%s, maturing $6,000
Feb. 1 1927. Int.
purchased an Issue of $100.000 5% school bonds. Date Sept. 1 1926. Legality to be approved by O'Melveny, Millikin &'Pullerpayable F. & A.
of Los Angeles.
Denom. $500. Due Sept. 1 as follows: 85,000, 1927 to 1931, Incl.. $6,000,
Financial Statement.
1932 to 1934, incl, $7,000, 1935 and 1936; $8.000, 1937 to 1939, incl., Estimated real valuation
$8,000,000
and $9,000, 1940. Prin. and I.
(M.& S.) payable at the Hanover National Assessed valuation '(1926)
4,267,795
Bank, New York City. Legality approved by Wood & Oakley of Chicago. Total debt (including this issue)
405,000
Water bonds
Financial Statement
405,000
Estimated population, 1926
- - •8,000
Estimated actual value taxable property
$20.000,000
Assessed valuation (1925)
11,50' -9
MONTEZUMA COUNTY SCHOOL DISTRICT NO. 29 (P. 0. McTotal bonded debt (this issue only)
100,000 Pherson), Colo.
-BOND SALE.-Benwell & Co. of Denver have purPopulation (1920 Census). 10,828: present (est.), 15,000.
chased an issue of $5,000 5% school bonds.
MAMARONECK SEWER DISTRICT NO. 1 (P. 0. Mamaroneck), "'MONTGOMERY
COUNTY (P. 0. Dayton), 0.
-BOND SALE.
-The
Westchester County, N. Y.
-BOND SALE.
-The 8150.000 coupon or
registered sewer bonds offered on Jan. 12 (V. 124, p. 263) were awarded to $320,000 5% bridge construction bonds offered on Jan. 12-V. 123, p. 3355
were awarded
Harris, Forbes & Co. of New York City as 4%s at 100.719-a basis of about Due Jan. 1 asto the Detroit Trust Co. of Detroit. Data Jan. 1 1927.
follows: $13,000 in 1928 to 1931, incl.; 812.000 In 1932:
4.21%. Date Jan. 1 1927. Due $6,000 Jan. 1 1952 to 1976, inclusive.
$13,000 in 1933 to 1936, incl.; $12,000 in 1937: $13,000 in 1938 to 1941,
incl.; $12,000 in 1942; $13.000 in 1943 to 1946, incl.; $12,000 in
MANSFIELD, Richland County, 0.
1947;
-BOND SALE.
-The $23.400
534% storm sewer bonds offered on Jan. 10(V. 123. p.3354) were awarded $13,000 in 1948 to 1951, incl.. and $12,000 in 1952.
to Blanchett. Bowman & Wood of Toledo at a premium of $175. equal to
MONTGOMERY COUNTY SEPARATE ROAD DISTRICT NO. 3
100.74. a basis of about 5.35%. Date Jan. 1 1927. Due $1.500 April 1 (P. 0. Winona),
-BOND DESCRIPTION.
-The $250,000 highway
and $1,000 Oct. 1 1928 to 1934, incl., $1,000 April 1 and Oct. 1 1935; bonds awarded to Miss.
$1,000 April 1 and Oct. 1 1936; $1.000 April 1 1937, and $900 Oct. 1 1937. the First National the Winona Planters Bank & Trust Co. of Winona and
Bank of Memphis at par
-V. 124,
-bear
at the rate of 5%% and are described as follows: p. 263 Dec. interest
Dated
MARGATE CITY, Atlantic County, N. J.
1 1926.
-BOND SALE.
-The Denom. $500.
$100.000 6% tax revenue coupon or registered bonds offered on Jan. 6- to 1941 incl., Due as follows: $5,000, 1927 to 1931 Incl.; $10,000. 1932
and $12,500, 1942 to 1954 incl. Prin. and int. (J. & D.
-were awarded to R. M. Grant & Co. of New York as 5s payable at the
V. 124, p. 138
Hanover National Bank,New York City. Legality approved
at par. Date Dec. 311926. Due $50,000 Dec. 31 1927 and 1928.
by Charles & Rutherford of St. Louis.
MARION, Perry County, Fla.
Financial Statement.
-BOND SALE.
-The 310.000 6% coupon street hnpt. bends, offered on Jan. 3-V. 124, p. 138
-were awarded Estimated value taxable property
$5,000,000
to I. B. Tigrett & Co. of Jackson at 102.02. Date Jan. 1 1927. Due Assessed valuation taxable property
2,663.645
Total bonded debt
serially, Jan. 1 1928 to 1957, incl.
250,000
Population, 1920 Census
7.948
MARSHALL, Madison Ccunty, No. Caro,
-BOND OFFERING.
NEWBERN, Dyer County, Tenn.
-BOND OFFERING.
C. L. Rudisill, Town Clerk. will receive sealed bids until 1 p. m. Feb. 8
-W. S. Cole.
street bonds. Due serially in 20 years. A certified check, Mayor, will receive sealed bids until 2p. m. Jan. 27 for $40,000 6% refundfor 365.000
ing bonds. Dated Feb. 1 1927. Due Feb. 11947. Prin. and int.(F.&
payable to the Town Treasurer. for $1,300 reauired.
A.)
payable at the Chemical National Bank of New York City. A certified
MASSENA UNION FREE SCHOOL DISTRICT NO. 1 (P. 0. Mas- check payable to the town for $1.000 required.
sone), St. Lawrence County, N. Y.
-BOND SALE.
-The $17,000 4 J5%
school bonds offered on Dec. 28(V. 123, D. 3354) were awarded to George
NELSON, Nuckolls County, Neb.-BOND SALE.
-The State of
Nebraska purchased during November an issue of $17,000 5% refunding
P. Mathews at par. Date Jan. 1 1927. Due $1,000, 1928 to 1944 incl.
bonds. Dated Aug. 1 1926. Due Aug. 1 1946; optional Aug. 1 1938 to
MEAD, Saunders County, Neb.-BOND SALE.
-The State of Ne- 1945 incl
braska purchased during November an issue of$8,5004%% refunding bonds
Dated Nov. 15 1926. Due serially Nov. 15 1931 to 1946 incl.
NEW BREMEN, Auglaize County, 0.
-BOND SALE.
-The $8.480
6% coupon fire engine and equipment bonds offered on Jan. 7-V. 123.
MEDINA COUNTY (P. 0. Medina), Ohio.
-BOND OFFERING.
- p• 3211-were
Louis Garver, Clerk Board of County Commissioners, will receite sealed 3412 25, equal awarded to the Herrick Co. of Cleveland at a premium of
to 104.86. a basis of
bids until 10 a. m. Jan. 31, for the following two issues of 53 % coupon Due Nov. 1 as follows: 81.480, 1928. about 4.98%. Date Nov. 1 1926.
and $1,000, 1929 to 1935, incl.
Sewer District No. 1 special assessment improvement bonds aggregating
$42,000:
NEWPORT, Newport County, R. I.
-TEMPORARY LOAN.-Balo$24,000 water supply bonds. Denom. 81,000. Due Oct. 1 as follows: mon Bros. &
Hutzler of Boston were awarded on Jan. 6 a $200.000 tempo$1,000, 1928 to 1930 Incl.; $2,000, 1931; $1.000. 1932 to 1934 incl.:
32,000, 1935: 81,000, 1936 to 1938 incl.; 82.000, 1939:81.000, 1940 rary loan on a 3.69% discount basis, plus a premium of $4. Date Jan. 10
to 1942 incl.:82.000.1943;81,000,1944 and 1945,and $2,000, 1946. 1927. Due Sept. 2 1927. Legality approved by Ropes, Gray, Boyden &
18,000 sewerage bonds. Denom. $500. Due Oct. 1 as follows: $500. Perkins of Boston.
1928 and 1929, and 81,000. 1930 to 1946 incl.
NEW SEWICKLEY TOWNSHIP (P. 0. Rochester), B
County,
Date Mar. 1 1927. Prin. and int. (A. & 0.) payable at the County
-BOND SALE.
-The 852,500 5% coupon township bonds offered on
Treasurer's office. A certified check for 1% of the amount of bonds bid Pa.
May 29-V. 122, p. 2992
-were awarded to the First National Bank of
for, payable to the County Treasurer, is required.
Ellwood City at a premium of $1.679 48, equal to 103.19, a basis of about
-BOND SALE.-LIttle. 4.66%. Date May 2 1921. Due on May 2 as follows: $1.500, 1927;
MEIGS COUNTY (P. 0. Decatur), Tenn.
Wooten & Co. of Jackson have purchased an issue of $10,000 road bonds. $2,000. 1928 to 1931,incl.: 82.500, 1932;$2,000. 1933:$2.500. 1934: $2,000.
1935; 82.500. 1936; $2,000. 1937: 82.500. 1938 to 1945. incl.; $2.000..1946
-TEMPORARY LOAN-The and 1947; 82.500. 1948, and $1.500, 1949 and 1950.
MELROSE, Middlesex County, Mass.
temporary loan offered on Jan. 12-V. 124, p. 263
-was awarded
$200,000
NEWTON, Harvey County, Kan.
-BOND DESCRIPTION.
to the Old Colony Corp. of Boston on a 3.64% discount basis, plus a
-The
$124,000 43' % bonds purchased by the A.O.U.W. of Kansas at
premium of $2 75. Due $100,000 July and Nov. 15 1927.
-V. 124. p. 263-a basis of about 4.49%, are described as follows: 100.01
Tenn.
-PRICE PAID
-BIDS.
MEMPHIS,Shelby County,
-The price $71.600 street resurfacing bonds. Due $7,160. 1927 to 1936 incl.
paid for the $1,250,0ffl 4%% coupon revenue notes, series of 1926, awarded
52,400 internal impt. bonds. Due $5,240. 1927 to 1936 incl.
Dated Aug. 1 1926. Denom. $1,000. $940. $220 and $50.
to the First National Bank and Salomon Bros. & Hutzler, both of New York
MADEIRA, Hamilton County, 0.
-BOND SALE.
-The following
eight issues of6% coupon special assessment bonds aggregating 825.854 29
offered on Dec. 20 (V. 123. p 2929) were awarded to A. E. Aub & Co. of
Cincinnati at a premium of $1.144.
equal to 104.42,a basis of about 4.499%:
$5,592 31 Fowler Ave.improvement bonds. Denom.$695,one for 8727 31.
Due Sept. 1 as follows:$727 31, 1928. and $695. 1929 to 1935 incl.
4,669 48 Wallace Ave. impt. bonds. Denom. $580 and one for $609 48.
Due Sept. 1 as follows: $609 48, 1928, and $580, 1929 to 1935 incl.
4,994 60 Summit Ave. Impt. bonds. Denom. $620 and one for $654 60.
Due Sept. 1 as follows: $654 60,1928. and $620, 1929 to 1935 incl.
3,077 70 Mayfield Ave. impt. bonds. Denom. 8385 and one for $382 70.
Due Sept. 1 as follows:$382 70. 1928, and $385, 1929 to 1935 Ind.
2,220 33 Laurel .Ave. grading bonds. Denom. $275. one for $295 33.
Due Sept. 1 as follows:$295 33, 1928. and $275, 1929 to 1935 incl.
1,408 16 Laurel Ave. sidewalk bonds. Denom.$280 and one for $288 16.
Due Sept. 1 as follows: $288 16. 1928, and $280, 1929 to 1932 incl.
2.37085 Southsicle Ave. grading bonds. Denom. $295 and one for
$305 85. Due Sept. 1 as follows: $305 85, 1928, and $295, 1929
to 1935 incl.
1.520 86 Southside Ave. sidewalk bonds. Denom. $300 and one for
$320 86. Due Sept. 1 as follows: $320 86. 1928, and $300, 1929
to len Incl.
Date Dec. 15 1926.
JAN. 15 1927.]
TAP
CHRONICLE
405
NOBLE SCHOOL TOWNSHIP (P. 0. Wabash), Wabash County,
RICES LANDING, Greene County,Pa.
-BOND OFFERING.
-W.•.&.
Ind.
-BOND SALE.
-The $15,000 434% school bonds offered on Dec. 27 Young, President of the Town Council, will receive sealed bids until 7.30
(V. 123, p. 2930) were awarded to the Lafontaine Bank of Lafontaine at a p. m. Feb.5 for $28,000
% coupon or registered refunding and improveremium of $410, equal to 102.73, a basis of about 4.10%. Due June 1 as ment bonds. Date Jan. 1 1927. Denom. $1,000. Due $2.000 Jan. 1
ollows: $1,000. 1928 to 1940 incl., and $2,000. 1941.
1932 to 1945, inclusive. Principal and interest (J. & J.) payable at the
Rices Landing National Bank, Rims Landing. Legality approved by Saul.
NORRISTOWN SCHOOL DISTRICT, Montgomery County, Pa.
- Ewing, Remick & Saul, of Philadelphia. A certified check for 1% of the
BOND OFFERING.
-H. R. Kratz, Secretary Board of Directors, will re- par value of the bonds bid for, is reared.
ceive sealed bids until 8 p. in. Jan. 21 for $6000004 % coupon junior high
-BOND SALE.
-The'three
school bonds. Date Mar. 1 1927. Denom. $1.000. Due $120,000 04 RIDGEWOOD, Bergen"County, N. J.
Mar. 11937, 1942. 1947, 1952 and 1956. Legality approved by Townsend, Issues of coupon or registered bonds, aggregating $773,000, offered on
-were awarded as follows:
Elliott & Munson,Philadelphia. A certified check for 2% of bid is required. Jan. 11-V. 124, p. 139
1443.000 ($452.000 offered) 434% water bonds to the National City Coirof
New York, paying 1452.170 10, equal to 102.07, a basis of about
NORTH EAST UNION FREE SCHOOL DISTRICT NO, 6 (P. 0.
4.33%. Due $10,000 1927 to 1952. incl.; $12,000. 1953; $15,000.
Millerton), Dutchess County, N. Y.
-BOND SALE.
-The $145,000
1954 to 1964, incl., and 16.000. 1965.
school coupon or registered bonds offered on Jan. 11 (V. 124, p. 139) were
227,000 ($235,000 offered) OS% impt. bonds to Lehman Bros. and E. H.
awarded to the Anglo-London-Paris Co. of New York as 4.40s at 100.15.
Rollins & Sons, both of New York, jointly, paying $235,501 90,
a basis of about 4.39%. Date Jan. 11927. Due Jan. 1 as follows: $1,000.
equal to 103.74. a basis of about 4.41%. Due 17,000, 1927 to
1929 and 1930; $2,000, 1931 to 1938 incl.; $3.000. 1939 to 1947 incl., and
1941, incl.; 110,000, 1942 to 1954, incl., and $2,000. 1955.
$5,000. 1948 to 1967 incl.
103,000 ($105,000 offered) 5% assessment bonds to Rutter & Co., BatchNUECES COUNTY DRAINAGE DISTRICT NO, 2 (P. 0. Corpus
elder, Wack & Co. and Redmond & Co.. all of New York, and
-BIDS REJECTED.-Jesse Wright, County Judge,informs
Christi), Tex.
Rufus Waples & Co. of Philadelphia, jointly, Paying $105,609,
us that all bids were rejected for the $30,000 5% drainage bonds offered
equal to 102.53, a basis of about 4.54%. Due $10,000, 1927 to
on Jan. 1-V. 123. P. 3355.
1936, incl., and $3,000. 1937-st_Sid ai
Date Dec. 1 1926.
6[
OAKDALE IRRIGATION DISTRICT (P. 0. Oakdale), Stanislaus
-BOND SALE.
-The $50,000 coupon irrigation bonds
County, Calif.
ROCKY RIVER, Cuyahoga County, Ohio.-EOND OFFERING.
-were awarded to the First National Frank Mitchell, Village Clerk, will receive sealed bids until 12 m. Feb. 15
offered on Jan. 6-V. 123. p. 3212
Bank of Oakdale at a roremium of $100 70, equal to 100.20. Date Jan. 1 for 14.651 5% storm sewer bonds. Denom. $500. except one for $151.
1924. Denom. $1.000. Due serially Jan. 1 1930 and 1931. Interest Due Oct. 1 as follows: $151, 1928:1500. 1929 to 1934 incl., and $1,000, 1936.
payable J. & J.
Int. payable A.& 0. A certified check for 10% of the amount of bonds bid
-BOND OFFERING.
- for, payable to the Village Treasurer, is required.
PP OAKVILLE, Grays Harbor County, Wash.
0.L. Vaughan,Town Clerk, will receive sealed bids until 7:30 p.in. Jan. 28
ROCKY RIVER SCHOOL DISTRICT (P. 0. Rocky River), 0.
for $20,000 not exceeding 6% coupon water system bonds. Dated Jan. 1 BOND OFFERING.
-F. L. Gruehl, Clerk of Board of Education.lwill
1927. Denom. $1,000. Due $1,000, Jan. 1 1933 to 1952 incl. Prin. and receive sealed bids until 12 m. Jan. 24 for $350.000 5% school bonds.
Int. (J. & J.) payable at the Town Treasurer's office. A certified check for Date April 1 1926. Denom. $1,000. Due Oct. 1 as follows: $14.000.
5% of the bid required.
1927:115.000. 1928; 114.000. 1929: $15,000, 1930 and 1931; 614.000, 1932;
-BOND SALE.
OCALA, Marion Couniy, Fla.
-The $128,000 6% $15.000, 1933 and 1934; $14,000. 1935;.$15.000, 1938 and 1937; $14,000.
Improvement bonds offered on Jan. 4-V. 123, p. 3212-were awarded to 1938: 115.000. 1939 and 1940; 114,000, 1941: $15,000. 1942 and 1943:
Baker & Foulks of Ocala. Date Jan. 1 1927. Due Jan. 1 as follows: $14,000, 1944; $15,000. 1945 and 1948; $14.000, 1947; $15,000. 1948 and
$12,000, 1928 to 1932, incl., and 1934 to 1936, incl., and $16,000. 1933 to 1949. and 113.000, 1950. Prin. and int.(A. & 0.) payable at the office of
the Clerk of Board of Education. A certified check for 5% of the amount
1937, incl.
of bonds bid for, payable to the Board of Education, is required.
-BOND SALE.
OPELIKA,Lee County, Ala.
-Caldwell & Co.of NashROPESVILLE INDEPENDENT SCHOOL DISTRICT, Hockley
ville purchased on Aug. 23 an issue of $50,000 6% coupon city bonds.
-BONDS REGISTERED.
-The State Comptroller of
Dated Sept. 1 1926. Denom.$1,000. Due Sept. 11936. optional $10,000 County, Tex.
Texas registered on Jan. 5 an issue of $75,000 5% school bonds. Due
1931 incl. This corrects the report given In V. 124, p. 139.
1927 to
serially.
ORANGE COUNTY SPECIAL TAX SCHOOL DISTRICT NO. 26
-BOND OFFERING.
ROSS COUNTY (P. 0. Chillicothe), 0.
-BOND SALE.
-The $105.000 6% school bonds
(P. 0. Orlando), Fla.
offered on Jan. 4-V. 123, p. 3212
-were awarded to W. L. Slayton & Co. Robert T. Weaver, Clerk of Board of County Commissioners, will receive
of Toledo and John Nuveen & Co. of Chicago, jointly, at a premium of sealed bids until 12 m.Jan. 24 for 124.6005% bridge bonds. Date Dec.20
$203, equal to 100.19, a basis of about 5.98%. Date Aug. 11926. Due 1926. Denom. $1,000, one for $600. Due Jan. 2 as follows: &3,000.
1929 to 1935. incl., and $3.600, 1936. Prin. and int. (J. & J.) payable at
Aug. 1 as follows: $4.000, 1929 to 1954, Incl.
the County Treasurer's office. Legality will be approved by Squir e,
ORLEANS,Orleans County, Vt.-BOND SALE.
-The $28,000 43( 7.,o Sanders & Dempsey of Cleveland. A certified check for $500, payable
refunding bonds offered on Jan. 10(V.124, p. 139) were awarded to Merrill. to the County Treasurer, is required.
Oldham ac Co. of Boston at 100.71, a basis of about 4.15%. Date Dec. 1
RUTHERFORDTON, Rutherford County, No. Caro.
-BOND
1926. Due Dec. 1 as follows:$1.500,1927 to 1944 incl.,and 31.000, 1945.
-The Title Guarantee & Trust Co. of Cincinnati has purchased an
SALE.
PATTON TOWNSHIP SCHOOL DISTRICT (P. 0. Turtle Creek issue of $14.000
% public impt. bonds. Dated June 1 1928. Denom.
-BOND SALE.
R. D. No. 1), Allegheny County, Pa.
-The $110,000 $1,000. Due June 1 as follows: $1,000, 1929 to 1938 Incl.; 62,000. 1939
4Y2% school bonds offered on Jan. 10-V. 123. p. 3355
-were awarded to 1942 incl. Prin. and int. (J. & D.) payable at the Hanover National
to E. H. Rollins & Sons of Philadelphia at a premium of $2,939 20, equal Bank, New York City. Legality approved by Storey. Thorndike, Palmer
to 102.67, a basis of about 4.28%. Date Jan. 1 1927. Due Jan. 1 as
& Dodge of Boston.
follows: $5,000 1930. $2,000 1931 and 1932. $3,000 1933. $2,000 1934,
Financial Statement.
$3.000 1935. $2,000 1936. $3,000 1937 to 1940, incl.; $7,000 1942. $4.000 Actual value taxable property
1943 to 1946, incl.: 65.000 1947 to 1951. incl.; $6,000 1952 to 1954. incl.; Assessed valuation
2,061,344
$7,000 1955 and $1,000 1956.
Total bonded debt
573,767
162,767
PEETZ,Logan County, Colo.-in/iv.,..,:.0,1RIPTION.-The $25.000 Net debt
1,693
534% refunding water bonds purchased by Gray, Emery, Vasconcells & Population
Co. of Denver
-V. 123, p. 3355
-are described as follows: Date Jan. 1
ST. AUGUSTINE, St. Johns County, Fla.
-BOND OFFERING.
1927. Denom. $500. Due as follows: $1,500. 1929 and 1930, and C. G. Oldfather, City Clerk, will receive sealed bids until 12 m. Jan. 31 for
$2.000. 1931 to 1941, inclusive. Principal and int. (J. & J.) payable $173,000 6% Coquina Gables impt. bonds, 3d series, 1926. Dated Oct. 1
at Kountze Bros., New York City. Legality approved by Pershing, 1926. Due Oct. 1 as follows: $17,000, 1927 to 1933 incl., and $18,000.
Nye, Tallmadge & Bosworth of Denver.
1934 to 1936 lad. Prin. and int.(A.& 0.) payable in gold In St. Augustine
Financial Statement.
or New York City. A certified check, payable to the City Treasurer for
Actual valuation (estimated)
$400,000 5% of the bid, required. Legality approved by Thomson, Wood & HoffAssessed valuation (1925)
224.012 man of New York City.
Total bonded debt (all for water)
92,500
ST. PETERSBURG, Putnam County, Fla.
-BOND SALE.
-The fol6, Population (estimated), 350.
lowing four issues of bonds,aggregating $999,000, offered on Jan. 10(V.124,
PLEASANT TOWNSHIP RURAL SCHOOL DISTRICT (P. 0. p. 264) were awarded to a syndicate composed of Eldredge & Co., StranaProspect R. F. D. No. 2), Marion County, 0.
-BOND SALE.
-The ban, Harris & Oat's, Inc., B. J. Van Ingen & Co. and Redmond & Co..
$70.000 451I% school bonds offered on Jan. 6-V. 123. p. 3212
-were all of N.Y. City, at 101.60, a basis of about 5.23%:
awarded to the First Citizens Corp. of Columbus at a premium of $514 50. 1490.000 53.5% First Ave. opening bonds. Dated Jan. 1 1927. Due
equal to 100.73, a basis of about 4.64%. Date Dec. 13 1926. Due
Jan. 1 1957.
$1,000 March and Sept. 1 1927 and $2.000 March and Sept. 1 1928 to
199,000 5% municipal recreation pier bonds. Dated Aug. 1 1925. Due
Sept. 11944, incl.
Aug. 1 1955.
160,000 bonds for the purchase of the property known as "Spa" as 5s.
PIERCE CITY SCHOOL DISTRI CT, Lawrence County, Mo.Dated Dec. 15 1926. Due Dec. 15 1956.
-MATURITY.
PRICE PAID
-The price paid for the $9,000 5% school
% port impt. bonds. Dated April 4 1926. Due April 1 1956.
150,000
bonds purchased by the First National Bank of Pierce City
-V.124, p. 264
-was par. The bonds mature as follows: $2,000, 1941 to 1944 incl., and
SACRAMENTO, Sacramento County, Calif.
-BOND SALE.-Blyth.
$1,000, 1945.
Witter & Co. of San Francisco. have 'purchased an issue of $350.000 434%
PITTSBURGH SCHOOL DISTRICT, Allegheny County, Pa.
- improvement bonds at a premium of $8,808, equal to 102.51. Due aerially,
BOND OFFERING.
-John H. Henderson, School Comptroller, will re- 1928 to 1967,incl.
ceive sealed bids until 3 p. m. Jan. 18 for $3,000,000 4 X% coupon (regisSALEM, Columbiana County, Ohio.
-BOND OFFERING.-Jno 8.
terable as to principal) school bonds. Denom. $1,000. Due Jan. 1 1928 McNutt, City Auditor, will receive sealed bids until 12 in. Jan. 29 for
to 1957 incl. Prin. and int. payable semi-annually. Legality approved 110.100 5% storm sewer bonds. Date Sept. 15 1926.• Denom. $1,000,
by J. Rodgers McCreery of Pittsburgh and Barnes, Biddle & Harris of except one for $1,100. Due Oct. 1 as follows: 11,100 1928 and
$1.000
Philadelphia. A certified check for 2% of the par value of the bonds bid 1929 to 1937, inclusive. Interest (A. & 0.) payable semi-annually. A
for, payable to the Treasurer of the school district, is required. These are certified check for 10% of the amount of bonds bid for, payable to the City
the bonds mentioned in V. 124, P. 264.
is required.
Treasurer,
POLK COUNTY SPECIAL ROAD AND BRIDGE DISTRICT
SALEM, Marion County, Ore.
-BOND
-M. Poulsen,
-BOND OFFERING.
-J. D. Raulerson, City Recorder, will receive sealed bids until 7:30OFFERING.
NO. 14 (P. 0. Bartow), Fla.
p.in. Jan. 17for
Clerk of Board of County Commissioners, will receive sealed bids until impt. bonds. Int. payable J. & J. A certified check for 2% $92,31226
of the bid
% road bonds. Date Oct. 1 19251 required.
$350,000
1:30 p. m. Feb. 8 for
Denom. $1,000. Due $14,000, Oct. 1 1930 to 1954, incl. Prin. and int.
SALT LAKE CITY SPECIAL PAVING EXTENSION DISTRICT
& 0.) payable In gold at the American Exchange Pacific Nationa.
-BOND SALE.
Bank, New York City, or at the Polk County National Bank, Bartow. NO. 200, Salt Lake County, Utah.
-Edward S. Burton
A certified check, payable to the Chairman of Board of County Commis- & Co. of Salt Lake City have purchased an issue of $1,700 paving bonds
sioners, for $7,000 required. Legality approved by Caldwell & Raymond, at 100.50.
Now York City.
SCRANTON SCHOOL DISTRICT, Lackawanna County Pa.'
-LOAN OFFERED.
-The $2,000,000 434% school bonds offered on Jan. 10
PORTLAND, Cumberland County, Me`.
-John BOND SALE.
V. 123. p. 3356) were awarded to a syndicate composed of the Bankers
It. Gilmartin, City Treasurer, received sealed bids until 12 m. Jan. 14 for
t Co. of New York, Biddle & Henry of Philadelphia, and Bank of
the purchase on a discount basis of a $300,000 temporary loan. Date
Jan. 17 1927. Due Oct. 6 1927. Legality will be approved by Ropes, North America & Trust Co. of Philadelphia at 100.479, a basis of about
4.21%. Date Jan. 1 1927. Due $80,000 Jan. 1 1932 to 1956, Inclusive.
Gray, Boyden & Perkins of Boston.
Other bidders were:
PORT LOUISA TOWNSHIP SUB-ROAD DISTRICT NO. 2 (P. 0.
Bidder
Rate Bid.
-BOND SALE.
-Lemuel Dickinson Harris, Forbes & Co., New
Wapello), Louisa County, Iowa.
100.4812
an issue of $1,500 5% school bonds at a premium of Guaranty Co., N. Y. City;York City
purchased on Sept. 1
Union Trust Co., Pittsburgh
100.4399
$15. equal to 101, a basis of about 4.77%. Due in 5 years. These are M. M.
Freeman dc Co., Philadel
theAbonds offered on Aug. 21-V. 123. p. 744.
First National Bank. Third National Bank, Traders National
Bank, Peoples Savings & Dime Bank, County Savings Bank.
RED BANKS CREEK DRAINAGE DISTRICT (P.O. Holly Springs),
and Anthracite Trust Co., all of Scranton. Pa
-BONDS OFFERED._Clyde
Marshall and De Soto Counties, Miss.
100.00
Neely. Secretary Board of Commissioners, received sealed bids on Jan. 14
SEATTLE SCHOOL DISTRICT NO. 1, King County,` Wash.,
forl$46,000 6% drainage bonds. Denom.$500.
BOND SALE.
-The $500,000 coupon school bonds offered on Jan. 7 (V.
REDFORD TOWNSHIP UNION SCHOOL DISTRICT NO. 1 (P. 0. 123. p. 3213) were awarded to a syndicate composed of the Illinois Mer-BOND OFFERING.-John T. Shaw, chants Trust Co.and the Pint Trust & Savings Bank, both of Chicago, and
Redford), Wayne County, Mich.
Secretary Beard of Education, will receive sealed bids until 8 P. M Jan .17 the Marine National Bank of Seattle, Dated Feb. 1 1927. Due serially
for $200,000, not exceeding 6% school bonds. Denom. $1,000. Due 1929 to 1953 incl.
$3000 1930 to 1936, incl.; $9,000 1937 to 1956, incl., and 18.000 1957.
SEBRING, Highland County, Fla.
-FINANCIAL STATEMENT.
Principal and semi-annual interest, payable at any bank in Detroit. A We are now in receipt of the following
financial statement of this city,
certified check for $7,500, payable to the Treasurer Board of Education, which sold recently two issues of6% general impt. bonds
(V. 124, p..264):
is required.
Financial Statement.
RED RIVER PARISH, SUB-ROAD DISTRICT NO. 2 OF ROAD Estimated real value
900
00o
DISTRICT NO. I. (P. 0. Coushatta)La.-BOND OFFERING. j. W. Assessed valuation (1926)
1220794:878
1,
Woodward, President Police Jury, will receive sealed bids until 2 p. m. Total bonded debt (including this issue)
1 1927. Due seria ly, Waterworks and electric light bonds
Feb. 9 for $90,000 6% road bonds. Date Feb.
1928 to 1947, incl. A certified check, payable to the above mentioned Self-liquidating improvement bonds
1.409
1 5
54 .9V 1
official. for $4,000 required. Legality approved by B. A. Campb c of Net debt
804.000
New Orleans and Charles & Rutherford of St. Louis.
Population (present estimate), 5,000.
p
406
THE CHRONICLE
,SENECA COUNTY (P. O. Tiffin), Ohio.
1
-BONDS OFFERED.
-A.B.
Power. County Auditor, received sealed bids until 10 a. m .Jan. 14 for the
following two issues of 5% coupon bonds, aggregating $11,200:
17,200 road bonds. Denom. $1,000 and one for $200. Due Oct. 1 as
follows: 21,200. 1928. and $1,000, 1929 to 1934, inclusive. A certifled check for $140, payable to the County Auditor, Is required.
[4,000 road bonds. Denom. $1,000. Due $1,000 Oct. 1 1928 to 1931,
Inclusive. A certified check for $80, payable to the County Auditor. is required.
r Date Feb. 1 1927. Principal and Interest (A. & 0.) payable at the
County Treasurer's office.
P SHAMROCK, Wheeler County, Tex.
-BOND SALE.
-The BrownCrummer Co. of Wichita has purch.sed an issue of $22,942
% funding
bonds at par. Date April 1 1926. Denom. $1,000. Due serially April 1
1932 to 1966, inclusive. Interest payable A.& 0.
SIBLEY COUNTY SCHOOL DISTRICT NO. 53 (P. O. Sueur),
Minn.
-BOND SALE.
-The $6,000 4% coupon school bonds offered on
June 26(V. 122, p. 3637) were awarded to the Midwest Mutual Insurance
Co., Gaylord. Due $500 July 1 1929 to 1940 incl. Interest payable
annually on July 1.
SILER CITY, Chatham County, No. Caro.
-BOND SALE.
-The
following two issues of 5)i% bonds aggregating $210.000 offered on Dec. 30
-V.123, p. 3356
-were awarded to A.T. Bell & Co.of Toledo at a premium
of $99. equal to 100.04, a basis ofabout 5.49%:
$185,000 street impt. bonds. Date Jan. 1 1927. Due Jan. 1 as follows:
$35.000, 1928: $10,000, 1929 to 1937 incl.. and $6,000, 1938 to
1947 incl.
25,000 water and sewer bonds. Date Oct. 1 1926. Due $1,000 Oct. 1
1929 to 1953 incl.
SOUTH PARK SCHOOL DISTRICT (P. 0. Beaumont), Jefferson
County, Tex.
-BOND SALE.
-Halsey. Stuart & Co. of Chicago have
purchased an issue of $200.000 6% school bonds at 102.15.
SPRINGFIELD, Hampden County, Mass.
-LOAN OFFERING.
E. T. Tifft, City Treasurer, will receive sealed bids until 12 m. Jan. 18 for
the purchase on a discount basis of a 32.000,000 temporary loan.
SPRINGFIELD SANITARY DISTRICT, Sangamon County, Ill.BOND OFFERING.
-The Clerk of Board of Trustees will receive sealed
bids until 8 p. m. Jan. 31 for $497.000 4Ji% sewer bonds. Due serially
June 1 1927 to 1944.
STAMFORD,Fairfield County,Conn.
-BOND SALE.
-The $150,000
temporary loan offered on Jan. 10 (V. 124, p. 265) was awarded to S. N.
Bond & Co. of Boston on a 3.71% discount basis, plus a premium of $12.
Due Dec. 15 1927.
STAMFORD, Fairfield County, Conn.
-TEMPORARY LOAN.The First Stamford National Bank of Stamford was awarded the $250.000
temporary loan offered on Jan.8(V. 124, p.265) on a 3.71% discount basis
plus a premium of $7. Date Jan. 1 1927. Due Oct. 51927.
STEWART COUNTY (P. 0. Dover), Tenn.
-BOND SALE.
-Rogers,
Caldwell & Co. of New York City have purchased an Issue of $122.000 5%
highway bonds. Date Nov. 1 1926. Denom. $1,000. Due Nov. 1 1956.
Prin. and int. (M. & N.) payable at the Hanover National Bank. New
York City. Legality approved by Charles & Rutherford of St. Louis.
SUFFOLK, Nansemond County, Va.-BOND OFFERING.
-R. H.
Brinkley. City Manager, will receive sealed bids until 7:30 p. m.• Jan. 20
for $40,000 not exceeding 5% coupon or registered jail and public improvement bonds. Date Feb. 1 1927. Denom. $1,000. Due 52.000 Feb. 1
1928 to 1947, inclusive. Interest rate to be in multiples of yi of 1%.
The bonds will be prepared under the supervision of tne United States
Mortgage & Trust Co.. New York City, which will certify as to the genuineness of the signatures of the officials and the seal impressed thereon. Principal and interest (F.& A.) payable at the United States Mortgage & Trust
Co. A certified check, payable to H. S. Eley, City Treasurer, for $800
required. Legality to be approved by Reed, Dougherty, Hoyt & Washburn. of New York City.
TABOR, Columbus County, No. Caro.
-BOND OFFERING.
-D. H.
Bell, Town Clerk, will receive sealed bids until 12 m. Jan. 17 for $10.000
6% sidewalk bonds. Dated Dec. 11926. Denom. $1,000. Due $1,000.
Dec. 1 1928 to 1937 incl. Prin. and int. (J. & D.) payable at the National
City Bank, New York City. A certified check, payable to the town for
2%_ of the bid, required. Legality approved by Storey, Thorndike, Palmer
& Dodge of Boston.
TARENTUM, Allegheny County, Pa.
-BOND DESCRIPTION.
-The
$75,000 street improvement, fire protection and po.ice bonds purchased on
Dec. 27 by the Union Trust Co. of Pittsburgh (V. 124,P.265) bear interest
NEW LOANS
[Vol.. 124.
at the rate of4 % and were sold at a premium of $2.145 75.equal to 102.86,
a basis of about 4.24%. Due $25.000 Dec. 1 1937, 1942 and 1947.
TECUMSEH, Pottawatomie County, Okla.
-BOND DESCRIPTION.
-The $70.000 coupon sewerage system bonds purchased by the Oklahoma
School Equipment Co. of Oklahoma City (V. 124. p. 265) at par, bear
interest at the rate of 6% and are described as follows: Date Oct. 1 1926.
Denom. $1,000. Due serially, 1927 to 1931. inclusive. Interest payable
A. & 0.
TEXAS (State of).
-BONDS REGISTERED.
-The State Comptroller
of Texas registered for the week ending Jan. 8 the following four issues
of school bonds, aggregating $6,300:
Name.
Amount. Int.
Due.
Dewitt County Corn. S. D. No.40
$2,000 5% Serially
Stonewall County Corn. S. D
2.000 57 Serially
Tittle County Corn. S. D. No. 21
1.500 59
1-20 years
Panola County Corn. S. D. No.32
Serially
800 5
TORONTO, Jefferson County, 0.
-BOND OFFERING.-I
-Tarold F
Smith, Village Clerk, will receive sealed bids until 12 m. Feb. 15 for $5,139 18 6% Boll Ave. impt., special assessment iymds. Denom. $500 and
one for $630 18. Due Sept. 1 as follows: $639 IS. 1928: $500. 1929 to
1932, Incl.: SLOW, 1933: $500. 1934. and $1,000. 1975. A certified check
for 3%, payable to the Village Treasurer, is required.
BOND OFFERING.-Ilarold F. Smith, Village Clerk, will receive sealed
bids until 12 m. Feb. 15 for 347.335 85 6% special assessment street impt.
bonds. Date Sept. 1 1926. Denom. 2500 and one for $835 85. Due
Sept. 1 as follows: $5,335 85. 1928, and $6,000. 1929 to 1935 incl. A certified check for 3% of the amount of bonds bid for, payable to the Village
Treasurer, is required.
TRENTON, Wayne County, Mich.
-Leonard
-BOND OFFERING.
Probes, Village Clerk, will receive sealed bids until 7.30 p. m. Jan. 17
for $65,000 not exceeding 6% public building bonds. Date April 1 1927.
Denom. 31.000. Due 32,000, 1928 to 1952, incl. and 33.000. 1953 to 1957.
incl. A certified cheek for 1% of the amount of the bid, payable to the
village, is required.
TUM WATER,Thurston County,Wash.
-BOND SALE -The 315,000
water bonds offered on Jan. 4-V. 123, p. 3357-were awarded to J. H.
Maury as Ss at a premium of $5, equal to 100.034. Due serially in 2 to
19 years.
BOND SALE.
-An issue of 220,000 water bonds was awarded to the
above-named person on Jan. 4 at a premium of $5. equal to 100.034.
VOLUSIA COUNTY SCHOOL DISTRICT NO. 9 (P. 0. De Land),
Fla.
-BOND OFFERING.
-George W. Marks, Supt. Board of Public Instruction, will receive sealed bids until 10 a. m. Feb. 10 for $16,000 school
bonds.
WALKER COUNTY(P.O. Huntsville), Tex.
-BONDS REGISTERED.
The State Comptroller of Texas registered on Jan. 5 the following six
Issues of 5% special road bonds aggregating $535,000:
$250.000 road bonds.
101,000 road bonds.
82,000 road bonds.
57,000 road bonds.
28,000 road bonds.
17,000 road bonds.
Due serially.
WEST UNION, Adams County, Ohio.
-L. E.
-BOND OFFERING.
McManis, Village Clerk, will receive sealed bids until 2 p. m. Jan. 22 for
s rwing two issues of 8% street improvement bonds, aggregating
tir3
$2,500 bonds. Date Nov. 11928. Denom.$250. Due $250 Sept. 1 1927
to 1936, inclusive.
1,800 bonds. Date Dec. 11926. Denom.$180. Due $180 Sept. 1 1927
to 1936, inclusive.
Interest payable M. & S. at the Village Treasurer's office. A certified
check for 10% of the amount of the bonds bid for, payable to the Village
Treasurer, is required.
WEST UNIVERSITY (P. 0. Houston), Harris County, Tex.WARRANT SALE.
-H. C. Burt & Co. of Austin have Purchased an Wile
of $305,000 warrants at 95.50.
WETMORE TOWNSHIP SCHOOL DISTRICT (P. 0. Kane), Mc.
Kean County, Pa.
-BONDS NOT SOLD.
-The $10,000 5% school
bonds offered on Dec. 27-V. 123, p. 3358
-were not sold and the issue
has been withdrawn from the market.
WILBARGER VERNON COUNTY, Tex.
-BONDS VOTED-At the
election held on Jan. 4-V. 123. p. 3358-the voters authorized the issuance of the following two issues of bonds aggregating 21,000,000:
$850,000 road building bonds.
150.000 refunding road bonds.
FINANCIAL
FINANCIAL
$10,000.00
Town of Saco, Montana
Notice of Sale of Electric Light
Bonds.
NOTICE IS HEREBY GIVEN. That the
Town of Saco, Phillips County, Montana, will
offer for sale at the office of the Town Clerk
in the Town of Saco, Phillips County, Montana,
on Wednesday the 9th day of February. 1927 at
the hour of eight o'clock P.M.,its ighlte of electr c
light bonds amounting to ten thousand (10.000)
dollars. The first choice of said Town is that
such bonds be payable on the amortization plan,
if bonds in this form can be sold and disposed of
at a reasonable rate of interest, not to exceed
six per cent per annum: but if amortization bonds
cannot be negotiated at such reasonable rate of
interest advantageous to the said Town of Saco.
Montana, then the second choice of said Town is
that serial bonds be issued in place of amortization
bonds. Such bonds to be of the denomination of
one thousand ($1.000) dollars each, and bear
Interest at not to exceed six per cent per annum,
payable semi-annually on the 1st day of January
and the 1st day of July If each year: said bonds
to bear date the 1st day of January, 1927, due
twenty (20) years after date, but redeemable at
the option of said Town at any time after ten
(10) years from the date of issue. Principal and
Interest payable in lawful money of the United
States at the office of the Town Treasurer of said
Town, or at the option of the holder, at the
banking house of the Hanover National Bank
in the City and State of New York. The money
received from the sale of said bonds to be used
for the purpose of acquiring the existing electric
lighting and power distribution system in said
Town, and making addltinos to and improving
the same.
The bids to be accompanied by a certified
check drawn upon some State or National Bank
In the State of Montana in the sum of five
hundred ($5OO) dollars, payable to the Town
Treasurer of the Town of Saco, Montana. as a
guarantee that the bidder will take and pay for
said bonds as soon as the same are signed and
ready for delivery. No bids can be recevied
for less than par and accrued interest. The
Council reserves the right to reject any or all bids.
By order of the Town Council of the Town of
Saco, Montana. Dated December 23, 1926.
J. A. TOWNSEND. Town Clerk.
(Town Seal.)
BONDS
MUNICIPAL
and
CORPORATION
THE DETROIT COMPANY
Incorporated
CHICAGO
NEW YORK
BOSTON SAN FRANCISCO
Correspondent of
DETROIT TRUST COMPANY
DETROIT, MICH.
$500,000
Exempt
From Federal Income Taxes
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2
5 %
Municipal Trust
Ownership Certificates
Sosureil by
Tax Liens on Improved Property
Louis, Mo.
Oklahoma City, Okla.
To Yield 5.50%
St.
Adrian H. Muller & Son
AUCTIONEERS
HERBERTC.HEIJER &CO,
INCORPORATED
Sixty Wall Street
New York
Tel. Hanover 011117
OFFICE NO. 55 WILLIAM STREET
Corner Pine 'Street
Regular Weekly Sales
Stooks and Bonds
WHITTLESEY.
McLEAN & co.
EVERY WEDNESDAY
MUNICIPAL BONDS
Exchange Salesrooms
II Fuer Street
PENOBSCOT BLDG., DETROIT
OF
JAN. 15 1927.]
T Ff Pi CHRONICLE
407
WILKINSBURG, Allegheny County, Pa.
-BOND SALE.
-The
1175,000 434% borough coupon bonds offered on Jan. 10(V. 123, P.3358)
were awarded to the Mellon National Bank of Pittsburgh at a premium of
12,282 28, equal to 101.30, a basis of about 4.16%. Due Jan. 1 as follows:
15,000, 1937 to 1950, incl.; 117,000, 1951 to 1953, incl., and $18,000, 1954
to 1956. incl.
WILLACY COUNTY (P. 0. Raymondville), Tex.
-BOND SALE.
H.C. Burt & Co. of Austin have purchased an issue of $300,000 road bonds
at a premium of $2,500, equal to 100.83. This corrects the report given in
V. 124, p. 140.
WILLIAMSPORT SCHOOL DISTRICT (P. 0. Williamsport),
Warren County, Ind.
-BOND SALE.
-The $16,000 434% school bonds
offered on April 29-V.122,P.2537
-were awarded to P.J. Flinn of Logansport at par. Date April 7 1926.
WILLMAR, Kandi3rohl County, Minn.
-CERTIFICATES OFFERED.
-Hans Gundersen, City Clerk, received sealed bids on Jan. 10 for 211,000
434% certificates of indebtedness. Dated Dec. 31 1926.
WING, Burleigh County, No. Dak.-BONDS NOT SOLD.
-We are
now Informed by George A.nderson, Village Clerk, that the $7,000 5%
registered village bonds offered on Dec. 27-V. 123, p. 3358
-have not
been sold.
WINTER GARDEN, Orange County, Fla.
-BOND SALE.
-Ryan,
Sutherland & Co. of Toledo have purchased an issue of $46,000 6° street
/
improvement bonds. Date Sept. 1 1925.. Denom. $1,000 Due Sept. 1
as follows: $5,000 1927 to 1934, incl., and $6,000 1935. Principal and
interest(M.& S.) payable at the Hanover National Bank, New York City.
Legality approved by Chapman, Cutler & Parker of Chicago.
WISE COUNTY(P.O. Decatur), Tex.
-BOND SALE.
-Morris Mather
& co. of Chicago have purchased an issue of $55,000 534% funding bonds.
Date Nov. 15 1926. Denom. *1,000. Due May 15 as follows: $1,000 1928
to 1950, inel., and $2,000 1951 to 1966, incl. Principal and interest
(M. & N.) payable at the Hanover National Bank of New York CitYr.
Legality approved by Clay & Dillon of New York City.
VVYANDOTTE, Wayne County, Micli.-BOND OFFERING.
Edward C. Bryan, City Clerk, will receive sealed bids until 8 p. m. Jan. 18
for $10,200 5% water main extension, special assessment bonds. Date
Feb. 1 1927. Due Feb. 1 as follows: $2.000 1928 to 1931, incl., and $2,200
1932, optional on any interest paying date. A certified check for 5%,
payable to the City Treasurer, Is required.
-BOND SALE.
ONTARIO (P. 0. Toronto).
-The $24.000.000 434%
coupon refunding bonds offered on Jan. 12-V. 124, p. 266
-were awarded
to a syndicate composed of the First National Bank of New York, Bank o.
Montreal, of Montreal, the Bankers Trust Co., Lee Higginson & Co.f
KLssel, Kinnicutt & Co., Redmond & Co., Clark, Docile & Co., Salomon
Bros. & Hutzler, all of New York City, and the Ban of Nova Scotia.
Dominion Bank, Kerr, Fleming & Co., McLeod, Young & Weir & Co..
Ltd., Matthews & Co., Ltd., Hanson Bros. and the Bank of Bontreal. at
97.233, a basis of about 4.78%. Date Jan. 15 1927. Due $800.000
Jan. 15 1928 to 1957, incl.
Other bidders were:
BidderRole Bid.
Blair & Co., Inc., New York; Equitable Trust Co. of New York;
Halsey, Stuart & Co., New York; Chase Securities Corp., New
York; Illinois Merchants Trust & Savings, Chicago; Continental & Commercial Co., Chicago; First Trust & Savings Bank,
Chicago; R. A. Daly & Co., Toronto; the Canadian Bank of Commerce; the Royal Bank of Canada, Toronto; Royal Securities
Corp., Ltd., Montreal;the Shawmut Corp. of Boston;the Atlantic
Corp. of Boston: Cochran, Hay & Co., Ltd., Toronto; Fry. Mills,
Spence & Co., Toronto; Wells
-Dickey & Co.. Toronto
97.1888
National City Co., Dillon, Read & Co., Harris, Forbes & Co.,
Guaranty Co. of New York, Wood, Gundy & Co., Ltd., A. B.
Ames & Co.. Ltd., the Dominion Securities Corporation
97.1499
POINT GREY,B.C.
-BOND SALE.
-The following bonds, aggregating
$431.008 87. have been disposed of:
186.000 00 57 Ornamental street lighting bonds. Due in 20 years.
270,608 47 6% improvement bonds. Due in 15 years.
74,400 40 6% improvement bonds. Due in 10 years.
PORT MOODY, B. C.
-BOND SALE.
-An issue of $4,349 73 534%
20
-year improvement bonds has been disposed of. Due in 20 years.
VERNON, B. C.
-BOND SALE.
-An issue of $12.500 535% 20
-year
water extension bonds has been disposed of. Due in 20 years.
QUEBEC,Que.-BOND SALE.
-The Royal Securities Corp.of Montreal
was awarded on Jan. 10 an issue of *500.0005% school bonds of the Roman
Catholic Board of School Commissioners of the city of Quebec at 101.587,
a basis of about 4.89%. Date Feb. 1 1927. Denom. $1,000, $500 and
$100. Due Feb. 1 1957. Principal and interest (F. & A.) payable at the
Banque Canadienne Nationale, Quebec. or Montreal, or at the Bank of
Montreal. Toronto. at option of the holder.
ST. LAMBERT, Que.-BOND SALE..
-The following two issues of
5% improvement bonds. aggregating $419,000, offered on Jan. 10 (V. 123,
p. 3215) were awarded to A. E. Ames & Co. of Toronto at 98.39, a basis
of about 5.17%;
$49,000 serial bonds. Due serially May 1 1927 to 1956, inclusive.
ALBERTA (Province of).
-BOND SALE.
-The Guaranty Co. of New 370.000 serial bonds. Due serially May 1 1927 to 1956, inclusive.
York and A. E. Ames & Co. of Toronto, jointly, purchased on Jan. 12 an
Date May 11926.
sane of $2,550.000 434% highway and railroad bonds. Date Jan. 15 1927.
SASKATCHEWAN (Province of).
-BOND SALE.
-The Dominion
Denom.$1,000. Due Jan. 15 as follows: 11.250,000 in 1942 and *1.300,000 Securities Corp. was awarded on Jan. 7 an issue of $1.468.500 434% Proin 1957. Principai and interest (J. & J.) payable in gold in New York, or vincial bonds at 94.28, a basis of about 4.86%. Due in 30 years.
in Canadian funds in Edmonton. Toronto, or Montreal. Legality to be
WINDSOR, Ont.-BOND SALE.
-The following seven issues of 5%
approved by E. G. Long, Toronto.
bonds. aggregating $1.262.156 16, offered on Dec. 27-V. 123. p. 3358
BRIDGEBURG, Ont.-BOND SALE.
-The $121.183 37 531% local were awarded to the Dominion Securities Corp. of Toronto at a discount
improvement bonds offered on Dec. 29 (V. 124, p. 141) were awarded to of $8,103 16, equal to 99.35, a basis of about 5.08%;
W. 0. Brent & Co. of Toronto at 101.25, a basis of about 5.31%. Due $375.000 00 public school bonds. Due in 30 annual installments.
Jan. 1 1928 to 1943 incl.
97,228 83 highway bonds. Date Dec. 11925. Due in 10 ann. installmle.
300.000 00 hydro-extension bonds. Due in 20 annual installments.
MANITOBA (Province of).
-BOND SALE.
-Wood, Gundy & Co., of
190,547 14 county gaol bonds. Date Dec. 11925. Due in 20 ann. install.
Toronto, were awarded on Jan. 11 an issue of $1,617.000 31 -year
1
35.764 74 local impt. bonds. Due in 20 annual installments.
Provincial
bonds at 94.50-a basis of about 4.85% (New York funds). Due in 30
15,770 28 local impt. bonds. Date Dec. 1 1925. Due in 20 ann. install.
years.
247,845 17 local impt. bonds. Due in 10 annual installments.
CANADA, its Provinces and Municipalities.
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$1,131,056 42
CITY OF MINNEAPOLIS,
MINNESOTA
Special Street Improvement Bonds.
NOTICE IS HEREBY GIVEN that the Committee on Ways and Means of the City Council
of the City of Minneapolis. Minnesota, will sell
at a public sale, at the office of the City Comptroller of said City. on WEDNESDAY, JANU•
ARY 26, 1927, at 2.00 o'clock p. m. (Central
Standard Time) $1,131.056.42 Special Street
Improvement Bonds, at a rate of interest not
exceeding five per cent per annum; to be dated
February I, 1927; payable in equal annual installments,
-of which $48.203.96 will be payable in
five years; $324,881.15 in ten years and 1757.971.51 in twenty years-as follows: $80.056.42.
February 1. 1928: $80,000.00 in each of the years
1929 and 1930; 181,000.00 in 1932; $70.000.00 in
each of the years 1933. 1934, 1935. 1936 and
1937; $38,000.00 in each of the years 1938. 1939.
1940, 1941, 1942, 1943, 1944, 1945. 1946 and
1947. To be in $50, $100. $500 or $1,000 denominations at the option of the purchaser, and
coupon rate must be the name for all bonds bid
for.
Sealed bids may be submitted until 2.00 o'clock
p. m.of the date of sale. Open bids will be asked
for after that hour. All bids must include accrued interest from date of said bonds to date of
delivery, and a certified check for two per cent
of the par value of the bonds bid for made to
C. A. Bloomquist, City Treasurer, must accompany bids. No bid will be considered for an
amount loss than the par value of the bonds.
The right to reject any and all bids is hereby
reserved.
The approving opinion of Thomson, Hoffman
& Wood. Attorneys, will accompany these bonds.
Circular containing full particulars will be
mailed upon application.
DAN C. BROWN,
City Comptroller,
Minneapolis, Minnesota.
Orders executed In all markets
No margin accounts accepted
FOR SALE
REBHANN & OSBORNE
27 William St., New York
-For Sale
the 12-story
Dominating
COCA COLA BUILDING
in Kansas City
office of
L. N. Rosenbaum
owner
204 Railway Exchange Building
SEATTLE, WASH.
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USE AND CONSULT
the Classified Department of
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408
THE CHRONICLE
[VOL. 124.
fl tnalletail
CHARTERED 1853
United States Trust Company of New York
0037E12,1)(gal6.00i
45-47 WALL STREET
Government
Corporation
Municipal
Capital, .
. $2,000,000.00
Surplus and Undivided Profits, . $20,001,084.79
BONDS
This Company acts as Executor, Administrator, Trustee, Guardian, Committee, Court Depositary, and in all other recognized trust capacities.
It receives deposits subject to check and allows interest on daily balances.
It holds and manages securities and other property, real and personal, for
estates, corporations and individuals, and acts as Trustee under corporate mortgages, and as Registrar and Transfer Agent for corporate bonds and stocks.
.
"California issues a Specialty'
San Francisco Los Angeles
Oakland
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E. A. Pierce & Co.
Successors to
A. A. Housnsan-Gwathmey & Co.
EDWARD W. SHELDON, Chairmsn of the Board
WILLIAM M. KINGSLEY, President
WILLIAM G. GREEN, Asst. Vice-President
ALTON S. KEELER, Asst. Vice-President
WILLIAMSON PELL, 1st Vice-President
FREDRIC W. ROBBERT, V.
-P. & Comptroller STUART L. HOLLISTER, Asst. Comptroller
Secretary
B.
WILFRED J. WORCESTER, V.
-P. & Secretary HENRY L. HENZE, Asst.
HENRY
SMITHERS, Asst. Secretary
THOMAS H. WILSON, Vice-President
CARL 0. SA YWA RD, Asst. Secretary
ROBERT S. OSBORNE, Asst. Vice Pres.
ELBERT B. KNOWLES, Asst. Secretary
WILLIAM C. LEE, Asst.. Vice President
ALBERT G. ATWELL, Asst. Secretary.
11 WALL STREET, NEW YORK
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