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The
financial
runtile
INCLUDING
Public Utility Compendium
Railway& Industrial Compendium
Railway Earnings Section
State & Municipal Compendium
VOL. 125.
SATURDAY, JULY 2 1927.
Throattie
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The Financial Situation.
The gold held abroad by the Federal Reserve
Board has the present week again attracted attention. It will be recalled that a week ago this item
was reduced from $62,233,000 to $40,333,000 and
at the same time the amount due from foreign
banks increased from the insignificant figure of
$662,000 to $14,118,000. This week the gold holdings abroad have further diminished from $40,333,000 to $25,734,000, while the amount due from foreign banks has further grown from $14,118,000 to
$26,610,000. In other words, it would appear that
still more of the gold held abroad, acquired in such
unexpected fashion in the week ending May 11, has
been disposed of to foreign banking institutions, but
that these latter still owe the greater part of the
purchase price.
We cannot refrain from saying again that dabbling in gold abroad is no part of the function of the
Federal Reserve banks, whatever the purpose may
be. The Reserve banks have more gold at home than
they need and therefore there was never the slightest
justification for entering the foreign markets and
acquiring further supplies in the metal. If it is intended, as generally suggested and widely taken
for granted, to regulate the gold situation in Europe,
or financial affairs generally across the ocean, that
is entirely alien to the true functions of the Federal
Reserve institutions and nothing of the kind was
ever contemplated by the framers of the Reserve Act.
It is no part of the duties of the Federal Reserve
banks to attempt to regulate foreign financial affairs or to conduct their operations with any such
object in view; and the arbitrary assumption of
such powers is fraught with very great and grave
Bank and Quotation Section
Bankers' Convention Section
NO. 3236.
menace to the country and to the Reserve banks
themselves. It seems important to make these observations at the present time when representatives
of the great banks abroad—the Bank of England,
the Bank of France and the Bank of Germany—are
on a visit to the United States with the purpose of
entering into a conference with the Governor of the
Federal Reserve Bank of New York. If these financial magnates in conferring among themselves mean
merely to have an exchange of views, no harm can
come and it is conceivable that much good may result. If, as seems more likely, judging from newspaper reports and certain admissions by the Federal
Reserve authorities themselves, it is contemplated
to put any portion of the resources of the Federal
Reserve banks at the disposal of foreign banks or of
foreign institutions, or if it is intended in any way
to extend material aid, direct or indirect, it cannot
be too emphatically stated that not the slightest
authority for the exercise of any such functions or
powers exists.
The Federal Reserve banks unquestionably have
the right to acquire gold abroad for their own defense and protection. That is an indispensable attribute of a central bank. But not a living soul
would to-day contend that these institutions have
the remotest need of re-enforcing their excessive supplies of the metal at home with further supplies
abroad. If, on the other hand, the object in acquiring gold abroad is to benefit and protect foreign
banks, then it needs only a moment's consideration
to make it plain that the operation is entirely beyond
the province of the Reserve authorities. Whatever
gold the Reserve banks may have or may acquire
can come to them in only one of two ways: (1)
either as holders of the reserves of the member
banks, and certainly no right exists to put these
reserves at the disposal of foreign banks or foreign
States where no need for such a course exists in
some inherent condition of the Reserve banks themselves, or (2) by the issue of Federal Reserve notes
in direct exchange for gold. Some illy-informed person may contend that the Reserve banks might sell
some of their holdings of Government securities and
acquire gold in that way. But that is merely begging the question, inasmuch as these holdings of
Government securities were acquired in the first
instance in one of the two ways indicated. As for
acquiring gold either at home or abroad by the issue
of Federal Reserve notes, it is only necessary to say
that these Reserve notes are "obligations of the
United States and shall be receivable by all national
and member banks and Federal Reserve banks and
for all taxes, customs and other public dues."
2
THE CHRONICLE
Where in any section or clause or phrase of the
Reserve Act can any warrant be found for the use
of obligations thus endowed for the purpose of extending aid or giving advantage to foreign banks or
foreign countries, however beneficent the aim or purpose? Who, indeed, would seriously argue if the
matter came up as an original and distinct question
that any such right should ever be allowed to exist?
Thus the whole proposition of managing the Federal
Reserve banks with the view to regulating affairs
in Europe, or of the world at large, is reduced to a
reductio ad abaurduen,
[VoL. 125.
however, does not suggest that there was a leak,
merely that the market was influenced by rumors
of these figures. On Monday, the 20th, rumor had
it that the loans would show a decline and the stock
market rallied shortly before 3 o'clock. Figures
announced after close of the Exchange showed a
heavy increase to record figures. Again on Monday, the 27th, rumor had it that the loans would
show a further increase and the stock market experienced a sinking spell shortly before 3, whereas
when the figures came out after 3 o'clock they
showed the substantial falling off noted above. Cer1.1
TI
E
tainly, the circumstantial evidence does not point
5 4
:i
Brokers' loans, as announced on Monday by the strongly towards there having been leaks in either
Federal Reserve Board, showed a decline of 44,006,- instance. On the other hand, the action of the Fed000, the first decline with the exception of one week eral Reserve Board is wise, not only because of the
in March and one week in May since Feb. 16. Dur- precaution displayed, but because valuable informaing this interval of more than four months, brokers' tion of this kind should be released as soon as it is
loans rose from $2,718,634,000 to $3,159,876,000, a available. The figures, when announced on Thursgain of $441,242,000.
days, showed a very slight gain.
Business in general seems to be experiencing someIt became perfectly clear on Monday that undigested bond issues had played a part in this rise, as thing more than a seasonal decline. On the other
had been generally suspected. On Monday a Mor- hand, the falling off as compared with last year, if
gan syndicate, which had recently offered $50,000,- it actually does exist, taking the situation as a whole
000 Erie 5% bonds at 94%, was dissolved, with part must be very small. Car loadings, while running
of the bonds undistributed. The price immediately above a million cars weekly, are showing only slight
declined, dropping during the week to as low as 9114 declines as compared with corresponding weeks last
/
but later on rallying somewhat from this low year. Activity in the steel industry has diminished
point.
materially, falling below the level of this period of
Late on Tuesday similar action was taken in con- 1926. There, however,is beginning to appear a more
nection with a $50,000,000 Lee, Higginson & Co.syn- hopeful attitude in the steel circles. Furthermore,
dicate, covering Shell Union Oil Corporation 5% crop prospects are thought to be favorable.
bonds, which had been offered at 99%. These bonds
Commodity prices on the average continue at a
likewise dropped, reaching a low point of 961 8 and very low point and even the offsetting gains which
/
subsequently recovering somewhat. These issues have occurred in connection with a number of agriare both high grade, and the declines were not se- cultural products have been to a slight extent canrious, indicating that while there has been some celed by most recent movement. The Irving Fisher
over-supply or over-pricing of new bond issues, the index of wholesale commodity prices stood at 139.3
situation is probably not as serious as it appears, on June 24, a decline from 140.3, and comparing
and it will not be at all surprising to see these two with an average in both April and May of 140.0. The
issues recover the ground they have lost. Other syn- 1925 average was 159.2 and the 1926 average 151.3
dicates were also terminated during the week, some and the contraction has been proceeding pretty
with similar price declines and others with steady steadily during the current year. There is reason
prices.
to expect that this declining tendency has largely
Certainly the action taken by the banking- houses followed from depressed conditions in Europe,
concerned is far-seeing and the most direct method which in turn have followed from the stabilization
of remedying a somewhat unsatisfactory situation. of the currencies, or as in Italy, the forcing of the
There can be little doubt but that similar action re- currency up to a higher level. It is quite possible
mains to be taken in connection with other issues, that business in the United States is approaching
but the conclusion seems justified that all that is relief from the depressing influence of foreign connecessary is for the corporations and bond houses to ditions.
hold back for a short period in new offerings and
On the Stock Exchange the week again has been
to be exceedingly careful in appraising the exact characterized by liquidation of securities and decharacter of the security and naming the right price. clining prices. The bond average has been pracThe public has shown that it is beginning to discrim- tically steady, declining only nominally. The Dowinate in respect to bond issues as it has been doing Jones railroad stock average lost between 2 and 3
in connection with stock purchasing.
points and the industrial average the same. The
The Federal Board announced on Thursday that most violent liquidation occurred on Thursday, when
beginning' on that day it would make public New a heavy drive was made against General Motors.
York and Chicago figures covering brokers' loans The stock opened on that day at 196, was driven
at about 5 o'clock in the afternoon, Washington time, down to 19114 but closed at 195, total transactions
/,
complete figures to follow on Monday afternoon as in General Motors being 132,100 for the day. There
heretofore. This step has been taken to guard was quite similar action on the part of some of the
against information leaking out in advance, inas- other motor stocks, but very small net declines, Hudmuch as the action of the stock market on the past son proving an exception to the rule and making a
two Mondays had raised the question as to whether net gain of 13 points. A vigorous rally on Friday
/
4
or not these figures were known before their an- brought the industrial average up to slightly above
nouncement. The announcemew,has been made reg- the close last Friday and led to recovery of about
ularly in the past after the close of the Stock Ex- half the decline in the railroad average.
change on Monday. The action of the market itself,
JULY 2 1927.]
THE CHRONICLE
3
Considerable 'clearing of the atmosphere occurred right of the United States to build up an equal figat the Geneva Conference for the Limitation of Na- ure in any type of warship, if she thought necessary.
val Armaments during the past week. No particu- As regards battleships, I have seen statements that
lar progress was apparent as the second week of the the possession by Great Britain of the new ships
meeting opened. The British delegation insisted on 'Rodney' and 'Nelson' would give Britain some sua reopening of the capital ship discussion and on a periority if her proposal to limit the future size of
reduction of cruisers from the present 10,000-ton battleships to 30,000 tons were adopted. But I am
limit to 7,500 tons. This was firmly opposed by sure that a continuance of the parity arrived at in
Hugh S. Gibson, at the head of the United States Washington in battleships could be secured by readelegates, while the Japanese took more or less of a sonable adjustment of the replacement tables." This
neutral stand, though favoring the American. atti- statement by Mr. Bridgeman was held to clear the
tude. .Experts, meanwhile, continued to meet in atmosphere of the Conference and enable it to prospecial sub-commissions, for the consideration of the ceed to the consideration of cruiser and submarine
technical details appertaining to possible agreement limitation. A further indication of the ameliorating
on submarines, destroyers and cruisers.
effect of Mr. Bridgeman's declaration was indicated
Speaking to press representatives late last week, in the following excerpt from a dispatch to the New
Mr. W. C. Bridgeman, chief British delegate and York "Times": "While the American delegation
First Lord of the Admiralty, said that his "mandate seems now to have won hands down on their stand
at Geneva would not permit him to go home without that the Washington Treaty is not to be interfered
discussion of capital ship reduction." To this Mr. with, it is entirely possible that before the end of the
Gibson replied,it was said, that Mr. Bridgman would Conference Mr. Gibson may agree to open an unnot be denied the right to discuss anything he de- official discussion on capital ships. The idea back
sired, but whether he discussed it with him was of this would be not only to meet in part what seems
quite another matter. Some uncertainty was caused to be the wishes of both the British and the JapanMonday by a partial change in the Japanese atti- ese, but also to permit the United States to get a
tude. Acting on instructions from Tokio, Viscount good conception of what these nations have in mind
Ishii and Admiral Saito informed the Conference for 1931, when the Washington compact will come
that Japan was willing to discuss the British pro- up for official discussion."
posals. Viscount Ishii afterward read a prepared
Further accord was indicated in yesterday's delibstatement to the pressn. "The Japanese delegation," erations of the technical' committee detailed to dishe said, "is willing to study and discuss any sugges- cuss submarines. A five-inch gun was decided upon
tion or proposal hooking to national economy and as the largest permissible for undersea craft. The
alleviation of the taxpayers' burdens, in so far as British delegates, it was said, proposed the defining
such suggestion or proposal comes within the pur- of two categories of submarines, one with a maxi
view of the instructions in their possession. The mum size of 600 tons and the other with a maximum
British proposal in regard to capital ships and the of 1,600 tons, the age limit to be 15 years. The
extension of their age appears undoubtedly to have American delegates are understood to favor a higher
the merit of promising to contribute ill no small maximum than 1,600 tons, while on the other hand,
measure to a diminution of naval expenditures. We the Japanese prefer an age limit of ten years. A
have, therefore, no hesitation in telegraphing home communique was issued saying the delegates had
for new instructions, as the instructions in our considered the "characteristics of submarines" and
hands do not cover this novel proposition emanating amplified their earlier proposals covering them."Up
from the British delegation." This decision of the to the present," the communique announced, "the
Japanese, though changing the international align- discussions in the technical committee have been
ment, had not the slightest effect on the American confined principally to the characteristics of differdelegation. Mr. Gibson, assured that the American ent classes of vessels and certain tentative agreeposition is impregnable, infprmed correspondents ments have been reached. Such provisional agreeTuesday that the Washington Treaty "cannot be re- ments, however, remain subject to revision after
vised against the wishes of the signatory Powers."
decision has been made by the plenary session as to
A perceptible improvement in the tone of the Con- the major question of the total tonnage and the numference was noticeable Wednesday, when technicians bers in different classes of vessels."
agreed on the limitation of the size of destroyers to
1,500 tons and that of flotilla leaders to 1,850 tons.
A confused and difficult internal situation in
A partial agreement followed whereby the size of Soviet Russia is indicated in all dispatches from the
guns on destroyers will be limited to 5 inches. Ameri- Russian capital. A measure of uncertainty in Comcan vessels in this category are now equipped with munist Councils appears to have succeeded the sum4-inch guns, against 4.7-inch guns on British and mary executions of 20 members of the old Czarist
Japanese destroyers. Mr. Bridgeman, moreover, regime, which in turn followed the break in Anglotold the Associated Press that Great Britain has no Russian diplomatic relations and the murder of M.
intention of contesting the principle of parity be- Voikoff, Soviet Minister to Poland. The uncertween the naval strength of the United States and tainty is reflected to some extent by the mutual reGreat Britain. He added that he was surprised to criminations of the Bolshevist party leaders which
see that an impression seemed to prevail in some have again split the Central Control Committee.
quarters that Great Britain was asking for suprem- Moscow dispatches of Sunday to the Associated
acy. "Our policy," he went on, "has been to state Press reported that Leon Trotzky and Gregory Zinofrankly what are the British requirements, but we vieff, the most violently radical of Russian leaders,
never disputed the American claim for parity as are again to be officially censured and punished by
established by the Washington treaty. It is true the more moderate dominant faction. A recommenwe think our special needs demand a higher number dation that both be dismissed for violation of party
in certain types of vessels, but we do not deny the discipline is further reported as given by the Prae-
4
THE CHRONICLE
sidium of the Central Control Committee of the AllRussian Communist Party. M. Stalin, as the guiding spirit of the Praesidium, has frequently been reported at odds with the Trotzky-Zinovieff faction.
Both leaders of the violent group have at various
times been demoted and disciplined, but they were
always permitted to recant and resume their former
activities.
The most important point coming to the surface
in the present controversy is said to be an open assertion of the partial failure of the Chinese revolt. The
counts upon which the Praesidium took action included a recitation of "continuous attempts by
Trotzky and Zinovieff to break party unity at a time
of serious international complications, aggravated
by partial failure of the Chinese revolution, and of
facilitating the activities of anti-Soviet agitations
within the Soviet Union." Both men, moreover, are
accused of treasonable speeches before party conferences. M. Trotzky is specifically charged with
open criticism of the Government's policies before a
mixed audience at a railway station on June 9. The
offenses were particularly aggravated, it was
charged, by being committed at a time when the
Soviet Union was endeavoring to strengthen itself
in the face of international menace. These infractions having continued for a period of four years,
notwithstanding repeated warnings, the Praesidium
declares, the patience of the party heads is exhausted.
It is taken for granted, dispatches added, that the
recommendation for dismissal will be adopted by
the party. The atmosphere of Moscow, meanwhile,
is described as "extremely nervous," with further
arrests occurring on a large scale. Stalin is regarded with no little apprehension by many of the
Communists themselves, and an increasing tendency
is reported to recall that paragraph said to have
been contained in Nicolai Lenin's last will in which
he predicted that it would prove a great disaster for
Russia if Stalin got into power.
A subsequent report from Walter Duranty, special correspondent of the New York "Times," mentions that all adverse events are still ascribed in Moscow to the hidden hand of the British "enemy." The
Arcos raid and the rupture in relations are considered merely as preliminary steps of a British campaign, the real and ultimate object of which is alleged to be the destruction of the Soviet State. To
illustrate the fact that a fundamental struggle is
actually in progress between Britain and the Soviet,
Mr. Duranty quotes "the words of a distinguished
British soldier who is now in China": "Whether the
world knows it or not, it is a fact that the fate of the
British Empire hangs upon our successful resistance
to the Russian action against us in China. If we
lose the Chinese game, there will be speedy and serious consequences in the Straits Settlements, Bur-,
mah, India and Egypt. We cannot afford to lose."
"Perhaps, after all," the dispatch added, "the Bolsheviki are not so far wrong or so much alarmist in
supposing that Britain understands the danger to
her Empire. Perhaps there is as much dynamite
in the present situation as at the end of June
1914."
A re-examination of the Russian political policy
in the Far East brings out sharply the age-old divergence between Russian and British polity occasioned by the desire of each to dominate Asia. At
present the 0-mmunist leaders are deploring the
[VOL. 125.
"setback" which they received through the defection
from the radical Hankow Government of the "Christian General," Feng Yu-kiang. The radical movement in China has thus been rendered impotent for
the time being. In the long run, however, this swing,
according to Walter Duranty, who, as special correspondent for the New York "Times," has been dividing his time between Moscow and Peking, does not
really interfere with the principal Russian aim,
which is the diminution of foreign influence in
China, particularly English influence. But, adds
Mr. Duranty, the revival of the Trotzkyist opposition within the Communist Party, with its charge
that the Administration is guilty of "petit bourgeois deviation" by catering to the peasants at home
and compromising with the bourgeois elements in
China, has forced Administration spokesmen to
speak of the present state of affairs in China with
regret instead of satisfaction. This despite the patent fact, further adduced by this correspondent, that
the Soviet's Chinese policy is far from unsuccessful.
Mr. Duranty points out that Russia, after the suppression of the attempted Bulgarian revolution of
1923 and the failure of the Communists to bring
about a revolution in Germany a few months later,
made one of her periodic swings between expansion
in the West or in the East that. have characterized
her policy during the last hundred years. Whenever
she is checked in Europe, Russia turns her eyes toward Asia. Every turn to the East renews of necessity the old hostility with Great Britain, for "the
Achilles heel of the British Empire is her Asiatic
possessions." The latter-day expansionism of Russia is vastly different in form from the old territorial
aggrandizement aimed at by the Czarist regime. It
is what might be called an "ideological penetration"
and can be understood only from the standpoint of
the Marxian doctrine of social revolution. This latter failed to materialize in the highly industrial
countries of Western Europe as predicted by Marx.
Rosa Luxemburg, it is said, was the first to advance
a plausible theory to account for the failure of society to measure up to Marx's ideas. Her explanation, accepted by Lenin, was that European capitalism had gained such a large surplus from exploitation of subject or semi-subject races in Asia and
Africa that it was able to give its own workers
enough to keep them "sweet." For Lenin and his
followers the logical corollary of this "doctrine of
Colonial slaves" was that if the subject races could
be freed from such exploitation it would be an enormous step forward in the direction of revolution in
Western Europe. It is this doctrine, therefore,
which furnishes the background for the insidious
spread of anti-British propaganda in China, India
and Egypt. For Britain is considered by the Bolshevist leaders the head and front of European capitalism, and their subversive efforts are directed at
the bulwark of the "old order." For, curiously, according to Marx, Britain is also the State nearest to
revolution.
In China the Communist theory of capitalist exploitation has proved a most effective and most dangerobs.weapon, none the less so because, said Mr.
Duranty in a dispatch of Tuesday, as in China, there
is a certain rude truth in the theory of exploitation.
Noised about at this time among the Chinese people, such teachings find their powerful ally and support in the rising nationalism of China. It needs
but little urging to make the nationalist cry of
JULY 2 1927.]
TUE CHRONICLE
5
"China for the Chinese" also one of exclusion of this year's expenditures and the estimated surplus
foreigners.
need some elucidation, according to the report of the
Paris correspondent of the New York "Times."
The present phase of inaction in the civil war be- "There is room for the explanation," said this retween the War Lords of the North and the Nation- port, "that there has been established a sinking fund
alists of the South•in China appears to be drawing for the floating debt, which must be fed to the exto an end. Occupation of Tsing-tao by the Nanking tent of 8,000,000,000 francs annually, and that about
or moderate Nationalists was held likely to eventu- five of these eight billions must come from resources
ate shortly in a Tientsin dispatch of June 24 to the which in the past have been included in the budget.
New York "Times." As Tsing-tao is the key city in Furthermore, M. Poincare explains that there will
the control of the large province of Shantung, such be additional appropriations for increased pay for
an event is of prime importance in the northward State employees, which will call for the expenditure
advance of the Nationalists. The opposing forces, it of 400,000,000 francs additional. Therefore, on the
is said, have fled for the most part. Other dis- basis of former budgets, next year's budget will reppatches assert that the Nationalists have more than resent nearly 47,000,000,000 francs as measuring the
a quarter of a million men massed along the North- burden on the French taxpayers. The Premier inern front awaiting the command to proceed over two sists that there is every reasonable expectation that
main routes in the dash for Peking. General Feng the budget will be balanced, pointing out that tax
Yu-hsiang having definitely joined forces with Chi- receipts in the last few months have been above the
ang Kai-shek, Nanking leader, it is now considered estimates."
that the Hankow, or radical Nationalist faction, is
The budget statement shows that the average inno longer an influence. Feng, having apparently terest rate for French National Defense bonds has learned a much-needed lesson from the Nanking in- been cut from 6% to 3%, but it is noteworthy that
cident of March 24, when several foreigners were there remains about fifty billion francs of these sekilled, disclaims all anti-foreignism. News corre- curities outstanding. The improvement has been in
spondents move about freely in the interior and re- doing away with the one-month, three-month and
port no molestation of any kind.
six-month bonds, which had been a constant threat
The Province of Shantung, where the Nationalists to the standing of the Treasury. Nevertheless, "the
are now massed is a sphere of Japanese influence condition of our public finances is still far from defi"old style." Some 20,000 Japanese are said to re- nite stability," M. Poincare said in his statement.
main scattered about in the Province, with a force of "We have been consolidating our public debt, but it
4,000 soldiers concentrated at Tsing-tao. Some un- remains very heavy. The future of our money may
certainty regarding Japanese intentions is apparent yet appear uncertain," the Premier added. The
among the Nationalists, a dispatch of Tuesday to financial recovery of his country since he took office
the New York "Times" mentioning that "sensational ten months ago was reviewed by M. Poincare. Afreports persist regarding Japan's alleged activities ter picturing the panicky condition of the public
on the Shantung front.' Hence, it is added, Japan finances at that time, he said the Government is
is the butt of virulent propaganda throughout Na- now in a position to take care of all its commitments
tionalist China to-day. The anti-Japanese boycott and can face calmly the maturities of 1928. "We
here is growing worse daily. The Chinese have be- present these results," he said, "as new progress on
come past masters in this form of combat, and mer- the hard road which should conduct us to the defichants have been ordered not to sell Japanese mer- nite recovery of our finances. We have the firm conchandise nor to buy anything Japanese. The Japan- viction that in persevering in our attitude we can
ese merchants in Shanghai are reported to be se- from year to year register successive improvements.
verely affected by the boycott, further aggravating Economic troubles growing out of five years of war
the unhappy situation in the trading centre in cannot be dissipated by magic. Our recovery must
China. The international settlement is also agitated be the result of toil and perseverence. Our first reover proposed increases in rental taxes and over the sults promise for us a success which, after burdened
possibility of a consequent general strike which the years, will once more bring to light the vitality of
Chinese threaten if the authorities attempt to en- our country."
force the tax increase. A more favorable item in the
The report referred also to the advances made to
news budget is the statement by C. C. Wu, Minister the Treasury, utilized by the Government and the
of Foreign Affairs for the Nanking Government, Bank of France to a large extent in engineering the
that his regime is willing to accept responsibility purchase of more than $800,000,000 worth of dollar
and make reparations for the damages suffered by and pound sterling exchange in the last eight
Americans during the Nanking disorders of March months. Such advances to the State, it is said, have
24. This statement, made to Senator Burton K. reached 10,000,000,000 francs. M. Poincare stated
Wheeler of Montana, who is studying conditions in that this indebtedness would not be increased, measChina, was reported in an Associated Press dispatch ures to reduce it being under way. "The Governof Wednesday.
ment's program," said M.Poincare, "is a simple one,
looking toward the establishment of rigorous budgA preliminary statement of the French Budget etary equilibrium by taxes, economies, the amortizafor 1928 was given the Chamber Finance Committee tion of the public debt and the adoption of measures
Monday by Premier Poincare, who is also Finance to halt the exportation of capital and to bring back
Minister. The total of estimated receipts for the capital that 'flew away' during inflation." ,
coming year was given by M.Poincare at 42,160,682,651 francs (about $1,644,000,000), with expenditures
The Briand plan for a treaty of permanent peace
estimated at 41,527,952,171 francs (about $1,619,- between. France and the United States received the
000,000), showing a surplus of 632,730,480 francs approval of Premier Poincare last Saturday. Speak(about $25,000,000). The apparent reduction from ing before the American Club in Paris, the French
6
THE CHRONICLE
Premier indicated that he had told Ambassador Myron T. Herrick,just before the latter sailed for America, that France was ready to enter into negotiations
with Washington. "I do not need to express my sentiments toward you in order that you may know
them," M.Poincare told the club members. "My sentiments toward America are those of all Frenchmen.
I will not let pass this opportunity to give you a new
testimonial. The other day I had the great pleasure
to dine with my good friend Myron T. Herrick and
with Nicholas Murray Butler, who plan, as does my
eminent colleague M. Briand, to consecrate the unalterable friendship of our two countries by a pledge
of eternal peace. We would all rejoice to see such
a compact signed between us. But in any case it
exists already before it has been put upon parchment. From the War of Independence up to the
morrow of the great European War we have for over
a century and a half gathered common memories
which nothing can efface. No one better than you
know how to maintain them. You are all lieutenants of your Ambassador and you collaborate magnificently in the work of fraternity which he carries
on with so much tact and devotion for the great
benefit of our two countries." M.Poincare also commented warmly on the transatlantic flight of Charles
A. Lindbergh and the demonstrations of mutual sympathy between Frenchmen and Americans which
followed. "This great aerial bridge which your heroic aviators has thrown between our two continents
is a symbol of the future to which the continued
progress of science invites us," the Premier said,
adding, "as distances disappear and as means of
communication between men multiply, how can nations avoid coming closer together?"
Definite abandonment of the Italian policy of currency revaluation was indicated by Finance Minister
Count Volpi Thursday. In an interview printed in
Premier Mussolini's own newspaper, the "Popolo
d'Italia" of Milan, Minister Volpi asserted that the
Government will make every effort to keep the exchange rate of the lira at the present level. Count
Volpi said further: "I promised to look the situation over again in October. I can announce right
• away that nothing will happen in October. The lira
will remain at its present level for a very long time.
Everyone can put their minds at rest." Commenting
on the interview, the Rome correspondent of the New
York "Times" said Thursday: "The statement is
generally interpreted as a complete reversal of the
Government's avowed policy of revaluation of the
lira to the utmost possible limit. It is thought to
forecast a definite stabilization at about the present
figure, with, possibly, conversion also maintained at
the present level. Though Count Volpi does not say
so in so many words, he clearly indicates that all
thought of further revaluation has been thrown overboard. He states quite definitely, at any rate, that
it has been abandoned for the present."
The proposed reform of the British House of
Lords, sponsored by the Conservative Government
of Premier Baldwin, was dropped Tuesday when a
number of the younger Conservatives protested
against it. The plan for reform, outlined last week
by Lord Cave, would have given the Lords power regarding financial measures and constitutional matters. A vigorous protest was immediately launched
by the Labor and Liberal parties, and early this week
[VoL. 125.
the defection of more than one hundred members of
Prime Minister Baldwin's own party necessitated
the withdrawal of the proposal. The revolting Conservative M. P.s argued that the scheme would not
make for the efficiency of the Lords, but would make
for the unpopularity of the Government. An intimation from King George to Premier Baldwin that
the Sovereign's constitutional position might become delicate as a result of the plan was also held
in some quarters to have influenced the Government
in dropping the measure. Thus, to paraphrase W.S.
Gilbert, who loved to lampoon Britain's peers, the
House of Lords will continue to "do nothing in particular, and do it very well."
The fourth congress of the International Chamber of Commerce opened in Stockholm Monday with
the avowed purpose of reducing the trade barriers
of the world. Sir Alan Anderson opened the proceedings with a speech before the 1,400 delegates.
"Big busifiess is the father of trade barriers," he
said. "If you can get him to agree that these barriers, his own children, do more harm than good, it
should be possible to reduce them. We generally
speak as if someone besides ourselves were responsible for trade barriers, but frankly, must we not admit that we manufacturers and producers of goods
sold in all countries, we and the men and women of
our employ, are the real force behind the trade barriers? We producers have labored to protect ourselves, our products and our wage standards, and
trade barriers are the method we chose." Professor
G.ustav Cassel of Sweden sounded the same note in
the meeting of the Trade Barriers Committee. "The
Geneva Conference," he said,"was of the unanimous
opinion that it was impossible to go on building
Chinese walls around every country and that the
time had come for the business interests to say stop.
They must do so, not only as to customs tariffs but
as to all other forms of State subsidies. Of course,
it is practically impossible to abolish the whole system at once. But if we can unite all countries on the
principle that trade barriers must be done away
'with, starting first with the worst, then a new day
will dawn. The nations must first recognize economic maximum protection. Our American friends
say that protection should be limited to what is necessary to protect the standard of living and the
standard of wages. On this the advocates of protection and of free trade can perhaps agree. Of course
a formal international agreement is impossible; it
would be too meagre. What is wanted is a general
understanding of what is fair in the way of international protection." A desire on the part of Germany
to shape her course in accord with the findings of
the Conference was announced Tuesday by Sir Alan
Anderson, as follows: "From Germany a notable
announcement comes. Dr. Curtius, Minister of Economic Affairs, confirms the statement,'Germany is
determined to stake everything on developing the decisions of the World Economic Conference to the
fullest extent, because she is convinced that the fate
of Europe will be also the fate of Germany and the
economic distresses of Europe will only be overcome
when Europe ventures to leave the narrow seclusion
of a policy of exaggerated protection to re-enter the
arena of free commercial competition.'" To complete the record, a resolution was submitted at the
fourth plenary session of the meeting yesterday calling upon all Governments to reduce high tariff walls.
JULY 2 1927.]
THE CHRONICLE
"This congress wishes particularly to affirm the
emphatic adhesion of the business world, as represented here, to the declarations of the Geneva Conference regarding these tariff walls as policies which
are unduly hampering trade directly and indirectly,"
the resolution states.
No change occurred this week in official discount
rates at leading European centres, which remain at
7% in Italy;6% in Berlin and Austria;5% in Paris,
2% in London
Belgium, Denmark and Madrid; 4y
and Norway; 4% in Sweden, and 31 2% in Holland
/
and Switzerland. In London open market discounts
/
closed yesterday at 41 4@45-16% for short bills and
4 5-16@4%% for three months' bills, as against
0
45-16@4%% for the former and 4%7 for the latter
on Friday of last week. Money on call in London
0
on Thursday advanced to 4%7, but yesterday
dropped to 234%, against 33 % on Friday of last
/
4
week. At Paris open market discount rates con/
tinue at 21 4%, while in Switzerland there has been
/
an advance from 3% to 31 2%.
Gold holdings of the Bank of England for the
week ended June 29 increased £109,112, more than
offsetting last week's decrease. Total gold reserve
now aggregates £152,117,901, against £150,349,540 in
1926 and £157,602,608 the previous year. The proportion of the Bank's reserve to liabilities fell to
26.70%, from 30.71% last week and 30.21% two
weeks ago. Notes in circulation increased £1,679,000, bringing the total amount to £137,976,000, in
comparison with £141,705,190 last year and £146,629,485 in 1925. Reserve of gold and notes in banking department declined £1,570,000. "Other" deposits rose £23,743,000, while public deposits fell off
£12,292,000. Loans on Government securities increased £2,255,000 and loans on other securities
£10,828,000. The Bank's official discount rate remains unchanged at 41 2%, to which it was reduced
/
on April 20. Below we furnish comparisons of the
various items in the Bank of England return for five
years:
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
1927.
1926.
1925.
1924.
1923.
June 30,
July 1.
June 29.
July 2.
July 4.
Circulation
b137,976,000 141,705,190 146,629,485 127,800,523 126,976,730
Public deposits
7,875,000 10,457,868 11,659,314 11,741.973 19,457,755
Other deposits
119,032,000 154,669,258 143,951,312 140,135,561 123,784,779
Governm't securities 51,665,000 51,610,328 46,576,733 54,222,467 44,333,731
Other securities
59,304,000 103,090,861 98,278,158 95.355,732 96.425,366
Reserve notes & coin 33,891,000 28,394,350 30,723,123 20,215,013 20,397,735
Coln and bullion...152,117,901 150,349,540 157,602,608 128,265,538 127,624,465
Proportion of reserve
26.71%
17.20%
to liabilities
199%
139X%
14%
%
Bank rate
5%
5%
4%
4%
a Included beginning with AprIl 29 1925 £27,000,000 gold coin and bullion, previously held as security for currency notes Issued and which was transferred to the
Bank of England on the British Government's decision to return to gold standard.
b Beginning with the statement for April 29 1925, includes £27,000,000 of Bank
of England notes issued in return for the same amount of gold coin and bullion held
up to that time In redemption account of currency note Issue.
The statement of the Bank of France for the week
ended June 29 showed the large increase of 679,053,000 francs in note circulation, due, no doubt, to
month-end requirements. Accordingly, total note
circulation stands at 52,786,385,825 francs, in comparison with 53,914,238,240 francs a year ago, and
43,799,527,975 francs in 1925. The State increased
its indebtedness to the Bank by 200,000,000 francs,
and advances to the State now aggregate 26,850,000,000 francs, against 37,350,000,000 francs in 1926,
and 27,700,000,000 francs the previous year. Gold
holdings, at home, abroad non-available, and abroad
available, all remained unchanged. The total
amount of gold stands at 5,546,828,343 francs, compared with 5,548,591,371 francs last year, and 5,546,721,553 francs at the same time in 1925. Trade advances decreased 51,230,000 francs, Treasury deposits, 288,751,000 francs, and general deposits, 306.824,000 francs, while bills discounted increased 664,474,000 francs and silver remained unchanged. Purchases of gold and silver coins to June 29 under the
law of Aug. 10 1926 total 2,180,808,920 francs,
against 2,176,308,00 francs to June 22. Comparisons of the various items in the Bank of France
statement for three years are as follows:
BANK OF FRANCE'S COMPARATIVE STATEMENT.
Status as of
Changes
June 29 1927. July 1 1926. July 2 1925.
for Week.
Francs.
Francs.
Francs.
Francs.
Gold Holdings—
3.682,507,441 3,684,270.464 3,682,406,646
In France
Unchanged
462.771,4781 1,864,320.907 1.864,320,907
Abroad—Available Unchanged
Unchanged
Non-available
1.401,549.4251
Unchanged
Total
Silver
Unchanged
Bills discounted. Inc, 664,474,000
Trade advances_ Dec. 51,230,000
Note circulation...Inc. 679,053,000
Treasury deposits_Dec. 288,751,000
General deposita Dec. 306,824,000
Advances to State_Inc. 200,000,000
5,546,828,343 5,548,591,371
344,544,015
337.554,246
2,493,687,838 5,605,580,389
1,602,197,132 2,253,938,978
52,786.385,825 53,914,238,240
23,295,054
10,153,422
12,371,904,756 3,204,040,006
26,850,000,000 37,350,000,000
5,546,721,553
312,271,338
4,326,985.109
3,013,072,530
43,799,527.975
29,838,669
3.077,793,132
27,700,000,000
The Reichsbank in its statement for the week ending June 23 showed a reduction of 122,732,000
marks in note circulation. On the other hand, daily
maturing obligations increased 9,900,000 marks and
other liabilities 10,033,000 marks. Note circulation
now stands at 3,219,405,000 marks, against 2,498,140,000 marks last year and 2,238,572,000 marks in
1925. The majority of the items on the asset side
of the account showed decreases: Gold and bullion declined 743,000 marks; reserve in foreign currencies, 4,946,000 marks; bills of exchange and
checks, 99,482,000 marks, and advances, 7,205,000
marks. On the other hand, silver and other coin
registered a gain of 6,207,000 marks; notes on other
German banks, 2,245,000 marks, and other assets,
2,025,000 marks. Both deposits abroad and investments remained unchanged. Gold holdings now aggregate 1,802,845,000 marks, compared with 1,492,210,000 marks in 1926 and 1,061,641,000 marks the
previous year. Below we give a detailed comparative statement of the different items for three years:
REICHSBANK'S COMPARATIVE STATEMENT.
Changes for
June 23 1927. June 23 1926. June 3 1925.
Week.
Reichsmarks. Reichsmarks. Reichsmarks.
Assets—
Reichsmark*.
Gold and bullion
Dec.
743,000 1,802,845,000 1,492,210,000 1,061,641.000
96,994,000
Of which depos.abr'd_
57,876.000 260,435,000
Unchanged
Res've in for'n curl._ _Dec. 4,948,000
70,288,000 149,825,000 353,880.000
Bills of exch. & checksDec. 99,482,000 2,017,411,000 1,223,950,000 1,366,026,000
72,101,000
Silver and other coin_ _Inc. 6,207,000 108,612,000 113,782,000
31,048,000
36,971,000
23,648,000
Notes on oth. Ger. bkslnc. 2,245,000
7,068.000
5,300,000
Advances
21,295,000
Dec. 7,205,000
93,059,000
89,498,000 201,264,000
Investments
Unchanged
Other assets
Inc. 2,025,000 522,819,000 670,905,000 1,009,694,000
Liabilities—
Notes in circulation_ _Dec. 122,732,000 3,219,405,000 2,498,140,000 2.238,572,000
Oth.dally matur.oblig.Inc. 9,900,000 769.533,000 764,046,000 802,210,000
Other liabilities
Inc. 10,033,000 304,048,000 160,382,000 750,926,000
The statement of the Federal Reserve banks this
week is in line with what would be expected at this
season of the year. The statement is, as always,
for the week ending Wednesday night, which on the
present occasion was June 29, when all the Member
banks were necessarily preparing for the heavy 1st
of July interest and dividend disbursements, always
among the heaviest of the year, and for all the other
1st of the month and end-of-the-half-year payments.
Increased borrowing at the Federal Reserve by the
member banks is what would be looked for in such
circumstances and is what we find. The discount
holdings of the twelve Reserve banks have increased
during the week from $438,684,000 to $477,311,000
8
THE CHRONICLE
and the acceptance holdings, which are an indirect
form of borrowing, from $183,217,000 to $216,118,000. At the same time the Reserve banks have again
enlarged their holdings of Government securities,
mainly through purchases of United States bonds
(comparatively little change appearing in the
amounts of Treasury certificates of indebtedness
held or of Treasury notes) and the total holdings of
these Government securities rose during the week
from $369,341,000 to $376,401,000. Accordingly, the
grand total of all bill and security holdings now
stands at $1,071,130,000, against $992,542,000 a
week ago. The addition of $78,588,000 represents
the extent to which new Reserve credit has been
employed. Deposits of the Reserve banks have expanded during the week from $2,364,778,000 to
$2,398,952,000 (member bank reserves, the largest
item in the total having risen from $2,307,056,000 to
$2,341,519,000) and Federal Reserve notes in actual
circulation from $1,689,347,000 to $1,702,693,000.
Gold reserves are slightly smaller than a week ago,
being $3,020,510,000, against 3,028,261,000. The
further reduction in the amount of gold held abroad
has been already mentioned above.
The New York Federal Reserve Bank by itself
shows an increase in bill holdings from $95,025,000
to $103,106,000, an increase in holdings of acceptances from $32,221,000 to $58,262,000 and an increase in the holdings of Government securities from
$65,100,000 to $69,563,000. The grand total of all
bill and security holdings now stands at $230,931,000, as against $192,346,000 a week ago. Deposits
have risen from $951,195,000 to $1,006,118,000, member bank reserves included therein having increased
from 925,058,000 to $980,388,000. The amount of
Federal Reserve notes in actual circulation is also
somewhat larger at $402,226,000, against $401,780,000 a week ago. The reserve ratio of the local bank
has fallen from 88.4% to 86.3%, and that of the
entire system from 78.8 to 77.6%.
The most notable feature in the return of the New
York Clearing House banks and trust companies
for last Saturday was that it again showed a deficiency in reserves below legal requirements. The
deficiency was only $6,657,830, as against $13,887,140 June 18, and $26,419,530 June 11, but the most
striking fact about the showing is that it was the
fourth successive Saturday that the weekly return
showed impaired reserves. In fact, during the last
eight weeks it has happened no less than six times
that reserves have fallen below legal requirements—
a situation which probably has not been paralleled
during the entire existence of the Clearing House,
barring periods of actual panic. Loans were reduced from $5,851,782,000 to $5,797,770,000, and this
carried with it contraction in deposits, the total of
which declined from $5,399,865,000 to $5,200,551,000.
Reserve requirements diminished accordingly. But
reserves on deposit with the Federal Reserve by the
member banks, which is the only legal reserve permitted to such members, was further slightly reduced. It does not seem improbable that to-day's
return will show the deficiency wiped out, as it appears from the return of the Federal Reserve Bank
of New York for Wednesday night that the member
banks increased their borrowings at the Reserve
institutions during the week.
[VOL. 125.
Money rates stiffened all around the present week,
due to preparations for the very heavy 1st of July
dividend and interest disbursements and the extensive mid-year settlements. New financing added to
the demand for liquid funds, yet both factors together were insufficient to cause more than a moderate advance. The renewal rate for demand loans
was 4% Monday, but withdrawals of nearly $50,000,000, necessitated partly by the fourth successive
weekly deficit in Clearing House banks' reserves, cut
sharply into the available supply, sending the rate
to 4 %. Tuesday's renewal rate was 5%, but an
/
1
2
"outside" market rapidly developed and a fair
amount of lending was reported on the "Street" at
412%. The renewal rate Wednesday also was 5%
/
on the Exchange board, but a 'flood of money attracted by the advance in the rate quickly brought
about a decline to 4 %, while "outside" trades got
/
1
2
down to 414 and even to 4%. The new money came
/
largely from out-of-town points, it was said. Again
on Friday Stock Exchange call money opened at 5%
and sagged later in the day to 4 %. Withdrawals
/
1
2
yesterday were approximately $30,000,000, but
money remained easy, "outside" funds lending at
414%. Time funds advanced to 458% for the longer
/
/
dates.
Several statements of brokers' loans against
stock and bond collateral have appeared during the
week prepared by the Federal Reserve Bank of New
York from the returns of member banks in the New
York Reserve district. An advance in the date of
publication is the reason, as noted above, for this
unusual occurrence. In the first statement, issued
Monday, a decrease of $44,006,000 in such loans was
noted, bringing a slight recession from the high record in all time established the previous week. The
upward trend was re-established, however, in the
succeeding statement which came out late Thursday. The advance was only $2,050,000, but at the
present total of borrowings, even so slight an advance is significant. The item "gold held abroad"
in the Federal Reserve Bank statement declined to
$25,734,000 from the figure of $40,333,000 for the
previous week, and has been discussed in the opening paragraph of this article.
Dealing more specifically with the changes from
day to day, the call loan rate on the Stock Exchange,
as indicated above, started with renewals on Monday remaining at 4%, but with an advance later in
the day to 412%. On Tuesday the renewal rate went
/
to 5% and all other loans were at the same figure.
On Wednesday renewals were again negotiated at
5%, but there was an easing off to 4 % before the
/
1
2
close of the day. On Thursday all call loans on the
Stock Exchange were at 5%. On Friday the renewal figure was still 5%, but there was a decline
before the close to 4 %. The time loan market
/
1
2
also hardened. On Tuesday the rate advanced to
458% for all maturities from 90 days to six months,
/
/
1
2
as against 4 % for 30 to 90'days and 458% for four
/
to six months on Friday of last week. Quotations
yesterday were still 4 % for 30 to 60 days and
/
1
2
458% for four to six months. There was a slight
/
easing in the afternoon and the quotation for 30day money dropped to 414@4 %. Commercial pa1
2
/ /
per for four to six months' names of choice character continues at 4@41 4%, with the inside figure
,
available only in the case of exceedingly choice
paper. For names less well known the rate is gen.
JULY 2 1927.1
THE CHRONICLE
9
demanded of it, the Bank of France is obliged to meet
such legitimate claims. If the bank should not buy
England mill paper.
the sterling and dollar credits of the French merchants
The market for banks' and bankers' acceptances and manufacturers when offered, then the private
continued to rule quiet. For call loans against owners of such gold claims would be obliged to leave
bankers' acceptances the posted rate of the Ameri- the major part of their balances in London or New
/
3
can Acceptance Council was raised from 3 4 to York. This would have a .depressing effect on
/
1 % on Tuesday, but the rest of the week has ruled French exchange. It would to all intents and pur4 4
at 4%. The Acceptance Council still makes the dis- posesamount to a flight of the franc to safety outside
count rate on prime bankers' acceptances eligible French borders such as was witnessed on numerous
/
5 % occasions during the post-war period until quite
for purchase by the Federal Reserve banks at 3 8
12
34% recently. The truth is, that confidence in the
bid and 3/% aiked for bills running 30 days; 3/
bid and 3%% asked for 60 days; 3 8% bid and 3 4% French franc has been restored; and capital is now
7
/
/
3
asked for 90 and 120 days, and 4% bid and 3 8% coming back home to France, which previously had
/
7
asked for 150 and 180 days. Open market quota- taken flight, and the Bank of France must be prepared to take care of it. Germany also is losing gold,
tions are also unchanged as follows:
SPOT DELIVERY.
as are other continental centres. It may be seriously
Days—
15 Days—
—ac Days—
Bid.
Big°
BAsked. questioned whether there is any menace to sterling in
Bid? Asked.
Asked.
Prime eligible bllls--3
4
3
34
33(
4
all these transactions, though they undoubtedly
60 Days—
60 Days—
30 Days—
Asked
Asked
Bid.
Asked.
Bid.
exert a psychological influence favoring bear operaPrime 6110
3;.‘
31
--- 314
35i
33I
Bid.
tions. Certainly the commercial transactions in
OR DELIVERY WITHIN THIRTY DAYS.
ber banks
Eli
sterling are, so far as New York is concerned, very
tia
R4
on-member banks
light. During the past week, it is asserted, fully
here have been no changes this week in Federal 80% of the foreign exchange transactions in New
Reserve Bank rates. The following is the schedule York were in lire and pesetas, with sterling and all
of rates now in effect for the various classes of paper other exchanges making up the remainder. The
at the different Reserve banks:
weekly statement on Thursday of the Bank of EngDISCOUNT RATES OF FEDERAL RESERVE BANKS ON ALL land showed a gain of £109,112 in bullion, which
CLASSES AND MATURITIES OF ELIGIBLE PAPER.
offsets a loss a week ago of £102,146. According to
Previous
Rate in
Date
Samuel Montagu & Co., London, £370,000 gold were
Rate.
Established.
Effect on
Federal Reserve Bank.
July I.
available in the open market, of which £330,000 was
Nov. 10 1925
4
Boston
3
3g secured for an unknown destination believed to be
Aug. 13 1926
4
New York
3
Nov.20 1925
4
Philadelphia
3
Nov. 17 1925
France and Hungary. It has also been the case in
4
Cleveland
4
June 14 1924
Richmond
4
4
June 18 1924
4
Atlanta
past weeks that the major part Of the open market
4
June 14 1924
Chicago
4
4
St. Louis
June 19 1924
4
ere designated as for "an unknown destina4
Minneapolis
Oct. 15 1924
4
43
Kansas City
July 1 1924
4
• • believed to be France and Hungary." On
4
Dallas
July 16 1924
4
3
San Francisco
Nov.23 1925
4
01. onday the Bank of England sold £17,000 in gold
bars. On Wednesday the Bank exported 0,000 in
Sterling exchange continued under presTh as sovereigns to India. On Thursday it bought £17,000
during the past few weeks, nevertheless there was in gold bars and set aside £1,000,000 in sovereigns
some resistance, so that the fluctuation had a narrow for the account of South Africa. At the Port of
range of about M. It is needless to mention political New York the gold movement for the week ended
factors which might have a depressing effect on ster- June 29 consisted of imports of $2,094,000, of which
ling, such as the aggressive attitude of Moscow toward $1,994,000 came from the Netherlands. Gold
Warsaw, unrest in Jugoslavia and Albania, and exports were $330,000, sent to Mexico and Java.
developments of a disquieting character in Egypt, The New York Federal Reserve Bank in its statement
for it is apparent that financial factors have a more for the week ending June 29 showed a further loss
direct bearing on current exchange operations. The of $14,599,000 in gold held abroad and ear-marked
outstanding factor is the persistence with which with the Bank of England. This, together with the
London is compelled to let go gold to satisfy foreign loss of $21,900,000 in this item the week before,
demands for the metal. Only a few weeks ago it reduces its original ear-marked gold purchased from
was thought that the Bank of England might be able the Bank of France to $25,734,000. This gold was
to reduce its rate to 4% and thus stimulate trade. re-sold, it is believed, by the New York Federal
London eagerly hoped for a reduction in the rate of Reserve Bank to the Bank of France, although no
the New York Federal Reserve Bank in the expecta- official statement has been made covering the point.
tion that it might be enabled to reduce its own rate There was no Canadian movement of the metal either
and still maintain an attraetive spread between the to or from the United States.
two centres. But since New York did not reduce its
Canadian exchange continued at a discount, which
of 1% last Saturday
rate and gold continued to flow outward, an immedi- ranged during the week from
ate reduction inthe Bank of England rate seems out to 5-32 of 1% on Wednesday. On Saturday last
of 1%. On Monday
of the question. The manner in which France it opened at a discount of
especially continues to draw gold from London is a it sold at 9-64 of 1% discount, on Tuesday and
prime factor in the weakness of sterling. London is Wednesday at 5-32 of 1% discount. A slight reastonished at the extent of French accumulations of covery followed on Thursday .with Montreal funds
credits in sterling and dollars. These holdings appear at 9-64 of 1% or $.99859376 and the discount yesterto be much greater than was imagined in either day was the same. The Canadian situation is
market. It seems improbable that foreign credits thoroughly sound. Business is at a high level,
are accumulated by either the Bank of France or the having passed the peak of last year. In the two
French Government with any idea of making money elapsed months of the current Canadian fiscal year
dearer in New York or London. When francs are imports rose nearly $15,000,000 and exports $35,-
/
1 2%, which
erally 4
is also the quotation for New
10
THE CHRONICLE
000,000. Commercial loans of Canadian banks are
up 15%. A large harvest is counted on so that
Canadian exchange at a premium is not far distant.
Referring to day-to-day rates, sterling exchange on
Saturday last moved up fractionally and closed
stronger, with demand 4.85 5-16@4.85%, quotations
which exactly paralleled the market on Saturday two
weeks ago, cable transfers were 4.85 11-16@4.85%.
Monday's market was a trifle easier but more active,
demand sold at 4.853@4.85%, and cable transfers
at 4.85%@4.85%. On Tuesday further ease devel5
oped, sending the rate for demand to 4.853@
4.8535, although in the morning demand was as high
as 4.853.; cable transfers were 4.85 9-16@4.85%.
Pressure continued on Wednesday and demand
ranged from 4.85 3-16 to 4.853', while cable transfers were 4.85 9-16®4.853/2. On Thursday the
market was slightly firmer, with checks at 4.85 3-16
@4.853, and cable transfers at 4.85 9-16@4.85%.
Yesterday the range for checks was 4.85 3-16@
4.85 5-16, and for cable transfers 4.85 9-16@4.859/.
8
Closing quotations yesterday were 4.853. for demand
and 4.855 for cables. Commercial sight bills fin%
ished at 4.85 3-16, sixty-day bills at 4.81 5-16,
5
ninety-day bills at 4.79%, documents for payment
(sixty days) at 4.81 5-16, and seven-day grain bills
2
at 4.843/ Cotton and grain for payment closed at
.
4.85 3-16.
[VoL. 12:5.
situation. While there is complaint throughout German industry that it is difficult to secure satisfactory
long-term credits, either through London or New
York, nevertheless short-term credits are going to
Germany in abundance and the general industrial
and business situation is steadily improving.
The London check rate on Paris closed at 124.02
on Friday of this week, against 124.02 on Friday of
last week. In New York sight bills on the French
centre finished at 3.91% (unchanged); cable transfers
3.913 (unchanged), and commercial sight bills at
%
3.91 (unchanged). Antwerp francs finished at
13.883/ for checks and at 13.893/i for cable transfers, as against 13.88 and 13.89 last week. Final
quotations for Berlin marks were 23.69 for checks
and 23.70 for cable transfers, in comparison with
23.69 and 23.70 a week earlier. Italian lire closed
at 5.533/2 for bankers' sight bills and at 5.54 for cable
transfers, against 5.793/ and 5.80 last week. Austrian schillings have not been changed from 143/
8
.
Exchange on Czechoslovakia finished at 2.963',
against 2.96; on Bucharest at 0.603, against 0.593;
on Poland at 11.40 (unchanged), and on Finland
at 2.52 (unchanged). Greek exchange closed At
1.35 for checks and at 1.353( for cable transfers,
against 1.353 and 1.36 a week ago.
%
On the exchanges of the countries neutral during
the war the features of the week were the firmness in
Spanish pesetas, the activity in guilders and firmness
in Swiss exchange. Spanish pesetas moved up 34
points during the week, from 16.86 for checks last
Saturday to 17.20 yesterday. The strength and
activity of pesetas is derived more from business
transactions between Spain and South American
points than from commodity or other movements at
this end. The strength in guilders, which fluctuated
within very narrow limits, was due in large measure
to activity in guilder commercial bills and also to
heavy tourist exchange requirements. The firmness
and activity in Swiss exchange was also due to a
favorable position created by tourist traveling, not so
much that originating on this side as that in all other
parts favoring the Alps. It is of course unnecessary
to say that the entertainment of a tourist is equivalent
to an export value at as much as the tourist may spend
in the country in which he is traveling. The Scandinavians were strong throughout the week.
Bankers' sight on Amsterdam finished on Friday
2
at40.043/,against 40.043/ last Friday; cable transfers
at40.063/2,against 40.603/2, and commercial sight bills
at 40.02, against 40.02. Swiss francs closed at
19.249 for bankers' sight bills and at 19.253. for
cable transfers, in comparison with 19.243/i and
19.25 a week earlier. Copenhagen checks finished)
at 26.72 and cable transfers at 26.73, against 26.73
and 26.74. Checks on Sweden closed at 26.79 and
cable transfers at 26.80, against 26.80 and 26.81,
while checks on Norway finished at 25.88 and cable
transfers at 25.89, against 25.88 and 25.89. Spanish
pesetas closed at 17.20 for checks and at 17.21 for
cable transfers, which compares with 16.95 and 16.96
a week earlier.
In the continental exchanges the feature of the
week was the sharp reaction in Italian lire and an
upward trend in Spanish pesetas. Lire dropped a
full 31 points during the week, from 5.843/ last
Saturday to as low as 5.49 in Thursday's market,
with a recovery yesterday to 5.54%. The recent
advance in lire was due largely to speculative interests, and the hand of the Italian finance minister,
Count Volpi, is seen in the present reaction. It has
been frequently stated that the Italian Government
proposes to keep lire stabilized around 5.50 and the
action of Italian exchange for some time past seems to
indicate official determination to adhere to this plan,
and this week there has been new affirmation by
Count Volpi of the determination to hold the lira at
•about present figures. When the lira begins to soar,
as it did a week ago, the Government Exchange Institute steps in and sells. If bear speculative interests
depress the quotation below 5.50, the Government
buys. French francs fluctuated, as during the past
few weeks, only slightly from 3.913/. The main
2
features affecting French exchange have already been
discussed in connection with sterling exchange.
German marks were steady around 23.
683/2@
25.693/ for checks. In a recent report on German
financial conditions, S. Parker Gilbert, AgentGeneral for Reparations, pointed out that the future
difficulties of the German Government will not arise
from deficient income but from excessive expenditures. An analysis of the budget shows that revenues
are maintaining themselves at a good level and are
expected to show a substantial increase, notwithstanding tax reductions. The last Reichsbank report
as of June 23 showed a decrease of 740,000 marks in
gold coin and bullion, while reserves in foreign currencies showed a decrease of 4,946,000 marks. The
The South American exchanges were devoid of
total gold holdings as of June 23 were 1,802,845,000 interest during the week, as neither marked activity
reichsmarks. This is a decline of approximately nor noticeable fluctuation in any of the rates occurred
12,000,000 since May 23, but is, nevertheless, 310,- with the possible exception of Uruguay. The
654,000 marks higher than a year ago. There is Uruguayan paper peso wa's quoted 99 in Thursnothing inherently weak in the German exchange day's market, against 100.25 the day before and
JULY 2 1927.]
THE CHRONICLE
against 100.00 a week earlier, the par being 103.42
per peso. Argentine paper pesos closed at 42.44
for checks, as compared with 42.42 last week, and at
42.49 for cables, against 42.47. Brazilian milreis
finished at 11.72 for checks and at 11.73 for cables,
against 11.74 and 11.75. Chilean exchange closed
at 11.99, against 11.99, and Peru at 3.75, against
3.73 last week.
In the Far Eastern exchanges the important feature was the ease in the yen early in the week, due
more to inactive trading than anything else. Yesterday there was substantial recovery. Japanese business while making steady improvement is nevertheless in a precarious state and continues under the
influence of various artificial stimuli, as has been
noticed for many months past. A few weeks should
tell a different story. Preliminary returns of Japanese foreign trade for the third ten-day period in
June disclosed exports of 65,140,000 yen, an increase
of 10,119,000 yen over the same period a year ago,
with imports of 49,693,000 yen, a decrease of 17,556,000 yen. The exports surplus totaled 15,447,000
yen. Closing quotations for yen checks were 473-i,
against 473/ on Friday of last week. Hong Kong
closed at 49@49 7-16, against 493/8@.49%; Shanghai at 623i@63, against 62%; Manila at 493/2,
against 4932; Singapore at 56/@56% (unchanged);
Bombay at 36 5-16 (unchanged), and Calcutta
36 5-16 (unchanged).
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:
FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
BANKS TO TREASURY UNDER TARIFF ACT OF 1922.
JUNE 25 1927 TO JULY 1 1927, INCLUSIVE.
Country and Monetary
Unit.
Noon BuYins Rate for Cable Transfers to New York.
Value in United States Mcusey,
June 25.1 June 27. June 28.1 June 29. June 30.
EUROPE
$
.14074
Austria,earning
.1389
Belgium, beige
Bulgaria, lev
.007233
Czechoslovakia. krone .029614
.2673
Denmark, krone
England, pound ster4.8568
ling
.025190
Finland, markka
.0392
France. franc
Germany, relebsmark. .2370
.013544
Greece, drachma
Holland, guilder
.4006
1744
Hungary. Peng°
.0583
Italy, lira
Norway, krone
I .2588
Poland, zloty
I .1138
Portugal, escudo
I .0503
Rumania,leu
I .005952
Spain, peseta
I .1688
Sweden, krona
I .2680
Switzerland, franc__.. .1925
.017572
Yugoslavia, dinar
ASIAChinaChefoo, tael
I .6504
Hankow,tael
I 6438
Shanghai, tael
I .6334
Tientsin, tael
I .6571
Hong Kong, dollar- .4896
Mexican dollar-- .4488
Tientsin or Pelyang
.4446
dollar
.4413
Yuan, dollar
India, rupee
3616
.4720
Japan, yen
.dollar .5596
Singapore(LS.)
NORTH AMER..998688
Canada, dollar
Cuba, peso
.999094
.463167
Mexico, peso
Newfoundland. dollar. .996438
SOUTH AMER.Argentina. peso (gold) •.9646
.1180
Brazil. milrela
.1204
Chile. peso
1.0020
Uruguay. Peso
$
$
.14073
.14069
.1389
.1389
.007233 .007223
.029615 .029620
.2673
.2673
$
3
.14084
.14065
.1389
.1389
.007242 .007207
.029627 .029621
.2672
.2672
July 1.
$
.14065
.1389
.007235
.029622
.2672
4.8570
4.8561
4.8553
4.8553
4.8558
.025199 .025193 .025192 .025190 .025192
.0392
.0392
.0391
.0391
.0392
.2370
.2370
.2369
.2369
.2370
.013561 .013545 .013523 .013514 .013523
.4006
.4006
.4005
.4005
.4006
.1745
.1745
.1744
.1744
.1744
.0570
.0561
.0556
.0552
.0554
.2587
.2586
.2585
.2585
.2589
.1126
.1127
.1122
.1121
.1125
.0502
.0502
.0502
.0503
.0503
.005962 .006000 .005989 .005977 .006003
.1699
.1696
.1698
.1710
.1717
.2681
.2681
.2680
.2680
.2680
.1925
.1925
.1925
.1925
.1925
.017581 .017577 .017579 .017560 .017578
.6513
.6469
.6275
.6579
.4911
.4508
.6479
.6459
.6266
.6554
.4896
.4559
.6504
.6453
.6263
.6571
.4908
.4563
.6504
.6456
.6259
.6571
.4904
.4569
.6496
.6447
.6238
.6563
.4904
.4478
.4463
.4429
.3617
.4711
.5596
.4438
.4404
.3616
.4725
.5596
.4450
.4417
.3616
.4714
.5598
.4446
.4413
.3616
.4711
.5596
.4446
.4413
.3614
.4727
.5596
.998686
.999094
.463500
.996406
.998323
.999094
.464167
.996188
.998598
.999156
.464000
.996219
.998486
.999281
.464167
.996125
.998405
.999969
.463500
.996000
.9650
.1179
.1204
1.0010 .
.9650
.1178
.1204
.9981 •
.9650
.1178
.1204
.9987
.9652
.1175
.1204
.9967
.9649
.1179
.1204
1.0023
The New York Clearing House banks, in their
operations with interior banking institutions, have
gained $3,504,483 net in cash as a result of the
currency movements for the week ended June 30.
Their receipts from the interior have aggregated
11
$4,662,083, while the shipments have reached $1,157,600, as per the following table:
CURRENCY RECEIPTS AND SHIPMENTS BY NEW YORK BANKING
INSTITUTIONS.
Into
Banks.
Week Ended June 30.
Banks' Interior movement
Out of
Banks.
54.662,083
Oats or Loss
to Banks.
51.157,600 Gain $3,504,483
As the Sub-Treasury was taken over by the Federal Reserve Bank on Dec. 6 1920, it is no longer
possible to show the effect of Government operations on the Clearing House institutions. The Federal Reserve Bank of New York was creditor at the
Clearing House each day as follows:
DAILY CREDIT BALANCES OF NEW YORK FEDERAL RESERVE BANK
AT CLEARING HOUSE.
Saturday, Monday.
June 25. June 27.
Tuesday, Wednesd'y, Thursday,
June 28. June 29. June 30.
Friday,
July 1.
Aggregate
for Week.
74,000,000 82.000,000 80.000,000 79.000,000 88,000,000 112,000 000 Cr. 513,000.000
Note.
-The foregoing heavy credits reflect the huge mass of checks which come
to the New York Reserve Bank from all parts of the country in the operation of
the Federal Reserve System's par collection scheme. These large credit balances.
however, reflect enly a part of the Reserve Bank's operations with the Clearing
House institutions, as only the items payable in New York City are represented in
the daily balances. The large volume of checks on institutions located outside of
New York are not accounted for in arriving at these balances, as such Cheeks do
not pass through the Clearing House but are deposited with the Federal Reserve
Bank for collection for the account of the local Clearing House banks.
The following table indicates the amount of bullion in the principal European banks:
July 1 1926.
June 29 1927.
Banks of
Gold.
,
Silver.
I
Total.
Gold.
Silver.
I
Total.
L
L
£
I
£
£
I
L
11.52.117,901 150,349,540
i150,349,540
England.._ 152,117,901
France a__ 147,300,268 13,760,000161,060,268 147,370,819 13,480,000.160,850,819
Germany b 87,248,450 c994,600 88,243,050 61,595,500 .994,6001 62,590,100
Spain ._.A03.897,000 27,917,000'131,814,000 101,554,000 26,850 000;128,404,000
46,397.000„
50,368,00035,713.000 3,423,0 0; 39,136,000
0
Italy
Nethlands 33,665,000 2,400,000 36,065,000 35,560,000 2,300.000 37,860,000
Nat.Belg._ 18,401,0001,164,000 19,565,000 10,954,000 3,582,000 14,536,000
Switzland 18,263,000 2,865,000 21,128,000 16,769,000 3,552,000 20,321,000
12,694,000
12,308,000 12,694,000
Sweden_ _ _ 12,308,000
836,000 12,236,000
738,000 11,439.000 11,400,000
Denmark _ 10,703,000
8,180,000 8,180,000
8,180,000
Norway __ 8,180,000
Total week 638,480,619 53,807,600692,288,219 592,139,859 55,017,600 47,157,459
Prey. week639,289,657 53.874,600693.184,257 592,255,077 54.912.600647.167.677
a Gold holdings of the Bank of France are exc usive of gold held abroad, amounting
the present year to £74,572.836. b Gold holdings of the Bank of Germany are
exclusive of gold held abroad, the amount of which the present year is £2,893,800.
C As of Oct. 7 1924.
Principles and Policies at Geneva-The
Difficulties of the Naval Conference.
The sharp differences of opinion and policy which
have developed at the Geneva Naval Conference, and
which have thus far kept the Conference from making any appreciable progress save in the study of
conflicting programs by the committees of technical
experts, appear to be attributable, in the main, to
two causes. The first was the attempt of Great
Britain to reopen for discussion the question of
capital ships, joined to the apparent disposition to
oppose any arrangement regarding auxiliary vessels which should bring American and British naval
strength to a parity. The latter purpose was denied on Thursday by the head of the British delegation, but the denial came too late wholly to efface the
impression which previous statements had made that
British naval superiority, except in battleships, was
stoutly to be maintained. The other is the suggestion that Japan, in cautiously expressing its willingness to discuss the question of capital ships, was
actuated by special consideration for Great Britain,
or by a desire for British support in dealing with
the situation in eastern Asia.
There seems to be no reason to doubt that President Coolidge, in calling the Geneva Conference,
made it plain that the Conference was not expected
to reopen the question of capital ships. That.question, as far as the establishment of a 5-5-3 ratio between the United States, Great Britain and Japan
went, was regarded as settled at Washington for a
period of ten years. Unless all the Powers repre-
12
THE CHRONICLE
sented at Washington agree to do so, the question
cannot properly be reopened until 1931, when the
Washington agreement regularly comes up for reconsideration. It certainly ciluld not be reopened at
a conference at which France and Italy, which were
members of the Washington Conference, are represented only by observers. Any attempt at Geneva,
accordingly, on the part of either Great Britain or
Japan, to raise the question of capital ships, in any
form or under any pretense, would be an attempt
to enlarge the scope of the Conference beyond the
limits clearly set for it by President Coolidge, and
presumably as clearly understood by the Powers
when the invitation to take part in the Conference
was accepted.
The question of the application of the 5-5-3 ratio
to auxiliary vessels involves, as between Great Britain and the United States, a weighing of both principles and facts. If it be true that the British Government, with or without reliance upon the support
of public opinion, assumed that the United States
would under any circumstances concede to Great
Britain, by formal agreement, any right of naval
superiority in combatant vessels of any description,
it was at least badly advised. The United States
can hardly be expected to concede to any Power a
right of naval superiority, and it would certainly be
a curious situation if, having secured an agreement
at Washington for equality in capital ships, it should
knowingly accept at Geneva any arrangement which
contemplated British superiority in auxiliary vessels. The controlling principle at Washington was
the establishment of a ratio of naval strength in
capital ships, under which, among other things, the
United States and Great Britain were placed upon
the same level, and the only object in convening the
Geneva Conference was to secure, if possible, the
extension of the same principle to auxiliary vessels.
Practically, on the other hand, Great Britain will
continue to enjoy naval superiority if President
Coolidge's Geneva program is carried out, until such
time as the United States shall embark upon a large
program of naval construction. A press dispatch
from Geneva on Wednesday pointed out, on the
authority of Admiral Jones, that while the United
States possesses on paper nearly twice as many destroyers as Great Britain and three times as many
as Japan, its effective rating is lower than that of
either of those Powers. Of the approximately 300
American destroyers, not less than 176 were hastily
built under war pressure ten years ago, and are not
only out of commission, but are "tied up at League
Island and San Diego, minus funnels, torpedo tubes,
guns and parts of engines, and are all going to rust.
Of those remaining, 12 have been assigned to the
Coast Guard to capture rum-runners, and 6 have
been turned into mine sweepers. Thus 103 remain
actually in commission." Great Britain, on the
other hand, has 176 destroyers, including 19 of extra
large tonnage, and Japan 90, many of them in each
country having been built since the Washington Conference and still more since the war. The United
States has not built a destroyer since 1917. Taking
the American estimate of the life of a destroyer as
13 years, the entire American destroyer fleet will
be obsolete within three years unless replaced by
new building. The reported British proposal to extend the life of destroyers over a longer period would
permit many of its own vessels, as well as those of
Japan, to continue in commission after every Ameri-
[VOL. 125.
can destroyer now in service would have become fit
only for scrapping.
• There is no reason whatever for supposing that
the United States, if it obtains the agreement which
it has asked for at Geneva, will forthwith launch a
huge program of naval construction designed to
make the American auxiliary fleet equal in all respects to that of Great Britain. All that President
Coolidge has called for is a recognition, as a matter
of principle, of an American right to equality with
Great Britain, and an agreed superiority to Japan,
in the total tonnage of auxiliary naval vessels of
designated classes. It is only by the acceptance of a
ratio that competitive naval building can be avoided.
On the other hand, if British opposition to the frank
application of the 5-5-3 ratio to auxiliary vessels,
due to its insistence upon naval superiority, had defeated the main purpose of the Geneva Conference,
the issue of naval expansion on competitive lines
would have been presented to this country in a peculiarly irritating form. There is no sincere friend of
world peace who would not have regarded such an
outcome as a calamity.
The position of Japan in the controversy, while
not yet wholly clear, may easily be made the occasion of unwarranted anxiety. Japan is torn between a strong popular demand for economy in military and naval expenditure, and a natural desire to
play an influential part in the affairs of Asia and
the Pacific. It may well be doubted, however,
whether Japan, in view of the abandonment of the
Anglo-Japanese alliance at Washington, seriously
contemplates a reconstruction of the alliance at Geneva. It seems more probable that the Japanese
representatives at Geneva.in asking for instructions
regarding the question of capital ships, desired
merely to put themselves in a position to discuss the
question if the United States consented to having
it opened. The policy of Japan has long been one of
friendliness with both Great Britain and the United
States, and as long as the situation in China remains
acute, with the United States a large factor in any
ultimate settlement, a radical change in Japanese
policy toward this country is not lightly to be assumed.
The indications seem to point to a dropping of
the British demand for a discussion of the question
of capital ships, and the focusing of debate upon
proposals for the tonnage classification of cruisers
and destroyers and the regulation of their armament. The great struggle, obviously, is between
Great Britain and the United States, each contending for a principle which it regards as vital, but
with the principles sharply antagonistic. Thus far
the United States has shown no disposition to yield
its main contention, at the same time that it appears
willing to accept any adjustment of details that
may make the ratio principle more acceptable or
insure a better operation of the principle in practice. It is earnestly to be hoped that the differences
of opinion which have developed may in due course
be ironed out, and that the primary object of the
Conference may be fully attained. The burden of
unnecessary armaments still rests upon the nations,
and preparation for a war which nobody wants still
takes its heavy toll of unproductive taxation from
capital and labor alike. The one and only practical
step of importance that has thus far been taken in
the direction of a general reduction of armaments is
the agreement at Washington to give up the corn-
JULY 2 1927.1
THE CHRONICLE
petitive building of battleships. An agreement
among the three Powers at Geneva to adopt the
same policy for auxiliary vessels will be tangible
proof that those Powers believe in the soundness of
the Washington principle, and are sincerely committed to giving it the widest possible application.
The Tariff Issue Not in the Running.
We cannot think, we dare not think, the tariff
will be the, or a, leading issue in the next campaign.
This old veteran of many wars is wearing his medals,
sitting in the sun, and reflecting on the glorious
days of the past, the shining victories that saved the
country. But "youth will have its way." There
have been other wars, other victories. The gallant
ranks of the Plumed Knights of High Protection are
grown thin, albeit they love to talk over old times
and are given a prominent place in every political
procession. It is the lament of age to feel that one
is no longer necessary. What matters now, in this
new and ebullient age, when swimming the English
Channel and flying the Atlantic are all in the day's
work, that in the past there was an old guard warding off the pauper products of European labor, filling to overflowing the dinner pails of Americ4n
workingmen, nursing infant industries into giant
athletes or even establishing a wheat differential between Winnipeg and Minneapolis? There has been
a shattering of empires, a glorification of self-determination of peoples, and a brood of new States has
hatched a brood of new tariffs, that are now conceded to contain the fruits of iniquity and the seeds
of starvation. Not that the American product cannot hold its own in rates and schedules, in fact, it is
still proud and prolific, but that the old song of
achievement has become a common ballad in alien
lands.
And speaking of the old times, those days that
now shine in the lonely veteran's memories, how barren will be a campaign without the tariff as the
leading issue! True, there has beeh for it now these
several campaigns only the cackling garrulity of the
"lean and slippered pantaloon." But that was because of the World War and the income tax. And if
there is to be no revival, no comeback, how we will
miss the old familiar friend—that benefaction on
the one hand and curse on the other? No more the
levitation of those long columns of comparative statistics that could prove anything, pro or con. No
more those rolling, sonorous phrases concerning the
"down-trodden masses" or the "robber barons."
Flower on the one hand and fungus on the other;
shield and savior through the instrumentality of one
party, and thing of sin, conceived in iniquity on the
other; an American device bringing a puissant people into their own while men in older lands, serfs
and slaves, continue to make bricks without straw,
and a political trick to impoverish the farmer and
enrich the manufacturer; all things to all men, and
especially to all sections; how we shall miss it!
True, in the somnolence of dry-as-dust figures it had
lost its thrill in the town halls and schoolhouses,
but it was an old and reliable plank in a platform
always built to get in on. Can it be possible that the
erstwhile opposing farmer will now embrace this
magic, dark and dangerous?
It may be so. But we cannot believe it. Obsolescent though not obsolete, amid the billions necessary
to pay for making the world safe for democracy it
13
makes but an indifferent showing. Judged by the
six hundred or more millions of surplus taxes wrung
from the people by wabbling surtaxes on incomes, it
could be abandoned without creating a notable deficit. Once we could not get along without it, now we
do not know what to do with it. Calamity might
follow without it and a people be swamped with
cheap goods from other shores; and again, in the
sixty-odd years of foreign debt-paying if reluctant
debtors cannot sell neither can they pay. The senile
veteran, smug in the sun, nursing the heroics of
other times,is at the turning of the ways. Is it with
these battalions the redoubtable farmers of the Middle West will fight for freedom? Can the differential between Winnipeg and Minneapolis be expanded
into the champion of a fundamental industry without which the good people cannot live, let alone prosper? Can the losses through land booms, unerring
deflation, removed war-guaranty, to say nothing of
weeds, chinch bgs and droughts, be rejuvenated by
the fading logic of full dinner pails and high wages?
The very idea has gone out of fashion. There are
more direct, more feasible routes to the golden justice of equality. What matters tariffs on agricultural products when the Government can fix price
and buy and sell the "surplus"? Why plow in the
dank bottoms in the broiling sun, when one can rest
in the shade of the tree of Government favoritism?
Tariffs are devious as well as deceitful. While the
income tax holds out to burn, to ask is to receive.
The bottomless purse is sufficient for all our needs.
A revolving fund is sheer camouflage when the people pay. Electrically charged dust may wither the
wheat in western Kansas, the drought may dry up
the prairies like the sere and yellow leaf, hot winds
may burn the corn when the ear is at the full, making unnecessary the limitation of acreage, but the
tariff can cure it all. So will the stand-patters rub
their hands in satisfaction, the progressives laugh in
vindictive glee, and the followers of equal rights to
all and privileges to none rejoice in the party of the
people. What is toil, when there is a tax which the
foreigner pays? What are candidates when the
issue is time-tried and tested? What are Senatorial
investigating committees manufacturing platform
planks out of primary expenses in the face of the
revival of the old religion?
It is said that the "farm question" is certain to be
a leading matter in the next campaign, and it certainly is in the forefront now. And the farm question is, largely, the question of the farm surplus.
This surplus we sell abroad in a free market of the
world, while all that we (the farmers) buy is in a
"protected" home market. Therefore—the woes of
the farmer, and the many remedies proposed in the
national Congress, hence protection either by tariff
or subsidy. Protectionists, the old guard, still cling
to the virtues of the high tariff. Now the League
of Nations, a European institution, commonly reputed to be designed in the United States as it was
in the war, has lately sponsored an Economic Conference at Geneva at which the United States was
represented. A competent observer, Alfred Pearce
Dennis, Vice-Chairman United States Tariff Commission, thus writes of the Conference: "It is plain
that the countries" (forty-seven) "represented were
unanimous for the principle that tariffs should be
lowered while unanimous in the practice that they
should be increased." He says further: "New currents of thought and feeling have swept over Europe
14
THE CHRONICLE
in the wake of the war. Out of the conflicts of
national egoisms and the welter of war-begotten
wrongs and resentments State policies have become
ultra-nationalistic. International spite-fences have
been erected. A national frontier which to the eye
is but a frail, impalpable barrier may for purposes
of trade prove a wall of adamant. Trade routes are
as natural as the movement of the ocean tides. Water seeks its level. Men trade where it is to their obvious advantage. They buy where they may buy
best and cheapest. The land of central and eastern
Europe has been cut up and redistributed nationally.
. . . No such movement of European boundary
stones has been seen in a thousand years. Some of
the newly-established frontiers cut directly athwart
natural trade routes. Tariffs are not only distinctly
higher than before the war, but the number of independent countries and consequently the number of
obstacles thrown across trade routes has increased
from twenty to twenty-nine. More than 6,000 miles
of new tariff frontiers have been traced in Europe
since the war."
Now,suppose the "tariff" to be an issue in the next
campaign. Can it be believed that protection to the
"surplus" will protect. Sending "protected" wheat
and corn on a 6,000-mile hurdle race, weighted with
the same difficulties now disturbing twenty-nine
countries overseas, will this demonstrate the soundness of the American form of glorified tariff? On
the other hand, if it be "for revenue only" that we
contend the obsolescent form of taxation is righteous, is the lesson of these States of Europe to be
brought to the attention of the farmers of the midWest? Well, then, suppose the Gordian knot to be
cut by a direct subsidy! Will a subsidy increase the
"surplus" and are the people to pay for the privilege
of selling what they must sell by running the gauntlet of these "obstacles thrown across trade routes"?
How will the spellbinders of the opposing contenders unwind these practical effects of tariffs abroad?
Of course, these States of Europe should form a
union and erect one tariff wall against the world, as
we have done, but how will that help the American
farmer? As a political question has not the American tariff run up against an explosion of European
poison gas?
So—here we are—ready to open the campaign and
hunting for issues. But in present world-conditions
discussion of the tariff will "get us nowhere." To
the complaint of the farmer one party has already
retorted that most of the farmers' needs are on the
free list or under a low tariff. The party of "revenue only" cannot show that even this much is imperative in the face of the tax surplus, and it never
had the courage of its convictions to announce
squarely for free trade. No—we have the tariff—
it can in a non-partisan way be very much lowered.
It ought to be. A few more years to test out the
Dawes Plan—and if debtors cannot pay in goods
they will not pay. But dreary debates over rates
and schedules, while the leaven in the dough of domestic imperialism works, and the boards and commissions continue to flourish like the green bay tree,
and the rights inalienable are in peril because of the
dry wets and the wet drys, will not furnish a political thrill worthy the name. Tariffs? "The League
of Nations," on its own investigation, it is stated by
Mr. Dennis, "has made a calculation based on 278
commodities which figure importantly in international trade. Indices have been worked out which
[Vol,. 125.
roughly indicate the height of tariff walls in some
twenty commercial nations. The highest index on
the list is that of Spain (41), though Russia, if figures were available, would probably take first place
in Europe, if not in the entire world. Next to Spain
comes the United States, with an index of 37, followed by Poland (32), Argentina (29), Czechoslovakia and Hungary (27) each, Canada (23), Italy
(22), France (21), Sweden (16), down through diminishing gradations to the United Kingdom (5)."
To unscramble this mess and make the world safe
for trade, if not for democracy, is too much for one
campaign.
Labor—And Management.
Among the modern fallacies promulgated by organized labor is the claim that it has a right to share
in "management." A manager, unless he be at the
same time an owner, is as much a hired man as the
man in the shop, store, or field. A man may do what
he will with his own, but not with that which is not
his own. The mere organization of workers into
unions gives them no title to property, and therefore
no right in operation. Because one man owns a
plant, and a thousand men are employed therein,
gives to these workers no share in management or
the profits. These ideas are fundamentally wrong
and are backed up only by the coercive power of
unionization. There is the false claim, to be sure,
that because labor creates all weath it owns all
wealth. But that adds no force to the claim—for
we must either have individual ownership, by acquisition or by inheritance, or we must have collectivism in which no one owns anything save an undivided and indivisible interest in the whole. And
any system of semi-socialism is even worse than
socialism proper, for it weakens responsibility by
dissipating it.
With the advent of the corporation and its legitimate successor the consolidated corporation there
has grown up between the owner and the worker an
intermediary known as the manager. He does not
own; he works, but only with his mind, not his physical strength; he controls, but only within the field
of his instructions. We class, for the purpose of our
immediate consideration, those who operate by leasehold with the owners. In corporate ownership the
shareholders own and the directors are their servants. And the directors employ the managers. The
managers employ the labor. In no way does this
alter the essential conditions; in no way does this
give labor a right to share in the profits or the management. The claim has not a single leg to stand
on. It is a mere assumption without foundation in
right or justice. But it is advocated often on the
ground that labor and capital are partners in enterprise and industry. They are not partners in the
strict sense of the term, for the one owns nothing
and the other owns all. In good-will and the spirit
of the common good they work together through
mutual interest.
This mutual interest is in the success of the enterprise. Success is necessary to the employment of
labor—but when labor is paid for its service its
claim ceases. It cannot say without violating its
contract, we will work in a desultory way, we will
shirk a normal, expected service, that there may be
more labor for others, as is sometimes done. It cannot say we will work fast or slow as a check or brake
upon profits because this is morally wrong. It can-
JULY 2 1927.]
THE CHRONICLE
not say that by the character of our work we will
control profits and thus force the payment of larger
wages. Those things are sometimes done on the
assumption that production, being impossible without labor (as production is impossible without capital or property), that therefore-labor in its own
interest must be accorded a share in management
direct. Management, or a share therein, obtained
in the devious ways mentioned (in the absence of a
direct part), is wrong because it is dishonest. No
man or set of men has a right, in law or equity, to
manage or have a part in the management of property owned by another.
We have gone an alarming distance in tolerating
this claim. Advocates talk of the humane. They
say man, though a workman, has a right to working
conditions that are healthful and safe. And the
general laws under which property is operated in
production do protect the workingman in these respects. No man has a right to jeopardize the life
of an employee, more than he has a right to infringe
upon the public health. But the authority to declare proper working conditions lies in the public,
and not primarily in the man who works simply
because he is a workman. His sole right is to cease
from working when the conditions are not to his
liking. To admit anything else, is to admit the nonowner to an equality with the owner. It is averred
at this point that men must work to live, but they
can change their occupation, they can cease to work
when the conditions are onerous—but they cannot,
without a violent denial of our whole structure of
government, assume to dictate working conditions.
Compensation laws, where they exist, are based
not on the right of the workingman to dictate working conditions, but upon the larger duty of the
owner to operate with due regard to the life and
health of the employee. If machinery is not safe
the employer must pay for the damages to life, limb
and health. And it is rank confusion, if it is not
sheer subterfuge, for organized labor to say that
this so-called humane element can be stretched to
the extent of saying the workingman has an inherent
right to control the hours or conditions of labor.
The employer who by neglect destroys labor destroys
himself. The mutual interest of employer and employee compels the former to respect the hours and
instrumentalities that are necessary to the co-operative effort. And while in the rapid growth of
industry, and the hazards of competitive operation,
employers have been guilty of neglect, while some
in greed for profits have failed to provide proper
safety appliances and healthful conditions the natural law of self-interest has compelled increasing
reforms by management.
And while the employer is bound by these broad
principles, he is still a man responsible to the welfare of his fellowman, though an employee. And
conversely, the employee is bound to work in the
safest way, not only in justice to his fellow employees, but to his employer, as well; or, to bring
the matter closer to our contention, to the management. We turn from this phase to say, that in modern days the crux of this claim to a share in management lies in the desire to open the books as to
profits that thereby labor may dictate the scale of
wages. We cannot play fast and loose with this doctrine. It is right or it is wrong. If it is right a man
cannot do as he will with his own. It is as fair that
the hired man should by any of these means take all
15
the profits by management as that he shall take a
part. Fundamentally he has no right to profits and
therefore no right in management. He asks for a
part in management that he may regulate wages
according to profits, but he refuses to share in
losses.
One of the chief reasons against the participation
of labor in management is its impracticability. Management includes the sale of products as well as the
making of them. What can a thousand workmen in
the shops know of the competition of manufacture
in the world's marts? How can they assist in this
part of the success of the plant? Management_ includes everything—overseeing workers in the shops,
providing the raw materials, co-ordinating the various steps from the making of parts to their assembling, keeping the books, initiating and supervising
buildings and improvements, studying the foreign
and domestic fields for consumption, in a word, any
and all the multifarious issues of manufacture, transportation, use. A thousand workmen cannot advise
themselves of these things, are incompetent to aid—
even if they were given the power. What they can
do and the only thing they can do, is, through shop
unions, to consult and advise with owners and operators as to how to make their own work more
efficient.
This is not what the radical contenders for a share
in management really want—they want to sit in at
directors' meetings in their own interest, they want
to see the books that they may compute the profits,
they want to know the profits that they may demand
a larger scale of wages. This whole contention is
vicious because without foundation in right or law,
it is utterly selfish. If a plant owner or operator,
in deference to employees who through outside (or
inside) unions make arbitrary wage demands, shows
them his profits that is his own affair, but, in plain
words, it is to employees "none of their business."
Nor is arbitration compulsory upon either side in a
controversy. It is an expedient. It is a means toward an end, an agreement. But we have got to say,
in order to maintain the rights of private property,
that though a quasi-duty, it is not a necessary part
of a contract unless provided therein specifically.
Claims and contentions in these controversies have
led us into assumptions of rights on the part of labor
that actually do not exist.
The Life of James Bryce.
The problems of world politics are as important
and as perplexing to-day as they were in 1863, when
in his 26th year, after he published "The Holy Roman Empire," they challenged the eager mind of
James Bryce and made him to become, with reference to them, the most widely informed man of his
day.
This is in no derogation of the eminent and constructive service he subsequently rendered in many
directions, still less does it minimize his great abilities or his whole-hearted devotion to the cause of
justice and truth; it only shows that the story of
his life and work now written by so competent a
hand as that of Hon. H. A. L. Fisher,* is in a high
degree timely and valuable. It brings to bear upon
the many grave difficulties confronting the men of
to-day the ripe experience of one who had exceptional knowledge of their earlier form and who was
devoted to their solution.
•
"Jarnes Bryce (viscount)," by II. A. L. Fisher, Warden of New College,
Oxford. Macmillan Co.
16
THE CHRONICLE
After years in Parliament, serving on many commissions, and as Secretary for Ireland, he was in
recognition of his wide knowledge and exceptional
service raised to the peerage. He had visited every
nation on earth except Borneo, Java and the Malay
Peninsula, and everywhere had sought intimate and
personal knowledge of the land and the people. After three prolonged visits to the United States at
the age of 50 he published "The American Commonwealth." This was at once recognized as the most
complete and appreciative account of the structure
and development of the Government.
He had shown in "The Holy Roman Empire" that
the two great ideas which antiquity bequeathed to
the ages that followed were those of a World Monarchy and a World Religion. These gave rise to the
romantic spirit of the Middle Ages which led to the
variety of government and character of the many
small States and eventually to the breadth of development of German thought and literature which
characterizes that country's subsequent history. It
could then be said that the Germans were "a peaceful people—submissive to paternal government, and
given to the quiet enjoyment of art, music and meditation," and while not having any great city, had
acquired a predominance of their own.
Twenty years later, with special interest and prolonged study and personal investigation, he brought
out "The American Commonwealth." The idea of
the book had grown slowly in his mind. His first
visit to America was in 1870. On his second visit
in 1881 he had to throw aside half his earlier generalizations. Only during his third journey of four
months did the big book take definite shape after
what he terms "constant inquiry." Traveling across
the country no opportunity escaped him; he interrogated everybody, read ceaselessly, studying even
the advertisements in the newspapers, everywhere
proving himself, as his biographer says, "a good
mixer," making many friends and like "the bird of
Minerva, flying low, pAcking up its food under
hedges." His interest was deep and permanent. As
a consistent Liberal he made a life-long study of
modern democracies, visiting them everywhere, from
the little Republic of Angora, where in 1873 he had
seen the head of the Republic, a stalwart peasant in
a red flannel shirt, threshing his own corn, to the
brand new Parliament of China, with its queer miscellany of frock coats and pigtails, which he visited
in 1913.
In concluding his long study of the United States
he wrote,"America marks the highest level not only
of material well-being but of intelligence and happiness which man has yet attained." It could well be
said of him that he aimed to hold up a mirror not
in the United States alone but in every democracy
that might help the good citizen to realize dangers
to which it is exposed and to work for their removal.
On his appointment as Ambassador to Washington in February 1907 he lost no time in making an
official visit to Ottawa. It was the first time this
had •been done by a British Ambassador to the
United States and it opened the way for the cordial
relations by which he was enabled to take up one by
one the then disturbed relations between America
and Canada and settle them. It was an auspicious
time. Canada was moving for independent diplomatic representation. By his care not to interfere
in domestic matters and his readiness to return at
any time for personal conference he was able to
[Vol,. 125.
establish relations between the two countries which
made mutual understanding and adjustments easy.
On his retirement in 1913 Sir Robert Borden, the
Canadian Premier, could express his deep and very
sincere appreciation of the valuable service Bryce
had rendered Canada in respect to important and
difficult questions; and Mr. Choate could say "You
have been a real ambassador to the American people and they will never forget it"; which they were
eager to prove during his subsequent visit just before his death.
It was with similar purpose that he devoted his
first vacation as Ambassador to a visit to South
America. He made a series of visits to the States
on both sides of the continent to convey expressions
of friendly interest and to gain information on political, commercial and social matters that would be
useful on both sides of the Atlantic; and, as was his
custom, he immediately wrote a book giving his impressions.
The strain through which he went during both the
South African and the Great War was very great.
His principles were all set against war, but he quickly saw the facts of each situation and gave himself
whole-heartedly to the support of his country. He
was a member of the committee that investigated the
reports of the German atrocities in Belgium, and
while he exonerated the German people from responsibility he found that by definite order of their military staff a reign of terror was introduced of constant and relentless cruelty to dishearten the Belgian army and so impress the conquered people that
resistance would be impossible. This settled his
doubts and carried his whole heart into the contest
which he felt not only involved British covenant obligations to Belgium but threatened the civilization
of the world.
Then, to express himself, the conclusion of his
report, which was widely reprinted, was that "reprisals upon the non-combatant population of Germany would be alike inhuman and impolitic. He
felt that the war must be fought through to the end,
but he gave himself at once to the furtherance of any
scheme that might be devised to prevent war in the
future. His advocacy of such an effort was presented in a communication to the British Prime
Minister in August 1917, suggesting steps to be
taken to that end.
His concern over every stage in the course of the
war was deep. He was full of interest in America's
position. In July 1917 he wrole to President Lowell
of Harvard: "Your people are wore Ihaii justifying all that lovers of America have ever said a what
she could achieve and of the spiv t -lie would show
when she entered the war. It is splendid." ne was
much touched in October by Persil ing's hriaillng
the American troops with the Britidi and the Preach,
for he felt that it would enable the men to know
each other and be helpful both .11 en and for tl,e
future. He was glad for the cheer wit ieh in those
dark days our coming gave to the Pre!'eh. "How
finely," he said,"have those people, the French, risen
to their duty! Shifty and intriguing politicians
don't represent what is best in a nation nor do much
to pervert and enfeeble it."
This better understanding and drawing together
of different peoples was his persistent aim to discern and to produce. The words of J. R. Green, the
historian of the English people, which TIrvee's biographer introduces, may well be made the expression
JULY 2 1927.]
THE CHRONICLE
of his ruling conviction: "The sympathies of peoples with peoples, the sense of a common humanity
between nations, the aspirations of nationalities
after freedom and independence are real political
forces." Bryce saw that mere improvement of diplomatic relations is not sufficient. He felt that it
must be supplemented by the endeavor to create, as
he strove with every opportunity to do especially
among the young who may be expected to be from
their presence in the universities the future leaders
of the nation, a favorable view of the character and
culture of other people. This view is not to be won
by sporadic applause but by the free intercourse of
cultivated and open-minded individuals.
He recognized and spoke frankly of the pernicious
influences he saw at work here, as indeed all too frequently elsewhere, but it did not prevent his recurring late in life to what he had written at the close
of "The American Commonwealth": "The Americans have fortunately the power of recognizing and
trusting and following a strong and honest man.
In this quality, coupled with that instinct for order,
that sense of justice, that freedom from class bitterness which belong to the native American, we
may perhaps find the best hope for the future of the
nation."
This life of a man who is best known, not as Viscount, but as James Bryce, will go far to preserve
the teachings and the grateful memory of one of the
truest and most inspiring of the friends of America.
moment, when underwriters and dealers alike are in the
throes of difficulty and in the process of taking losses incident to past mistakes, there is, as might be expected, a good
deal of apparent willingness to undertake reform. A similar frame of mind must be in evidence long after the existing more or less temporary situation rights itself in large
part, if permanent progress is to be registered.
Another fact that ought to be listed in this connection is
the more or less obvious truth that the situation is one in
which united, or at least co-operative, action is essential. It
is all very well to talk about individual initiative in such
matters, to repeat old formulas to the effect that enlightened self-interest can be relied upon to lead intelligent
bankers to take such steps as are required, and to retort
that if reform is actually needed there is nothing to prevent
leading firms from proceeding without further ado to institute indicated change or from making a good thing financially out of courageous action in the premises. The trouble
Is that such theories in this case, as in sundry others, do
not fit the facts. Bond distribution in this market has become an extremely competitive business. No one house, no
small group of large houses, dominates the situation to sufficient extent to enable it successfully to institute needed reforms in adequate degree so long as the rank and file of its
competitors continue to proceed along old established aggressive lines, or at least it is very doubtful if such is the
case. There are present many of the elements which go to
create a situation in which the bond houses pretty generally
must either hank together or hang separately, as a philosophical wag once phrased it.
The Investment Bankers Association of America is already at work on some of the problems in question. Here
is an occasion when that body ought to have the full support of its membership in any constructive work that it may
undertake. What is more, its membership ought to see to
it that proper initiative is taken. Other elements in the
financial community necessarily concerned with the general
investment situation in this country should take an active
Bond Issues That Are a Drug—Suggestion
and constructive interest in what is going on, to the end that
that Investment Bankers Association.
thoroughgoing reform be made feasible. There is work for
us all. But if very much is to be done and done promptly it
Deal With Problem.
is more than likely that investment bankers themselves will
[From the New York "Journal of Cornmeree" of July 1.1
have to take a leading hand, as indeed they ought in any
From current discussions, sometimes rather heated, about
case.
existing conditions in the bond market and about methods
employed there, a number of facts emerge concerning which
Jugoslav National Finance—Kingdom Could
there is not much difference of opinion. Here are some of
Soon Go on a Gold Basis.
them: (1) There is a marked oversupply of bonds "In the
street" at the present time; (2) an inflated condition of By Captain GORDON GORDON-SMITH, Attached to the Legation
of the Kingdom of the Setts, Croats and Slovenes.
prices is, at least in part, responsible for this state of
The fact that the dinar, the currency unit, has been pracaffairs; (3) underlying a substantial part of the undesirable
phases of the current situation an essentially speculative tically stable for nearly two years past gives grounds for
attitude of mind on the part of bond buyers exists in this expecting that at no very distant date the Kingdom of the
country; (4) this speculative tendency is in some degree an Serbs, Croats and Slovenes, popularly known as Jugoslavia,
outgrowth of methods of distribution now in vogue, or at will be able to revert to a gold basis. The really favorable
least such methods tend to encourage the continuance and position of the Jugoslav currency is, however, not revealed
growth of such a spirit, and (5) existing methods are, more- by the statement issued by the National Bank. According
over, in comparison with the corresponding situation in to this the total note circulation on Dec. 31 1926 was 5,811,such foreign markets as London, very expensive.
843,250 dinars, or 250,000,000 dinars less than at the end of
Stubborn facts of this variety tend quite naturally to 1925. This circulation, according to the statement, had the
generate a Lie:41re In the minds of the more thoughtful ele- following covering:
Gold
ments in the
86,113,382.92 dinars
la! world to formulate adequate remeSilver
17,513,272.60 dinars
dies. It is 011\ imis
h authorities, as it is to all others
Currencies
831,495.10 dinars
who have glen the matter close study, that the problems
Bills
834,317,015.17 dinars
thus presented are
of solution. Ills about which
Total
438,775,165.79 dinars
we now hear a great
I are doubtless in part a result of
This would correspond to a metal covering of about 7.5%,
faulty methods. hut it must of course, be remembered at all
a quite inadequate proportion. It, however, gives a comtimes that these %try methods of procedure in turn have
their roots in basic cotollt:ens and habits of thought that pletely false picture of the real situation. This is due to
the fact that the note circulation of the National Bank is
can be elimina ted or eimazed only by patient and persistent
endeavor, probably continued over a relatively long period expressed in paper dinars at their present value, while the
metal reserve covering it is expressed in pre-war value. To
of time.
get the true proportion of the value of this cover it should
The task before us in this connection is accordingly to be
be expressed in its present-day value in paper dinars. Thus,
viewed as a large one with many ramifications. We should
one dollar is quoted, for purpose of cover, at five dinars,
do well, of course. to give the most careful and constructive
while its present value in paper dinars is 56 dinars. The
attention to our methods of bond selling and to closely allied
British pound sterling is reckoned at 25 dinars but its prespractices. Without question a great deal could be done in
ent value in paper dinars is 273 dinars. The Swiss and
this direction. assuming general and sincere willingness on
French francs, the Italian lira and the Czechoslovak crown
the part of those directly concerned. There is no more reaare all quoted as one dinar though their real values are
son to supposb that the problems thus presented are too
very different.
great or too difficult for the best minds in the financial
In order to give the proper value of the metal covering It
world here than there is to doubt that there is plenty of
should be expressed in terms of the present-day dinar. As
room for improvement or that an abiding determination and
this is the value of the note circulation, the metal which
singleness of pit..iose itto necessary for success. Just at the
covers it should be expressed in the same terms.
THE CHRONICLE
18
In making use of pre-war values for estimating the value
of the metal reserve, the National Bank in Belgrade follows
the example of the Banque de France, which still quotes the
value of its gold reserve in francs of pre-war value. But
to give the real value of the metal covering, the gold and
silver must, first of all, be expressed in present-day dinara.
As the dinar has, for over a year, been quoted at Zurich at
from 9.11 to 9.17 centimes, the amount of gold and silver
should be multiplied by 11, since one gold dinar is worth
11 paper dinars, Reckoning thus, the metal covering
amounts to:
Gold
Silver
Bills
Total
947,000,000 dinars
192,000,000 dinars
335,000,000 dinars
1,474,000,000 dinars
[VOL. 125.
hand will soon reach 100,000,000 dinars, which will make
It possible to increase the circulation considerably.
While the silver covering remained the same, there was
some falling off in the amount of foreign currencies held.
This year the Bank held only 635,000,000 dinars, as against
the 800,000,000 held the previous year. The reason for this
was the poorer harvest, which meant a smaller export of
corn, and consequently a smaller inflow of foreign money in
payment.
The various phases of the economic life of Jugoslavia are
such that the balance of trade shows a debit in the spring
and summer and a credit balance in the autumn and winter.
Whereas the imports are fairly regular each month the exports vary considerably. They are largest in the autumn
and winter months, when the agricultural produce is exported and poorest in the spring and summer, when this is
reduced to a minimum. The National Bank is, consequently,
obliged to put considerable quantities of foreign bills on
the market in the spring and summer months, while in the
autumn and winter months, during the busy export season,
It must buy them in.
In 1924, when, as a result of large exports, the supply of
foreign bills was considerably greater than the demand, the
trade balance showed a surplus of over 1,300,000,000 dinars
and the dinar, in the absence of any organization to regulate it, rose nearly 50%, a factor which adversely affected
export and economic conditions in the country generally.
Though, after the rise of the dinar, only half the quality of
certain goods could be obtained for the same money, the
cost of production remained the same. In this lies one of
the chief reasons for the economic crisis in the national life.
As the result of this, exports decreased rapidly, the totals
being as follows:
As the total of notes in circulation is 5,811,000,000 dinars,
they are covered to the extent of 25.4%, or three times more
than appears according to the report of the National Bank.
As the item of bills has also been treated on a pre-war
parity, a certain analysis must be made to ascertain its
exact present-day value. In making this analysis, certain
Items, which cannot be reckoned as part of the note covering, must be deducted. In 1915, when the Serbian army
was in retreat through Albania, the Banque de France undertook certain responsibility for the dinar notes of the
Serbian•National Bank. This guarantee was reckoned by
the National Bank as part of its covering, although it cannot now be turned into money nor can its counter-value be
presented in notes or checks. It is, however, being reduced
every year, and at the end of 1926 amounted to 261,540,000
dinars' worth of French francs. If we deduct this from the
deposit of bills, reckoned at 335,000,000 dinars, the amount
of bills left is only 72,000,000 dinars. If we desire to ex9,538,000,000 dinars
1924
press this in dinars of to-day, we must know of what bills
8,904,000,000 dinars
1925
it consists and then, if we multiply this by the rate of ex1928
7,818,000,000 dinars
change which existed at the end of 1926, we get the exact
Fortunately, the Imports fell off at the same time. The
value.
figures were:
The following were the amounts of bills at the National
8,821,000,000 dinars
1924
Bank:
8,752,000,000 dinars
1925
Kind of Currency—
Swiss francs
American dollars
Pounds sterling
Dutch florins
Austrian schillings
Belgian francs
Italian lire
Czechoslovak crowns
German marks
French francs
Others
Total in einars
In Foreign Money.
1,959,285.37
2,803,078.88
1,492,660.16
17,305.37
827,443.87
1,074,053.53
3,444,800.22
12,615,021.08
157,213.27
1,115,962.12
177,471.40
In Dinars.
21,500,000
158,700,000
410,600,000
400,000
8,800,000
1,700,000
8,800,000
21,500,000
1,900,000
2,500,000
1,000,000
835,200,000
The metal deposits and bills, therefore, when expressed in
present-day dinars, give the following total:
Gold
Silver
Currencies
Bills
Total
947,000,000
192,000,000
10,000,000
835,000,000
dinars
dinars
dinars
dinars
1,784,000,000 dinars
This, with a note circulation of 5,811,000,000 dinars, gives
a covering of 30.7%. Thus the note issue of the National
Bank is covered, not to the extent of 7.5%, as the balance
sheet seemed to indicate, but by 30.7%.
The metal covering of a note issue in pre-war times was
supposed to be at least 33 to 40%. It is, therefore, clear
that the metal covering in Jugoslavia is not far below the
regulation amount. Only a small additional effort is
wanted, either by a decrease of the amount of notes in circulation or, still better, by an increase of the covering, and
the note issue will be adequately covered. This is an important fact, as it shows that, with a very small effort,
Jugoslavia might even now carry through the definite stabilization of the currency and thus pave the way to final
monetary reform. If to achieve this some assistance had
to be sought abroad, the amount of assistance required
would not be very large. This would probably be in the
form of a revolving credit.
It is of interest to observe the changes in the metal covering in the course of last year. The gold deposits were as
follows:
1925
1928
75,914,499.83 dinars
86,113,382.92 dinars
The gold reserve thus increased by over 10,000,000 dinars,
The National Bank is this year continuing the same policy
and there is, therefore, grounds for hoping that the gold on
1928
7,831,000,000 dinars
There was, therefore, always a surplus in the balance of
trade as follows:
1924
1925
1928
717,000,000 dinars
152,000,000 dinars
187,000,000 dinars
There is, therefore, no danger that the balance of trade
will be disturbed by the deposit of bills at the National
Bank.
, It is somewhat difficult to calculate the actual balance of
Jugoslavia. Besides the trade balance itself, there is the
credit item of the sums sent into the country by the emigrants abroad, who number over 600,000 in the two Americas, and who contribute much to the support of their families at home. When immediately after the war the trade
balance showed a deficit of 2,000,000,000 dinars the money
remitted by these emigrants was the chief means of covering
It.
The tourist traffic is also becoming an important credit
Item, as the Jugoslav watering places and the marvelous
Dalmatian Riviera attract each year an ever-increasing
number of visitors. The number visiting the the Dalmatian
coast last year exceeded 100,000.
Foreign capital is also coming into the country in increasing amounts and helps to swell the balance on the credit
side. But as the State has not yet completely settled its war
debts it has not altogether a free hand to appeal with success- to foreign money markets, and as the currency reform
has not yet been completely carried through, neither municipalities nor individuals can obtain credit abroad to any
large amount.
The settlement of the currency problem and in particular
the adoption of a gold standard will enable the Jugoslav
commercial world to obtain the long-term credit it so badly
needs. This is the only way to reduce interest on money to
a rate which commerce and industry can bear.
The carrying out of the currency reform would not entail
great difficulties. The State budget is balanced, so that
there is no danger of inflation. The balance of trade is
favorable and gives no grounds for anxiety.,
Considering the relatively small note circulation In Jugoslavia, about five billion dinars, and its 30% metal covering.
It is fairly certain that the country could, with its own resourdes, carry out the monetary reform, not perhaps in such
a way as to introduce immediately a gold standard, but so
JULY 2 1927.]
TUE CHRONICLE
19
that the dinar would not be subject to the slightest fluctua- I doubt
that the necessary assistance could be obtained
from
tion, that is to say, in a similar manner to that adopte
d in abroad, as the foreign money markets are interes
ted .in
Germany, Austria, Hungary and Belgium. There is little bringi
ng about the complete stability of Jugoslav curren
cy.
Indications of Business Activity
STATE OF TRADE—COMMERCIAL EPITOME.
Friday Night, July 1 1927.
There is some improvement in retail trade, owing to more
seasonable weather, and the usual pre-holiday deman
d.
But it is a fact that both retail and wholesale trade in June
did not come up to the totals for June last year. While
there is some improvement in the outlook for
the grain
crops, that for cotton is still more or less
dubious. For
that matter the corn crop is late, and it is
not likely to be
as large as that of last year. And trade, aside
from retail
transactions, cannot be called satisfactory.
It is true that
some increase in a few branches of wholesale
business hag
latterly been noticed, but that does not mean
that such
trading has been at all active. On the contrary, it is
still
on a very conservative scale. That is one of
the signs of
the time. Failures, moreover, for the half year
are somewhat larger than in the same period last year and liabilities, owing to large bank failures earlier in the
year, show
a noticeable increase. Industry on the whole
is quiet,
and it is noticed that in the woolen goods busine
ss the dosing down of mills for the 4th of July holidays is
for a longer
period than usual. The cotton mills continue
to make far
the best showing in the textile industry, while woolen
goods
are dull. Finished cotton goods sold to a very
fair extent,
but, it must be added, mostly in small lots. Fancy cotton
goods, especially rayon mixtures, met with a better demand,
and some rayon purchases were made for delive
ry as far
ahead as October. In both coarse and fine
yarn cotton
cloths new business for the time being is small.
But it was
noticed that trade at Pall River in print
cloths last week
showed some increase and prices were firm. Manche
ster,
England, reports a better demand from India
and a better
outlook for China trade. The East Indian monso
on is more
satisfactory. This would naturally benefit
the crops, increase the buying power of India and
have a favorable repercussion on Manchester's trade, and thus
to a certain
extent on the cotton business of this countr
y. Raw silk
has been lower, while there has been a fair
business in new
broad silks.
Building has been more active, as might
have been expected with the more favorable conditions.
What the whole
country needs, however, is fair and warm
weather. In
some parts of the South and East it has been too
cool and
rainy, though latterly there has been an
improvement in
this respect. In parts of the West and
Northwest the temperatures have been high, even 90 to 94
degrees. The soft
coal shutdown has been increased by
the failure of 12,000
Pennsylvania miners and their employers
to agree on wages.
A fair business has been done in lumber
, but it is said that
the curtailment of soft wood will be
increased in the midsummer period. Grand Rapids reports
a good business in
furniture, but in general this branch
of trade is quiet. In
novelty lines of the shoe trade there is a
good demand. The
canned goods business might be in better
condition than it
Is, what with crops late and rather large
supplies of old
goods on hand. Wool has been in fair deman
d and rather
firmer. It is even said that somewhat better
prices have
been obtained. Foreign wool auctions have
been at generally firm prices.
Wheat has been irregular and some deliveries
are lower,
as private crop estimates to-day of 825,000,000
bushels are so
close to last year's yield as to take the edge off
the bullish
speculation, at least for the time being. The
Kessinger
bill was pigeon-holed to-day by the Illinois
Legislature, but
this was offset by the better crop prospects and
the lack of
a satisfactory export demand. This absence of
foreign buying offsets everything else, including persistent
drought in
Argentina and Australia, which seems to
portend a big decrease in the wheat crops of those countries. Corn
declined
4 to 5 cents to-day from the high point of
/
1
2
the morning,
after rising 6 to 62 cents in one day early in
/
1
the week on a
bad crop outlook. The private crop estimates
to-day of
2,200,000,000 to 2,300,000,000 bushels had been
discounted
and July deliveries exceeded 3,000,000 bushels.
There seems
no chance for export business in corn with competitors
shipping heavily to Europe. Of late, too, the weather
in the
corn belt has been better. Stocks of corn on hand are
much
smaller than a year ago, but the cash demand is
poor.
There was a fair export demand for oats, but
foreign buyers still ignore American rye.. Coffee has advanced
slightly
this week, despite the chorus of bearish arguments
against
the market and some of the local traders have been
buying
for a rise, regardless of the big crop estimates. Raw sugar
has declined and at the lower prices it is said that
quite a
large business has been done. Refined sugar has
been quiet.
It is suspected that consumers have scanty suppli
es and
may be sailing a little too close to the wind on the
eve of
the season for the largest consumption of the year. Licht,
however, has increased his estimates of the Europ
ean beet
root acreage. July tenders here have been large
and liquidation has been heavy.
Cotton has advanced on reports of a very heavy
weevil
infestation over most of the belt and fears for
the crop
unless July and August should furnish enoug
h dry, hot
weather to keep down the weevil as they did
last year.
Moreover, July notices for some 175,000 to 200,00
0 bales
were stopped very promptly on June 28 and
the market actually advanced on that day some 30 to 35
points. July
notices were also quicikly taken up in
Liverpool to-day.
Tentative crop estimates here of about
14,500,000 bales, or
3,400,000 bales less than last year's
yield., are not to be
taken very seriously. The Government
estimate a year ago
of 15,635,000 bales, as everyone knows,
was 2,275,000 bales
too low. But they serve to illustrate the trend
of popular
opinion at this time. The future of cotton
price hinges
largely on the weather in July and August
. Hot, dry
weather for the most part would hit the weevil
hard and
perhaps increase the yield materially beyond
what is now
estimated. A wet July and August might easily
have deplorable results.
Pig iron has been dull and eastern Pennsylvania
prices
seem to have been cut in dealing with districts
where cornpetition is sharp. Steel has been quiet and the produc
tion
has been further reduced. What little trade there
is centres in the demand from railroads and automo
bile cornpanics. But neither are buying freely. The sales
to railroads in the past year have been disappointing..
The locomotive industry is not at all active; quite the contra
ry. The
demand for non-ferrous metals has been small and
the trend
of prices is evidently downward, and in most cases
here
and In London. Petroleum output is up to a new high
level,
with the Seminole field contributing heavily to this
result.
In the stock market there has been considerable liquida
tion at times and prices on a single day have declin
ed as
much as 8 points in some cases. Recoveries, on the other
hand, have been frequent and money rates eased after being
stronger for a time. Naturally, there will be very
large
dividend payments at this time. Bonds have been
lower,
including railroad issues. But a reaction in securities
is
not unnatural after so prolonged a period of rising market
s.
To-day there was a sharp advance, notably in the leadin
g
industrial shares where the shorts had plainly been overventuresome. Call money, which renewed at 5%, declined
later to 4 %,regardless of the calling of loans by the banks
/
1
2
to the amount of $30,000,000. A spectacular incident
to-day
was a rise in Baldwin Locomotive of 151%, most of which
/
2
was held at the close. It is an outstanding feature of the
times in American trade that transactions are proceeding
on a conservative scale. There is no over-trading. There
are no large speculations. There has been a sharp falling
off in the trading in stocks, which is not to be regrett
ed.
The bank clearings in the United States for the week ending
June 30, accordingly, show a noteworthy decrease. In London of late, trading has been quiet, but with the tone
on the
whole steady.
The Federal Reserve Bank of Boston says that activit
y
in the cotton industry was contrary to an otherwise
downward trend of trade, and during May there was a slight
THE CHRONICLE
20
[VOL. 125.
increase from April. Wool activity showed a decline in May sale firms were also smaller than last year. Freight car loadings increased
in May by less than the usual seasonal amount, and for the first time in
from April. At Biddeford, Me., all departments of the over a year daily average loadings were in smaller volume than in the
Pepperell Manufacturing Co. will close down at noon July 2 corresponding month of the preceding year. Loadings of all classes of
and will not reopen until July 11. The Saco-Lowell shops all classes of commodities except livestock, ore and miscellaneous products
were smaller than last year.
at Saco, manufacturers of mill machinery, will close down
Prices.
on Saturday and will remain closed until July 18. The mills
The general level of wholesale commodity prices has remained practically
of the York Manufacturing Co., which are not running fully unchanged since the middle of April. Prices of grains, cotton, and hides
and skins have advanced, but these advances have been offset in the general
will also close down for a time. At Danville, Va., the River- index by declines in the prices of livestock, wool, silk, metals and rubber.
more than 5,000
side and Dan River cotton mills, employing
Bank Credit.
persons, will have a week's holiday beginning July 4. South
Demand for bank credit to finance trade and industry remained at a conCarolina mills led the entire country during the month of stant level between the middle of May and the middle of June. and the
in
May in the average number of active spindle hours per growth thethe volume of credit extended by member banks in leading cities
during
period was in leading cities during the period wasin holdings of
spindle in place with 344.
securities and in loans on stocks and bonds. Loans to brokers and dealers
piece goods in securities by reporting member banks in New York City increased rapidly
At Calcutta forward sales of Indian-made
and on June 15 were in larger volume than at any previous time covered
have improved and prices have advanced slightly, but spot by the reports.
cotton cloth are accumulating.
business is dull and stocks of
At the Federal reserve banks there was little net change in the volume of
The strength of Lancashire quotations makes forward busi- bills and securities between May 25 and June 22, the fluctuations during
the period reflecting largely the efeects of Treasury operations. Discounts
ness difficult. A good monsoon is needed to improve the for member banks toward the end of June were in about the same volume
up-country demand, and the monsoon's progress to date as a month earlier while there was a decline in the reserve banks' holdings of
an
has been generally satisfactory. The Tariff Board rejected acceptances andthe increase in their portfolio of United States securities.
Conditions in
money market were fairly stable throughout the period:
industry for an increase with slight advances in the rates on commercial paper and more recently
the request of the Bombay cotton
in the duty on cotton piece goods, but recommended the on bankers' acceptances.
abolition of the import duty on textile machinery for a
period of three years. The refusal of the application for an Monthly Indexes of Department of Commerce—
Output of Raw Material in May Larger
increased duty on cotton cloth has greatly disappointed
Than in April.
Boinbay mill owners.
The American Woolen Co. and a number of other large
Underdate of June 30 the Department of Commerce
woolen goods factors will be closed to-morrow (Saturday) presents as follows, its monthly indexes of production,
In observance of Independence Day holidays, arid it is ex- stocks and unfilled orders:
Production.
pected that the market as a rule will be closed for the
The output of raw materials in May was larger than in April, being larger
three-day holiday because of the slack period. At Ware,
in May 1926. As compared with a year ago, all classes
Mass., the Ware Woolen Co. resumed operations on full time also than were produced or marketed in greater quantities except of raw
material
forest
in all departments. The finishing department alone has products, which declined. Manufacturing production, after adjustments
for differences in working time, showed an increase over both the preceding
been running for the past eight months.
May of last year. As compared with April, industrial output
month
Wholesale trade declined 4.9% in May. Except for a showedand
gains, with no allowance for working time differences, in foodlarge increase in chain grocery store sales, chain store stuffs, textiles, lumber, chemicals and oils, stone and clay products, and
business compared much less favorably in May than in April tobacco, all other groups either declining or showing no change. As compared with last year, manufacturing production was greater in all groups
with that of a year ago, says the Federal Reserve Agent at except non-ferrous metals, lumber, paper and printing, and automobiles,
New York. The increases reported in April, however, had which declined.
Commodity Stocks.
been unusually large, due to Easter trade, and May 1926
Stocks of commodities held at the end of May, after adjustments for
had been a very active month for all branches of retail seasonal variation, were larger than at the end of either previous month or
trade. Department store sales decreased 4% in May. Paper May a year earlier. As compared with the preceding month, stocks of
output in May fell off 3% as compared with April, or 9% in raw foodstuffs and manufactured foodstuffs were larger, while other raw
materials for manufacture and other manufactured commodities showed
two months.
declines. As compared with a year ago all commodity groups showed
the weather has been somewhat warmer here. larger stocks except manufactured foodstuffs, which declined.
Of late
To-day at 3 o'clock it was 77 degrees. Chicago and DeUnfilled Orders.
troit have latterly been up to 92, Cincinnati, Indianapolis
Unfilled orders for manufactured commodities, principally iron and steel
and Milwaukee to 94, Cleveland Kansas City and Pittsburgh and building materials, declined from the preceding month but showed no
change from last year. As compared with the preceding month, iron and
to 90. Yesterday, however, the highhest temperature here steel orders unfilled were smaller, while building materials were larger. As
Boston. In St. Paul compared with a year ago, unfilled orders for iron and steel were likewise
was 66, and that was the case also in
it has been up to 94 degrees, when it was 80 in Washington. smaller in May, with building materials showing an advance.
The index numbers of the Department of Commerce are given below:
In the South Atlantic States to-day temperatures were in
1927.
1928.
some cases as high as 100 to 104 degrees.
•
Production (Index numbers: 1911100)-
April.
May.
May.
96
127
119
67
115
135
135
111
115
139
166
129
90
114
183
144
120
262
161
106
142
134
89
127
139
139
133
117
138
166
142
83
111
190
188
131
252
155
94
135
118
57
131
130
130
111
96
135
180
151
73
123
172
164
118
264
147
178
257
164
87
163
225
144
66
170
215
131
85
195
173
219
191
73
192
187
179
250
177
82
188
170
185
235
149
85
170
50
35
114
48
31
118
48
36
100
Output of manufacturers increased considerably in May, while production of minerals was maintained at the April level. Increased activity
was shown in cotton and woolen mills, in meat packing and in the production
of lumber; the output of iron and steel, non-ferrous metals, automobiles
and building materials, after allowance for usual seasonal variations, was
maintained at practically the same level as in April. Since the latter part
of May, however, production of steel and automobiles has declined. The
total of value of building contracts awarded continued slightly larger in May
and in the first two weeks of June than in the corresponding period of last
year. Production of winter wheat was estimated by the Department of
Agriculture on the basis of June 1 condition at 531.000.000 bushels, or
90,000,000 bushels less than last year. The indicated rye production was
placed at 48,600.000 bushels, which is 20% larger than the crops in 1926.
Raw materials: Total
Minerals
Animal products
Crops
Forestry
Manufacturing, grand total (adjusted)
Total (unadjusted)
Foodstuffs
Textiles
Iron and steel
Other metals
Lumber
Leather
Paper and printing
Chemicals and oils
Stone and clay products
Tobacco
Automobiles *
Miscellaneous
Commodity Stocks (Index numbers: 1919=100)—
(Unadjusted).
Total
Raw foodstuffs
Raw materials for manufacture
Manufactured foodstuffs
Other manufactured commodities (adjusted for seasonal
element)
Total
Raw foodstuffs
Raw materials for manufacture
Manufactured foodstuffs
Other manufactured commodities
Unfilled Orders—
Total (1920=-100)
Iron and steel
Building materials
* Included In miscellaneous group.
Trade.
Sales of retail stores in May showed more than the usual seasonal decline
from the high April level. Compared with May of last year, department
store sales were about 4% smaller, while those of mail order houses were
slightly larger. Value of wholesale trade of all leading lines, except groceries
and meats, was smaller in May than in April and in the corresponding
month of 1926. Inventories of merchandise carried by department stores
showed slightly more than the usual seasonal decline in May and at the
end of the month were somewhat smaller than a year ago. Stocks of whole-
The Guaranty Trust Company of New York, on
Business Conditions.
Further recession, apparently due for the most part to
seasonal influences, has characterized business activity in
recent weeks, states the current issue of the "Guaranty
Survey," published by the Guaranty Trust Co.of New York.
Federal Reserve Board's Summary of Business Conditions In the United States—Increase In
Industrial Production.
Industrial production increased in May and continued
at a higher level than a year ago, while distribution of commodities was in smaller volume than last year, according
to the Federal Reserve Board, which also says that the
general level of wholesale commodity prices has changed but
little in the past two months. The Board's Monthly
summary of business conditions in the United States, made
public June 27 also states:
Production.
JULY 2 1927.]
21
THE CHRONICLE
"Very few branches of production or distribution, however,
show any sign of positive reaction," the "Survey" continues.
"In basic industrial operations in sales volumes at wholesale
and retail, and in fundamental financial conditions, there
is ample evidence to support the belief that business in
general is on a sound basis. With the first half of the year
at an end,it is clear that the volume of trade and ofindustrial
output for the six months will be found to have compared
very favorably with that of any corresponding period.
"If any recent developments contain ground for misgivings,
they are the continued advance in bank loans against security
collateral and the rather dubious agricultural outlook.
Neither of these factors, however, need be regarded as an
immediate menace. The stock market went through a
period of readjustment a year ago without any visible
effect on the business situation as a while; while crop prospects are, at worst, only a little more uncertain than usual,
and the season may yet prove to be more satisfactory to the
farm population than were those immediately preceding it.
The "Survey" continues as follows:
Business Recession Not Drastic.
"Among the indicators of current business activity, perhaps the least
encouraging is the movement of railway freight, which for several weeks
has been in smaller volume than a year ago. On the other hand, the
amount of commercial check payments, as measured by bank debits outside
of New York City, was 7% larger in the first two weeks of this month
than a year earlier, whereas the total for the year to date is only 4% above
that of a year ago.
"Although there has been little change in the level of money rates during
the last few weeks,the tendency has been toward greater ease, notwithstanding the large volume of new capital flotations and the new high record
In the amount of brokers' borrowings in New York City.
"The seasonal decline in business failures continues, although the number
and liabilities of defaulting firms last month remained above the totals of a
year ago.
"Steel mill operations have been loss active in recent weeks, and are now
somewhat smaller than a year ago. A similar trend is evident in building
operations. As yet the building industry gives no indication of a marked
recession in activity."
Loading of Railroad Revenue Freight Still Above
One Million Cars a Week.
Loading of revenue freight for the week ended on June 18
amounted to 1,016,351 cars, according to reports filed on
June 28 by the carriers with the Car Service Division of the
Ame:ican Railway Association. This was a decrease of
11,954 cars under the preceding week, reductions being
reported in the loading of all commodities with the exception
of merchandise and less than carload lot freight which showed
a slight increase. Compared with the corresponding week
last year, the total for the week of June 18 was a decrease of
20,292 cars but it was an increase of 31,768 cars over the
corresponding week in 1925. Details follow:
conveyances recorded in 41 typical cities. The Board's announcement, under date of June 21, also says:
The monthly average of transfers and conveyances recorded in the 41
cities for the corresponding month of the years 1916-1923 is taken as equaling 100 in the association's compilation.
The May index is ten points lower than the index for April. It is seven
points lower than the index for May of 1926.
The index record for the past twelve months is as follows:
May 1928
163 November 1926
160
June 1928
175 December 1926
155
July 1928
176 January 1927
170
August 1928
169 February 1927
180
184 March 1927
September 1928
173
180 April 1927
October 1926
188
May 1927
158
Wholesale Trade in New York Federal Reserve District
Below That of Year Ago.
The July 1 "Monthly Review of Credit and Business Conditions" by the Federal Reserve Agent at New York reports
that "wholesale trade in this district continued to be
smaller in value in May than a year previous. The average
reduction in sales in recent months has been only slightly
larger," says the Bank, "than the reduction in wholesale
prices during the year as reported by the Bureau of Labor
Statistics. The presumption therefore is that the actual
quantity of goods sold has been nearly as large as last
year." Continuing, the Bank says:
Sales of machine tools showed a considerable increase over a year ago in
May following decreases in most of the previous months since last summer. Cotton goods sales by mill agents also were substantially larger in
value, although prices remained lower than a year ago. Paper dealers' sales
showed an increase, following small decreases in the two previous months,
and grocery sales were equal to those of a year ago for the first time in a
year. All other reporting lines showed decreases of varying amounts from
last year's sales.
Shoe stocks at the end of May were much larger than a year previous,
and moderate increases were reported in wholesale stocks of groceries,
cotton goods and jewelry and diamonds, and in mill stocks of silk goods.
The percentage of outstanding accounts collected during the month averaged slightly lower than last year, but there was no consistent change
among the various lines in the rate of collections.
Percentage
Change
May 1927
from
April 1927.
Percentage
Change
May 1927
from
May 1926.
% of Accounts
Outstanding
April 30
Coll cted
in May.
Stock
Stock
Net End of Net End of
Sales. Month. Sales. Month. 1927.
Groceries
+6.7 -8.4 +0.4 +7.2
76.2
Men's clothing
--38.9
____ ---7.6
_--30.9
Women's dresses
Women's coats and suits
--3.8
Cotton goods-Jobbers
--67.2-0.7 -1-.i -3.3 -F6:7
35.1
Commission
+8.4+10.7
Silk goods
-0.5 .43:6 -12.6 .-r6:6 48.2
Shoes
-23.4 +3.9 -8.2 +38.7
43.0
Drugs
--28.9 --3.0 --1.8 --3.4
52.7
Hardware
-8.0 -6.5 -9.1 -3.1
49.0
Machine tools.°
+1.0
____ +13.4
Stationery
--7.4
____ --14.1
____
F1.8
Paper
-4.7
_ +7.0
87.8
Diamonds
-16.21 -2.2-11.71 -14:i
.-27.7
ew
Jelry
+24.1
-17.41
Weighted average
-15.3
___- -4.9
____
51.6
* Quantity not value. Reported by the Silk Association of America.
a Reported by the National Machine Tool Builders' Association.
1926.
79.7
85.6
iKi
Ili
45.4
37.8
47.1
70.7
63.7
Miscellaneous freight loading for the week of June 18 totaled 392,554
27.3
cars, an increase of 10,297 cars over the corresponding week last year and
52.8
25,016 cars over the same week in 1925.
Loading of merchandise and less than carload lot freight for the week
totaled 258,439 cars, a decrease of 1,111 cars under the same week last
year but 218 cars over the corresponding week two years ago.
Coal loading amounted to 156,046 cars. This was a decrease of 18,797 Decline in Department Store Sales in New York Federal
cars under the same week last year but an increase of 931 cars compared
Reserve District as Compared with Year Ago.
with the same period two years ago.
"Sales of about three-fourths of the reporting department
Grain and grain products loading totaled 38,566 cars, an increase of 440
cars over the same week in 1926 and 3,141 cars above the same periodin stores in this district
were smaller in May than a year pre1925. In the western districts alone, grain and grain products loading
totaled 24,612 cars, an increase of 1,497 cars above the same week last year. vious, and their combined sales showed a reduction of nearly
Live stock loading amounted to 25,823 cars, a decrease of 1,354 cars 4%, according to the Federal Reserve Bank of New York,
under the same week last year but 293 cars above the same week in 1925. which
notes, however, that business in May last year "was
In the western districts alone, live stock loading totaled 19,426 cars, a
unusually good, as, due, to the late spring, a considerable
d,ecrease of 1,398 cars under the same week last year.
Forest products loading totaled 69.402 cars, 5,735 cars below the same amount of business was done in that month
which ordiweek last year and 2,380 cars under the same week in 1925.
narily is done earlier in the season." The Bank in its July 1
Ore loading totaled 65,137 cars. 3,037 cars below the same week in 1926
"Monthly Business Review," also says:
but 3,521 cars above the corresponding period two years ago.
The percentage of outstanding charge accounts collected
Coke loading amounted to 10,375 cars, a decrease of 995 cars under the
during the
same week in 1926 but 1.028 cars above the same period in 1925.
month was slightly larger than a year previous for the third consecutive
All districts reported decreases in the total loading of all commodities month. The value of stocks of merchandise on hand remained about 2%
compared with the corresponding period in 1926 except the Pocahontas. smaller than last year, but due to the smaller sales in May, the rate of
Southern and Northwestern but all reported increases, except the Central- stock turnover was slightly lower than a year ago for the first
time this
western and Southwestern compared with the coresponding period in 1925.r year.
Loading of revenue freight this year compared with the two previous
years follows:
% of Charge Accounts
1927.
1926.
1925.
Percentage Change
Outstanding
4,524,749
Five weeks in January
4.428,256
4,456,949
May 1927 from
April 30
3,823.931
Four weeks in February
3,677,332
3,623,047
May 1926.
Collected in May,
4,016,395
Four weeks in March
3,877,397
3,702,413
Locality.
4,890,749
Five weeks in April
4,791.006
4,710,903
Stock on
4,096.742 4,145,820 3,869,306
Four weeks in May
Net
Hand End
911,298
Week.of June 4th
944,864
998,243
Sales.
of Month.
1927.
1926.
1,028,305
Week of June 11
1,052,471
989,873
1,016.351
Week of June 18th
1,036,643
984,583 New York
53.0
+0.2
49.3
Buffalo
42.1
-11.4
62.0
24,308,520 23,953,789 23,335,317 Rochester
Total
-I2.1
40.1
44.9
Syracuse
-18.9
Newark
47.8
+6.4
47.7
Bridgeport
May Index of Real Estate Market Ten Points Below Elsewhere
34.4
--4.5
16:5
Northern New York State
That of April.
Central New York State
Southern New York State
The index of real estate market activity for the country
Hudson River Valley District
Capital District
as a whole for the month of May was 156, according to the
Westchester
the National Association of All departmentDistrict
compilation made monthly by
stores
48:0
43.3
+6.6
Real Estate Boards from official figures of transfers and Apparel stores
Mail order houses
-1.4
22
THE CHRONICLE
[Vot. 125.
Sales of most lines of apparel were smaller than last year, following
large increases in April, while sales of furniture and home furnishings
continued close to last year's volume. Sales of woolen goods were noticeably larger than a year ago for the first time in many months, but sales
of cotton goods, and silks and velvets were substantially smaller.
fashioned silk hosiery continues to lead the hosiery market, but the demand tor most seamless lines is not active. New Orders for carpets and
rugs are small and mills are running on reduced schedules. Linoleums and
felt-base goods are in fair demand.
Hide prices continue strong, but the goatskin market Is quiet. Sole
leather is in good demand and, as is usual at this season, the call for black
Net Sales. StoekonHand kid has improved, while colors are in smaller demand. Sales of shoes have
% Change
% Change
Several
declined in the past four weeks and areless than those ofa year ago.
May 1927 May 31 1927 firms report that prices are higher than they were last month. Shoe
from
from
factories reporting to this bank are operating at 60% of capacity on the
May 1926. May 31 1926;
average.
+4.4
+15.3
The cigar market is rather quiet, although sales by wholesalers and jobbers
Books and stationery
+5.3
+2.5
Toys and sporting goods
are somewhat ahead of a year ago.
+5.1
+0.7
Toilet articles and drugs
Crude petroleum is in large supply and stocks have increased despite a
-16.4
+4.4
Woolen goods
+4.4
seasonally strong demand for gasoline, motor oils and asphalt. Prices of
+1.8
Luggage and other leather goods
+1.4
+0.4
crude oil and refined products have declined substantially in recent months.
Home furnishings
+10.1
+0.3
Hosiery
More favorable weather in the past month has resulted in an improvement
+4.0
+0.1
Linens and handkerchiefs
In agricultural conditions, although the crops still are backward owing to
-0.9
-1.0
Furniture
-4.9
-3.4
the lateness of spring. The composite condition of all crops in this district
Silverware and jewelry
+10.2
-5.1
Shoes
compares favorably with the 10
-year average. Grazing meadows and dairy
-0.4
-5.7
Women's and Misses'ready-to-wear
herds are in good condition.
-4.7
-7.2
Men's and boys' wear
City Conditions.
+12.4
-7.7
Men's furnishings
+1.4
-8.1
Women's ready-to-wear accessories
Industrial activity in the leading cities of this district during May, as
-4.1
-14.4
Cotton goods
measured by wage payments, increased in six cities and decreased in a like
-17.1
-14.6
Musical instruments and radio
-4.6
number in comparison with a year before. The number of wage earners
-15.2
Silks and velvets
-6.6
-7.7
and the value of building permits decreased in most of the cities. The
Miscellaneous
decline from April to May was widely prevalent, reflecting in the main
seasonal changes.
While the volume of payments by check increased in the year in 10 out
Chain Store Sales in New York Federal Reserve District
of 13 cities, retail distribution decreased in all reporting cities, except
-Increase in Grocery Trade Largest Since NoScranton. Compared with the previous month, debits and retail sales in
vember-Decreases in Shoe and Candy Trade.
May also declined. Savings deposits in most cities showed gains over the
Bank of New York states that "ex- totals of the month earlier and those of May 1926. . . .
The Federal Reserve
cept for a large increase in chain grocery store sales, chain
store business compared much less favorably in May than in
April with that of a year ago. The increases reported in
April, however, had been unusually large, due to Easter
trade, and May 1926 had been a very active month for all
branches of retail trade." The Bank, in its "Monthly Review," July 1, adds:
Retail Trade.
Retail sales by reporting firms during May decreased 9.8% from the tots
of a year before. All lines shared in this drop. Among factors contributing
to recession were unfavorable weather conditions this year and the inclusion
of only four Saturdays as against five in May 1926.
Total sales from January to May were 3.5% smaller than in the same
period of last year.
Inventories held by reporting retailers at the end of May were only
slightly under those on the same date last year, although credit, shoe
The May increase in the grocery trade, both in total sales and in sales and women's apparel stores showed increases. Outstanding orders inper store, was the largest since last November. Total sales of ten-cent, creased 3.4% in the year.
Receivables were nearly 2% ahead of the total at the end of May last
drug and variety stores were somewhat larger than in May of last year, but
in all lines
shoe and candy stores reported substantial decreases. All reporting lines year. Collections during the month were appreciably greater
than a year before, the total gain being 5.7%.
except groceries had smaller sales per store than a year ago.
Early reports from retailers in this district indicate that the volume of
business during the four weeks ended in the middle of June was smaller
Percentage Change
than the total for the corresponding period of the previews month; there
May 1927 from May 1926.
are, however, many reports that show increased or unchanged sales. NuSales
Number
Type of Store.
merous price declines are noted, although quotations in most cases are the
Per
of
Total
same as in May.
Store.
Sales,
Stores.
Wholesale Trade.
+12.2
+21.8
+8.5
Oroccry
Trading at wholesale is progressing at a fair rate In most of the reporting
-3.3
+5.0
+8.6
Ten cent
preliminary reports. Demand for groceries Is more
lines, according to
-11.6
+8.6
+22.9
Drug
active than that of four weeks ago, but the market for shoes, drygoods,
-5.5
-1.9
+3.8
Tobacco
-23.6
-17.0
+8.7
Shoe
jewelry, hardware and paper is either unchanged or a little slower. Present
-11.3
+14.2
+28.7
Variety
orders are chiefly for spot delivery, although several drygoods dealers
-17.9
-11.9
+7.4
Candy
have booked recently a fair amount of business for fall shipment. Sllght
+5.0
advances are reported in prices of shoes, dry goods, and groceries, while
+8.7
+14.1
Total
declines are noted in drugs, hardware, jewelry and paper. Quotations
for electrical supplies continue unchanged.
Compared with a year before, the dollar volume of wholesale business
Conditions in Philadelphia Federal Reserve
decreased about 6%. This la largely accounted for by the fact that the
Degree of Activity,
-Moderate
District
general level of wholesale prices in May was 5% under that of a year caller.
Although Seasonal Slackening
Wholesale business during May was slightly above the total for the preceding month, the lines responsible for this gain being grocery, hardware
Evidenced.
and jewelry. Sales of shoes, drugs, dry goods, electrical supplies and
The Federal Reserve Bank of Philadelphia reports that paper were smaller than in April.
dealers
of drugs and paper. inventories held
the
further evidences of a seasonal slackening in business have at With end exceptionwere lighter than those on the same by local year.
date last
of May
the
appeared in the past month, although in general a moderate Accounts receivable were also in smaller volume than a year before Colgroceries,
degree of activity is maintained. The Bank's "Business lections increased from April to May in drugs, dry goods, andand
paper
while those in shoes, electrical supplies, hardware, jewelry
Review" of July 1 further summarizes conditions as follows: declined somewhat. In comparison with a year earlier, settlements of
Payrolls of factories in Pennsylvania declined in April and May in greater accounts declined in all lines except shoes.
measure than in the same months last year, but in May employment increased slightly, which was not the case in each of the three preceding
Continued Recession in New England Business
years, nor did all groups share in the decline in payrolls which took place
Activity.
In that month. Increases in wage payments were reported in the food and
tobacco and building and contracting groups, and to a lesser extent in the
In summarizing the business situation in its district, the
textile group.
Retail sales, retarded in part by inclement weather, in May were con- Federal Reserve Bank of Boston, in its July 1 "Monthly
.sklerably lower than those of a year before. Total loadings of freight cars Review," states that "the recession in New England business
In the Allegheny district likewise were smaller than in 1926. but this was
was marked in April, has continued during
caused chiefly by a falling off in loadings of coal, which were influenced by activity, which
recent weeks, and although the decline in May, as compared
the bituminous coal strike and the large stocks in the hands of consumers.
Building contracts awarded in this district in May were not equal to the with April, was not so sharp as that in April compared with
record made in April and were below the awards made in May 1926, but the
contraction of industrial activity
total for the first five months was 24.8% in excess of the same period last. March, nevertheless, the
Year. Nevertheless, around Philadelphia, some slowing down in activity Is during recent weeks has been more than seasonal." Continunoted, and, though the demand for building materials continues fairly ing, the Bank says:
active, in some lines sales have decreased in recent weeks.
The New England business activity index, which dropped 4% in April,
Following an active demand for anthracite coal prior to June 1, when
declined 334% in May, as compared with April, and for the fifth consecuprices generally were raised, the market has been quiet. The demand for
month was lower than the corresponding month a year ago. Activity
bituminous coal is dull, with spot prices lower than those quoted in con- tive
In the cotton industry was contrary to this downward trend, and during
tracts made some time ago.
there was a slight increase from the rate of activity maintained during
Manufacturers of Iron and steel report quiet buying on a scale hardly May
April. Wool activity showed a decline in May from April, although the
equal to that of last month. Prices have changed little recently, but the
raw wool markets have been stronger during recent weeks. Activity in the
"Iron Age" index of finished steel prices in the middle of June was 2.6%
show industry was slightly less in May than during April, although the total
below that of a year before. Operations of the varied manufacturers reproduction for the first five months of 1927 was about the same as that for
porting to this bank average about 65% of capacity. In the country as a
same period a year ago. There has been little change in employment
whole the production of steel ingots and pig iron declined in May and the the
conditions, although the demand for workers was reported materially less ill
unfilled tonnage of the Steel Corporation dropped considerably.
in April in both Massachusetts and Connecticut. Contracts
Conditions in textiles are mixed. In most lines production in May. as May than
awarded for new building in New England decreased in May as compared
Measured by payrolls of manufacturing plants in Pennsylvania, was larger
April. Floor space of contracts awarded for residential building inthan in May, 1926. A fairly active demand exists for cotton goods and, with
creased, although by much less than the usual seasonal amount. Contracts
despite some falling off in sales in the last four weeks, unfilled orders
for commercial and industrial building, adjusted for seasonal,
somewhat exceed those on the books a year ago. The market for woolen awarded
declined slightly in May. The value of building contracts awarded in
and worsted cloths Is sluggish, yarns are moderately active and sales of these
May was 3% less than during the previous month, and 12% lower than in
show improvement in the month. Silk goods have not been in as good
May 1926. Although the number of commercial failures in New England
demand as they were in May, but throwsters report that the volume of
during the last three months has been smaller than during the corresponding
their sales compares well with that of four weeks ago. Women's full-
business
JULY 2 1927.1
THE CHRONICLE
period a year ago,the total liabilities during this period have been materially
greater this year than during March. April and May 1926. There was a
marked decline in freight car loadings in New England during May,as compared with April. Sales of new automobiles in this district also were below
those of the same month a year ago. Preliminary reports of sales of department stores in New England indicate that retail trade was more active in
June than in May. Collection conditions during May were reported as
only fair.
Customary Slacking Down in Business with Advent
of Summer Season, Reported by Franklin Fourth
Street National Bank of Philadelphia.
In its July letter, "Trade Trends," the Franklin Fourth
Street National Bank of Philadelphia presents the following
business forecast:
With the advent of the summer season the customary slowing down in
industry has appeared. So far, this seasonal slackening has been of a
moderate character. But, in general, trade continues to be marked by
spottiness, a condition heightened by the effects of the Mississippi flood,
the persisting coal strike, the irregularity of commodity prices and the
extreme competition prevailing throughout most lines of business. While
the warm weather has caused industrial outputs to slacken, retail trade
has seasonally improved in a number of areas. Large volumes of production and an energetic movement of goods into the channels of consumption are reflected in the records of steel production, of cotton consumption,
of bank debits and of railroad traffic. The output of steel during the
first five months of the year was less than 1% below the total for the
corresponding period of 1926. Bank debits in May were nearly 8% higher
than in that month one year ago, while freight car loadings since the beginning of the year have exceeded those of the like period last year by more
than 2%.
Building construction is being maintained at a near-record level, with
the value of contract awards in the first five months only 1% under that
for the corresponding period of 1928. There has been some subsidence of
residential building, but another form of construction activity, that of
building plants for power, public utility and similar large projects, is
showing signs of developing upon a larger scale. The automobile industry
on the other band has failed to keep step with its great productive records
of the spring of 1926, and outputs in June were quite sharply curtailed in
some plants in preparation for the introduction of new models.
One of the most important of recent developments has been the rise of
farm crop prices. This was due to flood damage, to reports of late planting and, in the case of the sensational rise of corn, to low stocks of old
corn on hand. While farmers have not benefited directly in great measure
from the price advances because most of the 1926 crops have been Marketed, the effect upon agricultural sentiment has been decidedly favorable.
Meanwhile, industrial prices have continued weak, as have meat and hogs.
Quotations have been especially irregular for steel, metals, oil and rubber.
Textiles and leather, on the other hand, have been strong. The stock market, partly influenced by easy credit, has seen great activity.
Steel and
Iron Foundry Operations in
Federal Reserve District.
Philadelphia
The distribution of passenger cars in the Philadelphia Federal Reserve District declined from April to May,as was the case at the same time last year.
Wholesale trade in less expensive cars increased, while that in medium and
higher priced automobiles dropped materially from the April total. Total
retail sales declined nearly 3% in value and 5% in number. Compared
With the year before, wholesale and retail business in cars of medium and
higher prices was much smaller, while sales of automobiles costing under
$1,000 were considerably greater both in value and number. Sales of used
cars, though they decreased slightly in number from April to May,exceeded
materially those of the year earlier. Deferred payment retail sales, on the
other hand, were under the volume of a month and a year before.
The number of new cars held in stock by 12 distributors at the end of
May was a trifle below that on the same date of the preceding month, &
fact which was due solely to smaller stocks of medium priced automobiles.
Inventories of used cars also were smaller. In comparison with a year
before, supplies of new and used passenger cars were noticeably heavierPercentage changes follow in the accompanying table:
-Change from
May 1927
AutomotrUe Trade
Philadelphia Federal Reserve Dialrid.
12 Distributors.
Sales. new cars, wholesale
Cars under $1,000
Cars $1,000 to $2,000
Cars over $2,000
Sales, new cars, at retail
Cars, under $1,000
Cars 51,000 to $2,000
Cars over $2,000
Stocks of new cars
Cars under 81,000
Cars $1,000 to $2,000
Cars over $2,000
Sales of used cars
Stocks of used cars
Retail sales, deferred payment
May 1927.
Capacity
Production
Shipments
Value
Unfilled orders
Value
Raw stock-Pig iron
Scrap
Coke
11,440 tone
3,878 tons
3,171 tons
$625,133
2.929 tons
$491,176
1,595 tons
7,239 tons
1,432 tons
P.C. Change P.C. Change
Year Ago. Month Ago.
0.0
-46.3
-35.2
-19.3
-63.7
-62.6
+18.7
-15.2
+46.0
April 1927.
Ala 1926.
Number. Value. Number. Value.
+4.3% -0.4% +45.4%
+17.1% +17.2% +92.5%
-29.7% -25.7% -31.9%
-23.7% -20.7% -8.9%
-2.9% -5.2% +29.4%
-1.6% -L7% +38.6%
-20.5% -15.2% -50.0%
-17.1% -18.1% -28.8%
-0.2% -6.4% +12.0%
+21.5% +20.1% +5.9%
-21.9% -21.4% +11.5%
+7.0% -1.2% +3L8%
-9.4% +4.2% +31.8%
-12.0% -12.0% +12.8%
-5.0% -23.2% -40.1%
+27.6%
+100.4%
-31.9%
-17.0%
+13.5%
+38.7%
-46.6%
-37.8%
-I-1L7%
-mg%
+18.6%
+8.1%
+12.0%
+1.1%
-51.4%
Increase in Consumption of Electric Power in Philadelphia Federal Rserve Bank During May
Decline in Sales.
The Federal Reserve Bank of Philadelphia reports that
sales of electricity for power and lighting purposes declined
from April to May, as was the case at the same time last
year. Compared with the total of May 1926, however,
says the Bank, consumption of electricity in May of this
year was substantially greater. May production of electric power by 14 systems of this district exceeded slightly
the total on the previous month and was more than 24%
ahead of the output of a year before. The following statistics are supplied by the Bank:
ELECTRIC POWER, PHILADELPHIA FEDERAL RESERVE DISTRICT
14 SYSTEMS.
In summarizing steel foundry operations in May, the
Federal Reserve Bank of Philadelphia says:
Operations of steel foundries in this district, as measured by production
and shipments, declined seasonly from April to May, as was the case
at the same time last year. Unfilled orders also were smaller in May.
Compared with May 1926 foundry activity decreased. Stocks of scrap
are smaller, while supplies of pig iron and coke are greater than those
en the same date last year.
STEEL FOUNDRY OPERATIONS
-PHILADELPHIA FEDERAL RESERVE
DISTRICT.
23
May 1927.
Rated generator capacity
Generated output
Hydro-electrio
Steam
Purchased
Bales of electricity
Lighting
Municipal
Residential and commercial
Power
Municipal
Street cars and railroads
Industries
All other sales
Change
0111X/I
from
frets
Apr. 1927 May 1924
1,316,000 k.w.
400,354.000 k.w.h.
34.671,000 k.w.h.
301,538.000 k.w.h.
64.145,000 k.w.h.
324,559,000 k.w.h.
62,289,000 k.w.h.
7,160,000 k.w.h.
55.129,000 k.w.h.
218,211,000 k.w.h.
1,864,000 k.w.h.
44,413,000 k.w.h.
171,934,000 k.w.h.
44,059,000 k.w.h.
+0.0% +9.4%
+0.4% +24.4%
-3.5% +391.4%
+1.5% +1.3%
-2.8% +39.2%
-5.0% +11.9%
-14.6% +17.8%
-7.5% +9.9%
-15.5% +18.9%
-3.7% +6.5%
-4.5% +11.4%
-3.4% +5.4%
-3.8% +6.8%
+4.9% +52.5%
0.0
-5.6
-13.7
-9.0
-27.6
-2.2
+1.1
-4.4
-18.6
F. H.Rawson of Union Trust Co. Chicago Says Business
May Face Next Ninety Days With Confidence.
"Taking all in all, the favorable factors in the present
business situation more than offset the unfavorable factors,
and business may face the next ninety days with equanimity
Production of iron castings during May equaled the total
Rawson, Chairman of the
of the preceding month, although the output of gray iron and confidence," declared F. H.
Board of the Union Trust Co., Chicago, in an interview
castings for further manuacture was considerably greater,
this week. Mr. Rawson continued:
says the bank, its further advices adding:
Notwithstanding very abnormal floods in the South, the unprecedented
Both the physical and dollar volume of shipments decreased materially
from the April volume, but unfilled orders were somewhat greater. Compared with a year before, advance business was noticeably larger, while
production and shipments were much smaller. Stocks of scrap and iron
are heavier while those of pig iron are lighter than on the same date
last year.
IRON FOUNDRY OPERATIONS
-PHILADELPHIA FEDERAL RESERVE
DISTRICT.
May 1927.
Capacity
Production
Malleable Iron
Gray iron
Jobbing
For further manufacture
Shipments
Value
Unfilled orders
Value
Raw stock-Pig iron
Scrap
Coke
11.726 tons
5,067 tons
322 tons
4,745 tons
3,284 tons
1,461 tons
4,088 tons
8568,356
5,103 tons
$848,410
6,309 tons
2,944 tons
2,420 tons
P. C. Change P. C. Change
Year Ago. Month Ago.
0.0
-11.2
-19.3
-10.6
-8.9
-14.2
-16.1
-15.7
+5.0
+20.3
-0.5
+5.1
+20.8
0.0
0.0
-4.2
+0.3
-8.3
+27.0
-12.3
-7.0
+0.9
+6.0
-2.5
-2.4
-14.3
Automobile Trade in Philadelphia Federal Reserve
District-Decline in Distribution of Passenger Cars.
With regard to the automobile trade in its district, the
Federal Reserve Bank of Philadelphia says:
overproduction of oil, the coal strike, excessive rains in some sections.
and lack of sufficient sun heat in the Northwest and Middle West, we have
reason to be very well satisfied with the first six months of this yearand
I see nothing in underlying conditions to cause uneasiness in the near future.
Cotton prices are 25% to 30% above the low point with a fair crop In
prospect. Corn has been over a dollar and is not far below that figure
now. Wheat is higher than it has been for some time. The production of
automobiles may have a seasonable decline, as it usually does in the summer
and fall. Money conditions are easy and are likely to remain so. Building
in large cities is fairly active, but by and large it is declining, and is now
back to 1924 levels or a little below. In 500 cities, building permits totalling
91,662,000,000 were issued since January 1, compared with 91,816.000.00e
last year. With the single exception of February. 1927, building permit figures have been on a steadily descending scale since last June. In a special
group of 25 cities where the greatest volume ofbuilding is in progress, My
of this year fell 3% below the same month last year, and 10% below 1925,
and showed only a slight gain over 1924. These same cities for the fivemonth period were 3% behind the 1926 record.
Wholesale prices continue the shrink which tends to reduce the cost
of living for the consumer, but makes it more difficult for manufacturers to
maintain satisfactory profits. For the past few years manufacturing costs
have kept pace with reduced prices by the constant advance in the use of
machinery and in the efficiency of labor. Larger production per man
has thus far offset the drop in prices, so that profits have remained fairly
satisfactory. However, there is a limit to this process, and unless mans
factoring costs can be further reduced, there will be meager profits for those
manufacturers who are not operating at the highest efficiency.
As long as automobile production and building activity do not slump
any more we may expect is continuation of prosperity. In my Judgment,
{vol.. 125.
THE CHRONICLE
- 24
and value. Although sales at wholesale gained in number over May a year
ago, the increase represents gains by only a few of the larger distributers,
and the total value declined; most all of the reporting list of retail dealers
recorded declines from last year in new cars sold. Stocks of both new
and used cars were smaller on May 31 than on the corresponding date in
April; as compared with a year ago, new cars stocks were about the same
Further Decline in Industrial Employment Conditions in number but greater in value, while used cars declined in number and
increased slightly in value. Sales of used cars exceeded those in April, but
in Chicago Federal Reserve District
were less than in May 1926. Data on deferred payments show that for 32
Manufacturing plants of the Seventh (Chicago) Federal dealers reporting the item, sales made on the deferred payment plan averaged 41.5% of their total retail sales, as compared with 37.6 in April and
Reserve District report further recession in employment,
the total for about 360,000 workers registering declines of 49.4 a year ago.
0.7% in number and 2.0% in amount of earnings for the MIDWEST DISTRIBUTION OF AUTOMOBILES-CHANGES IN MAY
1927, FROM PREVIOUS MONTHS.
the best barometers of business conditions are the automobile and building
industries. both of which are large employers of labor, and extensive users
of steel and hundreds of other commodities. In all our financial history
there has never been a serious depression when building was active.
period April 15 to May 15. In making this statement in the
July number of its "Monthly Business Conditions Report,"
the Federal Reserve Bank of Chicago adds:
Per Cent
Change from
Companies
Included
April'27. May '26. Apr.'27. May '26.
These changes are somewhat less favorable than a year ago, when the
losses for the April to May period amounted to 0:7% in number of men but
New Cars
to only 0.1% In the amount of payrolls. The decreases reported this year Wholesale-Number sold
34
+3.5
+13.2
37
34
Value
--1.1
-10.6
37
were mostly in the metal industries, the remaining groups averaging a
82
85
-31.6
decline of not more than 0.2% in either men or payrolls. Lumber and Retail-Number sold
82
-25.2
85
Value
paper products contributed to the general curtailment, the former affected On hand May 31-Number
54
58
+0.2
54
-1.2
58
to some extent by unsettled labor conditions. Of the groups showing deValue
+14.8
Used Cars
cided gains during the period were foods, leather products, and building
--8.5
83
+1.9
87
Number sold
materials aside from lumber. Less pronounced gains were reported for Salable on hand-Number
52
-13.3
56
-8.4
textiles and chemicals. The vehicles group, comprising the railroad car and
52
56
+0.8
Value
automobile industries, maintained its previous level of employment but
showed a falling off in payroll amounts. Reports issued by the Employers'
Association of Detroit indicate a decided drop in employment at that city Merchandising Conditions in Chicago Federal Reserve
subsequent to the second week in May, amounting by the second week in
District Decline in Wholesale and Retail Trade.
June to 13.2%.
Outdoor work also, though showing some improvement, lagged behind the
According to the Federal Reserve Board of Chicago, "bad
usual seasonal activity. The increase reported for building and construction
a tendency toward price reduction,
work was practically confined to highway construction, other building show- weather, together with
ing an irregular trend with part-time employment. The coal mines, after resulted in total sales deCerases during May in most lines of
a drop of about 90% in April due to the strike, recorded a curtailment of wholesale trade. Early in the month, however, when better
about one-half of the remaining men in May. At the free employment
offices, the ratio of applicants to available positions remained at 154% weather was experienced, dealers reported their business
for Illinois, dropped from 269% to 215 for Iowa and increased from 122% above the average for this season." In its July 1 "Business
to 156 for Indiana.
Conditions Report," from which the foregoing is taken, the
EMPLOYMENT AND EARNINGS
bank also has the following to say regarding trade condi-SEVENTH FEDERAL
RESERVE DISTRICT.
tions:
Groceries.
Grocery sales, as reported by 34 dealers, advanced 5.9 and 3.7% over
April and a year ago, respectively, the only wholesale line to show inMay 15 Apr. 15 %
May 15
Apr. 15
1927. 1927. Change. 1927.
1927. Change. creases in both comparisons. Stocks were 2.2 and 9.3% smaller. Outstanding accounts and collections increased the former by 4.8 and 4.1%,
Metals and metal products
and the latter by 1.5 and 6.5% in the respective comparisons.
P. (other than vehicles)_ _ 151,890 154,249 -1.5 $3,805,009 $3,983,251 -4.5
Vehicles
34,515 34,410 +0.3 1,024,293 1,056.522 -3.1
Textiles and textile products 25,292 24,978 +1.3
593,852 572,003 +3.8
Hardware.
Food and related products_ 49,606 49,294 +0.6 1,373,600 1.344,925 +2.1
Sales, receivables, and collections, as reported by 18 hardware firms,
Stone. clay & glass products 13,446 13,137 +2.4
406,253 391,316 +3.8
Lumber and its products
showed small increases over April, contrary to the general trend; with
30,055 31,483 -4.5
724,619 780,222 -7.1
Chemical products
8,654 5,558 +1.1
235,479
229,184 +2.7
the exception of collections, which were 1.1% larger, these items declined
Leather products
14,858 14,677 +1.2
314,113 295,966 +6.1
from a year ago. Stocks were smaller in both comparisons. The sales
Rubber products
3,596 3,484 +3.2
93,847
95,374 -1.6
increase over April amounted to 0.8% and the decline from May 1926 was
Paper and printing
27,902 28,246 -1.2
891,524 904,773 -1.5
8.1%.
All groups (10)
359.814 362,516 -0.7 89,462,589 $9,653,536 -2.0
Dry Goods.
Of 14 dry goods dealers reporting May sales, a majority showed declines
4.9 and 17.4%,
Manufacturing Activities in Chicago Federal Reserve from both April 1927 and May 1926, with total decreases of a year ago and
respectively. Stocks on May 31 were 21.4% smaller than
District
-Midwest Distribution of Autombiles.
April. Outstanding accounts on
approximately the same as at the end of
Slight decline in leather production and production of May 31 and collections during the month likewise declined in both comparisons, the former 3.7 and 6.6% and the latter 0.8 and 9.4%, respecpassenger automobiles in the Chicago Federal Reserve Dis- tively.
_
trict is reported by the Federal Reserve Bank of Chicago In
Drugs.
its July 1 "Business Conditions Report," from which we
Sales, stocks, receivables and collections declined in May from both
April and a year ago, according to reports received by this bank from 13
quote the following:
drug dealers. None of the declines were large, however, with the exception
of outstanding accounts which decreased 11.7% from May 1926 and collecShoe Manufacturing, Tanning and Hides.
tions where the total decrease from April was 11.4 and from a year ago
Production at shoe manufacturing establishments in the Seventh District
followed a trend similar to that of 1924, 1925 and 1926, showing a reces- 7.4%.
Shoes.
sion in May from the preceding month. Shipments totaled about the same
According to 9 shoe dealers, sales, stocks, outstanding accounts, and colas current production, but were seasonally below April; both items increased in volume over a year ago. Unfilled orders on the books of 23 com- lections were smaller in May than in April or in May last year, with depanies gave assurance of seven weeks' business at the May distribution rate. creases averaging 19.7 and 22.4% in sales, 7.8 and 4.1% in stocks, 5.5 and
Stock shoes reported on hand by 29 firms were equivalent in total to 9.4% in accounts outstanding, and 6.3 and 16.0%, respectively, in col85.6% of their May shipments.
lections.
Department Store Trade.
CHANGES 1.11THE SHOE MANUFACTURING INDUSTRY IN MAY, 1927,
,
FROM PREVIOUS MONTHS.
Reports of 91 department stores indicated aggregate sales declines from
both April and a year ago, with average percentage decreases of 6.0 and
Ai • 410111880
,Per„Cent Change from
6A in the two comparisons. Total sales for the year thus far, which had
Companies been running somewhat ahead of the same period in 1926 have, been reApril 1927. May 1926 Included.
duced to approximately the 1926 total. Stocks on May 31 were 8.4%
smaller than at the end of April and 0.2% less than on May 31 1926, with
+15.2
33
Production
-6.6
-11.0
+6.3
Shipments
33
the ratio of total sales to average stocks 31.2%, as compared with 33.2%
+4.0
Stock shoes on hand
30
last year. Collections and outstanding accounts increased 1.2 and 0.1%,
+29.9
Unfilled orders
+7.5
24
respectively, over April and 5.6 and 4.5% over May 1926, collections avDistrict leather production aggregated slightly less for May than for eraging 40.8% of outstandings on April 30 as against 42.2% for May a
the preceding period or a year ago, although nearly half the tanneries re- year ago.
ported gains in both comparisons. Sales billed to customers were uniformly
Retail Furniture Trade.
heavier than in April, and totaled above the corresponding month of 1926.
Furniture sales and stocks of 27 retail dealers and 24 department stores
Prices advanced.
Larger numbers of packer green hides and calf skins were marketed at reached lower levels in May than in either the preceding month or May of
Chicago during May than in April, and the volume of purchases by district last year, sales declining 9.1 and 7.8% and stocks 3.0 and 4.4%, respectanners also increased. May prices averaged higher than in the preceding tively. Installment sales of twenty dealers decreased 17.2 and 9.7% in
the same comparisons. Collections advanced 9.7% over April and 3.4%
month.
over May 1926, with those on installment accounts larger by 16.2 and 7.4%.
Automobile Production and Distribution.
Outstanding accounts on May 31 increased in both the monthly and yearly
A slight decline from April of 0.2% was recorded in production of
passenger automobiles during May by manufacturers in the United States, comparisons.
Retail Shoe Trade.
352,268 cars being produced as compared with 353,076 in the preceding
month; in May 1926, 373,140 passenger automobiles were manufactured in
Eighteen dealers and 27 department stores reported declines in May
the United States, so that the figure this year shows a decrease of 5.6%. shoe sales as compared with April and a year ago of 15.3 and 12.0%, reTruck output for the country in May aggregated 44,173, or about the same spectively, while collections by dealers increased 6.9 in the former and
declined 4.7% in the latter comparison. Stocks on May 31 were smaller
as in April and in the corresponding month last year.
In comparison with April, sales of new autcmobiles during May by both than at the end of either April 1927, or May 1926. The ratio of receivand retail dealers in the Middle West showed little change, ables at the end of May to sales during the month was 62.9%, as against
wholesalers
wholesale distribution increasing somewhat in the number of cars sold but 53.3 for April and 75.9 for May 1926. Total sales for the year thus tar
decreasing in value, while retail sales were slightly less in both number show a slight decline from the corresponding figure for 1926.
Industrial Groups.
No. of Wage Earners
Week Ended
•
Total Earnings
Week Ended
Business Conditions in Kansas City Federal Reserve
District—Wholesale Trade on Level with Preceding
Month—Decline in Retail Trade.
Statistical reports for May revealed a lack of uniformity
in seasonal trends of activity in various branches of trade
and industry in the Tenth (Kansas City) Federal Reserve
District, says the Federal Reserve Bank of Kansas City,
which its monthly review of July 1 adds that "some branches
were affected more adversely than others by continuance of
abnormally cool weather, declines in prices of products,
and other deterrents. However, the volume of business
evidenced by payments by check, while not materially
different from that for April, was substantially larger than in
May of last year." The summary continues:
Wholesale trade in dollar value of goods sold in six reporting lines was
at about the level for the preceding month and the corresponding month
last year, while retail trade at department stores declined 10.8% from
April and was 2.7% smaller than in May a year ago. Sales of lumber at
retail yards in city, town and country increased less than 1% during the
month but were much smaller than in the previous May. Implement
dealers did a heavy business in sales of harvest machinery, but in sections
-where the wheat crop was short sales were disappointing. The outstanding
feature of the trade situation was the heavy receipts of livestock and grain,
the month's marketings of cattle, hogs, wheat and corn establishing new
high records for the month of May in recent years.
Reports on production in leading industries showed substantial increases
in the output of meat and flour, with the month's totals also the highest
of record for May in recent years. The petroleum industry set up another
new peak mark in daily average and gross output of crude oil, although the
first two weekly reports in June showed efforts to curtail production were
beginning to shbw results. The tonnage of soft coal mined increased slightly
over April, but was 28% smaller than in May a year ago. Continued low
prices caused further decline in production of zinc and lead ores in the
Missouri, Kansas and Oklahoma district, and shipments were the smallest
of the year. Metal mining in the Rocky Mountain regions was also affected
by low prices, actual production showing a decline, though operators were
retaining their forces of employees by continuing development work.
The Government and State crop reports, based on the condition of
June 1, estimated this year's production of winter wheat in this district at
229,333,000 bushels, 47,576,000 bushels less than the May 1 estimate,
54,394,000 bushels less than the harvested crop of 1926, but 79,000,000
bushels greater than the harvested crop of 1925. Since this estimate was
made, however, beneficial rains have fallen over the greater part of the
wheat area, and late June reports indicated improvement of wheat in
nearly all sections except in the dry areas where the crop is almost a failure.
With the harvest now under way in the lower portions of the district, later
reports show higher per acre yields than were forecast by the June 1 reports
and indicating a larger crop than was promised. Other growing crops
deteriorated during May. Corn and cotton plantings were two to three
weeks late and, due to cold weather, these and other spring planted crops
were making slow progress.
The feature of the livestock situation in May was the advance in prices
of beef cattle to the highest levels in a year and a half, with the cattle
industry in a firmer position than for many months. The hog situation,
on the other hand, was less promising, prices dropping to the low level of
the year. There was little change in the sheep and lamb situation.
Building activity increased during May and the number and value of
permits issued in leading cities compared favorably with the record for the
same month last year, while the value of building contracts awarded in the
entire district exceeded the total for May 1926 by 81%.
Slackening of Business Activity in San Francisco
Federal Reserve District, Although Indexes Show
Volume of Trade at Relatively High Levels.
According to Isaac B. Newton, Chairman of the Board
and Federal Reserve Agent of the Federal Reserve Bank of
San Francisco, "some slackening in business activity in the
Twelfth Federal Reserve District is indicated by available
detailed reports of industry and trade during May 1927,
although the more general indexes of business conditions
show that total volume of trade was maintained at relatively high levels." Mr. Newton adds that "a late season in
agriculture is indicated by present field conditions, but current crop estimates approximate the average yield of previous years," He also says in his statement made public
June 27:
Industrial output continued, during May 1927, below that of a year ago,
and reported volume of employment, as a result of smaller payrolls in
lumbering and food products manufacturing, was less than in May 1926.
Daily average car loadings of railroads of the district are estimated to have
declined slightly over the year period, value of sales at wholesale decreased,
and value of sales at retail was but little larger in May 1927 than in May
1926.
This bank's seasonally adjusted index (revised) of daily average bank
debits advanced slightly during May. Part of the advance is reported to
have been caused by the transfer of time deposits to demand deposits, and
the checking out of the latter in payment of mid-year obligations, which
would result in some duplication in debits figures. Savings deposits, as
reported to this bank by 62 banks of the district, declined in amount between May 1 and June 1 1927.
BANK DERIT8—TWELFTH DISTRICT.*
May
1927.
April
1927.
March
1927.
May
1926.
April
1926.
128
125
With seasonal adjustment
122
115
114
122
125
Without seasonal adjustment
130
110
113
*Daily average 1923-24-25=100.
Condition statements of reporting member banks reveal a seasonal disinution in demand for credit during May and early June, and discounts at the
Federal Reserve Bank declined during this period. The amount of funds
advanced to borrowers by reporting banks continued well above a year ago,
25
THE CHRONICLE
JULY 2 1927.]
however, while borrowings at the Federal Reserve Bank showed only a
moderate increase over tlra, year period. Interest rates at mid-June were
slightly lower than in Junr 1926 or June 1925.
Lumber Buying More Active.
sharp upturn in the order file of the softwood lumber
A
industry is indicated by a summary of the telegraphic reports
received from 307 of the leading commercial softwood lumber
mills of the country by the National Lumber Manufacturers
Association for the week ended June 25. Sales and shipments were in excess of orders. Production was about the
same as for the week before, with a slight decrease in shipments. In comparison with the same period a year ago,
there were approximately 10% decreases in all three factors.
The 153 hardwood operations showed,marked decreases all
around, when compared with reports from 166 mills for the
week earlier. In comparison with the corresponding week
last year, there were decreases in all three factors—especially
in new business. 'The statement adds:
Unfilled Orders.
The unfilled orders of 178 Southern Pine and West Coast mills at the
end of last week amounted to 478,133,438 feet, as against 479,385,022 feet,
for 178 mills the previous week. The 106 identical Southern Pine mills in
the group showed unfilled orders of 203,245,832 feet last week, as against
195,034,296 feet for the week before. For the 72 West Coast mills the
unfilled orders were 274,887,606 feet, as against 284,350,726 feet for 72
mills a week earlier.
Altogether the 289 comparably reporting softwood mills had shipments
101%,and orders 101% of actual production. For the Southern Pine mills
these percentages were, respectively. 94 and 109: and for the West Coast
mills 115 and 103.
Of the reporting mills, the 265 with an established normal production
for the week of 189,389,148 feet. gave actual production 96%, shipments
97%, and orders 100% thereof.
The following table compares the lumber movement,as reflected by the,
reporting mills of seven softwood, and two hardwood, regional associations
for the three weeks indicated:
Past Week.
Corresponding Week
1926.
Preceding Week 1927
(Revised).
Softwoods. Hardwoods Softwood. Hardwood. Softwood. Hardwood.
166
Mills*
289
153
359
150
297
Production_ 190,808,000 18,355,000 242,573,000 24,299,000 189,554,000 21,020,000
Shipments _ 191,771,000 20,197,000 247,208,000 22,686,000 194,874,000 22,616,000
193,464,000 16,070.000 249,661,000 27,749,000 167,390,000 2,0290,000
Orders
* Fewer West Coast mills are reporting this year; to make allowance for this, add
28,000,000 to production, 29,000,000 to shipments and 26,000,000 to orders in
comparing softwood with last year.
Because of considerably smaller number of West Coast mills making
statistical reports this year, cumulative figures comparing production,
shipments and orders for 1927 and 1926 are discontinued.
The Caliornia Redwood Association of San Francisco, Calif., with one
less mill reporting, shows production about the same, a small increase in
shipments and new business more than doubled that reported for the week
before.
The North Carolina Pine Association of Norfolk, Va., with two fewer
mills reporting, shows nominal decreases in production and shipments.
and a notable decrease in new business.
The Northern Pine Manufacturers Association of Minneapolis, Mimi.,
with one more mll reporting, shows production and new business about
the same and a slight decrease in shipments.
The Northern Hemlock & Hardwood Manufacturers Association of
Oshkosh, Wis., (in its softwood production) with one less mill reporting.
shows marked decreases in production and new business and shipments
about the same.
Hardwood Reports.
The Northern Hemlock & Hardwood Manufacturers Association of
Oshkosh, Wis., reported from 15 mills (one less mill than reported for
the previous week) a notable decrease in production, shipments about the
same and considerable decrease in new business.
The Hardwood Manufacturers Institute of Memphis, Tenn., reported
from 138 mills (12 fewer mills than reported for the week earlier) production about 10% less and marked decreases in shipments and new
business. The normal production of these units is 23,184,000.
Detailed softwood and hardwood statistics for reporting mills of the
comparably reporting regional associations will be found on the following
page:
The mills of the California White and Sugar Pine Association make
weekly reports, but not being comparable, are not included in the foregoing
tables, or in the regional tabulation below. Eighteen of these mills, representing 52% of the cut of the California pine region, gave their production
for the week as 26,091,000 shipments 20,750,000 and new business 238,292,000. Last week's report from 19 mills, representing 60% of the cut was:
Production 28,974,000 ft., shipments, 23,610.000, and new business
20,275.000.
West Coast Movement.
The West Coast Lumbermen's Association wires from Seattle that new
business for the 72 mills reporting for the week ended June 25 was 3% above
production, and shipments were 15% above production. Of all new business
taken during the week 40% was for future water delivery, amounting to
31,756,448 ft., of which 22,347.780 ft. was for domestic cargo delivery and
19,408.668 ft. export. New business by rail amounted to 43,894.448 ft.. or
56% of the week's new business. Forty-eight per cent of the week's shipments moved by water, amounting to 42,180,967 ft., of which 31,250,284
ft. moved coastwise and intercoastal, and 10,930,683 ft. export. Rail
shipments totaled 42,248,571 ft., or 49% of the week's shipments, and local
deliveries 2,783,836 ft. Unshipped domestic cargo order totaled 98,645,948
ft., foreign 74,981,242 ft. and rail trade 101,260.416 ft.
Employment.—Douglas fir logging is slowing up for the usual Fourth
of July shutdown, according to the Four L Employment Service, which will
be more general and longer than usual this year to hold log production to
curtailed sawmill requirements. Resident help in all districts sufficient for
local needs.
Southern Pine Reports.
The Southern Pine Association reports from New Orleans that for 106
mills reporting, shipments were 6.50% below production and orders 8.57%
26
THE CHRONICLE
[Von. 125.
above production and 16.11% above shipments. New business
taken during
Further rumors concerning the new Ford continue to
the week amounted to 59,172,576 ft.,(previous week 45.431,664);
shipments
give details of its appearance. In addition, -production of
50.961.040 ft., (previous week 58,471.088): amPproduction
54,502,145 ft.:
(previous week 50,886,367). The normal production
of these mills Ls a six-cylinder car was described in the following terms
68,846,862 ft. Of the 104 mills reporting running time. 35
operated full through the Dow-Jones
financial ticker service at Boston
time, 14 of the latter overtime. Five mills were shut down,
and the rest
operated from one to five and one-half days.
on June 25:
The Western Pine Manufacturers Association of Portland.
It is understood the Ford Motor Company has in the works a new six
Oregon, with
one more mill reporting, shows a slight increase in production,
a nominal cylinder car that will be Introduced to the market next winter, possibly for
decrease in shipments and new business slightly below that reported
for the the New York Automobile Show in January.
preceding week.
The new model, which will be the first to be marketed by Ford, probably will be known as the "Edison Six," in honor of'Thomas A. Edison,
West Coast Lumbermen's Association Weekly Report. between whom and Henry Ford there is a warm friendship.
It is understood the new Edison Six will be priced around $1,400,
PosSeventy-two mills reporting to the West Coast Lumber- sibly a shade under. It is likely It may be manufactured and distributed by
the Lincoln organization.
men's Association for the week ended June 18 manufactured
The six cylinder product is entirely different and
76,269,005 feet, sold 71,515,998 feet and shipped 78,676,919 cylinder car which is to supplant the model "T." distinct from the four
feet. New business was 4,753,107 feet less than production
The new Ford car which is scheduled to replace the Model
and shipments 2,407,914 feet more than production.
T was described in the "Wall Street Journal" of June 29, as
follows:
COMPARATIVE TABLE SHOWING PRODUCTION,
NEW BUSINESS,
SHIPMENTS AND UNFILLED ORDERS.
Week Ended—
June 18.
June 11.
June 4.
2fay 28.
Number of mills reporting
72
70
69
72
Production (feet)
76,269,005
72,578,949
63,100,682
78,147,237
New business (feet)
71,515.998
78,864,499
52,212.736
86,373,977
Shipments (feet)
78,676,919
80,774,947
62,208,926
82,766.950
Unshipped balances:
Rail (feet)
97,831,276
99,134,548 100.311,476 107,858,928
Domestic cargo (feet)
107,168,212 121,815.943 116,119,077 127,978,764
Exports(feet)
79,351,238
72,821,862
71.574.541
73,593,968
Total (feet)
284,350,726 293.772,353 288,005.094 30,431,660
First 24 Weeks of—
1927.
1926.
1925.
1924.
Average number of mIlls.
76
105
119
127
Production (feet)
1 752,832,803 2,502,401.506 2,463.017,182 2,375,413,227
New business (feet)
1.852,107,755 2,608,948.482 2.515,098,024 2,244.010.308
Shipments (feet)
1,815,095,632 2,581,730,426 2,534,036,967 2,454,424,399
New Automobile Models and Price Changes.
Early announcements of new models continue to occur in
the automobile industry. Some of the new lines embrace
a wide range of body styles, with corresponding ranges in
price. On June 29 the Nash Motor Co. announced a
complete new line of cars in three series. The Standard
Six has a price range of from $865 to $1,085, the Special
Six from $1,135 to $1,335, and the Advance Six from $1,340
to $1,990. These prices are lower than those
of the corresponding former models, the reductions in some cases
running up to $195. A new radiator design, lower
and
more sweeping body lines and an array of new color combinations are avilable. Mechanical refinements and improvements have also been made. The size of the motor
in the Standard Six has been increased and the size of the
crankshaft made larger to achieve greater motor smoothness.
The crankshaft will continue to be of the seven-bearing type.
The new springs of alloy steel will be used on the Standard
Six as well as on the Special Six and the Advanced Six.
Shock absorbers at the front will be standard equipment.
The Studebaker Corp. has placed on the market two
4
3 -ton trucks mounted on a 113-inch wheel base chassis and
powered with six-cylinder engines. The trucks are equipped
with express or panel bodies and are priced at $1,195 f.o.b.
factory.
A press dispatch from Detroit on June 28 stated that for
the benefit of merchants and small businesses that do not
have a sufficiently large volume to warrant a special del very
vehicle, the Oakland Motor Car Co. has introduced on the
Pontiac chassis a roadster and coupe suitable for quickly
mounting slip-on commercial bodies. These bodies which
replace the rear(Icek, are furnished in open express and closed
panel styles.
Dodge Bros., Inc., has introduced a cabriolet roadster on
the new six-cylinder chassis. The unusual feature of this
ear is that the top folds back from a point just to the rear
of the doors, and is not detachable from windshield pillars
as is customary in cars of this type. The top from the
folding point to the windshield is of permanent construction.
A new line of Moon and Diana models is being prepared
by the Moon Motor Car Co. for the 1928 trade. It is the
widest range of body styles, types and sizes ever put into
production by the company and includes three chassis models
with twenty-five distinct body types. The new Royal models constitute the outstanding feature in the new line, which
covers a price range from $995 to $2,295. The series A line
has had added to it a collapsible top cabriolet roadster, priced
at $1,795; a four-door sedan special and a Royal roadster.
Mechanically the series A line is unchanged. To the Diana
models has been added a collapsible top cabriolet roadster
selling for $2,295; a Royal roadster with lacquered fenders
and small wood artillery wheels: Mechanically the Diana
models remain unchanged except for numerous minor improvements which add to the motor's efficiency. All Moon
and Diana models are equipped with four-wheel hydraulic
brakes and the cam and lever type of steering gear —two of
the most notable safety features over devised for automobiles.
The new Ford car has been seen on test runs on highways bordering
Dearborn, and observation makes it practically certain the new product
will bear absolutely no resemblance to the old Model T. Although viewed
while in motion, the radiator of the new car appeared to be distinctly of
the Lincoln type and brake drums were visible on all four wheels indicating
four wheel brakes. It also was observed that gears were shifted by employment of a handle similar to that on other gear shift cars. Another
notable feature was the smoothness and quietness with which the car
rapidly picked up speed after slowing down and shifting gears to cross a
rutted side-road. Body mounted on new car chassis was of the old type,
for obvious reasons, and while It is thought the hood over the motor was
purely a makeshift, it furnished a good idea of the probable appearance of
the new hood.
Local (Detroit) Ford dealers variously estimate the time of arrival of
the new cars to their show rooms between August 1 and early in September.
At least one dealer has been notifying prospective purchasers that he expects to make delivery on cars now ordered around first two weeks of
August and Is quoting as approximate and subject to revision prices of $500
for the coupe, $520 for two door sedan and $560 for four door sedan.
Company now is making only replacement parts for the Model T and
no cars are being assembled. Employment is said to be approximately
50% of normal at both the Highland Park and Rouge plants. If the new
car fa to be available about August 15, which dealers think is the most
likely date, production would have to begin early in July.
Additional news of the probable plans of the Ford Motor
Co. was contained in a dispatch from the New York News
Bureau Association on July 1, portions of which follow:
That the Ford Motor Co. will not be content to base its efforts at a
-back" simply upon the new line of 4
"come
-cylinder gear shift passenger
cars, details of which were announced exclusively by the New York News
Bureau last week, is evident from facts which are coming to light regarding
Henry Ford's additional plans for the future. In other words, in addition
to the campaign which is being undertaken with a view to regaining the
dominant position which the Ford company held for so many years in the
low-priced passenger car field, the Fords are preparing to enter the lightweight.ommercial motor vehicle field on a much broader plane than ever
before with the introduction of a remarkably efficient and low priced threeton truck. As a further step toward the ambition of Henry Ford to place
his organization in a position where it will be looked upon as the outstanding
leader of the motor companies, the Fords are said to be planning for next
-cylinder line of passenger cars in the medium
year the introduction of a 6
priced class with which the Ford company will have rounded out a line of
motor, vehicles catering to a field in which nearly 90% of all the motor
business is done.
It Is readily admitted by most motor trade authorities that the new 4
cylinder gear shift Ford car which will soon make its appearance, is certain
to make a strong bid for business in the low priced passenger car field
and while it is still too early to attempt a complete forecast of what will
happen, there appears little doubt but that the Ford company will regain a
large portion of the business which it has been losing during the past two
years or more.
Up to the present Ford has been a substantial factor in the commercial
motor vehicle division of the business because of his large output of one-ton
trucks and tractors. With the introduction of a three-ton truck, however,
Ford enters a tonnage class in which a substantially larger volume of business
is available and his success In this endeavor will materially augment his
earnings.
In the medium priced passenger car class competItion.at present probably
1e keener than anywhere else and if Ford next year should break into this
field, his efforts probably would mean difficulties for many of the weaker
concerns and lessened earnings for those which are now strongly intrenched
and possessed of high earnings power.
From what can be learned of Ford's immediate plans, it is not likely that
-cylinder passenger car line will be in quantity production before
the new 4
September.
Ford Reduces Wages in Great Britain 10%.
The Ford output in Great Britain is 100 units daily,
principally trucks, says the "Wall Street Journal" in London
advices June 28, which also notes that wages of British
workers have been reduced by 10%.
Decrease in Newsprint Production in May.
The May production of paper in the United States as reported by identical mills to the American Paper and Pulp
Association and co-operating organizations, showed a decrease of 3% as compared with April's production (following
a 6% decrease in April over March), according to the Association's "Monthly Summary of Pulp and Paper Industry,"
made public June 30. All grades showed a decrease in production as compared with April with two exceptions. The
summary is prepared by the American Paper and Pulp Association as the central organization of the paper industry, in
co-operation with the Binders' Board Manufacturers' Ass°.
JULY 2 1927.]
THE CHRONICLE
elation, Converting Paper Mills Association, Cover Paper
Association, Newsprint Service Bureau, Wrapping Paper
Manufacturers' Service Bureau, Writing Paper Manufacturers' Association and Paperboard Industries Association.
The figures for May for same mills as reported in April are:
Grade.
.N.0MMMQMO
[
.
.0.t...Nh0 .0
Newsprint
Book
Paperboard
Wrapping
Bag
Fine
Tissue
Hanging
Felts
Other grades
Stocks on Hand
No. of Production, Shipments, End of Month,
Mills. Net Tons. Net Tons.
Net Tons.
127,395
85,062
185,756
49,283
12,045
30,509
14,885
4,788
10,816
23,053
24,233
49,490
50,128
42,110
8,366
39,919
17,596
1,030
2,298
18,222
543.592
Total all grades
126,984
82,125
184.707
46,934
11.618
30,147
13,778
4,872
11,564
22,466
535.195
253.392
During the same period, domestic wood pulp production
decreased 3%, this decrease being distributed over all grades
with one exception. The May totals (mills identical with
those reporting in April) as reported by the American Paper
and Pulp Association, are as follows:
27
panies in the United States totaled 5.7% greater than in April and were
7.6% below a year ago. Chicago quotations for pork and mutton declined
in May from the preceding month. The majority of beef, lamb and veal
.
prices averaged about the same as in April; slight recessions and increases
were shown on a few of the cuts and grades. June 1 inventories at packing
plants and cold storage warehouses in the United States increased over
those of May 1 and were 29% larger than a year ago; beef and mutton
holdings declined in both comparisons. A111 the items with the exception
of pickled and frozen pork, were under the 1922-26 June average.
Packers' shipments of edible products for export moved forward in May
at approximately the same rate as in April. Foreign demand for fats
tended to improve somewhat during the period. English importations of
hams and picnics from the United States continued in moderate volume, but
European purchases of other hog meats remained rather light. June 1
consignment inventories abroad were reported as approximating those at the
beginning of May. Prices remained a trifle under Chicago parity, although
the spread narrowed in several instances.
Rudolph Spreckels Urges More Orderly Methods in
Marketing of Sugar Crop-Decline in Futures
Attributed to Bear Movement.
In a special letter to the sugar trade under date of June 23,
Rudolph Spreckels, President of the Federal Sugar Refining
Co., says:
The decline in sugar futures on the New York Coffee and Sugar Exchange
during the past several weeks cannot be attributed to any technical weakStocks on Hand ness in the raw sugar situation. It is apparently a bear movement, and
Grade.
No. of Production,
Used,
Shipments, Ertl of Month, the weak holders of Cuban sugars seem to have become somewhat demoralMills. Net Tons. Net Tons. Net Tons.
Net Tons.
ized by the drastic recession in quotations on the Exchange.
Groundwood pulp____ 88
104,125
158,445
87,428
2,270
For the most part the remainder of the 1927 Cuban crop must be in
Sulphite News Grade_ 38
40,065
37,899
2,399
9,889
strong hands, and since the Porto Rican and Philippine sugars will soon
Sulphite Bleached_ _ __ 22
23,628
20,547
2,834
2,723
be disposed of there is every reason to believe that stability in the price of
Sulphite Easy Bleach_
7
3,840
3,264
408
855
Sulphite Mitscherlich_
6
6,842
C'uban *raw sugars will soon manifest itself. The demand for raws in this
998
760
5,968
Sulphate Pulp
16,491
10
14,875
1,545
2.904
country during the remainder of the year should result in more orderly
Soda Pulp
11
16,479
2,350
12,006
4,644
methods of marketing that product.
Other than Wood Pulp
2
2279
79
___
Buyers of refined sugar have become very conservative-influenced, no
Total, all grades_ ______ 211.549
182.009
15.I48
178.005
doubt, by the present low price of raws. The spread between raw sugar
prices quoted on the Exchange and the price of refined is misleading. Refiners are obliged to buy well in advance and must figure their actual cost
Increase in Canadian Exports inMay of Pulp and Paper. of raw sugar to arrive at a fair price for refined. Violent fluctuations in
refined sugar have placed unnecessary hardships upon
According to the report issued by the Canadian Pulp & the price ofrefiners have needlessly sacrificed legitimate profits. buyers,
and many
Paper Association, the exports of pulp and paper in May
This industry is an important factor in this country and should be conwere valued at $14,154,123, an increase of $3,013,954 over ducted in a more orderly manner to the end that the trade may deal in
refined with confidence and assurance of profitable business. Let us be
the previous month. The Montreal "Gazette," from which done once and for all time with "knockers" and devote our time to conwe quote, also states:
structive thought and action.
Exports of wood-pulp in May were valued at $3,744,223, and exports of
paper at $10,409,900, compared with $2,656,240 and $8,483,929 in the
month of April.
Packers and Stockyards Administration to Be Abolished
For the various grades of pulp and paper, details are as follows:
-Act to Be Administered by Bureau
July 1
May 1927.
Pulp
Mechanical
Sulphite, bleached
Sulphite, unbleached
Sulphate
Screenings
Paper
Newsprint
Wrapping
Book (ewts.)
Writing (cwts.)
All other
Tons.
20,777
17,262
16,025
13,765
1,220
Value.
$609,258
1,394,825
890,440
826,142
23.558
69,049
149,925
735
12,824
1.671
,Way 1926.
Tons.
20,652
14,407
21,451
12,756
Value.
$593,845
1,133,950
1,224,524
804,366
$3,744,223
69,266
$3,756,685
$9,858,854
83,826
83.109
11,997
372,114
135,251
1,301
7,870
1,707
$8,870,192
153,226
62,595
11,273
289,439
510,409,900
$9,386,725
For the first five months of the year the total exports of pulp and paper
were valued at $68,955,132, as compared with a total of $68,179,870 in the
corresponding five months of 1926, an increase for this year of $775,262,
The total value of wood-pulp exports in the first five months of the year
was $17,712,650, and exports of paper $59,242,482, as compared with $20,422,028 and $47,757,842, respectively, in the corresponding five months
of 1926.
Details for the various grades are as follows:
or Animal Industry.
The Packers and Stockyards Administration, by order of
Secretary of Agriculture Jardine, is abolished, effective July
1, and from that time the enforcement of the Packers and
Stockyards Act of 1921 will be under the Chief of the Bureau
of Animal Industry. The amended general rules and regulations for carrying out the provisions of the Act have been
further amended by substituting the words "Bureau of Animal Industry" for the words "Packers and Stockyards Ndministration." AU employees of the Packers and Stockyards Administration are to be transferred June 30 to the
Bureau of Animal Industry. The Department of Agriculture in announcing this June 21 said:
This change in organization in the Department of Agriculture follows the
general plan of carrying on the regulatory work in a more orderly and logical
manner and with more efficiency and economy. Several laws relating to
the livestock industry, including the Virus Serum Act, TuberculosisEradi-Hour Law, Animal Quarantine Act,
cation Act. Tick Eradication Law, 28
&c., are enforced by the Bureau of Animal Industry and in the opinion of
the Secretary much overhead expense can be saved by adding the Packers
and Stockyards Act to this related group. Furthermore, the Bureau of
Fire Months 1927.
Fire Months 1926.
Animal Industry with approximately 4,000 employees scattered throughout
Pulp
Tons.
Value.
Tons.
the country, is in close contact with the livestock industry at many points
Value.
Mechanical
76,879
$2,194,991 117,250
83,405,710 and has numerous channels of information which make possible prompt and
Sulphite, bleached
93,110
7.330,182
79,767
6,251,425
carry on enforceSulphite, unbleached
75.492
4.164,298 113,684
6,452,054 intelligent action. This Bureau was formed primarily to
Sulphate
65,425
3,980,900
69,256
4,312,839 ment work, the organic Act providing for "the promulgation and enforceScreenings
1,944
42,279
ment of quarantines by the Secretary to control the spread of communi312,850 317,712,650• 379,957 $29,422,028 cable diseases of animals."
There has, of course, been co-operation between the Packers and StockPaper
891,327 $48,591,529 676,214 $44.559,989 yards Administration and the Bureau of Animal Industry, but it was only
Newsprint
6,660
Wrapping
758,061
8,098
1.038,822 voluntary. The reorganization makes the relationship of the enforcement
30,468
Book (owts.)
229,328
20,178
175,455 of the Packers and Stockyards Act to other livestock regulatory work more
5,222
Writing (ewts.)
42,821
6,709
51,427
All other
9,622,743
1,932,149 stable. The entire industry will have a single contact point in the Department of Agriculture.
$59,242,482
$47.757,842
This movement for better organization of regulatory work is in line with
Exports of pulp-wood for the first five months were 678,693 cords, val- the action recently taken by the Secretary of Agriculture in placing the regulatory work carried on by the Bureau of Chemistry in the Food. Drug and
ued at $6,341,457, compared with 497,318 cords valued at $4,564,553 for
Insecticide Administration, a new unit to take form July 1, and which also
the first five months of 1926.
Is to include the regulatory work now carried on by the Insecticide and Fungicide Board.
Review of Meat Packing Industry by Federal Reserve
Bank of Chicago-Gain in Production.
May production at slaughtering establishments in the
United States was in excess of the preceding month, while
employment for the last payroll of the period showed increases of 3.9% In number, 5.5% in hours worked, and 4.7%
in total value over the corresponding figures for April. The
Federal Reserve Bank of Chicago in it July "Monthly Business Conditions Report," goes on to say:
Domestic demand improved a little and averaged between fair and good.
Sales billed to domestic and foreign customers by 54 meat packing com-
Domestic Exports of Cotton, Cotton Cloths, Yarns,
Threads and Hosiery.
The Department of Commerce at Washington on June 28
issued its monthly report on the domestic exports of cotton,
cotton cloths, yarns, thread and hosiery for the month of
May and the five months ending with May, with comparisons for the corresponding periods a year ago. The exports
of raw cotton were larger this year in both quantity and
value both for May and for the five months, 628,132 bales
having been shipped out in May 1927, as compared with only
28
THE CHRONICLE
419,459 bales in May 1926. The value of these exports in
May this year was $48,052,890, against $41,695,221 in May
last year. For the five months' period ending with May
1927 the exports of raw cotton amdunted to no less than
4,739,417 bales, as compared with but 2,761,837 bales in the
five months ending with May 1926. The value of these exports was $339,140,132, as against $290,949,115. The exports of cotton cloths also show an increase both in quantity
and value for the month of May and the five months ending
with May as compared with the corresponding periods a
year ago. On the other hand, the value of the exports of
cotton manufactures shows a decrease for both the month
and period. Below is the report in full:
[VOL. 125.
compared with 2,509,650 barrels for the preceding week, the
previous, high record. The daily average production east
of California was 1,875,650 barrels, as compared with 1,863,650 barrels, an increase of 12,000 barrels, due to the Earlsboro fields in Oklahoma. The following are estimates of
daily average gross production by districts for the weeks
indicated:
DAILY AVERAGE PRODUCTION.
(In Barrels.)
June 25 '27. June 18 '27. June 11 '27. June 26 '26.
462,650
750,700
Oklahoma
765,750
774,900
108,150
112,750
Kansas
112,250
111,900
46,000
129,550
Panhandle Texas
125,450
125,500
84,800
88,100
North Texas
88,300
87,150
49,300
West Central Texas_ _
75,550
73,800
75,450
35,300
120,100
West Texas
118,250
117,250
52.800
East Central Texas
37,500'
36,650
35,650
38,050
Southwest Texas
33,900
32,850
32,600
60,250
48,350
North Louisiana
49,900
49.300
DOMESTIC EXPORTS OF COTTON,COTTON CLOTHS,YARNS,THREADS Arkansas
162,450
111,750
113,100
112,600
AND HOSIERY.
77,000
Coastal Texas
134,000
138.600
137,350
14,650
15,350
Coastal Louisiana
15,800
14,950
105.500
112,500
111,000
111,000
Five Months Ended May. Eastern
Month of May.
72,200
60,750
Wyoming
60,650
59,650
_
28,050
Montana
15,450
13,600
15,400
1926.
1927.
1926.
1927.
9,750
7,350
7,400
Colorado
7,250
4,250
2,800
3,200
3,050
2,761,837
cotton, inc1.11nters_ _bales
4,739,417 New Mexico
Raw
628,132
419,459
610.000
646,000
643,800
635,100
Value
$41,695,221 $48,052,890 $290,949,115 $339,140,132 California
Cotton manufactures, total_-- _ $11,514,220 $11,473,096 $57,551,106 $52,462,907
2,021,150
2,498,450
2,509,650
Total
2,510,750
Cotton cloths, total_ _ _ _sq. yds. 43,520,433 51,795,951 216,263,263 226,796,080
Value
86,570,135 $6,636,971 $33,099,506 $29,545,954
The estimated daily average gross production of the Mid-Continent field,
561,430
1,316,496
Tire fabrics
496,120
105,528
sfl• Yds.
$235,891
$399,810 including Oklahoma, Kansas, Panhandle, north, west central, west Texas,
Value
$152,574
$55,091
4,922,741
6,458,404 east central and southwest Texas, north Louisiana and Arkansas, for the
Cotton duck
sq. yds.
945,918 1,301,449
Value
$408,776 $1,892,040 $1,997,239 week ended June 25 was 1,523,900 barrels, as compared with 1,514,700
8369,300
Other cotton cloths
barrels for the preceding week, an increase of 9,200 barrels. The Mid.
Unbleached
sq. yds. 10,103,272 11,119,729 49,880,591 55,011,376
$947,422 $5,607,526 $4,799,295 Continent production, excluding Smackover, Arkansas, heavy oil, was
$1,080,469
Value
Bleached
sq. yds. 8,658,425 8,393,872 41,077,428 35,252,695 1,434,950 barrels, as compared with 1,426,150 barrels, an increase of
$1,120,480
$923,545 $5,544,776 $3,931,149 8,800 barrels.
Value
sq. yds. 7,905,381 11,390,823 39,283,353 45,372,936
Printed
In Oklahoma, production of North Braman is reported at 4,250 barrels,
$1,204,417 $1,426,435 $5,832,046 $5,938,329
Value
sq. yds. 8,971,210 10,736,629 44,689,915 48,968,370 against 4,750 barrels; $outh Braman, 3,050 barrels, against 3,450 barrels;
Piece dyed
$1,626,943 $1,615,415 $8,097,269 $7,515,572 Tonkawa, 21,700 barrels, against 21,750 barrels; Garber, 13,600 barrels,
Value
Yarn dyed
sq. yds 6,830,699 8,357,329 35,847,805 34,415,803 against 14,050 barrels; Burbank, 43,200 barrels, against 44,150 barrels;
$1,113,435 $1,162,804 $5,889,958 $4,966,560
Value
Bristow-Slick, 26,350 barrels, against 26,650 barrels; Cromwell, 13,300
Cotton yarn, thread, &c.
Carded yarn
lbs
1,543,694 1,416,140
6,098,136
7,610,427 barrels, against 13,000 barrels; Wewoka, 19,000 barrels, against 19,750
Value
$532,697
$415,941 $2,345,198 $2,328,398 barrels; Seminole, 307,000 barrels, against 311,700 barrels, and Earlsboro,
Combed yarn
lbs.
838,230 1,184,585
4,046,057 4,588,843
Value
$682,986
$896,383 $3,158,737 83,350,467 86,850 barrels, against 67,800 barrels.
In Panhandle Texas, Hutchinson County is reported at 100,300 barrels,
Sewing, crochet, darning and
lbs
119,194
149,125
536,524
embroidery cotton
601,722 against 99,600 barrels, and in balance Panhandle, 25,200 barrels, against
Value
5120,408
$132,004
$572,235
$554,421 25,850 barrels. In east central Texas, Corsicana Powell, 16,850 barrels,
Cotton hosiery
doz. pm
463,233
417,836
2,286,037
2,032,773
Value
$850,127 $659,997 $4,145.426 $3.440,920 against 17,150 barrels; Nigger Creek, 3,700 barrels, against 3,850 barrels;
Reagan County, west Texas, 25,350 barrels, against 26,750 barrels; Crane
and Upton counties, 75,150 barrels, against 72,700 barrels; Pecos County,
Illinois House Adjourns Without Acting on Kessinger 5,000 barrels, no change; Brown County, west central Texas, 28,250 barrels, against 28,850 barrels; and in the southwest Texas field, Luling,
Grain Regulation Bill.
15,950 barrels, against 16,150 barrels; Laredo District, 12,750 barrels,
The Illinois House adjourned on June 30 without taking against 12,900 barrels; in north Louisiana, Haynesville is reported at
barrels, against 9,150
any action on the Kessinger bill regulating the grain trade. 7,850 barrels, against 7,750 barrels; Urania, 8,850barrels, against 11,050
barrels, and in Arkansas, Smackover light, 11,150
This, according to Associated Press dispatches, kills the barrels; heavy, 88,950 barrels, against 88,550 barrels. In the Gulf Coast
field, Hull is reported at 17,550 barrels, against 18,550 barrels; West
measure until next fall.
Columbia, 9,800 barrels, against 9,950 barrels; Spindletop, 61,500 barrels,
against 58,050 barrels; Orange County, 5,400 barrels, against 5,500 barrels,
No Price Changes Recorded in Crude Oil-Gasoline and Pierce Junction, 7,500 barrels, against 7,950 barrels.
In Wyoming, Salt Creek is reported at 42,300 barrels, against 41,050
Price Advances Reflect New State Taxes.'
barrels, and Sunburst, Mont., 13,000 barrels, no change.
No changes in the price of crude oil were reported during
In California, Santa Fe Springs is reported at 41,000 barrels, no change;
the current week. Gasoline prices in some sections of the Long Beach, 93,500 barrels, against 94,000 barrels; Huntington Beach,
country were advanced but the greater part of such increases 74,000 barrels, against 73,500 barrels; Torrance, 23,600 barrels, no change;
Dominguez, 16,000 barrels, against 16,500 barrels; Rosecrans, 9,500 barwas due to new State taxes going into effect on July 1. In rels, against 10,000 barrels; Inglewood, 35,500 barrels, against 35,000
Shreveport, La., the price of gasoline was advanced on barrels; Midway Sunset, 89,500 barrels, no change; Ventura Avenue, 37,600
barrels, against
June 29 134c. per gallon, making the filling station price 74,000 barrels. 38,000 barrels, and Seal Beach, 64,000 barrels, against
18c.and tank wagon 153c. This increase was for points
within the city only.
On July 1 the Standard Oil Co. of Indiana advanced tank
wagon and service station prices of gasoline lc. in South
Dakota, covering an increase of that amount in the State
gasoline tax, which became 4c. per gallon. On July 4 the
Standard Oil Co. of Indiana will also advance gasoline prices
lc. in Iowa, covering the tax increase three which brings the
tax on gasoline to 3c. per gallon.
The Standard Oil Co. of New Jersey on July 1 advanced
tank wagon gasoline price in New Jersey 2 cents a gallon to
cover the new State gasoline tax. Earlier in the week, on
June 29, the company announced an advance in price of
2e. per gallon at Washington, D. C., making tank wagon
18c. and service stations 21c., including 2c. tax.
A one-cent advance in gasoline at all Pacific Coast points
has been put into effect July 1 by Standard Oil of California,
Associated Oil and Richfield companies.
In Chicago, on July 1, wholesale prices were recorded as
follows: United States motor grade gasoline, 63 c.; kero4
sene, 4c. for 41-43 water white; fuel oil, 24-26 gravity,
92M @97%c.
Late on July 1 it was reported that the Standard Oil Co.
of New York reduced tank wagon and service station prices
of its Socony grade of gasoline 2c. at Rochester, making
new prices 13c. and 16c., respectively, effective July 1.
Crude Oil Output Surpasses Previous High Records.
A further increase of 1,100 barrels per day was reported
by the American Petroleum Institute for the crude oil industry in the United States during the week ended June 25.
This brought production up to 2,510,750 barrels per day, as
Baldwin Locomotive Works to Reduce Operations 10%
of Capacity July 1.
Samuel Vauclain, President of the Baldwin Locomotive
Company, announced on June 28 that the company's plant
would be put on a 10% of capacity'operating basis on July 1,
compared with a 20% basis in June and a 30% basis in May.
This is not unusual in the summer months says the New York
"Times" which also observed:
This announcement was received In Wall Street at about 2:30 p. m. yesterday, and did not have as much market effect as It might have had earlier
In the day. Following the receipt of the news, however, the common stock
declined on the New York Stock Exchange, with trading on a large basis,
but the net decline from the previous close was only two points.
Steel and Iron Industry Faces Summer Quiet
-Pig
Iron Price Reduced.
All indications are that the summer will be quiet, especially in contrast with the expanding demand which was
in evidence this time a year ago, and that only the barest
needs will be covered through the next two months reports
the "Iron Age" on June 30 in its weekly review of the industry. However, the bookings of the last few weeks have
been of that order, and so no pronounced dip is expected
in buying, although the swing in production may be carried
further downward.
The first six months in output will prove to be close to
the record performance of the first half of last year, in spite
of the week's further curtailment. Ingot output is put at
65% of capacity in the Pittsburgh district and at 75% at
Chicago, where another Steel Corp. blast furnace has been
blown out, says the "Age" in describing conditions in the
market, which we quote:
JULY 2 1927.]
THE CHRONICLE
In the automobile trade a normal taking of steel for the period is looked
for, in spite of checks incident to bringing out new models by the large
builders. The continued high production of oil is bringing fresh inquiries
for plates for oil tanks. Plant vacation movements find encouragement in
situations like the present, and the growing practice may find more than
the usual number of steel consumers shut down for a two weeks' period.
Price advances of $1 a ton have been widely posted on forward business in
wire nails, staples and barbed wire, and have served to stimulate contracting at the present market level. With the success makers have
won
in a like movement in sheets, producers of sheet bars are seeking a
raise
of $1, as are wire rod makers.
In bars, plates and shapes, third quarter covering is decidedly limited.
While there are still notable irregularities, unusual efforts are being made
to
stabilize these heavy tonnage products at a 1.80c., Pittsburgh, basis.
The
Pennsylvania RR. on third quarter needs, including 18,000 tons of
plates.
received bids of 1.80c., mill.
Bar mills, which turn out nearly 20% of the country's finished
steel, are
now operating at about 60% of capacity. Pipe mills are producing
at a
75% rate, though pipe shipments for the first half of the
year fell 10%
under those for the same period last year, partly from a drop
in standard
weight pipe as well as in oil well drive pipe, pipe line
construction alone
holding up.
Shipments of sheets for the half year were not 4% less than a
year ago.
and sheet mills are operating at 80 to 85%, with delivery promises
of ten
days to two or three weeks. Tin plate mills lost little ground,
in the comparison with last year, but operations are not over 75% and
the backlogs of orders are not large.
Prices of alloy steel have been reduced about $2 a ton on most
grades
for which there is the largest call, and July releases against
specifications
will be billed at the lower prices. Shipments are in excess
of orders.
Foundry pig iron has declined 50c. a ton at Buffalo and eastern Pennsylvania furnaces on a few purchases of round tonnages for
third quarter. A
similar reduction on basic iron in the Valleys is ascribed to
increased pressure
for business by steel company furnaces have dipped
to $17.25. Cleveland, on
orders for foundry iron taken in southwestern Ohio. Foundry
operations
are spotty, with the trend toward curtailment. The American
Radiator
Co. has bought 20,000 tons of iron for third quarter
delivery, chiefly
for its Western plants.
Spot furnace coke has advanced 10c. a ton to $3, Connellsville,
as a result of curtailed production. Failure of central
Pennsylvania coal operators to reach an agreement with the miners' union for
a reduction from
the Jacksonville scale means that mines in that region
will shut down
July 1. Accordingly, Connellsville coke producers
expect to find a more
profitable market in coal than in coke.
Splegeleisen has declined $2 to $34 a ton, furnace, as a consequence
of
increased domestic competition and a falling off in specifications
against
contracts.
With structural steel contracts for the week of
35.000 tons, the total
for the second quarter, as reported to the "Iron Age",
is
compared with 470,000 tons in the first quarter. The 431.000 tons.
week's business
Includes 7,000 tons for an office and bank building
in Detroit and 5,000
tons for a telephone building in Newark, N. J.
The Lehigh Valley is inquiring for 1,000 freight
cars and the Chicago
& North Western for 500. The Lehigh & New
England ordered 200.
Exports of iron and steel in May, at 202,718 tons,
made the highest
total since January, showing a gain of 10,369
tons over April and of 28,440
tons over May 1926. For the first five
months, exports were 9% above
last year, with 947,504 tons against
869,099 tons.
While iron and steel imports in May
advanced to 79,814 tons, against
60.374 tons in April, there was a sharp decline in
the total for the first five
months. The drop was 36% from 488,759
tons to 314,915 tons. An
Increase in pig iron accounted for nearly half
the month's increase, wrought
Pipe showing, also, a heavy gain.
The "Iron Age" pig iron composite price is
now lower, except for eight
months in 1921 and early 1922. than any time since
the fall of 1916. It has
dropped to $18.71, from $18.06 last week, and
is $I below its level Jan 1.
The finished steel composite price
remains at 2.367c. a lb. for the third
week, as the following tables show:
Finished Steel.
Pig Iron,
June 28 1927, 2.367 Cents per Pound.
June 28 1927, $18.96 per Gross Ton.
One week ago
2 367e. One week ago
$ 8.96
One month ago
2 374e. One month ago
18.96
One year ago
2 431e. One year ago
19.59
10
-year pre-war average
1 689e. 10-year pre-war average
15.72
Based on steel bars, beams,tank plates,
Based on average of basic Iron at Valley
Plain wire. open-hearth rails, black
furnace and
and black sheets, constituting 87% ofpipe Philadelphia, foundry irons at Chicago,
the
Buffalo, Valley and BirUnited States output.
mIngham.
High.
Low.
High.
Low.
1927__2.453c., Jan. 4 2.339c., Apr. 26 1927_$19.71.
Jan.
1926_2.453e., Jan. 5 2.403e., May 18 1926_ 21.54, Jan. 4 $18.96, June 28
1925_2.560e., Jan. 6 2.396c., Aug. 18 1925- 22.50, Jan, 5 19.46, July 13
13 18.96, July 7
1924__2.789c., Jan. 15 2.460c., Oct. 14 1924__ 22.88,
1923-2.824c., Apr. 24 2.446c., Jan, 2 1923-- 30.86, Feb. 26 19.21, Nov. 3
Mar.20 20.77, Nov.20
,Production of iron and steel still tends downward as the
third quarter opens, but prospects before the industry
has
brightened measurably, declares the June 30 "Iron Trade
Review" in summarizing market conditions. All producers
will suspend for two days over July 4 holiday, and a few may
be shut down the entire week. Some consumers, planning
to close next week for vacations and inventory-taking, held
up shipments until the week of July 11. Steelmaking operations receded from 74 to 70% in the past week, observes the
"Review," adding the following data:
Encouragement comes chiefly from railroads and manufacturers
of farm
implements. Secondary rail inquiry mounted to 175,000 tons,
plus 40,000
tons of track fastenings. Many roads are taking bids
on third quarter
requirements for various steel products. Implement makers,
looking to
their fall runs, are specifying finished steel more freely,
especially at Chicago. Some steel producers having full range products experienced
a slight
increase in their aggregate bookings last week. These favorable
conditions
should be reflected in mill operations after mid-July.
While weakness characterizes a greater portion of the pig iron
market,
finished steel prices evidence greater strength. Plates, shapes and
bars
remained stationary at 1.80c. base Pittsburgh for the past week, with
further third quarter contracting at this level. Sheets continue to
display a
marked firmness in all markets. Strip is holding generally. Some
makers
of rails, barbed wire and staples are attempting to recoup the
recent $1
reduction, although in some districts wire products manifested weakness.
Pipe makers are taking off capacity in reference to attempting to
buy business.
Apathy among pig iron consumers toward their third quarter needs
is
having a depressing effect on prices. Basic has been sold at $17.50,
Mahoning Valley, a drop of 50 cents, while less is reported. Bessemer also
is
29
down 50 cents in Mahoning Valley, while malleable is off 25 cents. Foundry and malleable iron at Buffalo are down to a base price of $17.50. Both •
Granite City and Ironton report reductions of 50 cents,to $I. Pig iron
sales, while increasing, fall below normal for the opening of third quarter.
Beehive furnace coke is a trifle 'easier, now being quoted at $2.85 $3.25.
to
Semi-finished material is more active for July and August delivery. Forging billets are off $1 to $39, base Pittsburgh. Contracting for cold finished
bars at 2.30c. base Pittsburgh is fairly liberal. Heavier demand for sheets
are reportedin practically all districts, although automotive consumption Is
not expected to regain its stride until mid-July. Ten more independent mill
units are operating in Mahoning Valley this week.
The "Iron Trade Review's" composite price on 14 leading iron and steel
products this week is $36.50. This compares with $36.70 the week before
last and $36.72 the previous week.
Closing Down'on:July 1 of Soft Coal Mines in Central
Pennsylvania Field as Result of Failure to
Negotiate New Wage Agreement.
With the failure a week ago of a conference in Philadelphia
to reach a new wage agreement, it was announced that
all union mines in the soft coal field in Central Pennsylvania
would shut down on July 1. Negotiations to effect a new
agreement were conducted by a joint committee representing
the operators and miners. A conference which had been
held the previous month in Philadelphia had likewise been
unproductive of results, an adjournment having been taken
on May 28 after a five day session, the date for reconvening
having originally been set for June 15, but on June 11 having
been postponed until June 21. Before breaking off the
conference on June 24, the miners' representatives according
to the Philadelphia "Ledger" rejected the operators' proposal
for a new agreement based on a 15 to 20% pay cut. The
operators, in turn, rejected a counterproposal to continue the
present agreement, with minor amendments, for two years.
says the "Ledger" which also said:
The Central Pennsylvania bituminous field was one of the few in which
mining continued after the general soft
-coal strike was called on April 1.
Operation continued under a temporary "understanding", similar to the
Jacksonville Agreement, pending negotiations of a new contract.
Between 10,000 and 12,000 men are effected and the annual output of the
union mines in the field Is approximately 15,000.000 tons.
Blame for failure of the joint conference was placed on the miners by
Charles O'Neill, president of the Central Pennsylvania Bituminous Operators Association, and upon the operators by James Mark, president of District No. 2, United Mine Workers of America.
Mr. O'Neill in an oral statement after adjournment at 5:20 p. m, charged
that the Scale Committee of District No. 2 was powerless to make any
contract in opposition to the policy of the national miners' organization.
"Because the District Committee cannot act independent of the General
Policy Committee of the United Mine Workers of America, this conference
was a failure." he said. "The district officers are bound by the resolution
adopted by the General Policy Committee at Miami, which declared against
acceptance of wages below those fixed lathe Jacksonville Agreement, which
has been in effect in the soft-coal fields for several years."
Without mentioning John L. Lewis by name, Mr. O'Neill virtually
charged that the president of the United Mine Workers held the "big stick"
over the District Committee,
Mr. O'Neill is also quoted as saying:
On account of the miners' international policy committee, which instructed the district officers to negotiate only on the;basis of a renewal of the
present agreement, the miners' representatives'on the joint wage scale
committee rejected a proposal for a wage reduction amounting to from
15 to 20%.
"The old agreement has been in force temporarily, pending our negotiations, but now that the conference is closed temporary plans will be suspended and there will be nothing for us to do but close the mines. They
will remain idle until a new contract is negotiated."
From the Philadelphia advices to the New York "journal
of Commerce" we quote the following credited to Mr.O'Neill:
The day wages offered by us is from one dollar to a dollar and a half
higher than is paid in the non-union fields of West Virginia. Such a reduction would enable us barely to keep our mines open. It would affect only
about 15,000 union men out of a total union membership in the country
of 300.000. It would help to stabilize business and prevent further industrial depression.
The effect of the Jacksonville agreement, upon which 'we have been
working, was to reduce our normal production of 69,000,000 tons in central
Pennsylvania to 49,000,000 tons in 1926. Every ton of that loss went
to West Virginia non-union miners.
James Mark, spokesman for the miners, said he opposed
adjournment of the conference and suggested the mines
continue in operation for at least thirty days longer to give
the miners and operators in the larger fields of Ohio, Indiana
and Illinois an opportunity to settle the strike in that territory. He added:
We do not believe this conference should have been adjourned indefinitely.
We understood the operators had agreed in March to continue the present
wage scale until an agreement had been reached in the larger fields. We
disclaim responsibility for the break-off of negotiations.
From the account in the "Ledger". of the termination of
the negotiations on June 24 we take the following:
On May 27,after a series of unsuccessful conferences, the joint committee
of miners and operators adjourned to June 15 with the stipulation that sine
die adjournment at that time would end the temporary working agreement.
That is what happened yesterday.
The Subscale Committee of five men from each side met at 10:30 a. m.to
vote on the proposal of the operators for a wage reduction. The miners'full
Scale Committee had already decided to reject it and it was voted down.
The proposed contract covered four typewritten pages. The operators
proposed a reduction of.2688 cents per gross ton for machine mining:cutting
and scraping,.0511 cents per gross ton,and all yardage and dead work. 15%•
Under its terms the $7.50 basis wage for an eight-hour day would have
been reduced $1.50.
[VOL. 125.
THE CHRONICLE •
30
Illinois Conference on Bituminous Wage Scale
Adjourns Without Agreement.
Closing of British, Belgian, French and German mines because of slack
home and export demand,is reported. The new French restrictions on coal
importations are worrying other countries that have furnished a large tonnage. Some modification is believed necessary in the interest of the French
consumer.
Until conditions cited in this resume assume a more definite control of the
near-future market, it will continue unsettled; but there is already noticeably better inquiry for July and better prices are predicated on an increase ill
the volume of demand.
Whether Mr. Lewis will be able to stem the present drift to an open-shop
basis, or the strike will spread to fields not yet affected, is the dominant
market uncertainty. But can a buyer lose at present prices?
The wage scale conference between Illinois bituminous
.coal miners and mine operators looking toward ending the
suspension of mining, effective since April 1, when the old
contract expired, was adjourned on June 29 without an
agreement having been reached according to associated Press
disptaches from Chicago, June 29. According to the Chicago
"Journal of Commerce" of June 30. Emphatic refusal by
the operators to negotiate on the basis of the Jacksonville
wage scale as demanded by the union brought an unexpected Analysis of Imports and Exports of the United States
for May.
end on June 29 to the joint wage conference of Illinois
mine owners and miners. The account in that paper further
The Department of Commerce at Waashington, June 27,
said:
issued its analysis of the foreign trade of the United States
Termination of the parley by the coal operators was decided on when the
%miners' leaders reiterated that they could not consider any wage contract
but the Jacksonville agreement.
The conduct ofthe mine owners leaves the next move in the suspension
controversy up to the union.
Miners Remain Idle.
As a result of the collapse of the negotiations the 225 mines and 70,000
miners in the State will remain idle. The operators said they could not
afford to pay the $7.50 basis day wage provided in the Jacksonville contract
as long as non-union miners were working for $5 a day and less.
Sine die adjournment was voted after a thirty-minute session when the
joint conference reconvened following a recess of a week.
An executive session of the Coal Operators Association of Illinois was held
Tuesday when a resolution was adopted stating the position of the mine
owners as vigorously opposed to the Jacksonville agreement. The resolution was presented to the miners at the joint session.
Operators said that the union officials must cease "kidding" themselves
Into believing that certain of the large producers are willing to resume
operation at the old wage scale. It was asserted that there is no desire on
the part of any of the representative mine owners in the State to even
consider the Jacksonville agreement as a basis of settlement with the United
Mine Workers of America.
Ohio Coal Mines Closed Since April 1 to Reopen July 15.
Associated Press advices from Columbus, Ohio, June 29,
said:
Ohio's coal mines, closed since April 1 because of wage differences, will
reopen July 15, either on a union or non-union basis with the November
scale of $5 a day in effect, it was unanimously agreed by the Ohio Mine
Operators' Association in session here to-day.
Under provisions of the ultimatum to be served on union officials, they
will be allowed until July 15 to accept or reject the compromise proposal, a
continuously competitive scale, which in event of change in West Virginia
or Kentucky fields automatically would change in Ohio.
for the month of May and the five months ending with May.
This statement indicates how much of the merchandise
imports and exports for the two years consisted of crude
materials, and how much of manufactures, and in what
State, and how much of foodstuffs and whether crude or
partly or wholly manufactured. The following is the report
in full:
ANALYSIS OF EXPORTS FROM AND IMPORTS INTO THE UNITED
STATES FOR THE MONTH OF MAY 1927.
(Value in $1,000.)
Floe Months Ended May.
Month of May.
1926.
1927.
1926.
1927.
Value. P. C. Value. P. C
Domestic Exports
Crude materials
Crude foodstuffs and
food animals
Manufact'd foodstuffs
ieml-manufactures_
Finished manufactures
Value. P. C
Value. P. C.
67,380 19.4 74,833 19.6
434,079 23.8
493,497 25.2
83,336 4.6
25,155 7.2 30,684 8.0
34,060 9.8 36,933 9.7 202,371 11.1
50,782 14.6 60,762 15.9 261,959 14.3
170,781 49.0 179.154 46.8 844,187 46.2
125,340 6.4
192,849 9.8
292,488 14.9
857,456 43.7
Total domestic ex348,158 100.0 382,366 100.0 1,825,932 100.0 1,961,630 100.0
ports
47,735
42,888 ____
8,542 ____ 10,748 ____
Foreign exports
356,700
Total
Imports
128,408
Crude materials
Crude foodstuffs and
35,909
food animals
sdanufact'd foodstuffs 32,929
61,065
3emi-manufactures
finished manufactures 62,609
.1. • I
01•01.
.
__ 393,114 __ _ 1,868,820 ____ 2,009,365 -40.0 135,713 39.2
864,979 44.0
707,617 40.0
10.7
11.4
18.3
20.4
224,878 11.5
177,180 9.0
350,701 17.8
348,050 17.7
209,994
200,031
310,646
340,333
11.2
10.3
19.0
19.5
37,164
39,396
63,496
70,430
oon non Inn n %IA 100 moon 1 OAR 'ice
11.9
11.3
17.6
19.2
1000 i 711R 021 100.0
Coal Trade Continues Dull and Unsettled.
One by one the "outlying districts"
-so designated by
Mr. Lewis at the Miami conference to distinguish them from
the heart or main body of the central competitive field-that
have been copartners in distress under the Jacksonville Agreement, are making a polite bow of exit, as the operators retire
from the closed-shop program, observes the "Coal and Coal
Trade Journal" of June 30 in its weekly resume of conditions
in the industry. Itis believed that they are preparing to join
the open-shop operations that preceded them in the policy,
and are reporting satisfactory progress, the "Journal" declares, adding:
The way was first blazed by some of the large organizations that were
practically alone in their individual action. Then the large and prominent
Pittsburgh Coal Co."took the bit in its teeth," assumed leadership,and was
followed by other operations in their immediate district.
Now a large and strong group in the central Pennsylvania field, after a
futile conference in Philadelphia, has adjourned with the important announcement that their mines, which have been operating off and on since
The first of April under the temporary annex plan of the Jacksonville Agreement, will cease operations on the first of July.
The patience and courtesy of these operators with the officials of the
closed-shop miners has been regarded as an unusual demonstration of consideration and tolerance for those with whom they have so long been associated. But "patience ceases to be a virtue," and has its limits when the
encroachments of neighbors, operators and miners who are not directed
nor controlled by the closed shop officials, is such that, regardless of sacrifices, they can no longer compete except at great loss.
It is believed that the miners themselves are becoming more appreciative
of the impossibility of the situation, and it would not be surprising should
These central Pennsylvania gentlemen see fit to reopen their mines within
a short time on a competitive wage basis, if they would receive a generous
response from the miners Many of the miners anticipated the announced
closing time by overtures that will shorten any suspension. All of these
operators, including those who blazed the way with individual action, are
to be congratulated on making a stand that, it is believed, will result in
betterment for both operator and miner.
The dissenters from the Jacksonville scale are not confined to the outlying
districts, for over in Ohio, in the heart of the central competitive field, a
number of mines that "broke away" and resumed work on a competitive
wage basis ate reported as progressing. Farther west, in Illinois, for sewrat days operators and miners have endeavored to get together, but so far
Another "round" was begun Wednesday. June 29. It is
liaVe failed.
believed this will be a "knock-out" for the strike, or it will again be declared
a "draw" and present conditions will continue, unless the miners, who are
becoming more observant of the trade inroads coal from open shops is making, stampede their officials into a settlement on a nearer competitive basis.
The situation is more difficult because of miners' license laws in Illinois
and Indiana similar to those of the anthracite district in Pennsylvania; hence
more co-operation Is required from the miners in effecting a settlement. In
the present situation such laws seem detrimental to the miners themselves
and should be at least modified in the interest of all
-miner, operator and
consumer.
Production of Bituminous Coal, Anthracite and Coke
Slightly Lower.
Fuel production in the United States during the week of
June 18 was smaller in the three chief classes, according to
the report made by the United States Bureau of Mines.
Bituminous output declined 241,000 tons from the preceding
week, anthracite, 64,000 and coke, 5,000. Further data concerning the relation of current output to that of comparative periods are quoted from the Bureau of Mines' report as
follows:
Production of soft coal daring the week ended June 18, including lignite
and coal coked at the mines, is estimated at 8,283,000 net tone. Compared
with the output in the preceding week, this is a decrease of 241,000 tons,
or 2.8%.
Estimated United States Production of Bituminous Coal (Net Tons),
Including Coal Coked.
1926
-1927
Cal. Year
Cal. Year
to Date.s
IVeek.
to Date.
Week.
231,584.000
8,660,000
245,340,000
June 4
7,379,000
1,764.000
1,443,000
1,869,000
Daily average
1 366,000
241,208,000
9,624,000
253,864,000
8,524,000
June 11.b
1,757,000
1,604,000
1,849,000
Daily average
1,421,000
250,711,000
9,503,000
262,147,000
June 18_c
8,283,000
1,584,000
1,750,000
1,829,000
Daily average
1,381,000
a Minus one day's production first week In January to equalize number of days in
two years. b Revised since last report. c Subject to revision.
the
The total quantity of soft coal produced during the calendar year 1927
to June 18 (approximately 143 working days) amounts to 262,147,000 net
tons. Figures for corresponding periods in other recent years are given
below:
218,816,000 net ton
1926
250,711,000 net tons11924
261,432,000 net tons
1925
217,873,000 net tons11923
ANTHRACITE.
The total production of anthracite during the week ended June 18 is estimated at 1,668,000 net tons. While this is a decrease of 3.7% from the
output in the preceding week, returns on railroad loadings indicate that
the decline was confined to one district, where there was a local strike.
Estimated United States Production of Anthracite (Net Tons).
1926
-1927
Cal. Year
Cal. Year
to Date.
Week.
to Date.a
Week EndedWeek.
1,678,000
36,718,000
June 4
1 571,000
28,973,000
38,450,000
2,083,000
June 11
1,732,000
31,056,000
40,118,000
2,032,000
June 18
1668.000
30,088.000
a Minus one day's production first week in January to equalize number of days
in the two years.
BEEHIVE COKE.
The production of beehive coke during the week ended June 18 is estimated at 136,000 net tons, a decrease of 6,000 tons, or 3.5%, when compared with output in the preceding week.
JULY 21927.]
THE CHRONICLE
Estimated Production of Beehive Coke (Net Tons).
Week Ended
1927
1926
June 18 June 11 June 19
to
to
1927.b
1927.c
1926.
Date.a
Date.
Pennsylvania & Ohio
105,000 112,000 152,000 3,345,000 5,128,000
West Virginia
14,000
13,000
12,000
368,000
386,000
Ala., Ky., Tenn.& Ga
5,000
4,000
9,000
135,000
392,000
Virginia
6,000
6,000
4,000
168,000
191,000
Colorado & New Mexico
3,000
3,000
5,000
93,000
137,000
Washington & Utah
3,000
3,000
3,000
90,000
88,000
United States total
138,000 141,000 185,000 4,217,000 6,304,000
Daily average
23,000
24,000
29,000
31,000
43,000
a Minus one day's production first week in January to equalize number of days
in the two years. b Subject to revision. c Revised since last report.
According to figures prepared by the National Coal Association, the quantity of bituminous coal mined during the
week ended June 25 showed a slight gain over the tonnage
produced during the preceding week. The estimated tonnage mined last week is reported by the association as
8;500,000 net tons.
Domestic Exports of Grain and Grain Products.
The Department of Commerce at Washington gave out
on June 24 its monthly report on the exports of principal
grains and grain products for May and the eleven months
ending with May, as compared with the corresponding
periods a year ago. Total values show a very substantial
increase over the same month of 1926, being $34,437,000 in
May 1927, against $27,099,000 in May 1926. But exports
in May this year were 3,207,000 bushels, as against 2,781,000
31
bushels a year ago; exports of Rye amounted to 5,857,000
bushels against 3,184,000 bushels, barley exports 1,337,000
bushels against 996,000 bushels, wheat flour exports 1,099,000 rn
bushels against 679,000 bushels and rice exports 20,625,000
pounds against 1,976,000 pounds. Wheat, malt and corn,
however, went out in smaller quantities in May 1927 than
in May 1926. The details are as follows:
DOMESTIC EXPORTS OF PRINCIPAL GRAINS AND GRAIN PR0DU(7113.Eleven Months Ended May.
May.
1926.
1927.
1926.
1927.
996,000 1,337,000 25,829,000 15,826,000'
bush.
Barley
$711,000 $1,183,000 $22,733,000 $12,514,000
Value
282,000
3,230,000
334,000
bush.
2,573,000'
Malt
1,516,000 21,415,000 16,549,000
Corn
bush. 1,706,000
$1,437,000 $1,325,000 $19,839,000 $13,390,000
Value
50,000
584,00040,000
558.00abbls.
Cornmeal
lbs. 3,175,000 4,709,000 23,859,000 33,055,000'
Hominy and grits
7,604,000
bush. 2,781,000 3,207,000 29,158,000
Oats
$1,386,000 $1,709,000 $15,275,000 $3,834,000
Value
lbs. 9,092,000 4,849,000 145,064,000 98,962,000'
Oatmeal
lbs. 1,976,000 20,625,000 25,633,000 222,326,000'
Rice
$76,000
$897,000 $1,465,000 $9,182,000'
Value
lbs. 1,838,000 5,036,000 18,780,000 61,343,000'
Rice, broken
Rye
bush. 3,184,000 5,857,000 11,423,000 18,043,000'
$3,191,000 $7,005,000 $12,276,000 $20,415,000'
Value
bush. 9,368,000 8,960,000 55,144,000 148,791,000'
Wheat
$13,909,000 $13,572,000 $85,799,000 $215,179,000'
Value
8,875,000 12,518,000'
679,000 1,099,000
bbls.
Wheat flour
$4,879,000 $7,157,000 $64,776,000 $84,687,000
Value
428,000{ 13,895,000
7,338,000
564,000
Biscuits (unsweetened)_ _ _ _lbs.
j 5,591,000
452,000
376,000
lbs.
(sweetened)
7,428,000
644,000
7,889,000
575,000
lbs.
Macaroni
Total value
$27,099,000 $34,437,000 $240.123,000I$376,853.000
Current Events and Discussions
The Week with the Federal Reserve Banks.
The consolidated statement of condition of the Federal
Reserve banks on June 29, made public by the Federal
Reserve Board, and which deals with the results for the
twelve Federal Reserve banks combined, shows increases
for the week of $78,600,000 in total bills and securities, of
$34,500,000 in member bank reserve deposits, of $13,300,000
in Federal Reserve note circulation, and of $12,500,000 in
amounts due from foreign banks, and declines of $9,000,000
in cash reserves and of $14,600,000 in gold held abroad.
Holdings of discounted bills increased $38,600,000, of
acceptances purchased in the open market $32,900,000, and
of Government securities $7,100,000. After noting these
facts, the Federal Reserve Board proceeds as follows:
Discouet holdings of the Boston bank increased $22,000,000 during the
week, of the Cleveland bank $12,500,000, of Philadelphia $11,200,000, of
New York 58,100.000, and of St. Louis $7,200.000. The San Francisco
bank reported a decline of $8,300,000 in discount holdings, Kansas Citya
decline of $4.600,000, and Chicago of $3,500,000. The New York bank
also reports an increase for the week of $26,000,000 in open-market acceptance holdings. The System's holdings of United States bonds were $6,200,000 and of Treasury notes and certificates $900,000 above the preceding
week's totals.
The principal changes in Federal Reserve note circulation during the
week include increases of $6,600,000 at Philadelphia, $3,600,000 at Chicago
and 53,400,000 at Cleveland.
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 63 and 64.
A summary of changes in the principal assets and liabilities
of the Reserve banks during the week and the year ending
June 29 1927 is as follows:
Increases(+)or Decreases(-)
Total reserves
Gold reserves
Total bills and securities
Bills discounted, total
Secured by U. S. Govt. obligations__
Other bills discounted
Bills bought in open market
U. S. Government securities, total
Bonds
Treasury notes
Certificates of indebtedness
Federal Reserve notes in circulation
Total deposits
Members' reserve deposits
Government deposits
During
Week.
Year.
-59,900,000 +5204,200,000
--r7,800,000
+185,600,000
+78,600,000
-87,300,000
+38,600.000
-37,700,000
+39,600,000
+21,700,000
-1,000,000
-59,400,000
+32,900,000
-33,300,000
+7.100,000
-8,900,000
+6,200,000
+84.200,000
+800,000
-148.200,000
+100,000
+55,100,000
+13,300,000
+5,400,000
+34,200,000
+139,100,000
+34,500,000
+112,700,000
+100,000
+16,200,000
The Member Banks of the Federal Reserve System
Brokers' Loans in New York City.
The Federal Reserve Board's condition statement of 668
reporting member banks in leading cities as of June 22
shows declines for the week of $28,000,000 in loans and
discounts, $114,000,000 in investments, and $472,000,000
in net demand deposits, and an increase of $73,000,000
in borrowings from the Federal Reserve banks. Member
banks in New York City reported declines of $90,000,000
in loans and investments and $247,000,000 in net demand
deposits, and an increase of $26,000,000 in borrowings from
the Federal Reserve banks.
Loans on stocks and bonds, including U. S. Government
securities, were $20,000,000 below the previous week's
total, an increase of $14,000,000 in the New York district
being more than offset by reductions in other districts,
principally Philadelphia and Kansas City. "All other"
loans and discounts declined $8,000,000, relatively small
reductions reported by banks in eight districts being partly
offset by increases at banks in the Richmond and New York
districts. Loans to brokers and dealers, secured by stocks
and bonds, made by reporting member banks in New York
City, were $44,000,000 below the amount reported on
June 15, a decline of $63,000,000 in loans for account of
out-of-town banks being partly offset by increases of $3,-000,000 and $16,000,000, respectively, in loans for their own
account and for the account of others. As previously
explained, the figures for these member banks are always a
week behind those for the Reserve banks themselves. The
statement goes on to say:
Largely as a result of Treasury financial operations, holdings of U. S.
Government securities were $113,000,000 lower than on June 15 at all
reporting banks and $100,000.000 lower at reporting members in the New
York district. The decline of $12,000,000 in holdings of other bonds.,
stocks and securities at banks in the New York district was practically
offset by increases in some of the other districts.
Net demand deposits declined $472,000,00 during the week. The
principal reductions by districts were: New York, $272,000,000; Chicago,
$70,000,000; San Francisco, $26,000,000; Cleveland, $21,000,000; St,
Louis,520.000.000, and Boston and Philadelphia, $17,000,000 each. TisuF
deposits increased $15,000,000, of which $9,000,000 was in the New Yor
district.
Borrowings from the Federal Reserve banks were $73,000,000 above the
June 15 total, the principal changes in this item including increases of
$33,000,000 in the New York district and 531,000.000 in the Chicago
district, and a reduction of 525,000,000 in the Cleveland district.
On a subsequent page-that is, on page 64
-we give the
figures in full contained in this latest weekly return 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 (+) or Decrease (-D
During
Week.
Year.
Loans and discounts, total
-$28,000,000
+5674,000 000
Secured by U. S. Govt. obligations-7,000.000
-21.000 000
Secured by stocks and bonds
-13,000,000
+437.000 000'
All other
-8,000,000
a 0 0 008
g: 80 00
Investments,total
-114,000,000
U. S. securities
-113.000,000
+87,000 000
Other bonds, stocks and securities--+319,000 000
-1,000,000
Reserve balances with F. R. banks
+52.000000
-99,000,000
Cash in vault
-F3,000,000
-17.000 000
Net demand deposits
+354.000 000
-472.000,000
Time deposits
+579.000 000
+15,000,000
Government deposits
+12,000 000
-9,000,000
Total borrowings from F. R. banks
+17.000 OW
+73,000,000
Return of Member Banks for New York Federal Reserve
District for a Week Later.
Beginning with this week the Federal Reserve Board has
also begun to give out the figures of the member banks
in the New York Federal Reserve District. As well as those
in the Chicago Reserve District, on Thursdays,simultaneous-.
32
THE CHRONICLE
[VOL. 125.
ly with the figures for the Reserve banks themselves, and the desire for protection against possible leaks in
the future and for relief
for the same week, instead of waiting until the following from allegations and insinuations as to leaks.
With four or five days intervening from the date the figures are acquired
Monday, before which time the statistics covering the entire until the
day they are released, it is pointed
is ample opporbody of reporting member banks—now 668—cannot be tunity for something to happen whereby someout that there"inside informaone may get
got ready. The following is the statement for the New tion" as to the totals. Here again it may be said that officials of the Board
would probably
York member banks thus issued in advance of the full more tightly discount such an assertion, but the steps taken to-day close
the loopholes that may exist.
statement of the member banks which will not be available
From the New York "Times" of yesterday (July 1) we
until the coming Monday. The New York statement of quote the following:
course also includes the brokers' loans of the reporting
The Brokers' Loans Statement.
member banks, which for the latest week show a small
The decision of the Federal Reserve Board to
increase over those of the preceding week, the grand aggre- instead of Monday figures on brokers' loans in the announce on Thursday
New York and Chicago
gate of these loans for June 29 being $3,117,920,000, against districts was construed in the financial district by bankers and brokers as a
stiaightforward answer to reports that some persons in Wall Street had
$3,115,870,000 on June 22:
been possessed of advance information on these figures and that this inforPRINCIPAL RESOURCES AND LIABILITIES OF REPORTING mation had been used for stock market purposes. The stock market has
MEMBER BANKS IN NEW YORK CITY.
seemed to be able to forecast with considerable accuracy the brokers' loans
June 29 1927. June 22 1927. June 30 1926. which have been announced on Monday afternoon each week. For inNumber of reporting banks_ __ _
54
54
58 stance, last week, when there was a decrease of
$44,006,000 in loans on
Loans and discounts, gross:
$
stocks and bonds, the market forged ahead briakly in the late afternoon.
Secured by U.S. Government
obligations
31,371,000
32,528,000
44,553,000 The report of the week before had shown an increase of $41,447,000, adSecured by stocks and bonds_2,216,145,000 2.171,516,000 2,209,125,000
All other loans and discounts_2,569,962.000 2.554,379,000 2,296,513,000 vancing these loans to the highest figure on record. In the late afternoon,
just prior to their publication, the stock market was distinctly weak. It
Total loans and cliscounts__4,817.478.000 4.758,423,000 4,550,191.000 was considered in Wall Street yesterday that the setting ahead of the date
Investments:
of announcement of these loans will obviate the possibility of Wall Street
U. S. Government securities_- 898,429,000 916.770,000 913,337.000
Other bonds, stocks & secur's 993,842,000 998.087,000 907,079,000 getting any hint of what they will show.
Total investments
1,892,271,000 1,904,857,000 1,820,416,000
Total loans and investments
6,709,749,000 6,663,280.000 6,370,607.000
Reserve balances with F.R.Bk. 799,731,000 745.419,000 709,170.000
Cash in vault
59,295,00055.594,00064,27 ,000
Net demand deposits
5.418.642.000 5.288.034,000 5,262,451,000
Time deposits
1,010.935.000 1,017,703,000 846,914,000
Government deposits
17,986,000
26,784,000
28,710,000
Due from banks
86,399,000
90,611,000 109,639,000
Due to banks
1,156,532,000 1,113.675,000 1,192,923,000
Bills payable & rediscounts with
Federal Reserve Bank:
Secured by U. S. Government
obligations
39.850.000
45,650,000
40,425,000
All other
6,998,000
4.512,000
9.540,000
Incidentally it may be noted that an item appeared in
these columns last week (page 3718) in which it was said
that officials of the Reserve Board had expressed themselves as skeptical on June 21 that any one should have
advance information regarding the Board's weekly reports
on brokers' loans.
Discussion Relative to Separation of Items of Bonds
and Stocks in Reports of Brokers Loans.
From the New York "Herald-Tribune" of June 29 we take
the following:
Total borrowings from
Federal Reserve Bank_ _ _
46,848,000
50.162,000
49,965.000
Loans to brokers and dealers
Efforts on the part of the financial district to determine whether last
(secured by stocks & bonds):
week's contraction in the volume of brokers' loans was due primarily to a
For own account
1,131,784,000 1,073,847,000 1,102,844,000 contraction in stock market speculation or to an outward movement of
For account of out-of-town
banks
1,143,736,000 1,170,133,000 883,587,000 bonds previously carried by bankers, owing to congestion in the new offering
For account of others
842,400,000 871,890,000 578.746.000 market, has given rebirth to the discussion, of which considerable was
heard a year or more ago, as to the advisability of separating bond loans
Total
3,117,920,000 3,115,870,000 2,565,177,000 from stock loans in the weekly figures.
On demand
2,368,550,000 2,377.403,000 1,889,762.000
On time
These discussions thus far have been quite informal, and no effort has
749,370,000 738,467.000 675,415,000
been made to bring the matter before the Federal Reserve authorities,
whose sanction would be necessary to put the change into effect.
Federal Reserve Board Changes Date for Issuance of
Publication of the brokers' loans totals was inaugurated, it always has
Weekly Figures of Member Banks in New York and
been believed, at the instance of the Federal Reserve Board, the first weekly
total making its appearance on January 6 of last year. At that time this
Chicago—Forestalling of Advance Information
same question was agitated in financial circles, but its practicability always
Regarding Brokers' Loans Reported as
has been seriously questioned.
Reason.
It is pointed out that when speculation is increased, brokers do not necessarily pledge the stocks in which the speculation is taking place for collatThe Federal Reserve Board made known on Thursday, eral loans. Many bankers make special concessions in loan terms based
June 30, its intention to change the date when reports of upon the type of security offered, and as a result it is generally advisable
member banks in New York City and Chicago would be wherever possible to put up as the basis of such collateral loans the best type
of security on hand. Thus,instead of taking to
the security which
given out for publication—Thursday,instead of the Monday he has bought, the broker, and particularly the the bank
broker dealing with private
following, as hitherto, having been decided upon as the day banking firms, in most cases will take bonds out of his portfolio for this
when the figures are to be given out. While the Board purpose. Thus, while stock speculation might be on the increase, the banks'
loans against bonds would be the item to show the increase.
in the statement which it has issued in the matter, gives
The decline of $44,000,000 in brokers' loans last week was probably due
no indication as to the reason for the change, it is the to a combination of circumstances, one of which was declining activity in
generally accepted belief that it is prompted by efforts to the stock market,the other,a falling off in the volume of new issues. Out of
town banks'loans were responsible for the entire drop,and this is attributed
forestall the chances for obtaining information regarding partly to the fact that many of these institutions were withdrawing funds
figures of brokers' loans in advance of their release date from the market here for the purpose of "window dressing" in advance of
the June 30 bank call.
known the change decided upon,
In making
the following statement on June 30:
the Board issued
"Arrangements have been perfected whereby reporting member banks .Summary of Conditions in World's Market According
to Cablegrams and other Reports of the
in New York City and Chicago will hereafter submit their weekly condition reports as at the close of business each Wednesday to the respective
Department of Commerce.
Reserve banks on the following morning in time to have the comFederal
The Department of Commerce at Washington releases for
bined figures reach the Federal Reserve Board to be released to the press
Thursday afternoon.
publication to-day (July 2) the following summary of conFigures showing the condition of reporting banks in these two cities at
will, therefore, be released by the Board ditions abroad, based on advices by cable and other means
the close of business June 29
late to-day. It is not practicable to obtain figures for all the other weekly of communication:
reporting banks in sufficient time to release them along with the figures
CANADA.
for New York and Chicago. Accordingly, the complete statement showing
Business continues to be affected by unfavorable weather, but on the
banks will be issued Monday
the condition of all weekly reporting member
whole, the volume of general trade is well maintained. Tourist trade thus
as heretofore. The complete statement for June 29 will be issued July 5, far has been disappointing.
because of the holiday Monday.
Canada's total imports in May amounted to $94,412,000, an increase in
The Washington correspondent of the New York "Journal value of more than $20,000,000 over April and $8,000,000 over May 1926.
on June 30 on the Board's ac- The total value of domestic exports was $109,782,000, or $32,000,000 above
of Commerce," commenting
the April figure and $18,000,000 more than in May of last year. The extion, said:
pansion of imports resulted from larger purchases in virtually an the
The principal effect of this change will be to lessen the opportunity for
commodity groups, although in some cases values were lowered by the re"leaks." Not that the officials of the Reserve Board will admit that there
duced prices of raw cotton, petroleum and other products as compared with
has been anything in the nature of a leak, they will not discuss any such
last year. Heavier shipments of grain, forest products and minerals acfeature, but the comment is that bringing the dates closer together will
counted for most of the increase in exports.
deprive any one from claining to have advance information on the extent
The Manitoba Government has authorized the expenditure of $3,000,000
of the loans to brokers.
This speeding up process has been going on for a long time in the desire during the next four years on the extension of the Provincial hydro-electric
of the Board to get information to the public while still fresh. Originally, system . The central selling agency of the Canadian wheat pool has hanbank figures as of a given Wednesday were not released until Friday of the dled to date 176,000,000 bushels of last year's crop. The membership of
following week, but more lately such figures have been given out the suc- the new Ontario pool is now placed at over 6,000.
ceeding Monday. Beginning with to-day's statement, the intervening time
UNITED KINGDOM.
as to New York and Chicago figures will be but a single day.
The general situation in the coal trade is unchanged, with supplies of
most classes continuing to exceed demand. New business is slow in the
"Inside" Information Charged.
Allegations by brokers and speculators that leaks have occurred whereby steel trade. The total of persons listed for employment stood at 1,028,700
unauthorized persons secured information as to the extent of loans in on June 13, a decrease of 61,000 from the previous week.
advance of their rightful issuance are said to have become rather irksome.
THE NETHERLANDS.
While the Board officials decline to make any comment beyond the official
The issue market in the Netherlands is again very active. The retail
statement explaining the change in the system, and the indications being
that it is a move strictly of efficiency, outside comment is that involved is price index for May showed no change over the figures for the preceding
JULY 2 1927.]
THE CHRONICLE
33
203,000,000 rupees, as compared with 199,055,000 rupees for the -same
month in 1926. Petroleum products, piece goods, tobacco and paper were
imported in larger volume, but receipts of sugar, steel, railway plant;
matches, automotive products and hardware declined. Exports from India
in May were valued at 250,000,000 rupees, about the same as for May 1926,
but about 75,000,000 rupees less than for May 1925. Jute shipments in
May were heavier than those of a year earlier, but exports of rice and of
hessians were lighter.
CHINA.
Crop conditions throughout China are, in general, good. Foreign trade
continues chaotic. The embargo upon the circulation of silver at Hankow
continues to prevent any real improvement of trade in that centre, although
shipping conditions in the lower Yangtze begin to show some improvement.
The Shanghai-Nanking and Shanghai-Hangchow railways are again operating on schedule, but with higher freight and passenger rates. The proposed
tobacco sales monopoly in Chankiang Province is having a deterrent effect
SPAIN.
upon sales of American products. All automotive, machinery and equipSpanish financial conditions continue calm, the principal excitement in ment lines are quiet, with very little building construction under way. A
during recent weeks being centred around the Argentine loan. larger cocoon crop is reported in the Yangtze district, with lower prices.
the market
This involves 100,000,000 pesetas loaned to the Argentine Government to be May exports from Shanghai were considerably below those for May of last
used principally for battleships constructed in Spain, and is construed year, and consisted chiefly of wood oiL
in Spain as being highly beneficial, to present Spanish industrial conditions
JAPAN.
and also effective in strengthening commercial relations between the two
countries.
The Japanese Government has decided to loan the sum of 30,000,000 yen
(1 yen equals $0.4715 at current exchange) to the Kawasaki Dockyard Co.
ITALY.
and to sponsor the enlarging of their steel plant manufacturing black sheets.
%
2
/ since May and their levels on
Wholesale prices have declined by 41
This action, together with a pledged subscription by depositors, will, it is
June 18 represent a reduction of 26% from those of August 1926. Cur- believed in Japan, assure the reopening of the Fifteenth Bank, otherwise
rency contraction continues and on May 31 the outstanding paper circula- known as the Peer's Bank, which will then have a paid-up capital of 25,tion, including that of the State bank, amounted to 19,021,000,000 lire, 000,000 yen. This bank is reported to have made large advances to the
which represents a reduction of 2,979,000,000 lire from the maximum ob- Kawasaki Dockyard Co., and, partly consequent thereto and to the effects
tained in December 1920. Since May 1926 the currency contraction has of the Suzuki failure, has been temporarily closed. As the spring cocoon
amounted to 803,000,000 lire. The following figures represent this move- crop is reported to be 3% in excess of last year's crop, it is estimated in
ment during recent months: January, 373,000,000 lire; February, 181,0000 Japan that cost of production of raw silk for export will not exceed 1,450
000 lire; March, 140,000,000 lire; April, 147,000,000 lire; May, 270,000,- yen per bale.
000 lire.
NETHERLANDS EAST INDIES.
GERMANY.
Unseasonable rains are interfering with the Netherlands East Indian
Another very large trade deficit was registered in May amounting to sugar harvest. The grinding season, which opens the latter part of April,
nearly 340,000,000 marks. As in previous months, considerable increases is normally in full swing at this date. A speculative tendency continues to
Iii the imports of raw materials were responsible for this situation, but characterize pepper trade. General business conditions, however, are good.
this is interpreted in Germany rather as a favorable sign; the Ministry of
PHILIPPINE ISLANDS.
Economic Affairs points out that these raw materials will be converted into
A strike of employees of one of the large stevedoring companies has spread
finished products, thereby eventually adding to the export figures of that
group. During the past few months, wages have been slightly increasing to other firms. Shipping has not as yet been seriously affected, however.
coincidentally with a small advance in the cost of living. Wholsale prices With heavier arrivals of copra during the past week, all oil mills but one
show increases in the prices of raw materials, while those of finished prod- are now operating. The provincial equivalent of resecado (dried copra)
delivered at Manila remains at 13 pesos per picul of 139 pounds (1 peso
ucts have remained at the same level.
equals $0.50). Abaca trade is quiet and the market is easy, at lower prices.
AUSTRIA.
Grade F is now quoted at 36.50 pesos per picul; I, 31.50; JUS, 25; JUK,
The steady improvement in Austrian business conditions continued 20.50, and L, 19.50. Production of abaca is about normal.
throughout June, with prospects for the entire summer most favorable as
AUSTRALIA.
a whole. Further progress was noted during the month in the metallurgical,
electro-technical, building, shoe, clothing, lumber, and practically all
The State Premiers in session at Melbourne, debating upon a new finanspecialty industries. On the other hand, there was a slight slackness in cial plan for Australia, have accepted a proposal to delegate all State loans
flour mills and in coal mines, Austrian imports remain compara- matters to the Federal Loan Council. The matter will now be referred to
tively high as a result of the prospective tariff increases which are now the Federal Parliament for final action. New South Wales has adopted
being considered by Parliament; exports are slowly gaining, especially in the Federal roads plan and will receive £5,525,000 in Government aid over
shipments to Germany, the Balkan countries, as well as certain overseas a ten-year period. The State itself will contribute an additional Z4,140,Markets. Financial conditions remain satisfactory, with a marked heavier 000 for road construction during this period.
demand for commercial funds. Unemployment has been reduced considerHAWAII.
ably in the past few months.
Rains alternating with high temperatures and sunshine during June are
POLAND.
reported to have made growing conditions ideal. Sugar planters are alThe condition of the Bank of Poland continued favorable. Notwithstand- ready predicting a good crop, although the sugar harvest will not commence
ing the adverse balance of trade in April and May, both the gold reserve until November. The pineapple harvesting has begun. Except for a seaand the net supply of foreign currency and bills of exchange showed in- sonal shortage of field hands, labor conditions are generally satisfactory.
creases in the early part of June to an aggregate of 383,000,000 gold The large distribution of cash wages at this season is stimulating retail
zlotys (1 zloty- 0.193). Although banknotes in circulation increased to business. Inter-island freight and passenger business is improving, and all
a new high of 705,000,000 zlotys, the cover against the notes remained incoming steamers are bringing tourists in large numbers, particularly from
above 50% at the par value of the zloty, equivalent to more than 100% New Zealand and the Pacific Coast. Real estate is moderately active. An
at the present rate of exchange of about $0.114. Activity in all the chief Important irrigation project on the Island of Hawaii, which required four
industries continues to expand, especially in the iron and steel industry, years in construction, has just been completed, according to announcements.
as a result of large Government orders and the growing demand on the This project insures three large leeward plantations against drought and
domestic market. The decrease in unemployment continues.
will bring considerable new caneland into production. Later, when the
promoters' finances will permit, it is proposed to include an hydro-electric
SWEDEN.
Honolulu is now
Financial conditions continue stable and sound. On June 1 the Swedish plant in the project. The new gravity sewer system of
savings banks lowered their rate of interest on savings deposits from 41
% about 60% complete.
2
/
to 4%. This will enable the commercial banks to lower their rates of
ECUADOR.
Interest to give them the usual margin between the rates on loans and deEcuadorian business conditions in general show little if any improveposits, an action they felt compelled to postpone after the lowering of the ment, although compared with six months ago there is more optimism, and
Riksbank discount rate on April 22, until the necessary measure had been some commercial agents, particularly in the line of machinery, report some
adopted by the savings banks. A number of industrial loans have been tentative inquiries for business. Preparations for the opening of the Central
successfully floated recently, the most important being 4,000,000 'crowns Bank proceed slowly. It is reported unofficially that subscriptions to
%
2
/
at 5% and 2,0)0,000 crowns at 51 by the Fiskely Fabriks A-B; 6,000,- Class B shares have passed 1,700,000 sucres. Difficulties of the Banco
000 crowns at 5% by the A-B Klippans Finpappersbruk, and 5,000,000 Ecuador are reported to have been settled, temporarily at least. Exchange
crowns by the A-B Bofors.
rose to 5.20 sucres to the dollar in the middle of the month, but by June
DENMARK.
23 had receded to 5.15 because of increased demand for drafts to pay for
The Copenhagen Commune recently requested offers from foreign and heavy importations, especially arrivals of flour and lard, in anticipation
domestic banking houses for a loan of about $15,000,000 (55,000,000 of the new tariff which becomes effective July 1 and which increases rates
crowns). Requests were issued to a rather limited number of firms. The on staples of inelastic demand. Cacao receipts since May 26 have amounted
Commune accepted the bid from the International Acceptance Bank, Inc., to 22,000 quintals and exports to 41,000 quintals. The price for superior
New York. The amount of the loan was $15,000,000 at a nominal interest grade cacao on June 23 was 87 •sucres. Prospects indicate a good kapok
rate of 5% per annum. The loan is to be repaid fully after a period of harvest, it is believed in Ecuador.
25 years, but the Copenhagen Commune has reserved the right to terminate
PERU.
It wholly or in part after ten years, while the loan cannot be terminated
General trading is dull and the value of exports abnormally low, but it
by the creditor until the date of maturity. It is generally thought in is believed in Peru that this condition simply reflects the temporary marDenmark that the loan will be issued at about 94.29, thus making the ket price condition, and is largely influenced by desire to await results
effective interest on the loan 5.43%.
of Mississippi flood on cotton market. Bankers and merchants find underFINLAND.
lying conditions in Peru highly satisfactory, and believe that future prosfor the State Budget, including the supple- pects are encouraging. Cotton growers are marketing slowly, always deCloSed accounts for 1926
mentary estimates, disclosed a balance slightly above the estimated Budget. manding advances in price, which buyers are meeting only when they are
The final returns totaled 4,076,600,000 marks (1 marl=.$0.025), against obliged to and when filling specific orders. The volume of sugar exports
the estimates of 4,017,700,000 marks. Ordinary revenues were higher by Is quite up to normal The exchange value of the Peruvian pound on June
nearly 100,000,000 marks, and extraordinary by nearly 9,000,000 marks. 24 was $3.75.
CHILE.
The final balance was accomplished through resort to loans and also to the
The commercial situation in northern and central Chile has improved
Treasury reserve, but the amount taken from the latter was lower by 38,000,000 marks. Ordinary expenditures were higher than the estimates by slightly during June, due to increased nitrate activities and to seasonal purchasing. Dulness prevails, however, in southern Chile. Wholesale orders
53,000,000 marks, and extraordinary by 7,000,000 marks.
are being placed for spring and summer trade, but all commitments are
BRITISH INDIA.
being carefully made. Nitrate sales increased considerably during the
fair, particularly in bazaar lines, where the early part of the month, prices being firm at 17 schillinga. Two additional
Business in India continues
excellent, and indent houses state that their volume of trade is plants returned to a production basis during June, making a total of 32
turnover is
well above that of last year. The total value of May imports reached plants in operation. Production during May 1927 was much lower than
month, remaining at 145. The unseasonable weather is having an adverse
effect on retail sales generally.
The recent break in the prolonged period of cold, rainy weather was
not maintained, and accordingly, the crop situation is said to be not encouraging.
FRANCE.
Domestic trade in France continues very calm, and the outlook for the
bright. Unemployment is small and tends to deimmediate future is not
cline. Exchange purchases of the Bank of France remain high, and money
is still very abundant. The effects of the business depression are revealed
In the foreign trade returns for May, when imports exceeded exports by
709,000,000 francs, as against a relatively slight import excess in April.
Because of heavy export balances in the earlier months, the excess of imports for the first five months of 1927 is only 25,000,000. For the corresponding period of 1926 the unfavorable balance was 2,182,000,000 franca.
34
THE CHRONICLE
that of May 1926, although an increase was noted over the previous month.
Exports increased from 415,000 quintals during May 1926 to 439,000 quintals in May 1927. Copper production continues at the high level established during the preceding months. Money is abundant, and discount
rates for first class commercial paper in Valparaiso and Santiago have fallen
/
2
from 9% to 71 to 8%. The rates in northern and southern Chile are somewhat higher, although a general downward tendency is apparent. Bank
deposits are increasing, and collections, although difficult elsewhere, are
slightly better in the central region.
URUGUAY.
The heavy rains which occurred throughout the country during the first
ten days of June and the seasonal curtailment in frigorifico operations have
reacted unfavorably on the commerce and merchants of both Montevideo
and rural districts. Wholesalers are experiencing a light demand for their
goods and, although as many orders have been placed in June as in May,
these are for smaller quantities. Imports during the first three weeks of
June were below those of the corresponding period of May, owing to a
decrease in the importation of motor vehicles, oils, cotton goods, and agricultural implements. Imports have been further reduced as a result of a
lighter movement in meats. Prices of cattle have risen somewhat owing
to the fact that fewer animals are being sent to market. The wool market
is inactive, the lots remaining on hand being considered unsalable. There
is a good demand at good prices for both wet and dry cattle hides. Money
is plentiful and competition between the banks for acceptable paper is
keeping rates down. Little export paper is being offered and the operations of the largest bank tend to depress peso exchange. Bank and trade
collections in Montevideo are normal, but trade collections in the interior
of the country are becoming more difficult.
ARGENTINA.
•
June trade conditions were generally satisfactory. Exports are still
holding up well despite the fact that the end of the shipping season is
approaching and the demand for all export commodities is firm. Exchange
is still near par, which has led to a drop in prices, although retail sales
have not been stimulated.
The automotive market is overstocked, and owing to the winter season
dulness, sales are declining. The demand for steel has improved and large
orders for American tin plate have been placed. The demand for textiles
is better than for many months past, and interest in American cotton lines
is growing. Sales of office appliances are fair, but dealers have difficulty
in effecting collections.
BRAZIL.
Little improvement over May conditions has been noted in the general
Brazilian situation; a marked dulness of trade still exists. Money is tight
and interest rates high. Exchange has remained firm, however, the continued successful placement of foreign loans making stability for the immediate future probable. The coffee market has been fluctuating, being influenced by conflicting rumors, which have had a weakening tendency, but
there has been more firmness during the past few days, due to good foreign
purchases and to the crystallization of the Federal Government's policy.
The new crop is reported locally to be of very good quality. Sugar prices
are slightly higher.
VENEZUELA.
Business in all lines of trade continued depressed and there is no pros/ pect of an early recovery. Combined exports at La Guaira and Puerto
Cabello were 4,300 tons as compared with 3,700 tons for the same period
last year. Imports for May through the port of La Guaira, exclusive of
coal, totaled 8,488 tons, as against 14,039 tons for May 1926, although the
amount was greater than in the previous month of April. Indications are
that imports showed a greater percentage of decline at Maracaibo than at
La Guaira. Netherlands furnished the largest amount of imports, with the
United States second and Germany third. Cement, foodstuffs and automobiles were the predominant imports. At present there are 60,000 bags of
coffee on hand at Caracas and Puerto Cabello and 4,000 bags of cacao at
the latter port, according to local authorities.
[VOL. 125.
stagnant and many workers are without employment. Retail trade is poor
and collections are very difficult. The Governor of the colony has received
orders to take certain meaures to relieve the situation, and business awaits
developments. Seasonal rains continue which normally would benefit the
diamond and balata industries; however, the market for these two isnportant products continues depressed.
HONDURAS.
General merchandising business continues at the same low level, with
only slight improvements at certain isolated points, despite the excellent
sugar crop. Banana shipments for the first five months of 1927 have
reached approximately 7,200,000 stems. Although this is a record for that
period, the heavy exports have had no appreciable effect in improving
trade. Rains have started which have tended to abate the grasshopper
plague and relieve the agricultural situation.
SALVADOR.
Business in general was very unsatisfactory throughout the month of
June. Coffee stocks are small and orders are being filled at fancy prices
owing to the increased demand from Europe. The 1927-28 coffee crop is
estimated locally at from 650,000 to 700,000 bags, or about 50% greater
than the hat crop.
TRINIDAD.
Sugar grinding has ended in Trinidad, but official returns of the yield are
not yet available. However, it is reported in Trinidad that the sugar crop
will be about 10% short of the 1926 output as a result of the excessive
rains, which prevented the normal maturing of the cane, and the recurrence in certain areas of the grasshopper pests. Petroleum production continues to increase and the outlook for coffee and other crops is good.
JAMAICA.
General economic conditions in Jamaica during June were greatly improved over those of the same period of 1926. Retail business was quiet
and bank deposits normal, but collections were slow. A recent estimate
places the Government surplus for the last fiscal year ending March 31
1927 as approximately £125,000. Imports for the first 23 days of June
indicate a 14% increase over those of the same period of June 1927. Declared exports to the United States decreased $308,000 as a result of
smaller shipments of bananas, cacao, logwood, copra and skins, while exports
of cocoanuts, orange oil, ginger, pimento and cigars increased. Construction work is lagging and the summer tourist traffic is below that of last
year due to the excessive heat.
PORTO RICO.
Business conditions in Porto Rico during June improved slightly over
those of May and were about equal to those of June 1926. The liquidation
of crops is affording additional money for the repayment of agricultural
loans, and throughout the island merchants are reporting a slight acceleration in sales, although collections are'still slow. The delay in marketing
the tobacco crop, coupled with the lower prices of this commodity and the
recent weakness of sugar prices makes the economic outlook less satisfactory
than might be expected in view of the present slight improvement in business. The sugar campaign is practically over, with the estimate of production still reported locally to be about 617,000 short tons. The entire
molasses output has been sold and mills are cleaning up in preparation for
the installation of new equipment and for making necessary repairs. The
tobacco crop is believed to be somewhat less than the previous estimate of
46,000,000 pounds; restriction of planting of this product Is being considered. Grapefruit and pineapple prices have risen. Sales of paper, paints,
plumbing supplies and builders' hardware are all fairly active, although
the lumber trade is depressed. Bank clearings and insular revenues are
both below those of the first eleven months of the fiscal year ending June
30 1926.
MEXICO.
The general business situation continues depressed.
The beginning of the rainy season adds a seasonal factor to the general
depression. According to unofficial estimates the drought which has preBOLIVIA.
vailed until recently may have a serious effect on the corn crop, particuBusiness has been slightly more active in June than was the case in May, larly in the northern States. It is expected in Mexico that further inand more optimism prevails. Exchange has improved slightly during the creases in import duties will soon be made. Oil exports during May inmonth, with an average for the month to the 23d of 2.88 bolivianos to the creased 600,000 barrels over April. According to official statistics 5,638,dollar, as compared with a raise of 2.92 on May 1. Government activity 000 barrels of petroleum were produced during April, as compared with
prevails in the mining of tin. There is a very satisfactory market for this 5,720,000 barrels in March 1927 and 8,720,000 barrels in April 1926. The
metal at present and prices are comparatively high, the average for the mining industry is feeling the effect of the low price of metals combined
first 23 days of June having been £287, as compared with £296 for a with higher production costs. Seven mining companies, which include some
corresponding period in May. Lead producers, on the other hand, are re- fairly large units, have announced their intention to shut down.
The value of silver coins in relation to gold has been improving since
ported withholding production for the present because of the low market
prices prevailing.
announcement was made of the plans of the Treasury Department to establish a 6,000,000 pesos fund to stabilize the exchange.
NICARAGUA.
Business conditions in western Nicaragua improved gradually during the
month of June. Merchants in the smaller towns have resumed business with
the return of peace and have been placing orders in Panama. Orders for Montagu Norman, Dr. Schacht
and Charles Rist of
cotton goods have been especially good. Bank collections have been better
Banks of England, Germany and France in United
than at any time during the year. The circulation of the Cordoba decreased
from 4,228,000 to 4,170,000. The volume of imports through the port of
States to Confer With Governor Strong of
Corinto decreased from 2,500 tons in May to 1,500 tons to date in June.
Federal Reserve Bank of New York.
Customs duties on imports payable in June amounted to $170,000, as comMontagu C. Norman, Governor of the Bank of England,
pared to $169,000 in May. Exports to date in June amounted to approximately 2,300 tons, including 1,600 tons of sugar and 700 tons of coffee. and Dr. Hjalmar Schacht,
President of the Reichsbank,
The latter figure brings a total of 9,300 tons of coffee shipped to date.
arrived in New York yesterday (July 1) on the Mauretania.
Reports from the coffee districts indicate that the 1927-28 crop is developCharles Rist, Deputy Governor of the Bank of France,
ing favorably and an excellent crop is forecasted.
accompanied by M. Ricard of the Bank of France arrived
GUATEMALA.
Business was unusually dull in June, although as this is the beginning here on June 28 on the steamer Ile de France. Gov. Benjaof the usual seasonal dulness a large volume of trade is not expected. Mer- min Strong of the Federal
Reserve Bank of New York and
chants ccrnplain that large stocks, especially flour, which was bought at
higher prices than now prevail, are moving very slowly. They also state Georga.Harrison, Deputy Governor of the latter Bank,
that they have large supplies of cotton goods on hand. Plantation owners were at the pier to meet the two representatives of the
have been buying less heavily than usual as the approaching crop is ex- Bank of France,
while Messrs. Norman and Schacht were
pected in Guatemala to be lighter than in the previous year. Banks have
been compelled to make unusual time extensions on foreign drafts held met at the pier by Mr. Harrison. The purpose of the Visit
for collection. Practically the entire 1926-27 coffee crop available for of European bankers is to engage in conversations with
export, which amounted to approximately 86,000,000 pounds, had been Governor Strong,
although nothing official has been reshipped up to June 1, as compared with the season's total of 96,000,000
pounds for 1925-26. The coming crop is estimated at 90,000,000 pounds. vealed as to the particular subjects to be discussed. In
In the lower altitudes coffee is ripening, and the first pickings will begin confirming in the British House of Commons on June 27
early in July. Prices of coffee from these regions are regulated by the departure:of the
Governor of the Bank of England, the
Brazilian prices, which are lower than last year. Coffee grown in the
Deputy Governor of the Bank of France and the head of the
higher areas, however, will continue to bring a high price.
Reichsbank for America to meet Governor Strong, Winston
BRITISH GUIANA.
No improvement has occurred in the prevailing unfavorable economic Churchill, Chancelor of the Exchequer said, according to
conditions in British Guiana. The rice, diamond and balata industries are copyr ght advices to the New York "Times":
JULY 2 1927.]
THE CHRONICLE
We shall thus have for the first time in this intimate manner the highest
financial authorities in Germany, France, Great Britain and the United
States in amicable consultation and co-operation.
I don't doubt that problems touched upon in this debate will be among
those illuminated by that discussion.
The cablegram went on to say:
The problems mentioned by Mr. Churchill included those of currency,
gold standard and gold reserves.
Another point touched upon during debate was French purchases of gold
In London. Mr. Churchill agreed it had a prejudicial effect on the money
market, the rate whereat the Treasury could borrow, on the reduction of
the bank rate and consequently on employment and trade. He was glad
to say, however, that very long and friendly communications had taken
place between the heads of the Bank of England and the Bank of France
and for the present, at any rate, the movement of gold whereby this country is affected unfavorably, bad ceased.
The Chancellor's reference to the forthcoming bankers' meeting in
America was as a result of the emphasis that has been laid upon the importance of the Geneva Economic Conference and resolutions urging cooperation between national banks for the general employment of Individual
gold reserves. Reginald McKenna. financier and banker, and his supporters, have been impressed by the success of the American system of a
minimum of 40% gold backing for notes operated through the Federal
Reserve Bank, but Mr. Churchill declared that the British system of gold
standard has been successful enough to warrant a prolonged trial.
The "Wall Street Journal" of yesterday (July 1) stated
that the meeting in New York was necessitated because of
Governor Strong's illness. Governor Strong, that paper
notes, usually goes abroad at this season of the year and
confers with the financial institutions of England, France
and Germany during the course of those trips. Commenting
on the visit of Dr. Schacht, the New York "Times" of
June 29 said:
The attendance of Dr. Schacht lends credence to the belief that the
question of German railroad and industrial bonds to be marketed under
the Dawes plan provisions will be discussed. The recent history of this
problem had its origin in the Briand-Stresemann conversations at Thoiry
last year, when the two statesmen sought to bring about a rapprochement between the erstwhile enemies. At that time the financial crisis in
France was at its height, and in return for certain political concessions
to Germany, Stresemann was willing to support the sale of these bonds In
the United States and elsewhere. German acquiescence and even warm
support of the issue would have been necessary to insure its success, but
German financial circles felt obliged to refuse support on the ground that
It would injure the prospects for German industrial and other borrowing
here.
• The proposal was therefore dropped and has remained dormant since
then. If the Dawes plan is to be carried out in full this essential part
of it must come up for consideration again. If it should come up here in
the course of the next few days the discussions may be expected to centre on the feasibility of an operation of such magnitude in both the near
or distant future.
The heads of the three great European banks and our own Federal Reserve officials may therefore engage in a general review of the financial
situation as a whole and consider the question of interallied debts, reparations and the resultant problems of transfer and exchange. While these
matters are of governmental scope, they are nevertheless of exceptional
concern to the financial institutions which will be represented here.
35
matter for London only since the Bank of France started pegging the shedingrate at 124, at the end of 1926.
European Capital Quits London for Paris.
Nevertheless since the turn of the year funds have been becoming more
and more abundant in London and the bank rate has been reduced, whereas
the reverse should have taken place, according, at least, to French calculations. Why_ Because the Bank of France's persistent absorption of
exchange offered in Paris has mainly consisted of sterling purchases and
because until lately this sterling was restored to London by the channel of
deposits to credit of the Bank of France with the big London private banks.
Only when the Bank of France sought to do something else with its sterling
than leave it on deposit in London, did the facts of the situation become
clear. These facts amount to this, that capital from all over Europe and
even the United States had left London for Paris.
It was an unpleasant awakening for the Bank of England, the British
government and British trade and industry. They had all been counting on
cheaper money and a still lower bank rate. Why convert your sterling, said
the Bank of England to the Bank of France, instead of leaving it in London?
Because, was the reply, this practise has led to a dangerous speculative
campaign by process of pyramidal credits on the rise of the franc. The
French were and are anxious to keep the franc steady. That is why the
Bank of France has gone on accepting all sterling offered until it has a
hundred million of it. But this sterling is in part, at least, sterling loaned
on call, and the Bank of France must be prepared at any time to repay it.
It must therefore be easily mobilizable. And if it had to be mobilized tomorrow, London would feel the effects of it uncomfortably. Wisdom
dictated distribution of this reserve. But when the Bank of France sought
to distribute it by buying dollars, the sterling rate weakened. And when it
sought to distribute it by buying gold, the Bank of England took alarm for
its gold reserve.
The Really Big Problem.
All of which in the end turned thoughts to New York, and a much bigger
problem. Granting sound currencies in England, France, Germany, it is
asked here whether it will not be found that the European credit basis
is not sufficient for European needs, especially in face of the depreciation
of gold. And further, is it not possible that whereas the credit basis in
the United States exceeds the credit requirements, the reverse is true in
Europe. To remedy this situation the alternatives are deflation of price
all round or employment of part of America's gold hoard in Europe; any
seeing that the consequences of an all-round deflation would probably
be fatal to European economy in its post-war decrepit state, the odds
seem to be that the Federal Reserve bank will have to come to our aids
Perhaps a symptom of what is to come may be seen in the recent Federal
Reserve's statement of gold held abroad.
In any event it may be guessed that this will be the really big theme
for the "conversations" that are to take place in New York when Governors
Norman, Rist and Schacht meet Governor Strong. And the fact proves
that the monetary relations between the two continents cannot be confined
to the mere matter of repayment of war debts, though their repayment
Is at the root of the aforesaid big problem.
France May Have Repurchased Reserve Banks' London
Gold.
Under date of June 26 the following copyright cablegram
was reported from London by the New York "Times":
The decrease of $22,000,000 reported by your Federal Reserve banks last
week in the gold held abroad for their account is believed here to be due
to repurchase by France of a portion of the $59,000,000 gold recently sold
to the Federal Reserve and earmarked on the London market. If this
assumption is correct, a rally in sterling exchange is considered probable.
Governors of European Banks to Confer Here—Altered The French demand for dollars and gold has been the main cause for the
Situation in French Finances Key to Discussions of
weakness in sterling during several weeks past.
The best opinion here is, however, that until the exchange market is
Governors Norman, Rist, Schacht and Strong.
persistent depressing influence of French operafreed from
Discussing the proposed conference of bank heads in this definitelythe exchange this
market no sustained recovery in sterling can occur.
tions in
correspondent of the "Wall Street Jour- Means will probably be found to prevent any further serious decline and in
country, the Paris
to preparanal," in advices to that paper, published in its issue of June28, case France decides that it has reached its objective in regard in rates.
tion for stabilizing the franc there should be a distinct rebound
said:
In the exchange market the prediction is freely made that, under such
Governors Norman, Rist and Schacht,representing the Banks of England, circumstances, sterling would rise to at least $4.56, the rate touched in
France and Germany, will be in New York shortly to confer with Governor this week last year.
Strong of the Federal Reserve. The press has called it a "conference"; the
participants prefer to use the term "conversations." In former years
Governor Strong has come to Europe and discussed matters of common South African Bank's London Gold Reserve—Why
concern to the banks of issue in London or Paris or Berlin, or it may have
Bank of England "Sets Aside" and "Releases"
been in some peasant spot on the Mediterranean coast. This year GoverGold for Its Account.
nor Strong is unable to visit Europe, so Europe has decided to visit him.
But all the same, there is a difference between preceding "conversations"
The fact that gold movements at the Bank of England are
and the prospective one in New York. Otherwise it is not likely that
Norman and Schacht and Rist would leave their posts in the present delicate frequently and importantly affected by the "earmarking"
and difficult circumstances in order to make the trip across the Atlantic.
or releasing of gold for the account of the South African
One feature of the difference is obvious to everybody. A year ago the
Reserve Bank occasionally puzzles foreign observers of the
Bank of France was quite another affair from what it is to-day by reason
both of the change of men at the head of it and of the change that has come bank position, states a cablegram (copyright) from London,
over the French financial situation. Then the world was selling francs and June 26, to the New York "Times," which goes on to say:
the franc's value was falling; now the world is buying francs and the franc Is
For example, in the last week of May £750,000 was reported as gold
stable. All that corresponds with the transformation of the national finan- "set aside for
account of the South African Reserve Bank" and was inces effected by Poincare since August, and this transformation has caused cluded among the withdrawals of gold from the Bank of England. In the
the Bank of France to play a leading role in European monetary policy. next week the
same amount, £750,000, was reported as "gold released for
At the moment it is, indeed, the bank of issue with the greatest resources in account
of the South African Reserve Bank," and was included in the
Europe. And if the French currency is not yet on a gold basis, the ground
week's gold receipts of the bank.
has been soo well prepared for a return to gold that nobody can figure out
An explanation of exactly what these operations mean may be worth
the monetary history of Europe in the next year or two without supposing
while. The movements of this gold fund, entrusted by the South African
a gold currency in France.
Reserve Bank to the Bank of England, correspond to fluctuations in the
Results of Inflow of Capital into Prance.
home note circulation of that bank, for which gold "set aside for the South.
And it is just this feature of the change in the European situation from a African bank" is part of its lawful reserve. If the note circulation expands
ago that seems to have prompted the pilgrimage of Norman, Rist and at a time when the Reserve Bank is not making sufficiently large gold puryear
Schacht to New York. What has happened recently between London and chases in South Africa, gold is "earmarked" for it in London by the Bank
Paris has revealed a problem that presses for solution, and the key to the of England. But the gold is again released whenever 1..te "gold cover"
problem appears to lie in New York.
in South Africa increases or the currency issue de.n=
As those in authority explain recent events here, the root of the trouble
lies in the inflow of capital into France—capital some of which is French and
therefore rightfully returns to France and some of which Is international and Federal Reserve Bank of New York on Gold Movement
has come here to seek profitable employment temporarily. When England
During June.
returned to the gold standard she was bidding for the recovery of her old
In its July 1 Monthly Review the Federal Reserve Bank
position as the financial clearing house of Europe. And she was considerably
aided in this enterprise by the demoralization of the franc, both French and of New York says:
Belgian. The rehabilitation of the Belgian franc was effected last fall, and
Total gold imports at the Port of New York during the first 29 days of June
the revalorlzation of the French franc began about the same time. The amounted to $8,000,000, while exports were only $800,000, most of which
of capital into Belgium was a comparatively small matter, however, was shipped to Mexico. The principal import movement was $7.600,000
reflux
beside the reflux of capital into France, and the latter has become a serious from the Netherlands to New York, continuing shipments begun in May.
36
THE CHRONICLE
Complete returns for May show that total imports of gold into the
United States in that month were $34,200,000. Of that amount 826,000,000
came from England, $2,400,000 from Australia, 32.000.000 from Japan,
and $1,000,000 from China. About 51.500,000 was exported, mainly
to Latin America and the Far East.
Gold movements in the first five months of this year resulted in a net
Import of $120.000,000, as compared with a net Inflow of $98,000,000 for
the entire year 1926. This influx represents large shipments from Canada,
England, France, the Netherlands. Japan, and Australia, with no large
offsetting outflow except the withdrawals of earmarked gold by the German
Reichsbank in January and February. There has as yet been no export of
gold to Canada, such as occurred in the Spring of last year, and Canadian
exchange has recently declined close to the gold import point.
[VOL. 125.
$60,000,000 of gold by the Federal Reserve banks." The
Board continues:
This amount is held earmarked for the reserve banks by a foreign correspondent, and while it is part of the gold owned by the reserve system, it
has not been included in its reserves. The addition to the Reserve banks'
gold holdings of this amount and of the gold actually imported carried
them early in May to the high level of the summer of 1924, notwithstanding
the fact that since that time the reserve banks have paid out more than
$200,000,000 of gold certificates into circulation. In the latter part of
May, however, the amount of gold owned by the Reserve banks declined
through the sale of gold in this country to foreign account. Total gold
holdings of the United States, which increased continuously from the
end of 1920 to the end of 1924, have remained relatively constant since
that time. The outward movement of gold, which between December
Secretary of the Treasury Mellon Sails for Europe. 1924 and June 1925. amounted to about $180,000,000, was followed by a
renewal of gold
sufficient volume to carry the total in
Secretary of the Treasury Andrew W. Mellon and his son and May of thisimports in higher level than at any previous time. April
year to a
The
Paul sailed for Genoa on June 30 on the Italian liner Conte stock of gold in the United States at the end of May was in excess of
Biancamano. Mr. Mellon will join his daughter and son-in- $4.600.000.000, representing about one-half of the world's total stock of
monetary gold.
law, Mr. and Mrs. David Bruce, at Genoa, and will spend
Reserves in Gold and in Foreign Assets.
two months cruising the Mediterranean on the yacht Venetia.
Comparison of gold holdings of the principal foreign central banks at
the present time and two years ago indicates that there has been relatively
little change in
Thomas W. Lamont of J. P. Morgan & Company Sails years has added these holdings, though the Reichsbank during the two
about 8225.000.000 and since 1924 over 3300,000,000
to its reserves and now has considerably more gold than before the war.
for Europe.
In recent weeks, however, the Reichsbank has sold some of its gold and
Thomas W. Lamont of J. P. Morgan & Co. sailed on the
there has been a decrease in its gold
steamship Belgenland on June 25 for a six weeks' stay abroad. foreign central banks for which figuresholdings. Gold reserves of all the
are available total about $4,000,It is understood that he will visit London, Paris and Scotland. 000.000, compared with about $3,700,000 two years ago the increase being
largely accounted for by the gold purchases of the Reichsbank.
While the foreign central banks have in general maintained their gold
French Deputies Approve Conversion of $100,000,000 reserves without substantial change during this period, they have increased their holdings of liquid foreign assets, which constitute a part of
French Loan Floated in United States in 1920.
their operating
According to Paris Associated Press advices June 24 the as part of theirreserves and in the case of many of the banks are counted
legal reserves. The growth among banks of issue in the
conversion of the $100,000,000 French Government 8% loan practice of keeping a part of their reserves in the form of foreign exchange
floated in the United States in 1920 was approved that day has been a notable development in international finance in the post war
period. The foreign assets held by the central
not only of
by the Finance Committee of the Chamber of Deputies. bills of exchange on foreign countries, but also of banks consist with foreign
balances held
banks, of foreign bank notes, and of short-term investments in foreign
Further advices in the cablegrams stated:
It was provided, however, that the Minister of Finance must report to markets, including acceptances, treasury bills, and loans on stock exchange
Parliament and to the President of France regarding the progress of negotia- collateral. Estimates based on the published balance sheets of about
30 central banks indicate that at the end of March 1927, these banks held
tions for the conversion.
It is understood the committee's action was taken to enable the Minister substantial amounts of liquid foreign assets, aggregating altogether at least
of Finance to exchange the dollar loan for any other form of obligation which $1.600.000,000. Of this amount about one-half was held by banks rehe might find more favorable to the French Treasury.
quired by law to maintain reserves and authorized to include these foreign
Officials pointed out to-day that the measure merely would authorize the holdings as part of their required reserves. More than $800,000,000, howFinance Ministry to take advantage of any opportunity either to buy in ever. was held as a matter of policy by other foreign banks of issue either
the loan of 1920 or to offer an advantageous substitute security.
having no specified legal reserve requirements, as in the case of tho Bank
At the Ministry of Finance it was stated this evening that no further of France, or having no authority to count foreign assets as legal reserves.
details of the matter were available at present.
as in the case of the central banks of Netherlands and Sweden. A summary
From the New York "Herald-Tribune" of June 25 we of the legal reserve requirements of foreign central banks appears elsewhere
in this issue of the Bulletin.
take the following:
Reserves Against Notes and Against Deposits.
It was stated yesterday in authoritative quarters that no steps had been
The liabilities for notes and demand deposits of the 30 principal foreign
taken with American bankers to refund the French Government 8% issue.
Of the $100,000,000 originally sold at par, about 870,000,000 remains out- central banks amount to about $11,000,000,000, of which about 9,000,standing. The bonds are redeemable for sinking fund and as a whole at 000,000 is in the form of notes and about $2,000,000,000 in the form of
deposits. It is the notes of banks of issue, therefore, that constitute the
110, and for months have been selling at or above that level.
The question was raised here yesterday whether a refunding issue for great mass of the central banks' liabilities, and it is against these notes,
these bonds would fall under the ban of the State Department. New which are the bulk of the money in circulation in the various foreign counfinancing for countries which have not settled their debts to Washington tries, that the central banks hold by far the larger part of their reserves.
has long been frowned upon, but there has so far been no question of re- Provisions for reserves against demand deposits have been incorporated
funding an issue for a country suffering from the State Department's in many of the new central banking laws, and the banks are generally
given the option of keeping these reserves in gold or in foreign exchange.
displeasure.
Central bank deposits, though they are in much smaller volume than bank
notes, have a larger importance than their volume alone would indicate,
because they represent a large part of the liquid reserves carried as a matter
New French Consolidation Loan—Opening
of banking practice by the commercial banks. Cash and balances with
of Subscription Books.
the central banks are the principal forms in which commercial banks
Regarding the new French Consolidation Loan, through their operating reserves and, therefore, the balances are a part, and hold
generally a large part, of the base on which rest the entire banking and credit
which, as we stated last week (page 3715), it is expected to
structures of the respective countries. It is apparently because of the
effect a reduction of 10,000,000,000 francs of bank notes and realization of the importance of these balances that
most of the newer
national defense bonds now in circulation, the New York central bank charters include provisions for specified reserves against
the central banks' demand deposit liabilities, but these requirements have
"Herald Tribune" reported the following copyright message
not led to any considerable demand for gold.
from Paris on June 26:
Volume of Dollar Balances.
The Government has issued a detailed announcement regarding PoinOf the total holdings of foreign assets by central banks, a considerable
care's new loan subscription which opens to-morrow and continues to the
twenty-third of July. Issued at 460 francs for the 500 franc bond, with proportion is held in the United States. While there is no way to determine
nominal interest, the yield will approximate 63. %• In order to hasten this proportion precisely, there is reason to believe that it is large, and
subscriptions the Government has issued an important decision with regard that perhaps as much as $1,000,000,000 of the operating reserves of foreign
to the national defense bonds. No more of these will be issued for less than central banks is in the form of dollar exchange. In view of the strong reserve
two years from June 2. The rate of interest on such bonds, however, was position of the Federal Reserve banks and of the American policy of placing
conspicuously high-5% as compared with 6% for rentes running 50 years. no legal or practical restrictions on gold withdrawals, so that balances
In order to increase the margin between these two kinds of securities with banks in the United States are convertible at any time into exportable
Interest on the two-year bonds is to be reduced to 43 % from June 23 of gold, dollar exchange is considered throughout the world as equivalent to
this year. In the future the public will have to choose between three gold. To build up the volume of dollar exchange at their command has
kinds of investments—the open account, yielding 2%,the two-year at 4%% been the policy of many central banks, which find it safe, convenient, and
profitable to keep a portion of their reserves productively employed in the
and the new rentes at 6%%•
United States, rather than to keep them unproductive in the form of gold
•
in vault.
Federal Reserve Board on Gold Movement—Release of
Effect on Gold Movements.
The influence exerted by these balances on international gold movements
Gold Pledged During War by Bank of France with
is different under different circumstances. At times transfers of balances
Bank of England—United States Gold Supply
take the place of gold shipments, while at other times gold movements
are caused by the policy of central banks to increase, diminish, or transfer
Increased to $90,000,000.
their foreign balances. A gold movement arising from this source was
Discussing the recent international gold movement, the the export of gold from this country to Germany, which between
December
Federal Reserve Board in its June Bulletin observes that 1924 and May 1925 amounted to about $90,000,000. Such also were
"during May the most widely noted development in the the gold imports into the United States during this year from Chile,Japan,
and France. In fact, it appears that the greater part of the movement
money markets of the world was the addition of a large of gold between countries in recent years has been influenced largely
amount of gold to the world's effective monetary stock by monetary policies of central banks and not solely by differences in
through the release of gold pledged during the war by the exchange and money market conditions prevailing in the financial centres
of the world. Of the larger recent movements of
the
Bank of France with the Bank of England as collateral for in and out of Canada and British India appear gold onlybeenmovements
to have
responsive
a loan to the French Government." The Board goes on to primarily to what may broadly be called trade conditions, as distinguished
from central bank policies.
say:"The amount of gold thus released was about $90,000,Significance for the United Slates.
000, and this gave rise to an export of $30,000,000 of gold to
At the principal financial centers of the world the spread of the practice
the United States, in addition to a purchase abroad of among central banks of holding large amounts of liquid assets in
gold-
JULY 2 1927.]
THE CHRONICLE
37
Some idea of the extent of Mr. White's speculations was given to-day
standard countries has resulted in an unusual abundance of funds seeking
short-term investment, and has tended to reduce short-term money rates. when the Westminster Bank made application in court for the appointFor the United States, where a large part of the foreign assets of central ment of a receiver for his estate. The bank also applied for the appointbanks are held, the growth in this practice has particular significance. ment of a receiver for the Beechman Trust, which was largely controlled
one phase of the matter from the point of view of the Federal Reserve by Mr. White himself.
It was stated that Mr. White's affairs are in a highly involved state
System was brought out in the annual report of the Federal Reserve Board
and that his debts were numerous.
for 1926 in the following language:
Differences that ought to have been.met yesterday on the Stock ExThese dollar balances of foreign central banks, whether they are invested or kept on deposit, are in liquid form and subject to immediate change settlements amounted to a prodigious sum. Mr. White had
withdrawal at any time. If they were to be withdrawn in gold in whole bought the Wembly Exposition site and had made a deposit of £30.000
or in part the demand for the gold, though it would first be felt by the
commercial banks, both member and non-member, would promptly reach (about $150,000). The transaction should have been completed tothe Federal Reserve banks as the only holders of gold in any considerable morrow with the payment of £270.000 (about $1,350,000).
amount. These balances are, therefore, potential sources of demand
The Beecham Trust, it was added, owed the Westminster Bank £450,000
upon the Federal Reserve banks for gold out of their reserves, the central (about $2,250,000)•
banking reserves of the United States, which have thus become indirectly
Mr. White was so convinced that the British Controlled Oil Fields
a part of the reserves against bank credit and currencies in other countries.
The existence in America of these foreign balances consequently presents a shares would make a sensational rise that he not only staked all he had
condition in the banking situation to be taken into account in determining in them but persuaded a great many other people to buy them. He also
the Federal Reserve System's credit policy with a view to maintaining the had extensive commitments in Celanese, Dunlops, Courtaulds, Gramocountry's banking system in a position to meet demands for gold from
phone and other issues.
abroad without disturbing business and credit conditions in this country.
According to Associated Press advices from London
Thus in case of a large demand for gold from abroad the large volume
of foreign balances in the United States might result in considerable with- yesterday (July 1) the death of Mr. White was from chlorodrawals of gold from the reserve banks. On the other hand, the growing form poisoning, "self-administered while of unsound mind,"
practice among central banks of counting dollar balances as reserves has
so far generally exerted an influence against the outflow of gold from this a coroner's inquest found. The same cablegram said:
The chief medical evidence introduced was that White, whose death
country. Except in the case of Germany, none of the newly created or
reconstructed central banks has built up any considerable gold reserves had a quick repercussin on the London Stock Exchange, had first taken
by drawing on the American stock of the metal. On the contrary, in a a dose of poisonous acid and then a very large dose of chloroform.
number of cases, as for instance in the case of Chile and more recently of
Mr. White was 49 years of age. He is said to have
France, gold has been sent to New York for the purpose of establishing or
been a bricklayer.
of the foreign central banks. formerly
increasing the dollar balances at the free disposal
In many other instances balances, which otherwise might have been withdrawn in gold, have remained in this country where, without losing their
Edward Otter & Co., Small London Brokerage
power to earn an income, they have served as reserves for the central banks
Concern, Fails.
to which they belong. It may be said, therefore, that in recent years the
growth offoreign exchange holdings of central banks has tended in general to
The following London advices are from the "Wall Street
diminish the demand for gold for reserve purposes at foreign central banks,
and at times has been an influence causing some gold inflow and preventing Journal" of June 30:
Edward Otter & Co., a small London stock broker, failed. The market
some gold outflow in the United States,
is unaffected. Liabilities are negligible.
Credit Conditions in the United States.
Since the beginning of 1927 the inflow of gold from abroad, connected in
part with foreign central bank policies, has been the basis of a large growth Count Volpi Abandons Lira Revaluation—Finance
of' member bank credit. This growth since the end of January has been
Minister Reverses Italian Government's
largely in investments and in loans on securities, while commercial loans
Policy—Ends Business Suspense.
have shown but little increase. Member banks in the absence of demand
for additional loans to meet current financial requirements of trade and
The following Rome (Italy) advices June 30 are from the
industry, have used funds arising from gold imports to extend additional
credit to finance the large volume of transactions in the security market New York "Times" (copyright):
The majority of Italians read with satisfaction today a statement by
and to enlarge bank investments through the purchase of securities. On
account of the gold imports, however, this extesnion of member bank credit Finance Minister Count Volpi, in an interview printed by the "Popolo
d'Italla of Milan". Premier Mussolini's personal newspaper, that the
has given rise to no increase in the volume of reserve bank credit.
Bills and securities held by the reserve banks, which measure the volume Government will make every effort to keep the exchange rate of the lira
of reserve bank credit in use, may be divided into two classes: (1) securi- at the present level, and that no attempt at further revaluation will be
ties purchased outright, which are under the direct control of the reserve made for a long time. Count Volpi added:
banks, and (2) combined total of discounts for member banks, accep"I promised to look the situation over again in October. I can antances purchased in the open market, and securities acquired with re- nounce right away that nothing will happen in October. The lira will
represents credit extended by the reserve remain at its present level for a very long time. Everyone can put their
purchase agreements, which
at rest.'
banks upon tho application of the market. The reserve banks' holdings of minds
The statement is generally interpreted as a complete reversal of the
securities purchased outright have remained since the beginning of the year
near the level established last autumn, with but temporary fluctiations, Government's avowed policy of revaluation of the lira to the utmost
and total advances by the reserve banks after the seasonal liquidation in possible ihnit. It is thought to forecast a definite stabilization at about
January have also remained at a constant level. For the past four months, the present figure, with, possibly, conversion also maintained at the present
therefore, the volume of reserve bank credit in use has remained con- level.
tinuously close to $1,000,000,000. of which about $300,000,000 represents
Though Count Volpi does not say so in so many words, he clearly inthe portfolio of securities and $700,000,000 advances to member banks dicates that all thought of further revaluation has been thrown overThe continuance of this volume of indebtedness has board. He states quite definitely, at any rate, that it has been abandoned
and the bill market.
assured the reserve banks of the current maintenance of contact with the for the present.
market, and the $300,000,000 of securities held under the control of the
The Government has hitherto always pointed to the statistics of Italy's
reserve banks afford them a means,if at any time it should become desirable. importations and exportations to show that the process of revaluation
the sale of all or a part has not had any evil effects.
of withdrawing funds from the market through
of these securities, and thus to cause the member banks to apply for addiExporters Suffered Losses.
tional accommodation and to increase their dependence upon the Federal
That statement is true, as far as it goes. Italy, which imports more
Reserve banks.
than it exports, has, in fact, been able to purchase abroad the same amount
Slump on London Stock Exchange in British-Controlled of goods as in previous years for less money expressed in paper lire, while
its exporters, by heroic efforts and often by pocketing considerable losses,
Oil Field Shares Following Death of James White.
havelheen able to maintain exportations at approximately the previous
Certain shares of concerns with which James White, level.
The Government's vagueness concerning its intentions with regard to
financier and theatrical promoter, was identified slumped
revaluation had, to a very large extent, killed all initiative. A fear that
badly and a state of extreme agitation prevailed on the Lon- the lira might in the next few months take another upward bound, with a
don Stock Exchange when it became known that he had been consequent depreciation of all internal prices, had made everyone unwilling
to buy.
found dead in bed on June 29 at his country home, according stocks Retailers and manufacturers had cut down their orders and their
to a bare irreducible minimum. Most of the people preferred to
to London (copyright) advices June 29 to the New York keep their money instead of investing it. Very few were willing to accept
Tribune," which also said:
lest they should have to return in revalued currency what they had
loans,
"Herald
The heaviest sufferers on the market when his death was announced borrowed when the lira was depreciated.
this afternoon were shares of the British-Controlled Oilfields, Ltd., in
Agricultural Prices Declined.
which speculative activity had been pronounced lately, and the Dunlop
That state ofaffairs isshown by what has happened this year in agriculture
Rubber Co.'s ordinary shares, which relapsed sharply. It probably will be
Wheat, which last year was selling at 220 lire per quintal, is this year
some time before the Stock Exchange finally straightens out and the full
selling at only about 100 lira. Silk cocoons are worth this year only about
effects of Mr. White's death are yet to be determined, according to financial
two-fifths of what they were worth last year.
authorities.
New investments in industry have decreased considerably in the first
Although ho sold out his ownership in Daly's Theatre recently, he is befive months of this year,as compared to the same period last year. Though
lieved to have still been the proprietor when Pay Marbe. an American
intrinsically as healthy as ever it was, every one was
actress, won a suit against Daly's for breach of contract, receiving $31,500 Italian industry is Government's intentions with regard to revaluation
waiting to learn the
damages.
or stabilization before embarking on new ventures.
On June 30 the Associated Press accounts from London
Industry and agriculture were experiencing a period of stagnation.
produced by the fear that the process of revaluation might be again
stated:
London stock market suffered such an =- energetically resumed in a few months' time. What every one needed was
Not for many years has the
pleasant surprise as has been caused by the death of James White, found a definite assurance that the lira would be kept at its present level at least
dead from an overdose of chloroform yesterday.under conditions described for a sufficient period, so that manufacturers could purchase their raw
materials and make their sales before the lira started moving again.
by police as indicating suicide.
This assurance Count Volpi has sought to give in his interview with
White's death followed closely upon a huge speculative deal in Britishin an attempt, according to market gossips, to the "Popolo d'Italia.
Controlled Oil Fields shares
gain control and force up the price of these shares with a view to retrieving
heavy Stock Exchange losses.
Denmark
One small failure on the Stock Exchange as a result of White's death Economic and Industrial Conditions In
was announced to-day, but as the day drew on the Exchange recovered
During May—Copenhagen Loan and Proposals
from the sharp shock of nerves it had experienced and prices recovered sensiAffecting Landsmandsbanken.
bly from their previous slump.
The Danish National Bank of Copenhagen and the Danish
The following is from the London cablegram of June 30 to
Statistical Department have issued a statement regarding
the New York "Times"(copyright):
38
THE CHRONICLE
[VoL. 125.
the economic and industrial conditions in Denmark during
Zimmerman & Forshayfalso make knowlitheTreceiptTofill
May, which says:
cablegram from their correspondents in Berlin, announcing
The export of agricultural products, which is so important to the economic
conditions of the country, shows again for May a considerably higher that the time limit for the revaluation of German Governfigure than last year. The average weekly exportations thus amounted to: ment bondsso-called "new possessions"—has been extended
butter: 30,198 kilos (May 1926: 22,677 kilos)
for an additional two months from June 30, or until Aug. 31.
eggs: 859,800 scores (1926: 765,400 scores)
An item regarding the redemption of German bonds appeared
bacon: 49,832 kilos (1926:35.269 kilos)
beef & cattle: 15,288 kilos (1926: 11,821 kilos)
in these columns June 25, page 3711.
This comparatively considerable exportation has more than compensated
for the fall in the prices for both butter and bacon, while the prices for eggs
and beef were the same as in May,last year. The average weekly notations
were namely:
butter: 270 kr.(May 1926: 297 kr.) per 100 kilo
eggs: 1.12 kr. (1926: 1.12 kr.) per kilo
bacon: 1.46 kr. (1926: 1.92 kr) per kilo.
beef: 58 ore (1926: 58 ore) per kilo on the hoof.
As far as the shipping is concerned, the official freight index shows a
considerably higher level than last year, as the freight rate figure for May
is calculated at 112.3 against 93.0 for May, last year.
These conditions in connection with the considerable interest of foreign
countries for Danish bonds have contributed to that the National Bank
during the month has been able to increase its stocks of foreign currency
3,000.000 kr., from 37,500,000 to 40,800,000 kr. There has thus been
no difficulty in obtaining covering for the deficit on the trade balance,
which nevertheless in January-April 1927, in all amounted to 43,000,000
kr. against 16,000,000 kr, last year. During the month of April the importation amounted to 130,000,000 kr. and the exportation to 115.000,000 kr.
In April, 1926. there was an export surplus of 16.000,000 kr. The lightness
on the exchange market which besides has resulted in a lower exchange on
the foreign currency, is however, surely in some way connected with the
loan which during the month has been taken up by the municipality of
Copenhagen through It. Henriques jr. with the International Acceptance
Bank, Inc. and Kuhn,Loeb & Co., New York, for 15,000,000 at the rate of
5%,taken over at an exchange of 94.29 and an emission exchange of 97.25.
The loan is non-amortizable for 25 years and must thereafter be paid
back in its entirety, while, however, the loaner has the right to pay it back
after 10 years from the date of the loan according to an exchange at par.
Concerning the bank and financial conditions, the following should
be noted: The National Dank's amount of bills in circulation, which had
increased considerably to May 1, has during the month of May again
gone down, namely from 376,800,000 kr. to 366,900,000 kr. The metal
stock now amounts to 57% of the amount of bills in circulation. In the
three private principal banks the outstanding loans have been decreased
with 15,000,000 kr.: as the deposits at the same time only have gone down
about 5,000,000 kr., there has for these items been 10.000.000 kr. to
dispose of, which have been applied to the repayment of debt to demestic
banks and savings banks and to the increase of the cash balance. Besides
the net debt of the three principal private banks to foreign countries,
as far as debts and credits In foreign currency are concerned, has increased
with 6.000,000 kr. The krone debt has, however, at the same time been
decreased with about 2.500,000 kr., so that the three banks for these
items have accrued the net amount of about 3,500,000 kr., very nearly
corresponding to the above-mentioned increase in the national bank's
stock of currency.
It should, moreover, be noted that the Government during the month
has brought forward a proposal for Jaw concerning improvement of a
new arrangement for "Landmandsbanken." It ways in the proposed
law that "by the arrangement the bank should be able to continue its
activities as independent stock bank," and different methods of procedure
for the arrangement are set forth, hereunder that "the base for the future
activity shall be a new stock capital of about 50.000.000 kr subscribed
.
in deposits and outstanding loans." Besides the proposal contains permission for the Minister of Finance to, if necessary, take up a temporary
loan of not more than $20,000,000.
The weekly transactions on the Copenhagen stock exchange for bonds
and stocks amounted to 3,900.000 la% for bonds (April 3,100,000 la%)
and for stocks 1,700,000 kr. (April 2,260,000 kr.). In the index figures
there was an increase for bonds as well as for stocks, the bond index being
89.6 (April 87.7) and the stock index 93.7 (April 91.7) when the notations
of July 1 1914 are fixed at 100. The increase is found in most of the
stock groups.
The Statistical Department's wholesale index was in May, as in April,
152. Of the individual groups of articles only feeding stuff and especially
fuel shows a decrease in the index figure, while there is a small increase for
most of the other groups in accordance with the general tendency of the
market.
The unemployment is still larger than at the corresponding time last
year, even though the difference in May is a little less than during the
preceding months. At the end of May the percentage of unemployed was
20.1, against 14.7 last year. In the real industrial professions the figures
were respectively 19.8 and 15.9.
ilk The Government's revenue from taxation was in May 17,900,000 kr.,
of which 7,300,000 were custom revenue taxes. In May 1926 the corresponding figures were 19,800,000 and 8.200,000 kr.
Mexico Acts to Aid Silver—Decree, Approved by President Calles, Provides for Withdrawal of
5,000,000 Pesos from Circulation.
President Calles issued on June 27 a decree approving the
program of the Treasury Department for the improvement
of silver exchange. A copyright message from Mexico City
to the New York "Times," announcing this, said:
The decree reduces the proposed expenditures of the National Road
Commission and the National Irrigation Commission and provides for other
savings, all totaling 5,000,000 pesos. The sum thus saved will be used as a
fund to balance the withdrawal from circulation of 5,000,000 Pesos in coin.
Two million pesos are deducted from the irrigation budget and 1,000,000
from road building. Another 1,000,000 is to be provided by economies in
the reorganization of the Treasury Department and 1,000,000 in savings
by the Ministry of Finance.
Although the foregoing steps mean the curtailment of work in which the
President has a special interest, the Chief Executive considers the reductions
necessary, as leveling of the silver exchange will cause an immediate improvement in general economic conditions," the Treasury announcement of
the decree said.
A reference to the plan to reduce the silver in circulation
appeared in our issue of June 25, page 3713.
Peasants Hoard Silver--Germans Are Holding 6,200,000
Five-Mark Coins Issued Recently.
Berlin advices June 23 (copyright) to the New York
"Times" stated:
Silver the-mark coins to the number of 6,200,000, issued by the German
mints since the stabilization of the currency, have disappeared as If
swallowed up by the earth. Not even a single one of 400,000 new silver
pieces of this denomination coined very recently in connection with the
centenary celebration of Bremerhaven, is obtainable at any bank.
It is impossible that collectors have bought up all these large coins, which
are too heavy and impractical for general use.
The only explanation is that the large "fivers" are being hoarded by the
German peasants, who don't take kindly to paper currency and want "real
money," still fearing that a new inflation may make bank notes worthless.
China Imposes Additional Surtax on Imports—Adds
2M% to Washington Conference Figure.
Shanghai Associated Press advices June 30 state:
A sensation was created here to-day by the announcement of the Director
of the Surtax Revenue Department that in addition to the existing surtax
of 234% , agreed upon by the Washington Conference, he would collect
a further 2%% on all imports classified as luxuries. The additional surtax
will be operative on July 4.
The director announced that the increase of the surtax had been directed
by the Ministry of Finance at Nanking, headquarters of the Moderate
Nationalist Government, whose leader is General Chang Kaishek.
The increase announced to-day will make a total duty on imported luxuries of 10% ad valorem.
Shanghai Strike Ordered Sunday As Tax Protest—
Labor, Merchants and Students Will Join
Demonstration Against Levy Rise.
The New York "Evening Post" yesterday (July 1) reported the following from its Shanghai correspondent
(copyright):
Serious trouble is expected here Sunday because the Chinese Ratepayers
Association has ordered a general strike of labor, merchants and students
as a protest against an increase in municipal taxes without their consent.
Theforeigners are willing to give the Chinese three membersof the Municipal Council, but the Chinese want nine equal to the number of the combined
British, American and Japanese, asserting they constitute the vast majority
of residents and therefore pay most of the taxes.
Negotiations are under way to prevent Sunday's demonstration taking
place, but the foreigners are unwilling and perhaps unable to rescind the tax
increase, which was ordered by the ratepayers meeting, while the Chinese are
fighting for representation in an uncompromising mood.
Time Limit for Exchange of German Bonds Extended
to Aug. 31.
The Special Commissioner for German Government Loans Offering of $5,000,0006% Bonds of Province of Upper
issued on June 27 the following statement announcing that
Austria.
the time limit for the exchange of German Government
%
Blyth, Witter & Co., offered on June 28 at 933 and int.
bonds had been extended from June 30 to Aug. 31:
to yield 7% $5,000,000 Province of Upper Austria external
Attention Is drawn to the time limit set for the exchange of German
,
6% gold bonds, authorized by and
Government bonds. All mark loans of the German Reich (I. e., either secured sinking fund 63
direct issues of the German Reich, or such bonds of the following German issued with the approval of the Austrian Government. The
States: Prussia, Bavaria, Saxony, Wuerttemberg, Baden, Hessen, Meck- bonds are part of
an authorized issue of $7,500,000. Of the
lenburg-Schwerin, and Oldenburg, as have been taken over by the Reich)
which have not been delivered for exchange in the revaluation procedure $5,000,000 floated this week $600,000 bonds were withdrawn
provided for "old holdings-' will have to be filed for revaluation in the for public offering in Holland by a group headed by the
procedure for "new holdings" under the conditions applying to the latter.
Amsterdamsche Bank. The proceeds of this issue will be
The time limit for such applications which was originally set for June
used for loans to the Communal and Mortgage Banks, for
30 1027, has been extended to Aug. 311927,
All Government mark loan bonds such as stated above will have to be retirement of existing internal and external floating debt
exchanged before the expiration of this time limit through delivery at any
and for productive Provincial purposes. A cumulative
one of the exchange agencies.
Bonds which have not been submitted during this time become void sinking fund, will be created commencing June 15 1928,
and represent no longer any claim against the German Government.
sufficient to retire the entire issue by maturity through the
It is furthermore again emphasized that the "compulsory loan" issued
of bonds at not exceeding 100 and interest or
July 20 1922 was supposed to replace certain taxation and has therefore purchase
redemption by lot at that price. The bonds are nonbeen excluded from revaluation and cannot be accepted for exchange.
;limy 2 1927.]
THE CHRONICLE
39
Revenues and Expenditures.—During the four fiscal years ended June
redeemable, except for thelsinkingTfundtpriorltu June15
Government exceeded its ordinary
ordinary revenues of
1930. They will be redeemable as a=le Jr in part on 45 30 1926, the by over $24,000,000. the surplus of revenues was applied
This
expenditures
days' notice on June 15 1930, or any interest date thereafter chiefly to the amortization of Government debt, in addition to the ordinary
included in
at 1023 and interest, prior to June 15 1931, and thereafter sinking fund payments on Government loansindicate thatthe budget of
the Governexpenditures. Preliminary figures
at
less each year prior to June 15 1935, and on and ordinary
ment's budget for the year ending June 30 1927 may be closed with a small
1935, at 100 and interest. The bonds will be deficit.
after June 15
Monetary System.—Apart from a comparatively small amount of gold
in'coupon form in denominations of $1,000 and $500. The
coin and subsidiary coins minted by the Government, the money in circudenominations cf $1,000 are •registered. Denominations of lation in Cuba consists entirely of United States currency. The United
$1,000 registerable as to principal. Interest will be payable States currency held in the Treasury, in the banks, and in general circulaamount to more than
tion in Cuba
June 15 and Dec. 15 at the office of the Chase National 5200,000,000.was estimated, as of June 30 1926, to
Bank of the City of New York,Fiscal Agent,non-redeemable.
The bonds will bear date June 15 1927 and will mature Issuance of Interim Certificates for Estonia Loan—
June 15 1957
United States Mortgage & Trust Co., Agent.
The following is among information supplied to the
The United States Mortgage & Trust Co. of New York,
bankers offering the bonds by Dr. Josef Schlegel, Governor
has been designated agent for the purpose of issuing interim
of the Province of Upper Austria:
certificates representing $4,000,000 Republic of Estonia
Security.
(Banking and Currency Reform) 7% loan, 1927. The offerThese bonds will be the direct obligations of the Province and in addition
ing was referred to in these columns, June 18, page 3568 and
will be specifically secured by a first lien and charge on revenues derived
from the tax on gross sales of electric current: on revenues received by the June 25, page 3715.
Province from the Municipalities, and on certain other provincial revenues
which will, when added to the above, amount to at least $1,200,000 per
year, which is more than three times the maximum annual service charge
of $385,500 for interest and sinking fund on bonds to be presently outstanding. The total receipts from the pledged revenues or taxes for the
calendar year 1927 are estimated at $1,341,875.
The Province covenants at all times to maintain on deposit with a bank
or banks in the Republic of Austria, satisfactory to and approved by the
fiscal agent, in a special account to the credit of the fiscal agent, an amount
in cash or its equivalent in securities equal to six months' ser vice charges on
all the bonds issued and outstanding.
Finances.
The Province of Upper Austria has had a balanced budget for the past
six years with the exception of 1923, when a small deficit was reported.
Revenues in 1926 amounted to $4,867,862 and expenditures $4,768,334.
The substantial increase in revenues since 1923 reflects the steady development of the Province and the creation of new sources of revenues. At
present 90% of the revenues of the Province are expended from Provincial
improvements, education and public health.
The total funded debt of the Province of Upper Austria, exclusive of a
contingent liability on a guarantee of $452,000, but including the present
issue, amounts to $9,756,398. The estimated value of taxable realty in
the Province, exclusive of improvements, mineral deposits or industries is
$210,000.000, or $239 per capita as compared with a per capita Provincial
debt of less than $12.
The Province covenants that it will not issue any of the remaining
authorized bonds unless the proceeds of the assigned revenues for the
preceding calendar year shall be at least equal to twice the annual interest
and sinking fund requirements on the bonds outstanding, including those
to be issued.
Meeting of Representatives of Departments of Agriculture and Commerce with Committee of
Cotton Textile Institute.
Representatives of the Department of Agriculture, the
Department of Commerce and the Cotton Textile Institute,
comprising the committee on new uses of cotton, met on June
28 in the offices of the Institute to discuss the census of
uses of cotton .and ways of extending the use of cotton
goods, according to an announcement of the Institute, which
said:
Special appropriations by Congress for investigation by the two Governmental Departments, representing producers as well as consumers of cotton
in agriculture and industry, will be available July 1 and the preliminary
work already undertaken will be expanded immediately.
In order to avoid duplication the Department of Commerce will pursue its
study among commission houses, wholesalers, converters, finishers, gartnent manufacturers and cutters-up and with other industrial groups using
cotton or competing fabrics. The Department of Agriculture will study
the uses of cotton and their extension in agriculture and for domestic
purposes. Part of this work in co-operation with the Cotton Textile Institute, will be an intensive study of the use of cotton for bags and bagging
in place of other fibres now used for such purposes. The Cotton Textile
Institute will continue to study the subject as a whole, co-ordinating the
work of the two departments as related to the manufacture of cotton goods.
Among those present were: Dr. B. Youngblood of the Bureau of Agricultural Economies; Prof. H. B. Killough, Consulting Specialist of the
Department of Agriculture; E. T. Pickard, Chief of the Textile Division
of the Department of Commerce, and E. O. Morse, in charge of the new
uses section of the Cotton Textile Institute.
Application will be made to list the bonds on the New
—
York Stock Exchange. The Austrian currency is the
rohilli— , parity of which.is 14.07 cents U_nited-States curng—
- .
rency. In converting_from
—Austrian currency to United
States currency, this_ rate of exchange has been used. It is Walker D. Hines of Cotton Textile Institute, Inc.,
—
—
expected that temporary or definitive latindTwill_be ready for
Names Cotton Committee to Confer with
delivery on or about July 12. Theproposeroffering of their
Representatives of Distributors or
bonds was noted in our issue ofa week ago, page 37157 —
Growers of Raw Cotton.
It was anounced on June 29 that Walker D. Hines, PresiIssue of $9,000,000 Bonds of Republic of Cuba Disposed dent of the Cotton Textile Institute, has appointed, pursuant to the action taken by the Executive Committee of the
of by Banking Group Headed by
Institute at its last meeting, a cotton committee consisting of
J. P. Morgan & Co.
An issue of $9,000,000 Republic of Cuba serial 5M% gold the following:
River, Mass.; W. S.
Robert
bonds was offered privately yesterday by a banking group Pepperell,Amory, Boston, Mass.; John H. Holt, FallS. C.; E. 0. Dwelle,
Providence, R. I.; J. C. Eying, Clifton,
headed by J. P. Morgan & Co. The books, opened at Charlotte, N. 0.; George S. Harris, Atlanta, Ga.
10 a. m., were closed at 2.30 p. m.,the bonds,it is announced
The announcement also says:
having been placed. The bonds will be dated July 1 1927
This committee is empowered to confer with committees of organizations
and will become due $900,000 annually July 1 1928 to July representing growers and distributers of raw cotton and to make for the
concerning subjects of com1. 1937, inclusive. They were offered at prices to yield Institute investigations and recommendations distributers, or both.
mon interest to the mills and either growers or
5.25% for all maturities, plus accrued interest. The issue
Cordial relationships between the Institute and the American Cotton
will not be redeemable before the respective maturities. Growers Exchange and the American Shippers Association have already been
established
will be in a position to promote
The bonds will be in coupon form in denomination of $1,000. co-operative and the cotton committee organizations as well as with the
work with each of these
Principal and interest (Jan. & July 1),will be payable in gold agencies concerned with the production or distribution of eotion.
coin of the United States of America of the present standard of
weight and fineness, free from any Cuban taxes present or Formation of Northwest Land Finance Corporation
future, at the office of J. P. Morgan & Co., in the City of
At St. Paul For Release of Frozen Funds
New York, or, at the option of the holder, at the office of
In Northwest Banks.
The National City Bank of New York in the City of Havana.
The formation of a corporation the object of which is to
The syndicate offering the bonds was composed of J. P. effect the release of funds now tied up in the form of 'frozen'
Morgan & Co., Kuhn, Loeb & Co., The National City assets (foreclosed land mortgages) in Northwest banks was
Company, Guaranty Company of New York, Bankers Trust brought under way at St. Paul, Minn., on June 27. In
Company, N. Y., Harris, Forbes & Co., J. & W. Seligman announcing the call for the conference Associated Press
& Co., and Dillon, Read & Co.
advices from St. Paul on June 23 said:
Howard Everett of St. Paul, one of the conference sponsors, said the aim
Santiago Gutierrez de Celia, Secretary of the Treasury of
would be to create a demand for farm lands by reviving public confidence
the Republic of Cuba, has the following to say regarding the in the inherent value of agriculture and stimulating a "back to the land"
issue:
movement by providing capital for purchase on long terms of payment.
From 1920 to 1927 frozen assets in banks in the four States, Mr. Everett
Purpose of Issue.—These serial bonds are being issued to fund internal
said, tied up more than $250,000,000 in depositors' capital. In addition
floating debt now outstanding in the form of certificates of indebtedness.
debt of the Republic of Cuba was reduced by $30,000,000 in bank capital and more than $10,000,000 in bunk surpluses
Public Debt.—The funded
approximately $40,000.000 during the four years ended February 28 1927, have been stagnated, he said.
More than 700 farms in Minnesota, Mr. Everett said the survey showed,
to an outstanding amount of $90,130,100, of which $79,464,900 was external
debt. Upon the completion of this financing, the floating debt will amount now are being held or operated by the Minnesota Banking Department as
receiver for closed Minnesota banks, which held the farms as securities.
to less than $6,000,000.
40
THE CHRONICLE
[VOL. 125.
At the meeting on June 27 attended by bankers, business may begin immediate operation to make a living and pay for his land.
men, holders of land through foreclosed mortgages and Improvements will be financed by debentures against the land for which
public officials of four states, plans were developed for the the contract with the owner will provide.
The sales department will establish and maintain an efficient field
formation of the Northwest Land Finance Corporation, organization throughout the Central States to interest renters and other
which is to have a capital of $25,000,000. According to the competent farmers now finding it difficult to make a living on high-priced
communities,
St. Paul "Pioneer Press" after an all-day session of more land in theircorporation. in the opportunities for acquiring good farms
through the
These
through
than 100 men who answered the call for the meeting a board of personal work. This department buyers will be obtained mostlyactivities
will have charge of advertising
directors was selected. This board, adopted a plan of and will co-operate with all other organizations interested in advertising
organization, selected a name and will continue in action and colonizing the Northwest.
From the same paper we take the following list of directors
until a personnel for the new organization is ready. The
of the new corporation:
"Press" also says:
L. W. Hill, St. Paul, Chairman of
the Board of Directors of the Great
Northern Ry.; D. C. Shepard, St. Paul, President of the Exchange National
Four Mayor Aims Cited.
The plan of organization includes four major functions for the new or- Bank in St. Paul; Howard Everett, St. Paul, community colonizer and
originator of the idea for the corporation; Curtis Mosher, Minneapolis,
ganization. each function under a separate department. They are to:
List and acquire lands in four Northwestern states suitable for agriculture Chairman of the Executive Committee of the Northwest Shippers' Adnow held by foreclosers of mortgages and virtually without use or value as a visory Board and Secretary of the Board of Directors of the Ninth District
Federal Reserve Bank; Joe Kelly, Devils Lake, No. Dak., land dealer,
result.
Appraise, classify and improve acquired lands for immediate acquisition banker, business man and officer of the Greater North Dakota Association;
J. R. Carley, President of the First National Bank of Grand Forks. No.
by colonists to be used for the purpose to which they are best suited.
.Sioux Falls,
Maintain a field, sales or immigration service to interest and solicit Dak.; W. Z. Sharp, President of the Security National Bank,
renters and farmers who find it difficult to make a living on high-priced So. Dak.; J. A!McGillivray, Clark, So. Dak., President of the Citizens'
State Bank of Garden City, So. Dak., and of a bank at Clark; Norman
land in their communities.
Employ every agency to bring competent farmers to the Northwest to B. loiter, Helena, Mont., President of the Hotter Hardware Co. of Helena;
farms in condition for immediate use which can be acquired with a small John W. Schnitzler, Frold, Mont., banker and large-scale farmer.
cash outlay or long terms.
Finance purchasers of land through relations with all existing agencies House Cleaning in Farm Loan Line Needed Rather
of agricultural finance so the purchasers may acquire and pay for their
Than Federal Legislation, According to
farms and equipment without hardship.
the de Ricqles Agency.
Three of the board of directors are from St. Paul, two from Minneapolis,
and two each from Montana, North and South Dakota. More were
Discussing the subject of farm relief in their market letter
Chosen from the Twin Cities, so a quorum can easily be assembled for
of May 16, the de Ricqles Agency of Denver, through
immediate action. The corporation law of South Dakota, where the organPresident A.E. de Ricqles stated that from their study of
ization is to be incorporated, permits a maximum of 11 directors.
matters "we have drawn the conclusion that the farmers
Public Held to Benefit.
Members of the board and the plan of operation are emphatic in insist- and stockgrowers generally are decidedly on the mend,
ence that the corporation is for public rather than private benefit and even though the Federal Reserve Bank of Minneapolis
that it will be operated on a quasi-public basis in order to derive the
reports a smaller volume of business than a year ago for its
benefit of wide public knowledge of and interest in its activities.
Echoing the statements of Governor Christianson earlier in the day, district for April; that there is not much that can be done
that creation of another land shark agency, however large, is folly, the for
them by Congress; that as speculation in stocks in the
directors in statements and plan of operation said:
big financial centres gradually runs its course, banks will
"If those who furnish the money are to profit, as would be the case
of
an ordinary corporation for profit, much of the efficiency of this corpora- turn their attention more to agricultural channels, and
tion to be derived from free and general publicity and public
interest money may become available for farmers at lower rates
will be lost."
Two Governors, Christianson of Minnesota and J. E. Erickson of Mon- for their feeding and farming operations. There is still a
tana, attended the meeting and heartily indorsed the idea embodied in the lot of house cleaning to do in the farm loan line. There
new corporation and promised to support it.
The corporation is to be financed largely through Eastern capital. Of are losses to be met and the sooner they are out of the
the $25,000,000 authorized capital, $10,000,000 will be in preferred, non- way the better for business. There are many millions of
assessable, voting stock, to yield a cumulative annual dividend of 5%.
dollars still outstanding in farm loans, where the loan is
"It is thought that those who subscribe to this stock are doing so primarily for the indirect benefit which their own business will derive from more than the value of the land, and it is folly to imagine that
the operation of the company and for the general benefits to accrue to the any federal legislation or extension of credit will ever cure
Northwest," the plan of operation states.
that. Men in such position, owing more than their lands
"To give the organization a semi-public character and the benefit of
general publicity and public interest, those who invest money in it shall are worth can never be saved by 'farm relief,' regardless
be limited to a return of their money with a reasonable rate of interest."
of how liberal the conditions. They will be happier, if they
Common stock is authorized to the extent of 315,000.000. Its features clean
up the situation and start over. In the meantime,
are those usual in common stock except that it will have no voting power
until the preferred stock is retired. It is to be non-assessable and to be anyone who can organize the food producers of the country
issued for any consideration the directors see fit, but mostly for use as and keep them working together for five years, will be rememcurrency in the purchase of the lands to be handled by the corporation.
bered as one of America's greatest leaders."
Both classes of stock will be issued in $100 shares. . . . .
The board of directors will be continuously active for some time, members said Monday night, in order that the corporation may begin func- New York Curb Exchange Celebrates Sixth Anniversary
tioning as soon as possible and begin the release of money of hundreds of
The New York Curb Exchange celebrated its sixth anniNorthwest banks now tied up in "frozen assets."
A summary of the plan of operation of the Northwest Land Finance versary as an indoor trading institution on June 27. StartCorporation, adopted by the board of directors at a meeting Monday ing in 1921 with just a few hundred issues, the Curb now
night at the Saint Paul, follows:
lists approximately 1,600 stocks and bonds. The total par
The corporation is to be organized under the laws of South Dakota with
a total authorized capital of $25.000,000, of which 310,000,000.1s to be pre- value of stocks dealt in to-day exceeds $14,000,000,000 in
ferred stock and $15,000,000 common stock.
addition to 250,000,000 shares without par value. The ticker
The preferred stock is to be issued to those who supply funds for organicontinually being extended and now "covers" a
zation and promotion of the enterprise, to have a par value of $100 a share, service is
to receive annual cumulative preferred dividends of 5%. A reserve of chain of major cities both in the East and West as well as
10% of the amount issued and outstanding at any time shall be set aside Toronto and Montreal in Canada. Bond
trading is the
annually for retirement. This stock will have voting power while outheaviest experienced in the history of the Exchange and in
standing and will be non-assessable.
The $15,000,000 common stock will have a par value of $100 a share, the the case of stocks the number of issues dealt in daily is said
usual features of common stock except that it will not have voting power
to have increased to record proportions. An important step
till the preferred stock is retired. It is non-assessable and will be issued at
the discretion of the directors for any purpose deemed proper but mostly was taken by the Exchange a short time ago which broadfor currency in the purchase of land.
ened its scope of operations and gave to it more of an interThe corporation will have a board of 11 directors, each of whom must
national flavor. The action was in the form of an amendhold preferred stock as long as any is outstanding. This board will have a
Chairman who also is to act as chairman of the executive committee and who ment to the Constitution of the Exchange authorizing appliIi really the chief individual officer of the corporation. The president of cations for associate
membership to foreign bankers and
the corporation is elected by the board of directors from its numbers and
brokers themselves members of the London, Paris, Amsteris head of all actual operations.
State Councils Probable.
There will be ten vice-presidents, four of whom shall be experienced
men, to act as executives of the four departments of the corporation, the
rest largely advisory, all to be chosen by the board of directors. A secretary
and treasurer, performing the usual duties, with assistants if necessary,
will be appointed. Advisory councils of five to fifteen members will be
created in each State at the discretion of the board of directors.
The operations will be conducted by four major departments, each in
charge of an executive vice-president.
The listing department will acquire the lands to be sold and colonized
by the company, always lands suitable for agricultural purposes. These
lands at first will be lands which have been foreclosed on, to be obtained
in large blocks from banks, mortgage loan and insurance companies, as
soon as possible from individual holders. Various methods of acquiring
the lands are contemplated.
The classifying, appraising and improving department will do the work
Its name implies, ascertaining the exact purposes for which lands are
suitable, appraising them, and putting them in condition so that a colonist
dam and Berlin Stock Exchanges. It is stated that a number of foreign bankers and brokers have availed of the opportunity of joining with the Curb Exchange, and since the
amendment was approved, trading by European investors in
American securities has appreciably increased.
Curb Ticker Co. Inaugurates New Service in Montreal
and Atlantic City.
The Curb Ticker Co., Inc., has inaugurated its ticker
service in Montreal and Atlantic City, thus making available
an instantaneous and continuous record of transactions on
the New York Curb Market. This service, not hitherto
available in these cities, has been installed in a number of
brokerage houses in those cities.
JULY 2 19271
THE CHRONICLE
41
regulations further defining the term "investment securities" are prescribed:
1. The business of buying and selling investment securities by national
banks is governed by Section 5136 of the Revised Statutes of the United
States as amended by an Act to further amend the national banking laws
and the Federal Reserve Act, and for other purposes, as approved Feb. 25
1927, as follows:
States,
"(b) That Section 5136 of the Revised Statutes of the United
subsection 'seventh' thereof, be further amended by adding at the end of the
first paragraph thereof the following:
The Stock Clearing Corporation will inaugurate a plan of settlement or
"Provided, that the business of buying and selling investment securities
through its Day Branch, 8 Broad Street, bepayment of commission bills
shall hereafter be limited to buying and selling without recourse marketable
ginning July 1 1927.
obligations evidencing indebtedness of any person, co-partnership, associaMembers of the Stock Clearing Corporation and other members of the tion, or corporation, in the form of bonds, notes and or debentures,
under such further definition
New York Stock Exchange and firms having as partners members of the commonly known as investment securities, regulation be prescribed by
of the term 'investment securities' AB may by
New York Stock Exchange desiring to avail themselves of this added fa- the Comptroller of the Currency, and the total amount of such investment
cility shall apply to the Stock Clearing Corporation, Day Branch, to act securities of any one obligor or maker held by such association shall at no
for them for this purpose and enter into an agreement which will be vol- time exceed 25% of the amount of the capital stock of such association
and 25% of its unimpaired surplus fund,
untary and not compulsory, in form prescribed to carry out the provisions actually paid in and unimpaired
but this limitation'as to total amount shall not apply to obligation of the
of the by-laws and rules.
United States, or general obligations of any State or of any political subA qualified representative from each of those desiring to enter into this division thereof, or obligations issued under authority of the Federal Farm
agreement should be sent to the Day Branch, 8 Broad Street, where the Loan Act."
Managers will give full details of the operation, including blank forms
2. An obligation of indebtedness which may be bought and sold by
which are prescribed for this purpose.
national banks, in order to come within the classification of "investment
No charge will be made for this service.
securities" within the meaning of the proviso of Section 5136 above quoted.
E. V. D. COX, Secretary.
must be a marketable security as designated by the express language of said
proviso. Under ordinary circumstances, the term "marketable" means
A p• revious announcement regarding the arrangements that the security in question has such a market as to render sales at intrinsic
appeared in our issue of June 4, page 3291.
values readily possible.
3. In classifying a given security as marketable, the Comptroller of the
Currency may in specific cases give consideration to various facts and circumderal Reserve Board Not in Sympathy withMovement stances, but he will require in all cases the following: make
marketability
(a) That the issue be of a sufficiently large total to
to Change Par Check Collection System.
possible:
securities must have been provided
(b) Such a public distribution of the
Maintaining that the collection of non-par drafts is propmarketability of the issue.
erly a function of commercial banks, a number of South- for or made in a manner to protect or insure the security is issued provides
(c) That the trust agreement under which the
the Fed- for a trustee independent of the obligor and in the case of securities issued
eastern bankers initiated a movement to persuade
eral Reserve Board at Washington to discontinue collection under a trust agreement executed and delivered after 60 days from the date
such a trustee must be a bank or
of these drafts through Federal Reserve banks, according to of the promulgation of these regulations,
trust company.
the Dallas "News" of June 21, which states that the leaders
4. This series of regulations may be modified, amended, or withdrawn at
met on June 20 with members of the Dallas Clearing House any time by the Comptroller of the Currency.
Signed and promulgated this 13th day of June, 1927.
Stock Stlearing Corporation to Inaugurate Plan of
Settlement of Commission Bills Through
Day Branch.
The following announcement regarding the settlement of
commission bills was made by Secretary E. V. D. Cox of the
New York Stock Exchange on June 24:
Association and several Kansas City bankers with the view
promulgation of the regulations, the
of securing their co-operation. Following the meeting held . In referring to the
the New Yrok "Journal of
at the American Exchange National Bank, Dallas, with Washington correspondent of
Commerce" said:
closer co-operation between Southeastern and Southwestern
The Comptroller's office failed to make any explanation of the above.
banks as its object, the visiting bankers were guests of the However, a number of important points may be enlarged upon.
PresiDallas Clearing House Association at a luncheon. As
Since the effective date of the regulations cannot go behind the date of the
the banks
dent of the Clearing House Association, R. L. Thornton pre- passage of the Act itself, investment securities already in requiring a at that
trustee
time, Feb.25 1927, may not be disturbed. The provision
sided. Robert F. Maddox, Chairman of the Board of the independent of the obllgor will not become operative until Aug. 30.
to the marketability
The most important feature of the regulations is as
.
Atlanta & Lowry National Bank, Atlanta, Ga., was spokesability with which a bank may
man for the guests. Lynn Talley, Governor of the Federal of issues. The test of marketability is the be in question, in a bona fide
secure the ready sale of securities that may
Reserve Bank at Dallas, attended the meeting. In indicat- business transaction. There arises the question of what bonds will be exing that the Federal Reserve Board is not disposed to make cluded.
Enforcement Plan.
any change in the par collection system, the Dallas paper
It is assumed that the Comptroller will be inclined to depend upon the
(the "News") in its issue of June 22 stated:
semi-annual examinations of the banks to carry out the provisions of the
The system of handling non-par drafts in cities in which Federal Reserve
banks and branch banks are located will be continued, the Dallas Federal
Reserve Bank has been notified by the Federal Reserve Board at Washington, said Lynn P. Tally, Governor of the Dallas Bank.
This service was rendered to banks by the Federal Reserve Bank at Dallas last year at a cost of $22,000, the cost being next to the lowest of any
free service rendered by the bank, Mr. Tally said. The cost of providing
safe keeping for deposits of member banks was $11,000 last year.
Paper classed as non-par drafts includes commodity paper, such as cotton, grain anti other agricultural paper. It is estimated that the fee for
handling such paper, if assumed by the banks themselves, would be from
$1 to $1.50 per $1,000.
Those in attendance at the meeting included the following,
according to the "News":
Comprising the Southeastern party were H. W. Williamson, Fourth and
First National Bank, and J. W. Wakefield, American National Bank, Nashville ; Frank S. Foster, Birmingham Clearing House, Birmingham; W. B.
Machado, Hibernia Bank a: Trust Co., and Charles Kohlmeyer, Interstate
Trust Sz Banking Co., New Orleans; C. S. L'Engle, Barnett National Bank,
and John A. Newsom, Florida National Bank, Jacksonville; Robert F.
Maddox, Atlanta k Lowry National Bank, and John K. Ottley, Fourth
National Bank, Atlanta,
Kansas City was represented by John W. Barton, Charles Brokaw, Commercial National Bank, and C. W. Allendorfer, First National Bank, Kansas
regulations. It is quite probable that he will not establish in Washington
a bureau to fix the eligibility of securities for national banks, but as above
assumed, will follow the usual practice of his office in enforcing its regulations.
All bonds not sponsored by an independent trustee would automatically
be excluded. All small issues of bonds and debentures, such as securities
to finance local enterprises, public or private, would be excluded because
of not having the widespread distribution permitting them to qualify as
investment securities.
Much interest is manifested in the fate of real estate issues, the question
being asked whether they are to be excluded. They are not excluded
by the express terms of the regulations, but the regulations set a general
standard for all investment securities and if real estate bonds can measure
up to that standard they can be considered as legal investments for national
banks, it was stated, but the provision requiring an independent trustee
will disbar a great many so-called real estate bonds since the obligers act
as their own trustees.
The requirement of "ready marketability" if rigidly enforced by the
Comptroller's office, will disbar many other issues, since many such bonds
are not quoted on exchanges and are not in the same class, as a rule, as
to marketability, as industrials, railroads, and other utilities and Government issues.
According to Washington advices to the New York
"Times," the rules were prepared after a series of conferences
with officials of the Federal Reserve banks and are considered
City.
of great importance, as they set a standard which may have
a considerable effect on dealings in such securities by many
Regulations Issued by Comptroller of Currency institutions.
McIntosh Defining Investment Securities Which
May Be Purchased By National Banks
Closing of Subscription Books for Exchange of Second
Under McFadden Law.
Liberty Loan Bonds for New 3/8% Treasury Bonds
Comptroller of the Currency J. W. McIntosh issued on
—Exchange Subscriptions of $243,000,000 AlJune 29 regulations governing the buying and selling of
loted in Full.
investment securities by National banks as authorized under
In announcing on June 30 the closing of the Subscription
the provisions of the McFadden Banking Act. The Comp- books to the offering of 3 % Treasury Bonds in exchange
troller in defining "investment securities" so purchasable for the Second Liberty Loan bonds, Under Secretary of the
states that they "must be a marketable security as designated Treasury Ogden L. Mills stated that approximately $243,by the express language of said proviso" and he adds "under 000,000 of the Liberty Loan Bonds had been offered for
ordinary circumstances the term 'marketable' means that exchange, and that all of the exchange subscriptions had
the security in question has such a market as to render sales been allotted in full. The following is the announcement
at intrinsic values readily possible." The regulations made by Under Secretary Mi is:
On May 31 the Secretary of the Treasury announced an offering of
follow:
Regulations further defining the term "investment securities" as used in
the Act approved Feb. 25 1927:
By virtue of the authority vested in the Comptroller of the Currency by
the terms of Section 2 (b) of the Act approved Feb. 25 1927. the following
Cash subscriptions
were invited at 10034 and accrued interest, while holders of Second Liberty
Loan bonds were given the privilege of exchanging their bonds for the new
Treasury bonds at par for each, interest to June 16 on the Second Liberty
Treasury bonds of 1943-47, bearing interest at 334%.
42
THE CHRONICLE
[voL. 125.
Loan bonds to be paid in cash. The amount of the cash offering was
Applied to Debt.
stated to be $200,000.000 or thereabout.
This year's surplus is being applied to reduction of the public debt, the
The subscription books for the cash offering closed on June 2, with subAdministration essaying in the closing session of Congress that the new 1926
scriptions aggregating $617,604,800, of which approximately $250,000,000
were accepted. Exchange subscriptions having been received in the revenue law needed further time to prove itself a producer of national
amount of approximately $243,000,000, all of which have been allotted in income and affording no justification for tax reduction at that time. It Is
full, the total issue of the new Treasury 31 % bonds will amount to $493,- recalled that a tax cut bill was scrapped in the House Ways and Means
A
Committee despite the protest of the Democrats.
000,000.
It is expected the final figures will show more than a billion dollars reducIt will be remembered that the Treasury Department in March began
to take steps looking to the retirement or refunding of the Second Liberty tion In the public debt through application of the surplus and other funds.
Loan bonds which mature in 1942, but were callable on Nov. 15 next, on The public debt retired the last fiscal year amounted to $873,000,000.
six months' notice. On Feb. 28 1927, $3,104.000,000 of Second Liberty
Loan bonds were outstanding, all but $21,000,000 of which bear interest
Chairman Green Calls Meeting on Oct. 31 of House
at 4X%•
On June 30 1927 there were outstanding $1,276,000,000 of Second LibWays and Means Committee to
erty Loan bonds, no less than $1,828,000,000 having beeen exchanged or
Consider Tax Reduction.
retired during the course of four months. Of this amount about $1,360,Representative Green,"Chairman of the Ways and Means
000,000 have been refunded into three to five year 3M % notes, and approximately $243.000,000 into sixteen to twenty year 33% bonds. A total Committee of the House,
announced on June 29 that he had
of $225,000,000 have been retired through purchase. The holders of the
$1.287,000,000 of Second Liberty Loan bonds still outstanding should note decided to call the Committee together on Oct. 29 for the
that their bonds have been called for redemption and will cease to bear in- purpose of considering the revision of the revenue law and
terest on Nov. 15 next.
a further reduction in taxes. Chairman Green's statement
The above figures Include some exchanges which have been received but
have not yet been cleared through the accounts. The figures do not in- follows:
Last spring I announced that it was probable the Ways and Means
clude belated exchange subscriptions which may not reach the Federal
Committee would be called together in the fall in advance of the session of
Reserve banks until after June 30.
Congress to consider the revision of the revenue
The cash subscriptions to the offering of 3%% Treasury in taxes. After consideration of the matter I law and a further reduction
have concluded to call the
Committee to meet here on Oct. 31 for this purpose.
bonds were noted in these columns June 18, page 3570.
This will give five weeks before Congress convenes to have the hearing
and perpare the bill. I think a week to ten days will be sufficient for the
hearings.
Joint Stock Land Bank Dividends Passed.
I shall also endeavor to have the Joint Committee on Internal Revenue
The following is from the "Wall Street Journal" of yester- Taxation meet prior to the convening of the Ways and Means Committee.
to go over the work of the staff of the last named Committee and make
day (July 1):
report and recommendations to the Ways and Means Committee of the
Chicago Joint Stock Land Bank, Chicago; Fremont Joint Stock Land House and
the Finance Committee of the Senate.
Bank, Lincoln, Neb., and Virginian Joint Stock Land Bank, Charleston,
There is no way of determining at this time to what extent taxes may be
W. Va, have omitted payment of semi-annual dividends due at this time.
reduced. It is, however,likely that some reduction can be made and by the
The Chicago bank has been paying at the rate of 6% annually; Fremont
time the Committee meets the amount can probably be estimated with a
at 7% annually since the beginning of this year, a reduction from 9%,
reasonable degree of accuracy. Much will depend on business conditions
and Virginian at 8% annually since January of this year, a reduction
and whether Congress is likely to find it necessary to make any appropriafrom 10%. Stock in Virginian bank is 35 par, while that of Chicago and
tions for matters that have not so far been considered.
Fremont is $100.
I am not expecting an extra session but if there is one it is not likely to
Chicago Joint Stock Land Bank is the largest in the system, having
make much change in the plans for the Committee work.
capital of $4,000,000 and loans aggregating $57,000,000. Fremont has
capital of $850,000 and loans of 39.078,000, while Virginian with capital
It was stated in a Washington dispatch to the New York
of $1.150,000 has loans of $17,588,000.
"Herald-Tribune" on Juno 24 that Chairman Green, who is
Treasury Surplus More Than $635,000,000.
On June 28, when the daily Treasury statement showed a
surplus of $636,217,957 of receipts over expenditures, it was
stated that the figures for June 30, the end of the fiscal year,
were expected to reach something like $640,000,000.
The June 30 figures of surplus, made public yesterday
(July 1) did not:each the latter figure, but were the greatest
it is stated, in the country's history, having reached $635,809,921. The Associated Press dispatches from Washington
yesterday in reporting these figures said:
Total ordinary receipts for the year were $4,129.394,441.10, and the
cost of operating the Government chargeable against such receipts was
$3,493.584.519.40.
This particular surplus will have been dissipated, however. before Congress meets to draft a new tax bill, and any reduction must be based on
estimates of the surplus for the current year.
Of the total excess, $611,000,000 already has been applied to retirement of the public debt, the Treasury announced. Part of the remaining
$24.000,000 has been carried over as an increase in the net balance in the
general fund and will be used for debt retirement purposes.
In referring to the June 28 figures the Washington correspondent of the New York "Journal of Commerce"on June
30, said in part:
In spite of the record-breaking surplus for the year, the Treasury Department indicated that it could not be visualized as a forecast for tax reduction
at the next Congress.
Customs Collections Rise.
Customs and internal revenue receipts, the two greatest revenue-producing sources, both showed big gains this fiscal year, as compared to 1926,
according to the daily statement for June 28. On that date the customs
collections were $601,684,232 for 1927, as compared to $576,055,111 for
the full prior year. Income taxes produced 32,221,269,993 in 1927 up to
June 28.
Last fiscal year the surplus was $377,762,838 as compared to the one
this year, which will run close to $640,000,000, and the largest prior surplus
was in 1924 when it amounted to $505,000,000.
The surplus estimated by the Bureau of the Budget and announced by
President Coolidge on June 10 is expected to fall far short of the actual
surplus for the year-end, but the Treasury Department is preparing to show
that a great part of the surplus was due to non-recurring items, and it is
maintained the figures should not be taken as an indication of any tax
reduction.
The surplus for the end of this year had been predicted by the President
and Bureau of the Budget, when the year's budget was presented, as
$3330,307,894. The estimate was revised by the President, however, on
Dec. 6 1926, In his message to Congress, to 3383,079,095, and on the
occasion of the last business meeting of the Government, held June 10, in
Memorial Continental Hall, the President announced that the estimate for
the surplus was then 3599,000,000.
A number of unexpected Items that came into the expenditure side of the
calculations, it was explained to-day by Acting Secretary Mills, and some
entered into the revenue side, but for the most part the Treasury estimate
on actual collections of taxes from customs and internal revenue for the
fiscal year 1927 had been more nearly correct than ever. Of the unexpected
elements which had entered into the situation, It was explained, were increases in the collections of hack taxes totaling 360,000,000, additional
revenue resulting from railroad securities from the period of Government
operation and control of railroads, and failure of the second deficiency bill.
which would have added 320,000,000 more to expenditures.
now in Washington, and who recently indicated he did not
hope for any large reduction in taxes, is understood to think
the total cut will not be more than $200,000,000. Tho samo
advices stated:
Mr. Green does not subscribe to the views expressed recently by Senator
Reed of Pennsylvania, House Leader Tilson and others that a reduction of
$300.000,000 can be made.
If the reduction is limited to $200,000,000, It is apparent, as Chairman
Green has indicated, that reductions in one or two particulars will be all
that can be made. Probabilities are the corporation tax reduction will be
sufficient to wipe out about all the surplus that can be spared.
One of the statements recently issued by Chairman Green
on the subject of tax reduction was the following given out
June 22:
Much has been said about the amount of the surplus for the fiscal year
ended June 30 of this year, but the Ways and Means Committee in determining the questions relating to tax reduction will have to be guided
by the surplus which the fiscal year of 1928 and ensuing years would
produce under the present rates, with such other income as the Treasury
might derive from the miscellaneous receipts. The Treasury and the
President have already pointed out that the surplus of the last fiscal year
was largely made up of non-recurrent items.
While it is too early yet to state what the surplus would be if po changes
were made in the present rates, it does not now look as if it would be large
enough to make any such reductions as were made by the last revenue bill.
It should also be kept in mind that on account of the failure of the second
deficiency bill to pass the Senate a bill must be immediately passed by
the next Congress and the amount thereof taken from the revenue of
the fiscal year of 1928. Some of our revenues are falling off and will
continue to decrease. Besides this there is the matter of flood relief and
some other items of large expense which did not have to be met out of the
revenue of this fiscal year. Altogether there is nothing to warrant the
belief that there would be any large surplus at the end of the next fiscal
year and In making up the revenue laws we must look even beyond that
period.
Probably the reductions, if any, can only be made in one or two of the
different sources of our revenue. The corporation tax not having been
reduced to correspond with the other taxes would seem to be out of line
and to have strong claims for consideration, but every 1% of reduction
in the corporation tax takes off nearly $100.000,000 and this reduction
could not go very far without absorbing any surplus that is likely to exist.
Discussing the probabilities as to changes in the taxrates,
the Washington correspondent of the New York "Journal of
Commerce" on June 29, said in part:
The Committee Chairman is not prepared to discuss the line of action to
be taken by the Committee but it has been indicated by his previous statements, first, that he believes that corporations are entitled to some little
relief; second, that the brackets covering incomes between $30,000 an
$100.000 are out of line, and third, that it Is wise to have a working surplus
of about $75,000.000 available at all times.
On this basis it is suggested that perhaps a 1% cut would be made in the
present corporate income rate, so that the assessment would revert to that
of prior to 1926, which was 1234%. Such a reduction would take a little
more than $100,000.000 of the prospective 1928 surplus, estimated to
amount to $338,000,000. The rest of the available surplus would be
utilized probably in the elimination of the automobile and nuisance taxes
and the levies on admissions and dues.
Chairman Green has been in conference with Secretary of the Treasury
Mellon and Under Secretary Ogden L. Mills, the question of the reduction
of taxes and the revision of the administrative provisions of the 1926 act
being considered. Mr. Mills is directly in charge in the Treasury Department of matters pertaining to internal revenue taxation. The Under.
JULY 2 1927.]
THE CHRONICLE
43
secretary is in favor of a thorough survey being made of the corporation
tax field with a view to working out a permanent system of corporation
taxation in the next session. The purpose of the survey, as outlined by
Mr. Mills, would be to ascertain whether the burden is excessive, from the
standpoint of the prosperity of United States industries; whether it is distributed with some degree of equity; where it ultimately rests; whether it is
wise to tax all corporations irrespective of their character on the same basis
and at the same rate; the extent of the discrimination between incorporated
and unincorporated businesses; and finally whether the high rate of the
corporation income tax does not constitute serious discrimination against
the small stockholder of moderate means.
More in Lower Rate.
Mr. Mills argued that experience of the Treasury Department has shown
that more can be collected at a reasonable and fair surtax than at dn
exorbitant one. However, that does not seem to be the rule with respect
to the corporate income rate,since at the highest rate assessed against them,
13H %,the corporations this year have paid into the Treasury even more
than was expected from them.
All but 18 of the 147 members of the Legislature and several prominent
State officials were in the gathering, having traveled five hours in a special
train from Pierre, the State capital, and 32 miles by motor from the railroad centre of Rapid City since 5 o'clock this morning.
1. A reduction of the corporation tax from 13%% to 10%.
2. Reduction of surtaxes on incomes between $30,000 and $75.000.
3. Retention of the surtax at 20%,as at present.
4. Retention of the inheritance tax.
6. Repeal of the theatre, club dues and the nuisance taxes.
7. Make exemptions of single men $2,000 and married men $4,000.
has been the motive power behind the development of the project, has had
hard sledding getting the appropriations that were needed. A plan is now
pending in the Legislature to make about $100,000 available for development work there every two years.
Crowd on Lawn Applauds.
In special session to reconsider the general appropriation bill vetoed by
Governor Bulow, the Legislature took the day off for the event. Sixty per
cent of its members had never seen the State park, where they invited the
Presidential party to pass the summer, and perhaps 99 out of 100 never had
seen the President.
After luncheon in the park near the State game lodge, which is the
summer home of the President, Senator Simon and the President spoke a
few words. The President hesitated a few moments and the crowd was
expectant, for he had let it be known that he would not speak. Then Mr.
Coolidge stepped forward, amid a burst of applause.
After the President's remarks, the delegation proceeded a
few miles further up Into the Black Hills for the "dedication" of the mountain whose name was changed by LegislaRepresentative Garner's Tax Revision Proposals— tive Act to Mount Coolidge. As to this, the "Herald TribReduction of Corporation Tax to 10%—
une" dispatch said:
There Senator Norbeck held the centre of the stage. Mr. and Mrs. CoolRetention of 20% Surtax.
idge did not go along. The President has yet to be notified formally of the
No matter whether Congress meets in extra or regular honor bestowed upon him, one that his native State was unable to conier
session, Representative John N. Garner of Texas, ranking because of the lack of unnamed mountains within its boundaries.
From now on this mountain, one of the tallest promontories east of the
Democratic member of the Ways and Means Committee,
Rockies, will be called by the name of President Coolidge, Senator Norbeck
says the Republicans will not succeed with their program said. There was nothing more formal about the ceremony than that. The
to lower the surtax maximum rate from 20 to 10% says Senator talked at length on the development of Custer State Park, which
White House, told of its presmountain
the Washington correspondent (June 10), of the New York includes both the a plan forand the summer by a park department. Hithunified control
ent needs and of
Mr. Garner would advocate a erto responsibility for the park has been divided among the Game and
"World" who indicated that
Fish, School and Education and Park departments, and the Senator, who
bill providing:
The "World" says:
This is an outline written to a friend here by Mr. Gardner, who is now in
Texas.
"At this moment," said the Texan."I would not under any consideration
agree to reducing the minimum surtax to less than 20%—the present
legal rate.
"My view now is that we reduce the corporation tax to at least 10%,
repeal the automobile tax, all nuisance taxes, including theatre and club
dues,and give such consideration to the intermediate brackets under income
tax as the Treasury can afford."
Mr.Gardner will oppose the tax reduction program announced by Senator
David A. Reed (R., Pa.), some days ago, after a conference with the
President.
President Coolidge Tells Members of South Dakota
Legislature that Occupation Under American Flag
Is Best Job on Earth—Dedication of
Mount Coolidge.
In an informal talk on June 25 to a delegation composed
•of Governor W. J. Bulow and members of the South Dakota Legislature, which visited the summer White House
In the Black Hills to dedicate a mountain named after
President Coolidge, the latter declared that "anyone who
has an occupation or a job under our flag," has "the best
job of any one on earth." The President's remarks as contained in a dispatch to the New York "Herald Tribune" follow:
"We may dismiss all formality," he began. "While I had not expected
to be called upon to speak, I can't let this occasion go by without express.
log my very sincere appreciation of the cordial invitation to pass the sum•
mer here which was extended by your Legislature and Governor.
"We find this location exceedingly acceptable to us. It reminds me of
the hills of my native Vermont, except that things there are not on so
large a scale. I am reminded of the people I know in the hills where I was
brought up and feel quite at home.
"Sane of the fish here don't look quite natural."
This brought a round of laughter,
The President has caught one two-pounder and several other fish larger
than his previous catches.
"You have trout a little larger than those in the streams I fished as a
boy," he continued. "It is another example of the fact that things here
are on a larger scale. The people are more plentiful, the plains are wider,
I see more cattle in the fields, more brood mares followed by their young
foals and more sheep than in Vermont, but the same types and varieties,
and it snakes us feel at home.
Job in United States Best in World.
"Here, as there, we are under the same flag. Let me leave this thought:
Any one who has an occupation or a job under our flag, no matter what
that occupation or job may be, in industry, agriculture or commerce, or
what his station in life, that person can be assured that he has the best
job of that kind of any one on earth. That's what the flag means. While
it is natural that we should all want to better ourselves, it is well to remember that, wherever we are in America, we are in a state better than
any elsewhere in the world.
"I thank the Legislature, not only for inviting us to pass the summer
here, but for coming to see us. It is a pleasure to meet you and express
to you in person my deep appreciation of the hospitality that has been
shown us throughout the State of South Dakota."
The same account stated:
It was the President's first opportunity to address a large group officially, representative of this agricultural State, and the statement was
taken by some political experts as a word of encouragement to those who
suffered in the agricultural depression.
The entire South Dakota Congressional delegation supported the Maar).Haugen farm relief bill, which President Coolidge vetoed.
The action of the Legislature in changing the name of the
mountain was indicated in the following Associated Press
advices from Pierre, S. D., June 22:
By conourrent resolution adopted as its first legislative act, the South
Dakota Legislature, convened in special session here to-day, named the
mountain which towers over the State game lodge, President Calvin Coolidge's summer White House, "Mount Coolidge."
The mountain, the second highest in the Black Hills, has been known
heretofore as "Sheep Mountain" and "Lookout Mountain."
The resolution, introduced by Senator S. E. Ainslee of Custer and Pall
River counties, provided that the mountain be designated as "Mount Coolidge" in honor of the Executive "who has conferred a high distinction upon
South Dakota in coming to 111 for his summer vacation."
Canada in Note to United States Expresses Concern at
Enforcement of Immigration Order Affecting
Canadians Crossing Border Daily to
Employment in United States.
The recent issuance in the United States by Secretary of
Labor Davis of an order imposing immigration restrictions
on Canadians daily crossing the Canadian border to employment in the United States is protested new by Vincent
Massey, the Canadian Minister to the United States, in a
note addressed to Secretary of State Kellogg on June 8.
The communication is in reply to one from Secretary Kellogg
dated May 28 which latter was in answer to Minister Massey's
notes of April 23 and 27. The matter had also been the
subject of a conference held at Washington on May 12
between officials of the Department of State and Labor
and Mr. Massey. In his note of May 28 Secretary Kellogg
stated that while the law upon which the order is based
modifies a long established practice, every effort was made
in drafting the order "to afford the most generous treatment
possible under the law to all persons who acquired bordercrossing privilege before the effective date of the present
Immigration Act of 1924. Further, every possible opportunity will be given to native-born Canadians to acquire
legal status in the United States by presentation of a nonquota visa and the single payment of the head tax in accordance with provisions of our immigration laws, which are
mandatory. The border-crossing privileges hitherto accorded
such persons will be continued during such period as is necessary for them to obtain non-quota visas." The date when
the regulations are to become effective is Dec. 1 and Secretary
Kellogg indicated that if necessary an extension beyond that
time might be granted. He also said he would be glad to
confer with Mr. Massey whenever the latter desired, and
that if it was found that there were difficulties inherent
in the law which tended "to affect adversely the traditional
friendly relations between Canada and this country" he
would make it a point to have the matter brought to the
attention of Congress, when it convenes. Mr. Massey,
in answer, stated that the termination of the long-standing
agreement whereby Canadians and Americans have freely
commuted across the border in the course of their business
is a ground for concern, and that there is no precedent for
application of the term "immigrant" to citizens legally
44
THE CHRONICLE
domiciled in another country and retaining their citizenship
in that country. The right of the United States to impose
immigration regulations is recognized, but with a suggestion
that the retroactive principle of the recent border ruling will
impose hardships. A further suggestion was made that
those who already have established employment across the
border should be exempted from the more drastic provisions of the order, either by an extension of the exempted
classes or by elimination of the six-month time limit, or by
some other means. The note indicated that Canada woad
accept Secretary Kellogg's invitation to continue the negotiations with the Canadian legation. The following is
Secretary Kellogg's note of May 28:
VoL. 125.
I am instructed to inform you that his Majesty's Canadian Government
Is pleased to note that the Government of the United States desires to
continue the traditional freedom of neutral travel between Canada and the
United States. His Majesty's Canadian Government is gratified by your
assurance that in the administration of this order steps will be taken to
avoid inflicting hardships on individuals so far as may be possible, and
more particularly by your undertaking to ask -the Secretary of Labor to
extend the time set in the order during which those who have to secure
quota visas must comply with the terms, if it should become evident that
these persons will be unable to secure quota visas by Dec. 1 1927. The
assurance of the Secretary of Labor that he will give to such a request the
most sympathetic consideration possible is also noted with gratification.
His Majesty's Canadian Government is pleased to learn that you and the
Secretary of Labor are prepared to co-operate in bringing to the attention
of the Congress any difficulties inherent in the law which may be indicated
by a further investigation of this subject.
His Majesty's Canadian Government, however, regrets that the GovernI have the honor to refer to your notes dated April 23 and April 27 1927
ment of the United States has not considered it possible to modify in any
and to a conference at the Department on May 12,in which you so ably presented the difficulties in which certain citizens of Canada will find themselves respect the terms of the order at the present time and that in consequence
as a result of General Order No. 86 of the Department of Labor, which the long standing and reciprocal arrangement between the two countries
relates to the daily crossing of the Canadian boundary to employment in has been suddenly terminated. I have the honor to lay before you for the
purpose of record the views of his Majesty's Government on the issues
the United States.
I wish to assure you at the outset of the sincere desire on the part of this involved.
For many years there has been reciprocal free movement over the border
Government to continue the traditional freedom of mutual travel between
Canada and the United States just as fully and completely as the provisions between the United States and Canada, a movement freer and involving a
larger number of people than that between any other two countries in the
of the laws of this country relating to immigration will permit.
While it is realized the law upon which General Order No. 86 is based world. This freedom of movement has been an outstanding demonstration
mandatorily modifies a long-established practice. I should appreciate it of the finest connection and friendship existing between the peoples of the
If you would note that every effort was made in drafting that order to afford two countries, whose boundaries are ofsuch a character that the communithe most generous treatment possible under the law to all persons who ac- ties situated close to it on both sides must have many common interests. In
quired border-crossing privileges before the effective date of the present some of these border communities the relationship had been so intimate that
Immigration Act of 1924. Further, every possible opportunity will be residents on one side of the frontier have been in the habit of crossing daily
given to native-born Canadians to acquire legal status in the United States to the other side to engage in employment. This practice as you are aware
by presentation of a non-quota visa and the single payment of the head tax is of many years standing. The convention known as the Jay Treaty,
In accordance with provisions of our immigration laws, which are manda- concluded in 1794 provided in Article 3:
tory. The border-crossing privileges hitherto accorded such persons will
It is agreed that it shall at all times be given to His Majesty's subjects
be continued during such period as is necessary for them to obtain non- and to the citizens of the United States and also to the Indians dwelling on
either side of the boundary line freely to pass and repass by land, or inland
quota visas.
navigation into the respective territory and countries of the two parties
We are agreed. I think, that the main difficulty lies with the Canadian on the continent America.
residents who are not native-born Canadians and who have acquired border
The broad principle which underlay this provision is clearly indicated in a
crossing privileges since the quota system became effective. It is appre- statement
contained in the concluding paragraph of the same article:
ciated that such persons are none the less the responsibility of your Govern"This article is intended to render in great degree the local advantages of
ment even though our immigration law, which, unlike Orders-In-Council,
party common to both and thereby to promote a disposition favorable to
may not be modified except by Act of the Congress, gives them a less favorfriendship and good neighborhood."
able status than persons born in Canada.
The practice rooted in this understanding and in an unique condition of
You will doubtless recall that the Immigration Act of 1921 placed foreignborn persons who had resided in Canada one year upon an equality with border intercourse on this continent has continued to this day. It has been
natives of Canada with respect to entry into the United States; the same most marked with the area adjacent Windsor and Detroit and in the Niagara
Act as extended and modified by the Act of 1922 increased the fleece Ary region. Though a large majority of the individuals who so cross the border
period of residence to five years, while the Immigration Act of 1924 denied daily are Canadians entering the United States, the practice is reciprocal,
the non-quota privileges to Canadian residents born outside of Canada and and a considerable number of citizens of the United States come to Canada
made them chargeable to the quotas of the countries in which they were each working day.
The Canadian authorities have always treated, and continue to treat,
born.
It is among the non-Canadian-born who are quota aliens that the order citizens of the United States entering Canada in this way as non-immigrant
domiciles in the United States, The Government of the United States has
Will cause some hardship. The number involved is not yet accurately
lately similarly regarded Canadians crossing daily to the United States
known and the competent authorities express the belief it will be found to until
regulations to facilitate their crossing the boundary by the issue
be comparatively small. It is recognized, nevertheless, that many persons and made
of identification cards to these persons, whom they describe as "aliens who
within this class, through their inability to obtain quota visas within the
have habitually crossed and recrossed the boundary upon legitimate purprescribed period, will, under the terms of the order, be forced to relinquish
suit."
employment in the United States, which in certain cases they have enjoyed
In the Windsor area, however, particularly during the last few months,the
for a number of years. This would, I admit, constitute a hardship which
status of Canadians so situated has become increasingly uncertain, especially
I sincerely regret.
the status of those who are not of Canadian birth. Many either have been
I am sure you will appreciate that the large number of prior applicants
turned back at the border or have been required to pay head tax
Who desire to emigrate to the United States has been on record for some definitely
secure immigration visas. The publication of General Order No. 86
time at the consulates in Europe and elsewhere and who must receive visas and to
has suddenly ended this growing uncertainty by providing that hereafter
cannot be deprived of the priority rights gained by such registration in
who are employed in the United States while living in Canada arc to be
favor of a particular group in any border city. Apart from the considera- all
as immigrants to the United States.
tion that the law does not permit the creation of preferential classes in the considered
His Majesty's Canadian Government does not question, of course, the
discretion of the executive, fair dealing dictates that the obligations created
right of the Government of the United States to determine what persons
by prior applications be scrupulously met.
to the United States. They wish, however, to express
In order to make sure that no unnecessary hardship shall be imposed may be admitted
their view that the ending without notice or negotiation of this long-standupon persons in this category, consuls in the border cities have been directed ing
arrangement, under which economic interests have developed and comto assist them in every possible way to obtain immigration visas under the
munities have grown up in Canada dependent in part on employment in the
provisions of the immigration law. The consuls will at once undertake the
United States, is legitimate ground for concern. Ten years have elapsed
classification and listing ofsuch persons,in the course of which, if it appears
since the passage by the Congress of the United States of the Immigration
any individual is inadmissable to the United States or is chargeable to a Act
of 1917, and three years since the passage of the Supplementary Act of
quota against with the prior recorded demand is exceedingly heavy, he will
1924; no new legislation has been enacted since 1924 which affects the status
be informed of his situation in order that he may make his plans accordingly. of those who cross the border
in this way, and the practice has been conThose who obviously cannot hope to receive immigration visas for some tinned
and permitted to continue until the present time. The order now
time to come because they are chargeable to small European quotas against applies for the first time
to those crossing the border daily provisions of
which large demands now exist will be clearly informed of their status. In
1924, three years after its passgae.
other words, a sincere endeavor will be made to reduce the uncertainties of
As regards the general principle of the order, the definition of "immithe situation to the minimum.
grants" is one who is permanently domiciled in Canada and who enters the
The issue of quota visas will begin immediately after July 1 against al- United States for a
period of only 8 or 10 hours each working day, appears
lotments of quota numbers from the appropriate quotas which will be as to be
a departure from the ordinary meaning of the term,and it seems to give
large as prior applications against the quotas will permit, and will proceed it a
special sense in contradiction to customary usage. Immigration is
at the maximum rate allowed by the law. Before expiration of the time generally
considered to involve a change of domicile, and no other instance
specified in Order Number 86, within which aliens of this class must present is known in which
persons who retain in full their legal domicile and citizenquota visas, it will probably ne found that all who have hitherto held border- ship
in one country, at the same time treated as immigrants to another
crossing permits issued to them by the Department of Labor since the quota
country. In the view of His Majesty's Canadian Government the intersystem became effective will not, by reason of the numerical restrictions pretation
of the term "immigrant" carried out in the practice which has
of the quota law, be able to receive immigration visas.
been in force between Canada and the United States for many years Is emiShould this prove to be the case, I shell be glad at once to request the nently
fair and reasonable.
Secretary of Labor to allow further time in which these people may gain
The laws of Canada make no distinction between citizens of Canadian
S status in conformity with the law, and the Secretary has already assured
birth and those of British or foreign birth who have acquired citizenship
me any such request will receive the most sympathetic consideration
by domicile or naturalization, just as the laws of the United States made no
possible.
distinction between native born and naturalized citizens. Unless some
Meanwhile, I shall be glad to confer with you whenever you desire it and
modification is made now or later, the effect of this order will undoubtedly
I am directing the officers of this department to keep in touch with your
be to exclude from the United States a very large majority of these 4,909
legation and to continue their studies of the subject, with a view to clearing to 6,000
Canadian citizens, who will be unable to secure quota visas before
away, so far as can be done under existing law, all difficulties and dissatis- Dec.
1 1927. The number of persons seriously affected is a very small
faction in regard to border crossing. Should these studies indicate that
proportion of the population of either Canada or the United States, but in
there are difficulties inherent in the law which tend to affect adversely the
the Windsor area it represents a very substantial percentage of the populatraditional friendly relations between Canada and this country, I shall make
tion of all ages, probably about 15%. In this area, particularly, the
it a point to have the matter brought to the attention of the Congress when
sudden dislocation of long established relations could hardly fail to have
it convenes, and the Secretary of Labor assures me he will co-eperate to this
grave results.
end.
Certain exceptions to the operation of General Order No. 86 are madeAccept, sir, the renewed assurance of my highest consideration.
in Section 2 of the order, by which the individuals who come within four
FRANK B. KELLOGG.
specified classes will continue to be admitted upon payment of head tax
Mr. Massey's reply follows:
only. I understand that these exceptions are made to mitigate the hardHis Excellency, Frank B. Kellogg, Secretary of State, Washington, D. C.:
ship caused to individuals who began crossing the border before the passage
to acknowledge the receipt of your note dated May 28 of the Immigration Act of 1927. In Section 3 of the order, all who have
I have the honor
1927, regarding the operation of General Order No. 86 of the Department begun to cross the border since June 30 1927, are given a "reasonable time,"
of Labor of the United States.
not to exceed six months from June 1 1927, within which to obtain inunigra-
JULY 2 1927.1
THE CHRONICLE
tion visas and otherwise to comply with the laws. I am instructed to
represent that for those who have to secure quota immigration visas the
period of six months can hardly be regarded as a "raesonable time," except,
perhaps, in a small number of cases in which the persons' names have for
some time been on the waiting list for quota visas. As you already are
aware it is for those citizens of Canada who have to secure quota visas
numbering probably between 4,000 and 6,000 that his Majesty's Canadian
Government feels an especial concern.
The view of his Majesty's Canadian Government on the general principle
of the order has already been stated. With regard to its particular provisions, it is felt that in equity ample protection should be given to all who
have been in the habit of crossing the border to work irrespective of the
date on which they began the practice either by the extension of the exempted classes in Section 2 or by the elimination of the six months' time
limit in Section 3 or by some other means.
Interpretation given to the Immigration Act of 1924 up to the present
time has encouraged the belief that the daily crossing of the border to
employment in the United States was not affected by this Act. The retroactive aspect of the order in excluding individuals who have been previously
permitted by the immigration authorities to enter the United States cannot
therefore fail to cause ill feeling and to work great hardships.
I shall be glad to accept the invitation which you cordially extend in the
last paragraph of your note to co-operate with your Department in studying
these and other border difficulties and I trust that in consequence a mutually
satisfactory arrangement may be arrived at before long.
VINCENT MASSEY,Minister of the Dominion of Canada.
New York Chamber of Commerce Urges Extension of
Immigration Act to Canada, Mexico, South
America and West Indies.
Resolutions endorsing the Immigration Act of 1924, now
on the statute books of the United States, and urging the
extension of the quota system in the law be, extended to
affect Canada, Mexico, the countries of South America and
the West Indies, were adopted by the Chamber of Commerce of the State of New York at a meeting held on June
23. The meeting was called especially to consider the subject because of the fact that it has been reported that when
the Congress again convenes, it is the expressed intention of
some of its members who represent districts in which alien
Influence predominates, to secure the repeal of the National
Origin provision of the law. This is the provision which
definitely fixes the quotas of immigrants admissible to this
country. The preamble and resolutions follow:
Whereas, The members of the Chamber of Commerce of the State of New
York are advised that alien groups are seeking by political pressure upon
individual representatives of the people to influence the action of Congress
in behalf of special interests of their own, or of the nation from which they
have sprung; and
Whereas, The members of the Chamber of Commerce of the State of New
York believe these activities tend to the perpetuation of race solidarity
and political feuds and jealousies, wholly foreign to our natbnal interests;
and
Whereas, the American people have throughout the history of our nation
accepted immigrants on a basis of equality, one with another and with
themselves; it is expedient that the old and the new stocks be treated on a
basis of this same equality in the apportionment of whatever immigration
quotas may be considered assimilable in the future; and
Whereas, It is illogical and inequitable to apply the quota system to the
countries of Europe whence the bulk of our population has been derived
and leave wide open our gates to immigrants from the independent countries of North and South America and the islands of the West Indies, therefore, be it
Resolved, That the Chamber of Commerce of the State of New York endorse the Immigration Act of 1924, and urges that the immigration quotas
be revised in accordance with the final report of the Committee of Government Experts, and put into effect July 1 1928; and be it further
Resolved, That it is the sense of the Chamber of Commerce of the State
of New York that the quota system embodied in the Immigration Act of
1924 be extended by supplementary legislation to the independent countries of North and South America and the islands of the West Indies; and,
be it further
Resolved, That it is also the sense of the Chamber of Commerce of the
State of New York that authorization by new legislation should be extended
to the Secretary of Labor, to abandon the right of priority of application
admission,
as a basis for admission and substitute therefor, selection within the quotas
visas; and, be it further
among the applicants
Resolved, That it is also the sense of the Chamber of Commerce of the
State of New York that the Secretary of Labor should be authorized by
new legislation, in making the selection within the quotas, to make provision in the selection of heads of families, for the subsequent admission
of the wives and families of the applicant; and, be it further
Resolved, That the President of the Chamber of Commerce of the State
of New York be hereby authorized to take such steps as may be deemed
expedient and proper to bring these resolutions to the attention of the
President of the United States, the Congress and the American people.
Only one voice was raised in objection to the resolution.
This was William Loeb, a representative of the Guggenheim interests, who declared that the extension of the provisions of the law to Mexico and Canada would work serious
hardship to agriculturists as well as to the mining interests
of the Southwest. He declared that these industries depend
in a very large measure upon Mexico for labor supply. The
exclusion of Mexican labor would result in calamity to that
section of the country, he said. Arthur S. Leland offered
an amendment giving authority to the Secretary of Labor
to make selections of heads of families to be admitted immigrants to become citizens within six years and to permit
deportation on ten days' notice. This amendment was voted
down and the original resolutions adopted.
45
Visit of Governor-General Wood of Philippines to
Summer White House—President Coolidge
Favors Civil Control for Islands.
Major-General Leonard Wood, Governor-General of the
Philippine Islands, who arrived at Seattle by steamer from
Manila on June 20, visited President Coolidge at the summer White House in the Black Hills, S, D., on June 23. Despite his impaired health the Governor-General, it is stated,
plans to resume his duties in September. Following General
Wood's visit to the summer White House, it was stated on
June 28 that President Coolidge expects the transfer of the
Government of the Philippines from military to civil control
at an early date. Rapid City (S. D.) advices to the New
York "World," in noting this, added:
The President believes the natives are immeasurably better off under
American rule than they would be if granted independence.
While he has taken a similar position on other occasions, the President's
views have particular significance because of his talk with Major-General
Leonard Wood, Governor-General of the Philippines, at the summer White
House last week.
General Wood believes the islands should be kept under military control
as a strategic outpost in the Far East. Despite his endorsement of the
Wood regime President Coolidge does not agree with the Governor-General
on this point and apparently desires to have his position made plain at
this time because of General Wood's visit and talk with newspapermen.
Views Are Summarized.
The White House position may be summarized as follows:
The President contemplates no immediate change of policy with respect
to the Philippines' administration as a result of General Wood's visit. He
is very much encouraged by the report of condition which General Woods
made.
President Coolidge feels the most important result of the Wood Administration has been that the people have been brought to a realization that
the present American policy there is one which promotes stability and tends
toward greater prosperity.
The people have been urged to show their capacity for self-government
by a careful administration of the Organic Law, the Jones Act, and as a
result 99% of the administration is in the hands' of Filipinos. They hold
the offices and carry on most of the Government.
Sees Advantage to Natives.
The President believes the Filipinos are in the happy condition of having self-government without the responsibility of protection and national
defense usually shouldered by a people who have self-government.
While General Wood was at the lodge, the President discussed with him
the establishment of a central bureau to have charge of all insular possessions. This idea was included in the Governmental reorganization bill
known as the Brown bill, prepared under the Harding Administration, but
not passed.
At that time it was proposed to place the Bureau of Insular Possessions
under the Secretary of State, but Secretary Hughes indicated he did not
care to assume the added responsibility.
While President Coolidge has not given the matter any extended thought,
he believes control should be vested in the Department of the Interior. The
Secretary of the Interior has always had administration of disconnected
territories such as Alaska, public lands and Indian affairs.
Remoteness a Factor.
The President sees a difference with respect to the islands, however, in
that they are less intimately connected with the rest of the country.
In advocating a transfer of authority, the President has no thought of
criticism of the army and navy insular administrations. Since the islands
•came to us out of the war with Spain, he considers it only natural they
should have been administered by the military forces in the beginning.
Civil administration in the islands brew up under military supervision and
has been exceedingly successful under it.
President Coolidge feels, however, that the army and navy were established for military defense of the country and should be relieved of this
added duty by purely civil control.
The President's views are thought to have further significance, in that
they coincide with the Thompson report. It has been understood Canmi
Thompson of Ohio, the President's special commissioner, who investigated
the Philippines situation last year, would succeed General Wood if the latter's health did not permit his return.
Wood's Return Problematical.
Although President Coolidge appears to believe the Goveruor-General will
be able to go back in September, he is about the only one of those who have
seen General Wood since his return who does believe that. General Wood
has the appearance of a man broken in health. It has been hinted the
President has no desire for a discussion of Wood's possible successor at this
time and fears to hinder General Wood's recovery by accepting his present
condition as permanent.
General Wood reached New York on June 28, and on that
date he was quoted in the New ork "Times" as follows:
"I had a very good trip home," he said, "and a pleasant day in Seattle
and two pleasant ones in the Black Hills with the President. I found him
in fine shape and thoroughly enjoying the country. I have made no comment on the third term. That is a matter for the President alone. I will
say that he has given solid backing to our work in the Philippines and has
aided me immensely.
"The islands are in splendid shape. The public order is good, the public
health is first rate and there is a large balance in the Treasury at the
end of the year. The people talk independence without knowing what it
means. The leaders have not told the people what independence means,
espcially what it would man in the way of taxation. For instance, any
break in the present trade relations would spell ruin for the Filipinos, who
now send in their sugar and tobacco duty free. A little group of Filipino
politicians talk independence, but the great bulk of the people, while favoring independence, do not know what it means."
The Governor-General was asked if he would venture a prediction on the
probable length of time needed to fit the Filipinos. for self-government.
He smiled, and the twinkle in his eyes showed again.
"While they want independence, they are not ready for it," he said.
"They are, however, making remarkable progress. But I am not a prophet
and I cannot tell when they will be ready. Certainly we should not turn
46
THE CHRONICLE
them loose before they are ready, for to do so would spell their ruin.
'While sympathizing with their aspirations we must take account of the
.facts.
Colts hlands Prosperous.
"I have never seen the islands so prosperous as they are to-day. The
prosperity of the home country is reflected there and the reason is that
through the President we have got down to a sound basis of economy. The
people in the West seem to be very much pleased with the state of affairs.
"Education in the Philippines is booming. The Filipinos are crazy
about schools. There are more than 1,000,000 children in the schools and
there are 27,000 teachers. English is spreading rapidly and we are pushing
It hard."
The Governor-General spoke against the Government monopoly in sugar
in the islands, citing the war-time experience of the Federal Government
with the railroads. He said he was confident that a future source of great
prosperity to the Philippines was in rubber plantations and sardines, which
were abundant off the island coasts. Only the fear that independence would
be granted to the Filipinos and possible instability result held back capital
for the exploitation of rubber and sardines, he said.
"Money follows the flag," he observed, "and stability in the Philippines
is due primarily to the flag."
Secretary Hoover Acclaimed in Arkansas for Flood
Relief Work—Declares Effects of Flood Are Passing
But Deplores Second Inundation.
Secretary of Commerce Herbert Hoover, who is acting as
Flood Relief Director at the request of President Coolidge,
returned to the afflicted area late last week from Washington. Reaching Little Rock, Ark., Mr. Hoover found himself the subject of a gigantic demonstration in which he was
acclaimeil as the man who had saved the lower Mississippi
Valley. State and national officials joined in the praise
heaped upon the Secretary by the thousands of Arkansans.
Addressing the throng, Mr. Hoover recounted the vast scope
of the disaster in Arkansas alone, where more than 200,000
people' lost their homes and 1,500,000 acres of the finest
crop lands of the State were submerged. The second flood
which visited Arkansas was perhaps more damaging than the
first, Mr. Hoover said. Nevertheless, he indicated that the
effects of the inundation are now passing, the chief problem remaining being that of helping back to self-support
the thousands who lost so heavily. His speech, reprinted in
the New York "Times" of June 27, follows in part:
We have passed the period of the great exodus of refugees. The great
camps upon the borders of the flood, where they were cared for and supported for weeks by the devotion and generosity of their fellow-citizens, are
now being demobilized.
We have passed the period of the return of those hundreds of thousands
from exile tto their desolated firesides to find the labor of months in
planting their fields or years in building of homes destroyed.
We have seen them, in rising hope, turn again to plant anti plow with
such help as their neighbors and we could give to them. And now again
the second flood has returned to many of them to drown their replanted
crops and again destroy their labor. A second time they must begin to
fight for home and a living. That takes courage and resolution. It shows
the fibre of a people who will fight for themselves. They are worth fighting for.
The immediate problem of to-day is, and for the next months to come
will be, to help them back to self-support. It has become doubly difficult. The second rise and the reflooding, while it has had little of the
terrors of the first flood, has delayed the recession of the water until it
is too late to plant the certain and profitable crops. A new and hazardous
program of planting must be adopted. In many ways this second flooding
was the greatest and most far-reaching part of our disaster.
Organize to Fight Malaria.
Nevertheless, these people have the courage to go back and fight it out.
The least we can do is to assure that help that will enable them to win the
fight to retain these homes and farms. The new crop will be a gamble with
nature ; we cannot fully measure our real problem of reconstruction until
after the harvest Next October we must again closely survey the situation
and determine the full measure of the need.
I sin glad to announce that we have to-day settled the plans and provided the resources by which your State Reconstruction Commission and
your county committees will provide the immediate needs of reconstruction—until we can make this revaluation next fall, when the results of the
harvest will be known. I arts certain that they may take heart that the
nation will be mindful of their need.
Another grave phase of the problem is that of disease, said Mr. Hoover;
and, referring to malaria, the scourge of the Southern lowlands, he added
that he was sorry to have to say that the flood had resulted in a renewed
spread of this plague. For the battle with malaria and other diseases incl.
dent to the deluge the relief organization is ready, Mr. Hoover added, and
$1,600,000 is already in hand to begin the fight in this State.
Concluding, Mr. Hoover declared he had no doubt but that the overwhelming sentiment of the nation favors adequate flood control of the Mississippi and its tributaries. It is, he declared, a national problem, and as
such must be solved by Ilse Federal Government.
"A nation," he said, `Isrannot tolerate periodic destruction and the shock
which comes from a repetition of catastrophes such as this, nor can the
cost of flood control fall on those who are now prostrate and who must
bear burdens of losses which it will take years to recover."
[VoL. 125.
%
1
/
ceedings, were entitled to a 72 increase retroactive to
March 1 1927. The decision represented the views of
W. M. W. Splawn, President of the University of Texas,
Chairman, and E. C. Brown, President of the National Live
Stock Exchange of Chicago, who represented the public, and
W. J. Jackson. Chairman of the Executive Committee of
the Chicago & Eastern Iillinois Railway, and J. W. Higgins,
Executive Secretary Association of Western Railroads, representing the carriers. Two members of the board dissented from the majority conclusions, namely, E. P. Curtis,
Secretary and Treasurer of the Order of Railway Conductors, and J. A. Farqueharson, Vice-President of the Brotherhood of Railroad Trainmen. In denying the demands of
the conductors and trainmen the majority members of the
Board declared that the earnings of trainmen in the Western territory were shown to be more than in either the
%
1
/
Eastern or Southeastern district before the 72 increases
in those districts went into effect. It was also pointed out
by the Board that to grant the increase sought, would, according to the contention of the carriers, "ultimately cost
$83,000,000 per year in increased wages, though only about
$12,000,000 is involved in the present arbitration. If this
contention is correct, other things remaining equal, the effect would be to reduce the net earnings of the Western railroads available for betterment and the like below 3%."
Messrs. Curtis and Farquharson claimed that the majority
was influenced by the railroads' contention of agricultural
depression and argued that the same roads in petitioning
the Inter-State Commerce Commission for rate increases in
the Western farming districts introduced evidence to show
that farm conditions had returned to pre-war normality.
The decision affects approximately 75,000 employees, of
which total 25,000 yardmen will receive the increase. The
trainmen affected include conductors, brakemen and baggagemen. All asked for an average increase of $1 a day.
The increase granted to the yardmen involves an annual
addition of approximately $2,500,000 to the payrolls of the
road, as compared with the $12,000,000 additional yearly
costs if the trainmen's demands had been granted. The
decision of the Board said:
The standard rates of pay per mile, per day and per month for conductors, assistant conductors and ticket collectors, train baggagemen, train
flagmen and brakemen, in passenger service, for conductors and brakemen
in local or way freight service, for conductors and brakemen in through
freight service, and for all classes of trainmen parties to this arbitration,
shall remain the same as established by agreement in 1924 and shall not
be increased over the rates in effect on Feb. 28 1927.
The strongest argument advanced by the Order of Railway Conductors
and the Brotherhood of Railroad Trainmen for an increase in wages was
%
1
/
the recent increase of 72 granted to these same classes in Eastern and
Southeastern territory. The record shows that the actual earnings of
trainmen were more in the Western district than in either the Eeastem or
%
2
/
Southeastern district before the 71 increases in those districts went into
effect The average annual earning of train service employees in the
district in 1925 was 7.4% more than for the same year in the
Western
Eastern district; and 6.5% more than for the same year in the Southeastern
district.
The Board finds that by reason of previous wage adjustments the Men in
the yard service are in relatively a much less favorable position as compared with men in train service than they were in 1915.
The Board believes that if there be any difference in character of emplopnent the duties of the yardmen or switchmen are more onerous than
are the duties of the men in train service. In 1915 the wage scales of
both classifications were approximately the same, and now those in train
service receive on an average of about $300 a year more than the men in
yard service.
%
2
/ for yardmen
The standard rates of pay per day shall be increased 71
who are parties to this arbitration. The new rates of pay shall be as
follows:
Car retarder operators, per day, $7.94.
•
Foremen, per day, $7.14.
Helpers, per day, $6.62.
Switchtenders, per day, $5.07.
While the trainmen in the West have an average yearly wage approxi2
/
mately equal to 71% more than the average in the Beast before the in2
/
crease of 71% was granted in the East, the yardmen in the West were not
earning any more on an average yearly basis than they were earning in the
East. The increases in the East and Southeast have had the effect of advancing the actual earnings received by yardmen in those regions above
what would be received without a similar increase to these rendering like
service in the West.
We believe that the trainmen under the present standard wage rates will
continue to earn more money per man employed, on an average annual
%
2
/
basis, than will the yardmen even after this increase of 71 for the yardmen is in effect.
According to the Chicago "Tribune," a table is embodied
in tile arbitration award showing the average revenue a
Federal Board of Mediation Denies Higher Wages to mile in 1926 over 1915. The "Tribune" says this disclosed
Western Trainmen and Conductors—Increase
an increase of 35.19% for the Western district, 69.51 for the
of 7%% to Yardmen.
Eastern, and 41% for the Southern district.
"One reason for this showing is the condition of agriculture in the West,"
The demands of conductors and trainmen on Western
railroads for a wage increase of 72 were denied on June the award explains.
%
1
/
1.-8. C. C. Decision is Cited.
25 by the Federal Board of Mediation created under the
"The Inter-State Commerce Commission a few months ago denied WestWatson-Parker Railroad Act. The Board, however, de- ern lines a 5% increase in rates. In different orders either denying incided that the yardmen. who were also pin-ties to the pro creases in freight rates or reducing rates in the West the Inter-State Coin-
JULY 2 1927.)
THE CHRONICLE
merce Commission has from time to time stated that it gave consideration
to the economic condition of the Western district.
"The gross income of Western lines in 1926 was something more than
$2,000,000,000. The total expenses of operation, including wages, were
approximately $1,800,000,000, leaving enough revenue to amount to a return of something more than 4% on the investment in Western lines."
The Board added that:
To grant this application of the trainmen and conductors, carriers contend, would ultimately cost $83,000,000 per year in increased wages, though
only about $12,000,000 is involved in the present arbitration. If this contention is correct, other things remaining equal, the effect would be to
reduce the net earnings of the Western railroads available for betterment
and the like below 3%.
47
The existing rates of pay in excess of standard rates are increased the
same amount as provided for standard rates. All arbitraries and special
allowances to be increased proportionately.
The award was signed by Judge Grafton Green, Chief Justice, Tennessee
Supreme Court, Chairman of the board. and W. J. Jenks, Vice-President
of the Norfolk and Western Railway, who served as arbitrator representing
the carriers. C. .1. Goff, representing the Brotherhood of Locomotive
Firemen and Enginemen, in a dissenting opinion declined to approve the
wage increases on the ground that they were inadequate.
Working Agreement Terminated Between Brotherhood
of Locomotive Engineers and Brotherhood of
Locomotive Firemen and Engineers.
In commenting on the decision, Messrs. Jackson and HigThe Brotherhood of Locomotive Engineers, in convention
gins, who represented the carriers (we quote from the at Cleveland, announced on June 16, according to the
Chicago "Journal of Commerce"), said:
Cleveland "News," that it had ordered abrogated the workWe have joined in the award of this Board and desire to state briefly our ing agreement with the Brotherhood of Locomotive Firemen
reasons for so doing. It is our opinion that the record would have justified
1913. The "News" also said:
a finding that the wages of all classes of employees before this Arbitration and Enginemen,in effect since
Board are now entirely fair to the men and that the Western railroads are
not in a position to absorb any increases in wage rates. The opinion of the
Board recognizes that in fixing wage rates consideration must be given to
the economic condition of the territory directly affected.
Lower Living Costs West.
This we deem of vital importance in the light of the relatively unprosperous condition of the Western railroads and the necessity of the public
immediately bearing any substantial increases in transportation costs
through the medium of increased freight rates. Lower living costs in the
West than in the East constitute another distinct difference in underlying
conditions.
The case, has been very fully and carefully presented by both sides, and
we know of no similar proceeding where the record has received more earnest and painstaking consideration by the arbitrators than has this. The
case of the yardmen who are on a strictly hourly basis presents some points
of differentiation from that of the trainmen. It is a fact that the preponderance of these yardmen live in the larger cities where rents and other
living costa are higher than in the smaller communities, and it is also a
fact that many of these men are employed in yards that are common between the Western, Eastern and Southeastern railroads. We have recognized the importance of composing differences of opinion so that a definite
award may be made as contemplated by the Act of Congress under which
this Board was created.
Under the Watson-Parker Act, creating the Board of
Wage Arbitration, decisions are final, says the Chicago
Associated Press advices, which added:
The trainmen and conductors, however, have the right to appeal to the
Federal courts. The Parker-Watson Act, passed by the last Congress,
has not been tested in the courts.
Neither party to to-day's award can bring their grievance to the Mediation Board within a year.
From Cleveland, Associated Press dispatches June 25
said:
The decision of the Federal Mediation Board refusing wage increases to
conductors and trainmen west of Chicago will "tend only to destroy arbitration," William G. Lee, President of the Brotherhood of Railway Trainmen, said to-day.
"The decision is an unfortunate one," he stated. "It means conductors
and trainmen on roads in the East and South will get more money for the
same work than conductors and trainmen in the West"
He expressed satisfaction with the increase to yardmen.
Railroad Employees on Roads in Southeastern
Territory Granted Increased Wages.
Rates of pay for firemen, hostlers and helpers of the
twelve larger railroads in Southeastern territory were increased on June 20 by amounts ranging upward to 40 cents a
day, under an arbitration award through the United States
Board of Mediation, according to Associated Press advices
from Washington. It was further stated that the; firemen
received the 40-cent increase per basic day, and the hostlers
and helpers an increase of 35 cents per day. The award
also provided for a minimum daily rate for firemen in
passenger service of $5.60, and that existing rates of pay in
oases of standard rates shall be increased the same amount
as proposed for the standard rates and that all arbitraries
and special allowances shall be increased proportionately.
The Committee on Public Relations of the Eastern
Railroads in its official organ "Railroad Data," June 24,
states that the hearings had been in progress from May 17
to June 1 and adds:
This move by the engineers culminates a split which began last February
between the two brotherhoods. It severs all co-ordinate action of the two
organizations and may lead, it is thought, to jurisdictional rows which
marked relations between the two brotherhoods prior to 1913.
Negotiations probably will get under way immediately, officials say, for
a definite wiping out of the agreement through negotiations carried out
by the brotherhoods with the railroads.
The split between the two bodies was indicated last February when the
engineers failed to act jointly with the firemen on a wage agreement. The
engineers insisted, it is said, that the firemen's wages should be fixed at
approximately 55% of the engineers' wage scale.
It was announced in the Cleveland "Plain Dealer" of
June 17 that spokesmen for the Brotherhood of Locomotive
Engineers declared the previous night that local agreements
would be formed with the Brotherhood of Locomotive Firemen and Enginemen to take the place of the "Chicago
agreement," now abrogated. The paper quoted also had
the following to say:
The general agreement was ordered terminated several days ago and dies
within thirty days of the order, H. E. Wills, Washington, Assistant Grand
Chief Engineer, and one of the official spokesmen for the convention,
explained last night.
•
/n Effect Fourteen Years.
The "Chicago agreement," in effect since 1913, has served to hold the
two unions together in their relations with the railroads. Termination of
the general agreement, however, will work no Ill, Wills said. The "Chicago
agreement," he said, concerned the division of mileage between the old
men and the young men.
"We believe it could be adjusted better in the different localities than in
one national agreement," Wills said.
D. B. Robertson, President of the Brotherhood of Firemen and Enginemen, said his organization had not been notified of the action of the
engineers. "Until we receive such notification, I have nothing to say."
Robertson said.
Others indicated, however, that the engineers' action may mean that the
two bodies will work independently of each other in the future. . . .
It was announced yesterday that arrangements have been completed for
a wage conference between representatives of the Brotherhood of Locomotive
Firemen and Enginemen and Western railroads in Chicago July 7. The
union is seeking an increase varying from $I to $1.25 a day for firemen and
hostlers. Approximately 50,000 men would be affected.
Wage Increases to Clerks, Freight Handlers, Engineers,
Firemen and Shop Laborers on Canadian National
Railways—Wage Demands of Trainmen
Previously Agreed to.
An announcement regarding increases in rates of pay to
,
clerks, freight handlers, stationary engineers, stationary
firemen, station, stores and shop laborers, was made in a
notice issued on June 27 from the office of Sir Henry W.
Thornton, Chairman and President of the Canadian National Railways, according to the Montreal "Gazette," from
which we also take the following:
The increases in rates, the circular states, will be on the following basis
and will be made effective as from May 1 1927:
Monthly rated employees—Three cents per hour, or $6.12 per month.
Of this amount, $5 per month will be given to each monthly rated employee from the effective data hereof, and the balance of $1.12 per month
will be placed in a pool to be used toward bringing certain rates up to the
general level when a final agreement is reached with the employees' representatives. In this connection the rates for freight checkers, eniployed at
points on ex-Grand Trunk lines, will be brought up to the level of rates
now paid to checkers on other portions of the system, and to such rates the
above increases will be applied.
Hourly rated employees—General increase of 2 cents per hour, in addition
In filing their request with the southeastern railroads, representatives of
to which certain minimum rates outlined in the company's offer will be
firemen's brotherhood requested an increase of $I per day for firemen,
the
hostlers and hostler helpers, except on engines weighing 250,000 pounds increased.
Employees of the same classes, but not covered by this or other schedules,
and over on itivers and on Mallet engines, for which classes an increase
who have not received an equivalent increase during the preceding twelve
of $1.25 was requested.
months, will be dealt with in like manner and on the same basis.
Award 35 to 40 Cents More a Day.
The notice states, in part:
The Board awarded an increase of 40 cents per basic day in all road
"Negotiations have been in progress for some time between the railway
service except passenger service. The rates of pay of all other employee management and the committee representing the above classes of employees
and owing to failure to reach an agreement, the matter was submitted upon
were increased 35 cents per basis day.
The firemen requested an extension of the gradation of locomotives in the application of the employees' representatives, to a board of conciliation
service, with an additional increase of 25 cents per day to be applied appointed by the Department of Labor. On April 23 1927 this board subfreight
to each 50,000 pounds over 250,000 pounds on drivers. This request was mitted majority and minority interim reports to the Honorable and Minister
denied.
of Labor, in respect to increase in wages only. After very careful considDaily Guarantee Increased.
eration of all aspects of the case, the company was unable to accept the
The brotherhood requested that the weight on all other power-driven majority award; the committee rejected the minority award.
wheels be added to the weight on drivers of locomotives that are equipped
Offer by Management.
with boosters and total weight used to fix the rates for the respective
"At subsequent negotiations, the management offered three cents per
classes of service. The Board granted this request.
rated employees, on the basis of a general increase of five
. The daily earning guarantee in passenger service was increased from $5.25 hour to monthly
dollars per month to each individual, the balance to be used for bringing
to $5.60 per day.
•
48
THE CHRONICLE
up certain rates to the general level; the management also offered an Increase of two cents per hour to all hourly rated employees, in addition to
the establishment of certain new and higher minimum rates to which the
general increase of two cents would apply."
It is pointed out that the offer of the company is, in the aggregate, very
substantially in excess of the minority award.
"The interim award of the Board of Conciliation," the note states, "was
made to us on April 30 1927, and as the management has no wish to deprive these employees of the increases in rates for a protracted period on
account of being unable to reach an agreement with the committee, the
rates offered by the company will be put into force as soon as the necessary accounting arrangements can be made."
The notice ends by stating that, except as mentioned above, conditions
of the schedule dated Sept. 16 1924 remain in effect.
It will be recalled that on January 13 last a settlement
of the wage dispute between maintenance of way
men, members of railway unions employed on Canadian railways and the companies, was announced
by the Railway Association of Canada. The settlement was
effected on a basis of an increase of 2 cents an hour. Announcement that a compromise settlement of the threatened
strike of 15,000 Canadian trainmen had been reached on
Dec. 3 by the Presidents of the Canadian National and
Canadian Pacific Railways and representatives of the
Order of Railway Conductors and the Brotherhood of Railroad Trainmen had been in a statement issued that day by
the union leaders, in which it was also stated:
The settlement involves varying percentages of increases to the classes
concerned, and is by no means what the employees feel they are entitled to.
Th multiplicity of duties which they are called upon to perform, the fact
that the hazards to which they are subjected are greater, because of climatic
conditions, than employees on railways; in the United States, justify demands for higher pay.
Sir Henry Thornton and E. W. Beatty also gave out a
statement regarding the compromise reached, in which they
said "a basis has been reached which involves concessions
to the employees, though not as extensive as asked, and the
companies have reasserted their position that the United
States basil; of rates shall not be accepted by reason of the
fact of their existence in the United States for application
on Canadian railways."
Conductors, trainmen and yardmen on Canadian railways
voted overwhelmingly on Nov. 23 in favor of a strike to support their demands for increased wages. The action followed the announcement on Oct. 31 of the findings of the
board appointed to arbitrate the wage dispute between conductors, trainmen and yardmen of the Canadian Pacific and
Canadian National Railways. The majority report, signed
by Justice Hugh T. Kelly of Toronto, Chairman of the
Board, and by Isaac Pitpaldo the representative of the railway companies, recommended that there be no increased
wages. A minority report, bearing the signature of David
Campbell of Winnipeg, representing the employees, recommended among other things, an increase of 6% in the wages,
which had been sought by the Canadian rail employees to
bring their wages to a level with those of American trainmen and conductors. Following the strike vote the reopening of negotiations resulted from mediatory measures proposed by the Government. The following is the joint statement issued Dec. 3 by Sir Henry Thornton and E. W. Beatty
for the Canadian railways, and given in the Toronto "Globe":
The public will be aware that during the late war the compensation paid
to railway employees in the United States and Canada was materially increased in 1918 under the "McAdoo award," conditions in both countries
at that time being substantially similar. After the pressure of war, reductions in wages were made in both the United States and Canada. In
October 1923 railway employees generally in Canada and the United States
petitioned for increased compensation, which was almost universally granted
In the latter country. It was felt by the Canadian Railway Administrations
that conditions in the two countries had diverged and that insufficient
justification existed for an increase here. Accordingly, the requests were
declined.
In fairness to our railway men it must be said that they accepted this
decision, and, although a certain agitation continued, it was not prosecuted
seriously until within the last few months, at which time the conductors
and trainmen employed on the lines of the respective companies energetically
pressed that wages in Canada be advanced to the same general level as that
previously established in the United States. This request was again declined by the Canadian railway companies, chiefly for the following
reasons:
•
Living Costs Less in Canada.
1. The cost of living in Canada was less than in the United States, and
had decreased in the former, but increased in the latter.
2. The earning capacity, under existing circumstances, of neither of the
two companies justified the additional expense involved, and compared
unfavorably with that of the major lines in the United States.
8. Freight rates in Canada were substantially lower than similar rates
in the United States.
The statutory Board of Conciliation and Investigation was invoked and
the case for both the men and the companies was examined in much detail.
The decision of the board was in favor of the railway companies. The
arbitrator representing the men, however, filed a minority report supporting their requests.
Following the decision of the board, the appropriate officers of the
employees' organizations notified the two companies that the employees
involved preferred to withdraw their services rather than continue under
existing rates of pay.
[vol.. 125.
Government Intervenes.
At this juncture the Government, having regard for its responsibilities
to the public, through the Minister of Railways, represented to us the
necessity, if at all possible, of avoiding a dislocation of transportation services to the public, and urged upon us the serious situation which was
impending. The responsibility was such that we felt compelled, notwithstanding the award in favor of the companies by the only tribunal which
can be constituted under the present Canadian law, to reopen negotiations
with the employees with a view to ascertaining whether some basis of
compromise could not be reached.
A basis has been reached which involves concessions to the employees,
though not as extensive as asked, and the companies have reasserted their
position that the United States basis of rates shall not be accepted by reason of the fact of their existence in the United States for application on
Canadian railways.
The increases granted to the conductors and the trainmen will inevitably
force the railways to take up the question of the adjustment of the rates
of pay of other classes, many of whom have already brought their demands
to the attention of the managements. The very large numbers of employees
affected will inevitably mean that the operating costs of the two railways
will be substantially increased.
In the consideration of questions of such national importance, the responsibilities resting upon the executives of the Canadian Pacific and the
Canadian National Railways are grave indeed, especially having regard
for the fact that they are confronted with applications for freight rate
reductions which, if granted, would seriously affect their gross revenues,
and also with the distress and direct national economic loss that would
inevitably follow in the train of an industrial war which might conceivably extend beyond the limits of those who had determined to abandon
their posts.
Best Solution of Trouble.
It is generally admitted that the Dominion of Canada is now emerging
from the effects of the Great War, and has entered upon a period of steady
and progressive prosperity. To halt such an advance and turn back the
march of prosperity would be nothing short of a national catastrophe. Accordingly, after careful and anxious consideration, the executives of the
two railway companies concluded that, having regard for all of the circumstances, the welfare of the Dominion will be best served by the compromise which has been reached.
It is proper to say, however, that the executives of the Canadian Pacific
and Canadian National Railways feel that they are justified in asking the
public of Canada to have due regard for what may be called the railroads'
"cost of living," and which will undoubtedly vary from period to period,
with changing circumstances, most of which are in effect, largely beyond
the control of the railways themselves. Both companies have endeavored in
the last few years to improve their position by reduced operating costs to
the fullest extent consistent with safe and efficient operation, and they
are satisfied that they are giving to the nation a transportation service
which compares favorably with that given in any other country, and that
they have done in spite of the fact that their rates and earnings per mile
are materially lower than those of the United States railways.
We think that people of Canada should now realize that the service rendered by their great transportation companies merits sympathetic consideration in the protection of such revenues as will permit both companies to
fulfill their responsibilities to the public in the safe and expeditious
movement of traffic, together with the provision of those increased facilities which are necessary to keep in step with the progress of the nations.
The following is from the New York "Evening Post" of
Dec. 8:
New scales of pay,raising the 15.000 conductors, trainmen and switchmen
on the railroads of Canada up to the levels paid on American systems prior
to the recent award of arbitration here, formed the basis of the agreement
under which officers of the Brotherhood of Railroad Trainmen(and of the
Order of Railway Conductors, withdrew their threat to order a peaceful
withdrawal from work on the railway lines of the Dominion, it was learned
t•
here to-day.
The effect of the agreement is to give the Canadian trainmen a general
Increase of 5%,comparable to that first granted by the New York Central
and later by other carriers generally in the United States in 1923 and 1924.
The new Canadian agreement did not provide for the daily guarantee under
which minimum rates are fixed for a day's work, including overtime_compensation.
S. Davies Warfield Sees Railroads Reaching Dilemma—
Valuation Problem Traffic Will Not Bear
High Rates—Security Holders
Demand Legal Return.
Valuations of the railroads by the Interstate Commerce
Commission for rate making purposes, now nearing completion, will place the carriers between"two horns of a dilemma,"
creating a problem for which no solution has yet been offered,
S. Davies Warfield, President of the Seaboard Air Line
Railway Company, points out in the road's annual report
made public June 27. The Commerce Commission valuations
are not acceptable to the railroads, who be ieve they will be
substantially increased when the United States Supreme
Court establishes the basis upon which railroad values shall
be computed. "Should the decision of the Court result in
greatly increasing the value of railroads beyond that indicated under the methods employed by the Commission,"
declares Mr. Warfield, "railroad rates that may be required
to yield a legal,percentage return and set the increased value,
may be higher than the traffic of the country can bear."
He added:
"While it is tree that Section 15A of the Transportation Act permits the
Commission to fix the return that railroad rates shall yield OD the aggregate
value of their properties (now
%), if the rates made should yield a
%, those who own securities of the railreturn substantially less than
roads may claim that such rates were confiscatory, and that the court
would allow them not less than 5,i %•
"So the railroads would be between two horns of a dilemma. (a) the
necessity of maintaining railroad rates which vvould not adversely affect
business. and (b) that should rates be made that would not adversely
affect business, they might yield a return on the value of railroad property
upon which securities have been issued that might be claimed below the
JULY 2 1927.]
THE CHRONICLE
legal rate of return which the owners ofsuch securities are entitled to receive.
"The membership of the Interstate Commerce Commission is nearly
evenly divided for and against the methods now being employed in valuing
railroads, and knowing that this method must go before the United States
Supreme Court, with the decision of the Court thus far inclining toward the
position taken by the minority members of the Commission in their report
on the O'Falion case, the public shows little interest in the value of railroad
properties announced by the Commission. This state of mind is due to conviction that the policy adopted by the majority members of the Commission
in respect to valuation may be reversed by the Supreme Court. The
Supreme Court's decision is, therefore, awaited with much interest.
"It may be necessary that the situation be met in a manner which I hope
to discuss after the United States Supreme Court shall have acted on the
facts that have been or will be submitted to the Court."
Consolidation of the railroads, which is claimed by many
to be a panacea for their rate ills, will not, in the opinion of
Mr.Warfield, help conditions in the least, nor does he believe
that the economies claimed for consolidation will be effected.
He says in his report that "the consaidation of railroads of
the country into a few large systems will not help the conditions mentioned, for when railroad stocks are acquired for
control prior to consolidation, if we are to judge the future
by the past, the prices to be paid must necessarily add greatly
to the capitalization of the larger systems. While railroad
rates are to be adjusted to yield a return on the value of a
group of railroad properties, the percentage return must be
sufficient to enable a railroad to market the securities issued
by it, pay jute est on its bonds or other securities issued,
and dividends on its stook,particularly when used in financing
its needs."
Mr. Warfield asks "Will Congress encourage a scramble
in the stock market by promoters to gain control of a railroad
and promote large commissions to those who are interested
in consolidating such properties into the large consolidated
systems by enacting legislation that will encourage such policies, particualrly where the economies stated as possible are
not attainable? So that any proposed legislation by Congress
will doubtless have opposition, not alone because of these
considerations, but because the business of the country
has been built up by the railroads under competitive conditions which will be disturbed should great aggregations of
continuous railroad mileage be sought under the plan of large
consolidated systems, such as are under discussion."
Luncheon Tendered By New York Cotton Exchange
to "Good-Will" Delegation From Texas—Governor
Moody of Texas and Gov. Smith of New York
Among Guests—Clarence Ousley Urges
Stability of Agricultural Industry.
New York State and Texas, through Gov. Alfred E.
Smith and Gov. Dan Moody, on June 29 pledged friendship
and co-operation at a luncheon tendered to the Texas
"good-will" delegation by the New York Cotton Exchange
and a number of bankers interested in the financing of the
Texas cotton crop, which was held at the Whitehall Club.
The delegation headed by Governor Moody and composed
of approximately 125 business and professional men of
Texas, arrived here on their "good-will" mission on June 28.
The Governor and his party were entertained in Philadelphia
on June 30 by business men of that city, at which time they
were welcomed by Governor Fisher of Pennsylvania and
Mayor Kendrick. Their schedule included a visit to
Washington where they will inspect the cotton marketing
and research operations of the Bureau of Agricultural
Economics of the Department of Agriculture. At the
luncheon of the New York Cotton Exchange on June 29
Gardiner H. Miller, Vice-President of the New York Cotton
Exchange presided in the absence of President Samuel T.
Hubbard, Jr., who is away on vacation. There was about
200 persons at the luncheon, including officials from many
of the prominent banks, members of the exchange and the
guests from Texas. E. P. Swenson, Chairman of the board
of the National City Bank, the first speaker, credited Gov.
Moody with being responsible for the great forward strides
Texas was making. Clarence Ousley, ex-Assistant Secretary
of Agriculture in the Wilson administration, said the south
appreciated the services the New York Cotton Exchange
renders. "There are still some evils in the cotton industry,
as in other industries, but everybody knows that for every
bale of cotton sold short, a bale is bought." He said "the
decline in the stock market in the past ten days" was due
to the fact that the reduced purchasing power of the cotton
belt and the corn belt was now making itself felt. Mr.
Ousley pleaded for a stabilization of the agricultural industry.
"It was not unsound for the government to stabilize the
banking industry," he said. "We used to have panics in
that industry until we exercised the power of government to
49
prevent them. We should apply the same remedy to
agriculture."
Gov. Smith was given an enthusiastic reception when he
arose to speak. He said that co-operation between the States
was essential to the development of the individual States
and to the nation. He referred to the co-operation between
New York and New Jersey in port development and the
vehicular tunnel and with the State of Vermont in the construction of the Lake Champlain bridge. "There is great
opportunity for co-operation between the States in the joint
development of roads, of water power and electrical energy,"
he said. "New York wants to co-operate with all States."
Gov. Moody said it wasn't necessary to tell New York
that the people in Texas didn't have horns, nor wasit
necessary for Texans to come here to learn that Wall Street
was not 'a place of wolves with gnashing teeth." "Trading
conditions in New York and producing conditions in Texas
make for a strong inter-relation between the two States,"
he said. "The thought I want to leave with you tp-day
is that Texas wants the best of fellowship, the best of feeling
commercially, the best price obtainable for her products
and economic freedom for large producers of the South,
especially Texas, to exist between New York and Texas."
Gov. Moody and his party earlier in the day visited the
trading floor of the Cotton Exchange. In welcoming
Gov. Moody and his fellow Texans, Vice-President Gardiner
H. Miller said that it was the first time a Governor of
any State had officially visited the Exchange. Gov. Moody
remarked that Texas raised some cotton and that some
of the members of the Exchange had asked him how large
a crop Texas was going to produce this year. "I see that
you have more information right here than I have," he said.
"However, I might say that I expect a lean year, a small
crop and high prices," he continued. "Seriously speaking,
however, I do appreciate the hospitality of the New York
Cotton Exchange and am glad to meet so many cotton men
here who hail from Texas. We will be glad to welcome you
back there at any time, but I am afraid we cannot promise
you as big a market as you have here." Trading was
suspended for three minutes, from 11.18 to 11.21 a. m. At
the conclusion of Gov.Moody's brief address, the delegation
left for the New York Stock Exchange, after which they
went to the Whitehall Club.
Charles A. Peabody Retires as President of Mutual Life
Insurance Co.—D. F. Houston His Successor.
At the monthly meeting of the Mutual Life Insurance Co.
of New York on June 29, Charles A. Peabody, after a service
of twenty-two years as President of the company, resigned
and the board of trustees after passing a resolution of appreciation of Mr. Peabody's long, able and efficient service,
accepted his resignation with regret. The board then proceeded to elect a successor to Mr. Peabody in the person of
David Franklin Houston, financial Vice-President of the
American Telephone & Telegraph Co. and President of the
Bell Telephone Securities Co. Mr. Peabody, who is in his
seventy-ninth year, although in excellent health, has long
contemplated retirement from active business and some time
ago requested the board to find a successor. Mr. Peabody's
resignation becomes effective and Mr. Houston assumes the
duties of the Presidency on Sept. 1.
Mr. Houston was Secretary of Agriculture in the Cabinet
of President Wilson, 1913-1920; Secretary of the Treasury,
Feb. 1920-March 1921, and Chairman of the Federal Re-March 1921. He
serve and Farm Loan Boards, Feb. 1920
is a director of the New York Telephone Co., Southwestern
Bell Telephone Co., a director and member of the finance
committee, Prudential Insurance Co., of America, director
of the Farmers' Loan & Trust Co., and trustee of the Institute of Economics, Washington, D. C. Mr. Houston was
born in Monroe, Union County, N. C. His college degrees
include A.B., S.C., College, 1887; A.M., Harvard, 1892;
LL.D., Tulane, 1903; Univ. of Wisconsin, 1906; Yale, 1913;
Univ. of Missouri, 1914; Harvard, 1914; Rutgers, 1919.
Brown, 1919; Univ. of North Carolina, 1922. He was a
tutor in ancient languages and graduate student in South
Carolina College, 1887-88; Superintendent of City Schools,
Spartansburg, S. C., 1888-91; graduate student in political
science, Harvard, 1891-94; associate, professor of !political
science, 1894-1902; and dean of the faculty, Univ. of Texas,
1899-1902; President of the Agricultural and Mechanical
College of Texas, 1902-05; President, Univ. of Texas, 1905-08;
Chancellor, Washington University of St. Louis, 1908-16.
Mr. Peabody had been president of the company since
the insurance investigation in 1906 and had represented the
Astor interests in this country for many years.
50
THE CHRONICLE
ITEMS ABOUT BANKS, TRUST COMPANIES, &C.
The New York Stock Exchange will be open to-day
(Saturday) the petition to close so as to afford members a
three-day holiday over the Independence holiday on Monday,
July 4, having been denied. In addition to the Stock
Exchange, the New York Curb Market, the Cotton Exchange, the New York Produce Exchange, the Chicago
Board of Trade and the New Orleans Cotton Exchange will
be open. Regarding other markets the "Sun" of last night
(July 1) said:
The New York Coffee and Sugar Exchange, which is closed every Saturday during the summer months, will remain closed, as will the Rubber
Exchange, Inc., and the Cocoa Exchange. The Winnipeg Grain Exchange will remain closed to-day and to-morrow in celebration of the
sixtieth anniversary of Canada's status as a dominion with national self
government. The Winnipeg Exchange, however, will be open Monday.
The New York Cotton Exchange membership of Arthur
Card was reported sold this week to Homer W.0 vis for
another for $28,500. Last preceding sale was at $30,000.
[VOL. 125.
occupy the two floors immediately above. The next fewfloors will be devoted to the foreign department and the
Chase Securities Corporation. The balance of the first
12 floors will in all probability be required for the clerical
force of the bank, which is organized into some fifty
departments. At the sixteenth floor there occurs the first
setback, and space in this and the floors above will berented for general commercial use. The thirty-fifth and
thirty-sixth floor near the top of the building will be
reserved for dining rooms for the officers of the bank.
The increase in total resources of the bank during the
past half century has been approximately from one million
dollars to one billion dollars. The building now underconstruction will be the sixth home of The Chase National
Bank. This represents a change of policy on the part of
the bank, it having never owned a home of its own. The
first business of the bank was carried on at 117 Broadway, where the bank opened in September 1877, and
later at 104 Broadway, where it moved January 1878. The
third home was at 15 Nassau Street, where the bank moved
In May 1887. In this same building was located the New
York Clearing House. The business of the bank grew
so rapidly that is was necessary to rent additional space
on Pine Street before the next move in December 1895, to
the new Clearing House Building at 83 Cedar Street.
Twenty years found these quarters outgrown and the bank
rentin4 additional space on Liberty Street before the
fifth move was made in January 1915, to greatly enlarged quarters, at 57 Broadway.
Albert H. Wiggin,
Chairman of the board of the bank, under whose leadership the Chase has made such great strides, is taking a
personal interest in the plans for the new building. A
building committee headed by Reeve Schley, Vice President, is working in conjunction with James T. Lee, 25
West 43d Street, New York City, on the new home of the
bank.
Detailed plans and the architect's drawing of the new
thirty-eight story home which the Chase National Bank
of the City of New York will build in the heart of the
downtown financial district were made public on June
26 by Albert H. Wiggin, Chairman of the board of
directors. The erection of this new home, which will be
the sixth since the founding of the Chase National Bank,
marks the Fiftieth Anniversary of the institution. The
new building has been planned to solve the problem of
space for many years to come. Of the thirty-eight stories,
the bank will occupy the first twelve stories above the
street level, in addition to that part of the building below
the street level, which will contain modern vaults, and two
floors in the tower. Workmen are already laying the
foundations for the bank and office building which will
occupy a site in the block just north of the Sub-Treasury
building, one block south of the Federal Reserve Bank
Building and close to the New York Stock Exchange, the
According to an announcement by Lyman Rhoades, ViceJ. P. Morgan & Co. building and other famous landmarks President of the The Equitable Trust
Company of this city,
in the Walt Street district. Located on Nassau Street, ten floors of the company's new
building now nearing comextending from Pine Street to Cedar Streets, the new pletion on Broad Street, opposite
the Stock Exchange BuildChase building will be a vast pyramid of steel, stone and ing, will be vitaglazed so that the
ultra-violet rays of sunbrick towering 478 feet above the sidewalk. The property, shine may be diffused indoors. "Not only will
our company's
which is assessed at some $5,000,000, is "L" shaped, run- quarters in ten floors admit the health rays
of the sun
ning 160 feet on Cedar Street, 150 feet on Nassau Street, through this special glass, but it is probable
that eight
and 94 feet on Pine Street. Graham, Anderson, Probst floors of the Wall Street wing will employ
it," states Mr.
and White are the architects
Rhoades. He added:
The general form of the building was determined by
"We are told that our installation is the first instance in this
the shape of the property and the setback ordinances country where a skyscraper office building will utilize the scientifically.
established health benefit of the sun's vital rays, although London
of the City of New York. The form thus developed was bankers
are said to have been profiting from similar installations
suggestive of the stepped pyramids built in Egypt and for sonic time.
"If the exigencies of business rob the men and women employed in
the architectural detail on the exterior is worked out
with this Egyptian influence in mind. The rectangular it of natural physical benefits and if science perfects means for returning the stolen goods, it seems to us to be the duty of business to
portal, which marks the main entrance to the bank, will admit the theft and to make amends through accepting the contribube framed with an architrave of carved marble forming, tion of science. We know that office workers do not have enough
opportunity
by means of replicas of coins in bas relief, a symbolic rays of the to get out under the sun. We know that the healthful
sun are excluded by ordinary window glass.
picture of the financial history of the world, The influ- best thing that our company can do is to take advantage So the next
of this discovery by an English scientist to bring the vital part of sunshine
ence of the ancient Nile will also be seen on the corners
indoors for maintaining the physical welfare of our thousand or
more
of the building, which will be finished with stone executives and employees while they
work.
sphinxes. The lower stories of the exterior will be of
Mr. Rhoades stated that recent conclusions published
by
Indiana limestone with granite base, above which the main
the council on physical therapy of the American Medical
walls of the building will be of brick, trimmed with Association
assured his organization that vitaglass, even
stone and terra cotta.
In winter in this latitude, will bring in enough of the sun's
The main entrance to the bank will be on Pine Street
health rays to benefit their employees. Results in an Engnear Nassau, with entrances to the building on both
lish school also were cited where, over a period of nine
Cedar and Pine Streets. The main banking room and months,
a group of boys who had studied in a vitaglazed
officers' platform will be raised five feet above the level
room grew taller, put on more weight and enriched their
of the street and will be 134 feet in length, 65 feet
blood in contrast to a similar group of boys who had
in width and 29 feet in height. Just below this room
studied under ordinary window glass. The first group
will be located the paying and receiving tellers, customers
showed fewer absences from school because of illness. "If
securities, brokers loan and other departments. The three
we were to view this move solely as an investment on
floors directly below this will be devoted to extensive
which we selfishly may expect a profitable return,"
convaults. In addition to the vault space necessary to concluded Mr. Rhoades; "we are confident that the 375 or
ducting the business of the bank, a vault will be reserved
more vitaglazed windows of our new buildings will give
for customers of The Chase Safe Deposit Co. Coupon
us that return in a newly invigorated personnel and
a
booths and committee rooms, as well as private vaults and
lessened absentee list."
Individual boxes, will be provided. The remainder of
the basement floors will be occupied by storage and meAt a meeting of the directors of the National City Bank
chanical facilities. Nineteen modern elevators will be of New York on June
28, Assistant Vice-Presidents John L.
Installed to furnish rapid transportation within the build- Cross, DeWitt A. Forward
and William J. Noonan were
ing.
elected Vice-Presidents. At the executive committee meetThe directors room and senior executive offices will ing, Douglass B, Simonson, Assistant
Cashier, was apbe located on the fourth floor, and the Trust Department pointed Assistant Vice-President, and William
R. Morriwith its own • vault facilities and reception rooms will son, who is an Assistant Vice-President of
the National City
JULY 2 1927.]
THE CHRONICLE
Co., was also made an Assistant Vice-President of the
bank. The resignation of Vice-President Charles L.
Schenck was accepted by the board. Mr. Schenck was
Vice-President in charge of the operations of the Peoples
Trust. Co. in Brooklyn at the time that company merged
with the National City Bank of New York, when he was
elected Vice-President of the latter institution. He is leaving on an extended vacation abroad and upon his return
will continue as a member of the National City Bank's
Advisory Board in Brooklyn.' Prior to entering the employ
of the National City Bank of New York early in 1919, Mr.
Cross was Deputy Governor of the Federal Reserve Bank
of Kansas City and has previously been with the First
National Bank of Birmingham, Ala. He also served as a
Federal Reserve Bank Examiner in Washington. Mr. Forwar
d
was President of the bank's College Training Class
in 1916
and his entire business career has been with the
National
City Bank of New York. He was active in the
flotation of
the First Liberty Loan and later became a commiss
ioned
officer in the air service. After the war he spent
some
time at the 42d Street branch and when the Peoples
Trust
Co. of Brooklyn was merged with the National City Bank
of New York last year, he was assigned to the
Brooklyn
territory.- Mr. Noonan went to the bank from
the New
York Susquehanna & Western RR. in 1919 and a short
time
later was transferred to the National City Co. He
was discharged from the army as a Lieutenant-Colonel in
1919 and
re-entered the employ of the company; being transfe
rred to
the bank as an Assistant Vice-President in 1925. Since
then
he has been active in the uptown branch work, Mr.
Simonson is the son of William A. Simonson, Senior Vice-Pre
sident and director of the National City Bank of New
York
and is one of the youngest officers in the institution,
having been appointed Assistant Cashier in 1923, when
only 26
years old. He spent part of the years 1919 and 1920
in the
London office of the bank and returned to join the
staff of
the Second National Bank, which was later consoli
dated
with the National City Bank of New York.
Mr. Simonson
was graduated from Andover in 191ti and complet
ed two
and one-half years at Yale, when he left to join
the United
States Army in the Chemical Warfare Service.
Mr. Morrison entered the Foreign Exchange Department
of the bank
as an office boy, and when the Bond
Department was
formed he was transferred to the new departm
ent as an
order clerk. When the National City Co. was
formed in
1916 he became head of the Trading Departm
ent, a position
he has since held.
At a special meeting of the board of director
s of the Seaboard National Bank of New York, held June
30, an increase in the capital stock of the bank from
$6,000,000 to
$8,000,000 was recommended. Subject to the
approval of
the increase by the Comptroller of the Currenc
y and authorization by the shareholders, it is propose
d to offer the
shareholders rights to subscribe to the additio
nal stock
at par, at the rate of one share of new stock
for each three
shares of stock now held. It is the intention
of the directors
to continue dividends on the increased amount
of stock at
the present rate of 16%. The bank also
makes the following announcement:
51
through outright purchase. The merger of the two banks
with Interstate marks another step in the rapid progress the
latter has recorded since its opening eight and one-hal
f
months ago on Oct. 14 1926, when it reported opening day
deposits of $2,693,759 and total resources of $6,596,442. As
a result of the merger the Interstate will have two branches in
addition to the main office at 59 Liberty St. The Franklin
National Bank, at Hudson and Franklin streets, will be operated as a branch serving the various mercantile enterprises in
that section of the city, while the Bloomingdale Bank, at
Lexington Ave. and 60th St., will be operated as an uptown
branch. The complete list of officers and directors of the
combined institutions, effective July 1 1927, is as follows:
George S. Silzer, President; Isaac Alpern, Arthur P. Smith,
Howell M. Stillman, E. Milton Berry and T. IC. Smith,
Vice-Presidents; John J. Quinn and J. Lucas Williams,
Assistant Vice-Presidents; P. C. Beardslee, F. W. Leimbach
and William Lang, Jr., Assistant Secretaries; Zinui C. Oseland and John T. McMahon, Assistant Treasurers. The
board of directors follows:
E. N. Brown. Chairman St. Louis & San Francisco Railway, and
Chairman Chicago Rock Island & Pacific Railway.
Eugene P. Thomas, President United States Steel Products
Co.
De Witt Millhauser, Speyer & Co.
A. Curtin Fetterolf, Vice-President International Mercantile
Marine Co.
John W. Doty, Chairman Foundation Co.
Samuel J. Bloomingdale, President Bloomingdale Bros., Inc.
George S. Miser, President Interstate Trust Co.
William V. Griffin, President Brady Security & Realty Corporat
ion.
Carleton H. Palmer, President E. R. Squibb & Sons.
Ralph Wolf. attorney, Hays, Hershfield & Wolf.
James A. Kenny, Vice-President William F. Kenny as.
John W. Burrows.
Herbert C. Lakin, President The Cuba Co.
Arthur P. Smith, Vice-President Interstate Trust Co.
Albert T. Johnson, Vice-President The Borden Co.
William J. Weller, Secretary & Treasurer Reid Ice Cream
Co.
Arthur P. Williams, President of R. C. Williams & Co.,
Inc.
F. A. Williams, Vice-President Cannon Mills, Inc.
Andrew Wilson, Wm. A. Camp & Co.
Isaac Alpern, President Perth Amboy Trust Co.
As indicated in these columns June 25 (page 3728)
an
agreement has been entered into for the acquisition
of the
Bank of Washington Heights by the Bank of the Manhattan
company of this city, with a view to the merger of
the
former with the latter. President Stephen Baker of
the
Bank of the Manhattan company in a letter to the stockholders under date of June 25, says
This agreement provides that the Manhattan company will issue
one and
one-half shares of new stock of the par value of $100 each
for each share of
the Bank of Washington Heights. The capital stock of
the Bank of Washington Heights consists of 4,000 shares of the par value of
$100 each.
In order to provide the stock of the Manhattan company
to be exchanged
for stock of the Bank of Washington Heights, it will be necessary
for the
Manhattan company to increase its stock from $10,700,0
00, the present
authorized amount, to $11,300.000. Your board of directors
further
recommend that the capital stock be increased to $12.500.
000 to consist
of 125,000 shares of the par value of $100 each. in order that
new stock may
be offered for subscription to stockholders and for other purposes
mentioned
below.
It is proposed by the board of directors, subject to your approval
, that
each stockholder of the Manhattan company of record at 3
p. m. (daylight
saving time) on Aug. 10 1927, or such other date as may be
hereafter determined. including those who have becpme stockholders through
the exchange of stock of the Bank of Washington Heights, be
permitted to
subscribe at $250 per share for new shares of the Manhattan company
, of
the par value of $100 each, in amounts equal to 10% of the existing
stock
then held by them respectively. After the disposition of new
stock as
above provided, there will remain 700 shares which together
with any shares
not used for the purposes above mentioned shall be sold or disposed
of as
your board of directors may hereafter determine.
The directors also approved, in principle,
a plan for the organization of
The present capitalization of your company consists of 214.000 shares
of
an affiliated investment company with power
to make investments which the par value of $50 each. Your board of directors recommend
that the par
are not ordinarily available to a national bank.
The details of the plan value of your shares be increased from $50 each to $100 each by
exchanging
are under consideration. In general, it provides
for the organization of two shares of your present stock for one share of stock of the par value
of
the new company with a capital of approximately
$2,000,000, to be set $100.
aside by the bank for that purpose, without expense
to its shareholders.
The New York Stock Exchange Committee on Securities
The shares of the new company will be deposited
and held for the account
of the shareholders of the bank, share for share,
so that the stock of the has ruled that the rights may be dealt in on a "when issued"
new company will not be independently transfera
ble. If the plan is ac- basis on and after June 30,
dealings therein to be on the
cepted by the shareholders, it is expected that the
organization of the new basis
company will be effected shortly after the
of rights accruing on stock of $100 par. The right to
completion of the proceeding
to increase the stock of the bank.
subscribe expires August
31.
The stockholders of the Franklin National Bank
and the
Interstate Trust Co. of this city at special
meetings on
June 30 approved the proposal of the director
s under which
the Franklin National Bank is merged with
the Interstate
organization. The consolidation took effect
as of the close
of business June 30. Effective as of the same
date, the
Interstate Trust Co. also absorbed the banking
business formerly conducted by Bloomingdale Brother
s Bank. The
consolidation of the three institutions gives
the Interstate
Trust Co. combined resources of $26,000,000,
deposits of
over $21,000,000, capital of $3,800,000, and
surplus of
$1,300,000. • The merger of the Franklin
National with the
Interstate Trust Co. was carried out on a
share-for-share
basis, Interstate stock being exchanged for the stock
of the
Franklin National. The Bloomingdale Bank
was acquired
.
According to the New York "Herald-Tribune" of June 30
A. C. Emery, President of the Hamilt
on National Bank of
New York in a formal statement issued
June 29 said that
"any announcement of negotiations of a merger
of this bank
with the Bank of United States was unautho
rized, and no.
such merger is now in contemplation."
The paper quoted
adds:
The report that merger negotiations between
these two institutions were
under way was published yesterday in the
"Herald-Tribune." It had the .
specific confirmation of C. W. Korell,
Vice-President of the Hamilton
National, to whom the inquiry by this paper
was directed by Mr. Emery.
When asked last night how the two
statements could be reconciled, Mr.
Emery. said:
"There is nothing necessarily contradictory
between the "Herald-Tribune'
story and my formal statement. I cannot
add anything to my statemnt
other than to point out that while merger
negotiations might have been on
Tuesday they might be off to-day."
52
THE CHRONICLE
An increase of nearly $30,000,000 in total assets, or more
than 37%, during the last six months is revealed in the
statement of condition of the Bowery & East River National
Bank of New York as of June 30 1927, made public yesterday.
The resources of the bank now aggregate $108,696,127, as
compared with $79,145,011 at the end of 1926. Deposits
are reported as $93,853,179, as against $67,238,269 on Dec.
31 last, while capital, surplus, undivided profits and
reserves show an increase from $6,574,545 to $6,978,168.
The growth indicated explains the recent decision of the
directors to increase the capital by 10,000 shares, the stock
to be offered to shareholders at $450 a share, $1,000,000 of
the proceeds to be credited to capital account and $3,500,000
to surplus and undivided profits. Stockholders will vote
on this proposal July 26 and with their approval the capital,
surplus, undivided profits and reserves will be increased to
$11,478,168. The Bowery & East River National Bank
now has 16 offices, two branches having been added in
Manhattan and two in the Bronx since the first of the year.
[VOL. 125.
site of the New Equitable skyscraper, in its time was considered one of the city's finest office buildings. Not unti
May of next year will the Equitable's new home be ready
for occupancy. Rising 546 feet above the street level from
a base covering a ground area of 25,000 square feet, the
building will have 38 stories above ground and 4 below.
A massive stepped structure crowning the building will contain an observation gallery, together with tanks, ventilating
apparatus and storage space.
The merger of the Banco di Sicilia Trust Company, 487
Broadway, and the Security State Bank, 2059 Fulton Street,
Brooklyn was approved by the New York State Banking
Department on June 28. The consolidated institution
will continue as the Banco di Sicilia Trust Company; the
Brooklyn bank constituting a branch of the Manhattan
institution. Following the merger the Banco di Sicilia
Trust Company has capital of $700,000—surplus and undivided profits $436,201 and deposits $12,044,605. The
Banco di Sicilia Trust Company is affiliated with Banco di
merger
banking and Sicilia, Italy. Reference was made to the proposed
Howard Frederic Whitney, a member of the
in our issue of June 11, page 3453.
brokerage firm of H. N. Whitney & Sons, 49 Wall St., died
on June 30 at his home in Glen Cove, L. I. Mr. Whitney,
The newly organized Bay Parkway National- Bank of
who was 52 years of age, had been a member of the New York
a charter from the Comptroller
for 25 years and had served for many years Brooklyn which received
Stock Exchange
June 27
of the Exchange. of the Currency on June 9 opened for business on
as a member of the Board of Governors
on Bay Parkway between 66th and 67th Streets. Formal
He was also a director of the Brooklyn Warehouse & Storage
of the bank will take place about July 14. The
Co., McCall Co., McCall Corp., National Biscuit Co., and opening
institution has a capital of $200,000 and a surplus of $100,000.
the Pyrene Mfg. Co., Inc.
The President of the bank is Charles G. Bond. Mr. Bond
is a former Congressman and was the Republican candidate
Andrew F. Patterson has been appointed Manager of the
for Borough President of Brooklyn last fall. The other
Kingsway (London) office of the Guaranty Trust Co. of
Koch; Second
at a meeting officers are: First Vice-President, Gaston
New York. His appointment was announced
Vice-President, Charles Green; Third Vice-President, Samuel
of the Board of Directors held in New York City on June 27.
Rivkin; Cashier, W. R. Wilson. The subscription price
of the stock was $160 per share, $100 going to capital, $50
Major Garrard Comly, banker, and a member of the
to surplus and $10 to organization expenses.
Offices' Reserve Corps., U.S. Army, was drowned in Tuxedo
Lake on June 27. Major Comly was a partner in the firm
The Port Washington National Bank, Port Washington,
of Bacon & Co. and was a director of the Chemical National
New York, has become "The Port Washington National
Bank and a trustee of the Greenwich Savings Bank.
Bank and Trust Co." according to the Comptroller of the
New York Stock Currency.
John A. McElroy, a member of the
Exchange, died on June 25 in Burlington County Hospital,
The comptroller of the Currency announces that the
Mt. Holly, N. J., from injuries received in an automobile American National Bank of Mount Vernon, New York, has
brokerage
accident. Mr. McElroy was a member of the
changed its name, effective June 15 to "The American
firm of J. R. Williston & Co.,5 Nassau St. He was 52 years National Bank and Trust Co. of Mount Vernon."
of age.
The Liberty Bank of Buffalo of Buffalo, N. Y., announces
Joseph P. Ripley, Assistant Vice-President of the Naits President which occurred
City Co. of New York was elected a Vice-President at the death of John A. Kloepfer,
tional
this week. Mr. Ripley On June 18.
a meeting of the board of directors
became associated with the Industrial Department of the
A special dispatch from Buffalo on June 24 to the
National City Co. early in 1925 and in November of that "Wall Street Journal" stated that Rudolph B. Florshem,
year was appointed an Assistant Vice-President.
Vice-President and General Manager of sales of the American Radiator Co., has been appointed a Vice-President of
The stockholders of the Commonwealth Bank of this city the Marine Trust Co. of Buffalo. On July 15 the sales
on June 4 ratified the arrangements for the merger of the executive offices of the American Radiator Co. will be
Montauk Bank of Brooklyn with the Commonwealth Bank moved to New York. Mr. Florshem will remain in Bufthrough an exchange of stock on a share for share basis. falo and will continue as Vice-President of the Radiator
The stockholders of the Montauk Bank on the same date Co. only in an advisory capacity, becoming actively identialso approved the plans whereby it will become a branch fied with the Marine Trust Co on Sept. 1.
of the Commonwealth Bank. The stockholders of the ComThe following changes were made recently In the permonwealth Bank also voted to increase the capital of the
The merger became sonnel of the Old Colony Trust Co. of Boston, according
bank from $1,500,000 to $2,500,000.
hereoperative as of June 4, while the increase in capital went to the Boston "Herald" of June 23: Rollin B. Fisher,
Commonwealth Bank in- tofore Trust Officer was given the additional title of
Into effect June 8. In May the
Vice-President; Mrs. George R. Angus, formerly Assistcroased its capital from $800,000 to $1,500,000.
ant Secretary in charge of the new business section, was
Vice-President; E. Lester Swett, formerly
Completion o' steelwork in the New Equitable Trust made Assistant
Streets was celebrated an Assistant Trust Officer, was elected Trust Officer and
Company building on Broad and Wall
Coulson, Jr., Harold B. Driver,
on June 29 when Arthur W. Loasby, President, drove home Assistant Secretary; John
thirty-eighth and top floor Warren G. Lawson, and Philip A. Scott, formerly Assistthe last rivet, a golden one, on the
made Trust Officers; W. Rayof the skyscraper. Shortly after 11:30 a. m.a special elevator ant Trust Officers, were
with reporters and photog- mond Emerson, Abbott W. Fish, Warwick V. Harris, Alden
bore the official party together
and Eugene G. Whittemore, were elected
raphers to the top of the skeleton structure. In the party H. Maclntyre,
apCooper, Cook, Rhoades, Bates, Assistant Trust Officers, and Ernest B. Dustan was
were Messrs. Loasby,
of the company; pointed an Assistant Secretary.
DeBebian, Egger and McNicol, officers
Mr. Alrich, Trustee; Mr. Livingston of Trowbridge & Livof
The Boston "Herald" of June 23 stated that at a special
ingston, the Architects, and Mr. Horowitz, President the
The new meeting of the stockholders of the Second National Bank
Thompson-Starrett Company, the builders.
30 of Boston the number of directors was increased from
Equitable Trust building was officially started April
the bank, com- 20 to 21, and Raymond Emerson of J. M. Forbes & Co.
1926 when Alvin W. Krech, chairman of
member of the board.
menced demolition of the Mills Building by removing the was elected the additional
occupant of the
first brick. The Mills building, former
JULY 2 1927.]
THE CHRONICLE
On June 24 the directors of two Camden, N. J., banks
voted to consolidate—namely the Camden Safe Deposit &
Trust Co. and the Central Trust Co., according to the Philadelphia "Ledger" of June 25. The proposed merger was announced by Ephraim Tomlinson, President of the Camden
Safe Deposit & Trust Co., and Philip Wilson, President of
the Central Trust Co. The enlarged bank will retain the
name of the Camden Safe Deposit & Trust Co. and both institutions will continue to do business at their present locations until the new building of the Camden Safe Deposit &
Trust Co. now in course of erection at Cooper Street and
Broadway is completed, it is said. It was furthermore
stated that the combined surplus of the merged banks will
be $2,000,000 and combined deposits $20,000,000.
Plans for a 25-story addition to the First National Bank
Building in Detroit have been completed and contracts are
now being let for its construction, according to an announcement made by the First National Bank Building Co. The
addition will augment the bank's present Cadillac Square
frontage by 60 ft., making a total of 247 ft. on Cadillac
Square,66 ft. on Bates Street and 143 ft. on Congress Street,
with entrances on all three streets. Tenants in buildings now
occupying this site—the Normandy and Hermitage Hotels—
were notified to vacate by June 25th, and Peter's Army
Goods store by July 18th, the respective dates set for workmen to begin razing these structures. The First National
Bank Group's plan to provide parking space for bank
customers and tenants of the building has created widespread interest. The new addition, when completed, will
make it possible for customers of the bank and tenants of
the building to drive into this private garage, leave their
cars with attendants, and either pass directly into the
bank's business quarters or take an elevator direct from the
garage to any floor in the building.
Space will be provided for approximately 800 cars on the
first nine floors of the addit on. The garage will be of the
ramp type, with entrance and exit on Bates Street. The First
National Co. of Detroit, the Investment Division of the
Group, will have its executive offices on the second floor and
its general offices on the third and fourth floors of the
Cadillac Square section. The Central Savings Bank will
continue to occupy the entire ground floor and basement as
well as similar space in the addition. Albert Kahn,architect,
who designed the First National Bank Building, has drawn
the plans for the addition to conform in all architectural
respects to the present building. Robert 0. Derrick, who
has designed many garages, drew plans for the garage
section, and Halsey, McCormack and Helmer, Inc., architectural engineers specializing in bank work, served in a
consulting capacity for the banking area.
53
cial National Bank of Chicago, four years later (1909) being
made Vice-President. In the following year (1910) this institution was succeeded by the Continental & Commercial
National Bank, which Mr. Van Vechten represented in the
official connection of Vice-President and director through the
intervening period of seventeen years.
Among his other interests Mr. Van Vechten was director in
the following companies: Fidelity & Deposit Co. of Maryland, United States Gypsum Co., Hanover Fire Insurance
Co. of New York, Nickel Plate Railway Co., BankersCommercial Security Co. of New York, Container Corporation of America, Elgin Joliet & Eastern Railway Co., Lake
Shore & Eastern Railway Co., Goodyear Tire & Rubber
Co., Agricultural Credit Corporation of Minnesota; director
and Chairman of the board,the Cedar Rapids National Bank,
Cedar Rapids, Iowa. He was also a trustee of the Calumet
Trust, a member of the Chicago Board of Trade and held .
membership in numerous clubs.
Funeral services were held Thursday, June 30, at 3 o'clock
in the studio of his daughter Duane, atop the hotel at 1936
North Clark St., Chicago. The services were private and
only a few close friends were present.
An application to convert the Fidelity Bank & Trust
Co. of Memphis into the Fidelity National Bank with
capital of $500,000 was received by the Comptroller of
the Currency on June 17.
Application to organize the Third National Bank of
Nashville, Tenn. with capital of $600,000 was approved
by the Comptroller of the Currency on June 17. Items
regarding the proposed organization of this bank appeared
in our issues of May 21 and June 4, pages 3022 and 3306,
respectively.
The Drovers National Bank of Kansas City, Mo., announces the opening of a bond department under the management of Floyd A. MacDonald, formerly manager of the
bond department of the Peoples Trust Co. of Kansas City.
Randolph C. Harrison, for the past five years an Assistant Cashier in the bond department of the State-Planters
Bank & Trust Co., of Richmond, Va., was promoted to a
Vice-President on June 23, according to the Richmond "Dispatch" of the following day. He will assume his new duties
on July 1. Mr. Harrison, who is one of the best known banking executives in Richmond, was graduated from the University of Virginia shortly before the World War. When
the United States entered the conflict, he joined the United
States army and served in the artillery division overseas
throughout the duration of hostilities. Upon the conclusion
of the war Mr. Harrison entered the employ of the investThe Kalamazoo National Bank, Kalamazoo, Michigan, ment house
of Frederick E. Nolting & Co., Richmond, as a
has changed its title to the "Kalamazoo National Bank & bond
salesman, subsequently joining the institution with
Trust Co." The change, the Comptroller of the Currency which
he is now associated.
announces, became effective June 14.
Ralph Van Vecbten, President of the State Bank of Chicago, and a banker of international prominence, died at his
home in that city on Tuesday of this week,June 28, after
an
illness of several months. Mr. Van Vechten for two decades
was continuously identified in an official capacity with the
Continental & Commercial National Bank of Chicago, and
its predecessor, the Commercial National Bank. In July
1926 he was elected President of the State Bank of Chicago,
which position he was occupying at the time of his death.
He was born at Mattawan, Mich., Aug. 29 1862, the son of
Charles D. and Ada A.(Fitch) VanVechten. His education
was acquired in the public schools of Minneapolis, Mimi.,and
Cedar Rapids, Iowa. At the age of sixteen, in 1878, he entered upon newspaper work in the latter city. At the end of
two years, in 1880, he turned his attention to the field of
banking, entering the banking house of G. F. VanVechten,
which claimed his energies continuously and in which he attained a position of well-earned distinction. He gained his
initial experience in this private bank as a clerk, and on the
organization of the Cedar Rapids National Bank, which succeeded to the business of G. F. Van Vechten in 1887, was
chosen Cashier of that institution. His incumbency in that
position covered a period of eighteen years, and in 1910 he
was elected President of the bank. In 1921 he was elected
Chairman of its board of directors and maintained an active
interest in the affairs of the bank until his death. It was in
1905 that he became Second Vice-President of the Commer-
At a meeting of the directors of the Bancitaly Corporation
(the holding company of the Bank of Italy National'Trust &
Savings Association), San Francisco, on June 27, a 40%
stock dividend was declared, payable to stockholders of
record July 29. Prior to the declaration of the dividend
there were 3,250,000 shares (par value $25) of capital stock
outstanding and in the treasury of the corporation,representing capital of $81,250,000. The 40% stock dividend, therefore, adds 1,300,000 new shares ($32,500,000), making the
number of outstanding shares 4,550,000 and increasing the
outstanding capital to $113,750,000. The directors' action
follows the increase in the authorized capital of the
corporation from $100,000,000 to $150,000,0000, noted in
our issue of June 18, page 2586. Distribution of the dividend
will be on the basis of full shares only. Fractional shares
(we quote in this regard from a special dispatch
from San
Francisco on June 27 to the New York "Times") to which
they (the stockholders) are entitled above the even number
will be turned into the treasury of the corporation, and
in
return the stockholders will be paid for their equity
on the
basis of the closing market price on the San Francisco
Stock
and Bond Exchange on July 30 1927. However, any
stockholders wishing to buy the remaining fraction of the s
.are
rather than accept the cash equivalent may do so by notifying
the corporation on or before July 29 and paying the
balance
within ten days after that date. If such payment is not
made the transaction is cancelled and the fractional
share
will be paid in cash.
54
THE CHRONICLE
[VOL. 125.
ing strong stocks of the day included Collins & Aikman,
THE WEEK ON THE NEW YORK STOCK EXCHANGE.
which gained 534 points; Colorado Fuel & Iron, up 23% points;
stock market
Except for the brisk return on Friday, the
Du Pont,which advanced 33% points, and Houston Oil, which
has been confused and uncertain during the present week. improved 33/2 points. The final tone was good.
Alternate periods of strength, unsettlement and irregularity
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
have characterized the trading with occasional manifestations
DAILY, WEEKLY AND.YEARLY.
of strength in some special issues, but the trend of prices has
generally been toward lower levels. In the early trading on
United
State,
Railroad.
Stocks.
Municipalised
States
stc.,
Number of
Monday, the market slumped badly, though subsequently a
Week Ended July 1.
Foreign Bonds.
Bonds.
Bonds.
Shares.
During the short
portion of the losses were recovered.
$1,296,000 11,509,950
$2,962,000
688,030
session on Saturday price movements were irregular, with a Saturday
1,293,000
2,577,000
7,295,500
2,222,690
Monday
1,096,450
2,428,000
9,054,000
1,399.200
tendency toward slightly higher levels. Baldwin Locomotive Tuesday
2,372.500
644,400
Wednesday
7,209,000
1,390,070
1,069,600
2,006,000
1,388,641
was the strong feature of the day and moved briskly forward Thursday
6,618,000
334,000
1,905,000
Friday
8,490,000
1,343,500
to a new top in all time at 232, though it lost most of its
$5,947,400
Total
8.432,131 $41,628,500 812.584.500
Motors was in sharp demand
gain in the last hour. General
for a time and made a vigorous advance to above 200, but
Jan. 1 le July 1.
Week Ended July I
Sales at
New York Stock
slipped back after this level was reached. Railway shares
1927.
1926.
1925.
1927.
Exchange.
one
were more or less irregular, but Western Maryland had
8,432,131
273,133,035
-No, of shares_
7,506,466
Stocks
223,084.891
of its characteristic upturns to 583%, followed by Chicago &
Bonds.
Government bonds_ _ _
Eastern Illinois preferred, which crossed 67, as compared State and foreign bonds $5,947,400 57,559,250 $175,739,400 $157,305,550 •
336,416,850
451,251,203
12,584,500 13,302,500
with its previous close at 65. General Railway Signal made Railroad di misc. bonds 41,628,500 34.484,000 1,173.984,050 1,135,479,700
a gain of over 2 points to new high ground at 1213/2. Oil
$60,160,400 155,345,750 $1.800,974,650 $1,629,202,100
Total bonds
stocks were especially weak, both Marland and Phillips makDAILY TRANSACTIONS AT THE BOSTON, PHILADELPHIA AND
ing new low records.
BALTIMORE EXCHANGES.
list with little
On Monday a wave of selling swept over the
Baltimore.
Philadelphia.
Boston.
or no intermission throughout the entire session and carried
Week Ended
down to lower levels a long list of active stocks, the losses
Shares. Bond Sates. Shares. Bond Sales. Shares. Bond Sat...
July 11027
ranging from 3 to 16 points. In the number of issues affected Saturday
$26,500;
888
$28,600
8,734
$19,500
*13,382
21,300
3,751
26,900,1
36.606
19,050
*28,471
Monday
the break was the worst of the year, though on the whole, Tuesday
1,850
29,500
24,700'
17,179
25,000
*25,984
of the recent declines. Wednesday
63,100
4,045
36,500
20,560
24,200
*18,421
the losses were not as severe as in some
25,000
1,463
9.3001
11,919
26,550
*19,456
Some of the widest movements were in the high-priced Thursday
973
33,30018.000
6,250
12,000
6,208
Friday
B slipping back 31 points
specialties, Commercial Solvents
12,970 6200,800
111,922 5126,300 101,248 $141,900
Total
to 229 and then rallying to above 234. Houston Oil had a
11,065 $161,100
Prey, week revised 144,456 8168.490 112,525 $174,000
drop of 9 points to 147, followed by a brisk rally of 3 points
* In addition, saes of rights were: Saturday, 232; Monday, 856; Tuesday, 942•
to 150. Missouri Pacific slipped back 3 points, Del. & Hud., Wednesday, 813; Thursday, 1,775.
5 points, Wabash 4 points, and Lehigh Valley and Reading
about the same amount. General Railway Signal moved
against the trend and advanced over 3 points to a new
COURSE OF BANK CLEARINGS.
high at 1243/2. American Smelting declined nearly 4 points
Bank clearings this week will show a decrease compared
and Houston Oil about 6 points. The break in General
Motors was nearly 6 points and carried that stock down to with a year ago. Preliminary figures compiled by us,
based upon telegraphic adviees from the chief cities of the
.
/
193 8
Irregularity and unsettlement again characterized the country, indicate that for the week ending to-day (Saturday,
movements of the market on Tuesday, though several of the July 2), bank exchanges for all the cities of the United
recognizee market leaders were moderately strong in the States from which it is possible to obtain weekly returns will
early trading and recorded gains of a point or more. Some of fall 3.6% below those for the corresponding week last
the specialties were in strong demand, particularly United year. The total stands at $11,138,475,064, against $11,States Cast Iron Pipe & Foundry, which made a gain of 555,492,467 for the same week in 1926. At this centre there
nearly 7 points. General Motors also was in active demand is a loss for the five days of 2.9%. Our comparative sumall through the session and closed with a net gain of 23/2 points. mary for the week is as follows:
Oil stocks attracted considerable attention, especially
Clearings-Returns by Telegraph.
Cent.
1926.
1927.
Phillips Petroleum, which crossed 40, with a net gain of more
iVeek Ended July 2.
than 2 points for Monday's low. Railroad shares were lower, New York
$5,430,000,000 $5,590,000.000 -2.3
-8.3
650,981,059
593,730,661
Chicago
Texas & Pacific receding 4 points, followed by Wabash, with Philadelphia
824,000,011) -14.1
450,000,000
532,0'0 0 -15.5
449,000,000
a loss of over 2 points. Baldwin Locomotive closed with a Boston
+1•4
121,647,073
12:'.01.,,7:.3
Kansas City
-8.5
131,t,00,00,'
119,800,000
net loss of 2 points. On Wednesday, the market was again St. Louis
-0.3
162.80.000
163,402.000
There were some San Francisco
unsettled and without definite trend.
-3.6
147,723,000
153,239,000
Los Angeles
+.i.3
165,635,036
167,284.733
advances among the more active stocks, but nothing especi- Pittsburgh
137,587,430
153,388,659 +10.3
Detroit
-5.0
109,993,121
104,473,915
ally noteworthy. General Motors lost about 2 points in the Cleveland
94,401,412
142,582,367 -33.8
Baltimore
53,847,690 -11.2
47,835,709
early trading, but improved somewhat in the final hour.
New Orleans
trend of prices was generally downward. Thirteen cities, 5 days
On Thursday the
-5.4
$8,024,703,236 $8,481,734,357
-5.9
1,336,768,445
1,257,419,105
A selling movement, concentrating on the motor stocks, par- Other cities, 5 days•
-5.5
Motors, stimulated trading in the forenoon.
$9,282,122,341 $9,818,502,802
days
Total all cities, 5
ticularly General
+6.9
1,736,989,665
1,856,353,723
All cities, 1 day
General Motors was the feature of the trading, opening at
-3.6
111.138.475.064 $11,555,492,467
Total all cities for week
it soon swung back to 1913/2 and finally closed at 195.
196
53% points and
Baldwin Locomotive at one time sold down
Complete and exact details for the week covered by the
ended the day with a net loss of 43% points. Railroad stocks
issue of next week. We cannot
but Southern Pacific attracted consid- foregoing will appear in our
were generally lower
points to above 117, furnish them to-day, inasmuch as the week ends to-day
erable attention and moved forward 2
(Saturday) and the Saturday figures will not be available
the highest peak since 1920. The interesting feature of the
day
Aikman, which shot forward to until noon to-day. Accordingly, in the above the last
industrial list was Collins &
of the week has in all cases had to be estimated.
a record high at 1113%. In the railway equipment stocks,
In the elaborate detailed statement, however, which we
Baldwin Locomotive, General Railway Signal, American
all lost ground. present further below, we are able to give final and complete
Locomotive and American Car & Foundry
-the week ended June 25. For
results for the week previous
Texas Gulf Sulphur closed with a net gain of 3 points. The
and sharp advances were that week there is an increase of 3.5%, the 1927 aggregate
market turned upward on Friday
of clearings being $9,654,468,803, and the 1926 aggregate
recorded all along the line. The outstanding feature of the
the increase
spectacular rise of Baldwin Locomotive, $9,332,504,223. Outside of New York City,
trading was the
as compared with is only 0.3%, the bank exchanges at this centre having
which shot upward 143/2 points to 234,
the cities now according to the
Thursday's close at 21934. General Motors also was in increased 6.0%. We group
and from
a gain of 23% points at Federal Reserve districts in which they are located,
strong demand, and closed with
that it appears that in the Boston Reserve District there is
1973%. General Electric advanced more than 3 points.
improvement of 5.9%, in the New York Reserve District
Railroad shares were not particularly active and except for an
and (including this city) of 5.6%, and in the Cleveland Reserve
the brisk movement in Chicago & Eastern Illinois pref.
'District of 5.8%. The Philadelphia Reserve District has
Chicago & Alton, made little or no progress. The outstand-
JULY 2 1927.]
THE CHRONICLE
a decrease of 6.2%, the Richmond Reserve District of 8.4%,
and the Atlanta Reserve District of 8.6%, the latter following largely from the falling off at the Florida points,
Miami recording a loss of 63.2% and Jacksonville of 29.0%.
In the Chicago Reserve District there is an increase of 4.2%,
in the St. Louis Reserve District of 9.2% and in the Dallas
Reserve District of 0.2%. The Minneapolis Reserve District shows a loss of 8.8%, the Kansas City Reserve District
of 1.7% and the San Francisco Reserve District of 0.4%.
In the following we furnish a summary by Federal Reserve
districts:
Week End. June 25 1927.
1927.
1926.
Federal Reserve Marv.
186 Boston _ _ .12 cities
2nd New York.]1 "
3rd Philadelphial0 "
4th Cleveland__ 8 "
5th Richmond _ I "
6th Atlanta_ _13 "
.
7th Chicago.
__20 "
8th St.Louis__ $ "
9th Minneapolis 7 10th Kansas City12 "
Ilth Dallas
5 "
12th San Frail_ _17 "
$
558.136.502
5,829,400,804
567,935,725
419.506 139
188,180,194
176,560,423
946,051,889
227,551,320
107,969,667
246.429.613
64,177,306
516,660,221
Total
129 titles
Outside N. Y. city
9,861,466.803
4,146,823,563
Camila
31 aillea
292.02.027
Inc.or
Dec.
$
536.297,190
5,331.324,374
605,731,706
396,562,363
203,332,332
193,121.255
907,616,617
208,400,062
118,430,339
249,674,199
64,079,020
517,934,846
1923.
1924.
%
$
+5.9
463,355,428
+5.6 5,189,888,236
-6.2
620,758,449
+5.8
391,475,219
-8.4
199,296,236
-8.6
205,306,692
+4.2
917,463,447
+9.2
196.875,378
-8.8
115,141,269
-1.7
238,760.249
+0.2
58,050,031
-0.4
472,923,344
$
391,379.899
4,546,414,452
548,141,450
343,492,171
169,901,480
152.023.232
821,217,825
177,046,644
99,448,480
203 422,990
50,545,714
410,014,681
9,332,504,222 +3.5 9,065,952,680
4,134,224,206 +0.3 3,987,436,360
7,912,056,008
3,462,794,343
712.568 950 4-139
270 071.288
728 ring 278
We now add our detailed statement, showing last week's
figures for each city separately, for the four years:
Week Ended June 25.
(Waring: at
1927.
1928.
inc. or
Dec.
$
$
%
First Federal Reserve Dist rice-Bosto oMaine-Bangor_
755,735
729.363 +3.6
Portland
3,373,667
3,435,631 -1.8
Mass.
-Boston -- 518,000.000 487,000,000 +6.4
Fall River...
1,872,774
1,633.986 +14.6
Holyoke
a
a
ft
Lowell
1,227,934
1,064,124 +15.4
Lynn
aa
a
New Bedford
944,131
1,534,120 -38.5
Springfield_ _ _ _
4.686,811
5,546,066 -15.5
Worcester
3,613,311
3.466,890 +4.2
Conn.
-Hartford.
13.905,209
13.068,273 +6.4
New Haven _ _
7.272,483
6,425,562 +13.2
25.0.
-Providence
11,781,900
11.660.600 +1.0
N.H.-Manches'
702.547
732,575 -4.1
Total(12 cities)
568,136.502
536,297,190
+5.9
1925.
$
1924.
$
576.590
2,721,066
410,000,000
2,099,022
a
1,140,908
a
1,201.446
5,960,443
3,211,481
14,477,575
6,635.416
11,644.300
683,179
622.309
2.545,958
347.000,000
1,629.837
a
1,174,326
a
1,006,609
5.259,713
3,624,860
11,455,072
8.017.217
10,224,200
819.798
460,356.426
391,379.899
Second Fede al Reserve D strict
-New
N. Y.
-Albany._
4,807,749
5,073,960
Binghamton_ _
1,033,741
974,100
Buffalo
51,543,908
58,336,772
Elmira
1,380,798
1,028,948
Jamestown....
d1,296.137
1.441,980
New York.... 5,508,645.240 5,198,280,017
Rochester
13,215,654
12,044,472
Syracuse
5,405.374
5,645.504
Conn.-Stamford
c4,870.813
4,417,426
N. J.-Montelal
708.897
658.899
Northern N. J
36.494.493
43,422.298
York
-5.2
5,282,606
5,177,262
+6.1
788.300
1,009.600
-11.6
40,042,214
48.200.336
+34.2
883,246
757,308
-10.1
1,357,398
1,001,669
+6.0 5,078,516,290.4,449.261,685
+9.7
13,205,896
10,325.000
-4.3
5.193.933
5.457,534
+10.3
5,655,151
2,906,938
+7.3
512,937
406,281
-16.0
30,090,843
29,290,281
Total (11 cities 5,629.400.804 5,331.324,374
+5.6 5,189,888,236 4,545,414,452
Third Federal Reserve Dist rice-Philo delphi aPa.
-Altoona.__
1,627.599
1.739.878 -6.5
1.518,898
Bethlehem _ _
5,242,688
5,005,948 +4.7 • 4.248,044
1.325.478
Chester
1.678,850 -21.0
1,428,035
2,014,987
Lancaster
1,871,816
+7.8
2.468,652
537,000.000 574,000,000 -6.4 591,000,000
Philadelphia
Reading
4,027,686
3,649,748 +10.4
3,436,220
Scranton
5.720,956
5,790,864 -1.2
5,765.812
d4,131,452
Wilkes-Barre. .
3,918,481
+5.4
4,494,662
York
1,536,814
1,691,259 -9.1
1,652.076
N.J.-1renton..
5.308.067
6,384,863 -16.9
4,746,050
Del.-Wilming'n.
aa
a
a
Total (10616169 I
567,935,725
605,731,706
-6.2
620,758.449
Fourth Fede r al Reserve D istrict--Clev eland
d7,369,000
Ohio-Akron._ ,
6,502,000 +13.3
5,767,000
.
3,889,180
Canton
3,673,079 +5.9
3,359,952
75,756,384
Cincinnati_ _ .
74,004,859 +2.4
71,282,074
_ 125,240,537 110.824.617
Cleveland _ _
+5.9 108,843,200
16.200,590 -0.1
Columbus- . 16,188,400
13,404,500
a
a
a
Dayton
a
a
a
a
Lima
a
1.932.934 +13.3
Mansfield_ _ _. d2,190,247
1,866,039
a
aa
Springfield _
a
a
• Toledo
aa
5,060,823
5,026,680 +0.7
Youngstown._.
4,881,170
a
a
aa
-Erie
Pa.
Pittsburgh_ ... _ 183,811.568 178,397,694 +3.0 182,071,284
419,500,139
396,562,363
1,386,523
3,604,891
1,130.353
2,245,066
521,000,000
2,982,355
5,807.411
3,885.826
1,538,717
4,560.308
a
548,141,450
7,033,000
3,874,216
60,350,144
95,375,216
11,816,500
a
a
1.747,790
a
a
3,639,799
a
159,655.506
+5.8
391,475,219
343,492,171
Fifth Federal Reserve Dist rict-Richm cold
1,227,759
1,415,669 -13.3
W:Va.-HunVfe a
8,272,930 -39.1
d5,038.188
va.-Norfolk_ -- _
44,302.000
44,335,000 Richmond _
0.1
; d2,095,139
2,515,456 16.7
S.C.-Charlesto
12.7
, Md.-Baltimore _ 106,462,668 121.970,437 24,822,840 +9.0
D.C.-Washing'n
27,063,440
1,332,153
6,719,837
50.837,000
2,206,199
112,550,428
25,650,619
1,917,716
6,202.534
48,024.000
2,479.658
89,099,572
22.178.000
-8.4
199,296,236
169,901,480
Sixth FederalI Reserve Dist act-Admit a8,480,486
d9,227.960
+8.8
Tenn.-Chatt'g ,
_
.2,500,000
2.716.000 -8.0
Knoxville_
19.372,714 +4.8
Nashville___ _
20.306,648
_
42.931,702
47,555,005 -9
.7
Ga.-Atlanta
1,521.771 -1.7
1,496,185
Augusta
1,579,057 +0.0
1,674,011
Macon
a
a
a
Savannah _ .
25,577,505 -29.0
18,164,459
r.
10,540,352 -63.2
3,875,000
Miami
22,679,626
Ma.-13Irming' i.
+0.9
22,881,150
1,780.715 -15.8
_
1,499,635
Mobile
1,308.000 -4.5
1,249,220
-Jackson _
Miss.
.
276,722 +72.0
475,923
Vicksburg--49,733,302 +1.1
50.278.530
La.-NeWOrleacLs
6,563,449
2,618,155
17,995,998
56,293,565
1,458,408
1,500,092
a
26.656,560
17,992,822
24.755,635
1,708,918
892,000
246,775
46.624,317
5,608.010
2,496.776
16,351,285
42.375.310
1,138,804
1,232,716
a
13,169,174
2,492,229
20,967.781
1,515,381
1.132,000
188.048
43,355,708
205.306.692
152.023.222
Total(8 cities)
Total(6 cities) _
Total(13 cit. a
186,189,194
178.560 423
203,332,332
193.121.255
-8.6
55
!reek Ended June 25.
Clearings at
1927.
1926.
Inc. or
Dec.
1925.
Seventh Feder al Reserve D strict-Chi cagoMich.
-Adrian _ _
249,586
211,939 +17.8
212,343
Ann Arbor_ _
1,008.050
927,428 +8.7
772.512
181,060,244 179,088,778
Detroit
+1.1 167.789.228
Grand Rapids_
7,541,538
7,223,524 +4.4
7,222,933
Lansing
2,672,419
2,250,975 +18.7
2.765,189
Ind.
-Ft. Wayne
2,501.730
2,940,444 -00.0
2.558.208
Indianapolis_ _
21,122.600
22,905,000 -7.8
15.162,000
South Bend _ _ _
3.436,000 +8.2
3,719.300
2.935,000
4,364,082
Terre Haute_ _ _
4,807,895 -9.2
5,927.399
90s.-2111waukee_
39,716,257
38,690,080 +2.7
36,057,424
Iowa-Ced. Rap_
• 2,500,752 +5.1
2,628.839
2,280,635
Des Moines...
8,857,206
9,434,367 -6.1
9,571,366
Sioux City....
5,330,250
6,041.762 -11.8
6,490,824
1.052,140
Waterloo
1,206.267 -12.8
1,086.713
III-Bloomington
1,466,003 +2.1
1,496,564
1,395.225
Chicago
652,304,565 613,717.016 +6.3 644.485,985
Danville
a
a
a
a
Decatur
1,300,594 -12.5
1,138,055
1.439,400
Pe ale
4,574,325
4,540,391
+0.8
4.368.270
2,622,274
Rockford
2,358.523 +11.2
2,511.982
Springfield_
2,568,879 -18.7
2,091,865
2,430,811
Total(20 cities) 946,051,889 907,616,617
+4.2
Eighth Fedora I Reserve DIs trict-St. Lo ulsInd.
5.716.739 +38.6
7.924,118
-Evansville.
Mo.-St. Louis__ 153,800.000 136,500.000 +12.7
Ky.-LoulsvIlle_ _
33,493,255 33,230,963
OA
243,045 +2.4
Owensboro_ _
248.778
Tenn.- Memphis
18,366,252 +1.9
18,711,985
Ark.
11,865,733
-Little Rock
3.1
12.240,878 15.6
409,818 111.-Jack4onville.
345.850
Quincy
1.430,075 1,423.893
0.4
1924.
187,098
622.273
137,853,008
6.118,855
1,735,000
2,202,014
17,407,000
1,897,600
4,630,438
33.962,921
2.136,609
8,665,337
5.312.255
1,223.803
1,141.495
586,731.882
a
1.156,900
4,113.807
1,968,985
2.150.545
917.463,447
821,217,825
5,549,760
132.400,000
31,313,122
267,329
12.151,572
10,448,038
854,700
1,390,847
4.870.657
120,600,0011
26,822,957
296.99111
13,776.719
9.123.99$
291,002
1.264,171
Total(8 cities) _ 227,551,320 208,400,052 +9.2 198.575,378
Ninth Federal Reserve DM trict-M1one &polls-Minn.
-Duluth__
7.7
7,418,067 6,843,782
7,169.887
M innea _Its _ _ _
74,055,551 -7.1
65.789.977
72,767,557
St. Paul
14.9
30,525,630 25,981,017
22,811,902
No. Dak.-Fargo
1,688,809 +2.3
1,723,440
1.275,833
S. D.
-Aberdeen.
1,557.321 -34.0
1,028,150
1,216,056
Mont.
-Billings
437.772 +16.4
509,701
474,746
Helena
2,747,189 +12.4
3,088.000
2,425,285
177,046,644
Total(7 cities)_ 107,969,6671 112,430,3391 -8.8 115,141,269
Tenth Federal Reserve Die trier-Kane as CityNeb.-Fremont
263.912 +41.7
d374.093
441,046
Hastings
421,019 -24.6
317.409
485.224
Lincoln
4.074,490 +4.5
4,259,418
3,900,543
Omaha
39,289,3281 38.587,015 +1.8
39.653,762
Kan.
-Topeka _
e3,900,7901
3,907,959 -0.2
3.627.647
Wichita
9.899,229 -17.4
d8,166.7751
8,459,894
Mo.-Kan. City - 134,294,723 137,875.764 -2.6 130.745,734
St. Joseph_ _ _ _
d6,591,444
6,475,220 +1.8
7,099,195
Okla.
-Muskogee
a
a
a
Oklahoma City d27,706,073I 26.677,947 :3.9
22,877,094
I
Tulsa
a
a
a
a
Colo.
-Col. Spgs.
961,190
1,023,685 -6.1
1,179,147
Denver
18,426,775
19,495.436 -5.5
19,272,602
e1,141,595
Pueblo
982.523 +16.2
1,018.361
99,448,480
1
Total(12 cities) 245,429.613 249.674,199 -1.7
Eleventh Fede ral Reserve District
-Da IlasTexas-Austin.._ _
1,601,671 -32.1
1,005,660
42,826,735
Dallas
39.529,080 +8.3
Fort Worth_ _
9,309,602
11,625,457 -20.3
Galveston _ _
7.042,000 6,777,000
3.8
Houston
a
a
La.
4,177,309
4.220,812 -1.0
-Shreveport_
Total(5 cities) _
64,177.306
84,079,020
Twelfth Feder al Reserve D istrict-San
Wash.
-Seattle.. _
42,933,027
44,183,388
Spokane
12.244,000
11,708,000
Tacoma
a
a
Yakima
1,018,082
1,283,680
Ore.
-Portland_ _
34,873,945
37,800,557
Utah-S. L. City
17,328.517
17.283.992
Nev.-Reno
a
a
Ariz.
-Phoenix. _
a
Cal.
-Fresno_ _
3,477,251
2,933,706
Long Beach_ _
6.492,619
6.125.209
Los Angeles_ _ - 167,574,000 168,708.000
Oakland
16,538,322
19,099.000
Pasadena
5,608,242
5,434.119
Sacramento_ ....
6,941.48(1
d7,165,740
San Diego_ _ _ 4,832,343
5.018,909
San Francisco_ 187,094,000 183,176.000
San Jose
2,108,120
2,385,743
Santa Barbara.
1,189,133
1,278,523
Santa Monica_
2.460.556
1.909,564
Stockton
2.820.800
d2,468,500
Total(17 cities) 515,560,221 517,934,846
Grand total (120
cities)
9 654.468,803 9,332,504,223
Out91de New York 4,145,823,563 4,134,224,206
Clearings at
1027.
Canada
Montreal
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
Chatham
Sarnia
116,316,505
122,981,414
37,576,631
18,274,372
7,393,000
6,915,524
2,731.328
6,244.599
7.738.879
2,386,404
2,337,879
3.582,823
4,582,332
5,017,501
606.376
529,458
1,961,318
1,211,163
1,264,827
1,078.164
831,024
316,614
836,267
821,438
1,196,055
5.343.711
378,652
870,985
998,122
761.652
847.030
238,760,24
527,803
413,897
3.289,027
34,066,204
3.254,403
6,714,201
112,050,339
5,773,276
a
18.637,595
a
857,185
16,915,241
930,819
203,429,990
1,432.55
37.304,89
9,013.86
6,514,000
a
3,778.719
1,364,122
31,020,920
8,944,793
5,561,004
58,050,031
+0.2
Franc'sco39,784,384
+2.9
+4.6
10,325,000
a
a
-20.7
1,146.097
-7.7
36,331,109
+0.2
16,040.593
a
a
a
a
-15.6
2,562.533
6,024,529
+6.0
0.7 146,090,000
13.4
18,888.188
4.761.060
+3.2
+3.2
8,112,686
-3.3
4,780.888
+2.1 170,582,000
2.085,145
-11.6
1,021,116
7.0
-22.4
1,824.316
-12.5
2,580.700
50,545.714
4.0
472,920,344
54,875
3;
1
37,350,129
9,333,000
a
931,373
32,643.289
15,242.447
a
a
2,484,962
5.818,166
127,131.000
14,332,215
4,874.467
6,621.362
3,372,501
143,100,000
1,836,506
884,217
1.043,647.
2,115,400
410,014,681
+3.5 9,065,952,650 7,912,056,008
+0.3 3,967,436,360 3,462.794,343
Week Ended June 23.
Inc. or
1925.
Dec.
1926.
$
99,504,995
97,844,002
46,120,647
17.040,014
6.937,066
4,583,706
2,626,094
5,576,801
6,796,669
2,821,246
2,202,618
3,133,926
4,394,461
3,789,425
607,960
418,961
1,910,885
1,277,776
1,140.726
1,114,319
822,791
279,763
886,997
694,318
899.757
4,093,141
339,736
916,003
787,147
530,157
668,604
6,638.376
62.141.469
26,620,431
1,226,732
1,101.214
399.477
2,320.161
%
+16.9
+25.7
-18.5
+7.2
+0.6
+50.9
+4.0
+12.0
+13.9
-14.7
+6.1
+14.1
+4.3
+32.4
-0.3
+26.4
+2.6
-5.2
+10.9
-3.2
+1.0
+13.2
-5.7
+18.3
+32.9
+80.6
+11.5
-4.9
+26.8
+43.7
+26.7
$
76,611.772
87,546,087
38.395,550
14,793.412
6,539.990
4.240,040
2.351,110
5,240,483
6,543,284
2,290,749
1.846,166
3,053,288
3,992,706
2,949,820
492,458
475,178
1,389,978
1,043.972
978,586
688.496
618,836
247,600
787.108
659,536
939,532
3,595,220
289,939
774.516
718,556
1925.
$
90,971,844
77,907,680
52.712,034
16,561,363
6,660,522
4,700,832
2.539,272
4,715.352
6,832,560
2.233,899
1.759.142
2.632,403
4,028,131
2.771.034
450,708
409.706
1.381,565
978,809
703,304
709,597
531,128
284,576
680.227
1,598,407
776.735
2.868.035
258,556
794,892
576,565
Total(31 cities) 363,932.027 319.566,950 +13.9 270,073,966 290,006.878
a No longer report clearings. b Do not respond to requests for figures. c Week
ended June 22. d Week ended June 23. e 55eek ended June 24. • Estimated,
THE CHRONICLE
56
[VOL. 125.
Some anxiety has been felt owing to the delay of the Indian Monsoon.
THE CURB MARKET.
The seasonal rainfall has been satisfactory ever since 1907, when a similar
Selling pressure in beginning of the week caused sharp tardiness was followed by grave insufficiency of rain. Reuters have been
good enough to hand us a copy of a telegram received by them to-day
declines in Curb Market securities and while there was some from Bombay simply stating that "The monsoon has broken." We find,
recovery as the week progressed the general tone was weak. however, that experienced Anglo-Indians are inclined to the view that,
Amer. Rolling Mill corn, after an advance of about a point though heavy rains have fallen in Bombay, the fact that no rains have
yet been reported at Colombo, renders it uncertain whether the monsoon
to 563/ dropped to 523. Bancitaly Corp. was off from 124 has actually arrived.
The following were the United Kingdom imports and exports of dives*
.
to 119%, the close to-day being at 12138 Celanese Corp.
/
corn. lost almost 6 points to 65%, the final figure to-day registered in the week ended the 8th inst.:
ImportsExports
being 66. Consolidated Laundries sold down from 20 to United States of America___£21.594 British India
£9,886
Canada
12.311 Other Countries
6.217
16% and at 17 finally. Curtiss Aeropl. & Motor corn., an Other Countries
5,691
exception, advanced fram 24% to 30%, the close to-day
£39.596
£16.103
being at 303'8. Davega, Inc., fell from 50% to 433 but
- INDIAN CURRENCY RETURNS.
recovered finally to 46. Deere & Co. nom. dropped over
(In lees of rupees.)
May 22. May 31. June 7.
17086
17144
17135
10 points to 139 8, then sold up to 145. Dunhill Internat. Notes in circulation
Silver coin and bullion
10354
10412
10403
after ranging between 45% and 473 during the week sold Silver coin and bullion in India
out of India
up to-day to 503/i ex-dividend. It closed at 50. Fox Gold coin and bullion in India
2976
2976
2976
Gold coin and bullion out of India
%
%
Theatres corn. A declined from 153 to 123 but recovered Securities (Indian
Government)
3546
3546
4536
%
to 15 and ends the week at 143 . Warner Bros. Pictures Securities (British Government)
210 •
210
210
sold down from 215% to 16%, the final figure to-day being
No silver coinage was reported during the week ended the 7th inst.
The stock in Shanghai on the 9th inst. consisted of about 74.700,000
16g. Changes in public utilities were almost without
exception narrow. A feature of the oil division was Carib ounces in sycee, 68,400:000 dollars, and 3,920 silver bars, as compared
with about 74,400,000 ounces in sycee, 73,600,000 dollars and 5,500 silver
Syndicate, which after moving down during the week from bars on the 28th ult.
-Bar Silver Per Oz. Std.Bar Gold
16 to 153 became active to-day and on heavy transactions
Quotations During the Week- Cash.
2 Mos.
Per Oz. Fine.
9
264d.
264d.
84s. 1134d.
advanced to 22%, the close bieng at 209.'. Prairie Pipe June10
265-16d.
265-16d.
84s. 1134d.
11
26%d.
264cl.
84s. 1134d.
Line sold down from 179 to 173%, recovered to 176 and
13
26%d.
2634d.
84s. 1134d.
4
finished to-day at 1743 . Vacuum Oil weakened
265-16d.
265-16d.
84s. lid.
14
15
2634d.
2634d.
84s. 1134d.
ends the week at 1313'. Weakness Average
from 1345 to 130 and
%
26.336d.
26.333d.
84s. 11.4d.
in bends was a feature, several of the foreign issues making
The silver quotations to-day for cash and two months' delivery are each
sharp declines. Allis-Chalmers 5s sold down from 99 to 1-16d. above those fixed a week ago.
963-i and at 96% finally. Cuba Northern Ry. 53's broke
from 983 to 943' and closed to-day at 95. Electric Re-PER CABLE.
ENGLISH FINANCIAL MARKETS
frigerator 6s dropped from 803 to 74% and finished to-day
The daily closing quotations for securities, &c., at London,
at 75%. Brunner Turbine & Equip. 73's fell from 63% to as reported by cable, have been as follows the past week:
49% and sold finally at 50. Lombard Electric 7s declined
Tues.
Wed. Thurs.
Fri.
London,
Sal.
Mon.
Week Ended July 1June 25. June 27. June 28. June 29. June 30. July 1.
from 93g to 91 8 and ends the week at 92
'Hi•
28 1-16 26 1-16
lver, per oz
d 26 1-18 263-16 26
2834
A complete record of Curb Market transactions for the S
84.1134 84.1134 84.1134
Gold, per fine ounce
84.1134 84.1134 84.11
week will be found on page 81.
54)4
Consols, 234 per cents ______ _ _ __
54h
54)4
543
5434
DAILY TRANSACTIONS AT THE NEW YORK CURB MARKET.
STOCKS(No. Shares).
BONDS (Par Value).
Week Ended July 1.
lnd& Misc
Mining.
Domestic. Foreign Govt.
61.985
148,005
117,685
123,825
109,760
133.700
16,550
71,770
44,600
51,050
44.200
85.240
22,700 $1,018,000
25,080
2,198,000
41,850 2.787,000
41,700
2.243,000
49.700
2.517,000
58.400
2,336,000
$262,000
274,000
548,000
484,000
343,000
289,000
892,740
293,410
239,410 $13,099,000
10034
955i
57.50
75.10
10034
9551
58.15
75.80
10034
10034
9591
9.534
57.85
57.35
75.70 75.95
101
9591
57.30
75.75
The price of silver in New York on the same day has been:
Silver In N. Y., per Os (eta.):
Foreign
5634
$2,198,000
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
012.
British, 5 per cents
British, 434 per cents_______
French rentes (In Paris), fr__ ____
French War Loan (in Parts)fr. ____
5854
5691
56%
5834
6614
gonuarrcial and MiscellaneousBents
Breadstuffs figures brought from page 124.
-Al
the statements below regarding the movement of grain
THE ENGLISH GOLD AND SILVER MARKETS.
receipts, exports, visible supply, &c., are prepared by us
We reprint the following from the weekly circular of from figures collected by the New York Produce Exchange.
Samuel Montagu & Co. of London, written under date of First we give the receipts at Western lake and river ports
June 15 1927:
for the week ending last Saturday and since Aug. 1 for
GOLD.
each of the last three years.
The Bank of England gold reserve against notes amounted to £150,486,220
on the 8th inst., as compared with £150,939,790 on the previous Wednesday.
In the open market £570,000 bar gold has been available this week.
Amounts totaling £450,000 were secured for destinations not disclosed, but
reported to be Hungary and France. The balance was divided as follows:
Straits Settlements, £25,000: India, £25,000; the home and continental
trade, £70,000.
The following movements of gold to and from the Bank of England have
been announced:
Withdrawn.
Received.
£411.000
£500,000
June 9
nil
£5,000
June 10
nil
nil
June 11
nil
£41,000
June 13
nil
'
£17.000
June 14
nil
£9,000
June 15
The £500,000 received on the 9th inst. was announced as sovereign
released from "set aside on account of the South African Reserve Bank.'
The 1421,000 sovereigns withdrawn were destined as follows: Holland,
£412,000, and India, £9,000. During the week under review £17,000 on
balance has been received by the Bank of England, decreasing the net
efflux this year to £165,000. Since the restoration of an effective gold
standard there has been a net efflux of £5,489,000 as set out in the daily
bulletins at the Bank.
The Transvaal gold output for May 1927 amounted to 859.479 fine
ounces, as compared with 824.014 fine ounces for April 1927 and 849,214
fine ounces for May 1926.
The following were the United Kingdom imports and exports of gold
registered in the week ended the 8th inst.:
Exports.
Imports.
£6,800
British West Africa
£29,562 Netherlands
6,600
British South Africa
636,641 Austria
5,320
Other countries
657 Other countries
£18,720
£666,860
SILVER.
The market has pursued the even tenor of its way. During the week
prices have been well maintained, mainly by purchases on account o
bear covering. These mostly emanated from China, though sales were
often made on the same day from the same quarter. America has been
generally a reluctant seller. The tone has not been confident, but the
market has for the time being looked fairly steady.
Flour.
Wheat.
Corn.
Oats.
Barley.
Rye.
,
blds.1961bs.bush. 80 lbs.bush. 58 lbs.bush. 32 lbs.l bush.48lbs.'bush.56lbs.
Chicago
217,000
324,000 2,099.000
988,000 114,000
21,000
MinneapolLs_
1,082,000
330,000
181,000 249,000
53,000
Duluth
915,000
8,000
24,000, 156,000, 173,000
Milwaukee- -50,000
137,000
372,000
365,000'
98,000,
9,000
Toledo
147.000
175,000
88,0001
1,000
3,000
Detroit
19,000
8,000
8,000,
18,000
Indianapolis_
37,000
336,000
88,000,
117,000
St. Louis_ _ _ _
355,000
882,000
418,000,
41,000,
Peoria
48,000
18,000
997,000
184.000,
11,000
Kansas City603,000
312,000
30,000,
Omaha
194,000
455,000
94,000,
.
St. Joseph. _
84,000
155,000
24,0001
Wichita
211,000
19,000
11,000,
k
Sioux City_
184,000
20,000
48,000
Receipts at-
Total wk. '27
Same wk. '28
Same wk. '25
432,000
389,000
451,000
4,154,000
5,872,000
5,018,000
2,443,000
2,988,000
3,454,000
870,000
847,000
757,000
287,000
209,000
151,000
I
Since Aug.11925
1924
8,128,1 i0
3,228,111
3.089,000
20,394,000317,532,000 221,807,000 210,444.000 69.135.00022,753.000
21,159,000481,080,000230,349.000252,585,00061,575,000 55,790,000
Total receipts of flour and grain at the seaboard ports for
the week ended Saturday, June 25, follow:
Receipts at
New York _ _
Philadelphia__
Baltimore_ _
New Orleans•
Galveston__
Montreal
_
Boston
Wheat,
Flour.
Oats.
Corn.
Barley.
Rye'
Bushels.
Barrels.
Bushels.
Bushels. Bushels.
Bushels.
11,000
528.000 123,000 218,000
180,000,
899.000
19,000
47,000
5,000
38,000
40,000
19.000
3,000
10.000
34,000
87.000
27.000
48,000
15,000
1
224,000
2,000
593,000 1,046,000 2,895,000
45.000 3,113,000
1.000
23,000
2,000
29,000
Total wk. '27 342,000 4,129,000
Since Jan.1'2710,700,000124,497,000
117,000 1,230,000 1,188,000 3,117.000
5,518,000 13,975,000 19,870.000 17,579,000
Same wk. '26 478,000 6,313,000
356,000 1,765,000 1,544,000 295,000
Since Jan.1'28 11,833,000 90,888,000 9.115,000 25,537,000 14,058,000 8,929,000
•Receipts do not Include grain passing through New Orleans for foreign ports
on through Mils of lading.
JULY 2 1927.]
THE CHRONICLE
T he exports from the several seaboard ports for the week
ending Saturday, June 25 1927, are shown in the annexed
statement:
Exportsfrom-
Wheat.
Corn.
Flour.
Oats.
Rye.
Barley.
Bushels.
Bushels. Barrels. Bushels. Bushels. Bushels.
645,480
42,817
73,020 130,778 339,733 373,091
136.000
14,000
97,000
12,000
40.000
18,000
56,000
5,000
724,000
37,000
53,000
3,552,000
93.000 152,000 688,000 225,000
New York
Philadelphia
Baltimore
New Orleans
Galveston
Montreal
Total week 1927__ 5,194.480
Same week 1926_ _ _ 15456.473
98,817
85.000
247.020
314.079
287.778 1,027,733
866 313 255 non
651,091
603 146
The destination of these exports for the week and since
July 1 1926 is as below:
Flour.
Exports for Week
and Since
Week
Since
"lay 1 toJune 25 July 1
1927.
1926.
Wheal.
Week
June 25
1927.
Corn.
Since
July 1
1926.
Week
June 25
1927.
Barrels. Barrels.
Bushels.
Bushels.
Bushels.
United Kingdom_ 95,292 4,480,767 1,852.034 106,809,652
Continent
104,143 5,677,797 3,269,446 184,818,671
42,817
So.& Cent. Amer_
3,000
489,980
26.000
4,015,467
West Indies
9,000
595,000
30,000
30,000
Brit.No.Am.CoLs_
Other countries__ - 35,585
856,231
73,000 1,696,650
Total 1927
Total 1926
247.020 12,099,775 5,194.480 297.370,440
314.979 11.304.996 5.456.473 225.639.315
Since
July 1
1926.
Bushels.
1,107,329
1,119.241
1,771,000
1,599,000
98,817 5,596,570
515.000 12.675.713
The visible supply of grain, comprising the stocks in
granary at principal points of accumulation at lake and
seaboard ports Saturday, June 25, were as follows:
GRAIN STOCKS.
Wheat.
Corn.
Oats.
United States
-bush,
bush.
bush.
New York
312,000
98.000
945,000
Boston
3.000
1.000
19.000
Philadelphia
64.000
41.000
112,000
Baltimore
206,000
111.000
115.000
New Orleans
334,000
113,000
87,000
Galveston
604,000
Fort Worth
1,176,000
274,000
309,000
Buffalo
1,403,000 3,411,000 2,612,000
"
afloat
259.000
75,000
Toledo
1,170,000
165,000
322,000
Detroit
203.000
35,000
87.000
Chicago
1,535.000 15,944.000 3.829.000
Milwaukee
112,000 1,080,000 1,085.000
Duluth
2.493,000
2,187,000
Minneapolis
6,077,000 1,373,000 4,518.000
Sioux City
119,000
621.000
53,000
St. Louis
639,000 1,897,000
203.000
Kansas City
2,274,000 4,151.000
266,000
Wichita
638,000
1,000
St. Joseph, Mo
939.000
366,000
Peoria
146,000
185.000
Indianapolis
95,000
252,000
148.000
Omaha
528,000 3,436.060
323,000
On Lakes
263,000
196.000
515,000
On Canal and River
282,000
14,000
Rye.
bush.
115,000
3,000
7,000
16,000
13,000
34,000
3,000
96,000
51,000
10.000
16.000
127,000
75,000
268,000
217.000
9,000
105,000
Barley.
bush.
136,000
1,000
3,000
54.000
17.000
57,000
122,000
1,000
2.000
31,000
33.000
155,000
209,000
3,000
22,000
10,000
48,000
24,000
54,000
109,000
Total June 25 1927__21.l55,000 34,374,000 17,920,000 1,237,000 1,019.000
Total June 18 1927__22,765,000 32,952,000 18,498,000 1,546,000
782,000
Total June 26 1926_ _ _10,975,000 32,60,000 37,902,000 10,981,000 2,904,000
Canadian
Mont-eat
2,446,000
1,104,000
133,000
625,000
Ft. William & Pt. Arthur..21,296,000
1.000,000
777,000
609,000
Other Canadian
3,733,000
1,553,000
8,000
159,000
Total June 25 1027__.27.475.000
Total June 18 1927____27.427.000
Total Juno 26 1925____26,994.000
Summary
American
21,155,000 34,374,000
Canadian
27,475,000
3.657.000
918,000 1,393.000
3,790,000
956,000 1,275,000
8,097.000 2,053,000 5,931,000
17,920,000
3,657,000
1,237,000
918,000
1.019,000
1,393,000
Total June 25 1927_ _48,630,000 34,374,000 21,577,000 2,155,000 2,412,000
Total June 18 1927__50,192,000 32,952,000 22,288,000 2,502,000 2.057.000
Total June 26 1926----37,969,000 32,641,000 45,999,000 13,034,000 8,835,000
Note.
-Bonded grain not included above: Oats, New York. 7,000 bushels; Duluth.
17,000; total. 24,000 bushels, against 234,000 bushels in 1926. Barley, New York,
75,000; Buffalo, 65.000; Duluth, 2,000; on Canal, 40,000: total, 182,000 bushels,
against 1.193,000 bushels in 1926. Wheat, New York, 2,267,000 bushels; Boston,
206,000; Philadelphia, 1.073,000; Baltimore, 1,139.000; Buffalo, 3,730,000; Buffalo
afloat, 222,000, Duluth. 72.000; on Canal, 431,000: total, 9,190,000 bushels, against
7.318,000 bushels in 1920.
The world's shipments of wheat and corn, as furnished by
Broomhall to the New York Produce Exchange,for the week
ending Friday, J ne 24, and since July 1 1926 and 1925,
are shown in the following:
Wheal.
1926-27.
Week
June 24.
North Amer_
Black Sea__
Argentina___
Australia ___
India
0th. countr's
Total
Since
July I.
Corn.
1925-26.
Since
July 1.
1926-27.
Week
June 24.
Since
July 1.
1925=26.
Since
July 1.
Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
7,254,000489,776,000 389,731,000
219,000 6.803,000 10,756,000
240,000 44,452,000 30,064,000 1.334.000 45,710,000 38,383,000
132,132,000 98.129,000 9.988.000262,276,000 151.071,000
2,801,000
2,400,000 97.160,000 75,383,000
1,048,000 6,496,000 6,944.000
480,000 24,737,000 1,040,000
85,000 5,041,000 33,850,000
14,223,000 794,753,000601.291,000 11,626,000 319,830,000234,060,000
National Banks.
-The following information regarding
national banks is from the office of the Comptroller of the
Currency, Treasury Department:
Capital.
-The City National Bank of Cleburne, Texas
Juno 21
$100.000
Correspondent, W. A. Scott, Cleburne, Texas.
June 24
-The National Bank of Lynwood. Calif
50.000
Correspondent, A. J. Schnobrich Lynwood Calif.
June 24
-The National Bank of Van Nuys Calif
100,000
Correspondent L. S. Granger 6201 Van Nuys Blvd.
Van Nuys, Calif.
APPLICATION TO CONVERT RECEIVED.
-The Fidelity National Bank of Memphis, Tenn
June
6500,000
Conversion of the Fidelity Bank & Trust Co. of Memphis, Tenn.
-The First National Bank of Ransomville N. Y
June 24
25 000
Conversion of the State Bank of Ransomville N.Y.
17
57
APPLICATIONS TO CONVERT APPROVED.
June 21
-The Merchants National Bank of Mobile Ala
$500.000
Conversion of the Merchants Bank Mobile, Ala.
June 21
-The First National Bank of Osmond. Nab
25,000
Conversion of the Farmers State Bank Osmond, Neb.
CHARTERS ISSUED.
June 21
-The Citizens National Bank of Ontario, Calif
6100.000
President, Howard R. Berg. Cashier, R. C. Williams.
-The Lumbermens National Bank of Bend. Ore
June 21
100,000
President, C. L. Isted: Cashier, K. E. Sawyer.
CHANGES OF TITLE.
June 21
-The First National Bank of Santa Barbara, Calif.. to "First
National Trust & Savings Bank of Santa Barbara."
June 24
-The Fallkill National Bank of Poughkeepsie, N. Y.. to "The
Fallkill National Bank & Trust Co.of Poughkeepsie."
BRANCH AUTHORIZED UNDER THE ACT OF FEB. 25 1927'
June 22
-The First National Bank of Louisville, Ky. Location of branch,
vicinity of Fourth St. and Central Ave., Louisville.
-Among other securities, the following,
Auction Sales.
not actually dealt in at the Stock Exchange, were sold at auction
in New York, Boston, Philadelphia and Buffalo on Wednesday of this week:
By Adrian H. Muller & Sons, New York:
Shares. Stocks.
er sh.
300 Mine Securities Corp., par $5
10 Teiepcst Co., cony. ctf. ser. B,
class 2
10 Telepost Co., cony. ctf. set. B, $1 lot
class 3
10 Telepost Co., ctf. of dep., par
$10
10 H.& S. Mfg. Co.
8 Gramm Bernstein Truck Corp.
7% preferred
$15
16-10 Gramm Bernstein Truck
lot
Corp. common
Shares.-Stocks
.
$ per sh.
278-10 Wills Sainte Claire Inc. 1st
preferred
51 lot
1 40-100 Sterling Knight Co.,coml
.
no par
6 lot
1 72-100 Sterling Knight Co., pref.
77 1-10 Premier Motors Inc., coin.
no par
50101
Bonds.
Per cent.
$1,000 Amer. Real Estate Co., 10
year gold deb. 65, 35% paid in
liquidation
$46 lot
$4,625 Mercer Motors Co.7% sluicing fund notes
$100101
By R. L. Day & Co., Boston:
Shares.
-Stocks.
$ per sh.
2 National,hawmut Bank .180 ex-div.
1 Second National Bank
401
50 National Rockland Bank 48634 ex-div.
100 National Shawmut Bank_280 ex-div.
2.5 First National Bk, Boston_468 ex-div.
9 Fairhaven Mills, pref
4
3:1 Pepperell Mfg. Co
1354
40 Arlington Mills
5334 ex-div.
5 New England Fire Ins. Co.. par
510
45
15 Puget Sound Pow.& Lt. Co.,6%
preferred
88 ex-d1v.
11 special units First Peoples Trust 5
200 Belcher Extension Divide Mining Co., par 10c
1000 Harsbrouck Divide Mining
Co., par 10c
500 Stewart Mining Co.. par $1
100 Boone 011 Co., par $5
200 Federal 011 Co., com.. par $5 $130
100 United States S.S. Co., par 310
lot
210 Allied Oil Corp.,com., par $10
4000 Tonopah Harsbrouck Mining
Co., par 10c
2000 Caledonia Mining Co., par $1
200 Seven Metals Mng. Co., par $1
500 Dalford Oil Refining Co
Shares. Stocks.
$ per all
100 Brockton G.
-Lt. Co.. undep.,
par $25
754c.
1 Page & Shaw. Inc.. pref
70
11 New Engl. Pow. Ann., pref_-- 9334
6 Providence Gas Co., $50_ A02 ex-cliv.
200 Florence Stove Co., common__ 52
231 No. Bost. Ltg. Prop., common
V. t c
147, 14835. 14955, 150
1 unit First Peoples Trust_ ___58 ex-div.
5special units First Peoples Trust_ _
3 First National Stores, Inc., let
preferred
99
5 Boston Ground Rent Trust 11435 & div.
7-10 B. B.& R. Knight, Inc., corn.
A
255 Par 1-10th
50 Quincy Mkt. Cold Storage az
Warehouse, common
36
25 Amer. Glue Co., com
3434
35 Electric Lt.& Pow.Co.of Abington 6: Rockland, par $25
5654
Bonds.
Per cent.
$1.000 Quincy Market Realty bs,
May 1964
9434
467.000 Marks German Govt. prewar bonds
$1025
116,500 Roubles Russian Bonds
lot
pre-war 4% rentes
By Wise, Hobbs & Arnold, Boston:
Shares. Srocks.
$ per sh.
5 National Shawmut Bank-_-280 ex-div.
5 First National Bank
428 ex-div.
2 Webster dc Atlas National Bank__225
37 Salmon Falls Mfg. Co
3255
2-8 Pepperell Mfg.Co
1354
125 Appleton Co., common
2034
5 Nashawena Mills
7314
11 Hamilton Woolen Co
1114
25 Queen City Cotton Co
1535
50 Kendall Mills, preferred.
..99 & div.
25 Boston, Revere Beach dc Lynn
RR
82 ex-div.
25 Walter Baker dr Co., Ltd
145
5 Jones, McDuffee & Stratton
Corp.. el. A
31
159 Amer. Glue Co., common
343-4
10 Granton & Knight Co., common 1214
6 units First Peoples Trust
58
25 New Bedford Gas & Edison Lt.
Co., undep.. par 525___ _10154 ex-clIv.
27 Mass. Ltg. Cos., 6% prof..
undep
11414 ex-cliv.
20 Quincy Mkt. Cold Storage &
Warehouse, pref
65
17 Lamson & Hubbard Corp., pref. 6334
33 Mass. Lighting Cos., common,
undep
143 ex-div.
8 New Engl. Invest. Trust., coll.
trustee shares, par $10
1034
Shares. Stocks.
$ per share.
500 Pioneer Petroleum Co.. Par $5- 234
25 No. Bost. Ltg. Prop., corn.
voting trust certificates
ism
10 Quincy Mkt. Cold Storage &
Warehouse, pref
65
6 Graton a: Knight Co., pref
62
10 Mass, Utilities Invest. Tr.. corn.
voting trust certificates
10
20 Amer. Wringer Co., corn
5
111 New Bedford Gas & Edison Lt.
Co., undo., Par $25---11054 ex-div.
2 Amer. Glue Co., pref
114
10 Fall fly. Elec. Lt. Co., undep.,
par $25
5334 ex-div.
10 Quincy Mkt. Cold Storage &
W'house, common
3534
12 Elec. Lt. & Power Co. of Abington & Rockland. par $25_-_58 ex-div.
5 Beverly G. & El. Co., undo..
4
par $25
9814
3 Laconia Car Co.. 2nd pref
10
100 Home Okla 011, par $5
354
Bonds.
Per Cent.
$3,000 Middlesex & Boston St. fly.
51 & int.
414s, Jan. 1932
Warrents.
Rockland L. & Par. Co, as follow:
1,300, 100 at 735c. per 1-100th.
27.200, 100 at Sc. per 1-100th.
By Barnes & Lofland, Philadelphia:
Shared. Stocks.
$ Per ha.
$3,351.65 collateral note, due June
19 1927, 6%, together with
$100
100 Wallace-Turnbull Corp., eon., lot
par $50
2 Garrett Road Syndicate, Upper
Darby, Pa
62314
10 Northeast Tacony Bank & Trust,
par 850
106
3 Bell Telephone Co., pref
11355
5 Continental Passenger fly
6614
10 Union National Bank
31255
10 Union National Bank
312
15 Union National Bank
310
6 Philadelphia Girard Nat. Bank_ _695
3 Eighth Nat. Bk. of Philadelphia.1003
10 First National Bank of Media_ _303
1 Palmyra Nat. Bk.,Palmyra, N.J.251
125 Mutual Trust Co., par $50
.1563j
5 Tioga Trust Co., par $50
175
1 Mitten Men & Management Bk.
& Trust Co., par 850
151
10 Brotherhood of Locomotive Engineers Title & Trust Co., par $25 70
10 Brotherhood of Locomotive Engineers Title & Tr. Co., par $25_ 65
14 Brotherhood of Locomotive Engineers Title dr Tr. Co.. Par $25- 60
5 Amer. Bk. & Tr. Co., par $50
191 4
1
15 Fidelity Phila. Tr. Co
70734
6 Fidelity Phila. Tr, Co
70734
6 Bk. of No. Amer.& Tr. Co
389
2 Provldent Trust Co
805
10 Phila. Co. for Guar. Mtge/3.-2233(
Shares. Stocks.
$ per all.
31 Metropolitan Tr. Co., par $50_ _125
15 Bankers Trust Co., par $50,
full paid
77
155 Broadway Merchants Tr. Co..
Camden, N.J
40154
200 Commonwealth Casualty Co..
,
par $10
20
5 Evergreen Farms Restaurant Co- 75
6 Delong Hook & Eye Co
18 John B. Stetson Co., corn., no
par
100
10 Brill Corp., pref
95
10 13th de 15th Sts. Pass. fly
15034
31 13th & 15th Sts. Pass. fly
150
6 Wharton Title & Trust
so
5 Glenside Trust Co
so
Bonds.
Per cent.
$5,000 Peoples Pass. fly. cons. 45,
1962
70
$18.000 Interstate Window Glass
Co., 1st M.8s, April 15 1926, ctf.
of deposit
$4,000
$1,000 County of Allegheny, Pa.,
County Road 4s, series J. 1935_ _ 9734
$4,000 Philadelphia reg. 4s, 1938_ _108g
$3,000 Philadelphia reg. 4s, 1942_108g
$1.000 Philadelphia reg. 45, 1944.-108g
$1,000 United Rye. Co. 4% tr.
Ws., 1949, reg
6614
Rights.
$ per Share.
13 Overbrook National Bank
1914
10 Overbrook National Bank
1934
1
1434
58
[VOL. 125.
THE CHRONICLE
By A. J. Wright & Co., Buffalo:
Shares. Stocks.
$ Per sh.
I Buff., Niag. & East. Pow., no par 3234
Sc.
500 Night Hawk, par 31
1 Buff., Ring. & East. Pow., prof..
Par $25
2634
S per share.
Shares. Stocks.
100 March Gold, Inc., par 10c
3c.
200 Thermlodyne Radio, no par_ _510 lot
1000 Baldwin Gold Mines, par $1_136c.
By Weilepp Bruton & Co., Baltimore:
Per cent.
$ per share.
Bonds.
Shares. Stocks.
30 Stanley Clothes Inc.
$10 lot 31,000 Beneficial Loan Society 6s,
97
55
50 Windsor Court Apartments
1939
DIVIDENDS.
Dividends are grouped in two separate tables. In the
first we bring together all the dividends announced the
current week. Then we follow with a second table, in
which we show the dividends previously announced, but
which have not yet been paid.
The dividends announced this week are:
Nano of Company.
Rallreads (Stearn).
Atch. Topeka & Santa Fe, coin. (en.). _
Common (extra)
Baltimore & Ohio, tom.(guar.)
Preferred (quar.)
Delaware .fr Hudson Co. (guar.)
Delaware, Laekawanns.& West.(guar.)_
Illinois Central, common (quar.)
Preferred
Lehigh & Hudson River
Norfolk & Western, contemn (gusz.)- Adjustment preferred (guar.)
Pennsylvania RR.(guar.)
Philadelphia & Trenton (guar.)
Pittsburgh & West Virginia (quay.)--
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
'1
Sept. I *Holders of rec. July 22
*750. Sept. 1 *Holders of rec. July 22
136 Sept. 1 Holders of rec. July 16a
Sept. 1 Holders of rec. July 160
1
'234 Sept.20 *Holders of rec. Aug. 27
31.50 July 20 Holders of rec. July 9
*134 Sept. 1 *Holders of rec. Aug. 8
Sept. 1 *Holden, of rec. Aug. 5
3
5
June 30 Holders of rec. June 28e
2
Sept. 19 Holders of rec. Aug. 31a
2
1
Aug. 19 Holders of rec. July 30a
13734c Aug. 31 *Holders of rec. Aug. 1
3
2% July 10 July 1 to July 11
*134 July 30 *Holders of rec. July 15
Public Utilities.
June 30 Holders of rec. June 290
Bell Telephone of Penns.,sots.(guar.).- 2
'134 Oct. 15 *Holders of rec. Sept. 20
Preferred (quar.)__
Cape & Vineyard Elm Co.,6% pt.(qu.) 136 July 1 Holders of rec. June 15
Central Power Co.(Nebraska). pf. (qu.) 134 July 15 Holders of rec. June 30a
Central Power & Light, pref.(quar.)-- 134 Aug. 1 Holders of rec. July 15a
Central Public Service corp., pt. (qu.). $1.75 July 1 Holders of rec. June 10a
4334c. June 15 Holders of rec. May 25
Class A (guar.)
Central & S. W. Utilities. $7 Pref.(qu.). 11.75 Aug. 15 Holders of rec. July 30
$1.75 Aug. 15 Holders of rec. July 30
Prior lien Preferred (quar.)
134 July 15 Holders of rec. June 30
Ches.& Potom. Tel. of Bait., Pl.(au.)
to July 15
Ctn., Newp.& Coy. L.&T.,corn.(qu.)- 136 July 15 July 1
1% July 15 July 1 to July 15
Preferred (guar.)
City Gas of Norfolk, Va., pref.(guar.). $2 July 1 Holders of rec. June 150
2 Aug. 1 Holders of rec. July 15
Commonwealth-Edison Co.(guar.)._ -Consolidated Tract. of N. J. (guar.).- 2
July 15 Holders of roe. June 306
Diamond State Telephone, corn. (guar.) *2
July 30 Holders of rec. June 29
635% preferred (qu.sr.)
*135 Oct. 15 Holders of rec. Sept. 20
East Bay Water, class A 8% pref. (qu.). 134 July 15 Holders of rec. June 30a
Class 13 6% non-cum. pref. (quar.)134 July 15 Holders of rec. June 30a
Eastern N.Y. Utilities Corp., pf. WO- 11/ July 1 Holders of rec. June 20
Ellwood Consol. W ater. pref. (quar.)- - 134 July 1 Holders of rec. June 24a
Iowa Power & Light. 7% pref. (guar.).- 134 July 1 Holders of rec. June 15a
136 July 1 Holders of rec. June 15a
Six per cent preferred (guar.)
136 July 15 June 26 to June 30
Kentucky Utilities, pref. (guar.)
July 1 June 26 to June 30
Kinloch-Bloomington Telep.. com.(qu.) 2
I% July 1 June 26 to June 30
Preferred (guar.)
Louisville Goa & Elec.(Ry.) 7% p1.(311.) 13.4 July 15 Holders of rec. June 30a
136 July 15 Holders of rec. June 30a
Six per cent preferred (quar.)
July 15 Holders of rec. June 30a
Manufacturers Light dr Heat(guar.).- El
July 1 Called for payt. July 1
Mississippi Power & Light, pref. (quar.) 2
134 July 1 Holders of rec. June 20a
Missouri Power & Light, pref. (guar.)._
236 July 15 Holders of rec. July 7a
Montreal Tramways (quar.)
July 15 *Holders of rec. June 30
Mountain States Telep. dr Teleg. (qu.). 32
New England Public Serv.. adj. pf.(qu.) *51.50 July 15 *Holders of rec. June 30
*51.75 July 15 *Holders of rec. June 30
$7 preferred (quar.)
56340. July 1 Holders of rec. June 20a
New Orleans Public Serv., corn
North Boston Ltg. Prop., corn.(guar.).- 51.12 July 15 Holders of rec. July 2a
50c. July 15 Holders of rec. July 2a
Common (extra)
136 July 15 Holders of rec. July 2a
Preferred (quar.)
Northern Indiana Public Serv., common 250. June 24 Holders of rec. June 220
134 July 14 Holders of rec. June 30a
Six per cent preferred (quar.)
Aug. 1 *Holders of rec. July 15
Pub. Serv. of N. III., corn., no Par MO - *32
*$2
Aug. 1 "Holders of rec. July 15
Common (3100 par) (guar.)
3,134 Aug. 1 *Holders of rec. July 15
Seven per cent preferred (quay.)
*134 Aug. 1 *Holders of rec. July 15
Six per cent preferred (guar.)
San Diego Consol. Gas dr Elec., pf.(qu.) 134 July 15 Holders of rec. June 30
134 July 20 Holders of rec. July 9a
South Pittsburgh Water, corn. (guar.)._
234 Aug. 19 Holders of rec. Aug. 5a
Preferred
Springfield (Mass.) Railways, common_ $1.15 July I Holders of rec. June 21a
52.75 July 1 Holders of rec. June 2I0
Preferred
134 June 30 Holders of rec. June 16a
Spring Valley Water Co., (guar.)
Standard Power & Light, pref. (guar.)- - •51.75 Aug. 1 "Holders of rec. July 16
.50c. Aug. 15 *Holders of rec. July 25
Tampa Electric Co., corn. (guar.)
Common (1-50 share common stock). 0(f) Aug. 15 *Holders of rec. July 25
134 July 1 Holders of rec. June 156
-Louisiana Power. pref. (guar.)._
Texas
134 July 11 July 1 to July 11
Trinidad Electric Co. (guar.)
July 1 Holders of rec. June 250
Tri-City Railway & Light, corn.(guar.). 1
13; July 1 Holders of rec. June 20a
Preferred (guar.)
Aug. I Holders of rec. July 10
1
Winnipeg Electric (quar.)
62c. July 1 Holders of rec. June 28a
Worcester Gas Light (quar.)
July 1 Holders of rec. June 16a
2
Preferred (guar.)
Banks.
Eastern Exchange (quar.)
First National (Brooklyn) (quar.)
Queens-Bellaire
State Bank of Richmond County
136 June 30 June 21 to June 29
235 July 1 Holders of rec. June 24
July 1
July 1 Holders of rec. June 30a
3
Trust Companies.
Corporation (guar.)
United States Mtge. & Trust (guar.)...
4
4
Fire Insurance.
Hanover Fire (guar.)
Northern Insurance
Stuyvesant (guar.)
235 July 1 Juno 17
July 29 July 21
5
136 Aug. 1 July 28
June 30 Holders of rec. June 306
July 1 Holders of rec. June 29
to
to
to
June 30
July 29
July 31
Miscellaneous.
Abitibi Power & Paper,common (guar.)- $1.25 July 20 Holders of rec. July 9
Akron Rubber Reclaiming,corn.(guar.). .50c. July 15 *Holders of rec. July 1
July 15 *Holders of rec. July 1
"32
Preferred (quar.)
Allied Chemical & Dye, common (quar.) $1.80 Aug. 1 Holders of rec. July 11
*51.50 Aug. 15 *Holders of rec. July 21
Allis Chalmers Mfg., corn.(quay.)
50c. Aug. 15 Holders of rec. July 29a
American Can,common (guar.)
Aug. 1 July 12 to Aug. 1
$1
American Coal (guar.)
*2
Aug. 1 *Holders of rec. July 16
American Glue, preferred (guar.)
July 25 Holders of rec. July 80
2
American Ice, common (guar.)
134 July 25 Holders of rec. July 8a
Preferred (guar.)
*75c. Sept. 1 *Holders of rec. Aug. 20
American Metals, corn. (guar.)
*134 Sept. 1 *Holders of rec. Aug. 22
Preferred (guar.)
750. Aug. 22 Holders of rec. July 16
Anaconda Copper Mining (guar.)
114 July 1 Holders of rec. June 24a
Arlington Mills (guar.)
50c. July 1 Holders of rec. June 23a
Arundel Corporation (guar.)
2
July 15 Holders of rec. July 15a
Associated Industrials, pref. (quar.).*134 Aug. 1 *Holders of rec. July 15
Atlantic Refining, pref. (guar.)
135 June 30 June 21 to June 30
Atlantic Steel (quar.)
134 Aug. 1 Holders of rec. July 20a
Atlas Powder, preferred (guar.)
Augusta Knitting, preferred (quar.)___. 134 July 1 Holders of rec. June 30a
Name of Company.
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Cont(nued).
*Holders of rec. July 29
Bancitaly Corporation (stock dividend). *e40
Baer, Sternberg & Colin,7% 1st pf.(qu.) 134 July 1 June 24 to June 30
July 1 June 24 to June 30
Eight per cent second preferred (guar.) 2
Bancroft (Joseph) dr Sons Co., pf.(qu.). 134 July 30 Holders of rec. July 15
336 July 1
Belton Mills. preferred
Bigelow-Hartford Carpet, corn.& pf.(qu) '331.50 Aug. 1 *Holders of rec. July 8
Black & Decker Mfg., corn. (quar.)___ 20c. June 30 Holders of rec. June 270
June 30 Holders of rec. June 276
2
Preferred (guar.)
Bloomingdale Brothers, pref. (quar.)_ _
*134 Aug. 1 *Holders of rec. July 20
Boyd-Welsh Shoe (guar.)
750. July 1 June 26 to July 1
June 30
5
Brandon Mills, common
Preferred
336 July 1
July 1 June 20 to July 1
4
Brady, Cryan dr Colleran Co., pref
*75c. July 25 *Holders of rec. July 11
Briggs Manufacturing (guar.)
Buffalo General Laundries, pref. (quar.) 5634c. July 1 Holders of rec. June 200
730. July 2 Holders of rec. June 17a
Burt (F. N.) Co., corn. (guar.)
134 July 2 Holders of rec. June 17a
Preferred (guar.)
Casey-Hedges Co.. corn. (guar.)
214 Aug. 15 Holders of rec. Aug. 1
134 July 1
Preferred (guar.)
Channon (IL) Co., first pref. (quar.).__ 51.75 July 1 Holders of rec. June 20a
32
July 1 Holders of rec. June 20a
Second preferred (guar.)
134 July 1 Holders of rec. June 30.
Chicago Morris Plan Co.(quar.)
•136 July 25 Holders of rec. July 15
Chicago Pneumatic Tool (quay.)
2.5e. Aug. 1 Holders of rec. July 16.
Chic. Wilm. & Franklin Coal, corn
$1.50 Aug. 1 Holders of roe. July 15.
Preferred (guar.)
Christie Brown & Co., Ltd., corn. (qu.). *350. Aug. 1 *Holders of rec. July 15
•1,4
Aug. 1 *Holders of rec. July 20
Preferred (quay.)
June 30 June 19 to Juno 30
2
Cincinnati Union Stock Yards (guar.)._
134 July 1 Holders of rec. June 306
Coleman & Bell Co.. pref. (guar.)
Aug. 1 Holders of rem July 12
Collins dr Alkman Co., COM.(guar.).--- $1
136 July 15 Holders of rec. Juno 306
Consolidated Car-Heating (guar.)
*336 Aug. 20 *Holders of rec. Aug. 1
Consumers Co., preferred
*134 July 1 *Holders of rec. June 30
Prior preferred (guar.)
.20c. July 30 *Holders of rec. July 15
Continental Motors Corp.(guar.)
134 July 1 Holders of roe. June 20s
Contoocook Mills, pref. (guar.)
Cresson Consol. Gold M.& Mill. (qu.)_ 150. July 10 Holders of rec. Jung 30a
334 Sept. 15 Holders of re'. Pont. 1
Curtiss Aeroplane & Motor, Preferred
Danish-American Corp., lot pref.(guar.) $1.75 July 1 Holders of rer. J-sa 20
IP
31.75 July 1 Holders of re,. JU, 20
Second preferred (quar.)
$2.50 June 15 Holders of rec. June la
Del.. Lack dr West. Coal (quar.)
Sept. 15 *Holders of rec. Aug. 31
*2
Diamond Match (quar.)
July I June 21 to July • 4
2
Dow Drug, corn. (guar.)
134 July 1 June 21 to July 4
Preferred (guar.)
134 July 1 Holders of rec. June 206
Duncan Mills, pref.(quay.)
15c.
3
Eagle Lock (guar.)
Egyptian Portland Cement, pref.(qu.)_.. I% July 1 Holders of rec. June 256
*136 July 15 'Holders of rec. July 8
Electric Hose & Rubber (guar.)
•yi July 15 *Holders of rec. July 8
Extra
Aug. 1 Holders of rec. July 15
31
Eureka Pipe Line (quay.)
50c. July 1 Holders of rec. June 20
Fedders Mfg.,class A
735 July 1 June 21 to June 30
Federal Drop Forge
July 1 Holders of rec. June 226
I
Fiberloid Corporation, corn. (quar.)._
134 July 1 Holders of rec. Juno 22a
Preferred (quay.)
Finance ,k Trading Corp.. pref.(guar.)... 134 July 1 Holders of rec. June 27a
*11% Aug. 1 *Holders of rec. July 15
Fisk Rubber, first pref. (guar.)
SIN Sept. 1 *Holders of rec. Aug. 15
Second preferred (quay.)
36 July I Holders of rec. June 25a
Fraser Companies, Ltd., corn. (guar.)._
-Bauer Co., corn. (guar.)._ 3814c. July 1 June 21 to June 30
Bros.
French
134 July 1 June 21 to June 30
Preferred (guar.)
87 34c. July 1 Holders of rec. June 186
Fulton Sylphon, corn.(quar.)
$1.50 July 1 Holders of rec. June 18a
Preferred (guar.)
150. July 1 *Holders of rec. June 25
Gemmer Manufacturing, class A (guar.)_ 3
650. June 30 Holders of rec. June 206
Gibson Art Co., common (guar.)
134 June 30 Holders of rec. June 200
Preferred (guar.)
.750. July 30 *Holders of rec. July 15
3
Gilchrist Co. (guar.)
334 July 1 Holders of rec. June 276
let pref
Goldsmith (Louis), Inc.,
July 1 Holders of rec. June 270
3
Second preferred (quar.)
134 Sept. 1 Holders of rec. Aug. 15
Gorham Manufacturing, lot pref.(qu.)
234 July 1 June 19 to Juno 30
Grace Securities Corp., com
134 July 1 June 19 to June 30
Preferred (guar.)
136 July 1 June 24 to June 30
Gray & Dudley, corn.(guar.)
134 July 1 June 24 to June 30
Preferred (quay.)
134 July 1 Holders of rec. Juno 256
Great Lakes Transit, pref. (guar.)._
Greening (B.) Wire Co., Ltd.. prof.(qu.) 134 July 1 June 16 to June 30
136 July 31 July 24 to July 31
Halle Bros., Prof. (quay.)
750. June 30 Holders of rec. June 20a
Harris Automatic Press (quay.)
Hart,Schaffner dr Marx,Inc., corn.(qu.) *31.50 Aug. 31 *Holders of rec. Aug. 16a
--336 July 1 Holders of rec. June 23a
Hayes-Ionia Co.. pref. B
52.50 July 1 Holders of rec. June 30a
Hill. Joiner dr Co., common
314 July 1 Holders of rec. June 30a
Preferred
'50. July 15 *Holders of rec. July 1
Holly Development (quar.)
Holly Sugar Corporation, pref. (guar.)... I% Aug. 1 Holders of rec. July 15
June 30 June 24 to June 30
3
Home Title Insurance
July 1 Holders of rec. June 25a
3
Hoover Steel Ball
*373.6c Aug. 1 *Holders of rec. July 11
Horn dr IIardart Co.(N. Y.) (quar.)_
*1236c Aug. 1 *Holders of roc. July 11
Extra
Horn & Hardart Co. (Phila.) (guar.)._ _ *3735c Aug. 1 *Holders of rec. July 11
*250. Aug. I *Holders of rec. July 11
Extra
3
June 30 June 16 to June 30
Hotel Everglades, preferred
75. July I June 26 to June 30
Houseman-Spitzley Corp., A (quar.)250. July I June 26 to June 30
Class B (guar.)
134 July 1 June 17 to July 1
Howe Scale, preferred (quar.)
350. Aug. 1 Holders of rec. July 15
Hupp Motor Car, common (guar.)
July 1 Holders of rec. June 20a
2
Hussman (Harry L.), Refr., pref.(qu.)
250. June 25 Holders of rec. June 15a
Hydros Corp. (guar.)
July 1 Holders of rec. June 15a
$1
Ideal Cement, corn. (guar.)
July 1 Holders of rec. June 15a
Preferred (quar.)
250. Aug. 1 Holders of rec. July 180
Independent 011 & Gas
Aug. 15 Holders of rec. July 22
$1
Indiana Pipe Line
Aug. 15 Holders of rem July 22
31
Extra
Oct. 10 *Holders of rec. Sept. 23
Internat. Business Machines (guar.) _ _ _ *El
600. Aug. 15 Holders of rec. Aug. la
International Paper. corn. (quay.)
July I June 25 to June 30
4
Judson Mills, common
134 July 1 June 25 to June 30
Preferred (guar.)
6234c. July 15 Holders of rec. June 30a
Kawnecr Co. (guar.)
Aug. 1 *Holders of rec. July 15
11
Kayser (Julius) & Co., corn. (quar.).. 3
Aug. I Holders of rem July 15
El
Knox Hat common
Aug. 1 Holders of rec. July 15
Class A participating
$1
*51.75 July 1 *Holders of rec. June 29
Laconia Car, first preerred
*750. June 30 *Holders of rec. June 21
Landers, Frary & Clark (guar.)
Lanston Monotype Machine (guar.)... _ *135 Aug. 31 *Holders of rec. Aug. 19
.31.25 Aug. 1 *Holders of rec. July 10
3
Lehigh Valley Coal
Leonard, Fitzpatrick & Nfuellar Stores
July 1 Holders of rec. June 220
2
Preferred (guar.)
•15,3. Aug. 1 *Holders of rec. July 15
Locw's Boston Theatres (quay.)
*135 Aug. 15 *Holders of rec. Aug. 1
Louisiana 011 Refining, pref. (guar.)._
July 1 June 24 to July 1
5
Lynchburg Foundry, common
July 1 June 24 to July I
3
First and second preferred
*250. July 15 *Holders of rec. June 30
Magnin (I.) & Co., corn. (guar.)
200. Sept. 1 Aug. 111 to Aug. 31
McColl Brothers, Ltd.. corn.(quar.).
134 Sept. 1 Aug. 16 to Aug. 31
Preferred (guar.)
*37360 Aug. 15 *Holders of rec. Aug. 1
Miami Copper Co. (guar.)
Aug. 15 *Holders of rec. July 30
*2
Motor Wheel Corp., pref. (guar.)
•134 July 15 'Holders of rec. July 8
Mount Royal Hotel, pref. (guar.)
*Holders of rec. July 20
Aug.
*2
National Carbon, pref. (guar.)
Holders of rec. June 23a
July
3
Naumkeag Steam Cotton Co
*Holders of rec. June 18
*51.75 July
Palmolive-Peet Co., pref. (quar.)
*Holders of rec. July 11
Aug.
Petite Exchange, Inc.. pref. A (guar.).- $1
Holders of rec. June 30
$3.50 July
Pelz-Greenstern Co., Inc
Holders of roc. Aug. 5
Aug. 1
$1
Penmans, Limited, corn. (quar.)
Holders of rec. July 21
136 Aug.
Preferred (quay.)
*Holders of rec. July 15
3,7340. Aug.
Penn Traffic
Holders of rec. July 206
154 Aug.
Phillips-Jones Corp., pref.(guar.)
Holders of rem June 30
3
Phoenix Factors Corp., corn
Holders of rec. June 30
3
Common (extra)
Holders of rec. June 30
2
Preferred (guar.)
June 30 Holders of rec. June 28a
2
Pilgrim Mills (guar.)
•134 July 20 *Holders of rec. July 1
Plymouth Cordage (quay.)
July 15 Holders of rec. June 30
Prudence Plan of N. Y., Inc., pref.(qu.) 2
Aug. 15 *Holders of roe. July 30
*2
Pullman Company (guar.)
134
JULY 21927.]
Name of Company.
THE CHRONICLE
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Mistellaneous (Concluded).
Rolls-Royce of America, prof. (guar.).- - *31.75 Aug. 15 *Holders of rec Aug .
1
St. Lawrence Paper. pref. (guar.)
2
July 6 Holders of rec. June 28
St. Regis Paper, corn.(guar.)
*4334c Aug. 15 *Holders of rec. July 30
Salt Creek Producers Assn. (guar.)
750, Aug. 1 Holders of rec. July 15
Sandusky Cement (guar.)
2
July 1 Holders of ree. June 25
Seaboard 011, pref. (guar.)
2
July 1 Holders of rec. June 25
Sears, Roebuck & Co., corn, (guar.)_
*6234c Aug. 1 *Holders of rec. July 15
Selberling Rubber, pref.(guar.)
2
July 1 Holders of rec. June 20
Silesian-American Corp., pref.(No. 1) *$7
July 1
• U' Aug. 1 *Holders of rec. July
1
Simmons Company, pref. (guar.)
15
Stanley Works, corn. (guar.)
*6234c July 1 *Holders of rec. June 16
Preferred (guar.)
*43340 Aug. 15 *Holders of rec. July 30
Sterling Products(guar.)
*31.25 Aug. 1 *Holders of rec. July 14
Stover Mfg. & Eng., pref. (guar.)
*134 Aug. 1 *Holders of rec.
Tide-Water Oil non-voting pref. (quar.)_ •134 Aug. 15 *Holders of rec. July 20
Aug. 2
Towle Manufacturing (guar.)
*51.50 July 1
Extra
.$1
July 1
United Cigar Stores,6% pf.(au.)(No.1) 134 Aug. 1 Holders of
U.S. Industrial Alcohol, corn. (guar.).- 1,4 Aug. 1 Holders of rec. July 120
U.S.Sm., Ref.& Min., corn. & pf.(qu.) 8734 July 15 Holders of rec. July 15a
rec.
Victor Talking Machine, pref. (quar.)_ 81.75 July 15 Holders of rec. July 6
July 5
Prior preference (guar.)
134 Aug. 1 Holders of rec. July 5
$6 preferred (guar.)
51.50 Aug. 1 Holders of rec. July 5
Warner (Chas.) Co., corn.(guar.)
*500. July 11 *Holders of rec. June 30
Yale & Towne Manufacturing (guar.)._ $I
Oct. 1 Holders of rec. Sept. 9
Below we give the dividends announced in previous weeks
and not yet paid. This list does not include dividends announced this week, these being given in the preceding table.
Name of Company.
Per
When
Cent. Payable.
Railroads (Steam).
Alabama Great Southern, pref
334 Aug. 15
Preferred (extra)
3
Aug. 15
Atch.Topeka & Santa Fe, pref
234 Aug. 1
Atlantic Coast Line RR.,common
334 July 11
Common (extra)
134 July 11
Canada Southern
134 Aug. 1
Carolina ClInchfield & Ohio, corn.(an.).
34 July 10
Stamped stock (guar.)
134 July 10
Central RR.of New Jersey (guar.)
2
Aug. 15
Extra
2
July 15
Chicago Indianan. & Louisville, com_
- 234 July 11
Common (extra)
1
July 11
Preferred
July 11
2
Cincinnati Northern
5
July 20
Cleve. Cin.Chic.& St. Lculs. corn
2
July 20
Preferred (guar.)
134 July 20
Detroit River Tunnel
3
July 15
Georgia Railroad & Banking (guar.)._
2% July 15
Great Northern, pref.(guar.)
234 Aug. 1
Joliet ds Chicago (guar.)
1,4 July 5
Kansas City Southern, prof. (guar.)_ _ _ _
1
July 15
Little Schuylkill Nay.RR.& Coal
$1.25 July 15
Louisville & Nashville
334 Aug. 10
Mahoning Coal RR.,corn.(guar.)
$12.50 Aug 1
Michigan Central
20
July 29
Missouri-Kansas-Texas, pref. A (guar.)_
1,4 Aug. 1
New York Central RR.(guar.)
2
Aug. 1
Northern Central
July 15
$2
Northern Pacific (guar.)
134 Aug. 1
Northern Securities
4
July 11
Pere MarquetteyCommon (In common stock)
120 Oct. 1
Prior preference (guar.)
1,4 Aug. 1
5% preferred (guar.)
1,4 Aug. 1
Pittsburgh Cincinnati Chicago dr St. L_
234 July 20
Plush. Ft. Wayne & Chicago, pref.(au.) 1,4 July 5
Pittsburgh & Lake Erie
52.50 Aug. 1
Reading Company, corn. (guar.)
Aug. 11
81
First preferred (guar.)
500. Sept. 8
Second preferred (guar.)
500, July 14
Second preferred (guar.)
500. Oct. 13
St. Louis-San Francisco. pref.(guar.)_ _
134 Aug. 1
Preferred (guar.)
1,4 Nov. 1
Southern Railway, common (quar.).._
1,4 Aug. 1
Preferred (guar.)
134 July 15
Virginian Railway. preferred
3
Aug. 1
Wabash Hy., preferred A (guar.)
134 Aug. 25
Books Closed
Days Inclusive.
Holders of rec. July 11
Holders of rec. July 11
Holders of rec. June 240
Holders of rec. June 15a
Holders of rec. June 15a
Holders of rec. July in
Holders of rec. June 300
Holders of rec. June 300
Holders of rec. Aug. Sa
Holders of rec. July 50
Holders of rec. June 25
Holders of rec. June 25
Holders of rec. June 25a
Holders of rec. July 13a
Holders of rec. July la
Holders of rec. July la
Holders of rec. July 8a
July 2 to July 14
Holders of rec. June 250
Holders of rec. June 24a
Holders of rec. June 30a
Holders of rec. June 170
Holders of rec. July 15a
Holders of rec. July 15a
Holders of rec. July la
Holders of rec. July 15a
Holders of rec. July la
Holders of rec. June 30a
Holders of rec. June 25a
June 25 to July 11
Holders of rec. Sept. 7a
Holders of rec. July 140
Holders of rec. July 14a
Holders of rec. July 9a
Holders of rec. June 10a
Holders of rec. July la
Holders of rec. July 14a
Holders of rec. Aug. 22a
Holders of rec. June 20a
Holders of rec. Sept. 20a
Holders of rec. July 15a
Holders of rec. Oct. 15a
Holders of rec. July la
Holders of rec. June 21a
Holders of rec. July 23a
Holders of rec. July 23a
Name of Company.
59
Per
Cent
When
Payable.
Books Closed.
Days Induatve.
Public Utilities (Concluded).
Massachusetts Lighting Cos.
6% preferred (guar.)
134 July 15 Holders of rec. June 25
8% preferred (guar.)
2
July 15 Holders of rec. June 25
Mexican Utilities, preferred
53.50 July 15 Holders of roc. June 30
Middle West Utilities, pref.(guar.)
134 July 15 Holders of roc. June 30a
$6 preferred (guar.)
$1.50 July 15 Holders of rec. June 30a
Midland Utilities prior lien (guar.)
154 July 6 Holders of rec. June 22
7% preferred, class A (guar.)
1,4 July 6 Holders of rec. June 22
6% prior lien (guar.)
1,4 July
Holders of rec. June 22
6% preferred, class A (quar.)
1,4 July 6 Holders of rec. June 22
Milwaukee El. Ry.& Lt.,6% pref.(qu.) 1,4 Aug. 1 Holders of rec. July 20a
Missouri Gas & Elec.. prior lien (guar.). $1.75 July 15 Holders of rec. June 30
Montreal L., H.& P. Consolidated (au) 50e. July 30 Holders of rec. June 30
Montreal Telegraph (quan)
r80c. July 15 Holders of rec. June 300
Mountain States Power, pref.(guar.)_ - 144 July 20 Holders of rec. June 30
National Fuel Gas, new stk.(qu.)
(No.1) 250. July 15 Holders of rec. June 306
Nevada-Calif. Elec. Corp., pref. (guar.) 1,4 Aug. 1 Holders of rec. June 30
New England Power Assoc., COM (gu.). 3714c. July 15 Holders of rec. June 306
New York Telephone. pref.(guar.)
194 July 15 Holders of rec. Juno 20a
Niagara Falls Power, pref.(quar.)
4334c July 15 Holders of rec. June 30a
North'n Indiana Pub.Sery..7% pref.(qu.) 154 July 14 Holders of rec. June 30a
Northern Ontario Lt.& Pow., com.(cal.) 1
July 11 Holders of rec. June 30a
Preferred
3
July 25 Holders of rec. June 30a
Ncrthern States Pow., corn., el. A (au.). 2
Aug. 1 Holders of rec. June 30
6% preferred (guar.)
134 July 20 Holders of rec. June 30
7% preferred (guar.)
134 July 20 Holders of rec. June 30
Northwestern Bell Telep., pref. (guar.). 134 July 15 Holders of rec. June 20a
Ohio River Edison. 6% pref. (quar.) . 134 Sept. 1 Holders of rec. Aug. 15
$1.65 Sept. 1 Holders of rec. Aug 15
6.6% preferred (quarterly)
7% preferred (quarterly)
194 Sept. 1 Holders of rec. Aug. 15
6% preferred (monthly)
50c. Aug. 1 Holders of rec. July 15
6% preferred (monthly)
50c. Sept. 1 Holders of rec. Aug. 15
6.6% preferred (monthly)
55c. Aug. 1 Holders of rec. July 15
6.6% preferred (monthly)
550. Sept. 1 Holders of rec. Aug. 15
Ottawa Montreal Power, pref. (quar.).. 134 July 15 Holders of rec. June 30
Ottawa Traction (guar.)
July 2 Holders of roe. June 15
1
Pacific Gas di Elec. Co.. corn. (guar.)._ 500. July 15 Holders of rec. June 304
Pacific Telco.& Teleg., pref.(guar.)134 July 15 Holders of rec. June 30s
Penn-Ohio Edison Co., corn.(guar.).
- 25c. Aug. 1 Holders of rec. July 15
Penn-Ohio Securities Corp., corn. (guar) 180. Aug. 2 Holders of ree. July 18
Penn.
-Ohio Pow. & Lt.,8% pf.(qu.).
2
Aug. 2 Holders of ree. July 20
1,4 Aug.
7% preferred (guar.)
Holders of rec. July 20
7.2% preferred (monthly)
60c. Aug.
Holders of rec. J_Iy 20
6.6% preferred (monthly)
550. Aug.
Holders of rec. July 20
Peoples Gas Light & Coke (guar.)
2
July 1. Holders of reo. July 50
Philadelphia dr Camden Ferry (guar.).- *82
July 11 *Holders of rec. June 22
Philadelphia Company, com. (guar.) _ _ $1
July 30 Holders of rec. July la
Common (1-120 shares of corn. stock). (f) July 30 Holders of rec. July 1
5% Preferred
$1.25 Sept.
Holders of rec. Aug. 106
Philadelphia Rap.Transit. corn.(quar.)- SI
Aug. 1 Holders of rec. July 150
Philadelphia & Western Ry., pf. (guar.). 154 July 15 Holders of rec. June 304
Pert° Rico Rya., 7% pref.(quar.)
194 July 2 Holders of rec. June 15
Power Corporation of Canada, pref.(qu.) 134 July 15 Holders of rec. June 30
Public Serv. Corp. of Long Isl., pf.(qu.) 1,4 July 1 Holders of rec. Juno 17
Puget Sound Pow.& Lt., prior pf.(qu.)_
154 July 15 Holders of rec. June 206
Preferred (guar.)
134 July 15 Holders of rec. June 20
Quebec Power (guar.)
154 July 15 Holders of rec June 30
Radio Corp. of Amer., pref. A (quar.)- - 8730. Oct. 1 Holders of rec. Sept. 1
Securities Management Corp.,c1. A (au.) 134 July 15 Holders of rec. July 1
Shawinigan Water & Power (guar.)
50c. July 11 Holders of rec. June 24
Southeastern Power & Light, corn. (qu.) 25e. July 20 Holders of rec. June 30
Southern Calif. Edison. original of. (au.) 50c. July 15 Holders of rec. June 200
Southern Canada Power, pref. (quar.). _
134 July 15 Holders of rec. June 25a
Southern N. E. Telep., corn.(guar.)
2
July 15 Holders of rec. Juno 304
Southern Wisconsin Elec., pref. (guar.)_
134 July 15 Holders of rec. June 30a
Standard Gas & Electric, corn. (guar.). _ 87 He July 25 Holders of rec. June 306
Prior preference (guar.)
134 July 25 Holders of rec. June 30
United Gas & Elec. Co.. preferred
234 July 15 Holders of rec. June 306
United Gas Improvement (guar.)
July 15 Holders of rec. June 30a
$1
United Light & Pow., corn. A & B (an.). 150. Aug.
Holders of rec. July 15
Virginia Electric & Power,6% pf.(guar.) 134 Sept.20 Holders of me. Aug. 310
7% preferred (guar.)
114 Sept.20 Holders of rec. Aug. 316
Washington Water Power, Spokane(qu) 2
July 15 Holders of rec. June 244
West Kootenay Power, pref.(quar.)_ _
1,4 July 2 Holders of rec. June 27
West Penn Power Co.,7% pref.(guar.). 1,4 Aug. 1 Holders of rec. July 50
6% preferred (guar.)
1,4 Aug. 1 Holders of rec. July 56
Western Power Corporation. pref. (an.) 154 July 15 Holders of rec. June 30a
!Western States Gas & Elec., pref. (qu.)_
194 July 15 Holders of rec. June 30
Western Union Telegraph (guar.)
2
July 15 Holders of rec. June 250
York Railways, corn. (guar.)
75e. July 16 July 7 to July 15
Preferred (guar.)
6234c July 31 July 16 to Jul." 24
Banks.
West New Brighton (Staten
3
July 10 Holders of res. June 300
_
Public Utilities.
Fire Insurance.
Adirondack Pow.& Light,COM. (mIlily) 10c. July 30 Holders of rec.
July 21a Centinental
July 1 Holders of rec. June 300
$3
Common (monthly)
100. Aug. 31 Holders of rec. Aug. 20a Fidelity-Phenlx Fire
July I
$2
Holders of rec. June 30a.
All-America Cables (guar.)
134 July 14 Holders of rec. June 27a
American Gas (guar.)
2
July 13 Holders of rec. June 30a
Miscellaneous.
Amer. Ws & Elec., pref.(guar.)
$1.50 Aug. 1 Holders of rec. July 9
Abitibi Power & Paper, prof.(guar.)_
_ 11‘ July 4 Holders of rec. June 20
Amer. Light & Tree., pref. (guar.)
134 Aug. 1 Holders of rec. July 15
Abraham & Straus. Inc., pref. (guar.)-- 1,4 Aug. 1 Holders of rec. July 150
American Telep. & Teleg. (guar.)
234 July 15 Holders of
81.25 July 1. holders of rec. June 30a
Associated Gas dr Elec.. class A (guar.).- Mc, Aug. 1 Holders of rec. June 20a Air Reduction (guar.)
rec. June 30
Alliance Realty (guar.)
62 34c July 1
Holders of rec. July 116
Bell Telephone of Canada (guar.)
2
July 15 Holders of rec. June 23
Aluminum Manufacturers, corn.(guar.). *50c. Sept.30 *Holders of rec. Sept. 15
Bell Telep. of Penna., pref. (quar.)
July 15 Holders of rec. June 20a
134
Common (quar.)
*50e. Dec. 3 *Hclders of rec. Dec. 15
Brooklyn Borough Gas. common (guar.) $1.50 July 11 Holders of
rec. June 30a Amalgamated Laundries. pref.
.580. Aug.
*Holders of rec. July 15.
Bklyn.-Manhattan Transit, corn. (au.). $1
July 15 Holders of rec. July la
•58c. Sept. *Holders of rec. Aug. 1
(monthly)
(mthly.)Fred
Preferred, series A (guar.)
$1.50 July 15 Holders of rec. July in
Preferred (monthly)
*58c. Oct.
*Holders of rec. Sept. 15
Preferred, series A (guar.)
$1.50 Oct. 1.5 Holders of rec. Oct. la
Preferred (monthly)
.58e. Nov. 1 *Holders of rec. Oct. 15
Preferred, series A (Soar.)
$1.50 Jan16'23 Holders of rec. Dec. 3Ia
Preferred (monthly)
*58c. Dec. 1 *HcIders of rec. Nov. lb
Preferred, series A (guar.)
$1.50 Aprl(i'23 Holders of rec.Apr 1'28a
Preferred (monthly)
*58c. Jan 228 *Holders of rec. Doc. 15
Canada Northern Power. pref. (guar.)._
134- July 15 If Mere of rec. June 30
Preferred (monthly)
*55c. Feb 1'28 *Hold, of rec. Jan. 15'28
Central Ill. Pub. Serv ,prof.(guar.)._
$1.50 July 15 Holders of rec. Juno 30a
Preferred (monthly)
*58c. M'rl'28 *Hold. of rec. Feb 15 28
Central & S. W. Utilities. coin.(guar.)._ 75e. July it, Holders of rec. June
30
Preferred (monthly)
*58e. Apr 1'28 *Hold.arm Mar. 15'28
Chic. R.T.. prior pref. class A (mthly
650. Aug. 1 Holders of rec. July 19a
Preferred (monthly)
M'yl'28 *Hold,of ree. Apr. 15'28
Prior preferred, class A (monthly)- - - 65c. Sept. 1 Holders of rec. Aug.
Preferred (monthly)
*Me. Jun l'23 *Hold. of rec. May 15'28
Prior preferred, class B (monthly)_ __ 60c. Aug. 1 Holders of rec. July 16a
19a Amerada Corporation. corn. (guar.).
- 50c. July 30 Holders of rec. July 15cr
Prior preferred. class B (monthly)...- 60c. Sept. 1 Holders of rec. Aug.
Amer. Art
Cleveland Elec. Ill., common (guar.) --- 234 July 15 Holders of rec. July 16a American Works. corn.& pref.(quar.). 134 July 15 Holders of rec. June 30
la
Home Products Corp.(guar.). 200. Aug. 1 Holders of rec. July 140
Six per cent preferred (guar.)
134 Sept. 1 Holders of rec. Aug. 150
134 Oct. 1 Holders of recs. Sept. 16a
Columbia Gas & Elec. Corp., corn.(an.) $1.25 Aug. 16 Holders of rec. July 20a American Mfg. Co.. corn. (guar.)
Common (guar.)
134 Dec. 31 Holders of rec. Doe. 16a
Preferred (guar.)
134 Aug. 15 Holders of rec. July 20a
Preferred (quar.)
134 Oct. 1 Holders of rec. Sept. 166
Commonwealth Power,common (guar.)- 62140. Aug. 1 Holders of reo. July 140
Preferred (guar.)
134 Dec. 31 Holders of rec. Dec. 166
Six per cent preferred (guar.)
134 Aug. 1 Holders of rec. July 14a American Rolling
Mill, corn.(guar.)- - - 50c. July 15 Holders of rec. June 300
Consumers Gas, Toronto (guar.)
234 July 2 Holders of rec. June
Common (payable in common stock). f5
July 30 Holders of rec. July la
Consolidated Gas, Now York, pref.(au.) $1.25 Aug. 1 Holders of rec. June 15a
30a American
2.50. Oct. 1 Holders of rec. Sept.206
Detroit Edisen Co.(guar.)
2
July 15 Holders of rec. June 200 American Seating. cont. (guar.)
Shipbuilding, corn. (quiz.)... 2
Aug. 1 Holders of rec. July 156
Diamond State Wen., pref. (guar.)- - 154 July 15 Holders of rec. June 20a
Preferred (guar.)
134 Aug.
Holders of rec. July 150
Dominion Power & Transmission (guar.)
July 15 Holders of rec. June 23a Amer. Smelting
& Refining, corn.(guar.) 2
Aug. 1 Holders of rec. July 86
Electric Bona & Share Co., pref.(guar.)134 Aug. 1 Holders of rec.
Preferred (guar.)
154 Sept. 1 Holders of rec. Aug. 56
Electric Bond & Share Securities(guar.)- 25c. July 15 Holders of rec. July 12
American Steel Foundries, corn. (guar.). 750. July 15 Holders of rec. July
June 18
la
El Paso Electric Co.(Del.)
American Sugar Refining, corn.(guar.)_ _
134 July 2 Holders of roe. June in
Preferred, series A (guar.)
134 July 15 Holders of rec. July 1
Preferred (quar.)
1,4 July 2 Holders of rec. June in
Preferred. series B (guar.)
34 July 15 Holders of rec. July 1
American Type Founders, corn. (guar.). 2
July 15 Holders of rec. Ally 5(
Fairmount Park Transit, corn. (No.1)
50. Jul c 11 Holders of rec. June 30s
1
Preferred (guar.)
134 July 15 Holders of res. July 5a
Preferred (guar.)
134 July Ii Holders of rec. June 3)a
Amer. Vitrified Products. corn. (guar.). 500. July 15 Holders of rec. July 56
Foahay (W. B.) Co., common (monthly) 1370. July 11 Holders of rec. June 30
Preferred (quar.)
1,4 Aug. 1 Holders of rec. July 20
Seven per cent preferred (monthly).
- 580. July 11 Holders of rec. June 30
Arctic Dairy Products, stock dividend_ _ e25
July 15 Holders of res. July 1
Eight per cent preferred (monthly)
(170. July 11 Holders of rec. June
Asbestos Corporation. Ltd.. prof.(guar.) 134 July 15 Holders of rec. June 30a
General Pub.Serv. Corp.,cony. pf.(an.) $1.75 Aug. 1 Holders of rec. July 30
Associated Dry Goods, corn.(guar.)_
8a
63c. Aug. 1 Holders of rec. July 9a
$1.50 Aug. 1 Holders of rec. July 8a
$6 Preferred (guar.)
First preferred (guar.)
134 Sept. 1 Holders of rec. Aug. 18
Havana Elec.& Utilities, 1st pref. (qu.)_ 51.50 Aug. 15 Holders of rec. July 20
Second preferred ((luar.)
154 Sept. 1 Holders of rec. Aug. 13
Cumulative preference (quar.)
$1.25 Aug. 15 Holders of rec. July 20
Atlas Plywood (guar.)
$1
July 15 Holders of rec. July 10
International Telep & Teleg.(guar.) _ _
114 July 15 Holders of rec. June 27a Babcock & Wilcox Co.
(guar.)
1,4 Oct. 1 Holders of rec. Sept.206
Internat. Utilities Corp., class A (guar.)- 87,4c July 15 Holders of rec. July 20
Quarterly
154 Jan 1'28 Holders of rec. Dec. 200
Jamaica Public Service, pref. (quar.).194 July 2 Holders of re. June 15
Quarterly
134 Apr 1'25 Hold. rec. Mar. 20'280
Kentucky Securities Corp., pref. (guar.) 134 July 15 Holders of rec. June 20a Bomberger (L.)
& Co.. pref. (guar.)_ _ _
194 Sept. 1 Holders of rec. Aug. 130
Laurentide Power (guar.)
134 July 15 Holders of rec. June 30
Preferred (gum.)
194 Dec. 1 Holders of rec. Nov. 126
Manila Electric Co.(guar.)
6234e. Aug. 1 Holders of rec. June 305 Bankers Capital Corp., corn
July 15 Holders of rec. June 30
54
Massachusetts Gas Cos.. corn. (quar.).. 114 Aug. 1 Holders of rim. July 15a
Preferred (guar.)
$2
July 15 Holders of rec. June 30
134
[VOL. 125.
THE CHRONICLE
60
Name of Company.
Per
When
Cent. Payable.
Books Closed
Days Inclusive.
Name of Company.
When
Per
Cent. Payable.
Books Closed
Days Inclusive.
Miscellaneous (Continued).
Miscellaneous (Continued).
250. Oct. 1 Holders of rec. Sept. 15
Formica Insulation (guar.)
Bankers Capital Corp. (Coact).
10o. Oct. 1 Holders of rec. Sept. 15
Extra
Oct. 15 Holders of rec. Sept. 30
$2
Preferred (guar.)
25c. Jan I'28 Holders of rec. Dec. 15
Quarterly
Jan16'28 Holders of rec. Dec. 31
$2
Preferred (guar.)
10c. Jan 1'28 Holders of rec. Dec. 15
Extra
Barnhart Brothers & Spindler
Aug. 1 Holders of rec. July 1511
SI
134 Aug. 1 Holders of rec. July 23a Freeport Texas Co.(guar.)
First and second preferred (guar.)_ _ _ _
25e. Aug. 1 Holders of rec. July 150
Extra
Barnsdall Corp., class A and B (quar.).. 62340. July 15 Holders of rec. June 24a
July 29 Holders of rec. June 170
$1
Bayuk Cigars, Inc., first pref. (guar.)._
134 July 15 Holders of rec. June 300 General Electric(quar.)
July 29 Holders of rec. June 17a
51
Extra
134 July 15 Holders of rec. June 300
7% second preferred (guar.)
150. July 29 Holders of rec. June 170
Special stock (guar.)
July 15 Holders of rec. June 30a
2
8% second preferred (guar.)
July 5 Holders of rec. May 210
600. July 9 Holders of rec. June 25a General Motors Corp., corn. (extra)____ 32
Beech-Nut Packing, corn. (guar.)
134 Aug. 1 Holders of rec. July ba
Six per cent preferred (guar.)
134 July 15 Holders of rec. July la
Preferred (guar.)
Aug. 1 Holders of rec. July ba
cent debenture stock (guar.)- Six per
134
BeIgo Canadian Paper, corn.(quar.)__ _
134 July 12 Holders of rec. June 30
Seven per cent debenture stock (guar.) 134 Aug. 1 Holders of rec. July ba
134 July 2 Holders of rec. June 3
Preferred (guar.)
50e. July 15 Holders of rec. July ba
General Outdoor Advertising (guar.)
Berles Corporation, preferred
34 July 15 Holders of rec. June 30
75c. July 15 Holders of rec. July 70
Bingham Mines Co. (guar.)
July 5 Holders of rec. June 27a General Refractories (guar.)
El
14 Aug. 1 Holders of rec. July 15a
Gobel (Adolf) Inc. pref. (guar.)
75e, Aug. 1 Holders of rec. July 21
Blaw-Knox Co.. common (guar.)
Goodyear Tire & Rub., Canada, pf.(qu.) 14 July 2 Holders of rec. June 15
First preferred (guar.)
1K Aug. 1 Holders of rec. July 21
134 Aug 1 Holders of rec. July 15
Gotham Silk Hosiery, pref.(quar.)
Block Bros. Tobacco, com.(guar.)
3734e. Aug. 15 Holders of roe. Aug. 10
July 2 Holders of rec. Juno lba
Great Western Sugar, corn. (guar.)
$2
3734c. Nov. 15 Holders of roe. Nov. 10
Common (guar.)
134 July 2 Holders of rec. June 150
Preferred (guar.)
134 Sept. 30 Holders of rec. Sept.25
Preferred (guar.)
Guenther Publishing Co.
134 Dec. 31 Holders of rec. Dee. 26
Preferred (guar.)
Aug. 20 Holders of rec. Jan. 200
5
Preferred (guar.)
July 30 Holders of rec. July 15a
51
Bon Ami Co., com."A" (guar.)
Nov.20 Holders of rec. Jan. 200
5
Preferred (guar.)
Boss Manufacturing, corn. (guar.)
234 Aug. 15 Holders of roe. July 30
134 Oct. 1 Holders of rec. Sept. 15a
Gulf States Steel, com.(quar.)
Aug. 15 Holders of rec. July 30
5
Common (extra)
(guar.)
1,4 Jan3'28 Holders of rec. Dec. lba
First preferred
Preferred (guar.)
134 Aug. 15 Holders of rec. July 30
6c. Aug. 15 Holders of rec. Aug. 1
Hamilton Bank Note
Brandram-Henderson, Ltd., pref.(guar.) 134 July 2 Holders of rec. June 1
1;4 July 20 Holders of rec. July 9a
Harbison-Walker Refrac., pref. (guar.)
July 15 Holders of rec. June 30
5
Brewers & Distillers (Canada), cern_ _ _ _
July 14 Holders of rec. July la
Hathaway Baking, class A. pref. (guar.) 62
20e. July 4 June 12 to July 3
British American Oil (guar.)
Hibbard. Spencer, Bartlett Co.(mthly.)- 30c. July 29 Holders of rec. July 22
British Columbia Fishing, corn. (guar.)_ $1.25 Sept. 10 Holders of rec. Aug. 31
30e. Aug. 26 Holders of rec. Aug. 19
Monthly
$1.25 Dec. 10 Holders of rec. Nov. 30
Common (guar.)
30e. Sent.30 Holders of rec. Sept 23
Monthly
$1.25 340-28 Holders of rec. Feb.28'28
Common (guar.)
1)4 July 15 Holders of rec. June 30
Hillerest Collieries, com.(guar.)
134 Sept. 10 Holders of rec. Aug. 31
Preferred (guar.)
134 July 15 Holders of rec. June 30
Preferred (guar.)
154 Dec. 10 Holders of rec. Nov. 30
Preferred (guar.)
be: July 15 Holders of rec. June 29
134 3-10-28 Holders of rec. Feb.28'28 Hollinger Consolidated Gold Mines
Preferred (guar.)
to Aug. 1
174 Aug. 1 July 21
Hood Rubber Co., 74% pref. (quar.)_
50e. July 15 Holders of rec. June 30
Brompton Pulp & Paper (guar.)
154 Sept. 1 Aug. 21 to Sept. 1
14 Aug. 1 Holders of roe. July 150 Hood Rubber Products, pref. (guar.)___
Burns Brothers, prior pref. (guar.)
134 Aug. 20 Holders of rec. Aug. 1
June 30 Holders of roe. May 27a Home Service. common (guar.)
special
151
Burroughs Adding Machine,
July 20 Holders of rec. June 30
2
First & second preferred (guar.)
July 15 Holders of rec. June 30a
Bush Terminal Co.(qu.) (In com. stock) 12
874c Sept. I Holders of roe. Aug. 150
3
July 15 Holders of rec. June 30a Household Products (guar.)
Preferred
July 15 Holders of roc July la
El
Sound Co.(guar.)
134 July 15 Holders of rec. June 30a Howe
Debenture preferred (guar.)
60c. July 15 July 3 to July 15
134 Aug. 1 Holders of rec. July 15a (w)Illinois Brick (guar.)
Byers (A. M.) Co., pref. (guar.)
60c. Oct. 15 Oct. 5 to Oct. 16
(w)Quarterly
134 July 16 Holders of rec. June 30
Canada Cement (guar.)
1)4 July 15 Holders of rec. June 250
(qu.)_
750. July 15 Holders of rec. July la International Harvester, common
Canada Dry Ginger Ale (guar.)
July 52 Holders of rec. June 250
Common (payable in common stock). 12
Canada Steamship Lines.6% prof. (qu.) 134 July 2 Holders of rec. June 15
Internat. Match, corn.(guar.)(No. 1)__ 800. Julyd15 Holders of rec. Juned25a
134 July 9 Holders of rec. June 25
Canadian Car & Foundry, pref. (quar.)_
800. Julyd15 Holders of rec. Juned25a
Participating preferred (guar.)
July b Holders of rec. June 24
Canadian Cottons, Ltd., corn. (guar.)._ 2
14 July 15 Holders of rec. July la
Internat. Paper, 7% pref. (guar.)
I4 July 5 Holders of rec. June 24
Preferred (guar.)
154 July 15 Holders of rec. July la
Six per cent preferred (guar.)
Canadian Fairbanks Morse, pref.(guar.) 134 July 15 Holders of rec. June 30
July 15 Holders of rec. July 8
Interstate Iron & Steel, common (guar.) El
Canadian Industrial Alcohol (quar.)____ 32c. July 15 Holders of rec. June 30
Oct. 15 Holders of rec. Oct. 8
SI
Common (guar.)
14 Sept. 30 Sept. 21 to Oct. 4
Canfield Oil, corn.(guar.)
Jan16'29 Holders of rec. Jan. 9'28
SI
Common (guar.)
134 Dec. 31 Dec. 21 to Jan. 4
Common (guar.)
14 Sept.30 Sept. 21 to Oct. 4
Intertype Corporation, corn.(guar.).--- 250. Aug. 15 Holders of too. Aug. la
Preferred (guar.)
25e. Aug. 15 Holders of roe. Aug. la
134 Dec. 31 Dec. 21 to Jan. 4
Common (extra)
Preferred (guar.)
57c. July 15 Holders of rec. July la
134 July 30 Holders of rec. July lba Johns-Manville, Inc.. com.(guar.)
Cartier, Inc., preferred (guar.)
Switchboard & Supp.. com.(qu.) 32140 July 30 Holders of rec. July 90
50e. July 10 Holders of rec. June 25a Kellogg
Central Alloy Steel, corn. (guar.)
1)/ July 30 Holders of rec. July 90
Preferred (guar.)
Chicago Yellow Cab Co. (monthly)_
33 I-3c Aug. 1 Holders of rec. July 20a
331-30 Sept. I Holders of rec. Aug. 19a Kelsey-Hayes Wheel. pref. (qu.)(No. 1) $1.75 Aug. 1 Holders of rec. July 21s
Monthly
July 15 *Holders of rec. July 5
(pay.in nopar corn.stk.). 11
Childs Co.,com.
Oct. I Holders of rec. Aug. 26a Keystone Steel & Wire, com. (quar.)___ *El
rtg July 15 *Holders of rec. July 5
Preferred (guar.)
Common (payable in no par eon). stk.) 11
Dee. 30 Holders of rec. Nov. 250
154 Sept. 10 Holders of rec. Aug. 31
Kirby Lumber, common (guar.)
pref. A (guar.). _ _ $2
Chrysler Corporation,
Sept. 30 Holders of rec. Sept. 15a
134 Dec. 10 Holders of rec. Nov. 30
Common (quar.)
Jan 328 Holders of rec. Dec. I5a
Preferred A (guar.)
$2
$1.75 Oct. 1 Holders of rec. Sept. 15
34 Aug 1 Holders of rec. July 15
Knox Hat, Inc., prior pref.(guar.)
Cities Service, common (monthly)
$3.50 AuJ. 1 Holders of rec. July 15
Second preferred
Common (payable in common stock)_ .134 Aug. 1 Holders of rec. July 15
500. July 15 Holders of rec. June 30
34 Aug. 1 Holders of rec. July 15
Lake Ontario Brewing Co
Preferred and preferred BB (monthly)
1;4 July 2 Holders of rec. June 17
Laurentide Company (guar.)
Sc. Aug 1 Holders of rec. July 15
Preferred B (monthly)
Aug. 31 Holders of rec. July 306
SI
500. Sept. I Holders of rec. Aug. 10a Lehigh Coal & Navigation (guar.)
City Ice & Fuel (guar.)
250. Aug. 31 Holders of rec. July 300
500. Sept. 15 Holders of rec. Sept. to
Extra
Cleveland Stone (guar.)
50c. July 27 Holders of rec. June 300
*134 July 30 *Holders of rec. July 20
Lion 011 Refunding (guar.)
Conlon Corporation ((mar.)
*900. Aug. 1 *Holders of rec. July 20
Liquid Carbonic Co.(guar.)
81.25 July 15 Holders of rec. June 30
Consolidated Mining dv Smelting
July 15 Holders of rec. June 30
$5
Loew's London Theatres (Canada)
Bonus
250. July 15 Holders of rec. June 30a
Common (annual)
25e. July 25 Holders of rec. July 15
Consolidated Royalty 011 (quar.)
Sc. July 15 Holders of rec. June 300
Common (extra)
July 15 Holders of rec. July la
SI
Cooper Corporation, corn. (guar.)
354 July 15 Holders of rec. June 30a
Preferred
500. July 20 Holders of rec. July 20
Corn Products Refining, com. (guar.).250. July 20 Holders of rec. July 20 Loose-Wiles Biscuit
Common (extra)
New no par common (guar.)(No. 1)._ 40c. Aug. 1 Holders of rec. July 1 la
134 July 15 Holders of rec. July 20
Preferred (guar.)
134 Aug. I Holders of rec. July 186
Second preferred (guar.)
14 Oct. 1 Holders of roe. Sept.28a
Cosgrove-Meehan Coal, pref. (quar.)__ _
Aug. 1 Holders of rec. July lba
134 Dec. 21 Holders of rec. Dec. 19a Lord & Taylor. second pref. (quar.)---- 2
Preferred (guar.)
MacAndrews & Forbes, new corn. (qu.)- 650. July 15 Holders of rec. June 30a
500. July d9 July 1 to July 10
Package Mfg., corn. (quar.)
Creamery
134 July 15 Holders of rec. June 30a
Preferred (guar.)
1)5 July (19 July 1 to July 10
Preferred (guar.)
$1.25 Aug. 15 Holders of rec. July 29a
July 2 Holders of rec. June 15
Macy (R. H.) & Co., (guar.)
$4
Crown Finance Corporation, corn
14 July 2 Holders of rec. June 15
Madison Square Garden Co. (quar)_. 25c. July 15 Holders of rec. July 54
Preferred (guar.)
25e. Oct. 15 Holders of rec. Oct. 5
1)4 July 30 Holders of rec. July 15a
Quarterly
Crucible Steel, com. (guar.)
750. July 15 Holders of rec. June 300
July 15 Holders of rec. July 56 Magma Copper Co. (guar.)
81
Cudahy Packing, com. (guar.)
134 July 2 Holders of rec. June 30
Manning. Maxwell & Moore, Inc. (qu.)
Cushman's Sons, Inc.
_ 154 July 11 Holders of rec. June 30a
Common (payable in 88 pref. stock)_ _ ($1.50 Sept. 1 Holders of rec. Aug. 15n Manufactured Rubber, pref.(guar.)_
134 July 18 Holders of rec. July 3
25e. Aug. 1 Holders of rec. July 150 Maple Leaf Milling. pref. (guar.)
Davega, Inc. (guar.)
250. Aug. 1 Holders of rec. July 15a Marcus Loew's Theatres(Canada), pref. 334 July 15 Holders of rec. June 30
Extra
25e. July 9 Holders of rec. June 20
14 July 15 July 1 to July 15
Margay Oil(guar.)
Detroit Motor Bus (guar.)
Holders of rec. Aug. 15a
Sept.
May Department Stores, corn. (guar.)._ $1
79.530 July 1
Diversified Trustee Shares
Holders of rec. July 20
500. Aug.
14 July 15 Holders of rec. June 27a McCall Corporation (guar.)
Dodge Brothers. Inc.. pref. (quar.)____
Holders of rec. July 20a
154 Aug.
25c. My 20 Holders of rec. June 30
McCrory Stores Corp., pref.(guar.)_._
Dome Mines, Ltd. (quar:)
Holders of rec. Oct. 20a
14 Nov.
Preferred (guar.)
Dominion Glass. com. and pref.(guar.). 134 July 2 Holders of rec. June 15
Holders of rec. Sept. 20
McLellan Stores. com. A and B (guar.) 250. Oct.
$1.25 July 2 Holders of rec. June 15
Dominion Textile, com.(guar.)
an2'2 Holders of roe. Dec. 20
25c.
Common A and B (guar)
134 July 15 Holders of rec. June 30
Preferred (guar.)
July 15 Holders of rec. July la MeQuay Norris Co. (guar.)
40c. July 6 Holders of rec. July I
Dunhill International, corn. (guar.)._ _ 31
154 July 15 Holders of me July 1
Oct. 15 Holders of rec. Oct. la Merch. & Mfrs. Co., pr. Prof. (guar.)-81
Common (guar.)
July 20 Holders of rec. June 30a
Jan. 15 Holders of rec. Jan.1'28a Mexican Petroleum Corp., com. (guar.) $3
$1
Common (guar.)
July 20 Holders of rec. June 30a
52
Preferred (guar.)
Ayr. 15 Holders of rec. Apr.1'28a
81
(guar.)
Common
-Continental Petroleum (guar.)_ _ _ _ 75c. Aug. 1 Holders of rec. July In
Mid
Du Pont(E. I.) de Nemours & Co.
50e. July 25 Holders of rec. July ba
$1.50 July 6 Holders of rec. June la Miller Rubber. common (guar.)
Common (extra)
154 July 25 Holders of rec. July 9a Mining Corp. of Canada. Ltd. (Interim) 12340 July 15 June 29 to July 14
Debenture stock (guar.)
2 Aug. 1 Holders of roe. July 20
400. Sept. 1 Holders of rec. Aug. 15a Missourl-Illinois Stores. pref. (guar.)._
Eagle-Picher Lead, com. (guar.)
Aug. 15 Holders of rec. Aug. 4a
40e. Dee. 1 Holders of rec. Nov. 15a Montgomery Ward & Co., com.(guar.). SI
Common (quar.)
$1.75 Oct. 1 Holders of roc. Sept. 20a
Class A (quar.)
134 July 15 Holders of rec. June 30a
Preferred (guar.)
July 15 Holders of roe. July la
134 Oct. 15 Holders of rec. Sept.30a Motion Picture Capital Corp., pref.(qu.) 2
Preferred (guar.)
20. July 15 Holders of rec. June 30a
Mountain dc Gulf 011 (guar.)
134 Jan1528 Holders of rec. Dec. 31
Preferred (guar.)
lc. July lb Holders of rec. June 300
Extra
62)40. Oct. I Holders of rec. Sept.200
Early & Daniels, common (guar.)
'
1
' 52.50 July 15 *Holders of rec. June 30
250. Oct. I Holders of rec. Sept.20a Nash (A.) Co. (quar.)
(extra)
Common
Aug. 1 Holders of rec. July 15
$1
Jan 1'28 Holders of rec. Dec. 20a National American Co. (guar.)
6234c.
Common (guar.)
154 Sept. I Holders of rec. Aug. 10a
250. Jan 1'28 Holders of roe. Dee. 20a National Belles Hess Co.. pref. (guar.)_ _
Common (extra)
$1.25 July 15 Holders of rec. June 30a
51.75 Oct. 1 Holders of rec. Sept. 20a National Biscuit, corn. (quar.)
P referred (guar.)
$1.25 Oct. 15 Holders of rec. Sept. 300
Common (guar.)
$1.75 Jan 128 Holders of rec. Dec. 20a
Preferred (guar.)
Preferred (guar.)
134 Aug. 31 Holders of rec. Aug. 17a
Eastern Bankers Corp., Pref.(quar.).. 81.75 Aug. 1 Holders of rec. June 30
National Cash Register, class A (guar.). 75c. July 15 Holders of rec. June 30a
81.75 Nov. 1 Holders of rec. Sept. 30
Preferred (guar.)
National Fireproofing. pref. (quar.)____
154 July lb Holders of rec. cfJuly 1
$1.75 Feb. I Holders of rec. Dec. 31
Preferred (guar.)
1 Holders of rec. July 80
Eastern Steamship, pref. (guar.)
.
87540 July 15 Holders of rec. July 6a National Lead el. B com.(qu.)(No. 1).. 14 Aug. 13 Holders of rec. June 15
214 July
National Licorice, corn
334 July 30 Holders of rec. June 30
Eastern Theatres. Ltd.(Toronto), pref. _
134 June 30 Holders of rec. June 15
Preferred (guar.)
500. Aug. 1 Holders of rec. July 150
Axle & Spring (guar.)
Eaton
154 Aug. 1 Holders of rec. July 15a
250. JUI9 15 Holders of rec. July la Neisner Brothers, pref. (guar.)
Economy Grocery Stores (guar.)
Holders of roe. Sept. 4
30c. Oct.
621.40 Aug. 1 Holders of rec. Julyd15a Nelson (Herman) Corp.(guar.)
Elgin National Watch (guar.)
Holders of rec. Sept. 19
Oct.
el
Stock dividend
July 14
334 July 15 July 4 to
Ely-Walker Dry Goods, 1st preferred_ __
July 1 Holders of reo.dJune 304
1254e
New Bradford Oil (guar.)
July 15 July 4 to July 14
3
Second preferred
Holders of rec. June 200
July
2
Empire Bond & Mtge., pref.(quar.)---- 134 July 15 Holders of rec. June 300 New Jersey Zinc (extra)
Holders of rec. Juoy 76
yse, Aug.
New York Air Brake, corn. (guar.)
*734c. July 5 *Holders of rec. June 25
Erupcion Mining (guar.)
254 July 1 Holders of roe. July ba
New York Dock, preferred
Eureka Vacuum Cleaner
50e. July 1 Holders of rec. July la
Aug. I Holders of rec. July 20a New York Transportation (glum)
Common (payable in common stock).... 15
51 July 1 Holders of roe. June 30
20c. Aug. 1 Holders of rec. July 210 Newmont Mining Corp.(guar.)
Fair (The), common (monthly)
73.40.July 2 Holders of rec. June 300
14 Aug. 1 Holders of rec. July 21a NipIssing Mines Co.. Ltd.(guar.)
(guar.)
Preferred
Holders of rec. June 15
North Star Oil & Refining, pref.(guar.).. 14 July
Holders of rec. June 18
e234 July 5
Federal Motor Truck, stock dividend__
July I Holders of rec. June 30
al
Ohio Brass. class B (guar.)
July 15 July 6 to July 15
2
Federal Terra Cotta (quar.)
14 July 1 Holders of rec. June 30
Preferred (guar.)
16c. July 16 Holders of rec. July 2a
_
Fifth Avenue Bus Securities (guar.)
Holders of rec. July 120
14 Aug.
Firestone Tire & Rubber, com.(guar.)_ _ $1.50 July 20 Holders of rec. July 100 011 Well Supply. pref. (guar.)
$1.60 July 1 Holders of rec. June 300
14 July 15 Holders of rec. July la Otis Elevator, corn. (guar.)
Six per cent preferred (guar.)
134 July 1 Holders of tee. June 306
Holders of roe. Aug. la
Preferred (guar.)
14 Aug. 15
Seven per cent preferred (guar.)
14 Oct. 1 Holders of rec. Sept.306
Preferred (guar.)
July 15 Holders of reo. July 2
Flour Mills of Amer.,Inc.. $8 prof.(ext.) SI
134 Jan15'2 Holders of roe. Dec. 310
Preferred (quar.)
Foote Bros. Gear & Mach., corn.(qu.)._ 300. Oct. 1 Sept.21 to Sept. 30
Holders of rec. Sept.24
14 Oct.
Overman Cushion Tire, pref. (guar.)._
30e. Jan1'28 Dee. 21 to Dec. 30
Common (quar.)
Holders of rec. July 236
154 Aug.
Pacific Coast Co., first pref.(quar.)__
14 Oct. 1 Sept.21 to Sept. 30
Preferred (guar.)
Holders of tee. July 20
134 Aug.
Package Machinery, 1st pref.(guar.)._
21 to Doe. 30
14 Jan1'28 Dec.
Preferred (guar.)
Holders of tee. Oot. 206
14 Nov.
First preferred (guar.)
81 July 15 Holders of rec. June 30a
Fox Film Corp., class A & B (quar.)__
1
.7 l'1.1" 21927.]
Name of Company.
THE CHRONICLE
Per
1Vhen
Cent. Payable.
Books Closed
Days Inclusive.
61
Weekly Returns of New York City Clearing House
Banks and Trust Companies.
Miscellaneous (Concluded).
Packard Motor Car, monthly
20c. July 30 Holders of rec.
The following shows the condition of the New York City
July 15a
Monthly
200. Aug. 30 Holders of rec.
Aug. 150
Pan-American Petroleum & Transport'n
Clearing House members for the week ending June 25. The
Common and common B (guar.)
$1.50 July 20 Holders of rec. June
30a figures for the separate banks are the averages of the daily
*e20
Paraffine Cos.. Inc. stock dividend_
_
*Holders of rec. July 7
Paramount Famous Lasky Corp.
'
results. In the case of the grand totals, we also show the
182
Common (extra)
Sept.20 Holders of
rec. July 28a
2
Aug. 1 Holders
Preferred (quar.)
of rec. July 15a actual figures of condition at the end of the week.
Philadelphia Insulated Wire
Aug. 1 Holders
$2
Pennsylvania Salt Mfg.(guar.)
$1.25 July 15 Holders of rec. July 15a
NEW YORK WEEKLY CLEARING HOUSE RETURNS.
PIerce.Butler&Plerce,com.,$25 par(:111.)- 50e. July 15 Holders of rec. June 30a
2
July 15 Holders of rec. July 5
Common ($100 par) ((uar.)
(Stated in thousands of dollars-that is, three ciphers [000] omUted.)
2
Eight per cent preferred (guar.)
Aug. 1 Holders of roe. July 5
of rec. July 20
1% Aug. 1
Seven per cent preferred (guar.)
Pillsbury Flour Mills, corn.(No. 1)
400. Sept. 1 Holders of rec. July 20
New
PIttsb. Screw & Bolt,com.(qu.)(No. 1). 50c. July 12
Capital. Profits] Loans,
Reserve
Porto Rican Am.Tob.,el. A (qu.)(No.)) $1.75 July 11 Holders of rec. July 1
Week Ending
'Discount, Cash
with
Net
Time Bent
Prairie Pipe Line (guar.)
214 July 30 Holders of rec. June 20a
June 25 1927. Nat'l, Mar.23 InvestIn
Legal Demand
De- CiTC11..
Holders of rec. June 30a
Premier Gold Mining
Sc. July 5
State, Mar.25 merits, Vault. Deposi- Deposits. posits. lotion.
Holders of rec. June 14
Pressed Metals of Americo, corn. (guar.) 750. July 15
(000 omitted.) Tr.Cos. Mar.23
tke.
tories.
Price Bros. & Co. Ltd., corn. (quar.)
50e. July 2 Holders of rec. June 250
1% July 2 Holders of rec. June 15
Preferred (guar.)
'
Members of Fed. Res.Bank. Average. Average Average Average. Averag Aime.
Holders of rec. June 15
Procter & Gamble,8% pref. (guar.) _ _ _ _
2
July 15
Bank ofNY&
$
$
5
$
3
$
$
Pro-phy-lac-tic-Brush (guar.)
50c. July 15 Holders of rec. June 250
Trust Co____ 6,000 12,401
78.393
469 7,188
53,666 8.358
Holders of rec. June 30a
Extra
$I
Aug. 1 Holders
Bk of Manhatn 10.700 16,204 173.779 3,045 17.879
130,8791 26,1
51
Quaker Oats, common (guar.)
July 15 Holders of rec. July 20a Bank of America 6,500 5,412
87.803 1,085.
85,044 4,350
of rec. July la
116 Aug. 31
Preferred (poar.)
National City__ 75,000 66,126 804,166 3,905 79.117 '817,122159.0
in
Q. R. S. Music (monthly)
15c. July 15 Holders of roe. Aug. la Chemical Nat'l_ 5,0001
138,239 1,271 15,737
120,395 3,901
347
Holders of rec. July la
3
Realty Associates, 1st preferred
July 15 Holders
NatBk of Comm 25,000 42,881 373,492
18,9191
370 42,830
322,322 28,265
of rec. July 5
Remington Noiseless Typewr., pf.(qu.)_
131 July 15
ChatPh:1138:T 13,500 13,655 219,087 2,538 23,026
.
165,014 44.742 6,iii
3716c Aug. 1 Holders of rec. July la Hanover Nat'l_ 5,000, 26,511 137.658 1,636 15,793
Rice-Stix Dry Goods. coin. (guar.)
123,07: 2,77
*25e. Aug. 1 Holders of roe. July 15
Richfield Oil, common (guar.)
Corn Exchange. 11,000' 16,550 216,312 4,160 25,168
181,769 31,348
*Holders of roe. July 5
*43340 Aug. 1 *Holders
7% preferred (guar.)(No. 1)
National Park_. 10,000 24,988 163,274
16,553
858
126,612 7,34' 1 5..
7
of rec. July 5
Rome Wire. class A common (quar.)__ _
750. Aug. 1
Bowery & E fly 3,000 3,686
75,468 1,838 7,909
54,507 23,64: 2 990
July 27 'to July' 31
Clam B common (guar.)
250. Aug. 1
First Naticnal_ 10,000 77,690 302,205
486 26,997
204.714 12,77 6 57
July 27
$1
July 18 Holders to July 31
Royal Typewriter, corn
Irving Tr 32,000 29,170 433,590 4,116 52,470
Am Ex
395,17 35,81
$1
July 18 Holders of rec. July 9
Common (extra)
Continental 13k_ 1,000 1,286
8.278
127
879
5,567
520
314 July 18 Holders of rec. July II
Preferred
Chase National_ 40,000 38,761 634.228 6,322 76,933 *598,516 41,79 2i8; 7
of rec. July IR
134 Aug. 1
Russell Motor Car (guar.)
500 3,215
28.997
688 3,383
26,305
Holders of rec. July 15a Fifth Avenue__
Safety Cable (guar.)
81
July 16
Garfield Nat'l_
1,000 1,887
16,217
15,692
495 2,316
31.
50e. Sept.20 Holders of rec. June 30a Seaboard Nat'L 6,000 11,445 132,422
Bt. Joseph Lead (guar.)
124,788 2,98
703 16.377
--ii
250. Sept.20 Sept. 10 to Sept.20
Extra
Bankers Trust_ 20,000 36,945 380,930
877 41,701 *347,403 44,45
-__ _
500. Dec. 20 Sept. 10 to Sent.20
Quarterly
US Mtge & Tr. 3,000 5,053 61.142
52,671 5,982 ____
732 7.517
25c. Dec. 20 Dee. 10 to Dec. 20
Extra
Guaranty Trust 30.000 31,854 459.976 1,349 49,961 *431,812 58.98
---_
Dec. 10 to Dec. 20
St. Maurice Valley Corp.. pref. (guar.). 1% July 2 Holders
Fidelity Trust_
4,000 3,285
43.314
652 4.933
36,
4.08
Savage Arms. 2d pref. (pum.)
*114 Aug. 15 *Holders of rec. June 15
New York Trust 10,000 22,550 175.761
133,465 28,24
613 18,448
Schulte Retail Stores, common (guar.) _ _ 8714e. Sept. 1 Holders of rec. Aug. 1
671 13,986 *104,287 22,99
of rec. Aug. I5a Farmers L & Tr.I 10,000 20,260 141,371
87340. Dec. 1 Folders of rec.
Common (guar.)
Nov. 15a Equitable Trust 30,000 23.927 299.015 1,656 31,748 *342,249 46.82
750. July 15 Holders
Scullin Steel, pref.(guar.)
I
of rec. June no
Seagrove Corporation, common (quer.). 130e. July 20 Holders
Total of averages 368,200 554,974 5.585,117 40,662810.138c4.514.700
23,374
1% July 20 Holders of rec. June 300
Pre'er cd tailor )
,
of MC. June 30a
50c. Aug. 1
Seeman Brothers. Inc., corn.(guar.)
Totals. actual condition June 25 5,566.191 39,736 595,108 c4,481,373646.38723.397
Holders of rec. July 15
131 July 2
Shaffer Oil & Refining. pref. (quar.)
Totals, actual condition June 185.621.779 40,228 598,063c4,563,346 641.544 23,454
50e. July 10 Holders of rec. June 30
Shattuck (Frank G.) Co.(guar.)
Helders of rec. June 20a Totals, actual co edition June 11 5,594,371 41,938 579.784 c4,518,416 644,49223.285
!
July 1 Holders
Smith (Howard) Paper Mills, pref. (gu.) 2
of rec. June 30
Spanish Riv. Pulp & P. Mills, com.(qu.) 131 July 15 Holders
State Banks Nov Members of Fed'I Res've Bank.
of rec. June 30
1% July 15
State Bank_ _
Preferred (quar.)
5,000 5,817 105,682 4.508 2.223
36,142 63,612
Holders of rec. June 30
Steel Co. of Canada, corn. & pref.(MO - 1% Aug.
Colonial Bank.. 1,400 3.270
34,393 3,509 1,705
28,301 6.155
82.50 July 1 Holders of rec. July 8
Stetson (John B.) Co., common
July 11
to Jul" 15
4
Preferred
July 15 Jill" 11
Total of averages 6,400 9.088 140.075 8,017 3.928
64,443 69,767
to July 15
81
July 15
Sullivan Machinery (pmar.)
1% July 15 Holders of rec. June 30
Sundstrand Corporation, pref. (guar.)
64,946 69,818
Holders of rec. June 300 Totals, actual condition June25 140.667 7.961 3,941
$1.50 July 15
Superheater Company (guar.)
Totals, actual condition June 18 140,844 8,041 4,008
65,383 69.661
Holders of rec. July 5
300. Aug.
Thompson (J. R.) Co.(monthly)
67,073 69,61
Holders of rec. July 22a Totals, actual condition June 11 141,911 8,175 4,267
30e. Sept.
Monthly
Holders of roe. Aug. 23a
81.75 July 1
Tobacco Products Corp., corn. (quar.)_
Trust Compan lea Not Members of Fed 'I Res've Bank.
1% July 1 Holders of rec. June 246, Title Guar & Ti 10,000 20,237
Tooke Bros., Ltd., 7% pref. (quar.)
66,838 1,688 4,305
39,710 1,81
30e. July 1 Holders of rec. June 30
Truseon Steel, corn. (quar.)
Lawyers Trust_ 3,000 3.463
23,177
936 1,853
18,170 1,09
Holders of rec.
1
Tuckett Tobacco, corn. (quay.)
July 1 Holders of rec. July 50
June 30a
131 July 1 Holders
Preferred (quar.)
90,013 2,624 6,158
57.880
of rec. June 30a Total of averages 13,000 23,701
Underwood Typewriter,common (4111 -. 81
Oct.
Holders of rec. Sent. 3a
1% Oct.
Preferred (guar.)
Totals, actual condition June 25
90,912 2,530 6,310
58,983 2,973
*50c. July 1 Holders of rec. Sent. 3n Totals, actual condition June 18
Union Steel Casting, corn.(guar.)
89,158 2.598 6.21
57,046 2,88
*Holders
*131 July 11 *Holders of rec. July 1
Preferred (guar.)
Totals, actual condition June 11
89,140 2,596 6,31
58,357 2,843
of rec. July 1
Union Storage (guar.)
6216e. Aug. 10 Holders
of rec. Aug. la
6216c. Nov. 10
Quarterly
Gr'd aggr., avve.387,600 587,764 5.815,205 51,303820,222 4,637.023 718,399
Holders
United Drug, 1st preferred (guar.)
134 Aug. 1 Holders of rec. Nov. la Comparison wich prey. week _ _ -44,819 -935-14,401 -87,140 +6,21 23,374
+59
United Paper Board, pref.(guar.)
116 July 15 Holders of rec. July 15a
Preferred (guar.)
134 Oct. 15 Holders of rec. July la Gr'd aggr., acelcond'n June 25 5,797,770 50,227605,359 4,605.302719,178 23,397
of rec. Oct. la
116 Jan16'28 Holders
Preferred (quar.)
Comparison with prey. week __ -54,011 -640-2,922 -80,473 +5,0
-57
116 Apr16'28 Holders of rec.Jan .2'28a
Preferred (guar.)
of
15
United Profit
July 15 Holders of roe .Apr .'28a Gr'd aggr., aceicond'n June 18 5.851,781 50,867608,281 4,685.775714,090 23,454
-Sharing, corn. (In stock)
rec. June 15a Gr'd
United Shoe Machinery, corn. (quar.)_ 6216c July 5
aggr., act'lcond'n June 11 5,825,422 42,709 590,365 4,643,846 716,948 23,285
3716c July 5 Holders of rec. June 14
Preferred (guar.)
Gr'd agar., act'lcondn June 45.887.413 54,242624.688 4,735,8811713,37323,314
Holders
United Verde Extension Mining (quay.), 75e. Aug. 1 'Fielders of rec. June 14
of roe. July 6a Gr'd aggr.. act'lcond'n May 285,835,519 53,66 885,039 4,629.10 717,105 23.250
U.S. Cast Iron Pipe & Fdy., COIII.(qM). 234 Sept. 15 Holders
Gr'd aggr., actleond'n May 21 5,768,465 55,161 583.045 4.554,627714.003
of roe.
23,459
Common (guar.)
234 Dee. 15 Holden; of rec. Sept. la
Dec. la
Preferred (quar.)
131 Sept. 15 Holders of
Note.
-U. S. deposits deducted from net demand deposits In the general total
rec. Sept. la
134 Dec. 15
Preferred (guar.)
above were as follows: Average total June 25, $22,494,000. Actual totals. June 25,
Holders
U. S. Industrial Alcohol, pref. (guar.)._
134 dJuly 15 Holders of rec. Dec. la 821,619,000; June
18, $23,763,000; June 11, $11,494,000; June 4, $17,346.000;
of rec. June 30a
U.S.Leather, prior pref.(No.))
*7
Aug. 1 *Holders
May 28, $16.273,000; May 21,$23,703.000. Bills payable, rediscount, acceptances:
U. S. Radiator. common (guar.)
•
50e. July 15 *Madera of rec. July 15
and other liabilities, average for week June 25, 8616.425.000; June 18, 8604,723,000;
of roe. July 1
*134 July 15 *Holders
Preferred (guar.)
June 11. $631,081,000; June 4,5635.454.000; May 28. $638,911.000; May 21.8652.of rec. July 1
U.S.Realty & cm rovement,corn
$1
Sept. 15 Holders
373.000. Actual totals June 25, $612,974,000; June 18, S599,863,000; June 11,
Universal Pipe & Radiator, pref.(MO
1% Aug. 1 Holders of rec. Aug. 25a 8606.703,000: June
4. 8627.598.000; May 28, $730,366,000: May 21, 8634,280,000.
of rec. July 15a
Preferred (guar.)
134 Nov. 1 Holders
Upson Company,corn. A itc B (quar.)...... 40e. July 15 Holders of rec. Oct. 150
•Includes deposits in foreign branches not included in total footings, as follows:
of ree. July 1
100. July 15 Holders
Common A As B (extra)
National City Bank. 5250,595,000; Chase National Bank, 813,672.000: Bankers
of rec. July 1
750. July 15
V. VIvaudott, Inc., corn.(guar.)
Trust Co.. $37,261,000; Guaranty
Holders
131 Aug. 1 Holders of roe. July la Co., S2,185,000: Equitable Trust Trust Co.. $72,994,000; Farmers' Loan & Trust
Preferred (guar.)
Co., $106,611.000. Balances carried in banks In
of rec. July 150
134 July 20 Holders
Vulcan Detinning, preferred (guar.)
foreign countries as reserve for such deposits
of
July 20 Holders of rec..7nly Pa Chase National Bank, $1,328,000; Bankers were: National City Bank, 842,695,000;
Preferred (account accumulated dive.) 2
rec. July Pa
Trust Co.. $1.514,000; Guaranty Trust
134 July 20 Holders
Preferred A (guar.)
of rec. July Pa Co., $3,090,000; Farmers' Loan & Trust Co., $2,185,000; Equitable Trust Co.,
SI
Wabasso Cotton, Ltd. (guar.)
July 2 Holders
$9,303,000.
50c. July 2 Holders of rec. June 15
Bonus
c Deposits In foreign branches not Included.
500. July 2 Holders of rec. June 15
Warner-Quinlan Co.(quar.)
of rec. June 15a
1% Sept. 1
Weber & Heilbroner, pref.(quar.)
$1.50 July 5 Holders of rec. Aug. 17
Wait Coast Oil (quar.)
The reserve position of the different groups of institutions
Holders of rec.
33
July 5 Holders of rec. June 254
Extra
Western Grocers, Ltd.(Canada). pf.(qu) 151 July 15 Holders of rec. June 25a on the basis of both the averages for the week and the
June 30a
Western Paper Goods, class A & B (qu.). •500. July 15 *Holders of rec. June 30
actual condition at the end of the week is shown in the
$1.75 July 30 Holders of
Westinghouse Air Brake (guar.)
$1 July 30 Holders of rec. June 350 following two
Westinghouse Elec. & Mfg., corn. (qu.)
roe. June 30a
tables:
$I July 15 Holders of rec. June
Preferred (guar.)
30a
White Eagle 011 & Refining (Illuar.)- -- - 50e. July 20 Holders of rec. June 30a
STATEMENT OF RESERVE POSITION OF CLEARING
Woods Manufacturing, pref.(guar.).-- 131 July 2 Holders of rec. June 27
HOUSE BANKS
250. Aug. 1 Holders of rec. July 20a
Wrigley (Wm.)Jr. & Co.(monthly).
AND TRUST COMPANIES.
250. Sept. 1 Holders of rec. Able. 200
Monthly
25c. Oct. 1 Holders of rec. Sept. 20a
Monthly
250. Nov. 1 Holders of rec. Oct. 200
Monthly
Averages.
25e. Dec. 1 Holders of rec. Nov. 20a
Monthly
Zellerbach Corporation (guar.)
•500. July 15 *Holders of rec. June 30
Cash
Reserve
Reserve
in
Total
Reserve
Surplus
In Vault. Depositaries Reserve.
Required.
Reserve.
•From unofficial sources. t The New York Stock Exchange has ruled that stock
will not be quoted ex-dividend on this date and not until further notice. 3 The Members Federal
Reserve Bank.
610,136,000 610,136,000 606,282,660 3,853.340
New York Curb Market Association has ruled that stock will not be quoted exState banks.
8,017,000 3.928,000 11,945,000
345,260
dividend on this date and not until further notice.
Trust companies'... 2,624,000 6,158.000 8,782,000 11,599,740
8,682,000
100.000
a Transfer books not closed for this dividend. d Correction. e Payable in stock.
Total June 25_ _ 10,641,000 620,222,000 630.863,000 626,564,400
IPayable in common stock. g Payable in scrip. h On account of accumulated
Total June 18_ _ 10,787,000 634,623,000 645,410,000 637,807,060 4,298,600
dividends. m Payable in preferred stock.
7,602.940
Total June 11_ _ _ 11,072.000 645,320,000 656,392,000
Cushman & Sons common stock dividend is payable in $8 preferred stock on the
Total June 4._ _ _ 11,157.000 628.889,000 640,026,000 631,756,600 24,635.400
635.317,700 4,708.300
valuation of $100 for preferred stock.
• Not members of Federal Reserve Bank.
"Payable 30e cash or 234% In stock, at opt'on of stockholder.
b This is the reserve required on net demand deposits in
the ease of State banks
k Payable either In cash or class A stock.
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
r Less income tax.
follows:
June 25, $19,371.660; June 18, $19.1S0,400: June 11, 819,439,100; June 4, $19,171,V Subject to approval of Inter-State Commerce commission.
710; May 28, $19,097,070; May 21. 819.192,560.
[VOL. 125.
THE CHRONICLE
62
Actual Figures.
Reserve
Cash
in
Reserve
in Vault. Depositaries
Total
Reserve.
Surplus
Reserve.
Reserve
Required.
Boston Clearing House Weekly Returns.—In the
following we furnish a summary of all the items in the
Boston Clearing House weekly statement for a series of weeks:
Members Federal
Reserve Bank_
State banks.
Trust companies._._
a
I
595,108,000 595,108,000.601.970.l00 -6,862,100
211.720
7.961.000 3,941,000 11.902.0001 11,690.280
-7,450
2,530,000 6,310,000 8,840,000 8.847,450
BOSTON CLEARING HOUSE MEMBERS.
Total June 25_ - _ _
Total June 18_
Total June 11..
Total June 4_ _ _
10,491,000 605,359,000 615.850.000622.507,830 -6,657,830
10,639,000 608,281.000 618,920,000 632,807.140 -13,887,140
10.771.000 590,365.000 601,136.000 627,555,530 -26.419,530
11.197,000 624,686.000 635,883,000 639,394,080 -3,511,080
$
$
$
$
76,900.000
76,900,000
76,900.000 Unchanged
Capital
97,893,000
97,893,000
97,893,000 Unchanged
Surplus and profits...._
Loans, disc'ta & invest_ 1,064,390.000 Inc. 10,141,000 1,054,249,000 1,029,357,000
Individual deposits...
672,487,000 Dec. 951,000 673.438,000 685,341,000
156,740,000 Dec. 3,729,000 160,469,000 151,116,000
Due to banks
249,308,000 Inc. 8,627,000 240,681,000 237,465,000
Time deposits
8,282.000
28.441.000
26,477,000 Dec. 1,964.000
United States deposits.
37,119,000
37,801,000
34,232,000 Dec. 3,569,000
Exchanges for Cl'g Wee
85,663,000
89,987,000
86,367,000 Dec. 3,620.000
Due from other banks
81,133.000
80,664.000
80,024.000 Dec. 640,000
Reeve in legal deposles
9,515.000
9,196,000
95.000
9,101,000 Dec.
Cash in bank
594.000
543.000
214.000 Dec. 329.000
Res ve excess in F.R.Bk
*Not members of Federal Reserve Bank.
a This is the reserve required on net demand deposits In the case of State banks
and trust companies, but in the case of members of the Federal Reserve Bank includes also the amount of reserve required on net time deposits, which was as follows:
June 25, 19.391.610: June 18. 119,246,320: June 11, $19,334,760: June 4, 519,242,030; May 28, 119,354,170; May 21, $19,261,620.
June 29
1927.
June 15
1927.
June 22
1927.
Changes from
Previous Week.
State Banks and Trust Companies Not in Clearing
Philadelphia Banks.—The Philadelphia Clearing House
House.—The State Banking Department reports weekly return for the week ending June 25, with comparative figures
figures showing the condition of State banks and trust com- for the two weeks preceding, is given below. Reserve
panies in New York City not in the Clearing House as follows: requirements for members of the Federal Reserve System
all
SUMMARY OF STATE BANKS AND TRUST COMPANIES IN GREATER are 10% on demand deposits and 3% on time deposits,
NEW YORK, NOT INCLUDED IN CLEARING HOUSE STATEMENT.
to be kept with the Federal Reserve Bank. "Cash in vaults"
(Figures Furnished by State Banking Department.)
companies not
Differences from is not a part of legal reserve. For trust
Previous 1Week
June 25.
members of the Federal Reserve System the reserve required
31,382,239,000 Dec. 110,720,200
Loans and investments
92,500 is 10% on demand deposits and includes "Reserve with
5,035,000 Dec.
Gold
921.000
24,016,000 Dec.
Currency notes
111,623,000 Dec.
682,300 legal depositaries" and "Cash in vaults."
Deposits with Federal Reserve Bank of New York_
1,415,926,600 Dec. 27,351,900
Total deposits
Deposits, eliminating amounts due from reserve debanks and trust compositaries and from other
panies in N.Y. City. exchange & U.S. deposits. 1,341,937,700 Dec. 17,974,300
182,363,800 Dec. 3.356,800
Reserve on deposits
Percentage of reserves, 20.4%.
RESERVE.
-Trust Companies-.
State Banks
$100,937,700 15.59%
$39,737.800 16.83%
Cash in vault *
29,819,800 4.56%
Deposits in banks and trust cos.__ 11,868,500 5.03%
851.606,300 21.86%
Total
1130,757,500 20.15%
* Includes deposits with the Federal Reserve Dank of New York. which for the
State banks and trust companies combined on June 25 was 3111,623,000.
Week Ended June 25 1927.
Two Ciphers (00)
omitted.
Trust
Membersof
F.R.Systern Companies
Capital
Surplus and profits
Loans, dise'ts & investm•ts
Exchanges for Clear.House
Due from banks
Bank deposits
Individual deposits
Time deposits
Total deposits
Ites've with legal deposit'y
Reserve with F.R. Bank.
Cash in vault*
Total reserve & cash held._
Reserve required
Excess res. & cash in vault_
350,225,0
154,878,0
940.721,0
33,131,0
94,165,0
132,510,0
604.665.0
154,895,0
892,070,0
$5,000.0
17,849,0
47,889.0
328.0
23,0
1.194.0
26,I
2,474,
29,843.0
3,497,0
67.498,0
9,735,0
77,233,0
66,686,0
10,547.0
1,320,0
4,817.0
4,175,0
642.0
June 18
1927.
1927
Total.
155,225.0
172,727.0
988,610,0
33,459,0
94,188,0
133,704,0
630,840.0
157,369,0
921,913,0
3,497.0
67,498,0
11,055,0
82,050,0
70,861.0
11,180,0
June 11
1927.
155,225,0
172,727,0
991,610,0
33.686,0
102,146,0
139,318,0
647,743,0
155,523,0
942,584,0
4,182,0
68,285.0
11,189,0
83.656,0
72,308.0
11.348,0
$55,225,0
172,727,0
986,842,0
34,884,0
96.245,0
138,507,0
651,613,0
155,643,0
945,763.0
3,719.0
69,853,0
11.278,0
84,650.0
73,127,0
11,513,0
Banks and Trust Companies in New York City.—The
averages of the New York City Clearing House banks and
•Cash in vault not counted as reserve for Federal Reserve members.
trust companies combined with those for the State banks and
trust companies in Greater New York City outside of the
Condition of the Federal Reserve Bank of New York.
Clearing House are as follows:
—The following shows the condition of the Federal Reserve
Bank of New York at the close of business June 29 1927 in
COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
GREATER NEW YORK.
comparison with the previous week and the corresponding
date last year:
Total Casts
Reserve in
Demand
Loans and
in Vaults.
Investments.
Week EndedFeb. 26
Mar. .5
Mar. 12
Mar. 19
Mar.26
Apr. 2
Apr. 9
Apr. 16
Apr. 23
Apr. 30
May 7
May 14
May 21
May 28
Juno 4
June 14
June 18
rune 25
Deposits.
$
8,682,585.900
6,770,284,900
6,769,161,600
6,932,195,300
6,947,733,100
6,054,724,700
6.981.549.800
6,921,592.500
6.938,221,200
6,997.642.400
7.073,334,000
7,061,639,900
7.081,208,600
7,104,398.300
7,193.666.300
7.194.292.400
7.252.983.200
7,197,444.000
3
5,549,193,800
5,645,318,300
5,635.476,400
5,793,224.500
5,788,391,100
5.799.657.600
5.757,598,200
5,691,228,400
5,748,649.000
5.795.187.800
5,841,843,700
5,795,647,000
5,849.461,000
5,883,509,200
6,000,106,000
6,008.429.100
6.084,075,000
5.978,960,700
Depositaries.
$
86,470.300
83,732,500
83,956.400
82,581,000
82,657,800
83,196,200
83,475,800
83,546,900
83,285,000
83,996,400
82,302,800
89,252.700
84,400,900
84,839,100
83,095,800
84,973,500
82 303.900
80.355.400
$
715,260,100
732,128,700
731,343,200
757,650,300
751,432,100
755.811,608
750,173,408
745,625,300
743,109.500
752,031.000
753,215,80(
752,785,906
763,161,101
761,432,00(
788,409.401
799,427,30(
700,267.701
773,532,90(
New York City Non-Member Banks and Trust Companies.—The following are the returns to the Clearing
House by clearing non-member institutions and which are not
included in the "Clearing House Returns" in the foregoing:
RETURN OF NON-MEMBER INSTITUTIONS OF NEW YORK
CLEARING HOUSE.
(Stated in thousands of dollars, that is, three ciphers 1000) omitted.)
CLEARING
NON-MEMBERS Capital.
Week Ending
June 25 1927.
Members of
Fed'l Res've Bank.
Grace Nat. Bank__
State Bank
Not Member of the
Federal Reserve Bank
Bank of Wash. Ms_
Trust Company
Not Member of the
Federal Reserve Bank
Mech.Tr., Bayonn
Loans,
Diecounts,
Net
Profits, Incestments.
&c.
3
1,000
1
$
1,040
.
3
13,694
400
1,060
10,87
500
693
1,900
Gr'd aggr., June 25
Comparison with pr.ev. week
3,693
34,030
-3861
Gr'd aggr.. June 18
Gr'd aggr., June 11
Gr'd aggr., June 4
1,900
1,900
1,900
3.893
3,693
3,693
May 28
1.000
'A 002
fled 110171.
Cash
in
Vault.
Reserve
with
Net I Net
Legal Demandl Time
Depost. Deposits. Deposits.
tortes.
.4verage. Average. Average. Average.
$
$
$
$
49
1,158
7,63
4.067
968
441
7.36
3,595
382
197
3,94,
5,842
1.39:
+96
1,706 a18,945
-20 -370
13,504
+59
34,416
35.280
36,083,
1,303
1,377
1,307
1,816
1,851
1,928
13,445
13,467
13,402
240121
1 27
1.873
Gold held exclusively agst.F.R.notes_ 394,824.000
Gold settlement fund with F. R. Board. 271,456,000
Gold and gold certificates held by bank_ 514,099.000
Total gold reserves
Reserves other than gold
19,315
19.818
20,868
90 109
19 /AS
425,925.000
220,642,000
514,692.000
398,107,000
256,452,000
399.408,000
1,180,379.000 1,161.259.000 1,053,967.000
38,253,0011
34,296,000
34,691,000
1,215.070.000 1,195,555,000 1,092.220,000
Total reserves
11,242,000
14,116,000
12,618,000
Non-reserve cash
Bills discounted
75,581,000
73,791,000
Secured by U. S. Govt. obligations— 80.761.000
26,908,000
21,234,000
22,345.000
Other bills discounted
103,106,000
58,262,000
95,025,000
32,221,000
102,489,008
55,553,000
30,322,000
12.092.000
27,149,000
25,871,000
12,092,000
27.137,000
9,391,000
58,868,000
13,3112,000
69,563,000
65.100.000
82.569.000
1,507,000
Total bills and securities (See Note).- 230,931,000
192,346.000
242.118,001
5,369.000
9.008.000
162,337,000
16.276.000
4,050.000
9,413,000
5,263.000
176,061,000
16.276.000
3,801,000
645.000
158.675,000
16,715,000
4,796,000
Total bills 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
Gold held abroad
Due from foreign banks (See Note)
Uncollected items
Bank premises
All other resources
Total resources
1,655,659,000 1,612,831,000 1,526,411,000
LiabilitiesFed'I Reserve notes In actual circulation. 402,226,000
-Member bank, reserve acct.- 980,388.000
Deposits
5,473,000
Government
2,134,000
Foreign bank (See Note)
18,123,000
Other deposits
401,780.000
925,058,000
5,645,009
1.916,000
18.575,000
408,673,000
867,421,000
6,629,000
1,519.000
7,527,000
1 008.118.000
142,842,000
38,928,000
81,614,000
3,931,000
951,195,000
155,709,000
38,859,000
61,614,000
3,674,000
883.096.000
136,785,000
35,385,000
59,964,000
2,508,000
Total deposits
Deferred availability items
Capital paid In
Surplus
All other liabilities
Total liabilities
9,451
a United States deposits deducted, $5,000.
Bills payable, rediscounts, acceptance* and other liabilities, $2,367,000, Deficit
in reserve. $142,740 increase.
June 29 1027. June 22 1927. June 30 1926
$
$
$
RESOUTCM386,821.000 416,821,000 387,946,001
Gold with Federal Reserve Agent
10,161,000
9,104,000
8,003,000
Gold redemp. fund with U. S. Treasury.
1,655,659.000 1.612,831,000 1,526,411,000
Ratio of total reserves to deposlt and
84,6%
88.4%
86.3%
'
Fed. Reeve note liabilities combined.
Contingent liability on bills purchased
14.924,000
40,529,000
39,786,000
for foreign correspondence
NOTE.
-Beginning with tho 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 raid 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
or the Federal Reserve Act, Which, it was stated, are the only items Included therein,
.TuLY 21927.]
THE CHRONICLE
63
Weekly Return of the Federal Reserve Board.
The following is the return issued by the Federal Reserve Board Thursday afternoon, June 30 and showing the condition
of the twelve Reserve banks at the close of business on Wednesday. In the first table we present the results for the system
as a whole in comparison with the figures for the seven preceding weeks and with those of the corresponding week last year.
The second table shows the resources and liabilities separately for each of the twelve banks. The Federal Reserve Agents'
Accounts (third table following) gives details regarding transactions in Federal Reserve notes between the Comptroller and
Reserve Agents and between the latter and Federal Reserve banks. The Reserve Board's comment upon the returns for the
Latest week appears on page 31 being the first item in our department of "Current Events and Discussions."
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE CLOSE OF BUSINESS JUNE 29 UM.
June 29 1927. Jane 22 1927. June 15 1927. June 8 1927. June 1 1927 Ilay 25 1927. May 18 1927. May 11 1927. June 30 1926
RESOURCES.
S
S
S
1010 with Federal Reserve agents
1,591,900,000 1,619,569,000 1,678,233,000 1,634,368.000 1,610.437.000 1,651,246,000 1,637.883.000 1,631.543,000 1,462,159,009
lold redemption fund with U. S. Treas.,
42,933.000
49,272,000
43,618,000
46,765.000
54,626,000
47,130.000
50,294.000
49.235,000
56,277,000
s
s
s
$
s
$
Gold held exclusively agst. F. R. notes 1,634.839,000 1,663,187,000 1,727.505,000 1,683.153.000 1,665,063,000 1,608,376,000 1,688,157,000 1.680.778,000
1.518.436,000
kid settlement fund with F. R. Board
610,477,000 591,047,000 531,377.000 579,600,000 601.472,000 552,216,000 628,495.000
3010 and gold certificates held by banks_ 775,194,000 774,027,000 757,763,000 743.138.000 726.503,000 761,385,000 740.217,000 640,522.000 656,073.000
748,854,000 660,419,000
Total gold reserves
teserves other than gold
3,020.510,000 3,028,261,000 3.016.645.000 3,005,891.000 2.903.038.0003,011,077.000 3,056.870.000 3.070.154.000 2,834,928,000
163,299.000 165,469.000 168.713.000 164.010,000 160,747.000 165,848,000 166.281,000 164,199.000 144,711,000
Total reserves
Con-reserve cash
11115 discounted:
Secured by U. S. Govt. oblIgatIons
Other bills discounted
3,183,809.000 3,193,727,000 3,185,358.000 3,169.901,000 3,153,785.000 3,177,825,000 3.223,151.000 3,234.353,000 2,979,639.000
55,109,000
60,546,000
59,844,000
61,276,000
53,222,000
60,197,000
63,724,000
63,106,000
48,522,000
274,581.000
202,730,000
234,997,000
203,637,000
190,139,000
170,803,000
203,461.000
195,822,000
262,319,000
233.688.000
228,715,000
199,905,000
249.203.000
209.032,000
257,083,000
184.894,000
252,929,000
262,102,000
Total bills discounted
3ills bought in open market
J. S. Government securities:
Bonds
Treasury notes
Certificates of indebtedness
477,311,000
216,118,000
438,684,000
183,217,000
360,942,000
182,504,000
399,283,000
221,635,000
496,507.000
228.993,000
428.620.000
236,170,000
458,235,000
225,493.000
441.977,000
233,051,000
515,031,030
249,394,009
166,119,000
83,985,000
126,297,000
159,944,000
83,186,000
126,211,000
147,534.000
105,857,000
293,833,000
143,104.000
139.031.000
155,928,000
116,862.000
120,953.000
124,682,000
105.173,000
93,978,000
122,769,000
75,871,000
90.789,000
102.391,000
71.214,000
90,369.000
92.313,000
81,893,000
232,195,009
71,191,000
Total U. S. Government securities
3ther securities (see note)
foreign loans on gold
376,401,000
1,300,000
369,341,000
1,300,000
547.224,000
1,300,000
438,063.000
1,800,000
362,497,000
1,800,000
321,920.000 269.051.000
1,800,000
1.800,000
253.896.000
1,800,000
385,279.000
3,200.000
5,502,000
992,542,000 1,091,970,000 1,060,781.000 1,089.707,000
62,233,000
40.333,000
59,548.000
59,548.000
602,000
14,118.000
661,000
660.000
683,052.000 839,940,000 653,969.000 702.734.000
59.133,000
59,136,000
59,094.000
58.882.000
13,614.000
13,724,000
15,007.000
13,898.000
988,510.000 954,579,000
59,548.000
59,548,000
660,000
660,000
639.383,000 742,211,000
58.882,000
58,883,000
13,509,000
13,520.000
930.724,000 1,158,406,000
59.548,000
645,000
660.000
856.512.000 641,109,000
59.749,000
58.883.000
16,288,009
12,743.000
Total bills and securities (ace note)
Dold held abroad_ .
Due from oreign banks (see note)
Uncollected Items
Flank premises
Ali other resources
1,071,130,000
25,734.000
26.610,000
623,523.000
59,135,000
14,217,000
Total resources
LIABILITIES.
IL R. notes In actual circulation
Deposits—
Member banks—reserve account
Government
Foreign bunks (see note)
Other deposits
5,060,267,000 5,056,476,000 5,313,456,000 5,030,237,000 5.132.526.0004.998,514.000 5,116,276,000 5,016,529,000 4,904,358,000
Total deposits
Deferred availability Items
Capital paid In
Surplus
All other liabilities
2,398,952.000 2,364,778,000 2,473,668.000 2,390,467.000 2,366,579,000 2,325.562,000 2,353,390,000 2.325,769,000 2,259,836,009
584,827.000 629,142,000 768,683.000 600.724.1)00 653.689.000 595,189.000 680,228,000 601.162.000 589,333,009
129,424,000 129,375,000 129,365.000 129,108.000 129,036.000 129,030,000 128.878.000 128.888.000 122,770,009
228.775.000 228.775,000 228,775.000 228.775,000 228.775.000 228.775.000 228.775.000 228.775.000 220.319.0011
15,596.000
15.059,000
14,673.000
14,384,000
14,015,000
14,154,000
13.620,000
13,590,000
14,830,009
1,702,693,000 1,689,347,000 1,698,294,000 1,716,779.000 1,740,432,000 1,105,804030 1,711,385,000 1.718,345.000 1,697,279,000
2,341.519.000 2,307.056,000 2,421,163,000 2,331,460.000 2,308,140,000 2.267,762,000 2,295.042,000 2,271.491.000 2,228,839,009
26.887,000
5,548,000
26,831,000
27,591,000
25,895,000
24,185,000
10,713,000
25,373,000
17,432,000
5,381,000
5,163,000
4.378.000
5.453.000
4,687.000
4,756.000
5.757.000
4,494.000
5.188 000
25,165.000
25,728,000
42,577.000
25,963.000
27,857,000
27.858.000
15.528,000
27,787,000
32,352,000
Total liabilities
5,060,267,000 5,056,476,000 5,313,456,000 5,080.237.000 5,132,526,000 4.998,514,000 5,116,276,000 5,016.520,000 4,904,358,009
Ratio of gold re.erves to deposit and
F. It. note Ilabibtle.combined
73.6%
72.3%
74.7%
73.2%
72.8%
74.2%
71,4%
7.5.9%
75.1%
Ratio of total rese vs to deposit and
F. It. note liabilities combined
77.6%
78.8%
76.4%
77.2%
76.8%
75.3%
78.8%
80.0%
70.3%
Contingent liability on bills purchased
for foreign correspondents
146,211,000 146,054,000 148,535,000 149.539.000 159,777,000 159.674,000 161,137,000 156,828,000
54,459.009
Distribution by Itaturities—
1-15 days bills bought In open market_
1-15 days bills discounted
1-15 days U. B. certif. of Indebtedness.
1-15 days municipal warrants
18-30 days bills bought In open market..
16-30 days bills discounted
18-30 days U. S. certif. of Indebtedness_
16-30 days municipal warrants
81-60 days bills bought in open market_
81-80 days bills discounted
81-60 days U. S. certif. of Indebtedness
81-60 days municipal warrants
81-90 days bills bought In open market_
81-90 days bills discounted/.
81-00 days U. S. certif. of Indebtedness_
01-00 days municipal warrants
Over 90 days bills bought in open market
Over 90 days bills discounted
Over 90 days certif. of Indebtedness_
Over 90 days municipal warrants
s
$
$
$
s
122,251,000
304,393,000
19.991,000
129.924.000
381,040,000
50,186,000
5
132.322,000
329,889,000
5.524,000
$
127.839,000
364,381,000
301,000
$
123,201,000
352,486.000
300,000
$
113,053,000
364,981,000
725,000
44,800,000
23.793,000
47,147.000
23,463,000
50.757.000
26,053.000
6,810,000
58,539,000
24.429.000
61.584,000
48.906,000
22,044,000
.58,029.000
52,939.000
21.260,000
45,322,000
29,457,009
45,481,000
37,227,000
37.669,000
30,695.000
38.072.000
33,729,000
34,021,000
43,438.000
32,390.000
36.602.000
38,401,000
34,988.000
43,831.000
34,265,000
55,774,000
51,826,000
49,528,000
22,064.000
23,502,000
31,172,000
18.628,000
21,951,000
31,043,000
12,261,000
18.299.000
10,046.000
18,484,000
11,379,000
26,563,000
10,016.000
20,797.000
8.654.000
19.480.000
9.424.000
18,764.000
570.000
36,326,000
38,286,000
6,298,000
19,172,000
95,125,000
3,764,000
19,751.000
95,108,000
3,219,000
19,741,0(10
108.801.000
4,119.000
19.214,1)00
57,962.000
2.912,000
19,413,000
87.686,000
2,903,000
16 903,000
55,661.000
3.693.000
17.342,000
44,061,000
3,656.000
15,202,000
35,669.000
2,867,000
32,779,000
70,466,000
91,041,000
372,875,000
64.146,000
330,475,000
50,539,000
24,913,000
51,198,000
29,280,000
46.176,000
36,849,000
84,555,000
268,414,000
185.032,000
F. R. notes received from comptroller_ 2,935,967,000 2,949,478,000 2,954,967,000
2,951,128.000 2,954,669,000
2.959,293,000 2.962,273,000 2,879,295,000
F. It. notes held by F. R. Agent
859,585.000 870,600.000 868,250,000 844,043,000 848.895.000 2,953,818.000
852.523.000 882,553,000 860,978.000 875,091,000
Issued to Federal Reserve Banks
2,078.382,0002,078,878,000 2,086.717,000 2307.085,000 2.105.774.0002.009,20
5.000 2.096,740.0002.101,295,000 1,995,204,009
—
How Secured—
By gold and gold certlfIcates
392,400,000 392,900,000 390,901,000 390,901,000 390,301,000
300,400,000 411.604.000 411.604,000 304,584,009
Gold redemption fund
99,231,000
99,181,000 105,031.000 101,422,000
96,302,000
99.663,000
99,284.000 100,416.000 107,624.000
Gold fund—Federal Reserve Board
1,100,275,000 1,127,488.000 1,181,401,000 1.142,005.000
1,061,273,000
BY eligible paper
647,180.000 587.585,000 525,947,000 807.560.000 1.120373.000 1.161,562.000 1.125,843,000 1,112.315,000
703,210.000 631,963,000 653,181.000 649,557,000 734,247,000
Total
2.239,086,000 2.207.154.000 2.204.180.000,2.241.948.000 2.313.1147.000
2 203 209 000 2.291.044.04)0 2.281.100.000 2.196,406.000
NOTE.—Beginning with the statement of Oct. 7 1925. two new toms were added
in order to show separate y the amount of balances neld abroad and amounts due
teforeign correspondents. In addition, the caption, "All other earn rut assets," previously
made up of Foreign Intermediate Credit Bank debentures, was changed to
l'Other securities, and the caption," "Total earning assets" to "Total bills and securities.'
The latter Item was adopted as a more accurate description of the total of
the discounts, acceptances and securities acquired under the provision. of Sections 13 and
14 of the Federal Reserve Act, which, It was stated, are the only Items Included
therein.
WEEKLY s-rATionsvr
OF RESOURCES
Two ciphers (00) omitted.
Federal Reserve Bank of—
Boston.
AND LIABILITIES OF EACH OF THE 13
FEDERAL RESERVE BANKS AT CLOSE 01° HilsiNESS JUNE 29 1927
Now York.
Phila. Cleveland. RIchrnond Atlanta. Chicago.
$
$
$
$
$
3
386,821,0 114,779,0 197,405,0 52,253,0 146,799,0
8,003,0 6,118,0 2,939,0 1,219,0 2,147,0 243,990,0
2,491.0
Gold held excl. NM.P.R. notes 131,161,0 394.824,0 120.897,0200.344,0 83,472,0 143,946,0
3016 settle't fund with F.R.Board 36.985,0 271,456,0 34,988,0 37,812,0 28,066,0 7,092,0 246,490.0
91,687,0
Ciohil and gold certificates
34,387,0 514,099,0 26,402,0 62,339,0 5,080,0 3,809,0 55,511,0
Total gold reserves
202,533,0 1,180,379,0 182,287,0 300,495,0 86,618,0 159,847,0 393,688.0
Reserves other than gold
18,008.0
34.691,0 5,765,0 10,487,0 8,422,0 14.728,0 24,183,0
Total reserves
220,541,0 1,215,070,0 188,052.0 310,982,0 95,040.0 174,575.0 417,871,0
Ron-reserve cash
5,531,0
12,618,0 1,102,0 4,204,0 5,640,0 5,053.0 9,212,0
1BIlls discounted:
Sec. by U.S. Govt. obligations 27,448,0
80,761.0 39,278,0 34,134,0 7,726,0 3,921,0
45.832,0
Other bills discounted
22,345,0 18,530,0 9,790,0 14,395,0 27,096.0 26,412,0
22.517,0
bills discounted
Total
49,965.0 103,106,0 57,808,0 43,924,0 22,121,0 31,917.0 72,244,0
Mile bought in open market
16,920,0
58,262,0 14,148,0 19,862,0 9,379,0 10,183.0 30,612,0
D. S. Government securities.
Bonds
6,350,0
30,322,0 5,652.0 18,079,0 5,077,0 2,950.0 35,692,0
Treasury notes
12,092.0 5,620,0 16.891,0 1,541,0
2,194,0
876.0 6,553,0
Cart r`cates of Indebtedness... 5,741,0
27,149,0 15.490,0 9,652,0 3,958,0 5.850,0 14,514,0
Total U.S. Ocv.. securities... 14.285,0
69.563.0 26,762.0 44,622.0 10.576.0 9.676.0 56.759.0
RESOURCES.
$
Doh] with Federal Reserve Agents 121,314,0
Bold redo fund with U.S. Treas. 9,847,0
St. Louis. Aftnneap. Kan. City
Dallas San Aran.
Total
--- ------•
$
$
$
$
$
$
10,451,0 56,221,0 51.463,0 26,897,0 183,501,0 1,591,906,0
1,745,0 1.601,0 2,869,0
931,0 3.023,0
42,933,0
12,199,0 57,822,0 54,332,0 27.828,0 186.524,0 1,634,839,0
7,199,0 12.079,0 28,860,0 13,240,0 41,013,0 610,477,0
17,574,0 7,434,0 8,480,0 9,353,0 30,726,0 775,194,0
36,972,0 77,335,0 91,672,0 50.421,0 258.263.0 3,020,510,0
18,940,0 4,425.0 6.127,0 7,841,0 9,682,0 163,299,0
55,912,0 81,760,0 97,799,0 58.262,0 267.945,0 3,183,809,0
3,844,0 1,086,0 2,473,0 2,398,0 2,943,0
56,109,0
18,024,0
15,346,0
781.0 2.665,0
3,493,0 10.550,0
2,116.0 11,895,0
3,802,0 27,554,0
274,581,0
202,730,0
33,370,0
11,893,0
4.274,0 13,215,0 5.918,0 39,419,0
7,494,0 10,146,0 10,039.0 17,175.0
477,311,0
216,118.0
10.193,0
9,772,0
9,868,0
8,724,0 16,117.0 14,717,0 12,246,0
4,991,0 4,479,0 4.282,0 14,694,0
4,567.0 8,945,0 7,702.0 12.861,0
166.119.
83,935,
126,297.0
29.833.0 18.282.0 20.541.0 28.7010 39.601.0
376.401.0
64
[VOL. 125.
THE CHRONICLE
arsoURCES (Concluded)
Two ciphers (00) Gothic&
Donors. New York,
II
Other securitia.
Total bilis and securities
Gold held abroad
DIM from foreign banks
IJIM011eeted Items
Bank premises
111. Other resources
Ma. Cleveland. Richmond Atlanta. Chicago. St. Loafs. Atinneag. Iran. City Dallas. San Fran.
8
1,000,0
8
$
8
300,0
8
1
8
$
1
8
Total.
$
8
1,300,0
230,931,0 99,718.0 108.408,0 42,076,0 52,076,0 159,615,0 75.101,0 30,050,0 52,902,0 42,658,0 96,425,0 1,071,130.0
5,369,0 2,704,0 2,986,0 1,465,0
1,155,0 3,887.0 1,211.0
845,0 1,042,0
986,0 1,972,0
25,734,0
998,0 3.360,0 1,047,0
730,0
901,0
852,0 1,704,0
9,008,0 2,337,0 2,581,0 1,266,0
26,610,0
162,337,0 56,907,0 60,387,0 51,407,0 23,493.0 74,181,0 27,353,0 12,043,0 35,787,0 20,414.0 36,580,0 623,523,0
16,276,0 1,738,0 7,118,0 2,336,0 2,900,0 8,297,0 3,957,0 2,774,0 4,459,0 1,827,0 3,507,0
59,135.0
299,0 1,607,0 1,491,0
202.0 1,098,0
943,0 2,245,0
4,050,0
672,0
552,0 1,023,0
14,217,0
81,170,0
2,112,0
1,826,0
62,634,0
3,946,0
35,0
Total resources
377,795,0 1,655,659,0 352,760,0 497,764,0 199,529,0 261,862,0 677,914,0 169,368,0 131,533,0 196,035,0 127,949,0 412,099,0 5,060,267.0
LIABILITIES.
F. R. notes in actual circulation_ 139,369,0 402.226,0 129,899,0 213,535,0 60,374,0 157,544,0 229,417,0 40,456,0 58,883,0 62,061,0 34,194,0 174,735,0 1,702,693,0
Deposits:
Member bank-reserve acc't_ 149,591,0 980,388,0 134.104,0 184.324,0 68,223,0 64,725,0 319.537,0 81,849,0 47,800.0 86,682,0 56,473,0 167,823,0 2,341,519,0
Government
5,473.0 1,355,0 1,490,0 1,870,0 2,446,0 4,508.0 1,889,0 1,730,0
674,0
26,887,0
673,0 1,384.0 3,395,0
476,0
234,0
2,134,0
431,0
184,0
620,0
Foreign bank
193,0
337.0
135,0
166,0
157,0
314,0
5,381,0
141,0
869,0
95,0
92,0
8261,0
18,123,0
324,0
Other deposits
92,0
120,0
25,165,0
168,0
95,0 3.785,0
Total deposits
Deferred availability items
Dapital paid in
larplus
Ill other liabilities
150,694,0 1,006,118,0 136,031,0 187.159,0 70,422,0 67,447,0 325,926,0 84,255,0 49,785,0 87,689,0 58,109,0 175,317,0 2,398,952,0
60,312,0 142,842,0 51,922,0 57,842.0 49,547,0 21,419,0 70.680.0 28,253,0 11,308,0 32,256,0 22,522,0 35,924,0 584,827,0
38,928,0 13,033,0 13,864,0 6,204.0 5,103,0 17,245,0 5,271,0 3,005,0 4,212.0 4,246,0 9,168,0 129,424,0
9,145,0
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 8,215,0 16,121,0 228,775,0
17,606,0
3,931,0
608,0 1,618,0
717,0 2,765,0 1,194,0 1,025.0
784,0
669,0
788,0
15,596.0
663.0
834,0
377,795,0 1,655,659,0 352,760,0 497,764,0 199,529,0 261,862.0 677,914,0 169,368,0 131,533,0 196,035,0 127,949,0 412,099,0 5,060,267,0
Total liabilities
Memoranda.
70.7
77.6
72.7
77.6
75.2
86.3
44.8
aSwerve ratio (per cent)
76.0
75.2
65.3
63.1
76.5
77.8
a3ontIngent liability on bills pur39,786,0 14,131,0 15,603,0 7,654,0 6,035,0 20,314,0 6,330,0 4,416,0 5,446,0 5,152,0 10,304,0 146,211.0
chased for foreign correspondle 11,040,0
R. notes on hand (notes rec'd
from F. It. Agent leas notes in
23,332.0 120,590,0 34,480,0 22,863,0 14,615,0 30,777,0 53,369,0 3,372,0 4,780,0 9,879,0 6,442,0 49,190,0 373,689,0
circulation)
FEDERAL RESERVE NOTE ACCOUNTS OF FEDERAL RESERVE AGENTS AT CLOSE OF BUSINESS JUNE 29 1927
Boston. New York.
Federal Reserve Agent at-
Phila.
Cleveland. Richmond Atlanta. Chicago. St Louts. Minneap. Kan. City Dallas. San Fran.
Total.
$
(Two ciphers (00) milted.)
CR.notes rec'd from Comptroller 243,401,0
tr.R.notes held by F. R. Agent_ 80,700,0
3
$
$
$
$
3
$
$
$
3
$
$
814,896.0 198,879,0 271,738,0 98.213,0 266,021.0 451,786,0 66,088,0 85,567,0 111,080,0 59,993,0 268,325,0 2,935,967,0
292,080,0 34,500,0 35,340,0 23,224,0 77,700,0 169,000,0 22,240,0 21,904,0 39,140,0 19,357,0 44,400,0 859,585,0
F.R.notes issued to F. R. Bank 162.701,0
0 Watersl held as security for
P.R. notes issued to F. R. Bk.:
Gold and gold certificates_ _ _ 35,300,0
12,014,0
Gold redemption fund
Gold fund-F.R. Board
74,000,0
66,885,0
Eligible paper
522,816,0 164,379,0 236,398,0 74,989,0 188,321,0 282,786,0 43,828,0 63,663.0 71,940,0 40,636,0 223,925,0 2,076,382,0
Total collateral
188,199,0
215,150,0
8,780,0 36,468,0 17,017,0
9,190,0 .12,267,0
18,228,0 40,000,0 392,400.0
21,671,0 12,702,0 13,625,0 4,785,0 4,982,0 1,999,0 1,264,0
954,0 3,603,0
3,669,0 17,963.0
99,231,0
150,000,0 102,077.0 175,000,0 11,000,0 124,800,0242,000,0
43,000,0 47,800,0 5,000,0 125,538,0 1,100,275,0
143.411,0 54,116,0 61,222,0 28,654,0 41,546,0 100,970,0 44.685,0 11,410,0 22,904,0 15,565,0 55,812,0 647,180,0
530,232,0 168,895.0 258,627,0 80,907,0 188.345,0 344,969,0 55.139,0 67.631,0 74,367.0 42,462,0 239,313,0 2,239,088,0
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 668 member banks from which weekly returns are obtained. These figures are always a week behind
those for the Reserve banks themselves. Definitions of the different items in the statement were.given in the statement
of Dec. 12 1917, published in the "Chronicle" of Dec. 29 1917, page 2523. The comment of the Reserve Board upon the figures
for the latest week appears in our department of "Current Events and Discussions," on page 31, immediately following which
we also give the figures of New York reporting member banks for a week later.
1. Data for all reporting member banks in each Federal Reserve District at close of business June 22 1927. (Three ciphers (000) omitted.)
Boston. New York
Federal Reserve District.
Phila.
Cleveland Richmond Adonis,. Chicago. St. Louis. Afinneay. Kan.City Dallas. San Fran.
91
49
71
67
$
$
6,588
34,990
344,347 2.494.013
641,566 2,904,201
8
9,738
394,948
388,345
$
18,661
620,249
776,359
$
3,564
155,766
362,367
$
$
5,248 • 20,157
106,017 940,765
381,381 1,242.219
3
$
$
4,514
194,598
297,075
3,608
73.956
156,459
4,443
122,487
291,324
992,501 5,433,204
793,031 1,415,269
521,697
492,646 2,203,141
496,187
234,023
418,254
155,893 1,015,847
290.535 1,326,138
107,802
284,094
276,855
395,237
57.103
60,980
322,293
473.104
77,349
125.734
65,007
37,025
101,142
103,406
446.428 2,341,985
391,896
672,092
147,060
118,083
795,397
203,083
122.032
204,548
1,438.929 7,775,189 1,184,927 2,087,361
Total loans and investments
79,247 133,077
98,440 809,776
Reserve balances with F. R. Bank
14.991
19,246
69,609
30,433
Gash to vault
906,538 5,882,354 751,663 1,089,057
demand deposits
Net
444,972 1,476,489 261,021 866,844
Time deposits
32,647
25,849
21,177
26,880
Government deposits
60,433 107,762
58,190 129,038
Due from banks
152,095 1,176,007 164,955 231,405
Due to banks
Bills pay. & redls. with F. R. Bk.:
15,675
14,934
58,475
5,365
Secured by 17.6.Gov't obligations
8,666
7,785
4,320
6,710
All other
668,757
41,741
13,396
379,276
227,202
5.398
51,531
112,641
610,729 2,998,538
40,169 251.808
10,867
43.647
324,609 1,786,742
238,818 1,106,844
14.808
23,322
68,096 215,584
101,719 476,922
699.270
47,538
7,373
403,229
231,138
3,301
53.388
133,240
356,055
22,807
5,612
205,155
127,222
2,487
48,804
80,908
622,802
53,985
12,061
486.945
151,679
2,644
111.771
192,336
Number of reporting banks
Loans and discounts, gross:
Secured by U.S.Gov't obligations
Secured by stocks and bonds
All other loans and discounts
Total loans and discounts
Investments:
U. S. Government securities
Other bonds, stocks and securities
Total investments
- . ..
36
__-__ -___ r.n.nann.
- - -__..
1 A 1101
OD 000
1(1 110K
01 OA A
,
69,812
77.248
34
97
31
24
65
2,023
7,780
4.177
11.567
34,310
21,176
11,106
5,744
2,925
35
IC. ,A A
g
KM A00
g
10 OCA
g
0 non
g
8
2,880
80,036
231,213
Total,
58
668
8
7,173
121,564
329,681 5,856,863
968,304 8,640,813
$
314,129 1,305,158 14,619,240
66,477
28,653
279,429 2,595.009
244,784 3,466,933
95,130
524,213 6,061,947
409,259 1,829,371 20.681,187
30,367 107,969 1,716.924
9,346
21,333
257.914
272,225 766,509 13,254.302
109,937 944,169 6,186,335
10,329
31,464
200.308
55,802 144,975 1,105,374
86,748 206,256 3,115,232
3,920
6,842
CI 000
g
45
1/1 ,00
g
1,235
489
15,962
21,404
170,107
102,518
1 .10A
0.1 000
even one
2. Data of reporting member banks In New York City, Chicago. and for the whole country.
AU Reporting Member Banks.
Reporting Member Banks In N. Y. City.
Reporting Member Banks in Chicago.
June 22 1927. June 15 1927 June 23 1926. June 22 1927. June 15 1927. June 23 1926. June 22 1927. June 15 1927. June 23 1926.
54
668
668
703
54
45
59
Number of reporting banks
$
$
$
$
$
$
8
Loans and discounts. gross:
142,936,000
32,528,000
128,929.000
37,382,000
121,564.000
13,916,000
44,927,000
Secured by U. S. Gov't obligations
5.856.863.000 5,869,998,000 5,419,602.000 2,171,516,000 2,149.423,000 2,063,443,000 712,092,000
Secured by stocks and bonds
3,640,813,000 8,648,766.000 8,382,980,000 2,554,379,000 2,551,157,000 2,275,736,000 669,737,000
All other loans and discounts
45
$
14,996,000
716,047,000
673.984,000
46
$
13,009,000
617,855,000
701,476,000
14,619,240,000 14,647,633,000 13,945,518,000 4.758,423,000 4,737,962.000 4,384,106,000 1.395,745,000 1,405,927,000 1,332,340.000
Total loans and discounts
Investments
2,595,009,000 2,708,038,000 2,508,115,000 916,770,000 1,018,227,000 911,446,000 186,278,000 183,752.000 163,743,000
U. S. Government securities
Other bonds, stocks and securities_ 3,466,933,000 3,467,809.000 3,147,387,000 988,087,000 997,457,000 892,942,000 225,730,000 220,962,000 204,995,000
Total Investments
6,061,947,000 6.175.845,000 5,655,502,000 1,904,857,000 2,015,684,000 1,808,388,000
412.008,000
404,714,000 368,738,000
20,681,187,000 20,823,538.000 19,601,020,000 6,663,280,000 6,753,646.000 6,188,494,000 1,807,753,000 1,810,641,000 1,701,078,000
Total loans and investments
Reserve balances with F. R. Danko_ 1,716,924.000 1,816,002,000 1,664,507,000 745,419,000 814,939,000 701,535,000 176,554,000 180.107,000 179,299.000
19,358,000
55,594,000
19,272,000
21,781,000
255,272,000
274,779,000
62,787.000
257,914,000
54,515,000
Cash in vault
13,254,302,000 13.726,629,000 12,900,556,000 5,288,034.000 5,535.228,000 5,036,073,000 1,213,969,000 1,245,685,000 1,164,137.000
Net demand deposits
6,186,335,000 *6,171,570,000 5,607.618,000 1,017,703,000 1,010,197,000 834,568,000 543,574,000 536,810,000 506,788,000
Time deposits
14,552,000
15,236,000
10,057,000
26,734,000
209,100,000
188,162,000
32,812,000
29,161,000
200,306,000
Government deposits
90,611,000
97,915,000 107,798,000 137,875,000 152,303,000 153,441,000
1,105,374,000 *1,216.662,000
Due from banks
1,113,675,000 1,271,782,000 1,042,010,000 337,812,000 342,732,000 362,162,000
Due to banks
3,115,232.000 3,355,966,000
Bills payable and rediscounts with
Federal Reserve Banks:
4,975,000
15,153,000
18,972.000
136,254,000
45,650,000
24,200.000
124,737,000
21,400,000
170,107,000
Secured by U. S. Gov't obligations
2.552,000
3,320,000
10,848,000
119,733,000
4,512,000
75,291,000
11,435,000
3,133,000
All other
102,518,000
24,533,000
35,635,000
974,700,000
942,764,000
615,434,000
Total
On demand
!In •Ima
272,625,000
200,028,000
255,987,000
50,162,000
Loans to brokers and dealers (secured by stocks and bonds) made by reporting
member banks in New York City:
1,073,847.000 1,071,158,000
For own account
1,170,133,000 1.233,572,000
For account of out-of-town banks
871,890,000 855,146,000
For account of others
Total borrowings from F. It. bke
3,115.870,000 3,159,876,000 2,532,898,000
2,377,403,000 2,434.667,000 1,859,579.000
7251 4R7000
725 205 000
I172 210 1100
26,001,000
• Revised
8,295,000
figures.
21,524,000
JULY 2 1927.]
THE CHRONICLE
Aatxhzrs'
65
New York City Banks and Trust Companies.
.5 azette.
1
Banks-N.Y
America._ __
Amer Union*.
Bowery EastR
Bronx Both._
Bronx Nat__
Bryant Park'
Capitol Nat.
Bank &Tr__
CentMere.Bk.
& Trust Co.
Central
Chase
Chath Phenix
Nat Bk &Tr
Chelsea Exch*
Chernleai_ _ _.
Colonial._ __.
Commerce...
Com'nwealth•
Continental.*
Corn Exch.._ _
Cosmop•tan•_
Fifth Avenue*
First
Garfield
Globe Exch•_
Grace
Hamilton_ __
.
Hanover
Bid 'Ask.
335 _ _ 210, 238
630: 640
5351 545
520 -__
2151 230
Banks.
Bid.
Harriman__ _. 685
Manhattan •_ 2 17
,
Mutual._ 645
National City 542
New Neth'ds. 440
Park
540
Penn Each
165
Port Morris
375
Public
580
Seaboard _ _ _ _ 910
Seventh
180
Standard ....., 825
State.
585
Trade.
230
United
200
unItedStates• 475
Wasten Hue_ 750
Yorktown •_. 140
Brooklyn.
Coney Island* 350
240
Dewey *385
First
Mechanics'._ 330
Municipal •__ 330
375
Nassau
People's
750
AA. Trust Co.. Bid. Aak
685
New York.
292 Am Ex Iry Tr 365 367
.
Bank of N Y
547
& Trust Co 630 640
Wall Street, Friday Night, July 1 1927.
460 Bankers Trust 808 818
a46 Bronx Co Tr_ 320 835
Railroad and Miscellaneous Stocks.
-The review of the
175 Central Union 1090 1100
2231 233
Stock Market is given this week on page 54.
___ County
330 345
590 Empire
430 440
The following are sales made at the Stock Exchange this
2951 305
930 Equitable Tr_ 350 355
145 152
190 Farm L & Tr_ 610 620
week of shares not represented in our detailed list on the
475 479
. Fidelity Trust 330 345
505 Fulton
pages which follow:
505 525
435 445
___ Guaranty Tr_ 481 484
290 290
210 Interstate_ _ _ _ 230 240
920 930
485 Lawyers Treat . _
STOCKS.
__Sales
Range for 1Veek.
Range Since Jan. 1.
1000 1020
900 Manufacturer 807 815
Week Ended July 1.
for
470 475
150 Murray Hill__ 222 230
Lowest.
Week
Highest.
Lowest.
Highest.
620 670
Mutual Meet
275 __
___
thester) __. 265
Par. Shares S per share. $ per share. $ per share.S per share.
Railroads
_ N Y Trust__ 644 650
560 570
320 315
400 Terminal Tr_ 195 205
Ann Arbor pref
100
80 6914June 28 6975June 28 69% June
Mar
2275 2325
Baltimore & Ohio rights_ 9,525 1 %June 30 2 June 25 1% June 70 June
335 Times Square. 143 148
231
3075 3125
Buf Roth & Pitts pfd 100
340 Title Gu & Tr 715 725
10106 July 1 106 July 1 10275 June110
Mar
430 450
Buff & Susq pfd v t e_100
385 US M tg & Tr. 470 480
20 51 June 30 51 June 30 40
Apr 58 June
Chic & Alt pfd ars_ _100
250 ___
. _ United States. 150 2180
_
200 14%June 25 15 June 27 11
June 15
June
325 ___
Duluth S S & Atl_
Westcbest'rT,j 900 -100 1,900 3%June 27 4 June 27 2% Apr 5% Jan
240 250
Preferred
100
100 674June 30 6%June 30 4
I Brooklyn.
Mar 735 Feb
12581395
Great North pfd ctfs_100 2,000 8614June 28 88 June 25 85% Mar 91% May
Brooklyn_ _ __ 1040
Havana Elec Ry pref 100
Kings Co_ ___ 350 2400
100 783(June 30 78%June 30 76 June 82% Apr
Ml prices dollar, per char 5.
Hocking Valley
Midwood_ _ _ _ 260 275
100
60 275 June 29283 July 27 200
Jan 299 June
Iowa Central
100
80 214June 27 3 June 27 1
•Banks ma ked( )are State banks. I New stock. z Ex-div. r Ex-stock dlr.
5
Jan 6% Feb
Nat Rys of Mex 26 pf 100 400 1 %June 27 1 %June 27 1% June 2% Feb 11 Ex-rights.
N Y Central rights
77,610 4 June 30 4%July 1 4 June 435 July
N Y & Harlem
50
120172 June 28173 June 28 16871 Mar 185
Apr
N Y State Rys pref.
.100
New York City Realty and Surety Companies.
100 37 June 29 37 June 29 3435 Jan 50% Mar
Northern Central_ __ _50
90 85 June 27 85 June 27 81
Mar 85 June
All prices dollars per share.
Northern Pacific ctfs_100 1,800 84 July 1 86 June 27 84
July 89 June
Pitts Ft W & Chic pf_100
10152 June 27 52 June 27 147
Bid
Ask
Bid. Ask
Mar 154
BM. Ask.
May
&Illance Mt) 4975 60 Mtge Bond- 149
155 Realty Asaoe'sI
Indus. & Miacell.
Amer Surety 236 242 Nat Surety.. 240 245
(3klyn)co
240 250
Albany Peni Wr Paper.*
Bond & M G. 340 3,50 N Y Title &
170 l9 Juno 25 22%June 25 18
1st pref..- 92
Apr 2334 June
95
Amer Ice rights
2,100 334June 28 335June 28 334 June 434 June Lawyers Mtge 298 302
Mortgage__ 437 444
2d pref-__- 88
91
Amer Piano
•13,500 38 June 30 40 June 29 38 June 4331 June Lawyers Title
U 8 Casualty. 325 340 Westchester
Preferred
& Guarantee 297 293
1001
80100 June 30 10035June 29 100 June 11031 Mar
Title dc Tr_ 550
625
Amer Radiator pref_100
6013735June 27 137%June 27 13375 Mar 137% June
Amer Shipbuilding_ _100
100 85 June 291 85 June 29 80
Jan 85 June
United States Liberty Loan Bonds and Treasury
American Snuff pref_100
10 9935June 27 9915June 27 9435 Jan 101% June
Am Type Founders pf100
90 11135July 1 112 June 25 10774 Feb 11334 May Certificates on
the New York Stock Exchange.
Rights
3,300 731July 11 9 June 25 734 July 1234 May -Below we furnish a daily
record of the transactions in LibAm Writ Paper pf ctfs100 1,800 3635June 30 37 Jun 27 2531 Apr
4234 June erty Loan
Bayuk Bros 1st pref _100
bonds and Treasury certificates on the New York
,108%June 25108%June 25 101
Jan 10835 June
Beech Nut Packing p1100
10011634June 271118 June 27 114% Jan 119
Mar Stock Exchange. The transactions in registered bonds are
Blumenthal & Co pref100
40 62 June 29 6235June 29 44
Jan 72
May
Brown Shoe pref_ __ _100
800 116 June 271117 June 27 109
Feb 120 June given in a footnote at the end of the tabulation.
Byers & Co pref
100
20110 June 27110 June 27 10574 May110 May
Rights
11,600
%June 30 1%June 25
214 June
35 Jun
Chesapeake Co'rp
10,000 6474June 29 6851June 25 6474 Jun 76% June Daily Record of U. S. Bond Prices. June 251June 27IJune 28 Yana 29 June 30 July 1
Chicago Yellow Cab •
10 3975June 30 3975June 30 39
Apr 45
Mar
City Stores class A
1111gb 101
• 500 49 June 27 49 June 27 41
101122 101
101
May 4975 Apr First Liberty Loan
101'st 101'n
Class 13
334% bonds of l923.47..3 Low 101
10112, 101
600 4375.June 27 44%June 28 4134 Apr 4874 June
101
10112, 101
(First375s)
Conde Nast Publication* 1,600 40 June 30 43 June 27 40
Close 101
101121 101
101
June 4314 June
101122 101
Total sales in $1,000 units__
Continental Can pref 100
62
252
40123%June 28123%June 28 120
83
22
125
Jan 126
24
June
Be Beers Cons Mines_ _
Converted 4% bonds of High
{
____
200 3075June 5 3034June 25 30% Apr 3234 Feb
---- 1011
.2:
----___
_1932-47 (First 48)_ _ Low_
Deere & Co pref
.
---100 600116 June 25 116%June 28 10534 Jan 11835 June
---- 1017
.22
Devoe & Royn 1st pf _100
110 106%June 30 10735June 27 101
Jan 10735 June
Total sales in $1,000 units_ __
Elk Horn Coal Corp.
..5
-__
100 10 July 1 10 July 1 9
Jan 15% May
Converted 4%% bonds(Fligh 103131 103
Emporium Corp
--103'st 102aist 102 st 10-300 33 June 27 33 June 27 32 Jun 37% Mar
-1
2Ws
of 1932-47 (First 43404 Low_ 103
Equitable Office Bldg-. 7,900 8774June 29 9031June 27 8734 June 9234 June
103
102"st 102ust 102un 102us
Fifth Avenue Bus
.
(Close 103'n 103
102"st 1021":1 102% 102urt
100 13 June 27 13 June 27 12)4 Jan 1415 May
Total sales in $1,000 units_ _.
Franklin-Simon pref.100
1,034
20
121
16
1011374June 281133lJune 28 10915 Jan 1147 Feb
3
7
1
Second Converted 41i% High
Gen Gas & Elea cl B . 100 41 %June 27 41 %June 27 3535 Aprl
------------------4334 June
bonds of 1932-47 (First Low.
Gen Ry Signal pref.
.100
---------30110 July 1110 July 1 0134 Mar 120% Apr
-------_ _
.
Second 434s
Glidden Co prior pref 100
360 94 July 1 9731June 27 88
May1101
June
Total sales in $1,000 units _ _ _
Guantanamo Sugar p1100
---20 100%June 30100%June 30 95% Jan'104
---------- June
Gulf States St'l let p1100
High
-___ 10014s
190 100 June 27100%June 30 9934 Jan:10834 Mar Second Liberty Loan
-------------4% bonds of 1927-12
Harbison-Walk Refr_100
Low_
30140 June 29 140 June 29 40 June 140 June
---- MO%
-------_--- -(Second 4s)
Ingersoll Rand pref.
.100
20111 %June 3011275June 29 11% June'
20
May
Total sales in $1,000 units_ __
Internet Salt
IGO
40 65 June 28 66 June 27 6474 Mar 66
---June
Internet Silver pref_ _100
Converted 4 st% bonds(High 10111122 1001142 10i1
30120 June 28121 June 30 09
-622 10 -122 10 - an 10011is
0
0
Mar 121
June
of 1527-42 (second (Low. 1001141 1001121 100121 1001n 100"ss 100'n
Internet Tel & Tel rts--- 1,000 4 July 1 4%July 1 4
July 4% July
Kress Co new
431s)
500 6734June 30 67%June 28 59
(Close 10014,2 1001142 100722 100.22 100"st 100"st
Jan 7434 Mar
Kuppenheimer
Total sales
54
20 40 June 28 40 June 28 34
381
292
102
63
61
Jan 49
Mar Third Libertyin 51.000 units__
Laclede Gas pref_ _ _100
Loan
High 1001141 1001122 1001121 1001722 1001122 100"n
50105 June 29 10735June 29 95
Jan 130
May
Lambert Co rights
435% bonds of 1928. _._ Low. 100h, 100114, 1002742 1001122 1001122 10011u
14,160
%June 27 1 %June 25
Ti June 134 June
McCrory Stores CA..
(Third 414s)
Close 1001
50 63 June 27 65 June 27 55
.22 100"22 1001122 1001122 1002722 10017rs
Mar 75
Jan
Total sales in $1,000 units_ __
Preferred
100
300105 June 29 105 June 29 97
137
44
43
127
39
66
Mar 11635 Jan
Macy Co
Fourth Marty Loan
500169 July 1 171 %June 29 24
High 1031122 1031.22 1031141 1032122 1032222 103"n
Jan 182
May
Mandel Bros
4%% bonds of 1933-38.3 Low. 1031122 1031122 103112, 1031122 1031122 1031
1,000 433dJune 29 433lJune 27 4331 June 45
.n
June
Mathieson Alkali pf.
(Fourth 41-4s)
3011034June 27110%June 28 03
_100
Close 1031121 1032122 1031122 1031122 1031122 10311n
Jan 110% June
Mil El Ry & Lt pf(6) 100
Total sales in $1.000 units
20 9935June 28 99%June 28 98
._13
244
509
46
215
Apr 100
138
Apr
Mullins Body pref_ _ _100
450 96 July 1 9934July 1 80
111011) 113ust 113201 11310,2 1131522 114122 113122
:
Jan 9934 July TreasuryNatl Lead pref B_ _ _ _100 1,000 107 %June 25 10775June 29 0434 June
431,. 1947-52
4 Low 1131022 1131122 113142 11314, 113122 113'n
10931 May
Natl Supply Pref.- _ _100
240 116 June 29117%June 30 14% Jan 120
[Close 113"st 113"st 113'st 113"n 113"st 113'st
May
Natl Surety rights
Total sales in $1.000 units__
2,640 3034June 30 3375June 27 30% June 3834 June
145
30
2
19
15
14
N Y Steam pref 00_ _
100 96 June 28 96 June 28 93% Feb 9815 May
rig b 108
2122 108114s 1082022 1081221 108ist 108122
Norwalk T & Rub pf _100
45. 1944-1954
30 3734June 28 37%June 28 34% June 75
Low. 1081442 108",, 108122 1081022 1081,2 108122
Jan
Oil Well Supply pref_100
160 108%June 2510975June 25 0231 Mar 110 June
Close 1087121 1081121 1081,2 1081021 108% 1081ts
Omnibus pref A
Total sales In 81,000 units....
100
100 92 June 25 92 June 25 81
150
2
58
7
1
1
Jan 9975 May
Owens Bottle pref
100
118 June 28 15
{High
____ 1051122' 105",, 10512,, 105"si 105 :a
Jan 120
,
May
Pacific Tel & Tel..._100
375s, 1948-1956 220 l34 June 29136 June 27 124
1 ow.
____ 1051122 105% 105"st 105"st 105'ss
Mar 145 June
Preferred
100
20 110%July 1 11035July 1 10314 Mar113 June
Close
__ 1051121 105.22 105122 105122 105'st
Pathe Ezell new
Total sales In 81.0011 units
1,400 8%June 28 10 June 25 8 June 12 June
____
26
2
1
35
1
Phila Co 5% pref_ __50
10 42%July 1 4235July 1 40
Jan 45
Apr
Phillips Jones Corp....* 600 50 June 30 5575June 25 47
Jan 5635 June
Note.
-The above table includes only sales of coupon
Pitts Term Coal
100 800 40 June 30 41 June 25 3034 Apr 55 June
Pullman Co etfs
100 1.000177 June 30 180 July 1 175
May 193% May bonds. Transactions in registered bonds were:
Purity Bakeries pref _100
200 107 June 29 107 June 29 101% Jan 107
June 115 1st 314s
1001742 to 1013"4, 90 2d 43
-Is
100in to 10012,2
Reid Ice Cream pref.
100104 June 28 104 June 28 97
_100
1 1st 4s
May 104 June
101
to 101
11 3d 43-4,
Mt% to 1002
%,
Rels(RobOd2Co 1st 0100
100 65%July 1 65%July 1 65% July 7334 Jan
9 1st 434,
1021433 to 10228,3 11 4th 434,
10311 to 103.
,2
1n
Reynolds Tob class A_25
20107 July 1 107 July 1 105% Feb 110
2 26 4s
Jan
100
to 100121
Shattuck (F 0)rights_ ..65.800, 134June 27 214July 1
134 June 234 June
Snider Packing pref_ _100
ma 47%June 30 473June 30 46 June 48% June
Foreign Exchange.
So Porto Rico Sug new_* 10,800 36 July 1 38%June 27 36
July 42% May
To-day's (Friday's) actual rates for sterling exchange were
Rights
115 100 2%July 1 3 June 27 214 July 431 May
4.85 3
4.85 5-16 for checks and 4.8534 for cables. Commercial on banks, -16@
Spalding Bros 1st pf_100
401105 June 27 105 June 27 103
sight,
Jan 110
Mar
Tex Pea Land Trust 100
12825 June 302825 June 30 1500 Jan 3650 June 4.853-16; sixty days, 4.81 5-16; ninety days, 4.7934, and documents for
payment, 4.81 5-16. Cotton for payment, 4.85 3-16, and grain
United Clg Stores new.10
700 3615June 27 3675June 30 3635 June 3735 June
for payment. 4.85 3-16.
$ Distributing new_ _• 9,900 18%June 27 20 June 25 1434 May 21%
June
To-day's (Friday's) actual rates for Paris bankers' francs
Preferred
were 3.9134 for
• 1,600 90 June 29 91 June 27 81
May
S Leather CIA w L . 800 2774June 30 28 June 29 2 774 June 9331 May short. Amsterdam bankers' guilders were 40.04@40.05 for short.
28
June
Exchange at Paris on London, 124.02 francs; week's range, 124.02 high
Prior pref w I
100 600 9534June 291 96 June 29 9535 June 96 June and
124.02 low.
Van Resit°
100
300 10%June 281 1034June 28 10% Apr 1474 Feb
The range for foreign exchange for the week follows:
First preferred
10 56 June 25, 56 June 25 50
100
Apr 6734 Jan
Sterling, ActualVulcan DettnnIng
100
790 35 June 30 42 June 25 1634 Jan 42 June
Checks.
Cables.
High for
Preferred
100
10116%June 2511635June 29 90
Jan 118% Apr Low for the week
4.85%
4.85%
the week
Class A
100
100 20 June 29 20 June 29 16
4.85 3-16
Jan 20
4.85 9-16
Jan
Paris Bankers' Francs
Warren Foundry & Pipe* 1,700 21 June 29 2275June 25 21
June 27
June High for the
Wells Fargo & Co
week
3
-(June 28
1
200
%June 28
3.9134
75 June 234 May
3.9134
W Penn Pow 6% pt.100
20 105%June 27 106 July 1 100% Jan 108 June Low for the week
3.9134
3,9134
Germany Bankers' Marks
* No par value.
High for the week
23.69%
23.70
Low for the week
23.68
23.70
Amsterdam Bankers' Guilders
High
Quotations for U. S. Treas. Ctfs. of Indebtedness, &c. Low for the week
40.06
40.07
for the week
40.03%
40.0534
int.
Int.
Maturity.
Asked.
Maturity.
Rate.
Rate.
Jul.
Asked
The Curb Market.
-The
Sept.15 1927_ _ _ 334% 99"1.
Dec. 15 1927__ 4%% 1001122
Sept. 15 1027_ _ _ 3%%
Mar. 15 1928_
100
34%
100'1, Mar. 15 1930-'32 854%
9922.,
991122
991122
100
991%,
1001 3
review of the Curb Market is
given this week on page 56.
A complete record of Curb Market transactions for the
week will be found on page 81.
New York Stock Exchange -Stock Record, Daily, Weekly and Yearly
OCCUPYING MIT PAGRs
For salsa daring the week of stocks usually Inactive. Gee Prscsding peg*
-PER SHARE, NOT PER CENT.
HIGH AND LOW SALE PRICES
Saturday,
June 25.
Monday,
June 27.
Tuesday,
June 28.
Wednesday, Thursday,
June 30.
June 29.
Friday
July 1.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
SH ARM
Range Since Jan. 1 1927
On ('ails of 100-share lots
Lowest
$ Per share
Per share $ Per share $ Per share 5 per share' $ per share $ per share Shares
Railroad/.
Par
17713 1793 19,800 Arch Topeka & Santa Pe._ 100 161% Jan 6
8
17712 17312 176% 17812 17612 178
•17812 17912 1761s 179
8
100 993 Jun 5
8
8
*100 10012 1001* 1003 10012 10012 10013 10012 1003 1004 •101 10112 2,000 Preferred
100 1747 Apr 6
8
s
182 1823 181 18312 18312 183% 18312 18312 2,700 Atlantic Coast Line RR
183 183
*18312 185
100 10613 Jan 4
8
4
s
11612 1163 115 11612 11512 1157 11412 11512 114 1143 1137 11412 22,500 BaltImore & Ohio
4
100 7314 Jan 3
,
*79
8 7912 7912 7912 79 4 7812 7914 7813 7812 *7812 7912 1,100 Preferred
797
50 44 Jan 6
8012 3,400 Bangor & Aroostook
7914 78
7813 8012 79
4
793 80
4 7712 79
7614 793
100 1014 Jan 10
380 Preferred
1143s 114% 11213 11312 11212 11213 11214 11214
*114 115
11314 114
par 5318June 27
9,100 BkIn-Manh 'Frac v t
8
583 5358 £5814 59
5812 60
5312 59
58, 5914 5818 59
2
No par 84 July 1
4
84
1,800 Preferred v t o
s
853 z84
8518 8512 8518 8512 8512 8512 *8514 853 *35
913 Jau 25
8
4 2,200 Brunswick Term & fly Sec.100
,
9 3 93
*1012 107
10
1018 10
1018 10 8 *1018 107
,
8 10
30 Buffalo Rochester & Pitts_100 8014 Jan 8
9012 94,2 *9014 9412 *9013 9412
*
95
*97 100
95
97
97
100 59 Jan 18
Canada Soutnern
4
623
,
62 4 *60
62% *60
4
4
623 *60
623 *60
*60
62 4 *60
,
_100 165 Jan 6
4
4 3,600 Canadlan Pacific
1763* 17712 1773 1773
17912 17938 178 179 *178 17834 17634 178
Central RR of New Jereey_100 285 Jan 4
305 325 *305 325
*315 325 *300 325 *300 32' *305 32' .
100 1513 Jan 25
17714 16,800 Chesapeake & Ohba
4
8
4
4
8
3
1773 179
1763 1773 1763 1773 1763
1783 18018 178 181
4
434 Jan 8
100
4
03 1014 15,000 Cnicago & Alton
918 10
4 912
83
,
8 s 913
914 9'8
912 9 4
,
712 Jan 5
100
8
1513 1612 1614 175 43,900 Preferred
16
15
8
157
1458 165
8 15
3
15 4 1614
100 3013 Jan 10
4 9,400 Chic az East Illinois RR
4214 443
42
4
8
40
427 4234 423 4313 41
44
42
42
100 43 Jan 6
38,600 Preferred
6812 6813 72
5
63 8 66
6978 6612 6858 65
65
6512 67
813 Jan 6
8
4 1618 167 14,500 Chicago Great Western...104)
161s 1718 16 , 163
4 163 17
8
4
1712 177
8 165 173
100 234 Jan 7
4
4
333 3518 343 353 38,100 Preferred
8
8
3613 337 36
8
373 3312 343 3713 35
4
9 Jan 4
100
8
4
4
1714 14% 163
1618 155* 1614 153 1618 153 163 14,600 Chicago Milw & St Pau1
1513
4
163
4
9 Jan 4
100
1518 1412 1512 1514 1514 6,100 Certifleatetr
15
163 163
8 15
15% 1413 16
8
100 13% Jan 3
8 3114 313 37,100 Preferred
8 3114 325* 31 18 317
323
3252 3314 31
4 3114 317
8
100 187 Jan 3
leates
4 29
293
29
29 12 12,300 Preferred cent!
4
8
29.'8 283 297
29
31 18 288 31
4
31
8
4
4 813 8512 20,800'Chicago & North Weertrn_100 783 Jan 27
8
8 834 843
,
86 4 87
8414 863
4 847 8558 8312 847
100 12414 Jan 3
300 Preferred
13212 13212 .13212 135
13412 13412 13314 13314 *132 135 *132 134
8
10934 1115 1 11118 11314 39,200 Chicago Rock 1s1& Paeldo_100 6812 Jan 4
4
8
11138 1125 11058 1125 111 1123 11534 112
8
4
100 1023 Jan 4
809 7% preferred
107 107
107 107
4
4
107 107
1063 1053 1065* 107'1063 107
4
100 9314 Jan 28
4 2,100 6% preferred
10014 10012 10013 10012 10012 1003
2
10012 10012 1001s 1001s 10012 100,
100 84 Jan 3
400 Colorado & Southern
119 12112 *11713 120 *11713 120
122 122 *121 12 125
*120 123
100 70 Jan 4
First preferred.
*7512 77
*7512 77
*7513 77
*7514 77
*7512 77
77
100 OR Jan 14
Second preferred
84
*73
84
3173
84
*73
84
*73
81
*73
84
*73
6918 69
6918 1,700 Consoi !tit of()lea prel___100 6812June 21
8
69, 6918 69
4
70, *6912 71
69
7014 71
100 1714 Jan 28
8
4
,
213 4 20818 21112 2093 21112 210 2115 13,100 Delaware & Hudson
21512 21714 210 21118 210
164 164
4,500 Delaware Lack & Western. 50 14014 Jan 27
163 163
8
161 16112 1605 162
161 162
162 162
6138 61
62
7,200 Deny dc Rio CR West pret-100 41 13 Jan 5
6218 60
627 627
8
s 60
65
63
*6312 64
109 3912 Jan 3
4
4 5113 5238 513 521/1 26,700 Erie
5213 5112 523
5113 523
4 52
5214 53
100 52% Jar, 4
53
8
575
0,000 First preferred
5712 58
5713 58
5752 5812 577g 53
8
575 58
100 49 Jau 4
57
57
5712 2,700 Second preferred
4 57
57
4
563 553
57
8
565 5714 57
57
8
8 8,100 Groat Northern preferred 100 795 Jan 4
,
88 s 8814 885
83
89
8818 8713 874 88
8914 893
13 88
181gJune 30
1812 1812 3,700 Iron Ore Propertiee_ _No par
8
8 1818 1818
8 183 185
8
4
185 185
8 183 1812 .1814 183
8
10,300 Gulf Mobile & Northern..100 3518 Jaa
8 657 69
,
6313 657
63
,
8 62 4 65 4 6313 657
64
69
68
100 105 Jan 14
500 Preferred
107 107
10712 1077 •106 10713 *106 108
3
108 108
•108 110
100 4012 Jaa 3
4
55
8
563 *553 5614 3,600 Hudson & Maneattan
8
8
5612 555 5712 553 56
5738 5713 55
100 78 Jan 6
Preferred
8212 *813 83
4
*80
84
86
80
*
*80
87
*80
87
*80
100 12118 Jan 10
2,700 Ililuois Central
4
4
12613 12712 1263 1263 12612 12714 *127 128
12814 12514 12712 123
s
100 1207 Jan 12
Preferred
*128 132 *126 132 *126 130 '126 130 •126 130 •126 130
Sec Series A__1000 74 Jan 4
82
Railroad
82
80
*
32
82
1380
*80
82
82
*80
*80
4
3212 *32
343
600 Int Rys of Cent Ametica_100 23 Apr 20
4
3412 3.113 3314 3314 323 327 *32
34
s
*33
100 82 Apr 29
40 Preferred
*6712 71
6712 71
*
71
4 7012 7012 *6714 7012 71
*7012 713
3818 3812 7,800 Interboro Rapid Tran v t 0_100 33 May 19
4
4 38
,
39 8 383 39
3812 38
3812 38,
2 3813 383
100 4114 Jars 4
,
,
61 4 59
60 8 5814 60,8 575ii 5918 5814 59% 38,901 Kansas City Southern
60
6012 59
100 64% Jan 7
600 Preferred
*6912 70 4 *6812 70
,
71
71
71
7112 7112 *70
71
71
50 90% Jan 6
12012 1213 122 12412 8,700 Lehigh Valley _
4
4
12133 12418 1203 1223 120 122
4
*125 127
8
100 1283 Jan 14
2,400 Louisville & Nashville
4
4
13912 1393 13914 1393 1383 139 •13913 141
4
140
140 140
139
Elevated guar_100 83 Jan 26
Manhattan
8
8
.8514 8812 *8514 8812 *8514 8812 *8514 8812 *833 8513 *833 85
100 44 June 14
Modified guaranty
43 4 1,700
,
451 4612 *43
8
4512 4512 4512 4512 4514 47
.4512 46
,3
4 Feb 2
*412 6
*414 6'
100 Market Street Rallway____100
*413 6
31412 6
3
5 4 554 *412 6
100 18 Feb 10
Preferred
•17
27
27
•19
27
*19
28
4119
28
*19
27
•20
8
Wu 415 Feb 7
1,200 Prior Preferred
48
8
4
3
4712 467 4712 473 47% 467 4714 *47
4 47
483
48
100 11', Mar 15
Second preferred
•12
•12
17
17
17
•12
17
•I2
17
*12
15
*13
8
13 Jan 13
100
Minneapolis & St Louls
8 312
312 312 *33
3
,
3
34 3 4
,
3 3 3 3 1,800
4 4
*33
,
,
32 33
*40
41
*3912 41
2,400 Minn St Paul & 88 Marle_100 27 Jan 6
4 3912 4012 3912 40
4112 4212 4018 413
100 50 Apr 28
6312 *6114 63
000 Preferred
*61
6312 63 63
8
6314 6312 6314 643 *63
100 5814 Mar 25
110 Leased lines
6114 *6114 6212 *6013 62
*6114 6212 *6114 6212 *6114 6212 61
8
8
4 493g 5114 503 51% 27,700 Mo-Kan-Texas Illt.___No par 31 12 Jan 6
s 493 503
8
493 5114 5014 517
8
513 52
4
100 953 Jan 4
10334 1037
3.400 Preferred
g
8
4
1033 1037 103% 1033
4
4
4
8
8
1037 1037 1033 10418 1033 104
3
100 377 Jan 4
4
3
5212 5418 523 54. 53 4 54% 49,000 Missouri Pacific
,
52 4 5618 5314 54
57
56
_100 9018 Jan 4
8
103 1037 1025s 10312 10214 10314 103 10'3% 30,000 Preferred
103 10513
105% 106
20 New Or! Temas & Mexico .100 121 Jau 8
14813 14813 •14813 153 *148 15213 •148 • 15212
*146114 152 *14812 153
_100 13714 Jan 27
8
s
4
4
4
8
15112 15112 1495 1513 1493 1503 14814 1507 14812 150 21473 1481s 61,400 New York Central
124 12514 17,900 NY Chic & St LOUIS Co _100 5110 June 14
4
12114 12258 11812 12014 120 1213 11912 12512 12318 126
100 102 Mar 8
400 Preferred
107 107 *10634 107
4
107 107 *1063 107
107 107
107 107
531g 113,000 N Y N Li & Hartford__ 100 415a Jan 4
52
,
52 s 5114 53
5114 5212 51
533 545
8 5012 54
4
Ontario & Weeteru__ .100 2314 Jan 15
61,900 N Y
4
3534 37 4 33% 3614 341g 36% 343 3612 35% 37% 3618 37
,
R May 24
200 N Y Railways peer ctfe_,Vo oar
9
9
*8
8
8
*8
9
814 814 *8
*814 9
100 3718 Jan 14
3,800 Norfolk Southern
5512 56
56
55
4
543 57
57
*55
5914 5312 58
58
17713 18014 6,700 Norfolk dr Western__ ....IGO 156 Jan 4
4
4
180 18012 17712 1803 17712 17912 17614 1783 17714 178
100 33 June 23
Preferred
4
4
4
4
,
4
4
4
*833 853 *833 85 4 *833 853 *833 853
86
*8212 8512 *82
.100 78 Jan 3
4,800 Northern Pacific
,
85 8 85% 86
4
s 85
8 843 863
8
8
857 8614 857 86,
87
87
154 Feb 3
100
20
1Paelfic Coast
*16
20
*16
20
*16
20
*16
20
•16
20
3,16
50 56% Jan 3
8
627 6313 18,300 Pennsylvania
8
623 63
6213 6214 63
62
621s 63
7
62 8 63
600 Peoria At Eastern___ .....100 20 Jan 25
4
37
4
*34
363 363
37
*35
*34
37
37
4
373 *34
37
100 11418 Jan 6
4,700 Pere Marquette
13112 13214 *130 131
4
1303 13034 130 133
4
12513 1253 127 129
96
300 Prior preferred..... ___ 10(1 93 Jan 22
96
06
96
97
931s *96
*96
s
967 *96
97
*96
7
100 33931 Jan 4
300 Preferred
9313 93
*9514 08
*9312 94
94
94
*9312 94
*9312 94
100 12212 Jan 18
148 1497
3,700 Pittsburgh A West Va
143 14012 147 148
144 145
*150 15112 143 150
50 94 Jan 4
8
114 1153 51,400 Reading
11112 113% 11212 115
8
115113 1153 1115 11512 11218 11312
4
4178 42
400 First preferred...50 4012 Jan 13
8
*417 42
8
8
*417 42 '417 42
8
*417 42
8
.417 42
50 1314 Jau 12
300 Second preferred
4
*453 47
4512 453
4
*453 47
4
*4512 47
4512 4512
*4512 46
100 43 Jan 7
62
300 Rutland RR pret
5814 5814 5314 5814 *54
61
*59
4
613 *5314 61
*60
4
_100 1003 Jan 8
4
11314 11033 11318 11112 11214 111 11214 1113 11218 112 11314 16,000 At Louie-San Franeisoo_ 100 96 Jan 20
3
1123
200 Preferred A
9912 100
*9912 100
*9912 100
*9913 100
*9912 100
*9912 100
4 87
8
877 14,100 St Louie Southwestern. _._100 61 Jan 6
8
2 843 863
86,
8
853 87% 84
4
863 88% 8512 89
8
100 767 Jan 8
400 Preferred
8812 8812 8812 88341 *8713 89
89
*88
89
4
883 *88
*88
100 2818 Star 31
8
34, 315
8 9,600 Seaboard Air Lino
8
35% 345 3514 3414 35
8 35
,
3414 35 2 33 4 343
,
100 3212 Apr 28
4 3712 3712 3.800 Preferred
3712 373
38
,
38 4 38
3614 3712 38
3612 3712
100 10314 Jan 23
Southern Pacific Co
4
81
8
11452 114% 1135s 11514 113% 11412 11312 1153 11413 1173 1163 11818 45,900 Southern Railway
100 119 Jan 28
8
8
8
12514 1253 12518 12514 125, 12612 212438 1253 18,600
8
126 12614 1253 126
100 94 Mar 10
800 Preferred
4
963 9634
4
8
3
8 963 963 *963 977
8
963 963
9613 98
98
98
7
100 53 Jan 7
4 9712 28,900 Texas & PacIfle
,
,
9712 101 8 96 100% 9414 97 2 9518 9614 953
101 101
100 30 Slay 19
300 Third Avenue
3258 323* *3212 35
4
*323 34
33
*3212 3412 *3253 3314 33
100 15912 Jan 27
17212 17212 7,300 Unlon Pacific
1711 171 172
17018 170% 17014
1701g 172
17112 172
101
77 Mar 5
1,400 Preferred
821s 821s 8214 8214 8214 8214 8214 8214 8214 8214 8214 8238
100 •1012 Jan 4
8
8 7012 7912 7113 721
,
7434 75 4 7134 7414 7112 733 7012 727 9714 9812 0612 9738 38,700 Wabash
100 76 Jan 3
7,200 Preferred A
9834 99
9834 100
9834 99
9814 99
100 65 Jan 15
97
200 Preferred B
*04
95
*93
93
*9312 98
93
*9313 98
93
93
100
4
133 Jan 6
4 553 56% 59,200 Western Maryland
563
4
57% 55
5512 5314 55
s 5518 59
5614 587
100 23 Jan 7
4 3,800 Second preferred
5614 563
56
55
56
55
8 5612 58
587
5714 5814 55
100 2518 Apr 26
41 12 4112 4212 18,10C Western Pacific new
40
8
4212 457
8 4214 4414 405 43
46
45
0 56 Apr 26
10
67
6,900 Preferred new
67
3
6738 66
65
68
6714 65 4 66
,
66 4 65
66
100,Wheeling & Lake Erie 14 IOU '2712 Jan 3
85
•80
80
80
90
*80
90
85
•80
80
*
90
*80
100 4712 Jan 7
7912
800 Preferred
79
83
*79
*79
83
83
83
*79
*79
83
*79
Industrial & Miscelleneous.
27
9313 943
4 2,900 Abltibi Power & Paper...Vo par 83 Jan
4
92
9314 *92
92% *913 94
9312 9438 93% 94
72
100 Abraham & Straus_ ._ _No par 6214 Mar 26
*67
72
*67
68
72
63
*137
72
*68
*6812 72
100 11012 Feb 1
Preferred
30
4
4
1113 11134 11112 1113 •11134 11214 *112 11212 *112 11213
4 112
*1113
100 124 Jan 5
6,200 Adam, Exprese
160 161
158 159
15613 160
4
1543 1563 155 1551., 155 159
8
912 Jan 3
100
800 Advance Rumely_
1114 114
8
12
12
1153 11% •113 12
12
12
8
*117 12
100 3011 Jan 25
200 Advance Rurnely pref
33
*32
2
34,
3412 3318 331s 3212 3212 *32
*3318 3412 *3318
4June 2
23
Ahumada Lead
1
1,200
314
*3
3
3
3 14 *3
314
3
3
3
3
3
178 1797 17,200 Air Reduction, Ina__ _No par 13112 Jan '26
8
175 17812 17818 1827 17618 18012 174 177 2174 179
712June 15
Vs par
814
84 85* 4,200 Ajax Rubber, Inc
84
84
8
,
74 8
,
7 4 814
4 818
73
1 June 18
1,000 Alaska Juneau Gold Min__ 10
1
1
118
118 *1
*1
1
18 *1
1
1
118
*1
4
1,4, 35
.
4/ Dv* ‘r* pa Ill
8
4
s
4
4
13814 14112 1383 1401s 1383 1393 1387 1403 140 14112 36.900 Allied Chemleal
14014 141
Corp. stock.
•Bid and asked Prices. a Ex-divIttend. a Ex-righta. S Ex-dly. 1714 shares of Chesapeake
n512
ns
Highest
per share
1StYla Apr 23
103 Apr 25
205 Jan 3
8May 31
1217
81 June 7
103125.1ay 27
122 June 22
7078 Jan 20
88 Jan 4
154 Jan 7
115 Mar 10
45tay 11
023
192.2 Feb 28
348 June 1
100 May 20
8June 21
105
8July 1
175
45 ,June 7
72 July 1
,
22,• Ntay 2
8June 2
447
8June 24
177
1714 Apr 6
8June 23
345
3278June 23
02,zJune 6
139 May 2:3
115 June 16
111 14June 2
8June 2
1037
135 June 2
7712June I
73 May 27
77 May
230 June 6
173 Mar 23
6734June 9
3June 2
573
6214:May 26
6114May 23
8June 2
027
2314 Feb 4
7812May 26
11214 Apr 27
857
8Niay 10
9012May 101
13114June 9
132 June 9
8014June 21
31121u1Ie 27
73 June 2
524 Feb 26
6313 Apr 20
7112June 24
13712.1une 9
8May 26
1443
90 Feb I i
54% Feb 28
8June 23
67
2518Juno 22
5318June 22
1712June 22
4'. Feb 3
4434June 22
6438June 27
6358June 2
5612June 17
8June 2
1055
62 Apr 23
11113 Xpr 23
159%June 3
8June 1
1563
2101211ay 26
1094June 15
58'm Feb 16
3912June 18
15% Jan 14
13412June 10
18714May 26
get2May 6
9113 Feb 18
274 Feb IS
65 May 28
4June 7
393
14012May 28
4May 28
973
96 May 26
174 May 24
4June 9
1233
42,z Feb 16
50 Feb 18
69 May 27
11714June 2
101 June 6
93 June 17
,7
10 11June 17
4114 Feb 17
4
433 Feb 4
1184July 1
1304May 27
9018June 8
10212June 21
41 Feb 8
18114May 20
841211ay 2:1
81 June 9
101 June 9
98 June 9
07%June
6712June
4712June 22
76% Feb 7
130 Feb 8
97 May 13
4May 27
973
8214 Apr 20
113,2 Feb 30
161 July 1
1634 FeD 9
41 Feb 9
54 Mar 6
sJune 27
1827
4
133 Mar 25
214 Feb 13
11714.1110e 1
PSR SHARE
Range for Prestos*
Year 1920
Lowest
Highest
$ per share $ per Moro
122 Star 172 Des
11418 Mar 102 Dee
18112 Mar 26213 Jan
4
8312 Mar 1003 Bent
5713 Jan 73% Aug
33 Mar 46 Feb
97% Feb 103 Dec
5418 Mar 7774 Dec
78 Mar 8954 Dec
813 Mar 1853 Nov
4
4
603 Mar 873 July
58 Jan 01 June
1464 Jan 17014 Dee
240 Mar 305 Jan
3
112 Mar 1783 Sept
44 Sept 11% Feb
618 May 1814 Feb
30 Dee 37 Feb
4
3612 Mar 513 Feb
7% Mar 1218 Sept
1614 Mar 31% Sept
14:2 Jan
,
8 4 Dee
754 Dec 14 Jan
144 Mar 24 Aug
14 Apr 23 3 Aug
5
4
654 Mar 833 Sept
11812 Jail 12813 Apr
4012 Mar 71 14 Deo
96 Mar 108 Deo
8314 Mar 98 Nov
52 , Mar 9614 Ont
Oct
62 Mar 74
Jan 72 Sept
59
4
683 Nov 7212 18ee
15014 Mar 18312 Sept
129 Mar 15313 Jan
Jan
3713 May 47
2212 Mar 42 Dee
4
333 Mar 5514 Do0
30 Mar 5014 Dec
6812 Mar 8418 Dee
18 Dee 2714 Feb
254 Apr 4114 Sept
95 Mar 10913 Sept
34% Jan 4113 Deo
4
673 Mar 80 Dec
11312 Mar 131 Sept
11513 Mar 12912 Sept
7114 Jan 77 June
Feb
24 Dee 31
62 Mar 66 June
4
2412 Jan 533 Dee
8
344 Mar 513 Sept
3
8
605 Mar 683 Sept
7513 Mar 106 Dee
118 Ma 144 Sept
34 Mar 92% Apr
8
384 Jan 617 Mal
10 Feb
8
4, July
1913 Oct 40 Feb
8
394 June 513 Feb
4
113 Oct 2213 Feb
3% Jan
14 Dec
8
257 Dec 5212 Feb
Feb
50 Dec 79
Oct 6678 Feb
60
2912 Oat 4718 Feb
8
82 Mar 963 Dee
27 Mar 45 elept
702 Mar 95 Sept
120 Mar 1.0212 Jan
147 Mar 14713 Sept
130 Mar 20412 Sept
93 Mar 106 July
8
105 Mar 48% July
19% Mar 28% Feb
6
Jan 2014 Feb
3
27% Apr 443 Sept
4
13914 Mar 17117 Oct
83,3 Not 8538 Aug
65% Mar 8213 Aug
Oct 48 .136
15
48% Mar 57% 001
8
157 Oct 26% Jan
67 Mar 122 Dec
79 Mar 96 July
4
708 Mar 9178 July
35 Mar 13514 Des
79 Mar 101 14 Dee
4
393 Dec 42
Apr
40 Mar , 455s Dee
42 Apr 6114 Aug
2
85 Star 103, Dec
?Mg, Apr 9713 Dec
Feb
5712 Mar 74
72 Mar 81114 July
Dec
2713 Mar 51
3113 Mar 483 Feb
8
9614 Mar 11214 Gee
1.03% Mar 13114 Sept
8712 Apr 9513 Aug
4212 Mar 61% Jan
134 Jan 43 Apr
1414 Mar 1683 Oa
3
4
743 Jan 8114 Aug
33% Mar 52
Jan
4
68 Mat 785 Jan
57 Mar 72 Jan
it Mar
1658 Jan
8
16% Mar 243 Sept
2713 Dec 3914 Jan
4
72 Dec 865 Sept
Jan
13 Mar 32
37 Mar 5012 Jan
4
703 May
43 May
1044 Mar
99% Mar
3 Dec
28% Dec
4% Nov
10714 May
,
7 8 Oct
78 Oct
108 Mar
08 Sept
72 Dec
112 Dee
136 Sept
22 Sept
4
653 Sept
94 Jan
1464 Dee
4
18
Feb
2
Jac
14874 D.,
New York Stock Record -Continued-Page 2
67
roe sales during the week of stock• usually inactive, see second page preceding
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday,
June 25.
Morulay,
June 27.
Tuesday, , Wednesday, Thursday,
June 28. I June 29.
June 30.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Since Jan. 1 1927
On basis of 100
-share lots
Friday,
July 1.
Lowe.::
$ per share 3 per share
per share $ per share I $ per share $ per share Shares Indus. & Wove]. (Con.) Par
Per share
122 122 *122
____ *122
13122
__
*122
____ *12218
100 Ailed Chemical & Dye pref.100 120 Mar 11
*104 106
1033 105
4
103 103341 10218 1027 1013 10312 10312 10512 3,800 Ants
8
4
-Chalmers Mfg
100 88 Jan 25
*1114
*1117
*1113*
8
_ *1113
8
*1113
8
*11138
Preferred
100 109 Feb 9
•1614 163
4 157 1612 154 1638 16
8
16
153 157
4
8 157 164
8
2,800 Amalgamated Leather_No par
I53*May 20
3014 3012 30
3014 30
3012 30
3038 30
3014 30
3014 7,000 Amerada Corp
No par
274 Apr 28
1234 1378 1214 1378 13
1313 13
1313 12's 1318
1214 121 1 12,000 Amer Agriculture l`Chem _100
818 Apr 6
4134 4334 40
4414 40
4213 40
407
8 397 4212 413 413
8
11,600 Preferred
4
4
100 2814 Apr 6
5414 5414 533 54
4
5512 56
554 56
5614 57
57
5714
2,200 Amer Bank Note
10 41 Jan 6
*5812 5912 5812 5812 5812 5812 59
59
583 59
4
5914 5914
100 Preferred
50 5612 Jan 4
*20
2014 *20
2014 •20
2014 *20
2014 *20
2014 *20
2014
American Beet Sugar-No Da
1818 Apr 28
*514 54
51
51
*51
5234 *51
523 *51
4
523
4 51
51
500 Preferred
100 48 May 4
153 161
4
153 163
8
8
8 155 155
8
8 155 17
17
1713 17
19,800 Amer Bosch Magneto_ _No pa
184
13 Jan 20
*397 4013 39
8
403
4 387 3914 39
8
393
8 373 383
4
4 3812 383
5,500 Am Brake Shoe & F new No pa
3512May 2
*120 125 13120 125 *120 125 *120 12.5 *120 124 *120 124 4
Preferred
10 117,4 Feb 7
143 154 15
4
16
1458 1513 1413 15
143 15
8
145 15
8
13,300 Amer Brown Boveri El_No im
12 June 17
634 1355
*55
83
*55
63
*55
63
*55
63
*55
63
Preferred
100 5014June 17
5414 543
4 523 543
8
4 534 5418 53
5414 523 54
4
5314 547 64,400 American Can
8
25 433 Mar 31
8
*13111 132
1313 1313 13114 13114 13114 13114 *1303 13113 *1303 13112
4
4
4
4
300 Preferred
10 126 Jan 14
102 10212 10012 1013 10014 101
4
09 10012 9818 99
98
983 12,200 American Car & Fdy___No pa
4
98 July 1
*12714 12912 *12714 128 *12714 128
12714 128 *12412 12912 *12412 12912
300 Preferred
100 12618May 12
53
5318 5212 5318 5212 543
8
4 527 5412 544 563
4 561z 577 14,000 American Chicle
8
No par 30 Jan 26
137 14
8
1338 1418 135 14
8
13
134 13
1312 1318 1312 22,300 Amer Druggists Synclicate_10
94 Api 20
14234 14234 142 143
142 1423 141 144
8
140 141
3,800American Express
14214 143
100 127 Jan 17
2114 213
4 21
215
8 2118 2118 21
2118 21
21
203 2118 6,400 Amer & For Power__No par
4
'n
187 Feb 17
8
101 12 1015 101 101
8
100 10012 100 10012 *100 101
10018 10018 2,000 Preferred
No par 9612 Feb 15
*813 912
812 97
8 *9
10
*912 10
944 *9
10
10
700 American Elide ds Leather_100
73 Apr 26
8
6413 65
63 8 647
7
8 63
63 4 8318 637
3
8 63
641
6412 6412 2,800 Preferred
100 48 Mar 1
3812 383
4 3914 4038 40
42
4118 413 *4141 42
4
4114 417 15,000 Amer Flume Products_ _No par 303 Jan 3
8
3
*129 1303 12812 130
4
127 127
127 128
128 123
129 129
1,600 American ice
100 11118 Jan 26
*9418 95
*9414 95
*94
05
1392
05
*94
95
*94
Preferred
95
100 84 Jan 7
Si
517
8 4912 504 483 493
4
4818 40
49
49
49 12 5014 6,900 Amer Intermit Corp__ _No par 37 Mar 23
6
6
512 513 *512 6
*512 6
400 American La France F E _10
57
8 57
*54 6
4 June 4
2912 31
283 305
4
8 29
297
3 30
3138 3018 31
3012 11,400 American Linseed
30
100 2018 Apr
6318 63 8 *60
7
62
62 14 63
63 12 64
63 631
623 633* 2,400 Preferred
8
100 463g Mar It
10814 10814 10718 108
10738 1073 104 10712 103 105
4
1043 106
8
10,800 American LocomotIve_No par 103 June 30
122 122 *122 123 *122 12313 122 12218 12218 12218 *12112 123
400 Preferred
100 11913 Feb 23
*85
87
8612 864 *86
87
*85
87
*85
87
87
400 Amer Machine & Fdy,
87
7314 Jae
.No par
*14434 149 *14434 149 *1443 147 *1443 149
4
4
1443 1443 *1443 149
4
4
4
10 Preferred
100 1251g Jan
39
39
384 39
385 384 383 3812 *3814 _ _ *3814 39
8
8
1,500 Amer Metal Co Ltd___No par 3838June 29
*108 11014 108 108 *108 11012 108 11014 *108 .
1 16 *108 110
200 Preferred
100 108 Jan
61
61
5912 6118 5913 60
594 .60 i 5918 60
60
603
4 6.600 Am Power & Ligbt____No par
54 Jan 2
12158 12178 12012 1213 1177 12058 118 119 1 118 118
8
4
11912 12212 5,300 American Radiator
25 11012 Jan 21
•102 103
102 102 *100 10218 *100 10134 *100 10134 102 103
600 Amer Railway Express____100 874 Apr 4
53
54
*51
54
*50
53
4514 54
55
553 56
56
4
3,500 American RepublIcs___No par 3518 Jan 4
44
4512 43 433
4 43
4612 447 45
8
44
44
43
4312 5,400 AlIlariCall Safety Razor...
.100 43 June 27
41437 4413 4412 4413 437 443
8
8
8 445 457
8
8 45
4514 45
464 5,900 Am Seating v t e
No par 437
8June 28
*412 434
412
412 *412 43
8
412
412 *412 43
4
700 Amer Ship & COMM_ - _No pa
412 412
312 Mar 23
15414 157
4
1503 15614 1513 15312 1515 153
8
8
15014 1523 15112 1531 1 77,900 Amer Smelting & RefinIng_100 1323 Jan 25
8
3
12378 1237 12414 1247 124 124 •124 1241, 12438 1243 12412 12413
8
8
8
900 Preferred
100 11914 Mar 16
13125 12712 *125 12712 •125 12712 13126 12712 *126 12712 12713
100 American Snuff
12713
100 11938 Jan 17
*4613 4713 45
4612 455 463
8
4 4514 451
. 454 4614 x4518 437
8 8,300 Amer Steel Foundries__No par 4112 Apr 29
•11113 114 *11112 114 *110 113 *110 113 *110 112 *110 112
Preferred
100 113 Jan 7
8812 8812 88
883
3 88
89
8718 873
4 8714 8714 86
8712 4,300 Amer Sugar Refining
100 79 Jan 25
*110 112 13110 112 *110 112
108 1093 109 10912 1093 1093
4
1,300 Profane-1
4
4
100 1077
8Mar 3
5412 55
533 5412 534 54
8
5314 5412 547 5518 5414 56
8
8,600 Am Sum 'rob v t c____No par 4112 Jan 3
13303 317 .30
4
8
3112 *303 3112 *303 3113 *303 3112 *303 3112
4
4
4
Amer Telegraph Ss Cable_ _100 28 Apr 1
4
1633 1637 16214 1633 16218 1625 16112 16218 1613 162
8
8
4
8
8
11,300 Amer Telep & Teleg
162 163
100 14914 Jan 3
*133 135
132 1323 131 1314 *13112 132 *132 13312 1313 1313
4
900 American Tobacco corn. __50 120 Jan 7
4
4
*13212 133
13114 133
132 132
13114 132
1323 13238 13113 1313
8
4 3,100 Common Class B
50 11914 Jan 5
112 112 *112 11318 *112 113
112 112
112 112 *112 11212
400 Preferred
100 11018 Jan 4
•130 131
130 130
129 129 *12814 129 *12814 129 *12814 129
200 American Type Founders...100 125 Jan 7
9014 9118 8812 91
8712 8912 884 89
8812 893
4 8812 9114 13,500' Water Works & Elee...20 6214 Jan 3
r13
1107 1107 1107 1107 1107 1104 1107 1107 1107 1107 1107 1107
8
8
8
8
8
8
8
8
8
8
8 2,200 let preferred (7%)
100 10412 Mar 1
183 19
4
1814 183
4 187 187
8
8 183 183
4
4 184 183
8 1812 1812 2,400 A..lerican Woolen
100 1612June 7
483 483
8
8 4712 4712 47
4714 473 473
8
8 473 4738 473 4812 1,400 Preferred
8
8
100 467
8June 1
133 135
8
8
1338 1312 1314 131
1314 1314 134 134 137 14
8
3,100 Am Writing Paper ctfs_No par
978klay 20
712 718
et
! 7
.612 63
*614 63
63
*614 63
4 634 2,100 Amer Zinc, Lead & Smelt _25
612June 27
4212 43
40
39
42
401
3912 4014 40
407 *40
41
2,200 Preferred
25 39 June 2S
4112 424 4114 42
4112 42
42
427
4234 43
427 43
8
15,900 Anaconda Copper Mining_50 4114June 27
*40
4113 *3934 4112 *3934 411 *393 41
4
*393 41
4
*393 41
4
Archer, Danis, Micird_Na pa
38 Mar 12
•107 10712 *107 10712 *107 1071 *107 1071 10712 1071
10712 108
210 Preferred
100 106 Jan 4
*88
8812 *8713 88
8712 871
8714 871 *8714 88
87
500 Armour & Co (Del) pre!
874
100 86 Apr 13
10
1018
93 10
4
934 97
912 97
07
8 94
93
8 95
8 2,600 Armour of Illinois Class A..21
814May 4
674 614
618 618
6
6
6
6
6
6
818 618 2,000 Class B
2
518May 5
*64
68
*64
68 .64
*64
68
68
*64
68
*64
68
Preferred
100 CO Apr 13
30
3012 3033 3158
3118 333
3212 341
3218 33
32
323 24,800 Arnold Constable Corp_No pa
8
21 Apr 1
3012 3153 2912 31
30
303
8 30
303
277 297
8
8 295 293
8
8 3,300 Art Metal Construction.
._.10 22 Jan 11
*47
49
*47
49
*47
49
*47
49
*47
49
*47
49
Artloom Corp
No par 47 June 23
•11212 113
112 113 *112 113 13112 113 •112 113 *112 113
80 Preferred
100 11114May 31
*4134 4212 4118 4113 413 413
8
8 41
411
41
4112 4118 41 18 3,500 Assoc Dry Goods
No par 3912 Feb 9
*103 105 *103 106
103 103 *102 104 *102 104 *102 104
200 1st preferred
100 9712Mar 3
*107 110 *105 110 *108 109 •106 109
1073 1073 *105 107
4
4
100 20 preferred
100 105 Mar 23
*40
48
*40
48
*40
*10
48
48 .40
41
*40
45
Associated 011
25 42 June 14
.3712 38
3714 3713 367 3714 365 373 •3612 3712 3712 3712 1,800 Atl G & W I 3
8
8
3
81 Line__No par 3038 Mar 25
1336
3814 *36
3814 *36
3814 *36
3814 *3512 3814 *36
Preferred
3814
100 29 4 Mar 25
3
113 114
10912 113
11114 113
11114 11314 10913 112
10912 1113 19,800 Atlantic, Refining
4
100 107 Jan 28
*11614 119
11614 11614 *117 118
11714 11714 1163 1163 *11614 118
8
8
300 Preferred
100 11512 Feb 1
66
66
*65
67
66 66
6514 6514 *653 66
4
66
66
500 Atlas Powder
No par 5812 Mar 17
1033 1033 *10312 105
4
4
10312 10312 *10312 1033 *10312 1043 105 105
4
4
90 Preferred
100 98 Jan
714 74 *74 0
812 812 .73
8 812 *73
8 84 *73
8 853
200 Atlas Tack
No par
714June 2
5
5
43
4 47
8
43
4 43
4
43
4 47
8 *412 5
*412 5
700 Austin. Nichols&Co vto No par
414 Mar 22
30
30
•29
35
*29
35
*29
29
31
29
1328
35
200 Preferred
100 29 June 30
22314 2303 22514 228
2295 232
8
4
21914 2243 218 2233 2193 235 225,300 Baldwin
4
4
4
Locomotive Wks_100 14318 Jan 1
•11812 11912'11813 1191 •11812 11912 *11812 11912 •I1812 11912 11914 11914
100 Preferred
100 116 Jan 14
10812 10812 *10813 1087 1087 1087 *1083 1087 *10834 1084 •10834 1087
8
8
8
4
8
8
300 Bamberger (I.) & Co pref.. 100 1063 Mar 30
4
*50
50
52
51
5014 .50
4812 4912 48
4812 49
52
1,800 Barnett
No par 40 Jan
20
25
27
20
2514 261
257 2612 255 2614 253 2612 26,000 BarnadallLeather
8
8
4
Corp elan A
25 234 Apr 29
*253 20
8
*23
25
25
254 2514 2514 *2414 26
2512 2513
500 Class B
25 22 Apr 30
74
7314 741
74
7314 74
7318 7318 7214 73
7212 7212 2,000 Bayuk Cigars, Inc
No pa
4912 Jan 25
1513 16
4
16
16
153 153
*153 107
4
4
8 163 163
4 163 163
4
4 4,000 Beacon 011
No pa
1514Slay 3
*5112 5314 *5113 53
511 1352
5113
53.
.52
521 *51 13 53
400 Beech Nut Packing
20 6014 Apr 29
• 1918 1918 19
*183 19
19
4
1812 19
1912 19
1814 183
3 1,700 Belding Ilem'way Co__No pa
1814July
4813 484 47
4718 477g 463 474 4718 475
49
4
8 46
464 20,600 Bethlehem Steel Corp
100 434 Jan 27
1083 1083 10812 1081 10812 1084 1083 1083 1085 1084 *10813 109
4
4
4
8
4
1,200 Preferred (7%)
100 10434 Jan
•34
*3418 36
36
*3418 361 *3418 361 *3418 35
*3418 35
Bloomingdale Bros____No pa
34 June 1
•112 11212 *112 112'2 112 112 *11113 1121 *11112 1121 •11012 11112
10 Preferred
100 10912 Jan 20
*563 58
4
56
56
56
5514 58'2 56
*554 561 *56
5713
600 Bon Aml, class A
No par 534 Jan
*714 8
*714 734
74 714
74 714 *74 75
8
718
1,400 Booth Fisheries
713
No pa
614 Jan 28
*51
5118 511 *51
55
54
51
54
13.51
5114 *48
52
400 1st preferred
100 45 Jan 11
*18
19
19
18
19
.18
18
1912 *1818 19
*1818 1912
400 Botany Cons Mills class A..50 18 May
28
28
275 2812 275 2814 273 273
8
3
4
4 2712 271
2712 274 4,000 Briggs Manufacturing_No pa
2712June 3
164 165
163 184
162 162
162 183
16212 163
162 16312 2,200 Brooklyn Edison, Ins
100 14312 Fen 11
11518 11514 1143 115
8
114 114
113 11312 *113 114
11414 1 143
4 2,250 Bklyn Union Gm
No pa
8938 Apr 4
3514 347 347 *3412 3512 34
35
8
3412 34
34
337 3418 1,900 Brown Shoe Inc
8
Vo pa
3012 Feb 1
*283 29
4
2813 283
4 2718 2814 2612 2712 1327
273
4 264 27
13,100 Brunaw-Balke-Collan'r_No pa
2612June 29
*9013 92
8912 9014 873 89
4
8718 8712 .87
89
8718 913
1,700 Burns Bros new clAcom No pa
4
8512June 17
8 1914 2038 *1914 204 20
*2012 217
•19
197
20
1914 1914
700 New class B corn
No pa
1614 Mar 18
*9012 92
*904 93
1391
*90
941 *90
9412 9018 01
92
300 Preferred
100 90 June 20
*9212 9414 9212 9212 9212 9213 *9213 9414 •92
93
03
93
300 Burroughs Add Mach _No pa :90 Mar 2
59
6018 6014 6112 6012 627
35014 601_
8
8 607 62
59
6114 20,800 Bush Terminal new__ -_No Pa
293 Jan 12
4
10214 10212 102 103
10218 103
102 10214 31004 10118 10114 102
1,030 Debenture
100 911.4 Jail 5
1103 1113 11012 11012 11012 11112 11012 11012 *111 11112 11034 1104
4
4
260 Bush Term Bldg!, pref
100 1033* Feb 14
43
8 43
8
43
8 412 *44 413 *43
8 412 *44 412
414 43
8
1,400 Butte Copper & Zino
4
33 Mar 19
•503 51
8
*504 51
5018 5018 503 503 *503 5112 .503 5012
4
4
8
8
300 Butterick Co
100 5018June 28
*812 83
4
818 813
812 812
85s 84 *812 84
822 812
900 Butte & Superior Mining
10
73 Apr 4
4
*82
803 82
83
3
807 804 81
33
8
8212 *81
*81
81
1,400 By-Products Coke.._ _No par 86 Jan 29
78
7814 7512 7812 745 7714 7312 75
8
7314 75
75
70
16,200 Byers & Co (AM)_
_No pa
42 Jan 3
*6212 633
8 6118 6212 6112 6178 6118 6118 613 613
8
8 6212 6212 3,300 California Packing_ _ __No pa
6014 Apr 1
223 2212 22
8
8 224 2212 223 2212 223 2212 2214 23
223
8
8
9,200 California Petroleum
2112 Apr 29
2
2
2
14 2
17
8
17
8
14 2
14
13
4
*13
8
17
8 3,700 Callahan Zine-Lead
112 Jan 3
I
623 63
4
6112 63
62
6218 63
*6114 63
62
*6118 6312 3,900 Calumet Arizona Mining
6112June 27
1
1434 1434 1412 1412 143 143 *1412 143 *144 143
4
4
4 1413 1412 1,000 Calumet & Hecla
4
1413 Jan 4
2
464 4658 4614 477
3 4712 42314 474 477
8 4718 4713 24612 474 20,900 Canada Dry Ginger Ale.No pa
38 Jan 5
*218 220
213 214
213 215
21334 21534 *213 220
215 215
1,400 Case Thresh Machine
100 132 Jan 27
•Bid at d asked prices; no sales on this days x Ex-dividends a Ex-r1gbcal
iiighe.si
.
_
PER SHARE
Range for Preveoss
Year 1926
Lowest
Rtolussl
$ per share $ per share g per irked
12214June 4 1183 Mar 1224 Dec
4
3
11134May 31
7814 Mar 945 Jan
8
11213 Apr 21 105 Apr 1114 Dec
244 Feb 11
1454 Oct 21 Sept
375 Feb 7
8
2414 May 327
8 Aug
1434 Feb 14
9 Oct 344 Jan
513 Jan 10
4
353 Oct 9612 lau
8
5714 July 1
345 Mar 46 ( ct
8
60 May 7
55
Jan 5312 July
233 Mar 14
4
2012 Sep
383 Feb
4
6018 Jan 3
55 Nov
Feb83
184 Feb 28
18 May 343 Jan
8
4314June 8
128 Mar 12 1101- - - - lig1- Feb
4 1C1a r
4
3912 Jan 6
3014 Mar 50 Aug
98 Feb 1
99l2 Mar 9718 Jan
5614June 22
387 Mar 634 Aug
8
133 June 7 121
Jan 13018 Dec
10914May 27
9112 Mar 1147 Jan
8
13434June 8 12012 Oct 13014 Dee
31
Oct 51
578 July I
Jan
1514Jtme 9
414 Jan
104 Aug
144 June 1 1054 Mar 140
Jan
2513 Mar 29
1414 Nov 4228 Jan
102 June 22
79
Oct 98 Feb
1012 Feb 8
7 May
1712 Feb
6513June 24
331r Stay 6714 Feb
42 June 28
235 Oct 304 Dee
8
13714May 1(1 109 Mar 136 June
96 May 7
8112 Oct 863 June
4
5512June 7
313 July 4634 Feb
4
10 Jan 3
94 Dec 157 Jan
8
34 June 10
253 Oct 527 Jan
8
8
8June 10
747
673 Oct 87
4
Jan
9014 Mar 1197 Jan
110 May 18
8
124 Apr 2 116 Aug 12414 Dec
87 July 1
654 Oct 8012 Aug
149 Mar 20 114 July 125 Dec
44 Jan 20
4314 Dec 573 Feb
8
11212May 17 11312 Apr 120 Feb
67 June 3
503 May 7212 Sept
4
131 May 26 10114 May 1223 An
8
105 June 24
774 Ma
90 Dec
397 No. 74 Jan
8
6212June 10
,
0112 Mar 28
42 Apt 703 Aug
4
43 May 12
4
63 Jan 7
5e Dec 117 Mar
16718June 2 10958 Apr 152 Aug
12678May 4 1127 Mar 12238 Dec
8
130, Mar 10 12114 Oct165 Feb
483
4June 20
40 Slay 47 Aug
115 Jan 13 11014 Sept115 Feb
953
4May 26
6514 Apr 8714 Nov
11612May 26 100 June 11012 Nov
533 Apr 16
8
2914 Aug44 Dec
34 May 0
2513 July 4118 Feb
1723 Apr 8 1393 June 151 Dec
8
8
13912May 20 11138 Mar 12434 Sept
1383
4May 20 11018 Mar 124 Sept
11578 Mar 9 10618 Jan 113 May
146 Feb 18 114
Jan 135 Feb
98 June 6
434 Apr 74
Jan
1113
4June 22 10112 Mar 10314 Jan
334 Jan 5
19 June 127 Jan
2
864 Jan 7
66
Apr 9014 Dec
1538June 15
1014 Feb 17
Si,Slay
Feb
514 Feb 18
20 May 54 Dec
4912 Jan 12
4113 Mar 517 Aug
8
42 Jan 18
347 June 44 4 Jan
8
3
1081251a7 10 100 Ma 108
Oct
9818 Feb 18
904 Slay 974 Jan
154 Jan 7
1318 May 2513 Feb
918 Jan 6
534 May
Jan
17
8614 Jan 27
80
Apr 93 Feb
34'*June29
18
313 Jan
AP
4
32 June 24
1944 Jan 233 Oct
4
543 Jan 5
4
4634 Sep
6313 Jan
113 Feb 8 108 Ma 113 Dec
447 Apr 11
8
3714 Ma
544 Jan
104 May 23
98 Ma 10212 Jan
109 June 9 102 May 110 Dec
504 Feb 10
44114 Jan 80 Mar
42 Jan 5
Oct 883 Jae
29
8
4114June
3314 Oct 5614 Jan
12558June 10
97 Ma 1284 May
118 Mar 11 11518 Oct 120 June
70 June 9
54 Mar 64 Nov
105 May
Jan 973 Dee
94
8
124 Apr 7
Oct 1713 Jan
8
1014 Jan 3
718 Oct 28
Jan
61 Jan 5
54 Nov 93 Jan
235 July 1
927 Mar 1674 Dec
8
4
4June 2 105 Mar 11914 Nov
1233
110121May 10
897 Feb 9
2
3512 Feb 2(3
33 2
23's Stay - -1- -jai;
3212 Feb 28
2212 Oct 3912 Jan
7612June 22
39 Mar 55 3 Nov
3
1814June 7
607 Feb 15 "El; Oct 114 Feb
8
2714 Jan 7
26 Dec 393g4 Jan
339
6614 Apr 7
3714 May 5118 Sera
11112June 2
99 June 1057 Dee
8
414 Jan 11
8
28 June 42 Dee
11314 Am'18 10414 June 110 Dec
4June 1
593
5312 Dec 5618 Dec
838 Apr 14
94 Jan
418 Ma
57141May 27
3454 Oct 5112 Jan
2812 Jan 5
20 May 4118 Jan
363 Feb 23
8
24
Oct 3713 Jan
170 June 7 133 Mar 183 Sept
118 June
68 Ma
98 Dec
37 Juno 14
2912 Jun
484 Jan
387 Jan 10
3
243 Ma
8
393 Sept
4
1253 Jan 20 121 Ma 144 July
4
343 Jan 27
4
2612 No
44 Feb
100 Jan 3
97 Ma 10312 June
12834 Feb 24
7712 AP 124 Dec
627
8June 2S
163 Ma
4
3414 July
104 May 31
86
93 Aug
AP
115 Apr 11
9912 Jan 104 Nov
518May 2
4 De
614 Feb
613 Feb 15
.4
1734 Ma
71 Sep
114 Jan 7
718 May 1614 Jan
9212June 2
53 Jun
90 Sept
94 June 2
28 Ma
8
447 Nor
70 Jan 5
6614 Oct 17912 Feb
327 Jan 18
8
293 Oct 3818 Feb
4
238 Jan 17
112 Ma
23 Jan
8
70 Apr 21
5512 Ma
7358 Aug
17 Apr 20
133 Ma
8
1812 Aug
4814Jum
3212 Oct 49 Sept
23412May 21
8212 Jan 176 Aug
Ti28
New York Stock Record-continued--Page 3
68,
Foe sales during the week of stocks usually inactive. see third gage prec•
-GIS all ARO
I
-PER SHARE, NOT PER CENT.
HIGH AND LOW SALE PRICES
Saturday,
Jung 25.
Monday,
June 27.
Tuesday,
June 28.
Wednesday, Thursday,
June 30.
June 29.
Friday,
July 1.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
2Per share $ per share $ per share $ per share $ per share $ per share Shares Indus.& Miscall.(Con.) Pat
100
Preferred
*11212 11412 *11214 116 *11212 116 *114 115 *114 115 *114 115
4 2718 2712 1,800 Central Alloy Steel____No par
29
2818 2712 273
29
2812 2812 28
28
28
100
800 Central Leather
1312 *1212 1412
4
1412 *13
1512 1512 1512 1512 141 15
*13
100
14% 148 1458 1458 1314 1314 1332 1332 1312 1312 *1318 1312 1,100 Certificates
100
100 Preferred
75 *_ _ _ 74 •_ _ _ _ 74
*71
4
1
/ 743 *73
74
75
76
4
*70
100
8
1
/
8 2,900 Preferred certificatee
8
1
/
7414 723 724 727 727
7418 744 7314 74
73
7314 73
100 Century Ribbon 60113__No par
*1112 1212 1112 1112 *1112 1214 *1112 1214 *1112 1214
*1112 13
100
Preferred
*7514 79
*7514 79
*7514 79
*7514 79
*7514 79
*7514 79
6,600 Cerro de Pasco Copper_No par
59
8 5814 5814 58
583
5812 5812 .58
59
58
5812 59
9,400 Certain-Teed Produete_No par
4 5052 52
8
505 503
517 5214 507 514 503 51
1
/
5012 51
8
4
100
400 1st preferred
4
1
/
111 111 *11018 114 *11018 1103 11018 11018 110 110 *110 11112
8
714 7,000 Chandler Cleveland MotNo par
7
63
8 718
67
8
8
4 8
718 718
4 714
63
No par
4
8
153 1712 1718 173 24,700 Preferred
8
185 18
18
4
1
/ 13
17
1758. 1514 1714
2,700 Chicago Pneumatic) Tool_100
130 130
4
*129 130
12514 128
128 12812 129 12912 1273 130
No par
2,400 Childs Co
8 5812 59
585
58
3
4 58 4 59
4
583 583
4
*583 58% 5812 59
25
8
1
/
3312 333
4 334 335
1
/
8 334 3312 3318 3312 334 3314 3312 335 12,200 Chile Copper
1
/
6
Chino Copper
*2214 25
*2214 25
*2214 25
*2214 25
4
/
*221 25
*2214 25
4 3,900,Christie-Br0wn tern °Us No par
593
59
8 5812 59
597
58
60
58
6112
62 62
60
No par
86,800iCtirysler Corp
8 4514 46
8
4512 4618 4512 46% 447 457
4
4
463 4714 443 47
No par
200 Preferred
10914 109'."109 110
*109 110 *109 110 *109 110 *109 110
1,100 Men Peabody dc Co No par
53
5512 53
5211 5212 •52
5214 *5212 53
52
*5214 53
100
290 Preferred
117 120
118 118 *117 120 *117 120
118 118
117 117
No par
4
4
8
3
11112 113
108 4 1125 110 1133 11112 11312 11312 1143 23,900 Coca Cola Co
11212 113
No par
4
1
/ 53,800 Collins & Alkman
105 11112 11014 116
4
/
4 1021 105
4
10214 1023 100 10312 10012 1023
100
3
877 89 8 8712 90 4 9014 9214 8912 9112 8712 8934 8812 9114 219,100 Colorado Fuel & Iron
3
37112 7212 2,000 Columbian Carbon v t a No par
8
8
6958 7138 715 7214 *707 7212 '
4
/
711 72
73
*72
4
923 10.700 Colum Gas & Elea new-No par
4
/
921 92
7
1
/
3
7
1
/
3
3
93 8 93 8 924 93 8 9214 92 4 924 92 8 92
100
4 1,700 Preferred new
4
1043 1043
105 105
3
8
104% 1047 104 4 105
105 105
*10334 105
8,800 Commonwealth Power-No par
4
8 513 527
8 5114 517
4
517 5212 513 517
5214 5314 515 527
8
1,800 Commercial Credit--No par
14
14
15
*14
15
3
1434 14 4 14
4
*143 1518 147 15
26
10 Preferred
21
•20
21
*20
21
•20
21
21
21
*20
21
*20
25
110 Preferred B
21
*20
21
8
207 *20
•20
21
21
20
20
*2018 21
-100
300 let preferred (6%
70
70
70
70
78
*70
78
7314 7314 *70
78
•73
%)--100 Comm Invest Truat___No par
47 47
*4618 57
8
*467 4818 *4612 47
*4612 48%
4
/
*461 50
100
7% preferred
*90 100
*90 100
*9012 100
*90 100
•90 100
*90 100
100
200 Preferred (63j)
4
*863 89
4
*963 89
4
*863 89
89
88
90
89
3
90 '
*89
4,000 Commercial Solvents B No par
330 33412 335 335
335 339
33512 340
329 337
342 342
183* 181* 18% 18% 1812 13,200 Congoleum-Nairn Ino_No par
18% 18
4
1
/ 18
18
1812 1918 18
No yew
6214 3,600 Congress Cigar
4 61
4
1
/
614 603 613
8 61
617
6214 6212 6112 6112 61
No par
4
.,_1
12
*14
*14
12
12
300 Conley Tin Foil stpd
*14
12
4
1
/
*
14
14
No Par
11,000 Consolidated Clgar
7
8 i1512 8214 8112 82
817
8 80
813
4 80
823
79
8212 83
100
400 Preferred
4
*101 102 *101 1013 101 101 *101 10112 101 101 *101 102
118 3.500 Consolidated Distrib're No par
1
1
1
118
1
1
1
1
1
114
*I
4
10014 1003 10018 10012 10012 10112 19,100 Consolidated Gas(NY)No par
8
8
8
10118 10112 1003 1013 1003 101
No par
8
8 97% 973 29618 9614 9618 9612 6,300 Preferred
2 9714 973
9718 9714 9714 973
14,500 Consolidated Textile _No par
6
6
4
1
/ 6
5
512 534
512 578
5
58 6
614 612
-4212 21,400 Continental Baking clANo par
41
4
/
4112 401 41
40
8 4214 4014 41
8
415 4212 393
No par
8 552 25,200 Class B
53
518 54
3
514 5 8
3
514 5 4
4
1
/
514 5
3
3
58 5 4
100
843
8 4,500 Preferred
855
8 85
4 8418 8412 84
8412 845
4
1
/ 85
8514 83
•85
69
2,400 Continental Can. Inc. No par
4
/
691 6814 6878 69
69
3
4
1
/ 68 8 69
6914 6914 6812 69
2.100 Continental Insurance.... 25
171 1753 217212 175 *172 175
4
17012 171
8
1703 171
*170 171
14,500 Continental Motors-No Par
8
107 11
4
103 107
1
/
104 11
1118 107 1118 107 11
11
3
8
2527 53 8 23,200 Corn Products RefinIng____25
5312 54
3
4
/
541 53 4 54
4
/
55 551 5414 5518 54
100
Preferred
.
_ .
.*132
__ •132
.*132
__ '3132
*132_. *132
No par
6
8
8 7914
4
6
7
4
1 0
/ 8 8 7014 -- 14 783 /912 785 -- - *79 -- 12 1.000 Coty. Inc
s in 79 -- 7
807 8014 82
82 8212 2,300 Crucible Steel of America-100
82
82 8212 80
8114 82
84
84
100
600 Preferred_
107 107
4
/
8
1047 1061 *106 110
105 105
*104 110 *104 110
No par
2612 8,000 Cuba Co
4 25
8
4 263 273
8
4 275 273
8
275 273
8
3
28 8 2812 275 23
No par
3
752 7 4 2,700 Cuba Cane Sugar
7
78 8
2 812
*83
8
8
8
83
8
5
4
1
/ 88
•8
100
4
3514 343 343
4 9,600 Preferred
8 3518 3514 35
3
35 8 3612 3412 353
8
363 37
10
4
/
1
/
4
1
/ 2312 2212 2314 2218 2212 2214 221 224 2214 2214 2238 2,800 Cuban-Atnerloan Sugar
*23
100
100 Preferred
102 108 *102 108 *10312 108
106 106
4
*1013 108 *103 108
200 Cuban Dom'can Bug newNo par
*1312 16
1312 1312
*1313 14
*1312 14
8
*133 14
8
*133 14
50
2,000 Cudahy Packing new
4712 48
48
48
48
48
49
*48
49
g 48
49
No par
Cusbman's Sons
111 114 *111 114 *111 114 *111 114
8
1137 *109 114
9
;10
No par
200 Cuyamel Fruit
514
3
*3514 3612 *3514 3612 *35% 3612 *3514 3612 35
*3514 38
2,500 Davison Chemical V te-No Par
4 2914 2938 2912 2912 *2912 30
4
/
1
/
314 3112 2912 311 2934 293
100
400 Detroit Edison
145 145
4
4
2
145 145 *14334 1447 1433 1433 *140 145
144
144
-NO par
300 Devoe & Raynolds A.
47
543
*3814 3934 *3834 40
3814 3914 *3814 40
39
39
100
140 Diamond Match
125 126
12412 1243
4
126 126
126 126
126 126
127 127
1012 1078 1914 1938 183 1912 37,600 Dodge Bros Class A___No par
8
4
8 193 2014
8
3
2038 20 8 195 203
No par
4
1
/ 7012 10,000 Preferred cent
4
1
/ 69
8
7118 693 70
4
8 703 7112 70
725
8
7412 747 x71
No par
7
8
73
1,500 Dome Mines. Ltd
7
3
3
7 2 7 8 z7
8
73* 73
7% 712
4
1
/ 712
7
No par
1
/
7614 764 2,700 Douglas Pectin
76
7514 76
73
75
7614 7412 7614 74
78
200 Duquesne Light let pref___100
1
/
11518 1154 *115 11512
115 116
116 116
4
1
/
4.115 11612 *11512 116
15578 157
4
156 1563 15312 15414 5,600 Eastman Kodak Co___No par
8
15812 1593 15612 15912 154 159
7,800 Eaton Axle & Spring-No par
8 2714 28
4
273 28
1
/
4 274 285
2712 2812 2752 283
2818 29
4
1
/
4
/
1
/
5
235 8 237% 23312 2374 2301 23512 234 23612 14,000 EI duPontdeNem new-No par
4
239 23914 2323 238
100
300 6% non-vot deb
11112 11112 *110 11112
11112 111 111
4
0111 11112 *111 1113 11112
25
1214 1.300 Elsenlohr & Brea
1212 *12
*12
12
1212 12
1214 1214 1218 1212 12
No par
8
7
8212 834 82 8 83'z 825 8278 8212 8212 5,000 Electrio Autollte
5
83
8212
4
*823 83
No par
26,700 Electric Boat
8
8 165 1712 1514 163* 1553 1618 153* 1618
1712 1818 1612 175
No par
1
/
16,500 Electric Pow & Lt
8
8
2112 2012 2114 203 204 205 21
4
/
4
/
211 2112 2012 211 21
200 Allot ctf8 for pref 40% pd__
_
*111
112 113 *111
__ 113
*112
*113
No par
800 Preferred
4 - -34
---7
4 ---4
4
4
*1023 1633- *1023 16312 1023 102 8 102% 10212 102% 1023 1023 102 4
8
8 175 1814 18
187
8 17
183* 43,900 Electric Refrigeration_No par
1712 183
4
/
1858 1914 181 19
Elea Storage Battery No par
3,600
66
*64
67
4
1
/ 6512 6518 6718 *68
65
4
/
681 6614 6518 661
Emerson-Brant Class A-No par
9
914 *7
*7
9
812 *7
4 *7
83
*7
9
*7
2,700 Enclicott-Johneon Corp-- 50
*8713 68
68
4
1
/ 6712 6714 6712 67
67
68
6712 6818 6714
100
200 Preferred
12014 *12018 12014 12014 120141
*120 121 *120 121 *120 122 *120
3,800 Engineers Public Serv__No par
253 26
4 2514 26
4
1
/ 2512 2514 253
25
3
25 8 26
8
257 26
J
No par
400 Preferred
4
10314 *103 10314 *103 10314 1023 103 I
4
1
/ 10314
10314 103
4
1
/
*103 104
6
3218 33'iJ 86,200 Erie Steam Shovel
1
/
1
/
334 324 34
3018 3112 31
3
30 4 3114 2918 31
100
500 Preferred
108 10814 *106 108 I
108 108
*108 108 *10512 108 *10512 108
100 Equitable Office Bldg pfd.100
*175 185 •175 178
178 178 *172 189
*178 189 *178 189
72121 4,300 Eureka Vacuum Clean_No par
1
/
7112 714 72
7112 72
4
1
/ 7114 717
72
3
4
1
/ 73 8 71
*72
600 Exchange Buffet Corp_No par
18% 19 I
1912 1812 19
1912 *19
1912 *19
1913 *19
*19
No par
400 Fairbanks Morse
38 I
4
4
3818 *373 383 *375 3812 38
38
39
*38
*3812 39
100
Preferred
111 *105 112 *105 112 *106 112 *106 112 I
*107 111 •105
4
/
951 70,300 Famous Players-Lasky_No par
4
/
971 981.3 9714 93
9618
98
4
/
3
4
1
/ 96 4 991 96
9914 99
100
400 Preferred (8%)
4
4
1
/
4
1
/
118 118 *118 119 *11712 1183 11714 11714 117 117 I
0117 119
16
2.600 Federal LIMA & Vac
8 41% 4114 4118 411
4114 4113
4212 4212 4112 4238 4112 42
No par
Preferred
*971 98 I
*97% 98
4
4
983 *9714 984 *9714 983 *9714 98
*97
Federal Mining & Smelt's-100
150 *110 148 *100 140 *110 140 *110 140 I
*120 148 *110
100
92 I 1,200 Preferred
9212 9212 9112 9112 92
93
93
931
9314 9314 93
4
1
/ 2114 2034 203.i 4,300 Federal Motor Truck-No par
8
2114 207 2112 20
4
/
4
203 221 21
*2212 23
600 Fidel Pben Fire Ins of N Y. 26
11512 1151
115 115 x115 115
117
11412 11412 *11412
*11412 116
100 First Nat'l Pio. let pref.- -100
100 100 I
*99 100
599 100
*99 103
*99 10312 *99 103
No par
2212 2212 2218 2218 2212 221*i 1,300 First Nat'l Storm
2214 23
5
22 8 23
4
1
/ 23
*22
No par
2 6,200 Flak Rubbe^
153
1512 15
15
1514
3
15 8 15
1512 15
1518 1512 15
1,000 1st preferred sta2flped-100
84
84
83
83
84
*83
84
84
8414 8414 84 84
100
1
/
4
1
/ 944
94
200 let Preferred con,
96
*95
96
*95
97
1
/
9612 964 *9513 9612 •95
5412 20,300 Flehichman Co paw----No Par
5412 54
4
1
/ 54
3
3
4
1
/ 54 4 53
53
4
1
/ 5412 53 4 5412 5312 54
No par
5,300 Foundation Co
4
1
/ 59
59
59
4
1
/ 6012 59
1
/
5918 594 5718 5812 5712 5812 58
No par
35,300 Fox Film Class A
7
4
513 5312 x5118 52 2 5112 54
567
5612 551 5612 50
56
No par
8 671 683* 41,100 Freeport Texas Co_
4
8 653 677
3
6714 64 4 6612 65% 667
6612 6718 65
-No par
4412 4514 4434 4518 51,000 Gabriel Snubber A.
4
/
441 46
4412 4312 48
3
44 4 4218
43
No par
912 5,500 Gardner Motor
9
812 812
4
834 83
9 12
9
4
1
/
1
/
94 9
4
1
/ 10
*9
7,000 Gen Amer Tank Car-No par
4 52% 527
5112 523
5
53
53
53
4
513 5414 53
541s 55
100
Preferred
8
8
8
4
/
11212 *108 11212 *1093 1097 *1093 1121
*109 11212 *109 11212 *108
100
34,800 General Asphalt
2
7112 693 7214 7114 73
2
1
/
5
4
1
/ 73 8 6818 704 693 7112 70
70
100
4,300 Preferred
110 110
109 110 *100 11012 110 110
10812 110
110 115
8
4
/
611 6212 623 6312 4,500 General Cigar, Inc new_No par
1
/
634 6212 6212
63
65
14 6514 83
65
100
Preferred (7)
120 122 *120 122
*120 122 *120 122 *120 122 *120 122
.
300 Gen Outdoor Adv A_ _No par
5712 *5714 5712
4
1
/ 5714 5714 *57
8
4
1
/ 573 57
4
1
/ 59
7
8
*573 57 8 *57
2,700 Trust certificates....-No Par
4
473 48
47
4712 471s 4712 47
4
/
4712 4712 4612 471 47
4
2
10418 10538 10414 1073 10618 1083 10814 11212 125,500 General Electric New--No par
10512 10612 10358 108
1118 111* 4,000 General Electric spectal____10
11
11
11
1114 11
1118 11
1114 11
11
800 General Gas & Elea A__No par
4
/
4
/
411 391 3912 3918 40
40
8 3
8
395 395 '
*4012 4112 *3912 41
200 Oen Gas 3. Elea pf A (7)No par
4
4
1063 108 *1063 108
4
4
4
10612 1063 1063 1083 108
10612
'10612 108
No par
Preferred A (8)
120 *117 120
117
*117 120 *117 120 *117 120 *117 120
No par
Preferred B (7)
103 105 *103 105
*102 105 *102 105 -103 105 *103 105
10414 10738 405,500 Gen.wa1 Motors Corp-No par
19112 196
195 197
19914 105 107
4
1
/
199 20014 193
100
4
1
/ 12312 12312 1,900 7% Preferred
4
4
4
1
/
*123 12312 12314 12312 123 1233 12312 123% 1233 123
-dividend 100% in stock,
sista ...a onkel macaw no sales on this day, s Ex-dividend, a Fre-right& a Er
.
.A.
ralf all
Range Singe Jan. 1 1927
-share lots
On bans of 100
Range for Preeteue
Year 1920
Lowest
$ per shard
111 Feb 28
24 Apr 1
8% Jan 3
714 Jan 3
64 Jan 14
54 Jan 3
1012 Jan 26
70 Jan 24
58 June 27
42 Jan 25
106 Feb 1
4June 27
63
13 June 27
12012 Jan 3
4102 Mar 31
3318June 27
2218 Jan 7
8
347 Jan 5
38% Jan28
4
1
/ Apr 11
102
51 June 17
11114 Jan 6
49612 Apr 27
63 Jan 4
4
1
/
42 Jan 4
8
667 Jan 3
8
827 Feb 11
9912 Jan 24
8May 25
485
14 June 29
17 June 10
1June 15
/
184
7314June 27
4118May 4
95 Apr 21
88 June 28
223 Jan 3
1714 Jan 26
47 Mar 11
14 Fob 1
8
757 Apr 30
99 Mar 22
Highest
Lowest
Highest
2 per share $ per share $ per share
4
1
/
98 Jan 118 Aug
12412May 21
2812 Oct 3314 Aug
31 Apr 14
7 Nov 202* Jan
8May 25
177
4
83 Nov
7 Dec
1512May 28
4
7712June 1
4314 Apr 683 Itill
50 Nov 5412 Dee
75 June 23
1014 Oct 3272 Jan
1613 Mar lb
7814 Dec 90 Jan
83 Apr 22
5713 Jan 7312 Aug
6312 Feb 24
3618 May 4913 Jan
5534May 11
111 June 25 100 May 10614 Nov
812 Nov 26 Feb
14 Mar 22
4
203 Dec 4514 Feb
2614May 6
1
/
944 Apr 12814 Dee
14
137 Mar 2
4May 24
623
1
/
454 May 883* Jan
8
30 Mar 363 Jan
3914 Mar 21
16 Mar 26 Nov
24 Apr 11
2912 Oct 63 4 Jan
8June 16
3
657
2812 Mar 5478 Jan
4June 8
513
93 Mar 108 Jan
111 June 14
60 Dec 68 Jan
4
1
/
4
663 Jan 24
120 May 4 10314 Jan 116 Sept
19912 Apr 22 128 Mar 17414 Dec
3484 May 6912 Dec
8July 1
1167
8
273 Mar 493 Oat
8
9214June 28
4
&As Jan 703 Dee
8512Mar 18
5
85 8 Nov 91 Dee
983
4May 27
4
/
98% Nov 1011 Nov
10712May 16
8June 18
545
471
1612 Nov - ; Jan
-8
203 Feb 21
2114 Nov 2614 Jan
23 Mar 10
4
20 Nov 273 Jan
23 Jan 7
8512 Dec 99 Feb
4
1
/
8518 Jan 12
5412 Dec 72 Jae
4
563 Mar 14
97 June 104 Jan
9812 Jan 27
89 May 100 Jan
95 Mar 14
383 June 3 11814 Jan 237 Nov
4
/
121 May 293 Sept
8
8May 4
223
4012May 67 Dee
64 June 10
1 Mar
8
3 Dec
8
5 Jan 5
4514 Apr 8714 Dee
8512 Feb 17
8
91 Mar 1073 July
10212 Feb 2
212 Feb 4
I June 10
94 Mar 9 10912 Jan 10
4June 1
93 Mar 18 973
4
1
/
3 Mar 14
718June 18
3313 Apr 30 747 Jan 6
4 May 19 1014 Jan 5
97% Jan 13
72 Apr 1
1
/
5834 Apr 9 734 Jan 3
4June 29
135 Jan 27 1753
4
1014June 16 133 Jan 6
467 Jan 12 6318May 14
128 Jan 11 13214June 3
7
56 Jan 3 83 8June 2
3
77 Jan 4 96 4 Mar 4
103 Jan 18 11018May 31
25 July 1 3414 Jan 8
4
8July 1 103 Jan 5
75
4
3412June 28 503 Jan 4
4
1
/
2218June 28 28 Jan 3
102 Jan 31 100 June 28
1312June 30 18 Jan 21
4312 Apr 8 5272 Feb 23
103 Apr 4 11812May 10
30 Apr 28 • 37 June 18
2614 Apr 28 3412May 24
4
1
/
133 Jan 21 157 June 2
37 June 20 4238 Feb 2
115 Feb 28 133 May 12
8
175 Apr 22 2712 Jan 5
6958.1une 30 85 Feb 14
4
/
7 June 30 111 Jan 4
46 Jan 3 7614June 25
4June 1
11414 Mar 2 1163
12814 Jan 28 107 June 24
42une 20
2418 Mar 21 293
7
168 Jan 25 253 8 Apr 22
10512 Feb 5 11212May 10
4
/
111 Jan 3 1612 Feb 15
6312 Jan 13 8512June 22
1312 Mar 2 21 May 21
4
/
161 Jan 27 2358May 23
8
1037 Jan 28 115 May 21
96 Jan 11 10014June 10
8
17 June 29 373 Jan 3
4
1
/
6314May 3 79 Jan 6
718 Jan 4 13 Apr 14
8June 10
3
64 4 Jan 28 723
8
1163 Jan 5 12112 Mar 28
2134 Jan 11 284May 24
1
/
4
1
/
93 Jan 8 10812June 2
4
243 Jan 3 34 June 30
10112 Jan 6 10814June 21
11814 Feb 5 178 June 28
4June 17
4
1
/
60 Jan 25 743
1518 Jan 25 1934May 21
3714May 2 4312May 11
4
1
/
107 Feb 7 112 Mar 2
93 July 1 11434 Feb 24
116 Apr 25 12438 Jan 12
3712 Jan 17 47 May 3
9112 Feb 23 9912 Mar 31
60 Feb 9 187 June 16
7512 Jan 28 97 Mar 12
4
1
/
41une 27 30 Jan 10
203
9312 Feb23 193 Jan 6
4
1
/
97 Jan 13 103 Mar 4
1014May 11 30 Feb 7
1478June 17 20 Apr 20
81une 2
81 Jan 5 893
4July 1 101 Apr 21
1
/
94
4618 Feb 1 59 May 19
8
5518June 9 885 Apr 1
4
1
/
50 June 28 74 Jan 6
1
/
344 Jan 4 7434 Apr 9
2918 Jan 3 47 June 8
8
fps Jan 27 113 Apr 22
46 Jan 8 5514June 24
8Mar I 11012June 8
1063
3
6818June 27 06 4 Mar 2
2
10812June 27 1447 Mar 2
7
52 Jan 28 898 Feb 24
116 Jan 5 134 Feb 24
5
54 8 Apr 11 5812 Feb 9
37 Jan a 55 May 31
81 Jan 27 11212 July 1
8
11 June 21 115 Jan 5
34 Apr 1 4712 Feb 2
3
100 Jan 3 109 4June 9
11314 Mar 22 120 June 1
96 Jan 13 105 June 22
4
/
1451 Jan 25 20512June 17
11812Mar 9 12414June 1
112 Aug
1
/
84 Jan
3
87 Mar 115 8 Aug
414 No,
114 May
7
6013 Oct 93 Aug
752 Ott 1518 Sept
4
1
/ Aug
87 Oct98
70 Mar 9212 Jan
4
122 Mar 1443 Jan
978 May 13 8 Dec
7
8
5
35 8 Mar 515 Dee
12212 Jan 13014 Dee
1
/
444 Mar 62 Dee
3
64 Apr 82 4 Des
90 Mar 104 Dec
2
2814 0 t 53 8 June
82* May 1112 Jan
3512June 5038 Dec
4
1
/
2014 Aug 30 Jan
4
973 Jan 105 Nov
1512 Sept2014 June
5118 Nov 55 Dec
7712 Mar 108 Dee
32 Nov 51 Jan
4
1
/
234 Oct 463 Feb
4
/
12312 Mar 1411 Dee
31
4
1
/
Oct 104 Feb
4
1
21
- /May
79'2 May
8 Oct
19 Mar
4
/
1111 Mar
8
1063 Mar
23 Oct
4
1
/
154 Nov
1008 Apr
4
103 Oct
4
613 Mar
4 Mar
1514 Oct
9912 Mar
8913 Mar
8
333 Dec
7118 Mar
614 Dee
6513 Mar
114 Jan
1914 Oct
9214 Nov
2113 Oct
100
Oct
8
997 June
43 May
4
143 July
8
373 Dec
10612 Nov
10318 Jan
116 Mar
28 Mar
86 June
41 May
81 Mar
23 Oct
160 Apr
96 May
28 Nov
1414 May
1
/
764 Apr
94 June
1
/
324 Mar
7314 Dec
55% Mar
4
1
/
19 Jan
8
253 Nov
638 Nov
39 Mar
9912June
50 Mar
947 Mar
46 Mar
109 Jan
51 Mar
263* Mar
79 June
Jan
11
84 Mar
95 May
10512 Apr
9214 Apr
11314 Mar
11312 Jan
471- 4 Jan
90 July
20 Mar
46 Nov
4
1163 Aug
4
1363 Dee
4
323 Feb
18113 Dee
11018 Dee
4
1
/
20 Feb
82 Feb
16 Dec
3413 Feb
115 Feb
98 4 Sept
,
7812June
1
/
944 Aug
814 Dec
8
725 Feb
120 Sept
4
1
/
24 July
9612 Anil
3
25 8 Nov
102 Nov
13214 July
8
683 Dec
17 Apr
4
1
/
59 Feb
116 Feb
12712June
12412 Dec
1
/
474 Dee
94 Dec
1
/
1114 Jan
105 Jan
4
1
/
34 Aug
20014 Jan
107 Feb
8
493 Feb
2614 Jan
8414 Mu
107 Mar
4
/
561 Feb
4
1793 Jan
85 Jan
30 Dec
42 Feb
4
1
/ Jan
9
8
653 Jan
109 Dec
9414 Aug
4
/
1401 Aug
6912 Feb
118 Dee
8
663 Aug
8
397 Dec
9512 Aug
113 Dee
4
59 Jan
100 Dec
113 Sept
Jan
90
4
1
/
225 Aug
4
1
/
122 Dee
New York Stock Record-Continued-Page 4
69
Poe males during the week of stocks usually Inactive, see fourthIpage preceding
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday,
June 25.
Monday,
June 27.
Tuesday,
June 28.
IVednesday, Thursday,
June 29.
June 30.
Friday,
July 1.
Sates
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
$ per share $ per share $ per share $ per share
per share
Per share Shares Indus. & Miseell. (Con.) Par
.107 110 907
____ 907 __
*107
*107
*107
General Motors Corp 6% 01 100
1193 12174 120 12412 123 126
8
11978 124
120 122
12018 12314 110,300,Gen Ry Signal new____No par
675 68
8
6314 67
6418 69
69
66
65
6812 68
685 29,600 General Refractories_ __No Par
8
*41
42
403 41
8
*4012 41
403 407 *4012 4114 *4012 4112
8
8
900 Gimbel Bros
No par
*10612 1064 106 10612 *10412 106 *104 10612 *104 10612 *104 10612
300 Preferred
100
163 1612 164 167
8
8 163 1612 1618 163
8
8 153 16
4
1514 16
8,000 Glidden Co
No par
563 567
8
57
8 55
5514 563
8 56
8 5518 573
8
574 573 573 22,100 Gold Dust Corp v t o No par
s
527 53
8
524 523
53
4 52
5214 53
524 5312 527 54
8
5,600 Goodrich Co (B F)
No par
*984 100
*98
9912 *987s 994 *987 993
8
4 9814 987 *98 10012
8
300 Preferred
100
*113 1133 11318 1134 11318 1135 11314 11314 112 11312 11214 1127
4
8
8 2,800 Goodyear T & Rub pf VI 4_100
11014 11018 *11018 11014 11018 110, 11018 11018 11018 11018 11018 11018
8
600 Prior prererred
100
*623 6312 6212 623
4
6214 *60
4 62
63
6214 63
6212 6212 1,400 Gotham Silk Hosiery_Ne par
*62
63
62
62
613 613 *613 62
4
4
4
617 62
8
02
623
4 1,200 New
No par
*10612 10712 10612 10612 10612 10612 *1065 10712 *1065 10712 *1065 10712
8
8
200 Preferred sew
8
100
*75
8
8 818
8
8
8
814 818 *7 8 8
*75
,
8 8
700 Gould Coupler A
No par
35
3612 334 35
3414 347
8 34
3412 343 343
8
8
4 345 3514 19,500 Granby Cons NI Sm & Pr_100
115 11012 11412 115
11414 11412 1143 115
4
11412 1143 11378 11412 3,900 Great Western Sugar tern etf25
4
*11934 120
1193 1193 120 120 *119 120
4
4
1197 120
8
119 119
100 Preferred
100
39
4112 40 8 41
3
40
4012 40
403 393 40
4
40
12,600 Greene Cananea Copper__ _100
40
*9
912
878 9
878 9
83
4 87
83
8
4 83
4
4 1,000 Guantanamo Sugar_ __ _No Par
83
4 83
484 483
48
48
4 4734 48
4612 4714 46
4612 46
1,800 Gulf States Steel
461_
100
56
56
57
57
*56
57
*56
57
*56
40 Hanna let Ore! class A__ _ _100
57
*56
*2614 28
*2413 25 2434 2434 *2412 25 *2412 25 *2412 57
100 Hartman Corp class A_No par
25
2474 25
247 244 2518 2614 253 26
g
8
2514 2514 25
2,000 Class B
25
No par
Hayes Wheel
No par
;55- 166 -661-2 - -1- -6/ 97 *96 99 ;56- 96 2
200 Helme(0 W)
65-- ;56- - 9625
37
37
37
38
36
36
36
3578 3578 36 36
1,600 Hoe(R) & Co
No par
3412 343
4 34
3412 3412 3412 *3312 34
35
34
3412 3412 4,100 Hollander & Son (A)._ No par
*61
62
*61
62
*61
62
*61
62
61
61
61
200 Homestake Miolng
61
100
*53
531
. 533 533
8
53
3 53
53
53
53
1,000 Househ Prod,Inc.tem etfNopar
53
53
53
156 158
147 15512 150 1533 14914 15312 149 15314 15112 15612 60,100 Houston Oil of Tex tern ctfs100
8
*363 3714 3612 363
4
363
3714 3612 3612 735
4 36
8 36
2,900 Howe Sound
35
No par
8114 8214 7818 82
7812 805
8
7918 8138 219,200 Hudson Motor eel._ _ _ _No par
8 775 793
4 7612 80
1914 193
8
3 187 193
8 185 19
187 193
8
17,800 HUDD Motor Car Corp___ _10
8
1912 1914 20
4 19
1814 19
184 185
8 1812 187
8 184 1812 1814 187
3 1814 1812 8,700 Independent Oil & Gag_No par
2312 2312 235 244 25
8
2712 2518 263
265
8 26
8 25
2512 14.100 Indian Motocycle
No par
.8
83
8
8
8
8
8
8
83
8
812 1,000 Indian Refining
10
73
4 73
4 *8
8
8
74 8
3
*71
*75
. 8
500 Certificates
4 8
73
4 73
4 *Pa 8
10
*88
91
*88
91
*88
91
8912 8912 8814 89
1,800 Ingersoll Rana new__ __No par
89
90
*4812 49
4712 4812 4734 48
47
4718 4718 50
5,S00 Inland Steel
473
4 47
No par
*11314 114
11314 11314 *11014 1133 •11014 1133 *11014 1133 1133 1133
4
4
200 Preferred
4
4
4
100
1314 1312 1212 13
125 134 1314 137
8
8 1318 134 1318 1318 4,900 Inspiration Cons Copper___20
12
1214 12
12
*113 1212 *12
4
400 InterconV1 Rubber___No pa
1212 *12
1212 *12
1212
914 012
912 103
83
4 83
8
4
914 10 2
,
83
4 83
No pa
4
9 2 94 4,000 Internet Agricul
,
4218 433
43 4 4012 423
3
4 4112 4112 4114 4112 42
4,400 Prior preferred
4 41
45
100
8212 83
8218 8212 8218 8338 82
2,100 Int Business Machines_No pa
82
82
*81
82
82
55
5518 547 5512 543 5518 5414 55
8
4
5418 5412 5414 55
5,700 International Cement_ _No pa
*109 110
109 109 *108 110 *109 110
200 Preferred
109 109 *10812 109
100
4512 464 44
467
8 447 46
8
434 453
8 4358 444 4418 454 44,300 Inter Comb Eng Corp_ _No pa
178 178
17712 18014 17712 1777 1774 178
8
5,700 International Harvester_ _ _100
177 177
17712 182
*12912 130
12912 131 *129 130
129 129 01294 131
600 Preferred
12914 12912
10(
8 *714 712
7 8 73
3
718 *7
714 714
718 714
7
712 1,700 Int Mercantile Marine__ _100
4912 503
46
4
4734 4618 475
4 453 49
8 464 473
8 4612 4814 26,600 Preferred
100
7112 7212 7014 72
703 71
8
7038 71
703 7214 *7112 72
7,200 International Match pref __3
4
6112 613
4 5918 6112 584 613
8 58
5912 99,900 International Nickel (The)_2
593
8 5712 5918 58
4334 4518 4314 444 4412 4618 453* 468 443 4514 45 453 60,700 International Paper_ __No pa
4
4
9914 9914 9914 993
8 9918 9914 9914 9914 9914 99 4 79714 9712 1,400 Preferred (7%)
100
,
•181 18312 *18138 18412 184 185 *18518 187 99612 197 *1864 190
300 International Shoe__ _ _No pa
*160 165 *160 165
160 16012 159 1613 162 162 *161 1613
800 International Silver
4
4
10
1374 1373 713414 1355 13412 13514 134 1347 134 13412 13414 135
8
8
8
8,000 Internet Telep & Teleg
10
36
36
36
343 353
4
36
3412 3412 4,100 Intertype Corti
8 3314 3412 337 34
4
No pa
*59
61
*60
61
*60
61
*60
61
*60
6012 *5914 61
Island Creek Coal
*5912 61
5912 5912 *59
60
5912 597 *59
300 Jewel Tea, Inc
60
*593 60
4
No par
8
•11314 116 *114 116 *113 116 *11314 115
113 11314 1134 11318
300 Preferred
100
*119 11914 119 119
119 119 *119 11914 1193 120 *11912 1193
4
270 Jones & Laugh Steel pref_100
4
27
287
8 28
305
8 2718 2978 2718 273
2712 2718 271 28,500 Jones Bros Tea, Inc. __No par
4 27
1558 1612 15
153
1412 135 141
4 15
15
147 1518 14
5,400 Joedan Motor Car
8
8
Vs par
*1133 115
4
1145 1145 *11334 115 *11334 115
8
8
11412 11412 *1133 114
200 Kan City P&L 1st pf A_No par
4
5312 533
53
4 5212 54
9,700 Kayser (J) Co v t a_ _ _ _No par
5312 52
533
8 5234 5414 5453 551
2218 225
8 2114 2314 213 2212 22
4
22
23
224 2214 231 44,600 Kelly-Springfield Tire
25
*66
69
66
66
*66
69
*65
68
69
*65
6712 671
200 8% preferred
100
•65
6812 *65
681_ *65
6812 *65
6812 *65
6812 *65
681
6% preferred
100
*20
23
2114 2114 21
2214 2214 224 221
2214 23
23
1,600 Kelsey Hayes Wheel_ No par
6112 62
603 613
4
4
4 603 61
603 613
4
8
611 23,700 Kennecott Copper
8 607 6114 61
No par
52
*12
12
I.
1
2 1 1
3,900 Keystone Tire & Rubb_No par
14
12
14
1
*24
30
*24
1934 24
30
*19
197
20
8 20
•19
197
400 Kinney Co
No par
75
71
75
6014 721
75
56
6314 63
65
65
1,650 Preferred
65
100
*4912 51
5312 5414 50
50
50
503 51
4
50
513 514 1,300 Kraft Cheese
4
25
5418 5412 5312 5414 54
541
53
54 5414 534 543
8 5312 535
8 8,100 Kresge (S 8) Co new
10
*11512 116
116 116
11514 1151 *11014
11312 11514 *11314
150 Preferred
100
14
14
1212 14
10
121 •11
1114 •11
138
4 3,300 Kresge Dept Stores_ _ _ _No par
14
*11
50
47
46
55
48
461
*45
46
47
47
*45
47
800 Preferred
100
*230 240 *225 235
231 231 *223 240 *223 240 •223 240
100 Laclede Gas L (St Louis).._100
28
2712 27,2 27
28
271 *263 2714 27
4
27
263 27
4
1,400 Logo 011 & Transport_No par
75 4 757 0723 743
3
4
8
8
7414 7413 7412 11,400 Lambert Co
7312 74,
4 725 741
4 74
No par
814 814
*8
814 *8
84 *8
81
*8
818
812 812
600 Lee Rubber & Tire
No par
354 364 35
35
3514 35
353
355
8 35
35
35
357
8 2,300 Lehn dr Fink
No par
22
22
213 217 *214 22
4
8
*2112 22
2112 2112 213 213
s
8
800 Life Savers
No pa
11518 11514 115 11612 113 113
111 113
11114 11114 112 112
2,100 Liggett & Nlyers Tobacco__2
11514 11514 112 11512 11212 115
112 11312 1114 11212 11112 11258 13.200 Series B
2
*128 130
12912 12912 *128 130 *127 12912 *126 129 926 129
100 Preferred
100
65
6514 64
8
654 63
6314 625 63
6212 6212 6212 6212 2,000 Lima Loa Wks
No pa
*51
05112 52
5112 52
507 51
8
517 *51
8
5112 507g 51
800 Liquid Carbonic certlfs_No pa
493 503
4
5012 51
5014 4914 50
4 49
493 5014 493 5014 28,200 Loew's Incorporated_No pa
4
4
64 64
618 618 *818 814 *
614 614
61
64 63
4
4 3,900 Loft Incorporated
No Pa
35
3712 34
34
36
36
*3512 38
*3512 37
1,200 Long Bell Lumber A_ _No pa
-4312 4314 437
a; 4212 4412 4212 43
8 434 443 z3512 3512 3,400 Loose-Wiles Biscuit new __ _ _25
4
26 preferred
100
314 3113 3178 -515-2 - -2 4 3134 3214 -52- - --1; 27,200 Lorillard
3 -1-324 3273 -55i8 32
2
10812 10812 •107 109 *107 109
107 107 •107 109
*1063 108
4
200 Preferred
10
8 1112 115
8 1112 113 *113 117
8
1178 124 115 117
4
4
4
1112 113
4 9,100 Louisiana Oil temp ctfs_No pa
*9012 92
*9012 92
92
*91
*9012 92
9512 *90
*9012 92
Preferred
100
26
26
26
2618 26
26
*26
2614 26
26
26
26
2,500 Louisville 0& El A __ _ _No pa
235 24
8
*2312 24
235 2373 2314 237
8
23
2312 233
4 23
8 1,700 Ludlum Steel_ _ _ _S_ No pa
4
11212 113 *1123 118 •11234 115 •11234 115
*112 117
105 112
1,200 Mackay Companies
10
6814 6814 *6812 71
70
*68
70
*68
71
*70
*6812 71
100 Preferred
100
8 9952 10114 97 101
8
10112 10214 9958 1023 10018 1017
95
973 95,100 Mack Trucks, Inc
8
No par
112 112 *110 114 •110 113 *110 113
*1097 113 •1097 113
8
8
100 1st preferred
100
•105 108 *105 108 *105 108 *105 108 *105 10612 10612 10612
100 2d preferred
100
4
34
33
8
34
*323 33
334 335 334 333 3412 733
4
33
2,100 Magma Copper
_No par
15
15
*15
*15
16
15 2 15
,
15
15
15 4 1512 155
,
4 1,900 Mallinson (H R)& Co_No par
8 774 7712 773 81
4
753 76
4
8
7512 7614 753 7614 757 765
4
13,800 Mauls Elea Supply _ _ _No Par
.
8
8 31
3112 317
32
314 3112 305 3138 3014 3158 305 3112 7,000 Manhattan Shirt
8
25
4
8
4
*4312 433 *4312 43 4 *4312 433 *4312 433 *427 433 *427 433
4
3
4
Manila Electric CorpNo par
8
4
1312 *1314 14
1312 *13
1318 1312 13
1318 *13
1312 1312
700 Maracaibo 011 Expl___ _No par
3314 31
8
4 313 327
32
8
3218 313 323
8 314 3212 314 323 84,800 Marland 011
4
No Par
4
4412 4412 425 4414 4212 4212 423 423
8
4 4218 4212 4238 4334 2,000 Marlin-Rockwell
No Par
•183 17
4
8 1634 17
165 165
8
*1634 17
4
*163 17
17
400 Martin-Parry Corp_ _ _ No Par
17
104 104
10312 104
10414 10414 10312 1057 103 105
8
1043 1043
8
8 2,700 alathieson Alkali WorksNo par
6712 68
6734 68
*6814 69
674 6812 663 68
4
68 68
6,600 May Dept Stores new
25
30
294 29
29
3012 29
2914 29
30
2914 2914 2914 3,700 Maytag Co
No par
*6312 66
6312 6312 *6318 72
*6312 634 *6312 72
*63
100 McCrory Stores Clams B No par
66
25
254 25
253
25
8
*25
25
25
253 *25
8
*243 2612
4
500 McIntyre Porcupine Mines-6
8
.253 2512 *253 2512 2512 2512 *253 255
4
8
8
8 255 255
8 253 253
8
8
300 Metro-Goldwyn Pictures pf_27
44 5
45
8 44
5
5
5
*5
5
412 434 4,800 Mexican Seaboard Oil_ No par
514
8
1312 1378 134 1312 133 134 14
14
134 14
14
14
6,400 Miami Copper
5
8
4 297 3014 3014 303 z30
4
304 3118 294 30
297 303
8
3014 22,700 Mid-Continent Petro _No par
4
•100 10212 100 100
101 10114 101 101 *1003 10212 *1003 10212
4
700 Mid-Coot Petrol pref
100
3
318
3
3
33
314
8
318
34 314
3
3
318 26,500 Middle States 011 Corp
_10
24 24
2
214
2
238 23
2
24 218
8
2
2 18 4,500 Certificates
10
108 108 *107 10912 1074 108 *108 10912 *108 lO9's
109 109
400 Midland Steel Prod pref _ _ _100
32
32
*32
3214 3212 3212 3212 3212 3212 3212 3212
33
900 Miller Rubber etfs____No Dar
973 984 975 975
97
8
984 9812 995
974 98
8
8 974 97
8 5.200 Montana Power
4
100
.
8
4 641 644 6418 644 6414 6514 85
6514 6534 645 653
657
828,000 Montg Ward & Co III corp-10
•Bid and asked prices; no sales on this day. e Ex-dividend. •Ex-rights.
PER SHARE
Range Since Jan. 1 1927
On Lasts of 100
-shard lots
Lowest
$ per share
104 Mar 7
8218 Jan 14
38 Jan 14
3712 Mar 24
993 Mar 18
8
1412May 21
42 Mar 9
423 Jan 3
4
95 Jan 3
984 Jan 27
105 Jan 7
8
573 Jan 12
08 Jan 12
104 Jar 26
712June 24
3112 Jan 27
109 Jan 26
11612 Feb 26
2914 Jan 27
8 Jan 25
46 June 30
56 Jan 31
244June 15
2312 Feb 4
1512 Feb 15
7612 Jan 14
22 Jan 31
3114June 3
60 Jan 25
4314 Jan 3
6018 Jan 11
35 July
4814 Jan 24
185
8June 2
17.8May 2
13 Mar 30
712May 1
7
14June 2
8814June 30
41 Feb 15
111 Jan
121:June 2
1138June 21
618 Apr 23
33 Mar 20
5318 Jan 13
4514 Jan 21
1024 Jan 21
4318 Jan 28
1353 Jan 18
8
1263 Jan 12
4
614 Jan 4
3718 Jan 6
62 Mar 2
3814 Jan 3
a3912Nlay 18
9612 Jan 3
160 Jan 21
13512 Mar 21
12214 Jan 25
1912 Jan 31
4812 Mar11
5312 Jan 3
113 June 30
117 Feb 2
105 Jan 3
8
135
8July 1
112 Feb 10
49 Apr 29
912 Jan 27
33 Feb 2
44 Jan 19
21 June 28
60 Feb 9
14June 3
193
4June 2
56 June 29
49 June 1
454 Jan 28
11018 Feb
10 June 28
46 June 28
1733 Jan 27
4
2012 Jan 13
66 Jan 28
7 Jan 4
324 Apr 27
2114 Apr 16
*8712 Feb 10
•864 Feb 10
1243 Jan 27
4
62 Jan 6
484 Mar 15
464 Jan 4
6 Feb 23
3212 Apr 26
z3512July 1
157 Mar 11
2312Nfay 2
107 June 27
1112June 4
90 Apr 6
2354 Jan 3
4June 24
213
105 June 27
6814June 29
8814 Jan 24
109 Jan 26
102 Jan 18
2912 Feb
1112 Apr 7
6318 Jan 25
2414 Jan 1
40 Jan 2
13 June 27
31 June 27
27 Jan 10
165
8June 29
82 Jan 6
663
4June 28
234 Jan 15
5612 Mar 4
2412 Mar 14
243 Jan
4
412July
1318June 2
29 Apr 29
97 Apr 28
15 Jan
8
118 Jan 2
106 Apr 11
315 Jan 25
8
814 Jan 23
60 8 Feb
3
Highest
PER SHARE
Range for Prertoas
Year 1926
Lowest
Highest
per share $ per share $ Per share
108 June 14
9814 Apr 105 June
8012 Mar 9372 Aug
126 June 28
75 June 1
36 May 49
Jan
4114 Nov 784 Jan
493 Apr 11
4
10612June 23 100 Nov 1114 Jan
22 Mar 10
154 June 250 Jan
4
5938June 2
4112 Mar 504 Feb
58.'4 Mar 3
3912 Nov 703 Feb
4
10312June 8
9412 Dec 100 Feb
8May 16
1177
9612 Dec 1097 Aug
8
112 June 6 10414 Dec 109 Sept
677 Mar 25
8
3314 Mar 6912 Nov
673 Feb 24
8
4712 July 1387 Nov
8
110 May 18
10 May 25
8 Oct 21l Jan
45 May 26
1618 Mar 367 Dec
8
Apr 11312 Dec
12512May 25
89
122 June 3 10812 Mar 11814 July
4Nlay 21
483
4
4
93 Apr 343 Dec
1114May 31
104 Feb
54 Jan
64 Feb 28
513 Oct 934 Jan
8
67 Jan 19
45 June 6012 Dec
2714 Mar 29
26
Oct 2812 Nov
293 Apr 18
8
245 Dee 30 Sept
8
2812 Mar31
1714 Dec 46
Jan
1017 Mar 17
8
68 Mar 88 Dee
413
4June 17
1712 May 354 Aug
37 June 22
471. Jan 63 Oct
8318 Jail 15
56 June 6
40 Mar 4838 Jan
16612June
5014 Mar 71
Jan
414 Apr 18
27
Jan 45 Sept
887
8May 11
403 Oct 12314 Jan
4
17 Mar 2838 Jan
235 Jan 10
8
194 Mar 34
Jan
32 4 Feb 1
3
2712June 29
1412 Dec 244 Feb
1118 Mar 14
73 Oct 13 Feb
4
74 Oct 1212 Feb
1012 Mar 14
8014 Mar 104
Jan
964 Apr 2
3412 May
433 Dec
4
5314June 6
117 June 8 1083 Mar 115 Feb
4
2512 Jan 12
203 Mar 285 Nov
4
8
153 Mar 12
4
12 Dec 213 Feb
4
104 Feb 23
918 Dec 2614 Jan
6612May 26
563 Dec 95
8
Jae
4May 10
891
3818 Star 567 Dec
8
8Nlay 31
653
443 Oct717 Jan
8
8
11014May 19 1017 Oct 106
8
Jan
64 Mar 1
3312 Mar 6412 Jan
188 May 23 11214 Mar 15818 Dec
133 May 18 118
Jan 129 Dec
83
4May 27
6 Sept 123 Feb
8
5538May 31
27 Mar 464 Feb
7758June 7
5312 Mar 663 Feb
8
75 May 31
3238 Mar 4614 Jan
604 Mar 7
4418 Apr 6334 Aug
10114May 24
89 May 100 Dec
185 June 3 135 May 175
Jai.
175 May 9
146 June 7 fif Mar 133 - Jan
3912June 18
1812 July 29
Jan
61 May 27
6612May 10
25 Jan &O'I Dec
12512 Mar 15 11512 Jan 12712 Nov
1223
4May 21 114
Jan 120 Aug
305
8June 27
9 Dec 1911 Feb
2212 Jan 5
12 Nov 66
F.b
11518Nlay 27 10714 Mar 115 Nov'
5714 Jan 31
3314 May 513 Dec
4
285 Apr 21
8
9
Oct 2112 Feb
754 Apr 21
4312 Oct 743 Feb
4
76 Apr 21
45 Dec 7314 Feb
25 June 20
664 Apr 22 16 4 A- ai
Nov
3- 11 Star 11
12 May
24 Jan
45 Jan 6
39 Nov 8218 Jan
8412 Apr 8
85 Sept 9914 Jan
627 Feb 25
4
565 Dec 68 NoV
8
553
8June 22
4234 Star 82 Jan
116 June 16 11212 Nov 1143 Feb
4
1712 Feb 8
1518 Mar 333 Jan
4
80 Jan 4
7014 Mar 9314 Feb
26712June 2 146 Slur 196 Dec
3212 Apr 9
194 May
2412 June
797
8June 16
3912 May 72 Nov
93 Mar 14
8
64 Dec14 Jan
38 May 27
303 Ma
4
4112 Jan
247 Feb 17
8
1714 May
25 Dec
123 May 24
7218 Star 103 Dec
122345lay 24
71 Star 724 Dee
131 June 3 1193 Jan 1293 May
4
4
764 Apr 26
5312 Star 69 4 Jan
3
593 Feb 14
8
4312 Oct584 Nov
637 Mar 17
8
3414 Mar 484 Dec
75 Jan 20
8
6
Oct1114 Feb
43 Mar 7
413 Dec5012 Feb
4
4812May 14
171 May 7 1161- - r 175 Dec
4 2,:fa3414June 7
2754 Oct 424 Feb
11812 Jan 13 1114 Apr 120 Aug
1818 Jan 6
12 Mar 194 June
97 Feb b
93 Dec 98 Dec
28 May 10
223 Mar 2618 Feb
4
3314 Mar 18
224 Oct 5814 Feb
1273 Feb 25 122
8
Oct 138 Feb •
72 Jan 27
68 Mar 7318 Feb
1183 May 23
4
895 Nov 159
8
Jan
112 June 28 10712 Nov 113 June
10712June 9 102
Oct 1084 Sent
377
4June 6
34 Apr 447 Feb
g
1S May 2
125 Nov 284 Jan
8
81 July 1
44
4
Oct 873 July
32 June 27
217 Oct327 Jan
8
8
46 afar 10
2712 Mar 454 Sept
223 Jan 18
4
1612 Oct 28 Feb
5812 Jan 17
4914 Mar 633 June
8
4812June 2
2412 Oct33 afar
243 Feb 24
4
17 May 23 June
110 June 6
6212 May 1064 Jan
737
8May 23
6912 Dec 70 Dec
323
4May 10
19 Mar 2412 Sept
7512 Jan 3
Jan
72 Star 121
2712 Feb 28
2214 Oct30 Feb
2614 Feb 21
2214 Jan 2512 Nov
914 Feb 16
133 July
6 Feb
4
1612 Feb 28
11 Mar
175 Oct
8
3938 Jan 21
2712 July 37
Jan
105 Feb 3
90 Mar 1044 Dec
33iJune 23
212 Jan
3 Nov
4
2 4June 23
3
12 Oct13 Dec
8
11912 Feb 17 107 Star 13312 Feb
363 Apr 12
4
30 May 443 Feb
4
10414May 20
694 Ma
864 Nov
70 Apr 22
56 May 82 Jan
70
New York Stock Record-Continued-Page 5
Poi sales daring the week of stocks usuelsy inactive. see fifth page weeedine
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday,
June 25.
Monday,
June 27.
Tuesday,
June 28.
Wednesday. Thursday,
June 29.
June 30.
Friday,
July 1.
per share $ per share
per share
per share 3 per share $ per share
6
6
6
614
6
6 14
6
614
6
6
6
6
253 23 • 258 238
2 4 23
3
4
258 238 *258 23
4
2% 2%
4
*9
10
*9
10
914 914
9
9 14 *812 9
*812 9
311: 31
3258 3253 32 3214 31
*3014 31
3034 31
31
*2414 2412 233 2114 2334 233
4
4 23% 23% 2378 2412 2373 2412
27
2812 2812 3014 29
29% 29
34%
3214 32
29% 30
*36
3612 3614 3614 36
36
36
*36
36
36
36
3614
2712 2712 26
2812 27% 273
*264 2612 •261s 27
26
4 26
6334 6412 6314 64% 63% 64
6314 64
6212 64
634 63 8
7
*612 63
4 *512 5 4 *512 53
3
513 513
512 513
4 *512 53
4
3136
37
361s 3618 36
3618 36
3614 3614 3612 *3614 37
91
*8914 91
*89
*8912 91
*90
91
8912 90
*8912 90
*13012 1313 129 131% 129 130
4
130 13053
129 12912 212734 130
*134 137 *135 137 *135 137 *135 13614 *135 137 *135 137
43 43% 43 4314 43 43
4218 4258
423 43% 24212 43
4
62 63 3 614 63
53
6118 6178 6112 62% 6114 62% 6112 62
8
2112 2112 2014 21
2112
*21
22 22
*2012 21
2012 21
*90
9112 90 90
90
90 *90
90
*90
9013
90% 90
38
381s 351s 39
353 373
4
3412 38
363 39
3
4 34
36
55 55
54
54
53% 5334 53 54
54 54
52
53
29% 2978 2878 30
30
31% 3178
30
29
3338 3134 32
85 85 *82
85 *82
*91
93
85
85
9012 91
90
100 100
9812 9913 9712 9812 97
9613 96% '21974 99
971
*132 13212 132 132
132 132
132 132
132 132
132 132
2138 2158 21
2138
2118 21% 21
2034 2114
21% 2034 21
*793 8012 793 798 *79
4
4
8078 8158
80 80
4
7912 79 • 80
243 245 21434 245 244 24412 243 2441 241 243 238 243
135 135
136 136
136 13712
13212 13412 13312 1334 *133 135
13
1314 13
13
4
134 1278 4478 12% 12% 123 12% 1234 12%
4418
45
4514 44
4418 447 .443 443
4 4414 4438
45
8
Sales
for
the
Week.
STOOKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Since Jan. 1 1927
On basis of 100-share tots
Lowest
Highest
Shares
3,900
4,700
300
4,300
2,900
12,000
900
2,200
28,600
600
1,100
200
6,200
Indus.& Miscall.(Con.) Par
Per share $ per share
Moon Motors
No par
6 June 23 1212 Jan 5
43 Jan 3
Mother Lode CoalltiOn-No par
212May 13
Motion Picture
No par
812June 10 165s Mar 18
Motor Meter A
No par 3014June 20 8834 Apr 18
Motor Wheel
No pa
203* Jan 3 2773 Mar 29
Mullins Body CorD
No par 10 Jan 5 3453July 1
Munshigwear Inc
No var 3534May 17 397 Jan 11
Murray Body new----No Dar 26 June 27 43 Feb 23
Nash Motors Co
No par 6014 Ayr 25 731: Jan 5
National Acme stamped_ _ 10
.
5 Feb 15
63,May 18
Nat Hellas Hess
No par 36 June 10 444 April
Preferred
100 8912June 30 97 Apr 19
National Biscuit
4
25 943 Jan 27 138 May 9
Preferred
100 130 Jan 10 138 June 8
5,100 Nat Cash Register A wl No par 3973 Jan 3 457 Mar 21
8,200 Nat Dairy Prod
No par 5914May 3 6414June 10
1,700 Nat Department Stores No par 2014June 27 2733 Mar 1
600 let preferred
100 90 Apr 18 9414 Jan 10
24.300 Nat Distill Prod etfs_ __No par 17 Feb 8 5138June 6
2,100 Preferred temp etf__No par 43 Mar 22 6934June 6
4,100 Nat Enam & Stamping
100 194 Apr 29 3533June 6
1,900 Preferred
100 6918 Apr 29 91 June 30
3,600 National Lead
100 695 May 31 2023
4May le
900 Preferred A
100 1131:June 2 13212June 6
11,600 National Pr & Lt eife--No par 1914June 23 231 Mar 24
1,900 National Supply
ao 76 May 11 9534 Feb 18
630 National Surety
100 238 Feb 19 269 May 13
1,200 National Tea Co
No par 108 Apr 18 13934June 17
8,800 Nevada Consol CoPper-No par 1234June 29 15 Jan 3
3,700 N Y Air Brake
No par 408 Jan 8 50 June 9
N Y Canners
No par 1318 Apr 21 217 Jan 3
Preferred
No par 43 Mar 30 72 Jan 13
4612 46'2 "ii" "if" "Eois "517i "Ws 11- "5014 527" -5212 14
8
- 13,500 New York Dock
4
100 34 Jan 14 513
4July 1
8212 8238 8253 8212 83
*80 83% 8112 8214 '80 8214 *80
800 Preferred
100 7218 Feb 9 83%June 16
*2812 2912 2858 2858 *2812 2912 *2812 293 •28
300 Niagara Falls Power Of new_25 2734 Jan 31 29
2814 2814 288
53May 2
4
7
4814 488
4718 48% 47% 484 15,703 North American Co
4
10 4558 Jan 14 5212June 3
4 473 4812 4712 4812 4712 47
51% 5138 5114 5112 5112 5112 513 517 *5112 52 *504 61
8
600 Preferred
ao 50 Jan 10 5214May 26
10018 10018 *100 101
100 100
100 100 *99% 100
101 101
400 No Amer Edison pref__No par 965* Jan 6 10153May 20
53 Feb 10
8 3
212 212 *213 3
*23
4 3
*25
23* 21
900 Norwalk Tire & Rubber_
*28
10
178June 16
4 3
*10
*10
11
*10
11
*10
11
*10
11
...._Nopar 10 May 21 13 Jan 19
11
10
10
100 Nunnany Co (The)
3712 39
3612 393
25 3114 Jan 28 443
4 3734 385, 373* 3814 37% 384 3712 3814 18,900 01/ Well Supply
,June 3
*1418 143
4 1318 143
4 13
135* 1312 1312 1334 1414 8.600 Omnibus Corp
No oar 11 Mar 25 1713June 11
4 1318 133
6313 6312 64
*6358 65
6312 63% 6312 6312 *6314 64
64
1,600 Oppenhelm Collins& CoNo par 5813 Feb 8 6778 Feb 28
2912 2912 29% 2933 *2938 '30
*2933 30
2933 29% *2914 2912
1 29 May 28 36 Apr 7
600 Orpheum Cireult, Inc
*105
__
_ _ *105 ____ *105
*105 __.- 10512 106
300 Preferred
100 10312Mar 23 10812June 2
*12414 12512 *105-12514 12514 124 124 125 1251 123 123
123 123
1,100 Otis Elevator
ao z103 Feb 2 131 Jan 18
*11512 116 *11512 116
11512 117 *117 11814 *115 11814 *115 11814
30 Preferred
100 108 Feb 16 11814 Mar 22
95
97
10
10
101s 10
94 91
3,500 Otis Steel
7 Feb 10 1212June 6
14
912 934
No par
*7312 7513 7313 7312 *7314 78 *7314 75
7314 7314 *73
75
200 Prior pref
8June 9
100 6113 Feb 8 793
*753 76
4
*7534 757
800 Owens Bottle
8 7553 7553 7558 76
7613 7618 76
76
25 7513 Jan 18 8412 Mar 14
4
36% 36% 3614 3612 36
363 37
31 53534 363
4,200 Pacific Gas & Elea new
4 36% 37
31 Feb 18 393
3June 1
2
13g
1% 112
114
114 138
4 13
114 114
138 1% 2,700 Pacific 011
1 May 25
17$ Jan 7
NO ya
35
35% 34% 35% 3412 3518 343 347k 3334 34% 3414 354 36,300 Packard Motor Car
10 3334 Apr 28 3712 Mar 14
1012 103
4 11% 1212 1178 .1212 12
121
12% 1212 1218 12% 34,900 Paige Del Motor Car__No pa
778 Mar 22 1412May 4
57 57
5513 5612 558 5512 5514 56 '534 54
5312 4312 4,200 Pan-Amer Pete & Trans_60 5312July 1 6573 Jan 19
5714 5712 5518 5714 5512 56¼ 5512 1632 x54
5473 5313 5414 33,900 Chula 13
ao 5312July 1 6633 Jan 20
2012 2012 20% 2012 2012 20,2 2012 2012 2014 201
2013 203
4 1,400 Pan-Am West Petrol B_No pa
19 Mar 30 377 Jan 24
• 914 914
9
918
814 9
812 8%
8% 8% 3,100 Panhandle Prod & Ref_No pa
88, 812
8 Apr 29 1873 Jan 17
64
1551
*51
64
*51
60
*10
*1812 55
58
3140
485s
Preferred
100 63 May 9 8134 Jan 17
3718 3712 3712 383
8
3534 37
36
37
37
38 24,200 Park & TiltOrd tern otfs_No par 20 Jan 27 4218June 16
4 365 39
612 612
612 612
612 62
612 613
700 Park Utah C M
8 Mar 4
612 613 *613 63
1
6 Jan 3
4
3714 3714 3614 37
3412 3714 3614 387
3834 39
3812 39
9,100 Pathe Exchange A new No par 3412June 28 4314June 17
2178 22% 22 22% 22
2214 1522 2212 2118 2118 218 213
4
4 2,300 Patine. Mines & Enterpr pr_25 20 Mar 23 2773 Feb 2
2318 2314 2214 2133 2212 225
8 23
234 23
23
23
23
2,800 Peerless Motor Car
50 20 Apr 29 32 Jan 8
*2512 25 4 2434 2512 2414 25
2412 2412 2412 2413 24
3
2412 3,400 Penick & Ford
No par 21 Jan 17 2773May 9
1684 163 *1612 1714 1458 17 *15
1634 *14141 16
4
15
15
500 Penn Coal & Coke
ao 1014 Jan 19 2512May 27
31% 3112 3114 3112 304 314 3014 31
3014 31
30
301
8,300 Penn-Dixie Cement_ _No par 30 July 1 395 Jan 13
9814 *96
*96
9813 .96
9814 *96
9814 *96
Preferred
9814 *96
100 9512JUne 16 100 May 14
9814
14
:
3
14June 25
113 Feb 14
14
14
3
8
3
3
14
3
8
14
5*
4
14 37,600 Penn-Seaboard Sal vto No va
140 140
•14034 14212 140 14034 13912 140 *13912 140
140 140
1,100 People's 0 L & C (Chlo)-100 126 Jan 14 14534May 20
*95 102
*95 102 *101 103 *100 104 * 95 102
*95 102
Philadelphia Co (Pittsb)---50 854 Jan 18 110 Mar 25
5133 5113 513* 5183 *5113 62
5134 52
*5112 52
50 50 Jan 6 53 Feb10
*5112 52
1,600 6% Preferred
3912 40% 39
393
3834 3738 3814 37% 39 34,600 Phlla & Read 0& I---NO par 373sJune 30 4738 Mar 4
4 3853 3958 38
40 '38
40 *38
3912 3712 3713 3714 374 *38
*39
39
600
Certificates of Int---NO par 3714June 30 47 Mar 4
*2618 28
*26
28
1526
28
27
27
26
1,100 Phillip Morrie & Co, Ltd
10 28 June 30 4113 Jan 10
2612 •2612 27
3914 4018 3914 4018 194,400 Phillips Petroleum__ __No par 3814June 27 80 4 Feb 16
1
3914 4014 3814 4953 3853 4014 384 397
4414 4414 *44
47
47
44
4414 4414 *41
4534 *4412 451
1,200 Phoenix Hosiery
a 42 Jan 7 51 Mar 17
*10612 1088 *10612 1087 *10812 1087 31107 1087g 107 107 *107 108%
3
100
Preferred
100 103 Jan 5 107 June 30
137g 1414 14% 1412 133 1414 1414 15
4
4
14% 14% 133 141
17,800 Pierce-Arrow Mot Car No Dar 1273 Apr 27 2358 Mar 8
61
6114 6014 603
4 5818 60
60% 62
60 6014 6,300
Preferred
100 56 Apr 27 10212 Jan 3
6158 62
3
4
7:
: 1
7
% 1
Panne 22
4,600 Pierce 011 Corporation
25
12Mar 25
*3
4
7
8
7
8 1
7
8
7
8
2312 *19
24 .2012 24
*20
*19
20 •181: 24 *20
23
Preferred
100 1312 Mar 24 24 June 21
4
4% 412
4%
418 412
45* 514
213 Mar 22
512June 20
4% 5 29,400 Pierce Petrol'm tern otIsNo par
43
4 5%
5012 52
51
5118 53
52
100 3234 Mar 22 7412June 7
5114 5134 54
5612 13,400 Pittsburgh Coal of Pa
55 56
84
1581
84
84 84 *84
868
4 85
*81
85
Preferred
100 705 Mar 10 9312June 8
3
*84 87
400
981 1597
98'4 97
9814
Pittsburgh Steel pref
100 9512 Apr 11 101 Jan 18
*97
98% *97
9814 *9714 98 •97
4June 21
1033 103% 101% 104% 102 104
8
10214 1013* 103 104
No par 925 Mar 16 1053
10234 1037 38,100 Postum Co, Inc
8
8
100 3612 Feb 6 70 Mar 281
62
5912 5912 5734 5784 *5712 61
5712 5712 5718 574 1,100 Pressed Steel Car new
61
8814
8614
*8612 89
100 7612 Feb 5 9212May 12
8612 8612 *8612 89
200
Preferred
*87
8914 *8612 88
4
4 238 257
16,700 Producers & Refiners Corp_50 163 Jan 5 3378May 16
26% 26% 2314 263
$ 2434 3512 2453 251: 2418 25
•4118 43% *414 43
*11
41 41
43
50 3673 Jan 6 50 Feb 9
420 Preferred
*4112 4212 414 43
3913 40
3934 39% 39% 40 26,700 PubServCorp of NJ new No per 32 Jan 6 4514June 1
387 40
39% 4014 387 40
0100 10012 *100 10012 *100 10012 *100 10012
400 6% preferred
100 9812 Feb 19 10114May 10
100 100 *9912 10012.
100 1084 Jan 5 1155s Mar 23
100 7% preferred
*112 113% *112 1137 *112 11213 *112 11212 11212 11212 *112 11212
100 125 Jan 10 132 June 20
*130 132 *130 132 *130 132
200 8% preferred
•130 132
500 Pub Sect Elea & Gas pfd _100 102 Jan 4 10834May 20
,
•10634 10718 1063 1063 10834 106% 10614 106% •10634 10713 10718 108
4
4
17934 182
182 182
100 17214 Apr 12 19512May 25
•18012 183
178 180
17934 180 *179 180
2,500 Pullman Company
374 3713 37
50 344 Mar 22 467 Jan 8
•38
38
10374 38
37
600 Punta Alegre Sugar
3
3912 384 38% *37
2558 264 2534 2534 26
26
27,500 Pure 011 (The)
25 2558June 27 3312Mar 4
257 2618 25 8 26
5
25% 26
100 8% preferred
100 1113* Jan 11 114 /day 25
•11212 113 *11212 113 *11212 113 *11212 113 1124 11212 •112 113
*5113 52% *52
400 Purity Bakeries class A _ _ _26 4234 Mar 31 58 May 3
52
52% 52% 5278
5314 5414 5214 5214 52
Class B
No par 4134 Jan 3 7512May 19
677 67% 6712 67% 6812 71
3
4,300
6814 6814 6718 6812 6713 68
No par 4113 Apr 13 5684 Mar 1
5414 5212 533
4 52% 5412 71,900 Radio Corp of Amer
5413 5512 5313 513
4 5213 544 53
52
*51
MI 52
700 Preferred
ao 49 May 3 53 Feb 28
511: 514 51% 51% 52
*51
5112 *51
No par 40 Jan 5 463 Apr 25
Rand Mines. Ltd
8
*4134 4612 154173 4612 •4173 427 *4173 4612 *1112 464 •4112 46
3
134 134
*124 14 *1214 14
500 Ray Consolidated Copper-10 134 July 1 1512 Mar 1
1418 1414 •137 1414 *1213 14
8
10 2358July 1 49 Apr 20
2813 2673 28
2818 2812 28
2533 2612 23% 25% 2353 2414 5,500 Real Silk Hosiery
84
84
Preferred
100 80 June 1 99 Mar 2
350
*87 89 *87 89
1587 8712 8312 87
87 87
7 457
No par 384 Jan 24 5114July 1
45
453 453
4
4 4513 4512 45% 4613 4614 4612 4612 5114 6,000 Reid Ice Cream
No par
6 Mar 19
9 Jan 10
7
6
7
6
6
*53
4 6
400 Reis (Robt) & Co
618 613 '
*6
7
6
6
No par 371 Apr 14 4714June 9
4212 43
42 42 4 42 4212 42
8
43% 4213 43% 4214 4312 31,300 Remington-Rand
4
9813
First preferred
20 10213 Apr 25
9812 984 9813 9814 9814 98
9814 '98
9812 *98
400
100 98 June
.
4198
Second preferred
100 99 June a no Apr 25
.103 105 *101 105 *101 105 41101 105 •101 105 *101 105
10 Rem'g'tn Type 7% let DI-100 no Feb 18 1174 Feb 10
.112 11612 *112 116 •112 11612 *112 1184 112 112 *112 11612
100 111 Jan 6 125 Apr 25
11534 115 4 *113 116 17113 116 *113 115%
10 8% 26 preferred
113 116 *113 116
3
Replogle Steel
No oar
913 Apr 30 134 Jan 10
611
8
"61" "6" "631- 62l 63 615* 62 - 617s 62 -6134 -. 4 _3,300 Republic Iron & Steel
100 5612 Jan 4 757 Mar 11
4
63,
100 965* Jan 3 106 May 28
•10312 10412 103 10312 *10312 10412 *103 105% '10353 10412 •l0312 104
400 Preferred
8 June 10
7
714
7
7
6% 6% 3,200 Reynolds Spring
No var
4 Feb 21
718 712
7
714
6% 67
8
13118 132 27,000 Reynolds (RJ) Tob Class B 25 984 Feb 24 13973May 24
13412 134% 13218 13412 130 13334 129 133
131% 133
4July 1
9612 98
98
10214 10634 10,500 Roman Insurance Co
97
9812 99 103 10112 104
25 74 Jan 13 1063
96
4784 48
*48
4812 48 4812 48
484 48
2,400 Royal Dutch Co(N Y shares)- 4784June 30 5412 Feb 9
48
478 48
4
s
3812 383s 383 '38
3812 38% 38% 37% 37% 37 4 37%
500 St Joseph Lead
10 36 May 23 4378 mar 4
•38
8
6914 72% 704 7114 2683 69% 6878 70 22,800 Safety Cable
No par 5234 Jan 3 723sJune 28
7014 68% 71
70
4
50 '45
48 •46
48
4734 47% *44
200 Savage Arms Corporation _100 47583une 24 7215 Mar 5
*48
50 *45
48
134 215
1% 184
114 113
1
1
334 Jan 10
No par
214 214
28,500 Seneca Copper
1 June 30
1 • 114
4 573 573 *57
4
*57
58
58 5814 5712 573
4
58
5712 58
800 Shubert Theatre Corp_No par 58 June 15 136 Mar 10
5112 5212 513 52
4
51% 52
No par 47 Jan 18 5512June 16
5112 52
5112 52
12,400 Schulte Retail Eitores
52% 63
100 11614 Jan 22 120 May 5
Preferred
*11934 12014 *11934 12014 *11934 120 *11934 130 *1193 -- •11934 130
4
*11
11
1112 *11
11
No par 1034June 30 135 Jan 3
1118 11
1112 2103 103
*1
4
4 11
600 Seagrave Corp
5712 5712 56
5612 564 56% 5614 56% 563 5712 31,500 Bears„Roebuck & Co newNopar 61 Jan 17 5912JUne 20
5712 56
4
3June 9
68% 6912 69% 693
4 70
No liar 5633 Jan 17 767
4
7013 7012 72% 713 72% 13,400 Shatuck (F (3)
*6912 71
3
Shell Transport & Trading_ £2 4353 Apr 28 477 Feb 10
4
*4514 4612 •153 46% *4518 46% *443 4613 *4434 4618 *4434 4618
No par 253 Apr 29 314 Feb 7
4 2614 26% 2814 2612 *2614 2612 2818 26% 12,000 Shell Union 011
8
2612 26% 2612 263
•Bid and asked prices; no sales on this day. •Ex-dividend, a Ex-righte. a Ez-dividend o.. ears of Standard 011 of Oallforula D•Ws
b Distributed 0110 half share common stook and 0133-h3lf sharo praforred II stooks
PER SHARE
Range for Previous
Year 1926
Lowest
- Highest
8 Per share
934 Nov
4 Nov
1034 Dec
3334 May
191s Nov
8 Nov
3434 Apr
per acts
3783 Feb
712 Feb
2313 June
5338 Feb
337 Feb
3
1934 Feb
388 July
4
Mar
7O7 Dee
1273 Jan
52
6
Nov
74 Jan 102 Dee
126 Jan 18113 Apr
3712 Oct 54 Jan
24 Oct
--42
%
89 4 Oct 97 Jan
3
1211 May 34 Jan
3713 Aug 7318 Jan
214 July 4013 Jan
76 July 8934 Jan
138 Apr 181 Des
163 1 / - 388 Jan
- 12
4
1
5512 Jan 88 Dee
208 Mar 237 Dec
11612 Nov 238 Jan
115* June 1614 Nov
3612 Jan 464 Sept
2013 Nov 8484 Jan
7014 Dec 85 Apr
32 Oct 457 Feb
69 May 77 Dee
275* Mar 2912 Dec
42 Mar 67 Jan
49 Jan 5214 Aug
9113 Mar 97 Dee
44 Oct 151s Jan
1234 Dec 1712 Jan
30 July 363 Oct
3
12 Oct 2214 Feb
47 Jan 6358 Sept
2712 Mar 334 Nov
101
Jan 105 Apr
106 May 136 Des
10234 Jan 10912 AUg
8 Oct144 Jan
63 Nov 74 Sept
538g Mar 9054 Dee
nl Ma
3154 i 15 i
r
i
314 tt
;
-J
9 Nov 2812 Jan
5813 Mar 764 Jan
567 Mar 7833 Jan
30 Oct 46 Jan
44 Jan 82 June
51 Jan 9933 June
185s Oct 2818 Jan
513 Sept
84 Feb
_
Nov 3118 Nov
-fit Jan 24 Dee
s
7 Aug 19 Oct
38 Dec 41 Dee
99 Nov 10012 Nov
5 Oct2 Jan
14
117 Jan 131 Dee
5913 Mar 91 Dec
45 Oct5114 July
3614 Apr 4833 Feb
3634 June 4413 Jan
16 Apr 41 Dee
40 Mar 573 Dee
3
81 Mar 4614 Nov
94 Mar 103 Oct
19 May 434 Jan
784 Apr 12714 Aug
173 Jan
12 Oct
1118 Nov 274 Jan
24 Aug
7 Jan
29 June 013 Jan
70 June 85 Jan
94 Mar 10013 Dee
7513 Mar 12473 Feb
3418 May 44 Nov
7712 Dec 9534 Jan
11 Mar 205* Oct
3034 May 413 Oct
4
314 Oct 33% Nov
9611 Apr 101
Oct
10313 Jan 110 Nov
115 Mar 12484 Nov
97 Jan 10418 Sept
14514 Mar 19912 Sept
33 Apr 4914 Dee
Jan
254 Oct 31
106 Apr 11234 June
47 Oct 4918 Nov
4113 Nov 44 Dee
32 Mar 615* Nov
4453 Mar 537 Die
1
323 Apr 4154 Oct
4
1012 Mar 1634 Nov
8713 Nov 504 Oct
934 Dec 100 Nov
393 Dec 56 Jan
4
713 July .4 Feb
_1133
.
.
fa ..Ai; fir
.
106 Apr
8 Oct
44 May
9114 Mar
414 Oct
90 Mar
7618 Dec
473 Oct
s
865s May
4218 Mar
6714 Nov
213 Dec
52 Mar
424 Mar
1124 Jan
1212 Mar
4414 Mar
47 Mar
6013 July
24 Mar
Oct
1154 Aug
1574 Jan
6334 Jan
99 Sept
1053 Jan
1217, Nov
100 Jan
573* Jan
484 Feb
5513 Nov
10212 Feb
1014 Jan
7053 July
13812 Jan
120 Sept
141
4May
5833 Sept
6953 Jan
4853 Jan
81 Nov
New York Stock Record-Continued-Page 6
For sales during the week of stocks usually Inactive. see six112 pogo preceding
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday,
June 25.
Monday,
June 27.
Tuesday, 'Wednesday, Thursday,
June 28.
June 29.
June 30.
Friday,
July 1.
Sales
or
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
$ per share $ per share $ per share $ per share $ per share $ per Share Shares Indus. & Misce111,(Con.) Par
1512 1578 1512 1534 .155* 153
155* 158 1512 155* 1538 1538
4 5,100 Simms Petroleum
10
4712 473
4 4712 48
4758 4818 48
475 48
8
483
4 483 497 21,700 Simmons Co
No par
4
8
10934 1093 1093 1093 *1093 110 *10934 110
4
4
4
110 11014 *110 11018
4
200 Preferred
100
1638 1634 1612 1612 1812 1612 1618 1612 16
1614
16
1614 23,100 Sinclair Cons 011 Corp_No par
98% 98% 9838 9812 98 98
*977 98
8
973 97% 97% 97%
8
1,000 Preferred
100
25
25% 2418 2512 2414 25
2538 2518 26
243 2518 25
4
28,900 Skelly 011 Co
25
*121 12514 *120 125 *115 125
113 117
117 117 *115 125
900 Sloes-Sheffield Steel & Iron 100
1214 12
1212 *12
123* 1238 12
1212 *12
1212 1218 1218 1,100 Snider Packing
No par
*150 154
150 15012 150 151
1493 151 *14618 149
8
142 1463
8 1,100 South Porto Rico Sugar___100
.129 130 *129 130 *129 130 *129 130 .120 130 *1297 129%
8
20 Preferred
100
343 3412 3418 343
8
8 34
4 34
343
3414 3418 343
8 3418 343* 8.000 Southern Calif Edison
28
193 19% *19
*
19
20
19
19
1912 *1918 1912 1918 1918
600 Southern Dairies Cl A_No Par
*73
4 8
7% 77
2 *712 812 *712 8
8
8
8
8
No par
4001Class B
*1018 13
*10
13
1018 101 1018 1018 *1112 14
/
4
*1112 14
30 Spear dr Co
No par
•77
7812 *77
80
7712 7712 *74
77
*74
77
*73
77
50 Preferred
100
2512 2512 2414 2514 2334 2414 237 2412 2338 233
4 243 243
4
No par
4 3,500 Spicer Mfg Co
*108 1093 .103 1083 *108 1093 *108 1093 *108 1093 *108 1093
4
4
4
4
4
Preferred
100
4
5912 597
81 5812 5912 585* 5912 58
/ 5912 x58
1
4
5812 5812 593* 9,200 Standard Gas & El Co_No Par
6214 6214 621 6214 621 6212 62
/
4
/
4
62
613 613
4
4 61
6112 1,600 Pre terra d_
50
8112 8112 8012 813
/
4
807 81
' 4
1
*81
4 811 8212 ' 803 83
84
1,900 Standard Ninung
100
.95
97
95
95
*93
93
95
95
95
9612 95
110 Preferred
95
100
513 523
4
4 513* 517
8 51% 523
5218 52
2 52
5212 523* 523 19,700 Standard Oil of Cal new.No par
363 3612 3618 3612 3618 365* 3614 361 3614 365
/
4
8 36% 365* 23,300 Standard 011 of New Jersey _25
297 301 293 30
g
/
4
4
297 3018 29% 3018 293 30
8
4
30
30 14 22.100 Standard 011 of New York_ _25
*312 4
*312 43
4 *312 43
4'
312 35* *312 33
600 Stand Plate Glass CoNo par
4
312 312
.10412 10514 1043 10514 10412 105
4
1043g 1043 10418 10418 104 10412 6,300 Sterling Products
8
No par
6212 6212 603 525
8
61781 60
8 60
6114 59
6012 593 607
9,800 Stewart-Warn Sp Corp_No par
4
*31
33
*31
32
.31
32
314 32
*31
3112 .31
300 Stromberg Carburetor_No par
3114
5012 50 4 4912 5013 4912 50
,
/
4
4912 501 4914 497
2 49
49% 30,000 StudelfrCorp(The) new No par
•121 12112 •121 12112 121 121 *118 123 .118 123 *118 123
100 Preferred
100
618
53
4 6
538 53
4
514 55*
5
5,
4
51
53 15.300 Submarine Boat
4
No par
325* 3318 3212 3238 32
32
3112 315
8 315* 313
4 315* 32
3,600 Sun 011
No par
418 414
4
412
4
4
4
418
414 412
418
412 6,200:Superlor 011
No par
23
23
2314 2312 *23
23
/ *23, 24
1
4
2314 231$ 24
24
700 Superior Steel
100
.8
10
*8
9
.8
8
/
1
4
814 814 *812 10
*852 10
1,600 Sweets Co of America
50
*4
412 *312 412 *312 4,
2 *312 412 *312 412 *312 4
Symington temp etfig_No par
*10
101 1
10
10
10
10
1014 1012 1012 1012 *10
1012 1,400 Class A temp ate_ _No par
*1212 123
4 1212 1212 1212 1212 12
1212 1212 1212 *123 13
4
800 Telautograpn Corp____No par
814 81
/
4
814 838
83
8 83
8
814 812
83
8 83
2
83g 84 3.600 Tenn Copp & C
/
1
No par
4612 47
455* 4638 4538 46
4712 4618 46% 22,100 Texas Coruoration
45% 4614 46
V'
627 6314 6118 6318 6113 6218 6118 624 6112 64
8
/
1
/ 6412 6538 143,100 Texas Gulf Sulphur new No Pa
1
4
,
141 1438 1338 1418 14
/
4
1414 1418 143
8 1418 1412 143 1512 15,000 Texas pacific Coal & 011
8
10
29% 30% 2612 30
27% 2938 27
8 29
/ 29
1
4
3238 144,800 Texas Pao Land Trust new1
2712 287
*3114 313
4 3114 3114 3118 3118 3114 3114 31% 31% 31% 313
900 Tbe Fair
8
No par
533
*53
5312 5312 53
/ 5412 54
1
4
1,800 Thorny/44n (.I R) Co
54
5414 5414
5414 54
25
1614 17
1614 165* 16
1612 1618 1612 1814 1614
1618 163 11,400 Tidewater Assoc Oil__ _No par
4
*885 80
8
8812 8812 88
89
88
89
88
1,200 Preferred
88
8818 88
100
*2212 233 .2212 24
*2214 23
2212 22 2 *22 2214*
200 Tide Water Oil
,
100
*8712 881_ 88
88
*8714 88
*8714 88
*87
_
88
100 Preferred
*88
89
100
10012 1003
4 9812 10014 994 1007
36,800 Timken Stoller Bearing_No Par
8 98
9912 9912 100
9912 98
100% 101
7
9914 101
9912 100
997 100
8
99
7.100 Tobacco Products Corp...., 100
9912 99
99
112 11214 *112 11218 112 1121 2 •111 11212 11212 112,
•112 113
100
800 Class A
2
812 87
8
8
8%
814 94
812 91
/
4
83
4 92
83
4 9 4 212,600 Transc't'l 011 temctf newNopar
,
,
*15
1514 15
15
15
1514 1512 1512 *16
17
1614 1614
700 Transue & W1Illame EIVI No par
53% 54
53
54
5312 54
534 533
54
2,900 Undervrood Typewriter
55
55
4 54
..25
57% 58
56
571
5218 561
4912 537
4812 5014 4914 503 28,200 Union Bag & Paper Corp....100
4
12012 12112 11812 12114 11838 12014 119 1213 11912 121
8
12114 1233 35,000 Union Carbide & Carb_No par
2
4014 41
39% 401
4014 405g *4012 407
4012 4012 4012 4134 11,100 Union 011 California
25
*114 116
11312 1131 *11214 115 *11214 115 •11214 113
113 113
100
300 Union Tank Car new
9012 9012 90
903
3 90
90
90
901g 90
90
90 90
9.000 United Cigar Stores
25
*-___ 109 *_ _ _ 109
109 109
109 109
109 109
100
2,400 Preferred
109 109
167 167
164 1663 16314 65
4
163 164
164 165 *16312 16414 2,500 United Drug
100
*5814 59
59
59
*587 594 5914 591
8
50
5912 5912 5938 5912
500 let Preferred
12714 1291 16612 12712 1271 1273 12612 127
1271g 12718
No par
/
4
12712 1271 2 3.100 United Fruit
*99 105
100 100 *100 105
*99 102 *100 10113 1015 10138
200 Universal Pictures 1st pfd_100
8
PER SHARE
Range Since Jan. 1 1927
On halls of 100
-share lots
Lowest
-
$ per share
153
8June 28
3312 Jan 6
10714 Jan 4
16 June 30
97 Jan 8
2418June 27
113 June 29
115
8June 22
142 July 1
11812 Mar 4
31% Jan 3
15 May 20
7 May 18
4May 13
83
73 Feb 24
201 Jan 27
104 Feb 21
54 Jan 25
5718 Jan 3
7014 Jan 4
84 Jan 5
8
503 Apr 28
351s Apr 29
4June 27
293
2 Mar 29
9012 .1.1n 4
504 Mar 15
2618June 1
49 June 23
118 Feb 10
2'2 Feb 28
30 Mar 21
33 Mar 30
4
195a Jan 25
7 Apr 27
312 Apr 12
812 Mar 1
1112 Mar 9
818June 10
45 Apr 19,
49 Jan 31
12 Apr 29
1512 Jan 25
2414 Jan 11
47 Jan 28
1512June 2
88 June 28
2212June 29
87 May 6
78 Jan 3
9312 Apr 11
108 Apr 16
33 Apr 30
4
10 May 4
45 Jan 29
381 2 Jan 25
991 Jan 26
/
4
395
8June 27
94 Jan 3
82 Apr 4
109 June 24
159 Jan 25
5812 Jan 6
11312 Jan 26
98 Jan 14
28
28
2714 27% 275* 28
29
2712 273
2812 28% 5,800 Universal Pipe & Had_ _No par 2714June 27
4 28
.85
88
86
86
*85
87
85
*85
88
10(
818 Jan 27
4
85
200 Preferred
*85
873
4
226 22612 22214 226
22312 2311 229 23414 228 234
/
4
23112 23412 25,900 U S Cast Iron Pipe & Fdy_100 202 Jan 25
8115 11612 116 116 *115 117 *11512 117 *115 1161 117 118
100 112 Mar 14
1.000 Preferred
856
68 .60 ____ *60
70
LI 8 Distrib Corp tem etf No pa
*60
5114 Feb 14
*5612 5712 56
5612 55
5612 55
5614 *55
55
8
5514 56% 3,300 US Hoff Macb Corp vteN0 Pal 515 Feb 1
7818 783
4 7612 784 7638 7712 7612 773* 7614 77% 773 78
4
100 69 Mar 30
9,300 U El Industrial Alcohol
•111 114 '111 114 *111 114
114 1143 2113 113 *1123 114
400 Preferred
4
4
100 10714 Apr 4
59% 6012 5818 60
59
60
59
5912 533 5912 5912 59% 5,900 US Realty & Impt new.No pa
4
54 Apr 6
4012 405
8 393 40
8
/ 395 4012 40
1
4
8
41
4018 4113 40% 45
49,100 United States Rubber
100 3714June 16
883 89
4
8918 8814 8812 8818 8914 87% 895
88
8,600
4June 16
8 89
let Preferred
100 853
92
354 35 4 31
35
35
,
88
3512 3512 3518 354 3512 3512 1,500 U S Smelting, Ref & Min___50 333 Jan 13
/
1
*491 4912 494 4912 *4914 4912 *4914 4912 *4914 49% 4912 4912
/
4
8
50 455 Jan 18
300 Preferred
United States Steel Corp_100 15312 Jan 28
12154 121 11 119 121
- 1167g 12 -14 1914 12014 11878 1- 1.
- 0
26 4
New w 1
1113 Jan 28
8
1- 55:800
•131 132
131 132
13114 13114 1304 132
130 13012 13018 132
100 129 Jan 28
3,100 Preferred
•84
85
84
84
*81
83
*81
83 .81
83
200 U S Tobacco
81
No par 67 Jan 4
81
812314 1263 *12314 1263 •12314 1263 *1234 126% *129 130 *12314 12634
4
4
4
Preferred
100 123 Jan 14
115 115
115 115 *115 11618 *115 11618 115 115 *115 120
400 Utah Copper
10 111 Feb 11
30
30% 29% 30
294 30
/
1
29% 30% 29% 29% 30
6,100 Utilities Pow & Lt A __No par 27 Jan 8
30
46
46
44% 454 4518 4518 453 4512 4412 451 *45
/
1
4512 2,600 Vanadium Corp
No par
37 Jan 20
/
4
571g 571 5718 5712 5614 57
/
4
5612 565* 58% 57 2 504 573
No par 48 Jan 3
,
4 3,600 Vick Chemical
33% 34
3212 33% 323 3312 32
/ 33
1
4
4
323 3312 3312 34% 12,800 Victor Talk Machine_No par 3212June 27
4
•90
9018 90
90
90
9018 90 90
90
90
90
No par 90 Jan 29
9014 2,000 6% preferred
98
98
98
98
98
98
98
98
98
98
1,800 7% prior preferred
100 97 Feb 5
98
98
94 1114
/
1
108
9% 9%
% 1118 10
912 912
9
9% 9% 15,700 Virg-Caro Chem
No par
712May 23
3414 353
3572 327 32% 3114 3112 *31
4 34
33
.31
100 2918 Apr 4
33
3.000 6% Preferred
SO
82
78
78
877
80
79
79
*79
80
100 73 June 8
*79
80
600 7% preferred
844
48 .44
48
*44
48
44
44
*43
46
l00 Virginia Iron Coal & Coke.100 43 Feb 0
843
50
3614 3312 3512 30
375g 34
3 325* 3034 22
23014 3112 144,600 Menden (V)
No par 3014 July 1
112 1131 108 110
107 110
1054 106
106 106
2,900 Preferred
100 104 Mar 30
1053 107
4
*205 203 .205 20% 2014 205
8
8
8 2014 2014 nol4 205
8 2014 2014
600 Waldorf System
No par 2014June 28
18
1812 181
18
1812 1818 *18
18,
8 18
19
1734 18
174July 1
/
1
1,500 Walworth Co etfs
No par
*105 115 *105 125 *105 108 *105 108 •105 108
100 Ward Baking Class A No par 8918 Apr 13
105 105
253* 23
24% 26's 24
25% 26
2414 *2334 24
6,900 Class B
*2334 24
1712June 14
No par
*8614 873 *8612 8812 .8612 8812 8614 87
*86
88
200, Preferred (100)
*80
8614
No par 84 Apr 9
28
29 2 2512 2812 244 25% 25
,
29% 30
2512 2438 25
12,200,Warner Bros Pictures A_ _ _ _10 24 June 6
257 26
26
*2512 2612 *2513 26
20
26
26
.2513 26
2,300 Warner Quinlan
No par 24 June 6
8012 80
8014 80 4 *80
,
80
8018 *7912 80
80
79
800 Warren Bros
79
No par 65 Jan 14
7312 7612 76
74
777
73
7112 74
76
76
7412 7.524 10,400 Weber & Yleilbr. new o_No Par 5612 Jan 5
159 16118 159 160
15812 160
1593 160
4
1583 1583 159 160
4
3,300 Western Union Telegraph_100 14412 Jan 8
4
*17012 171 1 169 172 4 16912 17012 169 17018 216812 1693 168% 1713
,
9,000 Westinghouse Air Brake___ 50 13312 Jan 4
4
733
4 7312 7478 x7314 733
7414 73
74
741
73
4 7312 753 19,600 Westinghouse Elm & Mfg_ _50 67% Jan 4
4
14
1312 13% 1314 1314 13, 1314 1314 1314 133 1331
14
1,100 Weston Elm Instrum't_ No pa
4
134June 28
317 317 .3112 32
8
*3112 32
3112 3112 *3112 32
300 Class A
*31
No pa
32
304 Jan 6
108 106
4,104 105
8
105 105,2 1057 106
10612 107
560 West Penn Elea cl A vtl No Pa
107 107 2
,
97% Jan 4
110 110% 11012 11012 10912 11014 *10914810912 109 109% 10814 1083
640 Preferred
100 102 Jan 4
4
11414 11414 1143 1143 114% 1147 *11412 114% 11412 1141 11472 114%
8
4
4
90 West Penn Power pref
100 111 Jan 15
*2312 24
2318 2312 2312 2312 2314 2318 2225 225* 23
8
800 White Eagle Oil galefg_No par 22 Apr 25
23
14,400 White Motor
3718 3712 365* 3712 3812 37
3718 38
3638 37
37
38
50 3612June 23
3334 3314 3314 3312 347
*3314
333* 341 4 34
34
3412 3438 1,800 White Rock MM So etf_No par 26 Jan 28
4614 43
45
4
4 4312 44% 4414 457 24,300 W bite Sewing Machine_No pa
461 4 4312 4514 433 453
2112 Mar 24
56
58% 5512 5538 557 553* 5514 55% *55
8
1.200 White Sewing Mach pf_ No par 46 Feb 18
56
55
55
812
2
5,
8
8
3
2
8
52
12
58
12
12
53
5
8 3,300 Wickwire Spencer etf __No par
12 Jan 28
1813 1872 1712 1812 1712 1814
17
18
16
173*
5 16 June 39
1614 167 47,600 Willys-Overland (The)
8
*88
90
*88
90
*88
4
90
*8812 893 *88
90
*88
Preferred
100 87 June 11
90
4
8 1118 115* •103 1112 103 113 *11
115 113
8
4
1112 *11
1112 1.000 Wilson & Co. Ins, new_No par 10 May 5
*21
2212 2118 2118 .2118 227
8
8 2114 227 *21
22
1614May 5
200 Class A
2118 2118
No var
653
65
*62
*62
654 *63
653 *64
4
100 58 Apr 7
100 Preferred
63
63
*63
66
141 14212 13814 1403 13912 1407 13838 14034 138 1397 1383* 140% 16,000 Woolworth (F IV) Co
4
25 1173 Jan 11
4
14 374 373
38
3
812 371 37
/
4
100 2012 Jan 27
4 35
3412 3512 6,700 Worthington P & M
37
333 35
4
57
*57
57
60
60
*57
5912 *57
*44
58
100 Preferred A
100 46 Jan 22
*52
56
•47
4811 *461 4812 48
51
*46
*17
51
*4612 51
/
4
100 40 Feb 2
100 Preferred B
48
3912 397
/
4
3912 391 4114 395 41
383* 3912 39
39
3912 16,300 Wright Aeronautica:__No par 2412 Apr 5
*53% 5312 523* 523 *5212 5312 5312 5312 52
5212 *53
700 Wrigley (Wry Jr)
No par 507 Jan 4
5312
80
80
81
81
80
80 .80
*80
*79
80
25 7014 Jan 8
500 Yale & Towne
*79
80
313 31% 2914 315
8
8 293 30% 29% 3012 294 303
8 29% 3114 81,500 Yellow Truck & Coach ClBlO 25 Jan 14
8
97
*95
9738 973 *9612 9712 *9612 9712 96
97
100 8912 Apr 11
500 Preferred
*9612 9712
/
1
• 9
8212 83
4234 8318 8134 824 8134 8134 8211 8334 7.200 Youngstown Sheet & T_No pa
343l4
814June 29
•Bid and asked prices: no atlas on this day. I Ex-dividend and ex-rlghts. •Ex-diviClend. a Ex-rights. 3 Ex-dividend.
36
Highest
PER SHARE
flaws for Prerfosu
Year 1926
Lowest
H451411
share $ per glare $ Par skars
1518 Aug 285 Jan
2234 Feb 16
8
283 Oct 5412 Jan
2
51 June 7
1101:June 30 10512 Nov 10912 July
16% Oct 247 Feb
22% Jan 20
8
90 Mar 9912 June
10314 Jan 31
26% Mar 371 June
37% Feb 21
/
4
13414 Apr 6 103 Apr 1421: Aug
1418May 23
92 Apr 189's Doe
19712May 2
130 Slay 21 110
Oct 121
Dec
8June 3
30 Dec 33 July
367
41
45% Jan 13
Oct 554 July
/
1
1712 Oct 35% Mar
20 Jan 7
14 June 22
10 Dec 17% Feb
80 Feb 14
72 Apr 821 Jan
/
4
183 Apr 31% Feb
4
287
8Slay 25
110 Mar 19 101
Jan 10714 Dec
664June 16
51 Mar 69 Feb
64 May 16
53 Mar 575 Feb
54
8
8938.1une 2
6718 Oct 924 Feb
/
1
80 Mar 90
08 June 2
Feb
52% May 63% Sept
803 Jan 19
4
37% Dec 46% Jan
41% Feb 5
3212 Dec 3314 Dec
3418 Jan 18
2June 9
312 Nov
43
10% Feb
10712June 7
75 Mar 964 Nov
6814 Apr 20
61 Nov 927 Jan
8
5412 Mar 1
47% Dec
7714 J83)
47 May 82 Sept
57 Apr 8
122 Feb 23 11412 Feb 12212 June
8'dMity 12
112 July
3% Feb
347 Jan 17
3018 Ma
41% Jar
1 July
612 Feb 18
514 Dec
19 2 API
,
28 May 18
34% Sept
135, Feb 3
85 Apr 175 Sept
8
8
4 Nov
1412 Jan
6 Jan 14
10% Oct 2078 Feb
133 Jan 14
8
11
Apr
1478 Jan
141 2 Apr 8
16
105 Dec
8
134 Jan 13
Feb
5312 Nov 577 Dee
2
58 Jan 17
39
Oct 523 Nov
4June 16
8
663
12
Oct 1912 Jan
187
8June 8
40 June 7
264 Dec 34
3458May 7
Jan
4214 Slay 501 Sent
56 June 21
/
4
1918June 9
4June 1
903
2918 Jan 13 If" Nov 3914 Jan
89 Apr 25
/
1
4
Jan
8714 Nov 103
44% Mar 85% Noy
10614June 3
1103 Jan 5
8
9514 Apr 116% Sept
11612 Jan 18 103 Mar 1183 Sent
8
512 July
3 Mar
93
4June 18
1014 July 1
15 Aug 27
Jan
434 Nov 833 Jan
607 Apr 18
8
4
731 •June I
35 May 7114 Jan
12412June 22
7712 Mar 100 4 Dec
3
561 Jan 6
:
3714 Jan 583 Sent
8
11512June 9
93 Dec 9514 Dee
100 Jan 6
831g Feb 1093 Aug
4
109 June 21
1827 Apr 20 134 Mar 1174 Dee
8
5512 Mar 59 July
60 Jan 12
98 Apr 128 Nov
13512May 27
90 Mar 9812 Dee
1033* Apr 26
Per
3714 Mar 29
96 May 7
246 Slay 29
118 July 1
8June 21
697
633
8May 19
89 Feb 28
4June 29
1143
665* Feb 7
6715 Feb 28
1113 Apr 8
8
42 Mar 24
4912June 27
178 May 31
8June 1
1257
13312June 7
861:June 16
125 Feb 16
1151$ Apr 20
34 May 19
521s Mar 30
635
8June 6
41 Apr 12
9614 Apr 13
10012 Apr 13
1114June 25
363 Feb 14
4
87 Feb 11
/
1
4
51 Jan 4
3914June 20
11812June 20
25 Feb 7
2412 Apr 1
10512 Mar 17
33% Feb 18
95 Feb 3
/
1
4
4512 Jan 8
28125tay 26
9014 Feb 18
8June 29
777
17012June 8
1793
2June 6
4May 31
773
185* Feb 15
341 Apr 20
110 May 4
11058June 23
118 May 27
2712 Feb 15
58% Feb 28
36'2 Apr 2
5012June 20
59 Jan 17
112 Feb 14
24 4 Mar 3
3
95 Jan 11
17% Feb 21
327 Feb 23
8
843 Feb 23
4
1453
4May 23
46 June 7
8112June 9
5412June 7
423
4June 6
54145lay 19
81 June 1
333
4June 17
99 Jan 3
9714 Mar 24
135 Mar 3412 Dec
8
52 Mar 9012 Dec
150 May 24812 Aug
10014 Mar 118 Dee
/
4
39 Mar 611 Feb
457 Jan 593 Feb
2
9514 M ar
49 % Arr
1841 N o
147 De
8
y 811 : 3an
r 7 7 J
804811
May
Jan
10112 Mar 109
Oct 497 Jan
30
Oct 50 Jan
42
Apr 16012 Dec
117
1137 Dec 117 Dec
2
12412 Mar 130% Dee
5612 Jan 67 Dee
112 Mar 123 Dee
Apr 116 Nov
93
2738 Dec 37 Feb
29 Mar 43 Aug
4314 July 52 Aug
Feb
9 Oct
Jan
31% Oct 69
/
4
83
Oct 981 Jan
40 May 6012 Nos
26 Mar 3612 Dec
94% Jan 11012 Dee
Jan 23 Dec
17
124 June 2314 Jan
Jan
99 June 195
8
2114 Oct 853 Feb
8812 Oct 11012 Jan
12 June 8914 Sept
- .7 Apr
43
;
53 Apr
13412 Mar
10514 Mar
65 May
13 May
/
1
4
274 Jan
8812 Jan
951 Slay
108 Mar
2518 Apr
511 Apr
/
4
22
Oct
Oct
5 Dec
8
18 May
8812 Oct
6 May
14 May
42 May
12014 Dec
19 Nov
44 Nov
3714 Nov
241 Mar
/
4
Apr
47
6012 Mar
20 May
911 Apr
/
4
69 Ma•
16- -5.30
8512 Jan
157% Sent
146 Dec
7912 Feb
1912 July
3212 Oct
9812 Oct
10212 Des
115 Sept
29% Feb
90 Feb
3838 Feb
-pc-t
841*
33 Jan
8
Jan
34
99 Feb
8
143 Dec
30% Dee
81% Dec
128 Dec
44% Jan
80 Feb
65 Feb
39% July
0
59 4 Feb
7212 Aug
3958 Sept
/
4
1071 Sept
9514 Aug
72
New York Stock Exchange—Bond Record, Friday, Weekly and Yearly
Jan. 1 1909 the EscImage sethoet of copses bonds was changed au prices are note "mid inlerest '—except for Woes an/ defaulted hoses
BONDS
N.Y.STOCK EXCHANGE
Week Ended July 1.
Price
Friday,
July 1.
Week's
Range or
Last Sale
•.4 LW.
g
r.
Range
Since
Jan, 1.*
BONDS
N. Y. STOCK EXCHANGE
Week Ended July 1.
e
Pride
Friday,
July 1.
Week's
Range or
Last Sale
fr.,
c15:11
Range
Since
Jan. I.
U. S. Government.
Bid
Ask Low
High
High No. Low
BM
Ark Low,
Mob No. Low
High
First Liberty Loan
Italian Public Utility ext 78_1952 J J 9112 9212 8352
02 8058 192
9 , 0115
84
9 12
,
847: 157
9 1
,
J D 101
39% of 1932-1947
Sale 1001133101,
n 568 00"0101,133 laoaneee Govt ii loan 4e__1931 J .1 893 Sale
4
Cony 4% of 193247
J D 1011,33
3 1001113 102
30
101.2i.311012.3:
1959 F A 100 Sale 993
-year 8 f 849
10018 155
98% 102
Cony 44% of 1932-47
J D 102,00 Sale 102u:1103 33 1201 102.3310312o
°Tien's! Development 05_1953 Si S 9312 Sale 9338
933
,
23
9212 98
25 cony 411% of 1932-47
D 102210103 1021,331'ne'27
1029
4:103
1997 F A 10012 10114 101
Leiludg (Germany) Of 7s
101
8 1004 1027
8
Second Liberty Loan—
Lower Austria (Prov) 733s_1950 J D 99 Sale 9712
9712 5:
9
9
5
i
9712 100
M N 10043:
Is of 1927-1942
4 100 101
Lyons (City of) 15-year 69 1934 M N 97
100 31 100 33
,
,
9712 97
Cony 44% of 1927-1942
MN 1001,133 Sale 100 33 1001433 993 1004 10)',, Marseilles (City of) 15-yr 69_1934 M N 963 Sale 96%
:
9
9311 981j
9
,
9712 43
Third Liberty Loan
Mexican Irrigation 9149_1943 M N --------30 Mar'26 ---- ____ ___.
M S 1002,33 Sale 1002,3:1003133 956 100
64% of 1928
"is 10021,,
Assenting s f 449_ _
1943 _
34% 36
3418
91
3412
6
80
Fourth Liberty Loan
Mexico(US)esti 59 of 1899 £45 Q J
Feb'27 ---50
50
50
A 0 1032,33 Sale 1031,
of 1933-1938
434%
Assenting 59 of 1899
1945 ____
33103"33 1065 1031,331041,o
373 3812 3738
4
3712 50
3818 10
Treasury 44s
1947-1952 A 0 113 33 Sale 113133 1132833 225 110 31114u,,
,
,
Assenting 59 large
42 May'27 - -- _
395 42
8
1944-1954 J D 108 33 Sale 108 33 108283: 219 1061.31099133
Treasury 49
,
Gold deb 49 of 1904
,
1954 J 0
34 July'26 ---1948-1956 M
Treasury 31s
,
Assenting 4501 1904
105 33 Sale 105 33 1052832 54 103 331061532
,
,
254 26
2514
257
8 18 -24% --34
4
State and City Securities.
Assenting 49 of 1904 large
27 Dee'26 -Y City-9 Lis Corp stock_1980 M
100% 10114
Assenting 4 011910
10118
. iij_ .
.
1
10114 June'27
273 Jan'27 ---- -i7is --8
24
7
494s Corporate stock
1964 Si S 1033 1047 10418 May'27
1024 10512
8
Assenting 4s of 1910 large
4
25
8112
2514
2
254
449 Corporate stock
1986 A 0 1033
102% 1025
8
4
Assenting 48 of 1910 small---------23 Sale 2314
1025 Mar'27
8
23%
22% 2714
3238 22
445 Corporate stock
1972 A 0 103% -- 10438 June'27
102% 10514
Trees es of'13 assent(large)'33
39
4114 40% June'27 ---40
46%
1971 J D 10914 1093 10918 June'27
994s Corporate dtOCk
10712 10912
Small
4
484
41
41 June'27 -5._
4149 Corporate stock_July1967 J
106% 10912 Milan (City. Italy) ext'l 649 '52 A 0 897 Sale 89
107%
1093 May'27
e
8
08
90
89
9214
9119 Corporate stock
10(158 10914 Montevideo (City 0f) 79____1952 .1 D 10118 1023 10112
1965 .1 D 1075
8
10914 May'27
8
1035
8
8 12
997 1035
8
di Tie Corporate stock
1963 Si S 10712 ---- 10818 June'27
106% 109
Netherlands fis (flat prices)_1972 M 8 10712 ---- 1073
10738 19 10512 1084
8
1959 M N
4% Corporate stock
99 101%
10012 June'27
1959 A 0 1033 Sale 10318
30-year external Os
8
10312 66 10318 10438
4% Corporate stock
99 100% Norway 20-year ext189
10012 10113 10012 June'27
1943 F A 10212 Sale 102
103
18 10114 104
4% Corporate stock
98% 10)14
-year external 69
10012 10118 101 May'27
1994 F A 102 Sale 102
20
10212 31 10114 104
4% Corporate stock
1958 M N 10118
40-vear ex i:169
30-y ar s ite4
n
1952 A 0 1013 Sale 1013
4
9812 Nov'26
10212 35 100 1037
4% Corporate stock
1955 M N 10034
1965 J D 993 Sale 9914
8
987 Oct'26
8
100
91
9884 1015
434% Corporate stock _ _1957 MN 10714 10712 1074 10814
8
3 1055 1085R Oslo (City) 30-year St (35
1955 Si N 102 Sale 102
102% 10
997 10319
s
414% Corporate stock__ A957 M N 10714 10814 10814 June'27
1053 108%
4
1946 F A 973 9814 985
4
Sinking fund 5158
8
98%
9
97 100
834% Corporate stk_May 1954 MN 92
897 93
8
93 93 May'27
Panama (Rep) extl 5)49_ _1953 21 D 10212 Sale 10212 1023
4 13 100 103
895% Corporate stk_Nov 1954 MN
89% 9114 Peril (Rep of) esti 88 (of'241_1949 A 0 103 Sale 102
914 Mar'27
103
13 102 107
3145 Corporate stock
1955 M N
1944 A 0 101 102)2 103 June'27 ____ 103 105
Extl ils (ser 011928)
89 Apr'26
New York State Canal Ira 99.1961 1 J
10212 Oct'26
1940 MN 10014 Sale 100
Esti sink Id 745
10114 19
993 103
49 Canal
1960
102% 102%
10238 Mar'27
Esti of see 74s (of 19263-1956 M 5 993 Sale 992
4
084 10118
10012 99
9339 Canal impt
1964 J
102 Apr'26
Poland (Rep of) gold 88
1940 A () 80 Sale 80
S
Highway improv't 449_ _ _1963 M
112'2 1121.
11212 June'27
Ruth sink If g 88
_1950 1 j 9612 Sale 9514
87 4 331
91104 9,5
931' 9512
76
:8
9
Foreign Gov't and Municipal's
8
Porto Alegre (City et)88—.1981 1 D 1043 105 10412 105
9 10314 106
9712
Antiogula (Dept) Col 79 A 1945 J .
1 94 Sale 94
94
3
Extl guar sink Id 734s------ 66 J J 1005, Sale 10012 1003
9518 13
4 12
9912 101
Externala 1 79 ser B
1945 -, J 94
94
11
955 94%
8
9712 Queensland (State) extls 1791941 A 0 114 Sale 11312 114
9514
13 111 114
Argentine Govt Pub Wks 09_1960 A 0 99 Sale 9814
975 100
8
1947 F A' 1053 Sale 10538
8
993 101
-year external 69
8
25
10512
7 104 10814
Argentine Nation (Govt of)—
Rio Grande do Sul exti 8 f 89_1946 A 0 1043 Sale 10414
4
10514 20 10338 10615
Sink fund 69 of June 1025_1959 J D 9834 Sale 98%
973 100
4
Rio de Janeiro 25-yr a f 89
1946 A 0 1047 Sale 10412 105
9
25 10218 108
94 193
Ceti f 69 of Oct 1925
1959 A 0 9812 Sale 9812
66
97% 100
99
1047 A 0 104 Sale 10312
25-yr extl 8a
1045, 35 10214 10514
Sink fund Is Series A__
1957 M 5 100 'Sale 99% 100
9748 100% Rome (City) extl 6 As
91
1952 A 0 893 Sale 8918
8918 9238
897 159
8
External Os series B__Dec 1958 J D 9914 Sale 987
973 1003 Rotterdam (City) esti 88-1984 NI N 104 105 104
8
8
8
994 65
10512
9 1035 108
8
Ext19169 of May 1926_ _ _1960 MN 991 1 Sale 9814
82
973 100
4
99
Sao Paulo (City) s f 89__Mar 1952 MN 1103 Sale 11034
4
111
9 1074 113
Extl Os Sanitary Works,.....1961 F A 983 Sale 9814
4
98 100
81
985
4
San Paulo (State) extl 9 f 89_1936 1 j 106 Sale 1053
106
16 1094 107
Ext1138 Pub wks(May 27)_ 61 MN 9812 Sale 98
98
9914
4
1950 j j 10514 Sale 10514
External sec s f 88
983 147
10614 15 104% 108
Argentine Treasury 58 C
1995 M
9012 9112 91 June'27
89
923
4
External s f 78 Water L'n_1956 M 5 985 99
8
9812
99
25
9814 1(1011
Australia 30-yr 55_ __July 15 1955 J J 98 Sale 97%
9714 9812 Santa Fe (Pro'', Are Rep)78 1942 M 5 94 Salo 933
983 141
8
9412 35
933 985
4
Austrian (Govt.) 5 170
1034 Sale 10314
4
10112 107
10338 67 10114 10512 Seine, Dept 01(France)esti 75'42 1 .1 10112 Sale 1003
9738 1034
Bavaria (Free State) 810.__Ing
98% Sale 9 4 10014 42
98% 10014 Serbs. Croats & Slovenes 89_1962 M N 98 Sale 9734
99
83
57
9714 102%
Belgium 25-yr ext 9 f 7(49 g.1945 .1 D 112 Sale 12
113
36 111 114
Soisson8 (City of) ext169
1936 AI N 9512 Sale 9512
9512 16
9114 97
1941 F A 1095 Sale 085g
20-year 9 1 88
8
,
4
1939 .1 11 1043 Sale 10414
105
10 10318 105
10938 17 10S 110 4 Sweden 20-year 60..
25
-year external 6143
1949 M S 100% Sale 0058
10118 85
96% 10212
External loon 5)41
1954 M N 1045, 1047 0414
8
10412 18 1025, 1054
3
External s f 69
9531
1955 J
96 8 131
963 Sale
4
925 98
8
Swiss Confed'n 20-yr of 89 1940 j J 11312 Sale 13
11312 50 11114 1137
External 30-year s f 78_1955 J D 1043 Sale 04
4
1047 215 10212 10534 Switzerland Govt eat 53.40. A948 A 0 10312 Sale 0312 1054 33 10259 106
o
Stabilization loan 78
1956 m
10312 Sale 023
8
10312 262 1013 104% Tokyo City 5s loan of 1912_ _1952 M S 75
751 1
7512 75
6
75
794
Bo•gen (Norway) of Sa
1945 M
11314 11312 135 June'27
112% 114
8
1961 A 0 86 Sale 86
Esti s f 514s guar
865 127
8
86
9012
25-year sinking fund 88_1949 A 0 10014 Sale 0014
9914 102
10014
1
Tromihjem (City) ext1 6%8.1944 J 1 993 100
4
99%
997
1
9912 10134
Berlin (Germany) 8108
1950 A (t
98
9914 146
9914 Sale
VG% 10011 Upper Austria (I'mv) 75_ _ _1945 .1 D 98) Sale 98
99
4
94
99
535
Bogota (City) ext'l s 1 Ss_ 1945 A 0 10414 Sale 03
4
9
10414 18 1023 if/47 Uruguay (Republic) eat:8s_.1946 F A ill's Sale 1118
6 1085s 112
111 18
Bolivia (Republic of) 8s
1947 M N 10334 Sale 0312 104
38 102 1051
8
: External s f 85
1960 Si N 955 Sale 9518
95'8 93
3
0404 9 :
9212 9
7
Extl sec 78 tern
J
1958.7
9412 Sale 94
92
98
94% 64
Yokohama (City) ext1 68_1961 J 1) 92% Sale 92
93
62
Bordeaux (City of) 15-yr 09_1934 M N
9712 Sale 97
033 9812
974 42
8
Railroad
Brasil(US of)external 8e
1941 J D 105 Sale 05
_
043 June'27 ____ 10238 1043
4
1053
4 43 104 10812 Ala Ot Sou let cons A. 59__ —1943 J 0 1033
8
4
External at 83.35 of 1926 1957 A 0 91 Sale 903
89
98
Ala Mid 151 guar gold 59
1928 MN 10012 10 4 0014 June'27 ____ 10014 101
-039114 238
78 (Central Railway)
96 Sale 95
1952 J
9618 185
944 994 Aib & Sum 1st guar 3;45 _1.946 A 0 89is ---- 8908
8918
2
87% 893
4
949(coffee secur) E (flat)_1952 A 0 105% 1057 053 June'27
8
1023 107
4
8478 85
Alleg dr. West 1st g gii 4s___ .1998 A 0 87% --- 85 Mar'27 _ ._ _
Bremen (State of) ext'l 79_1935 M
103 Sale 0214
103
31 102 105
1942 M S 953 4 9718 9618 June'27 ____
9514 97
Alleg Val gen guar g 49
Budapest(City) esti of 6s_ 1962 J D 92 Sale 92
92
69
92
92
8118
2
794 82
Ann Arbor 1st g 48.____July 19954) .1 8118 Sale 8118
Buenos Aires (City) ext1 41 481955 J
10018 10012 0018
10012 22
9914 10214 Atch Top & B Fe—Gen g 48_1995 A 0 96 Sale 9518
96
161
9238 9714
Bulgaria (Kingdom) a f 78_1967 J J 9012 Sale 8912
9012 34
8) 9414
A 0 --------94 June'27 ____
92
96
Registered
(Colom bla)7 48'46 J J 963 Sale 963
Cilda9 Dept of
4
963 983
4
4
Adjustment gold 49..July 19515 Nov 8912 Sale 8912
9714 34
30
4
91
8714 9114
Cinada(Dominion of) be
1931 A 0 101% Sale 01
101% 31 10014 102
Stamped
July 1905 M N 8912 Sale 893
46
91
8738 91
10134 Sale Ol%
4:1
102
42 10138 102%
M N 87% ____ 85 May'27 ____
Registered
85 884
55
105% Sale 0438
1955, D 9018 ____ 8912 June'27 ____
1053 191 104 10612
4
85
893
4
Cony gold 9s of 1909
1936 F A 99 Sale 985
94s
9818 99%
8
9918 36
893 June'27 ____
4
1955 J D
Couv 49 of 1905
87114 890
CArlsbael (City) f 89
_ 1954 J J 10612
05
106
8 10312 10612
Cony g 9s issue of 1910-1960 1 1) 90
86
__ 9012 June'27 ____
9012
Cauca Val (Dept) Colom 7138 '46 A 0 96
9612 96
96
9912
East Okla Olv lat. g 49
9612 29
9912
1928 Si S 9912 100
995
8
3
9914 100
Calle (Republic) ext'l 518s__1941 F A 10734 Sale 0758 1077
8
8
7 10614 1093
914
1965 1 J
Rocky :Mtn Div lot 49_
917
7
9114 92
8812 9138
20-year external s f 7s____1942 M N 1003 Sale 9934
8
9912 10114
10012 25
9012 9212
8
9214 92
Trans-Con Short 1. let 40.19582 J 92
92 1 4
25-year external a f 8s. ___1946 M N 1073 108 107%
4
108
4 10614 109
Cal-Ada let & ref 4145 A 1962 M 5 9914 Sale 9914
9718 9g3
4
9914
8
External sinking fund 69_ _ 1900 A 0 894 Sale 8914
8914 9312 All Knox' & Nor 1st g 58_ 1946 j D 106% ____ 075, June'27 ____ 104% 10738
90% 222
,
External 8189
8
1981 F A 893 Sale 8914
90
138
1,914 933 All & Chart A Lilt A 434a 1944 J 1 9814
8
98 100
-- 0834 June'27 ____
Calle Mtge Bk 6148 June 30 1957.8 D 93% Sale 93%
93
944 21
964
let 30-year 58 9eries 11
-1944 J 1 104 105 10412
10412
1 10314 100
8 Ohs of 1920_ _June 30 1961.8 D 96 Sale 96
96
97
33
984 Atlantic City let cons 4s_
90
89 June'27 ____
1961 .1 .1 87
89 89
Chinese(Hukuang Ry)55_ _ .1951.8 D 26
2712 2612
3014 Atl Coast Line 1st cons 45 July '52 NI S 967 Sale 96%
24
2738 11
8
97
13
933 974
4
Christlanla (Oslo) 30-yr 8 f 691959 M 6 10118 Sale 10118
99% 10212
10134
2
General unified 949._ _1964 1 la 9712 Sale 97%
963 100
4
973
4 32
Cologne (City) Gerrnany81081950 Si
973 Sale 9618
4
98
127
96 101
L & N coil gold 49____Oet 1952 MN 923 Sale 924
9212 42
8
.
987 831
7 1 1 9 14
:
Colombla (Republic)6%a._ _1927 A 0 10018 Sale 100
100%
8 .9912 1098 Atl & Danv 1st g 4
194it .1 .1 81 Sale 8012
81
10014 Sale 100
Copenhagen 25
-year 9 f 5%9_1944 J J
9914 10112
10012 6
1998 J .1 7112 72
2d 49
0
7114 753
717
717
10
4
4
9912 17
98% Sale 983
Cordoba (Prov) Argentina 791942 J
9712 9912 Au & Yad let g guar 45._ _1948 A 0 834 833 8518
4
8519
1
8219 86
101 10112 101
Cuba be of 1904
6 100 10112 Austin & NW Ist gu g 59-1941 J .1 1013 104 10214 June'27 ____ 10214 10519
10114
4
External 59 of 1914 ser A .1194 F A 101 1013 10114 June'27
10014 102
4
949 M S
4
Balt & Ohio let g 45____July 1948 A 0 935 Sale 9312
941j 66
9312 9718
External loan 434s ser C 1949 F A 95
9514
2
935 96
8
Regiatered
July 1948 Q J --------93 June'27 ____
92
947g
Sinking fund 549
7 10118 103%
1953 1 J 10112 10212 102
10214
20-year cony 413s
1933 Si S 983 Sale 9814
4
97
993o
983 128
4
9212 96
9212 93
Cundinamarea (Dept-Col) 75 '46 J
9 12
923
Registered
4 19
Si
980 9819
'S98 Apr'27 _ __
18
Clechosiovakla(Rep of) 89_ _1951 A 0 10714 Sale 106 2 1073
,
Refund & gen 55 series A._1995 .1 D i5i- Sale- - 10112 102
8 60 105 110
72 100% 1044
4
Sinking good 88 ser 11
1952 A 0 10712 Sale 10612 1074 50 1043 109
1st g 59
1948 A 0 10512 106 10512
4
1053
4 25 1043 108%
Externals 17149 series A._1945 A 0 10514 Sale 105
4
10514 46 1048 1V14
10-year 85
1929 J 1 1027 Sale 1027
4
10318 94 1003 10314
8
8
11 1093 1113
Danish Cons Municip 80 A._1946 F A 111 Sale 111
9
4
11114
Ref & gen 85 aeries C
1995 .1 0 10912 Sale 1083
4 10912 32 10738 I 11
12 10914 1113
Series B a 1 88
4
8
11114
1946 F A 111 111 1107
P I. E & W Va Sys ref 99 1941 M N 94
9258 98
5
94
945 933
8
Denmark 20-year fie
105 Sale 10434 10512 68 103% 105%
Southw Div Ist 65
1950 j j 103 Sale 1025g
10314 42 101% 103%
Dominican Rep Cuet AS 0%9 '42 Sii S 994 Sale 9918
9812 10012
10 2
82
863
8
Tel & CM Div 1st ref 49A..1959 1 J 833 8412 833
j
9
9914 13
84%
8
1st sec 534s of 1928
98 1110
1940 A 0 98 Sale 98
9814 19
Ref dr gen 59 series D
41 10038 10
2000 M 14 102 Sale 10138
102
4
Dresden (City) external 78_1995 M N 101 1013 10118
4
10118
1 10012 10412 Bangor & Aroostook 55
4 10218 103
1043 1 J 10214 10212 103
103
Dutch East Indies extl 611..._1947 J J 10312 Sale 10318
10312 35 10214 104%
Co,, ref
4585 16
1951 J 1 8514 Sale 84
14
84
87
90
-year 68 external
10312 .56 10214 103% Battle Crk dr Stur let gu 39..19814 J 0 653 6912 653 June'27 ____
10312 1035 10314
8
(14
68
1962 M
8
8
110-year external 5;le
8
10112 102 10138 101% 54 1003 1023 Beech Creek let gu g 49
4
1953 M
951s 9611
_
1936 J J 9312 959812 May'27 ____
30
-year external 5149
6 100 9 103
5
102
8
1953 M N 102 Sale 1013
Registered
J j
9412 954
9412 Mar'27 ____
El Salvador (Repub) 89
1 10614 10912
10814
1948 J J 1084 109 10814
2d solar g 55
gu
1936 1 J iooi -g ___ 99 Jan'27 ____ 99 99
Finland (Republic) ext1 69._1945 M S 93
97
93
933
4 19
9312 93
81% 815
2
Beech Crk Ext 1st g 33401931 A 0 ..-_8512 81% Mar'27 ____
_
External sink fund 7e_
9814 102
10012 15
Big Sandy let 4s
91
1950M S 100 Sale 100
9112 924 June'27 .....
1944 1 D 91
930k
Externals 18149
96 100% Bost At N Y Air Line let 49 1955 F A
1950 M S 974 Sale 9714
973
81
4 23
9
785 84
8
8112 804
81.
Finnish Mun Loan 614a A 1954 A 0 9712 Sale 97
98
9918 Bruns & W let go gold 4s
98% 44
95 4 bbss
3
9614 June'27 __
1938 J I 9518 97
External e
series B_ _1959 A 0 97 Sale 97
957 99ls Buffalo It & P gen gold 58
2
9812 12
1 101 103%
4
4
1033
1937 M S 103 1033 033
French Repub 25-yr ext'l 89_1995 M 5 11018 Sale 1093
11012 153 10814 11114
Consol 4(35
4
967
20
911% 995
1957 Si N 96% Sale 9612
20-year external loan 73I9_1941 J D 11114 Sale 110
Registered
11114 151 105 113%
95 Mar'27 ____
95 95
Si N _ .._ 96
.
External 73 of 1924
99 10514 Burl C R & Nor let 59
1949 J D 10412 Sale 10314
1043 689
101 10218
4
4
1934 A (1 10118 102 1013 Mar'27
German Republic ext'l 75_ 1049 A 0 106 Sale 1057
10618 266 105% 1094 Canada Sou cons gu A 5a_ _.._1962 A 0 10612 1117 10614
107
8 105 1071
o
4
German Cent Agile Bank 75_1950 M S 10118 Sale 1003
99
101% 44 100% 103% Canadian Nat 449_Sept 15 1954 Si S 98 Sale 971
95
08
70
Gras (Municipality) 89
1954 M N 102 Sale 102
10214 16 10112 104
99% 100
5
-year gold 4149__Feb 15 1930 F A 100 Sale 997
100
37
Ot Brit A' Irel(UK of) 5446_1937 F A 104 Sale 10312 10412 256 10312 105% Canadian North deb a f 75..1940 J D 115 Sale 115
4
115% 12 1143 1164
10-year cony 5.148
1929 F A 11814 11812 118
11814 30 116% 11910
11918 32 117% 1194
25-year s f deb 6148
19462 1 119 Sale 119
Greater Prague(City)7338..1952 M N 10412 Sale 1035
10.112 21 103% 107
10-yr gold 414s __Feb 15 1935 F A 975 9814 9714
9714 99
8
974 10
Greek Government 7s
1984 M N 96 Sale 95
3
9314 99
8311 884
Canadian Pao Icy 4% deb Stock.. J 1 84% Sale 8412
96
126
85
Ram (Republic) a f 6e
1952 A 0 993 Sale 995
36
99 10012
4
,
Col tr 449
953 98 2
4
8 100
1946 M 5 9712 Sale 9714
9712 33
Heidelberg (Germany) ext 74550 J
1 103 106
103 Sale 103
9812 May'27
Comb & Shaw 1st gold 49
103
95 9 9812
5
1932 Si A ____ 99
Hungarian Munto Loan 794e.19452 J 99 Sale 9812
35
9759 101% Caro Cent let C4)1113 g4,,
8318 8614
99
86'
2
1949.8 J 84 -.- - 864
External S f 79
Sept 1 1946 J
43
94
943 Sale 94
99
s
95
103
3 10238 1033
4
4
Caro Clinch & 0 let 30-yr 581938 1 D 103 Sale 1023
Hungary (Rifled of) of 7148_1949 F A 10214 Sale 1014 10212 37 10014 105
8
6 1073 109
lot & con 4 69 series A
1087
9
8
1952 J D 1087 Sale 10734
Ind Bank of Japan 8% notea.1927 F A 100 Sale 100
16
9912 100% Cart & Ad 1st gu a 99
9012 9254
9212 J00e'27 ____
100
93
1981 j D 91
Italy (Kingdom of) ext'l 79..1951 J D 9412 Sale 935
92% 9714 Cent Branch U P 1st g 49.__1948 J D 855 864 855
83
884
855
8
1
8
94% 571
8
Italian Cred Consortium 7s.41937 Si S 9412 Sale 923
s
923a 96% Central of Oa let g as_Nov 1945 F A
053 May'27- __ 10412 1057
_
8
9518 23
Ertl see s 7s ser 11__ _ _ _1947 NI S 923 Sale 91
Consul gold 6s
91
106
5 102 10634
97
1945 MN 106- 1 104
92% 88
103 104 1
4
$5=.'
a- ____
____ -2-i-
7
10-year
73
New York Bond Record-Continued-Page 2
BONDS
N.Y.STOCK EXCHANGE
Week Ended July 1.
No.
Price
Friday,
July 1.
Week's
Range or
Last Sale
in
0lA
Range
Sifted
Jan. 1.
High
High NO. Sow
/Rd
Ask Low
Central of Georgia (Concluded)
4
4
-year secured 13e_June 1929.7 D 10258 Sale 10178 102% 41 1013 1023
10
4
7 1044 1063
Ref & gen 534s series B-1959 A 0 10614 Sale 10614 10614
1959 A 0 10218 1023g 10238 June'27 ---- 102 10312
Ref & gen bs series C
8858 92
Chatt Div pur money g 413_1951 J 13 9038 ____ 92 June'27
10112 June'27 ---- 101% 105
Mao & Nor Div 1st g 58_1946 J J 10112
104 Apr'27 102 104
1948 J .7 10278
Mobile Divielon be
84
12
784 86
1901 J .1 83% 8438 83%
Cent New Eng 1st gu 40
991 993
9912 May'27 ---4
Central Ohio reorg 430e-1930 M S 9914
5
9912 10138
Central RR of Ga coil g 54_1937 MN 9818 100 10012 10012
8
112 1187
Central of N .1 gen gold be
1987 J J 11512 11612 11618 June'27
115 June'27 11238 116
Registered
1987 Q .1 115
9114 93 8
5
Cent Pao 1st ref gn g ds
1949 F A 9234 Sale 9218
923
4 24
F A 9112 93 924 May'27 _
904 921s
Registered
_.
973 988
4
4
Mtge guar gold 334s_ -Aug 1929.7 D 9812 ____ 9812 June'27
6
8934 93
8958
Through St L 1st gu 4s-1954 A 0 8938 90 8938
s
10318 98 1014 1037
1960 F A 103 Sale 102
Guaranteed e 55
1 11814 11814
11814 11814
Charleston & Bayn'h let 79_1936 J J 11814 _
Chew & Ohio fund & impt 53_1929 J J 10012 10078 10012 10078 11 10018 10112
1 10338 108
let consol gold 55
1939 M N 10678 Sale 10678 10678
10211 105
Registered
1939 M N 10314 106 105 May'27
9718 9934
General gold 4(s
1992 M S 983 9914 9734
8
9812 19
945 963
8
9438 June'27
Registered
M S
4
36
9918 10112
20
-year cony 414s
1930 F A 100 Sale 99% 100
10034 101
Craig Valley 1st 58
1940.7 J 10118 ____ 10078 Feb'27
8938 92
90 June'27
Potts Creek Branch let 43_1946 J J
3
8678 9018
8913
11 & A Div let con g 4s 1989 J J -iir4
8912
2d cense' gold 443
1989 3 .7 867 ____ 8614 May'27 ---85 4 874
3
8
9978 10018
Warm Springs V 1st g 5s_ _1941 M S 10114 ____ 1004 Feb'27
9718
Cheesy Corp cony 55 May 15 '47 MN 9512 Sale 951
9512 -65 95
8
71
733
s
71
.../tio & Alton RR ref g 3s__ _1949 A 0 71 Sale 71
723
4
CU dep stpd Apr 1926 Int--71
71
73 72 June'27 ---Railway first lien 334e-__1950 ii 6412 6514 6414 6412 60 614 684
60 67
Ctfs dep Jan '23 & sub coup
6414 Sale 633
4
6414 28
877k 10
8853 8914
Cale Burl & Q-Ill Div 335_1949 J J 8712 Sale 8712
9678 8612 Dee'26 Registered
.1 J 95
2
943 98
s
95
Illinois Division 48
19491 J 95 Sale 95
931 9712
,
26
9534
General 45
96
1958 M S 9418
974 9914
78
lst dr ref 4349 ser B
98
1977 F A 9734 Sale 9658
12 1054 10718
let & ref 5s serial A
1971 F A 106 Sale 1057
106
106 108
Chicago & East III 1st es_...1934 A 0 106 ____ 106
106
0& E Ill Ry (nett co) con 5e1951 MN 86 Sale • 853
86% 167
80 2 8712
3
105 10814
Chic & Erie 1st gold 5e
1982 M N 10538 10534 1074 June'27
694 7414
71
139
()bingo Great West let 4s 1959 M S 70 Sale 6934
1137s 11614
Cleo Ind & Loulsv-Ref 65-1947 J J 11438 11612 11614 May'27
Refunding gold 58
10473 J 10314 10418 10314 June'27 _ _ _ _ 10314 103%
9114
91
9012 ___ 9114 May'27 ---Refunding 4s Series C
1947
994 103
10138
5
General be A
1966 M N 101 10214 10138
s
General 6513
May 19883 .1 10834 10878 109 June'27 -- 1065 10953
924 96
Chet Ind & Sou 50
-year 4&.,1958.7 .1 0114 96 9514 June'27 - 4
Mile L S & East let 414s.__ _1969 1 el 9612 ____ 97 May'27 -- 964 973
554 84
0 M & Puget Sd 1st gu do_ _ _1949 1 J 6213 ____ 63 June'27 -63
6
55 4 644
3
6214 Sale 6214
U El Tr certifs of deposit
85 88
8678 22
Ch M & StP gen g 4e Bar A_e1989 J
863 Sale 8638
8
8314 84
84 June'27 - Registered
Q J
7558 78
76
General gold 3345 ear B__e1989 J .1
5E.8
76
1
957
9478 98
18
Gen 414s Series C___May 1989 J J 953 Sale 947
57 6512
Gen & ref ser A 434e_ _Jan 2014 A 0 644 Sale 6414
6512 61
567 6558
s
Guar Tr center of deposit_- . 6412 Sale 638
65 163
5511 6458
Gen ref cony ser 13 58_,Tan 2014 .-6234 10
FA 6234 63% 6234
5534 644
Guar Tr certifs of deposit....... 6214 625 6212
8
635s 84
104
lit sec 65
1931 1 1 10378 Sale 1035
7 10 10314 1064
584 6454
Debenture 4 Sis
1932 1 D 6234 633 633
4
4
64
40
56
64 4
3
6312 Sale 63
6412 244
Bankers Tr corals of deposit
5612 645
8
Debenture 48
1926 /I) 6234 6312 635
6
63s
5512 5512
U 8 Mtge & Tr etre of dep_- -- 6312 Sale 627
8
637s 125
15-year debenture 45
5612 644
625s 32
1934 1 .1 6212 63 6238
Farm L & Tr ctfs of dep__.
6312
563 6413
3
8
- 6212 6314 6314
784 84
8214
OM°& N'west gen g 3%s.._ _1987 -4
M14 8034 Sale 8034
744 764
744 Jan'2
Registered
Q F 80
9012 963
4
General 4s
94
34
1987 M N 934 Sale 92
92 9214
Registered
Q F 9114 9312 92 May'27
9334 13 904 9413
Stpd 45 non-p Fed In tax '87 Of N 9278
93%
Gen 41.48 stpd Fed Inc tax_1987 MN ____ 10814 10814 June'27
105 109
Gen 58 stpd Fed inc tax1987 MN 1103 Sale 1105
8
110%
4 1084 11414
Oinking fund 13e
10314
_ 103
1879-1929 A 0 10314
2 1014 1034
101 1025
Registered
A 0 102 ____ 10238 May'27 _
4
Sinking fund 58
10014 1031a
10138 May'27
1879-1929 A 0 10138
10018 10214
Registered
_ 101 June'27
1879-1929 A 0
Oinking fund deb Se
102 10212 102 June'27 __ _ 101 1027
1933 M N 10012s
Registered
M N 102 ___ 102 June'27 --- _ 10118 102
10
3
-year eecured 7eg
1930 1 D 10534 Sale 10534 10614
7 105 4 107
15
-year secured 614s g
1936 M S 112 Sale 11134 112
8 1115a 11312
1st & ref e 53
May 2037 J 13 10618 Sale 106
10618
4 1024 11258
let & ref 434s
9713 9912
9818 56
May 2037 J D 9734 98 9712
4
873 9138
4
90
20
Chia R IR P Somme gen 45_1988 1 .1 8978 Sale 893
8612 8812
8812 May'27_
Registered
1 .1 88
927 93% 138 9214 95
Refunding gold 42
1934 A 0 9338
9358 May'27
9238 93%
Registered
A0
Ch at L & N 0 Mem Div 56_1951 J D 8934_
8914 91
9012 May'27._-_
Cb St L & P let cons g be-1932 A 0 102 10312 10238 June'271_ _ 10114 102%
Chic 19t P M & 0 cone 63___1930 1 D 10238 103 10258 10238
1 102% 104
96
Cons 65 reduced to 814e_ .1930.7 13 957 9612 9814 May'27
9614
Debenture tte
1930 M S 9914 991 993
9911 100
4
4
993
4
1
Stamped
9912 100 100 May'27
9938 10014
Milo T H & So East lst be__1960 .1 D 9618 Sale 9618
97
9338 9912
25
Ine gu ba
8734 9534
93
76
Deo 1 1960 M B 9238 9278 9214
Cleo Un Sta'n let gu 4349 A_1963 J J 9812 Sale 9812
9714 99%
987
8 18
let fer series II
1963.7 .9 10434 10512 10412 10412
1 10312 106
Guaranteed g 55
1944 J D 1023 Sale 10238 10278 21 101% 105%
1st 834e series C
1963.7 J 117 11714 11634 11712 23 11614 1183
4
10534 Mar'27 -- 1054 106
Clue & West Ind gen g 6s_91932 Q M
8
1952.7 J 197543 - 2 8714
8818658 90
Como!50
-year 48
8714 21
1962 MS 10434 Sale 1047
10478 13 10312 10512
151 ref 514s ser A
8
104
1952 M N 1037 ___ 104
Oboe Okla & Gulf cone 5e
s
5 1034 1043
973 9734
8
CM H & 13 2d gold 434s-1937 J J 9738 ___ 9738 June'27
9713 June'27 -9514 99
01 St L & C let g 43__Aug 1936 Q F 9612
9513 964
296
14
9614
2
Registered
Aug 1'
336 Q F 961
4 9114 June'27 - _
1942 M N 1001
904 93 4
Oln Leb & Nor WI 42 6
9114
3
4
- 100
100
4 100 10038
Oln B & CI eons let g 5s. 1928 J J
9
89 963
9412 27
8
Cleve Cin Ch & St L gen 4E19933 D Et -!if:4 94
9312 May'27
92
9312
_
Registered
100 - 993g
983 100
8
99% 10
1931 1 .1
20-year deb 4149
113 May'27
10734 113
General 58 Series B
1993 J D 109791144
Ref & !met es aeries A__19293 J ,10258 Sale 10258 10278 18 10218 10314
1 10538 108
65 series0
1941 1 J 10814 Sale 10614 10614
be series 13
1983 J J 10312 104 10314 10334 26 10314 1051a
9312 9514
Cairo Div let gold 48i..- -1939 J .7 9494 June'27
i6" 90
86 9012
90
2
an W & M Div let g 431_1991 J J 8812 4
_ 8738 91
BiL Div let cell tr g g 42.._1990 MN 8513 893 904 June'27 _
8714 May'27
M N 8614
8714 8714
Registered
9178 9714
Ser & Col Div let g le_ _1940 M 5 9434 9714 9714 June'27
9613 Apr'27
9718
91
_
W W Val Div let g 45......._1940 J J 9018 _
0 0 & I gen cone g 69_ _1934 JP 3 104 10812 10812 June'27
C
10714 10912
10238 1033
Clev Lot & W con 1st g 5s_ _1933 A 0 10258 10312 103 June'27
2
10012 10012
Cleve & Mahon Val g Nt___1938 J J 10014 --- 10012 Apr'27
_ 9838 98 4
CI & Mar let gu g 43
-in
1935 M N 9912 Sale 985g Apr'27 _
3
__ 9918 Aug'26 _ _
°Item & F gen gu 43411ser B_1942 A 0
10014 103
100 101"
Serlos A 4 Sis
1942 1 J 10014- - 101 Mar'27
8938 8912
1948 MN 8938 9014 8938 June'27
Series C 3145
8014 8914
1950 F A 8712 92 8914 May'27
Series D 3345
4 11311s 104
Cleve Shor Line let gu 4348_1961 A 0 10134 10312 10134 10134
1972 A 0 108 1084 105
Cleve Union Term 534s
1084
8 108 1104
10458
8 1084 1051
1978A 0 10414 Sale 10414
let 2 f 5s tier B
4
_
Cod River Icy 151 go 4L.-1945 J 13 864 9212 9034 June'27
884 90 4
3
9914 19
98
Colorado & Muth. 1st g 48_1929 F A ege Sale 9918
994
978
23 967 99
Refunding & eaten 4%8_1935 M N 9718 9714 97
8
8
917 94513
8
COI & 11 V 1st ext g ee
1948A 0 947 96 9458 May'27
9012 Mar'27
904 9013
1955,F A 9012 94
Col & Tol let ext 48
Mae & Passum Rlv lit 48..1943'At) 8712 __-- 8818 May'27
881s 884
I Due Feb. .Due May p Duo Dec.
BONDS
N.Y.STOCK EXCHANGE
Week Ended July 1.
.1
1
a
No,.
Price
Friday.
July 1.
Week's
Range or
Last Sale
Range
Sines
Jan. 1,
Bid
High
Ask Low
Mob No, Low
9438
_ 8238 Dec'26
72 - - 7213 June'27
7312
-7 5; 78
7
-1
;
72
694 774
7412 7212
7212
72
7714 7512 June'27
13918 77
95 Sale 95
9638 71
944 98
3 107 11038
11018 Sale 109
11018
1
9934 Sale 993
99% 10212
4
993
4
1047
1
--------1047,
99 4 1047
3
s
1
9834 9914 98 4
98% 99%
3
983
4
94 Sale 9334
93% 97
94 416
14012 Bale 140
14213 41 11412 153
10413 106 10413 1043
4 46 103 106
106 Sale 106
10614 38 106 107 s
7
9614 ____ 9614 Apr'27
96
Mt
8934 93
9114 Sale 903
4
9114 84
9414
9414 9434 9414
1
94 97
10018 10014 100
9912 1004
10018 55
8612 145
86
864 86
7353 897e
35
3612 35 Apr'27
34 36
2
22
2312 30
30
80
35
- 96 A93'26
-7i- -'3.-1 7534 May'27
7
"ford --7 3;
5
62 63 65 May'27
65 85
1e
9712 9913 994 June'27
97 100
12
10334 10412
10334 ___ 10434 Apr'27
10258 103 10214 June'27
1014 103
5 7514 85
8412
81
8378 8412
948
_ _ 9418 June'27
94
44 8
1
10034 10112 10034 1013
10014 10212
4
5 106 1074
10634 10714 10834 1063
4
1023 1043 10414 10414 25 102 10484
4
4
_ 10484 1061
10518 10612 10534 June'27
2
4 106 1074
10614 Sale 106
10612
8 811 86
8334 Sale
s
2
79 79
____ ____ 79 June'27
4
753 127
4
753 Sale 7538
7312 794
72
7512 May'27
764
9814 10034
-5534 ETrtfe" 9934 9934
783 8512
8212 Sale 8212
4
828 19
8
79 85 2
3
8212 Sale 8212
828
4
1344 1131s
104 Sale 10338 10512 406
945 1013
9114 94 4
92 Sale 9114
8
11418 11412 11418 11418 11 11113 115
7 11152 115
1141s Sale 11418 1145,
89% ____ 8812 Nov'26
"ii" II"
8912 ____ 89 Apr'27
9/04 10114
9914 Sale 99
995g 96
9978 1014
9934 10012 9978 June'27
/
1
1014 1017
10112 Sale 10158 1015g
8
2
97 4 98 1
3
1
9814
Florida East Coast 1st 430_1953 j D 9814 ---- 9814
1 49
j
9654 77, 9414 1011s
1st & ref 58 series A
1974 MS 9634 Sale 90
591
-13
58 65
Fonda Johns &(Roy 4348 1972 MN 58% Sale 58
54
94 95 2
1
Fort St V D Co 1st g 4%s__ _1941 '.7 9478 ____ 9512 May'27
1063 106 4
3
3
Ft W& Den C 1st g 5Sia
1961• D 107 10812 10634 Mar'27 _
5
8
Ft Worth & Rio Gr 1st g 48..1928 3' 987 9912 99
97es 99
99
10713 1084
Frem Elk & Mo Val let 68_ _ _1933 40 10614 10812 108 Apr'27
1930 F A
Caneol Ry deb te
19643 .1
Non-cony 4e
Non-cony debenture 43-1955 3 3
Non-cony debenture 4s...1956 1 J
Cuba RR let 50
-year &a 9-1952 J 3
1938 J 0
let ref 7.345 ser A
1936.7 D
156 lien & ref 6s set B
Cuba Northern Ry lst 6s__.19663 J
Day & Mich let eons430-1931 J .1
Del& Hudson let & ref 45 1943 MN
30
-year cony be
1935 A 0
1937 MN
15
-year 5%5
19303 D
10
-year secured 78
D RR & Bdge let go 45 g
1936 F A
Den & R 0 1st eons g 4e...._1936 1 J
1936 3 J
Consol gold 43411
Improvement gold 58.-1928 J D
Den & KG West gen bs_Aug 1955 MN
Des M & Ft D 1st gu 45___A935 J 3
Temporary etre of deposit-i
Des Plaines Val let gu 4%8_1947 11Del dr Mack let lien g 411- -1995 1 D
Gold 45
1995.9 13
Detroit River Tunnel 4145....1961 MN
Dul Missabe & Nor gen 56_1941 J J
Dul & Iron Range 1st 58
1937 A 0
1937 J J
Dul Sou Shore & All g 58
East Ay Minn Nor Der let 4e2474 A 0
East T Vs & Ga Div g 55
1930 J J
1956 M N
Cons lit gold be
Elgin Joliet & East let g 45e_ _1941 M N
El Paso & S W 1st be
1965 A 0
Erie let consol gold 73 ext 1930 M S
1st cons g 4s prior
19903 J
Registered
1997 J J
1st consol gen lien g 4___..19963 J
Registered
19963 .7
Penn coil trust gold 4s
A
j
11951
996
50-year cony 411 eerier! A_1953
1195533A 0
,A
Series
Gen cony 4s series D
B9
Ref & impt 58
Erie & Jersey let 5 f 6s......._1957 J N
1965 M J
Genesee River 1st s f 55_1957 J J
Erie rterc 3Au g 334s B__ _1940 J J
se ar itts g
1940 1 J
Est RR extl e f 78
Fla Cent& Penn 1st eat g 56_1930.1J
1964M N
6
10058 10134 10034 101
10034 10114'10114 June'27
4
9712 9812 9712
985
8
9838 99 9818 June'27
10018 10038 9834 10018
7334 76
7414 June'27
9714 99 9818 May'27
11458 11514 11414 114%
107 10738 107
10714 14
9814 ---- 9712 June'27
11412 Sale 11414 11438 98
114 May'27
2
-9812 1601- 992
9911
35
10918 Sale 109
110
9612 Sale 1043* 10438 18
9612 Sale 9618
96% 103
85% ____ 8518 May'27
27
2412 26
2434
25
933 ___ 931
5
9312
2
105 10514 10514 10514
10014 101 10012 1003
4 17
10712
10712 June'27
10012 10134
1004 10212
9612 10114
98
997$
98 1004
53
724 751
s
9741 98 4
3
1144 116
1067a 10158
974 974
11318 116
114 114
97 1004
108 112
1001 1053
4
8
941 99 4
5
1
8318 8618
21
254
9312 934
10514 1064
10018 10214
107 10712
Hocking Val let cons g 4548_1999 13 10112 1031 10113 10218 16
166_ 9534 Mar'27 ---Registered
1999 33
10
100
100
Housatonic Ry cons g 5e
1937 MN "oii,
102 ___ 102 June'27 -H & T C 1st g lnt guar
1937
Waco & N W dlv lst fis _1930
N 1023 -- 10214 June'27 -4
- Houston Belt & Term 1st 58_1937
.1 9958 1003 10034 June'27 ---4
Houston E & W Tex let g 58_1933 MN 10014 ____ 101 June'27 -1
let guar 58 red
'0018 10018
1933 MN 101
92
99
Bud & Manhat 58 series A_ A957 P A 987,3 Bale 9818
8912 172
Adjustment Income 5e Feb1957 A0 8918 Sale 89
1111nois Central let gold 45- _1951 .1 .3 9512 97 953
4
953
4 10
66_ 9258 Apr'27 -Registered
1951
J
1st gold 33.4s
8714 Jan'27 -1951 1 .1 "iiEs Extended 1st gold 3349......1951 A0
8838 Apr'27 -7512 2
7518
_ 7512
1st gold Is sterling
1951 M
Collateral trust gold 4.5-1952 *0 9112 92 914
914
1
Registered
89/2 Mar'27 --*0
9318
9412 25
let refunding 43
1955 MN
Purchased lines 3345
8838 Apr'27 -1982 ii 8518
Collateral trust gold 4e
89
5
1953 MN 89 Sale 8834
Registered
8612 June'27
MN
N 107 1O77 0714 June'27 Refunding be
1955
15
-year secured 534e
101% June'27 -- 1934 ii
15
-year secured 634e g
127 June'27
112"
1938 J
9814 124
40
-year 4 ffs
Aug 1 1966 FA 9814 gale 9712
Cairo Bridge gold 413
_ 9338 Mar'27 1950 3D
Litchfield Div lit gold 38_1951 3J 9418-- - 7758 May'27 -78
783
4
Loulsv Div & Term g 3%5_1953 3 J 833
8212
8412 13
4
Registered
8118 Aug'26 -3 .1
Omaha DIY let gold 8s____1951 FA 7712 W- 7678 June'27 -4
St Louie Div & Term a 38_1951 3, 74
7812 7878 Apr'27 -Gold 3345
' 8512 87 864 Mar'27
3
1951
Springfield Div let 93%5_1951
8512 -- 84 Sept'26 Western Llete 1st g 6e_ __ _1951 FA 9138
9112 June'27
III Central & Cleo St L& N()Joint Is' ref s series A
18
1963 3D 103% 10334 10312 104
6714 145
1st & re/ 4 lib ser C
1963 J D 96% Sale 9612
10612 Mar'27 -Gold 56
1951 J D
10338 107 10413 Mar'27 -Registered
3D 108%Gold 334s
1951 3D 7934 ____ 7812 Feb'26 -_ 9338 May'27 --Ind Bloom & West 1st ext 44_1940 *0 931
2Ind III & Iowa let g an
1950 33 9234 9112 9458 May'27 -8614 8712 8614 June'27 - Ind & Louisville let gu 4s
1958
10112 102 10112 10158
Ind Union Icy gee Si son A_ _1933 .1
4
10112 102 10278 Apr'27 -Gen & ref be eeries B
1965 j
10712 Sale 10638 10712 16
art Nor 1st 68 ear A_ _1952
Int &
58584
Adjustment Ele eer A July 1952 Aprl 94 Sale 94
9518 40
APtI
Stamped
8512 June'27 -9834 Bale 98%
let be series B
27
1956
99
Int Rye Cent Amer let 58_1972 MN 78 Sale 7738
78
13
let coil tr 6% notes
1941 MN 9314 95% 933
1
9334
4
Iowa Central 1st gold 5s
5918 June'27 -1938 3D
Certificates of deposit
50 5158 June'27 -8
geld 4
Refunding
1951 MS 15% Sale 16
1618 22
James Frank & Clear lit 48_1959 3D 93
94 94
9418
4
Ka A & R let gu ete
_ 103 May'27
1938
Kan & M 1st gu g 48
1990 * 0 88 8812 88
88
1
8120
-year be
1927 J J -- -- - _ 9978 June'27
K C Ft S& M cons g 6s____1928 MW 102 id 10114 Dm% 61
973 1041
8
4
95 4 95 4
3
9
9812 100
10038 102
10214 102%
9912 101%
10018 101%
10018 1011e
91 101
84 934
94 961
4
9258 9248
87 87
14
83 89
14
14
78
75
12
9012 93
8912 891
3
9315 974
86 38 8
8
81 904
8612 88
12
1061 108 4
3
5
1003 1031s
4
1115a 11312
963 99 4
8
3
924 93 s
1
7612 7814
8212 8412
GH&SAM&P 1st 56_1931 MN
'
3
1931
25 extene bs guar
Galv Holm& Hend 1st 5& 1933 A0
Ga & Ala Ry let cone 58.0et 1945'.7
Ga Caro & Nor lst gu g 5s_1929 3'
Georgia Midland 1st 30
1946 * 0
J
Or R & I est 1st gu g 4
--1941
Grand Trunk of Can deb 75_1940 40
15-year s f 65
1936 MS
Grays Point Term let 5s__1947 JD
Great Nor gen 711 series A....1936 j
3
Registered
1st & ref 4345 series A-.....1981 J
.• 1
General 5345 series B
1952
General be series C
1973 1 .1
General 434s series D
1976 J J
Green Bay & West deb ctfs A____ Feb
Feb
Debentures ctfs B
Greenbrier Ay let itu 451940 MN
Gulf Mob & Nor 1st 534e__ _1950 40
1st M 58 series C
1950 A0
Gulf & E I let ref & ter g be _b1952 J
76 VA;
761s 79
36 87
-ill; Ili;
1031 1054
8
1
9814 97114
10453 107
10312 10114
154 IX
9358 94 2
1
84 87
10112 1038
1
1024 1074
1053 107 4
8
3
8338 98
814 88 8
1
9812 100 4
8
76 81%
9234 9553
60 584
4912 55
16 214
9114 941.
103 103
855e 88
999 1004
4
10114 10172
74
BONDS
N. Y STOCK EXCHANGE
Week Ended July 1.
•••••
New York Bond Record-Continued-Page 3
Pries
Week's
Range
" Jan. 1. N.YWeek BONDS 1.
Friday,
Range or
Stria
STOCK EXCHANGE
July 1.
Lost Sale
Ended July
Bia
Ask Low
HOD No.
C Ft B & M RI ref g 48-1936 AO 935 Sale 9314
8
933
4 96
K.&MR&B1itgu5el929 A 0 1003 -- 1004 10018
2
4
itans City Sou let gold 38_1950 *0 747 Sale 744
747
8 15
8
Ref & impt Se
17
Apr 1950 33 995 Sale 9912 100
8
Saimaa City Term let 48_ _ _1980 J J 9014 Sale 893
8
9012 79
entucky Central gold 41_1987 3, 9014 Sale 9018
4
9014
entucky & Ind Term 4%8_1961
'3
8618
8618 25
Stamped
'3
1961
90 June'27
Lake Erie & West let g 5e._1937
'3 10138 102 10155 1011
/
4
26 gold 5e
1941ii 101 103 10212 June'27
Lake Shr dr Mich S g 3,148_ _1997in 823 8512 8234
8
8234 10
Registered
1997 3D
8314 June'27
Debenture gold 4e
/
1
1928 M S -9512 - 8 994
945.
993
4 24
25
-year gold 48
1931 MN 9812 Sale 983
8
983
8 35
Registered
1931 MN
96 Dee'25
Leh Val Harbor Term 53_1954 FA 1053 106 1043
3
4 1043
4
8
Leh Val NY 1st gu g 44 1940 ii 997 Sale 9953
7
8
,
994
Lehigh Val (Pa) cons g 4e 2003 MN 873 88 88
4
88
8
Registered
MN
89 May'27
General cone 43is
3
99
/
1
4
2003 MN 983 Sale 98
4
Registered
MN
97 June'27
Lehigh Val RR gen 5s aerles.2003 MN 105 106 1053
3
4 1053
4
Leh V Term Ry let gu g 58_1941 AO 105
2
105
105
Registered
A0
1024 Mar'27
Leh & N Y let guar gold 45. _1945 M S
904 Feb'27
Lex & East let 50-yr Re gu_ _1985 *0 109 11012 11113 June'27
Little Miami gen 4e f3er A _.1982 MN 8753 _- 911 June'27
/
4
Long Dock consol g 6s....._ 1935 AO 1081 110 1081 June'27
/
4
/
4
Long Isid let con gold 5aJely1931 Q J 10114 ---- 1014 June'27
let comet gold 444___ _Ju1y1931 Q J
98 Feb'27
General gold 48
/
1
4
/
1
1938 JD 934 94 93 June'27
Gold 43
1932 1 D 9534 _
4
953 May'27
Quilled gold 43
1949 51 13 8834
- 8914 June'27
9
Debenture gold 26
9934
9934
1934 JD 9934 100
90
-year p m deb 5a
/
1
4
1937 MN 9913 993 994 June'27
Guar refunding gold 45_ _ _1949 M
8873 9014 9014
9014
Nor Sh B 1st eon gu 5s Oct '32 Q J 9912 10012 10012 June'27
Louisiana & Ark let g 58_1927 MS 100 10014 100
100
Lou & Jeff Edge Co gu g 4s 1945 M
8958 903 903 June'27
4
4
Louisville & Nashville Se._ _1937 MN 106 -Unified gold 45
9613 14
1940 Ii 9618 Sale 954
J
Registered
9853 May'27 -Collateral trust gold 5s___1931 MN 10133 10213 102 June'27
_
10-year secured 71
/
1
/
4
/
1
1930 MN 1044 Bale 1044 1041 28
let refund 533e series A2003*0 10713 108 08
1
108
let & ref 26 series B
4
2003 *0 1074 Sale 10713 1073
4
11t & ref 4%a series C2003*0 10712 10814 10112 June'27 -N 0& M 1st gold 86
4
1930 33 10134 1025 10314 June'27 _ _
2d gold (Se
'3 10314 10378 10334 May'27
1930
Paducah & Mem Div 45_1946 FA 935 _ _
8
9353 June'27 -St Louis Div 2d gold 38_1980 M
89 June'27 _--Mob & Monte ist g 4%8_1945 M
1003 103 1004 June'27 _/
1
s
South Ay Joint Monon 41-1952 3' 8712 8812 8814
88
/ 11
1
4
All Knoxv & Cin Div 481955 MN 94
9518 95 June'27 ---Lousy Cin & Lox Div a 43.36'31 MN 100 1003 10018 June'27 _ _
8
Mahon Coal RR let 55
1934 ii 102 10312 1031e Apr'27 -Manila RR(South Linea) 46_1939 MN 7034 71 69
51
72
let Is
_
78 June'27
84
1959 MN 75
Manitoba SW Colonisa'n 55 1934 in 100 101 100 June'27 -Men GB &N W 1343%5_1941
'3
8311 Feb'26 _ _
Minh Cent Del& Bay City 52231 S M 10113
10134 May'27
Registered
QM
_ 101 Dec'26
Mich Alr Line In
'3 954 Sale 954
2
9513
/
1
1940
Registered
J J
_
92 Noy'26
L & S let gold 332e
87 79 Noy'28
1951 MS 85
Let gold 3365
/
1
4
1952 MN 884 90 85 June'27
20
-year debenture 4e
9913 15
8
1929 *0 9912 995 9914
Mid of N J let ext 55
1940 *0 9512 9614 9834 June'27
edilw L 23 & West Imp g 515._1929
A 10112
1003
4 1003
4
4
Mil& Nor let ext4 40(1880)1934 in 9618 98 9513 Dec'26 -Cons ext 43(e (1884)
1934 3D 984 97 98 June'27 _ _
Ifil Spar & N W let gu 48......1947 MS 93
93
2
94 93
11111w & State L let gu 31.36_1941
844
/
1
8318 Dec'25
Minn & St Louis 1st cons 58_1934 MN 5214 54 584 June'27
/
1
M N 4214
Temp Info of deposit
5378
/
1
4
54 53
let & refunding gold 415___1949 M B 194 20
2018
Ref & ext 50-yr 58 ser A__1962 Q.
13
16
1314
1314
MERP&SSMcong4sintgul8 J J. 981
8613
- 8114
let cons Be
4-7
9934
1938J. J. 9634 274 9934
1st cons 58 gu as to Int_
97
9614
1938 J_ _J 9614 97
10
-year coil trust 830
/
1
4
/
1
/
9934
1
4
1931 81 8 994 99 99
let & ref as series A
994
/
1
983 Sale 98
/
1
4
4
1948
1949M
25
-year 53.3i
813 834 8214
4
8214
let Chicago Term f 4s_ _ _19411M N 9814 ---- 9814
9814
Mlaides1PDI Central let 5s_ _ _1949,J ),
913
96
Mo Kan & Tex let gold 48 19901 3-; 87 Sale 8614
87
Mo-K-T RR pr lien 58 eer A-196213
10214 Sale 10214 1034
40
-year Is series B
874 88 874
873
4
1962 J
10
-year 63 series C
10314
1932 J J 10314 Sale 103
Cum adjust fis ser A Jan..1967 A 0 10355 Sale 1034 1044
Missouri Pacific
let & refunding 5$ ser A _ _1965 F A 9915 Sale 973
4
984
let & refunding 8s ser D 1949 F A 10753 Sale 10713 1074
/
1
General 4e
754
/
1
1975 I" S 75 3 Sale 7412
3
let & ref 515 ser F
983
8
1977" S 98 Sale 9734
1
Mo Par 3(1 75 ext at 43. July 1938 MN 9312
9312 May'27
J 1004 -- 9734 June'27
Mob & Bit prior lien a Ss _ _ _1945
.4 87 1st m gold 43._
/ 90 8814 June'27
1
4
1946
J 824 854 8258 June'27
Small
/
1
/
1
1945
Mobile ,t Ohio new gold Os_ _1927 JO 10034 Sale 004 1003
4
let extended gold Oa __July1927 Q J 9873 10018 10015 May'27
General gold 45
4
943
4
1938 MS 944 95 943
/
1
4
Montgomery Div let g 58_1947 PA 1004 102 0013 June'27
St Louis Division Se
/
1
/
1
-- 994 June'27
1927 3D 994
Mob ds Mar let gu gold 4e 1991 MS 913
9212
4-- 9213
Mort C lit gu g 88
1937 J J 113 11314 1314 June'27
J J
Registered
114 Mar'27
let guar gold 58
10584 1;513 104 Mar'27
1937 J
Morrie & Essex let gu 3 he_ _2000 JO 81
84 84 June'27
Neatly Chatt & St L let 5t._1928 AO 1004 1014 003
8 10033
PA 10213 ---- 0312 Apr'27
NFla&SIstgugiSe
1937
Nat Ry of Mex pr lien 414t..1957 33
30 Sept'24
Assent cash war ret No 4 on
1412
13 Sale 1334
8713 Aug'25
Guar 70
-year f 48
1977 AO
Aesent cash war rat No 5 on
19
18 Sale 18
Nat RR Mex pr I 43.3e Oct _1926 ii
384 July'25
July 1914 coupon on
24 Sept'25
ii
Assent cash w..r rct No 4 00
22 2214
2214
21
110consol 4e
28 Apr'26
1951 AO
April 1914 coupon on
1812 June'26
assent cash war rct No 4 on_
1212
His -1i4 12
- 3New England cone 5e
011 June'27
/
4
1945 33 10014
Comet guar 48
887 Apr'27
8
1945 33 8712
NJ Juno RR guar let 45......1986 PA 844 _- 8512 Jan'27
/
1
NO & NE lei ref&imp 4415 A'52
J 9714 Sale 9714
9712
New Orleans Term 1st 4a.._ _1953
87
/
1
4
J 875 88 87
/
1
4
3
NO Texas & Mex n-o Inc 55_1935 A
100
994 10013 100
lat 58 series B
1954*0 10014 Sale 100
10012
let 55 series C
1958 FA 10313 Sale 1034 1034
1st 5%a series A
4 105
1954 Au 10434 Sale 1043
N & C Bdge gen guar 41 1,
0 1945ii 065s ___- 97
97
NTB&MB 151 con a 541_1935 0 101 102 101 June'27
•
N Y Cent RR cony deb 65-.1935 N 10714 1077 1074 10714
3
Reentered
MN
11814 Mar'28
Coneol 48 series A
1998 F A 93 Sale 917
/
1
4
5
93
Ref & impt 43.31 serles A.2013 A 0 100 Sale 993
4 1001
/
4
Raf&ImptSieeriesC.2013A 0 106 Sale 10513 10813
Registered__
A 0
1054 Jan'27
8
5
1
12
4
18
26
19
5
1
2
38
35
59
109
36
78
180
281
10
3
5
3
44
_
4
_
1
15
8
31
13
39
1
41
85
106
Peke
Friday,
July 1.
Week's
Range or
Last Sale
Low
High
814
Ask Low
High Ho.
N LC tra r3e iudson River
92 94
irg &H
steel
Mortgage
9913 1011
4
1997 3 1 8214 Sale 8214
8312 44
7315 754
1997 J J
3
8112
8112
Debenture gold 45
994 101
1934 M N 9713 Sale 964
974 60
88
Registered
9113
MN
_ 96 Feb'27
814 91313
30
-year debenture 4e
1942 J J 944 97 974 June'27 - - -854 944
Registered
/
1
J J
93 Feb'27 -Lake Shore coil gold 33.38_1998 F A -8i4
8811 9012
6
82
/
1
4
4
2 813
101 103
Registered
1998 F A ---- -- 81 Mar'27 -Mich Cent coil gold 3348..1998 F A 8014 85 8211 June'27
1001s 10253
8015 8513
Registered
1998 F A
82 May'27 - -80 8314 N Y Chic & St L let g 4a
1937 A 0 943 958 95
9514
9
9814 100
Registered
1937 A 0
94 June'27
9733 99 4
25
-year debenture 4a
3
1931 M N -9 - - - 99
-518 6i14
9918 17
2d 138 eeries A II C
1931 M N 1044 Sale 10253 103
03
24
31
1044 106
Refunding 53 series A __I974 A 0 105'2 Sale 1044 10512 58
-Is
9815 10014
Refunding 53 series B _ _1975 J J 1054 Sale 105
-ti
106
33
8614
N Y Connect 1st gu 4
A_ _1953 F A 9712 Sale 97
9713 10
84 8912
let guar 53 series 13
1953 F A
1044 June'27 -/
1
N Y & Erie 1st ext gold 46_ 19471 N
97 100
933 8 s
9134 Oct'26 -- -97 97
ltd ext gold 4‘48
9812
/
1
4
-- 98 Mar'27 -.10313 108
4th est gold 58
1930 A 0 1005 -- 1004 Mar'27 -- -/
1
3
10213 10515
5th ext gold 43
19283 D 9914 _--- 99 Nov'28 -1024 1024 N Y& Groenw L go g 5a___ _1946 m N 99
/ __
1
4
9975 June'27
90 905s N Y & Harlem gold 3
M N 82 85 83
83
/
1
4
/
1
4
8
Registered
4
4
1093 1133
M N
8213 Mar'27 _ _
884 913 NYLack & W 1St & ref 6s...1973 MN ioiis
/
1
4
80 July'25 -10834 109 0
First & ref 4'te
1973 M N 10358 _ _
10418 June'27 - 1003 10111 NYLE&W eit 7s ext. _ 1 930
4
32
_ 106 Feb'27 -98
N Y & Jersey let 58
98
9F A 1051/4- - - 10014 1003
MS 10014 1003
4
4 10
9253 9813
Y & Long Branch gong 451941 M
9014 --- 90 Dec'26
93 9534 NY asNEBost Term 46_1939 A 0 ____
/
1
4
91 Apr'27
89 90 NYNHAHn-e deb 48. _1947 M S __81 June'27 -99 10034
Non-cony debenture 3345_1947 M
_
723
/
1
4
3- 72 June'27
981s 10014
Non-cony debenture 3)48_1954 A 0 (384 8913 6912
6912
5
88 4 91
3
Non-cony debenture 4a.._1955 J
764 Sale 764
/
1
/
1
765
5
8
100 101
Non-cony debenture 45....1958 MN 764 Sale 77
/
1
7814 10
100 1003
4
Cony debenture 3345
2
69
1956 J J 8834 Sale 888
4
/
4
891 9213
Cony debenture Cs
19483
10734 Sale 10713 1074 13
10618 107
Registered
107 Apr'27 -95 4 984
3
Collateral trust tie
1940*
3
100 -16i12 1024 1034
/
1
95 9853
Debenture 49
1957 M N 7114 7238 713
1
7134
4
1011s 1024
Harlem R & Pt Chem let 4s 1954 M N 8912 9012 8814
8953
6
10313 106 N Y & Northern let g 5e__ _ _1927 A 0 100 10014 100 May'27 -105 110
NY 0* W ref let g 4s_June 1992 M S 781s 783 7815
7834, 22
4
105 4 10M4
Registered 85,000 only
3
M S
724 Dec'26
9034 103 8
3
General 48
1955 J D 7614 Sale 7514
2
7514
10314 103 NY Providence & Boston 45.1942 A 0 893 ---- 86'z Dec'26 -/
1
4
4
103 1034 N Y & Putnam let con gu 481993 A 0
53
924 May'27 -9353 95
NY&RBIstgold 58
1927M5
_ _ 997 May'27 -8
6612 69 N Y Swig 25 West let ref 58-1937 J
9314
9934- - 93
93
9414
5
1001 1011e
/
4
24 gold 430
1937 F A 80
84 7913 June'27 -8712 901
: General gold 58
1940,p A 751e 77 754
23
76
9312 9714
Terminal let gold 55
1943 M N 9914 10213 101 June'27 -100 10013 N Y W'ohes & let ser I 410'48
J 8012 Sale 8013
8113 27
10314 1031s
138
72 Nord Ry extl if 63.45
1950 A 0 974 Sale 9613
071$ 29
734 84
/
1
Norfolk South 1st & ref A 58-1981 F A 9134 Sale 9114
92
/ 36
1
4
100 101
Norfolk & South let gold 5e_1941 M N 1011 10213 1014 June'27
/
4
Norfolk & West gen gold 86_1931 M N 10434 Sale 1043
2
4 1043
4
lair; 1114 Improvement & ext 6e 1934 F A 108 109 10812 June'27
New River 1st gold 13e...._.193'2 A 0 1064 ____ 107 May'27
9534 957
k
N & W Ry 1st cons g 4e
19913 A 0 9512 965 9534
963
s
8 31
Registered
1996 A 0
95 May'27
Dive let lien & gen g 43-1944 J J 941g Sale 93
944 ao
/
1
4
10 yr cony. 6s
8588
1929 M S
17713 17713
984 997
Pocah C & C joint 48-1941 J D 9454 9514 944
s
9455
/
1
95 9818 North Cent gen & ref 58 A-1974 M 13 107 -- _ 106 Jan'27
10055 1015s
Gen & ref 4 yis series A___1975 fif
7
99
99
North Ohio 1st guar g 58----1945 A 0 ____ 9878 9714 June'27
"Ws IT North Pacific prior lien 43-19, c3
1997 Q
7
9418 37
94 Sale 9312
9214 9518
Registered
9212 94
9312 June'27
Genl lien gold 3s_-- _Jan 2047 Q F 67 Sale 6614
68
67
Registerel
Jan2047 Q F 6414 ems 864 June'27
5114 57
Ref & impt 43is series A_ _2047 J 3 100 Sale 9934 100
54
5114 55
Registered
J J 9514 ____ 98 May'27
174 23
Ref & Eliot series 13--2047 J .1 11314 Bale 112
/ 11314 82
1
4
13
1514
Registered
J J 11518 ____ 11014 Mar'28
8814 88
Ref & inlet Se series C -__2047
/
1
4
J 10535 Sale 1054 1054
4
/
1
/
1
98
Ref & impt 5e series D..2047 J J 1054 1063 1047$ 105
99 4
3
4
9814 9853 Nor Pao Term Co 1st gee-1933 J J 1093 ---- 10972 May'27
4
9712 102 Nor Ry of Calif guar g 5a _1938 A 0
108 June'27
9814 102 North Wisconsin let 65
1930 J J
_ 10313 Mar'27
8214 89 02 & L Cham let gu 4e g__ _1948 J J 1031384
83
/ 84 84
1
4
9734 9814 Ohio Connecting Ry let 42_ _1943 M S 954---' 944 Mar'27
/
1
954 9713 Ohio River RR 1st g 5e
1938 J D 10338 1044 1034 June'27
937 A o
8814 8975
Genal gold 5s
er
10213 -- -- 103 May'27
101 10313 Oregon & Cal 1st guar g 58-1927 J J
994
1
/
1
994
/
1
8513 8834 Oregon RR & Na,con a 48_1948 J D 9313 95 934
9
93
/
1
4
10253 104 Ore Short Line let cone a 53_1948 J J 1081 10734 10634 107
/
4
5
96 106
Guar cons 58
1948 J J 108 10914 108
4
108
Guar refunding 4e
1929 J D 994 Sale 987
3
994 140
973 101
4
Oregon-Wash let As ref 45... _1961 J J 8938 Sale 894
/
1
94
91
10611 109 Pacific Coast Co let g 511._ _ _1948 3 D 89
8912 89 June'27
7413 7914 PacRRof ro 88 ug 4e _1938 F A 934 95
24
131ext
,
9334
5
9334
973 10012
4
extended
102
1938 J
102
10218 13
927 95 Paducah & Ills 1st s f 4 Ite_ _1955 J J 99
s
/
1
4
_- 994
5
994
973 99 Paris-Lyons-Med RR (18. _ _1958 F A 92 Sale 9114
4
9213 226
Ws 884
Sinking fund external 78_ _1958 M S 10018 Sale 9913 10033 88
82 8253 Paris-Orleans RR s f 78
1954 M S 9914 Sue 984 10014 44
/
1
10014 10134 Paullsta Ry 1st & ref a f 7s_ _1942 M 8 10214 1023 102
17
102
4
9934 10013 Penneyiyania RR cons ale_ _1943 M N
2
98
- - 98
93 9513
Consol gold 45
1948 M N 97941 97 98 June'27
/
4
1004 10114
/
1
Is liter) stpd dollar-May 1 1948 M N 9453 9613 95
95
991 10014
/
4
Consolidated 4345
1960 F A 10314 104 103
/ 1033
1
4
3
4
9114 974
General 443 series A_ _ _ 19653 D 10028 851e 10013 10118 87
1114 11312
General 53 series B
19683 D 1084 Sale 108
/
1
1085e 37
11113 11112
-year secured 7e
10
1930 A 0 106 Bale 10534 10613 95
10318 104
,
15-year escured 630
.
1938 F A 112 Bale 112
11211 24
8012 86
Registered
11134 June'27
F A
_
10014 10113
40
-year secured gold 5s_ _1964 M N 104 Sale 10334 104
121
102 1034 Pa Co gu 3341 coil tr A reg--1937 131
/
1
4
871e --- 89 Mar'27
Clue. 3345 coil trust ser 13_1941 F A 864 - 3 8818 June'27
885
133 20
Guar 83Is trust ctfe C__..1942 J D 8511 -- 8613 June'27
Guar 3Sis trust ctfs D....1944 J D 851
8533
-- 854
18 26
Guar 15-25-year gold 4a__ _1931 A 0 9833 9813 99 June'27
5Guar 4s series E
9013
88
7
90 8813
Pa Ohio & Bet 1st & ref 4%s A 57 M N 964 Sale 9534
lS72 A O
965 122
3
21 Idi; Peoria & Eastern tat cons 48_1940 A
894 8913
/
1
88
8912 '2
Income 4a
April 1990 Ayr. 4514 48 47 June'27
Peoria & Pekin Un let 5345_1974 Ir A 10434 Sale 10453 10434
16l Pere Marquette lit ger A 68.19563 J 1041 Sale 1044 10453 34
12
/
1
/
4
41913 1014
let 415 eeriee 13
884 9114 9014
9014 10
877 89 Phil& Balt & Wash let g 4s-19 3 3 N 96
e
97 9612
9612
19 6 M 3
4
5
5
854 8513
General 514 series 13
/
1
4
/
1
977 3 A 1104 Ill 11078 1104
34 F 3
4
984 973 Philippine Ry let 30-yr if 4s 1
424 Sale 4213
7
4214
8718 894 Pine Creek registered 1st 65_1932 J 0 1083 ---- 106 June'27
/
1
4
4
100 101
PCC&StLgu41 4s•
10034 101
1940A 0 1003
4
4
100 1014
S
Settee B 4%a guar
6
-- 4 10034 3
1942 A 0 10034 1- 158 1003
10318 10453
Series C 4
guar
1003 -- 10034 June'27
1044 1053
Sealed D 45 guar
9678 4- 9013 June'27
4
9778
97 984
Series E 3%5 guar gold
9
97
94 MM A
19912S F NN 9678 - - 97
10034 102
Serial F 4e guar gold
967 _- 9714 Apr'27
8
1953 3
Serleefl4eeuae
964 _
/
1
s
1084 1087
964 May'27
/
1
&Hee con guar 48
10013 Jan'27 90
Series cone guar 4348-19 3 F " 10014 102 '1011 June'27
9514
60
5
/
4
19967 FM A
9275 1017
Series J cons guar 4345._1984 M N 10234 10312 10234 June'27
8
rieneral M 5e series A._1970 J 13 1084 1084 10812 1083
1054 108
9
4
1051s 10813
Gen mtgeguar 5aserles 13.1975 A 0 108 Sale 108
1083
.4 22
Range
Sines
Jan. 1.
Low
HOD
7231 854
8°, 83 1
944 "
9496 3 98
1 :
8
4
4
-7795 - 24
'is7 8118
7 34 888
8ra 1111
5s
"14"
94 954
9615 9915
10218 10314
10418 105 8
7
10418 107
103 103
943 99
1
957k
981
88as Iowa
-884 1- 03;
681, 8531
4
82, 8212
2
161 1641
8
106 106
10014 10153
91
74
72
/
1
4
gins
76
11
-88
76
734
80 4
3
8 4
7
83
7
10513
183
0 14
764
8
1027
3
8913
8%
7 14
3
1094
107
74
88246
1054
76
9978 100
73
891*
783*
"ii;
8113"
71 19413
723 80 4
4
3
7118 80
984 101
7818 834
1
9314 98 4
3
904 9384
3
1001 1005
0: 0
0 651
10808 110
1053 107
92 97
927 95
8
93
953
3
85
15v55,8 101
098
97 993
4
63 4100
9 / 67%
4
1
4
914 9734
9058 94
85 894
53
98
98
111
1914
0
8
110
Mira 10 1i
-.
7
10318 10714
109881093*
10518 10814
:
54
19827 1031
041/ 9480
1
4
11
8
102 10414
1917 10312
0 4 00
98
88
/ 944
1
4
1083 1094
4
1074 110
98 4 9018
1
86 8 9118
7
88
93
8:41
198029 1* 1021
98
021
9999644
15
:
1
9514 1014
10118 10315
954 98
0414 98
101% 1013
94 9 4
5
7
9914 10213
1061 107
083 1148
1114 1134
/
1
11113 111
/
1
4
102 10411
8g 99
sa 891
85
salt
843 8618
4
9711 90,
88
0?
14
m 196114
489551:444 0
49888411
10353 105
89
924
l?51e 19
imo 2 064
0
111
99 10113
/
1
4
1003 1011:
0014
98
974
96 111
0;10
;9
971"a8
10634 1103
00991a 1030314
4
10634 111
New York Bond Record—Continued—Page 4
BONDS
N. Y. STOCK EXCHANGE
Week Ended July 1.
t
Pried
Friday,
July 1.
Week's
Range or
Last Sale
E-a
Range
Since
Jan. 1.
BONDS
N.Y.STOCK EXCHANGE
Week Ended July 1,
75
Pries
Friday.
July 1.
Week's
Range or
Last Sale
Range
;IR
Jan. 1,
nia
Ask Low
Mob No, Low
High
111011
BM
High No, Low
Ask Low
Pitts & Erie 2d g bs_ __Jan 1928 AO 10014 101 100 June'27
99 1007s Virginia Mid 68 series F____1931 M S 101
____ 1003 May'27 ____ 1003 10034
4
4
Pitts MoK & Y let gu 6e____1932 J J 10418 10612 106 May'27
1054 106
/
1
1936 M N 1023 ____ 1023 June'27 -___ 3 0 8 100272
General be
102
21
52
8
8
2nd guar (38
1013 Nov'26
104
4
1934 J
.10258 June'27 ---Ve & Southw'n lit au 58_2003 J J 10134
Pitte Sh & L E let a 53
10112 June'27
1940 AO 102
i5if2 162 0 1st cone 50-year be
-11958 A 0 _,, ii 9642
9512 12
943 98
2
let coneol gold be
10012
10012 Apr'27
1943 J
10012 10012 Virginian Sty let Is series A_1962 MN 105T8 Sale 10518 10512 62 10212 1073
8
PIM Va & Char lit 45
9114May'25
1943 MN 93
F A
Wabash 1st gold be
1939 M N 10438 10432 10434 10434 12 10333 10434
0 18 1 0 14 0
2
2
0
0
03
0
2
2
4
FILMY & Ash lit cons 5s
8
1927 MN 997 100 10014 Dec'26
2d gold 514
4
1939
let gen 40 series A
94 Mar'27
4
1948 3D 023
-524 94
Ref s f 539s (series A
8
1975 NI S 1043 Sale 10314
14
10438 74 10312 105
let gen bs series B
1962 FA 106 107 107 May'27
1045 107
8
/
1
4
Ref & gen 5s series B
276
1976 F A 99 Sale 9912 100
99, 1017
s
s
Providence Scour deb 48_1957 MN 6912 72
2
71
71
71
75
Debenture B Bs registered..1939 J .1 96
8314 Feb'25 ---Providence Term lot 4s
1
1956 MS 8418 ---- 8418
8418
8118 8418
let lien 50-yr g term 4s_1954 J J
8 s
8
____ 8712 June'27 -- -ti8T1 ---1Reading Co Jersey Cen coil 4031951 AO 94 Sale 94
945
8 39
Del & Chi ext let g 5s
92 100
1941 .1 J joiE2
Gen & ref 439s series A_1997 ii 99 Sale 99
98 1001z
997
8 30
Des Moines Div 1st a &LAM).I J 9212 :::: 12% June'27 :::: 1ff 1Tii.
1
;
Rich & Meek lit g 45
8014 May'27
7912 8238
8
1948 MN 797
Om Div lat g 33:5
1
1941 A 0 8518 ---- 8512
833 87
4
8512
Mehra Term Sty let gu 5s
8
8
1952 J J 1015 103 1025 Apr'27
102 103
90
91
Tol & Chic Div g 45
1941
9012 Feb'27 ---Rio Grande June lit au 5s 1930 J o 9918 10014 101 May'27
1005 10114 Warren let ref gu g 3395
8
88,2 - 01- 8852 j r 27 .. _
-2 2 8 Ju e:27 .....__z
82000 Q m
875
g034 83,38
2
u
g 1,3
.; 4
Rio Grande Sou lit gold 48 1940 J
718 Dec'26
Wash Cent lit gold 45
1948
Guaranteed (Jan 1922 coup on) ▪ J
6 May'25
Wash Term 1st gu 3340
1945 F A 8718 90
8718
87 8
,
1
147,
Rio Grande West 1st gold 40_1939 3, 91 gale 91
1 -9012 - -14
91
113
lst 40-year guar 4e_ ___
8
1945 F A 915 ____ 9158
lot con & coil trust 45 A 1949 AO 86 Sale 86
14
86
84
875s W Min W & N W lit gu 55_1930
RI Ark & Louis let 439s 1934 M
9534 Sale 9512
14
-6 54 1
76 1 11 3:
945 9712 West Maryland let g 4e
8
957
8 12
88
%
A A
e9.125'4 --0
9 1%
1952 F O 92 Sale 88 jun82 -171
Rut
-Canada lit go g 45
1949
8212 853 West NY & Pa 1st g 5s
J 80518 855s 8418 June'27
4
/
1
1 10112 1024
10214
1937 J J 10214 Sale 10214
Rutland lit con g 439s
1
9412
1941 3, 9412 Sale 9412
911a 9312
88
00
Gen gold 4e
1943 A 0 8914 Sale 8914
8914
3
Nos
Income g be
Apr 1 1943 si y 400812
45 Feb'2'
St Joe & Grand Is! lst g 413_1947 J J 88
893 8812 June'27 -8
111i
8634 89, Western Pao lit eer A 58_1946
4
-- 8812 9914 ------------8 r
66
St Lawr & Adir let g be
10018 9 ay'27 -- 100 10018
1996 J J 100
let gold 65 series B
1948 M 1,3 10214 10212 10212 10212 29 10214 10412
aa gold Os
1053 Mar'27
4
- 10518 10714 West Shore lit 45 guar
1996 A 0 106
8618 91
8734 34
4
2361 J J 873 Sale 8638
St L & Cairo guar a 48
9614 9712
1
8
4
8
967
8
19313 J 967 973 967
89
Registered
86
5
2361 J J 8658 8718 87
87
StL Ir Mt &S gen con g 58_1931 A 0 1001 Sale 10034
10118 25 10014 10112 Wheeling & Lake Erie
/
4
Stamped guar 68
10038 Sept'26 -1931 A 0
90 4 10014
0 32 0
9,
Wheeling Div 1st gold 58_1928 J J 100 ____ 10014 June'27 ____
Unified & ref gold 45
973 90
987
8 10
1929 J J 9812 Sale 9812
Ext'n & impt gold be
1930 F A 100 ____ 10014 June'27 -- - _
RIT dr 0 Div 1st g 4s_
8 51
945
1933 MN 9414 Sale 94
931s 95
9012 94
10
Refunding 4198 series A 1968 NI S 9112 95
92
915
8
St L M Bridge Ter gu g 5s_ 1930 A 0 10)12 1,13 10012 June'27
4
100 101
Refunding 5s series B
1966 NI S 10014 10114 10012 Apr'27 ---_ 10012 10012
St L & San Fran (reora co) 481950 J J 86 Sale 8512
106
86
8412 5812
4
3
8714 9014
8834
RR let consol 45
1949 NI S 883 Sale 8834
Registered
_
87 May'27
87
7214 803
J J
87
4
Wilk & East lit gu g Ii_ ,._1942 J D 7612 783 78 June'27 --::
4
Prior lien series B be
)
104 104
/
1
4
1950 J J lot Sale 9934
99 4 102
3
10014 47
Will & S F let gold 55
___ 1043s Mar'27 -1938 J D 103
Prior lien series C 60
8
1928 3 J 1013 1013 10134
4
883 90
10112 33 100 1025 Winston-Salem S B let 4s
2
8
891 90 June'27 ---/
4
1960 J J 83
Prior lien 535e series D
92
8 53 10112 103
1942 J J 10214 Sale 10112 1025
80
8872 8412
Wis Cent 50-yr let gen 4s
8012
3
1949 J J 80 Sale 89
Cum adjust nor A es_ _July 1955 A 0 10014 Sale 993
4
1003
8 90
99 102
Sup & Dul div & term let 4s'38 M N 90
91
91
Income series A 6s_ _July 1960 Oct. 97 Sale 963
973 194
8
4
89
9514 9914 Wor & Con East let 414s_,.1943 J
89
92 ____ i 89
Jan 1 ___4_
9 27
'
fit Louis & Ban Fr Ry gen 65_1931 J J 10414 105 1043 June'27
1043 1057
4
4
8
INDUSTRIALS
General gold bs
2 10012 1017 Adams Express coil tr g 4E1_1048 M
10114
1931 J J 10114
10114
8
9234 Sale I 9234
86
94
St L Poor & N W let au bs1948 J J 10414 10712 10512
1 10412 10512 Ajax Rubber lit 15-yr if 88_1936 J
85 2 99
10512
3
10612 108 10638
1 1097 104 8
1063,
St Louis Sou lit au g 4E.,
9812 Apr'27 1931 NI S 9714 99
96,8 9812 Alaska Gold M deb es A
1025 M
314 6 1 312 Feb.27 - --St I,13 W 1st a 48 bond cUs 1989 MN 875 883 8712
13
8
8612 89
877s
4
Cony deb es series B
1926 M
312 Apr'27 --__
5
3
2d 640 Inc bond ctts_Nov 1989 J .1 83
933;4 971 1
1 m8 381
_ _ _ _ 8312 May'27 --8312 Alpine-Montan Steel lot 78_1955
81
92 Sale 9114
28
92
Consol gold 40
58
9418 963 Am Agrie Chem 1st ref s f 739s 41 F A 10112 Sale 1003
96
1932 J D 96 Sale 955
9718 1043
8
s
4
8 10112 V
let terminal & unifying 50_1952 J -I 9714 Sale 9714
8
6
983
93
5
95
924 98
/
1
993 Amer Beet Bug cony deb 88_1935 F A
4
0314 9312 93
Bt Paul & K C Sh L 1st 435E1_1941 F A 93
9
93
9212 96
4
93% 923
American Chain deb s1 62_1933 A 0 103 Sale 10212 10318 18 101 10312
St Paul & Duluth 1st 5s
8
1013 102
4
4
1931 F A 1015 10212 1013 Apr'27
9712 97i2
9712
Am Cot Oil debenture 58_1931 M N 97
1
lit consol gold 48
2
4
91
93
913
4
1968 J D 913 9312 9134
2512 9514
/
4
Am Dock & Impt gu Si
4
1936 J J 1053 10614 10534 June'27 ____ 105 1061
St Paul E Gr Trunk 4)9s
Jan'27
98
3
1947 J I 953 _ _ _ 98
98
8
Am Mach & Fdy s es
1939 A 0 1035 104 1041 June'27 ____ 10312 10412
/
4
St Paul Minn & Man con 43_1933 J J 9818 Sale 9818
9818
9714 9812 Am Republic Corp deb 65_1937 A 0 9914 100
99 100
9912
2
9912
lot consol g Si
3 1075 1083 Am Sm & R let 30-yr be ser A '47 A 0 101
8
8
1933 J J 1075 10814 1075
8
1075
8
8
Registered
10714 10714
J J 10612 10812 10714 Apr'27
2
1st M (38 series B
1947 A 0 1083 Saalee
Bs reduced to gold 435s___1933 J J 9912 1003 100
1
100
4
9912 1005 Amer Sugar Ref 15-yr 86_1937 J J 10414 Sale 10414
8
39
105
Mont ext let gold 45
19373 D 9614 97
963 June'27
4
9512 9814 Am Telep & Teleg coil tr 4s.1929 J J 903 Bale 9918
2
9814 99
/
1
9932 112
4
Registered
J D 9112
9512 Jan'27
9512 954
/
1
Convertible 48
95
1936 M B 9412 96
95
Pacific ext guar 45 (sterling)'40 J J 9012
9212 May'27
91
921 2
93118 100 s
8 4 977
_
1933 M 8 100 10012 1004 June'27 ___ 1
20-year cony 4395
/
1
Eit Paul Un Dip 1st & ret55 1972 J J 104 107 10718 June'27
105 107
02
/
1
4
03572
/
1
4
101 10
1946 J D 104 Sale 103
30-year coll tr Os
/
1
35-yr if deb be
1960 1 J 10318 Sale 1024 21118 llg
B A & Ar Pass 1st gu g 48___1943 J J 8912 893 8918
4
88
/ 9238
1
4
3
8914
2
7
4
1943 NI N 1063 Sale 10614
10634 80 105 4 1073
20-years f 5395
Santa Fe Pros & Phen 6s__1942 M S 102 103 10314 June'27 -- 10218 10314 Am Type Found deb es
4
2 1023 10612
1940 A 0 105 106 10512 10511
Sac Fla & West 1st g es
8
1939 A 0 1085 110 10912 May'27 -- 1083 10012 Am Wat Vas & El col tr 58_1934 A 0 100 Sale 9912 100
98 10114
4
22
lit gold Os
1934 A 0 103
_ 104 May'27 -- 10234 104
1
Deb g es ser A
31 100 4 10312
1975 M N 10234 Sale 10212 103
Belot° V & NE lit gu g 4i1_1989 MN 9234 96
94 June'27 - 83
88
91
:l 137.
95
e
Am Writ Pap let a 65
1947 3 i 1,8 Lale
5
8612 29
Seaboard Air Line g CI
____ 827 June'27 - 1950 A 0 81
8
2
8118 84
133 1035s 1047
10352 104
Anaconda Cop Mtn let 6E1_1953
Gold 4.3 stamped
8112 17
4
1950 A 0 803 Sale 8012
8012 877
2
/
1
10712 256 1061s 1094
15-year cony deb 7s
1938 F A 10714 Sale 10614
Adjustment Si
8412 159
Oct 1949 F A 8412 Sale 833
834 88 2 Andes Cop Min cony deb 72_1943 J J 10414 Sale 10414
/
1
4
.
,
1051 280 10312 1087
Refunding 4s
1959 A 0 6912 70
693
091 763 Anglo-Chilean 78 without war _'45 NI N 9414 Sale 9414
8612 964
/
4
8
70
99
/
1
4
951
52
let & cons es aeries A
1946 •. S 9514 Sale 9434
9134 993 Antilla (Corny Aim)7455
12
9514 124
8
9614 9712 9693 100
9(118
8
ISM
All &BIrrn 30-yr 1st a 45411933 91 S 9514 Sale 91 June'27
94
91
Ark & Mem Bridge & Ter 5s_1964 M 5 9914 10012 10012 1005
8
3 10014 10214
Seaboard All Fla lit an (38 A_1935 F A 95 Sale 943
94
4
9514 29
985s Armour & Co let real eat 4348'39 J D 893 Sale 89
4
Series B
9514 953 95
9612 Armour & Cool Del 51.98_ A943 J J 89 Sale 8832
1935 I A
8
,
95 12
7
94
87% 9 4
8
9 e
5331
76
89
8'14 89
9
Seaboard & Roan be extd
1931 J J 1,40 1003 100 June'27
4
100 1005 Associated 011619 gold notes 1935 M S 1023 Sale 102
4
4
8
4
03
17 10258 10352
/ 1023
1
4
So Car & Ga let ext 5150..__J929 M N 10112 Sale 10114
10112
8 1003 1015 Atlanta Gas L let 55
4
8
__-- 1023 May'27 _-__
8
1947 J D 103
li& N Ala cons au a bs
19343 F A
105 May'27
1558 1552
1037 105
8
155 June'27 _--8
Atlantic Fruit 7e ctfs dep__ _1934
Gen cons guar 60-yr 55
1963 A 0 7.1112 ____ 1113 June'27
4
11014 11214
18
18
j g 21.J
151 7_7_
:
Stamped ate of deposit
Jan'27 -- -_
Bo Pao colt 4s(Cent Pact colt) k'49 J D 92 Sale 91
92
37
8814 93
7012 76
/
1
4
71 Sale 7181
Atl Gulf & WI SS L col tr 56_1959 J
7212 45
Registered
J D 863 89
4
88 May'27 -88
86
3
Atlantic Berg deb be
1937 J J 10012 Sale 10012 10158 12 10012 102 4
20-year cony 45
June 1929 M S 9914 Sale 99
9914 191 10014 1001
/
4
1st 43o (Oregon Lines) A_1977 51
10012 Sale 10014
1005 336
8
1 106 108
98
/ 9912 Baldw Loco Works lit 5s__1940 MN 107 10714 107
1
4
107
20-year cony es
8
103
6 100 103
1034 1 D 103 Sale 1023
: 0
,
0 1 2 al 1( 014
47
1 13 814
Baragua (Comp As) 73
)7
10714 22 1,114 rg63
,
441_ _1937 4 J 1( 014 p
20-year gold Os
1023
1944 M N 101 Sale 101
8 37 1003 1023 Barnsdall Corp 8s with warr_1940 J 0
4
8
San Fran Terml let 4e
1950 A 0 913 92
8
913
8
913
4
6
9018 9414
Deb es (without warrant) 1940 .1 0 90 Sale 90
In
1%
8933 9413
Registered
A 0 87
90
90 June'27 _ _
87
93
94
9815
955 Sale 954
8
Belding-Hemingway 6s
1936 J J
/
1
96
50
So Pac of Cal 1st con gu g 53.1937 MN 1053 107 10512 June'27
4
10412 107
Bell Telep of Pa Os series B.. _1948 J J 10312 Sale 10318
10378 28 10234 10514
Bo Pee Coast 1st au g 48____1937 J
9514 ____ 9512 Mar'27
__
1
9418 95 2
04 8
,
let & ref bs series C
1900 A 0 10412 Sale 10412 10518 56 1027 100575:
Bo Pee RR lit ref 4s
95 Sale 9418
95
1959 J
135
933 977 Berlin Elec El & Undg 6345_1956 A 0 95 Sale 9414
8
8
9512 56
Registered
9618 May'27
J
__
9518 0818 Beth Steel lit & ref 5s guar A '42 M N 10118 Sale 1007
8
10118 20 100 10214
Southern Sty lit cons g 58_1994 J
15714 Sale 107
1075
8 90 10612 1097
8
198 1011148
1
/
1
4
30-yr pm & Imp if 5e
1936 J J 100 Sale 9912 100
Registered
104 10712 106 June'27
J
1033 106
8
Cons 30
-year 6s serlee A _1948 F A 10212 Sale 10212 103
Devel & gen 48 series A___1936 A ( 87 Sale 8638
87
'4
80
86
41 1 igt
'
1 3
4
8918
2
Cons 30 year 61, 8 aeries B..1953t F A 993 Sale 9812
99
i
Develop & gen es
1145 Sale 11414
8
1143
4 25 1133 11612 Bing & Bing deb 619s
_1956 A
8
1950 M 5
Dave!& geu 654i
8
1956 A 0 1203 Sale 120
121
37 11914 123
114
:8
4
Booth Fisheries deb if (344
FelC21 —F_ 10% 10 4
83
1925 A 0 18211 __ _ __
Mom Div 1st g Si
.A996 J J 10714 1083 10714
4
10714
4 10614 108
92
80
Botany Cons Nlills 614s
1934 A 0 8212 Sale 8212
8212
5
St Louis Div lst g 46
1951 J J 8958 9078 895
8
895
8
1
89
/ 92
1
4
/ Brier Hill Steel 1st 534e
1
4
,4
1
10412 12 10318 10,3
1942 A 0 10312 104 10438
East Tenn rrorg Hon g be 1938 M S 101
____ 10018 Nov'26
_
73 I
9
71
79
/
1
4
B'way &7th Av 1st c g 5e
1943 J D 7138 7412 71
Mob & Oldo coil tr 45
1938 M S 9238 933 93 June'27
8
-5Z____ ___ ___ _ 74 May'27 ---Ctfe of step stnond Dee.'26
Spokane Internet lit g bs__ _1955 „I J 85
857 857 June'27
8
8
8418 8912 Brooklyn City RR be
92
722e 75
9
8
9212 9312 9234
937
8
8
Sunbury Jr Lewiston lot 4E3_1936 J 3 9318 ____ 0312 May'27
9212 9312 Bklyn Edison Inc gen be A 194
/
1
int14.1 .1 105 Sale 1044 10514 31 1031s 10514
49.1
Superior Short Line lit 50_ _e1030 NI 13 993
8
10012 Sept'26
:
06 4 0 11
19412
5 1023 1057
General Bs series B
1988 .1 J 10412 Sale 104
030
Bklyn-Man It T sec 66
J J
973 Sale 9814
8
/ 270
1
4
97
Term Awn of St L iota 419E1_1939 AO 100 Sale 99
100
3
98 8 100
5
Bklyn Qu Co & Sub con ad 5!'41 M la 6018 6012 6012
6012 66
6112
4
lit coos gold be
1948 P A 10312 104 104
104
10 1023 104
8
1st 5s stamped
7818 7912
70
79
1941 J J
7818 May'27 ____
Gen refund e f g 48
1953 J J 8714 Sale 8714
8712 33
8714 90
Brooklyn R Tr let e,onv g 48_2002 J J
8812 Aug'26 ---_ ---- ---Texarkana & Ft 51st 53913 A 1950• A 10312 Sale 1027
8
1037
8 52 1027 1064
8
/
1
3-yr 7% secured notes
1921 J J ---- ----. 13612 Nov'25 --__ ---- ---Tex & N 0 con gold SO
8 -- 10014 May'27
1943 J J 997
100 10110
Ctts of deposit
12812 Nov'25 __ __
Texas & Pb 0 let gold 58
10618 12 105 4 10812 Bklyn Lin El let gstamped
8
3
2000 JO 10618 1063 10618
4-Os
i - 1 91
itiRi.--A -il.- - 12 9438 9412 6 -iii- 98
Gen & ref 5s series II
1977 AO 98i2 Sale 9812
983 137
4
9812 1003
8
Stampedguar 4-5s
F A ___ 963 94
4
La Div B L lit a 68
4
.1 .1 100 1003 10014 June'27
1931
99 1007 Bklyn tin Gas let cone g bs 11994585 M N 106 107. 106 June'27 __ 13 11 5 19 4
8
6
g 8 87
__
Tex Pae-Mo Pao Ter 5('s_ 1084 MS 10512 10614 105 June'27
IC ta 10114
let lien & ref 65 series A 1947 MN 115 Sale 115
8
2 1135 115'g
115
1/4
Tol & Ohio Cent 1st au 5E4_1935 J J 10112 ---: 1011 10112
/
4
1(0 10212
Cony deb 5,
45
133 160 199
1936 J J 195 Sale 19434 197
Western Div lit g 5o
02 10012
1936 A 0 10012
10014 102
Buff & Sum Iron s 1 be
92 June'27 ___
1932
General gold 58
1935 J D 10018 101 10012 3u0e'27
10018 10114 Bush Terminal let 4s
907 92
A O g715
2
913 June'27 ____
8
1902 j D
Toledo Peoria & West 1st 9e_1917 ii 15
18
15 May'27
lb
15
Consol 55
Tol St L & W 150-yr g 4s__1950 * 0 893 90
4
/ 90 June'27
1
4
891 91
/
4
Bush Term Bides 5e en tax-ex '1143 l i/ 1g714 raIe 10714
e 92
A j 2
9 3:
102
97'4
. 1031i
128 06.7
99995214 1_ 238:
95ipi3;
Tol W V & 0 gu 4128 A
99
—.- 99
Jan'27
1931 .1
99
99
By-Prod Coke 1st 51-is A
194.5 NI N 10012 102
let guar 439s series B
1933 J J 99 --- 9638 Dec'26
Cal0& E Corp unlf & ref fie _1937 91 a 10118 102 1011; ir6i1- —5
4 :1
1st guar 40, series C
957 May'27
8
1942 NI S 95
-51 - 8 Cal Petroleum cony debit 551939F A 9112 Sale 9112 93 14
1;57
Tor Siam & Buff let a 48_
9112
1946 J D 9112 Sale 9112
1
90
91 12
Cony deb s 1 51
1948'91 N 95 Sale 95
:
Ulster & Del let cone g 65
64
61
63
1928 J I) 61
20
5812 64
Camaguey Bug let a f g 7s
g%
1942 A 0 9914 Sale 991
/
4
let refunding a 45
4
4
1962 A 0 3218 393 393
393
4
1
3914 42
Cent Met Tel lit 30-yr 5!__ _1043 J D las
A
10278
10278
1 10214 103
/
1
4
Union Pacific 1st RR az Id at 4547 J J 97 Sale 96
97
92
944 9934 Cent Foundry lots f 6s_M ay1931 F
/
1
9
99 June'27 ____
983 99
4
Ref/Were.]
943
4
J
9434
9412 96
8
93 2 9612 Cent Leather lit lien Pi f 83 1945 1 1 10312 Sale 10318
7
10312 24 101 1033
4
an-year cony 46
997
8
100
1927 J J
4
995 10018 Central Steel 1st g 5 f 85
8
1941 M 71 123 Sale 123
8
123
6 1183 125
Registered
9934 Nov'27
J J
903 993 Cespedes Sugar Co lot s f 7 lis '39 M 5 983 Sale 9812
4
4
4
9814 40342
9958 17
let Ilen & ref 49_ -.June 2008 • S 94 ga e 9334
,194
15
9614 97°8 Chic CR: & Conn Rya 55Jan1927 A 0 58
,
73
72
64 June'27 __
53
4.10
973 972
1967 33 9714 Sale 9714
8
911 9612 Ch G 1, & Coke lit an a 55 1937 J .1 1?2
/
4
7
1 _ ___ 10238
i
10234
2 102 103
lot lien & ref Os
10918 Sale 109
June 2008
10918
2 1085 113
8
Chlealo Rye lit be
1927 3 A3
F
78l
81
0.year secured 65
1013 103 10118 102
10112 Sale 10114
8
1928 I
/ Chile Copper Co deb 5s
1
4
1947
93,14
U NJ RR & Can gen 4s
9614 May'27
1944 MS 96
9418 9614 Mein Gas & Elee let & ref 514 746 A 0 102 Sale 102
102
7 101 10212
Utah & Nor lit ext 40
98
1933 S i 9014
Apr'27
97
98
514s ser B due
4
Jan 1 1961 A 0 1043 105 105
8
105
6 1043 10514
9j12 96 Mar'27
Vandalla cons if 45 serlee A_1955 FA
9312
924 9714 Cities Sere Pow & Li f Os ,1944 M N 99 Sale 99
/
1
973 104
8
1003
8 86
Consol 48 series 13
1957 At N
9312 9712 9012 Oct'26
Clearfield lilt Coal lit 45___1940 J J
e
s 6;1-- 8512 Mar'27 ____
8512 85 2
,
Vera Cruz & Plot gll 4 IS s_ 1934
C no F Al Co gen of 6.1_
F A_1943
8 31
10014
04 110A
91 ,
115
July 1914 coupon on
.• 11 2212 24
24 Apr'26
Cil Indus lit & con bs ga___1934 F A 963 Sale 96
3
Assenting lit 43is
23
1934
23
23
27o lolumbus Gala let gold It._1932 .1 J
98 Sale 9712
2
963 98
6
98
7714 7814 78
7ommercial Cable lit a 443__23117 Q J
77
82
5
78
7 g 21 i .
4
184 124 1° 1E4E:
181%2
04
i
.
6___
Sale
4 Due May. e Due June. k Due Aug.
?5 N Mr'
1
gAi2 fg
3.1 uli:
76
BONDS
N.Y.S'POCK EXCHANGE
Week Ended July 1.
New York Bond Record-Continued-Page 5
.3
it
Price
Friday,
July 1.
Week's
Range or
Last Sale
Range
Sings
Jan. 1.
BONDS
N.Y.STOCK EXCHANGE
Week Ended July 1,
Price
Friday,
July 1.
Week's
Range or
Last Sale
Range
Since
Jan. 1.
High
High No Low
Bid
High
ma
Ask Low
Hick No Low
Ask LOIV
93 993 Lackawanna Steel let 5a A...1950 IN 13 101 Sale 1003
7
Commercial Credit t 60._1934 M N 9534 98
4
96
9534
9914 102
4 10114 10
9012 9212 Lac Gas L of St L ref&ext 54_1934 A 0 10112 102 10112 10112
Col tr
19353 J 92 Sale 9178
9212 17
51.4% notes
3 10012 1024
Coll & ref 530 aeries C___1953 F A 10438 Sale 10438 10412 28 1033 106
Commonwealth Power 62_ _1947 1W N 10478 Sale 10434 1044 20 1044 10512
4
4 10414 10612 Lehigh C & Nay a I 430 A__19543 J 9814 10014 0812
9812
Computing-Tab-Rec 1 68_1941 J J 10512 106 105
2 9712 99 2
/ 106
1
4
7
9618 97
Conn Ry & L let & ref g 410 19513 J 974 9914 97 June'27
Lehigh Valley Coal let g 56..1933 J .1 10158 1011 10178 10178
1 101 102
/
4
____
664 May'27
lot 40-yr gu Int red to 4%.1933 1 3 954 _ _
94 4 933
3
4
Stamped guar 41
/
4s
1951 J J 9812 Sale 9812
9834 14
6658 oy
Consolidated Cigar s f 61936 A 0 9934 Sale 9914 100
88
1st & ref s 1 5a
98 10112
/
1
4
1934 F A 9934 1007 101 June'27 ---- 101 104
8
1st & ref a I 55
Consolidated Hydro-Eleo Works
1944 F A 101
/
4
____ 10138 June'27 ---99 1011
/
1
4
let & ref 53
9718 101
of Upper Wuertemberg 7s_1956 J
1954 F A 993 ____ 993 June'27. -4
4
17
991 1013
4
4
98
9912 997 9718
8
Cons Coal of Md 1st & ref 58_1950 J D 80
8
1st & ref 5s
76
83 8
,
1964 F A 9934 101 101 June'27 ---8112
9958 10112
803
4
81
A 10612 Sale 10558 10612 90 10512 10612
lit & ref a t 5s
Como'Gas(NY)deb 51519_ _1945 F
1974 F A __ 101 100 June'27 --9978 101
75 811 Let Ave & P F 1st gu g 58-1993 M S 3512 ____ 37 May'27 ---/
4
Cont Pap & Bag Mille 81s_ _1944 F A 75
75
/
4
4
76 75
37
37
Consumers Gas of Chic gu 551938 J
10114
4 10114 10214 Liggett & Myers Tobacco 72_1944 A 0 12412 Sale 12312 12412 10 120 1244
10114 ___ 10114
Consumers Power let 5s
4
1952 M N 10234 Sale 1023
66
1951 F A 10214 104 103
4 10314 21 102 1033
18 10214 106
104
/
1
4
97
Registered
Container Corp 1st Gs
9878
F A
9812 21
1948 J D 9812 Sale 9754
/
4
.._ 10114 Feb'27 ---- 1011 101
/
1
4
9912 10114 Liquid Carbonic Corp 6s--1941 F A 10434 She 10434 10512 36 104 112
Copenhagen Telep est 68_1950 A 0 10014 Sale 10014 10014
3
/ Loew's Inc deb Is with warr_1941 A 0 102 Sale 102
1
4
Corn Prod Refg 18t 25-yr s f 58'34 MN 10318 Sale 1034 10318
1 10118 103
77 101 1057
103
2
Without stock pun warrante_
9334 10414
10212 58
Crown Cork & Seal ist 1 68_1942'A 10138 Sale 100
98 Sale 97
96
99
20
98
995 10114 Lorillard (P) Co 7s
8
1944 113 116 11612 116
10114 25
Crown-Willamette Pap 6s 1951 J J 100 10038 100
12 115 120
116
9412 99
9412 13
/
1
4
51
1951 F A 9512 Sale 9518
Cuba Cane Sugar cony 7s 1930
9412 Sale 9412
9518 10012
9558 12
49
954 102
F A 95
Registered
Cony deben stamped 8%A930 3
98
9518 Sale 954
9552 9712 Apr'27 ---963 973
4
4
4
Cuban Am Sugar let coil 88_1931 IN S 10818 10814 10818 10838 17 10712 1083 Louisville Gas & Eleo (Hy)55 52 M N 10034 Sale 10012 101
9952 102
88
Louisville Ry 185 cons ri8____1930 J J 9612 97 985
98 a 101
7
Cuban Dom Bug 1st 7118_1944 MN 99 993 9912 100
15
4
94 99
6
8
9658
1004 10214 Lower Austrian Hydro Else Pow
/
1
7
Cumb T & T let & gen 549_1937 J 3 10178 Sale 10134 10178
1
9412
let a 1 6Hs
1944 F A 89 Sale 89
9412
9612
Cuyamel Fruit lst s f 68 A _ 1940 A 0 944 96
93
8972 9512
12
89
McCrory Stores Corp deb 530'41 JD 98 Sale 97
90 99
96
Davison Chemical deb 830_1931 I 3 96 Sale 96
8
97
28
98
98
13
98 10112 Manati Sugar sets f 74s_ _1942 A 0 10318 104 10318 10312
/
1
99
9878 Sale 9838
4
7 1021 108
DenGas&ELIst&ref gig 52'51 M
11/1 N 99 Sale 9878
6
9814 10112 Manhat Ry(NY)cons g 48_1990 A 0 7212 Sale 72
99
Stamped as to Pa tax
13714 737
7234 17
a
Si
2d 48
2013 J D 60 6213 8112 June'27 ---6 88
70
Deny Corp(DO)lets!7s_ _1942 M S 69 Sale 69
5812 63
/
1
Manila Else Ry & Lt of 58_1953 IN S 96
Detroit Edison 1st coil tr 5e_1933 J J 10158 102 102 June'27 -- 1014 103
9334 98
96'2 9612 June'27 ---5 10214 1034 Mfrs Tr Co ctfs of par-tic in
10318
lot & ref 55 series A_July 1940 M
10318 Sale 103
28 1024 104 8
A 1 Namm & Son 1st 68_1943 J D 10538 ____ 10538 10538
3
Gen & ref 5a series A
1949 A 0 1024 10314 10258 103
2 105 10512
4
9614 100
10758 108 1084 10812
let & ref 68 series B_July 1940 M
113
7 1074 1083 Market St RI 79 ser A Apri11940 Q 1 9934 Sale 9812 100
/
1
4
1 1015 103 8 Mete Ed let & ref g Os err B_1952 F A 108 10812 1081 10814
8
3
8 103
Oen&ref5sserB
1 10512 108 4
/
4
1955 3 D 103 10318 1027
1
9212 9512
lot & ref 58 series C
1953 3 3 1005g 10034 10012 1004 17 100 1017
9334
Det United let cons g 414s 1932 3 J 9358 Sale 9358
7
8
88
98
8912 218
Metropolitan Power 1st tia A1953 J D 10814 1,0712 107 June'27 --- 10514 107
88 Sale 88
Dodge Bros deb 13s
1
8212
(Chic)46_1938 F A 77
81
Sale 8212
8958 Metr West Side El
Dold (Jacob) Pack let 68_1 42 M N 6712
76 80
90MN
80 78 June'27 ---1
6712
sips 12
Mktg MI11 Mach 7s with war_1956 J D 99 106 99
48
76
68 Sale 8712
Dominion Iron & Steel 58_1939
99 105
.1 D 90 Sale 91
9
Without warrants
4914 75
70
88 Sale 68
91
93
Certificates of deposit
23
92
1
9818
95 . 98
Mid-Cont Petrol 1st 654s-__1940 IN S 104 10414 104
Donner Steel 1st ref 75
9 10312 loth
104
1942 1 3 9618 Sale 96
10438 38 1034 10512 Midvale Steel &0cony a f01938 IN 8 9778 Sale 9712
Duke-Price Pow 1st Is ser A '66 M N 10418 Sale 104
97 99 8
9812 68
/
1
4
7
1 1044 10612 Milw Elec Ry&Lt ref&ext 430'31 J J 9812 .._ 9812
10478 10518
/
1
Duquesne Lt let & coil 0_ _1949 I I
9858 997
2
9812
2
1051 J 0 9978 10014 9934 100
10478 June'27 -- _ 10478 10612
let coil trust 53-X5 series B_1949 I J
General & ref 5s
9914 1017
11
8
1981 J D 9934 Sale 9912 100
80
East Cuba Sue 15-yr t g 710'37 M S HIT 10612 10534 10812 122 10512 108
98 10C3
1st & ref 58 B
4
1943 J J 10278 Sale 10234 103
944 963 Montana Power 1st 513 A
Ed El Ill Bkn let con g 4e
12 10112 1034
8
1939 J J 9838 97 9838 June'27 -4
Ed Else III let cons g 5e_ _ _1995 J J 10834 Sale 10834 1083
4
1 10678 10F3 Montecatini Min & AgrIc38
97
7
8
95
99'2
Elea Pow Corp(Germany)6349'50 M S 97 Sale 9614
Deb 78 with warrants,.,...1937 1 J 10014 Sale98 10178
9914 10012 141
9218
92
warrants
Elk Horn Coal lst & ref 630.1931 1 D 9912 10014 9934 June'27 --9212 951 9212 June'27 ---_
98 100
Deb 7% notes (with warr'ts'31 I D 9634 9734 98 June'27
95 1993 Montreal Tram lat & ref 58-1941 .1 J 9712 984 98
8
99 4
/
1
4
/
1
4
7 95 99
9818
Empire Gas & Fuel 1st 7;0_1937 MN 10978 Sale 10978 110
Geis & ref a f 58 series A__1955 A 0 9512 ____ 9634 June'27 ---13
10518 11012
98 1003
4
let & rot 630(with wareta)'41 A 0 10538 Sale 10538 10558 73
98 11212 Morris & Co let at 430--1939 J 1 8412 Sale 83
9 83 39 4
8
8412
Equip Clue Light let con 55_1932 M S 100 100's 10012 10012
9954 101
81 Dec'26 ---Mortgage-Bond Co 0eer 2_1966 A 0
3
Federal Light & Tr lat 58_1942 M
95
954 963s
1932 J J 9712 98 9712 June'27 ---- -gig l.
9678
7
i
10
-25-year 58 series 3
83;
95 97
1st lien e I 5s stamped
1942 1W S 9638 967 95
95
9514 11
/
4e
9814 Murray Body let61
94
9812
1
94
1934 3 0 94 Sale 94
104
let lien 68 stamped
3 103 10414 Mutual Fuel Gas let gu g 513_1947 hi N 10138 ___ 10178 June'27 ---- 1014 102
1942 ell s 10334 1041 104
30
-year deb (3s ser B
4
97 10138 Mut Un Tel gtd b ext 4% _ _1941 IN N 10112 ____ 103 June'27 ---- 1013 103
101
19543 D 9934 10034 101
1
2
89
Federated Metals a 7e
(
887 91
8
1939 1 D 89 Sale 89
Names(A I) & Son-See Mfrs Tr
Fiat deb 7s (with warr)
31
24 59 624
9212 10812 Nassau Elec guar gold 41.-1951 J .1 5912 Sale 591
91
1946 J J 9978 Sale 9814 100
/
4
Without stock purch warrants_
9112 99
913
4
9234 39
9214
National Acme 1st 51 730._1931 J D 1024 1021 10212 42%
8 33 115 1174 Nat Dairy Prod 6% notes_ _1940 11, N 103 Sale 10212 10314 64 100 193 9
Flak Rubber lat e f 821
14-S 11514 Sale 11514 1163
9839 03 4
:
1
/
1
F Smith Lt & Tr let g 58 19 6 m t 88
1
88
8
874 9014 Nat Enam & Stampg let 50_1929 1 D 102 104 102
8914 88
14 1013 104
102
91
4
3
4
Prameric Ind & Dec 20-yr 73is'42 1J 10358 Sale 1034 103* 38
991 10014
9812 1053 Nat Starch 20-year deb 50_1930 J 1 10018 ____ 10014 June'27 ---4
Francisco Sugar 1st sr 730_1942 M N 10758 110 10758 10758
5 106 10912 National Tube 1st s f 5s. _1952 MN 10438 -_ 10412 10434
2 103.s 10514
French Nat Mall SS Lines 7s1949 J D 98 Sale 9712
943 10014 Newark Consol Gas cons 55_1948 J 17 103 --__ 10438 June'27 ---- 10258 103
4
98
44
/
1
4
Gas& El of Berg Co cone g 501949 J D 103 ____ 10258 June'27 --- 10218 1027 New England Tel & Tel l'a A 19523 D 10334 1044 1033
6 103 104
/
1
4
8
4 104
9 108 11212
1961 MN 9678 Sale 9678
Can Asphalt cony 66
95 984
52
9712 71
lst g 430 series B
1939 A 0 10618 107 10612 107
93 98
/
1
4
21
95
91
Gen Electric deb g 330
1942 F A 9212 ___ 9212 June'27
93 New On Pub Sere 1st 58 A 1052 A 0 9412 Sale 9412
9358 97
1955 1 D 9412 Sale 94
10378
103 104 103
Can Elec(Germany) 75 Jan 15_'45
8 103 10512
9418 28
First & ref 58 series B
11 10012 102 4
113 13814 N Y Air Brake 1st cony 68-1928 51 N 10112 102 10112 102
Sfdeb6t4awithwar
19401 D 120 125 12714 June'27
3
19
101
8432 8714
9914 102
Without warr'ts attach'd '40 J D 100 Sale 100
1
8714
N Y Dock 50
-year let g 45-1951 F A 8714 Sale 8612
193
9912 10112 NY Edison let & ref 1114e A-1941 A 0 115 11512 11512 1151 18 1154 1183
Gen Mot Accept deb 68-1937 F A 10078 Sale 10012 101
/
4
4
1940 F A 10012 Sale 10012 10034 72 (0012 102
3 10258 1044
1944 A 0 10334 Sale 1034 104
Gen! Petrol 181 f 53.
First lien & net 58 B
1952 F A 10412 Sale 104
1.6..7.8
1
Gen Refr lst e f g (is ser A
10758 12 106 100
NY Gas El Lt & Pow g 0-1948 J D 10758 Sale 10758
1043
4
5 10112 108
Good Hope Steel & sec 7s1945 A 0 10012 Sale 9912 10058
9
/ 94
1
4
2 92
994 103 2Purchase money gold 4a-1949 F A 9358 Sale 9312
9358
38 104 108
/
1
4
Goodrich (B F) Co 1st 618_1947 J J 10458 Sale 10458 107
NYLE&WCA RR 530_ _1942 MN 103 _ _ 101 July'28 -- -/
4
Goodyear Tire & Rub let 88-1941 MN 12038 Sale 12038 12012 32 12t3tt 12212 N Y L E & W Dock & Imp 501943 J 1 10158 10412 10178 Mar'27 - --- 1072
10
-year at deb g Ss_Nlay 1931 F A 11018 Sale 11018 11014 297 11018 11114 NY & Q El L & P lat g 511-1930 F A 101 103 101 June'27 iiii 10012 1014
9512 9714 N Y Rya let R E & ref 42_1942 J J --------6712 Dec'26 -___
974 4758
1st M coll tr 5s
63
1975 M N 97 Sale 9512
98 10014
9958 50
Gotham Silk Hosiery deb 68_1936 J D 98 Sale 98
-ii W.
82 Mar'27
Certificates of deposit
7912 23
5
/ 7 Dec'26 ---1
4
Gould Coupler ist a I 612._ _1940 F A 79 Sale 7878
777 87
2
30-year ad) Inc fa---Jan 1942 A 0 ____
101
1 101 102
5
/ 512 Mar'27 ---- 1
4
Granby Cone M S & P con 68 A'28 M N 101 10158 101
At IP;
CertffIcates of deposit...... -_ - ____
2214 81
11.11 102 NY Rye Corp Inc 6a.
____ 101 May'27
21
80s
2118 Sale 21
.Jan 1965 Apr
Stamped
1928 IN N 101
l35l
N
28 127 175
214 8134
148
19653 J 21
Cony deb 78
1930
Prior lien thi series A
81
8614
2
8114
143 Mar'27
2 102 10612
N Y & Mama Gas let Ca..,_ 1951 M N 10412 10512 10514 105
143 143
/
1
4
Registered
53 59
/
1
4
/
1
4
953 EiZe-1 9514
4
5612 19
31
96
943 9912 NY State Rye 1st cons 410_1962 MN 56 sale 56
8
Gt Cons El Power(JaPan)7e_1944
40
71 82
92
1962 MN 7158 73 734 June'27 --91
9474
9138 Sale 91
lat & gen a f 8346
1st cons 830 series B
1950J
104
104
3 1023 10612 NY Steam 1st 25-yr0set A.1947 M N 10634 Sale 10634 1074
4
Great Falls Power 1st a f 58.-1940 MN 104
3 10514 10714
9912 37
9912 9858
9852 100
Hackensack Water lat 4a
/
1
4
1952 J J 89 ____ 89 June'27 ---.1 864 89 NY Telep let & gen is f 4378_1939 MN 99
9312 95
30
95 ____ 95 May'27
11014 67 110 111:a
-year deben a f 138---Feb 1949 F A 110 11012 110
Hartford St ay 1st 4s
1930 M
2
10814 49 1077 109
97
8
954 98
20
-year refunding gold 60_1941 A 0 1084 Sale 108
Havana Elea consol g Se
1952 F A 9634 ___ 9634
25
88
9614 9834
9812 16
1946 J 0 9812 Sale 9614
873 9038 N Y Trap Rock let tls
4
4
Deb 530 series of 1926._1951 M S 8754 8812 873
1 10014 10314
10112
3
Hershey Choc 1st & coil 5;461940 3 J 102 Sale 10134 1024 43 10134 103 4 Niagara Falls Power 1st 58-1932 J 3 10112 10238 10112
10012 13
98 10112
Ref & gen Be
Jan 1932 A 0 105 Sale 105
1 10314 106
105
Hoe(R)& Co lst6 Me ser A-1934 A 0 100 Sale 100
9858 13
9112 10112 Nies ',tick & Opt let 5/1 A...1956 A 0 10258 Sale 102
8
9912 983
10258 21 10014 103
Holland-Amer Line Os(fla11_1947 1W N 99
9858 187
90 9514
904 58
9812 98
/ No Amer Cement deb 61is A.1940 M 5 904 Sale 90
1
4
Hudson Coal lit s 1 53 ser A4962 J D 9858 Sale 9812
974 130
103 --i 102 103-,8 No Am Edison deb 58 ser A-1957 M 5 97 Sale 964
9614 981
4
Hudson Co Gas 1st g 58_ -1940 MN 103 Sale 103
131 10152 1021 Nor Ohio Tree & Light 6s...1947 M S 974 Sale 9634
8 102
/
4
10134 102 1015
/
1
96 9958
/
1
4
97
/ 36
1
4
Humble 011 & Refining 5;0_1932 J
97 10014 Nor'n States Pow 05-Yr 58 A.1941 A 0 10034 Sale 10012 10114 37 100 1011
8
9734 97
1937 A 0 9712 Sale 973
/
4
Deb gold 5s temp
4 10414 29 10234 1043
,
4
7 1041 toot
let & re/ 25-yr 66 series 13.1941 A 0 10512 Sale 10512 10614
illUnole Bell Telephone 56-1956
D 10334 Sale 1033
9814 997 North WY lot 01 a 430 gtd.1934 J .1 9814 99 10012 Apr'27 ---9838 24
8
98 100
/
1
4
4
973 Sale 9714
Mimi° Steel deb 430
10034 10 100 1023 Ohio Public/Service 714e A-1946 A 0 11514 Sale 11514 11514
3 114 116
4
g 100 Sale 100
Baader Stee !Corp a t 7s.
.11111
0
0
6% 17
63
2 11334 10 1
99
32
J A 11412 11434 11412 11454
F 3
9814 99
let & ref 719 aeries B
Indiana Limestone 1st s I 6s_1941 M N 9814 Sale 9814
/
1
9812
4
99 Ohio River Edison let 61 1 9 8 F A 10614 Sale 10614 1064 21
98
1947
9
44
Ind Nat Gas & Oil 58
1936 I'd N 9818 Sale 9818
6
90 93
/
1
4
4 10312 1051 Old Ben Coal let 64
/
4
4
9214
9214 9212 9214
Indiana Steel 1st 58
1052 MN 10414 1043 10414 1044
0:103
9
0ps
10012 10012 Ontario Power F let 58_1943 F A 103 ____ 103
2 1
103
.N
Ingersoll-Rand 1st Se Dec 311935 1J 100t2 ____ 10012 May'27
10314 28 101, 10414 Ontario Tranamlasion W-1945 MN 10112 10212 1017 June'27 ---- 100 1017
/
1
4
2
8
8
103 Sale 103
Inland Steel deb 51
1945 M N
/
4s
38
10
9312 96
/
1
4
95
983 1015 Otis Steel 1st M6* ser A _ _ _194 I 61 S 95 Sale 94
4
4
99
.
8
9934 983
98
Inspiration Con CopPer 61is 1931
84
11 Apr'25
---- --- Pacific Gas& El gen & ref 58.1942 J J 10012 Sale 10012 101
Interboro Metrop coil 430__1950 A 0
in 13 Nov'26
17
99 410114
8
_.pac Pow & Lt 'sutra!20-yr 56'30 F A 101 Sale 10018 101
.
iir, .. 038
Guaranty Tr Co ate dep......
10278 24 1014 1022
7
Pacific Tel & Tel 1st 58
7
4
1937 J J 10238 Sale 102
7812 -i§e
-;/
734 Sale 773
Interim-0 Rap Trait lot 58_1966
9 1014 103 4
1
7812 392
7518 7914
Ref mtge 55 series A
1952 IN N 10218 10214 10238 10278
4
J J 773 Sale 7734
Stamped
/
1
4
154 102 10612
14
7812 8258 Pan-Amer P & T cony 8 f 81-1934 M N 10258 Sale 10258 103
80
7812 8012 7914
10
-year 68
98
188
1st lien cone 10-yr 7s
963 99
8
1030 F A 10514 10538 1054 10514 11 10411 Iowa
14 S pg sale 9738
10
-year cony 7% notes
92 1004
9312 20
/
1
8158 90 Pan-Am Pet Co(of Cal)cony 65'40 . 17 9212 Sale 9212
87
864 8784 8812
6
Int Agrie Corp 1st 20-yr 56_1
98 101
9834 30
69
83 Paramount-Bway 1st 530_1951 1 .1 9812 Sale 9838
7312
1
Stamped extended to 1942._ M N 7218 79 7312
9178 31
83 93
/
1
4
9112 92 9034
9558 1027 Park-Lea et leasehold 6148_1953 .,
8
Sale 100
10018 286
Inter Mercan Marine a 166-1941 A 0 100
14
98
59
103 ____ 103 June'27 --__ 10214 103
97 9912 Pat.4 Passaic0& El cons 58.190
International Paper 58
1947 JJ 98 Sale 9712
32 100 10014
100
97 103 Pathe Exch deb 71 with war.1937 111 N 100 Sale 100
/
1
4
Ref s I 68 set A
i955 1W S 102 Sale 10112 10214 131
994 101
8
s 997 Sale 9914 10012 48
9714 102
9858 140
Penn-Dixie Cement Its A _ _ _1941
Cony deb Gs
1941 A 0 9818 Sale 98
11358 114 11358 11358 11 1134 115
1.
9814 987 Peop Gas & C let cons g (18. _1943
9834 90
8
9858 Sale 9814
Stamped
1 1014102¼
102
10812 519 107 118
2
Refunding gold 0
1047 0 5 102 1021 102
108 Sale 107
Int Teiep & Teleg cony 5348 1945 M
/
1
4
994 99
/
1
9912 ___ 9914 Apr'27 -__
921
/
4
924 211
92
Registered
9218 Sale 92
Deb g 440
/ .
1
4
68 10414 11114 Philadelphts Co coli In Ca A_1944
A 10412 Sale 10334 10412 21 103 1047
4 110
4
J
Jurgen@ Works tia Mat ptice)-1947 3 j 1083 Sale 1083
82
19
/
1
4
/
1
91 1004 104
102
4
w El 1013 Sale 101
104
104
92 103 1057
16-year cony deb 510____1938
2
104 10412
Kansas City Pow & Lt 10_1952 M
28
9912 10212
102
Phi% & Reading C & I ref 55_1973 .1 J 102 Sale 101
1st gold 4;0 series B
1957 J J 9818 9812
166 --I14 115514 111:16-12 Plerce-Arrow Mot Car deb 881943 M 13 99 Sale 9834 99 10 9112 10714
'3
Sale
4
Kansas Oat & Electric 613. _1952 Id S 1053
994 10412
3 106 4 108,2 Pierce 011 deb s f 8s_Dec 15 1931 J D 10114 105 10412 June'27 ---06
758 10758
3
8
Kayser (Julius) & Co let a I 78'42 F A 1075 10734 10
10512 20 1024 10512
94
96
95
9758 Pillsbury Fl Mille 20-yr (le_ _1943 A 0 105 10512 105
8
Cony deb 530
1947 M S 955 Sale
99 100
98
15
Pleasant Val Coal ist g s f 58.1928 .1 .1 9814 9834 99 June'27 --9712
8
965 997
2
98 Sale
Keith (B F) Corp let 05
1946 M
911 9212
/
4
9218 June'27 ---25
99 10614 Pocah Con Collieries let ii f 561957 J 1 9212 94
Kelly-Springt Tire8% notes-1931 MN 108 Sale 10512 106
2 1033 1063
8
4
9512 12
Port Arthur Can & Dk Os A_1953 F A 10434 105 10434 105
93 98
954 9514
95
!Wotan Tele!) Co let 58_1935 J
/
1
4
_ 10312 1037
4
4
1034 Mar'27
let M 611 series B
1953 F A 1043 ---- 1043 June'27 --- 104 105
8
Kings County El & P 56
1937 A 0 10412
1 12414 126
/ Portland Else Pow tat 88 B_1947 M N 10018 Sale 10018 10018 16 100 102
1
4
1997 A 0 1264 ____ 1264 12612
Purchase money 60.
997 101
a
1
9978
994
Portland Gen Mee let 55-1935 J J 9978 101
88
5
82
8214
Kings County Elev let g els 1949 F A 8214 Sale 8214
944 97
5
9612
24
82
Portland Ry let & ref fia
1930 M N 0612 963g 964
86
81
1949 F A 8158 Sale 8152
Stamped guar 4s
18
913 0612
2
957
3 10112 10412 Portland Ry L & P let ref 55.1942 F A 9512 Sale 9512
,
104 ____ 1044 104 8
Kings County Lighting 61-.1954 J J
/
1
4
8 100 102
/ lOO7
1
4
e
lot lien & rel Co series B. _1947 IN N 10078 Sale 100
11214 118
19543 J 117 11812 118 June'27 First & ref 630
7 10612 108
107
9 99 10512
10314
let & refund 71411 settee A-1946 M N 107 Sale 107
Einney(CIR)& Co 734% notes'36 J D 99 Sale 99
94
9732
19
941
25 102 104
eressed Steel Car cony g 621_1933 J 3 94 Sale 94
Kresge Found'n coil tr 6/1-1936 1 D 104 Sale 10314 104
JULY 2 1927.]
THE CHRONICLE
New York Bond Record-Concluded-Page 6
PONDS
N. Y.STOCK EXCHANGE
Week Ended July 1.
743
.
Week's
&We OT
tart Sale
;4E1
eV4
Range
Since
Jan. 1.
1110k NO Low
Ask Low
Bia
111011
Prod dc Ref f 80(with warts)'31 in 111 Sale 11112
11112 20 111 1131k
Without warrants attached_ _ _ in 111 1111e 111
7 110 11112
111
Pub Serv Corp of NJ sec 6e_1944 FA 10534 Sale 10512
/
1
4
10714 36 103 10712
Sec g 54s
1956 Ji 1017 Sale 10112 102
8
49 10112 103
Pub Serv Elm & Gas 18E5481959 A 0 1053 10614 10514
10512 12 1043 106
8
4
lot & ref files
1964 A 0 10518 Sale 10514
10510 15 104 1063
4
Punta Alegre Sugar deb 78_ _ 1937 J J 10812 Sale 10812 10912
7 107 11112
Rand Bardex 5),s (with warr)'31 J J
109 May'27 -10212 19018
Without stock our warrante
102 June'27 - 100 102
Remington Arms 10
1937 MN
9638 Sale 9512.
9518 98
963
4 35
ReDub I & El 10-30-yr 5s s f 1940 *0 10012 10112 10012 1003
6 10013 10312
4
Ref & gen 5 Y,s series A _ _1953 J J 10012 Sale 1003
9838 10214
8 10114 18
Rheinelbe Union 78 with war 1946 ii 117 Sale 1153
4
4
11614
4
7 1133 1263
Without sth purch warte_1946 J
8
9812 10112
9914 Sale 983
9878 48
Rizine-Main-Danube 78 A
1950 NI $ 10134 102 10112 1013
4 13 101 12 10412
Rhine-Westehalla Elee Pow 7e'50 MN 10314 1031 10314
8
10312 14 1013 105
4
Rime Steel lot s1 75
1955 FA
96
43
933 98
96 Sale 9534
4
Robbina & !dyers 1st el 70_1952 JD 50
55
55
55
85
55
2
Rochester Gan es El 7s ser B..1946
S 11114 11112 11114
2 111 11214
11114
Gen mtge 6.1-Zs eorlea C_ _ _1948 MS 10512 -_ -_ 10512 June'27 - - 105 10614
Koch & Pitts C&Ipm 5e 1948
N
9212 90 May'27 - 60
9212
90
Rogers-Brown Iron gen&ref 7s'42 MN
25 June'27 --247 4978
8
274 20
/
1
Stamped
MN 27
2514 June'27 24
50
/ 35
1
4
St Jos By Lt & Pr let 5s._ _1937
N 964 Sale 951
05
/ 9712
1
4
/
1
9
965
8
/
4
Bt Joseph Stk Yds let 4
_1930 ii 9734
97
/ 973
1
4
4
_ 9734 May'27
_
St L Rock Mt & P Ls strispd..1055 ii 783 Sale 783
4
753 811
8
/
4
4
784
/
1
6
St Paul City Cable cone 5e_ A937 ii
96
964
/
1
4
2
9514 963
San Antonio Pub Serv lot 66_1952 J J 107
____ 107
1074
5 1054 10812
Saxon Pub Wks(Germany) 7s'45 F A 12112 Sale 10138
102
20 101 104
Gen ref guar 634s
1951 MN 9714 Sale 97
97
9712 26
9912
&helm Co guar 63s
1946 J J 1013 Sale 10118
99 101%
/
1
4
10178 12
4
G tar f 0
Series 11_ _ _ _1946 AO 99 Sale 99
98 102
/
1
4
1007
s 30
Sharon Steel Hoop let 88 ser A '41 MS 10812 109 1084 10812
3 10712 10912
/
1
Sheffield Farms lot & ref 6Si e '42 AO 108 Sale 108
12 107 1087s
108
Shell Union Oils 1 deb 5s__ _1947 M N
9512 993
4
967 Sale- 9512
8
99 1683
/
1
4
Siemens & Halske a 1 7s_ _ _.1935 J
8
103
17 1017 1034
103 Sale 1017
St 64eil allot etre 5% Pci_A951 M S 1037 Sale 1013
4
1041s 134 10104 108
Sierra & Fan Fran Power 58_1949 F A
18
95 100
983 Sale 9812
.4
99
Silesia Mee Corp s
F A
9212 9814
9212
9212 10
94
91
Silesian-Am Exp col tr 7s__ _1941 F A 9614 Sale 9512
967
32
954 1014
Simms Petrol 6% notes_ _ _ _19291 M N
98 11)5
9812 40
98 Sate 98
Sinclair Cone 011 15-year 76.1937 M
/
1
/
1
4
97 1024
983 Sale 98
/
1
4
8
99
/ 127
1
4
101 en col tr 68 C with war _1927 J D 100 Sale 997
994 1021
/
4
27
100
8
let Hen Silo series B
1938 J D 9314 sale 9314
/
1
4
9214 102
9538 133
Sinclair Crude Oil 3-yr Bs A.1928 F A 10014 Sale 100
99 1014
/
1
4
10014 56
Sinclair Plea Line of 55
1942,A 0 9212 Sale 9212
23
914 954
93
/
1
Skelly 011 deb of 53
1939 111 S 9414 Sale 944
-Is
/
1
944 95
/
1
95
159
Smith (A 0)Corp let 6/
1
28_1933 MN 10112 11117 10112 10112
4
8
2 101 12 1023
South Porto RIco Sugar 78_1941 J D 1084 109 109
109
,
3 107 109 4
/
1
South Bell Tel & Tel lots 1501941 iJ 10214 10312 1023
2 10212 10414
4 1023
4
Southern Colo Power de A_ .1947'3 J 1023 10314 1023
10314 13 10010 10412
4
4
S'west Bell Tel let & ref 50. 1954 F A 1033 Sale 1033
4
1037
4
4
8 29 1023 10412
IIPring Val Water 1st g 5e-....1943 51 N 99 10012 993 June'27 -- _ _
8
8
9812 100,
Standard Milling 1s1 58
1930 M N 1003 1017 103 June'27
8
4
- 100 103
lst & ref 51he
1945M S
8
4
10214 10214
10214
5 1017 1033
Stand 011ef N J deb 5e.Dec 15 '46 F A 10218 Sale 1017
10214 102 1013 1028.
4
8
Btand 011 of N Y deb 44a
1951 J D 944 Sale 94
96
94
941 332
/
4
/
1
Stevens Hotel lot Os eer A.._1945
J 10018 1001 100
99 102
1001 22
/
4
/
4
Sugar Estates (Oriente) 711_1942 3.1
100
8
984 10012
100 Sale 9912
Superior 011 1st e 1 7e
1929 F A 1013 Sale 1013
993 103
4
4
4
1013
4
5
Syracuse Lighting let g 5e
1951 .1 D 10414 ____ 10418 June'27 - - -- 10234 10418
Tenn Coal Iron & RR gen 50_1961 I .1 104
8
____ 1051 1 June'27 _ _ 103 1051
Tenn Copp & Chem deb 68_ _1941 A 0 9812 Sale 981e
9514 10114
99
/
1
4
5
Tennessee Elec Powlet 60... 1947 J D 107 Sale 1064 107
20 1054 10712
/
1
Third Ave let ref 48
1980 J
71
63
694 Sale 69
Ad)Inc Ile tax-ex N Y Jan 1960 A 0 5814 Sale 57
5812 6211
/
1
4
69% 4551
5874
Third Ave ity let g 5s
1937 J
3
8
97 100
100
991 Sale 997
Tato Elec Pow let 7s
1955 M E 97 Sale 96
944 9914
973
8 50
J 97 Sale 96
9,14
6% gold notes _ _ _ _July 16 1929
94
97
/ 20
1
4
Tokyo Elec Light 8% notes_1928 F A 9814 Sale 984
/
4
9812 83
971 100
Toledo Edison 1st 78
1041 NI S 10812 Sale 10814
10813 42 107 4 10814
3
Toledo Tr L & P 5 % notes 1930'3 J 10014 Sale 10018
083 100 4
4
43
1001
,
Trenton 0 & El let g 55......_1949 1111 S 103
____ 10238 Apr'27
1023 1024
8
Trumbull Steel lot e f Ss _...1940 M N 100 Sale 100
971r 10114
10012 24
Twenty-third St By ref 5s
J
1962
61
674
61 June'27
56
61
Tyrol Hydro-Elm Pow 7lie-1955 M N
9814 Sale 98
19
08 10214
100
Uneaten El Pow sf70
937g 27
1945 M
98 Sale 9712
9512 100
Uladerged of London 43;s_ _1933 J J 9534 963 96 June'27
4
954 96
/
1
Income Is
_ _ _194S ___ _
067 98
974 9912 98 June 2 - _
8
Union Elec Lt & Pr(Mo)6s_1932 H S 102 10212 102
102
3 10114 10212
Ref & est 5s..
1933 NI N 1011 Sale 1011 1013
/
4
/
4
8 10114 1023
4
4
Un E L&P(111)lets 51-iseer A14154 .1 .1 104 Salo 10334
104
44 1013 105
4
Union Eiev By(Chic)6e_ _ _1945 *0 84
854 84 June'27 - _
/
1
81
85
/
1
4
Union 011 let lien s I 58
1931 J J 102
____ 102 June'27 10112 102
30-yr fis series A
May 1942 PA _ _ __ 107 10712 June'27 - _ _ 10712 109
lot lien of 5s Series C Feb 1935 A 0 9612 Sale 96
9612 13
96
997
8
United Drug 20-yr Be_Oct 15 1944 *0 10712 Sale 107
108
9 10612 10812
United Fuel Gas lot 016s___1936'33
10512 June'27 - -- 1024 10514
United Rya St L 1st g 48....1934 .1 .2 80 Sale 80
8012 16
76
81
United SS Co 15-yr 68
1937 MN
95 Sale 9418
96
69
90
9712
Ern Steel Works Corp 63.s A _1951 3D 10334 Sale 1024 104
/
1
108 10212 106
Without stock pur warrants_ _- J
97 Sale 9618
97
9
964 973
s
JD 10312 Sale 10312
Series C with warrants
1041
/
4
6 103 1054
Wthout stock our warrs_ Jo 9512 98 101 June'27 ---_
97 101
United Steel Wks(Germany)7e'51 *0 10112 Sale 1003
4
10134 42 100 10214
United Stores Realty 20-yr 60'42 *0 10518 Sale 105
1034 1051 2
1044
13
J 88 Sale 88
US Rubber let & ref Eei eer A 1947
/
1
4
-51
88
967
8
.1
.1
Registered
941 Feb.27
/
4
/
4
944 911
10-yr 73.1% secured notes 1930 PA 103 Sale 103
10414 37 103 106 4
3
S Steel Corp(coupon Apr 1963 MN 108 Sale 10738
108
108 1064 10'02
N
If 10-60-yr &sin gist_ _ A nr 1963
1067 June'27 - - - - 10534 108
Universal Pipe & Bad clab 681936 J
8812 SalS 8 12
8714 90
8914 34
8
947
Utah Lt & Trac let & ref 58_1944 AO 9414 Sale 9418
34
93
/ 951
4
/
1
4
1944 F A 99 Sale 9838
Utah Power es Lt let Is
9914 51
973 100
8
Utica Gas & Elea ref & ext 581957 J J 1(133 Sale 103
4
/ 10334
1
4
4 10215 104
Yertlentos Sugar lot ref 78_1942 J
100 Sale 9912 100
12
983 101
4
Victor Fuel lots I 58
1953
63
67
65 June'27 _
564 65
Valron Coal & Coke 1st g 55 1949 MS 9312 954 934 June'27 -- - _
/
1
/
1
934 953
4
Va Sty Pow lot & ref 53
10018
1934 ii 9912 Sale 9912
5
985 10014
8
Walworth deb 8 l2s(with war)'35 A0 89
9178
2
913 917
4
917 9612
e
lot sink fund Bs serleo A_ _ _1945 *0 94 Sale 9312
94
12
9112 97
Warner Sugar Refin 1st 78...1941 3D 106 Sale 10514
106
27
917 10712
8
Warner Sugar Corp lot 7s__ _1939
J
9218 91
91
91
16
7818 9814
Wash Water Powers!50__ _1939 J
____ 103 Apr'27 - 103
102 103
/
1
4
Weetches Ltg g 58 etmpd gtd 1950 JO 103 104 104 June'27 _ _- 1023 101
8
West By Coal let 7s
/
1
4
1944 MN 102 1038 10212
104
8 10112t104
West Penn Power am A Is.. 1946 M
10214 Sale 10214
10234
2 1004 10234
lot 50 series K
1963 MS 102 - -- 1013
4
1013
4
6 10014 10312
let 53.10 eerie() I'
105
1953 AO 105 Sale 105
11 10412 1051/4
let sec 50 series(3
D 10112 Sale 101
1011 32 100 102
1956
/
4
/
1
4
West Vs C & C let (ia
77
77
1950 ii
77
3
77
80
Western Electric deb 58
8
10314 59 10118 10314
1944 AO 10314 Sale 1023
8
Western Union coil tr cur 58_1938 J J 1012 Sale 1033
1033
8
7 1011 10514
/
4
Fund & real est g 4li3
9812
9812 9 12
2
8
95 100
1950 MN 98
8
15
-year 6 Sis g
11214 24 1114 1137
19311 PA 11112 Sale 1113
8
-year gold Ss.
1951 JO 102 Sale 10112 1027 128 101 10314
26
Wallowa E & M 20-yr g 59_1946 MS 10214 Sale 102
10212 113 101 10314
Westphalia 1.7n El Pow 6 3.ia.1950 JO 94 Sale 94
9914 43
9912
94
9912 56
Wheeling Steel Corp let 5148 1948 J J 99 Sale 9312
9634 100
124 Sale 123
White Sew Mach 6s(with war)'36 J
127
/
1
68
973 1314
4
44 June'27
38
Wickwire Spen St'l let 78_ _ A935 J J 26
40
58
Wickwire Sp SO Co 7s Jan 11)35 MN 30 Sale 30
3012 57
30
52
Willye-Overland e I 6,
8
1017
193.3 H S 101% Sale 1017
8 22 1013 1037
5e
8
4
/
4
/
1
Wilson & Co let 25-yr s f 68_1941 A 0 994 Sale 991
9934 17
9731 102%
10612 12 10412 10612
Winchester Arme 7 tie
1941 A 0 106 107 106
10431 181 1034 105
Yonorn Sheet & T 20-yr 60_1943 J J 10414 Sale 104
Quotations of Sundry Securities
8!
All bond priers are "and interest'. exert:A where marked "1"
Pries
Friday,
July 1.
51 1 ,21
Bid A88Sk12
Standard 011 Stocks Par
Per(7r. Datil
Public Utilities
Anglo-Amer Oil vot atock_ £1 :*173
American Gas & Electrie_t *8612 8714
*17
Non-voting stock
£1
t *1004 10212
6% preferred
108612
Atlantic Refining
100 11112 10562
Deb 68 2014
MAN 105 1053
4
100 11612 118 Am refLrght & Tref) com_100 252 25412
Preferred
per e ired
Borne Scrymser Co
25
100 115 118
Amer Pow & 1 1ght prel_ 100 102 104
Buckeye Pipe Line Co_ _ 50 555
6 2 :6
.0
Chesebrough Mfg Cons_25 *103
Deb
M&S 1054 106
1718 Amer Public Util corn..
Continental 011 v t e
10 *17
72
.100 57
CumberiandPipeLine___100 8912 92
95
7% Prior preferred_ _ __100 95
56
Eureka Pipe Line Co____100 .54
88
preferred100 87
Farb, preferred
612 8 Associated Elec 5 SO'46A&0 98
Galena Signal 011 com___100
/ 9914
1
4
Preferred old
48
100 44
AssocP Led Gas & Elec com.t •18
20
37
Preterre!new
100 34
Orilual preferred
53
t *51
4
Humble Oil & Refining_ _ _25 *563 57
$1
9 *41, 100
4
2
*4134 14214
14
4
Illinois Pipe Line
Sol preferred
i preferr
100
Imperial 011
47 preferred
t *100 104
Indiana Pipe Line Co____50
Blackstone Val G&E com_50 *132 135
79
International Petroleum_ -- t :20 7114 Com'w'ith Pr Corp pret_100 98 95
2
9
12
National Transit Co..12.50 *1518 154 Else Bond & Share pref _100 10714 108
New York Transit Co_ _100 33
35
72
Elm, Bond & Share Secur t *71
Northern Pipe Line Co_-100
18
181
Lehigh Power Securities_ _ _ t
Ohio 011
5912 Miesiesippi Riv Pow pre/.100 101 10212
25 *59
Penn Hex Fuel Co
25 *264 28
4
First mtge 55 1951_ _J&J 1013 1024
Prairie Oil& Gas new_
25 *4712 48
MAN 9512 9612
Deb 5s 1947
Prairie Pipe Line new..
_100 175 176
National Pow & Light Orel- t *1112
Solar Refining
100 180 182
6a
North States Pow com__100
Southern Pipe Line Co -50 *1712 1812
Preferred
100 105 108
South Penn 011
3512 Nor Texas Elec Co com_100 23
25 *35
26
Southwest Pa Pipe L113(30.100 *66
70
Preferred
Standard 011 (California).- *5212 52% Ohio Pub Serv, 7% pref_100 167 108
5
69
190 0
12 663 Pacific Gas & El let prof __25 *26
4
Standard Oil (Indiana).
-2 *66
2612
Standard 011 (Kanilas)_ _ _25 *go
164 Power Securities corn
/
1
9
t 06
Standard 011 (Kentucky).26 ill 112
30
Second preferred
t *27
Standard 011(Neb)
444
/
1
26 *43
94
191
Coll trust Se 1949___J&D '
Standard 011 of New Jer. _25 *3618 363
8
86
Incomes June 1949__F&A 84
Standard Oil of New York.25 *30
303 Pue.q Sound Pow & Lt _100 31
8
32
Standard 011 (0/110)
74
90
25 *73
100 87
6% preferred
Preferred
0p
100 1184 119
100 *10712 1091:
7% preferred
Swan & Finch
6
100 1714 182,
145 9
alf 5!.49 _t1:D 100
lot Are E4 ,0 18% _p 25 *3 14
Union Tank Car Co
100 112 114 South
Vacuum OH
25 *13114 132 9,and GA E
or pf _ _100 107 161"
Washington 011
10
Tenn Elec Power lot pref 7% 10512 10612
Toledo Edison 7% pref 100 107 108
Other OH Stocks
1
100 115 116
8% preferred
Atlantic Lobos Oil
t *75c 1
Western Pow Corp pref _100 99 102
Preferred
8 5 Chic It 5th Ld Bk Bonds
50 *23
Gulf 011
25 *9014 91 531s Nov 1 1951 opt 1931_
101
Mountain Producers
10 *2312 23 58 Nov 1 1951 001 1931..
/
1
4
100
National Fuel Gas
100 *224 23 50 May 1 1952 opt 1932_.
100
Salt Creek Consol OIL AO 0614 6812 41.b is Nov 1 1952 opt 1932..
100
Salt Creek Producers_ _ _ _10 274 28 41.18 Nov 1 1952 opt 1932..
98
100
448 May 1 1963 opt 1933..
Railroad Equipments
100
58 Nov 1 1963 opt 1933_.
Atlantic Coast Line de
5.00 4.851 434e Nov 1 1964 opt 1934_
98
Equipment6 Hs
4.65 4.601 434e Oct 1 1965 opt 1935._
98
Baltimore & Ohio 68
5.00 4.90! Pae Coast of Portland,OraEquipment 43Is & 5e
4.611
te; 1955 opt 1935...M&N 10114 103
Buff Roth & Pitts equip 60_ 4.85 4.70
6a 1954 opt 1934_ __M&N 10118 10238
Canadian Pac:flc 44e & Se_ 4.70 4.50
Sugar Stocks
Central RR of N J do
5.00 4.85 Caracas Sugar
3
50
Chesapeake & Ohio 65
5.00 4.90 Cent Aguirre Sugar com._2C •103 105
Equipment630
4.70 4.60 Fajardo Sugar
__ 100 *155 157
Equipment58
4.55 4.45 Federal Sugar Ref com_ _10C 30
40
Chicago Burl & QuIney Be_ _ 5.00 4.90
65
Preferred
109 55
Chicago & North West 69.... 5.00 4.90 Godchaux Sugars,Ina
1
*1
3
Equipment 348
4.70 4.60
35
19
100 12
Preferred
Chic R I& Pac 43-0 & 50... 4.80 4.65 Holly Sugar Corp com___ _1 .32
Equipment68
5.05 4.95
85
106 80
Preferred
Colorado & Southern 6s__
5.10 5.00 National Sugar Refining _100 140 143
Delaware & Hudson 135
5.00 4.90 New Niquero Seger
70
100 60
Erie 431e &
5.00 4.75 Santa Cecilia Sue Corp 0100
Equipment fis
5.15 5.00 Savannah Sugar corn
t *fii" 11_ Great Northern 68
5.00 4.90
23
0
100 *117 17
Preferred
Equipment 58
4.65 4.05 Sugar Estates Oriente p1.10(1 65
flocking Valley Es
0.0,) 4.50 Vertiente,Sugar Pf
70
100 68
Equipment Bs
5.00 4.90
Tobacco Stocks
Illinois Central 43 & 5a
4.50 4.40 American Cigar com
-Is
100 116 120
Equipment65
5.00 4.90
100 100
Preferred
Equipment 7e &6 lie
4.70 4.80 British-Amer Tobac ord__ Li .24
25
Kanawha & Michigan 6o_ _ 5.00 4.90
LI
Bearer
Kansas City Southern 540_ 5.10 4.85 Imperial Tob of
:
2114 2 12
2
&
4
5
Louisville ds Nashville So._. 5.00 4.85 Int Cigar Machinery New100 *51
53
Equipment 63-2e
75
4.65 4.60 Johnson Tin Foil et Met_100 60
Michigan Central 6s & Is..,_ 4.95 4.75 MacAntirews & Forbes.
41
4212
Mfnn St PA S S NI 4 tie & 5e 5.10 4.85
Preferred
100 102
Equipment 645 & 7s
5.10 4.80 Mengel Co
24 if101
Missouri Pacific Os & 6 As
46
4.90 4.75 IIInive
ed
rr e l Ioaf Tob corn ..t .45
Mobile & Ohio 50
4.75 4.60
rerr
100 109 112
New York Central 4}is & 56 4.50 4.40 Young (J 5) Co
100 100 106
Equipment 6s
4.95 4.85
102 105
Preferred
Equipment7s
4.65 4.60 Rubb Stks(aired guotalr
i s
*6
Norfolk & Western 430._
4.50 4.40 Falls Rubber corn
Northern Pacific 7o
Preferred25 *8
19
4.70 4.60
Pacific Fruit Express 7e_.
4.65 4.60 Firestone Tire & Rub com.10 13512 138
Pennsylvania RIt eq Ss es 68 5.00 4.50
100 10412
6% preferred
Pittab & Lake Erie 6 lie_
100 10212 104
4.70 4.60
7% preferred
Reading Co 494o & 58
4.50 4.40 General Tire & Rub con_ _25.._ 155
St Louie & San Francisco Es_ 4.70 4.55
100 *1003- 11012
- 4
Preferred
Seaboard Air Line 5140 & Be 5.15 4.90 Goody'r B & R of Can p1190 9913 100
Southern Pacific Co 4 Am_ _ _ 4.50 4.40 India Tire & Rubber new .9 *24
25
Equipment 7e
4.65 4.60 Masonerrire & Rubber com-t *214 24
aof T ed
ren
Southern Sty 43Is & 5s
22
4.60 4.30
100 20
Equipment fie
5.00 4.90 Miller Rubber preferred_100 *99 100
Toledo & Ohlo Central 6s..-_ 5.05 4.90 Mohawk Rubber
100
Union Pacific 75
100
l'referred
4.65 4.60
274
Selberling 'Fire & Rubber__ t •27
Short Term Securities
Preferred
100 9912 100
Anaconda Cop Min 6e'29J&J 102 10214
Water Bonds.
Chic R I dc Pan 58 1029.J&J 10014 10012 Arkan Wat lot 58'56 A.A&O 944 9514
5% notee 1929
Me/S 10014 10012 131rmWW 1st 5SeA'54.A&O 103 104
44% notes 1928_ _J&D 993 100
.
let M 58 1954 ser B J&O 100 104
4
Federal Sug Ref 60'33.M&N 86
89 Butler Wat Co e f 58'27.J&J
Missouri Pacific 58'27__J&J 100 10014
So Sept 2 1931____M&S 1 961 98
Sloss-Sheff S & I 6s'29_F&A 10214 103 City W(Chatt)534s'54A J&D 1024 10312
let NI 5s 1954
99
Indus. & Miscellaneous
City of New Castle Water D 98
American Hardware
8
25 *.e7
95
80
58 Dec 2 1941___J&D 1 93
Babcock & Wilcox
1011 113 115 Clinton WW 1st 5s'39_F&A 9612 9712
Ells (E IV) Co
r *2
0
2112 Com'w'th Wat 1515340* '47 10212 10312
Preferred
50 *5
65 Connellsv W SsOct2'31IAAO1 92 934
Borden Company corn_ _50 *10
111
E St L dr Int Wat 5s '42.J&J 9512 96
Celluloid Company
100 47
52
1st NI Os 1942
03
103 104
Preferred
96 Huntington 1st 6e'54__MIE1
100 92
Childs Company pref. 100 118 120
9612 W158
.2
Fink (A) & Sons, Inc
Mid States WW (18'36 M954 101
1 414
,
let e f 63.s May 2'4211I&N 9834 9914 MonmConW let 5s'56AJ&D 94
95
Hercules Powder
9912 100
100 188 193
Mown Vol Wt 5
'50 ISA
Preferred
100 117 11812 Muncie WW 5s Oct 239 A01 95
Internal Silver 7% pref _100 *119 122 St Joseph Water 5s 1941A&O 9714 94
Lehigh Valley Coal Sale8.50 *92
94 Shenango ValWat 58 56.4.&0 93
94
Phelps Dodge Corp
100 110 115 So Pitta Wat lot 501960 J&J 9712 9812
Royal Baking Pow com_100 225 232
let NI. 5s 1955
FAA 9712 99
Preferred
100 103 105 Ter H WW (is '49 A J&D 102
Singer M anufacturing _ _100 380 385
1st NI 58 1956 ser B F&A 951,
Singer Mfg Ltd_
LC 4.5
Wichita Wat lot 6o'49_M&S 103
-1
let M 58 1956 Her Ii P&A
1,
4.501
•Per share. t No par value. b Basis d Purchaser also pays accrued dividend.
I New stock. I Flat price. k Last sale. n Nominal.
Ex-dividend. v Ex-rigbts.
r Canadian quotatlen. a Sale price.
78
BOSTON STOCK EXCHANGE-Stock Record se
.
:
B e
rpage
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday,
June 25.
Monday,
June 27.
Tuesday,
June 28.
Wednesday, Thursday,
June 29.
June 30.
Friday,
July 1.
Sales
for
the
Week.
STOCKS
BOSTON STOCK
EXCHANGE
Lowest
Shares
Railroad..
214 Boston & Albany
183 183
•x18212 185 18212 183
100
18212 18212 *218214 183 182 183
413 Beaton Elevated
8214 8212
82
100
82
8238 8114 8214 8114 82 *r81
813 82
4
--------47 Preferred
*2 9
3
1
993 *29918 100
4
100
100 100
99
9918 *29812 100
37 let preferred
*111312 _-_- 11111312 __ _ 11312 11312 *211312 _ ___ 11312 11312 ---- 100
/
4
118 211 preferred
105 105
105 105
100
106 106
10418 10418 105 106
104 105
4
6112 62
100
825 Boston & Maine
6112 617
6012 6112 *6012 613
61
6112 61
8 61
Preferred
_ ____ ____
_ ____
100
5 Series A lrit pref
ii ii *Ai 100
ii
ii
ii •293 - Cx_„_ - sx_„_ -W ____ ____
*2127
___ 12812 12812 *212812 130 *212812 130 *212812130 --------10 Series B let pref
100
*2116 1717 *2116 117 *2116 117
30 Series C 1st pref
.
116 116 *210312106 _ _ _ ---100
*2155
__ 160 160 *2160
*2155 ---- --------25 Series D lst prof
___ *2160
100
10712 10712 10912 10912 10912 10912 *2108 10912 *x108 10912 10912 110
204 Prior preferred
_+219712 _ __ *219812_-- *219812 _ __ *2200
_ ___ _ _ Boston & Providence
_ ____
___ *2200
100
3114 3112 *3114 3312 *3114 3212 *3114 3212 *3114 --120 East Mass Street By Co-160
3114
3212 3012 --70
--------80 let preferred
70
6612 67
68
72
3
.64
7312 68 68
100
140 Preferred B
67
67
_
*66
*66
66
66
__ *66
66
66
100
47 17
4712 4712
305 Adjustment
47 if
48
47 17
100
*47
46
47
6912 6912 1,745 Maine Central
6814 6812 6814 6814 6812 6834 683 6912 6912 70
4
100
8
4 5214 531s 2,248 NY N H & Hartford
53
/ 544 503 537
1
4
8 5118 523
/
1
100
8 51 18 5214 513 523
4
7 Northern New Hamm:Mire-100
*9912 _-__ *9912 ____ 9912 9912 * 4 ---- ---- ---993
____ ____ ____
Norwich & Worcester pref_100
..2140
___ *2140 145
*2140
_ 3
*2140
___ *2140
13512 13512 135 135
13512 13512 --------86 Old Colony
100
135 135
135 c3.5
Vermont & Massachuaetta_100
*111 114 *111 114 *111 113 *111 113 3
_- ____
.111 113
MISCellatleOUS.
312 312
565 Amer Pneumatic Service-25
314 3
4
14
314 33
3
3 14 *3
314 312
312
*1812 19 *21812 19
75 Preferred
19
19
19
19
50
19
19
1812 19
4
/
4
8
162 16278 16114 1623 1611 16212 1613 16214 1,260 Amer Telephone & Teleg_100
163 16418 16238 164
/
1
4
No par
996 Amoskeag Mfg
5612 563
4
57
57
5612 57
5634 57
5612 563 *508 57
8
No par
45 Preferred
783 783
4
4 80
4
4
80 *2783 82 *1783 82 *27834 82
222 Assoc Gas & Elec class A ___
40
*4012 403 *4012 403
4
4 4012 4012 4012 4012 24014 4014 40 Atlas Plywood tr otts
*713 812 *712 No par
---- ---_ ____ _ Atlas Tack Corp
*712 8
*712 8
*712 8
8
25 Beacon 011 Co corn tr We.. __
_ ___ ____
16
16
83
8412
252 Bigelow-Hartf Carpet No iar
*83 --------------83 83
.50 .50 --------100 Coldak Corp., class AT C__
*.50
1
3
..50
1
1
*---.75 *.50
74
74
76
250 Dominion Storm, Ltd_No par
.1 277
.
7612 7612 7512 7512 76
79
7612 78
*114 2 4 *1,
,
114
10
4 2 4 *114 212 --------140
,
114
*....„.
112
*334 412
*35
8 5
*312 5
Eastern Manufacturing
*312 5
5
*312 5
*312 5
--------1,715 Eastern SS Lines, Inc
75
743
4 74
7312 7314 7314 73
6912 7112 72
25
4112 42
*4112 42
257 Preferred
42
42
No par
*4112 42
42
42
*4114 42
94
30 let preferred
94
96
96 .3294
96 *294
96 *294
*29512 96 *294
100
____
_ ___
+12
/ 13
1
4
*l2
/ 13
1
4
- Economy Grocery Stores
8
*1238
__ •123 13
*1258 15
24112 243
241 243
606 Edlaon Electrio Illum
--24014 243
246 248
100
241 244
244 247
303 304 1,773 Federal Water Sent corn
8
/
1
31
3114 31
3118 31
311 31
/
4
31
3112 31
____ _ _ __
*2512 28
*2512 28
80 Galveston-Houston Elm:1_100
*2512 28
26
26
•265 28
8
*1312 1434 *1312 14 4 *1312 143 *1312 143
4
3
4 1412 1412 --------30 General Pub Serv Corp corn_
21
21
2114 21
21
95 Germ Cred & by let pref
*20
2212 *2014 2212 2012 2012 21
595 Gilchrist Co
35
No par
343 35
4
*34
/ 3512 3412 3412 3414 3514 3412 3514 35
1
4
87
/ 8712 8714 873
1
4
873 88
4 1,403 Matte Safety Rasor-No par
8712 88
4
8812 8712 88
88
Greenfield Tap & Die
*9
93 ____ ____
4
*9
10
*9
10
*9
10
*9
10
25
*12
*12
13
*12
13
*12
13
Hathaway Baking corn
____
_ ___
12
1212 *12
3314 3314 33
33
3312 *3212 3312 33
3312 33
No vas
475 Hood Rubber
3312 --12
33
*9514 _ -- 9514 9514 *9514 - -- *9514 - -- ---- ---*9514
_
10 Kidder,Peab Armen A pref_100
--------104 Libby. McNeill & LIbby__-_10
83 - 4 3 4 91
83 _- 4 83
4
9
1
812 - 4
83
83
4 82
614 614
6
6
1,706 Loew's Theatrea
__
6'4 614
25
614 612
612 612 --997 100
g
4
9914 10012 993 10012 100 10012 11110 160
100 101
1,242 Massachusetta Gas Coe_100
141
74
7418 74
7412 7418 7418 74
7414 7414 7414 7414 74
Preferred
100
11212 11212 111 111
195 Mergenthaler IAnotyPe-No vat'
109 109
11112 11112 110 111
110 110
*210013 101 101 101 *2101
_- 10112 10112 *210012------------45 Mies Rio Pow stpd pref
100
_
3 -/ 314
1
4
3
/ 314
1
4
384 314
31 318
/
4
3
3 --------597 National Leather
10
____ ____
1,850 Nelson (Herman) Corp..
2712 28
28
28
*228
2812 28
28
2714 28
5
New Eng 011 Ref Cot?°Us.24 ____ ____
*____ 24 *____ 24 *____ 24 *__
Preferred tr ctfs
100
312 ---- ---_
3 *--_/
1
4
312 *____
3
.____
312 *____
*98 18
---- --__ _____ _ New England Pub Serv 17 pref
*9512 98
*Rs
98
*96
98 •___ 98
5 Prior preferred
*10014 ___ *10014 __ 10014 10014 *10012 ____ *210012.. _ ____ ____
47 New Eng South IdMa__No par
3
.20 .20 *--_- 2 - ---- -___
3
. .25 .50 . .25 .50 *.25 .50
0
31/4 31, *312
*3
/
1
4
_
__
*3
5
*312
__
100
Preferred
129 130
129 130
129 fig
500 New Eng Talon & Teleg-100
127 f28
12734 128
128 128
____ ____
*9018 92
92
92
60 No Amer Utll let VI full paid-.
___ *90
*92
____ *92
4414
*4414 4412 44
200 let prat 50% paid
*4414 45
45
__ *4414 *4414
38
100
878 Pacific Mills
37's 37 3712
37
3712 37
373 373
4
4 37
*3784 3
8
1914 1914 --------75 Plant (Thee G), let pref-100
25
Ms 1918 *19
18
19
*18
20
10
50 Reece Button Hole
021512 16
153 16 .
4
___- ____
1512 1512 *21512 16
*21512 16
Reece Folding Machine
112 *2114 . 112 *elle
10
__ -11
112 *2114
__ ___
112 *2114
*.z114
441 Swed-Amer Inv part pref-100
114 114
112 112
/
1
4
11314 11312 112 112
11312 11312 113 115
100
308 Swift & Co
116 1163 11618 1163
8
11614 117
8
11612 11612 11612 11612 11612 117
55 Torrington Co
25
69
69
68
68
69
68
68 3.268
69
*268
69 .268
370 Tower Manufacturing_
5
5
5
5
5
5 18
*512 512
5
5
514 514
--------135 Traveller Shoe Co TO
8
17 *2167 1712 1712 1712 *21718 18 *21718 18
17
*1012 11
1012 1012
5
55 Union Twist Drill
1012 1012 *1012 11
*1012 11
•1012 11
/
1
1,018 United Shoe Mach Corp
25
5712 5812 5812 5812 674 58
4 5714 58
5814 5714 573
58
75 Preferred
25
. 2912 2912 *2912 _...._
4 2914 2914 *22912_ *22912
2912 293
____ ____
*8712 88
10 US & Foreign Sec let pref f pd
*8712 - - 88
*8712 88
88
88
*8714 88
4
4 7812 7812 --------80 let pre 75% paid
/
1
*785 7912 7912 7912 *774 7912 783 783
8
*4
5
*4
5
-___
_ ___ -- - Venezuela Holding Corn
5
*4
5
*4,
*4
5
545 Waldor1Sys,Ino, new ab No par
2018
2012 203
4 2914 2014 2012 2012 2014 2018 *22014 2034 20 --5112 5113
37 Walth Watch ol B com_No par
5014 5014 5012 5012 *5012 53
*5012 54
*5012 54
75
100
54 Preferred trust otfs
73
73
73 *273
7212 72
72
75
75 *272
13 272
.
100
545 Prior preferred
101 101
101 101
101 101
101 101
101 101
*2101 104
18
20
*18
80
81
81
.443 __ *2443
2 4
4
*24518__ *24518
1614 1614 *1614
*
*.30
513
4412
1458
+.15
•1214
*112
*a.26
+.25
167
8
*
1.50
60
3
.2105
9
/
1
4
*De
3.
.90
*.75
*.75
3
..25
.75
*39
*19
*.05
3
533
*534
.87
•.75
*11
1514
4
*143
+20
*13
4
.35
•.21)
*4
.1
•.84
• In
1812 18
7912
80
4
____ *2443
____ *24518
____ *1614
-------------.30
.50 +.30 .50
612
512 512 *512
4412 4312 4312 43
143
/
4
4 141 1412 1412
.50 •.12 .50 41.12
1212 1214 1214 1218
112 112 *112
13
4
.40 *a.26 .60 *a.26
.50 *.25 .50 +.26
8 16
167 *1618 163
8
.85 *.50 .85 *.50
6012 5912 6014 60
*2105
*2105 _
912
912 912
-/
9
1
4
112 *114 112 *114
.95
118
11 *.90
/
4
.80 3..75 .80
.76
..90
118 3
114 *.75
.50 *.25 .50 •.25
.70 .70
.75
.55
38
39
39
40
19
193
8 19
1812
.15 *.05 .15 *.05
1912 +18
-- *18
*63
66 .63
66
614 *512 61 *55
/
4
8
.75 .80
.50
.87
+.70
1
1
*.50
11
3
.11
12
12
3
1612 1614 1612 15 4
14
15
1512 14
1812
21
2212 *20
/ *112
1
4
4 2
214 *13
.35
0.36 .40
.35 '
..20
..20 .30 3
.30 1
412
412 412
5
.90
118
118 *1
1
*.84
*.84
1
10
20
911 • in
20
365 Walworth Company
50
560 Warren Broa
151 preferred
60
2d preferred
50
---- ---_ ____ ___
------------100 Will & Baumer Candle com__
Mining.
Adventure Consolidated---25
----------- -------- ------25
25
0.25 .40 1,030 Arcadian Consolidated
.30 *.25 .40 +.25 .40 .
508 Arizona Commercial
S
512 512
514 512 *514 512
6
230 Bingham Mines
10
*43
45
.243
45
4312 4312 3
43
25
4 1414 1412 1,399 Calumet & Heels
4 1412 143
/
1
144 144 143
/
1
Carson Hill Gold
1
.50 41.12 .50 *.12 .50 *.12 .50
25
570 Copper Range Co
8 1218 1218 1218 1218
1214 *1218 123
380 East Butte Copper Mining_ 10
*114
114
112
IN -------- - 114
Franklin
25
.a.26 .60 '
.60 *a.213 .60 3a.26 .60 3
200 Hancock Coneolidated
25
1
1
.30 .30 *.25 .50
.50
1
250 Hardy Coal Co
*16
17
4
*1618 163 *1618 17
16
Helvetia
25
.85 +.50 .85 *.50 .85 .3.50 .85
1
6014 6014 6014 2,095 Island Creek C0141
6012 60
60 18 60
1
Preferred
_ ___
*2105
_ *2105
*2105 _
_
_
25
150 Isle Royale Copper
*914 - _10
,
0
9
- -12 *914 - -7g *9 4 1 9
25
120 Keweenaw Copper
112
*11 112 *114
/
4
112 112
112
25
300 Lake Copper Co
118
11 .*90
/
4
..90
118 3
..90
.95 3
150 La Salle Copper
25
.75 .76 3..70 .80
..75 .80
.78 3
Mason Valley Mine
5
*.90 PA'. *.85 .90
1,4 3
1 8 ..90 1 ;fa
Mass Consolidated
25
.50 •.25 .50 •.25 .50 *.25 .50
853 Mayflower-Old Colony-. 25
.75 .75 *.70 .90 *.70 .90
.70
25
135 Mohawk
*371 38
/
4
*3712 39
3818 3712 38
820 New Cornelia Copper
6
8
,
193* 193
8
193 1912 1914 19 4
19
New Dominion Copper
..05 .15
.15 3
.15 *.05
New River Company
100
1912 ____ ____
1912 *18
1912 *18
Preferred
100
66
*63
66
•63
66
5
50 Nipieaing Mines
8
x55fi
552 *512 57
*53
8 6
6
10
822 North Butte MlnIng
.90 .90
1
*.90
1
.90 *.87
011bway Mining
25
*.90
1
.
3.51
'
3.51
1
1
25
580 Old Dominion Co
*1112 12
11
103 1112 *1112 12
4
/
1
1518 1514 1518 154 --------1,240 It'd Cr'k Pocahontas Co No par
16
188 Quincy
25
1412 1312 1312
14
*14
1412 14
25
335 St Mary's Mineral Land
19
1912 1812 1812
19
19
20
118
100 Seneca Mining
118
114
114
2
*114
/
4
11
10
.36
.25 .35 *.35 .40 --------2,155 Shannon
Superior & Boston Copper- 10
.30 *.20 .30 3
..20 .30
438 43
6
415 Utah-Apex Mining
8
8
412 4
/ *438 45
1
4
412
I
.85 .90 6,615 Utah Metal & Tunnel
1
.85 .91
.91 .95
25
Victoria
31.84
1
1
*.84
1
3
..84
1
25
51n Marina
20
9n • in
10 * in
19
*18
7914 80
4
_ *2443 _ _ -____ *24513 _--_--- *1614 ---18
80
*173
4
80
*2443
4
*24518
*1614
19
80
•Bid and asked prices; no sales on thls days a Assemoinat
1734 18
80 80
paid.
h 1111-atook alvidenda
Range Singe Jan. 1.
*New stock
171 Jan 7
81 May 10
9812 Apr 27
109 Mar 30
101 Jan 20
5118 Mar 7
56 Jan 22
76 4 Jan 15
3
125 Jan 8
104 Feb 15
155 Jan 15
10412May 6
196 Jan 18
25 Feb 4
64 Feb 8
60 Mar 14
42 Apr 1
47 Jan 13
/
1
4
4118 Jan 6
92 Jan 13
/
1
4
127 Jan 4
122 Jan 4
107 Jan 6
Highest
I"EIL Altd AM,
Range for Previous
Year 1926
Lowest
188 May 27 159 Jan
94 Jan 15
77 May
10312June 9
89 Feb
118 May 23 • 112 Dec
/
1
4
98
/ Jan
1
4
10712 Feb 28
35 Mar
64 May 13
32 Apr
6.5 Apr 26
87 June 1
59 Apr
139 May 3
84 Apr
74 Apr
116 May 26
1135 Apr 21 105 Jan
94 Apr
113 May 21
205 Mar 30 217512 Mar
28
Oct
3112June 20
5918 Apr
72 June 11
56 May
57 Jan 5
40 Apr
4814 Jan 4
74 Mar 29
49 Sept
5834 Feb 16
317 Mar
4
81 Apr
102 June 14
142 May 17 120 Apr
137 June 7 111
Jan
991 Mar
4
116 Jan 31
Highest
17518 Dell
85 July
/
1
4
103 Dee
122
Jan
112
Jan
5812 July
6112 Dec
86 Deo
130 Dec
110 Sent
165 Dee
10712 Dee
207 Dee
/
1
4
61
Jae
71
Jan
69
Jan
49
/ Jai
1
4
60 Feb
48 July
/
1
4
981 Dee
/
4
132 Dee
125 Sent
107 Dee
5 Jan
2 Nov
418 Mar 1
214 Yap 3
1512 Jan 12 21 Mar 17
18 Dec 2414 June
14912 Jan 3 172 Apr 7 13912 June 1503 Feb
4
Jan
48 Jan 17 70 Mar 14
481 July 71
/
4
7212 Nov 78 Feb
73 Jan 10 85 Mar 7
/
1
4
4
363 Jan 25 42 June 3
5212 -Apr 'jai Jan
5314June 9 59 Feb 10 8 Jan 22 12 Apr 7
814 Oct 1714 Jan
/
1
144 May 2012 Jan
15 4 Apr 5 2018 Jan 3
3
74 Nov 98
/ Jan
1
4
/
4
77 Feb 17 861 Jan 7
5 Jan 3
.50 May 17
71 Dec
67 Jan 26 84 Apr 22 17 May 112 Dec
ah Jan
34 Feb 3
3
114June 27
3 Jan 11
/
1
4
7 Oet
/
1
4
3 Mar
/
1
4
7 4 Mar 17
3
/ Jan
1
4
44 Nov 88
45 Jan 4 75 June 30
34 Nov 45
35 Feb 15 43 May 10
Jan
/ Jan
1
4
87 4 Feb 17 9812May 9
8
9014 Oct 99
10 June 1 14 Jan 48
14 Nov 26 Feb
/
1
4
217 Feb 18 267 May 23 2207 Jan 250 Feb
/
1
4June
20-27 Apr 26 33
2212 Apr20 32 June 16 14 June 17 Oct
114 Jan 1
/
1
11 Dec 17 Jan
143
4June 1
. .
19 Feb 2 2112 Jan 4
0
3414 Apr 40 2 Jan
3414June 28 38 Mar 15
/
1
8412 Mar 22 9514 Jan 11
8812 Mar 1134 Feb
10 May 14 SeVII
10 May 27 1212 Mar 2
12 Jan 17 13 Mar 14
41 Dee 18 4 33 June 27 47 Jan 8 - 14 3 Feb
Fell
,
94 Apr 26 95 2 Feb 8 493 Apr 96 July
6 Aug 108 Dee
/
1
4
812June 29 1011 Jan 6
4
6 July 1218 Jan
6 Jan 3 10 Jan 18
84 Mar 25 9912June 18
80 Apr 9412 Nov
65 Jan 7018 Feb
70 Jan 3 7512 Jan 22
4June 3 1104 June 1110 May
108 Feb 18 21153
89 Apr 96 Jan
95 Jan 22 10112June 29
4 Jan
/
1
4
2 Aug
45 Jan 20
8
2 Mar 24
14
/
1
4
/
4
1512 Jan 29 July
2312 Feb 14 311 Apr 16
.20 Feb 1 .25 May 7 .20 Jan .95 Apv
5 Mar 30
8 My 101a Jan
3 Jan 11
/
1
4
91 Jan 18 98 Apr 18
-95 Bain 101 Sept
9714 Jan 26 103 Mar 18 8 Feb
314 Feb 23 .50 Dec
.20 June 29
8 2 Feb 28
7
2 Apr
2 Dec 28 Jan
/
1
4
8
11512 Jan 4 132 June 6 1107 Apr 118 Feb
89 Feb 96 Feb
90 Jan 5 95 Feb 29
14 4 Dec 27 Feb
3
40 Jan 6 4612 Feb 23
3512 Mar 28 4312 Jan 7
3512 July 55 Jan
40 Mar 6814 Jan
/
1
4
15 June 22 42 Jan 3
15 Feb 1714 Aug
15 Mar 17 1612 Feb 10
11 Dec
/
4
2 Nov
14 Jan 11
/
1
1 Mar 4
98 May 110 Aug
10512 Jan 5 119 May 9
115 Jan 3 120 Feb 24 111 Apr 11814 Dec
68 Jan 3 72 May 25
54 Mar 72 Sept
4 Mar 3
9 Jan 31
/
1
4
163 Jan 4 1812Mar 22
8
7 Jan
154 Feb
/
1
10 June 1 1412 Jan 24
47 Mar 5314 Aug
50 Jan 3 5912klay 17
4
28
Jan 30 June
28 Jan 3 293 Apr 7
82 Nov 135 Feb
83 May 3 89 Jan 3
74 Apr 30 82 Feb 4
60 May 90 Apr
514 Jan 26 11 Apr 30
4
20 July 1 2712 Feb 23 17 Jan 123 Oct
/
1
4012 Jan 21 544 Apr 21
29
Jan 41 Deo
61 Jan 3 77 May 12
4818 Nov 61 Dee
10012June 14 118 May 20 101 Sept 112 Dee
4
12 May 23 Jan
/
1
4
17 Jan 18 243 Apr 1
/
1
4
44 Mar 89 Dee
6518 Jan 13 91 Feb 18
39 Apr 46 Dee
44 Jan 5 50 Feb la
42 Apr 47 Feb
45 Jan 17 52 Apr 14
14 Jan 12 1714 Mar 15
175* Jan
103 Aug
4
.05 Jan 14
.25 May 5
514June 29
30 Jan 3
1418June 27
.10 Jan 7
117
8May 20
1i4June 30
.05 Feb 1
.25 Apr 16
14 Apr 26
.60 Apr 26
47 Feb 26
105 Feb 16
912 Feb 19
11 Jan 6
/
4
.80 Jan 7
.50 Mar 28
118June 21
.15 Apr 8
.25 May 3
/
4
341June 22
1812June 24
.05 May 26
17 May 14
58 Apr 14
514June 16
.50 June 28
.75 Apr 7
4June 29
103
11 Jan 4
1312July 1
1812June 28
118July 1
.15 May 9
.15 Mar 23
414June 7
.85 June 30
.61 Feb 10
.03 Mar 9
S Er-dIvIdeada
.20 Feb 10
.89 Jan 15
1014 Jan 6
49 Apr 21
17 Apr 20
.60 Apr29
1
14 4 Jan 19
2 Jan 4
/
1
4
.80 Mar 17
1 July 1
18 Jan 7
.85 Jan 6
61 Mar 16
107 Apr 13
111 Jan 19
8
8
27 Feb 4
14 Mar 18
/
1
.90 Apr 22
2 Jan 4
.85 Jan 3
11 Jan 11
/
4
4112 Apr 20
24 Jan 20
.011 Feb 1
19
/
1
4May 12
75 Feb 8
1018 Feb 2
338 Jan 5
114 Jan 26
15 Apr 1
1614June 24
1918 Apr22
2614 Jan 6
3 Jan 14
/
1
4
.40 Jan 12
.40 Feb 23
77 Feb 24
8
2 Feb 2
114May 3
.70 June 3
.05 Mar .40 July
138 Aug
.25 Mar
/ Jan
1
4
914 May 12
3
29 June 55 4 Jan
/
1
1314 June 184 Aug
.10 Dec 50 Jan
13 May 20 Jan
4 Feb
214 Oct
114 Jan
.25 Nov
114 July
.27 Dec
14 Mar 2114 Jan
2 Jan
.75
Oct
99 Jan
/
1
4
94 June
/
1
.50
Jan
.60
Oct
.80 June
134 Jan
.15 Deo
.40 Dec
30 Mar
1812 May
.05 Jan
18 Deo
45 Julyl
5 Julyl
2 AprI
.50
JanI
13 Deo
1012 Marl
1512 Maya
25 DoS
2 4 DecI
3
.15 Dccl
.2() NovI
43 OctI
4
..26 Dec
.40 May
.10 Sent
106 July
14 AU'
2 Sept
/
1
4
14 July
/
1
212 Mar
2 Sent
/
1
4
.75 July
119 Jan
48
Oct
24 Ana
.20 June
25 Feb
72 Feb
1012 Deo
3 Sept
/
1
4
Nov
20 July
15 Jan
25 July
3818 Feb
9 Jan
/
1
4
80 Jan
1.54 Mar
118 Feb
4
2% Mar
.75 Feb
.40 July
g Ex-rigiti, a Er-dividend and efft1214.
JULY 2 1927.]
THE CHRONICLE
79
Friday
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Stocks (Continued) Par Price. Low. High. Shares.
Outside Stock Exchanges
Range Since Jan. 1.
Low.
Fish.
Pub Serv of Nor Ill corn.. •
141 141
236 13034 Jan 143
May
Pub Serv of Nor III com 100
141
120 132
Jan 142
141
May
100 104
6% preferred
10394 104
30 10134 June 10554 Apr
100
11634 11634
10 11234 Apr 11634 Apr
7% preferred
Friday
2,775 3294 Jan 41
3894 41
July
Q-R-S Music Co com _ _* 41
Last Week's Range Sales
Range Since Jan. 1.
•
Quaker Oats Co com_
175 183
90 175 June 190
Mar
ofPrices.
Sale
for
100
112 112
17 107
Preferred
Jan 113
May
Bonds
Price. Low. High. Week.
Low.
High.
Real Silk Hos Mills corn 100
28
70 28 June 4894 Feb
28
10
Reo Motor Car Co
385 1934 Mar 24
May
2034 2194
Atl & W ISSL 55_1959
73% 73% 51,000 70
Jan Ryan Car Co(The) com_25 1334 1334 1334
May 75
50
934 Apr 15
May
Central Pr & Lt Co 5s_1958
95% 9534 2,000 95,4 June 95% June Shaffer Oil & Ref pref__100
89
100 89
June 89 June
89
Chic Jet Ry & USY 45 1940
1,000 8834 June 91
May So Cities Util class A corn _*
8835 88,5
100 2534 Jan 33 June
33
33
East Mass Street RR
So Colo Pr Else A com _ _25
50 2594 Jan 28
27
27
Mar
55 series B
1948 76
75
78
9,050 89
Jan 7834 May So'w G & El Co 7% p1.100
10 9434 Jan 98
98
98
Feb
5s Series A
1948
88
88
1,000 65
Jan 7034 June Stand Gas & Electric_ __ _* 5934 5934 5935
50 55
Jan 5934 July
European Invest 7%6_1986
9934 9934 1,000 99
Feb 100% June
50 5734 Feb 6134 July
8% preferred
50 6134 6134 6134
Hood Rubber 7s_ _ _ _1937
10134 101% 10,000 101
Apr 104
Jan Stew-Warner Speedom__* 60
59
6234 3,050 6434 Mar 6834 Apr
Int Sec of Am 55 w s_1947
95% 9531 11,000 95% June 95% June Studebaker Mail Ord com 5
534 June
1,275
6
534 6
6
June
Koppers Gas & Coke Co
591 11634 May 12054 Mar
Swift & Co
100 11634 116 11694
55
1947
96
98
17,000 96 June 9834 June Swift International
2434 14,825 1834 Mar 2434 May
15 2334 23
Mass Gas 4345
1929
9934 100
10.000 99
June 10034 Jan Thompson (J It) com_ --25 5434 5334 5454
625 40
Apr 58
June
New Engl Tel & Tel 55 '32
10134 10134 4,000 100% Jan 101% Jan United Biscuit class A___• 50
6.350 3934 Jan 52 June
4834 52
PC Pocah Co 7s deb_ _1935
108 112
22,000 102
Jan 112
June United Light & Power
Seattle Flee 55
1930
101 101
1,000 101
June 101
June
600 87
Jan 9734 June
Class A preferred
•
9534 953-4
Stetson Cutler 75
1942
97% 97% 1,000 97% June 97% June
220 50
Jan 5334 June
52
Class B preferred
52
52
Sw.ft & Co 55
1944
101% 101% 8,500 101
Feb 102% Mar
430 1234 Mar 17
13
Common class A new_ _•
June
1334
So West Gas 635s- -- 1937
9834 9834
1,000 98% June 9834 June
10 15
May
17
17
18
Apr
Common class B new_ •
Western Tel & Tel 5s_1932 102
101% 102
13,000 100
May 10234 June United Pap Board corn.100
16
25 16
Feb 20
Apr
18
Wickwire Steel 7s_ __ A935
30
Apr 38
303.4 2,000 27
Feb U S Gypsum
20 95
3,575 9234 June 109
9234 96
Jan
200 27
June 37
Vesta Battery Corp com_10
27
2834
Feb
Chicago Stock Exchange.
-Record of transactions at Wahl Co common
635
1734 June
12
834 Jan
• 123.4
1234
Chicago Stock Exchange June 25 to July 1, both inclusive, Ward (Montgomery) & Co
110 11234 Mar 11734 May
*
113 114
Class A
compiled from official sales lists:
100 3434 Mar 46
45
May
45
Waukesha Motor Co com_•
3,045 1094 June 1634 Feb
Williams Oil0 Mat com-_* 1034
1034 12
Friday
Sales
7
130
5
Feb
734 June
Wolverine Portland Cem 10
734
Last Week's Range for
Range Since Jan. 1.
820 51
Jan 5434 June
Wrigley(Wm Jr) Co corn.* 5334 5294 5334
Sale
of Prices.
Week.
2,875 1534 June 2734 Mar
Yates Machines part pfd_. 17
1534 17
StocksPar. Price. Low. High. Shares.
Low.
High.
250 2534 Mar 3234 June
Yellow Tr & Cch Mfg B_ 10 3134 2954 3134
2,590 38
Mar 5534 Jan
Yellow Cab Co Inc(Chic)-• 3834 38
40
Adams Royalty Co com_. 21
815 2034 June 3234 Feb
2034 2134
BondsAll America Radio class A.5
5
Apr 1034 Mar BeaverPrlstpf20-yr7345'42
834
1,410
734 834
10834 10834 $1,000 10834 Apr 10834 Apr
Am Furn Mart Bldg pf_100 9734 9734 9734
65 93
Apr 9834 June Cairo Bridge & For 1st M
Amer Multigraph com_ .•
23
23
300 1934 Mar 2334 June
973-4 June 9834 June
9734 9734 10,00
834% 20-yr s f g b_ _1947
Amer Pub Serv pref_ _100
98
99
222 94
Jan 104
May Chicago City Ry 55_..1927
57,000 75
Jan 8854 June
83
80
Am Pub Util Co par pfd 100
15 73
Jan 8834 Jan Chic City & Con Rye 5s 27 59
8734 8734
78,000 5234 Jan 73% June
62
57
Prior lien
100 9434 94
125 93
May 98 June Chicago Railways 5s_ _1927
9454
8034 39,000 7434 Jan 8634 May
79
American ShipbuildIng _100 87
85
87
750 7934 Jan 87
July
8134 25,000 58 June 71
May
1927 58
58
5s series A
Amer States Secur Corp A•
334
434 Jan
334 394 1,920
234 Apr
18,000 35
Jan 5134 June
1927
38
43
55 series B
Class B
3
Apr
454 Jan
•
354
334 354 1,100
26
26
2,000 1434 Apr 30 June
Adjust income 4s..1927
Warrants
34 Mar
1
Jan
430
A
A
34
40
40
8,000 29
Jan 513.4 June
Purchase money 55_1927
Armour & Co(Del) pi_ _100
87
8734
230 86
Apr 9834 Feb Commonw Edison 5s....1943
Jan 10594 Apr
10494 10494 3,000 103
Armour & Co prof
100 8834 66
68
642 593,4 Apr 8834 Jan
1.000 10294 Mar 10454 June
1st M as series A_ _ _1953
10434 10494
Associated Investment Co•
34
3534
175 34 June 3834 Feb
let M 4 Ms ser C_ _1956
9634 9834 18,000 9534 June 963( Mar
Auburn Auto Co com___25 101
100 102
5,200 6834 Jan 11634 May Fox-Detroit 65
9734 9734 9734 37,000 9734 June 9734 June
Balaban & Kate v t e_ _25 8034 60
Mar 83
Jan HousG0Cosfg634s 1931
6034 1,200 60
Jan 11034 May
104 105
15,000 96
Bastian-Blessing Co(com)• 2434 23
2434 4,900 23 June 2534 June Loew's T & It lst 16s s f'47
100 100
3,000 100
Mar 100
Mar
Itendix Corp class A-_ _10 5034 5034 5034
Jan
1,150 3834 Jan 54
7634 7634 1.000 76
Jan 78
May
Metr W Side El ext g 48'38
Borg & Beck corn
10 8134 5934 6434 17,520 53
Jan 6434 June
Elev 53_1941
88
86
8,000 8434 Jan 89
May
Brach & Sons(E J) corn_ _* 22
21
2234
160 21 June 3534 Jan Northwestern
United Gas 1st 1 8%
Butler Brothers
20 1934 1934 20
2,580 17
Jan 2334 Feb Sou
98
21,000 98
May 98
1937 98
98
May
gold bonds, A
Cent D Pa Corp"A" pref_•
25
24
825 24 June 2734 May
& Co 1st a f g 55_1944 10194 10134 101% 3,000 10154 Jan 10234 May
Celotex Co corn
• 80
78
8434 7,660 6634 Apr 8634 June Swift Pub Serv Co 15-yr
United
100
Preferred
92
88
570 87
Apr 92 June
_ _1942 9754 9734 9794 18,000 9734 AD
9734 Apr
6% C TO B,
•Cctral Ill Pub Serv prof -• 9034 9034 9234
151 883.4 Jan 9534 Apr
Serv Co 2-yr
A_Cent Ind Power prof__ 100
May United Public
9134 92
25 8534 Jan 93
1929 9994 9954 99% 21,000 9934 Apr 9934 Apt
6% 0 N
Certifs of deposit__ _100 9034 9034 9034
35 85% Jan 92% June
United Pub Util Co F 1
Central Pub Serv (Del)._*
Jan
1734 1734
75 17
1834 May
1947 9934 9834 99
76,000 9834 June 101
May
6% GB. A
Central S W Util com----• 6034 80
8134 1,025 5634 Jan 6734 Feb
Pub Util Co 2-yr
Preferred
*
9631 97
145 9334 Jan 9734 Apr United
1929 9934 9934 9934 20,000 9934 Apr 9934 May
gold notes
Prior lien preferred__ _ ..•
100 101
Apr
135 9834 Jan 103
Chic City & Con Ry pt sh-•
134
294 Jan
1
2
6,025
34 Jan
•No par value.
Participation preferred-•
8
334 Jan 1934 June
12
2,530
934
Chicago Else Mfg "A".--• 21
-Record of transactions at
21
21
Mar
Cleveland Stock Exchange.
50 21
July 26
Chic Fuse Mfg Co cora_ *
Jan 35 June
3334 3354
80 30
Stock Exchange June 25 to July 1, both inChic N S & Milw corn _100
31
33
Apr 3634 Jan Cleveland
75 30
Prior lien pref
100 9954 9834 9934
423 9834 June 10134 Mar clusive, compiled from official sales lists:
Chic RapTran pr pref A 100
10234 103
44 102
May 10434 Feb
Friday
Sales
Chic Rys part ctf ser 2_100
6 June
234
234 4
840
34 Feb
Range Since Jan. 1.
Last Week's Range for
Part ett series 3
100
%
34 1
1,410
34 Apr
134 May
ofPrices.
Week.
Sale
Part ctf series 4
100
34 June
34 June
525
34
34
Low.
High.
Par. Price. Low. High. Shares.
StocksCommonwealth Edison 100 15034 150 15234
Jan 155
May
635 138
5
7
Consumers Co corn
03.4 734 1,950
594 Apr
834 Apr
17 June 1934 Jan
1834 19
Aetna Rubber common •
100
Preferred
79
80
270 6934 Feb80 June
92 June 92 June
92
92
Continental Motors corn.*
1034 IOU
Si) 103.4 Juno 1334 Jan Akron Rubber Reel prat_ __
10 June 10 June
10
10
•
25 48
Crane Co corn
497 47
Apr 52
Jan Allen Industries
4734 48
1934 Apr 24 June
•
2334 2334
Amer Multigrapb com
100
11834 119
Preferred
65 117
Feb121
May
80
Jan 86 June
86
85
Cuneo Press A prof
50 5234 51
5234
160 4934 Mar 54
May Amer Ship Bldg com _ _ _100 88
32
Feb 35
Apr
33
33
Bess Limest & Cem corn_ •
Inc_*
Decker (Alf) & Cohn.
100 25
273.4 2734
Mar 2834 May
A May
134 Jan
•
34
34
100
11534 11534
Deere & Co pref
10 106
Jan 118 June Bond Stores "B"
43
Jan 53
Apr
4634 4734
Diamond Match com_100 124
124 126
220 116
Jan 133
May Buckeye Incubator corn_ _• 47
88
Mar 77 June
74
74
Eddy Paper Corp (Tha)_ •
27
27
100 20
Apr 30
May Bulkley Building prof. _100
35
Apr 3934 May
3734 3834
•
El Household Util Corp_10 123.4
1234 1334
640 11
Jan
1534 May Byers Machine "A"
10634 Feb 10934 June
10794 108
Empire G&F Co 7% pf 100 98
9734 9834
390 9234 Mar 9834 June Central Alloy Steel pref 100 108
2354 Jan 30
June
100 10534 105 105
8% preferred
990 10034 Mar 107
May City Ice & Fuel common_* 2934 2934 30
297
May 320 June
320 320
Evans & Co, Inc, cl A_ --5 3834 3834 3934
700 2834 Jan 41
May Cleve Else Ilium corn_ _100
108
Feb 11134 June
Preferred
100 11034 11034 111
"B"
Class
5 3834
3534 37
1,375 2434 Jan 40 June
981.1 Jan 10294 June
Fair Co (The) corn
* 3034 3034 3734
675 213.4 Mar 3454 May Cleveland Ry common_100 10234 10234 10234
47
May 67
June
63
8334
Cleveland Stone, common • 63
Fits Simons & Connell___
300
June 315
Feb
300 300
100 300
Dk & Dredge Co com_20
2831 2854
200 2631 Apr 29
Jan Cleveland Trust
Mar 2734 Feb
21
1334 1334
2234 2234
Foote Bros(0 & M) Co_ _5 1334
150 12
Jan
1434 Jan Clev Worsted M com _100
Mar 95 June
70
95
95
Dow Chemical common. •
10
3
3
Gill Mfg Co
75
234 Apr
534 Feb
Feb 1063.4 Mar
100
101 103
Preferred
100
32
34
Gossard Co (II W) corn. _* 32
655 313.4 May 58
Jan
63
Feb 8794 June
154 154
Great Lakes D & D...100
70 140
Mar 172
May Else Control & Mfg corn.* 8834 8634 8635
49% Apr 55
Feb
38
52
37
52
350 37
Greif Bros Coop'ge A corn • 37
July 41 June Elyria Iron & Steel com_25
2834 Apr 3134 May
30
30
118 121
600 110
Hart,Schaffner & Marx 100 121
Jan 121
July Federal Knit Mills com_.• 30
117
Jan 148
June
Firestone Tire & It com_10 13634 13634 13834
Mot Car Corp com 10
1834
Hupp
1854
100 1834 June 2334 Jan
10134 Jan 10634 Apr
6% preferred
100 10434 10434 108
25 4234 40
Illinois Brick Co
4294 3.105 3954 June 5554 Mar
99
Feb 104 June
7% preferred
103 10334
100 103
9634
46 92
Illinois Nor Utilities p1_100 9634 98
Jan 97
Feb
35
Jan 54 June
54
54
24342434
495 24
III Wire & Cable Co com_10
Mar 2554 Feb Foote-Burt preferred_ _100 54
1534 May 2134 Mar
•
30
30
1654 1834
200 2734 Feb 3234 May Glidden common
Jaeger Machine Co corn. •
84
Jan 100 June
Prior preferred
97
14
1434
100
96
415 1234 May 1934 Mar
Switchb'd com_ _10 14
Kellogg
May
29
Jan 58
9634 9634
35 9454 Jan 9734 Feb Goodyear Tire & R corn_ •
5294 523/
Ky Hydro-Elec pfd_ _100
12734 Jan 134
May
51
51
13274 13274
25 5034 Apr 5134 Jan Grasselli Chemical com _100
Kentucky Util Jr cum pf_60
10234 Apr 108 June
10734 108
92
Preferred
92
100 108
100 883.4 Mar 92
Keystone St & Wire pf _100 92
Jan
9934 Apr 10134 June
101 101
4934 50
315 41
Kraft Cheese Co com_ _25
Feb 63
Feb Halle Bros preferred _100
28 June 3034 Feb
2834 2834
10 9834 June 10034 Mar Harris-Seyb'd-Potter corn •
'Laclede 0 & E pr lien_ _100
9834 9834
20 June 3134 Jan
2294 24
834 634
La Salle Ext Univ com_10
120
Jan India Tire & Rubber com_•
53.4 Mar
9
434 Jan
8
Apr
5% 634
464
Libby McNeill & Libby_10
854 9
834
834 June
Jan Industrial Rayon "A" •
120 120
10934 Feb120 June
4134 2,835 41
41
Marvel Carburetor(Ind) 10 41
May 43
May Interlake Steamship com_• 120
18
18
• 2834 2834 30
2754 Feb3234 May
45 17 June 31
Mer dr Mfrs Sec co pt pf 25 18
Jan Jaeger Machine corn
27
23
Jan 2834 Mar
27
•
Middle West Utilities_ _ _ _• 11234 11034 11334 2.077 108
Apr 11734 May Kaynee common
May
18
12
Mar 17
16
10834 11034
645 10534 Jan 11334 Feb Lake Erie Bolt & Nut corn •
Preferred
100 109
Feb
9934 June 106
120 12034
496 11734 Jan 12234 May Miller Rubber pref _ _ _ _100 9934 9934 101
Prior lien preferred_100 120
Feb
7 June
634 834
5
41
Murray Ohio Mfg corn __•
694
Midland Steel Prod corn_ •
4014
70 38
Apr 4734 Feb
35
35
35 June 4134 Jan
166 9234 May 94 June National Refining com._25
Midland Util 6% pr In_100 9334 9334 9334
June
Mar 134
130 130
130
100 130
Preferred
135 9234 May 10434 June
7% prior lien
100 10434 10434 10434
• 33
33 June 3594 May
33
33
124 98
Prof 7% prior lien _ _ _100 10134 10134 10134
Jan 108 June National Tile corn
Apr 2834 June
25
• 2654 2834 2834
6194 2.710 58
Morgan Lithograph corn _• 6034 59
Jan 8834 May 1900 Washer corn
7934 Apr 8434 June
8434 8434
16
18
45 11
Masser Leather Corp com.•
Jan
1834 Mar North Ohio P&L 8% p1100
Mar
10534 June 114
206 2334 Feb 2534 Jan Ohio Bell Telephone pf_100 10734 10554 110
2434 2434
Nat Else Power A part_ •
Jan 85
Apr
8334 8334
76
3
334 1,385
*
National Leather com___10
3
434 Jan Ohio Brass "B"
254 Apr
734 Feb
1234 June
10
•
10
35
1.140 3034 Jan 36
National Standard corn_ _• 3434 34
Apr Otis Steel corn
934 June
Apr
6
8
734 8
330 2234 Jan 30
Jan Paragon Refining com__25
Nor American Car corn ___• 2854 2834 2934
14234 Mar 22454 June
• 207 34 20734 223
9934
99
25 9754 Mar 101
Jan Richman Bros corn
Nor West Util pr In pf _100 99
634 Apr
734 June
734 8
60 9434 Mar 100
100 9634 96
9734
Feb River Raisin Paper corn_ •
7% preferred
3034 June 4034 June
• 4034 3634 4034
834 834
400
8 June
Nevado! Process Co corn__ __ _ _ __
9
Apr Rubber Svc Lab
May
Jan 30
21
corn_ _.• 2774 2534 2734
2334
300 23
Preferred
July 2734 Feb Selberling Rubber
233.4 23
96
Jan 10034 June
100 IGO
100 100
Preferred
100 1134 Mar 17 June
•
14
14
Omnibus vol tr etts
Feb 5534 June
44
5534
2234 2234
75 1934 Jan 28 June Sherwin-Williams com_ _25 5534 55
Pick Barth *Co part pf_ •
Feb 109
Jan
106
107 107
100
5034 2.560 40
Preferred
May 5134 Jan
Pines Winterfront A com _5 5034 48
.
1W
W
.
.
CO
. NW.
W
In
.0 WI, 0
'
W .0. 0 . .
w "www-4,4
w 0000WWW0w.P.wW00.000W0.4W0Ow .IA
.14
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-
1034
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00000000000W000.w0w00000000000,00,40w000w0O.P.0004.,00.000-4000-4.0
Boston Bond Record.
-Transactions in bonds at Boston
Stock Exchange, June 25 to July 1, both inclusive:
80
THE CHRONICLE
Friday
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Stocks (Continued) Par. Price. Low. High. Shares.
Smallwood Stone com _*
35
3534
Stand Textile Prod A pf 100 48
47
49%
Telling-Belle Vernon corn • 43
43
44
Thompson Prod Con _ _ _100 20831 20734 20831
Trumbull-Cliffs Furn pf100 100
100 100
Trumbull Steel corn
• 114 1131 1131
100 82
Preferred
82
82%
Union Metal Mfg corn __•
42
42
Union Mortgage 1st p1_100 81% 8134 8136
2nd Preferred
100
8134 8134
Union Trust
100 277
277 277
Van Dorn Iron Works com•
7
7
White Motor Secur pref100
104 104
Young't'n Sh dr Tube pt100
10934 10934
* No par value.
Range Since Jan. 1.
Low.
200 30
237 25
342 36
27 115
49 98
934
698
217 72%
220 40
50 76
25 76
31 218
4
50
33 99;4
10 10734
Apr
Feb
Mar
Jan
Jan
Jan
Feb
Apr
Apr
Jan
Jan
Apr
May
Jan
High.
35%
50
4834
20831
101%
13
90
43%
85
82
277
8
107
111
June
June
May
June
June
June
May
June
Jan
Mar
June
Apr
Apr
May
St. Louis Stock Exchange.—Record of transactions
at St. Louis Stock Exchange June 25 to July 1, both
inclusive, compiled from official sales lists:
Stocks—
Bank s—
First National Bank
Nat'l Bank of Corn _
Friday
Sales
Last Week's Range for
Sale
ofPrice.s.
Week.
Par. Price. Low. High. Shares.
100
_100
Miscellaneous—
Amer Credit Indemnity_25
20
AS Aloe Co corn
100
Preferred
•
Best Clymer Co
*
Boyd-Welsh Shoe
100
Brown Shoe corn
100
Preferred
Century Electric Co--100
Chicago Ry Equip pref_ _25
Coca-Cola Bottl sec _ _ _1.00
•
E L Bruce corn
100
Preferred
100
Elder Mfg 1st prof
Ely & Walker D G com__25
*
Elder Mfg corn
Fulton Iron Works com_.*
100
Preferred
F Burkart Mfg "units"--•
Hamilton-Brown Shoe_ _25
Hussman Refr corn
•
Huttlg S & D pre'_ _100
Hydr Press Brick corn_ _100
100
Preferred
Independent Pack com_ •
International Shoe corn. _•
100
Preferred
•
Johansen Shoe
*
Johnson-S & S Shoe
100
Laclede Steel Co
Mo Portland Cement_ _ _25
100
Nat Candy corn
•
Pedigo-Weber Shoe
Polar Wave I dr F "A" •
Rice-Stix Dry Goods cora*
•
Securities Inv corn
•
Sheffield Steel corn
•
Skouras Bros "A"
Southw Bell Tel pref___100
St Louis Amusement "A".
Stix-Baer & Fdlier corn__*
Wagner Electric com__•
Wagner Elec Corp pref_100
Wm Waltke & Co corn_ •
100
Union Biscuit pref
Low.
High.
275 275
15031 151
15 251
13 150
Jan 285
June 163
430
290
Trust Company—
100
Mercantile Trust
Mississippi Valey Trust100
Street Railway—
St L Pub Service corn_*
Range Since Jan. 1,
2 428
88 285
May 4304 Feb
Apr 290
Feb
430
290
26
254 26
57
12031
1234
29
32
18834
10934
3534
32
11731
43
874
1,492
1834 Mar
57
57
3531 354
10131 101%
28
28
384 384
3434 3434
11834 11834
12031 12034
21
21
1634 1634
35
35
97
97
107 107
3134 32
194 1931
1234 13
60
60
29
29
34
34
314 32
9634 97
431 4%
7434 75
21
21
18134 18834
10934 10934
28
28
58
58
166 166
4234 4234
107 107
354 3534
32
3234
19% 20
3434 35
2634 2634
39
39
1164 1174
43
44
26
26
35
36
8731 88
73
7331
105 105
10
55
2
50
30
20
50
5
100
70
220
55
35
51
450
320
9
102
100
10
50
450
20
30
537
104
100
10
10
95
160
298
225
150
110
5
50
82
35
150
300
209
140
10
50 May
32
Feb
10031 Mar
20 May
37 May
3134 Mar
1084 Feb
114 May
21 June
1334 Apr
35 June
97 May
100
Apr
314 Feb
19% June
9 May
50
Apr
29
July
34 June
31 May
9834 June
4 May
69 May
20 May
158
Feb
108
Feb
26 June
60
Mar
165 May
4034 May
84
Feb
30
Apr
32
July
1934 May
34 June
2534 Feb
40 May
114% Mar
41
Mar
26 June
1834 Jan
68
Feb
5134 Jan
10034 Jan
May
Jan
26
124
124 124
100
1234 July
17
Street Railway Bonds
East St L & Sub Co 55 1932
United Railways 4s___1934
1934
-D
44 C
8034
80
11,000
88
88
80
8034 74,000
37,000
7934 80
864 Jan
75% Mar
7534 Mar
924 May
8034 July
80
July
100
1941
100
7,000 100
June 101
Apr
•No par value.
Cincinnati Stock Exchange.—Record of transactions
at Cincinnati Stock Exchange June 25 to July 1, both
inclusive, compiled from official sales lists:
Stocks—
Sales
Friday
Last Week's Range for
Week.
ofPrices.
Sale
par. Price. Low. High. Shares.
Am Laundry Mach com_25
*
Amer Products pret
Am Rolling Mill corn..... _25
100
Preferred
100
Baldwin corn
100
New preferred
Buckeye Incubator
*
Burger Bros
•
Carey (Philip) pref.. _100
Central Trust
100
Champ Coated Paper pf 100
Champ Fibre pre(
100
*
Churngold Corp
Cin Car Co
50
CNO&TP
100
Cin Gas dr Bloc
100
C N & C Lt dc Trac com 100
100
Preferred
Cin Street Ry
50
50
On & Sub Tel
On Union Stock Yards_100
*
City Ice & Fuel
*
Coca Cola "A"
Col Ry Pr B" pref__ _100
..100
Cooper Corp (new)
100
New preferred
Crown Overall prof. ..100
Eagle-Picher Lead com_ _20
Fifth-Third-Un'n Trust 100
100
First National
•
Formica Insulation
•
Giant Tire
*
Gibson Art corn
Globe Wernicke corn_ _ _100
Pre.forrai
100
12536 12434
24% 25
5231 5231 5534
1114 111 11134
19034 191
110 110
46% 4634 48
1834 1836 184
121 121
260 260
11031 110 11034
105 107
3634 37
2534
24
24
32034 325
99
98
98
9834
98
97
7434 7434 75
4131 4231
42
10334 10336 104
137 137
2931 294 2936
34
33
33
10234 10234 103
72
7234
1004 10034
103 103
103
2634 2631 263.1
325
325 325
345 345
20
20
20
4131 414 4134
393.4 3831 40
89
88
04
118
124
1,077
125
4,187
251
15
13
633
200
250
24
90
52
14
259
19
430
159
122
81
78
10
552
77
186
38
57
5
582
13
33
150
140
197
104
71
Range Since Jan, 1.
Low.
110
2131
44
1104
182
10634
44
12
121
255
11131
103
3431
2134
330
9631
91
70
3831
9031
13631
2234
2734
96
63
100
102
26
30234
338
194
4131
3934
85
85
Jan
Feb
Jan
Mar
Jan
Jan
Jan
Feb
June
May
Jan
Apr
Jan
Feb
June
Jan
Mar
Jan
Jan
Jan
May
Jan
Apr
Jan
May
Apr
Apr
May
Apr
Feb
June
July
Mar
Jan
Jan
Gruen Watch corn
*
Preferred
100
Hatfield-Reliance prof.100
Hobart Mfg
•
Jaeger Machine
*
Johnston Paint pref. __100
Kodel Radio "A"
*
Preferred
20
Kroger corn
10
Little Miami guar
50
Lunkenheimer
•
Mead Pulp special pref_100
Nash (A)
100
Ohio Bell Tel prof
100
Paragon Refining corn _25
Procter & Gamble com20
8% preferred
100
6% preferred
100
Pure 0118% prof
100
Richardson corn
100
U S Can corn
•
10
U S Playing Card
US Print & Litho com_100
Preferred
100
Vulcan Last prof
100
Western Paper "A"
*
Whitaker Paper prof_ _ _100
Wurlitzer 7% pref
100
* No par value.
3334
28
2131
1184
2831
1044
12036
107
19634
110
44
97%
48
48
116 116
102 102
33
39
28
3034
9934 10034
21
21%
26
264
118 120
100 100
2834 28%
103 10434
12034 12034
10634 10734
734 734
19634 200
10934 110
9934 10036
111 111
140 140
4234 44
9634 98
59
60
9134 92
102 102
25
26
1130 100
117 117%
85
5
80
98
292
26
991
45
1,096
19
132
33
18
493
350
955
327
161
9
28
576
92
208
5
10
250
10
480
Range Since Jan.
Low.
High.
4431 Feb
1094 Jan
102 June
2634 Feb
Apr
28
9934 June
934 May
2034 June
118 June
9434 Jan
264 Apr
984 Apr
984 June
10634 Jan
6
Apr
177
Feb
112
Feb
97
Feb
112 May
140 June
38
Apr
8534 Jan
59 June
63 May
9934 Jan
22
Jan
984 May
115
Jan
5634 Jan
116 June
105
Jan
333.4 June
344 June
102
Jan
25 June
2634 June
13334 Feb
100 June
30
Apr
109
Feb
129
Apr
114
Mar
834 June
204 May
116 May
101 June
1144 June
150
Jan
44 June
100
Apr
7834 Feb
9836-June
1014 June
29
Feb
10034 May
1174 June
Pittsburgh Stock Exchange.—Record of transactions
at Pittsburgh Stock Exchange, June 25 to July 1, both
inclusive, compiled from official sales lists:
Friday
Sales
Last Week's Range . for
Range Since Jan. I.
Sale
ofPrices.
Week.
60 June
Par. Price. Low. • High. Shares.
Stocks—
Low,
High,
37 May
10234 May
Amer Vitrified Prod com.50
10 22
2234 2214
Apr 27
Jan
41
Jan
100
a Preferred
92
92
10 80 May 92 June
42
Feb
104 104
165 101
Apr 109
Jan
35 May Am Wind Glass Co pref _100 104
Arkansas Nat Gas com-100
734 934 36,248
834
6% Apr
934 June
1184 June Blaw-Knox Company_ __25
7134 7134
75 70 June 73
Jan
12034 July Carnegie Metals
10
1234 1234
120 1131 Jan 1334 Jan
264 Apr
50
Citizens
384 3831
18 38 June 3831 June
1834 Apr ColonialTraction
100
255 255
Trust Co
8 252 May 260 PJan
36
Jan Columbia
25 9931 Jan 107 May
1054 1054
Gas dr Elec pf 100
9734 Jan
40
231 Jan
5% 531
534 June
107 May Consolidated Ice com__ _50
Preferred
1831 184
50
25 14
Jan 20
Jan
3831 Apr Devonian
10
Oil
160
934 May 15
1034 1034
Jan
19% June
305 205
15 290 June 307
First National Bank _ _
Jan
11
Jan Barb-Walker Retr, corn_100
100
150 150
30 131
Mar 150 June
60 June
100
19 10536 Jan 110 June
108 108
Preferred
3134 May
310
*
Houston Gulf Gas
936
934 931
6
Feb 1234 Apr
40
Mar Independent Brew, com_50
231 231
200
2
Apr
4
Feb
36
Jan
119 119
40 118
Jan 12234 June
10134 Mar Jones & Laugh Steel pt_100 119
25 4331 4234 4334 4,795 3731 Jan 464 Mar
Lone Star Gas
7
Jan
630 174 June 20 May
1734 18%
8134 Jan May Drug Stores Corp__ 18
Nat
25
27
750 25 June 304 Mar
25
Feb OklaFireproofing pret__100
Nat Gas ctfs of dep-224 23
582 2031 Jan 2334 May
18834 July
5
5
75
5 June
5 June
11034 May Penn Federal Co corn
Preferred
9231 9231
75 9231 June 94
Jan
30
Mar Pittsburgh
10
10
50 10
Apr 1134 Jan
65
Mar Pittsburgh Brewing pret_50
34 331
011 & Gas____5
100
331 Jan
334 Feb
185
Jan Pittsburgh Plate Glass_100
236 236
30 225 May 270
Jan
54
Apr Pitts Screw & Bolt Corp-- _
624 36 June 4034 June
11034 Juno Stand Saint Mfg com__ _26 8031 3731 39
1,237 7834 June 9234 Jan
7834 82
37 June Tidal Osage 011
21
21
100
200 17
Apr 2634 Mar
34
Apr Union
below
224 Jan United Steel Casting—See Note(a)12
12
25
50 12 June 1534 Jan
States Glass
40
Feb Westinghouse Air Brake_ 50
17034 172
246 137
Jan 178 June
2834 Apr Witherow Steel corn
10
10
100
9 June 10 June
48
Jan
Preferred
200 69 June 71 June
7031 71
119 June
46
Mar
Bonds—
314 Jan Melon lAremalna An
1051
72
72
25mon 72
Am.
75L?
UT.
3934 May
90 May
a Correction: Last week s sales for American Vitrified Products should read:
8834 Mar 10 at 90, not 89+90; Union Steel Casting should read: 50 at 35, not 3534.
105 June
* No par value.
Mining—
Gomel Lead & Zinc Co A •
Miscellaneous
-Scullin Steel Os
Friday
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Stocks (Continued) Par. Price. Low. High. Shares.
June
Jan
[VOL. 125.
High.
134 May
2534 Apr
5631 June
113 June
198
Apr
110 June
61
Apr
Mar
22
Jan
125
262 June
114 June
10731 May
Mar
45
264 Apr
Jan
385
99 June
99 May
Feb
78
Apr
45
106 June
150
Jan
29% June
34% June
103 June
Jan
73
103 May
105 May
31
May
330 May
346 June
Jan
25
55
Mar
Feb
44
May
91
934 May
Philadelphia Stock Exchange.—Record of transactions
at Philadelphia Stock Exchange, June 25 to July 1, both
inclusive, compiled from official sales lists:
Stocks—
Friday
Last Week's Range Sales
Sale
ofPrices.
Week.
par. price Lew. High. Shares.
.
_100
Abbotts Al Dairy preff.
Almar Stores
Alliance Insurance
10 55
• 65
American Stores
Bearings Co of Amer com_•
Bell Tel Co of Penn pret__ 113%
Cambria Iron
50 41%
Cramp dr Sons Ship & Eng
100
BI C0
4
Curtis Publishing Co corn_ _ ______
East Shore0& E 8% p1..25
Fairm't Pk Trans Co corn _* 10
Fire Association
50 514
Giant Portland Cement_50 50
Horn & Harden (Phila)com
Horn & Harden(NY)corn
.
Insurance Co of 4 A_ _ _10 6134
Keystone Telephone-- -50
Preferred
50
Keystone Watch Case_ _s
Lake Superior Corp_ __ -100
Lehigh Navigation
50 10631
Lehigh Pr Sec Corp corn-s 1836
Lehigh Valley
50
10
Lit Brothers
• 20
Mark Shoes Ine corn
Preferred
100 90
Minehill & Schuyl Hav50
Penn Cent L dr P cum pf_• 7434
60
Pennsylvania RR
Pennsylvania Salt Mfg _50
Philadelphia Co(Pitts)—
Preferred (cum 6%) _50
.
Phi's Dairy pr prof
93
25 5031
['bile Electric of Pa
25 1634
Power reels
Phila Rapid Transit__ _50
7% cum prof
60 61
Philadelphia Traction_ _ _50 55
Phil& & Western
50 12
Reading Co 1st prof__ _50
Shreve El Dorado Pipe L 25 22
Scott Paper Co pref..-- _100
Stanley Co of America__* 6734
Tonopah Belmont Devel_ _1
Tonopah Mining
1
50
Union Traction
103 103
1334 144
5434 55
6436 6534
15
15
1134 114
41% 4134
Low.
50 100
225 10
826 48
2,802 6234
11 15
186 11234
138 4036
4
434
370
z185 186
120
45
27
27
1,120
73.4 10
5134 5214
140
40
4734 50
235 255
95
5434 5534 1,325
1,484
61
62
234 234
100
250
17
17
50
86
8054
320
131 134
10534 10634 1,854
184 4,475
18
300
120 12034
2334 2434 2,635
21
8,523
19
330
99
95
27
5434 5431
123
744 75
18,400
6234 63
10
g76 . 76
5134
93
4934
UM
54%
51
5431
12
42
2034
98%
6531
lir.
236
3631
Range Since Jan. 1.
148
52
10
93
503,4 10,877
1634
713
5434
232
5134
557
5534
420
210
12
110
42
22
670
25
9934
6834 11,615
900
131
234
275
364
177
High.
Apr 1034 Feb
May 17% Jan
Feb 55
Apr
May 7334 Jan
Feb 15
Feb
Jan 115 June
Mar 42
Mar
331 June
177
May
26
Jan
54 Mar
51
Mar
4734 June
208 May
504 Apr
5134 Jan
234 Juno
17 June
76
Jan
131 Jan
10534 June
1534 Jan
100
Jan
23 Slay
1234 Mar
9431 June
63
Mar
713.4 Jan
56% Jan
754 Jan
5%
186
27
1234
55
93
261
5634
6234
5
1934
90
234
11934
204
134%
28
21
101
5434
75
68%
7934
June
June
Mar
June
Jan
Jan
Jan
June
June
Jan
Mar
May
Mar
Jan
Apr
June
Jan
June
Mar
June
Mar
Jan
Apr
4934 Jan 524 May
93
July
July 93
Jan
4634 Feb 54
9
Jan 163.4 May
52
Apr 5531 June
50 June 5234 June
Mar
53
Mar 69
1134 Jan 153.4 Mar
4034 Jan 42 June
20 May 2434 Jan
9734 Feb 1004 Apr
65% June 904 Feb
131 June
23.1 Mar
24 Apr
24 Apr
36
Jan 3934 Mar
JULY 2 1927.]
THE CHRONICLE
Friday
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Stocks (Continued) Par. Price. Low. High. Shares.
Range Since Jan. 1.
Low.
United Gas Impt
50 103% 10154 10354 12,542 8934
United Lt & Pr A coin_ *
100 1234
13
13
U S Dairy Prod A
110 28%
* 35
35
35
B
14% 15
• 15
230
9
Victory Park Land Imp_10
5
5%
200
5
Victor Talking Mach new_
32% 33%
160 32%
7% cum pref
•
24 97
98% 98%
Weet Jersey & Sea Shore_50
238. 40
41% 42
Westmoreland Coal
12 51
50
56
56
York Rys pref
42
50 42
42
38 3734
BondsAdv Bag & Paper 78_1943
Amer Gas & Elec 5s2007
Small
Consol Trae NJ 1st 531932
Elee & Peoples tr etfs 45'45
Small
1945
Inter-State Rys coll 4s 1943
Keystone Telep lst 55_1935
Philo. Co lot 55
1949
Stamped sk fd & red 1949
Cons & con trust 55
f3tmod sk fd & red 1951
Filth. Elec trust ctfs 4s.1950
Phila Elec (Pa) 1st 5 I 45'66
53
1960
1st 55
1966
Registered
5345
1947
535s
1953
1941
65
PUB,Elec Pow Co 5355'72
Phila Sub Co 4355_ _ _ _1957
York Railways 1st 55_1937
105%
98
99
85%
5534 55
55
51
95%
107%
107
107
105%
101
99
86
56
55
51
95%
107%
107
High.
Feb 108% May
Mar 15% Jan
Jan 35 June
Mar 15 June
June
534 Apr
June 41
Apr
Jan 100% Apr
Jan 47% Mar
Mar 58% June
Mar 42
May
51,000 104% Mar 10634 June
6,300 95
Feb 101% June
500 99 June 99 June
20,000 62
Jan 89
May
28,800 54
Jan 69
Mao
500 55 Jun
5834 Jar
3,000 48% Jan 52
May
20,000 93
Feb 96% May
10,000 107% June 107% June
1,000 107
July 107
July
100% 100% 1,000 99% Jan 102% Mal
89. 89
5,000 89 June 89
AMC
90% 89
90% 1,800 8714 Feb91% JIM
104% 104% 104% 6,000 103
Jan 104% Mal
105
104% 105% 13,500 103% Feb 106
Ma3
104% 104%
1,000 104% June 104% Jun,
106% 106% 6,000 105
May 107% Ma:
107
107 107
4,000 105
Feb 107% Ma:
106% 10754 5,30 106% June 108% Fel
104
103% 104
15,000 103
Jan 105% Fe
96
500 95
96
May 96 Jun
96
96
6.000 9314 June 9614 Ms
•No par value. z Ex-dividend.
81
Friday
Last Week's Range Sales
Sale
c.fPrices.
Week.
Stocks (Continued) Par. Price. Low. High. Shares.
Elkhorn Coal Corp 6355'32
99% 99%
Lake Ontario Power 534S-7 98% 98% 98%
Mender Creamery 6s..1946
100 100
Lexington (Ky) St 55_1949
102 102
Md Electric Ry 1st 5s_1931 99
99
99
Titusville Ir Wks 1st 75'29
101 101
Unted E L & P 434s _1929
99% 99%
Un Porto Rican Sug 7% '31
100% 100%
United Ry& El 45 _ _ _ _1949 74
74
76
1949 55% 5534 57%
Income 45
1936 8434 84
Funding 55
85
6% notes
1930
100 100%
1949 10034 10035 100%
6s when issued
Wash Bait & Annap 551941 8531 85
86
West Md Dairy 6s_ _ _ _1946
104 104%
3,000
5,000
3.500
1,000
3,000
2,000
1,000
5,000
42,000
22,000
14,100
13,000
7,000
33,000
13,000
Range Since Jan. 1.
Low.
98
98%
100
102
97
100%
99%
100%
70%
51
75%
99%
9935
65
mu
Jan
July
Mar
June
Feb
Mar
Jan
Mar
Jan
Jan
Jan
Mar
Mar
Jan
Jan
High.
10034
98%
101
102
99%
101%
99%
10235
7935
60
89
100%
10134
90%
104%
June
July
Jan
June
May
Feb
Apr
May
May
Apr
May
May
June
May
May
•No par value.
San Francisco Stock and Bond Exchange.
-Record of
transactions at San Francisco Stock and Bond Exchange
June 25 to July 1, both inclusive compiled from official
sales lists:
Stocks-
Sales
Friday
Last Week's Range for
Sale
ofPrices.
Week.
par. price. Low. High. Shares.
Range Since Jan. 1.
LOW.
High.
American Trust Co
350 352
93 300
Jan 398
Feb
Anglo & Lond Par Nat Bk. 20834 20834 212
102 195
Jan 232
Feb
Bancitaly Corporation____ 124
119 12454 65.677 89% Jan 12535 June
Bank of California N A... 250
250 250
75 245
May 270
Jan
Bank of Italy
175
173 17635 5,352 171
Apr 687
Apr
Calamba Sugar common
______ 72
215 68
72
Apr 75 June
California Copper
2
2
100
2 June
5
Jan
Calif Oregon Power pref._ 10354 103 103%
65 10234 Jan 105
Mar
California Packing Corp__ 61% 6135 62%
1,260 61
Apr 6935 Jan
Baltimore Stock Exchange.
-Record of transactions at California Petrol common_ 23
2135 2335 2,744 2134 Apr 33
Jan
Caterpillar Tractor
27% 28
6,710 2654 Feb 30
Feb
Baltimore Stock Exchange June 25 to July 1, both in- Coast Co Gas & El 1st pref 28
15 94
95%
95
Jan 97 May
clusive, compiled from official sales lists:
East Bay Water "A" prof_
9535 97%
285 9534 Jan 9834 Feb
Emporium Corp(The)....32% 33
710 31
June 39
Mar
Friday
Sales
Ewa Plantation Co
4154 4135
28 4034 May 45
Jan
Last Week's Range for
Range Since Jan. 1.
Fageol Motors, preferred__
6% 635
500
5
Jan
Jan
7
Sale
ofPrices.
Week.
Federal Brandeis
16
16
16% 4,000
954 Feb 18
Apr
Par. Price. Low. High. Shares.
StocksLow.
High.
Fireman's Fund Insurance_
9134 90
9134
286 88
Mar 9254 Jan
1234 12% 1234
Foster & Kleiser common
120 12
Apr 1314 Jan
Amer Wholesale prof _ _100
101 101
10 101
June 105
Mar Great Western Pow pref
10234 10134 10235
461 101
June 10454 Mar
Arundel Corp new stock_ _• 3454 3354 3434 2,730 31% Jan 3654 May Haiku Fruit & Pack (Free)
9
100
9
834 May 10
Mar
Atlan Coast L (Conn)_50
235 235
10 230
Jan 240
Feb Hale Bros Stores
3234 3254
10 30 June 3635 Jan
Baltimore Trust Co_ __50
151 12934 Feb 144
13554 136
Apr Hawaiian Com'l & Sugar
______ 50
5034
262 48
Apr 5034 June
Baltimore Tube pref _100
.
14 25
May 3635 Jan Hawaiian Pineapple
2834 28%
50
5035
364 49% Feb55% Feb
Black & Decker Mfg corn •
51 1234 June 1234 June Hawaiian Sugar
1234 1235
15 4035 Jan 4254 May
4134 4135
25
Preferred
2454 2534
44 2454 June 2534 June Home Fire & Marine Ins
31
31
31
25 2835 Mar 32% Jan
Century Trust
50 180
180 180
Jan 198
Feb Honokaa Sugar
5 170
3.50
3.50 3.50
20
2
Mar
5
Apr
Ches& Po Tel of Bait pf100
11734 117%
Jan 11734 June Honolulu Cons Oil
4 115
34% 3454 35
200 33% Apr 4234 Feb
Commercial Credit
1434 15
*
306 1454 June 29
Feb Hunt Bros Pack "A" corn. 2334 2354 2334
105 23 June 2
634 Jan
25
Preferred
21
205 19% June 2235 Jan Hutchinson Sugar Planta
2034
1354 13% 13%
35 1251 Jan
14
Mar
Preferred 13
17 18% June 23 June Illinois Pacific Glass "A".... ______
25 2035 20
21
3235 33
100 3154 Apr 35% May
634% preferred
100
36 74
75
75
May 82
Jan Key System Trans pr pref.
25
25
68 25 June 65
Jan
Consol Gas E L & Pow_ •
57% 58%
304 51
Jan 5934 May Langendorf Baking
1234 12%
10 12% June 1254 Mar
635% preferred
100
112 112%
18 11054 May 11254 Mar LA Gas & Elec pref
102
10134 102%
235 98% Jan 102% June
7% preferred
100
114 11434
7 112% Mar 11554 Feb Magnin (I) common
1735 1734 18%
225 1654 Apr 28% Jan
8% preferred
100 12834 128 128%
62 127 June 129
Mar North American 011
3635
755 2854 Apr 48
3634 34
Feb
Consolidation Coal_ _100 30
31%
30
501 30
July 3734 Jan Oahu Sugar
35% 3635
42 35
Jan 3835 May
Continental Trust
262
240
100 262
260
Mar 262
42
June Paauhau Sugar Plantation_
12
12
75 1154 Apr 12
Jan
Eastern Roll Mill new stk_• 28
627 21
Mar 33
2734 30
May Pao Light Corp 6% pref... 10034 10035 10154
310 97
Feb 101% June
Equitable Trust Co
24 84
84
15 71
84
Feb 85 June Pacific Tel & Tel, corn__ 135
135 13735
140 123
Mar 129
Jan
Fidelity & Deposit
214 220
50
30 13534 Jan 230 June
114 11434
Preferred
40 102
Mar 11434 Feb
Finance Service class A_ _10
5 1635 Jun
16% 1654
18% Jar Paraffine Coo, Inc, corn- 55
5434 6534 1.017 5454 June 139% Mar
Houston 011 pref v t 0_ _100 97
97
83 86
98
Jan 9934 June Phillips Petroleum, corn-38u 40
365 3835 June 59% Feb
Humphreys Mfg Co pref.25
25 25
2534 2534
Jan 30
Apo Piggly Wiggly W States •A' 23
2234 2335
485 19
Jan 2354 May
Lorraine Petr Cole shares
.25 .25
20
.25 Jan
.50 Fet Pig'n Whistle, prof
16
10 1554 Jan 1635 Feb
16
Manufacturers Finanee_25
2534 2534
52 2534 June 44
Jar
Pioneer Mill
2934 2934
425 2554 Apr 2
934 June
First preferred
25
2135 2134
662 19
Apr 2234 FM
Richfield 011
19%
18
19% 5,465 14% Mar 2654 Jan
Second preferred
25
1835 1834
40 1635 Apr 22
Jar
107 107%
St J Lt & Pow, prior pref._
225 10634 Jan 10934 Feb
Maryland Casualty Co_ _25 11354 11334 114
593 98
Jan 116
Ma(
9934 99
"B" 6% preferred
99%
65 97
Jan 100
May
Maryland Mtge Co corn •
18
10 1734 Feb 24
18
Mao
"A" 7% preferred
105% 105% 106
Jan 106
30 103
June
Merch & Miners new __ _• 40m
168 3735 Apr 43
4054 41
Jar
Schlesinger (B F)"A" corn
2154 23
610 20
Apr 23
Jan
Monon Vail Trae pref _ _ _25
54 2334 Mar 26
2554 25%
Jun(
Preferred
9134 9134 9234
160 89
May 93 • Jan
Mt V-Woodb Mills v t r 100
16
56 1554 May
16
18% Jar
26% 2654 27
Shell Union Oil, cum
3,400 26
Apr 3154 Feb
Preferred v t r
100
85
8634
430 7834 Jan 87 Jun( Sherman dr Clay, 7% pref.. 94
94
94
7 9335 Jan 97% Apr
New Amsterdam Cas Co.10 70
118 5234 Jan 73 Juno
6834 70
Sierra Pacific Electric, pref
89
89
50 87
Jan 9254 Feb
Penn/. Water & Power_100 49
4734 4835
300 4735 June 49 Juno
Southern Pacific __
117
116% 117
70 10635 Jan 117 June
Sharpe & Dohme prof...100
10934 10935
5 103
Jan 110
Ma) Sperry Flour Co, cony
52
52
125 44
Jan 54 June
Silica Gel Corporation_ _ •
.
65 15
1634 17
Jan 19
Mal I
Preferred
97% 98
15 9254 Jan 98 June
Lin Porto Rico Sugar corn.* 3735 3735 38
235 3635 May 44
Ma) I Spring Valley Water
102% 102 102%
160 10134 Jan 10831 Mar
United Ry& Electric_ _50 2054 2035 2234 1,429 20
Jan 24
Juno
Standard 01101 California_ 52% 5135 52% 4,912 5054 Apr 6035 Jan
U S Fidelity at Guar__ _50
199 205
295% 304%
Feb 325 Juno
Texas Consolidated Oil_ --- ______
.50 .65 2,450
.40May
.95 Feb
West Md Diary Inc pr pf 50 51% 51% 51%
" 5 50
Feb 5335 Juno
Trawl.; Lable & Litho Co
______
20
20
25 20
Jan 2134 Feb
Bonds
Union 011 Associates
39% 3834 39% 7,435 37% Apr 56351 Jan
Alabama Cons C&I 58_1933
9945 9935 53,000 9734 Mar 9934 JUDI
Union 011 of California.... 4135 3934 42
4,895 3934 Apr 56511 Jan
Balt Traction let 55_1929 10035 wog wog 3.000 99% Apr 100% Juni
US Petroleum
1.2734 1.27341.2734
1,400 1.2734Jan
2
Century Pkwy gm 65_1956
Max
85
85
2,100 85 June 85 Jure
Walalua Agricul Co, Ltd
______ 41% 42
230 3734 Jan 43 June
Commercial Credit 65_1934
9634 9634 3,000 94
May 9634 Ma
Western Dairy Prod "A" ______ 49% 4934
50 4635 Jan 4934 Apr
Consolidated Gas 55_ _1939
10434 10435 3,000 102
Mar 105% Ap
Yellow & Checker Cab_ _
834 8%
50
General 4345
854 Mar
1954
934 Jan
99% 99% 6,000 9834 Jan 100
Ma) Zellerbach Paper,6% pref. 99% 99%
205 95% Feb 101% May
9934
Cense! G E L & P 4%51935
9954 9954 2,000 9835 Jan 100
An
Zellerbach Corporation.__ _
31
3034 3154
1.635 28
Jan 33 June
534% notes ser E_1952
107 107
1,000 106
Jan 107 Jun,
Consol Coal ref 434s..1934
92% 9254
1,000 9234 Jan 9335 Juts
•No par value.
New York Curb Market--Weekly and Yearly Record
In the following extensive list we furnish a complete record of the transactions on the New York Curb Market for the
week beginning on Saturday last (June 25) and ending the present Friday (July 1). It is compiled entirely from the daily
reports of the Curb Market itself, and is intended to include every security, whether stock or bonds, in which any dealings
occurred during the week covered.
Week Ended July 1.
Stocks-
Sales
Friday
Last 1Veek's Range for
ofPrices.
Week.
Sale
Par. Price. Low. High. Shares.
Indus. & Miscellaneous.
Ala Great Sou RR prof._50
131 13135
Allied Pack prior pref-100
5% 554
Aluminum Co corn
* 7734 77% 78
Preferred
100
103 Ka
American Arch Co
100 9154 91% 92
Am Brown Boveri El Corp
e
Founders' shares
a% 734
6%
Founders' shares/v t
7
6% 7%
Amer Cyanamid com el B20 29
29
27
Preferred
8614
100 8634 84
Amer Electrice Corp v to.*
2
2%
American Hawaiian SS__10 1635
1435 1631
Amer Laund Mach corn_ •
122% 12331
American Mfg Co corn-100
8234 83%
American Meter Co
109% 109%
•
Amer Rayon Products...'
8% 9%
Amer Road Mackey----100
834
6% 9%
7% preferred
31
100 31
27
Amer Rolling Mill corn.-25 5251 5235 5234
Am Solvents & Chem pt pro
14
1435
Range Since Jan. 1.
Low.
High.
150 124% Feb 132 June
200
2
Mar 13
Jan
400 67% May 81% June
100 10135 Mar 104% Apr
250 85
Mar 11134 Apr
700
8
3,100
6
700 26
40 84
200
2
7,500
9
75 111
100 81
25 89%
5,100
335
1,500
2
700 27
100 44%
500 11
Jun
21
Jun
21
Apr 37%
Jun
89
Jun
Jan 20%
Jan 128
June 90
Jan 110
Mar 10
Jan
10)4
June 31
Feb 57
May 1434
Jan
Jan
Jan
Jan
Mar
May
May
June
June
May
June
July
June
June
Friday
Salm
Last Weeks Range for
ofPrices.
Sale
Week.
Stocks (Continued) Par. Price. Low. High. Shares
Amer Thread pref
5
Amoskeag Company
•
Anglo-Chile Nitrate Corp.' 26%
Atlantic Fruit & Sugar •
Atlas Plywood
•
Atlas Portland Cement_ •
Auburn Automobile corn.28 101
Babcock & Wilcox Co.
.100 115
BancItalY Corporation.
.25 121%
Bancroft (Jos) & Son pf 100
Beaverboard Co pref. 103 4335
Best & Co. Inc. corn
* 51%
Bliss(E W)& Co com
•
Blyn Shoes Inc corn
454
10
Bohn Aluminum & Brass •
Borden Co common
25
Nat City Ms for new stk
Borg & Beck
Bowman-1311tmore Hotels
Common
•
Bridgeport Machine corn.'
3%
Range Since Jars. 1.
Low.
High.
3% 3)5
100
334 Jan
3'sw Mar
57%
57
250 87 June 68% Mar
2635 29)5
1,500 14
Feb 3135 may
85e 88e
900 810 May
1,4 Jan
53%
53
600 83 June 55
May
4435 44%
100 40
Jan 45% June
101 102%
750 69
Jan 116% May
115 116
150 115
July 124
Mar
119% 12434 54,400 85% Jan 1253( June
10835 10834
10 108% June 108% June
4335 43)5
100 38
Jan 40% June
51% 53
6,400 81% July 53% June
300 20
2035 20%
Jan 24% Apr
435 5
500
3% Jan
9% Apr
1834 18%
900 13
Feb 2035 June
108 111%
500 101
Jan 117 June
107 109
200 102
Apr 11214 June
63% 63%
200 59
May 63% June
8%
3%
8%
3%
200
400
8% June
3% July
9% June
514 mar
Friday
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Stocks (Continued) Par Price. Low. High. Shares.
Brill corporation class A_.' 33
Class B
• 1634
-Amer Tob ord bear_ El
Brit
__El
5% cumulative pref.
25 6634
Bucyrus Co corn
Preferred
100
Budd (Edw G) Mfg com__• 30
20
Butler Brothers
Canadian Indus Alcohol. _* 30
Case Plow Wkscl Byte •
Caterpillar Tractor
Celanese Corp of Am com_* 66
First preferred
100 36
Celluloid Co corn
•
Celotex Co corn
100
7% preferred
Central Aguirre Sugar. 50 103
Cent Leath (new) CIA vtc.*
100
Prior pref v t c
Centrifugal Pipe Corp____• 1234
Checker Cab Mfg class A*
CM & St P (new co) w
3933
New preferred w I
Chic Nipple Mfg class A50
50
Class B
Childs Co preferred__ 100
'Cities Service common...20 4533
100 8734
Preferred new
10
Preferred B
100
Preferred BB
Bankers shares
'City Ice & Fuel (Cleve)- •
233
Colombian Syndicate_ _•
3
Consol Dairy Products_ __•
• 17
'Congo' Laundries
*Copeland Products. Inc
Class A with warrants_ •
Cosgrove-Meeh'n Coal cm*
El
Courtaulds Ltd
10 4234
Cuneo Press, corn
Curtiss Aeropl & M com-_• 3033
100 100
Preferred
•
Curtis Pub Co corn
•
$7 preferred
•
Davega Inc
Davies (Wm) class A....'
Deere & Co common-100 145
De Forest Radio Corp_ •
431
Voting trust certif of dep
Dinkier Hotels class A
Vol trust ctIs of deposit* 2334
•
Doehler Die-casting
100
Dominion Bridge
•
Dominion Stores Ltd_
433
•
Dubiller Condenser Corp.
550
Dunhill International
•
834
Durant Motors Inc
•
Duz Co class A v t o
Class A
25 101
Eagle Lock
*
Eastern Rolling Mill
Eitingon-Schild Co com__• 3433
•
634
Estey-Welte Corp class A.
*
Class B
354
Evans(ES)&Co Inc comB 5
234
Fageol Motors Co corn_ _10
100
Fajardo Sugar
Feddera Mfg Inc cl A....• 30
Federated Metals stk tr ctf•
Firestone T & R com___10 135
100 See N
6% preferred
Ford Motor Co of Can_100 489
•
Forhan Co class A
Foundation Co
Foreign shares class A.•
Fox Theatres cl A corn-. 1433
Franklin(H H)Mfg p1_100
Freed Eisemann Radio__ •
Freshman (Chas) Co
•
• 49
Fulton Sylphon Co
• 5354
Gamewell Co corn
3
Garland Steamship
*
1
Cared Corporation
• 6434
General Baking cl A
*
634
Class B
General Ice Cream Corp_ _" 4933
'
.
Gen Laundry Mach corn • 20
General Silk Corp corn_ *
Gillette Safety Razor_ __ _• 8734
Gleasonite Prod corn....10
•
Glen Alden Coal
Gobel (Adolp) Inc corn...* 4334
Goodyear T & R com _ _100 5033
Grand(F&W)5-10-25c St•
100'
7% preferred
Gt Atl & Par Tea 1st pf 100
Preferred class X__ _ _100 101
Greif (L) Bros Inc corn...* 19
Hablrshaw Cable & Wire_' 2633
6
Happiness Candy St cl A.'
•
*
Founders shares
1033
Hazeltine Corp
Hellman (Richard) Co
Panic pref with warets•
Hercules Powder pref..100
Efires(ChasE)Co cl Acorn'
•
Hobart Mfg
•
Hood Rubber Co
•
Horn & Hardart, eom_
100
Preferred
Imperial Tab of Canada_ _5
Industrial Rayon class A_•
Irma Co of North Amer-10
• 29
Jaeger Machine
Johns
-Many new Corn....' 579
Preferred
100
Johnson dr Phillips Ltd ord
Kawneer Co
•
Keiner-Williams Stmpg_ *
Kruskal & Kruskal, Inc.." 1834
•
Land Co of Florida
Landay Bros Inc class A_ •
Landover Holding Corp
1
Class A stamped
Lanston Mono Mach.
.100
Lehigh Val Coal etfs new.. 4034
Lehigh Val Coal Sales- 50
Fitzpatrick &
Leonard
Muellar Stores Co coin.*
Libby McNeil & Libby- -10
Libby Owens Sheet Glass25 13533
Lit Brothers Corp
10
MacAndrews&Forbes com•
Madison So Garden v t c..• 1936
Magnin (I) & Co Inc corn.'
Maine Central RR corn 100
Manning, Bowman & Co
•
Class A
Marmon Motor Car corn.'
Massey-Harris Ltd corn..'
5 2634
Mavia Corp
[VOL. 125.
THE CHRONICLE
82
Range Since Jan. 1.
High.
Low.
1,100 33 June 4733 Jan
33
35
16% 17% 1,200 1533 Apr 2233 Feb
1,200 23% Feb 25% Mar
24% 24%
434 June
4% Juno
200
4% 433
11,200 60 June 69 June
61% 69
100 10233 Mar 11234 June
112 11234
Apr 3333 June
400. 20
30
30
Jan
100 1833 Apr 26
20
20
Jan 34 June
100 22
30
30
13
Mar
3% Feb
300
533 6
Jan
100 27% Feb 31
28
28
May 7633 June
5,900 44
71
66
May 15833 June
144% 14833 3,300 131
Feb 52 June
800 17
35
4933
Jan
Apr 85
200 70
80% 82
Mar
125 86% Apr 91
89
8933
450 97% Jan 112% June
103 104
28% 2931 4,700 19% Jan 30 June
1,200 7393 Jan 9734 June
9533 97
900 1033 May 1833 Jan
12% 13
1433 Jan
3 May
100
8
8
Mar 26% June
800 20
2433 25%
3833 40)3 4,900 2734 Mar 4133 June
Apr
500 4334 Jan 49
48% 48%
Jan 3534 June
200 31
3533 3533
Apr 12233 May
100 117
118% 11833
45% 4633 19,400 40% Mar 5831 Feb
1,810 87% July 90% June
87% 8833
8% Feb
733 Mar
200
833 833
Apr 8533 Mar
400 81
83
83
100 23 June 2934 Feb
23
23
50 23% Jan 29% June
29% 29%
334 Jan
131 Apr
luis 233 9,400
333 May
1% Jan
2,200
2% 3
14,800 16% June 22% Apr
1633 20
7% Apr
400
1033 11
9 May
400
9
11%
700 24% Jan
32% 3333
Jan
1,200 30
40
42%
Jan
24% 30% 13,800 19
500 84% 'Jan
97 100
Jun
75 170
183 185
600 113 Jun
113% 114%
May
43% 50% 2,900 47
Jan
125 27
3933
38
1,520 70
Jan
139% 150
4
433 2,100
3 May
300
333 433
334 Jun
22
300 21%
23%
17% 18
1,000 17%
20 185%
18533 186
400 66
7533 7734
433 4%
700
333
4533 x5034 12,400 22
8% 9% 6,500
531
100
6% 633
4
200
6
533
6
25 101
101 101
100 2034
28
28
600 3333
3433
34
634 6% 3,000
633
200
3
331 333
100 2933
37
37
1% 2% 3,400
134
250 150,33
156 159%
2,800 27
29% 31
400
9
9
933
30 115
135 135
ore below
460 339
468 490
17% 18
800 17%
Jan
Jun
Jun
Jan
Feb
Jan
Jan
Jun
May
July
Ma
Jan
Jun
Apr
Fe
May
Ma
Jun
Jun
Fe
Ap
Jet
22
13
33%
46
3034
100
190
118
573(
44
18633
10%
1033
May
Feb
June
May
July
July
June
Jan
June
May
June
Jan
Jan
24
22%
186
83%
5%
5034
1434
11
933
110
31
35
10%
18%
3934
433
16534
31
1434
150
June
Mar
June
May
Mar
June
Mar
Jan
Jan
Feb
June
May
Apr
Jan
May
Jan
May
June
Jan
June
500
19
Feb
Jan
Friday
Saks
Last Week's Range for
Week.
Sale
of Prices.
Low. High. Shares.
Stocks (Continued) Par.
8%
Mavis Bottling Coot Am..
• 51
McCall Corporation
pMead Johnson & Co corn*
Metrop Chain Stores_ _ _ _* 46
Met 5 & 50c Stores. pref100 47
5
Class A corn
Michigan Copper&Brass 10
Midvale Company
•
Midland Steel Prod
Miller Rubber pref._ _100
Mirror (The) 7% pref_ _100 90
Murphy (G C) new corn,..5
4
Nat Food Products Cl B •
Nat Sugar Refg
100
Neisner Bros Inc corn_ _ _ _* 55
Preferred
100
Nelson (Herman) Corp_ _.5 2734
Neptune Meter class A...'
1233
New Mex & Ariz Land _ _.1
New On Gt North RR_100 33
New Process Co common.*
N Y Central RR new w I.. 14334
N Y Merchandise Co...*
Nichols & Shepard Co_ _ _• 2431
Niles-Bement
-Pond corn.*
Palmolive Peet Co corn...' 7934
Parke-Davis & Co new_ *
Penney (2 C)Co cl A pf 100 10033
3034
Peoples Drug Stores
Phillip-Mon Cons Inc corn'
25
Class A
Pick (Albert) Barth & Co
Common vat tr ctf_ ___1 14
Pre/ cl A (panic pref)--• 22%
Pierce, Butler & Pierce
25
Mfg common
PIllsb'y Flour M corn new * 2833
50
Common old
633% corn cony pref_100
Pitney Bowes Postage
6)4
•
Meter Co
Pittsb dr Lake Erie com_50 161
Pittsb Plate Glass Co__I00
•
Pratt dr Lambert
Procter & Gamble. com_20
Prudence Co 7% pref. _100 10433
Pullman Co(new corp) I• 73 '
931
Pyrene Manufacturing_ _10
100
Quaker Oats pref
Realty Assoc.(Blkyn)com•
Remington Arms Co corn_* 1333
10 21
Reo Motor Car
4%
Republic Motor Truck...'
•
Richman Bros Co
Richmond Radiator corn.'
•
7% cony pref
Rolls-Royce of Amer p1_100
Royal Bak Powd com__100 225
•
Royal Typewriter e,om
Safeway Stores corn
50
St Regis Paper Co
Sanitary Grocery Co corn." 215
• 2634
Seeman Bros corn
Selfridge Prov Stores Ltd
531
El
Ordinary
333
Serve' Corp (Del) corn A.•
Sherwin-Williams cora--25 5531
Silica Gel Corp corn v t 0...• 1631
Silver(Isaac) Bros Inc.com•
Snia Viscose ord (200 lire)
Dep rcts Chase Nat Bk..
Southern Grocery Store A •
Stand Com'l Tab com...• 2933
100
Stand Motor Constr
Stand Publishing cl A -25
Standard Sanit Mfg corn 25
• 1633
Stein-Bloch Co
100 10033
7% preferred
Stern Brothers class A...'
•
Stutz Motor Car
SwedLsh-Am Invest pref100
100
Swift & Co
15 2333
Swift International
Terre Haute I dr East pf 100
Thatcher Mfg new corn__* 1734
Convertible preferred..'
Timken-Detroit Axle_ 10 1233
100
Preferred
3
Tobacco Prod Exports...'
Todd Shipyards Corp....' 523(
Trading Co
Amsterdam sub shs ctts_
-Lux Day Pict Screen
Trans
531
•
Class A com
25 1133
Trumbull Steel corn
100 10233
Truscon Steel pref
Tubize Artificial Silk el B_• 232
Tung-Sol Lamp Wks CIA.' 23%
•
Common
Union & United Tab corn.'
United Artists Theatre Co
Allot ctf for corn & pref._
United Biscuit, class A...' 4834
•
Class B
United Elec Coal Cos v t c• 2433
.25
United Shoe Mach corn.
US Dairy Prod class B . 14%
U S L Battery corn new..' 35
10
7% pref class B
•
US Freight Co
20
U S Gypsum cam
Univ Leaf Tobacco com__• 45
Waitt& Bond Inc Cl A....* 2533
• 1533
Class B stock
Warner Brothers Pictures.* 1631
Wesson Oil&S D corn v t c•
West Dairy Prod cl A. *
• 19
Class B v t
West Md Ry 1st pref__100 132%
Weet'house Air Brake new. 4333
Wheeling & L Erie pr 1n100
-Mat Litg_* 1234
Williams 011-0
1033
12%
81
2%
14
48%
53%
133
1
61%
5%
48
20
7
87%
834
175
4133
50%
77
115
117
9834
1831
1933
5%
533
933
2,400 10 Jun
12
2033 Mar
15% 8,300 123( Jun
2131 Apr
81
100 72
Apr 81 June
200
3
733 Jan
2% Jun
14%
200
933 May 2333 Jan
51
1,500 3933 Jan 53 June
50 5333 Jan 5931 Jan
5333
200 85c
133
Feb
134 Mar
1% 1,500 400 May
333 Jan
65% 33.300 5233 Apr 65% July
57,900
7
733 Jan
4% Mar
400 4u34 Feb 50 June
4933
2033 6,400 20 June 21)3 June
IOU
7
6
June 1034 Jan
8833 2,300 86% Mar 95
Jan
200
8%
Mar 12% Jan
8
100 15933 Apr 182
175
Apr
4333 2,70
2533 Jan 4333 June
5333 24,000 28% Jan 58% May
200 60
77
Feb 7933 June
75 110
115
May
Apr 120
10 116
117
Feb 11833 Slay
600 97
May
101
Apr 101
500 17
May
19
Apr 19
600 15
21
Jan 21% June
1,500
6
Jan
7
434 May
5% 2,300
633 Jan
433 Apr
1,500
1133
Jan
474 May 13
3234
120
2033
3233
3233
5433
11433
7)3
533
61%
29
7833
120
11%
z29
17
17%
19%
33%
100 28% Jan 34% Apr
32%
60 114
120
June
Mar 122
2034
600 20% June 2234 Feb
300 27% Mar 34% June
34
32%
Feb
100 3233 June 46
100 50% Apr 5634 June
5433
50 107
115
June
Jan 115
100
Jan
734 June
7
7%
1,700
633
833 Feb
431 Jan
300 51
62
Feb 6233 June
100 28
29
Jan 3233 May
80% 11,200 55)3 Jan 86 June
100 114% Jan 120 June
120
200 11% June 11% June
1133
2933
300 29
Jan 29% Mar
400 17
Mar 22% Apr
18
18% 4,700 16
June 18% Jan
100 18 June 36
Jan
1931
100 30
'3334
Feb 353( June
17
10233
40
91
1733
102%
40%
9133
300 14
50 102
2,000 38%
125 89%
1734 June
Jan
June 10233 June
Jan
Mar 46
Mar
Mar 100
RightsCelenese Corp
Hall(W F) Pig Co
White Sewing Mach deb rts
35
9
132%
24
40%
19
18%
69%
35
9
135%
25
4031
1934
1831
70%
100 3533
300
8%
570 116
600 24
100 40%
6,600 16
500 18%
40 62)3
June
June 37
June 1033 Jan
Apr 159% Jan
June 2634 Feb
Jan 4334 Mar
Mar 19% June
June 1933 May
Mar
Feb 75
16%
48
32
2634
1733
5033
32
2834
Public Utilities
Alabama Power $7 pref..'
American Gas & ElectricCom (new ex stock div).*
•
Preferred
Amer Lt & Trac corn...100
Common new
Preferred
100
Amer Pow dr Light pref _100
Amer Superpower Corp A.•
•
Class B
Participating pref.-- _25
•
First preferred
200
1,000
100
2,200
17% June
4733 Jan
29
Mar
26% July
20%
623(
39
2834
Mar
Jan
May
June
--
2%
11
110
831 1033
51
48
5434 5731
43% 49
40
4935
5
5
21
21
2733 2733
4133 4133
9933 101
87
90
39
37
333 4
14033 143
54% 55
98)3 100
2733 2833
2133 21%
10% 1233
33
33
33
3333
143 14333
3253 33
22% 2433
16% 1633
7733 7933
29
29
99 10034
30
303-4
1133 1233
16
16
13% 14
22
2333
24
28
85%
103
24
29
8633
10333
Low.
High.
8% July
3,300
June
500 48
2,700 3933 Jan
Feb
5,900 30
Feb
1,200 30
July
5
100
June
100 21
100 23% Jan
100 3933 Apr
50 9933 June
May
100 76
June
500 37
333 June
1,000
Mar
75 126
350 3633 Feb
Jan
150 96
300 2333 Feb
100 21% May
9% Apr
4,900
100 1933 Jan
500 3133 June
July
300 143
Jan
300 27
900 213( Mar
100 1633 June
Apr
800 69
100 2733 Mar
710 99 June
300 28% Apr
2,900 11% June
June
200 16
1133 June
60
Mar
53 June
49 June
4933 June
5
July
21
June
30% Apr
4533 Jan
10533 Feb
91% Jan
40 June
Apr
9
May
155
64% May
Noy, May
3031 Apr
2433 Feb
16
June
4134 Apr
34% June
143% July
Apr
35
3033 Apr
23% Mar
79% July
Apr
31
103% June
34% May
2033 Jan
Jan
22
12% Jan
Apr
20
143( June
28% June
8,700
8,000
100 20
2,800 28
600 5233
200 103
May 24
June 31
Jan 94
June 10434
Juno
June
June
June
634 634
161 166
233 235
48% 4933
19731 199
10334 10433
7034 73%
933
931
108 108
240 240
1333 1333
20% 22
4
433
217 223
28
3031
41
43
86
86
204 225
4731 4831
260 270
45
61
211 221
2633 2631
100
750
20
300
50
200
2,600
600
25
10
100
4,600
2,200
40
9,900
900
500
175
50
30
2,100
930
400
6
161
230%
48
178
102%
69
9
10733
225
7
1933
2
153
20
37%
86
161
47
232
37
211
2533
Jan
June
May
Mar
Feb
Jan
Apr
Feb
Fob
Jan
Mar
Mar
May
Apr
May
May
June
Feb
Jan
Feb
Apr
June
May
8%
181%
269
5333
202
105
78%
1433
108
257
17
2333
534
224
3231
45
993(
240
55
301
51
221
28
Mar
Feb
Jan
Jan
May
Jan
May
Jan
June
May
Apr
May
Jan
June
June
June
Apr
May
Apr
Apr
July
June
Jan
5
5%
333 5%
5533 5533
16% 17
30
30
8% 9
834 834
3033 3033
33
29
1
1
331 333
80
80
15% 1633
9933 100%
44
46
13%
13
11333 114
116 116
2433
23
30
30
1733 1833
4333 44
1233 13
100 102
333
3
5333
51
4,100
5
6,600
334
100 44
800 1331
100 26
5
500
100
5
150 3033
900 1933
1
100
33(
100
50 80
2,000 15
600 99
75 42
300 1233
250 109
100 11533
6,800 1833
50 30
400 14
700 4133
1,500 1133
40 86
1,000
3
600 45
June
Jun
Feb
Mar
Apr
Jan
Jan
Jun
Jan
Jun
Apr
Jun
May
Jun
Feb
May
Apr
May
Mar
Jun
Jun
Apr
Ma
May
Mar
AP
533
1033
5533
19
3733
11
11
3533
33
134
633
91
1633
10034
52%
21
118
120%
24%
30
1934
46
14
102
3%
55
June
Feb
July
Feb
May
Apr
Apr
Feb
June
May
Jan
Jan
J1119
July
May
Mar
June
Mar
May
June
June
Mar
May
June
Jan
June
30 325
Jun
327
June
330
331
533
5
1133 12
10233 10233
225 232
23% 23%
1033 11
7533 7633
333 Jun
2,700
833 Jan
1,100
9% Jan 13% June
25 10233 July 102% July
210 145
Jan 255
May
3,600 173( Jan 2433 June
200
13
May
833 Feb
May 90
200 64
Feb
99
4833
8%
2433
5733
14%
3433
833
77
9333
44%
25%
1533
1633
5233
4933
18)3
132%
4234
167
12%
200 9533
800 38
900
7
800 23
200 51
933
200
800 32
8%
300
200 69%
325 9334
3,000 37)3
4,100 2533
2,100 1533
7,100 1533
200 5034
200 4733
1,200 15
100 98
3,400 43
20 163
100 12
99
51%
9
2533
58
14%
36
833
7733
96
4533
25%
1633
21%
5233
50
19
132%
43%
167
12%
233 2%
433 5
1033 11%
110
110
8633 87%
10133 102
250 25433
168 168
168
115 115
10293 101% 10334
36
35% 35
3533 36%
36
2933
29
9633 9633
87
Range Since Jan. 1.
5,400
1,200
1,600
Jan
Ma
Jan
AP
Jan
Ma
Jun
Jun
Mar
Jun
Jan
June
Juno
Mar
Apr
Feb
Feb
Jan
June
Feb
May
233 July
433 June
4
May
101%
52
13
3334
5933
1433
39%
9
8151
110
48
25%
1631
333(
5933
51
2033
145
4433
173
16%
334 June
6
June
14% June
50 10834 Jan 114
6,000 6831
400 9533
100 222
300 167
25 11233
280 9733
3,400 2733
2,000 281.4
400 26%
200 9333
Jan
Feb
Mar
May
Feb
Jan
Jan
Jan
Jan
Jan
June
June
Feb
May
May
July
June
May
June
Jan
Mar
June
June
Jan
Jan
Mar
May
May
June
June
Feb
9234
10431
265
176
126
106%
38%
3933
2934
98
May
June
June
June
June
Apr
Juno
June
June
June
June
JULY 2 1927.]
THE CHRONICLE
Friday
Saks
Last Week's Rang( for
Public Utilities
of Prices.
Sale
Week.
(Conetutted)
Par. Price. Low. High. Shares.
Range Since Jan. 1.
Low.
High.
Amer \Vat Wks & Elec new 4674 44% 46% 2,900 44% June 4734 June
Assoc Gas & Elec class A_• 40
4055 3,300 35
!r40
Mar
Jan 43
Blackstone V G&E,com_50 131
350 y98
124 1345$
Feb 15415 May
Brooklyn City RR
10
900
4
4
6% Jan
354 May
Buff Niag dr East Pr corn •
1,000 25% Mar 32% June
31% 32%
Preferred
25
100 25% Jan 2655 June
26
26
Cent States Elec 6% pf 100
70 92% Jan 98
9554 96
June
Cities Ser Pr&Lt 7% pf _100 z10231 :10231 10256
325 102
June 103 June
$6 preferred w I
25 92% June 92% June
92% 9234
Com'w'th-Edison Co...100
20 139
15155 153
Jan 155% June
Com'wealth Power Corp
Preferred
100 98
98
98%
700 9134 Jan 100 June
Con Gas E L & P Balt com• 573.4 5715 5815
2,100 5074 Jan 5934 May
Elec Bond dr Share pref _100 10715 107% 10715
1,350 10574 Mar 10934 may
Elec Bond & Share &cur..* 71% 7035 7235 8,800 6655 Mar 7511 June
Elec Invest without warr_* 3634 36
1,800 3274 Feb 4031 June
36%
Nice Ry Securities
•
7% 7%
200
Apr
8
Feb
6
Empire Gas & F8% pref100 10554 105% 105%
32 10431 May 10634 May
Seven per cent preL 100
9755 9755
25 9735 June 98 June
Empire Pow Corp part stk• 38% 3451 39
4,200 26
Jan 39
June
Federal Water Serv cl A_ _* 3054 30% 31% 9,300 3034 July 32
June
General Pub Serv com_ _ _• 13
13
600 1155 Jan 15 June
1354
7% preferred
• 111% 109 11155
125 105% Feb 11174 July
Ga Pow (new corn) $6 pref•
96% 9615
100 94
Mar 9774 May
Hartford Electric Light.100 372
372 389
60 328
Apr 410 June
Internet Rys vot tr ctf _ _ _ _
28% 2851 30%
500 2874 July 3155 June
Internat Utilities class A_• z3934 :3951 40%
1,000 24
Apr 4134 June
Class B
•
551 6% 4,400
531
754 June
Jan
3
Participating Preferrea-*
93
93
Apr 93 June
50 89
Lehigh Power Securities_ _* 17%
17% 18% 3,700 15
Apr
Jan 20
Long Island Lighting corn.* 140
140 140%
July 150
Jan
75 140
Marconi W1rel Tel of Can _1
135
1%
155 14,200 790
155 June
Jan
Marconi Wirel Tel of Lorin
4% 4%
100
554 June
355 Jan
Massachusetts Ltg Cos_ •
142% 146%
240 142% June 150 June
Six per cent pre(_ _100
115 115
June
10 114% June 118
Middle West Utilities corn • 11215 111
11355
1,500 108
Feb 11751 May
Prior lien stock
100
120% 120%
50 117% Jan 12115 May
7% preferred
100 10955 109% 110%
200 105% Jan 11351 Feb
$6 preferred
• 9231 z9134 9355
94% June
2.200 :9115 Jun
Mohawk & Hud Pow corn.*
23% 2415
Feb
1,200 2035 Jan 27
First preferred
• 107
107 107%
175 101% Jan 10755 June
Second preferred new_ _* 101
101 101
July
Jan 101
25 94
Mohawk Valley Co
45
•
4651
4915 May
Fe
1,100 37
Mountain States T & T.100
137 13755
Jun 13734 June
60 137
Nat Elec Power class A.._ _• 24% 24% 24%
2515 Feb
1,200 23% Fe
Nat Power & Light pref_.• 105
104% 105
Jan 108% May
300 101
Nat Pub Serv corn class A.• 21% 2151 22% 2,800 18% Jan 24 June
Common class B
•
1855 1854
Jan 20% Mar
500 14
Nov Calif El Corp corn _100
Apr
26% 26%
Feb 31
100 25
New Eng Pow Assn corn* 80
z65
80
July
760 49% Feb 80
New Eng Tel & Tel_ _ _100
127 127
Jan 133 June
50 115
NY Teiep 655% Pref__100 11356 11354 11354
150 11255 Apr 11555 Mar
Nor Am Util Sec 1st pref_•
Aline 90
86
May
86
100 86
Northeast Power com
• 20
1654 2054 34,900 1455 Apr 18% Jan
Northern Ohio Power Co_• 1115
1155 1255
1351 Feb
3,900
9.14 Jan
Nor States P Corp com_100
5116 119
June
1,000 109% Jan 124
Preferred
104 104
100 104
May
50 10015 Jan 107
Ohio Bell Telep 7% pf_100
104 109
May
50 104
June 114
Pacific Gas & Elec 1st pf _25
26% 26)1
300 24% Feb 2655 May
Pacific Pow & Lt 7% pf 100 103
103 103
Apr 103
July
50 102
Penn-Ohio Etna new corn.* 35
35
35
300 27
Feb 40% May
7% prior preferred-. _100 10131 10111 102
135 9751 Jan 10415 May
$6 preferred
89
•
8951
40 8034 Jan 90
June
14
Warrants
13% 14
1,300 1031 Jan 1851 May
Penn Ohio &cur Corp__ • 11% 11% 11%
400
8% Feb 13% Apr
Penne G & El el a part stk •
19
19% 2,600 19
Jan 21% Feb
Penne Pow dr Lt pref....* 108% 108% 108%
25 106
Jan 110 June
Penn W &P new coin._.• 49% 4755 4935 2,100 45
Mar 4955 July
Phila. Electric Co corn._ _25
50
50%
400 46% Mar 53
Jan
Puget Sound P&L com_100 3174 3131 3235
300 28
Apr 35% June
7% preferred
100
110 110
10 103% Jan 111
June
Rochester G & El pf D _100
104% 10455
June 1043.4 May
50 103
South Calif Edison pf B_25
25
25%
300 2415 Jan 2555 May
Sou Cities Util pref....100 7255 72% 72%
50 7215 July 92
Mar
Sou Colo Power class A _ _25
26% 2656
100 26
Feb 2774 Mar
Sou Gas & Power class A1955 1951
•
400 1851 Mar 2274 Apr
Southeast Pow & Lt com..• 3455 33% 35% 6.400 2955 Mar 3831 June
Common vot trust ctfs.• 32
32
33
1,300 28
Jan 3574 June
$7 preferred
10431 104%
•
600 10154 Jan 109 June
Participating preferred_• 7855
7835 7955
500 6755 Jan 8051 June
Warrants topur corn stk•
851 855
1,200
1011 May
834 Jan
Southw'n Pr dr L 7% pf 100
10851 109
130 104
Jan 109 June
Stand Gas & Flee 7% pf 100 106% 10655 10951
100 10434 Jan 11034 June
Standard Pow & Lt,corn 25
23% 24 •
500 22
Jan 2474 Jan
Preferred A
101
101
•
50 9834 Feb 102
Apr
Tampa Electric Co
57
57
•
100 49
Jan 64
May
United Gas Impt
50 10355 100% 10355 6,000 89
Feb 109
May
United Light& Pow comA• 13
12% 1355 14,200 1234 Mar 1551 Jan
Common class B
19
19
•
100 14
Jan
19 June
Preferred class A
• 9531 95% 9531
800 85
Jan 97% May
United Rys&EI Bait corn 50
2115 2155
10
1915 Mar 2334 Apr
Utilities Pow & Lt class B.
1655 1751 4,100 1334 Jan
16%
19
May
Utility Shares Corp war_ _
155 251
2
1,100
155 Apr
355 May
Western Power, pref. _100
10154
101
100 98
Jan 102
Feb
Former Standard 011
Subsidiaries.
Ang-Am 011 non-vot stk.£1
Borne Scrymser Co-- _100
Buckeye Pipe Line
50
Chesebrough Mfg Cons.25
Continental 011 v t 0...JO
Humble Oil& Refining...25
100
Illinois Pipe Line
Imperial Oil (Canada)...'
Registered
Indiana Pipe Line
50
National Transit. _12.50
New York Transit
100
Northern Pipe Line_..100
Ohio Oil
25
Penn-Mex Fuel 011
25
Prairie Oil & Gas
25
Prairie Pipe Line
100
Solar Refining
100
South Penn Oil
25
Southern Pipe Line
50
Standar Oil (Indiana)_25
Standard Oil (Kansas)...25
Standard 011 (Kentucky)25
Standard 011(Neb)
25
Standard 011(0)new corn 25
Preferred
100
Swan dr Finch Oil Corp_ 25
Vacuum 011
25
Friday
sates
Last Week's Rang
for
Other 011 Stocks
Sale
Week.
ofPrices.
(Concluded)
Par. Price. Low. High Shares
Crown Cent Petrol Corp_ _•
Gibson 011 Corporation_ _I
Gilliland 011 corn v t c_ *
Gulf 011 Corp of Penna_ _25
Houston Gulf Gas
•
Intercontinental Petroleum
International Petroleum *
Kirby Petroleum
*
Leonard 011 Developm't_25
Lion On & Refining
•
Livingston Petrol
*
Lone Star Gas Corp_ __.25
Magdalena Syndicate....'
Margay 011
•
Mexico-Ohio Oil
•
Mountain & Gulf Oil
I
Mexico Oil Corporation.10
Mountain Producers_ -10
Nat Fuel Gas, new
*
New Bradford Oil
5
New York 011
25
Oklahoma Nat Gas Ctf den
Pandem Oil Corporation..'
Pantepec 011 of Venezuela•
Paragon Refining com_ _25
Pennok Oil Corporation_ •
Reiter Foster 011 Corp._.•
Richfield Oil of Cal pref _25
Royal Canadian Oil Synd_*
Ryan Consol Petroleum...'
Salt Creek Consol 011__ _10
Salt Creek Producers_ 10
Savoy Oil Corporation_ _5
Tid-Osage Oil non-vat stk•
Voting stock
•
Transcont'l 0117% pref 100
Venezuela Petroleum _ _ _ _5
Wilcox (H F) 011 & Gas •
Woodley Petroleum
•
Oil& Gas
151
9034
134
2835
734
43
134
21
1
5
10
431
555
2755
21
2214
8615
415
2334
7
135
155
50c
903-4
9
90c
281$
1%
67-4
23
5I0
423-1
1%
19
734
1
22c
2374
23
414
1155
2234
455
915
73.4
655
451
24
11c
554
651
2755
215
1954
2055
803-1
474
2255
674
151
500
1%
7,500
2
200
50c
2,11
91
1,100
955
135 10,200
29
14.200
100
154
8% 7,600
2455
1,300
5Ic
200
1,400
4374
151 5,200
800
2255
8
1,700
700
151
24c
5,000
2335 3.000
300
2334
5
800
1255 1,700
500
2234
500
47-4
1,900
10
200
751
200
655
1,300
5
600
2431
2,000
11c
1,700
656
800
615
2834 2,700
700
235
4,800
21
700
2235
8655 2,100
1,1300
474
2314 2,200
751
1,100
300
2
•
Range Since Jan. 1.
Low.
High.
1
May
154 Mar
50c May
8651 Apr
834 Apr
80c June
281 June
11.1 Jan
615 May
Apr
22
51c May
Jan
37
115 June
Mar
12
735 June
July
1
10540 Apr
2251 Apr
23 June
43,4 Mar
931 Mar
2134 Feb
455 June
934 June
755 June
634 June
431 July
24
May
110 June
455 May
May
6
2734 Apr
235 June
15
Apr
17
Apr
6355 Jan
431 June
2054 Apr
554 Apr
174 May
3 [Jan
331 r Jan
Mar
2
9615 Jan
1231 Apr
2 War
3414 Feb
254 Jan
1074 Feb
273.4 Feb
99c
Feb
4615 Mar
234 Jan
2215 June
1234 Jan
155 Jan
380
Jan
2614 Jan
2654 May
574 Apr
1334 June
2315 May
93.4 Apr
1254 Mar
855 June
134 Jan
153.4 Jan
2431 Apr
35c Feb
7
Jan
Jan
8
32
Feb
7
Feb
2351 Mar
2655 Feb
8615 June
755 Jan
3234 Jan
Jan
8
6
Jan
Mining Stocks.
Amer Com'l Min & Mill_
American Exploration_ _1
Arizona Globe Copper_ _1
Bunker Hill & Sullivan__10
Chief Consol Mining_ _1
Consol Copper Mines....1
Cons Niain Reef /i,1 &Est_ £1
Cortez Silver Mines
_El
Cresson Consol GM & M.1
Divide Extension
1
Dolores Esperanza Corp...2
Engineer Gold Mines,Ltd 5
Eureka Croesus
1
Golden Centre Mines
_5
Golden State Mining_ _ _10c
Goldfield Consol Mines._1
1
Goldfield Florence
Hawthorne Mines, Inc....1
25c
Hecla kilning
Isle Royale Copper
25
Jerome Verde Devel_ .50c
Jumbo Extension MinIng_l
Kerr Lake
5
Mason Valley Mines
5
New Cornelia Copper_ _5
New Jersey Zinc
100
Newmont Mining Corp_10
NIpissing Mines
5
Noranda Mines, Ltd
•
North Butte
10
Ohio Copper
1
Parmac Porcupine Mines_l
Pond Creek Pocahontas •
Premier Gold Mining __ _ _1
Red Warrior Mining
1
San Toy Mining
1
Shattuck Denn Mining_ •
Silver King Coalition_ _5
South Amer Gold dr Plat..1
Spearhead Gold Mining...1
Teck-Hughes
1
Tonopah Belmont Devel_ 1
Tonopah Extension
1
United Eastern Mining_ _ _1
United Verde Extension 506
Utah Apex
5
Utah Metal & Tunnel_ _ _ _1
Wenden Copper Mining..1
West End Consolidated_ _5
West End Extension
1
Wright-Hargreavea M Ltd*
254
2hr
50
500
2%
4c
15
1
554
2055
78c
30c
2
2c
734
280
370
434
90c
131
40
6c
60
510 75c
40
5c
9051 9755
23-4 3
234 234
53.1 53-1
200 20c
2h, 2314
3c
5c
we soc
2
234
40
30
1
134
40
40
70
7c
30
30
20
lc
1435 15
934 934
150 200
2c
2c
650 65c
1
1
1854 1936
180 180
7731 784
554 531
2055 2251
890 90c
720 80c
230 3Ic
1655 1655
2
2 •
150 150
40
40
434 43.4
755
734
254 251
20
20
734
751
135
155
260 280
350 370
2254 2355
454 455
155
900
174 2
70
70
40
40
551
531
Jan 10c Mar
Sc
9,000
1,100 390 June
134 Mar
2,100
30 Mar
80 Apr
1,500 6754 Feb103 June
300
34 Jan
2 June
2% June
600
331 Mar
555 June
100
53-4 June
Jan 30c
14,000
Feb
7c
100
134 May
VII Jan
16,000
Jan
3c June
7c
100 35c Mar 70c May
1,200
2 June
574 Jan
21,000
3e June
7c Feb
June
I
300
2
Mar
4,000
20 May
80 Feb
Feb
5c
1,000
19c Mar
2,000
3c June
Sc Mar
lc June 110
34,000
Jan
1.800 1234 Feb 1551 Jan
94 June
200
93.4 June
2,000 15c June 41c
Feb
2,000
2c June
60 Mar
700 650 June 950 Feb
June
700
215 Jan
1
Jan
600 1874 Jun
24
110 178 June 19351 Mar
1,900 6734 Jan 81
Apr
1,200
534 June 1034 Feb
12,200 1974 Jan 25
May
34 Jan
500 80c June
18,800 400 Mar 980 June
76,000 100 June 310 June
100 1154 May
163-4 June
400
154 Jan
2316 Feb
3,000 15c June 39c Feb
60
Apr
4c
1,000
Jan
300
Jan
6
33.4 June
715 June
200
854 Jan
200
231 June
37-4 Jan
2,000
lc June
Jan
4c
800
551 Jan
855 May
154 Feb
100
20r. Jan
2,000 24c
Jan 32c Mar
4,000 330 June 530
Jan
1,800 2255 Jan 28
Feb
455 June
900
734 Feb
1,400 90c July
236 Feb
600
155 June
355 Jan
Apr 15c Mar
1,000
Sc
6,000
30 Jan
70 Apr
551 June
f00
.
6 June
Bonds
-
56
1755
57
4151
71
59
27
4754
17451
180
6655
73
119
1731
13155
1755 1754
100 17% Jun
2034
57
5735 5,100 50
89
AP
56
56%
300 45
Jan 59
105 105
100 7655 Jan 115
17% 1751 9,600 1755 Jun
2255
5655 57% 4,900 54
Mar 62%
14155 142
250 12351 Jan 150
4135 4251 6,400 3751 Jan 47
4131 4131
200 41% Jun
44%
66% 71
750 61
Jan 7255
1555 1514
500 13% Jan
17
33% 3355
50 31% Jan 37
84
84%
250 70
Jan 91
574 594 5,100 52
Apr 6451
2615 2751
1,900 12
Apr 31
4731 47% 2,500 45% Apr 5555
173% 179
1,350 132
Jan 185
40 180
180 182
Apr 201%
35
300 34;5 Apr 4155
35
18
18
100 16
Feb 27%
6656 6755 13,900 6431 May 74%
1551 16
500 15% Mar 20%
11155 11255
500 11155 June 122%
44
600 42 June 4915
42
7455
400 73
73
Apr 87%
90 117% Apr 122
119 119
150 15
17% 18
Jan
18
130 13451 11,900 95% Jan 134%
Jan
Feb
June
June
Jan
Jan
May
Mar
May
May
May
Feb
June
Feb
June
Jan
June
Feb
Jan
Feb
Jan
Jan
Jan
Feb
Apr
Feb
June
June
Other Oil Stocks.
Amer Contr Oil Fields- _5
•
Amer Maracaibo Co
Arkansas Natural Gas_ _10
Atlantic Lobos 011 prof. •
Barnsdall Corp stk purch
warrants (deb rights)...
Cardinal Petrol Corp_ _ _10
Carib Syndicate new corn._
Creole Syndicate
83
72c
331
8%
255
700 800 17,700
3
455 10,200
8
17,600
9
100
255 251
70c
3
6%
2%
June
June
Apr
June
455
434 451 2,40
1,000
28e 28e
1551 2235 34,900
1055 21.800
10
355
150
1455
9%
May
Apr
May
Jun
2051
1054
2'14
715
9
414
Jan
Jan
June
Jan
7% Feb
400 June
2215 July
14% Jan
Adriatic, Electric 75.....1952
Alabama Pow lat 513 ....i956
1st & ref 65
1951
Allied Pack deb 8s____1939
Debenture 6s
1939
Allis-Chid Mfg 58
1937
Aluminum Co a 1 deb 58'52
Amer 0& El 63
2014
American Power & Light
Gs, without warr
2016
Amer Radiator deb 4%6'47
Amer Roll Mill es__ _1938
Amer Seating 6s
1936
American Thread 8s_ _1928
Anaconda Cop kiln 68_1929
Appalachian El Pr 5.5_1956
Arkansas Pr & Lt 5s_ _1956
Assoc'd Sim Hardw 5%3'33
Atlantic Fruit 8s
1949
Batavia!, Petr deb 455s '42
Beacon 011 6s, with warr'36
Beaverboard Co 8s.._ _1933
Bell Tell of Canada 58.1955
1st M 541 ser B June 1 '57
Berlin City Elek 6558.1951
655% notes
1928
Boston Consol Gas 5s_1947
Brunner 'Fur & Eq 7748 '55
Burmeister & Wain Co of
Copenhagen I5-yr 6s_'40
Canadian Nat Rye 73_1935
30
-year 4348
1957
Carolina-Ga Service Co
1st NI 6s with warr....1942
Carolina Pr & Lt 58_1956
Chic Milw & St P (new co)
50
-year rIs w I
Cony adI w I
Cincinnati St Ry 5%8_1952
Cities Service 58
1956
1966
6s
93
51
5574
9634
9934
10554
92
9915
10455
51
523-4
9634
99
10431
94
9955
10455
53
553-4
99
9955
10554
574,000 92 June 9634 May
1,000 9854 Mar 10051 Apr
4,000 10455 Feb 105% May
17,000 4056 May 76
Jan
26,000 43
Mar 66
Jan
733,000 963.4 July 9951 May
150,000 99
June 10034 War
123,000 10151 Jan 107
JIM
10474 10415 10551 159.000
21,000
9474 943% 95
10434 10454 11,000
78,000
10434 10431 105
10154 10154 10115 14,000
102% 10255 102% 24.000
9555 9551 9535 121,000
9411 9434 9436 31,000
903 16,000
.
6
9055 90
19,000
1755 18
9255 9255 9274 213,000
9751 97% 9731 9,000
9855 98% 25,000
10134 57.000
101% 101
10111 10155 15,000
9615 9555 9635 85,000
9955 100% 6,000
1003.4 10051 10055 87,000
4931 4935 6351 25,000
983-4
102
100
9455
103
10155
101
10151
95
9355
90
1754
92
9711
9555
101
10151
9555
997.4
10031
4931
Mar
June
Jan
Jan
June
Jan
Feb
May
May
June
May
July
Mar
Feb
June
June
June
June
June
107
9651
10455
10634
102
10255
9714
97
9774
2034
9631
10334
99
103
10254
9974
101
103
9235
June
Apr
June
May
Jan
Feb
Apr
Apr
Jan
June
Jan
Jan
Jan
Apr
May
Jan
Mar
Feb
Feb
9414 9454 6,000 94
Jan 9755 Apr
1113.4 11155 18,000 111
Feb 113
May
9855 9856 47.000 983-4 June 9855 June
9755 9755 10,000 9715 June 9755 June
30,000 100
1013-4 102
Jan 103 June
9134
5736
9954
8874
89
10051 100
9276 124,000
5854 657,000
9951 24,000
8934 267,000
1003.1 101,000
91
5431
9955
89
9351
June 95
Mar 5951
June 100
June 9174
Jan 1033.4
Apr
Apr
June
Feb
Feb
Bonds (Contfnued)Cities Service Gas 53.481942
Cleve Else Ill 68,ser A.1954
1961
58 series 13
Clev Term Bldg 6s__ _.1941
Columbia G & E deb 58.'52
Commander-Larabee 68 '41
Commonw-Edison 4358 '57
Cons G EL&P Bait 6s A '49
1952
535s series E
1965
58 series F
Consol Publishers 6518 '36
1941
Consul Textile 813
Cont Gas & Flee 6 35s A '64
Continental Secur 55 A1942
with warrants
Cosg-Meehan Coal 630'54
Cuba Co6% notes_ _ _ _1929
Cuba North'n Rys 535s '42
Cuban Telephone 75481941
Cudahy Pack deb 53.48 1937
1946
5s
Detroit City Gas 63..1947
1950
5s. series B
Detroit Edison deb 75.1928
E Term Off Bldg 5358_1945
Eitington Schild Co 68 1938
Else Refrigeration 68_1936
Empire 011 & Refg 5358'42
Europ Mtg & Inv 735s 1950
Fairb'ks. Morse & Co 58'42
1933
Federal Sugar 6s
First Bohemian Glass Wks
let 75 with etk our war'57
Fisk Rubber 5355-1931
Florida Power & Lt 52_1954
Gaff (Robert) Co 7s .1937
1942
1st mtge 5315
Galena-Signal 011 78..1930
Gatineau Power 5s-1956
1941
65
Oen Amer Invest 58..1952
General Petroleum 68_1928
Georgia & Fla RR 6s_1946
Georgia Power ref 58..1967
Goodyear T & It 58-1928
Goodyear T&R Cal 5358'31
Grand Trunk Ry 6355_1936
1937
Gulf 011 of Pa 511
Sinking fund deb 58_1947
1928
Serial 53.48
Gulf States Steel 5355.1942
Gulf States Utils 58-.1956
Hamburg Else Co 75-1935
Hood Rubb 535s_Oct 15'36
1936
75_
Indep 011 & Gas deb 681939
Indian'p's P & L 5s ser A'57
lot Pow See 75 ser E__1957
Int Rys Cent Am 6355 1947
Interstate Nat Gas 65_1936
Without warrants
Interstate Power 5s_1957
1952
Debenture 65
Inve t Bond & Share Corp
deb 5, with wa r...1947
Invest Equity 58 w war '47
Isarco Hydr-E1 U.__ _1952
Jeddo-Highland Coal 8s'41
Keystone Telep 5368..1955
Koppers0& C deb 58_1947
Laclede Gas Light 53481935
Lehigh Pow Secur 6a...2026
Leonard Tletz Inc 7345 '46
With stock purch warr'ta
Without stk purwarrante
Libby, MeN & Libby 7s'31
Liggett Winchester 76_194X
Lombard Else Co 75....1952
Lone Star Ga8 Corp 55.194X
Long Isld Ltg Co 68...1948
Lorillard (P) Co 5358_1937
Manitoba Power 5355_1951
Mansfield Mln & Smelting
(Ger'y)78 without war'41
Mass Gas Cos 5348_1946
Meridionale Else Co (Italy)
-year f 7s ser A-1957
30
Midwest Gas 78, A-1936
Milwaukee G L 4355..1967
Montana Power deb 58 '62
Montgomery Ward 58.1946
Montreal L H & P 58 A '51
1930
Morris & Co 7%s
Narragansett Co col 55 1957
Nat Diet Prod 6358_ _ _1935
Nat Pow & Lt 68 A-2026
Nat Pub Serv 635e-1955
1941
Nevada Cons 55
Nichols & Shepard Co 6837
with stock porch wareta
Nor States Power 6348 1933
634% gold notes.-_1933
Ohio Power 55 ser B-1952
1956
435s series D
1951
Ts series A
Ohio River Edison 58.1951
Oklahoma Nat Gas 68_194/
Oswego River Pr 65_ _1931
Penn-Ohio Edison 65..1950
without warrants
Penn Pow & Light 58-1952
1953
59 series D
Philadelphia Electric 6s '41
PhIla Elee Pow 5358..1972
Phila Rap Tran Os_ _ _1962
Phillips Petroleum 5355 '39
Pirelli Co (Italy) 7e___1952
Mel/ Screw & Bait 5548'47
Porto Rican Am Tob 68'42
Potomac Edison 58_ _1956
Power Corp of NY 5348'47
Pub Serv Else & 058.1965
1933
Pure 011 Co 6355
Queensboro0& El 5348 '52
Rem Arms 534% notes '30
Rem Rand Inc 540..1947
with warrants
Richfield 011 of Calif 65 '41
Sauda Falls Co 5s____1955
Schulte R E Co 6s___1935
68 without cons stock1935
1931
Sorrel Corp tle
Shawsheen Mills 78_ _ _1931
Sheridan-Wyom Coal 68'47
Shubert Theatre Cs__ _1942
Sloss-Sheff S&I 6% note '29
Purch m 6% notes _ _1929
Snider Pack 6% notes_1932
Solvay-Amer Invest fa 1942
[VOL. 125.
THE CHRONICLE
84
Friday
Lan Week's Range Sales
Sate
ofPrices.
far
Price. Low. High. Week.
96%
96% 9635 109,000
105 105
5,000
10434 105
10,000
9935 9931 8,000
100
99% 100 591,000
9635 9654 97
22,000
9535 9551 6.000
107% 10735 6,000
107% 107% 1.000
10334 103% 8,000
9834 9835 14,000
98
9735 98
29,000
9,000
102 103
96
97
95
10651
10031
135
7531
96
95%
8831
974(
92%
9634
9431
9931
116%
100%
94
96
98%
9631
Range Since Jan. 1.
Low.
9631
104
103%
9851
99%
95
9535
10735
108
101%
97%
8931
102
June
May
Jan
Mar
June
May
Apr
Jan
Mar
Feb
Feb
Jan
June
High.
96%
105
105
100
10034
98
96
108%
10745
103%
101
99
103%
June
June
Feb
Jan
May
Jan
May
Jan
June
June
May
May
Apr
98% 99
95
9634
98
98
9531 9835
11134 112
94% 9534
9834
98
10651 10731
99% 100%
135 135
101 101
97
97
7435 8034
96
96
99
99
9534 9634
86% 87
May
29,000 9834 June 101
18,000 9335 Jan 9755 Feb
14,000 9631 Apr 98% June
528,000 9531 June 9831 June
13,000 11035 May 112 May
Jan
65,000 9431 July 98
17,000 9734 Jan 10034 Mar
36,000 108% Jan 107% Mar
Apr
104,000 9934 June 101
1,000 133% Jan 136% Mar
Jan 101% Apr
1,000 99
Mar 98% Apr
9.000 97
1'9,000 74% June 9734 Jan
162,000 96 May 96% May
Mar
1,000 99 May 101
38,000 9535 June 9734 Mar
Jan 93% Feb
4,000 85
943(
94
96% 97%
9231 93%
10734 10735
9535 963(
903.6 91
9444 95%
9954 9935
116 11635
100% 100%
94
95
9531 96
98% 99%
96% 96%
15,000 93 June 9734 Mar
18,000 96% June 98% Mar
199,000 92% June 94% Jan
1,000 10434 Jan 10835 Mar
17,000 9534 June 9735 Mar
Feb
Jan 93
3.000 90
42,000 94% Jan 9741 Apr
25,000 98% Jan 114 May
Feb 12044 may
49,000 100
yj May
13,000 100% June
Jan
21,000 94 June 98
Apr
139,000 95% June 98
46,000 9735 Mar 99% June
Jan 9844 May
45,000 95
10931 109 109%
9931 99%
9831 9835 98%
100% 10035 10036
98% 98%
9431 941%
100 10035
93% 93
93)4
10134 102
99
99
99
9631 9635 96%
93% 93% 93%
9034 90
90%
126 126
10031 100% 102
95% 9535 96
97% 9736 9731
19,000
20.000
79,000
2,000
17,000
3,000
6,000
3,000
3.000
54,000
98,000
3,000
51,000
5,000
35,000
00,000
74,000
108%
99
98%
100
983€
9431
100
9234
101
99
9635
93
90
124
10031
9534
97%
May
June
June
Jan
June
June
June
May
Am
Mar
June
May
June
Jan
Jan
June
Jun
109%
100%
100%
101%
9831
98
103
96
104
99%
984(
97
02%
130
102%
97%
98%
June
Apr
Jan
Apr
June
May
Feb
may
Feb
May
Jan
Apr
Mar
Feb
May
May
June
100 100
10014 10035
9335 9334
10136 10131
9131 9131 9235
96
96
1003.6 10034
10014 100 100%
18,000
10,000
98,000
10,000
11.000
27,000
1,000
118,000
100
100
9335
101%
90
96
100%
95%
June
June
May
Mar
Mar
June
June
Jan
101%
102
9531
103
94
96%
101%
100%
June
May
May
Jan
Apr
June
Jan
June
12334 123 124
10035 10031
103 10351
108K 10835
92% 9131 93%
9834 9834
104% 10351 10434
9735 97% 97%
9935 99
9934
32,000
17,000
9,000
6,000
109,000
5,000
13,000
42,000
46,000
108
9931
103
107%
9135
98 34
10255
9735
98
Mar
Apr
June
Apr
June
June
Jan
June
Jan
133%
102%
104%
109
95%
98%
105
97%
100%
May
June
Mar
Jan
Mar
June
May
June
Jan
9335
9831 9831 2,000 98% June 101% Jan
10334 10331 10435 61,000 103% Feb 104% Jan
92%
97%
9831
9935
98%
103
101
92
91
9735
9454
9731
9831
9935
98
9835
99
10235
100%
92
92%
9736
94%
9715
9835
mom
99
9855
100
103%
101
93
10135 101 103
11335 115
103
102% 103
73,000
3,000
6,000
66,000
66,000
29,000
20,000
145,000
18,000
26,000
44,000
56,000
98
9231
9931
9534 9435
88%
49
96
95%
94
9231
96
10235
103
103
99
99
96
96
June
Mar
Mar
May
Jan
Jan
May
June
May
Feb
June
June
95%
100
9531
9735
9936
10135
104%
100%
100
10334
102
10234
May
Jan
Apr
May
Mar
May
Mar
Apr
Jan
June
Mar
Jan
51,000 98
Feb 10735 Apr
Apr 119 June
34,000 110
26,000 102% Mar 10351 Mar
9935
9231
10831
100
10536
130%
134%
99%
102
10234
108
105
103
99%
10234
100
100
97
9931
103%
104
101
97%
Apr
May
June
Apr
May
May
May
May
Mar
May
Mar
May
May
June
Apr
June
Mar
Jan
June
June
June
May
Apr
Jul 101%
10035 467,000 98
9235 14,000 9134 Apr 9935
29.000 9736 Jan 100%
100
9531 27,000 9235 Mar 96%
Mar 89
14,000 85
89
74
12,000 49 Jun
50
42,000 94% Mar 101%
97
99
9554 53,000 94 Jun
96
5,000 96 Jun
96
102% 7,000 10131 Jan 103
3,000 102% Jan 103
103
9955 79,000 99 Jun 102%
54.000 96 June 99%
97
May
Mar
June
Apr
June
May
Feb
May
June
June
May
May
Jan
42,000
99
98
98
9055 9154 37,000
10635 10634 10831 3,000
26,000
118% 9835 99
38,000
102 103
8.000
9935 100
126 12635 6,000
39,000
9734 98
100% 10155 12,000
10035 100% 19,000
7,000
10754 10755 108
10431 10335 10434 120,000
10134 10135 18,000
102
9954 9934 9954 197,000
97
97% 40,000
97
20,000
100 100
58,000
9834 9735 99
9535 19,000
95
9734 9735 9735 5,000
10335 103 10331 73,000
28.000
10334 10354 104
10035 100% 1.000
24,000
95
95
95
98
9234
91
9535
9331
97%
974(
99%
95
98%
98
98%
97%
92
973(
8931
105
97
99
99
115%
954(
99
9944
107
1023(
9941
99%
97
100
9734
95
97%
99%
102%
100
95
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
June
Feb
Jan
May
June
June
June
Mar
July
Ma
May
May
Jun
Bonds (Concluded)
Southeast P dc L 65-2025
without warrants
Sou Calif Edison 5/1_1951
1944
5s
Southwest'n P & L 65_2022
Stand Invest 58 with war'37
Stand Oil of NY 6368.1933
Stinnes (Hugo) Corp 7%
notes Oct 1 '38 with warr
7s 1946 with warrants__
Sun maid Raisin 6358.1942
1939
Sun 011 5355
Swift & Co ba Oct 15 1932
Texas Power & Light 55 '56
Trans-Cont'l 011 7s_.J930
Trans-Lux Daylight Pie Scr
Co 635e with warr_ _1932
Tyrol Hydro-Elec 78_1952
1936
Glen & Co 6355
United El Serv (IInes)7s'56
Without warrants
United Industrie 635e 1941
United Rys of Hay 7358.36
Friday
Last Week's Range Sales
for
ofPrices.
Sale
Price. Low. High. Week.
•
100% 100 100%
99% 9831 9935
101
101 10135
10254 102 102%
1003,1 10134
10434 10434 104%
Range Since Jan. I.
Low,
High.
Jan
Jan
Apr
Jan
Mar
June
10135
101%
102%
103
109
105%
Map
Ant
Jay
June
May
Feb
9934 Jan
9935 Jan
9435 May
99% May
99
Jan
95% June
973( Jan
100%
101
9831
101
10031
9731
11151
Apr
Mar
May
June
Mar
May
June
100
98
101
10335
94
99
112
June
Apr
May
Apr
Apr
Jan
Jan
22,000 9931 June 102
99% 100
US Robb 6%% 1101e8-1028
99% 99% 1.000 99 June 103
Serial 634% notes1929
Serial 634% notes_ _1930 9835 9835 9931 15,000 9835 July 113
8,000 9734 June 103
9734 98
Serial 644% notes--1931
9735 9835 14.000 9734 June 10334
Serial 634% notes_ _1932
98% 2,000 9735 June 103%
98
Serial 835% notes_ -1933 98
14.000 97% June 103%
Serial 644% notes__1934 9735 9735 98
16,000 9735 June 103%
Serial 834% notes_ _1935 97% 9734 98
Serial 644% notes _ _1936 97% 97% 9834 69,000 9734 June 103%
35,000 9734 June 103
Serial 644% notes_.1937 9735 9735 98
44,000 97 June 103
99
Serial 634% notes__1938 9835 98
9835 18.000 97 June 104
Serial 834% notes_ _1939 98% 98
49,000 9735 June 104%
99
Serial 834% notes- _1940 9834 98
10235 102% 26,000 10151 Jan 104
US Smelt & Ref 5358-1935
Warner Bros Pict 6358 1928 9635 9635 10035 35,000 9635 -July 11135
92
93% 11,000 9135 Apr 99
Webster Mills 6358-1933 92
66,000 96% June 99
97
97
Western Power 5355-1957 97
Westvaco Chlorine 5348'37 100% 100 10036 48,000 98% Mar 101
White Eagle0& R 5358 '67 9431 93% 9434 74,000 93 June • 10031
White Sew Mach 611_1936
98% 97% 9834 48,000 97 May 99%
with warrants
1930 97
97
9735 14,000 98 June 99
Wise Cent Ry be
Feb
Jan
Jan
Feb
Apr
Apr
Apr
June
May
Feb
Jan
Mar
Mar
Apr
Feb
Jan
Jan
June
May
157,000 96%
151,000 9731
6,000 9956
4,000 99%
13.000 100
20,000 10431
9931 99% 10035 189,000
99% 99% 10034 414,000
97
9631 9731 41,000
10035 100 10035 38,000
82.000
9931 99% 100
37,000
9531 96
111% 10831 11131 640,000
9835
9735 9735
100
100
9631 9435
oo
89
951
111
98%
97%
100
97
90
94
111
10,000 9814
28,000 9735
13,000 9931
62,000 93
21,000 89
3,000 93%
2,000 109%
June
Apr
Jan
Jan
June
June
Mar
May
Jan
Foreign Government
and Municipalities
Agricul Mtg Bk Rep of Col
-year sink fd 75_1946
20
-year 7s_ Jan 15 1947
20
Antioquia (Dept of) Col
1945
75 series C
Baden (Germany) 78-1951
Bank of Prussia Landowners Assn 6% notes'30
Brisbane (City) 58.-1957
Buenos Aires(Prov)7358'47
1936
75
1952
7s
1957
76
1958
75
Copenhagen (City) 58_1952
Costa Rica (Rep) 78-1951
Danish Cons Munic 5568'55
Denmark (King'n) 5355'55
1970
Os
German Cons Muni° 75 '47
Hamburg (State) Ger 65'46
Hungarian Land Mtge Inet
1961
7348 series A
Indus Mtge Bk of Finland
1st mtge coil 8 f 75.-1944
Medellin (Colombia) 75 '51
1948
8s
Mendoza (Prov) Argentina
1951
736s
Montevideo (City) 68-1959
Mtge Bk of Bogota 75_1947
Mtge Bk of Chile 6.5._1931
Mtg Bk of Jugoslavia 78'57
Neth'ds (Kingd)(is B_1972
New So Wales (State) 55'57
1958
External 5 f 5e
Pernambuco (State) Brazil
1947
78
Peru (Republic of) 75_1959
Prussia (Free State) 0158'51
Rio Grande do Sul (State)
Brazil ext 78
1966
Russian Govt 6345- -1919
1919
635s Ws
Santa Fe (City) Argentine
Rep exti 7s
1945
Saxon State Mtge Inv 7515
1946
6348
Serbs Croats & Slovenes
(King)ext see 75 ser B '62
Switzerland Govt 5358 1929
Trondhjem (City)53551957
97
9631
41,000
9631 97
9636 96% 35,000
9531 Mar
9634 Apr
99
94
98
94
98
9531
9335
9934
96%
93%
94
9731
9331
98%
101
9935
9635
9435
93
98%
9734
9631
93
04
97%
93
98%
10035
100
9835
96
9435 6,000
20,000
99
92
92%
9635
86%
107%
93%
9235
7,000
97
99%
96%
100%
98%
97%
97
95%
9731
96%
100
10131
102
102
9935
June 101
Mar
Mar
Apr
May
Feb
Apr
May
June
Apr
Mar
Feb
Apr
Jan
Apr
Mar
10031 10031 1,000 9931 Jan 101% Jan
Feb
22,000 92 June 96
93
92
10231 102% 1,000 102% June 105% June
95
96%
94
92
9535 9535
9634
96
84% 8635
10735 10731
93% 94w
9235 93%
53.000 95
82,000 92
41,000 9535
26,000 9534
369,000 82
12,000 106
60,000 93%
187,000 9231
93%
9631
9831
93
9731 258,000
96
9635 90,000
9634 9831 117,000
1135
96% 97
12
12
1134 12
93
100
June 97
Apr
June 102% Jan
95% 82,000 94% June
9435 44.000 93 June
9935 28,000 97% Jan
97% 8,000 9535 Jan
9651 30,000 9435 Feb
9335 125,000 93 June
9431 90,000 94 June
97% 62,000 9731 June
55,000 93 June
94
9831 41.000 9735 Jan
64,000 99% Jan
101Mar
10031 12,000 100
9935 82,000 98% June
97% 85,000 9535 Jan
9831 9834
97% Mar
97% Mar
38,000
2,000
19,000
43,000
9135 94
100 100% 2,000
9631 97% 25,000
Jun
99%
June 94%
Apr 9535
9931
Jun
June 9235
Ma 109
9634
Jun
Jun
9631
Jan
Feb
Apr
Feb
Apr
Jan
Feb
Apr
97% Apr 99% Apr
95% May 9731 Mar
96 Jun 100% Feb
9835 Jun
12 Jun
1134 July
9831 Jan
15
Jan
Jan
15
9534 May
91% Jun
9935 Apr 102% Feb
Jan
9631 Jun 100
92% Apr
8835 451,000 86 Jun
86% 86
101% 10135 10134 88,000 10135 Jan 102 May
97% 22,000 97 June 98% June
07
•No per value. k Correction. Listed on the Stock Exchange this VteCk, where
additional transactions will be found. m Sold under the rule. n Sold for cash.
o New Stock. r Ex 33 1-3% stock d 'olden& void at 14831 on Jan. 3 1927 with stock
dividends on. s Option sale. Ex rights and bonus. 84 Ex special dividend of
33% and regular dividend 01 2%. •Ex cash and stook dividends. to When issued
z Ex-dIvidend. y Ex-rights. z Ex-stock dividend. p Low sale for Mead, Johnson
Co. cora, stock last week-should have been 5034, not 4034•
Note.
-Sales of Firestone Tire & Rubber 8% pref. stock, reported last week, was
an error, should have been common stock.
CURRENT NOTICES.
-Bpdell & Co. announced to-day the retirement from the firm of Harold
0. Field. and the admittance of William H. Reynolds to partnership.
-Harold C. Field has retired from the firm of Bodell & Co. as of June 30.
William H. Reynolds has been admitted as a partner as of July I.
-A. B. Leach & Co., Inc., announce the appointment of Carlton W.
Orndorff as manager of their Detroit office, 1626 Buhl Building.
-Ross E.Young,formerly with Carleton & Mott, has become associated
with Edward B. Smith & Co.'s New York office.
-Dominick & Dominick announce that Andrew Varick Stout. Jr.,
has been admitted to general partnership.
-Otis & Co. announce that J. N. Darrow has been admitted to partnership in their firm.
Tinuestment
6
and. Sailtoaftintelligence.
Latest Gross Earnings by Weeks.
-In the table which
follows we complete our summary of the earnings for the
third week of June:
Third Week of June.
1927.
Buffalo Rochester & Pittsburgh_
Canadian National
Duluth South Shore & Atlantic_
Georgia & Florida
Minneapolis & St Louis
Mobile & Ohio
Mineral Range
Nevada-California-Oregon
St Louis Southwestern
Southern Railway System
Texas & Pacific
Western Maryland
Total (12 roads)
Net decrease (2.35%)
Increase. Decrease.
1926.
S
S
342,683
332.466
5,231,635 5,404,569
122,661
109,117
35,300
33.100
295,593
290,504
324,062
360.592
4,692
5,162
11,413
10,487
465,800
485,372
3,803,537 3,890,741
626,889
627,012
410.920
407,767
$
$
10,216
172,934
13,544
2,200
5,089
36,530
470
926
19,572
87,204
123
3,153
11,675,185 11,956.889
35,128
316,831
281.705
In the following we show the weekly earnings for a number
of weeks past:
Current
Year.
Week.
let
24
3d
4th
lit
2d
3d
4th
1st
2d
3d
4th
1st
2d
3d
week
week
week
week
week
week
week
week
week
week
week
week
week
week
week
Mar.(13
Mar.(13
Mar.(13
Mar.(13
April (13
April (13
April (13
April (13
May (13
May (13
May (13
May (13
Juno (13
Juno (13
Juno (12
Precious
Year.
Increase or
Decrease.
roads)____ 14,995,998 14,308,298
roads)._ 15,453,141 14.781.223
roads)____ 15.190,382 14.973.426
roads)____ 22,052.923 22,226.451
roads)____ 15.204,434 15.166.695
roads)__ __ 14,742,573 14.402,687
roads)____ 14,590.611 14.241,283
roads)____ 19,895,469 18.769,562
roads)____ 15.252.550 14.306.734
roads)____ 14,872.278 15,103.054
roads)____ 14,552,518 15,179,524
roadsi____ 20.444.541 21.344,342
roads ____ 14,674,637 15.168,759
roads ___ 14,6.37,922 15,244.341
roads)
11 675.165 11.056 889
%
+687,700
+671,918
+216,956
-173,528
+37.739
+339.886
+349,327
+1.125.906
+945,816
-230,776
-627,007
-899,801
-494,123
-606,420
-281.71)5
4.81
4.55
1.45
0.78
1.00
2.42
2.44
6.00
6.61
1.53
4.14
4.22
3.28
4.00
2.2(1
We also give the following comparisons of the monthly
totals of railroad earnings, both gross and net (the net before
the deduction of taxes), both being very comprehensive.
They include all the Class A roads in the country, with a total
mileage each month as stated in the footnote to the table.
Gross Earninos.
Net Enrnftws.
Aioath
1926.
lncreaseor
Decrease.
1925.
$
May _ 516.467,480 487,952.182
June _ 538,758.797 506,124,762
July_ _ 555,471,276 521,596,191
Aug. _ 577,791,746 553.933.904
Sept.. 588,945,933 584,756,924
Oct _ 1
104.052,017 586,008,436
Nov_ _ 559,935.805 531,199,465
Dec.. 525,411,572 522,467,600
1927.
1926.
Jan. 485,961,345 479.841.904
Feb. _ 467,808,478 459,084.911
Mar_ _ 529.899,898 529,467,282
April. 497,212.491 498,677,065
+28.515,298
+32.634,035
+33.875.085
+23,857.842
+24,192,009
+18.043,581
+28,736,430
+2.943.972
+6.119.441
+8,723.567
+432,616
-1.464,574
1926.
5
128,581.566
149,492,478
101.070,812
179,416,017
191,933,148
193,990,813
153,197,446
119,237,349
1927.
99,428,246
107.148,249
135.691,649
113,643,766
1925.
Inereme or
Decrease.
112,904,074 +15,677,492
130,920,896 +18.571,582
139,644,601 +21,935.011
168,426.264 +12,989,753
176.930,230 +11,096,918
180,629,394 +13.361,419
148.132.228 +10,065,218
134,504,698 -15,267,349
1928.
102.281,496 -2,853,250
99 399 062 +7,748.287
134.064,291
+627.358
114.417,892
-774,126
Boston & NI[tine
May
6,484,073 6,643.315
From Jan 1_31,537.107 32,815,366
1,583.233
7,180,778
Central of Georgia
431,960
May
2,192,953 2,475,724
From Jan 1_11,759,082 13,057,245 2,817,151
466,242
2,975.139
Central RR of N J
May
5,249,905 5.242,015 1,577,611 1,699,610
From Jan 1_23,527,705 22,480,674 5,192,693 5,460,640
Central Vermont
May
812,229
777.983
From Jan 1_ 3,505,336 3,533,232
Charles & West Carolina
May
315,491
307,530
From Jan 1_ 1,625,066 1,757,905
Chess & Ohlo Lines
May
11,670,381 11,018,749
:' ay Jan 1_55.793,665 50,934,205
Iom
r
Chicago & Alton
2,167,519 2,465,438
From Jan 1_11,628,751 12.089,379
Chicago Burl & Quincy-11,338,669 11,987,838
May
Fra y Jan 1_59,643,569 61.821,129
m om
Tares
1926.
633,630
642,452
1,635,869 1.286,294 1,388,160
7.678,411 5,692,389 6.404,154
Brooklyn E D Terminal
36,341
45,955
42,716
117,390
123,588
May
195,888
From Jan 1_
606,580
610,278
239,627
231,800
Buff Rochester & Pitts
46,839
311,256
May
95,911
1,266,926 1,534,611
773,161
From Jan 1_ 7,429,923 7,183.102 1,023,515 1,399,066
Buffalo & Susquehanna
May
-8,659 -24,100 -10,759
86,857
117,195
From Jan 1_ 669,550
-6,342 -61,284 -16,842
487,937
Canadian National RysMay
22,864,398 23,021,017 2,769,757 3,329,230
Fr'm Jan 1107.153.564 102346,994 13,424,222 13,530,154
Detroit G II & Milw264,221
318,723
May
277,341
698,544
729,824
From Jan 1_ 3,308,622 2,931,229 1,269,429 1,065,552 1.203.858
Canadian Pacific
May
15,214,360 15.492,758 2,031,630 2,448,876
From Jan 1_73.571,660 69,693,818 10,747,847 11,129,583
38,519
204,289
261,165
1,148,970
-27.250
-77,034
314,742
1,039,500
365,498
324.529
2,203,480 2,395.895
1,144,882
3,952,580
1.251,594
3,516,502
52,291
439,600
93,355
569,954
32.703
342,892
74,351
474,155
80,026
350,493
89,675
477,509
56.446
242,538
68,191
369,640
3,805,049 3,610,861 3,091.143 3,051,575
17,641,935 13,945,707 14,088,291 11,147,296
365,650
2,470,687
522,565
2,392,235
259.431
1.940,511
414,298
1,851.677
2,565,134 1,995,027 1.724,931 1,183,667
16,559,672 15,359,930 11,733,133 10,810.517
Chicago & East Illinois
347,416
2,021,276 2,123,527
236,487
231,675
105,696
From Jan 1_11,312,851 11,049,350 2,062,375 1.499,954 1.484,460
926,641
Chicago Great Western
276,940
1,959.040 1,968,036
286,060
May
197.936
206,491
From Jan 1_ 9,539,823 9,506,703 1,628,232 1.641,925 1,210,645 1,223,877
Chicago Ind & Louisville-472,156
1,588,305 1,566,312
421.367
May
391.877
337,662
From Jan!. 7,616,594 7,420,134 1,950,168 1,917,149 1,592,720 1,522,387
Chicago Milw & St. Paul
12,789.113 12,537,479 1,747,590 1,867,568
993.120 1.116,001
May
From Jan 1_61.316,306 61.429,925 9,079.948 9,878,420 5,314,537 6,114,362
Chicago & North Western
12,402,122 12,062,873 2,931,657 2,928,819 2.129.080 2,127,435
May
From Jan 1_56,947,188 58.326,831 10.648,630 11.172,173 6,634,582 7,156,595
Chic R I & Pacific
970,416
10,870,855 9,754,199 2,374,933 1,564,364 1,737.682
May
From Jan 1_53,536,010 48,774,313 11,762,650 8,236,400 8,482,293 5,274,034
Chic R I & Gulf
480,544
575,838
May
From Jan 1. 3.124,205 2,402,495
Chicago St Paul Niinn & 02,018,211 1,979,920
May
From Jan 1_10,194,632 10,331,489
ClinchfieldMay
646,802
676,506
From Jan 1_ 3,449,375 3,370,483
Colorado & Southern
Slay
941,258
956,530
From Jan!. 5,081,083 4,832,059
Ft Worth & Denver City
May
957,376
936.692
Net Earnings Monthly to Latest Dates.
-The table
From Jan 1_ 5,312,982 4,617.176
following shows the gross and net earnings for STEAM
Wichita Valley
May
110,307
92,056
railroads reported this week:
From Jan 1. 809,565
601,092
--Gross from Railway-- -Net from Railway- -Na after Taree - Columbus & Greens
lins
.
1927.
1926.
May
1927.
1926.
142,467
127,028
1927.
From Jan 1_
762,152
735,160
$
Akron Canton & Youngstown
Delaware & Hudson
NIay
272,528
280,342
97,319
May
94,575
3,831,527 4,072,704
76.910
75,482
From Jan 1_ 1,336,382 1,330,981
454,415
405,347
From Jan 1_17,304,958 16,904,055
352,376
311,158
Delaware Lack & Western
American fly Express
May
7,806,292 7,725,429
25,098,684 26,165,047
May
196,840
201,001
From Jan 1_34,203,376 33,465,332
From Jan 1_66,351,064 68,216,788
549,248
544,322
Denver & Rio Grande Western
Ann Arbor
May
2,413,575 2,567,779
May
476,691
116,947
499,266
119,160
89,609
96,393
From Jan 1_12,177.782 12,378,106
From Jan I_ 2,370,538 2,402,045
570,562
550,061
448,286
434.431 Detrolt & Mackinac
Atch Topeka & Santa Fe
Slay
129,024
152,484
May
19,971,468 18,397.381 4,219,973 4,337,532 2,084,612 2,785,456
From Jan 1_ 619,087
601,916
From Jan 1101813,853 89,320,578 26,437,440 22,712,829 17,745,698
15,146,207 Detroit Toledo & Ironton
Gulf Col & Santa Fe
Slay
824,545 1.068,797
May
2,442,839 2,135,882
340,841
From Jan 1_ 4,095,024 5,566,685
262,965
257,187
184,139
From Jan 1_14,444,111 10,442,574 2,890,597 1,374,131 2,468,195
Duluth & Iron Range
922,664
May
867,062
Panhandle & Santa Fe
019,895
From Jan 1_ 1,624.815 1,266,296
May
1,034.072 1,108,026
158,646
430,758
137,678
373.511
From Jan 1. 6.650,598 4,893,758 1,608,094 1,974,339 1.421,368
1.698,741 Duluth Nilasabe & Northern
May
2,529,853 2,276,921
Atlanta Birm & Coast
From Jan 1_ 3,788,803 2,750,772
May
426.151
7,130
425,528
7,597
-7,085
-7,099 Dul So Shure & Atlantic
From Jan!. 2,211,411 2,409,459
85,327
257,567
13,594
187,100
May
431,405
471,402
Atlanta & West Point
From Jan 1_ 2,128,049 2.134.894
May
256.765
41,071
261,065
49,748
26.949
33,548 Erie Railroad
From Jan 1_ 1,293,279 1,318,895
281,799
277,096
199,797
202,702
May
9,542,311 9,004,282
Atlantic Coast Line
From Jan 1.43,885,358 41,669,430
May
7,336,337 8,104,105 1,763,001 2,270,683 1,763,001 2,270,683
Chicago & Erie
From Jan 1_39,343,267 46,040,613 11,315,281 15,809,903 8,545,549 12,904,000
May
1,163,278 1,187,386
From Jan 1_ 5,763.308 5,937,635
Baltimore & Ohio
May
21,107,714 20,280,614 5,818,311 5.266,830 4,732.269 4,384,571
NJ&NVItItMay
From Jan 1_99.700,851 96.459,457 23,569,491 21,389,221 18,324,803 16,948,442
134,267
142,245
From Jan 1. 638,851
646,747
Bangor & Aroostook
Evans Ind & Terre Haute
May
575,312
395,620
565,845
360,991
134,664
155,243
May
179,993
157,492
From Jan 1_ 3,859,987 3,269,048 1,620,016 1,134,319 1,299,357
875,038
From Jan 1_
964,238 1,049,984
Belt fly of Chicago
Florida East Coast-640,956
May
630,996
216,722
208,245
168.122
May
158,804
1,797,258 2,427,989
From Jan 1. 2,994,138 2,981,726 1,041,054
907,073
803,466
From Jan 1_10,364,648 15,632,454
661.090
Note.-Pereentage of increase or decrease in net for above months has been
1926
-May, 13.89% inc.: June. 14.18% inc.; July, 15.35% Inc.; Aug.,
Sept., 8.48% inc.; Oct., 7.35% Inc.; Nov.. 6.79% inc.: Dec., 11.36% 7.86% Inc:.
inc.
Jan.. 2.79% dec.: Feb., 7.80% inc.; Mar.. 1.21% Inc.; April. 0.67% dec. 1927
In May the length of road covered was 236.833 miles in 1926, against
230.8.53
miles in 1925: in June. 236,510 miles, against 236,243 miles; in July, 236.885 miles,
against 235,348 miles; in Aug., 236,759 miles, against 236,092 miles: in Sept.,
236,779 miles, against 235,977 miles; in Oct., 236.654 miles, against 236,898 miles
In Nov., 237,335 miles, against 236,369 miles; in Dec., 236,982 miles, against
237,373
miles. In 1927-Jan., 237,846 miles, against 236,805 miles in 1926; in Feb.. 237,970
miles, against 236.870 miles In 1926; in Mar. 237.704 miles, against 236,948 miles in
1926; In April, 238,183 miles, against 237.187 miles in 1927.
'
85
-Gross from Railway- -Net from Railway- -Net after
1926.
1927.
1927.
1926.
1927.
5
Bessemer & Lake Erie
462,560
724,419
May
1,386,084 1.537.681
533,660
852,139
From Jan 1_ 4,823,977 4,347,188 1,070,697
853,023
116,442
1,039,609
90,061
98,310
907,318
453.257 '
80,227
362,725
408,752
1,711,191
268,052
1,651,287
300,645
1,192,224
163,286
1,086,817
224,631
1,270,643
249,626
1,230,304
149,617
895,618
189,623
930,202
89,822
685,767
152,153
921,858
20,219
367.567
88,666
602,797
243,726
1,503,237
317,563
1,534,260
26,908
398,001
29,730
261,509
17.237
349,988
20,200
213,476
1,694
93,142
24,486
116,691
1,285
87,606
22,980
109,618
1,014,869 1,240,717
2,701,853 3,205,898
168,408
259,323
1,134,440 1.234,886
897,869 1,240,717
2,116,498 2,764,824
2,722,023 2,471,597 1,980,245
8,555,827 8,589,495 5,676,967
1,754,005
5,668,219
335,872
565,247
2,485,917 3,001,230
149,576
1,559,114
374,490
2,069,803
15.628
26.026
29,878
58,303
11.712
314,157
208,383
1,089,907 1,947,661
166,282
885,697
256,795
1,605,924
42,759
110,303
417,084
415.194
344,435
344.043
-111,254 -357,533 -319.756 -412,073
1,621,085 1,354,959
659,634 -184.634
85,767
424,048
54,318
386,746
1,381,418
972,907
31,092 -764,443
53,767
276,033
25,318
241,746
2,211,623 1,525,601 1,853,594 1,159,347
6,540,828 5.439,619 4,654,259 3,609,074
472,448
442,643
2,127,620 2,340,891
417,556
378,779
1,853,595 2,021,4H
29,458
42,802
22,385
65,942
25,881
24.744
18,703
46,554
34,245
292.842
40,994
356,138
30,595
281.827
36,161
328,960
459,102
3,057,085
599,061
5,025,934
333,146
456,642
2.421,100 4,361,524
[VOL. 125.
THE CHRONICLE
86
-Gross from Railway- -Net from Railway- -Net after Tazrs1926.
1927.
1927.
1926.
1926.
1927.
Galveston Wharf
95,153
127.121
May
505,995
From Jan 1_ 863,840
Georgia & Florida
136,445
142,035
May
814,672
From Jan I_ 790,476
Georgia Railroad
462.632
479,605
May
From Jan 1_ 2,368,043 2,532,526
Grand Trunk Western
1,806,333 1,813,246
May
From Jan 1_ 8,576,455 8,068,967
Northern System
Great
8,925,680 8,659,782
May
From Jan 1_38,030,573 37,534,249
Gulf Mobile & Northern
523,738
621,130
May
From Jan I.. 2,823,044 2,572,183
Hocking Valley
2,111,462 1.995.044
May
From Jan 1_ 8,254.352 7.688,048
Illinois Central System
14,813.835 14.480,862
May
From Jan L75,013,829 73,380,958
Illinois Central Co
12,841,277 12,688.213
May
From Jan 1_64.107,015 63,893,304
Yazoo & Miss Valley
1,970.378 1,792,649
May
From Jan L10,847,837 9,487.654
Internat Great North
1,478,489 1.538,176
May
From Jan 1_ 7.631.782 7,050,240
Karras City Southern
1,643,307 1,592,963
May
From Jan 1. 7,590,239 7,740,244
Texarkana & Ft. Smith
265,997
261.077
May
From Jan 1_ 1,218,398 1,239,964
23,423
341.971
13,765
99,743
-3,235
14,718
20,524
159,929
34,683
223,627
12,824
121,329
27,555
188,035
59,023
398.481
65,785
479,279
50,829
342,336
58,288
425,299
498,051
473,000
2,285,936 2,110,074
419,921
388,000
1.864,925 1,748,959
2,368,954 2,087,739 1,533,945 1,333,351
8,235.200 8,137,996 4.494,172 4,435,791
156,214
643,558
105,996
577,282
780,779
795,118
897,693
2.786,378 2,161.317 2,219.325
683,509
1,802,705
198,678
835,129
152,058
794,247
3,117,876 3,020.008 2,117,903 2,067.488
17,458,786 16,648,509 12,193,749 11,607,275
2,751,657 2,675.153 1,935,204 1.857,655
15,682,609 14,626,599 11,336,858 10,287,074
344,855
374,885
1.786.434 2.021,910
213,794
196,309
891.233 1.338,438
273,962
997,292
322,171
246.124
1,382,902 1,209,377
202,581
1,171,307
500,107
546,186
2,377,262 2,533,941
392,313
435,093
1,824,012 1,994,176
96,193
493,383
125,431
598,989
Kansas Okla & Gulf27,844
107.689
203,506
243,396
May95,031 -311.620
From Jan 1_ 1,146,580 1,074,130
Lake Superior & Ishpeming
101,450
129,732
221,477
256.204
May
7,848
68,785
508,823
From Jan I_ 576,399
Terminal
Lake
16.302
685
109,383
95,357
May
9,579
430,282 -18,903
From Jan 1_ 443,058
Lehigh Valley
6.874.175 7,143,895 1,749,287 2,284,538
May
From Jan 1_30,732,267 29,975,208 5,897,377 6,279,300
Los Angeles & Salt Lake
447.419
209.312
2,078,434 2,043,280
May
From Jan L10,047,098 9,792,738 1,430,283 1,455,895
Louisiana & Arkansas
115,810
57,019
342,358
273,520
May
597,710
319.864
From Jan 1_ 1,520,494 1,744,363
Louisv. Henderson & St L
-3.081
78.983
265,608
323,072
May
From Jan 1_ 1,669,703 1,578,788 1,176,528 1,191,577
Louisville & Nashville
12,546,688 11,792,715 2,843,644 2,760,699
May
From Jan L80,105,120 60,321,523 12,478,989 13,704,860
Maine Central
265,415
243,510
1,605,326 1,579.209
May
From Jan 1_ 8,634.826 8,357,059 1,822,178 1.622,601
Midland Valley
131,537
118,618
346,596
326.527
May
709,127
609,844
From Jan 1_ 1,583,069 1,711,074
Minneapolis & St Louis
1.014,700 1,086.908 -176.591 -211,537
May
99,200
From Jan 1- 5,365.458 5,893,034 -116.091
Minn St P & 88 M
434,204
316,389
1,921,267 2,095,095
May
From Jan 1_ 9,487,457 9,858,639 1,649,635 1,728,454
Wisconsin Central
319,124
292.598
1,614,280 1,691,798
May
From Jan 1_ 7,454,621 7,590,041 1,175,120 1,218,590
Minn St P & 88 M System
753,329
608,987
3,535,547 3,786,897
May
From Jan 1_16,942,072 17,448,680 2,824,754 2,947.044
Missouri-Kansas-Texas
911.041
2,987,180 2,767.074 1,005,310
May
From Jan 1_14,417,238 13,438,181 4.785,755 4,450,985
of Tex
Mo-Kan-Tex
292,502
340,880
1,663,554 1,553,538
May
From Jan 1- 8,861,048 8.029.803 2.079,213 1,791,950
Missouri Pacific
9,776,659 10,480.970
May
From Jan L50,475,987 53,144,017
Mobile & Ohio
1,573,146 1,577,545
May
From Jan 1- 7,529,885 8,116,494
Montour
89,302
79,743
May
297,346
FronaJanl_ 544,880
Nash Chatt & St Louis
1,979,387 1,933,951
May
From Jan 1_ 9,498.895 10,095,455
New Orl Tex & Mexico
344,410
224,438
May
From Jan 1_ 1,270,886 1,466,793
New York Central
33.185,125 32,415,915
May
From Jan 1_158541206 157154,370
Cincinnati Northern
367,858
369,477
May
From Jan I_ 1,917,661 1,890,148
Belt
Indiana Harbor
906,223
921,565
May
From Jan 1_ 4,739.468 4,487,861
Michigan Central
7,760,679 8,111,353
May
From Jan 1_36,718,666 38,831.627
&
C C C St Louis
7,698,764 7,731,384
May
From Jan L37,792,872 37,322,857
Pittsburgh & Lake Erie
2,666,789 2,540,407
May
From Jan L13,497,189 13,459,898
New York Chic & St Louis
4,607.704 4,850.763
May
From Jan L22,178,048 22,628,669
NYNH& Hartford
11,784,081 11.864,347
May
From Jan 1_56,237,331 56,486,720
N Y Sum & Western
437,787
423,211
May
From Jan 1_ 2,029,111 2,007,701
6,423
256,971
81,168
418,399
108,243
512,729
98,270
17,878
46,794 -389,355
108.047
-8,226
89,852
-54,683
-4,515
-47,929
9,905
-20,979
1,388,459 1,844,680
4.443,165 4,742,510
76,383
765,379
315,482
788,544
33,886
190,679
81,364
422,825
59.487
385,729
-11,303
293.556
2,212,093 2,161,382
9,818,235 10,735,242
129,587
1.252,494
198,150
1,128,012
99,076
509.414
111,180
621.082
-235.804 -274,009
-379,966 -220,441
167,967
930,423
287,363
997,024
204,586
764,064
241,151
783,123
372,553
1,694.487
528,514
1,780,146
712,187
818,198
3,794.108 3.407,838
238,454
288,792
1,816,755 1,523,426
807,414 1,745,052
1,218,861 2,207,996
9,271,876 11,616,531 7,114,199 9.330,694
261,042
372,912
305,532
398,885
1,764,793 2,177,563 1,343,259 1,676,250
-24.055
26,271
6,143
-91,408
2,916
-25,153
-514 -102,080
220,088
295,137
364.743
434,901
1,910,364 1.951,673 1,547,356 1,575,805
-57.707
88,541
104,349
397,124
-78,068
-93,109
77,759
268,692
8,687.083 8,956,020 6,407,193 6,622,491
36,477,198 36.958,891 25.923.620 26,122,517
99.732
595,868
115,702
630,869
77,216
472,866
92.640
505,971
198,955
1,124.646
275.592
1,182,260
156,134
894,787
234,398
964,216
2,384.951 2.578,386 1,876,555 2,077,797
11,141.301 12,304,485 8,705,094 9,835,383
1,800,025 2,081,968 1,369.771 1,618,934
8,571,409 9,056,493 6,502,336 6,830,506
234,343
296,772
395,844
487,534
2,019,114 2,446.779 1,221,992 1,555,134
1,355,573 1,309,043 1,085,831 1,053,273
5,975,804 6.360,323 4,730,489 5,097,587
3,330,383 3,102,263 2,822.698 2,627,975
14,049,025 14,402,184 11,392,825 12,030,102
97,898
295,264
108.285
374,887
69,398
152,483
79,051
228,669
-Gross from Railway- -Net from Railway- -Net after Taxes
1926.
1927.
1927,
1928.
1926,
1927.
$
Norfolk Southern
196,956
244,791
165,675
214,418
789,300
826.158
May
941,432
978,795
From Jan 1_ 4.077,002 4,025,329 1,222,388 1,182,017
Norfolk & Western
9,588,962 9,306,053 3,596,866 3,743,689 2,745,143 2,993,094
May
From Jan L46.389.196 44,671,807 16,694,771 16.552.257 12.439,577 12,794,791
Northern Pacific
774,827
472,886
7,194,291 7,488,797 1,141,820 1,439,743
May
From Jan 1_33,685.612 35,728,951 5,825,163 7,098,413 2,493,736 3,781,577
Monongahela
213,080
262.112
234,196
286,133
586,814
508.324
May
From Jan L 3.249,475 2,920.590 1,621,386 1,358,359 1,469,711 1,235,834
Pennsylvania System
Pennsylvania Co
57,585,761 57.829,596 14,697,814 13,798,254 11,303,877 10,429,226
May
Fr'm Jan 1277,297,657 277450,869 60,923.497 52,620.698 48,355,059 40,154,850
Bait Ches & Atlantic
125,546
122.776 -26,762 --35,298 --32,199 --40,749
May
466,237 -178.820 --156,489 --185.751 --183,655
From Jan 1_ 457,452
Long Island
779,811
675.655
985,673
924,286
3,592,275 3.520.987
May
From Jan 1_15,355,715 14,535,054 2,434,709 2,530,018 1.834,373 2,045,996
West Jersey & Seashore
168,682
84,999
167,489
252,050
967,851 1,105.285
May
218,405
355,350
475,155
336,642
From Jan 1_ 4,326.998 4.630,383
Peoria & Pekin Union
24,300
8,301
25,301
41,300
135,238
139,001
May
156,867
143,324
240,867
228,324
740,561
From Jan L 760,620
Pere Marquette
723,927
785,316
916,627
991,757
3,827,428 3,648,723
May
From Jan L17,941,807 17,687,718 5,182,805 5,032,425 4,184,643 4,036,008
Pittsburgh Shawmut & Northern
26,856
29,845
11,110
14.023
162,223
129,297
May
107,636
121,465
136,493
122,801
743,692
From Jan L 774,947
& West Virginia
Pittsburgh
48,583
71,291
119,810
82,393
383,639
270.163
May
559,270
630,628
906,988
812,412
From Jan L 1,991,537 2,016.807
Reading Co
8,240,753 8,271.212 1,946,714 1,886,023 1,478,615 1,449,056
May
From Jan L39995,839 39,140,197 9,375,873 9,256,381 7,063,788 7,014,691
Richmond Fredericksburg & Potomac
277,192
354,714
440,550
344,149
1.098,124 1,181,441
May
Jan 1_ 5,385,839 5,761,711 1,609,411 2,158,340 1,282,147 1,743,556
From
Rutland
74,379
84,885
115,745
103,065
574,987
535,717
May
313,047
269,775
450,473
401,819
From Jan 1_ 2,552,872 2,721,185
St Louis-San Francisco
6,951,995 7,193,423 1,944,885 2,027,375 1,549,729 1,668,219
May
From Jan 1_34,146,416 35,496,416 9,643,443 10,308,793 7,754,987 8,453,268
-San Fran of Texas
St L
18,537
36,993
20,940
40,079
139,873
175.560
May
167,061
202,045
131,126
215,357
754,613
From Jan 1_ 870,314
Ft Worth & Rio Grande
-2,582
1,571 -20,268
105,753 --18,215
96,596
May
-2,843 -59,068 -23,784
520,105 --38,698
From Jan 1_ 498,665
St Louis Southwestern
288,486
1,428,583 1.353.426
May
From Jan 1_ 6,875,718 7,304,756 1,931,958
St Louis-Southwestern of Texas
--9,079
524,163
544.838
May
From Jan L 2,834,451 2,833,118 --186,299
Seaboard Air Line
5.468,887 5,426,937 1,471.709
May
From Jan L28,730,563 30,486,469 7,511,205
Southern Pacific System
Southern Pacific Co
18,037,098 17,710.895 5,186,375
May
From Jan L82,988.326 80,769,723 21,385,233
Southern Pacific 58 Lines
92,991
953,111
1.017,164
May
527,472
From Jan 1_ 5,024,520 5.041,174
Railway System
Southern
16,475.822 16,792.208 4,633.006
May
From Jan L80,657,884 85,343,773 21,530.778
Southern Railway Co
12,413,413 12,599,770 3,463,604
May
From Jan L61,223,217 63,578,239 16,391.820
Alabama Great Southern
237,677
886.021
849,473
May
From Jan L 4,132,209 4.365,163 1,094,353
Cino New On & Tex Pao630,537
1,963,852 1,863,998
May
From Jan 1_ 9,105,915 9,613,640 2,526,196
Georgia Southern & Florida
-1,179
555,613
409,187
May
99,862
From Jan 1_ 2,042,308 3,196,658
New Orleans & Northeastern
175,828
486,783
511,536
May
788,910
From Jan 1_ 2,438.671 2,614,289
North Alabama
49,116
119,461
126,738
May
252,387
623,839
From Jan 1_ 586,243
Staten Island Rapid Transit
78,422
May
273,566
275,961
304,120
From Jan L 1,242,536 1,225,166
-Terminal Railway Assn of St Louis
298,344
1,071,701 1,092,871
May
From Jan L 5,605,720 5,491,288 1,887,832
Texas Mexican
21,081
115,333
May
207,554
104,097
From Jan L 657,362
809,337
Texas & Pacific
648,744
May
3,088,650 2,695,559
From Jan L15,627,077 13,885,817 3,540,113
Toledo Peoria & Western
124,506
110,517 -17,825
May
32,350
From Jan 1_ 659.961
559,647
Union Pacific
Oregon Short Line
412,672
May
2,463,329 2,688,555
From Jan 1_12,807,181 13,704,408 3,179,798
Oregon-Washington Ry & Nay Co
198,059
May
2,182,735 2,370,733
From Jan L10,398,436 10,957,374 1,325,721
St Joseph & Grand Island
33,791
287,917
May
255,964
258.028
From Jan 1_ 1,245,946 1,496,112
Union Pacific Co
8,140,704
May
From Jan L38,091,261
Utah
May
96,630
From Jan 1_ 711,828
Virginian
1,845,409
May
From Jan L10,009,743
Wabash
5.638,774
May
From Jan L28,022,807
423.752
2,327,741
365,402
249,241
1,694,168 2,003,611
-71,438 -38,090 -99.203
-221,112 -321,325 -360,545
955,489
1,254,431 1,144,872
8,090.482 5,904,424 6,596,078
4,990,621 3,745,901 3,573,573
20,280,700 14,490,998 13,543,597
77,744
622,646
85,125
498,061
89,403
572,743
4.767.336 3,575.087 3,660,921
24,847,996 16,569,965 19,243,987
3.467,494 2,868,946 2.663,280
17,827,121 12,663,490 13,707,529
238,097
1,250,540
168,140
809,170
176,667
957,594
522,717
579,569
464,506
3,108,782 2,026,334 2,498,846
140,448
915,593
-22,695
-4,386
104,684
750,341
190,210
986,445
138,300
572,236
129.698
684,444
57,013
250,843
41,865
223,597
48,877
220,071
51,503
214,561
59,301
199,021
34.003
132,151
191,671
385,050
1,963,057 1,368,761
264,094
1,412,041
16,081
79,097
99,643
268,296
104,159
291,023
491,373
511,573
348,897
2,835,127 2,756,363 2,058.527
-1,236
-40,061
-18.839
14,231
-8,936
-76,529
581,795
156,932
303,052
3,282,720 1,902,176 1,991,982
469.092
1,763,143
7,839
397,908
297,627
906,506
68,025
440,031
20,665
179,892
48,972
331,785
8,314,310 2,021,902 2,138,959 1,310,835 1,441,570
39,824,274 10,297,934 11,189,516 6,742,443 7,713,341
145,354
638,588
28,325
281,044
44,658
190,325
20,342
209,326
35,036
142,765
662,242
628,618
753.828
812,376
1,737,945
8,399,639 4,943,101 3,498,710 4,147,927 2.832,571
917,142 1,079,387
5,876,948 1.201,280 1,335,660
28,218,546 6,362,320 6.201,695 4,961.407 5,394,245
JULY 2 1927.]
87
THE CHRONICLE
Balance,
Fired
Gross
Net Alter
-Gross from Railway- -Net from Railway- -Net after Taxes
Surplus.
Earnings.
Tares.
Charges.
1926.
1926.
1927.
1927.
1926.
1927.
$
S
Companies.
$
3
May '27
244,983
a26,133
Reading Transit Co &
Western Pacific
'26
119,191
253,765 *a21.833
227,561 --19,538
Subs
104,035
May
1,250,816 1,158,437
194,867
.1305,639
110,772
574.438
12 mos ended May 31 '27 2,953,204 5
601,042 1,064,392 --17,965
From Jan 1_ 5,450,402 5,348,465
'26 2,993,457 a258,491
93,423
165,069
Western Ry of Alabama
127,440
May '27
680,784 *276,828
149,388
37,841
57,239 Texas Power & Light Co
74,996
33,163
281.579
May
255,808
'26
117.632
541,662 *203,422
85,790
349,561
435,063
203,629
275,547
From Jan 1_ 1,299,292 1,471,166
12 mos ended May 31 '27 8,584,391 *3,859,578 1.428.237 2,431,341
Wheeling & Lake Erie
'26 7,129,945 *2.977020 1,001,422 1.975,598
383,513
398,154
524,889
266,111
May
1,543,545 1,769,375
830.843
May '27 1,342,429 *c251.819 e221.975
From Jan 1_ 7,874,754 8,071,262 2,180.807 2,220,286 1,518,701 1.552.767 Third Avenue Ry System
628,414
'26 1,296,251 *c250,622 e222,208
-Grossfrom Railway -Available for lot.- -Burp. after Chges.
11 mos ended May 31 '27 14,017,6625c2,771.103 e2,507,916 8263,186
'26 13,390,241 *c2,498,227 e2,468,868
829.358
1927.
1926.
1927.
1926.
1926.
1927.
$
$
534,371
330,674
203,697
291,386
'27
Washington Water Power May,, t
493,109
300,015
193,094
257,554
• /'26
Missouri Kansas Texas Lines
Co
848,393
257,800
406,791
953,466
May
4,650,733 4,320,612
12 mos ended May 31 '27 6,240,848 3,665.156 2,575,692 3,147,783
'26 6,047,409 3,612,772 2,434,637 2,970,506
From Jan L23,278,285 21,467,984 4,909,991 4,509,119 2,098,547 1.555,161
14,227 *p-2,734
88,892
-6.626
May '27
York Utilities Co
Fired
Total Net
*17159
k3,892
--3,733
'26 • 16,209
Balance.
Charges.
Income.
*g-555
91,601
k19,553 -20,108
5 mos ended May 31 '27
Georgia & Florida
May '27
•14,081
--2,609
16,690
889.048 --14,670
94,218
•p4,378
'26
'26
*8,038
5 months ended May 31 '27
83,607
*110A97
26,489
• Includes other income. a After rentals and depreciation.
5 months ended May 31'26
*86,376
It After rentals. c After depreciation. e Includes amortization of debt discount
235,450 --35,695
St Louis Southwestern
May '27 *199,755
and expenses. p Includes depreciation. .1 Before taxes. It Includes taxes.
May '26 *289,613
54,576
235,037
228,387
From Jan 1 '27 *1,385,479 1,157,112
12 Months Ended May 31
Month of May
From Jan 1 '26 *1,675,052 1,168,081
Burp. aft.
505,971
Burp, aft.
Gross.
Net.
Charges.
Charges.
Net.
Gross.
•Includes other income.
$
$
$
$
$
8
Baton Rouge Electric Co
372,973
302,782
Electric Railway and Other Public Utility Net
28,463 1,005,464
34,230
1927
85,301
877,648
314.368
242,865
24,903
30,437
1926
Earnings.
-The following table gimps the returns of Blackstone Valley 76,623Electric Co & Sub Cos
Gas &
84,042 5,697,236 2.005,778 1,406,881
143,366
457,925
1927
ELECTRIC railway and other public utility gross and net
86,263 5,278,271 1,925,938 1,447,084
132,484
413,950
1926
earnings with charges and surplus reported this week:
Cape Breton Electric Co, Ltd
78.599
147,588
643,859
4,261
9,970
51,131
1927
-Gross Earnings- -Net Earnings
31,613
100,696
572,081
2,962
8,691
1926
48,797
Current
Previous
Current
Previous
Eastern Texas Electric Co & Sub Cos
Year.
Year.
Year.
Year.
Companies.
100,978 6,368,652 2,234,797 1,101,656
218,712
1927
609,790
670,263
52,180 4,414,645 1,359,303
119,180
419,609
1926
Barcelona 'Tr, St & Pr Co e__May 6,806,944 6,574,742 4,689,685 4,240,575
5 mos ended May 31 37,320,760 36,482.996 26,673,423 25,181,262 Edison Electric Illuminating Co of Brockton
630,333
641,970
52,352 1,838,728
53,439
1927
154,335
Elec Pr & Lt Co (c)
May 4,099,034 3,933,376 *1,741,162 *1,663,592
559,463
559.765
37,463 1.707,143
38,179
1926
134,612
12 months ended May 31 51,297,515 47,810,897•22,585,460*20.229,988
The Electric Light & Power Co of Abington & Rockland
National Pr & Lt CO (c)
May 2,986,259 2,723,586 *1,119,530 *1.066.447
104,480
586,540
110,005
5,732
6.215
1927
44.758
12 months ended May 31 35,063,788 31,328,635•14,003,655*12,122,709
164,491
108,196
571,909
0,383
6.601
1926
41.869
*After taxes, cEarnings of subsidiary companies only. eFigures given in pesetas, El Paso Electric Co & Sub Cos
892.259
71,298 2,903.045 1,060.157
85,822
241,650
1927
811,522
081,370
73.762 2,651,405
Fixed
Net after
87,613
Balance,
Gross
234,093
1926
Taxes.
Charges.
Surplus.
Earnings.
Companies.
Fall River Gas Works Co-","-•'•--- "1"41","`,.
3
252,313
265.709
1,031,523
21.791
20,288
84,266
1927
229,087
232,217
996,758
16,505
Atl Gulf &WISS Lines
82,630
16,837
220,331
641,656
Apr'27 3,197,926 c261,986
1926
231,929
665,120 Galveston-Houston Electric Co & Sub Cos- 1",1
'26 3,280,707 c297.050
885,063 6383,266
4 mos ended Apr 30 '27 13,317,823 e1,268,329
593,981
54,704 4,823.967 1,425.106
124,042
416,007
1927
962,883 8-64,364
'26 13,772,873 c898,518
383,570
59,424 4.105,526 1.084.478
394,575
121,712
1926
170,241
Binghamton Lt, lit & Pr Co May'27
c58,775
Haverhill Gas Light Co
'26
143,910
c50,375
1 14,115
112,069
5,779
704.085
6,004
54,000
1927
357,304
378,022
12 mos ended May 31 '27 2.027,290 *c735,326
139,167
138,791
9,102
667,142
9,412
53,752
1926
'26 1,792.455 *c635,171
316,345
318,826
Jacksonville Traction Co
Broad River Power Co
117,082
May '27
257.912
262,923
77,580
-2,070 1,563,431
11,964
119,572
1927
'26
162,426
76,587
391,199
198,356
13.371 1.510,465
28,036
136,466
1926
873,991
12 nios ended May 31 '27 2,687,145 *1,399,142
525,152
Light Cori
,
Tne Lowell Electric
Brooklyn City RR
614,629
May'27 *1,029,612
137,400
46,800
90,600
624,615
37,664 1,752,272
37,680
136,292
1927
'26 *1 A41,378
51,462
575,078
204,086
152,623
582.533
39,978 1.673,044
41,227
128,705
1926_ __ _
11 mos ended May 31'27 *10,732,732 1,564.733
523,983 1,041,750
'26 *10,779,776 1,887,395
565,971 1,321,424 Northern Texas Electric Co ei Sub Cos
468,754
825,880
38,676 2,567,134
68,729
221,817
1927
Carolina Pr & Lt Co
May '27
713,555 *329,697
110,402
219,295
443,359
794,826
42,110 2,472,447
72,263
215,588
1926
674,381 *320 237
'26
109,397
210,840
12 mos ended May 31 '27 8,594,134 *4,490,740 1,315,808 3,174,932 Puget Sound Power & Light Co & Sub Cos
225,515 14,149,243 5.929,243 3,062,929
465,562
1,207,809
1927
'26 7,413,735 *3,477,450 1,199,987 2,277,463
226,796 13,097,653 5,061,833 2,674,388
1,095,448'417,315
1926
Comm unity Pr & Lt Co
.
May '27
350,033
137,319
0"
,
, -7 ,- "
5 :-.'.• .• " • ,
.. ...
Savannah Electric & Power Crl' ..' ,
'26
320,148
110.256
468,901
32,389 2,248.168 .854,111
70.611
177,725
1927
12 mos ended May 31 '27 4,212,809 1,629,210
564,400 1,064,810
406,145
772,542
35.224 2,086,032
66,289
177.128
' 1926
'26 3,781,301 1,437,207
Engineers Public Service Co May'27 2,440,923
917,756
280,697 6637,059 Sierra Pacific Electric Oo 4.: Sub Cos
442,211
34.779 1,259,400 - 489,954
38,895
97,027
1927
'26 2,126,483
764,628
263,913 6500,715477,546
519.909
47,597 1,158,534
51,061
100,717
1926
12 mos ended May 31 '27 28,003,968 10,646,120 3,226,528 67,419,592
'26 24,579,582 9,470,373 3,050,129 66,420,244 Tampa Electric Co & Sub Cos
125,714 4,843,566 1,474,860 1,414,101
130.544
396,709
Florida Public Service Co May'27
1927
157.231
67,217
116,259 4,162.304 1,376,353 1,302,108
127,615
405,205
1926
'26
12 mos ended May 31 '27 1,785.213 *875,171
531,586
343,585
'26 1,372,219 *531,003
318,313
212,691
Ft Worth Pr & Lt Co
234,850 *116,184
May'27
16,956
99,228
226,401 *103,172
'26
17,247
85,925
12 mos ended May 31 '27 2,865,637 *1,514,113
205,163 1,308,950
'26 2,854,889 *1,368,813
204,785 1,164,028
Idaho Power Co
May '27
258,340 *154030
56,548
97,482
-The-f°Bowing is an index to al
Annual, &c., Reports.
'26
251,598 *138,582
57,282
81,300
12 mos ending May 31 '27 2,899,371 *1 A14.736
680,963
933,773 annual and other reports of steam railroads,.public utilities,
'26 2,858,480 *1,532,090
682,522
849,568 industrial and miscellaneous companies published since and
Illinois Power Co
May '27
194,012
48.712
including June 4 1927.
'26
187,172
49,991
12 mos ended May 31 '27 2.606,783
810,692
386,319
424,373
This index which is given monthly, does not include
'26 2,570,571
829,592
394.207
435,385 reports in to-day's "Chronicle."
Metropolitan Edison Co
May '27
813,244 *a358,796
Boldface figures indicate reports published at length.
Or subs)
'26
736,024 *0316.725
12 mos ended May 31 '27 9,893.333*a4,362,684 1,819,942 2,542,743
Public IItlIttles-Continued
Steam Railroads.
'26 9,105,7135
(14,016,495 1,759,158 2,257,336 Charleston & Western Carolina Ry _ Page. Cleveland Electric Illuminating Co,_3351
_3347
Nebraska Power & Lt Co
May '27
374,760 *196.375
76,595
3491 Coast Valleys Gas & Electric Co_ __ _3494
119,780 Chesapeake Corporation
3494
'26
345,860 *189,072
68,875
120,197 Chicago Indianapolis & Loulsv.Ry _ _3491 Colonial Gas & Electric Co
3627
12 mos ended May 31 '27 4,569,790 *2,432,164
882,891 1,549,273 Cuba Northern Railways
3347 Columbia Gas & Electric Corp
'26 4,244.219 *2.200,321
830,905 1,369,416 Detroit & Ironton RR
3491 Columbus By., Power & Light Co_ _3769
5769
Commonwealth Power Corp
Duluth Missabe & No;thern Ry.
New Jersey Power & Lt
May '27
216,987
c57.310
3769
184.776
'26
(U. S. Steel Corporation)
3346 Consumers Power Co
C50,837
3351
3767 Cuban Telephone Co
12 mos ended May 31 '27 2.581,046 *0698,654
339,707 6358,946 Erie RR
3770
3348 Dixie Gas & Utilities Co
'26 1,832,517 *a516,786
250,115 8266,671 Indianapolis Union Ry
3770
Kansas City Southern Ry_ __ _3369, 3345 Duluth-Superior Traction Co
North Caro Pub Sal,Co
187,550
May '27
57,741
3351
Light Co
Lehigh & New England RR
3493 Duquesne
(4r Subs)
158,959
'26
*41,472
3627
3628 East Bay Water Co.(Calif.)
12 mos ended May 31 '27 2.267,810 *734,209
375,123
359,087 Mexican Railway Co., Ltd
3627
Michigan Central RR
3648, 3622 East Coast Utilities Co
'26 1,897,005 *850,503
294,277
357,225 Midi RR.
3495
3348 Eastern New Jersey Power Co
(France)
Northern Ohio Pr & Lt Co May '27 *
1,055,191
322,892
139,238
183,656 New Orleans Great Northern KR-- 3348 Eastern Oregon Light & Power Co_ _3628
875,714
'26
139,517
138,586
2,931 Pennsylvania Co
3766 Eastern States Power Corporation_ _3628
5 mos ended May 31 '27 5,253,471 1,558,928
696.811
862,115 Peoria dr Eastern Ry
3348 Electric Power & Light Corporation_3351
'26 5,027,514 1,259,376
681,565
577.811 Pere Marquette Ry
3346 Electric Public Utilities Co--3628, 3351
3351
Northern Penn Power Co
62,976
a21,288
May '27
3345 Engineers Public Service Co
Philippine Railway Co
3770
56,678 *a20A17
'26
Western New York & Penna. RR _3349 Federal Light St Traction Co
3770
12 mos ended May 31 '27
797,647 *5264,134
Federal Water Service Corp
164,372
99,762
Fort Smith Light & Traction Co- 3495
Public Utilities
Pacific Power & Light Co May '21
297.479 *119,368
64,536
54,832
3771
3769 General Gas & Electric Corp
317.396 "148,418
'26
68,098
80,321 Alabama Water Service Co
3349 Houston (Tex.) Lighting & Pr. Co_ _3771
12 mos ended May 31 '27 3,703,614 *1678030
788,663
889,367 American Power dr Light Co
3495
American States Securities Corp,--3627 Idaho Power Co
'26 3,687,528 *1,683,192
790,306
790,306
3772
Illinois Power & Light Corp
American
355,156 *-16,398
Pennsylvania Coal & Coke May '27
039,815 -56,045 American Telephone dr Telegraph-3769 Indianapolis Power & Light Corp__ _3495
Water-Works dr Elec. Co.,
Corp (& Subs)
381,082 *-21,670
'26
041,627 --63.298
3352
3350 Interborough Rapid Transit Co
Inc
5 mos ended May 31 '27 2,812.448 *328,301 0200,030
128,271
3350 International Tel. ,it Tel. Corp _3628.
*68,683 0209.151 -140,468 Arkansas-Missouri Power Co
'26 2,633,922
3495, 3373. 3345
3494
Associated Gas & Electric Co
353,033 *126.158
Portland Gas & Coke Co
56,548
May '27
69,610 Barcelona Traction, Light & Power
Interstate Power Co. (Delaware)._ _3495
334,099 .126,154
'26
3629
51,437
74,717
3345 Iowa Public Service Co
Co., Ltd
12 mos ended May 31 '27 4,415,668 *1,571,727
3352
669,381
902.346 California Oregon Power Co
3494 Jacksonville (Fla.) Gas Co
'26 4,087.496 *1,472,941
362
600,611
872.330 Canada Northern Power Corp., Ltd_3769 Kansas City Railways
349.,
3350 Kansas Power & Light Co
Public Serv Corp of N J
May '27 9,164,116.4'2,475,358 1,481,945
993,413 Central Power & Light Co
335'.
3769 Lehigh Power Securities Corp
'26 8,481,722C2.365,949 1,492,
873,795 Cincinnati Car Co
3494 Los Angeles Gas & Electric Corp__ _377t
12 mos ended May 31 '27 109,712,629*c31408,288 18,798,422 12,609,866 Cities Service Power & Light Co
'28 99,925,957*c29619,815 17,095,557 12.524,257 City Water Co.. Chattanooga, Tenn.3350 Maritime Coal, By.& Pr. Co.. Ltd_377"
FINANCIAL REPORTS
88
Public Utilities (Confinued)- Page.
Industrials (Continued)Page.
Market Street Railway Co
3496 Finance Service Co
3357
Mexican Light & Power Co., Ltd__ _3352 First National Stores, Inc
3780
Mexican Tel. & Tel. Co
3353 Fitz Simons & Connell Dredge &
Mexican Utilities Co
Dock Co
3358
3353
Midland Counties Pub.Serv. Corp_ _3496 Flintkote Co
3358
Midland Utilities Co
3630 Foote Bros. Gear & Machine Co__ 3358
Minnesota Power & Light Co
3503
3773 Foundation Co., New York
Mountain States Power Co
3358
3496 Fraser Companies, Ltd
National Electric Power Co
3358
3630 Freshman (Chas.) Co., Inc
National Power & Light Co
3353 Gardner Motor Co. of St. Louis__ _3781
.3358
National Public Service Corporation.3353 General Laundry Machinery Corp.
New Bedford & Onset Street Ry„-.3353 General Motors Corp
3838
New England Power Association_
3781
3498 General Refractories Co
New York Water Service Corp
3781
3630 Gilliland Oil Co
North American Co
3358
3773 Gorham Mfg. Co
North American Edison Co
-10 -Cent Stores,
3353 Grand(F. dr W.)5 -25
Northern Mexico Power & DevelopInc
3503
3503
ment Co., Ltd
3631 Grant(W. F.) Co. (Maas.)
Northern Ohio Power Co
3773 Great Lakes Laundries, Inc., Chic_3359
3346
Northern Ohio Power & Light Co._3773 Greene Cananea Copper Co
Ohio Electric Power Co
3781
3496 Greif Bros. Cooperage Corp
3639
Oklahoma Gas & Electric Co
3498 Group Number One 011 Corp
3359
Oklahoma Railway Co
3354 Gulf States Steel Co
Hall(W. F.) Printing Co., Chicago_3503
Oregon-Washington Water Serv. Co.
3639
3631, 3496 Harris Abattoir Co., Ltd
3639
Pacific Gas dr Electric Co
3497 Harris-Seybold-Potter Co
3504
Paciric Lighting Corp.. San Fran_ _ _3354 Hartman Corp., Chicago
3359
Penn Central Light dr Power Co__ _.3773 Hathaway Baking Co
Penn-Ohio Edison Co
3497, 3354 Hershey Creamery Co., Harrisburg,
3359
Pa
Philadelphia Co
3497
3781
Philadelphia Rapid Transit Co
3497 Heyden Chemical Corp
3360
Portland Electric Power Co
3354 Hocking Valley Products Co
3360
Public Service Co. N. H
3497, 3354 Holly Sugar Corp
3781
3497 Holmes Manufacturing Co
Railway & Light Securities Co
3360
San Diego Consol. Gas & Elec. Co-3497 Honolulu -Plantation Co
3360
San Joaquin Light & Power Co
3497 Honomu Sugar Co
3504
3497 Hudson Coal Co
Southern Colorado Power Co
Southern Ice & Utilities Co_ _3832. 3497 Hudson River Navigation Corp_ _3639
3781
Southwestern Power & Light Co---.3774 Indiana Limestone Co
3360
3498 Industrial Finance Corp
Spring Valley Water Co
3781
3497 International Cement Corp
Standard Gas & Electric Co
3360
3774 Intercontinent Petroleum Corp
Tennessee Electric Power Co
3360
Underground Electric Rys., London_3498 Intercontinental Rubber Co
3354 International Match Corp_ _ _3624, 3360
Union Traction Co., Indiana
3354 International Mercantile Marine Co_3345
United Electric Securities Co
3639
3498 International Paper Co
United Light & Power Co
3354 International Shoe Co.(St. Louis)._3360
United Railways of St. Louis
Investors Corp
3505
Utah Idaho Central RR. (Ogden,
3380
3354 Isle Royale Copper Co
Utah)
3774 Jewel Tea Co., Inc
3640
Utah Light & Traction Co
3505
Utilities Power & Light Corp.3489, 3774 Johns-Manville Corp
3782
3354 Keeley Silver Mines, Ltd
Virginia Electric & Power Co
3632 (B. F.) Keith Corp
3640
West Penn Electric Co
3505
3775 Kelsey-Hayes Wheel Corp
West Virginia Gas Corp
3361
3775 (B. B.& R.) Knight Corp
Western Power Corp
3361
Western States Gas & Electric CO. 3498 Knox Hat Co
3505
Western United Gas & Electric Co 3498 Koppers Gas & Coke Co
3505
Wisconsin Michigan Power Co
3775 (S. S.) Kresge Co
3505
W1sconshi Public Service Corp
3498 (S. H.) Kress & Co
3640
Worcester Electric Light Co
3775 (B.) Kuppenheimer & Co., Inc
Lakewood Engineering Co
3782
Industrial
La Salle Gentler Co
3361
Advance Bag & Paper Co
3633 Lamson dr Hubbard Corp
3361
Alaska Juneau Gold Mining Co_ __ _3498 Laurel Lake Mills
3361
3641
Alexander Hamilton Institute, New
Leslie-California Salt Co
York City
3633 Lewis Foundry & Machine Co.,
All American Radio Corp
3776
Pittsburgh, Pa
3641
3633 (Louis K.) Liggett Co
3841
Allen Industries, Inc
3633 Loew's (Marcus) Theatres, Ltd.,
Alpine Montan Steel Corp
3782
3355
Toronto
Alton-St. Louis Bridge Co
3498 Loft, Inc
3508
Amalgamated Silk Corp
3355 Lorillard Co.(P.)
3782
American Beet Sugar Co
3633 Ludlow Mfg. Associates
3783
American Bosch Magneto Corp
American Encaustic Tiling Co., Ltd_3498 (P.) Lyall & Sons Constr. Co., Ltd_3506
3776 Lyon & Healy,Inc
3783
American Piano Co
3499 McCrory Stores Corp
3641,3506
American Printing Co
3776 McIntyre Porcupine Mines, Ltd____3506
American Safety Razor Corp
3778 McLellan Stores Corp
3506
American Type Founders Corp
McQuay-Norris Mfg. Co
Anglo-American Corp.,South Africa.
3783
3633 Mandel Bros Corp
3506
Ltd
3356 Manhattan Electrical Supply Co.,
Anglo-American Oil Co., Ltd
3776
Inc
Archer-Daniels-Midland Co
3506, 3361
3356 Manhattan Shirt Co
3766
Arizona Copper Co., Ltd
3361
3499 Manufactured Rubber Co
Arundel Corp
3776 Manufacturers' Finance Co
3641
Auburn (Ind.) Automobile Co
3499 Manufacturers Finance Corp., Ltd 3783
Bahia Corp. (Md.)
3634 Maple Leaf Milling Co
3641
Bay State Fishing Co
3634 Marine Elevator Co
3641
Becker Moore dr Co., Inc
3634, 3500 Marland 011 Co
3507
Bendix Corp., Chicago
3358 Mason Valley Mines Co
3361
Best dr Co., Inc., N. Y. City
3362
3500 Maverick Mills
Bethlehem Shipbuilding Corp
3777 May Drug Stores Corp
3842
Borg & Beck Co
3361
3635 Maytag Co., Newton, Iowa
Boss Bolt & Nut Co., Chicago
.3635 Merchants & Manufacturers SecurBoston Metropolitan Bldgs.,Inc...
3642
3777
ities Corp
Bridgeport Machine Co
3362
3500 Merrimac Hat Corp
Brill° Mfg. Co
3362
3500 Merrimac Mfg. Co
Broadway Dept. Stores, Inc
3777 Mexican Petroleum Co., Ltd.(Del.)_3362
Brush-Moore Newspapers, Inc
3642
3500, 3356 Miag Mill Machinery Co
(F.) Burkart Mfg.Co
3642
3777 Midwest Ice Co., Chicago
Butler Mill. New Bedford
3777 Montgomery Ward & Co., Chicago-3362
Byers (A. M.) Co
..3362
3500 Morse Twist Drill & Machine Co.
Calumet & Arizona Mining Co
3362
3356 (J. K.) Moaser Leather Corp
Canadian Canners, Ltd
3783
3500 Mount Royal Hotel Co., Ltd
Canadian Converters Co.,Ltd
8362
3500 (H. K.) Mulford Co
Carnegie Steel Co
3507
Central Fire Insurance Co.(Balt.)-3356 (G. C.) Murphy Co
3382
Chicago Railway Equipment CO.
....3356 Murray Ohio Mfg. Co
8783
3778 National Bearing Metals Corp
Childs Co
3507
3500 National Bellae Hess Co
Childs Co., New York
City Investing Co
3636 National Brick Co. of Lapralrle, Ltd 3784
3784
3356 National Tea Co., Chicago
City Stores Co
National Theatre Supply Co
3784
Clover Valley Lumber Co., Loyalton.
3507
3358 (J..1.) Newberry Co
Calif
3507
Colts' Patent Fire Arms Mfg. Co.-3778 New Cornelia Copper Co
3507
Conde Nast Publications. Inc
3778 New England Steamship Co
New Idria Quicksilver Mines, Inc_ _3363
Consumers Sanitary Coffee & Butter
Stores (I11)
3778 New Mexico & Arizona Land Co._3643
3363
Continental Motors Corp
3638 New Process Co., Warren, Pa
3643
Contoocook Mills Corp
3501 Nipissing Mines Co., Ltd
Cosgrove-Meehan Coal Corp
3507
3357 North American Car Corp
Cuneo Press, Inc
3779 North Central Texas 011 Co_ _3364. 3784
Curtis Publishing Co
3838 North Packing & Provision Co.,
3364
Somerville, Mass
Darling (J. Frank) Co. (Del.)
3501
Davega, Inc., N.Y
3501, 3779 Northern Bakeries Co. of Can., Ltd.3507
Davison Chemical Co
3364
3357 Norton Co., Worcester, Maas
Dictographs Products Corp
3364
3779 Norwalk Tire & Rubber Co
Dome Mines, Ltd
3357 Ohio River Sand & Gravel Co.,
Driver-Harris Co., Harrison, N.J 3779
Wheeling W. Va
3784
Du Pont Viscoloid Co
3643, 3508
Otis Steel Co
3364
Durham Duplex Razor Co
3501 Pacific Finance Corp
Eagle 011 Transport Co.. Fla
3784
3357 Packard Motor Car Co
Eagle-Picher Lead Co
-Detroit Motor Car Co
3784
3502 Paige
Eastern Steel Co
3508
3637 Paramount Famous Lasky Corp_
Eaton Axle & Spring Co
3508
3357 Park Square Bldg. Co., Boston
Eisenstadt Mfg. Co
3364
3502 Park & Triford. Inc
Elder Manufacturing Co
3508
3780 Pathe Exchange,Inc
Equitable Office Bldg. Corp
3502 Patin° Mines & Ent. COM., Inc....„3364
Fageol Motors Co., Oakland, Ca111_3357 (David) render Grocery Co
3509
Fairbanks Co
3843
3780 Penn Federal Corporation
Fanny Farmer Candy Shops, Inc3502 Penn Seaboard Steel Corporation. 3864
Fashion Trades Bldg., Chicago
3502 Pennsylvania Glass Sand Corp ,
Federal Electric Co., Inc
Lewiston, Pa
3784
3357
Federal Mining & Smelting Co
3637 People's Drug Stores, Inc
3509
Federal Motor Truck Co
3780 Phila.& Reading Coal & Iron Corp. 3643
Feltman & Curme Shoe Stores Co. 3357 (Albert) Pick & Co.(Chicago)
3364
FoL. 125.
THE CHRONICLE
Industrials (Continued)Industrials (Concluded)Page.
Page.
(Albert) Pick, Barth & Co.,Inc
3364 Standard Commercial Tobacco Co.,
Pickwick Corporation
3509
Inc
3367
Piggly Wiggly Corporation
3364 Standard Motor Construction Co__ _3645
Piggly Wiggly Western States Co.
Stanford's, Ltd., Montreal
3511
3509, 3364 Sterling Coal Co., Ltd
3786
Pillsbury Flour Mills, Inc.(Del.) 3509 Sterling Shoes Corp., Buffalo, N. Y.3846
Pittsburgh Oil & Gas Co
3785 Stewart-Warner Speedometer Corp-3367
Pittsburgh Screw & Bolt Corp
3509 Stromberg Carburetor Co. of AmerPlant (Thomas G.) Co
ica, Inc
3785
3367
Port Huron Sulphite & Paper Co_ -.3509 Swedish Match Co
3786
Prairie Pipe Line Co
3509 Taunton-New Bedford Conner Co-3511
Pullman Co
3365 Telautograph Corp
3787
Quincy (Copper) Mining Co., New
Telling Belle Vernon Co
3367
York and Michigan
3509 Teton 011 & Land Co.(Delaware)._3645
Rand Mines, Ltd
3644 Textile Center Bldg. (Lloyd de CasReal Silk Hosiery Mills
ler, Inc.)
3509
3512
Remington Arms Co.. Inc
3785 (John R.) Thompson Co., Chicago_3512
Republic Motor Truck Co., Inc_ _3365 Todd Shipyards Corporation
3646
(W.R.) Roach & Co., Grand Rapids,
Tonopah Belmont Development Co.3367
Mich
3644 Translux Daylight Picture Screen
Roos Brothers, Inc
Corporation
3644
3512
Ross Stores, Inc
3510, 3785 Traveler Shoe Co
3512
Rossman Corporation
3365 Troy Laundry Machinery Co.,Inc_3512
Royal Dutch Co
3622, 3510 Union Oil Co. (Delaware)
3367
Royal Worcester Corset Co
3366 Union Twist Drill Co
3512
Russell Motor Car Co., Ltd
3386 United Biscuit Co
3368
Ryan Cons. Petroleum Corp.& Subs.3366 United Electric Coal Companies
3367
St. Regis Paper Co
3366 United States Dairy Products Corp_3787
Safeway Stores, Inc
3786 United States Finishing Co
3787
Sangamo Electric Co., Springfield,
United States Stores Corporation..
.3513
III
3786 United Verde Extension Mining Co.3512
Sanitary Grocery Co.,Inc., WashingUnited Wall Paper Factories, Inc_ _3787
ton, D.C
3644 Utah-Idaho Sugar Co
3646
Savannah Sugar Refining Corp
3366 Vulcan Detinning Co
3513
Schulco Co.,Inc
a tt & Bond, Inc
3366
3788
Sefton Mfg. Corp
3786 Ward Baking Corporation
3646
Sherman. Clay & Co
3366 Weber & Helibroner
3788
Shubert Theatre Corporation
3645 West Boylston Mfg. Co., Ala
3646
(Isaac) Silver & Bros. Co., Inc
3510 Wheeler Osgood Co., Tacoma,Wash.3368
Silver King Coalition Mines Co
3366 White (S. S.) Dental Mfg. Co
3788
Sinclair Refining Co
3510 White Sewing Machine Corp
3368
(Howard) Smith Paper Mills. Ltd _3367 Willys-Overland Co
3647
Southern Advance Bag dr Paper Co.,
Wilson-Jones Co., Chicago
3647
Inc
3511 Witherow Steel Corporation
3368
Southern Stores Corn
3786 (F. W.) Woolworth Co
3513
(A. G.) Spalding & Bros
3645 Yukon Gold Co
3788
Sparks Withington Co
3511 Zellerbach Corp., San Francisco. -3788
(John P.) Squire & Co
3511 Zimmerknit, Ltd.. Hamilton. Ont. 3788
American Car & Foundry Co.
(28th Annual Report-Year Ended April 30 1927.)
The remarks of President W. H. Woodin, together with
consolidated balance sheet, income account, &c., will be
found on a subsequent page.
RESULTS FOR FISCAL YEARS ENDED APRIL 30.
x1926-27.
x1925-26.
1924-25.
1923-24.
Earnings from all sources
after providing for tax 57.837,528 $9,274,572 69.781.085 $10.786,574
yRenewals, repairs, &c_ 3,244,151
3,171,674
3,616,981
4,481,607
Net earnings
64,593,377 $6,102,898
Pref. dive. (7%)
2,100.000
2.100,000
Divs, on corn. (12%)_ _ _ 3,600,000
3,600.000
$6.164,104 $6,304,967
2.100,000
2,100.000
3.600,000
3,600,000
Balance
Previous surplus
$464.104
37.278,466
def.51,106.623
41,245.296
$402,898
40.842,399
.3604,967
36,673,499
Total surplus
340,138.674 $41,245,296 $37,742,570 $37,278.466
Shs. corn. outst.(no par)
600.000
600,000
z300,000
z300,000
Earns. per share on corn_
$4.16
$6.67
$13.55
$14.01
x Consolidated statement, including company, its wholly owned subsidiaries, American Car & Foundry Securities Corp. and American Car &
Foundry Export Co. y Incl. renewals, replacements, repairs, new patterns, flasks. &c. z Shares of 3100 par value.
CONSOLIDATED BALANCE SHEET APRIL 30.
1927.
1927.
1926.
Liabilities
Assets
$
Cost of proplies 72,043,025 72,995,339 Preferred stock_ 30,000,000
Mat'l on hand__ 12,299,941 12,498,024 Common stock_ 30,000,000
Accts. pay., &e. 10,987.607
Accts. and notes
732,104
receivable._. 13,736,587 14,768,973 Federal taxes__
Insur. reserve._ 1,500,000
Stocks dr bonds
Forges. overh'd
of other comimpts.& maint.
212,642
panies (at cost
or less)
6,365,045 5,015,551 Reserve for dive.
on com.stock. 10,800,000
U. S. ctfs. of inRes. for employ_
145,785
debtedness &
Liberty bonds 13,399,781 18,420,678 Divs. pay.July 1 1,425,000
Cash
8,067,432 7,138,631 Surplus account 40,138,674
Total
125,911,811 128,837.196
-V.124.P. 3408
.
Total
1926.
30,000,000
30,000,000
12,860,436
673,664
1,500,000
212.642
10,800.000
120,158
1,425,000
41,245,296
125,911,811 128,837,196
"Shell" Transport & Trading Co., Ltd.
(Annual Report-Year Ended Dec. 31 1926.)
INCOME ACCOUNT YEAR ENDED DEC. 31 1926.
1923.
1924.
1926.
1925.
£337,355
£409,199
£221,453
£317,065
4.521,239
5,182,829
4,542.906
2,639,470
Interest received
Dividends received
Total income
Expenses
£5,404,282 £4,859.971
41,615
42,770
£4,858,594
41,684
£3,048.669
40,484
Profit
£5,361.512 £4,818,356 54,816.910 £3,008,185
100.000
Prof. dividends (5%)..100.000
100,000
100,000
350.000
350,000
2d pref. diva.(7%)
350,000
350.000
Ordinary dividends
4.367,438
4,365,369
4,913,568
4,357,157
Rate paid
(22H%)
(22%%)
(22%%)
(25%)
Balance
£918
£1,540d15l,798,972
def£2,056
231,624
230,084
Brought in
232,542
2.029.057
Carried forward
E232,542
£231,624
£230,482
£230.084
BALANCE SHEET DEC. 31.
1924.
Assets1925.
1926
1923.
Property (shares, &c.).
.526.902.728 £23,929,707 £23,503,053 £23,410,372
100,081
Debtors and loans
99,856
119,383
116,612
Dividends due
4,159,859
4,159.261
4,399,943
4.637,854
7,452,312
Investments ______ 7,988,874
x5,183,088
8,355,402
Fixed dep. with bankers
50,000
50.000
50,000
560.182
598.228
Cash
235,386
99.136
Total
£37,078,439 £36.252,141 £36,399,273 £36,431,486
Liabilities
Capital
£26,854,274 E26,401,644 £26,401,644 £26,365.144
Reserve,&c
5,000.000 5,000.000
5,000,000
5,000,000
57,095
Creditors
45,331
212,346
290.800
22,589
Unclaimed dividends...
17,456
17 447
63.946
25,000
Pref. dividend accrued
25,000
25,000
25,000
145,833
145,833
145,833
145.833
2d pref. div. accrued__ _ _
4,599.980
4,596,994
5.144,055
Profit balance
4.587,241
Total
£37,078,439 £36,252,141 £36,399,273 n0,431,466
x The investments taken at market price or under on Dec. 31 1926,
include £914,057 National War bonds, £428,950 Colonial Government railway and municipal stocks, £1,309.083 Treasury bonds, .C1,407,878 War
Loan bonds, £1,089,427 Exchequer bonds, and £33,693 foreign Government
-V. 124, p. 2923.
and municipal stocks.
JULY 2 1927.]
THE CHRONICLE
Seaboard Air Line Railway.
(Annual Report-Year Ended Dec. 31 1926.)
The remarks of President S. Davies Warfield, together
with comparative income account and balance sheet as of
Dec. 31 1926, are given under "Reports and Documents"
on subsequent pages.
TRAFFIC STATISTICS YEAR ENDED DEC. 31.
1924.
1925.
1926.
1923.
Average miles operated3,784.38
3.943.39
3,576.11
3,571.19
No. of tons carried
20,966,030 17,858.853 15.427.627 14.995,016
No.of tons carried 1 m--3637055733 3298928,858 2782272,547 2627222,274
No. of tons 1 mile per
mile of road
922,317
871.72
779,088
734.659
Average haul per ton_ -184.72
173.47
175.21
180.34
Avge.rcts. per ton p. m_ 1.343 cts.
1.330 cts.
1.376 cts.
1.392 cts.
No.of passengers carried 3,033,043
3.493,166
3,534.863
4.205.053
No. pass. carried 1 m11e_345.022,519 370,604,555 278,360,026 292,740,830
No. pass. carried 1 mile
per mile of road
87.494
97,930
81.860
77.946
Avge.dist.carr.each pass.
113.75
69.62
106.09
78.75
Avge.amount reed from
each passenger
34.02673
33.75701
32.56129
32.77502
Av.rec. per pass. per m_ 3.540 cts.
3.524 cts.
3.541 cts.
3.536 cts.
INCOME ACCOUNT FOR CALENDAR YEARS.
Operating Revenues1926.
1925.
1923.
1924.
Freight
$48,858,190 43,884,993 $38,293,401 $36,574,384
Passenger
12,213,237 13,123,868
9,809,309 10.349,864
Mall
1.222,247
1,085.971
1.207,878
1,213,019
xp ess
2,290.179
2,347,101
2,303,766
2,251,396
Other transportation_
r
596,505
643,389
823,409
533,523
Other than transport'n- 1,696,945
1,220,540
1,700,035
1.279,695
Total°per.revenues_..$67,024.854 $62.864,711 $53,384,173 $52,249,110
Operating Expenses-Maint. of way & struc-- $8,984,653 $8,466.901 37,846,670 $6,972,362
Maint. of equipment- 10,122,639 10,141.243
8.947,037
9,367,209
Traffic
2,226,825
2,371,539
1.642,467
1,713,306
Transportation
24,850,183 22,928,176 19,974.912 20,317.381
Miscellaneous operations
465.441
544,133
991,336
991.170
General
2.004,681
2,080,438
2,290.096
2,026,814
Transp. for investment_ Cr.357,279 Cr.101.555
Cr.29,243
Cr.63,277
Total oper. expenses--$49.253.002 $46,733,364 $41,387.634 $40,342,259
Net operating revenues..$17,771.852 $16,131,347 $11,996,538 $11,906,851
Taxes
2,204,054
2,442,535
3,023,401
3,472,001
Uncollectible railway rev
12,314
17,808
22,583
18,953
Operating income___ -$14,280,898 $13,085.363 $9.536,196 $9,690,482
Other Income
Joint facility rent income
$131,421
$98.057
$102,254
$99,004
Inc. from lease of road73
86
961
72
Dividend income
67.456
413,934
413.149
743.851
Inc. from funded secure_
214,427
212,374
225,098
585,981
Income from unfunded
securities & accounts_
225,460
39,943
253,027
• 170,987
Miscellaneous
344.580
194,843
208,163
237,951
Gross income
$16,279,845 $14,288,014 $10,669.572 $10,338,660
Deduct
Hire of equip.
-Dr. bal- $2,129,363 $2,148,605
$412,865 $1,644,548
Joint facility rents
236.360
219,392
207,874
216,281
Interest on funded debt_ 6,359,380
5,395,019
5,572,736
5,615.743
Int. on equip. oblig'ns
1,217,782
679.742
990.709
1,071.003
Rent for leased road_,,
1.494,051
942,869
59.068
59,569
Miscellaneous
89,125
68.510
93.740
208,354
Net surplus
$4.753,778 $4,085,159 33.332,077 32,272,379
Int. on adj. mtge. bonds 1,250,000
625,000
1,250,000
1,250,000
Annual allotment of discount securities
325,108
252,939
253,134
250,184
Surplus for year
33.178.670 $2.584,976
Shares of common outstanding (par $100)
370,141
370.191
Earns, per share on corn..
$4.39
$6.00
31.828,943 $1,394,441
370.191
$2.36
370,191
$1.11
GENERAL BALANCE SHEET DECEMBER 31.
1926.
1925.
1926.
1925.
Assets$
$
$
$
Invested In road
Common stock_ 37,019,100 37,019,100
and equip't__232,454,567x216,071,393 Pref. 4-2% stock 23,894.100 23,894,100
Sinking funds__
497
1,713 Prof
.6% cap.stk.
37,300
37,300
Depos, in lieu of
Equip. oblig•ns. 30,768,000 21,492,000
mtg.prop.sold
163,462
677,630 Mtge. bds. proMisc. phys.prop. 4,193,852 x4,116,462
prietary cos__ 32,636,000 32,655,000
Inv.In affil. cos.:
S. A. L. bonds_ _102,872,500 94,872,500
Stks., pledged 3,473,431
3,470,931 Sec. & Treas. of
Stks.,un pledg
.
258,217
258,216
U.8.
-Notes. 14,453,900 14,453,900
Bds., pledged 1,367.135
717,135 Director-Gen. of
Bds.,unpiedged
99,156
99,156
RRa.-Notes_ 2,000,000 2,000,000
Notes,pledged 1,175,380
938,886 U. S. C. Co. deNotes,unpledg
466,404
466,404
ferred paym't
918,360
Advances_ ___ 12,030,852 8,244,906 Non-negot. debt
Other Invest'ts_ 2,305,023
1,843,135
to affil. cos.__ 1,664,468
1,805,759
Cash
6,100,558 5,129,678 Tref. & car serv.
Time drafts and
bal. payable_ _ 1,403,414 1,466,821
deposits
1,000,000 Audited acc'ts &
Special deposits- 2,518,325
1,072,588
wages payable 6,739.511 6,020,718
Loans &bills rec.
28,150
22,040 Misc. accts. pay.
522,334
237,807
Traffic and car
Int. mat'd unpd.
821,511
803,829
service balance
Div. mat. unpd_
9
9
receivable__ [1,552,806
1,304,489 Funded debt maNet bal. reeetv'le
tured unpaid_
114,941
141,000
from agents &
Unmet. Int. acer 2,573,333 2,301,415
conductors_
588,148
416,879 Unmatured rents
Individ'Is & cos_ 2,017,609
2,050.757
accrued
823,949
144.266
U.S. Governm't
179,828
218,324 0th. curr.
363.025
378.798
Other companies
0th.def'd
494,701
512,670
for claims....
88.255
73,679 Tax accruals_ _ _ 2,192,853
947,922
Materials & sup. 7,533,911
5,449,110 weer'd depree'n
Int. & diva. rec.
108,499
57,816
on equipment 8,075,575 6,604,384
Rents receivable
15,899
11,843 Res. for outstdg.
0th. curr. assets
412,225
428,433
stk. prop.cos_
19,426
19,226
Work fund advs.
57,448
51,340 Oth.unadi.credo. 2,330,943 2,085,900
0th. def'd assets
197.645
249,316 Add'ns to prop.
Rents prepaid
198,455
437
thruAnc.&sur.
490,880
427,267
Ins. prem. prepd
202,108
100,909 Fund, debt ret'd
Disc, on fund. dt 5,866.803 5,143,349
thru.inc.&sur
4.139
3,997
Claims in snap
262,194
234,436 Profit and loss
Otis. unadl. deb. 1,401,784
1,325,203
surplus
14,084,555 10420,704
Total
287,318,625 261,246,594
Total
287,318,625 261,246.594
x In accordance with instructions of the Bureau of Accounts, Inter-State Commerce Commission. $3,167,289 was transferred in 1925 from Investment In road
and
equipment to miscellaneous physical property.
-Accumulated and unpaid interest on adjustment mortgage
Note.
(income)
bonds amounting to $3,333,333 and payable out of future income or otherwise, or
at the maturity of the bonds. Is not comprehended In the above balance sheet.
V. 124, p. 3768.
Great Northern Iron Ore Properties.
(20th Annual Report of the Trustees Year Ended Dec.31 '26.)
-Y
The Trustees May 1 state in brief:
During the year the Federal income tax returns of the proprietary companies for the year 1925 were audited by the Government with satisfactory
results and conclusive agreements have been executed with the Government
pursuant to Section 1006 of the Revenue Act of 1926, covering the said
periods.
89
I. DEVELOPED MINES, OPERATED BY OTHERS, SHOWING (1) WHETHER
HELD ON FREEHOLD OR LEASEHOLD. (2) SHIPMENTS AND
MINIMUMS. ALSO ROYALTIES RECEIVABLE BY TRUST.
Interest Number of Gross Tons
Royally
1927
of
--Shippedto Trust
Minimum
Mine
Trust.
1926. To Jan. 1927.
Tons.
Net.
(1) "Old Leases":
1 Mahoning
Freehold 2,525,925 41,299,463 2734 to 1234e. 300,000
2 Utica
do
431,495 5,960,805 20 to 1234c.
100,000
3 Leetonia
do
194,973 8,441,014
45c.
166.667
4 Stevenson
do
11,925,845
20c.
Totals
3,152,393 67,627,127
(2) "New Leases":
5 Ann (34)
Freehold
j15% of total}
6 Patrick 00
331,270 2,954.1531
do
ore
7 North Harrison (54)
do
158,060 4,222,481 15% total ore
8 North Harrison-An14,639
do
28,161 15% total ore
nex(34)
9 Harrison
192,085
do
1,186,094 80 total ore%
10 Harrison-Annex.. _ _
129,710 30% total ore
89,080
do
11 Lamberton-Annex. _
103,862 30% total ore
24,450
do
12 No.Uno G.N.(part)
116.859
12,358
do
$1.10
13 Kevin
530,598530% total orel
Leasehold
lless sully coy.J
14 Smith
888.093 550., 30e.
124,227
do
15 Mace No.2(34)_ _ _Freehold
1,147,150
8,082
$1.00
16 Warren (34)
1,250,405 15% total ore
do
17 Enterprise
$1.10,95e.,65o.
do
18 Harold
364,586 3,469,424
do
85e.
19 No. Uno G. N.(part)
1,358,985 $1.00, 700.
do
20 South Uno G. N_
1,266,995 $1.00, 70e.
do
21 Thorne (90.61%).
. 417,146
70e.
do
22 Wab.No.1(90.61%)
763,737 51.15 to 700.
406,683
do
23 Wab. No.2(90.61%)
259,700
65e.
do
24 Leonard
328,513 12,943,228 Burr. in 1826
Leasehold
25 Missabe Chief
5,489 800., 75e.
3,028
do
26 Dean
142,157 5.329.427 50% Proceeds
do
27 Dunwoody
749,223 6,350,450 65e., 35e.
do
28 Orwell
$1.00, 854.
Freehold
29 Mississippi
30c.
178,677 2,191,391
Leasehold
1.060,313
30 South Agnew
45e.
356.782
do
31 Hill-Annex
1,440,253 7,715,036 75 to 35e.
do
557,535 51.00, 70c.
24,986
32 Wade (90.61%)_ __ _Freehold
33 Boeing
521,918 2,272,258 50% proceeds
Leasehold
34 Hill
147,530 7,890,692 51.10 to 60e.
Freehold
35 Nor. Star (90.61%).
1,167,410 85 to 60c. I
do
36 Trumbull (90.61%).
1.073,477 $1.10 to 60e.
354,833
do
37 Bingham (90.61%).
85 to 60c.
do
38 Bruce (34)
70c., 50c.
do
39 Miscellaneous
22,040 Not leased
(b)
Totals
Total shipments from
mines exhausted, surrendered or sold prior
to this year
566,667
300,000
150,000
100,000
(a)
100,000
750,000
700,000
200.000
100.000
200,000
800,000
80,000
250,000
150,000
205,000
200,000
4,195.000
5.973,420 68,672.329
9,269.790
Grand totals
4.761.667
9,125.813 145,569,246
Nos. 1 to 39 Operating Interests.-(1) Mahoning Ore- Steel Co.(Pickands, Mather
& Co.):(2) Crete Mining Co. (Pickands, Mather & Co.); (3) Leetonia Mining Co.
(Jones & Laughlin Steel Corp.); (4) Corrigan, McKinney Steel Co. (5-14) Butler
Bros.; (15) Mace Iron Mining Co.; (16) Mead Iron Co. (Tod-Stambaugh Co.);
(17-25) Hanna Ore Mining Co. (lease covering No. 24 surrendered to Clark Iron
Co. during 1926): (26) Dean Iron Co. (Tod-Stambaugh Co.); 27-28) Orewell Iron
Co. (Tod-Stambaugh Co.): (29-31) Inter-State Iron Co. (Jones & Laughlin Steel
Corp.): (32) Cleveland-Cliffs Iron Co.: (33-37) Mesaba-Cliffx morn Co.; (38) International Harvester Co.:(39) Idle (not now under lease).
Total shipments and royalty rates are shown In this table, the proportions of the
trustees being Indicated where their interest is less than the whole.
(a) Lease to Butler Brothers provides for exhaustion of mine before June 30 1931.
(b) Includes both feeholds and leaseholds.
II. TRUSTEES' STATEMENT
Receipts frontLeonard Iron Mining Co
North Star Iron Co
Arthur Iron Mining Co
Grant Iron Mining Co
Harrison Iron Mining Co
Tyler Iron Mining Co
Van Buren Iron Mining Co
Polk Iron Mining Co
OF RECEIPTS AND DISBURSEMENTS.
1923.
1924.
1925.
1926.
3200,000
3200.000
3200,000
$50,000
264.555
382.135
470,320
617.295
1,575,000 1.750,000
1,143,470
898,285
1,975,000
1,925.000
800,000
325,000
334,000
870,000
15,000
175,000
80,000
474,000
50,000
100,000
1,445
3,865
6,210
420
90.000
650.000
20,000
150,000
Total receiptsfrom prop't cos__ $2,316,000 12,705,000 16.080,000 34,695,000
9.230
12.080
Interest, &c
8,436
7,709
410
Federal taxes refunded
Total receipts
Expenses, &c
Dividends on trust eertiflates
Amount per share
Balance for period
Balance brought forward
$2,323,709 $2,713,436 $6,092,080 $4,704,640
84,935
95.047
87,316
72,121
2,250,000 2,625,000 6,000,000 4,500,000
(83)
(54)
($1.75)
($1.50)
$1,588
195,682
$1.119
194,563
def$2,966
197.529
$119,705
77,824
$197.529
$194,563
$195,682
Total surplus Dec. 31
3197,270
III. CONSOL.INCOME OF THE TRUST AND THE TRUSTEES'INTEREST IN
INCOME OF THE PROPRIETARY COMPANIES. .
1925.
1926.
Calendar Years$2,893,918 $2,814.920
Net royalty and ore sales income
140.762
151.873
Interest, dividends and other income
Total income
Taxes
Miscellaneous expenses and loisses
$3,045,790 $2,955,682
468,068
445,368
246,440
248.106
x Balance
Salaries and expenses, net, of the trust
32,352,319 $2,241,174
64,412
78,881
Consolidated net income, before depletion
Dividends
732,287.907 $2.162,293
2,250,000 2,625,000
Balance, surplus
$37,907 def5462,707
x Trustees' interest in the net distributable Income of proprietary companies.
y In arriving at this total, no deduction has been made for depletion.
-CONSOLIDATED BALANCE SHEET DECEMBER 31.
rustees:Great Northern Iron Ore Properties and their Interests In proprietary co11.1
Assets-1924.
1926.
1925.
Mineral and non-mineral lands and leases_ _ _J342.890,370 $444,344.942 $45,761,753
Automobiles, furniture, office buildings, &c-27,892
27,882
29.008
Advance royalty disbursements
970,320
351,021
753.312
Advance account Alworth lease
199,408
149,408
174.408
Advance under mining contracts: Butler Bros.,
$23,307; Dean Iron Co., 328,748; Orewell
Iron Co., 3473,472
740,707
525,527
1,056,188
Deferred accounts, chiefly royalty suspense._ 1,251,106 2,022.691
3,884,515
Securities-Notes Niesaba Cliffs Iron Min. Co_
650,771
575,016
335,463
Stock: Mace Iron Mining Co. (total issue.
550,000)
25,000
25.000
25,000
Stock: Mesaba Range Townsite Co. (total
issue, 82.000)
1,400
1.000
1.400
Stock: Leonard Iron Mining Co.(purchased
by trustees for cash)
100,000
Cash (trustees, $132,664; proprietary cos..
51,260,160)
1.138,204
1,392,825
1,213.985
Royalties receivable. $62,830; accounts receivable, $42.932: due on ore sales, $172,408:
total (proprietary companies)
278,172
409.075
154,482
Interest receivable
42,143
38,911
24,924
Royalty ore in stock pile
85.973
Total assets
547.402.698 549,998.083 354,278,423
90
THE CHRONICLE
1924
1625
Liabilities1926
Capital stock
$1,138,400 $1,038,400 $8,308,400
Current liabilities (notably unpaid taxes, eat
628,050
510,142
mated $407,254)
532,763
Deferred accounts (chiefly advance royalty
collected, $1,640,033)
1,839,441 2,803,788 3,776,115
Surplus paid in, earned, dm.:
Paid-in surplus at date of acquisition, $25,239,921; earned surplus by development,
616,336,692: paid-in surplus (non-mineral
lands), 6481,639
42,058,251 44,045,519 40,377,195
Undivided surplus, prop'y cos., 81,636,572;
undistributed receipts, trustees, $197,270 1,833,842 1,600,235 1,188,666
Total liabilities
$47,402,698 649,998,083 654,278,425
The balance sheet shows only such amounts as represent the interest of the
trustees after elimination of outside stork holdings In the North Star Iron Co. of
West Virginia.
-17. 124. p. 1832.
[VOL. 125.
Railway Association. This was a decrease of 12.049 cars compared with
the number placed in service during the corresponding period last year. Of
the total number placed in service in the first five months this year, the
railroads installed in the month of May 1,934 coal cars, 4.889 box cars and
299 refrigerator cars. The railroads on June 1 this year had 23.949 freight
cars on order compared with 44,628 on the same date last year. Locomotives placed in service in the first five months of 1927 totaled 782. of
which 148 were installed in May. In the first five months last year, the
railroads placed in service 933 locomotives. Locomotives on order on
June 1 this year numbered 291 compared with 612 on June 1 last year.
These figures as to freight cars and locomotives include new and leased
equipment.
Matters Covered in "Chronicle" June 25.-(a) Revenue freight loadings
again exceeds 1,000,000 cars per week, p. 3699.
-Bonds:
Alabama Tennessee & Northern RR.
The I.
-S. C. Commission on June 17 authorized the company to issue
$1.187.000 prior-lien 6% bonds; the bonds to be sold at 9134 and int.
The report of the Commission,says in part: "By our certificate of March
15 1927, we authorized the applicant to build an extension of its line from
Minneapolis & St. Louis RR. Co.
Calvert to Mobile, Ala., a distance of approximately 28 miles. The
applicantfinds it desirable to make certain improvements to its existing line,
(Annual Report-Year Ended Dec. 31 1926.)
including grade reductions increased weight of rail on a portion of the main
OLLING STOCK OWNED
-DEC. 31. line, and purchase of additional equipment. These improvements,together
-BRIDGES, BALLAST, RAILS
Locomotives
Passenger -Freight Equipment- Work with the extension authorized by us, estimated to cost approximately
Capacity. Equip. $1.137,372, are to be financed by the proposed issue and sale of bonds.
No. Traction Power. Equipment. No.
Under date of Oct. 15 1918. the applicant made its prior-lien mortgage to
256,020 tons
1926____x218
6,992,790 lbs.
124
7,082
323
258.490 tons
312 the Metropolitan Trust Co. of the City of New York (Chatham-Phenix
1925----x219
7.161
7,016,290 lbs.
128
National Bank & Trust Co. of New York, successor) and James F.
266,290 tons
1924----x219
7,424
274
7,010,190 lbs.
134
273,205 tons
1923..---x222
7,687
266 McNamara, trustees, providing for an issue of $3,500,000 of bonds there6,911,530 lbs.
136
294,555 tons
304 under. It proposes to issue $1,000,000 of prior-lien bonds under the
1922_.._..z226
8,421
138
7.126,760 lbs.
300,905 tons
8,640
358 provisions of Sections 4 and 5 of Article II of the mortgage. There are
1921____ 229
7,162,580 lbs.
138
305,370 tons
366 In its treasury 8187.000 of like bonds, which were issued for pledge prior
1920- --- 219
8,800
6,435,710 lbs.
139
300,730 tons
347 to the effective date of Section 20a of the Inter-State Commerce Act. It
1919---- 219
8,793
6,445,690 lbs..
145
is proposed to sell the entire $1.187.000 of these bonds and use the proceeds
293,525 tons
1918- - 219
8,668
35
6,434,390 lbs.
145
IncludesInudes 15 freight locomotives leased from the National Railway for the improvements and extensions heretofore described. our approval,
-The entire 81,187,000 of bonds have been sold, subject to
Service Corp. under Equipment Trust, Series "A," lease basis.
to net the applicant 9134%,which will make the average annual cost to it
-PRODUCTS OF (TONS).
CLASSIFICATION OF FREIGHT
approximately 6.76%.-V. 124. 13• 1975.
Forests. Mfg.& Misc.
Mines.
Agriculture. Animals.
Atchison Topeka Santa Fe Ry.-Extra Dividend of
438,951
1,530,795
1926
367,494
1,678.431
2,354,705
436.051
1,432,640
342,426
1,826.191
1925
2,259,192
-The directors on June 28
1% on Common Stock.
399.804
1,711,086 Yi of
2,136,243
325,533
2,070,263
1924
3
416,600
1,860,901 declared an extra dividend of % of 1%in addition to the regu2,071,916
350,294
2,611,478
1923
357,265
1,663,232 lar quarterly dividend of 13 % on the outstanding$232,409,330,671
1,941,355
1922
2,073,477
4
1,474,747
1,949,620
293,442
2,109.998
335.101
1921
310,348
2.725.161
523,641
1,886,329 500 common stock, par $100, both payable Sept. 1 to holders
1920
1,827,280
1,521,798 of record July 22. Like amounts were paid on this issue on
1919
2,059,551
333,623
1,698,820
308,143
1918
1,894,595
320,570
2,071.769
294,698
1,464,283 March 1 and June 1 last. Record of dividends paid on the
STATISTICS FOR CALENDAR YEARS.
,
common stock from 1901 to 1926, incl. follows:
1925.
1924.
1926.
1923.
'25-'26.
'10-'24.
'09.
'08.
'07.
'06.
Average miles operated_
1,628
1,635
1,647
1,650 1901. '02-'05.
7% p. a.
6% p. a.
534%
6%
5%
434%
Passengers carried
677,309
708,435
936,396
1,139,239 334% 4% p. a.
F. B. Houghton,freight traffic manager, has been elected Vice-President
Pass.carried one mile__ _ 38.452,608 39,867,893 42.010,156 48,144,979
Rate per pass. per mile
2.975 cts. 3.139 cts. 3.367 cts. 3,410 cts. in charge of traffic. C. C. Dana, Assistant Freight Manager, has been
Revenuefreight, tons..... 6,585,189
6,510,999
6,642.929 7,311,189 elected freight traffic manager. Both appointments became effective
Ref.fgt. car. 1 rn.(000)_ 1.249,681
1.216.604
1,207.204
1,276,675 July 1.
Rate per ton per mile_ _ .. 1.024 cts.
The directors authorized the purchase of 10 dining cars, 8 club cars and
1.070 cts.
1.063 cts.
1.105 cts.
-V. 124, p. 3063.
Earns. per pass. tr. mile_
$0.87
$0.92
$1.01
$1.10 15 mail cars.
Earns, per fgt. tr. mile
$4.52
$4.71
$4.50
$4.78
Athens (Ga.) Terminal Co.-Tentative Valuation.
COMBINED INCOME ACCOUNT FOR CALENDAR YEARS.
-S. C. Commission has placed a tentative valuation of $197,000
The I.
Earnings1926.
1925.
1924.
on the property of the company, as of June 30 1918.
1923.
Passenger
$1,144.075 $1,251,268 $1,414,677 $1,641,911
-Earnings.
Freight
Baltimore & Ohio RR.
12,792,276 13,021,838 12,833,062 14,103.634
Mail, express, &c
797,374
801,167
The income statement for the six months to June 30 1927 (partly esti848,133
859,576
mated), shows:
$22,666,224
Total oper. revenue-314,733,725 $15,074,273 $15,095,872 $16,605,121 Net railway operating income
3,342,586
Expenses
Other income
Maintenance of way,&c. $2,459,003 $2,442,591 $3,041,869 $2,315,954
$26,008,810
Maint. of equipment_ _ _ 3,284,039
3.256,075
Gross corporate income
3,854,647
3,807,346
15,164,778
Transportation expenses 6,615,980
6,571,801
6,783,123
7,329,828 Deductions for interest, rentals, &c
Traffic expenses
435,363
389.170
337,935
314,084
$10,844,032
General, &c
511.005
560,532
Net corporate income
535,656
521.993
1,177.264
Taxes
750,460
760,858
726,955
790,483 Amount required for 2% dividend on preferred stock
Total exp. & taxes_ _314.055,855 $13,981,026 $15.280,184 $15.079.688
Net operating revenue__
$677,870 $1,093.247 def$184,312 31,525,433
Divs. on stock owned_ _ _
64,144
24,144
24,144
84,144
Hire of equip-Cr
1,052,099
Rentals,lease ofroad,&cc
226,459
218,742
361,870
330,031
Total net income
$2.020,572 $1,336,133
$201.702 $1,939,608
Deduct
Interest on funded debt_ I
32,055.160 $2,079,994 $2,126,620
Int., disc't & exchange_ _ 32,184.732 1
125.159
88,361
89,434
Miscellaneous charges
439,610
433.001
362,111
364.041
Hire of equip., balance_ _ 1,413,369
628,022
672,619
494,864
$9,666,768
Balance, surplus (partly estimated)
The net income for the six months ended June 30 1927, estimated at
810.844,032 (an increase of $1,500,368 compared with the same period last
year), after payment of preferred dividends, was equal to $6.36 a share on
-V. 124. P. 3766.
the amount of common stock now outstanding.
-Readjustment.
Boston & Maine RR.
-S. C. Commission on June 22 amended its order of July 8 1926
The I.
so as to authorize (1) dividends on 7% prior preference stock to be payable
quarterly; (2) a total amount of readjustment expenses not to exceed
$355,000: and (3) reimbursement of applicant's treasury for expenditures
for additions and betterments from the proceeds or the sale of such stock.
V. 124, p. 3766, 2423.
Totalfixed, &c., chges $4,037,711 $3,241,342 $3,205,015 83,073.029
-Earnings.
Boston & Revere Beach & Lynn RR.
Balance, deficit
$2,017,136 81,905.210 $3,003,314 $1,133,422
Balance.
Int. & Tax. Divs. Paid.
Gross.
Net.
Cal. Yrs,
BALANCE SHEET DEC. 31.
$5.766
851,000
$160,367
8103.600
81,426,882
1926
1925.
1,227
1926.
1926.
1925.
51,000
106,181
158,408
1,468.468
1925
Liablitties$
Assess
$
2,903
104,283
51.000
158,186
1924
1,518,271
Capital stock
Invest. in road
25,792,600 25,792,600 1923
13,346
51,000
101,240
1,583,930
163,265
equip., Arc_ _ _ _x61,342,235 61,688,591 Grants in aid of
17,379
93,951
34,000
143,422
1922
1.519.762
construction__
30,895
25,834 -V.124, p. 3064.
Improv. on leased
51,236 Funded debt
45,451,678 45,828,626
50,845
property
177,426 Receivers ate- _ _ 1,950,000 1,950,000
MLscell. phys. prop 182,706
Central Argentine Ry.-Initial Preferred Dividend.
408,932 Bills payable
Invest. In affil.cos_ 423,977
2,890,958 2,932,838
The directors have declared a half
-year's dividend of 3%, payable on
563,086 Tref. dc car serv-Cr 1,237,780 1,184,698 July 1 next, on the £4,000,000 6% cum. cony, preference stock (being the
Cash
721,200
Audited vouchers_ 4,348,159 4,492,008 first dividend payable thereon in accordance with the terms of the prospectus
Loans,deposits,&c.
3,347 Unpaid wages...._ 608,102
592,206 of the issue of the same in October 1926). See V. 124. p. 3202.
receivable
3,347
Agents drafts
65,759
53,382
Traffic & car serv.,
239,285 Miscell. accts., pay 105,600
Cleveland Union Terminals Co.
-Bonds Called.
140,543
102,926
debit
513,483 Mat. int. unpaid 6,463,183 4,528,553
Agts.& conductors 515,732
Certain 1st mtge. 5)4% sinking fund gold bonds, series A,dated April 1
143,993 Unmet. Int. accr
U.S.Post Off.Dept 429.086
477,826
493.766 1922, aggregating $32,300, have been called for redemption out of moneys
478
Audited bills
544 in the sinking fund Oct. 1 1927 at 105 and int, at the office of J. P. Morgan
2,374,039 2,593,843 Unmet.rents accr_
Deferred liabilities
9,429 & Co., 23 Wall St., IN. Y. City.
Fgt., claim bills ex
6,229
-V. 123, p. 3315.
40,417 Unadjusted credits 3,730,294 3,316,395
draft authorities
41,586
-Earnings.
72,054
Mati' & supplies 1,522,942 1,731,912 Surplus
79,903
Consolidated Railroads of Cuba.
691
Int. & diva., rec..
691
Results for 9 Months Ended Mar. 311927.
7,711
Deferred assets.__
6,923
$1,913,742
Gross revenue
Unadjusted debits.16,174,544 16,093,697
31,522
Expenses
Profit and losa_ _ _ 9,309,048 7,116,207
$1,882,220
Net income
93,239,442 91,373,859 Shares of 6% pref. stock outstanding
Total
Total
93,239,442 91,373,859
399,843
x After deducting $3,832,015 reserve for accrued depreciation.
-V. 124. Earnings per share on 6% preferred stock
$4.70
p. 3203.
-V. 124, p. 1815.
Ry.-Construction & Abandonment.
Great Northern
-S. C. Commission to be
The Oregon Trunk Railway has petitioned the I.
GENERAL INVESTMENT NEWS.
relieved from constructing a line from Bend to Klamath Falls. Ore., and
the Great Northern Ry. has petitioned the Commission to assume such
responsibility. See Oregon Trunk By. below.
STEAM RAILROADS.
The I.
-S. C. Commission on JllII0 15 issued a certificate authorizing the
U. S. Board of Mediation Grants Wage Increase to Yardmen on 55 'Western company (a) to construct a line of railroad extending from Berne in a
Roads but Refuses Increase to Conductors and Trainmen.
-Yardmen to receive general southwesterly direction to Scenic, approximately 10.29 miles, and
7)4% increase, affecting about 25,000 men on 55 roads, retroactive to (b) to abandon its present line, 17.94 miles long, between the same points,
March 1 1927. Conductors, brakemen and baggagemen are denied $1 per all in Chelan and King Counties, Wash.
The construction and abandonment proposed constitute a relocation of
day increase. New York "Times" June 26, Sec. 1, P. 8.
Car Surplus
.-Class 1 railroads on June 15 had 277,115 surplus freight the company's main line across the Cascade Mountains. The existing line,
cars in good repair and immediately available for service, the Car Service built in 1892 and revised by the opening of the Cascade tunnel in 1900, is
Division of the American Railway Association announced. This was an unsatisfactory from a maintenance and operating standpoint, and will
increase of 3,053 cars compared with June 8, at which time there were soon require large expenditures for renewals and betterments needed to fit
274.062 cars. Surplus coal cars on June 15 totaled 86,310, a decrease of it for the prospective traffic. There are 6.04 miles of snow sheds along the
1,888 within approximately a week, while surplus box cars totaled 145.183. line, the original cost of which is tentatively estimated at $4,408,941.
an increase of 4.065 for the same period. Reports also showed 22,948 The company represents that a large part of the snow sheds were built in
surplus stock cars, a decrease of 180 cars under the number reported on 1916, and must soon be renewed, that there is a heavy fire hazard, and that
June 8, while surplus refrigerator cars totaled 15,122, an increase of 440 the present track is sometimes blocked by snow, which causes delays to
trains. The line has 14.4 miles of maximum 2.2% grade, a summit tunnel
for the same period.
New Equipment.
-Freight cars placed in service in the first five months 2.63 miles long, and descends the western slope of the mountains by a long
this year by the railroads of the United States totaled 30,251, according loop on which there is much curvature. The track which it is proposed to
to reports filed by the carriers with the Car Service Division of the American abandon is located on the steep slopes near the summit of the Cascade
JULY 21927.]
THE CHRONICLE
Mountains. It does not serve any producing territory or local industry,and
handles practically no local traffic except that incident to the operation of
the railroad. It is represented that its abandonment would not result in a
loss of service to any community.
-V. 124, p. 3767, 3203.
Gulf Mobile & Northern RR.
-Bonds Ready.
-
Kuhn, Loeb & Co. have notified holders of temporary bonds for first
mtge. 5% gold bonds, series C, due Oct. 1 1950, that they may exchange
their holdings for definitive bonds at the United States Mortgage & Trust
Co., 55 Cedar St., New York City. (For offering, see V. 124, P. 6390
V. 124, p. 3493.
Hoboken Manufacturers RR.-Sold by Government.
This road, known as the Shore Road, along the Hoboken water front,
has been sold by the War Department, according to an announcement
made by Richard D. Bloom, Manager of the Hoboken Chamber of Commerce. The purchasers, it was stated, are E. A. Kelly and associates and
P. W. Chapman & Co., Inc., New York City. While the price paid was
not mentioned, it is understood that it is approximately $1,000,000.V. 122, p. 3451.
Missouri & North Arkansas Ry.-Receiver's Certificates.
The I.
-S. C. Commission on June 21 authorized the issuance of $282,000
6% receiver's certificates.The report of the Commission, says in part: "W. Stephenson was
°appointed receiver May 4 1927. The applicant represents that ho is without
funds to pay taxes due to the State of Arkansas and its subagencies for the
year 1926, amounting to $32,000, about $250,000 for making repairs and
improvements necessary to the operation of the railroad, and certain other
debts having priority over those secured by mortgage.
"By its orders of May 13, and 25, 1927,the court authorized the applicant
to borrow $32.000 to pay the taxes described above and to execute two
certificates of indebtedness, one for $15,000. payable 6 months after date,
with interest at the rate of6% per annum,and the other for $17,000. payable
12 months after date, with interest at the rate of 6% per annum, payable
semi-annually, interest on accrued and unpaid interest to likewise bear
int. at 6% per annum. The loan is to be made without commissions,
brokerage, or discount. The certificates are to be a lien on all the property
of the railroad prior to any other lien, mortgage, or deed of trust, and are
to be negotiable in form and payable to bearer or order, as the receiver may
see fit.
"By its order of May 26 1927, the court authorized the receiver to
borrow $250,000, to be evidenced by receiver's certificates in the denom.
of $1,000, which are to bear int. at the rate of 6% per annum, payable
semi-annually. The lien of these certificates is to be prior to all other
liens, except the lien of the certificates for $32,000 above described. The
certificates are to be dated on the first day of the month when issued and
sold, the principal to be due two years after date of issue. All or any part
of the certificates are to be redeemable at the option of the receiver at 101
at any semi-annual interest period after 12 months from date. The certificates are to be sold at par and the proceeds used to pay debts having
priority over the mortgage and in making repairs and improvements on the
railroad necessary for its operation."
-V. 124, p. 2743.
New Orleans Texas & Mexico Ry.-Extension of Exchange
Privilege.
Chairman William H. Williams,in a notice to the holders of income bonds.
states:
Pursuant to authority of the I.
-S. C. Commission, the time within which
income bonds of this company may be surrendered in exchange for a like
principal amount of first mortgage bonds. series "B," is hereby extended to
June 30 1928. The right is reserved to terminate the period within which
such exchange may be made at any time without further notice.
Holders of income bonds desiring to make the exchange should surrender
their bonds, with all tuunatured appurtenant coupons, to American Ex• change Irving Trust Co.. 60 Broadway, N. Y. City.
-V. 124. p. 2581.
New York Central RR.
-Stock Offering.
-In order to
• enlarge the amount of funds available the company is to
sell $38,325,000 stock for the improvement and expansion
of the company's facilities and for other corporate purposes.
This additional stock is to be offered to the stockholders
for subscription at par to the amount of 10% of their respective holdings of record Aug. 10 1927.
As soon as practicable after Aug. 10 1927 warrants are to be mailed
to each stockholder specifying the number of shares for which he shall be
entitled to subscribe. Certificates of stock will be issued only for full
shares. Subscriptions will be received by the General Treasurer of the
company in New York and by Morgan, Grenfell & Co., London, until
Nov. 1 1927 at the close of business, on which day the right to subscribe
will terminate. Paym nt in full must accompany the subscription.
rants will be of two kinds, full share warrants entitling the holder toWarsubscribe for one or more shares of stock; and fractional warrants which when
assembled in appropriate amounts will entitle the holders thereof to subscribe for one or more full shares as shown thereon. Warrants will be
transferable. The new stock will not carry the dividend payable Nov. 1.
Further details relating to the terms of the offer and
scription will be contained in a circular which will be method of subshortly mailed.
Subscriptions will be received subject to the approval of the I.
C.
Commission. Application will be made to list the additional stock -S. the
on
New York Stock Axchange.-V. 124, p. 3768, 3626.
Oregon California & Eastern Ry.-Conditions Removed.
See pregon Trunk Ry. below.
-V. 122, p. 2944.
Oregon Trunk Ry.-Great Northern and Southern Pacific
in Agreement on Trackage Rights in Oregon-Four Applications Filed With Commission Respecting Construction and
Traffic Extension.
-
91
build lines into the Klamath Basin on condition that they maxe arrangemanta for trackage rights over each others' line for part of the way to avoid
duplicate construction.
When the roads could not agree on the joint use of tracks the Commission withdrew some of its conditions. The Great Northern has now
reached an agreement with the Southern Pacific covering some of the
points heretofore in controversy.
In accordance with the suggestions of the Commission, one of the Great
Northern's applications says:
"The Oregon company and the Northern company have negotiated an
agreement with the Southern Pacific Co. and the Central Pacific Co.
whereby either the Oregon Company or the Northern company, after
constructing said extension from Bend as far as Pennine, will be permitted
to connect the same with the Natron line of the Southern Pacific Company
at or near Pennine, and to operate over said Natron line between Paunina
and Klamath Falls upon payment of one-half of 5% per annum upon the
cost of said Natron line and a used proportion of operating expenses and
taxes."
It adds that the agreement covers the full use of the Natron cut-off line
from Pennine to a point at or near the north switch at Klamath Falls, and
that southerly from the last point the Southern Pacific and Central Pacific
are willing to grant It "bridge rights" only for the purpose of reaching the
terminal grounds now owned by the Oregon Trunk south of Klamath Falls,
without access to industries located along the tracks over which such bridge
rights would be granted.
However, the company says, it can gain access to the industries and its
Klamath Falls terminals by building its own line along the west side of the
Link River.
Oregon Construction-Conditions Imposed a Year Ago
Abandoned Because of Practical Exigencies of the Situation.
The Commission on May 11 last finally abandoned the conditions which it
imposed a year ago in connection with its authorization of the construction
of new lines in eastern and southern Oregon by the Oregon Trunk Ry. and
the Oregon California & Eastern Ry. which required that arrangements be
made between the roads for joint operation either of the Southern Pacific
Natron cut-off or portions of the 0. C. & E., in or derto avoid duplicate
construction.
After a year of delay caused by the failure of the roads concerned to reach
an agreement as to the terms upon which the Commission's plan might be
made effective, the Commission on May 11, made public a second supplemental report in the Oregon construction cases holding that, in view of the
need for the new lines proposed, the practical exigencies of the situation
require that the construction shall be permitted, "notwithstanding the
indeterminate amount of parallelism or duplication of lines required."
A certificate was issued authorizing the Oregon Trunk By. to build its
line from Bend to Klamath Falls. Ore., by way of Pennine, conditioned
only on unconditional acceptance by that carrier and its agreement to begin
construction within 60 days and complete it within 2 years. Conditions
imposed in the original order, as recently modified. authorizing construction
by the Oregon California & Eastern Ry. of three branches in Kalamath and
Lake counties, Ore., and the acquisition of control of the 0. C. & E., by
the Southern Pacific by purchase of capital stock, were vacated and
removed so far as relating to the joint operation of lines by either of those
carriers and the Oregon Trunk. The application of the Great Northern
for leave to intervene and to be substituted for the Oregon Trunk in the
order for the construction of the line south from Bend, which was recently
filed with the Commission after the Oregon Trunk had declined to build
on the terms stated, was denied without prejudice to its right to submit an
independent application for a certificate for the construction of a line or
for the acquisition or operation of the line to be constructed by the Oregon
Trunk.
The report, by Commissioner Aitchison, points out, however. "that it
will be possible for all concerned, by the exercise of the spirit of co-operation
which modern railroading requires, yet to come to agreement and avoid
the needless expenditure of capital for which each of them can find beneficial
use." Commissioner Eastman dissented. objectiong to the removal of the
conditions on the ground that they are important to avoid wasteful expense
in giving competitors access to territory preempted by the Southern Pacific
and also in connection with possible east-and-west construction in the
future by the Union Pacific.
The original report of the Commission in these cases, was given in V. 122,
p. 2492. The conclusions of the second supplemental report,dated May 11,
are as follows:
Upon further consideration of the whole record herein, we conclude and
find:
1. That the Oregon Trunk Ry. should be authorized to construct its line
of railroad from Bend by way of Pennine to Klamath Falls over its "D"
line of location as described in the.record. This authorization will be
conditioned upon its unconditional acceptance of this authorization and
upon its agreement,on or before June 17 1927,to build such line of railway,
construction to commence within 60 days from the date of this report and
to be completed within two years thereafter. So far as our previous
authorizations are in conflict herewith, they will be modified.
2. The conditions imposed by our previous certificate and order upon the
construction of extensions by the Oregon California & Eastern Ry. and
upon the acquisition by the Southern Pacific Co. of control of the Oregon
California & Eastern Ry. by purchase of capital stock, will be removed.
These conditions were in aid of the joint use of the tracks of one or the other
of those carriers or the Central Pacific Ry. and the Oregon Trunk Ry.
3. By our order of May 3 1927. we extended the time limited in our
previous certificate and order so that the construction of the various lines
of railway should commence on or before June 17 1927. Except as modified
in the first numbered paragraph above as to the Oregon Trunk Ry., the
order of May 3 1927, will stand.
4. The request of the Great Northern Ry. for permission to intervene in
Finance Docket No. 4810 and to be substituted for the Oregon Trunk Ry.
Is denied. This denial is without prejudice to the right of the Great
Northern, if it shall be so advised, to bring an independent'application for
the issuance of a certificate of convenience and necessity for the construction
and operation of the line it seeks; and is without prejudice to its right, if
it shall be able to effect arrangements with the Oregon Trunk Ry. or with
the Northern Pacific Ry. which will enable it to assume the operation of the
Oregon Trunk Ry. extension from Bend to Klamath Falls, to present such
arrangements for our consideration and approval as by law required.
5. The failure of previous negotiations. and our action in now lifting the
conditions in these certificates, in no wise lessens the duty of these carriers
to bring about the prompt construction of needed railway lines in central
Oregon while holding to a minimum the expenditure required and upon
which future traffic must carry the charges. The negotiations between the
carriers may well continue while the construction work proceeds. There is
still ample opportunity for the carriers to reach an agreement which will
accomplish the declared purpose of all of them,and, what is obviously in the
public interest, the avoidance of wasteful expenditure.
-V. 122. p. 2944.
Several new developments in the long and complicated controversy
between the Great Northern, Northern Pacific and Southern Pacific
railroad companies and their various subsidiaries regarding the construction
of
new railroad lines In southern Oregon are involved in four new applications
filed by the Great Northern, made public June 28 by the L-S. Cl. Commission.
The Great Northern, which owns jointly with the Northern Pacific the
stock of the Spokane. Portland & Seattle Ry., now asks authority to substitute itself for the Oregon Trunk Ry., which is owned by the Spokane,
Portland & Seattle, as the builder of the line from Bend to Paunina, Ore.,
Which the Oregon Trunk was authorized to build in an order of May
1927, issued by the I.
-S. C. Commission and to operate over the tracks 11
of
Pennsylvania RR.
-Where the Dollar Goes.
the Southern Pacific Co. between Pennine and Klamath Falls, Ore., under
The company has issued an analysis showing what this $3,000,000,000
an agreement already obtained with the Southern Pacific.
The Great Northern and the Oregon Trunk, in a joint application, ask transportation enterprise did with each dollar of income received in 1926.
when total revenues of the system were $784,062,000. of which
that the latter be relieved of any obligation under the order.
$766,989,000
Authority also was asked by the Great Northern to extend its own were derived from operation,representing the sum paid for service rendered.
operations between its connections with the line of the Spokane, Portland while $17,073,000 were non-operating revenue, chiefly return on investments. The use of each dollar follows:
& Seattle Co. at Fort Wright Junction and Vancouver, Wash., on the one
hand, and Bend, Ore., on the other, over the lines of the Spokane, Portland
Cents.
Wages,to meet the payroll
& Seattle, the Oregon Trunk and the Des Chutes Railroad.
46.32
In another application the Great Northern asks authority to acquire Locomotive fuel
4.57
one-half of the stock of the Oregon, California & Eastern from the the Material and supplies
19.40
Depreciation and retirements
Southern Pacific for one-half its cost to the Southern Pacific, which the Loss,
2.71
damages, &c
application says will be between $900,000 and $1.000,000.
1.60
Miscellaneous operating expenses
This line extends from Kalamath Falls to Sprague River Landing. Ore., Equipment
1.23
and
50 miles. According to the application, "as a result of said purchase Fixed charges joint facility rents
2.36
and sinking fund operations
applicant will be given access equally with the Southern Pacific Co. to all Taxes
6.49
(Federal, &c.)
the timber tributary to the line of the Eastern Co."
5.29
Dividends
Upon grant of the applications, the Great Northern says:
5.05
Leaving available for surplus
"Applicant will be in a position to and will furnish adequate and efficient
As compared with 46.32 cents out of every dollar of income required4.98
transportation service between Bend and Klamath Falls and in general year to meet
last
wages, in 1916 only 43.22 cents were required. Against
between the Klamath Basin and south central Oregon on the one hand,
cents necessary to pay for materials and supplies in 1926, only 14.67 19.40
north central Oregon and Washington and all points east thereof, on and out of
cents
the .
every dollar was necessary in 1916.-V. 124, p. 3348. 3064.
other.
"Such a service will be in the public interest because it will give south
Pittsburg Shawmut & Northern RR.
central Oregon strong and effective competition in railway service as well
Holders of certificates of indebtedness of John D. Dickson, as receiver,
as an outlet for its products to the north."
or of
The Oregon Public Service Commission had asked the I.-8. C. Commis- Frank unexchanged certificates of indebtedness of precedessor receiver,
Sullivan Smith, should surrender their matured certificates at
sion to require the Union Pacific or some other road to build an east-andwest line across Oregon. The Commission instead granted certificates to the American Exchange Irving Trust Co., 60 Broadway, N. Y. City, on
or as soon
ubsidiaries of the Southern Pacific and the two northern companies to July 1 1927, certificates thereafter as possible, and receive in exchange
therefor new
dated June 1 1927, in the amount of 95% of
92
THE CHRONICLE
the old certificates and a cash payment of 5%, together with interest
on the matured certificates from the last interest date to June 1 1927.V. 124, p. 3768.
Seaboard Air Line Ry.-Equipment Trusts.
-S. C. Commission for authority to issue
The company has asked the I.
1850.000 4%% equipment trust certificates to be sold to Dillon. Read &
Co. at not less than 97.60. Proceeds from the sale will be used in purchase
of 25 locomotives at a total cost of 11,002,500.-V. 124, p. 3768.
-Mellon
Southern Pacific Co.
-Equip. Trusts Offered.
National Bank of Pittsburgh and Salomon Brothers &
Hutzler, New York, are offering $5,786,000 43.% equip.
trust certificates, series J, at 100 and div. Issued under the
-S. C.
Philadelphia plan. Subject to the approval of the I.
Commission.
Dated July 1 1927; to mature in equal annual installments of $526,000
each July 1 1932 to 1942 incl. Denom. $1,000. Divs. payable J. & J.
Bank ef North America & Trust Co., trustee.
The 4%% equipment trust certificates, series J, are to be issued under
an equipment trust agreement with Bank of North America & Trust Co.
as trustee, and will provide for part payment for new equipmet to cost not
less than $8,905,000. The balance of the cost of all equipment included
and to be included in the trust is to be paid by the company.
Title to the equipment is to be vested in the trustee which is to lease
the equipment to the Southern Pacific Co. at a rental sufficient to pay
the certificates and dividend warrants as they mature.
Payment of the certificates and dividend warrants will be unconditionally
guaranteed by the Southern Pacific Co. by endorsement on each certificate.
The 1.-S. C. Commission on June 16 authorized the company to issue
120,000,000 of Oregon Lines 1st mtge. bonds, series A;the bonds to be sold
at not less than 98.
The supplemental report of the Conunission, says:
"By our certificate and order in this proceeding, dated May 27 1927, we
authorized the applicant to issue $61,294,000 of Oregon Lines 1st mtge.
bonds series A. $46.000,000 thereof to be pledged, from time to time,
until July 1 1929, as collateral security for short-term notes, the remaining
bonds to be held by the applicant subject to our further order.
"Of the total amount of bonds authorized, $15,294.000 were to be issued
for the purpose of refunding and retiring an equal amount of Oregon &
Californb, 1st mtge. gold bonds maturing July 1 1927. The applicant now
proposes to sell that amount of bonds and $4.706.000 of the bonds available
for pledging, making a total of $20.000,000. The proceeds will be used to
retire the Oregon & California bonds and for applicant's general corporate
purposes, such as interest on funded debt, dividends, taxes, and operating
expenses.
It is proposed to sell the 120.000.000 of bonds to Kuhn, Loeb & Co. of
.
New York City,at 98 and int. On that basis the annual cost to the applicant
will be approximately 4.6%.-V. 124. p. 3493.
[VOL. 125.
equipment, subject also to outstanding equipment trust certificates, by a
lien on all the equipment owned, which on Juno 1 1927 had a depreciated
book value of 119,137,726 over equipment trust certificates outstanding
after the completion of this financing.
The line of railroad upon which these bonds are a direct first lien includes
the important mileage from Cutnberiand, Md.to Connellsville, Pa., where
connection is made with the Pittsburgh & Lake Erie RR.(New York Central Lines) for passage into the city of Pittsburgh. The Western Maryland
Ry. exchanges a large amount of traffic with the Baltimore St Ohio RR. at
Cherry Run, W. Va., and other junction points.
Capital Stock.
-Following the first and refunding mortgage bonds the
company has outstanding 117,742,000 of first pref. stock. 19,678,000 of
second pref. stock, and 149,747,000 of common stock, having a total present
market value of approximately 157,000.000.
Earnings.
-The income of the company for the year ended Dec.311926,
after payment of all taxes (except Federal income taxes), applicable to the
payment of interest on funded debt and other fixed charges, amounted to
$6,566,347, while such charges, after giving effect to the present financing,
would have amounted to $2.959,680. For the four months ended April 30
1927. such income showed an increase of more than 15% over the corresponding period of 1926.
Capital Expenditures.
-During the ten years from 1916 to 1926, inclusive,
the company made capital expenditures of $27.164,024 for construction of a
grain elevator, a coal pier, new equipment, shops, double track, and for
other improvements, while, since 1916, the fixed charges of the company
have been reduced by approximately $280.000 per annum, after giving effect
to this financing.
Mortgage.
-The bonds will be issued under the first and refunding mortb:dated
:
7;11112g74,g, b nds at
0
gage
.
i
i ul
of bonds
Mortgage is limited to a total
any time outstanding. The bonds are issuable in series, shall bear interest
at such rates (not exceeding 6% per annum) and shall mature at such times
as the directors shall from time to time determine, subject to the provisions
of the supplemental indenture. After this financing there will be outstanding in the hands of the public $12,000,000 bonds, and $10,910.000
bonds will be in the treasury. The remainder of the authorized amount
may be issued from time to time to retire prior lien bonds and for additions,
betterments, improvements, construction or purchase of additional railroads
or terminals (or securities representative thereof), for 90% of the cost of
equipment and for other corporate purposes, all under the restrictions and
limitations provided in the mortgage and supplemental indenture, with the
additional proviso that, when the aggregate amount of the bonds issued
and the bonds reserved for refunding purposes shall amount to 1100.000,000.
additional bonds may be issued for capital expenditures only to the extent
of 75% of the cost thereof. A sinking fund of 5% per annum for 20 years
is provided in respect to any bonds issued for equipment.
-Application will be made in due course to list these bonds on
Listing.
-V. 124, It• 3768, 3494.
the New York Stock Exchange.
Western New York & Pennsylvania Ry.-RecapitalizaNon Plan.
Announcement was recently made that a tentative plan under considers
Bon proposes that the minority stockholders exchange their outstanding
common stock for a new non-cumulative 5% preferred stock on the basis
of $25 par value of new preferred stock for each $50 par value of common
-S. C. Commission on June 22 authorized the company to issue in stock: This new preferred stock would rank ahead of about 124,000,000 of
The I.
addition to $5,000 common stock heretofore authorized: (1) $60,000 common stock to be issued to the Pennsylvania RR. to pay for past capital
common stock (par $100). and (2) $1,000,000 1st mtge. 6% gold bonds, expenditures.
series A, in payment of the balance of the purchase price of certain railroad
The minority holdings of outstanding income bonds are to be exchanged
property.
for the new preferred stock on the basis of $600 of 5% preferred stock for
A supplemental report of the Commission, says in part: "By our certifi- each $1,000 of outstanding income bonds. The Pennsylvania RR. will
cate and order dated March 15 1927, we authorized the applicant,the Toledo agree to accept for its holdings of common stock and income bonds a figure
Peoria & Western Railroad Corp., to acquire and operate certain lines of considerably below that offered to the outside holders
-provided the latter
railroad and to issue $5,000 common stock in part payment for the property will assist in carrying out the plan.
to be acquired and for directors' qualifying shares. Since then the
new preferred stock may at the option of the company be redeemed
The
applicant's name has been changed to Toledo Peoria & Western RR. In at 105 on any dividend date 5 years after the date of issue.
the report filed with and made a part of the certificate and order we stated
The Pennsylvania RR. on Dec. 31 1926 owned $19,439,001 of the
that the amount of securities would be limited to the net cost of the property 120.000,000 capital stock and 19,542.000 of the outstanding 19,605,000
e 5.7., income bonds.
to be acquired plus a reasonable amount for organization expenses.
-V. 124,_p. 3349.
found the net cost of the property to be 1800,000, and stated that we were
-Consideration of Preferred
disposed to authorize a total issue of that amount of securities but in view
Western Pacific RR. Corp.
not feel that
of the recent record of the property under receivership we did
we would be justified in relying upon the applicant s estimates of future Dividends Deferred Until November.
At a meeting of the directors held June 28 the following resolution was
earnings as a basis of capitalization, or in authorizing the applicant to issue
any securities that would burden the property with fixed charges. In adopted:
authorizing the applicant to issue the $5,000 of stock we stated that the
"Resolved. That the consideration of the question of further dividends on
application to issue securities in excess of that amount would be held open the preferred stock of this corporation for the current year be deferred until
in order that the applicant might, by appropriate amended application, the month of Nov. 1927, in accordance with the resolution adopted May 3
modify its proposals to meet our suggestions as to the amount and char- 1927 (V. 124, 2744), and that no further action be taken on that question
-V.124, p. 3201.
acter of securities to be issued.
until that time."
"By supplemental application filed April 29 1927. the applicant has
requested authority to issue 11,000,000 of 1st mtge. gold bonds as originally
proposed and not less than $100,000 of common stock. The applicant
PUBLIC UTILITIES.
represents that to limit the amount of securities which it may issue in the
acquisition of the property to $800.000 would make it impossible for its
(Societe AdriatiCa di Elettricita).
Adriatic ElectriC CO7
President, George P. McNeal, Jr. who acquired the property at foreclosure
sale on June 111926. and to whom the applicant proposed to issue its securi- -Notes Called.
ties in payment for the property, to finance his purchase and would pena-year 6)4% gold notes, dated Dec. 15 1926, have
All of the outstanding 2
ize him for having made an advantageous sale.
next at 100% and int. at the Chase
"In further support of its application to issue first-mortgage bonds the been called for redemption July_ 20 City, or at the office of Blair & Co.,
Bank, 57 Broadway, N. Y.
applicant submits a statement of its earnings for the first three months of National
-V. 124, p. 2585.
current year showing $23.466 available for the payment of interest 24 Broad St., N. Y. City.
the
charges. This indicates that the applicant may be able to earn for the
-Earnings.
Allied Utilities Co.
current year the net railway operating income of 1134,000 shown in the
Results for 5 Months Ended May 31192?.
estimates heretofore submitted. Should the applicant's estimates be
145,008
realized, its earnings available for payment of fixed charges would be more Gross earnings
29,506
Oper. exp., maint. & taxes, except Fed. Inc. taxes, etc
-V. 124, p. 2744.
than double its interest requirements."
x7,500
Five mo. int. require, on $300,000 1st lien & refund. bonds_ _ _
-Acquisition &
Toledo Peoria & Western RR. Corp.
Operation.
-Bonds.
Union Pacific RR.
-S. C. Commission on June 21 authorized the company to issue
The I.
% gold bonds; to be sold at not less than 94% and
-year
/26.835.000 40
The report of the Commission, says in part:
"The proposed bonds will be unsecured and will be issued pursuant to
an indenture to be dated July 11927. The applicant has arranged to sell
the bonds to Kuhn, Loeb & Co. New York. at 943i par and int. On that
basis the annual cost to the applicant will be approximately 4.796%." See
V. 124, p. 3064.
-Kuhn, Loeb &
Western Maryland Ry.-Bonds Sold.
Co., Speyer & Co. and the National City Co. have sold at
99% and int. $12,000,000 1st & ref. mtge.5%% gold bonds,
series "A."
Dated July 11927; due July 11977. Denom. 11.000 and 1500 c* & r*.
Interest payable J. & J. without deduction for the present Penn.4 mills tax.
Redeemable as a whole only, upon 60 days' notice, on any interest date on
and after July 1 1937, and on or before July 1 1967. at 105 and interest,
and thereafter at their principal amount and interest plus a premium equal
to %% for each six months between the redemption date and the date of
maturity. Both principal and interest payable in gold coin of the United
States of America without deduction for any tax, assessment or governmental charge (other than Federal income taxes), which the company or the
trustee under the mortgage may be authorized or required to pay thereon
or to deduct or retain thereforom under any present or future law of the
United States of America or of the State of Maryland or of the Commonwealth of Pennsylvania.
issue/Ia.-Subject to the approval of the L-S. C. Commission and to
the approval of the supplemental indenture by the stockholders.
Data from Letter of M. C. Byers, President of the Company.
-Proceeds are to be applied in part to the redemption of $10.Purpose.
822,800 of short term notes of the company, bearing an average interest rate
of about 6)4% per annum, thus effecting a considerable saving in the company's annual interest charges.
Securitu.-The first and refunding mortgage bonds will be secured by a
first lien on 119 miles of railroad and on certain valuable waterfront terminal
properties, warehouse structures, grain elevators. &c„ in Baltimore and by
a first collateral lien on an additional 21 miles of branch lines tapping important bituminous coal fields in West Virginia and Pennsylvania. After
completion of this financing, the bonds will be secured on the remaining 504
miles of the directly owned liens of the company and appurtenances thereto,
subject to $48,256.900 of prior liens on various parts of the properties, none
of which may be renewed or extended and for the retirement of which first
reserved. They are in addition secured.
and refunding mortgage bonds aresubject to the prior liens mentioned above, and, in respect to part of the
$8,002
Balance
xActual interest accrual on bonds outstanding during the period was
15,946.-V. 124, p. 1356.
American 8c Foreign Power Co., Inc..-Acquisition.-
Cia. Panamena de Fuerza y Luz have acquired stock control of the
Panama-Colon Gas Co. operating gas plants and service in Panama-Colon
and in a considerable portion of the Canal Zone. Cia. Panamena de
Fuerza y Luz is a subsidiary of the Panama Power & Light which in turn
-V.124, p. 2745.
is controlled by the American & Foreign Power Co.,Inc.
American Gas Co.
-Earnings.
1923.
1924.
1925.
1926.
Gross earns., sub. cos___$13.271,511 $11,802,052 110,573.097 $10,230.821
6,764,959
6,899,953
7.109,254
Oper. expenses sub. cos_ x8,117,252
Net operating income_ $5.154,258 $4,692,798 $3.808,137 $3,330,868
123.179
160,336
106,330
260,090
Miscellaneous income_ __
Total income sub. cos. 15,414,348 $4,853,134 $3,931,316 $3,437,198
2,040,639
1,683,528
1,485.022
Bond interest sub. cos-- 2.400,977
143.499
220.185
Miscell. deductions
137,326
847,868
517.033
254.546
Prof. dividends sub. cos. 1.135,296
Total rev. Am.Gas Co 11,740.749 $1,744.443 $1,587,255 $1.697,628
1,210.573
729,538
369.691
Other income
820,575
$2,570,324 $2,955,016 $2,316,793 12,067.320
Total income
541.997
462,052
398.834
373,871
Gen. expense (A.G.Co.)
401.101
544,344
401.368
275.708
Int. on A.G.Co. bonds
3,154
111,292
46,465
5,241
Interest on loans
63.000
Contingent reserve
200,000
237,577
518.715
Sur. reserved by subs_ _ _
820,500
487,740
468.246
Divs. on A.G.Co. stock_ 1,119,284
$988,264
$538,613
$622,581
$277,506
Surplus for year
x Included in operating expenses are maintenance, $927,409: renewals dic
replacements, 3669,930.-V. 122, p. 3209.
-Output.
American Water Works & Electric Co., Inc.
The West Penn Electric Co., which controls the electric properties of
the American Water Works & Electric Co., Inc., reports a net ,power output
for May 1927 of 139,064,669 k.w.h., comparing with 113,735.485 k.w.h.
in May 1926, a gain of over 22%.
For the first 5 months of 1927 power output totaled 747,966,960 k.w.h..
against 603,710,541 k.w.h, for the corresponding period of 1926, a gain of
approximately 24%.
• I . 1.1: 21927.]
THE CHRONICLE
The Guaranty Trust Co. of New York has been appointed registrar for
the certificates of deposit.
-V. 124, p. 3769.
Binghamton Light, Heat & Power Co.-Earnings.
--
Calendar YearsOperating revenue
Operating expenses and taxes
Maintenance and depreciation
1926.
1924.
1925.
$1,929,812 $1 679,165 $1,395,249
1,291,036
1
{723,665
645,688
378.960
322,474
Operating income
Other income
$638,777
28,733
$576,539
33.117
$427.087
71.377
Total income
Interest on funded debt
Other deductions from income
Provision for dlv. on pref.stock
Common dividends
$667,510
259,172
70,158
116.292
87,500
$609.656
248,389
61,873
123,743
$498,464
177,681
50.184
90,038
Balance of net income
-V. 124, p. 370.
$134,387
$175,651
93
the ability of the company to earn that return: (5) provision is made for
the arbitration of differences between the city and the company.
Income.
-Gross income for the last five years has been as follows:
1922.
1923.
1924.
1925.
1926.
$17.082,393
$16,494.312
817,460,215
$17,379,182
$18.157 680
Under the service at cost feature of the Taylor Grant income must
always, through fare adjustment, be brought to balance with operating
expenses and capital charges. The present railway fare is 7c. cash fare.
8 tickets for 50c., lc. for transfer, having been increased Oct. 15 1926
from 6c. cash fare, 9 tickets for 50c., lc. for transfer. Motor coach fare
Is 10c. In seven months' operation under the new rate, passenger revenue
increased $911.848 in comparison with the same period in the previous
year as follows:
Passenger revenue Nov. 1 1926 to May 31 1927
$11,253.886
Passenger revenue Nov. 1 1925 to May 31 1926
10,342,037
Increase
$911,848
Maintenance of the same percentage of increase will result in a return
to the next lower rate of fare in the comparatively near future.
-Under the new franchise the company is required to
Sinking Funds.
pay 1;4% of its gross receipts monthly into a sinking fund which shall
Boston Elevated Ry.-Tenders.be used at the option of the city in payment of debt, in purchase of stock
Treasurer Henry L. Wilson, 31 St. James Ave.. Boston. Mass., will until
July 13 receive bids for the sale to the company of 2d pref. stock to an at not over $110 per share, in extensions, betterments and permanent
improvements not to be added to capital value or which otherwise shall
amount sufficient to exhaust $32,413.-V. 124. p. 2905.
be invested in Government. State or municipal obligations. On the
basis average gross receipts
five years, 1922 to 1926 incl..
Brooklyn Borough Gas
& Extra Pref. Div.
.
- fund of improved at the rate for 4% annually, would producethis sinking
if
of
during the
The directors on June 28 declared an extra dividend of 6 t. cents a share
-year life of the grant a sum exceeding $10,500,000.
in addition to an initial quarterly dividend of 75 cents a share on the 6% 25
Whenever the unexpired term of the grant is less than 15 years, the
cumulative participating preferred stock, payable July 1 to holders of
an excess fare of 34c. per car ride
record June 20. The regular quarterly disbursement of $1.50 a share on the company shall have the right to collect apply
the proceeds to a reduction
common stock (no par value) was also declared payable July 11 to holders and Sc. per motor coach ride and shall
of its capital value as follows: (1) By payment of floating debt. (2) by
on record June 30.
-Compare V. 124, p. 1818.
payment of bonds, (3) by creating a sinking fund for retirement of capital
stock at par if such retirement shall be legally possible. During such
Cities Service Co.
-Earnings.
-period the right to control schedules for all cars shall be in the company
12 Months Ending May 311927.
1928.
and not in the city. This provision is intended to assure continued reGross earnings
$28,929.675 $11,202,593 newals of the grant by the city: in the event of failure to renew, it is estiExpenses
1,060,920
833,376 mated that excess fare collections would be sufficient to permit complete
amortization of capital investment.
Net earnings
827,868,755 $20,369,216
Purchase by the City.
-The City of Cleveland reserves the right at any
Int. & disc, on deb.
2,628,608
2,542,538 time during the life of the grant or any renewal thereof on six months'
notice to purchase the entire property and to pay for the same the capital
Net to stocks and Tea.
$25,240.147 $17,826,678 value of said property plus 10% thereof, assuming and agreeing to pay in
Div. pref. stock
6,591.975
5,526,078 addition thereto all obligations. indebtedness and liabilities of the company;
---or the city may under certain conditions designate another purchaser,
Net to common stock & res.
$18,648.171 $12,300,600 which shall have the right of purchase on the same terms. If at the
Number of times preferred dividends
3,84
3,22 expiration of the grant the city shall not have exercised this right of purPercent on average amcnint common stock outstanding 23.35%
16.32% chase, it may then purchase on the same terms, except that 10% shall
-V. 124. p. 3627.
not be added to the capital value.
Purpose.
-Proceeds will be used in the purchase of new cars and motor
Citizens Gas & Electric Co. of Council Bluffs.
coaches and in the construction ofextensions and improvements as authorize!
Earns.
-Cal. Yrs.1926.
1925.
1924.
1923.
by Council of the City of Cleveland.
Gross earns,from oper__ $885,475
$826,125
$784.462
$752,083
Directors are Joseph H. Alexander, Warren Bicknell, H. J. Crawford,
Oper. exp., incl. taxes__
656,288
625,828
627,157
597,998 K. F. Gill, L. C. Hanna Jr., A. R. Horr, H. P. McIntosh, F. F.Prentiss,
F. W. Ramsey, Thos. P. Schmidt, John Sherwin, Charles H. Stanley
Net earns, from oper_
$229,187
$200,297
$157.305
$154,085 and G. G. Wade, Cleveland.
Other income
5,380
11,884
10,051
95
Listed on the Cleveland Stock Exchange.
-V. 124, p. 2277. 1218.
Total income
$234,567
$212,181
$167,356
$154,180
Community Water Service Co.
-Acquires Pennsylvania
Interest on bonds
6,973
15,763
28,513
28,908 Properties.
Other int. & deductions..
80,719
68,784
32,766
14,627
Renew. & replace. res've
This company announces through the Pennsylvania State Water Corp., a
40,000
40,000
30.000
30,000
subsidiary, the acquisition of the Monongahela City Water Co. and the
Balance, surplus
$106,875
$87,634
$76,077
$80,645 Allegheny Water Co.
-V. 122, p. 3337.
The Monongahela company serves the city of Monongahela and surrounding territory, and has a distribution reservoir capacity of 1,500,000 gallons.
Cleveland Electric Illuminating Co.
The Allegheny company, through a gravity water supply system, fur-Earnings.
-12 Months Ended March 31nishes water to a portion of the city of Altoona, Pa.. and to a rapidly
1927.
1926.
1925.
Operating revenues
$22,500.062 $20,577,307 $18,552,775 growing suburban section of that city to the south as far as Hollidaysburg.
Operating expenses
9,406,545
8,237,165
7,752,874 The company's storage reservoir, with a drainage area of 7 square miles
Taxes
2.777,000
2,557,000 2,144,000 above it, has a capacity of 65,000,000 gallons, thus insuring an adequate
-V. 124, p. 2586.
supply for the needs of consumers at all times.
Net operating revenues
$10.316,517 $9,783,142 $8,655,901
Consolidated Gas, Electric Light & Power Co. of Bait.
Non-operating revenues
503,542
650,659
374,870
Arthur W. Thompson, President of the United Gas Improvement Co.,
Gross income
$10,820.059 $10,433,802 $9,030,772 has been elected a director. Sir Herbert Holt of Montreal, Can., and
Interest on funded debt
-V.214, p.3627.
$1,950,658 $1,665,198 $1,438.683 Thomas Aitken, of London, have resigned from the board.
Amortization of bond discount
89,499
88,833
79,867
Other interest charges
-Bondholders' Protective
Empire State Railroad Corp.
8,020
6,596
11,616
Depreciation reserve
2,680,000
2,345,000
1,871,000 Committee.
$180,582
The committee (below) in a notice to the holders of the 1st mtge. 5%
bonds bonds of the Syracuse Lake Shore & Northern RR.,due May 11947,
says:
"Your committee has had called to its attention the fact that the Syracuse
Lake Shore & Northern 1st 5s are now selling at between 10c. and 11c, on
the dollar.
"Preliminary estimates convince us that the junk value alone of the
property is worth more than the price at which the bonds are now selling.
"The committee has been carefully over the property of the railroad and
find that in general it is in good operating condition. As yet it is not
definitely established to what minimum its gross revenues may be reduced
because of automobile competition, or on the other hand, from what new
sources business may be obtained to offset this loss. Furthermore, it has
not as yet been determined to what point operating expenses can be reduced
Total
113,640,921 98,222,407
Total
113,640.921 98,222,407 without prejudicing the maintenance of the property.
-V. 124. P. 3351.
"Despite these uncertainties, your committee feels that the best interests
the
of the bondholders
by continued
Cleveland Ry.-Stock Offered.
-Hayden, Miller & Co.', and a reorganizationis being served structure at asoperation ofas is property
possible.
early a date
of its financial
Otis & Co.., Union Trust Co.,• Cleveland Trust Co. and
"You are advised to refrain from selling your bonds at existing prices
Guardian Trust Co., Cleveland, are offering at $1024 per but to deposit. them at once with either the depositary or its agent. This
'
latter, in the judgment of the committee is imperative and by so doing you
share $3,580,000 capital stock (paying 6%), par $100.
will enable the committee in any discharge of its duties which it may be
.
Dividends at the annual rate of 6% payable Q.
"
-J. The Union Trust called upon to perform, to be in a position to act for your best interests.
Co., Cleveland, Ohio, transfer agent. Guaradian Trust Co.. Cleveland,
Committee.
-Albert B. Merrill, Chairman (Vice-Pres. First Trust &
Ohio, registrar. Under its grant to the company, the City of Cleveland Deposit Co.), Syracuse, N. Y.: Daniel P. Abercrombie (E. H. Rollins &
has reserved the right at any time on six months notice to purchase the Sons), Boston; Harold G.Beatty (Vice-Pres. Syracuse Trust Co.), Syracuse,
entire property and to pay for the same the capital value as set forth in N.Y., with Frederick W.Barker,Jr., Sec.,201 South Warren St., Syracuse.
the grant plus 10% thereof. Dividends exempt from the present normal N.Y.
Federal income tax. Exempt in the opinion of counsel from tho personal
Depositary.
-First Trust & Deposit Co., Syracuse, N. Y. Agent of the
property tax in Ohio under existing laws of the State.
depositary, First National Bank, Boston.
-V. 124. p. 3066. 2748.
-Authorized by the Ohio Public Utilities Commission.
Issuance.
Federal Light & Traction Co.
-White,
-Bonds Offered.
Data from Letter of Col. Joseph H.Alexander,President of Company.
CapitalizationAuthorized.
Outstanding. Weld & Co., Lee, Higginson & Co., Bodell & Co., West &
First mortgage 5% bonds
$35,000,000
$5,495,000 Co. and James B. Colgate & Co. are offering at 95X and
Capital stock
35,000,000
32,886.400
-year
-Incorporated in Ohio in 1893 as a consolidation. Owns interest, to yield about 5.45%, $930,500 stamped 30
Company.
and operates the street railway lines in Cleveland and immediate suburbs, 1st lien gold bonds bearing interest at 5%. Dated March 1
together with a supplementary motor coach system. Since March 1
1912, due March 1 1942.
1910 the company has operated under the so-called "Tayler Grant" from
Authorized. $50,000.000; retired by sinking fund, $1.571,000; outstandthe City of Cleveland, which was designed to secure "the best transportation at cost, consistent with the security of the property and the certainty ing, $8.894,500, including this issue, $3,172,000 unstamped 5s. $2,240,500
of a fixed return thereon." For over 17 years. including the period of stamped 58 and $3,482,000 stamped as 6s. Issued under 1st mtge. dated
the World War and of rising costs attendant thereon, the grant has suc- March 1 1912, as modified by a supplemental indenture dated Feb. 1 1922.
cessfully accomplished the stated purpose. Service mparable with the American Exchange Irving Trust Co., trustee.
best in the country has been furnished at cost; the property has been at
Data from Letter of E. N. Sanderson, President of the Company.
all times maintained in first-class physical condition and its value has
-Incorp. 1910. Controls public utility properties furnishing
been increased; dividends at the rate of 6% per annum have been paid electric light and power, gas, water, or traction facilities in 19 communities
Company.
regularly to the stockholders.
in the States of New Mexico, Arizona, Wyoming, Washington. Colorado.
Franchise.-Present franchise renewing the grant for 25 years from Missouri and Arkansas. The companies operate practically without
July 1 1926 preserves the essential conditions of the original grant and competition in their respective territories.
Incorporates now provisions based on the recommendations of the Greater
Security.
-The principal of the bonds, and interest thereon, at the
Cleveland Transportation Committee to further protect the company's of 5% per annum,are secured by a first lien (through deposit of the rate
stockholders. Under the terms of the contract 13etwoen the company Issues of first mortgage bonds) on all the properties of the operatingentire
comand the city (1) the stockholders shall ho paid 6% per annum payable panies, with the exception of Springfield (Mo.) Ry. & Light Co., Central
quarterly; (2) the rate of faro shall be sufficient to provide the stipulated Arkansas Ry.& Light Corp.. NN'laps Electric Co. and New Mexico Power
rate of return, the maximum cash fare being fixed at 10c.; (3) an interest Co., and are additionally secured by the pledge of
entire $1.100,000
fund of $800,000 is established, to which are added net earnings after common stock of the Springfield Ry. & Light Co. the
payment of operating expenses and maintenance, depreciation and renewal
Earnings.
-Net earnings applicable to interest on first lien bonds (after
charges and from which are paid taxes, interest on bonds and dividends deducting interest and preferred dividends on securities of subsidiaries outon capital stock; when the interest fund falls below $500.000 faro increases standing in the hands of the public, but before depreciation), years ended
and when it exceeds $1,100,000 faro decreases in accordance with an Dec. 31:
established schedule; (4) the city controls service but may not require
1926.
1923.
1924.
1925.
x1927.
service to an extent which at the maximum rate of fare will not produce Gross revenues--$6,791,384 $6.623.587
$5,665,828 $5,510,876
funds sufficient to pay the stipulated return; nor may the city propose Net earnings.--- 2.172.153 2,140,753 $5.888,708 1,739,690 1,610,944
1.780,030
extensions, betterments or permanent improvements which will impair
x 12 months ended April 30.
Balance for div. & surplus
$6,091,881 $6,328,176 $5.829,805
Comparative Balance Sheet March 31.
1927.
1926.
1927.
1928.
AssetsLiabilities-$
$
$
Plant investment_90,020,516 73,245.256 Preferred stock _ __16,081,700 16,081,700
Other investments
764,800
764,800 Common stock _ __16,629,800 16,629,800
Capital expendit's 1,240,714 3,064,180 Funded debt
45,000,000 35,000,000
Special funds
1,039,697
607,669 Current liabilities_ 1,607,417 2.403,209
Open accounts____ 231,506
278,059 Accrued liabilities_ 3.799,182 2,248,500
Current asset8____18,520,512 17,852,772 Reserves
13,439,916 12,240,295
/3ond disc.& exp._ 1,419,326 1,432,590 Surplus
17,082,906 13,618.904
Deferred charges__ 403,850
977,082
(VOL. 125.
THE CHRONICLE
94
Purpose.
-Proceeds of the sale of this issue of preferred stock will be used
for corporate purposes, including the redemption of the company's $1.250,000 outstanding 7% preferred stock.
Earriings.-Consolidated net operating revenue of the company, its
operating companies and companies managed and from which it receives
all dividends, are as follows:
Dec.31 '25. Dec.31 '26. May 31 '27.
-Debentures Called.
12 Months EndedFederal Water Service Corp.
$977,037
$845,335
$670,306
The corporation has called for redemption Sept. 1 1927 at 110 and hit. Gross earnings
396,133
371,933
327,387
6% convertible gold debentures, series A. dated Sept. 1 Oper. expenses, incl. local taxes
all its outstanding
1926. Payment will be made to holders of such debentures at the Central
$580,904
8473,402
$342,919
Net earnings
Union Trust Co. on and after that date, when interest will cease. The
240,454
debentures may be converted into shares of class A capital stock of the cor- Annual int. or dividends on prior securities in hands of public_ poration at any time up to and including Aug. 22 1927. See also V. 124,
$340,450
Balance available for diva.,depreciation and Federal taxes__
p. 3770.
116.100
Annual dividend requirements on preferred stock (this issue)__
-V.124, p. 1978.
Gatineau Power Co.
-Proposed Acquisition.
-V.124. I). 3495.
See Quebec Southern Power Corp. below.
-New Director.
International Utilities Corp.
William H. Despard of Toronto. Ont„ has been elected a director. Mr.
-True,
-Notes Offered.
General Power & Light Co.
-V. 124,
Despard is at present President of the Dominion Feldspar Corp.
Webber & Co., R. E. Wilsey & Co., and Hayden, van Atter p. 3772.
-Proceeds are to be used in part to reimburse the company's
Purpose.
treasury for capital expenditures already made and for other corporate
purposes.
-Company will make application to list these bonds on the New
Listing.
-V.124, p. 3770. 2748.
York Stock Exchange.
& Co., are offering at 993 and interest, $1,750,000 six
A
months 5% secured gold notes.
Dated July 11927; due Jan. 11928. Denom. $500 and $1,000. Red.,
all or part, on 30 days' notice, at 100 and interest. Principal and interest
payable Jan. 1 at Guaranty Trust Co., New York, trustee. 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. Mich. 5 mills tax, and the Mass, income tax
on the interest not exceeding 6% of such interest per annum, refundable.
Company.
-Company owns all of the stock (except directors' qualifying
shares) of the Arizona Edison Co. operating in Arizona; the Western
States Utilities Co., operating in Utah, Nevada, Idaho and Wyoming; the
Southern Edison Co., operating in Arkansas and Mississippi; the Mississippi
Public Service Co., operating in Mississippi; the Northern Michigan Public
Service Co., operating in Michigan; and in addition it operates directly
properties in the State of Kentucky; owns two companies operating in
Illinois; and owns all but a small minority of the stock of the Western HydroElectric Co., operating in Michigan. Company, directly or through its
subsidiaries, owns and operates electric light and power, gas, water, and (or)
ice business. This diversified public utility service is rendered to a popula
tion estimated in excess of 115.000 people in prosperous communities, in
which are represented such various enterprises as agriculture, mining, manufacturing, dairying and live stock. Electric service is rendered to every
one of these communities with the exception of Florence, Ariz.
-Secured by deposit of all the capital stocks of the Northern
Security.
Michigan Public Service Co., Arizona Edison Co., and Western States
Utilities Co.
Capitalization upon Completion of the Present Financing.
$2,784,100
Underlying bonds
1,750,000
5% notes due Jan. 1 1928
1,000,000
6% notes due Jan. 1 1928
600.000
Preferred stock, 7% (par $100)
100.000 shs.
Common stock (no par)
Earnings for the twelve Months Ended April 30 1927.
$1,328,619
Gross income
Operating expenses, including maintenance and general taxes
824,969
Net revenue
Interest on underlying bonds applicable to period
$503,650
167.048
Net earnings available for note interest
Interest requirements on outstanding notes,including this issue
$336,602
147,500
Balance for depreciation. Federal tax and dividends
6189,102
Net earnings applicable to interest charges on all outstanding notes are
more than 2.28 times interest requirements.
Purpose.
-Proceeds will be used in part to retire maturing obligations and
for other corporate purposes.
-V. 124, p. 2120.
-Stock Increased.
Great Lakes Utilities Corp.
The company has filed a certificate at Dover. Del., increasing its authorized capital stock from 90,000 shares to 140,000 shares of no par value.
-V. 123. p. 842.
Interborough Rapid Transit Co.
-Earnings.
Net Earnings of the Interborough System under the Plan.
-Month of May- -11 Mos End.May31.
1927.
1926.
1926.
1927.
Gross revenue
$5,696,118 $5,362,208 $58,139.317 $56,767,639
Expenditures for oper. &
maintaining property._ _ 3,186,145
2,848,211 33,820,857 31,628,767
$2.509.973 82.513,996 824.318,460 $25,138,872
Taxes payable to city,
State and U. S
301,607
301,910
3,207,876
3,050,560
Available for charges.. $2.208,366 $2,212.087 $21,110,585 $22,088,313
Rentals payable to city
for original subways__
222,000
221,500
2,434,177
2,434,048
Rentals payable as int.
150,687
150,687 1,657,553
1,657,553
on Manhat. By. bonds
23.147
23,234
259,245
272.746
Miscellaneous rentals__ _
Int. on 1st mtge. 5s...._
Int. on 7% sec. notes__ _
Int. on 6% 10-yr. notes_
Int, on equip. tr. ctfs__ _
S.fd. on 1st mtge. bonds
Other items
$1,812,532 81,816,666 816.759,610 $17,723,966
7,422,497
7,401,073
675,470
672,993
2,166,353
2,181,675
196,483
198,031
46,180
45,166
502,557
523.380
201,000
269,809
21,513
14.825
2,229.551
224,203
2,174,479
201.517
97.568
111,248
8,329
10,755
3669,729
Dividend rentals
7% on Mauls. By.stk.
not assent to "plan
ofreadjustment"_ _ _
5% on assenting Math
By. stock
Balance available for
other purposes
V. 124, p. 3352.
8644,005 $4,195,157 $5,048.878
25,381
19,392
278,517
343,725
231,871
236,149
2,550,987
2,597,636
$412,477
$388,465 $1.365,653 $2,237.932
Greenwich (Conn.) Water & Gas Co.-Pref. Stock Sold.
-Putnam & Storer, Inc., Hartford, Conn. have sold at
993 and div. $1,935,0006% pref.(a.& d.) stock (par $100).
Preferred dividends payable Q.4. In the event of voluntary dissolution
or liquidation entitled to receive $107 per share and diva., and in the event
of involuntary dissolution or liquidation $100 per share and diva, before
any distribution is made upon any other class of stock ranking junior thereto.
Callable all or part at $107 per share on any div. date on 30 days' notice.
plus all cumulative dividends up to the date of redemption.
Hr
o.
oionol t
& r &Truso.,1atford, Conn., regsta,d
gelt,TvelesBk tCo.io.tfo
ank
Authorized. Outstanding.
Capitalization$3,450,000
Coll, trust series A 5% bonds (V. 124, 11. 1978)1,935,000
$2,300,000
6% Cumulative preferred stock (par $100)
100,000 shs. 100.000 shs.
Common stock (no par value)
financing there will be outstanding in
Upon completion of the present
the hands of the public $1,443,200 securities of subsidiary companies,
consisting of $1,000,000 415% notes of the Greenwich Water Co. and $341,,
600 1st mtge. 5% bonds. $97,900 6% preferred stock and less than 13 %
of the common stock of the Vermont Lighting Corp.
* Under provisions of the indenture.
Data from Letter of Pres. Eben F. Putnam, June 22.
Company.
-Through local operating companies furnishes water to Greenwich, Conn., Port Chester and Rye, N. Y. and gas to Greenwich, Conn.,
Springfield, Barre, St. Albans. and St. Johnsbury, Vt. It also has managerial contracts with companies furnishing gas to North Attleboro, PlainYllle and Ware, Mass. Population of the territory served by these companies is over 120,000 and there are over 20,000 customers.
6
-Annual Report.
Lake Shore Electric Ry., Cleveland.
Calendar YearsPassengers carried
Gross earnings
Oper.expenses& taxes
Interest paid
Surplus
1924.
1923.
1926.
1925.
7,967,058
5,765,762 5,730,729 6,242,863
$2,466,120 $2,523,040 $2,530,054 $2,235,663
1,709,890
2,068,013
2.098,415
2.130,572
340,999
347.627
338,700
360,830
def$25,281
8107.399
Balance Sheet Dec. 31.
1925.
1926.
$92,938
$184,774
1926.
Assets
Road dr equipm1-14,837,302 14,886,049 1st pref. stock__
677,698 2d pref. stock-Secur. in treasury- 824,623
120,000 Common stockBills receivable- 113,385
169,612 Bonds outstanding
Aco'ts receivable__ 136,128
613,012 Junior coll. notes_
Due from subs.__- 734,795
264,422 Car trust notes.....
Material & supplies 306,816
327,009 Bills payable
Special trust acc'ts 645,805
2,424 Accounts payable11,727
Miscell. accounts_
6,446
12,171 Interest accruedPrepaid insurance_
8,389 Taxes accrued__ 9,068
Cash
Miscell. accounts_
Injuries& damages
fund
Surplus accountTotal(each side) 17,626,095 17,080,787 Depreciation
-V.124, p. 2427.
1925.
1,000,000
2,000,000
4,500,000
6,230,000
400,000
60,738
13,000
334,887
48,503
117,236
4,321
1,000,000
2,000,000
4,500,000
6,244,000
35,200
63,223
710,487
47,163
72,000
1,947
89,454
137,668
1,727,967 1,337,111
1,099,988
931,988
Lake Ontario Power Corp.-Bonds Sold.-J. A. W.
Iglehart & Co., Baltimore, have sold at 98 and int., to
yield 5.65% $1,000,000 1st mtge. 53% gold bonds.
Dated July 1 1927; due July 1 1957. Int. payable J. & J. without deduction for normal Federal income taxes not to exceed 2%. Denoms. $1,000
and $500 c*. Red. at any time upon 30 days notice at 105 on or before
of 1% for each year
July 1 1937 and thereafter at par plus a premium of
or fraction thereof to maturity. Refund on State, County and Municipal
taxes not in excess of 5 mills. Century Trust Co. of Baltimore. trustee.
Issuance.
-Subject to approval by the New York Public Service
Commission.
Security.
-Upon the completion of this financing these bonds, will be
secured by a direct first mortgage on all the property, rights, and franchises
now owned or hereafter acquired by the corporation. Whitman, Requardt
and Smith, Engineers, have appraised the value of the property subject to
this mortgage, on the basis of reproduction new less depreciation, to be
$1,900,000.
-Application will be made to list these bonds on the Baltimore
Listing.
Stock Exchange.
-The same bankers are offering
Offering of 500,000 Notes.
at 100 and int. $500,000 one-year 6% gold notes.
Dated July 1 1927; due July 1 1928. Int. payable J. & J. without deduction for normal Federal income taxes, not to exceed 207. Denom. $1,000.
Red. at any time upon 30 days' notice at 1005.1 on or before Jan. 1 1928,
and thereafter at par. Refund on state, county and municipal taxes not
in excess of 5 mills. Century Trust Co. of Baltimore, trustee.
-Subject to approval by the New York P. S. Commission.
Issuance.
Securily.-The notes will be the direct obligation of the corporation,
which will covenant that so long as any of these notes are outstanding it
will not create any mortgage on its properties except the mortgage securing
the first mortgage bonds. Corporation will further covenant to devote to
the retirement of these notes all proceeds received from the sale of any
first mortgage bonds except the $1,000.000 to be offered simultaneously
with these notes.
Company.
-Was incorp. Nov. 15 1925 in New York. and will acquire all
of the property, rights and franchises of the Sodus Gas & Electric Light Co.
Marion Power Corp.and Northern Cayuga Light & Power Corp. and certain
hydro-electric plants, water power sites and water rights from the Preston
Power Corp. Corporation will then serve with electric light and power
service a prosperous agricultural and industrial section of Northern New
York along the south shore of Lake Ontario. The territory extends to
within four miles of the City of Rochester and the transmission lines are
there connected with those of the Rochester Gas & Electric Co. The transmission lines serving the eastern section of the corporation's territory are
connected to those of the Seneca River Power Corp.(a part of the Mohawk
Hudson Power Corp. System). Part of the corporation:s power requirements will be obtained from the Rochester Gas & Electric Corp. and the
Seneca River Power Corp. under long term contracts. Among the communities served are Sodus, Webster, West Webster. Union Hill, Pultneyvllle, Ontario, Ontario Center, Williamson, East Williamson, Sodus Point,
Fair Haven, Sterling, Victory, Cato, Ira and Conquest. Corporation will
have over 6,000 customers and will serve a territory with an estimated
population of 60,01,0.
The physical property to be owned and operated includes a complete
transmission and distribution system with approximately 35 miles of
33.000 volt lines and 100 miles of 6,600 and 4,400 volt lines. Corporation
will also own 2 small hydro
-electric stations on Salmon Creek with an
aggregate generating capacity of 725 k.w. together with power sites and
water rights on Salmon Creek and on Canandaigua Outlet capable of
developing approximately 5,000 k.w. of generating capacity. Corporation
plans to begin construction at once on one 1,000 k.w. station on Canan,dalgua Outlet and to proceed with the construction of additional plants in
1928 and 1929.
Capitalization Outstanding (Upon the Completion of this Financing).
$1.000.000
lst mtge. 534% gold bonds, due July 1 1957
500,000
One year 6% notes, due July 1 1928
500.000
6% cumulative preferred stock
10.000 shs.
Common stock
Purpose.
-Proceeds from the sale of the issue of bonds and of $500,000
notes will be used to retire a total of $960.000 of 6% first mortgage bonds
comprising all of the outstanding funded debt of the constituent companies
and for additions to the property. These additions include the immediate
construction of a 1000 k.w. hydro-electric plant on the Canandaigua
Outlet and extension of distribution lines to several smaller communities
within the territory to be served by the corporation.
Earnings for Calendar Years.
*1927.
1925.
1926.
1924.
$284,008
$257,559
Gross earnings
$224,384
$199,088
Operating exps., maint152,816
132,463
114,122
130,559
enance & taxes
N et earnings
$84,966
Annual interest on issue bonds
893.825
5104,743
3151.545
$55,000
396,545
Balance
30,000
Annual interest on issue of notes
deducting certain non*For the 12 months ending May 31 1927 after
recurring charges and giving effect to certain economies of operation that
will be effected by the consolidation. These earnings do not fully reflect
-electric plant which began operation
the earnings from a new 475 k.w. hydro
in March 1927, and of several large industrial customers recently added to
the lines.
JULY 2 1927.]
THE CHRONICLE
As shown above, net earnings available for interest charges for the 12
months ending May 31 1927, are equivalent to over 231 times the annual
interest charges on these 1st mtge. bonds and about 3.2 times the annual
charges on the notes.
-Mills Brothers, who will own the entire issue of the
Management.
common stock.
-Bonds Offered.
-Howe,
Michigan Public Service Co.
Snow & Bertles, Inc., Spencer Trask & Co., Central Trust
Co. of Illinois and A. E. Fitkin & Co. are offering at 96 and
int., to yield about 5.32%,$2,000,000 1st mtge. 20
-year 5%
gold bonds, series A.
Dated *mil 1 1927; due April 1 1947. Red. on first day of any month
on 30 days notice at 102 and int. to and incl. March 1 1932, reducing
on first day of April in each of the years 1932, 1937, and 1942. Int.
payable A. & O. in New York and Chicago, without deduction for any
normal Federal income tax not exceeding 2% which the company or the
trustee may be required or permitted to pay at the source. Denom.
$1.000 and $500c*. Company agrees to reimburse the resident holders
of these bonds, if requested within 60 days after payment in the manner
provided in the trust indenture, for the Conn. 4
-mill tax, Penna. 4
-mill
tax, Md. 435-ralll tax, Dist. of Col. 5-mill tax, Calif. personal property
tax not exceeding 4 mills per annum, and for the Mass. income tax on
int, not exceeding 6% of such int, per annum. Central Trust Co. of
Illinois, Chicago, trustee.
Issuance.-Authorlzed by the Michigan P. U. Commission.
Sinking Fund.
-Indenture provides for a sinking fund, under the terms
of which in the calendar year 1930 and in each year thereafter, there shall
be used for the retirement of bonds of series A. an amount equal to not
less than 1% of the largest principal amount of the bonds of series A at
"
any one time outstanding, by purchase in the open market at not exceeding
the then prevailing redemption price, or by redemption.
Data from Letter of President A. E. Fitkin, New York, June 25.
Company.
--Incorporated in May 1927 in Michigan. Has acquired by
consolidation the physical properties formerly owned by the Michigan
United Light & Power Co., Boyne City Electric Co. Boyne River Power
Co., White River Power & Light Co., Michigan Public Service Co. Grayling
'
Electric Co. and Elk Electric Co. Company furnishes, without competition, electric light and power to a prosperous and growing section of
Michigan,including the increasingly popular resort section of the Michigan
peninsula.
The system furnishes electric light and power and water service to
11,748 customers in 60 growing communities and serves a combined population of 47,000. Among the communities served, at retail or wholesale,
are Cheboygan, Pellston, Gaylord, Grayling, Elk Rapids, Boyne City,
Kalkasta, Ludington, Scottvllle, Pentvrater, Hart, Shelby, Hesperia,
Montague, and Whitehall. The town of Gaylord is also served with water.
The aggregate plant capacity of the consolidated properties is 6,815
k.w, of hydro-electric and steam engine generation. There is operated
432 miles of high-tension transmission lines. Water is supplied in the
town of Gaylord to 339 customers. For the year ended Feb. 28 1927
the total output was 14,383,338 k.w.h. of electric energy and 12.213.000
gallons of water. The recent completion of a 33,000-volt transmission
line connecting the principal steam generating plants in the southern
district with the hydro-electric stations in the northern division has produced economies of operation which will continue to be reflected in the
operations of the company. The hydro
-electric storage reservoirs, by
proper control, have been enabled to carry the load of the entire system
during the off-peak hours without the assistance of the principal steam
plant at Ludington, affording a substantial saving in the operating cost
of that plant. At Ludbagton modern coal and ash handling equipment
recently installed has not only effected great economy in labor cost but
has added considerably to reliability of service.
CapitalizationOutstanding.
Authorized.
First mtge. 20
-year 5% gold bonds, series A
(thisissue)$2,000,000
Preferred stock
None
$2,(.00,000
Common stock (all except directors' shares
owned by Inland Power & Light Corp.)-150,000 shs.
x Not limited to specific amount but issuance restricted by provisions
of trust indenture. y Exact number of shares to be fixed by order of the
Michigan Public Utilities Commission.
Earnings of Properties for 12 Months Ended Feb. 28 1927.
Gross earnings
$576,878
Oper. exp., maintenance and taxes (other than Federal taxes).,,, _ 302.298
Net earnings before depreciation and Federal income taxes__ _$274,580
Annual interest requirements on $2,000,000 1st mtge. 5% bonds,
series A (this issue)
100,000
The above net earnings are equivalent to 2.74 times the annual interest
requirements of this issue of 1st mtge. bonds.
For the 12 months' period ended Feb. 28 1927 there was derived from
the electric department of the system 92.5% of the gross earnings and
85.5% of the net operating revenues.
Valuation.
-The properties owned by the company, as recently appraised
by Hagenah & Erickson. engineers, Chicago, plus additions to Dec. 31
1926, have a depreciated valuation in excess of S4.370,000. The bonds
to be presently outstanding, therefore, represent less than 46% of such
valuation.
Purpose.
-Proceeds are being used for and in connection with the consolidation and acquisition of properties above described, for the retirement
of securities of the companies which were parties to such consolidation,
and for other corporate purposes.
Michigan United Light & Power Co.
-Merger.
-
See Michigan Public Service Co. above.
-V. 123. p. 1763.
Mid-Continent Telephone Co.
-Notes Sold.
-E. H.
Ottman & Co., Inc., Chicago, and Keane Higbie & Co.,
Detroit, have sold at 99 and interest, $650,000 one-year
5% gold notes.
Dated June 1 1927; due June 1 1928. Denom. $1,000 and $500 c*.
Principal and interest (J. & D.) payable at Chicago Trust Co., trustee,
Chicago. Redeemable at any time at the option of the company on 30
days' notice at 100,i and interest. Interest payable without deduction for
normal Federal income tax not to exceed 2%. Reimbursement of all State
personal property and income taxes to the extent of 5 mills upon each dollar
of principal, including Mass. income tax not to exceed 6%, upon proper
and timely application as provided in the trust agreement.
The company covenants that it will not make or permit to exist any
mortgage, other than purchase money obligations and liens existing on
properties at the time of the acquisition thereof, on its properties or those
of its subsidiaries except provision be made, as provided in the trust agree
ment, for the retirement of notes.
Company.
-A Delaware corporation. Is orgrinized to own and control,
by means of the ownership of all stock of subsidiaries, telephone properties
and systems furnishing service without competition, in prosperous sections
of Texas. Arkansas and Wisconsin. Through subsidiaries, it will own and
operate 28 modern telephone plants and approximately 300 miles of toll pole
leads, giving local service, without competition, to 7,434 telephone stations,
7,021 of which are company owned stations. All company exchanges have
physical connection with the lines of the Bell System, either directly or
through Its own toll lines. Total population in the areas served is estimated
to be 135,000.
Authorized. Outstanding.
Capitalization41650,00o .1650,000
One-year 5% gold notes (this issue)
500,000
Preferred stock 7% cumulative
200.000
20,000 shs. 10,000 shs.
Common stock (no par)
* $200,000 principal amount reserved for exchange for an equal amount
of 5% notes of a subsidiary recently acquired.
Earnings of Combined Properties, Year Ended April 30 1927.
Gross revenues
*$170,298
Oper. exp., maint. and taxes, other than Federal taxes
79,173
Balance
$ 91,125
Annual interest on entire note issue
32,500
•Earnings of Wisconsin properties audited to March 31 1927.
The above net earnings available for interest and depreciation are 2.80
times the maximum interest requirements of these notes.
95
Purpose.
-Proceeds wil no used to provide company with funds for the
acquisition of property, for additions, betterments, and other corporate
purposes.
Midway Gas Co.
-Comparative Income Account.
Years Ended Dec. 31Operating revenues
Oper. exp., taxes, depree. & maint
1926.
1924.
1925.
$4,531.850 $5,000,220 $5,342,146
3,708,283
4,345,816
4,245,937
Net operating income
Non-operating income
$823,567
12,699
$654,404 51,096.209
29,727
30,969
Gross income
Interest, bond discount & expense
$836,266
95.469
$684,131 $1,127,178
95,020
97,861
Surplus for year
-V. 122, p. 2041.
$740.797
$589.111
$1.029,317
-Annual Report.
Nebraska Power Co.
Calendar Years1925.
1926.
1924.
1923.
Gross earns,from oper__ $4,397,178 $4,165,173 $3.939,010 $3,807.567
Oper. exp., incl. taxes__ 2.260,645
2,183,855
2,107,858
2.174.883
Net earns,from oper__ 52,136,533 51,981.318 $1,831.152 31.632,684
Other income
226,100
204,793
144.445
78,070
Total income
Interest on bonds
Other hit. & dedue'ns
Divs. on pref. stock.,
Renew. & replace. res
Balance, surplus
-V. 123. p. 1877.
$2,341,326 $2,207,418 51,975.597 $1.710,754
740,053
767,553
632.000
607,000
77,906
80,095
45,002
50.830
358.069
363,738
335,747
280,000
300,000
300,000
300,000
300,000
$829,940
$731,390
$662,848
$472,924
-New England Power Co.
-Acquisition.
See Webster & Southbridge Gas & Electric Co. below.
-V.124. p.647.
New Jersey Power & Light Co.
-Earnings, &c.
-
An increase of 35 7 in surplus for the year ended May 31 1927, after
deductions for fixed charges, including interest on funded debt, Is reported
by this company,a subsidiary of the General Gas & Electric Corp.,the total
being $358,947 against $266,671 in the previous year. The company
reports operating revenue and other income of 52.637,940 against 51.876.178
a rear ago,an increase of$761,762. After operating expensi3s, maintenance,
depreciation, taxes, &c., there is shown a total income of 5698,654. comparing with $516.786, an increase of 35%•
The company has under construction another generating plant for the
Pennsylvania-New Jersey zone of the General ,as & Electric system,
which will have an ultimate capacity of 250.000 k.w., the first unit of
which. 40,000 k.w. capacity, will be in operation in 1928.-V. 124, p. 3496.
New York Steam Corp.
-Bonds Offered.
-An additional
issue of $1,500,000 1st mtge. % gold bonds is being offered
at 983 and int., to yield 5.10%, by the National City Co.
and Cassatt & Co. The bonds are dated May 1 1926 and
mature May 11951.
Issuance.
-Authorized by the New York P. S. Commission.
Company.
-Supplies steam for heating and power purposes in the downtown financial district and in extensive uptown commercial and residential
sections in the City of New York. The franchise under which the company
operates is very satisfactory and,in the opinion of counsel, grants the right,
without limit as to time, to lay mains and pipes in any of the streets on the
Island of Manhattan and to supply steam for power, heating and cooking.
Earnings Calendar Years.
Oper. Exp.,
Maint.& Net Earn.
Int. on
Gross
Taxes Other before Fed. Funded
Earnings. Than Fed.
Taxes.
Debt.
Taxes.
1922
53,409,234 52,598,421 $810.813 5287.856
1923
3,724,097 2,787,670
936,427
310,004
1924
3,843,973 2,754,494 1,089,478
316,188
1925
4,334,388 3,139,537 1.194,851
347.899
1926
5,518,449 3.904,117 1,614,332
424,163
1927*
5,948.530 4.180,940 1,767,590
518,934
• Twelve months ended May 31 1927.
Purpose.
-Proceeds will reimburse the corporation, in part, for expenditures in connection with the installation of an additional boiler unit of 13,000
h.p. capacity in the new Nip's Bay Steam Station and for other important
property additions, including the extension of the corporation's mains in
the uptown district.
Capitalization (Upon Completion of Present Financing).
Cumulative Prof. stock, 91,930 shares without par value (41,930
shares, $7 Dividend Series and 50.000 shares $6 Dividend
Series), at minimum liquidation price of $100 a share
59.193.000
Common stock, 30,000 shares without par value, representing
the balance of stated capital
7.320,000
1st Mtge. Gold bonds 5% Series due 1951(including this issue) 7,954,000
1st Mtge. Gold Bonds 6% Series due 1947
5,693.500
-124. p. 2908, 2590.
New York Telephone Co.
-Expenditures.
-
The directors on June 22 authorized the additional expenditure of $10.
330,785 for new construction work in various parts of the territory.served by
the company. This brings the total appropriations made since the first of
the year to $45,767,845, of which $36,488,025 was set aside for enlargement
of plant facilities in the metropolitan area.
In the delivery of the more than 3,007).000 volumes of the new summer
issue of the New York City telephone directory, which began June 27, a
new plan of distribution, designed to speed up the delivery,is being followed.
Previously, the Manhattan Bronx and Brooklyn-Queens books were delivered at the same time. Under the new plan the Manhattan-Bronx directory is being delivered first. When this delivery. requiring about 3 weeks,
has been completed, the distribution of the Brooklyn-Queens book will be
started. According to telephone company officials, this "stagger" system
of delivery has been found necessary because of the huge problem of producing and distributing the millions of books, now averaging nearly 5 pounds
apiece in weight. Since the winter issue of the telephone directory was
printed last November, the number of subscribers' listings in New York
City has increased some 70.000, and now stands well above 1,000.000.-1 124. p. 3:353.
7.
New York Water Service Corp.
-Earnings.
-
Consolidated earnings statement of the corporation, one of the largest
subsidiaries of Federal Water Service Corp.,shows gross revenues of $1.637,390 for the 12 months ended May 31 1927, as compared with $1,604,964 for
the calendar year 1926. Figures for both periods include the Huntington
and Glen Cove, Long Island, properties, now under contract of purchase.
The statement for May 31 1927 includes earnings of the Glen Cove property
for the year ended Dec. 31 1926.
Operating expenses, maintenance and taxes other than Federal
tax totaled $776.350,a decrease of $19,287,leaving gross income of income
$861,040.
as against $809,327 for 1926. After deducting interest charges and allowing
for an additional amount for maintenance and depreciation, as provided in
the trust indenture, the balance available for dividends and Federal income
tax was $356.692, as compared with $306,499 for the year ended Dec. 31
,
1926.- . 124, P. 3630.
North Boston Lighting Properties.
-Extra Dividend.
-
An extra dividend of 50c. a share has been declared
in addition to the regular quarterly distribution ofon the common stock
$1.12 a share, both
payable July 15 to holders of record July 2.-V5 124, p. 2590.
Northern Ohio Power & Light Co.
-Bonds Offered.
The National City Co. is offering at 94 and int., to yield
5.97%, an additional issue of $1,900,000 gen. & ref. mtge.
44_ gold bonds. Dated Mar. 1 1926, due Mar. 11951.
Issuance.
-Subject to Authorization by The Public Utilities Commission
of Ohio.
Conducts a highly successful and growing electric light and power business
in Akron, 0., and surrounding territory, and owns and operates a con:pre-
96
THE CHRONICLE
hensive city and interurban transportation system. Company's business
field embraces the important Cleveland-Akron-Canton-Massillon industrial
section of Ohio.
Earnings for Calendar Years.
Interest on
Net Earns.
Gross
After Taxes. Funded Debt.
Earnings.
$2,339,528
51,182,433
$10.105,124
1923
2,177,563
1,230,477
1924
10,080,997
1,324,047
3,059,296
1925
11,499,698
1,542,804
3,057,507
12,040,841
1926
3,357,058
1,612,085
12,266,797
1927(12 mo.end. May 31)
The net earnings of $3,357,058, as shown above,for the 12 months ended
May 31 1927, compare with $1,518,140 annual interest requirements on the
$28,050,500 mortgage debt to be outstanding upon completion of this
financing.
Security.
-Secured by a direct mortgage on the entire property of the
company, subject only to the liens of underlying mortgages. They share
In all of the underlying liens through $20,587,000, principal amount, 1st
lien .3c ref. mtge. bonds of the company now or presently to be pledged with
the trustee. There are outstanding in the hands of tne public only $4,466,000 1st lien & ref. mtge. bonds and $3,980,000 divisional mortgage bonds.
The 1st lien & ref. and the divisional mortgages are closed as to the issuance
of additional bonds to the public, and the issuance of additional gen. & ref.
mtge. bonds is restricted by the conservative provisions of the mtge.
Capitalization Outstanding (Upon Completion of This Financing).
$10,000,000
Common stock
Preferred stock, paying6%4,612,100
a3,707,700
Preferred stock, paying 7%
2,426,000
15
-year 6)'i% debentures, due 1941
7,964.500
Gen. & ref. mtge. gold bonds, 6% series due 1947
11,640,000
do
53 % series due 1951
,
6
b4,466,000
1st lien & ref. mtge. 5% bonds due 1956
Underlying divisional mtge. bonds (3 issues due Jan. 1 1933) c3,980,000
a Includes $379,600 stock for which subscriptions have been received
on a partial payment plan, but does not include sales made locally by the
company since May 31 1927.
b Not including $20,587,000 bonds now or presently to be pledged under
the general and refunding mortgage.
c 56.774,000 additional underlying divisional mortgage bonds are
pledged under the first lien and refunding mortgage and $11,000 of such
-V. 124. P.
bonds are pledged under the general and refunding mortgage.
3773, 2590.
-Registrar.Northwest Louisiana Gas Co.
The Empire Trust Co. has been appointed registrar of the 7% cumul.
pref. stock, par 5100.-V. 124, P. 3773.
-Note Issue.
Ohio Bell Telephone Co.
The company has applied to the Ohio P. U. Commission for authority
to issue $13,000,000 6% notes to be sold at par. Proceeds will reimburse
the company for expenditures on improvements. The program of expansion and improvements provides for expenditure of $77,000,000 the
next five years. $32,000,000 of which will be expended in greater Cleveland.
-V.124, p. 1361.
[VOL. 125.
of Harrisburg, Pa., New York, N. Y. and Lafayette, La.. and
Davis, geologist and engineer, of Pittsburgh, Pa.
'
Ralph E.
-Proposed Sale.
Quebec Southern Power Corp., Ltd.
Major P. L. Browne. head of Browne, Urquhart & Co., Ltd., and President of the Quebec Southern Power Corp., Ltd., announced on June 22
that he had received an offer to purchase the assets and undertkaing of the
Quebec Southern Power Corp. this offer coming from the Gatineau Power
Co., a wholly 'owned subsidiary of the International Paper Co.
At a special meeting of the board of directors of the Quebec corporation
It was decided to accept the offer of the Gatineau Power Co., subject to
confirmation by the shareholders, who will vote on the proposition on July 5
next. It is understood that, for the present, the outstanding bond issue
will not be disturbed. It is a condition of the sale that the purcigasers assume the liabilities of the corporation, including the $1,000,000634% 1st
mtge.& collat. trust sinking fund gold bonds.
The corporation serves between 45 and 50 communities at t le present
time and has approximately 5,000 customers.
-V.124, p. 1981.
Radio Corp. of America.
-Suit Dismissed.
The United States Circuit Court of Appeals at Philadelphia has upheld
Judge Morris of the United States District Court of Delawaz%! in his dismissal of the suit of De Forest Radio Telephone & Telegraph Co. against
Radio Corp. for an injunction and damages for alleged infri ement of a
patent for vacuum tubes. Both courts held there was no infringement, as
alleged by De Forest, in the sale of Radio Corp. of tubes manufactured for
it by the Westinghouse Electric & Manufacturing Co.and the Westinghouse
Lamp Co.,a subsidiary, as these two companies had limited implied licenses
to do so from the General Electric Co.. which held a manufacturing license
The patent involved in the suit expired in Feb. 1925.-V. 124. p.3773. 2750
Rockland Light 8c Power Co.
-Stock Offered.
The company is offering $3,400,000 of 6% preferred stock, par $50, at
$55 a share. The present preferred and common stockholders of record
June 16 are given right to subscribe on or before July 8 to 72-100ths of a
share of new preferred for each existing share held. Payments must be made
either in full on or before Aug. 1 1927, or $30 per share on Aug. 1 and $25
on Nov. 1. Interest at the rate of 5% per annum will be paid on the first
installment.
-V. 123, p. 325.
-Merger.
-Sodus (N. Y.) Gas & Electric Light Co.
-V. 124, P. 373.
See Lake Ontario Power Corp. above.
-Annual Report.
Southern California Gas Co.
Calendar Years1926.
1925.
1924.
1923.
$9,693,319 $9,820,973 $9,725,887 $7,349,607
Operating revenues
6,966,130 6,994,048
Oper.expenses & taxes- 6,999,786
5,285,045
Net operating income_ 52,693.533 $2,854.843 52,731,839 52,063.962
42,312
69,005
84,393
113,260
Non-operating income__
$2,806,793 $2.923,848 $2,774,151 $2,118,355
Gross income
Int. charges, bond dis1,001,714
913,416
687,155
1,047,767
count & expense
624,413
380,704
779,720
640,998
Depreciation
-Distribution of About 65o.
- Balance, surplus
Oklahoma Natural Gas Co.
$1,118,028 $1,142,414 51,236,322 $1,050,498
Holders of certificates of deposit for stock of this company were to receive -V. 124, p. 1221.
a distribution of about 65c. a share on July 1. The company is in liquidation following the sale of its assets to the Oklahoma Natural Gas Corp. in
Springfield Street Ry.-Earnings.Sept. 1926.-V. 124, p. 236.
1925.
1928.
Calendar Years$3,141,079 $3,219,379
Operating revenues
-Bonds Sold .-Public Operating expenses
Oklahoma Northern Gas Co.
2,619,267
2,697,362
74,146
72,270
offering of an issue of $1,250,000 first (closed) lien sinking Taxes
Cr.9,367
Cr.7,285
fund gold bonds, 6M% series, was made June 29 at par and Non-operating incomeinterest charges, Ste
218,102
220.908
Rental ofleased lines,
232,735
232,735
interest by the investment banking firms of Battles & Co. Dividends
and Brooke, Stokes & Co.
Dated June 1 1927; due June 1 1934. Principal and interest J. & D.)
payable at Pennsylvania Co. for Insurances on Lives and Granting Annuities, Philadelphia, trustee. Redeemable as a whole at any time, or in part
on any interest date, on 30 days' notice at 105 and interest. Denom.
$1,080 and $500 c*. Interest payable without deduction for any Federal
income tax up to 2%. Company will agree to refund any State personal
property, intangible or income tax (not exceeding $5 per $1,000 bond per
annum) which the holder may be required to pay by reason of the ownership
of the bonds, but the company will not refund more than one such State tax
on the same bond for the same year.
-Each bond will carry with it a warrant ton-detachable
Stock Warrant.
prior to June 1 1929), exchangeable for common stock of the company at
the rate of 10 shares per 51.000 bond, on or after June 1 1929, or upon the
call or redemption of the bond if called or redeemed prior thereto.
Data from Letter of Farley Gannett, President of the Company.
Company.
-Will, through its subsidiaries, produce, purchase and distribute gas to a number of towns and industries in Oklahoma and Kansas.
The gas is collected from the subsidiary company's wells in the Deer Creek
field in north central Oklahoma and from a substantial additional acreage
under long-term contract. The major portion of the gas is transported
to the various markets through the subsidiary company's own pipe lines
-inch lines extending 33 miles from the field
consisting principally of two 8
-inch pipe line extending northward to the Kansas State line,
to Enid,and a 4
In which a subsidiary of this company owns a one-half interest.
The principal sales of gas t wholesale to the utility companies are under
ond the life of the bonds and are as follows:
contracts which extend
Oklahoma Gas & Electric Co. at Enid; Oklahoma Natural Gas Co. for the
supply of a number of small towns in Oklahoma; Oklahoma Northern Utilties Co. for the supply of gas to Medford, Okla.; Caldwell Gas Co. for the
supply of Caldwell, Kan.
Gas is also sold in the field under contract to another pipe line company
for retailing in Blackwell, Okla.
The gas so purchased by the distributing companies is served at retail to a
rapidly growing district with a present population in excess of66,000 through
approximately 13,000 meters.
-Ralph E. Davis, geologist and engineer, states
Gas Supply and Reserves.
that the reserves on the leases owned by this company's subsidiary are not
less than 20,000,000,000 Cu. ft. In addition, this company's subsidiary
has a contract for gas extending beyond the life of these bonds from an additional large prbducing area in this field, covering the life of the fields. He
further states that in his opinion and under the proposed financing, the
reserves are amply sufficient to retire the bonds and debentured outstanding
before maturity.
Security.
-These bonds will be secured by the pledge of all of the stocks,
less qualifying shares, and all of the first (closed) mortgage bonds of its
subsidiaries. The par value of the first mortgage bonds so deposited will be
equal to or in excess of the amount of this issue.
Earnings.
-Consolidated earnings statement of the properties of the subsidiary companies for the year ended Jan. 31 1927 were as follows:
$762,516
Gross
241.709
Operating expenses, maintenance and taxes
Net prior to depreciation, depletion and Federal income taxes--$520,807
Int. on $1,250,000 first (closed) lien sinking fund 634% gold bonds
81,250
(this issue)
Balance,surplus
-V. 124, p. 3211.
$3,184
$6.401
-Stock Dividend.
Tampa (Fla.) Electric Co.
The directors have declared a semi-annual dividend of 1-50 of a share
of common stock on the common stock, payable Aug. 15 to holders of record
July 25, instead of a quarterly dividend of 1-100 of a share of common stock
ordinarily payable at that time. It was the opinion of the directors that it
would be more convenient for common stockholders to receive stock divi, In addition to the stock dividends semi-annually rather than quarterly
of
dend, the regular quarterly cash dividend * 50 cents a share was declared
on the common stock, payable Aug. 15 to holders of record July 25.
The company on Fob. 15 last paid a stock dividend of 1-100 of a common
share on the common stock (see V. 124. p. 508).-V. 124. p. 2282.
-R. E. Wilsey
-Notes Offered.
Texas
-Gulf Power Co.
& Co., Inc., and Troy & Co., Chicago, are offering$900,000
1-year 5% gold notes at 99 and int.
Dated June 1 1927; due June 1 1928. Principal and int. (J. & D.)
payable at Central Trust Co. of Illinois. Chicago, trustee. Denom.$1,000
and $500. Red., all or part, on 30 days' notice at 100% adn int. Company
pays normal Federal income tax not in excess of 2%.
Company.
-A public utility operating company incorporated in 1927
In Delaware. Will own and operate a number of previously existing
public utility properties located in a territory southeast of Houston and
northwest of Galveston, Texas. Company will serve over 2,150 electric
and water customers to a number of communities having a population of
about 13.000. In addition, company is negotiating for other franchises
and it is expected that through acquisition a number of other communities
will shortly be furnished electric service over transmission lines.
Authorized.
Outstanding.
Capitalization$900,000
One-year 5% gold notes (this issue)
$900,000
50,000
7% cumulative preferred stock
100,000
1927.4,000 shs.
Common stock (no par value)
Earnings of Properties for the Year Enced 0 sh . 1
5 0Mo 3
5215,150
Gross earnings
113.789
Oper. exp., incl. maintenance and taxes other than Federal taxes
$101,361
Net earnings before depreciation and Federal taxes
45.000
Annual interest requirements on notes (this issue)
The above earnings are over 23i times annual interest requirements
on these notes, and it is expected that contemplated transmissoin line
interconnections will materially increase the earnings. Over 70% of the
net earnings are derived from electric service, which ratio should be
materially increased during this year.
Purpose.
-Proceeds will be used in part for the acquisition of properties.
for transmission line extensions and other capital purposes.
-Earnings.
Union Water Service Co.
Consolidated earnings statement of the company', a subsidiary of Federal
Water Service Corp., shows gross revenues of $529,939 for the 12 months
ended May 311927, as compared with $507,680 for the calendar year 1926.
After operating expenses, maintenance and taxes other than Federal income tax, total income available for interest charges amounted to 5315.991,
as against $298,387 for the year ended Dec. 31 1926. This income compares with annual interest requirements of $159,748 on the company's only
outstanding funded debt, which consists of $2,904,500 1st lien 534% gold
bonds, series A, due May 11951,-V. 124, P. 3211.
$439,557
Balance
The above earnings are equal to more than 6.40 times requirements of
this Issue
Authorized, Outstanding.
CapitalizationFirst lien sinking fund 6.14s
$1,250,000 $1,250,000
-Interest.
United Railways Co. of St. Louis.
500,000
Gold debentures. 7% series due 1934
On
1927 interest will become due on the first gen. mtge. 4% gold
250.000 bondsJuly 1 on deposit with various depositaries for the account of the
7
-year 7% notes due 1934
now
100,000 shs. bondholders' protective committee. No interest warrants are attached to
Common stock
*Additional debentures may be issued as provided in the indenture.
the certificates and in order to collect the interest due it will be necessary
Sinking Fund.
-Mortgage will provide for an annual sinking fund payable for the holders to forward such certificates of deposit to the issuing deposiIn equal semi-annual installments in cash or bonds at par, through the tary. Interest will then be paid on the certificates and notation to that
of which it is calculated that this entire issue will be retired prior effect endorsed thereon. The certificates of deposit will be returned.
operation
to maturity. In addition, a portion of the net earnings as described in the
certificates must accompany the certificates
indenture is also to be applied to the sinking fund. All cash payments Properly executed income tax
-V. 124, p. 3498.
received by the trustee are to be applied to the purchase of bonds at prices of deposit.
not exceeding the redemption price, or if bonds are not so obtainable, such
-Stock Sold.-Pynchon
Utilities Power & Light Corp.
funds shall be used for the redemption of bonds to be selected by lot.
. M. Byllesby
Bonds thus purchased or called shall be canceled and the warrants exchanged & Co., West & Co., Federal Securities
and
for common stock.
& Co., Inc., John Nickerson & Co. Corp.,W. S. Hammons
Management.
-Management of company and subsidiaries will be in the
yield about 7.14%,
hands of Gannett, Seelye & Fleming, Inc., engineers and utility operators. & Co. have sold at 98 and div., t3
JULY 21927.]
THE CHRONICLE
$3,000,000 additional 7% cumulative
(par $100).
preferred stock
Corporation controls, directly or through subsidiaries, public utility
systems (including those in the- process of acquisition), operating in 411
Important cities and towns in 13 States. The systems furnish electric and
(or) gas service to over 445,000 customers. The franchises of the subsidiary
companies are satisfactory and contain no burdensome restrictions. The
validity of The Laclede Gas Light Co. franchise granted in 1857 has been
confirmed by the Supreme Court of Missouri.
Among the companies owned or controlled (including those in the process
of acquisition) are:
Laclede Gas & Elec. Co. (St. Louis) Eastern New Jersey Power Co.
The Laclede Gas Light Co.
Colonial Gas & Electric Co.
Laclede Power & Light Co.
Derby Gas & Electric Corp.
Indianapolis Power & Light Corp.
Newport Electric Corp.
Interstate Power Co.
The combined physical properties of the public utility systems include
electric generating stations with a total installed capacity of 210,000 k.w.
Current is distributed over 3,190 miles of transmission lines. Electric
output for the year ended March 31 1927 was 468.744,154 k.w.h. The
properties also include 9 gas plants, gas output for the year ended March 31
1927 being 8,894,259,000 cu. ft.
CapitalisationAuthorized.
Outstanding.
57., gold debentures due 1947$20,000,000
7 o cumulative preferred stock
$30,0007000
11,747,000
Class A stock (no par value)
1,000.000 shs.
403,846 shs.
Class B stock (no par value)
1,000.000 shs.
540,083 shs.
a Issuance of additional obligations restricted by provisions of trust
indenture.
The subsidiary and controlled companies will have outstanding with the
public $105.366,600 bonds, $31,098,529 preferred stocks and $4,264,315
common stocks.
Earnings.
-Consolidated earnings of corporation and its subsidiary and
controlled companies (including full year's figures of properties to be owned
or controlled on completion of current financing) for the 12 months ended
March 31 1927 were as follows:
Gross revenue of utility operating companies
$27,137,703
Oper. exp., maint. & taxes (exclusive of Federal tax)
14,261.488
Annual int. & diva. on funded debt & pref. stocks of subsidiaries
outstanding with the public. & net earnings accruing to
minority interest
8.653.854
Balance
84.222,361
Other net earns, of corp., incl. net earns. of St. Louis Coke &
Iron Corp. (after int, on bonds to be outstanding upon completion of proposed financing of that corp.'s successor) before
depreciation, Federal income tax. &c
1,487.575
Consol. net earns, before int., deprec. & Fed. inc. tax, &c__ $5,709,936
Annual int. requirements on $20,000,000 534% gold debentures- 1,100,000
9
Wisconsin Michigan Power Co.
-Consolidation.
Plans for the consolidation of 15 Wisconsin and Northern Michigan public
utility companies have been completed,according to President S. B. Way.
Companies included are: The Wisconsin Traction, Light & Power Co.,
Wisconsin Northern Light, Heat & Power Co., Weywuwega Electric Light
Co., Badger Utility Co., Star Electric Co., Aurora Electric Light & Power
Co. and Niagara Light & Power Co. of Wisconsin, and Iron Mountain
Electric Light & Power Co.. Dickinson County. Public Service Co., Powers
Spalding Light4Co. and Twin Falls Light Co. of Michigan. See also
V. 124, p. 3775:
INDUSTRIAL AND MISCELLANROUS..
Refined Sugar Prices.
-On June 27 Arbuckle announced firm price of
6.20c. rier pound.
-George P. Ide & Co., Inc.,
Wholesale Price of Men's Collars Reduced.
reduced wholesale price of Ideflex collars from $2.65 to $2.50 per dozen,
following reduction made by Cluett, Peabody & Co. and Phillips-Jones
Corp. "Wall Street Journal" June 29, p. 12.
Mail Order Houses Will Restore Tire Prices.
-Now catalogues now being
printed will probably show advanced prices for tires and tubes from 5 to 8%
effective July 1. "N. Y. News Bureau Association" June 29.
Matters Covered in "Chronicle" June 25.-(a) Indications of cotton
acreage in June 1927, p.' 3686-3697. (b) Cut of 10% in salaries by Paramount
-Famous Players-Lasky organization followed by salary reductions
by 15 other motion picture producing companies, p. 3700. (c) Report
of change in British rubber export restrictions again denied, p. 3701.
(d) President Machado of Cuba to continue sugar restrictions, p. 3702.
Abbotts Alderney Dairies Inc.-Bal. Sheet Dec. 31 1926.
Liabilities
AssetsFixed assets
$4.573,824 First preferred stock
$1.312,000
Cash
508,095 Second preferred stock_ __
528,900
Accts. & notes receivable.. 321,447 Common stock
y4.047.190
Invest. in bldg. & loan
Accts. payable
509,538
associations and sur. val.
Res.for Fed. & State taxes 145.000
of life insurance policies 124,106 Mtges. pay., less value of
Inventories
467,097
bldg. & loan shares appl.
Ins., taxes, licenses, &c.,
thereto
386.153
prepaid
106,345 Delvers'security deposits21,296
Prof. stock redemp. fund_
3,225 Res,for contingencies-46.827
Drivers' security funds_
21,296
Budget impt.fund
750,000
Treas,stock at cost
39,469
Advances to sub. cos_ _ _ _
25,000
Sund. by.(sub. cos., &c.)
Total (each side)
57,000
36,996,904
z After deducting $2,505,522 reserves for depreciation. y Represented
by 50,000 shares of no par value.
-V.118, p. 2707.
Acadia
Mills, Lawrence,Mass.
-Balance Sheet Dec.31.Balance avail, for diva., deprec. & Federal income tax, &c.._ $4,609,936
Assets1926.
1925.
1926.
Annual div. requirements on 117,470 shs. 7% cumul. pref.
1925.
Plant and equip-32,551,344 $2,554,497 Capital stock
stock outstanding, including this issue
$3,000,000 $3,000,000
822.290
22,799
69,322 Accounts payable_
Consolidated net earnings as shown above were over 5.6 times the annual Cash
53,988
300,525
837,701 Accrued payroll_
779,072
dividend requirements on this issue of 77 cumulative preferred stock. Accts.receivable
5.516
7.030
38
Alter provision for depreciation these earnings were nearly 4 times such Accrued Interest_
Depreciation res_ 851,158
852,830
Notes receivable1.609
6,360 Rolls and spools_
dividend requirements.
530
556,481
782,706 Surplus
Purpose.
-Proceeds will be used by the corporation in connection with Inventories
62.849
174.695
7,500
the purchase of Laclede Gas & Electric Co.and St. Louis Coke & Iron Corp.. Investments
12,811
for the reduction of current indebtedness, the retirement of underlying Tax refund claim_
15,996
Deferred assets__
49.887
(each side)-$3,974,040 84,335,083
61,001
Tot.
securities, and for other corporate purposes. See also V. 124. p. 3774.
-V. 122, p. 75.
Washington Water Power Co.
-Announces Split-Up.
-
President D. L. Huntington states that the trustees have approved the
offering to the common stockholders of additional common stock at $100
per share to the extent of one new share for each 10 old shares. The
common stock now outstanding is $23,097.300. Warrants will be issued
in October and payment for the new stock will be called for in full in November and the stock issued shortly thereafter. This new cap:tal will provide
part of the.cost of the Chelan Power Development.
The trustees jave adopted resolutions to be presented to the stockholders
f or approval at the annual meeting in March 1928 to provide for the creation
of a new issue of preferred stock to be sold from time to time to the customers and employees of the company, the dividend rate to be not over 6%;
the authorized amount to be $10.000.000, of which $5,000,000 will be
reserved for the possible retirement of the present issue of 635% preferred
stock when such action shall be deemed advisable.
In order to facilitate the purchase of this 6% stock by customers and
employees of limited means thereby increasing its distribution and reducing
the cost of the new capital to the company, the par value will be $25 per
share.
It will be callable as a whole at $26 per share (104%) and in part at the
discretion of the trustees at $25 per share, when such part may in the
future have passed into hands other than customers or employees or have
been accumulated in larger amounts than the limit established from time
to time by the trustees.
The trustees in order to ma'ntain the parity of voting rights between
preferred and common stocks and to accomplish the aim set forth above
will also ask the approval at the annual meeting of a resolution providing
for the issue of 4 shares of new common stock in place of each one share of
the present common stock then outstanding. Such new common stock
will no either $25 par or no par value as may be decided upon when the
form of notice to be sent out for the annual meeting is approved by the
board of trustees. A letter to the stockholders will be mailed next week.
V. 124. p. 2284.
Adams Express Co.
-Tenders.
The Board of Managers on June 27 voted to invite tenders for $3.000,000
of its two issues of 4% bonds maturing in 1947 and 1948, and will acquire
such bonds as may be purchased up to but not exceeding 95 and int. 'renders must be in at the office of the company on July 15. The funds are
available from the sale of securities.
-V. 124, p. 1660.
Amalgamated Laundries, Inc.
-Registrar.
-The Chatham Phenix National Bank & Trust Co. has been appointed
registrar of an issue of $5.000,000 7% cum. s. f. pref. stock.
-V. 124.
p. 3071. 3355.
Amalgamated Sugar Co.
-Defers Preferred Dividend.
-
The directors have voted to defer the quarterly dividend of 2% usually
payable Aug. 1 on the 8% cum. 1st pref. stock. This rate had been paid
regularly since Nov. 1 1924.
The reason for the above action, it is stated, was the proposal to move
one of the company's sugar factories from Utah to Missouri, Mont-,
which will involve considerable expense.
Balance Sheet Feb. 28.
1927.
1926.
1927.
1926.
Assets
Liabilities
Plants,sites,equip8% preferred stock 4,156,600 4,271.400
ments, &c
7,617,905 7,964,597 Common stock
y6,165,468 6,165,468
Cash
317,838
344.755 First mtge. bonds.. 2,725,500 3,354.000
Notes & sects, rec.. 206,490
548.366 Notes payable_ __ _
2,08.5,000
Inventories
4,087,214 6,161,751 Accrued bond Int_
82,899
102.172
Sinking fund cub_
26,364
780 Other current liab. 127,156
104,484
Invest.& long term
Def. cred. & long
receivables
11,130,883 1,465,223
term liabilities39,493
80,444
Unamort.bond disc 120,571
217.610 Reserve for continPrepaid fght., ins..
148,537
gencies
Webster & Southbridge (Mass.) Gas & El. Co.
beet exp., &o
523,664 Res. for est. habil
394,393
-Sale.
The New England Power Co. has acquired the stock of the above com153,846
to growers
345,045
pany at $410 per share. There are outstanding 8,000 shares.
450,697
570.299
Surplus
-V. 119,
p. 592.
Total
13,901,659 17,226,850
13,901,659 17,226,850
Total
Western United Gas 8c Electric Co.
x Company stocks and bonds,less reserve, $762,129;farm mortgages and
-Earnings.
The company and subsidiaries for the 12 months ended May 31 report farm contracts, less reserve, $368.755 y 724.624 shares of no par value.
gross earnings of 36.884,859, an increase of $560,449 over the previous- V. 124, p. 238.
12 months. Not from operations for the same period, after operating ex.
penses, maintenance and taxes, was 86.196.384, an increase of $475,013.
American Brown Boveri Electric Co.
(& Subs.).
-Earn.
Net earnings before providing for depreciation, management fees, amortizaResults for Year Ended Dec. 311926.
tion of debt discount and Federal taxes, was 81,361.744. The company
is under the management of General Engineering & Management Corp. Net income from operations (after deduction of $665,176 of
and under the supervision of Day & Zimmermann,Inc.
expenditures of electrical division at Camden, N.J.(see note)_ $671.352
-V.124. p. 3498.
Interest, dividends, discount, &c
224,672
-Earnings.
-Wisconsin Telephone Co.
Calendar YearsTelephone operating revenues
Telephone operating expenses
Uncollectible operating revenues
Taxes assignable to operations
Net non-operating revenues
1926.
1925.
$13.894,820 812.641,687
9,643,335
8,983,970
16,338
32,584
1,203,758
1,020,141
Cr.61,838
Cr.86,338
Total gross income
Rent and miscellaneous deductions
Bond interest
Other interest
Dividend appropriation of income
Miscellaneous appropriations of income
Balance for corporate surplus
-V. 122, P. 2332.
$3.093,227 $2,691,330
62.427
58,197
28,990
32,342
23,007
29,253
2,056.290
1,910,287
75,000
100.000
8847.512
$561,251
Worcester Consolidated Street Ry. Co.
-Earnings.-Calendar YearsOperating revenues
Operating expenses
Taxes
Non-operating income
Gross income
Int. charges,rent of leased roads,amoritzation, &c.
Dividends
Balance, surplus
-V. 124, p. 1363.
1928.
1925.
83.342,151 83.595,403
2.903,725
2,743,002
88.945
144,790
Cr20.060
Cr12,945
$369,341
364,270
$5.271
$720,555
370,557
348,750
$1,248
Total income
Bond interest, discount, &c
$896,024
586,307
Net income
Divs. in pref. stock of sub, companies in hands of public
$309,717
78,677
Consolidateel net profit applicable to parent company
$231,040
Consolidated surplus Dec. 31 1925 (including surplus from
appreciation of property and capital surplus)
2,256,226
Adjustments (net)
121,575
Appreciation of land at Camden, N. J
4,500.000
Inventory adjustment
481,672
Discount on repurchased bonds
5.019
Total
$7,595,533
Dividends on preferred stock
210.000
Dividends on participating stock
790,512
Dividend (stock by subsidiary company)
777,511
Provision of reserve for contingencies
3,500,000
Expenditures of electrical division at Camden,N. J.(see note)
536,492
Sundry charges
126,910
Consolidated surplus Dec.31 1926(incl. surplusfrom appreciation
of property and capital surplus)
$1,654,108
Note.
-On resolutions of the board of directors passed subsequently
to Dec. 31 1926, expenditures amounting to $1,734.322, representing
reorganization fees and expense, and expenditures deemed by the company
to have been made for the development of the electrical division at Camden.
N. J., have been (a) capitalized as deferred charges to the amount of
3532.654,(b) charged to "surplus from appreciation of land" to the amount
of $536,492 and (c) charged as expenses of 1926 to the amount of $665,176.
98
[VOL. 125.
THE CHRONICLE
the five year period ended Dec. 31 1926. after depreciation and Federal
taxes, available for preferred dividends, have been as follows:
1922.
1923.
1924.
1925.
1926.
Earns, avail,for pref. divs..$690.270 $752.633 $822.571 $751.016 $467,070
$23.35
$37.55
$41.12
$37.63
$34.51
Earns. per sh. on pref
Net earnings for the five year period as shown above have averaged
$696,712 per annum,equal to over $.34.83 per share or more than 5.35 times
$33,456 the maximum annual dividend requirements on this preferred stock. Such
Gross loss
4,552 earnings for the 5 months ended May 31 1927 were $196,881. Due to the
Interest on notes payable, &c
fr
19,534 seasonal character of the business, a large part of the annual profits accrue
Cash discount on sales
75,227 during the last 4 months of the year. During the above 5 year period
Interest on bonds
152,077 the company paid out $1,061,467 in cash dividends, in addition to which it
Depreciation
28,862 paid $1,400.000 in stock dividends, and invested over $2,900,000 out of
Miscellaneous
surplus earnings in the business. Since 1916 the company has paid annual
-V. 117. D. 1019.
$313,710 dividends without interruption on its common stock.
Net loss
expense all
The results above shown are arrived at after charging to
-Bonds Offered.
Associated Laundries of Illinois, Inc.
items of the class which were capitalized during 1926 as applicable to the
development of the electrical business at Camden.
-J.H.Brooks & Co.„ Scranton, Pa.,and Stone, Seymour &
The net loss of $313,710 for the first quarter of 1927 compares with a Co., Syracuse, N.Y.,are offering at 99 and int., to yield over
profit in first quarter of 1926 of $436,326.
Laurence R. Wilder has resigned as President, effective July 1, and as of 634%, $350,000 1st (closed) mtge. sinking fund guaranteed
that date became Chairman of the advisory committee of the shipbuilding
gold bonds.
division. No successor as president has been named and Vice-President 634%
Dated June 1 1927: due June 1 1942. Principal and hit. (J. & D.)
Maurice L. Sindeband has been placed in charge of the electrical division.
payable at Bankers Trust Co., New York, trustee. Denom. $1,000,
-V. 124. p. 3633.
$500 and $100c*. Red., all or part by lot, on any hit. date upon 30 days'
-Group Insurance. notice at 105 and int. Int. payable without deduction of normal Federal
American-Hawaiian Steamship Co.
This company, whose main offices are in San Francisco, has insured its Income tax not in excess of 2%. Pennsylvania 4-mill personal property
shore and marine employees under a $1,500,000 co-operative group insurance tax refundable.
policy, purchased from the Metropolitan Life Insurance Co. Those eligible
Data from Letter of J. D. Sweet, President of the Company.
for participation are employed at New York, Boston, Philadelphia. San
-Has been organized to own and operate established laundries
Company.
Francisco, Los Angeles, Seattle and Portland. Ore., as well as at sea. in Illinois and has acquired the properties of the Chicago Wet Wash Co,
The amounts range, according to salary from $1,000 to $10,000.-V. 124, on the North Side: the New Way Home Service Corp. on the West Side;
p. 2593.
and the New Way Laundry Systems Corp.on the South Side, all in Chicago.
These properties are strategically located and constitute a sound nucleus
-Changes Par.
American Hide & Leather Co.
notice from the above for growth in the territories served.
The New York Stock Exchange has received
The Associated Laundries of America, Inc., has acquired a controlling
company of a proposed change in the common stock from 115,000 shares, interest in the company through purchase of securities junior to these bonds.
par $100, to 115.000 shares of no par value, one new shares to be issued The Associated Laundries of America, Inc., owns and is successfully
-V.124. p. 2752.
In exchange for each present share held.
operating laundry properties strategically located in the States of New
Rochester,
-The York and Pennsylvania,including the cities of Buffalo,Scranton. Syracuse,
-Split-Up of Stock-Rights.
American Ice Co.
Utica, Cortland. Elmira, Corning. Binghamton and
approved the plan to split up the
direct obligation of the company and.in addition
-Bonds are a
Security.
stockholders on June 28
first and closed mortgage on all of its real and
common stock on a four-for-one basis and to offer additional thereto are secured by a net physical assets, applicable to these bonds,
property. The
shareholders, as cutlined in V. personal allowance for valuable good-will, are more than 2% times the
common stock to common
without
amount of this issue.
124, p. 3499.
-Consolidated earnings show net earnings for 1926 applicable
Earnings.
Following the stockholders' meeting the directors authorized the usual to interest charges, before reserves for renewals and replacements and
2% quarterly dividend on the old common stock, the new capitalization Federal income tax. were $131,892, or 5.86 times interest requirements
not becoming effective until Aug. 5.
of this issue. The corresponding average figure for the three-year period.
President Charles C Small, addressing the stockholders,.(ald that the 1924 to 1926 incl., was $113,132. or 4.97 times; and current earnings to
company was now handling a heavy seasonal business in all of the eight April 23 1927 were $53,344, or at the rate of 7.62 times interest on the
large cities covered by its operations, June, July, August and September 1st mtge. bonds.
being the peak months of its business. June volume, he stated, was
-Proceeds will be applied to the retirement of the funded and
Purpose.
running ahead of June last year. Mr. Small further said: "In recent floating indebtedness of the acquired properties and for other corporate
months we have absorbed several large plants operating in our territory, purposes.
thus considerably strengthening our distributing and manufacturing posi-Indenture provides for a sinking fund, payable monthly,
Sinking Fund.
tion. In doing this we are merely following a trend noticeable throughout sufficient to retire all of the bonds by maturity.
the industry, as the consolidation of smaller plants into large operating
-This issue will be unconditionally guaranteed as to both
Guarantee.
units is the outstanding factor in the ice business at the present time."
principal and interest, by endorsement on each bond, by the Associated
V. 124, p. 3499.
Laundries of America, Inc.
Consolidated Net Income for the Period Jan. 1 to March 31 1927.
$169,185
Net loss from operations
31,743
Income from investments
8,472
Charter fees from ships owned (net)
47,999
Rentals received
47,514
Miscellaneous
-Sub. Co. Officer.
American Pneumatic Service Co.
Atlantic Gulf & West Indies SS. Lines(& Subs.).-
At the annual stockholders' meeting of the Lamson Co.. a subsidiary,
-Month of April- -4 Mos. End. Apr.301926.
John S. Ogg was elected treasurer succeeding Theodore S. Dutcher.
1927.
1926.
1927.
PeriodV. 124. p. 3776.
$3.197,925 $3,280,707 $13,317,822 $13.772,873
Operating revenues
revenue from oper.
Net
American Road Machinery Co.-Bal. Sheet Dec. 31.
689.480
1.003,296
233,870
195,027
(incl. depreciation)_
898,519
[Including Good Roads Machinery Co.]
1,268,328
297,049
261,986
Gross income
962,883
885.063
1925.
1926.
Liabilities231,929
1925.
220,330
1926.
Interest, rents & taxes
A ssetsCommon stock---$2,000,000 $2,000,000
Real estate, build$383,265 def$64,364
$65,120
$41,655
:3895,269 $883,899 Preferred stock_ _ 1,055,300 1,055,300
Net income
Inas, &c
277,940 -V. 124, p. 3499.
1.750 Dividend scrip.- 260,106
50
Investments
554.863
600,865
823.113 Funded debt
975,038
Bills & accts. rec
-Sales.
397,000
325,063
41,028 Loans
Auburn (Ind.) Automobile Co.
56,197
Cash
280,650
886,601 1.040,997 BIlls & accts. Day- 394,341
The company sold over 8.000 cars during the first 5 months of 1926. or
Inventories
33,271 slightly less than the total number sold during the entire year 1926. Proacc. 2,000,000 2,000.000 Contingent res_
Pats.,
157.598 duction and sales this year have practically doubled as compared with the
11,838 Sur. & conting. res 228,732
5,250
Deferred charges
corresponding period last year. It is further announced that profits per
Total
$4,818,405 $4,802,626 car have fallen about $5, principally because certain accessories which last
$4.818,405 $4,802,626
Total
the f. o. b. price.
x Including machinery, tools and equipment at factories, automobiles year were extra are this year included inat the Auburn plant and $150,000
The proposed expenditures of $85,000
and office furniture at sales offices, less depreciation to Dec. 31 1926.Connersville plant will put the company in a position to make 3,500
at the
V. 123, p. 1116.
to 4,000 cars a month, or over twice its average monthly production thus
-Two New Members of Board.
far this year.
American Surety Co.
Contracts in excess of $150,000 have been let for additional machinery
The company has announced the election to its board of trustees of
at Connersvile, Ind., purchased last
F. Coil Johnson, President of J. H. Lane & Co. and A. T. Brosseau, and equipment for the company's plant according to an announcement by
Motor Tructi Corp. The company year from the Lexington Motor Co.,
President of the Mack International
has been idle since production of
has also made public the election of Arthur F. Lafrentz as first Vice- Pres. E. L. Cord. The plant, which operation early this month, accordbe put
President and Arthur A. Nelson, Comptroller, Mr. Lafrentz having pre- Lexington cars was halted willbe usedin
exclusively for production of Auburn
-V. 124, p. 3212.
ing to present plans, and will
viously been Second Vice-President and Comptroller.
-V. 124, p. 3776.
parts.
Anchor Post Fence Co.-Trustee.
T he Interstate Trust Co. has been appointed trustee for the first (closed)
% mortgage bonds, due serially 1930-1942.
-Preferred Stock
Arrow Electric Co. Hartford, Conn.
Eold.-An issue of $2,000,000 634% cumulative preferred
stock was sold at 983/ and div., to yield about 6.60%,
by Thomson, Fenn & Co., Putnam & Co. Adams, Merrill
'
& Co., Roy T. H.Barnes & Co., Hartford, Conn.; Chas. W.
Scranton & Co., New Haven, Conn., and The R. F. Griggs
Co., Waterbury, Conn.
-J. Callable as a whole or in part
Cumulative dividends payable Q.
upon not less than 60 days' notice at 108 and dive. Divs. exempt from
present Federal normal income tax. Not subject to Connecticut property
taxes. Registrar and transfer agent: Hartford National Bank & Trust Co.
Data from Letter of Edward It Grier, Vice Pres. & Gen. Mgr. of the
Company.
-A Connecticut corporation. With its predecessor has been
Company.
since 1905. Company is one of the largest manuin successful operation
facturers of electrical wiring devices in the United States, its products.
including sockets, switches, plugs, receptacles, cut-outs and other wiring
supplies. It owns a large modern factory located in Hartford, Conn.
Through ownership of the entire capital stock of the Washington Porcelain
Co., which owns a completely equipped modern factory at Washington,
N. J., the company controls its own supply of electrical pqrelain used in
Its business. Both factories are well located with respect to transportation
facilities and labor.
Authorized. Outstanding.
Capitalization$2,000,000 $2,000,000
% =Md.pref.stock (par $100)
*750,000
1,000,000
Common stock (par $25)
For over 20 years practically all of the common stock has been owned
*
by the present management and associates, who will continue in active
management and who will likewise continue to retain ownership of the
common stock.
-On or before the expiration of 60 days after Jan. 1 1928
Sinking Fund.
and each year thereafter, an amount equal to 20% of the net profits of the
company for the preceding calendar year, after deduction of all taxes and
all dividends on the preferred stock, shall be paid into a sinking fund for
retirement of the preferred stock through purchase in the market at not
exceeding 108 or by redemption by lot at that price and accrued dividends.
Preferred stock so purchased or redeemed shall be immediately retired and
shall not be re-issued. The preferred stock sinking fund and all funds
transferred thereto shall be under the exclusive control of a committee
composed of Charles E. Chase, Daniel J. Glazier and George S. Stevenson,
Hartford.
-Application will be made to list the preferred stock on the
Listing.
Hartford Stock Exchange.
-Company's business as reflected in volume of sales has
Earnings.
shown a consistent and substantial growth. Consolidated net earnings for
Austin, Nichols & Co. (Inc.). Resignation.
In addition to the announcement that Harry K. Gorwig has resigned as
Secretary and Comptroller, it was also recently stated that Charles W.Patterson has resigned as President. No successors have as yet been named.
V. 124, p. 3777.
-Earnings Calendar Year 1926.Babson Park Co.
Totalincome
Management and upkeep of property
Taxes and insurance
es
Depreciation on buildings and
fixturLgh,
heat, water and telephone
Club house supplies and expenses
Miscellaneous
16,022
11,230
29,812
8,896
$115,347
Total expenses
$37,427
107,985
Net income for 1926
Earned surplus Jan. 1 1926
$145,412
15,596
10.373
Total surplus
Cash dividends preferred stock
Adjustment of real estate values
Earned surplus Dec. 31 1926
-V. 116. p. 1054.
$1225622:,858707354
$119.443
•
-May I naugurate
Bankstocks Corp. of Maryland.
Dividends on Class "A" Stock at Close of Year.
Inauguration of dividend payments on the class "A" stock will take
place before the close of the year, according to President John H. Mooney.
The corporation will pay its ninth consecutive quarterly dividend of 1%%
on the preferred stock, July 1. The amount of the initial dividend on the
class "A' stock has not yet been determined by the directors, but will be
not less than 50 cents a share.
The financial statement as of May 31 showed total resources of $457.7,8.
The corporation has earned a surplus of 39.19% on its invested capital,
and its 65i 7,, cumulative convertible preferred stock has a book value of
-V. 123, p. 585.
$65.03 per share. It is announced.
-Balance Sheet.Barnard Mfg. Co.
Dec.31 '26 Jan. 2 '26
LiabilitiesDec. 31 '26 Jan. 2 '26
Assets$1,250,000 $1,250,000
Plant
$1,464,239 $1,461,803 Capital stock
150,000
Bills payable
1,269
Trucks.&c
1,269
38,573
Accounts payable_
Cash, accts. rec..
11,000
16,309
623,498 Res. for city taxes_
Inventory, &c._ 470.794
593,469
553,469
Depreciation
20,551
9,691
Tax reserve
55,974
73,837
Tot.(each side)-$1,936,303 $2,086,570 Profit and loss_ _ _ _
-V. 122, p. 1030.
JULY 2 1927.]
THE CHRONICLE
Barnsdall Corp.-Meetinq Postponed.
-
PI The special meeting of the stockholders called for June 29 has been
postponed until Aug. 4.
This meeting will be held for the purpose of making such changes in the
capital structure of the company so that the class B non-voting stock can
be exchanged into class A voting stock. Owing to the fact that some legal
complications might arise in connection with the stock purchase warrants
attached to 15
-year gold debentures, which call for the purchase of class B
stock, this class of stock cannot well be done away with Enough class B
stock will therefore be left outstanding to take care of the stock purchase
warrants, which can be exchanged into class A stock at the option of the
holder.
-V. 124 p. 3500.
Bay-Adelaide Garage, Ltd., Toronto.
-Bonds Offered.
Stewart, Scully Co. Ltd,and Cooper & Mackenzie, Toronto,
are offering at 98q and interest $400,000 first mtge.6%
20-year sinking fund gold bonds.
Dated April 15 1927; due April 15 1947. Principal and interest (A.& 0.)
payable at Canadian Bank of Commerce,Toronto, Montreal and Hamilton.
Denom.$1,000,$500 and $100 c*. Redeemable, all or part, on any interest
date before maturity on 30 days' notice at 105 and interest to April 15 1932;
104 and interest thereafter to April 15 1937; 103 and interest thereafter to
April 15 1942, and thereafter at 102 and interest. Chartered Trust &
Executor Co., Toronto, trustee.
Capitalization.
63-5% first mortgage sinking fund gold bonds (this issue)
$400,000
% second mortgage sinking fund gold bonds
50,000
7% preferred cumulative redeemable stock
100,000
Common stock (no par)
15.000 abs.
Company.
-Is the owner of the property with a frontage of Soft. 33i in.
on the south side of Adelaide St. commencing about 160 ft. west of Bay St.
and with a depth of 143 ft. and also the parcel of land contiguous thereto
situated in the centre of the block bound by King, Bay and Adelaide streets.
Toronto, approximately 105 ft. x 112 ft. On the above property is being
erected a modern firepproof 6
-story and basement parking garage designed
on the ramp plan and to be constructed of reinforced concrete with brick
and stone trimmings and having an inside capacity of over 500 cars.
Company has leased this property for 21 years to Toronto United Garages,
Ltd., who will operate the garage, at an average rental of $62.976 per year,
plus municipal taxes and fire insurance. The lease is renewable at the option
of the lessee every 21 years in perpetuity.
Valuation.
-The land on which the garage will be erected has been valued
at $212,700. In addition to the land the cost to the company to complete
the whole undertaking will be $407.500 which with the land valued as above
gives a security behind these bonds totaling $620,200.
Earnings.
-As the whole of the company's property is under lease its
operating expense is reduced to a minimum and the average cash rental of
$62,976 per annum will be available for bond interest and sinking fund and
amounts to considerably over twice the annual interest of $26,000 on this
issue.
Sinking Fund.
-A sinking fund of $9,800 per annum plus interest on bonds
redeemed, commences April 15 1928, and will be sufficient to retire the
entire bond issued by maturity.
99
Security.
-Secured by the pledge with the trustee of bonds of States,
political subdivisions and municipalities of the United States
the United States Government, approved by the bankers and or of bonds of
equal in both
par and market value to the principal amount of notes outstanding. Substitutions of collateral of equal par value may be made provided both
the
bankers and the trustee approve same as to market value and desirability.
Earnings.
-Average annual net earnings after depreciation and
charges, available for interest on the funded debt and Federal taxes all other
ed to $744,102 for the 10 years ended Jan. 29 1927, or over amount5.9 times
maximum annual interest charges of $125,000 on this issue.
Purpose -Proceeds of this issue will be used to retire by call outstanding
guaranteed 6% serial gold notes, due Jan. 1 1928 to 1931, incl., and
to
add to the working capital of the company.
Ownership.
-Entire capital stock is owned by the Netcher Estate and
Mrs. Mollie Netcher Newbury individually.
Sinking Fund.
-The agreement provides for a shaking fund,
annually each July 1 1929 to 1937, inclusive, which is calculatedoperating
over 53% of the issue by maturity. The company will 'my in to retire
these years $250,000 to be used, first, for the payment of interest each of
on notes
outstanding and,second,for the retirement of notes under the sinking fund.
Such notes are to be purchased in the open market if obtainable
at not in
excess of the sinking fund redemption prices, and if not so obtainable
be called by lot at such prices. As such notes are retired, pledged are to
bonds
may be withdrawn proportionately, but sufficient bonds shall remain
pledged to be equal in both par and market value to the balance of
these
notes outstanding.
Balance Sheet Jan. 29 1927 (After Giving Effect to Present
Financing).
AssetsLiabilities
Total current assets
$5,085,809 Current liabilities
Other assets
109,796 5% secured gold notes--$1.103,122
2.500.000
Investments
3,000 Capital & surplus
x3,988,413
Land, bldgs., fixtures &
equipment
2,068,644
Deferred charges
324,284
Good-will
Total /each side)
1
$7.591,534
x Capital stock-Authorized and outstanding 10,000 shares (no
par
value)
.-V. 117, p. 92.
Botany Consolidated Mills, Inc.
-Tenders.
-
The Chase National Bank, 57 Broadway, N. Y. City, will until
July 5
receive bids for the sale to it of 10
-year
% s. f.
1934, to an amount sufficient to exhaust $52,835, gold bonds, due April 1
at prices not exceeding
102 and haterest.-V. 124, p. 2285.
Bowman Biltmore Hotels Corp.
-Earnings.
-
Calendar Years1926.
1925.
Earnings after deducting all int. charges & deprec_ $1,899,729
$1,577,518
First preferred dividends
462.380
440,913
Second preferred dividends
678.255
664,581
Surplus
$759,095
$472.024
Profit and loss, surplus
$1,600,415
$781,983
-V.124, p. 239.
Brockway Motor Truck Corp.
-Earning
s.
Calendar Years1926.
1925.
Gross profit from sales
$2,261,072 $1,990.634
Factory,selling, administrative & general expense_
1,371,344
1,221,579
Profit from operations
$889,728
$769,055
Other income credits (net)
107.012
39,949
Gross income
Birtman Electric Co.
$996.740
-Initial Dividends.
$809,004
Federal income tax
134.560
The directors have declared initial quarterly dividends of $1.75
105,170
preferred and 25 cents on the common stock, thereby placing the on the
Net income
stocks
8862,180
on a $7 and $1 annual basis, respectively. The dividends are payable Surplus at beginning of
$703,834
year
1,315.578
Aug. 1 to holders of record July
823.760
The directors have voted to retire 1,500 shares of preferred stock by
Gross surplus
$2,177,758 $1,527,594
chase on call on Nov. 1 at a price not to exceed 103 and divs.-V. pur- Dividends
124,
291,677
153.329
p. 2912.
Adjustment of Federal taxes prior years
Dr.23,427
Other adjustments
(E. W.) Bliss Co., Brooklyn, N. Y.
Cr.3.326 Dr.35,260
-New President, &c.
Frank C. Page has been elected President to succeed the late James W.
Surplus Dec. 31
$1.889,408 $1,315,578
Lane. Frank D. Mackay has been elected 1st V.-Pres.-V. 124, p. 3213.
-V. 124. P. 511.
Booth Fisheries Co., Chicago.-Report.
Years EndedApr.30'27. May 1 '26. May 2 '25. Apr.28'24.
Buckeye Incubator Co., Springfield,0.
-Rights, &c.
Operating income
$1,222,426 $1,243,919 $1.112,723
The stockholders on June 22 increased the authorized
$942,177
Interest
common stock (no
638.553
621,698
653,241
659.282 par value) from 75.000 shares to 100,000 shares.
Depreciation,&c
178,864
177,591
The common stockholders of record June 12 have been given
174,273
171,703
Federal taxes
48,881
subscribe on or before June 25 for the additional 25.000 sharesthe right to
32.109
stock at $44 per share on the basis of one new share for each of common
Balance, surplus
three shares
$356,129 • $412,521
$285,210
$111.192 already held. Subscriptions are payable 25% in cash to accompany
Shs.of com.outst.(no par)
sub250,000
250,000
250,000
250,000 scription, and the remainder not later than July 5. The new stock has been
Earns per sh. on prof__ _
$7.12
$8.25
$5.70
$2.22 underwritten by R. V. Mitchell St Co., an Ohio corporation.
Officers are: J. B. Cartmell, Chairman; Arthur It. Hill,
Comparative Balance Sheet.
Pres. and Gen.
Mgr.;
Cugley, V.-Pres. & Treas.; R. A. Essex, Sec. & Gen. Sales
Apr.30 27. May 1 '26
.
.
Apr.30'27. May 1 '26. Mgr. Georgeoffices
AssetsMain
and factories are at Springfield, Ohio. Foreign offices
$
Liabilities$
$
Real estate, mach.,
Preferred stock_ „c4.999,800 4.999.800 are located at London, Brussels, Herblay (France). Mexico City, Barcelona,
&ii
y14,799,814 14,787.124 Common stock....x5.000,000 5.000,000 Durban (South Africa), Sydney (Australia), and Kobe (Japan).
Pref. stk. disc. Si
Funded debt
6,679,400 6,668,876
President A. R. Hill, June 9, said in substance
reorg.exp
377,801
377.801 Reserves
37,619
98,124
The company has concluded the most successful year in its :
Inv. In allied cos
108,684
108,569 Federal taxes
history. Its
48,881
32,109 net sales were in excess of $4.400,000 (based
Long term note me
15,000
on actual shipments) as com20,000 Accounts & notes
pared with the previous year's net
Sinking fund
650
184
payable
a2.777,003 3.189.623 addition of the plant and business sales of approximately $3.000.000. The
Cash
Newtown Incubator Co. of Harriof the
811,032
714,779 Int., tax., ins., &a.,
sonburg, Va., acquired one year ago, has been
Accts.& notes rec.,
accrued
115,109
147.266 of that division of the company's business amply justified and the sales
less reserves---- 893,674
have increased 58.46%. The
838,690 Surplus
1,523,672 1,175,054 total net earnings of the
Inventories
Buckeye company for
3,346,705 3,783.730
estimated Federal taxes and charges for reserves,the last fiscal year after
Unexpired Maur
22,160
as shown by the certified
6,615
audit of Ernst & Ernst, were $672,433, an increase over
Deferred charges._ 805.965
673,358
the previous year
of 61.98%.
In order that
Total
working capital of the company may keep pace with the
21,181,485 21,310,852
Total
21,181,485 21,310.852 current volume theits
of
business and
company
x Represented by 250.000 shares of no par value. y
expand its business, it is necessary that the working may be enabled to
that its
capital be
$4,159,346 reserve for depreciation. a Of which accounts After deducting The directors
payable, $474,have, therefore, recommended that the common increased.
503; and notes payable. $2,302,500. Of this latter amount
$829,400 had creased from 75,000 shares to 100,000 shares, and that the new stock be inbeen paid off up to April 30 1927. c Preferred dividends unpaid
25,000 shares
since be sold for cash. The policy of the board of directors has been to restrict
Oct. 1 1920.-V. 123, P. 1636.
as far as possible the investment in
buildings and machinery, and this
policy will be continued.
Borg & Beck Co. of III.
-Buys Own Stock.
The-dividend rate on the outstanding common
The company, according to Chicago dispatches, has purchased
stock has been
year
in the payable quarterly, which has been a conservative disbursement$3 perearnopen market 2,600 additional shares of its capital stock, par
from
increasing its holdings to 10,000 shares out of 125,000 shares $10. thus ings. The directors believe that, based upon present business conditions,
originally a dividend rate of $3.50 per share will now no justified.and
outstanding.
-V. 124, p. 3777.
it is their intention to pay this amount upon the common stock outstanding,
beginning
with Oct. 11927.
Boston Store of Chicago, Inc.
-Notes Sold.-Public rate of dividend Under normal conditions the directors believe that this
can be maintained.
offering was made June 28 of $2,500,000 5% secured gold Consolidated
Balance Sheet April 30 1927 (After Giving Effect to
notes by a banking group composed of Ames,Emerich & Co.,
Proceeds from Proposed Sale of Common Stock).Approximate
Inc., A. G. Becker & Co. and Guardian Detroit Co., Inc.
[Incl. the National Brooder Co., Springfield,
Ohio, a Subsidiary.)
AssetsThe notes, priced at 100 and int., were oversubscribed.
Liabilities
Cash
Dated July 11927, due Jan. 1 1938. Principal and interest
$147,337
(J. & J.) Customers Notes reale and $446,651 Accounts payable
payable at Ames, Emerich & Co., Inc., Chicago and New
Accrued liabilities •143,504
accrued interest
a whole but not in part on any int. date on 30 days' noticeYork. Red. as
635.641 Reserve for contingencies_
at 103 and int. Accounts receivable
4.000
up to and incl. Jan. 1 1932; thereafter at a premium of 3i of
339.789 Preferred stock
200.000
full year of unexpired life. Red. in part for sinking fund on 30I% for each Inventory
x1,710.350
days' notice Personal & misc, notes and 1,122,840 Common stock
at 1023i and int. up to and incl. July 11932; thereafter at a premium of
Profit and losssurplus_ _ _ _ 1,091,591
3-§
accounts receivable, &c_
of 1% for each full year of unexpired life. Denom. $1,000 and
20,824
$500 c*. Land,bldgs.mach.,equip.,
First Trust & Savings Bank of Chicago, trustee. Interest
payable without
&c. (less reserve)
deduction for normal Federal tax not in excess of 2%.
582,498
Pat's (unamort. book val.)
22,972
Data from Letter of Charles Netcher, President of the Company.
Prepaid expenses, &c
125,566 Total (each side)
$33,296,782
Company.
-Is the outgrowth of a business founded in 1873, which
x Represented by 100,000 shares of common stock (no
now
par value) divided
constitutes one of the largest department stores in Chicago and the
second as follows: Declared common capital. $300,000; paid in common capital,
largest strictly cash store in America.
$1,410,350.
The Boston Store is located at what is known as "the busiest
Note.
the world" at State and Madison streets and extends a full block to corner in current-Statement reflects approximately $8.75 current assets for each $1
indebtedness.
Dearborn
St. The store building consists of 17 stories and 3 basements and
Includes
over 1,000,000 sq. ft. of space. Employees total more than 3,500.
Cairo Bridge & Terminal Co.
-Bonds Sold.
-H. M.
company's policy of merchandising for cash only has eliminated the The
losses
and overhead expenses entailed by selling goods on credit. The develop- Byllesby & Co. and Federal Securities Corp. have sold at
ment of the business from its establishment in 1873 to its present
97W and int. to yield over 6.75% $2,100,000 1st (closed)
1
size
been accomplished entirely without the assistance of outside capital. has
mtge.6% 20
-year sinking fund gold
Bernheimer-Leader Stores, Inc.
-Bonds Called.
-
All of the outstanding series A 7% mortgage gold bonds, due Aug. 15
1943, have been called for redemption on Aug. 15 next at 105 and interest
at the Fidelity Trust Co., Baltimore. Md.
All of the outstanding 5
-year 6% secured gold notes, due Jan. 1 1930.
have been called for payment Aug. 1 next at 101% and interest at the Fidelity Trust Co., Baltimore, Md.-V. 119. p. 2882.
bonds.
100
[Vol,. 125.
THE CHRONICLE
Dated July 1 1927: due July 1 1947. Denom. $1,000 and $500 c*.
Principal and int. (J. & I) payable at Continental & Commercial Trust &
Savings Bank, Chicago, trustee and in New York. Red. as a whole on
any int, date on or before July 1 1937 at 105 and int.: thereafter at a premeach year to and including July 1 1946: thereafter at
ium decreasing % %
100% and int. Company will agree to pay interest without deduction
for any normal Federal income tax, not in excess of 2% and to refund
Penn. personal property taxes not in excess of 4 MIDS. Maryland securities
tax not in excess of 434 mills, Kentucky 5 mills tax. California tax not
exceeding in the aggregate 5 mills, and the Mass, income tax not in excess
of 6% per annum.
Data from Letter of Harry E. Bovay, Pres. of the Company.
-A Delaware corporation. Will construct, own and operate
Company.
a highway toll bridge across the Mississippi River. connecting Cairo,
with Birds Point, Mo. The City of Cairo, with a population of upwards
of 18,000. is a manufacturing community and a freight distributing center
to a large agricultural section within a radius of 110 miles in Missouri,
southern Illinois and vicinity, and Is situated at the intersection ofnational
motor highways connecting the Atlantic and Pacific seaboards, and also
connecting the cities of Duluth, Minneapolis, St. Paul. Chicago and St.
Louis on the north with Memphis. New Orleans. Gulfport, Biloxi and
Florida cities on the south. The Illinois approach to the bridge at Cairo
will provide direct through traffic from all roads entering the city from the
north, northeast and east. The Missouri approach will be on a direct level
with the concrete automobile roads to Memphis and southern highways
and with all southwest, west and northwest national trunk highways converging to Cairo. Because railroad freight rates at Cairo, to and from
points North and East, are equivalent to the lower water-borne freight
rates, shippers and consumers in neighboring States should increase truck
delivery and receipt of goods at Cairo terminals, via the bridge.
--The bridge will be of steel, cantilever type, on reinforced conProperty.
crete piers, approximately 5.035 feet between approaches. 60 feet above
high water level. with 7 through truss spans and 32 approach spans, and
having a concrete paved roadway 20 feet in the clear between curbs to
amply accommodate two lines of vehicular traffic. Together with approaches, the entire length of the bridge will be about 2)i miles. Waddell
and Hardesty, eminent bridge engineers of over 40 years' experience have
prepared all designs of the bridge, which have been approved by the United
States War Department. Missouri Valley Bridge & Iron Co. and American
Bridge Co. will respectively erect the substructure and the superstructure.
Capitalization Outstanding (Giving Effect to Present Financing).
-year sinking fund gold bonds (this issue)___ $2,100,000
let mtge. 634% 20
500,000
77 5
-year sinking fund gold debenture bonds
600,000
7% cumulative preferred stock (par $100)
60,000 shs.
Common stock (no par value)
The entire outstanding issues junior to the 1st mtge. bonds have been
sold. A large majority of the preferred stock has been sold by the Cairo
Association of Commerce in Cairo and surrounding territory.
-Bonds will be secured by a closed first mortgage on all the
Security.
physical property and other assets of the company now or hereafter owned,
including all rights and franchises. The total estimated cost of the bridge,
approaches and rights of way is approximately $3.200.000. The proceeds
from the sale of these bonds and of junior securities of the company will
be deposited with the trustee, to be disbursed under the disbursement agreement described in the trust indenture securing these bonds. The mortgage provides for the insurance of the bridge against damage by fire, lightning, flood, tornado, earthquake, collapse, explosion, riot, malicious action
and other insurable hazards. Surety bonds have been furnished to the
trustee, guaranteeing the completion of the structure free and clear of
liens and encumbrances In accordance with terms of the contracts.
Earnings.
-Ford, Bacon & Davis, Inc. Engineers, have completed a
'
detailed study of anticipated income from traffic, based upon which it is
conservatively estimated that average annual net earnings during the first
5 years of bridge operation will exceed 2.35 times average annual interest
requirements of the 1st mtge. bonds during the same period and that
average annual net earnings during the entire life of these bonds will exceed
8.77 times average annual Interest requirements to maturity.
-Indenture provides for a cumulative quarterly sinking
Sinking Fund.
fund commencing July 1 1932. payable out of net earnings, which should
retire this issue at or before maturity. Bonds may be acquired for the
sinking fund either by purchase In the open market or by call in part, by
-V. 124. p. 3635.
lot at the then existing redemption prices.
Canadian Explosives, Ltd.-Changes Name and Par Value
of Common Shares.
$1,000, $500 and $100 c*. Callable all or in part on 60 days' notice at a
premium of 3 of 1% for each unexpired 6 months period to maturity date.
Company is a Texas corporation organized In 1925 and acquired approximately 225,000 acres of land in Dimmit and Webb Counties, Tex. Land
Is being improved and developed and is being sold to the Winter Garden
Farms. Inc., which is selling in tracts suitable for farms at prices ranging
from $50 to $100 per sue. To date over 25,000 acres have been sold at an
average price of over $62 per acre.
The proceeds from the sale of these bonds are to be used to retire existing
indebtedness and to provide capital for additional developments and ima
provements.
These bonds are the direct obligations of the Catarina Farms Co. and
are secured by a first mortgage on more than 200,000 acres of land in the
Winter Garden District of Dimmit and Webb Counties, Texas. subject to
an existing lien of 5479,8.58 for the retirement of which a like amount of this
issue will be held by the trustee. It is provided in the deed of trust that
portions of the lands may be released only by deposit with the trustee of (a)
$7.50 in cash or United States Bonds or (b) of vendor's lien notes (first
mortgages) for sums equal to $15 per acre for each acre so released.
Carbo-Oxygen Co., Pittsburgh, Pa.
-Earnings.
(Including Carbo-llydrogen Company of America.)
Calendar Years1925.
1926.
Gross earnings
$1,342,023 51.199.725
Material costs & amnufacturing expenses
652.118
713.489
Administrative, general & selling expenses
323.504
328,200
Net operating profit
Miscellaneous income
300,333
13,023
224,103
11,042
Totalincome
Interest, discount, &c
Depreciation
$313,356
120,866
132,953
5235.145
111,131
181.180
Net credit to surplus account
-V. 117. p. 1996.
559.538 def$57,166
-Trustee.
Catskill Evening Line, Inc.
The Empire Trust Co. has been appointed trustee for an issue of $150,000
let mtge. 6% 20
-year sinking fund gold bonds. dated March 15 1927, due
March 15 1947.
-Exchange of Certificates, etc.
Central Leather Co.
Holders of certificates of deposit of Bankers Trust Co. for preferred and
common stock of the Co. may exchange their certificates on and after July
5. 1927. at the office of Bankers Trust Co., 16 Wall St., for voting trust
certificates of the United States Leather Co. under the readjustment plan,
according to a notice sent out June 29 by Kuhn, Loeb & Co. and Bankers
Trust Co., managers.
Holders of certificates of deposit for preferred stock will receive, for each
share of stock represented; voting trust certificates for $50 par value (onehalf share) of the 7% cumulative prior preference stock: voting trust certificates for three-fourths of a share of Class A participating and convertible
stock and $5 in cash. Voting trust scrip certificates will be delivered in
lieu of voting trust certificates in respect of fractional shares.
Holders of certificates of deposit for common stock will receive, for each
share represented, a voting trust certificate for one share of common stock
of the United States Leather Co. Certificates of deposit surrendered must
be endorsed in blank or accompanied by assignments and transfers in blank,
duly executed, and must also be accompanied by a letter of transmittal
addressed to the depositary and signed by the registered holder of the
certificate of deposit.
By surrendering their certificates of deposit at once holders will be able
to receive without delay the dividend of 7% recently voted by the board
of directors of the United States Leather Co. and payable August 1 to stock
of record July 15.-V. 124. p. 3778, 3214.
-Bonds Retired.
Central Tube Co., Pittsburgh.
All of the outstanding 51.500.000 1st mtge. 6% gold bonds dated Dec. 1
1924 have been called for payment July 1 1927 at 102 and int. at the Dollar
Savings Sz Trust Co.. trustee, 526 Federal St., Pittsburgh, Pa.
G. M. Williams is Secretary and Treasurer of the Central Tube Co.
-Earnings.
Chandler-Cleveland Motors Corp.
In a letter to dealers and stockholders Pres. Fred C. Chandler says:
"In the shipment of cars the first six months of 1927 show an increase of
29% over the same period of 1926. In earnings, while the company did
not gain much headway until March 1, the net earnings after depreciation
and allowance for Federal taxes were $576,919 for March. April, and May."
These net earnings are equal after $4 non-cum. cony. pref. divat., to
-V.124, p.2753.
81c.a share on the 280.000 shares of no par common stock.
In order to show more clearly the varying manufacturing interests in
which the company is now engaged the board is recommending that the
name of the company be changed to Canadian Industries, Ltd.. and that
a new company, Canadian Explosives, Ltd., be incorporated to purchase
from Canadian Industries, Ltd., Its explosive operating assets. The effect
of this will be to put the new Canadian Explosives, Ltd., Inn parallel posi-Annual Report.
Chapin-Sacks Corp.
tion opposite the holding company to that now occupied by Dominion
1925.
1924.
1926.
Calendar YearsCartridge Co., Ltd.. the Canadian Fabrikoid, Ltd., the Flint Paint & Var55.633.752 56,750,523 $6,353.347
Net sales
Canada, Ltd.
nish, Ltd.. and the Arlington Co. of
5,691,747
5,919.160
4.992.700
Coincident with the above, it is also proposed to split the authorized Cost of sales
60,370
55,559
common stock of $100 par value into shares of no par value, and to issue Other deductions
253,480
304.976
301,813
6 such new shares in exchange for each common share now held. Ht is Allowance for depreciation
35,000
25.000
30,000
Reserve for Federal taxes
stated that at present 108.325 shares are outstanding.]
11,506
Minority stockholders' interest
Balance Sheet Dec. 31 1926 (Including Subsidiary Companies).
Liabilities
Assets
$424,321
$322.750
6309,239
Net addition to surplus
$10.670,600
$307,655 Common stock
Cash
During the past year the corporation paid its regular dividends on the 8%
Preferred stock ______
4.650.000 let pref. stock, interest on its mortgages and notes. and has called for
Marketable securities and
2,356.322 Accts. and bills payable318.518 demption, through the
call loans
fund, the required
of 8% let pref.
211.287 stock. There was also sinking on back dividendsamount7% general pre
980.183 Federal taxes
Bills & accts. receivable_
on the
paid $7
508,199 ferred stock.
1.898.544 Dividends declared
Inventories
-V. 122, p. 1922.
Deferred credits
31.363
Securities held for perma12.164.612 Reserves for depreciation,
nent investment
Charlton Mills, Fall River, Mass.-Bal, Dec.31 1926.accidents,pensions,bad
Plants and properties, inLiabilities
Assets
debts, &c
4.551.671
8,270.636
cluding good-will
Real estate
81,200,000
5380.000 Capital stock
Surplus
x5.186.125
149.811
Deferred debits
Machinery
91.000
1,239.138 Notes payable
822,982
Merchandise
456,200 Reserve for depreciation
405.163
443.807 Profit and loss
Total
$26,127.763 Cash & accts. receivable
526,127.763
Total
it From operations, /46.549; from dividends on outside investments.
Total
Total
52.619.148
$2,519.145
5757.055. and from realization of and appreciation in capital assets. -V.120. p. 833.
54.382.521.-V. 123.p.210.
-Suit Settled.
American Car & Foundry Motors Co.
According to advices just received, the suit instituted by Fageol Motors
Co. against Fageol Motors Co. of Ohio and American Car & Foundry
Motors Co.. has been canceled and an amicable settlement effected by
L. H. Bill. President of Fageol Motors Co. The statement adds that
amounts due Fageol Motors Co., as well as past-due royalties are being paid,
and that the company has allowed a satisfactory amount to take care of
field service.
The agreement between Fageol Motors Co. and the Ohio company called
for a minimum annual royalty of $75,000 and a maximum of $300,000 until
such time as 53,000,000 In royalties had been paid to the parent company,
covering the right to the use of the name Fageol. also the name Safety Coach,
and any patents or designs. Including the right to duplicate the product
of the parent company in all territory east of the Rocky Mountains In the
United States, as well as Canada, Cuba, Europe and the east coast of South
America.
For the past 8 months negotiations have been under way with American
Car & Foundry Motors Co., which has acquired all of the stock of the Ohio
company. The proposal of the American Car & Foundry Motors Co.
contemplated the exchange of the securities of the parent company for the
securities of the American Car & Foundry Motors Co., no cash consideration being involved. The offer submitted by the American Car & Foundry Motors Co. was deemed unsatisfactory, and the matter was therefore
not adjusted until the settlement just announced by L. H. Bill was effected.
The Fageol Motors Co. reports satisfactory business and profits for the
past six months.
-V. 124. P. 2284.
-Wheeler
-Bonds Offered.
Catarina Farms Co. (Texas).
Kelley Hagny Trust Co., Wichita, Kan. and J. E. Jarratt
Co. San Antonio, Tex. in April last offered $1,000,000 1st
mtge & collateral trust ref. 6M% gold bonds at 100 and int.
Dated May 1 1926; due serially May 1 1928 to 1933. Int. payable
M. & N. at offices of Wheeler Kelly Hagny Trust Co. Wichita Kan.,
trustee, or at office of J. E. Jarratt Co., San Antona, Tex. Henom.
-Earnings.
Chesebrough Mfg. Co.
Calendar YearsEarnings for the year
Previous surplus
1926.
1925.
5967,190 $1,003,033
855.663
1.742.491
$1,822,853 52,74...,524
Total surplus
540.000
427,5
Dividends paid
156.498
1.336.484
Appropriated to reserves
Cr316 Dr125,877
Premium and fees on redemption of pref. stock_....
$855.663
$1,126,671
Surplus as at Dec. 31
Consolidated Balance Sheet December 31.
Llobaider1925.
1926.
Assets1925.
1926.
Common stock„.$3,000.000 53,000.
Plants, warehouses
135,56
& real catate_x$1.535,031 $1,577,081 Accounts payable- 139.888
5.32
7.110
11.529 Deferred credits__
Incomplete conatr_
4,820
55.23
4.275
21,897 Red. of pref. stock
Fara. & fixtures_
:22.853
Sundry reserves- 1,492.981 1,338.48
Autos, trucks &
865,663
1,126,671
6,163 Surplus
stable equip__ _
s5,769
011 prop., less dep1.
97.016
& depreciation__
66,330
177,631
Cash
161,365
221.949
Accts. receivable
264,003
100.529
Notes receivable
103,338
Investments
1,849,704 1.397.651
Inventorles(mdse.) 1,653,113 1,630,331
Red. of pref, stock,
55.237
deposit account_
4,275
Tot.(each side)-56.770.926 65.388.273
42.313
40,414
Deferred charges
at After deducting depreciasios.-v. 124. P. 1072.
-Bonds Offered.-Forgan,
Chicago Artificial Ice Co.
Gray & Co. Chimp, are offering at par and int. $375,III
1st mtge.6A% sinking fund gold bonds.
JULY 2 1927.]
THE CHRONICLE
Dated May 1 1927; due May 1 1937. Red., all or part, on 60 days'
.
notice on any int, date at 103 and int. Denom. 31,000, $500 and $100c5
Principal and int. (M. & N.) payable at Chicago Trust Co. Chicago,
Federal income tax not to exceed 2%.
trustee, without deduction for normal
Data from Letter of George C. Shepard, President of the Company.
Company.
-An Illinois corporation. Operates an ice manufacturing
business established in 1900. and has been very successful in building up
a volume of sales, supplying an essential every day demand. Through
favorable contracts a substantial business is done in the loop district of
Chicago, where company has over 5,000 accounts. The balance of the
business is with delivering agencies,small ice companies and wagon owners,
who do not manufacture the ice they sell.
Security.
-A closed first mortgage on all permanent assets now owned
and which may hereafter be acquired, including specifically valuable real
estate improved with two modern artifical ice manufacturing plants located
at Rockwell St. and Bloomingdale Rd. where 33,000 sq. ft. of land are
improved with a plant having a manufacturing capacity of 190 tons a
day with facilities for storing 7.000 tons, and in Halsted St. near 84th St.,
where the property occupies a site of 40.000 sq. ft. and a plant with 144
tons daily capacity is operated, with storage space for 1,200 tons.
Earnings.
-Net earnings for five years ended Dec. 31 1926 after a liberal
allowance of 5177.000 depreciation, and adjustment for non-recurring
charges, available for Federal taxes and interest, were $446,731, an average
of $89.346 a year or approximately 3 2-3 times maximum interest charges.
For the 12 months ended Dec. 31. 1926 such net earnings were $107.217.
or 4.4 times maximum interest.
-Company covenants to deposit with the trustee during
Sinking Fund.
every three months ending July 31. Oct. 31. Jan. 31 and April 30,one-fourth
Interest requirements and in addition a sum equivalent to one-fourth of
certain amounts. Company will also pay into sinking fund one-fifth
of annual net earnings in excess of $75,000 and under 2125,000 and half
of such net earnings in excess of $125.000 in any fiscal year. All payments
into sinking fund must be used to retire bonds secured by purchase in the
open market or by call, this provision assuring a steady market demand
for bonds.
-Quarterly Eearnings.-Chairman John
Chile Copper Co.
D. Ryan says:
During the first three months there were treated 2,329,927 tons of ore.
averaging 1.515% copper. The production for the first three months
Was 56.275.993 lbs., a monthly average of 18,758.664 lbs. Production
was 11,307,561 lbs. less than sales for the period.
The Chile Copper Co. and Chile Exploration Co. had available at
May 31 1927. 34,623,047. cash and call loans, as against $3,400,380 in
cash and marketable securities on Dec. 31 1926.
Consolidated Income Account for Quarter Ended March 31.
[Chile Copper Co. and Chile Exploration Co.
1927.
1926.
(pounds)
67.583,554 55.024,112
Total sales
38.962.180 $7,902,333
Gross receipts
3.137,445
2,825.852
x Net profits
4,391,329
4,415.489
Shares of capital stock outstanding (par $25)
$0.64
Earnings per share on capital stock
$ ,3rx After deducting all expenses and charges, including depreciation, a1.71
tization discount on 6% convertible bonds, accrued Federal taxes and
-'V. 124, p. 2914.
accrued bond interest.
-Retires Additional Bonds.
Christie, Brown & Co., Ltd.
The directors have voted to retire an additional $50,000 of 6% notes.
This reduces to $455,000 the total of such notes outstanding. The original
issue of $1,000.000 was sold to Hitt, Farwell & Co. in April 1925 and since
then $550.000 have been redeemed.
The directors have also declared the regular quarterly dividend of 3()cents
a share on the common stock, payable Aug. 1 to holders of record July 15.
and the regular quarterly dividend of $1.75 a share on the preferred stock,
payable Aug. 1 to holders of record July 20.-V. 124. p. 2434.
-Reorganized.
Club Aluminum Utensil Co.
Formation of the above company under Illinois laws, to take over the
business of the Club Aluminum Development Co.. is announced. The
new corporation will have an authorized capital stock of 300,000 no par
value shares,of which 240,000 will be distributed to stockholdeni of the Club
Aluminum Development Co. on the basis of 4 new shares for 1 share of the
present company. The old company was one of the nation's leading manufacturers and distributors of kitchen utensils and formation of the new
company is being effected in order to provide for still further growth.
A banking group headed by George H. Burr & Co. has purchased 50,000
shares of the stock of the new company and expects to make an early public
offering. Proceeds of this Issue will be used for additional working capital
and also to retire $52,700 funded indebtedness. An option on an additional
7,500 shares has been given in return for valuable contract rights.
Present earnings, according to William A. Burnette. President of the Club
Aluminum Utensil Co., warrant the placing of the stock on a regular dividend basis.
-Reports Progress.Collateral Bankers Inc.
According to the company Its business has shown a material increase for
the first 5 months of this year, compared with the same period of last.
The total for May 1927 was 31,080.320, as against $581.456, an increase of
86%. The cumulative total of business for the first 5 months of 1927
amounted to $4,829,088 and compared with $2,365.879 in the corresponding
period of 1926, an increase of 104%•
The company announces the opening of 5 new industrial loan subsidiaries
within the past month in 5 cities, making a total of 52 offices now in opera-V.124, p. 2914.
tion. Five additional subsidiaries will be opened in July.
Consolidated Lead & Zinc Co.
-Omits Dividend.
The company has decided to omit the quarterly distribution usually paid
on June 30. A dividend of 25c. a share was paid on April 1 last, while in
the previous quarter a dividend of 1234c. a share was paid (compare V. 124.
p. 1673).-V. 124, p. 3215.
Consumers Co.
-Earnings.
-The company reports for the 6 months endbd June 30 1927 (June est.),
net income of $126,822 after depreciation, taxes, &c., compared with net
loss of $131.613 in the corrosponsing period of 1926.-V. 124. p. 3074.
-New Chairman, &a.
Continental Baking Corp.
-
m. Lee Marshall has been elected Chairman of the board. succeeding
E. 0. MacDougal, who has been serving in that position temporarily and
who has been made Chairman of the finance committee. These changes
represent no shift in control.
The finance committee consists of W. H. Childs, R. L. Clarkson. I. N.
jaryfe. M.L. Livingston. M.L. Marshall. W.C.Potter and Mr. McDougal.
This b the final step In the reorganization of the Personnel of the corporation.
-V.124, p.3501. 2597.
-Stock Offered.
Cook Paint & Varnish Co. (Del.).
Prescott, Wright, Snider Co., Kansas City, Mo.,are offering
at $57 per share and div., to yield over 7%, 28,000 shares
cumulative preferred stock (non-par).
Preferred as to assets up to $60 a share and diva. Preferred as to cumulative dividends at the rate of $4 per share per annum, payable quarterly
(first dividend payable Sept. 1 1927). Dividends exempt from Missouri
State and normal Federal income taxes. Exempt from all local taxes in
Missouri except inheritance tax. Red. on any div. date on 60 days' notice
at $60 a share and dividends. Transfer agent, New England National
Bank & Trust Co.. Kansas city, Mo.
Data from Letter of Chas. R. Cook, President of the Company.
-Organized May 27 1927 in Delaware to acquire all assets and
Company.
property of the Cook Paint & Varnish Co. (Missouri), including property
Blackburn Varnish Co.. Cincinnati. Ohio. Business was organized in
of
1913. Company manufactures. wholesales and retails paints, varnishes.
japans, lacquers, painters' accessories and supplies, &c. Manufacturing
plants located in North Kansas City and St. Louts, Mo., Cincinnati, Ohio,
Fort Worth and Houston. Texas. Retail stores in 12 important cities.
One of the largest paind products manufacturing companies in the United
States. Does a nation-wide business.
Capitalization Issued and Outstanding.
28,000 shs.
Preferred stock (non-par) $4 cumulative dividend
37,500 sha.
common stock (non-par)
101
Arrangements have been made for a total authorized issue not exceeding
300.000 shares of the preferred stock and 50,000 shares of the common stock.
Purpose.
-To retire $600,000 preferred 8% stock (outstanding) of Cook
Paint & Varnish Co. (Missouri); to reimburse company for expenditures
made in acquiring Blackburn Varnish Co.; to provide funds for additions to
Blackburn plant; to retire bank indebtedness; to provide additional working capital required by growth of the business and for other corporate purposes.
-The net sales and earnings after all charges, includSales and Earnings.
ing reserves for Federal taxes, for the past 3 years, ending Dec. 31 (includkig the Blackburn Varnish Co.), have been as follows:
1924.
1925.
1926.
$3,192,279 53,904,188 $4,833,445
Net sales
Net earns. (after all charges. incl.
Fed, taxes), applic. for payment of
221,424
313,252
dividends
327,904
The average annual earnings for the last 3 years (after all charges).
2287,526, applicable for payment of dividends, were over 2% times the dividend requirements on this issue, and for 1926 were nearly 3 times such dividend requirements. After adjustment for non-recurring charges pertaining to the Blackburn plant and for estimated savings in interest charges on
account of additional working capital provided for by new financing, the
average earnings for the last three years applicable for payment of dividends would have been over 3 times such dividend requirements, and for
,
the year 1926 over 3,)6 times such requirements. All dividends on the preferred stock of the Cook Paint & Varnish Co. (Missouri) have been paid
promptly.
-V. 120, p. 2820.
(Wm.) Cramp & Sons Ship & Engine Bldg. Co.
-The "Philadelphia News Bureau" on June
Reorganization.
17, stated in part:
This company which is undergoing a financial reorganization and retiring
from the business of ship building, had been in recent years confronted
with rapidly diminishing profits in that department. As a leading shipyard
of the country, prominent particularly as a builder of war vessels for our
navy and those of foreign governments, the Cramp name has been known
the world over for the greater part of a century. Philadelphians constituted
most of the directorate of the corporation until control passed 8 years ago
to the American Ship & Commerce Corp.. which acquired approximately
74% of the stock.
For an interval of 13 years, or from 1903 to 1916. no dividends were
paid by the Cramp Co., though they were resumed in the next year and
continued up to March a year ago,since which none have been paid. Many
people had looked for a revival in American shipbuilding after the World
War, but it failed to develop and the naval curtailment program was a
severe blow to the industry. In good times the Cramp company used to
employ 5,000 workers and had over 10,000 while this country was in the
war. As compared with these figures, there were in March 1926, about
3.800 on the payroll and 3.600 a year earlier.
To offset the effect of slack periods in ship construction and vessel repair
work, and competition, the company, before the present interests came Into
control, developed other lines of activities and acquired certain going plants
for the manufacture of hydraulic and hydro-electric machinery, turbines
and oil engines, steel castings. &c. These departments have generally been
profitable. but the volume of ship work dwindled to a point where it was
considered necessary to abandon it, the annual report this year showing for
the first time a write off of 31.5.31,730 against surplus, most of which was
for estimated losses on ship construction contracts prior to Jan. 1 1926.
The climax is reflected by a further similar deduction, charged against
1926 income, amounting to $3,072.514, making, together with operating
loss before this deduction, a total deficit for the past year of $5,741,244.
This result followed a year in which the company had reported an operating deficit of $636.469 in 1925, and profits of $563.387 in 1924 and $954.003
in 192.3. For the 4 years preceding the earnings had averaged above
32,000.000 per annum. The table below shows how earnings have fallen
away and the credit to profit and loss wiped out.
Earnings
a Balance
Balance Sheet
Dividends. Cr. to P. & L.
Income.
per Share.
doss $5,741.244
1926
$533,123
1oss636.469
g748.534
1925
$3.70
609.281
563.389
5.577.938
1924
6.26
609.267
954.003
5.769.358
1923
19.19 b4.420.611
2.922.418
5.017.449
1922
8.89
609,772
1.355,476
6,879.243
1921
c
14.01
2.134,554
2,514.504
1920
c
d34.51
2,104.562
d10.968.568
1919
a After interest and depreciation. b Includes extra cash div. of $25 a
share paid in 1922. c Amount of dividends not reported. d Stock div. of
150% declared in 1919, reducing surplus thereby. In that year earnings
per share were on basis of 60,980 shares, but subsequently on 152.450 shares
outstanding. a Also after estimated 53,072.514 losses on construction
contracts, extraordinary expenditures, &c. f Besides showing a 34.992,710
deficit as above the balance sheet contains a new item surplus represented by
excess par value of subsidiaries' stock over cost thereof to parent company
of 51.305,338. which has been credited in arriving at final $4.992,710 deficit.
g After deductions and adjustments amounting to 51.581.730, of which
$1,045.000 was estimated loss on ship construction contracts.
Striking changes occurred in the balance sheet for 1926. At the close of
the year current liabilities were listed at $6.988.554 as compared with $1.656,217 on Dec. 31 1925. through the amount of "current assets" was only
about $650.000 more. The big Increase in "currentliabilities" was the item
notes payable to banks, this totalling $4.375.500. In detail the balance
sheet changes in such items within the Year were:
-Dec. 31 '26. Dee.31'25. Current Mb.- Dec. 31'26. Dec. 31'25
Current Ames
Cash
$688,455 $352,401 Accounts payable_31.925.787 $528,915
Notes & accts. rec. 1,142.888 3,411,989 Notes payable_ _--y4.375,500 915,000
60,000
Inventories
x4.881,370 2,259.188 Trade creditors_
43,972
34,276 Adv. by stkhTd'rs
See. & acc'd int
Adv. by customers 107,326
475,967
116,702
Accruals & misc.Serial notes matur.
95,600
1926
Total
$6.988,554 $1,656.217
Total
36.712,714 36.057.856
x Ind. equities in contracte in process $2.439.485. y To banks. $3.850.000 secured and $525.500 unsecured.
Reserves in the balance sheet as of Dec. 31 1926, Includes two new items.
one for $2.870.962 to cover estimated cost to complete construction contracts
In excess of contract prices, and one for $99,038 estimated net profits on
contracts in process.
At the time of the announcement of the reorganization plan in April the
company had under construction 3 merchant vessels and had laid the keel for
a U. 8. Navy cruiser, the contract for the cruiser having since been relet
to the American Brown Boyer' Electric Corp. No other shipbuilding
contracts were on the books except propelling machinery for another
cruiser.
Briefly the plan of reorganization formulated by the directors provided
substantially as follows: Discontinuance of shipbuilding operations and
sale of real estate and other property devoted to shipbuilding, with purpose
of applying the proceeds to retirement of indebtedness of the company.
To meet losses sustained and to enable the company to complete its
merchant vessel contracts, a second mortgage for $600,000 and an issue of
52.500.000 6% 3
-year general mortgage bonds was created.
The non-marine and profitable properties represented by the De La
Vergne Machine Co., I. P. Morris Corporation, Pelton Water Wheel Co.,
Federal Steel Foundry Co., Cramp Brass & Iron Foundries Co., and
Cramp Engine Manufacturing Co., were turned over to a new corporation
called Cramp-Morris Industrials, Inc.
The Cramp company stockholders were notified that by paymbnt of$12.50
a share in cash. or $1,000 on 80 shares, they would receive $1,000 in the
general mortgage bonds and 80 shares of Cramp-Morris Industrials, stock.
(See also V. 124, p. 2754).
Consolidated Income Account for Calendar Years.
1926.
1923.
1924.
1925.
Operating loss
$2,036,408
$74,635 pf$1.401.141 pf$1.817,261
Depreciation
766.612
464.434
770,748
477,880
y Experimental & de3.072,516
velopment costs
98.645
67.006
Interest. &c
167,887
84,755
Net loss
35,741,245
$636,469 pf.$563.387 rof.$954.003
Gross revenue for 1926 amounted to $14,669,540 and total expenditures.
516.705.948. y Representing an excess of estimated cost over balance due
-V.124, D. 3074
on construction contracts,experimental and development.
102
THE CHRONICLE
Crown Cork & Seal Co.
--Meeting Adjourned.
-
[VOL. 125.
Dominion Engineering Works, Ltd.
-To Split Up Stock.
The special meeting of stockholders, held June 29, was adjourned again
The stockholders will vote July 19 on splitting up th common stock on
until July 7. In the meantime the deadlock continues betwe n minority a 5 for 1 basis. At present there are outstanding 22,233 shares of common
stockholders and controlling interests in regard to an offer by the New York stock, par $100, of which approximately 12,672 shares are owned by the
Improved Patents Corp. to buy the company's assets.
Dominion Bridge Co.
-V. 124, p. 3215.
The offer of one minority faction of $350 cash for each share of its holdings
Dredging Contractors, Ltd., Vancouver.
expired several days ago and was not renewed at that figure, it was stated.
-Bonds OffAnother faction has set no price on its holdings, but has turned down the ered.
-R.P. Clark & Co., Royal Financial Corp. McDonald,
offer of $277 cash a share, or an option to accept stock, on specified terms,
Jukes & Graves, and British Columbia Bond Corp., Vanpurchasing company.
in the
-V. 124. p. 3779.
Crow's Nest Pass Coal Co., Ltd.
-Annual Report.
-
Years Ended Dec. 31Profit on lands, timber
operations, &c
Profit on coke & coal
operations
1926.
Total
Previous surplus
Excess provision for 1926
Canadian tax-Cr
Adj.of 1922 liab. ins_
Reinstatement of capital
assets writ, off against
p. & 1. balance in 1915
$285.516
223,404
Total
Prov. for Dom.inc. tax_
Dividends paid
$513,920
19,095
372.690
$631,093
34,998
372,690
$531,696
279,518
$439,126
52,160
372,690
P.& L.sur. Dec. 31--V. 123. p. 586.
$122,136
$223,404
$252.179
$14,276
$79,436
206,081
1925.
$76,833
1924.
1923.
$95,593
$61,497
302,081 loss353.532
471,679
$378.914 loss$257,940prof$533,176
252,179
14,276 deb94.874
5,000
Cr824
Cr775,360
Cuba Co.
-Earnings:
Results for 9 Months Ended March 31 1927.
$23,156,134
Gross revenues
20,391.820
Expenses,including all charges
Net earnings
Applicable to others
$2,764,314
2,081,670
$682,644
Net income applicable to Cuba Co
Net income for the 9 months ended March 31 1927 is equivalent after
preferred dividends to 86 cents a share on 640.000 shares of no par common
-V. 124, p. 3215.
stock outstanding.
-Bonds Offered.-Hoagland,
Detroit City Service Co.
Miura & Co., Inc., Halsey, Stuart & Co., Inc. and West &
Co. are offering at 99M and int., to yield over 6A %,$3,000,000 1st mtge.6% gold bonds, series A.
Dated June 1 1927; due June 1 1937. Int. payable J. & D. at Union
Trust Co., Detroit, trustee, or at Guaranty Trust Co., New York, or the
Continental & Commercial Trust & Savings Bank, Chicago), without deduction for any Federal income tax not exceeding 2%. Company will
reimburse bondholders upon timely and proper application for Penn..
Conn. or California personal property taxes not in excess of 4 mills per annum. Maryland 4M mills per annum securities taxes, Dist. of Col., Kentucky, Mich. or Iowa personal property taxes not in excess of 5 mills per
annum, Virginia personal property taxes not exceeding 5; mills per annum,
,
6
and Mass, income tax not exceeding 6% per annum. Red. all or part on
30 days' notice on any int. date at 10234% and int. on or before June 1 1932,
with successive reductions in redemption price of 3i% during each year
thereafter until maturity. Denom. $1,000, $500 and $100 O.
Data from Letter of President of the Company.
Company.
-Will be organized as a Michigan corporation for the purpose
of engaging in the manufacture of artificial ice and to render wholesale and
retail ice distributing service in the City of Detroit and in addition to provide commercial cold storage facilities for the preservation of foodstuffs
and other perishable commodities both in transit and against local consumption. The business to be acquired has been established over 25 years
and at the present time supplies over 60% of the ice consumed in the city.
Diversification of the company's business is being provided through the
development of a substantial coal business which will constitute a material
addition to the company's activities during the winter months.
The properties will consist of 9 Ice manufacturing plants of modern design
and construction and 14 storage plants. Distribution direct to the consumer
both wholesale and retail, is effected by over 150 motor trucks and wagons
and over 150 "cash and carry" distributing stations advantageously located
throughout the city. It has storage for manufactured ice greater than any
other company in any city in the United States,and it owns one of the largest
single artificial ice storage plants in the world-16,000 tons capacity.
Company's cold storage plant, containing approximately 1,000,000 cubic
feet of space, is located within a mile of the east side market district, which
location. In addition to its railroad facilities, makes it an important factor
In Detroit's merchandising and marketing program.
-Bonds will be a direct obligation of the company and will be
Security.
secured by first mortgage on all of the fixed assets of the company subject
only to $400,000 purchase money lien against one parcel of property. Appraisal by independent experts shows a net value of such assets to be acquired
and to be directly covered by this mortgage in excess of $6,000,000. The
value of real estate alone, after deducting the $400,000 purchase money lien,
consisting of 15 valuable plots in the City of Detroit and one in the City of
Hamtramck, a separate municipality, but entirely within the corporate
limits of the City of Dteroit, has been app raised at $3,891,830. The
balance sheet of the company will show total net atsets of over $7.000,000
with no bank loans, trade accounts or other current liabilities.
Consolidated Income of Properties Years Ended Dec. 31.
1926.1924.
1925.
1923.
$2.672,772 $2,935,445 $2,448.069 $2,623,447
Net sales
expenses- _-- 1,962,296 2,169,132 1,820,092 2.002,152
Operating, &c.,
$710,475 $766,312 $627.976 5621.295
Balance
Ann. int. require. ser. A bds- $195,000
Purpose.
-The $3,000.000 series A bonds, together with $1,250,000 5-year
63 % gold notes, $1,600,000 7% preferred stock and 200,000 shares no par
6
,
value common stock, are to be issued in connection with the acquisition of
the above properties and to supply necessary working capital.
Authorized. Outstanding.
Capitalization1:205000:000000
$3
First mortgage gold bonds (this Issue)
0,000
1.4
% gold notes
2,500,000
1,600,000
Cumulative preferred stock
200,000 shs. 200,000 shs.
Common stock
a Issue of additional bonds restricted by provisions of the mortgage.
Sinking Fund.
-Commencing Dec. 1 1928 the company is to pay to the
trustee as and for a sinking fund for the retirement of series A bonds,through
purchase or redemption, an amount in cash or in series A bonds equivalent
annually to 3% (payable semi-annually) of the greatest amount of series A
bonds theretofore authenticated. Series A bonds may be purchased with
sinking fund moneys at not to exceed the then redemption price.
Directors.
-Prank Cody. J. L. Dryden, George H. Klein, Calvin H. Newman, Harry J. Redwood, John N. Stalker, Carl B. Tuttle, Detroit; W. K.
Hoagland (Hoagland, Allum & Co.), New York City.
D. C.Department of Labor Building,
Bryan, St. Louis, are
-Love, Van Riper & Washington,
Bonds Offered.
-year 532%
offering at 100 and int. $500,000 1st mtge. 5
sinking fund gold bonds.
Dated June 1 1927; due June 1 1932. Principal and int. (3. & D.)
yable at the Guaranty Trust Co. of New York, trustee. Denom.
.
ed
1,000 and $500c5 R. all or part, upon 30 days' notice to and incl.
Dec. 1 1929 at 102 and Lat.; thereafter until maturity at 101 and int.
Interest payable without deduction for that portion of Federal income
tax not in excess of 2%. Refund of certain Calif., Conn., Iowa, Kan,
Ky., Md. Mass., Mich., Dist. of Col., Penna. and Va. taxes upon timely
and proper application.
The property upon which these bonds are a first mortgage is under lease
to the United States Government for a period extending beyond the maturity
of the issue. The lease is in the form designated as non-cancellable. The
rentals to be received from the Government amount to $68,000 annually,
whereas the maximum annual interest charge on these bonds is only $27,500.
couver, are offering at 9834 and int. to yield 6.62% $500,000
63/2% 1st mtge. bonds (closed issue).
Dated May 1 1927; due May 11947. Convertible at the option of the
holder on any int. date par for par into 7% participating preferred shares
of the Georgia Hotel Co., Ltd. Denom. $100. $500 and $1,000 c* Prin.
and int. payable without charge at any branch of the Bank of Montreal in
British Columbia or in Calgary, Edmonton, Winnipeg, Toronto, Montreal,
Canada, and with respect to bonds owned by residents of the United States
and registered as to principal are payable in U. S. gold coin at the agency
of the Bank of Montreal, in New York. Callable all or in part and for
sinking fund,at 103 and interest. Int. payable M.& N. Trustee, Montreal
Trust Co.
Sinking Fund.
-Trust deed provides for a semi-annual payment to the
trustee, sufficient to retire this issue at maturity. The sinking fund may
be invested in these bonds. If none are available at or below 103, tho
trustee may call bonds at this price.
Dredging contractors, Ltd., is one of the largest companies of its kind in
Canada. It has handled important contracts for the Granby Co. at Anyox,
for the Provincial Government in connection with the Sumas Reclamation
work. They built the Georgia Hotel and are also engaged in large operations
on the St. Lawrence River.
These bonds are a direct obligation of the company, and are guaranteed
as to principal and interest, subject to certain conditions by the Puget
Sound Bridge & Dredging Co. and are further secured by the deposit with
the trustee of 5,000 shares (par $500,000) 7% participating preferred stock
of the Georgia Hotel Co., Ltd. In addition, there has been transferred to
the trustee as specific security, approximately 26.49 acres waterfrontage
property very centrally situated in the City of Seattle and which has been
appraised at $577,026.
It is conservatively estimated that the earnings of the Georgia Hotel
Co. will be $211,400 per year, after payment of all expenses other than
bond interest, or, after payment of interest on their outstanding bonds,
$123,650. This amount being available for dividend purposes. The amount
required for interest and sinking fund on these bonds is $46,500 per year.
In addition to the above, the net profits of the Dredging Contractors and
Puget Sound Bridge & Dredging Co. for the past 14 years have averaged
before depreciation, more than 3 times interest requirements per year
without Including estimated profits on work under way but not yet
completed.
The Georgia Hotel has been erected at a cost of over $2,000,000,including
furnishings.
Durham Duplex Razor Co.
-Bonds Called-Registrar.
All of the outstanding 1st mtge. Sr coll, trust sinking fund 7% gold bonds,
dated June 2 1924, have been called for payment Aug. 1 at 1043•5 and int.
at the Chemical National Bank,270 Broadway,N.Y.City.
The Guaranty Trust Co. of New York has been appointed registrar for
the capital stock of the above company, consisting of 30,000 shares of prior
preference stock. 45,000 shares of class A common stock and 35,000 shares
of class B common stock, all without par value.
-See V. 124, p. 3780.
Earl Fruit Co., Sacramento, Calif.-Stauts.The San Francisco "Chronicle" of June 21 says:
Out of a total issue of $3,800,000 6% bonds there remain 33,431,000
outstanding. During the year $123,000 of the bonds were retired. The
company has met all of its sinking fund requirements up to Dec. 1 1928,
with the exception of $64,200.
Land purchase money obligations at the end of December amounted to
$282,383, against $429,077 a year previous.
The company wrote off a total of $1,090,509 in depreciation up to the
end of 1925 and increased this figure to $1.272,799 in 1926, bringing capital
assets to $9,089,872 net worth. The inventories were cut from $1,320,517
to $944,231. and the company liquidated an item of $145,936 as advances
to growers during the year.
Current assets total approximately $3,500,000, or more than 23.1 times
current liabilities of $1.416,200. During the year, after making all chatges,
the company was forced to cut its earned surplus from $859,862 to $543,854.
-Ir. 118, p. 2047.
Elder Mfg. Co., St. Louis, Mo.-Div. Correction, &c.
The company on July 1 paid to common stockholders of record June 19
a quarterly dividend of 25 cents per share (not $1 as previously reported).
The company recently approved a plan of recapitalization, which provided
that
(a) In lieu of the previously authorized 10.000 shares of 2d pref. stock,
there be authorized 11,000 shares of class A stock, par $100 each.
(b) In lieu of the previously authorized 90,000 shares of common stock,
par $10 each, there be authorized 50,000 shares of common stock, without
par value.
The $328,600 1st pref. stock remained undisturbed.
For each share of 2d pref. stock there were offered in exchange 1 share of
class A stock and 1 share of new common stock. (The 1 share of new
common stock was issued in full satisfaction of the accrued and unpaid
dividends on the 2d pref. stock, amounting to $30 per share.)
The common stockholders were offered in exchange 1 share of the new
common stock for each 4 shares of the old common stock held. In this way
18,750 shares of the new common stock were disposed of. An equal number
of the new common shares were offered to the old common stockholders at
$5 per share.
The balance of the class A stock (1,611 shares) and new common stock
(3,111 shares) went to the bankers for services in underwriting the offer to
the 2d pref. stockholders and for services to the company in working out
the plan of reorganization.
Under the plan the 2d pref. stockholders were also given the opportunity
to sell their stock for $54 cash per share.
-V. 124, p. 3780.
Estey-Welte Corp.
-To Reorganize and Change Name
A special meeting of stockholders has been called for July 7 to consider a
proposed reorganization of the company and a change in name to the
Mlle Corp.
A tentative plan provides for an authorized capitalization of 250,000
shares of a new no-par value preferred stock, 150,000 shares of no-par value
common stock and $500,000 5
-year 6% debentures. The preferred stock
Is to have preference in the event of liquidation up to $25 a share and accumulated dividends, which become cumulative after Jan. 1 1929, and
will have equal voting power with the common stock in case of a two years'
default of the preferred dividends. After a preferential dividend of 50 cents
a share on the preferred the common stock will be entitled to 50 cents a
share, and thereafter earnings applicable to dividends will be divided
pro rata between the preferred and common stock.
The debentures are to be offered at 90 and will carry with them one
share of common stock for each $100 par value of notes and will be convertible at any time before maturity into preferred stock on the basis of
ten shares of preferred for each $100 of notes.
It is understood that the proposed new preferred stock will be distributed
share for share for the present outstanding 176,000 shares of class A stock,
and that 100,000 shares of the new common will be distributed on the same
basis for the present class B stock.
-V. 124. p. 1985.
Fageol Motors Co. Oakland, Calif.
-Settles Suit.-
See American Car & Foundry Motors Co. above.
-V. 124, p. 3357.
Famous Biscuit Co., Pittsburgh, Pa.
-To Inc. Stock.
The stockholders will vote July 18 on changing the authorized common
stock from 25,000 shares, par $15, to 25,000 shares of no par value. The
company also has an authorized issue of 2,500 shares of preferre dstock.
par $50.
A. Norman Graf is Secretary. Principal office of the company is located
at 1801 Forbes St., Pittsburgh, Pa, Mr. Graf is also Secretary of theOntario Biscuit Co.
Federal Mortgage Corp., Montreal.
-Bonds Offered.
Stowell, Beers & Co., Ltd., Montreal, are offering $800,000.
-year convertible sinking fund 63- % gold debentures at
20
JULY 21927.]
103
TITE CHRONICLE
Sunday School classes in various offices and lodge rooms throughout the
city. The new enlarged building is a necessity.
These bonds are the direct and unconditional obligation of the First
Presbyterian Church, and are secured in the opinion of counsel by a closed
Dated June 1 1927; due June 1 1947. Principal and int. (J. & D.) first mortgage on the land and improvements located on the edge of the
of the Royal Bank of Canada,
payable in Canadian currency at any branch
path of the growth and extension of said district.
In Canada, or at its agency in New York, in U. S. gold coin. Convertible business district, in the
The real property is very valuable, taking in an entire half block. The
at the holder's option into on par value common stock of the corporation improvements, for which contracts have been let and building is now being
on the basis of one share for each $100 of debentures at any time up to constructed, consist of a modern church of Spanish architecture, with a
June 1 1932. Red., all or part, on any int, date on 60 days' notice at stone exterior. It provides everything that a modern church needs,includfollowing prices: At 105 and int, after June 1 1932 and until June 1 1937; ing chapel, class rooms, kitchens, dining rooms and gymnasium.
at 103 and hit. after June 1 1937 and until June 1 1942; and at $101 and
.
int. thereafter until maturiy. Denom. $100, $500 and $1,000c5 Eastern
-Initial Dividend.
Flatbush Investing Corp.
Trust Co., Montreal, trustee.
The directors have declared an initial dividend at the rate of 63i% per
Issued.
•
Authorized.
Capitalizationannum on the cumulative preferred stock, payable July 1 to holders of
$1,000.000
gold bonds-$1.000,000
1st mtge. collateral trust 6%
record June 30. See also V. 124, p. 3217.
Cony, sinking fund 6% gold debentures
1,000,000
1,000,000
(this issue)
-May Shipments.
Foote Bros. Gear &Machine Co.
1,000,000
1.000.000
7% cumulative preferred stock_
90,000 shs.
100,000 shs.
President W. C. Davis announces that May shipments were the largest
Common stock (no par value)
In the company's history and that there are sufficient orders on hand to
Uorporation.-Incorporated under the Quebec Companies' Act for the
at capacity for the next 3 months.
purpose of conducting a mortgage loan and discount business, its chief operate the plant stated that the company had purchased and redeemed 230
Mr. Davis also
field of operation being in the city and district of Montreal. In addition
-V.124.
of its preferred stock,leaving only 7.570 shares outstanding.
to actual loans to builders and others, the corporation conducts a com- shares
mission business in mortgages, insurance, valuations and property p. 3358.
management.
Foster & Kleiser Co.-Earnings.1925.
1924.
1926.
Purpose -Proceeds of this issue will be used for the purpose of negotiating
1927.
Yrs. End. Mar.31$7,819,307 $7,549,899 $7.037,940 $5.816.752
Construction loans to builders on first mortgages; acquiring first and second Gross income
1,275,467
1,445,575
668.566
1.522,375
mortgages on completed properties; discounting mortgages and balances Net profit
of sales and for general investment purposes in approved mortgage securities -V. 120, p. 2949.
or Government, municipal and corporation bonds.
Security.
-Debentures rank as a first charge on all the assets of the
French National Mail Steamship Lines (Societe des
corporation subject only to the prior claim on specific security for first
Messageries Maritimes).
mortgage collateral trust bonds. All mortgages purchased are secured Services Contractuels des
.
by selected revenue-producing or residential properties with sufficient Bonds Offered.
-Wood, Gundy & Co., Ltd. Montreal, are
margin of safety to provide for full repayment of capital and interest.
at 91M and int., to yield over 6.7k, $11,000,000
-Corporation will deposit with the trustee annually, offering
Sinking Fund.
mortgages or mortgage securities of cost value equal to 10% of the then 6% external sinking fund gold bonds. These bonds are
outstanding debentures, by way of additional security and for sinking being offered simultaneously in Canada and abroad.
fund purposes, until such time as the trustee shall hold securities to the
Dated May 1 1927; due May 1 1952. Principal and Mt. (M. & N.)
value of 100% of the outstanding debentures.
Payable at par in Canadian gold coint at office of Royal Bank of Canada
Earnings.
-Basing estimates on the returns of many similar companies in Toronto or Montreal, free of any French taxes, present or future, all
in both Canada and the United States, net earnings, after deducting usual of which are assumed by the company. Denom. $1,000 and $500c5.
overhead expenses, operating costs and paying bond interest, would show Red. as a whole on any int. date on or after May 11937, on three months'
minimum total earnings available for this Issue of almost five times the notice at par and int. Also red, in part by lot for sinking fund on any
interest requirements, or after all fixed charges and preferred dividends, int. date on or after Nov. 1 1932 on three weeks' notice at par and hit.
an annual surplus equal to over $2 per share on common stock.
Royal Bank of Canada, fiscal agent. Montreal Trust Co., registrar.
of Canada, as paying
Arrangements have been made
Federated Business Publications, Inc., N. Y. City.- agent, whereby principal af'andwith Royal Bank bonds will be payable
interest on these
Pref. Stock Offered.-Parker, Robinson & Co., Inc., are at par any of its branches in Canada.
offering at $30 per share (and div. from July 1) 20,000 ofSinking Fund commencing 1932 calculated to retire this entire issue
bonds by maturity.
shares cumulative 1st pref. stook (without par value).
Guaranty of French Gpvernment.-These bonds will be issued under the
French Republic pursuant to the
Entitled to cumulative dividends at the rate of $2.50 per annum,payable authorization of the Government of the by the Law of July 28 1921, and
-J. Preferred as to assets to the extent of $30 per share and divs.. in Convention of Dec. 29 1920 as ratified
Q.
interest and sinking fund is assured by the undercase ofliquidation or dissolution. Bed, all or part by lot on any div. date payment of principal,
on 30 days' notice at $35 per share and diva. Transfer agent, United States taking of the French Government: amounts as may be necessary to make
(1) To pay to the company such
Mortgage & Trust Co.; registrar, Seaboard National Bank.
-Each share of 1st pref.stock will bear a detach- up any deficiency in the company's income if it should prove insufficient
Stock Purchase Warrants.
of
purchase warrant, entitling the holder to purchase 3 share of to pay various charges, including interest on and amortization the loans
able stock
comcommon stock at $12.50 per share on or before July 1 1928 or at $15 per issued pursuant to said Convention; and (2) to pay the debts of
share on or before July 1 1929, or at $17.50 per share on or before July 11930. pany if for any cause it should cease operations.
These bonds will be the direct obligation of French National Mail SteamAuthorized. Outstanding.
Capitalizationthe company's outstandnig bonds.
25.000 shs. 20,000 shs. ship Lines, ranking pani passu with all of
First preferred stock (this issue)
-French National Mail Steamship Lines (Societe des Services
Company.
a20.000 shs.
7
2d preferred 6'. stock (par $100)
Mossageries Maritimes) was organized in 1921, Pur1,100,000 shs. 80,000 shs. Contractuels des
Common stock (no par value)
suant to a Convention entered into on Dec. 29 1920 between the Governa To be used in the acquisition of new properties.
ment of the Republic of France and the Compagnie des Messageries Marib Includes stock reserved for exercise of stock purchase warrants.
times, ratified by Law of July 28 1921. Company operates mail, pasData from Letter of Raymond Bill, President of the Company.
senger and freight services, connecting France with Southern Europe,
-Organized to acquire substantially all of the assets of and Asia, Africa and Australia. Company's operations are directed by the
Business.
titles to the following business publications: "Music Trade Review" (estab- Compagnie des Messageries Maritimes, but are carried on under the
lished 1879), "Talking Machine World" (established 1905), "Carpet & Jurisdiction and control of the French Government.
Rug News" (established 1916), and "Tires" (established 1919). The trade
As availability of regular and rapid ocean navigation is one of the essential
publications included in this consolidation are leaders in their respective steps toward the promotion of commercial relations between Prance and
records for successful operation.
fields, having established
its Colonies, the formation of French National Mail Steamship Lines
The founder of the enterprise, Colonel Edward Lyn-an Bill, was one of constituted an important step in the French Government's post-war
the pioneers in the business paper field. His first paper. the "Music Trade development program and this is the primary reason for the sponsorship
Review," was started in 1879. and was followed in 1905 by the "Talking of the company by the Government of France and the financial guaranty
Machine World." The business was incorporated in 1916 as Edward above mentioned.
-V. 122, p. 2198.
Lyman Bill, Inc., and since that time, other publications have been added
-Receives Condenser Order.
until at the present time the organization publishes over 10 business papers
General Electric Co.
and several directories and books. Since the formation of Edward Lyman
Three synchronous condensers, far larger than any now in service, to
Bill, Inc., the combined circulation of the company's publications has in- be used to regulate the voltage of the transmission lines which carry power
creased over 500% and its gross advertising income anti net profits have from the Big Creek hydro-electric development into Los Angeles, have been
shown similar growth.
by the Southern California Edison Co.. being built by the General
The properties of Federated Business Publications. Inc., will continue ordered Co., are each rated at 50,000 kilovolt-amperes, and will operate at
Electric
under the management of the four executives who, as officers of Edward 13,200 volts. Two are to be installed in the new Lighthipe substation and
Lyman Bill, Inc., have been responsible for the successful operation of these the other in the Eagle Rock substation. Condensers with a capacity of
and other business papers for many years.
kilovolt-amperes, the largest made previously by the General ElecThe management has accepted upwards of 75% of the common stock 30,000
being used in the Laguna .Bell and Eagle Rock substations
of Federated Business Publications, Inc., in payment for their interest in tric Co., are now California Edison Co.
of the Southern
the publications enumerated above, thereby assuring control of the busiThe total weight of each condenser with its exciter is 375,000 pounds,
ness by those responsible for its past success.
and the overall dimensions are 26% feet long, 16 feet wide and 12 feet high
-Consolidated net earnings before Federal taxes, of publica- above the bottom of the base.
Earnings.
tions to be acquired have been certified to by Arthur Andersen & Co. Such
The Walker Dishwasher Corp. of Syracuse, N. Y., have entered into
earnings, after adjustment to eliminate non-recurring compensation of working agreements with the General Electric Co. and the Crane Co. for
officers, were as follows:
the distribution of their machines. The Walker company reports a large
1924.1925.
1923.
1926.
increase in sales during the past 5 months.
8141.631
11103,336
8124.434
$126,116
Net earnings on this basis for the above period have averaged $123,879
Interest Paid to Holders of G. E. Employees' Sec. Corp. Bonds
before Federal taxes, as compared with annual dividend requirements for
Interest amounting to $1,076,181 has been paid to holders of General
the outstanding 1st pref.stock of $50,000. The net profits for the first quar- Electric Employees Securities Corp. bonds for the six months period ending
ter of 1927 exceeded those for the same period of 1926, and it is estimated
announced on June 27. Theta are 28,762 bondholders.
that earnings for the second quarter will show a similar increase. It Is esti- June 1, it wasprincipal investment of $27,373.400 by employees of the
a
mated that additional publications to be acquired out of the proceeds of this representingThese bonds pay 6% interest, but so long as the original holder
increase the profits of Federated Business Publications, Inc., by company.
issue will
remains in the employ of the company an additional 2% is paid, making an
over $50,000 annually.
Purpose -Proceeds will be used in payment for publications and assets 8% investmcnt.-V. 124, p. 3638.
acquisition of additional publications and to pay off
acquired, also for the
General Railway Signal Co.-Gets New Order.
certain minority and inactive interests, and for other corporate purposes.
The Nionon RR. which equipped its first division with Sprague Train
-It is the intention of the directors inunediately to inaugurate
Dividends.
Control System on ihe first order of the 1.-S. C. Commission, has taken out
cumulative dividends at the rate of $2.50 per share per annum on the 1st
has placed an order with the General Railway
pref. stock and to inaugurate dividends on the common stock within one the Sprague devices and the first division with the Miller System of train
Signal Co. for equipping
year.
which the latter has the exclusive right. It has also placed an
-Company has agreed to make application to list the stock on control on
Listing.
order with the Signal company for the equipping of the second division with
the New York Curb Market.
-V. 124. P. 3781.
the same system.
100 and int., carrying a bonus of M share of common stock
with each $100 debenture.
Financial & Industrial Securities Corp.
-Removal of
Stock from New York Curb Market-Action Taken at Instance
of Stockholders and Not at Request of Unlisted Security Dealers.
-Earnings.
Glidden Co.
Month of MaySales
Net income after all charges
See under "Current Events" in last week's "Chronicle," p.3717.-V. 124. -V. 124,
p. 3638.
p. 3637.
-Bonds
First Presbyterian Church of Phoenix, Ariz.
-Freeman, Smith & Camp Co. San Francisco, are
Offered.
,
to
offering at prices to yield from 536%' 6%, according to
maturity, $200,000 first mortgage 6% serial gold bonds.
Dated April 1 1927: due serially April 1 1929 to 1938. Denom. 91,000
and $500. Interest payable A. & 0. at Liberty Central Trust Co., St.
Louis, Mo., without deduction for normal Federal income tax up to 2%.
The church agrees to refund upon timely application any Oregon income tax
and California personal property tax. Redeemable on any interest date on
60 days' notice at 102 and interest in the reverse order of maturity. Liberty
Central Trust Co., St. Louis, Mo., and The Valley Bank, Phoenix, Ariz.,
trustees.
The First Presbyterian Church of Phoenix. Ariz., is the only church of
this denomination in the city, and has a membership of 1,308. The church
was established in 1887. A large number of the wealthiest and most influential men in the community are active workers in the church. During the
last five years it has ended each year with a surplus. The membership has
grown in recent years under the progressive leadership of its pastor to such
an extent that it has overcrowded its present building and has been holding
1926.
1927.
$2,838,288 $2,770,000
177.000
183,868
-Expansion.
Goodyear Tire & Rubber Co.
Expansion of the company's foreign business is reflected in two recent
-the formation of a new $4,000,000 Australian Goodyear
developments
Co., which is constructing a plant near Sydney, and the prospective change
to direct manufacturing operations in an important European country.
Because of the growing demand for Goodyear products in Australia,
the company has found it desirable to construct its own factory there,
company
which will be in operation about Nov. 1. For this purpose a new the sale of
has been organized, with $1,500,000 of its capital raised by
8% preferred stock in Australia. With a daily capacity of 1,000 tires,
the Australian plant will supply the demand for the American company's
products in the commonwealth. The Goodyear factory is the first to be
built by an American rubber contany in Australia, and was necessitated
by steadily increased sales over a period of several years.
The company now operates tire factories in Canada and California in
a production
addition to the main plant at Akron, 0. It recently passed the company
mark of 100,000,000 pneumatic tires manufactured since
entered the industry and has been maintaining a peak output of approx
matelY 65.000 tires daily for the past several weeks.
Plans also are under way for extension of Goodyear's activities in other
countries through the construction of its own manufacturing plants. These
104
THE CHRONICLE
[VOL. 125.
operations are expected to prove more profitable for the company since
they will eliminate the payment of dutues and result in tremendous savings.
The Hillcrest co-operative building is 10 stories in height and is of fireproo
f
reinforced concrete and brick construction. It contains 97 apartments.
each equipped with every modern conveneince to add to its desirability.
In the rear of the apartment is a four-story ramp garage constructed of
According to operating executives, no curtailment of manufacturing reinforced concrete and brick. It will accommodate approximately 150
activities is yet in sight.
automobiles and the construction, which is of the very latest type, is
amount of difficulty.
Goodyear Zeppelin Corp. Entering Bid for $5,000,000 Naval such as to permit the parking of cars with a minimumthe co-operative plan
Payments made by the apartment owners under
Scouting Airship-Award Expected Soon after July 1.
will cover, in addition to the actual maintenance costs of the building, all
An award of contract for the design and construction of a naval scouting requirements of this bond issue. Based on rentals obtained for other
airship more than twice the size of the Los Angeles" and costing approxi- apartments located in Wichita the Hillcrest, if placed on a rental basis,
mately $5,000,000, probably will be made shortly after July 1 by the would have an earning power of more than four times the amount necessary
Naval Bureau of Aeronautics, according to word received from Akron, 0. to meet the annual interest and principal requirements of this bond issue.
Most prominent among the American aeronautical firms eligible to receive the airship contract is the Goodyear Zeppelin Corp., of Akron, Ohio,
Holly Sugar Corp.
-Sub. Co. Reduces Dividend.
a subsidiary of the Goodyear Tire & Rubber Co.
The Holly Development Co.. a subsidiary, has declared a quarterly
The Akron rubber company, pioneers in the lighter-than-air-craft in- dividend of 5 cents per share, payable July 15 to holders of record July 1.
dustry and continuously in this business for more than 12 years, has had Previously the Holly Development Co. paid quarterly dividends of 10 cents
a small staff of former Zeppelin company experts at work on the design per share.
-V. 124. p. 3360.
of the world's largest rigid airship for a period of three years.
The proposed giant air cruiser for which the United Sates Navy has
Horn & Hardart Co.
-Larger Extra Dividend.
recently asked bids would probably be under way before the end of the
The directors have declared an extra dividend of 25c. per share in addiyear 1927,providing the contract is awarded in July.
-V.124, p.3218,3075. tion to the regular quarterly dividend of 37%c. per share on the common
stock, both payable Aug. 1 to holders of record July 11. In each of the
Gorton-Pew Fisheries Co., Ltd.
-Rights, &c.four preceding quarters the company paid an extra dividend of 123c. per
The common stockholders of record Sept. 2 1927 will be given the right share.
-V. 124, p. 1987.
to subscribe on or before Oct. 1 for 18,335 additional shares of common stock
(no par value) at $5 per share,on the basis of one new share for each common
Hudson's Bay Co.-FinancialStatement.share held. Subscriptions will be payable at the Merchants' National
Years to May 311927.
1925.
1924.
1926.
Bank, Boston, Mass.
Profit from trading
£339.926
£394,968
£339,345
£402,381
The common stockholders on May 18 increased the authorized common Expenses,incl. fees, &c..
41,373
44,313
91,964
5.615
stock from 26,000 shares (18,335 shares outstanding) to 50,000 shares, and
authorized the directors to call for retirement as of Sept. 1 next all of the Profit car, to bal. sheet.. £298,553
E350.655
E333,730
£310.417
$267.225 outstanding preferred stock at 27% and dive.
Brought forward
102,235
101,455
98,350
110,850
Pres. Thos, J. Carroll, Gloucester, Mass., June 7, said in substance:
The sales of the company's specialties, such as Gorton's Codfish, GorTotal
£452,110
£432,080
2421,267
£400.788
ton's Ready-to-Fry Codfish and Gorton's Flaked Fish, show a substantial Interim disv. paid Jan. 1:
increase over the previous year, and the outlook for further increase is promOn preferred shares,.,._
£50,000
£50,000
£50,000
£50,000
ising. In the early fall another product was added to the Gorton list of
On ordinary shares__ _
100,000
100.000
150.000
100,000
specialties, namely. Gorton's Ready-to-Use Codfish, in cans. This product Dominion inc. tax refund
21,250
16,666
20,000
has already become popular in the Middle West, where it was first intro- Proposed final dist.for yr:
duced.
Pref. div. due July 1
50,000
50,000
50,000
50,000
After negotiations covering a period of several months the management
From trading
100,000
100,000
100.000
succeeded in making a satisfactory arrangement with the Russia Cement
From land
see below
:
Co. of this city for the disposal of its by-products with the result that on
Dom. inc. tax refund
4.167
10,625
10,625
22,916
Dec. 15 the company sold its entire glue business to that concern. We
Int. on new issue
24.000
18.000
shall continue making fish meal, for which there is a constantly growing
demand,in the plant which was formerly used for making glue.
Bal. for, to next yr. in
The directors felt that the company's financial condition was sufficiently
respect of trade.-- £105,956
5102,235
£101,455
£98,350
strong to take from its funds the amount necessary to retire its preferred
Land Account for Years Ended Jan.1925.
3.
1
stock after completing the sale of the common stock.
1927.
1926.
Consolidated Balance Sheet March 31 (Including Gorton-Pew Vessels Co. in Balance forward to next
1927 and 1926 and Also,in 1926. the Bay of Islands Fisheries Co., Ltd.).
.in respect ofland__
£541 deb£33.246 deb£2 ; 10
19 47
2
4
y£1,860
Assets1927.
1926.
Liabilities-1927.
1926.
Including land department interest and rents and transfer fees. y After
Cash
$99,647 8102,639 First mtge. 66..
$77,700 deducting proposed final distribution of £150,000 charged to land account
Awls de notes ree_ 230,546
183,692 Ace's payable_ . 82,241
65,599 for the year ended Jan. 31 1927 and £35,000 for the year Jan. 31 1926.Mdse. J. supplies_ 640,813
575,684 Dividends payable
53,694
34,354 V. 124, p. 656.
Fl.shing gear
27,114
33,751 Accrued expense__
10,600
6,375
U.S. A. C. of I_
300.382
Reserve for taxes_
Independent Oil & Gas Co.
-Regular 'Dividend.
35.607
10,807
Investments
26,474
228,887 Res. for coming's_
30,000
The directors this week declared the regular quarterly dividend of 25c.
Notes rec., secured
25,500
Preferred stock _ _ _ 267,225
267,225 per share on the outstanding 500,000 shares of capital stock, no par value.
Vessels
232,323
294,372 Common stock_ _x1,108,933 1,092,808 payable Aug. 1 to holders of record July 18. Dividends at this rate
.
Plant ez equipment 402.044
383,961 Surplus
397,718 have been paid since March 311924.-V. 124, p. 2918.
6586,251
Treas. pref. stock_
80,346
66,494
Prepaid expense__
59,362
32.127
International Paper Co.
-Common Stock Placed on a
Mtge,notes reedy.
50,978
$2.40 Annual Dividend Basis.
-The directors on June 29
Production at High Point.
-
declared a quarterly dividend of 60 cents per share on the
outstanding 1,000,000 shares common stock, no par value,
payable Aug. 15 to holders of record Aug. 10. From Aug. 16
1926 to May 16 1927, inclusive, quarterly dividends of 50
Greater Pythian Temple Association of New York.
- cents per share were paid on this issue.
-Mississippi Valley Trust Co. and LafayetteBonds Offered.
Earnings for the first five months of 1927 were $1,905,465, after all
South Side Bank, St. Louis, are offering $750,000 1st mtge. charges, compared with $820,657 in the first five months of 1926. For the
first half
estimated that net earnings applicable to preferred and
serial 55% real estate gold bonds at prices to yield from common -year,it iswill be approximate1,$1,000,000 in excess of the $1,277,dividends
5% to 53'%, according to maturity.
216 shown for the first six months of 1926.
Dated Sept. 1 1926; due semi-annually April 1 1928 to 1937, incl. PrinSubsidiary Seeks to Acquire Additional Power Company.
cipal and int. payable semi-annually (A. & 0.) at Mississippi Valley Trust
Co., St. Louis. Red. on any int. date on 60 days' notice at 103 and int. See Quebec Southern Power Corp. under "Public Utilities"
on or before Oct. 1 1931; at 102 and int. after Oct. 1 1931, and on or before above.
-V. 124, p. 3782.
Oct. 1 1933, and at 101 and int. after Oct. 1 1933. Denom. $100, $500
and $1,000. Mississippi Valley Trust Co. and John R. Longmire, St.
International Securities Corp. of America (Md.).Louis, trustees.
-Harris, Forbes & Co., New York, have
Security.
-A first lien on the fee simple title to a lot of ground. fronting Debentures old.
112 ft. on the north side of West 70th St. between Broadway and Columbus sold at 953 and int., to yield about 5.41%, $15,000,000
Ave. with a depth of 10034 ft. The improvement known as the Pythian 5% gold debentures.
Temple is a 7
-story and basement reinforced concrete structure covering 112
Total
$2,174.552 $1,952,586
Total
52,174,552 $1,952,586
x Represented by 17,905 shares of no par value. 3 Including $6,358
,
pref. divs. payable Sept. 1 1927 to holders of record Aug. 23.-V. 124. P.
3503.
ft. by 90 ft., containing 1,600,000 cu.ft. and having setbacks in accordance
with zoning regulations. The basement contains a large foyer, billiard
parlor, barber shop, bowling alleys, grill room and boiler and machinery
rooms. On the main floor are the dining room, lounge and grand meeting
salon, which are Italian renaissance; executive offices, kitchen and pantry.
On the second floor is a large auditorium, finished in Egyptian style,
3 stories or approximately 38 feet high, with a regulation stage, dressing
rooms, operator's booth for moving pictures and a permanent concrete
balcony. The auditorium also contains a large organ suitable for concert
work, and the estimated capacity is 1,500. The other floors contain 15
lodge rooms, having a combined capacity of 4,500 seats; a gymnasium an('
offices for various officers of the Temple Association. The lodge and
committee rooms were ready for occupancy on May 1 1927. The security
Is as follows:
Ground, as appraised
$307,000
Building, at cost, in excess of
1,350,000
Total
Earnings.
Gross income estimated at
Maintenance, clerical and miscellaneous expense
Net income
Such estimated net income is equivalent to
annual interest requirements on this issue.
$1.657,000
$225.500
38,500
434
5187.000
times the maximum
Hammermill Paper Co.-Earnings.
---Calendar YearsNet profit after deductions, depletion, depreciation, interest and Federal income taxes
Preferred dividends
Surplus for the year
Previous surplus
Profit and loss. surplus
-V.124. p. 380.
1926.
1925.
$913,097 $1.122.486
159,453
175,000
$753,644
4,599,077
$947,486
3,651,591
55,352,722 $4,599,077
Happiness Candy Stores, Inc.
-May Acquire Mirror.
Negotiations are reported to be under way for the acquisition by this
company of the Mirror chain of candy stores.
-V. 124. P. 3504.
Hillcrest Apartments, Wichita, Kan.
-Bonds Offered.
-Wheeler Kelly Hagny Trust Co., Wichita, Kan., in May
last offered at 100 and int. $600,000 1st mtge.6% bonds.
Dated June 11927; due June 11947. Int. payable J. & D. at office of
Harris, Forbes & Co., New York City, or at Harris Trust & Savings Bank,
Chicago, or at Harris, Forbes St Co., Inc., Boston. Callable on any int.
date on 60 days' notice; at 103 through June 1 1930: thereafter at 102
through June 1 1933: thereafter at 102 through June 1 1936; thereafter at
101% through June 1 1939: thereafter at 101 through June 1 1942: thereafter at 100% through June 1 1945: and thereafter at 100. Denom.
c* $1,000 and r $1,000 and authorized multiples. Guaranty Trust Co.,
New York, trustee. Corporation will agree to pay interest without deduction for any Federal income tax not in excess of 2% and to refund the
Penna. and Conn. 4 mill taxes. Calif. personal property taxes up to 5 mills
per dollar of principal per annum and any Mass. income tax not in excess
of 6% of such interest per annum.
Data from Letter of William R. Bull, President of the Corporation.
Company.-Incorp. in Maryland. Is the successor of International
Securities Trust of America of Mass. (organized in 1921), the pioneer and
largest general investment trust in this country. The business of the corporation is confined to the investment and reinvestment of its resources
in seasoned, marketable securities, domestic and foreign. Its assets now
include over 500 different government, railroad, public utility, industrial
and miscellaneous securities representing investments in over 30 different
muntrrnalonal Securities Corp. of America will continue the arrangement
Inteies
with American Founders Trust under which the corporation, for a consideration of4% of its gross profits after payment of taxes, commands the services
of American Founders Trust with its large staff of economists, engineers,
statisticians and other experts specializing in investment administration.
This investment department is generally considered unsurpassed in its
field and representatives of many prominent and long established English
and Scottish investment trusts and banks have made a point of studying
at first hand its organization and methods.
With its large resources and facilities for the study of economic and
business conditions, the corporation is able to afford to the purchasers of its
debentures the protection of expert selection and supervision and of broad
diversification of investments to a degree not available to the individual
investor.
Earnings.
-During the 12 months ended May 31 1927 the earnings of the
predecessor trust (all of whose assets have been acquired and all of whose
liabilities have been assumed by the corporation) were as follows:
Gross earnings from interest, dividends and realized profits on
sale of investments
$3,871,067
Expenses and all taxes
578,967
Net earnings
$3,292,100
Annual interest charges on funded debt to be outstanding on
completion of this financing
858,739
Balance
$2,433.361
Dated Aug. 1 1926; due semi-annually from August 1928 to February
1945. Denom. $1,000, $500 and $100. Boat principal and int. (F. & S.)
The earning power of
corporation should bti substantially increased
payable at Wheeler Kelly Hagny Trust Co.. Wichita, Kan., trustee. through the application thethe proceeds of this issue to the purchase of
of
Red. after 30 days' notice on any int. date at 101.
additional investment securities.
Bonds are secured by an absolute first mortgage deed of trust on land
Indenture.
-Corporation
issue any additional funded debt except
and buildings thereon occupying a block front on the west side of Rutan debentures (of this or otherwill notunder the terms of the indenture and no
series)
Ave. from Douglas Ave. to Oakland Ave. The property has a frontage additional debenture may be issued unless upon the issue and sale thereof,
of 244 ft. on both Douglas and Oakland Ayes. and 229 ft. on Rutan Ave. the corporation's current resources (to be defined in the indenture) would
JULY 21927.]
THE CHRONICLE
105
Pacific Southwest played a leading part in the financing plans in connection
with the merger of the Julian properties in the California Eastern 011 Co.
The indictments, which, with the 19 returned last Saturday, swept the
financial world of Los Angeles, also reached into the motion picture colony
with the naming of Louis B. Mayer, Vice-Pres. of the Metro-Goldwyn
Mayer film producers, and Adolph Ramish, director of West Coast Theatres. Inc., on a charge of usury. Joe Toplitzky, multi-millionaire real
estate operator, also was named in the usury charges.
The usuay charges are the result of the pyramided "loan pools." said to
have totaled 3100.000,000, and on which City Prosecutor E. J. Lickley has
estimated $18,000,000 in excess interest was charged.
The Grand Jury investigation of the Jullan case has been under way for
the last two months. The muddled affairs of the corporation first were disclosed when trading in its stock was suspended.
The Julian Corporation and the California Eastern Oil Co., which took
over its properties, went into the hands of receivers. A court battle has
been fought by rival claimants to the receivership over A.0. Wagy 8: Co.,
Inc. (brokers), controlled by S. C. Lewis, former Julian President, and one
of the 45 indicted.
After the Grand Jury returned the indictments yesterday, it developed
that the evidence upon which the men were indicted was provided by the
accused men themselves and that the documents on which the action was
taken were furnished voluntarily.
Stern and Barber are charged with negotiating two loans for a total of
$385,000 for which they received a "bonus" of $100,000 from S. C. Lewis,
former Julian President. They are accused of embezzling the $100,000
bonus on May 7 1927, after they had placed it in an alleged dummy corporIt is alleged they placed this
Total
$46,269,177 ation known as the Pacific Bond & Share Co.they had received it.
fact that
a All owned by American Founders Trust. b 6% due 1928, $7.500; bonus in this manner to conceal the
6% due 1933. $1.145.500;6% due 1943. $306,500;5% due 1933. $130,000;
-Bonds Offered.
Kieckhefer Container Co., Delair, N.J.
5% due 1943. $293.500.
Note,
-The capital stock above is to be issued in exchange for an equal -Second Ward Securities Co., and Folds, Buck & Co.,
number of like shares of the predecessor trust.
Chicago, are offering at prices ranging from 100 and int. tc
In addition to the amounts of stock shown above. American Founders
Trust, partially for itself and partially for account of dealers has sub- 100.40 and interest to yield from 5% to 534%, according to
scribed for 19.303 units, each consisting of one share 6% series B pre- maturity,$2,000,000 first mtge.534% series A gold bonds.
ferred stock and one share common stock class A. payment for which (to be
Dated May 2 1927; principal and interest (M. 8: N.) payable at Second
made in cash not later than Aug. 1 1927) will increase the assets of the corWard Savings Bank, Milwaukee, Wis. Denom. $1.000 and $500 and
poration by more than $2.500,000-V. 124, p. 3640.
$100 c* Redeemable, all or part, on 30 days' notice at par and interest.
Indiana Pipe Line Co.
-Extra Dividend of 2%.
-The plus a Premium of % of 1% for each year or fraction thereof between
redeemed. National Bank of Commaturity
directors have declared an extra dividend of 2% ($1 per redemption date andtrustee. of bonds
merce. Milwaukee.
Company.
-A Maine corporation, succeeding to a business founded in
share) on the outstanding $5,000,000 capital stock, par $50,
management has
in addition to the usual quarterly dividend of 2% ($1 per 1892 as the Enterprise Box & Lumber Co. The present
been in control of the business since 1902. The original product was
share), both payable Aug. 15 to holders of record July 22. wooden packing cases and boxes. In 1910 the fibre container business was
The previous extra distribution was 2%, paid on Nov. 15 started, and is now 95% of the company's business. Until 1920 all operations were conducted from Milwaukee, where the Kieckhefer Container Co.
of Wisconsin own a container plant and wooden box plant. In 1920, how1926.-V. 124, p. 1077.
ever, to serve large Eastern customers, company leased a container factory
Iowa State College Memorial Union, Ames, Iowa.
- in Camden,N.J. In 1923 completed a box board and container plant ofits
Camden,
Bonds Offered.
-Harry H. Polk & Co., Des Moines, Iowa, own at Delair, adjoiningthe largestand in 1925 doubled the capacity of this
plant. It is now one of
and most economical units in the indusand Taussig, Day, Fairbanks & Co., Inc., St. Louis, are try. In 1925 opened a container plant and distributing station at Honolulu,
Hawaii,and in 1926 at Oakland. Calif., both of which it serves from Delair
offering $425,000 1st (closed) mtge. 534% serial gold bonds with box hoard.
at prices to yield from 5.19% to 534%,according to maturity.
Eddy Paper Corporation.
-In the Middle West, however,owning only the
Dated May 1 1927; due serially Nov. 1 1929 to Nov. 1 1939, incl. Prin. container plant at Milwaukee. It has been purchasers of box board either
and int. (M. & N.) payable at Harry. H. Polk & Co., Inc., Dee Moines, from Delair or from outside sources. In order to develop a more nearly
Iowa, or Taussig, Day, Fairbank & Co., Inc., St. Louis, Mo., or Ames adequate supplrof box board,and also to strengthen its distributive position
Trust & Savings Bank, Ames, Iowa, trustee. Denom. $1,000, $500 and In the Middle Western market, it has acquired a majority of the capital
$100 c*. Red. in the reverse of their numerical order on any int. date stock of Eddy Paper Corp. Company has made payment for this stock in
part by cash and in part by exchanging the capital stock of Kieckhefer
upon 30 days' prior notice at 101 and int.
Container Co. of Wisconsin, which will henceforth be owned by the Eddy
Data from Letter of John P. Wallace, President.
company.
Iowa State College Memorial Union.
-An Iowa corporation not for pePurpose.
-To provide for part of the cash purchase price of Eddy Paper
cuniary profit, was organized and incorp. in 1922. Its membership, which Corp. stock, and to redeem on Nov. 1 1927 its first mtge. 6% gold bonds
numbers more than 10.000, is composed of alumni, students and faculty of and aerial gold notes.
Iowa State College. The purpose of the Iowa State College Memorial
Earnings.
-Operations at Delair were begun about March 1 1923, and
Union is to erect, govern and operate a Memorial Building in commemora- company has had two machines operating there only since July 1 1925.
tion of the Iowa State College men and women who served their country Earnings available for interest charges, depreciation and Federal income
In the Civil War, the Spanish-American War and the World War. The tax, without including any earnings of Kieckhefer Container Co. of WisconMemorial Union Building shall be used for the promotion of the social, sin, or of Eddy Paper Corn are as follows:
moral and intellecutal welfare of the students, faculty and alumni of Iowa
1926.
1925.
1923.
1*2
4.
.
State College.
$849,632
$647.461
$165,233
$474,679
Security.
-Bonds are a direct obligation of the Union, and will be secured
These earnings have averaged for the four years 5534,252 per annum.
by a first closed mortgage on approximately 5 acres of land located in the which is 4.85 times the annual interest of $110,000 on these bonds, and in
heart of the Iowa State College campus, and the Memorial Union Building 1926 were 7.70 times this interest.
to be erected thereon. The land has been appraised at $100,000. The
Book figures for the first five months of 1927 show a net profit on the
contract cost of the building, with furnishings, equipment, &c., is in excess same basis of 3468,567, at the rate of $1,124,561 a year, which is over ten
of $720.000. The total value is therefore over $820,000. This loan is, times interest charges.
-V. 119. p. 3061.
therefore, less than 52% of the value of the mortgaged property. It is
planned to add in a few years additional units of the Memorial Union
-Resumes Dividends.
Laconia (N. H.) Car Co.
Building which will make the ultimate cost of the Memorial Union Building,
The directors on June 27 declared a dividend of 1%% on the outstanding
exclusive of the land, over $1,000,000. The closed first mortgage securing $1.000,000 79 1st preferred stock, payable July 1 to holders of record
this issue of bonds will cover additions to the Memorial Union Building. June 29. Dividends have been in arrears since July 1924. Total accumulaAs additional security, the Iowa State College Memorial Union membership tions amount to 21%.
notes, which now exceed $1,000,000, and which it is conservatively estiThe "Boston News Bureau" in connection with the above action says:
mated will increase to $2.000,000 during the life of the bonds, are, under "The resumption of dividends on the 1st preferred stock is made possible
the terms of the trust indenture, available for the service of this loan. A by general improvement in operations brought about by an enlarged foundry
thorough study of similar Union buildings indicates, as an additional business, some good-sized orders for the company's Nepscodevices (for
margin of safety, an annual net income of over $30.000, to be derived from support of telegraph poles, &c.) and the 75
-car Boston Elevated Ry. order
operation of the building and allocated student fees.
on which shipments have begun. Total business for the fiscal year to and
The State of Iowa, through the State Board of Education, with the Sept. 30 should be in excess of 51,000,000 or more than double the approxiendorsement of the Executive Council of the State of Iowa, has deeded in mate $500,000 turnover of last year.
-V. 123. 1P• 3045.
fee to the Iowa State College Memorial Union the 5 acres of land upon
-Regular Dividend.
Lehigh Valley Coal Co.
which the Memorial Union Building is being erected, so that the mortgage
deed of trust securing these bonds will be a first lien on the real estate and
The directors have declared the regular semi-annual dividend of $1.25 per
Improvements. Furthermore, the State Board of Education agrees to share, both payable Aug. 1 to holders of record July 10. In February last
allocate at least $9,000 annually of student fees toward the revenue of the the company paid an extra dividend of 25 cents per share in addition to the
Memorial Union Building. The State Board of Education will also furnish usual semi-annual disbursement of $1.25 per share.
-V. 124. lo. 1988.
heat, light, water and power free to all parts of the Memorial Union BuildLumber Mutual Casualty Insurance Co. of N. Y.
ing not revenue producing. The State Board of Education is installing
This company, underwriters of workmen's compensation, public liability
these facilities free of charge.•
and automobile insurance, in its annual statement for the year ended
Dec. 31 1926. as filed with the State Insurance Department, shows a perJames Office Building & Theatre.-Bonds Retired.
centage of profit
the year of 31.7%. with a net
The American Bond & Mortgage Co. recently announced that the Increase in surplusto earned premium for$113,698, making a total surplus
for the same
$925,000 first mortgage 7% bonds of the above company have been called as of Dec. 31 1926 of $599.195. period of surplus compares with a surplus
This total
for redemption as of June 19 at 102 and interest.
as of Dec. 31 1925, of 8485.497, when the percentage of profit to earned
premium amounted to 26.8%. In 1924, surplus totaled $375,867, with a
-Indictments, &c.
Julian Petroleum Corp.
percentage of profit to earned premium for that year of 18.2%.
All persons owning or asserting ownership of stock in the corporation
The company reports earned premium plus other income for 1926 of
are notified by Joseph Scott and H.L.Carnahan,receivers, to file with them $1.167,300, compared with $1,016,991 in 1925 and $873,495 in 1924. Of
Los Angeles, Calif., on or before the gross profit for 1926, dividends amounted to $230,778 as against
at their office, 215 West Sixth Street,
July 12, a duly sworn statement of all and any claims which they respec- $158,003 in 1925 and $112.059 in 1924. The statement shows that since
tively have or assert in respect to any shares of stock of the corporation, or Dec. 31 1914 (the first year of organization) assets increased from
any right, title or interest therein or thereto, accompanied by the certifi- 550,643 to $1.799.131 as of Dec. 311926. Dividends paid since organization up to the end of last year amounted to $939,537. According to
cates for any shares of stock so claimed.
This notice is given pursuant to order of the District Court of the United Thomas H. Silver, manager and director, these dividends to date aggregate
States for the Southern District of California, Southern Division, dated $1,010.000.
May 19 1927, wherein the receivers were appointed.
Magazine Repeating Razor Co.
-Stock Increased.
A Los Angeles dispatch June 28 says: The bubble of Julian Petroleum
The common stockholders on June 14 increased the authorized common
Corp.'s finances, which burst several weeks ago under the inflation of more
stock, has been climaxed during the stock from 100.000 shares to 125,000 shares, no par value. The pu -pose
than 4,000.000 shares of over-issued
last few days by the indictment of 55 persons, most of them high in Los of the increase is to provide additional common stock for corporate purp see
and for the acquisition of the rights of Col. Jacob Schick under his contracts
Angeles financial circles.
With seven officers of the Pacific Southwest Trust & Savings Bank named with the company.
President G. II. Walbridge, in a recent letter, stated: "Upon the acquisiIn yesterday's 26 indictments on charges ranging from embezzlement and
violation of banking laws to usury, the board of directors announced that tion by the company of patents on the Schick repeating razor, the company
the resignations of all of the accused officials had been placed in its hands, agreed to pay Col. Schick certain royalties. Subsequently the dire, tors
acquired from Col. Schick applications for letters patent for certain o her
effective at its pleasure.
The directors of the bank,one ofthe largest financial institutions in South- devices relating to razors and blades throughout the world and changed the
ern California, made a plea that the public suspend judgment on the men provisions for royalty payments to Col. Schick to a percentage basis and
made certain other modifications of the original contract.
pending findings of the courts.
"The company has now arranged to acquire all of Col. Schick's right
The bank's officers named included Charles F.Stern, President,accused of
embezzlement and violation of the law governing bankers' bonuses; John under these contracts, including his right to the payment of royalties, in
E. Barber, President of the First Securities Co. and Vice-Pres, of the Na- consideration of 21.700 shares of common stock and the agreement of the
tional Bank, allied institution, on similar charges, and William Rhodes company to pay to Col. Schick monthly installments of $2,916.66 for 3%
Harvey, Executive Vice-Pres.; H. A. Bell, Executive Vice-Pres.; P. L. years. The amount of these installments is much less than the minimum
McMullen, Cashier; W. I. Hollingsworth, director, and Motley H. Flint, royalties otherwise payable to Col. Schick under his contracts. Col.
Schick's total royalties on sale of the company's products as now proExecutive Vice-Free., on usury charges.
The board of directors, Henry M. Robinson, its Chairman. and W. C. grammed would amount to very large sums each year, in effect an operating
Wood,State Superintendent of Banking, all issued statements declaring the charge, superior to the rights of stockholders to dividends.
"In the opinion of the directors the acquisition of Col. Schick's rights is of
acts charged to the bank's officers were accomplished by them, if at all, as
ndividuals and that the bank was not implicated in any illegal acts. The decided advantage to the company and its stockholders. The prior charge
amount to at least 200% of its entire funded debt then to be outstanding.
Certain of the provisions of the indenture or of any supplemental indenture
may be modified upon the affirmative vote of holders of at least 85% in
principal amount of the outstanding debentures.
Balance Sheet May 31 1927 (After This Financin(i).
Assets
$25,262,870
Investments
3,049,004
Securities dold but not delivered
Cash (incl. proceeds of this issue which are to be applied to the
purchase of additional investment securities)
15,436,845
483,096
Accrued interest and items in course of collection
Unamortized debt discount and expense
2,037,361
Total
$46.269,177
Liabilities
7 cumulative preferred stock, series A
$87,600
11,603,200
6 cumulative preferred stock, series B
6,433.100
6 % cumulative preferred stock, series C
Common class A (no par). 307,556 shares
5,440,547
Common class B (no par), 600,000 shares
a2,222,220
5% gold debentures (this issue) .
15,000.000
Secured gold bonds (five series)
b1,882,900
Securities purchased but not received
253,101
U. S. income tax payable (1926)
99,515
Accrued taxes and expenses
298.159
Miscellaneous reserves
844,680
Surplus
2.104,155
106
THE CHRONICLE
for royalties is eliminated for all time and Col. Schick will stand in the same
position as other holders of common stock. Col. Schick will continue as
chief engineer of the company at a reasonable salary and will remain under
obligations to apply for letters patent for all inventions he may make with
respect to razors and blades and machinery for their manufacture and to
t
ass
them without charge to the company with a rights throughout the
all
world.
"The company has equipped its factory at Sound Beach, Conn., for the
manufacture of razors and blades in increasing quantities and has also
contracted for the production of an additional large supply of razors of the
latest model which will be ready for the market in the course of a few months.
'The company is advertising its products in a number of daily, periodical
and trade journals and expects to initiate a program of national advertising,
beginning with the 'Saturday Evening Post,' about the first of July."
V. 124, p. 3361.
(I.) Magnin & Co., Inc.
-New York Registrar.
-
The Equitable Trust Co. has been appointed New York registrar for the
stock of the above company.
-V. 124, p. 3783.
MagnoliaPark, Burbank, Calif.
-Bonds Offered.-Wilham R. Staats Co., San Francisco, are offering at 100 and
interest 00,000 first mortgage 634% 10-year sinking fund
gold bonds.
[VOL. 125.
to purchase debentures in the open market at prices not to exceed 101 and
int. In the event that debentures are not available at or below this figure,
the trustee shall then call the required amount by lot.
-V. 121, D. 2648.
Midland Steel Products Co.
-Earnings.
-
Net profits of the company for May after depreciation and interest but
before Federal taxes amounted to $289,578, compared with $256,909 in
April and with $271,757 in May 1926.
President E. J. Kulas says: "Improvement in earnings during May
resulted from greater efficiency in the manufacture of steel car doors and
increased volume in the steel car door business. In addition, the company
has recently taken on some heavy steel stamping business for certain large
Eastern interests, and its volume in diversified lines other than automobile
products is steadily increasing."
-V. 124. p. 3642.
(The) Mirror (Candies), N. Y. City.
-Probable Change
in Control.
See Happiness Candy Stores, Inc.. above.
-V. 122, p. 359.
Montgomery Ward & Co.
-Sates.Month of June
First six months
-V. 124, p. 3362. 2759.
1927.
1926.
Changes.
$16,697.933 $16,611,533 Inc. $86,380
92.236.614 95,216,710 Dec. 2,980,096
Dated May 1 1927: due May 1 1937. Denom. $1,000 and $500. Re
Mortgage Security Corp. of America.
deemable on any interest date at 102 and interest. Principal and interest
-Bonds Offered.
(M. & N.) payable at California Bank. Los Angeles, Calif., trustee. The A national syndicate headed by Stein Bros. &
Boyce of Baltiborrowers agree to reimburse the bondholders upon written demand for
Federal normal income tax not exceeding 2%. Exempt from California more, and consisting of bankers located in all sections of the
personal property tax.
United States, are offering at 100 and int. $1,000,000
%
These bonds are to be secured by closed first mortgage on residential and
business property situated in the southwest section of the City of Burbank insured mortgage bonds.
near the intersection of Magnolia Ave. and Hollywood Way and about 4%
Dated June 1 1927; due $150,000 June 1 1932;$250,000 June 1 1934, and
miles distant from the centre of Hollywood via Hollywood Way and Cahuen- $600,000 June 1 1937. Denom.$500 and $1,000. Prin. and int, payable
ga Pass. This property consists of three 40
-acre tracts which have been at Union Trust Co.of Md., Baltimore, trustee, or at office of the company,
divided into 617 lots, of which amount approximately 47 have been sold Norfolk, Va. Interest also payable at Central Union Trust Co.. Now York.
and deeded and 357 sold under contract. Contracts of sale will be pledged Callable at any time after 3 years at 100 and int. plus of 1% for each year
0
with the trustee as further security for this issue. The bonds are the obli- or fraction of a year of the unexpired term of the bond; or callable by the
National Surety Co. in the event of default at 100 and int. Personal propgations of Earl L. White and Anna P. White.
The property to be mortgaged has been conservatively appraised at erty taxes not exceeding 5 mills on the dollar or State income tax not exceeding 6% of the income received from these bonds will be refunded.
$1,296,197, an amount over 24 times the total authorized bonded debt.
Business.
-Corporation has been in successful business for more than a
Mayor Building, Ltd., Montreal.-Bonds Offered.
decade
- pleted as specialists in underwriting high-grade first mortgages on comand income-producing properties. Mortgages are purchased from
McLeod, Young, Weir & Co., Ltd., Montreal are offering offering mortgage companies of independent
at 100 and int $650,000 63.% 1st (closed) mtge. 15-year various sections of the United States. A veryfinancial strength located in
large portion of the business
of the corporation is in residential loans.
sinking fund gold bonds.
Security.
-Bonds are sold to
Dated May 1 1927; due May 1 1942. Denom. $1,000,$500 and $100 c*. lien certificates which are the the investor in the form of guaranteed first
direct obligation of the corporation, with
Principal and int.(M.& N.) payable at the Bank of Montreal in Montreal. capital and surplus of over $4.000.000.
secured
or in Toronto, Ottawa, Hamilton or London. Royal Trust Co.. Montreal, the trustee of a principal amount of notesThey are bonds by pledge with
and (or)
secured by morttrustee.
gages-and (or) deeds of trust constituting first liens on real estate and (or) by
The Mayor Building is a fireproof 11-story and basement, office and light a principal amount of
manufacturing building in the heart of Montreal, one block north of the equal to not less than U. S. bonds, U. S. Treasury cer.ificates and (or) cash,
100% of the aggregate principal amount of all bonds
busy retail district on St. Catherine St. Facing the grounds of St. James
this
United Church and located on a corner, it is assured of abundance of light ofThe series outstanding.
and air, and is specially designed and ideally located to serve the needs largely first mortgages securing these bonds are on completed structures.
of the clothing trades. Appraised value of property, $1.138,600. These course owner-occupied homes, as distinguished from those to be built or in
of construction.
bonds constitute, therefore, a 57% loan.
Guaranteed.
-On every bond is endorsed the guarantee of the National
CapitalizationAuthorized. To be Issued Surety Co.
-V. 124, D. 3642.
63 % 1st mtge. sinking fund gold bonds
$650,000
$650,000
7% gen. mtge. bonds. due May 1 1947
Munsingwear, Inc. & Subs.).
400,000
(
-Earnings.
300,000
Common stock (without par value)
5,000 abs. 5,000 shs.
6 Mos. End. May 31- 1927.
1926.
1925.
1924.
Annual gross revenue, has been estimated by Cradock Simpson Co.. Net aft. all charges & tax $300,711
$299,140
$18,403
$168,286
Montreal, at $131.779. In addition, there will be a certain revenue,
Net income for the 6 months ended May 31 1927 is equivalent to $1.50
mated at $10,000 by the owners, from the news-stand concession andestishare on 200,000 shares of no par capital stock outstanding, against $1.50
the
sale of steam and of electric al= privileges, bringing the estimated total a share in the corresponding period of 1926.-V. 124, p. 382.
gross revenue up to $141,779. Annual operating expenses, including taxes,
are estimated at $40.000. On this basis, and after deducting 10% for
National American Co.
-Stock Increased.
-Rights
vacancies, annual net earnings available for the payment of bond interest
stockholders of record
should be $88,601, equivalent to 2.09 times interest requirements on these onThebefore 9 a. m. Aug. 1 July 6 have been given the right to subscribe
or
for 25,000 additional shares of capital stock
bonds.
The mortgage securing these bonds will provide for monthly sinking (no par value) at $75 per share, on the basis of 1 share for each 4 shares held,
payable
or before 9 a.
fund payments,commencing May 1 1929, of $1,766.66 plus interest in bonds 30% on either in full on 1, 30% on or m.Aug. 1 or in installments as follows:
before Sept. 15 and 40% on or before
retired through the sinking fund, which will, through purchase of bonds Oct. 14.or before Aug.
in the open market or through call by lot at the redemption price, retire
The stockholders on June 28 increased the authorized capital stock from
approximately $400,000 of these bonds by maturity or 61.5% of the entire 100,000 shares to 125,000 shares.
-V. 124, p. 3642.
Issue.
Meline Mortgage Co.
-Trustee.
-
The Chatham Phenix National Bank & Trust Co. has been appointed
trustee of an issue of guaranteed first mortgage collateral gold bonds, dated
April 2 1927, to be issued serially.
National Cash Register Co. (Md.).-Earns Full Year's
Dividend.
-
Dividends on the class A stock for the entire year, from present indications will be fully covered by profits for the first six months of 1927. J. H.
Barringer, Gen. Mgr., told directors of the company at their meeting in
Dayton, Ohio, this week.
consolidation of Merck & Co. of New York and the Powers-WeightSales for the second half of the year, he predicted will exceed those for
man-Rosengarten Co. of Philadelphia, under the name of Merck & Co., the first six months.
-V. 124, p. 3081.
Inc., became effective July 1. The main office of the new company will
be at Rahway, N. J., the Philadelphia office at 916 Parrish St., the New
National Equipment Co., Springfield, Mass.
-Omits
York office at 145 Front St., branches at St. Louis and Montreal, works
Dividend.
at Philadelphia and Rahway.
George W. Merck, the son of the founder of the American house of
company has omitted its quarterly dividend usually paid July I.
The
Merck, is president of the now company, and Frederic Rosengarten, one The dividend basis had been 10% annually. Conditions in the candy trade
of the 4 brothers who have been actively identified with P.W.B.for many throughout the country are the reasons given for the omission of the diviyears, is chairman of the board of directors. See V. 124: D. 2918, 3080.
-V. 123, p. 2529.
dend.
Merck & Co., Inc.
-Consolidation Effective.
The
Michigan Smelting & Refining Co.
-Debentures Offered.
-First National Co. of Detroit Inc., Merrill, Lynch & Co.,
)
The Detroit Co., Inc., and Otis & Co., are offering at 100
and int. $800,000 53'% sinking fund gold debentures.
National Surety Co.
-Capital Stock Increased.
-
The stockholders on June 24 increased the authorized capital stock from
$10,000,000 to $15,000,000, par $100. The additional $5,000,000 of stock
will be offered to stockholders of record July Sat $150 per share on the basis
of one new share for every two shares held. Rights expire Aug.5.
Dated June 15 1927 due June 15 1934. Denom. $1,000 and $500 c*.
Balance Sheet Dc.311826.
Int.(J. & J.) and principal pueblo at First,National Co. of Detroit, Mich.,
Assets
LiaMlUtesor the Security Trust Co.. Detroit, Mich., trustee. Company agrees to Stocks & bonds at market._.$29.553.318 Res, for unearned premiums-810,911,075
pay Federal income tax not in excess of 2% per annum. Callable upon 30 Cash
1,469.149 Res. for coining. claims, less
days' notice all or part upon any hit, date at 101 and int.
Money on call
reinsurance
900.000
8,912,753
Company.
-Was originally organized in 1898 and was incorp. in Michigan Real estate & mortgages_
239,127 Res. for taxes & corn. not due 1,270,104
Jan. 1910. Company is engaged in the smelting and refining of non-ferrous Unpaid premiums (less than
Res. for reins. In cos. not enmetals. It manufactures brass, bronze and other non-ferrous alloys in
90 days old)
3,527,530
tered for bus. In N.V.State
202,310
the shape of ingots, billets and slabs; babbitt metals and solders; railway Accla rec. & weed Interest
2,439,429 Acc'ts payable (not due).
739,418
journal brasses and engine castings; forgings of brass and other alloys. In
Divs. declared pay.Jan.3'27280.000
addition to these the company manufactures a complete line of brass valves,
Capital stock
10,000,000
boiler trimmings and plumbers' brass goods. Plants located in Hamtramck.
Surplus
7,842,892
Mich., and Detroit, Mich.. and consist of over 300,000 sq. ft. of manufacturing space covering more than 9 acres. In 1926 the Capitol Brass Work..
Total
538,128,652
Total
$38,128,552
of Detroit and the Acme Brass Works of liamtramck,
,were purchased
Direct sales offices are maintained in New York, Philadelphia, Pittsbu gh, -V. 124, p. 3643.
Mich.
Chicago, Cleveland, Buffalo and Los Angeles, and distribution is prov deal
Nedick's, Inc., New York.
-Bonds Offered.
-R. F.
through sales agents in San Francisco, Fort Worth, Portland. Seattle,
Denver and Salt Lake City.
De Voe & Co., Inc., and Metropolitan Security Co., Inc.,
Purpose.
-Proceeds will provide for the retirement of all bank loans are offering at 100 and int. $1,250,000 10-year
6% collateral
largely necessitated by the acquisition of the Capitol Brass Works and the
Acme Brass Works and in addition will reimburse the company for cap tal trust sinking fund gold bonds(with warrants). This offering
expenditures recently made for the purpose of increasing the manufacturing does not
represent new financing on the part of the company,
facilities at the company's main plant.
Earnings.
-Net earnings for the 5 years ended Dec. 31 1926, after liberal but is for the account of individuals.
depreciation and all other charges except Federal income taxes, averaged
Dated July 1 1927, due July 1 1937. Principal and interest (J. & J.)
approximately $323,756, or more than 7.35 times the maximum interest payable at National City Bank, N. Y. City, trustee. Denom. $1,000
co.
charges on these debentures. In no one of the past 5 years have the Red. all or part at any time upon 30 days' notice at the following
prices:
earnings been less than 4.75 times the maximum interest requirements. Up to and incl. July 1 1929 at 103 and int., and thereafter at a
percentage
For the first 5 months of 1927 earnings were at the estimated rate of more decreasing h% for each 2
-year period or fraction thereof until July 1 1936,
than $250,000 per year or over 5.7 times the maximum interest charges and thereafter at par and int. Int. payable without deduction for Federal
on this issue.
normal income tax up to 2%• Penn. 4 mills tax, Maryland 43i mills tax.
Assets.
-The net current assets as of Dec. 311926. after giving effect to Conn. 4 mills tax and Mass. 6%, income tax refunded.
this financing, were more than $2,100,000, or over $2,700 for each $1,000
Stock Purchase 1Varrants.-Each $1,000 bond will carry with it a detachdebenture. Property account, in which no value Is ascribed to patents or able warrant entitling
holder to purchase 20
good-will and after liberal and satisfactory depreciation, is carried at $1,426,- the following scheduletheprices: Up to and incl.shares of common stock at
of
July
000, or more than $1,770 per $1,000 debenture. Company agrees not to share; thereafter to and including July 1 1930 at $15 1 1929 at $13.50 per
per share; thereafter
declare or pay any dividends that will reduce the ratio of net quick assets to and incl. July 1 1931
at $17 per share; thereafter to and incl. Jul'1 1932
and debentures at any time outstanding and unpaid below 1% for 1.
at $20 per share. All proceeds of stock purchased under this privilege will
Sinking Fund.
-Under the terms of the indenture company agrees to be used to retire bonds.
provide for a semi-annual sinking fund which will retire at least 50% of the
Sinking Fund.
-A sinking fund is provided sufficient to
maximum amount of debentures by the seventh year. Through the stantial amount of these bonds by maturity without taking into retire a subconsideration
operation of this sinking fund the trustee or company shall have the right any additional moneys resulting from purchase of stock.
JULY 2 1927.]
107
THE CHRONICLE
Data from Letter of Robert T. Neely, President of the Company.
Company.
-A Delaware corporation. Has been formed to acquire the
entire capital stock of the Burnee Corp. (New York), which for the Past
13 years has successfully developed the chain store sale of orange drink
under the trade name "Nedick's." The Burnee Corp. was organized in
1914 with a capital of $25,000 to distribute under the most approved
hygienic methods, a pure, wholesome orange drink which could be retailed
to the public at a popular price.
During the first full year of operation 12 Nedick's stores were opened,
doing a gross business of $63,182. Each succeeding year has shown a
marked increase in stores and sales, 125 units to-day rendering service
with a total business for the year which it is estimated will approximate
$2,500,000, representing an increase of over 3,800% in sales since the first
year. To-day the employees number 603, and the customers served yearly
are estimated to exceed 25,000,000. This growth has been accomplished
entirely from earnings and without recourse to any financing other than
the original investment of $25,000.
The Burnee Corp.'s business to-day is confined to the sale over the
counter of orange drink, package goods and frankfurters, of which orange
drink represents 65% of the total sales. The limited number of articles
handled plus the cash feature of the business permits unusual economy in
operation, the average daily inventory at the busiest time of the year not
exceeding $40,000.
Earnings.
-Net earnings of the Burnee Corp. before Federal income taxes
and after giving effect to the elimination of certain non-recurring charges
are as follows:
1924.
1925.
'26(10 mos.)
Sales
$1,845,170 $2,123,343 $1,995,174
Net earnings
329,348
218,655
367,598
* The Burnee Corp. changed its fiscal year to Oct. 31.
The net earnings as shown above for the calendar years 1924 and 1925
and the first 10 months of 1926 average $305,200, or over 4 times the
interest requirements on these bonds.
. The net earnings for the present fiscal year beginning Oct. 31 1926.
including 7 months of actual operation and 5 months estimated, are indicated
to be in excess of $450,000, or over 6 times such interest requirements.
Security.
-Secured by the 'pledge with the trustee of the entire capital
stock of the Burnee Corp. The indenture will impose conservative restrictions as covered more fully in my letter.
Authorized.
CapitalizationOutstanding.
10-yr.6% coll, trust gold bonds (this issue)$1,250,000
$1,250,000
Common stock (no par)
250,000 shs.
200.000 shs.
having a daily capacity of 220 tons, and the garage are owned in fee, while
the second plant of 135 tons capacity is built upon leased land, the lease
running for a period of 20 years at moderate rentals, with a renewal privilege
for 20 years more. The sound depreciated value of the fee properties is
appraised by Ford, Bacon & Davis, Inc., at $606,992, and of the leasehold
estate, including improvements now practically completed (but including
no value for the lease), at $238.291, making a total of $845,283, so that this
bond issue constitutes but a 47% mortgage.
Guaranty.
-Bonds will be unconditionally guaranteed as to principal and
interest by Fred M.Schildwachter, the principal stockholder of the corporation, who is a man of substantial means outside of his holdings of stock
of the corporation.
-Barrow, Wade, Guthrie & Co., accountants and auditors,
Earnings.
report net sales for 1926 of $448,495, and net earnings available for interest
and depreciation of $117.527, or over 43jtimes maximum interest charges
on these bonds. For the 3 years ended Dec. 31 1926, they report average
net sales as $422,850, and net earnings as $110,122, or over 4 times bond
interest. Because of increased capacity recently installed, the company
estimates a substantial increase in net sales and profits during 1927.
Authorized. Outstanding.
Capitalization$500,000
$400,000
First Mortgage 634% serial gold bonds
350,000
349,300
Capital stock
Sinking Fund.
--Mortgage will provide that on March 1 1930 and each
year thereafter, the amount, if any, by which 20% of the net earnings of
the company available for dividends exceeds the current annual maturity
of bonds, will be set aside as a sinking fund to be applied by the trustee in
the purchase or redemption of bonds. Based upon soncervative estimates
of increased earnings it is the opinion of the management that this sinking
fund will assure the retirement of all the bonds substantially before maturity.
Purpose.
-Proceeds of these bonds will be used to discharge certain
existing mortgages and for working capital.
New England Investment Trust, Inc.
-To Pay Dividend
of About 50 Cents per Share.
From a statement made by Harry E. Schaefer, Treasurer of the New
England Collateral Shares Corp. distribution will be made to holders of
collateral trustee shares on July 31:to holders ofrecord June 30;the disbursement will comprise all cash dividends regular and extra, stock dividends,
fractions and rights that have been turned into cash, derived from the 80
companies whose stocks underly collateral trustee shares.
Mr. Schaefer states that this distribution should amount to about 50
cents per share. This taken in conjunction with previous distributions
amounting to $1.25% since the formation of the trust in Sept. 1925, will
make a total distribution of about 19% on original investment of an average
of 93i% annually, together with showing an increase on invested principal
of 29.7%.-V. 124, P. 659. 2291.
New England Southern Mills.-Reorganization.
Bankers and directors of the company, after 18 months of conferences
and study, have formulated a plan for the financial reorganization of the
company.
Following are the essential points set forth in this plan;
'(l) Stark Mills (one of the present units) will be consolidated with
New England Southern Mills, and Tucapau Mills and Pelzer Mfg. Ce.
will remain separate subsidiary companies.
"(2) The 1929 notes ($3,244,000 7% 10
-year sinking fund gold notes
of International Cotton Mills, the predecessor company, due Dec. 1 1929,
unsecured) and the bank loans of the parent company ($3,500,000) being
all the unsecured debt of the company, other than current accounts, will
be converted, one-half into new 5% notes, maturing in 1933, on which
cash payment of interest charges may be deferred, and the other half into
new 7% prior preferred stock.
"(3) Remaining payments on the loom purchase account ($255,247
due from New England Southern Mills to Draper Corp. in monthly installments to June 10 1929, seucred by a lien on looms located at Lowell)
will be spread over an extended period ending on Dec. 1 1933, with interest
allowance at rate of 5%.
"(4) Tucapau Mills will have its bank loans (amounting to $1,290,000,
unsecured) renewed for two years at not more than 5% annual interest.
.(51 Present stock issues will each step down one position, the present
$4,000,000 7% prior preference stock into new preferred stock and the
present $5,000,000 7% preferred stock into new common stock, while
each 100 shares of present 203,042 no-par common shares will be given
one share of new common stock. Stark Mills $3,000,000 7% preferred
will also be changed into the new preferred stock.
"Further provisions of plan follow: The 1929 notes will receive for
each $1,000 principal amount, $500 of new 5% notes, five shares of new
7% prior preferred, cumulative after Jan. 1 1930. and a cash adjustment
of $27.50 with respect to June 1 1927 coupon. Bank loans are treated
the same, minus any interest adjustment.
"The 83,643,000 7% notes of 1933, secured by all the shares of Pelzer
Mfg. Co.. remain undisturbed. The $1.075,000 remaining purhcase
money payments due from Stark Mills for stock of Tucapau Mills with
6% interest on Aug. 4 1927, and 1928. secured by all shares but three of
Tucapau Mills, remain undisturbed. Also $300,000 bank loans of Pelzer
Mfg. Co., payable June 17 1927, unsecured, remain undisturbed.
"If the proposed plan is carried out annual interest charges of the combined companies, payable in cash (not including interest charges on the
new 5% notes which may be paid In scrip) will be reduced by nearly $450,000
The Boston "News Bureau" of June 29 says:
Annual principal maturities for 1927 and 1928 will only be reduced to
about $700,000 on account of the two large remaining payments on the
Tueapau stock due in 1927 and 1928. To the extent that these principal
maturities cannot be met from earnings the company will probably have
earnings,
to borrow on the security of some of
current assets or investments.
which is permitted by the plan.
The plan does not give the company any indefinite period of grace,
for the new notes and any scrip given for interest thereon, will mature
Dec. 1 1933, together with the 1933 notes secured by Pelzer stock. But
the plan will give the company a reasonable opportunity to operate its
recently acquired plants with some relief from heavy interest charges
and pressing capital maturities which cannot be met in full. If operating
results before 1933 are reasonably good the company should then be in a
much better position than now to meet maturities.
"The banks have approved the principles of the plan."
-V. 124. P.
3222, 2760.
New York & Westchester Ice Service.
-Bonds Offered.
P. W. Brooks & Co., Inc., New York, are offering at 100
and interest $400,000 1st mtge. 6%% serial gold bonds,
issued by Fred M. Schildwachter & Sons, Inc.
Noble Oil & Gas Co.-Suit Dismissed.
In the Court of Chancery at Wilmington, Del., Chancellor Wolcott has
signed two decrees of dismissal of suits, one involving Allan D. Olyphant
against Southern States Oil Co. and Plains Petroleum Co.. Inc. and the
other S. E. Stevens and Leonard Waddell, former stockkolden;, against
Noble Oil & Gas Co. Settlement of the suits was effected out of court.
In the first suit action sought an order requiring election of directors of
Plains Petroleum Co. and to have their status ruled upon, and in the other
-V.124, p. 3222.
suit, receivership of Noble Oil & Gas Co. was sought.
Noranda Mines, Ltd.
-Rights-Acquisitions, &c.
The stockholders of record July 15 will be given the right to subscribe on
or before Aug. 15 for 197,142 additional shares of capital stock (no par
value) at $15 per share on the basis of 1 new share for each 10 shares owned.
Subscriptions are payable in 3 equal installments of $5 each on Aug. 15,
Sept. 15 and Oct. 15. The entire issue has been underwritten. The
proceeds will be sufficient to complete all townsite and smelter requirements
and provide funds for development and erection of concentrating mill for
treatment of Alderson-McKay and Waite-Montgomery ores.
The stockholders on June 24 increased the authorized capital stock from
2,000,000 shares to 2,250,000 shares. At last accounts there were outstanding 1.797,400 shares.
iThe Waite-Ackerman-Montgomery Mines, Ltd., has been incorporated
with an authorized capitalization of 2,000,000 shares, no par value. Distribution of the stock to minority shareholders will take place almost
immediately. The Noranda company is also proceeding with the incorporation of Alderson-MacKay under the name of Alderrnac Mines, Ltd.]
President James Y. Murdock, June 15, says in substance:
"An arrangement has recently been made with N. A. Timmins and
N. A. Tinunins, Inc., under which they will execute the options held by
them on the Waite-Montgomery and Alderson-McKay properties in
.
the Rouyn District, Quebec, forming companies to take over the ownership and operation of same. Shares representing approximately 81%
of the former and 70% of the latter will be delivered to the Noranda company
and Mr. Timmins and his company are accepting Noranda shares in full
payment.
"The program of construction being carried out by the company's subsidiary, Horne Copper Corp., consisting of the erection of a customs smelter
of 1.000 tons daily capacity, the equipment of the Horne Mine and the
development of the Town of Noranda is progressing satisfactorily. The
management expects, barring unforeseen contingencies, that it will be
possible to start treatment of ore before the end of September. By this
date also new development should be in progress on tne fourth, fifth and
sixth levels. It is now apparent that the cost of the construction program
is gotmg to considerably exceed the estimates made to the directors. In
considerable part this additional cost is due to the desirability of reacning
production at an early date, necessitating rapid drawing of plans and
estimates and tile commencement of construction work before the advent
of the railway. Plant construction has been pushed ahead at extra cost
through the winter months following a policy which the directors believe
to be sound.
"To provide for such purchase, to provide funds for the development of
these now properties and to provide for additional cost of construction
above previous estimates, it is necessary to increase the capital stock of
-V. 124, p. 1990.
the company."
-Inquiry by New
Norwalk (Conn.) Tire & Rubber Co.
York Stock Exchange into Trading in Common Stock.
-V.124,p.3843
See under "Current Events"in last weeks'issue, p.3716.
Ohio Leather Co.
-Earnings, &c.
-
The company reports for five months ended May 31 1927 net earnings
of $68,959 after charges.
The directors have authorized the officers to purchase 1,500 shares of
8% 1st preferred stock at $80. Of this issue 7,060 shares are outstanding,
with $10 dividends in arrears. Net income for the first half of 1927 was
sufficient to cover dividend requirements on both preferred stocks, it is
stated.
The company will accept offers to buy its8% 1st pref.stock up to July 12.
Payment for the stock will be made July 20.-V. 124, p. 2603.
Old Ben Coal Corp.-Debentures Called.
Certain of the outstanding 10
-year 7 % debentures, dated Aug. 1 1924,
aggregating $125.000, have been called for payment Aug. 1 at 110 and
interest at the Bank of North America & Trust Co., Philadelphia, or at the
National City Bank, N. Y. City.
-V. 124, p. 121.
Pacific Burt Co., Ltd.
-Annual Report.
Years End. Mar.31
-1926
-27.
Net profits
$194,849
Reserve for depreciation
62,181
Other deductions
14,172
Federal taxes
16,500
Preferred dividends_ _ _ _
48.645
Common dividends
39,252
1925-26.
$198,380
72,196
14.552
17,193
45,206
39,252
1924-25.
$197,161
67,707
15,085
14,902
45.206
39,252
1923-24.
$225,867
59,822
16.552
19,122
45,279
39,189
$445,902
$15,009
$14,099
$9,979
6.542
6,542
6,542
6,542
$7.02
$2.29
$2.16
$1.53
Balance Sheet March 31.
Dated April 1 1927, due serially April 1 1928 to 1942, incl. Denom.
1926.
1927.
Assets1926.
Liabilities1927.
$1,000, $500, $100 O. Int. payable A.& 0. in New York. Red. at 106% RI. est.& bldgsx $232.658 $144,581 7% cum. pref.stk. $940,525 $645,800
and int. on 30 days notice. Company will pay the normal Federal income Plant. mach.& eq. 796,866
654,200
732,022 Common stock_ _ 654,200
tax up to 2% and will refund upon timely application personal property Good-w111 & patla 841,315
323,500
853,462 1st mtge. 6
_ _ 296,000
tax of any State under any present law not exceeding 5 mills in any case, Cash for sink.fund
219,386
594 Accts. & bills pay. 106,686
88
and the tax on interest of any State not exceeding 6% of such interest Merchandise
10,514
9.620
303,096 Bond interest... _
312,220
per annum.
Accts.& bills rec.- 377,918
334,990 Div. on pref, stock
-New York & Westchester Ice Service, known locally as Investments
Business Field.
11,301
16,007
2,541
payable
1,001
Fred M. Schildwachter & Sons, Inc., supplies ice in the Borough of the Cash
109,273
71,953 Div. on com. stock
Bronx, N. Y. City. Company operates two artificial ice plants of 355 tons Prepaid expense_ _
9,813
27,136
9,813
Payable
29,592
daily capacity, strictly modern in design and equipment, both centrally
377,054
Reserve for deprec 435,865
located in the Bronx, as well as a large garage for the housing and servicing
Res. for Fed.tax
16,500
of its fleet of 32 double horse trucks and 12 motor trucks. The business
215,714
218,808
Tot.(each side)_ 32,700,930 02,470,377 Surplus
was established 17 years ago, with purely a nominal capital. It has grown
x Includes 886,116 real estate purchased during the year and factory
to its present size solely through the reinvestment of profits. The ownership building under construction.
-V. 124, p. 245.
and control of the business has been uninterrupted during the entire period.
Company's production is about evenly divided between direct delivery
Pacific Investing Corp.-Pref. Stock Offered.-Blyth,
to consumers and wholesale output to dealers. The increased demand
upon the company necessitated the rebuilding and enlargement of one of its Witter & Co. are offering at 100 and div. $3,500,000 6%
increasing productive capacity over 30%.
plants, during 1926 and 1927,
cum. 1st pref. (a. & d.) stock. See further details in the
Security.
-Secured by a direct first mortgage on all property of the company now and hereafter owned. The principal ice manufacturing Plant, advertising pages of this issue.
Surplus for year_ __ _ _
Slui.com.outs.(par $100)
Earns. per sh .on com
[VoL. 125.
THE CHRONICLE
teel Boiler Corp. of N.J.(& Subs.).
-Earns.
Results for Year Ended Dec. 31 1926.
llowances
ods sold
eneral. administrative expenses
$2,603,148
6,877
1,847,663
320,995
perating profit
Other income,interest,&c
$427.613
10.644
Gross profit
Other deductions
Estimated provision Federal income tax 1926
$438,258
83.620
48,400
Net profit
Shares of capital stock outstanding (no par)
Earnings per share on capital stock
-V.123, p. 1770.
$306.238
160.504
$1.90
Second Preferred Stock.
-Shall be entitled to receive dividends at the rate
of $3 per share per year before any dividend is paid in any year on the common stock. Such dividends, however, shall be non-cumulative. This
stock may be redeemed all or part at $50 per share.
Upon the consummation of the plan, owners of 1st pref., 2d pref. and
common stock of the present company will be entitled to receive 1st pref.,
2d pref. and common shares of the new corporation as the case may be,
equal in number to the shares now held by them. Certain holders of 2d
pref. and common shares have agreed to waive their right to receive a substantial part of the new stock which they would otherwise have been entitled
to receive, and such 2d pref. and common shares, together with the debentures and the special stock, will be used for the purpose of carrying out
the reorganization, including the raising of the new money for the new corporation, securing a new management, and as compensation for services In
bringing about the reorganization. (See also further details in V. 124, P.
3643.)
-Vol. 124, p. 3785.
Pond Creek Pocahontas Co.
-Earns. Cal. Year 1926
Total earns, of the main & sub. co. from coal and misc. oper--Administrative and general expenses including sundry taxes......_
Int. & charges on gold debs. less int. on bank deposits, &cReserve for depletion and depreciation
Pathe Exchange, Inc.
-Initial Dividend on Class A
Preference Stock-To Retire 8% Bonds.
-
$363.527
36.012
95,861
151,960
The directors have declared an initial quarterly dividend of $1 per share
Net profit for the year
$79,695
on the class A preference stock, no par value, payable Aug. 1 to holders of
-V. 124. p. 2441.
record July 11 (see V.124, p.3508. 2921,2440).
All of the outstanding 10
-year 8% sinking fund gold bonds dated Sept. 1
Prairie Oil & Gas Co.
-New Pipe Line Co.
1921 have been called for payment Sept. 1 next at 110 and int. at the
See Standard Oil Co. of New Jersey below.
-V. 124, p. 1524.
Harriman National Bank,527 Fifth Ave., N.Y.City.
-V. 124, p. 3784.
Pemaquid Mills (Mass.).
-To Recapitalize.
Procter & Gamble Co., Cincinnati.
-Debentures Offered.
-First National Bank, Cincinnati, on June 30 offered, at
98% and interest, $11,000,000 20
-year 43 % gold debentures. Dated July 1 1927; due July 11947. Proceeds will
be used to retire the outstanding 6% cumul. pref. stock.
The company has notified the Massachusetts Commissioner of Corporations of a re-arrangement of its capital structure as follows:
To increase authorized common stock of $20 par value from 15.000
shares to 52,500 shares; to cancel 7,500 shares of $100 par value preferred
stock by exchange into 21,000 shares of common stock and to issue for cash
3.750 shares common stock. This will make outstanding 40.000 shares
of common stock and no preferred stock.
-V. 124, p. 3223.
Penn Seaboard Steel Corp.
-Receivership.
--The Court of Chancery at Wilmington. Del.• has appointed Alexander
F. Crichton of Wilmington and William T.Barber of Philadelphia receivers.
The petition for receivership was made by Atlantic Refining Co.
-V.
124. p. 3364.
Perrine Building, Oklahoma City, Okla.
-Bonds Offered.
-First National Co. St. Louis, recently offered at
prices to yield from 5% to 6% according to maturity $1,100,18t mtge. serial 6% real estate gold bonds of Ruby
Perrine et al.
•
Date July 1 1926: due serially Sept. 1 1928-1936. Denom. $500 and
$1.000. Coupons payable M. & S. at First National Co. St. Louis, Mo.
St. Louis Union Trust Co. St. Louis, trustee. Subject to call on any
'
Interest date on 60 days' '
notice at 100 and interest, plus a premium cf
h of 17,for each year prior to maturity.
Security.
-These bonds are a direct obligation of Ruby Perrine, Walton
W.and Leland A. Perrine, and are secured by a first closed mortgage upon
fee and building in Oklahoma City, Okla., known as the Perrine Building.
The ground, which comprises an area of 17.500 sq.It., is located at the
southwest corner of First and Robinson Sta., having a frontage of 140 ft.
on the west side of Robinson St., with an even depth of 125 ft. on the
south side of First St. The improvements consist of a new 12-story and
basement reinforced concrete office building. The building is equipped
with 4 passenger elevators, a refrigeration system, and is steam heated
throughout. The ground floor has 17 storm The building provides a
total of 135,000 sq. ft. of rentable area and cubical contents of approximately 2,294,000 Cu. ft.
Rental Income.
-The net annual revenue of the Perrine Building, after
deducting operating expenses and taxes, is estimated to be $175,406, or
over 2Si times the greatest annual interest charge on this loan.
Philadelphia & Reading Coal & Iron Corp.
-New Pres.
Joseph Wayne, Jr., a director, has been appointed temporary President,
succeeding Wm. J. Richards. He will serve until a successor is elected.
-v. 124, P. 3643
.
Photomaton, Inc.
-Election of President-Progress.
-
Chairman Henry Morgenthau has announced the election of MajorGeneral Robert C. Davis as President. General Davis's retirement from
the Army has been formally approved.
President Davis,in a letter to the stockholders on June 22. stated: "Having accepted the position of President of Photomaton, Inc., it will be my
policy to issue to the stockholders a monthly bulletin of information as to
the progress being made in the production, distribution and operation of our
machines. The following installations are at present in operation: 5 machines at 1659 Broadway, N. Y. City; 3 machines at A. I. Namm & Son,
Brooklyn, N. Y.: 6 machines at 1119 Boardwalk, Atlantic City, N. J.:
5 machines at 1514 Market St., Philadelphia, Pa.: 6 machines at Boardwalk and Stillwell Ave., Coney Island, and 3 machines at McCrory Stores
Corp., New York Ave., Atlantic City. N. J. During the remainder of the
month of June the following installations will be made: 3 machines at
Hearn's. West 14th St., N. Y. City:3 machines at Happiness Candy Store,
Broadway and 96th St., N. Y. City, and 3 machines at Wanamaker's.
Broadway and 8th St.. N. Y. City.
-V.124, p. 2603.
Pittsburgh Screw & Bolt Corp.
-Initial Dividend.
The directors have declared an initial quarterly dividend of 50c. a share
on the outstanding 280,000 shares of common stock, no par value, payable
July 12 to holders of record July 1.
The Pittsburgh Stock Exchange has approved for listing 280,000 shares
(without par value) common stock.
The corporation was Incorporated May 5 1927 in Pennsylvania. All the
plants, property, assets, business and goodwill (but not the corporate franchises) of the Pittsburgh Screw & Bolt Co. and of the Gary Screw & Bolt
Co. have been conveyed and transferred to the Pittsburgh Screw & Bolt
Corporation in return for the following securities of the Pittsburgh Screw &
Bolt Corporation, viz.:
$5.000,000 55i% sinking fund debenture gold bonds and 280,000 shares
(being the entire issue) of capital stock. The bonds and the capital stock
are to be divided as follows: 64% of each to the stockholders of the Pittsburgh Screw & Bolt Co., and 367 of each to the stockholders of the Gary
0
Screw & Bolt Co.: the bonds and shares of stock are to be distributed among
the stockholders In proportion to their respective stock holdings. See also
V. 124, P. 3509
.
-Reorganization Plan Approved.
(Thomas G.) Plant Co.
The stockholders on June 30 approved the plan of reorganization outlined as follows:
It is proposed to organize a new corporation in Massachusetts to acquire
the assets, business and good-will of the present company, subject to its
liabilities.
The proposed capitalization of the new corporation will consist of$600,000
of 6% 10
-year debentures; 10,000 shares special stock (no par value);
23.006 shares 1st pref. stock (par $100): 49.509 shares 2d pref. stock (no
par value), and 99,432 shares common stock (no par value).
All the foregoing debentures and stock are to be issued as fully paid, In
exchange for the assets, business and good-will of the present company,
subject to its liabilities, and the sum of $580,000 in cash.
Debentures.-WilJbe callable all or part at 110 and int.
Special Stock.
-Will be entitled to receive in each year dividends equal to
including depreciation and interest, before any dividends are declared o
paid on other classes of stock. Such dividends, however, shall be noncumulative, and shall not exceed for any year an amount equal to 7% on
the par value of the 1st pref. stock to be issued under this plan. This stock
will be entitled to receive $1 per share in liquidation in priority to any payments on the other stock of the company. It may be retired at the expiration of any fiscal year from and after July 1 1937, at $10 a share plus the
accrued dividends for the preceding year. at the will of the directors, and
it shall be so retired if 10% of the outstanding shares of let pref. stock
request it.
First Preferred Stock -Will be entitled to receive dividends at the rate of
7% per annum. Such dividends are to be non-cumulative until July 1
1932. and thereafter they shall be cumulative. Redeemable all or part
ratably at 100 and diva.
All of the outstanding 6% preferred stock have been called for redemption
at the office of the company, Gwynne Building, northeast corner Sixth and
Main streets, Cincinnati, Ohio, on Aug. 13 1927, at 110 and dividends.
V. 124. p. 384.
Quincy Market Cold Storage&Warehouie Co.
-Earns.
Results for the Year Ending March 31 1927.
Total income
Operating expenses
Gross profit
Income from investments
$2,111,443
1,935.223
$176,221
69,813
c
Total income
Salaries (officers and general office)
General expenses
Interest paid (net)
$246,034
65,216
89.977
157,794
Net loss
Preferred dividends
Preferred dividends on. Boston Terminal Refrigerating Co
Total loss for the year
-V. 123, p. 336.
$66,954
65,625
15.756
$148,335
Regal Shoe Co..-BalanceSheet Dec. 31.Assets1925.
1926.
Liabilities1926.
1925.
Real est. & WV,
Preferred stock.. $2,029,800 $2,029,800
mach'y, equip..
Common stock_ _x2,000,000 2,000.000
Inlets., Re
a3632,167 $676,384 Accounts payable- e23,426
80,677
Advanced exp. &
Adv. by tenants,
deferred charges
45,407
reserved for city,
38,094
Good-will
2,500.000 2,500,000 State & Fed.tax,
Cash
405,219
138.884
446,470
145,631
Re
Ctts. of deposit... 200,000
200.000 Corn. stk. div. pay
50,000
Accts. receivable__ • b10,177
24,688 Res. for Fed. tax.
Sundry accts. ree_ c17,480
15.033 (previous years)
16,592
A ris pisy mev'yd1,258 671 1.278,633 A.
Merchandise in nth
cand ae
m pref. stk.(11v
7: 4
87
35,522
35,522
7.584 Surplus
1,037,173 1,120.166
Life insurance_
83.473
89,153
Prepaid insurance_
17,156
20,029
Mtge. notes reeds 131,500
,
138,000 Total (each side) .35,314.805 3.5.428,388
a After deducting $917.840 reserve for depreciation. b After deducting
$410 reserve for losses and discount. c After deducting $500 reserve for
losses. d After deducting $43,169 reserve for discount. e After deducting
$357 reserve for discount. x Represented by 25.000 shares of no par value
-V. 122, p. 3222.
Reid Ice Cream Corp.
-Earnings Ahead of 1926.
Earnings for the first six months of 1927 are expected to be at least 25%
greater than for the same period last year, officials of the company announce. For the first 5 months of this year the earnings were more than
enough to cover the full year's interest on funded debt as well as the year's
dividend on the preferred stock.
The months of June, July, August and September are ordinarily the
period of largest sales and earnings for the company.
The company has now outstanding $1.850.000 5
-year 6% notes due In
1930: 32.162.0007% preferred stock and 178.000shares of no par value common stock.
-V. 124. p. 3224.1
Reiter-Foster Oil Corp.
-Stock
Rig--: - ai
Increased-----hts.-wt.1
-
The stockholders on June 28 increased the authorized capital stock from
250.000 shares, no par value, to 400,000 shares of no par value. The
stockholders of record July 8 will be given the privilege of subscribing on or
before July 18 to the additional 150.000 shares of stock at $5 a share on a
basis of 3 shares for every 4 shares held. See also V. 124, p. 3785.
Remington Rand Inc.
-Proposed Acquisition.
-
The corporation has made an offer for all assets and business of the
Kalamazoo Loose Leaf Binder Co., which will be paid for with the 7%
1st preferred stock of the Rand corporation following acceptance of the
proposal.
The offer was approved at a recent meeting of the directors of the Kalamazoo company, and it is expected to be accepted by the stockholders
at a forthcoming meetmg.-V. 124. P. 3785.
ReynoldsSpring Co.
-Enlarges Plants & Equipment.
-
It is announced that company is enlarging its productive capacity by
extending its floor space and installing new equipment in its plants in
Jackson. Mich., and Newark, N. J., in an effort to keep pace with a recordbreaking volume of orders for its cushion springs. bakelite moldings and
upholstery leather from the automotive industry and electrical apparatus
supply concerns. Although operating night and day shifts in 2 of its
factories in Jackson, this company is still behind in making deliveries on
several large contracts. Its orders for cushion springs booked within the
last week call for 80,000 units and those for bakellte and reynolite aggregate
114.000 pieces
-the largest of any week so far this year-while its total
contracts for all of June are greater than those for any other month to date.
Business in all its departments is now reported running between 36.500.000
and 37.000.000 for the year.
-V. 124. p. 3785.
Rickenbacker Motor Co.-Sale Postponed.
Receiver's sale of the company has again been postponed to July 7.-V.
124. p. 3365.
Robbins & Myers Co.
-Earnings.
-
The company reports for the quarter ended March 31 1927 an operating
loss of $141,651 after depreciation, interest and other charges. Net sales
totaled $812.632.-P. 124. p. 3082.
Rogers
-Brown Iron Co.- Fxtewion.-
The time limit originally set by the bondholders' protective committee
for the deposit of general and refunding mortgage gold bonds, 7%. due
May 11942, namely July 11927. nag been extended to Aug. 11927. Close
to 60% of the $3.987,300 bonds outstanding have been deposited. Bondholders are urged to Immediately deposit their bonds with one of the
depositaries.
-V. 124, p. 3510. 3365.
JULY 2 1927.]
109
THE CHRONICLE
Ruberoid Co.
-Rights, &C..
The stockholders of record July 15 will be given the right to subscribe on
or before Aug. 4 for 35,142 additional shares of capital stock (par value of
which it is proposed to change to non-par) at $50 per share on the basis of
one new share for each share held. Payment should be made either in full
on or before Aug. 4 or in four equal installments of $12.50 each, payable
Aug. 4, and Nov. 4 1927, and Feb. 4 and April 4 1928.
A. letter to the stockholders says in substance:
In pursuance ofa plan to modernize the Eastern properties ofthe company
so as to effect economies in operation, the directors have determined to
enlarge the capacity of the Bound Brook plant and to provide, in co-operation with Port Reading RR. Co., a siding which will give direct access to
railroad shipping facilities at the doors of the plant.
The directors have also determined to acquire a substantial interest in a
new felt plant to be erected in the vicinity of Philadelphia. The plant
through which the company has been obtaining its felt supply is being
acquired by the City of Philadelphia through condemnation,and the investment in the new plant is deemed advisable to assure the supply of the company's felt requirements in the future.
When the Bound Brook plant is modernized and the new felt mill is in
operation the properties of the company will be in first-class condition and
will not, It is expected, require any substantial capital expenditures for a
considerable period.
The additional capital required for the completion of the plans outlined
above will approximate $2,000,000. The directors have concluded that it
would be desirable and in the best interests of the stockholders of the company to provide this additional capital through the issuance of additional
shares of capital stock to be offered to the stockholders of the company for
subscription at a rate per share which would afford an attractive investment
to the present stockholders. To make this possible, the directors have
recommended to the stockholders the reclassification of the existing capital
stock into stock of no par value and the increase in the authorized number
ofshares from 35,180 to 150,000 shares of no par value. If these recommendations are approved by the stockholders, the board has concluded to offer
35,142 shares of the additional authorized stock for subscription by the
existing stockholders at $50 per share, on the basis of one new share for each
share held; the balance of the additional authorized stock to be reserved for
future requirements. [The stockholders will meet on July 11.1
The net earnings available for dividends for the year 1926 equaled $8.71
Per share upon the total of 70,284 shares to be presently outstanding after
the issuance of the new shares. These earnings do not include any results
from the investment of the additional capital. Earnings for the current
year, up to date, are approximately the same as for the correspondin$
period of last year. It Is hoped to maintain dividends at the rate of $4 per
share, a return of 8% per annum, upon the new investment.
The new shares to be offered for subscription by the stockholders have
been underwritten.
It is expected later to make application to list the shares on an exchange.
V. 124, p. 3786.
(The) St. Clair (St. Clair Bldg. Corp.), Chicago.
Bonds Offered.
-The St. Clair, a new hotel and apartment
building under construction at the northwest corner of
Ohio and St. Clair streets, Chicago, is being financed through
public offering by Greenebaum Sons Securities Corp. of a
new issue of $1,575,000 1st mtge. 631% serial gold bonds.
The bonds are priced at from 101 for maturities up to and
including Jan. 1 1932, on down to 100 for maturities July 1
1933 to July 11939.
Dated July 1 1927, due serially July I 1930-1939. Denom. $100, $500,
$1,000. Interest payable J. & J. 2% Federal normal income tax and any
State taxes up to 5 mills of the principal amount refunded by borrower.
The Bank of America, Chicago, trustee. Principal, interest and income
tax payments collectable at offices of Greenbaum Sons Investment Co.
Monthly deposits in advance with the trustee to meet interest and principal
payments. Privilege to prepay, by giving 60 days' written notice to the
trustee, at a premium of3% if redeemed on or before July 11931; thereafter
at 2M % premium on or before July 1 1935 and at 2% premium thereafter,
in addition to principal and accrued interest.
Security.
-Closed first mortgage on land, building, equipment, furnishings and earnings. The site of the St. Clair, northwest corner Ohio and
St. Clair streets, 101x100 ft., comprising 10.100 sq. ft.. to an 18 alley,
-ft
less than a block east of North Michigan Ave., is regarded as an
e Ci: lent one for hotel and apartment occupancy. Th St. Clair, when
ll f:
: I
The
completed, will be 20 stories and basement, of steel and concrete, fireproof
construction. The ground floor will contain a large lobby, main dining
room, private dining rooms, coffee shop, kitchens, general offices and
3 stores; on the second floor there will be 5 shops, writing room, convention
room and lounging alcoves; the building will contain a total of 431 rooms;
the third to ninth floors, inclusive, will contain 189 hotel rooms, each with
bath; the tenth to twentieth floors, inclusive, will have 154 kitchenette
apartments of 1 to 3 rooms.
Upon the basis of these independent estimates, each $1,000 bond has
behind it a security value of $1,560 at the present time: each $LOW bond
outstanding at final maturity would be secured by a property value of
$2,022.
Earnings.
-Conservative estimates of the annual income from the
property when completed, with an allowance of 20% vacancies for the hotel
rooms and 15% for the apartments, are as follows: Rooms, $446,000;
stores, shops, concessions, &c., $35,970: gross income, $481,970; operating
expenses, taxes, Insurance, &c., $242,375; net income, $239.595. This
conservatively-estimated net annual income is more than 2.43 times the
maximum yearly interest charges on the entire issue, reduced semi-annually
by serial payments. The entire earnings of the property comprise part of
the security for the first mortgage.
Trust Co. of New York at its London office and against them American
depositary receipts have been issued, these receipts being signed by the
Guaranty Trust Co. of New York, depositary, and by Selfridge & Co.,
Ltd., by a duly authorized attorney. Approximately 90% of the deferred
shares are owned by Selfridge & Co., Ltd., and the officers and directors of
Selfridge & Co., Ltd., and of Selfridge Provincial Stores, Ltd., are identical
and Selfridge & Co., Ltd., have guaranteed for a period of three years a
minimum dividend at the rate of 7% per year upon the capital paid up on
the ordinary shares.
Under arrangements made the Guaranty Co. of New York forwards in
dollars to the registered holders of these American depositary receipts the
dividends declared on the original shares,less the British income tax, which
is at the annual rate of 20%•
Transfer agents, Old Colony Trust Co., Boston, Mass.; Guaranty Trust
Co., New York. Registrars, First National Bank,Boston, Mass.- National
City Bank, New York. (See also V. 124, p. 2293.)-V. 124. p. 3645.
*
775 Park Avenue(Michael E.Paterno Corp.), N.Y.City.
Funds are on deposit at the Manufacturers Trust Co., 139 Broadway
N. Y. City, for the payment of $500,000 1st mtge. leasehold 6% gold
notes, maturing July 11927. These notes are part of an issue of $1,500.000
notes issued under an indenture dated July 1 1926. of which $500.000 mature
July 1 1927,$500,000 Jan. 1 1928, and $500.000 July 11928. The remaining $1,000.000 notes now outstanding are a first closed mortgage on the
leasehold estate comprising the site and the building 775 Park Ave., N. Y.
City, appraised at $2,515,000 by Brown, Wheelock: Harris, Vought &
Co., Inc. See also V. 123. p. 217.
-Expansion-Stock to Em(Frank G.) Shattuck Co.
ployees.This company has announced a plan for national expansion. The three:
tors have approved a schedule which calls for opening stores in a number ol
cities throughout the country. Among them are Philadelphia, Chicago,
Detroit and other important business and residential centres. In addition
the company is arranging to open more stores in New York,Brooklyn,upper
Manhattan and Queens.
Approximately $4,000.000 was spent by the company in the last year and
a half on new stores and the new factory in 22d Street, N. Y. City. In the
first half of the current year these new stores have been completely established and are operating satisfactorily. In keeping with the company's
policy of conservatism, further expansion during the last six months was
held in abeyance; now that the later stores have proved themselves and additianal revenues are accruing to the company from its 1926 additions to the
chain, the directors feel that it can properly take the next step in its expansion program.
The company announces that its board of directors has set up a plan
providing for the sale on easy terms of capital stock of the company to
employees. The purchase price will be $60 a share, representing a concession from present market prices of more than $10 a share. Payments
will be made on the installment plan and dividends as well as interest
on deposits will be applied against the purchase.
To give effect to this program which for some years has been in the
minds of the company's directors, each director has agreed voluntarily to
surrender a portion of the rights accruing to him as a stockholder under a
plan announced recently (V. 124, p. 3645). These rights provide for
the purchase of additional stock by present stockholders at $60 a share.
A committee has been formed to take charge of the rights turned in and
these will be allocated to employees who subscribe to the offer. Purchase
will be limited so that all employees of the company may have a chance to
subscribe.
Under the plan, the basis of payment is to be $1.50 per month for each
share purchased by any one employee. This will give employees 3 years
and 1 month in which to complete purchase. In addition to dividends
accruing on the stock, interest at 4% per annum on deposits will be applied
against the cost of the shares. The company will finance purchase by
employees until the stock Is fully paid. V. 124, P• 3786.
-Earnings.
Shreveport-El Dorado Pipe Line Co., Inc.
Month of MayNet profit after int., rentals, Fed. taxes, &c., but
before reserves & dividends
V. 124, p. 322
-
1927.
$31,977
1926.
$59,67
-Initial Pref. Dividend.
Silesian-American Corp.
The directors have declared an initial annual dividend of 7% on the
preferred stock, payable July 1. The corporation owns all the capital stock
of Giesche Spolka Akcyjna. which owns the Giesche Mines and plants
In Poland.
The corporation is controlled by the Silesian Holding Co., which in turn
-V. 124. p. 518.
s controlled by the Anaconda Copper Mining Co.
-Annual Earnings.
Simmons Co.
-Semi
1925.
1926.
Six Months Ended May 311927.
$13,936,603 $14,120,061 $14,367,801
Net sales
Manufacturing cost, selling, &c., exps 11,068,352 11,879,156 11.724.002
106.746
192,122
47.674
Other deductions (less miscel. income)
526.677
597,601
578,095
Depreciation reserve
Net profit, before Federal taxes_ _ _ $2,292,482 $1,451.182 $2,010,376
Net profit before Federal taxes for the 6 months ended May 31 1927 ie
equivalent after preferred dividends of $2.03 a share on 1.000.000 shares of
no par common stock outstanding against $1.23 a share in the corresponding
period of 1926.
Consolidated Balance Sheet.
1927.
1926.
Assets1926.
1927.
LiabflitiesProp,and plant_ _25,228,225 24,909,550
Pats., goodwill,&c 1,462,433 1,593.820 Preferred stock- .5.635,200 5.802,300
263,558 Common stock x20,082,065 20,082.065
Investments
101,45.5
308.000
Cash
1,050.055 1,343,648 Mortgage bonds__ 198,000
Sanitary Grocery Co., I nc.-Listing
Accts. & notes rec_ 6,096,086 6,625,403 Accts. & notes pay 2,265,241 5.415.370
The Boston Stock Exchange has authorized the listing of 26,000 shares Inventories
226,985
6,015,241 7,105,283 Fed.,&e.tax (est.) 176,585
(without par value) common stock, with authority to add thereto 8,333 Employ.stk.subse. 1,288,628
Res. for depr., &c_ 8,971.698 7,752.238
additional common shares as the same may be issued in conversion of the Prepaid ins., &c__ 181,098
4,847,214 3,793,739
211,227 Surplus
-V. 124, p. 3644, 3786.
preferred shares.
Deferred charges__ 752,782 1.328,208
Schiff Co., Columbus, Ohio.-Registrar.The Chase National Bank has been appointed registrar for 100,000 shares
of common stock, no par value, and 10,000 shares of preferred stock, par
$100. See also V. 124, p. 3082.
Sears, Roebuck & Co., Chicago.
-Sales.
Month of June
First six months
-V. 124, p. 3366. 2764.
1927.
Increase.
1926.
$19,340,640 $18,274,895 $1.065,745
129,726,556 126,621.823
3,104,733
Security Bond & Mortgage Co.
-Bonds Offered.
-.J. A.
W. Iglehart & Co., Baltimore, are offering at 100 and int.
$500,000 series H 1st mtge.6% collateral trust gold bonds.
Dated July 1 1927; due serially, July 1 1928-32. Denom. $1.000, $500
and $1000. Principal and hit. (J. & J.) payable at Maryland Trust Co.,
Baltimore, trustee, without deduction for the amount of the normal Federal
Income tax up to 2 1. Red. at any time upon 30 days' notice at par and
int. plus M of 1% for each year or fraction thereof to maturity. Legal
investments for national banks.
Company is engaged in making first mortgage loans on completed, fee
simple properties in Southern States. Company has affiliated with it
several local mortgage companies, operating in cities in which most of
its loans are made.
The security for the bonds of this issue is threefold: (1) The bonds are
the direct obligation of the company; (2) they are further secured dollar
for dollar by first mortgages on fee simple real estate; (3) they are still
further secured by the Maryland Casualty Co.'s guarantee of principal
-V. 124. P. 1679.
and interest on each mortgage.
-Listing.
Selfridge Provincial Stores, Ltd.
There have been placed on the Boston Stock Exchange list American
per share).
depositary receipts for 250,000 ordinary shares (par
Selfridge Provincial Stores, Ltd., is a corporation organized under the
laws of Great Britain on Nov. 2 1926. It has an authorized issue of 3,000,000 ordinary shares (par .C1 each) and 3.000.000 deferred shares (Par
2 shillings each). All of these shares are issued and outstanding. Of the
ordinary shares 250,000 shares have been deposited with the Guaranty
42,176,003 43,380,697
Total
42,176,003 43,380,697
Total
-V. 124, p. 1680.
Represented by 1.000,000 no par shares.
Sobie Silk Shops, Ltd. Montreal.-Preferred Stock
Offered.
'
-Johnston & Ward, Montreal, are offering at $25
per share and div. (with bonus of M share of common stock)
5,000 shares 7% cumul. pref. stock (par $25).
Preferred as to dividends, and as to assets up to 105 and diva. Divs.
payable J. & J. (beginning Jan. 1 1928). Red. all or part on any div. date
on 30 nays' notice at 105 and divs. Transfer agents, Montreal Trust Co.
Authorized. Outstanding.
Capitalization7% cumul. pref.stock (par $25)
9,000 shs•
16.000 shs.
Common stock (no par value)
13,500 shs•
24.000 shs.
Company.-Incorp. under Dominion charter. Is acquiring all the undertakings, property and assets of Sobie Silk Shops, Ltd. Company operates
a chain of stores from Montreal to Vancouver,including Montreal, Quebec,
Toronto, Hamilton, London, Winnipeg, Calgary and Vancouver. and
handles exclusively ladies' tailored undergarments, lingerie and hosiery.
Undergarments are manufactured in the company's own plant at Montreal.
Hosiery is purchased on favorable terms direct from the maker. The
retail stores are all leased and carry uniform equipment of standard design.
which permits the opening of new stores with a minimum of capital expenditure. The business had its inception In Montreal in 1917 with only
which permits the opening of new stores with a minimum of capital expenditure. The business had its inception in Montreal in 1917 with only
one store and has grown into one of the largest retail business of its kind
kind in the Dominion.
Earnings.
-The enterprise has shown a profit every year since its inception. After making ample allowance for depreciation for the past
year and 7 months were as follows:
Year ending May 31 1926
$27.571
38,642
7 months ending Dec.31 1926
Preferred div.requirements on present capitalization for full year
15.750
Sales.
-Sales for the four years ending Dec. 31 last were approximately
as follows: 1923. $75.137; 1924, $116,388; 1925, $206.091; 1926, $396,299.
-Preferred shares carry equal voting rights with the
Preferred Shares.
common and are cumulative but non-participating.
110
THE CHRONICLE
Standard Oil Co. of New Jersey.—New Co. Incorp.—
Carl H. Pforzheimer & Co.. specialists in Standard Oil securities, states:
The Standard Oil Co. of New Jersey and the Prairie Oil & Gas Co. have
incorporated the Colorado Inter-State Gas Co. in Delaware with an authorized capitalization of 1,250.000 shares of no par value. The latter company
plans to construct a 350 mile gas Pipe fine at a cost of approximately $22,000.000 from the Amarillo Field, Tex.,to supply Denver, Colorado Springs
and other adjacent towns with natural gas. The gas will be sold to the
Public Service Co. of Colorado for distribution to the consumers.—V. 124,
p.3645, 3367.
Stanley Co. of America.—To Increase Stock.—
The stockholders will vote July 15 on increasing the authorized capital
stock from 1.000,000 shares to 2,500.000 shares, no par value. None of the
additional shares are to be issued or offered for subscription, but are to
remain in the treasury of the company. At present the company has issued
901.000 shares, leaving less than 100,000 shares in the treasury. President
John J. McGurk said the proposed increase in the number of authorized
shares is merely another step in the direction of providing in advance for
future growth.—V. 124, p. 3511.
Superior Steel Corp.—New President, &c.
Frank R. Frost, Vice-President and director, has been elected President.
succeeding R. Edson Emery. J. Sidney Hammond, a director, has been
elected Vice-President. Charles A. Lambie, Comptroller, has been elected
a director.—V. 124, p. 2605.
Texas Gulf Sulphur Co.—Exploration Work.—
President Walter H. Aldridge, June 20, says: "Arrangements have been
recently concluded by which the company will have an opportunity to
explore a number of deposits on which sulphur has been found. While some
of these deposits show favorable indications from preliminary drilling, It is
impossible at this time to tell whether another commercial deposit will be
developed on any of these lands, but should the company be successful, a
new plant or plants will be constructed and operated. As the company
owns the lands at Gulf in fee, no royalties have been paid on the sulphur
produced, but if sulphur is produced from any of the new properties, then
it will be necessary to pay royalties. &c., to those with whom the above
arrangements have been made."—V. 124,p. 2605, 783.
[VOL. 125.
notes at not exceeding the then effective redemption price, or if not so
obtainable, to the redemption of notes by lot at that price.
Common Stock Purchase Warrants.—There will be delivered in the that
instance with each note a warrant entitling the holder to purchase common
stock in the ratio of 20 shares for each $1,000 note at $8 per share at any
time on or before June 1 1932. In case the company issues additional shares
of common stock as a stock dividend or on a split up, or issues additional
shares for money at less than the subscription price to the warrant holder,
adjustments will be made in the number of shares called for by the warrant
and (or) in the subscription price per share.
Management.—The management of the company will be under the control
of Walter Howey and Verne Porter who will hold a majority of the common
stock and will direct the publication and circulation of the magazines to
be owned by the company.—V. 124. D. 3646.
Tremont Street Realty Co., Boston.—Bonds Called.—
The American Bond & Mortgage Co. announces that the $4,000,000 1st
mtge.6%%_gold bonds have been called /or redemption at 103 and int. on
Sept. 15. The American Trust & Safe Deposit Co. is corporate trustee.
—V.117, p. 831.
Union Mortgage Co., Charleston, W. Va.—Bonds Offered.—Westheimer & Co., Baltimore, and McLaughlin,
.
MacAfee & Co., Pittsburgh, are offering at 100 and int.
$500,000 guaranteed 6% collateral real estate gold bonds,
series H.
Dated May 1 1927: due May 1 1937 and 1939. Interest payable M.& N.
at Bankers Trust Co., New York, or Central'Trust Co. of Charleston,
W. Va., trustee. Denom. $1,000 and $500 c*. Company agrees to pay
the principal and interest without deduction for the normal Federal income
tax up to 2% and to refund 4 mills Penn. State tax upon proper application.
Redeemable on 60 days' notice after May 1 1932 at 101 and interest.
Guaranty.—The payment of principal and interest of these bonds is irrevocably guaranteed by National Surety Co.
Company.—Company, with paid-in capital, surplus and reserves of over
$1,600,000, is engaged in the business of purchasing first mortgages on improved urban real estate. Company operates under the supervision of the
West Virginia State Banking Department.
Security.—These bonds are secured by 101% of first mortgages on improved fee-simple real estate, United States Government obligations and
(Or) cash. The first mortgages pledged are on improved fee-simple real
estate located in cities in the States of West Virginia, Pennsylvania and
North Carolina, approved by the National Surety Co.
333 North Michigan Bldg. (333 North Michigan Ave.
Bldg. Corp.), Chicago.—Bonds Offered.—Offering is being
made by Greenebaum Sons Securities Corp. of a new issue
of $6,250,000 1st mtge. 6% serial gold bonds, dated July 1
United Cigar Stores Co. of America.—Initial Dividend
1927, maturing in varying amounts from July 1 1930 to 1942
on 6% Preferred Stock.—
and priced at 101, 1004 and 100, according to maturity.
The
The building, it is said, will be a dominant landmark of the downtown
district of Chicago, being situated on North Michigan Ave., adjoining
the south plaza of the Michigan Boulevard Bridge, comprising the southeast corner of this location. In the immediate vicinity are located the
Tribune Tower, Wrigley Buildings and the London Guarantee Bldg. It
will extend 32 stories above the Michigan Ave. level and four floors below
the level, the main section of the building to be 24 stories above the boulevard with eight additional floors in the tower. The entire structure,
containing 268,415 square feet of rentable area, will be of
fireproof construction and will be served by 10 high-speed steel frame,
express and 4 local. The first, second and third floors will be elevators,6
devoted to
shops. bonds are a direct obligation of the 333 North Michigan Ave.
The
Bldg.
Corp., and will be secured by a closed first mortgage on
12426 square feet of land, owned in fee, together with the approximately
building, now
tinder construction, which will have a combined appraised
upon
completion of $9,166,068. Annual net income of the building value comupon
pletion has been estimated at $766,464, or 2.04 times maximum yearly
interest on this issue, reduced semi-annually beginning in three years by
large serial payments of principal.
The corporation is headed by John S. Miller, President. 0. C. Doering,
John W. Root, Martin C. Schwab, John W. Harris and Jerome P. Bowes
are Vice-Presidents; D. E. Sawyer, Sec., and Ralph A. Bard, Treas.
directors have declared an initial quarterly dividend of 1 % on
the 6% cum. pref. stock, payable Aug. 1 to holders of record July 12 (see
offering in V. 124, p. 2445).—V. 124, p. 3787, 3646.
United States Freight Co.—Business Handled.—
The Nicholson Universal Steamship Co., a subsidiary, reports that
during May it transported 19,698 fully assembled automobiles. This is an
increase of 5,410 cars over the number shipped in the period from March 15
to April 30. As many of the cars handled in that period were delivered to
the company prior to March 15 in anticipation of the opening of navigation,
it is evident that shipments of automobiles are heavy.
The Nicholson Universal SS. Co. also handled during May over 3,000
tons of miscellaneous merchandise.
Universal Carloading and Distributing,another subsidiary,reports that it
handled in May 176,784.077 pounds of merchandise which is an increase of
about 23.000,000 over the amount handled during May 1926.—V. 124, p.
2925.
United States Leather Co.—Registrar.—
The Equitable Trust Co. of New York has been appointed registrar for
the common stock.—V. 124, p. 3787.
United States Share Corp.—Organized to Operate InvestTrade Publications, Inc.—Notes Sold.—Shields & Co., ment Trusts—Company Will Offer Participating Shares in
Inc., New York, and Frank, Rosenburg & Co., Baltimore, Earnings of Industries and Banks.— the organization of the above
Announcement was made early in May of
have sold at 983/i and int., to yield 6.70%, $600,000 corporation, under the laws of New York, to operate four investment
trusts.
10
-year 66% sinking fund god notes (with commo:i stock ing trustThe company will not sell its own securities but will offer participatshares, issued by the trustees, in the earnings of corporations
purchase warrants).
whose securities are deposited with them.
Dated June 15 1927; due June 15 1937. Denom. $1 X100 and $500 c*.
Principal and int. (J. & D.) payable at Chase National Bank, New York,
trustee, without deduction for normal Federal income tax not exceeding
2% per annum. Penn. and Conn. 4-mills taxes, Maryland 434-mills tax
and 5fass, income tax not exceeding 6% per annum refunded. Red. all
or part by lot on any int. date on 30 days' notice at 102% and int. until
June 15 1936 and thereafter prior to maturity at 100% and int.
Purpose of Issue.—Walter Ilowey and Verne Porter have arranged for the
acquisition of 6 well established and profitable trade and professional
magazines which have been published for periods ranging from 7 to 51
years, by a corporation to be known,as Trade Publications, Inc., now being
organized in Delaware. Trade Publications, Inc. Is to acquire in each
the assets and goodwill of the magazines as going businesses, except incase
the
case of one of the magazines(The American Architect) it will acquire such
assets or 100% of the outstanding stock. The value of the 6 magazines
being so brought under a common management,is conservatively estimated
at $1,200,000. The notes will be used toward the purchase of these
magazines.
Junior Capital.—In addition to these notes, $500.000 7% cumulative
preferred stock and all the common stock to be presently outstanding will
be issued for the purchase of these magazines and to provide working
capital for the company.
Business & Ilistory.—The 6 publications being acquired cover several
widely different trades and professions and consequently earnings of the
company will not be severely affected by depression in any one line. All
of the publications are widely circulated and are recognized as valuable
mediums for advertisers desiring to reach buyers in the fields covered by
them.
The oldest of the publications being acquired is the American Architect,
established in 1876, which is the only semi-monthly publication in the
architectural field. Among the other publications are Music Trades, a
weekly established in 1890, and Musical America, established in 1898, a
weekly magazine of the musical profession.
The combined circulation of these 6 publications is in excess of 45,000
copies per issue. Since the bulk of this circulation is made up of annual
subscriptions it is not subject to wide variation, and consequently, the
demand for each issue can be gauged accurately and only sufficient copies
printed to meet actual requirements. It is expected that both the circulation and the volume of advertising will be materially increased under the
new management.
Earnings.—The combined net income of the predecessor concerns publishing these magazines, applicable to interest charges and Federal income tax,
for the 3 years ended Fob. 28 1927, after adjustment of officers' salaries to
the new scale contracted for and elimination of certain non-recurring items
of income and expense, based on earnings as certified to by Peat, Marwick,
Mitchell & Co., (except that the earnings for the year ended Feb. 28 1925
of one of the predecessor concerns were not verified by the accountants)
have averaged $174,846, equivalent to 4.48 times the maximum annual
interest requirements on these notes. and after provision for such interest
requirements, Federal income tax, and preferred stock dividend requirements, such average net income was at the rate of $.93 per share on the
88,000 shares ofcommon stock presently to be outstanding. Net income for
the year ended Feb. 28 1927, on the same basis, amounted to $153,694.
Capitalization—
Authorized. Outstanding.
10
-year
% sinking fund gold notes
$600.000
$600,000
7% cumulative preferred stock (par $100)
1,000,000
500,000
Common stock (no par value)
*112,500
88,000
• 12,000 shares reserved for exercise of warrants presently to be out
standing. To provide continuity of management, 12,500 shares are under
option, during the life of the warrants, to Howey and Porter at the warrant
price,the options being exercisable proportionately as warrants are exercised.
Sinking Fund.—Indenture will provide that a sinking fund equivalent to
15% of the net earnings, as defined in the indenture, of the company during
the preceding year and in no year to be less than 5% 0 the maximum
amount of these notes at any time theretofore outstanding, will be.applied
annually Oct. 1 of each year commencing Oct. 1 1928, to tho purchase of
The three trustees will be the Chatham Phenix National Bank & Trust
Co.for a common and preferred stock trust; the Central Mercantile Bank &
Trust Co. for a bond trust, and the Enpire Trust Co. for two bank stock
trusts. Each trust will be independent of the others but all four will be
operated by the United States Shares Corp.
The stocks and bonds in the first two series have been listed with the
supervisory department of Moody's Investors Service, which will continue
to maintain supervision over all securities acquired in the future by the
four trusts. When an investor buys his shares he will have full knowledge
of the securities on which the trust is based, and periodically thereafter,
he will be notified of any changes or substitutions in the list.
All of the stocks must be listed on the New York, Boston or Chicago
Stock Exchanges. No more than 3% of the funds represented in any one
trust may be invested in the shares of a single corporation. Virtually the
same restrictions and recommendations will apply to substitutions, which
will be made only on recommendation of supervisors.
The method of operation of the trusts is simple. The securities are
purchased by the operating company in complete units, identical as to each
trust, and depcsited with the trustee which then issues trust certificates in
the number of 1.000 to each unit, to the shareholder. Title is vested in
the trustee which holds the security for the benefit of the shareholder, and
twice a year, on April 1 and Oct. 1, pays out to the shareholder his pro rats
share on all dividends or interest for the six months period. In series A
stock dividends and "rights" are sold and the proceeds distributed among
the shareholders.
One of the two trusts of bank stocks provides for the sale of subscription
rights and the addition of the proceeds to the dividends, thus increasing
the yield, but lowering the opportunity for growth in principal. The
other provides that the subscription rights to the new stock shall be exercised, thus increasing the value of the principal but decreasing the annual
yield. Investors may choose between these two in accordance with their
needs.
The group of trusts, based on three types of securities, provides a threefold diversification which covers practically the whole investment field in
the opinion of the founders. There are other investment trusts of the
participating share, or so-called "bank share" type, based on common
stocks, but no others in which the shareholder has a complete and direct
participating interest in bank stocks and bonds. Issued in certificates of
small denominations these securities will be available in the form of participating trust shares for the small investor as they never have been before.
In general the four trusts will be static or fixed in character but enough
mobility will be introduced to assure safety and steady growth in principal
to the shareholder. The safeguards In respect to substitutions are extremely
rigid, however, and all are embodied in the trust agreements. These
include in addition to the conditions set forth above, a strict limitation on
the investment of funds in the several classifications, such as railroads,
public utilities, industrials, &c., and also a requirement that the securities
must meet the standards set by Moody's ratings.
Like all investment trusts the fundamental idea underlying the plan is
that of a wide diversification which is applied not only as between different
corporations out geographically and by industries. In the case of the bond
trust the diversification extends to a certain limited participation in foreign
bonds of the highest character.
The organizers and directors of the corporation include Robert Adamson
(V.-Pres. of Central Mercantile Bank & Trust Co.), Chairman; Jacob C.
Klinck (Exec. V.-Pres. Kings County Savings Bank), Travis H. Whitney
W.-Pres. Brooklyn-Manhattan Transit Co.), Leonard M. Wallstein,
Walter Tallmadge Arndt, Seth Adamson (of Feuchtwanger & Co.), Warren
Leslie (Pres. Jamaica Water Supply Co.), Herbert L. Rackcliff, (Pres. of
the United States Shares Corp), and Robert 8. Binkerd.
United States Steel Corp.—Number of Stockholders.—
The number of common stockholders for the second quarter of 1927
were 90.269, an increase of 3,141 over the previous quarter and a
of 3,402 as compared with the corresponding period of 1926. Thedecrease
number
of preferred stockholders declined from 72,63:8 in the first quarter this year
to 71,910 for the second quarter—V. 124, p. 3512.
JULY 2 1927.]
THE CHRONICLE
-Earnings.
U. S. Smelting, Refining & Mining Co.
Est. consol. earnings
Interest
5 Months Ending May 31.
1927.
1926.
1925.
$2,700,442 $2,573,305 $3,034,712
385,846
225,380
303.320
Balance
Reserve for amort
$2.314,596 $2,347,925 $2,731.392
845,433
884,245 1,177.076
Net income
Pref. dividends
$1,469,163 $1,463,680 $1,554.316
709.260
709.260
709.260
$759,903 $754,420 $845.056
Surplus
Net income for the 5 months ended May 31 1927 is equivalent after
prefered dividend to $2.15 a share on 351.117 shares of (par $50) common
stock outstanding, against $2.15 a share in the corresponding period of
1926.-V. 124. P. 2135.
Universal Chain Theatres Corp.
-Expansion.
The corporation has acquired the Park Lane Theatre, 1st Ave. and 89th
St., N. Y. City, a 2,100 seat house which was opened in February, and the
Park Plaza Theatre in the Bronx, seating about 2,200. which will open
Sept. 1. The new Universal Theatre at New Utrecht Ave. and 46th St..
Brooklyn, N. Y., seating 3,000, will be placed in operation about Aug. 1.
The Colony, a first run house on Broadway, has been leased for a period
of 5 years beginning Sept. 1 by Universal Pictures Co. Inc. Universal's
group of theatres in greater New York City will be enlarged in the near
future by the acquisition of other prominent neighborhood houses, it is
announced.
In addition, the corporation recently has acquired several other theatres
In various parts of the country, including a chain of 6 modern theatres in
Virginia, of which 2 are in Lexington, 2 in Staunton and the others in
Harrisonburg and Clifton Forge. An aggressive expansion program is
under way in California, including the acquisition of3 theatres in Santa Ana
and 2 in Whittier, and the construction of 2 in Riverside.
The corporation has entered the field in Indiana by arranging for the
construction of 2 theatres in Indianapolis in partnership with ex-Governor
Goodrich. and one theatre in Marion. Contracts have been let for a large
house in Sheboygan, Wis.
Upon completion of the theatres now under construction there will be
more than 300 theatres in the Universal chain, having an aggregate seating
capacity in excess of 270,000. The new Capital Theatre in Atlanta,seating
2,500 and reputed to be one of the finest houses in the South, opened on
June 27.-V. 124, p. 3227.
Universal Gypsum & Lime Co. Chicago, Ill.-Report.
President Lowell M.Palmer Jr. says: The large decrease in surplus during
the year was due mainly to the payment of dividends on preferred stock
amounting to $227,018, and the charging to surplus of experimental and
development expense, organization expense, unamortized bond discount and
similar adjustments aggregating $576,800.
On July 1 1926 the corporation acquired the York,Pa.,and Oranda, Va.,
plants, Brooklyn waterfront property, and other assets and business of the
Palmer Lime & Cement Co. in exchange for stock. The stockholders on
Oct. 18 1926 authorized an issue of $2,000,000 first mtge.6% 20
-year sinking
fund gold bonds to retire the then existing bonded debt and for other corporate purposes.
The difficulty experienced in manufacturing wallboard satisfactory to the
trade was mainly responsible for the corporation showing a net loss of
$42,733 on the operations for the year 1926. This condition was overcome
late in 1926 and the corporation is now manufacturing a light, strone core
gypsolite completely closed-edge wallboard, for which there is a large
demand.
• Consolidated Balance Sheet December 31 1926.
Assets
-Liabilities
Fixed assets
:$4,529,020 7% cumulative preferred stock $4,000,000
Cash
385,141 Common stock
z1,416,557
Accounts receivable
Y613,810 8% cum. pref. stock of the
Other accounts receivable
29,648 Insulex Corporation
300.000
Inventories
642,976 Real estate mortgages
4,900
Temporary investments
6,115 First mortgage Cs
1,825,000
Derd charges to future °peens 531,313 Accounts payable
187,332
Sinking hinds depos. with true.
30.000
8,369 Notes payable
Leasehold rights
88,908
1,351,961 Accr. int., salaries, wages, &aGoodwill, patents and patents
Reserve for returnable bags.-42,191
pending
637,351 Unearned royalties
5,000
Capital surplus
835,818
Total
Total
$8,735.705
58.735.705
Note.
-In addition to the foregoing assets and liabilities, the corporation
has on deposit with trustees an amount of $404,838 to retire the undeposited
bonds of the previous issue.
a Surplus arising from valuation of leaseholds acquired, less subsequent
adjustments. x After deducting 5440,726 reserve for depreciation. y After
deducting $11,000 reserve for bad debts. z Represented by 228,637 shares
no par value.
-V. 123. P. 1261.
Victoria Oil Co.
-Trustees' Sale.
-
Default having been made in the payment of the bonds dated June 1 1916,
Paul A. Eizelman and John S. Stump Jr., trustees, will on July 13 at the
Exchange Sales Rooms, 56 Vesey St., New York. offer for sale at public
auction to the heighest bidder the property of the company. The property
will be offered for sale first in separate lots and second as a whole, and will
be sold in whichever manner the highest bid is received.
Warner Bros. Pictures, Inc.-Earnings.PeriodOperating profit
Interest & miscell. charges
Loss
Minority int. in subs
Quar. End, Quar. End. 6 Mos. End.
Feb. 26 '27. Nov. 27'28. Feb. 26 '27.
557.930
$40,192
$98,122
153,428
144,924
298,352
595.498
3.474
$104,732
4,352
$200.230
7,826
Net loss
$98,972
$109.084
$208,056
President H. M. Warner. says: "Although we have not as yet been able
to determine the exact figure for the period ended May 28 192'7. the results
indicate that a net profit of at least $100,000 was earned for the period."
-V. 124, p. 2787.
Washington Square Buildings, Detroit.
-Bonds Of-Backus, Fordon & Co., Detroit Trust Co., Harris,
fered.
Small & Co., Watling, Lerchen & Hayes, and GriswoldFirst State Co., Detroit, are offering at par and int. $875,000
1st mtge. (fee) 6% gold bonds.
111
Officers of the Washington Square Development Co. are: Arthur F.
Bassett, Pres.; James B. Dunkel, Vice-Pros.; Robert K. Vinton, V.-Pres.:
Clifford B. Edwards, Treas. and,Sherman D. Callender. Sec.
Waukesha (Wis.) Mineral Water Co.
-Bonds Offered.Hambleton & Co., Baltimore and Grossman, Lewis & Co.,
Milwaukee, are offering at 100 and int. $325,000 1st mtge.
5
-year 6M% convertible gold bonds.
Dated April 1 1927; due April 1 1932. Int. payable A. & 0. without
deduction for normal Federal income tax not in excess of 2%. Principal
and int. payable at Equitable Trust Co., New York, trustee. Denom.
.
51,000 and $500c5 Red. all or part by lot on any int. date on 45 days'
notice at 103 and int. on or before April 1 1928, and at 102 and int. after
April 1 1928 and on or before April 1 1929. with successive reductions in
the redemption price of % of 1% during each 12 months' period thereafter
until maturity. Company agrees to refund to holders of these bonds,
upon proper request, Calif., Penna. and Conn. personal property taxes
not exceeding 4 mills per annum each, Md. securities tax not exceeding
4% mills per annum, Dist. of Col. personal property tax not exceeding
5 mills per annum and Mass, income tax not exceeding 6% per annum
on the interest.
-Bonds are convertible into voting trust certificates repreConvertible.
senting common stock on the basis of the following number of shares of
common stock for each 51.000 of bonds: On or before April 1 1929. 40
shares; after April 1 1929 and on or before April 1 1930. 35 shares; after
April 1 1930 and on or before April 1 1931, 30 shares; after April 1 1931
and on or before April 1 1932, 25 shares. If called for redemption, bonds
may be converted at any time on or before the 15th day next preceding
the redemption date.
Data from Letter of Fred J. Stone, President of the Company.
-Incorporated in Delaware. Is engaged in the business of
Company.
manufacturing and selling mineral waters, ginger ales and other nonalcoholic beverages. Company has acquired substantially all of the assets
(except a non-dividend paying investment) and has assumed certain
liabilities of Waukesha Silurian Water Co. (Wis.) which since 1922 has
been engaged in marketing the waters from the Silurian springs owned by
it in Waukesha, Wis., and, since 1923, has bottled mineral water and
ginger ales for a number of other companies. Company has also acquired
from Silver King Products Corp .its trade-names and labels and the trademark "Silver King" as applied to non-alcoholic beverages. The trademark "Silver King" has become established in the minds of the public
through the introduction and distribution of "Silver King Ginger Ale,"
"Silver King Mineral Water" and "Silver King Fizz."
CapitalizationAuthorized,
Outstanding.
First mtge. 5
-year
% cony, gold bonds_ _ -$325.000
$325,000
Cum.pref.stock (no par) div.$1 per sh, p. a_ 25,000 shs.
,
12.500 shs.
Common stock (no par)
110.000 shs.
*88,000 shs.
* Voting trust certificates representing 13,000 additional shares o
common stock ar deposited in trust for delivery upon conversion of the
bonds and 8,334 additional shares are reserved for issue upon conversion
of the preferred stock of series A.
Earnings.
-The average annual earnings of Waukesha Silurian Water
Co. for the two years ended Dec. 31 1926 before depreciation, interest
on funded debt. State and Federal income taxes, and certain non-recurring
charges, were $88,560, which is equivalent to more than four times the
maximum annual interest requirements on these bonds. After deducting
allowances for depreciation, such average annual earnings were $73,252.
more than 3.4 times such interest requirements.
While the above figures do not reflect the results of operations of Silver
King Products Corp. (which has heretofore been the distributor of "Silver
King" -beverages) and include profits of Waukesha Silurian Water Co.
derived from the manufacturing contract between it and Silver King
Products Corp., the company's President estimates that the profits of
the company from the sale of such beverages (which will not be subject to
certain non-recurring expense items heretofore incurred by Silver King
Products Corp.) will exceed the profits derived by Waukesha Silurian
Water Co. under such contract.
Purpose.
-Proceeds will be used principally to furnish the comany
-V. 124, P. 2621, 2446.
with additional working capital.
West Virginia-Ohio River Bridge Co.
-Bonds Offeerd.-Offering was recently made of $700,000 1st mtge.
sinking fund bonds by McLaughlin, MacAfee & Co., Pittsburgh and Mackubin, Goodrich & Co., Baltimore, at 100
and int.
Dated July 1 1927; due July 1 1952. Denom. $1,000 and $500 O.
Principal and. int. (J. 6c J.) payable at Pennsylvania Co. for Ins. on Lives
& Granting Annuities,Phila.,trustee,or at Guaranty Trust Co., New York.
Callable all or part on any int. date on 30 days' notice at 105 and int. to
and incl. July 11932,premium decreasing % of 1% each full year thereafter.
Company agrees to pay the normal Federal income tax not in excess of 2%
and will refund upon proper application presented within 60 days after
payment thereof, the Penn. and Conn. 4 mills taxes, the Maryland 4%
mills tax, District of Columbia and Mich. 5 mills taxes and Mass. 6%
income tax.
Data from Letter of Dr. Charles E. Holzer, Pres, of the Company.
Description.
-The West Virginia-Ohio River Bridge will be a modern
-way vehicular steel suspension bridge, with sidewalk, crossing the Ohio
2
River at Point Pleasant, W. Va. to the Ohio shore,just above Gallipolls,0.
The bridge will have a total length of 2,235 feet, of which 700 feet will
span the main channel of the river. The roadway will be 22 feet wide
and the sidewalk 5 feet. A special act of Congress authorized the con.
struction of this bridge and the necessary approvals of the United States
War Department have been given.
The bridge will provide a convenient and safe crossing of the Ohio River
for the inter-capital traffic between Columbus,0.,and Charleston, W. Va.,
via Chillicothe at a saving of 25 miles over any other existing bridge.
From Charleston eastward, connections are made with the Midland Trail
to White Sulphur Springs, to the Carolina and Florida resorts, Shenandoah
Valley, Washington and New York. From Chillicothe and Columbus
mproved roads lead to Detroit and Chicago, connecting with both the
National and Lincoln Highways. In addition, substantial local traffic
can be expected.
The nearest bridge over the Ohio River down stream is 44 miles by road
and upstream 54 miles by road, making a stretch of 98 miles, which will be
practically bi-sected by this bridge.
Security.
-These bonds will be a direct obligation of the company and
will be secured by a first closed mortgage on all the fixed assets of the company, which will include the bridge now being constructed by the company.
the approaches and all real estate owned by the company. The J. E.
Greiner Co.. Engineers, Baltimore, estimate the total cost of the bridge
in excess of 51.200,000. including franchises,rights of way, property damage
and financing costs and carrying charges. Based on thls valuation these
bonds will represent less than a 60% loan and will be followed by 5,000
shares cumulative pref. stock (Dividend $7 per annum)and 12,000 shares of
common stock.
Earnings.
-Ford, Bacon & Davis, Inc. in a traffic report made for the
Bankers in April 1927, estimate gross and net earnings as follows:
Year of OperationGross Earnings. Net Earns•
First
$134,500
$99,500
111.500
Second
146,500
Third
121,000
156,000
126.000
Fourth
161,000
128.000
Fifth
163,000
Dated April 1 1927; due serially 1929-1942. Int. payable A.& 0.at the
Detroit Trust Co., Detroit, trustee, without deduction for normal Federal
ineome tax not exceeding 2%. Denom. $1,000 and $500. Red. at 102
and int. on any int. date.
Property.
-The Washington Square Buildings now being built by the
Washington Square Development Co. are located on Washington Ave.,
4th Street, Lafayette Ave.. and Washington Drive, Royal Oak. The
entire block bounded by the above streets is under the mortgage. The
buildings of steel and concrete, faced with terra cotta and brick,
a 8-story office building and 22 stores and an 1.800 seat theatre. consist of
Security.
-This issue of bonds is the direct obligation of the Washington
Square Development Co. and is secured by an absolute first (closed)
mortgage on land and buildings. The property has been appraised by the
Average annual net earnings
$117,200
Detroit Trust Co., as having a value upon completion of: Land, $482,040; Interest charges this issue
45.500
buildings, 51,311.000: total, $1.793,040. This mortgage represents less
than 50% of the appraised value.
Balance
$71,700
Income.
-The net income after ample deductions for vacancies and
There will be deposited with the trustee cash and United States Governoperating charges is estimated at $154,907 per year which is approximately ment securities sufficient to pay interest on these bonds for two years from
3 times the greatest annual interest requirements of this issue. All leases date of issue. It Is expected the bridge will be in operation in 12 months.
are to be assigned to and deposited with the trustee as additional security.
-Beginning 1929, an annual sinking fund of not less than
Sinking Fund.
Of this income, 536.000 is from the theatre which is leased for 15 years to 25% of the annual net earnings remaining after the payment of preferred
Kunsky Theatres Corp. This lease cannot be assigned by the corporation dividends will be paid to the trustee June 1 of each year for the purchase
for 6 years and should the lease be assigned after 6 years a deposit of$150,000 or redemption of outstanding bonds of this issue at not over the existing
must be made to insure the preformance by any subsequent lessee and callable price.
continues for the full term of the lease. This is the only Kunsky theater In
Listing.-Application will be made to list these bonds on the Pittsburgh
the Royal Oak district. The income from the portion of the buildings now and Baltimore Stock Exchanges.
-V. 124. p. 3513.
under lease is more than sufficient to pay the greatest annual interest
charges.
For other Investment News, see page 115.
112
THE CHRONICLE
[VOL. 125.
Tittp.arts aiul31).anunents.
AMERICAN CAR AND FOUNDRY COMPANY
TWENTY-EIGHTH ANNUAL REPORT—FOR THE YEAR ENDED APRIL 30 1927.
To the Stockholders:
finances—and it is not thought that any particular comment
As shown by the annexed balance sheet and statement of is called for with respect to any of the items there shown.
The Company closed its fiscal year with an amount of
earnings (to which the usual Certificate of Audit is atbusiness booked
tached) the net earnings of the Company and its wholly- close of the priorsubstantially equal to that on hand at the
year.
owned subsidies, American Car and Foundry Securities CorThe Management once more expresses its thanks and apporation and American Car and Foundry Export Company, preciation for the loyal support and hearty co-operation
for the year ended April 30 1927—the Company's twenty- which in its handling of the year's business has been given
eighth fiscal year—remaining after the payment of the It by all the members of the Company's organization.
regular Seven per cent dividend ($2,100,000) on the par
By order of the Board,
value Preferred shares, fell short of the amount necessary
Respectfully submitted,
for the payment of a Six Dollar per share dividend for the
W. H. WOODIN, President.
year on the no-par value Common shares. In view, howDated June 28 1927.
ever, of the Company's sound financial condition, the Directors felt that the surplus might with safety and propriety
CONSOLIDATED BALANCE SHEET, APRIL 30 1927.
be drawn upon for such difference. This accordingly has
ASSETS.
been done—and the Reserve for Dividends on Common Stock Property and Plant Account
$72,043,025.46
Current Assets
remains intact.
53,888,785.60
Materials on hand, inventoried at cost or
Purchases by the railroads of new freight car equipment
less, and not in excess of present market
prices
during the year have been in disappointingly small volume.
512,299.940.59
Accounts Receivable
7.807.790.01
Naturally, this inactivity in buying brought with it a comNotes receivable
5,928,797.45
U. S. Government Securities
petition even more keen than usual among the car-building
13,399,780.69
Stocks and Bonds of other Companies at
concerns bidding for the business offered—with the result
cost or less, and not in excess of present
that the profit margin, none too broad at the best, was still
market value
6.365,044.71
Cash in Banks and on Hand
8,067,432.15
further narrowed. Fortunately, the Company, through the
use of its facilities in the manufacture and sale of miscella5125.911.811.06
neous products and the returns produced by the investment
LIABILITIES.
of capital that, because of the paucity of equipment pur- Capital Stock—
Preferred (300,000 shares—par value $100.00 per share)_ $30,000,000.00
chases, would otherwise have remained idle, has been able
Common (600,000
30,000,000.00
to show earnings in excess of what would have been possible Current Liabilities shares—no par value)
13,144,710.45
Accounts Payable, not due; and Pay Rolls
had its activities been confined entirely to supplying the
(paid May 10 1927)
$10,987,606.85
demands of the roads for new equipment.
Provision for Federal Taxes
732,103.60
In the President's letter to the Stockholders, of June 22
Dividend No. 113 on Preferred Capital
Stock (payable July 1 1927)
525,000.00
1926 it was said that "undoubtedly there is need of addiDividend No. 99 on Common Capital
tional equipment if they" (the railroads) "are to discharge
Stock (payable July 1 1927)
900,000.00
adequately their functions as carriers of the products of the Reserve Accounts
12,628,427.04
country's industry." That statement was true with respect
For Insurance
$1,500,000.00
For General overhauling, Improvements
to the conditions then, and is true with respect to the conand Maintenance
212,641 86
ditions now existing. The financial condition of the roads
For Dividends on Common Capital Stock,
to be paid when and asdeclared by Board
generally is such as to make it possible for them to supply
of Directors
10,800,000.00
their needs. It may be that some of them, at least, will
For Improving Working Conditions of
Employees
115.785.18
defer doing so until final decfsion is reached with respect
to one or more of the consolidations or mergers which for Surplus Account
40,138,673.57
some.
time past have been, and still are, under considera6125,911,811.06
tion and negotiation.
It is, of course, impossible for the Company to accelerate
STATEMENT OF CONSOLIDATED NET EARNINGS.
the resumption by the roads of equipment purchases. While,
from all sources for
however, keeping itself fully prepared to meet such demand EarningsApril 30 1927—before the twenty-eighth fiscal year
ended
deducting Repairs, Renewals,
as noted hereunder—and after mak.ing provision for
when it comes, the Company is developing a field for its actaxes
tivities and the utilization of its experience and facilities Less: Renewals, Replacements, Repairs, New Patterns, $7,837,527.97
Flasks,Re
more varied than that offered by the building of freight
3,244,150.71
and passenger cars of the ordinary type, but nevertheless
Net Earnings
$4.593,377.26
lying within the general domain of transportation and therefore calling for no departure from the underlying purposes
STATEMENT OF CONSOLIDATED SURPLUS.
of the Company's organization. This particular field of Consolidated Surplus April
30 1926
$41,245,296.31
endeavor is the manufacture and sale of automotive vehicles
Add: Net Earnings for the year
4,593,377.26
—motor buses, motor trucks and motor-driven rail cars—
545,838.673.57
instrumentalities the development of which as supplemenLess: Dividends—
Preferred Capital Stock, 7%
$2,100,000.00
$00
tary to the service given by the established steam and elecOn Common Capital Stock
3,600,000.00
tric railways will undoubtedly solve many of the problems
5,700,000.00
which have long confronted railroad management in various
Consolidated Surplus April 30 1927
$40,138,673,57
sections of the country. This subject was touched upon in
the report to the Stockholders at the close of the preceding STATEMENT OF
CONSOLIDATED WORKING CAPITAL.
fiscal year—and since that time the Company has proceeded
Consolidated Working Capital April 30 1926
328.249,957.06
earnestly and diligently along the lines indicated.
Add: Net earnings for the year ended April 30 1927
4,593,377.26
Net amount deducted from Property and Plant Account
Obviously, the prime essential of any automotive vehicle—
through disposal of various items thereof during the
whether it be bus, or truck, or motor-driven rail car—is an
year
952,313.79
efficient power plant. Through its control of the Hall-Scott
533.795,648.11
motor your Company believes that it has this prime essenLess: Dividends—
On Preferred Capital Stock. 7%
tial—and the experience thus far had fully justifies such
$2.100,000.00
On Common Capital Stock
3,600,000.00
belief.
5,700,000.00
with these new activiEspecially important in connection
Consolidated Net Working Capital, excluding Reserves
ties taken on by the Company is the development of the
April 30 1927
$28,095,648.11
motor-driven rail car—a self-contained unit in which motive
power and rolling stock are combined.
W. H. Woodin, Esq., President Americqn Oar and
Beyond doubt such car is destined to play a very imporFoundry Co., Nov., York.
tant part in the general scheme of transportation, as well in
Dear Sir: We have made an audit of the books and aclight main-line as in branch-line service. These cars are of
two types—one in which the motive power is supplied by counts of the American Car and Foundry Company, Amerithe motor alone, and the other in which the power so sup- can Car and Foundry Securities Corporation and American
plied is electrically controlled. During the year the Com- Car and Foundry Export Company for the fiscal year ended
pany has supplied a number of such cars equipped with the April 30 1927, and in accordance therewith, we certify that,
Hall-Scott motor, all of which are giving efficient and satis- In our opinion, the foregoing statements of income and the
factory service in actual operation—and the Management Balance Sheet are true exhibits of the results of the operaconfidently looks forward to a contiuing and increasing de- tion of those Compannies for said period, and of their conmand for such cars and is fully prepared to meet such de- dition as of April 30 1927.
THE AUDIT COMPANY OF NEW YORE.
raand as it develops.
A. W. DUNNING, President.
The annexed Consolidated Balance Sheet reflects the
H. I. LUNDQUIST, Secretary.
New York, June 20 1927.
healthy, sound and liquid condition of the Company's
JULY 2 1927.]
THE CHRONICLE
113
SEABOARD AIR LINE RAILWAY COMPANY
ANNUAL REPORT—FOR THE FISCAL YEAR ENDED DECEMBER 31 1926.
Baltimore. Md., May 25 1927.
To the Stockholders and Security Owners of the Seaboard
Air Line Railway Company:
The President and Board of Directors submit the following report of the affairs of the Company for the year
ended December 31 1926:
INCOME ACCOUNT.
FOR THE YEAR ENDED DECEMBER 31 1926, COMPARED WITH
YEAR ENDED DECEMBER 31 1925.
1926.
1925.
Increase.
Railway Operating Revenues.$67,024,853.80 $62.864.710.79 $4,160,143.01
Railway Operating Expenses- 49,253,001.64 46,733,363.69 2,519,637.95
Net Revenue from Railway
Operations
$17,771,852.16 $16,131.347.10 $1,640,505.06
Railway Tax Accruals
3,472,001.02 3,023,400.64
448,600.38
Uncollectible Ry. Revenues
18,953.15
22,583.50
*3,630.35
Railway Operating Income.$14,280.897.99 $13,085,362.96 $1,195,535.03
Equipment Rents—Dr
2,129.363.48 2,148.605.16
*19,241.68
Joint Facility Rents—Dr._ _
137,356.04
114.026.92
23,329.12
Net Railway Operating
Income
$12,014,178A7 910,822,730.88 $1,191,447.59
Other Income
1,899,943.38
1,100,397.44
799,545.94
Gross Income
$13,914,121.85 $11,923.128.32 $1,990,993.53
Rents and Other Charges_ _ _ _ 1,555,476.09
987.583.21
667,892.88
Applicable to Interest
$12,358,645.76 $10,935,545.11 $1,423,100.65
Fixed Interest Charges
7,604,867.55 6,850,385.20
754,482.35
Annual Allotment of Discount
on Funded Debt
325,108.15
250.184.17
74,923.98
Interest Adiustment Mortgage (Income) Bonds
1,250,000.00
1.250.000.00
Net Income
$3,178,670.06 $2,584,975.74 $593,694.32
* Decrease.
MILEAGE OPERATED.
The mileage of the Seaboard Air Line Railway Co. in operation on
Dec. 31 1925 was
3,928.86
Mulberry, Fla., to South Boca Grande, Fla.,leased from Charlotte
Harbor & Northern Railway Co., included in Seaboard's operations, effective Nov. 10 1926
104.04
Bradley Junction, Fla., connecting track with Charlotte Harbor &
Northern Railway Co., reclassified as of Nov. 10 1926_
_
.14
Tampa, Fla., connecting track with Tampa Northern-Railroad
Co., reclassified as of June 1 1926
.04
4,033.08
Less—Reduction due to reclassifying Holder Spur near Inverness,
Fla., as of June 1 1926
.58
Mileage in operation Dec. 31 1926
4,032.50
FUNDED DEBT.
During the year $8,623,500 First and Consolidated, Series "A," Six Per Cent. (6%) Gold Bonds, due 1945, were
delivered to the Company by the Trustee of the First and
Consolidated Mortgage, in reimbursement of the Treasury for expenditures, under the provisions of the mortgage.
During the year $8,000,000 First and Consolidated, Series "A," Six Per Cent. (6%) Bonds were sold to reimburse the Company's treasury for expenditures made for
improvements, acquisitions, betterments, additions and
extensions to the properties of the Company and its subsidiaries and for the acquisition or retirement of equipment obligations.
During the year $7,631,000 Refunding Mortgage Four
Per Cent. (4%) Gold Bonds, due 1959, were delivered to
the Company by the Trustee of the Refunding Mortgage,
under the provisions of said mortgage, and were pledged
under the Company's First and Consolidated Mortgage, as
therein provided.
Equipment Trust Agreement, Series "Z," Philadelphia
Plan, dated October 1 1926, was entered into with The
Continental Trust Company of Baltimore, Maryland, as
Trustee, under which there were issued $9,060,000 principal amount of Four and One-Half Per Cent. (4%%)
First Lien Certificates payable in thirty semi-annual installments of $302,000 each, on the 1st day of April and
the 1st day of October in each year, commencing April 1
1927, and ending October 1 1941, and $2,276,000 principal
amount of Five and One-Half Per Cent. (51
/
2
%) Second
Lien Certificates payable in twenty semi-annual installments, $129,000 on April 1 1927, and $113,000 on the 1st
day of April and the 1st day of October in each year,
commencing October 1 1927, and ending October 1 1936.
The equipment acquired under this trust is hereinafter
enumerated.
Equipment Trust Certificates aggregating $2,072,000
matured during the year and were taken up.
The $2,500,000 outstanding Seaboard & Roanoke Railroad Company First Mortgage Five Per Cent. (5%) Bonds,
which matured July 1 1926, were extended for five years
to July 1 1931.
EQUIPMENT
Of the equipment mentioned in last year's report as
contracted for, the following was delivered during the year:
5 new steel underframe caboose cars,
2 new double power gas and electric motor cars.
The following additional new equipment was acquired
under Equipment Trust Series "Z," dated October 1 1926,
to-wit:
10 Mountain type locomotives,
40 Mikado type locomotives,
7 all steel dining cars,
6 all steel combination passenger and baggage cars,
47 all steel express cars.
20 all steel passenger cars,
50 steel superstructure steel underframe caboose cars,
1,000 steel underfrrame, steel end box cars,
2,400 all steel gondola cars,
all of which, with the exception of 12 of the all steel
passenger cars, was delivered during the year.
In addition, other miscellaneous equipment was acquired
during the year and certain replacements of destroyed
trust equipment were made. The company also ordered
25 new switch engines for 1927 delivery.
Detailed statement and inventory of Company's equipment at December 31 1926, is shown on Table 16 of this
[pamphlet] report.
The Company's equipment has been adequately maintained. At the close of the year, of the Company's freight
cars on line, only 4.16 per cent. were awaiting repairs. Of
the Company's locomotives, 12.15 per cent, were in need
of repairs,
-8.19 per cent, requiring classified repairs and
3.96 per cent, minor running repairs.
REVENUES AND EXPENSES.
The results for the year 1926 were the best in the
history of the Seaboard Railway. Gross Revenues of
$67,024,853 exceeded 1925 by $4,160,143, an increase of
6.62 per cent. Freight Revenues increased $4,973,197, or
11,33 per cent. while Passenger Train Revenue decreased
$849,257, or 5.05 per cent., although Passenger Train Revenue exceeded 1924 by 18.71 per cent. The number of
revenue tons carried in 1926 were 20,966,030, an increase
of 3,107.177, or 17.40 per cent. over 1925. The average
number of revenue tons per train increased from 481 in
1925 to 513 in 1926, or 6.69 per cent. Operating expenses
increased $2,519,637, or 5.39 per cent., $500,000 of which
was in maintenance. The operating ratio was 73.48 in
1926 compared with 74.34 in 1925. The transportation
ratio increased fractionally. There was a decrease in
Equipment Rents, although this only partially reflects the
saving in car hire from the purchase of 3,400 new freight
cars delivered late in 1926. Net Railway Operating Income increased $1,191,447, or 11.01 per cent. Net Income
of $3,178,670 was an increase of $593,694, or 22.96 per cent.
The Company's property has been adequately maintained
during the year.
NEW EXTENSIONS, LEASES AND ACQUISITIONS.
The new Florida lines under construction by the Seaboard-All Florida Railway, the subsidiary company mentioned in the 1925 report, approximately 200 miles, on
which work was started January 20, 1926, are practically
complete at the date of this report. The line from West
Palm Beach to Miami on the East Coast and the line from
Ft. Ogden via Ft. Myers and Estero thence to Naples via
the leased line of the Naples, Seaboard & Gulf railway on
the West Coast of Florida were opened to the public January 8 1927. The line from Miami to Florida City on the
East Coast and the line to Punta Rassa and the line to La
Belle on the West Coast are at the date of this report also in
operation.
The construction of the proposed line from Venice, Fla.,
to Englewood, Fla., mentioned in last year's report, was
not begun.
The new Florida extensions of the Seaboard system recently completed add a large productive area to the railroad's territory and place the Seaboard in a commanding
position in Florida. The effects of over-speculation in
real estate are disappearing, the unexcelled opportunities
offered by this State in character of soils and climatic conditions are bringing large numbers of truck and other
farmers into the State. It was thought by many that the
boom period had induced the overbuilding of hotels which
would require five years to occupy. At date of this report
it has been shown that the coming season will require
the capacity of Florida's hotels to accomodate the season's
travel.
Effective January 1 1927, the lines of the Tampa & Gulf
Coast Railroad Company, a subsidiary, extending from
Tampa to St. Petersburg, Tarpon Springs and New Port
Richey, Fla., and consisting of 78 miles of main line were
leased and are now operating as a part of the Seaboard
System.
Applications have been filed with the Interstate Commerce Commission by the Jacksonville, Gainesville & Gulf
Railway for authority to acquire the line of railroad of
the Tampa & Jacksonville Railway Company extending
from Sampson City, Fla., via Gainesville, Fla. (a point
of connection with the Seaboard), to Emathla, Fla., a
distance of 56 miles. Application has also been filed by the
Gainesville Midland Railroad Company to acquire the line of
114
THE CHRONICLE '
[VOL. 125.
the Gainesville Midland Railway from Gainesville, Ga., to for equipment amounted to $10,174,512, a total of
Fowler Junction, Ga. (a point of connection with the Sea- $16,383,174. The equipment acquired is herelnbefore enumboard near Athens, Ga.), a distance of 38 miles. The Sea- erated.
board has filed applications with the Commission to acquire
In 1926 the automatic block signal system was completed
control of the Jacksonville, Gainesville & Gulf Railway between Richmond, Va., and Hamlet, N. C., 253 miles,
and the Gainesville Midland Railroad Company by the ac- between Jacksonville, Fla., and Baldwin, Fla., 17 miles,
quisition of the entire capital stock of the two companies. and in 1927 between Savannah, Ga., and Jacksonville, Fla.,
136 miles, a total of 406 miles.
ADDITIONS, BETTERMENTS AND EQUIPMENT.
Double track for a distance of 25.95 miles between BaldDuring 1926 the Company expended $6,208,662 for ad- win, Fla., and Starke, Fla., was completed and put in
ditions and betterments, while charges to capital account operation during the year, also 5.46 miles of double track
GENERAL BALANCE SHEET, DECEMBER 31 1926.
ASSETS.
Invest
Investment in Road and Equipment:
Road
$175,246,441.90
Equipment
General Expenditures
542,991.33
$232,454,566.95
Sinking Funds
497.26
Deposits in Lieu of Mortgaged Property Sold
163,461.69
Miscellaneous Physical Property
4,193,851.80
Investments in Affiliated Companies:
Stocks—Pledged
$3,473,431.34
Stocks —Unpledged
258,217.23
Bonds—Pledged
1,367.134.85
99,156.00
Bonds—Unpledged
Notes—Pledged
1,175,380.20
466,403.60
Notes--Unpledged
Advances
12,030,851.99
18,870,575.21
Other Investments:
Stocks—Pledged
$26.00
Stocks—Unpledged
452,995.82
Bonds—Pledged
9,850.00
Bonds—Unpledged
8,000.00
Notes—Pledged
45.000.00
Notes—Unpledged
35,625.50
Advances
1,753,525.82
2,305,023.14
Total
Current Assets
-Cash with Treasurer
Cash in Transit
$257,987,976.05
Total
Deferred Assets—
Working Fund Advances
Other Deferred Assets
Total
Unadjusted Debits—
Rents Paid in Advance
Insurance Premiums Paid in Advance
Discount on Funded Debt
Claims in Suspense
Other Unadjusted Debits
Total
Less—Pledged as Collateral 3,021.600.00
In Treasury
300.00
$37,019300.00
Preferred 4-2% Capital Stock
Issued
$25.000,000.00
Less—Pledged as Collateral 1,105,900.00
23,894,100.00
Preferred 6% Capital Stock
Issued
$2,273,100.00
Less—Pledged as Collateral $2,235,000.00
In Treasury
800.00
37,300.00
Total
Funded Debt Unmatured—
Equipment Obligations
$46,859.452.27
6300,558.24
2,518,324.56
28,149.90
1,552,805.64
588,147.94
$60,950.500.00
Less—Pledged as Collateral 15,477,452.27
In Treasury
614,000.00
Mortgage Bonds Proprietary
Companies
38,585,000.00
Less—Pledged as Collateral 5,949,000.00
S. A. L. Railway First Mortgage Bonds
39.775,000.00
Less -Pledged as Collateral 27,000,000.00
$4,957,417.18
1,143,141.06
Special Deposits—Cash with Fiscal Agencies
and Trustees
Loans and Bills Receivable
Traffic and Car Service Balances Receivable
Net Balances Receivable from Agents and
Conductors
Miscellaneous Accounts Receivable:
Individuals and Companies$2,017,609.19
United States Government- 179,827.53
Other Companies for Claims
88,254.52
Material and Supplies
Interest and Dividends Receivable
Rents Receivable
Other Current Assets
LIABILITIES.
Capital Stock—
Common Capital Stock Issued
$40,041,000.00
S. A. L. Railway Refunding
Mortgage Bonds
75,860,000.00
Less—Pledged as Collateral 56,510,000.00
S. A. L. Railway Company
First & Consolidated Mortgage Bonds, Series "A"— - 67,328,000.00
30.768,000.00
32,636,000.00
12,775,000.00
19,350,000.00
Less—Pledged as Collateral 20,878,500.00
In Treasury
702,000.00
45,747.500.00
Income Bo:
nds
2,285,691.24
Railway Adjustment Mortgage
7,533,910.90
Bonds
25,000,000.00
108,499.29
Miscellaneous Obligations:
15.899.32
Secretary of Treasury of United States—
412,224.82
Notes
14,453.900.00
Director-General of Railroads, United
21,144,211.85
States—Note
2,000,000.00
Union Signal Construction Company—
Deferred Payments under Interlocking
$57,448.20
and Signal Contracts
918,360.00
197,644.33
Total
$183,648,760.00
255,092.53 Non-Negotiable Debt to Affiliated Companies
1,664,467.88
Current Liabilities—
Traffic and Car Service Balances Payable__ $1,403,414.24
$198,454.93
Audited Accounts and Wages Payable:
202,108.21
Audited Vouchers Unpaid_ _$4,968,610.75
5,866,802.57
Wages Unpaid
1,770,899.90
262,194.10
6,739,510.65
1.401,784.38
Miscellaneous Accounts Payable:
Individuals and Companies- $388,720.45
7.931,344.19
Agents' Traffic Drafts
76,682.20
Claim Authorities
56,930.94
522,333.59
Interest Matured Unpaid:
Funded Debt
734,477.75
Equipment Trust Obligations
87,033.22
821,510.97
Dividends Matured Unpaid
9.00
Funded Debt Matured Unpaid
114,940.80
Unmatured Interest Accrued:
Funded Debt
$2,192,278.80
Equipment Trust Obligations 379,770.66
Unfunded debt
1,283.33
2,573,332.79
Unmatured Rents Accrued
823,948.78
Other Current Liabilities
363,025.18
Total
$13,362,026.00
Deferred Liabilities
-Other Deferred Liabilities
494,700.69
Unadjusted Credits—
Accrued Taxes
$2,192,853.10
Accrued Depreciation—Equipment
8,075,574.86
Reserve for Outstanding Stock of Proprietary
Companies
19,226.41
Other Unadjusted Credits
2,330.942.53
Total
$12,618,596.90
Corporate Surplus—
Add Mons to Property through Income and
Surplus
490,879.69
Funded Debt Retired through Income and
Surplus
4,138.32
Profit and Loss—Surplus
14,084,555.14
Total
Grand Total
$287,318.624.62
Grand Total
14,579.573.15
$287,318,624.62
Accumulated and unpaid interest on Adjustment Mortgage (Income) Macon Dublin & Savannah Railroad Company First MortBonds amounting to $3,333,333.34 and payable out of future income, or
gage
1,529,000.00
otherwise, or at the maturity of the bonds,is not comprehended in the above Raleigh dr Charleston Railroad Co. Prior Lien and Consolibalance sheet.
dated Mortgages
50.000.00
This Company billable as a Guarantor of the following Securities and ObliRichmond-Washington Co. Collateral Trust Mortgage—Seagations:
board proportion one-sixth of
Athens Terminal Company First Mortgage
10,000,000.00
$100,000.00
Birmingham Terminal Co. First Mortgage—Seaboard proSavannah & Statesboro Railway Company First Mortgage—
185,000.00
portion one-sixth of
1,940,000.00 Seaboard-All Florida Railway, Florida 'Western & Northern
Fruit Growers' Express Company—Payments
Railroad Company and East & West Coast Railway Joint
273,786.48
Georgia & Alabama Terminal Company First Mortgage
and Several First Mortgage
1,000,000.00
25,000.000.00
Jacksonville Terminal Co. First Mortgage—Seaboard proTavares & Gulf Railroad Company First Mortgage
425,000.00
portion one-third of
400,000.00 Tampa & Gulf Coast Railroad Company First Mortgage
1,184.000.00
Jacksonville Terminal Co. First and General Mortgage—.
The Seaboard-Bay Line Company—Payments
160,000.00
Seaboard proportion one-fourth of
100,000.00 The Seaboard-Bay Line Company Section 210 Notes
3,219,000.00
Jacksonville Terminal Co. Refunding and Extension MortWilmington Ry. Bridge Co. Consolidated Mortgage—Seagage—Seaboard proportion one-fourth of
board proportion one-half of
3,500,000.00
217,000.00
JULY 2 1927.1
THE CHRONICLE
between Wildwood, Fla., and Coleman, Fla., and 2.40
miles north of Tampa.
During the year 29.09 miles of new 100 lb. and 138.06
miles of new 90 lb. steel rail, making a total of 167.15 track
miles, were laid in the main line, releasing lighter rail.
11.11 track miles of released 90 lb., 85 lb., and 75 lb.,
steel rail were laid on branch lines, releasing lighter rail,
and 16.25 miles of serviceable released rail were used
in
relaying yard tracks, passing tracks and sidings.
During the year 4,000 lineal feet of open deck trestle
were converted into ballast deck trestle. In addition, 5,916
lineal feet were driven, capped and made ready for
ballast
decking. 2,497 lineal feet of open deck trestle were
filled
during the year.
MOTOR CAR SERVICE.
Plans for extending the use of rail motor cars on
Seaboard lines are under advisement. It is believed
that substantial savings in operating costs are obtainable
use of rail motor cars on certain branch lines and in the
in other
local passenger service—to that extent replaci
ng steam
driven trains.
GENERAL REMARKS.
The development of the entire southeastern territory
served by the Seaboard Railway which has been
conspicuous in recent years continued in 1926. The directo
rs
your management believe that far greater agricultural and
industrial develoment will take place in southeastern and
territory than in any other section of the country.
the volume of traffic handled by the Seaboard Railwa While
y during the first quarter of 1927 was not as great
as
a similar period of 1926, it is believed the results during
for 1927
will be satisfactory. In such comparison it
must
membered that during the first half of 1926 the be retraffic congestion known in railroad history was greatest
lieved, producing abnormal results in operating being rerevenu
The Company's relations with the public are satisfa e.
To merit and hold the good will that exists require cory.
cient service and an organization which it is the s effiaim of
your management to constantly improve.
The Board of Directors express recognition of
ful performance of duty on the part of officersthe faithand employes.
S. DAVIES WARFIELD, President.
115
par value) at $75 par share in the proportion of
of stock, or of voting trust certificates for 25 one share for each 25 shares
may be, then held by him and of the voting shares of stock, as the case
trustees respectively. These
rights expired April 30 last.
The above new stock was underwritten by
purpose, which was paid a commission of $5 a syndicate formed for the
Tefft & Co., 5 Nassau St., N. Y. City, wereper share for their services.
ment of the purchase price of the entire issue at syndicate managers. Payimmediately upon its authorization, by officers$75 per share was guaranteed
and
directors, who united to form the nucleus of the members of the board of
underwriting syndicate.
Each purchaser, directly or through the voting
offered as above who paid his subscription in full trustees, of the stock
in accordance with such
offer, will be entitled to subscribe within 9 months
thereafter, that is.
before the close of business on Jan. 31 1928, at
$100 per share, to one
additional share of stock for each share so purchase
tional Bank has been appointed transfer agent andd. The Seaboard Naagent to receive subscriptions for this new stock.
The following New York Stock Exchange houses
have consented to act
for stockholders and voting trust certificate holders
desiring to purchase and
sell the respective subscription warrants: Livingston &
N. Y. City; Tefft & Co., 5 Nassau St., N. Y. City, Co., Ill Broadway,
and C. E. Welles &
Co., 25 Broad St., N. Y. City.
Voting trustees are: Frank L. Connable (Pres.),
William H. Fearing
(Sec.), John D. Zieley, Gerald M. Livingston and
Frederick Everett
Grant.
CURRENT NOTICES.
—Alfred L. Baker & Co., Chicago, announce that, owing
to the death
of Alfred L. Baker on May 23 1927. the partnership
existing at that time
under the above name has been dissolved, and that
the business will be
continued under the same name by the surviving partners
, Hugh McB.
Johnston, member New York and Chicago stock exchange
s, Thomas Coyne,
Arthur M. Betts and Robert M. Curtis. The business was
established in
1896 and is being continued under same firm name in
accordance
Baker's wishes. Hugh McB. Johnston, now senior member, with Mx.
has been a
partner since 1901. Thomas Coyne has been a partner
since 1902. Arthur
M. Betts has been a partner since 1913. Robert M. Curtis
a partner since
1915. The firm is the oldest correspondent of Post & Flagg,
New York,
and also is correspondent of Dominick St Dominick and F.
B. Keech & Co.
of New York.
—The Stock Exchange firm of J. R. Williston & Co.
of this city announces
the admission of a new partner, Leo Kahn, who is the
second new member
to be admitted by the firm within the last thirty days. Mr.
Kahn began
his Wall Street career in 1898 first as a reporter with
Dow, Jones & Co..
under the founder of that organization, Charles H. Dow.
He afterwards
became associated with H.L. Horton & Co. and fourteen
years later joined
J. R. Williston & Co. Mr. Kahn has been with the
Williston firm for more
than fifteen years. J. R. Williston & Co. also announc
ed the retirement of
Howard F. Mead as a member of their firm.
—Due to the recent consolidation between the America
n National Bank
and the First National Bank of Oklahoma City,
Okla., the American
National Co., who have been conducting a general
investment business in
Oklahoma City for some years, have changed their
name to the AmericanFirst National Co., and have increased their capital
to $500,000. The
offices of the company have been moved to the
banking floor of the old
White & Black Rivers Bridge Co. Powhatan,
Ark.— First National Bank Building. C. C. Roberts continues with the new
Bonds Offered.—Lawrence Mills & Co.:Chicago,
are offering company as Vice-President and General Manager.
at 100 and int. $400,000 1st (closed) mtge. 7% sinking
—J. N. Darrow has
fund Darrow, who has been been admitted to partnership in Otis & Co. Mr.
gold bonds.
asosciated with the company for about
ten years,
was originally in the home office in Cleveland, first as a
Dated Mar. 1 1927: due Mar. 1 1942. Prin. and
salesman and later •
at Chicago Trust Co., Chicago. Denom. $100, int. payable M. & S. in the municipal bond department. Some years
ago he was transferred to
Callable all or part upon 30 days' notice at 102% $500 and $1,000 c.*
and hit, on any int. pay- the New York office as resident manager, later devoting all his
ment date. Authorized by the Arkansas Railroad
time to the
Commission. Chicago syndicate department.
Trust Co. and Willard F. Hopkins, trustees.
deduction of normal Federal income tax not in Interest payable without
—Kissel, Kinnicutt & Co., and Hallgarten & Co.,
excess of
as fiscal agents, anData from Letter of Harry E. Bovay,
President of the Company. nounce that definitive bonds of the Republic of Chile 0% external
sinking
Company.—Owns and operates a
fund gold bonds, dated Feb. 1 1927, and due 1961, will
be ready for delivery
the Black River at Powhatan. Ark.,completed suspension toll bridge across
and is
bridge across the White River at Des Arc,building a similar suspension toll on and after July 5 at the National Bank of Commerce in New York. in
Ark under permits granted
the Congress of the United States and from the
by exchange for and upon surrender of the interim receipts of the
War
bank.
of being navigable streams, and under franchis Department,on account
—American Water Worksand Electric Company,Inc.,
Courts governing toll rates. Similar franchises es issued by the County
hasissued its annual
Statistic
have
upon by the Supreme Court of the State of Arkansa been favorably passed sheets al and Corporate Manual, which contains income accounts, balance
and data with respect to the physical properties of
sede ferries which have been in operation for many s. Both bridges super- compani
years.
es. Copies may be had on application at the officesall its subsidiary
The toll bridge of the company across the
of the company,
is on the automobile trunk line highway Black River at Powhatan,Ark., 50 Broad Street, New York City.
between Memphis :Fenn.,
Kansas City, Mo., and the toll bridge of the
and
—.Kelley, Drayton & Converse, members New York
company across the White Stock
and
River at Des Arc, Ark., is on the northern automob
Exchanges, announce the re-opening of their branch Philadelphia
office in the
between Memphis, Tenn.. and Little Rock, Ark. ile trunk line highway Hotel Do La Plage at Narragansett Pier,
trunk line highway between Texarkana, Pine Bluff and on the automobile Culbertson, with private wire connection under the management of Craig
and
to New York and Philadelphia.
Newport, Ark., and thence on the automobile trunk Stuttgart, and East
line highway to St.
—The budget in business,as a means through which
Louis, Mo. A
agricultural country on both sides of the
managem
two rivers is co-ordinated effort, conservation of resources, and more rapident achieves
served by the company.
turnover of
merchandise inventories, is described in a 32
Security.—These bonds are secured by an absolute
-page booklet, "Business Confirst closed mortgage trol Through Analysis," just Issued by Ernst & Ernst,
on all of the physical property, franchises,
accountants.
company, having a value when both bridges permits and other assets of the
—Carl H. Pforzheimer dr Co., specialists in Standar
are
d 011 securities, 25
of the bonded indebtedness of the company. completed, largely in excess Broad St., New York,
have issued a new 25th edition Standard 011 Booklet
Earnings.—Based on the engineer's analysis
containing description
conservatively estimated that the net earnings of traffic conditions, it is price ranges and other of property, annual reports for 1926, dividend rates,
of the
important information relative to this group of comnot less than twice the annual interest on the bondedcompany will average panies.
debt of the company
for the first 5 years after the completion of both bridges.
—Continental & Commercial Co. announces the election
Sinking Fund.—Mortgage provides that not less than
of Donald L.
come of the company for the preceding month shall be 50% of the net in- DeGoyler as Vice-President, effective July 1 1927. Mr. DeGoyle
r has
set aside each month been Manager of the Chicago office
beginning Feb. 5 1928 in a sinking fund for the
of the Equitable Trust Co. of New
retirement of the first York for the past six years.
mortgage bonds of the company.
Capitalization—
—Greenbaum Sons Securities Corporation announc
Authorized.'
Issued.
certificates for the First Mortgage Drakes 6s are e that the temporary
Cumulative 7% preferred stock
now exchangeable for
3100,000
None permanent
Common stock (no par value)
5.000 slam. 5,000 abs. and at thecertificates at the offices of the company at 350 Madison Ave..
First (closed) mortgage 7% sinking fund bonds._
offices of the Chase National Bank.
$400,000
$400,000
—A comparative chart based
Windsor Arms, Ltd.—Bonds Offered.—Blackstoc
listed stocks underlie Investors on 1926 reports of 92% of companies whose
Ltd. Toronto, are offering at 98 and int. $350,0 k & Co., bution to investors by Jordan,Trustees Shares, has been issued for distriColyer & Maguire, 120 Broadway, New
00 63% York City.
1st (Closed) mtge. 20
-year sinking fund gold bonds.
Dated June 1 1927, due jime 1 1947. Prin. and int. (J.
—John Watson Wilder, who for a number
&
of years has conducted a
at City Hall office of the Dominion Bank, Toronto. Denom. D.) payable financial advertising agency
$1,000, $500, from
in Chicago under his
$100 O. Red. all or part at company's option o any int,
the agency business to become Vice-President own name, has retired
date
in charge of Advertising
notice at 105 and int. to June 1 1937, and at 102 and bit, on 30 days' of the investment bond house
of Thompson Ross & Co. of Chicago.
thereafter to
maturity. Toronto General Trusts Corp., Toronto,
—Burns.Potter & Co., dealers in investment
Company.—Incorporated in Ontario. Is the owner trustees.
securities, have moved their
of
Toronto on the northwest corner of St. Thomas and a block of land in Lincoln, bleb., offices from the Terminal Building to the new
Federal Trust
which there is now being erected a modern, high-class Sultan streets, on Building.
4
hotel consisting of 94 suites containing 230 rooms and story apartment
—As
94 bathrooms in investina first step in a nation-wide program of expansion the Leverich
addition to a large rotunda and office and lounge,
g Co. of Brooklyn, has opened a new
beautifully furnished,
branch office In Buffalo in
laundry, storage space, receiving room, drying room,
charge of Willard Cross of that city.
&c.
Capitalization—
Authorized.
—Charles E. Robertson, member of the New
Outstanding.
63 % (closed) mtge. 20
-year sinking fund
been admitted as a special partner in the firm of York Stock Exchange, has
gold bonds (this issue)
$350,000
New York. Pearl & Co. was founded in 1869. Pearl & Co., 71 Broadway.
$350,000
7% cumul. pref. stock (par $100)
100,000
100,000
Common stock (no par)
—Halsted & Ifarrison of New York, members
5,000
Purpose.—Entire proceeds will be used to provide shs.
New York Stock Exchang.„,
5,000 abs.
a portion of the cost announce that Artur McKenzie Milburn has been admitte
of the new apartment hotel premises.
d as a partner
in their firm.
Reser us—Based on the prevailing prices of space in
—Paul Bauer and
Toronto, most of which are not fire roof, the following apartment hotels in
should be the yearly Bauer & Co.,to deal in Harold If. Nuts, announce the formation of Paul
revenue derived from rentals of the completed building:
bank,insurance, unlisted public utility and industri
al
Gross, $103,116: stocks, with offices at 7 Wall Street, New
allowance for vacancies, 12%. $12,360; , ating
York.
charges,
revenue availab'e for bond interest and sin
—-James Talcott, Inc., of New York, has been
fund. $66,658. $24,100; net
The annual United
interest of the first mortgage bond issue is $22,750.
States Pile Fabric Corporation of Philadelappointed Factor for the
phia, Pa., manufacturers
of pile fabrics and plushes.
Maley Processes Corp., New York.—Rights
—Harold S. McGay, formerly with Bonbrig
Each stockholder and voting trust certificate holder of .-ht & Co., and Eastman,
record March 22 Dillon & Co., announces the formatio
1927 were recently given the right to subscribe for
n of the investment banking firm of
additional stock ma McGay & Co., with offices at
25 Broad St., New York.
1:
THE CHRONICLE
116
[Vol, 125.
The Commercial Markets and the Crops
-GRAIN--PROVISIONS
COTTON-SUGAR-COFFEE
-ETC.
-WOOL
-DRY GOODS
-METALS
PETROLEUM-RUBBER-HIDES
off to any extent. How long can and will Brazil hold out?
To-day futures closed 9 to 13 points higher with sales,
however, of only 19,500 bags, the speculation almost becalmed. Some of the traders are trying the long side. Spot
firms were said to be switching from the near to the distant
Friday Night, July 1 1927.
months. Final prices show a rise for the week of 7 to 11
COFFEE on the spot was quiet with Santos 4s, 16% to points.
11.45anom.
IMarch
%
17e. and Rio 7s, 143/i to 145 c. Of late spot coffee has Spot unofficial__14 September__11.98a
11.31anom.
December_ _11.60a11.96 May
July
12.52a _
quiet with Rio 7s, 143e. and Santos 4s, 16% to
remained
-Prompt Cubas declined to 2%e. c. & f. Sales
SUGAR.
are in moderate demand. Fair to good Cucuta,
17c. Milds
f. or 4.52c. delivered amounting to
/
17% to 193c.; Bucaramanga natural, 21 to 23c.; washed, were made at 2340. c. & due Monday and 2,000 tons PhilipHonda, &c., 23% to 243'c.; Medellin, 26 to,27c.; 43,000 'oags Porto Ricos
22 to 223c.;
Ricos in part and 3,000 tons
Manizales, 243' to 253'c.; Mexican, washed, 25 to 253/9c.; pines in port; 5,000 bags Porto Late on the 28th ult. 3,000
to 39c.; genuine Java, 173/i to 1734c.; Philippines due next week.
Mandheling, 363/i
f. o. b. Cuba equivalent
Mocha, 263/i to 273c.; Harrar, 25 to 260. Cost and freight tons of prompt Cuba sold at 2.68c. ult. another 3,000 tons
were plentiful and irregular. Prompt to 2 13-16e. c. & f. and on the 29th
offers on June 27th
f. Half a million bags
shipment offers from Santos included Bourbon 3s at 16.60c., at 2.65c. f. o. b. or 2 25-32e. 0. & 23 0. for Cuba c. & f.
3-5s at 15.20e. to 16.15c., part Bourbon or were sold it is said on June 29th at / June 30th for July
3-4s at 15.80c.,
tons of Cuba sold on
flat bean 2-3s at 18.45c., 3s at 17.20c. to 18c., 3-5s at 15.20c., In London 12,000for prompt at 13s. 13/2d. New York was
3-4s at 160., 5s at 14.85c., 6s at 14 7-16c. Santos peaberry at 13s c. i. f. and with Cuba duty paid 4.52c. The Federal
2s at 183/20., 4-5s at 15.60c. to 163c., Rio 7s for prompt quiet on June 30th
cabled that there were
shipment were here at 13c., 7-8s at 12%c., Victoria 6s at Reporter's European correspondent
, adding that the
12.80c., 7-8s at 12 to 12.25c. The offers for future shipment general complaints of low temperatures low. Licht says
Bourbon 4s for August-October at 153c., crops are backward and the average test
were of Santos
in Germany. Futures fell
for September-June at 14.70c., for October-March at 14%e., the weather is favorable, except sales of 77,500 tons. May
at 133c., 6s for November-June 4 to 6 points on June 30th with
5-6s for November-January
was the most active. Europe's selling of December was a
at 13%e.
freight offers were irregular, some depressing factor. It was accentuated by selling by interests
On June 28th cost and
were issued.
being slightly lower and others a trifle higher with the on this side. Some 100 more July noticestold. Licht's
majority unchanged. Santos Bourbon 3s for prompt ship- Selling of September as well as December2.47 American
ment were offered at 163.c.; 3-4s at 15.30c. to 15.800.; 3-5s increased estimate, 2,482,000 hectares of
at 153 to 163/2c.; 4-5s at 15.200.; 5s at 15.85c.; 5-6s at acres each, had a depressing effect. There were 100 July
14.80 to 14.960.; 6s at 14%c.; 6-7s at 14.60c.; part Bourbon notices issued here on the 30th ult.
Receipts at Cuban ports for the week were 36,857 tons,
3
2-3s at 19 to 19%c.; 3-5s at 15.660.; Peaberry 4s at 17c.
last year and
and Rio 7s at 12.90c.; for first half July shipment. Santos 4s against 56,616 in the previous week, 60,856against 89,759
-Dec. 68,738 two years ago; exports, 73,622 tons,
-June shipment were here at 14.10e.; for Sept.
for Sept.
/
-Jan. 5-6s at 133 0. in previous week,82,574 last year and 100,291 two years ago;
at 14.30c. and for July-Dec. at 15c.; Nov.
stock, 1,184,918 tons, against 1,221,683 in previous week,
-June 6s at 133/2c.
and Nov.
centrals
There was a holiday in Brazil on the 29th ult., and there- 1,339,605 last year and 1,121,345 two years ago;last year
5
fore the supply of cost and freight offers was rather small. grinding, none, against 1 in the previous week,
ports
Santos was unchanged; Rio a trifle lower. For prompt ship- and 15 two years ago. Of the exports U. S. Atlantic
Galveston,
ment, Santos Bourbon 3s were here at 16.60 ot 16.80c.; received 39,998 tons; New Orleans, 19,034 tons; tons. Re3-5s at 15.30 to 16.160.; 4-5s at 15 to 15.260.; 5-6s at 14.65 7,412 tons; Europe, 6,186 tons; Canada, 992
for the week were 77,481
to 14.95c.; 6s at 14.60 to 14.95c.; part Bourbon or flat bean oeipts at U. S. Atlantic ports
last
2-3s at 183/20.; 3s at 18.450.; 3-4s at 163 to 17c.; 3-5s at tons, against 62,190 in the previous week and 76,660
74,000, against 68,000 in the previous week
153 to 15.45c.; 6s at 14 7-1604 peaberry 3-5s at 16.45c.; year; meltings, year; importers' stocks, 152,491 tons, against
undescribed 4s at 143'c.; Rio 5s at 13.360.; 6s at 13c.; 7s at and 81,000 last
12.700.; 7-8s at 123c.; and Victoria 7-8s at 12.30e. Santos 154,491 in previous week and 221,894 last year; refiners
Bourbon 4s for July-August shipment were offered at 14e.; stock, 106,707 tons, against 101,226 in previous week and
for July-December at 14.85c.; for September-January at 154,793 last year; total stock, 259,198 tons, against 255,717
13.960.; 5-6s for November-January at 13.60c.; 6s for in previous week and 376,687 last year. of the recent 70,000
Private cables from Liverpool said that
November-June at 13.35e.; 3-5s for December-October at
that 15,000 tons
15.35c.; 6-7s for the same shipment at 13.70e.; 3-5s for tons of raw sugar reported sold abroad, Kingdom refiners.
went to Holland and 55,000 tons to United
September-December at 143c.
On the
Futures were quiet and on June 30th ended unchanged They also intimatedlhat a large portion sold at 13s. Refined
to 2 points lower with sales of 25,250 bags. Moderate July 29th inst. a small parcel of Cubas sold at 13s. 13d. that an
liquidation was a feature. No July notices had been issued.. was 6.20c. with little new business. Some contend shortly,
Speculation has been dull. Everybody is awaiting a new important buying movement must take place very will be
lead of some sort. Some say that the very small interest also that it is possible that this buying movement which
in and
in futures accounts for a comparatively steady market on hastened by the warm weather which has now set sugar. An
of
the surface; that there has been no heavy long interest in is usually conducive to a heavy distribution distributing
of the
the market for many months and therefore no heavy selling increased buying movement on the part necessitate refiners
results as would otherwise occur on large crop estimates and consuming trade, it is believed, will
e scale.
like those coming direct from Brazil. Nevertheless Brazil re-entering the raw market on a commensurat not warrant
For the moment some argue the situation does
has a task ahead. In the past two years when coffee ruled
very steady and
six to seven cents higher, Europe it is recalled was a free material changes; that the market appearssupplied, refiners
trade lightly
buyer of Rio owing to the difference in price and Europe's to be acting well, and with the
July requirements, while
reduced buying power. Will Rio be in so great demand are still in need of most of their
improvement.. One trouble
from Europe this year. In the United States consumption foreign markets showed gradual is contended, is that many
it
of Rio coffees has decreased as compared with other years. with the refined sugar market, of profit is unwarrantedly
Aside from what desirable Santos may sell at some look buyers think refiners' marginraws and refined, the differenfor a break in Rio. A crop of 5,500,000 bags is something large. At the current prices of
amounts, it is asserted, to 190
to meet as compared with crops of 2,750,000 to 4,000,000 tial in favor of the refiners
points, and it is hard to convince them that it is really not
in the past.
sugars that have been
On the 28th inst. the Rio Centro Cafe in a cable to the over 100 points. The bulk of the is
Exchange gave an estimate of 5,500,000 bags of exportable purchased by large refiners have, it said, cost an average
doubt it.
coffee for 1927-28. These figures exceed the previous of about 30., but buyers that the European beet crop this
A Liverpool firm says
highest estimate of the Rio crop by 500,000 bags. The Rio
less than a year ago, so
terme market closed on that day at a net decline of 25 to 225 season is 500,000 to 600,000 tonsare required on the same
Rio exchange on London was 1-64d. lower at 57-64d., that if imports into this country the sugar will be found
reis.
while the dollar buying rate was unchanged at 8$390. The scale as last year, it appears that price. Larger supplies
weather conditions were at one time rainy in Brazil with only at some increase from to-day's
sown will not be available
the temperatures low in some districts. This caused some anticipated from the crop recently of 1927. There is room,
that it will get still colder after in quantity until the latter end.
covering on the presumption
F. 0. Licht estimates
the rains were over. Yet Brazil was still disposed to sell it adds, for a moderate appreciation.
hectares, against his
and no material upward movement is likely, some think, the European beet sowings at 2,482,000 of May and 2,171,at the end
until it has sold more coffee. As some put it, sentiment in estimate of 2,420,000 hectareslast year. The actual outturn
local circles was generally bearish on the theory that Brazil 000 his estimate for end-June
The principal increase is
will be forced to reduce prices to stimulate trade, but until last year was 2,120,000 hectares. long the people of this
these reductions are actually made futures are not apt to go in Russia. One firm said: "How
COMMERCIAL EPITOME.
(The introductory remarks formerly appearing here will now be
found in an earlier part of the paper immediately following the
editorial matter, in a department headed "INDICATIONS OF
BUSINESS ACTIVITY."
JULY 2 1927.]
THE CHRONICLE
117
freely for forward delivery. Export demand was disappointing. Locally United States motor was guoted at 8% to 9c.
refinery and 93% to 10e. in tank cars delivered to the nearby
trade. The Gulf market was quiet with United States Motor
freely offered at 73.c. There were intimations that 7e.
would be accepted. For 64-66 gravity 375 e. p., 8Mc. was
quoted. Bunker oil was in rather better demand, with grade
C quoted at $1.65 at local refineries. Diesel oil, $2.20.
Kerosene was quiet. Nobody is looking for any big demand
/
until about August. Water white, 41-43 gravity, 630.;
43-45 gravity, 7c. at refineries; Gulf refiners asked Sc. for
41-43 water white and 6c.for 44 water white in bulk cargoes.
Gas oil was quiet at 53%c. for 28-34 and 5Mc. for 36-40 at
gas oil. Lubricating oils were a little more active.
The daily average gross crude oil production in the United
States for the week ended June 25 according to the American
Petroleum Institute was 2,510,750 bbls., against 2,509,650
bbls. in the preceding week, an increase of 1,100 bbls. The
daily average production east of California was 1,875,650
bbls., against 1,863,650 bbls., an increase of 12,000 bbls.
New York export prices: Gasoline, cases, cargo lots, U. S.
Motor specification deodorized, 24.40c.; bulk, refinery, 8%
to 9e.; kerosene, cargo lots, S. W. cases, 16.15c.; bulk,
41-43,630.; W.W.150 deg., cases, 17.15e.; bulk, 43-45, 7e.
/
Furnace oil, bulk, refinery, 63c.; tank wagon, 3842;10c.;
2.76a -- kerosene, tank wagon to store, 15c.; bulk, W. W.delivery
Spot unofficial--2 ii-i6 December.. _ 2.75a 2.76 May
July
New York, cars, 8c.; refinery, 4345 gravity, 7c.; prime
2.58a 2.59 January ___ 2.73a --2.68a 2.69
September _ 2.66a nom March
/
white, 41-43, delivery tanks, 730.; refinery, Wie. Motor
in the week. Prune gasoline, garages (steel barrels), 19c.; Up-State, 19e.; New
LARD on the spot was higher early
Continent 13Mc.; South England, 19c.; single cars, delivery, 10e.; naphtha, V. M.P.
Western 13.40 to 13.500.; Refined
American 143%c.; Brazil 1534c. Spot lard of late has been deodorized, in steel barrels, 21c.
strong. Spot lard was firm to-day at 13.50e. for prune Pennsylvania
$2.60 Eureka
$2.75
$2.90 Buckeye
2.90 Illinois
1.60
1.45 Bradford
western. Futures on the 27th inst. advanced 37 points or Corning
1.71 Wyoming, 37 deg.. 1.30
Cabell
1.40 Lima
more with corn up 6 cents and ribs 10 to 30 points. Hogs Wortham, 40 deg_ 1.21 Indiana
1.48 Plymouth
1.33
1.60 Wooster
1.77
1.25 Princeton
were 10 cents lower but this was a minor consideration. The RockC k
Gulf Coastal "A"- 1.20
Department of Agriculture's report on the pig supply was Smackover 24 deg_ 1.25 Canadian heavy 2.24 Panhandle,44 deg. 1.12
1.10
Corsicana
Elk Basin
$1.33
bearish. But this was also ignored in the presence of such Oklahoma, Kansas and Texas$1.21 Big Muddy
40-40.9
1.25
an upheaval of corn prices. Yet it said that the increased
1.05 Lance Creek
1.33
32-32.9
pigs
over last spring was 3% in sows farrowed and 3.5% in
1.45 Grass Creek
52 and above
1.33
Bellevue
1.25
saved for the United States, an increase of about 2% for Louisiana and Arkansas1.20 Cotton Valley
32-32.9
1.00
both sows farrowed and pigs saved for the 11 corn belt
1.26 Somerset Light
35-35.9
2.35
1.44
44-44.9
States. These increases in pigs saved are equivalent to
declined on the 27th inst. despite a decrease in
United
RUBBER
700,000 for the corn belt and 1,800,000 for the
States. Nearly all States showed increases, but the most the London stock of no less than 2,408 tons. London was
significant were in the Southern States. The Western also practically unaffected by the decrease. Its early prices,
receipts of hogs on the 27th inst. were 123,000 against it is true, were %d. higher, but trade was dull and a decline
112,600 on the 20th inst. and 118,885 last year. They followed. New York was dull and 10 to 60 points lower.
excited little comment. Futures advanced on June 30th The markets acted "long" here and in London. Whether
12 to 15 points on lard and 20 to 25 points on ribs in response there is an effort to dislodge some big holdings is the question.
to a sharp rise in grain despite hedging sales. Hogs advanced Wires from Western centres said that mail order houses which
10c. despite receipts of 105,000 against 82,700 last year. recently reduced tire prices 7 to 10% are considering an adArkansas reports say that hog cholera has broken out in vance of like amount. Lower outside prices were quoted.
different sections of Sharp County. There was no surplus At the Exchange July on the 27th inst., after touching
there before this outbreak began and the result will be that 36.10e., closed at 36.50c.• August at 36.60c.; September at
36.70c.; October at 36.70e.; November at 36.80c.; December
pork hogs will be very scarce in the fall there.
To-day futures closed 5 to 7 points lower partly owing to at 37c., and March at 37.400., showing a general recovery
the decline in corn. Liquidation was quite general. Chicago from the lowest prices of the day. Outside smoked sheets,
reported an increase, moreover of something over 20,000,000 spot, June and July, 36% to 373%c.; August-September,
lbs., the stock of lard during June. Also, hogs closed 10 to 37 to 373%c.; October-December, 37 to 3738c.; January/
3
200. lower with the top $9.55. Receipts at the West were March, 373% to 37%c.; first latex crepe, 37 to 373%c.; clean,
92,000, against 69,000 last year. Final prices show a rise thin brown crepe, 33% to 34c.; specky brown crepe, 33%c.;
for the week, however, of 25 to 28 points.
rolled brown crepe, 313% to 31 Mc.; No. 2 amber, 343%e.;
DAILY CLOSING PRICES OF LARD FUTURES IN CHICAGO. Paras, up-river fine spot, 32 to 33e.; Caucho Ball-Upper,
21e. London on the 27th inst. closed M to Yid. net lower
Sat.
Mon.
Tues.
Wed. Thurs.
Fri.
July delivery
cts_21.42
12.80
12.70 12.65
%
12.80
12.75
with spot and July 175 to 173 d.; July-September, 173% to
4
September delivery_ ---12.65
12.85 12.97 12.92
13.02 12.92
18d.,• October-December, 18% to 18Md.; January-March,
PORK quiet; mess, $33; family, $36 to $38;fat back pork, 18% to 19d. The stock in London on the 27th inst. was
$22.50 to $29. Ribs, Chicago, cash, 12c. basis of 40 to 64,486 tons, against 66,894 tons in the previous week,
60 lbs. average. Beef steady but quiet. Mess, $18 to $19; 67,054 tons a month ago, 63,167 three months ago and 23,800
packet, $16 to $18; family, $18.50 to $20.50; extra India tons a year ago.
mess, $33 to $35; No. 1 canned corned beef, $2.50; No. 2,
After a decline of 80 to 120 points on the 28th on a bear
14.25; 6 pounds, South America, $12.75. Cut meats quiet; raid, New York on the 29th inst. was irregular, being 30
pickled hams, 10 to 20 lbs., 183% to 20c.• pickled bellies, 6 to points lower to 10 points higher. Mail order tire prices
12 lbs., 19% to 233%e. Bellies, clear,' salted, 18 to 20 advanced to levels above that at which the cut was recently
dry
lbs., 15c.; 14 to 16 lbs., 1634e. Butter, lower grade to high made. Leading tire manufacturers it was said would make
scoring, 35 to 433/2c. Cheese, 21 to 28e. Eggs, medium no further price changes at this time. The recent cut by
to extras, 21 to 26 Me. Pit trading in eggs futures was begun the mail order houses was followed by the large tire makers.
on June 27 on the Chicago Mercantile Exchange.
That started the debacle which sent crude rubber down about
-Linseed was in only fair demand and easier. 7c. On the 29th inst. October rallied 70 points from an
OILS.
Spot raw oil was quoted at lle,in car lots, but it was rumored early low, but later lost 50 points and ended unchanged at
that 10.9c. would be accepted on a firm bid. Paint manu- 35.60c. A leading operator in crude was a factor it was said
facturers were making large contract withdrawals. Lin- in the rally, but the pool was not understood to be buying.
oleum interests however, were purchasing very sparingly. The sales on the 29th were 1,652 tons against 701 tons on the
Jobbers were taking only small quantities. In tanks 10.2c. previous day. At the Exchange here on the 29th inst. July
was quoted; five bbls. or more, 11.6c.; less than 5 bbls., 12c. ended at 35.50c. Sept. and Oct. at 35.60c., Dec. at 35.90c.,
Later spot raw oil was generally quoted at 10.9c.; tanks, March at 36.20e. and May at 36.60c. Outside prices:
3
10.1c.; 5 bbls. or more, 10.5e.; less than 5 bbls., 11.9e. Co- Smoked ribbed sheets spot June and July 35% to 36c.;
-Dec. 363% to 363%e.; Jan.
coanut oil, Manila, coast tanks, 83%e.; spot tanks, 85sc. August-Sept. 36 to 363%c.; Oct.
/
Corn crude, tanks, plant, low acid, 8%e. Olive, Den. March 363% to 37c.; first latex crepe 36 to 363%c.; clean,
$1.8d to $1.85. Chinawood, N. Y. drums, spot, 19Mc.; thin brown crepe, 323% to 33c.; specky brown crepe, 303% to
Pacific Coast tanks, spot, 173%e. Soya bean, coast tanks, 31c.; No. 2 amber, 333%c.; No.3 amber, 323% to 33c.; No.4
We. Lard, prime, 13%e.; extra strained winter, N. Y., amber, 323%c. Paras, Up-river fine spot, 313% to 320.;
133%c. Cod, domestic, 63@65e. Turpentine, 523 to coarse, 203% to 21c.; Acre fine, 313% to 32c.; Caueho Ball
55e. Rosin,.$9.30 to $10.25. Cottonseed oil sales to-day, upper, 213% to 22e.; Island fine, 273%c. London on the 29th
including switches, 1,900 bbls. P. Crude S. E., 83ge. bid. inst. fell % to %d. a rebuff to New York's decline on the
previous day of lel° points. Trade was not active but
Prices closed as follows:
9.35a
Spot
September _ 9.83a - - I December--10.08a10.11 support was better. Spot and July 173jd. to 173%d.;
--10.01a10.03 January _-_10.13a10.20 July-Sept., 17%d. to 173%d.; Oct.
9.35a 9.40
July
-Dec., 173%d. to 18d.;
9.67a --__ November-10.03a -.-- February --10.15a10.25 Jan.
October_August
-March, 183%d. to 183%d. At Singapore on June 29th
PETROLEUM.
-Gasoline was in better demand,owing to prices fell % to Md.; July, 163%d.; July-Sept., 17d., and
-Dec., 173%d.
the recent favorable weather. Jobbers were purchasing more Oct.
country will submit to Cuba producers selling sugar away
from the United States for less money than they will sell it
to the United States. This country will not continue forever
to allow Cuba a differential of 44 points more than other
countries in our import duty on sugar if this sort of thing
is to continue. Already the relative gain of our exports to
other Latin-American countries is exceeding the percentage
of gain in our exports to Cuba. Those countries are just
as much entitled to a differential of 44 points as Cuba.
Certainly this is the case if Cuba is going to favor other
countries to the extent of 1-16 to Mc. per pound. This
country is just as anxious for the trade of South American
countries as for Cuban trade. Why should we favor Cuba
with.a differential of 44 points in our tariff on sugar beyond
what we allow Argentina sugar, Brazilian sugar, Peruvian
sugar and all other sugars made in the Western Hemisphere."
To-day prices declined 3 to 6 points the latter on July
with sales of 74,700 tons. Liquidation was heavy, especially
of July. Some 19,600 tons were tendered on July contracts.
At one time that month was 8 points lower. It was said
that some 3,000 tons of Philippine sugar sold at 4.46c. or equal
to 2 11-16c. & f. Cuba basis, although some continued to
/
quote 23 0. Final prices show a decline for the week of 12 to
15 points. Prompt sugar at 2 11-16c. would mean a decline
for the week of Mc. Sugar prices closed as follows:
118
THE CHRONICLE
New York fell 10 to 30 points on the 30th inst with London
4 to % d lower, London bearish on a fear of attacks by the
pool on trade and speculation slow at home and abroad.
The sales here were 907 long tons. London cabled that
the pool would soon play its hand in both markets to get
hold of cheap rubber. The increasing Dutch exports were
stressed and also heavy Malayan shipments, as working
against stabilized prices, i. e. artificial prices. England
has been a kind fairy godmother to its competitor. At
New York on June 30 July ended at 35.40c.; October at
35.40c.; December at 35.60c.; and January at 35.70c.
Outside prices: Smoked spot June and July 3534 to 354c.•
August-September 35% to 35%c.• October-December 35g
4 to
to 36Xc.• First latex crepe 353 ' 36c.; clean, thin brown
crepe 324 to 33c.; specky brown crepe 3234c.; No. 2 amber
334c.; Paras, Up-river fine spot 3034 to 31c.; coarse 20 to
20%c. London spot and July 17 to 17%d; Singapore
July 17d; July-September 17%d. To-day New York was
dull with sales of 202 tons and prices down in some cases 20
points, although in others unchanged. London was weaker
early but became steadier later. It is a sluggish market
on both sides of the water pending further developments.
Final prices show a decline for the week of 140 points on
July and October 150 on September and 130 on December.
-Recent sales were large. Russia and the
HIDES.
4
United States took 46,000 Argentine steers at $40, or 183 c.,
and 35,000 Uruguayan at 1934 to 20c. City packer hides
were reported in good demand. Sales were said to have
been at 1734c. for Colorados with butt brands at 18c. and
native steers at 1934. Country hides were steadier. Common dry hides were in fair demand and firmer. Antioquias,
20.;
4
26 to 261 c.; Orinocos, 23c.• Savanillas, 22Y native steers,
19%c., butt brands, 18c.,• 'Colorados, 17%c.; bulls native,
12c. New York City calfskins steadier; 5-7s., 1.90C.; 7-9s.,
2.25c.; 9-12s., 3.30c.
-Cargo business was,at declining
OCEAN FREIGHTS.
rates; 14c. was accepted for grain from Montreal to the
Mediterranean. Later cargo trade increased.
CHARTERS included coal from Hampton Roads to St. Lawrence, $1.10
July; part cargo, Hampton Roads to Venice-Trieste, $2 spot; wheat, 36.000
qrs., Montreal to Antwerp-Rotterdam, 9c.; Hamburg-Bremen. 93fic.,
-July 5; sugar from Cuba-Santo Domingo to United KingdomJune 28
Continent, 21s. second half July; time charters: delivery, Gulf prompt redelivery North Hatteras via British Columbia, $1.20; two to three months
West Indies, $1.95 prompt; four to six months North Pacific-Australia.
$1.75: delivery Colon. July: re-delivery, North Pacific; tankers: United
States Gulf to North Hatteras. 31c. prompt; spot Tampico to same, 34c.;
sugar from Cuba to United Kingdom-Continent, 18s. Jury 15-25:same. 188.
one port, and 19s. two ports, July; coal, Hampton Roads to River Plate.
Aires
16s.; part cargo, same to Montevideo, $3.35; lumber, Gulf to Buenos
Rosario, 165s. middle August; Puget Sound to Japan, $10.25 July-August;
time charters, 7 or 8 months, Pacific trade delivery, Colon, re-delivery
Australia, $1.25: prompt West Indies around 80c.: prompt Gulf delivery,
trip across, $1.70, Peursum; delivery North Hatteras,same,$2.25; tankers:
,
,
crude last half July, Gulf to New York, 2056c.: Boston, 3235c.; late July.
July
Aruba to Fall River. 33c. with crude; Hampton Roads delivery $1.02;
August, for balance of year, intercoastal fuel at 91c.; Gulf crude 29,
barrels Gulf to North Hatteras, 31c. June.
90.000
COAL has been in rather better demand and steady. In
the June 25 week bituminous coal output stood at 8,500,000
tons, according to the Natioanl Coal Association. Following
the announcement of the shutting down of the umonized
mines owned by members of the Central Pennsylvania Bituminous Operators' Association, improved demand was
noted by them without price changes. The shutdown will
reduce production about 350,000 tons weekly. Steamer
loadings at Hampton Roads were 59,509 tons on June 28.
At New York three terminals reported 1,745 standing cars of
soft coal and 331 cars dumped. The feeling is rather more
cheerful among the coal shippers of Hampton Roads, Baltimore and Charleston. New inquiries to move tonnage to
Canada have been received. Navy standard at mines,$2.60
to $2.85; navy supplementary, $2.25 to $2.50; superior low
volatile, $1.90 to $2.25; high grade, low volatile, $1.80 to
$1.90'. Independent, egg,$8.25 to $8.50; stove, .75 to $9;
chestnut, $8.25 to $8.50; pea, $5.50 to $6.
TOBACCO has been in moderate demand and steWily.
Porto Rico may sell more freely in the near future. There is
no special demand for it nbw. Stocks bf old crop are not
large; it is, indeed, said that they are rather small. But
the demand is not urgent either. The crop prospects are
watched with interest, and the outlook seems not unpromising. Purely nominal quotations are as follows:Pennsylvania
broad leaf filler, 10c.; broadleaf binder, 15 to 20e.; Porto
Rico, 75c. to $1.10; Connecticut, No. 1 second 1925 crop,
65c.; 1924 crop, 34 to 400.; seed fillers, 20c.; medium wrappers, 65c.; dark wrappers, 1925 crop, 40c.; 1924 crop, 28c.;
light wrapper, 1.25c. nominal.
%
%
COPPER early in the week was held at 125 c. to 123 c.,
but there was not enough business to test the market. Later
on, however, producers were willing to sell at 1234c. delivered to the Connecticut Valley. Demand was small, however. Surplus stocks of refined are expected to show an
increase for June. In London on the 28th inst. spot standard
fell is. 3d. to £53 13s. 9d.; futures unchanged at £54 7s. 6d.;
sales, 300 tons spot and 1,250 futures; electrolytic declined
5s. to £59 10s. for spot and £60 for futures; on the 29th inst.
standard copper in London fell 3s. 9d. to £33 10d. for spot
and £43 3s. 9d. for futures; sales, 300 tons spot and 850
futures; electrolytic unchanged at £59 10s. for spot and
%
£60 for futures. Later trade was dull at 1234 to 125 c.
The Seneca Copper Co. in Michigan has ceased operations,
it is stated, because of the low price. The French Government is to sell 30,000 to 40,000 tons of war copper, but it
[VOL. 125.
will be done over a period of two years. In London on June
30 spot standard declined is. 3d. to £43 8s. 9d.; futures off
3s. 9d. to £54; sales, 100 spot and 700 futures; electrolytic,
£59 10s. for spot and £60 for futures.
TIN had a downward tendency. Prices fell to the lowest
level seen for several weeks past. Demand was only fair
at best. The statistical position is unfavorable. Spot and
June Straits sold at 66%c.,July at 6534c., August nominally,
Lc. Spot standard
5
64%c.,September 63%c. and October 63%
in London on the 28th inst. fell £4 10s. to £296 5s.; futures
off £1 to £284 15s.; sales, 100 tons spot and 450 futures;
spot Straits fell £5 10s. to £305 5s.• Eastern c.i.f. London
'
advanced 10s. to £293 on sales of 75 tons; on the 29th inst.
spot standard advanced £1 10s. to £297 15s.; futures advanced £1 to £285 15s.; spot Straits tin declined £1 10s. to
£303 15s.; Eastern c.i.f. London declined £1 to £292 5s.
on sales of 125 tons.
Later New York, with July plentiful, went to a new low,
though London was higher. Trade as very slow in both
New York and London. Spot straits sold at 654c.and July
at 6534c.; August was nominal at 649/sc., and September at
%
64c. and October sold at 635 c. The price on the spot is
234 . lower than two weeks ago. American deliveries in
June were 5,735 tons, of which 135 tons were fromPacific
ports. TIT stock on June 30 was 679 tons and the amount
landing, 840 tons. Spot standard in London on June 30
advanced £2 5s. to £300; futures off 5s. to £285 10s.• sales,
80 spot and 200 futures; Spot Straits tin up £3 5s. to £307;
eastern c;.f. London advanced 10s. to £292 15s.; sales, 175
tons.
LEAD was in fair demand and steady. The American
Smelting Company quoted 6.40c. New York. The East
St. Louis price was 6.15c. In London on the 28th inst.
prices declined 5s. to £23 8s. 9d. for spot and £24 6s. 3d.for
futures; sales, 650 tons futures; on the 29th inst. London fell
is. 3d. to £23 17s. 6d. for spot and futures declined 2s. 6d.
to £24 3s. 9d.; sales, 250 tons spot and 1,300 futures. Later
New York weakened with London; East St. Louis, 634c.;
New York, 6.40c., and sales rather liberal at the decline.
London was the fly in the ointment. If it continues to be,
the American market will drop in order to shut out Mexican
lead. In London on June 30 spot fell 7s. 6d. to £23 10s.•
futures off 6s. 3d. to £23 17s. 6d.; sales, 100 spot and 2,700
futures.
ZINC was quiet but steady at 6.2234c. East St. Louis.
Early in the week some producers were quoting 6.25c. but a
decline in London caused them to make slight concessions.
The buying of zinc ore in the tri-State district last week
amounted to 15,320 tons as compared with sales of 10,040
tons in the previous week. Output in the district is only
one-half of the weekly average of sales last year. In London
on the 28th inst. spot fell 5s. to £28 3s. 9d.; futures dropped
3s.9d. to £28 7s. 6d.; sales, 775 tons futures; on the 29th inst.
spot zinc in London advanced 3s. 9d. to £28 7s. 6d.; futures
unchanged at £28 7s. 6d.; sales, 125 tons spot and 1,250
futures. Later, with London off, New York dropped 50c.
to $1 a ton to $6.1734 for East St. Louis. Trading was
small. Some more mines will shut down for a week or more
as usual over July 4. In London on June 30 spot declined
5s. to £2 28s. 6d. with futures off 6s. 3d. to £28 is. 3d.;
sales, 1,275 futures.
-Trading is small and at Pittsburgh shrinking.
STEEL.
The first half of 1927 showed a smaller output, it is believed,
by about 5% than in the same time last year. But of late
prices of wire products, it is stated, have been raised. Wire
nails, staples and barbed wire are quoted at least $1 per ton
higher. On 25,000 tons of bars, plates and shapes for the
Pennsylvania RR. all makers bid 1.800. at mill, although
small sales of shapes have been made, it appears, at as low
as 1.58c. Pittsburgh. It remains to be seen whether the
trade will pay the higher wire product quotations. Producers of sheet bar sand wire rods are trying to get $1 more.
Sheets are reported steady and sell more readily than some
other steel products. A drop of 4% in the rate of operations
has occurred during the week, the average operation now
being 70%. By the end of the week curtailment was to be
sharp. Some plants will be shut down for at least two days
after July 4; others will be closed for the entire week. At
Pittsburgh output has fallen off 10% in ten days. At
Youngstown bars are still $34. Agncultural implement
makers and oil companies have bought on a fair scale. Oil
people have taken plates for storage tanks. It looks as
though the summer will be a quiet one.
PIG IRON has been quiet and more or less depressed.
Some are hopeful of an improvement in business before long.
Others are apparently resigned to a quiet summer. At
Youngstown basic iron is off 50c. to $17.50 a ton, although
beehive coke at Connellsville furnace grade sticks to $3.20
for the third quarter. Youngstown says No. 2 foundry iron
is 25c. higher and that $18.50 is about the price on Bessemer.
Chicago reports a better inquiry at around $20. Taking the
country as a whole the iron sales are below normal. Eastern
Pennsylvania iron it is said sold to competitive territory at
$20 at furnace though in the local district sales are madeit
is stated at $20.50 to $21 at furnace. Buffalo quoted $17 to
$17.50, with now and then $18 for suitable lots. Some
consumers it is true are urging that shipments on contracts
be speeded up. Lower freight rates on iron from Buffalo to.
JULY 2 1927.]
THE 'CHRONICLE
New England points are said to be probable before the end
of the year. The rate from Buffalo to Rutland, Vt. may it
is said, be lowered to $3.66 against the present $4.91.
'
WOOL has been steady, but not at all active. The sales
as a rule have been of only moderate size. A Government
report says of Boston that choince Ohio fine delaine wool
commands 45e. in the grease for lots estimated to shrink
59 to 60% which means $1.10 to $1.12 scoured basis for
this type of fine wool. The bulk of the average delaine
wool has been selling at around 442. in the grease and a few
offerings are still available at 43c., but the quality or tne
condition of these lowest priced lots is not quite up to the
usual standard of offerings of this description. The first
London Colonial wool sales of the new wool years will open
July 5 and will close on Thursday, July 21. A total of
141,500 bales will be offered, the available quantities for
the fourth series being as follows: Australian, 52,650 bales;
New Zealand, 65,200; Cape, 4,650; South American, 17,100,
and sundries, 1,900 bales. At Brisbane, Australia on the
28th inst. sales opened with an average to poor selection;
prices firm.
Later in Boston fleece wools showed a stiffening tendency
on this market. Ohio delaine was in demand at 44 to 45c.
in the grease, the top price having been realized in actual
sales, and some dealers ask 46c., but reports of sales at this
figure have not been confirmed. Good 3d-blood 48-50
strictly combing was strong at 42 to 42Mc., with some concerns inclined to hold for 43c. and even a higher figure is
being quoted for choicest offerings. Three-eights blood 56s
strictly combing sold at 43c., but no higher. Usual quotations:
Receipts at- 1926-27. 1925-26. 1924-25. 1923-24. 1922-23. 1921-22.
Galveston --_
Houston*____
New Orleans_
Mobile
Savannah_
Brunswick Charleston...
Wilmington_ Norfolk
COTTON.
Friday Night, July 1 1927.
THE MOVEMENT OF THE CROP, as indicated by our
telegrams from the South to-night, is given below. For the
week ending this evening the total receipts have reached
36,843 bales, against 45,396 bales last week and 51,460 bales
the previous week, making the total receipts since the 1st
of August 1926, 12,550,654 bales,. against 9,456,366 bales for
the same period of 1925-26, showing an increase since Aug. 1
1926 of 3,094,288 bales.
Receipts at
-
Sat.
Mon.
Galveston
Houston
New Orleans.... _
Mobile
Savannah
Charleston
Wilmington
Norfolk
New York
Boston
Baltimore
431
493
1,286
25
646
576
210
168
52
406
748
79
Totals this week_
3.887
5.731
741
446
1.505
159
1,340
307
Tues.
Wed.
1,752
207
383
334
1.730 • 3.446
68
325
2,279
387
495
439
64
.34
485
72
Thurs.
Fri.
427
536
5,734
8.5
502
432
6
59
852
36
293
8.108
5. 80
9
8.074
Total.
1.632 5.190
389 2,581
149 13,850
23
685
1.682 6.836
256 2.505
90
404
249 1.439
748
43 1.355
1,250 1.250
5.763 36.843
The following table shows the week's total receipts, the
total since Aug. 1 1926 and stocks to-night, compared with
last year:
1926-27.
Receipts to
July 1.
1925-26.
This Since Aug This Since Aug
Week. 1 1926. Week. 1 1925.
Galveston
5,190 3,230,730 9,021 3,014,818
Texas City
171.811
...,=,
18,234
Houston •
2,581 3.796.614 13.629 1,759.180
Port Arthur, &c_
New Orleans
13.850 2,453,579 14,852 2.349,277
1
411ult t.
1o
r
- 415 236,166
685 392,792
Pensacola
14,370
18,712
- --Jacksonville
617
---,.
13.116
Savannah
6,836 1,152,124 7,698 970.312
Brunswick
400
Charleston
.
-7
2,505 591,477 2.17i 3?1,823
Georgetown
Wilmington
73:1 125,557
404 164,977
Norfolk
1,439 428,066 2,844 470.333
N'port News, dm_
279
New York
519
30,743
748
53,706
Boston
780
39,276
1,355
42,641
Baltimore
518
1,250
84,510
42,516
Philadelphia
---4.689
9.774
245,780
6,531
275,226
260,342
4.088
a
333,051
174,014
22,423
3,629
585
25.232
371
31.688
21.752
21.176
3,395
4,725
4,389
467
586
3,233
244
7,328
1.241
4.510
2,505
404
1.439
2,471
54
2.481
2.169
308
1.076
523
1,054
1,762
4,506
905
4,245
894
4,734
4
422
4.021
2,590
21,340
966
16,277
971
7.352
905
719
924
3,353
1,817
1,399
1.8AS
2.151
6,730
36,843
53.126
18,514
21,783
24,472
56,184
Since Aug. 1.... 125506549,456.3669.091.0156.612,906 5,663.020 5.976,817
* Beginning with the season of 1926, Houston figures include movement
of cotton previously reported by Houston as an interior town. The distinction between port and town has been abandoned.
The exports for the week ending this evening reach a total
of 111,100 bales, of which 15,536 were to Great Britain,6,430
to France, 26,200 to Germany, 3,575 to Italy, 21,650 to
Russia, 25,628 to Japan and China, and 12,081 to other
destinations. In the corresponding week last year total
exports were 120,790 bales. For the season to date aggregate
exports have been 10,590,089 bales, against 7,678,463 bales
in the same period of the previous season. Below are the
exports for the week.
Exported to
Week Ended
Great
July1 1927.
GerExports from
- Britain. France truttnt.
Japan&
Italy. Russia. China. Other.
674
4,999
928 21,850
2,547
4,823
1,060
8.820
4,683
700
5,344
3,709
1,070
117
97
200
200 10,038
300 7,909
7,579
47
15,536
Total
Total 1926
Total 1925
8,430 26,200
100
11,425
4,931
1.560
8483 120,790
3.303 42.013
From
Exported to
Aug.1 192610
GerJuly 1 1927. Great
Japan&
Exportsfrom- Britain. France. many. Italy. Russia. China. Other.
Galveston__
.
Houston--.._
Texas City__
New Orleans.
Mobile
Jacksonville_
Pensacola...
Savannah _ __
Charleston....
Wilmington.
Norfolk
N'port News
New York_ _
Boston
Baltimore_
Philadelphia.
Los Angeles_
San Diego..
SanFrancisco
Seattle
Portland,Ore
Total
Total.
2,277 11,771
2,409 34,493
892 9,498
so
750
1,728 17,410
2,026 25,369
8,649
2,699 2,863
97
200
3.575 21,650 25,628 12,081 111,100
23,565 19,530 24.117 16,464 23,700
11,010 4,793 15.919 5,428
Total.
598,859 387,471 569,407 237,273 122,707 509,283 559.946 2,984.946
543,569 387,631 604,361 225,215 142,503 409,507 189,573 2,502,359
51,121 1,517 3,670
9,000
91,117
25,809
581,805 164,234 313,249 201,194 138.178470.953 159.189 2,028,802
98,951 4,765 108,515 2,300
16,824 3,403 234,758
341
341
6.282 ...
4,748
340
11,370
102.320 42,864 1,005,334
307,202 5,869 541,179 5,900
102,188
797 344,296
49,488 35,864 532,633
16,100
58,866 46,650
1,000 122,616
110,188
500 183,826 16,524
12,550 6,470 330,058
279
100
379
43,337 29,649 95,918 19,748
16,702 180,945 386,299
4,602
2,184
10,251
3,465
3,442
142
500
4,084
1,060
210
100
6,210
4,840
62,570 19,380 45,254 3,311
15,545 2,850 148,910
11,286
11,286
320 6,425 1,254
6,244
95,075
80,297
535
200
82,661
82,461
600
606
2,543,830 1005785 2884015 759.869 412,388 1766809 1217393 10590,089
Tot. '25-'26- 2,245,542 898,638 1673046 692,964 198,312 1145138 824.823 7,678.463
'pm, .0,
0
00 0 000000 000 ATA leARCIA, 4100 'An 01A Alli0IC 02.4 0141 001, 27.1 0741
NOTE.
-Exports to Canada.
-It has never been our practice to Include In the
abov,e tables reports of cotton shipments to Canada, the reason being that virtually
all the cotton destined to the Dominion comes overland and it Is impossible to get
returns concerning the same from week to week, while reports from the customs districts on the Canadian border are always very slow in coming to hand. In view.
however, of the numerous inquiries we are receiving regarding the matter, we will say
that for the month of May the exports to the Dominion the present season have been
20,410 bales. In the corresponding month of the preceding season the exports were
18,897 bales. For the ten months ended May 311927. there were 239,889 bales exported. as against 215,065 bales for the corresponding ten months of 1925-28.
In addition to above exports, our telegrams to-night also
give us the following amounts of cotton on shipboard, not
cleared, at the ports named:
On Shipboard, Not Cleared for
July 1 at
-
1926.
9,021
13.629
14,852
740
7,689
Tot, this week
Stock.
1927.
5.190
2,581
13,850
635
6.836
.111 rhen; _c
1"
) N :_k
Galveston
Houston
New Orleans_ _ _ _
Mobile
Savannah
Ohio and Pennsylvania fine delaine, 45c.; 3i-blood, 44 to 45c.; f4-blood, Charleston
42 to 43c.; 3i-blood ,42 to 43c.; Territory, clean basis, fine staple. $1.10 to Norfolk
.12:fine medum,French combing,97c. to $1.02; fine clothing,90 to 95c.; New York
-blood staple 97c. to $1.02; h-blood, 87 to 90c.; X-blood, 77 to 90c. Boston
Domestic mohair,original Texas,57 to 58c.
Philadelphia_
Cable advices from Australia on the 27th inst. stated that
the National Wool Council of Australia estimates the 192728 clip decreased some 250,000 bales, which will bring the
clip back to some 2,000,000 bales. The new season in
Australia will commence August 29th in Sydney and on
September 9th in Adelaide. The sale to be held in Brisbane
Thursday comprised some 50,000 bales including a good
weight of new autumn clip wools. At Perth, Australia on
June 30th attendance good; prices averaged 5% above the
March auctions. At Brisbane on June 30th sales closed.
Prices very firm. Russia was the principal buyer. Japanese bought more freely than heretofore.
119
Galveston
New Orleans..
Savannah
Charleston
Mobile
Norfolk
Other ports *
Great
GerOther Coast.
Britain. France. many. Foreign wise.
3,400
3.462
4,500
1,135
3,632
150
3,000
4.000
6,000 31,000
7.670 23.187
Total 1927.. 13,494
Total 1926... 10,436
Total 1925-- 7.254
*Estimated.
3,900
6,000
5,000
9,785 19,670 63,087
4,359 7,030 24,932
5.634 9,067 20,743
Total.
3,500 48,400
1.101 36.555
200
200
85
85
7.682
18,000
Leaving
Stock.
197.380
296,496
25,032
21.667
14,741
41.499
516,086
4,886 110,922 1,112,901
4,689 51.446 580.710
2,448 45,146 294,389
Speculation in cotton for future delivery has at times
been active at rising prices. That was notably the case
early in the week. On Tuesday the July notices were esti21.352
13,339
41,499
63,153 mated at about 190.000 bales. They were promptly stopped.
So far from having any depressing effect they were taken
222,485
48,843 care of
so quickly that prices rose 30 to 34 points, There
5,101
851
1,410
1,264 was some tendency, too, for July to reduce its discount un5,646
5.148 der October.
It had been 36 to 37 points. Late last week
Totals
36.843 12550654 53,1269,456,366 1.22il ft9/ R32.1511 it was 33 to 34. It closed on the 28th ult. at 33 and on the
* Houston statistics are no longer compiled on an interior basis, but only 29 and 30th at 28 to 29 points. Very heavy buying was
on a port basis. In the season's receipts in 1926-27 we have included the
reported on Tuesday not only by trade interests but by
stock carried over from the previous season, namely 226,636 bales.
a In 1926 Houston stocks, amounting to 314.056 bales, were included speculative operators. The purchases of October were said
under interior towns.
to have been the largest for some time past. Spot markets
In order that comparison may be made with other years, were higher. The mills bought to some extent. It was
we give below the totals at leading ports for six seasons:
supposed that not a little of the cotton issued on notices
120
THE CHRONICLE
[VoL. 125.
on 'Middling "yellow" stained
3.28 off
1.39
Middling fair
1.15 on *Good middling "blue" stained_ _2.00 off
found its way back to the issuers. Some went to Russian Strict good middling
.88 on Strict middling "blue"stained_ _ _2.70 off
Good
and Japanese interests, it is said. Back of it all was the Strict middling
3 59 off
.62 on *Middling -blue" stained
middling
26 on
Basis Good middling spotted
fear of the weevil. There is no evidence that it has done Middling
02 off
.98 off Strict middling spotted
low middling
any harm as yet. But it is more feared than it has been Strictmiddling
98 off
2.08 off Middling spotted
Low
for several years past. The infestation is far greater. One *Strict good ordinary
3.33 off "Strict low middling spotted___.2.00 off
3.30 off
middling spotted
report put it at 60%, or 27% more than last year, and 19% *Good ordinary "yellow" tinged_4.45 off "Low mid, light yellow stained _1.20 off
.07 off Good
good mid.
more than two years ago. Whatever the figures, the gen- Strict middling "yellow" tinged .54 off *Strict mld,light yellow stained.1.75 oft
Good
*Middling light yellow stained__ _2.70 off
.98
eral fact is regarded as indisputable that the infestation is Strict middling "yellow" tinged 2.05 off Good middling "gray"
.67 off
off
*Middling
worst for some years past. That fact had a tendency *Strict low"yellow" tinged
1 05 off
the
mid."yellow" Unged.3.34 off *Strict middling "gray"
1 60 off
Low
short selling.' It also had a tendency to strengthen ' middling "yellow" Unged_4.59 off *Middling "gray"
to curb
Good middling "yellow" stained_1.93 off
spot markets and to lead not a few to expect higher prices *Strict mid."yellow" stained__ _2.45 off •Not deliverable on future contracts.
later on. There is not only a good deal of weevil, but some
The official quotation for middling upland cotton in the
of the States in the central and eastern belt are grassy
has been:
in Texas, where heavy rains re- New York market each day for the past week Thurs. Fri.
after recent rains. Even
Sat. Mon. Tues, Wed.
June 2510 Jul/
deal of grass. The crop in Middling upland 1cently prevailed, there is a good
16.85 16.75 17.05 16.95 17.05 17.10
that State is late in its northwestern section, where plantAlabama the fields are genMARKET AND SALES AT NEW YORK.
ing is just only completed. In
erally grassy. Recent rains greatly interfered with cultiSALES.
Futures
vation there. The fields are grassy in parts of Louisiana.
Market
Spot Market
There has recently been some further inundation of cotton
Spot. Contect Total.
Closed.
Closed.
•
plantings in Madison Parish, La., while there has been a
Saturday__ Steady, 5 pts. adv__ Steady
slight recession in flooded areas elsewhere.
Monday ___ Quiet, 10 pts. dec___ Steady
2.908
Meanwhile the spot basis has been steady or firm. The Tuesday ___ Steady, 30 pie. adv_ Very steady__ - 2,908
188
188
Wednesday_ Quiet, 10 pts. dec___ Barely
202
spot sales in Liverpool have been 8,000 to 10,000 bales Thursday __ Steady, 10 pts. adv_ Steadysteady.... 202
Steady,5 pts adv.._ Steady
daily, and on Wednesday prices there advanced 12 English Friday
points. Manchester reported more demand for cloths. East
3,298
3,298
Total week
540.080 676.9001216980
India advices say that the monsoon is satisfactory. In this Since Aug. 1
country, while trade in cotton goods has latterly been only
-The highest, lowest and closing prices at
FUTURES.
moderate, prices have been firm. Finally, at the Exchange
here, there has been as a rule a scarcity of contracts or at New York for the past week have been as follows:
most only a moderate supply. The exceptions to this have
Saturday. Monday, Tuesday, Wednesday, Thursday, Friday,
been rare.
July 1.
June 30.
June 29.
June 28.
June 27.
June 25.
On the other hand, a significant fact is that the weather
most of the belt. That June
has latterly been dry and warm over
Range .
is precisely what is needed. The one imperative requisite
Closing _
against the weevil is dry, hot weather for a certain period JulyRange- 16.50-18.64 16.46-16.59 16.40-16.81 16.69-16.83 16.65-16.82 16.74-16.85
16.80 -16.8516.69during July and August. That kind of weather did for the
Closing - 16.59-16.61 16.47-16.48 16.79weevil last year. This year, with a larger infestation such August16.86-16 88
Range-16.86 16.83weather is, of course, more than 'ever needed. The last
16.86-16.7216.55.
Closing 16.67weekly report was in many respects favorable. It stressed Sept.17.08-17.08
Range- the fact that although the weevil was present over the whole
17.02 -17.0816.76-17.06-16.91Closing - 16.85belt with the exception of Tennessee and North Carolina it Maher
18.85-18.99 16.81-16.89 18.80-17.14 16.97-17.15 16.93-17.12 17.02-17.12
Range __
had as a rule done no damage. A moderate amount of in17.11 Closing. 16.91-16.93 16.82-16.83 17.12-17.14 16.97-16.98 17.09jury has been done, it is true, in Louisiana. But that was Moo.Range- an outstanding exception. It is too early in the season for
17.21 -17.24- 17.08-17.18.17.03-16.93Closing
the pest to do much actual harm. What will happen later Dec.17.19-17.37 17.14-17.30 17.22-17.32
Range- 17.08-17.23 17.05-17.14 17.05-17.38
remains to be seen. Conservative interests certainly want
17.19-17.21 17.27-17.29 17.31-17.32
Closing. 17.16-17.17 17.05-17.06 17.36the South to raise an ample crop. Latterly the rains have January
Range __ 17.13-17.27 17.10-17.19 17.12-17.43 17.23-17.40 17.18-17.34 17.29-17.38
down in the eastern belt and for six days in succession
died
17.32-17.34 17.36 17.10-17.11 17.41-17.43 17.24Closing. 17.24there was none at all in Arkansas. For days at a time veb.Rant,e....
none in Oklahoma and little or none in Tennessee
there was
17.44 17.42
17.32- - 17.4917.19closing. 17.32or Texas. At the same time temperatures have risen and %larch
Range__ 17.32-17.47 17.29-17.35 17.32-17.60 17.40-17.55 17.37-17.54 17.46-17.54
undoubtedly promote growth after the recent rains.
will
17.29-17.30 17.58-17.59 17.40-17.42 17.53-17.54 17.52
Closing.. 17.41-4pril
On Wednesday speculation died down and prices fell some
Range_ _
18 points on most months, not only because ot the
15 to
17.57 - 17.58
17.34-17.64-17.47closing. 17.46favorable weekly report, but also because of bet- ifayrelatively
Range__ 17.45-17.58 17.40-17.47 7.42-17.72 17.54-17.69 17.50-17.64 17.58-17.64
ter weather and a somewhat weaker technical position. A
17.62 17.6317.40-17.43 7 70-17 71 17.54Clinging 17_52good deal of the short interest had been eliminated. The
considerably increased in some direclong account has been
Range of future prices at New York for week ending
tions. Liverpool was not enthusiastic about the prompt July 1, 1927 and since trading began on each option:
The Continent which had
stopping of the notices here.
Range Since Beg 'ming of Option.
been liquidating for days in Liverpool continued to do so. Option for
Range for Week.
And it was said that whatever the inquiry for goods in Man1926 16.10 May 24 1927
small. Spot markets June 1927 16.40 June 28 16.85 July 1 12.92 Oct. 27 1926 18.51 Sept. 2 1926
chester the actual business done was
12.25 Dec. 4
July 1927..
was more cau- Aug. 1027.. 16.86 June 28 16.86 June 28 13.03 June 4 1927 16.95 June 1 1927
on this side were slightly lower. The tone
1 17.08 July 1 12.00 Dec. 4 1926 17.11 June 2 1927
tious here. People were more disposed to watch the weather, Sept. 1927.. 17.08 July 28 17.15 June 20 12.46 Dec. 4 1026 17.45 lune 10 1927
Oct. 1927__ 16.80 June
12.75 Dec. 6 1926 17.11 June 18 1927
and be guided accordingly. In other words, it is a good Nov. 1927
June 28 13.36 June 3 1927 17.65 June 10 1927
June
deal of a weather market, with all the uncertainties as to Dec. 1927._ 17.05 June 27 17.38 June 28 14.11 Mar. 15 1927 17.70 June 10 1927
27 17.43
Jan. 1928_ 17.10
Feb. 1928
future prices which that fact implies.
17.29 June 27 17.60 June 28 14.75 Apr. 4 1927 17.91 June 10 1927
Mar.
prices fluctuated within narrow limits and closed Apr. 1928_
To-day
1928
on most months at 1 to 5 points net higher for the day. May 1928_ 17.40 June 27 17.72 Juno 28 17.05 June 14 1927 108.3 June 10 1027
fear of bad weather over the holidays.
There was some
THE VISIBLE SUPPLY OF COTTON to-night, as made
The weevil reports continued. Wall Street and general
stocks, as
commission interests bought to some extent. Local shorts up by cable and telegraph, is as follows. Foreign
consequently
covered. Spot markets were slightly higher. Germany and well as afloat, are this week's returns, and
evening.
France were said to be good buyers of new crop cotton at all foreign figures are brought down to Thursday to-night
figures for
the South. The weekly statistics were bullish. Though But to make the total the complete
the United States,
smaller than last week the spinners' takings made a very (Friday), we add the item of exports from
good showing. Private crop reports put the condition at including in it the exports of Friday only.
1924.
1925.
1926.
1927.
July 275 to 75.4% and the crop at 14,461,000 to 14,533,000 bales, Stock at Liverpool
bales_1,292,000 834.000 690,000 516,000
3,000
with a decrease in acreage at 10.6 to 10.9%, and the Texas Stock at London
90,000
54,000
92,000
152.000
condition 78%, against 80% a year ago the Government Stock at Manchester
report. On the other hand, the weather on the whole was
1,444,000 926,000 783,000 570,000
Total Great Britain
6,000
Hamburg
favorable. So was the forecast for the belt. It pointed to Stock at Bremen
623,000 161,000 184,000 133,000
Stock at
86,000
fair weather in many sections. That is just what is wanted. Stock at Havre
243,000 150,000 137,000
14,000
6,000
2,000
15,000
Liverpool, the South and New Orleans were selling. Liver- Stock at Rotterdam
94,000
75,000
78,000
118,000
Stock at Barcelona
pool is to ship 5,000 bales of staples to Boston. Liverpool Stock at Genoa
12,000
22,000
18,00t.
35,000
4,000
25,000
spot sales were 10,000 bales and 7 points advance. Trade Stock at Ghent
1,000
2.000
calling there absorbed the July liquidation. Large tenders Stock at Antwerp
1,034.000 413,000 447,000 350,000
Total Continental stocks
were without effect. Final prices show a rise here for the
week of 12 to 30 points, the latter on July, which ended at
2,478.000 1,339,000 1.230,000 920,000
Total European stocks
only 26 points under October, as against 36 to 37 points India cotton afloat for Europe... 71.000 76,000 119,000 111,000
236,000 163,000 169,000
recently. Spot cotton closed at 17.10c, for middling, a rise American cotton afloatfor Europe 251,000 150,000 117,000 101,000
Egypt.Brazil,&c.,afloat for Europe 127,000
76.000
77,000
363,000 235.000
the week of 30 points.
Stock in Alexandria, Egypt
for
669.000 658,000 711,000 732.000
Stock in Bombay, India
The following averages of the differences between grades, Stock in U. S. ports
a1,223,823 632,156 339,535 258,228
as figured from the June 30 quotations of the ten markets Stock in U. S. interior towns_ a 471.669 987,093 213,754 256.315
133
1,545
designated by the Secretary of Agriculture, are the differ- U. S. exports to-day
5,654,492 4,314,794 2,969,422 2,624.543
Total visible supply
ences from irkiddling established for deliveries in the New
Of the above, totals of American and other descriptions are as follows:
York market on July 8:
JULY 2 1927.]
THE CHRONICLE
American1927
Liverpool stock
bales. 955,000
Manchester stock
129,000
Continental stock
984,000
American afloat for Europe
251,000
U. S. port stocks
a1,223,823
U. S. interior stocks
a 471,669
U. S. exports to-day
Total American
Bast Indian, Brazil,
Liverpool stock
London stock
Manchester stock
Continental stock
Indian afloat for Europe
Egypt, Brazil, &c., afloat
Stock in Alexandria, Egypt
Stock in Bombay,India
1926
489.000
78,000
339,000
236,000
632,156
987,093
1,545
1925
438,000
81,000
348,000
163,000
339,535
213.754
133
1924
222.000
43,000
247,000
169,000
258.228
256,315
The foregoing shows the week's net overland movement
this year has been 3,442 bales, against 2,236 bales for
the week last year, and that for the season to date the
aggregate net overland exhibits an increase from a year ago
of 73,657 bales.
4,014,492 2,762.794 1,583.422 1,195.543
337.000
345,000
23,000
50.000
71,000
127,000
363,000
669.000
121
14,000
74,000
76,000
150,000
235,000
658.000
-1926 27
-1925-26--Since
Since
In Sight and Spinners'
Week.
Aug. 1.
Week.
Aug. 1.
Takings.
36,843 12.550,654 53.126 9,456.366
Receipts
3,442
845,512
Net overland to July 1
2,236
771.8.55
Southern consumption to July 1-122,000 5,083,000 95.000 4.500,000
252.000 294,000
3.000
9,000
11.000
99.000 .103,000
162,285 18,479,166 150.362 14,728.221
Total marketed
119,000 111,000 Interior stocks in excess
*31,331
58,666 *44,089
930,958
117.000 101.000 Excess of Southern mill takings
76,000
77,00G
612.690
---over consumption to
455,510
711,000 732,000
.130,954
106,273
Came into sight during week.
Total East India, &c
1,640,000 1,552,000 1.386.000 1,429,000
19.033.190
---- 16,114,689
Total in sight July 1
Total American
4,014,492 2,762.794 1,583,422 1.195,543
22,221 1.890.030
North. spinn's's takings to July 1 28.276 1,893,576
Total visible supply
5,654,492 4,314.794 2.969.422 2.624.543
*Decrease.
Middling uplands, Liverpool_ _ _ - 7.11d.
9.26d. 13.35d. 1.592d.
Middling uplands, New York_ _ _ 17.10c.
Movement into sight in previous years:
18.25c. 23.80c. 29.75c.
Egypt,good Sakel, Liverpool -- 18.00d. 17.25d. 35.00d. 24.15d.
Since Aug. 1Bales.
Bales.
WeekPeruvian, rough good. Liverpool_ 11.00d. 16.00d. 20.75d. 24.00d. 1925
14,722,109
82,758 1924-25
-July 4
Broach, fine, Liverpool
8.354.
8.05d. 11.80d. 12.70d
11,444,298
87.590 1923-24
1924
-July 5
Tinnevelly, good, Liverpool
8.80d.
8.60d. 12.20d. 13.85d' 1923
124.447 1922-23
11.224.254
-July 6
a Houston stocks are now included in the port stocks: in previous years'
they formed part of the interior stocks.
QUOTATIONS FOR MIDDLING COTTON AT
Continental imports for past week have been143,000 bales. OTHER MARKETS.
-Below are the closing quotations
The above figures for 1927 show a decrease from last for middling cotton at Southern and other principal cotton
week of 257,422 bales, a gain of 1,339,698 over 1926, an markets for each day of the week:
increase of 2.685,070 bales over 1925, and an increase of
Closing Quotations for Middling Cotton on
3,029,949 bales over 1924.
Week Ended
July I.
Saturday. Monday. Tuesday. Wed'day. Thursd'y. Friday.
AT THE INTERIOR TOWNS the movement
-that is,
the receipts for the week and since Aug. 1, the shipments for Galveston
16.95
16.90
16.80
16.90
16.70
16.60
16.59
16.59
the week and the stocks to-night, and the same items for the New Orleans 16.49 16.49 16.70 16.00 16.10 16.67
16.10
Mobile
16.10
15.85
15.85
corresponding periods of the previous year,is set out in detail Savannah
16.50
16.55
16.39
16.49
16.31
16.17
16.50
16.50
16.38
Norfolk
16.44
16.25
16.13
below:
16.75
16.75
Baltimore
16.75
Movement to July 1 1927.
Taunts.
Movement to July 2 1926.
Receipts.
Ship- Stocks
ments. July
Week. Season. Week.
1.
Receipts.
Ship- Stocks
ments. July
Week. Season. Week.
2.
Ala.,Birming'in
187 100,605
164 4,463
271 97,954
358 1,820
Eufaula
222 27,412
44 7,542
48 21,974
30 2,847
Montgomery. 1,588 128,575 1,218 19,979
248 104.111
392 12.207
Selma
93 96,561
702 12,423
41 89,746
424 5,573
Ark., Helena_ _
10 97,858
987 8,872
43 101.894
491 21,354
Little Rock_
211 207,243 1,008 12,635
143 231.118
749 35,553
Pine Bluff__
363 189,380 1,604 12,863
373 182,070 2,598 35,573
Ga., Albany...
8
8,821
16 1,956
__
7,919__ 2,005
Athens
268 56,122 1,137 6,690
342 38,803 2,8 2 2,741
4
Atlanta
1,078 262,722 2,102 19,444 1,216 233,273
906 22,700
Augusta
2,033 392,531 3,460 50,796 2,075 362,171 3,181 38,136
Columbus...
241 51,743
312 5,557
426 88,397
502 1,267
Macon
358 113,812 1,638 2,944
211 72,363
126 5,643
Rome
•
22 52,513 1,750 13,453
135 56,014
200 9,783
La., Shreveport
258 168,775
652 25,360
27 168,189
489 17,292
Miss..Columb
25 44,157
669 2,073 .._ 46,857___ 1,730
Clarksdale •
507 196,29
1,84 24,270
387 236.759 2,483 54,290
Greenwood_
200 185.163 2,000 21,516
123 224,510 1.527 51,694
Meridian ..._ •
39 55,451
438 3,887
37 69,492
700 5,499
Natchez.....
60 50.483
523 6,424
8 58,631
392 4,594
Vicksburg- 35,406
12 54,835
220 11,967
Yazoo City.. --- - 44,773
___
___
52,989
181 10,156
Mo., St. Louis
. 5,332 603,843 5,488 3,528 6,020 725,2711 6.363 13,536
N.C.,Greensb'r 3
752 56,137 1,270 26,820 1,133 71,599
968 19,145
Raleigh....
.1 21,733
318 2,358
10 i
31,936
200 2,817
Okla., Altus.. _
82 209,993
250 2,492
144,763, 466 6,043
Chickasha _
200 194,839
351 2,351
171 195,105
700 6,960
Oklahoma.._
784 189,039
922 4,856
162 172,5411 1,083 18,396
S.C., Greenvil e 5,046 376,348 7,947 39,988 1,702 314,799 3,094 37,234
Greenwood_
7,773_ _ 3,251
___
4.912'
--- 2.682
Tenn.,Memph e 8,1482,295,228 18,8381 4,532 16,0331,944,308 25,899 188,920
.
0
Nashville _
98
9,282
158
855
91
3,475
16
620
Texas, Abilene
79,613 ____
351
5 87.5631 ____
240
Brenham_ _
125 29,456
120 5,824
25
6,299
35 3,934
Austin
38 34,323
91
785 -... 12,727 ____
15
Dallas
202 192,132
827 5,609
282 166,064 1.070 11,900
Houston
a
*
•
11.4884,828.823 26,323 314,056
Paris
15 56,670
9
137
36 114,674
42
439
San Antonio
.
175 62,638
144 2,592
2 26.133
51
192
Fort Worth_
.
195 124,714
337 2,193
229 96,905
602 5,040
Total, 40 tow s 29.0147.111,060 59.341 471,669 43,65311547967 85.673987,093
Loss h ouston no longer reported.
11,4884,828,823 26,323 314,056
Total, 39 tow! a 29,014 7,111,060 59.3411471.669 32.1656.719.144 59 350 1171 fl2.
•Houston statistics are no longer compiled on an interior basis but only on a
port basis. To make the comparisons with the previous year correct, we deduct
the Hcuston figures from last year's total at the end of the table.
The above total shows that the interior stocks have decreased during the week 31,331 bales and are to-night
201,368 bales less than at the same time last year. The
receipts at all towns have been 3,151 bales less than the
same week last year.
NEW YORK QUOTATIONS FOR 32 YEARS.
1927
1926
1925
1924
1923
1922
1921
1920
1919
1918
1917
1916
1915
1914
1913
39.25c. 1912
17.100.
18.400.
24.70e.
30.906.
28.25c.
22.05c.
34.15c.
31.900.
27.25c.
12.906.
9.60c.
13.25c.
12.40c.
11.65c.
1910
1909
1908
1907
1906
1905
1904
11:1Z: 182
12.10c. 1901
11.50c.
13.25c.
10.80c.
10.00c.
10.85c.
1900
1899
1898
1897
1896
13.00c.
9.25c,
8.8. C.
10.00c,
6.12c,
8.25c,
7.88c,
7.44c,
OVERLAND MOVEMENT FOR THE WEEK AND
SINCE AUG. 1.
July 1Shipped
Via St. Louis
Via Mounds, &c
Via Rock Island
Via Louisville
Via Virginia points
Via other routes, &c
Total gross overland
Deduct ShiptnentsOverland to N. Y., Boston, &c
Between interior towns
Inland, Ste., from South
Total to be deducted
Leaving total net overland*
----1926-27---Since
Week. Aug. 1.
5.488 616.057
2,480 353,545
22,182
53,146
413
4,348 272,316
8.451 622.410
21,180 1.939,656
20,318 1,777,842
151.111
26.757
916,276
20,138 1,777.842
412
25.555
15.673 829,716
17,738 1,094.144
17.902 1.005.987
3,353
498
13.887
3,442
•Including movement:bp rail to Canada.
----1925 26
---Since
Week. Aug. 1.
6.363 706,938
2, 00 30 .617
40,312
37
61.961
4,618 246,258
6,300 422,756
845,512
2,236
771,855
16.55
Augusta
'16.38
Memphis
15.75
Houston
16.45
Little Rock__ - _ 15.75
Dallas
Port Worth_
____
16.55
16.25
15.75
16.35
15.65
16.00
15.40
16.45
16.63
16.00
16.75
15.95
16.30
15.75
16.50
16.00
16.70
15.85
16.15
15.65
16.63
16.00
16.80
15.95
16.30
15.85
16.63
16.00
16.85
15.85
16.25
15.90
NEW ORLEANS CONTRACT MARKET.
-The closing
quotations for leading contracts in the New Orleans cotton
market for the past week have been as follows:
Saturday,
June 25.
Monday,
June 27.
Tuesday, Wednesday, Thursday,
June 28. June 29. June 30.
Friday,
July 1.
16.50 ---- 16.45 ---- 16.70 ---- 16.59 ---- 16.65 ---- 16.68 July
October_ 16.87-16.88 16.77-16.79 17.33-17.04 16.88-16.90 16.97-16.98 17.00-17.01
17.23-17.23
December_ 17.09-17.10 16.99-17.00 17.26-17.28 17.11-17.12 17.2017.15-17.16 17.2317.26 17.03 bid 17.30January _ _ 17.1317.4517.29-17.31 17.38-17.39 17.42-17.41
17.2917.19March
May
17.39 bid 17.29 bid 17.55-17.57 17.39 bid 17.48 bid 17.51 Tone
Quiet
Quiet
Steady
Quiet
Steady
Spot
Steady
Steady
Steady
Options_ Steady
Steady Very st'dy Steady
-Reports to
WEATHER REPORTS BY TELEGRAPH.
us by telegraph this evening indicate that the Weather during
the week has been as a rule favorable for cotton in almost
all parts of the cotton belt. Rainfall has been light and
scattered. There has been considerable complaint of weevil
activity in the southeastern section of the cotton belt.
Growth has been mostly fair to very good.
-Generally growth of cotton in this State has been
Texas.
excellent and the general condition of the crop is generally
good.
Mobile, Ala.
-The weather has been more favorable and
there has been less rain during the week. Cotton is growing
rapidly. Grass is abundant. Boll weevil are increasing
steadily.
Galveston, Texas
Abilene
13renham
Brownsville
Corpus Christi
Dallas
Henrietta
Kerrville
Nacogdoches
Palestine
Paris
San Antonio
Taylor
Weatherford
Ardmore, Okla
Althus
Muskogee
Oklahoma City
Brinkley, Ark
Eldorado
Little Rock
Pine Bluff
Alexandria, La
Amite
New Orleans
Shreveport
Columbus
Greenwood
Vicksburg
Mobile, Ala
Decatur
Montgomery
Selma
Gainesville. Fla
Madison
Savannah, Ga
Athens
Augusta
Columbus
Charleston. S.C
Greenwood
Columbia
Conway
Charlotte, N. C
Newbern
Weldon
Memphis, Tenn
Thermometer
Rain. Rainfall.
4 days 1.27 in. high 90 low 77 mean 84
dry
high 98 low 70 mean 84
5 days 1.35 in. high 100 low 60 mean 80
2 days 1.16 in. high 90 low 72 mean 81
2 days 0.12 in. high 92 low 76 mean 84
1 day 0.04 In. high 102 low 70 mean 86
high 98 low 68 mean 83
dry
(9)
high 90 low 60 mean 75
3 days
2 days 0.50 in. high 90 low 66 mean 81
3 days 0.72 in. high 94 low 68 mean 81
2 days 0.24 in. high 100 low 68 mean 84
1 day 0.02 in. high 96 low 72 mean 84
2 days 0.20 In. high __ low 70 mean _ _
1 day 0.08 in. high 94 low ,,6 mean 80
high 99 low 67 mean 83
dry •
high 101 low 67 mean 84
dry
high 98 low 65 mean 82
dry
1 day 0.22 in. high 99 low 64 mean 82
high 94 low 62 mean 78
dry
2 days 0.28 in. high 97 low 68 mean 83
1 day 0.07 in. high 92 low 67 mean 80
1 day 0.64 in. high 98 low 67 mean 83
dry
high 99 low 73 mean 86
2 days 1.10 in. high 93 low 66 mean 80
6 days 0.91 in. high __ low __ mean 83
2 days 0.10 in. high 96 low 72 mean 84
dry
high 98 low 67 mean 83
dry
high 98 low 67 mean 83
1 day 0.81 in. high 92 low 71 mean 82
3 days 1.35 in. high 92 low 67 mean 80
dry
high 95 low 66 mean 82
3 days 0.81 in. high 94 low 68 mean 81
2 days 0.54 in. high 93 low 69 mean 81
3 days 2.55 in. high 94 low 66 mean 80
1 day 1.93 in. high 95 low 67 mean 81
3 days 1.09 in. high 97 low 66 mean 82
1 day 0.25 in. high 102 low 64 mean 83
2 days 0.44 in. high 99 low 62 mean 81
1 day 0.10 in. high 100 low 68 mean 84
2 days 0.35 in. high 95 low 67 mean 81
1 day 0.52 in. high 99 low 61 mean 80
2 days 0.05 in. high _ _ low 64 mean
2 days 0.08 in. high 102 low 56 mean 79
dry
high 98 low 62 mean 78
4 days 1.76 in. high 94 low 57 mean 76
1 day 0.94 in. high 95 low 61 mean 78
1 day 0.05 in. high 93 low 65 mean 79
122
THE CHRONICLE
The waters in the rivers have dropped at all points during
the week but are still considerably higher than at this time
a year ago. At Vicksburg the river has fallen from 48.6 ft.
last Friday to 48.4 ft., at Shreveport from 16.1 ft. to 14.8
ft., at Nashville from 10.3 ft. to 8.8 ft., at Memphis from
33.5 ft. to 28.9 ft., and at New Orleans from 15.9 ft. to
15.8 ft.
The following statement we have also received by telegraph, showing the height of rivers at the points named at
'8 a. m. of the dates given:
New Orleans
Memphis
Nashville
Shreveport
Vicksburg
Above zero of gauge..
Above zero of gauge_
Above zero of gauge_
Above zero of gauge..
Above zero of gauge_
July 1
1927.
Feet.
15.8
28.9
8.8
14.8
48.4
June 24
1927.
Feet.
15.9
33.5
10.3
16.1
48.6
[VoL. 125.
The above statement shows: (1) That the total receipts
from the plantations since Aug. 1 1926 are 12,210,796 bales:
in 1925 were 10,313,617 bales, and in 1924 were 9,136,683
bales. (2) That although the receipts at the outports the
past week were 36,843 bales, the actual movement from
plantations was 5,512 bales, stocks at interior towns
having decreased 31,331 bales during the week. Last year
receipts from the plantations for the week were 9,037
bales and for 1925 they were nil.
WORLD SUPPLY AND TAKINGS OF COTTON.
July 2
1926.
Feet.
Cotton Takings.
1925-26.
1926-27.
3.3
Week and Season.
14.4
Season.
Week.
Season.
Week.
9.0
11.4
Visible supply June 24
5,911,914
4,508,207
20.1
Visible supply Aug. 1
3,646.413
2,342,887
1_ _
ON COTTON American in sight to July30_ _ -_ 130,954 19,033,190 106,273 16,114,689
Bombay receipts to June
29,000 3,222,000
_ 45.000 3,027.000
613,000
448,000
9,000
the commercial Other India ship'ts to June 30_ _
8.000
June
6,000
4.200
typical districts Alexandria receipts to29 * b29_ _ 14.000 1.717.600 15,000 1,574,200
Other supply to June
757,000
694.000
TO ISSUE SEASONAL REPORTS
GRADES AND STAPLES.
-Reports on
grades and staples of cotton ginned in two
of the Cotton Belt will be issued beginning Oct. 1 by the
Bureau of Agricultural Economics,United States Department
•of Agriculture, under authority of an act of the last Congress.
Other reports will be made on the first day of November,
December, January, March and May, as of the first day of
the preceding month. It is planned to make a record of the
grade and staple length of the cotton as it is ginned.
Total supply
Deduct
Visible supply July 1
6,114,068 28.566,203 4,673,480 24,623.776
5,654,492 :3.654,492 4,314,794 4,314,794
Total takings to July 2
459.576 22.911,711 358.686 20,308,982
Of which American
336,376 17.257,111 267,686 14,394,782
Of which other
91,000 5,914,200
122,200 5,654.600
* Embraces receipts in Europe from Brazil, Smyrna, West Indies, &c.
a This
by
The work will be under the general direction of Dr. B. Youngblood, Southern total embraces since Aug. 1 the total estimated consumption mills, 5,083,000 bales in 1926-27 and 4,500.000 bales in 1925
-26
leader of research projects of the Division of Cotton Marketing. W. B. takings not
being available-and the aggregate amounts taken by Northern
Lanham, formerly connected with the Texas Agricultural Experiment and foreign spinners,
17,828,711 bales in 1926-27 and 15,808.982 bales in
Station, has been appointed Agricultural Economist immediately in charge
of the grade and staple studies and reports in the bureau's cotton marketing 1925-26, of which 12,174,111 bales and 9,894.782 bales American.
S Estimated.
division.
Mr. Lanham left Washington to-day for Atlanta. Ga. where an office
INDIA COTTON MOVEMENT FROM ALL PORTS.
of the bureau is to be established on July 1 for carrying on the work in
the Atlantic area. A similar office is to be established at Dallas, Texas,
about Aug. 1. Arrangements are to be made with large number of winners
1924-25.
1925-28.
1928-27.
In Georgia and in the
land cotton sledding areas of Southwest Oklahoma
and the Panhandle of eras. Samples will be obtained representative of
Since
Since
Since
June 30.
the growths of the cottons of these areas. These will form the basis of the
Week. Aug. 1. Week. Aug. 1. Week. Aug. 1.
bureau's monthly reports.
The reports will carry information on the commercial grades and staple Bombay -450003 027 n00 200(10 3.222.000 40.000 3.460.00
lengths only, but an additional study will also be made of other factors
such as color, leaf, trash and other elements of character in cotton lint.
Since August 1.
For the Week.
Specialists in cotton classing of the Government are to be assigned to this
Exports.
work. The Atlanta classification office is to be in charge of Porter I.
Great
Conti- Japan &
Great Conti- Japan&
Barnes, formerly of Georgia, who is thoroughly familiar with cotton proTotal.
China.
Britain. nent. I China.' Total. Britain.
nent.
duction in the Atlantic area. The personnel of the Dallas office will be
announced soon.
The information which these studies will provide has been sought for a Bombay
1926-27._
21,000 34,000 55,000 18,000 381,000 1,541,0001,920,000
number of years by producers, sinners and the trade. The purpose is to
1925-26_ _
8,000 8,000 16,000 50.000 499,000 1,885,0002,234.000
procure unbiased Government estimates of the cottons produced by grades
1924-2&..
6,000 41,000 47.000 70,000 584,000 1,841,0002,495,000
and staples. These estimates will indicate to all concerned something
Other India
more definite as to the spinning utility and market value of the cottons
448,000
1926-27_ _ 1,000 7,000
__ _ _ 8,000 42,000 406,000
grown each year. It is in response to this demand for more exact informa813,000
1925-26_ _ 3,000
9,000 107,000 506,000
tion as to the quality of the American cotton crop, together with that of
574,000
1924-25. _ 4.000 16,000
____ 20,000 107,000 467,000
the carry-over on Aug. 1 of each year, that these estimates and studies
are being made.
Total all
It is believed the system will prove beneficial alike to producers, manu1926-27_ _ 1,000 28,0001 34,000 63,000 60,000 767.000 1,541,0002,368,000
facturers and consumers of cotton by giving greater assurance that the
1025-26. _ 3,000 14,000 8,000 25,000 157,000 1.005,000 1,685,0002.847,000
market quotations shall represent the true value of cotton as normally
1924-25_ _ 4,000 22,000 41,000 67,000 177,00 1,051.000 1,841.0003,069.000
determined by supply and demand. It will also encourage growers to
study the relative market values of the different grades and staples and,
According to the foregoing, Bombay appears to show an
In fact, to produce the grades and staples most desired by the spinning
world and which pay best.
increase compared with last year in the week's receipts of
Establishment of the Atlanta and Dallas offices Is the first step in what
It is proposed will develop into a comprehensive system of gathering and 16,000 bales. Exports from all India ports record an increase
disseminating grade and staple estimates for the entire Cotton Belt. Avail- of 38,000 bales during the week, and since Aug. 1 show a
able appropriations at this time will limit the work to the two areas decrease of 479,000 bales.
named, which have been selected as representative of typical sections of the
Belt, but expansion of the system to other regions will probably be made
-We
ALEXANDRIA RECEIPTS AND SHIPMENTS.
next year. The ultimate aim is to issue reports on the grades and staples
both in the crop and in the carry-over on Aug. 1. the end of the cotton year. now receive weekly a cable of the movements of cotton at
NORTH CAROLINA COTTON REPORT.
-The Co- Alexandria, Egypt. The following are the receipts and
operative Crop Reporting Service at Raleigh, N. C. issued shipments for the past week and for the correspondiag week
of the previous two years.
on June 24th the following cotton report:
It was hoped that the acreage in cotton In North Carolina would be cut
heavily this season, but it now seems doubtful that the actual reduction is
as heavy as it was at first reported to be.
The stand of cotton is reported as generally good. The seed were slow
in sprouting,due to the early drought but this has evidently been advantageous to the crop as the plants are deep rooted, strong and vigorous. Since
the rains early in June, crops are growing fine. It has been most too cool
during the past two weeks for the best development of cotton, but it is
generally recognized that the crop is in better shape and further advanced
than last year at this time.
The principal need of the crop just now Is a period of hot, dry weather
for extensive cultivation, as the rainy spell has left the fields very grassy.
Little cultivation has been permitted during the past ten days, especially
in the Piedmont counties.
• Several farmers state that the cotton crop is the best it has been in the
past three years. It has been good boll weevil weather, too. Watch
out for these.
While the price of cotton is now better than it was last fall and winter
the large acreage rather shakes the stability of these prices. It need not
be forgotten that we are competing with 6 to 9 cents production in Texas and
Oklahoma where the crop is handled by tractors. No fertilizers, chopping
or hand labor at all is used. The crop is picked by a sled pulling the bolls
-Off. The gins are made to take care of this dirty mixture.
-The folRECEIPTS FROM THE PLANTATIONS.
lowing table indicates the actual movement each week from
the plantations. The figures do not include overland re-eeipts nor Southern consumption; they are simply a statement of the weekly movement from the plantations of that
part of the crop which finally reaches the market through
the outports.
Receipts at Ports.
Week
Rodeo 1927. 1926. 1925.
April
2.. 168,766 110,433 109,150
9__ 140,928 91.081 74,709
L5__ 131.290104,943 74,512
22._ 102,307 71,673 50,632
29... 86,136115,448 64,025
May
6__ 108,689 76,810 45,115
13_ 89,089 87,891 49.177
20._ 73,651 73.225 44.069
27_ 67.486 65.277 44,085
June
3._ 68,264 89.807 31,997
10._ 56,037, 47.642 21,739
17__ 51.460 80,676 39,633
24_ 45,3961 52.469 14,161
July
I
1._ 36.843 53.126 18.514
Stocks aS Interior 7'otons.
1927.
1926.
1925.
1926.
1925.
1924-25.
21.000
ft 501580
30,000
7.885.1413
1.100
7.122.701
This Since
Week. Aug. 1.
Exports (bales)-
This Since
Week. Aug. 1.
This Since
Week. Aug. 1.
To Liverpool
222.808 -- -- 188,971 3,000 194.654
To Manchester, &c
30,000 212.972 5,250 194,129 - -__ 224,446
To Continent and India_ 6,000 392,102 4.000 336.652 1,760242.387
To America
50 150.848 2.000 126.843
12,000 148.216
Trstalwrnortm
as nnn 076 nos 0500870.508 6.750 908.830
Note.
-A canter is 99 lbs. Egyptian ha es weigh about 750 lbs.
This statement shows that the receipts for the week ending June 29 were
21,000 canters and the foreign shipments 48.000 bales.
-Our report received by
MANCHESTER MARKET.
cable to-night from Manchester states that the market in
both cloths and yarns is steady. Demand for China is
improving. We give prices to-day below and leave those for
previous weeks of this and last year for comparison:
1925-26.
1928-27.
328 Cop
TWIll.
Aprll-
d.
8it Lbs.Skirt- Cotton
ings. Common Madre
OVI'da
to Fifiallt.
6. s. d.
s. d
d.
828 Cov
Twist.
d.
SM Lba.Skirt- Cotton
ings, Conts.on MIddle
to Pineal.
Ewa
d. s. d.
s. d
d.
12%414%
12i4 414
19gts14x
12%414Yi
12si414yi
68,891 25.591
41,896 29.118
49.891 10,304
38,190 14.711
62,498
469.707
420,119
581.72
340,620
68.471
47,278
41.028
13,893
35.857 4,176
ad
45,251
23,378 3.918
20.880 4.739
312,396
285,662
249,315
234,86
25,730
17,21S
11.279
13.482
13,273 3,673
9,520
88,893 3:288
8,654
471,660 987.093 213.754
5.512
7.88
7.78
7.77
8.07
8.35
22%424 17 1
15I4 4 113.8 13 3
15 416% 13 3
15 416% 13 3
15 @1634 13 2
417 4
9413 6
413 8
413
413 5
13.72
9.99
10.13
10.01
9.04
12 5
12 5
13 0
13 0
413
413
0)13 3
413 3
8.75
8.72
8.91
8.94
15344.1634
15%417
1534417
15%017
13 1
13 2
13 3
13 2
413 4
013
(g 13
413 5
10.12
10.23
10.21
10.33
130
13 0
13 0
13 0
13 0
413 3
413 3
413 3
413 3
413 3
9.23
9.03
9.13
9.13
9.08
13 2
13 1
13 1
13 1
13 1
@136
@13 4
4.13 4
of. 13 4
413 4
10.32
9.92
9.81
9.58
9.58
16% 131 (a 13 4
9.28
June-
613.917 1.224,902
575,095 1.186,780
534,914 1.074,997
503,000 1,031,182
412 6
412 6
412 5
412 5
412 7
May-
784,4781,438,322
742,6171,395.682
710.044 1,345.833
656.451 1,301,436
4
3
3
3
4
14%@17
14ft @17
14H(g163i
14 4@i16%
14M418%
753,817 116.594
708,223 79,475
830.889 98.792
594.768 72,540
510.646 50.162
12
12
12
12
12
13 415
13II 415m
13%415%
14 418
984.1881,679,443
922,735 1,630.308
889 92 1.575.258
860,6701,541.773
824,696 1.479,275
9.037
1925-26.
Receipts (cantors)
This week
Sinew At,., 1
ReceignsIron Plantalieni
1927.
1926-27.
Alexandria, Egypt,
June 29.
July14;4(418% 130 4.133
9.11 14%
SHIPPING NEWS.
-As shown on a previous page, the
exports of cotton from the United States the past week have
reached 111,100 bales. The shipments in detail, as made
up from mail and telegraphic returns,. are as follows:
Bales
2e5s
NEW YORK
-To London-June 24-Carmania, 25
2.500
-Manuel Arum,2,500
To Barcelona-June 22
49
-June 23-Drottingholm.49
To Gothenburg
150
-Corson. 150
-June 23
To Piraeus
92
-June 24
--Guido, 92
To Manchester
47
-La Savoie, 47
To Havre-June 30
-June 23
-Median,3,943
-To Liverpool
3,943
NEW ORLEANS
-Median, 1,056
1,056
-June 23
To Manchester
425
To Rotterdam-June 28-Maasdam,425
-Carla. 2,097
2,097
To Venice-June 28
-Carla, 450
-June 28
450
To Trieste
-June 30-Coldbrook, 1,060
1,060
To Havre
To Ghent
-June 30-Coldbrook, 467
467
HOUSTON-To Havre-June 27-Middleham Castle, 1,031.
June 29
-Brush, 3,792
4,823
To Ghent
-June 27-Middleham Castle, 900_ _ _June 29
1,584
Brush. 684
To Genoa-June 28-Nicolo Odero, 928
928
To Murmansk-June 29--Monsun, 21,650
21,650
To Antwerp
-June 29
-Brush, 300
300
To Rotterdam-June 29
-Brush, 525
525
To China-June 29
-Mobile City, 2,950
2,950
To Japan-June 29
-Mobile City, 1,733
1,733
GALVESTON-To Bremen
-June 21
-Nord Schleswig, 674
674
To Gothenburg-June 24
-Topeka, 1.300
1,300
To Copenhagen-June 24
-Topeka,977
977
To Japan-June 24-Taketoyo Maru. 5,175-June 29Liberator, 50; Tyne Macu, 2,395
7,620
To China-June 29-Liberator, 1.200
1,200
NORFOLK
-June 25
-Got-Kiel, 4,596- __June 28
-To Bremen
tingen. 650_ _ _June 29-Westpool, 2,333
7,579
To Manchester-June 28
-Balsam, 1.070
1,070
SAVANNAH-To Bremen-June 25
-Woodfield, 2,725_June 30
-West Mahomet, 2,004: Liebenfels, 5.002
9,731
To Hamburg
-June 25
-Woodfield, 48_ June 30
-West
Mahomet, 40: Liebenfels, 219
307
To Genoa-Juno 26
-West Cohas, 100
100
To Havre-June 28-Wulsty Castle, 200
200
To Rotterdam-Wulsty Castle, 887_ _ _June 30
-Liberty
Glo, 78: Liebenfels, 13
978
To Ghent
-June 28-Wulsty Castle, 750
750
To Liverpool
-June 30-Messian, 2,961; Liberty Glo, 1,281
4,242
To Manchester-June 30-Mossian, 407;_ _Liberty Glo, 695.. 1,102
CHARLESTON-To Liverpool
-June 25-Nessian, 1,281: Liberty
Glo, 300
1,581
To Manchester
-June 25-Nessian, 2.128
2,128
To Antwerp-June 25
-Liberty 010, 70; Wulsty Castle, 1,167- 1,237
To Rotterdam-June 25-Liberty Glo, 22; Wulsty Castle. 94
116
To Bremen-June 25
-West Mahomet,318_ _ _June 28
-Woodfield, 3,224; Liebenfels, 1.495
5,037
To Hamburg
-June 25-West Mahomet, 60: Hans Am. 455
,,,.June 2:8-Woodfield, 50; Liebenfels, 2,307
2,872
To Havre--June 25-Wulsty Castle, 300
300
To Ghent
-June 25-Wulsty Castle, 673
673
To Japan-Juno 30
-Steel Worker. 8.925
8,925
To China
-June 30
-Steel Worker, 2.500
2,500
MOBILE-To Japan
-June 24
-Mobile City. 700
700
To Rotterdam-June 27
-Federal, 50
50
BOSTON-To Liverpool-June 18-Winifredian, 97
97
PHILADELPHIA-To Liverpool-June 16-Moltonian, 200
200
111,100
COTTON FREIGHT.
-Current rates for cotton from
New York, as furnished by Lambert & Burrows, Inc., are
as follows, quotations being in cents per pound:
Inch RandDensity. ard.
Liverpool .40c. .55e. Oslo
Manchester .40e. .55e. Stockholm
Antwerp
.450. .600. Trieste
Ghent
.5214e. .6734e. Flume
Havre
.500. .650. Lisbon
Rotterdam Mc. .750. Oporto
Genoa
.50e.
.650. Barcelona
Japan
High StandDensity. ard.
.500.
.60e.
.50c.
.50e.
.50o.
.650.
.30e.
.60c.
.75e.
.65e.
.65c.
.650.
Mc.
.45e.
Shanghai
Mph Stand
Density. ard.
.700. .850.
Bombay
Bremen
.75c.
.500.
.90e.
.650.
Hamburg
Piraeus
Salonbca
Venice
.6754e. .82540.
.850. 1.00
. . LW
850
.500. .65e.
LIVERPOOL.
-By cable from Liverpool we have the following statement of the week's sales, stocks, &c.,at that port:
June 10. June 17. June 24.
July 1.
19.000
37,000
54.000
53.000
12.000
22.000
30,000
30,000
1,000
1.000
3,000
4,000
41.000
60,000
69,000
61,000
1.340,000 1,337,000 1.327.000 1,292.000
1.008,000 997.000 989.000 955,000
32.000
64.000
61,000
30,000
23,000
28.000
35,000
12,000
201,000 167,000 141.000 144,000
76,000
62,000
37.000
40.000
Sales of the week
Of which America
Actual exports
Forwarded
Total stocks
Of which American
Total imports
Of which American
Amountafloat
Of which American
The tone of the Liverpool market for spots and futures
each day of the past week and the daily closing prices of
spot cotton have been as follows:
Spot.
Saturday.
Market, { A good
12:15
business
P. M.
doing,
Mid.Upi'ds
Sales
Monday.
Tuesday. Wednesday. Thursday.
Friday.
Good
demand,
A fair
business
doing,
Good
demand.
Good
demand,
Good
demand.
9.06
8.98
8.99
9.11
9.04
9.11
10,000
8,000
10,000
8,000
10,000
10,000
Futures. ( Quiet, 1 pt. Quiet. Quiet, un- Steady
Steady Q't but st'y
Market f dee.to2pts. unchanged changed to 7 to 10 pls. 6 to 8 pts. 3 to 5 Dts.
opened l advance. to2pts.dee 1 pt. adv. advance,
decline.
advance.
Market, { Quiet, unSteady
Steady
Quiet
Steady Q't but st'y
4:00
changed to 6 to 9 pts. 4 to 8 pts. 8 to 9 pta. 3 to 5 pta. 2 to 3 pia.
P.M.
2 pts. adv. decline,
advance. advance.
decline.
advane.
Prices of futures at Liverpool for each day are given below:
Sat.
123
THE CHRONICLE
JULY 2 1927.]
Mon.
June 25
to
July 1.
Tues.
Wed.
Thurs.
Fri.
1234 1234 1234 4:00 1234 4.11 1234 4:00 1234 4:00 1234 4:00
p. m.p. m p. m.p. m p. m.p. m•a• M I) In• D.in. p. zn. p. m.p. m.
d.
d.
d.
d.
d.
d. 4. d. d. d. d.
d.
June
8.84 8.78 8.75 8.79 8.83 8.91 8.92 8.8 8.88 8.91 8.90
July
8.86 8.81 8.77 8.79 8.83 8.90 8.91 8.89 8.93 8.97 8.96
August
____ 8.90 8.86 8.82 8.84 8.88 8.95 8.96 8.98 9.02 9.05 9.04
September
____ 8.99 8.9 8.91 8.93 8.97 9.04 9.0 9.04 9.07 9.11 9.10
October
____ 9.06 9.011 8.97 8.99 9.03 9.10 9.11 9.07 9.10 9.14 9.13
November.- __-- 9.07 9.03 8.99 9.02 9.06 9.13 9.1 9.11 9.13 9.17 9.16
December --------9.11 9.07 9.05 9.05 9.0 9.17 9.17 9.14 9.16 9.20 9.19
January
____ 9.14 9.11 9.0: 9.0 9.13 9.20 9.21 9.15 9.17 9.21 9.20
February
-- 9.15 9.12 9.09 9.10 9.14 9.21 9.22 9.19 9.22 9.25 9.24
March
___. 9.20 9.17 9.14 9.15 9.19 9.26 9.27 9.21 9.23 9.25 9.25
April
9.21 9.18 9.15 9.16 9.20 9.27 9.28 9.24 9.26 9.30 9.29
May
9.24 9.21 9.18 9.19 9.23 9.31 9.311 9.25 9.27 9.31 9.30
June
9.25 9.22 9.1. 9.20 9.24 9.31 9.3w 9.27 9.2 9.32 9.31
BREADSTUFFS
Friday Night, July 1 1927.
Flour was steady, with business still hedged about by the
old restrictions. Hand-to-mouth buying is still the rule.
New flour is not being freely bought. Mill centres as a rule
have found trade disappointing. Old contracts supply the
generality of buyers. Export trade is still quiet in both
American and Canadian flour. On July 1 the German duty
on American flour will be increased 9%. Later in the week
Chicago had reports of a better flour trade at Minneapolis.
/
1
Wheat advanced 12 to 2c. last Monday, stimulated partly
/
1
2
by a big rise in corn, I. e. 6 to 7c. Rust has come to the
front as a factor. The trading was very large. Liverpool
closed % to 1d. higher on Australian drought. Argentina's
seeding, moreover, has been delayed by bad weather. Export demand on this side was heartening. The sales were
stated at 700,000 to 800,000 bushels, largely, however, Manitoba. Winnipeg was strong under this filip. Yet crop reports were in many cases favorable, although the possibility of rust development in the Northwest was noticed early
in the week. Reports from the territory tributary to Chicago indicate that within another week cutting of wheat
will be quite general and present indications point to good
yields. Very favorable harvesting weather prevailed all
over the Southwest. Predictions of rain in parts of Iowa,
Illinois, Indiana and Wisconsin, which would delay harvesting had, however, some effect. While the export business
has been largely in Canadian wheat there is inquiry for
new crop from the Gulf. The United States visible supply
showed a decrease of 1,610,000 bushels last week, against
1,564,000 last year. The total is 21,155,000 bushels, against
10,975,000 a year ago. The Chicago Board of Trade will
be open as usual on Saturday, while Winnipeg, Duluth and
Minneapolis will be closed.
On June 29 prices dropped 12 to 2c., with better weather,
/
1
export demand small, harvesting proceeding in the Southwest under favorable conditions and bearish private crop
reports expected at the end of the week. The Canadian
Pacific report was also favorable as regards the crop outlook in Canada. Export sales were only 200,000 bushels.
There were still complaints of dry weather in Argentina and
Australia. They were disregarded. On June 30 price ad/
1
4c.
vanced 42 to 5Y on talk of black rust in the spring wheat
belt, that is in South Dakota; also rust in Illinois. Shorts
covered heavily on the eve of a holiday in Winnipeg to-day.
They were plainly nervous. There were hopes that the
Kessinger bill would after all fall to pass the Illinois Legislature. The flour trade at the Northwest was better. But
more favorable private crop reports are expected. Yields
of winter wheat are said to be better than had been feared.
Canadian crop reports were good. Liverpool was lower
early, but rallied later. Offerings on this side were quickly
absorbed. Ten days ago, says Snow, "the presence of the
red stage of black rust spores was reported by a number of
local county agents in South Dakota. On Saturday, June 18,
I personally found a trace of rust at this stage of its
development in Faulk County, South Dakota." The membership of the Canadian Wheat Pool, the largest farmers'
co-operative organization in the world, through which most
of the wheat of Western Canada is marketed, now totals
140,198.
To-day prices ended at small variations for the day, i. e.,
unchanged to %c. lower. At one time they were % to Thc.
higher, on rust complaints, strong cables, dry weather In.
Australiaand covering of shorts. Firm premiums prevailed in the Southwest. Liverpool closed %d. to id. lower.
Deliveries on July contracts were small. But later in the
day came a- wave of selling which swept prices downward.
Export demand was very small. Some first half of July
shipments of hard winter sold to exporters at Sc. over Chicago September. But it was not enough to count. Private
crop estimates ranged from 821,000,000 to 830,000,000 bushels. That was getting pretty close to last year's crop and
was better than had been expected. In 1925 the crop was
669,365,000 bushels. It looks now as though there would
be a large carryover. Moreover, little has been sold ahead
for export. Rust reports from the Northwest were denied.
It is true that there was no pressure to sell from the Southwest. World shipments for the week are estimated at 10,730,000 bushels, including 4,436,000 from North America,
according to Bradstreet. Final prices show a rise for the
week of 3
/ to 42c. The Illinois Legislature adjourned
1
2
/
1
without passing the Kessinger bill. It was pigeon-holed.
124
THE CHRONICLE
CLOSING PRICES OF DOMESTIC WHEAT AT NEW YORK.
sat. Mon. Tues. Wed. Thurs. Fri.
July delivery
• cts-14131 143 14431 1421 146q 145
September delivery
14031 14131 143 142 145 144
December delivery
143 144% 146 145 147 147
CLOSING PRICES AT NEW YORK FOR WHEAT IN BOND.
Sat. Mon. Tues. Wed. Thurs. Fri.
July delivery
cts_15931 16014 163 161% 163% 162
October delivery
146% 147% 14934 148% 151% 15131
DAILY CLOSING PRICES OF WHEAT IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
No. 2 red
cts_15131 153 153% 15134 15531 154%
DAILY CLOSING PRICES OF WHEAT FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
July delivery in elevator
cts-14034 141% 14234 14131 14436 144%
September delivery in elevator----138% 14035 14236 140% 144% 144
December delivery in elevator----1473i
DAILY CLOSING PRICES OF WHEAT FUTURES IN WINNIPEG.
Sat. Mon. Tues. Wed. Thurs. Fri.
July delivery in elevator
cts_154U 15131 158% 157% 159
HoliOctober delivery in elevator
141
14331 145% 144% 14731 day
December delivery in elevator
138 14031 14231 14131 14431
Indian corn advanced some 6%c. on the 27th ult., or 7e.
from the early low, under the spur of a sharp demand, with
crop reports bad and 60% of the belt late, in some cases
three to four weeks late, and the prospective hog supply,
according to the Department of Agriculture, larger. Feeding demand will therefore be greater. One private report
which attracted general attention, said: "Never in the 22
years have I seen similar conditions. The crop is fully a
month late:: 60% of the acreage runs from just planted to
four inches tall. This 60% will not make hard corn before
Oct. 15. Forty per cent of the crop runs from four inches
to 15 inches tall. There is only a small percentage that is
15 inches. This will improve very fast. But the crop cannot overcome this late start •and killing freezes around
Sept. 15 would be a calamity." In Illinois, under the most
favorable conditions the acreage is expected to be below
the normal. The cash demand has been rather better.
Chicago's stock last week decreased 700,000 bushels. The
United States visible supply increased 1,423,000 bushels,
against 1,247,000 in the same week last year. The total is
34,374,000 bushels, against 32,641,000 a year ago. It had
been discounted. At Chicago a fair quantity was sold to
arrive. Rains were predicted on the 27th ult. for the Central West.
On June 29 prices dropped 2 c. on very general selling.
/
1
4
There were fears that the Kessinger bill might pass. The
weather was favorable. High temperatures were promoting
growth. Argentine exports for the week were 9,400,000
bushels. They are likely to be large for some little time to
come. It seems to many like the knell of any chance for
export business on this side. At Chicago Eastern shipping
demand was poor. On June 30 prices declined at first on
good weather, but rallied with wheat later. Some parts of
the West, moreover, needed rain. Also, people expected
bullish month-end private crop reports. The forecast was
for unsettled and cooler weather and July liquidation was
noticeable. On the whole the weather was considered favorable.
The "Iowa Weekly Crop Report" said that corn had
made the best progress of the season, but still averaged 10
days later than normal. It ranges from just planted to two
feet higher. Rarely has there been such diversity of opinion as to condition of corn. Reports from a specialist of
200 farmers well distributed over the State, summarized,
show average date of planting corn this year is May 21,
which is eight days later than average of preceding six
years and five days later than 1923, which was the late for
six years. Because corn crop conditions of 1924 were serious, they make a convenient zero point from which comparisons can be made. In that year,.which was the worst
corn year since 1901 in point of yield per acre and worst on
record in point of quality, the average date of planting was
May 14. Frequent heavy rains toward the close of June in
1924 inundated cultivation and corn fields were very weedy.
This year fields are generally clear of weeds, except in the
very backward southeast counties. With temperatures the
highest of the season so far, corn is expected to grow
faster. But it is said that warm weather for the rest of
the season is needed to pull the crop through.
To-day prices ended 3 c. lower. July at one time was
/
1
2
nearly 4c. lower. Early prices were 1 to 11 2c. higher on
/
buying on the strength of private crop estimates. But on
the rise there was a good deal of selling. Prices broke 414
to 5c. from the high. July deliveries were heavy. The
weather was good. Some private crop estimates were 2,200,000,000 to 2,300,000,000 bushels and later on they were regarded by many as rather bearish than otherwise. In 1925
the crop was 2,900,581,000 bushels and in 1924 it was 2,312,745,000 bushels. Deliveries on contracts were 3,032,000
bushels. They dealt the market a blow. The Kessinger
bill was defeated, but this had been discounted. Receipts
were fair. Cash demand was poor. Final prices show a
decline on July for the week of / while September ended
1c.,
4
2c. higher than last Friday.
DAILY CLOSING PRICES OF CORN IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
No. 2 yellow
00_109% 115% 117% 115 116 112%
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
July delivery in elevator
cts_ 943' 100% 101% 9931 90% 85%
September delivery in elevator--100% 106% 108% 106% 107% 104%
December delivery in elevator _____
---- 108
[VOL. 125.
Oats advanced on the 27th ult. 1% to 2e. in response to
the rise in other grain, though the opening was at a trifling
decline. The United States visible supply decreased 578,000
bushels, against a decrease in the same week last year of
389,000 bushels. The total is now only 17,920,000 bushels,
against 37,902,000 a year ago. On June 29 prices gave way
with those of other grain. Liquidation was general. Oats
were relatively cheap, but nobody seems to be acting on
the fact. On June 30 prices advanced % to / with larger
1c.,
2
outside trading and other grain higher.
To-day prices closed 1 to 14c. lower in sympathy with a
/
1
decline in other grain; also, because of good weather. Crop
reports were more favorable. Profit taking was general.
There were reports of a fair export business. Private crop
estimates are 1,300,000,000 bushels to 1,348,000,000 bushels.
Final prices show a decline of %c. for the week on July,
while September is up %c.
DAILY CLOSING PRICES OF OATS IN NEW YORK.
Sat.
Tues.
Mon.
Wed.
Thurs.
Fri.
No.2 white---58%®59 60@)6031 60@6034 59@)59% 59%@60 58%@59
DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
July delivery in elevator
cts_ 4531 4731 4734 4631 4631 45%
September delivery in elevator---- 45% 47% 47% 47% 48
4631
December delivery in elevator _____
---- 48%
DAILY CLOSING PRICES OF DOMESTIC OATS IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
July delivery
cts_ 4731 4931 4931 4834 4831 4734
September delivery
5031 51
5031 5131 49%
DAILY CLOSING PRICES OF OATS FUTURES IN WINNIPEG.
Sat. Mon. Tues. Wed. Thurs, Fri.
July delivery in elevator
cts_ 65
66
6631 6631 6531 HonOctober delivery in elevator
5231 5431 5431 5431 5431 day
December delivery in elevator
4831 49% 5031 5031 5031
Rye advanced early in the week 11 to 2c. in answer to a
/
4
rise of 6%c. In corn, 1% to 2c. in oats, and what was more
to the point 1% to 2c. In wheat. And most of the rise on the
27th ult. was held at the close on that day. But nothing
was said about export business. The United States visible
supply decreased last week 309,000 bushels, against a decrease in the same week last year of only 60,000 bushels.
This reduces the total to only 1,237,000 bushels, against
10,981,000 a year ago. On June 29 there was liquidation of
July and other months, and prices dropped partly in sympathy with those for wheat. There was no active buying.
In other words, support was lacking. Northwestern crop
news was favorable. On June 30 prices advanced 1 to 2c.,
with wheat, but also partly because of fears that hot
weather would harm the crop in the Northwest.
To-day prices closed 14 to 2c. lower, with better weather
/
1
and other grain lower. One estimate of the crop was 51,000,000 bushels; it was 48,696,000 in 1925 and 64,038,000 in
1924. Deliveries on July contracts were small. But export
demand was lacking. Much will depend upon the weather
in the Northwest during the next few weeks. Final prices
show a decline for the week of 4e. on July, while September
is 12c. higher.
/
DAILY CLOSING PRICES OF RYE FUTURES IN CHIGAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
July delivery in elevator
cts.113
11431 113 110% 111% 109%
September delivery in elevator----100 102 10231 101
10231 101%
December delivery in elevator-------- 104
Closing quotations were as follows:
GRAIN.
Oats, New York
No. 2 white
154%
5831059
No. 3 white
16131
56 @)5631
163% Rye, New York
No.2f.o.b
118%
112% Barley, New York
Malting as to quality100 @108
110H
FLOUR.
$7.45©$7.75 Rye flour patents
Spring patents
56.65@57.05
Clears, first spring
7.00 7.25 Seminola No.2, pound_ 434
Soft winter straights__ _ 6.60 7.00 Oats goods
3.30 3.35
Hard winter straights_ _ 7.10 7.60 Corn flour
2.9514 3.00
Hard winter patents_ _ _ 7.60 8.10 Barley goods
Hard winter clears
6.35 6.85 Coarse
3.75
Fancy Minn. patents... 9.20(810.05 Fancy pearl Nos.1.2.
City mills
3and 4
9.361810.05
7.00
For other tables usually given here, see page 56.
Wheat, New York
No. 2 red f.o.b
No. 1 Northern
No. 2 hard winter, f.o.b
Corn, New York
No. 2 yellow
No. 3 yellow
WEATHER BULLETIN FOR THE WEEK ENDED
JUNE 28.
-The general summary of the weather bulletin
issued by the Department of Agriculture, indicating the
influence of the weather for the week ended June 28 follows:
At the beginning of the week, cloudy, unsettled, and showery weather
prevailed from the northern Plains States eastward, and also from the
Ohio Valley southward, with additional rains in the west Gulf area and
In the Southeast. By the morning of the 22d, however, the weather had
become settled throughout the interior valleys, as well as quite generally
west of the Mississippi River, and little or no rain occurred in these areas
during the remainder of the week. Showers were reported from parts of
the far Northwest near its close.
By the morning of the 23d, considerably lower temperatures prevailed
in the Lake region, but they were higher in the Rocky Mountain area where
unusually warm weather prevailed for a few days. with maxima of 100
degrees reported from some stations in the west-central Great Plains and
central Rocky Mountain districts on the 24th. By the morning of the
25th it was much warmer over the eastern half of the country, but during
the latter part of the week, pressure was relatively high and considerably
cooler weather prevailed.
The week, as a whole, was rather cool in most of the eastern half of the
country, although the weekly mean temperatures were near normal in
Atlantic coast districts and in the Gulf area, as shown on Chart I. From
the Ohio and middle Mississippi Valleys northward, however, they averaged from 4 degrees to 6 degrees subnormal, while relatively cool weather
prevailed in parts of the more western States. Between the Mississippi
Valley and the Pacific Coast States, temperatures were moderate to high,
with the average for the week in most sections ranging from 3 degrees to as
much as 8 degrees above normal. The lowest temperatures reported in
most sections from the Lake region eastward were in the forties, but elsewhere quite generally east of the Rocky Mountains they were about 50
degrees, except in Appalachian districts. Over the southern half of the
country the weekly minima were 60 degrees to 70 degrees. Maximum
temperatures of 100 degrees were reported from some stations in the Great
Plains and Rocky Mountain districts, while readings exceeding 100 degrees
were reported locally from northwestern States on the 27th.
JULY 21927.]
THE CHRONICLE
Chart II shows that considerable precipitation occurred during the week
in the Southeast and in the Lake region. There were also generous rains
in the Pacific Northwest, and some substantial falls in the west Gulf area
and locally in the Central-Northern States. Elsewhere the weather was
generally fair, with most districts between the Mississippi River and
Rocky Mountains having practically a rainless week. Except in the more
eastern States and some Gulf districts, sunshine was abundant and practically continuous in most sections west of the Mississippi River.
Aside from slow growth of warm-weather crops, bemuse of continued
subnormal temperatures, in the area from the Ohio Valley northward,
the weather during the week Just closed was decidedly better than has
recently prevailed for both progress of crops and for farm work generally.
In the Lake region, rains at the beginning of the period were welcome, and
and later fair weather permitted good advance in field work. In the
Atlantic Coast States, conditions were generally favorable as the increased
warmth promoted better growth, and the mostly fair, sunny days favored
outside operations.
In the Southeast, additional rainfall hindered cultivation, resulting in
considerable complaint of grassy fields, but abundant soil moisture and
moderate warmth advance the growth of crops, except that unfavorable
dryness persisted in southern Florida. Elsewhere in the South irregular
showers and moderate temperatures made satisfactory weather conditions.
In the Wheat Belt the bright, sunny, and practically rainless weather
produced ideal conditions for harvest. In the Northwest the recent prevailing weather has been excellent, with an unusually generous supply of
soil moisture and mostly seasonable temperatures.
SMALL GRAINS.—Harvest of winter wheat made excellent advance,
under very favorable weather conditions, in practically all portions of the
belt where this work was in progress. In the East. cutting was under way
as far north as eastern Marvland, while in the interior, harvest was begun
as far north as northern Missouri and nearly to the northern border of
northeastern Kansas. Threshing progressed favorably in the Southwest,
with poor to fair yields. Spring wheat was still favorably affected by the
weather in practically all portions of the producing area, with the crop
beginning to head in early fields in parts of North Dakota.
Oats made satisfactory growth, but their condition varies greatly in some
interior valley districts. In the upper Mississippi Valley, early fields have
headed to extreme northern Iowa. Flax is up to a good stand in North
Dakota and the crop is doing well in other Northwestern States, while rice
made satisfactory advance in both Louisiana and Texas. Some buckwheat
was sown during the week in New York.
CORN.—The week brought considerable improvement in weather conditions as affecting the corn crop, although it continued too cool for good
growth from the Ohio Valley northward and the crop is quite generally
very late. In the trans-Mississippi States, where temperatures were moderate to high, progress was fair to very good and much cultivation was
accomplished, while in the Atlantic coast area, reports of improved outlook were widespread. In Iowa the state of corn varies greatly, ranging
from Just planted and not up in some backward southeastern sections to
laid by In some fields of the southwest. Cultivation is generally good west
of the Mississippi River and in more eastern States, but there were reports
of weedy fields in Ohio Valley sections. Early corn has come into silk as
far north as Oklahoma. Warm, dry weather is generally needed from the
central and northern Mississippi Valley States eastward.
COTTON.—Moderate temperatures and local showers were the rule in
the Cotton Belt. except that continuously fair weather prevailed in the
northwest portion, with very little rain in the extreme northeast. There was
considerable complaint of increased weevil activity in the southeastern
portion of the belt, extending as far west as the Mississippi Valley, and
also locally in Arkansas and Oklahoma, while continued rains prevented
needed cultivation in the lower Mississippi Valley and from Alabama eastward. Otherwise,conditions were generally favorable with growth of plants
mostly fair to very good.
Progress was good to excellent in the Carolinas, with plants squaring and
blooming freely in South Carolina. Growth was rapid in Georgia, but
fields need cultivation. Progress was mostly very good in Tennessee and
fair to good in the central Gulf States, though some fresh inundation
occurred locally in Louisiana. In Arkansas growth was excellent generally
and cultivation made good progress, though some fields were still grassy.
In Oklahoma, cotton fields are well cultivated, with early plants setting
squares and blooming in south-central and southeastern portions. In
Texas, growth was excellent, rank in places, and the general condition of
the crop Is mostly good. While there was some lack of cultivation and some
local shedding, plants are fruiting mostly fairly well.
125
Kentucky.—Louisville: Favorable for wheat harvest, which is being
completed in west and central, and continuing in east: curing well in
shock, but complaint of light heads. Much corn planted in north and
west, but will not be full crop; cultivation irregular and early weedy;
general condition and progress fair. Transplanting tobacco finished,
good stand and starting well; some cultivation.
THE DRY GOODS TRADE.
Friday Night, July 1 1927.
Although sentiment in the textile markets remains cheerful, actual sales are irregular. Activity is noted in some
divisions and continued quietness in others. Undoubtedly,
the most important development of the week was the furtherance of efforts for co-ordinated activities in the woolen
trade. While this is of particular interest to woolen men,
the result of this campaign may have an indirect bearing
upon the whole industry. Last week a meeting was held
wherein it was decided to try to end trade chaos and bring
about harmonized relations and actions among the various
branches of the woolen trade, such as manufacturing and
distribution. This week, another meeting was held which
resulted in the latter officially opening its drive to put itself
on a paying basis. The three salient features of this ambitious program are first, to establish a uniform basis of cost
accounting on an estimated 75% single shift capacity. Secondly, to broaden the market by industrial publicity and
advertising, and thirdly to influence selling agents to adhere to and stabilize prices. The above program was exhaustively discussed and unanimously adopted by the two
committees on production and distribution elected last week.
Another meeting will be called within a week or so, when
the above features will be taken up with more thoroughness. In regard to the silk division, prices for the raw product in primary markets are easier, but these bargain levels
are stimulating a somewhat better demand for the staple.
Some are even covering their probable third quarter requirements as stocks In mills' hands are believed to be unusually light. As to the finished product, while summer
fabrics are quiet, some improvement is noted in fall goods.
DOMESTIC COTTON GOODS.—Business in the market
for domestic cotton goods remains at about the same volume as the previous week. Orders are mostly confined to
small lots and, although the aggregate is quite large, the
total is still far below the high levels made during May and
early June. A number of explanations have been advanced
to account for the slackening. Among them is the claim
that the quietening is seasonal and normal for this time of
the year. Others state that the taking of inventories and
the approaching holidays are influencing buyers against
making commitments. On the other hand, one of the disturbing factors to mill men is the steady rise in the price
The Weather Bureau also furnishes the following resume of raw cotton. They are now anxiously awaiting the issuof the conditions in the different States:
of the first Government acreage report of this season,
North Carolina.—Raleigh: Favorable for field work, except some delay ance
in west first part of week by wet soil. Corn, tobacco, peanuts, sweet which Is due July 9. This will give the estimated acreage
potatoes, and truck good growth. Potatoes turned out better than ex- under cultivation. In the meantime, however, sentiment
pected. Tobacco much improved, though plants irregular size from
has continued confident and it is generally expected that
replanting. Progress of cotton very good; condition good to excellent.
South Carolina.—Columbia: Considerable progress in cultivation against the current quietening will result in a broadening demand
grass, notwithstanding frequent showers. Condition and progress of cotton good to excellent, with squares and bloom forming freely, but plants after the Independence Day holidays. Prices have mainrather sappy; weevil numerous and increasing, except in northwest. tained a firm undertone, and business is satisfactory along
Much old corn laid by; young corn and other crops vigorous. Sweet
certain lines. The majority of sales are centred in such
potato transplanting practically finished. Cereal threshing delayed.
Georgia—Atlanta; Rains continued and, though not excessive, inter- items as print cloths, sheetings, tickings, denims, cheviots,
rupted cultivation and most crops very grassy. Dry, sunny weather
needed. Growth of cotton rapid; condition fair to good, but needs cul- low-end ginghams and other related lines. The popularity
tivation: weevil numerous, but apparently doing little damage. Corn of wash goods has continued unabated and the recent wave
Improved and much laid by and interplanted with beans and peas. Toof hot weather succeeded in stimulating additional interest,
bacco greatly improved; curing continues. Sweet potatoes replanted.
Florida.—Jacksonville: Progress and condition of cotton very good, especially for •the novelty types. Stocks of these fabrics
but excessive rains unfavorable and some complaints of shedding. Freare quite low in retail channels and requests for prompt
quent showers and locally heavy rains, but insufficient in south
ous drought continues in extreme south. Citrus in west and on and seri- shipments have been numerous. Print cloths, 28-inch, 64 x
peninsula
show decided improvement: June bloom heavy. Corn, cane, and peanuts doing well, but fields getting grassy. Setting sweet potatoes and 64's construction, are quoted at 6c., and 27-inch, 64 x 60's, at
strawberry plants.
51 4c. Gray goods in the 39-inch, 68 x 72's construction, are
,
Alabama—Montgomery: Favorable for growth of corn, pastures,
and minor crops, except too wet in some sections of north where truck. quoted at 8%c., and 39-inch, 80 x 80's, at 10%c.
heavy
rains occurred during previous week. Rain seriously interfered with culWOOLEN GOODS.—Despite the fact that sales of wooltivation and fields generally very grassy. Condition of crops in general
mostly fair to good. Progress and condition of cotton mostly fair to good, ens and worsteds show only a moderate increase, sentiment
but needs warm, dry weather and cultivation; weevil in central and south. Is decidedly
better. This has been due to the efforts within
being numerous in south, but damage light; squares forming north to
the industry to put business on a paying basis, and to effect
Franklin County.
Mississippi.--Vicksburg: Mostly light showers where soil previously organized co-operation with this purpose in view. Furtherwet and good rains where soil previously dry caused cotton and corn to
make good growth and making needed cultivation possible. Weevil more, stocks are admittedly low, so that premiums have
numerous locally throughout with damage probably slight. Progress of been bid for certain fabrics for delivery before Aug. 1. the
gardens, pastures, and truck mostly good.
earliest date on which many of the mills have any yardage
Louisiana.'—Now Orleans: Some further inundation of cotton
In Madison Parish, but slight recession in flooded areas elsewhere. plantings available. Concerning the new men's wear spring lines for
Growth
of cotton very good, but fields grassy: weevil increasing and threatening;
moderato damage; blooming fairly well in all sections. Earnly corn ma- 1928, whereas many had believed that prices would not show
tured and mostly good; progress of late very good, but needs cultivation. • much change, sentiment has improved to such a degree that
Cane making excellent growth, where not flooded, and condition best in
somo years. Rice making satisfactory progress. Dry weather needed for higher levels are now considered as a possibility. Some
cotton and cultivation.
mill§ have been accepting limited orders prior to the official
Texas.--Houaton: Threshing winter wheat and oats made fair progross. Advance of pastures, corn, rice, and minor crops very good; con- openings, which are expected shortly.
dition fair to very good. Growth of cotton excellent and rank in places;
FOREIGN DRY GOODS.—Little change is noted in linen
condition good to very good; some shedding where showers frequent, but
fruiting fairly well generally; fields grassy where heavy rains: weevil and markets and conditions continue seasonally dull. Handlers
flea hopper increasing; damage generally slight; crop late in northwest
of knicker and suiting linens are quite discouraged with the
where planting Just about completed.
Oklahoma—Oklahoma City: Soil fairly moist, except dry in extreme poor response to offerings. A late and uncertain summer
northwest. Progress and condition of cotton generally very good; well
cultivated and early setting squares and bloom in south-central and south- has retarded purchases. Retailers' supplies appear ample
east where weevil infestation increasing. Progress and condition of corn for current needs and from present indications, a fair surgenerally very good; early in silk and tassel. Harvesting winter wheat plus of stocks will probably be on hand at the end of the
and oats nearly finished; threshing under way.
hesitancy is noticeable regarding comArkansas.—Little Rock: Weather favorable for all crops.
of season. As a result,
cotton excellent throughout State; condition generally very Growth al- mitments for 1928. The household division is also seasongood,
though some fields still grassy; blooming in southern counties: some weevil
in southwest. Progress and condition of corn fair; early being laid by ally dull, but the quietness is more pronounced than usual
in south. Favorable for cutting oats. Improvement noted in all minor at the beginning of July. Orders continue to be limited to
crops.
r„„essec.—Nasvhille: Condition and progress of corn excellent, ex- filling in lots at prices prevailing a few months ago. About
cept on lowlands of west where wet; much to be planted. Cotton fairly the only activity noted is in the handkerchief division. Burgood to excellent in west, noticeably in Shelby and Hardeman Counties;
mostly clean and fair in Haywood County. Spring oats heading well. laps continue quiet, although quotations are slightly higher.
Tobacco starting well with considerable cultivation.
Light weights are quoted at 6.95e., and heavies at 9.15c.
126
THE CHRONICLE
Obit anti Tity prirartiment
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NEWS ITEMS
Cuba (Republic of).—$9,000,000 53% Serial Gold
Bonds Sold.—A syndicate headed by J. P. Morgan & Co.,
and including Kuhn, Loeb & Co.; the National City Co.;
the Guaranty Co. of New York; Bankers Trust Co.; Harris,
Forbes & Co.; J. & W. Seligman & Co. and Dillon, Read &
Co., offered and quicky sold on July 1 the issue being over'
subscribed, $9,000,000 5% gold bonds of the Republic of
Cuba,at prices to yield 5.25% for all maturities, plus accrued
interest. Date July 1 1927. Due $900,000 July 1 1928 to
July 1 1937 incl. Coupon bonds in denom. of $1,000.
Prin. and int. payable in gold coin of the United States of
America of the present standard of weight and fineness,
free from any Cuban taxes present or future, at the office
of J. P. Morgan & Co., in the City of New York, or at the
option of the holder, at the office of the National City Bank
of New York in the City of Havana. Not redeemable
before the respective maturities.
Further information regarding this loan may be found in
our "Department of Current Events and Discussions"
on a preceding page.
Upper Austria (Province of).—$5,000,000 63'% External Gold Bonds Offered.—Blyth, Witter & Co. of New
York are offering $5,000,000 6 % external sinking fund
gold bonds of the Province of Upper Austria at 93U and
interest to yield 7%. Dated June 15 1927; due June 15
1957.
Interest payable June 15 and Dec. 15 at the office of the Chase National
Bank of the City of New York. fiscal agent. Non-redeemable except for
sinking fund prior to June 15 1930. Redeemable as a whole or in part on
45 days' notice on June 15 1930 or on any interest date thereafter at 102%
and interest, prior to June 15 1931, and thereafter at )4% less each year
prior to June 15 1935, and on and after June 15 1935 at 100 and interest.
Coupon bonds in denominations of $1,000 and $500. Denominations of
$1,000, registerable as to principal. Total authorized issue $7,500,000.
In connection with the provisions for the retirement of
these bonds the official offering says:
Cumulative sinking fund, commencing June 15 1928, sufficient to retire
the entire issue by maturity through the purchase of bonds at not exceeding 100 and interest or redemption by lot at that price.
Further information regarding this loan may be found in
our Department of "Current Events & Discussions" on
a preceding page.
North Carolina (State of).—County Finance Act.—The
1927 Legislature enacted a law regulating the debt incurring
power of counties in the State.
By the terms of Sections 4 to 7, counties may issue notes
in anticipation of revenue for the purpose of paying appropriations and for paying principal and interest on bonds.
Section 8 empowers counties to issue bonds for the following purposes:
(a) Erection and purchase of schoolhouses.
(b) Highway construction and reconstruction, including bridges and culverts.
(c) Bridge construction.
01) Erection and purchase of courthouse and jails including a public
auditorium within and as a part of a courthouse.
(e) Erection and purchase of county homes for the indigent and infirm.
(f) Erection and purchase of hospitals.
(g) Erection and purchase of public auditoriums.
(h) Elimination of grade crossings over railroads and interurban railways,
including approaches and damages, when not less than one-half of the cost
shall be payable to the county at one time, or from time to time under contract made with a railroad or interurban railway company, the bonds herein
authorized to be for the entire cost or any portion thereof.
(1) Acquisition and improvement of lands for public parks and playgrounds.
(j) Funding or refunding of valid indebtedness incurred before July 1
1927, if such indebtedness be payable at the time of the passage of the order
authorizing the bonds or be payable within one year thereafter, or,although
payable more than one year thereafter,is to be canceled prior to its maturity
and simultaneously with the issuance of the funding or refunding bonds,and
all debt not evidenced by bonds which was created for necessary expenses
of any county and which remains outstanding at the ratification of this
Act is hereby validated.
(k) A portion to be determined by the governing body of the cost of construction of bridges at county boundaries, when an adjoining county or
municipality, within or without the State, shall have agreed to pay the
remaining cost of construction.
(1) A portion to be determined by the governing body of the cost of
public buildings constructed or acquired in order that a part of such buildings may be used for a purpose hereinabove expressed when a municipality
within the county shall agree to pay the remaining cost.
'
In Section 11 annual payment of principal is required and
limits are placed upon the life of bonds, according to the purpose for which they are issued, as follows:
(a) Funding bonds,fifteen years.
Oa) Refunding bonds, twenty years.
Cc) Bridge bonds (including retaining walls and approaches),forty years,
unless constructed of wood, and in that case, ten years.
d) Elimination of grade crossings, thirty years.
tii) Lands for public parks and playgrounds, including Improvements,
buildings and equipment, forty years.
(f) Highway construction or reconstruction, including bridges and culverts, if the surface—
(1) Is constructed of sand and gravel, five years;
(2) Is of waterbound macadam or penetration process, ten years;
(3) Is of brick, blocks, sheet asphalt, bitulithic or bituminous concrete,
laid on a solid foundation, or is of concrete, twenty years.
(g) If, in the order or subsequent resolution, the governing body should
be unwilling to provide that the surface of highways to be constructed or
reconstructed with the proceeds of bonds shall have any surface described
above, it shall be lawful to provide for a different surfacing if the State
Highway Commission or the chairman thereof shall certify, and if an order
or resolution of the governing body shall recite such certification (which
recital shall be conclusive for the purpose of this Act) that the surfacing
so provided is believed to be of at feast equal durability with the surfacing
described in one or the other of the three classes of surfacing above described, and in that event the bonds shall not mature later than the period
hereinabove provided for such similar surfacing.
(h) Public buildings, if they are—
(1) Of fireproof construction, that is, a building the walls of which are
constructed of brick,stone,iron or other hard,incombustible materials, and
In which there are no wood beams or lintels, and in which the floors, roofs,
stair halls and public halls are built entirely of brick, stone, iron or other
hard, incombustible materials, and in which no woodwork or other inflammable materials are used in any of the partitions, flooring, or ceiling
OM the blinding shall be deemed to be Of fireproof constructiOn, nOtWith-
{Vol,. 125.
standing that elsewhere than in the stair halls and entrance halls there is
wooden flooring supported by wooden sleepers on top of the fireproof floor.
and that it contains wooden handrails and treads, made of hardwood, not
less than two inches thick), forty years;
(2) Of non-fireproof construction, that is, a building the outer walls of
which are constructed of brick, stone, iron or other hard, incombustible
materials, but which in any other respect differs from a fireproof building
as defined in this section thirty years;
(3) Of other construction, twenty years.
In Section 17 we find the following restriction placed upon
the amount of bonds that may be issued:
No order for the issuance of school bonds shall be passed unless it appears
from said sworn statements that the net school indebtedness does not exceed
5% of said assessed valuation, unless the bonds to be issued are funding or
refunding bonds;and no order shall be passed for the issuance of bonds other
than school bonds unless it appears from said sworn statement that the net
Indebtedness for other than school purposes does not exceed 5% of said
assessed valuation, unless the bonds to be issued are funding or refunding
bonds: Provided, however, that if the net school debt of any county shall, on
the day this Act is ratified. be in excess of four-fifths of the limitation above
fixed therefor, such order for the issuance of school bonds may be passed,
if the net debt shall not be increased thereby more than 2% of such assessed
valuation; and that if the net debt of any county for other than school purposes shall, on the day this Act is ratified, be in excess of four-fifths of the
limitations above fixed therefor, such order may be passed if the net debt
for other than school purposes shall not be increased thereby more than
2% of such assessed valuation: Provided further, that if any county shall
assume all outstanding indebtedness for school purposes of every city,
town, school district, school taxing district, township or other political
subdivision therein, the limit of the net debt of such county for school purposes, including the debt so assumed, shall be 8%, and the privilege of
creating or assuming an additional gross debt of 2% under certain circumtances shall not be allowed such county.
Section 37 provides that bonds must be sold at par or
better, after 10 days' advertisement, for sealed proposals.
Section 39 permits counties to make temporary borrowings
in anticipation of the sale of bonds.
Texas (State of).—Text of Decision That Attorney-General
Must Approve $500,000 Anderson County Road District No. 8
Bonds.—We present below the text of the decision of the State
Supreme Court that the Attorney-General must approve
$500,000 bonds of the Anderson County Road District No.8,
mention of which was made by us in V. 124, p. 3663:
This a mandamus proceeding brought by Anderson County Road District
No. 8, the County Judge and County Commissioners of Anderson County,
against the Attorney-General, for the purpose of requiring him to approve
$500,000 of road bonds previously voted by the electors of the Road District
at an election held for the purpose. Anderson County Road District No. 8
was created by order of the Commissioners' Court on the 13th of October
1922, under authority of the Constitution and laws of the State, particularly Section 52, Article 3 of the Constitution, Chapter 2, Title 18, Revised
Statutes of 1911, as amended by Chapter 203 Acts of 1917. Regular Session, and Chapter 18, Acts 4th Called Session of the 35th Legislature, Chapter 38, Acts of the 2d Called Session of the 36th Legislature, and Chapter
41. Acts of 1921. In other words. the District was created under the
road district laws of the State providing for the creation of districts by
County Commissioners' Courts and the issuance of bonds by vote of the
electors. The election was petitioned for by the voters, as provided by the
statute, ordered by the Commissioners' Court, and held on the 21st of
November 1922, for the purpose of determining whether or not the bonds
of Road District No. 8 should be issued in the total principal sum of
$1,500,000. No question is made but that the statute in all respects was
complied with in all proceedings leading up to the election, nor is any
question made but that the bonds were voted by the required constitutional
and statutory majority. In due course all the bonds authorized by the
election were issued, and, after approval by the Attorney-General, sold or
otherwise lawfully disposed of, save and except $500,000 thereof. This
action was brought to require the Attorney-General to approve the record
as provided by law as to the issuance of the last installment of $500,000
in bonds previously voted, as above stated. The Attorney-General has refused to approve the bond record, for reasons stated by him in his answer,
to the effect that the Supreme Court of the United States in the case of
Browning vs. Hooper (known as the Archer County Case) had declared
the law under which the bonds were issued repugnant to the due process
clause of the Federal Constitution, and that the Legislature was without
power to validate them, as it had attempted to do in the statutes hereafter
noted.
After the decision of the Supreme Court of the United States in the case
of Browning vs. Hooper, United States Reports. 70 Law Edition, page 153,
the Legislature was convened in special session by the Governor, for the
purpose, among others, of passing necessary and proper legislation to validate and legalize State, county, commissioners' precinct and special road
district bonds or securities, whose validity had been brought in question
by the decision in the Browning case, and to cure defects in the issuance
of such bonds or securities, etc. Tom Green County vs. Moody, 289 S. W.,
381. At this special session of the Legislature an Act was passed and
approved by the Governor, validating the creation of Road District No. 8
of Anderson County, and validating all proceedings leading up to the issuance of the bonds here in controversy, and their issuance as well. The first
and second section of this validating Act read as follows;
"Section 1. That Road District No. 8, of Anderson County, Texas, including within its limits the territory described and defined in that certain
order of the Commissioners' Court of Anderson County, Texas, passed and
adopted by said court on the 13th day of October 1922. recorded in Book
19, page 292 et seq., minutes of the Commissioners' Court of said county.
a certified copy of which order is on file in the office of the State Comptroller of Public Accounts, is hereby created and established as a defined
road district in said county, under authority of Section 52, of Article 3.
of the Constitution of the State of Texas, with like effect as though the
metes and bounds description thereof appeared herein, for the purpose of
constructing, maintaining and operating macadamized, graveled, or paved
roads and turnpikes, or in aid thereof, and such district is hereby made a
body corporate and taxing district under the Constitution and laws of the
State of Texas.
"Sec. 2. That the organization and establishment of said Road District
Number 8, of Anderson County, Texas, by the Commissioners' Court of said
county, is hereby approved, ratified and confirmed, and the power and
authority of said Commissioners' Court to create said territory into a separate road district and taxing district for the purpose of issuing bonds for
purchasing roads from other districts, and further constructing, maintaining
and operating macadamized, graveled, or paved roads and turnpikes, or in
aid thereof, and to levy and collect annually a direct general ad valorem
tax upon all of the taxable property therein appearing upon the assessment
rolls for State and county taxes, in payment of such bonds, be and the same
is hereby delegated, ratified, approved and confirmed."
The third section copied the order of the Commissioners' Court made in
ordering the election at which these bonds were voted haec verba, and declared that this order, which authorized the issuance of the bonds in controversy and the levy of a tax for their payments, etc., the notices of the
election, the form of ballot used, the canvass of votes, the declaration of
result, etc., are "hereby legalized, approved and validated."
Sections 4, 5, 6, 7 and 8 relate to bonds which have been heretofore
issued and disposed of, but voted at the same time and as a part of the same
issue as the bonds here involved. Those which were previously issued and
disposed of were validated by the Act, and were declared valid and binding
obligations of the district, and in all things relative to their issuance legalized and validated.
Section 9 legalized and validated the levy of taxes, expressly delegating
to the Commissioners' Court the power to continue to levy taxes for the
purpose of maturing the bonds.
Sections 10. 11 and 12 relate directly to the bonds in issue in this proceeding. These sections read as follows:
"See. 10. That, whereas, there now remains unissued and unsold bonds
in the sum of $500,000 of the said total authorized issue voted at the
election held in said Road District No. 8, on the 21st day of November
1922, and, whereas. the Commissioners' Court of said county by the said
JULY 2 1927.]
THE CHRONICLE
order of Feb. 8 1925 expressly reserved the right to thereafter issue the
said unissued bonds aggregating said $500,000, in addition to the bonds
that had been theretofore issued, and it is further enacted that the said
unissued bonds shall be issued and delivered after approval thereof by the
Attorney-General of the State of Texas, and registration thereof by the
State Comptroller of Public Accounts, and the said order of the County
Commissioners' Court reserving the right to issue such additional bonds is
hereby approved and confirmed, and power and authority is hereby expressly conferred upon the said court to adopt all orders and to do all
acts necessary in the issuance and sale of such unissued bonds, and the said
court is hereby expressly authorized and empowered to- levy a direct general ad valorem tax upon all taxable property in said road district, in addition to taxes heretofore levied for and on behalf of said district, for the
purpose of paying the interest on and principal of the said unissued bonds.
and which such taxes shall be levied, and proper provision made for their
assessment and collection, in all things as provided by law.
"Sec. 11. That said orders, and all other orders adopted by said County
Commissioners' Court in respect of said road district, bonds and taxes, as
the same appears upon the records of said court, or copies thereof duly
certified, are hereby constituted legal evidence of such orders, and shall
be authority for said court to annually levy, assess and collect taxes in an
amount sufficient to pay the principal of and interest upon said bonds as
the same mature and become due, such taxes to be levied and assessed upon
the value of taxable property in said road district as fixed for State and
county taxes, and that any and all acts and proceedings had and taken by
said court in the reconstruction of roads and turnpikes from the proceeds of
said bonds are hereby validated, approved and legalized,
"Sec. 12. That the Legislature hereby exercises the authority upon it
conferred by Section 52, of Article 3, of the Texas Constitution, and dealarm said defined district, as above described, to have been legal and valid
from the date of the adoption of said order, defining its boundaries, and
confirms and ratifies said acts and proceedings of said court in respect of
said election authorizing the issuance and sale of said bonds, and levy of
taxes to pay principal thereof and interest thereon and the construction of
roads and turnpikes with the proceeds thereof with like effect as though
at the time or times said acts and proceedings were done or had, there
existed statutory authority for the doing thereof, and the bonds of said district that have not been issued and sold, having been voted by the neces.
sary majority of the qualified electors in conformity with the provisions
and requirements of said Section 52, Article 3, of the Constitution, shall
be valid and binding obligations of said Road District No. 8, upon their
issuance and sale under the provisions of this Act."
In addition to the foregoing, the same session of the Legislature passed
a general law, Chapter 10 of the General Laws of the First Called Session
of the 39th Legislature, having for its object the validating of all road
bonds theretofore voted by any political subdivision or road district under
Section 62, Article 8, of theConstitution, and which bonds had not theretofore been issued and sold. Section 1 of this Act reads as follows:
"Section 1. That all road bonds heretofore voted and authorized by any
political subdivision, or by any road district, in accordance with the provisions and requirements of Section 52 of Article 3 of the Texas Constitution, and which bonds have not yet been issued and sold, are hereby validated, and the Commissioners' Court of the county including such political
subdivision or road district, shall have the power, and is hereby expressly
authorized, to make and enter any and all orders and provisions necessary
for the purpose of issuing and selling the bonds so authorized to be issued
by the qualified electors of such political subdivision or road district, and
such court is hereby further expressly authorized to levy general ad valorem
taxes on-all taxable property situated in such political subdivision or road
district as such taxable property appears upon the assessment rolls for
State and county taxes, in amount sufficient to pay the interest on such
bonds and the principal thereof at maturity, and such bonds, when approved by the Attorney-General, registered by the State Comptroller and
delivered shall be the general direct and binding obligations of such political subdivision or road district issuing the same."
The same session also passed another general Act. Chapter 17, General
Laws of the 39th Legislature, First Called Session, Sections 1, 2, 3 and 4
of which read as follows:
"Section 1. That whenever the County Commissioners' Court of any
county shall have caused to be described upon its records any defined portion of contiguous territory, located wholly within such county, for the
construction, maintenance and operation of macadamized. graveled or Paved
roads and turnpikes, or in aid thereof, located therein, each such defined
portion of contguous territory is hereby recognized as a legal body politic
and corporate of this State and as a road district for such road purposes
under authority of Section 62, of Article 8, of the Constitution of Texas,
and the creation of each such road district is hereby validated and legalised,
"Sec. 2. That the boundaries of each such road district are hereby desig.
nated as the same are described by metes and bounds upon the minutes or
records of the County Commissioners' Court of any county wherein a road
district has been heretofore established pursuant to any general or special
law, and such boundaries are hereby designated as the same appears upon
said record books of the County Commissioners' Court of the several counties in the State of Texas, and upon certified copies of such records on file
In the office of the State Comptroller of Public Accounts, and with like
effect as though the metes and bounds description of each such district was
here severally set out at large.
"Sec. 3. That where a two-thirds majority of the resident property taxpayers, being qualified electors thereof, of any such road district voting on
the proposition, having voted at an election held in such road district
called by the County Commissioners' Court of such county in favor of the
issuance of bonds of such road district and the levy of a tax upon the
able property therein for the purpose of paying interest on said bonds taxand
providing a sinking fund for the redemption thereof, for the construction,
maintenance and operation of macadamized, graveled or paved roads or
turnpikes, or in aid thereof, the canvass of said vote, revealing such majority, having been recorded in the minutes of said County Commissioners'
Court, and where thereafter the County Commissioners' Court of
county, by order adopted and recorded in its minutes, authorized the such
ie.suance of bonds of such road district, prescribed the date and maturity thereof
and rate of interest the bonds were to bear, the place of payment of prin.
cipal and interest, and provided for the levy of a tax upon the valuation of
taxable property in such road district according to the value thereof as
fixed for State and county purposes, sufficient to pay the interest on such
bonds and to produce a sinking fund sufficient to pay the bonds at
turity, and said bonds were sold and delivered and the proceeds receivedmaby
the County Treasurer of said county for the credit of all such road district, each such election and all acts and proceedings had and taken in connection therewith by such County Commissioners' Court in respect of such
bonds, levy of taxes and construction of roads and turnpikes are hereby
legalized, approved and validated; and such bonds so sold and delivered
are hereby validated and constituted the legal obligations of such road
district,
"Sec. 4. That taxes sufficient to pay the principal of and interest upon
said bonds, so levied for such purpose upon the valuation of taxable property in such road district, according to the value of taxable property as
determined for State and county purposes, are hereby found and fixed as
the amount to be raised in such road district, and constituted the basis for
such taxation, and the assessment and levy of such taxes is hereby validated and legalized; and that said taxes, in an amount sufficient to pay the
principal of and interest upon said bonds now outstanding, shall be
assessed and collected according to the value of taxable property annually
for State and county taxes by the County Commissioners' Court as fixed
each
such county, and express authority so to do is hereby delegated and of
granted
to such courts."
It is obvious from a reading of these special statutes that the purpose of
the Legislature was to validate road districts of the character here In.
volved, including this identical district, in all respects. The boundaries
of the district as selected by the petitioners, and as defined by the Cornmissioners' Court in its orders, the election at which the bonds were voted,
all orders of the Commissioners' Court, the taxes levied to pay the bonds,
and all other proceedings pertaining to the creation of the district the
levy of taxes, and the issuance of bonds, are by these several Acts of the
Legislature expressly ratified and validated.
By the Provisions of Chapter 10, previously quoted. the Commissioners'
Courts of the various counties having bonds heretofore voted but not issued,
are expressly authorized to make and enter any and all orders and provisions necessary for the purpose of issuing and selling the bonds, and to
levy general ad valorem taxes on all taxable property, in an amount sufficient to _pay the interest on the bonds and principal at maturity. The
Act then declares that said bonds, when approved by the Attorney-General
127
and registered as required by law, shall be the general, direct and binding
obligations of the political subdivision or road district within its terms.
The validating Acts are so comprehensive int heir terms that if the Legislature had the constitutional power to pass them, there can be no doubt
that the bonds here involved were validated, and that the Attorney-General
ought to approve the record. That the Legislature did have the constitutional power to pass these validating Acts, we regard as well settled by the
authorities. Tom Green County vs. Moody, 289 S. W.. 481; Noland County
vs. State, 83 Texas, 182; Charlotte Harbor, Northern Railway Co. vs. Wells.
260 U. S., 8; Kansas City Southern Ky. Co. vs. Road Improvement District
No. 3, 266 U. S. 370; Anderson vs. Santa Anna, 116 U. S., 356; Bolles vs.
Brimfield. 120 U. S., 762; County of Leavenworth vs. Barnes, 94 U. S., 70;
Schneck vs. Jeffersonville, 152 Ind. 204; St. Joseph Township vs. Rogers,
16 Wall. (U. S.), 644; Grenada oo. Supervisors vs. Brogden. 112 U. S.
261, 271; Swartz vs. Carlisle Borough, Anno. Cas., 1914B, 458; Cooley's
Constitutional Limitations (8th ed.) pp. 770, 778, 786; People vs. Stitt.
117 N. H., 784; People vs. Fifer, 117 N. E., 790; People vs. Woodruff, 117
N. E.. 791.
The general and established rule is, what the Legislature could have
authorized in the first instance, it can ratify if at the time of ratification
it has the initial authority to authorize. Charlotte Harbor
Northern Ky.
Co. vs. Wells, 260 U. S. 8; Tom Green Co. vs. Moody. 289 S. W., 381;
Nolan Co. vs. State, 83 Texas, 182, and other authorities supra.
That the Legislature could have defined and constituted the territory set
forth in the boundaries of Anderson County Road District No. 8 as a defined
road district under the Constitution and laws of this State, and authorized
the issuance of the bonds in controversy by a two-thirds vote of the qualifled electors, under the provisions of Section 52, Article 3, of the Constitution, and the levy of a general property tax to pay the bonds and all inter.
est thereon, is, we think, well settled by the authorities. Tom Green
County vs. Moody, 289 S. IV., 381 • Browning vs. Hooper, 269 U. S., 396;
Valley Farms Co. vs. Westchester,'261 U. S., 155; Hancock vs. Muskogee,
250 U.
454; Withnell vs. Construction Co., 249 U. S., 63, 69; Vernon's
Annotated Texas Constitution, Article 3, Section 52. Having the power to
S.'
create this road district in the first instance, and to authorize the issuance
of bonds and levy of taxes in connection therewith, it necessarily follows.
under the authorities we have cited, that the Legislature had the right to
validate the entire proceeding by the enactment of the laws cited and
quoted from.
A complete review of the authorities does not appear to be necessary,
but in view of the importance of the question we will direct particular
attention to some of them.
In the case of Charlotte Harbor Northern Ry. Co. vs. Wells, supra a
bill in equity was brought to declare illegal a special road and bridge
district in Florida, and restrain the County Commissioners from paying
out any funds in settlement of supposed obligations of the district. The
ground of the suit and the relief prayed for were based upon the pronesition that the district was constituted of territory which overlapped tere 3 inc i
lud
ritor3; 0arc oed
anistllorers tcict tle ietgere cae ond, ant thgt therefore
os en dista. wi ir
o crert te of he s
•
T
th
committed by the law of the State, as the law then existed, was without
power to establish the district. At some stage of the proceeding, not disclosed by the record, the Legislature of Florida passed an Act having for
its special purpose the validation of the action of the commissioners in
creating the road district with overlapping territory. The Act was passed
for the purpose of legalizing and validating the assessments made for the
construction of roads and bridges in the newly created district, the In.
debtedness incurred, and the warrants issued in payment of the expense
incident thereto, or which might thereafter be issued. The validating Act
also legalized the assessment and taxes in the district. In that case the
Legislature had the original power to have authorized the creation of a
district with overlapping territory, but it had not done so. The validating Act was attacked in the courts as being inhibited by the Fourteenth
Amendment to the Constitution of the United States, in that "the said bill
atempts to legalize a proceeding of the County Commissioners of De Soto
County, Fla., who were mere administrative officers and which proceed'
ing was void ab initio and without jurisdiction, and under which proceedlog certain taxes were levied against the property of your petitioner, prior
to the passage of said Act of the Legislature, and therefore the said Act of
the Legislature, in so far as it purports to create a liability on your orator
for taxes previously assessed against your orator under a proceeding said
administrative officers is void ab initio and without jurisdiction." The
Supreme Court of the United States sustained the validating Act, and de.
nied the relief, saying:
"In support of the contention of the petition, plaintiff in error makes a
distinction between a curative statute, which it is conceded a Legislature
has the power to pass, and a creative statute, which, it is the assertion.
a Legislature has not the power to pass. The argument in support of the
distinction is ingenious and attractive, but we are not disposed to review
it in detail.
"The general and established proposition is that what the Legislature
could have authorized it can ratify if it can authorize at the time of ratification. United States vs. Heinszen & Co., 206 U. S.. 370; Wagner vs.
Baltimore, 239 U. S., 207; Stockdale vs. Insurance Companies, 20 Wall..
323. And the power is necessary, that government may not be defeated
by omissions or inaccuracies in the exercise of functions necessary to its
administration." 260 U. S., 11, 12.
In the case of Kansas City Southern Ky. Co. vs. Road Improvement Diatrict No. 3, 266 U. S., 379, the controversy was over the constitutional
validity of an assessment of benefits accruing to railway Property from
the improvement of a public road in Sevier County, Arkansas. The district was made to embrace territory covering approximately three miles on
either side of a public road, and in this territory the railway company's
property with located. The estimated cost of the improvements was some
$200,000, and a tax was laid on all the real property within the district.
including the property of the railway company. Assessors appointed by
the county court assessed the benefits and set forth in their report the
names of the owners of each parcel of property, a description of it, its
present value for taxing purposes, and the amount of benefits assessed
against it When this assessment was completed it was to be filed in the
county court, where a review was had after notice; which court had power
to equalize and lower or raise the assessment of benefits to particular parcola, as justice might require. Frem this an appeal could be taken to the
circuit court, and a further appeal to the Supreme Court of the State.
There was located within the district some eleven miles of railway track,
a depot and other buildings. In regular course the assessments were reviewed by the County Court and confirmed, that court finding that the
lands and other real nroperty in the district would be "greatly benefited"
by the improvement, and that the assessment of benefits was "fair, just
and equal to all land owners." The railway company appealed to the Circult Court; while the appeal was there pending the Legislature passed a
special Act recognizing the creation and boundaries of the district, approving the plans for the improvement of the road, confirming the assessment of benefits as sustained by the County Court. and declaring that the
assessment "fairly represents the benefits that will accrue" to the railway's property and other tracts in the district. The railway company then
took the position that the legislative confirmation was open to the same
constitutional objections that were made to the original assessment. The
Supreme Court of the United States sustained the confirmatory Act of the
Arkansas Legislature, and sustained the assessments of benefits there made,
saying:
"The special confirmatory Act was recognized by the Supreme
the State as a legislative determination of the lands which will Court of
be bonefited and of the proportions in which they will share in the benefits. It
therefore must be treated here as an admissible legislative assessment of
benefits, so far as the State Constitution is concerned. . . . We conelude that the objections made to the assessments on constitutional grounds
are not well taken."
In the case of Anderson vs. Santa Anna, 116 U. S., 356, the facts, in so
far as necessary to an understanding of the opinion, were as follows: The
action was against the town of Santa Anna to recover on certain negotiable
bonds issued by it on the 1st day of October, 1867, under a legislative Act
to amend the articles of association of the Danville. etc., RR. Co.. approved
Feb. 28 1867. This law, for the purpose of aiding in the construction of
the railroad, authorized incorporated towns along its route to subscribe to
the capital stock of the company in any sum not exceeding $250,000.
Section 13 of the Act provided that no such subscription should be
until the question had been submitted to the legal voters of the town. made
elections were to be ordered upon presentation of a petition signed The
representative number of the legal voters and tax payers, in whichby a
the
amount to be subscribed was to be stated, notices were to be posted, and
`128
THE CHRONICLE
the elections held. The section, however, contained a proviso to the effect
that where elections may have theretofore been held and a majority of
the legal voters of any town were in favor of a subscription to the railroad,
then in that ease no other election need be held, and the amount so voted
for could be subscribed as in the Act provided. It contained also this
clause: "And such elections are hereby declared to be legal and valid as
though this Act had been in force at the time thereof and all the provisions hereof had been complied with." The bonds involved in this suit
issued under the Act of 1867 were not authorized by any election of the
voters of the town subsequent to the passage of the law providing for such
subscription and election. The election made the basis of these bonds
was held on the 21st of July 1866, at which the corporate authorities were
authorized by a majority vote to subscribe the sum of $50,000, payable in
bonds of the town. After the passage of the law in February 1867, some
six months after the vote had been taken, the city authorities executed
the bonds sued on. The Supreme Court of the United States held the bonds
valid, in part saying:
"The Legislature did not in any just sense impose a debt on Santa Anna
township against the will of its corporate authorities, the electors. The
Act embraces only townships which, by a majority of their legal voters, at
an election previously held, had declared for a subscription. That such
majority was given at an election held by the township in the customary
form is averred in the declaration and is admitted by the demurrer. The
curative act only gave effect to the declared will of the electors. As the
Constitution of the State did not provide any particular mode in which the
corporate authorities of a township should manifest their willingness or
desire to incur a municipal debt for railroad purposes, we perceive no
reason why the action of the majority of legal voters, at an election held in
advance of legislative action, might not be recognized by the Legislature
and constitute the basis of its subsequent assent to the creation of such
indebtedness, and its ratification of what had been done."
Continuing, the court said:
"In Grenada County vs. Brogden, 112 U. S., 261, 271, where somewhat
the same question was involved, we said: 'Since what was done in this
case by the constitutional majority of qualified electors and by the Board
of Supervisors of the county would have been legal and binding upon the
county had it been done under legislative authority previously conferred,
it is not perceived why subsequent legislative ratification is not. in the
absence of constitutional restrictions upon such legislation, equivalent to
original authority.' . . . It cannot be denied that the Legislature
could lawfully have authorized a subscription by Santa Anna Township to
the stock of this road, upon the assent, in some proper form, of a majority
of its legal voters. The Act of 1867 interfered with no vested right of
the township; for, as an organization entirely for public purposes, it had
no privileges or powers which were not subject, under the Constitution,
to legislative control. The statute did nothing more than to ratify and
confirm acts which the Legislature might lawfully have authorized in the
first instance." 116 U. S., 363; 364.
By an Act of the Legislature of Illinois incorporating the Dixon, Peoria
& Hannibal RR. Co., passed in March 1867, authority was given certain
cities and incorporated towns to subscribe to the stock of the railroad
company in amounts not exceeding $35,000. At an election called and
held subsequent to the passage of this Act, the town of Brimfield voted to
subscribe $35,000, and at the same time and place, but without legislative authority therefor, the same electors voted to make an additional
subscription of $15,000. In March 1869 the Legislature passed an Act reciting that the last named sum had been voted by a majority of the legal
voters of said township at said election, and provided that said election
"is hereby legalized and confirmed, and is declared to be binding upon
said township, and may be collected from said township, in the same manner as if said subscription had been made under the provisions of said
charter." An action was brought to recover upon the bonds, and resisted by
the municipality. It was not disputed that the bonds in suit would have
been valid obligations of the town of Brimfield if the election of Aug. 3
1868, at which they were voted, had been previously authorized by the
statute. The Supreme Court of the United States upheld the constitutionality of the curative Act and the validity of the bonds, and in its opinion
in part said:
"The question, then, is, could the Legislature, by subsequent ratification,
make that legal which was originally without legal sanction, but which it
might, in the first instance, have authorized? A negative answer :to this
question would be in conflict with numerous decisions of this court upon
the general question as to the power of a Legislature to enact curative
statutes, when not restrained by constitutional provisions—the last of those
decisions being Anderson vs. Santa Anna. We adhere to what has been
heretofore said by this court upon that subject. . . .
"We must presume, upon this record, that the Legislature ascertained, as
stated in the Act in question, that such a majority had, at the election of
Aug. 3 1868 voted for the additional subscription of $15,000; and we do
not see that the subsequent ratification by the Legislature of what had
been done by the voters can be regarded as imposing a debt upon them
against their will. The Legislature simply gave effect to the wishes of
the people, as expressed in the customary mode for ascertaining the popular will. Grenada County Supervisors vs. Brogden, 112 U. S. 261, 262;
Anderson vs. Santa Anna, 116 U. S. 356, 364." Bolles vs. Brimfield, 120
U. S., 762, 765.
The case of County of Leavenworth vs. Barnes, 94 U. S., 70, is one
where the necessary vote to authorize a valid action was taken before there
was and legislative Act authorizing the vote to be taken or
authorizing the creation of the obligation.
The suit was on
bonds issued under an Act of the State of Kansas, approved
Feb. 10 1865, to authorize counties and cities to issue bonds to railroad
companies. The Act authorized counties to make subscriptions to the capital stock of railroad companies, to issue its bonds in payment therefor,
upon previous assent of the electors of the county at an election held upon
notice. The contention was that without this Act there was no authority
In the county to issue the bonds in suit. The fourth section of the Act,
however, contained a provision to the effect that in case the Commissioners
of the county had theretofore submitted to the electors the question of
issuing bonds to the railroad company, and at such election the voters had
voted to issue the bonds, then the Board was authorized to issue them. The
Supreme Court sustained the validity of the bonds, against the objection
that the bonds were invalid for the reason that the only vote taken by the
electors of the county was before the passage of the Act authorizing them.
As to this, the Supreme Court of the United States in its opinion said:
"In the present case a majority of the electors voting declared themselves in favor of the subscription and issue of the bonds. This is all that
is required either by the first or fourth sections. The same rule is intended to be applied in each case. This is an explicit authority from the
Legislature to the County Board to adopt any previous expression of the
electors of their willingness to make such subscription. It is conclusive
on the point under consideration."
The facts in the rase. of Schneck vs. City of Jeffersonville, 152 Ind.. 204,
were briefly as follows: The City of Jeffersonville had issued bonds for
certain public improvements without the necessary corporate authority.
The issue of bonds was held invalid by the Supreme Court of Indiana in
the case of Myers vs. City of Jefferson, 145 Ind. 431. Subsequent to that
decision, on March 2 1897, the Legislature passed an Act "to legalize certain bonds issued by the City of Jeffersonville, and to permit said bonds
to be refunded, and declaring an emergency." The purpose of this statute
was to legalize and validate in all respects the bonds in controversy. The
insistence was that the Legislature did not possess the power, under the
circumstances, to legalize the bouds in dispute and authorize their refunding, and that the Act, by legalizing the bonds, created a debt, etc., in
violation of the constitutional limitations. The Supreme Court of Indiana
sustained the validity of the curative statute and of the bonds. The curative Act, describing the identical bonds in issue, declared that the bonds
"are hereby ratified, confirmed and declared legal and valid obligations of
such city, and the said ordinance of the Common Council and all acts in
respect to the issue of such bonds are hereby ratified, confirmed and made
legal." The Supreme Court, in sustaining the curative Act, in part said:
"This purpose or object, we are constrained to hold, was accomplished
by the Act in controversy, and that the law-making power thereby ratified,
confirmed and made legal the unauthorized power or authority which the
city through its Council, assumed to exercise. In its effect and operation
the Act must be held equivalent to conferring original legislative authority
upon the City of Jeffersonville which would have authorized it to incur the
indebtedness and issue the bonds to obtain the necessary means to defray
the debt; and these obligations must therefore be considered in the same
light as though they were valid ab initio, unless the curative statute can
be said to be open to the objections urged against it by appellant. That
[VoL. 125.
the Legislature has the power to enact legislation of the character of that
in question, in the absence of constitutional restrictions either Federal or
State, where vested rights have not intervened, is well affirmed and settled by many decisions, not only in this jurisdiction but elsewhere. Among
the number we cite the following: Walpole vs. Elliott, 18
258; Sithin
vs. Board. etc., 66 Ind., 109' Marks vs. Purdue University, 37 Ind.. 155;
Ind.'
Gardner vs. Haney, 86 Ind., 17; Cookerly vs. Duncan, 87 Ind.332; Muncie
Nat. Bank vs. Miller, 91 Ind., 441; Kelley. Treas., vs. State, ex rel.. 92
Ind., 236; Johnson vs. Board, etc., 107 Ind., 15; Bronson vs. Kinzie, 1 Howard, 310, 831; Gelpecke vs. City of Dubuque, 1 Wall., 175; Thomson vs.
Lee County, 3 Wall., 327; City of Larnpson, 9 Wall., 477; New Orleans vs.
Clark, 95 U. S., 644; Mattingly vs. District of Columbia, 97 U. S., 687:
Pompton vs. Cooper Union, 101 U. S., 196; Read vs. Plattsmouth. 107
U. S. 568, 2 Sup. Ct., 208; Quincy vs. Cooke, 107 U. S., 549, 2 Sup. Ct.,
614; Jonesboro City vs. Cairo, etc., R. Co. 110 U. S., 192, 4 Sup. Ct., 67;
'
Anderson vs. Santa Anna Tp., 116 U. S., 356, 6 Sup. Ct., 418; Bolles vs.
'
Brimfield, 120 U. S., 759, 7 Sup. Ct., 730; City of Bridgeport vs. Housatonic R. Co., 15 Conn. 475; Lycoming vs. Union, 15 Pa. St., 160; Sharpless vs. Mayor, etc., 21 Pa. St., 147; State, ex rel., vs. Mayor, etc., 10
Rich. (S. C.), 491; Simonton on Mun. Bonds, sections 256 and 257; Cooley
on Const. Lim., 466 Beach Pub. Corp., section 904."
Again the court said:
"The ratifying act of 1897 cannot be said to fasten unwillingly upon the
city the indebtedness, and thereby compel its payment. In a sense it
simply gives effect to the will of the city, as expressed by it in 1876.
through its Common Council, and no doubt also ratifies the desire of a
large majority of the resident freeholders, expressed, presumably, to the
Common Council, by means of petition or otherwise. . . .
"The contention of appellant's counsel that the Legislature was not em
powered to enact the statute in dispute, for the reason that it creates a
debt, and thereby the city, at the time of its passage, became indebted
in excess of the constitutional limit fixed by Section 1, Article 18. as
amended March 14 1881, is not tenable. The Legislature, by the Act in
question, neither created nor professed to create a debt. It simply recognized the indebtedness and bonds as having an existence in 1876, and ratified, confirmed and legalized them."
In the case of People vs. Stitt, 117 N. E., 784, a High School District had
been organized under a statute subsequently declared unconstitutional by
the Supreme Court of Illinois. People vs. Weis, 114 N. E., 331. The
alit, in form of quo warranto, was brought to oust the President and members of the School Board from their offices, because the law under which
the district was organized was void, as declared by the Supreme Court.
While the suit was pending the Legislature passed a curative Act validating
the creation of the school district. The insistence was made that the
curative Act could not validate the creation of the school district, because
the Act under which it had been organized had been held unconstitutional.
The Supreme Court of Illinois, after stating the rule which we have previously stated is the general one as to validating Acts, held the curative
Act valid, saying, in part:
"This doctrine as to curative statutes applies as well to laws that have
been held unconstitutional as to those laws that have been'held invalid for
other reasons. Ross vs. Board of Supervisors, 128 Iowa, 427. 104 N. W.,
506, 1 L. R. A. (N. S.). 431; Carlstadt Nat Bank vs. Borough of Hasbrouck Heights, 83 N. J. Law, 383, 84 Atl., 1069; State vs. Abraham, 64
Wash., 621, 11'7 Pac., 501 ; Whitlock vs. Hawkins, 105 Va., 242, 53 S. E.,
401', Donley vs. City of Pittsburgh, 147 Pa. 348, 23 AU.. 394, 30 Am.
228
St. Rep , 738. See also, Tiaeo vs. Forbes, ' U. S., 549, 33 Sup. Ct.,
.L. Ed, 960."
585, 57
The other Illinois cases cited by us are similar.
The opinions of this court, in so far as questions similar to those decided
by the cases cited and discussed have been presented, have been in line
with the decisions of the Supreme Court of the United States, and sustain
the validity of the curative statutes here involved. In the case of Tom
Green County vs. Moody, supra, one of the validating Acts in issue here
was involved, and its validity and effectiveness sustained. In the opinion.
by Associate Justice Greenwood, we said:
"We are, however, of the opinion that if the bonds were originally subject to attack on constitutional grounds, they have since been validated by
Act of the Legislature of Texas. The Governor convened the Legislature
in special session for the purpose, among others, of passing—'necessary
and proper legislation that will validate and legalize State, county, Commissioners' precinct and special road district bonds or securities whose
validity has been brought in question by the decision of any State or Federal court, or otherwise. And to cure any defects in the issuance of said
bonds or securities, or to provide by proper legislation to make said bonds
or securities binding and valid debts and obligations of the authority issuing the same.'
"The Governor. on Oct. 14 1926, approved the law, which became effective on that date, whereby the election at which the bonds here involved
were voted, the notice of the election, all orders of the Commsisioners'
Court, the taxes levied to pay the bonds, and all other proceedings pertaining to the bonds were each and all expressly ratified and validated.
"We have already shown that under principles repeatedly declared by
the Supreme Court of the United States the Legislature of Texas might
in the first instance have made any reasonable selection of the property to
be taxed for the improvement of the public roads in Tom Green County.
and could have levied ad valorem taxes on such property to pay the cost of
such improvement. There being no constitutional provision to the contrary, whatever the Legislature might originally have lawfully authorized
in respect to these matters it could subsequently confirm. The rule is
thus tersely put by Mr. Justice Gaines in Nolan County vs. State, 83 Tex.,
182, 17 S. W., 823, viz.:
"
'Where a contract which a municipal corporation has attempted to
create is invalid merely for want of legislative authority to create it, it
can be made valid by a subsequent law.'"
Under the authorities, we are convinced that the curative Acts passed
by the Legislature, and heretofore quoted in this opinion, were valid and
constitutional exertions of the legislative power, and were and are effective to make valid the bonds and all proceedings under which they were
issued involved in this case. It follows from the foregoing that it is the
duty of the Attorney-General to approve the bond record as prayed for,
and that the writ of mandamus ought to issue. Mandamus awarded.
CURETON, 0. J.
Associate Justice Greenwood not sitting.
Opinion delivered June 4 1927.
BOND PROPOSALS AND NEGOTIATIONS
this week have been as follows:
ALBANY INDEPENDENT SCHOOL DISTRICT, Stearns County,
Minn.—BOND SALE.—An issue of $8,000 school bonds was recently
sold.
ALLEGAN COUNTY (P. O. Allegan), Mich.—BOND SALE.—The
$31,600 road assessment District No. 12 bonds offered on June 10(V. 124.
p. 33861 were awarded to the Detroit Trust Co. of Detroit. Date May 1
1927.Due serially May 1 1929 to 1937, inclusive.
ALLEN COUNTY (P. 0. Lima), Ohio.—BOND OFFERING.—S. B.
Adgate, Clerk Board of County Commissioners, will receive sealed bids
until 12 m. July 22. for $116,700 53i% street impt. bonds. Date April
1 1927. Denom.$1,000. and one for $700. Due Oct 1. as follows: $12,000,
1927 to 1933 incl.; $11,000, 1934 and 1935; and $10,700, 1936. Prin. and
hat. (A. & 0.), payable at the County Treasurer's office. A certified
check payable to the County Treasurer, for $500 is required. Bidders
to satisfy themselves as to the legality of the bonds.
ALLEN COUNTY (Lima), Ohio.—BOND OFFERING.—S. B. Adgate,
Clerk Board of County Commissioners, will receive sealed bids until 12 m.
June 22, for $35.000 53.6% Pears Ave., impt. bonds. Date April 1 1927.
Denom. $500. Due $3,500, Oct 1, 1927 to 1936 incl. Prin. and Int. (A.
& O.), payable at the County Treasurer's office. A certified check,
payable to the order of the County Treasurer. for $500 is required. Successful bidder to satisfy himself as to the legality of the bonds.
ALLENTOWN, Lehigh County, Pa.—BOND OFFERING.—Sealed
bids will be received by the Mayor, until 9:30a. m. July 26, for $1.000,000.
4% city bonds. Date July 1 1927. Denom. $1,000. The bonds are
coupon and are free of State Tax. Bidders to pay accrued interest from
July 1. A certified check, payable to the order of the City for 2% of the
bonds bid for, is required, Bids are requested for all or any part of the
bonds offered.
JULY 2 1927.]
THE CHRONICLE
ALMO HEIGHTS (P. 0. San Antonio), Bever County, Tex.
BOND SALE.
-An issue of $350,000 paving, sewer and fire station bonds
have been sold.
ALVORD SCHOOL DISTRICT, Lyon County, Iowa.
-BOND SALE.
-The 830,000 4 % school bonds offered on June 21 were awarded to
Geo. M.Bechtel & Co. of Davenport at 102.
AMITE COUNTY (P. 0. Liberty), Miss.
-BOND OFFERING.Sealed bids will be received by the Clerk Board of Supervisors until July 4
for $15,000 6% school bonds.
ANNAPOLIS, Anne Arundel County, Md.-BOND SALE.
-The
$250,000 4%% coupon water improvement bonds offered on June 24-V.
124, p. 3387
-were awarded to the Mercantile Trust & Deposit Co. and
Stein Bros. & Boyce, both of Baltimore, jointly, at 102.34. Date Jtinie 1
1927.
ANNISTON, Calhoun County, Ala.
-BOND SALE.
-Caldwell & Co.
of Nashville was awarded on June 23 the $100,000 5'% school bonds at a
premium of $1,870, equal to 101.87, a basis of about 4.85%. Date July 1
1927. Denom.81.000. Due July 1 1947. Prin. and int. (J. & J.) payable
in gold at the Chase National Bank, New York City.
ANTHONY UNION HIGH SCHOOL DISTRICT (P. 0. Las Cruces
Alone Ana County, N. Mex.-BIDS REJECTED.
-All bids were rejected at the offering on June 28 of $80,000 5% or 5% school bonds.
V. 124, p. 3245.
APTOS SCHOOL DISTRICT (P. 0. Santa Cruz), Santa Cruz
County, Calif.
-BOND OFFERING.
-H. E. Miller, County Clerk, will
receive sealed bids until 2 p. m. July 7 for 823,000 5% school bonds. Date
June 15 1927. Denom. $500. Due semi-annually, 8500 in 1 to 23 years.
Prin. and int. (J. & D.), payable at the County Treasurer's office. A
certified check for 3% of the par value of the bonds bid for, payable to the
above-named official, is required.
ARLINGTON, Middlesex County, Mass.
-BOND SALE.
-The
$79000 4% water and street bonds offered on June 27-V. 124, p. 3802
were awarded to the Arlington Five Cents Savings Bank, at 100.89, a
basis of about 3.82%. Dated July 1 1927. Due serially 1928 to 1937 incl.
Other bidders were:
BidderRate Bid.
F. S. Moseley & Co
100.88
Estabrook & Co
100.78
Atlantic, Merrill Oldham Co
100.62
Old Colony Corp
100.528
R. L. Day & Co.
100.399
Harris, Forbes & Co
100.34
ARLINGTON, Middlesex County, Mass.
-TEMPORARY LOAN.The First National Bank of Boston, -has purchased a $100,000 temporary
loan on a 3.68% discount basis plus a premium of $8.00. Due December
7 1927.
ARNETT, Ellis County, Okla.
-BOND OFFERINO.-Sealed bids will
be received by the City Clerk, until July 7 for $30,000 water works system
and light plant bonds.
ATLANTIC COUNTY (P. 0. Atlantic City), N. J.
-BOND
Of the three issues of 4%% coupon or registered bonds aggregating SALE.
8395,000
offered on June 11-V. 124. p. 3387-$330.000 bonds were awarded to
the Equitable Trust Co. of Atlantic City, at a premium of $3.507, equal
to 101.06, a basis of about 4.37%. Dated June 1 1927. Due June
follows: $16,000, 1928 to 1937 incl.; and $17,000. 1938 to 1947 incl. 1 as
ATTLEBORO, Bristol County, Mass.
-TEMPORARY
Curtis & Sanger, have been awarded a $100,000 temporary LOAN. a
on
3.62% discount basis. Due December 6 1927. The following loan list of
is a
other bidders:
BidderDisc. Basis.
First National Bank, Attleboro
3.67
First National Bank, Boston (plus $4.00)
3.68 6,
Old Colony Corp., Boston
3.8851
7
Bank of Comeree & Trust Co., Boston
3.7357:
Grafton Co., Boston
3.74%
ATWOOD, Rawlins County, Kan.
-BOND SALE.
-The Shawnee
Investment Co. of Topeka, was recently awarded an issue of $42,667.82
4(% paving bonds at par.
BANGOR, Penobscot County. Maine.
-TEMPORARY
The Eastern Trust & Banking Co. of Bangor, has been awarded aLOAN.
$100.000
temporary loan on a 3.47% discount basis. Due Oct.
4, 1927. Other
bidders were:
BidderDi,. Basis.
Merrill Trust Co., Bangor
3.65%
First National Corp., Boston
3.72%
S. N. Bond & Co., Boston
3.79%
BEALLSVILLE, Monroe County, Ohio.
-BOND SALE-The
$12,000 6% coupon special assessment street improvement bonds offered
on
June 18-V. 124, p. 3525
-were awarded to A. E. Aub & Co. of Cleveland.
Date March 1 1927. Due 31,200, Sept. 1 1928 to 1937 incl.
BELLEVUE, Ida.
-BOND SALE.
-6% water bonds, dated Dec. 21
1909, optional July 11919, due July I 1929. $1,000 of these bonds
will be
paid July 1 1927. Number of bond not designated but
believe it must be
Bond No. 9.
BELLINGHAM, Wash.
-BOND ELECTION.
-An
on July 12 for the purpose of voting on the question election will be held
of issuing 8250,000
water system bonds.
BENTON COUNTY (P. 0. Fowler), Ind.
-BOND OFFERING.Elmer Schonkwiler, County Treasurer, will receive sealed
July 6, for ;28,470 4%% Parish Grove township road bids until 2 p. m.
bonds. Date June
15, 1927. Denom. 81,424. Due $1,424. June and Dec.
15 1928 to 1937
incl. Interest payable June and December 15th.
BENTON COUNTY (P. 0. Vinton), Iowa.
-BOND SALE.-Geo. M.
Bechtel & Co. of Davenport, was awarded on June 23 an
Issue of $200.000
434% road bonds, at 100.77.
129
BRAZOS INDEPENDENT SCHOOL DISTRICT, Texas.
-BONDS
REGISTERED.
-The State Comptroller registered on June 24 an issue of
$350,000 5% school bonds.
,
BRAZOS RIVER HARBOR NAVIGATION DISTRICT (P. 0. Freeport), Brazoria County, Tex.
-BOND OFFERINO.-Untll 2
July 29 E. C. Tobey, Chairman of Board of Navigation and Canalp.
Commissioners. will receive bids for 8589,000 534% coupon navigation bondsDenom. $1,000. Date April 10 1927. Interest A. & 0. Due yearly
on
April 10 as follows: $11,000, 1928 to 1934, inclusive: $12,000,
1935:
1936 to 1945, inclusive, and 830.000. 1946 to 1955, Inclusive. 820,000
Principal
and interest at Hanover National Bank, New York City. Legal opinion
Thomson, Wood & Hoffman, of New York. Certified check for 2% n
amount of bonds bid for, payable to Treasurer of Brazoria County, of
required.
BRISTOL THIRTEENTH SCHOOL DISTRICT, Hartford County,
Conn.
-BIDS REJECTED.
-The following bids submitted for the 8125.000
41 ccoupon school bonds offered on June 28-V.124, p.3303
7
-were rejected:
BidderRate Bid.
H. L. Allen & Co.
97.659
R. L. Day & Co.
97.559
BROCKTON, Plymouth County, Mass.
-TEMPORARY LOAN.
The Brockton National Bank has been awarded a 8300,000 temporary loan
on a 3.675% discount basis. Due Jan. 10 1928.
BROOKLINE, Norfolk County, Mass.
-NOTE SALE.
revenue notes offered on Juno 27-V. 124, p. 3803-were-The 8300,000
awarded to the
First National Bank of Boston, ozt a 3.62% discount basis, plus a
premium
of $14.00. Dated June 27. 1927. Due Nov. 2 1927.
BRUSH, Morgan County, Colo.
-BOND SALE.
-Two issues of bonds
were recently awarded as follows:
840,000 5% special improvement bonds to the Farmers State Bank
of
Brush at 101.
15,000 43(% general obligation bonds to Boettcher & Co. of Denver
at
100.79.
BRYSON INDEPENDENT SCHOOL DISTRICT (P. 0.
Bryson)
Jack County, Tex.
-BOND DESCRIPTION.
-The issue of $40.000
coupon school bonds which was awarded to Garrett & Co. of Dallas5%
on
April 1 (V. 124, p. 2488) is described as follows: 40
-year serial bonds in
denom.of$1.000. Principal and semi-annual interest (J. & D.)are
payable
at the American Exchange Bank.
BUFFALO, Wyo.-BOND CALL.
-Interest ceased July 1 on District
No. 1 special assessment bonds Nos.8 and 9. City Treasurer's office.
BUHLER, Reno County, Kan.
-BONDS VOTED-At the election
held on June 24 (V. 124. p. 3665) the voters authorized the issuance
of
$30.000 water bonds by a vote of 78 for to 36 against.
BUNCOMBE COUNTY (P.O. Asheville), No. Caro.
-BOND OFFERING.
-Goo. A. Digges, Jr.,
of Deeds, will receive sealed bids
until July 25 for 82,000,000 4
coupon road and bridge
July 1 1927. Denom. $1,000. Due July 1 as follows: $50.000,
1930 to
1939. incl., $75,000, 1940 to 1951, incl., and $100.000, 1952 to 1957. incl.
Prin. and int. payable at the Hanover National Bank. N. Y.City.
fied check for $40,000, payable to the County Treasurer, is A certirequired.
Legality approved by Storey, Thorndike, Palmer & Dodge of Boston.
CALDWELL COUNTY (P. 0. Lenoir), No. Caro.
-BOND SALE.
On June 28 the $50.000 5% coupon or registered road
bonds offered
that date
-V. 124, p. 3665
-were awarded to W. L. Slayton & Co. on
of
Toledo for $51,810, equal to 103.62, a basis of about 4.69%.
Date June 1
1927. Due $2,000 yearly on June 1 from 1932 to 1958 incl.
CALEXICO UNION HIGH SCHOOL DISTRICT (P. 0.
El Centro),
Imperial County, Cali,.
-BOND OFFERING.
Clerk, will receive sealed bids until July 6 for -S. M. Simpson, County
$50,000 6% school bonds.
Date June 7 1927.
CAMBRIDGE, Dorchester County, Md.-BOND DESCRIPT
ION.
The 850,000 434% coupon, with privilege of registration, civic
purchased by C. T. Williams & Co. of Baltimore, at 103.413,loan bonds
a basis of
about 4.15%-V. 124, p. 3665
-are described as follows: Date July 1
1927. Denom.of $1,000. Due $2,000. July 1 1928 to 1952 incl. Interest
payable J. & J. 1.
CAMDEN, Camden County, N. J.
-INTEREST RATE
-LEGALITY.
-The three issues of bonds, aggregating $2,162,000 scheduled for
July 6-V. 124. p. 3803-bear interest at the rate of 414%, are in sale on
with privilege of registered and the principal and interest is payablecoupon
at the First National Bank, Camden. Date July 1 1927. Denom. in gold
$1,000.
The United States Mtge. & Trust Co., will supervise the preparation
bonds and will certify as to their genuineness the validity of which of the
will be
approved by Hawkins, Delafield & Longfellow of New
fied check for 2% of each issue bid for, is required. York City. A certiFinancial Statement.
I. Indebtedness.
Gross Debt
Bonds
$12.194,410.00
Floating debt (including temporary bonds) 4,535,722.28
$16,730,132.28
Deductions
Water debt
$1,215,725.00
Sinking funds, other than for water bonds- 4,394,035.84
5.609.760.64
Net debt
811,120,371.64
Bonds to be issued:
Improvement bonds
$1.466,000.00
School bonds
565,000.00
Water bonds
131,000.00
Deduction of water bonds and of floating
debt to be funded by improvement and
school bonds, not otherwise deducted__
$2,162,000.00
1,681.613.51
500,386.49
Net debt, including bonds to be issued
$11,620,758.13
II. Assessed Valuations
Real property, including improvements 1927
8167.734,196.00
Personal property. 1927
$20,140,475.00
Population (Census 1920). 116,309: Estimated 1927, 130,000.
CANTON, St. Lawrence County, N. Y.
-BOND SALE.
-The
St. Lawrence County National Bank of Canton. has
two issues of 434% bonds, aggregating $19.700. purchased the following
at a premium of $215.
equal to 101.91:
$15,000 street improvement bonds.
$4.700 fire truck bonds.
CARTER,
BLOOMFIELD, Greene County, Ind.
-BOND OFFERING -Charles that $31,000 Beckham County, Ohlo.-BOND SALE.
-It is reported
6% water bonds have been sold to the Plersol Bond Co. of
E. Welch, President Board of Trustees, will receive sealed bids .
July 2 (to-day) for 810,000 43.t% school-building repair until 2 p. m. Oklahoma City at 100.16.
bonds. Date
June 1 1927. Denom. $500. Due as follows: 8500
CATS:ILL, Greene County, N.
-BOND OFFERING.
-Wilton
Jan. and July 1 1929 to 1937, inclusive, and $500 Jan.July 1 1928, $500 0. Edwards, Village Clerk, will receive Y.
11938. Principal
sealed bids
and interest (J. & D.) payable at the Bloomfield Trust Co.,
saving time), July 12. for $28,000 5% West Main until 2 p. m. (daylight
Bloomfield.
Street, concrete paving
bonds. Dated July 1 1927. Denom. $1,000. Due
BOGOTA, Bergen County, N. J.
-BOND DESCRIPT
82,000, July 1 1928
-The to 1941 incl. A certified check payable to the order of
8319,592.43 temporary improvement bonds purchased by ION.
James L. MacNee,
H. L. Allen Village Treasurer. for 81,400, is required.
& Co. of New York City, at 100.09-V. 124,_p. 3665
Legality approved by Clay.
-bear interest at the Dillon & Vandewater of New York City.
rate of 5% and are described as follows. Date June 1
1927. Coupon
bonds with privilege of registration. Due serially June 1
CENTRAL PARK WATER DISTRICT (P. 0.
1928 to 1933 County,
Oyster Bay), Nassau
incl. Interest payable J. & D.
N. Y.
-BOND OFFERING.
-Charles E.
will receive sealed bids until 330 p. m. July 12 Ransom, Town Clerk.
BOISE,Ida.
-BOND CALL.
for 8145,000 6% coupon
-Paving bonds, dated July 1 1914. Nos.
23 or registered water bonds. Date July 15 1927. Denom. 81.000. Due
to 27, inclusive. Interest ceased July 11927.
July 15 as follows: $9,000, 1932 to 1936, inclusive,
BONITA SCHOOL DISTRICT (P. 0. Bastrop), Morehouse
1946, inclusive. Rate of interest to be in multiples and 810,000, 1937 to
Parish
La.
-BOND SALE.
Principal and interest (J. & J. 15) payable in gold at of 1-10 or % of 1_70..
-The $35.000 5% school bonds offered on
June 24- tional Bank, Central
the Central Park
1
V. 124, p. 3387
-were awarded to the Bastrop State Bank,
Park. A certified check, payable to the town,NaBastrop, at a 2% of the bonds
for
premium of $10. equal to 100.02.
offered is required. Legality approved
Vandewater of New York City, whose favorable opinionby Clay, Dillon &
BOONE COUNTY (P.O. Lebanon),Ind.
will be furnished
-BOND SALE.
the successful bidder.
-The Union
Trust Co. of Indianapolis, has purchluied an issue of 815,600
04% road
CHALLIS, Idaho.
bonds, at a premium of $417, equal to 102.67.
-BOND CALL.
-Water 67
1912,optional July 1 1922, due July 11932. Bond bonds. Date July 1
BRAINTREE, Norfolk County, Mass.
No.12 for 8500,interest
-TEMPORARY LOAN.
ceased July 11927.
-The
$150,000 temporary loan offered on June 27-V.124,P.3803
-was awarded
CHAPEL HILL INDEPENDENT SCHOOL
to the Braintree National Bank. on a 3.68% discount basis.
Date July 1 BONDS REOISTERED.-The State Comptroller DISTRICT, Tex.
1927. Due Dec. 5 1927.
registered on June 18
an issue of $38,000
% school bonds.
BERKLEY, Oakland County, Mich.
-BOND OFFERING.
-W. G.
Baker, Village Clerk, will receive sealed bids until 9 p. m.
(eastern
time) July 7, for $97,000 special assessment sidewalk districts standard
Nos. 57
and 58: special assessment paving district No. 59: and
special assessment
widening district No. 60 bonds. The sidewalk and street
widening bonds
mature in 5
-years: and the paving bonds in 10
-years. Atcertified check,
payable to the Village Treasurer, for 82,000. is required.
BIENVILLE PARISH (P. 0. Arcadia), La.
-BOND OFFERING.
Sealed bids will be received by the Secretary of Police Jury
until July 2
(to-day) for $90.000 road bonds.
130
THE CHRONICLE
-Waterworks bonds 6%. Date July
-BOND CALL.
CHERAW, Col.
1 1917.optional July 1 1927 and due July 1 1932, called for payment interest
ceasing July 10 1927, payable at the office of Benwell & Co., Denver.
-Interest to cease Aug. 1 1927 on
CHEYENNE, Wyo.-BOND CALL.
Refunding Water bonds Nos. 48 to 132, and general refunding bonds
Nos. 29 to 98, dated April 1 1918, optional 1926, due 1936.
CLACKAMAS COUNTY SCHOOL DISTRICT NO.29(P.O. Oregon
-The $7,0005;.1 %Ischool warrants offered
-WARRANT SALE.
City),Ore.
-were awarded to the Bank of Commerce,
on June 11-V. 124, P. 3526
Oregon City.
CLARKE COUNTY SCHOOL DISTRICT NO. 90 (P. 0. Camas),
-The $58,000 school bonds offered on June 24Wash.
-BOND .SALE.
-were awarded to the State of Washington, as 4.405, at
V. 124_, p. 3665
par. Due 1947; optional after 1929.
-BOND SALE.
CLEARFIELD COUNTY (P. 0. Clearfield), Pa.
R. M. Snyder & Co. of Philadelphia. were awarded the $125,000 4%
coupon poor district improvement and repair bonds offered on June 28--on a bid of $128,910. equal to 103.128. a basis of about
V. 124. P. 3526
4.30% to maturity date and about 4.11% to optional date. Date July 1
1927. Due July 1 1952; optional after July 1 1937. Other bidders were:
Rate.
Prem.
102.159
Clearfield Trust Co., Clearfield
3888.75 103.1110
E.H. Rollins & Son, Philadelphia
3713.57 102.9708
Mellon National Bank, Pittsburgh
2870.75 102.2966
Newbold's Son & Co.. Philadelphia
101.099
M. Freeman & Co., Philadelphia
M.
-The issue
-BOND SALE.
CLINTON, Big Stone County, Minn.
on June 6-V. 124, p. 3388
of $10.000 5% water works bonds offered
was awarded to the Metropolitan National Co. at a premium of $35,
equal to 103.50.
-The
-BOND SALE.
CLINTONVILLE, Venango County, Pa.
Peoples National Bank of Clintonville, was awarded on June 17, an issue of
at par.
17.200 43.$% paving bonds
-Sealed bids
-BOND OFFERING.
COCOA, Brevard County, Fla.
12 for $115,000
will be received by H. G. Brunson, City Clerk, until JulyDenom. $1,000.
water works bonds. Date June 1 1927.
6% coupon
Incl.,
$8,000,
Due June 1 as follows: $5,000, 1930 to 1936.gold atand Brevard 1937 to
County
the
1946. incl. Prin. and int.(J. & D.), payable in Exchange Irving Trust Co.,
or at the American
Bank & Trust Co., Cocoa,
City is required.
N. Y. City. A certified check for $2,500 payable to theNew York City.
Legality approved by Clay, Dillon & Vandewater of
These are the bonds originally offered on June 24 (V. 124, p. 3526.)
CODINGTON COUNTY (P. 0. Watertown), So. Dak.-BOND
-The $200,000 434% court house bonds offered on June 27-V. 124,
SALE.
-were awarded to the Citizens National Bank and the First NaP. 3526
tional Bank, both of Watertown, jointly, at a premium of $2,051, equal
to 101.02.
-BONDS
COLLINGSWORTH COUNTY (P. 0. Wellington), Tex.
-The proposition of issuing the following bonds aggregating
DEFEATED.
-failed to
the election held on June 25-V. 124, P. 3246
$1,050,000 at
% road bonds.
TW.000
150 000 5% court house bonds.
-NOTE SALE.
-The $181,800
COLUMBUS, Franklin County, Ohio.
-were awarded to
promisory notes offered on June 27-V. 124, p. 3804
the Bankers Trust Co. of New York City, as 4.20s, at a premium of $10.00,
equal to 100.005, a basis of about 4.19%. Date July 1 1927. Due
Jan. 11929.
The following is a complete list of bidders:
Prem.
Int.
BidderPar
%
First Citizen Corp., Columbus
$213.00
4/i%
Braun, Bosworth & Co., Toledo
63.63
431%
Stranahan. Harris & Oaths, Toledo
Crau & Co., Cincinnati, and R. W. Pressprich & Co.,
33.00
4.30%
City
New York
76.00
4%
Herrick Co., Cleveland
55.00
4i%
Otis & Co.. Cleveland
434'%
13.00
Co., Chicago
Continental & Commercial
COLUMBUS SCHOOL DISTRICT, Franklin County, Ohio.-W. V. Drake, Clerk-Treasurer Board of Education,
NOTE OFFERING.
will receive sealed bids until 12 m. July 11 for $220,000 school notes. Date
July 15 1927. Denom. $5,000. Due Dec. 15 1927. Interest payable when
principal becomes due. Prin. and int. payable at the office of the abovementioned official. Bids to be based on rate of interest charged and
premium offered. A certified check payable to the above-mentioned official
for 1% of the notes offered is required. Legality approved by Squire,
Sanders & Dempsey of Cleveland.
-BOND OFFERING.-Harry
COLUMBUS, Franklin County, Ohio.
H.Turner, City Clerk, will receive sealed bids until 12in.(Eastern standard
time) July 28 for the following two issues of 43.5% bonds aggregating
$908,000:
$600.000 central police station and central heating construction bonds.
Due Feb. 1 as follows:$2,000 1930 and $26.000 1931 to 1953, incl.
308.000 city hall site No.2 bonds. Due $44,000 Feb. 1 1947 to 1953. incl.
Date Feb. 1 1927. Denom. $1,000. Principal and interest (F. & A.)
payable at the agency of the city of Columbus in New York City. A
certified check, payable to the City Treasurer, for 1% of the amount of
bonds bid for, is required. Transcripts of proceedings will be furnished
successful bidders, and sufficient time allowed within 10 days from the
time of said award, for the examination of such transcript by bidder's
attorney, and bids may be made subject to approval of same.
-TEMPORARY
CONCORD, Merrimack County, New Hampshire.
-S. N. Bond & Co. of Boston, were awarded on June 28 a $100,000
LOAN.
Tempoaray loan on a 3.78% discount basis, plus a premium of $2. Other
bidders were:
Discount Basis.
Bidder3.795%
Old Colony Corp.. Boston
383%
.
Boston
First National Bank,
-The $1,500,-BOND SALE.
Chicago), 111.
IlisCOOK COUNTY (P. 0.
-were
on June 28-V. 124. p. 3804
000 road and bridge bonds offered of the Illinois Merchants Trust Co.,
awarded to a syndicate composed
First
Continental & Commercial Trust & Savings Bank: and the about Trust &
4.20%.
Savings Bank. all of Chicago, as 45, at 99.69. a basis of
Date June 1 1927. Due $750,000 in 1928 and 1929.
-The Hational Bank of
SALE.
-BOND
CORRY, Erie County, Penn.
$28,000 43j% coupon Centre
Corry. was awarded on June 28 an issue of of 3578, equal to 102.06, basis
Street improvement bonds, at a premium
to
of about 4.33%. Date July 1 1927. Due July 1 as follows: $1,000, 1930
1934, incl., $2,000. 1935 and 1936; 83,000, 1937. and $4,000, 1938 to 1941,
nclusive.
-On July 19 an election
-BOND ELECTION.
CORVALLIS, Ore.
will be held to vote on the question of issuing $17.000 park bonds.
CROWELL INDEPENDENT SCHOOL DISTRICT Texas.-BONDS
-The State Comptroller registered on June 24 an issue of
REGISTERED.
% school bonds.
$80.000
-WARRANT SALE.
CRYSTAL CITY, Zavalla County, Texas.
The $60,030 water system warrants offered on June 22-V. 124, p. 3526
were sold to Davis & Dalton of Dallas.
-H.
-BOND OFFERING.
DEARBORN, Wayne County, Mich.
Knauff, Village Clerk, will receive sealed bids until 8 p. m. July 6 for
special assessment sewer bonds.
$7,000 not exceeding 6% district No. 12,
Date July 1 1927. Denom. $1,000. Due Oct. 1 as follows: $1.000. 1928
to 1930 incl.; and $2,000, 1931 and 1932. A certified check for $100, is
required.
-The principal
-LEGALITY.
DEARBORN, Wayne County, Mich.
and interest (A. & 0.) of the $500,000 sewer bonds awarded to the First
National Bank of Dearborn. as 4s,at 100.10. a basis of about 4.24%-is payable at the Fidelity Trust Co. of Detroit. Legality
V. 124, p. 3388
of the bonds has been approved by Miller, Canfield, Paddock & Stone of
Detroit.
DEER PARK VILLAGE SCHOOL DISTRICT (P. 0. Rossmoyne),
-The $65.000 5% school
-BOND SALE.
Hamilton County, Ohio.
-were awarded to Seasongood
bonds offered on June 24-Y. 124, p. 3526
Mayer of Cincinnati at 104.30, a basis of about 4.52%. Date March 1
&
[VOL. 125.
1927. Due Sept. 1 as follows: $2,500. 1928 to 1931 incl., and $3,000.
in even years and $2,500 in odd years from 1932 to 1952 incl.
-BONDS REGISTERED.
DELTA COUNTY (P. 0. Cooper), Tex.
The State Comptroller registered on June 20 an issue of $34.000 5% refunding bonds.
-BOND OFFERING.
DOLGEVILLE, Herkimer County, N. Y.
Edward C. Rive, Village Clerk, will receive sealed bids until 7:30 p. m.
July 5 for the following two issues of coupon or registered 454% bonds,
aggregating $24,000:
$18.000 water works bonds. Due $3,000 June 1 1928 to 1933, incl.
6.000 highway bonds. Due $1,000 June 1 1928-1933, incl.
Date June 1 1927. Denom. $1,000. Prin. and int. (J. & D.) payable
In gold at the First National Bank, Dolgeville. A certified check payable
to the village, for $500, is required. Legality approved by Clay, Dillon &
Vandewater of New York City. These are the bonds originally scheduled
for sale on June 21.-V. 124, p. 3665.
DONA ANA COUNTY SCHOOL DISTRICT NO. 6 (P. 0. Las
-All bids received for the $8,500
Cruces), N. Mex.-BIDS REJECTED.
-were
not to exceed 6% school bonds offered o nJune 28-V. 124, p. 3388
rejected.
-Arthur Wick,
Mich.
-BOND OFFERING.
DOWAGIAC,Cass County,
City Clerk, will receive sealed bids until 6 p. m. (to be opened at 8 p. in.)
July 18 for $22,000 5% city bonds. Denom. $1,000. Due Nov. 1 as
follows: $5,000 1938 to 1941, incl., and $2,000 1942. A certified check,
payable to the order of the city for $500, is required.
-BOND ELECTION.
DUBUQUE COUNTY(P.O. Dubuque),Iowa.
An election will be held in July for the purpose of voting on the question
of issuing $65.000 flood protection and drainage district bonds.
DUNBARTON HIGH SCHOOL DISTRICT (P. 0. Barnwell),
Barnwell County, So. Caro.-PURCHASER--DESCRIPTION.-Tbe
$22,000 coupon school bonds reported sold in V. 124, p. 3527. were taken
on March 29 by Caldwell & Co. of Nashville, who paid $23,070, equal
ds
to 104.86, for 6% bon,a basis of about 5.43%. Denom. $1.000. Date
t. A. & 0. Due $1,000 yearly from 1928 to 1949 incl.
April 1 1927.
-The
-BOND OFFERING.
DYERSBURG, Dyer County, Tenn.
city on July 5 will sell $48,000 street improvement bonds.
Island.
-BOND SALE.
EAST GREENWICH,Kent County, Rhode
The $250,000 451% school bonds offered on June 23-V. 124, p. 3527
City Co. of Boston at 98.66, a basis of about
were awarded to the National
4.35%. Date July 1 1927. Due July 1 as follows: 35,000, 1933 to 1935
incl.: $6,000, 1936 and 1937; $7,000. 1938 and 1939: 38.000, 1940 and
1941; 59.000. 1942 and 1943: 310.000, 1944 to 1946 incl.: $11,000, 1947 and
1948; 312.000, 1949 and 1950: 313.000, 1951 and 1952; 514,000, 1953 and
1954, and $15,000. 1955 to 1957 incl.
-BOND OFFERING.EAST HAVEN, New Haven County Conn.
Henry H. Bradley. Town Treasurer, wilereceive sealed bids until 4 p. in.
4Yi% Town and street improvement bonds. Date
July 11 for $165.000
Aug. 1 1927. Denom. $1,000. Due $5,000 Aug. 1 1929 to MI,
Prin. and int. (F. .Sc A.) payable at the First National Bank, New Haven.
A certified check for $1,000 is required. Legality approved by George D.
Watrous.
-BOND OFFERING.
ECORSE (P. 0. Ecorse Station), Mich.
Isabel Morris, Village Clerk, will receive sealed bids until 7:30 p. m.
(eastern standard time) July 12, for $41.400 5% sanitary sewer system
bonds. Date Aug. 1 1927. The bonds will run for thirty years from date.
A certified check for 1% of the bonds offered, is required. These bopds
were voted on June 20 1927.
-The State Comptroller
-BONDS REGISTERED.
EDINBURG, Tex.
registered on June 18 an issue of $56.000 6% hospital bonds.
-BOND OFFERING.
ELKHART COUNTY (P. 0. Goshen), Ind.
Elizabeth Miltenberger, County Treasurer, will receive sealed bids until
10 a. m. July 7, for the following two issues of 4A % bonds aggregating
$19800:
,
800 Charles S. Rohrer et al, township unit road No. U-2 road bonds.
$12,
Denom. $320. Due $320 May and Nov. 15 1928 to 1937 incl.
7,000 Ralph Vail township unit No. S-2 road bonds. Denom. $175.
Due $175 May and Nov .15 1928 to 1947 incl.
Date June 15 1927. The bonds are coupon.
-BOND OFFERING.-Davld
ELWOOD, Madison County, Ind.
L. Whitaker. City Treasurer, will receive sealed bids until 2 p. in. July 16,
for $15,000 4)4% coupon Calloway Park bonds. Dated July 1 1927.
Denom. $1,000. Due July 1 as follows: $10,000, 1937; $3,000, 1938:
and 32,000. 1939. Prin. and int. (J. & J.), payable at the First National
Bank, Elwood. A certified check for $500, is required.
-BOND OFFERING.
-G. C.
FAIRFIELD, Jefferson County, Ala.
Culpepper, City Clerk and Treasurer, will receive bids until 8 p. m. Aug.
Date Aug. 1
1. for $24.000 6% street impt. bonds. Denom. $1,000. U. S. Mtge. &
1927. Prin. and semi-ann. Int. (F. & A.), payable at the
Trust Co., N. Y. Due 1937. Certified check for $500 required. Legal
opinion of Storey, Thorndike, Palmer & Dodge of Boston.
FAIRFIELD UNION FREE SCHOOL DISTRICT NO. 5 (P. 0.
-The
-BIDS REJECTED.
Middleville), Herkimer County., N. Y.
% coupon or registered bonds offered on June 28-V. 124.
$150,000
sold as all bids submitted for same were rejected.
p. 3666-were not
Date April 1. 1927. Due $5,000, Jan. 1 1928 to 1957 incl.
The following is a list of bids submitted:
Rate Bid.
Bidder101.02
Pulleyn & Co., N.Y.
101.47
George B. Gibbons & Co., N. Y
100.02
R. F. De Yoe & Co., N. Y.
Manufacturers& Traders Peoples Trust Co.,Buffalo,and the Citizens
100.69
Trust Co., Utica
-The
FALL RIVER, Bristol County, Mass. TEMPORARY LOAN.
was awarded on June 28, a $500,000 temFirst National Bank of Boston
porary loan on a 3.62% discount basis, plus a premium of $11.00.Due
November 15 1927.
-The
-TEMPORARY LOAN.
FALL RIVER, Bristol County, Mass.
First National Bank of Boston. was awarded on June 28, a $500,000 temporary loan on a 3.62% discount basis plus a premium of $11.00. Due
November 15 1927.
-BOND SALE.
-The
FARMINGDALE, Monmouth County, N. J.
$20,000 5% water works system bonds offered on June 29 (V. 124. P. 3666)
Bank of Spring Bank at 102, a basis
were awarded to the First National
of about 4.83%. Due $500 July 1 1928 to 1967, Inclusive.
-BONDS REGISFAYETTE COUNTY (P. 0. Lagrange) Tex.
-The State Comptroller registered on June 20 an issue of $120,000
TERED.
5% road bonds.
FERGUS COUNTY SCHOOL DISTRICT NO. 35 (P. 0. Buffalo),
-The $25,000 school bonds offered on June 27
Mont.
-BOND SALE.
-V. 124, p. 3527
-were awarded to the State Land Board, Helena, as
5l45 at par. Date June 1 1927. Due in 12 years, optional after 5 years.
-BOND SALE.
-The
FOREST CITY, Winnebago County, Iowa.
-were
310.000 public library bonds offered on June 27-V. 124, p. 3805
at a premium of
awarded to Geo. M. Bechtel & Co. of Davenport as 4
$50, equal to 100.50. Date July 1 1927. Coupon bonds in denom. of
51.000. Due serially. Nov. 1 1929 to 1942 incl. Interest M. & N.
.Peter
FROSTBURG, Allegany County, Md.-BOND OFFERING
Lammert, City Clerk, will receive sealed bids until 6 p. m.(to be opened at
730 p. m.) July 5 for $100,000 5% improvement and refunding floating
bonds. Date Aug. 1 1927. Denom. $1,000. Due Aug. 1 1952; optional
after Aug. 11937.
-The $114,00.) coupon series
-BOND SALE.
GATES, New York.
No. 1, street improvement bonds offered on June 27-V. 124.
Sage, Wolcott & Steel of Rochester, as 4)4s,
-were awarded to
P. 3805
at 100.69 a basis of about 4.39%. Date June 1 1927. Due April 1 as
follows: $8,000. 1928 to 1941 incl.; and $2,000. 1942.
-The Cities
-BOND SALE.
GRANT COUNTY (P. 0. Marion), Ind.
Securities Corp. of Indianapolis were awarded on June 25 an issue of
$50,800 4 % road bonds at a premium of $1,287, equal to 102.53, a basis
of about 4.01%. Date June 15 1927. Denom. $2,540. Due $2,540
May 15 and Nov. 15 1928 to 1937, incl. Interest payable M. & N.
-BOND SALE.
GARY SCHOOL DISTRICT, Lake County, Ind.
The$120.000 4)4% coupon school bonds offered on June 28(V.124,p.3527)
JULY 2 1927.]
THE CHRONICLE
131
were awarded to the Fletcher Savings & Trust Co. of Indianap
olis at a
HUNTINGTON COUNTY (P. 0. Huntington),
premium of $7,217, equal to 106.01, a basis of about
Ind.
-BOND
-Paul G. Weber. County Treasurer, will receive sealed bids OF1927. Due $8,000 July 1 1933 to 1947 inclusive. 3.91%. Dated July 1 FERING.
until
10 a. in. July 7 for $13_,000
% Jackson Tovrnship gravel road bonds.
Other bidders were:
Dated June 15 1927. Denom. $650. Due $650 May aid
For 44% BondsPrice Bid. to 1937 incl. The bonds are coupon. Interest payable M. Nov. 15 1928
Meyer-Ki.ser Bank, Indianapolis,Ind
St N. 15.
$125,940
For 447 BondsHUNTINGTON PARK UNION HIGH SCHOOL DISTRI
0
CT (P. 0.
Fletcher Savings & Trust Co., Indianapolis. Ind
Los Angeles), Los Angeles County,Calif.
-BOND SALE.-The$300,000
124,242 5% school bonds offered
Paine, Webber & Co., New York
on June 20-V. 124, p. 3667
-were awarded to the
121,008 Bank of Italy, San Francisc
For 4% Bonds
o at a premium of $22,743, equal
Fletcher Savings & Trust Co., Indianapolis, Ind
basis of about 4.41%. Date May 1 1927. Due $10.000, to 107.58, a
121,313 to 1962 incl.
May 1 1933
Meyer-Kiser Bank, Indianapolis, Ind
121,505
Fletcher American Co., Indianapolis, Ind
HUTCHINSON (P. 0. Reno), Kan.
120.413
-BOND OFFERING.
-H. R.
GREENFIELD, Weakley County, Tenn.
Oboe, City
-BOND SALE.
-Little, of$44,094. Clerk, will receive sealed bids until 4:30 p. m. July 5 for an issue
Wooten & Co. of Jackson have been awarded the followin
54
% paving bonds. Date July 11927. Prin. and semi-ann.
g two issues of 'int.
bonds aggregating $100.000:
payable J. & J. Due serially in from 1 to 10 years. Certifie
d check
$50,000 5
street bonds. Due June 1 1947.
for 2% of total amount of bid required.
50,000 5
0 sewer bonds. Due June 1 1952.
IDAHO, State of (P. 0. Boise).
-NOTE SALE.
Date June 11927. Denom. $1,000.
-The $250,000
treasury notes offered on June 22 were awarded to the First
GROTON INDEPENDENT CONSO
New York, and the Ralph Schneeloch Co. of Portland. National Bank,
jointly, as 4.07s.
NO. 1, So. Dak.-BOND ELECTION.LIDATED SCHOOL DISTRICT Date June 20 1927. Due June
-An election will be
for the purpose of voting on the question of issuing $100,00 held in July National Park Bank, New York 30 1928. Prin. and int., payable at the
City.
0 school bonds.
Other bidders were:
GRUNDY COUNTY (P. 0. Grundy Center), Iowa.
-BONDS DEBidderFEATED.
Rate Bid. Prem,
-The proposition of issuing $600,000 road
held on June 21 (V. 124. P. 3666), failed to carry. bonds at the election International Trust Co., Denver, Col.. and Bankers Trust
The vote was 2,015
Co., N. Y. City
against the issue to 1,024 for it. The total vote, 3,039 is
4 08% Par
considered a light E. B. Palmer Co., Salt Lake City, Utah
one.
Childs & Co., Boise, and R. W. n•mprich & Co., N. Y_ 4 10% $17.00
_A.15%
25.00
GUERNSEY' Wyo.-BOND CALL.
-6% water bonds, dated Jan. 1
IDAHO FALLS, Idaho.
-BOND CALL.-Municiapal coupon
1910. optional Jan. 1 1925, due Jan. 1940; bonds Nos.
7 to 10, for $500 Nos. 26 to 32, incl., called July 11927. payable at Harris, Forbes bonds
each; interest ceasing July 1 1927. 1
& Co.,
New York City. (Only information given.)
HAGERMAN, N. Mex.-BOND CALL.
-6% water bonds,
INDIANAPOLIS, Marion County, Ind.
-BOND OFFERING.
1914, optional 1924. due 1934. Bonds Nos.4 to 9 and No. 13 dated May 1 Buser,
-W.C.
to be paid.
City Comptroller, will receive sealed bids until 11 a. in. July
18 for
HANOVER TOWNSHIP(P.O. Wilkes Barre R.F.D. No.
312,500
% coupon fire station house site bonds. Dated
1), Luzerne Denom.
County, Pa.
-BOND OFFERING.
51.000.000 for $500. Due Jan. 1 as folllows: $1,000.July 1 1927.
-A. J. Davis, Secretary Board of
1929 to 1940
Commissioners, will receive sealed bids until 10 a.
incl., and $500, 1941. Prin. and int. (J. &
payable at the
5% coupon township bonds. Date Aug. 1 1927. in. July 16 for $48,000 urer's office. A certified check payable to J.) City Treasure City Treasthe
r for 2% of
Aug. 1 as follows: $3,000, 1929 to 1940 incl., andDenom. $1,000. Due the bonds offered is required.
$4,000, 1941 to 1943
incl. A certified check, payable to the Townshi
p Treasurer. for 51.000
ISLIP UNION FREE SCHOOL DISTRICT NO,1 (P.O. Bay
is required.
Shore),
Suffolk County, New York.
-BOND OFFERING.
-Fred C.Ilendricicson,
HARRIS COUNTY (P. 0. Houston), Texas.
District Clerk, will receive sealed bids
-BIDS REJECTED.
- 5% coupon or registered school bonds. until 8 P. in. July 15 for $52,000
All
received for the $1,500,000 5% port facilities bonds
Date July 1 1927. Denom.31,000.
offered on Due July 1 as follows:
June 23-V. 124, p. 3666
-were rejected.
37,000. 1928;
1929 to
Prin. and int. (J. & J.) payable at theand $5,000.Bank, Bay1937, incl.
South
HAVERFORD TOWNSHIP (P.O. Upper Darby), Delawar
Shore. A
certified check for 2% of the bonds offered is Side
e
required.
Pa.
-BOND OFFERING.
-H. A. Fritschman, Secretary of BoardCounty,
of Commissioners, will receive sealed bids until 12 m. (Eastern
JEFFERSON AND MADISON COUNTIES JOINT SCHOO
L DISstandard time) TRICT NO.4(P.0.
July 11, for $85,000 47 coupon township bonds.
Whitehall), Mont.
0
-BOND OFFERING.-Proposals
Date July
Denom. $1,000. Due July 1 1957; optional after July 1929. 1 1927. for $50,000 school bonds will be received until 8 p. m.July 17 by
1
E. Harden,
A certi- District Clerk. Certifie
fied check, payable to the order of the township,
d check for 51.000 required.
for 2% of the bonds
offered is required. Legality approved by Saul.
JOHNSONBURG SCHOOL DISTRICT, Elk
Ewing, emock & Saul
of Philadelphia and Lutz, Ervin, Reeser & Fronefie
County, Pa.
-BOND
ld of Media, whose OFFERING.
--Gladys Harrington, Secretary Board of School Director
opinion will be furnished the successful bidder.
s,
will receive sealed bids untol 5 p. m. July 15, for $75,000
5% school bonds.
Date July 1 1927. Denom.$5013 and $100. Due July
HAZELHURST, Jefferson Davis County, Ga.-B
1 as follows: $25,000
OND SALE.- 1932; $30,000
J. H. Hilsman & Co. of Atlanta have been awarded
, 1937, and 320,000, 1942. A certified check payable
an issue of $25.000 District Treasure
to the
5% sanitary sewer bonds. Date May 2 1927.
r, for 5% of the bonds offered is required.
Denom. $1,000. Due
$1,000 Nov. 1 1931 to 1935 incl. Prin. and int. (M.
KENMORE, SUMMIT COUNTY, Ohio.
& N.) payable at
the Hanover National Bank, N. Y. City. Lgeallty
-BOND OFFERING.
-H. D.
approved by Storey, Willis, City Auditor, will receive sealed bids until
Thorndike, Palmer & Dodge of Boston.
12 in. (central standard
time) July 9, for $6,615 5% fire department
equipment bonds. Date
Financial Statement.
July 1 1927. Denom. $1,000, one for $615. Due
Assessed valuation, 1926
Jan 1 as follows: $1,000,
$722,893 1929 to 1934 incl.; and $615. 1935. Prin. and int. (J. & J.),
Total bonded debt
payable at
52,500 the City Treasurer's office. A certified check, payable to the City TreasPopulation (estimated), 1,650.
urer, for 10% of the bonds offered, is required.
HEMPSTEAD UNION FREE SCHOOL DISTRI
CT NO. 21 (P. 0.
KENNEWICK,Wash.
-BOND CALL.
Rockville Center), Nassau County, N. Y.
-5 % town bonds, dated
Michael J. Madigan, District Clerk, will receive-BOND OFFERING.- 1914, optional July 1 1924, due July 1 1934, Bonds Nos. 2. 3 and July 1
4, for
sealed bids until Aug. 8 $500, called, interest ceasing July 1 1927. Funds
for $475,000 coupon or registered school bonds.
at the First National
Date July 1 1927. Bank, Kennewick, Washington.
Denom. $1,000. Due Jan. 1 as follows: $2,000,
1929 to 1933 incl.; $6,000,
1935 to 1939 incl.: $8,000, 1940 to
KEVIN, Mont.
-BOND
-An election will be held on July
$20,000. 1947; 540.000, 1948 to 19551944 incl.: $10.000, 1945 and 1946: 11 for the purpose of votingELECTION.
incl. and 535.000. 1957. Prin.and
on the question of issuing $65,000 water system
int. (J. & J.) payable at the Bank of Rockvill
e Center Trust Co., Rockville bonds.
Center. A certified check, payable to Harry
KIRKLIN, Clinton County, Ind.
of the bonds bid for, fa required. Successf W. Reeve, Treasurer, for 2%
-BOND OFFERING.-Cecll F.
ul
own expense. These are the bonds originall bidder to print bonds at his Purdy, City Clerk, will receive sealed bids until July14 for
$12,500 5%
27-V. 124. p. 3528-as 44s, no bids were y scheduled for sale on June water works bonds. Date June 15 1927. Denom. $500.
submitted for the issue.
KIT CARSON COUNTY SCHOOL DISTRICT NO.
HENDERSONVILLE, Henderson County
2 (P. 0. Bur, No. Caro.
-BOND lington), Colo.
SALE.
-The following bonds, aggregat
-PRE
-ELECTION SALE.
-An issue
V. 124, p. 3666-were awarded to a ing 5269,000, offered on June 24- school building bonds was issued subject to an election to of $4,500 44%
& Mayer of Cincinatti; Caldwell & Co.syndicate composed of Seasongood was awarded to Benwell & Co.of Denver. Due in twenty be held soon, and
years,optional in
of Nashville, and Ryan,Sutherland ten years.
& Co. of Toledo, as 6>s at 100.92,
a
0
$225,(100 city hall bonds. Due July basis of about 5.417:
KITTITAS COUNTY SCHOOL DISTRICT NO.
1 as follows: $3,000, 1930, and
34 (P. 0. Ellens
$6,000, 1931 to 1967 incl.
burg), Wash.
-BOND SALE.
-The $5.000 5% school bonds
44,000 fire equipment bonds. Due July 1
as follows: $4,000, 1930 on Tune 24(V. 124, p. 3249), were awarded to the Farmers Bank of offered
and 1931; 35,000, 1932 to 1935
Ellensand 38,000, 1936 and 1937. burg. Due 1937.
Date July 1 1927.
in..
KNOXVILLE, Knox County, Tenn.
HENNEPIN COUNTY (P. 0. Minneapolis)
-BOND SALE.
-The $850,000
Minn.
-BOND OFFER- 44% coupon school bonds offered on June 30-V.
ING.
-Sealed bids will be
124,
-were
until July 5 for $335,000 received by A. P. Erickson, County Auditor, awarded to a syndicate composed of the Harris Thug & p. 3529
not exceing
Savings Bank
% road bonds. Split bids and the Illinois Merchants Trust
will not be considered.
Co., both of Chicago;
Sons, Boston, and the American National Co. of NashvillE. H. Rollins &
HIGHLAND PARK, Middlesex County
e, at a premium
, N. J.
-BOND SALE.
-The of $14,561. equal to 101.71, a basis of
Peoples National Bank of New Brunswick
has purchased an issue of $15.000 Denom.$1.000. Due June 1 as follows:about 4.38%. Date June 1 1927.
5% paving bonds.
35.000. 1930 to
1933 to 1935 incl.* 55.000, 1936 to 1939 incl.; 510.000. 1932 incl.: $10,000,
1940 to 1943 incl.;
BOND SALE.
-The National Bank of New Jersey,
$15,000.
1945:$25,000, 1946 and 1947; 530.000. 1948 to 1951 incl.;
New Brunswick, 535.000, 1944 and'
has purchased an Lssue of $400,00
1952; $40,000, 1953 and 1954; $30.000, 1955:
0 5% paving bonds.
540.000, 1957; 345.000, 1958: 550.000, 1959 and 1960: 535.000, 1956;
HIGHLANDS TOWNSHIP SCHOOL
555,000, 1961:
DISTRICT NO. I (P. 0. 560.000. 1962, and $65,000, 1963. Prin.
Pringhar), O'Brien County, Iowa.
and int. (J.
-BOND
-It is reported that in N. Y. City. Legality approved by Chester B. & D.) payable in gold
$9,000 44% school bonds have been sold to SALE.
Masslich of N. Y. City.
the First National Bank of Other bidders were:
Pringhar.
BidderPrice Bid,
HIGH POINT, Guilford County, No.
I. B. Tigrett & Co. and Old Colony Corp
Caro.
Edward L. Ragan, City Secretary, will receive -BOND OFFERING.
$8862,146.50
sealed bids until 2 p. - Pulleyn.& Co. and First National Bank of Detroit
July 7 for $1,000,000 not exceeding 6%
859,000.00
in.
coupon or registered sewer and Bankers Trust Co., New York
water funding bonds. Date July 1 1927.
858,160.00
Denom. $1,000. Due July 1 Guaranty Trust Co., New York
as follows: 515,000, 1928 to 1937 incl.: $20.000
857,369.50
, 1938
LA GRANGE COUNTY (P.O. La Grange), Ind.
1948 to 1957 incl., and 335,000, 1958 to 1967 incl. to 1947 incl.; $30,000,
-BOND OFFERING.
Prin. and int. (.1. & J.) -M. R. Preston, County Treasurer, will
payable in gold in New York. Bidders to state
receive sealed bids until
tiple of X of 1%. The bonds will be prepared rate of interest in a mul- at 2 p. m. for an issue of $3,200 44% coupon R. W. Larimer et July 13
al. road
under the supervision of bonds. Bonds are described
the U. S.. Mtge. & Trust Co., N. Y. City,
as follows: Denom. $169. Dated June 15
which will certify as to the 1927. Int. M.& N. 15.
genuineness of the officials signatures and the
seal impressed thereon. Nov. 15 1937 incl. BondsDue $160 each six months from May 15 1928 to
.A certified check for 2% of the bid, payable to the
will not be sold for less than par.
city,is required. Legality
approved by Reed. Dougherty, Hoyt & Washburn
LAGUNA SCHOOL DISTRICT
of N. Y. City.
(P. 0.Santa Ana), Orange County
Calif.
-BOND SALE.
HOLT, Marshall County, Minn.
-The $124,000 5% school bonds offered on June ,
-BOND
28
124, p. 3667) were awarded to the Bank
-Sealed
will be received by the Village Clerk until 1 p. OFFERING.
of Italy of San Francisco for
m. Aug. 1 for 35,457.58bids
128,638, equal to
village impt. bonds. Date Aug. 1 1927. Due
5%
Aug. 1 as follows: $200, Due yearly on July 1103.74, a basis of about 4.57%. Date July 1 1927.
1930 to 1937, incl., $400, 1938 to 1946, incl.. and
as follows: $6,000, 1928 to 1943,inclusive, and
$257.58, 1947.
$7,000.
1944 to 1947. inclusive.
HOPWELL TOWNSHIP (P. 0. Woodlawn)Bea
ver County, Penn.
LAKE COUNTY (P.O. Baldwin), Mich.
BOND OFFERING.
-R. S. Wilson, Secretary Board of
-BOND SALE.
-The $50,000
Supervisors, will court house bonds offered on June 27-V. 124.
receive sealed bids until 2 p. in. July 12 for
-were awarded to
% coupon road Bumpus & Co. of Detroit, as 436s, at a premium p. 3806
improvement bonds. Date June 11927. Due $16.000
,
of $145.
incl. A certified check for $500 is required.$2,000 June 1 1940 to 1947, basis of about 4.46%. Dated July 1 1927. Due July equal to 100.29. a
The successful bidder to 1928 to 1937 incl.; and
1 as follows: $3,000,
furnish the bonds at his own expense.
$4,000. 1938 to 1942 incl.
LANCASTER COUNTY PAVING DISTRICT
HOPKINTON, Middlesex County, Mass.
NO.56(P.O.Lincoln),
-BOND SALE.
--The Old Neb.-BOND SALE.
Colony Corp. was awarded an Issue of
-The Lincoln Trust Co. of
a basis of about 0.00%. Date July366,000 47o school bonds, at 100.87. an issue of $49,000 4j% paving bonds. Dated Lincoln has purchased
1 1927.
follows: $4,000,1928 to 1933, incl., and $3.000. Denom. $1,000. Due as 51.000. Prin. and annual int. payable Dec. 1 May 1 1927. Denom.
at County Treasurer's
and int. (J. & J.) payable at the First National 1934 to 1937. incl. Prin. office, Lincoln. Due Dec. 1 as follows: 35.000. 1927 to
Bank, Boston. Legality $6,000. 1932 to 1935 incl. Legality
1931 incl., and
to be approved by Ropes, Gray, Boyden & Perkins
approve
of Boston.
Parker of Chi
$181,615,208.cago. The assessed valuation ofd by Chapman, Cutler &
Lancaster County in 1926
HORTON, Brown County, Kan.
was
-BOND SALE.
National Bank & Trust Co. of 'Kansas.City (Mo.), has -The Fidelity
LANSING, Ingham County,
been awarded an
issue of $84,274.71, paving bonds. Date Feb. 1
-BOND SALE.
1927. Due serially, 1928 44% bridge bonds offered on June Mich.
-The $80,000
to 1937, incl.
27-V.
Prudden & Co. of Toledo, at a premium of 124, p. 3529-were awarded to
$140, equal to 100.13. a basis of
HUNT DRAINAGE DISTRICT (P. 0. Cathage)
about 4.22%. Date July 2 1927. Due
Hancock County,
$8,000. July 2 1928 to 1937 incl.
111.
-BOND SALE.
Other bidders were:
-Taylor, E wart & Co.
issue of$520,000 54% drainage bonds. of Chicago, has purchased an
BidderDate Feb. 1 1927. Denom.
$1.000. Due Aug. 1 as follows: 330,000. 1931. and
Price Bid.
Detroit Trust Co., Detroit
$35,000. 1932 to 1945.
Incl. Prin. and int. (F. & A.) payable at the
$8800:006332:0000
Continental & Commercial Stranahan, Ha ris & Oatis Toledo
r
Trust & Savings Bank, Chicago. Legality
First National Co.. Detroit
approved by Chapman, Cutler Hill,
& Parker of Chicago.
80,067.00
Joiner & Co., Chicago
79.411.20
Security Trust Co., Detroit
80.011.00
132
THE CHRONICLE
[VoL. 125.
and $383.60.
3.713 60 Longvale Rd. grading bonds. Denom. $370 to 1936 incl.,
-H. H. HolLA PLATA, Charles County, Md.-BOND OFFERING. until 12 p. m.
Due yearly on Oct. 1 as follows: 8370. 1928
land,President Town Commissioners, will receive sealed bids
and $383.60, 1937.
1927. Coupon
bonds. Denom. $324. Due
Aug. 1 for $40.000 5% water supply' bonds. Date Aug. 1
3,240 00 Maple Heights Blvd. impt. to 1937 incl.
inclusive. Prinbonds in $1,000 denom. Due $1,000 Aug. 1 1929 to 1968.
$324 yearly on Oct. 1 from 1928
Treasurer's office. A
cipal and interest (F. & A.) payable at the Town of Commissioners, for
00 Henry St. impt. bonds. Denom. $180 and $205. Due yearly
1,825
certified check, payable to the order of the Board
Oct. 1 as follows: $180. 1928 to 1936 incl., and $205, 1937.
on
$1,000 is required.
1,550 00 Grace St. impt. bonds. Denom. $155. Due $155 yearly
Tulare County,
Oct. 1 from 1928 to 1937 incl.
LAUREL SCHOOL DISTRICT (P. 0. Visalia),
payable at the
Date Aug. 1 1927. Prin. and semi-ann. int. (A. & 0.) 5% of amount
-Sealed bids will be received by the County
-BOND OFFERING.
Calif.
$1,000. Due Central National Bank of Cleveland. Certified check for
Clerk until July 19 for $11,000 53.% school bonds. Denom.
interest (J. & D.) of bonds bid for, payable to the Village Treasurer, is required.
31.000 June 21 1929 to 1939, inclusive. Principal and
-The $168,000
Treasurer's office. A certified check for 5% of the
-BOND SALE.
payable at the County
MARBLEHEAD, Essex County, Mass.
is required.
-were awarded
amount offered, payable to the Chairman Board of Supervisors,
coupon sewer bonds offered on June 29-V. 124. p.3806
- 4%
OFFERING.
at 102.67, a basis of about 3.75%•
-BOND
to thd First National Corp. of Boston
LEOMINSTER, Worcester County, Mass.
(dayas follows: 39.000. 1928 to
Harnden, City Treasurer, will sealed bids until 11 a. in.bonds Dated July 1 1927. Denom. $1.000. Dueto 1957 incl. Interest payCharles D.
coupon
1931 incl.: 87.000. 1932, and $5,000. 1933
light saving time) July 6. for the following two issues of 4%
able J. & J.
aggregating $88,000:
bonds, payable $5.000 thereof on the first
-The First National
-BOND SALE.
$44.000 permanent pavement
MARION, Linn County, Iowa.
thereof
day of July in each of the years 1928-31, incl., and $44,000
Bank of Marion has been awarded an issue of $25,000.5% street improveincl.
incl.
on the first day of July in each of the years 1932-37,
first day of July in ment bonds. Due serially, 1928 to 1937
44.000 sewer bonds, payable $2.000 thereof on the thereof on the first
-Lester S.
-BOND OFFERING.
MASSILLON, Stark County, Ohio.
each of the years 1928-41, incl., and $1,000
Lash, City Auditor, will receive sealed bids until 12 m. July 18 for $10.000
each of the years 1942-57.
day of July in
and int. (J. & J.) payable 5% city's portion, sanitary sewer bonds. Due April 1 1927. Denom.
Date July 1 1927. Denom. $1,000. Prin.
are exempt from taxation $1,000. Due $1.000 Oct. 1 1928 to 1937, Incl. Prin. and int. (A. & 0.)
at the First National Bank, Boston. These bonds
A certified check payable to the
supervision of and certified
In Massachusetts and are engraved under theof Boston: their legality will payable at the State Bank of Massillon. bonds offered is required.
order of the City Treasurer. for 3% of the
as to genuineness by the First National Bank
whose opinion
-The Home
Messrs. Ropes, Gray, Boyden & Perkins to these issues
-BOND SALE.
be approved by
MEDWAY, NORFOLK County, Mass.
incident
will be furnished the purchaser. All legal papers
National Bank of Milford, was awarded on June 24, an issue of $45,000
at any time.
will be filed at said bank where they may be inspected
July 1 1927. Due serially July 1. 1928
school bonds at par. Date
43.6% water 3)%
LEON, Butler County,Kan.-MATURITY.-The $30,000 of Kansas to 1947 incl.
& Trust Co.
works bonds awarded to the Fidelity National Bank $1,500, 1928 to 1947
MEGARGEL INDEPENDENT SCHOOL DISTRICT (P.O. Megargel)
-mature semi-annually
City (Mo.).-V. 124, p. 3667
-BOND SALE-An issue of $40,000 school bonds
Archer County, Texas.
inclusive.
was recently awarded to the J. E. Jarratt Co. of Dallas.
-BOND OFFER0. Lincolnton), No. Caro.
-The $45,000
-BOND SALE.
LINCOLN COUNTY (P.
MELROSE, Middlesex County, Mass.
ners. will receive
June 28-V. 124, p. 3806-were
-R. E. Sigmon, Clerk Board of County Commissio
ING.
not exceeding 5% bonds 5% coupon highway bonds offered on at 100.91, a basis of about 3.80%
sealed bids until 11 a. m. July 4 for the following
awarded to Estabrook & Co. of Boston,
to 1932 incl.: and
aggregating $230,000;
1928 and 1929 and Date July 11927. Due July 1. as follows: $5,000, 1828
$155,000 road bonds. Due July 1 as follows: $50,000.
$4,000. 1933 to 1937 incl.
855,000. 1930.
Other bidders were.
July 1 1927.
1 1927. Due
Rate Bid.
75,000 funding bonds. Date Julyin New York. Purchaser to pay for
Bidder100.89
Prin. and int. (J. & J.), payable
check for 2% of the bid Merchants' National Bank, Boston
100.87
printing the bonds and legal opinion. A certified
F. S. Moseley & Co
100.71
required.
is
Corporation
100.67
0. Daven- Old Colony
Atlantic-Merrill Oldham Co
COUNTY SCHOOL DISTRICT NO. 158 (P.
LINCOLN
100.63
-G. G. Gibson. County Treasurer, is National City Co
G.
-BOND OFFERIN
port), Wash.
100.34
Principal Harris. Forbes & Co
school bonds.
receiving bids until 9 p. m. July 9 for $70,000 6%
100.33
,
payable at the County Treasurer's office4he State It. L. Day & Co
and semi-annual interest
in New York. Due serially in
Treasurwr's office, or at the fiscal agency 5% required.
MIATH COUNTY (P70. POTiejniicl.BOND"SALE:=The -were
p 3668
two to thirty years. Certified check for
two issues of 45i% road bonds, offered on June 29-V. 124,
-John O'Connor City awarded to the Inland Investment Co. of Indianapolis for $15,793, equal
-BOND OFFERING.
PARK, Mich.
LINCOLN
a. m.(eastern standard time) July 6, to 102.552, a basis of about 3.98%:
Clerk, will receive sealed bids until 10
g $70,000: $9,900 Roy E. Zinn et al. Richland twp. bonds.
for the following two issues of special assessment bonds aggregatin
5.500 J. K. Armantrout at al. Butler Twp. bonds.
$67.000 paving bonds.
Nov. 15 1937,
Due one-twentieth each six months from May 15 1928 to
3,000 house water service bonds.
check payable to the order of the City Treasurer for $2,000 is inclusive.
A certified
Charleston),
required.
MIDDLE COSTAL HIGHWAY DISTRICT (P. 0.
-BOND
N. J.
-The $675.000 highway bonds offered on June
-BOND SALE.
LINWOOD SCHOOL DISTRICT, Atlantic County,offered on June So. Caro.
composed of the Provident
-The issue of 5% coupon or registered school bonds of New York 27(V. 124, p. 3668), were awarded to a syndicate& Irving Co., both of CinSALE.
-was awarded to R. M. Grant & Co.
Bank & Trust Co. and the Well, Roth
23-V. 124, p. 3667
102.73. Savings
Co.. both of Toledo, and the
City, taking $51,000 ($52,000 offered). paying $52,390.56. equal to 1928 to cinnati: Prudden & Co., and W. L. Slayton & at 100.90, a basis of about
Dated Jan. 1 1927. Due 2,000, Jan. 1
Robinson-Humphrey Co.. Atlanta, as 491s,
a basis of about 4.70%.
15 as follows: $50,000, 1931 to 1942.
July 15 1927. Due July
1952 incl.; and $1,000, 1953.
bidder for 4.65%. Date
C. H. Whit's & Co. of New York City was the only other other bids incl., and $75.000, 1943.
a list of
May Court
$51,000 bonds, offering $52,300. The following is
MIDDLE TOWNSHIP SCHOOL DISTRICT (P. 0. Cape Douglass,
-Joseph
submitted for the total issue: .
Price Bid. House) Cape May County, N.J.-BONI) OFFERING.
time)
Bidder$52,380.00 District Clerk, will receive sealed bids until 2 p. m. daylight saving more
Harbor City
no
Egg Harbor Commercial Bank, Egg
52,511.11 July 18 for an issue of 5% school bonds, not to exceed 835,000, $35,000.
a premium of $1,000, over
Bankers Trust Company Atlantic City
52,260.00 bonds to be awarded than will produce
$2,000, 1928:
First National Bank Somers Point
52,730.00 Date June 30 1927. Denom. $500. Due June 30 as follows: to the order
Chelsea National Bank, Atlantic City Co., Newark
52,925.98 and $1,500, 1929 to 1950, incl. A certified check, payable
bonds offered is required.
Jersey Fidelity & Plate Glass Ins.
New
the Board of Education, for 2% of the
- of
-BOND OFFERING:
N. J.
-BOND ELECTION.
LITTLE SILVER, Monmouth County, receive sealed bids
MILLS COUNTY (P. 0. Glenwood), Iowa.
Emerson Quackenbush, Borough Clerk, willof 4%% coupon oruntil 8P.m An election will be held on Aug.3for the purpose of voting on the question
registered
saving time) July 12 for an issue
(daylight
840.000, no more bonds to be of issuing $400,000 road bonds.
road improvement bonds, not exceeding of $1,000 over $40,000. Date
-Thompson, Kent
MILLTOWN, Polk County, Wis.-BOND SALE.issue of 511,000 5%
awarded than will produce a premium 15 as follows: $3,000, 1928 to
Denom. $1,000. Due July
& Grace, Inc., Chicago, have recently been awarded an
July 15 1927.
Principal and interest water main bonds. Date June 15 1927. Denom. $1.000. Due $1.000
1931. inclusive, and $2,000, 1932 to 1945. inclusive.
office. A certified check, 'June 15 1928 to 1938. incl. Prin, and int. (J. & D.) payable at the First
(J. & J. 15) Imyable at the Borough Collector's
by Chapman, Cutler &
of the bonds
payable to Elizabeth D. Hobbs, Borough Collector, for 2% Raymond, of National Bank. Milwaukee. Legality approved
&
Parker of Chicago.
offered, is required. Legality to be approved by Caldwell
-The State Comptroller
REGISTERED.
City.
-BONDS
New York
MISSION, Texas.
g
-The Niagara registered on June 24 the following three issues of 54% bonds aggregatin
-BOND SALE.
LOCKPORT, Niagara County, N. Y.
issue of $38.337.06 $100,000:
County National Bank of Lockport has purchased an
$40,000 street bonds.
water-main and street paving bonds at par.
30,000 fire station and city hall bonds.
-BOND OFFERING -S.C. Standen,
30,000 sewer bonds.
LORAIN, Lorain County, Ohio. until 12 m. July 25 for $50.000 5%
-BONDS REGISCity Auditor, will receive sealed bids
Denom. 31,000. Due $5,000
MITCHELL COUNTY (P. 0. Colorado), Tex. issue of $200.000
dredging bonds. Date June 15 1927.
-The State Comptroller registered on June 18 an
Prin. and int. (M. dr S. 15) payable at the TERED.
Sept. 15 1928 to 1937 incl. Trustees. A certified check, payable to the 5% road bonds.
office of the Sinking Fund
is required.
-The $75,000
-BOND SALE.
MONROE, Monroe County, Mich.
order of the city for 2% of the bonds offered
-were awarded to
-The $50,000 5% bridge bonds offered on June 27-V. 124, p. 3807
-BOND SALE.
LORAIN, Lorain County, Ohio.
- Benjamin Dansard & Co. of Detroit, on a bid of $75,087.30_, equal to
124,p. 3249
offered on June 15-V.
river dredging bonds (city's portion) Chicago, at a premium of $1,601.50. 100.116, for 4 Sis, a basis of about 4.24%. Date July 11927. Due $3,000
were awarded to A. C. Allyn & Co. of
Date June 15 1927. Due $5,000. yearly on July 1 from 1930 to 1954. incl.
equal to 103.20, a basis of about 4.35%.
-BOND OFFERING.
MONROE COUNTY (P. 0. Key West), Fla.
Sept. 15. 1928 to 1937 incl.
SCHOOL DISTRICT (P. 0. Sealed bids will be received until July 28 for $650,000 6% highway bonds.
LOWER NAZARETH TOWNSHIP County, Pa.
- Date June 11925. Denom. $1,000. Due June 1 as follows: $20,000, 1937
-BOND SALE.
ton
Eastern R. F. D. 4), Northamp offered on June 24 (V. 124,p. 3667) to 1946, incl., $30,000, 1947 to 1955, incl. and $180.000. 1956. Prin. and
The $30,000 5% coupon school bonds be divided up between the taxpayers int. (J. & D.) payable in gold at the National Bank of Commerce, N. Y.
were awarded to Kredder & Lehr ("to $600. equal to 102-a basis of about City. A certified check for 2% of the par value of the bonds bid for ls
of
City.
of Lower Nazareth"), at a premium July 1 1947. optional July 1 1928.
required. Legality approved by Thomson, Wood & Hoffman of N. Y.
4.8@%. Date July 1 1927. Due
Mich.MONROE COUNTY ROAD DISTRICTS (P. 0. Monroe) Board of
DENT SCHOOL DISTRICT,Lubbock County
INDEPEN
LUBBOCK,
Wichita has been
-Sealed bids will be received by the Clerk'
-The Brown-Crununer Co. ofDate June 10 1927. BOND OFFERING.
time) July 8
-BOND SALE.
Tex.
County Road Commissioners, until 10 a. m. (eastern standard
refunding bonds.
awarded an issue of $286,000 5% 10, 1940 to 1967 incl. Prin. and int. for the following two issues of bonds. aggregating $449,000:
Denom. $1.000. Due serially. June
City. Legal- $199,000 Albain Road District No. 2 bonds.
of Commerce, N. Y.
& D.), payable at the National Bank
170,000 Ostrander Road District No. 43 bonds.
of Chicago.
ity approved by Chapman. Cutler & Parker
85,000 Billmeyer Road District No. 41 bonds.
-BOND OFFERING.
Anderson), Ind.
MADISON COUNTY (P. 0.
-At the election held on June
bids until 10:30
-BONDS VOTED.
sealed
MONROVIA, Calif.
Earl C. Morris, County Treasurer, will receive
the issuance of $235,000 water bonds.
impt. bonds. Date
a. in. July 15 for $22,500 4ti% certain highway County Treasurer's 14 the voters authorized
D SALE.
payable at the
July 15 1927. Prin. and int. (J. & J. 15)
MONTGOMERY COUNTY (P. 0. Rockville), Md.-BON
lly. The successful bidder
office. The bonds are payable semi-annua
The five issues of 4%% bonds. aggregating 3948,000, offered on June 28
whose opinion will be attached to the (V. 124, p. 3530) were awarded as follows:
will have to pay the attorney's fee,
Contitranscript of the sale.
To Strother. Brogden & Co., Mackubin, Goodrich & Co. and the
-The nental Co.. all of Baltimore, at a premium of $17,051.30, equal to 101.84,
-TEMPORARY LOAN.
MALDEN, Middlesex County, Mass.
on a a basis of about 4.35%:
temporary loan
Old Colony Corp. has been awarded a $300.000
1929
bidders were:
series A-M school bonds. Due Aug. 1 as follows: $5,000,
3.635% discount basis. Due Dec. 1 1927. Other
Discount Basis. $450,000 to 1938 incl.; $15,000, 1939 to 1962 incl., and $10,000, 1963 to
BidderMO IIII
3.675%
1966 incl.
Co., Boston
Bank of Commerce & Trust
1929 and
3.76%
400.000 series S road bonds. Due Aug. 1 as follows: $4.000, $15,000,
S. N. Bond & Co., Boston (plus $3)
incl.;
1930: $6,000. 1931 and 1932: 810.000, 1933 to 1935
-P. L.
and
-BOND OFFERING.
MANSFIELD, Richland County, Ohio.
$25,000. 1938 to 1940 incl.: $30.000. 11941
1936 and 1937:
6 for $1,600
1946 and 1947.
Kelly City Auditor, will receive sealed bids until 1 p. m. July Due Oct.1
1942: $35,000, 1993 to 1945 incl., and $40,000, to 1958 incl.
$300. one for $400.
6% Wands. Date July 1 1927. Denom. 1932 incl. A certified check,
60,000 police station bonds. Due 82,000 Aug. 1 1929 1935 incl.
as follows: $400. 1928. and $300. 1929 to
16,000 lateral road bonds. Due $2,000 Aug. 1 1928 to
offered is required.
Garrett & Sons of
payable to the Village Treasurer, for 2% of the bonds
To the Bankers Trust Co.. NeNir York, and Robert
R. F. D.), Cuyahoga County, Baltimore:
MAPLE HEIGHTS (P. 0. Bedford
road bonds at a premium of $368.94.
will receive
$22,000 First and Third Precincts
-F. J. Vasek, Village Clerk,
-BOND OFFERING.
Ohio.
$1,000 Augal
assessment
equal to 101.65, a basis of about 4.31%. Due
bids until 12 in. July 25 for the following 5,4% coupon special
1928 to 1949 incl.
bonds:
81.400. Due
-BOND OFFEROhio.
810.400 00 Erewin St. paving bonds. Denom. $1,000 and
MONTGOMERY COUNTY (P. 0. Dayton),
sealed bids until 10 a. m.
yearly Oct. 1 as follows: $1,000, 1928 to 1936 incl., and ING.
-F. A. Kilmer, County Clerk, will receiveAve. Improvement bonds.
$1,400, 1937.
7 for $21,000 5% Elliott
and $1,400. Due (standard time) July
15 follows:
10.400 00 Thomas St. paving bonds. Denom. $1,000 1936 incl., and Dated July 15 1927. Denom. $2,000 and $3,000. Due Mar.to as
1937 incl.
1933
yearly Oct. 1 as follows: $1,000, 1928 to
$2,000, 1928 to 1931 incl.; $3,000, 1932, and $2,000.
31.400, 1937.
JULY
,
4
2 1927.]
THE CHRONICLE
Prin. and int.(M.& S. 1) payable at the County Treasurer's office.
A certified check payable to the order of the County Treasurer for
$500 is
quired. Legality to be approved by D. W. & A. S. Iddings, Dayton, reand
Peck, Schaffer & Williams of Cincinnati.
MONTICELLO WATER DISTRICT (P. O. Santa Barbara),
Santa
Barbara County, Calif.
-BOND SALE.
-The
Angeles was awarded on May 8 an issue of $276,000Citizens Bank of Los
water bonds at
BOND SALE.
-The Bank of Italy, San Francisco, purchased on 100.36.
June 8
an issue of $400,000 5% water bonds at 98.38.
MORTON GROVE,Cook County, III.
-BOND SALE.
-The Hanchett
Bond Co. of Chicago, has purchased an issue of $50.500 6% improvem
ent
bonds. Due Dec. 31 as follows: $4,700. 1929; $2,800, 1930:
$5,500, 1931:
$6,500, 1932; $6,000. 1933; $7,000. 1934 and 1935; $4,000, 1936
and $7,000,
1937. Principal and interest payable at the Treasurer's office. Legality
approved by Tolman, Sexton & Chandler of Chicago.
MOUNT VERNON SCHOOL DISTRICT NO. 105 (P. 0.
Portales)
Roosevelt County,N. Mex.-BOND SALE -The
$2.600 school bonds
offered on June 24(V. 124. p.3391) were awarded to J.
B. Sledge, Portalas,
as 6s, at par.
MUSKOGEE COUNTY (P.O. Muskogee), Iowa.
-On July 12 an election will be held for the purpose -BOND ELECTION.
of voting on the question
of issuing $500.000 court house bonds.
NASHVILLE, Davidson County, Tenn.
-S. H.
McKay, City Clerk, will receive sealed bids -NOTE OFFERING.
000 6% school building and impt. notes. until 10 a. to. July 12 for $800,Date Aug. 1 1927. Denoms.
$1,000. $5,000 or $10,000. Bidders to designate denominat
ion desired.
Due Aug. 1 as follows: $100,000, 1928; $110,000.
000, 1931 to 1934, incl. Prin. and int. (J. & 1929 and 1930: and $120,D.)
Treasurer's office or at the National Park Bank, N. payable at the City
Y. City. Bidders to
state the interest rate in a multiple of y, of 1% and must
be the same for
all of the notes. The notes will be prepared under the
supervision of the
United States Mtge. & Trust Co.. N. Y. City, which will
certify as to the
genuineness of the officials signatures and the seal impressed
thereon. A
certified check for 2% of the face value of the notes bid
Legality approved by Caldwell & Raymond of New York for is required.
City,
NATCHEZ, Adams County, Miss.
-BOND
-A. K. Tigrett &
Co. of Memphis was recently awarded an issue of SALE.
$165,000 paving bonds.
NEWBURGH, Orange County, N. Y.
-BOND SALE.
-The following
six issues of44% bonds aggregating $1,279,000 offered
on June 30-V. 124,
p. 3807
-were awarded to Roosevelt & Sons and Pulleyn & Co.,
both of
New York City, jointly, at 101.15, a basis of about 4.17:
$925,000 coupon or registered high school bonds. Denom.
$1,000 and $500.
Due $18.500 July 1 1928 to 1977 incl.
240,000 coupon or registered West and Chestnut Sts.
school bonds.
Denom. $1,000. Due $6,000 July 1 1928 to
42,000 registered water bonds. Denom. $1,000. 1967 incl.
Due $2,000 July 1
1928 to 1948 incl.
30,500 registered impt. bonds. Denom. $1,000; one for
$500. Due
July 1 as follows: $2,500, 1928, and $2,000, 1929
21,400 registered Fullerton Ave. school site bonds. to 1942 incl.
Denom. $428.
Due July 1 1927 to 1967 incl.
20,500 registered street bonds. Denom. $1,000; one for
$500. Due
July 1 as follows: 81.500. 1928, and 81,000, 1929
to 1947 inch
Date July 1 1927.
NEW BOSTON (P. 0. Portsmouth Station), Ohio.
-BOND SALE.
The $50,000 54% garbage incinerator bonds offered on
June
(V. 124,
P. 3250) were awarded to Seasongood & Mayer of Cincinnati at23 premium
a
of $2,266. equal to 104.53, a basis of about 4.55%. Dated
Due $5.000 Sept. 1 1928 to 1937 incl. The following is a Mar. 1 1927.
complete list of
other bids submitted:
BiddersPrice Bid.
W. L. Slayton & Co
$52.230.00
Ryan, Sutherland & Co
52,177.00
Well, Roth & Irving
52,166.00
Asset, Goetz & Moerlein
51,795.00
Breed, Elliott & Harrison
51,850.00
First Citizens' Corporation
51,820.00
First National Bank (Portsmouth)
51.508.60
NEWTON,Newton County, Miss.
-An issue of 515,000
6% water works refunding bonds was -BOND SALE.
sold
Denom. $1,000. Due $1,000 May 1 1928 on June 22. Date May 1 1927.
to 1942, incl. Interest payable
M. & N.
NILES, Trumbull County, Ohio.
-BOND SALE.
-The $26,715 5347
street improvement bonds offered on June 22(V.
124, p. 3250) were awarded
to Seasongood & Mayer of Cinziianati at a
premium of $1,266. equal to
104.62-a basis ofabout 4.54%. Date April 1 1927.
$2,000, 1928 to 1930,inclusive; $3,000, 1931 to 1936, Due Oct. 1 as follows:
inclusive, and $2,715,
1937.
NORFOLK COUNTY (P. 0. Dedham), Mass.
-NOTE SALE.
-The
Dedham National Bank of Dedham, was awarded on
June 28, $115,000
4% notes at 100.38.
NORTH ADAMS,Berkshire County, Mass.
-TEMPORARY LOAN.
The Merchants National Bank of Boston were awarded
$100,000 temporary loan on a 3.67% discount basis. The on June 29 a
loan matured
Nov. 10 1927.
NORTH FOND DU LAC, Fond du Lac County,
-The $16,000 5% sewer bonds awarded to the Second Wis.-MATURITY.
Milwaukee, at 102.96 (V. 124, p. 3807). a basis of Ward Securities Co.,
as follows: $1,000 1931 and $3,000 1932 to 1936, about 4.49%, mature
inclusive.
NORTH HEMPSTEAD UNION FREE
(P. 0. Great Neck), Nassau County, SCHOOL DISTRICT NO. 7
N. Y.
-BOND SALE.
-The
$182,00044% coupon or registered school bonds
p. 3531-were awarded to H. L. Allen & Co. offered on June 22-V.124,
Date July 1 1927. Due July 1 as follows: of New York City at par.
$7,000 1929 to 1931, incl •
$1,000 1932 and 85,000 1933 to 1964, incl.
NORTH OLMSTEAD, Cuyahoga County,
A. E. Atib & Co. of Cincinnati. have purchased an Ohlo.-BOND SALE.
issue
special assessment improvement bonds at a premium of $20,056.71 54%
102.10. Date April 1 1927. The bonds are coupon. of $433.29, equal to
NORTH PROVIDENCE (P. 0. Providence),
Providence County,
R. I.
-BOND SALE.
-Frederick S. Pock, State Commissio
was awarded an issue of8150,000 415% coupon liquidation ner of Finance,
bonds at101.50a basis of about 4.37%. Date July 1 1927. Duo $5,000,
inclusive. Those are the bonds scheduled for sale on June 1928 to 1957,
21 (V. 124, P.
3668)•
NORWOOD SCHOOL DISTRICT, Delaware County,
Penn.
BOND SALE.
-The $30,000 435% coupon school bonds offered on
June
-V.124, p. 3807
-were awarded to A. B. Leach & Co. of Philadelphia,27
at
106.13, a basis of about 4.15%. Date June 1 1927. Due June
1 1957.
OAKLAND SCHOOL DISTRICT(P.O.Oakland),
Alameda County,
Calif.
-BOND OFFERING.
-Sealed bids will be
Clerk until July 11 for 8200,000 5% school bonds. received by the County
OAKLYN SCHOOL DISTRICT (P. 0. Camden), Camden
County,
N. J.
-BOND SALE-The $155,000 44% coupon or registered
school
bonds offered on June 22-V. 124. p. 3668
-were awarded to
man & Co. of Philadelphia. Date Aug. 1 1927. Du' Aug. M. M. Free$4,000, 1929, to 1963, incl.; and $5.000, 1964 to 1966, incl. 1 as follows:
Legality approved by Caldwell & Raymond of New York City,
OLYMPIA, Thurston County, Wash.
-BOND OFFERING--Proposals for $72,000 coupon sewer bonds,to bear no more than 6%,will be
received
until 10 a. m.July 19 by Chas. F. Watson, City Clerk. Date
Interest annually on Aug. 1. Due yearly on Aug. 1 as follows: Aug. 1 1927.
$3,000. 1929: $3,500, 1930, 1931 and 1932; $4,000, 1933 and $2,500, 1928:
1934:
1935; 85,000, 1936. 1937 and 1938; $6,500, 1939: $7,000. 1940; and $4,500,
1941 and 1942. Principal and interest payable at City Treasurer' 87.500,
s office.
Certified check for 5% required.
OLYMPIA, Wash.
-BONDS VOTED.
-At the election held on June 9
the voters authorized the issuance of $20,000 sewer bonds.
ORANGEBURG COUNTY (P. 0. Orangeburg), So.
Caro.
SALE.
-The $200,000 coupon or registered highway bonds -BOND
June 28 (V. 124, pi. 3669) were awarded to Stranahan, Harris offered on
& Oaths, of
Toledo, as 44s. for $202,290, equal to 101.145, a basis of about
4.59%.
Date July 1 1927. Due yearly on July 1 as follows: $13,000,
1929 to 1938,
Inclusive, and $14,000, 1939 to 1943. inclusive.
133
Other bidders were:
BidderPremium.
Well, Roth & Irving Co.and the Peoples Securities
Co.(Charleston)-$2,285
Prudden & Co
2,067
Second Ward Securities Co
565
OSSINING, Westchester County, N. Y.
-BOND SALE
.-The
$9.700 5% registered bonds offered on June 27-V. 124, II. 3669
-were
awarded to the Manufacturers & Traders-Peoples Trust
Co. of Buffalo,
at 101.39, a basis of about 4.70%. Date
follows: $1,000, 1928 to 1936 incl.; and $700,July 1 1927. Due July 1 as
1937. Other bidders were:
Rate Bid.
George B. Gibbons & Co., N. Y.
101.28
Pulleyn & Co., N. Y.
101.14
Farson, Son & Co., N. Y.
101.07
Sherwood & Merrifield Inc., N. Y.
100.89
PALISADES PARK, Bergen County, N. J.
-BOND SALE.
-The
following two issues of5% coupon or registered bonds,aggregatin
g $303,000.
offered on June 28. were disposed of as stated below:
$246,000 assessment bonds to R. M. Grant & Co. of New York
City at a
premium of $464.94. equal to 100.18-a basis of about
Due July 1 as follows: $46.000. 1928; $60,000, 1929: 4.97%.
$40.000.
1930 to 1932, inclusive, and $20,000, 1933.
57.000 improvement bonds to M. M.Freeman & Co. at a wemium
of
3922.22, equal to 101.61- a basis of about 4.79%. Due
July
as follows: $3,000, 1928 to 1944, inclusive, and $2,000. 1945 1
to
1947. inclusive.
Date July 1 1927.
PALMER, Hampden County, Mass.
-NOTE SALE.
-The Bank of
Commerce & Trust Co. of Boston, was awarded on June
$75.000 notes on a 3.725% discount basis. Other bidders 23 an issue of
were:
Bidder
-DiscountBasis.
Old Colony Corp
3.735
F. S. Moseley & Co
3.76
First National Corp. (Boston)
3.79
PANOLA COUNTY ROAD DISTRICT NO. 10 (P. 0. Carthage
),
-BOND OFFERING.
-Sealed bids will be received until July
J. G. Strong, County Judge, for 3100.000534°)" road bonds. Due 11 by
85,000
1928 to 1947, incl. Principal and interest payable at the Hanover National
Bank, N. Y. City. A certified check for $2,500, payable to the
Treasurer,is required. These are the bonds mentioned in V.124, County
p.3808.
PARKE COUNTY (P. 0. Rockville), Ind.
-BOND SALE.
-The
$8,500 415% Wabash Township road bonds offered on June 27 (V. 124.
p
3669) were awarded to the Russellville Bank, of Russellville, for
$8,725.
equal to 102.647, a basis of about 3.96%. Date June 20 1927. Due
$425 each six months from May 15 1928 to Nov. 15 1937, inclusive. Other
bidders were:
Bidders.
Premium.
J. F. Wild & Co., Indianapolis, Ind
$212.00
Fletcher Savings & Trust Co., Indianapolis, Ind
196.00'
Fletcher American Co., Indianapolis, Ind
222.00
Meyer-Kiser Bank, Indianapolis. Ind
213.00
Inland Investment Co., Indianapolis. Ind
194.00
City Securities Corporation, Indianapolis, Ind
218.00
PARKERSBURG SCHOOL DISTRICT, Wood County,
W. Va.BOND SALE.
-Seipp, Priscell & Co. of Chicago have
of $250,000 44% school bonds. Date June 1 1927. been awarded an issue
PARSONS, Labette County, Kan.
-PRICE PAID.
for the following three issues of bonds awarded to the -The price paid
State School Fund
Commission (V. 124, p. 3808) was par:
$38,084.43 paving bonds
185.337.25 repaving bonds.
5.649.12 repaving bonds.
Due serially 1932 to 1937, inclusive.
PELLY, Tex.
-BONDS REGISTERED.
-The State
tered on Juno 21 an issue of $35,000 6% sewer bonds. Comptroller regisPERRYTON,"Ochiltree County, Tex.
-BOND OFFERING.
-Sealed
bids will be received until July 7 by A. B. McAfee, Jr., for $70,030
54%
road bonds.
PHILADELPHIA, Pa.
-BOND SALE.
-The city on
of the $3,000,000 bonds offered on that date. Half the June 28 disposed
to the Tradesmen's National Bank, which bid par forblock was awarded
30
-year bonds and $500.000 44% 15-year bonds. The$1,000,000 451%
other half, comprising $750,000 44% 30
-year bonds and $750,000
was taken by the Sinking Fund at 101, a basis of 45•1% 15-year bonds,
about 4.18%. Date
July 1 1927. Due $1,750,000 July 1 1957 and $1,250,000 July
11942.
TEMPORARY LOAN.
-On June 27 Philadelphia sold $7,847,734 notes,
due Sept. 10 or before, to the Philadelphia-Girard National Bank, the
Franklin-Fourth Street National,the Corn Exchange National,the Fidelity
Philadelphia Trust Co., the Pennsylvania Co. for Insurance on Lives Granting Annuities, the Bank of North America and the Girard Trust &
Co.
This temporary loan III to tide over the city's requirements on July
1, prior
to collection of taxes during the summer months.
PIERRE INDEPENDENT SCHOOL DISTRICT, Hughes County,
So. Dak.-BOND SALE.
-The Hanchett Bond Co. of Chicago
been awarded an issue of $65,000 434% school bonds. Date June 15 have
Denom. $1.000. Due June 15 as follows: $4,000. 1932 to 1945,1927.
incl.
and $9.000, 1946. Prin. and int. (J. & D.) payable at the Commercia
l
Trust & Savings Bank, Chicago. Legality approved by Chapman. Cutler
& Parker of Chicago.
PLATTE COUNTY SCHOOL DISTRICT NO. 2 (P. 0. Glendo),
Wyo.-BOND OFFERING.
-Sealed bids will be received
by B. H. Barkdoll, District Clerk for $45,000 5% school until July 16
bonds. Date
July 1 1927.
PLYMOUTH, Wayne County, Mich.
-BOND SALE.
-The Security
Trust Co. of Detroit, were awarded on May 23, the $22,000 sewer
bonds
offered on that date
-V. 124, p. 3108
-as 4.35s, at 103.50, a
3.82%. Date June 11927. Due June 1 as follows: $2,000,basis of about
1928 to 1935,
incl., and $3,000, 1936 and 1937.
PLYMOUTH COUNTY (P. 0. Lemars), Iowa.
-BONDS VOTED.
At the election held on June 20 the proposition of issuing $1,300,00
0 road
bonds was approved by a count of more than 4 to 1.
POLK COUNTY (P. 0. Bartow), Fla.
-BOND SALE.
6% funding bonds offered on June 24-V. 124, p. 3669 -The $200,000
-were awarded to
the Hanchett Bond Co. of Chicago and the Brown-Crummer
Wichita, jointly, at 100.25, a basis of about 5.97%. Date July Co.. of
1 1927.
Due July 1 as follows: $5,000, 1929 to 1938, incl.,
and $10.000, 1939 to
1953, incl.
PONTIAC TOWNSHIP SCHOOL DISTRICT, NO
5, Oakland
County, Mich.
-BOND OFFERING.
-Henry J. Owen, Director, will
receive sealed bids until 7:30 p. m. (eastern standard
time) July 7, at
the offices of Patterson & Patterson, attorneys,
402-3 Pontiac Bank
Building. Pontiac, for $115,000 435% school bonds.
Date July 1 1927.
Duo as follows: $3,000, 1930 to 1938 incl.:
$4,000, 1939 to 1948 incl.;
and $6,000. 1949 to 1956 incl.
POSEYVILLE SCHOOL DISTRICT, Posey County,
Ind.
-BOND
OFFERING.
-Sealed bids will be received
Trustees, until 7 p. m. July 9, for $12,500 by the Clerk Board of School
434%
Date July 1 1927. Denom. $500. Due July coupon funding bonds.
to 1937 incl.: and $500. 1938 to 1942 incl. Prin. 1, as follows: $1,000. 1928
and int. (J. & J.), payable at the Bozeman-Waters National Bank,
Poseyville.
POTTAWATTAMIE COUNTY (P. 0. Council Bluffs),
Iowa.
BOND ELECTION.
-On July 11 an election will
question of issuing $1,600.000 primary road bonds.be held to vote on the
QUARRYVILLE SCHOOL DISTRICT, Lancaste
r County, Pa.BOND SALE.
-The $28,000 5% school bonds offered on June 25-V.
124.
-were awarded to A. B. Leach & Co. of
P. 3669
of $1,556.80, equal to 105.55.a basis of about Philadelphia, at a premium
4.594%. Date July 1 1927.
Due July 1 as follows: 36,000, 1937; $9,000,
1947; and $13,000, 1957.
The following is a list of other bids:
er
Price Bid
Quarryville National Bank
$28,000.0
Lancaster Trust Co
29,018.0
M. M. Freeman & Co., Phila
28,134.1
R. M. Snyder & Co., Phila
29,263.6
Mellon National Bank, Pittsburg
28,997.1
E. H. Robbins .3c Son, Phila
29,290.8
134
THE CHRONICLE
QUAY COUNTY SCHOOL DISTRICT NO. 68 (P. 0. Tucunicari),
-The $31,000 school bonds offered on June 27N. Mex.-BOND SALE.
-were awarded to the First National Bank of Tucunicari
V. 124, P. 3392
for $31,093, equal to 100.3. Date July 1 1927. Due serially 1932 to
1951 incl.
-The Bank
-TEMPORARY LOAN.
QUINCY, Norfolk County, Mass.
ofiCommerce & Trust Co.,and the Old Colony Corp.,jointly, were awarded
Due Dec. 15
a $200,000 temporary loan on a 3.6.55% discount basis.
1927. Other bidders were:
Discount Basis.
Bidder3.68
F. S. Moseley & Co. (plus $3.25)
3.68%
National Bank,Boston (plus $2)
First
-The Continental &
RACINE, Racine County, Wis.-BOND SALE.
Commercial Trust & Savings Bank, Chicago, have been awarded an issue
$6.510. equal to 102.28,
of $285,000 434% bridge bonds at a premium of
$15.000,
a basis of about 4.21%. Date July 1 1926. Denom. 31.000. Duethe City
July 11928 to 1946. incl. Prin. and int. (J. & J.), payable at
Treasurer's office. Legality approved by Wood & Oakley, Chicago.
[VoL. 125.
Financial Slaternent.
The outstanding bonded debt of the City and County on July 2 1927.
will be:
$42,400,000
Water debt
39,297.200
Other debt
$81.697,200
Total
The City has no floating indebtedness nor debt created in anticipation
of taxes.
The assessment roll for the current fiscal year is:
$756,583,094
Non-operative property
225,977,028
Operative property
$982,560.122
Total assessment
There will be an increase of this assessment for the year 1927-28.
Property assessed at approximately 50% of its value.
SANTA ANNA INDEPENDENT SCHOOL DISTRICT, Coleman
-The $100,000 school bonds
-BOND DESCRIPTION.
County, Texas.
-bear
awarded to the Brown-Crummer Co. of Wichita-V. 124, p. 3392
interest at the rate of 534%. Date April 15 1927. Denom. $1,000. Due
to 1933, incl., $2,000, 1934 to 1945, incl.,
ROOT (P. 0. Ericsburg),Koochiching County, Minn.-BOND1 April 5 as follows: $LOW, 1928 $4,000, 1964 to 1967, incl. Prin. and int.
33,000. 1946 to 1963, incl., and
-The $7,000 6% funding bonds offered on June 18-V. 124, p. (A.& 0.) payable at the National Bank of Commerce,N.Y. City. Legality
SAE.
were awarded to the First National Bank of International Falls approved by Chapman, Cutler & Parker of Chicago.
at par. Date July 1 1927.
-Paving bowls, dated Aug. 1 1922,
SANTA FE, N. Mex.-BOND CALL.
-On June 28
interest ceases not given;
RICHMOND, Henrico County, Va.-BOND SALE.
-were bonds Nos 134 to 153. called for payment; date
-V. 124, p. 3532
Fe.
the following 431% bonds offered on that date
'Frost Co., and payable at First National Bank, Santa
awarded to the American National Bank, the American
-The voters mithorized the
-BONDS VOTED.
SANTA MARIA, Calif.
Wheat, Gall her & Co., of Richmond at 100.91, a basis of about 4.20%:
issuance of $65,000 water bonds at an election held on June 21.
$1,700,000 public impt. bonds.
-The $237,000
300,000 gas works bonds.
-BOND SALE.
County, Fla.
SARASOTA, Sarasota
200,000 water works bonds.
6% improvement bonds offered on June 27(V. 124, p.3532), were awarded
65,000 public library bonds.
to Parson, Son & Co. of New York City at 95, a basis of about 7.059'.
Date July 1 1927. Due 1961.
Date May 1 1927. Due May 1 as follows. $10,000, 1928: $15.000. 1929;
1931; $25,000, 1932 and 1933; and 830,000. 1934 to
ROBS TOWNSHIP SCHOOL DISTRICT (P. 0. Poseyville), Posey $20,000, 1930; $22,000,
-John P. Kuyendall, Trustee, vrill 1937, inclusive.
-BON% OFFERING.
County, Ind.
-The follow-BOND SALE.
SCOTIA, Schenectady County, N. Y.
7 p. m. July 9, for $12,500 4.}4 %coupon funding
receive sealed bids until
July 1 as follows:
registered bonds aggregating $7.300, offered on
bonds. Date July 1 1927. Denom. $500. Due incl. Prin. and int. ing two issues of coupon orwere awarded to the Manufacturers & Traders
1942
June 27 (V. 124, p. 3809)
1928 to 1937 incl.; and $500, 1938 to Poeeyville.
$1,000,
Peoples Trust Co. of Buffalo as 434. at 100.08, a basis of about 4.49,%:
(J. & J.), payable at the First National Bank.
water bonds. Due Aug. 11940.
-NOTE OFFERING -Sealed $4,1000 refunding sewer bonds. Due Aug. 11942.
ROCHESTER, Monroe County, N. Y.
3,300 refunding
bids will be received at the office of the Comptroller until 2:30P• in. WednesDated Aug. 1 1927.
of Rochester notes aggregating $740,000 as follows:
-E. B.
day July 6 1927 for City
-BOND OFFERING.
SCRANTON, Lackawanna County, Pa.
$50.000 school construction.
$275.000 local improvement.
Jermyn, Mayor, will receive sealed bids until 11 a. tn. (to be opened at
150,000 transit subway.
15,000 municipal building.
11:30 a. m.) July 19, for $227,000 5% coupon or registered Improvement
20,000 water works improvement.
3,0000 municipal hospital.
bonds. Date June 1 1927. Denom. $1,0N. Due June 1 as follows:
200,000 municipal land purchase.
311.000, 1928; 310,000, 1929 to 1933,Inclusive: $9,000, 1934 to 1937,inclusDated July 8 1927. Due in seven months. Payable Feb.8 1928. Notes ive; and $7,000 1938 to 1947. and $6.000 1948 to 1957 inclusive. Principal
at the CODwill be drawn with interest and will be deliverable and payable
and interest (J. & DJ payable at the City Treasurer's office. A certified
teal Union Trust Co., 80 Broadway, N. Y. City. Mark envelope "Tem- check. payable to the order of the City Treasurer, for 3% of the bonds
porary Loan," state rate of interest, designate denominations desired and offered, is required. The legality of the bonds will be approved by counsel
to whom (not bearer) notes shall be made payable. No bids will be ac- mutually agreed upon bythe city and the successful bidder.
cepted at less than par.
-The proposition of issuing
-BONDS DEFEATED.
SEASIDE, Ore.
-The $10,000 5%
ROCK HALL, Kent County Md.-BOND SALE.
-were awarded $25,000 pipe line bonds at the election held on June 3 failed to carry.
J
coupon water bonds offered on June 25-V. 124. p. 3532
-The $110,000
-BOND SALE.
Bros. of Rock Hall, at par. Date July 1 1927. Due $500, July
County No. Caro.
to Smith
SELMA, Johnston
'
•
'
1 1928 to 1947. Incl.
street and sewer bends offered on June 20 were awarded to W. L. Slayton
& Co. of Toledo, as 534s. at 100.56, a basis of about 5.45%. Date June 1
-The $40,000
-BOND SALE.
'
ROCKVILLE, Tolland County, Conn.
- 1927. Denom. $1,000. Due June 1 as follows: $4,000. 1930 to 1936, incl.,
4% refunding coupon sewer bonds offered on June 23-V. 124. p. 3532
and 1938; $7,000, 1939 and 1946, incl., and $8,000, 1947 and
were awarded to the Travelers Bank & Trust Co. of Hartford. at Par. 85,000, 1937 and hit, payable at the Hanover National Bank, N. Y. City.
Dated Jan. 11927. Due July 1, as follows: $2,000, 1929 to 1945 incl.; and 1948. Prin.
Legality approved by Storey, Thorudike, Palmer & Dodge a Boston.
woad
33.000, 1946 and 1947.
-On July 25 an election will be
-BOND ELECTION.
SHELBY, Mont.
-On July 8 an election wil
-BOND ELECTION.
ROSEBERG, Ore.
held to vote on the question of issuing the following bonds, aggregating
be held to vote on the question of issuing 337,000 bridge bonds.
$25,660: $16,660 sewer bonds: $9,000 water bonds.
-A. E.
-BOND SALE.
ROCKY RIVER, Cuyahoga County, Ohio.
-Water-works 6% bonds, dated Jan. 1
-BOND CALL.
SHELBY,Mont.
Aub & Co. of Cincinnati were awarded $6,225 6% sewer and water main 1915, optional Jan. 11925. due Jan. 11935. entire issued called Jan. 1 1927
Dated June
bonds on June 28 at a premium of $296, equal to 104.74.bidders were: 1 and not presented for payment. Fundseat National Bank of Commerce,
serially Oct. 1 1928 to 1936 inclusive. Other
1927. Due
Premium. New York City.
Bidder-The $3,500 5%
-BOND SALE.
$219.28
SIDNEY, Delaware County, N. Y.
First Citizens' Corporation
152.00
water bonds offered on June 27(V. 124. p. 3809) were awarded to the Sidney
W.L. Slayton & Co
of about 4.85%. Dated July 1 1927.
Par National Bank at 100.50, a basis
Otis & Co
-BOND Due $500 July 1 1928 to 1934 inclusive.
), Westchester County, N. Y.
RYE (P. 0. Port Ch
SOUTHINGTON TOWNSHIP RURAL SCHOOL DISTRICT (P. 0.
-W. DeForest Sherwood, Town Supervisor, will receive
OFFERING.
-C. W. Fan-BOND OFFERING.
% Warren), Trumbull County, Ohio.
$32,500
sealed bids until 8 p. m.(daylight saving time), July 11, forJuly
until 12 m'(Central
15 1927.
and 4349' registered bridge improvement bonds. Date 1936 incl.; and ning. Clerk Board of Education, will receive sealed bids Dated Jan. 1 1927.
standard time) July 9 for $50,000 434% school bonds.
15. as follows: 33,500, 1928 to
Denom. $500. Due July
and $2,000 April and
1
at
$1,000, 1937. Prin. and int. (J. & .1. 15), payablefor the First National Denom. $1.000. Due $1,000 April and Oct. & 1928payable at the Second
$500 is required.
Oct. 1 1929 to 1940 incl. Prin. and int. (A. 0.)
Bank & Trust Co., Port Chester. A certified check
Warren. A certified check for $1,000 is required.
-BOND OFFERING. National Bank,
ST. TAMMANY PARISH (P.0. Covington), La.
-PROPOSED
until
SPRINGFIELD, Clark County Ohio.-NOTE SALE
-F. J. Martindale, Secretary of Police Jury, will receive sealed bids
NEW BONDS.-Grau & Co. of Cincinnati, and R. W. Pressprich & Co of
July 12 for 175,000 6% road bonds.
York City, were awarded an issue of $368359 notes drawing interest
-The following New
-BOND SALE.
SAGINAW, Saginaw County, Mich.
at the rate of4 %,and running one year from July 7 The commissioners
on June 28-V. 124,
two issues of bonds aggregating 31.900.000 offered of Saginaw, ar par: p. will meet on Friday to consider the petition of the City Hospital for the
-were awarded to the Second National Bank
3670
issuance of 31,200000 bonds to pay the cost of building two wing of the
31.500.000 4% general water bonds. Due $50,000. July 1 1928 to 1957 institution and increasing the bed capacity from 120 to 300 rooms.
inclusive.
STARK COUNTY (P. 0. Canton), Ohlo.-BOND SALE.-Prudden
400,000434% street impt. bonds. Due $40,000. July 1 1928 to 1937
& Co. of Toledo, have purchased an issue of $106,000 4349' road bonds.
inclusive.
Date June 10. 1927. Denom. $1,000. Due June 10 as follows: $12,000
Date July 1 1927.
and Ent. (J. & D. 10),
-The $30.000 1929 to 1935 incl.; and $11,000, 1936 and 1937. Prin. approved by Squire,
-BOND SALE.
SAGINAW, Saginaw County, Mich.
- payable at the County Treasurer's office. Legality
p.3808
4% sewer and water connection bonds offered on June 28-V. 124,
Sanders & Dempsey of Detroit.
1927. Due
were awarded to the City Treasurer, at par. Date July 1
-Water-works 6% bonds, dated Jan. 1
-BOND CALL.
STITES, Ida.
36000, July 1 1928 to 1932, incl. There were no other bidders.
Bond
for $500. Called
-CERTIFICATE 1912, optional Jan. 11922. due Jan. 11932. Bank, No. 1 York City.
Salt Lake County, Utah.
New
SALT LAKE CITY,
Salt Lake for payment July 1 1927 at Chase National
SALE.-Snow-Goodart & Co. and the Central Trust Co. of
-The
indebtedness as 431s
-BOND SALE.
STRUTHERS, Mahoning County, Ohio.
City have been awarded the $1,000,000 certificates of
on June 20.
132.306.62 6% special assessment, street impt. bonds offered on June 3on June 22. The certificates were offered unsuccessfully
124. p. 2955
-were awarded to the Herrick Co. of Cleveland, at a
OFFERING.
-BOND
SALUDA COUNTY (P. 0. Saluda), No. Caro. will receive sealed bids premium of $2,013, equal to 101.52. a basis of about 4.45%. Date June
Jeff D. Griffith, Secretary Highway Commissioner,
1 1927. Due Oct. 1 as follows: $28.000, 1928; $27,000, 1929; 326,306.62,
$250,000:
until July 9 for the following coupon bonds aggregating May 1 as follows: 1030; $27,000, 1931 and 326.000, 1932.
59' highway bonds. Date May 2 1927. Due
$200.000
incl.
SUGAR LAND INDEPENDENT SCHOOL DISTRICT, Fort Bend
$16,000. 1929 to 1933 incl., and $12,000, 1934 to 1943,
-Caldwell & Co. of Nashville have recently
County, Tex.
-BOND SALE.
Interest payable M. & N.
bonds. Date July 10, 1927. Due $10,000 Jan. 10 1929 purchased an issue of $30.000 5% school bonds at 103.
50,000 highway
name the interest rate in a multiple of
)
to 1933 incl. Bidders to
TANGIPAHOA PARISH ROAD DISTRICT NO.9(P.O. Amite ,La.
31 of 1%. Interest payable J. & J.
-The $45,000 6% road bonds offered on June 14-V. 124.
A certified -BOND SALE.
Denom.$1,000. Prin. and int. payable in gold in New York. Dougherty, p. 3252
-were awarded to the Whitney-Central Trust & Savings Bank
by Reed,
check for 2% of the bid is required. Legality approved
of New Orleans at 101.55, a basis of about 5.79%. Date June 1 1927.
Hoyt & Washburn of N. Y. City.
Due serially 1928 to 1947 incl.
DISTRICT, San Bernardino
-BOND OFFERING.
TARRYTOWN, Westchester County, N. Y.
SAN BERNARDINO HIGH SCHOOL school bonds offered on June
-The $10,000
-BOND SALE.
County, Calif.
J. Wycoff Cole, Village Clerk, will receive sealed bids until 8 p. m.(daylight
-were awarded to the Alvin H. Frank Co. at 106.02. saving time) July 11 for $75.000 431% or 43.6% coupon or registered public
20-V. 124. n. 3670
-The library bonds. Dated July 1 1927. Denom. $1,000. Duo July 1 as fol-BOND SALE.
SAN CARLOS, San Mateo County, Calif.
lows: 83,000, 1928. and $4,000, 1929 to 1948 incl. A certified check payaHanchett Bond Co. of Chicago has been awarded an issue of $46,000 7% ble to the order of the village, for 2% of the bonds offered, is required. The
1927. Denoms. $1,500 and $100.
improvement bonds. Date May 26
any time successful bidder will be furnished with the approving opinion of Caldwell
Due $4,600 July 2, 1928 to 1937 incl. The bonds are optional
& Raymond of N. Y. City as to the legality of the bonds.
at 105. Prin. and bat. (J. & J.), payable at the City Treasurer's office.
TAYLOR TOWNSHIP SCHOOL DISTRICT NO. 7 (P. 0. Detroit)
Legality approved by Heller, Ehrman, White & McAullffe of San Francisco.
-The following two issues of 5%
-BOND SALE.
-BOND OFFERING. Wayne County, Mich.
SAN FRANCISCO (City and County of), Calif.
-were
bonds, aggregating $15,000 offered on April 2-V. 124, p. 2026
S. Dunnigan, Clerk Board of Supervisiors, will receive sealed bids awarded to Bumpus & Co.of Detroit, at a premium of$329,equal to 102.19:
-J.
issues of 5% bonds, aggregating
until 3 p. m. July 11 for the following two
$2.450 school bonds.
school bonds.
$12.550
$3,000,000:
Due in 10 years.
1925. Due $25.000,
$2,000.000 Retch Hetchy water bonds. Date Jan. Iof an authorized issue
-The
-BONDS REGISTERED.
1930 to 1989. incl. These bonds are part
TEXAS, State of (P. 0. Austin).
of $10,000.000.
State Comptroller registered on June 24 the following two issues of bonds,
1,000.000 school bonds. Date March 11923. Due 325,000, 1928 to 1967, aggregating $8,000:
incl. These bonds are the balance of an authorized issue of$12,- $6,500 6% Common Sch. Dist. No. 1 bonds. Due serially.
1,500 5% Hopkins Corn. Sch. Dist. No. 70 bonds. Due in 20 Years.
Denom. $1,000. Prin. and int., payable in gold at the City and County
-BOND
Lucas County, Ohio.
TOLEDO
Treasurer's office or at the fiscal agency In New York City. Bidders may OFFERING. SCHOOL DISTRICT, Board of Education, will receive
-May P. Foster, Secretary
bid for the whole or any part of the bonds offered and when a less amount sealed bids until 12m. July 15 for $1.250,000 4319' coupon school bonds.
the year or
of the whole amount offered Is bid on, the bidder shall state
$1,000. Due $50.000, Sept. 1 1928 to 1952
bid, payable Date
1927.
years of maturity thereof. A certified check for 5% of the approved by incl. June 1 and hit.Denom.
(J. & D.), payable at the United States Mtge. &
Prin.
to the Chairman Board of Supervisiors is required. Legality mentioned In Trust Co. New York City. A certified check, payable to the order of the
John 0. Thomson, of New York City. These are the bonds
Treasurer of the Board of Education,for 1% of the bonds bid for,is required.
V. 124, D. 3809.
3o
1
JULY 2 1927.]
THE CHRONICLE
135
TUCSON,Pima County, Ariz.
-BOND
-The following 7 issues
of bonds, aggregating $800,000 offered on SALE.
-were
awarded to a syndicate composed of the June 27-V. 124. P. 3393
Harris Trust & Savings Bank,
and Ames, Emerich & Co., both of Chicago; Peck,
Brown & Co., and the
International Trust Co., both of Denver, and
the Southern Arizona Bank
& Trust Co. of Tucson,taking $543,000 bonds as
4Hs and $257,000 bonds as
5s at 100.15, a basis of about
$250,000 water works system 4.66%:
impt. bonds. Due $12,500 July 1 1929
to
1948, Ind.
173,000 flood control system bonds. Due July 1
as follows: $8,500. 1929
to 1942, incl., and $9,000, 1943 to 1948, incl.
120.000 sewer system extension bonds. Due
$6,000 July 1 1929 to 1948,
inclusive.
100,000 sewage disposal system bonds. Due
$5,000 July 1 1929 to 1948,
Inclusive.
54,000 garbage disposal bonds. Due July 1 as
follows: $2,500, 1929 to
1940, incl., and $3,000, 1941
1948, incl.
52,000 park impt. bonds. Due Julyto as
1
follows: $2,500, 1929 to 1946,
hid- and $3,000, 1945 to 1948,
51,000 fire dept. impt. and extension incl.
bonds.
$2,500, 1929 to 1946, incl., and $3,000, Due July 1 as follows:
1947 and 1948.
Date July 1 1927.
July 1 1927. 10% of the total amount of the
issue will be paid each year
on the first of July. A certified check, payable
to
Treasurer, for 1% of the bonds offered, Is require the order of the Village
d.
WAYNE COUNTY (P. 0. Detroit), Mich.
-The $1,000.000 county jail bonds offered on June 28 -BOND SALE.
(V. 124, p. 3671) were awarded
to a syndicate composed of Stranahan, Harris
& Oatis, Inc., of Toledo,
Watling. Lerchen & Hayes of Detroit, and
Highland Park, as 44s at 100.06. a basis the Highland Park Trust Co.,
as follows: $70,000, 1928 to 1941 incl., andof about 4.24%. Dated July 1
Is now offering the bonds at prices to yield $20.000, 1942. The syndicate
from 4% to 4.10%.
WAYNE COUNTY (P. 0. Detroit),
-BOND SALE.
-The
Detroit Trust Co. of Detroit, has purchas Mich.
ed
assessment district bonds. (Rate not given.) an issue of $142,000 road
WELLESLEY, Norfolk County, Mass.
-Sealed
bids will be received by the City Treasurer -NOTE OFFERING.
until 12 m.
chase on a discount basis of $100,000 notes. Dated July 5 for the purJuly 5 1927. Due
Dec. 6 1927.
WESTFIELD, Union County, N. -BON
D OFFERING.-Charlee
Clark, Town Clerk, will receive sealedJ.
bids for the following issues of
coupon or registered bonds aggregating $260,0
TURMAN SCHOOL DISTRICTHP.0.
00 on July 11 at 8 p.
Graysville) Sullivan County, (daylight saying time):
Ind.
-BOND SALE.
-The $52,000 43% coupon school
bonds offered on $176,000 assessment bonds. Due July 1 as
Juno 23-V. 124, p. 3393-were awarde
follows: $14,000, 1928 to
d to the First National Bank,
Linton, at a premium of $2,250, equal
1931 incl.; $15,000. 1932, and $21,000
to 103.89, a basis of about 3.82%.
Date July 1 1927. Due as follows:
84,000 public impt. bonds. Due July 1 as , 1933 to 1937 incl.
follows: $5,000, 1928 to
$500 Jan. and July 1 1928 and
$1,000 Jan. and July 1 1930 and $4,000,
1933 incl., and 36.000, 1934 to 1942 incl.
1929:
Jan. and July 1 1931 to 1936, incl.
Date July 1 1927. Denom.
UKIAH, Mendocino County, Calif.
In gold at the Westfield Trust$1,000. Prin. and int. (J. & J.) payable
Co., Westfield. No more bonds to
-The $20,000 awarde
5% improvement bonds offered on June -BOND SALE.
be
than will
to Dean Witter & Co. of San Francisco 20 (V. 124, p. 3671) were awarded issues. d The U. S.produce a premium of 31.000 over each of the above
at 104.64, a basis of about 4.74%
Mtge. &
Co.,
Due 1967.
• preparation of the bonds and Trust certifyNew York, will supervise the
will
as to the genuineness of the
signatures and the seal impressed thereon. A
UNION CITY, Tenn.
-BONDS VOTED.
certified check, payable
-An Issue of $50,000 reim- to the order of
bursement of property owners bonds
was recently voted for issuance by to be approvedthe town,for 2% of the bonds offered, is required. Legality
a large majority.
by Reed, Dougherty, Hoyt & Washburn of N.
Y. City.
WEST POINT TOWNSHIP RURAL INDEP
UNION INDEPENDENT SCHOOL
Marion County, W.Va.-BOND SALE DISTRICT (P. 0. Fairmont), DISTRICT NO. 5 (P. 0. Allison), Butler CountyENDENT SCHOOL
, Iowa.
.-Seipp,Prince11& Co., ofChicago FERING.
-BOND OF-L.
were recently awarded an issue of
Bates, Secretary of Board of School Directors,
$81,000 4 I% school bonds. Dated ceive bids untilA.p. m. July
will reJune 1 1927. Denom. $1,000. Due
1
2 for $3,400 school bonds.
Dec. 1 as follows: $4,000, 1930 and
1931: $5.000, 1934 and 1935: $6,000.
WEYMOUTH, Norfolk County, Mass.
1938: 35,000, 1939; $7,000, 1942
-TEMPORARY LOAN.
and 1943: 38.000, 1946; $9,000,
The First
Prin. and int.(J. & D.). payable 1947; 310,000, 1950 and $11,000, 1951. loan on a National Bank of Boston, was awarded a 8100.000 temporary
at the
3.68%
Legality approved by Chapman, Cutler National City Bank, N. Y. City. bidder offering discount basis. The Old Colony Corp. was the Only other
& Parker of Chicago.
a discount basis of 3.715%.
UNIONTOWN SCHOOL DISTRICT,
WHEATON, DuPage County, 111.
Fayette
-BOND SALE.
BOND OFFERING.
-An iS141.10 Of $7,000
-A. E. Wright, Secretary Board County, Penn.
of School Directors, 43 % street sweeping machine and apparatus bonds has been disposed of
will receive sealed bids until 7:30
locally.
p.
bonds. Date June 11927. Denom m. July 8. for $225,000 4H% school $1.500, Date June 1 1927. Due Sept. 15 as follows: $1,000, 1928; and
1929 to 1932 incl.
is required. Legality of Gordon. . $1,000. A certified check for $5,000
Smith Buchanan & Scott of Pittsbu
WHITLEY COUNTY (P. 0. Columbia City),
rgh.
VALLEY, Pike County, Illinois.
Ind.
ING.
-Reuben T. Aker, County Treasurer, will receive-BOND OFFER-BOND SALE.
-The Hanchett
Bond Co.
sealed bids until
Chicago, has purchased an
10 a. in. July
Date April 15. 1927. Denoms. $1.000 issue of $10,000 5% road bonds. $21,000 Washin16 for the following 5 issues of 43% coupon road bonds:
gton Twp. Highway bonds. Denom.
and $500. Due May 1 as follows:
$1,000, 1929: 31,500, 1930 to 1935 incl.
$1,050.
11,000 Washington Twp. highway bonds.
Prin. and int.(A.& O. 15). payable
at the First National Bank, Chicago
Denom. $550.
11.440 Jefferson Twp. highway bonds.
. Legality approved by Chapman,
Cutler & Parker of Chicago.
Denom
7,700 Smith Twp.highway bonds. Denom . $572.
. $385.
8,350 Jefferson Twp. highway bonds. Denom
VERONA SCHOOL DISTRICT,Essex
. $417.50.
Date July 1 1927. Principal
-BOND OFFERING.
-Frank F. Moore, District Clerk,County, N.J.
will receive sealed bids until at County Treasurer's office. and semi-annual int.(M.& N. 15) payable
8 p. m. (daylight saving time) July
Will not be sold for less than par.
7, for an issue of 4H % coupon or one bond of each issue,
Due
registered school bonds not exceedi
each six months from May 15 1924
to Nov. 15
awarded than will produce a premiumng $525.000, no more bonds to be 1937, incl.
11927. Denom. $1,000. Due Aug. of $1,000 over $525,000. Date Aug.
WICHITA, Wichita County, Tex.
1 as follows: $13,000. 1929 and 1930:
-BONDS REGIS
$14,000, 1931 and 1932: 315,000, 1933
-The
and 1934: $16,000. 1935 to 1950, State Comptroller registered on June 21 an issue of$500,000 TERED.
incl., 318,000,1951 to 1953. incl. $17,000
4%% refunding
bonds.
1957 to 1966, incl. Prin. and hit. (F. & , 1954 to 1956, incl., and 38.000.
WICHITA COUNTY (P. 0. Wichita Falls),
Trust Co., Verona. The United States A.) payable in gold at the Verona
Texas.
Mtge. & Trust Co., of New York FEATED.
-BONDS DECity, will certify as to the genuine
-The
ness of the bonds; the legality of the the vote of the proposition to Issue $1,000,000 road bonds, submitted to
bonds will be approved by Hawkins,
people on June 25(V. 124, p. 3393), was defeated.
City. A certified check payable to Delafield & Longfellow of New York
WICHI
for 2% of the amount of bonds bid the order of the Board of Education, County TA FALLS INDEPENDENT SCHOOL DISTRICT, Wichita
is required.
, Tex.
-BOND SALE.
-The 3250.000 school bonds offered on
June 28 (V. 124, p. 3810) were awarded to Garrett
VICTOR,Idaho.
-BOND CALL.
-Electric light 6% bonds dated July
& Co. of Dallas at a
premium
1915, optional July 11925, due
July 1 1935. Nos. 1 to 3, called for paymen1 incl., andof $3.075, equal to 101.23. Due as follows: $6,000. 1928 to 1957
July 1 1927 at Victor State Bank,
t
$7,000, 1958 to 1967 Ind.
Victor, Idaho.
WINCHESTER, Scott County, III.
VICTORIA, Lunenberg County,
-BOND SALE.
-The White5% water and sewer bonds offered Va.-BOND SALE.
-The $190,000 Phillips Co. of Davenport, has purchased an
issue of $10,000 sewage system
on June 28-V. 124, P. 3810
awarded to W. L. Slayton & Co.
-were bonds at 101.70.
4
of Toledo at 104.71.
I
WACO SCHOOL DISTRICT,
WINCHESTER, Middlesex County, Mass.
-TEMPORARY LOAN.
Jasper County,
RATE
-MATURITY.
-The $15,000 high scholl bondsMo.-INTEREST The Old Colony Corp. of Boston has been awarded a $100,000 temporary
awarde to the
Conqueror Trust Co. of Joplin at
100.73-V. 124. p. 3671-a basisdof about loan on a 3.70% discount basis. Due Dec. 12 1927. The Shawmut Corp.
4.89%. bear interest at 5% and mature
of Boston was the only other bidder, offering a discoun
serially, $1,000, 1928 to 1942 Incl.
t of 3.73%.
WARREN, Macomb County, Mich.
WINNESHIEK
-BON
-BOND OFFERING -Harold At an election held COUNTY (P. 0. Decorah), la.
VOTED Ladocour, Village Clerk, will receive
recently the voters authorized the issuancDS 31,200,.
sealed bids until 8 p. m. July
e of
000
the following three issues of special
7 for road bonds by a vote of 2,197 for to 1,406 against.
assessm
31,91.0 sewer bonds. Denom. $500. one ent bonds aggregating $3,800:
WINTHROP, Suffolk County, Mass.
for $400. Due July I as follows
-BOND SALE.
-The $49,000
$500, 1928 to 1930 incl., and $400, 1931.
: 4% junior high school bonds offered
on June 28 (V. 124. p. 3810) were
1,100 sewer bonds. Denom. $250 and
$200. Due July 1 as follows: awarded to F. S. Moseley & Co. of Boston at 100.50,a basis of about
$250, 1928 and 1929,
3.86%.
Dated July 1 1927. Due serially 1928 to 1934 incl.
1931
Other bidders were:
800 sewer bonds. Denomand $300,Due and 1932.
Bidder. $200.
Date July 1 1927. A certified check for $200 July 1 1928 to 1931 hid. Old Colony Corpora
Rate Bid.
tion
$250 is required.
100.43
Atlantic-Merrill Oldham Corp
WARREN COUNTY (P. 0. Williamsport
100.34
-BOND OFFERING. Harris, Forbes & Co
-Emerson J. Davis, County Treasurer,will ), Ind.
receivesealed bids until 10 a.
100.28
July 5, for $14,600 4% road
in. Estabrook & Co
bonds. Date April 16, 1927.
100.06
$730. Due $730 May and Nov.
Denom.
WINTHROP,
-TEMPORARY LOAN.
(M.& N.), payable at the County 15 1928 to 1937 incl. Prin. and int. Old Colony Corp.Suffolk County, Mass.
-The
has been awarded $30.000 temporary loan on a 3.715%
Treasurer's office.
discount basis. Due Dec. 16 1927. a Other bidders were:
WARWICK, Kent Count
-BOND SALE.
Bidder-The Warwick
Savings Bank, was awarded ony R. I.
Discount Basis.
Juno 24, an issue of $10,000
registered, street improvement bonds.
5%, coupon or First National Dank, Boston
3.745%
Due $1,000, July 1 1928 to 1937 incl. Date July 1 1927. Denom.$1,000. Bank of Commerce & Trust Co.. Boston
3.75%
Prin. and hit. (J. & J.), payable
WOLFE COUNTY (P. 0. Compton), Ky.-B
the First National Dank, Warwick.
at
OND SALE.
-Seipp,
Princell & Co.of Chicago have been awarded an
WASHINGTON COUNTY (P. 0.
issue of $50,000 road bonds.
Vernon
YAKIMA COUNTY SCHOOL DISTRICT NO.
-BOND OFFERING.
-J. A. Douglas, Clerk Board of County ), Fla.
14 (P. 0. Yakima),
Commissioners, will receive Wash.
-BOND SALE.
sealed bids until July 25 for the following
-The $335,000 school bonds offered on June 25V. 124, P. 3534
5% bonds aggregating $700,00
$500.000 road bonds. $200,000 court house
0: 44s at 100.17, -were awarded to Richard Ross de Co. of Yakima as
and jail bonds. Denom.
a basis of
$1,000. Date Aug. 1 1927. Prin.
semi-ann. int. (F. & A.) pay- July 1 1929 to 1941 incl. about 4.49%. Date July 11927. Due serially,
able at the Chase National Bank, and Y.
Prin. and int. payable at the County Treasurer's
N.
Certified check for $10.000 required with eachCity. Due Aug. 1 1957. office.
Issue.
WATERBURY, New Haven County
, Conn.
-BOND SALE.
$_225,000 4H%. 1927 series, permanent paving
-The
V. 124. p. 3533
CAP DE LA MADELEINE, Que.-BOND
-were awarded to a syndicate bonds offered on June 24OFFERING.
-City Clerk
Co., and Gibson, Leefe & Co., both of New composed of II. L. Allen & R. Morrissette will receive
York City, and George L. $329,40
sealed bids for three blocks of bonds aggregating
Austin & Co. of Hartford, at 100.24, a basis of
0 up to 7 p.
15 1927. Due Jan. 15 as follows: 324,000, 1928about 4.19%. Date Jan. serial bonds, dated m. July 4. The first block is for 3234,400 5% 20
-year
July 2 1927 in $100, $500 and $1,000 denominations.
to 1936 incl.: and
1937. There were no bids submitted for the
$300,000 4% 20th ser.$9,000, The second block is for $75,000 5% 30
-year serial bonds dated June 11927,
and the only bid offering par for the $100,00
bonds; and in $100 and $500 denominations.
0 4% 19th series bonds was 5% 20
rejected.
-year serial bonds dated July 2 1927The third block is for $20,000
and in $100 and $500 denominations. The bonds are payable
WATERFORD TOWNSHIP SCHOO
at Cap de la Madeleine, Three Rivers.
L DISTRICT NO. I
Montreal and Quebec.
Pontiac R. F. D. No. 5), Oakland County
(P. 0.
, Mich.
-BOND SALE.
CHICOUTIMI, Que.-BOND SALE.
The Security Trust Co. of Detroit, was awarded
-The $45,000 5% coupon school
$150,000
% school bonds. Date Juno 15 on June 7, an issue of bonds offered on ?June 27-V. 124, p. 3810
-were awarded to Bray. Caron
Due Feb. 1 as follows: $4.000, 1930 to 1934 incl.; 1927. Denom. 31.000. & Dube of Quebec. at 98.90. Date May 2 1927.
Int. M. 8; N. Due
$6,000, 1941 to 1945 incl.: and $7,000, 1946 to $5.000, 1935 to 1940 incl.: serially 1928 to 1957, hid.
1955 incl. Prin. and hit.
(J. & D. 15). payable at the Security
FOREST HILL, Ont.-BOND
Trust Co., Detroit. Legally
-An issue of $93.236 557 10 and
proved by Miller, Canfield, Paddock & Stone of
30
-installment bonds was sold to SALE.
apWood, Gundy de Co. at 99.19. Bids
Detroit.
were as follows:
WAUPACA COUNTY (P. 0. Waupaca),
Wood, Gundy & Co
Wis.-BOND OFFERING.
99.19 Canadian Bank of Commerce_
Sealed bids will be received until July 12 by L. F.
- McLeod,
_98.03
Young, Weir & Co_ _ _98.291C. H. Burgess
urer, for $300.000 4H% highway !rapt. bonds. Shoemaker, County Treas& Co
97.80
FORT WILLIAM, Ont.Horn. $1,000 and $500. Due $100,000 April 1 Date April 1 1927. De..
.
-The Canadian Bank of Com1931 to 1933 incl. Prin. merce has purchased $135,00 BOND SALE.
and int. (A. & 0.), payable at the County Treasur
0 4% bonds at 93.67. Due in 1957.
BOND SALE.
-A.E.&Mg & Co. were awarde
check for 1% of the bid, payable to the County er's office. A certificate
d the following five issues
of 5% bonds, agaregating $188,26
Treasurer is required.
7. at 100.13:
WAUWATOSA, Milwaukee County, Wis.$37,950 bonds due June
BOND OFFERING.
Sealed bids will be received by A. V. Brigham, City
- 31.074 bonds due June 1 1946.
11951.
Clerk until July 5
for $100,000 41i
42,000 bonds due 1957.
series 14 coupon school bonds. Date
June 15 1927.
Denom. $1,000. Due 35,000,
34,672 bonds due July 1 1952.
to 1947, incl. Prin. and
lot. (M. & S.), Payable at the March 15 1928Bank
42.571 bonds due July 1 1947.
First National
of Wauwatosa or at
the Wauwatosa State Bank, Wauwatosa.
MANITOBA (Province of).
-DEBENTURE SALE.
WAYNE, Wayne County, Mich.
-The Provincial
Government has
-BOND OFFERING.
-Isabelle K. various drainage sold an issue of $200,000 4% 30-year debentures of
Comer. Village Clerk, will receive sealed bids until
districts to the
8 p. m.(eastern standard to
time). July 5, for $73,900 not exceeding 6% public
a cost basis of about 4.67%. Bank of Montreal at 97.189, or equal
pavement bonds. Date Toronto and
The bonds are payable at Winnipeg.
Montreal.
a
CANADA, its Provinces and Municipalities.
THE CHRONICLE
136
[VOL. 125.
-year.to Waterman-Waterbury
15
Sinking Fund: Stun,'Reach.$5,000 534V
-The following five issues of Co.; McKnight $2,000534% 10
-year,to Regina Public School Sinking Fund.
MOOSE JAW, Sask.-BOND SALE.
-were
25-V. 124. p. 3072
tions granted
bonds aggregating $186,518 offered on June
AUTRORIZATIONS.-The following is a list of authoriza
School districts:
awarded to Wood, Gundy & Co. of Toronto, at 98.90:
by the Local Government Board from June 4 to 11: Lake, $612, not
Prase
$130.000 hospital extension bonds. Due in 1957.
Richard, $5,000, not exceeding 6%, 10 Year; exceeding 7%, 10-install43,318 water main bonds. Due in 1957.
-installments; Pala. $3,500, not ,$24,000, not exceeding
exceeding 7%, 10
7.200 concrete sidewalk bonds. Due in 1942.
-year; Dunblane
ments: Moose Jaw,$70.000 534% 20 exceeding 6%, 10
-year. Village of
4,400 sewer and water house connections bonds. Due in 1937.
-year; Mile End, $1,500, not
6%, 20
1,600 sewer and water main bonds. Due in 1957.
-installments. Town of Ogena,
Hawarden, $2,800 not exceeding 6%, 10
-The
SALE.
NEPEEN TOWNSHIP (P. 0. Westboro), Ont.-BOND124, p.3534- $4,000, not exceeding 6%. 15-year.
-year installment bonds offered on June 17-V.
-The $230,000 improvement
$.38.441 5% 20
about
SHERBROOKE Que.-BOND SALE.
awarded to Rene T.
were awarded to R. A. Daly & Co. of Toronto, at 99.93, a basis of
bonds offered on June 27-V. 124, p. 3811-were
of about 4.94%.
Date June 1 1927.
5.01%.
Leclerc, Inc., of Montreal, as 4348. at 95.82, a basis
-Fry, Mills, Spence & Co. Date May 1 1927. Due serially May 1 1928 to 1955. inclusive.
, Ont.-BOND SALE.
PETERBOROUGH
city bonds at 100.277.
of Toronto, have purchased an issue of $101,500 5%
-The $251,000 city bonds
THREE RIVERS Que.-BOND SALE.
& Co., Ltd.,
Other bidders were:
Rate Bid. offered on June 27-V. 124, p. 3811-were awarded to Mead1929 to 1957.
Rate Bid.I BidderBidder99.63 as Cis, at 94.41. Date May 1 1927. Due serially May 1
Co
100.27 Dyment, Anderson &
R.A. Daly & Co
of bids submitted:
99.53 incl. The following is a complete list
100.13IC. H. Burgess & Co
A. E. Ames & Co
Price Offered Price Offered
99.40
%•
McLeod, Young, Weir & Co_ _100.13 Wood, Gundy & Co
4.4%.
99.39
Name of the Tenderers99.81
Bank of Montreal, Montreal_ _100.10 R. C. Matthews & Co
94.4
Mead & Oo.,Ltd
99.80
99.60
Bell, Guinlock & Co
94.03
Wood, Gundy & Co
99.53
of other bids
93.74
REGINA, Sask.-BIDS.-The fol owing is a complete list asst,,aating Hanson Bros. & Ls. Normand, Inc
99.42
debentures.
93.18
submitted for the four issues of 5% sinking fundRegina at 100.34, a basis L. G. Beaubien & Co., Ltd
99.32
s Corp., Ltd
, Cleary & Co. of
Royal Securitie
$379.000, awarded to Gallaway
99.17
Caron, Dube Limitoe
of about 4.98%:
98.53
-For Bds. Payable in-- Bray,
92.83
Dyment, Anderson & Co
95.72_
Canada Only. Can. Fe N. Y. IIPee T.Leclerc.Inc
Bidders
99.07
Treasurer
Dyment, Anderson & Co
- RIVERS, Que.-BOND OFFERINO.-A. Nobert, 4 for the
=RTE
100.08
100.08
July
Royal Securities Corporation
School Commissioners, will receive tenders up to 4 p. m.11928. in $100
99.65
99.55
-year serial bonds. Date Nov.
Wood, Gundy, Limited
purchase of $148,500 5% 30
Rivers, Quebec
Fry, Mills, Spence & Co.and Bell, Gouinlock & Co., 99.76
denominations and multiples thereof, and payable at Three
99.81
Ltd
and Montreal.
98.80
McLeod,Young,Weir & Co.,Ltd
-The $487.000 435% coupon
Que.-BOND SALE.
WESTMOUNT,
99.145
Mead & Co., Limited
124, p. 3672) were awarded to
improvement bonds offered on June 28 (V. a basis of about 4.89%: Due
Houston, Willoughby & Co. and Dominion Securi- 99.572
99.572
Wood, Gundy & Co. of Toronto at 96.27,
ties Corp
1929; $18.500, 1930 and 1931:
99.53
May 1 as follows: 516,000. 1928; 517,500,
99.39
1936;
Nay & James and A.E.Ames & Co., Ltd
100.25
*100.34
$21,000, 1932: $20,500, 1933; $22,000, 1934: $22,500, 1935; $24,500, 1941;
1940 and
Galloway, Cleary & Co
99.19
$25,000. 1937; 512,500, 1938; $12,000, 1939; 513.500, 1945 and 1946;
Bank of Montreal
$17,000,
99.53
99.44
515,000, 1942; $14,500. 1943; S16,000, 1944; 1951 incl.; 515,000. 1952:
Royal Bank of Canada
$18,500, 1947: 54,000, 1948: $4,500, 1949 to 1957 to 1959 incl.; $7,000,
* Successful bid.
to 1965 incl.; $6,000, 1956: $6,500,
NO.-R. Daze, 55.500, 1953 1961; $8,000, 1962 and 1963; 58,500, 1964; $9,000 1965 and
ST. AGATHE DES MONTS, Que.-BOND OFFERI the purchase 1960; $7,500,
p. m. July 5 for
Secretary, will receive sealed tenders up to 7 July 1 1927, in $100 and $500 1966. and 510,000, 1967.
-M. A. Dickinson, City Clerk,
-year serial bonds. Dated
of $130,000 5% 30
WINDSOR, Ont.-BOND OFFERING.
.
Issues a
tions and payable at St. Agathe des Monts and Montreal
denomina
will receive sealed bids until 12 m. July 4, for the following three
-The rate payers recently 5% debentures aggregating $313,478.75:
T, Oue.-BONDS VOTED.
ST. LAMBER
nts.
improvement debentures. Due in 10 annual installments.
of $175,000 bonds.
5101.386.33 local
approved a by-law calling for the issuance
installme
159,092.42 local improvement debentures. Due in 10 annual annual in-The following is a
"'SASKATCHEWAN,Sask.-DEBENTURE SALES. ent Board from
water main extensions debentures. Due in 20
53,000.00
the Local Governm
stallments.
list of debentures reported sold bySchool districts: Lansdowne, 4.6255%
coupons
June 4 to 11, aggregating $39,425:
Tenders must be for each block separately. Debentures and
-year, to
be made purchaser
-year, to J. Cunningham, Winnipeg; Horizon, $800 54% 5 10
15
Windsor. Ont. Delivery of debentures tobe made of the depayable at
Sinking Fund; Heffnangsfeld. $2,000 54% -year, at Windsor. Debentures may as far as practicable
Regina Public School
-year, to C. C.
to G. Moorehouse & Co.; Springwater. $23.000 534% 20 Public School nomination of one thousand dollars ($1,030) each.
-year, to Regina
Cross & Co.; Boldenhurst, $2.000 54% 10
FINANCIAL
We Specialize in
City of Philadelphia
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328
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41 48
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Philadelphia
FINANCIAL
NEW LOANS
Si.000.000
City of Allentown, Pa.
4% Bonds
.
SEALED PROPOSALS "Bids for Bonds'
will be received by the Mayor of the City of Allen1927,
town, Pa., up to TUESDAY, JULY 26,of the
at 9:30 o'clock A. M. for the purchase
whole or any part of the One Million ($1,000.000)
City Bonds, dated July 1, 1927.
Bonds will be issued as coupon bonds to the
number of 1,000, of the denomination of $1.000
each, and will bear interest at the rate of 4 per
centum per annum from July 1. 1927,free of State
Tax, payable semi-annually on the first day of
July and January of each year.
A certified check of 2 per cent of the amount
of bid must accompany all proposals, said check
made payable to the city of Allentown, Pa.
Bidders are required to pay accrued interest
from July 1. 1927.
Further information may be procured by applying to Mr. Jos. A. Scmhidt, City Clerk.
Private Wire to New York
Call Canal 8437
E. R. DiGGs & CO.
BONDS
MUNICIPAL
and
CORPORATION
Correspondent of
DETROIT TRUST COMPANY
DETROIT. MICH.
Mellon National Bank
Specializing in Public Utilities
Pittsburgh, Pa.
46 Cedar Street
New York
CRONWALL & COMPANY
INCORPORATED
42 BROADWAY - NEW
Members New York Curb Market
Direct Private wire' to
Boston. Buffalo. Chicago, Cleveland, Detroit.
Montreal. Rochester. Syracuse and Toronto
Orders executed in ad markets
No margin accounts accepted
Capital and Surplus
$16,000,000.00
Specializing in Issues of
WHITTLESEY.
McLEAN & CO.
Lumber and Timber Companies
MUNICIPAL BONDS
INVESTMENT BONDS
CHICAGO
FOREIGN_ MUNICIPAL. &
- .
4 40 R. R. BONDS
GOVERNMENT
We invite your correspondence.
Investment Securities
Ilinois Merchants Bank Bldg
Jerome B. Sullivan
&
YORK
The great resources and comprehensiveness of Mellon National
Service reflect our position in world
banking.
(Incorporated)
THE DETROIT ClaviPA/sTY
Incorporated
CHICAGO
NEW YORK
BOSTON SAN FRANCISCO
Over fifty years of intimate relationship with financial and economic conditions in the Pittsburgh
District has made it possible to
render the prompt, understanding
service that has proved of such
value to out-of-town clients.
3Liquibation
NOTICE OF LIQUIDATION OF THE
FIRST NATIONAL BANK OF DOLORES,
OF DOLORES. COLORADO
The Pint National Bank of Dolores. located at
The Town of Dolores. in the State of Colorado, is
closing Its affairs. All note holders and other
creditors of the association are therefore hereby
notified to present the notes and other claims for
payment.
CHAS. B. REID. Cashier,
Dated May 3. 1927.
PENOBSCOT BLDG., DETROIT
Bond Salesmanidwip
!I The Human Side of Business and The
Art of Selma Bonds are the best books
$3
an this +object ever written.** Price.cireach. cash with order. Descriptive by
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culars free
FredericL Peirce & Co.
New Yawls
60 Wail Street,
hia
207 So. Fifteenth Street. Philadelp
@FedFRASER