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The
Oflflnrrfttl
VOL. 126.
1 financial
rtintrie
SATURDAY JUNE 9 1928.
NO. 3285.
ter. The Secretary met a plain requirement when
he followed the money market in its upward course.
PUBLISHED WEEKLY
It is to be noted, furthermore, that within the last
Terms of Subscription—Payable in Advance
ten days the whole bond market has felt the influIncluding Postage—
12 Mos.
6 Mos.
Within Continental United States except Alaska
$10.00
$6.00 ence of tight money,
In Dominion of Canada
with the result that even gilt
11.50
6.75
Other foreign countries. U.S. Possessions and
territories
13.50
7.75 edged
bonds of established merit have shown a weakNOTICE.—On account of the fluctuations in the rates
of exchange,
remittances for European subscriptions and
advertisements must be made ening tendenc
in New York funds.
y. In the case of municipal bonds,
The following publications are also issued. For
the Bank and Quota- which stand closest
in their approach to U. S. Govtion Record the subscription price is $6.00 per
year, for all the others is
$5.00 per year. For any three combined the subscriptio
n price is $12 per ernment obligati
ons, there have been some instances
year, and for the whole five combined it is $20
per year.
COMPSNDIUMS—
MONTHLY PUBLICATIONS—
even, though only minor ones, where old rates of
Ponmc Uritarr—(semi-annually)
BANK AND QUOTATION RECORD
RAILWAY & Isonerazia,--(semi-ann.)
MONTHLY EARNINGS RECORD
interest have recently failed to attract bidders and
ETATS AND MUNICIPAL—(BeInl-ann.)
where, therefore, the issues have had to be withdrawn
Terms of Advertising
Transient display matter per agate line
45 cents from the market for the time being. The IL S. GovContract and Card rates
On request
onc•ao Orgies—In Charge of Fred. H. Gray, Western Representative, ernment obviously could not take
any chances of
208 South La Salle Street, Telephone
State 0613.
LONDON Orrics--Edwards & Smith, I Drapers Gardena,
London, E. O. that kind.
WILLIAM B. DANA COMPANY, Publishers,
But to say that money rates are higher is to tell
Front, Pine and Depeyster Streets, New
York
only half the story. What makes them higher and
Published every Saturday morning by WILLIAM
B. DANA COMPANY.
President and Editor, Jacob Seibert; Business Manager,
who or what is responsible for the dearness of
William D. Riggs;
Treas.. William Dana Seibert; See., Herbert D.Seibert. Addresses
of all. Office of Co. money
to such an extent that it interferes with the
marketing of new U. S. obligations at anywhere near
The Financial Situation.
recent rates? Is the stiffening of the money market
The United States Treasury has the present week
the only reason why the Government finds borrowannounced its June program of financing and its dising so much more costly? Has there not been some
tinctive feature is the high rates of interest the
other contributary cause or causes? That these
Government is now obliged to offer on its borrowquestions are pertinent appears from the fact that
ings. The Secretary is inviting subscriptions at par
the market for U. S. Government obligations has
for two series of Treasury certificates of indebtedbeen depressed for quite a while, the weakening tenness, both dated and bearing interest from June 15.
dency having been manifest long before the general
The rate of interest in the first series running for
bond market showed the slightest indications of anysix months and payable December 15 1928, is 4%
thing of the kind. The reader of this column will
per annum, and the rate in the second series runnot have to be apprised of the reason for this. It
ning for nine months, and falling due March 15 1929,
has been blazed forth in these columns week after
is 3 % per annum. The amount offered of each
/
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week ever since the first of the year. The Federal
series is $200,000,000 "or thereabouts." At the time
Reserve Banks, after having piled up enormous holdof the March financing the rate of interest was 3 %
/ ings of U. S. Government obligations during the
1
4
on the nine months' issue of certificates for $200,last half of 1927, as part of their policy to keep
000,000, and 3%% on the issue running for a year
money rates in this country low, so as to aid foreign
for $360,000,000. Last December the Treasury ofbanks in the accumulation of gold, have since the
fered $250,000,000 of certificates of indebtedness,
first of the year reversed their policy and been disrunning for a year, at 3 % interest, and last
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No- posing of these U. S. securities in a continuous
vember it offered $400,000,000 of seven months'
cer- stream. These sales of Government obligations
tificates at 3 %;these latter certificates, known
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as have completely demoralized the Government bond
Series TJ-1928 and maturing June 15 1928, will
now market. Under ordinary circumstances such is the
be accepted at par in payment for any certificates
price stability of Government bonds that the flucof the two new series offered for subscription.
tuations in them are as a rule confined within relaOf course money rates are now very much higher
tively narrow limits, usually fractions. The present
than they were at these earlier dates, and conseyear, however, such has been the depressing influquently it was not to be expected that the Governence of the sales by the Reserve Banks, prices of the
ment could borrow on the same advantageous terms
same have very sharply declined. Note the extent of
as before. Secretary Mellon is not be criticized for the
sales by the Federal Reserve Banks. On Jan. 4
fixing the rate high enough to guard against even a
1928 the twelve Reserve institutions reported aggreremote possibility of the offering not being readily gate
holdings of $627,403,000 of U. S. Government
and fully subscribed. With time money command- securities. From
this week's statement of the Reing 5%@5%%,financial institutions are not apt to serve Board it appears
that the holdings now (June
tumble over one another, in a figurative sense, out 6) are down to $210,032
,000. Thus over $417,000,000
of a desire to obtain certificates bearing only. 3y of Government obligations have been
8
thrown on the
/
or 314%, notwithstanding their high grade charac- market in the space of five months.
The result is
finantial Chronicle
3496
FINANCIAL CHRONICLE
[Vol,. 126.
what might have been expected. Prices of all the Exchange itself, issued after the close of business on
different issues have moved to much lower levels. Monday, with the figures brought down to the end
As illustrations we may note that the 4th Liberty of May, and the other the regular weekly return of
Loan 41 4s, which on Jan. 7 sold at 104, commanded the Federal Reserve Board, issued after the close of
/
at the close yesterday only 101-27/32; the Treasury business on Thursday, and covering the period up
/
334s of 1946-56, which touched 108-10/32 on Jan. 7, to the close of business on Wednesday June 6. Nei/
closed yesterday at 105-12/32; the Treasury 338s of ther statement deviates in the slightest degree from
which sold Jan.7 at 103-10/32, closed yester- the returns for the weeks immediately preceding—
1943-47,
day at 101-11/32; and the Treasury 4s of 1944-54, 'each shows a new high record in all time. In the
which commanded 111-12/32 Jan. 7, closed yester- case of the Stock Exchange compilation, where the
total is always larger by several hundred million
day at 108-8/32.
We think we are stating the truth when we say dollars than the total in the exhibit of the Federal
that no such large and general declines in the prices Reserve Board, the grand aggregate has now not
of U. S. Government issues would have been possible, only reached the five billion dollar mark, but gone
no matter what the condition of the general bond away above it. In other words, the Stock Exchange
market, except for the huge sales of the Federal Re- figure for May 31 is $5,274,046,281, which compares
serve Banks. In fact, it is not unlikely that the de- with $4,907,782,599 on April 30, $4,640,174,172 on
cline in the bond market has been due as much to the March 31, and $4,322,578,914 on Feb. 29, showing an
decline in Government bonds as to the tightness of increase for the three months in amount of almost
the money market. It follows that the ill-fated policy a billion dollars, or, to be exact, $951,467,367.
Nor is there any sign of any let-up in the latest
of last summer and autumn, when the Reserve Banks
return of the Federal Reserve Banks. Here also a
2
1
/
reduced their rates of discount to 3 %,and flooded
the market with Reserve credit through huge pur- new high peak in all time has been established, as
chases of U. S. Government obligations, worked mis- already stated. In the case of these figures it may
chief in a two-fold way, first in fostering and stimu- be recalled that there was one recent week when the
lating speculation in the stock market to such an total showed a slight decline. This was in the week
extent that it is no longer amenable to control, and ending May 23, when the grand total of the loans to
secondly in completely demoralizing the Govern- brokers and dealers (secured by stocks and bonds)
by the 46 reporting member banks in New York
ment bond market.
Last summer and autumn it was urged that the City declined from $4,502,044,000 to $4,456,091,000.
money market must be kept easy so that the U. S. The very next week, however, the figures resumed
Treasury could carry through its plans for refund- their upward course, the total rising from $4,456,ing the Second Liberty Loan bonds, which had been 091,000 to $4,469,466,000, and the present week the
called for redemption on Nov. 15th last; now the total has at one bound risen still further to $4,563,U. S. Treasury is faced with the problem of redeem- 240,000, being an addition for the latest week of no
ing $1,350,000,000 of Third Liberty Loan bonds less than,$93,774,000.
In support of these huge speculative loans the
which will have to be paid off the coming September.
Yet so far from the money market being easy it is member banks have also again enlarged their borfound to be exactly the reverse. Not only that, but rowings at the Federal Reserve Banks. During the
the plight in which the Government finds itself is week the twelve Reserve Banks further reduced their
the direct result of the operations of the Reserve holdings of U. S. Government securities from $219,Banks themselves, which have always been hailed 426,000 to $210,032,000, and they also further cut
as being such a great help and aid to the Treasury. down their holdings of acceptances purchased in
An enterprising bond house has succeeded in get- the open market, the total of these having declined
ting Roy A. Young, Governor of the Federal Reserve from $303,988,000 to $266,394,000, but all to no
Board, to give a talk the present week on the radio, avail, for the member banks presented additional
and he selected for his subject the topic: "How the bills for discount, with the result that the total of
business man and the general public are protected these discounted bills ran up still further from
by the Federal Reserve System." In his talk he re- $943,791,000 to $981,998,000. The discounts obferred particularly to the open market operations tained on the pledge of U. S. Government obligato $651,184,000,
of the Reserve Banks but did not allude to the pur- tions increased from $634,482,000
Government bonds, discussed and the discounts obtained on mercantile paper rose
chase and sale of
the
above, which formed part of these open market from $309,309,000 to $330,814,000. Altogether
have been attended with such total of the bill and security holdings is only a little
operations, and which
less than it was a week ago, being now $1,459,514,000
unfortunate results. He concluded by calling the
as against $1,468,295,000 on May 29. A year ago,
Federal Reserve System "one of our most valuable
total was only $1,060,781,000,
assets." Is it not about time that the Federal Re- on June 8 1927, the
showing an increase in the amount of Reserve credit
serve authorities stopped indulging in praise of
in use of almost $400,000,000.
themselves and gave a little more thought to their
shortcomings?
On the Stock Exchange the week has been one of
bond almost continuous liquidation with drastic declines
The course of brokers' loans on stock and
in prices. An exception should perhaps be made of
collateral is so similar week after week that the
repetition. With an occa- last Saturday, when the novelty of once more having
story grows tiresome by
having been
sional exception, the course continues uninterrupt- a Saturday session (the Exchange
seems to be able to check closed the four Saturdays preceding) seemed to inedly upward, and nothing
and the
the eVer-widening circle of expansion. This week's fuse a spirit of enthusiasm into the dealings
considerable
reports constitute no exception to the rule. There market as a consequence displayed
however, weakhave been two of these reports the present week, firmness and strength. On Monday,
the advance in the call
one the monthly statement compiled by the Stock ness developed all around,
JUNE 9 1928.]
FINANCIAL CHRONICLE
loan rate on the Stock Exchange furnishing a new
occasion for a drive against the market. On Tuesday, the tone was considerably improved. The big
increase shown in the total of brokers' loans in the
monthly compilation of the Stock Exchange seemed
to have been expected and accordingly was without
much, if any, influence. Moreover, the call loan
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rate dropped back to 6 %. As a consequence the
market showed recovery, but the recovery was partial only—partial in that the upward reaction extended to only part of the list and partial also in
that only a portion of the losses of the previous day
were recovered, even in the case of the stocks which
showed an upward rebound.
On Wednesday and Thursday, however, renewed
weakness developed and as a result of bear pressure
prices yielded in very substantial fashion. The
traxling element appeared to be much concerned over
the probable action of the Reserve Banks with reference to interposing an effective check on the further
growth of brokers' loans and there were hints that
some of the Reserve Banks would further advance
their rediscount rate, say to 5%. On Friday the
additional expansion of over $93,000,000 in borrowing on Stock Exchange account in the weekly return
of the Federal Reserve Banks was not calculated to
• allay apprehensions on that point and liquidation
continued. Support to the market appeared to be
completely lacking for the time being, the market
apparently being left largely to itself. The volume
of business, while still large, has been on a smaller
scale than during the hectic period in the early part
of May, though the dealings on Monday aggregated
4,107,810 shares. On Tuesday the sales reached
3,360,100 shares; on Wednesday 3,370,940 shares; on
Thursday 3,258,600 shares, and on Friday 3,152,300
shares. In the Curb Market sales were 853,196
shares on Monday, 639,230 shares on Tuesday,
870,500 on Wednesday, 779,530 on Thursday and
728,670 on Friday.
It is hardly needful to say that comparing the
close on Friday of this week with the close on Friday of last week prices are lower all around. General Motors closed yesterday at 190 against 19358
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on Friday of last week; Chrysler closed at 79 against
/
84 ; Dodge Bros. pref. at 7414 against 81%, while
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the class A stock closed at 15Y against 16%; Stude2
baker closed at 73 against 7778; Hudson Motor at
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89 against 89%; Hupp Motor at 601 8 against 60 ;
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Mack Truck at 92
/ against 96%; Nash at 91
1
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against 92%, and Packard at 8018 against 791 8
/
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The Rubber stocks have continued weak. U. S. Rubber corn. closed yesterday at 3878 against 43 the pre/
vious Friday, and the pref. at 72 against 773%; Goodyear Tire & Rubber closed at 4878 against 52 , and
/
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the pref. at 94 against 96; B. F. Goodrich closed
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at 79 against 843
%.
In the case of the copper group Anaconda closed
yesterday at 68% against 7178 the previous Friday;
/
Cerro de Pasco closed at 71% against 74; Calumet
& Arizona at 99% against 104; Kennecott Copper at
891 8 against 92%; Greene Cananea at 11118 against
/
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124, and American Smelt. & Rfg. at 192 against
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19578 The steel stocks also are lower. U. S. Steel
/
closed at 142% against 14678; Bethlehem at 59
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against 6278; Republic Iron & Steel at 57 against
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60; Crucible Steel at 83 against 85%,and Ludlum
/
Steel at 5978 against 64. The oil stocks have been
reactionary with the rest of the list. Houston
/
Oil closed at 140 against 1471 2;Standard Oil of N.J.
3497 •
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at 43 against 4578; Marland Oil at 35 against
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38 ; Pan American Pet. & Trans. at 42 against
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4878 and Mid-Continent Pet. at 29 against 3058
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The aeroplane stocks and other high-priced
specialties fluctuated widely and violently. Cur/
tiss Aero. closed yesterday at 121 against 12778 on
Friday of last week; Wright Aeroplane at 179
/ against 220;
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against 179; Radio Corp. at 195
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Sears Roebuck & Co. at 1031 2 against 11014; Montgomery Ward & Co. at 145 against 155; General
/
Electric at 151% against 16278; t+eneral Railway
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Signal at 93 against 93, and International Harvester at 264 against 285. The railroad stocks have
yielded with the rest. New York Central closed
/
yesterday at 1761 8 against 183 the previous Friday;
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Southern Pacific at 123 against 125 ; Texas & Pacific at 137 against 145; Missouri Pac. at 63 against
64 ; Rock Island at 112% against 118; Great
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Northern at 9978 against 1021 2; Union Pacific at
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194 against 200; Wabash at 82 against 89; Baltimore & Ohio at 110 against 114; Lehigh Valley at
/s;
106 against 110; Reading at 107 against 1113
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Lackawanna at 1387 against 142; New York, Chi8
cago & St. Louis at 1301 2 against 138; Chesapeake
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& Ohio at 188 against 196; Canadian Pacific at
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206 against 215; Del. & Hudson at 1921 2 against
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208; Atchison at 1871 2 against 192, and St. Louis/
San Francisco at 113 against 117%.
A further increase in production was indicated
for growing winter wheat crop in the June report
of the Department of Agriculture, issued at Washington late yesterday afternoon; 33,000,000 bushels
has been added to the estimated production for this
year, which will make the crop of winter wheat
512,000,000 bushels. There may be further betterment as the season advances, as was the case last
year, particularly during the harvesting season,
which as to winter wheat will now be in full progress
in some of the larger winter wheat States in a few
weeks. Last year the winter wheat crop, based on
the June 1 condition, was estimated at 537,000,000
bushels. The final yield for the crop harvested in
the summer of 1927 was 552,384,000 bushels. At
this time last year the area remaining for harvest
was considerably larger than is shown for this year.
This year the area remaining for harvest, after the
unusually heavy winter killing, is estimated at
35,858,000 acres; in 1927 it was 37,872,000 acres.
The June 1 condition of winter wheat this year of
73.6% of normal is only slightly under the May 1
condition, which was 74.9% of normal. On June 1
1927 the condition of the winter wheat crop harvested last summer was 72.2% of normal, which was
a decline for the month a year ago of 13.4 points.
This was an exceptional loss, but with floods and
unusually wet weather at that time, a serious loss
was expected. The June 1 condition both for this
year and last is exceptionally low, as the ten-year
average of condition for June 1 is 78.2% of normal.
The indicated condition for June 1 this year promises a yield of 14.3 bushels per acre. For the harvest
last year the average yield per acre of winter wheat
was 14.6 bushels, while for the five years, 1923-27
inclusive, the average yield per acre is 15.1 bushels.
The preliminary estimate for spring wheat, which
is also issued with the June 1 report of the Department, is quite as unsatisfactory as the winter wheat
report has been. A condition of 79% of normal for
spring wheat for June 1 this year compares with a
3498
FINANCIAL CHRONICLE
condition of 86.8% on June 1 1927 and a ten-year
average condition of 88.4%. Acreage planted to
spring 'wheat this year is not yet shown, nor is any
estimate made of possible yield. The production of
spring wheat from the crop of 1927 was 319,307,000
bushels, which was considerably higher than for any
year back to the crop of 1918. Rye suffered further
deterioration during the month just closed, a condition of only 67.9% of normal for that cereal being
shown, as compared with a condition of 73.6% on
May 1 of this year, a decline during the month of
5.7 points. The condition on June 1 1927 of the
crop of rye harvested last summer was 87.6% of normal, while the ten-year average condition for that
date is 85.2% of normal. Based on the condition
now indicated for the present crop a yield of only
36,700,000 bushels is promised this year, much the
lowest record of any year back to 1912. A production of only 10.3 bushels per acre of rye is now indicated for this year, against a yield of 16 bushels per
acre last year, when the total crop of rye was
58,572,000 bushels. In 1922 a record yield of 103,362,000 bushels of rye was harvested.
Conditions as to other grain crops are also somewhat low. For oats, the June 1 condition this year
of 78.3% of normal compares with 79.9% on June 1
1927 and with a ten-year average of 86.1% for that
crop at the corresponding date. For barley, -the
June 1 condition this year is 82.7% of normal,
against 81.5% a year ago and 86.1% the ten-year
average for the crop at the same date.
Insolvencies in the United States were somewhat
more numerous last month than in April, a situation quite the reverse of what is to be expected.
Moreover, the number of defaults in May of this
year was not only larger than in May of recent preceding years, but exceeded the number shown for
May 1922, which has heretofore held first place in
that respect for that month. Liabilities reported in
May were also quite heavy, though less than in any
preceding month since September of last year.
From the usual compilation of R. G. Dun & Co.
we learn that there were 2,008 mercantile insolvencies in the United States dw.ring May this year with
a total of indebtedness amounting to $36,116,990.
In April there were 1,818 similar defaults involving
$37,985,145, while for May 1927 the number was
1,852 for $37,784,773 of liabilities. Insolvencies
last month exceeded those of the preceding month
by 10.5%, where as last year there was a decline
from April to May of 5.9%, and in 1922, the record
year as to number for mercantile defaults in the
United States, the reduction in the number of defaults from April to May was 11.6%. Under normal conditions a decline from April to May such
as appeared in 1927 might be expected and not an
increase in the number as is shown this year. While
liabilities continue heavy, the total for last month
compares quite favorably with recent preceding
months.
The increase in the number of mercantile defaults for May of this year over May 1927 is 8.4%.
All three classes into which the report is separated
show heavier totals. There were 470 manufacturing
defaults involving $14,229,730 of indebtedness; 1,407
trading failures for $18,900,104, and 131 insolvencies of agents and brokers with liabilities amounting to $2,987,156; in May 1927 the manufacturing
defaults numbered 444, owing $13,801,558; trading
[Vol,. 126.
failures 1,292 involving $19,977,866, and. agents and
brokers 116 for $4,005,349. While this record as to
the number of insolvencies among trading concerns
is somewhat more unsatisfactory than the figures
given for manufacturing defaults, there is a slight
reduction shown for liabilities in the trading division; also for agents and brokers. On the other
hand,for the manufacturing classes the total indebtedness reported is larger this year than it was last
year.
The number of defaults in four of the five months
this year exceeded those for the corresponding
months of 1927, April alone showing a decrease
in the comparison with 1927. For these five months
of 1928, the total number of mercantile failures in
the United States was 10,881, with liabilities of
$221,621,333, while for the corresponding period of
1927 there were 10,463 similar defaults, involving
a total of $247,062,353. The increase in number this
year to date has been 4.0%, but liabilities on the
other hand show a reduction of 10.3%. For the
month of May this year the increase in the number
of insolvencies of 8.4% over May 1927 is.somewhat
less favorable than appears for the figures for the
five months as given above and this is equally true
as to the indebtedness.
The increase among manufacturing defaults last
month was largely in the four classes embracing machinery lines, lumber, clothing and baking. There
was also some increase in the divisions covering hats
and furs, and shoe and leather lines. The printing
and engraving trades showed some reduction in
losses. The heavier liabilities last month in the
manufacturing division were mainly due to some of
the larger defaults in the lumber class, but some increase also appeared for May this year in the indebtedness reported for cotton goods, due to a single
large failure; in the clothing line; for hats and
furs; for bakers and leather lines. In the trading
division there were seven leading classes out of
the fourteen for which separate returns are tabulated, in which insolvencies were more numerous in
May this year than they were a year ago, these seven
classes including general stores, groceries and allied
lines, dealers in clothing, in dry goods, hardware,
drugs and jewelry. Defaults in these seven classes
contributed an increase of 98 in the number for May
this year, out of the total increase of 115 for all trading failures for that month.
For the class embracing hotels and restaurants
the number of defaults in May for the two years
was practically the same,80 for this year comparing
with 82 in May 1927, but the liabilities for May this
year were much heavier, owing to one large hotel
failure. Reductions, however, appear generally for
the indebtedness reported in the other trading divisions, notably for general stores, grocers, and in the
dry goods lines.
As to the 57 larger insolvencies reported in May of
this year, that is those where the liabilities in each
instance amounted to $100,000 or more, the total involved was $14,538,404. In May 1927 the larger defaults numbered 56, with a total indebtedness of
$17,362,392. The losses in May of this year incident to the larger failures, were somewhat heavier
for the manufacturing division than in trading section, and the comparison covering the returns for
May of the two years in this respect is slightly less
satisfactory for the manufacturing classes than it
is for the trading lines.
JUNE 9 1928.]
FINANCIAL CHRONICLE
The movement of prices on the European Stock
Exchanges has been mainly downward the past
week, the influence of the New York market being
plainly visible. All centers have kept close watch
of conditions in Wall Street and appeared to regulate their own activities largely by the scale of
trading and the trend here. The heavy shipments
of gold from New York to the central banks of
Europe attracted much attention, particularly at
London, where they were viewed as a welcome means
of broadening the credit base and possibly, therefore, for extending speculation. The London Stock
Exchange opened firm Monday under the impetus
of a rise in the industrial shares. The upward movement was predicated, however, upon speculative operations for the rise in New York which took place
last Saturday, and when New York sold off Monday,
London followed Tuesday. Trading in London was
dull and on a modest scale thereafter, with the
Derby Day diversions attracting much more interest
Wednesday than the Stock Exchange.
The Paris Bourse also opened the week with a
brisk general buying movement, despite some weakness in the franc occasioned by the numberless stabilization rumors. The imminence of stabilization of
the franc makes the tone in Paris more confident
than at most other European markets, and Monday's Paris market showed that the recent wide fluetuatiohs have stimulated the speculative appetite
to no small degree. Heavy trading was reported
with banking issues and industrial stocks showing
large gains in some instances. The market thereafter tapered off, in sympathy with the downward
tendency at New York and London. Trading was
on a much reduced scale and stocks were heavy in
Wednesday's and Thursday's markets. The Berlin
Boerse opened irregularly Monday, with some sharp
advances recorded, along with a general moderate
decline. The absence of buying orders from New
York caused anxiety among the speculative fraternity Tuesday and the whole market opened lower
and continued to fall throughout the day. Wednesday's market was again firmer, only to be succeeded
by renewed weakness. A few specialties were advanced sharply in Thursday's trading.
Some progress was again made this week in the
international negotiations regarding Secretary of
State Prank B. Kellogg's proposed multilateral
treaty renouncing war as an instrument of national
policy. Receipt in Washington on May 26 of the
Japanese reply to the original invitation of April
13 completed the consultation aimed at by Secretary Kellogg—Germany, Italy and Great Britain
having replied previously. In the meantime, however, the American Secretary of State heeded an
intimation in the British reply and sent invitations
to participate in the proposed treaty to the Dominion Governments and the Government of India. A
number of replies were received in Washington late
last week and all were regarded as distinctly favorable. The Government of the Irish Free State
declared in its reply that it "warmly welcomes the
action of the United States Government in initiating this further advance toward the maintenance of
general peace." Cordial agreement was expressed
with the general principle of the draft treaty submitted by Mr. Kellogg. The Irish Free State, moreover, "sharing the view expressed by the Secretary
of State of the U.nited States in his speech before
3499
the American Society of International Law that
nothing in the draft treaty is inconsistent with the
covenant of the League of Nations, the Government
of the Irish Free State accepts unreservedly the invitation of the United States Government to become a party to the treaty jointly with the other
States similarly invited."
His Majesty's Government in New Zealand replied in similarly warm terms to Secretary Kellogg's invitation to participate individually and as
an original signatory in the proposed treaty. The
invitation was received with "warm appreciation,"
the note said, and "they will be happy to share in
any negotiation leading to the conclusion of the proposed treaty." The reply of the Government of Canada, received in Washington June 1, expressed
hearty approval of the project. "The proposals of
the United States Government, by their directness
and simplicity, afford to the peoples of the world a
new and notable opportunity of insuring lasting
peace," the note declared. Regarding the question
of conflict between the Covenant of the League of
Nations and the proposed multilateral treaty, Canada remarked that it is convinced no such conflict
exists.
Referring again to the League of Nations, however, the Canadian Government asserted that it
"would not desire to enter upon any course which
would prejudice its effectiveness." "In any event,"
the note continued, "if, as would seem to be the case,
the proposed multilateral treaty does not impose
any obligation upon a signatory in relation to a
State which has not signed the treaty or has broken
it, any decision taken to apply sanction against a
member of the League which has made war in violation of its covenant pledges would not appear to
conflict with the obligations of the treaty." The
Government of the Commonwealth of Australia also
declared itself favorably inclined toward the project in a note received in Washington June 4. The
Government believes, the note said, "that a treaty
such as that proposed would be a further material
safeguard to the peace of the world and they will
be happy to co-operate to the fullest extent in its successful conclusion."
Informal steps in furtherance of the proposed
treaty were also taken by the United States Government this week, Myron T. Herrick, the American
Ambassador to France, calling on Foreign Minister
Briand at the Quai d'Orsay Wednesday to discuss
with him, by courtesy, the next step which the State
Department intends to take. The negotiations were
begun, it will be recalled, on the basis of M. Briand's
original proposal of June 1927 for a Pact of Perpetual Friendship between France and the United
States. The Ambassador's visit, a Paris dispatch
to the New York "Times" said, was to inform the
French Government of a new note to the five powers
and the British Dominions which is being prepared.
The new note, the dispatch added, is believed in
Paris to presage several important modifications of
the original draft text in order to meet the reservations attached in a general way by other powers and
more specifically by England. The anti-war proposals of Secretary Kellogg also received the general approval of Dr. Edouard Benes, Foreign Minister of Czechoslovakia, Wednesday. Speaking before the parliamentary Foreign Relations Committee in Prague, Dr. Benes remarked that he had no
hopes for world peace by signature of the Kellogg
3500
FINANCIAL CHRONICLE
[vol.. 126.
compact, but he added that he would welcome any I administering "severe verbal chastisement" to the
offending M. Waldemaras. Both statesmen pictured
document which might abolish war.
the dangers to the peace of all Europe if a conflict
The fiftieth quarterly session of the League of arose in that section and they appealed to the LithNations Council was begun in Geneva June 4 with uanian to accept the Council "settlement" arrived
the Cuban representative, Aguero y Betancourt, in at six months ago. But M. Waldemaras would not
the Chair. Sir Austen Chamberlain, Foreign Sec- concede this necessity and Herr von Schubert, the
retary of Great Britain, attended the meeting, but German representative agreed with him, the result
Foreign Minister Briand of France and Dr. Stre,se- being that the Council adopted again its oft remann of Germany were both unable to proceed to peated method of procedure—postponement of the
Geneva on account of illness. Because of the ab- discussion to a succeeding meeting of the Counsence of the French and German Ministers, the ses- cil.
The Council also held several secret sessions Wedsions were not considered to have the importance
usually attributed to them. Sir Austen, however, nesday and Thursday to consider the St. Gothard
on his way to Geneva, conferred with M. Briand for incident which developed at the beginning of the
some time in Paris and it was therefore felt that year when several carloads of machine guns were
any pronouncements by the British Secretary would discovered en route from Italy to Hungary. The
shipment was contrary to the Treaty of Trianon and
have the approval of the French Government.
item on the agenda Monday waS a fur- protests were immediately lodged by the nations of
The first
ther study of the Polish-Lithuanian dispute which the Little Entente. A sub-committee of the Council,
began in 1920 when Polish irregulars took the Lithu- which investigated the incident, reported that it was
anian city of Vilna. The Polish Government prompt- impossible to say whether the guns were destined
ly incorporated the irregularly annexed territory for the Hungarian Government, even though they
in the Polish boundaries and a Council of Ambassa- were found on Hungarian territory. An accord
dors officially approved the act in 1922. Lithuania was reached in Thursday's session of the Council,
persistently refused to agree to this settlement and according to an Associated Press dispatch from
has maintained a technical state of war, i. e., the ab- Geneva. This accord, the dispatch said, "mildly
sence of diplomatic relations, with Poland. The criticizes Hungary."
League Council considered the matter several years
Strained relations between Italy and Yugoslavia
ago and was acclaimed as having scored a great triwhen an apparent settlement was announced again gave way, late last week, to a period of relaumph
through its good offices. Unfortunately, the sup- tive calmness, the latter country observing, in conposed settlement never materialized and the diffi- nection with the recent anti-Italian demonstrations,
culty continued, with Poland and Lithuania periodi- all the carefully correct formalities of diplomatic
cally indulging in threatening gestures toward each usage. The outbreaks on the Yugoslavian littoral
other. The League Council again took the question began on May 26 and continued to May 31. They
up six months ago and after hearing Premier Wal- caused much concern in the contiguous countries
demaras of Lithuania and Foreign Minister Zaleski and in France, which is allied to Yugoslavia, as they
of Poland, declared once more that it had effected were directed squarely against Italy. During the
a settlement. But the second attempt was no more rioting some damage was done Italian Consulates in
successful than the first and the technical state of Spalato and Sebenico, and Italian nationals also sufwar has continued. At the League Council session fered injuries. Several sharp protests were lodged
last March an attempt was again made to review the with the Belgrade Government by the Italian Minmatter and secure a settlement, but Premier Walde- ister, and a formal demand was made May 31 for
maras calmly ignored the request of the League Sec- satisfaction and the punishment of those responsible
retariat to appear before it and nothing eventuated. for the outrages. These demands were met by the
A New York newspaper correspondent had the in- Yugoslavian Government in a note dated June 2,
felicity to refer to the Geneva body at that time which assured the Italian Government that the
as the "league for the perpetual contemplation of strongest measures will be instituted to prevent any
the Polish-Lithuanian dispute." The title was per- further anti-Italian demonstrations. The note
haps not so inept, as the present consideration of the stated further that responsible officials who failed
affair seems to have been no more efficacious than to suppress the disturbances will be punished and
all Italians whose property or welfare suffered will
its predecessors.
Lithuania has made be compensated. These developments enabled PreSince the Council last met,
the mess a little bit thicker by adopting a constitu- mier Mussolini, in a speech before the Italian Sentional amendment proclaiming Vilna as the capital ate on June 5, to state that "the incidents, from a
of the country. Foreign Minister Zaleski, of Po- diplomatic point of view, are closed."
land, in a communication to the League, declared
The question of the stabilization of the franc has
that this action could only envenom the relations between the two countries. Sir Austen Chamberlain been a matter of supreme concern to all French Govindicated his own attitude toward the situation in ernment officials, bankers and business men the past
a statement to British journalists Tuesday. The week, an air of expectancy prevailing everywhere
Lithuanian proclamation, declaring Vilna the na- when the Chamber of Deputies convened June 1.
and The meeting of the Chamber was the first since the
tional capital, he denounced as"an act of
he added, can only general elections on the last two Sundays in April,
provocation." Such a course,
alienate the sympathy that naturally goes out to and about a third of the Deputies were newly elected
smaller and weaker nations. The question was con- on the basis of support for Premier Poincare's stasidered formally in an open session of the Council bilization policy. Rumors that M. Poincare intends
Wednesday, both Sir Austen Chamberlain and M. to stabilize at a higher figure than prevails in the
Joseph Paul-Boncour, the French representative, foreign exchange market gained currency somehow,
JUNE 9 1928.]
FINANCIAL CHRONICLE
3501
signature of the conciliation and arbitration treaty."
The Premier touched further on "two questions
which occasionally arouse polemics and exercise
American public opinion." These he declared to be
the immigration restrictions and the Italian quota
thereunder. Such legislation, he said, leaves the
Fascist Government quite indifferent, although regret was expressed for the reasons which prompted it.
Coming home to "old, glorious, and still disturbed
Europe," the Italian Premier discussed relations
with France and Yugoslavia, admittedly a cause for
anxiety in the recent past. Italo-French relations
had alternated between bad and indifferent, he explained, but were much improved now. The eliniination of all remaining difficulties was considered
likely through negotiations now in progress. These
negotiations concerned chiefly the conclusion of' a
treaty of friendship and the settlement of all existing difficulties by a series of protocols. The settlement of the Tangier question was considered an excellent augury for complete agreement being reached
with France on other questions relating to Northern
Africa. On Yugoslavia Signor Mussolini touched
more lightly than had been expected in view of the
anti-Italian demonstrations in that country last
week. Concerning those demonstrations and the
Italian foreign relations were explained at great damage caused to Italian Consulates, the Premier
length and in considerable detail by Premier Benito declared that his Government had "asked certain
Mussolini in a speech before the Senate in Rome, reparations which were granted, and the incidents
June 5. The principal nations of the world were from a diplomatic point of view are closed." In
taken up by the Fascist leader, one after the other, another passage on Yugoslavia he gave every indicaand the exact status of each one in relation to Italy tion of a desire to pour oil on the troubled waters.
carefully defined. Signor Mussolini also treated of "I recognize," he said, "that the loyal and prompt
such matters as reparations and the League of Na- acceptance of the Italian demands indicates Marintions. Regarding the former, he repeated the Italian kovitch's good intention to resume a policy of friendthesis that reparations and war debts must be con- ship with Italy, which also on her part wishes to
sidered as a single problem. He expressed the maintain good relations with Yugoslavia in the inopinion that the "second phase" of German repara- terests not only of the two States but also of Eurotions was approaching its end, there being a wide- pean peace."
spread conviction that the Dawes plan must be rePremier Mussolini also had a few general remarks
vised. European and world economy and, therefore, to make regarding disarmament, treaties, and the
the stabilization of peace would be much furthered, place of Italy in the international scheme of things.
he added, if it were possible to write words into the The substance of his remarks on disarmament, as
chapter of history entitled "Reparations." The reported in a Rome dispatch to the New York
Premier also attempted to offset somewhat the im- "Times," was that Italy is ready to treat on disarmapression that he had previously given of contempt ment on the basis of (1) the interdependence of all
for the League of Nations. "The Italian Govern- kinds of armaments; (2) the proportion of armament does not give the League of Nations credit for ments must not be based on the present status quo;
possessing the almost mythological virtues which (3) the limitations of Italian armaments must•not
many respectable idealists attribute to it," he de- have an absolute character, but must be relative to
clared. "But to realize the League's limitations does the armaments of other States, or, in other words,
not imply hostility or lack of interest. The truth is these armaments must be as great as those of the
Italy participates in the League with the conviction best-armed European nations; (4) the Italian Govthat it has been useful on many past occasions and ernment is ready to accept any limit for its armacan again be useful in the future."
ments, even a very low one, provided its armaments'
Beginning with the countries of Eastern Asia, are not exceeded by those of any European power;
Premier Mussolini discussed all the lands of Asia (5) the methods employed to effect limitations must
successively, rendering a favorable report in every be the simplest possible and not imply the necessity
case. He turned next to the Western Hemisphere, for any foreign supervision. "His remarks on treaties
emphasizing the "grand cordiality" existing between in general," a special cable to the New York "Herald.
Italy and the Latin American countries. The United Tribune" said, "seemed to preface his opinion that
States received special consideration in his address. all treaties, including that of Versailles, may have
"The Republic of the Star-Spangled Banner," he to be revised before Europe is many years older."
said, "has since the war played a very great, if not In conclusion, the Premier asserted that "Italy
a preponderant, role in world history. The financial wants peace, but cannot neglect armed safeguards
hub of the world has shifted from Europe to Amer- for her independence and safety, nor can she
give
ica. The relations of Italy with the United States up the moral and military training of her
new genhave been in recent times distinguished by three erations. Italy has not only solved many
of her
events—the debt settlement, Italy's refusal to par- problems but now has a weight in
international
ticipate in the naval disarmament conference, and councils she never had before. A new
star is graduand as a result tremendous purchases of francs by
speculators took place. It was estimated that the
Bank of France had to purchase between £7,000,000
and £8,000,000 in foreign bills in one day in order
to maintain the pegged value of the franc and prevent swift enhancement. The intention of the Poincare Government, according to a dispatch of June 3
from Edwin L. James, correspondent of the New
York "Times," is to stabilize at the present figure
of 125 francs to the pound and 25 to the dollar, or
in other words, at five paper francs to one gold franc.
This step will be taken, the dispatch added, not
sooner than July 15 nor later than August 15. In a
purposely vague speech before the Chamber of Deputies, Thursday, the Premier remarked that preparation was incomplete and that nothing could be
considered accomplished until everything had been
done requisite to stabilization. In the Chamber of
Deputies, Tuesday, an accord of the Government
with the parties of the Left resulted in the reelection of Fernand Bouisson as President for the coming session. A vacancy in the Cabinet, caused by
an overturn in the elections, was filled by M. Poincare Tuesday when he appointed Louis Loucheur,
Minister of Labor.
3502
FINANCIAL CHRONICLE
[VoL. 126.
ally appearing on the horizon. This undoubtedly is pective arrival of the troops, many of whom are
known to be unruly and given to looting. The city
the work of the Fascist regime."
remained perfectly quiet all week, with the foreign
The grain situation in Russia, with its high sig- population taking comfort from the presence of sevnificance for the maintenance of the Communist eral thousand regulars of all nations attached to
program, was elucidated to some extent early this the respective Legation quarters. Advance spokesweek by Joseph Stalin, President of the Central Ex- men of the Nationalists arrived in the city Monday
ecutive Committee of the Soviets and the real ruler and Kuomintang flags began to appear in various
of Russia. M. Stalin admitted last Sunday that parts of the capital.
An appeal to take over the capital city peacefully
• Russian grain exports had fallen to less than a
the available was made to the Southern commanders Monday by
twentieth of the pre-war figure, while
surplus over the needs of the peasants themselves John Van A. MacMurray, American Minister to
has dropped to half of the pre-war amount, despite China, and by the chiefs of missions of other foreign
the fact that the total grain production almost equals Governments represented in Peking. In this appeal
the pre-war average. The explanation of this para- the diplomatic representatives of the foreign powers
dox, according to a Moscow dispatch from Walter stated that they had learned that General Zetto of
Duranty, correspondent of the New York "Times," the Fengtien (Northern) armies was staying in
"may be regarded as the Soviet Government's great- Peking with the sole object of maintaining peace and
est pride and, economically speaking, its greatest order at the request of the Committee of Elder
Statesmen. "Without desiring to interfere in the
weakness."
This explanation, as advanced by M. Stalin, is as least with any military movements in China," the
follows: "Before the war, one-half of the annual note continued, "the representatives of the powers,
production came from the big estates of the rich having in mind only the safety of foreign residents
peasants. Two fifths of this was surplus available as well as of the population in general, would feel
for urban needs and export. The remaining half exceedingly gratified if the armies commanded by
was produced by the rest of the peasants, who con- your Excellency would leave the force of General
sumed seven-eighths of their crops themselves. Now Zetto in Peking until the protection of the city can
the big estates, the vast Soviet State farms, and the be taken over by the incoming troops, under some
rich peasants produce only one-seventh of the total, arrangement whereby provision could be made for
the remaining six-sevenths coming from the rest of General Zetto's men peacefully to withdraw."
The Southern Nationalist Government, with headthe peasants who, as before the war, consume almost
quarters at Nanking, began to make plans Tuesday
all of their product; to be exact, nine-tenths of it.
Of Russia's 125,000,000 peasants, 100,000,000 before for the rearrangement of the Chinese political
the war were so poor that they lived literally from scheme. The plans, as reported in a Shanghai dishand to mouth. Then they were rationed down to patch to the New York "Times," call for the abanone-half the annual grain production and in a good donment of Peking as the capital of China and the
year they existed miserably and in a bad year they organization of Northern China into a regional govstarved. Now, instead of half they get six-sevenths ernmental area which will be federated under the
of the crop." This, Mr. Duranty adds, may help to Government at Nanking. Nanking will remain the
-explain why the peasants, though grumbling like new capital under the scheme, and Peking will be
farmers everywhere over low priced grain and high the seat of a provincial Government under General
priced goods, will support the Soviet regime to the Yen Hsi-shan. The Nanking Government issued a
statement at the same time demanding the retiredeath if need be.
ment of Marshal Chang Tso-lin from all political
An abrupt termination to the civil war in China activities. Other reports from northern China indibetween the North and the South occurred last Sun- cated that Marshal Chang Tao-lin had been seriously
day with the sudden withdrawal from Peking of injured in a bomb explosion which occurred while
Marshal Chang Tao-lin, ruler of Northern China for he was en route to Mukden. This was construed in
the past two years. Reports were current last week a Peking dispatch from Thomas F. Millard, special
that Chang Tao-lin intended to withdraw into Man- correspondent of the New York "Herald-Tribune,"
churia, where he would be safe behind the Japanese as an indication of his waning power, even in his old
edict forbidding any fighting in that Province. He Province of Manchuria.
nevertheless maintained until the end that he was
Settlement of the oil lands problem in Mexico
awaiting the result of a decisive battle with the
forces of the Southern Nationalists, or Kuomintang, several months ago will shortly be followed, accordled by Chiang Kai-shek, Feng Yu-hsiang and Yen ing to present indications, by the amicable adjustHsi-shan. The Nationalist forces engaged in the ment of the difficulties that have existed for the
final push toward Peking were estimated at 500,000 past two years between the Government and the
men,and the fall of Peking was considered more than Catholic Church in that country. These difficulprobable. In this situation, Chang Tao-lin consid- ties have assumed grave proportions at times and
ered discretion the better part of valor, and he de- have been the cause of much anxiety, as they were
parted early Sunday morning on a special train for not, by any means, confined to the spiritual realm.
Mukden, Manchuria, his old stronghold. He left a President Calles initiated the conflict by attemptCommittee of Elders in charge of the city and issued ing to enforce the Mexican Constitution, which
a proclamation expressing the hope that China places certain requirements on the clergy in that
would survive the civil war and the threat of Bol- country. The Catholic priests refused to respect
shevism. The Nationalist armies are expected to the regulations and as a result many were expelled
occupy the ancient capital before this week is out. from the country and Catholic religious services
In the meantime, considerable apprehension is felt, ceased. Pope Pius frequently referred to the Mexiboth in native and foreign circles, over the pros- can Government's attitude as a "real and true perse-
FINANCIAL CHRONICLE
JUNE 9 1928.]
cution," but President Calles maintained simply that
he was required to enforce the country's laws.
Dwight W. Morrow, the American Ambassador to
Mexico, was known to have attempted to mediate
and it was understood that conferences had taken
place between officials of the Government and an
emissary of Pope Pius. "Negotiations have reached
a stage," a New York "Times" report of Thursday
said, "where one of the highest of the expelled prelates was secretly permitted to visit the Mexican
capital to discuss the matter with the President and
his advisers." Announcement was made at the Vatican in Rome on the same day that the Mexican religious situation will be exhaustively reviewed during the next few days by all competent officials of
the Roman Curia. Mr. Morrow was said to have
had no part in the proceedings in his official capacity as American Ambassador, but he was understood to have acted "as the personal friend of two
disputants."
There have been no changes this week in discount
rates by any of the central banks of Europe. Rates
continue at 7% in Germany;6% in Italy and Austria;
53/2% in Norway;5% in Denmark and Madrid;43/2%
in London, Belgium and Holland;4% in Sweden, and
332% in France and Switzerland. In London open
market discounts are 3%@3 13-16% for short and
also 3%@3 13-16 for long bills, against 3 13-16@
4
378 for short and 37 @3 15-16% for long on Friday
%
of last week. Money on call in London was 337 on
0
Wednesday, but was down to 23/2% yesterday. At
Paris, open market discounts have continued at
23 %, but in Switzerland have recovered from
4
.
331 %@3 5-16%.
In its latest weekly statement, made public on
Thursday and dealing with the week ending June 6,
the Bank of England reports another gain in gold,
this time of £1,177,492 and a net gain in the reserve
of gold and notes in the banking department of
£1,500,000, notes in circulation having declined
£323,000. The ratio of reserve to liabilities dropped
from 41.73% last week to 40.43% this week. Last
weeks percentage was the highest for the year to
date and is also said to have been the highest since
the beginning of the war (1914). The lowest percentage this year was 21.95% on Jan. 4. Other important changes were: Public deposits declined
£13,432,000, but "other" deposits gained £10,705,000. Loans on government securities rose £7,220,000
while loans on other securities dropped £1,406,000.
The banks gold holding total £164,079,965, against
£152,110,691 in 1927, and £148,983,167 two years
ago. Notes in circulation aggregate £135,661,000
which compares with £137,333,090 at the corresponding date in 1927. The banks official discount
rate remains unchanged at 43/2%. Below we furnish
comparisons of the various items of the Bank of
England report for five years:.
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
1928.
1927.
1926.
1925.
1924.
June 6.
June 8.
June 9.
June 10.
June 11.
b135,661,000
Circulation
Public deposits-- 8,852.000
100,273,000
Other deposits
36,187,000
Gov't securities
52.578,000
Other securities.
Reserve notes & coin 48,167,000
Coin and bullion...0164,079,965
Proportion of reserve
40.43%
to liabilities
434%
Bank rate
137,333.090
12,549.965
102,389,238
52,585,975
45,605,940
34.527,601
152,110,691
140.379,910
9,774,648
108,214,031
39,455,328
68,002,121
28,353.257
148,983,167
148,026,195
8,953,595
112,428,046
39,876,733
70,500,917
28,795,000
157,071,195
126 136,000
10,746,938
122,255.811
58.917,467
70.051,567
21.827,083
128,213,083
30.04%
435%
24.03%
5%
23%%
5%
1654%
4%
a Includes, 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 the 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.
3503
In its statement for the week ending June 6, the
Bank of France showed an increase in note circulation of 661,413,000 francs, raising the total of that
item to 59,856,155,360 francs, against 52,785,638,630
francs a year ago and 53,353,490,740 francs in 1926.
Gold holdings in France showed a slight decrease of
625 francs, but abroad available and non-available
remained unchanged. Silver decreased 4,000 francs,
bills discounted 1,125,490,000 francs, Treasury deposits 19,359,000 francs, general deposits 541,096,000
francs and advances to the State 400,000,000 francs.
Trade advances increased 105,044,000 francs and
divers assets expanded 500,404,000_ francs. Below
we furnish a comparison of the various items of the
Bank's return for three years past:
BANK OF FRANCE'S COMPARATIVE STATEMENT.
Status as of
Changes
for Week
June 6 1928. June 8 1927. June 9 1926.
Francs.
Gold Holdings—
Francs.
Francs.
Francs.
In France
Dec.
625 3.678,541,918 3,682,507.441 3,684,214,821
Abroad—avallable
Unchanged
482.771,478 1,401,549.4251 1,864,320,907
Abroad—non-avail
Unchanged 1,401,549,429
462,776,475f
Total
Dec.
625 5,542,862,825 5,546,833,343
Silver
Dec.
342,945,508
344,543,717
4,000
Bills discounted_Dec.1.125.490,000 1,698.431,800 1,779,244,451
Trade advance5___Inc. 105,044,000 1,920,540,054 1.669,574,848
Note circulation...Inc. 661.413,000 59,856,155.360 52,785,638,630
Treasury deposits_Dec. 19,359,000
4,031.058
129.555,798
General deposits_ _Dec. 541,096,000 8,310,639,206 11,254,581,808
Advances to State_Dec. 400,000,000 21,300.000,000 27,200.000,000
Divers assets
Dec. 500.404,000 31,243,440.611 20,483,746,907
5,548,535,728
335,221.193
4.681,642.742
2,393,207,655
53,353.490,740
35,790,890
2.822.181.337
36.400,000,000
3,654,667.786
In its statement for the final week of May the Bank
of Germany showed an increase in note circulation of
665,339,000 marks, raising the total to 4,486,906,000
marks, against 3,719,199,000 marks last year and
2,877,952,000 marks in 1926. Other daily maturing
obligations fell 93,588,000 marks, while other liabilities rose 2,229,000 marks. On the asset aide,
silver and other coin decreased 15,198,000 marks and
notes on other German banks dropped 18,143,000
marks. Gold and bullion increased 62,000 marks,
reserve in foreign currency 44,595,000 marks, bills
of exchange and checks 434,087,000, advances 15,587,000 marks and other assets 112,991,000 marks.
Deposits abroad and investments remained unchanged. A comparison of the various items oi the
Bank's return for the past three years is given below:
REICHSBANK'S COMPARATIVE STATEMENT.
Changes for
Week.
May 31 1928. May 311927. May 31 1926.
Assets—
Reichsmarks. Retchsmarks, Reichsniarks. Retchsmarks.
Gold and bullion
Inc.
62,000 2,040,784.000 1,815,555,000 1,491,949,000
69.126,000 260,435,000
Of which depos.abr'd_
85,628,000
Unchanged
78,553,000 387,531,000
Res've in for'n curecy.Inc. 44,595,000 274.051,000
Bills of exch. At checks.Inc. 434,087,000 2,469,399,000 2,421,341,000 1.244.354,000
98,440,000
97,531,000
75,960,000
Silver and other coin_ _Dec. 15,198,000
13.005,000
8,568,000
1,025,000
Notes on oth.Ger.bks.Dec. 18,143.000
86,779.000
71,641,000
42,992,000
Advances
Inc. 15,587,000
89.022,000
92,889,000
94,004,000
Unchanged
Investments
Other assets
Inc. 112,991,000 666,721,000 444,293,000 517,488,000
Liabilities—
Notes in circulation Inc. 685,339,000 4,486,906,000 3,719.199,000 2,877,952.000
Oth.dally matur.oblig.Dec. 93,588,000 581,523,000 699,839.000 578,956,000
Other liabilities
Inc. 2,229.000 197,936.000 245,152.000 111,787.000
The firmness that has featured the New York
money market in past weeks became more pronounced
early the present week, call loans rising Monday to
7%, the highest figure since 1921. The opening rate
was 6%,but withdrawals of $20,000,000 by the banks
and a vigorous demand otherwise sent the rate to
63/2% in the early afternoon and then to 7% in the
last hour of trading. A heavy flow of money was
attracted thereby and a decline in the call loan rate
set in Tuesday morning. The figure sagged to 6%
Wednesday and to 532% Thursday and Friday,
with trades at lower figures in the Street market preceding the declines in the official rate. Time money
attracted little attention in the first days of the week,
but distinct firmness was noted Wednesday and on
Thursday this was translated into an increase to
3504
FINANCIAL CHRONICLE
[VoL. 126.
59% to 6% for all maturities. There was much Reserve Banks of Kansas City and San Francisco
conjecture during the week regarding the effect of have been the last of the 12 banks to advance their
these rates on the international exchange market, rates from 4% to 432%. In the case of the San
the statement being frequently made that funds Francisco Bank the change was announced on June 1,
should be attracted from Europe in increasing effective June 2, while the advance in the rate of the
amounts to take advantage of the return. The Kansas ity Reserve Bank was announced June 6,
opinion was general, nevertheless, that the higher effec e June 7. The following is the schedule of
s now in effect for the various classes of paper
rates will prevail for some time, and the Treasury
financing announced early in the week gave ample t the different Reserve banks:
DISCOUNT RATES OF FEDERAL RESERVE BANKS ON ALL CLASSES
basis for this belief. Two compilations of broke
AND MATURITIES OF ELIGIBLE PAPER.
loans against stock and bond collateral were
de
public during the week and both bore testi ••ny to
Rate in Effect
Dale
Previous
Federal Reserve Bank.
on June 8.
Established.
Rate.
the continued absorption of credit by the evailing Boston
434
Apr. 20 1928
4
New York
434
speculation in securities. The compilation of the Philadelphia
May 18 1928
4
43.6
May 17 1928
4
Cleveland
414
May 25 1928
4
New York Stock Exchange for the month of May re- Richmond
4%
Apr. 24 1928
4
May 26 1928
4
434
corded an expansion in such loans of $366,263,682. Atlanta
Chicago
Apr. 20 1928
41-4
4
434
Apr. 23 1928
4
The statement of the Federal Reserve Bank of New St. Louie
Minneapolis
434
Apr. 25 1928
4
Kansas City
434
June 7 1928
4
York for the week ended Wednesday showed a gain Dallas
4%
May 7 1928
4
4%
June 2 1926
4
of $93,774,000. Exports of gold reported in the Ban Francisco
weekly statement of the Federal Reserve Bank were
Sterling exchange has been dull this week fd a
over $29,000,000.
Dealing in detail with the rates from day to day, good part of the time under pressure, owi to the
the renewal rate on Monday was 6%, but on new demand in London and European centres or dollar
loans, there was an advance to 7%, the highest exchange in connection with transfers from the
figure recorded for call loans since June 8 1921. European money centres to New York to take advanOn Tuesday all loans were at 63/2% including re- tage of the high money rates prevailing here in the
newals. On Wednesday the renewal rate was again collateral loan market. The range for sterling this
63/2%, but in the afternoon the rate on new loans week has been from 4.87% to 4.88 for bankers' sight,
dropped to 6%. On Thursday the renewal rate compared with a range of 4.87 13-16 to 4.88 1-16
was marked down to 6%, while the rate on new last week. The range for cable transfers has been
loans dropped to 532%. On Friday all loans were from 4.88 3-32 to 4.88/, compared with 4.88 5-16
at 532% including renewals. Time loan rates con- to 4.88 15-32 a week ago. The market on Saturday
tinued to advance during the week. On Saturday last was more active than on any Saturday for several
(June 2) all maturities sold at 532@5/% and the weeks past, owing doubtless to the fact that the New
same figure prevailed on Monday. On Tuesday York Stock Exchange remained open. Sterling was
(June 5) the quotation for all maturities rose to steady, giving promise of some demand in this week's
market. Weakness developed promptly on Monday,
on Thursday there was a further rise
however, when call money in New York went to 7%.
to 5%7 flat, and on Friday a still further increase
0
On Tuesday foreign banks were offering large sums
occurred which brought the rate to 5%®6% for all
of short-term money to local banks, to be put out on
maturities. For commercial paper names of choice
call and time, in the New York collateral loan marcharacter maturing in four to six months are still
ket. German banks, despite high money rates in
being quoted at 432@4%%, with the bulk of the
Germany, purchased dollars to such an extent that
paper going at 4%%, and only very exceptional
there was a decline of 3 points in the mark and
names selling at 432%. For names less well known
London banks did the same thing, causing a decline
the quotation remains at 4%@5%. For New
of 9-32 in the sterling quotation, when the rate
England mill paper the rate is 4%%.
dropped to 4.88 3-32 for cable transfers. The
Rates for banks' and bankers' acceptances have transfer of funds to New York had an effect also on
remained unchanged at the higher figures put into Swiss, Dutch, Canadian and French units, forcing
effect three weeks ago. The posted rates of the them all down fractionally. The influx of foreign
American Acceptance Council for prime bankers' funds was so great that on Thursday the New York
Followacceptances eligible for purchase by the Federal call money rate was forced down to
asked ing the satisfaction of the New York money market
Reserve banks continue at 438% bid and 4%
for bills running 30 days and also for 60 and 90 days, requirements, the sterling rate recovered somewhat,
4%.% bid and 438% asked for 120 days and 4V% although the market continued relatively dull.
London bankers in commenting on the gold export
bid and 43% asked for 150 and 180 days. The
movement from the United States assumed that it
posted rate of the Acceptance Council for call loans
against acceptances has continued at 5% throughout will be sufficiently great to bring about a contraction
the week. Open market rates likewise remain of credit on this side and an increase in money rates
here; but they assert positively that European money
unchanged as follows:
will not move in sympathy, but will react in the
SPOT DELIVERY
—180Days— —150Days— —120Days— opposite direction. They admit, however, that if the
Asked.
Bid.
Bid.
Asked.
Asked.
Bid.
discrepancy between money rates in Europe and in
4%
4%
404
4%
4%
4%
Prime eligible bills
—90 Days— —60 Days— —30 Days— the United States becomes too wide, the trend of the
Bid.
Asked.
Bid.
Asked.
Asked.
Bid.
gold movement is likely to turn. Foreign bankers as43-4
434
4
4
4
43-4
Prime eligible bills
sert that the influence of New York upon London is
FOR DELIVERY WITHIN THIRTY DAYS.
4% bid
Eligible member banks
decidedly weaker than it was, owing to the strength4% bid
Eligible non-member banks
ening of the position of sterling. Talk in London has
At all of the Federal Reserve Banks the uniform dis- been revived of the probability that the Bank of
count rate of 432% is now in force. The Federal England rate will be reduced. Optimism in this re-
A
Rana 9•1928.1
FINANCIAL CHRONICLE
3505
4
spect is not so strong, however, as to point to an take place at 3.933 or higher. As a result of this
supposed stand on the part of Poincare, foreign funds
reduction.
early
This week the Bank of England shows an increase flowed to Paris in greater volume than ever to take
of £1,177,492 in gold holdings. On Tuesday the Bank advantage of any increase in the French rate and to
of England bought £314,000 in gold bars. On Thurs- speculate in French securities. The flow of these
day the Bank bought £3,045,000 in gold bars. This funds to Paris taxed the Bank of France severely, as
is understood to be the $15,000,000 shipped by the they had to be absorbed in order to prevent a rise in
National City Bank of New York last week. At the the rate of the franc. This necessity for heavy purPort of New York the gold movement for the week chases of foreign exchange, pointing to further danMay 31-June 6, as reported by the New York Federal gerous inflation, caused the French Bank officials to
Reserve Bank, consisted of imports of $170,000, of become more insistent in their demand for immediate
which $169,000 came from Latin America and $1,000 action on stabilization. Premier Poincare appears to
from France. Gold exports totaled $29,177,000, of have yielded to the exhortations of these officials, as
which $24,997,000 was shipped to Great Britain, is indicated by a United Press dispatch from Paris
$2,000,000 to Italy, $1,046,000 to Colombia, $1,000,- on Thursday of a statement by Poincare which it
000 to Argentina, $100,000 to Venezuela, and $34,000 characterized as "a clear but guarded indication of
to Mexico. New York Reserve Bank reported no his intention soon to stabilize the franc." The stateCanadian movement of gold either to or from New ment was made before the newly elected Chamber of
York. However, the Canadian Bank of Commerce Deputies as follows: "If we wish soon to put our
announced on Thursday that it was shipping $2,000,- money in a healthy, unshakable position," Poincare
000 gold from Canada to New York, and yesterday it said, "if we wish to give it official stability; if we wish
was reported that $4,000,000 more was coming. to prepare without too much economic disturbance
Canadian exchange ranged this week 17-64 to 13-64 to end the present forced rate and convert paper
of 1% discount. The weakness in Canadian ex- money into gold, we must gather all our forces, its
change is due very largely to considerable transfers demanded by any money operation, both before and
of Montreal funds to the New York market. The after the necessary legal steps." He announced that
present gold shipments from Canada serve to the Government intended to put into effect immediately an active policy of reform in finance, producstiengthen the rate for Montreal funds.
Referring to day-to-day rates sterling on Saturday tion, and social law. London dispatches to New York
last was slightly more active than in the recent half- on Thursday stated that another large movement of
day sessions. Bankers' sight was 4.87 15-16@4.88, gold from New York to France which may reach
and cable transfers 4.88%. On Monday the market $100,000,000, embracing shipments of $15,000,000 at
was inclined to ease owing to the firmer collateral a time, is expected to begin at once and continue
money in New York. Bankers' sight was 4.87%@ until July 16.
German marks continue in demand, although there
4.88 and cable transfers 4.883@4.88%. On Tuesday there was a decided recession owing to transfers was an important recession in the unit this week,
from London to New York. The range was 4.873 to owing, as stated above, to large purchases of dollars
%
4.87 15-16 for bankers' sight and 4.88 3-32@4.88 7-32 in Berlin to take advantage of high money rates in
for cable transfers. On Wednesday there was a slight New York. The credit situation has improved greatly
rally, although the market was dull. The range was in Germany, but no important decrease in foreign
4.8780@4.87 15-16 for bankers' sight and 4.88 7-32 borrowing is in prospect and the mark is expected to
@4.88 5-16 for cable transfers. On Thursday the rule well above par. The Reichsbank is endeavoring
market was dull but steady. Bankers' sight was to acquire the note issuing rights of the four minor
4.8780@4.87% and cable transfers 4.88 7-32@- banks of issue and its plans in this direction are gen4.88 9-32. On Friday the range was4.87 25-32@4.87% erally approved in financial circles. The tendency
for bankers' sight and 4.88 7-32@4.88 9-32 for cable towards the centralization of note issue, which was
transfers. Closing quotations yesterday were 4.873/i noticeable before the war, still continues. The Gerfor demand and 4.88%, for cable transfers. Commer- man Government, it seems, is determined not to recial sight bills finished at 4.87%, 60-day bills at new the note issuing privileges of the banks of Bavaria,
4.843, 90-day bills at 4.82%, documents for pay- Saxony, Wurttemberg, and Baden after 1935. The
ment (60 days) at 4.84% and 7
-day grain bills at Reichsbank, however, is anxious to bring the note
4.87 1-16. Cotton and grain for payment closed at issue under its own control before that date. The
4.87%.
total note issuing rights of the four banks are only
194,000,000 reichsmarks, so that the practical signifiThe Continental exchanges moved lower this week, cance of the transfer is not very great, though the
largely for the reasons stated above, that is, the principle involved is important.
transfers of funds to the New York money market.
Italian lire continue relatively firm although under
French francs in Monday's market experienced the some pressure this week when, on Thursday the unit
most extensive decline since the pegging of the franc touched a new low since the return to gold. Cable
started in December 1926. Cable transfers sold as transfers were quoted at 5.261 . Par is 5.26. The
A
low as 3.93%, off %, whereas ordinarily daily fluc- decline is attributed to the recent slump in security
tuations have been limited to % or % of a point. prices on the Milan bourse. This week, as noted
The selling was due in part to a statement from Paris above, there was a further shipment of $2,000,000
that Premier Poincare has been convinced that im- gold from New York to Italy.
mediate stabilization of the franc at about its present
The new Bank of Greece, which began operations a
level is the only practical course to follow. A few few weeks ago, fixed its rediscount rate at 10% on
weeks ago Paris dispatches, which were apparently May 14. With the consummation of the stabilizacorrect, asserted that there would be a delay in tion program in Greece foreign capital is likely to
stabilization until near winter, and that there was penetrate there and the position of the Bank will
some uncertainty as to whether stabilization would doubtless be strengthened. It is expected that large
3506
[vol.. 126.
FINANCIAL CHRONICLE
amounts of Greek funds will be repatriated. This
high discount rate is not likely to be in effect for
very long. While the Italian lira was stabilized in
relation to the dollar, the drachma has been fixed in
relation to sterling. It is convertible into sterling at
the rate of 375 plus shipping freight.
The London check rate on Paris closed at 124.17_
on Friday of this week, against 124.02 on Friday of
last week. In New York sight bills on the French
%
centre finished at 3.93 1-16 against 3.935 a week
ago; cable transfers at 3.93 5-16 against 3.93%,
and commercial sight bills at 3.92% against 3.933.
Antwerp belgas finished at 13.95 for checks and at
13.96 for cable transfers, as against 13.95 and 13.96
on Friday of last week. Final quotations for Berlin
marks were 23.89 for checks and at 23.90 for cable
transfers, in comparison with 23.933' and 23.943/
a week earlier. Italian lire closed at 5.263i for
bankers' sight bills and at 5.263/ for cable transfers
as against 5.26% and 5.273/i last week. Austrian
schillings have not changed from 143'. Exchange
on Czechoslovakia finished at 2.9615, against 2.9615;
on Bucharest at 0.613/2, against 0.613'; on Poland
at 11.20, against 11.20, and on Finland at 2.52,
against 2.52. Greek exchange closed at 1.303/ for
checks and at 1.309 for cable transfers, against
1.303 and 1.303/ a week ago.
day at 42.71 for checks, as compared with 42.71 on
Friday of last week, and at 42.76 for cable transfers,
against 42.76. Brazilian milreis finished at 12.04
for checks and at 12.05 for cable transfers, against
12.04 and 12.05. Chilean exchange closed at 12.21
for checks and at 12.22 for cable transfers, against
12.21 and 12.22, and Peru at 4.01 for checks and at
4.02 for cable transfers, against 4.01 and 4.02.
In the Far Eastern exchanges Japanese yen, after
an early advance, moved down this week on silver
exchanges, which generally move in opposite direction to yen, were slightly firmer on Wednesday.
However, all the Far Easterns have been extremely
dull and inclined somewhat to reaction owing to the
disquieting affairs in the Far East. Closing quotations for yen checks yesterday were 46.65@47,against
46.72@47 on Friday of last week; Hong Kong closed
at 50.55@50 15-16, against 513/; Shanghai at 66@
2
66 8, against 67%@6834; Manila at 49 9-16, against
499-16;Singapore at 563/2@56%,against 563/2@56%;
Bombay at 36%,against 369(, and Calcutta at 36%,
against 363 .
4
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 difThe exchanges on the countries neutral during the ferent countries of the world. We give below a recwar continue firm and steady. The weakness in Hol- ord for the week just past:
land guilders displayed this week is more apparent FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
BANKS TO TREASURY UNDER TARIFF ACT OF 1922.
than real and proceeds entirely from transfers of
JUNE 2 1928 TO JUNE 8 1928, INCLUSIVE.
centers to New York, London,
money from the Dutch
Noon Bulling Rate for Cable transfers to New York.
Paris, and Milan to take advantage of investment Country and Monetary
Value In Untied States Money.
Unit.
of the higher yields of money outopportunities and
June 2. June 4. June b. June 6. June 7. June 8.
side Holland. The guilder rate for cable transfers EUROPE$
$
$
$
$
$
Austria,
.140710
this week has ranged from 40.35 to 40.39, which com- Belgium,schilling---- .140806 .140653 .140658 .140680 .140658 .139542
.139561 .139560 .139506 .139542 .139536
belga
Bulgaria, ley
.007213 .007193 .007179 .007179 .007188 .007206
pares with a par of 40.20.
Czechoslovakia. krone .029627 .029627 .029622 .029624 .029623 .029622
Denmark, krone
Bankers' sight on Amsterdam finished on Friday England, pound ster 268473 .268465 .268303 .268309 .268322 .268318
ling
4.883650 4.883196 4.881502 4.882258 4.882244 4.882201
at 40.343/ against 40.363/ on Friday of last week; Finland, markka
2
,
.025182 .025175 .025174 .025167 .025169 .025172
France,franc
039379 .039320 .039313 .039324
.039319
cable transfers at 40.363/2, against 40.383/2, and com- Germany, reichsmark. .239395 .239295 .238977 .238940 .039321 .238942
.239031
Greece, drachma
.013029 .013022 .013026 .013031 .013026 .013022
.403827 .403803 .403611 .403577 .403589 .403593
mercial sight bills at 40.31, against 40.33. Swiss francs Hungary,guilder
Holland,
.174587 .174556 .174359 .174575 .174539 .174521
pengo
.052697 .052696 .052669 .052664 .052659 .052654
closed at 19.26% for bankers'sight bills and at 19.273/ Italy. lirakrone
Norway,
.267983 .267980 .267882 .267938 .267931 .267940
.112147 .112086 .112091 .112091 .112088 .112147
for cable transfers, in comparison with 19.2734 and Poland,zloty
Portugal, escudo
.042422 .042580 .042657 .042917 .042675 .043355
Rumania,lets
.006174 .006171 .006173 .006175 .006174 .006159
19.28 a week earlier. Copenhagen checks finished at Spain, peseta
.166997 .166986 .166902 .166915 .166352 .166540
268438 .268433 .268295 .268304 .268320 .288328
transfers at 26.84, against 26.85 and Sweden, krona
26.83 and cable
Switzerland, franc__ .192760 .192753 .192725 .192748 .192754 .192739
Sweden closed at 26.83 and cable Yugoslavia, dinar-- .017608 .017607 .017603 .017599 .017607 .017604
26.86. Checks on
ASIAtransfers at 26.84, against 26.84 and 26.85, while China- tadl
Chefoo
.685416 .680416 .685000 .666250 .680000 .676250
Hankow
.681666 .678750 .679166 .663750 .676250 .673750
checks on Norway finished at 26.79 and cable trans- Shanghaitan!
tael
.667857 .661607 .665000 .667500 .662857 .859821
.702083 .697500 .899375 .685000 .697916 .892500
fers at 26.80, against 26.79 and 26.80. Spanish pese- Tientsin Mel
Hong Kong dollar- .508482 .508035 .505625 .508392 .505535 .505357
Mexican dollar- tas closed at 16.643/ for checks and at 16.653/b for Tientsin or Pely.-- .480750 .477750 .480937 .482000 .478250 .478000
dollar
.479583 .478333 .480625 .482500 .478333 .477500
cable transfers, which compares with 16.69 and 16.70 Yuan dollar
.476250 .475000 .480625 .479166 .475000 .474166
India, rupee
.365825 .365712 .365495 .365653 .365725 .365595
a week earlier.
Wan. yen
.467500 .469546 .468418 .467297 .467234 .467244
The South American exchanges are little changed
from last week. As already noted in the report on
sterling, $1,000,000 gold was exported this week to
Argentina, $100,000 to Venezuela and $34,000 to
Mexico. Argentine paper pesos hav.e not been in
demand this week, and sellers at one time had to
take lower price. The general economic and commercial situation in Argentina continues to improve and the volume of trade, both internal and
foreign, is increasing. Exports of wheat, linseed,
cereals, wool and meat products continue in good
volume at slightly higher prices. Stock exchange
transactions in Buenos Aires are very active, with
quotations advancing as in other countries. There
is no change to report- in the exchanges on Brazil,
Peru or Chile. Argentine paper pesos closed yester
Singapore(8.8.)dollar. .561458
NORTH AMER.Canada, dollar
.997912
Cuba, peso
1.000000
Mexico, peso
.478375
Newfoundland, dollar. .995468
SOUTH AMER.Argentina, peso (gold) .971582
Brazil, milreis
.120291
Chile. peso
.121956
Uruguay, peso
1.025523
Colombia. DOSO
.981600
.561458
.560625
.561458
.581458
.561458
.997855
.999937
.477333
.995468
.997769
.999593
.477166
.995281
.997504
.999468
.476500
.995093
.997395
.999531
.476666
.995093
.997439
.999531
.477500
.995125
.971288 .971212 .971373 .971402 .970833
.120295 .120300 .120200 .120190 .120254
.121952 .121925 .121942 '.121942 .121941
1.024852 1.022623 1.022752 1.022127 1.022127
.981600 .981600 .981600 .981600 .981600
Owing to a marked disinclination on the part of
two or three leading institutions among the New
York Clearing House banks to keep up compiling the
figures for us, we find ourselves obliged to disconinue the publication of the table we have been giving for so many years showing the shipments and
receipts of currency to and from the interior.
As the Sub-Treasury was taken over by the Federal Reserve Bank on Dec.6 1920,it is also no longer
possible to show the effect of Government operations
JUNE 9 1928.]
FINANCIAL CHRONICLE
3507
in the Clearing House institutions. The Federal
These hopeful statements require some explanaReserve Bank of New York was creditor at the Clear- tion. In an official reply on June 2 to the demand
ing House each day as follows:
of the Italian Government for "moral and material
DAILY CREDIT BALANCES OF NEW YORK FEDERAL RESERVE BANK reparation" for the damages caused by anti-Itaran
AT CLEARING HOUSE.
outbreaks at Belgrade, Zagreb, Zara and other
Aggregate
Saturday, Monday, Tuesday, Wednescry, Thursday, Friday,
places, the Jugoslav Government apologized for inJune 6.
June 7.
June 8.
for Week.
June 5.
June 2.
June 4.
sults to the Italian flag, and promised to take meas$
$
$
$
$
$
$
140,000,900 126,0011,009 97,000,000 122,000,000 102,00,000 109,000,990 Cr. 694,000.01Xl ures to prevent further demonstrations. Numerous
Note.—The foregoing heavy credits reflect the huge mass of checks which come
to the New York Reserve hank rom all parts of the country In the operation of arrests of persons implicated in the outbreaks were
the Federal Reserve System's par collection scheme. These large credit balances.
however, reflect only a part of the Reserve Bank's operations with the Clearing also made. The imposition of a rigorous censorHouse 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 ship, however, makes it impossible to say whether
New York are not accounted for In arriving at these balances, as such checks do
not pass through the Clearing House but are deposited with the Federal Reserve or not the demonstrations have been entirely supBank for collection foe the account of the local Clearing House banks.
pressed. The Nettuno treaty, moreover, which
The following table indicates the amount of bul- among other things extends to Italians the privilege
lion in the principal European banks:
of owning land along the Dalmatian coast, remains
as an occasion of violent party controversy in JugoJune 7 1928.
June 9 1927.
Banks of
slavia and an incitement to further rioting. A disGold.
Silver.
Total.
Gold.
Slicer.
Total.
patch from Belgrade on Monday reported that the
£
£
£
England__ 164,079,965
164,079,965 152,11
10,6911
4
152,110,691 Opposition deputies in the Skupschtina had given
France a__ 147,137,677 13,717,826160,855.503 147,300,268, 13,760.000161,060,268
Germany b 97.757,150 c994.600 98,751,750 87,321,450,
994,600 88,316,050
Spain ---- 104,31 .000 28,262,000132.577,000 103,892,000, 28.184,000132,076.000 notice of their intention to bring forward twentyItaly
48,276,000
48,276,000 46,286,000 3,967,000 50.253,000
Nethlands 36,262,000 2.085,000 38,347.000 34,097,000; 2,291,000 36,388,000 one interpellations, dealing with the recent disturbNat.Belg._ 22,053,000 1,248,000 23,301.000 18,274,0001 1,162,000 19,436,000
SwItsland 17,598,000 2,422,000 20.020,000 18,368,000, 2,840,000 21,208,000 ances and the Adriatic situation generally, in case
Sweden__ 12,862,000
12,862,000 12,323.000,
12,323,000
Denmark_ 10,105,000
623.000 10,728,000 10,706.0001
762,000 11.468,000 the treaty were pressed by the Government for ratiNorway __ 8,171,000
8,171.000
8,180,000
•
1
fication. Mussolini's reference to the matter in his
Total week668,616,792 49.352,426 717,969,218 638,858,409 53,960,600692,819,009
Prey. week 670,380,225 49,106,426 719,486.651639,253.951 53,888,600693,142,551 speech, accordingly, would seem to imply that while
a Gold holdings of the Bank of France are exclusive of gold held abroad,amounting
peace with
the present year to £74,576,836. b Gold holdings of the Bank of Germany are he desires and hopes for a continuance of
exclusive of gold held abroad, the amount of which the present year Is £4,281,300.
Jugoslavia, and does not question the sincerity of
c As of Oct. 7 1924.
the reparation that has been made, he does not inMussolini Discusses Italian Policy.
tend to drop the Nettuno treaty which is one of the
Premier Mussolini's speech in the Italian Senate principal occasions of friction.
Mussolini's reference to the improved relations
on Tuesday was notable, in form at least, for the
moderation of its tone and the absence of the bom- between Italy and France, and his forecast of a
bastic and belligerent expressions which have so treaty of friendship between the two Powers which
often characterized the utterances of the Italian should "eliminate all remaining difficulties," togethdictator. Read between the lines, it affords no evi- er with the assurance that Albania "can count on
dence that Mussolini has abandoned, or even materi- Italian friendship" and knows that this friendship
ally changed, any of the points of his foreign policy, "is quite loyal and preoccupied chiefly in avoiding
or that he is any less disposed than he has always acts or words which might be interpreted by people
been to keep Italy in the front rank among the great of bad faith as interference in the internal affairs
Powers. What was said, however, was said more of the Albanian State," takes on some significance
calmly and with less heat, and since calmness and when one or two recent events are recalled. On May
restraint count for much in public life and diplo- 30 a treaty of "neutrality, conciliation and judiciary
macy, one is justified in concluding that Musso- regulation" was signed at Rome between Italy and
.
lini, for some reason, felt it well to indicate by his Turkey. The treaty, which appears to be without
speech that Italy, in its relations with other Pow- distinctive features on its face, is reported to have
ers, cherished no designs that would interfere with been regarded in Rome as an intimation to France
the European peace.
that Italy had no improper motives in seeking an
The part of the speech that had to do with the re- outlet for its surplus population in Asia Minor, and
lations between Italy and Jugoslavia was, naturally, as a hint that the threatened return to power in
of special interest because of the recent anti-Italian Greece of Venizelos, generally believed to be much
demonstrations in the latter country. Referring under French influence, should not be seized upon
to the treaty of friendship concluded with Jugo- as an ocasion for bringing France into the controslavia in 1924 and the Nettuno convention of 1925, versy between Greece and Albania. The sharp dethe latter of which has not yet been ratified by the bate which took place at Geneva on Tuesday between
Jugoslav Government, Mussolini pointed out that the Albanian representative, Mehdi Frasheri, and
the treaty of friendship "has not created that moral M. Politis, the Greek delegate, in the meeting of the
atmosphere in which friendship descends from offi- Council of the League of Nations, over the questions
cial protocols to the hearts of the people," and that of the expropriation of property in Albania and the
irritating incidents "of such exaggerated megalo- treatment of the Albanian minority in Greecer
mania as to fall into political childhood" had con- showed how serious has been the controversy betinued. Italy, however, had "asked certain repara- tween those two countries. With Italy and Turkey
tions, which were granted, and the incidents from brought closer together by a treaty, it is possible
a diplomatic standpoint are therefore closed. I rec- that Greece, if it were to press its interference in Alognize that the loyal and prompt acceptance of the bania too far, might be made to feel political presItalian demands indicates Marinkovich's (Foreign sure from Turkey as well as from the Power which
Minister of Jugoslavia) good intention to resume a regards itself as the protector of Albania.
The reference to the League in Mussolini's speech,
policy of friendship with Italy, which also on her
wishes to maintain good relations with Jugo- while formally polite, was hardly calculated to stir
part
slavia in the interests not only of the two States but the League Council to enthusiasm. "The Italian
Government," he said, "does not give the League of
also of European peace."
3508
FINANCIAL CHRONICLE
Nations credit for possessing almost mythological
virtues which many respectable idealists attribute
to it. But to realize the League's limitations does
not imply hostility or lack of interest. The truth is,
Italy participates in the League of Nations with the
conviction that it has been useful on many past occasions and can again be useful in the future" One
wonders if this cold endorsement, far removed as it
is from the comprehensive faith which President
Wilson appeared to entertain, is not in fact about as
much as the League may fairly claim at the present
time. On Wednesday, after Sir Austen Chamberlain and Paul Boncour had administered what the
New York "Times" correspondent at Geneva describes as "severe verbal chastisement" to Premier
Voldemaras of Lithuania for his failure to adjust
with Poland the dispute regarding the claim of Poland to the City of Vilna, M. Voldemaras's stout
maintenance of his position compelled the Council
to fall back upon its old policy of delay, and further
consideration of the question was deferred until
September. If Lithuania, with only a cautious and
qualified support from Germany, can set the Council of the League at defiance, there seems no reason
Why Mussolini should go out of his way to speak
of the League any more warmly than he did.
Before concluding his speech, Mussolini undertook to define the attitude of Italy toward disarmament. Italy, he declared (we quote from a summary of this part of his speech cabled to the New
York "Times"), was prepared to negotiate for disarmament on a basis which should concede, first,
"the interdependence of all kinds of armaments";
second,"the proportion of armaments m.ust be based
on the present status"; third, "the limits of Italian
armaments must not have an absolute character, but
must be relative to the armaments of other States,
or, in other words, these armaments must be as
great as those of the best-armed European nation";
fourth, "the Italian Government is ready to accept
any limit for its armaments, even a very low one,
provided its armaments are not exceeded by those
of any European nation"; fifth, "the methods employed to effect limitations must be the simplest possible, and not imply the necessity of any foreign supervision." Substantively, these contentions do not
seem to differ materially from those which Great
Britain and France urged persistently at the Naval
Disarmament Conference and at the meetings of the
League Preparatory Commission on Disarmament.
Italy is ready to disarm provided its war strength
is not reduced below that of any other Power, taking into account the relative needs and resources
of the various Powers, but without outside supervision of any kind. There is probably no State in the
world that would not be willing to subscribe to that
program, but it seems a safe guess that if such principles are to govern, the day of any really effective
limitation of armaments will be long postponed.
It is well to have these statements regarding Italian policy, even though the statements themselves,
when closely analyzed, do not carry us very far.
They show a feeling on the part of Mussolini of regard for world opinion, and a desire to make it clear
that Italy, notwithstanding the drastic dictatorship
that has been set up at home,is not disposed to treat
lightly its international obligations or cultivate any
but friendly relations with its neighbors. There is
something almost pathetic in the words which Mussolini, after reviewing relations with Jugoslavia,
[VoL. 126.
addressed to "certain elements beyond our eastern
frontier": "Be prudent and wise. Do not listen to
the empty promptings of anti-Fascisti who hope to
make you play the last card of their desperation.
Look reality in the face. Italy does not hate you,
nor does she oppose your pacific expansion. Try to
understand us. Remember that Italy, which in
every age has made powerful contributions to progress, is to-day with the Fascist regime a nation
whose friendship it is worth your while to cultivate
instead of arousing its hostility." The words obviously harbor a threat, but they also carry a plea
for friendly consideration such as few great States
in any age have felt called upon to make. Is it possible that Mussolini, now that the task of whipping
the Italian nation into shape appears to have been
pretty much accomplished, is becoming less of a dictator and more of a statesman as he looks abroad?
Political Conventions.
Now that we have reached the midsummer period
when the political clans gather to "save the country," we may step aside and consider the origin,
purpose and accomplishment of our political conventions from an unbiased and non-partisan standpoint. It becomes apparent at once that there is
little difference in the genesis and methods of these
popular gatherings of the two great parties. They
are independent of government. They begin in the
small precincts of the States and end in national
assemblages empowered to nominate candidates and
declare the principles upon which the parties appeal
to the people for their suffrages. In the beginning,
the voters may act by primaries or district conventions. The State primary affords the more direct
method of selecting delegates to the national convention. State conventions secured by means of
county conventions are the indirect method of choosing delegates and supposedly are more deliberative
with selective power. The truth is, when we come
to examine their origins, these national conventions
are not really representative of the combined will
of the adherents of parties. Geographical boundaries, in the first place, handicap the free expression of popular opinion. The laws of the States, especially those affecting individual expression in the
primaries, limit the voting to partisans. As a general rule, voters in partisan primaries are required
to indicate adherence to the party at whose primaries they vote. This tends to fix the voters in two
great groups and prevents a free expression as to
the issues vital to the course and conduct of government. Perhaps this is one unnoted reason why so
many citizens fail or refuse to vote in the final election. Under the convention system of selecting delegates not only do geographical divisions have a controlling influence, but State and sectional feeling is
apt to guide, or to restrict, the choice, and prevent•
an expression as to national needs from a national
viewpoint.
However, these national political conventions,
faulty as may be their power to express popular, and
not partisan, will in its entirety, are the only machinery we have or are likely to have soon, and
since they project the future of the Republic they
are of tremendous importance. They put to the test
the very form of our government. Bound as we are
to a two-party system, if we cannot express ourselves in these conventions we are not entirely either
a pure democracy or a representative republican
JUNE 9 1928.1
FINANCIAL CHRONICLE
3509
democracy. And since candidates and platforms are interest in the machine work of the parties, we are
the products of national conventions, and since these growing in our independence of both of them, and
do not afford free expression to individual voters are demanding, though in an apathetic way, that
either in themselves or at the elective polls, our gov- we be allowed to maintain our individual rights
ernmental administration is, so far, partisan politi- and live our own lives freed from the oppression of
cal. Contrast this with the non-partisan character unneeded laws to the end of maintaining the fundaof a Constitutional Convention, State or National, mentals upon which our governmental structure is
and we at once perceive the lack of a free expres- erected. The clash of parties in elections, theresion of principles national in character and truly po- fore, the furore of conventions and convention years,
pass over us as summer storms. And we have faith
litical rather than partisan in nature.
Two things follow: Choice of candidates rather in a government that guarantees our freedom and
than choice of principles dominate these conventions our rights, demanding in the main that it let us
and emotional partisanship sways both the choice alone in our institutions, our vocations, and our
of candidates and the choice of principles. In such progress under natural laws. As a people we are ina condition, the professional politician, perforce, be- dividualists, not partisans or politicians. And of
comes the guiding spirit of the conventions. And, national political conventions we only ask integrity
unfortunately, this is the fact as well as the fault of purpose and statesmanlike deliberation. As citiof our partisan-political system. Yet government zens it matters little which party wins, and in fact
in its essence is not partisan, but popular. We need the two parties in their principles are growing very
only review the pre-convention time in any quadren- much alike!
nial year to discover that candidates are the main
thought, and instructions to delegates in their be- The Annual Report of the New York Central
Railroad.
half more absorbing than instructions as to prinThe New York Central RR. Co. in the past has
ciples, even party principles, to be proferred for
furnished many exhibits illustrative of wonderful
final espousal in the national convention.
It is no doubt largely due to this insidious growth earning capacity and great financial strength, but
of partisanship inside the parties and the conse- it may well be doubted whether in these respects it
quent control and guidance of our national conven- has ever had an annual report surpassing that for
tions by the active political workers among the dele- the calendar year 1927, issued the present week.
gates assembled that these conventions often fail to From a traffic and business standpoint the year was
rise to the non-partisan interests of the people in by no means a good one. Rather it was the reverse,
the maintenance of their government. In a national many adverse circumstances and conditions having
political convention there are always two "fights," been encountered. These are enumerated at length
one on candidates, the ether on platform, and be- in the report and it is only necessary to say here
cause of our mixed system of constituting the con- that revenue freight fell from 117,786,158 tons in
vention, and the power of the professional politician 1926 to 111,717,008 tons in 1927, while the number
therein, not only is partisanship rampant, but sec- of tons of revenue freight moved one mile declined
tionalism is obtrusive, and non-political (in the high- from .23,634,238,824 to 22,300,002,940. The passenest sense of the term) questions become often a bone ger traffic also fell off. As a result, railway operof fierce contention. Turning again to the imme- ating revenues were reduced from $399,537,748 in
diate, neither convention knows what it is going to 1926 to $383,377,311 in 1927 and the net revenues
do in its platform, but it does know that it is hide- from railway operations from $100,606,711 to $89,bound in its preliminary make-up and in its subse- 977,474.
quent conduct by "party" (partisan) principles.
It will be seen that the falling off in net revenue
Time was when Presidential electors could review was no less than $10,629,237. Yet when the nonthe whole situation and choose a candidate accord- operating income is added, it is found that the iningly. Now, an elector who fails to vote for a party come available for dividends amounted to $58,565,candidate selected by the convention would be a sub- 145 in 1927 against $55,664,040 in 1926, giving an
ject for popular as well as party crucifixion. Thus increase of $2,901,105. How was this transformain the deliberations of the conventions there is a tion in income results brought about? The report
strong emotionalism. The desire to win the election tells us that dividend income increased, as comdominates and prevents calm consideration of the pared with 1926, in amount of $13,036,309, and exneeds and good of the whole people. Even though plains the increase as follows: "An extra dividend
the citizens inside the parties have signified a choice of 50% amounting to $9,292,050 and an increase in
of candidate for President, this may be overturned regular dividend from 35 to 40% amounting to $932,by manipulation in the convention, often is; and the 460 on the company's holdings of stock of The Michiplatform is constructed chiefly to "get in on", or gan Central Railroad Company account for $10,224,the platform is made to fit the candidate since he 510 of this increase. An extra dividend of 10% on
is chosen first. Our national political conventions stock of The Pittsburgh & Lake Erie Railroad Comare, therefore, partisan to the last degree and are pany and dividends on the increased holdings of
neither free nor statesmanlike. But it must be said stock of that company resulting from a stock diviin behalf of the high character of a free people, and dend of 20% received during the year amounted to
3
the common opinion of our people as to the qualities $1,979,240. Dividends of 74% in 1927, as compared
and qualifications of the candidates thus chosen, with 7% in 1926, on stock of The Cleveland Cincinthat we have been able, nevertheless, to maintain the nati Chicago & St. Louis Railway Company account
high standard of government set by our fathers.
for $322,058.25, and additional holdings of $4,817,Though we have come to discount the effect of 500 and an extra dividend of 2% on the company's
national political conventions upon business and Reading common stock account for $374,833.90."
At $58,565,145 the net income available for distri•the public welfare, though we readily accept the triumph of either party, though we take a negligible bution was equal to 13.90% upon the capital stock
3510
FINANCIAL CHRONICLE
[VOL 126.
outstanding at the end of the year. The company is French writers of the grade of Siegfried and Maunow paying 2% quarterly, but as in the first quarter rois striving to make England, her people, her ways,
of the year the dividend was still 134%,the payment her institutions, and her leaders, better understood
/
out of the year's income aggregated 734%, calling and more widely known.
/
for $30,462,783. After allowing for this amount and
Beyond this is the fact that to Benjamin Disraeli,
for other appropriations, there remained a surplus long the English Premier, more than to any other
for the year in the large sum of $27,942,658, which man is due the launching of the great movement
was carried to the credit of profit and loss. In which, beginning with the creation of the British
1926, the surplus above dividends was $28,691,046; Empire is now accepted as the New Imperialism,
in 1925 it was $21,768,272; in 1924 $18,399,461 and the dominating feature of English policy to-day.
in 1923 $27,748,777. Thus for the last five years This guides the author of the book before us, and
$124,550,214 of surplus income has been plowed lifting it out of the class of ordinary biography,
back into the property. What other important sys- makes it the life story of a strong mind working its
tem can make a showing like this?
way through many obstacles until it should clearly
The report does not allude to the additional capi- see and then indomitably pursue its course, until an
tal stock that is now to be issued, as that is a step ultimate achievement, far larger than one first conthat was not taken until the report had been printed. ceived, was in its full magnitude attained.
The announcement in that respect came on ThursWhen this is held in mind the method of the book
day of last week and was to the effect that $42,158,- is perceived, and interest, increasing to the end, is
300 of new stock was to be issued and offered at assured. At the ago of 15 Benjamin Disraeli, a lad
par for subscription to stockholders of record June of Jewish parentage but nominally a Christian born
15 (giving them valuable rights), on the basis of 1 at the opening of the century, was necessarily withshare of new stock for each ten shares of old stock drawn from Eton after two years' attendance mainly
held. The proceeds of the new issue will be used to because of his race. Gifted far beyond lads of his
pay in part $50,000,000 of Lake Shore & Mich. South- age, he found himself facing a world beset for him
ern Ry. 4% 25-year gold bonds. It does not seem with such difficulties that life, he thought, would be
likely that the huge dividend income of 1927 will be intolerable if he did not become one of the greatest
repeated in 1928, but with such a large surplus to of men. How this could be accomplished he did
encroach upon as was the case in 1927, it will be a not know, but he set himself deliberately to find out.
matter of no great consequence whether it does or The more he read the deeper became the mystery of
not.
life and the more spellbound he was over the lives
It remains to be said that the road is being oper- of the great men of the past. He yielded to his
ated with growing efficiency. Merely one instance father's advice that he study law, only that the occuof this need be cited. It is found in the fact that pation might open to him a larger view of life and
notwithstanding the falling off in tonnage, the aver- some knowledge of men. He was helped to travel.
age train load in 1927, previously at a high figure, He made the acquaintance of some distinguished
was further increased, the average number of tons men. He speculated in stocks and soon had an exof revenue freight per train mile having risen from perience of debt which continued a burden for years,
823.01 to 840.21; including freight for the company's for he tried business only to increase his indebtedown use, the train load was increased from 923.81 in ness so heavily that life seemed a lost game. Then
he tried literature, with brief success; but writing
1926 to 951.91 tons in 1927.
could never satisfy him; he saw that he must get
Maurois'
into Parliament.
reasons exist for calling attention to
To this task he set himself until at last it was
Two distinct
the new biography of Disraeli by Andre Maurois, attained by the aid of influential friends, both men
published in English by Appleton. Despite France's and women, who were attracted by his talents and
longstanding separation from England, rooted in to whom he devoted himself. Intimate account is
rivalry and frequent contest, individual Frenchmen given of English politics at the time, and the diffihave time and again sought to bring about better culty the young man had in determining the position
understanding. Occasional kings and statesmen he should take between the opposing parliamentary
have made the attempt, and French men of letters forces. The times after Waterloo were stormy.
have not been unmindful of the common inheritance The Allies had won, but the long war had devastated
of both peoples in their literary traditions and their Europe, and England had a hard and long course of
sources of culture and of speech. In the 18th cen- reconstruction, political and economic, before her.
tury Voltaire's cordial and, in fact, royal reception He was 32.years of age. His gifts were recognized.
in England opened the way for Diderot and the En- Singular flattering prophecies were made as to his
cyclopedists to introduce the work of John Locke future career, but he stood alone and was inevitably
and the great philosophical English writers of that distrusted. He was unmistakably un-English. To
century and make it widely influential on the Con- him, to be a Conservative was a proud and romantic
tinent. Early in the 19th century Realism gained attitude, but it required more than upholding tradiassured footing in France in the writings of Balzac tions and proudly following the past. It is a matter
and started on its brilliant career. Henri Taine of history which modern politics must regard. A
soon found it worth while to devote his abilities to country is not an abstract being; it is a work of art
writing a thorough history of English literature, wrought by time; its greatness lies in its institutions
and later Brunetiere used his position as editor of or, as he summed it up: "The rights of Englishmen
the "Revieu des Deux Mondes" to proclaim George are older by five centuries than the rights of man."
A mind so rarely gifted responded eagerly to the
Eliot and her novels as a supreme example to be
followed by his compatriots if they were to be de- situation in which England's necessities caused her
livered from the pernicious influences which he saw to share in the new conditions which the 19th cenprevailing in the writings of his day. Now we have tury introduced around the world. Her ships were
•
JUNE 9 1928.]
FINANCIAL CHRONICLE
3511
Turkey rein all seas, and the spirit that guided them was born guarantees in Gibraltar and Cyprus.
wide- mained in Europe; the Slav advance was checked;
of her history and her life. Her colonies were
without the loss of a single
spread and her business was everywhere. She dealt and the game was won
affairs, public and pri-• man. Disraeli's last card was played. Become Lord
with all people and her home
in strength, he could
vate, were conducted with relation to them. In poli- Beaconsfield and fast failing
liberal campaign, and laying
tics, Conservatives had to be liberal, and the Lib- accept the result of the
Mayor's banquet,
erals conservative; and men who would be leadera down his office could at the Lord
say with'confidence that he knew that
shifted from one side to the other. Disraeli found in London,
that in maintainhimself steadily opposed to Gladstone, and the con- "her citizens would not be beguiled
ing their Empire, they may forfeit their liberties."
test gradually developed as years went by. Events
He retired to his home in Hughenden, and then to
followed in rapid succession. He encountered many
, while his abilities London, where the end came to him peacefully,
dangers and had vicissitudes
responsiwere recognized and he made many powerful friends, April 19 1881. Others must accept the new
restingplace
among whom was eventually Queen Victoria herself. bilities; he asked and received a last
beside his wife, not in Westminster Abbey, but in
This it was that finally shaped the situation.
The story of his career, with the influence in it of the little graveyard at Hughenden.
A Frenchman's sympathetic insight has given us
his wife, is given in rapid and interesting detail, but
we must pass over it to reach the time when, after this unique account of the way in which the spirit
his wife's death in 1872 and Gladstone's defeat in and the institutions of England draw forth and
1873, he found himself returned to office an old and mold to her use the gifts hidden even in alien blood,
lonely man. He was surrounded with friends; he and give them their finest play even in the critical•
could afford to be generous; his position was hours of her own great history.
assured; he was accepted for what he was, the past
was redeemed and could be forgotten ; ambition,
Unit Bank
social and political, had no further object. He was Branch Banking—The Merits of the
(ARTICLE I.)
indeed at the summit; all power was in his hand;
Contributed by William 1). Solder, Santa Monica, Cal.
the queen was an old and confiding friend, a little
controlling influence we are to recognize as
The
difficult, but well liked; but for him it all was
"twenty years too late." He had had to start too the determining factor between different systems
low—the misfortune of birth. Now age was upon claiming to be the most satisfactory and efficient
him, and his health had failed. What could he do, business agents, should ordinarily be the service
rendered by the different systems as disclosed by
he said, with this unfortunate frame?
One pleasure remained, the press of business; but their records over a period of time.
Proponents of branch banking systems have rethat wearied him. He still loved his fantastic taste.
The queen became the Faery of his thought. She, cently come into prominence with propaganda detoo, was lonely. She had had a difficult life. He signed to pave the way for a more extensive entry of
believed that the wisdom and experience of a con- that system into the financial life of the country,
stant and impartial witness provided a valuable notwithstanding the fact that, by reason of past
ballast for the ship of Empire, and when she turned experience and the resulting temper of business,
and leaned on him and opened her heart to branch banking has almost universally been proto him.
him and talked as women can talk, he respected her hibited by national and State legislative acts; these
sense and said all he had to say and ventured to ask: prohibitions have been an open book to every one
"Madame, did Lord Melbourne ever tell your Maj- connected with the business, likewise to many others
esty that you were not to do this or that?"
having only slight knowledge of banking laws. Such
The queen excused him for what she called his prohibitive legislation has for several decades been
Eastern blood, and when the time came when Eng- accepted and approved as good for business. Moreland once more had a foreign policy and in 1875, over, few bankers have attempted to find ways
though the moment was unfavorable, the queen de- round the restrictions. Most of those who have
manded the title of Empress of India, in the face of attempted to circumvent the restrictions confined
a great public outcry he yielded and granted her their operations to chain banking and inter-locking
wish.
directories. Such practices were often condemned
Getting her title, and signing herself "Victoria, as devious, bringing about additional supposedly
Regina et Imperatrix," the queen gave a dinner at appropriate legislation, enacted from time to time
which she appeared, contrary to all her customs, for the purpose of preventing, regulating and elimicovered with Oriental jewels presented to her by the nating such combinations, authoritatively considered
Indian princes. At the end of the repast, Disraeli to be detrimental to the general business situation.
Participants in the newer promotions of multiple
rose, in conscious violation of etiquette, and proof India in a short banking have, with some official acquiescence,found
posed the health of the Empress
speech as crowded with imagery as a Persian poem, ways in several instances to remove obstacles from
and the queen,far from being scandalized, responded their paths or find detours leading towards their
objective goals, with the result that we are again
with a smiling bow that was almost a curtsy.
With this our narrator moves rapidly to the end brought to realization that a very few individuals
of his tale. England endorsed, if she did not create, are determined to force branch banking upon the
the new Imperialism which was to characterize the country whether there is a general demand for it or
modern world. Turkish atrocities in the Balkans not. And, whether it is the best system or not, they
gave Russia her opportunity for advance upon Con- urge that it is and are bending every effort to overstantinople and the commercial avenues to the ride the overwhelming contrary opinions based upon
Orient. England was at once aroused and divided past trials and experience.
Chain banking annals have with almost constant
into two camps. Bismarck forced Russia's hand.
Congress of Berlin followed. England got her regularity demonstrated to those experienced in
The
3512
FINANCIAL CHRONICLE
[vol.. 126.
banking matters that the chains for divers and sun- necting up with some bad credit situations surdry reasons tend to travel an open road toward rounding country banks.
failure and disaster; frequently because of the quesCritics of small banks are prone to lose sight of
tionable practices resorted to by some chain heads, the fact that every cross-roads settlement and small
and again the many unseen dangers with which town, no matter what the population or financial
banking, when loosed from the restraint of practical resources may be, positively and unequivocally needs
conservatism, becomes involved.
some sort of local clearing and credit facilities.
Those who have actively and responsibly faced Nothing but a bank meets that necessity. It seems
the problems of ordinary bank credit know in their unreasonable to insist that such a bank have any
own consciousness that long distance credits are the more than a nominal capital. In most instances
most difficult problems with which they have to deal they would function satisfactorily and more soundly
and that no satisfactory fixed rules governing their with small capital and a forced policy of conservatreatment have yet been devised. There is consid- tism than with larger capital.
erable doubt as to whether the problem is susceptible
Persons whose lot it has been to have lived in a
to the promulgation of fixed rules that will dovetail pioneer, sparsely settled or isolated community must
with the many matters to be taken into considera- realize the public necessity and convenience of small
tion in connection with the intricate propositions banks, at least one, wherever present-day people
surrounding the extension of credit, having for its decide to live and attempt to carry on business; not
ultimate end the profits of the institution extending only are they needed by the people living in these
the credit and the furtherance of the needed devel- remote parts, but people at a distince often need the
opment of the community involved along progressive services of a bank when dealing with them.
lines.
A study of bank directories will reveal that apUnder branch banking practice it is certainly true proximately 7% of the banks in western States are
that a few seekers of credit could obtain much more located in settlements with less than 100 people,
of it from the same local reservoir, while many small while over 40% of all the banks are in places with
operators just as worthy would obtain none and less than 500 people, and 15 to 20% of these small
therefore be handicapped in their operations. places have two banks. Some of these banks have
Branch banking systems advertise their facilities been in operation thirty to fifty years and longer.
for larger credit lines as an argument in their favor,
Without these banks business everywhere would
while small operators complain of the lack of con- have languished.
sideration accorded them under the same system.
There is considerable doubt whether branch bankChain and branch banking might consistently de- ing units would ever cover these fields satisfactorily,
velop a corps of employees versed in books of rules and if only partially covering the country might
and instructions, precedents of policy, precedents of prove disastrous competition for small banks in the
seniority, etc., that tend largely to evolve personnel same general field.
after the manner of civil service and all that goes
Frequently when branch banking has sought to
with it, implying a slow climb to executive responsi- enter a community an existing bank has been solicbility to be ultimately attained by a very few, while ited to sell out or face competition, and just as diffipotential capacity embodied in many other workers cult situations arise by reason of this as occurs
might be forever held in check by the very system. through unwise establishment of competitive indiThe only way in which men can develop capacity vidual banks. Moreover, in some localities where
is by having responsibility placed constantly upon branch banking is in vogue the competitive estabthe shoulders of the ones who are to evolve into out- lishment of branches is more ruthless than has been
standing characters.
the practice among individual banks. California is
Instructions by fixed rules and restrictions now going through this
experience. One parent conagainst participation in all outside interests would cern selects a location in virgin territory for
a
not open the way for the development of the local branch, often quickly followed by one or two others
financiers that every community should have in the with their offspring and a determination
to hold a
making through the medium of small banks; even share of possible business;.then frequently small
though crude and Lilliputian they would be more banks are evidently established for the sole purpose
helpful to business than the creatures of a despotic of absorption by or sale to a branch banking concern,
system.
all of which prompts an observer to suspect consumThe small incorporated and private banks, de- ing and ambitious rivalry of again being on a ramspite their defects, have developed this country along page that will recognize no restraint short of disaster
all of its frontiers beyond comparison with any other or extraneous force.
country. They could, better than any other type of
Besides this competition in California for locabank, conform to constructive guidance along con- tions, there occur struggles and court actions over
servative paths in our future growth.
conflicting names; political activity for and against
Branch banking systems certainly need govern- the appointment and removal of bank commissionmental regulation and supervision. This must be ers, with resulting reversal of policies and interpremore difficult of accomplishment than is the case tation of existing laws, as well as other forms of
with individual banks.
aggression which conservative bankers invariably
Better supervision, coupled with more conserva- insist lower the ethics and dignity of an activity that
tive attitudes of business relationship on the part should be the most solemn of any form of commercial
of their larger patternmakers—their city corre- business, largely because of the fact that it involves
spondents—who could very often, by the more dis- the money of other people, a form of property apcreet acceptance of rediscounts and blanket guaran- proaching sacredness to many people.
tees, hold some unwise small bankers within the
It is ridiculous even to intimate that depositors
bounds of sounder banking practices. Many city require or condone this sort of competition in order
banks have often been a little too audacious in con- that they may have the not certainly improved bank-
JUNE 9 1928.] •
FINANCIAL CHRONICLE
the contrary, if the general run of
depositors were conscious or even suspicious of what
has been going on, and its possible ultimate effect,
there would spring up a demand that it cease and be
prohibited.
Few small banks anywhere could have engaged in
vicious competition comparable to that going on in
California. Besides this competition for place and
power, some branch bank stocks in California, with
par values of $25, have become the most enticing
vehicle for joy-riding speculators the country has
ever seen. The monthly stock exchange sales of
two or three such stocks have been averaging over a
hundred million dollars, at prices far above book or
the trading
earning values, with the large part
on margins.
handled
The South Sea bubble must have been a piker speculation as compared with some California bank
stocks.
One's imagination is forced to take on considerable elasticity in order to justify the belief that bank
stocks thus dealt in are in strong hands or afford
depositors the protection they have a right to expect
and which the laws seek to give them.
ing facilities; on
of
Gov. Young of Federal Reserve Board in
Radio Talk Describes Open Market
Operations of System.
Open market operations of the Federal Reserve System
were described by Roy A. Young, Governor of the Federal
Reserve Board, during the course of a talk on the Halsey,
Stuart & Co. Radio Hour on June 7. Governor Young told
briefly of the composition of the system, emphasizing the
many ways in which the public is safeguarded. He then
turned to the open market operations, in view of the wide
public interest in them, saying:
"Practical operation can perhaps be best illustrated by
specific example and I am going to digress for a moment
to describe the procedure that is followed by the Reserve
System in its open market operations, because that is one
of the most important functions at the moment and also
the one which necessarily represents system, that is, national, rather than regional policy. Briefly, the theory of
the open market policy is that when the System sells U. S.
Government securities, such action usually has a tendency
to tighten credit, and ease in credit is usually created when
the System buys.
"In open market operations, Federal Reserve Banks do
not operate as independent units except in rare cases. Nor
do they follow the mandates of the Federal Reserve Board
or any particular bank. So far as the general credit situation is concerned, it would obviously not be advisable for
one Federal Reserve Bank to proceed upon an open market policy of selling when another Reserve Bank is buying,
since in that case the objects of one would be defeated by
the action of the other. Therefore, the twelve Reserve
Banks on their own initiative have selected a committee
of five Governors of Reserve banks to shape open market
policies. This committee meets upon the call of the chairman. All of the information pertaining to credit and business is laid before the committee and after consideration
of all factors, written recommendations are made to the
Federal Reserve Board as to the policy that should be followed by the System. The Reserve Board by a majority
vote either approves the committee's recommendations or
recommends modification of the policy. Before approving
the policy the Board may consult with the Federal Advisory
Council.
"These recommendations of the open market committee,
approved by the Federal Reserve Board, are then referred
back to the 108 directors of the 12 Reserve Banks. Each
Reserve bank, through its Board of Directors, has the
privilege of approving or disapproving of participation or
non-participation in the proposed open market operations,
and if a majority of the banks disapprove, the policy, of
3513
course, is not followed. This procedure is not alone followed in open market policies, but in many other functions
of the Reserve System, not as a requirement of law, but
in keeping with the spirit of the law and mainly because
it is good business."
In concluding, Governor Young emphasized the great importance of the Federal Reserve System, saying:
"In conclusion, may I suggest that you reflect as to what
this all means to you as an individual, regardless of
whether you are a business or professional man? Through
Congress, you have given yourselves the most efficient
credit structure ever devised by human mind, and around
that credit structure have been placed many safeguards
for your protection. Compare the unsafe and unsatisfactory monetary conditions that frequently existed prior to
the inauguration of the System in 1914 with those that have
since existed. And when you have done this, I hope you
will agree with me that the Federal Reserve System is one
of our most valuable assets and that there should be complete co-operation on the part of every one to see that that
asset is protected."
In addition to the above extracts from Mr. Young's
speech (which formed the latter part of his remarks), other
portions are taken as follows from the "United States
Daily":
The Federal Reserve System has been in operation but a short time,
but a time during which many interesting credit situations have developed,
and I wish these could be discussed in detail with the radio audience of
America. However, the time allotted this evening is so limited that I
am going to attempt to get over to you quickly a story which I believe
will be of the greatest interest to the greatest number. It has to do
with the administration and operation of the Federal Reserve System.
A Federal Reserve bank, in addition to its note issuing power, receives
deposits and lends credit or money, but its operations are confined almost
entirely to banks and bankers. In other words, it is a bankers' bank.
The position of the Reserve bank towards its member banks is not unlike
the position of a commercial bank towards its customers.
A Reserve bank has nine directors, six of which, a majority, are
elected by the member banks which are the only stockholders of the Reserve bank. In the selection of directors the combined votes of the
226,000 banks count just as much as those of the 8100,000,000 banks. The
other three directors are appointed by the Federal Reserve Board. The
directors of the Reserve bank elect the officers of the bank, select the
employees, fix their salaries and outline the policies of the institution. To
be brief, a Reserve bank is an autonomous corporation and not, as many
believe, a government owned institution.
There are 12 Federal Reserve Banks and it is interesting to note that
of the 108 directors holding office in 1927, 12 were Chairmen of the
Boards of Directors of the various Reserve banks, 36 were active bankers
and the remaining 60, constituting a majority, represent the business interests of the country. Of this number 17 were manufacturers, 14 were
merchants, four were farmers, four lumbermen, four insurance men, three
investment bankers, three retired business men, two publishers, two lawyers,
two railroad men, one cattleman, one contractor, one public utilities man,
one mining official and one savings bank officer.
I point this out to remind you that while bankers predominate in the
directorates of Reserve Banks, they do not represent the majority and
the real control of the Reserve banks does not rest with the bankers
but with the business interests. Congress saw to this, when, under the
law, they made provision that no Class C director of a Federal Reserve
bank should be a stockholder, director or employee of any bank, and that
no Class B director should be an officer or director of any bank.
There are certain functions of the Reserve banks which are countrywide in scope, in which uniformity of practice, though not always necessary, is highly desirable, and for this reason and others, under the law,
a central body is provided for, known as the Federal Reserve Board.
Six of the members of this Board are appointed by the President of the
United States and two, the Secretary of the Treasury and the Comptroller
of the Currency, are ex-officio members. Of the present Board, three members can be properly classified as bankers and the other five can be classified as representatives of commerce and industry. Again you will observe
that, while banking has a larger representation than any other, still it does
not control.
The Board is a supervisory Board rather than an administrative one. Its
decisions in reference to policies are determined by majority vote. While
the powers of the Board are very far-reaching, to date, I am happy to
say, it has only been on very rare occasions that it has deemed it necessary to exercise any arbitrary powers. The Board, as well as the Reserve
banks, has observed that much more can be accomplished through cooperation and agreement, and that procedure has been followed. The power
of the Board to remove officers and directors of Reserve banks and assume
management is the most specific language in the act, but as a safeguard
that the Board will not at any time arbitrarily abuse this power, the President of the United States is given the power to remove members of the
Federal Reserve Board.
The law also provides for a Federal Advisory Council. Each Reserve
bank appoints one member. This Council is required by law to meet
four times a year and, while it has no power from a supervisory or administrative standpoint, it is permitted to request any information the
Reserve Board has in its possession. When the Advisory Council meets,
It reviews the operations of the system, expresses an opinion upon any
problems that may have been referred to it by the Board, and most important of all, makes recommendations to the Federal Reserve Board in reference to future policies. While the law does not require that a member
of the Advisory Council be a banker, it so happens at the present time
that all members are bankers, but they have no supervisory or administrative powers, and no vote in the operation of a Federal Reserve bank or
the Federal Reserve System.
All of these things will remind you of the far-sightedness of the framers
of the Federal Reserve Act when they so legislated that the control of the
System could not rest with any one political, banking or other interest,
a system which at times may appear cumbersome from an operating standpoint, but one which gives all possible safeguards to American commerce
and industry.
3514
FINANCIAL CHRONICLE
Carter Glass and The "Purpose" of the
Reserve System.
[Editorial Article in New York "Journal of Commerce" for June 8.1
[Vol.. 126.
gated by the local Federal Reserve Bank to the effect that
gold exports were of no importance but that the loss could
easily be "made good" or "offset" by an enlargement of
credit which the Reserve system was in a position to make
is now evidently recognized as the worst kind of inflationary nonsense—dangerous only because it was allowed to
come from a supposedly authentic source.
Senator Glass is undoubtedly right in his criticism of
the current banking policy of the country as viewed in the
light of the purposes of the Reserve Act, and yet no appeal
to these purposes is necessary, for the reason that the two
developments referred to, which are really parts of a
single policy, are not only in defiance of the purposes of
the Reserve Act but are completely in defiance of the purposes of any sound central banking system. So, while there
will always be a few who cling to the old-fashioned idea
that a law still on the statute books represents a covenant
with the public, whose aims and objects should be observed
in spirit as long as the law remains the real,
test in a practical 'world which judges by results and idolizes "success"
will be currently furnished by actual conditions. It is these
which amply support the remarks of Senator Glass and
furnish the final certificate of condemnation for our Reserve banking policies of the past year.
Senator Carter Glass, in an article on the Reserve system
printed by a current publication, criticizes the general management of the Federal Reserve system. According to the
statements of his views which have been given out in a preliminary form, there are two occurrences which have particularly attracted his attention. One was the action of the
Reserve Board in forcing a uniform rediscount rate a year
ago, specifically in compelling a reluctant Reserve bank
(Chicago) to assent to such a rate. The other is the
"easy money" policy of the past year which has resulted
in an excessive amount of brokers' loans. Interpreters of
Mr. Glass's article view these criticisms as equivalent to
a statement that the "purpose" of the Reserve Act as
originally passed is not being complied with.
It may always be questioned how far failure to comply
with, the purpose of any law is to be taken as a real criticism of those who are administering it. Conditions change,
and administrators must, of course, guide themselves by
the letter of the enactment rather than by what they think
was intended. A criticism which is based upon results is
always more effective than one which runs back to purPublic Utility Earnings During the Month
poses, real or supposed. Viewed in this way, what is to
be said of the two points that Mr. Glass mentioned? It is
of April.
a striking fact that even a great many of those who voted
Gross earnings of public utility enterprises in April,
for low discount rates last summer and who were then exclusive of telephone and telegraph companies,
as reported
wedded to the idea of uniform rates have now "gone back" to the Department of Commerce by 95 companies
or syson both phases of the policy. They know that the low tems operating gas, electric light, heat, power,
traction,
rates which were then forced in accordance with the and water services and comprising practically
all of the
wishes of one or two domineering elements in the system important organizations in the United States,
were $184,have been a complete, a dangerous, even a disastrous fizzle. 000,000 as compared with $187,990,494 in
March and
They know that the effort to force these rates upon banks $176,467,300 in April 1927. Gross earnings
consists, in
which knew better is now regarded as an outrage, not mere- general, of gross operating revenues, while net
earnings in
ly from the legal or constitutional standpoint, but from general represent the gross, less operating
expenses and
the standpoint of resultet
taxes, or the nearest comparable figures. In some cases
For long years past it has been an axiom of central bank- the figures for earlier years do not cover exactly
the same
ing that central banks should not allow the funds under subsidiaries, owing to acquisitions, consolidations,
dm., but
their control to become involved in frozen, unliquid, un- these differences are not believed to
be great in the aggreavailable assets. It is for this reason that the framers gate. The following summary presents
gross and net
of the Federal Reserve Act, deeply impressed as they were public utility earnings by months from
January 1925, the
with the terrible experiences of the United States during figures for the latest months being subject
to revision.
the banking suspensions of 1893, 1907-8 and others, enPUBLIC UTILITY EARNINGS.
deavored to introduce into the Federal Reserve Act clauses
......... .....pn, re.
,
1925.
1926.
1927.
1928.
descriptive of discount policy and intended to prevent
Gross Earnings,—
the reserve funds of the country from becoming involved
January
8163,500,133 5177,473,781 $191,702,022 88196,573,107
either in real estate or stock market ventures. This was February
151,639,283
165,658.704
177,612,648 *187,427,863
March
151,583,666
167.642,439
179,564,670 *187,990,494
not because they believed real estate operations to be April
147,841.101
166,927,022
176,467,300
184,000.000
tainted or objectionable, and certainly not because they
Total (4 months)
$615,564,183 $677,701,946 $725,346,640 8755.991,264
saw anything wrong in well controlled speculation. They
May
8145,571,954 8159,135.618 $171,255,699
knew this field was not a good one for the use of central June
142.448,670
157.744,715
167,975,072
141,063,557
153,245,315
bank funds and therefore it was sought to provide that the July
161,638,462
August
142,422.405
153,188,101
162,647.420
those purposes. The Reserve Board has, however, violated, September
146,666,696
159,519,246
169,413,885
October
158.770,250
170,733,069
177,734,493
not merely the purposes of the Reserve Act, but the canons November
163,128,279
176,000,649
182,077,497
172,488,624
188,146,705
194,985,134
of central banking, by forcing upon the country an ultra- December
Total (year)
$1,827,124,618 81,995,415,364 52,1,13,074,302
easy money policy which drove cash into the New York
Net Earnings—
stock market.
January
858,671,777
$66,974,941
$73,746,891 n79.013,379
February
54,102,576
61,555,164
66,907,757
*74.220.990
Even the Reserve Board itself now admits the blunders March
52,475,643
*72,935,191
60,696,920
65,412,739
51,016,359
59,471,359
69,000,000
64,907,729
that it has committed during the past few months. In its April
Total (4 months)... $216,266,355 $248.898,384 5270,975,116 5295,169,560
recent statement, published on Tuesday of the current
week, it attempts with but little success an apologia pro vita May
$48,972,398
$54,993,907
561,194.779
June
47,777.644
55,699,751
59,167,096
sua. It has reached the end of an experiment and it has July
44,309,630
49.238,806
53,980,280
53,551,164
44,770,778
49.844,522
found that the experiment has proven disastrous. Perhaps August
3eptember
49,139,689
56,930,481
61,897,207
It would be too much to expect an open acknowledgement Dctober
55.057,277
60,878,181
65,259,727
65,844.729
November
70,214.468
60,511,807
of error, but he who wishes to read between the lines can December
78,937,417
65,414,632
73,023,848
find abundant indication of it, even without the explicit
$632,220,190 5715,152,609 5775,177,254
Total (year)
admission. The comfortable philosophy so long promul•Revised.
Indications of Business Activity
STATE OF TRADE—COMMERCIAL EPITOME.
Friday Night, June 8 1928.
Retail trade has still been hampered by cool weather
and excessive rains over much of the country. It has restricted buying of seasonable goods, clothing for instance.
The rains have been good for the crops, but bad for trade.
Warm dry weather is urgently needed all over the country
for business and at the South for the cotton crop. With
clear weather and seasonable temperatures the clothing
trade would no doubt get a sharp stimulus. Automobile
output is large and at Detroit employment gained 1,260
this week reaching a total of 260,332, or 64,760 larger than a
year ago and 16,500 larger than at this time in 1926. Steel
production is now decreasing on the average, though it was
larger in May than in April and steel sheet prices have recently declined. Pig iron has declined sharply at Youngstown. Sales of tin have been very large to the Far East
and export business in copper has been steady. In the
Pacific Northwest the lumber market has been in good
shape, sales outrunning the reduced output. A fair business
JuNE 91928.]
FINANCIAL CHRONICLE
3515
at low prices is being done in hardwood in the Central Valley • and railroad earnings continue to show decreases as corndistrict. The bituminous coal trade is not satisfactory pared with those of last year. Railroad earnings of leading
with the output smaller than that of a year ago when the, roads in April were nearly 5% less than in the same month
strike was on and some grades of anthracite are said to be last year and net operating income 4% less; car loadings in
lower than recently.
April fell 334% below those of April 1927. A straw is that
Wheat has declined 2 to 434c., owing to the fall of needed the strike of the Pullman porters has been postponed because
rains in the American and Canadian Northwest and with a business conditions do not favor a strike. Viewed from a
much better crop outlook in the Southwest. The export broader standpoint, some are disinclined to trade heavily
demand of late moreover has been small. There appears to until the political outlook in this country clears up. The
be no demand for new wheat for July and August shipment. two great parties will choose their candidates for President
To-day the export sales rose to 1,000,000 bushels. Corn of the United States this month and then will follow a more
declined 2c. after having advanced for a time. It felt the or less exciting political campaign. On the 4th inst. active
downward pull both of favorable weather, good crop news stocks fell 2 to 26 points, the latter on Radio, with call
and the decline of 3 to 4c. in a single day in wheat. But the money up to 7%, the highest rate since June 1921, and
country offerings have been small, though they increased brokers' loans, it turned out later, up to a new peak. The
somewhat on the 7th inst. The cash demand is excellent. decline in stocks was the heaviest since June 14 1927. The
Oats have latterly declined, but show a small net rise for the sales were 4,107,810 shares. Even General Motors fell some
week, despite better crop prospects, for the visible supply is 13 points; others dropped perpendicularly. The Federal
only about one-third that of a year ago and the cash demand Reserve Board at Washington intimated that it did not like
is persistent, accompanied by high premiums. Rye advanced the loan situation. To-day stocks in some cases declined 2
on continued bad crop advices from the Northwest, but to 534 points, though call money was down to 534%. Generfinally gave way under the collapse of wheat prices and better ally the net declines were moderate as the times go. The
weather in the Northwest. Denmark bought barley and stock trading involved 3,152,300 shares. Time money was
some rye sold to exporters today. Provisions have declined firm and a considerable further shipment of gold, it is said,
in response to the fall in grain and the dullness of the cash is to be made to France where the franc is to be stabilized
demand for lard and ribs. Cotton has fluctuated within in the near future. Bonds were dull and weak.
narrow limits latterly, showing a tendency to rally after a
At Fall River, Mass., curtailment in cotton mills is still
decline on better weather, dullness of cotton goods, a relit,- very heavy. Additional curtailment of production is retively favorable government report in regard to the weevil ported among fine and fancy cotton goods mills, owing to a
emergency and very heavy selling attributed to Wall Street, continued lack of business. Mills in Connecticut and
the South and Japanese interests. Also the break in stocks Rhode Island as well as in Massachusetts outside of New
at one time had a telling effect because it seemed to dislodge Bedford are cutting down their output, some of them going
large holdings of cotton in Wall Street. But the cotton crop on a four day week schedule. At Lowell, Mass., on June 5
is still two to three weeks late, the weevil is not a negligible nearly the full complement of weavers employed at the Merrifactor, and there is a fear of renewed rains over much of the mack Woolen Corporation at the Navy Yard Dracut, went
belt over Sunday. Still there is a small net decline for the on strike and the plant closed down for an indefinite period.
week. Cotton goods have been in the main quiet and in the The trouble in the weave room is reported to have been
Charlotte, N. C., district it is said night work in the mills precipitated by the kind of work required which has made it
will be discontinued on June 10th. The curtailment at Fall impossible to make what workers called a satisfactory wage.
River mills is still very heavy. In Manchester, England, On the 7th they declined to return except at higher wages.
cotton goods have been quiet and like some American textile At Nashua,N.H.,the Jackson Mills, which have been closed
districts complaints of poor margin of profits are common, for several weeks, are now operating four days and three
Labor disputes in Lancashire have not been settled. Woolens nights a week, at Suncook, N. H. The Suncook Mills are
and worsteds have had but an indifferent trade as a rule, operating at 100% capacity. Rochester, N. H., reported
Wool has been steady but quiet. The shoe industry is not so improvement in the textile industry in that part of New
busy, as spring buying has lagged. Rubber declined with the Hampshire which has suffered from the depression during the
demand slack, commission houses in general selling and the past six years. The Wyandotte Worsted Co., formerly the
short side favored by the rank and file of traders.
Old Colony Woolen Co., has been put on a night shift while
Coffee declined with Brazilian prices falling, the spot trade it is operating at capacity in day time. At Gonic, N. H.,
negligible and liquidation at times very general. Daily the the Genic Woolen Co., after operating on a 30
-hour week for
cost and freight prices have slid gradually downward. On some time has gone back to a 54-hour week with a possibility
one day here prices of futures fell some 30 to 40 points and, of night work. The Cocheco Woolen Co. is also very busy,
as it happened, on no great selling. Once more and for the after several years of unsatisfactory business. At Rochester,
hundredth time it is said that the Defense Committee is hay- N. H., the Linscott Shoe Co., one of the largest in that seeing uphill work to sustain prices. Raw sugar has advanced tion, has received the largest order in the past 10 years and
at times on reports that Cuban authorities would sell 300,000 capacity operations are assured for three or four months at
tons to countries outside of the United States, something least.
that offset the disappointment here that 50,000 tons recently
At Camden, S. C. the Hermitage Mill is reported running
sold by Cuba brought an average of only 2.54c. But re- on a full time schedule, day and night. In the Charlotte,
finers find a slow market for their product and are therefore N. C. district it is said that night work in the cotton mills
not at all eager buyers of raw sugar. Gasoline was advanced will be discontinued on and after June 10. Greenville,
at eastern points to a new level of 10%c. by leading oil com- S. C. reported that cotton mills in that vicinity were still
panics. The industries as a whole are quiet, the automobile on short time, most of them shutting down each Friday
branch being the exception that proves the rule. Mail at noon until the following Monday. There has been talk •
order sales in May, however, despite unfavorable weather of cutting out night work, but it has not been done. The
fell off only .05 of one per cent from those of April and show mills which shut down on Friday at noon are idle on Friday
an increase of 18.7% over May last year. For the first five nights, but with this exception night work is still on the
months of 1928 the sales were 6.4% larger than in the same regular schedule.
time last year. The total of chain store sales for May inWoolworth & Co.'s sales in May were $22,996,691 against
creased 3.1% over April and 16.5% over May 1927. The $20,914,300 in May last year an increase of 9.96%. For
combined total of both mail order and chain store sales for the five months of 1928 the turnover was $102,879,286;
May increased 2% over April and 17.3% over May last year. against $96,360,246 in 1927, an increase of 6.77%.
For five months of this year, chain store sales are 12.4%
In the forepart of the week it was rainy and cool here.
larger than in the same period last year. The total sales of
On the 5th inst. it was 54 to 61 degrees with a little over
both mail order and chain stores increased 10.2% over the half an inch of
rain. It was raining in the West and South.
same period in 1927. This is a little surprising. Winter In the far South rainfalls
were reported of 4 to 9 inches with
wheat fell 53c.from April 30th to June 7th and general trade temperatures in
Texas, and Oklahoma of 42 to 44 degrees.
been slow. Bank clearings are naturally enormous as a Berlin
has
reported 26 degrees Fahrenheit in Silesia, the coldest
reflex of extraordinary stock transactions.
June weather in 130 years and the cold wave was general
The stock market has declined with money higher and an over Germany. At Boston it was 54 to 58; Chicago, '50
impression gaining ground that banking authorities of the to 52; Cincinnati, 64 to 74; Cleveland, 50 to 62; Kansas
country would not be averse to a more conservative stock City, 56 to 60; Milwaukee, 46 to 48; Montreal, 50 to 70;
market with fluctuations within more orderly limits and no Omaha, 54 to 72; Philadelphia, 60 to 72; Pittsburgh, 64 to
.
undue discounting of the future in industry. - Car loadings 88; Portland, Me., 52 to 62; San Francisco, 52 to 66; St.
3516
FINANCIAL CHRONICLE
Louis, 54 to 64. On the 6th inst. it was 60 to 80 degrees
here, at Boston, 52 to 56; at Montreal, 54 to 62; at Philadelphia, 76 to 82; at Portland, Me., 50 to 52; at Quebec,
54 to 68; at Chicago, 56 to 66; at Cincinnati, 52 to 60; and at
Cleveland, 54 to 62. On the 7th inst. it was 60 to 71 here,
60 to 64 at Chicago, 54 to 62 at Milwaukee, 64 to 72 at
Winnipeg, 80 to 84 at Kansas City and 64 to 68 at Minneapolis. The temperatures here to-day were 57 to 71.
The forecast is for showers late to-night or on Saturday.
Monthly Indexes of Federal Reserve Board.
The indexes of production, employment, and trade issued
June 1 by the Federal Reserve Board follow (the terms "adjusted" and "unadjusted" used below refer to adjustments
for seasonal variations):
[VOL. 126.
1926.
Corporation Groups
-
Number
Motors
Motor accessories
Oil
Steel
Food and food products
Machine and machine mfg
Mining and smelting
Chemicals
Building supplies
Tobacco
Amusement
Miscellaneous
16
16
21
16
26
16
24
10
10
5
6
44
1927.
1928.
First
Quarter.
First
Quarter.
First
Quarter.
876.100,000 277,778,000 297,230,000
6,515,000
8,826,000
6,680,000
27,222.000 25,587.000
7,509,000
47,760,000 45,680,000 37,231,000
27.370,000 29,259,000 30,875.000
8,813,000
8,645,000
9,261,000
14,753,000
15.041.000
15,981,000
11,089,000 11,850,000 13,132,000
5,187.000
4,964,000
3,820,000
2,099,000
1,709,000
1,515,000
8,525,000 10,360,000
7,389,000
32,949,000 32,732,000 45,015,000
Total 12 groups
Telephone
Other Public Utilities
210
83
17
$268,973,000 2268,675,000 $278,803,000
50,500,000 58,600,000 *62,200.000
20,400,000 24,500,000 27.300.000
Total Public Utilities
Class I railroads
* Partly estimated.
100
186
$70,900,000 $83,100,000 *589,500,000
224.000,000 226,000,000 217,000,000
(Monthly average 1923-25=100.)
New York Federal
Apr. Mar. Apr.
1928 1928 1927
Apr.. Mar. Ayr.
1928 1928 1927
Industrial Prod •
Hon, adjus ed'
Total
Manufactures
blinerals
..
• ManufacturesIron and steel
Textiles
Food products
Paper and printingLumber
Automobiles
Leatherand shoes._
Cement, brick, glass_
Nonferrous metals_
Petroleum refining..._
Rubber tires
Tobacco manufictures
MineralsBituminous
Anthracite
Petroleum
Cooper
Me
Lead
Myer
Freight-Car LoadInas. adf.stedTotal
3ralti & grain prod
Livestock
Jos!
Forest products
lelerchandive, I. C. 4.,
and miaceibmeous_
109 109
110 110
103 *105
108
109
104
114
106
105
*118
96
.114
*101
109
107
141
*135
119
116
112
98
114
88
106
98
109
112
134
131
122
99
87
79
109
119 121
103 •102
114 112
100 109
86 *94
94
108
119
106
110
120
90
125
101
97
118
95
110
96
108
110
147
130
119
104
109
89
99
85
103
116
96
96
89
108
97
92
107
90
168
108
110
Building ContractsAdjusted
Unadjusted
Wholesale Distribulion, adjustedTotal
Groceries
Meats
Dry goods
Men's clothing
Women's clothing
Shoes
Hardware
Drugs
Furniture
Wholesale Distribution, unadJus.edTotal
Groceries
Meats
Dry goods
Men's clothing
Women's clothing- -Shoes
Hardware
Drugs
Furniture
Dept. Store Sales
Adjusted
Unadjusted
Dept. Store StocksAdjusted
UnadJusted
Mail Order House
SalatAdjusted
Unadjusted
125
144
128
147
93
89
97
92
112 109
83
78
94
77
55
57
96
93
91
87
110 *109
95
87
93
95
111
86
87
68
94
94
106
96 .
136
157
85
88
105
70
75
53
99
89
112
88
99
95
105
87
131
89
110
95
120
107
90
90
104
76
85
64
100
96
108
97
103
102
105
103
100
103
102
106
117
115
113
125
113
120
EMPLOYMENT AND PAYROLLS.
Unadjusted (1919=100).
Payrolls.
RmigairinaiS•
April
1928.
Total
Iron and steel
Textiles
-Group
Fabrics
Products
Lumber
Railroad vehicles
Automobiles
Paper and printing
Foods.&o
Leather. &o
Stone, clay, glass
Tobacco,
Chemicals, are
'.,Revised.
March
1928.
April
1927.
April March
1928. 1928.
April
1927.
89.3
84.2
90.0
91.0
88.7
86.8
72.0
133.6
105.9
82.8
79.8
109.1
76.0
76.7
89.9
84.0
92.9
93.6
92.0
85.7
71.3
130.2
107.0
84.4
84.1
105.7
77.9
76.9
93.2
89.6
95.1
97.5
92.0
91.0
78.4
123.4
108.1
83.1
84.2
121.5
77.3
78.1
102.7
92.2
94.7
95.5
93.8
98.0
81.2
171.8
146.7
96.5
75.3
134.6
73.8
108.8
104.9
93.3
101.9
100.3
103.9
97.8
80.4
168.9
147.7
100.4
87.5
128.7
79.4
110.2
108.5
99.1
105.1
108.1
101.4
103.2
88.0
157.7
150.7
98.0
87.0
151.8
77.9
109.9
4% Higher
Business Profits; in First Quarter of 1928
thanInISame Period in 1927 and 1926-Survey by
New,York,Federal Reserve Bank.
industrial and mer"First quarter earnings reports of 210
than
cantile companies indicated net profits about 4% larger
corresponding periods of 1927 and 1926, a smaller
for the
based
increase than was indicated by earlier calculations
Reon a smaller number of companies," says the Federal
in its June 1 "Monthly Review."
serve Bank of New York
Continuing, it says:
of General Motors and
If, however, the large increase in the earnings
de Nemours be excluded
the related increase in the earnings of Du Pont
remaining companies would
from the tabulation, the net profits of the
%
show a decline of 01
/ from 1927, and of 11% from 1920. from a 32%
2
1927. Aside
The motor group had the largest increase over
Corporation, net earnings of 15
increase in the profits of General Motors
figures are not available)
other companies (exclusive of Ford, for which
were reported also by
were 10% above last year. fncreases in profits
machine and machine manumining and smelting, food and food products,
The miscellaneous group
facturing, chemical, and amusement companies.
represented the increase
of companies showed a large increase, half of which
of Du Pont de Nemours.
the profits of the oil cornA heavy decline continued to be reported in
one-third as large as in 1927,
Panieea; first quarter earnings were less than
conditions which developed in
apparently reflecting the continuation of
companies showed a reduction
the industry during 1927. Profits of steel
United States Steel Corpoof about 18%; a reduction was reported by the
groups to report a lower
ration as well as the independent concerns. Other
building supply companies.
net return this year were the tobacco, and
expand their
Telephone and other public utility companies continued to
earnings, though the increase this year was not as large as that reported a
year ago. Net operating income of the principal railroads was the smallest
for the first quarter of any year since 1925, accompanying the reduction
in
freight traffic.
Indexes
of Business
The following indexes of business activity are from the
June 1 "Monthly Review" of the Federal Reserve Bank of
New York:
Car loadings of both bulk freight and merchandise and miscellaneous
freight increased slightly in April, after seasonal allowance, but remained
below the levels of a year ago; in fact, they have been smaller than last
year in every week of this year, and have exceeded the corresponding week
of 1926 only twice. Foreign trade showed a decline of more than the
usual seasonal proportions in April, both in exports and imports. There
were increases in mail order sales and in advertising, after allowance for
seasonal variations, but department store sales were practically unchanged,
and life insurance sales declined.
Financial acivity continued at high levels ,and this bank's indexes of
stock trading and bank debits in New York City advanced to new high
points. Business failures showed more than the usual seasonal decline,
but new incorporations also were less numerous than in March.
Adjustment is made in the following indexes for seasonal variations,
year-to-year growth, and, where necessary, for price changes.
105
111
100
104
Reserve Bank's
Activity.
[Computed trend of past years-100%.1
1927.
1928.
April.
Primary Distribution
Car loadings, merchandise and miscellaneous.__
Car loadings, other
Exports
Imports
Panama Canal traffic
Wholesale trade
Distribution to Consumer
Department store sales, 2nd district
Chain grocery sales
Other chain store sales
Mall order sales
Life insurance paid for
Advertising
General Business Activity
Bank debits, outside of N. Y. City.
Bank debits, N. Y. City
Velocity of bank deposits, outside of N.Y. City_
Velocity of bank deposits. N. Y. CUP
Shares sold on N. Y. Stock Exchange
Postal receipts
Electric power
Employment in the United States
Business failures
Building contracts, 36 states
New corporations formed in N. V. State
Real estate transfers
*General price level
.
romn0SitP index of wares
•1913 average, 100%. p Preliminary.
Feb.
109
105
104
115
96
98
104
96
90
107
102
102
103
92
97
104
96
98
100
104
103
102
114
101
104
103
102
98
113
98
98
102
100
97
111
95
97
.
oi3
109
127
107
134
195
97
106
100
111
128
114
96
169
220
102
185
104
138
196
96
107
96
114
151
127
101
173
221
107
159
111
162
281
90
104
95
115
125
112
92
174
223
112
162
115
164
306
87
Alarch. April.
104
Ds
p87
p100
89
--
100
106
97
lii
102
133
110
1i8
221
Production of Electric Power in United States in
April Increased About 5% Over Last Year.
According to the Division of Power Resources, Geological
Survey, the total output of electric power by public utility
plants in the United States in the month of April amounted to 6,846,954,000 kilowatt-hours, an increase of approximately 5% over the corresponding month in 1927 when
production was about 6,482,000,000 kilowatt-hours. Of the
total for April of this year 2,939,617,000 kilowatt-hours were
produced by water power and 3,907,337,000 kilowatt-hours
by fuels. The survey further shows:
PRODUCTION OF ELECTRIC POWER BY PUBLIC UTILITY POWER
PLANTS IN THE UNITED STATES (IN KILOWATT HOURS).
II
11111111ft I crease in Output
libday OM.» Warn
from Previous Year.
Total by Fuels and Water Power.
•••••.'
Fx1
February.
March.
April.
481,465,000 500,396,000 455,046,000
New England
Middle Atlantic.- 1,887.293.000 1,917,321,000 1,785.490,000
East North Central. 1.657.290.000 1,738,351,000 1,634,930,000
West North Central_ 403,994,000 410,107,000 385,009,000
759,767.000 872,932,000 840.651,000
South Atlantic
East South Central_ 294,287,000 300,700,000 269,375,000
West South Central_ 283,439,000 297.235.000 286,647.000
288,332,000 307,306.000 310,347,000
Mountain
814,692.000 889.873,000 879,459,000
Pacific
March.
8%
1%
6%
4%
8%
13%
17%
8%
11%
April.
5%
8%
2%
12%
15%
11%
11%
5%
8%
8,870.559,000 7,234,221,000 6,846,954,000
Total in U.S
The average dai y production of electricity in April was 228,200,000
kilowatt-hours per day, about 2% less than the average daily output in
March. It is ind cated that the usual seasonal decrease in the use of
electricity during the spring has continued, the decrease from March to
April of this year being about the same as last year.
The production of electricity by the use of water power in April established three records: More electricity was produced in a month than
ever before-29,400,000,000 kw.-hs.; he average daily rate of production
-98,000,000 kw.-hs.;
of electricity by water power was also the largest
and the proportion of the total output produced by water power was the
-48%. More than 27,000,000 tons of coal would have
largest of record
been required to generate the electricity produced by water power in
April.
TOTAL MONTHLY PRODUCTION OF ELECTRICITY BY PUBLIC
-UTILITY
POWER PLANTS IN 1927 AND 1928.
1927 a
January
February
March
April
May
June
July
August
September
October
November
December
3517
FINANCIAL CHRONICLE
JUNE 9 1928.]
6,830.000,000
6,188,000,000
6,840,000,000
6,482,000,000
6,600,000,000
6,493,000,000
6.477,000.000
6,693,000,000
6,605,000.000
6,932,000,000
6,876,000,000
7,211,000,000
1928.
Inmate
1928
Over
1927.
7,285,000,000
8%
8,871,000,000 b12%
7,234,000,000
6%
6,871,000,000
6%
Produced by
Water Power.
1927.
1928.
38%
37%
39%
40%
38%
38%
39%
43%
Total
0.205.000.000
a Revised totals. b Part of increase is due to February 1928 being one day
longer than February 1927.
The quantities giten in the tables are based on the operation of all
power plants producing 10,000 kw.-hours or more per month, engaged in
generating electricity for public use, including Central Stations and
Electric Railway Plants. Reports are received from plants representing
over 95% of the total capacity. The output of those plants which do not
submit reports is estimated; therefore the figures of output and fuel
consumption as reported in the accompanying tables are on a 100%
basis.
The Coal Division, Bureau of Mines, Department of Commerce, cooperates in the preparation of these reports.
Railroad Revenue Freight Loading Still Below 1927
and 1926.
Loading of revenue freight during the week ended on
May 26, exceeded the million car mark for the third consecutive week so far this year, the Car Service Division of
the American Railway Association announced on June 5.
Total loadings for that week amounted to 1,020,916 ears.
Compared with the preceding week, this was an increase of
17,419 cars, due principally to the 'heavier 'movement of
ore, although there were also increases reported in the number of cars loaded with grain and grain products, livestock
coal, forest products and miscellaneous. Decreases compared with the week before were reported;in the total loading
of coke and merchandise less than carload lot freight. The
total for the week of May 26 was a decrease, however, of
5,873 ears below the same week in 1927 as well as a decrease
of 59,870 cars compared with the corresponding week two
years ago. The details follow:
Miscellaneous freight loading for the week totaled 398,059 cars, an increase of 9.590 cars above the correspondng week last year, but 10,341
cars below the same week in 1926.
Coal loading totaled 162,854 cars, a decrease of 2,856 cars below the
same week in 1927 and 14.744 cars below the same period two years ago.
Grain and grain products loading amounted to 38,909 cars, a decrease
of 837 cars under the same week last year and 5,280 cars below the same
week in 1926. In the Western districts alone, grain and grain products
loading totaled 25,531 cars, an increase of 1,404 cars above the same week
in 1927.
Live stock loading amounted to 26.149 cars, a decrease of 2,192 cars
below the same week last year and 2,491 cars below the same week in
1926. In the Western districts alone, live stock loading totaled 20,078
cars, a decrease of 990 cars compared with the same week in 1927.
Loading of merchandise less than carload lot freight totaled 259.649 cars,
a decrease of 1.898 cars under the same week in 1927 and 6,655 cars under
the corresponding week two years ago.
Forest products loading amounted to 68,530 cars, 3,478 cars below the
same week last year and 10,850 cars under the same week in 1926.
Ore loading totaled 58,853 cars, 3,622 cars below the same week In
1927
and 7,646 cars below the same week two years ago.
Coke loading amounted to 9,913 ears, 580 cars below the same week in
1927 and 1,863 cars below the corresponding week in 1926.
The Eastern, Northwestern, Centralwestern and Southwestern were the
only districts to report increases in the total loading of all commodities
compared with the same week last year while all districts reported decreases
compared with the same period two years ago.
Loading of revenue freight in 1928 compared with the two previous
years follows:
1928.
1927.
1926.
Four weeks in January
3,447,723
3,756.660 3 686 898
Four weeks In February
3,589,694
3,801,918
3,677:33
2
Five weeks in March
4,752.031
4,982,547
4 805 7
Four weeks In April
3,738,295 3,875,589 3:862..703
Four weeks in May
4,006,058 4,108,472 4,145,820
Total
19,533,801 20,525.186 20.178,251
ployment during production of Model T of 110.000 in 1926 and low point
last summer of 52,000.
Employment at the Fordson plant totals 78.045, against 77.924 a week
ago; Highland Park 33,567. against 32,795; Lincoln plant 4,712, unchanged.
Dun's Report of Failures in May.
Contrary to the usual seasonal trend, the number of commercial failures in the United States increased during May,
rising to 2,008. This contrasts with a sizablereduetion reported to R. G. Dun & Co. in April, when defaults fell to 1,818
and touched the lowest figure since last October. The
present number is, therefore, 1034% above the April total,
and is about 83 % in excess of the 1,852 insolvencies of May
1927. In that year, there was a numerical decrease, compared with the April failures, of approximately 6%, and the
falling off in 1926, when the May defaults aggregated
1,730, was fully 11H%. Carrying the analysis further,
it is found that the number of last month's insolveneies
set a new high level for May, exceeding even the 1,960
-mask for the
failures of May, 1922, and reaching the 2,000
first time in May. In considering the most recent increase,
however, some allowance should be made for the larger
total of firms and individuals in business, which naturally
enhances the possibilities of financial embarrassment.
In contrast to the numerical exhibit, the record of indebtedness for May is favorable, with a total of $36 116 990.
-Ta7nd is he
This is about 5% less than the $37,985,145 of April
smallest amount reported for any month since last September.
It is, moreover, approximately 5%, under the $37,784,773
of a year ago, and also was exceeded in May in five of the
six years, 1921-26. The high point during that period
was the $57,066,471 of May 1921. Last month's ave
of liabilities per failure was about $18,000, whereas in April
it was nearly $20,900, and in May, last year $20,000.
Monthly and/quarterly failures, showing number and
liabilities, are contrasted below for the periods mentioned:
Liabilities.
Number.
1928.
1928. 1927. 1926.
1927..5,
1926.
2,008 1,852 1,730 $36,116,990 $37,784,773 $33,543,318
1 818 1,988 1,957 37,985,145 53,15.5,727 38,487,321
2,236 2.143 1,984 54,814,145 57.890,905 30,622.547
2,176 2.035 1,801 45,070,642 46,940,716 34,136,348
2,643 2,465 2,296 47,634,411 51,290,232 43,661,444
May
April
March
February
January
let quarter
7.055 6,643 6.081 5147.519,198 8156.121.853 8108,460,329
-MAY 1928.
FAILURES BY BRANCHES:OF BUSINESS
LiabaWes.
Number.
1928 1927. 1926.
Manufacturers
Iron, foundries and nails__
Machinery and tools
Woolens, carpets & knit g'ds
Cottons, lace and hosiery_
Lumber, carpenters dr coop_
Clothing and millinery
Hats, gloves and furs
Chemicals and drugs
Paints and oils
.
Printing and engraving_ _ _
Milling and bakers
Leather, shoes & harness
Tobacco, &c
Glass. earthenware & bri^k_
All other
Total manufacturing
Traders
General stores
Groceries, meat and fish
Hotels and restaurants
Tobacco &c.
Clothing and furnishings
Dr, goods and carpets
Shoes. rubbers:and trunks__
Furniture and crockery _ _ _
Hardware, stoves & tools__
Chemicals andi.drugs
Paints and oils
Jewelry and clocks
Books and papers
Hats, furs and gloves
All other
Total trading
Other commercial
9
27
-2
77
43
12
6
10
18
3
__
72
38
6
5
1
19
11
23
31
8
14
4
6
9
10
223 227
1928.
6
580,100
577,935
32
3
'
212,000
4
57 4,312,073
625,307
63
3
456,616
3
185,820
2
178,833
22
187,407
40
339,759
12
62,400
9
312,667
5
176 6,698.813
1927.
$317,848
596,100
32,000
3,306,005
451,491
87,100
219,129
2,500
159,210
154,429
89.795
23,200
205,500
8,157,251
1926.
$48.110
4,505,937
23,700
717,042
1,118,916
1,558.45.5
30,900
9,000
44.348
541.5.55
310,305
418,145
2,304.880
32,600
4.495,222
437 $14,229,730 $13,801,558 816.157.115
$579,528
93 85 81 $1,200,205 32,524,088
310 279 322 1.584,675 2,763,930 3,431,525
827,757 1,138,944
80 82 82 1,983,602
107,954
109,477
167,760
30
28
18
198 189 136 2,102,227 2,346,629 1,602,109
9 2,014,844 53,484,851 51.997,652
13
99
714,313
716,945
655,383
74 53
65
772,604
702,468
867,461
55
63 67
421,953
607,119
982,506
35
34
52
452,418
641,448
632,232
41
52
64
57.786
71,500
44,235
7
5
4
316.075
824,438
745,443
34
14
49
157,438
103,563
12
78,200
12
14
68.967
74-400
6
33,600
°
5
295 253 251 5,807,731 4,179.251 3.890.506
470 444
1 407 1,292 1,216 318,900.104 519,977.886 815,709.780
131 116
77 2,987,156 4,005,349 1,676,443
9 nno 1 1.0 1 /211 VIA 11s000537 704 773 &33 54331R
Federal Trade Commission's Proposed inquiry into
Operation of Chain Store System-Complaint
Against Situation as Affecting Retail Meat Dealers.
The Federal Trade Commission announced on May 21
Employers Association reports employment figures for week ended June
that it would undertake an inquiry into the chain store
5 as 260,332, an increase of 1,259 on last week and increase of 64,764 on
systems of the country as called for in the resolution introthe corresponding period last year.
,
duced by Senator Brookhart of Iowa, and adopted by the
Senate on May 12. In conducting this investigation the
Ford Employment Gains.
Commission will invoke and rely on all powers available
From the "Wall Street Journal" of yesterday (June 8) we
to it under the Federal Trade Commission'Act and other
take the following Detroit advices:
statutes, It was announced. The chief economist of ,.the
Local Ford Motor Co. plants added 893 employees during the past week,
bringing total to 116,324, a new high record, comparing with record em.. Commission was instructed to proceed with the inquiry,
Increase in Detroit Employment.
Detroit advices yesterday (June 8) to the "Wall Street
News" said:
3518
FINANCIAL CHRONICLE
[VoL. 126.
The text of the resolution appeared in our issue of May 19,
Northwestern National Bank of Minneapolis Sees
page 3067. It was stated in the "United States Daily" of
Indications of Improved Business in Northwest—
May 21 that formal complaint against the practice of variInterest Rates to Bank Borrowers at High Levels.
ous chain store organizations throughout the country in
According to the Review of the Northwestern National
their relation to independent retail meat dealers has been
filed with the Federal Trade Commission by Representative Bank of Minneapolis, issued May 25, interest rates charged
to borrowers at commercial banks in Minneapolis advanced
Celler (Dem.), of Brooklyn, N. Y. The "Daily" added:
In a written statement issued May 19 explaining what has been done on to a higher level during the month, the increase being onethe subject, Mr. Geller stated:
half of one per cent. In its comments on this, and busi"On May 12 last there was adopted in the Senate of the United States, ness conditions
generally, the bank says:
Senate Resolution 224
the
presented by Senator Brookhart which directed
Federal Trade Commission to investigate the chain store system of marketing and distribution with a view to providing for regulation thereof.
This resolution is very wide in its scope, covering as it does chain stores
in general.
•
"On May 16 I held in my office a meeting with representatives of the
Department of Commerce, Department of Agriculture and Department of
Justice, to obtain their opinions on the matter in which we are interested;
namely, the chain store situation as it affects the independent retail meat
dealer.
"At this meeting, we discussed the Senate resolution as it pertained to
the meat situation. The representatives of the Deparbnents present, all
iympathtic with our cause, felt that inasmuch as the Brookhart resolution
is wide enough to include the meat industry, it would be more to our
advantage to co-operate with the Federal Trade Commission under the
Resolution, than to proceed independently of it. The representatives of
the Departments assured me that' if called upon, they would assist in any
way possible with the Federal Tra:.e Commission.
"Because of the wide scose of the Brookhart resolution, and. in order
to place before the Commission our special interest in the investigation,
namely, the meat situation, I have prepared and mailed to the Commission
a complaint in line with our interest."
Business in Cleveland Federal Reserve District Experiences Seasonal Slackening.
Business conditions in the Fourth [Cleveland] District in
May were seasonally quieter than in the two preceding
months, but showed no great change after allowing for
seasonal factors, says the Federal Reserve Bank of Cleveland in its June 1 Monthly Business Review. The bank
further observes: The first quarter recovery from the low
level of last November and December appears to have been
halted, at least for the time being, but not before it had
brought general business up to a point which is now about
equal to a year ago. As for months past, Individual lines
show rather wide variations. For example, the steel industry enjoyed a record production of ingots in April, motor
supply concerns have been doing a very heavy volume of
business, and some lesser lines of manufacture, such as
glass, have improved, while on the other hand depression
continues in the coal trade, the winter wheat crop is extremely poor, and some slowing down has taken place in the
shoe and clothing industries.
Conditions in the clothing line are indicated as follows:
Spring activity in various clothing lines is about over, and manufacturers
are making preyarations for the fall trade. Fall orders in some lines have
been rather disappointing so far, owing to the hesitant buying attitude of
• retail houses. This in turn was caused by poor retail clothing sales in April.
Business in knitted wear has slowed down somewhat. Manufacturers of
. women's ready-to-wear report business as fair. Advance orders for men's
clothing are slow. Conditions in the men's underwear trade are unsatisfactory; customers appear unwilling to make future commitments to any
extent, and fall orders are lees than usual. In woolens and worste
• business is not quite up to a year ago.
Textile and raw material prices have strengthened materially in recent
months, being higher then a year ago in most cases. Wool (Fairchild
average) stood at $1.09 a pound in April as against 93c. a year ago; cotton
goods (Fairchild) 13.0c. a yard as against 11.8c. a year ago; raw cotton,
29.6c. a pound as against 14.8c. last year; and worsted yarn (Fairchild)
$1.76 a pound as compared with *1.67. Silk, however, has fallen from
$6.07 a pound in April 1927 to $5.37 the past month. Woolen yard goods
have risen from S to 10% lately, and similar advances are noted in broadcloth, suede, and fancy fabrics. Manufacturers are unanimous in declaring
that the full advance in raw materials has not yet been reflected in
finished products. In some instances finished products have absorbed part
of the uptrend, while in others they have shown practically no increase.
• Sales of reporting wholesale dry goods houses in the Fourth District
were 4% less in April than a year ago. Retail clothing sales were very
much less, due in large part to cool weather, fewer selling days, and a
smaller share of the Easter trade than a year ago.
There have been but few periods in very recent years during which
rates have held even for a brief time at the present point, and it is
necessary to go back to the spring of 1924 to find a level that is definitely higher. Even so, although current rates are outstanding during
the course of several years, they are not high; we have been passing
through an abnormally long period of cheap credit. One of the local
reasons for the recent increase in Minneapolis was the higher federal
reserve rediscount rate in this district; again, up to the first week in
May, grain was piling up at the Duluth-Superior harbor awaiting the opening of navigation, and this brought a greater pressure for funds in Minneapolis. Twenty-five million bushels were awaiting transportation at the
head of the lakes when navigation opened (and, it may be noted, 70,000,000 bushels at the upper Canadian ports). Higher grain prices also
were a strengthening influence. The main reason for the definite upward move, however, is to be found in outside rather than home conditions—in the drain on national funds caused by brokers' loans In
New York; these loans, as reported by the New York Stock Exchange, recently reached a point just below the five billion dollar mark and nearly
twice as great as in 1926.
First boats of the lake fleet began to arrive at the head of the lakes from
lower ports early in May. On May 6 the first ore boat started its downward trip bound for South Chicago and the new shipping season was
under way. Scores of coal and other cargoes are now arriving—one
early coal boat bringing a shipment of 121 automobiles on its deck for
distribution from the Duluth base. The many steam locomotives that
move the output of the northern mines to the docks have emerged
from repair shops and have started on their big annual job of moving
some 50 million tons of ore. Shipments last year from the States of
Minnesota, Wisconsin and Michigan, lay both lake and rail, amounted to
52,251,445 tons of iron ore—a large year, but still a decrease of 12.6%
from the previous year. All iron mined in the United States amounted
to 61,741,000 gross tons last year, a decrease of 9% from 1926. Present
prices are not favorable for high-cost mining. April bessemer pig iron
prices, delivered in the Pittsburgh district, averaged $17.50 this year,
as against $19.50 last year. Small mine operators, according to "Skillings' Mining Review," are dropping out of the Lake Superior district, due
to low selling prices and high taxes, and large operators are producing
an increasingly large proportion of the output. One company shipped
out 41.8% of the entire iron ore output of the Superior region last year;
more than three-fourths of all the iron ore was shipped by four operators.
Indications of improved business over last year in the Northwest and
in Minneapolis, both of a general nature and in specific industries, continue to appear. Cars of freight received in this city in April were
greater in number than in April, 1927, by 14.1%, and cars forwarded
were greater by 7.2%. In the five weeks ending May 19, the output of
Minneapolis flour mills was greater than for corresponding weeks in the
last five years and perhaps longer; in fact, the output since Jan. 1 1928
up to date has been larger than during a like period for a number of
years. April shipments of linseed oil from this city were greater than
in the same month in 1927 by nearly 40%; 21,079,396 pounds of linseed
meal were forwarded this April as against 11,178,042 pounds in April 1927.
Check payments through representative banks in the ninth reserve district were 15% greater than in 1927 during the five weeks ending May 16.
Kilowatt hours of electrical energy used for industrial power in Minneapolip during the first quarter of the year were 22.1% greater than in
the
t quarter of 1927.
istribu ion of Merchandise in St. Louis Federal
Reserve District on Smaller Scale Than During
Several Preceding Months.
In its "Monthly Review," issued May 31, the Federal Reserve Bank of St. Louis states that "declining tendencies
in business were general in this dictrict during the past
thirty days." The bank further states:
Distribution of merchandise was on a smaller scale than during the two
or three months immediately preceding, and in a majority of lines investigated, below that of the corresponding period last year. This was true of
both goods for ordinary consumption as well as commodities of the heavier
and more permanent sort. A rather marked slump developed in booking of
new business in the iron and steel industry, and while shipments from
foundries, mills and machine shops were fairly well sustained, they were
in many instances heavily at the expense of incompleted orders. In all
sections there is a disposition to purchase with caution, and except in a
limited number of lines in which price considerations or other internal
We also quote the following from the "Reveiw" on whole- factors are affecting views of merchants, cornmttments are being held down
to well defined requirements. Likewise buying by ultimate consumers
sale and retail trade:
lacks the spontaneity noted earlier in the year.
Retail Trade.—Department store sales in the Fourth District were 12.1%
As reflected by returns of department stores in leading cities of the disless in April than in the same month last year. Similar declines were trict, retail business in April was below that of
a year ago. Reports from
experienced all over the country and were not as serious as might be smaller urban centers and the country also indicate
a glowing down in
supposed, inasmuch as there was one less Saturday and one more Sunday retail activity. The chief reasons given for the
decline under last year are
in April of this year than last. In addition, more of the Easter trade the fact that Easter this year was
earlier than hi 1927, and the backward
went to March this year than in 1927.
and cool spring which has seriously hampered the movement of seasonal
For the first four months, department store sales were 2.3% less than a merchandise. Failure
of the winter wheat crops in this area has also
year ago, the only cities showing increases being Akron, Cleveland, Co- adversely affected sentiment and actual buying
of goods and in the rural
lumbus, and Toledo.
communities there is a general disposition to await more definite informaSales of 17 wearing apparel firms in April declined 9.5% from a year tion relative to other crops
before filling requirements for merchandise.
ago, and there was a loss of 4.7% for the first four months.
Preparations for and planting of spring crops has made excellent progress,
Wholesale Trade.—Sales of 46 wholesale grocery firms in the Fourth but temperatures have been too
low for best results in the matter of growth
District in April decreased 1.5% from last year, but showed a gain of and development.
2.4% for the first four months. Dry goods sales were 4% lower for the
While the employment situation was in better balance than during the
month but 1% higher for the four months. Hardware showed a loss of preceding thirty days, less than the usual seasonal improvement occurred.
13.3% for April and of 10.5% for the first four months. Drug sales were The absorption of workers in outdoor activities was partly offset by
0.2% higher than in April of 1927, but were 1.1% lea for the four months. reduced operations at many industrial plants. According to the Employ-
JUNE 9 19281
ment Service, U. S. Department of Labor, there were reductions in forces
at iron and steel mills and foundries, in the textile industry, lumber mills,
leather tanneries, furniture factories, and glass, cement and packing
establishments. Improvement was noted among workers in the building
industry, but a surplus of both skilled and common labor still exists in
this classification. Highway construction and river and municipal improvement work has opened up, and absorbed large numbers of idle common
laborers.
Aside from the protracted cold weather, which served to stimulate demand
for coal and heating purposes, conditions in the bituminous ooal trade
were dull and disappointing. Termination of the agreement between operators and miners in the Illinois and Indiana fields on April 1 failed to
arouse apprehension on the part of large industrial consumers relative to
future supplies. In addition to possessing liberal reserve stocks, these
interests were influenced by the experience of last year, when it was found
that output from the non-union mines was ample to fill all requirements.
A further factor tending to establish confidence in ability to get coal
when needed was the reopening of a number of mines in Illinois and
Indiana on the Jacksonville wage scale, and signification by some 200 others
that they would resume operations if demand warranted. Contracting by
dealers and householders for next fall and winter has not developed on a
large scale, and buying by municipalities, public institutions and utilities
companies is reported backward. There is a general disposition to draw on
reserve stocks, despite the fact that production has turned sharply downward. The trend of prices was lower, particularly on prepared sizes and
mine run. Steaming coal was relatively firmer than other descriptions.
Some improvement in sentiment in the Kentucky fields was occasioned by
the decision of the U. S. District Court in the lake cargo rates.
same month a year ago. While the aggregate liability of defaulting firms
was larger than in the previous month it was considerably smaller than
a year ago.
Construction activity as measured by the valuation of permits issued in
principal cities after reaching a new high mark during March, reflected a
sharp decline during April, being 21% less than in the previous month and
58% less than in the corresponding month of the previous year. The
production and shipments of cement and the production, shipments and
new orders for lumber, however, were considerably lower than a year ago.
In its account of wholesale and retail trade, the bank
says:
Review of Meat Packing Industry by Federal Reserve,
Bank of Chicago.
In reviewing the meat packing industry in its June 1
"Monthly Business Conditions Report," the Federal Reserve
Bank of Chicago says:
April production at slaughtering establishments in the United States
aggregated less than a year ago and was considerably smaller than in the
preceding month. Employment for the last payroll in the period showed a
decline from March of 3.4% in number of employees, 4.6% in hours
worked, and 3.4% in value. Domestic inquiry became active in April for
fresh pork and fairly good for lard, smoked meat, and boiled ham; demand
tended to improve for lamb, but remained rather slow for beef until the
close of the period. Sales billed to domestic and foreign customers were
0.9% greater than in March and 1.2% in excess of last April, according
to a compilation for sixty meat packing companies in the United States.
Trade in domestic markets remained fair at the beginning of May. Chicago
quotations for the majority of pork products averaged higher in April than
in the preceding month; prices advanced for lamb and declined for beef.
May 1 inventories at packing plants and cold-storage warehouses in the
United States were slightly below those of the preceding month, but above
a year ago and the 1923-27 May 1 average. Beef holdings decreased in all
three comparisons, and lard stocks increased over April 1, while lamb
inventories showed a recession from the five-year average.
Shipments for export were reported as slightly smaller than in March.
Foreign demand showed signs of improving during the mnnth; the lard
trade was more or less spasmodic but fairly good as a whole; there was a
fair inquiry from the European mainland for fat backs. Prices on the
Continent were about in line with the United States; quotations in the
United Kingdom remained slightly below Chicago parity. May 1 consignment stocks, already abroad and in transit to Europe, were indicated as
about on a level with April 1.
Business Conditions in Dallas Federal Reserve District-Effect on Trade of Unfavorable Weather
Conditions.
The effect on trade in the Dallas Federal Reserve District of the unfavorable weather conditions are indicated in
the following which we take from the June 1 Monthly
Business Conditions Review of the Federal Reserve Bank
of Dallas:
Adverse weather conditions, which retarded farming operations and
seriously affected growing crops, constituted a development of major importance to business and industry in the Eleventh Federal Reserve District
during April. The drouth, which had become critical over a very large
area of the western half of the district, brought about a rapid deterioration
of small grains and prevented the planting of row crops. On the other hand,
excessive rains in the eastern portion of the district retarded the planting
of cotton and made necessary the replanting of a portion of the corn crop
with the result that these crops are from two to three weeks late. Furthermore, the cool weather prevented the proper germination of the seed and
was conducive to the activity of insects which damages growing crops.
While the heavy general rains during the first half of May broke the drouth
in most of the western part of the district and saved a large portion of the
wheat crop which was thought beyond redemption, there were some localities which suffered from the excessive rainfall. Range conditions through.
out the district reflected a substantial decline during April, but the
condition of livestock was well maintained. The condition of the ranges,
however, was greatly improved by the rains during May.
The distribution of merchandise in both wholesale and retail channels
likewise reflected the effects of unfavorable weather conditions. Department store sales in larger cities reflected a decline of 7% as compared to
the previous month and were 7% less than in April 1927. Wholesale
distribution showed a large decline from the previous month, and while
sales in the majority of lines were larger than a year ago, the margin of
increase was considerably smaller than in the earlier months of the year.
Debits to individual accounts were 7% less than in the previous month
but were 1% larger than in April 1927.
The deposits of member banks, which amounted to $888,333,000 on
April 11, reflected a further seasonal decline of $15,918,000 as compared
to those a month earlier but were $79,679,000 greater than those on
April 27 1927. Federal Reserve Bank loans to member banks increased
from $5,277,314 on March 31 to $10,660,905 on April 30, but declined to
$7,327,347 on May 15. Loans on the latter date were $2,890,319 greater
than on the same date in 1927. The wide fluctuation in loans during the
six-week period was due principally to borrowing of banks in the larger
cities. The number af commercial failures in this district during April
reflected a large decline as compared to both the previous month and the
3519
FINANCIAL CHRONICLE
The distribution of dry goods at wholesale during April reflected a
further decline of 21.1% as compared to the previous month and was 15.5%
less than in the same month last year. While the decline from the previous
month was due in part to seasonal influences and to the earlier date of
Easter this year, reports indicate that consumer demand has shown a
marked contraction as a result of the poor outlook for agriculture. Retailers generally are following the policy of keeping commitments closely
aligned to consumer demand and a falling off in consumer buying Is
immediately reflected in wholesale channels. Collections showed a substantial increase over the previous month. Dealers generally are optimistic
over the outlook for the future.
The demand for hardware at wholesale was well sustained during April.
Sales of reporting firms were practically the same as in the previous
month and were 10.2% greater than in the same month last year. Sales
during the first four months of 1928 were 17.0% larger than during the
same period of 1927. Reports indicate that since the recent rains the outlook for future business is greatly improved.
While the sales of reporting wholesale grocery firms reflected a seasonal
decline of 5.6% as compared to the previous month, they were 8.1%
greater than in April 1927. Business was fairly well sustained in all
sections of the district. Prices remained generally steady and collections
showed some improvement over the previous month. Reports from most
sections indicate that conditions are much improved and that the outlook
for the immediate future is good.
The sales of reporting farm implement firms reflected a seasonal decline
of 34.1% as compared to the previous month, but they showed an increase
of 48.0% as compared to April 1927. Buying during the past month was
retarded to some extent by the continued drouth in West and Southwest
Texas and the poor progress of crops elsewhere. Since the recent rains,
however, reports indicate that there is a better demand for implements.
While the outlook is generally fair, the volume of purchases will depend
largely on the progress of crops. Prices remained generally steady. Collections showed a large increase over the previous month.
While the April sales of wholesale drug firms were 15.6% less than in
the previous month, they were practically the same as in the corresponding
month of the previous year. Sales for the first four months of 1928 were
8.9% greater than in the same period of 1927. While the falling off in
business was heavier than usual in April, reports are to the effect that
prospects are bright for the immediate future.
CONDITION OF WHOLESALE TRADEIDURING7APRIL 1928.
[Percentage of Increase or Decrease In
Net Sales.
Stocks.
Jan. 1 to
April 1928
Date Com- Compared with
pared with
March Same Period April March
1928.
1928. Last Year. 1927.
Net Sales.
April 1928
Compared with
April
1927.
Ratio of Collections During April to
Accounts and
Notes°save
on Mar. 31.
62.9
+.4
-5.6
+8.1
+8.3 ,
+8.3
Groceries
27.3
+12.3 -2.2
-15.5 -21.1
+8.1
Dry goods
21.3
3.8
+70.7 g -19.4
Farm implements_ _ +48.0 -34.1
38.8
+8.4
.9
+10.2
+17.0
Hardware
44.3
+4.7 None
-15.6
+8.9 W
Drugs
-Following the heavy sales during March, retail trade in
Retail Trade.
the larger cities reflected a decline 'n April. Sales of reporting firms were
6.7% less than in the previous month, and were 7.0% less than in April
1928. Sales during the first four months of the year were practically the
same as a year ago. While the decline from the previous month was due
in part to seasonal influences, the cool weather retarded the distribution of
spring merchandise.
BUSINESSIOF1DEPARTMENT STORES.
to• to imam
Total
Fort Holm- SanAn- AU
Dallas. Worth. ton. lento. Others. Dist.
Total Sales
-7.0
Apr.'28 compared with Apr.'27_ +1.7 -6.6 -14.3 -13.3 -7.0 -6.7
Apr.'28 compared with Mar.'28_ -4.1 -5.4 -8.7 -12.0 -5.6
Jan. 1 to date comparedwith same
+.2
+1.5 +1.5 -2.2 -3.5 +3.3
period last year
Credit Sales
+3.5 -15.2 -11.5 -4.5 -2.1
+8.3
Apr.'28 compared with Apr. 27
Apr.'28 compared with Mar.'28_ -2.0 -7.5 -13.2 -13.6 -6.7 -7.3
Jan. 1 to date compared with same
-.2 +6.7 +4.7
+6.6 +9.2 None
period last year
Stocks
-.2 -11.6 +2.0 -6.6
-13.7 +1.2
Apr.'28 compared with Apr.'27_
+.5
+.2
Apr.'28 compared with Mar.'28_ +.9 +1.6 -1.9 +1.9
.23
.23
.24
.26
.22
Rate of stock turn over in Apr.'27 .21
.22
.21
.24
.22
.20
Rate of stock turnover in Apr.'28 .25
Rate of stock turnover Jan. 1 to
.38
.82
.94
.99
.80
.88
April 30 1927
Rate of stock turnover Jan. 1 to
.94
.86
1.03
1.01
.82
.96
April 30 1928
Ratio of April collect'ns to accts.
36.3
38.2
39.8
39.9
34.6
.-c.
, dr outstand'g Apr. 1 1928_ 33.7
Stocks on April 30 were slightly larger than at the close of March, but
were 5.6% less than at the close of April est year. The rate of dock
turnover during the first four months of 1928 was .94 and against .88
during the corresponding period of 1927.
The ratio of April collections to accounts outstanding on April 1 was
36.3%, which was the same as in the previous month and compares to
35.2% in April 1927.
Business in Richmond Federal Reserve District Up to
Seasonal Level-Some Improvement in Employment
Conditions.
Summarizing conditions in its district, the Federal Reserve Bank of Richmond has the following to say in its
"Monthly Review" dated May 31:
The volume of business transacted in the Fifth Federal Reserve District
in April and early May was about up to seasonal level, and prospects for
the next few months improved over those of two or three months ago.
3520
FINANCIAL CHRONICLE
Reserve bank credit extended to member banks increased seasonally last
month, chiefly due to country bank needs for crop planting. Debits to
individual accounts for the five weeks ended May 16th not only exceeded
debits for the corresponding period of 1927, but also were larger than
debits in the preceding five weeks this year, ended April 11th, the latter
increase over the period which contained income tax payments and April
1st quarterly settlements being unusual. Business failures in the district
in April were fewer in number and lower in liabilities than in April last
year. Employment conditions, while still unsatisfactory, showed some improvement during April and May. Coal production, as is usual at this
season, declined in April from March figures, but was up to average tonnage
for April. Building operations as reflected in city permits issued declined
In April this year in comparison with April 1927, but a very large amount
of industrial construction located outside city limits or in small towns
brought the total of construction work provided for in April far above
the figures of April last year. Spot cotton prices continued their upward
trand last month, advancing approximately $5 a bale between the middle
of April and the middle of May.
Among the unfavorable factors in the present situation, the most important is the lateness of this year's crop development. Much rain and
exceptionally cold weather during the late winter and spring delayed planting and retarded germination of seed and growth of plants. Textile mills
continue to operate on part time schedules, due to insufficient orders to
take the output of full time work. Retail trade in April was in smaller
volume than in April 1927, but this was probably due to the earlier Easter
date this year and the occurrence of one less business day during the 1928
month. Wholesale trade in April was also in smaller volume in nearly all
lines reported upon than in April 1927.
As to labor conditions the bank says:
Although employment conditions continue unsatisfactory, and a larger
number of workers are idle, or are working only part time, than for several
spring seasons, some improvement occurred between the middle of April
and the middle of May. The opening of a large volume of construction
work in the fifth district has taken many men from the ranks of the
unemployed, and at present it appears likely that sufficient work will be
available during the summer to take care of nearly all labor. In the neighborhood of Richmond and in several other localities in the district large
industrial plants are being erected. These plants will furnish work for
the building trades for some months, and afterwards will employ several
thousand additional factory workers, most of whom will be recruited
locally. The workers in the textile sections continue part time labor, and a
seasonal decline in coal production has also reduced operating time at the
mines. Farmers are now using Some additional labor for planting, and
tobacco factories are running full time.
In its report on retail trade the bank states:
Retail trade daring April in the Fifth Federal Reserve District, as reflected in department store sales, fell below the trade of April 1927, chiefly
because Easter was so early this year that most of the seasonal buying
occurred in March, while in 1927 this trade came in April. April 1927
also contained one more business day than April 1928. Last month thirty
leading department stores sold 9.9% less, measured in dollars, than in
April 1927, but averaged slightly larger sales than average April sales
during the three years 1923-1925 inclusive. The smaller volume of business done in April was more than sufficient to offset higher sales in earlier
months this year, and total sales from January 1st through April 30th
averaged 1.1% less than sales during the first four months of 1927.
Stocks of merchandise on the shelves of the reporting stores were 2.6%
lower in selling value at the end of April 1928 than a year earlier, but were
five-tenths of 1% larger than a month earlier. Last month's increase in
stock on hand was an unseasonal development.
The percentage of sales to average stocks during April was 23.2% for
the district as a whole, and the percentage of total sales during the first
months of this year to average stocks carried during each of the four
elapsed months was 98.6%, indicating that business since January 1st was
at an annual turnover rate of 2.958 times. During the first four months
of 1927 the turnover rate was 2.997 times.
Collections by the thirty reporting stores during April totaled 27.1% of
outstanding receivables as of April 1st, a lower average than 27.5% reported
for March this year but higher than 26.6% collected in April 1927. Baltimore, Richmond and Washington reported higher percentages in April
than in April a year ago, but the other cities reported a decline. Richmond
and Washington showed some improvement last month over March 1928
collections.
[Vor... 126.
The distribution of merchandise at wholesale in the sixth district during
April as a whole was at a lower level than in March, or in April 1927,
although sales of electrical supplies were somewhat greater than in
March, and sales of furniture showed an increase over April last year.
Retail sales in April were 5.6% smaller than in April last year, due in
part to the earlier date of Easter, and to the fact that April last year had
one more trading day than April this year. Because of the cold wet spring
most crops were planted late and farm work has been seriously delayed,
but prospects for fruit crops, both citrus and deciduous, are better than
at this time last year. Savings deposits held by reporting banks at the
end of April were 4.2% greater than at the same time a year ago. Debits to
individual accounts during April were 5.5% less than in April 1927. Discounts of member banks in principal cities of the district which render
weekly reports were slightly greater on May 9 than four weeks earlier,
or a year ago, and discounts for member banks by the Federal Reserve Bank
increased about fifteen million dollars during this four weeks period. Commercial failures in April were less than half the high totals for March and
February. Prospective building, as indicated in building permits issued
at twenty reporting cities, were 37% less than in April last year, and
contract awards in the district during April were 21.4% less than in April
1927. Production of cotton cloth by mills reporting to the Federal Reserve
Bank declined in April compared with March, while output of yarn increased
4.2%, but both cloth and yarn output were smaller than in April last year.
Production of pig iron in Alabama reached a level in April lower than
for any month since the summer of 1922.
The bank thus reviews retail and wholesale trade:
Retail Trade.
-Merchandise distribution at retail in the sixth district
during April, reflected in sales statistics reported confidentially by 46
department stores located throughout the district, declined seasonally compared with March, and was in somewhat smaller volume than in April last
year. The unfavorable comparisons in both instances are partly due to
the fact that Easter this year was nine days earlier than last year, and as a
result a larger proportion of Easter buying was done in March this year
than last, and the comparison with April 1927 is also affected by the fact
that the number of trading days in April this year was 'mailer by one day
than in April last year. April sales averaged 5.6% smaller than a year
ago, Atlanta being the only city to report an increase. For the first four
months of 1928, sales in the district averaged 2.4% greater than in the
same period last year. Stocks of merchandise on hand at the end of April
were 2.5% greater than a month earlier, but were 2.7% smaller than a
year ago. Accounts Receivable at the end of April increased two-tenths of
one per cent over March, and were 13.5% greater than a year ago. April
collections, however, declined 12.1% compared with those in March,
although 4.3% greater than in April 1927. The ratio of collections during
April to accounts outstanding and due at the beginning of the month, for
34 firms, was 33.4%. In March this ratio was 37.4%, and in April last
year 36.2%.
-Wholesale distribution of merchandise in the sixth
Wholesale Trade.
district during April, reflected in sales statistics reported confidentially to
the Federal Reserve Bank by 118 firms in eight different lines, declined
seasonally compared with the preceding month, and was in somewhat
smaller volume than in April 1927. April sales were smaller than in March
in all lines except electrical supplies. Compared with April last year,
sales of furniture show an increase of 4.3%, and sales of stationery were
larger by less than one-half of one per cent, but the other six lines showed
decreases. Collections in April were also smaller than in March, or in
April last year, except that increases over both of those months are
reported by furniture firms.
- New Automobile Models and Price Changes.
Reports from Detroit, Mich., on June 6 stated that the
Ford Motor Co. has increased the list price of the AA
truck'chassis $80, to $540.
Falcon Motors Corp. has announced a new Falcon-Knight
Gray Ghost speedster. The body is finished in a two-tone
gray. All the hardware and trappings are nickeled, while
the upholstery is pin-gray leather. The top, which is collapsible, is wind and rain proof.
New Super Six roadsters, designed along sport lines and
The status of wholesale trade in the Richmond District equipped with a rumble seat, have been introduced by
is indicated as follows:
Hudson Motor Car Co. in both the Hudson and Essex
Eighty-two wholesale and jobbing houses, representing six leading lines, lines. The color scheme of both cars is a duo-tone in browns
on their April business to the Federal Reserve
sent confidential reports
with the darker shade above the belt line. The radiator is
Bank of Richmond. The figures show that sales in all lines were seasonally
less in April than in March of this year, and in all lines except groceries nickeled; vertical shutters are lacquered to match the lower
total sales since January let through April were less than sales during the body; wheels are lacquered to match the lower body.
corresponding four months last year. In comparison with April 1927 sales,
The Moon Motor Car Co. has just 'announced the 1929
those of April 1928 show an increase in groceries, but in all other lines
Standard roadster. The Standard 6-72 is a brand-new line,
last month were lower than a year earlier.
Stocks of merchandise carried by the reporting firms increased during constructed on the same lines as the 6-72 Royal and created
April in shoes and hardware, but declined in groceries and dry goods. to
meet a popular price demand. The 6-72 Standard
At the end of April this year, the reporting grocery and dry goods firms
had larger stocks than on April 30, 1927, but the stocks of the reporting roadster is now available in three color combinations:
shoe and hardware firms were less than a year ago.
Chinese red and black, green and fawn and blue and straw,
Collections showed some improvement during April over March in all these
color schemes being set off by ivory door panels.
lines except furniture. Dry goods and drug collections in April 1928 were
better than in April 1927, but grocery, shoe, hardware and furniture collections last month were below those of the corresponding month a year earlier.
The percentage of collections to receivables outstanding at the beginning of
the month reported by the furniture firms dropped in April 1928 to 19.3%
from 29.8% in April 1927 and 54.8% in April 1926.
Unfavorable Agricultural Conditions and Declines in
Trade Reported By Federal Reserve Bank of
Atlanta.
Declines in trade at both retail and wholesale, and in
prospective building, unfavorable agricultural conditions,
and increased borrowing by member banks from the Federal Reserve Bank of Atlanta are reflected in statistics
compiled for the "Monthly Review" for May, issued by the
bank. In summarizing conditions, the bank adds:
Seasonal Curtailment in Lumber Industry.
Comparing reports from 824 of the larger lumber mills
of the country with reports from 871 such mills a week
ago, the National Lumber Manufacturers Association concludes that there was some seasonal curtailment of the
umber movement during the week ended June 2. Average
production for the reporting mills fell off, average shipments were about the same and current orders declinedlas compared with the immediately preceding week. Hardwood and softwood mills were affected similarly.
In a formal review of the position of the lumber industry,
Wilson, Compton, Secretary and Manager of the National
Lumber Manufacturers Association, says: "The lumber
industry has rarely been in a more favorable statistieal
FINANCIAL CHRONICLE
JUNE)91928.]
position. Fundamentally, the supply and demand relation
in the lumber industry as a whole is more favorable than
at any time during the past five years. Reported new
business booked so far this year has exceeded production
by 10%. Not for many years have there been so widely
diversified outlets for lumber, including export, coastwise,
and rail trade, for both construction and industrial consumption."
3521
West Coast Lumbermen's Association Weekly Report.
One hundred fourteen mills reporting to the West Coast
Lumbermen's Association for the week ended May 26 1928
manufactured 116,673,948 feet, sold 155,237,335 feet and
shipped 136,857,818 feet. New business was 38,563,387
feet more than production and shipments 20,183,870 feet
more than production.
COMPARATIVE TABLE SHOWING PRODUCTION, NEW BUSINESS
Unfilled Orders Decrease.
SHIPMENTS AND UNFILLED ORDERS.
The unfilled orders of 243 Southern Pine and West Coast mills at the
May 12.
May 5.
May 26.
May 19.
Week Ended
end of last week amounted to 760,344,310 feet, as against 793.732.594 feet Number of mills reporting__ _ _
114
114
112
113
116,673,948 117,149,654 116,492,952 122.923,818
for 245 mills the previous week. The 131 identical Southern Pine mills Production (feet)
155,237,335 150,846,108 134,214,845 154,646.757
feet last week,as against New business(feet)
in the group showed unfilled orders of 236,932,200
Shipments(feet)
136,857,818 135,651.598 132,917,633 137,932,281
253,305,900 feet for the week before. For the 112 West Coast mills the
Unshipped Business
unfilled orders were 523,412,110 feet, as against 540,426,694 feet for 114 Rail(feet)
172,226,342 162,251,788 163,511,682 167,837,384
222,699,803 188,875,782 193,816.520 189,617,564
Domestic cargo (feet)
mills a week earlier.
145,500,549 144,425,084 139,315,410 141.633,151
Altogether the 416 reporting softwood mills had shipments 113% and Export(feet)
orders 101% of aetual production, For the Southern Pine mills these per540,426,694 495,552,654 496,643,612 499,088,099
Total(feet)
centages were respectively 121 and 97; and for the West Coast mills 122
1926.
1925.
1927.
First 21 Weeks of1928.
119
105
77
and 111.
113
Average number of mills_
2,436,264,563 1,540.884,167 2.098.242,798 2,099,368,784
Production (feet)
Of the reporting mills, the 364 with an established normal production
1,649,514,522 2,239,954,060 2,133.817,037
for the week of 278,799,422 feet, gave actual production 92%. shipments New business (feet). _ _ _2,703,997,924 1,593,434.840 2,193.016,863 2,152,054,679
2,469.767,871
Shipments(feet)
104% and orders 92% thereof.
Because of the recent great increase in the number of reporting mills,
tabular comparisons with last year have been abandoned.
Decrease in Paper Production in April As Compared
The following table compares the lumber movement, as reflected by the
With March-Gain in Output For Four Months
reporting mills of eight softwood, and two hardwood, regional associations,
for the two weeks indicated:
This Year.
Past Week.
Preceding Week 1928
(Revised).
Softwood. Hardwood. Softwood. Hardwood.
443
Mills (or units)•
416
408
428
Production
262,125,000 56,636,000 289,384,000 60,586.000
295,318,000 56,668,000 308,561,000 61,989,000
Shipments
Orders (new business)
263,880,000 51,702.000 329.914,000 63,699,000
•A unit is 35,000 feet of daily production capacity.
West Coast Movement.
The West Coast Lumbermen's Association wires from Seattle that new
business for the 112 mills reporting for the week ended June 2 was 11%
above production, and shipments were 23% above production, which was
107,042,250 feet, as compared with a normal production for the week of
109.384,355. Of all new business taken during the week 41% was for
future water delivery, amounting to 48,493,593 feet, of which 30,969,784
feet was for domestic cargo delivery, and 17,523,809 feet export. New
business by rail amounted to 61,145,434 feet, or 52% of the week's new
business. Forty-seven per cent of the week's shipments moved by water,
amounting to 62,120,865 feet, of which 43,971,029 feet moved coastwise
and intercoastal, and 18,149,836 feet export. Rail shipments totaled
60,591.513 feet, or 46% of the week's shipments, and local deliveries
8,700,818 feet. 'Unshipped domestic cargo orders totaled 208,620,995
feet, foreign 144,021,386 feet, and rail trade 170,769,729 feet.
Southern Pine Reports.
The Southern Pine Association reports from New Orleans that for 131
mills reporting, shipments were 20.75% above production and orders were
2.50% below production and 19.6% below shipments. New business
taken during the week amounted to 68,661,900 feet (previous week, 74,147,400); shipments, 85,035,600 (previous week 79,757,100), and producton, 70,425,452 feet (previous week 70,723.235). The normal production (throe-year average) of these mills is 78,748,987 feet. Of the
127 mills reporting running time, 66 operated full time, 6 of the latter
overtime. One mill was shut down, and the rest operated from three
to six days.
The Western Pine Manufacturers Association of Portland, Ore., reports
production from 31 mills as 28,966,000 feet, as compared with a normal
production for the week of 33.600,000. Thirty-five mills the week earlier
reported production as 32.755,000 feet. Shipments showed some decrease
last week, while new business was about the same as the previous week.
The California White & Sugar Pine Manufacturers Association of San
Francisco reports production from 17 mills as 24,544,000 feet (147% of
the total cut of the California Pine region) as compared with a normal
figure for the week of 25,377,000. Twenty-four mills the preceding
week reported production as 34,033,000 feet. Owing to the fewer number
of reporting mills, shipments and new business showed corresponding
reductions.
The California Redwood Association of San Francisco reports production from 16 Wills as 7,017.000 feet, compared with a normal figure
of 10,092,000, and for the week before 7,315,000. Shipments were somewhat larger last week, and new business showed a noticeable reduction.
The North Carolina Pine Association of Norfolk, Va., reports production from 50 mills as 7,815,000 feet, against a normal production for
the week of 10.260,000. Sixty-four mills the week earlier reported production as 11,375.000. Shipments and orders showed notable decreases
last week, due to the fewer number of reporting mills.
The Northern Pine Manufacturers Association of Minneapolis, Minn.,
reports production from seven mills as 9,510,400 feet. as compared with
a normal figure for the week of 11,337,100. Nine mills the preceding
week reported production as 9,548,600 feet. Shipments and orders last
week showed substantial increases.
The Northern Hemlock & Hardwood Manufacturers Association of
Oshkosh, Wis. (in its softwood production) reports production from 52
mills as 6,805,000 feet, as compared *with a normal production for the
week of 20,872,000. Fifty-five mills the week before reported production
as 6,961,000 feet. There was a slight decrease in shipments last week
and a good gain in new business.
Hardwood Reports.
The Northern Hemlock & Hardwood Manufacturers Association of
Oshkosh, Wis., reports production from 73 units as 10.914,000 feet, as
compared with a normal figure for the week of 15,313,000. Eighty-one
units the previous week reported production as 15,422,000 feet. Shipments were lower last week and new business slightly ahead of the week
earlier.
The Hardwood Manufacturers Institute of Memphis. Tenn., reports
Production from 335 units as 45,722.000 feet. as against a normal productlon for the week of 70,365.000. Three hundred and forty-seven units
the week before reported production as 45,164,000 feet. There was a
slight decrease in shipments last week and a notable decrease in new busines.
Total production of all grades of paper in April was
581,000 tons as compared with 607,017 tons in March and
557,850 tons in February, according to reports to the American Paper and Pulp Association from members and cooperating organizations. Total production for the first four
months of 1928 was 2,306,511 tons as compared with 2,275,969
tons in 1927. Although the total April production was about
4% lower than that of March, the daily average production
for April was 3% greater than in March. The lower total
was the result of two less working days in April. The daily
average production in April 1928 was abdut 5% greater than
in April 1927. The total production of all grades of wood
pulp was 216,697 tons as compared with 222,449 tons in
March and 204,365 tons in February. The April daily average production of wood pulp was about 5% higher than the
daily average for March, but the two less working days
brought the total production below March. Pulp production for the first four months in 1928 totaled 853,630 tons
as compared with 886,525 tons for the first four months of
1927. The following statistics are furnished by the association under date of June 2:
COMPARATIVE REPORT OP' PAPER OPERATIONS IN IDENTI
CAL MILLS FOR THE MONTH OF APRIL 1928.
Stocks on
Hand End
Production
Shipments
of Month
GradeTons.
Tons.
Tons.
Newsprint
117,553
118,453
33,734
Book
93,047
87,218
53,777
Paperboard
219,430
217,913
41,495
Wrapping
52,813
51,715
53,894
Bag
11,544
11,558
10.349
Fine
32,230
30,051
42.993
Tissue
13,200
12,208
12,439
Hanging
5,177
4.839
2,798
Felts and building
11.018
11,162
2.024
Stocks on
Hand End
Production
Shipments
Mon
Tons.
Tons.
Other Grades
18.818
23.194
24,988
Total
-all grades
-April
272.321
568,311
581,000
260,917
March
606.428
607,017
272,321
Four months 1928
2,276,621
2,306,511
COMPARATIVE REPORT OF WOOD PULP OPERATIONS IN IDENTICAL MILLS FOR THE MONTH OF APRIL 1928.
Stocks on
Hand End
Shipped of Month
Used
Production
Tons.
Tons.
Tons.
Tons.
Grade113,063
2.567
83,965
Ground wood pulp
97,426
9,338
2,837
Sulphite news grade
36,871
35,017
2,974
21,808
2,751
Sulphite bleached
24,594
174
1.753
Sulphite easy bleaching
3,260
3,228
885
1,100
Sulphite mitschlich
5,723
6,401
5.893
Sulphate pulp
4.675
24,911
19,634
4.395
Soda pulp
8,265
14.924
23,198
134
Pulp-other grades
27
16
36
Total-all grades
22,181
138.650
-April
184,315
216,697
127.168
March
200,123
23,669
222,449
Four months 1928
138,650
89.318
755,149
853,630
Octh
Turnover in Raw Silk Futures on National Raw Silk
Exchange, Inc., Expected to Reach One Billion
Dollars Annually.
The turnover in raw silk futures on the National Raw Silk
Exchange, which is to be opened for trading in September,
may easily reach one billion dollars in value annually, it
was pointed out on June 3 by Paolino Gerli, of E. Gerli & Co.,
Chairman of the Executive Oommittee and the Contract
Committee of the exchange. Mr. Gerli, who based his statement on the value of the imports of raw silk and the turnover on other leading commodity exchanges, said:
During the fiscal year ended June 30 1927 a total of 73,438,600 pounds
of raw silk valued at $412,465,683 were imported into the United
States.
Raw silk was our leading import in money value. It exceeded in value
the
combined imports of tea, cocoa, chemicals, burlaps. flax, hemp and
ramie,
3522
fertilizers, diamonds and refined oils. It outvalued by many millions the
imports of rubber, coffee and sugar individually.
Both the American and foreign silk trade, I am confident, will make
the widest use of the hedging facilities which the National Raw Silk Exchange will provide, and it is easy to conceive the entire raw silk crop
being turned over two or three times a year in the futures trading on the
exchange. This is what has happened in other commodity exchanges, as
soon as the industries they serve have appreciated their economic value
and made greater use of the trade insurance facilities they furnish.
In the past, raw silk has been subject to extreme fluctuations in prices.
In the fiscal year 1894-95 it sold as low as $2.76 a pound and in 1919-20
it soared to $9.29 a pound. The foreign invoice value for the last fifty
years was $4.23 a pound.
Within this fifty-year period American imports of raw silk increased
from 1,182,750 pounds, valued at $5,103,084, to over 73,000,000 pounds,
valued at well over $400,000,000 last year.
This is an increase of over
6,100% in quantity imported, and over 7,900% in value of raw silk
imported.
The National Raw Silk Exchange will be located in the
Grace National Bank Building at 58-60 Water Street, it
was announced on June 6 by President Smillie, following
the signing of a lease of the two lower floors. An item
regarding the proposed opening of the exchange in September appeared in our issue of May 26, page 3212. The election
of A. H. Korndorfer as Secretary was noted in these columns
June 2, page 3370.
Virginia Tobacco Markets Closed for Season-Sales
for 1927-28 143,016,431 Pounds.
Recording the sales of leaf tobacco in Virginia for the
1927-28 season we quote the following from the "Monthly
Review" of the Federal Reserve Bank of Richmond:
Virginia tobacco markets have closed for this season. Total sales of leaf
tobacco for the 1927-28 season in the State amounted to 143,016,431 pounds,
according to reports to the Commissioner of Agriculture. The sales for
1926-27 season amounted to 145,389,806 pounds. The amount of tobacco
actually sold was 10% greater than the estimate made by the Department
of Agriculture last fall, but the difference was due to about 15,000,000
pounds of North Carolina grown tobacco being sold on Virginia markets.
The Virginia production for 1927, therefore, was approximately 128,000,000
pounds, compared with the December estimate of 129,000,000 pounds and a
production in 1926 of 137,032,000 pounds. Prices for all types except
Flue-Cured were higher than for the previous season, the 1927 average of
$18.13 per hundred comparing with $17.92 per huidred paid for the 1927
crop. Burley tobacco showed the greatest increase in price, averaging
$23.86 per hundred in comparison with $15.05 average for the preceding
season. The amount of Flue-Cured tobacco sold was 108,033,535 pounds,
which was 75.5% of the total sales of all types. Fire-Cured sales amounted
to 26,472,157 pounds, or 18.5% of the total sales. Approximately 4% of
the total sales was Sun-Cured tobacco, and Burley, which is grown in
Southwest Virginia, made up about 2% of all sales. The quality of tobacco
last year was very good, especially for Burley and Sun-Cured. Warehousemen estimated that all sales graded 27% good, 34% medium, and 39%
common, while for the previous season the grade estimates were 23% good,
36% medium and 41% common. Danville led all Virginia markets in
season sales with 49,591,099 pounds, South Boston ranking second with
25,496,275 pounds, both markets handling Flue-Cured tobacco. Lynchburg,
with sales totaling 8,308,001 pounds, led the Fire-Cured markets. Richmond sold 5,459,241 pounds of Sun-Cured, and Abingdon sold 3,051,498
pounds of Burley, these cities handling all of the two types mentioned.
President Machado Approves Proposal of Cuban Commission to Reduce U. S. Sugar Quota.
Associated Press advices from Havana yesterday (June 8)
said:
The Cuban National Sugar Commission, concluding a series of conferences
to-day with President Machado, received his approval to withhold 300.000
tons ofsugar from the United States export quota,reducing it from 3,500,000
tons.
Disposal of this sugar will be decided on June 11. It is expected that it
will be held by the Government for sale in Europe.
No Crude Oil Price Changes Reported-Gasoline
Prices Show Divergence.
No changes in crude oil prices were reported during the
week just closed, while gasoline prices, on the other hand,
were reported higher in some sections and lower in others.
On June 5 the Pan American Petroleum & Transport Co.
reduced the tank wagon gasoline price at Hartford and
New Haven 2c. a gallon, making the new price 15c. at
both points. Springfield, Mass., retail price was reduced
2c. a gallon to 15c., the same basis as tank wagon price.
In Boston, Mass., the company reduced gasoline 2c. a
gallon, making tank wagon price 15c. and service station
price 17c. These price reductions were later reported
made by the company's dealers to meet competition. The
Pan-American company itself, it was stated, has announced
no price changes.
Effective June 6, the Standard Oil Co. of Kentucky
reduced its service station or retail price of gasoline 2c. at
Savannah, Ga., making the new price 19c., including 4c.
State tax. Retail and wholesale prices are now the same,
there being no change in wholesale price announced at
this time.
[Vor, 126.
FINANCIAL CHRONICLE
The Sinclair Refining Co. has advanced the price of
gasoline in tank cars Yic. a gallon to Sc. in Group 3 territory, effective June 7.
On June 7, the Tide Water Oil Co. advanced the price
of gasoline Mc. a gallon in tank car lots to 10%c., f. o. b.
Bayonne, N. J.
On the same day the Atlantic Refining Co. reduced tank
wagon price only of gasoline 2c. in Massachusetts, Rhode
Island and Connecticut effective as of June 1, reestablishing
a 2c. differential between tank wagon and service station
prices which previously were the same since July 16 1927.
This cut makes tank wagon price generally 17c. in these
States not including tax.
Effective June 8, the Sinclair Refining Co. advanced
the price of gasoline in tank cars Mc. a gallon at terminals
on the Atlantic and Gulf Coasts except Jacksonville, Fla.,
tc.
which was advanced Y a gallon. New prices are as follows: Houston and New Orleans, 93'c. a gallon; Jacksonville and Tampa, 10c.; Charleston, S. C., 103'c.; Portsmouth, Marcus Hook and New York, 109c.; Tiverton,
R. I., 113Ic.
The Warner Quinlan Co. has advanced bulk gasoline at
New York Mc. a gallon to 11c. refineries. Cities Service
Co. and Pan American Petroleum & Transport advanced
bulk gasoline Mc. a gallon, meeting Tide Water Oil increase
of June 7.
Wholesale prices in Chicago, Ill. on June 8 stood as fol4
lows: Motor grade gasoline, 73 c.; kerosene 41-43 water
white, 5c.; fuel oil, 24-26 gravity, 75c. to 80c.
Crude Oil Production Again Increases.
Crude oil production again increased during the week of
June 2, the daily average rising from 2,350,750 barrels during
the week of May 26, to 2,365,400 barrels, a gain of 14,650
barrels, according to statistics compiled by the American
Petroleum Institute. Compared with the output of 2,507,300
barrels per day during the corresponding week of 1927,
current output was 141,900 barrels per day less. The daily
average production east of California was 1,724,600 barrels,
as compared with 1,713,950 barrels, an increase of 10,650
barrels. The following are estimates of daily average gross
production by districts for the weeks noted:
(In Barrels.)
Oklahoma
Kansas
Panhandle Texas
North Texas
West Central Texas
West Texas
East Central Texas
Southwest Texas
North Louisiana
Arkansas
Coastal Texas
Coastal Louisiana
Eastern
Wyoming
Montana
Colorado
New Mexico
California
DAILY AVERAGE PRODUCTION.
June 228. Mat,28'28. May 19 '28. June 4 '27.
751,500
610,050
609,450
599,700
113,750
108,150
108,450
107,950
140,450
66,200
65,350
65,200
87,450
75,000
75,100.
75,600
54,800
54,200
54,550
117,800
294,100
291,350
293,960
38,500
22,650
22,500
22,200
34,400
23,400
22,850
22,550
47.500
43,600
43,550
42,700
113,000
86,600
94,950
107,050
136,100
111,750
114,750
112,400
14,600
18.250
17,950
19,450
114,000
112,500
113,500
112,000
61,950
59,750
60,350
70,050
13,700
11,500
10,700
10,700
7,150
6,300
6,400
7,050
3,550
2,600
2,550
2,100
636.400
632,000
636,800
640.800
Total
2,365,400
2,350,750
2.339,000
2.507,300
The estimated daily average gross production of the Mid-Continent
field including Oklahoma; Kansas, Pandle, North. West Central, West
East Central and Southwest Texas, North Louisiana and Arkansas, for the
week ended June 2 was 1,390,850 barrels, as compared with 1.367,750
barrels for the preceding week, an increase of 3.100 barrels. The MidContinent production excluding Smackover. Arkansas heavy oil was 1,330.200 barrels as compared with 1,326,900 barrels, an increase of 3,300 barrels.
The production figures of certain pools in the various districts for the
current week compared with the previous week follow. (Figures in barrels
of 42 gallons):
OklahomaNorth Braman
South Braman
Tonkawa
Garber
Burbank
Bristow Slick
Cromwell
Wewoka
Seminole
Bowlegs
&aright
Little River
Earlsboro
-Week EndedJune 2. May 26
3,050
2,950
1,600
1,600
13,550 13.800
8,600 8,600
33,400 33.6.50
22,950 23.750
9,600
9,600
6,800 6,800
52,000 52,300
63,250 63,900
15,250 14,250
45,150 51,300
91,750 92,800
Panhandle Texas
-
Hutchinson County____ 38,000 39,000
Carson County
Gray County
Wheeler County
7,100
18,800
1,200
West Central Texas
Brown County
12,900
Shackelford Co
9,800
West Texas
Reagan County
17,700
Pecos County
53,150
Crane and Upton Cos_ __ 69,800
Winkler
140,550
East Central Texas
Corsicana Powell
11,150
Nigger Creek
1,250
6,900
18,150
1,050
12,750
9,850
17,600
52,500
66,000
143,050
11.200
1,250
-Week Ended
June 2. May 26
Southwest Texas
-
Luling
Laredo District
North LouisianaHaynesville
Urania
Arkansas
Smackover,light
Smackover,heavy
Coastal Texas
West Columbia
Blue Ridge
Pierce Junction
Hull
Spindletop
Orange Co
Wyoming
Salt Creek
Montana
Sunburst
California
Santa Fe Springs
Long Beach
Huntington Beach
Torrance
Dominguez
Rosecrans
Inglewood
Midway-Sunset
Ventura Ave
Seal Beach
13,000 13,200
5,750
6,250
6,600
5,850
SO
6,250
6,650
7,900
7,800
60,650 60,850
7,950
7,600
8,000
6,100
14,250 14,950
12,650 13,300
41.250 39,450
4,200
4,300
49,700 40,750
8.800
8,800
36,000 36,000
195,500 190,000
56,000 56.000
18,000 18,000
12,000 12,000
6,000
6,000
29,000 29,000
73,500 73,500
45,500 47,500
37,500 37,00
0
JUNE 9 1928.]
FINANCIAL CHRONICLE
3523
believed that the interruption of production for inventory taking will be
very short.
In the structual steel market political uncertainty is becoming more of a
factor as the national conventions draw near. Fabricating awards are light
and there is delay in financing new projects. An unusually large amount'
of work, however, Is either up for bids or ready to be released for figuring,
New York and Chicago alone accounting for fully 150,000 tons each.
Railroad equipment buying is almost negligible, but an Illinois Central
inquiry for 3,000 cars is in prospect. Rail orders for the week iota 111.000
tons, but rail mill backlogs are on the down grade, as indicated by 85%
operations at Chicago, compared with 90% a week ago. The Pennsylvania has entered the market for 12,000 tons of track accessories.
Two steel companies sold the tonnage of basic pig iron which brought a
drop of 65c. a ton in the price of that grade in the Valley, a development
which emphasizes the growing dominance of the steel industry in merchant
pig iron business. In foundry iron there has been some covering for third
quarter, but no buying movement of importance has set in. Weakness in
pig iron prices extends to foundry, malleable, gray forge and Bessemer
in the Pittsburgh and Ohio districts, while efforts to strengthen prices in
New England and in the New York district have met with no decided success. Two cast iron pipe producers have bought a total of 15,C00 tons of
foundry grade from a Virginia furnace at a concession of 50c. a ton.
Both of the "Iron Age" composite prices have declined. That for pig
Iron, at $17.23, is at the lowest level since late in 1915. Finished steel is
2.341c., against 2.348c. last week and a low for 1928 of 2.314c. on Jan. 3.
MONTHLY PRODUCTION OF STEEL INGOTS, JAN. 1927 TO MAY 1928
- The usual composite price tables stand as follows:
(GROSS TONS).
P111 ben.
Finished Steel.
Reported for 1927 and 1928 by companies which made 94.68% of the open-hearth
June 5 1928. 117.23 a gross ton.
June 5, 1928, 2.341c. a pound.
and Bessemer steel ingot production in that year.
$17.39
2.348c. One week ego_
One week ago
17.50
2.848c. One month ago
One month ago
Monthly
19.04
Caktaated
2.374c. One year ago
Approx. Per
One year ago
15.72
output
monthly No.of daily
1 689c. 10-year pre-war average..
10-year pre-war average
MU
OpenMonths
Bessemer. companies etayut all tyke. output all owe
Based on average of bale iron at Valley
Based on steel bars, beams,tank plates,
hearth,
1927.
reporting. companies. days.
cos.
anon.: wire, rails, black pipe and black sheets, furnace and foundry irons et Chicago.
these products constituting 87% of the Philadelphia, Buffalo, Valley and BirJanuary_
3.042,133
545.596 3,587.729 3.789.874 26
mingham.
145.764 79.21 United States output of finished steel.
February
3,043,492
565.226 3,608,718 3.812.046 24
Low.
High.
High.
Low.
158.835 86.31
March ___ 3,702.660
590.709 4,293,369 4,535.272 27
167.973 91.28 1928_2.364c. Feb. 14 2.3144. Jan, 3 1928_.$17.75 Feb. 14 $17.23 June 5
April
3,341.750
565.440 3,907.190 4.127.335 26
159,744 86.26 1927_2.453c. Jan. 4 2.2930. Oct. 25 1927___ 19.71 Jan. 4 17.54 Nov. 1
May
3,273,593
557,785 3.831.378 4.047,251 26
155,663 84.39 1926_2.453c. Jan. 5 2.4038. May 18 1926___ 21.54 Jan. 5 19.46 July 13
1925_2.560c. Jan. 6 2.396c. Aug. 18 1925___ 22.50 Jan. 13 18.96 July 7
5 mos_ _ 16,403.628 2,824,756 19,228,384 20,311.778 129
157.456 85.56 1924_2.789c. Jan. 15 2.460e. Oct. 14 1924___ 22.88 Feb. 26 19.21 Nov. 8
1923_2.824c. Apr. 24 2.4460. Jan. 2 1923_, 30.86 Mar.20 20.77 Nov.20
June
2.823.107
486,053 3,309.160 3,495.609 26
134,446 73.06
July
2,596,349
436.883 3.033,232 3,204,135 25
128.165 69.65
Blast furnace activity reached the highest point in 11
August_
2,806.347
505.596 3,311,943 3,498.549 27
129.576 70.41
September 2.622.977
471,548 3,094.525 3.268,881 26
125,726 68 32 months when May closed with 197 stacks in blast, a net
October
2,643,562
495.845 3.139,407 3.316,292 26
127.550 69.31 gain of 3 over April 30. Not since 1923 has May registered
November 2.478.627
481.599 2,960,226 3,127.015 26
120.270 65.36
December
2,557.955
448,154 3,006,109 3,175,484 26
122,134 68.37 an increase in active stacks and, significant of the virility
of the steel markets, the showing was made possible entirely
Total -. 34,932,552 6,150,434 41,082,986 43.397,743 311
139,543 75.83
Trade
May's Steel Ingot Output Declines.
According to the monthly report of the American Iron
& Steel Institute, the production of steel ingots in May,
by companies which made 94.68% of the open-hearth and
Bessemer steel output in 1927, was 3,979,580 tons. Of
this amount 3,397,631 tons were open-hearth and the
remainder was Bessemer. On the above-mentioned basis,
the calculated monthly output of all companies for the
same month was 4,203,190 tons, against 4,302,573 tons
in April and 4,507,520 tons in March, which was also the
high thus far for this year. In May last year the production was 4,047,251 tons. The approximate daily output
of all companies was 155,674 tons during May, with 27
working days, as compared with 172,103 tons in April, with
25 working days, and with 166,945 tons in March, having
27 working days. In the following we show the production
by months back to January 1927:
1928.
January _ _
February _
March
April
May
3.280.247
3,308.728
3.700,411
3,509.637
3,397,631
498,746
521.366
567.309
564.039
581.949
3,778,993 *3,991,332
3,830,094 *4,045.304
4.267.720 4,507.520
4,073.676 4,302.573
3,979,580 4,203,190
26
25
27
25
27
153.513
161.812
166,945
172.103
155,674
81.43
85.84
88.56
91.29
82.58
5 mos
17.196.654 2.733.409 19.930.063 21.049.019 120
101 000 OK Oil
x The figures of "per cent of operation" are based on the annual capacity as
Dec. 31 1927, of 58,627,910 gross tons for Bessemer and open-hearth steel Ingots.of
Gradual Recession in Steel Output
-Pig Iron Price at
New Low.
The trend of steel production still is downward, but the
rate of recession is gradual and will not prevent the first half
of 1928 from establishing a new six-month record by a margin
of several hundred thousand tons, observes the "Iron Age'
,
in its June 7 summary of conditions affecting the state of
trade during the week. While pig iron output has not been
on a proportionate scale, falling considerably short of the
volume of recent years, the daily rate in May showed a de.
cline of less than Yi% from that of April.
Price developments are featured by a break in basic pig
iron in the Valleys from $16 to $15.37 a ton, the lowest price
reached since October 1915. It is too early to ascertain
whether this decline will have a sentimental effect on the
steel market. In recent years, owing to the increasing integration of steel companies, the influence of merchant pig
iron prices on the finished steel market has been of diminishing importance, in the opinion of the "Age," which adds
further data as follows:
The situation in steel prices, meanwhile, is mixed. Most independents
have followed the lead of the Carnegie Steel Co. in announcing an advance
to 1.90c. per lb., Pittsburgh,on third quarter Contracts in plates,shapes
and
bars, but so far comparatively little business has been done on that basis.
The initial effect will probably be to drive in tonnage on second quarter
contracts from buyers whose specifications have fallen short of their quotas.
Weakness in sheets has not been checked and there has been another
dollar a ton recession in the galvanized and black finishes to 3.50c. and 2.65c,
per lb., Pittsburgh, respectively. Tin mill black plate has dropped to a
maximum 2.90c.. Pittsburgh, with sales reported at 2.80c.
New business in finished steel is light and specifications in many lines
are diminishing Buyers are taking little interest in committing themselves
for next quarter, for which several mills have announced prices. Following the advance of $1 a ton on bars, plates and shapes, some makers of
hot-rolled strip have Indicated a willingness to accept third quarter business
at present minimum quotations, while others aim to re-establish the prices
originally announced for the current quarter. Prevailing quotations on
cold-rolled strips and alloy steel bars have been reaffirmed for next quarter.
Steel mill operations, although receding, are higher than a year ago. In
the Pittsburgh district ingot output is a shade below 75%, against 70%
12 months ago. In Chicago a slackening of rail output has caused the
general average to decline to 90%, which, however, is 5 to 10 points higher
than in early June 1927.
The automotive industry continues to specify liberally for bars, sheets
and strip steel, indicating that motor car output in June will hold up
rather well. Forge shops in the Cleveland district are operating at capacity,
many of them being filled with work recently placed by the Ford Motor Co.
The expected decline in specifications from the farm implement industry
is slow in materializing, according to reports from Chicago. and it is now
by the lighting of steelworks units, reports the "Iron
Review" in summarizing events in the Iron and steel markets
during the week. Its issue of June 7 says:
-May
By a negligible fraction of 1%-105,962 tons to 10E1,066 tons
failed to equal the April daily iron rate, due to the bunching of added
capacity late in the month. The May total of 3,284,811 tons brings the
-month total to 15,420,144 tons, against 16,339,501 tons a yera ago.
5
All this year pig iron output has been running behind ingots, due to heavier
use of scrap, but the 7.2% by which April production fell behind April.
1927, was cut to 3.2% in May.
This strong showing by Pig iron fortifies the growing belief that a half
year record in steel ingot output is being made. May figures, to be anlast May.
nounced in a few days, doubtless will reveal a fair margin over
By some important producers shipments in May exceeded those of April.
If the mills stand on their advance of $1 per ton in heavy steel for the third
quarter they may drive in enough business in June to neutralize the drain
on backlogs last month.
Though both the pig iron and the finished steel markets continue spotty,
the aggregate of new business continues high, continuing mill orders
books as well as production in a higher plane than a year ago. Considering
the softness of pig iron prices In many districts, the week's sales have
been large. Viewing finished steel as a whole, the price situation uncertain.
and automotive tonnage is the largest single prop of the market.
Interest in third quarter pig iron is not large but Is growing. Sales at
Cleveland in the past week totaled 22,000 tons, at Boston 20,000 tons_
and at New York 7500 tons. Quiet inquiry at Chicago promises to develop
tonnage shortly. On the 26,000 tons of basic Iron purchased by a Butler.
Pa., consumer the 2 successful low bidders quoted $15.25, JohnstOwn. and
$15.35, valley. On foundry iron $17 is now the recognized wsfley Prim
Competition for business in western Michigan and Indiana continues to
bear down on prices.
Steel bar sales at Chicago last week were the best since late April, but
other heavy steel lines rag there as at Pittsburgh. Upon the strength
manifested by the new levels of 1.90c. Pittsburgh. and 2.00c, Chicago, on
plates, shapes and bars depends June volume. As yet neither producers
nor consumers have joined the issue, consumers recollecting the failure of
producers to establish for the second quarter the prices now proposed for
the third.
Sheet demand, excepting that of the automotive industry for the full
finished grade, is contracting and operations are partially sustained by
backlogs. Mahoning valley mills are at an 85% gait this week, 3 points
over last week, but Chicago is pressed to hold at 60%. Quoted minimums of
2.65c, Pittsburgh, on black, 1.958 on blue and 3.60e on galvanized are by no
means the extreme minimums, especially on black and galvanized. Specifications for tin plate are easily the best for any finished product, enabling
makers to average over 90%.
Preliminary figures place May freight car orders at 2079. against 5783
-month total for 1928 is tentatively
In April and 5425 last May. The 5
24,442 cars; a year ago It was 34.725. The Pennsylvania RR, has inquired
tie plates and 9,000 kegs of spikes, with an early closing forecast.
for 330,000
Chicago rail mills, still operating at 90%,have booked 11,000 tons.
Strip and sheet makers may be in the market shortly to cover their thirdquarter semi-finished steel needs. To an extent, the movement of billets
and sheet bars to these users has compensated for the lack of skelp demand.
which reflects the dearth of steel pipe bookings.
Steel corporation subsidiaries are operating this week as last at about
83%,leaving the entire industry unchanged at about 80%• While Chicago
Ingot production holds at 90%, it is done with difficulty. Pittsburgh mills
average about 75%, and Buffalo 85 to 90%.
Weakness in pig iron prices is chiefly responsible for a reduction of 4
cents in the "Iron Trade Review" composite of 14 leading iron and steel
products. This week the index stands at $36.46. compared with $35.50
last week and $35.56 a month ago.
An unexpected change in the ingot production of the U. S.
Steel Corp. brought up the average for the week 1%, according to the Wall Street "Journal" of Tune 7, which reports
the average operations of the Steel Corp. as about 823%
3524
[vol.. 126.
FINANCIAL CHRONICLE
compared with 81
says:
in the preceding week. The "Journal"
Ingot production of U. S. Steel Corp. shows an unexpected increase of
1% for the past week, with the average at about 82% %,compared with
8l3% the previous week and 86%% 2 weeks ago.
No change has been made among the independents, which are still
credited with running at about 76% of capacity, the same as in the preceding week. Two weeks ago the rate was 78%. Bethlehem Steel Corp.
continues to maintain its activites around 80%, which Is quite high for
this season of the year.
For the entire industry the average is placed at approximately 79% 7'0,
contrasted with about 79% the previous week and 82% 2 weeks ago.
At this time last year operations of the steel plants were coining down
sharply. The Steel Corp. was running at 803 % which was a drop of 83 %
from the rate prevailing at the end fo May, independents were at 70%. a
decrease of 4%, and the average was slightly better than 75%. compared
with better than 81% at the end of May.
The moderate increase recorded by the Steel Corp. is not considered
significant and merely represents a normal fluctuation which is likely at
any time. There is no change in the view in authoritative quarters that
operations will come down in the near future.
New orders have not been holding up to the recent average and specifications against old Contracts are not as heavy as they had been earlier in
the year. Under the circumstances it is natural that production will be
brought into line with consumption.
However. it is still indicated that operations in the steel industry this
summer will not reach the low figures established last mid-year, and with
somewhat better prices prevailing than several months ago the earningd of
the leading steel companies should make a satisfactory showing in the
coming quarters.
Improvement in railroad car buying and a better demand from the oil
industry would be highly beneficial to steel makers, and there is still some
hope that there will be an increase in buying by these consumers. If it
develops it could keep operations on a more even keel during mid-summer
than was possible in the past few years.
-GROSS TONS
DAILY RATE OF PIG IRON PRODUCTION BY MONTHS
Total.
Merchants.*
Steel Works.
24,899
109,385
84,486
1927
-May
102,983
24.878
78,110
June
25.421
95,199
July
69,778
95,073
23,660
71,413
August
92,498
22,825
69,673
September89,810
22,819
66,991
October
23,679
88,279
64,600
November
22.742
86,960
64,118
December
92.573
23.053
69,520
1928-January
100,004
21.580
78,444
February
19.726
March
83,489
103.215
106,183
April
85,183
21,000
105,931
May
20,355
85,576
-•Includes pig Iron made for the market by steel companies
-OR.TONS
TOTAL PRODUCTION OF PIG IRON BEGINNING JAN. 11928
1928
1927.
1926.
1926.
1927.
1928.
Jan.-- 3.316,201 3.103.820 2,869,761 July _ _ 3,223,338 2,951,160
Feb.._ 2,923,415 2.940,679 2,900,126 Aug __ 3.200.479 2,947,276
Mar_ 3,441.986 3,483,362 3,199.674 Sept__ 3336.293 2,774,949
3,334,132 2,784.112
Apr__ _ 3,450.122 3,422,226 3,185,504 Oct_
May__ 3,481,428 3,390.940 3,283.856 Nov __ 3,236,707 2.648.376
Dec _ 3,091,060 2,695.755
June__ 3,235,309 3.089,651
34 yr.19,848,461 19.430.678
Year*_39,070.470 36,232,306
*These totals do not include charcoal pig Iron. The 1927 production of this Iron
was 161,569 tons.
$15.50 Pig Iron Sale Hits Market.
The "Wall Street News" in a dispatch from Youngstown,
Ohio, on June 8 reported the virtual collapse of the pig iron
market there under influence of a sale equivalent to less than
$15.50 a ton Valley for standard basic and said this had
done no good to steel market sentiment although it had not
affected it directly. The dispatch added:
The iron sale resulted from a r rice made by a leading independent operat-
May Pig Iron Output Is Close to April Rate.
ing a plant at Cambria,Pa., which was equaled by a producer here. Between
25,000 tons of business was split.
Net operations of blast furnaces in May changed but little the twoindependents are willing to quote lower than $16.25 Valley for
Few
from those in April, reports the "Iron Age" on June 7. standard basic and the sale at the low price seems more to reflect a disposithan anything else.
Actual data from all furnaces except one show the daily rate tion to clear away yard accumulationsWire products' and of the business is
The steel market is marking time.
last month to have been 105,931 gross tons, as compared likely to bounder fire in ensuing weeks. Producers have reaffirmed current
with 106,183 tons per day in April, a not loss of only 252 prices which represent an advance of about $2 a ton over the first quarter
level for the third quarter.
tons per day, or about 0.25%.
However, these prices have been the basis of little business as most conTotal May production of pig iron was 3,283,856 tons, or sumers bought so heavily the first quarter at lower prices that they specified
105,931 tons per day for the 31 days. This compares with little the current period. These quotations are 2.50c. for plain wire and
for nails.
3,185,504 tons, or 106,183 tons per day, for the 30 days in $2.65 a keg some variations in sheets but these are not general. Black
There are
April. The loss of 0.25% in the May daily rate compares may be quoted 2.704. to 2.75c.; blue, 2c. to 2.10c., with occasional dips
with a gain of 2.9% in April over March. The May out- under 2c., and galvanized, 3.65c. to 3.70c. Full finished is exceptionally
- firm at 4c. for auto 20 gauge body stock.
put last year was 3,390,940 tons, or 109,385 tons per day
May this year, the "Age" declares,
or about 3% larger than
Production of Natural-Gas Gasoline in April Higher.
adding:
Net Gain of Three Furnaces.
In contrast to March, the production of natural-gas gasoEight furnaces were blown in and five were shut down during May,
a net gain of three. Of the furnaces blown in, five were independent steel
company stacks, two were merchant and one is credited to the Steel Corporation. Three merchant furnaces, one Steel Corporation and one independent steel ccmpany stack were shut down last month. Most of the
net gain for the month was by independent steel companies.
,There was no change in the number of possibly active furnaces, which
still stands at 343.
Capacity Adire on June 1.
There were 198 furnaces active on June I having an estimated operating
rate of 106,145 tons per day, as compared with an operating rate of 104.015
tons per day for the 195 furnaces blowing on May 1. The gain of three
furnaces, with a slight loss in daily rate in May as compared with a net loss
of two furnaces and a gain in daily rate in April, is largely explained by the
irregularity in furnace operations in various months, some being pushed
faster than others.
Manganese Alloy Output.
• Ferromanganese output in May was 29,040 tons, the largest this year,and
the lark. eat since January 1927. Two companies made spiegeleisen in May,
but the data cannot be published.
During May the following furnaces were blown in: One Aliquippa furnace of the Jones & Laughlin Steel Corp. in the Pittsburgh district; the
Oriskany furnace of the Lavine Furnace Co. In Virginia; one La Belle and
one Riverside furnace of the Wheeling Steel Corp. in the Wheeling district;
one River furnace of the Corrigan. McKinney Steel Co. in northern Ohio:
the Hamilton furnace of the Amcrican Rolling Mill Co. In southwest Ohio;
one Gary furnace of the Illinois Steel Co. In the Chicago district, and one
,
Woodward furnace of the Woodward Iron Co. in Alabama.
Furnaces blown out or banked during the month included the following:
The Standish furnace in northern New York; the Marietta furnace of the
Lavino Furnace Co. in the lower Susquehanna Valley; one Haseiton furnace
of the Republic Iron & Steel Co. in the Mahoning Valley. and one South
Works furnace of the Illinois Steel Co. and one Federal furnace in the
Chicago district.
-GROSS TONS.
PRODUCTION OF STEEL COMPANIES FOR OWN USE
SpiegeiNsen and Ferromanganese.*
Total Iron
Spiegel and Ferro.
1927.
January
February
March
April
May
June
Half year
July
August
September
October
November
December
1928.
2,343,881
2,258,651
2.675,417
2,637.919
2,619,078
2,343,409
2,155,133
2,274.850
2.588.158
2.555,500
2.652.872
OUTPUT OF NATURAL GAS, GASOLINE'S (IN GALLONS).
Stocks End
of Month.
Production.
Apr. 1928. Mar. 1928. Apr. 1927. Apr. 1928. Mar. 1928.
Appalachian
9.300,000 10,100,000 8,300,000 5,019,000 4,788.000
428,000
Ind., Ill., &e
550.000
1,300,000 1,400,000 1,400,000
Okla.. Rana.,Sm.__ _ 53.800,000 52,700,000 45,300,000 17,007,000 16,738,000
Texas
27,400.000 27,000,000 26,400,000 8,300.000 9,832,000
La.and Ark
7,000,000 1,525,000 1,700,000
7,200,000 7.200,000
479,000
Rocky Mountain... _ 3,700,000 3,800,000 4.000.000
607,000
California
43,000,000 41,700,000 40.800,000 1,932,000 1,393,000
U.S.total
Daily Average
145,700,000 143,900,000 133,200,000 34,940.000 35,358.000
4.960,000
4.640,000
4,440.000
1928.
1927.
Fe-Man. Spiegel. Fe-Man. Spiegel.
31.844
24.560
27,834
24,735
28.734
29,232
7,486
7.045
7.650
12.907
9,788
10.535
14,376,355
166.939
55,411
2,163,101
2,213,815
2,090,200
2.076.722
1,938,043
1.987,652
26,894
21.279
20,675
17.710
17,851
20.992
9,350
9,104
6,037
6,129
6.521
6,816
22,298
19,320
27.912
18.405
29,940
99.388
291.840
27.345.888
Includes output of merchant furnaces. z Data not available for p blicotion.
line registered a material increase in April, when it amounted to a total of 145,700,000 gallons, states the Bureau of
Mines, Department of Commerce. This represents a daily
average of 4,860,000 gallons, the highest ever recorded in
the history of the Industry. It represents an increase from
the daily average of the previous month of 220,000 gallons
and over the daily average of April 1927 of 420,000 gallons, or nearly 10%. The major portion of this increase
over March was recorded in the 3 principal producing areas
-Oklahoma-Kansas, Texas, and California.
Despite the record output, an exceptionally heavy demand by refiners for natural-gas gasoline for blending purposes resulted in a decrease in stocks at plants of from
35,358,000 gallons on hand March 31 to 34,940,000 gallons
on hand April 30. Blending at the plants again showed
a small increase. The Bureau further adds:
-New High Level
Bituminous Coal Output Increases
for Year Reported in Anthracite Production.
Bituminous coal output in the week of May 26, according
to figures compiled by the U. S. Bureau of Mines, reached
8,380,000 tons, which compares with 8,182,000 tons in the
week of May 19, but shows a loss of 96,000 when compared with 8,476,000 net tons produced during the corresponding week of 1927 when the union miners' strike was
in progress. A new high record for 1928 and indeed since
August 1927 was attained by the anthracite mines which
produced 2,027,000 tons during the week of May 26 against
1,695,000 tons in the preceding week and 1,844,000 net tons
in the corresponding week of 1927. The statistics relative
to coke production are omitted this time from the Bureau
of Mines report which we quote further as follows:
BITUMINOUS COAL.
(Net Toni) Including Coal Coked.
Estimated United States Production of Bituminous Coal
1928-Cal. Year
1927
Cal Year
to Date.
Week.
Week.
to Datea
8 392,000 176,762,000
8,402,000 219,012,000
May 12
1,399,000
1,566,000
1,400,000
1,940,000
Daily average
8,182,000 184,944,000
8,273,000 227,287,000
May 19_ b
1 384,000
1,555,000
1,379,000
1,912,000
Daily average
8,380,000 193,324.000
8,476,000 235,763,000
May 26 _ c
1 397,000
Daily average
1,548,000
1,413,000
1.888,000
a Minus one day's production first week in January to equalize number of clays in
the two years. b Revised since last report. c Subject to revision.
The total production of bituminous coal during the present calendar
year to May 26 (approximately 125 working days) amounts to 193,324,000
net tons. Figures for corresponding periods in other recent years are
given below:
1927
235,763,000 net tons 1924
198,485,000 net tons
1926
1925
3525
FINANCIAL CHRONICLE
JuNs 9 1928.]
218,745.000 net tens
190,404,000 net tons
1923
1922
228,819,000 net tons
168,217,000 net tons
As already indicated by the revised figures above, the'total production
of soft coal for the country as a whole during the week ended May 19,
Is estimated at 8,182,000 net tons. Compared with the output in the
preceding week, this is a decrease of 210,000 tons, or 2.5%.
The following table apportions the tonnage by States and gives comparable figures for other recent years.
The total production
estimated at 2,027,000
recorded since August,
ceding week, shows an
ANTHRACITE.
of anthracite during the week ended May 26 is
net tons. This is the highest weekly production
1927, and compared with the output in the preincrease of 332,000 tons, or 19.6%.
Estimated United ,cU"w Production of Anthracite (Net Tons)
1927
1928
Col. Year
Cal. Year
so Date.a
to Date.
Week.
Wgek EndedWeek.
1,989,000 39.259,000
May 12
1,890,000 27.078.000
1,970.000 31,229,000
May 19_b
1,695,000 28,773,000
1,844,000 33.073.000
May 26_c
2,027,000 30,800.000
a Minus one day's production first week in January to equalise number of daysIn
to revision.
the two years. b Revised. c Subject
According to the weekly estimate of the National Coal
Association of the bituminous coal output in the United
States, the partial observance of a holiday on Memorial
Day curtailed the tonnage of bituminous coal mined during
the week ended June 2to about 7,200,000 net tons.
Preliminary Estimates of Production of Coal and Beehive Coake for the Month of May 1928.
The preliminary estimates for the month of May, as
given in the United States Bureau of Mines report, are
subject to slight revisions, which will be issued in the weekly
coal report about the 15th inst. All current estimates will
later be adjusted to agree with the results of the complete
canvass of production made at the end of the calendar
year. The figures as now reported show that the production of 36,542,000 net tons of bituminous coal during
May 1928 gained 4,354,000 net tons over the output in the
preceding month of April 1928 and 1,147,000 net tons over
the output in May 1927. Anthracite production during
May 1928 showed an increase of 1,208,000 net tons over
the output in the preceding month of April 1928 and of
only 15,000 net tons over the output of May 1927. The
statistical tables as given by the Bureau of Mines are
appended:
Estimated Weekly Production of Coal by States (Net Tons.)
Total Production for Week Ended
May
May 19
May 12
May 21
May 22
Arerage
State1928.
1928.
1927.
1926.
1923a
Alabama
326,000
313,000
296,000
350.000
398,000
24,000
Arkansas
28,000
22.000
17.000
20,000
Colorado
143,000
119,000
141,000
144,000
168,000
Illinois
568,000
568,000
84,000
890,000 1,292,000
195,000
Indiana
179,000
127,000
320,000
394,000
Iowa
47,000
45,000
4,000
68,000
89,000
Kansas
23,000
25,000
14.000
63,000
75,000
Kentucky-Eastern_ __ _
900,000
951,000 1,038.000
889,000
679,000
Western
215,000
213,000
394,000
203,000
183,000
Maryland
43,000
44,000
46,000
50,000
47,000
Michigan
10,000
12,000
5,000
10,000
12,000
Missouri
52,000
45,000
20,000
39.000
56.000
Montana
40,000
50,000
36,000
42,000
38.000
New Mexico
56,000
54,000
55,000
49,000
67,000
North Dakota
11,000
12,000
11,000
17,000 14.000
Ohio
208,000
213,000
107,000
414,000
860,000
43,000
50,000
41,000
48,000
Oklahoma
43,000
Pennsylvania
2,147,000 2,310,000 2,209,000 2,470,000 3,578,000
100,000
105.000
92,000
96.000
121,000
Tennessee
May 1928 (preliminary) a
23,000
16.000
22,000
Texas
15,000
14,000
56,000
62,000
82,000
78,000
74,000 Bituminous coal
Utah
Virginia
202,000
222,000
270,000
229,000
250,000 Anthracite
44.000 Beehive coke
Washington
38,000
38,000
39,000
39,000
W.Va.--Southern b_.
- 1,946,000 1,926,000 2,207.000 1,971,000 1,419,000
Northern..c
695,000
742,000
821,000
623,000
823,000
April 1928 (revised)
82,000
110,000
Wyoming
84,000
78,000
78,000
Other States_d
Total bituminous
Pennsylvania anthracite_
1,000
1,000
3,000
4,000.
5.000
8,182,000 8,392,000
8,273.000 9,203,000 10,878,000
1,695,000
1,970,000 1,738,000 1,932,000
1,890,000
Total all coal
9,877,000 10,282,000 10,243,000 10,941,000 12,810,000
a Average rate maintained during the entire month. b Includes operations on the
N. & W.; C. & O.: Virginian; K. & M.: and Charleston division of the B. & 0.
c Rest of State. including Panhandle. d This gropp is not strictly comparable in
the several years.
Bituminous coal
Anthracite
Beehive coke
Total for
Month
(Net Tons).
Number of
Avge..per
Working Working Day
Days.
(Net Tons).
36,542,000
8,117,000
382,000
26.4
26.0
27.0
1.384.000
312,000
14.143
32.188.000
6,909.000
377,000
24.7
24.0
25.0
1.303.000
288.000
15,080
May 1927 (final)
Bituminous coal
35,395,000
25.4
1,394.000
8.002.060
25.0
320.000
Anthracite
24.231
Beehive coke
630,000
26.0
the weekly coal
a Slight revisions of these estimates will be issued in
report about the middle of the month.
Current Events and Discussions
The Week with the Federal Reserve Banks.
The consolidated statement of condition of Federal Reserve banks on June 6, made public by the Federal Reserve
Board, and which deals with the results for the twelve
Reserve banks combined, shows increases for the week of
$38,200,000 in holdings of discounted bills, of $27,500,000
in member bank reserve deposits, of $5,100,000 in Federal
Reserve note circulation, and of $3,900,000 in cash reserves,
and decreases of $37,600,000 in holdings of bills bought in
open market, and of $9,400,000 in Government securities.
Total bills and securities were ,800,000 below the amount
held on May 29. After noting these facts, the Federal
Reserve Board proceeds as follows:
The principal changes in holdings of discounted bills during the week
were increases of $43.500,000 at the Federal Reserve Bank of New York,
$13,400,000 at Cleveland, $6,300,000 at Atlanta. and 35.300,000 at San
Francisco, and decreases of $19.700,000 and $6.600,000, respectively, at
Philadelphia and Chicago. The System's holdings of bills bought in open
market declined $37.600,000 and of certificates of indebtedness $22.900,000,
while holdings of Treasury notes increased $11,000,000 and of United
States bonds $2,500,000.
Federal Reserve note circulation increased 35,100.000 during the week,
the principal changes being increases of $5.000.000 at the Federal Reserve
Bank of Chicago, $3,500,000 at San Francisco, and $3,200,000 at Boston,
and a decrease of $6.100,000 at Philadelphia.
The statement in full, in comparison with the preceding
week and with the corresponding date last year, will be
-namely, pages 3558 to 3559. A
found on subsequent pages
summary of changes in the principal assets and liabilities
of the Reserve banks during the week and the year ending
June 6 1928 is as follows:
Total reserves
Gold reserves
Total bills and securities
Bills discounted, total
Secured by U. S. Government 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
Increase (4-) or Decrease (During
Year.
Week.
+$3.900.000 -$408,500,000
+2,100,000 -396.900,000
8,800,000
+38,200.000
+16.700,000
+21.500,000
-37,600.000
+44.800,000
9.400.000
+2,500.000
+11,000,000
-22,900,000
-228,000,100
-80,100.000
-62,700,000
-85,300,000
+5,100.000
-118.400.000
+16,200,000
+27,500.000
-6.500.000
+33.400,000
+53,400.000
-11,300,000
0.116...111
Total deposits
Members' reserve deposits
Government deposits
+398,700,000
+582.700,000
+447.700,000
+136,000.000
-of Member Banks for New York and Chicago
Returns
Federal Reserve Districts-Brokers' Loans.
Beginning with the returns for June 29 last, the Federal
Reserve Board also began to give out the figures of the
member banks in the New York Federal Reserve District,
as well as those in the Chicago Reserve District, on Thursdays, simultaneously with the figures for the Reserve banks
themselves, and for the same week, instead of waiting until
the following Monday, before which time the statistics cover-now 642
ing the entire body of reporting member banks
cannot be got ready.
The following is the statement for the New York member
banks and that for the Chicago member banks thus issued
3526
[VOL. 126.
FINANCIAL CHRONICLE
in advance of the full statement of the member banks, which
latter will not be available until the coming Monday. The
New York statement, of course, also includes the brokers'
loans of reporting member banks, which this week rose to
their highest total in all time, the grand aggregate of these
loans on June 6 being $4,563,240,000, an increase of $93,774,000 over last week's figure. The previous record of
$4,502,044,000 was reported on May 16.
CONDITION OF WEEKLY REPORTING MEMBER BANKS IN CENTRAL
RESERVE CITIES.
New York-45 Banks.
June 6 1928. May 29 1928. June 8 1927.
Loans and Investments—total
5,460,276,000 5.510.224,000 4,714,284,000
Loans and discounts—total
15,893,221,000
+42,454,000 +1,215,398,000
Secured by U.S. Govt. obligations 123,028.000 +11.598,000
Secured by stocks and bonds
6,888,508,000 +50,528,000
All other loans and discounts
8,881.685.000 —19,672,000
—12,238.000
+893,735,000
+333,901,000
—6,692,000
+653,324.000
U.S. Government securities
2,996,507,000 —35,172,000
Other bonds,stocks and securities. 3,686,119,000 +28,480,000
+460,755,000
+192,569,000
Reserve with Federal Reserve Banks 1,747,941,000 —10,122,000
Cash in vault
246,864,000
+440,000
+22,712,000
—13.747,000
Investments—total
6,682,626,000
7 448,106,000 7,497,041,000 6,642,528,000
Loans and discounts—total
A summary of the principal assets and liabilities of 642 reporting member
banks, together with changes during the week and the year ending May 30
1928, follows:
Increase 1+) or Decrease (—)
During
Year.
Week.
May 29-3028.
$
$
$
Loans and investments—total
22,575.847.000 +35,762.000 +1,868,722,000
Net demand deposits
Time deposits
Government deposits
39.861,000
45.638,000
44,909,000
Secured by U. S. Govt. obligations_
2 637,506.000 2,695,832.000 2,234,403,000
Secured by stocks and bonds
2 777,861,000 2,769.054,000 2,440,020,000
All other loans and discounts
1 987,830,000
1.986.817,000
1.074,540,000
912,277,000
960,863,000
967,381,000
742,607,000
53.809,000
Due from banks
hue to banks
1,928.244,000
1 077,419,000
U. S. Government securities
Other bonds, stocks and securities_ 910,411,000
761,364,000
59,156,000
Investments—total
Reserve with F. R. Bank
gash in vault
760.893.000
52,345,000
Due from banks
Due to banks
100,538,000
1,167,476,000
111,264,000
1.208,191,000
93,481,000
1.100,279,000
Borrowings from F. R. Bank—total.. 263,233,000
237.393,000
52,213,000
4 563,240,000 4,469,466,000 3.118,429,C0D
3,496,040,000 3,396,722,000 2,396,395,000
722,034,000
1,067,200.000 1,072,744,000
On demand
On time
Loans and investments—total
Chleago--43 Banks.
2,078,687.000 2,088,246.000
737,475.000
+78,651,000
+407,404.000
525,279,000
212.196,000
+46,145,000
+32,506,000
+334,504,000
+72,900,000
—110,337,000
—127,098,000
_
Summary of Conditions in World's Narkets According to
Cablegrams and Other Reports to the Department
of Commerce.
The Department of Commerce at Washington releases for
publication June 9 the following summary of conditions
abroad, based on advices by cable and radio:
ARGENTINA.
Business throughout the week was good. Considering that it is the
beginning of winter, automobile sales and especially sales of trucks were
good. According to a report of the Department of Agriculture, the area
under cultivation in 1927 has decreased 147,000 hectares as compared
with the previous year, but this decrease of 425,000 hectares in the area
devoted to alfalfa, all other crops having shown a considerable increase.
1,449,541,000
LOMB and discounts—total
AUSTRALIA.
The iner-State shipping strike in Australia continues, and shippers are
being greatly inconvenienced. Queensland has under consideration an irri15,419,000 gation project in the Dawson River Valley which, according to reports,
747,614,000 will cost in the neighborhood of £3,000,000. A British firm contem686,508,000
plates the establishment of a £1,000,000 plant at Newcastle for the
446,050,000 manufacture of iron and steel pipes. The increase of film rentals has
been postponed pending action of Parliament in connection with the
181,922,000
264.128.000 increase in film duties. The Tariff Board is considering an increase in
duty on radio sets and parts.
15,548.000
Secured by U.B. Govt. obligations_
810,792,000
Secured by stocks and bonds
All other loans and discounts___. - 740.216.000
15,461,000
815,316,000
743,606,000
512,131,000
513.863,000
227,808,000
Other bonds- stocks and securities_ 284.323,000
218,168,000
295,695,000
182,470,000
17.697,000
180,046.000
17,640,000
169,207,000
20.552,000
1,277,561,000
728,441,000
1,277,524,000
726,433,000
3,835,000
1,250,858,000
593.607,000
2,904,000
167,516,000
376,775.000
171,799,000
346,116,000
138,185,000
353,214.000
Borrowings from F. R.flank—total..
48,053,000
48,425.000
7,457,000
Secured by U. B. Govt.obligations_
AU other
41,305,000
6,748.000
42,258,000
6,167,000
5,033,000
2.424,000
vestments—total
U. S. Government securities
Reserve with F. It. Bank
Cub In vault
Net demand deposits
Time deposits
Government deposits
Due from banks
Due to banks
Complete Returns of the Member Banks of the Federal
Reserve System for the Preceding Week.
explained above, the statements for the New York and
As
Chicago member banks are now given out on Thursdays,
simultaneously with the figures for the Reserve banks themselves, and covering the same week, instead of being held
until the following Monday, before which time the statistics
covering the entire body of reporting member banks, now
642, cannot be got ready.
In the following will be found the comments of the Federal
Reserve Board respecting the returns of the entire body of
reporting member banks of the Federal Reserve System for
the week ended with the close of business May 29:
The Federal Reserve Boards condition statement of 642 reporting member banks in leading cities as of May 30 shows increases for the week of
$42,000,000 in loans and discounts, of $79,000,000 in borrowings from
Federal Reserve banks, and of $18,000.000 in time deposits, and decreases
of $47,000,000 in net demand deposits, and of $7,000,000 in investments.
Loans on stocks and bonds. including United States Government obligations, were $62,000,000 above the May 23 total at all reporting banks,
Increases of $40,000,000 and $23,000.000. respectively, being shown for
the New York and Chicago districts, and a decline of $9.000,000 for the
Cleveland district. "All Other" loans and discounts increased $12,000,000
In the Chicago district,and declined $16.000.000 in the New York district.
$10,000,000 in the Boston district, and $20,000,000 at all reporting banks.
Holdings of United States Government securities declined $23,000,000
in the St. Louis district, 811.000,000 in the Chicago district and $35,000,000
holdings of other bonds,stocks, and securities
,
at all reporting banks while
district and 828.000,000 at all reIncreased $33,000,000 in the St. Louis
porting banks.
reporting banks were $47.000,000 below
Netdemand deposits, which at all
the May 23 total, declined $22,000.000 in the Boston district, $10,000,000
each in the Cleveland and
In the Philadelphia district, and $7.000.000
$13,000,000 in the New York district.
Kansas City districts, and increased
Time deposits increased $15,000,000 and $7.000.000. respectively, in the
and 818,000.000 at all reporting banks.
Chicago and Boston districts
Increases in borrowings from Federal Reserve banks are shown for reFrancisco, the principal
Porting member banks in every district except San
each,
increases by districts being: Philadelphia and Chicago, $24,000,1300
86,000.000.
New York $12.000,000 and Boston
—6,782,000
—21,380,000
1.895,591,000
1,566,556,000 1.574.383,000
1,099,325,000
3,172,045,000
Secured by U.S. Govt. obligations
All other
5 488,856,000 5.495,306,000 5,292,156,000
1.200,182.000 1,209,664,000 1.040,349,000
10,415,000
12,805.000
Total
+187,376.000
+792,396.000
—36,464,000
Borrowings from F.R.banks—total.
Net demand deposits
Time deposits
Government deposits
34,600,000
178,790,000
Secured by U.S. Govt. obligations- 196,725,000
66,508.000
58,603,000
17,613,000
All other
Loans to brokers and dealers (secured
by stocks and bonds):
—.1,166,619,000 1.219,192,000 1,034,772,000
For own account
For account of out-of-town banks 1,641,701,000 1,608,106,000 1,216,934.000
866,723,003
1,754,920.000 1.642.168,000
For account of others
13,628,425,000 —47.324,000
7,002,659.000 +17,694.000
37,073,000
—717,000
BRITISH MALAYA.
A distinctly better feeling prevails in commercial circles of British
Malaya, as confidence is now being greatly restored. The volume of trading, however, as yet shows but little increase.
CANADA.
Wholesalers throughout the Dominion report generally satesfactory
sales in seasonable lines. Cool weather and flood conditions are retarding trade in the Maritime Provinces to some extent, but warmer weather
and the arrival of tourists in Quebec and Ontario have resulted in a sales
volume comparing favorably with last year. Reports of a good wheat
crop in the West are responsible for an optimistic feeling among merchants in the Prairie Provinces, and the arrival of summer weather in
British Columbia has accelerated demand in sporting goods, automobile
accessories, garden tools and other summer lines.
CHINA.
Railway traffic on all lines in North China, with the exception of the
Peking-3fukden line, is seriously impaired because of the removal to Manchuria of rolling stock depended upon for commercial transportation.
It is reported that 50% of rolling stock from the Peking Suiyuan line,
80% from the Peking-Hankow line, and 80% from the Tientsin-Pukow
line was recently diverted to Manchuria. The situation thus created seriously impairs the earning capacity of these lines, and hence, their ability
to meet outstanding obligations, which include large American commitments. The general banking situation in Tientsin is good. Considerable
new building construction in noticeable in and around Tientsin, but plans
for several new commercial buildings have been postponed pending a more
settled political situation.
CZECHOSLOVAKIA.
The general industrial and trade situation in Czechoslovakia remained
favorable throughout May; in particular, industries supplying building
materials reported record activities. The iron and steel works have increased their production during recent weeks. There was also remarkable activity in the shoe factories which are reported as doing an excellent business for export. The only exceptions were in the case of cotton spinning and weaving, in coal mining and in the porcelain, paper and
flax industries. Due to building activity and industrial demands, money
was slightly tighter but not to a degree as will check current activiity.
Publication of valorized balance sheets by several large companies, revealing heretofore undisclosed reserves and placing stock dividends in prospect, has stimulated a wave of enthusiasm on the stock exchange after a
prolonged period of dullness.
DENMARK.
A slow limited improvement in the Danish industrial situation of recent
months continued during May but was counterbalanced with an unfavorable trend in agriculture where uncertainty was still very evident. The
money market however was characterized by greater ease, the result of
foreign loans and continued stability following the settlement of the
Landmandsbank. Loans and deposits at private banks showed a slight
increase during April while loans and discounts at the National Bank
showed a decline of about 19,000,000 crowns owing to the liquidation
of the Landmandsbank's engagements. Foreign exchange holdings at the
National Bank continued to increase. The stock market was irregular
with downward tendencies in quotations. Unemployment le declining
JuNE 9 1928.]
FINANCIAL CHRONICLE
3527
PORTO RICO.
rapidly and at the close of May was estimated at 44,600. Shipping reBusiness conditions during the past week remained unchanged, with
mains dull although there was a slight reduction in idle tonnage. Foreign
trade showed the usual seasonal decline during April with a continuation but slight improvement from the dull trade of the previous month. Bank
of greater imports and exports than during the corresponding period of clearings during May amounted to $22,955,000, or $862,000 less than in
the corresponding month of last year. Bank deposits, on the other hand,
1927.
are slightly larger than at this time last year. Pineapple shipments in
FRANCE.
May were 269,000 crates, but a sharp falling off occurred at the end of
It is unofficially reported that subscriptions to the new loan have
the month. Buyers of tobacco have continued negotiations but no large
reached 18,000,000,000 francs, of which 10,600,000,000 francs represent
sales were consummated during the week.
cash subscriptions and 4.000,000,000 francs conversions of national deUNITED KINGDOM.
fense bonds. The final total is expected to exceed 20,000,000,000 francs.
A further repayment of 900,000,000 francs to the Bank of France indiThere has been no important change in British trade, employment, prices
easy position of the Treasury. Rumors of a probable revaloriza- or finance during the past month. The prospective improvement in incates the
tion of the franc have resulted in a continuance of the uncertain ten- dustry and diminution of unemployment which was anticipated in the
dency on the Bourse, but it is believed that the possibility of revaloriza- spring, however, has not been realized. The Budget proposals for retion has been definitely eliminated. Business interests are demanding lieving productive industry of heavy local taxation have as yet had little
stabilization at the present level and the danger of inflation resulting or no stimulating effect on trade, as the change will not become effective
from the continual purchase of foreign exchange may force the Govern- until eighteen months hence. The employment position has shown IIII•
ment's hand.
provement in building contracting, brickmaking, railway equipment, paper
JAPAN.
making, tailoring and the food and drink trades, but has registered deAll Japanese markets are temporarily dull. The raw silk market is clines in the coal mining, shipbuilding, iron and steel, textiles, boots
extremely dull, with a further decline in price of Saiyu to 1,250 yen. Co- and shoes, and the glass-making industries. Total unemployment is slightly
coon prices are not as yet stabilized, and in efforts to relieve the situ- more unfavorable than the actual position for previous months. On the
ation, rulers are demanding the return of free gold exports. Banks are whole, there are no general indications of a marked change in the industrial
position, but decreased employment, unsatisfactory railway returns, low
beginning to reduce oollateral loans.
cotton consumption, and disappointing iron and steel and coal production
LATvu.
indicate little or no progress in the basic industries. The inflation of
The annual statement of the Bank of Latvia for the year 1927 shows prices of industrial securities is apparently subsiding. Both London and
lat worth $0.193), as compared with provincial bank clearings continue to show improvement over April and
a net profit of 4,800,000 lath (1
3,800,000 lath for the preceding year, even though interest rates were over the corresponding period of last year. The iron and steel trade
lower in 1927 than in 1926. Of the net profit for the year 1,405,000 lath remains dull despite recent advances in Continental prices. Production
was earned by the branch offices and the balance by the head office in and exports during April were below the March figure, but an upward
Riga. The above profit remained after writing off 3,245,000 lath of tendency is shown in steel prices and some pigiron prices have advanced.
doubtful claims of which amount 1,436,000 lath was incurred by the The demand for steel plate has been adversely affected by the decline in
letter of credit operations. Losses in 1926 amounted to 5,500,000 lats. shipbuilding. Tinplate makers are busy and well-supplied with orders.
The net profits of the bank were distributed as provided for in the The coal trade continues slow, with production, employment, and exports
Statutes as follows: 1,200,000 lots to the capital of he bank, 500,000 at reduced levels. The outlook for forward business in the export trade is
late to the Reserve Fund and 2,900,000 late to the account of the State somewhat improved owing to the smoother working of the marketing
Treasury.
schemes and higher Continental prices; these favorable factors, however,
LITHUANIA.
are somewhat offset by the seasonal decline in domestic consumption.
The cultivation of flax and hemp in Lithuania has steadily increased
during the past few years. The area planted in 1925 was 76,000 hectares
(1 ha. equals 2.47 acres); 81,000 hectares in 1926; and 84,000 hectares
British Capital Invested Abroad (Excluding ReparaIn 1927. However, the 1927 yield was smaller than that of previous
tions) Nearly Four Billion Pounds Sterling.
years because of unfavorable weather conditions. The production of flax
and hemp in Lithuania in the same years was 38,760 metric tons, 38,380
The following from the London bureau, appeared in the
tons and 85,560 tons, respectively. Of the 1927 production, 24,140 tons
"Wall Street Journal" of May 29:
valued at 66,550,000 lit, ($8,665,000) were exported.
British capital invested abroad to-day totals £3,990.000.000, excluding
MEXICO.
reparations, according to estimates prepared by Sir Robert Kindersley.
Business hase slowed down somewhat as a result of the beginning of This is an increase of /490.000.000 over 1910, when British overseas investthe rainy season. Dollar exchange is rising, with the demand for dollars ments were estimated at £3,500.000.000.
greater than the supply.
The Board of Trade reckons present income from British foreign investments at £270.000.000. From information which Sir Robert has obtained
NETHERLAND EAST INDIES.
160 British con panics operating abroad, he estimates
According to reliable trade reports, planting of citronella grass has from 60 banks and £309,000.000. Net income,after allowing for American
gross income is
been reduced this season. April rubber exports from the Netherland that
and other debt settlements, is at least £280.000,000. In 1910 overseas
East Indies show a total of 14,571 long tons, of which 3,993 tons were debt
produced an income of £190,000.000.
Sumatra East Coast, and 5,538 from nve stments
shipped from Java, 6,040 from
A significant fact disclosed by Sir Robert Kindersley's estimates is that
sections.
all other
in 1927 actual new savings in Britain amounted to only £86,000.000.
NORWAY.
Foreign and home capital issues in 1927 totaled £266,000,000, but of this
of May revealed a slow limited partly seasonal improvement £140,000,000 represented net amount received from sinking funds. ForThe month
in Norwegian industry and commerce. The money market showed an easier eign capital issues made here last year amounted to £135.000,000. British
trend with the placing of several internal conversion loans, effecting a investors contributed 80% of it, £109,000,000. New money invested,
slight relief from the depression caused by deflation. Loans at the private however, came to only £75.000,000 as f24,000,000 of the £109,000.000
banks, according to the consolidated bank balance recently published, were represented repayments of previous loans. With regard to domestic
reduced 219,000,000 crowns, during the four months' period since the last investments the British share In new issues was £117.000.000. but home
report and at the end of March amounted to 1,315,000,000 crowns, while sinking funds amounted to £106,000,000. so new savings invested at home
deposits declined only 57,000,000 crowns and at the end of March totaled totaled only £11,000,000.
1,649,000,000 crowns. A similar tendency was noted in deposits and
loans at the saving banks. The note circulation showed a slight reduction
during May. The average stock quotations showed rising tendencies in France to Make War Debt Payment to United States—
all principal groups. The slight improvement in Norwegian industry noGovernment Meeting Amounts Called for Under
ticed during the last few months continued during May while agriculture
Unratified Mellon-Berenger Agreement.
is still reported suffering from the effects of deflation. The fisheries are
yielding satisfactorily with somewhat improved prices. Notwithstanding
France has notified the United States that on June 15
the rule of he srbitration court making it unlawful to strike 5,600
building workers in Oslo have gone on strike as a protest against wage there will be paid to the Treasury $11,250,000 on account
reduction. The shipping industry remains dull with no prospect of an of the outstanding French debt, exclusive of the debt
early improvement.
arising from the purchase of surplus war materials, says the
PHILIPPINE ISLANDS.
correspondent of the "Wall Street Journal,"
The seasonal slackening in import trade is at present somewhat accentu- Washington
ated as the result of low export prices, especially for abaca. The copra The account in that paper (June 5) goes on to say:
This is in accordance with the precedent established on June 15 1927,
market is easier, with considerably heavier arrivals during the past week.
Four oil mills are now operating intermittently. The price of resecado when the sum of $10,000.000 was paid on account of the French debt.
(dried copra) delivered at Hondagua shows a slight upward tendency, Last year the French Government started the additional payments.
4
ranging from 12.75 to 127 pesos per picul of 139 pounds. (1 peso equals without prejudice to the ratification of the pending debt funding agree$0.50.) Manila and Cebu prices remain at 13.25 and 13.50 pesos per picul ment, with the understanding that if the Mellon-Berenger agreement is
respectively, the latter being f.o.b. Abaca trade continues weak, with adopted these extra payments would be credited to the annuities provided
very heavy production and few transactions. Nominal prices are 24 pesos by the funding pact.
Polley of the French Government in making these extra payments Is
per picul for grade F; I, 22; JUS, 21; JUK, 17.50; and L, 14.
one of the grounds for a certain amount of hope entertained here that
POLAND.
France eventually will ratify the pending debt settlement. These extra
Foreign trade for April, according to preliminary data, closed with a payments, in addition to the regular payments being made annually of
debit balance of 81,105,000 zlotys (equivalent to $9,113,000—at the par interest on the 2407.000,000 of debt incurred through the purchase of
value of 8.90 zlotys to the dollar), the value of imports being 265,626,000 surplus war materials, approximate the annuities provided by the Mellonzlotys, against 184,521,000 zlotys of exports. This represents a decrease Berenger agreement. Hence, if that agreement is approved by the French
current Instalments.
of 106,507,000 zlotys in imports, 24,793,000 zlotys in exports, and 82
; Parliament, France would be very little behind in
714,000 zlotys in the adverse balance. The exceptionally heavy debit
Payments dade in Three Fiscal Years.
balance in March was due chiefly to the unusually large importation of
The following table shows French payments to the Treasury for the
goods, in anticipation of the valorization of the import tariff which be- three fiscal years ending with 1928 and Including the payment to be made
came effective In March and resulted in large increases in the duties on June 15:
many commodities.
Annuities
Under
The balance sheet of the Bank of Poland as of May 20 shows a net
Funding
decrease of 84,777,000 zlotys in the combined reserves of gold and stable
Payments
Agreement.
Received.
foreign currencies and bills, for the past 30 days. While the gold reFiscal Year—
$31.617.057
$32,500,000
serve increased by 12,000,000 zlotys, foreign bills and currencies de- 1928
30.367,057
30.000,000
creased by 47,000,0011 zlotys, reflecting the enhanced demand for foreign 1927
20.367.057
from the prevailing large excess of imports 1926
30,000,000
drafts and bills resulting
Bank note circulation increased for the period by 60,000,over exports.
$82.351.171
$92.500,000
000 zlotys, to 1,086,900,000, leavings the cover against notes and other
Total
liabilities, including deposits, at about 66% against 68.7% a month
In 1926 France made no extra payments and only interest on the debt
ago and the statutory limit of 40%.
for supplies was received by the Treasury. Yet after June 15. France,
3528
FINANCIAL CHRONICLE
during the past three years since the funding agreement was negotiated,
will have made total payments almost equalling the annuities provided
by that arrangement.
The pending agreement would lump the indebtedness of France to the
United States so there would be no distinction between the $407,000,000
owed on account of surplus materials and the $2,933.405,070 of principal
of obligations incurred through cash advances during the war. Should
the Mellon-Berenger agreement be ratified it would only remain for France
to pay the difference still due on the three annuities and the arrangements
for the liquidation of all French obligations to the United States would
be complete.
Paymente Indicate Ratification.
However, if a funding agreement is not ratified before August 1929,
when the obligations mature which represent the $407,000,000 of debt
incurred through the purchase of surpls materials, then a very different
situation arises. The extra payment of $10,000,000 made by France on
June 15 last and the one of 811,500,000 to be made on June 15 of this
year are made with the express understanding that they are exclusive of
the interest on the so-called commercial debt.
Should the Mellon-Berenger agreement not be ratified and the cocalled commercial debt mature separately in August, then the extra payments made by France would be applied to the principal of the war debt
proper, the advances received by France under the Liberty Loan Act.
Therefore it is believed that it hardly would be worth while for Prance to
be making these extra payments unless she expected to get the full benefits
of them having by having them applied to the annuities under the pending
pact.
[VOL. 126.
A substantial revival is expected for the Mexican silver mining industry
a result of the abnormal rise in the New York and other world markets
of the price of bar silver. Maximum quotations are announced here of
upwards of seventy-two cents per troy ounce. That level has not been
attained since the World War.
With prices ranging between 56c. and 57c. per ounce, many Mexican
mines of veins of lower grade ore only were unable to continue work on a
profitable basis. A number of requests were granted by the Secretary of
Industry and Commerce for leave to suspend operations. Mining circles
here hold the view that some companies either voluntarily or by Governmental order may renew operations in the near future, which would greatly
assist the economic situation of thousands of workmen in such States as
Chihuahua.
Meanwhile there is an immediate improvement in the quotation of
Mexican silver. Currency as against the gold market to-day was firm
slightly above 2% in favor of gold. This is counteracted somewhat by
continued firmness of the dollar. This morning stock exchange recorded
a small business in mining shares, after an almost interminable period of
inactivity.
GS
Gen. Obregon's Proposals Passed by Mexican Senate—
Measure for Mexico City Commission Government
and Budget Bill Approved.
The following Associated Press advices from Mexico City
May 23 appeared in the "Evening Post":
The Senate closed its special session last night
High Interest Rates in Germany Due to Problem of Alvaro Obregon's proposals as well as Presidentafter passing all of General
Calles's budget bill. The
Meeting Reparation Payments—Security Prices proposals included one substituting a commission government in Mexico
-P. Murphy City for the present elective one and another providing for the appointment
Low According to G. M.
Comparatively
of judges by the President rather than their election.
8c Co.
These amendments of the Constitution will become effective as soon as
In a study of German securities market in the United two-thirds of the State Legislatures ratify the measures passed by Congress.
-P.
States, the "Fortnightly Review," issued June 2 by G. M.
Murphy & Co., says:
Chase National Bank Awarded $50,000,000 Cuban
"Uncertainties over the problem of meeting the maximum reparations
Financing.
year, combined with the comparative tightness of money
payments due this
The Chase National Bank has been advised that President
that has persisted in Germany since the debacle of the old mark, has caused
interest rates in Germany to remain relatively high long after rates in Machado of Cuba has issued a decree awarding
the $50,000,other money centers have returned to a more usual level.
"Conversely, security prices have remained comparatively low and are 000 financing in connection with the public works program
consequently tempting to the foreign investor and speculator. The collapse to The Chase National Bank. Associated with the bank in
of the 1927 boom in the German market has evidently left that market in a the proposition made to the Cuban Government are
Blair &
thoroughly liquidated condition, reflected by its immediate responsiveness
to American share purchases. Reports of American buying in this or that Co., Inc., the Equitable Trust Co., and the Continental
issue seem to be reflected immediately by a speculation for the rise in the National Co. of Chicago.
securities concerned. In some cases, no doubt, American buying alone
may be heavy enough to cause the movement, but in many others the rumor
is perhaps only as well founded as many of those in our market.
"A type of municipal finance which is finding favor in Germany and
attracting some American investment attention is a short term note issue
carrying a relatively low coupon interest rate but payable at maturity at a
substantial premium or convertible at the holder's option into a long-term,
high coupon bond. The City of Munich, for example, recently issued
three-year 5% notes payable at maturity at 108% and convertible into 7%
bonds on a sliding scale such that conversion at maturity would be equivalent to purchasing the bonds at about 85% of par.
"The American purchaser of foreign shares much understand certain differences between American and European accounting practice in order to
appreciate such income information as is published. In European practice,
the directors recommend to the annual stockholders meeting the amount to
be distributed in dividends. The shareholders then vote on the distribution;
as the usual thing is to pay out practically all of the reported earnings, only
such an amount of earnings is disclosed as the directors deem properly
distributable. In general, therefore, no important variations in published
earnings will appear except when a change in dividend is to be proposed."
Alexander Woytkiewicz Here to Assume Duties as
Financial Counsellor to Legation of Poland.
Alexander Woytkiewicz, one of the leading financial
authorities of Poland, arrived in New York from Warsaw
on June 7 to undertake his duties in the newly created position of Financial Counsellor to the Legation of Poland in
the United States. The new office is an indication of the
increasingly close economic co-operation between the United
States and Poland. The long experience of Mr. Woytkiewicz as assistant and head of the department of foreign
inancing is expected to be of value in his work in this country
where most of Poland's external financing has been negotiated. After his graduation from the University of St.
Petersburg, a foremost educational institution in the old
Russian Empire, Mr. Woytkiewicz was connected with
the Maleew Works, one of the largest manufacturing of
steel products in Europe. Upon the restoration of Poland
he joined the Ministry of Finance of the new republic as
assistant chief of the forign loans section. After serving
in this position from 1919 to 1925 he was promoted to be
chief of the General Department of the Ministry and was
also chosen as President of the State Agricultural Bank. In
1926 Mr. Woytkiewicz was appointed head of the foreign
loans section of the Ministry of Finance and continued in that
capacity until selected to be the first Financial Counsellor
to the Polish Legation in Washington.
Private Offering of $550,000 8% Bonds of Republic of
Guatemala.
With reference to our item of a week ago (page 3378)
reporting the private offering by Schuyler, Earl & Co. and
Ingalls & Snyder of $550,000 external secured 8% gold bonds
of the Republic of Guatemala, we learn that the statement
contained therein "that the bonds were in brokers' hands
for about a year" is incorrect, the bonds having, we learn,
been previously owned by a corporation.
Raises Mexican Gold Rate—Banco de Mexico Starts
Offensive Against Dollar Quotation.
From Mexico City June 7 the New York "Times" reports
the following:
The Banco de Mexico, the sole national bank of issue, has undertaken
an offensive against the high quotation of the American dollar against local
gold. Yesterday it was offering rates which not only largely discounted the
dollar quotation but also had a material effect on the current depreciation
of Mexican silver against gold currency.
These effects are proving beneficial to local retailers, who expect the
offensive will be continued even though the bank temporarily loses money.
Mexican Agrarian Bonds.
In its issue of June 6 the "Wall Street Journal" announced
the following from Mexico City:
A few of the many holders of agrarian bonds which were Issued by the
government to the owners of expropriated lands are to receiveThayment
for their bonds, after a long wait, following action of the government in
supplying Bank of Mexico with funds to pay this portion of the bondholders. Agrarian bonds aggregate about $20,000,000. Present payment
will be only about $60,000. As funds are gathered together for payments a
group of bondholders is to be summoned to draw lots to decide which shall
be paid.
Offering of $26,000,000 4% Federal Land Bank Bonds—
Books Closed.
Public offering was made June 4 of a new issue of
$26,000,000 ten-thirty-year Federal Land Bank 4% bonds at
a price of 1001 4% and interest to yield 3.98% to the redeem- •
,
able date (1938) and 4% thereafter to redemption or maturity. The bonds were offered to the public by a countrywide group composed of the twelve Federal Land Banks, investment houses, institutions and upwards of 1,000 dealers.
The banking group was headed by Alex. Brown & Sons of
Baltimore, Harris, Forbes & Co., Brown Bros. & Co., Lee,
Mexican Silver Improves—Rise in Price May Reopen Higginson & Co., The National City Co. and the Guaranty
Mines, Giving Work to Thousands.
Co. of New York. The banking syndicate announced the
A special cablegram from Mexico City May 21 to the New closing of the books shortly after their opening, the bonds, it
is stated, having all been sold. The bonds are exempt from
York "Times" stated:
JUNE 9 1928.]
FINANCIAL CHRONICLE
Federal, State, municipal and local taxation, are dated May
1 1928, and are due May I! 1958. They are not redeemable
before May 1 1938, but are redeemable at par and interest
in
at any time after ten years from date of issue. They are
coupon and registered form, interchangeable, in denominations of $10,000, $5,000, $1,000, $500, $100 and $40. Interest
Is payable May 1 and Nov. 1, at any Federal Land Bank or
Federal Reserve Bank. The public offering said:
Amortization installments paid in advance
Other liabilities
Deferred income (premium on bonds)
Capital stock:
555,700.00
Unfted States Government
62,175.177.50
National farm loan associations
725,845.00
Borrowers through agents
115.00
Individual subscribers
Total capital stock
Legal reserve
Other reserves
Undivided profits
Issuing Banks.—The twelve Federal Land Banks were organized by the
United States Government with an original $9,000,000 capital stock which
has since increased through the operation of the system to over $63,000,000.
Security.—Not only are these bonds the primary obligation of the individual Federal Land Banks issuing them, but all twelve of the banks are
liable, under conditions stated in the Farm Loan Act, for the principal and
Interest on each bond, and the law requires that the bonds be secured by
collateral consisting of at least an equal amount of United States Government bonds, or mortgages on farm lands which must be:
(a) First mortgages, to an amount not exceeding 50% of the value of the
land and 20% of the value of the permanent, insured improvements as
appraised by Land Bank appraisers appointed by the Federal Farm Loan
Board;
(b) Limited to $25,000 to any one borrower;
(c) Guaranteed by the local National Farm Loan association whose stock,
which carries a double liability, is owned by the borrower-member; and
(d) Reduced each year by payment of part of the mortgage debt.
Operation.—In about ten years of active operation, the 12 Federal Land
Banks have been built up until as at April 30 1928 their capital was
$63,456,837; reserve. $11,055,290; undivided profits, 84,107,681; and
total assets, $1,259,330,737.
Acceptable by Treasury.—These bonds are acceptable by the United
States Treasury as security for Government deposits, including Postal
Savings Funds.
Legal for Trust Funds.—The Federal Farm Loan Act provides that the
bonds shall be lawful investment for all fiduciary and trust funds under
the jurisdiction of the United States Government. They are eligible under
the laws of many of the States for investment of all public and private
funds and have been held eligible for investment by savings banks in:
New Hampshire South Dakota
Indiana
Alabama
New Jersey
Tennessee
Kentucky
Arkansas
North Carolina Texas
Louisiana
California
Ohio
Utah
Maine
Colorado
Vermont
Oklahoma
Maryland
Delaware
Virginia
Massachusetts Oregon
Dist. of Columbia
Washington
Pennsylvania
Michigan
Florida
West Virginia
Rhode Island
Mississippi
Georgia
Missouri
South Carolina Wisconsin
Idaho
Wyoming
Nebraska
The holdings of the United States Government in the capital stock of
the Federal Land Banks have been reduced from approximately $9,000,000,
at the time of the inauguration of the system, to about $600,000, as at
April 30 1928. The Farm Loan Associations now own about $62,000,000
capital stock, part of the proceeds of which was used to retire stock owned
by the Government as required by the Farm Loan Act. The United States
Treasury Department has purchased and now holds for the United States
Government Life Insurance Fund over $100,000,000 Federal Land Bank
bonds. While these bonds are not Government obligations, and are not
guaranteed by the Government, they are the secured obligations of banks
operating under Federal charter with Governmental supervision, on each of
whose boards of direction the public interest is represented by three directors appointed by the Federal Farm Loan Board.
Total liabilities
3529
1.933,457.08
580,873.94
406,478.83
63,456.837.50
11,055,289.90
352,256.74
4,107,680.73
81.259,330.737.13
Offering of $11,200,000 7% Silesian Bonds—Polish
Province's First Dollar Loan and Only Funded
Debt—Books Closed.
An offering of $11,200,000, 7% thirty-year sinking fund
external gold bonds of 1928 of the Province of Silesia (Republic of Poland) was offered on June 5 by Stone & Webster
& Blodget, Inc., and The First National Corp. of Boston.
The issue is Silesia's first dollar loan and constitutes the
Province's only funded debt. It was announced on June 6
that the bonds had been oversubscribed and the books
4
3
/ and interest, to
closed. The bonds were priced at 89
yield over 7.94%. A substantial amount of these bonds
has been placed in France, Switzerland, Holland, Sweden
and Poland, including bonds offered in Warsaw by the
Bank of Handlowy W. Warszawie. The proceeds of the
issue, it is stated, will be used entirely for productive
purposes either directly by the Province or through advances
to cities and communes within the Province. Among the
more important purposes are the construction, equipment
and extension of water works and sanitary improvements,
enlargement of electric power stations, extension of transportation facilities, regulation of rivers, construction of
market halls and stockyards and fixed agricultural improvements. The bonds will be dated June 1 1928 and will
mature June 1 1958. The Province will provide a cumulative
sinking fund calculated to be sufficient to retire all the
bonds of this issue at or before maturity, such retirement to
be effected semi-annually by call of bonds by lot at par and
accrued interest. The Province, however, may acquire
bonds by purchase, and tender them at par in payment of
the sinking fund installments. The bonds will be redeem-.
able (otherwise than through the sinking fund) as a whole
or in part on any interest date at 104% and accrued interest
on or before June 1 1931; thereafter the premium decreasing
-year period or part thereof, up to and includ1% for each 3
ing June 1 1937 and redeemable after that date at 101% and
The following is the consolidated statement of condition accrued interest. Principal and interest (June 1 and Dec. 1)
of the twelve Federal Land Banks April 30 1928, compiled will be payable at the office of The First National Corp.,
New York City, in 'United States gold coin of the present
from their reports to the Federal Farm Loan Board:
Assets—
standard of weight and fineness without deduction for any
81,261,833,679.12
Gross mortgage loans
Polish taxes present or future. Coupon bonds in denomina80.767,394.72
Less payments on principal
tions of $1,000, $500 and $100, registerable as to principal
1.181,066.284.40
Net mortgage loans
646,100.59 11.180,420,183.81 only. The First National Bank of Boston is fiscal agent; the
Less prin. of doling. installments_
First National Corp. (of. Boston), New York City, is paying
Delinquent installm'ts in process of
collec.ion: (prin. & int.)
agent. Dr. Michal Grazynski, Governor of Silesia, in ad821,960.82
Less than 30 days
392,342.68
Thirty to 80 days
vices to the bankers, states:
311,407.99
Sixty to 90 days
the Province
Ninety days and over
2,018,989.53
Total
Lass partial payments
Less reserve for installments delinquent 90 days or over
3,342,681.02
303,915.58
2,057.421.17
United States Government securities
Other securities
Securities subject to resale or repurchase agreements_ _ _
Interest accrued but no due on mortgage loans
accr. but not due on U. S. Govt. securities
Other interest accrued but not due
Cash on hand and in banks
Cash deposited for payt. of farm loan bonds matured or
called for redemption
Purchase money first mortgages
Purchase money second mortgages
Real estate sales contracts
Notes receivable
Accounts receivable
14,857.250.13
Real estate
10,157,046.44
Less reserve for real estate_ _
Less receipts by Spokane Bank from
2.799,850.18
Spokane commission
2,799,850.18
Spokane participation certificates__ __
2,799,850.18
Less res.for Spokane part. certifs_ _Sheriffs'certifs. judgments,&c.(subject to redemption)_ Banking houses
Furniture and fixtures
Prepaid expenses
Deferred expense (discount on bonds sold)
Other assets
Total assets
Liabilities—
Farm loan bonds
Less own bonds on hand
981,344.27
21,194,304.10
160,213,51
5,150,000.00
19,054.741.14
161,087.98
45,938.2o
13,148,161.47
396,400.00
3,498,871.79
571,875.84
2,179,217.87
618,608.53
2,073,434.40
1,900,353.51
4,270,574.57
2,557,887.52
237,357.48
78,587.85
259,959.72
375,833.57
81,259,330.737.13
$1.141,381,240.00
541,980.00 81,140,839.260.00
Farm loan bonds matured or called for redemption
396.400.00
Matured coupons outstanding
600,075.18
Securities subject to resale or repurchase agreements_ _
4,900,000.00
21,230.248.11
Accrued interest farm loan bonds outstanding
8,971.43
Other accrued interest
7.114.930.00
Notes and bills payable
739.751.52
Accounts payable
1,135,474.58
Unpaid dividends
472.751.63
Due borrowers on uncompleted loans
Security.—The bonds of this issue are a direct obligation of
of Silesia, which pledges its full faith and credit for the prompt payment
of the principal, premium, interest and sinking fund thereof. In addition,
these bonds are specifically secured by a first charge on the industrial tax,
consisting of the turnover tax and license tax.
• • •
The average receipts for the fiscal years 1924, 1925 and 1926 amounted
2
/
to more than 31 times the annual service charges of this loan and for
1
/
the fiscal year 1927-28 were in excess of 42 times such annual service
charges.
The Province has covenanted to maintain revenues securing the bonds of
this issue at an amount at least equal to four times the annual service
charges of these bonds. The Province has also covenanted that it will not
as long as any of the bonds of this issue are outstanding increase its debt
to /such an amount that the total service charges of all the debt of the
Province will exceed one-fourth of the ordinary revenues of the Province.
Debt Record.—This issue of bonds constitutes the only funded obligation
of the Province of Silesia. No part of the public debt of the former Provinces of German and Austrian Silesia is incumbent or is a charge upon the
Polish Province of Silesia.
Finances.—The finances of the Province are based upon an annual budget
submitted by the Provincial Government and approved by the Provincial
Parliament. Ordinary revenues and expenditures have been equivalent to
the following amounts:
Revenues. Expenditures. Surplus.
Year
8356.932
88.576.899 $6,219,767
1925
10.298,799 7.655,654 2.643,145
1925-27*
910.239
1. 2 .8.718.414
1927-28
•The figures for 1926-27 cover the 15 month period from Jan. 1 192d, to
Mar.31 1927, due to change in fiscal year.
The surplus in each year has been applied by the Province to capital
purposes.
The per capita debt of the Province is less than $10 and the total annual
debt service charges amount to less than 10% of the annual revenues
averaged for the last three years.
Dr. Grazynski also says:
As far back as the tenth century Silesia formed part of the ancient
Kingdom of Poland. Subsequent to the dissolution of the Polish Kingdom,
3530
FINANCIAL CHRONICLE
Silesia was divided between Austria and Germany. By the treaty of
Versailles part of Austrian Silesia was restored to the newly constituted
Republic of Poland and the smaller part of German Upper Silesia returned
to the Republic of Poland by decision of the Council of Ambassadors following a plebiscite held under the supervision of the League of Nations.
Silesia enjoys almost complete administrative and fiscal autonomy in
having its own Parliament elected by popular vote.
It is noted that all conversions of zlotys into dollars have
been made at the rate of $0.1122 per zloty pursuant to the
Stabilization Decree of Oct. 13 1927, which placed the zloty
on a gold basis. Application will be made to list the bonds
on the New York Stock Exchange.
[vol. 126.
reproduction cost, less depreciation, of the properties to be
mortgaged have been appraised by Stone & Webster, Inc., at
$24,100,000, or 4% times the present amount of all secured
indebtedness. The net earnings, it is stated, for 1927 were
$4,748,748, and the balance available for annual interest
and sinking fund payments was 11% times the annual requirements of all secured bonds outstanding. Further data
In connection with the offering are given in our "Investment
News Department" on a subsequent page.
Offering of $12,000,000 EIM% Bonds offDepartment of
Cundinamarca (Republic of Colombia)—Books
Closed.
At 933 and accrued interest (average yield 7.14%) an
issue of $12,000,000 external secured 04% sinking fund
gold bonds 1928, of the Department of Cundinamarca
Republic of Colombia) were offered on June 7 by a syndicate
composed of J.& W.Seligman & Co., E. H.1Rollins & Sons,
Redmond & Co., and Graham, Parsons & Co. It was
announced the same day that the issuejhad been oversubscribed and the books closed. As to the purpose of the
new issue it is stated:
Offering of $8,000,000 Bonds for Hamburg Elevated,
Underground & Street Railways Co.
A banking group composed of Brown Brothers & Co., International Acceptance Bank, Inc., and Illinois Merchants
Trust Co., offered June 5 $8,000,000 Hamburg Elevated, Underground and Street Railways Co 10
-year 5%% gold loan
at 92% and interest to yield about 6.53%. Under a concession from the State of Hamburg, the company owns and
operates all elevated, underground and railway systems in
the City of Hamburg as well as other transportation lines
reaching the various suburbs, serving in all a population of
The proceeds of these bonds will be applied to the extent of approximately
about 1,500,000. It nlso controls various ferry and bus $3,500,000 to the retirement of the department's entire outstanding external
debt, including
services. In 1927 it carried more than 350,000,000 passen- the proceeds short term bank loans. The greater part of the balance of
will be used for the extension of
Cundinamarca Railway,
gers. Proceeds of the present loan will be used to refund highway construction and other public works.the
an outstanding $6,000,000 short-term loan and to provide
The bonds will bear date May 1 1928 and will mature
funds for improvements and extensions to properties. Fur- Nov. 1 1959. The issue which will be redeemable as a whole
ther data in connection with the offering are given in our or in part at the option of the Department on any interest
"Investment News Department" on a subsequent page.
date, will have the benefit of a cumulative sinking fund
calculated to retire all the bonds by maturity by semi-annual
drawings by lot at their principal amount and accrued intOffering of $4,000,000 Koholyt Corp. Bonds.
erest. They will be coupon bearer bonds in denomination of
A. G. Becker & Co. offered June 4 at 97% and interest to
$1,000. Principal and interest (May nand Nov.
be
yield over 6.75% a new issue of $4,000,000 Koholyt Corp.
of Germany first (closed) mtge. 6%% sinking fund gold payable in United States gold coin of the standard of weight
and fineness existing May 1 1928, in New York City at the
bonds, due March 31 1943. Proceeds of this issue will be
used to retire the company's funded debt now outstanding, office of J.& W.Seligman & Co.,fiscal agent,Swithout deducexcept Dawes Plan debentures, to pay off current liabilities tion for any Colombian taxes.
The Central Union Trust Co. of New York is trustee.
and for other corporate purposes.
Koholyt, one of the largest producers of high-grade chem- Ruperto Melo, Governor of the Department of Cundina,
ical pulp in Europe, is a German corporation, but through marca has the following to say in part:
Security.
controlling ownership of its common stock by the Inveresk
These bonds will
Paper Co., Ltd., it is an important unit in a British corpora- the above mentioned be the direct obligation of the department and after
retirement of outstanding external debt will be secured
tion which, with its associated companies, constitutes one by a direct first lien and charge upon the gross revenues of the department
of the largest paper-making groups in Europe. The bonds from its monopoly on distilled liquors and from its taxes and duties on
will be secured by a direct closed first mtge. (subject to fermented liquors, foreign liquors, slaughter houses and tobacco, after
deducting all municipal participations In such revenues.
present Dawes Plan charges of about $49,000 a year on a
The Department may from time to time issue additional bonds of other
principal obligation of $1,181,786) on substantially all the series of the loan subject to restrictions set forth in the loan agreement and
lands, buildings and fixed machinery owned by Koholyt may pledge additional revenues thereunder.
The loan agreement provides in substance that al all times
and appraised at $11,189,423, or more than 2% times this for the two and one-half years ending on the next precedingthe average.
June 30 or
Dec. 31 as the case may be. of the pledged revenues, calculated on a gold
Issue and the Dawes debenturese.
Net earnings of the company available for the payment of basis, after deducting municipal participations and all costs and expenses
of collection, administration and production and the maximum annual
Interest after depreciation on book values, Dawes Plan amount required for the service of all prior liens and charges shall be at
charges, and all taxes, except German profits taxes, for the least two times the maximum annual amount required for the service of all
two years ended June 30 1927 averaged, it is stated, $1,- the bonds outstanding under the loan agreement and if such average falls
below that amount the Department will pledge such additional revenues
086,351 a year, equivalent to 4.1 times maximum annual satisfactory to the trustee as may be necessary to make up the deficiency.
In accordance with Article 42 of the Fiscal Code of Colombia adopted in
interest charges on these bonds, and for the last fiscal year
loan agreement contains provisions confining
1912,
Colombian
were equivalent to over 4.8 times such requirements. Fur- courtsthe proceedings or other action for the enforcementto the obligations
all
of the
ther data In connection with the offering are given in our of the Department.
Revenues.
"Investment News Department" on a subsequent page.
The gross revenues, after deducting municipal participations, pledged
as security for these bonds for the two and one-half years ended Dec. 31
Offering of $5,000,000 Brandenburg Electric Power Co. 1927 have been as follows (in pesos, one peso being equal to $0.9733 at par
of exchange).
Bonds.
2,912,886.38
Year ended June 30 1926
An offering of a new issue of $5,000,000 first mtge. 25Year ended June 30 1927
3,392,683.59
1,976,693.73
6 months ended Dec. 31 1927
year sinking fund 6% bonds of the Brandenburg (Germany)
The above revenues have averaged annually for the above period 3.58
Electric Power Co. was made June 4 by E. H. Rollins & Sons times the total annual service charges on the present issue of bonds.40 ,,iad
1
and The Equitable Trust Co. of New York. The bonds were
Finances.
priced at 93% and interest, to yield over 6.50%. The proUpon completion of this financing these bonds will constitute the only
ceeds of the sale are to be used chiefly for expanding present external debt of the Department. On Dec. 311927. the Department had
power plants and for further acquisitions. The company, no internal funded debt and its floating debt was 798,608.67 pesos. Total
revenues of the Department have increased substantially during recent
founded in 1900, is one of the largest producers and dis- years, reflecting the steady development of the Department and the
tributors of electricity in Germany. The company, its sub- creation of new sources of revenue.
sidiaries and affiliated companies, serve over 3.500 communities with a population of 2,200,000, including important
Ohio Building and Loan Associations.
metropolitan districts of Berlin, practically the entire ProvThe Bureau of Business Research of the Ohio State Uniince of Brandenburg and parts of the adjacent Province of versity presented the following relative to Ohio Building
Silesia, Grenzmark and Pomerania, the sphere of operations and Loan Associations in its March Bulletin:
exceeding 13,500 square miles. The electric output of the
In 1926 there were 837 building and loan associations operating in
company has increased, it is stated, from 184,200,000 kilo- Ohio. These associations possessed total assets to the amount of $928,382,.
000. Since 1892 there has been an increase of 123 separate associations.
watt hours in 1923 to 428,000,000 kilowatt hours in 1927. During the same period total assets have increased
from $74,076,000 to
Upon the completion of construction work now in progress, $928,382,000. Although an increase has occurred both in the number of
the system will have a total maximum generating capacity associations and in the total assets, the relative increase in assets nas been
much more pronounced
of 152,160 kilowatts and over 6,500 miles of high and inter- ciations. Associations than the relative increase in the number of ass°.
increased by only 17.2%, whereas total assets
mediate voltage transmission and distribution lines. The of all associations increased by 1,153.3%.
JUNE 9 1928.1
FINANCIAL CHRONICLE
3531
The last 16 years have witnessed the greatest expansion in numbers.
After 1910, the number of associations increased steadily down to 1924
when there were 880 associations in operation. In 1925 and 1926 this
number was decreased by 36 associations, but the number in operation
In 1926 was still substantially greater than at any other time during
the period from 1892 to 1926, with the exception of the years 1921 and
1925. In spite of the slight decline in the number of associations, during
these two years the total assets of all associations continued to lacrease
In 1925 and 1926. The increase was from $765,306,000 in 1924 to $847,571,000 in 1925, and to $928,382,000 in 1926.
The growth in building and loan associations in Ohio from 1892 to
1926 "was not so much from increases in stock receipts as from increased deposits." In the last part of the period the associations gained
their funds more from deposit obligations than from proprietory sources.
This is evidenced in the increase in deposit accounts as contrasted with
the decrease in stock accounts. During the first five years of the period,
"running stock and dividends" exceeded 60% of the total liabilities of
associations, while during the last five years it averaged only 41% of
total liabilities. "Deposits and accrued interest," for the first five years
of the period, averaged 13% of total liabilities; for the last five years,
38%.
This expansion of building and loan activity in the State has been
accompanied necessarily by changes in the policies and practices of building and loan associations. For example, the growth in the actual amount
and in the relative importance of the "deposit and accrued interest" item,
indicating the increasing importance of deposit obligations, has made
necessary the building of more flexible reserves for protecting the increased
deposits. The growth in the item, "deposits in other building and loan
associations," suggests that associations have tended to strengthen their
position with reference to deposit accounts by developing an interdeposit
relationship among building and loan associations. This practice raises
the question of the possible development of some central organization to
clear surplus money and provide emergency funds.
If such an organization were considered, the question would at once
arise "as to whether building and loan groups should attempt to develop
a central reserve or a central agency for securing emergency loans for
distressed associations in a solvent condition," or whether they should
attempt to create "such relations with the commercial banks that the
central reserve of the Federal Reserve system may be made to meet the
needs of the building and loan associations as well as those of the commercial banks."
The expansion of building and loan activity in Ohio from 1892 to 1926
is presented in a bulletin entitled Historical Balance Sheet Analysis of
Ohio Building and Loan Associations, by H. Morton Bodfish, published
by the Bureau of Business Research of The Ohio State University.
recent hearing in the Banking and Currency Committee room in the House,
said that I, as a member of Congress, could not look at the records of the
Board or at any of the memoranda or correspondence which they had'
involving any of the transactions growing out of the meeting in Washington,
between the Federal Reserve Board and the representatives of the central
banks of Europe in the summer of 1927.
"The American Congress, representing the American people, created the
Federal Reserve System. The operations of the system should not be conducted in secret. The confidence of the people in that system can only be'
retained through a frank and open disclosure of its method and purpose'
of operation.
,
"Certain facts and data have so recently come to my attention as to
make it impossible for an earlier draft of the resolution which I filed on,
Saturday, May 26. It is probably too late to press for action at the
present session of Congress, but I shall certainly press for action at the
next session.
Economic complications in foreign lands are fraught with consequenceg
of the most serious nature. Great care should be exercised in arresting
their abnormal spread. I am informed that private loans totaling $12,000,000,000 have been made by this country abroad since the war, thus
bringing the total European indebtedness to the American Government and
American business interests to $24,000,000,000."
Concluding, Mr. Beedy stated: "We have refused membership in the
League of Nations; we have refused entrance into the World Court. We
are, nevertheless, heavily involved in Europe. The facts should be given
the public."
The resolution contained twelve "whereases," beginning with one pointing out "the announced policy of the United States Government to oppose
an overgenerous and indiscriminate placement of foreign loans by American
banks and bankers."
Another "whereas" in the resolution declared: "Another central banking
conference in Europe is soon to be held, which conference is to be attended
by representatives of the central banks of France and Germany and the
Bank of England, together with the Central Reserve Bank of New York
City."
Other "whereases" maintained "foreign securities are being offered in
great volume by New York and other bankers"; operations of the New
York open market committee of the Federal Reserve System "have apparently aimed at assisting Europe in the establishment and maintenance of a
gold standard and the stabilizing of international exchange, even at the
cost of encouraging undue speculative activities in the American securities
market"; and
"It is generally recognized that indiscriminate investments abroad complicate international relations and multiply possibilities for international
misunderstandings."
Foreign Loan Policy Criticised by Representative
Beedy—"Avidity" of Bankers to Get Profits
Fraught With Danger—Opposed to Secrecy of
Operations of Federal Reserve System.
Amplifying his resolution calling for a searching inquiry
Into any relationship the Federal Reserve System may have
with the New York Stock Exchange in the listing of foreign
loans, Representative Carroll L. Beedy of Maine, a Republican member of the House Committee on Banking and
Currency, urged, on May 28,"a frank and open disclosure of
Its methods and purpose of operation," says the Washington
correspondent of the New York "Journal of Commerce."
In indicating further Representative Beedy's contentions,
the account went on to say:
Former President Cravens of Kansas City Joint Stock
Land Bank Found Guiltyof [Missapplication of
Bank's Funds.
Walter Cravens,former President of the Kansas City Joint
Stock Land Bank, and Miss Alice B. Todd,former secretary,
were found guilty on May 24 by a jury in Federal Court at
Kansas City of misapplication of funds and of making false
entries in the bank's books. It is reported that former
President Cravens has been sentenced to six years in the
Federal Penitentiary and fined $25,000. Miss Todd was
sentenced to a year and a day in the prison. The Kansas
City "Star," in its account of the convictions, said:
Cravens and Miss Todd were found guilty on each of the eighty-eight
counts in the indictment on which they had been on trial before Judge
The needy resolution, introduced in the House last Saturday [May 26], Merrill E. Otis since May 7. On no count did the jury return a consoling
proposed appointment of five members of the Banking and Currency Com- verdict of not guilty.
mittee to ascertain whether the Government or the Federal Reserve System
• • •
has any working plan relating to the listing of foreign loans on the New
The unanimity and completeness of the jury's findings was astonishing
York Stock Exchange. Such an investigation, according to the resolution, to the Government attorneys, who had, at the most, expected a compromise
would be made to determine governmental steps to curtail further loans verdict. A conviction of either defendant as to any one count would have
abroad by a policy of regulative restrictions.
been regarded as a victorious conclusion of the case. Roscoe C. Patterson,
The inquiry proposed in the resolution also seeks information concerning United States Attorney; Nugent Dodds, Special Assistant Attorney genthe acts of the Federal Reserve Board and the operations of the Federal eral, and their assistants looked at each other in surprise.
Reserve System "to determine whether authority under law has been ex•
•
•
ceeded in co-operating or entering into agreements or understandings with
Others Also Charged.
central European banks in an attempt to regulate or affect the international
flow of gold, to maintain the gold standard abroad, or to stabilize interCravens and Miss Todd also are under indictment here with Richard P.
national exchange.".
Cravens, C. Russell Cravens, R. Harold Cravens and Ralph W. Street, on
Fears Loan Complications.
chargese similar to those on which the verdict of guilty was returned to-day.
Referring to the "whereas" in his resolution, which stated "The British Richard P. Cravens is the father of Walter, R. Harold and C. Russel/
Government bond issue of $12,000,000 has recently been listed on the New Cravens. The father and two brothers live in Salina, Kans.
Another indictment, naming Walter Cravens, Miss Todd and others, Is
York Stock Exchange and a statement justifying this issue has been made
by E. H. H. Simmons, President of the New York Stock Exchange," Rep- pending in Federal Court in Kansas City, Kans. Cravens also is under
resentative Beedy in an authorized statement declared:
indictment in Toledo, 0., in which he is charged, with Guy Huston, former
"The astonishing proportions which American loans abroad have assumed fiscal agent for the Cravens' bank, with using the mails in a scheme to
since the war is daily bringing us into more complicated and delicate rela- defraud.
The other indictments will be called for trial in due course, according to
tions with Europe. The avidity with which our international bankers
seize upon the profits involved in floating foreign issues is arousing serious Nugent Dodds, a Special Assistant Attorney General. It is doubtful, howconcern and grave doubts as to the advisability of further unlimited place- ever, that any action as to the other charges will be taken until the Court
ments. The private banker who pockets his profit and unloads the bond of Appeals has passed on the appeal in the case concluded to-day.
issues upon our great middle class, cares little for ultimate consequences.
More Than 100 Witnesses.
"F. II. Sisson, Vice-President of the Guaranty Trust Co. of New York
The Government introduced 100 witnesses and more than 600 exhibits
City, voices the thought of this type of banker. On Jan. 17 last, before
the Economic Club in New York City, while discussing the profit accruing were introduced, making a new record in the Federal Court here in the
to American bankers from expansion of American loans in foreign coun- number of exhibits.
The defense in the case was that if there were any misapplication of
tries, he is reported to have declared: 'If we can put behind the American
business man the power Great Britain puts behind hers I am for it, even funds or false entries in the bank, it was due to negligence on the part of
the Government in the administration of the Farm Loan Act.
if it is our fleet with its 16-inch guns.'
It was pointed out by the defense that the Land Banks were handicapped
Raises Question of Power.
by the Government and were without adequate means of operating. Blank
repudiation our Government is compelled to protect the forms to be used in making reports were not furnished, it was claimed, and
"Upon foreign
Investments of its nationals and the people pay in money and life. With the bank employees were forced to resort to their own devices in making
the recent numerous listings of foreign loans, it becomes urgent to deter- reports to the Government
mine whether some effective and restrictive regulations should not be imIn its further account of the case the Kansas City "Star"
posed. The situation is further complicated by the active co-operation of
the Federal Reserve Board and some of the American central Reserve Banks of May 24 said in part:
with the reserve banks of Europe.
The drama which concluded the sixteen days of the trial of Walter
Serious question is thus raised as to the limit of powers of the Federal Cravens and Miss Alice B. Todd marked the close of a battle which Cravens
Reserve System placed upon it by the law creating it. Governor Young had waged since rumor first linked the name of the Kansas City Joist
of the Federal Reserve Board, in response to my question propounded at a Stock Land Bank with financial difficulties.
3532
[VoL. 126.
FINANCIAL CHRONICLE
Cravena persistently denied that any of the funds of the bank had been
used for private ventures. His friends heard his protestations of moocerise until they believed in the former Salina mortgage banker. The same
plausible story which friends so readily believed was told to the Federal
Court jury.
The story had two angles. One was that enemies were trying deliberaely
to wreck his bank so they could gain control. The other angle was that,
when the Federal Farm Loan Act was passed, and since, no provision was
made for intelligible reports of a bank's condition, leaving to bank owners
the task of improvising forms which would reflect the condition of the
bank.
Cravens and Miss Todd, by the jury's verdict to-day, were convicted of
having taken more than a quarter million dollars from the Land Bank by
surreptitious straw loans and covering there transactions up through intricate entries designed to mislead the Federal Farm Loan Board and others
interested in the condition of the bank.
The "straw loans," according to Government accountants, will be found
to amount to more than two million dollars when all of them have been
traced through the books of the bank. Only a few selected instances were
taken for the basis of prosecution, according to Nugent Dodds, Assistant
Attorney General.
The beneficiary of this raid on the Land Bank was the Missouri Hydro-.
Electric Power Co., a project sponsored by Cravens on the Osage River
near Bagnell, Mo. Into it Cravens poured many thousands of dollars,
visualizing a great electric power center that would make immense returns
for its owners.
Cravens, in statements made early in the history of the bank's troubles,
and on the witness stand, had said the bank would reap the profit from
the power project's development.
Investigation of the conduct of the Kansas City Joint Stock Land Bank
began in December 1926. The action followed complaints of stockholders
that money belonging to the bank was being diverted by Cravens to finance
private ventures, particularly the Missouri Hydro-Electric Power Co., a
aster power project on the Osage River near Bagnell, Mo.
Secret service agents, working under the direction of the Treasury Department, first undertook the investigation, but they were soon displaced
by accountants working under direction of the Department of Justice.
Resistance to their requests was reported by the agents when they undertook
an examination of the mortgage banking institution. The disputes were
carried to departmental officials in Washington for some time, then subpoenas for books and papers were obtained from the Federal Court here.
Clmvens protested, throughout the inquiry, that the affairs of the Land
Bank had not been intermingled with his private ventures, and then denied
the power project was a private enterprise. He produced a contract, drawn
between himself as President of the Land Bank and with himself as Presi.
dent of the power project, making the Land Bank the beneficiary of the
water power development project.
Indictments against Cravens, Miss Todd, Richard P. Cravens, C. Russell
Cravens, R. Harold Cravens and Ralph W. Street, all officials of the bank,
were returned by a Federal Grand Jury in April 1927.
This indictment charged misapplication of funds of the bank and the
making of false reports to the Federal Farm Loan Board. Another indictment, the one on which Cravens and Miss Todd were tried, was returned
in August 1927 and charged, in eighty-eight counts, misapplication of funds
and false entries on the Land Bank's books.
The Lead Bank was placed in receivership in May last year when it
failed to meet interest on its mortgage bonds.
The bank had outstanding approximately 45 million dollars in bonds,
secured by mortgages on Missouri and Kansas farms.
Position of the Loan Board is that the law gives it authority to assess
stockholders of a bankrupt Joint Stock Land bank under a double liability,
to appoint a receiver to administer such an institution and to do such other
things as are necessary to wind up its affairs.
Provisions of the Farm Loan Act in this respect are believed to give the
Board powers similar to those given the Comptroller of the Currency over
National banks. The difference in the language of the Farm Loan Act
and the National Bank Act is attributed to the fact that Congress intended
the powers to be similar, and saw no reason to detail the powers in the latter
Act.
When the Kansas City Joint Stock Land Bank was placed in the hands of a
receiver that official found it necessary to bring action against some of the
stockholders to collect assessments under the double liability clause of
the fact. His suit was successful in the local court and on appeal was later
upheld by the Circuit Court at St. Louis.
Assessments were levied on the stockholders of the insolvent Wisconsin
Bankers' Joint Stock Land Bank of Milwaukee under the same interpretation of the law as in the case of the Kansas City bank.
Some of the stockholders of the Milwaukee bank were made defendants
In a suit to collect assessments and demurred to the receiver's complaint.
The ruling of the Court denying the legality of the double liability clause of
the Act was upon the demurrer so that the case has not yet been given full
consideration.
However, the Board has collected more than $400.000 of the total of
31,200.000 assessed against stockholders of the insolvent Milwaukee bank.
which is believed to be good progress.
Brokers' Loans on New York Stock Exchange Reach
New High Figure—Exceed Five Billion Dollars.
Brokers' loans on the New York Stock Exchange have
soared to new high totals, reaching $5,274,016,281 on May
31, according to the figures made public by the Exchange
after the close of business on Monday, June 4. The May
31 figures exceed by $366,263,682 the April 30 totals, which
at $4,907,782,599 had established a new record. Of the
total of $5,274,046,281 on May 31, $4,070,359,031 represent
demand loans and $1,203,687,250 consist of time loans. The
"Journal of Commerce" in commenting in its issue of June
5 on the new high peak, said:
No surprise was occasioned in Wall Street by the record total, the size
of the advance having been indicated with considerable accuracy by the
last report on brokers' loans by the New York Federal Reserve Bank.
Although the Stock Exchange and the Federal Reserve figures on etreet
loans show a wide margin of difference, due to the fact that their records
cover different sets of banks and corporations which make these loans,
there has been a definite relation between the two reports which has made
the one an index of the other.
For some time the Federal Reserve brokers' loan total of the last
report in the month has been approximately $600,000,000 below the Stock
Exchange figures. The Reserve bank report made public at the close
of business last Thursday showed the total of loans on Stock Exchange
collateral to be $4,469,466,000. Adding the previously obtained margin
of $600,000,000, the financial community looked for an announcement
breaking the $5,000,000,000 mark.
The total increase shown for the month by the Federal Reserve figures
amounted to $187,809,000, as compared with $366,263,682 for the Stock
Exchange increase recorded. Records of the Stock Exchange have shown
an average monthly increase of approximately $300,000,000 in loans to
brokers since these loans started their upward course at the end of February.
Double Liability Clause Affecting Stockholders of
Federal Land Banks Held Illegal in Suit Affecting
Wisconsin Bankers' Joint Stock Land Bank.
The following is the statement issued by the Exchange on
Theklouble liability clause affecting stockholdersin Federal June 4:
has been held as
Land Banks and farm loan associations
Total net loans by New York Stock Exchange members on collateral,
illegal by Federal Judge F. A. Geiger, at Milwaukee, accord- contracted for and carried in New York as of the close of business May
ing to advices May 24 to the Chicago"Journal of Commerce." 31, 1928, aggregated $5,274,046,281.
The detailed tabulation follows:
We quote from that paper as follows:
The decision is believed to be the first adverse ruling against the Government's regulatory provisions. It was made in the suit of nine stockholders in the bankrupt Wisconsin Bankers' Joint Stock Land Bank of
Milwaukee.
Assessment Held Illegal.
Demand Loans. Time Loans.
(1) Net borrowings on collateral from New York
Banks or 'Frost Companies
$3.454,630,611 81.113,906.000
(2) Net borrowings on collateral from private bankers, brokers, foreign bank agencies or others
in the City of New York
90,781,250
615,728,420
The decision was given in upholding the demurrer of the stockholders
to the 100% assessment which the Federal Land Board in Washington
had ordered them to pay following the bank's failure. The assessment
amounted to 21,200,000 and affected 400 stockholders, principally Wisconsin bankers. Of the amount 2400,000 had already been paid. Judge
Geiger's ruling was that the Federal Board was without legal right in this
100% assessment.
Goes to Higher Court.
$4,070,359,031 $1,203,687,260
Combined total of time and demand loans. $8,274,046,281,
An appeal is to be taken from the decision, according to Colonel Howard
Green, Receiver for the Land Bank. J. V. Quarles, counsel for the defendant stockholders, said the decision was the first to be given against the
Federal provision governing the financial responsibility of a stockholder
in stock land banks.
The assessment was being collected in the settlement of the affairs of
the bank, which had sold bonds totaling 215,771,600 secured by mortgages
on Wisconsin farm property. Failure of the institution was attributed
principally to deflation in farm land values.
The scope of the above compilation is exactly the same as in the loan
report issued by the Exchange a month ago.
The compilations of the Stock Exchange since the issuance of the monthly figures by it, beginning in Jan. 1926,
follow:
1926—
Jan. 30
Feb. 27
Mar.31
April 30
May 28
June 30
July 31
Aug. 31
Sept.30
Oct. 31
Nov. 30
In reporting that an appeal would be taken by the Federal Dec. 31
1927—
"Wall Street Journal" of June 5
Farm Loan Board, the
Jan. 31
Feb. 28
had the following to say in Washington advices:
Mar. 31
Federal Farm Loan Board is preparing to appeal the recent decision of A pill 30
the Federal Court at Milwaukee which held void the double liability clause May 31
June 30
of the Farm Loan Act.
Backed by a favorable decision upholding its powers to assess stockholders July 30
Aug. 31
of a bankrupt Joint Stock Land bank under the double liability provisions Sept.30
of the law handed down by the Circuit Court of Appeals at St. Louis prior Oct. 31
to the Milwaukee ruling, the board is confident the higher court will uphold Nov.80
Dec. 31
the legality of the provisions of the Farm Loan Act which constitute one of
1928—
bonds.
the important safeguards behind the Joint Stock Land Bank
Jan. 81
The ruling by Federal Judge Geiger at Milwaukee was merely upon a Feb. 29
by the Court. Hence the Mar.81
demurrer and was not considered an opinion
formal written April 30
ruling is not looked upon as carrying the same weight as a
May 31
opinion.
Demand Loans.
$2,516,960,599
2,494,846.264
2,033.483,760
1,969,869.852
1,987,316.403
2,225,453.833
2,282,976,720
2,363,861,382
2,419,206,724
2,289,430,450
2,329,536,550
2.541,682,885
Time Loans
2986,213,555
1,040,744,057
966,612,407
865.848,657
780.084,111
700.844,512
714,782,807
778,286,686
799.730.286
821.746.475
799.625,125
751,178.370
Total Loans.
83.513,174,154
3,535.590,321
3.000.096.167
2.835.718.509
2.767.400.514
2,926,298,345
2,996.759,527
3.142,148,068
3.218.937,010
3.111,176.925
3.129.161.675
3,292.860.255
2,328,340,338
2,475,498,129
2,504,687,674
2,541,305,897
2.673.993,079
2,756,968,593
2.764,511,040
2,745,570,788
3,107,674,325
3,023,238,874
3,134.027,003
3.480,779,821
810.446.000
780,961.250
785,093.500
799,903,950
783.875.950
811,998.250
877,184,250
928,320,545
896,953,245
922,898.600
957.809.300
952.127,500
3.138,786,333
3.256.459,379
3,289,781.174
3,341,209.847
3,457.889.029
3.568.966.843
3.641.695.290
3,673,891.333
3,914,627,570
3,946,137.374
4,091.838.303
4,432,907.321
3.392.873.281
3,294,378,654
3.580.425,172
3.738,937,599
4,070,359,031
1.027.479.260
1,028.200.260
1,059.749.000
1,168.845,000
1.203,687,250
4.420.352.541
4,322.578,914
4.640,174.172
4.907,782.599
5.274,046.281
JuNE 9 1928.]
FINANCIAL CHRONICLE
are publishing a stateIn another item in this issue we made public coincident
rve Board
ment by the Federal Rese
's figures of brokers' loans
with the issuance of this week h the Board discusses the
, in whic
on the Stock Exchange
indebtedness of member
rising loans and the increasing s.
ral Reserve Bank
banks to the Fede
3533
than stocks the procedure will be
In the event that bonds are more active
adjusted accordingly.
e the
effective befor
The new system will not become
ember, but due notice will be given of the
latter part of Sept
, there are approximately
exact time. At the present time
the
tickers operating in 29 cities throughout
1,350 Curb
country.
leExchange to Establish Periodic Sett
York New York Curb
ments in Foreign Securities.
Reporting Daily Stock Sales.—New
New Plan for
of Shares Traded in
ct. to dealings in foreign
Exchange to Print Estimate e.
An announcement with respe
on
Clos
Issue Hourly and at
by the New York Curb Exchange
Each
securities was made
on Clearing House to the
history of the New York Stock
For the first time in the
June 7 through its,Committee
s of the number of shares of
acts of June 18 and thereStock Exchange unofficial total
effect that commencing with contr
in will be printed after the close each after, sheet as of July 2, depositary receipts of the Guaranty
each listed stock traded
June 8, from which we
senting the stocks of British
day, according to the "Times" of
Trust Co. of New York repre
Columbia Graphaphone Co., Ltd., will
follows:
ons Celanese, Ltd. and
quote further as
es the elimination of volume notati
settlements. It is claimed that
The new plan, which includ
Committee on arrangements,the be cleared under periodic
k exchange
500 shares, has been adopted by the
under
about
Curb Exchange is the first stoc
has been set up and tested and
e
York
gn
machinery for making the chang
will be the New
g of a date on which the new plan
te periodic settlements in forei
inaugura
all that remains is the settin
but before that time in this country to
tion of the new sysbly will be some time next week,
inaugura
in
started. It proba
to its members of the innovation,
securities. Incident to the
the Exchange will issue formal notice
ing such certificates of deposit
it.
tem and the rules for clear designated by the Committee
order that all may clearly understand
in the general campaign of the Stock
The development is another step
st of foreign securities as may be
service and keep the tickers abrea
of the Curb Exchange have
Exchange to speed up its quotation
on Clearing House, members
t.
of the marke
their customers that transacInvolved.
Three Innovations
been instructed to ,notify all
delayed delivery,
ate innovations: First, the elmlnation
cleared certificates will be
The new scheme involves 3 separ
; second, the printing at the tions in such
500 shares
the ticker DD. Although only
from quotatons of all sales under
on
estimated sales of stock during the hour, and will be printed
end of each hour of the total
ted for periodic settlements as
, after it has "cleared" for the day,the
two issues have been selec
third, the printing on the bond ticker
ities
g the day.
time, various other foreign secur
sales in each stock dealt in durin
time to
volume of
of 100 shares is printed without no yet, from
Under the present system the sale
will be selected.
lots are printed 2, 3, 4. For instance, traded in on the Exchange
tation, but 200, 300 and 400 share
of United States Steel at 143 it would
should there be a sale of 300 shares
to Permit
of the temendous number of
d on the ticker X.3.143. Because
be printe
of Trade Amends Rules
is, traders dealing in 200, 300 and 400 Chicago Board
es.
small traders in the market, that
Trading in Securiti
ticker's energy is consumed in noting
share lots, a good percentage of the
members of the
these sales.
25, by a vote of 795 to 116,
On May
Volume Notation Limit.
"Journal
Trade (according to the Chicago
symbol
shares or more, merely the
Chicago Board of
Hereafter, unless the sale is one of 500
amendment to the rules whereby
the record of these sales
d. However,
Commerce")approved an
of the stock and its price will be printe
rules, and make pronotes of each sale and they will be of
will not be lost. Reporters will make
are enabled to formulate
. These are published by a printing the officials
printed in full on the Fitch sheets
securities on the exchange. The
bond
ticians and records stock and
visions for trading in
company which maintains a staff of statis
was passed 590 to 229 and
Exchange, and whose sheets, condment on execution of orders
transactions for members of the Stock
ees from
close of the market each amen
the
g the unofficial prices, are distributed at
ed by 540 to 173 against. Advi
tainin
duties of agent pass
day.
New York "Herald-Tribune"
of the Stock Exchange will Chicago of May 25, to the
At the same time the reporters on the floor
in each stock as the market promaintain a record of the transactions
go Board of
the Stock Exchange said:
other securities an the Chica
voume will be totaled up and placed on
gresses. This
as practicable. It will not be an
tickers at the end of each hour, as soon
makes no official quotations or
official total, because the Stock Echange
mated total."
totals of any sort, but will be merely an "esti
ers on the floor of the Stock
After the close of the market, the report
the day's sales in the shares of stock
Exchange will start in sununarizing
r" these will be started on every
they handle. When the bond ticker is "clea
er 100 shares or 100,000 shares. The
stock dealt in during the day, wheth
is
this service is that the stock ticker
reason for using the bond ticker for
of bid and asked and settlement
ed after the close, with the sending out
clogg
ordinarily finishes its service between
prices of all stocks. The bond ticker
off for the day.
3:25 and 3:35 p. m.and is ready to sign
20 Minutesfor Summarizing.
d in on the Stock Exchange
An average of 650 different stocks are trade
the stock's symbol will require
floor each day. On the assumption that
here between 4 and 5 figures, and
3 letters and the sales an average somew
to 270 symbols to the minute, it
with the ticker speeding at the rate of 265
out in 15 to 20 minutes and that
is believed that these sales can be tapped
p. m.or before.
the entire work will be completed by 4
market in all parts of the country,
To the legion of followers of the stock
recorded by newspapers and other
the innovation will mean that the sales
as will the aggregate of sales in each
reporting agencies will be exactly alike,
oped because of discrepancies in the
stock. Confusion has heretofore devel
ing agencies. Formal announcement
totals of newspapers and other report
by the Stock Exchange over the week
of the change probably will be made
end.
and
Trading in stocks, bonds
and other formula are
soon as rules, regulations
Trade, can be started as
members. Members voted toDirectors had voted on by
arranged by the
and believe that it will be
ing act in favor of securities
day on the enabl
cial to the institution
benefi
ging for trading, tile
work has to be done in arran
A vast amount of
ly a clearing house for stocks,
and regulations, and possib
adoption of rules
be enlarged to
Board's present clearing house can
unless facilities of the
of the new business.
take care
Exchange whereby
been made in the Chicago Stock
No new overtures have
Board of Trade,
zation can trade in securities on the
members of that organi
adjustment can be arrived
that when the situation is ripe an
but it is believed
to all interests.
at that will be satisfactory
New Boston Securities Exchange.
is scheduled/to open
A new stock exchange in Boston SecuritieslExchange,
r the name of the Boston
shortly unde
laws. Its quarters are
organized under the Massachusetts
officers of the new exlocated at 7 Merchants Row. The
ident
James W.Nourvouni; Vice-Pres
change are: President,
John F. Keen3Secretary,
Theodore Kanter; Treasurer,
her with Joseph A. Boyle
Roger A. Lutz. The officers toget
ees. The Boston "Transcript"
board of trust
e
It was stated in the "Evening Post" last night (Jun 8) comprise the
to the new exchange, said:
the Stock Exchange will not put into effect on Monday of May 24 referring exchange, it was stated to-day by the organizers
that
eby sales
convenient transThe purpose of the new
the proposed new system of stock quotations wher
and other facilities for the
ards of comk is to furnish exchange rooms
rs, to maintain high stand
figures under 500 shares will be eliminated from the stoc action of their business by its membeg the members, and to promote and
ity amon
ss.
mercial honor and integr
tape. The "Post" said:
principles of trade and busine
e, it is said, serious consideration
In view of protests against the chang
plan brought up by members and no
II being given to various angles of the
hasty action will be taken.
system seems to be that it kills the
The greatest objection to the new
at least 50% of stock market operations
science of tape reading, upon which
are based.
er
ice.
New York Curb Exchange Plans Bond Tick Serv
ity in Curb securities, the Committee on
Due to activ
Quotations of the New York Curb Exchange has instructed
nge for the installation
the Curb Ticker Co., Inc., to arra
City. The committee
of bond ticker service in New York
the opinion that out-of-town subscribers are more
is of
ns, but in order
particularly interested in stock quotatio
ns for both stocks and
that a complete report of transactio
ugh the medium of
bonds may be given as heretofore, thro
t the following plan:
tickers now installed, it proposes to adop
10:30, only transactions in stocks appear upon
At the opening and until
to 10:40 transactions in bonds will be printed.
the tape. From 10:30
ghout the day stocks will be printed continuously
Prom 10:40 and throu
wed by bonds, which will be printed for five minutes.
for 15 minutes. follo
inculcate just and equitable
ants for membership,
n provide that all applic
rements
The articles of incorporatio
ties must meet all requi
ations for the listing of securi
nted under laws
and all applic
commissions organized or appoi
fraud and
standards of boards and
and
resentation,
the public from misrep
of Massachusetts to protect
deceit.
m of Los Angeles Stock
Opening of New Board Roo
Exchange.
Angeles
rnors and Members of the Los
The Board of Gove
d that the formal opening of
Stock Exchange have announce
will take place on
the new board room of the Exchange to members/and
invitation, issued
June 1. In a formal
of the purpose and
patrons of the Exchange a brief outline
iation,
Angeles Stock Exchange, as an assoc
object of the Los
was set forth as follows:
I. To provide a security market.
tion of orders at true
e to the investing public the execu
2. To insur
regulation,
market prices under supervision and
of commcerial honor and integrity among
3. To maintain high standards
equitable principles of
Its members; and to promote and inculcate just and
trade and business.
3534
FINANCIAL CHRONICLE
[vol.. 126.
4. To serve legitimate undertakings,
whether public or private, alike
by aiding in financing essential to their
development and expansion.
5. To resist the sale of fraudulent
securities.
March and April 1928.
The months of March and April, howeve
r, showed a marked change in
the situation. The speculative fever
The Exchange was established in 1899.
which had
Its development during the preceding cheap money period asserte been vigorously aroused
and growth has kept pace with the devel
d itself with great
opment of Los and broke free from the restraints of the Federal Reserve Banks. violence.
Money
Angeles.
rates rose, but the demand for money
was no longer a languid thing which
needed coaxing by successions in rates. It
had become a vigorously active
matter, and a steadily increasing volume
of money was demanded even at
Toronto Standard and Mining Exchange Disco
ntinues rising rates. Gold continued to be withdrawn through earmarking and
export, a total of $95,000,000 being list
Noon Closing Period.
in the two months March and April.
The Federal Reserve authorities sold an
additional
The Toronto Standard Stock and Mining Exchange,
00,000 worth
be- Government securities. But both these things were$115,0than offset byof
more
a
ginning June 5, will remain open from ten until
great increase in rediscounts at the Federal
Reserve Banks.
three instead
Cheap money and bank expansion
of closing for an hour and a half at noon as it
have had little direct effect upon
has done business in America in recent years. Indeed
borrowings by merchants
formerly.
and manufacturers in the United States
from the banks appear actually
to have declined in the last two or
three years. This is due partly to the
practice of hand-to-mouth buying
Analysis of Money Market By B. M. Anderson,
Jr., of business corporations have done a . It is also due partly to the fact that
great deal of permanent financing in the
Chase National Bank of New York.
cheap money period.
The indirect effect of cheap money
In a discussion, under the head, "Analysis of the
and bank expansion upon business
Mone
Market," in the Chase Economic Bulletin for June, Benjay has, however, been very marked.
The most conspicuous effect has been in
the speculative rise in the prices
min M. Anderson, Jr., Ph.D., Economist of the
es and
Chase of securitivolumereal estate. But this itself has had a very marked effect
upon the
of consumer demand. Part of these
National Bank of the City of New York in observing
profits have been
that reinvested, but a very considerable part has undoubtedly
"there is a great deal of bewilderment regarding the
been spent in
recent current consumption, an element in consumer demand which of course
will cease when securities and real estate cease
course of the money market," says "there need
to rise. In the second place,
not be. the bank expansion has facilitated
greatly the growth of instalment buying
The forces at work are in large part measureabl
.
In the third place, the period of bank expansi
e." He
on has intensified the rate of
goes on to say in part:
new security issues, which has especially stimula
ted the building trade and,
Since July of 1927 there has been an immense
expansion of bank credit despite import restrictions, has maintained the export trade.
flowing into the securities market, either in the
One remarkable effect has been the increas
form of bank investments
e in activity on the part of
or of collateral loans against securities. There has
been a great rise in the financial middlemen and brokers, the great increase in the volume
of securprice of securities, an immense flotation of new
securities and a growing ities transactions, and the great multiplication in the number
of finance
Intensity in speculation in securities.
companies, houses issuing and marketing
securities, and investment trusts.
The movement began shortly after the Fed. Reserv
e Banks had reduced
their buying rates on acceptances, had reduced
their rediscount rates from Investment
by Public in Stocks of New York City Banks
4% to 3%%,and had begun an immense increase in
the purchase of Government securities—an increase of $320,000,000 taking
Over 400 Million Dollars in Last Two Years.
place in this item alone
between July 27 and November 16. During
the month of Dec. the Fed.
The public has invested $403,611,600 in the stocks
Reserve authorities took a neutral attitude toward
of New
the money market, and
from January down to the present they have been
working with steadily York City bankla in the last two years, according to a tabulaincreasing vigor toward restraining the movement;
first, by selling Govern- tion prepared by Ralph B. Leonard
& Co., specialists in bank
ment securities and, second, by raising rediscount
rates.
and insurance stocks, of New York. Of this
Federal Reserve Bank policy since Jan. 1 has been
total, which is
definitely in the right
direction. Properly reluctant to use violent measur
es, they have put the approaching the half billion dollar mark, it is stated that
brakes on cautiously, but with increasing firmnes
s, and on May 28 (the $381,011,600 was subscribed
for new stocks of established
time of writing), there is good reason to believe that
they at last have the banks
, and $22,600,000 was paid for stocks of new
situation in hand.
banks
Had they been following in the past the policy
of holding rediscount which are still operating independently. The Natio
rates above market rates, the sales of Government
nal banks
securities which began proved the greatest attraction
In January would alone have sufficed to tighten
for investors, $254,142,000
up money adequately and
having been paid for their stocks, while the
to check the expansion. With Fed, Reserve Bank
rediscount rates well
trust companies
below the market, the selling of Government securit
ies proved for a long were next with Investors' subscriptions of
time ineffective, since the member banks replace
$128,850,000.
d the funds thus withdrawn The State banks' share
s were in demand to the extent of
from their reserves by a great increase in rediscounts.
By May 23,however,
the member banks had gone as far in this direction
$20,560,000 in this period. The total amoun
as they could comfortably
t shows what
go,and a position was reached where further sales
of Government securities tremendous sums have been subscribed by
the public of one
could be very definitely effective.
class
of securities alone. Below are
tabulated the amounts
The Heart of the Money Market.
of subscriptions for each bank:
The total volume of deposits of the
commercial banks of the United
Trust Companies.
States (State banks. National banks and
Suite Banks.
trust companies) stood on May American Exchange Irving
American Union Bank
2 1928. at approximately $44,238.000,00
Trust Co
$1,000,000
0. This does not, however,
$29,750.000 Atlantic State Bank
constitute the supply of money availab
650,000
le for additional bank loans. A Bankers Trust Co
37,500.000 Bank of The Manhattan Co_
Bronx County Trust Cobank's deposits are liabilities, not assets,
2,825.000
850,000 Bank of United States
and a bank cannot lend its existing Brooklyn Trust
8,000,000
Co
deposits. A bank can increase its
1,000.000 Chelsea Exchange Bank_ .... _
loans or Investments only when it Is
1,100,000
6,000,000 Corn Exchange Bank
in Empire Trust Co
a position either to pay out cash
Guaranty Trust Co
or to create a new deposit liability, and
1.500,000
40,000,000 Harlem Bank of Commer
its Manufacturers Trust
ability to do either of these things depend
ce_
1,135,600
Co_ _ _ 11,250,000 Madison State Bank
s upon its cash reserves.
The heart of our problem is,
300,000
U • S. Mortgage & Trust Co_
2,500,000 Mechanics Bank,I3rooklyn _
therefore, focused in a figure much
2,550,000
smaller
than the $44,238,000,000 of bank
Municipal Bank
deposits. For the American money
Total
1,000,000
$128,850,000 Port Morris Bank
market, the problem may be focused
National Banks.
200,000
in a figure which stood at 82.442,
Frisco State
000,- Bank of America
000 on May 2 1928. namely, the reserve
300,000
balances of the member banks Central Nationa , N. A__ ... $61,065,000
with the Federal Reserve Banks.
l Bank
875,000 Total
Chase National Bank
$20,560,600
But the problem may be still further
71.385,000
New
narrowed. Not nearly all of this Chemical National Bank__
. 5,000,000 Bank of Yorktown Bouts.
$2,442,000,000 is available as a basis
Lafayette National Bank._
for bank expansion. Most, if
.
420,000 International Germanic Tr_ $1,250,000
not all, Nassau National Bank
of it is required reserves. It is only
10,550,000
1,000,000 Interstate Trust Co
when reserves are excessive that
3,900,000
bank National City Bank
expansion can move easily, and the
110,000,000 Murray Hill Trust Co
real play of the money market is
3,600,000
in the Seaboard National Bank_
3,647,000 Times Square Trust Co__ __
narrow range of perhaps $50,000,000,
2,500,000
Seventh National Bank.
plus or minus, around the require
.
750.000 Traders National Bank__
reserves. The heart of our proble
d
800,000
m is to determine what forces have
led
to comparatively moderate increas
Total
$254,142.000 Total
es or decreases in the volume of
522,800,000
reserves.
The tendency during our period
is exhibited by the following figures
Grand total
:
8403,611.800
Member Bank Reserves.
July 27 1927
Discount Rate of San Francisco and Kansas
$2,282,000,000
November 30 1927
City Federal Reserve Banks Increased from 4% to
2,379,000,000
February 1 1928
43/2%.
2,405,000,000
May 2 1928
As a result of the action taken during the past week
2,442.000,000
Our volume of member bank reserve
by the
s is a little over 5% of the
total Federal Reserve Banks of San Francisco and Kansas
deposits of all the commercial banks.
City
If the member bank reserves are
the governor of the vast total
in increasing their rediscount rates from 4% to
of bank credit in the country—and
4%%, the
the period under consideration they
during uniform
have been*—then we need
rate of 4% is now in effect at all of the Reser
not be
surprised at an increase of approx
ve
imately $3,000,000.000 In commer
cial banks. The movement toward the 43/2% rate
bank deposits accompanying an
increase of over $150,000,000 in
had its inmember ception in April,
bank reserves.
the Boston and Chicago Federal Reserve
Deposits of Commercial Banks.
Banks being the first to increase their rates
May 2 1928
to that figure
:44,238,070,000 (see "Chronicle" April 21, page 2418)
July 27 1927
, the other banks finally
41,158,320,000 falling into
line. It may be noted that the advance was
the
Increase
$3,079,750,000 second made since the beginning of the year when
The following table exhibits the factors which
a rate of
entered into the Increase 332% was in force,
In member bank reserves in the period July
the first to move its rate upward to 4%
27 1927. to Nov. 30 1927:
* The next number of the "Chase Econom
ical Bulletin" will deal more having been the Federal Reserve Bank of Chicago,
its action,
fully with this problem.
in January having been
followed soon after by the other
• • •
banks. We have in recent weeks noted
the action of the
January and February 1928.
various Reserve banks in raising their
The Federal Reserve authorities began in
rates to from 4 to
January the policy of mildly 43/2%
. The announcement of the increase
restraining the expansion. During the month
of February they had a
in the rate of
substantial measure of success in this. Membe
r bank reserves decreased the San Francisco Reserve Bank was
made as follows on
$30,000,000. from $2,404,673,000 to 82,374.
515,000. The total volume June 1 by the Feder
of bank credit in the country, as measur
al Reserve Board.
ed by the figures for the reporting
The Federal Reserve Board announ
member banks, also declined. Brokers'
ces that the Federal Reserve Dank
loans declined slightly, and the San
of
stock market receded.
Francisco has established a redisco
unt rate of 4%% on all classes of
paper of all maturities, effective June
2, 1928.
Jurna 9 1928.]
FINANCIAL CHRONICLE
3535
of misReserve Bank. This system, says Mr. Glass, in spite
powers by a
of theractioniofithe takes, has on the whole been hugely successful.
The Board's announcement on June 6
follows:
Fears Autocratic Central Bank.
Federal Reserve Bank of Kansas City
Federal Reserve Bank
s that the
The Federal Reserve Board announce t rate of 434% on all classes of
rediscoun
of Kansas City has established a
7 1928.
paper of all maturities, effective June
operation, what do we
"Yet now," he continues, "after fifteen years of
policy which if followed out confind? We find, first, the adoption of a
something very similar to that
sistently in the future means the coming of
fight so strenuously in 1913.
same central bank against which we had to
when the Federal Board
"We all remember the furor aroused last year
rate it should charge on redictated to the Chicago Reserve Bank what
of protests which arose was
discounts. We remember, too, that the storm
that particular exercise of
not due so much to the reactions that followed
of a new practice; that
power as to the fear that it marked the beginning
be responsive at
the policy of a given Reserve Bank was not to
thereafter
but was to be directed from
all times to the varying needs of its district,
whim, as was actually the
Washington for Washington's own reasons, or its
fact in the Chicago bank case."
the whole Reserve system
Such a change, the Senator asserts, heads
so decisively rejected when
toward the kind of institution which Congress
the action, he adds, were such
It was established. But the protests against
n against a repetition of
as perhaps to constitute an effective admonitio
e Board is Opposed
Governor Young Says Federal Reserv
Price Stabilization through
to Strong Bill to Effect
Reserve System.
of May 31 that
It was stated in the "United States Daily"
Governor of the Federal Reserve Board, tesRoy A. Young,
g and Curtifying before the House Committee on Bankin
Reserve
rency, May 28, said that many within the Federal
overestimated the powers of that system.
System itself have
ity
Circumstances affect situations, he said, and commod
may rise despite conditions from which other results this action.
prices
challenged the public no"The second development which has sharply
might be expectedL The paper quoted went on to say:
of the
Board is opposed to the Strong
last twelve months is the rapid and alarming climb
Mr. Young said that the Federal Reserve
t with the policy
Stabilization bill (H. R. 11806) as not being consisten
of the Board.
the powers of the
The bill would define certain policies toward which
the maintenance of a
Federal Reserve System would be directed; promote
, industry, agriculsingle gold standard; promote the stability of commerce
purchasing power
ture and employment, and assist in realizing a more stable
of the dollar.
Says Value Changes.
that it should
Representative Strong (Rep.) of Blue Rapids, Kans., said
the stabilizabe the policy of the Federal Reserve Board to work towards
"for me to lend a
tion of the dollar. "It is manifestly wrong," he said,
either less or more
man $1,000,000 and then when it is due, to receive
it. The purthan the monetary standard was worth at the time I loaned
in order to
chasing power of the dollar should be established firmly
of the Board to
protect the prosperity of the country, and it is the duty
work towards such a goal."
Board,
Many complain of the secrecy maintained by the Federal Reserve
The Board
Mr. Strong declared, and, therefore, misinterpret the actions.
rates,
should give out information as to why they have raised or lowered
confidence
when it is safe to divulge such information, in order to establish
and good will, according to Mr. Strong.
to
"The complaint is," said Mr. Young, "that we do not attempt
predict."
that when
"That is not what I want," said Mr. Strong. "All I ask is
public. The
you change rates you explain your actions afterwards to the
assets the
confidence and good will of the country are the most valuable
Board could have."
Items regarding the hearings on the Strong bill have appeared in these columns March 24, page 1750; May 12, page
2908; May 19, page 3063, and May 26, 3231.
tice within the
the total of these
volume of money loaned for speculation. This spring
known. Four or five
loans has passed tar beyond anything previously
securities as in
times as much is being borrowed against stock exchange
itself have swept
the year following the war. The operations of the Street
sensational advances of
away all previous records for volume of sales, the
for newsboys on
certain stocks having almost become topics of comment
into its center
the street. Necessarily, such a whirl of activity has sucked
draw upon
whatever money values were lying around loose and tended to
have been of genudistant reservoirs for funds which may or may not
inely surplus character."
Finds Board Not Using Power.
takes pains
Huge as it is, the total of these "brokers' loans," Mr. Glass
disaster. No doubt
to point out, is not necessarily a sign of imminent
Yet the drawing
there are sufficient funds left for the uses of industry.
for stock gambling
in of billions of dollars of the country's resources which in itself is
ion
purposes has aroused a feeling for deep apprehens
that the advisers of the
a source of danger, to such an extent, indeed,
of assurance to the
President thought it necessary for him to speak a word
was no cause for alarm.
effect that the swelling volume of such loans
the point to be
Irrespective of immediate danger, Mr. Glass points out,
the Federal Reserve
emphasized is that one of the original purposes of
prevention of the use of the
Act is failing of accomplishment, namely, the
against such use the act
country's resources in stock gambling. To guard
t paper drawn for
specifically forbade the Reserve Banks to rediscoun
stocks, bonds or other investment
the purpose of carrying or trading in
nt, and the latter were
securities except bonds and notes of the Governme
the volume of these
themselves included as eligible paper only because
than $800,000,000, most of
Government securities at that time was less
n purposes. The present
which was impounded in the banks for circulatio
much of this eligible paper
situation has arisen because the banks have so
other resources free for stock market
on hand to rediscount, leaving their
loans.
Carter Glass Says Original Purpose of Federal Reserve
Act to Prevent Use of Country's Resources in Stock
Speculation Has Failed—Says Board Should Control andinotlbe Controlled.
That one of the original purposes of the Federal Reserve
Act is failing of accomplishment, namely the prevention of
the use of the country's resources in stock gambling, is the
assertion made by Carter Glass, whose criticisms of the
Board are indicated in the following from Washington,
June 6, to the "Herald-Tribune":
be corrected alministra"This situation," Mr. Glass asserts, "should
expedient of satutory readjustment
tively, without forcing the dangerous
with ample power and should courThe board at Washington is clothed
y admonition and, that
ageously exercise it, to the exent of peremptor
of contumacious officials
failing, to the extreme of causing the removal
perversion of the real intent of
who persist in aiding or abetting a plain
Board, within the limitations
the act as it stands. The Federal Reserve
."
.
•4 the law, should control and not be controlled
The Federal Reserve System, the center lately of prolonged discussion
by a special committee of the United States Chamber of Commerce, investigating banking and industrial ills of the country, was revived to-day as a
legislative issue by Senator Carter Glass of Virginia, a framer of the
Reserve law, who warns that its policies are tending to carry it away
from the lines intended by its creators.
Senator Glass, writing in "The United States Banker," points to two
developments within the last year to substantiate his charge. They have
shown, he says, how far the present system has departed from the intentions
of Congress. One of these, he states, was the action of the Federal Reserve
Board last year in forcing a uniform rediscount rate on all Reserve Banks,
and the other the rapid rise of the volume of brokers' loans, or loans made
for speculating in stocks and bonds.
A great deal of significance is attached to Senator Glass's article in the
face of s statement a few days ago by the Federal Reserve Board which was
generally taken to mean that the member banks have gone too far in their
extension of credit for speculation, and calling on member banks to moderate their obligations to the Reserve Banks; in short, put their houses
in order.
System Undergoing Change.
"Taken together," Mr. Glass continues, "these two developments (red'scount rates and loans to brokers) leave no doubt as to the direction of
change which the Federal Reserve System is undergoing. Whether the
change is deliberately brought about or is the result of a mere drift is for
the moment of secondary importance. The point to be emphasized is that
it is occurring."
When the Federal Reserve System was created, he points out, two diverit. One was that
gent theories fought strenuously to be incorporated in
of Europe, which would
of a central bank, similar to the central banks
c control over all the banking operaexercise a close and almost autocrati
zed system whose
tions of the country. The other was that of a decentrali
serve efficiently,
great purpose would be to make the country's currency
at all times, the country's productive processes.
ted into the country's
The second theory triumphed and was incorpora
banking system through the organization of the Federal Reserve System.
was that each section was to determine the
The basic idea of that system
with its varying needs.
banking policy which controlled it in accordance
head of the organization in each of
The Reserve Bank which stood at the
y to act almost autonomously, and the
the twelve districts was ordinaril
defined authority only in
supervisory Federal Board was to assert its well
to prevent a radical mishandling of its
cases of threatened emergency or
Federal
Congressman Cohen Voices Protest Against
Reserve Board's Method of Making Known Its
Warning Against Speculation.
William
It was announced on June 7 that Congressman
y Mellon and
W. Cohen had wired Secretary of the Treasur
Board and
Roy A. Young, Governor of the Federal Reserve
Reserve Banks of Boston,
to Chairmen of the Federal
Richmond, Atlanta,
New York, Philadelphia, Cleveland,
San Francisco, a protest against the
Chicago, St. Louis,
Board disseminated
method with which the Federal Reserve
Congressbanks. In his protest the New York
its warning to
man said:
Federal
method with which the
I desire to enter a protest against the
banks, investors and speculators
Reserve Board disseminated its warning to been made public immediately
have
on June 4. This Information should
in this way prevented the circulaupon the adjournment of the board and
such information
throughout the financial district that
tion of rumors
of board meetings should be
would be published after 3 p. m. The decisions ent of such meetings. Or
adjournm
given to the public directly upon the
that every one will have the same
meetings should be held after 3 p. on., so
the opening of
notice of the board's decision before
opportunity to receive
to take this matter up with
the markets the following day. I would ask you
the Federal Reserve Board.
William W.Cohen,
Member of Congress,
17th District, New York City.
s' Loans-Federal Reserve Board on Increasing Broker
May
Says Only Means Whereby Members Banks
edness Is Through Sale of InvestReduce Indebt
ments or Contraction in Loans.
Stock
At practically the same time as the issuance of the
(now in exExchange figures of mounting brokers' loans
Board on
cess of five billion dollars), the Federal Reserve
will appear in its June
June 4 released a statement (which
date) in which
"Bulletin," to be made available at a later
magnitude of loans by member banks to
it discussed the
3536
FINANCIAL CHRONICLE
brokers and dealers in securities on the Exchange. The
Board alludes to the fact that "the growth in bank credit
has been continuous and rapid since the seasonal low point
In the latter part of February," adding that "since that time
the total volume of credit extended by the reporting member
banks has increased by nearly $1,000,000,000." The Board
further refers to the loss in the country's gold stock and
avers that the increase of $400,000,000 in Reserve Bank
credit during the eight months since September last was a
result of gold exports "In excess of a decrease in the demand
for currency, plus a considerable growth in member bank
reserve requirements." The Board concludes with a warning that "unless a change occurs in the direction of gold
movements, or in the open-market policy of the Federal
Reserve System, the only means by which the member banks
will be able to reduce their debt at the Reserve Banks is a
sale of investments or a gradual contraction of their loan
account."
The Washington correspondent of the New York "Times"
observed on June 4 that the character of the Board's statement appeared to indicate fairly clearly that it had at last
felt impelled, because of the refusal of stock market operators and banking interests involved to heed less positive
warnings, openly to make known its belief that a disproportionate share of the nation's credit facilities was being employed in financing the activities in the security markets.
The dispatch went on to say:
There was very little comment to be obtained in official quarters. The
Statement went into the credit situation in some detail, and members
of
the Board took the position that it must speak for itself.
As an example of the reticence displayed, Secretary Mellon, Chairman
ex officio of the Board, when he was asked if he had seen the statement,
put questions aside by stating that he had not.
The importance which the Board attached to its declaration was indicated by the fact that advance copies, made available to newspapers,
were
marked: "Released for publication Monday, June 4, at 3 P. M., Eastern
Standard Time; not earlier." This apparently was done to prevent
publication before the closing of the New York Stock Exchange.
For some time there have been rumors here that members of the Federal
Reserve Board have been disturbed by unprecedented speculative
activities
on the Stock Exchange, and that various steps taken by the Federal
Reserve
Banks to discourage speculation, such as the selling of Governmen
t securities to withdraw funds from the open money market and
the raising of
discount rates, have gone unheeded.
The total of brokers' loans, most of them used for stock market
operations, also has steadily increased. Export of gold in recent
months, it is
said, has been encouraged in the hope that this would prove
a corrective,
but without any apparent effect.
There have been reports also of a difference of opinion
among members
of the Board as to whether any steps should be taken
to influence stock
market operations in any way. That those members
have had their way
who felt that the strained credit situation called
at least for a definite
statement of the reaction of the Board to the conditions
that have created
it, seemed to be indicated by the nature of the
Board's comments on the
topic of "Security Loans and Reserve Bank Policy."
[Vou 126.
During these eight months about $400,000,000 of gold was lost from the
monetary stock of the United States, but the demand for Reserve Bank
credit from this source was set in part by a return flow of about $125,000,0
00
of currency from circulation, so that the net effect of these two factors
for
the period was to give rise to an increase of $275,000,000 in the demand
for Reserve Bank credit. At the same time the reserve requirements
of
member banks increased by $125,000,000, occasioning an equivalent further
increase in the demand of member banks for credit at the Reserve Banks.
The total increase of $400,000X00 in Reserve Bank credit, therefore,
for
the eight months was the resultant of gold exports in excess of a decrease
in the demand for currency, plus a considerable growth in member
bank
reserve requirements.
Relation Between Member Bank and Reserve Bank Credit.
For the period between the beginning of September and the middle of
May, while the volume of Reserve Bank credit outstanding increased
by
about $400,000,000, deposits of member banks subject
to reserve requirements increased by about $1,700,000,000. This growth in member bank
deposits, however, which reflects an equivalent growth of their loans and
investments, caused a growth of only $125,000,000 in member bank reserve
requirements.
Growth of member bank credit, in fact, is rarely an important factor
in
any considerable growth in the demand for Reserve Bank credit,
because
an increase in loans and investments of member banks is reflected
in a
corresponding increase in their deposits, increasing the required reserves
by only a fraction—about one-thirteenth—of the increase in bank deposits.
It is for this reason that short-time fluctuations in the volume of Reserve
Bank credit are generally not due to changes in the volume of member
bank credit, but to other causes, chiefly changes in the demand for
currency and in gold movements in and out of the country.
Gold Movement and Changes in Currency Demand.
Gold movements and changes in currency demand have determined the
short-time major fluctuations in the volume of Reserve Bank credit,
and
changes in member bank balances have been a relatively minor factor.
When a member bank requires additional currency or gold to meet
a
demand from the public, it is generally not in a position to meet
this
demand out of its own resources, since it carries no considerable amount
of excess reserves and it is obliged, therefore, to borrow from
the
Reserve Bank an amount equivalent to the gold or the currency which
it
has to pay out.
If, on the other hand, the member bank extends an additional loan and
the deposit created by the loan increases its reserve requiremen
ts, this
Increase in reserves and, consequently, in the demand for additional
Reserve
Bank credit, will be, on the average, only $7.50 per hundred dollars
of
the deposits thus created. In other words, a demand by the public
for
$100 in currency, or an equivalent foreign demand for gold, increases
the
demand for Reserve Bank credit by the full $100, while a demand
for an
additional $100 in loans increases the demand for Reeerve Bank
credit on
the average by $7.50.
Gold Imports and Credit.
The same relationship holds when the movement is in the opposite direction. A decrease of $100 in the demand for currency or for gold diminishes
the demand for Reserve Bank credit by the full $100, while a decrease
of
$100 in the demand for bank deposits decreases the demand for Reserve
Bank credit on the average of $7.50.
Large or rapid reductions in Reserve Bank credit have occurred only
during periods of large gold imports, or of a considerable inflow of
currency from circulation.
!"011111
For example, when the volume of Reserve Bank credit declined from
about $3,300,000,000 in Dec. 1920 to $1,300,000,000 in Jan. 1922, this
The Board's statement follows in full:
decrease of $2,000,000,000 reflected a decline of more than $1,000,000,000
in currency and an increase of more than $750,000,000 in gold stock.
And
Further Growth of Security Loans.
although the volume of member bank credit decreased by more
than
Volume of bank credit continued to increase
$2,000,000,000 during the period, the change in member bank reserve
in recent weeks, and in the
middle of May loans and investments of
member banks in leading cities balances was only about $650,000,000.
were at a new high level. The growth
in bank credit has been continuous
Deposits of member banks are built up primarily through the extension
and rapid since the seasonal low point
in the latter part of February. of loans and the purchase of securities, the proceeds of which remain on
Since that time the total volume of
credit extended by the reporting deposit either in the bank that makes the loan or the investment, or in
member banks has increased by nearly
$1,000,000,000. Until the middle another bank.
of April this growth reflected in about
The growth of member bank deposits, in turn, increases their reserve
equal measure increased spring
demands for bank accommodation by trade
and industry and growth in the requirements to an extent depending on the character of the deposit and
volume of Stock Exchange loans.
the location of the bank. If the deposit is on time, the reserve required
Since that time there has been no
further growth in the commercial Is 3%; if it is on demand it is 7, 10 or 18%, depending on whether it is
demand for credit, and the entire increase has
been in holdings of securi- In a country bank, a Reserve City Bank or a Central Reserve City Bank.
ties and in loans on stocks and bonds, and
On the average, the reserves carried by member banks against their
particularly in loans to brokers
and dealers in securities on the New York
Stock Exchange. Accompanying entire deposits, subject to reserve requirements, are about 7.5%, or in the
an unprecedented volume of transactions on
the Exchange and a continued ratio of $1 in reserves to $13 in deposits. When member banks increase
rise in security prices, the volume of
so-called brokers' loans reached a their loans and investments by $1,000,000,000, therefore, they require
record figure in the beginning of April and
continued to increase until the about $75,000,000 of additional Reserve Bank credit.
middle et May.
In the ordinary course of developments in the United States the volume
of bank credit commonly increases from year to year, largely in response
Increase in Member Bank Borrowing.
to the growing needs of trade and industry.
In view of the rapid expansion of bank credit, in
the absence of additional
In fact, since the establishment of the Reserve System in 1914 there was
commercial demand, and the increasing volume
of bank loans used to only one period, being the end of 1920 and the beginning of 1922,
finance transactions in securities, the Federal
when the
Reserve Banks further volume of bank credit showed a considerable decrease.
The growth in
pursued the policy begun in January of selling
Government securities, and member bank credit is slower in some years, such as 1926,
and more rapid
thereby withdrawing funds from the money
market Additional with- In other years, such as 1927, but it is practically
uninterrupted. The
drawals of funds were caused by the continued demand
for gold for export. consequent increase from year to year in member bank
As a consequence of these withdrawals and some
reserve requireincrease in reserve ments, though it is only a small proportion of the increase
requirements of member banks, there was a large increase
in member
in member bank bank deposits, is nevertheless an important and
borrowing at the Reserve Banks, and the volume of
continuous factor in the
discounts In May was long-time growth of the demand for Reserve Bank
credit.
larger than at any other time in the past four years.
In 1924, when gold imports (in the absence of currency growth)
Heavy indebtedness of member banks at the Reserve
were a
Banks was accom- factor diminishing the demand for Reserve Bank
panied by a rise in open market rates, and particularly
credit, the outstanding
in the rate on call volume of this credit remained, nevertheless,
money. Discount rates at the New York, Philadelphia,
unchanged, a condition
and Dallas Reserve Banks were raised in May from 4 Cleveland, Atlanta directly related to the growth during 1924 in member bank reserves.
to
rate is now in effect in ten of the twelve Federal Reserve 4%%, and this Similarly, in 1927, disregarding seasonal fluctuations, the net increase in
Banks.
Reserve Bank credit was directly related to the increase
in member bank
reserve requirements.
Growth of Reserve Bank Credit.
At a time when member bank credit decreases,
The total volume of Reserve Bank credit, as measured by
which has occurred on
combined hold- frequent occasions, as already indicated, the
ings of 'discount, acceptances and United States securities,
decrease in the demand for
was larger in Reserve Bank credit caused by reduction in
member bank reserve requirethe middle of May, with the exception of two December
seasonal peaks, ments has been relatively small. In order to
than at any other time since the beginning of 1922. The
reduce their reserve requiregrowth during ments, and consequently their demand for
April and May, furthermore, was more rapid than at the
Reserve Bank credit, by any
same season of considerable amount, such as, for example,
any other year since 1918. During the period from the
$100,000,000, the member banks
beginning of last would have to reduce their deposits, through
the contraction of their loans
September, when the present outflow of gold began, to the
middle of May and investments, by between $1,000,000,000
the volume of Reserve Bank credit outstanding
and $1,500,000,000. Such a
increased by about contraction is generally not practicable
in a short period of time, because
$400,000,000.
the member banks have certain responsibilities
to their customers and 55e
I
JUNE 9 19281
FINANCIAL CHRONICLE
of their investments at a time of
reluctant to dispose of large amounts
credit pressure.
member bank credit necessary to bring
The relatively large contraction in
Reserve Bank credit has
considerable decline in the demand for
about any
During recent months increasing
important bearing on credit policy.
an
gold exports, security sales by the
pressure on member banks through
nt rates has not had the effect of
Reserve Banks and advances in rediscou banks' credit.
arresting the rapid expansion of member , has resulted in greatly increasThe policy of the Reserve Banks, however Reserve Banks. In the middle
banks to the
ing the indebtedness of member
Banks for member banks amounted to
of May discounts by the Reserve more than four years, and in addition
amount in
$800,000,000, the largest
in acceptances purchased from the
the Reserve Banks held $350,000,000
member banks and from dealers.
ness has been widespread, affecting
This growth in member bank indebted
and in other leading cities, but
member banks, not only in New York City
s in rediscount rates and in buying
also in smaller communities. Advance
ably the cost to member
rates on bills, furthermore, have increased consider
banks of their indebtedness to the Reserve Banks.
nal reluctance
This higher cost of Reserve Bank credit and the traditio
Banks exert
of member banks to remain continuously in debt at the Reserve
a continuous pressure on the member banks.
ng public
That these banks, in turn, pass the pressure on to the borrowi
scrutiny
Is evidenced by the rise in open-market money rates and the closer
direction
to which many loans are subjected. Unless a change occurs in the
Federal Reserve
of gold movements or in the open-market policy of the
to reduce
System, the only means by which the member banks will be able
a gradual
their debt at the Reserve Banks is a sale of investments or
contraction of their loan account.
3537
-Offering of
cing
Treasury Department's June Finan
g
of Treasury Certificates Aggregatin
Two Series
For Purchase of Third
-Tenders
$400,000,000
In Month.
Liberty Bonds To Be Invited Later
Treasury Certificates of inAn offering of two series of
$400,000,000 or theredebtedness to an aggregate amount of
by Secretary of the Treasabouts was announced this week
June financing program.
ury Mellon in making known the
it be known at the same time that at
Secretary Mellon let
invite tenders of Third
an early date this month he would
on acbonds "for purchase by the Treasury
Liberty Loan
In his announcement of June 5
count of surplus money."
of 4% Treasury Certifithe Secretary offered a new series
running for six months from June 15
cates of indebtedness
or thereabouts, and a
1928, to the amount of $200,000,000
indebtedness
3%% Treasury Certificates of
new series of
June 15 1928, also to the
running for nine months from
In announcing the
amount of $200,000,000 or thereabouts.
said:
offering Secretary Mellon
President Coolidge Signs Bill Amending Federal
Reserve'Act Enlarging Rediscount Privileges.
On May 29 President Coolidge signed the SheppardMcFadden bill amending Section 13 of the Federal Reserve
Act to extend the privilege of rediscounts and purchase of
the Federal Reserve banks to include bills of exchange payable at sight or on demand drawn to finance domestic shipments or exportation of all non-perishable, readily marketable staples. The bill was passed by the Senate on March 2,
and on May 28 it was passed by the House. References to
it appeared in these columns March 10, page 1447, and
May 19, page 3059. The views of Roy A. Young, Governor
of the Federal Reserve Board, in support of the measure
appeared in our May 19 item. In its advices from Washington May 30 the "Journal of Commerce" stated:
regular June financing, which takes
The Treasury is to-day announcing its
Certificates of Indebtedness in two
the form of an offering of Treasury
from June 15 1928, one series at 4%,
series, both dated and bearing interest
15 1928, and the other series
being for six months and maturing Dec.
1929. The amount
for nine months and maturing March 15
4%, being
at 37
or thereabouts.
each of these two offerings is $200,000,000
of
for the new certificates, at per,
The Treasury will accept in payment
TJ-1928, maturing June 15
Treasury certificates of indebtedness of Series
to be tendered in certificates of
1928. Subscriptions for which payment is
be allotted in full, up to the
indebedness maturing June 15 1928 will
the respective offerings.
amount of
of Indebtedness become
About $400,000,000 of Treasury Certificates in interest payments on
,000
payable on June 15 1928, also about $86,000
date.
the public debt become payable on that
this month to invite tenders of
The Treasury expects at an early date
y on account of
Loan bonds for purchase by the Treasur
Third Liberty
money.
surplus
in denominations of
The certificates will be in bearer form
, $10,000 and $100,000. The certificates
$500, $1,000, $5,000
1928, will have one
designated TD 3-1928, maturing Dec. 15
TM 2-1929,
coupon attached, while the certificates
interest
1929, will have two interest coupons,
maturing March 15
1929. The certificates
payable Sept. 15 1928 and March 15
be accepted in payment of taxes. The
of both series will
as follows:
Urgency for the change was brought to the attention of the Federal Re- offering is dated June 6, and is
serve Board by the Dallas Federal Reserve Bank. In suggesting the change
the Dallas bank contended the amendment would be not only helpful to
products of the farm of all classes, raw and finished, but commerce without
distinction, which come under the term "non-perishable, readily marketof lading or other
able agricultural and other staples," secured by bills
.
shipping documents conveying or securing title to such staples
Certificates of Indebtedness.
United States of America Treasury
1928.)
(Dated and Bearing Interest from June 15
TD 3-1928, 4%, due Dec. 15 1928.
Series
4%, due March 15 1929.
Series TM 2-1929, 37
approved
y, under the authority of the act
d into law:
The Secretary of the Treasur
The following is the text of the bill as enactethe
par and accrued
13 of
Federal Re- Sept. 24 1917, as amended, offers for subscription, at
AN ACT to amend the third paragraph of Section
ates of InBanks, Treasury Certific
interest, through the Federal Reserve
serve Act.
and bearing interest from June 15 1928,
Be it enacted by the Senate and House of Representatives of the United States debtedness, in two series, both dated
ph of Section 13 the certificates of Series TD 3-1928 being payable on Dec. 15 1928, with
of America in Congress assembled, That the third paragra
payable on a semi-annual basis, and
of the Federal Reserve Act (Title 12, Section 344, United States Code) be interest at the rate of 4% per annum,
payable on March 15 1929, with
amended and reenacted to read as follows: "Upon the indorsement of any the certificates of Series TM 2-1929 being
of demand, notice,
payable on a semi-annual basis.
4
of its member banks, which shall be deemed a waiver
interest at the rate of 37 % per annum,
Reserve Banks.
and protest by such bank as to its own indorsement exclusively, and subject
Applications will be received at the Federal
ations of $500, $1,000,
to regulations and limitations to be prescribed by the Federal Reserve Board.
Bearer certificates will be issued in denomin
Series TD 3-1928 will
e bills of exchange payany Federal reserve bank may discount or purchas
$10,000, and $100,000. The certificates of
$5,000,
certificates
able at sight or on demand which grow out of the domestic shipment or the have one interest coupon attached, payable Dec. 15 1928, and the
ural and other
, payable Sept. 15 1928
exportation of nonperishable, readily marketable agricult
of Series TM 2-1929 two interest coupons attached
staples and are secured by bills of lading or other shipping documents con- and March 15 1929.
all such bills of exboth as to principal and
veying or securing title to such staples; Provided, That
The certificates of said series shall be exempt,
States,
change shall be forwarded promptly for collection, and demand for payment interest, from all taxation now or hereafter imposed by the United local
of such staples
States, or by any
shall be made with reasonable promptness after the arrival
State, or any of the possessions of the United
ed
bill shall in any event any
inheritance taxes, and (b) graduat
at their destination; Provided further, That no such
taxing authority, except (a) estate or
-profits
a
in
be held by or for the account of a Federal reserve bank for period excess additional income taxes, commonly known as surtaxes, and excess upon
banks may compute
States,
imposed by the United
of 90 days. In discounting such bills Federal reserve
and war-profits taxes, now or hereafter
ions, or corporathe interest to be deducted on the basis of the estimated life of each bill and
individuals, partnerships, associat
t of such bills to conform to the actual life the income or profits of amount of bonds and certificates authorised by
adjust the discount after paymen
on an
tions. The interest
thereof."
and amendments thereto, the prinsaid act approved September 24 1917, aggregate $5,000, owned by any
the
cipal of which does not exceed in
be exempt from
association, or corporation, shall
Reappointment of Edmund Platt as Member of Federal individual, partnership, clause (b) above. The certificates of these series
the taxes provided for in
regulatime and under such rules and
Reserve Board Confirmed by Senate.
will be accepted at par during such
y of the Treasury,
d Platt of New York to the tions as shall be prescribed or approved by the Secretar maturity of the
The reappointment of Edmun
at the
t of income and profits taxes payable
Federal Reserve Board was confirmed by the Senate on In paymen The certificates of these series will be acceptable to secure
certificates.
privilege.
May 22. Mr. Platt's reappointment, as indicated in our deposits of public moneys, but will not bear the circulation less than the
tion and to allot
The right is reservei to reject any subscrip
Issue of May 19, page 3062, is for a period of ten years from
and to close the
for
of certificates of either or both series applied
August 10 next. His nomination, it is stated, was unopposed amount tions as to either or both series at any time without notice. The
subscrip
ernor of the Board.
to make allotment in full
right
by the Senate. Mr. Platt is Vice-Gov
Secretary of the Treasury also reserves the
to make reduced allotments
upon applications for smaller amounts, and
classified
larger amounts, and to make
upon, or to reject, applications for
action in these
upon a graduated scale; and his
allotments and allotments
Recess Appointment of H. T. Tate as Treasurer of the respects will be final. Allotment notices will be sent out promptly upon
publicly announced.
United States.
allotment, and the basis of the allotment will be
certificates allotted must be
Payment at par and accrued interest for
H. Theodore Tate of Tennessee was given a recess ap- made on or before June 15 1928, or on later allotment. After allotment
receipts pendpointment by President Coolidge on June 1 to be United and upon payment Federal Reserve Banks may issue interimdepositary will
ve certificates. Any qualified
delivery
States Treasurer. Mr. Tate's nomination to the post by ing permitted of the definiti by credit for certificates allotted to it for
to make payment
be
President Coolidge on April 24 was noted in our Issue of itself and its customers up to any amount for which'it shall be qualified in
to act on the appoint- excess of existing deposits, when so notified by the Federal Reserve Bank
April 28, page 2587. The Senate failed
,
Treasury certificates of indebtedness of Series TJ-1928
ment before the adjournment of Congress. At present Mr. of its district. 15 1928, will be accepted at par in payment for any cerJune
He was named as Treasurer to maturing of the series now offered which shall be subscribed for and
Tate is Deputy Treasurer.
tificates
, if any, on the
succeed Frank White, whose resignation was noted in these allotted, with an adjustment of the interest accrued
certificates of the series so paid for.
columns April 21, page 2419.
3538
FINANCIAL CHRONICLE
As fiscal agents of the United
States, Federal Reserve Banks are authorized
and requested to receive subscri
ptions and to snake allotments on the basis
and up to the amounts indicated
by the Secretary of the Treasury to the
Federal Reserve Banks of the respect
ive districts.
A. W. MELLON,
Secretary of the Treasury.
Treasury Department, Office
of the Secretary,
June 6 1928.
To the Investor:
Almost any banking institution in
the United States will handle your
subscription for you, or you may
make subscription direct to the Federal
Reserve Bank of your district.
Your special attention is invited to the
terms of subscription and allotm
ent as stated above. If you desire to
purchase, at the market price, certifi
cates of the above issues after the
subscriptions close, or certificates of
any outstanding issue, you should
apply to your own bank, or, if it
cannot obtain them for you, to the
Federal Reserve Bank of your district,
which will then endeavor to fill your
order in the market.
The last previous Treasury offering (in
March) was likewise in the form of two series of Treas
ury Certificates, aggregating, in that case, $560,000,0
00—one offered to the
amount of $200,000,000 or thereabout
s, bearing 3 % and
/
3
4
running for nine months, the other
for $360,000,000 or thereabouts, with interest at 3%%, and
maturing in one year.
Details of that offering were given in
our issue of March 10,
page 1451. The subscriptions and
allotments were indicated
in these columns March 17, page 1603.
[VOL. 126.
Just what effect the Governor's new
position will have on the caravan
Idea is not yet known. It is known
that thousands of farmers were preparing to go to Kansas City in answe
r to his appeal. But since the Governor has now shown a tendency
to retreat, there may be a big defection
in the number of those who were
preparing to go to the convention with
McMullen.
From the New York "Evening Post
" of June 5, we take
following Associated Press ad vices from
Chicago regarding
the movement of farmers toward Kans
as City which begins
to-day (June 9):
In Minnesota, the Dakotas and Nebra
ska members of the farmer protest
movement to-day were oiling their
flivvers for the proposed movement of
farm relief proponents on the Republ
ican National Convention next week.
An "On to Kansas City Club" was
organized last night at Morris, Minn.
.
by a group of farmers from the
Seventh Congressional District. A resolu
tion adopted concluded with this
statement:
"In the election of 1928 we will
preservation—paramount to all other consider the first law—that of selfwise, and will reward our friends and obligations, whether of party or otherpunish our enemies."
Magnus Johnson, former Farmer-L
abor Senator from Minnesota was one
of a dozen speakers who protested
the Presidential veto of the McNar
yHaugen relief bill.
Plans for a farmer pilgrimage to
the Kansas City convention were
announced at Jamestown, N. D., by C.
C. Talbott, President of the North
Dakota Farmers' Union. A cavalc
ade of North Dakota farmers will start
moving Saturday, he said, to be
joined along the route by other farmer
s
from South Dakota, Minnesota and
Nebraska. Talbott said that the
farmers would leave Omaha, Neb., for
Kansas City under the leadership of
the Nebraska Governor, Adam McMul
len.
Governor McMullen in a statement
at Lincoln declared that any impression that an army of farmers would
move in militant protest upon the
Republican convention was erroneous.
The call for a gathering of farmers at
Kansas City, he said, was merely to
urge those resenting the McNaryHaugen bill veto to get together at the
convention city, put on badges and
explain their views to delegates. The
trip would further serve, the Governor
said, to show those who make It how a
national convention is conducted.
"It is merely a call for the farmer
s to mobilize at Kansas City," the
Governor said, "A good many of them
would be there, any way. This is
their section of the country and it
is a good opportunity to exert their influence to get what they want. It is not
Coxey's army;it is not my caravan.
and it won't be anybody's caravan."
P. J. Farrell Given Recess Appo
intment as Member of
Inter-State Commerce Commissi
on.
A recess appointment was given
to Patrick J. Farrell as a
member of the Inter-State Commerce
Commission by President Coolidge on June 7. The nomin
ation of Mr. Farrell of
the District of Columbia to be a
member of the Commission
was sent to the Senate by President
Coolidge on May 17, and
was ordered favorably reported on
The organization of the corn belt for
May 28 by the Senate
a march on the ReInterstate Commerce Committee. The
vote was unanimous publican National Convention for farm relief
began to take
after half an hour's examination of
Mr. Farrell in executive definite shape at Chicago on May 28,
said the New York
session. Mr. Farrell, a Democrat
, is now General Counsel "Times," in which it was also noted:
of the Commission. According to
Announcement was made that fourte
Associated Press advices
en agricultural States, which have
from Washington, May 28, Chai
been "the
rman Watson of the Senate a commi backbone of the Republican Party since its birth," have formed
ttee which will work among the delega
Committee said Mr. Farrell had creat
tes at Kansas City.
ed a very favorable
Its declared endeavor will be to impres
s on delegations from outside the
impression on Committee members.
He expressed doubt, Midwest farm region that the so-called "corn belt uprising" is more than
a
mere gesture and
however, as to whether the Senate
would confirm the nomi- the "nomination that the winning of the West in November depends upon
of a Presidential candidate with
nation without a fight. Congress
a sympathetic underadjourned May 29, the standing of the farm problem."
Senate before adjournment failing
The organization is composed of suppor
to act on the nomination.
ters of Frank 0. Lowden and of
favorite son candidates, Senato
Governor McMullen of Nebraska
Withdraws Support of
Organized Farm "Crusade" to Repu
blican National
Convention at Kansas City
—Movement Toward
Convention Begins To-day.
Gov. Adam McMullen of Nebr
aska, whose call upon
100,000 farmers to march on the
Republican National Convention and demand their rights
(following the veto of the
McNary-Haugen Bill) was refer
red to in these columns
May 26, page 3235, now opposes
an organized move, declaring he is not trying "to raise a
Coxey's Army or a clowning
circus parade." Lincoln, Neb.
advices, June 4, to this effect
published in the "Herald-Tribune"
stated:
r James E. Watson of Indiana and Senato
r
Charles Curtis of Kansas. At its head
is M. J. Tobin of Vinton, Iowa, a
Lowden adherent. The general committee
will establish headquarters at
the American Hereford Breeders' Buildi
ng in Kansas City, June 9.
State Chairmen Named,
The State Chairmen In the agrarian commi
ttee were listed at Lowden
headquarters to-day as follows:
Iowa.—M. J. Tobin, keynoter at Iowa
State Convention.
Illinois.—George A. Barr of Joliet.
Indiana—Bert Thurman, Watson manag
er.
Kansas.—Congressman James G.
Strong, Curtis manager.
Nebraska.—Governor Adam McMul
len of Mark Woods,
Minnesota.—Senator Claude H.
McKenzie, new Republican nation
al
committeeman.
Wisconsin.—Frank M. Hoyt of Milwa
nkee.
Ohio.—Clyde L. Deeds of Toledo
.
Missouri.—James A. Finch of New
Madrid,
Colorado.—Murray Bennett of Hotchk
iss.
North Dakota.—F, J. Graham of
Ellensdale.
South Dakota.—S. X. Way of Water
town.
Oklahoma.—C. J. Stanley of Oklah
oma City.
Montana.—W. L. Stockton of Clarks
ton.
The fourteen States represented have
380 delegates in the national convention. The aims are set forth in
a statement Issued over the name of
Mr. Tobin.
"The farmers and their friends," it says, "are
aroused politically as they
have never been aroused before. They
have pleaded for legislation to give
them a square deal and the fulfilment of the
party's 1924 platform. Congress
has passed such laws in two successive years
only to have them vetoed by
President. The same veto argument could be
made against every protective
tariff bill.
Gov. Adam McMullen of Nebraska,
organizer of the 100,000
farmers
to march on the Republican national
mand farm relief, seems to have taken convention at Kansas City and dethe backtrack since his
return here
last night from the meeting of leader
s in Chicago.
The army of patriots to which the Gover
nor referred in calling the crusad
two weeks ago has become a "down
e
ing circus parade" to the
Governor,
and he wants none of it.
The men two weeks ago who
were going out to fight for
homes and
freedom are now just a Coxey's
army and the Governor is not
raise any such organization.
going to
He still wants farmers to go to
the convention, but he wants it understood
that they are to go on their own
and not in answer to the crusad
initiative
e which the Governor announced
two weeks
ago.
Rejects Cavalcade Idea.
Warns of Defeat and "Disaster."
"I want the farmers to go to
"We are In favor of all such measures if we are
Kansas City," said the Governor
given an economic square
in an inter- deal. We want
view, "but I don't want them
all sections and classes to prosper, but we want the
to go with the idea that the
same
trek is an or- opportunity
ganized one or cavalcade of any
as other sections and other classes to prosper.
kind. I merely supposed that
of the farmers would go to
thousands
"We want the farmers to have a chance to
the convention and, I thought,
get away from the 'deep
it would be well distress they
to encourage them to go, but on
have suffered' as stated In the 1924 platform.
their own initiative. I am not
trying to
raise a Coxey's army or a clowni
"This voluntary committee representing fourte
ng circus parade."
en States that have been
The Governor's voice, which for
the backbone of the Republican Party since
two weeks has thundered when discussing
Its birth will go to Kansas City
the President's veto, the
to endeavor to impress these truths upon
farmers' caravan and the demands
Eastern leaders and delegates.
of the farming
States upon the Republican Nation
"The party is facing the greatest crisis in
al Convention, was held well under conits history. If Eastern party
trol when he talked of the approa
leaders will listen to the voice of the West
ching convention. The gist of the presen
and heed the demand for ecot nomic justice, victor will follow
stand of the Governor appear
y
s to be this:
. But if they continue Indifferent to the
needs and rights of the corn belt and farmin
g States, if they force the
What McMullen Wants Now.
nomination of a candidate opposed to farm
relief, no matter who he is, then
First, no demand will be made
upon the Kansas City convention to defeat is Invited and disaster will follow."
name the McNary-Haugen bill
or the equalization fee specifically In the
Republican platform.
Second, no organized "caravan" of farmer
s is being asked or will be taken American
to Kansas City to protest agains
Farm Bureau Federation in Recommen
t Secretary of Commerce Hoover and to
dademand farmer relief.
tions to Republican and Democrat
ic National ConThird, if Lowden or Dawes cannot be nomin
ated in the convention,
ventions Seeks Pledge of Enactmen of
Senator Charles Curtis of Kansas,
t
Co-operative
will be acceptable to the Governor, even
Marketing Legislation.
though Curtis voted to sustain the Presid
ent's veto.
Fourth, the Governor does not favor
the organization of a third or a bolt
Recommendations to be submitted
of the convention by the Western
to both the Republican
States in any event.
and Democratic national convention
s which, if accepted,
JUNE 9 1928.]
FINANCIAL CHRONICLE
would pledge each party to "initiate and enact legislation
that will secure for agriculture a place of equality along with
industry, finance, labor and other groups in our American
protective system," were drafted yesterday (June 8) by the
directors of the American Farm Bureau Federation following
a two-days' session at Chicago. The recommendations contained no reference to the equalization fee which was a part
of the McNary-Haugen bill vetoed by the President and for
which the Farm Bureau had held out. According to the
Chicago Associated Press dispatches the national agricultural policy which the Farm Bureau will ask each party to
adopt follows:
3539
will give us money in unlimited profusion and enable us to win the election
by controlling the political machine and sources of publicity."
Although the White House and Justice Department officials have contended that failure of the President to act on the bill automatically killed
it, Senator Norris challenged this form of veto. Be insisted that Congress
was not adjourned, but only in recess.
Senator Norris does not intend to take any action to test the validity of
the pocket veto, but will await the decision of the Supreme Court in a
similar case now pending. However, he let it be known that he would
reintroduce the bill when Congress reconvenes next December.
The Muscle Shoals resolution passed the Senate on Mar.13,
and, as indicated in our issue of May 19 (page 3067), a
substitute resolution passed the House on May 16; the conference report on the legislation was accepted by both the
Senate and House on May 25; the House adopted it by a
-hour
vote of 211 to 147; the Senate vote, taken after a 24
filibuster, was 43 to 34. Associated Press dispatches from
Washington May 25 said:
"That there is a real and vital agricultural problem is keenly appreciated
by all informed men. The evidence is all to convincing that agriculture
has not been receiving its fair share of the national income. It has been
clearly established that those engaged in agriculture, constituting approximately a third of the population of the country, receive only approximately
The collapse of the filibuster came after Senator McKellar of Tennessee,
8% of the national income. A remedy for this condition must be found.
in his home
fighting against a project in the bill for a dam at Cove Creek,
That remedy must be permanent and effective.
his physical endurance after hours of speaking.
"It is the obligation of the party to meet the issue squarely and without State, had exhausted
no further when he was
He frankly told his colleagues that he could go
delay. We, therefore, pledge the party forthwith to initiate and enact
he
down on two points of order he had made against the bill, but
legislation that will secure for agriculture a place of equality along with in- turned
was certain President Coolidge would veto it.
dustry, finance and labor and other groups in our American protective added that he
Numerous organizations declared their opposition to the
system, thereby guaranteeing to the agricultural dollar a purchasing power
equal to that of other groups.
proposed legislation, including the Chamber of Commerce
"It has been demonstrated that co-operative marketing is fundamentally
New York, the United States Chamber of
sound and experience has proved that the cost of distribution must be equit- of the State of
ably borne by the entire volume of the marketed product in order to insure Commerce, the National Fertilizer Association, the Board
freedom from the need of subsidies and to guarantee permanence and in- of Governors of the Investment Bankers' Association of
dependence in carrying on the marketing operations and we hereby pledge
Commerce, &c., &c.
the party to the enactment of legislation to meet this requirement."
Bill for Government Operation of Nitrate Plant at
Muscle Shoals Fails of Presidential Approval.
One of the measures passed at the recent session of Congress which has failed of Presidential approval is the NorrisMorin resolution providing for the operation by the Federal
Government of the 160,000,000 power and nitrate plant
at Muscle Shoals, Ala. President Coolidge failed to sign
the legislation within the ten-day period in which he is
permitted to exercise his approval or disapproval of a
measure. In this case the ten-day limit expired at midnight June 7. It was noted in a Washington dispatch on
that date to the "Herald-Tribune" that with the ten-day
period up it will probably be left to the United States Supreme Court to decide whether the measure automatically
becomes a law without the President's signature or whether
it dies under a pocket veto. That paper went on to say:
The White House has taken the position that bills not signed by the President within ten days are automatically vetoed. Senator George W. Norris, who led the fight in the Senate for passage of the Muscle Shoals bill,
and other members of Congress, however, hold that the Constitutional
mandate applies only when Congress is actually in adjournment, whereas
Congress at present is only in recess between sessions.
This question is now on its way to the United States Supreme Court in
the case of the Okanogan Indians, of the State of Washington. The United
States Court of Claims ruled that the Indians could not press a claim against
the Government under the provisions of an Act adopted by both branches of
Congress in 1926 because President Coolidge had not signed it within ten
days after receiving it.
In that case as in the present instance, Congress adjourned to meet
again in the fall. Proponents of the bill contended that the period between
the two session of the same Congress constitutes a recess. not an adjournment. The Court of Claims ruled, however, that the attempted distinction between adjournment of one or the other session was unsound.
"The first session of the Sixty-ninth Congress adjourned," the Court held,
The Constitution does not limit the
"and that was an adjournment.
time of adjournment to the final adjournment, and the Courts have no right
so to limit it."
The Constitutional provisions state that a bill not acted upon by the
President within ten days becomes law "unless Congress by their adJournwent prevents its return." The whole problem hinges upon what interpretation the Supreme Court will place upon the word "adjournment."
Should the Supreme Court reverse the lower Court and rule that the Constitution did not apply to the binennial summer recess, a number of measures
which hitherto were thought to have been vetoed will become law and fully
operative. The number of important measures which would be affected,
however, is very small, limited to not more than two or three.
Opposes President's Views.
The measure passed through both branches of Congress in the face of a
threatened veto. The President voiced his objections to the legislation in
his messages to Congress, especially his desire to get Muscle Shoals out of
the hands of the Government and into the hands of private operators. This
bill provides for Government operation of Muscle Shoals for production of
nitrates and power, which runs counter to the President's views.
Muscle Shoals has been a bone of contention in Congress for years. It
has been buffeted from session to session without definite action until the
one Just closed, when the present bill was adopted. Even then it was
passed only after the Senate had battled through an all-night filibuster
against it. Proponents of the measure fought for more than twenty-four
hours without interruption before they broke the filibuster.
Yesterday (June 8) Senator Norris (Republican) of
Nebraska, sponsor of the Muscle Shoals legislation in a
statement criticizing President Coolidge's action, predicted
that the failure of the bill "may be the last straw that will
bring a third party into the field." The Associated Press,
in Washington dispatches, in reporting this, added:
"The failure of this bill may disappoint the American farmers interested
in fertilizer," said the statement. "It may drive away from the Administration candidate a large number of progressive, thinking citizens, but it
Resolution Adopted by U.S. Senate Calls for Investigation of Sugar Purchases During World War.
Under a resolution agreed to by the Senate on May 28
s
the Committee appointed to investigate the expenditure
of Presidential candidates is called upon to inquire into
sugar purchases during the World War. The resolution was
offered by Senator Blease (Democrat) of South Carolina;
with reference to it a dispatch from Washington May 28
to the "Times" stated:
adopted
committee, and was
The resolution was not even referred to
a buzz of comment
virtually without debate, a procedure which started
in political circles.
the war, and there
Secretary Hoover was Food Administrator during
policy in regard to the
have been charges that he was responsible for a
the sugar interests of the
sugar situation which gave aid and comfort to
and that the American public
country by maintaining a high price level,
over an extended period.
was forced, as a result, to pay exorbitant prices
that it appeared desirable that
In his resolution, Mr. Blease explained
the facts laid before the
and
such charges be thoroughly investigated
sugar, purchased by
people. One of the specific charges was that Cuban
cents a pound, was held back for months While
the Government for 5%
28 cents a pound.
the American people were forced to pay as high as
Hoover, parSenator Blease has been a consistent assailant of Secretary
an end to
ticularly in connection with the Secretary's order putting
bureaus.
the segregation of negro employees in Department
The following is the resolution as agreed to by the Senate:
tbs
Whereas, It is charged that, during the period of the World War,
bought up,
United States government, through its Food Administrator,
of which is
owned, and controlled the entire supply of Cuban sugar, all
alleged to have been purchased at about 5% cents per pound; and
in Cuba
Whereas, It is further charged that this supply was retained
cents a pound for
for months while the American people were paying 28
sugar; and
of vessels carWhereas, It is further charged that a great number
this country in ballast
ried American products to Cuba but returned to
States sugar awaiting
United
and were not permitted to bring back to the
shipment during this time; and
that large quantities of this sugar were
Whereas, It is further charged
disadvantage of the people of
shipped to Spain from time to time to the
the United States; and
still are made with reference
Whereas, Similar charges then were and
that it was dealt with in subto the supply of Porto Rican sugar, and
of Cuban sugar; and
stantially the same manner as was the supply
wide circulation among
Whereas, These charges have continued to have
universal demand to know
the American people until there is a well-nigh
it
the truth about the situation; now, therefore be
to investigate the
Resolved, That the committee heretofore appointed
present campaign be
expenditures of candidates for the Presidency in the
sugar situation as
empowered and instructed to investigate this entire
and circumstances
set forth in the above preamble, and any other facts
the Senate be in
relating to it and report the same to the Senate, or, if
Senate and
recess when the report is prepared, to the President of the
made public.
send for such witnesses
And the committee is further empowered to
investigaand papers as may be required to enable them to complete the
those
tion of this subject, to swear witnesses, and to do all and singular
other things that may be necessary to complete such investigation.
Newton D. Baker Named as United States Member of
Permanent Court of International Justice.
Newton D. Baker of Cleveland, Secretary of War in the
Wilson Cabinet, was named by President Coolidge on June 2
as the fourth United States member of the Permanent Court
of Arbitration at The Hague. Secretary Kellogg, in announcing the appointment, stated that Mr. Baker had accepted. Mr. Baker succeeds, it is stated, the late Oscar S.
3540
FINANCIAL CHRONICLE
[VoL. 126.
Straus of New York. Associated Press dispatches from
Washington June 2 said:
Surveys of the Senate in the course of the investigation conducted by it
pursuant to Senate Resolution 101, or through inquiries prosecuted incidental to such investigation, including the date of payments, the amount
The President appointed Mr. Baker with the idea of having two Demo- of the same, and the persons making the payments; and likewise, in so far
crats and two Republicans as members of the Permanent Court, which was as it may not be incompatible with the public interest, further information
established at The Hague in 1899. The other three United States members concerning any claims or demands being made by the Treasury against any
are Elihu Root, John Bassett Moore and Charles Evans Hughes. Their persons or corporations for taxes or penalties over and above such sums as
may have been heretofore paid on account of the receipt of assets so disappointments are for six years and are renewable.
closed and not duly reported for taxation as required by law.
Mr. Moore recently resigned as a Judge of the Permanent Court of InterA copy of the resolution was transmitted to the Secretary of the Treasury
national Justice at The Hague under the League of Nations.
on May 19 1928, with a request that the information specified In the resoluThe Permanent Court of Arbitration in maintained to facilitate immediate tion be furnished to this committee
as soon as possible. The reply of the
recourse to arbitration for international differences not settled by diplomacy. Secretary of the Treasury, dated May
23 1928, is as follows:
Any one of these four Americans may be selected by a power as its nonThe Secretary of the Treasury,
national arbitrator and one of them always is designated by the United
Washington, May 23 1928.
States to act as its national arbitrator on special tribunals to pass on Dear Mr. Chairman:
questions submitted.
Receipt is acknowledged of your letter, dated May 19 1928, in which you
Mr. Moore's resignation as Judge of the Court was noted quote Senate Resolution 235, adopted May 18 1928, requesting your Committee to secure from the Secretary of the Treasury full information with
in our issue of May 5, page 2738.
respect to the amount of taxes and penalties that has been collected as a
result of the disclosures made before the Senate Committee on Public Lands
United States Circuit Court of Appeals Upholds and Surveys in the course of its investigation under Senate Resolution 101,
or other inquiries
Railroad Wage Award-55 Western Lines Affected incompatible with prosecuted incidental to such investigation; also, if not
public interest, to furnish your committee with informaby Labor Board's Increase of $3,600,000 for 40,000 tion with respect to any claims or demands being made by the Treasury for
taxes and penalties in addition to such sums as have already been paid.
Firemen.
While this Department has availed itself
information
For the first time in eight years a railroad wage award the Committee on Public Lands and Surveys of the Senate, the secured by
of the
Department
was enforced by the courts with the handing down on May has made an independent investigation of various matters connected therewith.
25 of an opinion by the United States Circuit Court of ApWe are unable to say that
peals at Chicago granting 40,000 firemen and engine host- wholly the result of disclosures the payments hereinafter referred to are
made before the said committee, but as a
lers on all Class I railroads of the Western States an ag- result of these disclosures and of the department's own investigations, these
gregate annual pay increase estimated at $3,600,000. The payments have been made.
You are advised that these investigations disclosed that the Continental
New York "Times" from which this is learned, said:
Trading Co., Ltd., of Canada, was liable to the United States for income
Fifty-five western lines are now faced with the choice of renewed liti- taxes for the years 1922 and 1923 in
the total amount of $393,653.42.
gation or accepting the added payroll burden.
The corporation, having failed to file income tax returns for those years,
Counsel for the roads which have been fighting the arbitration award was held liable also for a penalty of
25%, or $98,413.36, making a total
authorizing the increase withheld comment pending a future meeting by liability of $492,066.78, plus interest.
Jeopardy assessments were made
the railroad presidents.
against the corporation on March 13 1928.
United States Circuit Judges Evans and Page concurred in the maThe corporation being out of existence, steps were taken to collect the
jority opinion, written by Judge Evans, upholding Federal Judge Car- liability from the transferees of the corporate
assets of Messrs. James E.
penter's decision that the award was legal Circuit Judge Geiger of Mil- O'Neil, Henry M. Blackmer, Harry F. Sinclair, and
Robert W. Stewart,
waukee dissented.
On April 25 1928 the attorney for Mr. O'Neil requested the immediate
This is the first time since 1920 that a railroad wage award has been assessment of one-fourth of the corporate tax
liability against his client,
enforced in the courts. Under the unamended Transportation Act, Labor and on May 9 1928 he made payment on behalf of Mr.
O'Neil in the sum
Board awards were not mandatory. This is the first case brought into of $151,305.91, representing one-fourth of the taxes
and penalties of the
the courts under the new Railway Labor Act, which substitutes concilia- corporation, plus interest, to the date of assessment
against Mr. O'Neil.
tion and arbitration for the functions of the Labor Board.
On May 9 1928 the attorney for Mr. Blackmer made a payment on behalf
The Circuit Court majority opinion held that this case was governed by of his client in the full amount of $151,597.10,
representing one-fourth
the Railway Labor Act and not by the common law, and that under that of the liability of the corporation for taxes and penalties,
plus interest, to
act a minority of an arbitration board cannot defeat an award by non- the date of assessment against Mr. Blackmer.
participation or withdrawal.
On May 10 1928 the President and general counsel of the Sinclair Crude
The railroad members of the Arbitration Board, which was created Oil Purchasing Co. of Tulsa, Okla., paid on behalf of the Continental Tradunder provisions of the Railway Labor Act to decide the firemen's 1927 ing Co., Ltd., the balance of the latter's liability, amounting to $246,033.38,
wage question, resigned from the board about two weeks before the date plus interest in the sum of $57,160.80, a total payment of $303,194.18.
set by the board for announcement of its award, Dec. 20 1927. On that
The amount thus collected in full satisfaction of the corporation's liability
date the majority of the board announced the award, which added 30 for taxes, penalties and interest was $606,097.19.
to 35 cents a day to the basic rates of firemen and hostlers.
A further result of these investigations was the payment from other
The railroads entered a petition in the Federal District Court here to sources of $1,398,910.09 additional tax. Inasmuch as
these matters are
impeach the award. Judge Carpenter dismissed the petition and
an the subject of further investigation, it is deemed incompatible with the
appeal was taken.
public interest to disclose the name or names of the persons involved.
Donald Richberg, counsel for the Brotherhood of Locomotive
The department is taking appropriate steps to determine the liability
Firemen
and Enginemen, with offices in the London Guaranty
Building, said:
of all individuals or corporations for taxes and penalties based upon the
"I earnestly hope that the railroads will decide to
pay the increase receipt of income from the assets mentioned in Senate Resolution 235,
and the back pay since Dec. 20."
but I feel that it is not compatible with the public interest to disclose at
The engineers have just entered upon arbitration
proceedings.
this time the detailed facts in connection therewith.
Very truly yours,
A. W. 3IELLON, Secretary of the Treasury.
Secretary Mellon InTResponse to Senate Resolution Respectfully
submitted:
Indicates thatI32,000,000 In Income Taxes Were
W. C. HAWLEY,
Chairman Joint Committee on Internal Revenue Taxation.
Paid FollowinglDisclosures Incident to Inquiry
Into NavallOil Leases.
A total of more than $2,000,000 In income taxes has been
collected following the Senate investigation of the Naval oil
leases and the Liberty bond oil profits of the Continental
Trading Co. In response to a Senate resolution (adopted
May 18) calling for the information as to these tax collections, Secretary of the Treasury Mellon states that of the
$2,000,000 tax payments, $606,097.19 was recovered from
H. M. Blackmer of Denver, James E. O'Neil, former President nf the Prairie Oil & Gas Co., and the Sinclair Crude
Oil Purchasing Co. Included in the taxes received was
$151,597 from Blackmer, $151,301 from O'Neil, and $246,033
in principal and $57,160 in interest from the Sinclair Crude
Oil Purchasing Co. Other items collected totaled $1,398,900.
The taxes assessed were the regular corporation taxes on
Income of the Continental Trading Co., whose profits were
divided among Harry F. Sinclair, Robert W. Stewart, O'Neil
and Blackmer. Penalties were added for non-payment.
The resolution and Secretary Mellon's reply (under date
Of May 25) are contained in the following report to the
Senate, submitted to the Senate by the Chairman of the
Joint Committee on Internal Revenue Taxation.
REPORT OF THE JOINT COMMITTEE ON INTERNAL REVENUE
TAXATION.
(Pursuant to S. Res. 235, adopted May 18 1928.)
Washington, D. C., May 24 195c.
Senate Resolution 235, adopted May 18 1928, is as follows:
"Resolved, That the Joint Committee on Internal Revenue Taxation be,
and it hereby is, requested to secure from the Secretary of the Treasury and
submit to the two Houses of Congress full information concerning what
taxes and penalties, if any, have been collected by or paid into the Treasury
consequent upon disclosures made before the Committee on Public Lands and
Regarding the above report, Senator Walsh of Montana
said:
Briefly, this report from the Secretary of the Treasury advises LIB that
there have been recovered by the Treasury in taxes, penalties, and interest,
in consequence of the investigation into the affairs of the Continental
Trading Co., ordered by the Senate, an aggregate of something better than
$2,000,000. Six hundred-odd thousand dollars was taxes, interest, and
penalties assessed against the Continental Trading Co. and paid by the
four gentlemen who were prominent in the organization of that institution,
Mr. Blackmer, Mr. O'Neil, Mr. Stewart, and Mr. Sinclair, each paying onefourth thereof. The other $1,300,000 comes from sources which it is
deemed inadvisable at the present to disclose, but the story of which is
somewhat romantic in its features.
In addition to these sums, there will still be due further sums from
the individuals into whose hands the profits of the Continental Trading Co.
transactions went. The amount paid for the Continental Trading Co. is the
simple 12%% tax due from the corporation, but its assets having been
distributed, an income tax is due from those who received the amount
I arn informed by the financial clerk of the Senate that the expense of
this investigation up to the present time is $14,105.
New York State Personal Tax Collections This Year
Exceed Those of Year Ago.
Collection by the State of New York of taxes on personal
incomes for the year 1927 set two new records, Mark Graves,
State Tax Commissioner, announced to the members of the
Brooklyn Automobile Club on May 9. The total of the
collections for the four months ended April 30 was $59,037,448.09, or a gain of $8,702,500.78 over the collections
for the first four months of 1926. At least another million
will be collected before July 1. The number of tax-paid
returns filed up to April 30 was 492,844, or 10,282 more
than the total for the preceding year. Commissioner Graves
said in part:
JUNE 9 1928.]
FINANCIAL CHRONICLE
3541
endowment
te its $2,000,000 building and
of the average New Yorker was which to comple
The percentage of the purchasing power
as an fund for a new museum. The announcement said:
it was in 1926. We have regarded 1926
15% greater in 1927 than
. The original
business and prosperity. The
The action was taken by the Board of Estimate yesterday
outstanding year from the viewpoint of
for the year 1927, however, contract pledged the Museum the gift of a block front on Fifth avenue
of income taxes collected by the State
amount
average person is concerned, was even beteween 103rd and 104th streets provided a $2,000,000 fund was raised
Indicates that last year, so far as the
1926. Up to April 30 the State had by June 1. Of this $1,560,000 has been raised. Other money is known
a better twelve months than was
unprecedented total of $59,000,000.
still a considerable gap between the amount
collected in personal income taxes the s and other conditions which would to be in prospect, but there is
in hand and the goal.
there was a number of time extension
As
date have been one quarter
beyond the closing date of Aprll 15, we
The greatest subscriptions to the museum to
defer the payment of some taxes
million dollars will be collected
dollars. There are two of them. The least subscriptions
have every reason to believe that another
of people of a million
museum hope that some of
year begins. The total number
have been five dollars. The trustees of the
before July 1, when the new fiscal
was 492,844, or 10,282 more than the most financially able of the city's civic leaders will be roused to the
filing a tax-paid return up to April 30
ally. They also
taxes paid for 1927 was $119.79
that presents itself and will subscribe substanti
for 1926. The average personal income
g a 15% increase in average condition
have an added popular appeal and that thouas compared with $104.30 for 1926, indicatin
increase hope that the museum will
truly
reason that this 15%
subscriptions will be received making the Museum
personal incomes over 1926. It stands to
were sufficiently large as to sands of smaller
was not confined alone to those whose incomes fact, it is perfectly logical a thing of popular conception and execution.
In
bring them in the income tax paying class.
York at
extends to a great majority
The Trustees of the Museum of the City of New
to assume that this increase in purchasing power y to the individual, for it
g held on June 1 authorized the following
State. It applies distinctl
a special meetin
of the people of the
as a whole had any greater
does not appear to date that the corporations
amazing comparison that statement:
from our fellow citizess
profits for 1927 than in 1926. Perhaps the most
"We are much gratified with the response
purchasing power of indican be made is that these figures indicate that the
is, to our appeal for the building fund for the new museum of the City of
twice as great in 1927 as it was in 1921, that
.
viduals in this State was
and while we welcome
at liberty to spend
York. We have received so far $1,560,000
they had twice as much social income which they were collected for the New subscriptions to make up the $440,000 still to be raised, we are
taxes
larger
If they were so inclined. The amount of income
ions of moderate
d that the exemptions especially pleased at continually receiving contribut
year 1921 was $28,182,606.38. It should be explaine
a married man in 1921, amounts.
were but $1,000 for a single man and $2,000 for
not depend upon the genand $3,500,respectively
The creation of our city museum should
while these exemptions had been increased to $1,500
a real democratic foundation, by
erosity of a few; but should rest on
In 1927.
s of New Yorkers.
ions since contributions from many thousand
of the necessary amount
The following table indicates fiscal year collect
We have good reason to expect that the balance
:
will become an accomplished
the personal income tax law was enacted
will be obtained, and that our city museum
for the enjoyment of all our
Collections.
s. I Income Year.
handsome public building
Income Year. Collections. Income Year, Collection
039,754,041.23 fact. Another
535,712,146.4411925
will thus be added to those that our
336,796,669.90 1922
1919
52,245,330.96 people, and visitors to New York,
a26,022,545.4211926
museum in our
33,690,765.94 1923
1920
059,037,448.09 city already possesses. Moreover, this will be the first
a32,341,501.4211927
1924
28,182,606.38
City, and the lives of
1921
country visualizing the history of an American
25% was effective.
also be the first museum built
a For the years 1923. 1924 and 1925 a reduction of 0 more will be collected by its famous men and women; and it will
ions from its own Citt.
b Collections up to April 30 1928. At least $1,000,00
anywhere solely through voluntary contribut
July 1, but some refunds will be made.
Zen&
yet contributed an oportunity
In order to allow those who have not
of State
doing so, we have obtained from the Board of EstiAnnual Meeting of Savings Banks Association Inquire and the privilege of
completing the building fund. We
mate an extension until June 15th for
of New York—Committee Continued to
Savings trust that many will by their subscriptions testify to their love of
into Desirability of Central or Reserve
hemisphere.
pride in their city—the capital of the western
Bank—Association Favors Legislation to Enable and avail ourselves of this opportunity to thank those who have coWe
without
who have not yet done so to send
Savings Banks to Make Small Loans
operated with us, and we urge those
to Raymond E. Jones, Treasurer, 40
Collateral.
their contributions, without delay,
held at Wall Street, or James Speyer, 24 St 26 Pine Street, Chairman Finance
At the final session of its annual convention
Association Committee.
Buffalo, N. Y., May 24 and 25, the Savings Bank
in its founding will be kept
A permanent record of all those assisting
tion's spe"
of New York voted for continuation by the associa
on the Roll of Honor at the Museum.
into the
cial committee, named three years ago, to inquire
ity of a central or reserve savings bank to strengthen
feasibil
ance.
and help member banks in times of stress and disturb
on the
Special counsel has been employed in assembling data
field was
subject. Further extension of the investment
of the
urged by the association, which adopted a report
Committee recommending that the special State
Executive
Buffalo
committee continue its study. According to the
tion, join"Courier," the Executive Committee of the associa
l
ing State, Federal and municipal authorities and nationa
banks in the crusade to drive loan sharks from the State,
1929
'went on record in favor of speedy enactment by the
Legislature of a bill or bills which would permit savings
banks to make loans on endorsements alone. The "Courier"
Supplementing the list of contributors already given in
our issue of •
these columns (the last item appeared in
2 page 3403), the latest list, made public June 4,
June
folwhich brings the total subscriptions up to $1,502,062,
lows:
$15,000.
York and the National City Co. of
The National City Bank of New York.
New
$12,500.
An Old New Yorker.
$10,000.
Archer M. Huntington (additional), total $35,000.
$5000.
I.
Clarence I Mackay.
$2,500.
Mrs. A.Barton Hepburn.
$2,000.
Clarence M. Woolley.
$1,000.
adds:
Mrs. Oscar Scherer.
H. C. Huffer Jr.
Enabling legislation of this sort has been urged by Attorney General Frank Altschul.
"A Friend of J.
"A Friend."
usurers "A Friend."
Albert Ottinger, who has taken the lead in the offensive against
Ludwig Vogelstein.
Ogden Mills Reid.
toll from workers of Robert E. Dowling,
Henry Sanderson,
said to be wringing millions in annual interest
Marshall Field.
this State.
000.
Acosta Nichols,
• Would Help Needy Work**.
Miss Maria Babcock. Miss Laura Jenkins.
Mr. and Mrs. Herbert Frank Wolf.
e Committee was strong for Franklin Q. Brown.
Sentiment among members of the Executiv
.
R. Limburg
means of obtaining Max Horwitz.
action which would afford necessitious persons legal
$300.
let alone giving a
small loans without putting up collateral of any sort,
William E. Lauer.
of the session that the
mortgage on salary and home. It was the sense
$260.
F. N. Hoffstot.
savings banks assist in every way possible to achieve passage of legislation
S. A. Goldschmidt.
Sumner Ballard.
Mrs. Henry P. Gold- Otto Marx (additional),
which would help to keep toilers out of the clutches of loan sharks.
Horton
Mrs. Harry
total. $500.
schmidt.
to loan sharks was the bright light of the
While the action with respect
Benkard.
Mrs. Henry L. MMES,
Mrs. Walter Belknap
Mrs. Charles F. Pope.
closing hours of the convention, the association took up numerous other Edward Blum.
James.
Arthur L. Cams.
S. F. Rothschild,
Important matters. At its final morning meeting, Philip A. Benson of Miss Mabel Choate.
Mr. and Mrs. Arthur Mrs. F. De Witt Wells.
Lipner.
Brooklyn, Secretary of the Dime Savings Bank of Brooklyn, was elected John Farr.
It was agreed that
$200.
President, the only elective post in the organization.
Edmond E. Wise.
as the likely objective Mrs. J. E. Alexandre,
the next convention is to be a cruise one, with Cuba
2160.
for the trip.
and November 1929 as the time
Bloomingdale (additional). total, $250.
Samuel J.
At the request of the Special Joint Legislative Committee which is delv$100.
on took up the matter of
ing into savings bank investments, the associati
Miss R. A. Grosvenor Miss K. deB. Parsons.
Ancell H. Ball,
Mrs.
R. L. Pierrepont.
S. T. Hubbard.
interlocking directors of banking institutions. Consideration of this Juan A. Almirall.
C. H. Rathbone.
a host of apparently gelid Miss E. E.Batchelor. Richard H. Hunt.
mooted subject from the floor brought forth
M. M. Riglander.
the laws governing this phase of bank Miss It. M. Batchelor. "A Friend."
Rebelling.
arguments against tampering with
Edward Kohnstamm, ErnestH. Scheuer.
the smaller cities pointed to the Mrs. R. Batchelor.
Jacob
mm.
administration at this time. Bankers from
Mrs. J. C. Breckinridge. Joseph Kohnsta
Paul 0. Schnitzler.
Arnold H. Knapp.
of denying to outstanding citizens the privilege of serving Mrs. E. T. Carter,
Impracticability
"T. L."
Samuel Lampert.
ns. It was declared that a careful Banyer Clarkson.
Mrs. E. Tuckermarax
on the boards of two financial institutio
G. A. Lawrence.
to reveal a single Miss M.E. Dwight.
Edwin J. Walter,
canvass of the situation throughout the State had failed
E. DeP. Livingston,
A. Mc.M, Welch.
savings bank trustee. Hope was ex- Mrs. E.Ehrmann.
George McAneny.
instance of abuse of this right by a
Howard EViott.
Henry D. Williams.
Mrs. E. H.Iviairs.
Committee, of which Assemblyman Nelson W. Louis Ferguson.
pressed that the Legislative
"A Friend.'
any measure which would George H. Flynn.
Cheney is the head, would refrain from pressing
Mrs. H. W. Munroe.
Albert Gallatin.
$66.
disturb the existing order of things.
a edera2:
mr j ckson
thes0onl
e, after the adjournment of
New York Division, United Daughters of
the meeting of the Executive Committe
At
-- 10
ed General Secretary New York Chap___$25 James II. Parker
was reappoint
-5 N.Y.Division
the final meeting, Paul W. Albright
Chapter
Treasurer.
Mary Mildred &tilland William W. Campbell was renamed
11
van Chapter
!!
$ 0.
David &harps_
Friend."
Fund for Museum Henry A. Ahrens. M."A
William H. Hamilton. Miss Katharbie G.
Mr.and Mrs. Lewis
Time for Receiving Subscriptions to
Snyder.
Miss Ella Hencken.
dale.
Blooming
Dr. and Mrs. John S. Alexander Watson.
of City of New York Extended to June 15.
Theodore Crane.
Frank GriswoldM.
Malder.
D'Andrea Bros., Inc. Thema', A. Reynolds.
the Museum of the City
Wfid.
It was announced on June 2 that
H. C. Fleitmann.
Hotel Corp
Ritz-Carlton
given an additional two weeks in Howard Goodhart.
of New York has been
3542
FINANCIAL CHRONICLE
(VoL. 126.
$25.
George W.Alger.
President of the United National Bank, have been
William C.& A.Edward Presbrey-Leland
Theodore Bernstein.
Lester.
Studios, Inc.
William B. Clarke.
elected directors and Vice-Presidents of Manufacturers
W. B. McCormick.
J. B. Rice.
Miss Harriet M. Dean Mrs.and Mrs.Frank
.
B. James Bryant Roy.
Trust Co. Frederick K. Teipel, former President of
Miss Oolah Duke.
McGay.
the
Miss S. B. Skelding.
Francis
pyre.
Miss Katherine G.
Longacre Bank, and Hugo Radt, former Vice-President of
Benjamin Tusks.
"Financial World."
Melville.
"An Old Resident?'
Joseph A. Flynn.
the Capitol National Bank, have been elected Vice-Presi
Theodore A. Meyer.
Mr. and Mrs. Charles
W. A. Guenther.
Miss Edith Myers.
Weinberg.
dents of Manufacturers Trust Co. M. H. Conway, Leon
Miss Julia M. Hart.
Clarence 8. Nathan.
Prof. Margaret E.
Burton J. Hendrick.
Max Naumburg.
D. Sterling and Max Katz, former Vice-Presidents
Wilson.
Nathan S. Jarvis.
of the
Mrs. Minturn Pinchot. Charles Zenker.
Miss Julia Lathers.
United National Bank, and William L. Clow, former cashier
Wallace Reynolds.
$20.
of the Capitol National Bank, become Assistant ViceFrank C. Bates.
Presidents of Manufacturers Trust Co. Most of the former
$15.
Burton Emmett.
In Memory of Stewart Mrs. Thomas Garrett Jr
Directors of the United National Bank and Capitol National
C. Marsh.
Bank will serve as members of Advisory Boards of Manu$12.
Miss Julia K. Stake.
facturers Trust Co. The proposed consolidation was
$10.
reM. Aizer's Sons, Inc. Stansbury Hagar.
New York Society for
ferred to in these columns May 19, page 3070 and June
Miss G. Armstrong.
2,
Octave E. Hebert.
City of New York.
Otto Axt.
page 3404.
A. A. Heller.
Mrs. Robert A. Barry. Mrs. H. L. Henschel. Edward Nugent.
F. W. Quidas.
Mrs. George G. Battle. Walter J. Hewlett.
Curt H. Reisinger.
George Bell.
In an item under the head "New York Bankers Emulatin
Miss Anna Hollweg.
M. V. Rosenberg.
Charles F. Brown.
g
Mrs. W. Hitchhas Jr.
Morris S. Rosenthal.
Mrs. M. H. Burch,
California's Banking Wizard" appearing in our issue of June
Joseph A. Imhof.
Mrs. H. Russell.
Mrs.0. W.Butler.
Miss Mary R. Jay.
Miss Edith L. Rutter.
2, page 3402, in which we quoted an article by the financial
Byron Company.
Mrs. John D. Kerman Edward Salt.
Frank J. Cassidy.
Mrs. Adolph Keune.
Louis Shapiro.
editor of the Los Angeles "Evening Express," the statemen
Eustace Company.
t
G. W. Kosmak.
Rev.P. M.Spencer.
Continental Chapter, Miss (3. H. Kupfer.
was made that the Public National Bank of this city (its
Mrs. L. A. Tanger.
Daughters of Revo- Mrs. I. LaBoiteaux.
Mrs. W.W.Stettheimer
proper title is the Public National Bank & Trust Co.) has
tion.
Miss Lydia M. LaMiss E. H. Stevens.
Mr. and Mrs. Edward
Boiteaux.
Mr. and Mrs. Edwin
21 branches. Our attention has been called to a condensed
Coombes.
Mrs. Minnie Lanier.
Van Riper.
Fred. M. Crossett.
Mrs. B. B. Leonard.
Seymour Wadsworth.
statement of the report of the institution to the Comptroller
Edward Dannemiller. Our Lady of Lourdes
Poll R. Way.
Francis Devieux.
School.
Mrs. Ellen D. Wood and of the Currency at the close of business Feb. 28th (prior to
Cornelius Drew.
Miss Eleanor P. Lyon.
Durbin S. Wood.
the date of the article from which we quoted) showing that
Mrs. R. L. Duane.
Robert C. Mann.
Mrs. C. A. Woodruff.
Joseph Gladstone.
"In Memory of—
Miss H. B. Woodruff.
the bank has 30 branches including its main office.
A. N. Gitterman.
John McComb."
Young Folks League.
Lewis Gompers.
Mrs. Max Mendel.
$5.
Norborne P. Gaffing, for the past 17 years actively assoJ. S. Anderson.
David L. Gluck.
Miss Agnes Morewood.
Miss G. K. B.Andrews. Hyman Grill.
Miss S. E. Morgenstern. ciated with the Chatham Phenix
T. P. Armstrong.
National Bank & Trust
J. H. Halsted.
Miss F. W. Neuman.
Mrs. S. B£1813.
Co. of New York and for more than 10 years a Vice-President
James Arthur Hanley. Mrs. Lang Newman.
George A. B. Bauer.
Henry J. Helms.
Frank Norden.
and Director, has tendered his resignation, effective July
Harry S. Berkoff.
Mrs. Tessie Norden.
Miss E. B. Hesse.
1
Dr. and Mrs. J. J.
Mrs. S. A. Olmsted.
Miss E. Hodges.
1928. He gives as his reason for this action a desire to secure
Berkowitz.
Victor J. Hoere.
Mr. and Mrs. Francois
Paul J. Blackstone.
Mr. and Mrs. William
Olmeser.
a long period of complete freedom from business activities
Miss F. A. Blanchard.
.
Howard.
Palestine Economic Corp.
Albert Bloom.
He will, however, continue as a member of the board of
Miss H. E. Hughes.
George Peixotto.
Miss E. B. Bixby.
"In Memory of Rudolph Arthur .1. Porter.
Mls A.L. Brackett.
nn.
A. Ho
Miss Helen A. Ranlett. directors of the Chatham Phenix and, as he always has been,
Miss A.G.Brickelmaler. Miss Alice M. Hyde.
Alfred E. Rejall.
a substantial shareholder. Mr. Gatling is a Virginian, having
Miss Bridgraan.
Lewis Jackson.
Henry M.Sack.
R. Deane Brooks.
Frank Jenks Jr.
N. Schaumberger.
before leaving his native state in 1903 been Secretary of
Dudley Butler.
the
Miss Minnie A. ScherE. Allen Jennings.
Virginia Bankers Association for 10 years. In 1903 he
Miss Anne Cohen.
zinger.
M. Frank Keane.
Arthur H. Cohen.
Mr. and Mrs. Thomas F. G. Sinclair.
became associated with the Merchants National Bank of
Philip Cord'.
Kennett.
Louis Susman.
Mr.& Mrs.P.C. Decker. II. H. D. Klinker.
Miss A. H. Titcomb.
Philadelphia as its traveling representative and a year or two
.T. M.DeSantis.
G. W. Knoblauch.
Fred J. Titus.
J. C. De Sola.
later was made Assistant Cashier. When that bank was
Mrs. E. Louise Kirk.
Paul C. Townsend.
J. C. Devereaux.
Knickerbocker. Fred Wall.
W. E.
absorbed by the First National Bank Mr. Gatling continued
Mrs. R. Ederheimer. S. H. Landsman.
George T. Vaules,
Abraham Fein.
Leopold Linguer.
John E. Webber.
with that institution until he was invited to come to New
Francis P. Fiori.
Louis Marder.
Miss M.M.A. Weiss,
Miss R.B.Frankenberg. Dr. and Mrs. W. F. Mrs. John Williamson,
York as Assistant Cashier of the Chatham Phenix National
Mr. and Mrs. William
Marstellar.
Henry M. Wise,
Glaser.
Bank. Two years later he was made Vice-President and in
William H. Mayer.
William G. Wood.
Miss E. L. Goldsmith. A. L. Michelson.
1915 a Director of the Chatham Phenix National Bank. He
Charles Goldstein.
Miss Agnes Miller.
has served on the Council of the American Bankers Association and many of its committees and is also President of the
Eagle Rock Btu*, Eagle Rock, Va., which he organized
before removing to New York. As to his future plans, Mr.
Gatling states that he expects to spend the summer months
at his country estate at Brewster, N.Y., securing a complete
rest and will not undertake to make any definite plans until
The New York Produce Exchange membership of Connor, the fall.
Ludlow & Malloch was reported sold this week to A. H.
In the directors' room of the Chatham Phenix National
Danino for $19,000.
Bank and Trust Co. on June 7, Edgar S. Bloom, President
The stockholders of the Bankers Trust Co. of New York of The Western Electric Co. and Chatham
Phenix director,
approved yesterday (June 8) the plans to increase the capital became the temporary operator of a motion
picture machine
stock from $20,000,000 to $25,000,000 through the sale to projecting a film illustrating the
processes of trans-oceanic
stockholders of record at the close of business yesterday of telephony to members of the Chatham Phenix
Board and
50,000 additional shares at $750 a share in a ratio of one share their friends at the bank's headquarters,
149 Broadway.
for every four held. Rights expire July 2. An item regard- Following the regular session of the
directors, their meeting
ing the plans appeared in our issue of June 2, page 3404.
room was darkened and, under Mr. Bloom's direction,
the
At the regular meeting this week of the directors of the story of the "ether circuit" across the Atlantic was thrown
Equitable Banking Corp., a subsidiary of the Equitable upon a screen. The picture described the processes of
Trust Co. of New York, Arthur W. Loasby, President of transmitting a telephone message by land wires from San
the Equitable Trust Co., was elected Chairman of the Board Francisco to New York, the relaying of the voice to the
of Directors of the Equitable Eastern Banking Corp to trans-Atlantic radio telephone sending station at Rocky
fill the vacancy caused by the recent death of Alvin W. Point, L. I., the thrusting of the message over 3,300 miles of
ocean,its reception at the Cupar, Scotland, receiving station,
Krech.
and its transmission through the London "trunk exchange"
The combination of the United Capitol National Bank to its destination in Plymouth, England.
and Trust Co. with Manufacturers Trust Co. *
"The Purpose of this demonstration," said Louis G.
became
effective on June 6. The nine offices of the former now Kaufman, President of the Chatham Phenix, to the members
form units of Manufacturers Trust Co., which will now of his board,"is to afford a visual demonstra
tion of the revooperate a total of 30 offices in four boroughs of New York, lutionary advances in the technique of communications
reand serve more than 300,000 customers. Nathan S. Jonas, sulting from this recent and dramatic triumph
of telephonic
President of the Manufacturers Trust Co., stated that the engineering."
combined institution has a capital of $17,500,000 and that
surphis and undivided profits are approximately $32,000,000.
The Comptroller of the Currency has granted permission
Deposits are about $275,000,000, with total resources of to The Central National Bank of New York to open a branch
more than $325,000,000. Max Radt, former President of in the vicinity of First Avenue and 81st Street which is in
the Capitol National Bank, and Sydney H. Herman, former the rapidly progressing section of the Yorkville District.
ITEMS ABOUT BANKS, TRUST COMPANIES, ETC.
Arrangements have been made for the transfer of two New
York Curb market • memberships for $97,000 and $95,000
respectively. The first mentioned price is a new high record
and was an advance of $2,000 over the preceding sale.
JUNE 9 1928.]
FINANCIAL CHRONICLE
First Avenue is now one of the important business thoroughfares adjoining the Sutton Place and the Carl Schurz realty
developments.
Plans of the Bank of Manhattan Co. to absorb four Long
Island banks have reached a definite stage and merger proposals will be submitted to stockholders of the banks in the
near future, according to the Brooklyn "Eagle" of June 7.
In its advices it said:
Under the terms as outlined, it is learned that the stockholders of the
Bayside National Bank will be offered one share of Bank of Manhattan
stock for each Bayside share. First National Bank of Whitestone stockholders will be given one share of Manhattan for each two shares; Queens
Bellaire Bank stockholders will be given one Manhattan share for each one
and a half shares of Queens Bellaire; while Flushing National Bank stockholders will be given one share of Manhattan Bank stock for one share of
Flushing.
3543
increase the capital of the Harlem Bank of Commerce from
$500,0000 to $1,225,000 through the issuance of 7,250
additional shares of stock. Of these additional shares of
stock 3,571 will be offered to the stockholders of the Atlantic
State Bank in exchange for their present holdings in the
ratio of 5 shares of the Harlem Bank of Commerce for each
7 shares now held by the Atlantic State Bank. The balance
of the new stock will be offered to stockholders of both banks
at $200 a share on the basis of four new shares for each ten
held. The consolidation will become effective June 11.
An item regarding the proposed merger appeared in these
columns June 2, page 3405.
Further evidencing a policy of independent development
and expansion under the leadership of Charles S. McCain,
President, the National Park Bank of New York has opened
a bond department. This new department brings the National Park Bank definitely into the field of investment
banking. In addition to purchasing and distributing investment securities, special provision has been made for originating, underwriting, and refinancing corporate issues. The
bank's customers and friends are now offered a complete
service for the analysis of securities, investment recommendations and execution of orders. R. J. Whitfield, formerly Vice-President of the Federal Commerce Trust Co. of
St. Louis, Mo., is Manager of the new bond department.
The retail sales organization is under the direction of
W. A. Paxton.
The stockholders of the P-ublic National Bank & Trust
Company of this city will meet on July 26 to vote on a
proposal to change the par value of the stock from $100
per share to $25 per share. If the proposal is approved
the $6,000,000 capital will consist of 240,000 shares instead
of 60,000 shares as at present. The,institution changed its
name,from the Public National Bank to the Public National
Bank & Trust Co. on May 14 1927.
The stockholders of the Chase National Bank and the
Chase Securities Corp. of New York, at special meetings on
June 4, approved a proposal of the directors for an increase
of $40,000,000 to capital funds. Ratification of the capital
changes by the stockholders will give the Chase National
Bank and the affiliated Chase Securities Corp. combined
capital, surplus and undivided profits exceeding $177,000,000.
The plan provides for the sale to shareholders of 100,000
new shares of the bank's stock, proceeds from which will be
used to increase the capital of the bank from $50,000,000 to
$60,000,000, the surplus from $40,000,000 to $60,000,000, and
to add $10,000,000 to the capital structure of the Chase
Securities Corp. Stockholders are offered the privilege of
subscribing to the new stock at $400 per share on the basis
of one new share for each five shares now held. The stock
is currently quoted around $730 a share. The subscription
offer will be open to stockholders of record at the close of
business June 12 and subscriptions will be payable in full
at the offices of the bank on or before July 2. It is contemplated that the present annual dividend rate of $18 per share,
which represents 14% on the stock of the bank and $4 per
Share for the Securities Corp., will be maintained. The
plans to increase the capital were referred to in our issue
of April 28, page 2593.
The stockholders of the C-entury Bank of this city and
the Dewey State Bank of Brooklyn will meet on June 14
to ratify the plans of the directors to combine the institutions. The merger will become effective through an exchange
of stock. The capital of the Century Bank will be increased
from $500,000 to $600,000. The increased capital is to
become effective June 18, and the merger, under the name
of the Century Bank, will go into effect June 19.
Harral S. Tenney, a Vice-President of the New York
Trust Co., this city, has been elected a director of the
People's Trust Co. of Binghamton, N. Y., according to the
"Wall Street Journal" of June 5.
Peter W. Wren, a Vice-Pr-esident of the First National
Bank of Bridgeport, Conn., and for many years a prominent
citizen of that place, died on June 4 in his 81st year. Mr.
Wren was born in New York, but went to New Haven, Conn.,
when a boy, where he became a newspaper compositor. In
1870 he moved to Bridgeport and entered the wholesale
liquor business with the late John McMahon. Later he
took on other interests, dealing in real estate and stocks
and bonds,.and managing Pleasure Beach Amusement Park.
When the Pequonnock National Bank was merged with the
First Bridgeport National Bank in 1913, Mr. Wren, who was
President of the former, became a Vice-President of the
consolidated bank, the office he held at the time of his
death. He was also a director of the United Illuminating
Co. and the Bridgeport Hydraulic Co. The deceased banker
was a member of the Connecticut General Assembly in
1882-1883.
Leopold Zimmermann, who for the past four years has
devoted himself to the repayment of creditors involved in
the failure of his firm in 1923, when the German mark
crashed, celebrated on June 4 his seventy-fifth birthday by
putting in his usual ten hours' work at his desk. Although
Mr. Zimmermann's birthday was June 3, the celebration
was reserved for the 4th. Mr. and Mrs. Zimmermann recently celebrated their golden wedding anniversary. The
collapse of the German mark in 1923, it will be recalled,
caused Mr. Zimmermann a loss of many millions of dollars
and resulted in receivership for Zimmermann's & Forshay,
established in 1872. With the sanction of the court, however, M.Zimmermann was permitted to reopen his offices
at 170 Broadway and to conduct his business under the
former firm name. Meanwhile, creditors received substantial payments from the Z. & F. Assets Realization Corp.,
which received an award of approximately $1,000,000 from
the Mixed Claims Commission. Payments by this body in
the near future are expected to result in further disbursements to creditors.
At a meeting this week of t- he directors of the Old Colony
Corporation of Boston (a subsidiary institution of the Old
Colony Trust Co.) John F. Tuft, President of the Union
Market National Bank of Watertown, Mass., and Frank L.
Richardson, Executive Vice-President of Newton Trust Co.,
Newton, Mass., were elected vice-presidents of the corporation; and A. A. Gerade, formerly Assistant Treasurer and
Comptroller, was elected Treasurer, and E. Payson True,
was elected Assistant Treasurer. Mr. Gerade will continue
as Comptroller.
apThe Executive Committee of Old Colony Trust Co.
pointed E. J. Campbell,formerly connected with Old Colony
Corporation, Assistant Cashier of Old Colony Trust Co.
States
A special meeting of the sto- ckholders of the United
proTrust Co. of Boston will be held on June 12 to vote on a
capital from $2,000,000 to
posed increase in the bank's
of
$2,500,000 through the sale of 5,000 shares of new stock
share, according to the Boston
the par value of $100 a
"Transcript" of June 6. If authorized, the additional stock,
it is said, will be offered to stockholders of record June 14
at the price of $400 a share, in the proportion of one share of
new stock for each four shares now held, payment for the
--4_
new stock to be made in full by June 29. Of the $2,000,000
Boykin Cabe11 Wright, a member of the firm of Cotton obtained from the sale, $1,000,000, it is said, will be used
& Franklin, Attorneys, 43 Exchange Place, was elected a to purchase 5,000 shares of stock in the United States Trust
director in the Harriman National Bank of New York on Securities Corp. at $200 a share. The paper mentioned went
on to say:
June 7.
The Stockholders of the Harlem Bank of Commerce and
the Atlantic State Bank, both of this city, on June 4 ratified
the plans of the directors to combine the institutions under
he name of the City Trust Company. It is proposed to
t
The Trust Co. now owns the total outstanding capital of the Securities
Corp.. amounting to 5,000 shares. The capital of the subsidiary is to be
Increased to 10.000 shares through the purchase of an additional 5,000
shares at $200 by the parent organization, the United States Trust Co.
The United States Trust Co. has surplus and undivided profits of $2.168.last
000 and deposits of $18,515.000, according to a statement issued at the
3544
[vol.. 126.
FINANCIAL CHRONICLE
bank call. The bank was incorporated in 1887 andbegan business with a
capital of $200,000. In 1911 it was increased to $300,000. and in 1917
was further raised to $1,000,000. On Nov. 1 1927 a 100% stock dividend
was distributed, increasing the capital to the present figure of $2,000,000.
associates, has acquired a substantial interest in the Devon
Trust & Savings Bank of Chicago. Charles V. Wellner, now
President, will be elected Chairman of the Board of Directors, while Mr. Rosset will be elected President and director.
R. M. Coleman, who was formerly on officer of the Bank of
America, will be elected Vice-President and Director. Other
officers and directors, with one or two exceptions, will remain the same.
The proposed consolidation of the three Fall River (Mass.)
banks, namely the B. M. C. Durfee Trust Co., the Massasoit-Pocasset National Bank and the Metacomet National
Bank, is now an accomplished fact, according to a dispatch
from that place to the Boston "Transcript" on June 5. The
consolidated bank, which continues the name of the B.M.C.
Failure of the Union Trust Co. of Carthage, Mo.—the 17th
Durfee Trust Co., occupies the trust company's building, Missouri bank to close this year—was reported in a dispatch
remodeled to carry on the increased business of the new or- from Jefferson City on May 31 to the St. Louis "Globeganization. The following officers have been elected by the Democrat," which said that State Finance Commissioner
new directorate, which is made up of the respective directors Cantley had received a telegram from the directors of the
of the three institutions embraced in the merger: John S. Union Trust Co. advising him that they had closed the
Brayton,President;John C.Batchelder,First Vice-President; institution and requesting that an examiner be sent to take
Augustus J. Wood, Second Vice-President; Isaac F. Man- charge of the bank's affairs. Examiner U. P. Moody, the
chester, Jr., Treasurer; and James D. Dearden, Myron F. dispatch said, was detailed to the work, pending the apBullock and James D. Macfarlane, Assistant Treasurers. pointment of a special deputy to liquidate the company.
Members of the executive committee were also named as It was furthermore stated that the hank's suspension is befollows: Michael T. Hudner (Chairman), John T. Swift, lieved to be due to slow and uncollectable loans. According
William H. Jennings, Nathan Durfee, Earle P. Charlton to its last statement (April 12), the trust company, which
and Thomas E. Brayton. The dispatch furthermore stated was chartered in 1913, had combined capital and surplus of
that Homer Loring, who was instrumental in bringing about $61,000; deposits of $264,000, and total resources of $3;4,784.
the merger of the banks (as the first step towards the rehabili- J. D. Harris is President and J. C. Wyatt Secretary of the
tation of the Fall River cotton industry), attended the institution.
meeting of the directors and spoke briefly.
G. G. Foskett and Will D. Meacham were elected Cashier
Samuel Vance, Jr., has resigned as Asst. Vice-Pres. of the and Assistant Cashier, respectively, of the Southern Trust
Franklin Trust Co. of Philadelphia to accept the Presidency Co. of Clarksville, Tenn., at a meeting of the bank's direcof the reorganized Security Title & Trust Co. of that city, tors on May 23, according to the Clarksville "Leaf-Chronwhich will open a main office at 260 South 15th St. on July 1, icle" of that date.
--4-according to the Philadelphia "Ledger" of June 6. As indiDirectors of the Citizens' Bank of Norfolk, Va., and the
cated in our issue of June 2, page 3405,control of the Security
Seaboard National Bank of that city have approved a plan
Title & Trust Co. was purchased recently by a syndicate
for the consolidation of the institutions under the title of
headed by Allan N. Young.
the Seaboard Citizens' National Bank of Norfolk, effective
G. V. MacKinnon has- elected a director of the Fi- July 2, according to a dispatch from Richmond on June 1
been
delity-Philadelphia Trust Co. of Philadelphia to succeed the to the New York "Journal of Commerce." Stockholders of
late J. Howell Cummings, according to the Philadelphia the two banks will meet, it is understood, on June 27 to vote
"Ledger" of June 5. Mr. MacKinnon was recently elected on the proposed merger. The consolidated bank, it is said,
President of the John E. Stetson Co., succeeding Colonel will have a capital of $2,000,000 and resources in excess of
Cummings in that office.
$20,000,000. The dispatch went on to say:
It is proposed to consolidat- e the Franklin National Bank
of Newark, Ohio, and the Old Home Building Association
Co. of that place, the resulting institution to be known as
the Union Trust Co. of Newark. According to the Newark
"Advocate and American Tribune" of June 5, the charter
of the new institution, which will have resources of approximately $8,000,000, will permit it to do a general banking,
trust, savings and mortgage loan business. A new banking
home will be erected by the trust company. The officers
will be as follows: E. M. Baugher, Chairman of the Board;
W. T. Suter, President; C. C. McGruder, Vice-President;
J. H. Franklin, Cashier; and Harry Scott and S. 0. Coyle,
Assistant Cashiers. The merger (subject to ratification by
the respective stockholders of the institutions) will become
effective about Oct. 1 next, it is said.
With regard to the proposed merger of the Union Trust
Co. of Detroit and the National Bank of Commerce of that
city (noted in the "Chronicle" of Jan.21 1928, page 367) the
Detroit "Free Press" of June 6 stated that the directors of
the Union Trust Co. have declared a special dividend of 1%
payable June 13 to stockholders of record June 12. This
dividend, it is said, is for the purpose of placing the stock of
the company on the same dividend basis as that of the National Bank of Commerce and make it effective from Jan. 1
1928, and is preparatory to making effective the consolidation of the National Bank of Commerce and the Union Trust
Co. through a holding company to be known as the Union
Commerce Investment Co. Advices from Detroit on the
same day (June 6) to the "Wall Street Journal" contained
the following in regard to the union of the institutions:
Consolidation of the National Bank of Commerce and the Union Trust
Co. has been effected. More than sufficient stock to make the plan effective has been turned in by stockholders for exchange on a share for share
basis for stock of the Union Commerce Investment Co., the newly-organize
d
company necessary to the consolidation.
The Union Commerce Investment Co. has been capitalized at
$5,000,000
to permit the exchange of stock, share for share, of the bank and
the trust
company, both of which are capitalized at $2,500,000. Under Michigan
laws a trust company cannot do a general banking business, and vice versa,
and for this reason the Union Trust Co. and the National Bank of Commerce will continue their separate identities, with no change in personnel.
Goldsborough Zepell, President of the Seaboard National, it was
said, is
slated to become chairman of the board of the new bank, with
Norman
Bell, now head of the Citizens' Bank, as President.
The merger will be the second large bank consolidation in Norfolk
in two
years, the Norfolk National, National Bank of Commerce,
and the Trust
Co. of Norfolk having united the latter part of 1926.
A. J. Hill, for several years a Vice-Pres. of the Dawson
National Bank of Dawson, Ga., was recently elected Pres,
of the institution to succeed the late R. L. Saville, according
to a dispatch from that plane to the Atlanta "Constituti
on"
on May 31. Mr. Hill assumed his new office on
May 28,
the dispatch said.
Proposed consolidated of the National City Bank of Los
Angeles and the California Bank of that city has been
announced by Gordon C. Smith, a Vice-Pres. of the former,
according to advices from Los Angeles on June 6, printed in
the "Wall Street News" of that date. The merger will be
accomplished, it is said, through an exchange of one share
of California Bank stock for four shares of National City
Bank stock and approval of the exchange has already been
given by holders of more than 75% of the stock of the latter
institution.
That a new institution—th- e Firestone Park State Bank
at Southgate (Home Gardens), Los Angeles, Calif.—would
open on that day with capital of $50,000 and surplus of $10,000, was reported in the San Francisco "Chronicle" of June
2. Officers of the new bank were given as Samuel L. Dudlext, President; Fred J. Theriot, Vice-President; John J.
Craig, Vice-President and counsel, and J. V. Hogan, Scoretary, Treasurer and Cashier. The organization of the
institution was authorized by Will C. Wood, State Superintendent of Bank, in November 1927, it is stated.
4---
Announcement was made on May 16 by Leo M. Meeker,
the new President of the Pan-American Bank of California,
Los Angeles, of a reduction in the bank's capital from $2,000,000 to $1,000,000, the difference to go into a stockholders' auxiliary corporation, according to the Los Angeles
"Times" of May 17. The 20,000 shares of capital stook outstanding at this time, it was said, will be reduced to 10,000
Barnet L. Rosset, Chairman of the Board of Directors of and
the stockholders' beneficial interest in the auxiliary
the Ogden National Bank of Chicago, and President of B, L. company will be indorsed
on the certificate. This, Mrs
Rosset & Co., Certified Public Accountants, together with Meeker explained,
means that the owners of the bank .took
JUNE 9 1928.]
FINANCIAL CHRONICLE
3545
will automatically become holders in the auxiliary corpora- stated that he and his associates had decided on this step because of their
tion. In commenting on the capital reduction, Mr. Meeker conviction that the requirements of modern banking necessitate amalgamation of facilities and interest
was reported as saying that the bank's surplus now amounts to patrons and depositors. if service of the highest character is to be given
to $250,000 and undivided profits total $100,000. It was
The new affiliations, Mr. Mahaffey said, will give his institution a direct
furthermore stated that the reduction in capital has been outlet for handling farm loans of central Oregon through the Oregon Joint
Stock Land Bank,owned by the Lumbermen's Trust Co.,and trust facilities
approved by the State Superintendent of Banks, the Los of the company also will become available.
Angeles Clearing House Association, of which the bank rePresident Bramwell of the Bancorporation said he was highly pleased
cently became a full member, and by the stockholders. with decision of the Central Oregon Bank to enter the new system, since
it in in exceptional condition in having 75 per cent of its assets in convertible
The election of Mr. Meeker as President of the Pan-Amer- securities. The bank has had a continuous dividend record
in recent years.
ican Bank of California was announced on May 2, follow- he stated.
ing a meeting of the directors of the institution, according
That the Royal Bank of Canada (head office Montreal)
to the Los Angeles "Times" of May 3. Mr. Meeker succeeds F. W. Smith, who has been President of the institu- purposes to open a branch at Balboa shortly was reported
tion since its organization in 1926, and who resigned be- in the following cable from that place on June 3 to the New
cause of impaired health. Mr. Smith, it was said, will York "Times":
The announcement of the opening of a branch of the Royal Bank of
retain his interest in the bank and will continue as a director. At the same meeting, C. L. Hill, who has been asso- Canada here in the near future was made by "The Panama American" today (June 3). The branch brings the first competition to the American
ciated with Mr. Meeker as an executive in banking manage- banks established here, and may offer to Panama an opportunity to float
ment for a number of years, was elected Assistant to the Pres- loans outside the United States. Some small loans for port improvements
the
ident. Mr. Meeker and Mr. Hill were alsci elected directors onThe Pacific Coast have already been floated in Canada, the report states.
National City and Chase National Banks both have branches
of the institution. In regard to Mr. Meeker's banking with others at Colon and Cristobal. The former bank is completing ahere,
new
building in Central Avenue, which is expected to be the finest bank
career, the "Times" had the following to say:
structure between
The new President of the Pan American is known throughout
Southern
California as a successful builder of banking enterprises,
having been identified with several institutions during the past ten years.
Mr. Meeker comes from a prominent family of Nebraska
bankers. After
spending a brief time as a contractor in Nebraska andPolorad
o he migrated
to the Northwest where he bought and developed a number
of small banks.
Disposing of his interests there in 1918 he came to Southern
California and
established the First National Bank of Garden Grove, in
Orange county.
Later he acquired control successively of the First plational
Bank of El
Monte, the First National Bank of Puente and the First
National Bank of
Riverside, in each of which he served as President and
chief executive.
One of the outstanding successes in Mr. Meeker's banking
career was
his development of the Long Beach National Bank.
Later this bank was
sold to the Bank of Italy, and Mr. Meeker was made
Chairman of the
regional board of the Glannini interests for this district.
He retired from
this position and assumed control of the First National Bank
of Beverly
Hills. A year ago he sold this bank and retired from the
field until he
was,offered the opportunity to assume leadership of the
Pan American.
It is understood that Mr. Meeker and his associates
have acquired a
substantial stock interest in the Pan-American bank.
The election of John It. Scantlin, formerly connected with
the Los Angeles-First National Trust & Savings Bank, Los
Angeles, as Vice-President and Cashier and a member of
the Board of Directors of the First National Bank of Beverly Hills, Cal., effective June 15, was announced on May
29 by Richard L. Hargreaves, President of the institution,
who went on to say:
"We feel we are extremely fortunate in having Mr. Scantlin
identify
himself with our bank, as it will give us a more complete
organization to
better serve the interests of Beverly Hills.
"Mr. Scantlin brings to the First National Bank of Beverly
Hills almost
twenty years of banking experience. Starting in 1909 with
his first
position as messenger with the Indiana National Bank of
Indianapolis, he
has been connected with banks and has had experience in practically
every
department of a commercial bank continuously since that
time."
Henry M. Robinson, President of the Los Angeles
-First
National Trust & Savings Bank, also said:
"Mr. Scantlin, who leaves this institution on June 15 to
become identified with the First National Bank of Beverly Hills, is one
of the best of
the younger executives in Southern California. His
credit experience is
wide and his judgment sound. We regret his loss, but the
First National
Bank of Beverly Hills is a strong and growing institution
and our best
wishes go with him in his new work."
Announcement was made on May 29 by Frank C.
Bramwell, President of the Oregon Bancorporation of Portland,
Ore. (an organization formed recently, it is understoo
d,
with the American Exchange Bank and the Lumberme
ns
Trust Co., both of Portland, as a nucleus) that the
Central
Oregon Bank of Bend, Ore., has affiliated with the
Bancorporation, according to the Portland "Oregonian" of
May
30. It was stated, the paper mentioned said, that deposits
of
the Central Oregon Bank on May 26 were $1,080,000 and its
total resources $1,200,000, $743,000 of which are in liquid
form. E. P. Mahaffey, a Vice-President of the bank,
was
on May 29 elected as director of the Oregon Bancorporation
in accordance with the plan of the organization's leaders
to give representation on its board to each affiliating bank.
Mr. Bramwell was reported as saying that no change in
personnel or management of the Central Oregon Bank
is
contemplated at this time. The officers are: D.E. Hunter,
President; E. P. Mahaffey, Vice-President, and H. M. Stephens, Cashier. Continuing the Portland paper said in
part:
According to President Bramwell, this is the first of several up
-state
banking institutions which are expected to come into the holding
corporaLion. This was launched two weeks ago with the American Exchange
Bank
and Lumbermens Trust Co., both of Portland, as the nucleus.
Terms upon which the Central Oregon Dank has been taken into
the
Oregon Bancorporation were not announced. Mr. Mahaffey was in Portland Monday to complete all preliminary negotiations. Final decision by
him and his associates to enter the Oregon Bancorporation was communicated to officials of this organization over long-distance telephone. He
Panama and Mexico. Enlargements by the Chase National Bank will double the capacity of the present quarters.
Both banks here act as clearing houses for the branches in neighbor.
ing countries, and possibly the Royal Bank of Canada will also use its
branch as a central office for the branches in Costa Rica and other
Central American countries.
The Royal Bank of Canada is close to the Government, according to the
report of "The Panama American," which states that the first business will
be a loan of $1,000,000 to the National Bank of Panama, a Government
institution. Whether or not the Royal Bank will interest itself in the
812,000,000 loan which Panama is now attempting to float in the United
,
States is not known.
THE WEEK ON THE NEW YORK STOCK EXCHANGE.
The stock market suffered a further bad break on Monday when call money advanced to 7%, and has continued
weak since then notwithstanding the call loan rate has
dropped back to 53'%. There have been frequent periods
of irregularity and unsettlement. Motor stocks and steel
shares have had occasional periods of strength, but the•
uneasiness over the money situation has been an effective,
brake on manipulation. The Federal Reserve statement
of brokers' loans showed a further expansion of $93,774,000during the week, bringing the total amount to a new high
record. At the half day session last Saturday the market
forged ahead and many of the so-called specialties moved
up to new high record levels. Radio Corporation and International Tel. & Tel. furnished the spectacular features ofthe trading, the former reaching a new top at 224 and the
latter reaching its highest in all time as it crossed 197, a gain
of 10 points from the previous close. Victor Talking Machine was also in demand and sold up to 101% at its peak
for the day. Copper stocks were especially active and
toward the end of the session moved up with the market
leaders. General Motors was inactive until the last half hour when it moved vigorously upward and crossed 200.
Midland Steel Products pref., Case Threshing Machine
and Gold Dust were the outstanding strong spots in the
industrial specialties and there was considerable demand.
for General Railway Signal, Consolidated Cigar and Atlantic Refining Co. On Monday the market opened strong,
but in the final hour a severe break occurred as a; result of
the advance of call money to 7% for the first time since 1921. In the early trading numerous speculative favorites
moved forward to higher levels, but following the unexpected jump in call money most of them tumbled with a
crash. Radio Corporation, for instance, dropped 27 points
to 196; General Motors slipped down to 189% and closed at.
1923-i with a net loss of 73 points, and declines of from
8 to 12 points were conspicuous throughout the list.
The market was weak in the early trading on Tuesday,
but as the day advancd turned upward, though the course of prices was not entirely uniform and at the close gains
and losses were about equal. International Combustion
was one of the strong features of the day and rushed ahead
into new high ground with a net gain of 8 points above
Monday's close at 643. Allied Chemical & Dye was.
another feature and gained 8 points to 175. American
Can gained over a point to 91% and United States Steel
improved to 144. The movement in Radio Corporation
was particularly wide and ranged from a low of 193% to a
high of 204, as compared with its previous close at 197.
Further recovery was apparent as the session opened on
Wednesday, though trading was comparatively quiet and'
the tickers had no difficulty in "keeping the pace." Prices
moved down in the early trading but partly recovered later.
One of the strongest stocks of the day was Allied Chemical
& Dye which bounded forward 4 points to a new peak in
all time above 179. General Electric moved back and
forth over a wide range and there was a spectacular advance off 17 points in Archer-Daniels-Midland. Steel stocks
were active and moved slowly upward under the leadership
of United States Steel common. Copper stocks were inclined to sag in the final hour.
Liquidation was strongly in evidence during the greater
part of the session on Thursday, though here and there
was to be found an issue that moved against the trend and
advanced to higher levels. General Motors and United
Steel common were included in this class, the former closing
the day with a gain of 232 points, while the latter sold up to
1453/s. Railroad shares were under pressure most of the
time and this was also true of the copper stocks and oil issues.
Radio Corporation moved over a wide range but usually
above the previous close and Packard Motor Car moved
briskly ahead on merger rumors. Allied Chemical & Dye
was bid up to 181 but closed at 1763/2 with a net loss of
nearly two points. One of the conspicuously strong stocks
was National Power & Light which gained 13/8 points and
.crossed 35. American Can also closed about a point higher.
Specialties bore the brunt of the declines and losses ranging
from 3 to as much as 12 points were recorded in this group.
On Friday the market was decidedly irregular, the main
body of stocks opening lower and most of the active speculative issues continuing under pressure throughoutIthe
session. Radio Corporation was strong and closed with a
net gain of 234 points. General Motors opened down 2
points and closed at 190, a net loss of 134 points. Oil stocks
were weak and United States Steel common slipped back
.134 points to 1423/s. The final tone was weak.
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY. WEEKLY AND YEARLY.
United
States
Bonds.
Stocks,
Number of
Shares.
-rutsi
State.
Municipal &
Foreign Bonds.
$4,039,000
8,359.000
8,465.400
9,780,500
7,972,000
8,153,000
$1,474,500
3,324.000
3,790,000
4,343,000
3,717,000
3,010,000
$92,000
1,020,000
979,000
1,105,000
683,000
425,000
10 102 940
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Railroad,
de..
Bonds.
1,944,190
4,107,810
3,360,100
3,370,940
3,258,600
3,152,300
Week Ended June 8.
348.768.000
$19,658,500
54.304.000
Jan. Ito June 8.
Week Ended June 8.
Sales at
New York Sock
Exchange.
1928.
1927.
1928.
1927.
19,193,940
12.793,767
364,614,348
244,883,387
$4,304,000
19,658,500
46,763,900
Stocks, No. of shares__
Bonds.
.Government bonds__ _
State and foreign bonds
Railroad & misc. bonds
Total bonds
[Vor.. 126.
FINANCIAL CHRONICLE
3546
$7,409,750
13.884,000
38.388,000
$81,995,750
395,641,765
1,280.565,225
5159,045,850
413,020,200
1.065,651,050
$70,731,400 359,681.750 $1,758,202.740 $1,637,717,100
DAILY TRANSACTIONS AT THE BOSTON. PHILADELPHIA AND
BALTIMORE EXCHANGES.
Shares. BondSales. Shares, Bond Sales. Shares. BondSalela
2,871
6,328
7,604
4,245
7,912
5,418
58,400
13.400
45,900
43,000
44,000
21,500
42,400
40,000
13,000
20,000
a20.955
a46,371
a29,800
a47,505
a42,626
28,576
$11,000
5,500
18,700
53,000
50,000
27,000
226,503
$146,400
215,833
$155,300
34.378
$176,200
204 652
5125000
240 Ana
5127500
1.0 1192
5240.200
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
$31,000
*22,838
*48,903
*38,120
*41,329
*43,672
31,641
Prey, week revised
Baltimore.
Philadelphia.
Boston.
Week Ended
June 8 1925.
•In addition sa es of rights were: Saturday. 2,660; Monday, 3,774; Tuesday.
4,295; Wednesday, 5,013; Thursday, 10.579.
a In addition, sales of rights were: Saturday, 4,300; Monday, 2,900; Tuesday.
16,211; Wednesday, 5,750: Thursday, 5,500; Friday, 2,100.
THE CURB MARKET.
Curb prices broke badly on Monday of this week following
heavy selling pressure. Later there was some improvement,
but as the week closed prices sold off again. Aluminum Co.
corn., sold down from 1873 to 1703% and at 172 finally.
%
Amer. Solvent & Chem. corn. weakened from 2734 to 21
and closed to-day at 213s. Bohn Aluminum & Brass was
off from 85% to 7634, recovered to 86 and reacted again
8
.
and ends the week at 813/ Celanese Co. com. fell from
3
853% 7834, the final figure to-day being 79%. Cuneo
Press corn. sold up from 44 to 5534 and at 53 finally. Deere &
Co. corn. receded from 400 to 370. Motor Products corn.
after early loss from 96 to 90 ran up to 10034 resting finally
at 97. Sparks Withington was conspicuous for an advance
from 953/8 to 127, the close to-day being at 1193/8. Tubize
Artificial Silk, class B, broke from 599 to 55034 and sold
finally at 560. U. S. Freight declined from 8334 to 773/8
and finished to-day at 773/8. U. S. Gypsum corn. dropped
from 100 to 89 with the close to-day at 8934. New York
Central and Chrysler "rights" were introduced to trading
the former dropping from 734 to 6% and the latter selling
between 3 and 334. Utilities were heavy. Elec. Bond &
Share Securities sold from 11434 to 105. Electric Investors
was off from 76 to 663%; the close to-day being at 673/s.
Lehigh Power Securities sold up from 4134 to 65. Noranda
Mines sold down from 3034 to 29, then up to 3734, the close
to-day being at 353%. Bonds were weak.
DAILY TRANSACTIONS AT THE NEW YORK CURB MARKET.
*STOCKS (No. Shares).
Week Ended
June 8.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Indus. &
Miscell.
336,140
572,806
400,410
636,550
452,780
409,250
OU.
48,100
123,360
119,850
87,850
103,550
105.550
Mining.
54.210
157,030
118,920
146,100
223,200
213,870
Total.*
BONDS (Par Value).
Foreign
Domestic. Government.
438,450 $1,052,000
853,196 2,961,000
639,230 3,190,000
870,500 4,191,000
779,530 3,253,000
728,670 3,230,000
$343,000
561.000
795,000
757,000
811,000
910.000
Total
2,807,936 588,260 913,330 4,309,576 $17,877,000 54,177,000
•In addition, rights were sold as follows: Saturday. 4,000; Monday. 1.900
Tuesday, 3,300; Wednesday. 28,880; Thursday.
Course of Bank Clearings.
Bank clearings the present week will show a satisfactory
gain as compared with a year ago. Preliminary figures compiled by us, based upon telegraphic advices from the chief
.cities of the country, indicate that for the week ending to-day
(Saturday, June 9) bank exchanges for all the cities of the
United States from which it is possible to obtain weekly returns will be 13.4% larger than for the corresponding week
last year. The total stands at $11,824,175,088, against
$10,427,402,853 for the same week in 1927. The improvement follows almost entirely from the increase at this centre,
where there is a gain for the five days ending Friday of 25.7%.
Our comparative summary for the week follows:
1928.
1927.
Per
Cent.
New York
Chicago
Philadelphia
Boston
Kansas City
St. Louis
San Francisco
Los Angeles
Pittsburgh
Detroit
Cleveland
Baltimore
New Orleans
$6,290,000,000
628,825,916
484,000,000
377,000,000
106,627,811
130,300,000
186,376,000
171,870,000
164,204,297
158.908,302
*100,000,000
88,346,258
51,338,161
$5,004.000,000
597,677,778
432,000,000
426,000,000
118,882,443
111,800,000
145,655,000
143,741,000
153,222,208
132,610,906
96,531,876
89,066,305
46,236.253
+25.7
+5.2
+12.0
-11.5
-10.3
+16.5
+28.0
+19.6
+7.2
+19.8
+3.6
--0.8
+11.0
Thirteen cities. 5 days
Other cities, 5 days
$8,937,796,745
915,682,495
$7,497,423.769
1,049,228,735
+19-2
-12.7
Total all cities, 5 days
All cities, 1 day
$9,853,479,240
1.970,695,848
$8,546,652,504
1,880,750,349
+15.3
+4.8
_ 211_524.170.088 210 427 402 1103
4.13.4
Clearings-Returns by Telegraph.
Week Ended June 9.
'Tn.I oft olt1i. Onp wow&
•Estimated.
Complete and extact details for the week covered by the
foregoing will appear in our issue of next week. We cannot
furnish them to-day inasmuch as the week ends to-day
(Saturday), and the Saturday figures will not be available
until noon to-day. Accordingly, in the above the last day
of the week has in all cases had to be estimated.
In the elaborate detailed statement, however, which we
preient further below, we are able to give final and complete
results for the week previous-the week ended June 2. For
that week there is an increase of 10.6%, the 1928 aggregate
of clearings for the whole country being $11,688,772,030,
against $10,564,855,603 in the same week of 1927. Outside
of this city the clearings show an increase of only 2.0%, the
bank exchanges at this centre recording a gain of 15.9%.
We group the cities now according to the Federal Reserve
districts in which they are located and from this it appears
that in the New York Reserve District (including this city)
there is an improvement of 15.4%, but in the Boston Reserve
District clearings register a decrease of 2.1% and in the
Philadelphia Reserve District of 0.6%. In the Richmond
Reserve District there is a loss of 6.7%, but in the Cleveland
Reserve District a gain of 4.1%, and in the Atlanta Reserve
District of 18.0%, the latter notwithstanding the falling off
at the Florida points, Miami having a decrease of 33.9%
and Jacksonville of 4.0%. The Kansas City Reserve District falls 5.8% behind, but in the Dallas Reserve District
the totals are larger by 7.7% and in the San Francisco Reserve District by 19.5%.
In the following we furnish a summary by Federal Reserve districts:
JUNE 9 192.8.]
FINANCIAL CHRONICLE
3547
SUMMARY OF BANK CLEARINGS.
The course of bank clearings at leading cities
Week Ended June 2 1928.
Federal Reserve Discs.
1st Boston _ _ _ _12 cities
2nd New York_11 "
3rd PhIladelphial0 "
4th Cleveland__ 8 "
5th Richmond - 6 "
5th Atlanta..__13 "
7th Chicago.....20 "
8th St. Louis.- 8 "
9th Minneapolis 7 "
10th Kansas CitY12 "
11th Dallas
5 "
12th San Fran_ _17 "
1928.
Ine.or
Dec.
1927.
s
$
%
514,120487
525,412,915 -2.1
7,768,304,247 6,733,596,012 +15.4
552.829,597
656,241,143 -0.6
364,327,374 +4.1
379,397,662
167,058,039
178.979,398 -6.7
165,190,829
140,006,717 +18.0
1,048,831.843 1,047,096,140 +0.2
200,437,597
210,569,957 -4.8
111,464.939
106,035,295 +5.1
193,317,800
205,190,704 -5.8
59,722,908
55,459,063 +7.7
528,090,082
441,940,885 +19.5
for the month of May and since Jan.
1926.
1925.
s
506,752.888
5,502,247.385
548,697.542
351,485,005
190,154,330
185,507,773
988,889,488
208,339,451
114,904,780
196,587,306
60,860,547
476,909,879
$
514,450,976
6,657,255.571
659,187,457
405,226,912
222,156,815
183,047,363
1,171,397,641
193,797,112
138,063,823
232.616,566
65.383,900
522,960,999
Federal Reserve Diets.
Oat Boston__ _..14 cities
2nd New York.14 "
3rd Philadelphial4 "
4th Cleveland.
.15 "
5th Richmond -10 "
6th Atlanta...._18 "
7th Chicago_ _ .29 "
8th St. Louis_ _10 "
9th MInneapolls13 "
10th Kansas City16 "
11th Dallas
11 "
12th San Fran-28 "
Inc or
Dec.
May
1926.
2
2,485,412,331
25,398,666,345
2,494,169,408
1,798,583,024
845,062,665
893,816,681
4,677,536.776
929,753,668
487,665,460
1,172,463,391
479,222,241
2,329,155,078
V.
,
+7.3
+47.5
+9.2
+8.6
+0.1
+1.9
+10.1
+6.8
+14 6
+2.9
+4.1
+26.4
$
2,362,125,221
24,004,741,988
2,491,627,897
1,707,509,391
899,320,878
1,020,472,188
4,541,826,4E3
957,027,486
522,886,374
1,110.617,056
476,263,744
2,275,649,994
$
2,010,533,877
24,447,494,178
2,552,378,569
1,646,301.522
862,209,013
997,535,933
4,311,491,780
890,643,203
533,163,730
1,089,168,444
443,299,418
2.102,023,207
Total
Other cities
7A1
1928.
Inc.or
Dec.
Five Months.
1927.
1928.
Stock, number of shares_
82,398,724 46,597,830
Railroad & misc. bonds_ _ $183,915,500 2188,976.500
State, foreign, &e.. bonds 68,350,500 60,347,500
U.S.Government bonds_
13,618,000 31,711,700
1927.
351,779,893
224,028.610
$961,554,950 $1,000,826,050
373.216.125
392,330,900
77,294,750
141,152,450
2265,884,000 $281,035,700 $1.412,065,825 21,534,309,400
The volume of transactions in share properties on the
New York Stock Exchange for the five months of 1925
to 1928 is indicated in the following:
1928.
1927.
1926.
1925.
No. Shares. No. Shares. No. Shares. No. Shares.
Month of January
February
March
56,919,395
47,009,070
84,973,869
First quarter
34.275,410
44,162,496
49,211,663
38.987,885
35,725,989
52,271,691
41,570,543
32,794,456
38,294,393
188,902,334 127,649,569 126,985.565 112.659,392
April.
May
80,474,835
82.398.724
49,781,211
46.597.830
The following compilation covers
since Jan. 1 in 1928 and 1927:
Five Months.
1927.
Month of May.
Description.
We append another table showing the clearings
by Federal
1928.
23,847 162,066 128,557 125,997 117,823
2,991 15,899 14,908 14,891 14,578
1,764 11,300 10.828 10.272
9,105
2,334 11,821 11,719 12,331 11,908
588
3.110
3.074
3.242
3,080
697
3,826
3,953
3.743
3,614
729
4,824
4,025
4.067
3.712
459
2,248
2.321
2,450
2,217
293
1,660
1,583
1,611
1,498
520
2,803
2,997
2.766
2,770
478
2,704
2,603
2,468
2,359
328
1,626
1,398
1,615
1,694
242
1,248
1.212
1,277
1,262
703
3,911
3,522
3,577
3.224
133
837
771
750
722
174
938
846
884
900
57
341
293
290
290
167
885
932
904
844
634
4,406
4,010
3,646
3,203
225
1,126
1,094
1,117
1,067
126
639
611
659
648
130
725
666
653
678
74
498
499
472
360
214
927
1,012
1,102
1,116
75
448
453
502
465
166
1,038
946
967
854
63
375
354
359
331
62
424
324
353
300
Our usual monthly detailed statement of transactions on
the New York Stock Exchange is appended. The results
for
May and the five months of 1928 and 1927 are given below:
1 110 AA6 RIR
Reserve districts for the five months back to 1925:
23,386
3,131
2,114
2,312
626
737
762
497
308
535
481
315
237
746
143
166
55
184
699
206
129
128
99
207
86
187
70
66
54,053 40,328 38,612 38,273 242,653 205,511 202,965 190,442
3,881 3,644 3,758 3,613 18,750 18.710 19,705 18.503
Total bonds
Total
192 cities 57,933,832,403 43,971,807,058 +31.7 42,370,068,700
41,886,240,874
Outside N.Y. City
21,228,845,536 19,228.686,629 +10.4 18,983,923,067 18,038,806,454
Canada
31 VitiAN 9.550 714 919 I ilA 09R 17R -1-17 6 1 6RA ARO
24,743
3,277
2,231
2,312
594
762
766
473
313
589
527
294
217
730
148
170
58
190
767
221
116
133
100
187
87
188
70
65
Total all
57,934 43,972 42,370 41,886 261,403 224,221 222,670 208,945
Outside N.Y. City 21,229 19,229 18,984 18,039 99,336 95,663 96,673 91,122
May
1925.
$
2,668,019,887
37,461,481,531
2,724,788,625
1,953,835,027
846,133,093
890,003,975
5,189,218,511
992,623,859
558,768,801
1,206,269,342
498,656,572
2.944,033,177
the
BANK CLEARINGS AT LEADING CITIES.
May
Jan. 1 to May 31
1927. 1926. 1925. 1928.
1927.
1926.
1925.
and in the Philadelphia
Reserve District by 9.2%. In the Cleveland Reserve District the gain is 8.6%, in the Richmond Reserve District
0.1% and in the Atlanta Reserve District 1.9%, the latter
notwithstanding the loss at the Florida points, Miami having suffered a decrease of 42.7%. Tampa of 31.9% and
Jacksonville of 17.7%. In the Chicago Reserve District the
total is larger by 10.9%, in the St. Louis Reserve District
by 6.8% and in the Minneapolis Reserve District by 14.6%.
In the Kansas City Reserve District the gain is 2.9%, in
the Dallas Reserve District 4.1% and in the San Francisco
Reserve District 26.4%.
We also furnish to-day a summary by Federal Reserve
the San Francisco Reserve District enjoys a gain of 7.7%.
May
1927.
of the country
in each of
last four years is shown in the subjoined statemen
t:
(000,000s
1928.
omitted.)
New York
36,705
Chicago
3,614
Boston
2,342
Philadelphia
2,532
St. Louis
640
Pittsburgh
845
San Francisco
1,062
Totas
129 cities 11,688,772,030 10,564,855,603 +10.6 9,328,336,374 10,965,545,135
471
Outside N.Y.City
4,052,520,828 3,973,452,629 +2.0 3,950,775,372 4,437,671,859 Baltimore
Cincinnati
333
.41 nitia•
nIn all Nra
ae, ,r, RII -1...1R 1
,
111 760 R01
909 106 14R
Kansas City
568
Cleveland
571
We also furnish to-day a summary by Federa Reserve Minneapolis
343
Districts of the clearings for the month of May. For that New Orleans
248
month there is an increase for the whole country of 31.7%, Detroit
877
the 1928 aggregate of the clearings being $57,933,832,403, Louisville
166
and the 1927 aggregate $43,971,807,058. The present May Omaha
193
total is not only the highest ever reached in any May but it Providence
75
180
also establishes a new high record for any month. The new Milwaukee
Los Angeles
996
high records, however, are due entirely to the expansion in Buffalo
249
the clearings at this city, as outside of New York City the St. Paul
124
Denver
147
increase as compared with May 1927 is only 10.4%, the Indianapolis
107
bank exchanges at this centre showing a gain for the month Richmond
185
86
of 48.3%. In the New York Federal Reserve District (in- Memphis
Seattle
cluding this city) the totals are larger by 47.5%, in the Salt Lake City - 220
74
Hartford
100
Boston Reserve District by 7.3%
May
1928.
1
30,326,714
23.341.144
24,844,207
36 647 7611
the clearings by months
MONTHLY CLEARINGS.
1926.
1925.
Federal Reserve Diets.
195 Boston _ _ _14 cities 12,742,293,541 12,082,909,782 +5.5 11,538,279.163
2nd New York_14 " 165,534,998,985 131,870,057,535 +25.5 129,235,269,15 10,321,075,346
2
3rd Philadelphial4 " 12,741,911,818 12,630,528,916 +0.9 13,220,679,342 120,730,079,068
4th Cleveland._15 "
9,204,947,130 9,106,851,127 +1.1 8,760,766,299 12,786,552,372
8,397.737,924
5th Richmond _10 "
4,082,735,113 4,250,661,562 -4.0 4,504,698,970
6th Atlanta.__.18 "
4,474,135,409 4,591,768,734 -2.6 5,752,204,122 4.268.103,201
7th Chicago_ _29 " 23,122,793,860 21,745,867,805 +6.3 21,730,526,838 5,047,727.263
8th St. Louis...10 "
4,886,180,399 4,813,632,235 +1.5 6,015,885,446 20,897,311,401
9th Minnespolls13
2,675,950,352 2,379,873,926 +1/4 2,651,274,691 4,768,444,734
10th Kansas City16 "
5,992,543,358 6,020,660,807 --CO 6,795,874,244 2,731,209,959
llth Dallas
11 "
2,532,090,305 2,667,263,897 +5.1 2,650,878,345 5.7E6,081,220
12th San Fran-28 " 13,411,984,002 12,061,829,756 +11.2 11,813,396,374 2,587,144,662
10,643,304,674
Total
192 cities 261,402,564,272 224,220,904,4E2 +18.6 222,669,790,986
208,944,771,824
Outside N. Y. City
99,336,275,848 95,663,437,760 +3.e 96,673,255,902
91,121,688,813
Canada
31 cities 9,697,613,988 7,579,327,944 +27.9 6,856,269,430
6,325,360,963
Clearings. Total AU,
Month.
1928.
Clearings °Weide New York.
1927.
1928.
1927.
%
$
$
$
$
Jan.__ 51,537,529,645 45,198,288,595 +14.0 20,494,049.716 19,636,375.1
Feb... 44,605,291,181 40,397,006,347 +10.4 17,781,16.5.115 17,337,789, 25 +4.3
Mar.. 55,568,771,916 48,940,295,438 +13.4 20,114,936,827 20,212,540,024 +2.6
589 -0.9
1st qu.. 151 711592742 134535590380 +12.858.390
.151.658 57.186,704,738 +2.1
%
April__ 51.757.139,127 45.713,507,044 +13.2 19,717,278,654 19,248,046.393 +2.4
May.. 57,933,832,403 43,971,807,058 +31.7 21.228,845,536 19,228,686,6
29 +10.4
We now add our detailed statement showing the figures
for each city separately for May and since Jan. 1 for
years and for the week ending June 2 for four years:
two
CLEARINGS FOR MAY, SINCE JANUARY
1, AND FOR WEEK ENDING JUNE 2.
Month of May.
Clearings at
-
I
1928.
First Federal Resc
Maine-Bangor
N
Portland
-Boston
Mass.
Fall River
Holyoke
Lowell
New Bedford
Springfield
Worcester
Conn.
-Hartford -..New Haven
Waterbury
-Providence.-It. 1.
-Manchester..
. 11.
1927.
$
$
rve District- Boston
3,728.528
3,354,769
18,979,390
17,236,765
2,342,459.825 2.230,654,299
11,611.232
8,681,832
3,072,782
3,696,403
5,585,818
5,301,834
4,847,664
5,862,078
27,005,645
24,699,103
16,425,062
15,998,743
100,469.253
65.265,584
43,889,273
32,549,241
12,159,700
10,989,000
74.951.100
57,567,600
3,034,615
3,555,080
Five Months,
Inc. or
Dec.
1926.
%
$
1925.
1928.
1927.
Inc. or
Dec.
1926.
$
%
$
$
%
3
+11.1
14,859,684
17,363,473
+8.9
82,686,668
78.326,540
+5.0 11,299,705,763 10,827.741,
509
+33.9
43,109,926
42,319.125
-24.9
15,831.795
18,893.146
+5.5
25,789,194
26,250,066
-17.3
33,509,348
26,524,151
+9.3
124.868,970
1 19.454,510
+2.7
76,898,889
77,953,898
+53.9
424.178,791
324,447,335
+34.9
188,529,958
162,523,129
+10.7
55,666,500
52,043.400
+30.2
341,215,400
293,286,400
-14.6
15,442,655
15,783,100
Total(14016168)„.- 2,668,019,887 2,435,412,331
+7.3 12,742,293,541 1
2,082,909,782
Week Ended June 2.
moor
.
Dec.
1925.
3
-14.3
+5.6
+4.3
+1.9
-16.2
+5.4
+26.3
+4.5
-1.4
+30.7
+16.1
+7.0
+16.3
-2.2
643.182
3,925,019
453,000,000
1,924,467
929,282 -30.8
3,691.318 +6.3
473.000,000 -4.2
1,791,608 +7.4
770,698
4,308,329
449,000,000
1,851,298
711.455
4,517,290
452,000.000
1,810,686
1,089,311
860.293
5,439,693
3,242,380
17.013,153
11,707,207
1,041,222 +4.6
1,142,548 -24.7
5.721,709 -4.9
3,414,351 -5.0
14,926,906 +14.0
7,732,398 +51.4
991,341
1.150,899
6,505.730
3,809,572
19,080.861
6.897,156
1,342,081
1.589,831
7.516,113
4,248,690
16.187,171
8.779,484
14.547.600
728.182
11,251,700 +20.3
769,873 -5.4
11,681,600
705,404
14,828,000
920.175
+5.5
514,130,487
506,752,888
514,450,976
525,412,915
-2.1
[Vot. 126.
FINANCIAL CHRONICLE
3548
CLEA RINGS-(Continued).
Clearings al
1928.
1927.
Week Ended June 2,
Five:Months.
Month of May.
Inc.or
Dec.
1926.1
1925.
Inc.or
Dec.
1928.
1927.
Inc. or
Dec.
1926.
$
1925.
$
$
%
7.182.357
6,002.139
5,696,953 +3.3
5,883,068
140,605,669 -3.4
1,318.600
135,815,415
1,201,800
+3.6
1,396,000 -19.6
1,122,020
26,410,858 +8.4
49.437,412
28,619,204
47.675,026
+ 10.3
49,406.283 +0.1
49.440.523
1,244,628
1,111,624
+12.8 1,125,914,372 1,093,996,509 +2.9
968,065 +9.7
1,061.602
23,103,603 +0.1
1,479,872
23.210,830
1,303,992
+9.1
9.1
1,381,648 1,256,948
30.677.012 -7.1
28,501,100
002 .527,873,276
.
+5 7
7,636,251.202 6,591,402,974 + 15.9 5,377,561,
+48.3 162,066.288,424 128,557,466,722 +26.1
24,079,274 +32.4
19,549.346
31,872,905
17,524,698
+30.5
16.7
19,250,991 16.039,809
293,215,949 +6.5
312,271,969
7,413,712
6,358,103
2.8
+19.4
9.772,640 9.501,417
133,478,293 +6.9
142,654,729
4,358.354
4,355,326
+ 13.2
3.787.824 -14.2
3.249,571
77.100.725 +13.9
84,393,175
1,232,669
1,331,022
+33.1
1.461,659 +4.9
1,531.649
+4.7
18,454,316
19,328,427
+ 10.7
+7.7
563,864.746
36,165,345
607,003.972
37,822,653
+13.2
49,070,975 -8.7
42.966,438
854,454.478 +4.7
894,204,915
+20.4
33.149,379 +5.6
35,010,548
+9.2
012 +15.4 5,502,247,385 6,657,255,571
7,535 +25.5 7.768.304.247 6,733,596,
25,398,966,345 +47.5 165,534,998,985 131,870,05
Total(14 cities)_ _ _ 37,461,481.534
1,708,298
1,858,815
1.795,379 --15.1
Philadelph la1.524,379
Third Federal Res erre District - 6,808,581 + 11.4
35,255,632 -7.3
4.074,817
32,670,962
3,856,405
4.182,912 +18.2
4,945.736
7,583,727
-Altoona
96.239,593 -0.5
Pa.
95,715,409
1,680,089
1,186,419
1,399,959 --17.7
18.536,634 +10.7
1,152,096
20,527,647
-9.3
Bethlehem
30,369,104
27,543,293
5,766.415 +0.4
5,787,611
Chester
101,009,607 -5.2
3,181,746
95.783,095
2,078,222
19.8
1,977,753 20,132,515 +4.5
1,586,985
21.030,509
Harrisburg
49.268.888 +6.2
52,313,445
8.842,868 +0.5
8.883,734
+0.5
Lancaster
13,865,701
13,930,927
3.2
2,914,121 2,819,955
Lebanon
19,148.835 +14.7 520,000,000 526,000.000 21,959,819
1.1 517,000,000 625,000.000
3,765,217 +31.8
4,964,029
Norristown
4,079,861
,000 11,719.000.000 +0.9
4,168,967
4.077,100 +2.5
4,180,150
2,532,000,000 2,312,000,000 +9.5 11,821,000
Philadelphia
91.847,638 +0.7
7.126,328
92,522,648
5,952,057
+12.6
5,318,757
19,500,797 +5.7
5.986,455
20,604,687
+5.8
Reading
1.36,915,564
3,673.172
144,719,188
4,253,118
3.739,886 +10.1
26,210.143 + 18.0
4,117,932
30,918.529
Scranton
87,616,037 +2.2
2,200.531
89,520,830
1,897,688
1,753,370 +28.8
19,383,468 -16.2
2,250.322
16.252.753
Wilkes-Barre
39.706,615 +8.8
43,188,733
8,459,932 +7.8
9,122.846
York
61,587,495 -13.0
6.462,625
53,566,696
6,445,851
5.996,027 +18.0
13,120,352 -12.0
7,077,542
11,543,318
-Camden
N J.
148,696,117 +5.9
157,476,773
28,728,365 + 14.0
32,749,280
Trenton
7
552,829,597 556.241.143 -0.6 548,697,542 659,187,45
+9.2 12,741,911,818 12,630,526.916 +0.9
Total(14 citles)_ _ _ _ 2,724,788,625 2,494,169,408
6,335,000
6,523,000
5.956,000 +5.5
Cleveland.
6,285,000
Fourth Federal Re serve District130,063,000 +9.8
4.567,068
142,781,000
3,361,375
5.5
3,179,697 +6.6
30.805,000 3,389,964
29.116,000
-Akron
Ohio
88,350.645 +3.6
74.286,376
91,557,977
67,201,407
62,829,382 +2.6
17,727,853 +3.4
64,370,084
18,328.560
661
Canton
+4.8
98.420,870 129,189,313
116,689,717 109,952,652 +6.1
313,527,308 +6.2 1,659,689,054 1,583,170,
333,035,655
Cincinnati
15,125,600
14,470,400
16,054,500 +2.8
526.774,218 +8.4 2.704,284,710 2,602.596.496 +3.9
16,506,900
571.194,344
Cleveland
373,992,800 +2.5
383,233.400
+3.9
73.78.3,300
76,688.800
Columbus
20,499,976 +3.5
23.262.459
+51.5
3,531.326
5,349,109
Hamilton
12.0
1,948,931
9,550,069
8,395,753
1,788,988
16.2
1.660,687 -10.7
1,484,820
2,320,295
1.944,950
4.2
Lorain
4,169,234
42,459,211 41,208,652
5,745,531
4,223,392 +18.0
8,883,446 -7.6
4.983,571
8,210,892
Mansfield
119.899,532 +3.0
123,484,226
22,526,826 + 14.0
25.733,307
Youngstown
2.9
15,394.767 14,755.466
6.2
3,182 328 2,984,085
-Beaver County _
6,806,537 -6.6
Pa.
6,358,537
7.3
1,402,679
*1.300,000
0
Franklin
29,994,358 +5.0
31.481,224
6,273.750 -2.3
165,687,606 160.471,064 +3.3 153,973,434 170,605,30
6.129.725
Greensburg
3.2
762,225,251 +10.8 3,825,858,096 3,953.488,531 844,800,220
40,949.437 +24.3
Pittsburgh
50.912.596
+5.6
6.760,717
7,137,566
Ky.-Lexington
89,635,107 +9.0
97.683.980
18,858,727 + 16.0
21,881,814
2
W. Va.-Wheeling379.397,662 364,327,374 +4.1 351,485,005 405,228,91
9.204,947,130 9.108,851,127 +1.1
1,953.835.027 1.798,583,024 +8.6
Total(15 cities)---2,008,021
1,435,193
1,281,865 -2.6
1,248,624
- Richmond
6,773,752
Fifth Federal Rese rye District
29,298,869 -10.2
6,550,040
26,314,673
5,907,173 -19.3
+6.2
4,767,215
5,141,601
5,460,090
5.9
48,728,000
W.Va.-Huntington
122,045,766 40,499.000
114,857,733
37,414,000 -1.7
+3.7
38,791,000
23,444,491
24,319,932
8.4
Va.-Norfolk
926,767,964 1,012,047,272 188.893.272 -0.8
185.427,000
2.058,595
Richmond
1.597,932
56.777,297 -1.9
55,716,479
1,886.085 -0.6
1.875.402
10,101,600 +7.7
10,884,336
-Raleigh
52.099.466 -2.0
N.C.
51,075,138
-0.3
9.849,770
9,816,574
1
-Charleston
42,226,304 +14.5
S. C.
48,347,213
90,944,349 102,410,364 -11.2 111,530,711 129,938,35
10,077,400 -1.0
9,980,385
Columbia
0.5 2,247,633,892 2,321,097,907 -3.2
473,360,355 470.892,960
1.2
Md.-Baltimore
10,251,736 10.128,560
10.7
2,061,207
1,840,240
34,650,096
Frederick
28,541,454
17,894,022 -0.1
17,887,824
30.079,911 --16.4
25,131,449
3.282,474 + 13.2
3,715,173
Hagerstown
586,923,323 -0.5
584.005,637
120,850.495 +2.4
123,796.403
5
-Washington
D. C.
167,058.039 178,979,398 +6.7 190,154,330 222,156,81
4.0
962 845,062,665 +0.1 4,082,735.113 4,250,661,
846,133,093
Total(10 cities)
5,592,362
6,748,611
+4.1
6.409,424
6.673,535
- Atlanta
3,569,845
Sixth Federal Rese rve District
3.037,711
170,744,749 +7.5
.3,300,000 -8.5
183,574,166
3,019.210
35,536,925 +7.4
38,156.756
21,856,637
Tenn.
-Chattanooga16,427,344
+8.4
70,221,833
76,103,057
16,524,543 +13.5
18,752,916
14,458,930
13,811.472
Knoxville
47,580,008
49,759,599
+3.1
478,313.356
40,699,917 +8.0
493,303,102
43.945.269
95,140,316 +4.1
99,024,219
Nashville
1,956,844
1,831,008
6.6
1.754,222 1,637.826
211.495,620 +3.2 1,099,512.456 1,084,465,969 +1.4
218,163.548
Georgia-Atlanta_ -5.3
43.946,808 41,622.726
8.342,983 -7.9
7,680,971
1,450,825
Augusta
1.394,059
23,408,016 +0.9
1,626,194 +19.0
23,620.807
1,816.068
4.703,443 +4.0
4,889.647
Columbus
7.812.035
24,491.947
42,814,268 +8.7
15,596,347 -4.0
46,514,862
14,963,682
8,347.728 +20.6
10,070,177
16,566,912
Macon
11,296,255
484.877,900 -20.8
33.9
384,147,551
3,889.768 2,571,000
89,031,745 -17.7
73,287,307
-Jacksonville -Fla.
150.516,415 -48.0
78.328.000
24,494,000 -42.7
14.026.000
Miami
22,385,310
20,581.672
117,707,828 -26.1
87,029,183
21,912,808 •18,500,000 +18.5
31.9
25,000,000
17,023,531
Tampa
2.252.208
2,082,115
13.4
523,750.867 +0.8
1,926,826 527,713.741
1,669,366
104.657,425 +4.6
109,516,571
Ala.-Birmingham _ _
20.0
45,524.379
36.412,837
9.032.746 -14.4
7,735.633
Mobile
33,948,032 + 10.5
37,516,235
6,350,883 + 10.7
7,032,845
Montgomery
1,660,000
8.2
1.300.000
40,399,884 -7.9
1,322,000 37,204,000
1.214.000
6,602,300 +15.1
7,602,000
-Hattiesburg
Miss.
37,275.205 +20.0
44.629.615
6.924.039 +29.5
8,964.352
385.170
Jackson
11.8
388,798
304,510 +4.0
22.426,856 19,774,964
316,891
26.8
4,850,286
3.549.887
Meridian
49.979,198
40.168,654
8.639.782 +5.6
28,252,968 +65.3
9,082,153
46,698,258
1,506,066 +3.6
1,560,541
Vicksburg
8
217,341,276 +14.1 1,248.046.054 1,212,787,088 +29
247,908,51
-New Orleans- _
La.
165,190,829 140,008,717 +18.0 185,507.773 183,047,363
873,816,681 +1.9 4,474,135,409 4.591,768,734 -2.6
890,003,975
Total(18 cities)_ -_248,098
225,020
25.4
291.181 223,023
-Chicago1,213,069
1,158,300
Seventh Federal It eserve Distric t
957,395 + 18.3
+7.1
5,402.981
1,132,631
5,786,590
1,107,555 +7.6
1,191,842
-Adrian
Mich.
25,216,846 --I9.4
20,334,219
183.398.177 148.919,782 +23.2 145,432.128 165,197,705
4,984,897 -17.6
4,108,040
Ann Arbor
730,330.790 +20.1 3,910,954,203 3,522,243,115 + 11.0
876.910,053
8,827,832
7.701,023
Detroit
7,561,886 +3.8
72,103,418 +10.2
7.852,126
79,479.187
15,726,330 +12.2
17,647,800
Flint
172.737.597 +0.3
173.341,784
34,132,583 + 11.3
38,000,525
3,085,929
2,839.164
Grand Rapids
2,344,901 +25.1
40,292,433 +12.5
45,313,314
2.933,023
7,596,396 +20.9
9,186,111
3,722.097
3,254,391
Jackson
2,909,852 +4.3
+9.2
53,885,421
3,035,213
58,821.299
11,081,197 +4.1
11.531,748
Laming
63,641,390 +9.2
69,491,376
13,364,421 +12.3
15,095,163
18,223,000
-Ft. Wayne__ -21,752,000
Ind.
21,317.000 -9.1
129,418,562 -5.9
19.379,000
121,837,955
+3.6
28.965,461
27.943.769
3,263,700
Gary
3,009,300
0.8
2,869,400 498,764.410 -0.2
2,845.600
497,814.000
99,596,000 +7.1
106,688,000
5,258,509
Indianapolis
4,367.331
4.3
4,480,423 ---4.4
66,376,600 4,262,435
63,530,338
13,940,100 +6.6
14,865,300
South Bend
10.8
132.841,600 118,562,876
0.1
22.249,600 22,235,309
46,132,432
Terre Haute
12.1
39,543,280
80,753.763 +2.6
40,436,546 35,562,303
82,819,499
14,773,362 +3.1
15,234,638
Wis.-Madison
931,898,613 -5.0
885,462,688
5.4
190.050,375 179,713,258
Milwaukee
3,059,386
2,585,353
+2.9
20.942,063
2,675,922 +4.4
2,793,585
21.550,336
4,133,688 +14.6
4,735,907
Oshkosh
60,253.900 +6.8
64,340.952
12,451,920 +4.4
12,998,435
13,588,625
Iowa-Cedar Rapids_
10,558,466
221,971,286 +8.3
11,036.196 -23.6
8.415,396
240,455,539
45,173,590 +18.5
53,526,491
Davenport
214.737,947 +2.4
219,889.653
46,903,695 -0.8
46,542,617
7.628,519
Des Moines
6.650,473
3.7
10,569,258 -0.8
8,540,785 6,296,095
10,482,515
2,467,840 -2.2
2,414,316
1,557,193
Iowa City
1.438,484
139,645,279 +5.8
1,504,883 -8.2
147,709.692
1,372,206
26.694,948 +15.5
30,843,106
City
Sioux
28,237,513 +2.0
28,810,802
5,862.045 +15.8
6,790,617
1,948,050
Waterloo
1,836,240
18.1
35,604.404 1,500,193 +4.4
29,159,830
1,565,726
7.375,805 -16.3
6,172.487
3
Illinois-Aurora
35,379,143 +18.6
41,945,371
755,519,415 779,317,174 -3.1 721,419,481 873,67/3,53
6,703,922 +23.5
8,277,863
1,820,230
Bloomington
1,382,848
+6.7
1,364,000 +0.2
1,366,139
+10.3 15,898,535,171 14,906,833,201
3,614,168,585 3,276,847,726
6.457,485
Chicago
5,552,341
29.511,827 -2.7
4,978,944
4,677,539 +6.4
28,721,870
6,232,616 +0.8
6,282,692
3,340,757
Decatur
3.297,988
5.6
107,449.359 + 11.7
3,416,192
3,620,465 120,044,681
22,688,281 +18.4
26,867.993
3,173,500
Peoria
2,915.879
16.3
2.790,807 76,998,439
77,753,505 -1.0
2,484,634
16,396,040 +3.8
17,017,006
Rockford
1.6
61,602,371 60,599,901
11,905,593 +2.7
12,228.842
1.171,397,641
Springfield
1,048,831,843 1,047,096,140 +0.2 986,899,488
4.877,536.776 +10.9 23.122,793.860 21,745.867,805 +8.3
Total(29 cities).- 5,189,218,511
5,810,910
4,943,082
6,181.172 -31.7
4,224,015
Louis
Federal Re serve District --St.
Eighth
92,159,460
125.787,120 --26.7
27,410,070 -9.5
24,795,212
0 120.700.000
-Evansville ____
Ind.
7.1
3.863,022
138,400,000 143,700,000 -3.7 139,000,00
4.157.442 8.5
908,166 32.812,182
831,271
31,871,578
New Albany
30,917,5(30 +5.6
29.187.236
593,691.175 +7.8 3,109,989,893 3,074,321,840 +1.2
446,186
639,760.715
331,252
Mo.-St. Louis
324,249 -9.1
294,877
+8.6
771,200,414
837,492,588
148,358,687 +11.8
165.912,387
Ky.-Louisville
8.935,784
9,045,588 -1.2
19,860,112
1,294,837 +18.3
1.532,151
18,215,591
Owensboro
16,602,950 -4.1
15,917,695
49,720,292
47,346,566 +5.0
11,955,419
8.781,517 +4.2
9,132,273
11,740,388
6.3
11,490,354 Paducah
1.2
10,776,552
448,169,731
453.427,845 473,240
87,061,831 -1.4
433.665
8.5,845,455
416.119 -25.9
-Memphis_ _ _
Tenn.
308,462
294,097,249
284,870,352 +3.2
1,939,063
+5.8
53,259,326
1.803,895
58,326.060
10.4
1,483,785 Ark -Little Rock-_
1,328,760
10.8
8,514.191 7,597,710
1,897.543 -10.6
1,696,605
ille- -.-Jacksonv
Ill.
34,154.670
33,960.877 +0.6
7,110,516 -4.5
208,339,451 193,797,112
6,791.730
Quincy
200,437,697 210,569.957 -4.8
41 5
929.753,668 +6.8 4.886,180.399 4.812.632 235
992,623,859
Total(10 cities)
$
S
York.
Second Federal Re serve District -New
29.087,639
30,124,031
-Albany
N. Y.
5,335,300
5,884,711
Binghamton
220,723,471
249,020,012
Buffalo
4,722,261
5,152,540
Elmira
5,600.398
5,921,680
Jamestown
36,704,986,867 24.743,120,429
New York
5,210,385
6.797,223
Niagara Falls
57,548,895
68,687.573
Rochester
28,889,059
32,707.481
Syracuse
15,852,034
21,099,944
-Stamford _ _
Conn.
3,835.724
4,244,591
-Montclair _ _ _ N. J.
116,529,396
131,947.804
Newark
155,413,637
5
187,158.17
Northern N. J
7,097,717
7,748.902
Oranges
JUNE 9 1928.1
FINANCIAL CHRONICLE
3549
CLEARINGS-(Concluded).
Month of May.
Week Ended June 2.
Five Months.
Clearings at
Inc. or
Dec.
1927.
1928.
3
$
%
Ninth Federal Res erve District -Minneapoli s
36,018,157
Minn.
29,949,998 +20.3
-Duluth
342,682,439
294,340,409 +16.4
, Minneapolis
2,842,743
, Rochester
2.630,287 +8.1
124,281,033
' St. Paul
116,371,038 +6.8
8.792,770
No. Dak.-Fargo
7,785,968 +12.9
Grand Forks
5,824,000
5,565,000 +4.7
1,619,008
Minot
1,305,360 +24.0
-Aberdeen.5,854,799
S. D.
5,156,906 +13.5
Sioux Falls
7,845.787
6,767.017 +15.9
-Billings
Mont.
2,823.194
2,404,274 +17.4
Great Falls
5,016,050
3,755,090 +33.6
Helena
14,433,200
11,068,764 +30.4
Lewistown
735,621
565,351 +30.1
1926.
1925.
Inc.or
Dec.
$
$
%
147,884,498
1,625,833,243
12,846,752
638,736.043
42,660,066
27.465,000
7,519,423
27,142,028
38,444,807
13,823.879
24,394,605
67,790,950
3,409,058
136,579,984
1,397,938,893
11,978,557
610,896.949
39,460.587
27,392,000
5,950,662
23,308,82
35,332.71
12,340.57
17,591,91
58,293,000
2,809,26
2.875,950,352
y+0.1
+17.4
-6.8
+14.0
-9.8
+13.7
+14.4
-11.9
-3.5
+15.1
9,212,333
11,715,797
108,334.764
938,431,348
44,084,992
77,822,142
186,864.218
29,268.942
2,802,800,490
152,536,391
+3.8
+4.5
+19.0
+10.6
+9.0
1.206,269,342 1,172,463,381
Eleventh Federal Reserve Matt ict-Dallas-Texas-Austin
6,920,577
6,547,803
Beaumont
8,400,000
8,516,000
Dallas
200,895,603
192,025,093
El Paso
23,547,277
19,801,901
Fort Worth
58,118,984
47,211,736
Galveston
19,997,000
29,480,000
Houston
136.527.183
138,831,824
Port Arthur
2,363,411
2.683,808
Texarkana
2.445,993
2,327,331
Wiehlta Falls
10,567.000
11,352,000
-Shreveport
La.
22,873,644
20,444,745
1928.
1927.
lacer
Dec.
1926.
$
$
%
$
1925.
$
6,481,568
72,281.259
8,198,216 -20.9
66,900,065 +8.0
9,701,451
70.995.953
10,074,555
88,944,120
26.586,107
1.646,000
24,916,995
1,785.968
+6.7
-7.8
27,863,714
1,952.748
32,291,541
1.862,630
1,148,003
1,083.371
+6.0
1.329,672
1,407.917
494,022
480,682
+2.8
455,163
661,289
2.828,000
2,670,000
+5.9
2,606,079
2.821.771
2.379,873.926 +12.4
111.464.939
106,035,295
+5.1
114,904.780
138,063,823
+6.2
+21.0
+4.8
+10.9
-11.2
+16.5
+11.1
-15.8
-6.5
+9.8
341,905
491,251
4,041,683
36.397,262
407.964 -16.2
443,869 +10.7
5,109,398 -20.9
38.087,655 -3.4
310,616
554,064
4,859,388
35.553,669
459,970
811,310
6.168,133
47.437.625
2,910,394
8,639.662
2,607,195 +11.6
6,933,976 +24.6
2.753,991
6.820,547
3.290,540
7.216,500
111,295,302
5,553,350
122,516.544 -9.1
6.403,487 -13.3
114,202,645
7,624,336
135,361.587
6.948,685
605,366,902
243.295,054
27,875.558
725,185,352
29,749,075
8,875.054
9,682,523
103,783,850
845.593,252
49,658,037
66,810,983
168.140,314
34,771,437
2,997.434,972
139,031.973
666,406
624,748,790
253,881,289
24.566,197
665,882,288
27.333.442
-3.1
-4.2
+13.5
+8.9
+8.8
21,923.300
+6.5
21,900,000
22,257,933
906,019 -43.8
a
a
1,197,723 +1.3
1.168,786
a
1.033.264
1,461.841
a
1,207.442
+2.9
5,992,643,368
8,030,660,807
-4.0
193,317,800
198,587,306
232.616.566
+5.7
-1.4
+7.7
+18.9
+23.1
-22.2
-1.6
-12.0
+5.1
-6.9
+11.9
36,124.384
43,092,000
1,065.078,094
119.272,174
276,837.812
104,253,000
684,902,501
12.182,021
12,975,841
56,597,000
120,775,478
33,244,858
43.315,000
1,045,333,570
101,405,279
251,607,106
221,359,000
781,635,54
13,184.03
12,468,38
67,942,000
115,769,12
+8.5
-0.3
+1.9
+7.6
+10.0
+52.9
-10.1
-7.6
+4.1
-16.7
+4.3
+4.1
2.532.090.305
2.667.263,897
+5.1
Twelfth Federal R eserve Distric t
-San Franc iscoWash.-Bellingham _ _
3,620,000
•4,400,000 -17.7
Seattle
220,040.145
188,512,729 +16.7
Spokane
55,205,000
50,452,000 +9.4
Yakima
5,831,083
5.856,219 -3.8
Idaho-Boise
5,247,314
4,027,457 +30.3
Oregon-Eugene
2,205,000
2,268,000 -2.8
Portland
175,510,633
174,760,778 +0.4
Utah-Ogden
6472,357
5,392,776 +14.5
Salt Lake City
74.192.045
70,162,357
+5.7
Nev.-Reno
2,916,851
3.006,145 -3.0
Aria -Phoenix
17,420,000
12,069,000 +44.3
Cal.
-Bakersfield_ _ _ _
5,701,260
5,005,655 +13.9
Berkeley
22,117,986
20,720,035 +6.7
Fresno
15,914,156
13,476.412 + 18.1
Long Beach
36,677,294
31,456,061 + 16.6
Los Angeles
995,672,000
767.258,000 +29.8
Modesto
3,748,255
3,155,436 +18.8
Oakland
96,007,797
76,906,038 +24.8
Pasadena
32,182,225
29,270,041 +10.0
Riverside
5,430,768
5,465,305 -0.6
Sacramento
28,909,976
29,171,242 -0.9
San Diego
24,572,080
22,133,007 +11.0
San Francisco
1,061,643,655
766,405,261 +38.5
San Jose
14,607,039
9,846,013 +48.4
Santa Barbiva
7,848,863
6,064,278 +29.4
Santa Monica
11,518,130
9,593,392 +20.1
Santa Rosa
2,011,985
2,200,341 -8.6
Stockton
11,309.300
10,121,100 +11.7
17,351,(0i)
1,037,806,931
276,138,000
29,290.367
24,663,216
9,459,000
785,692.828
33,090,825
375,466,944
13,783,602
79,022,000
27,572,841
110,039,311
76,632,671
172,098,177
4,405,698,000
19,007,292
437,577.219
162.739,004
24,126,059
153,206.117
120,004,407
4,823,745,112
68.370,258
36.408,514
47,858,347
10.551,480
56,588,500
20,881,000
948,048,224
256,098,000
28.849,290
22,729,577
10,964,750
800,726,621
28,449,719
354,331,224
13,747,123
62,610,900
27,241,193
107,257,699
82,757,381
155.545,885
4.009.599,000
17,410,385
408,922,577
154,314,407
27,455.672
165.684,088
133,132,173
4,025.446,925
56,667,804
30.439,909
47,159.800
10,154,330
57.204,100
-18.9
+9.7
+7.8
+1.5
+8.5
13.7
-4.4
+16.3
+6.0
+0.3
+26.2
+1.2
+2.6
-7.4
+10.6
+9.9
+9.2
+7.0
+5.5
-12.1
-7.5
-9.9
+19.8
+17.1
+19.6
+1.5
+3 9
.
-0.6
Total(13cities) _
558,768,801
487,665.460 +14.6
Tenth Federal Res erve District -Kansas Cit
Neb.-Fremont
1,042,706
1,939,890
Hastings
2,274,728
1,937,815
Lincoln,
20,477,505
20.899,401
Omaha
193,442,427
169,630,392
Kan.
-Kansas City
8,163,091
9,054,168
Topeka
14,333,547
12,609,343
Wichita
38,066,523
33,288,294
Mo.-Joplin
6,168,463
.7,000,000
Kansas City
568,098,130
588,631,104
St. Joseph
30,634,763
26,614,087
Okla.
-McAlester
Oklahoma City_ .... _
114,307,037
110,002,280
Tulsa
49,974,738
47,827.138
Colo.
-Colo. Springs_
5,608.225
4,713,724
Denver
146,808,278
132,748,017
Pueblo
5,969,181
5,477,728
Total(18 cities).--IP
Total(11 cities). ___
Total(28 cities).
498,856,679
479,222.241
+8.3
+16.3
+7.2
+4.6
+8.1
+0.3
+26.4
+16.4
+3.1
+12.0
+38.7
+16.3
+21.4
2,944,033,177 2.329,155,078 +26.4 13,411,984,002 12
.061,829,756 +11.2
509.724
a
1,213,967
1,660,594
38,166,164
11,161,126
4,528.139
20,576,874
205,190,704
-5.8
1,364,401 +21.7
1,450,584
2.860.588
+8.2
37.657,351
42,618.929
9,560,576 +16.7
5,288.000 -14.4
8,801,583
8,449,000
8,035,046
7.747,000
35,266,431
4,212.885
3,979,655
+5.8
4,502,029
4,122.339
59,728.908
55,459,063
+7.7
60,860,547
65,383,900
45,108,080
11,915,000
1,336,273
21,888,756 +108.1
11,062,000 +7.7
1.424,378 -8.2
38.932.737
12,600,000
1,584,270
45.439,910
13,959.000
1,931,714
33,823.783
31,221,399
+8.3
37,505,596
40,838,294
15,882,097
14,955,408
+5.9
14.928,437
17.356.295
2,744,533
6,329,348
172,403,000
3,034,374 -9.6
6,002,640 +5.4
150,577,000 +14.5
3,182,878
8,825.803
149,859,000
3.034,709
6.748,001
156,916,000
18.019,014
5.186.467
15,875,516 +13.5
6,147,648 -15.4
17,082,291
5,140,575
24,977,181
6,695,279
4,265,224
4,144,612
199,656,000
2,411,261
1,294.778
1,901,212
6,817,403 -37.4
4,848,911 -14.5
160,613,000 +24.3
2.524,585 -4.5
1,260,156
+2.6
1,931,931 -1.6
9,504,098
5,109,541
163,660.000
2,489,600
1.305,517
2,120.538
8,433,894
5,389,626
182.618,200
2,718,655
1.473.713
2,082.028
1,669,400
528,090,082
1,755,800
-4.9
2,101,200
2,388.500
441,940,885 +19.5
475,909,879
522,960,999
Grand total (192
cities)
57,933,832,403 43,971,807,058 +31.7261,402.504,272
Outside New York- 21,228,845,538 19,228,686,629 +10,4 99,338,275,848224,220,904,482 +16.8 11688,772,030 10584,855,603 +10.6 9,328.336,374 10965,545,135
95.663,437,760 +3.8 4,052.520,828 3,973,452,629 +2.0 3,950,775,372 4,437,671.859
CANADIAN CLEARINGS FOR MAY, SINCE JA NUARY 1, AND
FOR WEEK ENDING MAY 31.
Month of May.
Clearings at
1928.
CanadaMontreal
Toronto
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
Hamilton
Calgary
St. John
Victoria
London
Edmonton
Regina
Brandon
Lethbridge
Saskatoon
MO0fle Jaw
Brantford
Fort William
New Westminster_ _ _ _
Medicine Hat
Peterborough
Sherbrooke
Kitchener
Windsor
Prince Albert
Moncton
Kingston.
Chatham
Sarnia
$
832,188,212
709,986,221
345.957.717
90,515,232
40,877,006
32,409,313
16.824,710
29,796,741
67,352,942
14,478,180
10,966,943
17,583.631
30,640,108
22,811,294
2.762,421
3,580,440
10,674.543
5.582,411
6.121,539
5.477,119
3.797,329
2,076,209
4,162,132
4,632,684
6.073,287
23,672,791
1,942,477
4,434,860
4,397.492
3,721,788
3,218,989
1927.
$
580,729,451
544,405,365
222,518,415
78,887,871
33,146.154
28,570,718
13,487,003
25,367,837
28,972,514
12,048,788
10,492,265
13,645,735
22,593,213
18,750,988
2,405,308
2.175,288
8,149,265
4,929,102
5,139.182
3.981,280
3.702,722
1,200,031
4,009,805
4,053,779
5,803,733
22.255,730
1.684,468
3,901,543
3,658,208
3,554,294
2,757.124
Floe Months.
Inc. or
Dec.
%
+43.3
+30.4
+55.5
+14.7
+23.3
+13.4
+24.7
+17.5
+132.5
+20.2
+4.5
+28.9
+35.6
+21.7
+14.8
+64.6
+31.0
+13.3
+19.1
+37.6
+2.8
+73.1
+3.8
+ 14.3
+4.6
+8.4
+15.3
+13.7
+20.2
+4.7
+ 16.7
1926.
$
3,287,948,712
3,143,945,073
1,186,404,745
453,215,860
167,999,821
135,751,685
70,871,802
138,009,318
274,063,493
60,769,022
52.299,408
72,418,855
136,483.574
101,822,645
12,012,746
15,004,311
49,039,549
26,416,643
28.249,028
20,228,211
17,257.664
9.438.711
19,163,760
19,972.132
26,838,880
97,035,925
9.269,575
18.849,978
17,520.211
17,873,625
13,641.026
1925.
$
2,454,633,822
2,477,101,121
953,939,903
383,671,912
140,903,497
132.042,384
83,082.232
115,663.184
154,970,304
53,860.705
441979,991
64,270,789
105.338 559
.
82,703,488
10,671,578
10.743,635
36.364,553
24,320,677
23,776.857
18,199,844
16.128,376
5.722.655
18,024,110
19,273,321
23,769,466
94,486,109
7.644.729
17.831,089
15,570.620
16,853.266
12,977,188
Week Ended May 31.
Inc.or
Dec.
1928.
1927.
Inc.or
Dec.
1926.
1925.
%
+33.9
+28.9
+24.4
+24.6
+19.2
+2.8
+12.3
+17.8
+78.9
+12.8
+16.3
+12.7
+29.6
+23.1
+12.8
+39.6
+34.9
+8.6
+18.8
+11.1
+7.0
+64.9
+6.3
+3.6
+12.9
+2.7
+21.3
+5.8
+12.5
+6.0
+5.1
$
164,144,770
158,210,040
77,602,570
19,353,034
7.322.965
6,978,123
3,561,187
6.548,655
25,531,554
3,294,263
2,317,504
3,689,129
6,439,442
4,815,929
577,035
790,123
2.426,237
1,255,756
1,344,135
969,465
879,484
452,331
886.266
943,548
1,370,406
5,250,672
398,431
1,038,563
1.067.802
872,249
601.407
$
%
160,388,765 +2.3
137,707,089 +15.0
56,798,284 +36.6
17,796.511
+8.7
6,814,831
+7.5
10,043,345 -30.5
3,442,349 +3.4
5,531,744 +18.4
6,982,251 +265.6
2,527,538 +30.3
2,734,662 +15.2
3.286,920 +12.2
5,440,326 +18.4
3,761,702 +28.0
538,684 +7.1
488,329 +61.8
1,751,554 +38.5
1,166.298 +7.7
1,217,579 +10.4
978,123 -0.9
885.284 +1.6
267.050 +69.4
838,025 +5.8
1,082,165 -12.8
2.277,330 -39.8
4.982,630 +5.4
349,318 +14.1
928,259 +11.9
807.031 +32.3
820,774 +8.3
645,766 -8.9
$
101,959,574
98,088,379
45,240,200
14,195,818
5,509,132
6,191,845
2,652.430
4,651.801
4,992,900
2,303.722
1,805,231
2,149.573
4,153.630
3.720,190
467,221
671,022
1,473,866
943,720
904,980
909,241
679,877
231,148
669.524
789,616
904,693
3,568.271
313,909
753,848
670,470
589,832
592,930
$
85.558,810
86.951,785
42,605,438
15.684,214
5,907.020
4,847,899
2,792,529
4,844.276
5,111,172
2.267.357
1,836,274
2,724,741
4.726.442
2,819.748
522,919
503,665
1,321,402
943.717
966,995
1,010,739
672,683
265,375
669,961
868,487
861,077
3,670.365
288.528
668,688
584,099
9,897,613,988 7.579.327.944 +27.9
a Manager of Clearing House refuses 80 report e wings to week ending Saturday. •Estimated.
510,933,075
443,260,514 +15.3
312,748,593
282,496.165
. 2.358,714,739 1,718,976,178 +37.4
Total(31 cities). __
1
[VoL. 126.
FINANCIAL CHRONICLE
3550
THE ENGLISH GOLD AND SILVER MARKETS.
We reprint the following from the weekly circular of
Samuel Montagu & Co. of London, written under date of
May 23 1928:
Fri.,
Thurs.,
Wed.,
Tues.,
Mon.,
Sat..
June 8.
June 7.
June 6.
June 5.
June 4.
June 2.
2734
27 13-16 27 9-16
2734
Sliver, per oz_d. 2715-16 2734
Gold, p.fine oz. 84s. 11d. 848. 11d. 84s.10%d. 848.1034d. 84s.103ld. 84s.1034d.
6631
5634
5634
5634
Consols,
x5834
10134
10134
10134
10134
10134
British 5s_____
9734
9734
9734
973.1
British 4.34s..__
973.1
French Rentes
71.90
73.25
73.20
70.75
(In Paris).fr _ - _ _ _
70.80
French War L'n
93.40
94.35
94.40
92.60
On Paris) _iv.....
91
GOLD.
The Bank of England gold reserve against notes amounted to £160,pre253,735 on the 16th inst. (as compared with £160,326,660 on the
-when
vious Wednesday), an increase of £6,347,420 since April 29 1925
an effective gold standard was resumed.
The price of silver in New York on the same days has been:
About £90,000 bar gold from various sources was offered in the open
market this week and was absorbed by the Indian and the Home and Silver in N. Y., per oz.(eM):
5934
593.1
6034
6034;
6034
Foreign
6034
Continental Trade demands.
The following movements of gold to and from the Bank of England
z Ex-Interest.
the week
have been announced, showing a net efflux of £9,000 during
under review:
May17. May18. May 19. May 21. May 22. May 23.
Government Revenues and Expenditures.
Nil £10,000
Nil
Nil
Nil
Nil
Received
£9,000
£5,000
Nil
Through the courtesy of the Secretary of the Treasury we
£5,000
Nil
Nil
Withdrawn_
gold are enabled to place before our readers to-day the details of
The receipt of £10,000 on the 23rd inst. consisted of Peruvian
May 1928 and
coin. The £14,000 sovereigns withdrawn were destined as follows: India Government receipts and disbursements for
1927 and the eleven months of the fiscal years 1927-28 and
£9,000 and Spain £5,000.
The following were the United Kingdom imports and exports of gold 1928-29:
Eleven Months
-Month of May
registered in the week ended the 16th instant:
Imports.
British South Africa
Other countries
£900,441
5,954
Exports.
Switzerland
Austria
Egypt
British India
Other countries
£35,700
19,800
20,425
79,450
22.976
1928.
Receipts.
Ordinary
41,438,275
Customs
Internal revenue:
45,399,645
Income tax
56,419,147
Da iscell. Internal revenue_
Miscell. receipts:
-owned secs.:
Proceeds Govt.
Foreign obligations
7,112
Principal
164,169
Interest
551,965
Railroad securities
2,738,787
All others
Trust fund recta. (reapprop.
1,419,676
for Investment)
Proceeds sale of surplus
276,875
property
. 2,280,981
Panama Canal tolls, arc_ _ _
Rects. from miscell. sources
483,660
credited direct to approp
13,751,537
Other miscellaneous
1927.
45,614,613
1928.
524,824,031
1927.
556,512,478
47.205,623 1,715,849,924 1,750,457,667
53.451,196 558,484,249 589,304,669
£178,351
£906,395
26,567,613
27,007,659
United Kingdom imports and exports of gold during the month of April
90,522,629
91,160,619
164,169
last are detailed below:
49,258,732
2,113,552 162,470,072
Exports.
Imports.
63,312,293
8,811,344
1,509,932
/1,078,388
Russia (U. S. S. R.)_ _
44,366,778
£26,575
57,387,48
4,731,091
Austria
142,350
2,000
Germany
14,730,374
8,121,394
445,721
37,320
4,050
23,703,832
Netherlands
26,047,042
2,153,068
53,405
France
12,984,842
7,749,243
92,220
960,687
Switzerland
12,020,369 175,506.456 164,981.583
2,120
Spain and Canaries
34.100
Egypt
164,931,829 170,369,920 3.383.420,811 3,386,703,490
Total ordinary
45,424
West Africa
Excess of ordinary rects, over
2,500
total expenditures chargeable
other Dutch Possessions in the Indian Seas_
Java and
124,507,925 256,835,666
against ordinary receipts_
218,053
United States of America
Excess of total expenditures
89,328
Rhodesia
chargeable against ordinary
976,389
rects. over ordinary recta__ 52,159,618 42,657,858
Transvaal
181,066
British India
Expenditures.
12,672
Ordinary
Straits Settlements
20.478 (Checks and warrants paid, &c.)
2.909
Other countries
173,196,975 150,162,698 1,767,606,365 1,700,400,356
General expenditures
18,807,031 45,195,206 641,900,874 706,872,050
£2,416,541 £604,806 Interest on public debt_a
SILVER.
Heavy buying on China account dominated the market to such an extent
that on the 21st inst. prices were quoted 28%d. for cash and 28%d. for
forward delivery, a rise of 1%d. in the cash, and 1 5/16d. in the forward quotations as compared with those fixed on the date of our last
letter. These figures were the highest reached for cash delivery since
Aug. 30 1926, and for forward delivery since Sept. 3 1926. The situation in China is still the governing factor, although the fact of same
heavy buying in the Bombay market contributed to the %d. rise recorded
on the 21st inst. In view of the soaring prices, sellers have naturally
been nervous, and supplies have been mainly derived from quarters willing to realize their holdings at the attractive level of prices now reached.
A reaction of %d. followed the sharp rise of Monday, but renewed China
buying caused a recovery of 3/16d. to-day. America was a willing seller
at the top prices, but otherwise has been more ready to support the
market.
The movement of %d. recorded on the 21st inst. is the largest since Feb.
9 1927 when a fall of %d. occurred. As an upward movement, it is
the largest since January 29 1927, when prices rose 15/16d.
A shipment of 128 silver bars was made last week from Marseilles to
Port Said by the P. St 0. steamer "Mantua."
The following were the United Kingdom imports and exports of silver
registered in the week ended the 16th instant:
Exports.
Imports.
£32,819
£20,580 British India
United States of America
39,492
31,398 Straits Settlements
Other countries
33,117
Other countries
£105,428
£51,978
INDIAN CURRENCY RETURNS.
April 30. May 7. May 15.
(In Lacs of Rupees)18270
18347
18278
Notes in circulation
10066
10196
10277
Silver coin and bullion in India
--__
Silver coin and bullion out of India
2976
2976
2976
Gold coin and bullion in India
---Gold coin and bullion out of India
3951
3898
3898
Securities (Indian Government)
377
377
377
Securities 'British Government)
900
900
750
Bills of excnange
The stock in Shanghai on the 19th inst. consisted of about 43,900,000
ounces in sycee, 87,700,000 dollars, and 600 silver bars, as comParedr
silver.
with about 47,500,000 ounces in sycee, 92,200,000 dollars, and 300
bars on the 12th inst. Quotations during the week:
Bar Gold pe
Bar Silver per Oz. S td.
Oz. Fine
2 Mos.
Cash.
84s. 11d.
27 7-16d.
27%d.
May 17
84s. lid.
27%d.
27 15-16d.
May 18
84s .11d.
2734d.
28d.
May 19
84s. 11'Ad.
2834d.
28 Yid.
May 21
84s. 11%d.
2850.
28,54d.
May 22
84s. 11;0.
28 9-16d.
May 23
28 11-16d.
84s. 11.1d.
28.104d.
28.250d.
Average
The silver quotations to-day for cash and two months' delivery are
/16d. and 1 5d. above those fixed a week ago.
respectively 1 3
-PER CABLE.
ENGLISH FINANCIAL MARKETS
The daily closing quotations for securities, &c., at London,
as reported by cable, have been as follows the past week:
Refund of receipts:
19,842,262
2,161,681
1,971,667
Customs
17,756,245 13,975,047 134,678,276
Internal revenue
18,045,645
Postal deficiency
9,496,447
634,405
597,236
Panama Canal
Operations In special accts.:
D655,784
121,145
17,726
Railroads
83,746,330
0876,843
024,496
War Finance Corporation
29,179,840
3,261,310 51,727,543
Shipping Board
342,033
68,328 01,723,904
Allen property funds
350,917 c112,102,395
540,296
Adjusted-service ctf. fund.._..
182,516
10,277
39,145
deli-service retirem't fund.._
Investment of trust funds:
58.173,305
4,250,909
2,899,634
Govt. IIfe insurance
438,907
44,702
34,855
D.of C. teachers' retirement
88,978
56,400
Foreign service retirement_
01,224,333
45,481
General railroad contingent_ 81,514,813
18,027.812
103,020,036
14,043,810
7,651,054
1,047.374
526,915,465
18,663.836
01,618,825
115,769,923
0336,727
43,321,342
240,012
93,267
805,424
217,070,547 213,007,778 2,786,451,416 2,701,085,279
Total ordinary
Public debt retirements chargeable against ordinary recta:
354,741,300 333,528,400
Sinking fund
Purchases and retirements
995,000
1,435,500
from foreign repayments_
Received from foreign govts.
92,950,000
92,575,000
under debt settlements_
1,500
Received from estate taxes
Purchases and retirements
from franchise tax receipts
(Fed. Res. and Fed. Inter1,231,835
mediate bank credits)...._618,367
77,310
3,089.803
20,000
20,900
Forfeitures, gifts. dm
Total
20,900
20,000
452,461,470
428,782,545
Total expenditures chargeable
3,129,867,824
against ordinary receipts_ _217,091,447 213,027,778 3,238.912,886
Included.
Receipts and expenditures for June reaching the Treasury in July are
1929 to
a The figures for the month Include $79.387.27 and for the fiscal year
discount on war-savings certificates of matured series.
date $1,261.350.19 accrued
$141,157.24 and $2.and for the corresponding periods last year the figures Include
252,971.46, respectively.
O Excess of credits (deduct).
c In accordance with established procedure, the appropriation of $112,000,000
the fund due
available Jan. 1 1928 and $11,400,000 of the interest on Investments In $123,400,000
on that date were Invested In adjusted service obligations aggregating
See adjusted setvice
face amount, bearing interest at the rate of 4% per annum
obligations under public debt receipts and expenditures on page 3[pamphlet report).
The difference between the amount appropriated and amount charged under ordinary
expenditures above Is due to variations In the working cash balance required.
Treasury Cash and Current Liabilities.
The cash holdings of the Government as the items stood
May 31 1928 are set out in the following. The figures are
taken entirely from the daily statement of the United States
Treasury of May 311928.
Assets
Gold coin
Gold bullion
CURRENT ASSETS AND LIABILITIES.
GOLD.
Llaktintes690,552,703.48 Gold otte. outstanding._1,539.594,849.00
2.628,469,821.65 Gold fund. F. R. Board
(Act of Dec. 23 1913.
as amended June 21
1,441,624,733.94
1917)
156,039,088.03
Gold reserve
Gold In general fund- 181,763,854.16
3,319,022,625.13
Total
3.319,022,525.13
Total
Nets -Reserved against 8346.681.016 of U. S. notes and 81.304.850 of Treasury
notes of 1890 outstanding. Treasury notes of 1890 are also secured by sliver
dollars In the Treasury.
JUNE 91928.]
Assets—
Sliver dollars
Total
FINANCIAL CHRONICLE
SILVER DOLLARS.
LiabiMist480,459,089.00 Silver ctfs. outstanding- 467.886.354.00
Treasury notes of 1890
1,304.850 00
outstanding
Silver dollars in gen.fund
11,267,885.00
480,459,089.00
Total
480,459,089.00
GENERAL FUND.
Liabilities—
181,763,854.16 Treasurer's checks out11,267,885.00
standing
5,286,743.35
4,499,870.00 Deposits cf Government
1,321.445.00
officers:
64,966.00
Post Office Departml 11,687,013.20
18,075,453.50
Board of trustees, Pos3,308,638.29
tal Savings System:
2,615,226.81
b% reserve, lawful
7,306,820.43
money
6.442,597.74
Other deposits
374,352.48
2,310,885.59
Postmasters, clerks of
56.679,695.43
courts, disbursing
officers, dra
61,513.477.07
Deposits for:
Redemption of F. R.
18,706,000 00
notes(5% fd., gold) 165,501,497.90
Redemption of national bank notes (5%
fund, lawful money) 27.521,998.77
108,197.93
Retirement of additional
circulating
322,989.91
notes, Act May 30
1908
2,430.00
Uncollected items, ex7,118,983.95
changes. are
2.486.174.63
Assets—
Gold (see above)
Silver dollars (see above)
United States notes_ —
Federal Reserve notes
Fed'I Reserve bank notes
National bank notes
Subsidiary silver coin_
Minor coin
Silver bullion
Unclassifled,—Colleotrona, ace
Deposits in F. R. banks
Deposits In special depositaries account of
sales of certificates of
indebtedness
Deposits in foreign depositaries:
To credit of Treasurer
United States
To credit of other
Govern't officers _ _ _
Deposits in nat'l banks:
To credit of Treasurer
United States
To credit of other
Govern't officers
19,553,454.10
Deposits In Philippine
Net balance
Treasury:
To credit of Treasurer
United Status
823,819.74
280,816,283.14
54.831,702.70
Preliminary Debt Statement of the United States
May 31 1928.
The preliminary statement of the public debt of
United States May 31 1928, as made upon the basis of the
the
daily Treasury statements, is as follows:
First Liberty Loan of 1932-1947
Third Liberty Loan of 1928
Fourth Liberty Loan of 1933-1938
Treasury bonds of 1947-1952
Treasury bonds of 1944-1954
Treasury bonds of 1946-1958
Treasury bonds of 1943-1947
$599,724,050.00
48,954,180.00
25,947,400 00
49.800.000.00
28,894,500.00
14,812,380.00
$1,939,154,150.00
1,328,881,750.00
8,294,043,600.00
$782,320,300.00
1,042,401.500.00
491,212,100.00
494,704,750.00
$768,132,510.00
9,562,079,500.00
2.790,638,650.00
Total bonds
$13,120,850,660.00
Treasury Notes—
Series A-1930-1932. maturing Mar. 15 1932—$1,285,314,250.
Series B-1930-1932. maturing Sept. 15 1932.... 615,095,700 00
Series C-1930-1932, maturing Dec. 15 1932 .._ 807,399,650.00
.00
Adjusted Service—Series A-1930
33.800,000.00
Series A-1931
53.500,000.00
Series B-1931
70,000,000.00
Seders A-1932
123,400,000.00
Series A-1933
123,400,000.00
Civil Service—Series 1931
31,200,000.00
Series 1932
14.400,000.00
2.957,309,600.00
Treasury Certificates—
Series TJ 1928, maturing June 15 1928
$400,051,200.00
Series TD 1928, maturing Dec. 15 1928
281,761,000 00
Series TD2 1928. maturing Dec. 15 1928
201,544,500.00
Series TM 1929, maturing Mar. 15 1929
360,947,000.00
Civil Service Retirement Fund Series
11,800,000.00
Foreign Service Retirement Fund Series
147,000.00
Treasury Savings Certificates—a
Series 1923, issue of Sept. 80 1922
Series 1923, issue of Dec. 1 1923
Series 1924. lame of Dec. 1 1923
Total interest-bearing debt__
Matured Debt on Which Interest Has Ceased—
Old debt matured—issued prior to April 1 1917
Certificates of indebtedness
Treasury notes
11)X % Victory notes of 1922-23
45I% Victory notes of 1922-23
Treasury savings certificates
Second Liberty Loan bonds of 1827-1942
Debt Bearing No Interest—
United States notes
Lees gold reserve
Deposits for retirement of national bank and
Federal Reserve bank notes
Old demand notes and fractional currency
Thrift and Treasury savings stamps, unclassified sales. &a
1,236,250,700.00
$33,160.983.75
23.183,838.00
93,687,730.75 .
150,032,558.50
817,484,443,518.50
32,024,080.26
492,000.00
2,341,800.00
22,550.00
2,289,250.00
3,300,825.00
40,880.250.00
Net cash in Treasury
and In banks
Deduct current liabilities_
805.452.570
240.180,339
892,089.880
247,273,119
456,141,172
257.190,680
335.847,985
280,816,283
Available cash balance_
65.272.231 444.818.761 198,950,522
54,831.702
*Includes June 1 $7,306,820.43 silver bullion and $2,815,226.
81 minor coin, &e.
not included in statement "Stock of Money."
National Banks.—The following information regarding
national banks is from the office of the Comptroller of the
Currency, Treasury Department:
APPLICATIONS TO ORGANIZE RECEIVED.
Capital.
May 29—The City National Bank of Albany. Ga
$100,000
Correspondent: W. B. Haley, Albany, Ga.
May 29—The La Vergne National Bank of Berwyn. Ill
100,000
Correspondent: James Kratochvil, 6816 Riverside
Drive, Berwyn, Ill.
May 29—The Pacific National Bank of Seattle. Wash
Correspondent: Elmer E. Todd, 1006 Hoge Bldg. 2,500,000
Seattle, Wash.
May 29—The Stewardson National Bank, Stewardson, Ill
25,000
Correspondent: Chas. Mietzner Jr., Stewardson, Ili.
May 29—The First National Bank of Pyote. Tex
25,000
Correspondent: Paul S. Cotner, Pyote, Tex.
June 1—The First National Bank of Alcester, S. Dak
25,000
Correspondent: George McCall. Alcester, S. Dak.
CHARTERS ISSUED.
May 28—The First National Bank of Cushing. Tex
25.000
Succeeds the Cushing State Bank and the Farmers
State Bank. Cushing, Tex.
President, J. 0. Fussell: Cashier, W. V. Watt.
May 31—Palo Alto National Bank, Palo Alto, Calif
150,000
President, John L. McNao; Cashier, H. E. Miller.
CHANGES OF TITLE.
May 29—The Staunton National Bank, Staunton, Va., to
"The Staunton National Bank & Trust Co."
June 1—The Citizens National Bank of Hornell, N. Y., to
"Citizens National Bank 8: Trust Co. of Hornell."
June 1—The Peoples National Bank of Washington, Ind., to
"The Peoples National Bank & Trust Co. of Washington."
VOLUNTARY LIQUIDATIONS.
Ca 'tat.
May 29—The Metacomet National Bank of Fall River, Mass
,000
Effective May 28 1928. Liquidating committee: Board
of directors of liquidating bank.
Absorbed by B. M. C. Durfee Trust Co., Fall River,
Mass.
May 29—The Massasoit-Pocasset National Bank of Fall River.
Mass
Effective close of business May 28 1928. Liquidating 650.000
committee: Board of directors of the liquidating bank.
Absorbed by B. M. C. Durfee Trust Co., Fall River,
Mass.
May 28—American Exchange National Bank of Commerce in
Pittsburg, Kan
200.
000
Effective Feb. 20 1928. Liquidating committee: N. H.
Skourup, A. E. Maxwell and B. F. Palmer, Pittsburg, Kan.
Abso 3d by the National Bank of Pittsburg, Han..
Norbe 75
4
CONSOLIDATION.
May 29—The First National Bank of Golden City, Mo
25,000
The Citizens National Bank of Golden City, Mo
25.000
Consolidated under Act of Nov. 7 1918, as amended
Feb. 25 1927, under the charter and corporate title
of "The First National Bank of Golden City," No.
7684. with capital stock of $50,000.
BRANCHES AUTHORIZED UNDER THE ACT OF FEB. 25 1927.
May 31—The Public National Bank & Trust Co. of New York,
N.Y.
Location of branch: Vicinity of Northern Blvd. and
Main St., Borough of Queens, N. Y. City.
May 31—The Orange National Bank, Orange, N. J.
Location of branch: Vicinity of corner of Central Ave.
and Center Bt., Orange.
51,130,755.26
3348,681,018.00
156,039,088.03
Auction Sales.—Among other securities, the following,
not actually dealt in at the Stock Exchange, were sold at auction
in New York, Boston, Philadelphia and Buffalo on Wednesday of this week:
By Adrian H. Muller & Sons, New York:
$190,641,927.97
43,910,179.50
2,045,486.54
3,539,962.21
240,137,558.22
Total gross debt
a Net redemption value of certificates outstanding.
$17,755,711,829.98
Treasury Money Holdings.
The following compilation, made up from the
Government statements, shows the money holdings daily
Treasury at the beginning of business on the first of of the
March,
April, May and June 1928:
Holdings In U.S. Treasury Mar, 1 1928, Apr. 1
1928. May 1 1928. June 1 1928.
3
$
$
$
Net gold coin and bullion_ 805,357,595 318,745.479
331,772,189 337,802,942
Net silver coin and bullion
16,968.119
13,881.355
14,297,757
18.574.705
Net United States notes__
6,260,889
5,780.167
4,409,614
4,499,870
Net national bank notes_ _
17,639,984
15,836,393
15,054,023
18,075.454,
Net Federal Reserve notes
1.041.395
902,260
983,930
1,321,445
Net Feclel Res. bank notes
136,190
169,210
33,722
64.966.
Net subsidiary silver
2,591.354
2,953,612
3,449,805
3,308.638
Minor coin. dtc
4,573,753
6,022,158
4,648,401
4,926.112
Total cash In Treasury_ 3.54,569,079 364,290.634
374.599.441
Less gold reserve fund _
166.039,088 156,039,088 156,039,088 388,574.132
156,039,088
Cash balance in Treas'y 198,529,991 208,251,546
218,560,353 *232,535,044
Dep.In spec'l depositories,
acct. Treasury bonds,
Treasury notes and certificates of indebtedn'as
47,128.000 421,620,000 172,841,000
18,706,000
Dep. in Fed'I Res. banks_
30.296,348
32,023,808 36.184,130
56,679,695
Dep. In national banks:
To credit Treas. U.S
8,088.921
7,985,747
6,927,574
7,118,984
To credit dish. officers_
20.203,991
21,058,915
20,631.410
19,553,454
Cash In Philippine Islands
740.502
698,480
473,830
623,820
Deposits In foreign depts.
464.817
453,384
522,875
431,188
Dep. In Fed'I Land banks
5.ammercia1 andPatsceilanconsgxurs
Total
335,647,985.84
Total
335,647.985.84
Note.—The amount to the credit of disbursing officers
and agencies to-day was
$378,810,709.64. Book credits for which obligations
of foreign governments are
held by the United States amount to $33,238,829.05.
Under the acts of July 14 1890, and Dec. 23 1913. deposits
of lawful money for
the retirement of outstanding national-bank and Federal
reserve bank notes are paid
into the Treasury as miscellaneous receipts, and
these obligations are made, under
the acts mentioned,a part of the public debt. The
amount of such obligations to-day
was $43,910,709.50.
$584,180 in Federal Reserve notes and $17,991,337 in
the Treasury in process of redemption and are charges national-bank notes are in
against the deposits for the
respective 5% redemption funds.
Bonds—
Consols of 1930
Panama's of 1916-1936
Panama's of 1918-1938
Panama's of 1981
Conversion bonds
Postal savings bonds
3551
Shares. Stocks.
$ per sh. Bonds.
Per Cent.
5 Tyson Co., Inc.. pref
$2 lot $7,000 Consolidated Fuel Co.1st 68,
100 Benmar Garage Co., Inc.__ _$100 lot
1950. Nov. 1927 and subsequent
1,740 Old Terrible Mining Co., par
coupons attached
$705 lot
35; 870 kiansoro Min. Co., pref.,
par $1: 1.740 Maniere Mining
Co., corn., par $1
$29 lot
By A. J. Wright & Co., Buffalo:
Shares. Stocks.
per sh.
100 Republic Asbestos Board Corp..
par $10
$1
100 New Sutherland Divide, par $10.
50c. lot
1,000 Chaput Hughes. Par $1
9c.
Shares. Stock?.
$ Per sh.
50 Strab 011 Co. of Texas, par
$25
SI lot
1,000 Baldwin Gold Mine', par $1. 1 tic.
10 Assets Realization Co
50c.
•
3552
By R. L. Day & Co., Boston:
$ Per oh.
g per oh. Shares. • Stocks.
Shares. Stocks.
10 Boston Belting Corp., pref., par
203
5 Webster & Atlas Nat. Bank
$50: 5 Plym. Rub. Co., pref-33 lot
504
3First National Bank
106
49053 20 American Glue Co.. pref
5 Old Colony Trust Co
1 Boston Real Estate Trust, par
323
8 Warren Nat. Bank. Peabody_
885 ex-div.
$1,000
97
4 Pepperell Mfg. Co
14531 13 Boston Co-operative Building
26 Farr Alpaca Co
8
Co., par $19
4731
5 Wamsutta Mills
65
3 Tremont Building Trust
100 Connecticut Mills, common,
2131
65e. 15 Heywood Wakefield Co.,corn_
class A, V. t. c
12 New Bedford Gas & Edison Lt.
100 Connecticut Mills corn, class B.
11131
Co., undeposited. par $25
-26c.
25c.
par $10
15
30 Saco Lowell Shops, common.._ _ 3
17 Hamilton Woolen Co
8
27 Saco Lowell Shops, 2d pref
60
5 Harmony Mills, pref
9131
5731 6 Dedham Water Co
10 Flint Mills
1131 25 Fitchburg G.& El. Co. v. t. c.,
14 Wampanoag Mills
128
14
par $50
10 Lancaster Mills, pref
14531 15 No. Boston Ltg. Prop., pref.,
3 Farr Alpaca Co
5231
undep., par 350
75
25 Androscoggin Mills
13051 108 Utah Consol. Copper Co.(N.J.),
25 West Point Mfg, Co
$151 lot
par $5
10 Merrimac Mfg. Co.,common .140
9734 62 2-4 Eastern Util. Assn .corn.._4331
5 Pepperell Mfg. Co
81
62 2-4 Eastern Util. Assn., cony.- 14%
72 Merrimac Mfg. Co., pref
7433
94 & div. 10 Plymouth Cordage Co
49 Nashua Mfg. Co.. pref
5231
6 units First Peoples Trust
47
50 Nashua Mfg. Co..common
Stone Co., pref.. par
9731-97% 10 Simbroco
25 Pepperell Mfg. Co
1031
$50
110-111
6 Bates Mfg. Co
10531-10631 10 Mass. Util. Invest. Trust, pref., div.
7 Stoney Brook RR
46 &
par $50
375 Amalgamated Zinc & Lead
4 Charlestown G.& El. Co. v. t. c.,
Corp.. par $1: 54 Lamson Hub143
par $25
bard Corp., Ltd., corn. (Cana8special units First Peoples Trust.- 353
dian): 600 Majestic Mines Corp.,
14 No. Bost. Ltg. Prop., corn..
Canadian Fishing &
par $15; 100
9853
v. t.c
Transport Corp., Ltd., corn.;
43
23 Amer. Mfg. Co., common
100 Kerr Automatic Press Co..
65
10 Amer. Mfg. Co., pref
par $10; 100 Nat. Phonograph
25 Merrimac Chemical Co., par $50 94
Corp., par 35: 11 Nat. Envelope
3231
Sealing & &pg. Mfg. Co....3221ot 11 Amer. Glue Co., common
18 Converse Rubber Shoe Co.. pf _ _ 133 $15 United States Worsted Corp. lot
50c.
1st pref. scrip
30 Smith & Dove Mfg. Co.. pref.
5031
(new)
Per Cent.
Bonds.
10 Loew's Buffalo Theatres Inc.,
70c. $1,000 Fort Worth Power & Light
common, par $10
100 & int.
1931
Co. 5s, Aug.
50 Old Colony Trust Associates..._ 5231
$2,000 Y D Service Garage, Worces10 Reed Prentice Corp.. pref.: 5
903.1
ter, 75, July 1960
Reed Prentice Corp., corn_ _1531 on p1.
By Wise, Hobbs & Arnold, Boston:
$ per oh$ per sh. Shares. Stocks.
Shares. Stocks.
.205 1,000 Washington Central Trust7%
4 Bristol Co. Trust Co., Taunton.
$550 lot
pref
492
Colony Trust Co
10 Old
un10 Second Nat. Bank, Malden_ _ _ _175 4 Fall River Elec. Light Co..
65
deposited, par $25
35
10 Cornell Mills
7453
973( 20 Plymouth Cordage Co
12 Pepperell Mfg. Co
2031
194 4 Heywood-Wakefield Co., corn_
5 Essex Co
40 4 Boston Real Estate Trust, par
13 Arlington Mills
850 ex-div.
$1,000
98
15 Pepperell Mfg. Co
10 5 New Engl. Public Serv. Co., corn. 7653
14 Hill Mfg. Co
25 94 West Boston Gas Co.; v. t. c.,
2 Appleton Co., pref
43
Dar $25
1431
50 Lancaster Mllls, pref
240 29 Heywood-Wakefield Co.,2d pfd_ 7031
1 Franklin Co., Maine
6 10 Greenfield Tap & Die Corp.,
25 Ipswich Mills, pref
9731 & div.
pref
75 Connecticut Mills Co., 1st pref. 1031
10 New England Power Co., 6%
20 Connecticut Mills Co., corn. class
11653 & div.
17e. pref
B. par $10
27131
20 Saco-Lowell Shops, 2d pref.__ 831 11 U. S. Envelope Co., corn
4
4
2 031 5 State Theatre Co., corn
2 Franklin Co., Maine
4631 35 Hood Rubber Co.,712% preference85%
10,Nashua Mfg. Co., corn
5258
40 10 Florence Stove Co., corn
Mills
431Arlington
14531 20 New England Power CO., 6%
19iFarr Alpaca Co
116%-11753
pref
._.150
5 Naumkeag Steam Cotton Co.
8 40 Gray-Aldrich Co.. Inc., pref.,
100 Dwight Mfg. Co
Co., Inc.,
10 Wm.Whitman Co.. Inc., pfd.88 & div Par $5:40 Gray-Aldrich
El on pref.
Co.. as bonus
103 Old Colony Trust Associates,
613j-61%
52-5331 36 Western Mass. Cos
1st series
29
30 Orpin Desk Co., pref., Par $50_ 5 15 Parker-Young Co., corn par 85:
63 25 Antimony Corp., corn.,
3 Laconia Car Co., let pref
Mines, par
500 Cortex Associates
100 Quincy Market, Cold Storage .3r
7031 3: 200 Cactus Development Co.,
Warehouse Co., pref
$5 lot
par $I
17 Quincy Market, Cold Storage &
Per Cent.
4134 Bonds.
Warehouse Co.. corn
Co.731% pref._85-8531 $7,000 Quincy Market, Cold Storage 92
60 Hood Rubber
& Ware. Co.5 As,due May 1946_
94
10 Merrimac Chem. Co., par MO
46 Boston Wharf Co _ _ _ _110-11033 ex-div
By Barnes & Lofland, Philadelphia:
$ per oh.
$ per eh. Shares. Stock.
Shares. Stock.
700
9 Franklin Trust Co
83 Knowlton Turnpike & Bridge
Co., par $50._121
30 Metropolitan Tr.
Co.: 8 1-3 Knowlton Bridge
$5,000 lot 7933 Bankers Tr. Co., par $50.-160
Co
116
50 Broad St. Tr. Co.. par 550
1 Haddonfield (N. J.) Safe Deposit
19753 100 Broad St. Tr. Co.. par 350. _114
& Trust Co
5 Merlon Title & Trust Co., Ardpref., par $50........ 50
10 Phila. R. T..
305
more, Pa
57 Real Estate-Land Title & Tr.Co.8I3
10 Haverford Township Title & Tr.
927
5 Corn Exchange Nat. Bank
60
Co.. Brookline,Pa
926
5 Corn Exchange Nat. Bank
10 Broadway Merchants Trust Co..
395
7 Tenth Nat. Bank of Phila
390
Camden
Holmes
2 Northeast Nat. Bank of
10 Broadway Merchants Trust Co..
74
burg, Dar $50
375
Camden
1,301
5 National Security Bank
50 Bankers Bond & Mtge. Co.,com. 60
800
1 Penn National Bank
22031
8 Pratt Food Co
250
Nat. Bk & Tr. Co
10 City
10 United Securities Corp., no par. 16
432
15 Textile National Bank
2 Phoenix Iron Works Co., pref
10 Industrial Trust, Title 4c Sav1 Internat. Note & Mtge. Co..
545
ings, par 350
pref.: 2 Commercial Trust Co.,
1 Citizens National Bank of Jenkin33 lot
let pref
100
Pa
town,
74
9 Green & Coates Sts. Pass. By
6 Mitten M. & M. Bank & Trust
80
Pass. Ry
13031 7 Germantown
Co., unstamped
25 Darby Media dc Chester St. Ry_ 25
par $50 _ _ _ _420
5 Olney Bk.& Tr. Co.,
I Land Title Bldg. Corp. par 350..201
12 Bk. of No. Amer. & Tr. Co.__ _495
49231 Membership in the Rolling Green
10 Bk. of No. Am. 4c Tr, Co
755
Golf Club
78 Colonial Trust Co., par $50._.31031 Membership in the Rolling Green
930
1 Fidelity-Phila. Trust Co
750
Golf Club
920
8 Fidellty-Phila. Trust Co
34
22 Philadelphia Bourse, common
4 Pa.Co.for Ins. on Lives. Arc_ _ _1.003
34 Ridley Park National Bank_ -.250
Trust Co., par $25-227
64 Manayunk
50 Bankers Security Corp.. pref..
5 Manayunk Trust Co., par $25_ _227
6831
full paid
100 Allegheny Title Ss Tr. Co., 633.1 5 Susquehanna Title & Trust Co.. 6331
par $50
Products Co. with $500
100 Quaker
13 Integrity Trust Co., par $50-736
12
profit sharing certificate
23 Fern Rock Trust Co.. Par 350-115%
units Bankers Bond & mtge. Co_216
5 Fern Rock Trust Co.. par 550.-115% 50 Federal Trust Co
855
10
Rock Trust Co.. par $50...115
5 Fern
6 Market Street Title dr Trust
5 per Mohr.
Rights.
700
Co.. par 550
5 Northeastern Title & Trust Co... 52
53 Republic Trust Co., par $50_ _200
300 Mortgage Co. of Pa.(when, as
45 Security Title & Tr. Co.. par $50 70
12
and if issued)
70054
8 Franklin Trust Co
DIVIDENDS.
the
Dividends are grouped in two separate tables. In
the
first we bring together all the dividends announced
follow with a second table, in
current week. Then we
which we show the dividends previously announced, but
which have not yet been paid.
The dividends announced this week are:
[VoL. 126.
FINANCIAL CHRONICLE
Name of Company.
Railroads (Steam).
Albany & Susquehanna
Atch. Topeka & Santa Fe, pref
Chicago Indianan.& Louisv., coca
Common (extra)
Preferred
Great Northern, preferred
Joliet & Chicago (quar.)
Lehigh Valley, corn. (quar.)
Preferred (quar.)
Little Schuylkill Nay., RR.& Coal_ _ _ _
Manhattan guaranteed (guar.)
Mobile & Ohio
Morris & Essex (quar.)
N. Y. Lackawanna & Western (quar.)..
Old Colony (quar.)
Quarterly
Rensselaer & Saratoga
Southern Ry., com.(quar.)
Preferred (quar.)
When
Per
Cent. Payable.
Books Closed
Days Inclurtve.
434 July 1 Holders of rec. June 15
*253 Aug. 1 *Holders of roe. June 29
231 July 10 Holders of rec. June 23
July 10 Holders of rec. June 23
1
July 10 Holders of rec. June 23
2
*253 Aug. I *Holders of rec. June 27
*131 July 2 *Holders of rec. June 21
8753c July 2 Holders of rec. June 16
$1.25 July 2 Holders of rec. June 16
"31 July 14 *Holders of rec. June 15
*131 July 2 *Holders of rec. June 20
.353 June 28 *Holders of rec. June 18
$1.75 July 2 June 8 to June 27
111 July 2 Holders of rec. June 14
•131 July 2 *Holders of rec. June 16
•134 Oct. 1 *Holders of rec. Sept. 15
July 1 June 6 to July 1
4
Aug. 1 Holders of rec. July 2
2
151 July 16 Holders of rec. June 19
Public Utilities.
Amer. & Foreign Power, pref. (quar.)_ _ 31.75 July 2 Holders of rec. June 14
131 July 2 Holders of rec. June 15
Amer. Public Service, pref. (quer.)_ _ _ _
$1.75 July 2 Holders of rec. June 15
Amer. Public Utilities, partic. pfd.
•31.50 July 2 "Ilolders of rec. June 15
American Superpower,56 pref.(quar.)
*51.50 July 2 *Holders of rec. June 15
First preferred (quer.)
•15c. July 2 *Holders of rec. June 22
Arkansas Natural Gas (quer.)
I 50c. Aug. 1 Holders of rec. June 30
Gas & Elec.. cl. A (quar.)
Associated
$1.86 June 15 Holders of rec. June 5
Belgian Nat. Rye., Amer. shares
Binghamton L. H. & Pow.$6 pfd.(au) $1.50 July 1 Holders of rec. June 15
pref. (qu.)_. 154 July 16 Holders of rec. June 30
Canadian Northern Power,
Central Maine Power,7% pref.(quar.). •131 July 1 *Holders cf rec. June 10
•153 July 1 *Holders of rec. June 10
6% preferred (quar.)
*31.50 July I *Holders of rec. June 10
$6 preferred (quar.)
25e. July 2 Holders of rec. June 11
Central States Elec. Corp., corn.(No. 1)
.
Common (payable in common stock) /253 July 2 Holders of rec. June 11
153 July 2 Holders of rec. June 11
6% preferred (quar.)
554 June 30 Holders of rec. June 9
7% preferred (quar.)
Cities Serv.P.& L.$6 pref.(monthly)._ *50c. June 15 *Holders of rec. June 1
•58 1-3c June 15 *Holders of rec. June 1
7% preferred (monthly)
11
Continental Gas & Elec., corn.(quar.). 31.10 July 2 Holders of rec. June 11
154 July 2 Holders of rec. June
7% prior pref.(quar.)
July 2 *Holders of rec. June 15
Duluth-Superior Tract., pref.(guar.)._ _ •1
Empire Gas& Fuel,6% pref.(mthly.).* 662-3c July 2 *Holders of rec. June 15
•58 1-30 July 2 *Holders of rec. June 15
7% pref. (monthly)
64 1-6c July 2 *Holders of rec. June 15
653% pref. (monthly)
25c July 10 Holders of rec. June 304
Fairmount Park Tran. (Phila.)
131 July 1 Holders of rec. June 15
Florida Public Serv. pref. (quar.)
Frankford & Southwark Phila.
$4.50 July 1 Holders of rec. June 5
City Pass. Ry.(quar.)
- •4334c June 30 *Holders of roe. June 14
Hackensack Water, pref.. A (quar.)
IndianapolisPow.& Lt., pref.(quer.)...• 81.6231 July 2 *Holders of rec. June 9
$1.75 July 2 Holders of rec. June 12
Interstate Power,$7 pref. (quar.)
Long Island Ltg.,ser A,7% pref.(quar.) 134 July 1 Holders of rec. June 16
153 July 1 Holders of rec. June 16
Series B.6% pref.(quar.)
1% July 2 Holders of rec. June 22
Mackay Companies, corn.(quar.)
July 2 Holders of rec. June 22
1
Preferred (quar.)
15
Metropolitan Edison, $7 pref. (quar.).. *81.75 July 1 *Holders of rec. June 15
*31.50 July 1 *Holders of rec. June
$6 preferred (quar.)
16
Mississippi River Power, prof. (guar.)._ •153 July 2 *Holders of rec. June 16
1% July 1 Holders of rec. June
Nassau & Suffolk Lighting, pref.(qu.)_ _
June 30 *Holders of rec. June 15
New England Pub. Serv., corn. (go.).. •45c.
*31.75 July 15 *Holders of rec. June 30
$7 preferred (quar.)
•$1.50 July 15 *Holders of rec. June 30
$6 preferred (quar.)
*31.63 July 15 *Holders of rec. June 30
Adjust. preferred (quar.)
15
N. J. Power & Light, $6 pref. (quar.).. $1.50 July 1 Holders of rec. June 16
131 July 1 Holders of rec. June
N.Y. Cent. Elec. Corp., pref. (quer.)_ _
15
Northern Pennsylvania Pow., pref.(qu.) $1.75 July 1 Holders of rec. June 15
$1.50 July 1 Holders of roe. June
$6 preferred (quar.)
July 1 Holders of rec. June 15
3
6% preferred
154 July 1 Holders of rec. June 16
Northport Water Works, pref. (quer.). _
$1.75 July 2 Holders of rec. June 15
Northwest Utilities, pr. lien pref. (qu.).
154 July 2 Holders of rec. June 20
Ohio Bell Telco.. pref. (quar.)
June 15
Penna. Pow. & Light, $7 pref. (quar.)-- *31.75 July 2 *Holders of rec. June 15
*31.50 July 2 *Holders of rec.
$6 cum. preferred (quar.)
15
Penn. Central Light & Pow., pref. (au.) $1.25 July 1 Holders of rec. June 15
70e. July 1 Holders of rec. June
$2.80 pref. (quar.)
134 July 16 Holders of rec. June 30
Power Corp. of Canada. pref. (quer.)_ _
50e. July 16 Holders of rec. June 30
Quebec Power (quar.)
*75c. July 2 "Holders of rec. June 16
Reading Traction
Southern Canada Power, pref. (quar.)... 153 July 16 Holders of rec. June 20
1% July I Holders of rec. June 20
Southwest. Bell Telep., pref. (quar.)..
July 1 Holders of rec. June 5
Second & 3d Ste. Pass. Ry.(Phlla.) (qu.) 83
July 2 Holders of rec. June 14
Twin City R. T.(Minneap.), corn.(qu.) 1
lg July 2 Holders of rec. June 14
Preferred (quar.)
July 2 *Holders of rec. June 15
*34
Union Pass. Ry., Philo.
United Gee & Elec. Corp., pref.(quar.). 131 July 1 Holders of rec. June 16
United Lt. & Pow., old A & B corn.(qu.) 60c. Aug. 1 Holders of rec. July 16
12c. Aug. I Holders of roe. July 16
New class A & B corn.(quar.)
$1.62 July 2 Holders of rec. June 15
Class A pref. (quar.)
July 2 Holders of rec. June 15
$1
Class B pref. (guar.)
153 July 2 Holders of rec. June 22
United Securities, Ltd., pref. (quer.). _ _
*131 July 2 *Holders of reo. June 20
United Utilities, pref.(guar.)
Utilities Power & Light, cl. A (quar.)_ *50c. July 2 *Holders of rec. June 11
131 Aug. 1 Holders of rec. July 5
West Penn Power. 7% pref. (quar.)_
153 Aug. 1 Holders of rec. July 5
Six per cent pref. (quar.)
Ry
•$4.25 July 2 "Holders of rec. June 16
West Phila. Pass.
Banks.
July 1 *Holders of roe. June 8
(No.1) •31
America(Bank of) N.A. new(qu.)
*1253c July 1 *Holders of rec. June 8
BankamerIc Corp
353 July 2 Holders of rec. June 12a
Chase National (quer.)
July 2 Holders of me. June 126
81
Chase Securities (quar.)
July 2 *Holders of rec. June 15
.4
Chatham Phenix Nat. (quar.)
July 2 *Holders of rec. June 15
*2
Chelsea Exchange (quar.)
July 2 *Holders of rec. June 30
*6
Fifth Avenue (quar.)
July 2 *Holders of rec. June 30
*35
Special
July 2 *Holders of rec. June 15
'4
Mechanics (Brooklyn) (quar.)
July 2 Ticklers of rec. June 20
4
Public National Bank & Trust (quer.). _
July 2 Holders of rec. June 22
4
Seabcard National (quar.)
Joint Stock Land Banks.
July 1 Holders of roe. June 26
3
Denver
Trust Companies.
15
Banca Commerciale Italian& Trust (qu.) •253 July 2 *Holders of rec. June 15
73.4 July 2 Holders of rec. June
Bankers Trust Co. (quar.)
July 2 Holders of roe. June 20
253
Bank of Europe & Trust (quar.)
June 30 Holden; of rec. June 15
4
Guaranty (quar.)
July 2 Holders of rec. June 156
4
State Bank & Trust (quar.)
July 2 *Holders of rec. June 20
•15
United States (quar.)
•10
July 2 *Holders of rec. June 20
Extra
Fire Insurance.
*31.50 July 1 *Holders of rec. June 14
Ramie of Amer.(gnarl
Miscellaneous.
June 20
41.25 July 2 *Holders of rec. June 15
Acme Steel (quar.)
50c. July 2 Holders of rec.
Aetna Rubber, corn. (quar.)
131 July 2 Holders of rec. June 15
Preferred (quar.)
Albany Perforated Wrapping Paper
•50c. June 30 *Holders of rec. June 22
Common (quer.)
63o. July 1 Holders of rec. June 19
Aloe(A. C.) Co., corn.(quar.)
19
131 July 1 Holders of rec. June 15
Preferred (quar.)
•153 July 1 *Holders of rec. June 15
Alumlmun Co., pref. (quer.)
of rec. June
153 July 2 holders
American Cigar, pref. (quer.)
June 15
13.4 July 2 Holders of rec. June 15
Amer. Cyanamid, corn. (guar.)
33 July 2 Holders of rec.
Common (extra)
153 July 2 Holders of rec. Juno 15
Preferred (quer.)
June 15
411.50 July 2 *Holders of rec. June 5
American Express (quar.)
153 June 15 Holders of ree.
American Fork Ss Hoe (guar.)
June 15 lIolders of rec. June 5
1
Extra
20
•134 July 2 *Holders of rec. June
American Furniture Mart Bldg., PL
American Piano, pref.-Dividend omitte d.3
July 2 Holders of roe. June 14
American Snuff, corn. (quar.)
14
134 July 2 Holders of roe. June
Preferred (guar.)
JUNE 9 1928.]
FINANCIAL CHRONICLE
3553
Per
When
Books C
Name of Company.
Per
When
Cent. Payable
Books Closed
Days Incaution
Name of Company.
Cons. Payable.
Days inclusast
Miscellaneous (Continum).
Miscellaneous (Concluded).
American Steel Foundries, corn.(quar.)- •750. July 14 *Holders
of rec. July
Pittsburgh Steel Fdy.. prof. (quar.)---- *lit July 1
Preferred (guar.)
•
1% June 30 *Holders of rec. June 2
*Holders of rec. June 15
Price Bros.. common (guar.)
Associated Oil (guar.)
34 July 2 Holders of rec. June 15
*50c. June 30 *Holders of rec. June 15
16
Preferred (guar.)
Auburn Automobile (guar.)
154 July 2 Holders of rec. June 15
*$1
July 2 *Holders of rec. June 21
Progressive Merchants Co.,Inc., pref
Stock dividend
$3.50 July 16 Holders of rec. July 1
"e2
July 2 *Holders of rec. June 21
Real Silk Hosiery Mills, pref.(guar.)... *81.75 July 1 *Holders
Axton Fisher Tobacco, com. A (quar.)
.80e. July 1 *Holders of rec. June
of rec. June 15
Reece Buttonhole Mach.(guar.)
Preferred (guar.)
*35c. July 2 *Holders of rec. June 15
*134 July 1 *Holders of rec. June 15
15
Reece Folding Mach.(quar.)
Bankers Bond dr Mtge.,8% pre
'Sc. July 2 *Holders of rec. June 15
4
June 30 Holders of rec. June 15
Reliance Mfg., common (guar.)
7% preferred
•60e. July 2 *Holders of rec. June 21
334 June 30 Holders of rec. June 15
Preferred(efqxdartra).)
*5e. July 2 *Holders of rec. June
Berry Motor (guar.)
30e. July 1 Holders of rec. June
21
Borg & Beck (guar.)
(qua?.)41.7511m July 2 *Holders of rec. June 21
O$1 July 1 *Holders of rec. June 20
20
Remington Arms, 1st Pref.
Broadway Motor Truck, pref. (quar.)
July 1 'Holders of
134 July 2 Holders of rec. June
11
Reynolds (R. J.) Tob., corn. A&B (qu.) 81.25 July 1 Holders of rec. June 20
Brunswick-Balke-Collender, pref. (qu.)_
I% July 2 Holders of rec. June
rec. June 18
20
Rice-Stix Dry Goods, corn.(guar.)
Butte & Superior Mining (guar.)
*50c. June 30
3730 Aug. 1 Holders of rec. July 15
First and second preferred (quar.)_--Cavanagh-Dobbs,Inc., pf.(qu.)(No.1)- *1.34 July 1 *Holders of roe. June 15
154 July 1 Holders of roe. June 15
*Holders of rec. June 18
Richardson & Boynton Co., part. pf.(qu)
Carreras, Ltd.
750. July 1 Holders of rec. June 15
Rigney & Co., pref.(guar.)
Amer. deposit rcts. for A & B ord sirs - *15
25e. July 2 Holders of rec. June 21a
June 25 *Holders of rec. June
Celotex Co., com. (guar.)
Safeway Stores, corn. (guar.)
750 July 1 Holders of rec. June 4
*$3
July 1 *Holders of rec. June 20
15
Preferred (guar.)
Seven per cent pref. (guar.)
134 July
'134 July 1 *Holders of rec. June 20
Central Dairy Products, class A (quar.)_ *50c. July 1 Holders of rec. June 15
Six per cent prof.(guar.)
•134 July 1 *Holders of rec. June
1 *Holders of rec. June 20
20
Century Electric Co.(guar.)
St. L. Rocky Mt.& Ps.,com.(qu.)
134 July 1 Holders of rec. June
34 June 30 Holders of rec. June 150
I5a
Certain-teed Products,corn.(qu.)
Preferred (guar.)
$1 July 1 Holders of rec. June 15
M June 30 Holders of rec. June 15a
Preferred (guar.)
Salt Creek Consel. Oil (quar.)
•200. July 2 *Holders of rec. June 15
134 July 1 Holdres of rec. June
Claremont Investing Corp,pl.(qtr.)Schulze Baking Co., pref. (guar.)
310 July 2 *Holders of rec. June 15
131 July 2 Holders of rec. June 15
- •
Cluett-Peabody & Co.,pref.(au.)
Convertible pref.(guar.)
75e' July 2 Holders of rec. June 15
*1% July 2 *Holders of rec. June 15
20
Commercial Credit Co.,com.(qu.)
Schiff Company, pref. (guar.)
'$1.75 June 15 'Holders of rec. May 31 •
.
.7
15 8
70
34 June 30 Holders of rec. June 9
634% first pref.(guar.)
Scullin Steel, partic. pref. (guar.)
134 June 30 Holders of rec. June
July 14 *Holders
9
7% first pref.(guar.)
Sefton Manufacturing, pref.(guar.).- *134 July 1 *Holders of rec. June 30
43310. June 30 Holders of rec. June 9
of rec. June 22
8% pref."B"(quar.)
Sherwin-Williams, Canada, com.(01.)
•134 June 30 *Holders of rec. June 15
90c. July 1 Holders of rec. June 15
Consolidated Cigar,corn.(guar.)
Preferred (guar.)
June 30 *Holders of rec. June 15
$1.75 July 2 Holders of rec. June 15a
Consol. Min.& Smelting
Singer Mfg., Ltd., ordinary
*6
$1.25 July 16 Holders of rec. June
Holders of rec. May 2s
Bonus
Standard Commercial Tob., com.(qu.)_
260. July 2 Holders of rec. June 20
85 July 16 Holders of rec. June 30
30
Coty,too.(guar.)
Preferred
$1.25 June 30 Holders of rec. June
334 July 2 Holders of rec. June 20
Cresson Canso'.Gold Min.& Mill
Standard Dredging, pref. (guar.)
•50e. July 1 *Holders of rec. June 15
*10e. July 10 *Holders of rec. June 18
30
Cuban Tobacco,Inc.,Coca
Stromberg Carburetor (guar.)
$1.50 June 30 Holders of rec.
50c. July 2 Holders
June
Preferred
Stromberg-Carlson Telep. Mfg.(guar.). *50c. July 2 *Holders of rec. June 18
234 June 30 Holders of rec. June 18
of rec. June 18
18
Detroit Motorbus(.Ak div.)
Swedish Amer. Inv., corn.(guar.)
*MO
i 1.6234 July 2 Holders of rec. June 15
June 22 *Holders of rec. June
Dodge Bros.. Inc., prof.(quar.).
8
Participating prof.(guar.)
*81.75 July 15 *Holders of roe.
$ 1.6234 July 2 Holders of rec. June 15
June 27
Dominion Textile,com.(guar.)
Tide Water 011, corn.(guar.)
•20c. June 30 *Holders of rec. June 16
$1.25 July 3 Holders of rec. June 15
Preferred (guar.)
Trcy Sunshade, com.(guar.)
•50e. July 1
134 July 16 Holders of rec.
Douglas(W. L.) Shoe, pref. (guar.).
Common (extra)
- 134 July 2 Holders of rec. June 30
*260. July 1
June 15
Dunham (James H.)& Co.. corn.(qu.)- - •134 July
Preferred (guar.)
•134 July 1
2 *Holders of
First preferred (guar.)
Truscon Steel, com.(guar.)
*134 July 2 *Holders of rec. June 18
•300. July 16 *Holders of rec. July 6
rec. June 18
Second preferred (guar.)
Tubize Artificial Silk. el. A dr B (guar.).- *$2.50 July 2 *Holders of rec.
'134 July 2 *Holders of rec. June
June 20'
Eastern Rolling Mill(guar.)
18
22 West 77th Street, Inc
3734c July 1 Holders of rec.
June 30 June 16 to July 1
83
June 200 244 North Bay Shore Drive.
Eastern Steamship Lines, pfd.
June 30 June 16 to July 1
•
Inc.. Pref.- 3
8734e July 16 *Holders of rec.
First preferred (guar.)
July 3
•1% July 2
oul July 2 *Holders of rec. June 20
Preferred (guar.)
*Holders of rec. June 21
Edwards(Wm.)Co.6% pfd.(guar.)._
Ulen & Co., 8% pref
134 July 2 Holders of
*4
July 2 *Holders of rec. June 30
rec. June 20
7% preferred
734% preferred
'33.4 July 2 *Holders of rec.
"384 July 2 *Holders of rec. June 30
June 20
Electric Auto-Lite, new corn.(No. 1)..... "81 July
Union Twist Drill (guar.)
*25c. June 30 *Holders of rec. June 20
2•
Emerson Electric, pref. (guar.)
United Verde Extension Mining (guar.). •50o.
1.34 July
*Holders of rec. July 6
Endicott Johnson Corp., corn. (quar.).. $1.25 July 1 Holders of rec. June 20
U.S. Gypsum,corn.(in com.stock)..... *AO
July 10 *Holders of rec. June lb
1 Holders of rec.
Preferred (guar.)
U.S. Distributing, pref
154 July 1 Holders of rec. June 18
33.4 July 1 Holders of rec. June 11
June 18
Fair (The), common (monthly)
U.S. L. Battery. pref., A
•20o. Aug. 1 *Holders of roe.
• 16 2-3c June 5 *Holders of rec. May 31
July 20
Common (monthly)
Preferred B
*20e. Sept. 1 *Holders of rec.
• 112-3c June 5 *Holders of rec. May 31
Common (monthly)
U.S.Leather, prior prof.. V.C.C.(guar.). '134 July 2 *Holders of roe. June 9
*20c. Oct. 1 *Holders of rec. Aug. 20
Sept. 20
Preferred (guar.)
U.S. Tobacco, corn. (guar.)
'134Aug. 1 *Holders of rec. July
760. July 2 Holders of rec. June 18
20
Fear (Fred)& Co.(guar.)
Preferred (guar.)
2
June 15
13.4 July 2 Holders of rec. June 18
Financial Investing Co., corn. (guar.)._
Universal Leaf Tobacco, pref.(guar.)400. July 2 Holders of rec.
*2
July 2 *Holders of rec. June 20
June 2
Foote Bros. Gear & Mach., corn.(guar.) *300. July 1
Utah Copper (quar.)
•$1.50 June 30 *Holders of rec. June 15
*Holders of rec. June
Preferred (guar.)
Wagner Electric, pref. (guar.)
July 1 *Holders of rec. June 20
154 July 1 Holders of rec. June 20
20
Freeport Texas Co.(guar.)
Wahl Co.. prof.(guar.)
n1 Aug. 1 *Holders of roe. July
•61,4 July 2 *Holders of rec. June 21
Extra
Walgreen Co., pref. (quar.)
•750. Aug. 1 *Holders of rec. July 14
•$1.62% July 1 *Holders of rec. June 20
14
Fulton Sylphon,com.(guar.)
Warner-Quinlan Co., corn. (guar.)
*50e. July 1 *Holders of rec.
50e. July 2 Holders of rec. June 15a
June 18
Preferred (guar.)
*134 July 1 *Holders of rec.
634% preferred (guar.)
144 July 2 Holders of rec. June 150
June
General Baking, pref.(guar.)
Warren Bros., corn. (guar)
$2 June 30 Holders of rec. June 18
July 2 *Holders of rec. June 15
I60
General Electric (guar.)
First preferred (guar.)
$l July 27 Holders of rec.
*75c. July 2 *Holders of roe. June 15
June
Extra
Second preferred (guar.)
$1 July 27 Holders of rec. June 15a
*87;4c July 2 *Holders of rec. June 15
150 Weber & Hellbroner,
Special stock (guar.)
15e. July 27 Holders of rec. June
corn.(guar.)
$1
June 30 Holders of rec. June 15
Glen Alden Coal (guar.)
Preferred (guar.)
82.50 June 20 Holders of rec. June 15a
154 Aug. 1 Holders of rec. July 16
8
Goodyear Tire & Rub.of Calif., pf.(qu.) •
134 Julyj 2 *Holders of rec.
Wesson Oil& Snowdrift. Inc., com.(qu.) $1
July 1 Holders of DX. June 15
June 20
Gould Pumps,Inc., com.(guar.)
2
West Coast 011 (guar.)
July 2 Holders of rec. June 20
•$1.50 July 5 *Holders of rec. June 25
Preferred (guar.)
ogg
Extra
July
July 5 *Holders of rec. June 25
Gurd (Charles) dr Co., Ltd., com.(qu.)_ *50o. July 2 Holders of rec. June 20
West Point Manufacturing (guar.)
1 *Holders of rec. June 15
2
July 2 Holders of rec. June 15
Preferred (guar.)
.1 1% July r
,
Westinghouse Elec. & Mfg.,com.(qu.). 4
1 *Holders
.$1
July 31 *Holders of rec. June 29
Hammermill Paper, pref. (guar.)
•1,1 July 2 *Holders of rec. June 15
Preferred (quar.)
•$1
July 16 "Holders of rec. June 29
of rec. June
Hazel
-Atlas Glass, corn.(guar.)
*50c. July 2 *Holders of rec. June 20
White Motor Securities, prof. (guar.)._ •144 June 30 *Holders of rec. June 15
Extra
•12340 July 2 *Holders of roe. June 20
20
Hercules Powder, common (quar.)
2
June 25 June 16 to June
Below we give the dividends announced in previous weeks
Homestake Mining (monthly)
*50e. June 25 *Holders of rec. June 24
Humble Oil & Refining (guar.)
*300. July 1 *Holders of rec. June 20
and not yet paid. This list does not include dividends an11
Extra
*200. July 1 *Holders of rec. June
11
Imperial Tob. of Canada, ordinary
nounced this week, these being given in the preceding table.
134 June 29 Holders of rec.
Inland Wire & Cable (guar.)
•75e. July 1 *Holders of rec. June 8
June
Internat. Buttonhole Mach.(quar.)__ •
20e. July 2 "Holders of rec. June 18
International Nickel, common (quar.)_
50e. June 30 Holders of me. June 15
Per
When
Books Closed
International Shoe, corn. (guar.)
Name of Company.
50e. July 1 Holders of rec. June 14
CC*. Payable.
Days Inclusive.
International Silver, pref. (guar.)
134 July 1 Holders of rec. June 15
12a
Kalamazoo Stove (guar.)
Railroads (Steam).
$1.125 July 1 Holders of rec.
June 20
King Royalty (guar.)
Alabama Great Southern,corn
*2
July 1 *Holders of rec.
$2
June 28 Holders of roe. May 245
Kraft-Phenix Cheese Co.(guar.)
Common (extra)
37340. July 1 Holders of rm. June 15
81.50 June 28 Holders of ree. May 24s
June 11
Stock dividend
Preferred
e 134 July 1 Holders of rec.
$2
Aug. 15 Holders of rec. July lie
June 11
Lambert Co.(guar.)
Preferred (extra)
*81.25 July 2 *Holders of rec.
81.50 Aug. 15 Holders of rec. July lie
Extra
Atlantic Coast Line RR.. corn
*50c. July 2'Holders of rec. June 18
$3.50 July 10 iHolders of rec. June 156
June 18
Landis Machine
Common (extra)
76e. Aug. 15
Holders of rec. June 15a
Lehigh Portland Cement, pref.(qua?.)... •134 July 2 Holders of rec. Aug. 5
Augusta dr Savannah
81 0 july 10 Holders of roe. June 150
2
4 J
July 5
*Holders of roe. June
Extra
Lorillard (P.) Co- prof.(gam.)
54 July 8 Holders of rec. June 15a
134 July 2 Holders of rec. June 14
15
Ludlum Steel (guar.)
Bangor & Aroostook. corn. (quar.)
*50o. July 2 *Holders of rec.
87e. July 1 Holders of roe. May 3Ia
Mack Trucks, Inc., corn. (guar.)
Preferred (guar.)
•$1.50 June 80 *Holders of rec. June 20
154 July 1 Holders of rec. May Ma
Mandel Bros. Co.(guar.)
Beech Creek (guar.)
•62340 July 16 *Holders of rec. June 15
50c.
234 July 2 Holders of rec. June 156
June 30
Manhattan Shirt, prof. (guar.)
•1% July 2
Boston & Albany (guar.)
June 30 Holders of rec. May 31
*Holders of rec. June
Margay 011 (guar.)
Boston & Providence (guar.)
50o. July 10 Holders of rec. June 18
234 July 2 Holders of rec. June 20
20
May Drug Stores Corp.(guar.)
Buffalo & Susquehanna, pre!
•37340 July 2 *Holders of rec.
June 30 Holders of rec. June 15
2
June 9
Maytag Co.. new com.,(guar.(No. 1)_ 37340 July 1
Canadian Pacific, com.(guar.)
'
234 June 30 Holders of rec. June la
McCord Radiator & Mfg. A (quar.)____ •750. July 2 *Holders of rm. June 15
Chesapeake Corporation (guar.)
750. July 1 Holders of rec. June 86
"Holders of rec. June 21
McKee (Arthur G.) & Co.. Cl. A (qu.)._
Chesapeake & Ohio, common (quar.)_75e. July 2 Holders of rec.
234 July 1 Holders of rec. June 80
June 20
McKeesport Tin Plate (guar.)
Preferred A
*al
3% July 1 Holders of roe June 86
July
Merchants & Miners Tramp.(quar.)--- 6234e. June 2 *Holders of rec. June 20
hleago Burlington & Quincy
5
June 25 Holders of rec. June 18
30 Holders of rec. June 15
Meyers (F. E.) & Bros., corn. (guar.)._ *50e. June 30
Chicago & North Western, common..... 2
June 30 Holders of rec. June la
*Holders of rec. June
Praterred (guar.)
Preferred
3% June 30 Holders of rec. June la
•$1.50 June 30 *Holders of rec. June 15
Monsanto Chemical Works
Chic. R.I. & Pacific. corn.(guar.)
•
6234c July 2 *Holders of rec. June 15
134 June 30 Holders of rec. June la
Montgomery Ward ds Co., corn.(guar.). *81
7% preferred
Aug. 15 *Holders of rec. Aug. 20
334 June 30 Holders of rec. June la
6% preferred
Class A (guar.)
*$1.75 Oct. 1 *Holders of rec. Sept. 4
3
June 30 Holders of rec. June la
20
Ctn. N.0.& Tex Pacific. corn
Morgan Lithograph, corn. (guar.)
$1.25 July 2 Holders of rec.
4
June 25 Holders of rec. June 8
Motor Products, com.(guar.)
•50c Aug. 1 *Holders of rec. June 20a Colorado & Southern, let pref
2
June 30 Holders of rec. June 180
July 2
Preferred (guar.)
Consolidated Rita. of Cuba, prof
134 July 2 Holders of roe. June Ila
*81.25 Aug. 1 *Holders of rec. July
2
Mountain Producers Corp. (guar.)
Cuba RR., common
65c July 2 Holders of rec.
$1.20 June 28 Holders of rec. June 28
Preferred
Mt. Diablo Oil, Min.& Dev.(mthly.)
•34 July 1 *Holders of rec. June 15a
Aug. 1 Holders of rec. July 16
3
June
Myers(F. E.) dr Bros., com.(guar.)._ _
Preferred
50e. June 30 Holders of rec. June 24
8
Feb.1'2 9 Holders of ree.Jan.15'29
15
Delaware & Hudson Co.(guar.)
Preferred (guar.)
1 31 June 30 Holders of rec.
234 June 20 Holders of rec. May 28a
June 15
Nashua Mfg., pref.(qua?.)
Erie & Pittsburgh (guar.)
144 July 2 Holders of rec.
Holders of rec. Niay,310
June 22
National Bells Hess, Inc., pref. (qu.)
Fonda Johnstown & Gioversv., pf. (qu). 82
154 Sept. 1 Holdersof rec.
111 j ne 10 Holders of rec. Juno 9a
Ju
5
National Candy, com.(guar.)
4334c July 1 Holders of rec. Aug. 21a Gulf, Mobile & Northern, prof.(qu.)
1;4 July 2 Holders of rec. June 15a
June 12a
First and second pref.(guar.)
234 June 30 Holders of rec. June 80
154 July 1 Holders of rec. June 124 Hocking Valley (guar.)
Illinois Central, leased lines
National Dairy Products, corn.(guar.)._ •
75o. July 2 *Holders of rec. June
July d2 June 12 to July 4
2
Maine Central, corn. (guar.)
Class A and B (guar.)
•$1.75 July 2 *Holders of rec. June 18
1
July 2 Holders of reo. June 15
18
Missouri
National Tea, corn. (guar.)
-Kansas-Texas, pref. A (guar.).. 134 June 30 Holders of rec. June 154
$1
July 1 Holders of rec. June 14
Mobile & Birmingham, pref
National Trade Journals (qu.)(No. 1)
6234e July 2 Holders of me. June
July 2 June 2 to July
2
1
N.Y Chlaigo .4 St. Louis, corn. (qua?.)
.
Nevada Canso!. Copper (qua?.)
•
3734e June 30 *Holders of rec. June 20
Holders of rec. May 15a
15
Prof. se
New Jersey Zinc (extra)
A (guar.)
*
2
1)1 j ly 2 Holders of rec. May 15a
Ju
u
July 10 *Holders of rec. June 20
New York & Harlem. corn. & pref
Ohio Seamless Tube, prof. (guar.)
134 July 2 June 16 to July
$2.50 July 2 Holders
rec.
1
N.Y.New Haven & Matt., pref.(quar.) 144 July 2 Holders of rec. June 156
011 Well Supply, com.-Dividend pass ed.
of
June 40
Norfolk & Western. Com.(Guar.)
Orpheum Circuit. pref. (guar.)
*
2
July 2 *Holders of rec. June 19
2
June 19 Holders of rec. May Its
Northern Securities
•1o,i July 1
Penick & Ford. Ltd.. prof.(guar.)
434 July 10 June 23 to July 10
'Holders of rec. June 15
Pere Marquette. com.(quar.)
Penney (J. C.) Co., pref.(guar.)
*$1.50 June 30 *Holders of rec. June
1;4 July 2 Holders of roe. June 5a
Prior preference (guar.)
Pennsylvania Salt Mfg.(guar.)
$1.25 July 14 Holders of roe. June 20
1;4 Aug. 1 Holders of rec. July 6a
Five percent. p
Pet Milk Co., common (guar.)
75c. July 1 Holders of roe. June 30
1;4 Aug. 1 Holders of rec.
' "
5
(qua
Pitts. Ft. Wayne rofChic., corn.(qua?).. 1% July I Holders of roe. July 6a
Preferred (guar.)
dr
31.75 July 1 Holders of rec. June 11
June 110
Preferred (guar.)
Pickwick Corp., com. dr pref. (guar.)._
*20e. June 25 *Holders of rec. June 15
1% July 3 Holders of rec. June ha
Pittsb. McKeesp.& Youghiogheny
Pierce Governor (guar.)
.3734e July 1 *Holders of rec. June 15
$1.50 July 2 Holders of rec. June 15a
Reading Company. 1st pref. (quar.)
Pittsburgh Plate Glass (guar.)
•
2
500. June 14 Holders of roe. May 24a
July 2 *Holders of rec. June 15
Second pref. (guar.)
50o. July 12 Holders of rec. June 21a
*134
*134
134
Name of Company.
Railroads (Steam) (Concluded).
St. Louis-San Fran., corn (guar.)
Common (extra)
Preferred (guar.)
Preferred (guar.)
St. Louts Southwest, pref.(guar.)
Southern Pacific Co.(quar.)
Texas & Pacific (guar.)(No. 1)
Union Pacific, common (guar.)
When
Per
Cent. Payable.
116
25e.
14
14
14
116
139
234
July 1
July 1
Aug. 1
Nov. 1
June 30
July 2
July 2
July 2
Bookk Closed
Days Inclusive.
Holders of rec. June
Holders of rec. June
Holders of rec. July
Holders of roe. Oct.
Holders of rec. June
Holders of rec. May
Holders of rec. May
Holders of rec. June
Name of Company.
1
1
140
15a
15a
25a
31a
is
When
Per
Cent. Payable.
Books Closed
Days Inclusive.
Public Utilities (Concluded).
July 31 Holders of rec. July 2a
Philadelphia Company. corn.(quar.). $1
$1.25 Sept. I Holders of rec. Aug. 10a
6% prof. (guar.)
60e. June 16 Holders of rec. May 31a
Philadelphia Electric (guar.)
136 July 2 Holders of rec. June 15
Portland Elec. Power,6% 1st pt.(qu.)_ 15
154 July 2 Holders of rec. June la
Prior preferred (guar.)
50c. June 30 Holders of rec. June
Public Buy.Corp. of N.J., corn.(qu.). _
60c. June 30 Holders of rec. June la
6% pref.(monthly)
111 June 30 Holders of rec. June la
7% prof.(guar.)
June 30 Holders of rec. June la
2
8% pref.(guar.)
July 1 June 24 to July I
Okla., corn.(guar.).- - 2
Pub.Serv. Co.of
154 July 1 June 24 to July 1
7% prior lien stock (guar.)
14 July 1 June 24 to July 1
6% prior lien stock (guar.)
June 1
Public Serv. Elec. & Gas, 7% pf. (qu.) 111 June 30 Ilolders of rec. June 1
14 June 30 Holders of rec.
Slx per cent preferred (guar.)
la
Radio Corp. of Amer., pref. A (guar.)._ 87340.July 1 Holders of rec. June 40
July 2 Holders of rec. June
Savannah El. & Pwr.deb. ser A.(qu.).- 2
July 2 Holders of rec. June 40
Debentures.ser. B (guar.)
50c July 10 Holders of rec. June 23
Shawinigan Water & Pow.. corn.(qu.)_ _
50c July 15 Holders of rec. June 20
Southern Calif. Edison orig. of.(qu.)- - ,
3446c July 15 Holders of rec. June 20
Preferred series C (guar.)
4316c. June 15 Holders of rec. May 20
Series A pref.(qu.)
3734e. June 15 Holders of rec. May 20
Series B pref.(quar.)
31
Southern Colorado Power.7% pf.(qu.). Ili June 15 Holders of rec. May 30
July 16 *Holders of rec. June
Southern New England Telep. (quar.)__ •2
July 1 *Holders of rec. June 15
Southwestern Gas & Elec.8% pfd.(qu.) *2
•11.1 July 1 *Holders ot rec. June 15
7% prof.(quar.)
*31.50 July 2 *Holders of rec. June 15
Southwestern Pow. & Light. pt. (qu.)
June 15 Holders of rec. May 310
2
Standard Gas & Elec..8% pref.(qu.)
151 July 2 Holders of rec. June 15
SuperiorWat. Lt.& Pr.. pref.(quar.)..
15
Tennessee Elec, Pow., 6% lst pt. (qu.). 136 July 2 Holders of rec. June 15
151 July 2 Holders of rec. June
7% first preferred (guar.)
Holders of roe. June 15
1.80 July 2
7.2% first preferred (guar.)
500. July 2 Holders of reo. June 15
6% first preferred (monthly)
60o. July 2 Holders of rec. June 15
7.2% first preferred (monthly)
- •35e. June 10 *Holders of rec. May 31
Union Natural Gas (Canada) (guar.).
*5c. June 10 *Holders of rec. May 31
Extra
31.50 July 1 Holders of rec. June 8a
Union Traction (Philadelphia)
81 July 14 Holders of rec. June 15
United Gas Improvement(guar.)
Utah Gas 9k Coke
15
Preferred and panic. pref. (quar.)____ $1.75 July 2 Holders of rec. June 5
Utah Power & Light, $7 pref. (quar.)..__ 81.75 July 2'Holders of rec. June 5
*Holders of rec. June
•31.50 July 2
66 preferred (guar.)
13.6 Juno 20 Holders of rec. May 310
Virginia Elec.& Power.6% pfd.(qu.).
116 June 20 Holders of rec. May 310
7% pref.(quar.)
111 July 16 holders of rec. June 30a
Western Power Corp. 7% pref. (qu.)
150
West Penn Elec. Co.. class A (quar.)._.,.. 31.75 June 30 Holders of rec. June 25
14 June 15 Holders of rec. May
West Penn. Rys.,6% pref.(guar.)
111 July 1 Holders of rec. June 6
Winnipeg Elec. Co., pref. (guar.)
•31.75 June 15 *Holders of rec. May 31
Wisconsin Pow. & Lt., pref. (quar.)
May 31
Wisconsin Public Service,7% pf. (go.).... 111 June 20 Holders of rec. May 31
14 June 20 IIolders of reo.
% preferred (guar.)
14 June 20 Holders of reo. May 31
6% Preferred (guar.)
*31.50 June 30 *Holders of rec. June 20
Worcester Electric Light (guar.)
Public Utilities.
June 15
Amer. Public Utilities, pr. Pref.(111.)--- $1.75 July 2 Holders of rec. June 200
236 July 16 Holders of rec.
Amer.Telep.& Teleg.(guar.)
120
Wks.& Elec., 36 1st Pf.(au.) $1.50 July 2 Holders of rec. June 31
Am. Wat.
rec. May
Associated Gas& El., orig. pref.(quar.)- 1874c. July 2 Holders of rec. May 31
S1.75 July 2 Holders of
$7 preferred (quar.)
May 31
Assoc. Telep. Utilities $7 Pf•(guar.)- - - - 51.75 June 15 Holders of rec. May 31
31.50 June 15 Holders of rec.
$6 preferred (guar.)
June 11
Hydro-Electric. 6% pref. (qu.)_ *116 July 2 +Holders of rec.
Bangor
.
4 1% July 2 *Holders of rec. June 11
7% preferred (guar.)
July 14 Holders of rec. June 23
2
Bell Telephone of Canada (guar.)
116 July 14 Holders of rec. June 200
(quar.).._
Bell Telep. of Pa.,64% Pref.
116 July 2 Holders of rec. June 9
Boston Elev.IV..corn.(guar.)
4
July 2 Holders of rec. June 9
First preferred
314 July 2 Holders of rec. June 9
Preferred
._ *14 July 2 *Holders of rec. June 15
Brazilian Tr. Lt. & Pr. Co.. pref.(qu.)
81.25 July 2 Holders of rec. June 7a
Brooklyn Union Gas(guar.)
114 July 2 Holders of rec. June 15
Calgary Power (guar.)
30
California-Oregon Power, corn. (guar.). $1.75 July 14 Holders of rec. June 30
14 July 14 Holders of rec. June
6% preferred (guar.)
Ili July 14 Holders of rec. June 30
7% preferred (guar.)
May 26
Central Gas & Elec., class A (guar.)._ '4334c June 15 *Holders of rec.
30
Central lid. Pub. Serv.. Pref. (quar.)_- *31.50 July 16 *Holders of rec. June 20
• s4311c June 15 *Holders of rec. May
CentralPub.Serv. Corp.cl.''AShore & Milw., pref. (guar.). *14 July 1 *Holders of rec. June 15
Chic. No.
•111 July 1 *Holders of rec. June 15
Prior preferred (guar.)
June 19
Chicago Rapid Transit, pr. pf. A (au) •65c. July 1 *Holders of rec. July 17
*65c. Aug. 1 'Holders of rec.
Prior preferred A (guar.)
•65c. Sept. 1 *Holders of rec. Aug. 21
Prior preferred A (quar.)
*60c. July 1 *Holders of rec. June 19
Prior preferred B (guar.)
*60c. Aug. 1 *Holders of rec. July 17
Prior preferred B (guar.)
.60c. Sept. 1 *Holders of rec. Aug. 21
Prior preferred B (guar.)
Coast Cos. Gas & Elec.June 14
First and second preferred (quar.)_ _. *$1.53 June 25 *Holders of rec. June 8a
50c. July 2 Holders of rec.
Columbus Elec. & Power, corn. (guar.).
(f) July 2 Holders of rec. June 8a
Common (1-40th share corn. stock)...
114 July 2 Holders of rec. June 80
Preferred, series B (guar.)
14 July 2 Holders of rec. June 80
Preferred, series C (guar.)
Ili July 2 Holders of rec. June Ra
Second preferred (quar.)
roe. June 16
Consol. Gas El. L. & P. Bal..eom.(gu.) •75c. July 2 *Holders of rec. June 15
'134 July 2 *Holders of
5% pref., series A (guar.)
'134 July 2 *Holders of rec. June 15
6% pref.. series D (guar.)
•116 July 2 *Holders of rec. June 15
516% pref., series E
16 Holders of roe. may go
Consolidated Gas of N. Y.,corn.(qua!'.). $1 25 June
$1.25 Aug. 1 Holders of rec. June 30a
Preferred (guar.)
14 July 2 Holders of rec. June 15
Consumers Power,6% pref. (quar.)
1.65 July '2 Holders of rec. June 15
6.6% preferred (guar.)
134 July 2 Holders of rec. June 15
7% preferred (quar.)......
60c. July 2 Holders of rec. June 15
6% preferred (monthly)
55c July 2 Holders of rec. June 15
6.6% preferred (monthly)
$2.50 June 30 Holders of rec. May 310
Continental Pass. Sty. (Phila.)
75c. July I Holders of rec. June 15a
Denver Tramway, $5 pref. (guar.)
rec. June 20
Diamond State Telco..64% prof.(qu.). •119 July 14 *Holders of rec. June 20a
July 16 Holders of
2
Detroit Edison Co.(quar.)
Ili July 19 Holders of rec. June 15a
Duquesne Light, 1st pref. (guar.)
$1.75 July 2 Holders of rec. June 15a
Eastern Texas Elec., pref. (guar.)
Ili June 15 Holders of rec. May 31
East Kootenay Power. pref.(guar.).June 15a
Power & Light. pref. (quar.)--- $1.75 July 2 Holders of rec. June 15a
Eleatic,
rec.
Prof. allotment ctfs. (full paid) (guar.) $1.75 July 2 Holders of rec. June 15a
70c. July 2 Holders of
Prof. allotment ctfs. (90% paid) (qu.)
rec. June 12
Electric Public Service. pref. (guar.).- $1.75 July 1 Holders of rec. June 12
of
Electric Public Utilities. Pref. (quar.)-- $1.75 July 1 Holders
20c. July 2 Holders of rec. June 13a
Light dr Tr.. corn.(quar.)
Federal
June I3a
Common (payable in corn. stock).- - - fl5c. July 2 Holders of rec. June 12a
General Gas & Elec., corn. A.(guar.).- 3716c. July 1 Holders of rec. June no
July 1 Holders of rec.
$2
$8 preferred ((mar.)
$1.75 July 1 Holders of rec. June I2a
$7 preferred class A (guar.)
$1.75 July 1 Holders of rec. June 12a
$7 preferred class B (guar.)
$1.50 June 15 Holders of rec. June 5a
(guar.)
Gulf States Util., $6 pref.
$ 1.3734 June 15 Holders of rec. June 5a
$535 preferred (guar.)
2 June 30 Holders of rec. June 29
IllinoisBellTelep.(guar.)
Illinois Power & Light.6% prof.(quar.)- 14 July d2 Holders of rec. June d9
136 July 2 Holders of rec. June 15
Illinois Power Co.,6% pref.(guar.).111 July 2 Holders of rec. June 16
7% pref.(quar.)
$1.50 July 1 Holders of rec. June 12a
Indianapolis Water. pref.(quar.)
Indianapolis Water, pref. ser. A (guar.). $1.25 June 30 Holders of rec. June 12a
June 15 Holders of rect. June 1
International Pow. Secur. $6 Prof.. A--- S3
8716c July 16 Holders of rec. June 30a
Internal Utilities, class A (guar.)
$1.75 Aug. 1 Holders of rec. July I8a
(guar.)
$7 Preferred
134 July 3 Holders of rec. June 15
Jamaica Public Serv.. pref.(guar.)
K.C.Power & Light, 1st ptd."B" WO- $1.50 July 1 Holders of reo. June 14a
111 July 2 Holders of rec. June 15
Kansas Gas & Elec.. pref. (guar.)
Kentucky Hydro•Elec. Co. Did.(qu.).- - •111 June 20 *Holders of rec. May 31
216 June 15 Holders of rec. June la
(guar.)
Laclede Gas Light, corn.
216 June 15 Holders of roe. June is
Preferred
Louisville°.& El.(Del.) corn A&B (olli.) 4311e. lune 25 Holders of reo. May 31a
Memphis Pow. & Lt., $7 pref. (guar.).- $1.75 July 2 Holders of roe. June 16
$1.50 July 2 Holders of rec. June 16
$6 preferred (guar.)
June 15 Holders of rec. May 31
$2
Middle West ULU, prior lien (guar.)
$1.50 June 15 Holders of rec. May 31
$6 cum. pref.(guar.)
14 July 31 Holders of rec. July 20a
AC L.6% pt.(qu.)Milwaukee Elec. Ry.
Missouri Power & Light. pref.(quar.)_._ •111 July I *Holders of rec. June 20
15
Monongah. W.Penn Wat. Serv., pf.(qu) 4311c July 2 Holders of roe. June 120
14 July 2 Holders of rec. June
Montana Power.corn.(guar.)
216 July 14 Holders of rec. July 6
Montreal Tramways(guar.)
134 July 1 Holders of rec. June 20
Nat. Electric Power. 7% pref. (guar.).14 July 1 Holders of rec. June 20
6% Preferred (guar.)
Pow.& Light, pref.(guar.)---- $1.75 July 2 Holders of rec. June 15
National
40c. June 15 Holders of rec. May 28
National Public Service, corn. A (quar.).
134 July 1 Holders of rec. June 18
7% Series A pref. (guar.)
preferred (guar.)
134 July 1 Holders of rec. June 18
7% Portico
New England Power Co., pref.(quar.)__ *81.50 July 2 *Fielders of rec. June 16
Eng. Public Serv.37pr.1, pf.(qU.). $1.75 June 15 Holders of ree. May 31
New
2
June 30 Holders of reo. June 9
New Eng. Telep. & Teleg. (guar.)
31.50 July 2 Holders of rec. June 15a
N. Y.Steam Co.. $6 pref.(guar.)
(guar.)
$1.75 July 2 Holders of rec. June 15a
$7 preferred
134 July 16 Holders of rec. June 20
New York Telephone, pref. quar...__(_
New York Water Service. pref. (quar.)-- $150 June 15 Holders of rec. Juno 5
1234 July 2 Holders of rec. June 591
North American Co., corn. (guar.)
75o. July 2 Holders of roe. June 50
Preferred (guar.)
North Amer. Light & Pow. of Del.
$1.50 July d2 Holders of rec. June 20
$6 preferred (guar.)
May 31
North Amer. Ut11. Sec.. let Prof.(qU.)-- 51.50 June 15 Holders of roe. May 31
$1.75 June 15 Holders of roe.
bud preferred (quar.)
June 30 Holders of rec. June 15
Nor. Mexico Pow.& Dev.,com.(quar.). 1
134 June 30 Holders of rec. June 15
Preferred (guar.)
rec. June 15
Northern Ohio Pow. & L..6% Pf. (qu.). 136 July 2 Holders of rec. June 15
14 July 2 Holders of
7% preferred (guar.)
July 1
$1.50 July 2 June 16 to
Telegraph
Northwestern
rec. June 15
Northwestern Utilities, prior lien pf.(c111.) •111 July 2 *Holders of roe. May 31
111 June 15 Holders of
Gas & Elec.. pref. (quar,)._
Oklahoma
of rec. June 20a
Pacific Telep. & Teleg., common (quar.) 111 June 30 Holders of rec. June 30
14 July 16 Holders
Preferred (guar.)
15
Light & Pow.. $5 pf.(qBL).- $1.25 July 1 Holders of rec. June 20
Penn Cent.
roe. July
Pennsylvania-Ohio P. & L., 16 pf.(go.) $1.50 Aug. 1 Holders of rec. July 20
111 Aug. 1 Holders of
pref. (quar.)
7%
60c. July 2 Holders of roe. June 20
7.2% pref. (monthly)
600. Aug. 1 Holders of rec. July 20
7.2% prat. (monthly)
55e, July 2 Holders of rec. June 20
pref. (monthly)
6.6%
155c. A Ug. 1 Holders of rec. July 20
gm% pref. (monthly)
of rec. Jdne 15
Pennsylvania Water & Power (quar.).__ 62160. July 2 Holders of rec. June 12a
July 1 Holders
3
Peoples Gas Co.. preferred
[VOL. 126.
FINANCIAL CHRONICLE
3554
134
Banks.
National Bank of Commerce (guar.)
44 July
Trust Companies.
Equitable(quar.)
Manufacturers (quar.)
3
5
Fire Insurance.
Universal Ins. Co.(guar.)
2 Holders of rec. June 150
June 30 Holders of reo. June 15a
July 2 Holders of rec. May 26
874c. June 15 Holders of reo. June 1
Miscellaneous.
60e. June 15 Holders of rec. June I
Acetol Products, cl. A (guar.)
$1.50 June 30 Holders of rec. June 15a
Adams Express(guar.)
81.25 June 30 Holders of rec. June 15a
Preferred (guar.)
rec. June 15
Alliance Investment Corp., corn. (go.). 374e. July 2 Holders of rec. June 110
111 July 2 Holders of
Allied Chem.& Dye Corp.. Dr.(quar.).60o. June 30 Holders of rec. June 15a
uo inm on (q uar )
Alcmm um Manufoctures, corn. (quar.)_
50c. Sept.30 Holders of roe. Sept. I56
50c. Doe. 31 Holders of rec. Dec. 150
Common (guar.)
111 June 30 Holders of rec. June 15a
(guar.)
Preferred
111 Sept.30 Holders of roe. Sept.156
Preferred (guar.)
Ili Dec. 31 Holders of rec. Dee. 15a
Preferred (guar )
of rec. June 30
American Art Works, corn. pref. (guar.) 14 July 15 Holders of rec. June 110
500. July 2 Holders
Amer. Bank Note, corn. (guar.)
75c. July 2 Holders of rec. June 110
Preferred (quar.)
111 July 2 Holders of rec. June 15a
Amer. Can. pref. (guar.)
81.50 July 2 Holders of rec. June 15a
Amer. Car & Fdy., corn. (guar.)
134 July 2 Holders of rec. June 150
Preferred (guar.)
75o. July 1 Holders of roe. June 150
Amer. Chicle. corn. (guar.)
$1.75 July 1 Holders of rec. June 156
Prior preferred (guar.)
141 June 30 Holders of rec. June 206
Amer. Chain, pref. (guar.)
35e. June 30 Holders of rec. June 12
Amer. Colortype. corn. (guar.)
•35c. Sept.29 *Holders of rec. Sept.12
(guar.)
Amer. Colortype, common
70
60c. June 30 Holders of rec. June
(qua!'.)En
pre
Amer. ecausttc iling, (guar.)
151 June 30 Holders cf rec. June 7
Preferred
July I Holders of reo. June 160
51
American Hardware Corp. (guar.)
Oct. 1 Holders of roe. Sept. 164
$1
Quarterly
Jan 129 Holders of rec. Dee. 156
51
Quarterly
25c. July 2 Holders of rec. June 140
e Products (monthly)
Am
IR July 2 Holders of rec. June 200
pref.(guar.)
Amer. Lindseed.
200
116 Oct. I Holders of rec. Sept.210
Preferred (guar.)
134 Jan2'29 Holders of rec. Dee. I36
Preferred (quar.)
$2 June 30 Holders of rec. June 136
American Locomotive. corn.(guar.).- - 111 .lune 30 Holders of reo. June
Preferred (guar.)
July 1 Holders of roe. June 1541
American Manufacturing. corn. (guar.). 1
Oct. 1 Holders of rec. Sept. 154
1
Common (guar.)
Doe. 31 Holders of roe. Dec. 150
1
Common (guar.)
111 July 1 Holders of rec. June 15a
Preferred (guar.)
I50
IR Oct. 1 Holders of reo. Sept. 150
Preferred (guar.)
111 Dec. 31 Holders ot roe. Deo.
Preferred (quar.)
$1.25 June 30 Holders of ree. June 16a
Amer. Radiator. corn. (guar.)
$1.50 June 30 Holders of rec. June 15a
Amer. Railway Express (guar.)
.50c. July 15 *Holders of rec. June 30
Amer. Rolling Mill, corn. mar.)
July 15 *Holders of rec. June 30
/5
Common (payable in corn, stock)...
•116 July 15 *Holders of rec. June 30
6% pref.(guar.)
July 2 Holders of rec. June Ila
Si
Amer. Safety Razor (guar.)
250. July 2 Holders of rec. June 110
Extra
76e, July 1 Holders of rec. June 206
corn.(guar.)
American Seating,
50c. July 2 June 17 to July 2
Amer. Stores, corn. (guar.)
111 July 2 Holders of rec. June 5a
Amer. Sugar Refs.. prof. (guar.)
111 Sept. 1 Holders of rec. Aug. 15a
(guar.)
Amer. Sumatra Tob.. pref.
1216c July 1 Holders of rec. May 31a
American Thread, preferred
136 July 2 Holders of rec. June ila
American Tobacco. pref. (quar.)
200. July 15 Holders of rec. July 5
Angle Steel stool (quar.)
20e Oct. 15 Holders of roe. Oct. 5
Quarterly..
111 July 2 Holders of rec. June 9a
pref. (guar.)
Armour & Co.(Del.).
111 July 2 Holders of rec. June 9a
Armour & Co. (Ill.). pref.(guar.)
*3716c July 2 *Holders of rec. June 15
Armstrong Cork, common (guar.)
1234c July 2 *Holders of rec. June 15
'
Common (extra)
75o, July 1 Holders of rec. June 15a
Artloom Corp.. corn. (guar.)
75c. Oct. 1 Holders of rec. Sept. 21a
Common (quar.)
75e, Jan 123 Holders of rec. Dee. 2la
Common (guar.)
175
116 Sept. 1 Holders of rec. Aug.
Preferred (quar.)
111 Dec. 1 Holders of rec. Nov. Itla
Preferred (guar.)
of roe. July 146
630. Aug. 1 Holders
Associated Dry Goods, corn.(quar.)._ _
116 Sept. 1 Holders of rec. Aug. 110
1st preferred (guar.)
110
134 Sept. 1 Holders of rec. Aug.
2nd preferred (guar.)
*Holders of rec. June 20
Astor Financial Corp., class A (qual.).. •8736c July 1
I. S. O. Lines
ntloGulf&.rj
erredq u West
750. June 30 Holders of roe. June Ila
750. Sept. 29 Holders of roe. Sept. 100
Preferred (guar.)
The. Dee. 31 Holders of rec. Dec. Ila
Preferred (quar.)
June 15 Holders of rec. May 216
I
Atlantic Refining. corn. (guar.)
June 15 Holders of rec. June 5
1
prof.(quar.)
Atlantic Terra Cotta
June 11 Holders of rec. May 316
$1
Atlas Powder, common (quar.)
June 15 Holders of rec. June 5
2
Auto-car Co., pref. (guar.)
Pa
cony. el. A(gu) 75e. July 2 Holders of rect. June
Auto Strop Safety Razor,
91ref
JUNE 91928.]
FINANCIAL CHRONICLE
Per
When
Cent. Payable.
3555
Books Closed
Days Inclusive.
Name of Company.
Per
When
Books Closed
Name ot Company.
Cent. Poyablo.
Days Indust's.
Miscellaneous (Conantred)3
Miscellaneous (Continued).
Babcock de Wilcox Co.(guar.)
151 July 1 Holders of rec. June 200
Curtis Publishing, corn.(monthly)
Quarterly
*50c. July 2'Holders of rec. June
151 Oct. 1 Holders of ree. Sept.
Common (extra)
Quarterly
*50c. July 2 *Holders of rec. June 20
141 Jan 1'29 Holders of rec. Dec. 20a
20
20a
Quarterly
Preferred (quar.)
*51.75 July 2 *Holders of rec. June 20
151 Aprl'29 H'iders of rec.Mar.20'29a Cutler-Hamme
Bahia Corp., pref
r Mfg., com.(No. 1)
88e. June 15 Holders of rec. June
874c July 1 Holders of rec. June
40
Balaban & Katz. com.(monthly)
Darby Petroleum (guar.)
25c. July 1 Holden of rec. June 15
25c. July 16 Holders of rec. June 30
20a Davis Mills (guar.)
Preferred (guar.)
'Si
June 23 *Holders of rec. June
151 July 1 Holders of re. June 200
Baldwin Locomotive Works, corn.& pre 34
50e. June 15 Holders of roe. June 9
July 1 Holders of rec. June 9a Decker (Alfred) & Cohn. corn. (guar.)...
50
Preferred (guar.)
Bomberger (L.)& Co.. pref.(alma- 13-1 Sept. 1 Holders of roe. Aug. 200
151 Sept. 1 Holders of roe. Aug. lla
Deere & Co.. corn. (guar.)
Preferred (guar.)
194
154 July 2 Holders of rec. June 15
Bancroft(Joseph) &Sons Co.,corn.(qu.) 624c. Dec. 1 Holders of ree. Nov. 100 Derk Manufacturing, pref. (guar.)
2
June 15 Holders of rec. June 1
June 30 Holders of rec. June 15
Bankers Capital Corp., common
Detroit & Cleveland Nay.(guar.)
$4
51
July 2 Holders of rec. June 15
July 18 Holders of roe. June 30
Diamond Match (Oear.)
Preferred (guar.)
52
2
June 15 Holders of rec. May 310
July 16 Holders of roe. June 30
Preferred (guar.)
Dominion Glass. Ltd., corn. (guar.)......._
52
Oct. 15 Holders of roe. Oct. 1
191 July 2 Holders of rec. June 15
Preferred (quar.)
Preferred (guar.)
52
191 July 2 Holders of rec. June 15
Bankers Investment Trust, com.(No. 1) *10c. Jan15'29 Holders of ree. Dec. 31
Dominion Stores (guar.)
75e. July 2 Holders of re. June 15
July 1 "Holders of rec. May
Barnet Leather, pref.(guar.)
Draper Corp.(guar.)
131 July 1 Holders of rec. June 31
51 July 2 Holders of rec. June 2
Bastian-Blessing Co., pref. (guar.)
27a Du Pont(E. I.) de Nem.,corn.(guar.)._
51.75 July 1 Holders of rec. June 20a
52.50 June 15 'Udders of re. June la
Preferred (guar.)
Common (extra)
51.75 Oct. 1 Holders of rec. Sept.204
50c. June 15 Holders of rec. June la
Beechnut-Nut Packing (guar.)
Common (extra)
60c July 10 Holders of rec. June 256
53
July 5 Holders of rec. June la
Belding-Corticelli. Ltd., pref. (guar.)._
Debenture stock (guar.)
14 July 25 Holders of rec. July 10a
154 June 15 Holders of rec. May 31
BeIgo-Canadian Paper, pref. (quar.)
Eastern Bankers Corp.. pref. (quar.).... I%
151 July 2 Holders of rec. June 1
Aug. 1 Holders of rec. June 30
Bendix Corp.. com. A.(guar.)
Preferred (guar.)
•50e. July 1 "Holders of rec. June
191 Nov. 1 Holders of rec. Sept.30
Best de Co.(guar.)
20
Preferred (qua?.)
75c. June 15 Holders of rec. May 25a
151 Fehl'29 Holders or rec. Dec. 31
Bethlehem Steel. 7% pre. (guar.)
Eastman Kodak, corn.(guar.)
.
31.25 July 2 Holders of rec. May 310
Bloch Brothers Tobacco. corn (guar.)- 151 July 2 Holders of rec. June 20
Common (extra)
._ 3740. Aug. 15 Aug 10
75e, July 2 Holders of ree. May 316
to
Common (guar.)
Aug.
Preferred (guar.)
3740. Nov. 15 Nov. 10 to Nov. 14
144 July 2 Holders of rec. May 31a
Preferred (guar.)
14
Elsenlohr (Otto) & Bros., pref.((luar.)_ _
14 June 30 June 25 to June
13( July 2 Holders of rec. June 206
Preferred (guar.)
EitIngon Schild Co. lot pf(qu.) (No. 1)_
144 Sept. 30 Sept. 25 to Sept. 29
151 June 15 Holders of rec. June 1
Preferred (guar.)
29
Electric Controller & Mfg., com.(qu
144 Dee. 31 Dee. 26 to
_ 51.25 July 2 Holders of rec. June 20
Bohack (B.C.) Co..new no par com.(qu
Dec. 30
Electric Storage Battery.com.&pf.(Q11.
.) .62
Aug. I 'Holders or roe. July 16
)- 31.25 July 2 Holders of rec. June 90
Bohn Aluminum & Brass. com.
Emporium-Capwell Corp.(quar.)
50c. June 24 Holders of rec. June 1
Bon Ami Co., class A (guar.) (quar.)_. 373.4c July 1 *Holders of rec. June 15
Equitable Office Bldg.. corn. (quar.)
51
July 30 Holders of rec. July
--- 2
July 2 Holders of rec. June 15a
Class B (quar.)
Preferred (guar.)
500. July I Holders of rec. June I56
131 July 2 Holders of rec. June 150
Boston Metropol Bldgs.. pf. (No. 1)
28
Evans Autoloading, cl. A dr B.(quar.)
31 75 June 25 Holders of rec. June
"51.25 July 2 *Holders of rec. June 20
Pref. (account accumulated div.)__
.
Fairbanks, Morse & Co., com.(guar.)„
h25c. June 25 Holders of rec. June 15
75e June 30 Holders of roe. June 120
Boston Wharf
Fair (The), corn. (monthly)
3 June 30 Holders of rec. June 15
20(3. July 2 Holders of rec. June 200
Boston Woven Hose & Rub., corn. (go.)
1
Fanny Farmer Candy Shops, corn. (qu.) "25c
51.50 June 15 Holders of rec.
July 1 "Holders of rec. June 15
Preferred
June 1
Common (guar.)
3
25e. Oct. 1
June 15 Holders of rec. June 1
Bradlng Breweries. Ltd.. corn
Common (guar.)
50e. June 15 Holders of rec.
250 Jan1'29
BrIllo Mfg. class A (quar.)
May 31
Preferred (quar.)
50c. July d2
"60c. July 1 *Holders of rec. June 15
Bristol-Myers Co.(qu.)
(interim)
(No. 1) 682-3o June 30 Holders of rec.dJune 15a Fashion Park, Inc.,com.(quar.)
50,3 Aug. 31 Holders of ree. Aug. 170
Holders of rec.
Quarterly
Common (quar.)
$1 Sept. 29 Holders of rec. June 20
50c. Nov. 30 Holders of rec. Nov. 300
Quarterly
Sept. 19
Federal Mining & Smelt.. Pf. (qu.)
14 June 15 Holders of rec. May 254
British Amer. Tob., ordinary (Interim). SI Dec. 31 Holders of rec. Dec. 21
Federal Motor Truck (guar.)
(r) June 30 Holders of coupon
200 July 2 Holders of rec. June 160
Buckeye Pipe Line (Oilar.)
No.123
Stock dividend
$1
June 15 Holders of rec. Apr.
25-4 July 5 Holders of rec. June 18a
Extra
23
Feltman & Curme, pref. (guar.)
$1
Juno 15 Holders of roe. Apr. 23
51.75 July 1 Holders of rec. June 1
Bucyrus-Erie Co., corn. (guar.)
Fifth Ave. Bus.Secur.(guar.)
250 July 2 Holders of rec.
•lec July 17 "Holders of rec. July 3
Convertible preferred (guar.)
62J.4e July 2 Holders of rec. June 90 First National Pictures. let pf.(qu.).... 2
July 1 Holders of ree. June 13.1
7% pref. (guar.)
June
Second preferred A (guar.)
151 July 2 Holders of re. June 9.
151 July 1 Holders of rec. July la
Burns Bros.. pref. ((pier.)
94 First National Stores, com.(guar.)
131 July 2 Holders of rec.
374c. July 2 Holders of rec. June ea
Burroughs Adding Mach. (guar.)
Preferred (guar.)
760. JUDO 11 Holden of rec June 13a
.51.75 July 2 *Holders of rec. June 6
Bush Terminal, common (guar.)
50e. Aug. 1 Holders of rec. May 250 Fleshmann Co.,corn.(guar.)
75c July 2 Holders of rec. June 130
Common (payable in common stock)._
144 Aug. 1 Holders of rec. June 29a Florsheun Shoe, pre.
(guar.)
'14 June 30 *Holders of rec.
Seven per cent debenture stk (qu.)_
141 July 16 Holders of rec. June 29a Follansbee Brothers Co., com.(quar.)_ _ 374c June 15 Holders of rec. June 15
Bush Terminal Bldgs., pref. (quar.)
June 9
June 29a
Preferred (guar.)
131 July 2 Holders of rec.
14 June 15 Holders of rec. June 9
By Products Coke Co.(quar.)
50c. June 20 Holders of rec. June 154 Forhan Co.,com.(qua?.)
250 July 2 Holders of rec. June 15
Extra
June 5a
Class A (guar.)
75c. June 20 Holders of rec. June
40c July 2 Holders of rec. June 15
California Packing (guar.)
5a Formica Insulation (quar.)
$1
June 15 Holders of rec.
250. July 1 Holders of rec. June 150
California Petroleum (guar.)
Extra
25e. July 2 Holders of rec. May 310
100. July 1 Holders of rec. June 16a
Calumet & Arizona Mining (guar.)
June la
Quarterly
250 Oct. 1 Holders of rec. Sept. 15a
Calumet & Hecia Consol. Copper(qu.). $1.50 June 25 Holders of rec. June 8a
Extra
50c. June 15 Holders of rec.
100. Oct. 1 Holde.s of rec. Sept. 15a
Canada Cement, pref. (quar.)
Quarterly
134 June 30 Holders of rec. May 31a
250. Jan.1'29 Holders of rec. Doe. 15a
Canadian Car de Fdy., pre!. (quar.)__
May 31
Extra
13( July 10 Holders of
10e. Jan.1'29 Holders of ree. Dec. 15a
rec. June
Canadian General Elec., pref.(quar.)_ _ _ •
Foster & Muller, pref. (guar.)
1151 July 2 'Holders of rec. June 26
51.75 July 1 Holders of rec. June 12
Canned OIL corn.(guar.)
15
French (Fred. F.) Investing. prof
2
June 30 Holders of rec. June
351 June 15 June 2 to June 15
Common (guar.)
20
French (Fred. F.) Sec. Co.. prof
2
Sept. 30 Holders of rec. Sept 20
34 June 15 June 2
June 15
Common (guar.)
Fuller(GA.)Co. partic. prior pf.((i.)- $1.50 July 1 Holders to
2
Dec. 31 Holders of rec.
of rec. June 9a
Preferred (guar.)
Gamewell Company, corn. (qu.)
14 June 36 Holden of roe. Dec 20
'51 25 June 15 'Holders of rec. June 4
Preferred (guar.)
General Amer. Tank Car, corn. (guar.). "$1
151 Sept. 30 Holders of rec. June 20
July 1 'Holders of rec. June 15
Preferred (altar.)
Preferred (quar.)
154 Dec. 31 Holders of ree. Sept 20
"151 July 1 'Holders of rec. June 15
Dec 20
Carter (William) Co., pref.(qu.)
General Motors Corp.,common (gu.)
$1.50
81.25 June 12 Holders of rec. May 19a
Case (J. I.) Thresh. Mach.. corn.(qu.).... $1.50 June 15 Holders of reo. June 9
Common (extra)
July 1 Holders of rec. June
$2
July 3 Holders of rec. May 190
Preferred (guar.)
11 a
141
7% Preferred (guar.)
131 Aug. 1 Holders of rec. July 9a
Celanese Corp. of Amer., prior pref.(qu.) 151 July 1 Holders of rec. June 11
6% preferred (quar.)
July 2 Holders of rec. June
14 Aug. 1 Holders of rec. July 90
Seven per cent first preferred
15
6% debenture stock (guar.)
354 June 30 Holders of rec. June 15
134 Aug. 1 Holders of rec. July 9a
Central Alloy Steel, corn. (guar.)
General Railway Signal, corn. (quar.)
50c July 10 Holders of rec.
51.25 July 2 Holders of rec. June lla
June 236
Preferred (guar.)
Preferred (qua?.)
151 July dl Holders of rec. Juned13
151 July 2 Holders of rec. June 110
Central Investors Corp.. el. A (No. l
a Giant Portland Cement. pref
'3754c July 1 'Holders of roe. May
34 June 15 Holders of rec. June 46
Class A (guar.)
to C. G.Spring & Bumper, prof.(quar.)
.3714c Oct. 1 'Holders of roe.
_
2
July 1 Holders of rec. June 10a
May
Class A (guar.)
Madding, McBeand4 Co., monthly ...'3754e Jan2'29 *Holders of rec. May la
25o. July 1 June 21 to June 30
Class B (No. 1)
14
Monthly
73.4c July 1 *Holders of roe.
250. Aug. 1 July 21 to July 31
Certo Corporation (guar.)
Monthly
75e. June 30 Holders of roe. May la
25c. Sept. 1 Aug. 21 to Aug.
Extra
31
Monthly
25e. June 30 Holders of roe. June la
23e. Oct. 1 Sept. 21 to Sept. 30
Chesebrough Mfg. Cons.(guar.)
$I June 30 Holders of ree. June la
Monthly
25c. Nov. I Oct. 21 to Oct. 31
Extra
250. June 30 Holders of roe. June 9a
Monthly
25o. Dec. I Nov. 21 to Nov.30
Chic. Jefferson Fuse & Elec. (guar.)._ '6254c
June
July 2 "Holders of rec. June 96 Glidden Co.. prof.(quar.)
13.1
Chicago Mill & Lumber. pref.(quar.)
Globe Grain dr Milling, com.(guar.)._ "81.50 July 2 Holders of ree. June 15a
•151 July 1 'Holders of ree. June 16
July 1 *Holders of rec. June 27
Chicago Yerlow Cab (monthly)
25
First preferred (quar.)
260 July 2 Holders of roe.
41.75 July 1 *Holders of rec. June 27
Monthly
Second preferred (guar.)
250 Aug. 1 Holders of roe. June 204
0
42 July 1 'Holders of rec. June 27
Monthly
25e Sept. 1 Holders of rec. July 204 Golden Cycle Mining & Reduc
.4e. June 10 "Holders of rec. May 31
Aug. 204 Goodrich
Chickasha Cotton Oil
(B. F.), Pref.(guar.)
31 July 1 June 10 to
131 July 2 Holders of rec. June 80
Childs Co., corn. (guar.)
Goodyear Tire & Rubber 1st pfd.(qu.).
600 June 10 Holders of rec. July 1
151 July 1 Holders of roe. June la
May 254
Preferred (guar.)
Preferred (guar.)
13-( June 10 Holders of roe.
131 July 1 Holders of rec.
May
Chile Copper Co.(guar.)
623.4c June 30 Holders of ree. June 254 t3oesard (H. W.) Co.. corn. (monthly)._ 33 1-3c July 2 Holders of roe. June 1
Chrysler Corp., com.(guar.)
June 206
06 Gotham Silk Hosiery
75c June 30 Holders of rec.
62lic July 2 Holders of rec. June 15a
June 16a Gressel' Chemical, , corn.(quar.)
Preferred (guar.)
2
June 30 Holders of rec. June
com. (guar.)
$2
June 30 Holders of rec. June 15
Preferred Mari
Preferred (guar.)
2
Sept. 29 Holders of roe. Sept. 164
14 June 30 Holders of rec. June 15
17,3 Great Western
Preferred (guar.)
2
Jan.2'29 Holders of ree. Dee.
Sugar. Corn.(guar.)
70e July 2 Holders of re. June 150
Cincinnati Tobacco Wherehouse, corn_ 81
17a
Preferred (guar.)
June 15 Holders of rec.
131 July 2 Holders of rec. June 15a
Cities Service. common (monthly)
•)4 July 2'Holders of rec. June 8a Greene Cananea Copper
51
July 2 Holders of rec. June 150
June 15
Common (payable in corn. etock)V% July 2 *Holders of reo.
Greenfield Tap dr Die,
pref.(qua?.). 151 July 2 Holders of rec. June 15
Preferred and pref. B. B.(monthly)._ •
Eight per cent pref. (guar.)
4 July 2 'Holders of roe. June 15
2
July 2 Holders of roe. June 15
Preferred ii (monthly)
Gruen Watch. com.(guar.)
'Cc July 2 "Holden; of roe. June 15
*500. Sept. 1 *Holders of ree. Aug. 20
City Stores, class A (guar.)
Common (quarterly)
87340 Aug. 1 Holders of ree. June 15
*50o. Dee. 1 'Holders of roe. Nov. 19
July
Class B
Common (quarterly)
5
July 16 Holders of rec. July 146
*50c. Marl'29 *Holders of rec. Feb. 15'29
Cleveland Stone (guar.)
2a Guantanamo Sugar, prof.
50c Sept. 1 Holders of rec.
(guar.)
2
July 2 Holders of ree. June 15a
Aug.
Coca-Cola Co.. com.(guar.)
$1.5 July 2 Holders of rec. June 15a Gulf States Steel, 1st pref.(quar.)
154 July 2 Holders of rec. June 150
Coca-Cola International (quar.)
$3
July 2 Holders of rec. June 12a Hall(C. M.) Lamp Co..(guar.)
.50c. June 15'Holders of ree. June 1
Columbia Steel (Oiler.)
I2a HamiltonUnited
"191 July 1 "Holders of rec. June
Theatres(Can.)Pf.(,111.)
Commercial Invest. Trust, corn. (guar.)
Hanes(P. H.) Knitting pref.(que.)_ _ - 131 June 30 Holders of rec. May 31
90e July 1 Holders of rec. June 20
154 July 2 Holders of
64% first preferred (guar.)
154 July 1 Holders of rec. June 15a Harbison-Walker Refrac., Prof. (guar.). 14 July 20 Holders of rec. June 20
7% first preferred (guar.)
rec. July 10
15a Hathaway Baking. cony.
1.31 July 1 Holders of rec.
pref.(quar.)_. 151 June 15 Holders of rec.
June 15a
Commercial Solvents Corp.(quar.)
June 1
Preferred class A (guar.)
July 2 Holders of rec.
$2
2
July 16 Holders of rec. July 2
Condo Nast Publications, corn. (guar.).
50c July 1 Holders of ree. June 20a Heels, Mining (guar.)
15c. June 15 Holders of reo. May 150
Congress Cigar (guar.)
June
El
June 30 Holders of rec. June 164 Helme (George W.) Co., corn. (guar.)._ $1.25 July 2 IIolders
Extra
144
of rec. June Ila
Preferred (guar.)
25c. June
151 July 2 Holders of rec. June 110
Consumers Co., 6% pr. pref.(No. I)... "14 July 30 Holders of rec. June 14a Hubbard, Spencer. Bartlett
1 "Holders of rec.
& Co.(mtkly)
360. June 29 Holders of rec June 22
Container Corp., class A, coon.
_
Hollinger Consol. Gold Mines
30c. July 1 Holders of rec. June 15
be. June 16 Holders of rec. May 30
Class B common (guar.)
15e. July 1 Holders of rec. June 20a Holly Sugar, pref.(guar.)
"131 Aug. 1 "Holders of roe. July 15
Continental Baking, pref. (guar.)
June
Prof. (seer. accum. div.)
52
July I Holders of rec. June 20a
"h335 Aug. 1 "Holders of rec. July 15
Continental Can. pref.(guar.)
154 Honolulu Consol. Oil (guar.)
191 July 2 Holders of ree. June
*50c. June 15 'Holders. of rec. June 5
Cookeville Shale Brick. pref. (au.)
20a
Extra
1
June 15 Holders of rec.
"250. June 15 "Holderc.,4 rec. June 5
Cosgrove Export Brewery (guar.)
Honolulu Plantation (extra)
14 June 15 Holders of rec. May 31
*50c. June 1 'Holders of rec. May 30
May 31
Crane Company, corn. (guar.)
Auden Motor Car (guar.)
154 June 15 Holders of rec. June
81.25 July 2 Holders
rec. June Ila
Preferred (guar.)
Ideal Cement, corn. (guar.)
154 June 15 Holders of ree. June 1
'31
July 1 "Holders of rec. June 15
1
Crosley Radio (stock dividend)
Preferred (guar.)
e4
Dee. 31
"191 July 1 *Holders of rec. June 15
Crosley Radio Corp.(guar.)
Illinois Brick (quar.)
25o July 1 Holders of rec.
60o, July 14 Jul, 4 to July 16
Quarterly
Quarterly..
250 Oct. 1 Holders of roe. June 20a
600. Oct. 15 Oct. 4 to Oct.
Quarterly
16
25o Jan 1'29 Holders of roe. Sept. 20a Illinois Pipe Line
•56
June 15 "May 15 to June 6
Dee. 20a Incorporated Investo
Crowley Milner & Co., corn.(quar.).... *50c June
rs(stock dividend)- e2
30 *Holders of rec. June II
July 16 Holders of rec. June 291
Crown Willamette Paper. 1st pre. (qu.) 13.1 July
India Tire & Rubber, pref. (guar.)
1 Holders of rec.
•191 July 2 "Holders of rec. June 20
2d preferred (guar.)
151 July 1 Holders of rec. Juned134 Industrial Acceptance Corp.. corn. (qu.)
50e. July 2 Iloiders of re. June 22
Crucible Steel. pref. (qua?.)
let Preferred (quar.)
13( June 30 Holders of rec. Juned13a
131 July 2 Holders of rec. June 22
June 15a
Cuban-American Sugar, com.(qu.)
2nd Preferred (Quan)
25e. July 2 Holders of roe.
2
July 2 Holders of re. June 22
June 2a
Preferred (guar.)
2nd Preferred (extra)
151 July 2 Holders of roe. June
50e. July 2 Holders of rec. June 22
Cumberland Pipe Line (guar.)
2
June 15 Holders of rec. May 2a Ingersoll-Rand Preferred
3
July 2 Holders of rec. June 80
d3I Insurance Securities (guar.)
Extra
3
June 15 'Holders of rec. May
34 July 2
31
Cuneo Press. pref.(qm.)
Internat. Business Machine (quar.)- - $1.25 July 10 Holders of rec. June 15
144 June 15 Holden of ree.
Holders of rec. June 220
Junsa
Preferred (emir.),
..tent 18 Holders of ree. Sept. la International Cement, corn.(qua?.)..... al
June 29 Holders of rec. June 11
Curtis Publishing. corn.(extra)
la Inter. Combustion Eng., pref. (quar.)
'Soo June 10 'Holders of rec. May 20
July 1 Holders
Internat. Equities Corp.. class A (Oil.).... 874c1July 2 'Holder of rec. June 15
'
$1.75
*Holde s of rec. June 20
.)_
[VOL. 126.
FINANCIAL CHRONICLE
3556
When
Per
Cent. Payable.
Books Closed
Day: Inclusive.
Name of Company.
When
Per
Cent. Payable.
Books 06164.
Days Inclusive.
Name of Company.
Miscellaneous (Continued).
2 *Holders of rec. June 8
Miscellaneous (Cmtlnued).
Inc.. corn.(quar) •250. July lb *Holders of rec. June 1
154 July 16 Holders of rec. June 250 Peoples Drug Stores,
•194 June
Internat. Harvester,corn.(guar.)
Convertible pref. (guar.) (No.
July 25 Holders of rec. June 250
12
37340 June 30 Holders of rec. June 20a
in corn.stock)
Corn.(payable
200
July 16 Holders of rec. June 270 Perfection Stove (monthly)
3734e July 31 Holders of roe. July 200
Internat. Paper. 7% Pref. (guar.)
Monthly
270
Aug.
134 July 16 Holders of rec. June lba
37340 Aug. 31 Holders of roe. Sept. 20a
6% Preferred (guar.)
Monthly
Sept. 30 Holders of rec.
50e July 1 Holders of rec. June 140
87340
International Shoe. pref. (monthly)____
Monthly
20a
60o. Aug. 1 Holders of roe. July 150
37340 Oct. 31 Holders of rec. Oct. 204
Preferred(monthly)
Monthly
Nov.
b0c. Sept. 1 Holders of roe. Aug. 15a
3754e Nov.80 Holders of roe. Doe. 200
Preferred (monthly)
Monthly
bOo. Oct. 1 Holders of rec. Sept. lba
Dec. 81 Holders of rec.
37340
Preferred (monthly)
Monthly
Holders of rec. June 226
50o Nov. 1 Holders of rec. Oct. lba
Preferred (monthly)
e-Mulliken Co..lot & 2d pf.(gu.) 154 July dl Holders of rec. Juned14a
bOo Dec. 1 Holders of roe. Nov. ba PettibonPetroleum (guar.)
3734c July 2
Preferred (monthly)
Phillips
Holders of reo. July
Holders of rec. June 1
15
Interstate Iron & Steel. corn.(guar.)...- $1 July 15 Holders of roe. Oct. 50 Port Alfred Pulp 4: Paper, pref.(guar.). 194 June lb *Holders of rec. June 15
$1 Oct.
•The. July 2
corn. (guar.)
Common (guar.)
Jan15'29 Holders of reo. Jan.5'29a Pratt & Lambert, pref.(guar.)
30 Holders of rec. June its
$1
134 June
Common (guar.)
Pressed Steel Car,
25e Aug. lb Holders of rec. Aug. la Procter & Gamble 6% Pref. (gu.)
•134 June 15 *Holders of roe. May 25
la
Intertype Corp.,corn.(guar.)
May 31
25c Aug. lb Holders of rec. Aug. lba Pro-phy-lac-tic Brush,prof.(guar.)
134 June lb Holders of rec. Dec. Illa
Common(extra)
rec.
2 Holders of rec. Juno
July
$2
154 Jan15•29 Holders of rec. June 10
First preferred(guar.)
Prudence Co., Inc., Prof.(guar.)
Oct. I Holders of rec. Sept. 14
$2
13$ July 1 Holders of
b % pref. (guar.)
d(guard
Pure 011,
First preferre
June 10
July 2 Holders of rec. June 15
$3
134 July 1 Holders of rec. JunedlOa
6% Preferred (guar.)
2nd preferred
30
$1 July 16 Holders of reo..11113? 140
July 1 Holders of rec.
2
8% Preferred (guar.)
Jewel Tea. corn.(mar.)
2
134 July 1 Holders of reo- June 2a Q R S Co., corn. (guar.)
•500. July lb *Holders of rec. July 30
Preferred (guar.)
reo. June
75c July 16 Holders of rec. July
*134 July 2 *Holders of roe. July 2
Johns-Manville Corp., corn. (qua?.)
Preferred (guar.)
134 July 2 Holders of rec. June 19a Quaker Oats, common (guar.)
*S1 July 16 *Holders of
d (qua?.).
Preferre
134 July 2 Holders of rec. June 15a
'154 Aug. 81 *Holders of rec. Aug. 1
Preferred (guar.)
Jones & Laughlin Steel, pref. (guar.).- 12140. July 1 Holders of roe. June 200
134 May 31 Holders of rec. May la
Kaynee Co., common (extra)
Preferred (qua?.)
to July 2
• 3734o. June lb *Holders of rec. June 1
Lime & Transp.(guar.)_-_ 6234c July 2 June 21 of rec. June 205 Rapid Electrotype(guar.)
Kelley Island
50o. July 2 Holders
3734c. Sept.15 *Holders of rec. Sept. I
Kelsey-Hayes Wheel. corn. (guar.)
Quarterly
July lb *Holders of rec. July 1
51.25 July 2 Holders of rec. June la
*5
Stock dividend
Kennecott Copper Corp.(guar.)
July 1
July 29 *Holders of rec. July 1
*51
*5
corn.
Keystone Bond & Mtge.
Stock dividend
July 1
•334
134 July 2 Holders of rec. June fics
Preferred
Remington Band, Inc. 1st pf. (gu.)
*Holders of rec. July 5
July 2 Holders of rec. June 9a
2
(guar.)
e Steel& Wire,new corn.(guar.) •75c. July 15 *Holders of rec. May 31
Keyston
Second preferred
2 Holders of rec. June 16a
*134 June lb
Kilburn Mills (guar.)
Remington Typewriter, lot pref. (guar.) I% July 2 Holders of rec. June lba
10 Holders of rec. May 31
134 June
July
2
Kirby Lumber,corn. (guar.)
2d preferred (guar.)
134 Sept.10 Holders of rec. Aug. 31
200. July 2 Holders of roe. June lla
(guar.)
Common
Ron Motor Car (guar.)
19.4 Dec. 10 Holders of rec. Nov.30
July 2 Holders of rec. June lba
Common (guar.)
Republic Iron lc Steel, pref.(guar.)
134 July 2 Holders of rec. June 15
bOe June 20 June 10 to June 20
Knox Hat, prior pref.(guar.)
300 June 30 Holders of rec. June Ila St. Joseph Lead (guar.)
2be June 20 June 10 to June 20
Kresge (S. S.) Co.. corn.(guar.)
Extra
lla
134 June 30 Holders of rec. June 23a
50c Serif. 20 Sept. 9 to Sept.20
Preferred (guar.)
Quarterly
July 2 Holders of rec. June
25c Sept.20 Sept. 9 to Sept.20
Kuppenheimer (B.) & Co., common.... 51
Extra
134 June 2 Holders of rec. May 24a
50o Dec. 20 Dec. 9 to Dec. 20
Quarterly
Preferred (guar.)
July 2 *Holders of rec. June 20
2 Dec. 20 Dec. 9 te Des. 20
Extra
Laconia Car. 1st pref. (guar.)
of rec. June lb
1
June 15. Holders of rec. June 1
20
St. Maurice Valley Corp., pref.(guar.). 134 July lb Holders of roe. Jule' b
Lake Shore Mines,Ltd.(guar.)
Holders
30 *Holders of roe. June 21
June
*Mc. June
$2
Landers, Frary & Clark (mthly.)
Sanitary Grocery, corn. (guar.)
enc. Sept.30 *Holders of roe. Sept. 21
•134 July 2 *Holders of roe. June 15
1st pref.(guar.)
Arms,
Monthly
'Mo. Dec. 31 *Holders of roc. Dec. 22, Savage preferred (guar.)
el% Aug. 16 *Holders of re0. Aug. 1
Second
Monthly
Holders of roe. June 11
June
8734e Sept. 1 Holders of roe. Aug. iSa
Land Title Bldg. Corp.(Phila.)(No.2.) 334 July 30 Holders of roe. June 14
Schulte Retail Stores, corn.(quir.)
2
El
87340 Dec. 1 Holders of reo. NOT.160
(guar.)
Common (guar.).
Lehigh Valley Coal Sales
Holders of rec. Aug. 15
Common (payable in corn.stock)-. 04 Sept. 1 Holders of roe. Nov. lb
Leonard, Fitzpatrick & Mueller Stores 3734e. July 1 Holders of rec. June 22
Common (payable in corn, stock).-- ts% Dee. 1
Common (guar.)
July 1 Holders of rec. June 22
2
u)4 Mar.19
Common (payable In corn. stock).--Preferred (guar.)
•334 July 2 *Holders of rec. June 16
July 2 Holders of rec. June 12a
2
Retail Stores, pref.(guar.)
I40
Libby, McNeill& Libby, pref
20
400. July 1 Holders of rec. June Ila Schulte Candy. A cony. pref. (guar.)
*50e. July 1 *Holders of rec. June 22
Schutter
Life Savers Ins.(guar.)
July 2 Holders of rec. June 200 Scoville Mfg. (guar.)
July 2 *Holders of roe. June
134
*75e.
Liggett & Myers Tobacco, pref. (guar.)_
90c. Aug. 1 Holders of rec. July 20a Segal Lock & Hardware. Cara. (qua:.).. 250. June 15 Holders of roe. May 31
c, corn. (guar.)
Liquid Carboni
30
50c. June 30 Holders of roe. June 9a
154 July 16 Holders of rec. June 200
Preferred (guar.)
Loew's. Inc., common (guar.)
250. June 18 Holders of roe. June 16a
No.July 10 Holders of rec. June lb
Common (pay. In common stock).....
Shattuck (Frank CL) Co..(guar.)
2% July 2 Holders of rec. June 5
• 33 1-3 July 1 *Holders of roe. June 40
e in stock)
Lord & Taylor, corn. (guar.)
37340. June 15 Holders of rec. June 210 Sheffield Steel (Payabl
350. June 80 Holders of rec. June
Shell Union 011 (guar.)
Lunkenbeimer Co., corn.(qua?.)
July 2 Holders of rec. June
*The. June 30 *Holders of rec. June 20
Mallinson (H.R.) Co.. prof.(gum.)- - 194 June 11 Holders of rec. May 3Ia Shredded Wheat,common (guar.)
1
--- 194
81.25 June 15 Holders of rec. June 14a
Manufactured Rubber, pref.(guar.).
rec. June 18a Shubert Theatre (guar.)
75c. July 2 Holders of reo. June
- $1.50 July 2 Holders of rec. June 18a Simmons Company (guar.)
Mathieson Alkali Wks,corn.(guar.).
July 2 Holders of
50e. June 15 Holders of rec. May lba
011 (guar.)
Preferred (guar.)
Sept. 1 Holders of rec. Aug. lba Skelly ffield Steel & Iron, corn.(guar.) 134 June 20 Holders of rec. June 9a
$1
May Dept. Stores. corn. (guar.)
June 20a
100. Oct. 1 Holders of reo. Sept.20a Sloss-She d (guar.)
134 July 2 Holders of rec.
Preferre
McLellan Stores. class A & B (No. 2).... •21.75 July 16 *Holders of rec. July 2
b
623.4c June lb Holders of rec. June 31
.
pf (guar.)
Smallwood Stone, class A (guar.)
Merchants & Mfrs.Secur.prlor
July 2 *Holders of rec. June lb
20 *Holders of rec. May
June
•37340
*5
Refining
Participating pref.(quar.)
$1.25 Juns 30 Holders of rec. June 6a Solar Penn 011 (guar.)
*50o. June 80 *Holders of reo. June 14
e (guar.)
6a
Mergenthaler Linotyp
250. June 30 holders of rec. June 260 South Porto Rico Sugar. corn. (guar.).50c. July 2 Holders of rec. June 96
South
Extra
9a
May
250. July 2 Holders of rec. June 90
47340. June 15 Holders of rec. June 15
Common (extra)
Metro-Goldwyn Pictures, Pf. (gu.)
July 2 Holders of rec. June
134 July 52 Holders of rec.
2
Pref.(gu.)
Preferred (guar.)
Metropolitan Paving Brick,
b0c. July 2 Holders of rec. .111120 16
July 2 Holders of rec. June 15
ill
South West Pa. Pipe Line (guar.)
Midvale Co.(guar.)
July 2 Holders of rec. June 15
•1234c June 13 Holders of rec. Mayn29
54
Mining Corp. of Canada (interim)
Extra
of rec. Aug. 4
$1.25 July 16 Holders of rec. July 3
- 51.250 Aug. lb Holders of rec. Aug. 4
Spalding (A.G.)& Bros., gen.stk.(gu.) •194 July 1 *Holders of rec. June lb
Minneag-Honey well Regulator.corn lb Holders
154 Aug.
3
Preferred (guar.)
Sperry Flour, pref. (guar.)
Sept. 1 Holders of rec. July 31
134 Nov.15 Holders of rec. Nov 20
$I
Preferred (guar.)
Standard Chemical, Ltd
July 1 Holders of rec. June
•51.150 July 1 *Holders of rec. June 12
Montgomery Ward & Co.. Cl. A (guar.)- *51.75 June lb Holders of rec. May 31
Standard Investing, pref. (guar.)
134
134 June 30 Holders of rec. June 180
l Cottons, Ltd., corn. (guar.). _
Montrea
Standard Milling,ng,Corn• (guar.)
Di June lb Holders of rec. May 31
154 June 30 Holders of roe. June 180
Preferred (guar.)
Preferred
June lb Holders of rec. May 31
52340 June 15 Holders of rec. May lba
corn. (guar.)
Montreal Loan & Mtge.(guar.) (gu.)_ 3
250. July 16 Holders of rec. July 2e Standard 011 (Calif.),
*6254c June lb Holders of rec. May 16
& Co., Ltd.. Inc.
Morris (Philip)
25e. Oct. lb Holders of roe. Oct. Is Standard 011(Indiana)(Mir-)
•250. June lb Holders of rec. May 16
Quarterly
Extra
29
250.1a n.16'29 Hold, of rec Jan 2'290
'Si June 30 June 16 to June 20
ky)(guar.)
Quarterly
lbe. June 30 Holders of rec. June 8a Standard 011(Kentucka)(guar.)
620. June 20 May 27 to June 250
n Mines Co
Mother Lode Coalitio
of rec. May
June 20 Holders of rec. June 9a Standard 011 (Nebras
50o.
250, June lb Holders
Motor Wheel Corp., corn.(guar)
Standard oil(N. J.) ($25 par) (gu.)
250
25o. Sept. 1 Holders of rec. Aug. 22
1234e. June lb Holders of rec. May 250
Murphy(0.0.)Co.(num.)
$25 par value (extra)
2bo. Dec. 1 Holders of rec. Nov. 21
June 15 Holders of rec. May
1
Quarterly
3100 par value stock (guar.)
of rec. July Ifia
May 250
500. Aug. 1 Holders
bOo. June lb Holders of rec.
National American Co., be.(ougr.)---$100 par value stock (guar.)
50e. Nov. 1 Holders of rec. Oct. 150
40c. June lb May 20 to May 30
Quartorly
8
$1.50 July 14 Holders of rec. June 29a Standard 011(N. Y.)(guar.)
62340. July 2 Holders of roe. June 31
National Biscuit, corn. (guar.)
d 011 (Ohio) corn. (guar.)
June lb
Standar
May
July 2 Holders of rec.
$1
250. June lb Holders of roe. June 150
s, corn. (guar.)
National Brewerie
Stanford's, Ltd.. corn. (guar.)
134 July 2 Holders of rec. June lb
2 Holders of rec.
76e. July
Preferred (guar.)
250
Co.. Inc.
134 June 30 Holders of rec. June lba Stroock (B.) &(guar.) (quar.)
250. June 15 Holders of rec. May 1
National Casket, prof.(guar.)
June
114 June 30 Holders of rec. June 15a Sun 011, corn. Corp., corn
*30cJune 30 *Holders of rec. June 9a
National Lead. corn.(guar.)
lb Holders of rec. June la Swan-Finch Oil
Holders of rec.
194 June
July 1
2
Preferred A (guar.)
15
rec.
1% Aug 1 Holders of rec. July 20a Swift & Co. (guar.)
19$ July 10 Holders of roe. June 310
Preferred B (guar.)
May
Telautograph Co., pref.(guar.)
of
*Mo.July 1 *Holders of rce. June 20
12)40. June lb Holders of roe. June la
;
National Standard Co. (guar.)
e .
. ,e CoDee &
re
Te nLesr 6rp ( m .) Chem.(guar.).
of rec. June 4
134 July 2 Holders
75e. July 1 Holders
la
National Sugar Refg.(guar.)
1
134 June 30 Holders of rec. June 200
e 15 Holders of reo. June 20
06
531
Sulphur(guar.)
National Supply, pref. (guar.)
Holders of roe. June
234 July 2 Holders of rec. June 18a Texas Gulf Products, cl. A & B (qua:.)
July
20
3Ia Thompson
National Surety (guar.)
250. June lb Holders of rec. May
10e July 1 Holders of roe. June 22
National Transit (guar.)
Class A & B (extra)
June lb Holders of rec. May 310
July 2 Holders of rec. June 5
$7
$3
Special
Thompson-Starrett Co
bOo. July 2 Holders of rec. June 19
•500. June 15 *Holders of rec. June 80
.
Nelson (Herman) Corp., corn. (qua?.).- 61
rec. June
July 2 Holders of rec. June 19a Tidal-Osage 011 (qua?.)
--- 134 July 2 Holders of rec. June 5
011, pt.(gu.)
Nelson (Herman) Corp.. stook dividend el
Oct. 1 Holders of rec. Sept.18a Tide Water Associated (guar.)
June 20 *Holders of
•31
300
Stock dividend
Todd Shipyards Corp.
June 1
25a. July 10 Holders of rec. June lla
--- •b0o. June lb Holders of rec. June 9 'Frame & Wms.Steel Forg..corn.(flu.)June
Neptune Meter, class A & B (qua?.)'134 June 25 Holders of rec.
62340 July 2 Holders of rec. June 30
New Bedford Cotton Mills. pref.(guar.) 2
Trico Products(guar.)
rec. June 20
of rec.
July 10 Holders of
July 14 Holders
1
June 30
New Jersey Zino (extra)
Tuckett Tobacco, corn. (Quar.)
June 15 Holders of rec. June 1
19$ July 14 Holders of rec. June 20
New York Auction Co.. corn. (guar.) __ '37340 July 2 Holders of rec. June 20
Preferred (guar.)
154 July 2 Holders of roe. June 15a
*31
od Computing Mach. pl.(gu.) Si
S. Playing Card (guar.)
U.
Underwo
June 20
June 30 Holders of rec.
corn.(guar.).
, corn.(No.1).•250. June 30 Holders of rec. Junr 20
N. Y. Petroleum Royalty
Underwood-Elliott Fisher.
Juno 30 Holders of roe. June 150
*134 June 30 *Holders of rec.
June 156
Preferred (guar.)
Preferred (guar.)
.7
2175
81.5 June 30 Holders of rec. June la
•500. July 16 Holders of rec. July 2
N.Y.Transportation (quir.)
Preferred B (guar.)
June lb Holders of rec. May 24
81.50 July 2 Holders of rec. Aug. la
Nichols Copper. common
Union Carbide dt Carbon (guar.)
of rec. May 24
10 Holders of rec.
62340 Aug.
b0c. Dec. 15 Holders
Nov. I
Common
ar tora
Une i erly ge (guar.)
1g N o;. 2
62o .ita 10 Holders of roe. June 15
191 July 52 Holders of rec. June 9
Preferred (guar.)
Holders of rec.
July 2 Holders of roe. June 15
Northern Bakeries, Ltd.(gu.)(No. 1).. *60o. July 2 Holders of rec. June 15
Union Tobacco, class A (guar.)
of rec. June 8
200. June 30 Holders
3
8
Northern Pipe Line
United Cigar Stores, corn.(guar.)
July 2 Holders of rec. June 9
/1% June 30 Holders of roe. June 130
North American Provision. pref.(guar.) •134 June 30 Holders of rec. June 30
Corn. (payable in corn. stook)
134 July 2 Holders of roe. Juno
•30.
Dyewood Corp., pref.(qua?.)... .3m July 12 Holders of lee. Juno 2a
Occidental Petroleum (guar.)
5
United
5
$1
62340. June lb Holders of rec. June 15
class A (guar.)
Ohio Confection,
United Fruit (guar.)
*Holders of red. June 5
Juno
•b0o. June lb Holders of rec. May
Products. pref.(No. 1)
Ohio Oil (guar.)
July 2 Holders of roe. June lba United Grape s Securities. prof.(gu.). 750. June 15 Holders of rec. May 31
Omnibus Corp., pref. (qua?.) (qua?.). •52
United Investor
s rec. July 2
•439.40 June 15 Holders of rec. May 31
corn.
.- •31.30 July 16 *Holders of rec. Oct. 1
Oneida Community, Ltd.,
United Paperboard, preferred (quan)
•4354c June lb Holders of rec. May 31
*51.50 Oct. 15 *Holder of
Participating preferred (guar.)
ed
300
rec. Jan. 2'29
prPreeffeeurred
134 July 16 Holders of roe. June
51.5
340
: 0 Jan 6'29 *Holders of rec. Apr. 129
(qua?.)
Otis Elevator. pref. (guar-)
1)4 Oct. lb Holders of rec. Sept. 29a
Ap15'29 *Holders of
Preferred (guar.)
Preferred (guar.).
of rec. June lba
Holders of rec. June 200
1
134 July 1 Holders
Dye Works.6)4% Pf.(gu.) 154 July 2 Holders of rec. Sept. 20a
Otis Steel, prior pref. (guar.)
75e. July 1 Holders of roe. June lba United Piece
1% Oct.
200
Owens Bottle, corn. (guar.)
154 July 1 Holders of rec. June I5a
194 Jan2'29 Holders of roe. Dee. lb
rred fruar
6 .6%
6)i% prefeffed( ar3
Preferred (guar.)
June 150
260. June 30 Holders of rec.
600. July 18 Holders of rec. June
common
Packard Motor Car Co.(monthly)
25e. July 31 Holders of roc. July 14a United Profit-sharing. FdY..00m. MIL/- 234 June lb Holders of roe. June la
&
is
Monthly
25o. Aug. 31 Holders of rec. Aug. 15a U.S. Cast Iron Pipe
234 Sept. 15 Holders of roe. Sept. is
Dee.
Monthly
Common (guar.)
750. June 27 Holders of rec. June 16,
234 Dec. 15 Holders of reo. June la
uarw“...)
Common tear.)
Paraffine Co.'s Inc.(guar.)
2be. June 27 Holders of rec. June 16a
June 16 Holders of rec. Sept. is
134
Preferred
Extra
July 2 Holders of rec. June 8a
:
Dee
$2
1)1( Sept 15 Holders of reo. Doe. is
Preferred
Par. Farn. Lasky Corp.. corn.
Holders of roe.
0750. July 14 Holders of rec. June 29
134
May 18
Preferred (guar.)
Park & Tilford (guar.)(No. 1)
14 Holders of rec. June 29
July
ol
•75o. June 11 *Holders of roe. June lb
Stock dividend (guar.)(N0.1)
rec. June 15a U. S. Freight, corn.(guar.)
20e. July 2 Holders of
•400. June 30 *Holders of roe. June lb
(guar.)
Mines (guar.)
U. S. Gypsum. cornPark Utah Consol.
16
uly 30 *Holders of rec.
*250. July 2 *Holders of rec. June lb
•194
Preferred (guar.)
Ponder (D.) Grocery, class B (qua?.)..- •25c. July 2 *Holders of rec. June lb
Holders of ree. June 300
1% July
Industrial Alcohol, pref. (qua?.)
lba
June 9a
Class B (extra)
50e. June 30 Holders of rec. June 31a U.S.Leather, prior prof.(guar.)
134 July 2 Holders of roe.
Pennsylvania-Dixie Cement, com.(gu.)
U.S.
June 15 Holders of rec. May
134
Preferred (guar.)
134
134
•134
134
JUNE 9 1928.]
FINANCIAL CHRONICLE
Per
When
Cent. Payable.
Name of Company.
Books Closed
Days Inclusive.
Miscellaneous (Concluded).
1;i July 1 June 21 to June 30
U.S. Print. & LIth. 2d pref.(quar.)---134 Oct. 1 Sept.21 to Sept. 30
Second preferred (attar.)
Second preferred (quar.)
134 Jan 129 Dec. 22 to Dec. 31
June 15 Holders of rec. May 25a
El
U.S. Realty & Impt.(quar.)
U.S. Shares Corp.
Canadian Bank stocks to shs. see. D- 48.79c June 15 Holders of rec. May 15
1% June 29 Holders of rec. May 31a
U.S. Steel. corn.(quar.)
July 2 June 16 to July 2
2
Universal Pictures, 1st pref.
75c. June 20 Holders of rec. May 21
Vacuum 011 (quar.)
154 June 15 Holders of rec. June 11
Valvoline Oil, corn. (quar.)
Vapor Car BeatingPreferred (quar.)
134 June 10 Holders of rec. June la
Preferred (quar.)
134 Sept. 10 Holders of rec. Sept. la
1% Dec. 10 Holders of rec. Dec. la
Preferred (mug.)
Virginia Iron, Coal & Coke, pref
2;4 July 2 Holders of rec. June 16a
Vulcan Detining, pref.(guar.)
1% July 20 Holders of rec. July 9a
Preferred A (guar.)
1% July 20 Holders of rec. July 96
Wabasso Cotton Co. (quar.)
$1
July 3 Holders of rec. June 15
Bonus
50c July 3 Holders of rec. June 15
Waltt & Bond. class B (quar.)
*27Sue July 2 *Holders of rec. June 15
Waldorf System, corn. (guar.)
3754c. July 2 Holders of rec. June 20a
Preferred (guar.)
20c. July 2 Holders of rec. June 20
Walker(Hiram)Gooderham & Worts(qu.)
50c. June 15 Holders of rec. May 31
Walworth Co.. corn. (quar.)
30c. June 15 Holders of rec. June 4a
Preferred (quar.)
575c. June 30 *Holders of rec. June 20
Ward Baking, corn. A (quar.)
$2
July 2 Holders of rec. June 15a
Preferred (quar.)
1% July 2 Holders of rec. June 15a
Western Auto Supply Co., corn. A (qu.1. *75c. July 16 *Holders of rec. June 30
Western Canada Flour Mills, corn. (qu.) •35c. June 15 *Holders of rec. May 31
Preferred (quar.)
el% June 15 *Holders of rec. May 31
Western Grocer Co.,pref
334 July 1 June 21 to June 80
West Kentucky Coal, pref. ((mar.)
8734:. July 2 Holders of rec. June 5
Weston Electrical Instrument A (quar.) 50c. July 2 Holders of rec. Juned15a
White Motor, corn. (quar.)
25c. June 30 Holders of rec. June 15a
White Rock Mineral Springs, corn.(qu.)
50c. July 2 Holders of rec. June 20a
First preferred (quar.)
134 July 2 Holders of rec. June 20
Second preferred (quar.)
July 2 Holders of rec. June 20
Wire Wheel Corp. preferred (quar.)
$1.75 July 1 Holders of ree. June 20
Preferred (quar.)
$1.75 Oct. 1 Holders of rec. Sept.20
Preferred (guar.)
$1.75 Jan.119 Holders of rec. Dec. 26
Wolverine Tube, pref. (quar.)
*1% June 15 *Holders of rec. June 1
Wood Chemical Prod., el. A (quar.)
50c. July 2 Holders of rec. Juno 15a
Woodley Petroleum (quar.)
15c. June 30 Holders of rec. June 15
Woodworth, Inc., cony. pref. (quar.)
62 34c. June 15 Holders of rec. June 1
25e. July 2 Holders of rec. June 20a
Wrigley (Wm.) Jr. Co.(monthly)
Monthly
25e. Aug. 1 Holders of roe. July 20a
Yale & Towne Mfg.(quar.)
El
July 2 Holders of rec. June 8
Yellow & Checker Cab, corn. A (mthly)_ 6 2-3c July 1 June 28 to June 30
Common class A (monthly)
6 2-30 Aug. 1 July 26 to July 31
Common class A (monthly)
62-3: Sept. 1 Aug. 26 to Aug. 31
Common class A (monthly)
6 2-3c Oct. 1 Sept.26 to Sept.30
Common class A (monthly)
6 2-3c Nov. 1 Oct. 26 to Oct. 31
Common class A (monthly)
6 2-3c Dec. 1 Nov. 28 to Nov. 30
Young (L. A.) Spg. & Wire.com. (qu.). 500. July 2 Holders of rec. June 20
Common (extra)
25c. July 2 Holders of rec. June 20
Convertible preferred (quar.)
6234c. July 2 Holders of ree. June 20
Youngstown Sheet & Tube, corn. (qtr./- $1.25 June 30 Holders of rec. June 14a
Preferred (quar.)
134 June 30 Holders of rec. June 14
Zellerbach Corp., corn. (quar.)
*50c. July 15 *Holders of rec. June 30
• 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. 1 The
New York Curb Market Association has ruled that stock will not be quoted ex
dividend on this date and not until further notice.
a Transfer books not closed for this dividend. I Payable in preferred mock,
4 Correction. e Payable in stock. f Payable in common stock. y Payable in
scrip. b On account of accumulated dividends.
I Associated Gas & Electric dividends payable either in cash or class A stock as
follows: On original pref. at rate of 2.22-100ths share: on $7 pref.. 3.89-100ths share.
n N. Y.Curb Market rules Mining Corp. of Canada be ex-dividend on May 25.
o Park & Tilford declared a dividend of $3 cash and 4% in stock for the year.
payable In quarterly installments, first installment payable as above.
p Payable either in cash or class A stock at rate of 1 share for each 40 shares held.
r British American Tobacco dividend Is 10 pence per share. Dividends received
on order in London on or before June 8 will be In time for payment of dividends to
transferees.
a At rate of 554% per annum for month of April and May.
S Payable either in cash or class A stock at the pri e of $20 per share.
,
Shulte Retail Stores declared 2% In stock, payable %% quarterly.
v N. Y. Curb Market rules Singer to be quoted ex-dividend June 7.
Weekly Return of New York City Clearing House.
-Beginning with Mar. 31, the New York City Clearing House
Association discontinued giving out all statements previously
issued and now makes only the barest kind of a report. The
new return shows nothing but the deposits, along with
the capital and surplus. We give it below in full:
STATEMENT OF THE MEMBERS OF THE NEW YORK CLEARING HOUSE
ASSOCIATION FOR THE WEEK ENDING SATURDAY, JUNE 2 1928.
_
Clearing House
Members.
*Capital.
*Surplus & Net Demand
Undivided
Deposits
ProfUs.
Average.
Time
Deposits
Average.
Bank of N.Y.& Trust Co____
Bank of the Manhattan Co_ __
Bank of America Nat. AMCNational City Bank
Chemical National Bank
National Bank of Commerce_
Chat.Phenix Nat.Bk.&Tr.Co.
Hanover National Bank
Corn Exchange Bank
National Park Bank
First National Bank
Amer.Exchange Irving Tr.Co
Continental Bank
Chase National Bank
Fifth Avenue Bank
Garfield National Bank
Seaboard National Bank
State Bank dr Trust Co
Bankers Trust Co
U.8. Mtge. & Trust Co
Title Guarantee & Trust Co
Guaranty Trust Co
Fidelity Trust Co
Lawyers Trust Co
New York Trust Co
Farmers Loan & Trust Co-...
Equitable Trust Co
Colonial Bank
$
6,000,000
12,500.000
25,000,000
75,000,000
5,000,000
25,000,000
13,500,000
5,000.000
11,000,000
10,000,000
10,000,000
32,000,000
1,000.000
50,000,000
500.000
1.000.000
9,000,000
5,000,000
20,000,000
5,000,000
10,000,000
30,000,000
4,000.000
3,000,000
10,000,000
10,000,000
30,000.000
1,400,000
$
12,864,800
19,258,700
37,000,000
70,380,500
19,083,500
45,596,000
14,718,000
26,440,500
17,667,500
25,257,800
84,391,300
31.866,200
1,368.800
57,470,000
3,369,000
1,931,900
14,081,600
6,378,800
42,591,000
6,015,400
21,767,200
37,468,300
3,636,800
3,757.000
23,775.200
21,728,300
25.574.100
3,633,800
$
58,320,000
145,975.000
142,277,000
a899,298.000
138.108,000
318,623,000
177,889,000
123,411,000
177,913,000
133,215,000
250,585,000
387,116.000
7,322,000
6584,762,000
25,008,000
15,266,000
131,430,000
36,408.000
c383,055,000
59.865,000
40,682,000
d492,712,000
42,379,000
20,860,000
150.991,000
el19,547,000
f329,658,000
28,628,000
$
8,583,000
30,598,000
49,323,000
166.215.000
5.530.000
54,438,000
44,747,000
2,978,000
30,486,000
16,932,000
12,170,000
49,764.000
600,000
58,139,000
719,000
418,000
7,982,000
60.694,000
53,354,000
4,218,000
1,934,000
106,530,000
8,578,000
4,040,000
3
8,421.000
24,343,000
42,925,000
6,942,000
Clearing Non-Members.
Grace National Brulk
Mechanics Tr. Co., Bayonne_
1,000,000
500.000
2,017,800
739,700
9,632,000
3,886,000
4,0151000
5,816,000
421 AAA ivin RAI R911 xes R424 R91 AAA
RAO AIO nnn
•As per official reports: National, Feb. 28 1928; State, March 2 1928: trust co.'s,
March 2 1928.
Includes deposits In foreign branches: (a) $285,656,000; (b) 314,115,000: (c)
000 (d) $86.795,000:(e) $2.250,000:(f) $101,312,000.
$72.500, :
3557
The New York "Times" publishes regularly each week
returns of a number of banks and trust companies which are
not members of the New York Clearing House. The following are the figures for the week ending June 1:
INSTITUTIONS NOT IN CLEARING HOUSE WITH CLOSING OF BUSINESS
FOR WEEK ENDED FRIDAY. JUNE 1 1928.
NATIONAL AND STATE BANKS
-Average Figures.
OtherCash Res. Dep., Dep.Other
Including N. F. and Banksand
Gross
Gold, Bk.Notes. Elsewhere. Trust Cos. Deposits.
Loans.
3
$
$
$
5
Manhattan$
Bank of U.S
147,960,800 12,300 2,076,200 20,076,900 1,687,300 151.613,200
Bronx Borough__ 20,593,000 7,600 790,500 1,178,000
21,539,000
Bryant Park Bank 2,024,900 111,600 111,900
182,600
2.127,600
_ 1,983,000
535,000
22,168,000
Chelsea Exch. Bk_ 22.351,000
614,966
22,114 11,038,980
Cosmopolitan_ _ __ 10,702,451 4,736 288,117
87,457 1,365,690 1,554,097 15.314,467
*Grace National__ 17,871,751 7,300
Harriman National 33,298,000 20,000 825,000 4,494,000 1.015,000 39,189,000
Port Morris
4,197,300 31,900
92,000
204,100
4,036,400
Public National 117,258,000 19,000 1,770,000 6,911,000 3,187.000 110,104,000
Brooklyn
First National...,.. 19,154,000 55,100 494,600 2,142,900 264,300 19,059,700
Mechanics
55,251,000 295.000 1,667,000 5,871,000 5,398,100 56,812,000
42,907,800 16,200 1,263,800 3,174,700
37,300 44,485,500
Municipal
Nassau National
22,960,000 97,000 316,000 1,803,000 335,000 21,116,000
PeoplesNational
8,592,000 3,000 143,000
600,000
83,000 8.574,000
Trade_rsNattonal
2.919.200
____
60.500
354.300
11.100 2.394.4011
*Clearing non-member bank
TRUST COMPANIES-Average Figures.
Loans,
Cash.
Res. Dep., Dep. Other
N. F. and Banks and
Gross
Elsewhere. Trust Co,. Deposits.
$
Manhadan$
$
$
$
55,035,200
710,300 12,287,000
79,500 60,231,600
,merican
71,440
839,110
15,293,170
lank of Europe & Trust 16,181,111
20,945,854
782.370 1,748,155
21,949,433
ronx County
255,439,000 *31,371,000 7,836,000 2,386,000 268,673,000
entral Union
79,995,100 *5,319.800 3,501,800 3,681,600 77,835,500
mpire
10,872,767
243,058 1,413,771
238,598 19,162,467
ederation
220,800
16,305,200 .2,040,soo
16,207,900
ulton
246,166,000 2,039,000 39,502,000 1,240,000 240,986,000
lanufacturers
81,307,509 4,760,000 7,619,387
69,087.228
halted States
Brooklyn69,700,300 1,139,100 13,677,400
75,423.000
trooklyn
29,771,251 2,199,639 7,917.902
33,811,629
Cings County
Bayonne, N. 1.R c.101 cm nine
0 652 497
255.755 1.102.342
317.561 10.080.3.3111
*Includes amount with Federal Reserve Bank as follows: Central Union, $30.659,000; Empire, 83,640,000; Fulton. 51,922.200.
-In the
Boston Clearing House Weekly Returns.
following we furnish a summary of all the items in the
Boston Clearing House weekly statement for a series of weeks:
BOSTON CLEARING HOUSE MEMBERS.
June 6
1928.
Changesfrom
Previous Week
May 30
1928.
May 23
1928.
$
$
s
$
83,400,000 Unchanged
83,400,000
83,400.000
Capital
96,607,000 Unchanged
96.607,000
96,607,000
Surplus and profits
Loans, disc'ts dr invest'ts_ 1,132,725.000 -7,513,000 1,140,238,000 1,142,467,000
689,473,000 -2,763,000 692,236,000 697,010,000
Individual deposits
150,633,000 +11,234,000 139,399,000 151.557,000
Due to banks
293,024,000 -2,509,000 295,533,000 292,510,000
Time deposits
1,292,000 -2,090,000
United States deposits_ _ _
3.382,000
3,380,000
Exchanges for Clg. House
36,256,000 +6,311,000
29,945,000
28,959,000
Due from other banks
90,368,000 +3,758,000
86,610,000
84.083.000
Res've in legal depositles
83,785,000
+196,000
83,589,000
85,047,000
Cash In bank
9,177,000
8,862,000
+325,000
8,998,000
Res've excess in F.R.Bk.
621,000
+285.000
336.000
540.000
Philadelphia Banks.
-The Philadelphia Clearing House
return for the week ending June 2, with comparative figures
for the two weeks preceding, is given below. Reserve
requirements for members of the Federal Reserve System
are 10% on demand deposits and 3% on time deposits, all
to be kept with the Federal Reserve Bank. "Cash in vaults"
is not a part of legal reserve. For trust companies not
members of the Federal Reserve System the reserve required
is 10% on demand deposits and includes "Reserve with
legal depositaries" and "Cash in vaults."
Beginning with the return for the week ending May 14, the
Philadelphia Clearing House Association discontinued showing
the reserves and whether reserves held are above or below requirements. This will account for the queries at the end of the
table.
Week Ended June 2 1928.
Two Ciphers (00)
omitted.
Members of
Trust
P.R.System Companies.
Capital
54,300,0
Surplus and profits_ __ _ 169,286,0
Loans, disc'ts &Invest. 1,036,618,0
Exch. for Clear. House
48.134,0
Due from banks
101,347,0
Bank deposits
128,340,0
Individual deposits
647,046,0
Time deposits
217,900,0
Total deposits
993,286,0
Res. with legal deem_
Rm. with F. R. Bank_
71,938,0
Cash in vault*
9,386,0
Total IteiL & cash held_
M=ex
Reserve required
t
Excess reserve and cash
In vault
7
May 26
1928.
May 19
1928.
Total.
83,300.0
63,800.0
63.800,0
9,500,0
17,914,0 187,200,0 187.200,0 186,200,0
104,516,0 1,141.134,0 1,137,358,0 1,131,467.0
44.924,0
49.139,0
39,211,0
1,005,0
98,609.0
91,186,0
809.0 102,158,0
3,513,0 131,853,0 130,030,0 135.308,0
51688,0 698,734,0 683,775,0 699,244,0
30,382,0 248,282.0 243,356,0 237,715.0
85.583,0 1.078,869,0 1,057,161,0 1,072,267.0
9.412.0
8,392,0
9,409,0
9.409,0
72,030,0
72,237,0
71,938.0
12,395,0
12.017.0
12,143,0
2,757,0
93,490,0
0=4X
12,166,0
94,059,0
t
?
5
t
4
5
7
• Cash In vault not counted as reserve for Federal Reserve members.
?
3558
FINANCIAL CHRONICLE
[VOL. 126.
Weekly Return of the Federal Reserve Board.
The following is the return issued by the Federal Reserve Board Thursday afternoon, June 7,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 appear on page 3525, being thefirst item in our department of "Current Events and Discussions."
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE CLOSE OF BUSINESS JUNE 6 1928.
June 6 1928.1 May 29 1928 May 23 1928. May 16 1928. May 9 1928. May 9 1928. Apr. 25 1928. Apr. 18 1928. June 8 1927.
RESOURCES.
1.109,015,000 1,122.150.000 1.130.353.000 1.153.806.000 1,163,937,000 1,190,083,000 1,207.703,000 1,279,070.000 1,634,388,000
Gold with Federal Reserve agents
65,603,0001 64.051.000
68.114.000
71.783,000
48,765,000
Gold redemption fund with U. S. Treas.
64,544.000
59,661.000
59.090.000
50.671.000
Gold held exclusively agst. F.R. notes 1,174,618,000 1,186.201.000 1.198,467,000 1,225,589.000 1,228,481,000 1.249.744,000 1,266,793,000 1,329,741,000 1,683,153,000
781,767.000 783,200.000 814,595.000 796,154.000 816,081.000 859.878.000 835,001,000 773,029.000 579,600,000
Gold settlement fund with F.R.Board_
Gold and geld certificates held by banks_ 652,563,000 637,466.000 621,230.000 619.066,000 645,490.000 599.808.000 621.479.000 616,668.000 743,138,000
Total gold reserves
Reserves other than gold
2,608,948,000 2,606,867.000 2,634.292,000 2,640,809.000 2,690.052.000 2.709.430.000 2.723,273,000 2,719,438,000 3,005,891,000
15'2,461,0001 150,626.000 161.093,000 160,828.000 157.847.000 159.020.000 162.551,000 165,087.000 164,010,000
Total reserves
Non-reserve cash
Bills discounted:
Secured by U.S. Govt. obligations
Other bills discounted
2,761,409,000 2,757,493,000 2.795.385.000 2,801,637.000 2,847.899.000 2,868.450 000 2,885.824,000 2,884.525.000 3,169,901,000
63,042.0001 59,782,000
64,189,000
67,627.000
64,619,000
62.790,000
65.499.000
61,276,000
67.323.000
651,184,000, 634,482.000
330,814,000 309,309,000
574,589,000
272,883,000
548,566.000
258,846.000
507,508.000
269,633.000
510,252,000
246.802.000
462.771,000
246.302,000
391,580.000
228.037,000
203,461,000
193,822,000
Total bills discounted
Bills bought in open market
U. S. Government securities:
Bonds
Treasury notes
Certificates of indebtedness
981,998,000' 943,791,000
266,394,000 303,988,000
847,472.000
330.562,000
807.412.000
347,292.000
777,141,000
365.104.000
757.054,000
363,101,000
709.073,000
365,841,000
619,617,000
350.756,000
399,283,000
221,635,000
63,011,000
76,352,000
70,669,000
60,462.000
65.370.000
93,594.000
56,528,000
85.160.000
88.793,000
54.544,000
100.417,000
107.359,000
56,002.000
101.977,000
119.413.000
54,880,000
100.886,000
136,536.000
55,237,000
107,560,000
141.958,000
56,559.000
123,124.000
161.003,000
143,104,000
139,031,000
155,928,000
Total U. S. Government securities_ -Other securities (see note)
210,032,000
1,090,000
219,426,000
1,090,000
230,481,000
990.000
262,320,000
990.000
277.392,000
990.000
292.302,000
990.000
304,755,000
990,000
340,686.000
990.000
438,063,000
1,800,000
Total bills and securities (see note)___. 1,459,514,000 1.468,295,000 1.409,505.000 1,418.014,000 1,420,627,000 1,413.447,000 1.380,659,000 1,312.049.000 1,060,781,000
Gold held abroad
59,548,000
571,000
572,000
Due from foreign banks (see note)
571.000
570,000
661,000
570,000
570,000
570.000
570,000
675,626,000 630,675,000 656.931,000 766,598.000 638,073,000 697.387.000 633,613,000 755.687.000 653,969,000
Uncollected items
60,028,000
60.013,000
Bank premises
60.014,000
59,094,000
59.551.000
59.437.000
59.409.000
59.378.000
59,421,000
9,157,000
9.487.000
9.439,000
All other resources
0,482,000
15,007,000
9.880.000
9.677,000
9.452,000
10,122,000
Total resources
LIABILITIES.
F. R. notes in actual circulation
Deposits:
Member banks—reserve account__
Government
Foreign banks (see note)
Other deposits
3,029,347,000 4.986.317,000 4.999,472,000 5,120,041,000 5.041,105.000 5.112,187.000 5,035.251.000 5.088,984,000 5,080,237,000
1,598,370,000 1,593,319.000 1,579,383,000 1,583,095,000 1,591.228.000 1,590,639,000 1.572,612.000 1.582,014,000 1,716,779,000
1,384,830,000 2,3.57.323,000 2,369,648,000 2,382,l56,000 2,426,184,000 2,441,860,000 2.417.377.000 2.392.347.000 2,331,460,000
'
16,337,000
22.847,000
27,591,000
21,505,000
25,508,000
21.100.000
6,303,000
20,000,000
33,587.000
5,280.000
7.326.000
5,453,000
5,923,000
5,997.000:
5,708.000
5,601.000
6,317.000
5.377,000
17,375,000
20,111.000
25,963,000
20,492.000: 21,144,000
19,459,000
18,955.000
18,278,000
25.344,000
1,423,822,000 2,407.607,000 2,416.535,000 2,434,153,000 2,474,136.000 2,493,521,000 2,474,619,000 2.423.266.000 2,390,467,000
615,204,000 594,069,000 612,621,000 712,847,000 587,401,000 640,996.000 690,791,000 697.397,000 600,724,000
139,631,000 139.599.000 139,626,000 139,201,000 138,055.000 137.605,000 137.613.000 137,606,000 129,108.000
233,319,000 233.310,000 233,319,000 233,319.000 233,319.000 233.319.000 233.319.000 233,319,000 228,775,000
18.404,000
17.988.000
19,001,000
17,426,000
14,384,000
16,966,000
16.297,000
16.107,000
15.382.000
Total deposits
Deferred availability Items
Capital paid in
Surplus
All other liabilities
Total liabilities
5.029,347,0004.986.317.000 4,999,472,000 5,120,041,000 5,041.105,000 5.112,187.000 5.035,251,000 5,088,984,000 5,080,237,000
Ratio of gold reserves to deposits and
65.1%
65.9%
F. R. note liabilities combined
64.85%
65.7%
66.2%
66.3%
73.2%
67.3%
67.9%
Ratio of total reserves to deposits and
68.9%
70.0%
F. It. note liabilities combined
69.7%
70.1%
68.7% 1
70.2%
77.1%
71.3%
72.0%
Contingent liability on bills purchased
,
276,582,000 266,659,000 266,955.000
for foreign correspondents
264,566 265,137,000 261.449,000 261,543.000 262.645,000 149,539,000
1
Distribtaton by Maturities
1-15 days bills bought In open market _
1-15 days bills discounted
1-15 days U. S. certif. of indebtedness_
1-15 days municipal warrants
16-30 days bills bought In open market
16-30 days bills discounted
16-30 days U. S. nertif. ef indebtedness_
16-30 days municipal warrants
31-60 days bills bought in open market _
31-60 days bills discounted
31-60 days U. S. certif of indebtedness_
31-60 days municipal warrants
61-90 days bills bought in open market
61-90 days bills discounted
61-90 days U. S. certif. of indebtedness_
61-90 days munleipal 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
07,597,000
806,549,000
4.122,000
115,682,000
715,333,000
3,337,000
121,261,000
684,518.000
6,327,000
114,745,000
625,018.000
5,574.000
110.901,000
634.766,000
5.077.000
120,797.000
585,962.000
4.100.000
128,103.000
504,323.000
5.790,000
163,852,000
515,987,000
3,425,000
64,039,000
36,036,000
1.186.000
63,291.000
35,118,000
1.288,000
77,225.000
34.376,000
80,308,000
28.840,000
68.806.000
26.741.000
60,536.000
27.325.000
61,176,000
23,930,000
1
74,557,000
56,673,000
73,528,000
3.5,865.000
10.997.000
100.000
95,842.000
53.093.000
50.957.000
103.120.000
110,583,000
45,179.000
109.880,000
46,661,000
1,467,000
90,557,000
50,603.000
11,042.000
83.644,000
50,317,000
15,242.000
68,287.000
47.999.000
23.028.000
58,903,000
40,831,000
23,722,000,
27,240,000
30,204.000
28,907,000
40.282.000
27,449,000
44.981,000
26,141.000
55,120,000
29,013,000
64,146,000
27,955.000
82.147,000
31.899,000
86,713.000
28,708.000
73,968,000
27,689,000
1,773,000
1
6.073,000
18,620,000
56.874,0001
6,817,000
19,377,000
78.475.000
7,439,000
17.697,000
84.270,000
7.176.000
16,456.000
99,744,000
8.134,000
15,073,000
112,372.000
8,180,000
14,890,000
120,417.000
10.447.000
14,154.000
122.616.000
7.057,000
11.262.000
132.185.000
3,696,000
10,242,000
83,708,000
844,070,000
13.795,000
100,000
78,334,000
35,395.000
F. R. notes received from Comptroller_ _ 2.783,792,0002.787.272.000 2,799.540.000 2,805,503,000 2.801,173,000 2,798,800.000 2.795,282,000 2,802,933,000 2,823,286,000
816,310,000 836.005,000 846.876.000 846.425,000 841,125,000 847.935.000 845.835,000 845.875.000 853,334,000
F. R. notes held by F. R. Agent
1,967,482,000 1,951.267.000 1.952.664,000 1,959.078,000 1,960,048,000 1.950,865,000 1,949.447.000 1.957,058.000 1,969,952,000
Issued to Federal Reserve Banks
How Secured—
By geld and geld certificates
Gold redemption fund
Gold fund—Federal Reserve Board_
By eligible paper
354,607,000 354,606.000 354,605.000 345,606,000 354,607.000 416,241,000 415.242,000
93,621,000
95,293,000
98,994,000
99,623,000 101.516,000 106,749,000
91,083,000
655,414,000 673,923,000 680,455.000 699,577,000 707,814,000 667,003.000 701.378 000
1,197,134.000 1,194.364.000 1.144,458.000 1.124,625,000 1,103,241,000 1,076.904.000 1,024,456,000
413.841.000
99,300,000
765.869.000
917,412.000
413,841,000
95,943,000
777,305,000
928,547,000
2,306.149,000 2,316,514,000 2,274.811.000 2,278,431,000 2,207,188,000 2,266,987,000 2.232,159,000 2,196,482,000 2,215,636,00
NOTE.—Beginning with the statement of Oct. 7 1925, two new items were added In order to show separately the amount of balances held abroad and amounts due to
.
foreign correspondents. In addition, the caption "All other earning assets." previously made up of Federal Intermediate Credit bank debentures, was changed to
"Other securities." and the caption -Total earning newts" to "Total bills and securities.' The latter term was adopted as a more accurate description of the total of the
acceptances and securities acquired under the provisions or sections 13 and 14 of the Federal Reserve Act, which,lt was stated, are the only items included therein.
discount
_Total.
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS JUNE 6 1928
Two ciphers (00) milted•
Federal Reserve Bank of—
Toted.
Boston.
New York.
Phila.
Cleveland. Rtchmona Atlanta. Chicago. St. Louis. Mtnneay. Kan.City, Dallas. San Fran,
Gold held excl. agst. F.It. notes 1.174.618,0 79.449.0
Gold settle't fund with F.R.Board 781,767,0 63.467,0
652,563,0 24,591,0
Gold and gold certificates
3
$
$
S
$
3
$
S
$
3
S
175,925,0 82,017,0 151,903,0 26,832,0 84.123,0 215,358,0 18,170,0 38,489,0 41,877,0 17,578,0 185,162,0
18,136,0 7,337,0 5,042,0 2,824,0 4,338,0 6,285,0 4,719,0 4,244,0 2,111,0 1,341,0 1.349,0
-194.061.0 89,354,0 156,945,0 29,656,0 88,461,0 221,643,0 22,898,0 42,733,0 43,988,0 18,919,0 186,511,0
264.217.0 58,905,0 51,945,0 16,809,0 9,501.0 155,819.0 39,000,0 24,883,0 38,439,0 22,046,0 36,736,0
412,720,0 26,480,0 37,694,0 10,840,0 10,550,0 53,706,0 12,346,0 4,768,0 6.548,0 14,303,0 29,017.0
2,608.948,0 167,507,0
152,461,0 16,099,0
870,998,0 174,739,0 246,584,0 66,305,0 108,512,0 431.168,0 74,244,0 72,384,0 88,975,0 55,268,0 252,264,0
30,422,0 6,762.0 14,777,0 11,227,0 14,511,0 17,139,0 13,838,0 2,959,0 6,917,0 7,963,0 8,947,0
2,761,409,0 183,606,0
Total reserves
63,042,0 5,742,0
Non-reserve cash
Bills discounted:
Sec. by U. S. Govt. obligations 651,184,0 42,058,0
330.814,0 36,493,0
Other bills discounted
901,420,0 181,501,0 261,361,0 77,532,0 123,023,0 448.307,0 88,082,0 75,343,0 95,892,0 63,231,0 261,211,0
20,627,0 1,841,0 4,820,0 4,382,0 4,602,0 7,914,0 3,604,0 1,425,0 2,076,0 2,566.0 3,443,0
Total bills discounted
Rills bought in open market
U. S. Government securities:
Bends
Freasury notee
"..)ertificates of indebtedness
981,998,0 78,551,0
266,394,0 32,022,0
365,354,0 60.823,0 85,364,0 44,732,0 62,618,0 121,155,0 49,670,0 9,028,0 22,621,0 12,475,0 69,607,0
46.598,0 32,005,0 25,862,0 11,085.0 20.634,0 29,656,0
529.0 19,943,0 12,794,0 15.552,0 19,714,0
63,011,0
76,352,0
70,669,0
817,0
1,917,0
4,853,0
624,0
687,0
7,100,0
8,433,0 9,192,0 27.228,0
17,351,0 11,728,0 5,884,0
1,191,0
665,0
1,678,0
209.0 21,887,0
3,116,0 3,868,0
2,025,0 9,924,0
7,125,0
routi U. S. Gov't securities
210,032,0
7,587,0
32,884,0 21,607.0 33,736,0
3,534,0
5.350.0 35,679.0
7.125,0 11,029,0 18.030,0 16,127,0 17.344,0
$
$
RESOURCP.S.
Gold with Federal Reserve Agents 1,109,015.0 71,572,0
65,603,0 7,877,0
Gold red'o fund with U.S. Trees
Total gold reserves
Reeerve other than gold
274,835,0 41,925,0 58,331,0 16,532,0 19,262,0 97,012,0 25,974,0
00,519,0 18,898,0 27,033,0 28,200,0 43,356,0 24,143,0 23,696,0
6,136,0 8,218,0
2,892,0 14,403,0
4,575.0 10,737,0
4,026,0 2,591,0
2,428,0 4,702,0
4,853,0 56,048,0
7,622,0 13,559,0
163,0
7,896,0
3,536,0 11,780,0
4,695,0 5,401,0
JUNE 9 1928.]
FINANCIAL CHRONICLE
RESOURCES (Concluded)Two Ciphers (00) omitted.
Total.
$
1,090,0
)thersecurities
Total bills and securities
Due from foreign banks
Tacofleeted items
Sank premises
kll other resources
Boston.
New York.
3
$
3559
Phila.
$
Cleveland. Richmond Atlanta. Chicago. St. Louis. Minneap. Ean•CUP.
Dallas. SanFraw.
$
$
$
$
$
$
$
$
100,0
990,0
I
1 459,514,0 118,160,0
371
37
675,626.0 63,964,0
60,028.0 3,824.0
9,157,0
57,0
444,836,0 114,535,0 144,962,0 59,351.0 88,602,0 186,490.0 57,324,0 40,990,0
53.445,0 44,154,0 106,665.0
217
47
51
25
21
69
21
13
18
17
35
178,398,0 55,286,0 59,061,0 56,798,0 27,591,0 83,329,0 33,428,0 14,242,0 37,037.0
16,563,0 1,752,0 6,865,0 3,378.0 2,832.0 8,720,0 3,892,0 2,202,0 4,308,0 29,435,0 37,057,0
1,858,0 3.834,0
1.686,0
200,0 1,412,0
396,0 1,385,0
941,0
554,0
829,0
552,0
464,0
681,0
Total resources
5,029,347.0 375,390,0 1,563,747,0 355,162,0 478,532,0 201,862,0 248,956,0 735.770.0
186,905,0 135.044,0 193,328,0 141.725,0 412,926,0
LIABILITIES.
Er. R. notes In actual circulation_ 1,598,370,0 132,232,0 338,181,0 125,089,0
192.367,0 55,169,0 137,897,0 257,548,0 55,312,0 55,210,0 56,538,0 31,893.0 160,934,0
Deposits:
Member bank-reserve 8mA_ 2,384,830,0 102.618,0 948,416,0 141,654.0
187,625,0 71,089.0 68,089,0 347,835,0 80,470,0 55,024,0 88,805.0 64,401,0 178,804,0
Government
16,337,0
482,0
2,483.0 1026,0
617,0 2,161.0 1,785,0 2,241,0
457,0 1,234.0
799,0 1,487,0 1,565.0
Foreign bank
5,280,0
426,0
1,206,0
539,0
590,0
289,0
238,0
789,0
244,0
153,0
204,0
199,0
Other deposits
403.0
17,375,0
92,0
8,427,0
93,0 1,171,0
84.0
94,0 1,212,0
313,0
231,0
629,0
38,0 4,991,0
Total deposits
2423.822,0 153.618,0 960,532.0 143,312.0 190,003,0 73.623,0
70.206.0 352,077,0 81,484,0 56,642,0 90,437.0 66.125,0 185,763,0
Deferred availability items
615,204,0 60.543,0 152,709,0 49,826.0 55.776,0 53,378,0
24,733.0 72,053.0 33,345,0 12,122,0 32,354.0 30,336.0 38,029,0
Dapital paid In
139,631.0 9,879.0
44,116,0 14,114,0 14,294,0 6,253,0 5,204,0 18,129,0 5,324,0
3,035,0
iurplus
233,310,0 17,893,0
63,007,0 21,662.0 24,021,0 12,324,0 9,996,0 32,778.0 10,397,0 7,039,0 4,211,0 4,326,0 10,746,0
kil other liabilities
9,046.0 8,527.0 16.629.0
19,001,0 1,225,0
5,202,0 1,159,0 2,071,0 1.115,0
920,0 3,185,0 1.043,0
996,0
742.0
518.0
825,0
Total liabilities
5,029,347,0 375,390,0 1,563.747.0 355,162,0 478,532,0 201,862.0
248,956,0 735,770,0 186,905,0 135,044,0 193,328,0 141,725,0 412,926.0
Memoranda.
leserve ratio(percent)
68.7
64.2
69.4
67.6
68.4
60.2
59.5
73.5
3ontingent liability on bills pur64.4
67.4
65.2
64.5
75.3
chased for foreign correspondls 276,582,0 20,332,0
81,937,0 25.754,0 28,194,0 13,826,0 11,386,0 37,682,0 11,657,0 7,319,0
P. R. notes on hand (notes reed
9,759.0 9,488,0 19.248,0
from F. R. Agent less notes in
circulation.
369.112,0 26.077,0 119,300.0 30.928,0 26.698,0 17.582,0
28.625.0 44,167.0 10,612,0 6.101,0 6,756.0 5,154,0 47.112,0
FEDERAL RESERVE NOTE ACCOUNTS OF FEDERAL
RESERVE AGENTS AT CLOSE OF BUSINESS JUNE 6 1928.
Federal Reserve Agent as-
Total.
Boston.
New York.
Two ciphers (00) omitted.
$
$
F.R.notes reed from Comptroller 2,783,792,0 232,659,0
F.R.notes held by F.R. Agent__ 816,310,0 74,350.0
F. R. notes issued to F. R. Bank_ 1,967.482,0 158.309,0
Collateral held as security for
F. It. notes issued to F. R. Bk.
Gold and gold certificates____ 354,607,0 35,300,0
Gold redemption fund
98,994,0 18,272,0
Gold fund-F.It. Board
655,414,0 18,000.0
Eligible paper
1197.134.0 110,554.0
Total collateral
2.306.149.0 182.120.0
Phila. Cleveland. Richmond Atlanta. Chicago. St. Louis. Minneap. Kan.City.
$
$
$
$
5
3
5
$
$
738,961,0 180,917.0 253.095,0 97.565,0 230,612,0 417.465,0 84,744.0
281.480,0 24.900,0 34,030,0 24.814,0 64.090,0 115,750.0 18,820,0 81,035.0 97,714.0
19,724,0 34,420,0
457,481,0 156,017.0 219,065,0 72,751,0 166,522,0 301,715.0 65,924.0
61,311,0 63,294,0
Dallas. San Fran.
5
$
59.379.0 309,646.0
22,332.0101,600,0
37.047,0208.046.0
153,161,0
50,000,0 21,375,0 20,001,0
8.300,0
12,303,0 40,000,0
17,764,0 7.840,0 11,903,0 5,457,0 9,122,0 2,358,0 1,379,0 14,167,0
1,322,0 3,017.0 2,275,0 18,285,0
5,000,0 74,177,0 90,000,0
55,000,0 213,000.0 8,500,0
384,081.0 74,570.0 110,572,0 52,168,0 83,174,0 150,650,0 49,907,0 23,000,0 38,860.0 3,000.0 126,877.0
28,936,0 35,251.0 28,007,0 89,264.0
500 ma n imt AS27 11 9A9 A7n n--107 907 0 200 nna 0 RR ruza n 07 49A
70 non n
n 77 1200 4558.5.0 274.428.0
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 642 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 Doc. 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 3526, immediately following which
we also give the figures of New York and Chicago reporting
member banksfor a week later.
PRINCIPAL RESOURCES AND LIABILITIES OF ALL
REPORTING MEMBER BANKS IN EACH FEDERAL RESERVE DISTRICT
AS AT CLOSE OF
BUSINESS MAY 30 1928 (In thousands of
dollars).
Federal Reserve District-
Total.
Boston. New York Phila. Cleveland.
Richmond Atlanta. Chicago. St. Louis. Minneap. lian.City. Dallas. San Fran.
$
$
$
$
s
$
$
$
Loans and Investments
$
$
$
s
$
-total
22.575,847 1,571,522 8,718,935 1,250,594
2,197.224 690,472 634,444 3.311,989 747.952 371,494 672,976 438,567 1,969,678
Loans and discounts-total
15,893,221 1,084,649 6,274,415 838,883
1,451,517 516,166 505,315 2,398,332 496.275 238,341 433,387 329,273 1,326,668
_
Secured by U. S. Gov't obliga'ns
123,028
6,320
47,185
7.254
14,342
3,266
5,036
21,453
Secured by stocks and bonds---- 6,888,508 430,699 3,089,381
4,551
2,433
3,533
3,424
4,231
All other loans and alscounts__._ 8,881.685 647,630 3,137,849 462,735 660,679 178,713 126,362 1,076,107 209,329
75,669
85,009 371,336
368,894 776,496 334,187 373,917 1,300,772 282,395 160.239 122,489
307,365 240,840 951,101
Investments-total
6,682,626 486,873 2,444,520 411,711 745.707
174,306 129,129 913,657 251,677 133,153 239,589 109.294 643,100
U. S. Government securities_ _ _
2,996,507 187.747 1,174.980
78,597
Other bonds, stocks and securities 3,686,119 299,126 1,269,540 109,160 325,251
61,190 367,718
76,910
69,803 110,952
76,516 357,683
302,551 420,456
957 9
0
67,939 545,939 174,767
63,350 128,637
32,778 285,327
Reserve balances with F. It. Bank__ 1,747,941 100,499 813,251
84,476 134.060
42,513
Cash In vault
40,692 258,764
45,500
23,110
246,864
55,122
33,108 116,846
16,630
66,910
14,463
28.540
12,235
10,777
40,827
7,651
11.844
6,077
8,337
22,573
Net demand deposits
13,628,425 924,093 6,116,099 759,591
1,070,379 360,027 333.625 1,860,676 390,011 216.200
Time deposits
7,002,659 510.098 1,738,972 309,208
491,720 289,794 816.210
957,909 250,023 242.180 1,301,333 245,638 130.197 178,642
Government deposits
37,073
2.585
122,753 1,015,706
11,583
1.930
2,531
1,198
2,679
6,198
877
596
827
1,484
4,585
Due from banks
1,099,325
53,506 149,309
58,260
88,211
44,871
Due to banks
64.409 247,250
3,172,045 134.191 1,268,370 169,883
46,408
52,713 103.862
51,447 139,079
218,271
94,733 106,181 485.704 124,103
91,224 203,066
87,169 189,150
Borrowings tram F. It. Bank-total
737,475
66,949 276,162
53.649
58.773
28,096
37,262 101,781
17,581
7,517
34,046
57,315
8.340
Secured by U.S. Gov't obliga'ns.
025,279
29,353 214,671
42,003
41,198
10,544
All other
13,030
212,196
50.711
86.368
19,818
6,525
3,885
7,173
27,596
61,491
11,646
17,575
17,552
24,232
15,413
1,815
3,632
11,228
10,408
6.608
Number of reporting banks
642
36
79
49
70
so
flit
n9
9n)
94
04
45
5
Condition of the Federal Reserve Bank
of New York.
The following shows the condition of the Federal Reserve
Bank of New York at the close of business June 6 1928, in
comparison with the previous week and the corresponding
date last year:
Resources
Gold with Federal Reserve Agent
Gola reaemp.fund with U.S. Treasury
June 6 1928. May 23 1928. June 8 1927
$
175,925,000 176,075.000 411,944,000
18,136,000
15.685,000
11,649,000
Goldheld exclusively mad. F.It. notes
Gold settlement fund with F. R. Board.
Gold and gold certificates held by bank.
194,061,000
264,217,000
412,720,000
191,750,000
330,820,000
385.133,000
Total gold reserves
Reserves other than gold
870.998,000
30,422,000
907,713,000 1.118,276,000
34,023,000
35,324,000
423,593,000
208,979,000
485,704,000
Total reserves.
Non-reserve cash
Bills discountedSecured by U. S. Govt. obligations_
Other bills discounted
901.420.000
20,627,000
941.736,000 1,153,600,000
21.857,000
16,020,000
274,835.000
90,519,000
250,948,000
56,832.000
54,379.000
33,834,000
Total bills discounted
Bills bought In open market
U.S. Government securities
Bonds
Treasury notes .
Certificates of Indebtedness
365,354,000 307.780 000
46,598,000
65,249.000
88,213,000
64,489,000
7,100,000
8.433,000
17,351,000
1,744,000
7.462,000
22.238,000
23,536,000
30,605,000
35,241,000
Total U.S. Government seeurIties...
32,884,000
31,444.000
89,382,000
Total bills and securities (See Note)...
444,836,000
404,473,000
242,084,000
Resources (Concluded)
Gold held abroad
Due from foreign banks (See Note)
Uncollected items
Bank premises
All other resources
Total resources
June 6 1928. May 23 1928. June 8 1927,
3
$
$
16,495,000
661,000
217.000
218,000
178.398,000 182,400,000 154,723,000
16.276,000
10,563,000
16,563.000
4,594,000
1,686,000
1,798.000
1 563,747,000 1.569.045,000 1,604,453,000
Fedi Reserve notes in actual circulation
Deposits-Member bank, reserve sectGovernment
Foreign bank (See Note)
Other deposits
338,181.000
948,416,000
2,483,000
1.206,000
8.427,000
336,811.000
947,128,000
4,128,000
1,512,000
9,840,000
408,274,000
936,807.000
3,478,000
2.206,000
18,720,000
Total deposits
Deferred availability items
Capital paid in
Surplus
All other liabilities
960,532,000 962,608.000
152,709,000 157,825.000
44,116,000
44.086,000
63.007,000
63,007.000
5,202,000
4.708,000
961,211,000
130,927,000
38,832,000
61,614,000
3,595,000
Total liabilities
Ratio of total reserves to deposit and
Fed'I Res've note liabilities combined.
Contingent liability on bills purchased
for foreign correspondence
1.563,747.000 1.569,045,000 1,604,453,050
69.4%
72.5%
84.2%
81,937,000
76,918
41,695,000
-Beginning with the statement of Oct. 7 1925, two new Items
NOTE.
were addedlin order to show separately
the amount of balances held abroad and amounts due
to foreign correspondents. In addition, the caption. "All other earning assets."
previously made up of Federal Intermediate Credit Bank debentures,
"Other securities." and the caption. "Total earning assets- to "Total hills and
securities." The latter term was adopted as a more accurate descriptionwas changed to
the discounts, acceptances and securities acquired under the provision of Sections 13
of the total os
and 14 of the Federal Reserve Act, which, It was stated, are the only Items
therein.
Included
[VoL. 126.
FINANCIAL CHRONICLE
3560
New York City Banks and Trust Companies.
azette.
'Vaulters'
(All prices dollars per share.)
Wall Street, Friday Night, June 8 1928.
F Railroad and Miscellaneous Stocks.—The review of the
StockiMarket is guven this week on page 3545.
b, The following are sales made at the Stock Exchange this
week of shares not represented in our detailed list on the
pages which follow:
STOCKS.
Week Ended June 8.
Sales
for
Week.
Range for Week.
Highest.
Range Since Jan. 1.
Lowest.
Highest.
Par. Sitar $ per share. $ per share.
per share. per share.
Railroads—
1 125% June 6125% June 6 12514 June 125% June
Alabama & Vicksburg100
May
June 4 58
Feb 83
100 1,30 76% June 8 80
Boston & Maine
Apr
4 7234 June 2 73 June 5 60
Feb 86
100
Buff Roch & Pitta
Apr
40 64% June 4 64% June 4 62% Jan 69
Canada Southern__ --100
Mar 94
June
June 4 84
June 8 94
100: 110 90
-Cuba RR pref
Mar 17% June
*, 7.500 1534 June 8 1734 June 2 10
Havana Elec Ry
Apr
June 7 81% Jan 86
June 7 85
160 85
Ill Cent leased line.. __100
100 82% June 5 82% June .5 80
Jan 82% June
RR secured stk ctf_100
% June I% June
% June 8 1% June 4
Kansas City South rights 13,50G
2% June 5 3% June 2 1% May 6% May
Minneap & St Louls_100 3,38
Mar 89 June
June 5 85
50
81 87% June 7 89
Morris & Essex
8% Apr
201. 634 June 4 6% June 6 3% Feb
Nat fly of Mex 1st p1100
Apr 48% May
June 5 125
June 8 143
17C 140
New Oil Tex & Mex_100
Febl 12% June
11 112% June 4112% June 4 109
NY Lack Sr Western 100
June 2 7% Mar 19% June
100 40( 16% June 8 18
N Y State Rys
Jan
June 2 46% May 70
June 2 50
3( 48
Par Coast 1st pref.... _100
Apr 39
May
June 2 22
100
81 24% June 2 26
2d preferred
Mar
Mar 50
41 50 June 5 50 June
50
Mile Rap Transit pf __SO
May
10( 149% June 5149% June 144% Janl 50
Rensselaer& Saratoge100
33( 131 June 5134% June 8 100 Jan'5934 Jan
So Ry M & 0etts_ _100
Indus. & Miscell.
Apr 02% Apr
June 210234 June 5.100
Abitibi Pow & Pap pf100 1,201 102
% June
% June 8
% June
34 June 7
AmerEncustic Tiling Bts 1.001
June 2 106
May 0718 May
June 6 107
Amer Pow & Lt pref......* 2,001 106
Apr
June 7 142
91 147
Jan 52
June 7 147
Amer Radiator pref...100
Am Telep & Teleg Rte.. 1,201 1234 June 8 1414 June 2 1234 June. 14;4 June
41 110
June 5210
June
June 5-205
Mar'211
Bayuk Cigar 2nd pf..10l
June 4 52% June 57% May
Brockway Mot Truck.. 4,301 52% June 8 55
701 114% June 6 116% June 4 114% May 117% May
10
Preferred
19( [19% June 6120
Mar 120
Jan
June 5 117
Brown Shoe Pre1
June 6 110
June 6 107
51 110
Jan 111% May
Central Alloy Steel 01100
Chickasha Cotton 011 10 1.601 47% June 8 4934 June 4 47% Juno 52% May
% Jan 31.4 May
2.601 134 June 4 I% June 2
Conley Tin Fell
Jan 108% June
June 4108% June 4 98
Cons Cigar pref (7)-111 300 107
Apr
Container Corp cl A....2 7.600 31% June 5 34% June 2 21% Mar 36
June 7 17% June 2 10% Mar 19% Apr
16
*10,7
Class B
Crown Wmtte 1st pref_*
100100% June 6100% June 6 96% Jan 101% Mar
June 7 114% June 6 112
14 112
June 116% Mar
Cushman's SOW! pref _89
Apr
58% June 2 55 June 60
June
55
Cutter-Hammer Mfg.1 3,7
4734 June 4 45% May 49% May
Debenham Securities _5 2,2114534 June
95
Mar 99% May
June 8 98% June 2 80
•17,9
Drug Inc
I
June 8 4
5
May 8% May
5 June
Durham Silk Ho8....5S
May 46% Jan
June 7 42 June 7 35
10 42
100
Preferred
June 4 88% Jan 100% Feb
June 4 90
10 90
Eisenlohr Bros pref_ 100
• 7,800 38% June 7 40% June 2 38
May 40% June
EitIngon Schild
May 114% June
June 2 110
100 1,00 110
June 8 114
Preferred
June 7 13% May 19
June 8 16
Feb
120 15
Elk Horn Coal pref___50
June 7 9 June 2 2% Apr 9% May
8
70
Emerson Branting B.._ _*
Mar
3% June 4 3% June 4 2% Feb 4
II
Fairbanks Co
June 4 12% June 5 9% May 13% Apr
2 10
25
Preferred
Jan 55
June 4 55
55
June 4 37
3
May
General Gas & El cl
9
3334 June 8 36% June 2 3114 May 36% June
Graham Paige etfs
Jan 110
Apr
2 10834 June 2108% June 2 104
Gulf States St 1st pf.A00
June 8 27% June 4 25% Jan 28% May
90 27
Hackensack Water p1_25
17 27% June 5 28% June 8 25% Jan 28% June
25
Preferred A
June 4115
Apr
June 4 110% Jan 115
20 115
Internet Nickel pref.100
21 122
June 6 122
Apr
June 6119% Feb 122
-Manville pref_100
Johns
30% June 5 31
June 4 29% Apr 3434 May
Jones Bros Tea ctfs.... _• 1,1
22% June • 25
June 6 15% May 25 June
Keith-Albee-Orpheum • 27,3
May
87% June 4 89% June 7 753.4 May 99
1001 2,7
Preferred
t,
21
June 415% Mar 22% Apr
•25,00 18% June 8 20
Kelvinator Corp
Feb 59
45
Apr
8 46% June • 46% June
Kuppenheimer & Co.. _ _5
June
48% Jun 54 Mar
Lehigh Portland Cem_50 2,00 48% June 8 52
100
200110% June 4110% June 4 108% Apr 110% May
Preferred
June 2 99% Ma 110% Apr
• 1.700103% June 5 106
Loew's preferred
May 72% May
June 8 68% June 2 65
McKeesport Tin Plate_* 4,50 65
June 5 21% June 5 21
May 22
May
• 5,700 21
Maytag Co new
June 4 48% Jun 52
May
7.70 48% June 8 50
Preferred
June 4 101
May 101
June 4 101
May
• 1,30 101
let preferred
Mar 360
June 5 250
June 5285
Jan
2 285
Petroleum_ _100
Mexican
/4 June 2
31 Jun
% June
June
Mexican Seaboard rights63,00 g
June 81105% Apr 111
June 8111
June
10 111
MIlw El fly & Lt pref 1001
Apr 119
Jan
1 117% June 5117% June 5 115
National Supply pref 100
June 2 33% Jan 45
June 2 35
Jan
1 35
Norwalk Tire & R pf _100
Ap 114% May
19 114% June 4 11434 June 4 112
100
Outlet Co pref
Jan 125% May
4 122% June 2122% June 2 115
_100
Pac Telep & Teleg pf.
Mar
1 109% June 6 10934 June 6103% Jan 115
Penlk St Ford pref. _ _100
Feb 14% Jan
June 6 10% June 5 10
30 10
Penne Coal & Coke.... _50
Apr 99
May
June 8' 85
June 6 93
4 89
Phillips-Jones Corp pf1
Jan
3 40% June 7 40% June 7 40% June 45
Rand Mines
June
Ma 115
June 2 101
June 6 115
8 112
Rem Typewriter 2d pf100
1% May
1% June 4
June
1
63,6
Simmons Co rights
37% June 8 39% June 1 37% Jun 42% May
Stand Sanitary Mfg_...' 6,3
May
June 4 3618 June 40
*16,10 36% June 8 40
Trlco Products
10 22% June 2 22% June 2 22% June 25% Jan
Tob Prod div ctf A....10l
Feb 11
Feb
914 June 2 911 June 2 5
1
100
United Dyewood_
Mar 27% Apr
United Paperboard_ - 100 60 19% June 8 22% June 4 19
May 73 June
June 7 250
7 263
June
US Cast Ir P & F ctf 1001 100 263
June 28 June
June 7 128
June 7 128
1 128
Pref certificates_...100
May
3 June 4 1% Jan 3
500 2% June
1
Wells Fargo & Co
13% June 4 1614 June 5 13% Jun 16% June
38,1
Wright Aero rights
Bank, Trust & Insurance Co. Stocks.
..100
Bank of Commerce..
Bank of Manhattan 1001
Bank of NY &Tr Co 100
Corn Exchange Bank 1
Eqult Tr Co of N Y__100
National Park Bank 100
42 725
390835
1 801
5 706
24 550
7 875
June 5770
June 8915
June 5801
June 8730
June 7588
June 79 18
June
June
June
June
June
June
4 550
21560
5,655
6 BOO
4 410
4-642
Feb 770
Feb 940
Feb 810
Ma11753
Jan 599
Jan 980
June
May
May
May
May
May
*No par value. a Shillings.
New York City Realty and Surety Companies.
(All prices dollars per share.
Bid
Alliance It'Ity 72
Amer Surety.. 328
Bond & M G _ 475
Lawyers Mtg.) 365
Lawyers Title
& Guarantee 385
Ask
80 Mtge Bond—
338 N Y Title &
Mortgage__
485
375 II S Casualty_
395
Bid
190
865
450
Ask
Bid
Ask
205 Realty Assoc's
8326
(Bklyn)corn
675
1st pref........ 97
2d pref........ 94
485
Westchester
Title dr Tr.. 625
A sk Banks—N.Y.1 Bid
Banks—N.Y. Bid
920
America
270 275 Public
Amer Union*. 335 345 Seaboard_ .._ -I 900
Bronx Banks.. 800 850 Seventh
I 340
Bryant Park* 225
11025
State*
Central
245 255 Trade*
I 350
250
United Caii
Century
Chase
NatBk&T1 510
718 725
57 Yorkville_
Rights
275
53
Chath Phenix
225
Yorktown*
Nat Bk dr Tr 705 720
Chelsea Exch* 360 370
Brooklyn.
240
Chemical_ _ _ _ 970 990 Dewey*
545
Colonial*
1250
First
710 720 Globe Exchs_ 350
Commerce_
Continental'.. 675 725 Mechanics*„ 475
Corn Exch.- _ 700 720
57
Rights
__ Municipal* _ _ 660
Cosmopolit'n• 460
Fifth Avenue_ 2250 500 Nassau
490
First
950
4300 4400 People's
750
Trust Cos.
Garfield
_
New York.
350
Grace
75
Am Ex Iry
Hanover
1425 4550
140 Bence Comle
1115
Harriman_ _
Italiana Tr_ y550
840 860
Manhattan*
National City 905 915 Bank of N Y
dr Trust Co 780
Park
830 850
Penn Exch._ _ 225 235 Bankers Trust y1055
750 900
Rights
I 78
Port Morris
Ask
950
925
350
1050
__
520
565
__
490
62
670
510
556
580
800
1080
84
Tr. Cos.-N.Y. Bid
Bronx Co Tr_ 425
Central Union 1775
750
County
510
Empire
Equitable Tr_ 547
Farm L Tr_ 880
Fidelity Trust 500
565
Fulton
Guaranty........ 710
133
Rights
Int'iGermanIc 245
Interstate_ _ _ _ 330
Lawyers Trust
Manufacturers
New $25 par 275
475
Murray Hill
Mutual(West310
chester)
N Y Trust_ _ _ 850
Times Square 240
Title Gu & Tr 900
US Mtge &Tr 625
United States 3400
Westchest'rTr 1000
Brooklyn.
Brooklyn. _ _ _ 1300
Kings Co........ 2900
385
MidwOod
Ask
1815
3
3. 6
552
900
525
600
720
137
255
340
282
490
805
250
920
640
3600
1100
1350
3100
400
*State banks. I New stock. z Ex-dividend. o Ex-stock div. p Ex-righte.
Quotations for U. S. Treas. Ctfs. of Indebtedness, &c.
Int.
Rate.
Maturity.
Int.
Rate.
Bid.
June 15 1928......
Dec. 15 1928......
Dec. 15 1928_
Mar. 15 1929._
Mar. 15 1929.._.
314%
334%
4%
334 %
334%
Sept. 15 1930-32 334%
99$833 100
991,33 991,33 Mar. 15 1930-32 334%
,
033 99 °33 Dec. 15 1930-32 334%
99
'n
991133 991 •
99,633 99,583'
Asked.
Maturity.
Bid.
Asked.
99
99
911
,
99 33
99433
,
99 31
United States Liberty Loan Bonds and Treasury
Certificates on the New York Stock Exchange.—
Below we furnish a daily record of the transactions in Liberty
Loan bonds and Treasury certificates on the New York
Stock Exchange. The transactions in registered bonds are
given in a footnote at the end of the tabulation.
Daily Record of U. S. Bond Prices. June 2. June 4. June 5 June 6. June 7. June 8.
,
High 1001,3 1001,31 100 33 100143 1001,33 100"33
First Liberty Loan
,
,
,
,
,
,
834% bonds of 1923-47_ Low_ 100 33 100 33 100 33 100 33 100 33 100 33
,
,
,
,
(First 334)(Close 1001,3 100 n 100 33 100 33 1001033 100 33
49
86
13
15
10
86
Total sales in $1,000 units__
Converted 4% bonds of(High
Close
(
Total sales in $1,000 units-Converted 43i% bonds High
of 1932-47 (First 4%s) Low_
(Close
Total Safes is $1,000 units__
Second converted 4%% 1111111
bonds of 1932-47(Wet Low_
Second 43(s)
Total sales in $1,000 unfie___
High
Third Liberty Loan
Low_
434% bonds of 1928
Close
(Third 434s)
Total sales in $1,000 units__
High
Fourth Liberty Loan
Low_
434% bonds of 1933-38
Close
(Fourth 431s)
Total sales in 51.000 units__
High
Treasury
Low_
4%s. 1947-52
(Close
Total sales in $1,000 units__
rlab
Low_
4s, 1944-1954
C1008
Total sales in $1.000 units__
High
{
Low_
35j8, 1946-1956
Close
Total sales in $1,000 unfts___
(High
Low..
354e. 1943-1947
Clow
41.
TMod onIAte tea 51 nein
_ __ _
____
____
____
-- __
-- -1018833 1018:33 1011833 1011833 1011833 101833
,
1018033 1011833 101",,101833 1011133 101 13
33
1012833 1011833 1011,33 1012,33 1011,33 101,
8
32
70
13
4
1
-----------------__ _ _ _ _
____
-___
-___
-___
-___
,
100 33
100833
,
100 ss
32
102in
101"13
102
42
113"31
1132833
1138833
1
108"ss
108"31
100"11
18
____
------_
____
---____
-___
-___
,
100 31
100133
,
100 st
77
102
101"11
1018833
95
113,133
113"1:
113,111
127
108"as
108"”
100"11
159
106231
,
105 •33
105,133
220
101"n
a,
101,,
1011,33
777
____
100
100
100
6
101,131
101,133
1012831
214
,
113 33
1138ss
,
113 33
45
10810,,
104'11
,
108 33
216
115..32
1151,
33
33
1151,
121
1
101".
,,
100 ,,
101433
9A1
____
.___
—_
,
100 33 100 33 100
,
100
100
100
100',, 100
100
91
103
22
1018,31 1011,33 101,733
n
101,433 101,, 101,131
101,74: 101"22 101"st
154
217
94
1131433
____ 113 31
,
--- 113.ss
,
113 st
____ 113 33
,
,
113 33
1149
,
ss 108 st
108",, 104,
,
100'1. 108 31 104'11
,
,
1081,31 109 33 108 31
SI
45
85
s,
— - 105,,
NW's,
31
1151,
____ 1050as
---- 105"33
115,,n
10
-- -120
101'81 101"11 1011833
st 101",, 101 33
101,
,
33
1011,33 1101, 101'in
AR
/
A17
Note.—The above table includes only sales of coupon
bonds. Transactions in registered bonds were:
1012,33 to 101,,u
100833 to 100 n I 2 4th 434s
,
1 1st 334s
30 1s1 434s
101
to 1011,n I
Foreign Exchange.—
To-day's (Friday's) actual rates for sterling exchange were 4.87 25-3255
4.8790 for checks and 4.88 7-32854.88 9-32 for cables. Commercial on
banks, sight, 4.87 9-16@4.87'%; sixty days, 4.84%04.84%; ninety days,
4.82g ©4.82%; and documents for payment, 4.83 Y3 © 4.84%; cotton for
payment, 4.87 1-16. and grain for payment 4.87 1-16.
To-day's (Friday's) actual rates for Paris bankers' francs were 3.92 15-16
03.9334 for short. Amsterdam bankers' guilders were 40.328440.35 for
short.
Exchange at Paris on London, 124.17 francs; week's range, 124.18 francs
high and 124.02 francs low.
The range for foreign exchange for the week follows:
Cables.
Checks.
Sterling, Actual—
4.8834
4.88
High for the week
4.88 3-32
4.874.
Low for the week
Paris Bankers' Francs—
3.937-4
3.93 11-16
High for the week
3.9334
3.92%
Low for the week
-Amsterdam Bankers' Guilders
40.39
40.37
nigh for the week
40.35
40.32
Low for the week
Germany Bankers' Marks—
23.94%
23.94
High for the week
23.88%
Low for the week
23.8634
The Curb Market.—The review of the Curb Market is
given this week on page 3546.
A complete record of Curb Market transactions for the
week will be found on page 3578.
Report of Stock Sales-New York Stock Exchange
DAILY, WEEKLY AND YEARLY
Occupying Altogether Seven Pages-Page One
For sales during the week of stocks not recorded here, see preceding page
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday,
June 2.
Monday,
June 4.
Tuesday,
June 5.
Wednesday, 7'hursday,
June G.
June 7.
Friday,
June 8.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
Per share $ per share
per share $ per share $ per share $ per share Shares
Railroads.
Par
19218 193
19038 19118 1893* 19018 189 19034 1871 1 18912 187 18712 10,400 Atch Topeka & Santa Fe__100
*106 1063 10614 1063 10614 10614 10614 10614 10612 10612 10612 107
8
8
1.400 Preferred
100
183 184
18212 18234 180 18012 18012 181
179 17912 178 178
2.200 1111741111C Coast Line RR
100
11314 1133 11258 11414 11218 11234 1121g 113
4
1107 112
8
110 11114 17,400 Baltimore & Ohio
100
*8014 80 2 8012 803 *8014 8012 8012 8012 Si
4
,
81 12 *8012 81
1.300 Preferred
100
7118 7118 71
7114 7012 71
71
71
70
71
7012 7012 2.700 Bangor & Aroostook
50
11214 11214 11114 111, 111 111 *11012 11114 .11012 11114 •11012 11114
4
110 Preferred
104
6512 6612 63 4 65
3
3
6314 6412 6312 6414 6312 6412 63
63 4 15.400 BkIn-Nlanh Trac v t o_No par
,
9012 91
91
91 8 91
,
91
*9012 9112 *9012 91
*9012 91
1,700 Preferred v to
No par
367 3814 393 423
8
8
3818 4254 407 4258 40
8
8
8
413
4 385 403 55,600 Brunswick Term & Ry Sec. 100
*52
54
53
*52
*52
53
*52
53
*52
53
*52
53
Buffalo & Susq pref
100
21314 21512 210 2133 209 2117 20918 2127 20818 211
8
8
20518 208% 28.700 Canadian Pacific
100
*335 370
337 337 *335 350 *3363 350
4
335 3363 *320 3263
300 Central RR of New Jersey.101
4
4
19514 1957 194 1951 19313 194
8
19312 19414 193 19414 118814 1903 12.400 Chesapeake & Ohio
100
4
1112 117
8 105 1D
8
103 11
8
1012 11
1058 1053
9 8 11
,
5,800 Chicago & Alton
100
1618 1618 16
1512 157
167
8 1512 1578
1414 153
1553 1618
4 5,900 Preferred
10(
•
45
46
*45
4514 4514 45
46
4514 45
45
443 45
4
100
1,400 Chic & East Illinois RIt
*69
72
72
*69
*67
72
*68
70
67
67, .67
69
4
100
500 Prctorred
1212 12% 123 133
123 13
8
8
1214 1212 121* 1238
12
1214 5,100 Chicago Great Western._.100
•
26
27,
2514 26
2 2614 277
26
263
4 253* 2614 24
253
8 9,000 Preferred
100
3518 353
4 3418 36
34
343
4 34
3514 3353 3414 3212 3378 36,400 Chicago Milw St Paul & Pacific
457 465
8
8 443 463
4
4 4453 4512 4438 4534 4418 45
4314 4418 24,700 Preferred new
4 8518 87
8614 863
843 863
4
4 8412 85% 8314 84% 83
833
9,400 Chicago & North Western..100
*144 1493 *14112 147 *14112 147 *142 147 *141 147 1*141 147
4
Preferred
100
•116 11712 11512 1175 115 1163 116 116
8
4
11412 116
11212 1145
8 9.600 Chicago Rock lel& Paciflo_100
•107 109
108 10812 *107 109 1 10812 10812 *1073 1083 1087 1087
4
4
*
g
100
500 7% preferred
10412 10412 104 1047 10352 104 1 104 10412 104 104 1.'10314 104
8
100
1.000 6% preferred
•____ 1247 •____ 122 *11018 120 *11118 120 *11118 121 *11118 120
8
Colorado & Southern
100
8312 8312 84
*82
82
82 ' *82
84
82
82
*82
84
100
210 First preferred
.
76
783 *76
783 *78
4
4
783 *76
4
78
76
76
*76
78
190
100 Second preferred
863 8714 8412 8714 83
8
8512 8312 8414 823 833
4
8 8214 8352 16,500 Congo' RR of Cuba pref_..100
2033 20818 2023 20414 200 4 2043 198 20334 19212 198
8
206 209
4
3
4
100
17,200 Delaware & Hudson
14112 14112 *14014 14012 141 141
•14012 143
13934 14018 13853 1393
3.400 Delaware Lack & Western_ 50
*61
61
62
62
61
61 1 60
60
*59
60
58
59
1,200 Deny & Rio (Sr West prat _100
33, 418
*4
412
358 35*
33
4 34
3
33
4 33
1
334 33
1,200 Duluth So Shore & AtI
100
*7
8
8
8
*512 8 1 *6
8
*6
8
*6
8
100
300; Preferred
8 5512 557
563 57
5512 .5137
4
8! 5512 5578 55
551
5418 55
100
19,700 Erie
5514 5514 545 5512 545 543
8
8
4' 5412 55
5434 5433 54
5412 3,3001 First preferred
100
*5212 56
*5212 55
*5212 54 1 54
54
*5212 541 *5212 5412
100
100 Second preferred
1027 103
102 102
8
10178 10214 10112 102
10034 102
9912 10012 7.300•Great Northern preferred..100
1003 101
1007 1007 10012 10012 10012 10012 100 100
4
4
g
9712 993
3 2.3001 Pref certificates
100
2218 22'o 217 2218 2112 213
8
4 2112 22
2114 213
21
2138 5,7001 Iron Ore Properties_ _No par
5218 53
*55
5214 543
551
*53
55
5212 54l4 5212 5314
•10612 108
107 10718 107 107 *106 107 *106 108 *106 10712 2,300 Gulf Mobile & Northern..100
100
400 Preferred
63 637
60% 64
6038 6114 6012 6118 587 6034 58
8
587 11,400 Hudson & Manhattan
8
100
*90
*90
92
92
92
*90
*90
9112 90
9018 *89
93
100
3001 Preferred
1433 14458 1433 1447 143 14512 144 14512 14314 14414 142 142
4
4
8
6,000 Illinois Central
100
•135 145 *135 145 •135 145 *142 145 *142 14' •142 145
100
1 Preferred
*3978 4538 445 44 8 4412 4412 *4353 4438 4312 4418 44% 467
8
3
8 1.400 lot Rya of Cent America 100
*7814 79 4 7912 7912 *79
3
793
4 7912 7912 *79
7912 79
79
100
701 Preferred
42
427
8 3812 42
3818 40
3912 40
385 40
8
39
39
7,800'Interboro Rapid Trait VS 0-100
5514 551g a53
533
4 5238 53
53
531g 52
5214 4938 511
5,600•Kansas City Southern
100
•
7312 76
75
75
75
75
7312 7312 7312 7312 *73
75
100
8001 Preferred
*10912 110
108 10914 107% 1081 108 109
!
106 10714 1053 1071 15,600 Lehigh Valley
8
50
•15018 155 •150% 154
15014 15014 15018 15018 •150 152
150 150
400 Louisville,* Nashville
100
*86
91
*86
91
91
913
8 86
86
*8012 86
•8212 87
90 Manhattan Elevated guar_100
*99
50
48
50
474 48
47
47
47
47
46
461
3,400
Modified guaranty
100
*1312 7
*612 7
*6
7
*6
7
*6
7
•6
7
Market Street Railway ____100
•____ 29
*20
29
*20
27
.20
29
*20
25
•20
27
Preferred
100
*4712 49
4712 4712 473 473
8
8 47
47
467 48
8
4614 4614
1.200 Prior preferred
100
•10
18
*10
18
*10
18 .10
18
*10
18
•10
18
Second preferred
100
*43
46
•43
44
*43
44
*43
96
*43
44
43
43
600 Minn St Paul & 88 Marle_100
*
*80
81
86
84
*80
83
8612 8712 *82
88
•80
87
2001 Preferred
100
*6812 683 *6812 68% 6812 6812 6812 685 *66
4
3
68
*66
68
80 Leased lines
100
3412 347
8 3412 3514 34
3412 337 3418 3314 3378 33
4
331 1
8
1047 1047 1047 10518 1043 1047 10412 1047 10414 10412 1033 10414 11.700 Mo-Ran-Texas KR._._No par
8
8
8
8
8
4
2,100 Preferred
100
8 65
6514 667
693
8 643 67
,
65
6712 6414 653
643 112,600 Missouri Pacific
4 63
8
100
3
120 120 4 11814 1211* 11714 11914 11712 11918 117 1175* 1163 11718
8
24,600 Preferred
100
418 414
3 8 414
418 418
7
37
3 414
4
4
33
4 4
5,200 Nat Rys of Mexico 2d pref_100
184 18412 18018 18412 17914 181
178 1815 178 17912 17618 17812 57.5001
8
New York Central
100
•136 138
134 13714 13318 134
134 145
133 133
13012 13112 1,800 N Y Chic & St Louie Co- _ _100
10914 10912 109 10912 1075 107% *10712 10914
1098 109% •10914 110
8
1,500 Preferred
100
290 300
286 300
295 295
28512 286
285 285
270 280
190 N Y dr Harlem
50
613 6112 6012 6114 6013 6012 6014 6034 5912 603
8
3 583 593 32,600 NY N H & Hartford
4
4
100
117 117 *11512 116
1157 1157 116 116
8
8
116 11612 115 115
3,100 Preferred
3112 3212 32
3353 32% 34
33
323
303 323
4
293 313 12,800 N Y Ontario & Western__ _100
8
4
*9
II
93 10
4
*73
4 912
77
8 77
8
8
01
.8
500 N Y Railways pref etfs_No par
*3914 42
*3912 42
*39
42
*3912 42
*39
43
*39
42
Norfolk Southern
100
8
•186 1887 18614 18814 18512 18512 185 1853 185 1851* 18314 185
8
MOO Norfolk & Western
WO
90 1 *86
89
*
86
*86
89
*86
89
*86
90
*86
90
Preferred
100
8
8 995 10118 983 1005
4
10112 1017
8 993 100, 9812 993
5
8
8 9712 983 14,200 Northern Pacific
8
100
99
9712 985
0918 98
9918
8 97
983* 97
973* 9612 97
7,100 Certificates
100
30
*26
*2512 29
*25
30
*22
30
*25
*22
30
30
Pacific Coast
'00
6614 6514 6612 65 653
4 65 657
66
8 647 6512 6418 647 25,000 Pennsylvania
8
60
*30
35
35
*30
*30
34
*30
35
30
30
*30
35
300 Peoria & Eastern
100
•136 140 *136 137 113614 13614 135 13514 13312 1341z 13014 132
1.600 Pere Marquette
100
99 .983 9912 97
4
9912 *96
99
99
*97
99 .97
99
100 Prior preferred
100
*9712 98
98
98
*9712 9812 *9712 98
*9712 98
£'712 977
600 Preferred
100
*152 155 *150 153 *150 152
150 15014 *145 1497 1453 1491
4
2
00 Pittsburgh & West Vi.
100
10812 110
.
110 111
10714 108 8 1077 10912 107 1075 105% 1071
,
2
8
12,300 Reading
50
4
3
4312 4312 433 43 4 *4312 44
44
44
*4312 4412 *4312 441
500 First preferred
50
5118 5118 *51, 5212 52
*5212 53
4
52
495 51
4918 4912
700 Second preferred
50
*68
71
69
68
68
*69
6712 6712 65
6714 63
63
1,200
100
4
11712 1173 11512 11712 11518 116
11512 11618 11412 11518 113 11412 8,400 Rutland RR pref
St Louis-Han Franelsoo
100
9978 100% 100 10014 99
9938 9912 9912 9812 9914 98
983 10,500 Preferred A
8
100
8
8 873 9114 8612 8874 8718 873
9012 913
8 85
8612 84
85
7,300 St Louts South western_ _ 100
92
91
91
93
91
*92
91
914 *91
92 .90
92
70(1
1st Pref paid
100
18
1814 1814
18
18
18
18
181g
1718 18
17
17
3,200 Seaboard Air Line
100
25
*2312 25
24
2414 2414 .
*2312 25
2317 223 227
23
4
8 1.000 Preferred
100
12312 125
124 1257g 12312 124
12512 12614 12414 126
123 12317 14,200 Southern Pacific Co
100
8
8
3
1597 159% 158 1597 15718 1577 15612 15714 1553 15713 153 155
8
100
8,700 Southern Railway
8
997 1007 *994 100
8
*993 100
4
4
•1003 101
993 99 41 *9934 100
4
3
100
60() Preferred
144 14612 14114 14278 13814 143
147 147
137 139 I 137 138
100
4,900 Texas & Patine
393
39
4 37
394 3914 38
397
8 39
*39
38121 38
38
100
1,800 Third Avenue
47
46
47
48
495
8 4914 495
4618 4614 *95
31 48
483
3,300 Twin City Rapid Transit--100
•102 104 *102 104 *103 104 *____ 104 *103 104 *103 104
100
Preferred
200 4 200% 19814 2001 19612 19814 196 1971
3
100
8,400 Union Pacific
854 85 85
86
86% 86
•85
8514 85
7 2 !Zt
111'2
100
1,400 Preferred
8612 8758 86
8714 1)0
877
8912 90
84% 85
8214 843 11,500 Wabash
4
100
100 101
101 1011 100 100
•100 10112 101 101
100 100
5,700 Preferred A
100
•97 100
99
*97
*9612 9812 96
*97 100
96
*94
57
400 Preferred B
100
467 48
463 484 435 47
8
4
8
4818 5018 4718 50
43
45
100
34.200 Western Maryland
463 471 *4612 48'2 46
4
*4712 50
46
*48
50
4412 4412 1,000 Second preferred
100
•Bid and asked prices. z Ex-dividend. a Ex-dividend and ex rights.
PER SHARE
Range Since Jan. 1
-share tots
On basis of 100
Lowest
$ per share
18238 Mar 2
10212 Jan 5
167 Mar 2
109 Feb 7
80 Feb 11
89 Jan
11014 Feb 21
53 2 Jan I
3
82 Jan
144 Jan
4812Nlay
198 Feb
2973 Feb 1
4
18578 Feb 2
6 8 Jan 3(
,
77 Feb 20
2
37 Feb 28
624 Feb 24
918 Feb 8
2012 Feb 20
2214 Mar 5
37 Mar 2
7914 Feb 20
140 Feb 15
106 Feb 18
10814 Feb 9
100 Feb 24
106 Feb 21
75 Jan 14
7218 Jan 3
69 Apr 12
1634 Feb 10
129 Feb 20
5012 Feb 2(
314 Apr 16
5 Feb 20
4948 Feb 7
54 Feb 20
5212 Feb 17
9312 Feb 6
9118 Feb 7
21 June 8
4514 Feb 7
10312Mar 29
51 Jan 3
83 Jan 16
13134 Jan 11
13018 Jan 13
3612 Mar 16
697 Jan 3
8
29 Jan 5
4914 Feb 7
70 Feb 8
84' Feb 20
8
1454 Mar 9
75 Jan 9
40 Jan 10
els Apr 3
21 Aprn 17
45 Mar 27
814May 24
42 Feb 8
75 Feb 7
67 Mar 20
33 June 8
10334June
41% Feb 7
105 Feb 20
2 Feb 17
156 Feb 16
128 Jan 10
107 8June
,
168 Jan 3
5S3
4June 8
11314 Feb 29
24 Feb 20
54 Jan 24
40 May 16
1774 Mar 2
7912 Apr 26
923 Feb 7
2
9052 Feb 20
1912May 14
63 Feb 9
25 Mar 12
1247 Feb 9
8
99 Jan 18
9512 Mar 6
12114 Feb 20
9414 Feb 7
5218 Mar 1
44 Jan 28
50 Feb 21
109 Feb 7
98 June 8
6712 Feb 8
9912Juue 1
113 Mar 3
8
1912 Mar 3
11732 Feb 7
13912 Feb 8
9812 Mar 14
9914 Jan 3
2818 Jan 10
44 Mar 2'
10218 Apr 1
186% Feb 6
83 Mar 13
51 Feb 1
8812 Feb
87 Feb
313 Feb
4
$312 Feb
Highest
PER RH A RB
Range for Previous
Year 1927.
Lowest
Highest
$ per share $ per snare
Per share
19718 Apr 27 1611 Jan 200 Aug
14
10812 Apr 9
993 Jan 1064 Dee
8
19112May 7 1747 Apr 20512 Aug
1197 Apr 12 1061 Jan 125
8
!
Oct
85 Apt 4
7314 Jan 83 June
8414 Jan 11
Jan 103% Ma,
44
1153
4May 31 10112 Dm 122 June
7734Nlay 3
53 Aug
70% Jan
953
Jan
8Nlay 3
784 Oct 88
44 May 18
7% Oct
193* Dee
563, Apr 26
40 Apr 68 June
2233
4'May 8
375 May 7 285 Jan 348 June
20514 Jan 6 15134 Jan 21812 Oct
4May 2
183
4 4 Jas
3
105, JUDO
26381May 2
185 July
74 Jan
8
4814May 10
51 July
30% Jan
7638May 4
43 Jan 8472 Oct
16%May 2
812 Jan 2212 May
321sMay 2
_
647g JUDO
4012 Apr26
Jan
19 4 Dee
3
3712 Dec
_
513 Apr 26
8
783 Jan 9712 Sept
,9414May 1
150 May 2 12414 Jan 150
Oel
8May 10
1223
6812 Jan 116 July
11112May 31 10234 Jan 1113 Dee
4
105 May 31
9514 Jan 104 Nov
Jan 1373 July
126 May 3
84
4
Jan 78 Dec
85 Apr 10
70
85 May 9
Jan 75
Oct
88
87 8June 1
,
65 Aug 77 May
226 Apr 26 17118 Jan 230 June
150 Apr 9 13018 Oct 173 Mar
653 Apr 28
4
4118 Jan 67114June
63 Jan 5
4
2 8 Apr
,
77 Dec
8
912May 2
1114 Dee
4 Mar
661/ Jan 4
3912 Jan 69 4 Sept
3
63,Jan 7
7
52% Jan 8814 Aug
62 Jan 6
49
Jan 6412 Aug
109 May 14
793 Jan 103% Sept
2
1053
4Nlay 15
8512 Mar 101 Bent
25 Jan 24
18 July 283 Sept
4
6172Nlay 10
3512 Jan 76% Jul
109 May 1 105
Jan 11214 App
7312 Apr 24
4012 Jan 65% May
Jan 9012 May
934 Apr 26
78
4May 91 121% Jan 1393* Oct
1483
147 May 15 12072 Jan 140
Oct
4718May 2
23 Apr42 Oct
1
82 May 3
62 Apr 741 Oct
3012 Aug 621g Feb
62 May 3
6312 Jan 7
4114 Jan 70% July
77 Apr 20
64% Jan 7312 Dec
116 Apr 26
88% Oct1371 June
15912Nlay 10 128% Jar, 159,e Oct
96 May 4
7814 Dec 90 Feb
64 May 3
413 Dec 547 Feb
4
2
43 Nov
712May 15
87 June
2
2912Nlay 3
18 Feb 2512 June
544May 4
41% Feb 59 4 Aug
3
161gMay 4
1112 Oct 1711 June
523 Jan 6
8
Jan 5812 Dec
27
873
4May 16
50
Apr 8812 Dec
714 Jan 9
5814 Mar 71 Nov
4112 Jan 3
3112 Jan 5812.11113e
109 Feb 3
95% Jan 10912 Dee
695
8June 4
377 Jan 82 Apr
2
12338May 11
90% Jan 11858 Nov
54 Apr 26
112 Aug
314 Oct
19112May 10 13714 Jan 171% Oct
146 May 11 5110 June 240'a May
110 Jan 4 102 Mar 110 Dee
505 Apr 26 167 Dec 185 Apr
81May 2
41% Jan 6314 Dee
683
117 May 3 1103 Oct 114% Nov
2
2314 Jan 41% Sept
39 May 2
4% Dec
13 May 3
15 4 Jan
3
4912 Jan 11
3718 Jan 6412 June
Jan 202 Nov
197 May 9 156
89 Apr 28
83 Jun
90 July
Jan 10218 Dec
10512May 15
78
1013
4Nlay 16
8
84 July 997 Dec
347 ay 25
8M
1514 Feb 313 Dee
4
4
7212 Apr 27
583 Jan 68
Oat
Jan 483 July
20
4
37 May 1
146 Apr 11 114% Jan 14012 May
1013 Mar 28
4
93 Jan 9914 Dec
10034 Mar 30
89% Jan 9712 Dee
161 Apr 9 12212 la
174 may
Jan 123% June
1193
94
2May 10
48 Apr 9
4011 Jan 4311 Dec
597
2May 1
633 Jan 50 Feb
4
7214May 18
43 Jan 69 May
122 Mar 23 100% Jan 11714 June
Jan 104 July
102 Jan
96
9138May 14
Jan 93 June
61
101 May 21
2815 WI; 111- Feb
-4
3011 Jan 3
38 Jan 3
3212 Apr 45 2 July
3
13114May 9 10814 Jan 1267 Dee
2
165 May 7 119
Jan 149 Deo
10214 Jan 17
94 Mar 10112 Dee
14812June 1
537 Jan 1037 Nov
2
2
4618May 3
28% Aug
41
Feb
56 May 8
45 Nov 65% Feb
107 Feb 10
99
Al) 106 May
2043
4Nlay 9 15912 Jan 197% De.
8714 Jan 20
77 Ma
85 4 Dee
3
9614May 11
4012 Jan
81 June
102 May 18
76
Jan 101 Jun_
9912May 18
65
Jan
98 Itnyl
543
4Nlay 10
13% Jan 8712 Jun"
547
8May 10
23
Jan 8712 Jun
3562
New You( Stock Record-Continued-Page
For sales during the week of stocks not recorded here, see second page preceding
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday,
Monday,
June 2. I June 4.
Tuesday,
June 5.
Wednesday, Thursday,
June 6. I June 7.
Frtday,
June 8.
Sales
for
the
Week.
PER SHARE
Range Sines Jan. 1.
-share lots
On basis of 100
Highest
Lowed
STOCKS
NEW YORK STOCK
EXCHANGE
$ Per share $ per share $ Per share $ Per share 1$ per share $ per share Shares
8
2 4,000 Western Pacific new
3212 295 307
3212 324 31
*3212 3312 *324 333
33
4 33
900 Preferred new
5714 5714
58
58
58
*5814 593
*
584 59
4 5818 5818 58
100
100
PER SHARE
Range for Preview*
Year 1927
Lowest
Highest
$ per share $ per share $ per share
per share
264 Aur 4712 June
2814 Feb 7 374 Jan 13
55 Apr 784 Feb
571s Feb 9 821s Jan 6
Industrial & Miscellaneous.
6512 684 12,200 Abitibi Pow&Paper new No par 6412May 31
900 Abraham & Straus
No par 95 Feb 21
101 101
80 Preferred
100 11012 Mar 8
111 111
3,500 Adams Express
100 195 Jan 4
302 317
100 Preferred
100 93 Jan 16
*9614 98
100 114 Feb 8
4
4412 473 140,300 Advance Rumely
100 3414 Jan 17
6172 6312 45,500 Advance Rumely prey
25 Jan 17
4
1
44 13,200 Ahumada Lead
4
6714 6714 6,000 Air Reduction, Inc newNo per 6012 Apr 10
812June 8
No Dar
812 872 17,800 Ajax Rubber. Inc
1 Jan 5
4
4 33 10,100 Alaska Juneau Gold Min__ 10
33
3,200 Albany Pert Wrap Pap-No Par 23 Mar 15
28
28
Preferred
100 9812 Jan 17
17114 1764 188,300 Allied Chemical & Dye_No par 146 Feb 18
175 18218 17514 181
168 175
167 175
170 173
123 12312 1,300 Allied Chemical& Dye prof _100 122 Mar 1
4
*12312 12412 12352 12352 1512312 12412 *124 12412 1233 124
100 11518 Feb 18
3,200 Allis-Chalmers Mfg
11912 120
12312 120 121
12212 123
12212 1228 121
1512314 125
4
1112 Jan 3
12
4
1212 1112 1214 6,800 Amalgamated Leather_No par
8
8
125 1358 1252 125 *123 13
3
*13 4 14
69 Mar 2
1,300 Preferred
80
*78
81
79
83
83
86 1 8314 85
*88
8612 86
No par 2718 Feb 20
3012 3212 9,300 Amerada Corp
2 3212 33
2
3312 327 333
341e 3414 3312 3414 33
8
4 9,600 Amer Agricultural Chem_ _100 155 Feb 20
8
2 2014 203
4 205 2132 2012 214 2012 203
217 2172 204 217
2
5
100 55 8 Feb 20
693 704 69
2
893
4 6712 8812 6,400 Preferred
69
6852 7112 69
*7112 73
4
10 743 Jan 17
2,400 Amer Bank Note
125 125
125 126
125 13018 1253 1253 125 129
8
4
*13012 131
50 61 Feb 10
490 Preferred
63
63
6414 8414 *6312 65
63
63
63
831g 6312 63
4
4 2.220 American Beet Bugar__No par 144 Feb 15
184 1812 173 173
19
1812 184 1812 194 19
1914 19
100 36 Feb 17
2,100 Preferrel
*5412 58
59
60
58
5912 59
58
59
5912 594 60
a
8
374 383
3712 40
4 3612 383 47.600 Amer Bosch Magneto_ _No par 153 Feb 18
39
37
3952 4012 3612 41
4478
4
4 5,100 Am Brake Shoe & F newNo par 413 Mar 5
4418
4 4312 433
448
4 4412 4412 4412 443
4412 4514 44
Preferred
100 12418 Jan 4
*125 128 *125 128 *125 128 *125 128 *125 128 *125 128
10)8 Apr 27
26,100 Amer Br wn Boverl El _No par
1912 20
194 20
214 2014 21
237
8 20
197 22 2 21
2
7
100 4014 Apr 27
190 Prefer'ed
5812 5812
*5812 59
4 5812 583
4 5812 59
59 4 59 4 5814 583
3
3
25 7012 Jan 18
8
9212 894 9152 8714 903 227,600 American Can
883 9112 89
4
918 9252 8914 934
4
100 1363 Jan 10
4
14212 14212 1,300 Preferred
143 14312 143 143
14312 14312 *142 143
13142 144
10134 1013
4 3,000 American Car & Fdy__ _No par 10012/qay 29
10134 102
101 10214 103 103
1 10114 10212 102 103
5
100 130 8 Feb 20
600 Preferred.
132 1334
1333 1333 *132 134
4
4
*1314 13512 *13114 13512 132 132
100 9914 Mar 7
400 American Chain pref
4
4
1043 1043
_ _ 105 105 *105 106 *10414 106 *10414 106
*105
No par 69 Jan 12
80
8112 6,500 American Chicle
854 8212 84
85
854 84
8812 864 8512 87
10 Prior preferred
No par 107 Jan
111 111 15111 113 *11112 113 *111 113 *11112 113 *111 113
2
133 1414 1314 134 127 1314 120,100 Amer Druggists Syndicate_ 10 11 Feb 18
4
13 4 1412j 134 14
8
1314 14
300 Amer Encaustio Tiling_No par 53 Jan
*6414 68
*6312 667
2
66
66
68
*66
68
69
68
*66
19,800 American Express
100 169 Jan 10
195 197
4
4
4
198 2043 2038 2073 197 202
194 204
192 196
53
.No par 22 Feb 28
383
4 3452 364 58,000 Amer & Fora Power.
2 35
4 3618 373
3512 373
38
363 3712 35
4
1,600 Preferred
No par 10514 Mar 16
4
1093 110
10912 110 *109 110
1093 109 109
4
109 109 *109
3,100 2d preferred
93
No par 81 Feb 24
92
9112 9112 9112 92
92
92
92
923 923
4
4 92
4
4 1212 1218 11
117
2 1,900 American Hide & Leather 100 105 Jan 3
4
1212 127
4 124 124 1214 1214 123 123
100 4538June 8
5012 454 494 3,100 Preferred
503 503
4
4 5052 5052 50
52 2 533
7
4 513 52
4
764 7712 15,900 Amer Home Products_ _No par 59 Feb 18
4 7714 78
7914 80
7712 804 7618 784 7714 783
16,200 American Ice New
No par 28 Jan 10
39
393
4 38
4 39
8 3912 403
407
2 3812 395
4058 39
40
200 Preferred
100 90 Jan 7
98
98
*98
99
99
99
*98
*98
99
9914 *98
*97
1103 1143 107 1113 06,200 Amer Internal Corp.__No par 71 Jan 5
4
4
4
4
119 1204 11114 1193 109 11412 11118 116
514 Jan 12
8
612 63
64
65
2 65
8
65
8 65
4 3,200 Amer La France az Foamite 10
612
4
612 67
* 4 84
63
200 Preferred
100 56 Jan 10
*82
70
70
70
*62
*82
*62
70
68
68
68
*
67
100 564 Jan 13
106 11012 162,400 American Linseed
2
1028 10432 1024 1093 10414 10812 10872 1134 10712 113
8
100 861s Jan 13
11514 1154 2,000 Preferred
115 115
117 11712 115 117
4
•1094 1108 1103 115
4
4.100 American LocomotIve_No par 10412 Apr 23
4
10614 10614 1054 10812 10518 105I2 106 1068 10512 10612 105 106
200 Preferred
100 121 June 7
122 122
121 121
124 •120 122 *120 122
*100 124 *110
300 Amer Machine & Fdy_ _No par 152 June 8
15312 15312 152 152
158 158 •154 159 *153 155
*155 159
11112Mar 1
60 Preferred ex-warrants
114 116 *114 116
115 116
*114 116 *114 115 1'114 115
2 484 4914 47
4814 29,900 Amer Metal Co Ltd__ _No par 39 Mar 13
4812 49
4812 497
47 8 4814 4812 51
7
100 112 Apr 2
300 Preferred (6)
114 114
4
1143 1143 *114 1143 *114 115
2
8
13114 115 *11488 115
No par 16 May 28
1714 1612 1652 1,400 American Piano
17
18
1612 17
19 I 18
1912 1912 *16
100 503
8June 6
58
59 141,330 Preferred
504 648
4 5814 61
61
65
674 673
8 654 87
81
4
8212 25,000 Am Power & Light____NO par 8214 Jan 1
877
2 8312 8512 8312 8472 813 84
875
8 85
87
25 13018 Jan 18
8
4
142 1447 14018 1413 1393 1408 13918 14012 138 13912 5,900 American Radiator
4
4
144 144
800 Amer Railway Exprees
100 11013 Jan 4
4
126 12912 *123 124 *126 12812 1253 126 *123 127
15124 125
6218 6912 23,600 American Republies___No par 5114 Feb 7
8 684 73
2 7212 73 2 7312 753
7
2 7312 777
744 777
6613 68
6512 6612 643 654 15,400 American Batty Rasor_No par 56 Jan 10
4
8 6414 67
67 4 6814 6514 683
8
8
No par 385 Feb 18
4
3914 40
3914 394 3,900 Am Beating'to
3
393 40
4038 4012 4013 40 4' 3912 40
1,600 Amer Ship & Comm
i
No par
37 Jan 3
4 57
2
55
8 53
4 *53
4 52
7
53
4 53
4
53
6
6
5 4 6I
8
130 American Shipbuilding___ _100 100 Apr 19
105 105
103 105
10014 10014 *100 105 *100 105
103 103
19184 195 119,700 Amer Smelting & Refining_100 169 Feb 27
1963 20112 1944 198
4
197 20112 197 20314 19818 199
1,400 Preferred
100 1314 Jan 9
1347 1347 *1333 134
2
2
4
134 13412 1334 13412'134 135
*13512 136
400 American Snuff
100 141 Jan 5
16712 16712
16712 16712 *16612 172 *16712 171 *16712 171
*168 170
20 Preferred
100 102 Jan 5
11912 120 *116 120 *118 120 *116 120
*122 __-- *116 122
16,600 Amer Steel Foundries__No par 53 8 Feb 18
7
4 603 61
8
5812 603
2 57
59
601g 6114 60
608
6014 61
910 Preferred
100 1114June 7
113 113
11252 1135 11212 1123 11118 11212 11152 1123
2
4
2
113 113
100 55 Feb 18
8 7312 75
7112 748
4 703 723 37,900 Amer Sugar Refining
5
4
4
73 8 74 2 7212 7514 7218 747
5
700 Preferred
100 100 Feb 17
11012 11012 *10812 1095 109 10912 10912 10912 10812 10812
2
*11012 111
No par 475 Feb 27
8
543 55
4
54
54
5312 543
54
53 2 54
7
*64
5514 54
4 3,600 Am Bum Tob v t e
600 Amer Telegraph & Cable__100 25 Mar 2
26
27
25 4 253
3
4 2512 26
2612 *25
27
*25
27
*
25
23,200 Amer Telep & Teleg
185 18812 18538 1863 183 1854 18014 183
4
100 17612 Feb 20
189 1894 185 189
2,200 American Tobacco Com
4
4
501 1531g Apr 24
160 16012 159 1593 15914 1593 159 1593 15718 158
4
*160 162
501 15418 Apr 24
8
4
4
4
4
180 16212 1588 16114 158 1603 1593 1597 15814 1583 15712 1584 4,800 Common Class B
1,800 Preferred
121 122
1214 1217 *120 122
100 11718 Mar 19
2
13118 12012 *120 12012 12012 121
3
1,200 American Type Founders 100 115 8 Feb 10
4
4
4
118 11814 1163 1174 1163 1163 11612 117 *11612 122 *117 122
8
110 Preferred
112 112
100 1075 Jan 7
10812 10834 1123 1123 *10914 112
4
4
10812 10812 109 109
11,100,Am Wtr Wks & Elo newNo par 5218 Feb 27
61
60
81
62
633
8 60
61
62
64
62
64
64
10112 Jan 10
900 1st preferred
4
8
2
4
1034 1034 1047 105 *1033 1047 1033 1033
4
105 105
*104 105
100 2018 Jan 3
2
8
4 207 2114 3,900 American Woolen
2184 217
4 215 2152 215 214 2118 213
2
*218 22
4
100 4978 Jan 3
524 5114 5112 5012 504 3,300; Preferred
52
4
5212 518 52
524 5212 52
13 Mar 29
*134 14
13
1312 6,900 Am Writing Paper etts_No par
4
133 133 *1312 14
4
4
4 133 14
1318 138
1,200; Preferred certificates_ __ _100 40 May 16
41
4
42
403 403 *4012 4212 *4012 4312 41
4
540
4312 '
1540
64 Jan 10
25
274 274 26
27
245 257 13,200 Amer ZIDO. Lead & Smelt
8
28
2
2 27
2 274 297
288g 287
25 40 Jan 18
88
86
8612 8512 867
8812 88
2 2,9001 Preferred
90
87
* 8 8912 88
883
4
7
2 684 703 34,500 Anaconda Copper Mining_50 54 Jan 18
73
703 73 2 7018 723
4
72
747
8 71
74
72
49,700 Archer, Dangs, Midi'd_No par 5514 Feb 20
8814 94
8012 90
4 804 95
774 7512 7812 7412 773
76
4
100 1123 Feb 20
3501 Preferred
_
11412 11412 1133 11412
4
*11412
11414
11412 115 *11414
2
- - - 961e 9712 943 953
97
9614 96
4 7,5001 Armour & Co (Del) pref __ _100 8613 Jan 3
9412 9412 9412 9512 95
4
4
1812 20
183 2012 2018 2114 1912 204 183 193 362,000 Armour of Illinois Class A-25 1114 Jan 16
4
173 18
4
1358 Jan 10
25
114 1212 1112 12 345,500 Class B
4 114 124 1112 1212 1214 13
1114 118
100 671s Jan 12
8,800 Preferred
9112 907 913
2
2 883 90
4
8812 884! 8812 9012 8918 9072 91
1,800 Arnold Constable Corp_No Par 41 Mar 14
4 43
4
45
4412 4412 443 443
454 45
4412
4614 4614 45
700 Art Metal Construction_ _ _10 2512 Jan 10
32
32
32
*
314 3212' 314 3112 314 3112 314 3212 32
3912May 8
No pa
400 Artloom Corp
*394 40
*3952 40
*394 40
40
40
40
*393 40 I 40
4
100 10712May 29
Preferred
*109 110 *109 110 *109 114 *109 114 *109 114 *109 114
4114 Mar 1
No pa
4418 443
8 433 4412 433 444 44
444 433 44
4
43
4
4
433
4 6,900 Aimee Dry Goods
100 103 June 4
700 1st preferred
103 105
105 105
10312 10312 *10312 108
*104 105 I 103 104
100 110 June 5
200 2d preferred
109 115
110 111 •109 115 *109 115
*111 115 ,•109 111
25 371s Feb 18
Associated Oil
1,020
45
4312 4312 4312 4332 44
45 4 4312 4412 4312 4312 42
3
684 693
8 663 693
,
4
4 5618 683
8 6678 5832 55
563
8 523 543 25,600 At 0 & W 1 S El Line-No par 37Is Feb 18
8
4
100 38 Feb 27
8 54
5452 5214 5414 6,400 Preferred
554 56 1 53
5614 53
54
555
55
5
100 95 4 Feb 9
130 13152 126 13012 1263 1283 124 12812 1215 12512 1163 1213 39,300 Atlantic Refining
8
2
4
4
4
100 11512 Apr 18
300 Preferred
15118 119 *118 119 *118 119 *118 119
118 118 *118 119
No Par 83 Jan 3
Atlas Powder
300
79
79
15794 824 *80
83
•79
83
79
794 *79
83
100 10213 Jan 20
40 Preferred
*10812 109 j 10812 1084 *10812 109
10812 109 *10812 109
10812 10812
814 Jan 5
No par
8,000 Atlas Tack
16
Mr 15
153
4 144 167
4 1514 16
e
155* 163
e 163 173
2
Vs Jan 3
Nichol/&C° vteNo par
74 74
8
3
74 77
73
2 74
7
712 3.300 Austin,
8
712 73
4
712 8
100 28 Jan 5
400 Preferred
33
*
334 3412 334 334 *30
*31
33
33
33
*30
33
6612June 7
200 Austrian Credit Anstalt
67
*
67
68 1 *67
68
*87
68
67
67
6612 6612 *66
64 Jan 18
No par
15 8 15 4 15
5
3
1578 154 1518 15
1478 144 144 4,700 Autosales Corp
15 2 14
3
50 30 Jan 26
600 Preferred
*3318 35 I *3312 35
334 3312 33
3212 3212
3312 33
33
Baser A---Nel Par 431s Jan 10
49
49 1 .48
483
4 4812 484 48
4814 4714 473 24612 46% 1,100 Autoetr BM
2
900 Baldwin Locomotive Wks_100 242 Feb 10
O241 255 *242 245 245 247 *240 250 *240 250 *240 250
100 118 Feb 23
Preferred
*121 125 •121 125 *121 124 *124 125 *121 125 *121 125
100 Bomberger(L)& Co pref 100 10812 Apr 25
O109 110 *109 110 •109 110 *109 1097 *109 10958 109 109
8
5
No par 25 8 Apr 13
300 Barnett Leather
8
32 I 3114 313 *2812 3114 *283 313 *2853 3114 *2852 30
4
32
4
25 2114 Mar 30
52 23
231
23
23
2212 23
224 223 19,400 Hamadan Corp elan A
4
234 234 2314 23
25 22 Feb 14
10 Class 11
24
323
2312 2312 *2212 2312 *22
4
23
*213 23
2212 24
*
6612 6712 67
683
2 654 663
4
103 107 *101 105
*10412,107
*111 * 112 *111 112 •111 112
325 340
31327 340
319 338
974 *96
*96 5 974 *98
:
974
41
4612 414 464
3914 43
6414
585 607
8
8 5914 638
4 59
438 434
413 4
438 412
52
6814 7012
7014 70 4 684 70
3
9
9 14
9
93
8
014 9 3
5
38 4
7
3 4 34
3
3 4 34
3
2814
*2812 287
a 2812 284 28
6714
663 687
4
2 67
*101 10312 101 101
111 111 *111 112
3143 323 304 321
4
*98
974 9514 9614
2
4612 5014 4012 497
67
8314 6712 62
4
414
414 412
6718 6912 6712 68
87
2 9
8 2 912
7
34 44
412
4
2812 28
2814
28
•Bid and asked prices no sales on this day. x Ex-dividend
a Ex-rights.
85 Apr 62
11112 Apr 13
113 Jan 10
378 Apr 57
9912 Mar 28
5014June 6
6712June 6
5 4 Mar 20
5
747
8May 7
144 Jan 24
478 Apr 27
3114 Jan 26
1113 Mar 14
4
18218June 6
1275
8May 4
1295 Apr 27
4
1634 Apr 19
90 Apr 19
383 Mar 31
4
2314May 24
75 May 25
159 May 9
65 8 Jan 3
7
1914June 5
60 June 4
41 June 4
4918 Jan 27
127 Mar 20
2614May 21
659
8May 21
95 18May 14
147 Apr 30
11112 Jan 3
13712 Mar 31
105 June 4
4May 11
893
114 May 21
1512 Aor 1
75 Apr 2
2073
4June
387
8May
110 May 2
963 Apr 2
4
1553 Feb
875 Feb
8
813 May3
4
4112J une
9912May
125 May 1
7 8MaY
7
74 Mar 2
1133
2June
11712June
115 Jan 31
134 Mar 24
180 Mar 26
116 Jan 13
51 June 4
11712May 14
25 Feb 7
90 Jan 3
95 May 14
1523 Mar 30
4
1383 Feb 21
4
85 Apr 12
687
8June 1
45 May 14
61s May 28
119 Jan 6
20314June 4
142 Apr 20
17412 Apr 13
120 June 5
704 Jan 11
120 Feb 29
7814 Jan 12
1104May 31
6213 Jan 7
32 Jan 17
211 May 17
176 Jan 3
177 Jan 3
126 Apr 20
1265 Jan 3
4
115 Mar 31
4May 4
703
106 Apr 13
243 Feb 14
4
6214 Feb 14
1912 Feb 9
4854 Mar 1
4May 16
323
98 Apr 11
8June 4
749
97 May 9
11514 Mar 16
9712June 7
2114June 6
1312May 11
9112June
5134 Apr 2
34 4 Apr 19
3
443 Mar 30
8
114 Mar 19
483 Jan 23
4
113 8 Apr 3
9
11912 Jan 27
4,6i2May 2
599
8May 21
5614June 4
8May 1
1399
11814 Jan 3
101 Mar 23
11012May 31
1732June 6
214May 14
39 Jan 21
75 May 9
3May 25
175
373 May 25
4
5212May 1
285 Mar 31
12454 Apr 11
1117 Jan
4
52Is Feb 1
264 Apr 30
9714 A pr 30
8214 Mar 1183* Nov
109 Aug 1134 Feb
Jan 210 Nov
124
943 Nov 961s Dee
4
5
7 8 Oct 15 4 Feb
5
224 Oct 4554 Nov
21 June
4
61s Sept
71, JZ112.e
1 June
18 Apr
98 June
131
Jan
120 Mar
88
Jan
1138 Nov
68 Dee
2715 Apr
8
84 Apr
2814 Apr
41
Jan
5612 Jan
154 Oct
35 Dec
13
Jan
3512 May
11714 Feb
514 Aug
40 Aug
435 Mar
8
128
Jan
95 July
124 4 Oct
3
9811 Dec
Jan
36
90
958
384
127
187
s
8612
Jan
Apr
Aug
Jan
Feb
Feb
1324 Mar
214 Feb
32 Sept
102 Bent
16914 Sem
124 Aug
118 4 Dec
5
244 Feb
108 Feb
375 Feb
2
2112 Dee
723 Dee
4
98 Nov
65 Bern
23% May
6018 Jan
26 4 Oct
5
48 July
128 Mat
394 Jan
98 Feb
775e Dec
1414 Dee
111 Dec
134% June
103 Sept
4
743 Nov
110 Dec
1514 Nov
5712 Nov
183 Nov
31 Des
1095 Des
4
73j Apr 12 "Eici
7;
68 Mar 1364 July
304 Jan 71 Nov
253 Oct 32 Aug
4
Jan 9613 May
84
37 Mar 724 Dec
10
Jan
4 June
6018 Dec 904 Jan
204 Apr 7212 Nov
4658 Mar 924 Nov
9914 Oct 116 May
11912 Feb 127 July
7314 Jan 18812 Dec
Nov Ws; Dec
2018 Dee
84 Nov
Jan
54
11013 Jan
8712 Apr
354 Jan
42 July
387 Oct
8
212 Oct
Jan
80
1324 Jan
11914 Mar
1194 Jan
9413 Jan
6113 Apr
11014 July
8514 Nov
104 Nov
4115 Jan
26 Apr
1494 Jan
Jan
120
1194 Jan
1104 Jan
1194 Nov
10714 Feb
48 Aug
2
997 Oct
184 June
467 June
s
94 May
25 4 Apr
5
5 4 Sept
5
35
OM
4114 June
38 Mar
Jan
106
79
Oet
814 May
6 Dec
(SO
Apr
21 Apr
22
Jan
4054 Dec
1094 Nov
3912 Feb
074 Mar
105 Mar
Oct
35
304 Mar
295 Mar
4
104 Dec
11512 Feb
5614 Mar
Jan
98
714 June
414 Mar
234 Dec
7214 Dec
44 Mar
28 May
43 Nov
143Ig Jan
Jan
116
1064 Mar
Jan
40
203* 00*
201s Oct
4314 June
1104 Mar
734 Oct
1477 Bent
4
11614 Nov
824 Dec
64 11 Nov
7
51 July
6 4 Jan
5
123 4 Nov
5
1883 Dec
4
133 Dee
1465 Nov
4
10813 Oct
5
72 4 Dec
115 Jan
95 4 May
5
1164 May
884 Oct
365 Aug
4
18512 Oct
189 Nov
186 Nov
120 Dec
146 Feb
116 Sept
724 Sent
10312 Dec
334 Jan
8612 Jan
2414 Oct
574 Aug
1014 Feb
5114 Feb
6013 Dee
63 Dec
11313 Dec
9614 Feb
157 Jan
3
91s Jan
8614 Jan
55Is Nov
32 June
545 Jan
a
11412 Nov
535s Nov
112 De°
°
11‘ De
6014 Feb
4311 Nov
414 Nov
1314 Aug
119 Aug
70 June
107 July
124 Ape
104 Jan
Jan
61
805 Nov
1
11 Des
4214 Des
467 Nov
s
265 4 &Mt
1
12514 Ally
1107s Dee
s
597 Feb
1154 Feb
3211 Feb
New York Stock Record-Continued-Page 3
3563
For sales during the week of stocks not recorded here, see third page preceding
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday,
June 2.
Monday,
June 4.
Tuesday,
June 5.
IVednesday, Thursday,
June 7.
June 6.
Friday,
June 8.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
Lowest
$ per share
per share 3 per share Shares Indus. lir Were!.(Con.) Par
per share I per share S per share
•115 120
118 119 '.117 119 .117 119 •117 11834 117 117
No par
:300 Bayuk Cigars. Inc,
10812 10812 •108 109 I 108 108
10812 10812 .108 109
108 108
100
140 First preferred
173 17%
4
1614 1758, 1618 1612 153 1612 153 157
4
4
1534 16
No par
11,500 Beacon Oil
70
80
78
79
8 7818 79
7914, 7714 773
785
20
7712 7712 2,500 Beech Nut Packing
1812 1812 1812 183
18
1818 18
177 18
4 1814 183
18
8
3,000 Belding Elem'way Co_ No par
•90
91
89
*8612 89 .8612 89
9014 9014 *87
8612 8612 7,400 Belgian Nat fly, part pref___ _
683 69
4
68
693
4 6718 68
6734 6834 6718 67% 66
67
No par
4,200 Beet & Co
62
81 6012 613
62% 605 627
*
4 6012 623
4 5918 603 79,100 Bethlehem Steel Coro
4 6012 613
100
4
121 121
12112 123
12112 1213 12112 12112 121 12114 120 12114 3,700 Beth Steel Corp pf (7%) _100
4
.36
36
36
3612 36
3712 36
36
.36
3612 35
36
2,000 Bloomingdale Bros__ __No par
.11012 111 •1097 Ill
1097 1097 111 111 .10912 111 *10912 111
8
8
100
30 Preferred
95
95
95
96
95
96
9512 95
9618 9612 9612 964 1,010 Blumenthal & Co pref
100
7612 7312 7412 7314 74
.7512 77
7512 768 735 7514 75
5,600 Bon Ami, class A
No par
7
1
612 612
77
77
67
8 712
634 7
7 4 83
4
834 48,300 Booth Fisheries
814
No par
•40
46
478
46
2 3,400 let preferred
467 4738 47
8 4612 46'
100
493
4 46% 463
16534 170
170 170
163 16712 165 167
16418 165
163 164
4,100 Borden Co
50
*17
18
•163 18
4
.163 18
4
*163 18
4
.163 18
4
1612 163
200 Botany Cons Mills class A _ _50
4
39% 4214 3812 4234 3714 3912 3818 41
3712 3914 355 377 369.000 Briggs Manufacturing_No par
87
8
7
64 67
513 53
8
6
61g
4 4,200 British Empire Steel
634 612
53
4 514
100
93
*9
9
914
878 87
8
83
4 9
8% 8%
7% 8% 1,800 2e1 preferred
100
2523 2523 249 254
4
4
249 252
249 250
24912 252
247 24812 5,200 Brooklyn Edison, Inc
100
•148 150 I 14912 151
151 151
152 152 x150 1513 .145 150
4
4,000 Bklyn Union Gas
No pa
.4812 49
.4812 49
484 4812 4814 49
4712 49
4612 4712 5,900 Brown Shoe Inc
No pa
46
4714 441g 4714 45
4714 4514 463
4512 44
451s 40.200 Brunsw-Balke-Collan'r_No pa
4 45
4212 447
4
44 447
42
40
4112 x39% 4014 12,200 Bucyrus-Erie Co_
438 4134 427
I
50
507
8 473 507
4
483 4934 4712 48%
4
4834 497
1
47% 17,500 Preferred
125 12512 *12014 12112 12434 12478 1245, 12434 1243 124% X46'1 124% 1,800 Burns Bros new clAeomNo pa
4
12014
418 43 I 40
4
435* 4018 417
3712 4012 393 4012 397 403 21,300 New class B com___ _No Da
4
8
4
1073 10812 108 108
8
107 107 .10634 108
108 108
100
230 Preferred
108 108
.158 160
1583 1583 158 158
4
4
15812 15813 *158 15812 158 158
600 Burroughs Add Mach__No pa
5712 573
4 57
5714 57
58
55
5634 5512 559
573
4 4,000 Bush Termina, new____No pa
4 54
•11134 112
1113 113
4
11134 114
114 114
114 1143 112 1133
4
100
600 Debenture
4
•117 119
118 118 *117 119
117 11812 11812 119 •117 118
130 Bush Term Bldgs, pref
100
9
912
818 912
8
83
4
8
814 87
8%
7% 8 4 32.700 Butte Copper & Zinc
,
7 59
5712 59
50
58
53
57
5812 56
56
34,100 Butterick Co
10
623
4 56
15
1534 1312 1518 133 1414
4
133 1434 1134 13% 13
4
1
133 14.400 Butte & Superior Mining
4
76
7612 75
7512 *73
75
*7212 75
72
73
6914 713
No pa
4 2,900 By-Products Coke
1037 104
8
1027 10712 10218 107
8
1063 1097 105 109% 10112 108
4
8
No pa
69,500 Byers & Co(AM)
•11112
____ 11212 11212 *11112
_ •11112
*11112
10
20 Preferred
7434 745* 744 744 733 7418 74 - - -14 7318 74
4
74
72
73
5,200 California Packing_ __No pa
03112 32
32 32
*3112 3214 3114 3114 *30
3112 2912 29,
2
400 California Petroleum
2
37
4
4
434
414
43*
418 414
33
4 4
3% 44
12,800 Callahan Zino-Lead
1
10418 10818 10212 106, 10218 10334 10234 1047 10112 1035 x9834 10112 17,100 Calumet Arizona Mining
8
8
8
10
245 243
8
4 24
247
8 24
2412 2334 2434 2312 24
25
223 2 12 22,400 Calumet & Reda
4 3
7812 797
8 7718 807
, 7612 8012 7812 82
7818 SO's 7734 7912 47,000 Canada Dry Ginger Ale.No par
324% 327
319 334
313 329
325 333
316 32112 310 314
100
17,800 Case Thresh Machine
132 132
•I30 133
130 130 .125 132 *125 132 *125 130
100
500 Case Threat! Mach pref..
3712 383
3618 3818 3512 363
4 353 377
4
8 3512 363
4 3518 36
32,300 Central Alloy Steel
_No par
1412 141
14
14
.133 137
8
1312 1312 1312 1312
13
13
600 Century Ribbon MilleNo par
8212 821 •8212 87
*8212 89
824 8212 *8212 87 I *8212 87
100
20 Preferred
767
7412 773* 73
74
7412 74
75
7255 7414 7134 723 54,300 Cerro de Pasco Copper_No Par
4
49% 501
4812 5014 4718 50
4812 515* 4855 4912 4812 4918 36,600 Certain-Teed Proclucts_No par
97 97
*9612 97
*9612 97
97 97
*9612 9712 '9612 9712
100
200 7% preferred
75
75% 77,
76
7414 75
74
74
74
74
74
74
3,600 Certo Corp
No par
11
11
95 11
8
1012 1013 1012 107
8 10
1012
97 10
8
5,700 ChandlerClevelandMotNo par
1974 197
18% 2012 18
1812 1858 19 4 1818 1812 1714 18
3
No par
6,700 Preferred
.74
75
7312 7414 7314 7313 723 731
4
725 73
8
x7114 72
8.300 Chesapeake Corp
No par
•12812 131
130 131 •127 130 •126 130 •126 130
1261g 12618
300 Chicago Pneumatic Tool__ 100
•31% 333 *323 332 323 33
4
4
323 33 '323 3314
4
4
318 323
4
400 Chicago Yellow Cab
No Par
4512 48
4714 49
47
477
47
4812 47
4812 10,900 Childs Co
4834 49
No par
44
447
4314 455* 4314 4434 243
44
4212 433
4214 43
34.900 Chile Copper
25
.94 100
90
90 .90
95 .90
95
90
90
88
90
900 Christie-Brown tem etfeNo par
827 85
8
8018 85
3
79
823* 797 834 7918 813
8 7834 795 270,1001Chrysler Corp
No par
1153 •1153 1167 •1153 1163 •1153 1163 *1157 1163 '1153 1163
1153
4
4
8
4
4
8
4
4
4
4
4
200 Preferred
No par
.54
547 *54
8
547 554
8
5434 *54
547 554
517
8
City Stores class A
No Par
943 95
967 97121 0514 9712 9818 993
8
98% 9914 99 102
8
26,600 Class 13
No par
023 9312 9014 923
4
4 873 88
4
88
8912 86% 88
87
88
2.800 Cluett Peabody & Co No Par
•12012 121 *120 121 1*120 121 *120 121
120 120 •120 121
100
20 Preferred
1697 170
8
167 1703 166 16712 16612 168
4.
16618 168
16412 16612 6,900 Coca Cola Co
No par
75
75 8 7212 763
3
8 73
75
72% 74
72% 75
7014 7312 13,400 Conine & Aikman new-NO Par
*9714 98
973 973 .98
99
973 978 9714 97 4 •98
99
,
300 Preferred
100
76
7684 7212 75
7112 733
4 71% 7414 71% 733
72
4 69
21,900 Colorado Fuel & Iron
100
90 90
90
90
8812 89
8812 8812 88
8812 87
88
2,500 Columbian Carbon v t eN6 par
11318 11412 11112 1147 11014 113
8
11112 11378 110% 112% 1093g 111% 58,100 Colum Gas .4 Elee new_No par
107 8 107 8 1083 10812 10912 10912 *109 10912 109 10914 10912 10912 1.000 Preferred new
7
7
8
100
8 83
8414 8012 823
8355 837
* 8018 8184 7812 80 2 7712 79% 17,300 Commonwealth Power_No par
,
33
3234 33
33
3212 3234 327 33
8
3114 3212 3112 3214
5.100 Commercial Credit____No par
.255 26
8
26
26
25
26
*26
2614 26
•26
26
2614
120 Preferred
26
*26 4 27
3
263 263
4
4 263 27
4
267 267
27
8
2512 26%
8 26
350 Preferred 13
25
927 943
8
*931 94
.
4 923 94
8
9212 923 *9212 93
*9212 93
4
390 let preferred (6)4%)
100
71
71
69
7014 68 68
*68
7012 6818 6818 68
68,
8 1,400 Comm Invest Trust_ __No par
•108 10812 *106 109 *106 109 •106 10812 *106 10812 *106 10812
7% preferred
100
•90
9712 *95
9712 *95
9712 *95
9712 *95
9712 943 95
8
200 Preferred (634)
100
165 170
170 170
164 16412 1643 1643 163 16512 163 163
4
4
2,900 Commercial Solvents__ No par
64
643 65
644 6212 64
4
63% 64
62
6312 62
62
2,100 Conde Nast Publica___No par
2812 2814 2618 2714 2614 27 2 2512 265
2712 28
8 254 2614 40.200 Congoieum-Nairn Inc_ _No par
,
7534 74
74
7412 74l
74
*725 74
8
723 73
4
734 737
8 4.100 Congress Cigar
No par
93
99
08'i 93
023 95
4
9314 95
9218 943
4 8914 9214 49,700 Consolidated Cigar
No Dar
9918 997 100 10018 *9912 100
9912 9912 993 993
4
9912 993
4 3,000 Preferred (0)
100
17
8 2
138 218
2
214
214
23
8
2
21
2
214 8,900
166 1573* 154 15734 154 1583, 1543 15712 154 1561 1503 15414 107.800 Consolidated Distrib'ersNo pa
4
4
Consolidated Gas(NY)No pa
101% 10212 1015, 1013 10134 1013 *10112 102
4
102 102
4
10112 1013
4 4,800 Preferred
No pa
4
4
37
4
4 18
37
8 418
4
3% 4
312 33 24.200 Consolidated Textile_ No pa
4
8 32
325
3212 3212 3212 335
8 323 33
4
317 323
,4
3218 3212 9,700 Continental Baking elANo par
51
512 55,
534
5's 5
5% 5 2
,
5% 51
518 5
% 13,500 Class B
No par
4
8212 8212 823 83
8112 82
82
8212 8112 821
81
81
3,200
10
10818 1083 105 1093 10414 1057 105 10712 104 1063 10014 1041s 42,400 Preferred
4
4
8
Continental Can, Inc_ No pa
.1253 12612 *1253 12612 .1253 12612 .125 4 12
4
4
4
3
4
612 *1253 1263 •1253 12612
4
Preferred
100
7 9018 89
897
8 88
89
8812 89
8915 874 88
86
87
7,300 Continental Ins temp ctfs __ 10
4
4 123 133
1212 13
1314 133
123 1318 124 13
4
1212 123 27.200 Continental Motors_ .No par
4
7712 7512 76
7718 7712 76
7514 7612 743 751
4
72% 75
26,100 Corn Products Refining__25
s
•14434 1447 14514 14514 *1443 14514 145 145
4
145 145
144% 145
1,100 Preferred
100
170 175 I 1675 170
171 174
8
1737 176
174 188 •175 178
8,400 Coty, Inc
No par
8412 8512 85, 853
85% 85% 843 86
4 83% 8414 8314 84
3,600 Crucible Steel of America 100
120% 12012 121 121
121 121
120 120
121 121
12012 12012
700 Preferred
100
283
4 26% 287s 27
27
28
2634 28
2612 273
2512 26% 23,200 Cuba Co
No par
.612 7
*63 __ --I
8
65
, 63, .63
8 7
'6% 63
614 6%
1,200 Cuba Cane Sugar
No par
281g 2812 273 28
297
4
.28
263 27
4
263 273 *2512 26
4
8
4,700 Preferred
100
2212 23 I 22
2214 22
224 23
223
* 21% 22
2114 21% 8,200 Cuban-American Sugar
10
•10212 10412 *103 10412 103 103 *103 10412 1021g 10218 •102 103
200 Preferred
100
*1014 1134
*1014 12
912 10
912 912 1,900 Cuban Dom.c.an Sug
10
10
.912 10
newNo par
66% 68% 6512 7014 67% 703
65% 67%
4 663 68
4
6512 6712 37,500ICudahy Packing new
50
11858 13118 12014 1303 124 129
128 130
4
12314 12734 121 1258 43.600 Curtis Aer & Mot Co__No pa
4
•I43 --- •I43
- - -- 1 Preferred
100
19113 195
186 198 *15i" 64- '189 199
•189 193 •I9112 193
1,9001Cushman's Sons
No pa
4
4
12412 12412 •I23 1243 1243 1243 *123 125 *123 125
4
123 123
301Cushman's Sons prof (71_100
54
5212 52,2 5312 5312 53
5312 54
533 54
8
533g 5312 2,800 Cuyamel Fruit
No par
49% 49% 62
52% 48
50% 51% 49
4814 513
4 46
4878 28.300 Davison Chemical v t o_No par
126 12614 12512 126
12512 126
126 126
12514 12514 12412 125
240 De.re & Co Drel
100
4
20912 2093 202 205
2023 203 202 20234 199 201
207 209
4
8,700 Detroit Edison
100
5218 5414 517 53% 53
54
4
63
*53
52
52
51
513* 1,900 Devoe & Reynolds A__No par
*116 117 •116 117 •I18 117
*116 117
116 116 .116 117
201 let preferred
100
152% 152% 151 151
151 151
150 151% 14912 15018 149 14912
400 Diamond Match
100
1512 16%
1512 1612 16
4
1618 163
1612 153 1618
4
1513 16
83,600 Dodge Bros Class A ____No par
8012 75
793 8214 77
4
773
4 75
7912 75
7612 74
757 72,300 Preferred certlf
No par
914 012
914 9%
912 912
9
914 912
93
8
9
918 4,400 Dome Mines. Ltd
No pa
64
64, 63% 647
1
65% 64
6518 66
631s 6114 6212 2,900 Dunhill Internatlonal No par
8 63
•10412 105 •104 10412 •10212 104 *102 10412 •10I 103 *100 103
1Duquesne Light 18t pref___100
18218 18218 179 18214 178 17918 180 18212 17812 181
178 17812 6,000 Eastman Kodak Co____No pa
•130 132 •12812 132 •12812 132 •12812 132 •130 132 "130 132
Preferred
100
8 39
4 3112 397
4012 3712 3874 3612 38
4012 41% 38% 413
54.000 Eaton Axle & Spring-No Da
391 40512 390 394
390 394
384 393
393% 398
:IRS 388
10.700 E I du Pont de Nem new_No pa
119 119 .1187 119
119 119
4
•1187 119
11812 11812 1187 1187
4
8
,
500 6% non-vot deb
100
1
•MCI and asked Woos 50 Sake CO Okle lags I 83-dlyklen0. a Ea tights. S/13-44.,r4o.til.
PER SHARE
Range Since Jan. 1.
On basis of 100-share iota
g per share
101 14 Jan 18
1073
87.lay 14
1214 Mar 16
713 Jan 17
8
177
oJune 8
8514 Feb 18
4
533 Jan 19
5518 Jan 20
119 Mar 8
35 Mar 2
10912 Jan 11
8734 Apr 30
8514 Jan 3
514 Jan 4
4114 Mar 14
159 Feb 20
161*June 8
2118 Feb 4
118 Jan 10
214 Jan 5
2064 Jan 10
145 Feb 20
4612June 8
2712 Feb 20
2412 Feb 1
333 Feb 17
9312 Feb 17
8
157 Mar 8
973 Feb 21
139 Jan 14
54 June 8
10714 Jan 4
11418 Feb 15
418 Jan 19
45 Feb 7
9 Jan 11
65 Mar 1
9013 Jan 18
1085, Apr 13
71% Mar 3
2514 Mar 16
13 Mar 8
4
89 Feb18
2018 Jan 1
8
547 Jan
247 Jan 21
126 Jan 31
2818 Mar 2
1112 Feb 18
8014 Feb 21
584 Jan
4May 2
403
97 June
71 May 3
512 Feb 2
14 Mar 1
714June
125 Feb 20
3014 Mar 2
37 Apr 1,
3738 Mar
85 Jan
5484 Jan 1
113% Jan
5114 Jan 1
62 Jan 5
7712 Jan 10
11818 Mar 21
127 Feb 20
67 May 17
9714Slay 28
6812 Feb 27
8612 Apr 20
8912 Mar 15
1074 Feb 28
624 Jan 11
21 Feb 20
23 Feb 3
23 Feb 7
873 Feb 2
4
4
553 Mar
99 Jan 27
943
8June
15318 Feb 3
48 Jan 1
23% Feb
67 Feb 18
7912 Jan 20
9638May 16
74 Jan 21
8
1193 Jan 10
10118 Feb 16
34 Feb 9
2612 Apr 10
334 Apr 10
73 Apr 10
8014 Jan 10
123 Jan 5
75 Feb 15
10 Mar 13
8
643 Jan 3
13812 Jan 16
123 Jan 3
8314June 7
11212 Mar 16
22 Apr 4
6% Feb 16
24 Feb 18
1918 Feb 18
10112 Feb 16
912Nfay 31
54 Jan 3
53% Feb 27
117% Jan 5
1443 Jan 13
114 Jan 11
5014May 10
34% Feb 18
1154 Feb 1
16612 Jan 11
40 Jan 3
108 Jan 9
1343 Jan 18
8
1512June 4
6818 Feb 18
812 Apr 23
554 Jan 9
10412June 1
163 Feb 20
125 Mar 7
26 Jan 11
310 Jan 10
115 Mar 9
Highest
PER SHARE
Range for Presloas
Year 1927
Lowest
Highest
$ per share 5 per share
per shim
14012 Mar 1
494 Jan 109
Dee
1103 Mar 28 101
8
Jan 110 Aug
Apr 25
14
2014
Oct
1814 June
8312 Feb 0
504 Apr 744 Nov
1512 July
22 Jan 12
2714 Jan
9212May 14
Ws; 14
7178 Apr 27
Nov5934
43% Jan 6612 Sept
695, Apr 14
125 Apr 13 104% Jan 120 Dee
34 June 52% Nov
444 Jan 8
11112 Apr 5 1094 Jan 114 Nov
98 May 14
Jan 95 Dee
44
5318 Jan 69% Dec
4
783 Jan 27
838 Apr
44 Sept
4June 6
83
36 Sept 574 May
49 Jan 11
187 Jan 11 16712 Dec 169 Dee
18 May 3012 Sent
23 Jan 4
423811ine 4
8
1912 Sept 383 Feb
2 De
914May 25
12 Apr
74 De
Apr
1
12 Feb 1
28814 Apr 13 14812 Feb 225
Dee
89% Apr 15712 Dee
15914 Apr 14
3012 Feb 5014 Dee
5512 Apr 5
8May 16
4
513
8
257 July 387 Jan
8June 2
507
8May 14
543
12512June 2
June 1255* Jan
1614 Mar 34 4 Jan
4338June 4
3
Jan
90 June 100
10812May 29
185 Feb 3 290 Mar 145 Dee
29% Jan 69 Nov
6714 Apr 13
115 May 21
9114 Jan 11174 Dec
119 Feb 4 1035, Feb 120 Aug
35 Mar
10 May 28
518 May
Oct 61% Feb
64
6712Nlay 15
73 Nov
1634May 21
1155 Jan
Jan 9212 June
66
8014Nlay 21
Jan 1025* Dec
62
1174 Jan 27
1124 Jan 14 1053 May 11213 Dec
4
6014 Apr 79 Dec
79 4 Apr 13
3
3234 May22
114 Sept -Ws "ii;
53 Apr 30
8
6112 June 1234 Dee
12014 Jan 3
,
1414 July 248 Dee
2514May 2S
36
8612May 8t
Jan 6018 Aug
Jan 28314 Oct
334 June 4 132
Feb 129 Dec
13512 Mar 30 111
24
Apr 33 Apr
403 Slay 24
4
ups Jan
173 Apr 4
8
16% Aug
Jan 883 Dec
4
70
92 Slay 15
773
0une 4
58 June 724 Dee
3
42 Jan 55 Stay
643 Apr 28
8
100 Stay 21
65 Dec - 7- Aug
78 8
7712June 2
44 Nov
14 Mar
1312May 15
13 June 2814 Mal
253
8May 15
2
645* June 887 Oct
81% Jan 6
14114 Jan 30 1204 Jan 1374 Mar
Oct
38 July 47
43 Jan 14
4834 Ma. 655* Aug
5212 Jan 7
8
3318 June 443 Dee
4512Nlay 28
8
347 Jan 907 Dec
131 Jan 23
8
3818 Jan 6312 Dec
8812alay 29
8
117 Mar 12 1023 Apr 116 Dec
484 Mar 54 Dee
54 Mar 12
4112 Apr 6412 Dee
102 June 8
51 June 844 Oel
1093 Apr 5
4
1244 Mar 19 11114 Jan 12514 Nov
,
4May 15 4954 Apr 19912 A01
1773
86 Aug1131s Dec
1113 Jan 3
4
14
109 Jan 3 10212 Sept109 Dee
July
8411 Jan 31
4234 Jan
687 Jan 1014 Nov
9814 Jan 24
*
8274 Feb 984 May
1183
8May 16
994 Jan 11018 Dee
1104 Jan 3
8712May 8
£852 May 783 Gel
4
3538May 4
14 June 2412 Dec
17 June 244 Sept
27 May 8
187 June 25 Dee
4
273
4MaY 11
69 July 895* Dec
96 Mar 16
4118 May 62 Dee
74 Apr 17
9412 Sept 102 Dec
109 May 14
86% July 9814 Dee
9712May II
1894 Mar 28 145 Nov 203 Sent
39 Aug 53 Dee
65 June 2
1714 Jan 295* Dec
3111 Apr 17
47 Mar 8812 Dee
8
817 Jan 3
7414 Oct 86114 July
99 June 4
4
1023 Apr 18
2l Feb
-_ 1 Oct
3 May 18
94 Mar 12534 Dec
17014MaY 7
83 Mar 103 Dec
105 Mar 28
318 Mar
71s June
6 2 Mar 28
3
3312 Apr 747 Jan
534 Jan 13
104 Jan
4 May
6 Jan 13
1
72 Apr 97 4 Nov
9612 Jan 20
8
5855 Apr 867 Dec
1147s Apr 16
Jan 128 June
128 Mar 26 120
7412 Dec 931 Dec
9478May 15
13% Jan
8% Nov
8Slay 8
147
Ws Jan 68 Nov
8
827 Apr 13
Jan 14214 Dec
14634 Apr 10 128
Jan 123 Dec
58
188 June 7
7612 Oct 9684 Mat
93 Feb 7
Jan 115 Sept
121 May 11 103
1812 Aug 3414 Jan
287
8MaY 8
Oct47
104 Jan
/
1
712MaY 12
505* Jan
8
283 Nov
323 Jan 12
8
187 Nov 2812 Jae
8
2414May 25
974 Nov 107 Aug
108 Feb 1
Jan
1012 Nov 18
12 Jan 4
72% Feb14
1923
4May 16
14318 Apr 18
198 June 6
125 Jan 20
55% Jan 20
8May 1
563
12634Nlay 15
20934June 4
61 Apr 16
120 Slay 16
161 Feb 2
2418 Jan 4
86 May 31
1312 Jan 6
76 Mar 29
11612 Mar 3
186 May 14
134 Apr 3
4June 4
413
40512June 4
12112May 8
434 Apr
451s Nov
111 Nov
103 Apr
Apr
107
Apr
30
2614 Apr
10512 Jan
1334 Jan
3612 Aug
Jan
101
115 Feb
1314 Oct
5612 Oct
7 June
49 Aug
1144 Mar
12814 Jan
11914 Jan
2114 Gel
168
Jan
10512 Feb
583 Sept
4
695* Dec
118 Dee
Oct
152
125 Dee
5312 Oct
484 Dee
12512 Nov
1704 Dec
8
427 Dee
1144 Dee
14755 Sept
274 Jan
85 Feb
144 Dee
624 Oct
11734 Nov
17514 Sept
1314 Orit
295* June
34372,
024
118 Dee
New York Stock Record-Continued-Page 4
3564
For sale, during the week of stocks not recorded here,see fourth page preceding
HIGH AND LOW BALE PRICES
-PER SHARE, NOT PER CENT.
Saturday,
Juno 2.
Monday,
June 4.
Tuesday, 'Wednesday, Thursday,
June 5.
June 6.
June 7.
Friday,
June 8.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
$ Per share S per share
per share $ per share Shares Indus. & Mace!.(Con.) Par
per share
Per share
•19 20
18
1814 19
18
1814 174 17% 1,400 Eleenlohr & Bros
18 •1814 19
25
5,900 Electric Autollte
203 205 19834 2043 195 198
191 195
192 194
No par
196 196
4
15% 42,8 1512 1714 154 16% 1512 17% 157 16% 1512 16% 129,600 Electrio Boat
1638
8
No per
4114
393 48,500 Electric Pow & LI
4
39
4178 383 40% 394 40% 38% 393
No pal
4 38
4
110 1101 2,300 Preferred
4
/
4
.10934 110 10912 10934 109% 109% 110 110 109% 110
No par
Electric RefrtgeratIon__No par
2
811* 83
805* 811* 80 80s X78i4 797 1- :goo Else Storage Battery No par
805 if
80 * 83
5
500 Elk Horn Coal Corp__.No par
7
7
74 718
712
*73g 8
7
7
*7 8 7 4 *7
,
3
13
8.000 Emerson-Brant Class A.No par
13
13
1512 1234 144 1312 14% 12
123 14% 14
4
*30
31
31
*30
31 *30
31
*30
Emporium Corp
*30
*30
31
31
No par
2,100 Endicott-Jobneon Corp___ 60
8118 8114 8114 8112 8118 8114 8012 81
81% 814 8112 82
100 Preferred
100
•125 1274 *125 12718 *125 1271s •125 12718 125 125 *12434 12512
41
424 10.900 Engineers Public Serv_No par
42 42% 414 42
41
42
424 423
4 4214 43
200 Preferred
4
No par
4
4
4
*11034 ---- 11044 1103 11034 1103 *1103 ---- *110% 110% *1103 110%
Erie Steam Shovel
1,200 Equitable Office Bldg__No par
134 134
13412 137
13414 13414 1347 137
138 138
*135 139
713* 3,500 Eureka Vacuum Clean_No par
7212 7212 70
*71
73
72
7414 7314 7314 *70
*74
400 Exchange Buffet Corp.No par
*20
21
21
*204 21 *204 2012 2018 2018 2014 2014 *20
427 4278 2,700 Fairbanks Morse
No par
s
4214 43
424 424 4212 43 *421 43
*4212 43
60 Preferred
10814
100
.10814 109 *1084 109 *10814 109 *10814 109 10814 10814 108
59,700 Famous Players-Lasky..No par
8
8
s
1284 1317 127% 131 , 12718 12812 1277 1295* 12712 1294 312434 1277
554 5434 5512 8,900 Federal Light & Trite
547 547
15
5514 5512 55
5434 55 ! 5412 55
10 Preferred
No par
10612 10612 104 104 *104 107 *105 107 *105 107
*104 107
Federal Mining & Smeit'2.100
*125 140 *125 140 *125 140 *125 140 1+125 140 *125 140
300, Preferred
100
4
*974 9812 9812 9812 *9712 9812 *9712 9812 *9712 9812 973 9714
2218 227
* 22
22% 12,300,Federal Motor Truck_ _No par
2312 23% 23 24% 2214 2318 2234 23
5,200'Fidel Phen Fire Ins N Ynew 10
86
8712 8514 86
89
9118 89 9114 877 883* 87
*91
420'Fifth Ave Bus
15
15
147 15 *13
No par
15
15
4
133 *13
*1234 1518 13
No par
337 3412 3312 3412 17,400 First Nat'l Stores
363* 3412 358 t3414 35
368 3712 35
1412 17,000 Fisk Rubber
1412 '14
No par
14% 15
145* 15 , 1412 1478 1412 1478 14
1,700 1s5 preferred stamped___100
85 85
86
86 *854 86
* 86 86
891s 894 88 893
100 1st preferred cony
100
90 *80 90
895 895* *88
*89 90
8
*8912 90 *885 90
70% 7112 6912 7012 40.600,Fleischman Co new..._No par
7212 7234 7112 7258 70% 715* 7114 72
No par
4814 4712 4714 46
4912 494 484 4834 48
*4912 52
4612 1,200 Foundation Co
87 88% 854 873
.
8 84% 857 83,800 Fog Film Clam A
No Par
7
89 8 9214 87 8 so 8614 89
5
6712 68
7012 743* 106,600 Freeport Texas Co
721
No par
64% 6614 6514 6712 85
7O's 743
Fuller Co prior pref.__ _No par
*105 108 *107 108 *107 108 *107 108 '*10612 108 *106 108
3,100 Gabriel Snubber A
8
No par
18
•1888 1914 187 1938 1812 193* 1834 18341 1818 1812 18
13
1314 26,100 Gardner Motor
No par
1412 1478 1414 1512 133* 1418 1312 1412 1314 14
7,700 Gen Amer Tank Car
74
No par
7212 74
747
8' 7318 743
75 753* 73 75
76
76
100 Preferred
100
*111 112 *111 112 *11-1 112 1114 11118 *111 112 .111 112
4 76
s 8418 8518 80 86
100
7814 823
793 39,500 General Aapbait
4
87 8714 84% 877
11934 12212 1,400 Preferred
122 122
100
132 132 •127 135 1 12812 12812 125 128
10 General Baking prel.--No Par
150 150
*143
*14112 •141 ____ *141 ____ *141
28
28
No par
2612 2714 2612 2612 3,700 General Cable
29 I 2714 28
28
30
SO
No par
7034 7112 70% 7112 8.800 Class A
744 763
7212 7412 707 74
78
s
76
664 6634 654 665
8 654 6534 654 65% 4,300 General agar.Inc new _No par
665* 67
20 Preferred (7)
100
•11532 120 •11534 130 11712 1174 *11712 1295* *11712 1295* *11712 129%
400 Gen Outdoor Adv A __ _No par
*5434 55
55
5512 55
554 5514 *55
*5512 5612 55 55
4.000 Trust certificates__..No par
4112 4178 41
4112 4012 41
4112 4112 4118 42% 4112 42
NO pa
15514 16214 155 1584 1543 15912 15212 15712 1574 154 117,000 General Electric
1624 164
11% 11% 4,200 General Electrto 'special_ _ __10
.1132 1132 1132 1132 1132 1112 1112 115* 1112 12
457 46 *45 46
600 General Gas & Else A No Par
46
4512 4512 46
4572 45/2 *4572 46
Uen Gas & Elea of A (7) No oar
*113 120 *113 120 *111 120 •111 120 .111 120 *111 120
300 Preferred A (8)
No par
135 135 *135 138 •135 137
135 135
*135 137 *135 137
Preferred B (7)
No par
*111 113 0111 113 *111 113 .111 113 *106 113 *106 113
1884 19432 18914 19414 1893 1923 188% 191% 1044000 General Motors Corp new.-25
4
4
19312 200 18934 202
2,100 7% preferred
100
12512 126 12534 1253 126 126
4
•128 121312 126 12618 126 126
5 97
..No par
92 944 48,200 Gen Ry Signal new..
/
4
944 964 941 96
94
94% 98
938 98
1
7 5612 54
5512 6,000 General Refractories_ __No par
5614 55
5512 53
58
5814 67
50 50
18,100 Gillette Safety Rasor-No par
102% 104
8
10614 106
/ 10414 10714 10312 1053 104 10514 103 104
1
4
573 111,900 Gimbel Bros
8
No par
5234 578 55
53% 57
55
5612 52
534 564 61
8 2,300 Preferred
100
10014 1033
983 100
4
99
99
7
8 98 8 99
/ 984 987
1
4
984 98
No par
247 2538 2414 2518 14,400 Glidden Co
2518 253* 2514 255
4 254 26
2514 264
260 Prior preferred
100
10314 10338 101 10314 *101 10312 10312 10312 .101 103 *101 103
925* 974 164,900 Gold Dust Corp vs e__ _No par
9514 98% 96 10138 9518 997
964 9978 24 102
/
4
/ / 811 8458 8218 8412 8014 824 7814 80 45,100 Goodrich Co (B F)___.No par
1
4
1
4
/ 82 85
1
4
85 85
600 Preferred
100
114 114 114 114 *11214 115
*114 11618 4114 115181 114 114
.No par
4
/ 514 5284 5114 5212 4914 5112 4712 493 28.900 Goodyear T & Rub,.
1
41
53 6342 6212 53
No par
2,300 1st pref
3
9414 95
3
98 96 l 95 4 95 4 9514 957k 943* 95
•95114 98
83
834 4,600 Gotham Silk Hodery-No Par
85
8618 864 8512 8578 851 864 83
*813 88
Nova?
95
92
83% 3,000 New
864 8718 85% 88's 854 8612 84
*88 88
100
1,700 Preferred New
125 12578 125 125
12614 127
128 128 4125 128 *12618 128
50 Preferred ax-warrant..._100
/
1
*110 112 1114 112 *110 112 •110 112 .110 112 .110 112
300 Gould Coupler A
No par
812 83
4
*812 94 *834 94
•13
/ 912 •834 94 *834 10
1
4
4
34
3414 35
/ 3412 36
1
4
38
348 333 345* 80.500 Graham-Paige motors-No Par
3672 3742 35
/ 5414 5312 54% 5218 5334 5014 52 37,200 Granby Cons M Sm & Pr_100
1
4
/
1
564 53
5468 5618 64
8,100 Great Western SugarnewNo par
3618 3618 3612 355 3614 3512 36
8 36
/ 3618 367
1
4
36
/ 38
1
4
230 Preferred
100
11812 11812
11612 11612 11834 11834 11712 1174 11778 11778 11778 118
1114 1184 66.000 Greene Cananea Copper_ 100
/
1
4
1224 125 12012 12872 11912 12212 11812 1227s 117% 121
7% 7%
8
8
----No Par
712 712 2,000 Guantanamo sugar.
718 834
812 812
*812 9
100
Preferred
*103 10512 610312 10512 •10318 10512 •10318 10512 *10318 10512 *10318 10512
100
*6312 6412 633* 65
4 2,500 Gulf States Steel
64
644 63 633
671. 8738 64 64
430 Hackensack Water
25
247 247s 25 25 . 2434 2434 24
243
4
24% 247
*247a 25
250 Hanna 1st pref clan A_ _100
*6012 62
61
60 6012 61
*6012 62
6012 6012 *6012 62
3
2,300 Hartman Corp class A_No par
26
25
2514 *25
2512 2512 253 25
•2512 2812 *2512 27
197 20
2018 2014 3,700 Class B
2014
2014 20
No Vor
*2014 2015 2014 2012 20
200 Helme(0 W)
110 114 .110 114 *110 114
25
110 112
109% 110
6
*109 110
.
100
-_
Preferred
*134
*134
•134
57
5812 8,200 Hershey chocolate----No Par
_00
5912 103; 594 58
8 57
58 615
59% 82
4,100 Preferred
No par
78
78
7812 7812 79 79
79
8
797 804 78
7912 80
400 Prior preferred
100
310214 103 *10214 103
10212 10212'
*102 10314 *102 10314 *10212 103
200 Hoe(R) de Co
21
21
21
21
22
*21
22
*21
22
*21
22
•21
1,300 Hollander & Son (A) No par
No
4 3112 32
3112 323
33
33 *32
33 *32
33
3278 327
600 Homestake Mining
73
73 '72
100
72 *72
72
74
4 74
73 743
*72 73
7012 6712 687
8 6.000 Househ Prod.lno.tem ct1Nopar
69
7034 71
71
7218 724 7012 724 70
13,700 Houston 01105 Tex tern oth,100
1404 14412 13912 143
14412 146
4
1497 152
144 1503 143 146
par
5812 5912 5712 5914 18,300 Howe Sound
5912 60
4
6012 8112 60 62% 883 60
/
1
4
8
No
875* 897 227,100 Hudson Motor Car_ _ _ _No
s 87 89% 8612 9212 87
874 92% 8612 893
7
90 92
6278 453,400 Hupp Motor Car Corp
10
8
*
7
6412 59 63 8 605 645* 807 534
60
8112 65
263
4 2514 254 11,400 Independent Oil& Gaa-NO Par
8 2612 2714 26
27 274 2612 274 2612 267
5012 5012 2,300 Indian Motooyele
No Par
5012 51
5312
52
53 53
55 58
56
*55
100
/ 11312
4
Preferred
4
4
*11418 1183 •114% 1184 *11478 1183 •11478 11548 •112 1151 1712 11514 20,500 Indian Refining
10
18
/ 1818
1
4
18
/ 17
1
4
/ 1831 18
1
4
/
8 17
7
8 17 8 187
18114 187
10
/
1
17
/ 1672 1712 164 1712 25,700 Certificates
1
4
17% 17
1712 17 8 1712 184 17
7
900 Preferred
100
132 13218 132 132
132 132
13234 13234 132 132
13212 13212
500 Ingersoll Rand new----No par
934 934
94
95 *93
9212 9212 *93
947 95
*32 95
No par
2,300 Inland Steel
57
56
58
57 58 *57
58
58
58
57
58
*57
100
Preferred
4
21- -22i8 I31- 17;560 Inspiration Cons Copper___20
14 23 * 2
; 2314 248 233 - .
1
2414 1i
; 23¼ 10
1
123
8 3.000 Intercont'l Rubber----No Par
1214 1212 12
1212 1212 1212 13
13
1234 1234 128
No par
/
4
/ 1878 195* 21,200 Internet Agricul
1
4
1912 1912 1818 195* 1818 194 1912 2014 191 20
600 Prior preferred
100
7734 7734 7712 7712 7612 77
771
78 •76
7812 78
*76
5,400 Ins Business Machines_No par
11914 122
12214 124
12418 126
12612 12312 125
12512 12512 125
12,300 International Cement__No par
7012 6712 69
3
6858 704 6912 70 4 69
7118 72
72
72
-- Preferred
100
_
8 71
1
-3675 /2 8 -665- - ; -iii. lii; 834..700 Inter Comb Eng Corp_ _No pa
*
.12
5912 - 2 -62- 15
621.
100
Preferred
10912
10912
•10814 10912 *10814 109 •1084 109 *10818 109 *10814 277 •10814 27412 12,600 International Harvester
100
264
285 28618 282 290 275 284 275 284 272
100
1,200 Preferred
14312 14312 143 143 *143 14312 14312 14312 14312 14312 8,200 Int Mercantile Marine___-100
143 4 144
3
5
/ 512
1
4
57
54 53
4
6
54 5%
5s 6
5
54 6
100
/
1
3812 393
4 3812 383
4 3734 384 10,200 Preferred
404
405* 414 38% 415* 39
108 11014 33,700 International Match pref.-35
8
1093 11414 109 11212 109 111% 1085 110
4
113 114
9518 9712 9314 9614 363,200 Internationa Nickel (The)_25
10214 9414 994 9512 99
96
100 103
7712 93,000 International Paper...No par
8118 7714 79% 76
763 79 4 764 7814 77
8
3
774 78
100
Preferred (6%)
*10314 - *10318 ---- *1034
•103 -.- *103
*103
5,200 Preferred (7%)
100
8
1063 10612 105% 1063 10514 106
8
10638 106%
107 107
10612 107
560 International Salt
100
597 5978
BO
5812 58
58
56
58
57
5712 57
*57
100
600 International silver
14812 14812
149 149
150 150
150 151
*152 160 *150 154
100
Preferred
.
31.213 129 *125 129 *125 129 *125 129 *125 129 *125 129 45,900 Internat Telep & Teleg
100
/ 18112 1867 180 183
1
4
2
185 18814 185 188
192 19738 18712 195
•518 and asked prices: no sales on thls dap. a Ex-dividend.
Ex-right'''.
PER SHARE
Range Since Jan. 1.
-share lots
On Oasis of 100
Highest
Lowest
PER SHARI
Range for Previous
Year 1927
Lowest
Molest
per share S per share 8 per Matt ,
$ per share
1818 Feb
1034 Nov
124 Jan 3 23 Apr 12
6312 Jan 102 Dee
98 Jan 3 219 May 10
1312 Mar 2218 Aug
1218 Mar 2 1738June 6
/
1
4
164 Jan 32 Dee
28 Jan 10 4512May 14
/
1
4
96 Jan 109 Nov
10618 Jan 10 110,', Mar 8
/
1
4
534 Nov 37 Jan
1118 Feb 6 1712 Mat le
6314 May 794 Jan
/
1
89 Feb 20 844May 16
7 Dec 153 5147
9 Jan 1
6 Apr 17
/
1
4
6
514 Feb 21 1512June 4
3 Oct 13 Apt
304 Apr 2 33 Mar 1
30 July 3712 Mar
/
1
7584 Jan 10 85 Apr 17
6434 Jan 8114 Deo
12114 Jan 27 127 May 18 116 Jan 125 Sept
/
1
4
33 Feb 18 4614May 7
214 Jan 39% Oil
/
1
/
1
107 Jan 2 11014 Apr 18
'
93 Jan 1084 Dee
/
1
4
834 Feb 20 38 Jan 23
2454 Jan 3572 Dec
/
1
4
9018 Jan 7 145 May 15
84 Sept 934 Dee
/
1
4
89 Feb 20 79 Jan 3
50 Aug 7778 Nov
20 Jan 60 221
1518 Jan 23 Dee
/
4May 7
3212 Jan 6 54 Apr 19
3014 Nov 4312 Ma*
104 Jan 9 1144
4May 14 107 Dos 112 May'
/
4June 2
Una Jan 16 1311
/
1
4
92 July 115 Dee
42 Jan 10 584May 2
/
1
374 Jan 47 MA7
98 Jan 6 109 Apr 19
9114 Feb 100 Aug
120 Apr 17 145 May 15
60 Feb 187 June
9114 Jan 3 993
8May 21
7512 Jan 97 Mar
/
4
1712 Mar 21 251May 8
17 Dec 3078 Jan
8514June 8 9412May 16
114 Jan 9 1514May 10 16 Nov 143* May
28 Ai'" 4 3834,1une 1
1914 May 30 Feb
/
1
14 June 7 174 Jan 4
14 4 Oct 20 Apip
5
82 Mar 1 9112 Jan 10
81
Jan 100 Sept
8958June 6 97 Jan 5
944 July 102 Sept
/
1
4
4618 Feb 714 Dee
68 Feb 20 7638 Apr 14
35 Nov 88118 Apt
42 Mar 5 5534May 16
50 June 8518 Dee
7612Mar 15 9214June 2
.
..30
8414 Jan 10_6_1! !:!.
6314June 1 1094 Jan 11
10318 Mar 17 10978 Apr 23
15 Mar 23 2812 Jan 5 12" Dec 59 Aug
1158 Jan 17 1634 Feb 2 64 Jan 154 Dee
60 Feb 20 7712May 15
/
1
4
1
46 Jan 64 8 Dee
110 Jan 9 11184May 15 1008 Mar 11218 Sent
65 Aug 984 Mar
7114 Feb 20 9478 Apr 30
114 Feb 20 14112 Apr 30 10714 Aug 1447 MaY
8
134 Jan 26 160 June 8 11812 Apr 140 Ott
21 Feb 4 3512 Apr 28
13215518 Dec - .2 15;
56 Feb 9 8078 Mar 20
8
52 Jan 747 Dee
8518May 23 7548 Feb 2
116 May 16 130 Apr 27 1113 Jan 1813 Sell
/
1
4
54 May 23 510s Jan 3 54 Apr 59 Nov
/
1
4
/
4
37 Jan 581 Nov
/
1
4
38 Apr 30 52 Jan 7
/
1
4
/
4
124 Feb 27 1744 Apr 16
81 Jan 1461 Sept
/
4
1114 Jan 23 12 June 7
11 June 111 Jan
ens Feb
84 Apr
/
1
4May 16
3514 Jan 18 50
10812 Jan 4 118 May 10 100 Jan 11014 OM
/
1
4
12214 Mar 22 144 Apr 18 1134 Mar 123 Nov
96 Jan 10518 Dec
10512 Jan 17 11478May 16
Oct
130 Jan 10 210 May 7 1134 Aug 141
12312 Jan 26 1274 Apr 12 11812 Mar 12554 Dee
8618 Apr 23 123 Jan 3 8218 Jan 1534 Sept
/
1
4
88 Jan 81 Dee
53 June 8 82 Jan 3
95 Nov 10912 Oct
/
1
4
9812 Jan 16 11218 Apr 13
3512 Dec 69 Sept
3418 Mar 6 577sJune 7
91 Nov 10812 Jill)
8June 8
87 Mar 6 1003
144 May 22 Mar
2048 Jan 27 2638May 23
88 Aug 101 311131I
95 Jan 4 10478June 1
62 Mar 7814 Dec
71 Jan 18 10538 Feb 15
22 Jan 9618 Dee
/
1
4
/
1
4
781 Mar 7 99 Jan 4
/
4
95 Jan 1114 Dec.
10912 Feb 17 11538May 1
/
1
4
4832 Aug 69 Dee
4712June 8 724 Jan 4
8
924 Mar 16 994 Jan 13 9212 Nov 987 Dee
57 Jan 85 Dec
/
1
4
/
1
4
112
78 Jan 4 93 Apr 14
58 Jan 8512 Deb
7812 Jan 5 95 June 7
11538 Jan 16 130 Apr 12 104 Jan 122 Sept
109 Jan 3 112 May 7
4 Oct 111* NO:
/
1
7 4 Apr 18 124 Feb 2
3
1634 Feb 18 3978 Apr
12-3918 Feb 18 5678May 15
65 May
31 Jan 26 38 Jan 7
3518 Dec 4438 Sept
11212 Feb 20 120 Jan 3 11612 Feb 123 Sept
294 Jan 15112 Dec
11118June 8 1644 Jan 4
7 Feb 23
9 Jan 4
/
1
4
7 Oct 1114 May
103 Apr 18 107 Jan 7
9572 Jan 106 Dec
40 Oct 84 Feb
51 Jan 9 69 June 1
23 Jan 5 30 Jan 31
22 Aug 27 JU17
59 May 25 793 Jan 19
/
1
4
56 Jan 72 Dee
4
2212 Oct 2714 Mal
24 Jan 6 2758 Feb 8
1812 Dec 29 MP
1914 Jan 4 2578 Jan 27
/
1
4
764 Jan 126 001
109 May 18 11812 Feb 20
121 Jan 3 134 May 28 11814 Jan 130 July
3472 Dec 404 Dee
3011 Jan 31 64 Apr 26
4
704 Dec 7512 Dec
7014 Feb 6 82 Apr 16
994 Dec 103 Dec
/
1
1014 Jan 3 105 Apr 14
22 Jan 4174 July
20 Apr 18 3078 Jan 20
/
1
3114 June 404 Oct
8
2912 Jan 10 367 Apr 13
60 Jan 75 Oct
67 Jan 4 75 Apr 11
/
1
434 Jan 704 Nov
644 Feb 21 7312Junc 1
6018 Jan 175 Oct
127 Feb 27 101 Apr 9
344 July 48 Dec
4058 Feb 18 6234May 28
/
1
4
/
1
75 Jan 18 997 Mar 16
484 Jan 9112 Aug
8
16 Oct 3614 Dec
29 Jan 16 65 June 2
/
4
214 Feb 20 311 Apr 30
/
1
173* May 32 Feb
/
1
4
13 Mar 47 Dec
3812 Feb 14 70 Apr 27
10014 Jan 3 115 Apr 12
92 Jan 10284 Dee
712 May 1218 Sept
9 Feb 18 1912 Apr 30
812 Jab 16 1848May 15
774 June 12 Sena
101 Jan 4 1323
99 Oot 112 Mai
4june 4
90 Feb 18 98 Apr 19
8718 NOV 981a API
46 Mar 3 83 Jan 3
al Feb 6248 Dee
11512 Jan 6 118 Feb 18 111
Jan 118 Oct
18 Feb 25 257
1212 June 354 Jan
8May 28
1118May 22 211 Jan 4
11 Nov 25 Nov
/
4
13 Feb 24 2078May 17
/
1
818 Apr 164 Des
484 Mar 26 7914June 1 33 Mar 6614May
/
1
/
1
4
114 Jan 16 147 Feb 3 5318 Jan 119 Dee
/
1
4
51) Jan 3 7412May 16 454 Jan 85 May
/
1
4
10812 Jan 4 1107 Apr 28 100 Oot 113 Dee
8
451 Feb 20 7238June 6 401s Oct 66 Mal
/
4
103 Mar 21 109 May 16 101
Oct 10514 Dee
2244 Feb 18 290 June 4 135 Jan 2554 Dee
/
1
/
1
4
13614 Mar 1 147 May 1 126
/ Jan 189 Dee
1
4
8 4 Mal
3
34 Oot
7
/
1
4May 9
3
/
1
4Mar 26
3414 Feb 20 444 Jan 12 821s Oct 55323147
/
1
934 Jan 3 12178May 14 62 Mar 954 Dee
73 Feb 24 103 Juno 1 3814 Jan 894 Deo
/
1
4
Nov
nee
671 Jan 18 8632May 14 a3912 May
/
4
8"2
9814May 28 107 Apr 12 8514 July 1011
103 Feb 24 108 Jan 14 964 Jan 11208 Dec
/
1
4
4912 Mar 28 6884 Jan 12 83 Sept 75 Dee
146 May 1 198 Jan 24 1354 Mar 198 Nov
125 Mar 22 131 Jan 27 109 Mar 128 Oct
8
1394 Feb 20 19738Juno 2 12314 Jan 1887 Sept
3565
New York Stock Record--Continued-Page 5
For sales during the week of stocks not recorded here. see fifth page preceding
-PER SHARE, NOT PER CENT.
HIGH AND LOW SALE PRICES
Saturday, , Monday,
June 2.
June 4.
Tuesday,
June 5.
Wednesday, Thursday,
June 7.
June 6.
Friday.
June 8.
Sales
for
the
Week.
PER SHARE
Range Since Jan. 1.
-share Lois
On basis of 100
Highest
Lowest
STOCKS
NEW YORK STOCK
EXCHANGE
per share $ per share Shares I ndu s. & M 1 scel.(Con.) Par
$ per share $ per share $ per share 5 per share
No par
200 intertype Corp
*31
33
*31
35
34
33
35
*34
35
*33
*33
35
1
1,100 Island Creek Coal
56
56
47
57
57
5712 57
5612 5612 *56
*56
57
No par
105 106
4,100 Jewel Tea, Inc
103 10912 106 108
10814 109
111
11112 11112 106
10()
100 Preferred
___,*124 128 *124 128 *124 128
125 125 *125
*12412 125
No par
8
41
17.700 Johne-klanville
1233 1233 12012 1233 12014 1223 12118 12214 1183 12114 11712 119
8
8
8
710 JODeD & Laugh Steel pref_100
12014 12214 12038 12043 *12012 121
•12112 12212 *122 12212 12018 122
300 Jones Brae Tea. Ina _ _ _ _No par
32
32
313 314 *3112 32
4
*3112 32
32
32
*3112 33
No par
12'2 8,600 Jordan Motor Car
1214 123
4 12
1234 13
1234 13
1318 143
1314
8 13
270 Kan City P&L 1s1 p1 BNo par
110 11014 *11014 11212 *11014 11212 *11014 112'z
112 113
112 112
6912 70'i 9,100 Kayeer (I) Co *1 e_ _ No par
8
4 7018 71
7112 713
4 7112 7214 703 7141 7018 703
25
1914 203 16,000 Kelly-Springfield Tire
4
21
20
8
81 2114 22
213
2112 2178 21
4 205 217
104
68
6
, 65
68
78
1,100 8% preferred
900
*72
*72
78
75
75
75
78
70
77
100
6% preferred
*68
76
*68
70
71
7012 70
66
6712 70
22,700 Kelsey Hayes Wheel__ _No pa.
343
8
4 345 3514 3412 354 3412 35
3512 35% 3414 35% 34
100
40 Preferred
4
4
4
108 108 •108 1093 *108 1093 *108 1093 *108 1093 *108 1093
4
4
No par
8
8.
8 893 904 8814 894 88,800 Kennecott Copper
8
8 907 925
927 9434 894 9412 903 923
8
No par
200 Kinney Co
40
40
*4114 43
*4114 43 I *4114 43
*4114 43
*4114 43
100
100 Preferred
9412 9413
*94
9412 9418 9418 9418 9412 9412 944 *9412 95
25
17,900 Kraft Cheese
7218 72% 71
71
70
7112 69
70
73
715
8 7114 717
10
7212 733 23,900 Kresge (S 5) Co new
7
8
7312 7514 7214 7414 7234 7438 724 73
745 76
8
100
20 Preferred
115 115 *115 118
115 115 *115 118 *115 118 *115 118
217s 22
22
*22
23
1,800 Kresge Dept Stores ____No par
22
22
22
215 22
8
217 22
8
100
Preferred
*70
71
*70
71
*70
71
*70
*70
71
*70
71
71
No par
600 Kress Co new
••10812 110
10812 10812 108 108 *10613 10812 *10612 10812 104 106
9718 9914 9518 984 94
73,100 Kroger Grocery & Bkg.No par
9/7
8 9413 96
3
97
9538 93 4 91
Laclede Gan L (St Lout:3)_ _100
*200 225 *210 240 *200 220 *200 220 *200 220 *200 220
100
Preferred
*103 106
100
*9712 106
102 102 *102 106 *102 106
*9712 106
*343 3512 35
4
3212 327
8 2,800 Lago 011 & Transpoil_No par
33
3312 33
343 348 33
8
35
No oar
11278 114
80,700 Lambert Co
111 1143 109 1113 10812 1103 10418 1083 102 110
8
8
4
4
No par
21
21
2034 21
1912 12,400 Lee Rubber & Tire
1913 2012 2012 217
8 2012 21 18 19
No par
4814 4812 4712 4814 4612 473
8 464 4713 4613 4714 5.500 Lebo & Fink
4 4612 465
No par
*3214 33
3212 3214 3214 313 32
3258 32% 32
900 Life Savers
*313 3214
4
4
*9812 100
6,300 Liggett dr Myers Tobacco_ _25
95
8 95
9614 9612 953 96
97
98
9438 955
4
25
9512 963
4 95
10,900 Serles13
943 96
4
9514 9418 95
9314 944 9318 94
100
Preferred
4143 14618 *143 14618 *190 146 *140 145 *140 145 *140 145
No par
5814 5814 584 5914 5712 58
*5614 5612 1,300 Lima Loc Wks
5712 5712 5614 57
714 7312 7318 743
*7214 727
17,300 Liquid Carbonic certifs_No par
8 7212 75
8 704 7414 6712 72
73
7214 73
74
7314 74
725 743
8
4 7314 7418 7314 7614 59,900 Loew's incorporated_No par
No par
65
8 63
8 3,700 Loft Incorporated
63
8 65
8
63
8 65
8
614 63
64 612
6 2 63
,
4
4
3113 31
*31
32
317 317 *31
31
31
31
*31
32
400 Long Bell Lumber A__ _No par
8
5214 523
8 517 534 514 53% 515 533
8
8 51,2 5214 5012 5112 15,200 Loose-Wiles Biscuit new __ _ _25
100
121 121 *121 12312 *121 12312 *121 12312 *121 12313 *121 12312
10 1st preferred
2E
293
8 285 29
2918 293
4 29
283 294 2858 2878 27
4
8
284 20.900 Lorillard
14,4)
9312 99
*9812 99
10111( 10118 10118 101,
100 100 *103 109
8
600 Preferred
16
1712 18
1634 155 163
177
8
8 1514 154 39,200 Louisiana Olitemp ctra_Nt par
1618 1714 16
__100
*923 94
4
*91
923 *91
4
*923 94
4
*923 94
4
*923 94
4
Preferred
924
38
394 3714 40
363 38 2 38
4
38% 3712 3814 364 3714 25,700 Louisville 0 & El A__ No par
,
8 613 65
6514 6113 633
6418 6512 62
61
613 6312 58
4
4
22,800 Ludlum Steel _____ __No par
*51
52
5114 5212 5118 52
*51
54
51
51
al
01
1,100 MacAndrews dr Fe'Dee.No par
100
12514 12514 *122 126 *124 126
12512 12812 *126 127 *124 126
600 Mackay Compa-des _
104
8 77
*7714 777
8 774 773
7712 7712 *7714 78
78
78
771
1,100 Preferred
96
9713 93% 974 925 9512 9414 964 935 9513 92
No par
8
8
941 67,400 Mack Trucks. Inc
*310 345 *305 348 *305 348 *305 342 *305 345 *305 345
No par
Macy Ca
8 3114 321 10,100 Madisul Sq Garden__ _No par
3012 317
8 30
3012 3113 3014 313
8 3012 313
307
5358 1115
o
No par
8
4 5214 5414 5018 .521 21.100 Magma Copper
4 534 54% 543 558
244 22
4
8 22
2218 213 217
22
223
8 22
4
2418 213 223
6,600 Mallinson (H R) & Co_No par
100
*95
96
95
95
*95
*95
96
95
95
*95
96
96
150 Preferred
*3214 34
100
*3014 35
*304 35
*3014 34
*3014 34
*3014 34
Manati Sugar
100
*65
*60
70
*65
70
*65
70
*65
72
*GO
70
72
Preferred
4
No par
4 3512 351
36
3612 3612 3612 353 353
36
3612 36
*36
800 Mandel Bros
8 613 663
4 614 6414 603 633
4
3 6012 6514 6014 617 74,300 Mash Elea Supply__ _No par
8
6212 643
25
3918 394 3812 3914 373 39
8 453 371
3812 387
8 374 387
4
7,100 Manhattan Shirt
4
1912 193
4
194 1818 1818 *1814 1912 173 184 1618 1712 4,200 Maracaibo Oil Expl__No par
4 19
No par
3514 365
8 343 36
8 33
3812 38% 3814 393
4
63,200 Marland 011
384 3618 38
6458 6414 62
No par
8 6112 637
63 4 613 6214 6112 627
3
8 624 6414 10,300 Marlin-Rockwell
4
4 2012 213 31,600 Martin-Parry Corp._ _ No par
2158 233
8 204 213
8
2314 243
4
253
8 203 23
4 22
12712 131
1275 131
8
128 12914 128 1287 1264 1285 128 132
8
8
8,500 Mathleson Alkali Workallo par
12012 12012 120 12014 *121 125 *121 12314 *121 12314 *121 12314
100
60 Preferred
803
4 785 7912 11.400 May Dept Stores new
804 814 795 81
25
8
8118 79
7918 8138 80
8
3612 3612
No par
300 Maytag Co
7018 81
-67 - 9-3- 0714 48 1,700 McCall Corp
6
70
No par
703 ;067- -76- -a- 68
4
9312 9312 9212 93
96
93
9314 9314 94
95
99
99
1,790 McCrory Stores class A.No par
103 105
96 1075 10014 10212 102 10313 9912 10112 07 100
8
No par
8,700 Class B
•111 115 •111 115 *111 115 *111 115 *111 115 *111 115
100
Preferred
.26
4
2713 *26
4
*253 2712 *253 2712 *253 2713
4
26
2712 26
100 McIntyre Porcupine Mines_.5
*263 27
4
263 263 *2614 27
4
2612 1,500 Metre-Goldwyn Pictures pf_27
2612 263
4
2612 26
4 26
8
3312 343
8 313 3414 31
323
4 314 3234 2118 3112 2518 28
55.100 Mexican Seaboard OIL No par
8
2112 21% 215 22
194 204 15,800 Miami Copper
21
213
8 21
214 2014 211 1
5
305 303
8
4 3018 303
29
2914 15.400 Mid-Continent Petro_.No par
8
3012 297 3014 2912 30
4 30
•114 11418 *114 11414 114 114
114 114
114 114
114 114
100
1.600 Mid-Cont Petrol pref
512 54
518 34,300 Middle States 011 Corp
5
5 14
54 54
512 55
8
5
512 54
10
4
4
312 37
8
312 35
8
,2 *338 4
312 3 2 3,100 Certificates
,
34 3
10
213 218
209 209 *214 224
22412 22614 209 228
210 21434 4,300 Midland Steel Prod pref___100
195 21
8
*21
22
21
21
20
20
20
20
20
20
3,300 Miller Rubber acts
No par
16712 16712 *165 168 .165 168
168 168 •16712 170
165 168
GOO Montana Power
100
1473 154, 14814 15312 14812 15212 14714 1503 145 14814 172.400 Montg Ward & Co III corp. _10
4
4
154 156
4
10
1012
93 1012 10
4
1114
103 11
8
912 1014
94 10
36.500 Moon Motors
No par
3
314 33
8
34 313
314
314
314 33
8
33
8 23
338
6,100 Mother Lode Coalition_No pa
*913 10
9
*93 10
4
9
93
4 94
9 4 913
,
9
9
700 Motion Picture
No par
173
4 1714 2014 1814 1814
1714 1712 17
•1714 18
173 18
4
10,100 Motor Meter A
No par
8
4 3758 3914 3812 393
384 394 375 393
8 3818 384 x364 3738 25,200 Motor Wheel
No pa
8034 803
83
8312 *81
4 79
8314 8314 83
4 3,100 M
807
s 7814 793
eel
Co
No pa
8
.110 1107 .110 1107 .110 11078 *110 1107 *110 1107 110 110
8
8
8
50 Preferred
100
574 5712 57
*57
58
57
5714 5512 57
57
5.3
55
1,900 Munsingwear Inc
No par
5318 567
8 524 557
5513 577
5418 573
4 5318 554 51
5314 53,800 Murray Body new
No par
901, 9312 9012 923 83,900 Nash Motors Co
1
905 924
8
924 9312 904 9312 9014 92
8
No par
1618 1614 164 167
1612 17
•1612 17
8 16
1512 164 9,400 National Acme stamped..._ _10
163
4
84
847
8 814 824 *82
83
8212 80
*82
8112 8014 804 2,400 Nat Bellas Hess
No pa
109 10912 10912 10912 *107 10912 *102 10912 •102 109
*105 109
300
Preferred
100
169 17214 169 17238 169 1717 168 17014 166 167
171 171
8
8,500 National Biscuit
25
----•14813 150 *14612 1493 14812 14812 14812 148'2 •14812 149
4
.14812
300 Preferred
100
6112 6314 6112 6212 604 6178 107,400 Nat Cash Register A w INo psr
4 6112 63
64
65
34 62,8 653
8
3 813 8313 8214 8312 81
824 847* 824 853
80
813 46,700 Nat Dairy Prod
s
827
8
No par
27
29
27
27
277
*26
27
27
2714 2712 27
27
1,400 Nat Department Store2 No pa
3965
*965 98
8
974 98 .964 98 ; 8 98
*965 98
8
*964 99
200 1st preferred
100
397o 40
41
3812 393
4 4014 4212
,
4212 3218 40 8 38
3812 7,700 Nat Distill Prod We_ _ No par
5314 0812 *5514 58
57
*58
60
57
*58
594 *5514 58
300 Preferred temp etre .No par
8
8
8 293 307
3018 323
8 293 305
8
8 287 29
297 31
2918 2918 7,800 Nat Enarn & Stamping
-100
9912 9913 9912 9912 9912 *98 100
*98
9912 *98
*93
9912
104
300 Preferred
126 12614 125 126
•1267 12812 12613 127
8
124 125
124 125
1,700 National Lead
100
146 146
14614 14614 *146 147 *146 147
146 146
146 146
100
700 Preferred A
8
8
12012 12012 *12012 ____ •1205 121,13 •12058 12112 *1204 1211 2 *1205 12112
100 Preferred 13
100
8 335 35
8
347 3512 3318 354 3258 343
333 354 345 364 253,800 National Pr & Lt ctfs_ _No par
8
8
4
243
4 233 24
2334 24
235 2414 2312 2414 4,900 National Radiator . No par
8
233 244 24
41
82
,
*8212 8318 8212 8212 82
* 112 83 2 *8112 8312 *8112 8312
8
900 Preferred
No par
90
90
9013 90
8918 9012 8718 8918 88
91
89
*90
3,400 National Supply
50
33914 3453 3364 34014 33812 340
4
335 3383 334 33514
4
33714 345
830 National Surety
100
24713 2471 3 250 253 '242 '257
240 252 2 2,300 National Tea Co
*255 263 *248 253
,
No par
2514 233 2413 2378 244 233 24
8
24
4
225 235 57.300 Nevada Coueol Copper No par
8
8
245 25
8
44
45
444 434 433
4514 45
44
4
4412 44
4 2,800 N Y Air Brake
No par
4 423 433
553 *5312 5512 *53
4
55
55
*53
55
56
53
5314
*53
100
400 New York Dock
*89
91
*89
91
*89
91
*87
90
91
*87
90
*88
100
Preferred
_
1023 1023 10231 1023 10212 10'27
4
4
8
10312 10313 *103 10312 103 103
4
70 N Y Steam prof (6)_ _ __No par
8
8
114 114 *114 1143 *114 11438 11438 1143 114 114 *114 1143
8
80 First preferred (7)_ _ _No par
275 275 .2712 2814 2712 2712
8
8
8
4
28
2814 273 277 *274 28
600 Niagara Falls Power pf new _25
8
8
7212 40,600 North ArD8t1Call Co
7514 7558 7518 763 z7318 7418 727 7414 714 7318 71
10
_
5514 5514 *55
8
5514
5514 55
5514 553 *5412
*55 8 57
3
54)
500 Preferred
1017 1017 10178 1017 10112 19112 1003 10112 1,200 No Amer Edison pref.
8
8
8
8
4
*10234 102% *1017 102
__No par
42
5313 *51
•51
52
52
5312 *51
*5312 54
*5312 54
_50
90 Northwestern Telegraph
37
414 414
4
4
4
4
3% 3% 3,000 Norwalk Tire & Rubber. _.. 10
4
4
4
127
8
4
1112 1112 113 12
1112 114 12
1014 1014
11
•10
3.500 Nunnally Co (The)_ _ _ _No par
•ifIll sail asked Prim ae irks ea YU Gar, •Ex-4111vI6and, g Ex-tight,.
$ per share
381s Jan 20
61 May 14
1133
4Ma 11
125 Ma 28
134 May 10
12414May 7
403 Jan 10
4
1518May 31
114 Apr 26
7612 Mar 30
273 Jan 3
a
84 Jan 6
80 Jan 26
381213lay 18
11018 Jan 5
9518May 28
52 Jan 19
100 Apr 11
76 May 17
6058 Feb 24 76 June 1
1123 Apr 11 118 Apr 27
8
1313 Jan 18 2714 Feb 29
8May 11
5l3 Feb 1 723
4
87 Feb 20 11412131ar 29
8June 1
7314 Mar 27 I003
200 Jan 10 260 Feb 2
100 Jan 5 12412 Jan 28
273 Feb 20 3918 Apr 17
8
8.May 9
7912 Jan 10 1217
1714 Jan 3 2412MaY 1
38 Jan 17 534 Apr 12
3018 Apr 23 3134, Feb 7
94 May 2 12212 Jan 3
9318June 8 12312 Jan 3
13514 Jan 30 147 Apr 11
8May 14
53 Mar 19 657
8
6313 Feb 20 777 Jan 13
57 Jan 10 77 May 9
4
8 May 2
53 Feb 9
/
1
26 Jan 3 354 Feb 3
4918 Jan 10 59 Ap 26
11912 Mar 21 125 May 9
8
27 June 8 467 Apr 19
98 May 24 114 Mar 13
1934 Apr 30
93 Feb 21
8
80 Feb 21 96 Apr 30
28 Feb 7 41 May 16
255 Jan 11 6812May 24
8
/
1
4
46 Jan 6 57 Apr 14
10812 filar 2 134 Mar 20
6814 Jan 13 84 Mar 19
8
83 Apr 17 1077 Jan 3
235 Jan 10 350 Apr 11
224 Jan 9 34 May 7
4May 23
433 Feb 27 663
4
16 Jan 20 2878 Ayr 12
8
8718 Jan 30 1017 Mar 15
3214May 29 41 Jan 14
65 Mar 22 38 Jan 17
3512June 8 404 Jan 24
50 Jan 11 663
0one 6
311 Feb 18 43 May 14
/
4
1212 Feb 20 2512 Apr 28
33 Feb 17 4413 Apr 17
4514 Mar 6 6512May 24
$ per share
31 Jan 17
51 Feb 17
4
773 Mar 1
120 Jan 18
11214 Mar 8
12018June 5
255 Mar 31
8
81y Jan 16
109 May 18
625 Jan 5
8
15 Feb 17
5514 Feb 17
68 Feb 17
2213 Jan 10
106 Mar 8
8018 Feb 20
3811 Jan 16
8718 Mar 22
5312 Mar 31
1218 Mar 12
119 Feb 20
115 Jan 1
78 Feb 17
30 Mar 12
56 Feb
77 Feb I
8012Mar I
109 Feb 8
254MaY
2518 Jan
45 Jan 1
8
4
173 Jan
254 Feb 20
10314 Feb 20
23 Jan 3
8
112 Jan 3
199 Feb 18
1878May 9
10214 Jan 10
117 Jan 19
53
8Feb 6
2 8 Jan 27
,
5 Mar 29
13 Mar 22
2512 Jan 12
724 Feb 17
1043 Jan 17
4
463 Mar 5
4
2112 Feb 1
8014 Feb 20
714 Jan 4
41 Jan 3
9014 Jan 3
16214 Jan 19
13712 Feb 29
4714 Jan 16
6412 Jau 5
217 Jan 5
8
91 Jan 10
354 Feb 28
55 Feb 28
2314 Mar 26
9018 Mar 28
123 Mar 1
139 Jan 3
1121z Mar 20
215 Jan 16
,
2318May 28
82 June 5
8718June 7
298 Feb 7
160 Jan 17
173 Jan 18
4
424 Mar 10
62 Feb 18
87 Apr 16
9914 Jan 3
102 Jan 30
2711 Apr 17
583 Jan 5
8
5314 Jan 3
100
14June 8
50 Jan 5
24 Mar 15
8 Mar 8
PIER Mtale
Sastre for Proteoa.
Year 1921
Lowest
111{11es.
per share 3 per glee.
3911 June
191/ Jan
4812 Mar 67 Sept
5311 Jan
86 Dee
11112 July 12513 Mar
fif- Feb
105 Jan
8
12 July
/
1
4
123
Oct
34 Dee
/
1
4
2213 J8D
eis; Dec
3214 Nov
102 Sept
971s Bent
27 July
110 Dec
903 Dee
1
45
Jan
93 Dee
624 Feb
49 -A. Pr
94 Jan
35 Feb
44
Jan
19
Oct
103 July
60 Feb
&SA JUDD
66 June
49 June
457 Jan
3
11018 Feb
10 June
45 Nov
59 Jan
77 Sept
14
118 July
18 DAC
80
Jan
1051 Berg
/
4
1733* Jan
96
Jan
2011 Jan
Jan
68
Jan
7
3258 Apr
2014 Sept
*8712 Feb
*865 Feb
8
12434 Jan
Oct
49
4534 Sept
487 Jan
1
5 Oct
25 Dec
/
1
4
x354 July
Jan
118
267', JUne
130 May
37 Nov
/
1
4
884 Oct
1811 Dee
43 Nov
341 Dee
/
4
128 Sept
128
Oct
140 Dee
763 AD?
s
784 Dec
/
1
4337s Mar
7
/ Jai)
1
4
43 Mar
5714 Dec
123 Nov
23 may
/
1
4
107 June
Oct
10
8514 Dec
8
235 Jan
Oct
20
43 Nov
105 June
67 Aug
8814 Jan
Jan
124
204 Aug
294 Feb
1112 Apr
66414 July
27 Nov
Oct
48
3918 Dec
Oct
43
2414 Jan
12
Oct'
31 June'
Jan
27
373a July
11813 Jan
12 Aug
97 Feb
304 Dec
3314 Mar
581 Dee
/
4
134 Atli
76 Aug
1184 May
/
1
34312 Nov
284. Oct
583 Dec
4
20 Dec
/
1
4
95 Dee
46
Feb
80414 Dce
493 Aug
4
132 Aug
35 Dec
/
1
4
223 Jan
4
481s Jan
557s Nov
/
1
4
154 Dec 24 Feb
2558June 4
4
Jan 1323 Dee
82
137 8 Apr 12
7
Jan 120 Dec
130 Apr 27 103
664 June 18114 Nov
854 Jan 3
8
233 Jan 3514 Dee
4014 Apr 25
72 May 31
99 June 2
55 Mar iRi- Dec
96 4 Dot
1
564 Ma
8June 4
1075
97 Ma 1164 Sept
11114May 21
28 4 Oat
3
2411 Ma
284 Mar 16
2718May 29
2614 Feb
243 Jan
4
9 Feb
/
1
4
3 Aug
39 May 14
20 4 Dee
3
134 Jun
22 May 28
254 Oct Ms Jan
3314 Apr 28
97 AP 106 Feb
115181.1ay 11
3
3
11 Jan
/
4
3 4 June
8May 10
73
14 Jan
24 June
57
8May 10
290 Jan 4 106 Apr 315 Dec
36
1711 Nov
/ Apr
1
4
27 Jan 3
814 Jan 1094 Oat
175 May 3
12318 Dec
60 8 Fe
3
158 May 14
1211 Jan
6 Jun
1112May 11
Ms Jan
11/ Oct
418May 14
165 Mar
8
831 Sep
11 May 9
3834 Apr
17 Nov
12
2314 Jan
203 Jan 27% Mar
4
4June 4
393
/
1
4
Jan 79 Dee
10
9414 Apr 13
/
4
Jan 1101 Dee
80
4
1103 Jan 9
353 May 53 Nov
4
5212May 18
63 Feb
1614 Oc
5834June 1
/
4
6014 Apr 1011 Dec
8
1013 Jan 3
7
/ Oct
1
4
5 Feb
1914May 2
31 Sept 484 Dec
May 4
95
Apt
854 Sept 97
/
1
111 May 7
/
1
944 Jan 187 Dec
182 Jan 27
Jan 142 Dee
150 Apr 11 130
/
4
s
397 Jan 511 Dee
4June 2
653
1
59 May 687 Aug
/
1
4
8818May 15
273 Mar
8
/
4
201 Jun
29 June 4
8913 July 9414 Jan
102 May 2
Oct
17 Feb 60
6811 Jan 9
4
6133 June
43 Ma
713 Jan 9
8
354 June
194 AD
3712 Apr 12
6918 Apr 91% July
9912May 15
136 Jan 31 9115 May 20254 MAY
139 Dec
/
1
4
/
1
4
14714May 18 113 Jun
11514 Dec
1214 Mar 30 104% Jun
264 Sept
/
1
1914 Jun
8May 15
367
3912 Nov
4
363 No
404 Jan 9
98 Dee
96 No
9812 _Tan 17
78 May 9771 Dee
110 Apr 19
370 May 15 0218 Jul 373 Dec
AD 180 Dee
27912May 8 108
205 Dec
8
123 JIM
4
255
8May 16
391, C^t 60 June
504 Feb 10
3
Jay 66 8 Nov
34
/
4
641 Jan 4
7218 Feb 9312 Nov
95 Jan 4
934 Feb 1024 Oct
10512kfay 16
Jan 11412 Oct
Apr 19 105
115
/
1
4
/ Jan 29 May
1
4
27
29128.1ay 17
455 Jan 641s 0431
8
7818May 14
Jan 55 Aug
50
5538131ay 16
Oct
COPe Jan 106
105% Feb 7
4714 Jan 54 Sept
55 May 15
54 Feb
11 Jun
/
4
5 May 21
Jan
84 Dec 13
13 May 19
3566
New York Stock Record-Continued-Page 6
For sales during the week of stocks not recorded here, sew sixth page preceding
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday.
June 2.
Monday,
June 4.
Tuesday, I Wednesday, Thursday,
June 5.
June 6.
June 7.
Friday.
June 8.
I
Sates
for
the
Week.
STOCKS
NEW YORK STOOK
EXCHANGE
PER SHARE
Ranee Since Jan. 1.
On Oasts of 100-shareiots
PER BE AEI
Banos for"Wows
Fier 1927
Highest
Lowest
Lowest
MON'
S Per share $ per share $ per ahare $ per share 5 per share $ per share Shares Indus. &
Himmel.(Con.) Pa? 3 Per Skala
$ NO share $ Per Share a Per OM
2718 27 4 2718 277
3
8 2718 277
8 25
2718 2412 25
227 245
8
8 8,300 011 Well Supply
8June 8 41 Jan 11
25 227
3114 Jan 387 Dee
8
10312 10312 10314 10614 *1033 10614 1033 1033 1033 1033 102 1033
4
4
4
4
4
4
370 Preferred
100 100 Apr 27 11012 Jan 11 1024 Mar 110 June
1234 1234 123 1314 123 123
4
4
8
4 125 133
8 1258 123
8
4 123 125 10,500 Omnibus Core
8
No par
1112 Mar 27 1514May 10
11 Mar 1718 June
98
99
98
984 99
99
994 994 *9612 100 '9612 98
1,300 Preferred A
100 90 Jan 11 9918June 6
Jan 994 May
81
7114 7114 713 713
4
4 704 703
7412 73
7312 7118 7118 2,600 Oppenheim Collins & CONS par 7014May 31 8812 Jan 7
4 71
584 Feb 823 Dec
8
20
20
*201
. _
iki_
100 Orpheum Circuit. Inc
18 May 9 244 Jan 9
23 8 Dec 35 Apr
7
4
• iii4 ifi ;*803 89
•
*8118 - -118 *8118 go
8
*8118 96 *iiT8
2-Preferred
100 75 May 9 102 Jan 5 1023 Nov 10812June
4
202 202
198 202
195 197 *194 200
195 195
2.000 Otis Elevator
19212 195
50 14718 Feb 20 20912May 25 2103 Feb 1553 Oct
4
12614 12614 *12514_
12514 12514 *12514 12614 *124 12614 *124 12614
20 Preferred
100 11914 Jan 24 12614May 31 108 Feb 1243 Aug
4
2334 2438 2212 - - 2214 233
243
4
8 23
2212 23
24
215 2212 75,000 Otis Steel
8
No par
1012 Jan 18 2538June 1
714 Feb
1212 June
*97
98
97 97
9612 9612 9612 967
2,700 Otis Steel prior peel
8 96
9612 947 96
8
100 8212 Jan 10 974May 16
614 Feb 91 Nov
*8312 86
*8312 86
86
*84
*84
86
86
*84
86
86
100 Outlet Co
No par 82 Feb 21 91 Jar 6
4
623 Jan 99 Dec
*85
863
4 8412 8412 84 8412 *84
86
84 84
'84
8414
400 Owens Bottle
25 7411 Jan 3 957 Apr 18
8
73 Dec 8511 Dec
*115 117 *115 117 •115 117 *115 117 '115 117 "115 117
Preferred
100 1143 Jan 3 117 Mar 16 107
4
Jan 120 Nov
50
5012 487 5018 484 49
8
49
50
493 50
8
485 494 13,400 Pacific Gas - Elea new
8
25 4312 Feb 28 53 4May 4
3
31 Feb 50 Dec
138
112
13
g
112
138
112
13g
112
13
8
138
112
13 15.900 Pacific 011
8
No par
114 Jan 3
214 Apr 27
1 May
17 Jan
11
15734 1573 158 158
4
15212 1554 15212 15212.15518 15612 153 155
180 Pacifio Telep & Teleg
100 148 Mar 10 160 May 17 124 Mar 162 Dee
3
785 80 8 76
8
803
8 7518 7814 78
803
, 7812 8412 80
8353 478,500 Packard Motor Car
10 5814 Feb 18 8412Juno 7
33% Apr 62 Dec
48
'47
4712 4712 47
47
44
46
46
42
46
44
2,600 Pan-Amer Petr & Trens
50 384 Feb 20 533 Apr 3
4
404 Dec 657 Jan
8
4834 487
8 4814 493
8
8 475 4818 4618 4812 443 4614 425 45
8
8
50,700 Class B
50 373 Feb 20 54 Apr 30
4
/
1
4
404 Dec 6618 Jan
2312 2312 2312 237
8 2314 2314 23
2312 227 227
2212 3,900 Pan-Am West Petrol B_No par 1814 Feb 15 283 Apr 28
8
8 22
8
18 4 Oct 377 JAR
3
g
1778 1771 171
165 1734 1714 193
18
8
4 173 18
4
1512 173 10,600 Panhandle Prod & ref _No par
8
1111 Feb 11 2134May 14
8 Apr 184 Jan
•90
86
95
90
90
90
90
90 "87
90 '88
90
800 Preferred
100 70 Feb 21 10614May 15
54 Sept 83 Nov
82
823
8, 7912 8112 774 8212 80
8212 7818 80
773 787 29,100 Park & Tliford tern etts_No Dar 34 Mar 10 85 May 31
4
8
20
Jan 46 8 Oct
5
13 8 1414, 1314 1412 13
5
135
8 1314 137
8 13
133
8 1212 1318 66,000 Park Utah CM
1
934 Jan 3 1412 Jan 5
6
Jan 104 Dee
612 714
612 74
4
618 63
64 65*
8
612 67
6
6 14 12,800 Pathe Exchange
No par
2 Feb 8
9I8May 10
83 Dee 12 June
4
1912 19 4 184 201g
1814 1934
3
187s 1932 *1812 19
11,900 Pathe Exchange A new_No par
19
18
818 Feb 9 2312May 10
1818 Dec 431,June
35
3638 35
357
8 34
35
345 375
8
8 3514 3718 344 353 47,000 Patin.) Mines & Enterpr--.20 234 Jan 3 42 Apr 30
4
1811 Aug 277s Feb
227 23 4 2218 23
8
3
2214 23 4 2253 2334 203 2212 21
3
8
9,600 Peerless Motor Car
21
50 1618 Jan 27 257 Mar 18
8
20 Apr 82 Jan
3153 3134 31
32
3114 313
4 313* 3134 31
32
30
31
5,600 Penick dr Ford
No pat 2232 Jan 7 37 Apr 17
1912 Sept 277 May
2
30
30
284 30
28
2914 2812 29
29
28
2712 2814 6,800 Penn-Dixie Cesent
No per 2258 Jan 11 31 May 2
214 Dec 3958 Jae
*947 963 *947 9612 917 9514 *943 9612 *944 96
8
4
8
8
4
*947 96
8
200 Preferred
100 94 Jan 5 965 Apr 25
8
91 Sept 100 May
*175 17612 176 176
176 176
17514 176
175 17512 174 174
1.200 People's CI L & C (Chic:)_100 1511 Jan 8 1894 Feb 2 128
4
Jan 1681 Nov
4
*170 173
16914 1694 16914 1694 "168 173 *168 173
800 Philadelphia Co (Pittab)._50 145 Mar 24 1743
168 168
4May 4
854 Jan 1534 Dec
*4612 48
*461 48
*4612 48
*4612 48
*4612 48
*4612 48
5% preferred
50 4512 Mar 15 4812May 7
40
Jan 51 Dee
*54
5414 54
5414 54
54
54
54
54
54
5312 54
1,500 6% Preferred
50 52 Jan 3 57 Mar 29
Jan 534 Sept
50
32
32
311 325
4
8 3112 32
3112 325
8 3012 31
3014 313 12,800 Plana & Read C & I----No par 2814 Feb 9 3934 Jan 3
8
37 June 4752 Max
/
1
4
Certificates of
__No par 27 Mar 13 38 Jan 12
3714 June 47 Mar
2112 23
-ii; 23
20
21
2012 2212 21
35,200 Phillip Morris &int_217
8
8 205 23
Co.Ltd-10 15 Mar 1 25I2May 28
18 Sept 4118 Jan
40
404 39 4 405
3
2 39
/ 394 3
1
4
914 395
8 3 4 3914 38
83
383 30,500 Phillips Petroleum
4
No par 3514 Feb 20 443 Apr 30
2
3614 Oct 8014 Feb
1,3012 34
*3012 34
*3012 34
*3012 32
3014 3012 *30
200 Phoerix Hosiery
34
5 28 Jan 12 38 May 8
3518 Dee 52 8 Aug
7
993 10214 *9814 10114 1013 10134 102 102
8
4
10112 10112 .100 101
100 Preferred
100 96 Jan 9 10314 Feb 14 103
Jan 1073 July
4
167 17 8 15 4 17
1532 167
8
3
7
4 1558 1638 1553 1618 14
1512 32,100 Plerce-Arrow Mot Carago par
1012 Feb 18 183
8May 31
918 Oct 23 8 Mar
5
53 4 5512 4912 54
4614 50
3
48
5014 48
48
5,200 Preferred
46
48
100 397 Feb 16 5712June 1
s
37 4 Oct 1024 Jan
3
3
23
31g
4 3
27
3 18
g
23
4 3
23
4 27
212 23 27,200 Pierce 011 Corporation
4
4
25
12 Mar 3
514 Apr 27
14 Mar
11g June
*2318 2622 *2314 247 *2314 237
2
2 231g 231g 23
2318 23
23
600 Preferred
100 1614 Feb 20 3012 Apr 26
1312 Mar 24 June
4
4
14 43
412 45
414 412
8
414 412
8
418 43
418 9,600 Pierce Petrol'm tern ctlallo par
4
312 Feb 16
6 8 Api 27
5
24 Mar
512 June
3918 39 8 3912 407
8 3918 393
3
8 39
3912 384 387
8 3814 3812 5,500 Pillsbury Flour Mills__No par 3214 Feb 18 44 4May 14
3
8074 Nov 374 Anil
115 115 *112 118 *113 114 *113 114
115 115 *114 118
200 Preferred
100 108 Jan 5 12018May 14 104 Aug 109
Oct
4614 464 4512 4812 45
45 4 45
3
4312 447
4614 445s 45
g 8,400 Pittsburgh Coal of Pa
100 4114 Feb 8 534 Jan 4
32 4 Mar 7412 JUDO
3
*8212 84
*8212 84
*8212 8312 *8212 85
*8212 8312 8212 8212
300 Preferred
100 81 May 1 88 Jan 12
7052 Mar 98 Sept
*89
90
90 *___ - 90 *- ___ 90 *__ _
*89
90 •_ _ __ 90
.
100 874 mar 15 96 Feb 9
Pittsburgh Steel peel
94 Dec 101
Jan
3158 *29
30 4 31
*30
3
31
3112 3212 '30
32 '28
1,300 PIM Termlnal Coal
32
100 28 Feb 10 367 Mar 20
8
304 Apr 55 June
*7612 77
77
77
*7612 77
7612 77
7612 7612 7612
76
150 Preferred
100 78 May 9 82 Mar 13
Apr 844 Dec
74
66
*63
*63
68 /
66 /
1
4
33
1
4
33
68
66
*63
*63
66
Porto Rican-Am Tob el A.100 6214 Feb 24 794 Jan 6
65 Aug 914 Jan
3112 3012 31
*31
30
3
3012 30
30 8 29 30
2853 29
4.900 Class B
No par 23 s Feb 24 3512May 18
7
7
15 Aug 52 8 Dee
13312 13412 130 4 1344 128 131
12814 132
3
1285 1303 1275 12912 93,600 Po/turn Co. Inc
8
4
8
No par 118 Feb 20 13612May 31
925 Mar 1264 Dec
8
*2112 22
22
2214 211 2158 *213 2212 '2112 213
/
4
2112
4 21
400 Pressed Steel Car new_No par 21 June 8 264 Jan 3
4
364 Feb 7814 Dec
82
•77
81
•77
*77
82
*754 8112 '77
817 '77
8
82
Preferred
100 77 Apr 11 88 Jan 4
764 Feb 924 MAY
*2112 22
217 23
2218 2312 23
8
285
8 2614 284 233 2612 92,700 Producers & Refinery Corp 50 16 Feb 17 283
4
8June 6
7
181 Jan 33 8 May
4
441s 445* •4414 4414 *4414 4414 4412 493
8 4418 453
4 4414 46
930 Preferred
50 41 Feb 20 4958June 6
367 Jan 50 Feb
8
•78
7912 *7812 7912 *784 7912 7812 7812 *7812 7912 *7812 7912
10 Pro-phy-lac-tie Brush._No par 6912 Jan 4 91 Feb 17
55 Feb 71 Sept
5912 60
57
60
5612 593
8 57 2 5912 57
,
4 5612 5712 53.500 PubBervCorp of N J newNo par 414 Jan 9 863
583
2May 7
32 Jan 484 Sept
•114 11434 114 11412 113 113 *112 11312 nn 1127 112 112
2
700 111% preferred
100 103 Jan 6 115 May 4
/
1
4
984 Feb 105 Nov
•12812 12912 *12812 12912 12912 12912 *128 129
129121295*,
129 129
400 7% preferred
100 118 Jan 21 12912May 31 1084 Jan 12014 Nov
'14938____ 150 150
150 150
150 150 *1493 15014 14934 1493
4
600 8% Preferred
100 134 Jan 7 150 May 4 125 Jan 13514 Nov
10738 1073g 10714 10714 *1073 109 *1073 109
4
109 109
4
109 109
700 Pub Sere Eleo & Gas pfd-100 10714June 4 11012 Apr 25 102
Jan 1104 Dec
8914 88
89
9012 87 877
8 8714 8814 86
86
867
16,300 Pullman Company new No par 7912 Feb 21 94 May 15
8 85
73 4 Aug 844 Dee
3
3118 301g 3012 3012 3012 3012 3114 3814 303
31
g 30 30
2,000 Punta Alegre Sugar
50 284 Feb 17 347 Jan 8
8
27
Oct 467 Jan
8
2314 2314 2314 23 4 2314 2314 231g 2314 23
3
2314 223 23
8
13,300 Pure Oil (The)
25 19 Feb 1 2712 Jan 5
25 Oct 3312 Mar
•115 1197 114 114 *11412 1197 116 119
8
2
11412 11412 .11412 11512
100 8% preferred
100 108 Mar 15 119 June 6 11118 Jan 1154 Dee
84
84
84
84 8 827 8312 82
5
8
824 7914 8253 80
5,500 Purity Bakeries new
81
7512 Apr 14 897
8May 7
Class B
No par 9614 Jan 3 171 Apt 12 - -1 Jan -1114 Nov
41 4
111 111
11053 111
111 111 *110 11112 110 110 "108 110
800 Preferred new
1091 Apr 18 11512May 11
4
22058 224
196 22312 192 20514 19114 20412 15112 201
191 19913 545,700 Radio Corp of Amet___No par 8514 Feb 20' 224 June 2
-414 Apr foi Nov
59
59
*5614 59
•57
59
59
*57
*5714 59
59
100 Preferred
*57
50 5412 Jae 4 60 May 16
49 May 57
Apr
2614 2614 2614 2614 264 2812 28
287
4 28
283
4 2718 281s 11,000 Real Silk Hosiery
10 244 Jan 17 304 Jan 26
204 Nov 49 Mar
9212 9212 93
*9212 93
93
927 927
2
4 92
92
*9212 93
50 Preferred
100 84 Feb 7 944 Feb 21
80 June 99 Dec
114 12
•113g 1134 1112 118 *1012 113
4
4 1112 1112 1114 1114
1.600 Reis(Robt)& CO
No par
512 Feb 23 13 May 15
5 8 July
3
9 June
3414 35 8 3214 347
3
8 32
33
311 32 8 3114 32
/
4
7
3014 3122 81.800 Remington-Rand
No par 234 Jan 20 3612May 31
2011 Nov 4714 Dec
98
98
98
98
97 97
*9712 98
98
98
x97
97'l 1,100 First preferred
100 93 Jan 16 98 Juno 2
8718 Nov 1024 Apr
9914 •92
99 .92
•92
99 4 *92
3
99
*92
993 '90
4
993
4
Second preferred
100 93 Apr 19 100 Jan 24
Oct 110 APT
90
314 3334 31
3214 3112 3212 3012 317
3112 32
8 297 303 170,600 Reo Motor Car
8
4
10 2212 Jan 21 333
4June 4
251s Dec 267 Dec
8
8012 5818 60
60
584 587
6913 57
58
5814 5612 5714 4.600 Republic Iron & Steel
100 58 Feb 17 69 4 Feb 7
3
53 Oct 75 8 Mat
7
1063 1063 *1064 107
4
107 107
4
1067 1067 *10612 107
g
g
107 107
800 Preferred
100 105 Jan 3 112 Feb 6
964 Jan 106 MAY
/
1
1412 13 8 147
3
14
8 13
14
1318 133
4 13
1312 1212 133 69,500 Reynolds Spring
8
No Dar
84 Feb 18 147
8June 4
4 Feb
13 Dee
13212 13212 13214 13212 13214 1333 133 2 13312 133 1333 13212 133
2
3
4
12.700 Reynolds(RJ) Tob Class B 25 128 Apr 24 16118 Jae 3
984 Feb 162 Dec
491s 508 4918 5212 4852 504 494 52
4
48
/ 507
1
4
s 4753 49 131.500 Richfield 011 of Californla_25 234 Feb 17 53 May 15
25 8 Dec 285 De
3
8
2063 2081 208 209
205 2094 20914 210
204 208
4
4
200 20212 1.400 Ronda Insurance Co
25 163 Jan 10 233 May
74 Jan 194
Oct
523
4 5154 513
4 515 523
2 5112 52
8
523 523
8 62
8
5114 5112 8.200 Royal Dutch Co(NY shares). 4438 Jan 20 55 May 4
7
544 Feb
6414 July
473
8 4412 455* 4474 463
g 433 4412 x42
473
47
8 45
4
433 10,000 81 Joseph Lead
4
10 37 Mar 10 49 May 18
se May 437 Mat
8
8212 8514 8258 84
82
81
82
82
8212 83
82 8 83
7
4,600 Savage Arms Corporation_ 100 605 Jan 12 88 May 15
8
11
434 Oct72 Max
34 312
53
314 312
3
4 3
312 3
*3'2 353
'2
314 314 4,900 Seneca Copper
No par
418May 23
2 Jan 1:
332 Jail
1 June
603 803
4
807 81
8
4 605 603
*813 63
8
623 * 4 62
4
62
4 601
8 3,000 Shubert Theatre Corp_No par 5912Mar 5 693 JAR 9
4
55 Aug
Ms Nov
8
603 62
4
60
7
6078 39,300 Schulte Retail Stores...No par 494 Feb 18 674 Apr 14
6212 6312 6114 63 8 6032 6172 813 63
47
Jan 57 Sept
124 124 *123 124 .123 124
124 124 *12212 124
*122 124
50 Preferred
100 11911 Jan 31 129 Apr 11 11614 Jan 123 Aug
*23
1312 13
13
1314
13
•131g 1314 13
123 13
13
g
1.100 Seagrave Corp
No par
10 Feb 18 1414 Jan 3
8 4 Sept 151 Dot
3
/
4
10958 1114 1053 1107 105 1073 10414 10734 10418 10638 10258 10434 217,200 Seare.ltoebuck&ConewNopar 824 JAI) 16 11214Junc 1
4
4
/
1
8
51
Jan 914 Dec
11658 1184 11712 1233 1204 129/4 123 1284 1194 1247 1163 1204 79,200 Shatuck (F GO
s
4
4
No par 8011 Feb 17 1293
4June 5
/
1
564 Jan 10112 Oct
*4514 493 •454 494 *45
4
*4514 49/4 *4514 47
50
•45
47
Shell Transport & Tradlng_42 3 / Jan 24 47 May 4
98
7
413 Oct47 8 Feb
8
4 27
2712 264 264 17.000 Shell Union 011
4
8
8
284 z273 2814 275 27 4 275 273
28
3
No par 234 Feb 8 31 Apr 30
4
2453 Oct 3111 Feb
223
4
4
8 203 2214 203g 21
13,100 Simms Petroleum
8 22
223
8 213 227
2214 2214 22
10 1818 Feb 20 28 Mar 30
8
144 July 263 Dee
6314 61
21,800 Simmons Co
62
64
68
85
62
6414 6514 6312 634 63
No par 5818Nar 2 73 Apr 4
384 Jan 6414 Des
254 2412 2512 2312 2514 2234 2314 163,000 Sinclair Cons 011 Corp.No par 173 Feb 20 3014 Apr 30
264 263
4 254 267
8 25
8
Oct22 Jan
/
1
4
15
10812 10812
*1075 109 *1075 1084 •1073g 108 •1073 108 *1073 109
8
4
8
2
100 Preferred
100 10212 Jan 4 1094 Apr 26
Jan 10412 Dec
97
10.300 Skelly 011 Co
3014 317
4 3012 3012 3033 3012 2914 3014 2814 29
3014 32
25 25 Fen 15 34 Apt 30
8
244 June 371 Fe
115 115 *11212 11312
400 Bloes-Sheffleld Steel & Iron 100 115 June 6 134 Feb 6 1104 Nov13414
•115 116 *115 117
11514 11514 115 115
API
1912 1812 194 18
8 9.800 Snider Packing
1814
19
185 195
8
2 184 184 184 183
No par 12 Jan 6 20 Apr 30
/
1
4
1158 Jun
168 Alb
4
48
47
•48
48
49
48
000 Preferred
484 4912 47
5012 *46
48
No par 44 Jan 5 60 Jan 11
44 Nov524 .11113
464 477
464 47
8 46
8 455 465 x4414 454 47.300 Bo POrLO Ftloo Sus new_No par 3212 Feb 18 493
4712 4614 477
8
8
2May 24
33 8 Aug 4253 841
7
3
•140 14212 *140 14212 *140 14112 *140 14112 140 14018 140 140
300 Preferred
100 133 Feb 1 14018June 7 1184 Mar 187 Nos
19,200 Southern Calif Edison
504 49 8 50 4 495 5014 50
5
50
3
507
8 4818 4914
5014 49
8
25 434 Jan 5 5414May 4
(
311 Jan 45 De
/
4
55 4 57
3
40,500 Southern Deirles el A_No par 244 Jan 2. 605
46
50
4512 42
44
5618 45
4614 49
49
8May 21
16 May Ws Jaz
2314 233
4 2212 2312 20
1912 2012 1614 1712 153 1738 22,400 Class B
22
4
No par
9 Jan 23 30 Apr 23
Jaz
8 4 Oct 20
1
•115 125
115 115 *115 125 *116 125 *116 125
210 Spalding Bros 1st DM __ _100 109 Jan 7 120 Apr 3
115 116
Jan 11212 NOS
103
•1614 1634 163 184 1518 163 •15
4
15
50 Spear & Co
15
8
16
1812 .15
No par
12 Jan 16 20 Feb 29
8 4 May 16 D38
3
*8612 88
. 8612 88 .8612 88
3
70 Preferred
88
*8612 88
*8612 88
88
100 79 Feb 25 923 Feb 29
8
73 Feb 88 Des
38
39
373 39 8 363 3712 363 3814 355 3714 357 364 20,600 Spicer Mfg Co
4
3
4
8
4
8
No par 234 Jan 12 4214May 11
2012 Jan 284 Mat
/
1
113 113
11214 11214 •1111,2 11214 11214 11214 011118 11212 11112 11112
60 Preferred
100 110 Apr 11 1133
8Junc 1 104 Feb 1114 No
1
34
34
30 4 3112 33
3
2,300 Stand Comm Tobaeco.No par 28 May 22 374 Mar 6-33
32
33
.31
33
31
33
70
70 8 6914 7012 6812 6912 6812 6912 68
5
6812 6714 6818 15,600 Standard Gas & El Co_No par 577 Jan 12 743
2
1115
4 -4May 8 Jan --- .iiusi
54
7012 70 4 7112 7112 7012 70 4 7012 71
3
1,900 Preferred
707 71
7014
4
3
70
50 65 Jan 3 7112Nlay 16
574 JIM oats Nol
123 12314 11812 12312 11812 1213 11912 12112 118 11914 11612 118
4
7 300 Standard Milling
100 100 Jan 5 127 Apr 20
.
3
7014 Jan 1041 Del
*108 109
108 108
108 108 *108 109 *108 109 *108 109
40 Preferred
100 10018 Jan 3 112 Apr 23
84 Jan 103 Del
59
59 8 58
3
/ 5912 58
1
4
5812 584 59
5712 26.600 Standard 011 of Cal newNopar 53 Feb 20 637 Apr 30
574 584 57
3
8
501 Apr 80 4 Jaz
8
4512 4818 4518 4614 445 4518 4412 454 4418 444 4312 4414 116,600 Standard 011 of
8
New Jersey-25 371 Feb 18 49 Apr 30
/
4
3612 Apr 411 Pet
4
383 3812 36
8
3712 35 8 3814 3512 38
5
344 353
4 34
344 94.400 Standard 01101 New York_ _2
281 Feb 17 4112 Apr 30
4
293 June 3418 Jaz
4
4
/ 412
1
4
412 514
47
8 514
45
8 44
414 45
8
41 Os 7,700 Stand Plata Glass Co_-No par
/
4
24 Jan 3
4.08 JUDI
2 Mar
77 Feb 23
s
8
167
8
197 21
8
2012 19
18
_ 167 17
217g
1814 2012 1.440 Preferred
__.. 20
10
10 Jan 18 40 Feb 23
7
10 Mar 15 8 JUDI
_
__ _ _ _ _ Sterling Products
No pa 1344 Feb
Jan 1634 No
150 Jan
iii. 1314 pus Via 90* 92
91 ii
9
0
66T4 ills ii - - 34 21,600 Stewart-Warn Sp Corp_No pa 7714 Feb 28 1014May 28 904 Mar 874 NO1
9
18
644
87
744 683 71
70
72
4
68
72
6314 66
6014 63 18,900 Stromberg Carburetor_No par 44 Jan 3 743
4June 4
2618 June 60 SW
•Bld and asked prices. no sales this day. a Ex-rights. z Ex-dividend. S Ex-dlvidend and ex-rights.
3567
New York Stock Record-Continued-Page 7
For sales during the week of stocks not recorded here, see seventh page preceding
-PER SHARE, NOT PER CENT.
HIGH AND LOW SALE PRICES
Saturday,
June 2.
Monday,
June 4.
Tuesday,
June 5.
Wednesday, Thursday,
June 7.
June 6.
Friday,
June 8.
Sales
for
ISO
Wee/c.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARD
Range Mice Jas. 1.
°abatis of100-sharelots
Lowest
HIghegt
PER 'HARR
Ramos for Previous
Year 1927
Lowest
Hebei
$ Per rharr. $ per share 8 per hors
per share
$ per share S Per share $ Per share S Per share $ per share $ per share Shares Indus. & hitscel. (Cos.) Par
2May 25
69 June 6322 Bova
8
4 725 743 203,700 Studeb'rCorp(The) newNo par 57 Jan 10 823
4
7612 7414 7612 735g 753
7714 783
78% 74
4 75
100 12112 Feb 25 12612 Feb 10 118 Feb 12a1, Nov
70 Preferred
*125 12612 *12512 12612 12512 12512
125 12514 *125 12612 •125 12612
212 Feb
614 Mar 21
8 MAY
14
8 Feb 14
No par
414 43
8 8,200 Submarine Boat
414 43
4
4
414 43
414 412
412 412
414 4%
80 Mar 3474 Jan
No par 8112 Jan 9 49 May 7
4312 4412 2,800 Sun 011
45
4412 4512 45
*4412 443 *4412 46
*4512 46
4
99 Aug 101es Dee
100 100 Jan 8 1094 Apr 26
Preferred
108 108 *10512 109 *10512 109 *10512 10912 *10512 10818 *10512 10712
61* Feb
34 Dec
912May 16
714
712 8
77
8 812
212 Feb 17
No par
734814
62,500 Superior 011
8
714 83
4 814
Oct 28 May
18
7
100 18 Jan 18 23 2 Feb 6
20
2112 20
"2012 2112 '20
21
300 Superior Steel
21
•21
22
2212 '20
7 Apr 14 Dec
50 111 Feb 8 1812 Apr 26
*
8
4
1712 173 1818 173 1712 163 1714 9,500 Sweets Co of America
173 17 4 1638 17% 17
4
3
6 Jan
212 Sept
7 May 8
44 Jan 6
500 Symington temp ctfa___No par
512 512
512 5 8
5
512 512
614 *53
*6
4 614
5 4 53
3
4
6
Oct 1514 Nov
125 Jan 13 193* Apr 27
1612 16
16
16
16
16
16
2,500 Class A temp cifs____No par
16% 165
8 1612 1658 16
1112 Mar 1714 Nov
8 2,100 Telautograph Corp___ -No Par 1514 Jan 28 2232May 17
2012 1912 197
2012 2012 20
42012 21
2012 207
8 2012 21
1
812 June 13 4 Jan
2May 28
1012 Jan 18 163
No par
1418 145* 33,700 Tenn Copp & C
8
147 1514 15
8
155
4 14% 1518 145 1518 1412 15
65 Apr 58 Jan
25 50 Feb 17 6632May 21
63% 63% 6312 64% 6212 63% 6114 6314 6012 6214 5914 61 113,200 Texas Corporation
49 Jan 815 Sept
2
8
8 68% 697
8 6712 684 85,900 Texas Gulf Sulphur new No par 6712June 8 80% Jan 4
704 7012 693 713
4
4 685 69% 6912 713
12 Apr 18701801
1712 Apr 30
4
1412 1434
143 143
4
143* 1433 1414 143 10,700 Texas Pacific Coal & OIL __ _10 1212 Mar 1
4 1412 1512 143 143
4
8
154 Jan 40 June
2
26
8
27% 26% 273
8 2514 2618 2433 258 36,200 Texas Pao Land Trust new _1 207 Feb 20 3034 Apr 27
4 255 2612 2534 265
1612 Aug 231e Bete
22 Jan 5 3912May 8
3775 38% 35% 37% 35
3412 3214 3412 6,900 Thatcher Mfg
No par
34
3614 3412 37
2June 1
63 Aug 504 Nov
5212 51
53 '52
No par 47 Apr 13 533
53
5112 *5012 5112 5118 5118 511 8118
700 Preferred
24 Jan 36 Aug
/
1
4
39% 4012 39% 4012 3914 39% 3914 393
No par 84 Jan 3 4332May 16
4 38% 3914 3814 3812 4,000 The Fair
Jan 6584 Dee
4 68
67
6612 713
6412 65
25 59 Jan 31 71%June 4
70
68
69
647 6712 644 66
8
15,300 Thompson (J R) Co
171 18
151e Oct 1918 June
145. Feb 20 2084 Apr 30
1712 18
1758 18
1712 18
1712 21,500 Tidewater Assoc 011___No par
17
173
4 17
Oct 90% June
85
'86
88
88
100 8172 Mar 15 90 May 2
88
88
89
89 89
'8712 88
*88
90
1,400 Preferred
19 July 2914 Jan
2712May 15
'25
2514 25
100 1952 Mar
2
25
*2412 25
2418 2412 2,700 Tide Water 00
25% 247 2514 25
901e Sept
9412May 4
85 Nov
*913 923
4
4 913 913 *91
921
100 87 Jan
9112 911 '90
800 Preferred
4
4
9112 88 88
Jan 14212 Aug
12712 1291 12414 12914 124 1267 12514 1271 124% 1263 124 125
78
14.900 Timken Roller Bearing_No par 112% Mar 3 134 Jan 4
8
8
110 11052 10934 1113 109 109% 109 10954 10812 109
Feb
11812 Apr 16
92•4 Oct 11718 Doe
107% 10812 9,800 Tobacco Products Corp 100 10212
4
•119 121
128 Feb 14 108 Apr 1237 Dee
119% 1191 11918 11918 11918 1191 118h 119
100 113 Feb
119 119
700 Class A
712 Feb 21 104 Jan 12
3% Apr 1014 Nov
812 84
83
8 85
818 83
8
8
814
8
4 8
52,000 Trans°'VI Oil temafnewNo par
814
73
10 May 50 Dee
5912 Feb 7
5012 501 "5012 52
51
5112 4,900 Transue & Williams Bt'l No par 45% Jan
5012 5114 5012 5454 53
54
45 Jan 70 Dee
7214 727
7532May 16
715 731
8
711g 721
71
72
7014 7112 6914 70
14,300 Under. Elliott Fisher Co.No par 65 Feb 1
Jan 125 Dee
"120 128 "120 128 •120 128 *120 128 "120 128 *120 128
126 Apr 13 120
119 Mar
Preferred
100
14
3812 Jan 73 June
3
40
40
*39
401
39
393
39
39
3912 2,000 Union Bag & Paper Corp_ _100 3612 Feb 20 49 4 Feb 1
39
393
4 39
991g Jan 1541k Nov
1523 1537 1493 1541 14912 1503 1501* 15212 148 15114 14712 1487g 41,600 Union Carbide & Carb-No Par 1364 Feb 18 16214 Apr 12
4
4
39% June 5614 Jan
5214 5314 51
521
50 4 51% 51% 517
3
25 42 Feb 11 57 Apr 16
50% 513
8 493 50
4
13.400 Union Oil California
%
Jan 12712 Dee
94
•12212 12334 12212 1221 "12212 1233 12212 12212 *120 12312 *121 122
200 Union Tank Car new_ __ _100 11912 Feb 2 12812May 8
3912 Dec 4014 Dec
4214 Jan 26
3712 3712 37
37
3514 36
*3514 36
*3514 363
No par 3412 Apr 3
3538 1,100 United Biscuit
4 35
*11614 123 *11614 123 *11614 123 *11614 123 *11614 123 *11614 123
100 11214 Mar 22 118 Jan 23
Preferred
1311; July
WI; Dec -293 293
4
4 2954 297
4
297 30
g
_10 29 May 2
34% Feb 10
X2912 2912 5,300 United Cigar Stores new
2912 30
s 293 297
10972 10978 109 10918 109 109
1144 Apr 5 104 July 109 June
109 109
100 10612 Feb 1
10818 10818 *108 109
1,000 Preferred
100 190 Jan
210 Mar 17 159 Jan 20013 Nov
United Drug
5812 Jan 61 Dee
50 69 Feb 28 604 Jan 4
;6i_ _ _44 ______ 1st Preferred
6.
884 July 49 Jan
;6212 6434 «62f2
62'2 6212 63 - 100 45 4 Jan 20 6712 Mar 12
6i3
- 136 4
40 United Dyewood pref
137 1373 137 13812 136 1363 136 13714 134 1353 13412 13512 6,500 United Fruit
8
4
No par 134 June 7 14614May 7 11312 Jan 150 Sete
4
604 Nov 7412 Dee
783 79
4
75
77
7518 761g 7612 7612 76
71 Feb 18 8512 Apr 5
75
4,300 Universal Leaf Tobacco No pa
7612 75
9634 Dec 103% DID
9612 9612
*9612 97
9612 97
96% 967
97
97
97
97
230 Universal Pictures let pfd 100 9312May 7 100 Feb 24
87 Mar
14
2412 Sep
2234 23
23
243
8 2318 2412 24% 2534 23% 25
224 Feb 18 28 Apr 13
2314 2412 46,100 Universal Pipe & Rad-No Pa
81% Jan 98 Dee
*8812 100
*9512 100
*9512 100
"9512 100 * 9512 100
100 88 Jan 5 102 Jan 12
"9512 100
Preferred
270 270
265 272
262 268
269 269
260 260
254 258
1,100 US Cast Iron Pipe & Fd7-100 19012 Feb 27 300 Apr 9 1904 Aug 246 May
100 115 Mar 10 137 Mar 19 112 Mar 125 Nov
•128 130 '128 130 *128 130 *128 130 *128 130 '128 130
Preferred
3
1414 May 22 4 July
15 Apr 4 2014 Jan 4
*165 16%
8
1614 163
3
4 1512 1612 15 4 15 4 15% 16
3
1514 15% 4,800 U S Distrib Corp new__Ne pa
81 May 9614 Sept
89% *88
*88
893 '88
4
2
89
88
100 79 Apr 5 903 Jan 16
88
87
89
8812 *87
400 Preferred
64
Oct 63% May
2
5212 5212 52% 5212 515 515* 517 5214 5112 5112 51
8
49% Jan 3 583 Jan 23
5112 2,100 US Hoff Mach Corp vteNo Pa
69 Ma 11112 Dee
*11212 113
112 113
11055 11133 11018 1117 10712 11014 107 1083 11,100 U 5 Industrial Alcohol__ _100 10234 Jan 16 12214 Mar 19
4
*12012 12312 '12012 12312 *12012 12312 *12012 12312 *12012 12312 *12012 12312
100 119 Jan 13 12214May 28 10714 AD 121 Dec
Preferred
2512 Nov
14 Jul
45
18 51 may 7
45% 4512
4612 4412 45
4412 4514 4312 443
22 Jan
No pa
4 41% 43
15,100 II S Leather
564 Dee
273 Jun
4
6212 623
643 6514 6312 66
4
4 63
6312 6212 7318 6112 63
52 Jan 5 72 Apr 25
No pa
7,000 Class A
89 Jul 10612 Nov
108 108
108 10814 •104 107
108 108 "108 110 z108 108
100 10514 Jan 4 I0912May 14
1,400 Prior preferred
697 Dec
2
54 AD
5114 Feb 4 93%May 4
8612 867
84% 8412 853
84
g 83
8 8412 8612 84
8214 84
6,400 US Realty & Impt new.No pa
674 Feb
3714 Jun
43
2June 8 6314 Jan 4
433
100 387
42
4 4174 42% 4218 4212 4134 4314 41
38% 40% 53,300 United States Rubber
858 Jun 11132 Apr
4
,
2June 8 1092 Jan 13
77% 77
7714 76% 77
100 70
3
7614 763
7712
76
4 75
70% 74
9,100 let Preferred
33 Jan 48% Dee
1e
4914 51
50
5018 5112 4912 504 48% 49
49
49% 52
25,600 U S Smelting. Ref & Mtn_ _50 3912 Feb 20 52 June 4
45 8 Jan 54 Dee
5
*5312 54
53% 54
54
54
54
541
5355 5355 54
50 51 Jan 26 5514May 2
54% 1,200 Preferred
145 14614 142 1453 14212 14434 143 14614 143 1457 14218 144% 345,300 United States Steel Corp new
1373 Mar 2 154 Apr 12 11184 Jo 18014 BODI
2
4
Jan 14114 Dec
14212 1425 14212 142% 14214 14212 14212 1423 1423* 1423 •1423 143
8
4
2
10 138% Jan 5 14714 Apr 26 129
4
4,500 Preferred
Jan 9712 Dee
67
9014 Mar 6 105 Apr 16
.6114 93
3
*914 93
*9112 93
*9114 93
No pa
9112 9112 9114 9114
200 US Tobacco
7 123 Jan 127 Nov
•138 1393 138 138 *12212 138 *139 140
4
100 12712 Jan 14 139 June
139 139 *139 140
20 Preferred
•157 1633 *157 1633 '157 1633 *157 1633 *15314 16354 *15312 1633
4
4
10 139 Jan 1 160 May 15 111 Feb 162 Dec
4
4
4
Utah Copper
4May 31
27 Jan 34 May
43% 44% 401g 4412 40
42
4
4 397 4112 404 4114 69,000 Utilities Pow de Lt A__No par 2812 Feb 20 453
033 413
87 Jan 6711 Dee
96 Mar 15
8412 85, 8012 85
82
4
No par 60 Jan 1
2 833 8612 8132 8412 47,400 Vanadium Corp
833
4
53* Sept 1414 Feb
71 Jan
1512May 28
*1112 1434 *1112 193 *12
4
143 *12
4
14
12
12
12
12
No par
400 Van Raalte
4214 Dec 64 Feb
5514May 28
"49
523 *49
4
5712 '49
523 "49
4
523 '49
4
100 43 Jan
523
5254 049
4
1st preferred
Jan 6313 June
68
74 May 14
7014 703
4 6912 701
68% 69
69 14 7114 693* 6938 68h 6914 4,100 Vick Chemical
No par 58 Jan 1
104%May 8
95 10112 9418 9914 92
9618 923 9512 9112 94
8
8912 9314 99.600 Victor Talk Maelline_No par 5255 Jan
32 July 6433 Dec
Oct 1113* Deo
20212May 7
87
195 195 •186 200 *180 200
186 188 *180 200 '178 200
600 67 preferred
No par 10834 Jan
108 10812 107 107 '105 10812 10712 10712 107 107 *10712 108
11112 Mar 28
964 Oct10212 Dee
100 10112 Jan
900 7% prior preferred
711 May 151s Sent
1514 1538 153 153
8
4 1518 1512 1514 155* 15
4
4
4,700 vtrg-Caro Chem
No par
1314 Jan 11 183 Feb 10
1514 143 15
513 513
4
4 52
52
261, Apr 4834 Dee
51
51
51
5114 503 51
4
5012 50% 1,800 6% preferred
3
100 44 2 Jan 18 53 May 21
*9514 963
8 953 953* 95 2 953 *9514 9533 9514 9514 943 9514
8
3
8
73 June 91 Nov
4
100 884 Jan 16 97 Apr 27
1,300 77 preferred
•35
55 "35
52
"35
55
*35
Jan
55
*30
55
"30
36 Dec 51
55
Virginia Iron Coal & Coke_100 31% Apr 25 50 May 22
•58
59
"58
59
"58
59 '58
59
*58
59
*58
6212 Dec 7612 Aug
59
100 56 Apr 19 6252 Jan 13
Preferred
1718 1714 171s 1733 1718 1714 17% 173
174 1714
2014 Dec39
8 17
1714 5,600 Vivaudou(V).
14June
1834May 23 25 2 Jan 4
3
No par
*8414 86
0
84
85
•84% 86
*84
89 '8414 89
*841g 86
95 Dee 11814 June
Preferred
100 83 Apr 26 100 Jan 28
3112 3112 31
*3112 33
3112 30
3112 2912 30
28
2912
1614 Jan 80 Aug
4
860 Vulcan DetInning
100 25 Jan 7 433 Jan 11
"89
90
*89
893 "89
4
893 '89
4
893 "89
4
894 *89
893
4
100 7812 Mar 28 97 Jan 12
90 Jan 125 Aug
Preferred
024
26
0
24
26
*24
26
024
26
*24
"24
Jan 59 4 Aug
26
26
16
8
100 22% Jan 10 38 Jan 11
Class A
8
2314 227 23
2212 23
23
22
227
8 217 2212 213 22
4
1814 Dec25 Feb
8
5,000 Waldorf System
No par
1911 Jan 3 27 Apr 9
16% 167 21612 1612 163 163
8
8
8 16
1614 1512 16
157 157
2
8 3,000 Walworth Co etts
17 Dec2412 Apr
No par
1512June 7 19 May 16
10414 10612'10412 10612 *10412 10612 10455 1045 *10412 1061
*10414 106
*
8915 Apr 1182 0041
110 Ward Baking clue A No par 10414May 31 123 Feb 2
8
2255 233* 225* 233
2212 23
223 235* 225 2318 213 223 11,800 Class B
4
1
*
2
4
174 June 33 1 Feb
2June 8 2952 Jan 13
No pa
213
93 9318 93
94
93
•93
*9212 94
"9212 94
84 Apr 10014 Nov
9212 9318
1.300 Preferred (100)
No pa
90 May 2 9712 Jan 19
43 4 391 417
3
1814 Dec 45) Jan
3714 403* 40
4014 417
8 39
3
403
4 37% 39% 56,500 Warner Bros Pictures A__ _ _1
22 Jan 5 43 4June 4
4
4 3714 383
3512 3753 373 393
4 3733 397
24 June 844 Dee
3912 413* 37% 397 134,800 Warner Quinlan
2June 7
No pa
28 Feb 17 413
182 185
17934 1793 *175 179
Jan 180 Nov
4
85
188 188
175 175
168 171
1,500 Warren Bros
No xi 15012 Jan 4 19212 Apr 11
8912 60
*5414 59
54
54
*55
43 Aug 71 Dee
59
*55
59
*55
59
30 1st preferred
50 50 Jan 6 81 Apr 16
21
21
21
2018 203
4 2014 2014 20
18
Oct 27 June
21
20
194 20
2,200 Warren Fndry & Pipe_No par 18 Feb 20 2512 Apr 14
6514 Dec 751 Aug
65 '641 6518 "64
65
:
0
64
*64
65
*63
64
6318 631
200 Weber & Hellbr, new e_No par 60 Feb 29 7012May 8
100 100 *100 101 *100 101 *100 101
•100 101 *100 101
Preferred
100 100 Mar 6 103 Jan 3 101% Nov 10311 Aug
145 14812 14414 15212 15212 15612 151 1533 148 1501 11,900 Western Union Telegraph_100 14414June 5 1774 Jan 3 1444 Jan 176 Dee
150 153
4
4833 49
4952 4814 49
4814 49
4734 4818 47
40
Oct 5012 Sept
49
4712 15,100 Wstnglise Air Brake NewNopar 4612 Jan 4 573 Jan 27
2
10114 1037 10112 1033 101 1027
3
8
3
137% Jan 94 4 Dee
104% 105 4 102 106
4
8 99% 101% 77,500 Westinghouse Elect & Mfg_ _50 884 Jan 6 112 Mar 31
1
Mar
0104 106 *104 108 *104 10512 0104 10512 104 104
102 102
110 let preferred
ao 9534 Jan 5 110 Mar 31 82 Sept 10372 Dec
2056 2512 2414 2814 26
18 Feb
3
11
1912 1918 1914 22
2812 2618 273 134,500 Weston Elea Instruml_No par
124 Jan 6 2812June 7
4
343 363
4
4 36
4
30 July 304 Apr
*3214 3412 3212 35
363
4 343 34% 34% 34% 4,100 Class A
No par 803 Jan 3 4012May 22
4
*109 10912 *109 10912 10912 10912 109 109
10814 109
109 109
97 1 Jan 111 Aug
7
170 West Penn Elea CIA vtf No Par 1064 Jan 3 112 Apr 9
11214 11312 11214 11312 1127 113
Jan 112 soot
8
11214 11214 11218 114 "112 114
160 Preferred
100 10914 Feb 2 11514 Apr 9 102
10212 103
8
4
1025* 1025 1023 1027 1023 103
•10212 103
8
4
1023 1023
4
4
500 Preferred (6)
100 .1004 Mar 3 10412 Apr 10 101 Dec 10184 Dee
115 1153 115 11514 115 115 "115 11512 11518 11514
8
Jan 118 MILV
115 115
290 West Penn Power pref
100 114 Apr 9 117 Mar 29 111
1093 1093 *10912 11014 108 10912 •10813 10912
4
4
4
4
1093 1093 11012 112
113 Jan 5 10011 Jan 111 Dee
170 6% preferred
100 108 June
67
69% 68
66
68
68
68
5312 Dec 57 Nov
6612 6918 66
66
66
2.600 West Dairy Prod el A__No par 5312 Jan 6 78 Apr 11
3714 38
37
8 372 38% 3712 38
3714 38
8
3712 6,700 Class B
2414 Dec 281 Nov
49 Apr 12
385* 387
No par 20 2 Jan
3
4
* 233 23 2 234 2312 23
4
7
248 233 237
23
20 Dec 271e Feb
24
2314 23
2May 1
2,600 White Eagle Oil &Refg_No par 204 Feb 21 263
3818 4012 381g 407
8 38
58114 Feb
38% 35.500 White Motor
8014 Nov
41
393
4 37
4213 3858 417
50 3014 Feb 21 4334.1nne 1
421
42
4112 4118 *423 43
5
2
4112 413
26 Jan 4112 Sent
424 42% 42 8 4312
4 2,100 White Rock Min Sp ctf-No Par 3412 Jan 1
4452May 11
4058 4212 40
4114 393 417
4
4
3912 401
214 Mar 531 Aug
8
* 39% 40
10,500 White Sewing Machine_No par 3652 Feb 1
45 Mar 7
407 417
5412 5412 5514 453
54
4
*53
54
Jan
5312 533 *54
66 Feb 69
800 White Sewing Mach pf No par 53 Feb 21 5514June 6
5312
*53
253
4 25
4 2514 2614 25
184 Oct 2414 Mar
3
26 101,600 Willys-Overland (The)
2558 2618 25 4 268 2512 257
2852 Apr 9
17% Jan 1
4
4
10112May 25
87 June 96 Aug
100 92% Jan
10114 10114 101 10114 1003 10114 101 1013* 1003 10114 100% 10118 2,100 Preferred
4
1414 143
4
1412 15
143 143
2
1414 1414 5.600 Wilson & Co Inc. new _No par
10 May 17h Feb
2 143 15
1112 Jan
18 Feb 14
147 147
323
4 305 323
8
4 3012 3238 3033 313
30% 3118 10,100 Class A
1614 May 3311 Feb
No par 22 Jan
35 May 15
2 32
327
31
Apr 8454 Feb
2
6912 6912 3,200 Preferred
58
7112 695 7114 6912 71% 69% 70
100 66 Jan
773 Feb 11
4
4 71
713
70
1891 18512 18718 18,100 Woolworth (F W) Co
4
187
25 17512 Feb 20 196%May 9 117% Jan 19811 Dee
8
191 1933 1884 192% 18712 1893 188 189
204 Jan 46 June
3312 3412 3312 35
3312 3514 10,700 Worthington P & M
3732May 25
367
3412 367
100 28 Jan
357 3612 33
8
*52
57
Preferred A
44 Dee 6112 June
*52
58
*52
58
*54
57
100 464 Jan 1
5814 Apr 28
58
*52
59
*54
4812 491
49
47
87
49
*4712 48
47
100 41 Jan
51 Apr 26
Oct 841a June
50
900 Preferred B
*49
51
*49
17714 184
2412 Apr 94% Dec
172 18712 17714 18812 177 186
70,200 Wright Aeronautical-- No par 69 Feb 27 245 May 16
17114 182
179 182
No par 693 Jan 27 7912 Mar 22
4
507 Jan 72 4 Dee
2
7114 7012 7112
7028 708 7014 7014 1,400 Wrigley(Wm Jr)
71
72
8
72
g 731g 7314 73
73
25 6812 Mar 26 8412 Apr 25
733 x73
1,000 Yale & Towne
731
73
704 Jan 8411 Aug
744 747
75
074
35% 3612 124,700 Yellow Truck & Coach CI B.10 273 Feb 28 40 May 8
2
37
25
383
8 36
37
Jan 40 Aug
3612 3812 3612 383
365 37
8
93
93
*92
200 Preferred
100 87% Jan
94
93
93
93
96 Apr 20
92
834 Aug We July
9312 0
9312 •92
*92
2,300 Youngstown Sheet & T _No par 8514 Mar
87% 88
88
*88
89
8731 883
1061 Jan 26
e
88
88
804 Oct 10011 Dee
88
88
88
ag waled WM;DO Wel en this day.
•Bid s
-right&
a El
e Ye-dividend. •No par value.
3568
New York Stock Exchange-Bond Record, Friday, Weekly and Yearly
Jan. 1 1909 the Exchange method of voting bonds we. ekanged 6114 prices are now -and interest--except ft 0.'0M 0.4 &Mune,:
,
,
BONDS
N. Y. STOCK EXCHANGE
Week Ended June 8.
1
.1
MCI
Friday.
June 8.
i
Rallfle
Mace
CO
Jas. 1.
High
Efah No. Low
Week's
Range or
Last Bak.
U. S. Government.
814
Ask Low
Ell% Liberty Loan
/
1 .5% of 1932-1947
1
4
CD 100042 Sale 100244 100114: 269
Cony 4% of 1932-47
.
3D 100 1010 101144 Apr'28 ____
Cony 4)4% of 1932-47
3D 101042 Sale 101144 1011141 128
26 Cony 4341tl_922-47
,c
.4
3D 10122,2 __-- 1023 Apr'28 ____
Third Liberty
41 of 1928
/
4%
100344 331
M 100 Sale 100
Fourth Liberty Loan
4)4% of 1933-1938
AO 1010744 Sale 101"44 1021.4 816
Treaeury 4356
1947-1952 AO 11334. Sale 113144 1133,44 233
Treasury 4a
1944-1954 3D 108344 Sale 108344 108"44 578
Treasury 335s
1945-1958 MS 105114:Sale 115,044 10614, 471
Treasury 334s
1943-1947 ID 1011144 Sale 101744 1012344 1204
- 10038 100 4
3
'loaf 1-11434 10312 10312
:
____ 1043 10434 1043
4
4
___ 1043 105 Mar'28
4
10818 110 10812 10812
108 1093 108 May'28
8
10712 109 10912 Apr'28
1074 1083 107 4 MaT'28
8
3
-- 10034 Jan'28
-63744 1001- 99 4
- 2
3
9934
993 1004 10112 Apr'28
4
/
1
993 10 4 10114 Apr'28
4 0
9934 May'28
1115131 4 s -_ -_ 107 June'27
-i _ :
1063 10
4 8 10814 May'28
9114 9212 92 Mar'28
9114 ---- 93 Mar'28
New York State Canal 4s_ _ _1960
45 Highway
Mar 1952 MS
10514 Apr'28
10312 June'28
6
5
1
2
1
Foreign Gov't & Municipals
4
Agile Mtge Bank g f as
1947F A 9114 913 9112
Antfooula (Dept) Cot 75 A 1945 J
06h Sale 963
8
External s f 7sser 11
19452 J 9614 Sale 9614
External s I 7s series C___ _1945 J
9512 97
9614
Ext f 7s let ser
1957 A 0 9614 Sale 96
2nd ger'es trust rcts_ -1957 A 0 96 Sale 9612
Argentine Own Pub Wks 614_1950 A 0 9914 Sale 99t4
Argeniine Nation (Govt en
Mak fund 6s of June 1925_1959 3 I) 9934 Sale 093
4
Exti s 1 fla of Oct 1925._ _ _1959 A 0 9912 Sale 9912
Sink fund 6s geries A
1957 M S 100 Sale 99 4
3
External /series B_ _Deo 1958 J D 9934 Sale 995
t
1
4
8
Exit If 65 of May 1926-160 M N 99 Sale 99 4
/
1
4
3
External ef fie (State Ry)_I950 M S 093 Sale 9958
4
Exti 68 Sanitary Works_ 196I F A
9912 Sale 99a4
&itt as pub wks(May '27)1961 Si N 9934 Bale 998
4
ggi. Sale 96
Public Works ext1 535a
19132 F A
Argentine Treasury 138 C_ _ _1945 M S 92 Sale 9138
Australia 30-yr 521_ __July 15 1956 I J 9614 Sale 9514
External 58 of I927__ Sept 1957 M S 9614 Sale 96t4
Ertl g 4)4s of 1928
1956 MN 8812 Sale 8818
Austrian ((Dort) s 1 78
1943 J D 10338 104 103
10014
100h
1003
8
10012
10012
10014
10012
10012
965s
92
984
97h
90h
104
146
105
62
58
93
211
136
71
99
17
164
126
224
28
Bavaria (Free State) 63(5
1945 F A
Belgium 25-yr ext a f 740 9_1945 3 D
/
1
30
-year a f fla
1941 F A
95
-year external 64
/
1
5
1949 M S
External,f es
1955 J J
External 30
-year a I 7s....„1955 J 1)
Stabilisation loan 75
1956 M N
Bergen (Norway)if Si
1945 M N
I5-year sinking fund 68_1949 A 0
Berlin (Germany) filis
1950 A 0
Bogota (City) ext'l a I 8a
1945 A 0
Bolivia (Republic of) 8a___ .1947 Si N
Ell! sec 721 tem
19682 J
Bordeaux (City of) 15-yr 68-1934 M N
9718 Sale 9718
11518 Sale 115
110 Sale 10
10512 Sale 05
14
10012 Sale 0014
10734 Sale 0734
10618 Sale 0578
11314 Sale 1314
997 101
8
001:
98 Sale 9712
10512 Sale 0514
10512 Sale 053
8
9714 Sale 9612
99 Sale 99
9812
116
11012
108
1003
4
1083
8
10614
11314
100 4
3
99
1057
8
10612
9712
s
1003
46
51
49
65
152
120
207
2
3
116
33
76
72
101
Brasil(US of) external 8s_ 1941 3 D
External if 63-5a of 1926_ _1957 A
Ext1 f 61 of 1927
/
49
1957 A 0
71 (Central Railway)
1952 J D
74 (coffee seem) E (f 0.1952 A 0
/
1
8
/
1
4
Bremen (State of) ext1 744.. _1935 M S
Brisbane(City) a /
1
4
4
1957M S
Budapest(City) extl if6s
1962 J 1.4
Buenos Aires(City)0026)561955 J J
EU!s f 68 eer C-2
1960A 0
Extl s f 6s ear C-3
1960 A 0
Buenos Aires (Prov) ext.' 52.1961 M S
Bulgaria (Kingdom) if 78-.1967 3 J
109 Sale 09
4
19 14 237
124
2
97 Sale 97
9712 Sale 97
99
235
10014 Sale 00
101
53
104 107
07 June'28 .......
102 Sale 02
1023
4 49
.
931.4 941 9312
94
20
8634 Sale 9 53
8314
6
s1 1
875 222
9 is ,
,
1003 Sale 0012 10118 10
4
935 Sale
8
99 Sale 99
99
3
9814 993 983
4
4
991
12
925 Sale 9212
8
92 4 29
3
Calda8 Dept of(Colombla)7343"46 J 2
Canada (Dominion of) 56_1931 AO
10
-year 534.
1929 FA
Ii
1952 MN
4114s
1936 FA
Carlsbad (City) s I 85
1954
Cauca Val(Dept) Colom 734i'46 * 0
Cent Agile Bk (Germany)731950 MS
Farm Loan s f 69
1960 ii
Farm Loan if 613 lot elf
196(1 AO
Farm Loan as series A_1938 AO
Chile (Republic) exit s 1 8a 1941
A
213-year external ef 7s.
1942 MN
External sinking fund 6a1960 AO
External s (
/
1
4
1961 FA
Ry ref extl a f tla
1901
Obile Mtge Bk 6255 June 301967 3D
SICof 1925June 30 1961 3D
Chinese(Hukuang Ry)56....1951 • D
Christiania (Oslo) 30-yr if 641964 MS
993 Sale
4
10114 Sale
1005 Sale
8
104h Sale
995 Sale
8
10812 Sale
10114 Sale
99 4 Sale
3
9012 Sale
90 Sale
951. Sale
110 Sale
1024 Sale
94 Sale
9412 Sale
9538 Sale
Oah Sale
99 Sale
2812 Sale
10018 Sale
Cologne (City) Germany61
/
4
91950 MS
Colombia (Republic) 6 -1961 J 2
8
External s f 6s
1961 A0
Colombia Mtge Bank 6148._1947 A0
Sinking fund 78 of 1926_ _1946 MN
Sinking fund 7s of 1927
1947 FA
Copenhagen 25
'3
-years f 530_1944
External Is
1952• ID
Cordoba (City) eat! If 7,..._1957 FA
External s I 78 Nov 15 1937 MN
Cordoba (Pros) Argentinan 1942 ii
Costa Rica (Repub) exit 73_1951 MN
Cuba be of 1904
1944 MS
External 58 of 1914 ear A_1949 FA
External loan 4)51 ser C..1949 FA
Sinking fund 5Si 11
1953
Cundlnamarca (Dept-Col) 79 '48 3D
97 Sale 97
91
911 Sa4
91 ga
: !: 91
91 Sale 91
95 Sale 9412
941 Sale 9404
.
993 100
4
99 4
3
9634 Sale Ms
983 Sale 98
4
SaleSale 9734
109
91
10018
97 Sale 97
100 1013 101
/
1
4
4
10212 ---- 10314
964 981s 97
/
1
102 Sale 102
993 Sale 99
4
Lon toe basis of $5 to the t sterling
9914
10078
10012
10418
9958
108
10114
991:
9014
90
9512
110
10212
94
94
95 4
,
9618
99
28
10018
9214 32
9712 38
98
39
973
4
7
32
97
fryss
5
10014 160
100 4
3
10112
1003
4
105
100
10812
102
100
933
4
0114
9512
1101:
10312
9614
953
4
96
98
993
4
283
4
10012
Dzeohoslovakia(Rep of)83_1951 A 0
Sinking fund 88 eer B____1952 A 0
Danish Cons Municip 8a A__1946 F A
Series 13 s I 88
j
9 2
;A
9:6
Denmark 20
-year ettlas_.1.
Deutsche Bk Am part ctf 6a-1932 M S
100 10013.4 Dominican Rep Cust Ad 530'42 M El
1st ser asoi of 1926
1945 A 0
1011,
44104
2nd series sink fund 5H8.-1940 A 0
1131n 116244 Dresden (City) external 28_1545 M N
108044 1111242 Dutch East Indies ext1 ea....1947 1 2
105104410813.s
40
-year external as
1017n 103,04.
80
-year external 530
963 M
1952 M S
30
-year external 5348
1953 M N
1003 1025
8
8
10312 10512
10434 1053
8
105 105
10812 1093
4
108 1101a
1093 109 4
8
3
107h 1093
4
100 4 100 4
3
3
99 8 1013
,
4
100 4 1013
3
4
100 4 101h
3
9934 1003
8
10612 1087
1.
10734 108 4
3
927 931s
s
93 9312
Cl Salvador (Repub) 81-1948 J J
?inland (Republic) ext.) 64-1945 M 5
External sink fund 7s_-__1950 M 8
External sfatie
1958 M II
Exti s!nk fund 5 Hs
A 0
lF 2.
FInnIsh Mun Loan 61 A-1959
/
4s
9
54
External 6/ series B____1954 A 0
1
43
French Republic ext 7348 _1941 J D
1949 J D
External 7s of 1924
German Republio ext'l 7s___1949 A 0
Gras (Municipality)8s.- --1954 M N
Gt Brit & Del(UK of) 54..1937 F A
10
-year eons 530._ __ . _ _ _1929 F A
4% fund loan £ op 1960_1990 M N
5% War loan £ option '29_1947 J D
Greater Prague(City)7348_1952 M N
Greek Government s f see 78 1964 M N
Sinking fund see as
1968 F A
Week's
Range or
Last Ms.
Bid
Ask Low
High No.
9
110
10912 Sale 109
11
110 Sale 10914 110
11012 Sale 11012 11218 17
111 Sale 111
9
1111
/
4
10418 Sale 103
1043
4 37
98 Sale 98
98
/ 134
1
4
9914 Sale 994
993
4 32
_
99
9912 9912 May'28
6
973 9818
4
102 Sale 101h
10214 11
: 24
10312 Sale 103
1031
103 Sale 103
10314 19
102 10212 102
2
10212
10214 Sale 102
10214 28
112 Sale 111
9814 Sale 9
814
10114 Sale 101
993 Sale 99
9212 Sale 92
99 Sale 99
98H 9958 9812
116 Sale 116
107 Sale 061/
101312 Sale 10554
103 Bale 03
105 105 4 105
3
1185 119
8
181s
8712 8814 87 8
1
99 Sale 983
4
10512 1057 10514
8
99h Sale 98
87 Sale 87
112
99
10112
993
9312
99se
9812
11714
1073
8
10714
10314
10512
11834
90
99
10512
100
88
98 102
10014 10212
10014 10214
10418 109
8
991 1017
.
105 1095
4
9814 103
9914 10114
9018 933
4
90
933
4
9512 96
108s 11184
1005s 104
911 97
/
4
/
1
4
913 97
8
93 6 97
3
95 4 993
3
4
963 1001*
4
2518 2914
99 4 1017
3
2
10718 114
954 1004
994 102
12
984 1014
/
1
92
96
98 101
98 101
115 4 119 s
11
1
106 1091s
10618 107 4
3
8 102 10414
129 105 1004
1
4
7 11611 119
19 r87 90
342
33 198 4 99
1
/
1
4
8 104 1094
13
9684 100
/
1
4
227
87
92
98
16
94h 168
9 h 177
92
45
95
23
955
8
5
100
24
9714 80
991. 38
9814 9 se
0
91
95
/
1
4
9512
91
9312
91
9412 98
9412 98
99 4 102
3
95 4 101
3
96 101
9712 100
4
983 10112
9412 993
4
991 1023
2
4
10012 10314
96 10014
1013 1047
2
2
93 100
12
Rotterdam (City) esti 08._ _1962 Si °
1994 A N
1953 J J
Saarbruecken (City) as
Sao Paulo(City)If Si._Mar 1952 M N
BantaEll! s f 61 of 1927
1957 SiN
/
4a
Paulo(Ste)exile I 83_1936 1 J
1950 1 3
External sees f 85
External s f 78 Water L'n_1956 M 9
Santa Fe(Pros, Arg Rep)711_1942 M II
Seine, Dept of(France) art! 7a'42 J 2
m N
Serb.. Croats & Slovenes 88.1962 Si N
Solseons(City of) exti 6s_...1930
46
1934 it N
9 m A
Styria (Prov) exti 78
1939 .1 D
Sweden 20-year as
External loan 514/1
1 8s 1940 J 2
Swiss Confed'n 20-yr s
8_1948 A 0
/
4
Switzerland Govt ext 51
Tokyo City 5s loan of 1912 1952 M h
11418 13
114 Sale 11355
8
10718
10718 Sale 107
1081
8 50
106 Sale 108
100 Sale 993
4 10012 44
10818 Sale 10818 1083
4 22
83
97
96 Sale 96
1097 Apr'28
8
_
0312 Sale 9313
9455 220
0 4
0
10514 10612 10512 10534 26
9014 92
4
92
11814 11914 11812 119h
1181*
37
99 Sale 99
100
9
10614 Kale 10618 107
10718 Sale 107
1083, 31
10414 Sale 10314 10414 17
12
984 Sale 98
99
106 Sale 106
10612 69
100 Sale 100
100 4 106
3
083 Sale 9 4 194
8
4
943
8
0 ,4 91
0
9112 Sale
12
10212 Sale 1021. 103
11
10314 103h 1033
8 104
14
112 Sale 11112 112
10314 33
10214 Sale 10214
804 Sale 803
4
8214 20
Eat!s f 514s guarmA ON
1961
Tolima (Dept of) ext'l Th.-1947
troodhjem (City) 158 6341. 1957 Si N
Upper Austria (Pros) 78... _ _1945 J D
Exal s f6Hs_ _June 15 1957 2 D
tern
Uruguay (Republic) exit t
/
1
4-1946 F A
External.f 6.
)
4
: 1
19 9
9 1
Yokohama I City) Intl
903 Sale 901
4
: 9218 221
95 Sale 95
9612 49
3
973 98
3
971
. 9812
4
983 9812 98
8
/
1
4
9812
6
8912 9018 90
901s
1081
8 17
108 10814 108
973 Sale 9718
4
983 100
4
963 Sale 9812
9718 245
Queensland (State) extl 8f 71 1941 A 0
25
-year external as
Rio Grande do Sul extls I M1 6 F7 O
94 i‘ A
47 A N
8
6
Ext1 a 1 7a of 1925
Rio de Janeiro 25-yr a f 8s._1945 A 0
Extl s f 63013
1953 F A
,
ji,5-yr ect) 5 6N,
1947 A 0
2 e( uy 803
n3 c i 9
7
High
Low
1083 112
4
1084 112
8
1101 11218
1104 1113
4
103 1061
4
97
99
99 1007
3
97 1003
/
1
4
8
0818 99
100 1021s
103 1053
s
103 30512
102 10414
102 10412
13
22
27
37
123
11
6
152
146
142
Haiti (Republic)s f as
1952 A 0 100 Sale 100
10012 23
10514 10514 Hamburg (State)63
9714 Sale 971a
9758 32
10312 10312 Heidelberg (Germany) ext 715146 J ° 105 Sale 105
1950 A 2
7
10512
Hungarian Muni()Loan 730 1945 J J 10012 Sale 99h
10012 56
External s f 79
Sept 1 1945 J J 95 Sale 95 4
3
963
4 26
Hungarlan Land M Inet 710 '81 M N 9914 Sale 99
997
25
Hungary (Kingd of) s f 7)0_1944 F A 102 1023 1023, 10255
4
1
90
/ 95
1
4
Irish Free State ext158
97 Sale 965
8
9718 389
9412 1003 Italy (Kingdom of) exti 7e_ _ 19 ? M D 99 Sale 99
s
9
5
N
9912 593
Italian Cred Consortium 7s A1937 M S 98 Sale 973
944 99
/
1
9814 27
98 4
3
94
Eat! sec s f 7s ser B
1947 M El 97h 98 963
4
973 122
4
93 4 997 Italian Public Utility ext 78_1952 J J 98 Sale 973
3
8
9814 56
4
9312 9812 Japanese Govt L loan 441__ _1931 J J 92 s 923 921.
3
4
02 4 134
3
10012
1954 F A 10114 Sale 10118 10214
9914
30
-year s f 61 .8
.
8
1419318 (GlermanY) e f 7a___1947 F A 101 10112 101
10112
9
99ss 1000 Lower Austria (Pros) 7 Hs._1950
.
D 100 101
9912 10012 27
9912 100 8 Lyons (City of) I5
5
-year 68_1934 M N 99h Sale 99
100
39
99 4 10114
3
991 1007 Marseilles(Clty of) 15yr as_ _1934 M N 995 Sale 99
: .
10018 48
991. 100 4 Mexican Irrigat Asstng 44 1943
3
/
1
8
353 Sale 3618
4
363
s 38
99 1004 Mexico CU S) esti 5s of 1899 .C45 cri
/
1
4
493 Jan'28
993 10118
2
Aesenting15.of 1899
1945 -- 40
5212- - _- 40 4
403
3
4
3
40 4
3
9932 101
Assenting 58 large
30 May'28
5512 97
14
Assenting 4a of 1904
283 Sale 27h
4
283
4 54
913 937
8
2
Arcenting 4a of 1910 large-- _ ---- 3014 Sale 29
3012 37
96h 99
Amenting 4s of 1910 small _ _ _.
2814 Sale 2818
2914 127
i 43h 451 4314 4312 3
964 9
9
Trees as of '13 assent Barger33 i.
8818 92
/
1
4
Small
42 May'28
103 104 4 Milan (City, Italy) ext'l 6348 '62 A 0 93 Sale 93
3
937 129
Montevideo (City of) 76.---1952 J D 103 Sale 103
9
105
9634 9912
114 116
Netherlande 6s(PM prig/al.-1972 M 8 107 Sale 106h
25
107
4
109 1113
30
-year external 1313
10218 Sale 10134 102
49
10314 1094 New So Wales (State) ext5s 195 F ° 9414 Sale 94
9m: 46
97A A
54
/
1
4
98 10112
External s f 5a
Apr 1958 A 0 93 3 Sale 931.
95 s 92
3
106 4 109
,
Norway 20-year esti Gs
1943 F A 10214 Sale 10214
1027
65
10414 10814
20 year external fle
1944 F A 10214 Sale 10214
74
103
1123 1133
4
30 year external /
1952 A 0 10212 Sale 102
102 8 13
,
1
1
4
98 102
/
1
4
40 year at 5141
10012 Sale 997
10138 146
97 100
External s f 5s _ __Mar 15143 lt D 9634 Sale 951
S
96
.
9712 380
s
103 2 1087 Nuremberg (City) extl as......1952 F A 0018 Sale 9014
7
9218 37
10312 108
Oslo (City) 30
1011. 13
-year s f(18-1955 M N 100 Sale 100
93 4 9
1
81z
Sinking fund 5348
:
194
: A 100 Sale 993
22
100
99 10112
Panama (Rep) ext1 5311----105
10318
5
D 103 104 103
107 113 4
3
Ertl sec s f 8lis
13
104 Sale 1033
4 104
92
9912 Pernambuco (State of) esti 7s'41j D 973 Sale 968
19 Si S
67
9712 43
97
9912 Peru ti l34(l ra: 7 '24)_1944 A 0 __._ 10978 1091 Apr'28
Ex l ( p o ) 01 2
(i
/
4
w 1 (g
97 103
1944 A 0
110 1104 Mar'28
103 108
/
1
4
Exti sink Id 71/46
107 May'28
10118 10312
Ent if see 71 (of 1926)149 NS 105 Sale 105
/
4s
10612 43
9 MN
56 I
9314 951s
Exti a f 9130 71
1959 M S 102 Sale 102
104
10
8518 897
4
Nat Loan exit I f 68
91h Sale 911
/
4
924 417
100 10214 Poland (Rep of) gold lia_-_1160 j O 853 Sale 853
40A D
19
88
39
8
8
943 97
4
Stabilisation loan 8 1 71 1947 A 0 90 Sale 90
9012 241
99
99
00
Exti sink Id g 8a
0 18 0
8
8
3
10018 Sale 107h 10144 12
985 993 Porto Alegre (City of) ile
8
s
9663 3
1961.1 0 107 Sale
8
893 933
4
EMI guar sink Id 714s_-.1988 J J 103 Sale 103
9
10312
57
51
10(
91
63
4
19
17
70
230
23
48
38
250
176
432
59
147
53
8
19112 19
0
9
8
9734 40
101
16
10314
2
9718 15
10338 42
100
158
Price
Friday.
June 8.
11
10014. 101,044
1013.4 10111.4
101144 10311.4
102142 1021242
State and City Securities.
NY City-4 s Corp stock_1960 M S
/
1
4
41 Corporate stock____1964 M
/
4
5
&Ms Corporate stock,.... _1966 A 0
415, Corporate stock____1972 A 0
&As Corporate stock_1971 3 D
435a Corporate atock_Ju1y1967 J J
41 Corporate stock__1965 .1 D
/
4
a
44 Corporate stock ____1963 M
/
1
4)
41 registered
1956 M N
4% Corporate stock
1959 M N
4% Corporate stock
1958 MN
4% Corporate stock
1957 M N
41 reglatered
1936 M N
41 Corporate stock
/
4%
1957 MN
41 Corporate stock
/
4%
1957 MN
335% Corporate st_May 1954 MN
34 Corporate st__Nov 1954 MN
/
1
%
BONDS
N. Y. STOCK EXCHANGE
Week Ended June 8.
99 4 1014
11
/
1
954 991s
10314 10513
9834 101
94
97
12
9814 101
1017 1031s
8
11655 9714
97h 1003
s
9514 997
s
94 100
9514 1011
4
915 94
4
/
1
4
10118 1054
99 1014
984 103 .
99 101
/
1
4
99 10111
3314 874
494 49%
85
433
4
43%
30
4
223 32
25
327
1
221. 31
374 46
/
1
4
3618 464
914 95
/
1
4
102 105
/
1
4
105 8 109
7
1013 10314
4
94
96
9312 96
102 108 1
1
102 1044
10135 108 4
1
997 10235
8
953 98
4
3
90 4 93
,
100 103
99 103
103 1041s
102 10414
.
951 9504
11194 1104
1093, 1104
1064 107
/
1
4
105 1073 •
1
102 104 1
7
904 94
1
804 87
894 9155
104 100 8
981 017
1
.
1014 1041
/
1
113 115 s
/
1
4
7
081
:
1
1054 10,
106
9918 10014
,
105 1101
/
1
4
9714
95
10512 110,
1
9112 9614
104 106
0455
4
191921 12018
4
961 10014
106 108
.
5
1061 1093
.
4
1003 10414
4
943 1004
4
103 8 10 4
5
83
974 1014 •
• 041102
981 97
10214 105
102 10518
/
1
4
1114 118 1
3
10214 1054
764 84
8712 95
95
/ 973
1
4
4
974 994
/
1
97
991
.
90
90
12
108 11012
9612 100
94 100
New
BONDS
RsT STOCK EXCHANGE
Week Ended June 8.
Price
Friday,
June 8.
Bid
York Bond Record-Continued-Page 2
Week's
Range or
Last Sale.
Ask Low
Range
Since
Jan. 1.
Halt Az Ohio let g 4e__July 1948 A 0
Ili Metered
July 1948 U i
20
-year con,4 tie
1933 M S
Registered
M S
Refund & gen be merles A __1995 J D
let g 68
1948A 0
Ref & gen Cowries C
1995.3 D
P LE& W Va Rye ref 4e 1941 M N
Southw Div let 6e
1950 J .1
Tol & Cln Div let ref 4e A.1959 J 1
Ref & gen be series D
2000 M S
Bangor & Aroostook let 58_1943 .1 J
COn ref 4a
1951.3 J
Battle Crk A Stur let gu 3s 1989 .1 D
Beech Creek let gu g 411..._ _1936 J .1
Registered
J .1
2d guar g be
11136J .1
Beech Crk Ext let g 3548......1951 A 0
Big Bandy 1st 4e
1944 J D
Bost & N V Air Line let 4e 1955 F A
Burns & W let gu gold 4e. _ 1938 J J
Buffalo P. & P gen gold 58_1937 Si S
Congo'Cis
1957 MN
Burl C lt & Nor let be
1934 A 0
10512 June'28
95
95
2
10014 71ar'28
90
8918
13
9538 Feb'28
0314 May'28
83 May'28
933
4
953 127
4
957 Apr'28
8
91
8
913
4
8918 9114 91
9118 15
91 May'28
93 Sale 91
93
8
-___ 9212 9334 Jan'27
7
99 8 Feb'28
_
9178 9234 May'28
94
95
3
943
4
943
4
____ 1021 10218 May'28
/
2
10112
_ _ 107 Mar'28
100 _
100 4 Apr'28
3
1(1434 107 1043
5
4 104N
94
92
9278 May'28
9458 95% 9412
4
9518
978 Feb'28
82
985 Sale 984 100
8
9114 Sale 9114
9214 32
77
787 79
8
7
79
7412 7478
1
72
747
8
8
893
8518 90
4
8934
____ 100 10212 Feb'28
105
107
100
89% Sale
93
9414
97
8414
82
9334 Sale
9
414 Sale
92
991, sale
10112 einl- e
105 Sale
1087 Sale
8
9312 Sale
103 104
8414 85
10112 Sale
103
____
84 Sale
64
74
1004
8214
9414
85
96
98
10112
_
-
9478 78
9358
9414 May'28 _
9914
993 174
4
1
1013
98 8 1021 101
9/
8
2
105
10518 15
1084 10012 23
9312
94
19
10212 10311 56
8614 46
84
10112 1023
4 35
10318 24
103
1
84
84
6812 Feb'28 9612 May'28 _ _ _
97 Apr'28
Jan'28 _
07
8512 Aug'27 - - - _
9434 Apr'28
88 Apr'28
9778 Apr'28 - 10112 10112
1
55
94
93
10314 10314 10
?anarla Sou cone gu A M._ _1982 A 0
;lanadlan Nat 4 54a Sept 16 1054 51 5
5-year gold 41.45.. _Feb 15 1930 F A
30
-year gold 4 54s
1057 J .1
Latnedian North deb s I 78.._1940 .1 D
20
-years deb 654
1946 J .1
,
10-yrgold 454e. __Feb 151935 F A
: viridian Pac Ry 4% deb stock _J J
Col tr 4 tie
1948 M s
i'arb & Shaw let gold 4e__ _ _1932 M E
1
.:Istro Cent let cons g 4e
1949 1 J
'.1aro Clinch & 0 1st 30-yr 58 1938 J 0
let & con g 6e series A
1952 J 0
Cart & Ad let gu g 4e
1981 J 0
Cent Branch U P 1st g 4e. _ _1948 1 I.
11otral of Oa lit g Ea_Nov 1945 F A
/
2
, onsel gold 5e
1946 M N
Registered
F A
Ill-year secured 6e_June 1929 J I
Ref & gen 53.4s series B_ _ _1959 A 0
Ref & gen be series C
1959 A 0
Cbatt Dl, pur money g 41_1051 J D
Mac & Nor Div let g be_ _1948 J
Mid Oa & AU My fie
1947.5
Mobile Div1810n 58
1946 .1
:eat New Eng let gu 48.. _ _1981 J
..nntral Ohio reorg 4 Sis_ _1930 M S
Oentral RR of (la coil g M...1937 it 14
1
'`entral of NJ gen gold 68_ 1937 1 J
Registered
1937 Q J
General 45
1987 J J
.:eut Pac let ref gu g 411
1949 Is A
Registered
13 A
Mtge guar gold 3 lie_ _Aug 1929 J D
Through St L let gu M._ _1964 A 0
Guaranteed g be
1940 F A
106 107 10812 May'28 --98
9914 9838
985s 20
12
9912 Sale 9914
100
9812 Sale 9812
9938 116
11412 Sale 114
11412 15
11878 Sale 11818
29
119
9912 100
98
9914 39
873 Sala 873
4
8914 139
99 Sale 9812
9912 33
9912 9814 Apr'28 - - -8238 84
84 May'28 - - - 2
10414 1053 10414 10414
s
1087 Sale 1082 10912 16
8
/
1
8912 94
9312 May'28 - - - 84
88
865 Niay'28 - - - 8
___ 10818 May'28
10610:118 105 10418
10418 12
_- 10414 Feb'28
jOiiix 1003 10012 10034 6
2
10734 108 10734
10731
10418 105 1033 Mar'28 --4
-- 9434 May'28 -106 108 10614 May'28 - -9312103
10318 Apr'28 -- 106 108 10678 Mar'28
8412 Sale 8412
86
0
__ 100
983 June'28
4
1
.
02_ 101
Apr'28 - - 4
113 11 - 115
115
614
112 116 11518 May'28 -967 97 May'28 ---8
9334 49
8
925 Sale 925
8
9238 20
9914 924
3
99
99
99
94
9438 94 May'28
_
102 4 Sale 1013
,
4
10212 56
Dharteston & Havn'h let 7s_ _1938
.1
CON' A Ohlo fend & Impt 68.1921i J
lit consul gold 58
1930 MN
Registered
1939 MN
General gold 4%s
1992 M
Registered
MS
80
-year con• 454,
1930 FA
Craig Valley let be
1940 J 1
Potts Creek Branch let 48_1048 J
II& A Inv let con g 45____11389
2d coneol gold 4s
1980 .1 1
Warm Springs V let g 5e._1941 151
. blimp Corp cony be May 161947 MN
'Sir & Alton RR ref g 38 _ .1949 AO
dep stpd Apr. 1928 int._
Railway first lieu 3 Sis _ _1950
Ctfe dap Jan '23 & sub coup
11314 - - 11938 Aug'27
7
100 10i 997
- 14
8
1001
/
2
1055 106 10634 June'28
8
102 10512 105 May'28
98
9918 100
10012 46
9718
9818 May'28
90, gale 9918 100
54
102
- 102 May'28
88 "cii 90
90
9412
944 May'28
8 95
925 925 May'28
8
101
10212 Mar'28
983 Sale 983
4
997 -194
8
4
71
715 7112
8
723
4 45
3
74
71
7134
713
4
33
6414 Sale 6414
67
68
60
7112 May'28
• lilt Bind & Q-Ill Div 3.45_1949 3
Reentered
.1 .1
Illinois Division 64
1949 J
General 4e.
1958 M S
Registered
M S
1st A ref 4 tie eer B
1977 F A
let & ref 68 merles A
1971 F A
iJbIoagO & East III let 60.__1934 A 0
E III Ily(mu co) con 158_1961 M N
:lble & Erie let gold ba
1982 M N
',bleep° Great West let 48_ _1959 Si
:1121,, Ind & Loulev-Ref 68_1947 J J
1947 „I
Refunding gold 58
1947
Refunding 45 Series C
General 55 A
1966 M N
May 1986 J J
General fie 13
Oble Ind & Sou 60
-year 4$_1958 .1 J
;We L & East let 4 lie_ _1989 J D
M & Puget eld let gu 4s..1949 J J
ttM&HtPgeng4sSerAe1118l)J J
Registered
Q
General gold 3545 'ter
_e1980 J J
Gen 4 tie series C_ _May 1989 J
Registered
8612 87
/ 86
1
2
8812 26
893 Feb'28
8
3
937 95
8
931.
9312
94 Sale 933
9412 55
934 June'28
9812 Sale 98
983
4 22
10512 107 107
107,
4 25
102 1047 10718 Apr'28
8
873 Sale 873
4
4
8912 93
103 1107 11078 May'28
s
68 Sale 68
693
4 94
118 11712 Apr'28
5
1051 2 _ _ _ _ 10512 1053
4
_
914 MaY'27
10
103
103
110 Sale 110
11018 14
1
9218
9218
993 - --- 10212 May'28
4
75 Mar'28
----8814 Sale 8814
893
4 35
4
903 Apr'28
8814 885 80
80
8
98 Sale 973
4 10112 177
100 May'28
Dee Fell
5 Due MaY
--
p Due Dee.
ti
44
Price
Frf4ae,
June 8.
Week's
Range or
Last Sale.
Higii No. Low
Railroad
Ala Gt Sou let cons A 5e_ _ _1943 Jo
1st cons 4s ser 11
1943 JD
N
Ala Mid let guar gold Ea. 1928
Alb ar Sum 1st guar 3tie_ _1946 AC
Alleg dr West lot g gu 4s
1998 AO
Alleg Val gen guar g 4e
1942 MS
Ann Arbor 1st g 45
July 1995 (1
Atch To & S Fe-Oen g 45_1995 AO
AO
Reentered
Adjustment gold 45_ July 1995 Nov
Stamped
July 1995 MN
Cony gold 4B of 1909
1955 J D
Cony 45 of 1905
.1955 3D
Cony g 48 Issue of 1910.._1980
D
East Okla Div let g 48____1928 MS
Rocky Mtn Div let 413_1985 J
Trans
-Con Short L let 45_1955 J
Cal-Arlo let & ref 4 Ste A...1962
S
All Knoxv & Nor 1st g 58_1948 Jo
Atl & Chart A List A 4 14s... 1944 J
1st 30
-year 55 series B___1944 J J
Atlantic City let cons 4e_ __1961 J J
Atl Coast line let cons 45 July '52 Si S
Registered
Si S
General unified 4545
1984 JD
L & N coil gold 4a__Oct 1952 MN
All & Day let g 42
1948 J J
254a
1948 J
Atl & wall 1st g guar 45
1949 AC
Austin & N W 1st gu g be_ _ 1941
J
BONDS
N. Y. STOCK EXCHANGE
Week Ended June S.
3569
Range
Since
'
iti
¢ --.,
Jan. 1.
Mon No- Low
Hien
Mar'28 ---723 74
8
/
1
2
Mar'28 ---7018 75
1023
4 13 10212 104
Mar'28 ---71
75
Feb'28 ---71
733
4
Feb'28 701 73
/
2
/
1
2
High Chic Nlilw & St P (Concluded)Bid
Ask Low
Jen & ref ser A 4lis__Jan 2014 A 0 --------7314
Gen ref cony ser B be Jan 2014 F A
75
10512 1083
1934 J J joiE 1CTi_N 10212
.
tst set 65
8 95 95
Debenture 4 548
D ________
1932 1 0 --------75
1004 1004
Debenture 4s
1925
717
8
8814 9111934 J 1
25-year debenture 4s
7214
92
954 !Mc Milw St P & Par 5s...,1975 F A
9412 Sale 9412
9314 99
69
8
Cony ad] 5e
Jan 1 2000 A 0 757 Sale 7514
8
98 7125
7
6
61; 7 1
9171 9893
813 841
tile & N'weet gen g 3tie___1987 NI PI
8
7678 84
84
84
4
83
86
933 99
4
Reeletered
Q F 80
8212 84 Mar'28 ---84
84 8
5
95
964
1)eneral 40
9212 88
8
9212
1987 M N 925 9334 9212
7
91
94
,
Registered
95
./ F 90
94
94 • 94
Apr'28 -___
91
94
14
Rod 45 non-p Fed In tax '87 Si N 9212 945 9212
93
8
9212 963
4
91
94
Gen 4 14s stud Fed Inc tax 1987 M N ____ 107 10878 May'28 ---- 103 113
91
Gen be etnd Fed Inc tax.. _1987 MN ____ 11112 11118 May'28 ---- 11118 117
94
Registered
MN --------113 Mar'28 --__ 113 113
99
Oinking fund 65
1879-1929 A 0 10118 ____ 1014 May'28 __-_ 1015, 1025
8
92
941
.
____ 10114 May'28 ---- 10114 10114
Registered
A 0 101
%rising fund be
9312 96
1879-19311 A 0 99 Sale 99
1
99 10153
99
102 1044
Registered
A 0 9818 _ _100 May'28 ____ 100
107 1075
Slci king fund deb be
1933 M N 10112 102 102 May'28 ____ 102 10318
- 9914 1001
Registered
/
2
M N 100 103 10012 10012
8 10012 1021
10418 1071
10
-year secured 7e a
1930 J D 10414
10414
_ 104
7 11318
5 1 00 2
,
91
931,
(9
1936 M 5 1117 1 - 3 111
2 6:
1 1:
1;4 4
111
8 -1i 4
-year secured 634 g
,
1st ref g be
9412 988.
May 2037 J D 10312 111 109 May'28 _-__ 1087 114
8
978 978
8
1st & ref 41.1e
May 2037 I D 10018 Sale 10018
10012 34 100 19411
Mg 104
9114 953,
bic RI & P Railway Ben 48_1988 J .1 915, Sale 9112
923
4 50
9112 90
79
86
Registered
92
4
J .1 90
91 Nlay'28 ____
9112 9218
93
93
,
761
Refunding gold te
72
1034 A 0 933 Sale 9312
138
4
95
884 923
Registered
,
A 0
4 ___
9514 May'28 _223
92
05
,714
94
5
10214 1021.
Secured 43.45 series A
1952 M S 9218 Sale 92
Ii St L & NO Mem DI,45_1951 J D ____ 93
923 May'2892
4
941 ____
92 4
3
II St 1. & P let WW1 g bs. _. 1932 A 0 10214 Sale 10214
9353 98
10214
1 10218 1033
8
9414 NA
Registered
___ 1015
8 1014
A 0 1011
1 10118 10158
9814 101
'Ole St P M & 0 cons 6s_1930
D 101 4102 10112 10218
9 10112 103
/
1
2
98 1001
reduced to 3 40_1930 .1 D 9418 9818 963
.
Cons 65
4
98
20
96 4 98
3
Debenture be
1014 105
1930 PA S--------100 June'28 ____ 100 1002
/
1
105 110
Stamped
100
Jan'28 ____ 100 100
SIC T Bk So East let 5e__1980 J D 9912 Sale 991 10012 40
1083 112
8
/
2
9910 10353
9312 971
Dec 1 1980 M S 95 Sale 95
Inc gu 65
4 31
95
953
98 2
7
10212 1071
Sic Un Sta'n let gu 440 4.1983 J J 9912 Sale 9912 100 4 58
9912 10312
3
84
91 1
1983 .1 1 1057 Sale 103
111 68 series B
106
12 102 107
8
10112 1051
1944 J D 1025 10312 103
Guaranteed g be
8
10312
3 10218 105
1021 1045
/
2
1983
let 8 tie eerlee C
118
Sale 11678
,
84
9334
tile & West Ind gen ff 05-01932 NI 1013
102
9 1g2 la514
8 1
1 784 _
102
8
1952 J J 88 Sale 8712
Consul 50
8812 72
-year am
8712 9312
8914 35
1982 M S 1044 Sale 1045
let ref 51s ear A
9612 98
/
2
8 105
/
1
2
19 104 105
97
Moe Okla & Gulf cons be__ _1952 M N 1055
10534 May'28
10534 1075
8
4
97
1937 .1 J
99 100 May'28 ____
97
99 100
98 'In HA 1320 gold 4845
97
8
8
985
8 17
'1 St LAO let g te_ __Aug 1936 Q F 985 Sale 985
97N 985s
Registered
9714 9714
Aug 1936 Q F 9612 Sale 9714 Feb'28 ____
9353 95
1942 M N
8412 88
953 934 Feb'28
4
'In Leb & Nor gu 4e g
9314 934
9784 977
4
_ 9912 Jan'27
10112 10652 Clearfield & Mah let KU 198_1943 J J
3 -9419712
- -- 2
9412
92,4 9814 Cleve CM Ch & St L gen 481_1993 1
1001/2- -_ _ _ _ 934 9412
1931 J J 9818 9914 9818
9818
2
102 10312
9812 100
JO-year deli 454e
/
1
2
1993 J D 112
_ 112 May'28 ____ 10014 118
General be Series B
10112
9 10012 103
10812 1103
4
1214 1010712 1003
1 78
Ref & Impt 65 series A...1929;
4
106 May'28
98 10214
1941
1054 10853
Ftef & kept Meer C
3
1212 Sale_ 103
10318
1963 8
6 10212 10511
9914 101
Ref &'mut Sleet D
_
9612 June'28
193u
9812 1021s
9838 9653
Cairo Env let gold 4e
8 9314 9212 May'28 ____
114 117
Cln WA 51 131v 1st g 44-1991 J J 923 9153 9312
8914 911 91 May'28 ____91
945
/
2
8
11818 123
St L Div 1st coil tr g a 48- -1990 NI N
1940 Si S 9114 _
9712
963 May'28
4
98 10314
Sot & Col Div let g 48
9618 June'28 _ _ _ _
9618 9612
873 92
4
0
W W Val Div let g 48---194 J J 9014
9712
993
8 92
9812 101,
1977
9712 100 8
5
Ref & Impt 4tie ser E
4
10812 May'28 ____ 1075s 10918
9814 9814 .:CCArlgenconeg05
1934
A 1 l
a 103 102 June'28 ____ 102 104 4
1
80
905
8 ley Lor & W con let g be 1933" 0 1g
1023 10512 Cleve & Mahon Val g be___ _1938 J J 101 18 10212 10118 May'28 ____ 10118 10118
4
9914
_
100 Nov'27
108 1092 CI & Mar let gU g
/
1
- - 1935
fiii1; 10134 Mar'2810134 101N
A 0
9312 95
Cleve A P gen gu 43.4e ear B_1942 MN
1942 J J 9912 10112 10214 Nov'27
8658 90
&ilea A 4 48
1055 108,2
8
1945 Si N
-I
104 - - -Series C 334e
94
0
10418 10714
4 ___ Z 4
1950 F A 893
(
91
59:8 59 8
3
Series D 3(4,
10212 10414 Cleve Sher Line let gu 4.45_1961 A 0
_ 105 105 May'28
10234 10812
10012 10214 Cleve Union Term 5145
1972 A o iiii 1063 110 May'28 ____ 10988 11018
8
107 1085
1973 A 0 100 1047 106 May'28 ___ 106 107
8
8
let f be ser B
/
1
2
1033 1044
s
9434 9512 Coal River Ry let gu 4s
1945 J D 934 ____ 934 May'28 ____
93 8 933
3
8
10614 109
4
983
4 26
Colorado & South let g 48 _1929 F A 083 Sale 9812
985, 1001
.
10318 10318
8
Refunding & exten 445_1935 M N 9734 985 9812
9918 15
9814 100
10614 10678 Col & H V let ext g 4e
1948 A 0 9312 943 943
4
4
943
4
2
94 4 987
3
8
84
885 Col & Tel 1st ext 45
8
4
923 95
4
1965 F A
953 May'28 ____
94
/ 96 4
1
2
8
983 1003, Conn & Paseum RI, let 11_1943 A 0 90
4
____ 90 May'28 ____
90
90
10012 1013 Como' Ry deb 48
1930 F A 9518 ____ 9518
4
9518
2
9513 MI
115 31912
Non-conv 45
75 Sale 75
75
1954 .1 J
11518 11812
__ 78ay'28 ____
Nou-conv deb 4a_ _ __J&J 1955 .1 3 76
34 M
78
1361
,
965 99
8
Non cony deb 45_ _ ._ A&O 1955 A 0 76 --8
811
7
/
2
8112 Jan'28 ____
80
925 9612
8
Non-conv debenture 45
2
1
7
7
842 82
5
77
1958 J J
79
77
75
851
:
923 94
3
Cuba Nor RI let 534s
9812 984
9712 45
1942 .1 13 9712 Sale 0612
99
9914 Cuba RR let 50
991 23
/
2
9914
973 1001s
4
-year be B_ _ _1962
94
9514
10912 23 10814 110
e
let ref 7(45 E'er A
01 )
2
1938 11 g 1 9914 Ei;i-- 109
1013 10512
4
let lien & ref 68 ser B
9912 1014
1938 J D 100 10012 101 May'28 ____
993 1002
4
/
1
Day & Mich let cons 4/ _1931
18_
2
8
Del & Hudson 1st & ref M__1943
als IN AP4778 -56 9334 96'i
t
ilk)"
0 107
% 11312
_ _ _5 10
_
30
-year cony 5e
1935
10814 1073
4
15
-year 51-45
A
1937 PI; g
105 106
1 104 107
10418
4
10
-year secured 7e
1930 J D 10418 1043 10418
100 105
13 RR & BrIge let gu 45 g_ _1938
6
4 --ii -ip4 94 0818 10214 Den & R G let cons g 4e_1936
991 10118
/
2
957 9814
8
9714
7
97
9
Consul gold 41e
/
2
1936
101 1024 Den dr Ito West gen 5e_Aug 1955 NI N
9318 61
8914 97
9012 Sale 9114
90
9312
943 053 Des NI & Ft D let gu 45_
8
4
2714 35
3012 May'28 ____
1935
9111 923
4
26
321
/
2
3212 May'28 ____
Temporary etre of depoelt_ _ _ _ jcs __8
i j ....
_
10212 1021. Dee Plaines Val let gen 41.0_1947
10214 Feb'28 ____ 10214 1024
8
4 1003 Del & Mac_ let lien g 48_
82
SO
__ 8118 May'28 ____
1 D 801
7112 74
80
70
Gold 4e
701 7912 SO May'28 ____
/
2
8-1995 J D
713 731, Detroit River Tunnel 4 tie_1961 M N 98 1023 10158 102
4
8 i
13 1013 1_03_ i_
4
Ws 723 Dul MIssabe & Nor gen 58_1941
4
69
7112 Out & Iron Range let 55_ __.1937 j 0
May'28: -_-_ jai. 10 .
:
A
2
Registered
A 0 ____ ____ 10018 May'28 ____ 10018 1027
86
9118 Dul Sou Shore & All g 5s_1937 J .11 8518 8712 863 May'28 ____
854 90
4
893 9014 East Ry Minn Nor Div let 4e_'48 A 0
e
952 May'28_
/
1
9318 9884 East T Va & Oa Div g be_ _1930 .11 J 1003
5 0.,
6
e
8 1005 - - - 1 12.8 191 4
8
_ 1005
9338 088
4
Cons let gold be
4,
11801182
1082
1956 M N 108 10914 108
9338 933 Elgin Joliet & East let g 641_1941 M N 10514 105:4 10514 May'28 ___
8
03
1991
98 10278 El Paso & S W 1st 56
1965 A 0 106 109 10918 May'28 ____ 109 109 4
3
10612 11014
10678 1071 Erie let consol gold 7e ext 1930 M S 1033 104% 10414
,
4
4 104 10614
10414
85
93
let cone g 45 prior
1996 J J 8512 Sale 85
91
85
863
4 62
11011 11214
Registered
Jan'28 ____
1997 J J --------86
88
86
(16
7212
let consul gen lien g 4s......1996 J J
7814 Sale 7712
80 4 207
3
7712 863
8
11878 11814
Registered
1996 J J ___
__
7912 May'28
_
10518 106
Penn coll trust gold 48.-- -1951 F A 103- 105 - 103
103 -- -8 102 laii`
76's
60-year cony le eerie* A 1953 A 0 823 8314 822
4
/
1
8414 34
827 8911
8
103 10Y1- 4
Series 15
1953 A 0 834 Sale 83
834 10
8212 894
1094 11112
Gen coil, 4e series D
1953 A 0 ___ 88
86 May'28 ____
86
88 1
,
9218 9612
Ref & Rapt be
1967 M N
9414 Sale 9414
9618 404
9414 991
4
1021 10212
/
2
Erie & Jersey
s f 813
1955 J J 113 Sale 113
11412 14 113 116
7012 76
Genesee River 1st 5 f 58...1957 J .1 11384 11412 11312 11312 16 11253 115
8814 9312 Erie & Pitts KU it 33-4e B_ _ _ _1940 J J
102
Jan'28 ____ 102 102
904 913
8
.
Series C 31 45
1940 J J 90
____ 91
10
901494
91
80
SIN Est RR esti s f 711
4
1954 Si N 1023 Sale 1023
4
104
/
1
127 1003 1042
4
973 10414
4
100 10012
748
,,-4
-0
friyis
4,/:1' -oi"
;5
2
1Sg12 Ig!'_4 1S'2"70.,118
9 :
9634AP
:!_e_
1 I 4'4 6
_3_42 _1_2
3
12134 :::: 12378
3570
BONDS
114 Y. STOCK EXCHANGE
Week Ended June 8.
New York Bond Record—Continued—Page 3
23
tt
Priv;
Friday.
June 8.
Range
Sirus
Jail. 1.
Week's
Range or
Last Sale.
BONDS
N. Y. STOCK EXCHANGE
Week Ended June 8.
t3
Pries
Friday.
June 8.
Week's
Range or
Lan Sale.
1
co
3
Range
Since
Jam. 1.
Hfgh
High No. Low
Ask Low
Ind
Low
High
Higie
Bid
Ask Low
10312 106
3 100 10214 Loulayille & Nashville 544_1937 M N 103 105 10312 May'28
100
100
Fla Cent& Penn let ext g 581930
9614 48
95
9914
3 101 1037
Unified gold 45
1940 1 J 95 Sale 95
10112
4
- -12
Coneol gold fas_
2• 2 100 102 101
10114
4
4
1 10114 10252
Collateral trust gold 58_1931 51 N 101 1013 10114
99 10111
99
Florida East Coast let 4E46_1959 J D 99 Sale 99
10312
8314, 9142
191
10
9 10234 10512
-year see 7s May 15_ _ _1930 M N 10318 10312 1034
4
89
lat & ref 58 series A
1974 MS 88 Sale 873
1
10614 18 10572 11012
let refund 5)4s series A._2003 A 0 106 Sale 105h
45
52
4812
Sale 45
Fonda Johns ee Glov 430-1952 MN 45
10732 109
9812 9914
1st & ref 58 series B
2003 A 0 1007 1068 1074 May'28
8
9934 Apr'28
_
Fort St U D Co let gt 4343-1941 J 2
1014 15 10058 10414
1st & ref 4Ms series C
2003 A 0 1017
8
_ 10178
105 1087
4
98Ft W ee Den C 1st g
-1981 J o 104 108 105 June'28
102 103 8
,
997 May'28
N 0& M 1st gold 88
19301 J 101 163 102 Apr'28
7
9914 99 4
- -14
Ft Worth & Rio Or let g 45-1928• J 994 997
4
10214 10214
26 gold 68
1930 .1 J 101 10212 10214 Apr'28
10814 1074
Pram Elk & Mo Val late's-1933 AO 106 10812 107 Apr'28
95
9612
3 100 10214
Paducah & Mem Div 46_1946 F A 95
9612 9518 May'28
10014
GH&SAM&Plet581—.1931 MN 10014 Sale 100
68 4 71
,
10038 1011,
705
8
St Louis Div 2d gold 341_1980 M
8
_ _ 705
8
703
2d extens 58 guar
1931 jJ 97 100 101 May'28
Slob & Montg lst g 414e_ _194b MS 9918 104 10012 10012
3
498 10052
2 10012 10273
98
Galv Hous & Rend let 5.—.1933 A0 98 Sale 98
9414
4
90
90
90
South Ry joint Monon 48_1952 J J 883 92
98 1013
1
8
10012 9912 June'28
• J
Ga & Ala By let cons 5s_Oct 1945
9912
92 2 9812
,
AU Knox,& CID Div 4e_ _1955 M N 93
93
97 1007
4
925
41
Ga Caro & Nor bit gu g 56-1929 J J 9912 Sale 9914
100 100 4
,
Loulsv Cln & Lex Div g 4E48'31 M
9912 166- 100 May'28
- 3
7812 79
4
7812 June'28 _
Georgia Midland let 38
1946 AO 737 76
10312 10312
5
9812
_
&shoo Coal RR 1st be
1934 J J
10312 Jan'28
9812 101
4
Gr R & I ext 1st gu g 4 Eis
1941 3, 98 1003 9812
74
Aanila RR (South Lines) 45_1939 MN 76 Sale 76
793
4
76 - -23
Grand Trunk of Can deb 70-1940 AO 11412 Sale 11414 11412 33 11414 117
76
1st ext 4s
82 4
82 May'28
7514 81
,
15
-year e f Be
1936 MS 10812 Sale 10612 10714 17 10812 1094
100 10112
10114
____ 10114
9 1j1 N
983 994 Aardtoba 8 W Colonisien Se 1934D 101
4
4
Grays Point Term let 58...-1947• D 9812 __-- 993 Feb'28
1135 186
8
Great Nor gen 78 aerial A....1936 J 2 11318 Sale 113
11412 Apr'28
3,
Registered
_ 9952 1003 June'28
s
lit & ref 4e series A1961 J J
24
Ill 11112 11012 111
1952
General 1114e series E
10412 Sale 10412 1053
4 16
General 50 series C
1973 1
9912 75
▪ 1 98 Sale 98
General 4He series D
1976
57
99
9814 Sale 98
General ellis aeries E-1977 I
Green Bay & West deb ens A. _ Feb 854 - - - 86 Mar'28
1
23
Feb 23 Sale 23
Debentures ctfs
9572 Mar'28
4
Greenbrier By let gu 43_1940 MN 953
Gulf Mob & Nor 1st 514e.1950 AO 10414 107 10614 May'28
1950 AO 100 102 102 May'28
let M 58 series C
8
Gulf & 81 lat ref & ter g 58.141952 J J 1077
- 10772 May'28
Hooking Val let cone a 414e_1999 3, 10014 igi 10212 May'28
10212 May'28
—
Registered
1999 3,
10112 May'28
Houeatonle By cones 5e__1937 MN iiio
104 May'28
H&TC latgintielar
1937 2J 104
Waco & N W dly let 85_1930 MN 102 103 102 May'28
Houston Belt & Term let 56_1937 JJ 100 101h 100 May'28
10014
Houston E & W Tex 1st g 55_1933 MN 100 101 10014
102 101 May'28
1933 MN
let guar 5e red
993 Sale 9912 10014 55
4
Hud & Manhat 544 series A _ _1957 FA
924 79
Adjustment income 5a Feb 1957 AO 9012 Sale 9014
Illinois Central 1st gold 4a_ _1951 42
ii
Registered
1951
lirt gold 3Els
Extended let gold 33Ø_1951 * 0
1951 MS
let gold 3s sterling
1952 * 0
Collateral trust gold le
1955 MN
let refunding 48
1952
Purchased lines 314e
Registered
Collateral trust gold 48__ _1953 M• N
MN
Registered
1955
Refunding 544
15
-year secured 6lie 4._ _ _1936 J
Aug 1 1966 F A
40
-year 414e
1950 J D
Cairo Bridge gold 4s
Litchfield Div let gold 3,5_1951 J J
,
Lousy Div & Term g 3558.1953 J
Omaha Div 1st gold 38_1951 F A
St Louis Div & Term g 38.1951 J J
1951 J J
Gold 314s
Springfield Div 1st g 3lis_1951 J J
Western Lines let g 444_1951 F A
F A
Registered
III Central & Chic St L & N 0—
Joint lat ref 54 series A_ _1963 J D
1963J D
1st & ref 4 he ser C
Gold 58
1961J D
J D
Registered
Gold 3)0
1951 J D
2
97
14
99
99
95
95 May'28
8412
9
88
8612
8813
8812 May'28
76
96 Mar'27
3
94
92
92
93
91
2
95
97
944 95
87
12
88
83 Sale 88
85
85 Apr'28
894
9118 25
8
897 Sale 89s
0014
9014 May'28
10858
;
5
4
1583 169 1083 June'28
.4
4
3 1093
111
10912 114 111
9934
4 1003 121
4
993 Sale 993
4
971a
9718 Jan'28
7912
81
7912 Apr'28
78
3
844
8418
88_ _ 8418
7738
77,
2 112 7814 May'28
7914
7914 May'28 -7612 82
2
845
8
857
8
857 Sale 8578
8
Oct'27
_ 88
"
5 "foi
925
8
92 Sale 92
90
92 Apr'28
99
Sale
8612 Sale
10514 Sale
973 Sale
4
107h 109
105 __ _ _
833
4
105
1053
4
99
973
4
10614 May'28
107 Apr'28
8412 Jan'27
59
40
Led Bloom & West let ext 48_1940 A 0 933._ _ 9538 Sept'27
9512 9512 May'28
Ind 111 & Iowa 1st g 4s
19502 J 52
9012 92 May'28
Ind & Louisville 1st gu 45.._1956 2 J 87
Ind Union Ry geo 5a ear A_4988 2 2
Apr'28
101% 103
_ 10412 Feb'28
Gen & red 5a series II
19652
101 101314 10614
lot & On Nor Ist Bs ser A 1952
7
1063
4
Adjustment 88 ear A July 1952 Aprl 8712 Sale 8712
9012 19
7712 Feb'28
Stamped
98
let 68 series B
1956J I 97
98
9812 18
4
1956J -1 993 Sale 988
leig5seerieeC
993
4 20
8514 Sale 8514
int Rye Cent Amer let 511-1972 M N
8618 37
9514 Sale 9514
1941 MN
let coil tr 6% notes
6
963
4
9718 Sale 9718
1947 F A
let lien & re/ 6E4s
0878 146
44
Iowa Central let gold fis_ _1938 J D 4418 46
7
46
4418 50
45 May'28
Certificates of deposit
16 Sale 16
1951 M
Refunding gold 4s
1612 29
9512
951,
1
James Frank & Clear let 40-1959 J D
- 103 May'27
19382 J
Ka A & R 1st gu g 5a
8812
,
2
1990 A 0 ---- 93 4 8812
Kan & M 1st gu g 4s
K C Ft 8 & M Ry ref g 4._ _1936 A
K C & M Rd. B lot gu 56.-1929 A
Kansas City Sou let gold 30_1950 A
Apr 1950
Ref & Impt 53
Kansas City Term 1st 4s___ _1960
Kentucky Central gold 48_ _1987
Kentucky & Ind Term 4348_1981
1961
Stamped
1981
Plain
Lake Erie & West let g 5s..193?
1941
3d gold 544
Lake 1310 & Mic0 s g 330--1937• D
1997 J D
Registered
1928 MS
Debenture gold de
1931 MN
35
-year gold 4s
MN
Registered
Leh Val Harbor Term gu 5s_1954 FA
Val N Y let an 6)Ss 1940 22
Lab
Lehigh Val (P10 cons g 01 2003 MN
MN
Registered
2003 MN
General cons 4148
MN
Registered
937
9314 Sale 9314
26
9814 100 10018 May'28
7514 80
737 Sale 7338
8
4 38
1063 Sale 9978 1003
4
92
53
90 Sale 90
9318 934 9318 May'28
2
9612
92 Sale 92
95
9812 96e May'28
100
- 9838 Apr'28
103 May'28
4
101h 1033 Mar'28
843
4 20
81 Sale 81
81
8412 855a Apr'28
993
4 82
995 100
8
998
105
98
4
973 Sale 9712
993 Apr'28
4
1
.
10712 gale 10712 10712
7
4 1013
1013 Sate 1013
4
4
91
83
8912 Sale 8918
91
Jan'28
16
4
1013 Sale 10058 1013
4
10012 Apr'28
_
Lehigh Val RR gen 58 serles_2003 MN 108 110 11012 May'28
105 1043
4 105
Lab V Term Ry 1st gu g 511- -1941 AO
1037 Feb'28
AO
Registered
9218
923 87
8
Leh & N Y 1st guar gold 48.l945 MS
_ 11012 1113 May'28
3
tel & East let 50-yr 55 gu._ 1965 * 0
95
Apr'28
Little Miami gen 48 Ser A...1962 MN
4
1935 AO in"& 1073 10812 May'28
Long Dock consol 565
8
1011
- 1015 May'28
Long laid let con gold 53July 1931 Q
4
97 2-- 4 993 Mar'28
993let consel gold 45_ _ __July 1931 Q
94
98
9414
1938 ID 94
General gold 48
8
1932 ID 9614 977 10012 10012
Gold 4s
917
8
90 Sale 90
1949 M
Unified gold 48
100
,
4
1934 ID 99 4 1013 100
Debenture gold 68
984 9912 June'27
1937 MN
-year pm deb 58
30
9112
9112 Sale 9118
Guar refunding gold 45._ .1949 M
10114 10034 May'28
Nor SO B let con gu 5e_Oct'32 Q
90
9312 9312 May'28
Lou & Jeff Bilge Co gu g 4&_1945 M
J 88
fan GB&NW 1st 3j4s_ —1941
90
113 116
88 May'28
11412 1145, flobCenteret & BAY City 58.'31 m e 10012 101 101 Mar'28
Regiot Ded
Q
9933 1024
10034 Apr'28
1940 J J
975 Jan'28
8
Mich Air Line As
110 1154
198x m N
10412 209
igai 8818 May'28
let gold 3Eis
1929 A 0 1591- 993 9912
995
8
4
4
10
-year debenture 48
98 1014
1940 A 0 044 983 95
95
4
4
98 1017 410 of N J 1st ext 544
- 997 May'28
(18 o
8
864 .111w L & West1m p g 56_1929 F A 985s
88
- 98 May'28
23
2914 Iii & Nor let ext 4348(1880) 1934 J D
6514 May'28
1934 1 D 959412 96
Cons ext0
48
2
957 957
s
964 954 May'28
10614 1071
, Ell Spar & NW 1st gu 414_ _1947 m S 93
-- 90 Apr'28
Mr;& State Line 1st 3las_ _1941 J J
102 104
5418
56
583
8
53
10712 1084 Awn & St Louis lit eons 53_1943 M N 90-MN 5118 54
504
50h
Temp Ms of deposit
10212 1074
let & refunding gold 4s___1949 M
19
1812
1814 19
10212 10414
19
Ref & ext 50-yr 58 ser A__1962 Q F 19 Bale 1712
1011a 10174
'8 J .1
u 3
9212
St P &SS M con g 4sintglg3 3 j 89 4 9118 905
1
8
3
10315 1047
.st cons ISs
0814
4
102 10314
973 9812 98
9912 Sale 99
993
4
1st cons 5situ as to Int._ 1938
100 102%
1941 3 S 10012 Sale 10012 101
9 M 1
3
,
10
-year coll trust 6)48
10014 100 2
7
1014
10012 1013 101
1st & ref 614 series A
4
10014 1024
04
1949 m 8 9312 942 93
85
9912 10312
-year 5148
1941 MN 9518 _--- 9518 May'28
let Chicago Term e 4s
9014 954
4
15
4
3
5
49
994
95
9012
8814
9614
9812
904
86
94
904
1104
.
1141
10234
971
.
7912
bal4
801.
4
90
81158
1949 J
11851151IPPI Central let 55
do Kan & Tel let gold 4a_ _1990 J D
do-K-T RR pr lien 515 ser A.1962 J J
1962 J J
40
-year 4s wiles B
1978 J J
Prior lien 414s tier D
Cum adjust be ear A Jan.1987 A 0
Ao Pao let & ref fte ear A.....1966 F A
1975 M 8
General 4s.
1977 m
let & ref 58 ser F
i4o Pea 3d 75 ext at 4% July 1938 MN
,
fob & BR prior lien g 5s-1945 J J
Small
1994495 322 .
1
13
et m gold 4a
l
Small
doblle & Ohio gen gold 411..1938 M S
977 F s
4
Montgomery Div let g 58_19 7 m A
het & Impt 4
Soh & Mar 1st gu gold 45.,l991 M S
1937
J
lout C 1st gu Bs
1937 3J
'is gas cold Se
,
Morrla & Essex lertgU 3)4s-2000 J 0
I1414
NlaCAti es S I.4sSer A_1978 F A
Nasil
v
St
t drgug58
92
1937F A
105 10814 Nat Ry of Max pr lien 4)0_1957 J J
3 77 __ _
9
Assent cash war rot No 4 on A 6
,
97 4 101
10614 111S12
-year s f 49
Guar 70
Assent cash war rot No 6 on
10518 107
Nat RR Mel to I 434s Oct_1926
Assent cash war rat No 4 on
1951 :C0
lit conga' 45
-Assent mush war rat No 4 on
9414 97
1954 MN
RR let gds
92
Naugatuck
9C14
10212 105
New Engls.nd RR cons Se_ 1945 J J
1945 1 J
10412 10412
COnsol guar 48
10618 108, N J Jam: RR guar 1st 48_ _ _1986 F A
2
8712 9914 NO&NE 1st ref & Imp4 ElsA'52 8 2
7712 7712 New Orleans Term 1st 4..,1963 3 J
0
1
9
35
a
98 1017 NO Texas & Mex n-c lee 551954 A (
9812 102
1st 54 series II
1956 F A
1st 58 series C
8
817 9212
2
94 4 997
,
1st 4 Els series D
1954 A 0
91 100
let 5114s series A
38
52
N A C Bdge gen guar 4 Hs_ _1945 .1
NYB&MBIstcong 58_1935 A 0
38
49
1018 19
N Y Cent RR cony deb the —1935 M N
95
967
4
Registered
1998 M N
F A
Consol 46 aeries A
8812 9618
Ref & knot 454e serial 4.2013 A 0
Ref & Impt 58 series C-- _2013 A 0
9314 97
10018 10312 NY Cent & Bud rely M 314s '97
732 793
1997
4
Registered
994 10314
1934 MN
Debenture gold 4a
90
95 4
MN
3
Registered
1942• J
93
9658
30
-year debenture 48
9612
91
Lake Shore coil gold 3E45_1998 FA
9018 9658
1998 FA
Registered
98 8 987
7
8
Mich Cent colt gold 334e_ _l995 FA
103 10514
1998 F A
Registered
102 l047 N Y Chic & St L let 5 4
8
1
1937 AO
8712
81
1937 AO
Registered
88
1931 MN
85
25
-year debenture 4s
1931 MN
987 100
s
2d 68 series A B C
9712 100
Refunding 5E4s series A,1974 * 0
993 991
4
4
Refunding 5 As series B 1976 2
10614 10758 NY Connect 1st gu 414o A._1953 FA
1953 P A
101 1024
1st guar 5s series B
8918 934 N Y & Erie let ext gold 4s-1947 MN
90
91
1933 MS
3d ext gold 434s
1004 102 2
,
1930 AO
4th ext gold 56
1928• D
10012 10012
5th ext gold 48
N Y & Greenw L gu g 5a----1946 MN
109 11114
1043 1083 N Y & Harlem gold 3Els_ _ _2000 MN
4
8
4
1037 1034
MN
Registered
87
9212 NY Lack &W let & ref gu lls 1973 MN
8
111 1153
First & ref gu 4 Sis con___ _1973 MN
1930 MS
924 9812 NYLE&W 1st 76 ext
1932 FA
10812 10912 N Y & Jersey let 511
NY & N E Boat Term 42_1939 * 0
1003 102
4
984 993 NYNE1& El n-c deb 40_ _1947 MS
4
(
94
96 2
Non-conv debenture 3i48_1947 M
9712 10012
Non-conv debenture 314e4954 A0
90
93%
Non-conv debenture 4s.._ -1955 J
N
100 10012
Non-conv debenture 48.-1956
9938 10112
1956 J
Cony debenture 3114e
1948• J
903 904
4
Cony debenture Bs
J 2
100h 102
Registered
1940 A
9312 9412
Collateral trust 65
N
1967
Debenture 48
let & ref 4lie ser of 1927..1987 J D
Harlem R & Pt Chas 1st 45 1954 MN
4
51
93
25
13
71
14
3
7
88
88
994 10218
10034 101h
975 975
8
,
8812 89 4
,
9958 100
95
993
4
99 100 8
,
98
994
9512 9912
9514 974
90
90
42
61
40
57
14
23 4
7
1112 1914
9012 9212
9312 10012
99 101
10012 1031s
101 10314
93
96
9518 9614
9914 993 9914
8
1
994
893
4 15
8812 Sale 8812
8 102
100 101 1007
14
88s 32
885 8712
8
86
964
4
943 Sale 943
4
7
8 99
10314 Sale 10314 1045
10212 83
102 Sale 10114
80
102
7812 Sale 78
10014 281
9914 Sale 9914
9312
93
9314 9312
3
103 ___ 103 Feb'28
-- 100 Apr'28
1004- - 8434 May'28
89
907
8
4
8414 90 843 May'28
8
9434 074 945 May'28
____ 102h 1043 May'28
4
98
51
97 Sale 97
97 Apr'28
8914 93
Apr'28
111 11212 111
4
10212 10512 11143 Jan'28
8112
8118 8312 8112
98
9912
8812 923
4
1007 1043
8
4
87
9212
94 4 9912
,
10314 10912
10012 1037
2
80
8314
8
9914 1025
9312 9712
103 103
993 100
2
9212 9612
,
84 4 925s
,
9452 98 4
10414 1053
2
97
99 4
,
97
971s
111 1127
8
1043 1043
4
4
88
81
9212 Sale 9214
0412
10212 106 104 Mar'28
30 Sept'24
1412
1314 1458 14
8712 Aug'25
19
19 Sale 1414
3812 July'25
_
1412
21h 1412
19
22 Apr'27
133
4
1212 1414 13h
8
_ - 865 Nov'27
85- - 10212 Apr'28
984 102
/3912 927 93 Mar'28
88- 88 June'28
16- 100 May'28
- 1
9212
9212 9212
02
9812
____ 9914 0812
100
99 Sale 99
102
10012 10212 102
973
4
9612 9714 97
8 104
1034 Sale 1035
Jan'28
_ - 100
Apr'28
10012 1013 101
9734- - 4
108
10714 Sale 10714
107 Apr'28
95
925s Sale 925
994
99 Sale 99
1084
1073 Sale 1074
4
66
9214 9614
1031s 1041a
8512
834 Sale 8312
845 82 May'28
8
96
9512 Sale 9512
9712 Apr'28
9712
_98 9712
8
7 s 8118 823 May'28
7
787 8514 8158 May'28
8
8358
8
8358 835
8138 May'28
794 83
9712
963 9714 9812
8
9618
- - 9612 Feb'28
9912
9912 Sale 9714
,
10214 Sale 0218 1025
1083
4
10814 Sale 0814
8 10612
1057 Sale 1055
8
100
9912 00
98
104 10514 104 May'28
9212 Apr'28
100
- 10014 Apr'28
10014 -- 10034 May'28
9914 Mar'28
991474 100 Mar'28
101
-
115
_
26
a
_
6
18
141. 2314
—64 IV;
22
3
26
8
31
8
iL
56
5
72
a
_
12
25
19
33
7
_ 8812 Mar'28
854 Apr'28
_ - 80 July'27
102- - 10518 Apr'28
100 10212
.
_ 106 Fe13 27
• _
1014
- -14
160 161 10114
90 Mar'27
8512
8812 9512
80
4
793 813 803 May'28
4
4
9
7714
725 7312 76
8
7
8212
8214 853 82
4
4
823
4
8
817 Sale 817
8
11
7714
71314 Sale 7614
4
1143 Sale 11412 11718 127
11212 May'28
_
1053
4 32
105 Sale 105
5
7912
7812
9114 58
8912 Sale 8912
0118 17
4
4
903 Sale 903
78 8 ,
"1214 Ye;
1114 "2"i"
162; 1- 14
0 90
93
88 100
91114 102
9024 951s
9812 102
1013
1
100 105
97
Ws
10312 10814
100 100
101 101
10714 1097
1
107 107
92 2 9712
,
99 1044
107 1104
8312 8711
8514
82
954 9914
0
9718 981
9712 99
8214 861a
8178 82%
83 2 87
,
817 83 4
5
7
9612 98 4
,
9612 96s
97 100
:
1
1017 103
2
7
10614 107 1
4
10.55 1073
8
100 1021,
10012 10514
9212 921a
10014 10014
1004 100 4
4
7
9914 991
4
100 100
861a 8712
8518 8514
1051, 1W9
-1007 10111
,
85I
7815
76
82
818
7614
11412
11212
105
7812
8012
903
4
913
8314
811
4
8819
881s
80
11212
115
105 a
7
Me
943‘
931/2
New York Bond Record-Continued-Page 4
BONDS
N. Y.STOCK EXCHANGE
Week Ended June 8.
NY 0& W ref 1st g 4s_June 1992 MS
Reg 3.5.000 only June 1992 MS
General 48
1956 3D
N Y Providence & Boston Ii 1942 * 0
AO
Registered
N Y & Putnam let con gu 4,11933 AO
N Y Bung & West let ref 58-1937 33
2d gold 4148
1937 P A
General gold ra
1940 FA
Terminal letgoldSu
1943 MN
NY W'ehes & B
ser 646'48 33
Nord Ry ext'l 8I 13411
1950 AO
Norfolk South lit & ref A 43.1981 FA
Norfolk & South lit gold 58..1941 MN
Prize
Friday.
June 8.
Week's
Range or
Lass Sale.
1
3
ezQ
MO
Ask Low
Mob No. Low
High
7312 78
78
6
7812
78
silk
7812 Apr'28
764 7812
7212
75
11
7212 gift
9312 Apr'28
92 95
89 4 Jan'28
3
8918 89
.
3
92
/
1
4
9212
1
9213 961
_
go 8812
8812 14
884 921
,
743s 82 8 May'28
7
80
831
733s Bale 733
e
7312 19
7218 801
,
10214 --- 0214 May'28
997 1021.
8
85 Bale 8512
/
1
4
8614 33
8512 92
1013 Sale 013
4
4 10212 75 100 103
9214 934 93
9312
4
93
97
10214 ---- 0214 June'28
10214 193
Norfolk & West gen gold 88_1931 MN
Improvement & ext Si. I934 FA
New River let gold Si.
...1932 * 0
N & W Ry 1st cons g 433. _1996 AO
Registered
1998 AO
Div'l let lien & gen g 43.1944• J
10-yr cony 85
1929 MS
Pocah C & C joint 48
1941 J O
North Cent gen & ref bs A _1974 MB
Gen & ref 4 We nerlee A _ _1974 MS
Stamped
North Ohio lit guar g Si..__1945 AO
North Pacific prior lien 48_1997 Q J
Registered
1997 Q
Gen lien ry & Id gt as Jan 2047 Q F
Registered
Jan 2047 Q F
Ref & leapt 430 series A __2047 3 3
Ref & Inapt 88 aerie', ii _2047 J J
Ref & lmpt 68 merles C-2047 J
Ref & impt be aeries 11_2047• J
Nor Pac, Term Co let g 88.-1933 J
Nor Ity of Calif guar g 58-1938 * 0
103 105 10412 10413
1043
0913 Dec'27
10312 105 1063 May'28
44
3
9413 Sale 93 4
9412
---- 943 984 Apr'28
4
94 Sale 93
943
4
1823 Mar'28
4
-911 Sale 943
,- 4
4
95
10784106 Sept'27
/
1
4
163 1011 Jan'28
- .
/
4
10312 Apr'28
97
99 98
98
94 Sale 9212
9418
90
95
9118
93
8758 Sale 8713
70
6518 68 6812 Apr'28
1004 101
99 4
3
99
3
11412 Bale 11412 1151
103 105% 1057
8 106
104 1057 10634 May'28
8
1093
4
3
3
- 109 4 109
103 105% 105 May'28
-
North Wisconsin let Si
1930
.• 11 101 10214 102 May'28
Or & L Cham let gu g 4e_
1948 3, 84
85
85
85
Ohio Connecting Ry lit 48
951 Nov'27
-1943 MS 96 _
Ohio River RR let g 58
19383 11
10312 104 Apr'28
General gold be
1937 A 0 102 106 1041$ Jan'28
Oregon RR & Na, con g 48 19463 D 934 944 9318
9414
Ore Short Line let cone g Se 19463 J 105 107% 108
108
Guar stpd cons l'a
1946 3 J 108 11014 108
108
Guar refunding 48
1929 J 0 9918 Sale 9812
9811i
Oregon-Wash 1st & ref 48-1961 J J 8014 Sale 90
91
Pacific Coast Co lit g be.
1948 J
82
83 8218
8314
Pao RR of Mo 1st ext g 48_1938 F A 9312 947 9538 May'28
8
2d extended gold Ss
1938 J J
---- 102 May'28
Paducah & JIli let if 414.19653 J
10112 Apr'28
Parle-Lyons-Med RR exti Si 1958 F A 09 Sale 99
99 e
7
Sinking fund external 78. _1958 M S 10312 Bale 10312 10 4
43
Pazli-Orleans Rh .178.. .1954 M S 10318 Sale 10318 1034
External sinking fund 5148 19 8 M
94 Sale 94
6
95%
Paulleta Ry let & ref if 78_1942 M
1034 ____ 10318 10318
10
51
16
7
8
76
3
81
4
83
6
13
2
4
66
51
5
74
50
90
41
1
98
98 Apr'28
971
.
4- 984 May'28
97 16 99 June'28
12
10014 101 104 May'28,,,..,,
8
1007 Sale 9914 10112 121
_ 10972 10918 109 8
3
9
ioi Sale 1031.1
104
97
11014 Sale 10978 111
45
1093
2
- 112 Apr'28
10314 Sale 10314 104
91
92
925 93
8
93
4
89
90 89 • 89
1
89--- 90 Apr'28
874 893- 89 4 May'28
4
3
963 9714 97
4
98
18
92 Sale 92
92
5
98 Bale 98
983
4 68
8812 88 May'28
/
1
4
3714 4813 4512 May'28
102 108 10714 May'28 ---4
1043 Sale 104
/ 104% 21
1
4
9412 Sale 9413
94'l
3
Phil& Bait & Wash let,48 1943 M N
General be aeries 13
1974 P A
Philippine Ry let 30-yr if 49 1937 3 .1
Pine Creek registered let 61_1932 ID
PCC&StLgu4338.4
1940 AO
flerlen B 4We guar
1942 * 0
Series C 4148 VIM
1942 MN
Series 0 4s guar
1945 MN
Series E 314. guar gold.-1949 FA
Series F 48 guar gold
1953
0
Series G Mauer
1967 MN
Series H eon guar 45
1960 P A
Series I cone guar 4348
1963 P A
Berle'J cons guar 4(4.....,,1984 MN
General M 58 eerie* A....1970 ii,
3D
Regletered
Gen mtge guar be series B.1976 * 0
A 0
Registered
973 --- 9734
973
4
2
4109 114 Apr'28
41% Sale 4173
42
3
104 Sale 104
4
104'2
100
100
/ l00'z
1
4
1
10012 lOO'2
1
100
1018
4.... 102 May'28
97
99
97 May'28
9718
97 Mar'28
97/4 Apr'27
97
9718 May'28 _ .97 --- 9718 Mar'28 _
102 Sale 102
102
1
__ 105 104 May'28 _1073 109 108
4
10918
5
1133 Jan'28 _
s
10813 109% 10812 1094 27
/
1
11313 Jan'28
Tilts MoK & Y let gu Os ...1932 3, 105
_- - 106 May'27
2d guar 6s
..1934 3 .11 '0318 106 1065 Apr'28
8
Pitts 817 & L E 1st g be _ _ 1940 * 0 1011f, -- -- 10114 10114
19433, 100- - 1004 Apr'27
let oonsol gold be
Pitts Va & Char let 413
_..1943 MN _
10i 95
13
Oct'27
Pita Y & Ash lit 45 ear A _1948 3D fill 99 984 May'28
.1962 P A 107 108 10814 Apr'28
1st gen &aeries B
1974 3D
lit gen Si series C
Providence Secur deb 44 _ _ _1957 MN 78
8012 7913 May'28
Providence Term lit 48
1956 MS 9118 Sale 914
9118
Reading Co Jersey Can coil 48261 * 0 95 Sale 9512
/
1
4
9512
Registered
A0
943 May'28
4
Gen & ref 4 Ws series A___I997 33 100 Sale 100
101
itieh & Mack Ist g 4a.
82
1948 MN 76
7918 May'28
.j952 J
Itiohm Term Ry let gu Si.
_
10414 10412 1044
99 10112 10014
KM Grande Juno let ffn 5.3_1939 J
10014
Rio Grande Sou let gold 48._1940 J J
5 May'28
Guar 48 (Jan 1922 coup on)'40 J J
712 Apr'28
9218 9214 9218
9218
Rio Grande West let gold 48.1939 3
1st eon & coil trust 45 A _ _1949 A0 86% Sale 86
/
1
4
8712
2
(II Ark & Louie let 4(4....1934 MB 967 Bale 9614
973
4
1949 3 .1 8418 Sale 841
-Canada 1st gu g 49
Rut
/
4
843
4
3
1941
95
Rutland let con g 4345
95 May'28
90 87
87
111 Joe & Grand Iii let g 4s _1947 J J
1996
ioo
105 10034 May'28
UI Lawr & Adir let g be
109 108
1998 * 0
Jan'28
20 gold Se
1931 J
96
97
97
96
St L & Cairo goat g 4
41
3
MLIrMt&Sgencong 51_1931 AO 100 8 Sale 100
100 4
3
1931 *0
1013 Deo.27
4
Stamped guar be
12 99 98
1929 33
Unified & ref gold 4s
/
1
4
994
9412 Sale 944
1933 MN
9512
Rly & Div Ist g 4e
8
St L M Bridge Ter gu g 58_1930 AO 99 10013 1007 Apr'28
II Due May. •Due June, 6 DUO Minn.
taus 1051.
10434
4
933
95 a
93
17818
94%
2
3
53
3
1
2
35
30
102,14
984
9612
gel.
,
1901
971
1018. 1011,
101 108
/
1
4
98 103
9212 977,
9118 97
6712 72
,
6813 69,
7
9934 106
11413 1171
.
105 8 109
7
12
1083 10911
4
4
10934 1101
105 106
102
85
Pennsylvania RR cone g 48__1943 M N
COnsol gold 45
1948 M N
di sterl stpd dollar_May 1 1948 M N
Consolidated 13 f 4 Ws - -1960.F A
Gene... 414i series A
1906 3D
General Si series B
1968 J
10
-year secured 75
1930 A (
15
-year secured 614.
19311 P A
Registered
P A
40
-year secured gold 58.. 1964 M
Pa Co gu 3 Ws roll tr A reg-1937 M
Guar 314. coil trust ear B.1941 P A
Guar 3 Ws trust et% C _1942 3D
Guar 3 Ws trust ctte
... 1944 J
Guar 15 -year gold 4.1
1941 A ()
-26
Guar 4s ear E trust Ws
1952 vo
Pa Ohio & Det let & ref 4141 4'77 A
Peoria & Eastern let cone 49 1940 A 0
Income 411
A prIl 1990 •Or
Peoria & Pekin Un 1st 5(44.1974 FA
Pere Marquette tel ear A no 1956
lat 4a series II
196f
.1
Range
Bina
Jars. 1.
IfrAt
8814
BONDS.
N. Y. STOCK EXCHANGE.
Week Ended June 8.
1t L-Ban Fran pr 1 4s A
19503 J
Con M Ois series A
1978 M 8
Prior lien be aeries B
1950 3 J
Pnlorllen5eeerle,,C
19283 J
Prior lien 5144 series D_1942 J J
Cum adjust ser A 6e_ _July 1955 A 0
Income series A Si..July 1980 Oct.
42 Louts & Ban Fr Ry gen 88_1931 J
General gold 198
19313
▪ L Peor & N W let gu be 1948 .7 3
31 Louie Sou 1st gu g 4s
1931 MS
W L S W let g 41 bond ctfe_1989 M N
24 g 45 Inc bond ctfe_Noy 1989 3 J
Como!gold 4e
1932 J D
tat terminal & unifying 68_1952 J
II Paul & K C Bh L lit 4341_1941 F A
it Paul & Duluth ist 68
1931 F A
let consol gold 44
A Paul E Cir Trunk lat 4%5_19 3 D
1 68
47
J
It Paul Minn & Man con 41_1933 J 3
let consol g 6a
1933 3 J
Registered
J J
fla reduced to gold 434e___1933 3
ed
Registered
3 J
font ext let gold 4s
1937 J D
"settle ext guar 41 (sterling)'40 3 J
.1 Paul Un Dep 181 & ref 58_1972 J .1
& Ar Pans let gu g 4s
1943 J J
Santa Fe Pres & Phan 1st/38_1942 M S
Ray Fla & West let g 80_1934 A 0
let golds.
1984 A 0
Scioto VANE 1st gu g 4e..1989 MN
Seaboard Air Line istg4e
1960 A 0
Gold 48 stamped
1960 A 0
adjustment 6a
Oct 1949 F A
Refunding 48
1959 A 0
1st & cons tlaseriee A
M S
1945 24 S
Registered
it3 & Him 30-yr'Mg 49_41933 M 8
%aboard All Fla let gu I% A_ 1935 F A
Seises B
_1935 F A
eatanard & Roan lot be end.1931 3 J
Car & Ga let est 5 Ws-- --1929 M N
• N Ala cone gu g 5e
1936 F A
(len cons guar 60-In 6s.-1983 A 0
3571
Price
/Midge.
June 8.
Week's
Range or
Last Seas.
&mile
Sine*
A sk Low
Bid
Mob No. Low SW
873 Sale 873
4
4
8912 137
873 93
4
903 Sale 9012
4
921 1358
/
4
9012 97 s
4
100 Sale 100% 102
/
1
4
54 1003 10413
8
99% 1001 99%
3
100
99% 30112
1024 Sale 1021e
/
1
10212 58 101% 103
/
1
4
10114 Sale 10113
1013 423 100 1017
$
4
1011 Sale 10118 1013 246
/
4
$
994 1024
1035 104 103
2
1 100 105
/
1
4
103
100 101 103 May'28
/
1
4
1.005 1034
$
/
1
109
109
-- 10812 111
97% Apr'28
97% 97%
89 Sale 8812
4
89
79
92
14
8312 871 83 May'28
/
1
4
84% 874
963 Sale 983
4
4
9712 70
96% 99
101 Bale 101
10214 49 100 1034
95 Sale 95
9512 28
95
98
10012 1031 102% Nov'27
94
981 945 May'28
2
---1
9;
13
98 103 1004 Nov'27
/
1
98
/
1
4
--- 98 May'28
105 4 10712 10614 May'28
3
105 107 1083 Mar'28
4
99 100 10012 May'28
98 1003 9912 Jan'28
8
9512 98 9714 May'28
9214 93 May'28
92
/
1
4
107 Sale 107
7
1073
4
89
8
9018 917 May'28
__ 103 104 May'28
10812
107% May'28
10112 104 10712 May'28
9334 95 933
4
933
4 10
31
85 83
3
85
77 Sale 77
7914 22
5212 Sale 5212
6414 120
823 8413 623
4
8314 19
4
8513 Sale 85
8612 131
85 Mar'28
-Otis 93 9214
2
92
/
1
4
78 Sale 78
8018 72
7712 83
78
15
7814
9712 9812 98 May'28
9912 100 100 May'28
102 1047 105 Jan'28
8
____ 1145 114 May'28
/
1
4
8
10384 104
10412 1044
934 oe
/
1
108 1101
108 111 5
9813 100
90
5
94., lo Pac coIl 48(Cent Pao coil) Eso 3D 90 8 Sale 905
$
915
8 81
3D 87 8 903 88 Mar'28
Registered
821.1 584
5
8
June 1929 M
-year cony 48
9533 von
10
9912 Sale 9834
9934 159
102 Boy.
tat 4(48(Oregon Lines) A.1977 M
10212 10012 1004
3
1934 3D 102 10234 102
Al-year cony be
100% 1011
1
102
95 10..74
...id 4(4*
1968 MS 9818 Sale 97
988 154
San Fran Term! lit 45.___1950 * 0 9312 Sale 9314
10113 10512
93 4 31
3
*0
101 10412
Registered
90 8934 Mar'28
94
98% 60 1'.., ut uai ist atm gu is..1937 MN 103 1074 108 May'28
10114 10411 So Pao coast 1st gu g in__ _1937 33 9734 98 973g May'28
1966 ii 93 Sale 9312
So Pao RR let ref de
73
/
1
4
95
97
'
12 Rel.
3
Registered
- 96 Apr'28
96 4 100
3
1outhern rty tot eons g as. _ itno4• J 1053 g1;1e 10934 11212 58
8
33 10714 ____ 1154 Apr'28
Regbitered
987 99
s
104 107
Devil a. geu to ones A--- Leon A0 893 Sale 883
4
4
904 128
993 1041
4
Develop & gen fis
1956 Al) 11814 Sale 116
/
4
11712 29
10918 116
Devil Ss gen 645
1958 * 0 11814 11613 12412 12452
5
1998 3
10314 1058,
Mem Div 1st g be
107 __ 1104 May'28
/
1
1951 33 8612 947 9312 June'28
1097 118 ,
1
$t Louis Div int g is
8
2
112 112
east Tenn reord lien g be. _1938 MS 1041
___ 964 Dec'27
/
1
1938 MS 9012 92
1023 10671
4
Mob .401180 coll It Gs
493 June'28
93
93
89
91, Spokane Internal let g be_ _1955 J
.
8
8834 887 89 May'28
894 901
. Oaten Island Ry 1st 434s_ _1943 it)
88 Nor25
8481$
4uubury A Lewiston let 49_1936 3 3
-_-_-_-_ 95 Apr'28
97 100
1 werior Bbort Line let 6e_ _e1930 MB 997
99% Apr'28
92
96
/ Corm Aeon of St L. let g 4146_1939 * 0 9918 111 - 9913 May'28
1
4
1944 F A 104 10514 10514 May'28 _
98 102
1st WWI gold be
1953 1
'inn refund 8 f g 4s
885 y2
8
89
2
91
9012 91
8712 504 'e tartans & Ft 8 let 530 A 1950 FA 1033 1045 105
4
8
1061
10
1943 33 102 Sale 102
107 1081 rat & 1,7 0con gold bs
/
4
102
3
10418 106
2000 30 10812 1104 10912 1091
/ re cas & Par 1st gold be
1
4
10
914 961.
(Mar'28 cp on)Deo2000 Mar
Mina 58
_--- 100 Aug'2 _
Gcn & ref fa series B
1977 * 0 i004 Sale 10012 iOl7
s 35
9712 100
La Div 11 L 1st g 61
1931 .11 3 993 10038 10134
2
1017
8 13
114 114
e. Pac-Mo Pao Ter 650_1964 MS 10713 Sale 10712 1084 24
/
1
40
42
oi &(Ado Cent let gu 68
11335 3 .1 10112-_- 10012 1005, 21
104 106
Western Div lit g Si
1936• 0 9812 100
1814 May'28
10014 102
General golds.
1936 3D 10013 Sale 10012 Apr'28
10012 10212 e4libi:11) Peoria & West let 45_1917 J
_ 19
15 Nov'27
10134 102% ')I St LA W 60-yr ii 4.3.- 1950 * 0
98 93 May'28
97
99
rat W V & 0gu 4138 A
1931 3, 9912 _ _
1003 May'28 $
97
9712
series B___1933 J
lit guar 11348
9912
10012 Apr'28
--lit guar 48 series C
1942 MS
_ _ 9372 Jan'28
97
974 For Ham & Buff ist g 48
1944 JD 98- - 945 May'28
$
942 97
97
9712
102 1061, U ster & Del let cons if 6a.__1928 3D 6614 877 8718
4
8
8714
104 105
Certificates of deposit
108 1141
1952 40 35
Jan'28
1st refunding g 48
40
41
118% 118
Union Peen,let RR & Id gt 44'47 3
95% 185
osts Sale 954
1084 1154
/
1
Registered
95 97 May'28
J 93
11812 11812
lit Oen A ref M
June 2008 MB 9212 Sale 924
9312 18
1987 3, 9812 Sale 9812
Gold 4341
99% 314
5,
111
Aloe 2008 M
let lien & ret Si
110 112 111
1
0658 107
1928 J J 99% 10018 997
e
99% 12
10
-year secured Se
10114 105
1944 MS 92
11 cI J RR & Can gen 4,1
95 9912 May'28
1933 3, 9712 -- 988 Nov'27
Utah & Nor let ext is
4
Vindatia cons g 41 aeries A 1955 P A 98
98 4 98 Mar'28
3
961z 9714
4
1957 MN
9712
9712
Con 8 f 45 series B
10814 10812 Vera Crus & P assent 448_1934
21
19
2112 May'28
Virginia Mid Si series F1931 MB 1004 ---- 10112 Jan'28
/
1
-ioTs
1936 MN 103
General fa
10334 Mar'28
91
3
9114 Va & Bouthw'n let gu 5, 2003
1083 10714 Jan'28
s
9512 97
1968 * 0
-year be
let cone 50
984 98 May'28
943 9514 Virginian Ry lit be series A_I982 MN
4
Sale 1043
4 106% 53
100 104
/ Wabash let golds.
1
4
1939 MN 10214
103
103
111000261,11:
791 8214
/
4
1939 P A
218 gold be
6
4
0%
34
0 1013 10112 1013
3
10414 10412
11
1976 M
Ref if 534e scrim A
104
10314
10014 100
1978 P A
/
1
4
1013
$ 11
Ref & gen 55 aeries B
993
4
412 5
Debenture B 6s reglatered_1939 3 J
8314 Feb'27
5
712
let lien 60-yr g term 48...J954 J J
887 May'28
8
9213 95,2
[let & Chl ext let g Ea-- _1941. 3 3 1011:4 171 1045a Feb'28
989 82
5
.;
8134 90
/
1
4
Dee Moines Div let g 41.-1939 33 8618 8714 92% Apr'28
9614 991
Omaha 111v let g 3 We_ ___1941 * 0 8718 Sale 8718
3
/
4
87,
8
1941 MS 90
844 84%
/
1
'rol & Chic Div 3 43
935 933 May'28
8
4
94
1978 * 0 9012 Bale 9018
98%
93 -iio
Ref & gen 4125 Bar C
974 98%
10614 1114
4
1063 1063
4
1.0014 10114
99% 994
97 98%
14
9312 94 4
7
107 109 8
5
9114 94%
1024 104
107% 109
10712 10713
9334 98
79
8513
77
887
8
46
824
60
724
7713 96%
78% 85
88 4 95
3
714 94%
/
1
72
944
98 100 $
5
100 101 2
7
105 105 •
1144 115
90% 95
88
88
983 100
4
10012 104
10018 108 4
1
97 1001s
9314 96
89 4 90
3
105 108
971$ 97
/
1
4
9312 9811
96
96
109 11913
/
1
4
110 1164
8834 93
1161e 121
1244 127
1101 11318
/
4
9214 94
93
ItOS
8612 90
937 961k
k
8
997$ 997
994 10218
10514 107
94
91
105 1074
102 1034
10912 116
la°
too tot%
toms 10914
10012 10314
9814 103
10012 101114
604 76
32
9512
9614
9212
9912
111
99%
971e
46
99
97
1a
98%
10114
1153
4
1004
9918
-OF If'
ors 994
1714 23
1014 1014
103% 103%
10714 107
%
5
98 103 4
104 4 109%
5
103 1064
1014 1044
103 107%
99% 10
5
86's 49lost, 104%
91% 931e
1384
87
0
314 954
9013 9414
1
2
41
32
87
87
92
100% 100%
107 108
98
98 $
7
too 111214
2
11 2 1011.
83
9
44 973
4
10034 1013
4
83 Mar'28
Warren let net gu g 3148-2000 P A
1948 QM
905 Mar'28
$
Wash Cent let gold 44
8914 88 June'28
1945 P A
86
Wash Term lot gu 3We
P A 91%
1945
-year guar 4e
89
Apr'28
lit 40
W Min WAN W let gu 65-1930 P A 98 100 99% May'28
/
1
4
1952 * 0 8112 Sale 814
8254
West Maryland let g 48
• .1 99 Sale 99
/
1
4
let & ref 648 series A_-- -1977
100%
1937 33 10012 102 101.12
10112
West N Y & Pa let g be
8
1943 AO 885 9214 9214 May'28
Gen gold 48
993 Sale 99
4
Western Pac let ner A 5a-1946 M
/
1
4
9
912
2361 J J 9012 Sale 9012
91
Went Shore let 48 gtiar
2361 ii 8912 9012 8912
9114
Registered
44
73
2
47
25
83 83
9011 90%
88
91
887 89
s
994 101
8112 874
99 10818
10118 KW
92
94%
9
104 101
9012 93%
8912 93
New York Bond Record-Continued--Page
3572
BONDS
N. Y. STOCK EXCHANGE
Week Ended June 8.
RO
Wheeling & Lake Erie
Wheeling Div let gold 58_1928 J J
Ext'n & impt gold 58
1930 FA
Refunding 434e series A 19613 MS
Refunding 58 series B
1966 MS
RR 1st consol 4s
1949 MS
Wilk & East let gu g 5s
1942 ▪ D
WiIl&SFletgold5s
1938 in
Winston-Salem 13 let 4s
1960 ii
Ma Cent 50-yr let gen 48
1949 J J
Sup & Dul div & term 188 48'36 MN
J
WOr & Con Emit let 4
_ 1943
Week's
Range or
Last Sale.
Price
Pridat.
June 8.
Ask Low
1
te
3
High No. Low
100 Apr'28
993
8
100 Apr'28
100
-- -- 9618 9638 May'28
____ 102 10112 Mar'28
1
93
923
4
- 93
7312 44
73 Sale 73
4
103 106 1033 May'28
9214 May'28
4
847 86
8
861s
83
2
9112
90
9212 91
9238 Mar'28 871s ----
INDUSTRIALS
Adams Express coil tr g 410_1948 MS
Ajax Rubber let 15-yr ci 8e_1936 ▪ 11
Alaska Gold M deb 65 A ___ _1925 MS
1926 MS
Cony deb Its aeries B
Allis-Chalmers Mfg deb 5a_ _1937 MN
Alpine-Montan Steel let 78_1955 MS
Am Agri° Chem Ist ref
734e '41 FA
Amer Beet Bug cony deb 84_1935 FA
American Chain deb 5 f 68....1933 AO
Am Cot Oil debenture 194_ _ _1931 MN
Am Cyanamid deb 55
1942 AO
1939 AO
Am Mach & Fay f Be
Am Republic Corp deb 136_1937 AO
Am Sm & R let 30-yr 58 ear A '47 AO
1947 AO
lltM6øcarieaB
Amer Sugar Ref 15-yr 6a
1937 ii
8
9014 915s 923 May'28
108
8
1065 10712 10634
718 14
5 May'28
712 May'28
10018 Sale 9912 10014
9612 Sale 96
96 12
105 Sale 10412 10514
9018 9112 93 May'28
10312
8
103 1037 10314
10014
91
9912 lows
94
92
9312 93
105
1041s 105 105
10218 Mar'28
_
10012 Sale 100
1013
4
10812
108 Sale 108
4
104 Sale 104 ' 1043
Am Telep & Tales coil tr 46_1929
1936 MS
Convertible ts
1933 MS
20
-year cony 4348
1946 J o
30
-year toll tr 511
3D
Registered
'
3
1960
35-yr e I deb 58
1943 MN
20
-years f5948
Am Type Found deb 65
1940 AO
Am Wat Wks & El 001 8? 55_1934 A 0
1975 M N
DebgfieserA
1947
J
Am Writ Pap lat g Bs
Anaconda Cop Min let 65_1953 FA
Registered
1938 FA
15
-year cony deb 78
'
3
Andes Cop Min cony deb 18_1943
Anglo-Chilean a f deb 7s__1945 MN
Antilla(Comp Ante)7348. _ _1939 .5
Ark & Mem Bridge & Ter 58_1964 M
1939 J D
Armour & Co lst 4348
Armour & Coo: Del 534e-1943 J J
Associated Oil 6% gold notes 1935 MS
1947 J D
Atlanta Gaa L lst 58
1934 JO
Atlantic Fruit 78 et's dep
• D
Stamped Ws of deposit
9914 Sale
____ 967
4
993 Sale
4
4
1053 Sale
12312 Sale
132 Sale
10414 Sale
9434 Sale
10312 105
9212 Sale
934 Sale
10212 Sale
10312
11
1218
All Gulf & WI SS L col tr 58_1959• J
1937 .1 .1
Atlantic Refs deb 58
N
1940
Baldw Loco Works let 5e
Baragua (Comp As) 714e_ _ _1937 J J
Barnadall Corp 138 with ware.1940 J o
Deb 68(without warrant).1940 J O
Batavian Pete gen deb 4342_1942"3
'
3
1936
Belding-Hemingway Ba
'
3
Bell Telep of Pa 5e series B_ _1948
1960 AO
lst & ref 58 series C
Berlin City Elea Co deb 6445.1951 J
Berlin Elec El & Undg 630_1966 AO
Beth Steel let & ref 58 guar A '42 MN
30-yr p m& Imp ci ba__ _1936 ii
Cone 30
-year 68 serlea A_ _1948 FA
Cons 30
1953 FA
-year 534s eer B
Bing & Bing deb 694e
1950 MS
Botany Cons Mills 694e_1934 AG
Bowman-Bill Hotels 7 s_ _ _ .1934 M
B'way & 7th Av 188 000 fis_ _1943 Jo
Brooklyn City RR 188 58. _ _1941 J
Bklyn Edison inc gen 58 A...1949• 3
J J
Registered
General 68 series B
1930 J J
4
8112 122
4
783 Sale 783
3
102
10112 102 102
10718 10712 10718 10712 11
106 108 107 May'28
10314 178
101 Sale 101
4134
9214 43
0114 Sale
9212 80
917 Sale 01
8
983
s 29
98 Sale 98
106 Sale 10558 10614 20
60
109
8
1083 Sale 108
3
9612 30
8
963 Sale 95 4
9458 Sale 937
8
963
4 76
9
10114 Sale 10118 103
34
101
10014 Sale 10014
10514 133
105 Sale 105
47
10012 Sale 19912 103
9812 18
9618 9812 97
79 12 12
79 Sale 79
_
_ _ 1023 103 May'28
4
75
7512 26
74
75
8
9312 9418 933
9414
4
12
105
____ 1044 105
10538 Mar'28
10112 1017 102 June'28
8
Bklyn-Man R T sec Ba
1968 3 J
Bklyn Qu Co & Sub con gtd 5e '41 MN
1941 .1 J
let be stamped
Brooklyn R Tr let cony g 411_2002 .1 3
3-yr 7% secured notes_ _ _1921 .1
Bklyn Un El lat g 4-5e
1950 F A
1950 F A
Stamped guar 4-58
Bklyn Un Gas let cons g 5a_ _1945 M N
18t lien & ref Ba series A 1947 M N
1936 J J
Cony deb 5345
Buff & Susa Iron let s f 513_1932 J D
1055 4 0
9 23 3
Bush Terminal 1st 4e
Coneol 58
Bush Term Blass Esf gu tax-ex '60 A 0
By-Proa Cote 151 5 He A _ _ _1945 M N
Cal G & E Corp unit& ref 58_1937 MN
Cal Petroleum cony deb e f 581939 F A
1938 M N
Cony deb s 1' 5 he
Camaguey Bug Ist f g 78_ 1942 A 0
& gen 63._1941 A 0
Canada 8 S L
Cent Dist Tel tat 30-yr 5s_1943
Cent Foundry 1st a 6a_May1931 V A
Central Steel ist g f 81
1941 m
.Certain-teed Prod 534s A _ _1948 M S
Csspedes Sugar Co lets!712,'39 M S
Chic City & Conn Rya 5sJa01927 A 0
Cb G L & Coke 1st gu g 56_1937 J J
1927 F A
Chicago Rye 181 68
Chile Copper Co deb 58
1947 J J
Clearfield Bit Coal let 4a
1940 J J
Colo F & I Co gen a f 5a_ _ _ _1943 F A
Col Indus 1st & coil 58 gu
1934 F A
Columbia G & E deb 5s_ __ _1952 MN
Columbus Gas let gold 5a_ _ _1932 J J
Columbus Ry P dr I. let 4348.1957 J J
Commercial Cable let g 45 .2397 1 3
.1
7 .1
8
Certificates c1 deposit
'Commercial Credit 8 I os_. _1934 M N
Col tr f 514% noted
1935 J J1
Computing-Tub-Rea sf 6s_ _1941 J 1
Conn Ay & L let& ref g 430 1951 3
Stamped guar 444s
1961 1 J
Consolidated Hydro-Elea Works
Of Upper Wuertemberg 75-1956
Cons Coal of Md let & ref 5a_1950
D
0°05010as(N Y)deb 5Hs_ _1945. F A
Consumers Gaa of Chic gu 58 1936 J D
Consumers Power let be__ 1952 M N
Container Corp let 6s.
1946 5 D
Cant Pap & Bag Mills He_ _1944 F A
Copenhagen Telep eat 6s.HMO A 0
4
1053 Sale
107 sale
10418 105
9812 Sale
10512 Sale
8712 Sale
105 Sale
9812 Sale
70
69
82
81
105 _ _
963 Sale
8
97 Sale
109 Sale
271 Sale
961
--93
88 4100 Sale
99 10012
103 -- -1035 Sale
s
3
99 4 Sale
10214 Sale
100 10018
10012 Sale
105 10512
9912
98
9918
9941
97 May'28
993
4
993
4
10518 1053
4
1043 Feb'28
8
1063
4
10518
107
1085
8
104
104
9812 100
4 10512
1033
88
86'2
10414
10512
10512 Mar'28
123
13112
13612
131
103
10514
95
95
103
103
9112
9312
93
93 s
7
10212 1023
4
10412 May'28
20 Nov'27
15 Mar'28
6
23
18
42
3
4
28
1
58
13
44
268
_
1
86
206
91
3
17
13
13
258
805
876
315
10
3
129
208
20
_
9712
985 252
8
10
70
70
90 May'28 - _ _
8812 Nov'27
13612 Nov'27
21
99
963
8
9612
983
4 21
2
109
109
2
1714
11714
71
27212 68
95 May'28
933 Apr'28
8
19
99
100
03
10312 13
03 May'27
033
s 1043
8
7
993
4 10014 76
0134 1023
4 37
I
0013 10018
0012 10114 13
4
105
05
98
9814
5
12214 Sale 12218 12212 20
9612 339
9514 Sale 95
2
10012 101 101
1013
8
66 May'28
_
10312 10312 May'28
8418 21
84 Sale 84
9612 147
8
9438 Sale 945
90 Apr'28
_ 87
2
4
4 1013
H
I
7 - 1003
9714 19
963g - -14 9714
97
8
Sale 9912 1007 221
8
995
8
98
9912 997 May'28
11
95
9312 Sale 9312
8712 15
8712 Sale 8712
99 Sale
9414 953
4
105 Sale
9918 Sale
9912 Sale
99
95
105
9918
9912
Range
Since
Jan. 1.
99 12
95
105
100
10112
20
1
5
3
12
9814 9912 9812 100
41
82
8112 Sale 81
116
106
Sale 10514
10514
1023 -- -- 10314 May'28
4
11
10314
103 Sale 103
1027s 46
10214 Sale 10214
97
97
9712 97
10114 13
8
101 1017 10114
BONDS
N. Y.STOCK EXCHANGE
Week Ended June 8.
11
Mao
'orn Prod Refg 1st 25-yr s f 5s'34 MN
100 100
:3rown Cork & Seal s f 6s__-1947 3D
100 10011
rown-Willamette Pap 68-1951 ▪ J
'
3
9614 981.
uba Cane Sugar cony 78_1930
10112 102
Cony deben stamped 8%_1930 J J
uban Am Sugar let coil 88_1931 MS
93
94
791
nban Dom Sug let 734c_..1944 MN
73
1umb T & T let & gen 58-1937 J J
1033 1044
4
9214 93
'uyamel Fruit let ef 6s A _1940 AC
, Mayer Cons Tramw let 58_ _1933 AO
853 923
4
91
931, 1en Gas & E L let & ref,f g 57451 MN
Stamped as to Pa tax
1951 MN
92
923
4
./ery Corp(DC)lets:7s_.,1942 MS
)etrolt Edison let coll tr 58_1933 J J
1st & ref 55 series A_July 19 9 MS
940
4
A0
Glen & ref 58 series A
let & ref 8s aeries B__July 19 5 M
950
4
90
96
3D
Can & ref 56 ser B
3
1063 109,
4
34 10
1962 P A
Series C
Jet United 1st cons a 434s 1932 33
34 10
Mdge Bros deb 65
1940 MN
9912 1024
965 )old (Jacob) Pack 1st 68-1942 MN
93
1 32
10412 10e1, 1ominion Iran .1 Steel 58._1949 MS
J J
/miner Steel 151 ref 75
93
79
Mlle-price Pow let 65 ear A '66 MN
103 1044
1024 )uquesne Light 151 444s A 1967 AO
100
93
97
-yes f g 730'37 MS
. Cast Cuba Bug 16
104 1061
'
3
iti El III Bkn 1st con g 48-1939
1
1013 1027
4
100 1028, Id Elea Ill let cons g 55_ _ _ _1995• J
:leo Pow Corp(Germany)6348'50 M
10712 1094
Ilk Horn Coal 1st & ref 6348.1931
10212 106
Deb 7% notes (with warrle'31
:ault'bl Gas Light let con 581932
9918 100
97 10011 'name) Light & Tr let 51.__1942
993 10214
4
let lien a f 58 etamped
1942
1St lien Be stamped
10412 106
10
-year deb 88 ser B
8
1043 10434
sclerated Metals s f 71
1 3 J D
11 42
5,
449
10514 109
Mat deb 74(with ware)
107 110
Without stock parch warrants_
104 106
MS
9812 1011, '15k Rubber let s 8e
1941 M
96
3
1034 10195 't Smith Lt & Tr let g
'
3
93, 'rameric Ind & Deb 20-yr 7344'42
1
8612
rancleco Sugar let e f 7348_1942 MN
10414 1061 ,
. ?Tosco Nat Mall 138 Linea 75 1949 J
10514 1051
las & El of Berg Co cons g 581949 in
11014 137
/en Asphalt cony 65
1939 A0
120 140
1942 FA
9614 10514 len Electric deb g 394s
Ian Elea (Germany)7e Jan 15'45• J
937 961
8
41 t deb 694s with warr_ _ _ _1948 J O
104
0
10214 104
958
4
Without warr'ta Waded '40 J
91
MN
S I deb 6,
8714 94
102 1031
10314 10412 ron Mot Accept deb Bs
1937 FA
lent Petrol let a I 58
1940 FA
len Refr let s f sit]ear A _ 1952 FA
15
-18
}NW Hope Steel & I sec 78_ _1945 AO
723 824 loodricb (B F) Co let 6945_1947
4
iooayear Tire & RIM 1St 58_1957 MN
1003 1033
8
107 1081. fotham Silk Hosiery deb 68_1936 Jo
Muld Coupler lets I
_1940 FA
10314 107
ItiC , Potver(4aran)711- 1944 FA
sais E1
,
4n4f44J
9914 108
1950
904 935
91
933
8 1rest Fails Power lets! Se_.19443 hi N
964 994 lull States Steel deb 5948._1942 J D
1055 1094 Iackensack Water let 48_1952 ii
8
1930 MS
109 113
laniard St Ry 1st 48
tayasa Elec conga' g 5s-_--1952 FA
944 98
Deb .5346 series of 1928_ _ _1951 MS
93 8 974
7
10118 1044 toe(R)& Co 181 634e tier A.1934 AO
10014 103
lolland-Amer Line 68 (fla1)-1947 MN
1044 1067
8 Judson Coal let s 155 see A.1962 in
ludson Co Gas 1st g Si. _1940 MN
10012 106
Deb e O &
32
91314 9114 Iu m big9 il ta Refining 5448_ 19 7 ii
ld
AO
78
831
ninon! Ball Telephone 54_1956 in
1023 1051
4
1940 AO
81
Wools Steel deb 434s
68
1946 AC
93
9511 !seder Steel Corp a f 75
ndiana Limestone lets!6s..1931 MN
194,
1047 1067
4
MN
od Nat OBS& 0115a
1053 1053
8
odiana Steel 1st 511
1952 MN
102 1044
ngersoll-Rand 1st be Dee 31 1935 33
9614 1003
4 asplraUon Con Copper 630.1931 MS
6414 72
8214 90
oterboro Rap 'Fran 1st 5s 1966
stamped
Registered
10
9311 loo
1932 A 0
-year Os
991,
10
-year cony 7% notes__ _1932 M
9384
et Agile Corp let 20-yr 54_1932 M N
10834 III
4
11712 1193
Stamped extended to 1942... MN
lot Cement cony deb Is.___1948 MN
261 288
9314 95
1947 Si N
Internet Match deb 58
923 94•
nter Mercan Marine ef Be_ _1941 AO
s
9818 103
aterna os ee
Ret elo an l Paper 58 Sea A _1934 7 J
9
MS
103 105
102 10311 fit Telep & Teleg deb g 434s 1952 J J
10314 105
organs Works fls(1ita price),
i941 J J
4
953 102
Camas City Pow & Lt 5e...1957 MS
1952
• J
100 1041
.
1st gold 441s Belies B
10012 1011, tenses Gas & Electric (is_ 1952 M
10011 1031
. iayser (Julius) & Co deb 15348'47 M
104 4 1051
3
. telt))(B F) Corp let 1314. _1946 M
98
9912 Celly-Springf Tire 8% notee_1931 MN
Lemon Telep Co let 58_1935 3 .1
120 124
(loge County El & P g ta
1937 A0
1997 AO
95
97
Purchase money 611
100 105
tinge County Blev 151 g 4s.._1949 FA
69
1940 FA
66
Stamped guar 45
10314 10468 (logs County 1-16hting /58_ _1954 I .1
tit st a
n
y 4
6
84
88
1954 J J
6148
4
943 973 {Inney (OR)& Co 734% notee'30 J
8
8714 90
Kresge Found'n coil tr 68_1936 in
101 10214 Lackawanna Steel 158 58 A 1950 MS
953 9814
8
9912 1015 IAte Gas L of Eft L refdtext 58_1934 A0
8
973 10014
8
Coll & ref 534s aeries C.,,1963 FA
9312 100
Lehigh C & Nays f 434s A..1954 J J
4
7738 883 Lehigh Valley Coal let g 58...1933 J
'
3
Registered
98 1011s
1st 40-yr gu lot red to 4%.1933 J J
963
4
93
let& rest /4
1934 FA
104 10612
1944 FA
ist&refsf 5s
983 103
8
1954 FA
1st & ref s f 5.4
9914 102
1964 FA
Ist & ref s f 56
1st & ref 13 f 5s
1974 FA
97 10012 Lx Ave & P F 1st gii g 56..1993 MS
76
833 Liggett & Myers Tobacco 75_1944 AO
4
1951 P A
10514 107
56
10212 10314 Liquid Carbonic Corp 13s...._1941 P A
103 1055 Loew's Inc deb (is with warr_ 1941 AO
4
8
9834 1027
Without stock our warrants. AO
9718 Lorillard (F.) Co 75
79
1944 AO
100 10212
58
1951 FA
1937 .1
Deb 5148
Price
Friday:
June 8.
Range
Since
ion. 1.
Week's
Range Of
Last Sale
1o. Low
ROA
HUM 3
Ask row
RIO
2 101 10278
10114 10214 10114 10114
29
983 10012
4
983 Sale 983
4
4
90
10212 30 102 10312
102 Sale 102
49
8818 93
89
8812 Sale 8718
87
97
0158 33
913 Sale 91
8
27 1053 108
4
.1
106
106 Sale 1053
10012 Sale 10018 10114 27 100 10112
____ 10312 10378 May'28 - -- - 103 10412
9812 101
10
9978 10018
997 100
8
76 Dec'27
4
7 11)151- 103
9912 19112 10014 10012
6
9912 103
9912 Sale 9912 1003
4
504 75
3
75
73 Sale 71
1013 1037
4
8
103 Sale 103
1037
8
4
17 10338 1053
1043
4
1043 Sale 10414
4
4
2 10414 1063
10212 1043 10114
4
10414
8
4
1083
8 32 10712 1093
1073 Sale 1073
4
____ 1053 10434 105
11 10434 107
4
12 105 10714
10412 105 105
106
21)
95
9714
9534 Sale 9518
96
99
87
94 Sale 9 7
2a
9 , 2144
52
897 8818
2
8712 8518
86
85 8 10
,
13
85 101
100 _ _ _ _ 100
100
94
96 Sale 9517
9912
96 4 13
,
s
10618 40 10514 1067
10514 Sale 10514
100 Sale 100
1003 132 100 104
4
14
104 Sale 10318 104
9714
9714
9714 98
6
11618 117 11678 Apr'28 _/
4
98
9614 974 9714
95
4
9412 9512 9434
80
82
6
100
1
993 10112 100
4
2
9814
9712 9914 98
9814 13
98
9914 98
10518
2
105 10512 106
10314 22
101 10414 102
14
99
96
96
99
11778 131
11314
112
9412 118
93 Sale 92
11712 11
117 Sale 11634
9812
7
98 100 98
10812 33
108 Sale 108
110
3
10812 110 110
10312 228
1027 Sale 102
8
105 108 10733 May'28 -11114 84
109 Sale 109
0412 _ _ _ _ 9412 May'28 - 103 Sale 103
10412 36
126
21
124 Sale 124
8
9912 22
987 Sale 987
8
8
9512 97
8
947 Sale 947
102 1053
8
9714 99
11438 11712
9512 9912
99
94
91
80
100 10214
98 10112
98 100 4
7
10012 105 8
8
101 105
9512 99
10014 119
98
92
11612 120
894 10114
10534 1104
108 1107
8
101 10312
106 10712
109 117
944 96
102 10514
118 12612
9912 1014
947 95
8
54
88
19
15
13
68
152
16
22
112
112
10
24
10
10212 104 4
3
10112 10212
10412 10812
10012 103
10718 10812
9012 96
10114 103
74
8218
97 10118
923 98
4
105 8 I0 4
3
67
9614 101
9034 9243
9512 9512
81
98
71
788
4
90
9914
1007 10414
8
8614 95
107 109
101 103
14
99, 10112
2
1043 105 8
8
7
977 1014
8
984 1024
9612 10114
9912 10012
1043 105 4
4
3
301 104
1003 10214
4
10212 Sale 10212 10314
10112 Sale 10112 102
106 10612 106
106
101 101 12 101
10134
108 Sale 1073
4 108
907 Sale 9012
8
92
10114 Sale 10114
101 12
79 Sale 7712
79
9918 Sale 9918
9934
94 Sale 94
963
4
10614 10617 10612 1067
8
98 Sale 98
100
9112
8912 92 8 9112
3
9512 May'28
955
8912 92
889
8914
75
807 75
8
7712
9212 Salo 913
4
9314
10112 103 1007, 10112
92
91 Sale 91
_ 107 10712 May'28
102
loi sale 101
9912 Sale 9912 10034
1043 Sale 10438 105
8
9812 Sale 98
9918
10114 102 10112 10112
97 Sale 963
4
9714
10018
_ 100
1001043 105 1043
4
4 1043
4
10312 Sale 10312 104
10112 Sale 10112 10112
7912 Sale
793 Sale
4
7912
807
4
7914
803
4
83 Apr'28
813
.1
80 Sale 80
9914 Sale 9914
10012
9212
913 947
4
8 9212
84
84 Sale 84
973, Sale 9712
99
9712 Salo 97
9812
10:112 Sale 10312 10518
993 Sale 99
8
1003
4
1033 Sale 10238 1033
8
4
943 Sale 043
8
8
953
4
10714 ___ 10714
10714
104 Sale 104
1051s
0914 102 1023
8 1023
8
106
____ 106
10614
112 Sale 112
11212
963 9612
8
063
4
Sale 109
1093
8
9412 97
9412
9412
105 106 105% May'28
1333
_ 134
134
89 89012 88118 May'28
8838 May'28
89
90
____ 107 107 May'28
1167 1193 May'28
8
8
1053i 10712 IOS7
s
1057
8
1041 1 Sale 10414
10518
1013 Sale 1013
4
4 10214
3
28
9
9
167
24
27
146
10
18
59
6
32
7
1
75
168
50
111
'2
31
256
321
516
55
48
189
1
22
19
16
59
5
17
1
9
1
33
12
7414 8614
7412 8612
7634 83
90
70
9614 10314
90 100
86
79
9712 1004
97 10012
10312 1064
99 1024
1023 10514
8
943 9814
8
104 10714
10314 10514
1015, 10
518
10514 1064
10514 122
9612 101
10614 loin:
9412 99
10414 1074
1303 1315
4
8314 9142
831s 904
1
10414 107 a
119 120
105 1084
104 1057s
1013 1054
4
16 1014 1044
10118 Sale 0118
10234
19 10414 108
105 Sale 10412 106
3
100 4 10114
10034 10114 10018 May'28
10114 10214
10114
0114 May'28
10012 101
0012 Feb'28
9718 __ 9512 Aug'27
"
jai" foi
10114 ____ 01 May'28
9 101 10412
101 10138 101
10412
97 10114
97
99
973 May'28
4
0438 10015
'2
9712
9714 9712 9714
9412 99 4
3
9412 96 9612 May'28
3714
3712 ____ 37[4 May'28
35
4
19 1213 127
127
1251. Sale 12514
4
10518 30 1034 1053
10518 Sale 104
12112 Sale 12112 12012 27 113 183
4
100 106 1133
110
1083 Sale 10712
4
9912 1024
100 8 167
3
993 Sale 9912
4
3 11314 11811
4 1153
115 1157 1153
8
4
9012 984
48
92
9112
902 94
913 974
4
9318 41
923 Sale 9212
4
3573
New York Bond Record-Concluded-Page 6
BONDS
N. Y. STOCK EXCHANGE
Week Ended June 8.
'
Price
Friday
June 8.
t
Louisville Gas& Elea (Ky) be_'52 MN
Louisville Ry let cons 5s..__1930 33
Lower Aunt
-tan Hydro Elec Pow
1944 PA
1st ef6 Hs
MoCroi7 Stores Corp deb 534541 Jo
Manati Sugar let of 7Hs_ 1942 AO
Manhat Ry(NY)cons g 45_1990 AO
D
2013
2640
Manila Eleo Ry & Lt if be_.i963 MS
Mfrs Tr Co etre of partic in
A I Namm & Son let 88..1943 3D
Market St KY 75 ser A April 1940 Q3
1957 AO
Meridional El let 78
Metr Ed let & rig 55 ser C 1953 J J
Metr West Side El(Chic)40_1938 PA
Miag Mill Mach 76 with war 1956 ID
3D
Without warrants
Mid-Cont Petrol 1st 8 Me_ _ _1940 M
Midvale Steel &0cony 51581936 NI
Milw El Ry & Lt ref & ext 41031 .1 3
General & ref 5s ser A _ _ _ _1951 3D
let & rel 58 ser B
1961 3D
Montana Power let 68 A___ _ 1943 J
Deb be ser A
1962 3D
Montecatini Mln & AgricDeb 7s with warrants_ _1937 11 3
33
Without warrants
Montreal Tram let & ref Se....1941 J J
Gen & ref of be series A...1955 AU
Series B
1955 AO
Morris & Co 1st of 4 He_ _ _ _1039 33
Mortgage-Bond Co as ser 3_1966 AO
10-26-year 130 sefles 3
1932 33
Murray Body 15t 8 He
1934 J
Mutual Fuel Gas 1st go 581947 MN
N
Mut Un Tel gtd Coast at 5% 1941
Namm (A I) & Son-See Mfrs Tr
Nassau Elec guar gold 4s
1951 .1 3
FA
Nat Dairy Prod deb 534e.
Nat Enam & Stampg let 50_1929 3D
Nat Radiator deb 610
1947 PA
Nat Starch 20
-year deb 58_1930 33
MN
National Tube let of
Newark Consol Gas cons Se 194% Jo
D
New England Tel & Tel be A 1952
N
let g 410 series B
1961
New On Pub Serv 1st be A__1952 AO
First & ref bs series B____1955 J D
-year Int g 48_ 1951 FA
NY Dock 50
Y Edison lat & ref 630 A.1941 AO
let lien & ref 5s ser B
1944 AO
N Y Gas El Lt HA Pr g 158_1948 Jo
Registered
Purchase money gold 48_1949 FA
NYLE&W C& R11510_1942 MN
N Y LEA W Dock & Imp 58 1943 J J
N Y & Q El L & P let g 55.....1930 PA
'3
N Y Rye Ist R E & ref 4s___1942
Certificates of deposit
80
-year ad)Inc fu____Jan 1942 AO
Certificates of deposit
Week's
Range or
Last Sale,
11
Ask Low
Blel
1 63) No Low
111e
10414 105 10312 10512
8 10312 1060,
9$1
;
954 9612 96 ivtay'28
98
9014 Sale 9014
900s
993 Sale 993
8
8 1005
s
105 Sale 105
10712
7138 Sale 71
714
6312 6512 71
7114
97
9912 1023 Apr'28
4
105
10414
9914 Sale 9914
9914 Sale 9914
4
1033 Sale 1033
8
81 Sale 81
9914 10512 10214
9212 Sale 9212
10512 Sale 10512
993 Sale 994
4
993 Sale 9914
8
10434 Sale 1043
4
100 1013 1014
8
10212 1033 103
4
993 101 10014
4
24
21
14
11
6
8812
9938
105
6811
60
9914
911.
1025,
1093,
771,
7114
103.
10512 13
993
4 12
100
76
1037
8 16
6
81
3
103
22
93
1050
4 16
10014 188
997
8 12
1043
7
4
10112 16
104
17
10114 23
10414
99
99
10338
.
81
9612
8912
1043
4
9914
971z
1023
4
10112
10112
991g
10S
1001
:
1001
106
1114 Sale 11138 115
67
964 Sale 96
9714 71
1
10014 1003 10038
4
10038
98
99 99
1
99
98 1003 9934 May'28
8
874 Sale 864
8712 132
84
973 8212 Jan'28
4
9812 May'28
9812 99
9712 98
974
983 105
4
104 105 10512 May'28
104
2
1040
104
4
58 Sale 58
6012
974 Sale 9714
983 195
8
10118 _ _
10114 May'28
89 Sale 89
90
44
__ 10014 10014
2
10014
165 Sale 105
10518 •10
10412 107 10734 May'28
10612 1073 10758
8
10812 32
10014 101 101
10112 29
977 Sale 9704
8
983
4 94
9814 Sale 98
993
8 37
8512 Sale 854
86
12
113 Sale 113
115
38
1033 Sale 10354
4
2
10304
107 Sale 107
107
7
100 Apr'28
953 Sale 9514
8
953
4 51
102 103 1023 Oct'27
8
10018
103 May'28
1003 Sale 10038 1004
8
4
6204 Apr'28
58
5814 May'28
2
4 Mar'28
2
14
4 Mar'28
N Y Rye Corp Inc 6s__Jan 1965 Apr
Prior lien 68 series A _
1965 .1 3
N
Y & RIchm Gas let Se A.1951
NY State Rye let cons 410_1962 MN
let cons 610 series B
1962 MN
NY Steam lot 25-yr Wiser A.1947 MN
Y Telep let & gen of 4145.193% MN
80
-year deben if 68_ _Feb 1949 FA
20
-year refunding gold 68_1941 AO
NY Trap Rock let 65
D
1946
Niagara Falls Power lot 55_1932
.1
Ref & gen es
Jan 1932 AO
Nies Lock &0 Pr lst be A_ _1955 AO
Nor Amer Cem deb 610 A._1940 MS
No Am Edison deb be ger A.1957 MS
Nor Ohio Tree & Light Cs...1947 M
Nor'n States Pow 25-yr be A.1941 AG
let & ref b-yr 8s series 13.1941 AO
North W T 1st i'd g 414egt4.1924
J
Norweg-Hydro El Nit 510.1957 MN
Ohio Putqc Service? He A._1946 1.0
let & ref 70 series B
1947 FA
Ohio River Edison let(Se_ _ _1948 3'
Old Bea Coal let Ss
1944 PA
Ontario Power N F lot ifis_ _1943 FA
224 Sale 2212
8938 Sale 8912
107 Sale 107
54 Sale 5014
6938 Sale 69
10812 Sale 108
10014 Sale 10012
11012 Sale 11012
10612 Sale 106
102 Sale 102
104 Sale 104
104 10518 105
102 Sale 102
8718 877 87
8
9978 Sale 9912
1067 Sale 105
8
1003 Sale 1004
4
10514 Sale 1054
9812 Sale 9812
9134 Sale 91
116 1161z 116
11614 Sale 11618
1047 Sale 10438
8
9312 944 9312
1023 10314 103
4
N
Ontario Transmission let 55_1945
Oriental Devel guar tis
1953 MS
Otis Steel let M Ce sec A.._ _194 I M
Pacific Gas & El gen & ref 58.1942 .0 .1
Pao Pow & I,t let& ref 20-yr be'30 PA
Pacific Tel & Tel 1st 5e
1937 .1
1952
N
Ref mtgeSsserleeA
N
Pan-Amer P & T cony 0160.1934
let lien cony 10-yr 75
1930 PA
Pan-Am PetCo(of Cal)eon,6840 Jo
Paramount-Bway let 5 Hs_ _1951 33
Paratnount-Fam'e-Lasky 6E1_1947 3D
Park-Len it leasehold 64e...1953 J
Pat & Passaic0& El own 58.1949 Ml'
Pathe Each deb Te with war.1937 MN
Penn-Dixie Cement Cs A _ _1941 MS
Poop Gas & C let cons g 61._1943 AG
Refunding gold 6e
1947 MS
MS
Registered
Philadelphia Co coll tr Se A.1944 PA
Secured 55 serhse A
1967 JO
102 Sale
9934 Sale
993 Sale
4
10112 Sale
9934 Sale
103 Sale
10412 Sale
103 Sale
104)210424
98 Sale
101 Sale
100 Sale
10034 Sale
103 107
70 Sale
101 Sale
11518
10512 Sale
1967 MN
Piffle Elea Co let 4155
.1
Pails & Reading C & I ref 56_1973
Phillips Petrol deb 5 Sts_ _1939 3D
Pierce-Arrow Mot Cat deb 85.43 M
Pierce 011 deb of 8s .Doc 15 1931 JO
Pillsbury Fl Mills 213-yr 65..1943 1.0
Pirelli Co(Italy) con 78-.
,
1952 MN
Pleasant Val Coal let go f 58_192% J J
Pocala Con Collieries tots I 58_'57 J J
Port Arthur CaO & Dk Sc A.1953 PA
1953 PA
1s1 M 66 series B
N
Portland Else Pow let Cs B_1947
1935 J J
Portland Gen Elec let 5e
Portland Ry let & ref 5e._ _1930 MN
Portland Fly LA P let ref be_1942 PA
let lien & ref Ce series B.--1947 Ms
let lien & ref 714.eerie' A _1946 MN
3
Porto Rican Am Tob cony 681942
Pressed Steel Car oonv g 54._1933
D
Prod & Refit 85 (with war)_1931
Without warrants attached.. 3D
Pub Sony Else & Gas let 61451959 A 0
1965 J
let & ref 55
Santa Alegre Sugar deb 72_1937 J
9912 Sale 9912 10012 215
9612 13
96 Salo 96
9234 Sale 9204
933 127
8
96 Sale 95
13
96
1047 105 10478 May'28
8
105 4 -- 1053
8 1053
3
8
2
1063 fog 109
4
11014 58
99
99 100
99
5
94
9512 94
.9614 15
105 106 105
4
10512
105 106 106 May'28
1044 46
10414 Sale 102
10312 10114
7
10114
9918 Sale 9 8
84
9918 17
100 Sale 100
10012 38
10414 Sale 10312 1043
4 10
107 __.. 107
15
107
994 Sale 995
8 10012 42
9434 Sale 9454
14
951s
11178
_ 114 Feo'28
_
110 4 111 111
3
4
11114
10518 Mar'28
_
10312 Sale 10318 104
42
1053 10512 10518 1063
8
8 25
Rases
Moue
Jaw 1
24
69
7
90
107
6
116
56
697
8 20
10812 13
10112 45
110 4 28
3
10712 99
42
103
10412 30
16
105
10318 35
884 15
102
85
55
107
100 4 14
3
15
106
3
9812
9212 128
4
11614
11634 13
11
105
9512 21
104
6
104
104
2
100
1003
8 48
9912 100
49
101
1014 41
993
4 10012 11
103
10313 12
1041z 10514 116
10234 10314 44
10412 10412 42
97
112
98
101
10314 36
997
8 1007 139
8
1003
4 1013
8 69
10712 Mar'28
6918
7018 53
100
101
43
11518
11518
1
10512 1054 23
104 Apr'28
1135T4 Sale 10314 10312 18
984 Sale 98
997 354
8
8411
103
918
1051.
102k
1003
105
3
1033
1981
1043
1. Y STOCK EXCHANGE
Week Ended June 8.
'ur 011 of 518% notes_ ___1937
1937
temington Arms (ts
tern Rand deb 534s with warr '47
tepub lAS 10-30-yr 53 el._1940
Ref & gen 5 34s series A _ _ _1953
lelneibe Union 78 with war.1946
Without elk punch warls_1946
-Main-Danube Te A _ 1950
thine
'Woe-Westphalia Elec Pow 70'50
1952
Direct mtge 8s
1955
Sma Steel isle I 70
tobbins & Myers let of 78_1942
tocheeter Gas & El 75 eon B_1946
1948
Gen mtge 534e series C
web & Pitts C& 1 pm 6E1_1946
41308 Ry Lt & Pr let 5_.,..l937
It Joseph Stk Yds let 4;25._1930
L Rock Mt & P 68 atmpd_1965
q Paul City Cable cons 55_1937
an Antonio Pub Serv let 68_1952
axon Pub Wks(Germany) 78'45
1951
Gen ref guar 810
-bulco Co guar 6348
1946
1946
Guar f 6 He series B
'sell Union 011 9 f deb 541._ 1947
1003 120
4
9418 1011; thinyeteu El Pow let 610_1952
auhert rileatre 68 June 15 1942
100 102.
'lemons & Halske 5 f 78
1935
99 191
Deb 5 f 615e
1951
99 100
,
S f 614e allot ells 50% p6..1951
861 883
8
.
terra & San Fran Power 58.1949
8212 82
Heels Elec Corp e f 6/411
98
9.
1946
904 983
4 Weilaa-Am Rap col tr 70_ .1941
Hams Petrol 6% notee ___ _1929
1034 107
78_1937
lnclair Cons 011 15-year
10214 1.4
10341
Let lien col 65 tier D
193*
let lien 61.25 series B
56
o5
9714 993, unclalr Crude 0116348 ser A.1938
1942
101 1041, ilnolair Pipe Line s f be
1939
Ikelly Oil deb 514e .
89 101
'011th (1.0) Corp lot 610_1933
10014 1001
Leith Porto itico Sugar 70_1941
1043 105
4
uuth 13ell Tel & Tel let 15131941
1073 10s
8
outhern Colo Power 61 A _1947
10612 1114
L'weet Bell Tel lot & ref be_ _1954
101 106
973 101:
4
1943
'prIng Val Water lot g 5e
98 1011
1930
tandard Milling let be
8512 90
let & ref 510
1945
113 119
Nand Oil of N J deb 55 Dee 15'46
10314 106
_1951
land Oil of NY deb 4
107 1113
1946
tevena Hotel lot(le ser A
110 110
Misr Estates (Oriente) 7s._1942
9514 11143
1929
uperior 011 let if 7s
vracuse Lighting let if be_ _1951
103 1031
cuu Coal Iron & Rkt gen 55_195,
1003 1017
s
eon Copp & Chem deb 65_ _1941
6234 623
eonessee Elec Pow let 60_1947
5814 60
bird Ave let ref 4s
1960
2,8
4
Ad) Inc 53 tax-ex N Y Jan 1960
212 4
bird Ave Ry 1st g Se
1937
1955
obo Elec Pow 1st 78
135 32
8
6% gold notes___ _July 15 1929
75 8 94,
1
okyo Elec Light 8% notee.1928
10614 109
'oledo Tr L & P 515% motes 1930
4912 60
1940
renton G & El lat g be
65
74
4
1940
rumbull Steel let f Os
108 1093
1962
'wenty-third St Ry ref be
10012 1035
Hydro-Elec Pow 7342_1955
11018 111 •
106 109
Surma El Pow e 1 7e
1945
1003 10:P
8
oderged of London 4346_1933
10334 1041
Won Elec Lt & Pr(Mo)58_1932
10414 106,
Itef & ext be
1933
102 1043
n E L&P (III) let g 514e ear A'54
8012 93
atop Else Ry (Chic) be__ _ _1945
9912 103.
102 1071
Won 011 let lien sf68
1931
1003 104
8
30-yr 6e series A___-May 1942
let lien e I fe Bailee C Feb 1935
105 107
0812 1011
Olted Biscuit of Am deb 68_1942
elted Drug rote 25-yr fa _1953
91
941
11412 11614
ailed Rye St L let g 4e_ _1934
115 111.
tilted SS Co 15-yr 68
1937
I, Steel Works Corp 610 A.1951
10438 10*
5512
87
With stock pun warrants
103 106.
Series C without warrants..
With stock Our warre
10314 1043,
'sited Steel Wks of Burbach
961g 105
Eseh-Dudelange of 7e.._ 1951
97% 101
W Rubber let Or ref 500cr A 1947
105 l(51„
.11.ir 734% secured notes.1930
9934 /OIL
S Steel Corp!Coupon Apr 1963
103 105
.110-60-yr 68 regist. _A pr 1963
1035 10F
8
olvereal Pipe & Rad deb 6e 1938
tah Lt & Tree 1st & ref 58_1944
10204 1051,
10312 Mt,
tab Power & Lt 1st be
1944
tics Else 1, an P let e f a 55_1950
914 98
10114 104
tics Gas & Else ref & ext be 1957
983 1023
4
4
ortientes Sugar let ref 70. _1942
864 10214
tctor Fuel 151 s f Sc
1953
107 1075;
a Iron Coal & Coke let g 581949
60
81
a Ry Pow 1st & ref be
1934
98 102
1130 111.
4
1
&l Worth deb 634e(with war)'35
105 1081
lot sink fund 6ti series A _ _1945
,
104 104
varner Sugar Reno let 78_1941
10314 104
Varner Sugar Corp let 7s..._19314
98 101%
Sash Water Power of 55... _19384
Weetches Ltg g 6e stropd gad 1950
9912 104)
vest Penn Power set A 58.--1946
94 1024
let be series E
1963
923 943
4
111 534. scales F
4
1953
9012 92
let 000 55 seriee0
1956
10412 106
• eel va C & C hiSs
11154,
1037 105
8
estern Electric deb be
11044
9914 113
Vattern Union coll tr our 55_153e
99 100
Fund & real est g 4i45....,1964)
94
95.
15
-year 6 155
1938
10412 5064
25
1951
-year gold be
10412 106
N°Whams° E & M 20-Yr g 58_1946
102 1053
4 Vheeling Steel Corp lot 51451945
10114 10314 vtilte Eagle Oil dr Ref deb 5346'37
98
9L•14
with stock parch warrants. _
98 1010
4 vim.° sew Mach 13s(with war)'86
1021 104;
4
Without warrants
10638 108
Vickwire Spen St'l let 78-1935
9912 106
Vickwire Sp St'l Co 71 Jan 1935
0
9414 99. VIllye-Overland 5 I 6 Hs._ __1933
114 115
VIlson & Co let 25-yr f 68_1941
11018 1124
inchester RepeatArms 7)411941
1047 106
8
roungst Sheet & Tube So.. 1978
10318 1053,
104 107
Price
Friday.
June 8.
Weer,
Range or
Lan Sale.
coQ
• Rano.
Since
,la*, 1.
Mob No. Low
814
Ask Low
High
111
100
9914 Sale 9914
9812 10112
41
101
100 Sale 100
97 101
95 Sale 95
9614 126
9314 97 4
3
10414 41 103 105 8
10414 Sale 10414
1
10414 82 103 105
1034 10412 103
1080 11312
4
10912 Sale 110 May'28
991 10114
2
9914 25
993 Sale 9912
8
1023 Sale 102
8 10114 104
10214
8
10112
5 10012 102 4
0
10012 101 101
913 94
4
62
93
913 Sale 9104
4
95 s 98
0
3
97
97 Sale 97
88
55
55 May'28
55
58
5 11012 114
1084 11014 11012 11018
8
2 1063 10812
10714 10712 10714
10714
9018 9018
0018 May'28
5
9818 9812
9818
9818
9818
9912
9812 Dec'27
7813 7818 May'25
78
4
9714 973 May'28
NM Sale 10712 10814 12
36
10112 Sale 10112 102
97 Sale 96
9738 65
8
103 Sale 103
10318
10314 24
103 10318 103
977 Sale 973
8
4
984 117
93 Sale 93
9414 68
11
91 Sale 91
911
3
1023 Sale 1023
4
4 1031
Sale 107 June'28
1Wz Sale 105
10612 171
5
1023 103
8
10314
944
943
4 21
8 10012 76
994 Sale 997
6
102 Sale 10174
102
10214 30
10112 Sale 101
983 Sale 983
8
8
983
4 79
994 Sale 983
8 10018 80
98 Sale 9714
983 124
4
9418 Sale 933
4
9518 27
54
94
93 Sale 93
102 Sale 102
10214 13
5
109 Sale 109
109
10412 Sale 1041z
1045
8 16
6
105 Sale 105
10518
8 30
10312 Sale 10312 1043
--
7 r-
993
8
10014
103
103
963
8
993
4
1003
8
100 1004 May'28
Sale 10014
10014
1033
8 10312
10314
Sale 103
8
9712
Sale 963
Sale 9912 10014
8 1003
1003 1003
8
4
8
1053 10712 1083
8
15i1-4
_ 1094 10912
_ 11014 10412 10412
112
ill Sale 111
1064 Sale 10612 107
7138
70 Sale 70
674 Sale 6412
673
8
100 1004 100 May'28
9912 Sale 9918
100
2
9912
987 Sale 983
8
100
100 10018 100
10012 Sale 10012 1013
4
1043 - - - - 10712 May'28
4
8
102 Sale 1017
102%
65 65 May'28
52
10118
10014 Sale 100
8
4
191
129
28
3
4
1
3
17
10
31
714
160
88
19
93
77 -1678
9812
97
10712 109 4
3
99 10318
04
95 8 98
3
10272 10512
10234 105
973 10012
4
93
8612
91
94 4
7
102 104
10412 10812
10432 1073
4
1017 105
2
93
96
98 102
101 10812
100 10414
9714 99 4
1
9514 10212
9712 9904
93
973
4
9314 95 4
3
10112 10312
1083 11014
4
10412 10512
105 10714
10312 108 4
0
993 10212
2
9 0
4
102 10114
0
103 104
9612 9812
9912 1024
1013
4
10634
10314
I:112
18
110
110
108 8
5
1:15,
84
17
,
8
66
73
55 4 7112
0
04
99 10112
98 1008±
994 ®34
9
8
100 1011
4
10112 103
107
071
4
23
15
5612 6812
2
987 1013
2
10012 55
99 Sale 99
_
4
94
_ _ _ _ 958 May'28
1013
4 12
10112 Sale 10114
101 103 May'28
2
1015 102 1014 1014
,
92 7
2 11
90
92 92
102 103 102 May'28
5
111
10912 11014 Ill
2 100
11
993 Sale 993
8
10012 101 1003
4 10112 12
273
96 Sale 98
98
84
84
2
847 84
3
13
07
99
101
99
4
9318 94
924
9318
934 Sale 934
943
4 82
93
9404 15
9414 9418
---- 9314 94 May'28
9811 1011s
9514 95 4
3
10114 103
10214 103
100 10414
9474
92
10114 102
2
1087 11212
9912 102
10014 10213
96 10014
84
8512
95 101
9212 9611
9312 9712
93
96
9312 97 8
0
62
104
Sale 10314
198
91
Sale 90
1023
4 32
Sale 102
4
10812 193
Sale 1060
1073 May'28 _
4
95l 94
9512
5
91
40
98
9712 Sale 97
10012 30
100 Sale 99
3
1087
8
1087 Sale 108
8
1087 -- 1084 May'28
8
1003
4 17
10014 Sale 100
517 May'28
2
514 53
9014 May'28 -91
90
2 10014 18
1004 Sale 1003
10212 105
90
9612
10112 105/4
1063 109 4
4
3
10734 1081:
8914 96
951: 10012
99 10312
10612 1087
2
ior112 112
9912 101
5112 55
90
917
2
10014 102
16
26
4
33
11
15
2
7
23
13
37
10
39
28
61
50
16
88
9614
86
9812
10512 1077
2
8418 95
104 105
107 10918
101 105
105 108
105 10618
/
1
2
10218 105
50
60
303 105
103 10512
981 103
4
1s
il0 1127
8
1020 10514
4
10212 106
10004 10194
9714 40
9612 9714 9612
124 130 126 May'28 --__
5
1004 Sale 10014
10012
2814 May'28 ____
343 34
8
34
34 Sale 3018
54
10214 10212 10312 10312
1
8
1033
8 95
1023 Sale 102
10712
4
107 10714 107
100 Sale 9934
10034 241
93
12 98 s
7
123 18112
100 4 1 4
0 0
28
3712
2.3
25
10112 10312
101 10518
106 10814
991 10112
2
10314
9014
102
1063
4
9212
88 Sale 88
91
88
8812 86
04
8 105
106 10612 1053
95
9412 Sale 9214
105 May'28
1047
8
107
107 Sale 107
10312
101 Sale 101
105
100 105 105
4 1053
4
1053 106 1053
4
1031g
10218 Sale 1021g
50
50 Sale 50
1034 Sale 10312 10414
104
104 Sale 104
10012
4
1004 Sale 987
1103
8
1093 11014 110
8
4 10314
10314 Sale 1023
104
10212 Sale 10212
1014 Sale 10112 10212
3574
BOSTON STOCK EXCHANGE-Stock Record so.8
ZYL..
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday,
June 2.
Manda5,
June 4.
Tuesday,
June 5.
Wednesday, Thursday,
June 6.
June 7.
Friday,
June 8.
$ Per snare $ per share
per share
per share S per share $ per share
190 190
190 190
190 190
190 19112 191 192
190 190
*9212 93
9212 93
9212 923
9212 91
4 92 92
92
9112
*2103 ____ *2103 ___- O2103
- 103 10312 *10312 105
•117 119
118 118
119 119
119 119 O119
10612 10612 10612 10612 *10612
107 107 107 107
ioi- 106
80 80
80 80
79
79
7918 797s 79
79
7612 78
0
280
:80
0
:80 ____ 0
'93 96
=ii- 90 96 96 09512 96 *924 96
*149 ____ 150 150 150 150
150 150
150
150 150
31132 136 •132 136 *132 136 •132 136 *132 136 0125 126
0182 ____ *182
0182
*182 _
0182 _ _ _ _ 0182
*80 80 4 •80 80 4 *78
3
80 079 80 *79
3
80
O80 83 0
80
O80 83 080 _
_
O112 114
113 113
1124 11212 114 114 •112 114 *iiii2 113
O81
83
82 82
82
*81
81
81
81
81
8012 8012
0127 ____ 0127
O125 130 O128
_ •128
•130
13112 116 •___ 116 0112 115 0112 115
114 114 •114
O156 158 0158 159 0158 159
159 159 157 157 *157 159
010712 ____ 010712 -- *10712 ---- 010712 -- *10712 ---O181 ___
181 181 0181
•181
*____ 38
37
37
036
36 •_ _ _ _ 37
38
36
35 35
7934 8012 *80
8012 81
80 8014 *78
81
8012 80 80
075 80 *73 80
073 80 073 80 *74
80
50
O59 60
60 *59
58
58
593
4 58
4 5934 593
58
63 63
•
62 63
63 64
64 *62 64
O61
6114 6138 60 4 60 4 6013 60 2 6018 603
3
3
8 594 604 585± 5953
,
0100 ____ 10012 101 •100
•
101 _
0101
__
140 140
140 140 0140 142 •
140 142 0140 142
O139 --__ 139 139
13812 13312 13812 13812 139 139 1384 11311;
664 6632 6538 664 65 65
644 68
65 s 66
3
643 65
11
0119 ____ 121 121120 120 *120
*120
312 418
378 418
4
4
4
412
38 0 8
7
7
*1912 21
2012 21
2112
020
21
2012 22
O21
*49
O49
50 04812 50 *4812 51
50
50 50
187 18914 1843 1864 18558 18612 18338 18514
18878 190
4
22
23
23
2312 2218 2218 22
224 23
23
16
1714
164 1612
17 "fi"
- 1- 93 9412 93 93 "oiT2
42
"55 93
•.10
O.15
.35
.10 .10
.35
.35 O.15
12412 125 1124 125
125 125 O125 129 O125 129
*5136 -_-- 136 136 *5133 136
•5136
133 135
5
5
5
6
0
4
5
6
6
238
238
212 238
238 212
212 21
212 212
105 107
105 10612 105 107
107 110
110 110
4912 491
4912 4912 3 494 4912
4914 4914 04914 491
'
3104 105 3X10312105 *103 105
O104 105
102 102 .
1612 1634 •16
17
1714 17
1634 174 17
17
290 290 290 292 290 29012
290 292 290 291
038
41
41
41
41
41
*37
3138
038
O38
3734 3812 03712 39
*36
381 *374 38
3712 3712
026
26
26
27 *2612 27
26
26
28
O27
324 321 03212 33
3212 3212 3212 3212 3212 33
106 107 105 1063 10412 10412 10412 10412 104 104
4
10 010 ____ *10 ____
010 ____
10
1310
4434 45
45
44
4434 45
*44
45
45
45
*2812 29
29
2812 29
29
2812 29
29 29
3014 3014 3014 3014 31
*3014 31
32
3012 32
*
94 _
O94 ____ *94
01114 12
*1114 1134 *10 4 1112
3
113 113 *1112 12
4
4
912 912 0912 10
O912 10
94 912
9 2 912
,
15112 1513 15012 15114 146 150
147 14812 145 147
4
793 80
4
79 80 1 80 80
79
79
7934 80
10112 10112 10112 10112 102 102 210112 10112 8
:101 _*39
393 *3834 394 8
8
'38
39
39 4 39
3
3812 40
4138 438 0438 478 *44 478
484 5
438 434
3212 3112 3212 32
3112 32
31
3214 3212
34
8210634-•
.21063 -- 0210634 _
_:10634 - 4
'210914 110 1093 1093 *210914
8
4
4
*2109 109 4 *x109141093
3
4
.30 8.15 .20
•____
312
3l2 *
312
312•
312 *---15118 15118 ▪15134 1513 15012 1513 150 151
4
150 15114
4
3212 323
32
4 3134 32
314 3134 3112 313
32
4
*15 20 *15 20 *15 20 015
20 .15
18
1612 1612 *1612 17 01612 17 01612 17
*1612 17
•178 2
8,1N 2
0178 2
14 178 •138 2
344 3412 34
34
34
34
34
34
3334 3412
131 131
131 131
130 131
130 130 *130 131
13514 1353 013414 13514 135 13534 13438 13438
135 135
4
108 108 106 108
106 10612 10514 108
*106 109
2
238
2
2
2
253
2
21
214 *2
*2012 21
*2012 21
02012 21
*2012 21
20 20
015
15
1512 01414 15 01412 15
1514 1512 16
562± 55
5538 55
55
557 56
5612 54
3
56
8 734 74
7312 74
747
74
7412 74
7312 737
31
31
311
31
31
31
32
031
*31
32
3198
99 098
99
99
*98
O98
99
*98
987
29
2812 32
30 4 273 30
3
307
11 30
4
3112 32
2134 2238
2234 223
2212 221
23
23
4
23
23
70 067
*
65
70
75
70 .65
O69
69
69
*
86 90 *86
90
90
86
90 0
90
90 92
*
103 103 *103 105 *103 105
13103 105 0103 105
1614 1614 16
16
17
:16
17 0
:16
17 0
*16
17484 175
179 179
17934 180
179 187
189 189
55
55
55 59
59 *
58 056
58
0
56
58
4- *6014 --- O6014 -- *6014 ---,
*60 4 -- *601
O1718 20 •1718 20
O174 20 01718 20 *174 20
2
214 21
212 24
212 21±
41
488 48
47
44
3
434 434
471 471 *4712 481
474
49
49
24
21
248 24
2412 24N 24
2018
21
± 20
2012 2138 2018 217
212
24 238 0212 27
•234 3
24
212 21
234 3
314
3
6
6
6
6
6
0518 6
01
*1
11
11
s____
11
5512
5712 5722 55 57
5812 581
O10514 1051 10512 1051 *10512 ..- O10512
19
1912 20
20
2114 20
20
312
*312 4
41
4
412 412
*134
2
2
2
2'±
2114 2 8 3
3
14
.9
118 14 .99
3
14 2 4
•138
.55
Poi 1 is •114 11
14 112
.7
.55
.75 0
.75 0.55
O.55
.
.90
.90 •80
.90
0
.75
1
4 60
6014 613
7
63 63 8 62 64
*
29 2912 029
2912 2912 2912 30
.15 .15
.15 .15
.25 .15
31.15
O57
O57 60 057 60 *57 60
44 438 *4
414 414 0
044 412
214
218
2
17
8 2
214
2
,
4 2 4 •134
,
•13
4 2 4 0134 214 *13
•1312
1412 1312 14
144 14
1414
144 1312 1312 1314
1412 144 14
34
36
35
38
36
3712 38
31 *230
32
30
3014 3112 *230
.50
8.314 38
.50
4 *314 4
.40 .40
.45 .40
.45 .45
.45
.25
.40 0
.60 .40
.40
.60 0
O.30
414
438 44
412 438
438 438
lois 138 *114
114 11
114 1318
*8138 138 *al% 188 *ails 138 O0112
.40 •.15
.40 O.15
.15
.20 0
•.I5
2
21
438
43
4534
471
241
2314
19
21
23
8
21
212
2
3
6
*512
*1
112
56 *56
*10512
---2012 19
34
38
5
214 *13
4
118
1
. 15 *13
12
5
55
8
18014 183
212 212
105 10512
4914 4914
105 105
16
16
288 290
-52- -3254
28*2 20
3114 313
4
iii" 145
4
79 4 793
8
102 102
32
32
10712 10712
10914 10914
148 150
3112 3112
33'z 34
ioi" itif"
54 -1412
7312 7378
31
31
-ii" "3r014
214
2
434
412
47
24
-223
4
20
18
212
23
8
212
212
512
6
112 0114
5612 5512
____ 010512
1914 18
312
312
24 *13
4
1
., -;ii4
13
7
5
.90 .90
.90
613
4 59 60
2912
2912 29
.15
.15 .15
60 .57 60
43
8 *4
43
8
214
24 214
214
13
4 13
4
1312 131
14
1412 141
14
35 8 2912 32!
7
2912 30
31
.40
.60 '
3.25
43±
44
,
11
•114
138 06112
.30 '
0.20
334 378
20
20
2
412
- .123 4
1914
23
8
212
6
112
5512
---19
312
214
- 7
;.70 .90
58
5918
29
29
____
-43
8
,
24
2
13
1412
32
2912
"
.50
414
112
138
135
*4
214
*114
•12
14
30
4
283
-"Ao
.35
*414
•114
.35
s
43
138
Saks
for
the
Week.
STOCKS
BOSTON STOCK
EXCHANGE
Lowest
Highest
Shares
Railroads.
Par. $ per share
212 Boston & Albany
100 183 Feb 8
420 Boston Elevated
100 9013 Apr 26
32 Preferred
100 100 Feb 1
80 let preferred
100 114 Jan 8
302 24) preferred
100 105 Mar 28
2,240 Boston & Maine corn
100 55 Jan 8
10 Preferred unstamped. _ _100 6018 Feb 10
29 Ser A let pref unstamped 100 80 Jan 3
85 Ser B 1s2 pref unetamped 100 130 Jan 9
Bar C lst pref unstamped 100 114 J80 4
------ Ser D 18* pref unstamped 100 15212 Jan 3
------ Common stamped
100 604 Jan 5
------ Preferred clamped
100 6114 Jan 26
35 Prior preferred stamped..100 110 Jan 6
245 Ser A lst pref stamped--100 6912 Jan 4
------ Ser B let pref stamped-100 10612 Jan 3
20 Ser C lst pref stamped 100 98 Jan 3
40 Ser D 1st pref stamped_..100 135 Jan 4
------ Neg receipts 55% paid
1048 Jan 4
4
26 Boston & Providence
100 176 Jan 4
70 East Mass Street Ry Co---100 29 Jan 5
291 1St preferred
100 72 Jan 4
Preferred B
100 69 Mar 15
450 Adjustment
100 63 Feb 24
45 Maine Central
100 59 Feb 15
1,162 N Y N H & Hartford
100 58NJune 8
29 Northern New Hampshire 100 100 May 22
60 Norwich & Worcester pref-100 132 Jan 25
223,0121 Colony
100 135 Jan 3
1,505 Penneylvania RR
8
50 627 Feb 9
20 Vermont & Massachusetts-100 114 Jan 17
Miscellaneous.
8,815 Amer Pneumatic Servioe
25
2NMay 10
1,180, Preferred
50 1978May 29
40 let preferred
50 4818 Feb 2
2,160 Amer Telephone & Teleg_100 17878 Feb 21
982 Amoekeag Mfg
18 Apr 13
913 Jan 12
555 Atlas Tack Corp
No par
10tBeacon 011 corn tr etfs_No par
1488 Feb 20
677 Bigelow-Hartf Carpet_ No pa. 9012May 8
100 Coldak Corp.. class A T O. .05 Mar 28
925 Continental See Corp
81 Jan 31
60 Dominion Stores, Ltd__No par 10512 Jan 17
950 East Boston Land
212 Jan 1
10
745 Eastern Manufacturing
155 Jan 31
5
3,775 Eastern SS Lines, Inc
5 80 Feb 1
3951 Preferred
No par 4712 Jan
295 1st preferred
100 101 May
2,325,Economy Groe'y StomeN* par 1112 Jan
312 Edison Electric Illum
100 252 Feb 2
------'Federal Water Seri corn
,
3314 Mar 2
260 Galveston-Houston Elea._100 81 Feb 24
185 General Pub Seri com.No par 1813 Jan if
,
375 Gilchrist Co
NO par 31 May 31
230 Gilette Safety Razor,... No var 99 Jan 1
912 Mar 2
10 Greenfield Tap & Die
25
175 Greif Bros Coop'ge Corp cl A_
. 39 14Pr
535 Hood Rubber
No par 2814May 2
10 27 Feb 27
2,055 Insurance Sec Co Inc
Kidder,Peab Amen A pref_100 94 Apr 24
9 Jan
20 Libby. M.:Neill & LIbby____10
25
350 Loew's Theatres
714 Jan
5,580 Massachusetts Gas Cos_ __100 109 Feb
100 781/ Jan
478 Preferred
130 Mergenthaler Linotype_No par 99 Apr
30 14pr 1
2.275 Nat Mfrs Stores Corp
312 Jan
10
158 National Leather
2578 Apr
6,020 Nelson (Herman) Corp
25 New Eng Pub Serv $7 pt No Par 102 Jan
No par 104 Jan
20 Prior preferred
New Eng South Mills No par .10 Jan
100
4 Jan
Preferred
506 New Eng Telep & Teleg-100 2137 Mar
500 Pacific Mills
100 31 May
plant (Tiros 0). IBS prof......100 15 Apr 2
10 Reece Button Hole
10 15 Mar 2
25 Reece Folding Machine-AO
11 Ireb 2
4
1,637 Sterling Sec Corp allot ctfe- 3312June
76 Swed-Amer Inv part pre-100 128 Jan
335 Swift dt Co
100 124N Jan
450 Torringtoa Co
25 90 Feb
640 Tower Manufacturing
5 .90 Mar
470 Traveller Shoe Co T 0
18 Mar 2
1,145 Union Twist Drill
5 11 Apr 1
5,328 United Elee & Coal
403 Apr 2
4
1,728 United Shoe Mach Corp----25 63 4 Jan 2
1
181 Preferred
25 294 Mar 2
US & Foreign Sec let prof _
95 Jan
11.385 Venezuela Holding Corp
8 Jan 1
495 WaldorfSys.Ino.new eh No par 1912 Jan 3
------ Waith Watch el B com_No par 60 Jan 6
15 Preferred
100 88 Jan 3
ctts
trus10
Prlor preferred
100 103 May 28
70 Walworth Company
20 1514 Mar 19
439 Warren Bros
50 152 Jan 4
---.4_0_
1st preferred
50 50 Jan 3
2d prelerr iti
50 524 Jan 11
me ning.
------ Will & Baumer Candle corn- 1712May 29
2,608 Arcadian Con, Mining Co_ _25
2,120 Arlsona Commercial
725 Bingham Mines
10
6
3,215 Calumet & Hcht
e
_25
2105
4,320 Copper Range Co
600 East Butte Copper Mining
2.460 Hancock Consolidated
25
290 Hardy Coal Co
25
1
Helvetia
305 Island Creek Coal
1
20 Preferred
1,705 Isle Royale Copper
25
2.060 Keweenaw Copper
25
1,216 Lake Copper Co
25
655 La Salle Copper
25
125 IsAadon Valley Mines
.6
25Mase Consolidated
25
900 Mayflower-Old Colony
25
3.410 Mohawk
25
510 New Cornelia Copper
5
2,200 New Domlnlon Copper--..
New River Company Preferred
251Nipleelng Mines
5
7,5194 North Butte Mining
10
200 Oilbway Mining
25
605!Old Dominion Co
25
880 Pd Cek Pocahontas Co No Par
7,112!Quiney
25
575.139 Mary's Mineral Land,.._25
No par
!Seneca Mining
1,633 Shannon
10
200 Superior & Boston Copper 10
1,710 Utah-Ape: mining
6
485 Utah Metal & Tunnel
1
------'Victoria
25
------'Winona..
.25
•Bus and soon woos no solo on this dogs a jualossat pails c Ilin.ssock dividend. C NOW Maki
PER SHARE
Range Sines Jan. 1.
On basis of 100-share lois
112May 10
4J e
433 6j21
54 uilr 7
204 Jan 10
i li
14is Mar 1414
.80 Mar 2
6 Feb 20
.65 Jan 21
50 Feb 18
105 Feb 14
s1178 Feb 28
114 Jan 1
1 Feb 24
.75 Jan 31
1 May 28
.20 Mar 30
50 Jan 25
4618 Jan 31
251/ Feb 29
.10 Mar 10
5518 Jan 4
4 Apr 20
.90 Jan 6
.60 Feb 24
9 Mar 8
12 Jan 8
121 Apr 18
,
2112 Mar 27
214 Apr 24
.25 Mar 8
.15 Mar 12
4 Mar 7
1 Feb 9
.95 Apr 12
.10 wah 7
PER SHALE
Range for Preeiyies
Year 1927
"thew
L040041
Per share
NT share
19412 May 29 171
Jan
99 Mar 7
81 May
107 Apr 20
9812 Apr
1204 Jan 18 109 Mar
1104 Jan 24 101 Jan
83 Apr 27
514 Mar
80 May 29
56 Jan
98 May 16
76 4 Jan
1
155 Apr 18 118 Oct
135 Mar 12
97 Sept
190 Apr 18 1524 Dec
6114 Nov
6114 Jan 6
90 May 16
5512 Jan
115 May 10 10412 May
87 Mar 30
64 Feb
145 Apr 20
90 Jan
131
Apr 13
90 Jan
ISO May 31 124 Jan
10912 Apr 23 103 Sept
182 Jan 20 176 Dec
43 Apr 15
25 Feb
88 Apr 12
64 Feb
8012 Apr 28
60 Mar
6512 Apr 5
42 Apr
65 Jan 12
474 Jan
6838May 2
41N Jan
111 May 16
9218 Jan
140 June 2 127 Jan
141 Apr 24 122 Jan
72N Apr 27
63 July
129 Apr 12 107 Jan
$ Per share
188 May
98N Dee
10318 June,
120 Nov
110 Sept.
70 July
694 July
87 June,
139 May
116 May
165 Apr
64 Noy
73 May
113 May
78 Jan
116 May
105 May
14412 May
106 Ooto
212 Oct.
484 Sept
81 Oct
78 Oct
5918 Sept
74 Mir
6318 Dee
106 Nov
14613 Nov
13612 041
6818 001
121 Nov
2N Jan
412June
8
5 4 July
2414 Feb 14
1512 Jan 2612 Sent
51 Apr 12
47 July 50 Apr
210 May 17 14918 Jan 18518 Oct
2578 Apr 28
1912 Nov 2712 Nov
712 Oct 12 APIt
1714June 5
2018 Apr 25
15N Aug 2018 Jan
99NMay 25
77 Feb 96 Nov
.40 Jan 19
.01 Dec
6 Jan.
13412 Apr 2
136 May 16
Deo
ii Jam
612May 29
34 Feb
114 June
74 Mar
24 Jan 20
14 Dec
118 May 25
45 Jan 94 Dec
51 Apr 26
85 Feb 4814 Dec
108 Apr 13
8784 Feb 106 Dec
1714June 4
10 June 15 Sept
305 May 16 217 Feb 267 May
41 May 21
27 Apr 8613 Ocl
43 May 15
2212 Apr 38 Nov
30 May 15
11N Jan 1712 Oat
3512 Jan 21
3414 June 88 Mar
112 Apr 13 8418 Mar 10914 Oat
13 Jan 13
7 Oct 134 Nov
45 May 8
434 Jan 3
Jul; if Jan
32 May 7
9514 Jan 16
94 Apr 953± Jul;
1212May 3
7 Aug 114 Sept
10145day 10
6 Jan 10 Jan
155 May 15
84 Mar 124 Nov
88 May 8
70 Jan 814 Nov
112 Jan 10 1034 Nov 116 Oct
4038May 25
6 May 8
24 Mar
Oil Jell%
3412May 7
234 Feb 33 Dee
10912 Feb 7
91 Jan 1024 Dee
11112May 21
1
97 4 Jan 106 Dec
.55 Mar 9 .10 Dec
34 Feb
412 Feb 29
2 Apr
87s Feb
152 May 16 1154 Jan 140 Aug
4018 Jan 3
3512 Mar 44 Sent
23 Jan 11
8
15 June 423 Jan
1612May 9 s1414 Sept 1612 Feb
I Mar
2NMay 11
14 Jan
37 May 21
135 Feb 20 lolls Jan 182 00$
13534June 4 115 Jan 1804 SOPS
112 May 8
66 Jan 96 Dec
31 Jan IS
274 Dec
9 Jan
511
2678 Apr 16
16 Aug 214 Nov
16 May 4
91s Sept 144 Jan
58 May 25
77 May 15
io Jan if Nov
3184May 23
28 Jan 8155 Nov
101 Jan 81
88 May 95 Dee
36 May 11
Vs July 11 Apr
19 Oot 2712 Feb
2714 Apr 10
90 Mar 27
6012 Jan 6112 Dee
Jan 86 Dee
61
98 Apr 18
10612 Mar 6 10018 June 118 May
1838May 21
1718 Dec 2484 Apr
19212 Apr 11
651s Jan 17914 Nov
44 Jan 70 Dec
60 Apr 14
6014May 9
45 Jan 72 Dee
14 Jan 1812 Nov
18 Feb 23
234June 4
Jan 3
56 Jan 4
2538May 23
23 May 15
34May 15
4 May 28
12 Jan 14
1N Apr 18
60 May 11
10612 Apr 20
2414May 16
7 May 14
3 May 15
234June 2
2 Jan 7
.83 May 23
134May 15
65 Apr 5
30 May 15
.30 May 14
63 Apr 12
57 Jan 3
2NMay 1
3 May 15
15NMay 28
1712May 1
43 May 15
3414May 15
312May 16
.70 May 14
.75 May 16
514 Jan 4
13 Feb 25
4
1781i.lay 23
.55 May 15
I Ex-210M
,
i July
30 Jan
1418 June
1178 May
lls Oct
.15 Apr
6 Dec
.32 Oct
47 Feb
10418 Sept
9 July
1 July
.80 Jan
.50 Ma
.70 Oct
.05 Sept
.25 May
344 Jun
194 Jun
.03 Dec
56 Nov
5 Aug
.50 Jun
.40 Oet
94 Oct
Jan
11
184 July
184 June
1 July
.15 May
.15 Mar
44 July
.76 Oct
.50 July
03 Mar
104 Jan
6114 Dec
2438 Dee
2114 Dee
24 Jan
1 July
184 Sept
.85 Jan
67 Sept
107 APT
16 Dee
24 Feb
3 Dec
1 Nov
24 Dec
.85 Jan
118 Jan
52 Dec
3018 Dec
.06 Feb
75 Feb
1018 Feb
8ss Jan
14 Jan
15 Apr
184 Auk
191s Apr
82 Dec
34 Jan
.63 Deo
.50 Sept
77 Feb
8
2 Feb
2 Aug
In Jane
2 Er-dividend and rights,
JUNE 9 1928.]
FINANCIAL CHRONICLE
3575
Quotations of Sundry Securities
All bond prices are "and interest" except where marked "f".
St
011 Stocks
Par. Bid Ask
Anglo-Amer Olivet stook_ El
1714 173
8
Non-voting stock
El *17
1718
Atlantic Refining
100 118 119
Preferred
100 118 119
5212
Borne Scryinser Co
25 *50
Buckeye Pipe Line Co_ __ _50 6812 6712
Cheriebrough Mfg Cone_25 •130 150
Continental 011,50
8
10 •182 163
4
Cumberland Pipe Line__100 98 100
Eureka Pipe Line Co-...100 76
81
Galena Signal Oil core_ __100
7
9
Preferred old
100 45
48
Preferred new
100 32
35
Humble Oil & Refining __25 *7612 77
Illinois Pipe Line
100 215 222
Imperial Oil
1 *8514 86
Indiana Pipe Line Co_ _ _50 82
86
International Petroleum__ _ t *39
3914
National Transit Co_ _12.50 *2138 217
8
New York Transit Co_ 100 57
59
Northern Pipe Line Co_ _100 117 120
*6218 6212
Penn Met Fuel Co
25 *45
48
Prairie Oil & Gas
25 *4918 493
8
Prairie Pipe Line
100 21412 215
Solar Rath:deg
100 175 181
Southern Pipe Line Co _50 *30
32
South Penn Oil
25 *4512 4614
Southwest Pa Pipe Linee.100 97 100
Standard 011 (Californla)*57
5714
Standard Oil (Indiana)
25 *7512 753
4
Standard 011 (Kansas)_25 *21
213
8
Standard 011 (Kentucky)-25 *1274 128
Standard 011 (Neb)
4212
25 *42
Standard 011 of New Jer_25 *4312 433
4
Standard Oil of New York.25 *34
3414
Standard 011 (Ohio)
25 7414 75
Preferred_
100 117 120
Swan A Finch
25 *21
24
Preferred
35
*25
Union Tank Car Co
100 121 124
Vacuum Oil(New)
25 *78
7814
Public Utilities
Par. Bid Ask
American Gas A Electric-1 .167 170
6% preferred
*10712 10812
Deb 68 2014
MAN 10912 110
Amer Light & TO com_100 221 235
Preferred
100 115 120
Amer Pow A Light pref_ _100 1063 10712
4
Deb 6s 7016
MAS 1073 10814
4
Amer Public Util corn___100
7% Prior preferred____100 102
Partio preferred
100 9412 97
Associated Elec 5348'46Adr0 1043 10512
4
Associated Gas & Elea coin.) *21
24
Original preferred
*53
55
$6 preferred
*95
97
$634 preferred
*99 101
$7 preferred
•102 104
Da 54 1968
A & 0 963 9712
4
East Util. Assc. corn
• 43 44
Cone. stock_
*14
15
Com'w'ith Pr Corp pref _100 103 104
Ebro Bond & Share pref _100 110 111
Elea Bond & Share Scour. •107 108
Mississippi ItIv Pow pref.100 11112 11312
First tutge 58 1951_ _J&J 1003 102
4
Deb 5e 1947
MAN 97
99
National Pow & Light pref _ t *107 10812
North States Pow com_100 140 142
7% Preferred
100 109 10912
Nor Texas Eleo Co com_100 18
21
Preferred
100 54
58
Ohio Pub Serv.7% pre-100 1113 1123
4
4
Pacific Gee dc El let pref _ -25 *2714 28
Power Securities 1949_JAD
6812 6612
Incomes June 1949__F&A
92
94
Puget Sound Pow& Lt6%pft 100 102
6% preferred
95
96
let A ref 534e 1949_ _J&D 10212 10312
South Cal Edison 8% pf_ _25 *51
54
Stand G E 7% pr pf_ _100 1133 115
4
Tenn Elec Power let wet7% 109 11014
Toledo Edison 6% pf
1031 10412
100 109 110
%
7 Pref
Western Pow Corp pref.
_100 105 108
Rubb Stks (07ere'd ecotarn)
Falls Rubber corn
•10
Preferred
25 *11
Firestone Tire A Rub com.10 *172
6% preferred
10l 10914
7% preferred
100 109
General Tire & Rub coin_.25
Preferred
10C
Goody'r T A R of Can p1.100
India Tire A Rubber
1 *37
Mason Tire A Rubber com_t
Preferred
100 •
Miller Rubber preferred_100 78
Mohawk Rubber
100 122
Preferred
100 85
&Marling Tire A Rubber.
*43
Preferred
100 107
Tobacco
1112
16
180
110
110
175
101
American Cigar corn_ _100
Preferred
100
British-Amer Tobac ord__El
Bearer
El
Consol Cigar pref.
Imperial Tob of G B & Irel'd
lot Cigar Machinery new100
-3
9
Johnson Tin Foil & Met_100
U Dien Tobacco Co corn_
Claus A
793 Young (J 13) Co
4
100
130
Preferred
100
88
48
10712 Indus. & Miscall
Sugar Stocks
Caracas Sugar
50
Cent Aguirre Sugar corn._20 •158 160
Fajardo Sugar
100 *156 158
Federal Sugar Ref com 100 20
25
Preferred
100 35
*6
Godchaux Sugars,Inc
8
1
Preferred
50
100 *40
Holly Sugar Corp corn...) 39
41
Preferred100 90
92
National Sugar Refining_ 100 147 150
New Niquero Sugar
100 45
50
Savannah Sugar corn
•120 125
Preferred
100 118 118
Sugar Estates Oriente p1_100 47 50
Vertientee Sugar pf
100 65
70
•Per share. t No par value. b Basis
American Hardware
25
Babcock A Wlloox
100
Blies(E W)Co
Preferred
aa
Child' Company pre! __100
Hercules Powder.
100
Preferred
100
Internat. Sliver 7% pref.
_100
Phelps Dodge Corp
100
Royal Baking Pow oom_100
Preferred
100
Singer Manufacturing...100
Singer Mfg Ltd
El
Railroad Equipments
Atlantic Coast Line 64--__
Equipment e
Baltimore & Ohio 68
Equipment 4 Xs & Ss__ _
Buff Rosh & PHU equip 6e.
Canadian Pacific 6)4s & Os_
Central RR of NJ Os
Chesapeake A Ohio 135
.
Equipment634e
Equipment58
Chicago Burl A Quincy 65..
Chicago A North West 68
Equipment0545
Chic RI A Pao 410 A 58..
Equipment(le
Colorado dc Southern 68__
Delaware & Hudson 68.
Erie 434e& 58
Equipment68
Great Northern (le
Equipment Si
Hocking valley 58
Equipment68
Illinois Central 4348 A 55...
Equipment Os
Equipment 78 A 654.....
Kanawha & Michigan 138„..
Kansas City Southern 5341
Louisville & Nashville 68._
Equipment630
Michigan Central ts &
Minn St Pik SS M 434e A 55
Equipment 654s A 78Missouri Pacific Oa A S 541
Mobile A Ohio 5e
New York Central 1130 & 58
Equipment68
Equipment 7e
Norfolk & Western 454s..
Northern Pacific 78
Pacific Fruit Express 75._
Pennsylvania RR eq 58
__
Pitteb A Lake Erie
Reading Co 434e& 58
St Louie A San Francisco 58.
Seaboard Air Line 5348 A 68
Southern Pacific Co 434s....
Equipment78
Southern Ay 434s &
_
Equipment6e
Toledo & Ohio Central Os--Union Pacific 78
151 155
108
*28
29
•28
29
96
99
*27
28
92
95
Water Bonds.
60
70
Arkan Wat let 5s'58 A.A&O
2512 2712 Birm WW 1st 534eA'54.A&0
84
89
let M 5e 1954 ear 13..J&D
113 116
City W(Chatt)5348'54AJA D
104
let M 55 1954
JAI)
City of New Castle Water
fe Dec 2 1941
JAD 1
Clinton WW let 158'39_F&A
Com'w'th Wat let 534eA'47
*71
74
Connellev W 5sOct2'39Adr01
119 123
E fit L & Int Wat 58'42.J&J
*1814 20
let M (18 1942
*58
65
Huntington let Os *54_1110.8
111 115
58
1954
235 245
Mid States WW 68'36 MAN
120 123
Monm Con W
5e'56AJ&D
125
Monm Val Wt 534e '50-J&J
135 Cif
Muncie WW 58 Oct2'39 A01
230 260
St Joseph Water 58 1941A&O
110 113
Shenango ValWat 56'56A440
500 520
Bo Pitts Wat let 5e 1960 J&J
•65
4 74
let M fs 1955
3
FAA
•
Ter H W W138 '49 A JAD
let M 58 1958 aer B..FAD
Wichita Wat let 8s'49-M&S
1st M 5s 1956 ser B F&A
d Purchaser also pays accrued dividend
Investment Trust Stocks
,
and Bonds
Per Bid Ask
Allied Internat Investors_ _t •111 115
Allied Capital Corp
73
72
Amer Bond & Share com-10 2312
Amer Brit & Coat corn
35
33
50% paid
80
75
6% preferred
9412 97
Amer Finan Hold corn A
2812 2812
Amer Founders Trust corn.. 120 125
6% pereferred
48
48
7% preferred
53
51
6% new units
106
Astor Financial class A
52
46
Class B
16
12
Bankers Financial Trust _ _ _ 112 116
Bankers Investml Am corn_
10 4 1312
3
Debenture shares
61, 10
4
Bankstocks Corp of Md A.. 1414
Class II
1414 15
Preferred
7114
7814
Units
British Type Investors A_ _ _
4
4014 1117
Continental Securities Corp_ 123
Crum & Forster Insuranshares corn
95 10
0
Preferred
105 108
Eastern Bankers Corp com_
3012
Units
150 fa
Man & Indust Ser com _ _
Preferred
142
10
Warrants
First Fed Foreign Inv Trust
110
Fixed Trust Shares
1109359875
1854 1912
General American Investors
deb 5s with warrants.... 15912
General Trustee common
185
4
6% units
78
6% bonds
120
Guardian Investment
18
Preferred
28
26
Incorporated Investors
73
71
Insuranshares ser A 1927... 2612
Series C 1927
2612
Series F 1927
29
Series H 1927
265
4
Series B 1928
245 2515
8
Int Sec Corp of Am corn A. 69
73
Common 11
41
38
634% preferred
100 103
6% preferred
99
95
Investments Trust of N Y
10 8 1012
3
Massachusetts Investors
901 9254
Mutual Investment Trust
101 1112
New England Invest Trust_
101 1112
99 100
Old Colony Invest Tr corn
31
35
102
4 X % bonds
91
87
100 101
Second Internet Sec Corp
58
55
102 103
6% preferred
47
45
99
New units
7212
Shavrmut Bk Inv Tr 4145'42 91
98
98
5s 1952
98
96
96
Standard Investing Corp_ _ _ 40
45
10112
6% Preferred
9612
554% preferred
110
101
5% bonds w w
14412
101
Swedish Amer Investing pf_ 129 132
103
U S Shares class A
13
96
Class A 1
1212
100
Class B
4414 4514
9412 9512
Class C 1
27 s
7
100 101
Class C 2
2914
98
Class C 3
233 1E4
98
99
Class D
19
94
U S & Brit Internet corn...
2712 2
.
1;97
Preferred
9712 99
97
Units
81
84
102
United Investors Sec
7
12 812
96
101
96
Bid
5.15
4.15
5.15
4.75
5.00
4.75
5.15
5.15
4.75
4.75
5.15
5.15
4.75
4.75
5.15
5.25
5.15
4.85
5.25
5.15
4.75
4.75
5.25
4.75
5.15
4.70
5.20
5.00
5.15
4.75
5.00
5.00
5.10
5.25
4.75
4.75
5.15
4.75
4.50
4.75
4.75
4.70
4.75
4.75
4.75
4.70
4.7
4.75
4.7
5.1
5.11
4.7
Ask
4.90
4.50
4.90
4.50
4.60
4.50
4.90
4.90
4.50
4.50
4.90
4.90
4.50
4.45
4.90
5.00
4.90
4.60
5.00
4.90
4.50
4.50
4.90
4.45
4.90
4.50
5.00
4.70
4.90
4.50
4.80
4.80
4.70
4.85
4.25
4.50
4.90
4.50
4.25
4.50
4.50
4.50
4.50
4.50
4.50
4.45
4.50
4.50
4.50
4.90
4.90
4.50
tr Nominal. s Ex-dividend. y Ex
rights. r Canadian quotation
e Sal, 9110e.
Outside Stock Exchanges.
Boston Bond Record.
-Transactions in bonds at Boston
Stock Exchange, June 2 to June 8, both inclusive:
Bonds
-
Friday
Last Week's Range Sales
Sale
of Prices.
for
Price. Low. High. Week.
Aluminum Ltd 55w 1_1948
100 100
Amer Tel & Tel 5s____1946
105 105
Amoskeag Mfg 13s__ _ _1948 91
91
9212
Atl 0 .32 W I SS L5s
80
80
80
ChieJet Ry & U S Y 4s__'40
9415 9455
East Mass Street RR
1948 76
4 Xs Series A
76
77
1948
83
83
5s Series B
Hamburg Elevated 515s '38
9215 9255
1937
10214 1023.4
Hood Rubber 7s
9432 9432
Intl Sec Corp of Am 5s 1947
Kohohit Corp lstM6 Xs'53
9754 9755
10255 10252
Miss River Power 5s_ _1951
10455 10455
Municipal Gas (Tex) 6s '35
102 102
New Engl Tel & Tel 5s1032
112 113
P C Pocahon Co 7s deb_ _ _ 112
San Francisco Bay Toll
100 100
040ridge Co 6 M 8
1957
101 101
So Caro Power & Lt Os 1930
1944 10154 10112 10132
Swift & Co 55
101
101
Western Tel & Tel 58_1932
25
25
Wickwire Steel 7s_ _.1934
Range Since Jan. 1.
Low.
High.
$5,000 100 June 100 June
1,000 10452 Mar 10552 Feb
33,000 90
Mar 9512 Jan
2,000 72
Jan 8115 May
1,000 90
Jan 9434 June
16,000
400
5,000
2,000
5,000
20,000
2,000
1,000
4,000
2,000
70
77
9255
10152
943-i
9755
10215
10415
102
106
1,000
1,000
12,000
28.000
2,000
100
Mar 100
101
Mar 101
10112 June 103
10052 Jan 103
21
Jan 25
Jan
Jan
June
Mar
June
June
June
Apr
May
Jan
79
88
9254
10354
9454
9754
104
10455
10352
115
Apr
Apr
June
Jan
June
June
Jan
Apr
Feb
May
Mar
Mar
Jan
Jan
June
Philadelphia Stock Exchange.
-Record of transactions
at Philadelphia Stock Exchange, June 2 to June 8, both
inclusive, compiled from official sales lists:
Stocks
-
Friday
Sales
Last Week's Range for
ofPrices.
Sale
Week.
Par. Price. Low, High. Shares.
14
•
Almar Stores
83
10
Alliance Insurance
12
10
American Milling
• 7334 7052
American Stores
117
Bell Tel Co of Pa pref.-100 117
5834
Blauners all ctts
Range Since Jan. 1.
Low.
High.
1452
950 14
May 20
85
255 74
Feb 8752
1355
372 1054 Jan
1355
Jan 7432
73% 17,600 64
11734
173 11554 Jan 118
60
880 5855 June 60
Feb
May
June
Feb
Mar
May
rriaay
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Stocks (Continued) Par. Price. Low.
High. Shares.
Budd (E G) Mfg
24
24
100
Cambria Iron
Co*
50
4255 4252
115
Camden Fire Insurance_ _ _
3454 3315 3555 4,000
Consol Tract of N J_ _ _ _100 58
58
80
5954
Cramp Ship & Eng__ _100
.
3
430
354
Electric Storage Battery100
8014 8152
75
Fire Association
10 733-4 7655 7754 2,700
Frankford & Southwark_ 50
250 255
17
General Asphalt
100
7955 7915
100
Giant Portland Cement_50
30
30
30
Preferred
50
35
36
29
Horn & Hard (Pails) corn_•
220 222
55
Horn & Hard (NY)corn 5
.
5554 5655
160
Insurance Co of N A__ _ _10
96
98
1,600
Lake Superior Corp_ __ _100
654 7
654
2,300
Lehigh Coal & Navi__ ...50 144
145 1527-4 24,200
Lehigh Pow Sec Corp,com*
4054 80
2,200
Lit Brothers
10 28
2652 2912 19,300
Manufact Cas Ins
63
60
6732 7.600
Mark (Louis) Shoes Inc_ •
812
654 7%
1,420
Preferred
ioo
70
70
10
Minehill & Schuhlk Hav_50
58
58
5
North East Power Co_
*
28
2855
1,300
North Ohio Power Co_ _ _ _*
2955 2955
400
Penn Cent L & P cum pt. •
80
90
8034
Pennsylvania RR
.
60
6474 6634 11,700
Pennsylvania Salt Mfg_ _50 99
99
9952
308
Phtla Co (Pitts)5% pfd-50
48
48
50
Phila Dairy Prod, pref_ _
9255 9255 94
316
Phila Electric of Pa
i
72
7254
206
Phila Elec Pow rects_ _25 283-4 2814 2
1,900
83-4
Phlia Rapid Transit__ _50
56
56
100
7% preferred
50 5054 5012 5052
1.000
Philadelphia Traction_ ..50
6252 63
210
Phila. & Western Ry_ _ _ _50 1055
1055 1015
170
Reliance Insurance
10
435
Shreve El Dorado Pipe L 25 2934 3035 3132
2952 32
2.400
Scott Paper Co,com
* 5312 53
5332
156
Preferred
100
11352 11355
38
Stanley Co of America_ _ _•
Tono-Belmont Devel. _ _ _1 343.4 3434 3534 17,600
1
1
1116 2,100
Tonopah Mining
1
4
4
454
Union Traction
50 4374 4452 4554 2,000
4.500
Range Since Jas. 1.
Low.
High.
23
42
2755
64
154
6934
0454
250
7934
30
3454
215
52
8415
3
10555
20
2215
May
Mar
Jan
Mar
Feb
Jan
Feb
June
June
Mar
May
Jan
Feb
Feb
Jan
Feb
Jan
Jan
2752
654
70
57
2
054
18
7952
63
92
46
90
5554
22
5054
50
58
1054
2812
18
4031
103
3032
1
154
3724
Jan 6752 June
May 2254 Jan
Mar 100
Jan
Feb 5854 May
Mar 3052 May
Jan 3152 May
Jan 82
Max
Feb 72
Apr
Jan 10955 J11.13
Mar 4855 Apt
Mar 9415 Apr
Jan 7454 May
Jan 29
May
May 61
Apr
Jan 5254 iMar
Mar 64 DU
Mar 15
Fet
Mar 3755 Jac
Mar 32
May
May 6052 May
Jan 11354 May
May 5454 148.1
Jan
2
Jar
Jan
42226May
ea
in n
1l.•
33
4334
3812
6251
14
85
85
255
887-4
42
4154
241
64
10454
955
154
60
2952
Jan
Mar
Apr
May
Jan
May.
Apr
June
Mar
Jan
Feb
Jan
Mar
May
Apr
June
June
June
3576
Range Sines Jan. 1.
Lew.
High.
United Gas Improvement50 14151 141% 148
41,000 11451 Jan 149%
United Lt dr Pr"A"com_ *
23
2451
950 1551 Feb 2851
U 8Dairy Prod class "A"..• 61
59% 61
425 3751 Jan 62%
Victory Insurance Co__ _10 30
30
220 27% Feb 34
3034
Victor Talking Mach,corn•
Jan 104%
9254 98% 3,100 53
Westmoreland Coal
51
May 5151
50
305 50
5151
Rights,
Fire Association
Isotta Franchini
Un El Ber Co of Italy
231
Bonds.
VI & Peoples tr ctfs 48_1945 6334
Inter-St Rys colt tr 48_1943
Lake Sup Corp 5s_ _ __1929 20
Peoples Pass tr ctfs 48_1943
1967 9851
Phila Co 58
Phlia El(Pa) 1st 4516 ser '67
1966 106
18t55
1st lien & ref5348._ _1947
1st lien dr ref551s _ _ _1953 107
Plana El Pow Co 550_1972 10531
Un Rya & El (Bait) 48_1949
2%
5
254
6331
50
20
66
9855
100
106
10751
107
10551
7751
251 15,700
5% 5,100
23.4 5,100
6551
50
20
66
9931
10031
10754
10731
107
10631
7754
$20,700
4,000
100
2,000
13.000
9,000
62,000
5,500
2,000
29,000
1.000
2
May
5 June
2% June
60
50
15
65
9831
100
106
106
106
10531
6434
Jan
Jan
Jan
Jan
Jan
June
June
Mar
Mar
June
Jan
May
May
May
Jan
May
Jan
Apr
10
534 June
June
234
66
52
50
6631
10151
106
10951
10751
107%
108
80
May
Jan
Apr
Apr
Apr
Mar
Apr
May
May
May
Feb
•No par value.
-Record of transactions at
Chicago Stock Exchange.
Chicago Stock Exchange, June 2 to June 8, both inclusive,
compiled from official sales lists:
Stocks-
..-,
--Last Week's Range for
Sale
ofPrices.
Week.
Par. Price. Low. High. Shares.
25
Acme Steel Co
Adams Royalty Co com__•
All America Radio cl A_ _5
American Colortype corn.*
Am Far mart Bldg Pref100
Amer Pub'Serv pref _ _ _100
Am Pub Util Co pr pref 100
100
Partic preferred
Amer Shipbuilding_ _ _ _100
Amer States Secur Corp A*
*
Class B
Warrants
Armour & Co (Del) pref100
100
Armour & Co pref
Common cl B v t c.._..25
•
Art Metal Wks cony pfd..
Associated Investment Co*
Auburn Auto Co corn_ .. _.*
Balaban & Katz v t c_ _ _25
Bastian-Blessing Co corn_•
Baxter Laundries Inc A....
Beatrice Creamery eota-50
•
Beaver Board v to B_
Bendix Corp class A_ _ _ _10
10
Class B
10
Borg & Beck corn
Certificates of deposit_
10
Borg-Warner corn
Brach & Sons(E J) corn....•
10
Bunte Bros corn
20
Butler Brothers
CampbeliWyant&CanFdy•
10
Castle & Co (A M)
*
Celotex Co corn
100
Preferred
Cent D Pa Corp A pref. •
Central Ill Pub Serv p1.....'
Central Ind Power pf __100
Geniis of deposit__ _100
Cent St P & L Corp pt. _-•
Central SW Util corn_ __ _*
Prior lien pref
•
•
Preferred
Chicago City & Con Ry
*
Partic pref
•
Chicago Eleo Mfg A
Chickasha Cotton OIL._ -10
ChicN 8& Milw cora _100
100
Prior lien pref
100
Preferred
Chic R Tran pr pi A.._100
Chic Towel Co cony pf___*
*
Club Alum Uten Co
Coleman L & Stove corn *
Commonwealth Edi8___100
•
Consol Film Ind Inc
•
Preferred
5
Consumers Co corn
100
Preferred
5
V t c pur warr
25
Crane Cc, coin
100
Preferred
Cutl-Harn Mfg Co COLO_ - 10
*
Davis Indus Inc"A"
Warrants
Dayt Rub Mfg Co pt. 100
•
Prior common
Class"A" corn
•
Decker(Alf)& Cohn Inc .._•
100
Preferred
•
Eddy Paper Corp(The)- *
El Househd Util Corp_ _ _10
Elec Research Lab Inc. •
EmpireG & F Co 7% p1100
100
8% preferred
Evans & Co Inc class B _ _5
Fitz Simons & Connell Dk
& Dredge Co com_ __20
Foote Bros 0 & M Co_ _ _5
Galesburg Coulter-Diso__*
General Box Corp pref..100
Gossard Co(H W)corn...*
Rights
.
Great Lakes D & D _ _ _100
Greif Bros Coop'ge A com •
Grigsby-Grunow Co corn.*
Hammermill paper Co_ .10
Hart-Carter Co cony pref_•
Hartford Times part pref_•
Hart Schaffner & Marx _100
*
Heaney Motor Cc
*
Preferred
Hibbard Spencer Bartlett
25
& Co common
25
Illinois Brick Co
•
Indep Pneu Tool v t e_
Inland Wire & Cable com10
Interstate Power Co pref.'
Kalamazoo Stove com_ _ _•
Kellogg Switchboard com10
100
Preferred
Kentucky Utilir cum pf_50
Keystone St & Wire corn.*
100
Preferred
[VoL. 126.
FINANCIAL CHRONICLE
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Stocks (Concluded) Par Price. Low. High. Shares.
88
24
101
103
102
96
105
11
14
4
8931
31%
40
129
7031
3634
25
127
129
92
90
2131
23
4531
99
9934
100
8831
109
14
4734
2534
99
333.4
62
18251
25
12
94
63.4
4551
1431
1
91
78
4851
31
2531
10331
279.4
733.4
55
5634
51
316
44
92
70
3451
43
155
25
49
40
47
117
83
54
50
Range Since Jan. 1.
Low.
High.
1,215 83
88
Jan
9031
24
Jan
25
300 21
2
Jan
16)1 1831 2,000
30
3031
450 2354 Feb
50 9731 Mar
10031 101
103 104
125 973.4 Mar
102 103
130 9531 Jan
96
96 96
June
9734
103 105
May
715 100
4
10
Jan
1131 7.950
1,600
431 Jan
14
15%
4
5
9,650
51 Jan
933.4 9751
430 87
Jan
88
9131 3,170 663-4 Jan
100
7
1231 1231
Jan
31
3231 2.495 3031 May
200 36
3831 40
Jan
129 138
2,345 114
Feb
585 5951 Jan
6931 71
3551 40
Feb
5.175 24
Apr
2,755 24
25
26
May
1,680 66
68% 72
134
151
40
134 May
118 131
8,350 51
Feb
119 132
May
21,350 106
89
Jan
9754 8,750 66
89
May
94
1,050 88
90
94
1,250 90 June
938 1631 Jan
2031 2234
Jan
21
125 15
21
Apr
23
2731 16.225 20
47
350 3831 Jan
48
710 4231 Feb
4534 49
Feb
50 49
6051 6034
10 80
Feb
87)1 8734
23
15 23
23
May
266 9731 Jan
99
9934
120 95
99.51 100
Jan
Jan
10 94
9954 9951
10 99
100 100
Feb
Jan
785 76
8831 91
104 110
550 10334 Feb
378 9931 Jan
102 104
96
2851
21%
3334
101
104
103
9734
117)1
1331
17%
651
9751
9151
123-4
3451
40
14131
82
40%
32
72
534
131
132
113
94
94
2231
26
2831
53
5354
69
88
2531
100%
10131
101
102
98
112
105%
12)1 Apr
2231
Jan
18
5251
44
100
65
10234
102
39
66
189
20
2654
14
15
410
Apr
Apr
May
May
Feb
June
June
June
Jan
May
May
May
June
June
June
May
May
Mar
Mar
June
Apr
June
Feb
June
June
May
June
June
May
Mar
May
May
May
May
Apr
Jan
Apr
May
May
May
May
May
Jan
14
14
35 10
47
4951 4,730 47
310 20
223.4 2651
9934
99
87 97
62
63
603 60
101 102
35 10031
99
993.4
182 9551
3351 35
2.985 3351
59
63
10.265 59
1,471 165
18234 18434
16
16)1
200 15
25
2634 4,010 22
12
13
4,825
79-4
171 87
94
95
724
331
6
7
523 45
4551 46
60 119
121 121
200 4851
58
57
4,500 14
15
14
1
154 2,000
1
135 90
93
91
171 78
78
84
499 47
49
47
32% 2.050 25
31
10 110
11031 11054
85 30
38
36
9.350 13%
243.4 27
15
10
10
231
521 99
10351 104
572 10834
113 11334
100 55
88
88
Feb
June
Mar
Mar
Mar
Jan
Feb
June
May
Jan
Jan
Feb
Jan
Jan
Feb
Mar
Jan
Mar
June
June
May
June
June
Feb
May
Feb
Jan
Jan
Feb
Feb
Jan 90
Jan
May
Jan
Apr
Jan
Jan
Apr
Jan
May
Feb
Feb
June
Apr
Apr
Apr
Jan
May
Apr
May
June
May
May
May
May
June
May
June
Apr
Slay
May
May
160 46
63
65
27
283.4 2,000 1834
69
74
8,850 4754
55
55
50 35
5551 573.4 10,200 43
51
51 135 7.084
316 340
230 245
44
45
120 39
7531 92
26,100 54
70
70
50 35
3434 3851 8,950 35
44
43
340 3991
155 160
35 134
24
263-4 5,900 12
48
49
760 4251
Jan 7431
Jan 30
Jan 75
Jan 55
Jan 62
2
June
Jan 345
Apr 45
Mar 92
Feb 70
June 3834
Feb 4631
Jan 181
Feb 2634
Feb 50
Mar
May
May
Apr
Apr
May
May
Apr
June
June
June
Apr
Apr
June
May
5951 5931
41
40
5594 5551
45
51
10051 10054
112 124)1
10% 11
80
83
54
54
50
55
103 103
May 70
Feb 44
Feb 56
Jan 5151
May 105
Jan 135
Mar
1351
Mar 96
Feb 54
June 61
Jan 114
Jan
Apr
May
May
May
May
Jan
Jan
Apr
May
May
20 59
305 39
80 473.4
5,700 26
200 100
8,750 6531
785
854
275 75
195 5031
2,090 50
35 100
usq
um
98%
4751
12151
593-4
17
151
95
90
59
34
11054
4254
27
1434
105
11351
Sales
Friday
Last Week's Range for
Week.
ofPrices.
Sale
Stocks (Concluded) Par. Price. Law. High. Shares.
Kraft-Phenix Cheese com25
La Salle Ext Univ corn....10
Leath & Co corn
•
Cumulative preferred.._
Libby McNeill & Libby..10
Lion 011 Ref Co corn
•
McQuay-Norrls Mfg
•
Marvel Carburetor (Ind)10
Certificates of deposit.. _ _
Meadow Mfg Co com____•
Preferred
50_
Mel & Mfrs Sec pr pref.100
Part preferred
25
Metro Ind Co etre of dep_*
Middle West Utilities........•
Preferred
100
6% cum preferred
•
6% Cum prior lien pref_*
Prior lien preferred.. _100
Midland Steel Prod ccm _ •
Midland Util6% pr Ilen100
7% prior lien
100
Preferred 6% A
100
Preferred 7% A
100
Minneap Honeywell Reg_*
Miss Val Util pr lien pt..*
Modine Mfg corn
Monighan Slfg Corp A__*
Monsanto Chem Works....0
Morgan Lithograph corn_*
Nat Carbon pref
100
Nat Elec Power A part....•
7% preferred
100
National Leather corn _..10
National Standard corn.. _•
Neve Drug Stores corn_ _ _•
Convertible A
•
Noblitt-SparksIndInccom•
North Amer Car corn......
Northern Paper Mills com•
Northwest Eng Co,corn.. _*
Nor West Ut117% pref _100
Novadel Process Co.corn.*
Preferred
Penn Gas & Elec A,corn_ _•
Pines Winterfront A,corn 5
Pub Serv of Nor lii. corn...*
Pub Serv of Nor Ill, com100
6% preferred
100
7% preferred
100
O-R 8 Music Co,corn _ _ _
Quaker Oats Co,corn _
•
Preferred
100
Roes Gear & Tc el, corn......'
Ryan Car Co(The),corn 25
•
Sangamo Electric Co
Preferred
100
Sears Roebuck,corn
•
Shaffer Oil & Rig, pref _100
Sheffield Steel, corn
•
Sonatron Tube Co,corn
*
So Colo Pr Elea A,corn...25
&nth Un Ice
So'w G & El Co 7% prof 100
Southwe*t Lt & Pow,pref •
Splecel May Stern, corn __•
100
8)1% preferred
StandardDredge.conv.pref•
Stewart-Warner Speedom •
StudebakerMallOrd,com _5
Super Maid Corp. corn......
Swift & Company
100
Swift International
15
69%
351
5251
15
10%
28%
46
91
17
101
150
121
12551
9551
105
104
36%
9551
3054
56
74
138
35%
451
45
29
39
3634
42
10131
37
2434
10734
18151
181%
88
123
31%
3334
73
27
25
26%
102%
93
61
999.'
40
88%
10
52
13234
2951
Tenn Prod Corp corn
•
Thompson (J It) corn....25 6451
12th St Store(The) pf A _..• 28
Stock porch warrants.........
20 Wacker Drive Bldg Pf-•
Unit Corp of Amer prof...* 3151
United Lt &. Pr class A pf_* 102
Common class A new _ _* 2134
United Pap Board com _100
United Pub Util $6 pref_ •
U Gypsum
20 8634
Preferred
100
Unlv Theatres Cone Cl A_5
NVahl Cr common
• 15%
Walgreen Co651% pf_ _100 10734
Corn stock purch warr • 2051
Ward (Montgom'y)& Co..'
Class A
•
Warner Gear A cony pref 25 6534
Certificates of deposit_ - _ 65
Waukesha Motor Co corn..' 140
Wayne Pump Co corn.. _ --• 3551
Preferred
• 50
Williams 011-0
-Mat corn
Wolverine Portland Cern 10
Woodworth Inc Prof
•
Wrigley(Wm Jr) Co corn.' 70%
Yates
-Amer Mach part pf • 20
Yellow Cab Co Inc (Chic)• 31
Zenith Radio Corp com..• 7451
Bonds
Amer Silica Corp 63.4e 1943
Amer States Pub Serv551s"A"
1943
Bloorn'gtonLimestone 68'42 97
Boise Water Wks 5518 1948 99
Chic Art Ice Co
_1938
Chicago City Ry 58..„1927
Ctfs of deposits_ _1927
Chic City of Con Rye 58'27
Chic Rys 5s series A_.1927
5s series 13
1927
Foreman T & El 551s A 1937
let m part Ctfs 531 C '38
HousGOCosfg651s 1931
Metr W Side El let 48 1938 81
Extension gold 4s.... _1938
North Ut1 I Co let 6s A 1943 9034
15 year 6%a
1943 9954
Northwestern Elev 58_1941
Saxet lot lien 631s A _ _ 1931 100
Sou Un Gas lot 8s"A" 1937
South Un Ice let 6s A.1947
Southwest Util Ice Co 613'41
Straus Safe Dep 5548_1943
Swift & Co let s f g 53..1944 102
Texas Water Util 6s A 1948
United Pub Service Co
1942
15
-year 6s A
1929
2-year 6s
United Public Utility Co
1947 10151
1st "A"
1947
1st 5,513"B"
1929
2
-year 53-4*
• No par value.
8934
3%
52
1431
1051
2834
200
7154
275
4
650
5231
750
15
12.500
12
31% 11,900
46
53
8831 95
92
89
17
18%
51
52
97% 9834
19
19
101 102
150 154%
121 122
9951 9931
10154 10551
125 12551
8734 95
9551 0634
104 106
90% 91
104 105
36
3836
94
9551
36
3834
2934 3151
56
6054
74
7834
138 138
35
37
103 10334
4.51 431
45
47
29
3031
33
40
3551 38
4951 54
3534 36
42
473-4
101% 103
1731 1751
37
373.4
2431 25
107 116
18154 182
18151 186
112 112
120 1203.4
87
95
289 51 290
123 123
3151 32%
1651 16%
3351 34
109 10954
105 110%
9434 94%
74
73
26
2734
25
2534
26
26%
10251 103%
93
9451
5934 64
9951 99%
3834. 43%
92
87
10
934
5151 5634
132 13551
28% 30
540
2.850
750
5,110
100
100
35
615
7.200
410
470
308
473
185
70
140
165
60
1,750
95
5,225
2.960
2.550
1.575
125
4,300
70
2,276
2,720
2,620
990
2,740
10,300
170
1,525
150
20
950
1,233
18,750
81
74
10
25
1,130
35
65
2,625
150
635
70
4.268
10
195
1,775
517
300
238
81
9,140
1.758
11,200
4.550
400
6,850
1,190
11,375
Range Since Jan. 1.
Low.
60%
3
52
1434
834
26
Jan
Jan
May
Jan
Jan
oisi Jan
1551 Jan
101
June
123% Jan
11651 Jan
93% Jan
Mar
99
Mar
125
May
85
9434 Jan
Apr
104
89% Mar
103
Jan
30
Feb
94
Jan
32% May
2451 Apr
38% Jan
7251 May
13634 Apr
273-4 Jan
103
June
354 Jan
3734 Jan
26% Apr
33 June
31% Apr
32% Jan
33% Mar
29
Jan
9934 Jan
10% Mar
28
Mar
Jan
20
5451 Jan
159% Jan
13954 Jan
110
Feb
118
May
3834 Jan
Apr
262
ill
Jan
31% June
14
May
30% Jan
104
May
8234 Jan
Mar
79
4834 Mar.
26 June.
Jan
25
26 June
101
Jan
8951 Jan
5951 May
99% May
30% Apr
7731 Feb
8% May
May
48
124% Jan
26
Jan!
233.4
6151
87
10%
4436
135 13
21
21
8,590 5931
70
64
1,145 27
2751 28%
695
3%
351 434
1 05 94
9434 9551
6,950 30%
3036 34
467 95
10051 102
200 14
21% 21%
200 1951
23
23
30 94%
94% 94%
12.625 69
8634 100
50 122
127 127
100
4
551 531
15% 1751
1,730
834
600 100%
107 10834
2031 2234 1.805
5
50 11751
155 155
100 121
128 128
6251 6634 4,850 32
950 6151
6351 66
775 66
139 140
800 3534
3594 37
350 50
50
50
50
63.4
834 8%
350
5%
6
634
111 33
37
37
320 6951
7051 7155
3,155 12
193,4 22
4,560 3
3051 33
031
16,025 3551
70
76
99
99
Feb
Mar
June
June
Apr
Apr
High.
7751
436
5231
15
13
32
May
May
June
June
May
May
May
60
111
May
92 June
22% Apr
Mar
55
9834 June
25
May
102
May
169
May
12551 May
100% May
108
May
130% May
110% Jan
Mar
97
May
107
9251 Mar
10551 Apr
45
May
9634 Jan
3834 June
36
May
6031 June
873.4 Apr
13951 Apr
42
May
105% Feb
6
May
5731 May
3351 Apr
43
May
4434 May
54
June
Mar
36
5054 May
10334 May
19
May
3734 June
2751 May
116
June
19034 May
190
May
115
Mar
121
Feb
98
May
Apr
327
128
Apr
37% May
2051 Jan
May
41
10934 June
11231 June
97
May
7954 Apr
May
29
263.4 Apr
2651 June
104% Mar
Apr
96
65% May
May
100
543-4 May
10034 May
10% May
5634 June
136
May
34% Feb
Feb 21
Feb 70
May, 3154
May; 7
May I 96
June 3951
Jan 10251
Jan 2551
Apr 27
May 0431
Mar 100
Jan 12796
Jan
634
Mar 19%
Feb 110
Jan 25%
Jan 155
Mar 130
Jan 799.'
May 66
Mar 150
June 37
June 50
10
Jan
Jan
9%
Jan 40
Feb 79
Apr 24
Mar 43
Feb 88%
June
June
May
May
Mar
May
Apr
Apr
Apr
Mar
June
May
May
May
Apr
May
June
June
May
June
Apr
June
June
Apr
Apr
May
Mar
May
Jan
May
June 10034 Apr
$10,000
99
9854 9855
97 101
99
9934
98
98%
85% 8551
83
83
62
62
60
60
42
41
100% 101
9031 100
12551 125%
81%
81
8134 81%
99
9934
99%
99
93
93
100 100
99
99
9734 073.4
9434 9434
100 100
102 102
100 100
3,000
7,000
12,000
7,0(10
1,000
3,000
2,000
5.000
11,000
8.000
11.000
23.000
7.000
5.000
6,000
6,000
6,000
2.000
3,000
2,000
5,500
1.000
16.000
3,000
0834
97
97%
9751
85
83
62
60
41
100
99%
10851
81
7951
99
99
93
100
9734
97
9434
100
101%
100
98
98
10051 10034
3.000
2.000
Jan
Feb 98
97
99% Jan 10051 June
100% 10151 10.000
2,000
97% 9734
2.000
100% 10051
9951 Jan 101% May
9734 May 99% Apr
Mar
9734 Mar 101
May
Mar
May
May
Feb
June
May
June
June
Feb
June
Jan
Jan
Jan
June
June
June
May
Feb
Feb
Apr
Mar
May
Mar
9834
101
9954
9834
88%
8734
70
68
4651
101
100
12651
84%
84
9954
995(
9551
100
99
100
9431
100
103
100
May
June
Apr
May
Jan
Jan
Feb
Jan
Feb
Feb
June
June
Feb
Mar
June
June
Mar
May
Mar
June
Apr
Mar
Jan
Mar
JUNE 9 1928.]
FINANCIAL CHRONICLE
Cincinnati Stock Exchange.
-Record of transactions
at Cincinnati Stock Exchange, June 2 to une 8, both
inclusive, compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Par. Price. Low. High Shares.
Amer Laund Mach com_25
Amer Products pref
*
Amer Rolling MIll com__25
Ahrens Fox
Amer Thermos Bottle A--•
50
Preferred
100
Baldwin common
New preferred
100
Buckeye Incubator
*
Carey (Philip) com_ _100
Preferred
100
Rights
Cent Wareh dc RefrIg A.20
Central Brass
•
Central Trust
100
Champ Coated Paper pf100
Champ Fibre pref
100
Churngold Corp
•
CLucinnati Car Co
50
CNO&TPpref
100
On Gas & Elec
100
C N & C Lt & Trac corn 100
Preferred
100
Cin Land shares
On Street Ry
50
Gin & Sub Tel
50
Rights
Cin Union Stock Yards 100
City Ice & Fuel
*
Coca Cola "A"
•
Cooper Corp new pref_ _100
Crosley Radio
Dow Drug common_ _ _100
Eagle-Picher Lead corn--20
Early & Daniel corn
*
Fifth-Third-Union Tr_ _100
Formica Insulation
*
French-Bauer (undePos)-•
Preferred
100
Gallaher Drug pref
20
Giant Tire
•
Gibson Art common
•
Globe Wernicke prof....100
Gruen Watch corn
•
Preferred
100
Hatfield-Reliance com •
Hobart Mfg
•
jot Printing Ink
•
Johnston Paint!wet- -100
Kahn participating
40
Kodel Radio"A"
•
Kroger common
10
Rights
Little Miami guar
50
Lunkenheimer
*
Nash (A)
100
McLaren Cons"A"
•
Mead Pulp special pref_100
Meteor Motor
•
National Pump
Ohio Bell Tel pref
100
011ie Shares pref
Paragon Refining com-.25
Preferred
100
Procter & Gamble com_ -20
6% preferred
100
Pure Oil 6% pref__ -_100
8% preferred
100
Putnam Candy corn
•
Queen City Petroleum__ -Rapid Electro
Rollman preferred
Sycamore Hammond_
•
U 8 Playing Card
10
LI S Ptg & Litho tom_ _ _100
118 Shoe common
*
Preferred
100
Vulcan Last corn
100
Wbitaker Paper corn
•
•No par value.
10134 10134 10334
2734 2734 2734
9834 9834 9834
2434 2434 2454
16
17
16
46
46
48
3434 3434
1093.1 10934
1934 1934 21
260 260
126 126
6
6
234 234
24
24
2434
26734269
11034 111
109 109
43
43
4534
3134 3134 3234
11934 11934 11934
10034 100 10034
109
10834 109
8234 8234 8334
170 170
5334 5234 5334
112
11134 113
1154 1234
39
39
4334
54
5334 5434
35
3434 36
10034 100 10034
4634 4634 4834
4254 4234 4234
1734 1734 1934
89
89
8934
360 363
2334 2534
19
19
99
99
102 102
20
20
48
48
4934
99
9834 99
4834 4834 4934
115 115
1534 1534
5534 55
5534
45
4434 4534
100 101
42
42
3334 3234 37
95
95
9834
134 251
134
110 110
29
2934
145
142 146
2134 1934 2134
110 112
3434 3434 42
39
3934
39
11234 112 11234
10434 10434 10434
1334 1234 1334
12434 12434 125
285
285 28934
11234 11234
9834 99
11434 11534
14
14
15
101 101
62
62
67
100 10134
2734 2734
11834 11934
7434 7434
8
834
70
70
72
87
85 108
54
56
1134
1,530
10
1,017
1,802
128
170
50
25
1,219
10
10
190
300
133
21
45
10
150
1,927
15
702
475
192
6
626
388
3,682
450
1,270
69
90
2,465
475
4,887
15
110
417
46
12
9
500
383
21
146
2
159
449
2,117
10
17
814
294
3,496
5
35
719
3,131
61
338
350
186
10
717
73
556
26
81
24
45
100
355
50
25
201
20
114
110
2,335
155
Range Since Jan. 1.
Low.
High.
100 May 114
Jan
2634 Jan 2934 Apr
9834 June 120
Jan
2434 June 2454 June
11
Feb 1834 Mar
43
Jan 4934 Feb
3434 June 41
Jan
Jan
10834 Mar 110
19 May 49
Jan
250
Jan 274
Apr
12434 Jan 126
Apr
6 May
6 May
234 June
4 • Jan
2334 May 2734 Feb
260 May 273 May
100
Feb 11134 May
108
Jan 109
Mar
42
Mar 8034 Apr
2934 Feb 3334 Jan
11534 Jan 121
May
9734 Feb 10034 May
9734 Feb109 June
75
Jan 85
May
9734 Apr 170 June
Jan
4554 Jan 55
11134 June 128 May
1134 Jan 1234 Jan
39 June 56
Apr
3634 Feb55 May
3034 Mar 38 May
9734 Feb107
Apr
25
Feb4834 May
36 May 4234 June
1534 Mar 2434 Jan
56
Mar 9334 May
360
Apr 374
Jan
Feb
2034 Mar 26
16
Apr 19 June
90
Jan 99 June
101
Feb10434 Apr
20
Feb26
Mar
43
Jan 5034 May
98
Jan 101
Feb
47
Apr 5434 Feb
11434 Feb116
Feb
15
May 18
Feb
4434 Jan 5634 May
4434 June 4534 June
100
Jan 102
Feb
40
Jan 4334 Mar
26
Feb 653.4 Jan
70
Jan 9834 June
131 June
234 June
10634 Feb 11034 Apr
2534 May 33 May
100
Apr 146 June
1634 Feb 2134 June
10634 Feb 112 June
26
Jan 45
May
3734 Jan 48
Apr
110
Jan 115
Apr
10434 Jan 10634 Apr
934 Apr 15
May
106 May 135
May
429
Jan 300
May
111
Feb 11534 May
9634 Jan 10034 AM'
111
Mar 11534 May
14
Apr 17
Mar
100
Apr 101 June
3434 Feb 72 May
99
Mar 103
Apr
2734 June 2734 June
117
Feb 132
Jan
64
Feb 8334 Jan
534 Feb
934 Apr
45
Mar 72 June
60
Jan 135 May
5234 Mar 85
Max
Baltimore Stock Exchange.
-Record of transactions at
Baltimore Stock Exchange, June 2 to June 8, both inclusive, compiled from official sales lists:
Stocks-
r naay
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Par. Price, Low. High. Shares.
Arundel Corporation
•
At Coast Line (Conn)_ _50
Baltimore Corn Bank --I00
Baltimore Trust Co
50
Baltimore Tube pref_ _ _100
Black & Decker corn
•
Central Fire Insurance _ _10
Century Trust
50
Ches & Po Tel of Balt pf100
Citizens National Bank _10
Commercial Credit
•
Preferred
25
Preferred II
25
634% 1st preferred -.100
Consol Gas,E L & Power_*
6% preferred ser D _100
5% preferred ear& -100
Consolidation Coal ___-100
Preferred
100
Continental Trust
Dellon Tire & Rubber_ _ _.*
Eastern Rolling Mill
*
Farmers& Merch Bank _40
50
Fidelity & Deposit
Finance Co of America A •
•
Series B
Finance Service corn A ..10
Preferred
10
Handler Cream pr pref _100
Houston Oil pref v t ctfs100
Mfrs Maine° COM V t ._25
25
let preferred
25
2d preferred
Maryland Casualty Co_ _25
Preferred
Maryland Trust
100
Merch & Miners Trans!). _•
Merchants Nat Bank _ _ _10
Monon W Penn P S pref _25
*
Mortgage Security com
50
First preferred
Second preferred_ _ _ _100
.s.‘,........._urn.40111A vt 1011
48
Range Since Jan. 1.
Low.
High,
3577
rrscray
bales
Last Week's Range for
Sale
of Prices.
Week.
Stocks (Concluded) Pat Price. Low. High. Shares,
New Amsterdam Cas Co 10
Penna Water & Power _ _•
.
Real Estate Trustee _ _100
RolandPkIlomerdlstpf 100
Schoeneman(J)lstpf ww100
Silica Gel Corp corn v t_ _ _•
Southern Bankers Units_ _•
Southern Dairies A
Un Porto RicanSug corn_ •
Preferred
•
Union Trust Co
50
United Rys& Electric_ _ _50
US Fidelity & Guar _ _ _50
.
Wash Balt & Annapolis _50
West Md Dairy Inc pref. _*
Prior preferred
50
Western Nat Bank
20
77
84
101
132
6734
34534
1534
449
5434
77
7834
84
8631
121 121
101 101
10034 10034
23
2434
132 13234
45
45
6634 69
6634 69
345 34534
1534 16
447 45934
10
10
97
100
5454 55
43
43
Bonds
Baltimore City Bonds
4s water loan
1958
10134 10134
43 conduit
1958
10134 10134
Balt Traction let 5e.1929
9934 9934
Black & Decker 6343_ _1937 11334 111 114
Commercial Credit 69_1934
9934 9934
Cense'G E L & P1949
lat ref 63 ser A
10634 10634
1st ref 534s ser E_ _1952
104 10454
Jamison Cold St Dr 6348'37
10134 10134
Lord Bait Hotel 6343_1945
101 101
Md Electric Ry1st & ref 6343 ser A_1957
9434 9434
Monon Valley Trac 58_1942
9634 9631
Norf & Atl Term 5s__1929
9934 9934
North Market Ave 68
101
101 101
Poulson
&Sons6Hs'41
(CW)
89
89
100 100
Roland Park Homeland5343
1932
Silica Gel 6343
105 105
Un Porto Rican Sugar
1937
634% notes
10454 105
United Ry & E let 43_1949
71
7134
1949 5034 5034 5034
Income 4s
Funding 53
1936 7634 7634 7654
1930
6% notes
9634 9634
1949 93
93
let 68
9334
Wash Balt & Annan .58 1941 8634 8634 8934
West Md Dairy 6s. _1946
107 107
mo Ira nhin Rio lap R L4a .59
inn 100
1,063
250
7
35
30
615
87
1,500
240
1,002
20
210
245
20
16
77
100
Range Since Jan. 1.
Low.
Highs
71 Feb
68
Jan
120
Apr
100
Feb
9934 Jan
17
Mar
125
Apr
45 June
3034 Max
4034 Mar
315
Jan
13
Apr
34834 Jan
9
Feb
75
Jan
5254 Jan
4031 Feb
8334 May
90
Apr
124
May
10134 Apr
101
Mar
2854 Apr
13234 June
45 June
72 May
12 May
34534 June
2031 Jan
475
May
1734 Jan
100 June
5534 Jan
43 May
$1,000 10134 Apr 103
Jan
400 101 May 10234 Pan
1.000 9934 May 101
Feb
8.500 10634 Jan 127
Apr
2,000 97 May 101
Feb
3,000
1,000
1.000
1.000
10554
104
10054
100
2,000 9434
1,000 9554
1.000 9934
3,000 101
2.000 89
4,000 100
4,000 101
29,000 99
20.000 7034
21,000 50
8,900 7434
1,000 9434
7,000 93
20,000 8634
4.000 105
5 nun Inn
Mar
June
Jan
Jan
108
Jan
10734 Jan
10134 June
10134 Mar
June 9934
Jan 9754
June 9934
June 101
June 94
June 100
Mar 10634
Jan
Apr
June
June
Jan
June
May
Feb 10634 May
May 75
Jan
Jan 55
Jan
Mar 8434 Jan
May 9934 Jan
June 98
Jan
May 90
Jan
Jan 10754 May
tx•• 109)4 M.
•No per value.
Pittsburgh Stock Exchange.
-Record of transactions
at ;Pittsburgh Stock Exchange, June 2 to June 8, both
inclusive, compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Par. Price. Low. High Shares.
Range Since Jan. 1.
Low.
High.
Am Wind Gi Mach,com 100
Preferred
100 38
Arkansas Gas Corp, som-334
100
Preferred
734
Armstrong Cork Co
Blaw-Knox Co
25 108
Carnegie Metals Co
10 2334
Cent Ohlo St Products_ _ _ _ ______
Columbia Gas& Elec,com*
Preferred
100
Consolidated Ice, pref_ _ _50
Devonian Oil
10
*
Dixie Gas dr Util, cum_
Dollar Savings& Trust.100 460
Exchange Nat Bank_ __ _50 91
Follansbee Bros, pref
Herb-Walk Ref, pi_ _ _ _100
Indep Brewing,corn_ _ _ _50
254
Preferred
50
434
Jones& Laugti'n St, pfd 100
Lone Star Gas
25 53
May Drug Stores Corp_ _.* 2351
Nat Fireproofing, pref. _80
Penn Federal Corp,cam_ •
Preferred
100
Petroleum Exploration..-_ 3634
Pittsburgh Brew,com _50
334
Preferred
50
934
Pittsburgh Plate Glass_100 225
Pitts Screw & Bolt Corp_ _* 5434
Salt Creek Consol Oil_ _ _10
San Toy Niining
1
Stand &mit Mfg,corn w I_ _ 38
Union National Bank_ _100
Union Steel Casting. corn_•
United Engine dr Fdy.com• 46
Waverly Oil Wks,el"A" •
West'se Air Brake, new__• 4754
West Penn Rye, prcf_ _ _100
Zoller (William) Co,com_•
10 16
Feb
2134 2134
38
150 35
40
Jan
3
334 12,900
234 May
7
734 9,977
634 May
61
6134
270 5934 Apr
99 108
1,224 91
Jan
25
23
3,275 1634 Jan
22
23
1,125 1934 May
11434 11434
12 9054 Feb
10834 10834
100 108
Feb
22
27
100 22 June
83.1 9
120
7
Mar
13
13
20
9
Jan
450 460
3: 450 June
91
91
18 90
Feb
98
983.4
125 98 June
115 115
15 115
Jan
2
254
332
134 Mar
4
343
434
4
Mar
12134 12134
50 12034 Jan
53
55
5,255 4834 Apr
2354 2434
,
200 20
Jan
19
19
140 19 May
634 7
150
674 Apr
99
9934
60 97
Jan
3634 3634
45 36
Apr
334 4
610
234 Apr
710
934 10
734 Apr
225 22534
91 210
Jan
54
200 4834 Feb
5434
6
8
400
6 May
4c
40
2,000
313 Feb
38
155 33
Mar
3934
510 510
Feb
10 475
3734 3834
260 29 May
46
265 4574 Apr
48
100 3034 Apr
33
33
35 4634 Jan
4934 4934
10 10134 May
10134 10134
Apr
50
75 41
5034
2534 Mar
45
Mar
4 May
734 June
57 rMar
108 rune
2734 Mar
23
May
11434 June
112 May
30
Jan
10 t Jan
15
Apr
460 June
92
Apr
9834 June
120
Apr
236 A pi
454 Apr
123
Mar
58
Apr
27
Mar
24
Max
834 Apt
100
Ape
3634 Ma3
4
Jar
10 JIMI
Pet
234
5934 Max
734 Jet
4e Mal
4234 Mal
Mar
510
3934 Max
Jar
61
43
Pet
5634 Jar
10351 Max
52
API
American Company
Anglo & London P NatIBk.
Armour& Co A coin
Atlas Im Diesel N A
Bancitaly Corp
Bank of Calif, NA
Bank of Italy NT & SA_
190 21934 24,975 120
275 295
1,555 225
19% 20
3,000 12%
70
773‘ 40,435 31
203 215
32,743 137%
260 29634
285 297% 11,649 260
220
295
20
7734
220%
452
311)4
4734 4834
18734 190
161 161
190 200
413.4 45
27
2834
45
4634
230 231
114 11431
55
56
3134 33
25
263.4
2534 2634
91
94
8634 8834
111 111
10334 104
29
29
85
85
317 317
2,540
155
12
67
175
1,822
42
10
37
2,395
765
205
367
134
1,167
16
160
390
5
10
46
Jan
18734 June
146
Mar
15834 Mar
32
Jan
24
Jan
4434 Jan
217
Feb
113
Apr
50
Mar
2131 Mar
23
Jan
23
Feb
8834 Jan
6734 Jan
110
Mar
10034 Feb
2734 Apr
85
Jan
300 May
5134 May
212
Jan
161
June
225
May
45 June
Bonds.
3434 Apr
Indep.
$1,000 65 June 70
65
65
Jar
1955 65
49
Jan Pitts, Brew 6s
2,000 98 June 98 June
98
98
98
236
........
.._ _ ._.
Jan -. McK & Conn 5s 1931 ........ ....., ..,.., •
l.w.
InItZ
12,...
11734 Jan
593.4 May
•No par value.
35 May
2634 June
San Francisco Stock Exchange.
-Record of transac2734 May
9534 Mar tions at San Francisco Stock Exchange June 2 to June 8,
93
Apr both inclusive, compiled from official sales lists:
11434 May
10534 May
Friday
Sales
3334 Jan
Last Week's Range for
Range Since Jan. 1.
85
Jan
ofPrices.
Sale
Week.
325
May
-Par.Price. Low. High. Shares.
Stocks
Low.
High.
1934 1734 1934
2934 29
293.4
94
91
95
312
306 325
1034 1034
1034 1034
1734 1734 1734
934 934
98
98
9734 97
98
2834 29
22
2134 2234
20
20
180
178 182
100 100
260 260
46
48
47
3234 3234 3434
2634 2634 2634
19
1934
83
83
7234 71
80
la
10
10
5,305
3,560
248
1.724
50
50
25
5
60
240
244
66
38
727
5
10
485
2,262
58
176
2
37
12
6
Apr
2434 Mar
77
Feb
275 34 Feb
103.4 May
1034 May
1634 Jan
934 Mar
9734 Jan
9534 Jan
2434 Mar
20
Jan
1854 Mar
174
Mar
100 June
235
Mar
4534 Apr
3034 Mar
25
Jan
1734 Feb
70
Jan
70
Jan
171.4 Mn,'
1934 June
2934 May
95 June
326
May
1154 May
1134 May
2034 Feb
1034 Feb
98 June
10334 Mar
29 June
25
Mar
2034 Mar
195
May
100 June
260 June
50 May
40 May
27
Jan
2134 Jan
84
Mar
85
Jan
99
9...
161
190
45
2734
45
11434
5534
ath
26
2534
91
8634
29
191
275
72
203
380
287
Calamba Sugar COM
163
Preferred
California Copper
7
Calif Cotton Mills corn_ _ 120
California Ink
53
Calif Ore Pow pfd
California Packing Corp... 73
Caterpillar Tractor
7234
Coast Co Gas& E let pfd... 100
Crocker First Natl Bank
Dairy Dale"A"
31%
29
East Bay Water A pro!....
Emporium Corp
..3034
Fageol Motors corn
554
153 170
260 97
100 100
5 91%
2
7
7% 3,585
120 128
425 75
53
5734 8,505 30
50 10834
11134 11134
73
753.4 4,844 71
72
7534 22,079 53
10034 102
45 98
65 365
400 405
30% 32% 13,115 23
27% 3034 15,185 1734
98
150 95%
9834
30% 31
235 30
5% 6% 6.495
2
Jan
Mar
Jan
Jan
Jan
Feb
Jan
June
May
June
June
May.
May
May
Jan 170 June
Apr
Jan 100
Mar
834 Apr
Jan 14334 Mar
Jan 57)4 June
Jan 11234 .Mar
Mar 7934 Apr
Jan 78% May
Jan 102
Jan
Feb 450
Mar
Jan 23% June
Jan 3134 May
Jan 99
Apr
May 34% Jan
Jan
7% May
[VoL. 126.
FINANCIAL CHRONICLE
3578
rrsaay
alieS
Last Week's Range for
Sale
of Prices.
Week.
Stocks (Concluded) Par Price. Low. High. Shares.
Fireman's Fund Insurance_ 122%
Foster & Kleiser COM
14%
Gt West Pow ser A 6% pfd_ 100%
. Preferred
104
Hale Bros Stores Inc
Hawaiian Pineapple
Home Fire & Marine Ins__
41%
Honolulu Cons Oil
38%
Hunt Bros Pack "A" corn. 24%
Hutchinson Sugar Pla.nt'n.
Illinois Pacific Glass "A"__
56%
1934
Langendorf Baking "A"___
109%
L A Gas & Elec pref
2.30
Magnavox Co
Magnin (I) corn
No Amer Investment pref_
110
Common
3834
North American Oil
Paauhau Sugar Plantation_
26%
Pacific Cask Elec 1st pref_
4934
Common
Pan Light Corp 6% pref.__ ______
89
Common
Pacific Tel & Teleg pref _ __ _____
Common
96%
Paraffine Co Inc corn
24
Piggly Wiggly West Sts A_
16%
Pig'n Whistle pref
4731
Richfield Oil
Roos Bros pref
Common
S J Lt & Pbw pr pref
6% prior pref
Schlesinger (B F) pref_
22%
Common A
26%
Shell Union 011 corn
98
Sherman & Clay pr pref_
______
Sierra Pacific Elec pref
Southern Pacific
103
Sperry Flour Co pref
Common
103
Spring Valley Water
57
Standard Oil of Calif__ ._ _
5134
Union Oil Associates
50
Union Oil of Calif
Union Sugar com
6%
West Amer Finance pref._
______
Yellow & Checker Cab_
45%
Zellerbach Corp
1926 120
8 per cent
121% 123
14
15%
100% 10234
104% 105%
2734
27
47
49%
42
40
38
41%
24% 2431
12
12
56% 62
17
20
109% 111%
2.30
2.75
25
24
102% 102%
110 110
38% 40%
9
9%
26% 27%
49% 50%
103% 105%
88% 93%
120% 120%
152% 158%
96% 102
24
28
16% 16%
47% 51%
101% 102
35
36
116% 117%
105% 106
98
98
22% 24
26% 27%
98
98
9734 9731
128% 128%
103 103%
72
71
102% 103%
57
59%
55
51
49% 53%
13% 14
634 6%
54
56
45% 47%
119 125
645
1,580
110
225
110
880
650
3.003
415
545
29,943
18,771
137
35,350
275
60
60
8,075
118
3,331
7,357
175
19,723
10
38
6,771
1,555
500
53,168
122
430
130
20
70
960
2,297
85
20
100
50
450
830
11,938
11,194
10,832
200
470
615
8,287
85
w-
ri vuuy
Range Since Jan. 1.
Low.
110
14
98%
103%
27
41
39
35
23
1134
45%
12%
105%
30c
22
99
105
36%
9
2634
43%
100%
72%
113%
148
84%
22%
14%
23%
98
31
113%
100
92
21%
24
95%
95
118%
99%
60%
102%
53
41%
4234
7%
534
51
42%
117
Feb
Jan
Jan
Jan
Feb
Jan
May
Feb
Mar
May
Jan
Jan
Jan
Jan
Jan
Jan
Jan
r Jan
Mar
Jan
Mar
Jan
Feb
Jan
Mar
Jan
Apr
Apr
Feb
Jan
Feb
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Feb
Jan
Mar
June
Feb
Feb
Feb
Mar
Mar
Apr
Apr
Apr
High.
127
19
103%
106%
31
52%
49%
43
28%
15%
62
20
112%
4
28
103
110%
40
11
29%
53%
106%
9634
125
159
109%
3151
17%
52
103%
37%
119%
10635
99
2731
29%
99
973.1
128%
104%
85
120
62%
5734
57%
16
8
58%
54%
145
Jan
Jan
Apr
Mar
Jan
Apr
Jan
May
Apt
Mar
June
June
Apt
May
Apr
May
May
Apr
Feb
Apt
May
Feb
May
Mar
May
Apr
Feb
May
May
Apr
Apr
May
May
May
Mar
May
Mar
June
May
Mar
Apr
May
Apr
Apr
Apr
Apr
Feb
Mat
Feb
Feb
Last Week's Range for
Week.
of Prices.
Sale
Stccks(Concluded) Par. Price. Low. High. Shares.
Ohio Seamless Tube com_s
Packard Electric
Packer Corp
Paragon Refining com_ _25
Preferred
100
Richman Bros common...*
Scher Hirst common
Selby Shoe common
Selberling Rubber corn...*
Preferred
100
Sherwin-Williams corn..25
Preferred
100
Smallwood Stone com___*
Sparks-Withington corn ..t
Stand Textile Prod A pf 100
•
Stearns Motor corn
Steel & Tubes corn
25
Preferred
100
Telling-Belle Vernon com •
Thompson Prods corn_ _ 100
Trumbull-Cliffs Furn pf100
Union Metal Mfg com_ •
Union Mtge 1st pref.. 100
Union Trust
100
Van Dorn Iron Wks corn_*
Preferred
100
White Motor
50
Wood Chemical
-
46
13%
121
27
44
41
107
7554
107
31%
7
3534
303
4
26%
4634
43
67
65
37% 3831
13%
13
121 121
28231 285
27
27
42
45
41
443j
107 107%
7554 76
107 10731
3131 3131
100 100
64
64
63j 8
101 101%
107 107
52
51
35
38
10231 103
46
46
9
9
301 304
4
5
40
40
42
4231
2831 26%
317
90
119
608
100
255
280
7,995
1,018
48
53
248
20
200
69
4,421
100
15
5,750
1,060
250
63
30
157
40
15
200
133
Range Since Jan. 1.
Low.
38
47
3231
934
10634
256
26
40
33%
103
6531
106
29%
37
6031
3
53
104
45
22
102%
45
5
285
4
40
31
25
Mar
Jan
Feb
Jan
Feb
Feb
Feb
May
Feb
Feb
Feb
May
Jan
Feb
Jan
Mar
Jan
Apr
Feb
Feb
May
Mar
May
Jan
June
May
Feb
Mar
High.
4634
68
40%
15%
135
293
29
47
50
10734
76%
109%
32%
100
71
8
107%
107
5431
44
108
4831
30
305
7%
40
42%
2731
June
May
May
May
May
May
May
Apr
May
May
may
Mar
June
June
Apr
Apr
May
June
Apr
May
Mar
May
Jan
May
Mar
May
June
May
• No par value.
-Record of transactions
St. Louis Stock Exchange.
at St. Louis Stock Exchange, J: ne 2 to June 8, both
inclusive, compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Par. Price. Low. High. Shares.
100 192%
Boatmen's Bank
100 335
First Nat Bank
100
Merch-Laclede Nat_
100 20634
Nat Bank of Corn
United States 13ank _ _ _ _ 100
Trust Company Stocks.
100 215
American Trust
100 553
Mercantile Trust
Street Railway Stocks.
,
St Louts Pub Serv com- -* 29
•
Preferred
-Record of transactions at Miscellaneous Stocks.
Cleveland Stock Exchange.
20
in- Aloe,com
Cleveland Stock Exchange, June 2 to June 8, both
100
Preferred
clusive, compiled from official sales lists:
Bentley Chain Stoles pfd_• 77
*
BestClymerCo
Sales
Friday
* 42
Boyd-Welsh Shoe
Range Since Jan. 1.
Last tWeek's Range for
100
Brown Shoe,corn
Week.
of Prices.
Sale
100
Preferred
Low.
High.
Par. Price. Low. High. Shares
Stocks* 13%
Burkart,common
* 22
Preference
Jan
June 27
75 23
23
23
•
Aetna Rubber corn
May Chicago fey Equip, pfd_ _25
240 2631 Jan 33
3134
Amer Multigraph corn__ _* 30% 30
Coca-Cola Sot. sec_ _ - _100 4434
May 117% Jan
14 102
103 103
Amer Ship Building com100 103
• 51
165 13% Mar 17% May E L Bruce,com
14%
1434 1434
Allen Industries
100
Preferred
50 10134 Jan 10534 Mar
105 105
Airway Elec pref
100 105
100
Elder Mfg, 1st pfd
June 3731 Jan
55 35
35% 3534
Bessemer Limest & C corn •
3
Apr Ely & Walk D Gds.com_25
Jan
1
100
1% 1%
20
1%
Bond Stores A
•
1% May Elder, corn
% Jan
100
5
%
%
31
100
Apr 70% Feb
10 68
68
88
Bulkley Building pref_ _100
5
June Fred Medan Mfg,com___•
2% Feb
790
434 5
Clark
June Fulton Iron Works,corn_.
May 116
50 112
115 115
Canfield Oil corn
100
Mar Hamilton-Brown Shoe--25 25
27 109% Jan 112
110% 110%
Central Alloy Steel pref 100
* 21%
8,831 3631 Feb 54% May Huttig S & D,com
54
City Ice & Fuel corn
* 5334 53
Mar Hydraulic Pr Br,com_ _100
Jan 120
1.100 104
110% 113
Clev-Cliffs Iron corn
*
100
Preferred
May
25 355
Jan 431
430 430
Ilium corn.
.100 430
Cleve Elec
*
May Indep Packing,oom
22 112% Jan 115
112% 113
100
Preferred
100 104
Preferred
Mar
May 109
775 102
Cleveland Railway corn 100 104% 104 104%
.° 8331
Apr International Shoe,corn.
354
1% Feb
34
2% 2%
Clev Securities P L pref_10
2%
160
Preferred
50 2631 May 27% Apr
28% 28%
Clev Union Stkyds corn 100
* 3934
Mar Jchansen Shoe
200 2131 Feb 30
22
2234
Clev Worsted Mills corn 100
*
May Johnson-S & S Shoe
5 112% Jan 175
170 170
•
Dow Chemical corn
May J Schoeneman, pfd. _ _ _100 98
634 May
810
6% 6%
7
Rights
Laclede-Christy Clay Prod:
65
28 5431 Jan 66
63
May
Elec Control'r & Mfg corn •
100
Preferred
65
10
1134
414 Feb 12% May
Falls Rubber corn
3431 34%
33 343 June 3931 Jan Landis Mach common__25
*
Faultless Rubber corn_
175 175
Mar 232
73 170
Jan Mo Portland Cement_ _ _25 4434
Firestone Tire & R com_10
100 100
Jan 112
142 109
110 110
Mar Moloney Elec pref
100 110
6% preferred
• 20%
.556 108% Feb 111% Jan Nat Candy com
109 109%
100 109
7% preferred
* 38
92
25 80
92
Feb 92
100
June Pedigo-Weber Shoe
Foote-Burt pref
• 38%
25 25
38
38
Feb 38
June Polar Wave
A
Class
15 165
Mar 190
170 172
Jan Rice-Stix Dry Gds com- * 21%
General Tire & Rub corn _25
160
1st preferred
Apr 103
70 100
100 100
Mar
100
Preferred
100
2d preferred
405 12931 Feb 172
May
Grasselli Chemical cora _100 16131 160% 16.5
-V
225 105% Feb 111
109% 110
Apr Scruggs B D 0 com__25
100
.5 Preferred
* 39
10 88
Feb 92% June Scullin Steel pref
92% 92%
com_100
Gt Lakes Towing
* 32%
345 39% Apr 4534 May Securities Inv corn
44%
44
Greif Bros Coop'ge corn. *
100 106
Preferred
5 390
Jan 465
445 445
May
100 445
Guardian Trust
•
Jan Sieloff Packing corn
May
24
220 13
14
14
Harris-Seyb-Potter corn _ *
•
25 103% Feb 106
May Skouras Bros "A"
106 106
100 106
Higbee lot pref
1,420 18
Feb 45
Apr Sou Acid & Sulph com___• 40
India Tire & Rubber corn.* 38% 3534 40
May So'western Bell Tel pref 100 119
2.000 28% Jan 38
38% 38
• 38
Jaeger Machine corn
100
70 20
Jan 50
Mar St Louis Screw Co
2531
25
Jordan Motor pref__ _100
100
505 31% Mar 43% May St. Louis Car pfd
39% 40%
•
Kaynee common
• 33
50 100% May 102% Jan Stix-Baer & Fuller
102 102
100 102
Preferred
Jan 23 June Wagner Elec common_ _ • 8331
110 17
23
23
Lake Erie Bolt dr N com_•
Mar Wagner El Dorp pret_Aoo
Mar 35
68' 27
3231 32% 34%
Lemur common
MininiDStocksMay 45
Apr
100 41
4131
McKee A G & Co "A"...- 4131 41
10
647 31% Jan 49
May Granite Bi-Metallic
4731 48
Metrop Pay Brick corn....5
May 98
141 70
Jan Consol Lead & Z "A"--_• 15
79% 80
Miller Rubber pref.. __ -100 80
Street Ry. Bonds
May
813 2931 Jan 165
135
128
Mohawk Rubber coin_ _ _ _• 130
Jan 8914 Apr E St Louis & Sub Co 5s '32
172 55
86
85
100
Preferred
Feb 4334 Apr City & Sub Pub Ser 5s 1934
40% 1,560 33
38
38
Myers Pump common_
1934 8434
32
May 3
25
5% Jan United Rya 45
32
32
National Tile common_ •
Miscellaneous Bonds.
June 30% Feb
260 26
26%
26
Nineteen Hund Wash corn* 2834
1935
Jan 100
Feb Houston MBAs
26 93
9934 99%
Nor Ohio P & L 8% p1_100
1941
118 110% Jan 114% Apr Scullin Steel 68
Ohio Bell Teter, pref_ _ _100 111% 111% 112
325 9034 Jan 10034 Mar
96
94
5 98
Ohio Brass "B"
•No par value.
Mar 108
Fe4
100 108
100 10834 108 108%
Preferred
Range Sines Jan. 1.
Low.
168
320
295
157
130
176
330
308
203
130
192%
335
308
20934
130
131
117
5
607
5
215
550
215
560
Mar
Apr
Mar
Apr
June
5 200
143 540
2831 29
86
84
35
104%
77
23
42
48
119%
13
22
19
44%
51
100
110%
29%
31
80
27
15
25
21
4
81
1834
103%
8334
111
3534
104%
78
23
4234
48
119%
14%
22%
19
47
51
10034
11034
2931
3231
80
27
1554
26%
21%
4
81%
19
104
8434
nisi
39% 3951
65
6534
98
98
100
4834
43
100
20
38
38
100
4834
4631
100%
21
40
39
2131 21%
115 115
102 102
19
1931
3834 4034
3234 3234
106 106
17
17
40
40
40
40
118% 119%
22
22
102 102
33
32
8634
77
106% 10634
410
15
42e
16
1,268
175
Apr 225
Apr 570
Jan
20
78% Apr
31
86
June
Feb
June
May
Jan
May
Jan
May
June
30
10
52
20
125
100
5
549
187
7
610
225
10
50
703
130
25
100
250
215
175
18
115
45
45
1,114
55
110
295
10
33%
102%
77
22%
3831
4734
117
12%
19
18
21
45
98
10834
293.1
23%
72
27
11%
20
20
334
7454
1631
103%
62
10954
34
48
97
Mar
Apr
June
May
Jan
Mar
Apr
Mar
Mar
Jan
Mar
Jan
Jan
Mar
June
Jan
Jan
June
Jan
Jan
Feb
Apr
Apr
Jan
May
Jan
Jan
Apr
Apr
May
40
104%
79
27
45
5531
121
17%
24%
20
47%
52
100%
111
33
38
90
37
1631
30
27
6
87
20
105
87
113
45
70
101
20
200
779
105
815
80
341
70
5
25
730
1,071
40
15
40
410
10
200
25
60
495
4,238
5
100
43
38
95
1854
35
32
20
10934
100
16
31
30
108
1631
37
40
117%
17
100
27
37
9834
June
May
Mar
May
Feb
Apr
Mar
Mar
Mar
Mar
Apr
Jan
Apr
June
Apr
Apr
June
Jan
Jan
Jan
Mar
Feb
Jan
100
5054
52
101
23%
45
40
2334
117
104
20
46
35
109
18%
4534
47%
121
22
102
3331
120
107
1,100
355
300
11
Mar
Mar
420 June
1734 May
94
Jan
913.1 June
84 June
95 June
Apr
93
8531 Jan
95
$1,000
95
91% 9134 8,000
8434 21,000
84
10334 103%
10054 100%
High.
192%
345
306
236
135
May
May
May
Apr
may
Apr
June
Jan
Apr
May
May
May
June
Apr
Jan
May
May
Apr
May
Jan
Feb
May
May
Feb
Jan
Apr
Mar
May
may
Mar
June
May
May
Jan
Jan
May
May
Mar
Apr
Jan
Jan
Apr
May
May
Jan
May
Jan
Mar
June
June
May
May
June
500 103% Mar 103% June
May
98% Jan 101
4.00
New York Curb Market-Weekly and Yearly Record
. New York Curb Market for the
In the following extensive list we furnish a complete record of the transactions on thecompiled entirely from the daily
beginning on Saturday last (June 2) and ending the present Friday (June 8). It is
week
dealings
reports of the Curb Market itself, and is intended to include every security, whether stook or bonds, in which any
during the week covered:
occurred
till Week Ended June 8.
Stocks-
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Par Price. Low. High. Shares.
Indus. & Miscellaneous.
Acetol Products. Inc. A_ •
25
Acme Steel corn
•
-Millis Corp
Adams
•
Aero Supply Mfg el A_
•
Claes B
2814
26
24%
88
28%
35
28
25
90%
28%
35
27%
1,100
300
1,900
100
1,200
Range since Jan. 1.
Low.
22% May
83
Jan
27
May
14
Jan
854 Jan
High.
31%
9634
29
74
40
Feb
Apr
May
May
May
Sales
Friday
Last Week's Range for
Sale
of Prices.
Week.
Stocks (Continued) Par Price. Low. High. Shares.
Ala Gt Sou, ordinary 5s_._
50
Preference
2
•
Allied Pack corn
Allison Drug Store el ....40 17%
• 172
Aluminum Co. corn
100 109%
W.Preferred
171
184
1%
17%
17031
1093-4
171
184
3%
17%
187%
110
100
100
3,400
1,000
2,200
500
Range Since Jan. 1.
Low.
162
162
1
8%
120
1015%
Jan
Jan
Mar
May
Jan
Jan
High.
184%
185
3%
21%
197%
11015
May
Apr
June
Jan
May
May
JUNH 9 1928.]
FINANCIAL CHRONICLE
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Stocks (Continued) Par Price. Low. High. Shares.
Alpha Portl Cement corn.'
American Arch Co
100
Amer Bakeries, claw A. •
Am Brown Boveri El Corp
•
Founders* shares
Amer Chaim corn
•
Amer Cigar,corn
100
100
Preferred
Amer ColortYPe corn
•
Am Cyanamid corn cl B_20
100
Preferred
Amer Dept Stores Corp.'
American Hawaiian SS_ -10
Amer Laundry Mach corn *
100
Amer Mfg corn
Preferred
•
10
Amer Milling corn
Amer Rayon Products- - _•
Amer Rolling Mill. com_25
Am Solvents & Chem,vie'
Cony mirth, preferred-•
American Thread pref__ _5
Anchor Post Fence Co corn*
Anglo-Chile Nitrate Corp.'
Armstrong Cork, new corn*
Arundel Corp
Art Metal Wks cony pf
*
Associated Dy. & Print..'
Atlantic Fruit & Sugar •
Atlas Plywood
•
Atlas Portland Cement_ *
Auburn Automobile.corn.*
Axton-Fisher Tob coin A 10
Babcock & Wilcox Co_ _100
Bahia Corp,corn
•
Preferred
25
Bancitaly Corporation_ _25
Barker Bros Corp corn
•
Cony 635% pref
100
Baumann (Lud)& Co of100
Beatrice Creamery com_50
Belding-Hall Electric°, cm'
Class A
25
Bendix Corp corn cl A..10
Benson & Hedges corn...
Bliss(E W)As Co corn
_•
Blumenthal(S)& Co corn_•
Blyn Shoes, Inc. corn_ _ _10
C) com_ _100
Bohack
Bobn Aluminum & Brass •
Borg & Beck
•
Boston & Albany RR_ _100
Bowman-Biltmore Hotel
-
•
•
Low.
45% 47
50% 53%
54
54
7,400
1,000
200
3734 Mar
5034 June
49
Jan
11% 13
1155
40
39
40
150 151%
150
115 115
29
30%
4535 453,4 48%
100% 103
24
24%
23
19% 20%
1934
102 102k
49% 49
50
68% 66)4 68)1
13
13
2234 22)4 23%
97
97 100%
21% 21
2734
32% 32% 37%
354 334
22
12% 22
44% 43% 51
61
61%
48
48
31% 31
34
31
31%
31
80e 85c
89
89
90)5
43
43
128
128 137%
4934 49% 49)4
119% 119% 123%
13%
13% 14%
19
19
19%
205
205 215%
33% 33% 35%
102 102%
101
101
102
73
73
1%
1
114
1% 4
123 124%
19% 20
18%
18
20)4
30% 30% 34%
3%
3% 3%
270% 274
76% 86
94
94%
193 193
3,900
300
200
25
1,200
6,000
600
14,200
1,900
50
250
75
100
28,600
8,200
18,400
2,600
400
2,200
28,900
75
300
1,500
6,900
3,000
2,200
100
3,300
900
75
5,000
3,100
24,610
2,600
500
800
25
7,000
780
40
40
2,00
800
1,00
30
14,000
200
10
435 Feb
Mar
39
Mar
132
115 June
23% Feb
3834 Mar
95% Jan
13% Jan
15% Jan
99% Ma
49
June
Apr
73
12
May
13
Mar
Jan
95
11% Jan
253( Mar
Vis Jan
12% Jun
26% Fe
60
AD
46% Apr
30% May
31
May
72e
Jan
:6335 Jan
Feb
38
115
Feb
49% May
117)4 Mar
Feb
6
9% Feb
136
Jan
33)4 June
102 June
101
May
Apr
78
45e Feb
135 June
53% Jan
1935 June
16% Mar
26% Mar
3% Mar
230
Jan
3335 Jan
68% Jan
181
Ma
46%
6%
7% preferred
100
Brill Corp. class A
•
Class B
Brill° Mfg.coin
•
Class A
•
Bristol-Myers Co coin_ _ _•
Brit
-Am Tob ord bear.fl
Amer deposit rcts
British Celanese
Amer deposit receipts
Bullard Mach Tool
•
Butler Bros
20
Buzza Clark, Inc,corn_ •
Camp. Wyant & Cannon
Foundry
•
Carnation Milk Prod tom25
Casein Co. of America...100
Case Plow Wks.el B•to.
•
Caterpillar Tractor
•
Cavan-Dobbs. Inc. com_ _•
634% pf. with corn. ell.
.
Dur. ware
100
Celanese Corp of Am,corn'
First preferred
100
New preferred
100
Celluloid Co corn
•
IT preferred
Celotex Co.common
7% Preferred
100
Cent Aguirre Sugar
50
Centrifugal Pipe Corp _ _
•
Checker Cab Mfg corn __•
CitiesService.common_ _20
Preferred
100
Preferred B
10
Bankers shares
City Ice & Fuel (Cleve)- •
Clark Lighter cony A____•
Club Aluminum Utensil_ _•
-Marx Co
Cohn-Hall
•
Colombian Syndicate
Colts Pat Fire Arms Mfg 25
Columbia Graphoph Ltd
Am dep rcts for ord stk__
Cons n Dairy Products_ _ _•
Consol Film Indus. corn..'
•
$2 Cum panic pref
Consol Laundries
•
Cons Ret Stores Inc. corn.'
Copeland Products Zoo
Class A with warrants.'
Courtaulds Ltd-Amer Dep
rct for ord reg El
Crocker-Wheeler corn_ _100
Crow, Milner & Co, corn •
Crown Wilfte Pap v t c__•
Cuneo Press corn
10
635% pref with war_100
Curtiss Aeropl Ext Corp•
Curtis Publishing com____•
•
27 cum pref
Dayega. Inc
Davenport Hosiery Co_ •
Deere & Co,common- _100
•
De Forest Radio. v t o
Tot tr ctf ctf of dep....'
Detroit Motorbus
10
Dinkier Hotels class A
With porch warr
Distillers Co Ltd
Amer deposit receipts_
Dixon (Jos) Crucible-100
•
Doehler Die-Casting
Dominion Stores. Ltd. •
Draper Corp
100
Dubiller Condenser Corp.*
Dunlop Rubber Co. Ltd.
Amer dim recta
Duplan Silk Corp coin...*
100
Preferred
•
Dupont Motors
Durant Motors, Ina_ __ •
Durham Dup Raz, pr pfwith cl B coin stk pur w •
•
Dui Co class A
ClassAvtc•
•
Eastern Rolling Mills
Range Since Jan. 1.
High.
48
70
59
May
Jan
May
14
May
45
Jan
16235 Apr
115 June
33% May
5334 May
103
June
24% June
2375 Apr
Jan
108
80% Jan
Jan
80
13
June
24
June
114
Jan
2834 May
41)4 May
33,16 May
22 June
51
June
May
66
51% May
34
June
32% May
1
Jan
9335 May
4735 Apr
143
Mar
5154 Apr
May
128
17
May
19% June
223
Apr
41% Mar
1055 May
8
102
June
73 June
3
May
May
6
124%'June
24
Mar
2435 Apr
Mar
37
434 Jan
325
May
June
87
96% May
195
Apr
631
72
28
1535
28
27%
72%
28%
28%
200
75
20
300
2,700
200
2,000
500
300
4%
69%
2734
11%
14
2535
65%
25%
28%
Ma
Fe
Apr
Mar
Jan
Mar
May
Jan
Apr
631
73
3154
1735
3154
2935
7434
2935
2834
June
May
Jan
May
Mar
Jan
May
May
Apr
27%
70
28%
18H
9,500
100
5,000
500
2234
43
2035
1434
Apr
Jan
Apr
May
33%
76%
29
20%
May
May
June
Mar
4474 48% 3,500 39
Jan 52%
50
58
3,900 30
Jan 66
190 202
170 156
Jan 226
43-4 5% 2,300
235 May 17
72% 76
800 63
Jan 79
39)1 3934 4334 11,600 31% Apr 4335
May
May
Mar
Feb
May
June
635
72
28
15
15
25
27%
70
70%
28%
:2855 z28%
24%
23%
2334
70
23
17H
45
50
190
5
79%
10834
92
87
157
10
26%
7035
102%
935
32
3334
3234
134
69%
48%
15%
25
1,000
1103.4 11234
7834 8534 5,40
154 160
60
1,50
10834 10834
92
92%
300
8834 8834
100
60% 62
150
8634 87
100
157 163
750
931 103i
1,200
2634 2834
1.200
6934 7134 52,200
10234 103
2,200
10
934 934
300
3531 3534
1.500
53h 5434
32
32%
700
333-4 34% 1,500
600
3134 3234
134 21ci 33.700
3434 3434
100
102
7035
154
105
91%
8831
49
80
116%
954
2035
64
9434
8%
25%
36%
32
33%
23%
1)4
29%
Apr 112% June
Ma 103
May
May 18535 Jan
AD 112
Feb
May 122
Feb
May 9731 Feb
Feb 69% Apr
Feb 8734 Jan
Fe 164
June
Jun
12% Jan
Ma
31
Mar
Jan 7134 June
Jan 8)103%May
Jan
934 Apr
353 June
,
4
AP
Jan 5434 June
June 37
Apr
June 383( Jan
Jan 3535 Mar
Mar
2% May
Jan 3435 June
30%
6934
47%
15)4
25
16%
30%
77% 69,900 3414 Jan
50)4 20,900 21
Jan
16% 5,500 15% May
700 2254 Feb
25A
4,600 z1451 Jan
17%
32% 1,100 2851 Apr
13 ,
13
1514
1,000
734 Jan
23)4
23% 24% 1,300 2135 May
68
240 23
70
Jan
49% 55
1,800 3434 Jan
25
25
300 16
27
Feb
53
44
5534 15.300 40
Feb
103% 101 103%
800 10035 Ma
30
30
32% 3,300 30
Jun
18134 181
250 1763,4 Feb
183
117 117%
700 117
Apr
37)1 35% 38% 5,400 30
Mar
16% 17)4
300 10
Mar
370
370 400
1.200 22034 Jan
11% 16
15
42,800
114 Jan
15
11% 16
45,200
1
Jan
15% 1514
200
834 Jan
23%
2314 23%
100
1935 AD
81%
50%
19%
26
20
36
1934 May
24%
70
55
31
5534
10334
44
189
119%
61
18%
416
16
16
1535
5034
8
6%
50)4 51%
n8%
7
6
7
28% 29
500
500
400
350
49
434
4%
22
May
May
June
May
June
June
May
Jan
Feb
Jan
Jan
May
June
June
June
24% May
16% 17%
600 16% June 1835
n190 n190
10 173% Jan 196
35% 353( 44% 15,000 15% Feb 44%
1301( 138
900 10434 Jan 139%
74
74
74
200 74
June 74
434
4
4% 4,900
214 Mar
5)4
6% 6%
100
634
25% 25% 28)4 9,800 2535
110
110 110)4
400 110
234
2
2%
1,100 500
1334
12
15% 87,800
9%
May
June
Feb
June
Apr
May
Apr
Apr
June
May
June
May
May
814 Apr
June 2834 June
June 11035 June
Jan
Apr
Mar 15% June
Jan
May
Apr
Feb
59
9
914
30
Feb
May
May
May
Stocks (Contiued)
3579
Friday
Sales
Last Week's Range for
of Prices.
Sale
Week.
Par. Price. Low. High. Shares.
Elec Household DUI
25
Coal par pf.*
Elect
Evans Auto Loading cl A.6
Clamart common
5 81
Fageol 8 lotors Co corn_ _10
535
100
Fajardo Sugar
Fandango Corp
•
Fansteel Products Inc....' 21
*
Fashion Park Inc corn.
reddens alfg Inc class A--• 4635
Federated Metal stk tr ctf_
1735
10
Fire Assoc of Phila
,
Fund Ins_ _ _ -100 12234
Firemen'
Firestone T & R com_ _ _10 173
11000 105
7% preferred
Florsheim Shoe Co corn A • 49%
6% preferred
Ford Motor Co of Can_100 585
Forhan Co class A
• 28
Foundation Co
Foreign shares class A..' 15%
Fox Theatres class A coin.* 28%
Franklin (II H) Mfg corn.' 15
Preferre6
100
Freed-Else man Radio_ __ _•
435
French Line_ _600 francs
Amer abs rep corn B stk.
Freshman(Chas)Co
•
9
Fuller Brush corn cl AA_20
Fulton Sylphon Co
• 3676
Galesburg Coulter-Diso-• 73
Gamewell Corp coin
• 7234
General Amer Investors...* 67
General Baking corn • 12
• 8034
Preferred
Gen'l Bronze Corp cOm
• 4731
Genl Cable warrants
Gen Elec Co of Grt Britain
American deposit recta
935
General Ice Cream Corp..' 81%
Gen1 Laundry Mach coin • 3134
General Silk A corn
235
German Genl Elec warr_ _ _ ______
Cilbert (A C) Co. corn...' 18
Preference
• 46
CO Spring & Bumper coin*
Glen Alden Coal
• 15754
Gobel (Adolf) Inc corn...' 144
8
Gold Seal Electrical Co.'
Gorham Mfg common...'
M) Co
•
Gossard
Grand(F & W)5-10-25c St* 68
Gt Atl & Pao Tea 1st pf100 118
Gt Lakes Dredg & Dock100
Great Southern Lumber_90
Greenfield Tap & Die__ •
2
Griffith (D W)class A__.•
Hall(CM)Lamp Co-.' 17%
_10
Hall(W F)Printing
635
Happiness Candy St cl A_*
Hart-Parr Co corn• 55
Hartford Times partic pref* 43
• 14
Hazeltine Corp
Hellman (Richard) MUT-- 1534
Hercules Powder corn_ _100 245
100
Preferred
Hires tChas E)CIA corn..' 24%
• 4435
Holland Furnace Co
Huyier's of Del corn
• 15
100 10134
7% preferred
H2grade Food Prod corn-• 4031
6 113,4
Imp Tob of Canada
Imp Tob of G B & Ire__ _ fl
Industrial Rayon class .A.• 21%
Insur Co of North Amer.10 9435
Insurance Securities_ _ __10 3134
Internat Cigar Mach•y_ •
44
Int'l Printing Ink
Internat Products
14
Preferred
7834
•
Internat Projector
International Shoe corn..' 8334
Int Sleeping Car & Europe
Exp Trains Am dep rcts_
Interstate Dept Stores cora• 4634
7% cum pf with warr 100
Joske Bros Co com v t a_ •
Kaynee Co common____10 37
Keiner-Williams Stpg _ _ __•
Kemsley, Millbourn & Co• 1834
Keystone Steel & Wire
New common
•
Kinnear Stores Co coin...* 28
Knott Corp
• 3934
Kruskal & Kruskal Inc..*
Lackawanna Securities_ _* 4874
Lake Superior Corp___100
634
Land Co of Florida
• 15%
Lane Bryant Ind
40%
Landover hold CIA stpd.;
Letcourt Realty corn...." 2935
Preferred
• 3934
Lehigh Coal & Nay
50 14474
Lehigh Val Coal Ws new.. 3035
Lehigh Valley Coal Sales 50 59
LeMur Co corn
•
Leonard Fitzpatrick &
Mueller Stores corn_
•
Libby, McNeil & Libby _10 11
Libby Owens Sheet Glass 25 130
Lit Bros Corp
10 28
Marion Steam Shovel_ _ __• 88%
Marmon Motor Car oora_ 15 49
Maryland Casualty_ _ _25 179
Massey-Harris Co cora_ •
Mavis Bottling Co of Am.' 1854
May Drug Stores Corp_ __• 2334
May Hosiery Mills $4 pref' 44
McCord Rao & Mfg v t a_
21
McLellan Stores Cl A
5834
McQuay Norris Mfg corn.'
Mead Johnson & Co corn..'
Meadows Mfg corn
•
Melville Shoe Co corn
_• 1883.4
Pref without warran 100 111
Mengel Company
100 11831
Mercantile Stores Co 100
•
Mesabi Iron
354
Metropol Chain Stores_ _• 6235
Met 5 & 50c Stores cl A•
734
•
5
Class B
Preferred
100 65
Midland Steel Prod
•
Midvale Co
Miller Rubber pref..---100
mitmeapolls-HoneywellRegulator common_
•
Mirror (The) 7% pf---100
Monsanto Chem Wks corn.
Montecatinl Min & Agr war
Motor Products
Range Since Jan. 1.
Low.
High.
100
100
500
8,300
3,400
30
700
7,000
100
7,100
300
400
300
700
100
1,600
200
3,510
500
16
48
5535
6335
134
150%
5
12
37
2751
14
65
114%
166
108
49%
100
610
23
Mar
June
Jan
Feb
Jan
Feb
June
Feb
Feb
Feb
Mar
Feb
Feb
Mar
Feb
June
May
Jan
Jan
22
4935
89%
90
635
16535
10
85
41%
50%
20
84
12835
238
112
58%
103%
698
29
Mar
May
May
June
May
Apr
Apr
Jan
Jan
May
Jan
AIM
Jan
Jan
Jan
Apr
Apr
May
Jan
15
27%
15%
87%
4%
185
,
1 2,600
116,400
31
1,600
16%
5(1
89
6% 4,000
10
17%
13%
85
1%
Jan
Mar
Mar
May
Feb
20%
3234
17
89
7
May
May
Julie
Mar
May
67)4
7%
9034
3635
71
7234
67
11%
80
47%
0%
200
68
9% 33,00
5
9031
2,600
38
400
73
900
74%
7035 2,700
14% 162,000
82% 10,900
5134 1,400
300
10
6735
5%
87
27%
47%
62
.3635
635
7511
3534
9%
Jun
Feb
May
Mar
Jan
Fe
Fe
AD
Ain
Jan
June
71%
10%
8435
6414
7534
76
77
17
86
6334
16
Mar
Jan
May
76D
May
May
May
May
May
May
Apr
25
25
48
48
85
89%
81
90
5% 634
157% 158
5
7%
1435 2735
3734 37%
45
4734
173( 1735
76%
76
122 12234
173 179%
10851 109
49% 5135
100% 10055
585 605
2735 28
835 9%
72% 81%
3035 33
235 2%
258 261
18
18%
46
47
8% 935
15755 161
118 146%
6
8%
5835 60
5735
57
6635 70
118 118
321 334%
112 115
10
10
2
2
1735 1755
24% 25
655 7h
6135
55
43
43
14
15
15% 16
245 245
12035 120%
21% 2435
40% 47
1535 1535
10135 102
3954 45%
11% 11%
27% 27%
2135 2335
9434 97%
30% 32
92% 96%
44
4434
1335 1435
78
78h
13
13
8335 84
900
49,900
13,500
100
11
300
1,100
600
500
23,100
2,800
600
200
5,000
20
460
6
30
100
600
700
17,300
3,000
100
10
1.600
10
20
1,000
4,100
1,500
200
25,600
100
100
15,700
1,300
16,400
500
1,000
5,300
30
300
60
8% May
58% Jan
Jan
20
2% June
200
May
1455 Mar
48
May
7% Apr
15135 Mar
Jan
65
6
June
50
Feb
Feb
47
Jan
46
116% Mar
Mar
305
112
June
Mar
9
Mar
1
934 Jan
2335 Mar
534 Feb
May
48
4234 Mar
835 Feb
1234 Apr
Jan
192
118% Feb
21% Mar
38
Jun
Mar
15
10034 Ma
25% Jan
8% Mar
24% Feb
17% Mar
83% Feb
30% June
May
90
% June
1334 June
78 June
7% Apr
69
Feb
1034 May
81% June
33
June
235 June
261
June
20% May
50
Mar
12% Mar
169
Jan
146% June
17
Jan
62
Apr
6231 Apr
7035 Apr
120
Apr
335
May
Apr
210
1235 Jan
2% May
1835 May
Jan
80
9% Apr
63 June
46% Apr
15% May
17
May
245
May
124
Apr
2.5
Apr
47
June
20% Jan
102% Jan
45% June
11% June
27% May
Apr
25
1045,4 May
32
May
103% Jan
4435 June
1435 June
78% June
14
May
87
Apr
10
45 Jun
45
2,10
37
Feb 5614
900 108% Feb 120
2,300 36
May 43
400 37 Jun
4334
200 16% Fe
17
1,900 16% Jan 2014
June
May
May
Jan
May
mar
May
45
46%
112
39
37
1635
18
45
50k
115
43
3934
17
1931
5451
28
3934
1835
4835
635
10
40%
2%
29%
3935
14331
3035
58%
32%
5911 May
200 54% Jun
55
8535 Mar
300 28
Jun
28%
44% Mar
400 393( Jun
3935
19
June
200 1335 Jan
1835
65% Jan
49% 1,300 4835 Jun
934 Feb
335 Jan
800
655
25% Feb
300 10
Jun
16
41
June
600 4035 Jun
41
1% Apr 19% Jan
100
234
4,600 29% June 35% May
33
4134 1,500 37% Jan 4214 may
15235 18,100 106% Mar 15414 June
5.300 2735 Mar 89
Jan
31
300 50
Mar 604 Jan
59%
200 1434 Jan 3431 May
33
100 37
38
38
3,300
9
12
11
900 109
129 134
2635 2935 5.0
00 23%
88% 9335 5,100 45%
49
5134 2,500 38%
225 17534
179 1813.1
10
39
40
40
1834 20% 3 .0
9 00 15
1,700 29
2334 2435
44
44
500 44
10
21
18%
21
40
55
5735 5935
300 32%
50
50
63
1,100 63%
65
200 1435
1754 173(
18834 19434
1,300 111
111
110 108
111
2,100 49
118 126
140 14974
1,100 97
1%
334 434 40,800
2,900 154
6131 63
754 8
400
551
300
5%
431
5
8055
65
1,100 44
9335 9335
200 8034
100 39
43
43
99% 9934
500 90
3634
90
5814
3
90
38
90
60
3%
10034
500
100
600
2,000
6,800
30
845(
3835
3
54%
Mar
Jan
Mar
Mar
Apr
Feb
Mar
Mar
Jan
Jan
May
Apr
Feb
Mar
Feb
Feb
Jan
Sep
Feb
Jan
Mar
Jan
Mar
Jan
Jan
May
Jan
Apr
43
13%
139k
29%
93%
58%
193%
46%
22
2634
48%
22%
64
59%
72
22%
204%
114%
127
152
43(
66
11
7
81
112
48%
9931
Jan
May
May
June
June
Apr
May
Apr
May
May
Jan
Feb
May
May
May
Apr
May
Deo
May
Ma,
June
MAY
May
Mar
June
Jan
Apr
June
Feb
% May
Feb 91
Mar
Jan 60
June
June
% May
Apr 10034 June
3580
Friday'
Sales
Last Week's Range for
Week.
Sale
ofPrices.
Stocks (Concluded) Par. Price. Low. High. Shares.
Murphy (G C)corn
•
Nat Baking Pre
100
Nat. Food Products cl B_ •
National Leather
Nat Mfrs & Stores
Nat Sugar Refg
100
Nat Theatre Supply corn.*
Nat Trade Journal Ina_ _•
Nauheim Pharmacies Inc_•
Cumulative cony pref __*
Nebel(Oscar) Co com____•
Neisner Bros new
Preferred
100
Nelson (Herman) Corp __5
Neve Drug Stores cony A_•
•
Common
Newberry (J .1) pref_ _ _100
New Max & Aria Land_ _ _1
Newport Co prior com_100
..°
NY Auction CIA corn.
N Y Hamburg Corp_ _ __50
•
Niagara Share Corp
Nichols& Shepard Co...:.'
Stock purch warrants__ _
•
-Pond porn.
Niles Bement
Noma Electric Corp coin •
•
North Amer Cement
Northwest Engineering.. •
Nevadel Process Corpcom•
Obi() Brass class B
Ovington Bros panic p1.
Pacific Coast Biscuit pref..*
Palmolive Peet Co corn.....'
Parke Davis & Co
Polder (D) Grocery el A..•
•
Class B
Penney (J C)Co CIA p1100
•
Peoples Drug Stores
100
Pepperell Mfg
25
Perfection Stove
-100
Phelps Dodge Corp.
•
Philip Morris Inc com
25
Class"A"
Pick (Albert), Barth & Co
Common vol tr ate_ __I
_•
Pre! class A (panic
Pie Bakeries of Am A
•
Pierce Governor Co
/Ugly Wiggly Corp corn.'
Pines WInterfront Co cl A
_50
Pitts & L E RR com
100
Pittsb Plate Glass
•
Patrero Sugar,corn
Procter & Gamble corn_ _20
Pratt & Gambert
Pyrene Manufacturing_ _10
Rainbow Luminous ProdA•
Realty Associates corn _ _•
Republic Mot.Trk. v t c_ *
Repetti Inc
5
•
Richman Bros
Richmond Radiator. corn.'
*
7% cum cony pref
Rolls-Royce of Amer pf 100
Ross Gear &Tool.com___•
Ross Stores
Royal Bak Powd com_100
100
Ruberold Co
Safety Car Heat & Ltg_100
Safe-T-Stat Co common__•
•
Safeway Stores corn
Old fifth warrants
Second series warrants_ _
St L, Rocky Mt & Pac Co.
•
St Regis Paper Co
Sanitary Grocery
Schiff Co,com
7% cum,cony pfd_ _100
Schulte Real Estate Co_•
Eehulte-United Sc & Si Sts•
Preferred part paid_ _100
Scoville Mfg
25
Seaman Bros common___.•
&Merlins Rubb Co corn_
Serval lne (new co) v t a_ •
Preferred v t 0
•
Seton Leather
50
Sharon Steel Hoop
Sheaffer(W A) Pen ____•
Silica Gel Corp,com v t o_•
Silver (Isaac) &Bros corn.•
100
Singer Mfg
£1
Singer Mfg Ltd
Smith(A 0)Corp corn new •
Sofa Viscosa Ltd_ _200 lire_
Dep rots Chase Nat Bk..
Southern Asbestos
•
South Coast Co corn
Southern Grocery Ste corn.
Convertible class
•
A__-Southern Ice & UM corn A•
Common"B"
Southern Stores Corp Cl A •
Spalding
(A G)&Bros,corn •
Spans Chalfant & Co Ina_•
Span & Gen Corp, Ltd_..£1
Sparks-Withington Co_ __•
Spencer Kellogg SZ Sons 100
Spiegel May Stern Co__ •
634% preferred
100
Standard Investing
•
Stanley Co of Amer
Stern Bros. class A com_ •
Class"13" COM
•
Stinnes(Hugo) Corp
stromberg-Carl Tel Mfg_*
•
Stroock (5)& Co
•
Stutz Motor Car
•
Superheater Co
100
Swift az Co
15
Swift International
Syrac Wash Mach B com.•
•
Tenn Products Corp
Thompson Prod Inc cl A •
Thnken-Detroit Azle_ __10
100
Preferred
.
Tishman Realty & Constr •
Tobacco Prod Exports- •
Todd Shipyards Corp_ _ .•
Transcont. Air Transp _ _•
-Lux Pict Screen
Trans
•
Class A common
Triplex Safety Glass Ltd
£1
Amer dep eta ord
10
Truscon Steel corn
Tubize Artificial Bilk Cl B_•
Tung-Sol Lamp Wks corn •
•
Class A
United Biscuit cl A
•
Class B
United El Coal Cos v t e....•
[VoL. 126.
FINANCIAL CHRONICLE
io
loo
13%
3974
11%
33
2834
3734
23%
12734
32
3935
294
834
134
54
18
69
4935
6934
2235
1141
4234
931
1004
53
10335
z61
137
10
2034
32
31
2731
635
285
2834
326
Pis
285
18%
37
32
26%
240
112
158
464
475
202
1754
83
323
23
88
51%
41
16
4034
20
6434
23
58
12031
29
234
3634
25
154
534
11934
6031
99%
1234
1531
29
1734
3831
1636
42%
53
26%
4%
Range Since Jan. 1.
Low.
May
79
200 624 Jan 81
79
Jan
28 7334 June 93
7331 73%
Jan 15
May
6
1234 14
3,300
5% May
436 4%
800
3% Jan
Apr 4036 May
36% 39% 3,000 31
Apr
125 119
Feb 152
147 150
Jan 19% May
13% 4,900
0
11
Apr 35% May
33
34% 2,100 31
2834 2834 3,900 2834 May 2831 May
3734 3734 2,900 3734 May 37% May
May
Apr 25
2334 25
1,100 18
Apr 1004 May
91%
300 73
90
125 11034 Jan 13934 May
12734 128%
Apr 34% May
34
4,700 28
31
June 43% May
40
5,700 39
39
Apr 40% May
2834 29% 4,700 26
200 1064 Jan 11034 May
109 109%
11% Apr
831 834 2,000
834 Mar
Jan 149% Feb
25 114
134 134
17% Jan
17
100 1634 May
17
700 54
June 564 May
54
55
Apr
300 12% Mar 18
1734 18
June
4,200 304 Jan 73
63% 73
June
3,300 164 Feb 53
4534 63
May
Jan 90
6434 7334 16,900 28
2236 2334 6,600 2134 Apr 26% May
Feb
Jan
13
10% 1134
500
6
4134 47
4,800 2954 Feb 50% May
17
19% 2,300 114 Feb 1934 Juno
Jan 10034 Mar
9754 97%
50 89
Mar
300
7
9% June
8
934
46
400 46
June 5134 Jan
47%
9634 10034 4,600 (1)8534 Feb 10034 June
4534 4734
500 4534 June 57 May
May
53
55
500 38
Jan 55
46
50
300 3336 Jan 5434 May
103% 103%
630 x103
Mar 10531 May
Mar
x59% 62% 1,700 4434 Mar 68
Feb
92
92
10 904 May 106
119 119
325 11834 May 122H Jan
May
134 137
975 117
Feb 138
Mar
531 534 1,200
44 Mar 10
Jan
934 936
200
93.4 Mar 14
10
10
2034 2134
32
34%
31
34
27
29%
108 116
158 161
223 223
534 634
285 28736
56
5636
74 8%
2834 3234
326 327
2
2
14 1%
285 2894
18% 19
37
37
5234 5336
32
3234
25
26%
240 257%
112 11434
155 158
43
62
475 505
32
35
202 204
174 17%
8034 88%
32134 331
3236 3234
12834 12836
23
27%
1934 1934
88
88
53
53
5134 5434
41
45
1434 1634
40
41%
31
31
20
20
54
58%
23
25%
5731 5834
501 519
711 73-4
115 12031
934 934
9
8
2834 32
23% 24
29
29
3634 39
2434 26
2531 28
33% 3336
154 155
294
28
554
5
95 127
160 160
60
63%
9931 99%
46
46
34
36
52
52
15
16
1234 13%
29
30
4234 43
15
164
155 155
134 13534
284 304
1731 18
22
22
3434 3834
1634 16%
107 107
4234 44%
336 334
53
58%
25% 30
3%
Jan
2,300 10
2,400 194 Apr
700 30
May
1,600 18% Feb
3,200 23% Mar
2,700 56% Jan
350 144
Mar
10 210
Feb
1,300
534 May
175 247
Feb
400 5134 Jan
900
631 Mar
4,400 28% June
70 27036 Jan
1,000
136 Mar
2,500 50c Feb
90 270
Apr
1,100 18% June
Apr
400 35
Apr
150 38
300 30% May
2,800 25 June
100 22234 Apr
2,500 8134 Jan
200 135
Jan
117,700 18% Mar
800 310
Jan
600 32
June
50 202
June
50 1731 June
15,100 50
Jan
450 215
Jan
100 26
Jan
100 11031 Jan
1,200 17 ' Jan
700 1834 Mar
300 88
May
50 48
Feb
2,400 33
Jan
800 3334 Feb
33,300
431 Jan
600 23
Feb
2,300 2135 May
100 1934 May
3,200 4034 Jan
3,000 17
Feb
800 39
Jan
30 428
Jan
800
536 Jan
675 104
May
100
8% Apr
100
74 Feb
4,100 2334 Jan
1,400 20
May
200 29
May
2,100 3134 Mar
1,300 13
Feb
8,000 2334 May
600 24
Jan
20 1'125 Jan
600 2734 Mar
21,100
231 Feb
16,200 30
Jan
100 160
May
11,500 60 June
725 9931 May
100 46
June
200 3031 May
300 46
May
700 15
May
1,800
814 Apr
1,200 2434 Mar
200 38
Feb
1,700 1434 Mar
25 14931 May
650 125
Jan
7,600 254 Jan
800 1434 Jan
100 14
Mar
1,300 33
Apr
1,300 1)% Feb
10 10334 Jan
2,100 33
Jan
3,000
234 May
2,500 41% Apr
32,300 2034 May
54 30,700
231 May
63
6734 5,900 58
40
300 3334
40
1,260 450
55034 599
560
13,700 104
1334 16
15%
2234 2434 7,200 1934
23
900 5434
59
593.4
15% 1534 16% 1,300 1334
54
533.4 5534 3,700 264
65
High.
1634
4734
3134
2534
60%
29
60
521
9
12434
931
10
3534
28%
29%
4534
26%
28
40
175
3334
64
127
170
634
100
4934
54
66
2034
19
35
4734
19
178
137
3434
2531
22
44%
2034
110
4034
454
60%
35
Jan
Jan
June
May
May
June
Apr
Feb
Jan
May
May
Jan
May
May
Jan
Apr
June
Jan
Apr
May
May
June
Jan
May
Mar
June
Apr
May
May
June
May
May
May
May
Mar
Feb
Feb
Jan
May
May
May
May
May
Jan
Apr
Apr
May
May
May
May
May
May
May
May
May
May
May
June
Mar
Apr
Mar
Apr
June
May
June
May
May
Jan
Jan
Jan
May
Jan
Apr
Apr
Jan
May
Feb
Mar
May
May
Apr
Mar
May
Feb
May
May
7
Apr
11%
2234
3434
3634
33%
116
185
234
14%
300
6134
934
35
350
3
134
2914
2735
404
70
37
264
287
125
170
57
565
38
250
17%
90
345
33
130
2934
22
100%
53
55
5094
May 6634 June
Jan 40% May
Feb 62894 Apr
1234 Apr
Feb
Apr
Feb 23
Jan
May 66
Feb 2134 Jan
Feb 58
May
Friday
Last Week's Range for
Week.
Sale
ofPrices.
Stocks (Concluded) Par. Price. Low. High. Shares.
Range Since Jan. 1.
Low.
United Milk Prod,corn
1,500 40 June
4034 40
42%
7% cum
91
25 91
June
91
Unit Piece Dye Wks corn.' 8134 8134 8735
600 5234 Feb
United Porto Rican Sug_ •
20 70 June
70
70
9
Mar
United Profit-Shares cm.*
934 10
500
United Shoe Mach com_25
100 63% Jan
7336 7336
S Dairy Prod class A.....' 6036 60
Jan
61
600 40
US Foil, Cl"B"
June
64
200 64
64
64
U S .!‘ Foreign See corn
28
28
3034 LOCO 20% Mar
Apr
800 97
97
9835
6% Preferred
U S Freight
• 77% 7735 83% 7,200 7034 Feb
U S Gypsum common_ __20 8934 8934 100
1,525 70
Mar
Preferred
100 129
Mar
125 129
200 125
S L Battery com
•
113 113
100 6734 Jan
7% pref class"B"
_10
Jan
10% 11
2,100 10
U S Radiator corn
•
May
40
200 40
40
Van Camp Packing pfd_ _50
931 931
500
7% Mar
Waltt dc Bond Inc el A. •
27
2735
700 2434 Jan
Claw 13
• 17
164 174 1,000 15
Mar
• 42
Walgreen Co corn
42
43% 1,500 39
Mar
Warrants
20
20
22
600 164 Apr
Warner Bros Pictures
31
31
3436 23,600 134 Jan
Watson (Jno Warren) Cc.'
836 934 1,300
835 Apr
Wesson Oil& SD corn v 10o 794 7734 84% 8,700 67
Feb
Western Auto Supply el A• 5834 584 5934
300 5834 June
Warrants
11
1134
300 11
June
West Point Mfg
100
12936 130
200 12934 June
Wheatsworth Inc com- •
52
54
200 344 Jan
Wheeling Steel, corn_ ..100
50
50
100 34
Feb
Winter (Beni) Inc corn.....' 1236
12% 1234
500 12
Mar
Wire Wheel Corp corn new- 3334 32% 36% 54,000 2031 Mar
Woodworth Inc corn
• 36
36
39
1.000 2654 Jan
Woolverine Port Cement 10
200
634 636
5
May
Worth Inc cony class A.. •
1934 204
400 1831 Apr
Yellow Taal of NY
21
2134
500 1234 Mar
Young(LA)Sp & WI com • 4135 4136 4234 1,000 314 Mar
• 41% 4134 4234 1,000 36% Mar
Cony. pref
• 46
Zellerbach Corp
46
25 42% Apr
46
Zonite Products Corp com• 3934 39
414 9,200 38% May
Rights
Burns Bros
Chrysler Co
Flat
Gamewell Co
Interstate Nat Gas
Loew's Inc
New York Central RR.. _ _
Sparks WIthington
Standard Gas& Elec
United El Serv bond rights
White Sew Mach deb rights
Public Utilities
Am Dist Teleg 7'7 P1-- 100
A mar & Foreign Pow war?..
Allot etts part paid
An,er Gas & Elee oom--•
•
Preferred
.100
Amer Lt & Trao corn...
Amer Nat Gas oom yto....
Am Pow & Light Cl A pre
Amer Pub Util pr pref.100
Amer States See coca CIA.'
•
Corn class B
Warrants
Superpower Corp A •
Amer
•
Class B common
•
First preferred
Ark Pow & Lt prat _100
Assoc Gas & Elea Cl A
Binghamton L H & P pf _ _
Brooklyn City AR
100
Buff Niag & East Pr corn..'
•
Class A
25
Preferred
Central Pub 9erv Cl A.._ •
Cent St SW
Central States El corn_ •
100
7% preferred
Cities Serv Pr & Lt $6 LC*
100
7% preferred
Correw'Ith Edison Co -100
Com'wealth Power Corp
100
Preferred
Cons GEL&T Bait corn.'
100
Duke Power
Eastern States Pr corn B_*
East Util Assn corn
Edison Elec Ill Bost _ _ _100
Elea Bond & Sh pref __ _100
.
Elee Bond & Sh Seem% _4
Eleo Invest without war...'
Elea Pow & Lt 2d pref A....•
Option warrants
Empire Gas & E 8% pf_100
100
' 7% preferred
Empire Pow Corp part stk•
Federal Water Serv el A...•
General Pub Serv corn._ _•
Ga Pow (new corp) 56 pt.*
•
Internat. UM class A
•
Class B
Participating preferred •
Kansas Gas & Elee pref 100
KC Pub Sec corn v t c_ *
Lehigh Power Securities_ •
Long lied Leg common_ •
100
7% preferred
Marconi Wirel T of Can_l
Marconi Wirel Tel Lon&£1
_100
Mass Gas Cos coin
100
Preferred
Middle West Util corn.....'
•
88 preferred
Mississippi KW Pow p1.100
Mohawk & Hud Pow corn •
•
Second preferred
Warrants
•
Mohawk Valley Co
•
Municipal Service
Nat Elea Power class A...._•
Nat Pow & Light pref_ _ _ •
,
Nat Pub Seri corn elms.C•
•
Com,class"B"
Warrants
Nevada-Calif Rice corn 100
New Eng Pow Assn corn_ •
NY Telep 634% pref__100
Nor
-Am UM Sec,com____•
•
1st preferred
Northeast Power eom____•
Northern Ohio Power Co..'
Nor States P Corp com _100
100
Preferred
Ohio Bell Telep,7% p1.100
Pacific Gas & El 151 pf....25
•
Penn-Ohlo Ed coin
100
7% prior pref
100
$6 preferred
Option warrants
lb()
.
1034
334
434
50c
204
631
134
86c
234
1034
834
3
436
50c
23
20
64
1
760
234
1034
11
6,700
3% 15,500
6
7,000
55c
2,100
23
100
21
1,200
7% 43,400
1%
500
1
2,600
234 5,200
1131
1,100
2
3
24
50c
23
1135
634
1
76c
234
8%
May
June
Apr
June
June
Feb
June
June
June
June
Feb
High.
42% June
91
June
95
May
70 June
124 Feb
7731 May
6234 May
64 June
32
May
100% Feb
844 Jan
100 June
129 June.
Apr
138
12
May
Jan
48
14
May
Apr
29
1834 May
50 May
23% May
3435 June
20
Jan
85% May
6634 Apr
1731 Apr
159
Mar
5934 May
52
May
Apr
16
3631 June
3935 June
64 Apr
2834 Mar
22
May
45
May
44% Apr
5335 Feb
4834 Apr
11
335
634
55e
23
2334
795
134
1
3
1234
June
June
May
June
June
May
June
June
June
May
Jan
11536 11534 11534
25 1134 Jan 11834 May
17
17%
1934 33,100
19h June
8% Feb
100 100
200 67
Apr 110
May
168
167% 17434 6,600 11734 Jan 184 May
1074 10734 107%
300 1064 Jan 111
May
225 235
225
450 170
Jan 249
May
20
20
21% 2,450 1834 Jan 22
May
8234 8234 83
500 8234 June 87
May
97 102
100 98
Apr 103% Apr
14,800
1034 1034 12
734 Mar 14 May
1431 15%
1,700
734 Mar 18% May
331
334 434 21,300
134 Apr
634 May
3936 3934 43
9,100 37
Jan
Apr
56
41
41
45
2,900 8731 Jan 5631 Apr
10234 10234 10234
600 10134 Jan 1054 May
108 108
25 10734 mar 111
Feb
4834 6,600 4635 Apr 56% May
48
48
50 106% June 107
1064 107
June
6% 736 8,800
Jan
6
94 May
40% 4034 44% 3,800 8014 Jan 4634 May
39% 3934 4134 2,200 31
Jan 4535 May
26% 26% 2636
900 26
Jan 27
May
2534 25
26% 2,700 1934 Jan 27
May
87
87
100 80
Jan 100
May
1064 109
300 30
Jan 109 June
117
117 117
300 10431 Jan 1214 May
100% 100% 1014
1,000 9534 Jan 102
May
500 105% Jan 109
Ap.
10835 10834 10834
183 186%
640 167
Jan 193
May
8634
23
110
105
67%
10434
21
113
10334
36
37
26%
4894
164
11034
150
9934
4134
10436
15
654
1934
36
10834
2834
47
11334
834
27%
2834
140
109
264
39%
9934
20
10334 104
85% 8734
142 142
2231 26
43
43
294 294
110 11031
105 114%
6654 76
10434 10434
23
21
113 113
10334 103%
3534 3734
364 3934
26% 2736
1044 105
48
4935
1531 183.5
102 102
11034 11034
14
14
4031 65
290 290
110% 11034
6% 7%
1534 1536
151 151
79
79
150 155
0934
99
11336 115
41
4554
10434 105
15
18%
6334 68
19% 20%
36
3636
107% 109
2734 2834
3034 30%
2
2
47
50
85
85
113% 114%
8% 94
95
95
2734 29
2834 30
140 145
108% 109
112 112
2634 2854
3931 4234
106% 107
99 101
20
2154
1,000 10234 Jan
1,700 6734 Jan
100 135
Jan
11,100 1131 Jan
500 43 June
10 294 June
900 108% Jan
Jan
31,000 76
27,800 4031 Jan
Jan
400 s102
3,600 1334 Jan
500 110% Feb
1,700 9934 Feb
Feb
3,10(
30
3,500 2734 Jan
5,300 1654 Jan
20( 103% Jan
2,400 4435 Apr
36,700
331 Feb
Jan
115 97
Apr
10,000 110
100 1334 Mar
14,800 1035 Jan
Jan
25 176
30 109% May
Feb
82,700
3
931 Jan
3,800
100 11034 Mar
40 78% May
600 123
Jan
1,100 94
Jan
100 11334 June
8,90
2934 Jan
120 104% June
1,900
6
Jan
12,800 46
Jan
5,500 1334 Jan
1,400 2734 Jan
900 107% June
4,800 22
Jan
200 24% Jan
100 25c
Apr
400 3331 Jan
20 67% May
175 113
June
500
Jan
7
300 92
Jan
13,000 194 Jan
3,300 18
Jan
Jan
3,200 e123
400 108% Feb
June
110 112
1,100 2634 June
3,200 3234 Jan
17 10694 may
180 9334 Feb
Jan
1,300 11
104% Jai
9234 May
1484 May
2634 Ma,
4534 May
294 June
1114 Apr
1274 Ala
79% May
Apr
108
2451 Ma)
11334 Apr
May
105
394 May
42% May
29
May
106% Mar
52
May
1934 May
May
105
11034 June
1534 Jan
65 June
290 June
11231 Feb
844 Mar
1734 Apr
152
May
June
79
168
May
101
May
115 June
53
May
Jan
108
194 May
694 May
May
25
4035 May
Feb
111
2934 May
3234 May
3% May
50 June
9831 Mg
11551 Mar
10% Apr
9534 May
31
May
32
May
152
May
1104 Mar
Apr
115
Apr
30
48% May
Jan
109
May
100
2531 May
JUNE 9 1928.]
Friday
Last Week's Range Sales
for
of Prices.
Sale
Public Utilities (Cond.) Price. Low. High. Week.
FINANCIAL CHRONICLE
Range Since Jan. 1.
Low.
High.
Feb 25
400 13
May
1551 17
•
Penn Ohio Secur Corp_
700 20
2431 25%
May
Jan 27
•
Penna G&E Corp A
700 68
May
Jan 90
• 8234 8234 8635
Pa Water & Power
400 114 Apr
1455 1434
1455 June
Power Securities. corn.
* 14%
100 604 Feb 74
67
67
67
May
Preferred
1,700 34% Jan 8434 Apr
70
Puget Bound P & L corn 100 685.1 67
180 92
100 101
Jan 105% Apr
10034 10134
6% preferred
100 29
37
37
Jan 4051 May
Sierra Pacific El com_100
26% 27
60
2534 Jan
Sou Calif Edison pf B._25
2734 Mar
15
85
75
Jan 92
80
Southern Cities Util p1.100 81
May
Southeast Pow & Lt corn _• 5334 5334 56% 11,300 4151 Feb 61
Apr
51
• 51
300 40% Feb 5755 June
5754
Corn vot tr etre
• 8934 8934 90
30
Jan 92
Partic preferred
Mar
84
7,30
2054 2034 2151
Warets to pur corn stk
12% Feb 2431 May
Southwest P & L 7% pf100
Jan 114
70 110
Apr
11)34 11134
1
11451 11411
Stand Gas & El 7% p1.100
110;5 Jan 1144 Mar
5134 574 5,70
Standard Pow & Lt com_25 53
2934 Jan 584, May
99 10051
99
Swiss Amer Elec prof
1,100 99
June 103% May
•
Tampa Elec Co
10
674 674
Jan 71
62
May
110 110
Tex Pr & Lt 7% pt _ _ _100
5 11355 Ma 115
Feb
Union Natural Gas (Can) *
20
3834 3934
May
2835 Jan 45
24
United Elec Serv warrants
235 June
3 May
234 2% 19,20
50 14034 14034 148
United Gas Impt
31,60 1114 Jan 150
May
United Lt & Pow corn A__• 22
2151 244 49,50
13% Jan 26% Apr
Common class B
•
20
Jan 31
90
2734 2754
May
Preferred class A
• 102
60
10134 102
9434 Jan 1034 May
Preferred class B
•
52% Jan 58
SO
Mar
5634 5634
Utll Pow & Lt class B_• 29% 294 31% 6.000 1834 Jan 32% May
UM Shares Corp corn_ _ _ _ • 144
11
Feb 1854 May
1434 164 2,90
erormer Standard 011 S ubsidi ariesAnglo-Amer Oil (votsh) Ll 174 17
18
17
Jun
4,80
2734 Feb
Non-voting shares____gl
17
17
17
May 204 Feb
17% 5,70
Borne Scrymser Co_ _ _ _100
10
51
5131
49
Apr 56
Jan
Buckeye Pipe Line
50
6614 6834
10
Apr
58
Jan 76
1655 17% 9,500 16
Continental 011 t o_ _ _ _10 164
Feb 23
Jan
Cumberland Pipe Llne_100
99 102
250 88
Mar 114
May
Galena-Sig Oil pf new._100 3234 3234 35
120 27
Jan 40
Feb
45
Preferred old
100
10 35
45
Jan 48
Mar
Humble 011 & Refining_ _25 76
76
8234 18,400 594 Fe
844 Apr
100 224
Illinois Pipe Line
215 235
550 17634 Jan 245
May
65% 654 6734 5,100 56% Feb 75
Imperial 011 (Canada).
May
•
Registered
100 6115 Apr 7155 May
67% 6734
50
Indiana Pipe Line
84
100 74% Fe
84
8934 Apr
National Transit____12.50
22
2334 5,600 2034 Jan 324 May
100 57
N Y Transit Co
57
57
50 3834 Jan 59
May
Northern Pipe Line_ _100
118 120
300 94
Jan 125
Mar
25 6235 6234 64% 4,800 584 Fe
Ohio Oil
655 May
,
4
Penn-Mex Fuel
25
48
48
200 29
Fe
84
May
25 4934 4931 51
Prairie Oil & Gas
10,300 475-4 Fe
56
Apr
100 215
Prairie Pipe Line
2144 21531 14,350 184
Jan 223
Mar
100 178
Solar Refining
178 182
750 169
Ma 186
Apr
50
Southern Pipe Line
3134 314
100 21
Jan 35% May
26 4555 4534 48
South Penn Oil
1,100 3651 Jan 53
Apr
9854 100%
So West Pa Pipe LInes_100
1,500 70
Jan 104
Apr
Standard Oil(Indiana) 25 7551 7555 7834 21,800 7035 Feb 83% Apr
,
(Kansas) 25
Standard 011
600 15
Jan 27% Apr
2134 22%
Standard 011 (Kentucky)25 12715 126 129
6,500 1224 Feb 13634 Apr
25 42
Standard Oil (Neb)
42
600 39% Feb 454 Apr
42
Standard Oil(0)com- _28
450 71
754 76
Mar 794 May
100
Preferred
140 100
11951 120
Jan 125
May
Swan-Finch 011 Corp___25
22
22
200 16
Feb 2335 Apr
Vacuum 01-new
78
774 8234 10,400 75
Apr 8734 May
Other Oil Stocks.
Amer Contr 011Fields___I
Apr
134 33,000 75e
134 Jan
Amer Maracaibo Co
5
5
6
8,800
334 Feb
655 May
Argo Oil Corp
10
234
200
24 May
234 2%
44 Jan
Arkansas Nat Gas
10
931 10
951
1,000
7
Mar 1051 May
Atlantic Lobos 011 corn _•
3
334
1,500
33.4
5
Apr
14 Jan
Preferred
300
63's 634
9% Apr
334 Feb
Barnsdall Corp stock puree
rights)._
warrants (deb
4 3.4 54 2,900
434
4
Mar
634 May
Carib Syndicate new cote_
2135 20
2334 13,700 1834 Jan 23% Jan
Consol Royalty 011
1
20
7
7%
815 May
634 Apr
Creole Syndicate
• 13% 13% 1514 46.00
1034 Jan
1714 May
Crown Cent Petrol Corp_ _•
331 13.20
334 June
76e Mar
231
234
Darby Petrol Corp
• 25
25
4,90
814 Jan 303.4 May
27
Derby Oil & Ref pret
30
11
1155 June
735 Feb
1134
Gibson Oil Corporation_l
234 June
14 1% 14,200
134
134 Ma
Gulf Oil Corp of Penns_ _25 126
125 135% 6,20 10154 Feb 1484 May
Houston Gulf Gas
• 18
7,600 114 Feb 2255 Apr
1734 19
Intercontinental Petrol__10
1% Jan
134
134 7.400
2% Mar
134
International Petroleum_ • 39% 3851 41% 22,40
35
Feb 4551 May
•
Kirby Petroleum
60
111 Jan
2
May
3
234
Leonard 011Develorun't _25
74
4,50
734 8
515 Ma
9% May
Lion 01111.0g
• 2834 2834 3155
1,90
20
Feb 3255 May
Lone Star Gas Corp
25
5234 544 3,50
4855 Apr 57
May
154
Magdalena Syndicate_ _ _ _1
14 134 14,90
910 Mar
1% Apr
• 3834 3834 39
200 3755 Apr 4835 Jan
MargaY 011
•
Mexico-Ohio 011
300
534
451 Apr
574 6
Mar
8
Mexico Oil Corp
10 600
59c 67c 27,500 23o Mar 740 May
Mountain &. Gulf OIL _ _ 1 89e
81c 89c
1,400 Sle May
155 Mar
Mountain Prod Corp_ 10 2434 23% 2455 9,700 23
May 2834 Jan
• 27% 2755 2774
riot Fuel Gas new
1,000 2434 Mar 3055 Apr
5
5
5
New Bradford Oil
900
534
54 Jan
45-4 Mar
New England Fuel Oil__ •
5
5
100
4
Ma
554 Apr
25
New Ycrk Oil
100 1155 Jan
1234 12%
1555 Apr
•
North Cent Tel Oil
12
1331 5,300 10% Jan
13
May
1
Northwest Oil
7c
10e
10,000
30 Fe
12e May
3
Pandem 011 Corporation_•
4,600
234 3
255 Mar
6
Jan
Pantepee 011 of Venesuela• 1134 1134 1234 23,800
834 Fe
1635 Apr
•
6
Pennok 011 Corp
400
6
6
534 Fe
734 Apr
Relter Foster 011 Corp' 734
44 Fe
734 854 3,100
11
Apr
Richfield 011 of Calif p1_25 24% 243-4 2455
400 22
Apr 313.4 Apr
Warrants
214
600 OM Apr 24
20
May
635
Ryan Consul Petrol
500
435 Jan
6% 74
9% Apr
Salt Creek Consol 011_ _ _10
6 June
100
6
6
7
Jan
Salt Creek Producers_ _ _10 28
274 284
1,900 2755 May 35
Jan
Shreveport El Dorado P L. ...... 3134 3155
100 27
May
3155 June
311
. 431 44,500
‘
1
Teton Oil& Land
3
Mar
334
4% May
Tid-Osage 011 vol stook....• 19% 1934 193.4
1,200 13
Feb
2235 May
• 1815
Non-voting stock
1,500 134 Feb 214 Apr
18
1955
Venezuela Petroleum_ _ _ _6
5,800
4% Feb
551 6
654
655 May
011 & Gas_ •
200 1814 Feb 25
Wilcox(H
1934 2051
Apr
Woodly Petrol Corp
100
75( 751
335 Apr
834 Apr
25
7
"Y"Oil& Gas
1,166
5
57'
234 Feb
8% May
Mining Stocks.
._1
4c
4c
40
2,000
Amer Corn Min & Mill.
30. Apr
7c. Jan
5
Arizona Commercial
200
5
63-4 Feb
4
Apr
Sc
10e 58,000
9e
Arizona Globe Copper_ I
30
Jan
100 June
10
224 24% 7,100 17
Carnegie Metals
Jan 27% Apr
431
335 434 5,700 600
Central American Mines_
Jan
4% Apt
1
4
4,500
34 Mar
434
Chief Consol Mining
434
4% Feb
29c 530 87,800 20e May 53c June
Comstock Tun & Drain 10c 45c
12
12
1374 16,700
Consol Copper Mines_ _ _1
5
Jan
15
May
3
Sc
Sc
4e Apr
1,000
Congo! Nev & Utah
90 Feb
1 31c
27c 31c
6,000 180
Cortez Sliver Mines
Jan
32c may
111,
155
M & MI
1,300
Cresson Cowed
1;5 Apr
23.4 Jan
1
4c
4e
.50
30 Mar
15,000
Divide Extension
150
Jan
14 131
151
900 30o Mar
Dolores Esperanza Corp_ _2
2
Apr
4 3.4 4% 4,300
2
Jan
434
Engineer Gold Mines Ltd.5
734 Jan
1
9c
14e 73,000
9c
9c May
Falcon Lead Mines
16c
Jan
1035 1235 24,000
234 Jan
Golden Centre Mines-- _ _5 11%
1355 May
14c
18c 11,000
80. Jan
Goldfield Consol Mines._1 14c
18e. June
20e 24c 48,000
1
50
Jan 25e May
Goldfield Florence
1535 16
250
8,000 134 Apr 18
Recta Mining
Jan
13
1435
800 144 May
Hollinger Cons Gld Mines 5 1434
184 Jan
1734 1855 31,800 1651 Feb 2114 Feb
Bed Bay Min & Smelt._ • 17 34
10
3
Jan
334 754 13.900
43'
g May
Iron Cap Copper
4e
40
3e June
1,000
4c June
Jumbo Eaten Mining...1
5
100 500
55c 55e
Jan 6466 Feb
Kerr Lake
155 1% 8,000 8111$ Apr
5
1% Jan
Masan Valley Mines
Mining Stocks
(Concluded)
3581
Friday
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Price. Low. High. Shares.
Range Since Jan. 1.
Low.
High. ;
Mining Corp of Canada_5
311$ Apr
200
55-4 Jan
33-4 354
334
New Cornelia Copper__ _5 2834 2835 29% 3,100 254 Feb 2935 Jan
100 219
217 225
New Jersey Zinc
200 18031 Jan 242
May
NY & Hond Rosario__ _10
300 14
1534 1634
Jan
1734 Apr
Newmont Mining Corp10 171
Jan 18534 June
170% 185% 30.400 122
4
435 43-4
Nipissing Mines
5
2,400
Feb
43-4
534 Jan
Noranda Mines, Ltd
3754 241.800 17% Mar
• 3551 39
3755 June
10
2
North Butte
271 May
234 2,600 900 Mar
234
Copper
1 830
75e Apr
6,400
80c 85c
Ohio
1116 Jan
30e 37c 19,000 150
Parmac Porcupine M Ltd_l 33e
Jan 38c May
1,900
24 234
Premier Gold Inc
1
255
34 Jan
23-4 Apr
1
17c
18c
6,100 13c Apr
Red Warrior Mining
21e May
1
30
60
6e May
Jan
9,000
6c
San Toy Mining
1555 204 34,100
Shattuck Dann Mining_ • 16
6t4 Jan 2431 Mar
Silver King Coalition_ _5
100 1034 Mar
1235 1294
13
May
2% Jan
400
South Am Gold & Plat 1
335 Mar
331
334
334
Jan 24e May
19c
Standard Silver-Lead _
1,000 12c
19e
19c
1
84 Feb
Teck Hughes
11% 1015 11% 10,900
1155 June
May
1
Tonopah Belmont Dev_..1
300
1116 155
2h $ Jan
9c Jan
14e 14c
1
180
2,000
Tonopah Extension
Jan
4
Tonopah Mining
1
5
1.000
4
Feb
23-4 Jan
Jan
United Eastern Mines__ _1
131 7.300 45c
13-4 81c
134 June
15% 213.6 42,200 1,575 June 25% Jan
United Verde Extension50c 1534
Jan
.500 25c
75c 90c
1
United Zinc Smelt
• 77e
Apr
1
111 June
1
Unity Gold Mines
1%
134 12,600 35c Feb
4
Mar
400
431 434
44
5
54 Jan
Utah Apex
Feb
100
1%
Min
17'
11,6
1116$ Apr
Utah Metal &
1 '
1%
4,100 85e June
Walker Mining
2 June
1%
134 2
1
Jan
1116 10,400 940
2
Feb
Wendell Copper Mining_ -1
171
134
Jan Sc.
2,000 2e.
4c
4e
West End Extension
Jan
4 June
500
4
44
-Hargreaves Min_ •
Wright
67' Jan
600 50c
Feb 99e Mar
51c Ole
5 61e
Yukon Gold Co
Bonds
Abbots Dairies 6s_ _ _ _1942
1033.4 10334 4,000 1004 Apr 10234 Mar
May
Adriatic Electric 7s___1952 9751 974 984 $17,000 944 Jan 101
Feb 1004 Mar
95
97 180.000 94
Alabama Power 44s_ _1967 95
1958 1004 10035 10034 1,000 1004 June 10351 Jan
let & ref 55
37
Jan 5234 Jan
3951 7,000 35
Allied Pk 1st m col tr 89'39 38
9,000 36
36
40
1939
May 4734 Jan
Debenture 65
10251 85.000 101
June 10354 Apr
Aluminum Co it f deb 5s '52 1014 101
19,000 1015( Apr 10835 may
Amer Aggregates 6s_ _ _1943 10334 10334 105
2028 97
963-4 9854 444,000 9655 June 101% Apr
Amer G & El 5s
100 10155 110,000 9734 Feb 1023-4 Apr
Am Natural Gas 6345.1942 100
American Power & Light
60.000 1064 June 110
May
65. without warr'nts 2016 10634 106% 108
June 10044 Apr
98
994 30,000 98
Amer Radiator deb 4 555'47
Amer. Roll Mill, Deb 55'48 9535 9555 9635 119.000 ¶1534 June 9954 Jan
10.000 102
102 103
1938 102
June 50674 Apr
Amer Seating 65
58,000 1004 Apr 125
,
May
Amer Solv & Chem 65_1936 1063-4 10635 113
American Thread 69_1928 100% 10014 10055 2,00 100% June 101% Jan
Anaconda Cop Min 65_1929 10034 1004 100% 30,000 10051 Jun 10135 Jan
Appalachian El Pr 55_1956 9934 9851 1004 55,000 9831 Jun 10251 Mar
97
99% 41,00
Jun 10144 mar
Arkansas Pr & Lt 55_1956 973.4 97
98
98
Jun 101
993-4 10,00
Arnold Paint Works6s 1941 98
May
100 10034 52,00 100 Jun 10074 May
Asso Dye & Pres es__ _1935 100
Associated 0 & E 548 1977 1023-4 10151 10455 76,00 10154 Jan 11435 May
10434 10834 1605000 10131 Apr 11334 May
Cony deb, 4555_ _ _ 1948 104
37,000 103
Jan 105% May
Associated Elec 545_ _1946 10435 10434 105
8,000 8494 Jan 92
86
86
Assoc'd Sim Hard 6555 '33 86
Apr
1,000 1571 Apr 204 Jan
1635 1635
1949
Atlantic Fruit Ss
111 113
89,000 10734 May 115% May
Atlas Plywood 5 As__ _1943 111
Bates Valve Bag 65-_1942
Jan 116
May
With stock porch warr_- 11034 11034 11234 39,000 99
Mar 1074 Apr
Beacon 01168. with warr'36 1014 101 10434 16,000 100
3,000 94
102 102
Jan 103
Jan
Beaverboard Co 88-1933
103 10434 33,000 103
Jun 105% Feb
Bell Tel of Canada 55_1955 103
8,000 103
103 104
Jun 106
Feb
1st 14 58 sex B June 1957
1004 mg 6,000 98% Jan 101
Feb
Berlin City Elec 6555_1929
1958
953.4 95% 4,000 9554 June 05% June
6s
Jan 10434 Apr
1033-4 10354 7,000 103
Boston Corn (las58 _1947
Boston dr Maine RR 55 1967 9834 98% 9931 154,000 9751 Feb 10034 May
10,000 10254 Apr 10411 Jan
10351 104
1933
65
Burmeister & Wain Co of
Copenhagen 15-yr 65 '40 9434 9455 9531 43,000 94% June 100
Jan
10035 10054 9,000 10035 June 10234 Mar
Canada Cement 534a 1947
110 110% 2,000 110
Canadian Nat Rye 78_1935 110
June 1144 :tan
Carolina-Ga Serv Co
96
1st 6s with stk pr wr '42
964 6,000 96 June 99
Jan
101% 10231 42,000 101% June 10555 Max
Carolina Pr & Lt fa_ _ _1958
Cent. MI. States Serv Corp
1st 6s with warr__ _1943 973.4 9734 9754 3.000 96% Apr 99
Mar
9934 5,000 9835 May 9934 Mar
634% notes with wan '23 9934 99
Cent States Elea 6e_ _ _1948 93
9251 9454 96,000 9334 June 9734 Apr
Cent States P Lt 545'53 9734 9631 9735 41,000 9634 Jan 99
Jan
Chie Mil & St P 445'E"89
98 10234 916.000 98
Jun 1023.4 May
Chic Pneum Tool 5358 1942 100
100 10034 19,000 9834 Jan 10155 Mar
Chic Rya Is ett dep.
..1927
Apr 87
8334 8334 4,000 82
Jan
Childs Co deb 58
1943 924 9234 94
41.000 9251 Jun
964 Apr
eine Gas & Elec 48_1968 89
884 9031 525,000 884 Jun
924 Apr
Cincin St By 53.4s A 1952
100 10034 13,000 100
Jun 1044 Mar
Cities Service 55
1966 974 9734 97% 109,000 9034 Apr 98% May
6s
1986 104
Jan 1043-4 May
10335 1044 40,000 103
Cities Service Gas 54s 1942 9434 943.4 95 142,000 9451 Jun
98
Mu
Cities eery Gas Pipe L 65'43 9955 9955 10054 38,000 983.4 Feb 10355 Apr
Apr
102
Cities Serv P & L 5348 1952 98
9734 10031 105,000 9755 Jun
May
May 106
16,000 105
Cleve Elec III 55
1055( 106
1954
Jan
Cleve Terml Bldg 68..1941 98
98
9834 3,000 9734 Mar 100
Jun
2,000 85
87
Commander Larabee 65.'41
9434 Jan
85
Coral Invest Tr 68._ A947 98
9735 98% 136.000 9734 May 10034 May
Commerz und Prtvat
944 Jan
Jun
Bank 5145
9134 182.000 90
,
1937 9034 90
16,000 9955 Jun 10251 Apr
Commonw Edison 4 345 1957 9954 9954 100
Consol GEL&P BaltSs. series A
1949 10634 10634 10755 43,000 10531 Mar n10854 Feb
7,000 9734 Jan 102 May
99 100
Consol Publishers 6348 1938 100
Jan
7,000 9315 Mar 96
95
95
Consol Textile 85
1941 95
9851 June
9851 9851 3.000 98% Jun
Container Corp deb 5s 1943
9734 Mar
Contl & El 5s
1958 9335 9355 93% 125,000 9355 Jun
Jan
40,000 9655 May 99
Continental Oil 5 515_ _1937 97
9634 97
Cont'l See Corp 5s A._1942
Jan 11534 Apr
1,000 99
112 112
with warrants
Ma
3,000 94
953-4 Feb
94
94
Cont-Meehan Coal 6158'54
Jan 98;5 Mar
9734 973-4 23,000 97
Cuba Co 6% notes. _1929
May 119 May
Cuban Teleph 755s .1941
11034 11115 2,000 110
May
Cudahy Pack deb 534* '37 99% 9834 9955 31,000 9734 Jan 101
June 102% Mar
100 10054 19,000 100
58
1916
June 9634 May
92
Denver & K 0 West 55 '78 92
9354 119,000 92
Jan
16,000 80
Deny & Salt Lake Sty 6s'60 8834 8735 89
9335 May
Detroit City Gas 55 B 1950 10035 10034 10134 2.000 1004 June 1049-4 Max
11147 1063-4 10854 107% 31,000 1064 June 1084 Feb
Se, series A
Detroit Int Bdge 6 45_1952 9834 9835 9934 98,000 9855 June 104% Mar
Jan
June 101
9431 157,000 90
90
-year 5 f deb 75_1952 90
25
Dixie Gulf Gas 6 148_1937
9835 993.4 92,000 9855 June 994 Jan
99
with warrants.
1,000 993-4 Jan 1024 June
East Term Off Bldg 6555'43
1023-4 10234
9,000 98
98
June 9955 May
98
Elee Pow(Germ'y) 645 '53
94.000 92% Jan 954 Max
Empire 011 & Refg 53.4* '42 9394 93% 94
97% Mar
May
Eur Mtge & Iny 75 C.1967 9531 954 9555 9,000 95
May
1950
9634 9834 22,000 9634 June 100
734s
9655 97
38.000 964 Jan 9734 Jan
Fairb'ks, Morse & Co 55'42 97
8355 83% 9,000 8334 June 8974 Feb
1933
Federal Sugar 65
Fed Wat Service 5348.1957 10254 10234 10451 147,000 1004 Apr 108% May
76,000 9451 June 973.4 Mar
Firestone Cot Mills 55_1948 9474 9451 95
42,000 9574 Apr 9844 Jan
Firestone T&R Cal 55 1942 9434 9434 96
First Bohemian Glass Wks
91
93
Jan 103
47.000 90
Jan
1st 75 with stk pur war'57 92
Apr 9854 Feb
9634 34,000 96
Flak Rubber 548.--1931 964 96
Florida Power & Lt 55_1954 9534 953.4 97% 180,000 9534 June n9
935 Apr
95
Feb 98
1930 95
964 33,000 87
Galena-Sig 011 78
May
1956 984 984 99 148,000 984 June 101
Jan
Gatineau Power 55
1941 1013.4 10115 10135 12,000 101% June 10454 Apr
as
3582
Bonds (Continued)
-
Range Since Jan. 1.
Low.
High.
Gelsenkirchen Min 64_1934 97
Mar
Mar 97
97
13,000 97
97
Oem Amer Invest 5s...1952
Without warrants
Apr
May 95
92
92
929' 28,000 92
Gen Laundry Mach 630'37 115
June
112 118 104,000 100
Jan 118
General Rayon 68_ _ _ _ 1948 99% 99% 100% 20.000 99% June 10034 June
General Vending Confer; with warr Aug 161937 95
9455 96 151,000 92% May 9851 Oct
Georgia & Florida es1946
Mar 9651 Jan
8,000 78
87
87
Georgia Power ref 50..1967 98% 98% 100 101.000 9934 Jan 103
Mar
Goodyear T & R 5s__ _1928 9931 9951 100
May 10054 Jan
13,000 99
Goodyear T&R Cal 590'31
Jan
Apr /101
100% 10055 6,000 100
Grand Trunk Ry 694 A936 108
Jan
108 1099' 26.000 108
June 112
,
Guantanamo & W Ry 65'58
Apr 9781 Jan
91% 9351 34,000 92
Gulf 011 of Pa 193____1937 10151 101% 101% 21,000 101% June 10231 Mar
Sinking fund deb 54_1947 101% 100% 102
47,000 100
June 102% Jan
Gulf States Ut11 5s_ _ __1956 99
19,000 98
98
99
June 102 May
Hamburg Else Co 70..1935 102
Feb
102 10234 28,000 99;1 Feb 103
Hanover Cred Ins 6s__1931
95
9531 6,000 94
Jan 91351 Apr
Hood Rubber5%a Oct 15 3
Jan
6.000 90% May 96
90% 91
'0
1936
74
102 10231 8,000 101% June 103% Jan
Houston Gulf Gas 63451943 99
99
9934 66,000 99
May 9934 May
1943 993i 99
6s
9934 371,000 99
June 9934 May
June
HYgrade Food Prod 6s '37
2,000 143
255 255
Jan 255
Illinois Pow & Lt 530_1957
6,000 98
98
98
June 101% May
1954
19,000 101 June 103% May
101
103
5348 series B
Indep Oil & Gas deb 6s 1939 100
100 103 123,000 9694 Jan 106
Apr
Ind'polis P & L 58 ser A '57 98% 98 10031 88,000 98
Max
June 102
Inland Steel.4%a
_ _1948 90% 89% 92% 194,000 8955 June (8)96
Apt
Int Pow Secur 7s ser E 1957 99
99
99% 28,000 9551 May 10151 May
Internal Securities 58_1947 9491 9431 94% 9,000 94
May 9934 May
Interstate Nat Gas 6s..1935
Without warrants
104 104
2.000 10131 Jan 104
Apr
Interstate Power 54.....1957 9551 94% 95% 148,000 9491 Jan 9934 Apr
Debentures 6s
1952 100
9931 100% 64,000 97% Feb 102% Mar
Interstate Pub Serv 581956
99
99
5,000 9851 Feb 101
Apr
Invest Bond & Oh 5s .1947 104% 10431 104% 10,000 10451 June 115% May
Invest Co of Am 55 A.1947
104% 106% 33,000 96
Apr
Feb 109
Investors Equity Co 551947
With warrants
112 112
300 10434 Jan 112% Apr
Iowa-Nebraska L & P5.
'57
9531 96% 35,000 9555 June 101
Max
Isarco Hydro-El 7s___1952
94
95.14 3,000 93
Mar 97% May
Isotta Franchini 73_1942
with warrants
10134 101% 104
47,000 97
May
Mar 105
Without warrants
91
91
1,000 90% May 9431 May
Jeddo HighlandCoales 1941
104 1049' 5,000 104
Feb
Jan 105
Kelvinator Co 68
1936
Without warrants
59,000 81
8384 82% 84
Apr
May 85
Keystone Tel (Pa) 5)45 '55 93
93
May
93
5.000 90
Jan 95
Hoppers0& C deb 53_1947 99)' 9931 10031 109,000 9954 Jan n101% May
Laclede G L 535s
163.5
101 101
1,000 100 June 101% Apr
Lehigh Pow Occur 69_2026 106
105 107
78,000 103% May 10991 May
Leonard Tletz Inc 730 '46
With warrants
1779' 1799' 2,000 130
Jan 179% June
Without warrants
14,000 102% Jan 10555 May
10351 104
Libby, MoN & Lib 58 1942 95
95
989' 67,000 94% Mar 97
Apr
Lombard Elec Co 7s...1952 9494 943.4 ing 34,000 9434 Jan 99
Mar
With warrants
103
102% 105% 73,000 96
May
Feb 107
Lone Star Gas Corp 55 1942 98% 98% 9934 53,000 9
Jan
834 Feb 100
Long Island Ltg 8s_ __1945
4.000 10431 May 10555 Apr
105 105
Louisiana Pow & L 56.1957
Mar
96% 9734 7,000 8651 June 100
Manitoba Power 5)0_1951 10131 101% 102% 15.000 101% June 10455 Apr
Mansfield Min&Sm(Ger) .
7s with warrants _ __1941
Jan 107% May
105 105% 10,000 103
Without warrants
99
9991 14.000 9691 May 99% June
Mass Gas Cos 5545___1946 104
Jan
49,000 103% May 105
103% 104
McCord Rad & Mfg (is 1943
Apr 101
12,000 99
Feb
9931 100
Met Edison 450
9714 9951 102,000 97% June 1029' Mar
1968 98
Midwest Gas 75
May
74,000 963.4 Mar 104
1936 1039' 10331 104
Milwaukee G L 4548-1967 100% 100 10131 13,000 100
Jan 103% Apr
Montgomery Ward 50_1946
10,000 100% Mar 10234 Jan
100% 101
Montreal I. 11 & P 5s A1951 101
7,000 100% June 10334 Feb
100% 101
Morris & Co 7148----1930
101% 10131 17,000 98
Jan 101% May
Narragansett Co coil 59 '57 99% 9935 1009' 70,000 9951 June 10235 Mar
Nat Distillers Prod 634535
101% 101%
1,000 101% May ling Jan
Nat Pow & Lt 65 A2026 10531 105 108
11,000 105
June 109% Mar
Nat Pub Serv 50
90
1978 90
9131 69,000 90 June 94% Apr
Nebraska Pow Os
1129' 1129' 1,000 10951 Jan 11394 May
2022
Nevada Cons 55
194. 99
99
9951 64,000 981.4 Jan 9951 Feb
New Hog0& El Assn 5s'47 9814 96% 98
36,000 8634 June 101
Mar
NYP&L Corp lin 450'67 929' 91% 94 274.000 9155 June 97% Mar
Nichols & Shepard Co 65'37
With warrants
193 200
15,000 117% Jan 200 June
Without warrants
9994 9934 99% 25,000 9455 Feb 101
Apr
Nippon Mee Pow 6%5_1953 93% 93
94% 64,000 93 June 97% Apr
North Ind Pub Serv 55 1966
1009' 1029' 37,000 10051 Jan 104
Mar
Nor Germ Lloyd es_ __1947 92% 92% 94 113,000 9255 May 96% Mar
Nor States Pow 6%3.1933 138
138 139
16,000 119
Jan 148
Apr
16,000 102% June 10531 Jan
634% gold notes_1933 102% 102% 103
100% 101% 22,000 10074 June 103% May
Ohio Power 58 ser B_ _1952 101
92
1958 92
95
57,000 92 June 9734 Apr
1130 series D
Ohio Riv Edison 55 A951 102% 102% 10235 5,000 10091 Jan 102% June
Oalo Gas & Elec Wks tss '63 9354 6335 n9631 56,000 9351 June 97
Apr
1,000 100
101% 10134
1941
Oswego Falls Co 6s
Feb 102
Apr
Pao Gas & El 1st 430.1957 9751 9731 989' 70,000 9751 June 101% Apr
Mar 105
Pacific Invest 58
1948 10035 100 10191 29,000 96
May
10034 10131 4,000 100
Jan 10234 Mar
1936
Park & TlIford 68
Penn-Ohio Edison es 1950
10031 100% 103% 19.000 100% June 104% May
Without warrants
Jan
1029' 1029' 2,000 102% Mar 104
Penn Pow & L 5s ser 5 _1952
1st & ref 5s ser D_ _ _1953 1029' 102% 102% 13,000 10251 June 10434 Mar
May 107% Mar
107% 107)1 2,000 106
Phila Electric Co 550_1947
6,000 106% Jan 10735 Mar
107 107
1953 107
5145
Jan
105% 105% 203,000 105% June 107
Phila Elec Pow 530-1972
Feb 105
Jan
454 11,000 104
Phila Rap Tran 6s_ _1962 1049' 10435 19
Phila Sub Cos 0 & E
100 10031 2,000 98% Jan 10231 Mar
1957
1st & ref 434.
1019' 10194 5,000 98% rJan 10134 June
Pitts, Afilw & Bait 534e '47
Apr
101% 101% 102% 40,000 10194 June 103
Pittsburg Steel 88
1948
71,000 9931 June 10291 Mar
Potomac Edition 50_1958 9994 9934 100
Jan
Power Corp of NY 5345'47 98% 98% 98% - 6,000 98% June 101
May 10031 Mar
Procter & Gamble 4301947 9911 99% 99% 40.000 99
343000 103% Feb 14451 May
PubServCorp of N J4%948 125% 124% 132
Pub Ser El & 4%9..1967 98% 973.4 99% 165,000 9751 June 10351 Apr
Purity Bakeries deb 561948 93% 9331 95% 33,000 9331 June 9734 Feb
Jan 10391 June
10334 1039' 2.000 100
Queensboro G & E 4)4s '58
5,000 100 June 101
Apr
100 100
1958
Ref.4 515
Rem Arms 534% notes1930 9731 97% 9834 38,000 9554 Jan 9951 Apr
June
Feb 155
Richfield 011 of Calif 65 '41 14231 1429' 155 178,000 98
12,000 10054 June 101
June
3-yr cony 531% notes'31 10094 100% 101
100 10394 9,000 190 June 104% Apr
Rochester G & E 4356.1977
27,000 95
Mar 96% May
64 '47 9534 95% 96
Si Louis Coke & Gas
9731 9894 132,000 97% June 100% Mar
Ban Ant Pub Ber 5s___1955 98
Apr
Salida Falls Co 54___ _1955 1039' 103 10394 10,000 101% Jan 104
104% 10851 7,000 9594 Jan 108% June
Schulte R E Co 69.-193 104%
5
65 without warr'ts__1935 9394 9334 93% 13,000 8894 Mar 9351 May
56,000 9894 Mar 100
Apr
Scripps(E W)00...1943 989' 9854 99
72% 35.000 13% Feb 7655 May
Serval Inc (new co) 59-1948 6831 68
31,000 98 June 100% Feb
99
98
Sharon Steel HooP5301 -'
48 98
91,000 95 June 98% Mar
96
Shawinigan w a P 450'87 953' 95
Shawaheen Mills 7s.....1931 10051 99% 10034 11,000 98% Feb 101% Apr
Jan
9634 75.000 95
June 98
Shell Pipe Line 5s_1952 95% 95
Apr
Jan 135
123 12931 128,000 103
Snider Pack 6% notes. 1932 123
Mar
Solvay-Am Invest 58..1942 97% 9734 98% 8,000 9731 June 100
Southeast P & L 69.....2025
Without warrants
10554 105 107% 116,000 95 June 109% Mar
71,000 105
Jan 13151 May
118 127
Southern Asbestos 66.1937 118
Sou Calif Edison 56.....1951 101% 10134 10394 34,000 101% June 104% Apr
Refunding mtge 51_1952 1019' 10194 10234 39.000 10134 June 10451 Apr
May 104% Apr
101% 21,000 101
Gen & ref 55
1944 1019' 101
24,000 94)4 Jan 95% Jan
9434 95
Sou Calif Gas 58
1937 95
9834 9994 6,000 98% June 10534 Apr
59
1957
[VoL. 126.
FINANCIAL CHRONICLE
Friday
Last Week's Rang Sales
of Prices.
Sale
for
Price. Low. High. Week.
Bonds (Concluded)
Friday
Last Week's Rang
of Prices.
Sale
Price. Low. High
Sales
for
Range Since Jan. 1.
Low.
High.
Southern Dairies es__ _1930 98
12,000 9754 Apr 9994 Jan
98
98
S'west Gas & Eleo 58 A 1957 9951 9831 9931 11,000 98
May 10051 Ape
Southw Lt & Pr 5s_ _1957
June 99% May
5,000 96
96
96
13'west Pow & Lt. 60..2022 108% 10831 11131 19,000 10734 Jan 112% May
Staley (A E) Mfg 65_1942
May 10154 Mar
9851 993( 19,000 98
Stand Pow & Lt 65_1951 10034 100% 10134 86,000 99;4 Jan 10434 Mar
Stinnes(Hugo) Corp
75 Oct 1 '36 without warr 96
17.000 93% Jan 9851 May
96
97
75 1946 without warr'ta.
95
9534 6.000 93% Feb 97% May
Stutz Motors 7;is__ _1937
Feb 100
4,000 93
May
96
96
Bun Maid Raisin 690_1942 8334 83
94,000 79
Jan
87
May 98
Sun 011 590
22,000 101
Jan 102% Apr
1939 101% 101 102
Swift & Co 51 Oct 15 1932 10831 99% 100% 73.000 9931 June 101% Jan
Texas Power & Lt 53..1956 9951 99% 101
Mar
58,000 99% May 103
Tokyo Elec L 68
1953 90% 9091 90% 7.000 90% June 90% June
Trans
-Coat 011 71, 1930 104• 1 104% 105
Jan
Feb 116
97.000 103
3
Tyrol Hydro-El 7s1952 9451 9434 9551 13,000 92% Jan 95% Apr
Ulen & Co 6948
May
1936 99% 98% 093.1 23,000 9751 Feb 100
Union Pacific RR 46.
92% 9284 92% 261,000 9231 May 93
June
United El Serv (Lines) 7.56
Without warrants
Apr
9551 95
9531 42,000 9234 Jan 100
With warrants
116 1193.4 80,000 101% Jan 125
116
May
United Indus 611a__ _1941
Mar
93
943.4 20,000 93 June 97
United Lt & Rye 5;0_1952 97
97
May 9934 Jan
9754 107.000 96
65 series A
1952 102
3,000 102 June 10835 Jan
102 102
Unit Porto Ric Sug.6 510'37 103% 103 107
Jan 107
13,000 99
June
United Rys of Hay 734s'36
9,000 11154 Jan 11351 Feb
112 112
United Steel Wks 6348 1947
With warrants
Jan 96
91% 24,000 90
9135 91
Feb
U S Radiator 5s
24,000 963.4 May
9831 May
1938 9651 9634 97
U S Rubber 634% notes'29
9,000 9934 Mar 102% Feb
99% 100
Serial 694% notes...193a
9951 9931 5,000 9834 Mar 102% Jan
Mar 103
19,000 99
Feb
Serial 694% notes__1933 99% 99% 100
Mar 102% Jan
Serial 694% notes_ _1934
10,000 99
9934 100
Mar 103
Feb
4,000 98
Serial 634% notes _1935
99
99
Serial 634% notes_ _ 1937 9835 9835 9955 3,000 9831 Mar 102% Feb
Mar 103
Jan
Serial 634% notes _ _1938 99% 98% 9934 7,000 98
Mar 1033' Jan
Bartel 634% notes_ _1939 9951 9994 0984
3.000 99
Feb
US Smelt & Ref 530_1935 102
May 105
36.900 100
101 10234
Jan 101
May
Utilities Pow & Lt 534.'47 96
96 n9751 24.000 92
Valvoline 011 7s
2,000 10411 Feb 106% Apr
1937
106 106
Vestern Elec Rya 70_1947 9534 9534 9534 4,000 9534 June 96 June
June
Warner Bros Pict 610 1923 12134 118% 122
86.000 9534 Jan 122
Feb 112% June
108 11234 16,000 98
Warner
-Quinlan Co es 1942 110
Webster Mills 13354- -1933
12.000 95% Jan 9974 Apr
95% 97
May
Western Power 5941,A957 101
101 10255 87.000 9911 Jan 105
June 9331 Feb
Westphalia Un El Po 6a '53 8931 89
9234 00.000 89
Jan 107
10,000 102
May
Westvaco Chlorine 550'37
103 103
Whee/ing Steel 454s_ _ _1953 89% 89
9194 49,000 8934 June 9351 May
Jan
2,000 97% Apr 99
Wisconsin Cent Ry 59_1930
9711 98
Foreign Government a nd Mu nIcipallties
Agricul Mtge Bk Rep of Col
20
-year 7s Jan 15 1946 100
100 100% 16,000 9734 Jan 10214 Apr
Jan 1015( Apt
20
-year 7s Jan 15 1947 9931 9951 10051 29,000 97
Akershus (Dept) Norway
External 5s
9731 0734 10,000 9754 June 9734 May
1963
June
7 june 9851 Apr
J e
97
Antlooula 75 series D.1945 97
9751 12,000
17,000 9634
9934 Mar
Baden (Germany) 74..1951 9894 9634 99
Bank of Prussia Landown2,000 9454 Jan 9754 Apr
ers Assn 6% note6._1930
96
96
102 10334 26,000 1001.4 Feb 10534 May
Buenos Alrea(Prov)750'47 103
75
102 10294 4,000 9851 Jan 10314 Mar
1936
Jan 10234 June
75
1013.4 10254 29,000 98
1952 102
Cent Bk o/ German State &
June 9234 Mar
Pro, Banks 60B
89
1951 89
8934 35,000 89
Copenhagen 4 35s
1953 9434 9435 9456 99,000 9434 May 94% June
102
Apr
82,000
Daniell Cons Mimic 5545'55 98
98 100
May 99% Apr
5 May
7
535s new
96% 0651 12,000 9
1953
Danzig P & Wat'way Bd
Feb
Jan n90
8
8834 11,000 86
External s f 6945_1952 8'
Denm'k (Kingd'm)634.65 10034 10054 10091 89,000 10095 Feb 10234 Jan
17,000 93 June 95% May
95
1962 93% 93
494s
Apr
Jan 95
Estonia (Republic) 7s_1967 9254 92% 94% 69,000 91
1,000 9951 June 9931 May
Frankfort (City) 6348-1953
9951 9951
May 9)100%MAY
87.000
German Cons Muni° 7s '47 993' 9934 100
9
831
4
6s
9434 9414 23,000 9June 94% May
1947
June 9794 June
1,000 05
Ger Prov Corn Bks 655s'58 95
95
95
Indus Mtg Bk or Finland
1st mtge coll f 78..1944
10131 27,000 10055 Jan 102% Feb
101
Apr
17,000 923.4 Jan 101
Medellin (Colombia) 70 '51 96
96
98
85
1948 101% 10434 10451 14,000 10234 Jan 10534 Apr
Mendoza (Prov) Argentina
734.
1951 9935 99% 10034 31.000 9654 Jan 100% Apr
Minas Geraes(State) Brazil
Ext 634a
1953 9755 9735 97% 58,000 9755 May 9714 Apr
44,000 9314 Jan 98% Apr
Montevideo (City) 65-1959 94
94
98
Mtge Bk of Bogota 75..1947 9351 93
94% 55,000 9151 Feb 6)9551 Apr
New
95% Apr
20,000 9134
93
94
Mar
51 June 99
Mtge Bank of Chlle 64 1931 97% 95% 97% 46.000
May
6s w 1
May 98
23,000
1931
9734 98
Mtge Bk of Denmark 51 '72 97
Jan 99% Apr
18,000
98
97
MAY
Mtge Bk of Jugoalav 74 '57 87
90
8631 87% 53,000 8634
Mtge Bank of Venetian
Apr
96
Provinces 7.
15,000
1952 9334 93
94
108% Feb
Netherland 6s
0365
8
! n1
1972
106% 10651 12,000 1995
jjj:
N
Norway (Kingdom of) Be
External 55
02,000 93% June 96% Apr
1967 93% 9351 95
Parana(State of)Braz 75'58 9634 9635 98
46,000 9634 June 9834 May
Prussia (Free State) 694s'61 97
96
973' 59,000 95% Jan 98% Ma
Esti 68 (of '27) Oct 15'52 91
9051 92% 97,000 903( June n9434 May
Rio Grande do Sul (State)
Brazil 7s (of '27)... 1967 9894 9735 9935 18.000 96
Jan 10091 Apr
Ruralan Government
834s
Mar
2,000 14
14
14
June 30
1919 14
Mar
0559 info
1919 1334 13% 14% 99,000 1334 June 18
534s
14
June 1714 Mar
14
1921
1451 63,000 14
634s certificate
1921 13% 13% 1454 25,000 1331 June 17% Mar
Saar Basin Con Counties
7s
5,000 100
Feb 102% May
1935 10031 loot 101
1,000 10034 Apr 102% Apr
Saarbruecken 7s
101 101
1935
Silesia(Prov)7s
1.000 8931 June 8934 June
89% 89%
1958
Banta Fe (City) Argentine
Republic esti 7s........1945 96
35.000 9354 Jan 99)4 May
97
96
Santiago (Chile) 7s _1949 100
12,000 9955 June 101% Apr
9934 100
Saxon State MtgeInv 70'45
99% 10031 24,000 99
Jan 101% Mar
6515
97
973.4 7.000 95% Jan 9834 APT
1946
Serbs Croats & Slovenes
Feb
(King) esti sec 7s Ber 13'62 88
879( 8934 83,000 8534 Jan 92
Switzerland Govt 534.192 10014 100 10031 20,000 100
June 10234 AP:
9
Vienna (City) ext 68_1952 8994 883.4 9334 55,000 883.4 June 9334 Ain
Warsaw (City) 7... .1958 8834 8814 89% 74,000 88
• _1958
Apr 0
014 Mar
•No par value. I Correction. as Listed on the Stook Exchange this week, where
additional transactions will be found. n Bold under the rule. o Sold for malt.
s Option sale. I Hz
-rights and bonus. to When issued.
Ex-dividend. ir
rights. s Ex-stock dividend.
OPtion sales made as follows: a Middle West Mil. prior lien Ink • Mar. 5 at 1,3
:
a A.G.Spalding & Bro..corn.,Jan.14 at 120: 5 Associated Gas & Elea.. Jan. 14 at 47
Sierra Pacific Else. Co.. Jan.6 at 92: a MS State Power. Jan. 13 10114• (
.
1)
Palmolive Pet.. Feb. 28 at 85.
"Under the rule" sales were made as follows:
b Belgian Nat.ortal Ra.lway. preference January 20 at 1751: I EitingonSchild Co. 13a, Jan. 13 at 9851:1 Goodyear Tire & Rubber of Calif. 5345, Jan. 4 at
10134:6 U.S. Rubber eyi% notes 1940 at 108:, J. J. Newberry, pref. Jan. 25 Ii
o Standard Publishing class A Jan. 25 at 4: It $1.000 United Oil Prod. 84.
1931, Feb. 2 at $81. Potrero Bug. 7s, 1967, Feb. 17 at 98: to American Meter Co.)
Feb. 29 at 126. (3) Ohio River Edison 5s. 1951. Feb. 27 at 103. (4) Nat. Pub.
Our, war., Apr. 24 at 3@394. (6) Mtg. Bk. of Bogota 75. 1947, Apr. 20 at 961
-Inland Steel 434s, May 4, 85.000 at 9881. (8) Cities Service pref.. May 23, 8
at 10854. (9) German Con Mines 75, 1947, May 23, $1,000 at 101%.
9951:
Inoestuunt ant Piltaati bteltiffente:
-In the table which
Latest Gross Earnings by Weeks.
follows we sum up separately the earnings for the fourth
week of May. The table covers 10 roads and shows 5.16%
increase over the same week last year:
Fourth Week of Mail.
Buffalo Rochester & Pittsburgh__
Canadian National
Duluth South Shore as Atlantic_ _ _ _
Georgia & Florida
Mineral Range
Minneapolis Sr St Louis
Mobile & Ohio
St Louis Southwestern
Southern Railway System
Western Maryland
Total (10 roads)
Total increase (5.16%)
1928.
8475,481
7,543,000
142,856
36,600
6,767
300,197
415,492
610,500
5,000,683
453.210
1927.
Increase.
8429,027
546,953
6,497.266 1,045.734
136,872
5,984
44,244
5,453
1,314
276,752
23,445
487,297
662.621
5,116,597
592,202
814,984,786 814.248,331 81,122.930
736,455
Decrease.
7.644
71,805
52,121
115.914
138.991
Grossfrom Railway - Nei from
1928.
1927.
1928.
$
$
$
St Louis San Francisco of Texas
142,530
201,855
64,894
April
694,754
149,039
From Jan 1_ 555,626
Fort Worth AL Rio Grande
26,163
95,593
99,412
April
402,069
35,994
From Jan 1- 394,697
Texas & New Orleans
6,357,835 5,574,326
918,783
April
From Jan 1_21,568.751 22,514,798 3,549,000
Brooklyn City
ADM-- _
-Grossfrom Railway- -Net from Railway- -Net after Taxes
1928.
1927.
1928.
1927.
1928.
1927.
$
$
$
Central RR of N J
4,774,353 5.013,611 1,952.702 1.325,514
April
999,789 1,178,961
From Jan 1_17,698.293 18,277,800 4,313,993 3,615,082 3,126.810 2,807.698
Central Vermont
550,660
737.980 de1220,215
April.
116,228 8ef238,440
96,672
From Jan I_ 1,669,162 2,727,353df1,147.149
387,309df1,194.723
310,189
Chicago Milwaukee St Paul & Pacific
12,437.080 11,935.832 2,497,254 1,049,431 1,672,164
April
297.126
From Jan 1_51,331.439 48,627,193 13.233,822 7.332.358 10,081,289 4,321.417
Conemaugh & Black Lick
124,923
138.566
April
def3.080 def27,078
def4,080 def28.278
466,676
522,826 def28,697 def52,066 def32,697 def56,866
From Jan 1_
Delaware Lackawanna dr Western
6,969,890 7,417,526 2,113,249 2,366,932 1,512,155 1,701,530
April
From Jan 1_25,349,510 26,397,084 6,122,678 5,833,804 3,988,867 3,696,722
International Gt Northern
1,549,299 1,504,149
323,8.53
April
272,361
281,028
231,696
From Jan 1_ 5.822,940 6,153,293
953,058 1.136,778
784,809
908,726
Interoceanic Railway of Mexico
988,528
February _ _ 1,090,021
80,791 --42,742
64,340 --97,337
From Jan 1. 2,153,630 1,974,097
Louisiana By & Navig Co
288,145
17,297
267,962
April
80,073
57.069
def4.801
216,665
127,851
From Jan 1_ 1,108,067 1,153,876
123,857
36.438
National Railway of Mexico
9,330,485 8,212,216 1,085,197
163,093
February
279.586
From Jan 1_18,586,347 16.904,781 2,026,434
63,153
175,278
def11,133
de122,483
62.245
138,379
Tales
--
1927.
$
60.575
165.062
21.947 def15.190
19,926 def38,800
686,519
613,126
2,867,580 2,322.834
New York City Street Railways.
Cross
Fixed
Revenue.
Revenue.
Charges.
Feb '28
'27
2 mos ended Feb 29 '28
'27
Brooklyn Heights (Rec) Feb '28
Current
Previous
Increase or
27
Week.
Year.
Year.
Decrease.
%
2 mos ended Feb 29 '28
'27
4
$
s
2d week Oct. (13 roads)
Feb '28
17.643.939 17,907,644
-263,705 1.48 Brooklyn dr Queens._
3d week Oct. (13 roads)
'27
18,906,764 18,681.245 -1,774.481 9.50
4th week Oct. (13 roads)
2 mos ended Feb 29 '28
25,561,495 25,777,620
-216,125 0.84
1st week Nov.(13 roads)
'27
17,108,500 17,815,452
-706,952 3.97
2d week Nov.(13 roads)
18,207,050 17,976,471
Feb '28
+230.578 1.29 Coney Island dr
3d week Nov.(13 roads)
16.510.545 17.602,795 -1,092.250 6.21
'27
Brooklyn
4th week Nov.(12 roads)
14,483.191 15,491.462 -1,008.272 6.51
2 mos ended Feb 29 '28
181 week Dec. (13 roads)
15,450,458 15.931,020
'27
-480.473 3.02
26 week Dec. (13 roads)
14,661.454 15,766,994 -1,105,540 7.01 Coney Island dr
Feb '28
3d week Dec. (13 roads)
15,245,679 15,600,778
-354,099 2.28
Gravesend
'27
4th week Dec. (12 roads)
13.755.346 14,261,831
-506,484 3.55
2 moS ended Feb 29 '28
1st week Jan. (13 roads)
12,251.914 12.953,678
-701,764 5.42
'27
2d week Jan. (13 roads)
13,828,607 13.537,951
+290.657 2.16
3d week Jan. (13 roads)
14,159,779 13,591,510
+568.270 4.17 Eighth dr Ninth Avenue Feb '28
'27
(Rec)
4th week Jan. (13 roads)
19.695,902 19,129.089
+516.793 2.70
2 mos ended Feb 29 '28
let week Feb. (13 roads)
14,361,236 13.890,366
+470.870 3.39
'27
26 week Feb. (13 roads)
14,728.570 14.221,833
+506,737 3.56
3d week Feb. (13 roads)
Feb '28
18,881.532 10,882,826
-1,294 0.02 Interboro Rapid Tran
4th week Feb. (12 roads)
'27
15.575.152 13.665.718 +1.909,439 13.97
Subway Div)
let week Mar.(11 roads)
9,148,917 9,305,258
2 mos ended Feb 29 '28
-156.341 1.69
2d week Mar.(11 roads)
'27
9.271,593 9,523.366
-251.773 2.65
3d week Mar.(11 roads)
14,104.068 13,836.588
-267,552 +1.9 Elevated Division
Feb '28
4th week Mar.(12 roads)
21,017,426 20.134,884
+882,541 4.38
'27
1st week Apr. (12 roads)
15.651,418 15,283,350
+368.068 2.41
2 mos ended Feb 29 '28
26 week Apr. (12 roads)
13,255,732 13,508,682
-252.950 1.87
'27
3d week Apr. (11 roads)
9,009,058 8,996.52
+12,534 0.14
Feb '28
Manhattan & Queens
4th week Apr. (12 roads)
17,496.497 18,058,908
-562,411 3.11
'27
(Rec)
let week May (12 roads)
13,649.210 14.118,34
-469.133 3.32
2 mos ended Feb 29 '28
26 week May (12 roads)
14,191,781 13,656.72
+535,054 3.92
'27
3d week May (12 roads)
14,458,113 13,506,06
+952,046 7.09
4th week May (10 rnnt141
14 054 75A IA 942 771
_1_7,11 AKK
CI,
Feb '28
Manhattan Bridge
'27
(3c I.Ine)
2 mos ended Feb 29 '28
We also give the following comparisons of the monthly
'27
totals of railroad earnings, both gross and net (the net before Nassau Electric
Feb '28
'27
the deduction of taxes), both being very comprehensive.
2 mos ended Feb 29 '28
'27
They include all the Class A roads in the country, with a total
Feb '28
New York & Harlem
mileage each month as stated in the footnote to the table:
'27
2 mos ended Feb 29 '28
'27
Gross Earnings.
Net Earnings.
Feb '28
New York dr Queens
Month.
'27
Increase or
Increase or
2 mos ended Feb 29 '28
1927.
1926.
Decrease.
1927. I
1926.
Decrease.
'27
Feb '28
New York Railways
8
$
$
I
I
$
497,212.491 498.677.065 -1,464.574 113.643,766 114,417,892 -774,126
'27
May
517,593,015416.454,998 +1.088.017126.757.878127.821.385 -1,063.507
2 mos ended Feb 29 '28
June ___ 516.023,039 539.797.813-23,774,774 127,749,692 148.646,848-20,897.156
'27
July_
508,413,874 558,710.935'-48.297.061 125,938.334 180.874.882-35,436.648 New York Rap Tram
Feb '28
August _ 556,406,662 579,093.397,-22,686.735 164,013,942 179.711.414-15,697.472
'27
Eleptem'r 564.043,987 590.102,143-26,058,156 179,434,277,193,233.706-13 799.429
2 mos ended Feb 29 '28
October 582,542,179 605.982,445-23.440,266 180,919.048 194,283,539 -13,364,491
'27
Novem'r 502,994,051 561,153,956-58.159,905 125,957.014 158,501,561-32.544,547
Feb '28
Decem'r 486,526,003 525,820,708-59.294,705 90,351.147 118,520.165-28,169.018 Ocean Electric
27
2 mos ended Feb 29 '28
January 456.520:897488.722:646-30.161.749 93.990.840 99,599:436 -5.558.796
'27
February 955.681.258 468,532.117-12.850,859 108,120,729 107.579.051
+541.678
March__ 504,233,099530.643.758-26,410,659 131,840,275 135,874,542, -9.034.267 Second Avenue
Feb '28
'27
2 mos ended Feb 29 '28
Note.
-Percentage of Increase or decrease in net for above months has been:
'27
1927-April. 0.67% dec.; May. 0.83% dec.; June, 14.07% dec.; July, 22.03% dec.;
Aug., 8.73% dec.; Sept.. 7.14% dec.; Oct., 3.87% dec.; Nov., 20.53% dee.; Dec., South Brooklyn
Feb '28
23.76% dec. 1928-Jan.,5.58% dec.; Feb.,0.50% inc.; March, 2.96 dec.
'27
2 mos ended Feb 29 '28
In the month of April the length of road covered was 238,183 miles In 1927,
against 237.187 miles In 1920; in May, 238.025 miles, against 237,275 miles in 1926;
'27
In June, 238.425 miles, against 237.243 miles in 1926; in July, 238,316 miles. against Steinway Rys
Feb '28
237,711 miles in 1926; In Aug.. 238,672 miles, against 237.824 miles In 1926; in Sept.,
'27
238,814 miles, against 237,854 miles In 1926; in Oct., 238,828 miles, against 238.041
2 mos ended Feb 29 '28
miles in 1926; In Nov., 238,711 miles, against 238,142 miles in 1926; In Dec., 238,552
'27
against 237,711 miles in 1926; in Jan., 239,476 miles, against 238.608 miles
miles.
Third Avenue
Feb '28
In 1927: in Feb., 239,584 miles, against 238.731 miles In 1927; in March, 239,649
'27
miles. against 238.729 miles in 1927.
2 mos ended Feb 28 '29
'27
Net Earnings Monthly to Latest Dates.
-The table
• Includes other Income.
following shows the gross and not earnings for STEAM
railroads reported this week:
Railway- -Nei OW
1927.
1928.
$
$
471,747
1,677.982
Electric Railway and Other Public Utility Net
Earnings.
-The following table gives the returns of
ELECTRIC railway and other public utility gross and net
earnings with charges and surplus reported this week:
3386,475
In the following table we show the weekly earnines for
a number of weeks past:
3583
927,500
989,457
1,907,454
1,839,741
1,560
1,560
3,119
3,272
229.169
204,569
472.236
427.983
209,911
202,220
435,000
423,889
7.809
6,897
15.856
14.405
92,986
104.155
192.665
218.250
4,074,644
3,681,084
8,374,728
7.706,642
1,480,434
1,455,626
3,052,085
3.047,540
35,764
32.864
73,885
69.113
16,891
16,243
34,834
34,845
469,072
426,206
961,852
887,620
87,369
103,209
180,048
200,089
64,332
62,441
136.599
132,721
499,345
513,880
1,025,970
1,058,085
2,779,738
2,626,273
5,723,768
5,491,460
4,914
2,814
10,171
5,965
83,372
80,291
169,784
166.757
78,377
88,557
161,281
174.190
65,629
62,872
135,506
131,436
1,226,538
1.154,395
2,517,816
2,417,404
114,198
116,365
238,161
303,212
7,623
7.921
15.264
16,054
27.785
10.807
49,625
15,921
36.945
27,801
73,915
60,362
-5,535
-4.272
-3,550
-7,901
-2,636
-11,764
-2,833
-36,218
1,956,947
1,777,663
4,081,529
3.693,727
271,501
279,733
580,681
655.542
-3,144
534
3,594
3,148
-164
--438
--139
--98
57.594
16,014
94,073
35,983
102,615
104,210
197,180
203,798
12,222
6,215
28,017
18,222
59,941
78,016
119,961
145,704
897,198
856,606
1,837.386
1,784,397
-2,176
-4,345
-5,240
-10,656
9.442
4,115
7,085
12.802
18,738
23,997
37.766
33.987
1,136
5,435
3,631
9,324
186,405
198,336
382,739
450.851
Net Corp.
Income.
72.717
69.386
154,049
209,162
-50.386
-50.033
-100,754
-99,854
-31,176
-47,113
-68,341
--99,705
6,524
-4.773
13,111
--14,651
-15.264
-17,971
-30,990
-35,285
-11,506
-18,122
-20,573
-52.995
853,463
679,144
1,874,910
1,496,340
-425,923
-417,728
-814,810
-740.064
-12,758
-8,842
-15,829
-15,845
-578
-812
-966
-845
-44,774
-68,074
-107,346
-196.881
46,161
54,671
75,457
99,347
-11,306
-16.756
19,091
-28,423
-117,477
-5.233
-I
-237,216
-19,507
378.832
362,383
800,069
795.333
-2,178
-4,345
-5,248
7
10,661
-13,236
17,680
-13.509
17.625
-28.272
35,359
-22,447
25,250
1,878
16,859
2,598
21,400
3,722
34,042
-4,611
93.599
-3,105
4.242
1,584
3,852
-5.128
8.800
1.022
8,304
-42.255
228,660
-28,553
226,889
-71,787
454,527
-48.978
449,829
41,480
46,978
84,110
94,050
58,009
57.954
116,018
115,908
58,961
57.920
117,967
115,627
30,421
32.573
60,803
65.012
13,729
13.698
27,457
27,383
8,870
6.357
17.790
16.777
1.103,484
1,098,520
2,206.619
2,197.387
607,424
697,461
1,395,491
1,395.606
9.614
9,376
19,424
18.993
413
372
826
745
102,369
102,089
202,520
200,865
56.454
49,538
121.722
109.450
23,529
22.972
47,110
46,645
177,418
83,249
356,996
165,211
518,366
494,224
1,037,316
989,066
2
American Railway Express Company.
Revenues-Express
Miscellaneous
-Month of March- -3 Mos. End. March
1927.
1928.
1927.
1928.
S
$
$
S
23,832.065 24,695,604 63.758,638 65,225,614
1.953
2.546
831
869
Charges for transports 23,832,934
Express privileges
12.101,414
24,696,436
12,398,957
63,761.184
29.438.344
65,227,568
29,236.499
Rev.from transports_ 11,731.520
Oper. other than transp_
297,042
12.297.479 34.322,840
837,817
309.035
35.991.068
856.626
Total oper. revenues
-Expenses
Maintenance
Traffic
Transportation
General
12,028,563
12,606,515
35,160.657
36,847,694
726,822
20,703
10.398,340
620,113
740.8f2
22,613
10,902,878
662,365
2,080,781
60,565
30,331,211
1.904,857
2,083.605
63.206
31.916,232
1.983,680
12,328.669 34,377,416
783,240
277.845
36.046,724
800.970
1.361
172,855
4,964
503,005
3,665
514.927
103.628
275,270
282.377
Operating expenses_
11,765,979
Net operating revenue
262,583
Uncollectible rev, from
transportation
1,845
Express taxes
162.222
Operating income...._
98,516
American Telephone & Telegraph Co.
-Month of April- 12 Mos. Ended April 30
1927.
1928.
1927.
1928.
$
$
$
$
7,967.077 31,750,825 32,149.160
Gross revenue
7,988,811
3.311,803 12,481.864 13.506,685
Net operating income-- 3,168,096
3584
FINANCIAL CHRONICLE
American Water Works & Electric Co., Inc.
(And Subsidiary Companies)
0.
i
-Month of April- -12 Mos.End.A p0
1928.
1928.
1927.
$
$
$
$
Gross earnings
4,191.562 4.063,920 49,356,403 46,530.497
Oper.exps.,xnaint.& tax 2.120.216
2,131,394 26,093,423 24,032,659
Gross income
2,071,345
LessInt.& amort.of discount
of subsidiaries
695,217
Prof. divs, of subsid's_
427,975
Minority interests
2,999
1,932,526 23,262,980 22.497,837
1,126.192
1,095.523 13,337,125 12.977.665
708,164
384,011
3,347
8,413,185
4,878,949
44,991
8,561,632
4,360,941
55,090
9,520,172
Balance
Int.& amort. of discount
of Am.W.W.&E.Co
945.152
837.003
9,925,854
106,972
98.083
1.256,730
1.166,028
Balance
Reserved for renewals,
retirements & deple'n.
838.180
738,919
8,669,124
8,354.143
354,026
312.764
3,866,353
3.415,433
426.154
4.802.770
4,938.709
Net income
484,153
Illinois Bell Telephone Co.
-Month of April- 12 Mos. Ended April 30
1927.
1928.
1927.
1928.
3
$
3
$
5,981.000 26,097,000 23,645,000
6.580,000
1.262,000 '5,093.000 4,733.000
1,350.000
Gross revenue
Operating income
Los Angeles Gas & Electric Corp.
(Covering both Gas and Electric Departments)
-Month of April-- -12 Mos.End. Apr.301927.
1928.
1927.
1928.
$
$
$
$
1,886,996 21,215,328 19,949.937
Gross earnings
1,740,084
981,773 11,792,451 10,780,435
993.496
Oper. expenses & taxes_
9,169.502
9,422.876
905,223
746.588
Net earnings
2,484.658 2,471,653
234,574
204,459
Int. charged to oper
Balance for deprec'n,
amen.. &vs.& sur_
Depreciation
Amortization
542.128
218.400
23.000
670.648
203,971
17.451
6,938,218
2,523,548
255.404
6,697.848
2.170,874
191.010
Bal. for diva. & surp
300,728
449,226
4,159,264
4.335,963
The Pullman Company.
-Month of April- -4 Mos. End. Apr.301927.
1928.
1927.
1928.
$
8
i
Sleeping Car Oper.$
5,889,206 24,296,663 24,337,046
5,933,634
Berth revenue
3,241,140 3.276.740
836,093
830,372
Seat revenue
590,177
718,501
131,872
191,048
Charter of cars
49.617
53,665
12,145
13,933
Miscellaneous revenue
466.749
329.762
72.609
80,919
Car mileage revenue
-Dr.. _
Association rev.
2,636,730 2,667.964
613,245
534,478
-Dr
Contract rev.
6,328,681 26,003,002 26,052.365
6,515.431
Total revenues
9.691,674
9,946.372
2,192,208
2.497,952
Maintenance of cars
151.136
179,660
41,491
42.914
All other maintenance
2,825,554 11,412,286 11.470.057
Conducting car oper___ - 2,851,398
1,002,323
987,003
255.809
229,885
General expenses
5.622,151
Total expenses
893.279
Net revenue
Auxiliary Operations
116,142
Total revenues
88.868
Total expenses
5.315,064 22,525,322 22,315.192
1.013,617 3.477.679 3,737,173
466.265
386,679
17,588
1,031,206
340,541
96.320
3,573,999
1.224,515
79.585
3,816,759
1.284.472
632,128
Operating income
478,800
382,480
27,274
920,553
288,425
Net revenue
Total net revenue
Taxes accrued
110,192
92.603
690,665
2,349,483
2,532,286
Virginia Electric & Power Co.
(And Subsidiary Companies)
-Month of April- 12 Mos. Ended April 30
1927.
1928.
1927.
1928.
$
$
$
1,304,097 15,787.289 14.847.018
1.331,694
516.555 6,335.204 6,243.063
509,939
1,561.291
1,518,669
125.853
123,383
1,133.577
1,386,932
101.748
121.161
Gross earnings
Operation
Maintenance
Taxes
6,466,483
8,177
5,909.086
Inc. from other sourcesBalance
Int. and amortization-
6,474,661
1,716,304
5,909,086
1.560.937
4,758,356
4,348,148
Net operating revenue
Balance
577,210
559,941
FINANCIAL REPORTS
-An index to annual reports of steam
Financial Reports.
railroads, public utility and miscellaneous companies which
have been published during the preceding month will be given
on the first Saturday of each month. This index will not
include reports in the issue of the "Chronicle" in which it is
published. The latest index will be found in the issue of
June. 2. The next will appear in that of July 7.
The New York Central Railroad Company.
-Year Ended Dec. 31 1927.)
(Annual Report
The report is cited at considerable length, together with
the corporate income account statement, comparative balance sheet, Sze., under "Reports and Documents" on subsequent pages. President Patrick J. Crowley further says
in part:
Revenues, Tonnage & Passengers.-Frieght revenue was $234,381,109, a
decrease of $13,984,344, while revenue freight tonnage moved was 111.717.008 tons, a decrease of 6,069,150. of which over ono-half was in anthracite and bituminous coal. In 1926 large stocks of anthracite were moved to
replace the reduced supply following the strike which prevailed during the
latter part of 1925, whereas in 1927 shipments were below normal, as a
result, in large part, of the mild weather in the latter part of the year.
Other important factors contributing to the falling off in anthracite tonnage were the increase in the installation of oil-burning facilities in private
homes and the increasing use since the strike of 1925 by household consumers
[VoL. 126.
of bituminous coal in substitution for anthracite. In the first few months of
1926 there was a heavy movement of bituminous coal and coke, due to the
shortage of anthracite resulting from the strike, and, during the last half
of 1926, there was a heavy movement of bituminous coal for export, due to
the strike, in the British coal fields, while in 1927 shipments of bituminous
coal were curtailed due to unsettled labor conditions following the calling
of a strike for April 1 and to decreased demand from industries.
Lumber shipments fell off, attributable in part to the Mississippi Valley
floods and to decrease in building operations. A diminishing supply of
pulpwood in certain territories and the consumption in the manufacture of
newsprint paper in Canada of pulpwood which would formerly have been
exported to the United States caused a decrease in the volume of that
commodity.
Lessened activities in the iron and steel industries were reflected in the
lower tonnage of related commodities and there was a decrease in automobile traffic. Freight tonnage generally in the section of New England
served by the company's lines was adversely affected by the November
floods.
Passenger revenue was 899,105,314. a decrease of $808,422, the number
of revenue passengers carried being 71,095,708, a decrease of 81,413.
While interline passengers decreased 77,027 and local passengers 1.383,183,
there was an increase in commutation passengers of 1,378,797, reflecting the
continuing development of suburban territory served by the lines of the
company.
Mail revenue was 88.124,843, a decrease of $443,479, and express revenue
was 812,715,244. a decrease of $870,032, the falling off in both instances
being the result of the smaller volume of traffic handled.
Milk revenue was $6,594,083, an increase of$282,482. Switching revenue
was $4,581,576. a decrease of $132.628, and demurrage was $1,169,154, a
decrease of $276,777, these decreases being accounted for by the smaller
freight tonnage handled. Other transportation and joint facilities revenues
were $16,705,989. an increase of $72,763.
Operating Expenses.-OperatIng expenses totalled 8293,399,836 a decrease
of $5,531,201. Expense for maintenance of way and structures increased
$372,214. There was no material change in the volume of ordinary work
upon the company's roadway as a whole, but the 1927 expenses include the
effect of wage increase awards as well as a larger amount for retirement of
facilities. In addition, the year's expenses include charges for the restoration of roadway on the Boston & Albany RR. after the Nov. flood.
Expense for maintenance of equipment decreased $4,572,734. There were
fewer locomotives receiving heavy repairs in 1927 and less units of this class
of equipment were retired from service. The number of freight and passenger cars receiving general or heavy repairs also showed a substantial
decrease.
Traffic expenses increased $198,468, due largely to an increase in the company's representation in off-line territory. Transportation expenses
decreased 81,234,752. Included in such expenses in 1927 was approximately
$3,850,000 representing wage increases awarded during the year and $350.000 for outlay resulting from the flood in New England. These increases
were more than offset by increased efficiency, by reduced expenditures for
train and other service due to a smaller volume of business handled and by
a decrease both in consumption and cost of fuel.
General expenses decreased 8357,581. the principal item contributing
thereto being reduced valuation expenses.
Railway Tax Accruals -Railway tax accruals were $25,193,780. a decrease of $1,688,028. The greater part of this decrease was in Federal
Income tax accruals due to the smaller amount of taxable income. Discontinuance of the Federal capital stock tax was also a factor. An increase
in accruals to cover property taxes is mainly attributable to increased
assessments and to additions and betterments.
Deductions From Gross Income -Deductions from gross income were
$45.912,406, an increase of $318,989, mainly in interest on unfunded debt
due to adjustments between the company and the New York State Realty
& Terminal Co.in connection with properties in the Grand Central Terminal
area.
-Company acquired
Acquisition of Capital Stock of Michigan Central RR.
during the year 62 shares of capital stock of Michigan Central RR. at a
cost of $62,000, making its holdings on Dec. 31 1927. 185,841 shares, or
99.19% of the total outstanding.
-The company received
Stock Dividend-Pittsburgh & Lake Erie RR.
from the Pittsburgh & Lake Erie RR. a 20% stock dividend amounting
to 71,972 2-5 shares, par value $3,598,620, making its holdings on Dec.
31 1927, 431,834 2-5 shares, 50.0008% of the total outstanding.
Acquisition of Stock Interest in Wheeling & Lake Erie Ry.-The company
acquired during the year, at a cost of $9,749,012, the following shares of
capital stock of the Wheeling & Lake Erie By., of the par value of $100
each: Prior lien (7% cumulative). 38.398 shares; preferred (6% noncumulative). 4.933 shares; common, 56.000 shares.
Acquisition of Capital Stock of Middleport c4; Northeastern Ry.-Under
-S. C. Commission, dated July 28 1927, the
authority of an order of the I.
company purchased during the year at its par value the entire capital stock ,
of the Middleport & Northeastern Railway, consisting of 10 shares (par
$100). The Middleport & Northeastern By., which is about 215 miles
long, was built for the purpose of developing coal traffic from the Pomeroy
coal field in Meigs County, Ohio, to move over the Kanawha & Michigan
By., with which it connects at Rockville. Since Jan. 11922, the road has
been operated by this company, as lessee of the Kanawha & Michigan By..
under an agreement made in 1913 between the Middleport & Northeastern
and the Kanawha & Michigan.
-During the year
Advances to Cleveland Cincinnati Chicago & St. Louis ft.
the company advanced to the Cleveland Cincinnati Chicago & St. Louis
By. for its corporate purposes $8.500,000, making the total advanced to
Dec.311927.$10.250,000. It is expected that these advances will be repaid
early in 1928 from the proceeds of bonds to be issued and sold by the debtor
company.
-The company
Advances to Pittsburgh McKeesport & Youghiogheny RR.
advanced to Pittsburgh McKeesport & Youghiogheny RR. for additions
and betterments and equipment the sum of $1,167,927, an equal amount
for the same purposes having been advanced by Pittsburgh & Lake Erie
RR. The total of such advances by this company to Pittsburgh McKeesport & Youghiogheny RR. to Dec. 31 1927, was 816,008,694.
Advances to Toledo & Ohio Central Ry.-The company advanced to Toledo
& Ohio Central By. $359,323, to enable it to pay maturing principal installments under equipment trusts, making the total advanced to Dec. 31
1927, $2,610,039.
Advances to Kanawha & Michigan By -The company advanced to Kanawha & Michigan By. $2,492,000 to place it in funds to retire its second
mortgage bonds which matured July 11927. Further advances during the
year of $75,000 brought the total advances on December 31 1927, to $3.118,200.
-Additional advances of $240.Advances to Hudson River Connecting RR.
000 for construction purposes were made to Hudson River Connecting RR.
during the year, making a total to Dec. 311927. of $24,580,000.
Advances to Traction Lines -During the year there was advanced to New
York & Harlem RR. in connection with the operation of jts traction lines
in New York City, the sum of $400,000, making the total advances for such
purposes to Dec.31 1927 $1,862,000.
There was advanced to New York State Rye, on its demand notes $125.000, making a total of $1,625,000.
-Advances by the company
Advances to Cleveland Union Terminals Co.
to Cleveland Union Terminals Co. stood on Dec. 31 1927 at $3,195.000•
Shortly before the close of the year the Terminals company applied to the
,
-S. C. Commission for authority to issue $5,000,000 of its let mtge. 414%
I.
bonds of series C, a considerable part of the proceeds of which is to be used
to reduce its Indebtedness to its proprietor companies, including this company, for advances.
-The company advanced
Advances to Clearfield Bituminous Coal Corp.
to the Clearfield Bituminous Coal Corp., of which it owns the entire capital
stock and the entire output of which It takes for fuel supply purposes, the
sum of $200,000. making the total advanced to Dec. 31 1927 $1,550,000.
Advances to Lake Erie ct. Pittsburgh By -The company advanced to Lake
Erie & Pittsburgh By.. the capital stock of which is owned in equal parts
by the company and the Pennsylvania Co,$40,000 for additions and betterments, making the total advanced to Dec. 31 1927 $146,987. Similar
advances were made by the Pennsylvania Co.
-The company advanced to the
Advances to Cherry Tree & Dixonville RR.
Cherry Tree & Dixonville RR., the capital stock of which is owned, onehalf each by the company and the Pennsylvania RR., $4,182, making the
total advanced to Dec. 31 1927 $204,643. Similar advances were made by
the Pennsylvania Co.
.-The proceedings before
Proposed Leases of Lines of Controlled Companies
-S. C. Commission in which the company is seeking the authority of
the I.
the Commission for the leasing of the Michigan Central RR.. the Cleveland Cincinnati Chicago & St. Louis By., and other lines, are still pending.
Hearings took place in Jan.. 1927, but the case was reopened for the introduction of additional evidence at a hearing to be held early in 1928.
Jima 9 1928.]
FINANCIAL CHRONICLE
OPERATING STATISTICS FOR CALENDAR YEARS.
(Including Boston & Albany RR. and the Ohio Central Lines.)
1927.
1926.
1925.
1924.
Miles operated
6,906
6.928
6.931
6.920
Passengers carried
71.095,708 71,177,121 69,169,940 69,117,706
Pass. carried one mile_ -3273593,747 3279968,062 3168122,188 3122307,544
Rev. per pass. per mile- .3.03 cis.
3.05 as.
3.05 cts.
3.07 cts.
Pass. rev. per train mlle_
$3.16
$3.17
$3.30
$3.36
Tons carried (revenue) 111,717,008 117,786.138 111,223,698 105,351,776
Rev.tons carried 1 mile_ 22300002940236342388242246348669221095677532
Rev, per ton per mile_
1.051 eta.
1.051 cts.
1.069 cts.
1.077 cts.
Frt. rev, per train mile
$8.83
$8.65
$8.56
$8.20
Operating rev, per mile_
$55,512
$57,669
$55,694
$53,578
INCOME ACCOUNT FOR CALENDAR YEARS.
[Including Bostton & Albany RR. and Ohio Central Lines.
1927.
1926.
1925.
1924.
Revenues
$
$
S
$
Freight
234,381,109 248,365,453 240.115,347 227,359,010
Passenger
99,105,314 99.913.735 96.759,666 95.980,325
Mail
8,124,843
8,568,322
8,719,864
8,886.891
Express
12,715,244 13,585,277 13,152,774
l ,switching, &c__ - - 15,339,192 15,190.695 14,735,808 11,736,720
13,664,682
Dining cars,storage_ _
13.711.609 13,914.266 12,511,046 11,979,302
Total oper. revenues--383.377,311 399,537,749 385,994,505
369,606,930
Operating ExpensesMaint.of way & struct 54,277,070 53,904,856
Maint, of equipment._ - 79,614,280 84,187,014 52.783,990 46,450,039
81,218,765 79.217.792
Traffic expenses
5,150.924
4,952,455
4,580,401
4,272,507
Transportation exps_
134,615,446 135,850,198 134,274,256 134,751,609
Miscell. operations
5,814,663
5,771,803
5,230,613
4,790,264
General expenses
13.927,453 14,264.712 12,352,933 10,487,953
Total oper.expenses_ -293.399,836 298.931,038
Net operating revenues- 89,977,475 100,606,711 290,440,958 279.970.163
95,553,546 89,638.767
Per cent of exp. to rev..
(76.53)
(74.82)
(75.24)
(75.75)
Railway tax accruals_- 25,193,780 26,881,808
25,343,923 23,289.540
Uncoll, railway revenues
106,117
167,080
217,276
179,340
By.operating income- 64,677,578
Equip,rents, net debit-- 5,831,380 73.557.823 69,992,348 66,167,887
4.693,333
5,079,852
4.602,564
Joint facility rants, net Cr 2,977,629
3.294,002
3,008,054
3,069.751
Net ry. operating inc- 61,823,827 72,158,492
67.920,550 64,635.074
Miscell. Operations
-Revenues
844,401
813,799
973,831
1,133,611
Expenses and taxes
799,356
791,524
883,456
970,598
Misc. oper. income_-..
45,045
22,276
90.374
163,012
Total open income_ -- 61,868,872 72.180,768
68,010.925 64,798,087
Non-operating Inc.
Inc.from lease of road-118,545
115,047
116,289
107,059
Macon.rent income_ --- 3,913,013
3.158,979
2,704,564
2,494.914
Miscell. non-oper, physical property
218,306
526.188
550,110
863,946
Separatedly oper. Prop.
erties-profit
1.046,007
1,229,921
1,148,288
1,297,993
Dividend income
31,260,564 18,224,255 15.318,325 14,388,778
Inc. fr fd. sec. & accts.. 3,230,591
3,185,454
3,215,801
3,073,667
Inc.fr. unfd.sec.& accts 2,551.846
2,380,356
2,137,074
1,648,527
Inc. from sinking and
other reserve funds...
168,311
150,670
130,599
127.312
Miscellaneous income....
101.496
105,821
98,045
121,020
Total non-operincome 42,608,679 29,076.690 25,419,095
24,123.217
Gross income
104,477.551 101.257.458 93,430.020 88,921.304
Deductions
Rent for leased roads_ - _ 14.360,838 14,340,188 14,079.484
13,027,600
Miscellaneous rents__ 893.639
891,107
886,012
978,209
Miscell, tax accruals....
266,406
235,190
202,303
306,560
Separately oper. proper.
ties-loss
11.271
.14,701
14,979
Int. on funded debt_ _ _ - 29,292,540 29,268,397 28.684,284 34,191.311
Int. on unfunded debt
334.766
67.026
142,210
223,687
Amort. of discount on
funded debt
501.156
525,268
550,075
653.764
Maint,of invest. organiz
5,267
5,665
5,472
5,316
Miscell. income charges_
257,794
249,305
238,255
269,476
Total deductions
45,912,406 45,593.417 44,802.796 49,670,904
Net Income
58,565,145 55,664.041 48,627,224 39.250,400
Disposition of Net Inc.
Dividends declared
30,462,783 26.827,815 26,732 833 20.728.835
Rate of dividends- _ _ (731%)
(770)
ft7
2
;
,
S7%)
Sink. & other res. funds_
159,054
145,179
120,4o
122,104
Invest, in phys. property
650
652
ilit
Total approp'ns of Inc. 30,622,487 26,972,994 26,858,950
Sur,for yr.carr. top.&l.. 27,942,658 28,691,047 21,768,273 20,850,939
18.399.461
Shares of capital stock
outstanding (par $100) 4,212,854
3,832,582
3,832,582
3,048,368
Earns.per sh.on cap.stk$13.90
$14.52
$12.69
$15.93
-V. 126. p. 3446.
Chicago & Eastern Illinois Railway.
(6th Annual Report-Year Ended Dec. 31 1927.)
GENERAL STATISTICS FOR CALENDAR YEARS.
1927.
1926.
1925.
1924.
Miles operated
945
945
945
945
Passengers carried
2,008,169
2.419,598
2,541.397
2,977.106
Pass, carried one mile--138,946,587 153,360,729 149,293,373 152.176.007
Rate per pass, per mile.2.97 cts.
3.05 cts.
3.03 cts.
3.07 eta,
Revenue freight (tons)-- 14.202,525 14,467,954 13,601,033 13,387,224
Rev.fr't (tons 1 mile)_ 2546695616 2570397371 2354727716 2211994166
Rate per ton per mile_
0.80 cts.
0.83 cts.
0.85 cts.
0.88 cu.
INCOME ACCOUNTFOR CALENDAR YEARS.
Operating Revenue1927.
1926.
1925.
1924.
Freight
$20.492,445 $21,414.226 $19,924,410x$19,381,436
Passenger
4,122,877
4,680,586
4,527,685
4,672,601
Mail, express, &c
1,743,339
1.790.523
1,795,541
1,694,601
Other than transport'n
355,666
366,414
326,872
320.151
Total oper. revenue- _$26,714,326 $28,251,751 $26,574,508 $26,068,789
Maint. of way & stone.. $3,192,223 $3,044,951 $2,654,757 $2,604,958
maint. of equipment...5,972,979
7,241,196
7,740,583
7,827,155
Traffic expenses
983,921
948,621
774,410
633,423
Transportation
10.430,582 10,349,070
9,904,912 10,408.217
Misc. operations. &c.._ _
9:3,639
177,984
185.254
166,684
General expenses
856,556 844,129
823,693
812,818
Total open expenses_ _$21,529.900 $22,605,951 $22,083,610 $22,453,256
Net earnings
$5,184,426 $5,645.800 $4,490,898 $3,615,533
Taxes, &c
1,407,762
1,651,934
1,406,642
1.459,615
Operating income.... $3,776.664 $3,993,866 $3,084.256 $2,155,917
Hire of equipment
Dr.963,688 Dr.834,080 deb.599,808 deb.201,187
Joint facility rent income Dr.521,267 Dr.551,244 Dr.336,181 Dr.487.472
502,380
Non-operative income
422,243
409,234
386,119
Gross income
Interest
Rents
Miscellaneous
$3,030,785
62,794,088
$2,557.501 $1,853.378
$2,161,066 $2,189.750 $2,202.638 $2,228.432
153,604
154,815
151.417
152,145
53,575
42,016
41,478
41,248
Total charges
$2,355,679
$438,409
Net income
Inc. applicable to sinking
245,236
& other reserve funds-
$2,386,430
$644,355
225,450
$2,395,534 $2,421,825
$161,968 deS568,447
215,252
209,104
Balance, stir. or def--sur.$193,173 sur$418,905 def$53,285 def$777.551
x Includes an item of $167,049 representing the estimated freight revenue
earned by the company in respect to forwarded inter-line shipments in
transit at the close of the year.
3585
CONDENSED GENERAL BALANCE MEET.
1927.
1926.
1927.
1926.
AssetsLiabilities$
8
8
$
Inain rd.&equip-84,788,761 82,852,385 Common stock..-23,845,300 23,845,300Improv'ts on leased
Preferred stock_....22,046,100 22,046.100.
12,922 Funded debt un12,258
property
Sinking funds 302
.
172
matured
41,433,136 42,026,038
Deposits in lieu of
Loans & bills pay_
500,000
mortgaged prop_
1,494
73 Traffic & car serv.
bals. payable_ _ _ 660,780
Misc. phys. prop._ 1,576,339 1,195,214
818,722
Inv.in Mill. cos.:
Audited wets and
wages payable
2,523,300 1,263.000
Stocks
1,664,591 1,500,611
2,015,440 1,567.000 Misc, sects pay'le 173.463
Bonds
180,614
Advances
1,158,750 1,131,568 Interest matured,
unpaid
Seem'. much. for
43,258
44,574
81,20t) Unmatured intersinking fund_
est accrued
Other investments 1.618,974 3,563,902
421.245
427.8831,276,395 1,598,971 Unmatured rents
Cash
1,250
231,865
accrued
Dem'd l'ns & dep.
237,287
Other current liaIll. Merch. Trust
62,326
115,600
bilities
Co. certificates. 1,000,000 1,000,000
53,136 Deferred liabilities
Special deposits.....50,754
69,886
67,578
2,634 Tax liability
11,323
1,544,739 1.555,746
Leans& bills rec_
Insurance & casuTraffic & car serw.
648,816
alty reserves_
bals. receivable- 439,536
33,523
34,036
Accrued depreciaNet bal. rec., due
398,414
tion, equipment 3,348.054 2,906,098
fr. agts.& cond. 360,719
770.294 Other unadjustable
Misc.accts.ready_ 737,937
368,004
credits
374,724
Materials & supp_ 1,342,922 1,640.122
50,473 Add'ns to property
37,751
Int. & diva reedy
25,209
27,900
through income
Rents receivable__
145,370
87,424
153,994
41,387
and surplus_ _ _ _
Other curr. assets.
12,277
21,968 Sink,fund reserves 1,394,214 1,148,978
Work,fund advs._
72,300
72,715 Appropriated sur0th. def'd assets_
227,154
plus notinvested 292,043
Rents & insurance
7.118
7.528 Profit & loss-bal. 1.223.549 1,036,502
prems. prepaid_
692,425
0th.unacli. debits. 396.131
99,510,074 98,738,815
Total
-V. 126, p. 2472.
Total
99.510,074 98,738.816
,
Alabama Power Co.
-Year Ended Dec. 31 1927.)
(Annual Report
CONSOLIDATED INCOME ACCOUNT FOR CALENDAR YEARS.
1925.
1926.
1927.
1924.
Operating revenue, less
$16,764,076 $13,044,493 811.589,419 $8,823,389
discounts, &c
8,704,689
4.490.026
6,351.937
6,945.570
Operating expenses
Net earns, from oper. $8,059,387 $6,098,923 $5,237,481 $4,333.363
134,698
124,400
104,230
172,432
Other income
$8,163,617 $6.223,323 $5.372.180 $4.505,795
Gross income
1,696.003
1,596.597
1,597,174
Int. on bond.debt(net)_ 2,410,712
955,862
500,273
782,947
454.160.
Depr., amort., rents. acc
4.969,957
Net income
Pref. stock dividends..._ 1,739,455
int. on 100-yr. gold de851,900
benture certificates-
4,125,875
1,324,628
2,819,720
1.044,523
2.355,633
711,215
851,900
851,900
851.900
Transferred to P.& L. $2,378,602 $1.949,347
$923.297
$792,518
E
CONSOLIDATED BALANC SHEET DECEMBER 31.
1926.
1927.
1926.
1927.
Assets
Cost of prop's----144308.451 102314.703 Capital stock--.752,800,990 40,476.0701st & ref. M. 402
Furs &fixturesyr. bonds
40,000,000
202,569
Operating equ1P't
let M.5% bonds_ 10,221,000 10,221.000
Inv. in attn., &e.,
486.710 1,780,671 1st M. lien & ref.
companies
23,700,000 23,700,000
1,657.351 1,862,087 (5%)
Cash
13,495
31,340 let M. lien & ref.
Funds with empl_
bonds (6%)...21,000,000
Notes & accts. reo 1,847,996 1,577,582
60,799 Selma Ltg. Co. 1st
41,294
Sundry accountsM.30
-year 5s_ _
902,233
238,000
238,000
Materials & Bunn- 1,192,263
Town of Albert-11,V=
Stock subset
7,000
ville 30-yr.58_ _
358.694
72,314
receivable
Mont.Lt..4 Wat.
Cash on depos.for
150,429
Power Co. 55.... 515,700
515,700
59,187
Pay coups.. &c_
24.000
24,000
Deferred charges. 2,800,115 5.860,476 Mont.Lt.&Pr.58
Miscl, underlying
Coate}devel.load.
112,000
51.877
municipal bds_
103,754
MitchellDam:.
382,177
Notes& accts. pay
293,120
71.410
Special deposits..
Pref dive.payablej 432,043{
393.487
Cost of devel.load
240,721 Unclaimed wages.I
1,475
192,577
Martin Dam _ _
59,217
86,143
Mat. int. unpaid_
Prepaid insurance,
188,596
425,950
425,950
55,660 Int.cn deb.ctfa. _
licenses,&c
786,855
Miceli. items in
Due to affil,cos_ _ 1,676,450
20,620
21,566
302.20t, Misc. unadj.cred.
237,344
suspense
Ralf% & renewals 5.468.708 2,426,007
114,130
141,609
Salaries & wages_
255,467
300.175
Taxes, &c
400,608.
447,120
Interest accrued_
404,385Customers' depcs. 509,598
100-yr. gold deb.
12,170,000 12,170,000
certificates
146,448
130,932
Res.for int.. &c.._
Other reserves.... 350.173
Surplus(subjectto
3,182,627 1.733,123.
Federal tax)
153220,1)81 115928,624
Total
Total
153220,981 115928,624
by $7 per share cumul. pref. stock, no par value (preferred
Y
on dissolution at $100 per share) authorized 400,000 shares; issued and
outstanding. 176,738 shares; subscribed but not issued, 220 shares; $6 per
share cumul. pref. stock, no par value (preferred on dissolution at $100 Per
share), authorized, 350,000 shares; issued and outstanding. 81,382 shares;
subscribed but not issued, 1,252 shares; $5 per share cum. pref. shares, no
par value (preferred or dissolution at 3100 per share) authorized 100,000
shares,issued and outstanding none. And common stock,a u th. and issued.
2,356,753 shares, no par value.
-V. 126, p. 3113.
Represented
GENERAL INVESTMENT NEWS
STEAM
-Class I railroads on May 23 had 299,521 surplus freight
Car Surplus.
cars in good repair and immediately available for service, the Car Service
Division of the American Railway Association announced. This was a
decrease of 108 cars compared with May 15, at which time there were
299.629 cars. Surplus coal cars on May 23 totaled 109,309, a decrease of
7,935 cars within approximately a week, while surplus box cars totaled
137,632, an increase of 5,693 for the same period. Reports also showed
25.919 surplus stock cars, an increase of 1,971 cars over the number reported on May 15. while surplus refrigerator cars totaled 17,416, an increase of 627 for the same period.
Repair of Locomotives.
-Locomotives in need of repair on the Class 1
railroads of this country on May 15 totaled 9,103, or 15.2% of the number
on line, according, to reports just filed by the carriers with the Car Service'
Division of the American Railway Association. This was an increase of
540 locomotives compared with the number in need of such repairs on
May 1, at which time there were 8,563, or 14.3.7. Locomotives in need
0
of classified repairs on May 15 totaled 5,014. or 8.4% an increase of 214
compared with May 1, while 4,089, or 6.8%. were in need of running
repairs, an increase of ns compared with the number in need of such repairs on May 1. Class 1 railroads on May 15 had 6,912 serviceable locomotives in storage compared with 7,136 on May 1.
-Freight cars in need of repair on May 15
Renoir of Freight Cars.
154,168, or 6.9 of the number on line, according to reports just filed b y,
ed
the carriers with the Car Service Division of the American Railway Asso-
totaled
3586
FINANCIAL CHRONICLE
[vol.. 126.
dation. This was an increase of 4,229 cars above the number reported on
Spokane, Coeur d'Alene & Palouse Ry.-AbandonMay 1, at which time there were 149.869. or 6.7%. Freight cars in need
of heavy repairs on May 15 totaled 109,253, or 4.9%, an increase of 3,316 ment of Branch.
-S. C. Commission on May 21 issued a certificate authorizing the
compared with May 1, while freight cars in need of light repairs totaled
The I.
company to abandon a branch line of railroad in Spokane County, Wash.,
44,915, or 2%, an increase of 983 compared with May 1.
Patrick J. Farrell of the District of Columbia Is Given Recess Appointment extending from Liberty Lake Junction to Liberty Lake, about 2.20 miles.
to Inter-State Commerce Commission.
-"Sun" June 7, p. 1.
Seaboard Air Line Ry.-Abandonment of Branch Line.
Porters' Strike Postponed.-Indeflnite postponement of Pullman porters'
strike which was scheduled for June 8 at noon is brought about at suggestion
-S. C. Commission on May 21 issued a certificate authorizing_the
The I.
of William Green, President of American Federation of Labor. New York company to abandon a branch line of railroad in Hillsborough County, Fla..
extending from Welcome Junction southward to Welcome, 2.26 miles, and
"Times" June 8, p. 1.
Matters Covered in "Chronicle" June 2.-(a) Revenue freight train load- known as the Welcome Spur.
ing again above 1.000,000 cars a week, but below loadings for 1927 and 1926,
The Commission on May 22 issued a certificate authorizing the company
-S. C. Commission's conclusions respecting regulation of to abandon a branch line of railroad in Marion County, Fla., known as
P. 3360. (b) I.
motor buses and trucks in inter-State commerce, p. 3398. (c) Six-hour day the Silver Springs branch, extending from a connection with applicant's
line at Silver Springs Junction, about 7 miles northeast of Ocala, eastward
sought by Brotherhood of Railroad Trainmen, p. 3401.
about 2.05 miles to Silver Springs.
-V. 126, p. 3445.
Atchison Topeka & Santa Fe Ry.-Air-Rail Service
from New York to Los Angeles Backed by Railroads and Airplane
Companies.
-See Transcontinental Air Transport, Inc., in
issue of May 19, p. 3141 and issue of June 2, p. 3467.V. 126, p. 2638.
-Bonds-Earnings.
Boston & Albany RR.
The I.
-S. C. Commission on May 26 authorized the company to issue
$5.700,000 4Yi% improvement bonds of 1928, to be delivered to the New
York Central RR.at par in reimbursement for capital expenditures made for
additions and improvements to the railroad properties of the B. & A.from
Jan. 1 1917 to June 30 1927. Authority was also granted to the New
York Central RR. to assume obligation and liability, as guarantor, of the
payment of the principal of, and interest on.the bonds, which are to be sold
by it at not less than 96 and int.
1924.
Calendar Years1927.
1926.
1925.
404
407
407
407
Miles operated
Operating revenues
$31,116,732 $32,826,056 $32,141,494 $32,280,373
25,715,013 25,944,666 25,445,413 25,811,701
Operating expenses
Tennessee Central Ry.-Sub-Registrar.
The Bank of New York & Trust Co. has been appointed sub-registrar
in New York for 60,000 shares of stock trust certificates.
-V.126, p.3446.
Union Pacific RR.
-Bonds.
The I.
-S. C. Commission on May 24 authorized the company to issue
-year 4% gold bonds, to be sold at not less than 90.5 and
820,000,000 40
int. and the proceeds used to refund maturing obligations.
-V.126, p. 2785.
Warrior River Terminal Co.
-Notes.
The I.
-S. C. Commission has authorized the company to issue $639,639
of 5% promissory notes, to be delivered to the Inland 'Waterways Corp.,
to evidence indebtedness in equal amount.
-V. 123, p. 979, 840.
PUBLIC UTILITIES.
American Natural Gas Corp. (8r Subs.)
-Report.
-
R. C. Sharp, Chairman,in the annual report says in substance:
Corporation was organized Oct. 11 1927 in Delaware and now Ow/la in
excess of 99% of the total outstanding shares of the common stock of Oklahoma Natural Gas Corp. (Maryland).
Corporation through its acquisition of natural gas properties of Oklahoma Gas & Electric Co., Southern Kansas Gas Co. and Western Gas
Net ry. oper.income - $2,379,849 $4,026,349 $3,931,871 $3,739,406 Service Co. constitutes one of the largest natural gas systems in the United
Other income
448,738
265.304 States, serving a population in excess of 600,000.
297,356
279,529
Over 92% of the gas
by the properties is purchased under
Gross income
$2,828,587 $4,323,704 $4,261,400 $4,004,710 valuable contracts from distributed thus largely eliminating usual drilling
producers,
Rental ofleased lines _ _ _ 3,287,027
3.293,011
3,200,213 operations and materially contributing to the strong position that cor3,286,956
Int. & misc. charges_ _ _ _
370,827
190,649 poration occupies in the natural gas business. It is estimated that the
271,932
234,523
open flow capacity of the wells, from which
derive their gas,
Surplus
def.$829,268
$758,761
$613,847 Is in excess of 2,500,000,000 cu.ft. per day. the properties pas supply avail$739,921
The enormous
-V. 126. p. 2305.
able for use has enabled the properties in Oklahoma to draw upon only a
fraction (currently less than 3%) of the open flow capacity of the wells
-Opens New Yards.
Boston & Maine RR.
to their lines.
-acre connectedthe development The gas reserves available from the properties
The new classification yards at East Somerville, Mass., a 400
of potential resources in other territories naturmechanism for the speedy sorting and switching of inbound and outbound and from
existing pipe lines, are estimated to be sufficient to
freight, built at a cost of $4.000,000, were formally opened and dedicaed ally tributary to the needs of the territories for a long period of time.
meet the consumption
an June 4 "to the service of New England industry and transportation."Consolidated Income Account for Calendar Years.
-V. 126, p. 3111.
("Boston News Bureau.")
[Including earnings of all properties owned as at Mar. 1 1928 and all
Chicago Indianapolis & Louisville Ry.-Declares Extra annual interest and dividend requirements on securities issued in connec-The directors on June 8 tion with their acquisition.]
Dividend of 1% on Common Stock.
1927.
1926.
declared an extra dividend of 1% on the common stock and Gross revenues
$11,011,864 $13,096,841
the regular semi-annual dividends of 23% on the common Operating expenses, maint. & general taxes other
7,399,028
6,253,746
than Federal inc. tax
and of 2% on the pref. stock, all payable July 10 to holders
Net revenue
$5,401,718 $6,881,390 $6,696,081 $6,468,672
Ry.taxaccr.&uncoll.rev. 1,839,686
1,830,558
1,664,841
1,641,066
Equip.&joint facil.rents_ 1,182,183
1,088,200
1,024,484
1,049,369
of record June 23. Like amounts were paid on July 10 1926,
Jan. 10 and July 11 1927, and Jan. 101928.-V. 126, p. 2301.
Cincinnati, New Orleans & Texas Pacific Ry.Modification and Extension of Lease of Cincinnati Southern.
Net oper.inc. before depreciation& depletion ___ $4,758,119 $5,697,812
1,471,240
Annualint.require. on funded debt of Oklahoma Nat. Gas Corp
73,103
Interest on unfunded indebtedness
1,000,000
Depreciation & depletion
70,825
Sundry charges
-S. C. Commission on May 28 approved the proposed modification
The I.
and extension of the lease of the Cincinnati Southern Railway to the Cinafnnati, New Orleans & Texas Pacific Ry.
The report of the Commission says in part:
Under the present lease the applicant is obligated to pay a fixed rental
et $1,100,000 a year from 1928 to 1946, and $1,200,000 a year from 1947
to 1966, excl., in each instance, of the organization expenses of the trustees
are the sinking fund payments on the bonds of the city heretofore issued to
pay for terminal improvements and permanent betterments. The proposed extension agreement provides that the applicant will pay a fixed
al rental of$1,250,000 from 1928 to 1946:$1.350,000 from 194'7 to 1966:
,450,000 from 1967 to 1986:$1,600,000 from 1987 to 2006;and $1,700.000
2006 to 2026. In addition the applicant is to pay the expenses of the
Stustees' organization, amounting to $12,000 a year, the int. and a sinking
fund payment of 1% a year on the city bonds issued for terminal improvements,a contingent annual rental equivalent to 2% of the net profits derived
from the operation of the leased property during the first period,3% during
She second period. 4% during the third period, 5% during the fourth
period, and 6% during the last period, and all taxes and assessments.
The term net profits is interpreted to be the difference between the net
railway operating income, as ascertained under our accounting regulations,
and the fixed rental, including the interest and sinking fund accruals.
Our tentative valuation of the Cincinnati Southern Railway, as of June 30,
1918, was $39,504,287.
After the proposed agreement had been approved by the voters of Cincinnati at the election held Nov.8 1927, the intervener brought suit against
tihe trustees of the Cincinnati Southern Railway and the applicant in the
Court of Common Pleas of Hamilton County, Ohio, for an injunction to
restrain the execution of the contract. The request for an injunction was
denied.
Commissioner Eastman, concurring, said:
This does not impress me as being a good piece of business from the standpoint of the City of Cincinnati. The line in question is one of the best
traffic lines of the Southern Railway system. Undoubtedly that carrier
will claim and will be able to earn a reasonable return upon the fair value
of this property, whatever such return and such value may finally be determined to be. The chances are strong that it will earn much more than
the rental which it will pay to the City of Cincinnati under the modified
lease. I think that the city could have made a better bargain and I question
the necessity or advisability of the long term. However, the voters of the
city have approved the new arrangement and I do not believe that it is a
Part of our duty to interfere with what they have done, so long as the interests of the users of the railroad service are not adversely affected. No
-V.120
reason appears for believing that there will be such adverse effect.
$3,082,644
Net income
Annual dividend require. on pref. stock of Oklahoma Natural
588,627
Gas Corp
Minority stockholders' equity in earns. Oklahoma Natural Gas
23,509
Corp
c
p.2301.
-Air-Rail Service from New York to
Pennsylvania RR.
Los Angeles Backed by Railroads and Airplane Companies.
See Transcontinental Air Transport, Inc.,in issue of May 19,
p. 3141 and issue of June 2, p. 3467.-V. 126, p. 3446.
As an initial step toward organizing the new transcontinental air and rail
passenger service between New York and Los Angeles, the company
announces the sending to Europe two of its most experienced passenger
traffic officers for the purpose of making an intensive study of the airplaine
systems of the Continent and England. The officers shosen are Charles
,whose offices are in Philadelphia,
H.Mathews,Jr., Assist. Gen.Traffic Mgr.
and Major C. E. McCullough, Genl. Passenger Agent, Washington, D. C.
Their investigations will be devoted particularly to questions of commercial arrangements, including the handling of baggage, and problems involving the comfort and convenience of passengers with respect to airports and
flying service.
-V. 126, p. 2301.
Reading Co.
-New Director.
-
Roy E. Tomlinson, Pres, of the National Biscuit Co. has been elected
-V. 126, p. 1341.
'
a director to succeed the late Ira A. Place.
-Abandonment.
---Salem, Winona & Southern RR.
The I.
-S. C. Commission on May 21 issued a certificate authorizing the
company to abandon operation in interstate and foreign commerce over a
line of railroad in Shannon County, Moextending from Horse Hollow
southerly through West Eminence and Winona Junction to Winona, 21.5
miles.
-\r. 123, p. 1112.
Bal. avail,for interest charges. &c. of Am.Nat, Gas Corp_ _ _ _ 82,470,509
812,500
% deb
Annual interest require. on $12,500,000
Balance,surplus
Annual dividend require.on 50,000 she.7% pref.stock
$1,658,009
350,000
Bal. avail. for arrort. of debt discount & exp., Fed. tax &
$1,308,009
div. on 651,200 shs. of outstanding corn, stock
Consolidated Balance Sheet-Dec. 31 1927.
[After giving effect to the acquisition of properties and the financing
incident theretod
Assets
Liabilities
Fixed assets
$54,646,035 $7 series cumul pref. stock
314,500,000
Cash
72,508 (no par)
Accounts receivable
1,370,188 Com.stock (no par)& surp _x 3,556,361
Unbilied revenues
240,679 Oklahoma Natural Gas Corp
7,548,100
Materials & supplies
1,216,664 64% pref.stock
1,400,000
41,537 7% pref.stock
Prepayments
41,152 Min. stockh. equity in corn.
Investments
Special deposits
350,453 stk. & surp. Okla. Nat. Gas
182,928
2,728,973
Corp
Unamortized debt disc.&exp
39.354,000
Preferred stock expense
719,760 Long term debt
Other deferred debits
75,872 Obligations incurred In cone.
with the acquisition of prop 1,132,000
808,070
Notes payable
919,197
Accounts payable
287,337
Accrued interest
635,926
Accr. prop.& Fed. taxes
58,333
Accr. d iv. on pref.stock
34,335
Misc,current liab
$692,173
Customers'deposits
394,510
Deprec.& depl. res
551
Total(each side)
$61,503,820 Miscellaneous reserves
x Represented by 651,200 shs. of no par value (593,800 shares are reserved for delivery upon the exercise upon the exercise of stock purchase
privilege and additional stock purchase options and for conversion of pre-V. 125.
ferred stock.) y Represented by 50,000 shares no par value.
P. 3057.
-Extends Time.
American Power & Light Co.
-V.126, p. 3446, 3296.
See Washington Water Power Co. below.
-Price of Op. Warr.
American States Securities Corp.
The attention of the stockholders and warrant holders is called to the
fact that the subscription price at which option warrant entitles them to
subscribe for class A common stock changes from $8 per share to $12 Per
share on July 1 1928.
Holders of option warrants are entitled to subscribe for the number of
shares of class A common stock indicated in their warrant as follows: At
$8 per share if exercised on or before June 30 1928. or at $12 per share if
exercised after June 30 1928 but on or before June 30 1930.
Subscriptions at $8 per share must be made and paid in full at the office
of the corporation, 1220 Grand Rapids National Bank Building, Grand
Rapids, Mich., before the close of business on June 30 1928.-V. 126, P.
2961.
-Offer to Bondholders.
Associated Electric Co.
All of the outstanding convertible gold bonds, 534% series due 1946,
out of the total original issue of $65,000,000, will be retired on or before
July 1 1928, by exchange, redemption or purchase. Holders who desire to
retain their investment in the funded obligations of the Associated Gas
& Electric System have been offered the opportunity of exchanging for gold
% series due 1958, of Associated
debenture bonds,consolidated refunding
Gas & Electric Co. The basis of exchange is: $1,095 of new bonds or 10 1-5
dividend series preferred stock of the Associated Gas &
shares of $6.50
Electric Co. for each $1,000 of Associated Electric Co. bonds.
JUNE 9 1928.]
FINANCIAL CHRONICLE
Fractional new bonds will not be issued but the company will purchase
or sell fractional amounts of the new bonds at 97% to enable delivery in
denominations of $1,000 and $500. The company will also buy or sell
fractional shares of preferred stock at $102 per share.
Holders desiring to avail themselves of the exchange privilege should
forward their bonds to the Chase National Bank,57 Broadway. N.Y. City.
Interest will be adjusted as of May 1 1928. The $6.50 dividend series
preferred stock will bear dividends accruing from June 1 1928. Cash
adjustments for fractional bonds and shares of stock will be made at once.
Holders who have already deposited their bonds for exchange for $6
dividend series preferred stock may instead accept either of the above offers
by notifying the bank of their election to do so. Such bonds will be considered as deposited under this offer at the time of receipt of such notice.
Bonds will also be received for cash at their redemption price and accrued
-V. 126. P. 2961.
Interest to date of deposit.
-Class A Dividend.
Associated Gas & Electric Co.
The directors have declared the regular quarterly dividend on the class
"A" stock of 50c. per share, payable Aug. 1 to holders of record June 30.
[A like amount was paid on May 1 last. In addition to the regular dividend
on this stock an extra dividend of 25 cents per share in cash was paid Feb.
1 last.]
Holders of class "A" stock may apply the regular dividend to the purchase of additional shares of class "A" stock at $20 per share whereas the
present market price is about $48 per share, making the stock dividend
rate 10% per annum, yielding, at said present market price, about $4.80
per share per annum.
The dividend will be so applied and the class "A" stock (or scrip certificates for fractional shares) purchased therewith will be delivered to all
stockholders entitled thereto who do not, on or before July 5 next, request
payment in cash.
-V. 126, p. 3447.
Brandenburg Electric Power Co. (Markisches Elektrizitatswerk Aktiengesellchaft).-Bonds Offered.
-E. H.
Rollins & Sons and the Equitable Trust Co. of New York
are offering at 933/i and int. to yield over 63/2% $5,000,000
1st mtge. 25-year sinking fund 6% gold bonds external
loan of 1928.
Dated May I 1928: due May 1 1953. Denom. $1,000c*. Principal
and in (M. & N.) payable in United States gold coin of the weight and
fineness as of May 1 1928 at the office of E. H. Rollins & Sons, Boston,
New York or Chicago, paying agent,free from any present or future taxes
of the German Republic or any taxing authority thereof or therein. Red.
as a whole, or in part by lot drawings (otherwise Oan through the operation of the sinking fund), on May 1 1933 or any interest date thereafter
prior to maturity on 30 days' notice at par and int, to the date of redemption. The Equitable Trust Co. of New York, American trustee, the
Deutsche Kredisicherung A. G., German trustee.
Sinking Fund.-Cunulative sinking fund calculated to be sufficient to
redeem the entire issue at or before maturity, will be applied on each interest payment date to redemption of bonds. Company has the right to
deliver bonds at the principal amount thereof in lieu of whole or any part
of sinking fund payments. Any cash payments to the sinking fund will be
applied to redemption of bonds by drawings at par and accrued interest.
Data from Letter of George Warreimann and Herman Henney,
Managing Directors.
-Company has, since its organization in 1909, experienced a
Company.
remarkable growth and is at the present time one of the largest producers
and distributors of electricity in Germany. Considering the size and the
homogeneity of the territory served and the extent of its transmission and
distribution systems,the company is one of the largest of its kind in Europe.
Electric energy, generated by the company's steam plants from fuel obtained from adjoining coal mines owned by the company, is supplied direct
to over 133.000 industrial, agricultural, and residential customers through
the company's high tension transmission lines and distributing systems.
The territory served by the company, its subsidiary and affiliated companies has an area of over 13,500 square miles and comprises practically
the entire Province of Brandenburg including important parts of the
metropolitan districts of the City of Berlin, as well as the neighboring districts of the adjacent Provinces of Silesia, Grenzmark and Pomerania.
The total number of communities in this area amounts to 4,270 with a population of 2,566,000 of which the system serves, either directly or through
local distributing systems, 2,200,000 inhabitants in over 3,500 communities, or approximately 86% of the total population in the territory served.
The output of the company has since its incorporation,steadily increased,
the amount of approximately 428.000.000 k.w.h. for the year ended Dec.
31 1927 being the greatest in the history of the company. Of this amount
approximately 77% was supplied by the company's own power plants.
In order to be able to supply the required energy from its own plants and
to meet the consistently increasing demand for electric current,the company
has prepared and adopted a comprehensive scheme for the extension of its
power stations and high tension transmission lines to be carried out over a
number of years.
Properties.
-The electric system includes 5 hydro-electric, eight steam
and two Diesel motor generating stations which will, upon completion of
construction work now in /progress, have an aggregate maximum generating
capacity of 152,160 kw. The Finkenheerd power station, which is one of
the largest and most modern steam power stations in Northern Germany,
has a maximum generating capacity of 90,000 kw., with a potential capacity
of 180.000 kw. upon the installation of additional units of at least 30,000
kw. each.
The transmission and distribution systems comprise over 6,500 miles of
high and intermediate voltage lines (including 548 miles of 50,000 and
100.000 voltlines principally ofsteel tower construction and over 1,400 miles
low voltage lines) which supply approximately 340,000 electric meters.
The company plans to extend its transmission systems in order to meet the
constantly increasing demand for electric energy.
The company also plans to acquire certain gas works operating in the
same territory in order to develop a more unified and economic distribution
of gas. It is expected that them) acquisitions will be favorably reflected
in the revenues of the company.
The fuel for the company's steam power plants is obtained almost entirely
from coal mines owned by the company, and located in the immediate
vicinity of the Finkenheerd power station. The coal field extends over
about 33 square miles, of which only one-fifth is at the present time being
utilized. These fields are of a great economic value to the company as
the coal is obtained mostly from surface workings at low cost.
Capitalization as of Dec. 31 1927 (But Including Present Financing).
o
1st mtge. 67 bonds (this issue)
$5.000,000
Funded and long term debt a
295,210
Capital stock b
7,142,8,57
a Including $267,986 which may be secured by mortgages ranking
equally with mortgage securing 1st mtge. bonds. b 50% owned by the
Province of Brandenburg and the balance owned by county and city districts served.
Security.
-These bonds and $267,986 of the $295,210 referred to above
will be the only outstanding secured debt of the company with the exception of $2,726 other indebtedness, and will be secured by first mortgage,
in the opinion of counsel, on most of the mortgageable operating properties
including power stations, main transmission lines d stribution system,
and coal mines of the company, and its subsidiary company, the Brandenburgische Kreis-Elektritatswerke G.m.b.H., consisting of three steam
stations, one Diesel powered station and one hydro-electric station having
a present aggregate installed capacity of 100,240 kw., about 548 miles of
50.000 and 100,000 volt transmission lines, 26 high voltage substations.
about 5.800 miles of intermediate voltage distribution lines and two coal
mines.
The company owns all the capital stock of its subsidiary companies.
The book value of the properties, plants and equipment of the system
amounts to $26,036,823, with reserves in the amount of $15,375,622. The
properties to be mortgaged have been appraised as of Jan.l. 1928 by Stone
& Webster, Inc. as having a cost to reproduce new, less depreciation, of
'
$24,100.000. equal to over 4% times the principal amount of all secured
Indebtedness.
Under laws enacted to carry out the Dawes Plan,company,its subsidiary
and affiliated companies are subject to assessments for reparation payments,
the annual amounts in respect of which are secured by a first charge against
their gross revenues. The maximum amount of such charges on the basis
of present provisional assessments is estimated not to exceed $60,000 for
1928 or less than 1.3% of the net operating revenues for 1927.
-The consolidated revenues of the company and its subsidiary
Earnings.
companies as reported by independent auditors for the years ended Dec.
31 19261and 1927 were as follows:
3587
1927.
1926.
Gross earnings (including other income)
$6,602,654 $8,569,934
Oper. exp., taxes and Dawes Plan charges, incl.
Federal taxes
3.169,678
3.821,186
Balance of net earns, available for deprec. & int_ $3,432,976 $4.748,748
Annual int. & sinking fund charges on $5,000,000
1st mtge. 6% bonds and $267,986 of internal
406,537
debt ranking equally with this issue
Above balance of net earnings for 1927 over 11% times the annual interest
and sinking fund requirements of all secured bonds outstanding.
The financial policies of the company are conservative. In addition to
setting aside annually substantial amounts for depreciation the company
expends out of earnings large amounts for property additions and property
acquisitions.
In each of the years ended Dec. 31 1924 and 1925, the company paid
8% on the capital stock. The dividend was increased to 10% for the year
ended Dec. 31 1926, and this rate was maintained for the year 1927.
-The indenture permits the company to incur
Addiitional Obligations.
from time to time additional long term funded obligations without limit.
of equal lien with these bonds, payable in dollars or in gold marks, having
such rates of interest not exceeding 6%, maturities not earlier than the
bonds of this issue, and containing such other provisions as may be determined by the company. Such additional oblations may be issued to
an amount so that the total outstanding indebtedness secured by the mortgage shall not exceed 50% of the then value of the property sublet to the
mortgage as appraised by an engineer approved by the German and the
American trustees, provided consolidated net earnings of the company
and its wholly owned subsidiaries, after operating expenses, maintenance,
Dawes Plan payments and taxes (except income taxes) but before depreciation and interest, for 12 consecutive calendar months out of the 15
consecutive months immediately preceding (as audited by accountants.
approved by the American and German trustees) shall have been not less
than 3 times the sum of the annual interest and sinking fund charges on all
bonds of this issue and other obligations so secured then outstanding and
on the obligations then proposed to be issued. The company may also
without restriction register mortgages of equal rank to that securing these
bonds as security for certain existing indebtedness to the amountof$267.986.
-The proceeds of this issue will be used for the purpose
Purpose of Issue.
of the further development of the existing power plants of the compahy,
for further acquisition, and for other corporate purposes.
[All conversions from German to United States currency in the foregoing
have been made at 4.20 marks to the dollar.]
-Initial Stock Dividend.
Central States Electric Corp.
An initial quarterly dividend of 2%% payable in stock has been declared
on the common stock in addition to the regular quarterly cash dividend of
25c. a share. Dividends are payable July 2 to holders of record June 11.
It is the intention to continue the stock dividends on the common at the rate
of 10% annually in addition to the regular $I annual cash payment. Since
April 1926, the company has been paying regular quarterly cash dividends
of 25c. a share, on the common stock.
A regular quarterly dividend of $1.75 a share on the 7% pref. stock was
also declared payable June 30 to holders of record June 9 and the regular
quarterly of $1.50 a share on the 6% pref. stock payable July 2 to holders of
record June 11.
The corporation is a holding company having as its principal investment
-V.126, p. 3447.
North American Co. common stock.
-10% Stock Dividend.
Detroit Motor Bus Co.
The directors have declared a 10% stock dividend, payable June 22 to
holders of record June 8.-V. 122, p. 2798.
Detroit United Ry.-Reorg. Plan Operative.
June 23 has been set as the time limit for deposit of bonds affected by the
reorganization according to Theodore G. Smith, Chairman of the reorganization committee, who announced June 6 that the plan has become
operative.
More than 80% both of the outstanding first mortgage & collateral trust
-year 6% bonds of the Detroit United Ry. and of the first
sinking fund 5
mortgage bonds of the Detroit, Monroe St Toledo Short Line Ry. already
have been deposited under the plan. Bonds may be deposited with Central
Union Trust Co. as depositary at its office, 80 Broadway, New York or the
Detroit, Monroe & Toledo bonds may be deposited with Union Trust
Co. as depositary at its office. Congress and Griswold Sts.. Detroit, Mich.
The reorganization committee further announced the extension to June
29 of the time within which holders of certificates of deposit for bonds of the
Detroit United Ry. may exercise the right of subscription conferred by the
Plan to the syndicate therein provided for. After this date no subscriptions
to the syndicate may be made unless assented to by the managers of the
-V. 126, p. 2787, 2962.
syndicate.
-Earnings.
Electric Power & Light Corp.(& Subs.).
1927.
1928.
12 Months Ended March 31Gross earns. of El.Pr. & Lt. Corp. & undistributed
inc. of subs. applic. to El. Pr. & Lt. Corp. after
$8.851.282 $8,137,591
approp.for renewals & replace.(deprec.)x
809,834
637.425
Expenses ofcorporation
491.765
y439,715
Interest deductions
Balance
Preferred dividends
2nd preferred dividends
Common dividends
$7,774,142 $6,835,992
2.998,421
3,285,951
775,605
775,012
y439.352
$3.273,827 $3.061,966
Balance
x Appropriations for renewals and replacements (depreciation) for the
12 months ended Mar. 31 1928, were $4,194,000, and for the 12 months
ended Mar. 31 1927. they were $4,030.604. y Initial dividend of 25 cents
Per share declared Mar. 28 1928, and payable May 1 1928.
Gross and Net Earnings of Subsidiaries, 12 Months Ended March 31.
1927.
1928.
$53.154,175 $50,769,973
Gross earningsof subsidiaries
Net earns, of subs, bet. approp, for renews. & re24.085.107 22,233.845
placements (depreciation)x
AssetsInvestments__
Cash
Notes & loans
rec.: subs
Notes dc loans
rec.: Others_ Accts. receiv.:
Subs
Aceta.reo.:0th.
Subs. to Pref.
stock
Reacquired esp.
stock
Balance Shee -Mar.31.
(Electric Power & Light Corp. only.)
1927.
1928,
1927.
1928.
$
Liabilities$
$
$
98,487,186 Capital stock_ .x103,667,775 101,224,075
94,426,107
300,891 Subs°. to Pref.
3,818,332
3.785.800 6,219,700
stock
989,966
9,634,219 10,817,497 Divs. declared- 1.471,269
Notes & loans
6.428,000
payable
137,000
310.578
614,263
Accts. payable_
27.443
25,852
1,267,059 1,178,808 Accrued sects__
prof.
521.110 Stamm to
698.368
766.584
stock of subs_ 1,011,182
3,292,686 1.666.513
3,785,860 6,218,700 Surplus
97,669
101,892
113,868.828 117.621,859
Total
113,868,828 117,621.859
Total
1927.
1928.
x Stock Outstanding March 31481.886 shs. 457,557 shs.
$7 cumulative preferred stock
cumulative 2d preferred stock, series A-- - 110,741 shs. 110,741 shs.
$7
1,776,210 shs. 1,775.778 shs.
Common stock
a Option warrants for com. stock equiv. to _ 762,648 shs. 762.648 shs.
a Holders of option warrants outstanding are entitled to purchase one
share of common stock, without limitation as to time, at $25 per share for
each option warrant held, and each share of the company's 2d preferred
stock, series A. when accompanied by four option warrants, will be accepted
-V.126, p. 1980.
at $100 in payment for such common stock in lieu of cash.
Gatineau Power Co.
-Expansion-Contracts.
The first generator in the Paugan Quebec. hydro-electric plant has been
turned over. The powerhouse, which is one of the largest hydro-electric
stations on the North American Continent, is on the Gatineau River, 33
miles north of Ottawa, Canada, and is designed for 272,000 h. p. in 8 generators of 34.000 h. p. each.
Twenty-six miles below the Paugan development the Chelsea and Farmers hydro-electric plants of the Gatineau Power Co. are in operation and are
delivering power to the Gatineau newsprint paper mill of the Canadian
3588
FINANCIAL CHRONICLE
For... 126.
International Paper Co. These two plants are designed for a total of 290.000 h. p. of which 174,000 h. p. is now installed.
On Oct. 1 of this year, the Gatineau Power Co. will commence deliveries
'
of electric power under two contracts to the Hydro-Electric Power Commission of Ontario. The first contract calls for annually increasing quantities of power until Oct. 1 1931, when the fixed maximum demand will be
260.000 h. p. and the total yearly kilowatt hours to be delivered approximately 1,190,000.000. Under the second contract an additional 100,000
h. p. is reserved for the Commission, which agrees to take at least 60.000
h. p. This power is to be taken in minimum annual increments of 6.000
h. p. for 10 years beginning Oct. 1. The Commission will take the balance
of the 100.000 h. p. during the 10 years as far as needed.
The Gatineau Power Co. is a subsidiary of the Canadian Hydro-Electric
Corp.,td. which, in turn, is a subsidiary of the International Paper Co.
i25,
p. 3197*
modern and have been maintained at a high standard of efficiency. The
rapid transit lines are equipped with automatic signals throughout. The
estimated replacement value of the company's property is at least $60,000.000. This property includes, in addition to the railway lines, over 2,200
cars, electric generating plants, aggregating 60,000 h.p. capacity,
650 sq. ft. of real estate together with railway terminals, yards and4,444,shops,
right of way. &c. Company's own electric generating plants supply the
bulk of its requirements for power, the balance being purchased under
favorable long term contracts from the Hamburg Electric Works which is
controlled by the State of Hamburg. The number of employees is in excess
of 10,000. The concession of the company from the State of Hamburg
contains no burdensome restrictions.
Obligation.
-These bonds will constitute a direct obligation of Hamburg
Elevated, Underground and Street Railways Co. Company agrees that if in
future it shall impose a lien, pledge or charge on any of its assets or revenues
to secure any funded debt or other obligation, these bonds shall be secured
Great Consolidated Electric Power Co., Ltd. (Daido equally and ratably therewith.
Denryoku Kabushiki Kaisha).-Earnings.Under German legislation enacted pursuant to the Dawes Plan, the company has issued a single non-negotiable industrial debenture in the amount
Income Account for 6 Months Ended Nov. 30,1927.
of $4,784,000, the interest and amortization charges of which are secured
Revenues-Yen.
by a public charge
Income from operation
15,712.584 industrial charges upon its property. Under the law for the distribution of
(Aufbringungsgesetz) the company, In order to meet all
Income from interest and dividends
870,514 of its present obligations
Miscellaneous income
75.364 payments estimated (on under the Dawes Plan, is required to make annual
basis of present assessments) as not exceeding an
aggregate of $231,000.
Total
16,658,462
Earnings.
-Net earnings of the company for the calendar year 1927 after
Expenduturescurrent maintenance expenditures and taxes but before depreciation were
Operatibg expenses, &c
5,065,036 equivalent to 5.85 times
the
Selling' general and admin. expenses
676,513 constitutes practically the annual interest requirement of this loan which
sole funded debt of the company. For the 4
Taxes
673.100
period ended Dec. 31
Interest expense
2,928.158 Year equivalent to over 56.51927 average net earnings on the same basis
were
Depreciation
313,013 calendar year 1927 and for times such interest requirement. In both the
the above 4
-year period net earnings after all
miscellaneous expenses
110,209 charges and depreciation were
equivalent to about 33( times
Interest requirement of this loan. Earnings in detail since 1923the annual
Net profit for 6 months
have been
6,892,431 as follows:
-V.125, p. 3642.
Year Ended Dec. 311927.
1926.
1925.
1924.
Greenwich Water & Gas Co.
Gross earnings
-Bonds Offered.
$13,908,863 $13,165,860 $11,938,347 $8,725,623
-P. W.
Operating expenses
11,332.687 10,618,434
Chapman Sr Co., Inc., are offering $750,000
9,525,984 6,266,425
collateral trust
5% gold bonds, series A at 98 and int., to yield about 5.15%.
Dated April 1 1927; due April 1 1952.
Controls through 100% stock ownership (except qualifying shares),
Greenwich Water Co., Greenwich Gas Co. and Port Chester Water Works
which companies supply water and gas to Greenwich, Conn., including
Sound Beach. Cos Cob, Riverside, Borough of Greenwich, Glenville and
East Port Chester, and water to Port Chester and Rye, N. Y., and will
own over 73% of the capital stock of Bristol & Warren Water Works, which
directly or through its wholly owned subsidiary, supplles water to Bristol.
Warren and Barrington, Rhode Island. Greenwich Water & Gas Co.,
through its subsidiaries, Vermont Lighting Corp., of which it owns over 98
of the common stock, and St. Johnsbury Gas Co., of which it owns 100
of the capital stock, also serves gas to the cities of Springfield, Barre, St!
Albans and St. Johnsbury, Vt. Company also has managerial contracts
with properties serving gas to North Attleboro, Plainville and Ware, Mass.
The properties have been in continuous and successful operation for various
eriods up to 70 years and serve a population estimated to be in excess of
Net earns, bet. deprec. $2,576,176 82,547,426 $2,412,363 $2,459,198
Depreciation
1,115.658
1,109,262
981,467
1,097,720
Net earns, aft. deprec. $1.460,518 $1,438.164 $1,430,896 $1,361,478
Company has paid dividends on its "A" stock in each year since 1915
Including 1923, the year of deflation. The current rate is 6%. Dividends
at the rate of 5% per annum have been paid on the "B" stock since 1923.
The current dividend rate on the "C"stock Is 23.5 %.
Purpose.
-Proceeds of this issue are to be used to refund a $6,000,000
short term loan and to provide funds for improvements and extensions to
the property of the company.
Capitalization of Company on Completion of Present Financing.
4% and 5% bonds
83,21ce
10-rear 5g% loan (this issue)
8,000,000
"A'
13,690,475
"B"stock (all owned by State of Hamburg)
8.232,140
"C"stock (all owned by State of Hamburg
2.421,425
Listed.-There have been placed upon the Boston Stock Exchange list
CapitalizationAuthorized.
Issued
Coll. trust 5% gold bonds, series A
-year 5J. % gold loan.
$8.000,000 10
$4,325,000
6% cumul. preferred stock
50,000 she.
21,175 shs.
[All conversions have been made at the rate o 4.2 Reichsmarks to the
Common stock (no par value)
100.000 shs.
100,000 abs. dollar.]
• Additional bonds issuable as provided under the indenture.
Subsidiary companies' securities which are outstanding in the hands of
Havana Electric Railway Co.
-Report.
-'
the public consist of $1.225,000 1st mtge. 4.50% bonds of the Greenwich
A report of the operations of this company covering the period from Sept.
Water Co.; $212.000 1st mtge. 5% bonds of the Vermont Lighting Corp.
and $425,000 1st mtge. 5% bonds of the Bristol & Warren Water Works; 11926.(the date on which it began to function independently of the Havana
$9,200 of preferred stock of the Vermont Lighting Corp and less than Electric Railway, Light & Power Co.), to Dec. 31 1927,follows:
4 Mos.End, Cal, Year
1.25% and 27% of the common stocks of Vermont Lighting Corp. and
PeriodDec.31,'26.
1927.
Total.
Bristol & Warren Water Works respectively.
$2.116,285 $6,020,679 $8,136,965
Security.
-Secured by deposit with the trustee of: 100% of the outstand- Gross operating revenues
1.690,173 4,814.609 6,504,782
ing capital stock (except qualifying shares) of Greenwich Water Co., Port Open expenses includ. taxes
Chester Water Works, The Greenwich Gas Co. and St. Johnsbury Gas
Net revenues from operation
$426,112 $1,206,071 $1,632.183
Co.; over 73% of the common stock of Bristol and Warren Water Works;
11,564
52,265
over 85% of the common stock and over 88% of the preferred stock of Ver- Net non-operating revenues
63,829
mont Lighting Corp.: $125,000 1st mtge. bonds of Vermont Lighting
Gross corporate income
$437.677 $1,258,335 $1,696,012
Corp.; the entire outstanding $1,100,000 1st mtge. bonds of Port Chester
Interest & other charges
214,638
Water Works and $700.000 1st mtge. bonds of The Greenwich Gas Co.
643,893
858,531
Earnings.
-The consolidated earnings of company, its operating subsiNet divisible income
diaries, and companies managed, from which it receives all dividends, are
8614,442
$837.481
$223,039
Out of net divisible inc. for period und. review, namely
reported as follows for the 12 months ended April 30 1928:
837,481
Gross revenue
128,000
$1,118,147 There has been set aside as depreciation reserve
Operating expenses, maint., minority interest and taxes (not
Leaving a balance of
including Federal taxes)
$709,481
447,712
The following disposition was made thereof:
Balance
$670.435 Dividends paid during the period on the pref. stock (at the rate
Annual underlying bond interest and preferred dividends
of 6% per annum)
$375,000
87,537
Annual interest on collateral trust 58
334.481
216,250 Balance carried forward
Balance
Total
$709,481
8366,648
Earnings, as stated above, are 2.69 times the annual Interest
Assets.
Liabilities.
1
of the total outstanding collateral trust 5s including this issue requirements
and over 2.2
26,249,851 6% Pref. stock
$5,000,000
times the annual interest requirements of total outstanding collateral Properties
Cash
1,337,861 Common stock
x7,953,830
trust 58, including this issue, together with underlying bond interest
and Accounts receivable_ .....
23,928 Cons. mtge. 5's
8.746,450
preferred dividends.
748,473 25-yr. 5y4% debentures
5,500,000
Purpose of Issue.
-Proceeds will be used for the acquisition by the com- Materials Jr supplies less res3,979 Accounts payable
176,497
pany of additional first mortgage bonds and capital stock of subsidiary Interest receivable
381,192
32,011 Interest on funded debt
operating companies, for additions and extensions to the property and for Ins., taxes, ezc., paid in adv._
111,058
Deferred assets er charges....
37,914 Accrued taxes
other corporate purposes.
-V. 126. p. 3448.
Employees', &c, deposits
82,547
Depreciation reserves
1,070,994
Hamburg Elevated, Underground and Street Rys.
Reserve for contingencies, &c_ 1,197,971
(Hamburger Hochbahn Aktiengesellschaft), Germany. Total (each side)
334,481
828,434,017 Surplus
-V 126. p. 2963.
x Represented by 200,000 shares of oh par value.
-Bonds Offered -Brown Brothers & Co., international
Acceptance Bank, Inc.1 and Illinois Merchants Trust Co.
Indiana Electric Corp.
-Plan of Readjustment Revised
are offering at 924 and int. to yield about 6.53%,$8,000,000 in Same Respects-Deposits of Securities Asked on or Before
10-year 53'% gold loan. Of this issue, $1,500,000 bonds July 1 Next.
have been withdrawn for sale in Europe.
Action taken this week indicates that the Indiana utility merger plan is
Dated June 11928; due June 11938. Interest payable (J. & D.) Prin.
and int. payable in New York City at the office of Brown Brothers & Co.,
fiscal agents for the loans, in United States gold coin, without deduction for
any German taxes. Denoms. $500 and 81.000. Red. all or part on any int.
date at 100 and int. Company agrees to provide a purchase fund at the
rate of $84,000 per annum, commencing July 1 1928 and payable in equal
monthly instalments, applicable by the fiscal agents to the purchase of
bonds of this issue in the market at not exceeding 100 and int., any unexpended portion of any such instalment remaining in the fund after 2
months to be returned to the company.
Data from Letter of Wilhelm Stein and Dr. Max Mumssen,
Managing Directors.
-Hamburg Elevated, Underground and
Relations with State of Hamburg.
Street Rys. Co. operates elevated, underground and street railways in the
State of Hamburg under a concession from the State of Hamburg, its principal stockholder. Under the terms of the concession the company possesses
the right to operate these properties for an indeterminate period subject
to the right of the State to purchase the properties of the company on Jan.
1 1957 and at 5 year intervals thereafter. Rates are subject to the approval
of the State of Hamburg. Under an agreement with the State of Hamburg the rates are to be sufficient to cover all operating expenses, interest on
debt (including these bonds) and adequate depreciation and also sufficient
to provide dividends of at least 6% on its 813,690,475 "A" stock and of at
least 5% on its $8,232,140 "B"stock. The State has not guaranteed these
_bonds.
The State of Hamburg owns 8376,190 of the "A"stock, $8,232,140 of the
"B"stock and $2,421,425"0"stock of the company.
Property -Company owns and operates the entire elevated, underground and street railway systems in City of Hamburg and has lines serving
various suburbs. Total mileage operated including rapid transit lines is
about 200 miles. Company also operates ferry and bus services. Company
served population of about 1,500,000 and in 1927 carried 351,124.490
passengers.
.
• The fixed property and equipment of the company is carried at 830.715.000 on the balance sheet of Dec. 31 1927. The plant and equipment are
to be declared operative or abandoned shortly after July 1. The plan
involves the consolidation of the Central Indiana Power Co. and its subsidiaries and the Terre Haute, Indianapolis St Eastern Traction Co. and
certain of its subsidiaries into the Indiana Electric Corp.
The evidence that the plan is nearing a final point is contained in a letter
sent to certain of the security holders involved in the consolidation by
Halsey, Stuart & Co., Inc., readjustment managers. The letter says:
-day withdrawal period, the manager will
"After the expiration of the 20
check the securities of the various classes which shall then be deposited under
the plan and agreement as amended or shall otherwise have assented thereto,
to determine whether in each case there be sufficient to declare the Plan
operative or whether a final abandonment is necessary. If the holders of a
sufficient amount of securities have then assented to the plan, the manager
anticipates the perfection at an early date of a petition of consolidation to
be filed with the Public Service Commission of Indiana.
In the letter it was also made known that the proposals made by committee
members at a meeting in Indianapolis late in April have been accepted by
the readjustment managers. At that meeting the manager presented a
change in the plans made necessary by the continued decline in the earnings
of the traction properties involved In the consolidation. This plan was
rejected, and a counter proposal was made by the committees representing
the affected securities. This proposal has now been accepted. The
proposal provides:
That holders of the first mortgage bonds of three companies, Indianapolis
& Northwestern Traction Co., Indianapolis Sr Martinsville Rapid Transit
Co., and Indianapolis, Crawfordsville & Danville Electric Railway Co.
are to receive one share of Indiana Electric Corp. preferred stock, series A,
for each $1.00 principal amount of bonds.
That holders of the 5% cumulative preferred stock of two companies.
Indianapolis & Northwestern Traction Co., and Indianapolis, Cravrfordsvide & Danville Electric Ry. are to receive Indiana Electric Corp. pref.
stock, series B, on a par for par basis.
In addition to giving those who have deposited an opportunity to withdraw if they desire, In view of the change made in plans, the readjustment
manager announced that those who havo not yet deposited their securities
may do so at least until July 1 without penalty.
JUNE 9 1928.]
FINANCIAL CHRONICLE
It is emphasized in the announcement that those who have deposited
their securities and wish to accept the amended plan do not have to take
any action.
It is urged that any new deposits be made promptly, so that the final
figures showing whether the plan is effective or must be abandoned will be
available as soon as possible after July 1.-V. 126. p. 3116.
-Status, Earnings, &c.
Helena Gas & Electric Co.
This company was incorporated in Delaware June 16 1927, as successor
to the Helena Light & By. Co. in receivership. Owns all the properties of
the old company, not exclusively devoted to street railway business.
Electric and gas franchises are perpetual. The business comprises all the
electric and gas properties in the city and environs of Helena, Mont.
Company purchases its electric power. The gas department makes water
gas, has 28.52 miles of 3 in. equivalent pipe and a holder of 140,000 Cu. ft.
capacity.
--8.000 shares authorized without nominal or
Capital Stock-Common.
par value. All outstanding.
Preferred.
-17 dividend cumulative, 4,000 shares authorized without
nominal or par value, 2,805 shares outstanding. Transfer Agent, The
Chemical National Bank of New York for both common and preferred
stock. The 87 cumulative preferred stock is preferred as to cumulative
dividends and assets in case of liquidation or dissolution.
-$750.000 first mortgage gold bonds,6% series due Jan. 1
Funded Debt.
1952. Dated Jan. 1 1927;interest payable Jan. 1 and July 1 at the Hanover
National Bank, New York, trustee. Denom. $1,000, $500 and woe.
Callable at 105 oefore Jan. 1 1947: at 104 before Jan. 1 1948; at 103 before
Jan. 1 1949; at 102 before Jan. 1 1950; at 101 before Jan. 1 1951. The
bonds are secured on the property and assets owned by the company.
Company agrees to refund the holders of the bonds upon proper application
within 60 days after payment of taxes, not exceeding 4 mills per annum in
Pa. and Conn.. 5 mills per annum in the District of Columbia and State of
Mich.:44 mills per annum in Maryland;6% per annum on income derived
from these bonds in Massachusetts.
earnings Statement for 3yi Months from Sept. 15 1927 to Dec. 31 1927.
[IncludgIts Subsidiary, Helena Electric RY]•
Gross revenue
8120,783
Operating expenses and taxes
75.196
Renewals and replacements reserves
5.236
Interest on bonds
13,250
Other deductions
107
Net income
826.992
Consolidated Balance Sheet Dec. 311927.
Assets
Liabilities
Plant & property
El 219,533 Capital stock
2E410,000
Current assets
94,892 Bends
750.000
Deferred assets
5,059 Current liabilities
40,508
Surplus & reserves
118,977
Total
81,319,485
Total
$1,319,485
a 2,805 shares of preferred and 6,000 shares of common without nominal
or par value.
Officers.
-Pros.. J. H. Pardee; Vice-Pros.. J. K. Choate; Sec. & Treas.,
T. W. Moffat. Office, 33 Liberty St., N. Y. City.
Helena Light & Ry.-Successor.See Helena Gas & Electric Co. above.
-V. 124. p
0 6.
Indiana Service Corp.
-Electric Sales.
-
Electric light and power sales to all classes of customers served by the
company in March totaled 7.603,536 k. w. h. compared with 6,825,633
k. w. h. in the corresponding month of 1927. a gain of 11.4%. The increase for the first three months of the current year over the first quarter
of 1927 was 5.32%. Sales of industrial power in March showed a gain
of 16.31%. V. 126. p. 1659.
-
Lone Star Gas Corp.(Del.).-Listing.
--
3589
After full consideration the committee has unanimously
reached conclusions as follows:
(a) That because of the steady decrease in passenger earnings owing
principally to the use of privately owned automobiles, the necessity of
abandoning or discontinuing the operation of interurban lines and the
advisability of having the city lines owned and operated as separate units
the trustee should be requested to file its bill of complaint in the U
District Court for the Eastern District of Michigan, Southern Division:
the foreclosure of the mtge., the appointment of a receiver and the salefor
of
the company's property;
(b) The trustee should be requested to purchase the property at the
foreclosure sale in its own name or the name of its nominee for the benefit
of the holders of the bonds and to organize a new company (with necessary subsidiaries) to take over the company's property.
To carry out the foregoing the committee has prepared and adopted this
plan for the reorganization of the company and its properties.
Digest of Reorganization Plan.
The reorganization committee shall procure the sale of the property of
the company, the purchase thereof by the trustee, or its nominee, and the
organization of a new company and necessary subsidiaries under the laws
of Michigan to acquire from the trustee or its nominee the company's
property and to own and operate so much thereof with such additions,
extensions and betterments as it may find necessary upon the understanding that
(1) No stock or securities will be issued for or on account of the outstanding stock of the company;
2) The new company will not issue or sell any notes, bonds, or other
obligations of any kind except for new money necessary for the purpose of
paying expenses authorized by the bondholders agreement and approved
by the committee, the actual cost of reorganization, the actual cost of
operating and maintaining the property to the date of its being taken over
by the new company including the cost of the recerivership, such items as
the court may order paid or assumed and for permanent additions, extensions and betterments:
(3) The new company or its appropriate subsidiaries shall, if deemed
advisable, discontinue the operation of interurban lines, extend the bus
service and establish freight truck lines;
(4) The holders of bonds and (or) underlying bonds as described in the
mtge, shall have such rights as may be fixed and determined by the decree
of the U. S. District Court, or in the absence of such decree the following
rights:
(a) Holders of 1st & ref. mtge. gold bonds, series A. will receive for
each $100 of bonds, one share of stock of the new company issued under
the authorization of the Michigan P. U. Commission;
(b) Holders of Jackson & Battle Creek Traction Co. bonds (not pledged
under the mtge.) will receive for each $100 of bonds one share of stock of
the new company issued under the authorization of the Michigan P. U.
Commission:
(c) Holders of Jackson Consolidated Traction Co. bonds will receive
for each $100 of bonds one share of stock of the new company issued under
the authorization of the Michigan P. U. Commission.
(5) The power to do and perform all and every act, deed and thing
necessary to effect the foregoing shall be given and granted to a reorgzation committee under an agreement between the members thereof and
holders and owners of bonds of the issues above described.
Reorganization Committee.
-Willard V. King, Chairman; Livingston E.
Jones. R. M. Smith, George R. Cottrelle, Mervyn Scudder, Noah MaoDowell Jr., William F. Ingold W. M. Fiook, Sidney W. Noyes and Bernard C. Cobb with W. MacAlister, Secretary, 60 Broadway, N. Y. City,
and J. C. & B. F. Weadock, Counsel, 14 Wall St., N. Y. City.
-American Exchange Irving Trust Co., 60 Broadway, New
Depositaries.
York; Capital Trust Corp., Temple Building, Toronto, Can.; Pynchon &
Co., 1 Drapers Gardens, Throgmorton St., London, E. 0., Eng.; Investment Registry. Ltd.. 6 Grafton St., New Bond St., London, W. 1, Eng.
A notice to the depositors of the 1st & ref. mtge. bonds,
dated June 5, says in substance:
Depositors assenting to the plan need take no action and the committee
The Pittsburgh Stock Exchange has approved for listing 360,000 addi- will act for them. Depositors, if any, who may dissent should notify
tional shares of common stock (par $25). Upon the issuance of this addi- William Macallster Jr., Sec., by registered mail, specifying the number or
tional stock, the capitalization will be increased to 1,438.713 shares of numbers of the certificate of deposit held by him so as to reach such secrecommon stock (par $25).
tary within 30 days from this date.
By resolution of the directors under date of Dec. 30 1927, the authorized
In case the plan shall become operative and the committee shall not
capital was increased from $30,000,000 to $50,000,000. Stockholders of abandon or recall it, the committee will return to each holder of certificate
record, April 10 1928. were offered the privilege of subscribing to 1 share of deposit dissenting the bonds and coupons represented by his certificate
of common stock, at par ($25), for each 3 shares held. Payment to be of deposit or other bonds and coupons for the same amount upon surrender
made on or before May 15 1928. The proceeds from the sale of this stock of his certificate of deposit properly endorsed and upon payment of an
to be used in liquidating indeotedness and for other corporate purposes.
amount to cover pro rata share of cost and expenses to be fixed by the
The consolidated income statement two months ending, Feb. 29 1928 committee not exceeding $15 for each $1,000 bonds with coupons.
shows: Operating revenues, 83,782,367. Operating expenses: $1,443,494.
The committee will use its best
provide that the new company
Depreciation and depletion, 8560,240; Net operating earnings, $1,778.632; Pay or assume such indebtedness efforts tooe required by the court to be
as may
Non-operating income, $29,384; Gross income $1.808,017; Non-operating paid, all costs incident to the receivership and reorganization expenses
revenue deductions, $271.,919; Undivided profits, $1,536,098.-V. 126, P. including the committees expenses and services contemplated by the bond1981.
holders agreement and plan of reorganization.
-V. 125. p. 1837.
Louisville Gas & Electric Co. (Del.).
-Petition of
Minority Stockholders Denied.
-
Mississippi River Power Co.
-Income Account.
-
Calendar Years1927.
1926.
In a decision handed down on June 1. Chancellor Wolcott,of the Court of Gross earnings
$3,792.159 $3,589.019
Chancery at Wilmington, Del., denied the petition of a small group of Operating expenses. maint. & taxes
652,221
671,122
minority shareholders for an order prohibiting the company from amending Appropriations for depreciation reserve
260,000
260,000
its charter so as to provide for removal of the call price on the class A com- Interest charges
1.133.825
1,134.855
mon stock and make a change in the dividend rights of the class A and B
stocks. The amendment was authorized by the stockholders at their annual
Net income
81,726.183 $1,542.973
meeting held in Wilmington on May 16, but by agreement between attorneys -V. 125, p. 2808.
for the company and the attorneys for the minority stockholders the filing
New England Telephone & Telegraph Co.
of the certificate of amendment was postponed pending the decision of the
-Expend.
The executive committee has authorized the expenditure of $3,614.925
court. Holders of approximately 95% of the outstanding class B stock and
approximately 70% of the outstanding class A stock voted in favor of the for new construction and improvements. Including_ this authorization,
change. The certificate of amendment will be filed immediately.
-V. 126. expenditures for plant this year total 816,911.990.-V. 126, P. 2645.
p. 3297, 3117.
New York Steam Corp.
-Tenders.
-
Metropolitan Edison Co.
-Transfer Agent.
-
The Seaboard National Bank of the City of New York has been appointed
transfer agent of the no par 85 cumul. pref.stock. See also V. 126, p. 3297.
Mexican Utilities Co. (8c Subs.).
-Earnings.
Calendar YearsGross revenue
Maint. & approp. to reserve for depreciation
Operation, administration, taxes & general
1927.
1926.
81,574,549 $1,532.188
214.666
200.604
645.482
625,847
Operating income
Non-operating income
8714,401
31,035
8705,737
53.158
Gross income
Intent on funded debt
Amortization of bond discount
8745,436
316,587
11,843
8758.894
319,064
11,342
Net combined income for year
Deduct: Dividends declared on preferred stock
Preferred dividends of Mexican Utilities Co_ _ _ _
Preferred dividends of subsid. cos.(minor int.)_
$417,006
$428,489
215,659
336
215,712
336
Surplus income for year
-V. 126, p. 2791.
$201,011
$212,441
Michigan Electric Ry.-Reorganization PlanA plan of reorganization for the company and its properties has been
adopted by the reorganization committee. Willard V. King, Chairman of
the committee, has been appointed reorganization manager.
An introductory statement to the plan states that the company has
$7,190,500 1st & ref. mtge. gold bonds, series A, outstanding, with int.
coupons maturing on and after Jan. 1 1925 unpaid.
The mtge, is suoject as to such of the company's property as is covered
thereby to tho lien of (1), the Jackson & Battle Creek Traction Co. 1st
mtge. 5% gold bonds, duo Jan. 1 1923, of which $1,200,000 are outstanding 869,000 being in hands of the public and 81.131.000 deposited and
pledged under the Michigan Electric Co. 1st & ref. mtge bonds: (2) the
Jackson Consolidated Traction Co. 1st mtge. 5% gold bonds, due May 1
1934, of which 8790000 outstanding in the hands of the public.
The committee, since its organization, has been in close touch with the
operation of the company's property, has caused it to be reported upon
by the company's officers and operators and by experts of its own choosing.
The National City Bank of New York will until June 23 receive bids for
the sale of it of series A pref, stock to an amount sufficient to exhaust
841,930 at prices not exceeding 105 and dividends.
-V. 126, p. 2792.
-New Directors.
Northern Ohio Power & Light Co.
R. P. Stevens and W. L. Wilkie have been elected members of the
board, succeeding J. C. Weadock and E. W. Moore.
-V. 126. p. 2645.
-George M. ForNorthern Utilities Co.
-Bonds Sold.
man & Co., Inc., and Moore Leonard & Lynch announce the
oversubscription at 99 and int. of $3,250,000 1st lien 6%
sinking fund gold bonds, series A (with stock purchase
warrants).
Dated May 1 1928; due May 11943. Prin. and int. (M. & N.) payable
at Central Trust Co. of Illinois. Chicago, corporate trustee. Int. payable
without deduction for Federal income tax not exceeding 2%. Company
will refundupon proper application any state personal property tax not in
excess of5 mills and any state income tax not to exceed 6. 0 per annum upon
7
bonds or interest thereon, as the case may be, upon proper application as
provided for in the indenture. Denoms. $1,000 and $500c5 'Red. all or
.
part on any int. date on 30 days' notice at par, plus a premium of 5% if
red, on or prior to May 1 1934, this premium decreasing X of 1% of the
principal on Nov. 1 1934 and on each Nov. 1 thereafter.
Stock Purchase Warrants.
-Each holder of a $1,000 first lien 6% sinking
fund gold bond, series A, due May 1 1943, will be entitled to purchase a
unit of 10 shares of common stock, now without par value. at $7.50 per
share on or before May 1 1930; thereafter on or before May 1 1932 at $10
per share; thereafter on or before May 1 1934 at $12.50 per share; thereafter on or before May 1 1936 at $15 per share; thereafter on or before May
1 1938 at $17.50 per share; thereafter on or before May 1 1940 at $20 per
share; thereafter on or before May 1 1942 at $22.50 per share; and thereafter on or before May 1 1943 at $25 per share. Holders of $500 bonds will
have a proportionate purchase privilege. These stock purchase warrants
are non-detachable except upon exercise of the warrant. The stock deliverable against these warrants having been provided by the minority shareholders out of outstanding issued stock, the proceeds derived from the
exercise of such stock purchase warrants will go to such owners, or their
assigns.
security,
-secured by a first lien of all outstanding indebtedness (except
current indebtedness not in excess of current assets, inter-subsidiary indebtedness and balance due on the purchase price of certain propertiewhich balance has been deposited with the corporate trustee) and approxis
3590
FINANCIAL CHRONICLE
[VoL. 120.
In commemoration of the event, Mr. McCarter announced that the board
mately 95% of the capital stock of the principal subsidiary, the securities
representing such outstanding indebtedness (if any) and capital stock to be of directors voted a payment to each employee who has been in the employ
deposited and pledged with the corporate trustee under the indenture. An of the company 25 years or more, equal to 10% of their year 1927 comadequate deposit in cash has been made with the corporate trustee against pensation.
Mr. McCarter also stated:"We are doing our best with local transportathe non-pledged minority stock of the principal subsidiary.
In their appraisal under date of Jan. 1 1928, Stone & Webster, Inc. tion. We concede its difficulties. We are furnishing service below cost
Engineers, have appraised the reproduction cost of the paysical properties' and at a lower charge than exists most anywhere else except in the unfortunate situation prevailing in New York City. Our revenue from intraexclusive of gas reserves and after accrued depreciation, at $5,099.400.
Ralpn E. Davis, Engineer, in reporting on behalf of the bankers, has state transportation approximates $93,000 a day—a huge business in itself
appraised the gas reserves at $1,800,000, making a total valuation of but, nevertheless, it is carried on upon an unsound and uneconomic basis.
"In 25 years we have invested in this business over and above the then
$6,899,400, or more than twice the total par value of the first lien bonds
existing investment approximately $80,000,000 actual cash investment.
to be presently outstanding.
to retire Upon $60,000 we are receiving substantially no return whatever. This is
Sinking Fund.—A fixed sinking fund is provided, calculated
not in the public interest, to say nothing of that of Public Service.
approximately 50% of this issue by maturity.
"Large amounts of additional capital will be required in the future for
Listed.—Bonds listed on the Chicago Stock Exchange.
the betterment and extension of transportation service, which cannot be
of all the
Debentures Sold.—The same bankers announce the sale provided under these conditions. We seek the co-operation sound ecoat 99 and int. to yield about 6.60% $1,700,000 15-year 63/2% thoughtful people of the state in adjusting this problem on a
nomic basis, at the proper time and through proper channels."
A 56
-page booklet, entitled "Public Swvice Review, 1928," has just been
sinking fund gold debentures(with stock purchase warrants).
various industries
issued by the corporation. It contains a history of
Dated May 1 1928; due May 11943. Prin. and int.(M. & N.) payable in which the corporation is now interested, together the illustrations and
with
Trust Co. of Illinois, Chicago. trustee. Int. payable without graphic charts. -V. 126.
at Central
p. 3450.
Company will refund
deduction for Federal income tax not exceeding 2%.
upon proper application any state personal property tax not in excess of 5
Public Utilities Consolidated Corp.—Stocks Offered.—
mills, and any state income tax not to exceed 6% per annum upon debentures or interest thereon, as the case may be. upon proper application as Holman, Watson & Rapp and Biddle & Henry, Philadelphia,
provided for in the indenture. Denom. $1,000 and $500 e. Red. all or are offering 6,000 shares 7% cumul. preferred stock ($100
part on any int. date on 30 days' notice at par, plus a premium of 5% if
red, on or prior to May 1 1934, this premium decreasing % of 1% of the par) and 12,000 shares class A common stock (no par)
principal on Nov. 1 1934, and on each Nov. 1 thereafter.
in units of one share of preferred and two shares of class A
Security.—A direct obligation of the company and subject, at the present
time, only to the outstanding $3,250,000 of first lien 6% sinking fund gold stock at $150 per unit flat.
Preferred stock has preference both as to assets and 7% cumul, div. over
bonds, series A.
Sinking Fund.—A fixed sinking fund is provided, calculated to retire class A and class B stocks. Pref.stock is entitled to $105 and divs. per sh.
in the event of voluntary liquidation: to $100 and div. per share in the
approximately 50% of this issue by maturity, May 11943.
-year 6)% sinking event of involuntary liquidation. Preferred stock is callable, in whole or
Stock Purchase Warrants.—Each holder of a $1,000 15
fund gold debenture, due May 1 1943, will be entitled to purchase a unit of in part, on any div. date on 30 days' notice at $105 per share and div.
20 shares ofcommon stock of the company,now without par value, at $7.50 Preferred stock is entitled to vote only when dividends thereon are in arrears
per share on or before May 1 1930; thereafter on or before May 1 1932 at for 12 months.
Class A Stock is entitled, after payment of or provision for dividends on
$10 per share: thereafter on or before May 1 1934 at $12.50 per share:
thereafter on or before May 1 1936 at $15 per share; thereafter on or before preferred stock, to cumul. divs, at the annual rate of $2 per share. Class
May 1 1938 at $17.50 per share; thereafter on or before May 1 1940 at $20 A stock is entitled to further participate in additional distributions of
per share; thereafter on or before May 1 1942 at $22.50 per share; and there- profits to the extent of one-fourth of the appropriation made,the remaining
after on or before May 1 1943 at $25 per share. Holders of $500 debentures three-fourths thereof to be declared to Class B stock. In event of liquiwill have a proportionate purchase privilege. These stock purchase dation class A stock is entitled to $25 per share before any distribution
warrants are non-detachable except upon exercise of the warrant. The is made to class B stock. Any remaining assets shall be distributed, share
stock deliverable against these warrants having been provided by the and share alike, between holders of class A and class B stocks. Class A
minority shareholders out of outstanding issued stock, the proceeds derived stock is entitled to vote only when dividends thereon are in arrears for 12
from the exercise of such stock purchase warrants will go to such owners or months. Class A stock is not subject to redemption.
Dividends on pref. and class A stocks payable monthly. Dividends
their assigns.
Listed.—Debentures are listed on Chicago Stock Exchange.
are free of present normal Fed. income taxes. Corp. will refund to holders
of the pref.stock on application, within 60 days after payment,any personal
Letter of Charles A. Monroe, Pres. of the Company.
Data from
or
property tax not exceeding 5 mills per dollar of taxable value per
Business di Properties.—Company. through its principal subsidiary, over any income tax not exceeding 6% of the annual dividend, now orannum
hereafter
96% of whose stock is owned, and through another minor subsidiary over imposed by any State. Transfer agents, Penn. Co. for Ins. on Lives and
99% of whose stock is owned by the principal subsidiary, owns (including Granting Annuities. Philadelphia and Seaboard National Bank, New York.
properties in possession under contract of purchase and in respect whereof Registrars: Bank of North America & Trust Co., Philadelphia, and Bankers
the balance of the purchase price has been deposited with the trustee) a Trust Co., New York,
complete system for the production,transmission and distribution of natural
Stock Purchase Warrants.—Preferred stock certificates will be accompanied
establishgas to domestic consumers, refiners, and other large industrial Glenrock, by purchase warrants evidencing the right of the holder to subscribe to
ments and public utilities in the cities of Casper, Mills. Evansville,properties class A stock at the rate of 2 shares of class A stock for each share of pref.
Hudson, Lander and Rock Springs, Wyo. The physical
Riverton.
stock at $25 per share to and incl. Dec. 311929: at $27.50 to Dec. 311931;
include 237 miles of main transmission lines. 107 miles of distribution lines, at $30 to Dec. 311934; and at $35 to Dec. 311940.
7.200 domestic and industrial services, compressor stations, gasoline
Corporation will, with the use offunds provided this and the senior financequipment, constituting a
absestition plant, purification plant and other
ing, own and operate public utility Properties now serving 187 communities
complete natural gas system.
in the States ofArizona,California,Oregon, Nevada, Washington,Colorado,
principal supply of gas is obtained from the Sand Draw Georgia, Idaho, Montana, Kansas, Illinois and Vermont and in the
Gas Supply.—Tne
6.548 acres.
field in n•emont County. Wyo., where tne company controls Producers & Provinces of Ontario and Quebec, Canada. The properties now supply
for the life of the field, through gas purchase contracts with of leases in without competition, electric light and power, manufactured gas, telephone
also owns 2,240 acres
Refiners Corp. Tne principal subsidiary
controls through or water service to 29,791 retail and wholesale customers. Territories
Boone Dome field in Natrona County, near Casper, and
Corp., 800 acres in served have an aggregate population estimated at about 230.000.
gas purchase contracts, with Producers & Refiners that city is served. Consolidated earnings of the Properties for the Year Ended April 30 1928.
Baxter Basin field, near Rock Springs,from whichreport to the bankers Gross revenue from all sources
8581:61695
81,935
Ralph E. Davis, Engineer, Pittsburgh. Pa., in his
"The reserve of Operating expenses, maintenance and taxes
upon the value,and adequacy of the gas reserves, states: will be required
200.000,000,000 feet is far in excess of the amount which least 25 years."
$712,530
Net income
by the present or anticipated markets of the company for at Co., certified Interest on bonds and notes
419.220
Earnings.—As shown by the report of Touche, Niven SG for the past
covering the operations of the property
public accountants,
for diva., reserves and Fed. taxes
interest, reserves and Federal taxes) Balance available on 81.925.0007% cumul. pref. now outstg- -- $293,310
three years. earnings (available for
134,750
Div.requirements
have been as follows
1927.
1926.
1925.
$158,560
$1,014,138 $1,045,202
$767,301
Gross earnings
54.200
607.739 Divs. at $2 per share on 27,100 shares class A stock
529,945
488.074
Net profit (before int. res. & Fed.tax)
Annual int. on $3,250,000 1st lien 6%
195.000 Balance avail, for reserves, Fed. taxes, add'l divs, on class A
sinking fund gold bonds
and dive. on class B stocks
$104,360
Based on the above figures, income was approximately 2.2 times dividend
$412.739
• alance
requirements on all pref. stock not outstanding, and nearly 3 times cumul,
110,500
$1,700,000 15-yr. 6%% snk. fd. gold deb
Ann. int. on
div. requirements on class A stock outstanding. Compare also V. 126, 13•
Issued.
Authorized.
Capitalization—
3118.
$3,250,000
a
1st lien 6% S. F. gold bonds
$1,700,000
$1.700,000
Rockland Light & Power Co.—Bonds Oftered.—Esta-year 6%% S. F. gold debentures
15
500,000
3,000.000
7% preferred stock
300,000 shs. brook & Co., Chas. H. Tenney & Co., Edwar M. Bradley
300,000 tills.
Common stock (no par value) provisions in trust indenture.
& Co., Inc., H. P. Wood & Co., and Putnam & Co. are
a Restricted by conservative
with $3,250,000 1st lien 6% sinking
Purpose.—The debentures, together preferred stock and 300.000 shares offering $4,500,000 1st ref. mtge. 434% gold bonds, series A,
bonds, series A, 3500,000
fund gold
the capital stock (over 96%)
4
common stock were issued in tne acquisition of against the deposit of cash at 981 and int., to yield 4.59%.
and
Dated May 1 1928; due May 11958. Prin. and int.(M. & N.) payable
of the above-mentioned principal subsidiary such subsidiary.
outstanding minority shares of
at Bankers Trust Co., New York. trustee. Denoms.c* $1,000, $500 and
in respect of
$100 and r* $1,000 or some multiple thereof. Red. all or part on any int.
Philadelphia Rapid Transit Co.—Fare Suit.— reserved date on 30 days' notice at 105 prior to and incl. Nov. 1 1937 and 105 less
of Equity at Philadelphia recentlycollecting % of 1% on May 11938, with a like additional reduction on May 1 of each
A special Federal Court
restrain the company from
decision on motion by two taxpayers to decision by this court in the case. year thereafter to 100% on May 1 1957. plus accrued int. in each case.
-cent fare pending a final excess fares over the 5
more than a 5
-cent base Company agrees to pay on behalf of or reimburse series A bondholders for
in
also agrees to
tax up to but not exceeding
The suit is for recovery of $79,800,000
Complainants contend the any Federal income bondholders upon application2% and 60 days after
within
series A
1907 P. R. T. city agreement.
fixed in the
rulings of that body are uncon- reimbursefor all taxes (except transfer, estate, inheritance and succession
payment
Pennsylvania P. S. Commission and fare
was dismissed by Federal Judge taxes) not exceeding in the aggregate in any one year % of 1% of the face
stitutional. A somewhat similar suit
value of their holdings assessed under the laws of either Mass.. Vt., N. H,,
Dickinson in June 1926.
Penn,. R. I., or Conn. (but only of one of said states) and paid by such
Committees for Subsidiaries.—
Trust Co., N. Y. City, trustee.
agreed upon for the various under- bondholders. Bankers
Complete committees have now been
Data from Letter of D. Edgar Manson, Pres, of the Company.
pursuance of the plan to call for
lying companies in the P. R. T. system in
Capitalization to be Outstanding upon Completion of Present Financing
with the movement to protect the indeposits of securities in connection condemnation proceedings.
(Company and Subsidiaries).
terests of security holders in the city
_
$848.000
1st mortgage 5% bonds, due Nov. 1 1938 (closed)_-_
These committees comprise the following: Chairman' A. Balfour Brah- 1st ref. mtge. 4%% bonds, ser. A, due May 1 1958(thls issue) 4,500,000
Co.—Joseph Giffillan,
For Union Traction
147,500
Wm. J. McGlinn. Counsel, Convertible 6% debenture bonds, due Sept. 1 1934
Morton,
man, John H. Mason, Arthur V.
6.000,000
Convertible preferred stock 6% cumulative (Par $50)
John J. Sullivan.
4,998.500
Co.—Wm. P. Gest, Chairman; Wm. M. Common stock (par $50)
For Philadelphia Traction Quin. Counsel, Morgan,Lewis & Bockius.
Company—Company,together with a subsidiary, the Rockland Electric
Elkins, A. A.Jackson, Chas. T.Peoples Passenger Railway Stock Trust Cer- Co., supplies gas and electricity to 55 communities including Upper Nyack,
For Electric & Peoples andChairman; Henry G. Brengle Carl W. Fen- Nyack, South Nyack. Grandview, Piermont, Port Jervis and Middletown,
tificates.—C. S. W. Packard,
Counsel, Saul, Ewing, Remick & N. Y., and supplies electricity to practically all the communities in Rockninger, Edgar Fries, E. B. Morris. Jr.
land County and parts of Sullivan and Orange Counties, New York. as
Saul.
Smith, Chairman; Dimner Bebere, well as in the northeastern part of New Jersey (Bergen County). This
For Underling Lessors.—J. Willison H. W. Goodall, Daniel Houseman, territory, which is in close proximity to New York City, has a present
E. Burton Colket,
John L. Clawson,
Sullivan, Jr., J. Barton Townsend, estimated population of over 142,000.
Joshua R. Morgan. John M.Scott, J. J.
Consolidated Earnings of the Rockland Lightek Power Co. and Subsidiaries.
Counsel, Roberts & Montgomery. the above committees, there will be a
Dec. 31,'25. Dee.31,'26. Dee. 31.'27. Apr.30,'28.
between
12 Mos. Ended—
To maintain close contact
the chairman of each of the above cam$2,180,658 $2,457,199 $2,852,381 $2.952.598
'
general committee composed ofMorris, Esq., as general chairman in and Gross revenue
1,645,432
1,635,504
1,458,972
Oper. exp., maint. & tax 1,235,257
Effingham B.
committees with
vice-chairman.—V. 126, P. 3298.
Thomas S. Gates, Esq., as
Net earnings
s 25th Annual int, requirements on$945.401 $998.227 81,206.949 $1,317,094
253,750
total funded debt (incl. this issue)
Public Service Corp. of New Jersey.—Celebrate
Anniversary—Extra Compensation of 10% for All QuarterCentury Employees.—
of the company was celebrated
The 25th anniversary of the founding in Newark, N. J., which was
Hotel
with a dinner at the Robert Treat principal officers of the company,as
and
attended by executives, directorsbusiness men,and state and local officials.
well as many prominent bankers,
N. McCarter President and
The principal address was made by Thomas
as its chief head for 25
founder of the company of which he has served
years.
81.063,344
Balance available for dividends and depreciation
For the 12 months ended Ir. 30 1928 the net earnings of the company
5 times the present
,
and its subsidiaries were
annual int. requirements on ihe total funded debt including this issue.
Security.—These bonds will be secured by a direct lien on all the property
of the company now or hereafter owned, subject only to a closed mortgage
securing $848,000 Rockland Light & Power Co. 1st mtge. 5's, due Nov. 1
1938
JUNE 9 1928.]
FINANCIAL CHRONICLE
Legality.—This issue of bonds will be a legal investment for savings banks I
in Mass., Me., N. H., Vt. and R. I.
Purpose.—Proceeds will be used to retire $2,500,000 Catskill Power Corp,
1st mtge series A 510 due May 1 1955: 31.461.100 Orange County Public
Service Corp. 1st mtge 6's due June 1 1939; and 3143.500 Rockland Electric
Co. 1st mtge S's due Apr. 1 1953; and for other corporate purposes.—V.
126. p. 870.
Southwest Gas Utilities Corp.—Transfer Agent.—
The Central Union Trust Co. of New York has been appointed transfer
agent for 1,000,000 shares of common voting trust stock.—W. 126, p. 3299.
Suburban Light & Power Co.(& Subs.).—Earnings.—
•
Income Account Year Ended December 31, 1927.
Gross revenue
Operating expenses & taxes
3921,771
436.560
Net revenue
Other income (net)
$485,210
7,048
Net income
Interest on funded debt
Depreciation
Reserve for Federal income taxes
8492.258
91,667
104,763
4.135
Balance
Dividends on preferred stock•
$291,693
99.750
Balance to surplus
—V. 125, p. 3483.
$191,943
Standard Gas & Electric Co.—Rights to Holders of $4
Cumulative Preferred Stock.—
President, John J. O'Brien, announces that holders of the $4
pref. stock, formerly designated as 8% cumul. pref. stock, will be cumul.
the privilege of subscribing to additional stock at $66 a share, to theoffered
extent
of one-fourth their holdings of record at the close of business on June 12.
The privilege will expire July 12. Subscriptions are payable at
of the company. 111 Broadway, N. Y. City, or at 231 South La the office
Salle St.,
Chicago, III. No certificates for fractional shares of stock will be issued.
The additional $4 cumul. pref. stock has been underwritten.—V. 126.p.
3450.
Tokyo Electric Light Co., Ltd.
-370,000,000 Bonds
Offered.—Total Here and Abroad $121,809,250.—Is Largest
Corporate Issue Offered in this Market.—On Thursday last a
syndicate headed by Guaranty Co. of New York offered at
90% and int., to yield about $6.80% $70,000,000 1st mtge.
gold bonds, 6% dollar series due 1953. Simultaneous
offerings were made of £4,500,000 6% sterling series in
England by Lazard Bros. & Co., Ltd., and the Whitehall
Trust, Ltd., and Y60,000,000 6% Yen series in Japan by the
Mitsui Bank, Ltd., and the Yasuda Bank, Ltd., the aggregate principal amount of all three series being equivalent,
at parity of exchange, to $121,809,250. This offering, it is
understood is the largest corporate financing ever undertaken in this market.
Other bankers making offering: Dillon. Read & Co.; Blyth, Witter
Co.;the Union Trust Co.of Pittsburgh; Halsey, Stuart & Co.; Inc., J. & &
Seligman & Co., Stone & Webster and Blodget, Inc.; Edward B. SmithW.
&
Co.; E. H. Rollins & Sons; Illinois Merchants Trust Co.; the Union Trust
Co., Cleveland; Lee, Higginson & Co.; Bonbright & Co., Inc.; Mellon
National Bank, Pittsburgh; Hayden, Stone & Co.; International Acceptance Bank, Inc.', Field, Glore & Co.; J. G. White & Co., Inc.: Continental
National Co.; Harris, Forbes & Co.; Bankers Trust Co., New York ; the
First National Corp. of Boston: Brown Bros. & Co.; H. M. Byllesby &
Co.. Inc.; W. A. Harriman & Co., Inc.; W. C. Langley & Co.; Hemphill.
Noyes & Co.; First Trust & Savings Bank, Chicago; Otis & Co. and the
Mitsui Bank, Ltd.
The company's three-year 6% gold notes due Aug. 1 1928
will be accepted in payment for the above bonds on a
interest yield basis.
Dated June 15 1928; to mature June 15 1953. Interest payable June
15
and Dec. 15. Principal and int. payable at principal office of Guaranty
Trust Co. of New York in gold coin of the United States of America
of
equal to the standard of weight and fineness existing on June 15 1928, or. or
at
the option of the holder, in London at Lazard Bros. & Co.. Ltd.. in sterling
at the rate of $4.8665 per pound sterling, without deduction for any Japanese taxes, present or future, when held by others than residents of Japan.
Denom. $1.000.
Redeemable as a whole or in part, at the option of the company, on any
interest date upon 60 days' notice, at 100% and int.
The Mitsui Bank, Ltd., Tokyo, trustee. Guaranty Trust Co., New
York, fiscal agent.
Listing.—Application will be made to list these bonds on the New
York
Stock Exchange.
Data from Letter of Shobachi Wakao, Pres., Tokyo, Japan, May 30.
Company.—Is the largest electric power and light company in Japan
and one of the largest in the world. Its position of leadership has been
recently strengthened by a merger with Tokyo Electric Power Co., Ltd.,
the only company conducting important competitive operations within
the company s territory. Company holds a position of national importance in modern industrialized Japan, the continued progress of which:is
largely dependent upon the electric power industry.
Tokyo Electric Light Co., Ltd., was established in July 1886, with an
authorized capital of 399.700, and originally supplied only the
business
section of Tokyo with electricity for Fighting Purposes. It now has paid in
capital stock, outstanding with the public. in the amount of $200,916,835,
and its operations, retail and wholesale, are within an area of approximately
11,395 square miles extending pracrically across the principal island of
Empire. This area has a rapidly growing populatin now in excess of the
900,000, or about one-fifth of the entire population of Japan proper. 12,Territory.—The territory served includes Tokyo,the capital of the Empire;
Yokohama, the second largest seaport; the great industrial districts in the
Tokyo-Yokohama area, and other important industrial and commercial
centres, and in addition, a large agricultural territory.
On Nov.30 1927 the properties now owned by the company served 2,141,546 electric customers, or approximately one for every six persons in the
territory supplied at retail.
Most of the industrial enterprise; in the territory use electrically driven
machinery. The company's revenue from the sale of electric energy
power and other large scale uses is approximately as large as its revenue for
from
lighting. The demand for its electric output is well diversified.
Properties.--Co's fixed property,by reason of its wide geographical
distribution, particularly as to hydro-electric generating facilities, is favorably
situated from the standpoint of the diversification of earthquake risk.
This was demonstrated in the earthquake of Sept. 1923, when the company's
properties, then less widely distributed than they are to-day, suffered
damage to the extent of only about 10% of their book value.
The company owns 101 electric generating stations with an aggregate
installed capacity of 652,016 kw. of which approximately 75% is hydroelectric. In addition it is Increasing the installed capacity of one of
steam generating stations by 25,000 kw. Other property in operationits
or
under construction includes 236 substations with 2,530,000 kva. instailed
transformer capacity, and approximately 19,000 route-miles of transmission
and distribution lines, of which 729 miles are underground.
The company has contracts for the purchase of 275,240 kw. additional
output, of which 202,320 kw. is from companies in which it has a stock Interest.
The company also owns valuable undeveloped water power sites with an
estimated potential capacity in excess of 300,000 kw.
Of the generating equipment in the company's electric stations, approximately 60% is of American manufacture.
Purpose of Issue.—The present financing provides for the payment of
kl existing bank loans and $41,519,400 of outstanding funded debt, includ-
3591
•ing $24,000,000 6% notes due Aug. 1 1928, and for additional capital expenditures.
Capitalization to Be Outstanding with the Public (upon Completion of Present
Financing).
First mortgage bonds: 6% dollar series due 1953
$70,000,000
6% sterling series due 1953
21.899.250
6% yen series due 1953
29,910,000
Debentures issued in Japan (unsecured, maturing 1930 to 1938)- 66,425,125
Paid-in capital stock
200,916,835
Of the foregoing capitalization, first mortgage bonds comprise 31%.
unsecured debentures 17%. and paid-in capital stock 52%.
Valuation.—The depreciated replacement value of the company's fixed
properties alone (exclusive of intangibles, working capital and investments),
as estimated by Stone & Webster, Inc., is in excess of twice the total amount
of first mortgage bonds presently to be outstanding.
Water Rights and Franchises.—All of the company's water rights and franchises for the generation and sale of power extend beyond the maturity of
these bonds. All such rights in Japan are granted under the authority of
the Imperial Government, which has general supervisory power over electric companies and reserves the inherent sovereign right to extend or revoke
under certain conditions grants made to such companies.
Security.—These bands, together with the sterling and yen series, will be
secured, in the opinion of counsel, by a direct first mortgage lien on all
fixed electric property now owned by the company. In addition the company covenants to subject to the direct lien of the mortgage securing the
bonds all electric and artificial gas property hereafter acquired by it constituting an integral part of the then mortgaged property.
Water rights and franchises cannot be mortgaged under the laws of Japan,
but the company will deposit with the trustee assignments in blank of all
water rights and franchises now held or hereafter acquired by it, relating to
the mortgaged property, and pursuant to law in case of enforcement of the
mortgage these rights and franchises may be transferred with the mortgaged property.
The Imperial Japanese Government has been advised of the mortgaging
of these properties to secure these bonds, and has given formal assurance
that if the properties are purchased by the Imperial Government or by
municipalities, the rights of the bondholders will be recognized.
Provisions of the Indenture.—The indenture under which these bonds are
to be issued will provide, among other things, that additional bonds of
other series having such interest rates, maturity dates and other provisions
.
as may be established from time to time, may be issued:
(1) par for par to refund bonds of any series previously issued under the
mortgage and not retired by sinking fund;
(2) for a total principal amount equivalent to $15,453.500 without restriction as to additional property:
(3) for a principal amount which, together with any prior liens outstanding on property additions, shall not exceed 60% of future net property additions, and
(4) par for par to refund prior liens on property previously made the basis
for the issuance of bonds,
provided, with respect to all bonds proposed to be issued under (3) that net
earnings of the mortgaged property before depreciation are at least 2Si times
interest charges on all prior liens (if any) and all first mortgage bonds outstanding and proposed to be issued, all as defined in the indenture.
No property subject to prior liens shall be made the basis for the issuance
of additional bonds if the total prior liens on all property theretofore or
thereby made the basis for the issuance of bonds would exceed 15% of the
amount of all bonds outstanding and applied for.
At intervals of four years beginning in 1932, the mortgaged Property is
to be inspected by an independent engineer appointed by a fiscal agent for an
outstanding series of bonds as provided in the indenture. If such engineer
(or a board of arbitration constituted as provided in the indenture) reports
that the property is not in satisfactory condition for economic operation,
and if within the succeeding two years another report is not filed by such
engineer or another engineer appointed in the same manner or by a board of
arbitration stating that the property has been fully restored to satisfactory
condition for economic operation, the company agrees that it will not
thereafter pay any dividends on its common stock (except dividends payable
in common stock) until such a report has been filed or until cash equal to
the estimated cost of remedying the deficiencies has been deposited with
the trustee.
With the consent of the holders of 75% of the bonds outstanding under
the indenture (not including any bonds held by the company), the company
may make changes in the indenture, provided such changes do not in any
way modify the terms of payment of principal and interest of any of the
bonds issued under the indenture, or provide for the creation of any Hen
ranking prior to or equal with the bonds issued under the indenture and not
permitted by the terms thereof.
Sinking Fund.—Company agrees that on Feb. 15 of each year beginning
in 1929 it will pay to the fiscal agent of the series presently to be outstanding an amount in cash equal to 1.6% of the total issued amount of such
series, to be applied to the purchase and (or) redemption of bonds of such
series.
Earnings, 12 Months Ended Nov. 30.
[Including earnings of the former Tokyo Electric Power Co., Ltd., for
last three years.]
1927.
1926.
1925.
1924.
Gross oper. earnings- 445.344,701 $40,486,136 $27,532.627 320,819,601
OPer, expenses, mahiEenance and taxes
24,157,861 20,790,274 14.290,129
9,713.371
Total income (incl. other
income) avail, for int- 22,657,051 20,891,885 13,757,315 11,398,440
Total income before depreciation for the 12 months ended Nov. 30 1927,
as shown above, amounted to more than 3 times annual interest charges of
$7.308,555 on the total amount of first mortgage bonds presently to be
outstanding.
Dividends and Equity—Company has paid dividends on its capital stock
In each of the 42 years since its establishment.
Stockholders of the company number more than 58,000. At present
prices the indicated aggregate market value of the company's unsecured
debentures and capital stock is approximately $250,000,000, or more than
twice the amount of the first mortgage bonds.
Note.—Conversions from Japanese to American currency have been made,
In the case of earnings, at 41 cents per yen in 1924 and 1925. and 47 cents
per yen in 1926 and 1927. which were approximately the average rates of
exchange prevailing in those years. In the case of replacement value of
s
Property, conversion has been made at 477/ cents per yen, which was the
rate prevailing on April 2 1928, the date as of which the property valuation
was made; and in the case of market values of securities, at 46 cents per
yen, which Is approximately the present rate. In all other cases conversions have been made at parity, 49.85 cents per yen. All conversions from
British to American currency have been made at parity, $4.8665 per pound
sterling.—V. 126, p. 3450.
Toledo Edison Co.—Power Output Higher.—
Officials of the company report that the power output of 37,534.276
k.w.h. for May broke all records. This output compares with 36,247,878
k.w.h. reported for April. A new daily record of 1,433,666 k.w.h. was
established on May 29.—V. 126, p. 1200.
United Public Utilities Co.—Bonds Offered.—Thompson
Ross & Co., Hambleton & Co. and Hale, Waters & Co., are
offering an additional issue of $3,000,000 series B 1st lien
,
53 gold bonds at 973 and int., to yield about 5.70%.
/
2%
The bonds which are dated April 1 1927 and due April 1
1947 are listed on the Chicago Stock Exchange.
Data from Letter of Ernst Jacobson, President of the Company.
Company.—Owns, through stock ownership, control of operating subsidiaries furnishing public utilLy service to a centralized group of 57 communities in the territory lying between Dayton, Ohio and Winchester. Ind,
and to a centralized group of 77 communities in North and South Dakota.
and furnishing ice service in Anniston and Mobile, Alabama, and to 9
communities in Louisiana, including New Orleans. Concurrently with
Presently proposed financing, the company intends to acquire control,
through subsidiaries, of the distribution system supplying natural gas to
the domestic population of Fort Smith, Ark., and ice manufacturing plants
In Fort Worth. Texas, Fort Smith, Ark., and additional plants in New
Orleans. Upon such acquisitions electric light and power will be supplied
to 26,982 customers in 125 communities and gas to 19.614 consumers in
23 communities. The combined population of the territory thus to be
supplied with electric light and power and gas service alone is estimated
to bein excess of 250.000.
3.592
FINANCIAL CHRONICLE
The properties of the operating subsidiaries, with those to be acquired,
include electric power stations having a combined generating capacity
of 22,316 h.p.: ice plants having a daily ice-making capacity of 1,585 tons:
gas plants of 395,000 Cu. ft. daily capacity, supplemented by natural gas;
1,026 miles of electric transmission lines, 285 miles of gas distribution
mains and 148 miles of gas transmission lines.
Security.—The 1st lien bonds of the company, of all series, are secured
by a first lien on all outstanding bonds, indebtedness (except current indebtedness not in excess of current assets) and at least 95% of the capital
stock of all classes of each subsidiary, as defined, the securities representing
such outstanding bonds, indebtedness and capital stock being deposited
and pledged with the trustee under the indenture. Upon the acquisition of
the new subsidiaries similar deposits in respect of such subsidiaries will
likewise be made. The indenture provides that these requirements in
respect of each subsidiary must at all times be maintained. The company
may, however, in lieu of depositing any outstanding indebtedness of a subsidiary, deposit cash sufficient to retire the same. Unless 100% of the
stock is pledged, the indenture provides for an adequate deposit in cash
against the non-pledged stock which cannot exceed 5% of the whole.
Additional bonds of any series may be issued under the conservative
restrictions of the Indenture.
Earnings.—Consolidated earnings of the company and its subsidiaries,
Including those presently to be acquired, for the 12 months ended Feb. 29
1928, were as follows:
Gross earnings
$4,420,744
Operating expenses, incl. maintenance and taxes (other than
Federal income), but before depreciation
2.669,336
Net earnings
$1,751,408
Annual int. requirement on tot. 1st lien gold bds. (incl. this Issue) $778,350
Net earnings, as shown above, were over 2.25 times the annual interest
requirement on the 1st lien bonds presently to be outstanding, including
this issue.
Management.—All of the common stock of company is owned by United
Public Service Co.
Capitalization (Upon Completion of Presently Proposed Financing).
ligt lien gold bonds—series B,53 % (incl. this issue)
$6.750,000
Series A6%
6,785.000
2
-year 5%, gold notes
%
1,850.000
Preferred stock (no par value)
50,000 shs.
Common stock (no par value)
180.300 ebs.
Purpose.—These $3,000,000 of bonds, together with 15.000 shares of
preferred stock, will be issued in connection with the acquisition of securities of new subsidiaries proposed to be presently acquired, to reimburse
the company for capital expenditures made by subsidiaries and-or for working capital.—V. 126. p. 2647, 1983.
Washington Water Power Co.—Time Extended.—
Notice has been given that the plan and agreement of reorganization dated
Jan. 24 1928 (V. 126, p. 574, 408), under which the American Power &
Light Co. is acquiring common stock of the Washington Water Power
Co., having become operative, the former company has determined to
permit deposits and exchanges up to and including June 30 1928.—V. 126.
p.2793.
West Ohio Gas Co.—Sales of Gas.—
Total sales of gas to all classes of users served by the company in the
month of March were 44,877,800 cubic feet, an increase over the corresponding month of last year of 6.03%. The sales to industrial users in the same
period showed a gain of apprendmately 136%.—V. 126, p. 1983.
Western Power Light & Telephone Co.—Pref. Stock
Offered.—A. B. Leach & Co., Inc., and Porter Fox & Co.,
Inc., are offering (at market, to yield about 7%)$1,000,000
7% cumulative 'preferred stock (par $100).
cumulative
Preferred over the common stock as to $100 of assets and
-J. Red. all or part on any div. date on
dividends. Dividends payable Q.
30 days' notice at $110 and diva. Fully paid and non-assessable. Divs.
exempt from present normal Federal income tax. Transfer agent: Continental National Bank & Trust Co., Chicago. Registrar: Union Trust
Co., Chicago.
Listed.—Listed on the Chicago Stock Exchange.
Data from Letter of Nathan L. Jones, President of the Co.
Company.—Incorp. in Delaware. Owns and operates through subsidiary
companies a group of public utility properties in Missouri, Kansas and
Oklahoma; and is now acquiring through subsidiaries additional properties
and New
located in Kansas and Oklahoma. Ice properties in Texascompletion
Mexico are also owned through subsidiaries. Company, upon and funded
capital stocks
of the present financing, will own all outstanding
debt of all subsidiary companies, except directors' qualifying shares and a
minority stock interest in City Ice Delivery Co.
The subsidiaries will supply 102 communities in Missouri, Kansas and
properties are
Oklahoma with one or more classes of utility service; and the
light and
SO located as to permit economical operation in groups. Electricservice in
power will be furnished in 26. water in 1, gas in 1 and telephone
power is also supplied wholesale to 3 communities.
80communities. Electric
telephone is
The population to be served with electricity, water, gas or
customers and
estimated at more than 175,000 and the number of such
subscribers exceeds 34,250.
Texas, and in
Through subsidiaries the company supplies ice in Dallas,manufacturing
Albuquerque, New Mexico. The Dallas property includes 3
retail ice service stations.
Plants with a capacity of 210 tons per day and 13
Ice Delivery
'The company also owns the controlling stock interest in City Albuquerque
The
Co., the leading distributor of ice in the Dallas district.capacity of 85 tons.
property includes 2 manufacturing plants with a daily
appraised
Valuation.—The total depreciated valuation et the properties as
of subsequent
in 1927 and 1928 by independent engineers, plus the cost
additions and extensions to March 31 1928, is $6,657.214. owned and to be
Earnings.—The combined earnings from the properties
after giving
required by subsidiaries for the year ended March 31 1928,
depreciation and
effect to $68,955 of non-recurring expenses, out oefore
Federal income taxes, are as follows:
$1,370,824
Gross revenue
826.904
Operating expenses. maint. & taxes
$543,920
before interest, deprec. and Federal taxes
Net income
Annual hit, requirement offunded debt & proportion of earnings
195,890
appllcable to minority stock interests
$348,030
Balance
$140,000
Annual dividend requirement of $2,000,000 7% preferred stock
depreciation in
The above balance before Federal income taxes and
the annual
respect of properties of subsidiaries, is substantially 23 times
including this
dividend requirement of the 7% preferred stock outstanding,
offering.
Authorized. Outstanding.
Capitalization—
$2,750,000
-year 6% gold bonds, series A__ - - *35,000,000
let lien coll. 20
500,000
1,500,000
One year 5%% gold notes, due March 15 1929- - 10,000.000
2,000,000
7% cumulative preferred stock (par $100)
100.000
100,000
Common stock (par $1)
First Lien
* Additional series may be authorized, under restrictions of the
Collateral Indenture.
public.
Subsidiary companies will have no funded debt in the hands of the
—V. 126. p. 871
INDUSTRIAL AND MISCELLANEOUS.
Refined Sugar Prices.—No price changes were made during the week.
Matters Covered in "Chronicle" June 2.—(a) International Paper Co. cuts
newsprint price; withdrawals from Canadian Newsprint Co., p. 3369.
Exchange,
(b) A. H. Rorndorfer chosen Secretary of National Raw Silk fraudulent
Inc., p. 3370. (c) International campaign against promoters of Exchange,
securities indicated by President Simmons of New York Stockin Ontario,
P. 3384. (d) Act for prevention of security frauds, effective New York
Canada, May 15, p. 3385. (e) Association of Bond Brokers of
Stock Exchange increases commission charges, p. 3386. (f) Margin schedule raised by E. A. Pierce & Co., p. 3386. (g) Unit of trading for stocks
selling under $1 on San Francisco Curb Exchange fixed at minimum of 500
shares, p. 3386. (h) Proposal for creation of central department by Stock
Clearing Corporation for delivery of securities approved by Governing Committee of New York Stock Exchange, p. 3386. (i) Banks and trust companies to accept curb members' guarantees on stock certificates, P. 3387.
[voL. 126.
(j) Annual report of President Simmons of New York Stock Exchange;
market value of listings increased over $11,000,000,000 in 1927: growth in
brokers' loans attributed to increased listings and rising security prices,
P. 3387. (k) Harrison S. Martin named to formulate plan for trading in
securities on New York Produce Exchange, p. 3389. (I) Annual report
of New York Cotton Exchange, p. 3389.
Aeronautical Industries, Inc.—Stock Sold.—W. W.
Townsend & Co. Inc., have sold at $20 per share 100,000
shares (voting '
trust certificates) common stock (no par
value). Authorized 500,000 shares.
Transfer agent, Bank of the Manhattan Co., New York. Registrar,
Central Union Trust Co., New York. Custodian, Equitable Trust Co.,
New York.
Warrants.—Each share of stock to be presently issued in voting trust
form will carry a detachable warrant entitling the holder to purchase one
share of treasury stock at $30 per share until May 1 1933.
Company.—Has been formed in Delaware to provide the American
public with an opportunity for making a cross-section investment in the
aeronautical ,industry. A group of technical and financial experts will
invest the proceeds received by the corporation from the sale of this stock
in various domestic and foreign companies engaged in the different branches
of the industry,including the manufacture of airplanes, motors,instruments
and accessories, passenger mail and express transportation, the development
of airports and such other phases of the aeronautical industry as may,from
time to time, demonstrate their feasibility.
A complete list of the holdings of the corporation will be available for
Inspection at any time by the stockholders.
Voting Trust.—The stock to be presently issued Is to be placed in a voting
trust for five years. A portion of the treasury stock has been optioned to
the bankers at prices higher than the present offering price to the public
and will be subsequently offered in accordance with the capital requirements of the company.
Directors.—C. Everett Bacon (partner Spencer Trask & Co.), Samuel
W. Bradley, (Gen. Mgr. Aeronautical Chamber of Commerce of America),
Benjamin F. Castle (Gen. Mgr. First Federal Foreign Investment Trust),
Capt. Charles E. Courtney, U. S. N. (Supervisor of New York Harbor),
Lester D. Gardner (Pres.), Jerome C. Hunsaker (Aeronautical engineer),
Gerald M. Lauck (partner N. W. Ayer & Son), Alexander J. Lindsay
(Pres. American Phenix Corp.), Louis F. Reed (Reed & Bassford), Louis
W. Stotesbury, W. W. Sutton. Jr. (Vice-Pros. W. W.Townsend & Co.,
Inc.), William W. Townsend (W. W. Townsend & Co., Inc.).
Outlook.—It is not anticipated that dividends will be paid on the stock of
Aeronautical Industries, Inc., for some time as obviously the securities
which will be held by the corporation represent industries which are putting
their surplus, in large part, back into the business. It is reasonable to expect,
however, that the appreciation in the market price of these shares will be in
direct proportion with the growth and development of the industry itself.
—V.126, p. 2966.
Aldred Investment Trust, Boston.—$5,000,000 Additional Shareholders' Debentures Offered to Present Holders—
Preferred Stock to Be Retired.—
Holders of shareholders' debentures of record May 31 are entitled to
subscribe on or before June 8,for new shareholders' debentures in principal
amounts equal to principal amounts of shareholders' debentures then held
by them respectively as shown by the books of the trust. The rights to
subscribe may be exercised in whole or in part except that no subscription
for shareholders' debentures in denominations other than $1,000 and $500
can be accepted.
The subscription price is $1,200 for each $1,000 shareholders' debenture
accompanied by 10 common shares (or $600 for each $500 shareholders'
debenture accompanied by 5 Common shares) with accrued interest at 4%%
from June 1 1928 upon the principal amount of the shareholders' debentures
subscribed for. The rights to subscribe are not assignable. Payments for
shareholders' debentures and accompanying common shares must be made
to the Aldred Investment Trust at the office of Old Colony Trust Co..
17 Court St., Boston, Mass., as follows: $200 on account of each $1,000
shareholders' debenture subscribed for (or $100 on account of each $500
shareholders' debenture subscribed for) at the time of subscription and
the balance of the purchase price, plus interest on such balance, from
June 1 1928 at the rate of 4%%. on or before June 28 1928.
The offering of these new securities to the present holders of shareholders'
debentures has been underwritten by a syndicate formed for the purpose.
President J. E. Aldred, May 22, in a letter to the holders
of shareholders' debentures, says:
Upon its organization,the trust issued $5,000,000 of shareholders'debentures accompanied by 50,000 common shares. 50,000 common shares unaccompanied by shareholders' debentures and 10,000 6% cumulative pref.
shares having a liquidation value of $125.per share. The trustees now
deem it to be to the best interests of the trust to issue an additional $5,000,000 of shareholders' debentures accompanied by 50,000 common shares
and have also arranged with Aldred & Co.,the holder of the 10,000 preferred
shares, to retire and cancel said preferred shares and issue in exchange
therefor 62,500 common shares.
Under the terms of the agreement arid declaration of trust by which
Aldred Investment Trust is created, the trustees are not permitted to issue
any further shares or obligations maturing later than 12 months from the
date thereof unless and until the holders of at least a majority of the outstanding common shares shall have consented (except that the trustees
may at any time without such consent of shareholders issue in exchange for
the outstanding shareholders' debentures new debentures or other obligations payable and transferable without reference to the ownership of any
shares in the trust). The holders of shareholders debentures are also
holders of common shares in the trust in the proportion of 10 common
shares for each $1.000 shareholders' debenture.
The new shareholders' debentures will be substantially similar in all
respects to those which you now hold and will be accompanied by common
shares In the trust to the same extent.
As of May 18, 1928 the investments made by the trustees with the funds
under their control showed a market value of more than $1,000,000 in excess
of their cost to the trust. As a result of the retirement of the Preferred
shares,the book value of the common shares, will be increased by 81,250,000
and the $60,000 per year formerly required for the preferred dividend will
accrue to the benefit of the common shares. See also V. 125, p. 2672.
Aluminum Co. of America.—Transfers Canadian and
Foreign Holdings to New Company —
See Aluminum Ltd. below.—V. 125, p. 3065.
Aluminum Ltd.—Bonds Sold —Union Trust Co of Pittsburgh, Guaranty Co. of New York, Bankers Trust Co.,
Lee, Higginson & Co. and Mellon National Bank, Pittsburgh, have sold at 100 and int.$20,000,000 5% sinking fund
debenture gold bonds
Dated July 1 1928; due July 1 1948. Denom. $1,000. Prin. payable
at office of Union Trust Co. Pittsburgh. Int. payable J. & J. without
'
deduction of normal Federal income tax up to 2%, at Union Trust Co.,
Pittsburgh, trustee, or at Bankers Trust Co., New York. Red. all or part
on any int. date upon 60 days' notice, or for sinking fund purposes upon
four weeks' notice, at 105 and int., if red, on or before July 11938 and at
'
-mills tax to be paid
103 and int, if red. after July 1 1938. Pennsylvania 4
or refunded by the company.
Sinking Fund.—Sinking fund of $300,000 per annum,commencing May 1
1930, up to and incl. May 11937, and of $500,000 per annum commencing
May 1 1938 up to and incl. May 11947.to be used to purchase, upon tenders
made on or before each May 25, bonds at not more than the current redemption price, and to the extent that this fund is not exhausted by tenders,
bonds shall be called by lot for redemption on the first day of July next following the date of each sinking fund payment.
Data from Letter of Arthur V. Davis, Chairman of the Board of
Aluminum Company of America.
Company.—Aluminum Ltd. has been formed under the laws of the Dominion of Canada to acquire in pursuance of a plan of reorganization,
from Aluminum Co. of America all of the outstanding stock of Aluminum
Co. of Canada, Ltd., and all of the stock owned by Aluminum Co. of
America in various other companies carrying on operations in Canada, and
(or) other foreign countries.
min 91928.]
FINANCIAL CHRONICLE
stness.-The business to be conducted by the company-and by cornis meant Aluminum Limited together with subsidiaries-will consist
e mining of the ore of aluminum,smelting of aluminum therefrom and
brication. The properties of the company are thoroughly integrated,
reserves of raw materials (bauxite) are sufficient to supply its requirets for many years. Smelting plants are located in Canada and Norway.
are so situated as to offer facilities for economical water transportation
0th raw and finished materials. Aluminum is smelted by an electric
ess and for this purpose more than 185,000 h. p. are now being utilized.
lectric power is obtained from Shawinigan Water & Power Co.,
-Price Power Co. and other companies under long-term leases at such
0
as make these leases very valuable. The increasing demand for the
ucts of the company has necessitated an extensive development and
ding program, which when completed will materially increase the present
cities of the plants.
urpose.-Proceeds are to be used to provide funds for the payment of
btedness incurred in connection with the above mentioned developand building program and (or) for other corporate purposes.
-These bonds are to be the direct obligations of Alumroam:0ns of Issue.
Ltd. and will be issued under a trust indenture which will provide,
rig other things, substantially, that until all of the bonds have been
3593
-Definitive Bonds.
American European Securities Co.
The Guaranty Trust Co. of New York, is now prepared to deliver de-year sinking fund 5% bonds, due Jan. 1 1958,
finitive collateral trust 30
against the surrender of outstanding trust receipts. (See offering in V.
125,p. 3484).-V. 126,p. 2649.
-1% Extra Dividend.
American Fork & Hoe Co.
The directors have declared an extra dividend of 1% in addition to the
regular quarterly dividend of 134% on the common stock, both payable
June 15 to holders record June 5.-V. 122. p. 3344.
-Proposed Merger With Gold
American Linseed Co.
-V. 126,
-See latter corp. below.
Dust Corp. Announced.
p. 2794.
-Sells Part of Cook WorksAmerican Locomotive Co.
This company has sold to the Wright Aeronautical Corp. part of its Cook
Works at Paterson, N. J., it was announced on June 4. The Cook works
has been closed down for 2 years. The transaction involved 15 acres of land
-V. 126, p. 1664.
and buildings.
) Company will not create or permit to exist if hereafter created (except
-Defers Preferred DividendAmerican Piano Co.
efunding operations) any mortgage, pledge or other secured indebtedThe directors on June 6 voted to defer declaration of the regular quarterly
upon or against the property owned, on the date of the indenture, by
dividend of 1%% ordinarily due on July 1. The company on Nov. 23 last.
company,or by any subsidiary company, or upon the shares of stock in
dividend usually paid on Jan. 1.
subsidiary company owned, on the date of the indenture, by the coin- decided to omit the Jan. 1 1928 com,
y, unless a sum equal to the appraised value of such property, or shares (See V. 125, p. 2939.)-V. 126. p. 3301. 2650.
eposited with the trustee for the purchase or redemption of bonds of
-Obituary.
American Shipbuilding Co.
issue.
President Alfred G. Smith died at Cleveland on June 5.-V. 125, p. 2142
)In case of any sale of (a) shares of stock owned by the company, on
date of the indenture, in any subsidiary company or (b) the whole or
-Earns. Cal. Year 1927.American Toll Bridge Co.
part of the property owned, on the date of the indenture, by the corny or by any subsidiary company, the proceeds of which sale (either
(Incluaing Rodeo Vallejo Ferry Co.)
8900.966
or (b) above) shall exceed $500,000, a sum equal to such proceeds shall Operating revenue
32.299
deposited with the trustee for the purchase or redemption of bonds of Other revenue
issue.
8933.265
3) For the purposes of the indenture the term "subsidiary company" is
Total revenue
Med to mean any company of which 50% or more of the voting stock is Operation & maintenance
8122.412
ed directly or indirectly by the company.
50.518
Publicity and traffic
166.900
inancial.-The pro forma consolidated condensed balance sheet of the Taxes. insurance & S. F. office
pany as of Dec. 31 1927. giving effect to this financing, shows total Interest & bond discount
349.444
gible assets, less all reserves, of more than 646,600,000. Current assets,
uding $1,311,412 in cash amount to $11,203,268, or more than 4 times
8243.991
Balance before depreciation
ant liabilities of $2.770.805.
arnings.-The aggregate net income of the cormpanies all of whose stock -V. 121. p. 710.
o be transferred to the company,together with dividends received on the
-Report.
Amoskeag Manufacturing Co.
cks of other companies to be transferred, after all charges, including deTreasurer F. C. Cumaine in his report to the shareholders says:
letion and depletion but before payment of income taxes, available for
The year 1927 was generally unprofitable to the country's textile proerest and sinking fund on these bonds, has been as follows:
ducers. Slack demand, high costs and severe competition all made for
Net Income
profit. The Mississippi flood interferred with operation e at the
Wholly Owned Dividends
Total Net little or no
ar Ended
Delta property, and the expenses incurred indicate a loss for that deReceived.
Companies.
Income.
e. 31.
partment.
$82,257
$2,430,470
$2,422,727
5
Total sales were 31.558.420 less than last year. Following the com78,087
1,791.504
1,869,591 pany's customary methods of accounting, and marking off $1.434.136
6
2,692,904
2,703,285 from the inventories, which will then aggregate 310,172,412, the net profit
10.381
7
902.487
902,487 for the year is $508,775, but this profit is derived from other sources than
8 (3 months)
or the past 3 years the average net income was $2,430,181. or more gain on sales of manufactured goods. Receipts from land sales, interest,
n 2.43 times the maximum annual interest charges on the $20,000,000 and profits on securities sold were $798,334, from which is deducted a
income
enture bonds now being issued.
Payment of $225,395 on the Government's claim for additionalincludes
-Bonds listed on the Boston Stock Exchange.
Listing.
tax for 1923-a claim which the company disputes. The account
charges of $104,188 for bad debts. $256.029 for new machinery, and
-Preferred Stock Offered.- $994,810 for repairs, a total of $1,355.029, but nothing is allowed for
American Capital Corp.
account in accordance with
nbright & Co., Inc., and W. C. Langley & Co. are offering depreciation. Making up the $1.245,185 for depreciation inthe Governaccordance
formula, and deducting
$50 per share (and div. from July 1 1928), 120,000 shares mentthat formula, shows net income of $885,761, instead of the $734,170
with
of accounting.
ef. stock, $3 series. With each share of preferred stock shown by the company's methodstaple lines, and there is no considerable
The goods unsold are regular
w offered there will be delivered M share of class "B" yardage or undesirable styles remaining, and the year 1928 starts with no
mmon stock.
more than a reasonable working stock, raw, wrought and in process.
We do not anticipate full operation for the corning 12 months. Expenses
-J. Pref. as to cumulative diva. of $3 a share per
Dividends payable Q.
partial operation, but they will be kept
num and as to assets, up to $50 a share and accr. diva., over the corn. will continue high in any period of
prior preferred stock. Red.at down WI much as possible.
ks, but subject to the prior rights of the
the
The balance sheet shows the changes caused by the purchase of
y time upon not less than 30 days' notice, as a whole or in part, at the
company's preferred shares.
don of the corp., at $52.50 and dive.
decided to acquire the preferred shares, paying thereNovember 21 it was
Subject to conditions stated in the certificate of lncorp., class "A" corn.
-year 6% gold bonds and 13,191
ck shall be entitled to receive, before any dividend is declared on class for $8.135,076 in cash. $14.665,000 in 20
sheet shows a reduction in
'corn. stk. non-cumulative annual dive, not in excess of $2 per share. common shares, consequently the balance
ereafter additional diva. may be declared on both class "A" corn. stk, cash, securities and surplus.
-year 6% gold bonds
The company now has outstanding $14,665,000 20
common stock, provided, however, that each share of class
d class "B"
shares. It is obligated to
"corn. stk. shall receive additional dividends of i4 the amount which and 378.191 common shares and no preferredits bonds, deductible from
interest upon
at any time be paid per share of class "B" common stock until both pay $879,900 per annum for the cumulative dividend upon the preferred
all
asses are receiving a total dividend of $4 per share per annum after which earnings before taxes, whereas earnings after taxes, and as it would have
her dividends shall be paid equally per share on both classes of common shares was payable out of net
position
been $1.710,000, it is apparent the common shares are in a better
k.
In the event of any distribution of the assets of the corp., there shall be than they were before the reorganization. quick assets, cash, receivables
The balance sheet indicates that the net
tributed, subject to the rights of the holders of the prior pref. stock
$14,665,000 par value 6%
d the preferred stock. $32 a share to each share of class "A" common and inventory aggregate $15,744,760 against the
covenants that net quick assets
ock outstanding; thereafter $10 a share to each share of class "B"common gold bonds outstandin , and the company
tstanding.
principal amount of the bonds outstanding.
outstanding; after which all remaining assets are to be distributed shall not fall below 50 o of the p
ck
We are not ungrateful for the reduction in our tax bill during the past
ually among the common stocks irrespective of class.
Transfer agents: For preferred stock-International Acceptance Trust year, but we are nevertheless constrainedeto point out that taxes of $722,876
times such as we are
o. New York, and Merchants Nat. Trust & Savings Bank, Los Angeles, on the Manchester plant are too heavy a burden in
alit Transfer agents: For class "B" corn, stock-The Chase National experiencing.
This company must, in the long run, earn enough to pay the interest on
New York,and Merchants Nat. Trust & Savings Bank. Los Angeles,
ank,
business, as
ut.Registrars: For pref. stock and class "B" common stock-The New its bonds, which represent the money required to conduct theplant by the
the
ork Trust Co. New York and Los Angeles-First Nat. Trust & Savings well as a reasonable return upon the money invested in
institute
Calif.
shareholders. To accomplish this end the management must do whatank, Los Angeles,
-Has been organized in Delaware. to carry on the business every possible economy and the community and employes must
Corporation.
with other
investment trust. It will invest and reinvest its funds in a broadly ever is necessary to enable the concern to compete in the market
f an
-liquidation. The trustees
'versified list of bonds, stocks and other securities, both domestic and mills. Otherwise there can be but one result assets which belong to the
reign. The certificate of incorporation places conservative limitations feel they have no right to dissipate in losses the
investment of the corporation's funds and makes provision for owners and to the creditors.
pon the
During the year $8,135,076 was paid in connection with the redemption
road diversification. For details as to management, capitalization and
of the preferred shares.
ssets, see V. 126, p.3451.
cotton cloth
During the year ended with Dec. 31 1927 the production of production.
-Usual Extra Dividend.
American Cyanamid Co.
manufactured WM 136,619,959 yards, about 58% of normal 6,858.891
dividend of )4 of 1% in addition to a regular quarterly dividend There were sold 129.761.068 yards, increasing the cloth on hand dyed and
An extra
goods
f 1 %, has been declared on both classes of common stock, payable yards, to a total of 29.040.764 yarsd. The yards of worsted
normal production. There
uly 2 to holders of record June 15. Like amounts were paid on July 1 finished were 5.625.326 yards. about 62% of on hand 122,323 Yards, to
on Jan. 3 and April 21928. In each of the 14 preceding were sold 5,747.649 yards, decreasingthe cloth
nd Oct. 1 1927 and
MI
uarters an extra of h of 1% and a regular of 1% were paid on the common a total of 393,573 yards._
tack -V. 126, p. 2479.
Staled Periods.
Resulti
12Mos.End. 12Mos.End. 13Mos..End.
-May Sales.
Stores Corp.
American Department
pa
Dec. 31 '27. Jun.30'27. Jun. 30'26.
Increase.
Increased 1928-5 Mos.-1927.
-may-1927.
1928
$3,976,576 $3,741,985
8344.431184,986.021 $3,429.315 $1.556,706 Goods on hand close previous year.,.. _ $2,945,659 28.604.328 36,701.952
$674,445
1 018,87g
28.845,967
Cost of manufacturing
126, p. 2794. 2479.
-Rights &c.$31.791,626 $32.580,904 $40,443,938
American Equitable Assurance Co.
Total
32,902.256
increase
At a special meeting of the stockholders on June 7,it was voted to(par $5) Received from sales and other income 28,806,817 30,031.248
3,976,576
2.615,710
3,493,585
Goods on hand
100,000 shares of common stock (Par $5) to 300,000 shares
he
stockholders of record June 11 being given the right to subhe common
832,300.401 $32,646,958 $36,878,832
Total
cribe on or before June 30 for two shares of new stock at $10 per share
$66,053 loss$3565104
$508,775
Net gain
or each share held.
The recommendation that the now stock to be placed upon a $1.50
Consoli&oed Balance Sheet Dec. 31.
nnual dividend basis, payable quarterly, will be considered by the board
1926.
1927.
1926.
1927.
$
f directors on June 11.-V. 126, p. 3452.
$
Liabilities8
$
Assets38,249
43,942
Amounts payable..
-Earnings.
Plant account--16.684.576 16.684.576
American Founders Trust.
538,386 3,815.071 6% gold bonds_ -14,665,000
Cash
1926.
1927.
Years End. Nov. 304,448.500 Prot.& loss 6: res.
.
n eet
U B. men
$2,829.093 $1,277,280 l, Gov't:onds..
nterest, dividends & investment profits
tor shareholders_17,764,338 40,425,315
119.441
191.057
822,970
484.607
xpenses, charges de taxes
Accts.receivable._ 4,958,462 5.392.150
$2,006,123
$792.673 Cotton:raw-wrought
Net cash income
5,499,992 4,742,165
In process
543,960
285,346
Dividends paid on preferred capital shares
Wool:raw-wrought
3,952,648 4,299,441
in process
$1,462,163
$507,327
Balance
522,688
Mfg. supplies__ 719.773
Increase during the year in appraised value of InterTotal(each side)32.473.278 40,463,565
367.917
1.518.765 Prepaid taxes.
national Secur. Tr. of America class B corn shs
-V. 126, p. 108.
$1,462,163 $2,026,092
Total
-Listing.
Arkansas Natural Gas Co.
145,675
250,583
Appropriated for preferred share dividend reservesThe Pittsburgh Stock Exchange has approved for listing 2,193,000
stock (par $10) and 4,084,225 shares of common stock
31.316.488 $1,775,508 shares of preferred
Balance to surplus
(no par).
-V.126. o. 2151.
-V. 126. o 2316
3594
Anipar0 Mining
oam/or YearsGrose earnings
Operating expenses
FINANCIAL CHRONICLE
Co.-Earning/L1927.
8548.614
468,977
1926.
$41.8.446
406.269
$79,637
85,122
$22,177
96.973
$164.759
78.771
7.005
12,043
$119,150
78,009
2,005
19.020
Net income
Dividends paid
$66.910
100.000
$20,116
160,000
Deficit
-V. 124, p. 2911.
$33,060
$139,884
1926.
£46.038
64,000
1925.
£50,454
70.000
Operating profit
Other income
Total income
Depreciation and depletion
Taxes
Miscellaneous expenses
Arizona Copper
Years End. Mar.31Divs.on holdingsm.&c_.
Transf. fr. reserve accetOther income
Previous balance
Co., Ltd.
-Report.
1928.
£61,538
3,366
8,044
1927.
£65,131
10.500
43.004
58.862
85,749
Total
Expenses
£72,946
3,005
£118.635
3.164
£168.900
3.320
£206.203
3.512
Balance
Div. on ord. abs. of co...
Est. income tax & corp.
profits tax
£69.941
56,996
£115.471
37.997
£165.580
56.996
£202.691
75.995
12.433
8,583
10.837
£65,041
£100,000
-v.124. P. 3776.
Armour & Co.(I11.).
-Buys Creamery.
-
£115,858
Bal.to be car'd for'd_ _
£12,944
The company has purchased properties of the Jensen Creamery of Coon
Rapids, Iowa, including land and buildings in 5 towns and equipment of
35 outlying stations throughout the state. Approximately 2.000,000 Pounds
of butter, 3,000,000 pounds of poultry and 3,000,000 dozen eggs a year are
handled by these properties, it is stated. Branch houses are located at
Perry, Bagley, Yale, Grand Junction and Bayard,Iowa.
-V.126, p. 2480.
Arnold Print Works.
-Earns. Cal. Year 1927.
Profit from operations
Int, on bonds & Fed. & State taxes paid for bond holders
Federal & State taxes accrued
$574.790
159.794
47,448
Net Income
Dividends preferred & 2nd preferred stock
$3367,548
79,625
Balance
Previous surplus
$287.923
1.686,934
Balance surplus December 31
-V.123, p. 714.
$1,974,857
Associated Dyeing & Printing Corp.
--Transfer Agent.
-
The Guaranty Trust Co. of New York has been appointed transfer agent
for the capital stock of the above corporation. See also V. 126, p. 3122.
Associated Oil Co. of Calif.
-Subsidiary Co. Dividend.
-
The West Coast Oil Co., a subsidiary has declared the usual extra dlv.
of $3 per share and the regular quarterly dividend of $1.50 per share, both
payable July 5 to holders of record June 25. Like amounts were declared in
the previous 6 quarters. Of the $1,040.800 _preferred stock (Par $100)
outstanding, the Associated Oil Co. owns $628,600, or 60.40%.-V. 126.
p. 2469.
[vol.. 126.
days' prior notice to and incl. July 1 1933. at 103 and
and incl. July 1 1938. at 101 and int., and thereafter at int.; thereafter
100
Bank of Italy National Trust & Savings Association, trustee.and intere
Authoria
amount series A. 322.000.000.
Organization.-Bankitaly Mtge. Co., the entire capital stock of whl
(except directors' qualifying shares) is owned by National Bankitaly
is closely affiliated with Bank of Italy National Trust & Savings Asi
through deposit of the entire capital stock of National Bankitaly
C
under a trust agreement pursuant to which the beneficial interest
in an
stock is inseparable from the stock of the bank and the board of direct(
of National Bankitaly Co. consists solely of members of the executl
committee or specially-designated representatives of such bank.
Security.
-These bonds are to be the direct obligation of Bankitaly Mcn
gage Co. and specifically secured by a first lien upon collateral
of first mortgages authorized for investment by savings banks consist
and try
companies under the laws of California and constituting
on improved income-producing fee real estate, including direct first lid
homes, in eft
In California, having populations of over 10,000, the unpaid princi
amounts of such mortgages not to exceed in any instance 60% of the
praised value of the mortgaged property. In lieu of such mortgages,
company may pledge cash or obligations of the United States Governmt
or of the State of California or of any county, municipality or school distrt
therein, which are authorized for investment by savings banks and
tru
companies under the laws of California.
The company is to covenant that the aggregate value of the pledged
cc
lateral shall at all times be maintained at not less than the principal
asnouj
of bonds from time to time outstanding and that the
funded
company shall not exceed 15 times of its capital and surplus; debt of t
all as to
defined in the indenture.
Guarantor Company.
-The balance sheet of National Bankitaly C
the guarantor company, as of Mar.31 1928 shows net tangible
assets
cess of $101.000,000. Such balance sheet includes receivables andin e.
cas
together carried at $25,174,437; stocks and bonds at $60,994,673;
and re,
estate at $24,633,306.
Purpose.
-Proceeds of this issue will be used to refund a like amount
Bankitaly Mtge. Co. 511% bonds now outstanding
which are to be r
deemed on July 1 1928.
Bank Shares Corp. of the United States.-Acguisitio
See Bankstocks Corp. of Md. below.
Bankstocks Corp.(of Md.).-New Control-Larger Di
idend Expected.
-
Sale of control of this corporation,an investment trust, by
& Co., to the Bank Shares Corp. of the United States Is Harris, Moon
transaction involves the sale of 14.000 shares of class A announced. Tb
voting
26.314 outstanding. No change In the present management stock of t
policy of th
Bankstocks Corp. Is contemplated.
There will be added to the board. however, Aaron
Sapiro, Charmfan
the Board of the Bank Shares Corp. of the United
States,
president of the Bankstocks Corp.; Perez F. Huff, President who will
Huff Co., Inc.: George Maylor. President of the Fairbanks of Perez
Goldwasser of L. Ernstein & Bros., Inc.; Monroe Kaplan, Co.; I. Edwi
Capitalist: an
William Harris, President of the Bank Shares Corp.
The Bankstocks Corp., starting with a paid-up capital
of
1925. now shows total resources of approximately 82.500,000. $50,000
23 1928. surplus and undivided profits totaled $207,000 and As of M
appreciati
of securities owned $245.000.
Net earnings from Jan. 1 1928 to May 23 1928 totaled $74,755,
equivalen
to more than $1 pr share on the outstanding A
stocks of
tion. It is expected that the dividend rate on and Bclasses of the corporaboth
stock, valid
is now 60 cents per annum,will be increased to 80 cents.
-V.126. p. 1356.
(N.) Bawlf Grain Co., Ltd.-Pref. Stock Offered.-Roya
Securities Corp., Ltd., are offering $2,000,000 06% cum
redeemable pref. stock at 100 and div., with a bonus of 1.
no-par-value common shares with each 10 pref. shares.
Preferred as to capil=71=s over other
of
titled to a fixed cumulative dividend at the rate of classesPerstock and en
annum, pay
615%
able Q.
-M., at par at any
In Canada
Atlantic & Pacific International Corp.
-Formed as Dividends cumulative from branch of the Bank of Montreal on 60 days
June 1 1928. Red. all or part,
notice at 8105 per share and div., and at same price in event of liquidatiot
General Management Trust of International Scope.
or voluntary winding-up. Non-voting except after four consecutive
Atlantic & Pacific International Corp. is the name of a new investment
quart
trust formed under the laws of Maryland with an authorized capitalization erly dividends shall be in arrears and while any arrears remain unpaid
When preferred
of $25.000.000 cumulative preferred stock, 500,000 shares of no par class Agents, Royal shares shall have the exclusive voting power. Transfez
Trust Co. Registrars, Montreal Trust Co.
A common stock, and 500.000 shares of no par class B common stock. No
Capitalizationpublic offering is contemplated at present.
Authorized. Outstandina.
The President is Edward Moore Robinson, who is also a director of the 611% cumul. redeemable preferred stock
$2,500,000 $2.000.00C
Morris Plan Co. of New York. Other directors are: Robert Campbell Common stock (no par value)
100,000 she. 60,000 shs
(Vice-Pres.), formerly President, Celluloid Corp., and formerly Vice
Listind.-Application will be made in due course to list these shares on
Pres.. Congoleum-Nairn, Inc.: Gem von 8. Gaevernitz (Sec.). formerly the Montreal and Toronto Stock Exchanges.
Assistant Sec. and Treas., First Federal Foreign Investment Trust: Arthur
Data from te.'WeTilt-W7R7Bawlf, Preilaent el the Company.
G. Goldbach; Warren F. Hickernell, director of the Bureau of Business
-Is
Conditions, Alexander Hamilton Institute; Charles A. Marshall of Hines, to Company. a being Incorp, under the laws of the Dominion of Canada
acquire as going concern the business, properties and undertaking o
Reariek, Door, Travis & Marshall; Donald G. Millar, Vice-Pres. and Sec., the N.
Bawlf Grain Co., Ltd., Incorp. in 1909. which with its previous
American International Corp.; Junius A. Richards of Edward B. Smith &
Co., members of the New York. Philadelphia and Boston Stock Exchanges; associations has represented as a continuous operation for more than 45
years one of the best known grain businesses in the Provinces of Manitoba,
Adam Schildge (Treas.). formerly Assistant Manager, Investment DepartSaskatchewan and Alberta.
ment. American Founders Trust; Arthur H. Titus, Vice-Pres., Bank of
Company will own and operate 116 country grain elevators, 32 annexes,
Manhattan Co.: Max Winkler, Vice-Pres., Bertron, Griscom & Co.. the
Inc. 55 cottages, and 50 coal sheds, located at railway points throughout the
and formerly Vice-Pros., Moody's Investor Service, and John E. Zimmer: three Prairie
Provinces. An additional 25 elevators and 9 annexes in Sasmann of Philadelphia, President, Day & Zimmermann, Inc., and a director
of the Pennsylvania Co. for Insurances on Lives and Granting Annuities. katchewan will be controlled through majority stock ownership. Combined
Regulations for the investment of the resources of the corporation pro- total storage capacity of country elevators will be approximately 5.450,000
vide that at least 40% of the resources must be invested in bonds and bushels.
Through ownership of the entire capital stock of the Bawlf Terminal
debentures. Net more than 3% of the total resources may be invested in Elevator
Co.,
any one security unless the security is issued or guaranteed by govern- crete terminal Ltd., the company will control and operate a modern conelevator at Port Arthur, Ont., having a combined workments or municipalities. Not more than 30% can be Invested in any one house and storage
country, except the United States and Canada. The corporation is pro- Port of Vancouver capacity of 2,500.000 bushels. Shipment through the
is made under a satisfactory arrangement covering a
hibited from engaging In the practice of "short selling:" it is also pro- Period of five years from
Aug. 31 1926, with Vancouver Terminal Co., Ltd.,
hibited from purchasing securities from any institution or firm with which and the Pacific Terminal
Elevator Co., Ltd., which control a terminal
a director is connected.
capacity aTcximately 4.000.000
oo
s of t
p
The corporation has designated as transfer agent the Bank of the Manhis
A stoc i th at 1 .
1
hattan Co. and as registrar the Bankers Trust Co., and has its offices at ment of 1st mtge, bonds of thereferri ishe181Cit ssue :11tiae used for retireN. Bawlf Grain Co.. Ltd., consolidation of
68 William St., New York City.
control, and other general corporate purposes.
Earnings.
-Based upon consolidated annual earnings from these properties
Atlantic Refining Co.
-Receives 2nd Installment.
for the four years ended
The second instalment on the purchase price of the Atlantic Refining charges, depreciation, 1927. after deduction of operating and maintenance
Co.'s holding of Superior Oil Corp.stock has been paid. The two remaining ance for earnings from interest, local and Dominion taxes, but with allowadditional facilities acquired subsequent to July 31
nstalments are due July 1 and Aug. 1, respectfulvely.-V. 126, P. 3122.
1927, and adjustment in terms of this financing, average annual net earnings available for preferred dividends were $299,000.
Auburn Automobile Co.
-2% Stock Dividend.
Based upon interim audit for the eight months ended March 1928.
The directors have declared a 2% stock dividend and the regular quarterly gross earnings for
ending July
dividend of $1 per share, both payable July 2 to holders of record July 21. mately $450.000 the year earnings at 31 1928, are estimated at approxiand
approximately 8300.000, available
Like amounts were paid on Jan. 2 and Apr. 2 last. Previous stock dis- for preferred dividends net8130,000
of
-equal to approximately 2.3 times the
tributions were 5% each made on Aug. 1 and Nov. 11926.-V. 126.9.3452. annual dividend requirement
of this issue.
.
During the period from July 31 1917 to July 31 1927,incl., over 3800.000
Automotive Standards, Inc.- To Decrease Capitalof depreciation
company and its
A special meeting of stockholders is called for June 11,for the purpose of subsidiary -V.was written off out of the earnings of
119, p. 1956.
approving the reduction of the authorized capital stock by the elimination
of the total authorized amount of the 8% cumul. pref. stock.
Beatrice Creamery Co.
-V. 126.
-Sale of Holdings in Butter Co.
P. 3301, 3452.
The directors have authorized the sale of the company's holdings in the
Fox River Butter Co.. Inc., of New York to the Central Distributors Inc..
Axton-Fisher Tobacco Co., Inc.
of New York.
-Initial Dividends.
-V.126. p.2795.
The directors have declared initial quarterly dividends of 80c. Per share
Bemis Bros. Bag Co.
-Balance Sheet Dec. 31.on the class "A" common stock and of 114%, on the preferred stock, both
payable July 1 to holders of record June 15. See also V. 126, P. 1814.
1927.
1926.
1927.
1926.
Assets8
$
Bankitaly Mortgage Co.
Real eat. & bides__
-Bonds Offered.-Bandtaly lklach'y lir fixtures.. 6,613.837 6.554,087 Capital stock
14,004.000 14,004,000
3,881,060 3.953,037 Accounts payable
344.458
228,316
Corp., New York,offered June 5, $5,000,000 real estate 1st Merchandise
13,221,203 10,609,911 Res. for taxes__ _ mtge. coll. 5% bonds, series A, at 100 and int. National Notes dr accts. rec. 3,301.050 3,540.448 Due to stockhcld's 735,795 349,574
Cash
2,820,148 3,056.707
& res. for Was__ 4,188,327 2,225,917
Bankitaly Co. unconditionally guarantees, by endorsement Securities
4,974,547
Res for
600,200
on each bond of this issue, the prompt payment of interest Deterred charges._ 211.147 3.500,625 Surplus dividends_ 15,150.213 14,622,452
215.443
a
and principal when these shall become due and payable.
Total
35,022,993 31.430,259
Total
35,022,993 31,430,259
Dated July 1 1928; due July 1 1948. Interest payable J. & J. without
deduction for Federal income tax not exceeding 2% Principal and int. -V. 124, p. 3213.
payable at main (Mee of trustee in San Francisco, Calif., at the main
Berland Shoe Stores, Inc.
-Sales.
office of Bank of /merles National Asso.. in New York, or through any
Period Elul. May 31- 1928
-Month-1927,
1928-5 Mos.-1927.
branch of the Bank of Italy National Trust and Savings AB80., in Calif. Sales
8127.234
056,890
8642.956
Denom.81.000 and $500. c5 Red. all or part by lot,on any int. date, on 30 -V. 126. p. 2968. 2316. $234,292
.
JUNE 9 1928.]
3595
FINANCIAL CHRONICLE
shares,
shares for redemption must present the certificates representing such
St.,
properly endorsed, to the Queoec Savings & Trust Co., 120 St. James
than July
Montreal, on and after June 16, 1928. and not later cannot be 15 1928. by
n which will
&program of expansio
exercised
cities in all sections of the
of presenting shares for redemption
"The rights
authoriin 1s,ow York, Pittsourgh, Chicago, and other operating in 15 cities in the
shareholders subsequent to July 15 1928, in the absence of further
country, is announced. The company is now
board." See V. 126. p. 3123.
far western cities, Seattle and San FranEast, Middle West. and in two for additional shops in practically all cities zation by the
cisco. and the present plans call
capital of $150.000, obBronx Fire Insurance Co. of the City of New York.
where It is now operating. Additional working l common stOCK, will be
To Increase Capital Stock.
tained through a recent private sale of additiona
t of the company's bank balance,
stockused for this purpose, and for retiremen
President John J. Duffy announces that a special meeting of thecapital
its
according to the anouncement.
not including revenue from holders will be held on June 11 to act upon proposals to increaseof $25 Par
Last year gross sales totaled over 83.350.000.
00, to consist of 40,000 shares
from 8500.000 to $1.000,0
capital position was improved
-V. 128.
franchise shops. During 1927, the working expected chat with the estab- stock consider the disposition of the additional shares of stock.
and to
.
by $181.000. without any financing. It is
ative and commissary p. 3453.
lishment of the company's new shops, administr
considerably lowered.
costs per shop will be
Brooklyn Fire Insurance Co.-Bal, Sheet Jan. 1 1928.Liabilities
-Balance Sheet Dec. 31 1927.Assets
Billings & Spencer Co.
$185,000 Reserve for unearned prems_ 3876,354
Mtge.loans(guaranteed)
LiaMiLttes132,653
ASSC43Reserve for losses
1,400,725
8750.000 Bonds & stocks
15483.925 Preferred stock
Land AC RR.siding
1,000.000 Premiums & miscell. accts. rec. 610,026 Reserve for devel.. coating.&- 383.504
y1.363.323 Common stock
Machinery & equipment
7,552 fluctuation in value of see__
550.000 Interest accrued
206,102 7% iz, Id bonds
600.000
Cash
789,207 Capital stock
12,046 Cash on deposit
222,975 Accounts payable
1,000,000
Accts. receivable
Surplus
672.500
Raw,in process & fin. stork__ 838,492 Notes payable pay rolls, &e
30.250
10.000 Accrued taxes,
82,992,512
Canadian B & S. trade mark_
Total
$2,992,512
7,419
Total
21,219 Reserve inventory depree____
kllacei necurl ties
203,153 -V. 126. p. 2481.
79,333 Surplus
charges, &a
Deferred
-Transfer Agent.
83.225,369
Total
Burmah Oil Co., Ltd.
83.225,369
Total
been appointed transfer agent
The Guaranty Trust Co. of New York has
x After depreciation of $189,653. y After depreciation of 8612.953.-V.
ordinary registered share..
for the American depositary receipts for
V. 122, p. 1921.
125, p. 3454.
e.
-Merger Plan Operativ
Borg & Beck Co.
-Offering of Class A Stock.
&
Brooklyn-Lafayette Corp.
The committee in charge of the plan for the affiliation of the Borg s
will offer shortly an
the
Parker, Robinson & Co., Inc., has purchased and
Beck Co., Marvel Carburetor Co., Warner Gear Co. and6. Mechanic
par value. The
10.000 shares of class A stock without
Universal Joint Co. declared the plan operative as of June
more additional issue of
holder at any time on or
The Continental National Bank has notified the committee that been class A stock is convertible at the option of the share.
has
before Dec. 31 1933 into class B stock, share for
than 75% of the stocks of Borg & Beck, Marvel and Warner Gear
sell stocks,
on is organized in New York to acquire, hold and securities
certificates of deposit. The terms of consolidation were
Corporati
exchanged for
and by underwriting
outlined in V. 126. p. 3453.
bonds and other securities and obligations available to individuals. The
benefits not ordinarily directly
bank stocks, bonds, high-An issue of to derive
Borg-Warner Corp.-Pref. Stock Offered.
present investments of the corporation include s. Upon completion of
and real estate mortgage
7% cum. pref. stock is being offered at $102.50 grade industrial stockswill have available in cash and investments approxi$3,500,000
financing it
present
1927, after
as at
by a banking group composed of John Burnham & Co., the $1,000,000. Net assets of the corporation ately Dec. 31for each of
mately
$47.80
show approxim
Paul H. Davis & Co. and George M.Forman & Co., Chicago. giving effect to present financing,to be presently outstanding.
of class A stock
20.000 shares
S. Conover. Eugene J.
Borg-Warner Corp. is the holding company for the affiliated Borg & the
s
Directors include George F. Driscoll, Henry
S. Robinson. JereBeck Co.. Marvel Carburetor Co.. Warner Gear Corp. and the Mechanic
M. Lewis, George S. Horton. Frederick Dauernheim and
Machine Co. of Rockford. Ill., which was bought outright by Borg & Beek Grant, Harry
T. Ritchimot, Augustus M.
miah J. Dalton, George p. 1356, 1985. 2152.
has just been declared operative.
Co. The merger plan
-V. 126,
Case.
The proceeds from the sale of the preferred stock will be used partly George B.
for ad-Successor.
for the purchase of the Mechanics Universal Joint Co. and partly in Chi(P.) Burns & Co., Ltd. p. 1071. will have plants located
-V.124,
ditional working capital. The company
See Burns & Co.. Ltd.
Indianapolis and Muncie,Ind., and Flint.
ot
c
c/ Moline and Rockford,
-Bonds Offered.
Burns & Co., Ltd., Calgary, Alta.
comThe combined earnings for the first four months of 1928 for these 0. or Dominion Securities Corp., Ltd., Montreal, are offering $7,panies, after all charges including taxes, was more than $1,44000
-year bonds series
20
sinking fund
more than 17 times the requirements for the preferred stock dividend, 000,000 1st mtge
and after which, to more than $2 per share on the entire outstanding com- A at 993. and int.
Principal and int. (J. & D.).
mon stock.
Dated June 1 1928; due June 1 1948.
Earnings for the three years ending Dec. 31 on the combined companies payable at holder's option in lawful money of Canada at any branch
were: 1925. 81,754.501: 1926. $2,474.414: 1927. $3.055,401.
Commerce (Yukon Territory excepted) In Canada,or
of Canadian Bank of bank in New York in United States gold coin of the
Pro Forma Consolidated Balance Sheet of Dec. 31 1927.
at the agency of the
fineness or at the chief office of the bank in
Li/thinnerpresent standard of weight and the fixed rate of $4.86 2-3 to the pound.
Assets
$2,179,851 Notea pay. & purch. money
London. Eng.. in sterling, at
Cash
60
2248,139 Red. all or part for sinking fund or otherwise on any interest date on103
oblig
800,007
Can loans & market see
r at
1,024,826 days' notice at 104 and int. to and incl. June 1 1933: thereafteand incl.
1,390,462 Ace. pay. & acerd. en)
Cust. notes & ace. teceiv
102 and int. to
195,000 and int. to and incl. June 1 1938; thereafter at
81,348 Dividends payable
Other accounts recelv
439,491 June 1 1943, and thereafter and before maturity at 101 and hat. Genera.
2.982,543 Prov, for income tax
Ltd., trustee.
Materials, supplies, &e
3.500.000 $1,000. $500 and $100c* and r. National Trust Co.,
80,531 Preferred stock
insur. prem. & other charges
by a specific first charge on real and
4,100,000
-Bonds will be securedcompany, subject to purchase money
Common stock
Security.
Employ. stk. parch. contr.
the new
-arising from acquis.
331,062 Burp.
immovable property of
realty de misc.Inv
on all other
3.858.781 mortgages amounting to $229.910. and by a floating charge
ofstock of fsubsid.coma ..
5.520,431
Prop. plant & equip
owned or hereafter acquired. The
1
assets of the company now company may free from the lien thereof,
Patent & good-will
trust deed will provide that the
such
$13,366,239 sell or otherwise dispose of any portion or portions of its business on
$13,366.239 Total
Total
the position of the company's business,
terms as in its opinion will improve
company for any such sale
-V. 126. P. 2969
.
received by the
provided that the consideration
part of the specifically mortgaged premises.
or other disposition shall form pay no dividends on its common stock which
Brandram-Henderson, Ltd.-Annual &Wilt-The company will covenant to
1925.
1926.
1924.
1927.
Calendar Years-assets as defined in the trust deed below 83.S101.827 will reduce the net current
$103.296
$155.766
x$192.648
Net profits
83.793 500,000.
82.724
for the series A
81.217
79,947
Bond interest, &c
-Trust deed will provide a sinking fund made Jan. 1 in
Fund.
Sinking
7,500
8,000
10,000
20,000
of $100.000 will be
Depreciation reserve_ _ _
9.180 bonds, under which annual payments
payments of $200,000 in
Income tax
1942; and annual
3.500
3,500
1 in each of the years 1935 to
3,102
, in each instance together with a sum
Pension reserves
35.000 each of the years 1943 to maturityhave been payable on such date on all
35.000
35.000
35.000
Prof. dividends (7%)
would
(4%)47.196 equal to the interest which had such bonds remained outstanding. These
Common dividends
y redeemed
bonds previousl
calculated to retire more than 60% of the series
$26.049 def$25.928 def$80.842 sinking fund payments are
$54,599
Balance, surplus
836,929 A bonds by maturity.
726.087
732.659
758,708
Previous surplus
$6,70.000
Inventory reserve
-The same bankers are offering
Pref. Stock Offered.
30,000
52.500
Res.for losses accts. rec.
div. Each
Cr.155.000
900,000 6% cumul. pref. shares at 100 and
Bond red. reserve
--To Expand Operations.
Sandwich Shops, Inc.
include the establishment of new shops
534%
$726.088
$732,659
$758.708
Profit & loss, surplus- $813,307
Earn. pr. sh. on 11.799
Nil
Nil
$2.21
$4.62
(par $100)
eh.com.stk.
x After deducting head office charges.
Sheet December 31.
Balance
1927.
Liabilities
1926.
1926.
1927.
AssetsPreferred stock __ _ $500.000 $500,000
RI. ant., good-will.
pat't rights_ _ $2,456,038 $2,441,466 Common stock _ 1,179.900 1,179,900
6% s.f. lat m.bda
243.400
275.500
_.
Cap. stock of sub.
346,923 Consol. 6% bonds 859,000 859,000
346.923
cos., &c
6.717
5,272
976.243 Bend prem.acct__
851,612
Merchandise
466.786 Rea for dcpr.,&c.
155,801
548,921
242,500
Aeolis receivable_
85,701 Royal Bk.of Can. 389.011
402.945
99,546
Cash
9,957
21,473 Bills payable
23,484
16.728
Deferred charges_
Accounts payable_
145.147
109,880
Bond discount and
35,422 Rea. for pref. div.
22,928
charges
payable Jan,.
8.750
8,750
Rea. for bond Int_
19,307
18.789
829
829
Unclaimed dim
758,708
813,306
Total(ea side). $4,342,691 $4,373,993 Barnhill
124, p. 2433.
-V.
-Earnings.
Bridgeport Machine Co., Wichita, Kan.
Income Account for Year Ended Dec. 311927.
Net sales and rentals
Cost of sales and rentals
Selling, general and administrative expense
81.371.655
815,094
344,092
Operating profit
Other charges (net)
Expenses incurred and adjustments in connection with development and manufacture of rotary tool, extraordinary depreciation, cancellation of contract. &c
$212,469
67,977
Net loss for the year
Balance surplus Dec. 31 1926
Dividends paid and declared on preferred stock
Balance surplus Dec. 31 1927
-V. 124. p.3777.
84,199
1,911.021
29,306
228,692
$1.797,516
-Stock Called. Brompton Pulp & Paper Co., Ltd.-Pref.of
s
No. 38
President. E. W. Tobin says: "Under the provisionits by-law ing 8%
outstand
was authorized to purchase or redeem
the company
preferred shares with the rumen.;of the holders thereof at a price not exceeding $133.50 per share and accrued dividend.
on at 1335' and diva, of all
i
'The directors have authorized the redempti
16
preferred shares which may be presented for redemption between June
inclusive. All shareholders desiring to turn in their
1928 and July 15 1929,
1 share of fully
preferred share will carry a bonus of M of
of one
e
paid common stock and the right to purchas 3 as below
at $30 per share
share of fully paid common stock bonus common stook will
mentioned. Fraetional shares of
be adjusted at the rate of $20 per share.le. Preferred as to assets
non-assessab
Preferred shares are fully paid and to the extent of $107.50 a share and
on
in the event of voluntary liquidati ry liquidation to the extent of $100
diva, and in the event of involunta preferential cash dividends from June
ve
share and diva, and as to cumulati
annum, payable by check (Q-J) at par at any
1 1928, at the rate of6% per of Commerce in Canada (Yukon Territory
Can...Man Bank
branch of The
dividend to be made Oct. 1 1928. for the 4
excepted); first payment of
time through the operation of the sinking
months' period. Red at any whole or in part at the option of the comby call in
fund for the shares or
on GO days' notice. Transfer agent:
pany at $107.50 per share and diva. Trust Co., Ltd., Toronto and WinNational
Preferred and common stock,and common stock, Canadian Bank of Comnipeg. Registrar: Preferred
Ineree. Toronto and Winnipeg. patent incorporating Burns & Co., Ltd.,
-The letters
Sinking Fund.
a sinking fund, and commencing
provide that the company shall establish before May 1, each year, a sum
.
1930 shall set apart on or
with the year
earnings (after providing for dividends on
equivalent to 10% of its net depreciation, bad debts and profits taxes).
preferred stock, allowance for
preferred shares in the open market
This fund is to be applied in purchasing , or failing which, in calling for reUP to the call price and cost of purchase
and My., to date of
drawn by lot, at $107.50 per share
demption shares
redemption.
shall not be entitled to vote at
-Holders of preferred shares
Voting Rights.
the company shall fail to pay four
meetings a the shareholders unlessthey will be entitled to equal voting
quarterly dividends in which event
share until all arrears
the holders of common shares, share for
eghts with
of preferred dividends shall have been paid.
ed share certificates will
-Preferr
1Varrants to Purchase Common Stock.
entitling the holder to pur
carry non-detachable stock purchase warrants adjusted at market price)
be
chase at the rate of $30 per share (fractions to
each preferred share
in respect
share of fully paid communion stockprivilege is of be exercisable only
% of
to
This
represented by the certificates. July 1 1930.
after July 1 1929, and will expire
,
.
Alberta May 16.
Data from Letter of John Burns, Calgary,
ed.
Capitalization
$7,000,000
415.000,6)0
First mortgage bonds
6,900,000
b12,000,000
6% preferred stock ($100 par)
3 e s.
Management pref. shares (no par)
.
3 bs.
*99,997:No
149,997 abs.
Common stoc (no par)
against warrants attached
* This includes common shares to be reserved
es.
to the preferred stock certificat bonds will provide that after the issue
a The trust deed securing the
-year series A bonds.
% 20
of $7,000.000 first mortgage sinking fund 5%
3596
FINANCIAL CHRONICLE
[Vou 126.
presently to be outstanding, the balance of the authorized
first mortgage
bonds may be issued from time to time in such series,
California Dairies Inc.-Pref. Stock Sold.
-A syndicate
such currencies and places, mature on such dates not may be payable in headed
earlier than June 1
by Spencer Trask & Co., Bond & Goodwin, Inc.,
1948, bear such rates of interest and carry such sinking
fund, conversion, Bond &
redemption and other provisions as the directors may determine
Goodwin & Tucker, Inc., and Smith, Strout &
at the time
ofissue, &c. b The balance of the
at the discretion of the directors. authorized pre:crred stock may be issued Eddy, Inc., has sold at $98 per share to yield 6.12% 44,000
shares preference stock series A carrying $6 cumulative
Company.
-Has been incorp. under the
for the purpose of acquiring as a going laws of the Dominion of Canada dividends.
P. Burns in Calgary. Alberta, in 1890. concern the business founded by
Dividends (cumulative from June 1 1928) payable Q.
The growth of the business has
-N. In event o
been steady and with one exception during the
voluntary or
period, satisfactory profits have been made each post war reconstruction per share and involuntary liquidation holders are entitled to receive $110
divs. before any amount
year.
P. Burns Co., Ltd.. has a long and successful record
Red. all or part. upon 30 days' notice, is paid to holders of common stock.
in the packing
at $110 per share and dive. At all
business and today owns or controls 6 modern packing
houses, located in meetings of stockholders each stockholder will be entitled to one vote for
Calgary, Edmonton. Regina, Prince Albert. Vancouver and Winnipeg; each share of
preference stock series A and one vote for each share of combranch houses with cold storage facilities located at Fort William,
mon stock held.
Moose Jaw, Lethbridge, Nelson, Prince Rupert and Victoria; ffenora,
Substantially all of the common stock of California Dairies,
92 retail
Inc., is
meat and provision markets; a large number of creameries and cheese
fac- owned by Western Dairy Products Co. and provision vrill be made for the
tories; 17 wholesale fruit depots; ice-cream and milk distribution plants exchange at the option of the
and other valuable properties. It also has important agencies in Europe. stock series A at any time holder of any of the 44.000 shares of preference
the West Indies and the Orient. These various departments of the business redemption and then prior prior to June 15 1938 (unless earlier called for
to the date specified for
provide a very substantial measure of diversification.
trust certificates representing, if the exchange be redemption) for voting
P. Burns
Co., Ltd., has been a pioneer in the retail chain store field 1933,2 shares, or if the exchange be made thereafter made prior to June 15
1 2-3 shares, of Western
and its 92 retail meat and provision markets are an important department Diary Products Co. Class B
stock or for a like number
of the company's business.
stock should no voting trust with respect thereto be in of shares of class B
existence.
Purpose of Issue.
-Preferred shares and the first mortgage bonds presTransfer Agents: The Seaboard National Bank, New
York; Merchants
ently to be outstanding are to be issued to finance the acquisition by the National Trust & Savings Bank,
new company of the assets (except certain extraneous assets) and under- Union Trust Co., San Francisco. Los Angeles, and Wells-Fargo Bank &
taking of the predecessor company and for general corporate purposes.
Registrars: Bank of America National Association, New
York; Los
Assets.
-The assets of the company, as at Dec. 31 1927. after givin
Angeles-First National Trust & Savings Bank, Los Angeles,
and American
effect to the present financing, would have been substantially as follows: Trust Co., San Francisco.
Fixed assets, consisting of real estate, plant, machinery and
CapitalizationAuthorized. Outstanding,
equipment at replacement value new, appraised by the Cana15
-year 6 % sinking fund gold debentures
$3,000.000
dian Appraisal Co., as at Dec. 31 1927, lees purchase money
Preference stock issuable in series(no par value)_ _ _100,000 shs. $1,693.000
*44,000 sha.
mortgages
Common stock (no par value)
810,845.464
100,000 shs. 50,500 shs.
Net liquid assets certified by the company's auditors
* Series A. The outstanding preference stock, entitled to
Investments in shares and securities of and advances to other 4.291,345 dividends at
cumulative
the rate of $7 per share per annum,has been called for redempcompanies, and other assets
586,268 tion on June 7 1928.
Data from Letter of Dudley M. Dorman, President of the
Total assets
$15,723.077
Co.
Deduct 1st mtge. bonds to be presently outstanding
Company.-Incorp. in Maryland. Acquired during July
7,000,000
1927
businesses and assets of Crescent Creamery Co. and L. J. Christopher the
Co.
Balance
$8.723,077 (except, in the case of the former company,
Earnings.
-Earnings of P. Burns & Co., Ltd., certified by its auditors and certain real estate which has been leased certain non-producing property
for term of years),two establas based on the assets acquired by the new company after giving effect to ished manufacturers and distributors of dairyaproducts
in Los Angeles.
the present financing, available for preferred stock dividends and depre- Company is a large distributor of ice cream in the
dation, after charing Federal taxes, at the present rate were as follows;
Los Angeles and is also engaged in the manufactureterritory in and about
of powdered milk and
Average annual earnings for the 4 years and 6 months ending
the wholesale and retail distribution of milk, cream, butter,
cottage cheese
Dec. 31 1927
8576,043 and buttermilk. Bringing together under a single ownership the properties
Earnings for the year ending Dec. 31 1927
646,660 of these two companies has resulted in many operating economies and perTotal dividend requirements on the present issue
fected a closely knit, well-rounded organization engaged in
414,000
diversified lines
.
Earnings of the company for the three months ending March 31 1028, of ousiness, each line augmenting and supplementing the other.
The company is now arranging to expand the scope of its
as reported by the management, show an improvement of approximately
the acquisition of the Pure Milk Dairy Co. of San Diego, operations by
$100,000 over the same period last year. It is expected that certain
Calif.,
economies will be put into effect which will materially increase the above most concern in that city and adjacent territory engaged in lines ofthe forebusiness
similar to those conducted by California Dairies, Inc.
earnings.
Substantially all of the common stock of California Dairies, Inc..
is owned
by
Calaveras Timber Co.
Dairy Products Co.,
-Bonds Offered.
-The Michigan andthe Western ice cream, powdered which is engaged in manufacturing
distributing
milk, sweetened condensed milk and
Trust Co. The Detroit Co. and Baker, Fentress & Co. are butter and distributing milk
cream and
offering at par and int. $2,217,000 1st mtge.6% gold bonds. being confined to the statesandWashingtonfountain supplies, its operations
'
of
and Oregon and
Dated May 1 1928; due May 1 1938. Prin. and int. payable M. & N. ducted that it ha built up a self-contained organization for the being so conmanufacture
at Michigan Trust Co., Grand Rapids, Mich., or at the Detroit Trust Co. and distribution of its products within the borders of each of these
States.
Detroit; or at Illinois Merchants Trust Co. Chicago. without deduction
Purpose.
-Proceeds from the sale of 44,000 shares of preference
for the normal Federal income tax not in excess of 2%. Red. all or part series A will provide funds for the payment of obligations arising instock
conupon 60 days' notice at 105 and int, on or before May 11929. the premium nection with the redemption of the entire present issue of 15,000
shares of
decreasing Yi% each year thereafter until May 1 1936. incl.. after
$7 dividend preference stock, for the acquisition of the Pure Milk Dairy
date at 101 and int. Denoms. $1.000. $500 and $1000. Michigan which Co. of San Diego, for the payment of a 6A % purchase money
Trust
note for
$1,038.799 and for other corporate purposes.
Co.. trustee; Detroit Trust Co. and George C. Thomson. co-trustees.
Earnings.
Company.
-The following is a summary of the combined sales and
-Recently incorp. in Michigan for the purpose of acquiring
the interests of Charles F. Ruggles and his associates in a tract of timber earnings available for interest for the four years ended Dec. 311927. net
of the
lands located principally in Calaveras County, Calif. This virgin timber properties which will constitute California Dairies, Inc., upon consummawas personally selected and purchased for investment about 1910 by Mr. tion of the acquisition of the Pure Milk Dairy Co. of San Diego,
after
Ruggles, President of the company, who is an experienced timber man and deducting depreciation at appraisers' rates as applied to appraised reproduoIs well known to the industry throughout the United States.
tive values of properties, but eliminating certain officers' salaries
and
Company's properties are located between the North Fork of the Stanis- bonuses and other non-recurring charges and income averaging $75,164.31
laus River and the Mockelumne River in the eastern part of Calaveras net per annum in the period covered:
County, Calif., with small portions thereof in the adjoining counties of
Sales. Net Earnings
Amador and Tuolumne. This is believed to be the largest body, and one 1924
814,036.423 81,123.544
of the few remaining large bodies of pine timber in non-operating ownership 1925
15,381.095
1,018.644
In the sugar pine region.
1926
15,892.250
1,089.296
Sccuritg.-Bonds are secured by a 1st
acres owned in fee 1927
16,015,308
967,758
and on an undivided one-fourth interest mtge on 45,449 also owned in fee,
in 13.061
and on full title to the timber, with an unlimited acres of time in which
Average per annum
period
815,331,269 $1,049,811
to commence logging operations to remove the same, on 5.130 acres, and on Ann.requirem't for int. on $1,693,000
15-yr. t3M % s,f. g. debs110,045
the undivided one-fourth interest in the timber an 496 acres of timber
lands. Federal income tax at present rate of 12%
112.772
Based on independent cruises of separate portions of the timber made in
1927 by representatives of the Detroit Trust Co. and by James D. Lacey Net earnings applicable to dividends
8826,994
& Co.. Chicago, the timber covered by the mortgage is appraised at Annual. requirem't for
the 86 cum. div. on 44.000 shs. pref. stk
$5.707,790.
series A
264.000
Guaranty.
-Payment of both principal and interest on these bonds is
Net earnings applicable to dividends as shown above for the four
unconditionally guaranteed, jointly and severally, by Charles F.
years
Ruggles ended Dec. 31 1927 averaged over three times the annual requirement
and John H. Rademaker.
for
Sinking Fund.
-Mortgage provides that if company desires to cut any the $6 cumulative dividend on the 44,000 shares of preference stock series A
presently to be outstanding.
-V. 126, p. 2651.
of timber on its property and covered by this mortgage,
it may select for
such purposes from time to time parcels of land not less, in the aggregate,
Canada Malting Co., Ltd.
-Rights.
than 320 acres in extent, and thereupon it
The stockholders of record June 1 have been given the right to subscribe
the mortgage indenture $4 per thousand shall pay to the trustees under
feet, board measure, for the
sugar pine timber upon such parcels of land, and $3 per thousand feet, on or before June 15 for 15,334 additional shares of capital stock (no par
board measure, for all other species of timber upon such lands. The funds value) at $30 per share,on the basis of one new share for each 12 shares held.
deposited with the trustees to secure the privilege of cutting timber shall Subscriptions are payable at the office of the Toronto General Trusts Corp.,
constitute a sinking fund and shall be used only to retire and cancel bonds, 255 Bay St., Toronto. Canada. The proceeds will be used to meet a poreither by purchase in the open market, or by call for redemption, as pro- tion of the expenditures incurred and to be incurred in connection with the
construction of the new Toronto plant,&c.
-V.126,P.721.
vided under the mortgage.
California Consumers Co.
-Earnings Years Ended.
-
Saks (net):
Water
Ice
Refrigeration
Ice cream
Cold storage
Waterservice
Totalsales
Operating Expenses:
Cost of sales
Selling & delivery expenses
Maintenance (7% of net sales)
General & administrative expenses
Operating profit
Other income(net)
Gross income
-V.126, D. 2317.
Dec. 31 '27. Mar. 31 '28.
$633,497
$835,135
826.774
821.417
86.624
86,469
460,727
497,539
248,172
260,835
6,329
6.247
$2.262,122 $2,307,642
$782,705
427,933
158,349
216,575
$818.416
416,606
161.535
215,696
$676,661
34,125
8695,389
36,686
8710,685
8732.075
1927.
1926.
$4,518.248 $4,540,403
3,803,871
4,372,382
Gross profit
Administration expense
$714,376
391,067
Operating profit
Other income
$323,309 def$297,173
518,023
173,122
Net revenue
Interest and other charges
Extraordinary loss
Taxes
$841,332 def$124,051
188.711
173.927
171.350
25,650
Net profit
-V. 126. p. 1203.
$626,971 def$469.329
Income Account Year Ended December 31 1927.
Profit from operations
Dominion & Provincial license fees & taxes
Provision for deprec. of bldgs., plant & equipment
Proportion of organization expenses written off
Provision for Dominion income tax
Proportion of net profit of sub. cos. applicable to minority in-
$356,972
62,:00
3 01t
15,000
tereete
2,273
Net profit
8167.251
Capital & surplus as at Jan. 1 1927
2,158,847
Total
Provision for sales & gallonage tax which is disputed, trans- $2,326,098
ferred to reserve for contingencies
32,805
Dividend payable Jan. 16 1928
50,000
Balance, surplus Dec. 31 1927
82,243.294
Earns. per sh. on 100,000 shrs. cap.stk (no par)
$1.67
-V.125, D. 3646.
Canadian Connecticut Cotton Mills, Ltd.-Reorg.-
California Cotton Mills Co.
-Earnings.
-
Calendar YearsSales
Expenses
Canadian Brewing Corp.,Ltd. Subs.).
(&
-Earnings.
-
8168,021
465,194
The stockholders on June 5 approved a plan of reorganization which
provides (a) for the issuance of $50 par value of 534% debenture and 2
shares of no par value common stock in exchange for each share of 8%
cumul. pref. stock, Par $100, and (b) for the issuamce of 1-10th of a share
of no par value common stock in exchange for each share of class A or class
B common stock of $10 par value. The old outstanding capitalization of
83,000,000 8% cumul. pref. stock (par $1001, $1,000,000 class A voting
common stock (par $10) and $500,000 class B non-voting common stock
(par $10) is replaced by $1,500,000 of 534% 15
-year debentures and 73,836
shares (of an authorized issue of 100.000 shares) of no par value common
stock. As of April 1 1928 accumulated dividends on the pref. stock totaled
26%•
The plan calls also for the reduction of the depreciated value of the
plant to $2.000,000, the reduction of investments in the Sherbrooke Housing Co. to a book value of $1, and the setting up of a reserve of $250,000.
With the reduction in plant value it is expected that the annual depreciation charge will be $50,000 instead of $174,151 deducted during each of
the past 3 years.
FINANCIAL CHRONICLE
JUNE 9 1928.]
3597
-To Increase Unit Price.
Investing Corp.
Claremont
dividend of 3134
The corporation has declared the regular quarterly holders of record
July 2 to
cents per share on the preferred stock, payable paid on this issue on April
was
June 15. An initial dividend of like amount
y in units of 4 shares of
1 last. The stock of the corporation sold originallbe increased in price to
will
preferred and one share of common at $100.
stock remains in the treasury on June 30.
$125 per unit on July 1 if any of the
Large.
according to Vice-President William J. of the Port Morris Bank of the
control
The corporation has purchased announced. The Port Morris Bank has
-Annual Report.
Canadian Consolidated Felt Co., Ltd.
Chairman Ira A. Schiller
Bronx,
is stated.
1924.
1925.
1926.
00 and deposits of over 84.000.000. it
1927.
Calendar Years$620,457 resources of $5,000,0
$933,306
3915,411
$1.076.885
Net sales
619,924 V. 126. p. 2153.
894.588
872,072
Costa & gen. exp., &c_ _ - 1,020,121
-Earnings.
30.909
29,611
29,746
29.653
Cleveland (0.) Worsted Mills Co.
Int.on bonds,&c
• 1924.
1925.
1926.
1927.
Calendar Years$741,371
$9,107 def$30,376
def$167,018
$13,593
$176,014
$27,111
Balance
336,795
$268,584 Profit from operations__ $389,385
242.333
$277,691
$291.283
180,497
161,548
L.sur. Dec.31.. _ -- $318,395
&
274,189
Interest paid
441,326
458,254
463.428
-V.124. p. 3073.
Reserve for depreciation
-Consolidation Planned.
$850,679 sur$130.387
$462,737
Canadian Woollens, Ltd.
$235,591
Net dot
00 81,944,862 82,795,541
President A. 0. Dawson, May 25, says in substance:
Profit & losssurPlus-- - 11,198,008 11,433,6
to -V. 124, p• 2124.
The directors being much concerned at the inability of the company
have
-Makes
.
pay preferred shareholders anything on account of the dividends that apthere
Columbia Graphophone Co., Ltd., London
been accumulating on their shares for several years, and withouthave been
a Phonograph
be an early prospect of any such payment being made,
Offer to Minority Stockholders of Columbi
pearing to
New
seeking ways and means of improving the situation.consolidation of the Co., Inc.
The directors have concluded negotiations for the such consolidation
the minority stockholders of the
Ltd., of Hespeler. Ont.,
shares in
The company, in a letter addressed to
company with R. Forbes Co.,
- Columbia Phonograph Co., Inc., offers them three of its 10s. Graphoto be upon the basis mentioned below, and to be effected by the incorpora
by thrm. The Columbia
Ltd., own
under the name of Dominion Woollens Je Worsteds, exchange for each share of stock held
tion of a new company
Columbia (International)
phone Co., and its subsidiary, theColumbia Phonograph Co., Inc., and
Ltd.
of
F. Forbes Co.,
The new company will acquire all the Issued shares ofcompany. The approximately 90% of the stock
ce of the offer by holders
assets of the Canadian
is for the remaining 10%. Acceptan
this offer
Ltd. and the entire property and
depositing certificates with J. P. Morcompany will also own the issued shares of Milton Spinners, Ltd., of minority stock may be made by June 25. (See also V. 123. p. 3042.)
new'
before
the Otonabee Mills, Ltd.. and Orillia Worsted Co., Ltd. will be as follows: gan & Co.. depositary, on or
-V. 124. p. 3636.
The capital structure of the new company to be formed
To Be PresAuthor-Minority Stockholders
mill/ Issued.
ized.
Columbia Phonograph Co., Inc.
$5,000,000 12,250.000 Receive New Offer.
6% 1st M.20-yr. sinking fund gold bonds
,
-V. 126, p. 3303.
above.
40,000 6% redeemable cumul. (from July 1 1928)
1.500,000
See Columbia Graphophone Co., Ltd.,
4.000.000
voting pref. shares (par 6100 each)
200,000 abs. 60,000 shs.
-Balance Sheet.Common shares (without par value)
Co.
Connecticut Mills
The charter of the new company will provide that from time to time if a
Jan. 7.'28. Jan.9,27
Jan. 7.'28. Jan.9.'27. Liabilities-. _51.285,300 $1,285,800
Assetsdividend is declared upon the common shares the preferred shares will be
_
5221,197 $185.194 lat pref stock_ _ _ _ 1,065,100 1,065,100
entitled to an extra dividend at the rate of 1% per annum for the same period Cash
404.692 2d pref. stock_
333,806
703,000
for which the common dividend is declared.
Accounts reedit(
703,000
894,339 Common stock_ _ _ 626.886
735,650
246,816
The companies mentioned above have been subjected to a recent appraisal Inventories
36,918 Notes & accts. pay
20.829
made by the Canadian Appraisal Co., and an independent audit by P. S. Prepaid items_ _ _ _
for Notes & securities_
74,640 Purch Bab., equip.
57,914
Ross & Sons, who have certified the net earnings after proper provision
76.578
at Ala. plant...
201.008
depreciation and all charges, for the year 1927, to be as follows:
RI.est.,m*ch & ecep 2,193,580 2.056.753 Mtge.Tatmton Mills 166,000
4,045
$358,624 Sinking fund
6,183
154.875
Net earnings
y308.646
9Surplus
45,05
135,000 Deferred charges._
After deducting new bond interest
83,614.218 53.656.591
Total
83,656,591
234 times
53,614,218
There remains available for pref. stock (being about
Total
$223.624
annual dividend requirements)
y Deficit.
90,000
New preferred stock dividend
796.
-V.124.p.
-Ann.Reportfor '27.
Available for new common shares or other corp. purposes_ ___ x$133,624
ConsolidatedCoppermines Corp. of 18,891.000 pounds net
production
x Equal to $2.25 per new common share.
at the
The annual report for 1927 shows
The earnings referred to above do not take into account expected savings
2200.000 of precious metals. Copper
copper and over
a pound.
through the elimination of duplication of styles, selling expense, office ex- electrolyptic
year was inventoried at 1234 cents
pense and general overhead. The sum total of these Items should be sub- close of the
Balance Sheet Dec. 31.
stantial.
1926.
1927.
1926.
1927.
The combined net assets of the new company, after giving effect to the
Liabilities
s
$
proposed new financing, will amount to approximately $6,050,000 and the
Assets6,285.023 6,264,108
of the proposed transaction will place an assets value, after Property & equip_x6,697.389 6.679.276 Capital stock
123,869
consummation
102,954
*Vendors
94.207
deducting the bonds to be outstanding, on the new preferred shares of more Def'd developml_ 3,114.082 3,196,808 Current liabilities_ 190,955
151,205
151,685
9.354
than $240 per share.
ts
9,200
834,710 Deferred liabilities 777,298
company will be apporxirnately $1,750,- Investmen
.
354,663
The net current assets of the new
Current a.ssets___ 1,417,903
depletion_
35,167 Res,for
35,167
000, which compares with the present company's net liquid position of ap- Treasury stock_ _
.
4.061.863
10,898 Paid-In surplus__ - 4,099.489
48,694
-an improvement in working capital of over $1,000,- Deferred accounts
proximately $675,000
000.
11,464,920 10,908,064
Total
11,464,920 10,908,064
If the suggested plans are carried out the present shareholders of Canadian
$228,023
Taal
in
acquired. x After deducting
Woollens, Ltd., will receive shares of the new company of exchange for their
Stock to be issued for property
*
one new preferred
present holdings of the old company in the proportion
depreciation.
common share for each old preferred share now held reserve forp. 2797.
share and one new
-V. 126.
and one new common share for each old common share now held.
-Earnings.
The directors unanimously approve of the suggested plans above outConsolidated Ice Co.(& Subs.) Dec. 31 1927.
to
lined.
Results for Period from Jan. 1 1927
81.192.406
1The stockholders will vote in the near future on approving the proposed
937.703
Total income
consolidation.l-V. 121, p. 1465.
and general expenses
153.148
Cost of sales, selling, delivery
&c
- Interest, taxes, depreciation,
-Condensed Income Account.
Canton Co. of Baltimore.
1101.555
Year Ended 7 Mos.End. -Years Ended Mat/ 31
635,843
Netincome
1926.
1925.
Dec. 31 '27. Dec. 31 '26.
$708,747
$439,808
$678.817 Previous surplus
$677,325
Rev., rentals & storage_
$737,398
214.218
78,543
145,695
359.897
Other income
6,185
Total surplus
prior years
$518,351
60,000
8922.965
$824.512 Debit applicable to
$1,037,222
Total income
233,420
388.194
392.046 Dividends on preferred stock
334,580
oper. & maint_
Exp.,
8,195
1671.214
16,661
12,687
6,805
Miscellaneous deductions
76,833
Balance, surplus, Dec. 31 1927
166,175
164,460
111,027
Taxes
50,404
144,122
82.025
-V. 125, p. 1978.
75,000
Tht. & disc, on bonds__ _
1927 shows a net loss of $56,The statement for the year ended Sept. 10 by adjustments of $14,119
increased
660 after all charges. This loss was After deducting these items, the surof $90,000.
and preferred dividends
was reduced to $18,501. For the 5
plus of $179,280 brought forward there was a net loss of $20,039 which
month period ended Feb. 11 1928
surplus adjustments. These items converted the
was slightly increased by
$2,400.-V. 126, p. 2152.
surplus of $18,501 into a deficit of
Net income
Dividends
$149,499
$186,201
$207,813
$496,902
(88)176,000 (88)176,000 (18)176,000 (88)176,000
$320,902 deft 26.501
Balance, surplus_
Earns per shareon 22,000
$6.79
$22.59
shs. cap. stock
-V. 124, P. 3500.
$31,813
$10,201
$9.45
$9.47
-Cavanagh-Dobbs, Inc.-Initial Pref. Dividend.
The directors have declared an initial quarterly dividend of 1;4% on
the 634% cumul. pref. stock, payable July 1 to holders of record June 18.
(For offering, see V. 126, p. 2318).-V. 126, p. 3454.
-Earnings,
Chain Store Investment Corp.
Income Account Year Ended Dec. 31 1927.
Dividends income
Interest income
$1,771
1.524
Total income
Interest expense
$3,295
196
Net income
-V. 126, p. 583.
$3,098
-75c. Dividend.
Chickasha Cotton Oil Co.
A quarterly dividend of 75c. per share has been declared, payable July 1
to holders of record June 9. See also V. 126, p. 1986, 2971.
Consolidated Laundries Corp.(&
-Earnings.
Subs.).
1926.
1927.
Calendar Years$9,605,167 $8,807.757
Net sales
deprecia_ 5,164.574 4.717.958
and
Cost of sales. including linen charges
$4,440.593 14.089.799
Gross profits
99.068
Other income
54.539,661 14.089,799
Total income
3,254,389 2.752.808
124,361
365.477
Expenses
158,524
117,813
Interest and other deductions taxes
Provision for Federal income
x24,870
Profit of subs
1777,111 61,054,106
Net profit
-V.126.P. 2318.
on by company.
x Earned prior to date of acquisiti
of Canada, Ltd.
Consolidated Mining 8c Smelting Co.
-Extra Dividend of $5 per Share.dividend of $5 per share and the
The directors have declared an extra share on the outstanding capital
per
regular semi-annual dividend of $1.25 to holders of record June 30. Like
16
stock, par $25, both payable JulyJuly 15 1927 and on Jan. 16 last. Prevamounts were paid on Jan. 15 andshare semi-annually. An extra dividend
an
iously the company paid 75c. per
July 15 1926, while on Jan. 15 1926
of $3 per share was also paid on was made. Of the 112.675 300stock outextra disbursement of$5 Per share
owns 55.785.325.-V. 126, p. 2482.
tending, the Canadian Pacific fly,
-Na-Bonds Offered.
Container Corp. of America.
Chrysler Corp.-Rights.-The common stockholders of tional City Co., E. H. Rollins & Sons and Spencer Trask &
record June 15 will be given the right to subscribe on or be- Co. are offering at 983' and int., to yield 5.14% $6,000,000
fore July 20 for 452,847 additional shares of common stock 15-year 5% gold debentures (with stock purchase warrants.)
.
Denom. $1,000 and $500c5
(no par value) at $57.50 per share on the basis of one share for
Dated June 1 1928; due June 1 1943.for the normal Federal income
n
Int. payable (J. & D.) without deductio at the option of the corporation,
each 6 shares owned.
2%. Red. all or part
exceeding
The New York Stock Exchange has received notice from the corporation
of the proposed decrease in the authorized capital stock by 275,000 shares
of preferred stock, series A
-V. 126, p. 3454.
See also Dodge Bros., Inc., below.
-Balance Sheet Dec. 31.City Mfg. Co.
1927.
1926.
1926.
1927.
Assets5750,000 5750,000
,809 $1,477,243 Capital stock
Real est..bldgs.,&c$1,531
376,131
Inventory
33,116
City hlfg.Corp.stk
Cash & accts. rec. 672,109
393,593 Accounts payable_
13.300 Federal tax reserve
677,770 Tax reserve
, Res,for deprecia__
and loss_
, Total(each 81(1052,813,164 52,561,906 Profit
124, p. 3214.
-V.
7,081
372.988
8,231
899,437
575,429
426,017
823,887
562,002
tax not
fund. uposi any interest payment
or through the operation of the sinking notice, at 103 if red, on or before
date prior to maturity, upon 30 days' prior
after June 11933,and on or before June 11938.
June 1 1933.or at 102 if red. 1 1938, and prior to maturity. Principal and
or at 101 If red. after June
coin at the head office of National City
int. payable in United States gold
will agree to reimburse to owners
Bank. New York, trustee. Corporation proper application, the following
in the respective States, upon
resident
the debentures or the income therefrom: The
taxes paid with respect to
, not exceeding in the
four mills tax in Pa.; any securities taxes in Maryland
year; any personal
aggregate 45 cents on each $100 of assessed value in any of the face value
g 4-10%
property or exemption tax in Conn., not exceedin not exceeding 4-10% of
any year; any personal proprty tax in Calif. tax, not exceeding 6%
in
assessed value in any year, and any Mass, income
of the interest on the debentures in any year.
3598
FINANCIAL CHRONICLE
[vim,. 126
Stock Purchase Warrants.
-Each
upon original issue, a detachable debenture will have attached thereto, 2, after which the subscription privilege
stock purchase warrant, evidencing the
will be void. Payment in full
r*ht of the holder thereof to
purchase one share of class A common stock must be made on or before July 2 at the Chemical National Bank.
of the corporation for each $100
"rhe successful opening of the Newark
store demonstrated the desirabilshare at any time prior to June of debentures, at the price of $42.50 per ity of expanding the retail locations,
"
1 1930.
are pleased to announce the opening of said President A. Davega. "We
Data from Letter of Walter P.
our tenth and largest store on or
Paepeke,President
Company.-Incorp. in Delaware. Is one of the of the Corporation. about June 23. This Time Square store will have 15,000 square feet of
largest producers of selling space, located at the corner of 42nd
paperboard shipping containers in the United
St. and Broadway, in the heart
States. Corporation repre- of New York's theatre and shopping
sents a consolidation of various properties
district."
in the box board and container
Industry which were brought together
Sales for Month and Fire Months Ending May. 31.
in July 1926,fcr the purpose of securing economies in operation, savings
1928
-May-1927.
in freight and better service to cusIncrease. I 1928-5 Mos.-1927.
Increase.
tomers. It owns or controls and operates 13
1265,266
$209,225
plants,located in Philadelphia, /56,04141,225,633
$1,051,919
$173,614
Pa., Chicago, Ill., Cleveland, Ohio,
V. 126, p. 2972, 2319.
Circleville
Charleston, W. Va. Kokomo, Ind., Anderson, , Ohio, Fairmont, W. Va.,
Corporation has recently acquired the Chicago Ind. and Cincinnati, Ohio.
(William) Davies Co., Inc.
Coatec Board plant of the
-Earnings.
Robert Gair Co.
Year EndedJan. 1 '28. Dec. 26 '26. Dec. 26 '25. Dec. 27 '24.
The debentures will be issued under a trust agreement
in which the cor- Net profits, after deporation will covenant, among other things, that
prec., Int., etc
it
loss$409.066 loss$372,006
funded indebtedness (other than indebtedness secured will not create any -V. 125.
$219,704
1210,290
by mortgage
p. 1330.
sequently acquired fixed property, not exceeding 60% of toe coston subor
value thereof, whichever is less, or bonds issued or to be issued underfair
Dennison Manufacturing Co.
its
-Annual Report
existing first mortgage or under a new mortgage which may
Calendar Yearscreated in
1927.
1926.
substitution for such first mortgage, securing not exceeding be
1925.
1924.
$1,650,018 11,662,241 11,744,393 11,193,466
principal amount of bonds), without expressly providing that$10,000,000, Earnings on
Depreciati
all
475,475
440,417
debtedness shall be subordinate to the debentures, and that nonesuch in449,844
392,325
of such
indebtedness shall be paid, and that the enforcement of any security
Net income
$1,174,544 $1,221,824 11,294,549
for shall be unconditionally postponed, until all the debenture shallthere- First preferred
$801,141
have
s
dividends
335,470
337,096
been paid in full. The trust agreement will provide for a sinking fund. Second preferred
337,096
337,766
dive_
136,320
112,882
operating semi-annually, for the retirement of $200,000, principal amount. Res. for dividends _ _
91,821
76,484
and
of deoentures per annum.
int. to be pd. on partPurpose.
-Proceeds of these debentures will be used in connection
ner stk. & ars
267,355
263,545
the acquisition of the Chicago Coated Board plant of the Robert Gair with
280,388
183,118
to retire the outstanding 10
-year 6% gold debentures of
Balance, surplus
corporation
1435.398
1508,301
and the 1st mtge. 6)i% bonds of Mid West Box Co. andthe provide ad$585,244
1203,773
-V. 126, p. 257.
to
ditional working capital for the corporation.
Balance Sheet.
-The consolidated balance sheet as of April
(E. C.) Denton Stores Co.-Pref. Stock Offered.
without giving effect to the foregoing transactions, shows current30 1928,
-The
assets of Fifth-Th
over 3% times current liabilities, and net current assets of 12,547,841
ird Union Co., W. E. Hutton & Co. and the L. R.
.
Net tangible assets, after deduction of all liabilities and reserves, except Ballinge
r & Co. are offering at 100 and div. $1,000,000
funded debt, are equal to $18,295,871. as compared with a total funded
cumul. 7% pref. stock.
debt, to be outstanding and including these debentures of $10,371,00
0.
Earnings.
-Corporation began operations July 1
Preferred as to assets and divs. Dividends
the period
payable quarterly, beof one year and 10 months ended Apr. 30 1928, the1926. Fornet income ginning Sept. 11928.
combined
Callable on any dlv. date on or before June 11933.
of the corporation and its subsidiary companies and of the Chicago Coated at 1105 per share
Board plant of the Robert Gair Co., after depreciation, available for per share for each and div.; thereafter the redemption price Increases $1
year, but not to exceed a total premium of $10 per share.
interest and Federal income taxes, was at the annual rate of $2,538,936
, Transfer agent and registrar, Fifth-Third Union Trust Co.
equivalent to more than 434 times the aggregate annual interest requireCapitalizationAuthorized
Outstanding.
ments on the outstanding first mortgage bonds and these debentures
Preferred stock-7% cumulative
.
$1,500.000 $1,000,000
CapitalizationCommon stock (no par) and surplus
Authorized
Outstanding.
1st mtge.sinking fund 6% 20-yr. gold bonds $10,000,0 .
Company.
-An Ohio corp. Was organized in 30.000 shs. 30,000 shs.
$4,371,000
00
15
-year 5% gold debentures(this issue) _-__ 6,000.000
of the assets, good-will, trade names, &c. of The May 1928 to acquire all
6,000.000
Denton Jonap Co., Cincin7% pref.stock (par 1100 per share)
nati. 0., The John Ross Co., Middletown. 0.,
15,000.000
2,200.000
established
Class A com.stock (par 120)
*350,1)00 shs. 260,564 shs. Robinson & Schwenn Co., Hamilton, 0., established in 1906;in 1907; The
Class B corn.stock (no par value)- ---- The
590,000 shs. 508,299 sh.s. Wren Co.. Springfield, 0., established in 1877; and 100% of theEdward
Mid West Box Co.8% pref.(par 1160)capital
stock of Denton & Co., Inc. of Asheville, N. C.,
1 829,900
-1
established in 1923.
Mid West Box Co.6% pref.(par $100)_ -1 17,500,000
Purpose.
-Proceeds from
* 34,175 shares reserved for exercise of warrants issued with 253.800 n's all of the outstanding pref. the sale of this stock are to be used first to retire
-corporatio
stock of The Edward Wren Co., Springfield. 0.,
10
-year 6% gold debentures (to be retired with proceeds from this
amounting to 1567,000
and 55,261 shares reserved, with other shares acquired, to provide forissue) Co., Inc., Asheville, and all of the outstanding pref.stock of The Denton
exerN. C., amounting to 143.000;
cise of warrants attached to this issue of debenures.-V. 126,
In part of all the property and assets of The John second, for the payment
p. 3303.
0. and The Robinson-Schwenn Co of Hamilton,Ross Co., of Middletown,
0.
Cosgrove-Meehan Coal Corp.
-Earnings.
Earnings & Assets.
-For the 5
-year period ending Jan. 311928. net sales
have shown a steady, continuous growth,
Results for Year Ended Dec. 311927.
Operating income
ing Jan. 31 1924. to 14.505.480 for the from 13,269,875 for the year end11,056,316 earnings,
year ending Jan. 31 1928. Net
Maintenance of plant & equipment
after
486.577 share or over provision for Fed. income taxes, have averaged $19.33 per
Strike expense
123.965 issue of pref. 2.76 times the dividend requirements for this outstanding
Interest
stock and never less than 2.35 times, but adjusted to give effect
195,501 to certain
Provision for depreciation & depletion
non-r
178,467 per annum for ecurring and extraordinary charges-net (averaging 121,727
the period.)
Net profit after all charges
The balance sheet as of Jan. 31 1928,adjusted to give effect
171,807 ing, shows
to this financtotal net tangible assets to be 11.544.181 or over $154 per share,
-V. 124, p. 3357.
to which may be added over $10.98 for leaseholds
. The net current assets
alone are over $108 per share.
Crocker-Wheeler Electric Manufacturing Co.
-Earns.
Listing.
-Company has agreed to make application in due course to list
Income Account Year Ended Dec. 31 1927.
this stock on the Cincinnati Stock Exchange.
Net income after taxes
1101.664
Miscellaneous adjustments
19,445
Detroit & Canada Tunnel Co.
-Construction Begins.
Opening ceremonies
Net profit
$82.219 were held on June 4,onmarking the beginning of construction of the tunnel
Preferred dividends (334%)
both the American side at Detroit,and the Canadian
30,212 side at Windsor. The tunnel
is patterned after the Holland Tunnel between New York and New Jersey.
Surplus
-V. 126, p. 3304.
152,007
Previous surplus
674,171
Draper Corp.
-Balance Sheet.Total surplus
1726,178
Dec.31,'27.Jan. l,'27.
-V. 125, p. 524.
Dee. 31,'27.Jan. 1,'27.
Assets-__ ______ __ $ ____ $ -Liabilitiea8
s
Real estate
2 951,798 3,025,939 Cap. stk. & surnx 20,227.075 19,6513,757
Crowley, Milner & Co., Detroit.
-Earnings.
Machinery
1,852,734 1,772,85.5 Accounts payable_
514,285
19,209
Results for Year Ended Dec. 31 1927.
Office. turn., Sm.__
18,000
17,000 Tax reserves
400,000
400,000
Net sales
inventories
2488.120 2,219,674 Other reserves_ _
.
5913,068
418,337
Cost of merchandise sold, exp. & oth. deduc.less other income 128,223,571 Cash
1 074,072
26,411,836
Dividends payable
2,187,500
Provision for Federal income tax
Accts. & notes rec_ 4,440,872
250,000 Cash
& accts. rec
10.090,902
Net profit
11,561,735 MIscell. stk. dr sec_ 1,727,827 2,181,409
Earns, per share on 342,250 shs. corn. stk. (no par)
Cash &
$4.46 Accrued govt. sec__ 5,807,862 2.187,500
-V. 126, 1:)• 1667
lot
.
78,143
88.723
Patents
1 300,000 1,100,000
Total(ea.side). 21,737,429 22,681,803
Cuban Tobacco Co. Inc.
-Regular Dividendsx Represented by 350,000 shares of no
par value.
The directors have declared a dividend of $1.50 per share on the no
-V. 124, p. 3215.
common stock and the regular semi-annual dividend of 234% on the par
prof.
Detroit Creamery Co.
stock, both payable June 30 to holders of record June 15. A dividend
-Balance Sheet Dec. 31.of
/1.50 per share and 50c. extra were paid on the common stock on Dec.
1927.
1926.
1927.
1928.
Assets
last, while on June 30 1927 an initial dividend of $1.50 per share was 31
I
IS
Liabilitiespaid Cash $
on this issue.
-V. 126. p. 2654.
545,422
336,349 Notes payable_ ___
985.110
Notes& accts.ree. 1,334,788 1,073,818 Accounts payable. 1,925,000
948,859 1,144,273
Cumberland Pipe Line Co.
Land
-To Reduce Capitalization
15,999 Land contr. pay. _ 205,820
- Accr.contr.rec
221,520
int. remit% _
1,790
Distribution of $15 per Share Proposed.
Purchase contracts 264,000
-The stockholders Inventories
675,169
740,141 Divs. payable_ _ __ 240,000
240,000
will vote July 11 on decreasing the authorized and outstand- Investments
81,512
48,031 Rester Fecline
Depr.
ing capital stock from $3,000,000 to $1,500,000, by reducing Toil. fixed assets: 7,980,781 7,471,089 Ice cream allow.tax 185,278 201,105
8,992
dord chgs
217,998
178,915 Em pl. welt.fund _
14,242
the par value of the shares from $100 to $50 per share. The Good-will
280,597
157,078 Capital stock
8,000,000 6.000,000
directors propose to make a capital distribution of $15 per
Surplus
1,280,474 1,201,079
share.
-V. 126, p. 3126.
Total
11,058,030 10.017.221
11,0118,030 10,017,221
x After deducting 13.264,556 reserve Total
for depreciation.
-V. 126, p. 876.
Curtiss Aeroplane &Motor Co.Inc.
-Air-Rail Project.
See details under Transcontinental Air Transport, Inc., in
issue of May 19, p. 3141, and June 2, p. 3467.-V. 126,
p. 2797.
Danish American Corp.
-Registrar.
-
The Chase National Bank has been appointed registrar
for 6,500 shares of
lit pref. stock (par $100), 11,000 shares
of 2nd pref. stock (par $100),
and 100,000 shares of common stock (no par value).
-V. 125, p. 3487.
Davega Inc.
-Annual Report.
[Including knickerbocker Talking Machine Co.,
Inc.. from June 11926.1
Years End. Feb.1928.
1927.
1926.
1925.
Net sales
..- 14,091,638 $3,105,811 $2.426,017 $2,374,500
Net income
199.052
376.243
204.215
91,784
Prov. for Feel. inc. tax
21,854
50,793
27,569
12,391
Net income
$177.198
$325,451
$176,656
179,393
Earns, per sh. on shs.
outst. at end of year
$2.73
$5.01
.
$3.32
$1.49
Stock Increase-Rights
-May Sales.
-
Incident to a program of expansion, the
stockholders have authorized an
Increase in the capital stock from 65,000 to
100,000 shares. The directors
have directed the issuance of 16,250 shares of common
stock at this time.
The stockholders of record Juno 18 are offered
the
ing at 135 per share for one share of this additional privilege of subscribstock for each 4 shares
held on that date. The price is 135 per share,
payable on or before July
Dominion Rubber Co., Ltd.(& Subs.).
-Earnings.
---
Calendar Years1927.
1926.
Net sales
Cost of goods sold, selling & general expenses, &119,201.648 $19,708,041
provisions for bad debts, taxes & contingencies.- 17,658,125
18,011.276
Interest on bonds
556,000
556,000
Other interest
32,742
97,502
Depreciation
490,155
Balance of profit
1954.780
$553.108
Previous surplus
7,305,583
6,962,475
Total surplus
18,260.363 $7,515,583
Dividend on preferred shares
210,000
210.000
Balance, surplus
18.050.363 17.305,583
-V. 124, p. 3074.
Dodge Brothers, Inc.
-Details Regarding Combining
With Chrysler Corp.-Pres. Edward G. Wilmer in a letter
to the holders of preference stock, common stock class A and
common stock class B dated June 5 says:
Representatives of your company and of
plan for combining the business of the Chrysler Corp. have developed a
two companies under Chrysler
management. Under this plan it is contemplated that stockholders of
Dodge Brothers, Inc., will receive common stock
of Chrysler Corp. on the
following basis:
Jum 9 1928.]
FINANCIAL CHRONICLE
3599
of stock, depositaries will issue transferable certificates of
Upon
One!sh. of com,stock of Chrysler Corp. for each sh. of pref stk. of Dodge deposit. deposit
Application will be made to list such certificates of deposit on
thers, Inc.; one sh. of corn. stk. of Chrysler Corp. for each 5 shares of the New York Stock Exchange.
share of corn, stock of
m. stock class A of Dodge Brothers, Inc.: one
for making
The Committee has fixed June 25 1928, as the last day
hrysler Corp. for each 10 shares of coin,stock class B of Dodge Bros., Inc.;
the plan.
•d that the assets and business of Dodge Brothers, Inc., will be transferred deposits under
plan and agreement. If the
Deposit of stock will constitute assent to theinsufficient deposits of stock
and obligations
Chrysler Corp., which will then assume all the liabilities
fail of consummation because of
Dodge Brothers, Inc., including its 6% gold debentures. Delivery of plan should the_ deposited stock will be returned to depositors without
or otherwise,
mler Corp.stock will be made as soon as practicable after transfer of the charge.
of the
odge Brothers assets.
Requests for Inrormation should be addressed to the Secretary
It is
The consummation of the plan Is dependent upon the extent to which Inc. Committee, Robert M. Benjamin, 31 Nassau St.. N. Y. City,
Pted by holders of the several classes of stock of Dodge Brothers,
Condensed Balance Sheet—April 30 1928.
though assurances have been received that substantially all of the cornPrepared by the Treasurers of the Corporat ons.)
ea stock class B (which under the Dodge company charter has sole voting
Dodge.
Chrysler.
hts) will be deposited under the plan immediately, no attempt to conChrysler.
Dodge.
Liabilitieswill be made unless substantial majorities of both the
mmate the plan
$
$
Assets—
reference stock and the common stock class A are also deposited under the Cash
5,885,155 8,554,394 Accts. payable
Ian.
& sundry accr 14,880,192 14,887,516
Marketable sec. 25,782.864 3,252,158 Distributors' &
The board of directors of your company by unanimous resolution has
acetssee 13,364,148
384.086
dealers' depcs
ecommended that the stockholders of the company of all classes deposit Notes& receiv_
7,397,921
Accounts
700,075
heir stock under the plan. At the request of the board, Edward G. Inventories
_ 21,060,707 25,992.428 Dealers'deposita
Acer. diva. on
timer (Pres., Dodge Brothers, Inc.), George W. Davison (Pres.. Central Other assets &
244.271
nion Trust Co. of New York) and Robert P. Lamont (Pres., American
pref. stock_
21,178,516
554,379
investments
teel Foundries) will serve as a committee to receive deposits of stock Prop (less deprec)23,131.877 72.539,972 Accrued diva___ 1,382,066
der the plan and have caused to be prepared a "plan and agreement" Deferred charges
199,962 Prov.for Inc.tax 2,437.875 1,048,881
361,162
nder which such deposits may be made.
25.000.000 67,926,326 Deposits under
Under the plan the enlarged Chrysler Corp. will be a motor enterprise of Good-will
employees'stk
ceptional strength and promise, the Dodge facilities and business supple260,654
purchase plan
outing those of Chrysler to the great advantage of both. The trend of
5,088,537 1,249,022
Reserves
he motor business is undoubtedly in the direction of such unification as
5% serial notes
2,750.000
11 make available the maximum advantages of mass production and ellsdue May 1'29
ribution. The location of the principal plants of both companies in
6% gold deb due
II etrott should make for convenient and effective unified management.
57.276,000
May 1 1940._
I oth of those plants are in excellent physical condition, are equipped with
10-yr. 534% ser.
he most modern and efficient production facilities, and should be able to
g.b.due serly
anufacture at costs competitive with any in the industry.
1.142,000
1928-1934_ _
Increased and concentrated purchasing power, integrated arrangement
Pref. stk. (837,
2837,500
f manufacturing programs and numerous other possibilities inherent in a
500 shares)
idled direction of the two enterprises should result in material economy
Class A coin. stk
f operation. The present Chrysler and Dodge lines of product, both
(1.830,285al83,029
assenger cars and trucks, will continue in manufacture and these products
30-42 shares)_
will be distributed through the two existing dealer organizations, thus
Class B corn. stk
insuring the continuance of these extremely valuable organizations whose
50,000
(500,000 abs.)
financial strength, loyalty and enthusiasm are assets of great value.
Cap.stk.(repre.
The combined balance sheet of the two companies as of April 30 1928.
by 220,937 shs
adjusted to give effect to the consummation of the plan, shows current
of pref.stk.,ser
assets of approximately $112,000,000, of which cash and marketable
A,. & 2,717,securities alone aggregate more than $44.000.000 as compared with current
080 shares of
liabilities of approximately $36,000,000. Total funded debt amounted to
common stock 56,479.507
561.168,000.
33.115,395
Surplus
Chrysler Corp. has called all of its outstanding preferred stock for redempSurp.(inel.earned
tion and in order to provide the necessary funds Chrysler Corp.. before
surplus & surp
the consummation of the plan and the delivery of shares of its stock to
arising on acq.
stockholders of Dodge Brothers, Inc., will offer rights to the holders of
of assets, May
Chrysler common stock to purchase approximately 453,000 additional
1 1925. & on
shares of common stork at $57.50 per share. On issuance of this additional
conversion of
47,815.403
stock and stock to the full amount required to provide for all Dodge stock
debentures).on the basis mentioned in the plan, Chrysler Corp. will have only one class
of stock outstanding, viz., 4,423,484 shares of common stock. The Per
115,140,292 127,041,677
Total
115,140,292 127,041,677
Total
share earnings given below are calculated on this basis.
Eliminating treasury stock.
• Called for redemption on Aug. 6 1928. a
With such a balance sheet condition and capital structure the combined
Brothers, excess of the purchase
enterprise will be in position to operate most profitably and to take advan- b Dodge Brothers, Inc.. $1: Graham
tangible assets
entire capital stock over book value of its net
tage of attractive opportunities for the further development of the businms. price of its
Following are the earnings which would have been available for common at date of acquisition $7,926,325.
Condensed Balance Sheet—April 30 1928.
from Jan. 1 1925, to April 30 1928, after deducting from each comstock
Pro Forma Combined
the retirement
-Dodge Brothers.Inc.after giving effect to common stock
pany's earnings interest charges on its present funded debt, and adjusting
!Chrysler Corp.
Federal income taxes to present rates and Dodge earnings to include full of Chrysler preferred stock and to the issuance of Chrysler the basis above
for all Dodge stock on
ownership of Graham Brothers for the entire period:
to the hill amount required to provide
mentioned.l
Years Ended Dec. 31
4 Mos. End.
Liabilities—
3
1926.
1925.
1927.
April 30,'28.
Assets—
1,15,070,477 Accts. pay. & sundry acerb_ 29,767.708
Chrysler
$8.019.506 $19,841,012 $15.688,704 $17,235.306 Cash
29,03.5,022 DistribTrs'& dealers'deposits 1,054,141
9,993,789 23.091,653 25,8.54.704 Marketable securities
Doe
2.843,468
1,626,337
20,762.069 Accrued dividends
Accounts receivable
3,486,736
47,053,135 Prov,for income taxes
Combined
510.862.974 $29,834,801 $38,780.357 $43,090.000 Inventories
260,654
Deposits—employees' stock_
•
Other assets es investments-- c1,732,895 Reserves
Earn, per sh.(on 4.423,8,337,559
95,671,849
$8.77
$9.74
$6.74
*$2.46
Property (less depreca
484 sha.)
561,124 5 % serial g. bds.. 1928-34_ 1,142,000
Deferred charges
* At the annual rate of $7.38 per share.
2,750,000
32,926,326 5% serial notes, 1929
The extensive readjustment in the Dodge product has drawn heavily
6% gold debentures, 1940_ 57,276,000
upon working capital and adversely affected earnings for the past two
& surplus____a139,111,762
242,812,897 Capital stock
Total(each side)
years with a resultant menace to the continued payment of dividends on
$603.928
a Represented by 4.423,484 shares common stock. b Includes
the company's preference stock, there remaining a balance of $802,098 for
shares of Chrysler common stock
the four months ended April 30 1928, after providing for payment of to be realized from offer of 452,846 2-3 shares of Chrysler preferred stock.
to retire 220,937
interest charges and dividends on the preference stock aggregating $3,191,- above amount required
c Companies' own securities eliminated.—V. 126, p. 3455.
353 for the period.
Assuming a return of Dodge earnings, with the benefit of the unified
Dominion Woollens & Worsteds, Ltd.—Consolidation.
management, to the amount realized in 1926, the last full year of Dodge
operations before the readjustment program was inaugurated, the addition
See Canadian Woollens. Ltd., above.
of this amount to Chrysler earnings at the annual rate shown by four
months' operations ended April 30 1928, would amount to approximately
Drummond Investment Co., Ltd.—Sale.-$47.150,000, equivalent to $10.66 per share.
See Montreal Apartments, Ltd. below.—V. 119, p. 202.
General Motors and Packard common stocks are currently selling at
approximately 13 times the annual earnings per share, computing their
Duplan Silk Corp.—Stocks Offered.—Lehman Bros.,
annual earnings on the basis of the most recently reported quarterly earnings.
George H. Burr & Co. are offering
Capitalizing the above assumed earnings of $10.66 per share at the existing Field, Glore & Co. and
div.
market ratio between earnings and market prices of General Motors and $2,000,000 8% cumulative preferred stock at $110 and
Packard common stocks would result in a market value of $138.50 for The bankers also are offering 75,000 shares of common
Chrysler common stock.
Total annual dividend requirements after the issuance of the proposed stock at $24 per share.
assets to the extent
additional Chrysler stock will be $13,270,452 at the annual dividend rate
Preferred stock is preferred as to dividends, and as to
of $3 per share now being paid on Chrysler common stock. Notwith- of $115 per share and diva, in case of voluntary liquidation and to the extent
standing the small Dodge contribution to combined curren earnings, of 100 per share plus diva. in case of involuntary liquidation. Cumulative
and dive.
aggregate earnings in 1927 of $29,834.801 were more than twice the total di dends payable Q.
-J.„ Red. all or part at $115 per share
2
present dividend requirements after issuance of proposed additional stock. Corporation agrees on or before May 31 of each year beginning with 19 9
The excess of current earnings above such present divident requirements to acquire for retirement by redemption or purchase at not exceeding the
with the prospect of increased earnings indicate attractive future redemption price, out ofsurplus or net profits after dividends on such stock,
together
possibilities for Chrysler common stock after consummation of the plan. at least 3% of the largest amount in par value of the preferred stock which
The desirability of Dodge becoming allied with Chrysler may be realized shall ever have been issued and outstanding.
Outstanding.
Authorized.
from a statement of Chrysler accomplishment. Prior to 1920 Walter P.
Capitalization—
$5,001,600
$6,000,000
Chrysler had been successively President of Buick Motor Co., Executive 8% cumul. pref.stock (par $100)
350.000 shs. 350,000 abs.
Vice-President of General Motors Corp. and Executive Vice-President of Common stock (no par value)
preferred stock and
Willys Overland Co. In that year he became Chairman of the Maxwell
Listing.—Application will be made to list both the
Chalmers Managing and Reorganization Committee, and in 1921 chief the common stock on the New York Stock Exchange.
June 2.
executive of the new Maxwell Motor Corp. Since that date he has been
Data from Letter of Pres. Paul C. Derby, New York, and rayon
the silk
continuously chief executive of that corporation and of its successor,
Company.—Corporation occupies an unusual position in
Corp., to which in 1925 Maxwell Motor Corp. transferred its Industry on account of the wide range of its activities. Founded originally
Chrysler
assets. In 1922 the business showed a net profit for the first time since to manufacture fine broad silks, it has since entered three other fields which
1919. The growth of earnings (after taxes at then current rates) available have developed greatly in recent years and are now important phases of the
fabrics, the profor stock is shown in the following table:
business, These are the weaving of rayon and Celanese
commission for the
1926
$4,115,540
515,448,587 cessing and manipulation of silk and rayon yarns onyarns to the trade.
1924
$831,662
1922
processed
1927
17.126,136
1925
19,484.880 account of other companies, and the sale of
2,677,852
1923
piece-dyed
Corporation is one of the most important weavers of fine
Its raw silk
.
r The total present market value of Chrysler Corp. stocks Is approximately
broad silk, rayon, and mixed fabrics in the United States. subsequent
and
$240,000.0019.
requirements are purchased chiefly in the New York market
Realization of the opportunities and advantages inherent in unified Processes from the preparation of the thread to the weaving of the cloth
conduct of the business, with the addition of the capable direction which ready for dyeing or printing are carried out at the corporation's plants.
has characterized the management of Chrysler Corp., should prove of great The broad silks produced are of the highest grade, and include a complete
advantage both to the public which the two companies serve and to the range from the sheerest fabrics to heavy draperies.
cotton
stockholders.
Corporation's first rayon success was "Baronette," a rayon and
In behalf of the board of directors, and as president of your company, I fabric introduced about 1914 which, although not advertised, attained a
the prompt deposit of your stock with the committee.
the country. "Du Ray"
recommend
'
great popularity, and became known throughout
As provided in the deposit agreement, depositors will receive dividends crepe, which is now being introduced. is the first all-rayon crepe to be
consummation of the
in the Unietd States.
paid on the deposited stock pending thepay any compensation plan.
or expenses manufactured is the largest processor and manipulator of rayon yarns In
be called upon to
Depositors will not
Corporation
of the committee or any other expenses, the Dodge company having agreed the United States and probably in the world. This is chiefly service work
manufacturers, and
to pay the same.
done on commission for silk, rayon and cotton cloth
Depositaries.
knitted goods. This
for companies producing hosiery, underwear andvolume,consists chiefly
of the business, which has grown rapidly in
Stockholders should forward their stock certificates immediately to one activity
yarn.
of winding, throwing, warping and Duplanizing various kinds of
of the following depositaries:
is a secret process for which special machines are used. J. L.
o- National City Bank, New York; First Trust & Savings Bank, Chicago; Duplanizing
tion is the outgrowth of a business founded by later
History.—Corpora
Philadelphia National Bank, Philadelphia; Guardian Trust Co. of Detroit;
United States. Some years
- Duplan to import French silks into the due to tariff legislation, to menuMercantile Trust Co., St. Louis; First National Bank, Boston; Los Angeles
and his associates decided,
Los Angeles; The
First National Trust & Savings Bank,Hibernia Bank & Anglo & London Mr. Duplan in this country. Duplan Silk Co.. incorp. in New York in
Trust Co. New acture silks
Pa. A year later,the
Paris National Bank, San Francisco;
1898, first occupied a rented mill in South Bethlehem,
Orleans; Northwestern National Bank, Minneapolis, Minn.; Commerce company transferred its operations to its own plant in Hazelton. Pa.. where
Trust Co., Kansas City, Mo.; International Trust Co., Denver, Colo., and the principal mills of the business have sfilee been located. The preset]
Citizens & Southern National Bank, Atlanta, Ga.
3600
FINANCIAL CHRONICLE
corporation was organized in Delaware in 1917. During
the current year
three companies which had previously been
partly-owned subsidiaries were
merged into the corporatio
at Kingston, Wilkes-Barre n. These three companies operated the plants
the Dorranceton, Puritan and Nanticoke, Pa. which are now known as
and Guaranty divisions, respectively. Corporation also owns all of the issued and outstandi
ng capital stock of 135
Madison Corp., a New York corporation, and of
Dorranceton Silk Works. a
Pennsylvania corporation.
Earnings.
-The combined net earnings of Duplan Silk Corp. (including
the merged corporations) and its subsidiaries for the
three
May 31 1927. after all charges including adequate depreciationyears ended
and
income taxes actually paid or provided for, have been as follows: Federal
Times Pfd.
Net Profits
Div. Req.
Per Share
Year End. May 31as Above.
Earned.
ammon.
1925
$1,339,551
3.3
82.68
1926
1,473.319
3.6
30.6
1927
1,351.874
3.3
2.71
Although the final audited figures for the fiscal year ended May
31
are not yet available, the combined net earnings for the 10 months 1928
ended
Mar.31 1928 on the same basis were 8838,820,or over 2.5
dividend requirements for the period, and equivalent, after times the pref.
requirements,to $1.44 per share on the common stock; and deducting such
the management
estimates that the combined net earnings on the same basis for
the fiscal
year ended May 31 1928 were in excess of 81.000,000 or
,
times the preferred dividend requirements for the full year, more than 2.49
and equivalent,
after deducting such requirements, to $1.71 per share
on the common stock.
Balance Sheet.
-The consolidated balance sheet
giving effect as at that date to the merger of Puritan as at Mar. 31 1928.
ton Silk Works, Inc., and Guaranty Silk Corp. with Silk Corp.. Dorranceprovided in the agreement of merger, flied Mar. 31 Duplan Silk Corp. as
and sale of 22,521 shares of common stock without 1928, and to the issue
agreement dated June 1 1928 shows net tangible par value pursuant to an
over $289 per share of preferred stock presently assets of $14,486,678 or
to be outstanding, and
equivalent, after deducting the par value
$27 per share of common stock. Currentof such preferred stock, to over
assets amount to $8.388,714 as
compared with current liabilities of
a ratio of over 3.5 to 1.
The net current assets of 86.024,523$2,364,190,this
shown by
balance sheet are the
equivalent of over $120 per share of preferred
stock presently to be outstanding.
Duplex Envelope Co., Inc., Richmond. Va.-Bon
ds
Offered.
-American Trust Co. and American National Bank,
Richmond, Va., are offering at 100 and int.
$750,000 1st
mtge.6% serial coupon gold bonds.
Maturities, serially six months to 15 years. Denoms.
$100. Principal and int. (J. & D.) payable at American $1,000, $500 and
Trust Co., Richmond, Va., trustee.- Company agrees to refund
State property taxes up to
five mills on proper application within 60
days from payment. Red. all
or part on any int, date upon 30 days' notice
at 102 and int. during first
10 years, and at 101 and int. thereafter.
Company.
-Principal business is the manufacture and sale of
church and
sunday school supplies, its best known product being
envelopes, for which there has long been a steady the famous "Duplex"
and growing market.
In addition to church supplies, mail order
are handled. Company's operations cover specialties and allied products
the entire United States and
some foreign countries, practically every American
religious body being
represented in its clientele.
Company,upon present financing, merges with its subsidiary
, the Duplex
Envelope Building Corp. through which some of the
company's earnings
have heretofore been invested in choice improved Richmond
real estate.
Security.
-Bonds are to be secured by closed first
conveying all the above mentioned real property,mortgage deed of trust,
machinery
ment. The indenture will contain further protective features and equipand requirements such as adequate fire insurance, $125,000 life insurance
on lives of
officers, membership of a representative of the trustee on
board
tive committee, and regulation of ratio of current liabilities and and execuassets.
Earnings.
-Company has never had an
century of existence. Its average earningsunprofitable year in its quarter
for the past eight years, exclusive of 1111:01110 from real estate, but after paying all real
before depreciation and Federal taxes, have been $85,000,estate taxes and
which is greater
by $20,000 than the maximum requirements In any one year
for interest and principal. Adding $40,000 (present income of this loan,
is 843,000) as
a conservative income from real estate, makes total of $125,000
annually,
estimated amount available for this issue, more than
twice maximum
annual requirement for principal and interest.
Purpose.
-To retire existing real estate mortgages and preferred
stock,
and to provide additional working capital demanded by growth
of business.
-V. 117. p. 93
.
Durant Motors, Inc.
-May Shipments.-
-In May the company's plants shipped 18,125
cars, exceeding April by
15.4% and the best previous record since 1923. by
over 29%.-V. 126. P.
3126.
Eagle Oil Transport Co., Ltd.
-Annual Report.
-
Calendar YearsTrading profit
Interest received
Transfer fees
1927.
£1,075.142
104,340
45
Total income
£1,179,526
Salaries, rent and general
office expenses
44,702
Directors' fees, &c
3,200
Audit fee
368
Interest
73,282
Exp. of purch. notes
21,140
Res. for corp. taxes_
Transferred to deprecia'n
& sinking fund reserve
500,000
Net income
Divs.on pref. sha.(6%)..
Balance, surplus
-V. 124. P. 3357..
1926.
1925.
1924.
£926.161 £1,043,927 £1.073,121
111,687
84,558
58,054
52
67
63
£1,037,900 £1,128,553 £1,131.238
44,490
3,400
368
150.288
681
43.140
3.967
45,721
3.967
158,827
3.321
164,917
1.324
7,000
625,000
750,000
750.000
£536,833
120,000
£213,672
120,000
£169,297
120,000
£158,308
120,000
£416,833
£93,672
£49,297
£38,308
[vol.. 126.
Condensed Consolidated Comparative Balance Sheet April
30.
1928.
1927.
1928.
1927.
AssetsLiabilities8
Land & bldg. (less
Preferred stock __
115,200 3.500,
deprec. res.).-x 33,473,235 33,774,211 Common stock...
y9,224,800 5,839,
Miscall equip__
28,783
30,838 Equit. Life Assur.
Rights, priv., tenSoc. mtge _____ 19,507,871 19,638,
ancies& going_ 4,390,000 4.390,000 6% gold mtge. bds
35,000
40,
Premium paid for
35-yr.5% sink.Id.
cancel, of lease_
150,000
171,420
debenture
8,928,000 9.105,
Sinking fund deps.
102,053
207,453 Acc'ts pay., taxes,
Investm. (City of
int., &c
1,382,576 1,338,9
N. Y. bonds)..
1,933
1,933 Rents rec'd in adv.
Cash
1,326,909
914,756 &c
56,279
54,7
Accts. receivable_
80,876
88,088 Employ. retir. Id.
Equit. Office Bldg.
res
16,000
Corp. corn stock
183,187
Approp. surplus....
49,189
Equitable Office
Additional deprec.
100,046
64,2
Bldg. Corp.6's. 603,393 813,616 Surplus
1.198,285
824,1
Inventories
73,362
84,968
Deferred charges_
109,514
122,917
Total (ea. side) 40,613,246 40,600,2
x After deducting $4.545.711
221,696 shares of no par value. depreciation reserve. y Represented
-V. 126. p. 3126
Electric Auto-Lite Corp.
-Completes Merger-Initi
Dividends.
The merger of this company and the U.S.L.
completed and application has been made to the Battery Corp. has bee
New York Stock Excha
to list the new common stock which is being offered
in exchange for t
present common stocks on the basis of
-5th shares of new common f
each of old common shares of Electric 2 3
Auto-Lite and 13.6 shares of ne
common for each share of old stock of U.S.L. Battery
Corp.
The directors of Electric company have
dividend of 81 a share on the common stock,declared an initial quarterl
no par value, and a dividen
of 58 1-3c. a share on the .
7‘7' preferred stock for the month of June. Dot
dividends are payable July 2 to holders of record June
22. Payment will
withheld until the shares are exchanged.
The $4 annual dividend basis on the present Electric Auto-Lite
commo
is equivalent to $10.40 a share on the old stock which had
been receiving
annually.
-V. 126. p. 3126, 2973.
Evans
-Wallower Lead Co.
-Transfer Agent.
-
The Guaranty Trust Co. of New York has been appointed transfer
agen
in New York for the common and pref. stock.
-V. 126, p. 1206.
Famous Players Canadian Corp., Ltd.
-Stock Exchange
The shareholders are being advised by letter that on
outstanding common shares will be exchanged for shares and after June 1
without par valu
on the basis of 4 new shares for each share of $100 par value upon surrende
of their certificates to the Montreal Trust Co. transfer agent, at its offices.
61 Yonge St., Toronto, or 11 Place d'Armes, Montreal, Canada. (See also
V. 126, p. 1818).-V. 126, p. 2320.
Firestone Tire & Rubber Co. of Canada, Ltd.
-Call.
-
The company has called for redemption on June 15 $357.200 let mtge.
7% s. f. gold bonds, due June 15 1937. at 105 and int. Payment will be
made at the Cleveland Trust Co., trustee, Cleveland, Ohio.
-V. 117,
P. 2658.
First National Stores, Inc.
-Annual Report.PeriodOperating profit
Other income (net)
12Mos.End. 15Mos.End. 12Mos.End.
Mar.31 '28. Apr. 2 '27. Dec. 31 '25.
$2,118,233 $2,671.078 $2,276,133
61,016
Total income
Depredation
Federal taxes
$2,118.233 $2,671,078 82,337,149
353.000
399.361
320,210
213,313
298.449
256.289
Balance
Profit sale capital assets
$1,551,919 $1,973,268 $1,760,650
a41,439
475,836
Net income
Dividends paid
81,593358 $2,449,104 $1,760,650
1,239,190
1,545,495
1,003,110
Balance, surplus
Previous surplus
Reduce res. 8% pref. retired
Prov. 7% pref. sinking fund
Profit sale treas. stock, &c
Total
Contingencies
Goodwill charged off
Prior years taxes, &c
Prem. & res. 8% pref
8354,168
1,387,091
$903,609
1,253,751
186,903
8757,540
1.161.443
372
72,447
21,500
$1,719,759 $2,344,635 $1,991,430
500,000
200.000
452,590
168,149
2,559
61,957
4.954
307,572
Profit & loss surplus
Shares of common outst. (no par)-- - 81,717,200 $1,387,091 81.253,751
595,000
595,000
565,000
Earns, per share
$2.02
$2.56
a After deducting Federal taxes thereon of $6,467 in $3.38
1928 and $74,263 in
1927.
Comparative Balance Sheet.
Mar. 31'28 Apr.2'27.
Mar.'28, Apr. 2'27.
Assets8
$
Liabilitiess
$
Fixed wets, less
7% pref. stock__
depreciation__ 5,604,718 3,556,793 8% pref. stock. __ 5,000,000 4,019,369
70,070
Current assents...... 7,857,664 9,109,051 Common stock._ _x1,727,407 x1,727,407
Investments
116,566 1,085.105 Funded debt
1,500,000 1.500,000
Deterred charges._ 378,670
408,888 Currnt liabilities 3,491,909 3.936,957
Good-will
1
1 Reserve
521,103
609,283
Prov. for cony.
8% Preferred
10,560
Tot.(each side)_13,957,619 14,160,738 Surplus
1,717,200 1,387.092
x Represented by 595,000 no par shares.
-V. 126, p. 2973.
Follansbee Brothers Co.
-Listing.
-
The Pittsburgh Stock Exchange has approved for listing
30,000 shares
6% cumulative preferred stock (par $100).
EasternRolling Mill Co.
-Control.
-Combined Income Account for Calendar Years.
A block of 16,711 shares of this company, owned by the J. M. Jones
estate, has been sold to Aldred & Co., giving them and their associates [Company & Subsidiaries Sheet Metal Co. & Brooke Co. Improvem't Co.]
1927.
1926.
control ofthecompany. ("Wall Street Journal.")
1925.
-V. 126. p. 3304. 1513. Net amount of sales
$14.549,967 $16,114,997 $15,230,275
Cost of sales
12,212.278 13,750,810 13,205,641
Equitab
le Office Building Corp.
-Stock Split-Up.
-
Gross profit on sales
The New York Stock Exchange has received notice from the corporation
82.337.688 $2,364.187 $2,024,633
of a proposed increase in the authorized common stock (no par value) Divs., rents. hit., &c
81,311
51.819
89,554
from 225,000 shares to 896.000 shares, each present share to be exchanged
Total income
for 4 new shares, and a reduction in the preferred stock from 50,000 shares
$2,418,999 $2,416.006 32.114,187
Selling & gen. exp
to 1,152 shares.
840,376
792,735
731,665
Taxes paid
Years Ended Apr. 3035,300
1928.
39,433
32,516
1927.
1926.
Minority interest
Rentals earned
4,422
$5,208,764 $4,961,724 84,462,136 Depreciation
2,910
4.357
Miscellaneous earnings
384,245
379,842
320.755
347.831
339,720
308.571 Interest
260,115
300,468
332,920
U. S. income tax
Total earnings
89,028
85.588,605 $5,301,444 84,770,707
134,696
104.320
Operating expense
1,044,500
992,355
903,651
Net earnings
Depredation
$805,512
$825,009
293,154
8560,577
288,966
283.776
-V. 126, p. 2656.
Net operating profit
84.250.951 84,020,124 83,583.280
Freeport Texas Co.
-Extra Dividend of 75 Cents.
Other income
61,870
40.988
29,155
The directors have declared an extra
regular quarterly dividend of 81 a share, dividend of 75c. a share and the
income
both payable Aug. 1 to holders of
Total
$4,312.820 $4,061,112 $3.612,435 record July 14. Like
amounts
Interest, real estate taxes, &c
2,187,129
2,192,646
2,207.211 tributions made in 1927 were BA were paid on Feb. 1 and May 1 last. Disfollows: 50c. a share on Feb. 1, $1 a share on
Federal income tax
287,500
236,000
168.000 May 2, 25c. extra and $1 regular on Aug.
1 and 50c. extra and 81 a share on
Nov. 1.
Net profit
$1,838.191 $1,632.466 81.237.224
The company issued the following
Preferred dividends
33.785
322.933 5 calendar months of this year was statement: "Production for the first
349,002
Common dividends
356,890 tone against 303,225 tons for
1,500,429
437,675
727,682 the same period last year. Productio
at Hoskins
Mount was 44,875 tons and at Bryan n for the month of Maya total proMound was 38,705, for
Balance, surplus
8303.977
$186.609 duction of 83.580 for the month, which
8845,789
Shs. com. stock outstand. (no par)_ _
is the largest production for any
221,696
153,992 single month in the history of the company.
153,992
Bids
Earnings per share
dredging the
$8,14
$8,33
$5.93 channel at Freeport will be opened at the office forthe United diversion
of
States En-
JUNE 9 1928.]
FINANCIAL CHRONICLE
gineers in Galveston on July 18. All conditions have been complied with
and it is expected that the harbor improvement work will begin immediately thereafter.
"Respecting the action brought by the American Sulphur Royalty
Co. against the Freeport Texas Co., the recent decision of the Supreme
Court of the State of Texas, which is the court of last resort, was rendered
in favor of the Freeport Texas Co."
-V.126, P. 2974.
-Stock Increased.
(Chas.) Freshman Co., Inc.
The stockholders on June 4 increased the authorized capital stock (no
par value) from 225,000 shares to 500.000 shares. See also V. 126, p. 33105.
3601
senior financing, a total increase at this time of 100,000 additional shares of
preferred stock.
That the additional capitalization is fully Justified by the growth of the
corporation is indicated by the following figures:
Based on Shares 1Vow Outstandinga Mar.9'26. May 15'28
Asset value per share of preferred stock
$413
$678
Asset value per share of cony. pref.stock
250
460
Asset value per share of common stock
$11.76
$28.19
a Upon starting active operation Mar. 9 1926, including cash subsequently realized from subscriptions to common stock.
Aote.-Iu determining asset values, assets were taken at market price
thereof on the respective dates shown above, current liabilities were deducted and then in proper order gold debentures were deducted at tneir
p_rincipal amount and preferred stocks were deducted at $100 per share..
V• 126 P. 2484.
Frick-Reid Supply Corp.
-Debentures Sold.
-Blair &
Co., Inc. and the Bank of Pittsburgh, N. A., have sold
at 100 and int. $3,000,000 15-year 6% sinking fund gold
General Rayon Co., Ltd.
-Bonds Sold.
-Field, Glore
debentures. Jones & Laughlin Steel Corp. in connection
with the consolidation involved in this financing will acquire & Co., Blyth, Witter & Co. and Lehman Brothers offered
for cash a majority interest in the common stock of Frick- June 8 at 99 and int. $5,400,000 20-year 6% gold debentures,
series A (with common stock class A and option warrants).
Reid Supply Corp.
Dated June 1 1928; due June 1 1943. Denom. $1,000 and $100 c* The issue has been oversubscribed.
Int. payable (J. dr D.) at office of trustee in Pittsburgh or at the office of
Blair & Co. in New York without deduction of Federal income tax to the
extent of 2% per annum. Penn. and Calif. personal property taxes up to
4 milts per annum payable or refundable by the corporation. Red. all or
part on any int. date on 30 days notice at 105 and int. on or before June 1
1933, the premium decreasing thereafter ji% for each year or part thereof
elapsed after June 1 1933. The Bank of Pittsburgh, N. A., trustee.
Data from Letter of W. E. Frick, President of the Corporation.
Company.
-Will be organized in Pennsylvania to acquire the assets and
business of Frick-Reid Supply Co., established in 1905 and of Frick &
Lindsay Co.. established in 1892. Both companies are engaged in distributing equipment and supplies for drilling and operating oil and gas wells and
for pipe lines, refineries and pumping stations. Frick & Lindsay Co. has
also conducted a large business in industrial supplies for contractors, mines
and mills.
The combined companies operate a total of 48 stores, warehouses and
yards, serving the important oil fields in the Eastern and Mid-Continent
fields and located in the States of Pennsylvania, Ohio, West Virginia,
Kentucky, Missouri, Kansas, Oklahoma, Texas, Arkansas, Louisiana and
Wyoming. The products handled include drilling machinery, tools, tubular
goods, gas engines, pumps and sundry supplies. The companies are the
sole representatives of a number of large and important manufacturers.
Purpose.
-The proposed $3,000,000 debentures are to be issued in accordance with the terms of a plan of merger or consolidation of Frick & Lindsay
Co. and Frick-Reid Supply Co., which provides among other things for the
retirement of $300,000 mortgage debt of Frick & Lindsay Co.and $3,000,000
7% preferred stock of Prick-Reid Supply Co.
Earnings
.-For the three years ended Dec.31 1927,the combined
of Frick & Lindsay Co. and Frick-Reid Supply Co.. available forearnings
interest
on the proposed debentures and Federal taxes, after deducting depreciation
and current interest, except interest on debt to be retired, have been as
follows:
1925.
1926.
1927.
Net earnings (as above)
$205,482
$970,839
$399.744
The combined earnings as shown above for the three-year period averaged
nearly 3 times the annual interest requirements of $180,000 on the proposed
$3,000,000 debentures.
Sinking Fund.
-A sinking fund is provided payable semi-annually in
debentures or cash on April 1 and Oct. 1 in each year, commencing Oct. 1
1928, sufficient to retire $120.000 principal amount of debentures annually.
Cash sinking fund payments are to be used to purchase or call debentures
at not exceeding the redemption price in effect on the next succeeding
interest date. The operation of the sinking fund will retire 60% of this issue
by maturity.
CapitalizationAuthorized. Outstanding,
15 Year 6% sinking fund gold debentures
$3,000,000 $3,000,000
Common stock (no par value)
100,000 shs. 84,706 shs.
Balance Sheet Dec. 31 1927 (After This Financing).
Assets
Liabilities
Cash
$839,699 Notes payable
$556,000
Accounts & notes receivable_ 3,613,885 Accounts payable
1,748,569
Due from officers ar empl_
125,727 Customers' notes receivable
Life insurance
20,131
disc, at banks and not paid
Inventories
3,890,771
in full at maturity
584.215
Due by officers & empl. for
Accr. Fed. taxes, Ins., &c_...
60,085
subscriptions to stook
40,182 Debentures
3,000.000
Investments
454,832 Capital stock & surplus
4,021,640
Capital assets
951,933
Deferred charges
33,345
Total (each side)-- ------ $9,9711,509
.
General Motors Corp.
-Number of Stockholders.
-
The total number of common and preferred stockholders for the second
quarter of 1928 was 70,299 compared with 72,986 in the first quarter.
The total number of stockholders by quarters for preceding years follows:
Cal. Years1st Quar.
2d Quar.
3d Quar. 4th Quar.
1917
1,927
2,525
2,699
2.920
3,918
1918
3,7373,615
4,739
1919
8,012
12,523
12.358
18,214
1920
24,148
26,136
31,029
36.894
1921
49,035
59,059
65.324
66,837
1922
70,504
72,665
71,331
65,665
67,115
1923
67,417
68.281
68,063
70,009
1924
71.382
69,427
66,097
60,458
1925
60.414
58,118
50,917
54,851
1926
53,091
47,805
50,369
56.520
1927
57,595
57,190
66,209
72,986
x70,399
1928
x Senior Securities of record Apr. 7 1928, and common stockholders of
record May 19 1928.-V. 126, P. 3456. 3128.
General Public Service Corp.
-To Increase Preferred
-$5,000,000 Additional 5% Debentures Expected to be
Stock.
-The stockholders will vote June 21 on
Offered Shortly.
Increasing the pref. stock (no par value) from 75,000 shares
to 175,000 shares. President C. W.Kellogg, June 4,says:
Dated June 1 1928; due June 1 1948. Int. payable J. & D. Denom.
$1,000 c*. Principal and int. payable in United States gold coin of the
present standard of weight and fineness in New York at office or agency
of the company without deduction for any Federal income tax not to
exceed 2% per annum and without deduction for any present or future
taxes, assessments or other Governmental charges of the Dominion of Canada or any province therein, excepting inheritance and succession taxes.
Penn. and Conn. 4 mills taxes and Mass, income tax of 6% refuned if request for reimbursement is made within 60 days after payment. Red. on
30 days' notice to) for sinking fund on any int. payment date at 100 and
int. and (b) at option of the company as a whole or in amounts of not
less than $250,000 porincipal amount on first day of any calendar month on
or before June 1 1933, at 10254; thereafter and on or before June 1 1938.
at 102; thereafter and on or before June 1 1943, at 101X;thereafter ana on
or before June 1 1946. at 101; and thereafter at 100 plus int. in each case.
Farmers' Loan & n'ust Co., trustee.
-Each $1,000 debenture will be acClass A Stock and Option Warrants.
companied by 5 shares of common stock class A and by an option warrant
of the Farmers' Loan & Trust Co. as depositary which will entitle the holder
to purchase 5 shares of the class A stock of the company, as such stock
may be constituted at the time of the exercise of the option warrant, at
any time up to and including June 1 1931, at $20 per share. These warrants
do not represent company financing.
Authorized. Outstanding.
Capitalizationa
85,400,000
20
-year 6% gold debentures, series A
$5,638.400
5.638.400
$7 preferred stock (Par $100,)
400,000 shs.b400.000 shs.
-Class A
Common stock (no par)
100.000 shs. 100,000 abs.
Class B
a Limited by the restrictions of She debenture indenture. b Includes
27,000 shares to be deposited with Farmers' Loan & Trust Co., in connection with opiton warrants to be outstanding.
Common stocks, class A and class B, are identical except that sole voting
Power is vested in common stock class B.
Data from Letter of Baron Alberto Fassini,President of the Company
and Managing Director of Societe Generale Italiana della Viscose.
-Has been organized under the laws of the Dominion of Canada
Company.
primarily to acquire the outstanding capital stem{ of the Societe Generale
Italians della Viscosa, generally known as the Generale Viscose., which was
incorporated in Italy in 1913, and which together with its subsidiaries is
the second largest producer of artificial silk in Italy.
Generale Viscosa. together with its subsidiaries, operates three plasits
having a combined daily capacity of approximately 35,000 pounds of
artificial silk. Its plants, located at Padua, Rome and Naples, Italy,
are modern, well situated and in good physical condition. The physical
properties of the Generale Viscosa and its subsidiaries have been given a
depreciated reproduction value as of Dec. 31 1927, of over $12,000,000
by Day & Zimmermann, Inc., Engineers.
-The consolidated net profits of the company and its subEarnings.
sidiaries, available for interest, after eliminating interest paid and adjusting certain managerial compensation to the present contractual basis, as
prepared by Arthur Andersen & Co., accountants and auditors, from an
audit of Generale Viscose and its subsidiary companies certified by the
Societe Anonyme Fiduciaire Suisse, public accountants, Geneva, Switzerland,for year 1927, amounted to over 4.6 times debenture interest requirements,and for the past three calendar years averaged over 3.6 times such
requirements.
After deducting debenture interest and discount charges and dividend
requirements on the preferred stock, but before the sinking fund requirements on the debentures and preferred stock, the net profits, as aoove
prepared from said audit, available for dividends on the common stock for
thear ended Dec. 31 1927, amounted to $1.50 per share and after such
sinking fund requirements amounted to $1.17 per share.
(Net profits have been converted into dollars at the average rates of
exchange prevailing during the respective periods; all other conversions are
at the rate of 19 lire per dollar.)
-These debentures will be the direct obligation of the comRestrictions.
pany, and will be issued under an indenture, which will provide, among
other things, that the company and its subsidiaries may create funded
indebtedness including additional debentures, but only under the conservative restrictions of the indenture.
Purpose.
-Through the application of a substantial part of the proceeds
of this financing and the issuance of junior securities, bank loans and other
indebtedness, approximating $5,000,000 will be eliminated from the consolidated liabilities.
Sinking Fund.
-Indenture will provide for a minimum semi-annual sinking fund beginning June 1 1929. of $50,000, and for an increase thereof
payable annually 13eginning June 1 1930, equivalent to the amount, if
any, by which 10% of the consolidated net earnings as defined in the
indenture shall exceed the minimum annual sinking fund of $100,000.
Pro Forma Consolidated Balance Sheet Dec. 31 1927.
Liabilities
Assets
$3,111
Cash
$533,727 Notes payable
907,959
25,148 Accounts payable, &c
Marketable securities
351,078
Accts. & notes rec., less res.... 1,344,099 Miscell. accrued expenses359,346
Raw materials, &c
2,847,059 Other current liabilities
361,003
Assoc. companies accounts
Investments in & bal. with
684,210
1,515,756 Other liab. due subseq. to '28
associated companies
5,400,000
582,681 6% gold debentures
Inventory of factory supplies
26,316
53.918 Min. int. in stock of sub. co_
Sundry advances and deposits
5,638,400
485,870 7% cumul. pref. stock
Deferred charges
500,000
(no par value)
Property, plant & equipment 12,203,069 Common
5,359,405
Initial surplus
The corporation now has an exceptionally large equity base, over 50%
of its asset value being represented by its common stock and an additional
14% being represented by cony. pref. stock, which is junior to the preferred
stoclas. The cony. pref. stock is convertible into common stock and may
be expected eventually to be converted. The directors feel that this large
equity base which may ultimately be increased does not make the most
advantageous use of the corporation's credit and are therefore anticipating
In the near future the issue and sale of a second °lock of $5,000,OCO of
gold debentures, 5% cony, series due 1953. the proceeds of which will be
used for additional investment. After the sale of these additional deoentures, the common stock will still represent in excess of 40% of the value of
the corporation's assets and the convertible preferred nearly 12%.
In order to provide a means of liquidating tbese debentures before
maturity, it is proposed to make them convertible at any time before
maturity into $5.50 dividend rpreferred stock in the same manner as the
,
original issue of debentures which were sold in January of p,his year.
The present status of the capitalization of the corporation is:
Outstanding
or Reserved
Authorized. for Issue.
Gold debentures (original issue 5% cony. series
due 1953)
x
$4,973,000
Preferred stock, without par value
,
000 shs.
6 dividend
24,650 shs.
5.50 dividend outstanding
270 sbs.
eserved for conversion of debentures
49,730 shs.
Cony. pref. stk.,$7 div., without par value
35,000 shs. 31,250 SOS.
stock, without par value
Gommon
1,000,000 1311S.
,
Outstanding
399.650 shs.
Res.fcr cony,ofcony.pref.stock
156,250 shs.
x The indenture provides for additional issues of the original or other
series under conservative restrictions.
It is proposed at this time to authorize the increase of the preferred stock
by the 50,000 shares required for the conversion of the proposed $5,000,000
of additional debentures, and a further 50,000 shares to permit of future
1
Total
$19,591,331
Total
$19,591,331
(Adolf) Gobel, Inc.
-Further Expansion.
The corporation has purchased the plants and business of B. Meier & Son
and Hertz Bros. B. Meier & Son maintains a packing house in the West
cheater Avenue marketing district of the Bronx, N. Y. City, and Hertz
Bros. has a modern plant for the manufacture of all kinds of prepared
meats at Milton. Pa. The purchase of the two properties was for cash, and
-V. 126. D. 3457.
no new financing will be necessary.
-Preferred and Common
(S. M.) Goldberg Stores Inc.
-Eastman, Dillon & Co., Shields & Co.,
Stocks Sold.
Inc., and Schafer Bros. have sold 17,000 shares of $7 cum.
pref. stock and a block of 30,000 shares of common stock.
The preferred stock, which carries common stock purchase
warrants,was priced at $102.50 a share and div.,to yield over
6.80%, while the common stock was priced at $24 a share.
This offering of pref. stock will be entitled to annual dividends of $7 a
-M. Upon liquidation
a share, cumulative from June 15 1928, payable Q.
the pref. stock will be entitled to $110 a share and Pdivs, before any distribution on the common stock. Red., all or part, at any time on 30 days' notice
at $110 a share and diva. Prof. stock and common stock shall have cumulative voting rights, one vote for each share. except that if the corporation
shall fail to pay in full any quarterly dividend on the pref. stock and shall
not on or before the third succeeding quarterly dividend payment date pay
3602
FINANCIAL CHRONICLE
in full said dividend and all subsequently accumulated dividends, then
during such default the holders of pref. stock, voting as a class and without
cumulative voting, shall have the right to elect a majority of the board.
Beginning with the year ending Jan. 311931, the corporation shall set aside
each year out of the surplus or net profits 10% of the consolidated net
profits for such year (not exceeding an amount necessary to retire 3%
of the greatest amount of pref. stock at any time outstanding) to be used
for the purchase or redemption oilmen stock. No stock shall have any preemptive right to subscribe for additional stock. Transfer agent, Interstate
Trust Co.; registrar, Fidelity Trust
New York.
Warrants.
-There will be attached to each certificate of the pref. stock
Co.,
of this offering a warrant detachable after June 1 1931 or sooner as therein
to be provided, entitling the holder to purchase one share of common stock
for each share of said pref. stock at $25 to and including June 1 1929, and
at a price increasing $2.50 a share each year or part of a year thereafter up
to $35 during the 12 months ending June 1 1933, after which the warrants
will be void.
Capitalization-Authorized. Outstanding.
$7 cumulative pref. stock (no par value)
50,000
17,000
Common stock (no par value)
120,000
*150,000
*There will be reserved (I) 17,000 shares against common stock purchake
warrants, and (2) 13,000 shares against an outstanding option to purchase.
Data from Letter of S. M.Goldberg,President of the Corporation.
Company.
-A New York Corporation formerly known as S. M. Goldberg Enterprises. Inc. Operates through subsidiary and controlled companies a chain of 11 modern women's apparel stores located in 9 cities throughout the country. It also owns an interest in two other women's apparel
stores. The oldest of the corporation's stores, located in Louisville. KY.,
has been in operation for over 23 years. All of these stores are locally
among the foremost In their line and among the largest of the kind in their
respective cities. The wide geographical distribution of these stores is an
element of security and affords a broad field for future expansion. Corporation also owns the entire capital stock of the Fourth and Walnut Street
Investment Co.
In addition, on the completion of this financing, the corporation will own
the entire capital stock of the S. M. Goldberg Operating Corp., which
operates under leases the women's apparel department in 24 well-established
department stores and specialty shops throughout the country. This
company was one of the first to establish this method of merchandising in
the women's apparel business.
In 1924 the first department lease was entered into by the Operating Corp.
ad since that time this branch of the business has grown to be a valuable
merchandising asset by way of materially increasing thv purchasing power
of the group.
-Proceeds of the pref. stock presently to be issued will be used
Purpose.
to retire the pref. stock of the corporation now outstanding, to acquire or
retire outstanding pref. stock of subsidiary and controlled companies, not
now owned by the corporation, to retire bank loans and for other corporate
purposes. The common stock is being acquired privately and will not
represent new financing on the part of the corporation.
Earnings.
-For the last three fiscal years (ending Jan. 31 in all instances
except S. M. Goldberg Stores, Inc.. the fiscal year of which ends Feb. 28,
consolidated net profits of the corporation after giving effct to the acqui
sition or retirement of certain stocks ofsubsidiary and controlled companies,
after providing for depreciation and after eliminating non-recurring interest
charges (which averaged $37,653 net a year for the three year period) and
after deducting Federal taxes at 12%,but before deducting net premium
amounting to about $15,000 a year on insurance on the life of Mr. Goldberg
presently to be assigned to the corporation, have been as follows:
Net Profits
Times Pref.
Earns. after Pref. Dividends
Fiscal Year-(As Adhist.)
Dividend.
(a Share)
1928
$439,032
3.70
$320,032
$2.67
1927
413,941
3.48
2.46
294,941
1926
310,761
2.61
191.761
1.60
For the fiscal year 1928 net profits, as shown above were equivalent. to
3.70 times the annual dividend requirements of the preferred stock presently to be outstanding. For the three fiscal years net profits, as shown
above, averaged 3.26 times such annual dividend requirements. For the
same period such average net profits were equivalent to $2.24 a share on
the common stock presently to be outstanding. For the fiscal year 1928,
net sales of the stores of subsidiary and controlled companies then operated
amounted to $7,505,766, and for the three-year period shown above,
averaged $7,416,471.
Consolidated Balance Sheet as at January 31 1928
Giving effect to recapitalization of the company and transactions incidental
thereto].
AssetsLiabilities
Total current assets
$3,475,341 Current liabilities
$1,339,198
Capital assets
1,059.729 Sub. corn. lit mtge 61(5 -33
0.000
Other assets
276,281 Minority int. in J. F.DonoGoodwill
364,633
van & Co
29,648
Deferred charges
96,695 $7 Cum. preferred stock.- 1,700,000
Common stock (no par)._ __
700,000
Surplus
1.153,835
Total
$5,272,682
Total
$5,272,682
Gold Dust American Corp.
-Consolidation.
-
[VoL. 126.
by directors and a large majority of stockholders last year, provided for the
issuance of new no-par value preferred stock to replace the old preferred
shares on which dividends of $25 had accumulated. Approximately 99%
of the stock has been exchanged under this proposal which liquidated the
back dividends.
This is the first time that an issue of preferred stock of this character
has been created under the new Ohio corporation code and the decision of
the court upholds the validity of the code.
-V. 126, p. 1496.
Gosse Packing Co., Ltd.
-Earnings.
Operating profit
Interest
Depreciation
Provision for taxes
Year End. 9 Mos. End.
Dec. 31, '27. Dec. 31,'26.
loss$170,237
$496,327
35,403
17,985
100,000
50,000
Net income
Preference dividends
Prov,for red, of preferred stock
10551205,640
86,014
26.318
$328,342
64.247
loss$317,972
$264,095
Balance, surplus
-V.126. p. 2799.
Grace Securities Corp.
-Earnings.
Results for Year Ending Dec. 31 1927.
Total income
Operating expenses
Interest on bonds and bank loans
Loss charged to current operations
Taxes paid and reserved
Depreciation, furniture and fixtures
Additions to reserve for contingencies
$458,143
120,452
133,776
7.743
36,350
9.412
27,181
Net income
Preferred dividends
Common dividends
$123.229
15.312
71,251
Balance, surplus
Previous surplus
Adjustments in U. S. Bond & Mtge. account for 1926 taxes
Adjustment loan account
Surplus and profit as of Dec. 1 1927
-V. 124. p. 1674.
$36,665
117,489
2,918
Cr900
$152,136
(F. & W.) Grand 5-10-25 Cent Stores, Inc.
-Sales.
1928
-May
-1927.
$1,153,152
$935,097
-.126, p. 2321, 1515.
Increase.
1928-5 Mos.-1927.
$218.0551$5,154477
$4,369,252
,
Increase.
$785,225
Grand Rapids Metalcraft Corp.
-Listing.
The Detroit Stock Exchange has approved for listing 150,000 shares
common stock (no par value).
History.-Incorp. In Michigan in Apr. 1923. Company is one of the
largest manufacturers of metal instrument boards, cowl panels, door trim
panels and face plates, which are grained in mahogany and walnut finish.
In addition, the company manufactures vanity cases and smoking seta of
leather and wood construction.
Earnings.
-The net earnings, after deducting all expenses, including
adequate depreciation and proper deductions for Federal income taxes, but
after the elimination of a certain non-recurring charge amounting to $10,000
In 1926 and $5,000 in 1927, were as follows: s. knirsatliftiressaas. is Room
Earnings.
- rar-.;sarxu,e4tiguvuoo pep ota klti]..71CW Sales.
'
T
,
$30,448
$282,976
29,246
1926
412,244
132,797
1927
752,375
73 585
1928 (3 months)
285,335
arn ngs for the full year of 1928 are estimated at0
.
50,000, equal to $1.66
per share.
Outstanding.
Authorized,
Capitalization150.000 shs.
Common stock (no par value)
150,000 abs.
-J.
Dividends.
-Common stock, 50c. per shaven or annum, payable Q.
Dividend record since organization: 1925, $4.160: 1926, $12,826; 1927,
131,027; 1928 (3 mos.). $15,576 cash and 40% stock.
-Registrar.
Grand Union Co.
The Bank of New York & Trust Co. has been appointed registrar for
the common stock and the $3 series convertible preference stock, 345,000
Shares of common and 100,000 shares of preference stock to be outstanding.
V. 126, p.3306.
-Sales.
(W. T.) Grant Co. (Mass.).
Increase. l 1928-5 Mos.-1927.
1928
-May---l927.
14.096.002 $3,160,255
-V. 126. . 2799, 2155.
Increase.
$935,7471$16,925,112 113,765.851 $3,159,261
See Gold Dust Corp. below.
-New
Graybar Building (Eastern Offices, Inc.).
Gold Dust Corp.
-Proposed Consolidation with American Financing.
Two
totaling $12,000,000
Linseed Co.
-Terms Announced.
-An official statement Halsey,issues of bondsInc., Harris, Forbes & will be offered shortly by
Stuart & Co.,
Co., and Graham Parsons
June 7 says:
& Co. for the financing of the Graybar Building. The Issues, which will
A committee of stockholders representing interests in the Gold Dust be obligations of the Eastern Offices, Inc., will consist of $10.500.000 lit
Corp.and the American Linseed Co.,Is submitting a plan to thestockholders mtge. sinking fund leasehold, series A is, and $1,500,000 serial mtge.,
of both companies, providing for the exchange of stock of the two above com- series B
% bonds.
panies for that of a new corporation recently formed, known as Gold Dust
American Corp. The basis of exchange will be two shares of Gold Dust
-Proposals Made for
Great Falls Mfg. Co., Boston.
American for one share of Gold Dust; 2 1-5 shares of Gold Dust American
for one share of American Linseed common stock, and 2 3-10 shares of Additional Financing or Liquidation.
The directors in a letter outlining the present status of the company.
state in part:
The notes of the company, now outstanding, aggregate $3,020,000.
Other indebtedness amounts to $123,306, making the total Indebtedness
13.143,306. All the notes are due on or before July 2 1928, and all bear the
endorsement of Minot, Hooper & Co..the selling assents of cloth manufactured by the company. Holders of a large proportion of these notes have
given notice to the directors that credit in the present form will not be extended. The directors are satisfied that it is impossible, even with the
endorsement of the selling agent, to obtain a new line of credit sufficient In
amount to take care of the present indebtedness.
The cotton, finished goods and other quick assets of the company had a
value on May 1 1928, of $1.584,800. If these quick assets were applied to
the payment of the notes it would leave a debt upon the plant of 11,558.506.
The depreciated replacement cost of the mill and bleachery at Somersworth
is $4,077,000 and the value of the water powers and reservoirs is between
$600.000 and $900,000. Unfortunately, under the present condition of the
textile industry, the replacement cost, less depreciation, eta manufacturing
plant is seldom an indication of fair market or selling value.
Golden Gate Ferries, Inc.
-Earnings.
From 1922 to 1928 incl., the company has shown an operating loss after
Results for 12 Months Ending December 31 1927.
interest and before allowance for depreciation of $965,075, a large part of
Total revenues
$2,072,034 which was incurred in 1924 and 1925. During the year ended May 11928,
Total operating expenses
1,211,566 the company lost $36,500.
General & administrative expenses
309.557
Although there are some indications of improvement in the cotton
industry the directors see no substantial ground for belief that the company
Gross profits
$550.912 with its present equipment is likely in the near future to show a substantial
Miscellaneous income
1,363 Profit from operation. They have been unable to find any purchaser who
property and assume its obligations as part of the purchase
will buy
Total net profits
$552.275 price. the
Depreciation reserve
192,007
Under these circumstances the directors see but two courses open to the
Bond interst & amortized discount
172,499 stockholders. First to issue and subscribe for additional stock to such an
Income tax reserve
14,857 amount as will provide the company with substantially $2,000,000 to pay a
Dividends paid 1927
137,555 portion of the indebtedness and to provide adequate working capital.
Second, to liquidate the assets and from the proces to pay the indebtedSurplus
$35.356 ness or such part thereof as is possible out of the proceeds, leaving the
-V. 126. D. 2484.
endorser to pay the balance, or in case there is a balance remaining after
balance proportionately among the stockof
Goodyear Tire & Rubber Co.
-Refinancing Plan Upheld. paymentor, debts, to divide such turn over the Property to the endorser for
as an alternative, to
holders;
surplus
-Company Wins Court Decision in Suit Brought by Minority liquidation and for an accounting to the stockholders for any It is, of
received after the payment of notes bearing their endorsement.
Stockholders.
course, possible that liquidation might take the form of a reorganization
The refinancing plan of the company was upheld June 1 when the Com- in which the interests of the present stockholders would be represented by
mon Pleas Court in Cleveland ruled in favor of the company in a suit some form of security or shares junior to such securities as are issued for
brought against it by minority stockholders. The plan, which was approved new funds invested in the property.
Gold Dust American for one share of American Linseed preferred stock.
A syndicate including Brown Bros. & Co. and George K. Morrow and
Frederick K. Morrow has purchased 95,000 shares of American Linseed
Co. preferred stock, and the new corporation has contracted to acquire
this block of stock from the syndicate.
If the plan becomes operative, the Gold Dust American Corp. has agreed
to place its stock initially on a $2 dividend basis per annum.
The committee of stockholders which is sponsoring the plan consists
of Robert H.Adams(President of American Linseed Co.), Bayard Dominick
(of Dominick & Dominick and a director of American Linseed Co.), Ray
Morris (of Brown Bros. & Co. and a diredtor of the Gold Dust Corp.), and
George K. Morrow (President of Gold Dust Corp
The plan will only become operative if, in the judgment of this committee
sufficient stock has been deposited to reasonably insure the ultimate success of the purposes of the plan, which contemplates substantial economies
and improvements in the methods of carrying on the businesses of the two
O)mpanies by virtue of the combination of their activities.
-V.125.17- 2394,
JUNE 9 1928.]
3603
FINANCIAL CHRONICLE
The directors believe they should state that a further investment by the
stockholders in stock would be a speculative investment and it is their
opinion that a liquidation of the assets of the company by sale of its plant and
property, either as a whole or in such parts as may be determined to be
advisable, is for the best interests of the stockholders.
The company has outstanding 24,994 shares of capital stock, par $100.
Dividends have not been paid since Dec. 1921.
The stockholders will consider the above proposals at their annual
meeting which will be held on June 14.-V. 125, p. 254.
-Annual Report.
Great Western Electro Chemical Co.
1927.
1926.
Calendar YearsGross revenue from sales, less returns and allow_ _ _ $1,927,125 $1,961,233
Cost ofgoods sold
1,347,457
1,509,024
Hendler Creamery Co., Inc.
-Balance Sheet Dec. 31.LiaMlitles-1920.
1927.
Assets1927.
Land,b1dg.,equip.,
let mtge.6% bde_ $682,000
&c
$1.587,283 $1,598,985 Prior pref. 7% stk_ 718,000
Pref. stir. (20.000
Cash surr. value of
shs. no par)__.._
6,871
Ills insurance__
20,000
24,843
Corn. stk. (30,000
Coll, trust notes
shs. no par)___
30,000
49,452
Investments
301,025 Capital surplus___ 106,745
432,847
Cash
151,281
34,616 Earned surplus._
28,308
Notes & accts. me_
77,728
45,119 Current liabilities.
44,630
Inventories
398,156
17,530 Reserves
14,544
Prepaid Ins.. Aro
$2,181,890 $2,004,125
Total
$452,209 -V. 124, p. 932.
2,382
Total
1928.
$682.000
718,000
20,000
30,000
108,745
88,382
74,252
304,785
$2,181,890 82.004,125
Gross profit
Other revenue
$579,668
5,326
Total
Expenses,interest, taxes,&c
Depreciation
$584,994
170,632
109,158
$454,591
142.934
Calendar YearsNet profit, after all expMiscellaneous revenue__
1927.
$63,711
54,105
1926.
$107,695
37,647
1925.
$61,106
44,746
al924.
$4,797
52,195
$305,203
Cr.11,514
$311,657
Cr.9,445
Total income
Interest on bonds
Reserve for contingencies
$117,816
16.250
$145,342
16,250
10,000
$105,852
16.250
$56,992
16,250
$316,718
$321,102
$39.54
$40.14
Net income
Preferred dive. (7%) - Common dirs.
$101,566
49,399
60,000
$119,092
49,399
60,000
889,602
49.399
60,000
$40,742
49,399
60,000
Net profit
Other profit and loss items
Total profit
Earns, per sh. on 8.000 shs. 1st pref. stk. out
stand. (par $100).
- 126, p. 1362.
V.
-Annual Report.
Hillcrest Collieries, Ltd.
Guaranteed Mortgage Co. of New York.
-Depositary.
-
The Chatham Phenix National Bank & Trust Co. has been appointed
depositary under agreement, dated May 29 1928, securing an issue of
$340,000 guaranteed let mtge. certificates secured by bond and mtge. covering premises northeast corner of Ocean and Parkside Ayes., Brooklyn, N. Y.
Guardian Investors Corp.
-Stock Increased-Rights.
-
The stockholders on Juno 1 increased the authorized 2nd pref. stock
(no par value) from 50,000 shares to 150,000 shares and also the common stock (no par value)from 350,000 shares to 500,000 shares.
pr. The stockholders of record May 28 have been given the right to subscribe
on or before June 30 to one additional share of common stock, at $21 a
share, for each 5 shares held-payment of 25% of amount duo to be made
on or before each of the following dates: June 30, Sept. 30, Dec. 31 1928,
and Mar. 31 1929.-V. 126, p. 3128.
Haiku Fruit & Packing Co., Ltd.
-Earnings.
-
Calendar YearsProfit before depreciation
Depreciation
Expenses,including Hans losses
1927.
$313,829
111,859
1926.
$491,302
120,394
145.019
Net profit
Balance,Jan. 1
$201,969
228,223
$225,888
265,709
Total
Amortization of deferred charges
Written off growers acctrt
Reserve for further possible losses on grower's accts.
Other charges
Dividends on preferred stock
$430,192
5,000
$491.597
10.000
100,864
100,000
Surplus Dec.31
Earns, per share on 75,000 shs.stk. (par $20)
- 126, p. 2484.
V.
75,000
57,319
52,300
$240,384
$1.99
52,500
$228,233
$2.31
Hammermill Paper Co.
-Earnings.
-Calendar Years1927.
Net profit after depletion, depreciation, int. & Fed. taxes
$999,588
Preferred dividends
144,607
Common dividends
(10%)179,925
Surplus for the year
Previous surplus
Prior year's adjustment
$675,055
5,352,721
Dr.55,057
1926.
1925
$913,097 $1,122,486
159,453
175,000
$753,644
4,599,077
$947,486
3,651,591
Profit and loss, surplus
$5,972,720 $5,352,722 $4,599,077
Earnings per share on 180,000 shares
corn, stock (par $10)
$4.75
$4.20
$5.26
- 125. p. 104.
V.
Hart
-Carter Co.
-Stock Sold.
-A. C. Allyn & Co., Inc.,
Paul H. Davis & Co. and John Burnham & Co. announce
the sale at $32 per share of 140,000 shares convertible preference stock (no par value).
Dividends exempt from present normal Federal income tax. Dividends
payable Q.
-M. (cumulative from June 1 1928). Entitled to priority over
the common stock as to dive. to the extent of $2 per share per annum,and
as to assets (in dissolution or liquidation) up to $35 per share and dive.
Red. all or part at any time on 30 days' notice at 1635 per share and dive.
Transfer agent, First Trust & Savings Bank. Chicago. Registrar, Continental National Bank & Trust Co. of Chicago.
Convertible share for share into the common stock at the option of the
holder at any time prior to date or redemption.
Listed.
-Stock is listed on the Chicago Stock Exchange.
Data from Letter of A. J. Hartley, President of the Company.
Company.
-Organized in Delaware. Is acquiring the business and assets
of Hart Grain Weigher Co., with headquarters at Peoria, Carter Mayhew
Manufacturing Co., with headquarters at Minneapolis, and Twin City
Separator Co., with headquarters at Minneapolis and Winnipeg. Company is the largest manufacturer of standard grain handling machinery,
Including grain weighers, self-feeders and screw conveyors, all of which
are parts of a completely equipped threshing machine, and is the largest
manufacturer in the world of grain cleaning devices. Company owns practically all of the valuable basic patents under which its various products
are manufactured. Company is now engaged in developing disc separators
for use on combines and threshing machines and measuring devices for
use on combines.
CapitalizationAuthorized.
Outstanding.
Convertible preference stock
140,000 she.
140,000 shs.
Common stock (no par value)
00,000 shs.
300,000 shs.
* 140,000 shares will be reserved for the conversion privilege of the convertible Prof. stock and 60,000 shares will be held in the treasury of the
company.
Assets.
-The consolidated balance sheet as o fNov. 30 1927 giving effect
to this financing, shows current assets of $1,358,964 as against total current liabilities of $216,836, the ratio of current assets to current liabilities
being over 6 to 1.
Earnings.
-The combined net sales and net earnings available for diva.
(of Hart Grain Weigher Co. for the 6 fiscal years ended Nov. 30 1927, of
Carter-Mayhew Manufacturing Co. for the 6 fiscal years ended Dec. 31
1927, and of Twin City Separator Co. for the 6 fiscal years ended May 31
1928) are as follows:
Earns. per Sh.
on 140,001)
Net Available Shs. of Cony.
Net Sales. for Dividends. Pref. Stock.
Year$1,434,230
1922
$397,316
$2.84
1,624,257
1923
397,774
2.84
1,733,564
1924
350,778
2.50
2,575,183
603,190
1925
4.30
3;123,229
546,711
1926
3.90
3;607,000
801,000
1927*
5.72
• Carter-Mayhew Manufacturing Co. earnings estimated for one month
and Twin City Separator Co. earnings estimated for two months.
For the last fiscal year net earnings as shown above available for dive.
on the cony. pref. stock were $801,000, or at the rate of $5.72 per share.
For the last three years such average annual net earnings were $650,300,
or at the rate of $4.65 per share. For the six years shown above such
average annual not earnings were $516,128, or at the rate of $3.69 per share.
It is expected that sales:and earnings for 1928 will exceed all previous records
$9,693 def.$19,797 def.$68,657
Balance, surplus
def.$7,833
Earns. per sh. on 10,000
Nil
$4.02
$6.97
shs.com.stk.(par $100)
$5.22
a During 1924 company's mines were closed for almost seven months,
-V. 124, p. 3077.
due to a strike over the question of wages.
-Annual Report.
Hobart Mfg. Co.
1927.
1926.
$4,533,248 $5,370,978
2,737,646
2,261,361
1,603.824
1,369.753
Calendar YearsNet sales
Cost of goods sold
Selling & general expenses
$902,134 $1,029.509
173.312
126,507
Profit from operations
Other income credits
$1,028.640 $1,202,821
128,500
110,633
108,237
79.588
Gross income
Federal income tax (estimated)
Income charges
$838,419
2,325,945
5,000
Net income
Surplus at beginning of year
Profit & loss credits
$966,084
2,795,459
125,683
$3.169,365 $3,887,229
39,246
35,867
25,351
22.883
312,123
278,830
33,320
3,442
3,968
27,037
21,572
Gross surplus
1st preferred dividends
2nd preferred dividends
Common dividends
Preferred stock redemption premiums
Reorganizatio expenses
Other profit & loss charges
$2,795,459 $3,457,496
Surplus at end of year
Allocation of surplus:
3,373.468
2,775,665
Applicable to stock of the Hobart Mfg. Co
Applicable to minority stock of subs.:
-4.731% of $362.Tar, Hobart Mfg. Co., Ltd.
17,148
15,511
402
Fabricage Maatschappij:Hobart-Berkel-45%
4,742
4,284
of 810,537
-495-6% of $124.The Kitchen Aid Mfg. Co.
62,138
691
$2,795,459 $3,457,495
Total
-V. 126. p. 2485.
-Earnings.
(R. M.) Hollingshead Co.
Income Account for Year Ended Dec. 31 1927.
Net sales
Operating expenses, &c
$5,025,690
5,099,821
Net operating loss
Other income
$74,131
8,957
Deficit
Interest
Other charges
$65,174
110,269
10.285
Net loss
x Preferred dividends
$185,728
47,187
Total loss
x Last dividend paid April 1 1927.-V. 121, p. 3011.
$232,915
-Annual Report.
Holt Renfrew & Co., Ltd.
Years End. Jan. 31Profit from operationsx_
Reserve for depreciation
Bond & other interest_ _ _
Other deductions
1928.
$363,385
43,304
42.970
24,958
1927.
$328,658
48,319
47.086
1926.
$229.910
38.758
45,165
1925.
$194.116
29,110
49,292
Net income
Preferred dividends_ _ _ _
$252,153
70.000
$233,252
y140,000
$145,987
70.000
$115,714
70,000
Balance, surplus
Previoussurplus
$182,153
463,754
$93,252
370,501
$75.987
294,514
$45,714
248,801
Profit & loss, surplus,
$294,515
$370,501
$463,754
$645,908
Dec. 31
$4.57
$7.59
$16.32
$18.22
Earns. per sh.on corn_ _ _
x After providing for income tax. y 7% deferred dividends for year
ending Dec. 31 1925 and 1926.-V. 124, p. 3077.
-Bonds Offered.
Home Mortgage Co., Durham, N. C.
Reserve Security Corp., New York, are offering at 100 and
int. $500,000 5347e guaranteed 1st mtge. collateral gold
bonds, series "G."
Dated March 15 1928,• due Sept. 15 1930-1940, incl. Denom. $500 and
$1,000. Principal and int. (M. & S.) payable at First National Bank,
Durham, N. C., or at principal office of the Fidelity Trust Co., New York,
Callable all or part on or before three years from date at 102 and int. and
on any int. date thereafter and not later than 10 years from the date hereof
at 101% and int. and thereafter at 100 and int. In event of default all or
part of the issue may be called by the Surety Company at par plus int.
Interest payable without deduction for normal Federal income tax up to
2%. State, County or municipal security tax or taxes which the holder
may be required to pay hereon not in excess of 45-100 of 1% for each
$.100 of par value hereof in any one year,or for State income taxes not exceeding 6% on the amount of income derived from interest hereon received in
any one year, will be refunded by the company provided written application for such reimbursement be made within two months after due date
and payment of any such tax and otherwise as provided in said trust
indenture.
Guaranty -These bonds are irrevocably guaranteed as to the payment of
principal and interest by the Metropolitan Casualty Insurance Co. of New
York.
Business.
-Company has its principal office in Durham, N. C. The
method of business procedure which results in the issue of these bonds is as
follows: Home Mortgage Co. lends its money on notes secured by first
mortgages on city improved real estate. Its operations are confined to
entirely completed residential and income producing properties. No
construction loans are made. No loans made in excess of 60% of appriased
value of the property.
3604
FINANCIAL CHRONICLE
[VOL. 126.
Mortgages.
-The first mortgages pledged as security for the bonds of this
series are in every instance the direct obligation of the owner of the property,
and are secured lay first liens upon city improved real estate properties consisting only of residences, small apartments, and income producing properties owned in fee simple. Mortgages on special purpose properties such
-as industrial properties, theatres, &c., are not acceptable.
Security.
-These bonds are a direct obligation of company and are
specifically secured by deposit with First National Bank of Durham, N.0.,
as trustee, of real estate first mortgages, trust deeds, and (or) instruments
of like legal effect, obligations of the United States and (or) cash equal in
the aggregate to not less than 100% of the principal amount of the bonds
outstanding. None of the approved and accepted mortgages securing these
bonds can be for more than 60% of the independently appraised value of
the completed properties. The mortgages securing this series of bonds
average less than $5,000 each.
New York to that city. The Night!Line excursion will be via boat to Albany
and then to Saratoga by bus with a personally conducted tour of the batlefields there.
-V. 126, p. 2156.
Results for Year Ended Dec. 31 1927.
Net profit after deducting all oper. exp. incl. depreciation
Provision for Federal income tax
$69,577
5,681
-Moore, Leonard &
-Stocks Sold.
(A. C.) Horn Co.
Lynch and George M. Forman & Co. have sold 20,000 units
of stock at 55 per unit. Each unit consists of one share
share common
7% cum. first pref. stock (par $50), and
stock (no par value). All of the stock included in this offer
is being purchased from individuals except a small part of
the first preferred stock, which is being purchased from the
company.
Net profit
Preferred dividends
$63,896
22,226
Balance, surplus
Previous surplus
$41,670
102,765
Humble Oil & Refining Co.
-20-Cent Extra Dividend.
The directors have declared an extra dividend of 20 cents per share, in
addition to the usual quarterly dividend of 30 cents per share, both payable
July 1 to holders of record June 11. Like amounts have been paid quarterly since and including July 1 1926.-V. 126,P. 1672, 1516.
Hunts, Limited.
-Earnings.
-
Profit and loss surplus
-V. 124, p. 1675.
Hupp Motor Car Corp.
-Shipments.
-
$144,435
Month ofMay 1928. April 1928. May 1927.
Shipments (number of cars)
3,516
8.361
8,082
Shipments from Jan. 1 to June 1 made a new record of 33,313 cars against
The first preferred stock is preferred as to assets and dividends over both
the second pref. and com. stk.; and is entitled to cumulative dividends at 19,431 in the same period in 1927. Unfilled orders June 1 were 2,180 cars.
the rate of 7% per annum or $3.50 per share per annum from June 1 1928 -V. 126, p. 2800, 2657.
payable quarterly Sept. 1. Callable all or part at $55 per share and diva.
Indiana Ice & Fuel Co.
-Earnings.
on any div. date upon 30 days' notice; and is entitled to $55 per share and
diva, in the event of dissolution, voluntary or involuntary, before any Period Ended Dec. 31 1927*9Mos.
*12Mos.
payment is made on the second pref. or com. stk. The first pref. stk. has Gross income
$1,122,651
$967,333
no voting rights except when 4 quarterly dividends are in arrears, in which Operating expenses
813,357
640,068
event, and until such dividends are paid, it has the right to elect 1-3d of the Depreciation
57,440
46,663
board of directors, and the consent of the majority in amount of the first Interest actually paid
45,883
46,736
preferred stock voting separately as a class shall be required on all matters Federal income taxes
27,663
27,663
requiring stockholders' action. The second preferred stock has similar Amortization of organization expenses
2,802
2,802
rights.
voting
Dividends are free from normal Federal income tax. Company agrees to Balance for dividends
$204.264
$174,653
reimburse resident holders of the first pref. stock upon proper request Dividends on preferred
30,000
30.000
within 60 days after payment for the Penna. and Conn. personal property Surplus
S174,264
$144,653
taxes not exceeding 4 mills per annum on the taxable value and for the Mass. Earned per share preferred
y15.64
income tax on the dividends not exceeding 6% per annum thereof. Com- Earned per share common
z1.93
mencing in 1930 the corporation agrees to set aside in each year after payy After allowing for 12 months' bond interest. z After allowing for 12
ment of dividends on the first and second preferred stock but before dividend months' dividends on preferred and 12 months' bond interest.
sinking fund, an amount equal to 20% of
on the com. stk., as a munul.
•The company assumed operations of the constituent properties as of
the net earnings of the company in the previous calendar years, after de- Apr. 11927. Therefore, the statement for the 9 months ended Dec. 31 1927
ducting all charges and preferred dividends; provided that if this amount reflects actual corporate earnings of the company. The 12 months' figures
exceeds 3% of the par value of all the first preferred stock at any time reflect earnings of the predecessor companies together with those of the
Issued, the company may credit, at its option, against such sinking fund company for the calendar year 1927.-V. 126, p. 1672.
payment, to the extent of such excess, any amounts expended during such
previous calendar year fot real property or other fixed assets or for the
Inland Wire & Cable Co.
-Larger Dividend.
acquisition of shares of stock of companies engaged in a similar business,
The directors have declared a quarterly
75 cents per share,
If it will own at least 50% of the voting stock of such companies after such payable July Ito holders of record June 18. dividend of quarterly dividends
Previously
acquisition. The amount so set aside shall be applied to the purchase of of 50 cents per share were paid.
-V.125. P. 3206. 1059.
first preferred stock, if obtainable, at or below the redemption price of
855 a share and accrued dividends, or, if not so obtainable, to redemption
Insuranshares Management Co.
-Transfer Agent.
by lot at such price.
The Guaranty Trust Co. of New York
transfer agent
The company may maintain life insurance on its officers and directors to for the original issuance and the transfer has been appointed
of voting trust certificates to the
an amount aggregating not more than the total authorized amount of the
second pref. stk., and the proceeds of such insurance shall be applied to the extent of 262,500 shares.
payment of any arrears of dividends on the first and second pref. stks.
Interlake Steamship Co.
-Earnings.
and the sinking fund on the first pref. stk., and then to the redemption or
Income Account Year Ended Dec. 31 -1927.
purchase of second pref. stock in the manner provided in the certificate of
Earnings from operations after deducting all expenses
$2,379,484
incorp. as amended.
622,980
Transfer agent, Seaboard National Bank, New York. Registrar, Bankers Provisions for depreciation
Provision for Federal income tax
283,261
Trust Co.
Outstanding.
Authorized.
CapitalizationNet profit
$1,473,243
$1,000,000 $1,000,000
7% 1st pref. stk.(850 par)
374.380
650,000 Miscellaneous income
1,000,000
6% 2nd pref.stock.($50 Par)
100.000 abs. 100,000 stis.
Common stock (no par value)
$1,847,623
Total income
C. Horn, Chairman, Board of Directors.
Data from Letter of A.
1,660,000
Dividends paid
Comparay.-This business was established in 1897 as a partnership, and
organized as a corporation in 1907. Company will have a net worth of
Surplus
$287,623
$1,800,000, of which amount about $1,450,000 represents reinvestment -V. 123, p. 3355.
of earnings. In addition, the company has paid dividends on its previous
preferred stock issues without interruption, and has also paid dividends in
-Inc. Acct.
International Button-Hole Sew. M'ch Co.
cash and preferred stock on its common stock.
Cal. Years1927.
1926.
1925.
Company manufactures varnishes, technical coatings, waterproofing Earnings
$306,613
$254,152
$277,436
materials, paints and various materials to decorate, conserve and protect Expenses
239,189
203,565
182.829
surfaces of all kinds. The manufacturing facilities of the company comprise
23 structures of varying sizes and heights, located in Long Island City.
Net earnings
171,323
$67,424
$73,871
Company owns at least 50% of the shares entitled to vote in several sub- Dividends
27,500
30,000
30.000
sidiary and affiliated companies.
The products of the company for structural use are on sale in every large
Surplus
$39,924
$41,323
$43,871
city of the U. S. either through its own branch offices or sold through well -V.125, p. 2944; V. 122, p. 2339; V. 120, p. 3073.
known building material dealers.
Earnings.
-Of the 31 years of its existence, the business has earned a
International Printing Ink Corp.-Pref. Stock Offered.
profit in practically every one and the sales volume has exceeded the
previous year in each case as the company's products gained a wider -Dillon, Read & Co., New York; First Investment & Securities Corp. Cincinnati; Union Trust Co., Cleveland; Shields
market. In the last 3 years the average net earnings have been as follows:
1926.
Average.
1925.
1927.
$240,034 &Co.,Inc., New York, and W. E.Hutton & Co.,Cincinnati
$253,956
$274,506
Earns. bef. U. S. inc. tax $191,641
208,043 are offering at 993 and div. to yield 6.03% $7,000,000 69
166,639
219,516
237.975
Net aft. IT. S.inc. tax_ _ _
For 1927. net earnings after taxes were equivalent to over 33j times the
warrants to subscribe to
first pref. div. requirements, and after deducting the amount required for cumulative preferred shares (with
dive, on the first pref. stk. and second pref.stk.to be presently outstanding, common shares).
Preferred over the common shares as to cumulative dividends at the rate
but before deducting the sinking fund requirements for the first pref. stock,
were equivalent to $1.29 on the common stock to be presently outstanding. of 6% Per annum and as to assets, in event of liquidation, to the extent of
Net income before Federal taxes for the first 4 months of 1928 was $100 a share and accrued dividends. Red. at any time, as a whole or in
*123,244, or at the rate of $369,734 per annum, although earnings for this Part, on 30 days' notice, at $110 a share and divs. Dividends payable
-F. Dividends free of present normal Federal income tax. These
period are usually smaller than for the latter part of the year. On this Q.
basis, earnings after Federal taxes would be equivalent to about 43.5 times preferred shares will not be required under the statutes of Ohio to be listed
first pref. div. requirements and after making the above mentioned de- for personal property taxes in Ohio. Registrars: National Park Bank of
ductions, would be at the rate of over $2.16 per share on the common stock New York and Central Trust Co., Cincinnati, 0. Transfer agents: Central
to be presently outstanding. Sales have increased 18% over the first 4 Union Trust Co., New York, and First National Bank, Cincinnati. 0.
Subscription Warrants.
-Each certificate representing preferred shares
months of 1927.
now offered will be accompanied by a subscription warrant, detachable
after Dec. 11928, entitling the holder thereof to subscribe, on or before
-Balance Sheet Dec. 31 1927.Hotel Sherman Co.
June 1 1931 for common shares (without par value) of International Printing
Liabilities-.
Ink Corp. at $60 a share, in the ratio of one-half common share for each
Anets$1,290,400 preferred share represented by such certificate.
$13,009,287 Common stock
Land and buildings
1,933,400
Furniture, fixtures &equip-- 2,193,217 Preferred stock
Listing.
-It Is expected that application will be made, in due course.
11,000,000 to list these preferred shares (with warrants) on the New York and Cin718,5 3 Bonded indebtedness
Leaseholds
353,452 cinnati Stock Exchanges.
181,423 Notes payable
Cash
357.081 Accounts payable Including
Accounts receivable
-Shields & Co., Inc., and W. E.
Common Stock Sold.
478,875
539.588
accrued wages
Inventories
41,707 Hutton & Co., have sold at $43 per share 115,000 common
58,925 Sundry liabilities
Stocks and bonds
Miscellaneous assets
97.939 Reserves for taxes
6
277718
454.221 Reserves for depreciation_._ 1,500:9 5 shares (no par value).
Discount on bonds
1,223.818 Data from Letter of John M. Tuttle, Pres., and Maynard F. Holt,
89,187 Surplus
Bond retirement funds
Good will
400,883
Vice-Pres.-Treas., Dated June 2.
-Organized in Ohio. Has acquired the entire business and
Corporation.
$18,100,243 assets (except certain assets deemed non-essential to future operations),
Total
$18,100,243
Total
and has assumed certain liabilities, of The Ault & Wiborg Co. (Ohio), The
-V. 123, p. 2662.
Ault & Wiborg Co. of N. Y., The Queen City Printing Ink Co. and Philip
Hudson Motor Car Co.
-Sales Larger.
Ruston, Inc. The business of these four predecessor companies, manuThe company announces the production and shipment of 32,450 Hudson facturers of printing ink and related products, were founded in 1878 1905.
and Essex cars in May, an increase of more than 12% over April. Demand 1860 and 1893, respectively. The assets acquired by the corporation infor cars is reported as strong and June is expected to show well over 30,000 clude the entire capital stock of The In-tag Co., with plants at Chicago
cars; much buying has been delayed to the late spring and early summer and Maspeth, L. I., and the entire capital stock of The Ault & Wiborg
because of abnormally cool weather. Total Hudson-Essex shipments to London Co., owning a plant at London, Eng. Through a wholly owned
June 1 are reported as 151,886, as compared to 145,252 in the same period subsidiary company, a plant at Los Angeles, Calif.. will be controlled.
-month period of production In HudsonThe corporation ranks as one of the largest manufacturers of printing ink
of last year, making the largest 5
and related products in the United States. It owns and operates nine
-V. 126, p. 2485.
Essex history.
plants, three of which are located in Cincinnati, two in Chicago and one
-Extends Operations.
- each in Brooklyn, Newark, N. J., Philadelphia and Battle Creek. Mich.,
Hudson River Navigation Corp.
The first regular excursions to Saratoga, N.Y.,run by any transportation exclusive of plants of the companies in which the corporation OVMS a stock
New York in 5 years began June 8 when the Hudson River interest. Products of The International Printing Ink Corp. include news,
company from
Night Line inaugurated regular service from New York City to the upstate intaglio, lithographic and other printing inks, as well as typewriter ribbons,
carbon paper and a variety of supplies for the printing and allied trades.
resort, according to an announcement by the line.
For the last 5 years, due to a disagreement between the New York Central The corporation also has a snbstantial business in the manufacture and
and the Delaware & Hudson RR.. there have been no excursions from sale of varnish, enamel and lacquer.
Outstanding.
Authorized.
Capitalization37,000 000
6% cumul. preferred shares (Par $100)-- -$10.000,000
256,022 shs.
*400.000 shs.
Common shares (no par value)
*Of the common shares authorized but not issued :35.000 shares are reserved against subscription warrants issued with this $7,000.000 preferred
shares, and 60,000 shares are reserved for future sale to officers and emPlOyees.
n'eferred and common shares outstanding as shown above, were issued
In connection with the acquisition of assets as above outlined.
-Combined annual earnings of the companies acquired for the
Earnings.
5 years ended Dec. 31 1927. after all charges including Interest and Federal
Income taxes but before deducting certain charges to be discontinued
(averaging, after proper adjustment for Federal income taxes, 147,946
annually for the five year period), have been certified by Price, Waterhouse
& Co., public accountants, as follows:
$1,694,470
$1,610,22611927
$1,084,84011925
1923
1.541,2911
1.706.98611926
1924
Combined earnings, as shown above, of $1,694.470 for the year 1927.
were approximately 4 times the maximum annual dividend requirement of
$420.000 on $7.000.000 par value of preferred shares now outstanding.
Such earnings averaged for the five-year period. 11.527,563. or approximately 3.6 times such maximum dividend requirement.
After deducting from earnings for 1927. as shown above, the maximum
annual dividend requirement of $420,000 on preferred shares, there remains $1.274.470. equal to $4.98 a share on the 256,022 common shares
now outstanding. Based on average earnings for the five years, the balance
remaining for the common shares, on a corresponding basis, is equivalent
to $4.33 a share.
Pro Forma Consolidated Balance Shag.
Liabilities
AMU-3588.345
Cash
$104.241 Notes payable
30.000
Mtge.pay.due in 1928
U. S. Lib. bonds & market.
354.735
sec
356.066 Accounts payable
321.121
Notes & accts. rec., less me- 2,905,230 Due to offi. & atockh's
Empls' bonuses, accr. salNotes & accts. rec, from offl.
169.312
te amp]
45,234
aries, comma.&c
57,711
4,560.606 Accruals
Inventories
Land, bidgs.. mach.& equip_ 4,476,908 Prov. for inc. taxes & organ.
397.457
81.582
ekes
Inv.in & adv. to attn. co__ _ _
104.000
327,998 Miscellaneous reserves
Other Investments
7,000,000
6% pref. shares
Devel. exp., formulae, pat439,929 Coos. shs., & Burp, at organ a4,358,210
ents, &c
Unexpired ins.. prep. ekes.,
83.092
etc
to yield over 6%% $4,000,000 1st (closed) mtge. 63%
sinking fund gold bonds (subject to Dawes plan charges).
Dated Mar. 31 1928,• due Mar. 31 1943. Authorized and to be issued,
$4.000.000. Prin, and int.(M.& S.) payable in United States gold coin of
the present standard of weight and fineness at the office of the fiscal agent
for the loan. A. G. Becker 5c Co., in Chicago or New York, without deduction for any taxes or charges, past, present or future, levied by German
taxing authorities. Sinking fund sufficient to retire all of these bonds before
or at maturity.
Data from Letter of William Harrison, LL.B., Chairman of the
Koholyt Corp.
Company.-Koholyt, one of the largest producers of high-grade chemical
pulp in Europe, is controlled through stock ownership by The Inveresk
Paper Co., Ltd.. a British corp. The Inveresk Paper Co.. Ltd.. and its
associated companies constitute one of the largest paper-making groups in
Europe and are one of the largest manufacturers of high-quality paper in
Europe. The market value of the stock of The Inveresk Paper Co.. Ltd.,
on the basis of current quotations on the London Stock Exchange is approximately 330.000,000.
Koholyt transacts a substantial export business, approximately half of its
annual sales of pulp being made to concerns outside of Germany.
-These bonds will be secured in the opinion of counsel, by a
Security.
direct closed first mortgage (subject to present Dawes Plan charges of
approximately 349.000 a year on a principal obligation of 31.181.786) on
substantially all of the lands, buildings and fixed machinery owned by
Koholyt. The property was appraised as a going concern by Edward
Rushton, Son & Kenyon, of 1'. anchester, Eng., as of Feb. 12 1926, at
$11.189,423, or more than 2 A times this issue and the Dawes debentures.
It is estimated that additions, improvements and property subsequently
acquired hzve increased the value of the property to be mortgaged by not
less than $500,000 makings total valuation of approximately 311.689.423.
-Net earnings of Koholyt available for the payment of interest,
Earnings.
after depreciation on book values. Dawes plan charges and all taxes, except
German profits taxes, for the two years ended June 30 1927, were 3910,157
for the year ended June 30 1926. and 31,262,545 for the year ended June
30 1927. Earnings for the 2 years period averaged 51,086.351 a year,
equivalent to 4.1 times the maximum annual interest charge of 3260.000 on
these bonds and for the last fiscal year they were equivalent to over 4.8
times such requirement.
Purpose.-Promeds of this issue will be used to retire the company's
funded debt now outstanding, except Dawes plan debentures, to pay off
current liabilities and for other corporate purposes.
-Company has agreed to make application to list these bonds on
Listing.
the New York Stoc.k Exchange. Benda are listed on the Boston Stock
-V. 126. p. 3460.
Exchange.
$13,380,891
$13,380,891
Total
Total
a Represented by 256.022 shares without par value.
Note.-Casb dividends aggregating $646.026 and not provided for In
this statement, were declared to stockholders of certain of the predecessor
companies under the terms of the purchase agreements, prior to the acquisition of assets by The International Printing Ink Corp. Such dividends
were more than offset by combined earnings in 1928 prior to such acquisition, according to estimates of earnings by the predecessor companies.
-Bonds
International Securities Corp. of America.
-Harris Forbes & Co., are offering an additional
Offered.
4
issue of $6,000,000 5% gold debentures at 943 and int.,
yielding about 5.45%. Dated June 1 1927; due June 1 1947.
-Is the successor of International Securities Trust of America
Company.
(organized in 1921). With its large resources and facilities for the study of
economic and business conditions, it 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.
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 invest
ments in over 30 different countries.
-The corporation commands the investment service of
Management.
American Founders Trust, whose experience in serving investment trusts
of the general management type qualifies it to supervise the investments of
the corporation (under the direction and control of its board of directors)
in a capable and conservative manner. The net paid-in bond and share
capital and surplus of American Founders Trust and the group of investment trusts which command its investment supervisory service exceeds
$115.000,000.
30 1927 the earnings of the
-During the fiscal year ended
Earnings.
Corporation and the predecessor trust were as follows:
in divs. and realized investment profits $4,105,681
Gross earnings from
Expenses and foreign government taxes
339,385
Nov.
Net earnings before int. and Federal taxes
83,766,296
Annual int. charges on funded debt to be outstanding on completion of this financing
1,619,991
Balance
$2,146,305
During the period covered by the above earnings statement, the assets
of the corporation (and its predecessor trust) invested and available for
investment averaged less than $35,000,000, as compared with over $65,000,000 upon completion of the present financing. The earning power of
the corporation is directly dependent on the amount of assets invested and
available for investment. Corporation (and its predecessor trust) has
shown since organization in 1921 average annual net earnings before interest
and Federal taxes in excess of 9% on its average annual assets invested and
available for investment.
-Corporation may not issue any additional funded debt
Indenture.
except debentt res tat this or other series) under the terms of the indenture
and no additional ueocntures may be issued unless upon the issue and sale
thereof, the corporation's current resources (as defined in the indenture,
would 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 Nov. 30 1927 (after giving effect to financing to date
Including this issue of debentures,and to the retirement of $235,100 secured
gold bonds):
Liabilities.
Assets.
$40.056,273 Cum. pref. stock (5100 par). 825.000,000
Investments
20,709 7% series
Securities sold but not del
887.600
Cash (incl. proc.new financ.) 25,048,411 6% series
18,479.300
8 A% series
Accured interest & items in
6,433.100
754.413 Common class A (no par),
course of collectIcn
341.859 shares
Unamort. debt dIsc't & exp.,
6,325,049
3,054.228 Common class B (no par).
& deferred charges
600,000 shares
2,222,220
5% geld deb.(incl. this issue) 31,000,000
Secured gold bonds(4 series) 1,197.800
Due for see. purch., not rec_
16,558
Accrued taxes & expenses
485.851
Miscellaneous reserves
794,375
Surplus
1,892,382
Total
-V. 126, p. 3130.
3605
FINANCIAL CHRONICLE
JUNE 9 1928.]
868,934,036
Total
568.934.036
-May Sales.
(S. S.) Kresge Co.
Increase. 1 1928-5 Mos.-1927. Increase.
-May---1927.
1928
311 339.775 39.601,803 31,737,972 $50,956,227 545,837,122 $5,119,105
2487. 2157.
p.
_le. 126.
-May Sales.
(S. H.) Kress & Co.
Mos.-1927.
-1927.
-May
1928
1,4,162.577
$4,623,485
-V.126, p. 3131, 2977.
Increase.
Increase! 1928-5
5760.9081322,481,398 $19,248,198 33.233.200
-Sales.
Kroger Grocery & Baking Co.
.
-1927
1928-21 Weeks
-1927,
Period End. May 28- 1928-4 Weeks
815,668,755 $13,408,744 $75.197,138 $64,768,613
Sales
-V. 126. p. 2157. 1823.
--Bonds Offered.-(John) Lagomarsino Associates, Inc.
Bank of Italy National Trust & Savings Association are
offering $450,000 collateral trust 6% serial gold bonds at
prices to yield from 5% to 6% according to maturity.
in. and int.(A. & 0.)
Dated Apr. 1 1928: due serially 1930-1938. incl.
San
payable at Bank of Italy. National Trust & Savings Association, of
State
Francisco, trustee, or through any of its branch offices in the notice on
Red. upon 30 days'
California. Denoms. $1,000 and $500c*.
normal
any int, date at 103 and int. Int. payable without deduction for the
income tax up to but not exceeding 2%.
-Each bond will be jointly and severally guaranteed, unconGuaranty.
Caterina
ditionally. as to both prin. and Int., by John A.Lagomarsino and
P. Lagomarsino.
Corporation.-Incorp. in Dec. 1924 for the purpose of consolidating and
known
managing the estate of the late John Lagomarsino, who was widely
land developer,
throughout Ventura County, California, as a banker, a consist solely of
in commercial enterprise. The stockholders
and a leader
five
the heirs of the estate, these being the widow of Mr. Lagomarsino and
stocks,
chtldreh. Corporation assets are comprised primarily of banktogetherother
with
buildings, and ranch properties,
listed securities, real estate,
an income
stock in wholly owned corporations, all of which are at present onsituated in
basis. The real estate consists primarily of business properties
the towns of Ventura, Oxnard and Santa Paula. The most important
agricultural properties are the Los Posas Ranch of approlimately 300
acres, located near Camarillo, and the Del Norte Ranch of 190 acres.
situated near the town of Saticoy.
Security -These bonds will constitute a direct obligation of John Lags.marsion Associates, Inc., and will be specifically secured by the deposit
with the trustee of certain stocks and ether securities now owned.
-Earnings of the corporation from all sources inauding diviEarnings.
for
dends from stocks and other investments, rentals and ranch income,
the past three calendar years were as follows:
94
w7
Nef Inc.
.
68
Gross Income. Oper". Bill
$49,463
1925
46,765
9,053
55,819
1926
10,9
91,673
1927
0880.7
for the
-Proceeds will be used to retire certain bank loans and
Purpose.
further development of the corporation's properties.
-50c. Extra Dividend.
Lambert Co. (Del.).
per share and the
The directors have declared an extra dividend of 50c.
common stock, both
regular quarterly dividend of $1.25 per share on the
amounts were paid on
payable July 2 to holders of record June 18. Like $1 per share was paid
Apr. 1 last. On Nov. 30 1927 an extra dividend of
on this issue.
-V. 126, p. 2487.
-Transfer Agent.
Bryant, Inc.
Lane
appointed transfer agent
The Guaranty Trust Co. of New York has been
for the common and pref. stock -See V. 126, p. 3460.
-Earnings.
Langendorf Baking Co.
12 Mos. End.
Period
Net sales
Profit
Depreciation
Federal income tax
Loss on capital assets
Interest
Net income
Dividends paid
Profits & int, paid to former owners of plants
Balance surplus
-V. 124, p. 2757.
Leath ogr Co.,
9 Mos.End.
Dec.31 1927. Dec.31 1926.
$2,095,349 $1,741.808
.
.84
18 243
182 0
183.282
49.643
61,746
6'825145
6.315
$108,151
55,000
6114,516
41.250
22.439
853,151
350.827
Elgin, Ill.-Pref. Stock Sold.-Eastman,
Dillon & Co., Chicago, and Bosworth, Chanute, Loughridge & Co., Denver, have sold at $52 per share to yield,
over 6.70% 50,800 shares (no par) $3.50 cumulative preferstook purchase warrants). The
-To Acquire Majority of ence stock (with common limited amount of common stock
Laughlin Steel Co.
Jones &
bankers are also offering a
Stock of Frick-Reid Supply Corp.
Common
at $1.50 per share.
-V.126, p. 2977.
See Frick-Reid Supply Corp. above.
Preferred as to assets up to $57.50 per share and as to cumulative dive.
up to $3.50 per share per year, payable Q-J. Red.
Koholyt Corp. (Konigsberger Zellstoff-Fabricken & div, date on 60 days' notice at $57.50 per share plus div. all or part on any
Illinois Merchants
-Bonds Trust Co.. Chicago. Transfer Agent, State Bank of Chicago, Chicago.
Chemische Werke Koholyt Aktiengesellschaft).
& Co. are offering at 973/i and int. Registrar.
-A. G. Becker
Offered.
-Sales.
Jewel Tea Co., Inc.
-1927. 1,928-20 Week,
-1927.
Period End. May 31- 1928-4 Weeks
81,262,556 $1,138,161 55,917,680 $5,550,624
Sales
1,103
Aver. num.of sales routes
1.091
-V. 126, p. 2977, 2322.
3606
FINANCIAL CHRONICLE
Listed.-Preference and common stocks listed on the Chicago Stock
Exchange.
CapitalizationAuthorized,
Issued.
Preference stock $3.50 cum. (no par)
60,000 shs. 50,800 she.
Common stock (no par)
*125.000 shs. 99,600 shs.
* Of which 25.400 shares are reserved for exercise of warrants.
Data from Letter of C. E. Lindberg, President of the Company.
Company.
-A Delaware corporation. Upon completion of present financing, will own and operate directly or through a wholly owned subsidiary an
old established and successful chain store system composed of 31 retail
furnisture stores, one department store, a furniture factory and a mattress
and bedding factory whose entire outputs are sold by the chain. The business was established at Elgin, Ill., in 1907 with a single store and a nominal
capital investment. It was immediately successful and from time to time
as favorable opportunities arose additional stores were opened in other
cities. To-day,it is a complete chain store unit having the many advantages
for continued growth and profitable operation of this type of retail
merchandising.
The business has an unbroken record of cash dividend payments on its
preferred stock In every year since issuance and on its common stock in
every year since organization in 1907.
Purpose.
-Proceeds of this issue will be used to acquire the business of a
predecessor corporation, In effect refunding at a lower dividend rate
$1,401,000 of 8% preferred stock and retiring certain inactive common
stock holdings.
Earnings.
-In no year since its inception has the business failed to show
a profit. In the last five years, the sales and the net earnings available
for dividends after interest, depreciation and Federal taxes (but eliminating certain non-recurring charges averaging $30,980 per annum), have
been:
Net Avail.for
Sales.
Calendar YearsDividends.
1927
35.109,192
$384.306
1926
4.806,663
370,137
4,333,231
1925
338,464
1924
3.377.043
1923
2,814,491
216,793
Net earnings available for dividends for the last 3 years thus have totaled
$1,092,907, an average of $364,302 per annum, equivalent to 2.05 times the
annual dividend requirement of $177,800 on this issue of preference stock,
and in 1927 were $384,306, equivalent to 2.16 times such requirement.
Sales and net earnings for 1928 to date exceed those for the corresponding
period of 1927.
-Company will issue on Dec. 1 1928 to each
Stock Purchase Warrants.
share of preference stock of record the preceding Nov. 20, a warrant entitling the holder thereof to purchase one-half share of common stock of the
company at the following prices; On or before June 1 1929, $13.50 per
share; on or before June 1 1930, $15.50 per share; on or before June 1 1931,
$17.00 per share; on or before June 1 1932. $18,50 per share; on or before
June 11933. $20,00 per share, as more fully recited in a wrrant agreement
to be dated June 1 1928 between the company and Central Trust Co. of
Illinois, trustee.
Balance of net earnings in 1927 available for the 99,600 shares of common
stock to be outstanding, after deducting the preference stock dividend
requirements, equals 5206.506. equivalent to $2.08 per share.
Financial Position.-Financial position of the business at Dec. 31 1927,
as set out on the balance sheet, shows a total current assets of $3,081,644.
compared with total current liabilities of $958,997, a ratio of 33j to 1. The
company has no mortgage or funded debt.
Old Pref. Stock Called for Redemption.
In connection with the re-incorporation of A. Leath & Co., of Elgin. Ill.,
under the name of Leath & Co.. the $1,401,000 of8% pref. stock of the old
company has been called for redemption July 1 1928 at 105 and diva.
Holders were offered the right on or before June 5 to exchange each share
of old pref. stock for 2 shares of the new $3.50 cumul. preference stock of
Leath & Co. and in addition received $3 per share in cash for each share so
exchanged.
Each share of the new preference stock will receive on Dec. 1 1928 a
warrant entitling the holder to purchase at favorable prices share of the
new no-par value common stock. Both preference and common stock of
the new company have been listed on the Chicago Stock Exehange.
Loft, Inc., New York.
-May Sales.
1928
-May-1927.
5632,751
3632.606
-V. 126, p. 2978, 2322.
Increase.
1928-5 Mos.-1927.
3145 132.659.795 $3,255,487
Increase.
$595,692
(P.) Lyall & Sons Construction Co. Ltd.
-Report.
Years End Mar. 31xEarnings
Bond Interest
Sinking fund
Bad debts written off
1927-28.
$318.296
24,416
84.700
84,907
1926-27.
$234,428
29,410
80,000
1925-26.
$262,291
34.074
73,500
1924-25.
$260,121
40,574
71,200
Net income
Preferred dividends... _
$124,269
91,000
$125,018
91,000
$154,717
91,000
5148,346
91.000
333,269
513,652
$34,018
479,634
563,717
415,916
$57,346
358,570
Balance
Previous surplus
Prof.& loss bal.,surp- $546,921
$513,652
$415,916
$479,634
Shs. corn,out.(par $100)
17,500
17.500
17.500
17,500
Earns, per share on corn.
51.80
31.94
33.64
33.28
x After deducting rent, insurance, taxes, general expense, etc.
Comparative Balance SheetMar. 31.
Liabilities1928.
1927.
1928,
Assets1927.
7% cum. pref.stk. 21,300.000 $1,300,000
Plant, bldgs. & ri.
$1,587,394 21,370,558 Common stock._ 1,780,000 1,750,000
estate
6% 1st mtge. bds_
378.700
463,400
Patents, rights &
233,431
53.424
912.210 996,910 Accts. payable _ _ _
good-will, Sic
Accrued wages. __
2,864
Dom. Gov. bds. di
26,929
315,829
371,936 Sub-contra, bats__
16,740
other securities_
3.787
4,634
33,648
35,044 Accrued interest-Stock on hand..
1,484
50,432
507,018 Bills payable
801,638
Work in progress_
15,166
15,167
700,000 Accrued dividends
600,000
Depos. on contra.
765,968
650,000
642,822 630,886 Bank loans
Accts. receivable_
546,920 813,852
119,890 Surplus
131,716
Miscel. assets__ ._
85.228
Cash
Total
$5,025,251 54.817,449
-V. 126, p. 2800.
Total
25.025,251 54.817,449
-May Sales.
McCrory Stores Corp.
1928
-May-1927.
32,879,317
52.973,536
-V. 126, p. 2978, 2157.
Increase.
Increased 1928-5 Mos.-1927.
394,2191514,455,823 314,105,730 3350,093
-Bonds
McGowin-Foshee Lumber Co., Willow, Fla.
Offered.
-Baker, Fentress & Co., Chicago, are offering $600,000 1st (closed) mtge. 6% sinking fund gold bonds at 100
and int. for all maturities, except first two, which are 100M
and int.
Dated May 1 1928; due serially each Nov. and May,from Nov. 1 1930
to May 1 1938. Callable all or part on 30 days' notice, on any int. date, at
100 and int. plus a premium of y, of 1% for each year or part thereof
intervening between date of redemption and date of maturity, but in no
event more than 102. Denom. $1,000, $500 and $100c*. Principal and int.
(M. & N.) payable at Continental National Bank & Trust Co., Chicago.
without deduction for normal Federal income tax up to 2%. Continental
National Bank Sc Trust Co. and Calvin Fentress, Chicago, trustees.
Data from Letter of J. F. McGowin, Vice-Pres. of the Company.
Company.-Is engaged in the manufacture and sale of yellow pine lumber
at Willow, Fla., where it owns and operates a modern and efficient mill,
and readily accessible thereto, a select body of timberlands served by the
company's own railroad.
The timber holdings of the company consist of about 40,000 acres in
Manatee County. Fla., owned in fee simple, estimated to contain approximately 110,000,000 feet, log scale.
Company's plants are modern and efficient and form a complete manufacturing unit with a capacity of 50.000 feet of lumber daily.
[VOL. 126.
Security.
-This issue of bonds is specifically secured by direct closed
first mortgage on all the company's fixed properties, which are valued as
follows:
Timber-110.000,000feet at $7 per M
3770,000
Land-40,000 acres owned in fee
100,000
Plants,town property,ry.,logging and turpentine equip
420,000
Total value of security
$1,290.000
Operations and Earnings.
-The plants at Willow have been in operation
for about 4 years, the first 3 years being in the hands of a predecessor
company, and since Apr. 1 1927, under the ownership and management of
the McGowin-Foshee Lumber Co. During this period they have been
cutting timber exclusively under contract.
For the 3 years,ended Dec.31 1927,income averaged annually. $152,446;
all of which would have been applicable to interest and debt principal had
the timber been owned outright instead of being cut under contract. Payment for timber during this period averaged, 379,944; leaving available for
interest per annum,$72.502; Income,similarly stated , for the first 3 months
of 1928, has been $63,123, or at the annual rate of $252,492.
Retirement of Bonds.
-Mortgage provides for a sinking fund of $7 per
1,000 feet, payable to the corporate trustee, for all timber cut or released
from the mortgage. The proceeds of the sinking fund are to be used exclusively for the payment of bond principal. Since this bond issue, considering the timber alone, is on the basis of less than $5.50 per 1.000 feet.
these sinking fund payments of $7 per 1,000 feet should steadily increase
the ratio of security for the bonds, as the timber is cut.
McIntyre Porcupine Mines, Ltd.
-Annual Report.
A pr.1 '27 to *July 1 '26 to -Years End. June 30--
Period
Bullion recovery
Operating costs
Mar.31 '28. Mar.31 '27.
1926.
1925.
$3,987,635 $2,957,061 $3,804,775 $3,546,637
2,200,022
1,598,685
2,121,322
1,927,500
Operating profit
Other income
51,787.612 31,358,376 31.683,453 31,619,137
91.786
77,470
104.443
95.833
Total income
Taxes
51,879.398 $1,435,846 $1,787,896 $1,714,970
79,035
58,673
66,514
96.084
Net income
Surplus July 1
Sundry adjustments_
31,800,363 31.377,173 31,721,382 81,618.886
3,200,908 3,176,806
3,311,543
3.137.489
Cr.4,416
Total surplus
Dividends
Sundry deductions
Devel, written off
Depreciation
$5,001,271
798,000
5,931
283,873
349,911
$4.558,395 35,032.925 54,756,375
798,000
598,500
798,000
12,769
44,478
29.109
332,924
460,759
268,943
365,120
381,585
568,251
Profit & loss surplus__ $3,563,555 $3,200,908 33,176,806 $3,311,543
Shares of capital stock
outstanding (par 35)__
798,000
798,000
798.000
798,000
Earns.per sh.on cap.stk.
$2.25
$1.73
$2.03
$2.16
* Fiscal year changed from June 30 to March 31.
Balance Sheet March 31.
1928.
1927.
1927.
1928.
Assets$
Liabilities$
$
$
Mining property,
Capital stock
8,990.000 3,990.000
Plant & eq., Sio_ 7,693,447 7.572,848 Accounts
04,358
112,008
Dev.undlstributed
65,556
62,911 Payrolls
62.952
60,111
Oper. & adm. exp.
Prey. for taxes
102.678
108,370
prepaid
22,757
20,217 Sundry liabilities_ ' 12,008
13,884
Cash
280,941
119,052 General reserve_-_ 148,987
148.987
Bullion
188,138
205,447 Depreciation
3,022,289 2,878,852
Spec.bank deposits 350.000
200,000 Surplus
3,563,558 3,200.908
Can. Nat.11y. bds. 244.375
Dominion bonds.. 996,500 1,238,375
Investments
894,993
819,993
Accts. & int. rev
44,973
5,761
Supplies at cost-- 235,977
214,265
Total(each side)10,997,668 10,507,869
-V. 126, p. 423.
(Arthur G.) McKee 8c Co.-StockOffered.-Haen,Miller
& Co., Cleveland, recently offered at $40 per stare 15,900
shares class A stock (no par value). This stock is being
bought from individuals and involves no new financing by
the company.
Stock is exempt from personal property taxation in Ohio; and dividends
are exempt from the present normal Federal income tax. Preferential
cumulative dividends of 33 per share per year, payable Q.
-J. Red. all or
art at any time on 30 days' prior notice at $50 per share and diva. Entitled
o receive in liquidation up to $50 per share and divs, before any payment
can be made on Class B stock. Union Trust Co.. Cleveland, transfer agent.
Capitalization-Authorized.
Issued.
Class A stock (no par)
32,500 Sh9.
32,500 shs.
Class B stock (no par)
55,000 shs.
55,000 slis.
Carnpany.-The business was established In 1905 under the name of
Arthur G. McKee, Engineer, conducting a consulting and designing engineering business, mostly in the iron and steel industry, where it early gained
an enviable reputation. It was incorp. in 1914 in Penn. and reincorp. in
Delaware in 1920. From about 1920 its business has been largely that of
contracting for design and construction of blast furnaces and steel plants.
In the past several years it has entered the contracting and construction
field of the oil refining industry, where it now enjoys a position comparable
to the one it holds with the large iron and steel companies. Company has
served over 95% of all the principal iron and steel companies of the United
States and Canada and many of the principal refiners of oil in the United
States and abroad.
Earninos.-Since the business was established it has never had an unprofitable year and recently its net income has shown a consistent and
satisfactory increase. Net earnings available for dividends on the class A
stock for tne 4k-year period ended Mar. 311928 have been as follows:
3 dos. End.
-Calendar Years
1927Mar.31.28.
1924
1925
1926
Net after all chgs. incl.
Fed. taxes
5161,365 5105.639 5162.523 $3308,511 $175.884
Earn, per sh. on cl. A stk
$5.41
$9.49
$4.96
$3.25
$5.00
Listing.-Application will be made to list this stock on tho Cleveland
Stock Exchange.
t
-Moore,
McKinney Manufacturing Co.
-Stock Sold.
Leonard & Lynch, Hill, Wright & Frew, and J. H. Holmes
& Co. Pittsburgh, have sold 30,000 shares common stock
(no par value) at $13 per share.
Peoples Savings & Trust Co. of Pittsburgh, transfer agent; First National
Bank at Pittsburgh, registrar.
Outstanding.
Authorized.
Capitalization,1st mtge.6% S. F. gold bonds due 1943-- $600,000
$600,000
Common stock (no par)
309,874 sits.
400,000 shs.
Company.
-Originally formed as a partnership in Cincinnati, 0.,in 1865.
In 1870 the plant was moved to Ilamilton, 0., and in 1878 to Pittsburgh
near the present site. In 1902 the company was incorporated in Penn. with
a capital of $1,100,000, and has been in successful and continuous operation
since that date, having shown a net profit and paid dividends every year
since incorporation.
The company has recently been recapitalized for the purpose of providing
additional capital to place on tne market new lines w ich it is expected will
greatly increase both the volume of business and net profits.
Company is one of the largest manufacturers of shelf hardware in the
country, specializing in door hinges of all kinds and in hardware for garages.
-year period ended Dec. 31 1927,
Earnings.
-Net earnings for the 10
after depreciation, interest, expenses for development work and Federal
Income tax as paid by the company, averaged $181,594 per annum.
Net earnings for 1927 and for the period ended Apr. 18 1928, after all
charges including depreciation, interest (including additional interest result-.
Ins from this refinancing) and Federal income taxes at 13)i %, have been
as follows:
327,637
Year ended Dec. 31 1927
573.102
Jan. 1 1928
-Apr. 18 1928
JUNE 9 1928.]
FINANCIAL CHRONICLE
While the net earnings for the period beginning Jan. 1 1927, as above,
have been charged with interest on the basis of new capitalization they do
not include any benefits from the additional capital as a result thereof.
Listing.-Application will be made to list this stock on the Pittsburgh
Stock Exchange.
-May Sales.
McLellan Stores Corp.
1928-May-1927.
3756.073
8936.511
-V. 126, P. 2978, 2322.
Increased 1928-5 Mos.-1927.
$180,438134,036,260 $3,478,783
Increase
$557,477
-Report.
McQuay-Norris Mfg. Co.
Years Ended Dec. 31Net income
Deprec., amortiz., &
machinery
Reserve for taxes
1928.
$538,322
1926.
8408.337
1925.
8384,114
1924.
$171,186
178,026
44,943
166,411
33,444
181,359
27,100
141.083
Balance,surplus
-V 126, p. 1674.
$315,352
$208,482
$175,655
330,103
-Earnings.
(I.) Magnin & Co., Inc.
Calendar YearsSales
Gross profit
Federal income tax
1927.
1926.
1925.
$8,363,486 $7,225,263 35.980,564
$718,181
3700,578. $545,471
95,624
89,538
67,505
Net income
Preferred dividends
Write-off on entire non-recurring exp.
incident to est'ment of Seattle store
Common dividends
$622,557
22,956
$611,040
24,342
$477,966
31,899
261.250
40,956
190.000
164,980
Balance carried to surplus
$338,350
$355,742
8281,087
The net earnings available for common stock for 1927 were $2.10 per
share. On the same basis the net earnings for 1926 were $1.92 per share.
and for 1925. 31.57 Per share.
-V. 125, p. 106.
Manning, Bowman & Co.
-Earnings.
Calendar YearsNet earnings
Taxes
1927.
$238,937
36,108
1926.
$214,471
27,400
1925.
$168.006
23,271
1924.
$128,991
16,315
Balance
-V. 126. p. 1518.
3202,829
$187,071
$144,735
$112,676
Marathon Shoe Co.
-Stock Offered.
-Oliver J. Anderson
& Co. and Stix & Co., St. Louis, are offering at $58 per
share 9,200 shares common stock.
3607
(Oscar) Mayer & Co., Inc.
-Annual Report.
53 Weeks End, Year End.
-Dec.
3.'27. Nov. 27,'26.
Period
Profit on operations
$126,212
$374,706
Taxes
20.203
61.000
Net earnings
Preferred dividends
3106,009
67,085
$38,924
832,781
605
Surplus
Previous surplus
Premium on pref. stock purchased
Profit & loss surplus
Earns. pr. share on 120,000 shs. corn. stk.(par $10)
-V. 109, p. 1084.
$313,706
68,754
$244,952
587,829
$871,100
$0.32
$832,781
$2.04
-Annual Report.
Mayflower-Old Colony Copper Co.
Calendar YearsReceipts
Payments
Balance, surplus
-V.124, p. 2602.
1927.
8111.018
67,421
1926.
835,040
61,203
$43,597 def$26.163
1925.
$75,761
64,594
1924.
566,684
79,087
311,167 def$12.403
-Plan Operative.
Mechanics Machine Co.
See Borg & Beck Co. above.
-V. 126. p. 2979.
Merchants Exchange Building, Vancouver, B. C.
-G. A. Stimson & Co., Ltd., Toronto,
Bonds Offered.
recently offered $300,000 6% gold bonds due 1948 at 100
and int.
The bonds are secured by a deed of trust and mortgage dated Jan. 1 1928.
made between G. A. Stimson Sz Co. Ltd., and the Sterling Trusts
among other things, G. A. Stimson & Co. mortgaged and charge
Corp.,whein
as security for these bonds all their rights, title and interests in and to the
Merchants Exchange Building, Vancouver, B. C., together with the land
upon wnich the building is situated and certain lands adjacent thereto.
The Merchants Exchange Bldg. together with the lands which form the
security for this issue, are valued at $440,000 by A. E. Austin & Co..
Vancouver, B. C. The present building is 100% rented and Is situated on
what we believe to be the best corner in Vancouver for a financial office
building.
-Report.
Merchants & Miners Transportation Co.
1924.
1927.
1925.
Calendar Years1926.
Oper. revenue (transp.)- $8,329,460 $8.671.710 38,731,266 $7,362,469
121,760
135,222
133,029
116,951
Other income
CapitalizationAuthorized.
Outstanding.
$8,446.411 38.806.932 38,864,297 37,484.229
Total income
8% cumulative preferred stock
$250,000
$110,900
1.027,188
1.125.989
1,035,523
1.119,381
Common stock (par $25)
30,000 shs.
20.000 abs. lkiaint. (incl. deprec.)
5,170,952
5,789,141
5.869,479 6,226,978
Other expenses
Transfer agent and registrar, Mercantile Trust Co., St. Louis, Mo.
164,180
177,620
200,541
193.962
Company.-Incorp. in 1914 for the manufacture and sale of children's Rentals
1.162
787
1,689
314
and misses' shoes. It has just acquired the Wausau Shoe Co., heretofore a Interest
283,027
373.024
288.395
Fed. tax res.)
279,987
separate unit operated under the same management as the Marathon Shoe Taxes (incl.
Co. It now owns and operates three plants, two located in Wausau, Wis.
3837.720
$971,294 51,488,202
$975.334
Net income
and one in Merrill, Wis.
384,000
447,420
660,608
608.385
Dividends paid
Sales and Earnings.
Net Sales. Net Profits.
$4453.720
3310,684 51,040,782
$366,949
Balance, surplus
1922
$677.107
$50,061
1923
882,243
83,929 -V. 124, p. 1677.
1924
1,202,169
103,701
-May Sales.
Metropolitan Chain Stores, Inc.
1925
1,459,169
129,274
Increase.
1926
Increase. 1 1928-5 Mos.-1927.
-May-1927.
1928
1.598,471
154,988
$44,003,875
$241,730
3116,451134,245,605
1927
3855,066
1,784,906
154,488 $971,517
Based on an audit by Haskins & Sells, the earnings on the common shares -V. 126. p. 3133. 2979.
in Marathon Shoo Co., after depreciation, Federal and State taxes and a
other charges, for the years 1925, 1926 and 1927, show an annual average
(I.) Miller & Sons, Inc., New York.-Pref. Stock Offered.
of $6.98 per share and for the year 1927 show earnings of $7.39 per share.
Inc., New York, offered May .29
Dividends -Directors have signified their intention of paying dividends -Geo. H. Burr & Co.,
cf
at the rate of $33.50 per share per annum.
at 1083i and div. $2,500,00067 cum. cony. pref. stock.
Purpose.
-This issuance of common stock represents no new financing The issue has been oversubscribe . A limited amount of
for the company. It is purchased from individuals.
Listing.
-Application will be made to list these shares on the St. Louis common stock is also being offered.
Stock Exchange.
Preferred as to dividends, and as to assets to the extent of $100 per share
plus divs. on liquidation. Cumulative dividends, payable quarterly, beginMargay Oil Corp.
ning Sept. 1 1928. Cumulative semi-annual sinking fund commencing
-Earnings.
June 1 1932. payable out of net profits or surplus after provision for divs.
Income Account Year Ended Dec. 31 1927.
preferred stock, amounting annually to 3% of the aggregate
on
Number of barrels of crude oil produced
1,091.597 parcumulative greatest amount of 6)4% cumulative convertible preferred
value of the
Gross income
81.510,463 stock ever oustanding. Red. all or part at any time on and after June 1
Operating expenses
210.853 1932,at $110 per share and divs. at the option of the company,upon 30 days'
General expenses
89.611 notice; also redeemable for sinking fund at said price and upon said notice.
Dividends exempt from present normal Federal income tax. Transfer
Net profit from operations
$1,210,000 agent, Guaranty Trust Co.. New York; registrar, Chase National Bank,
Income credits (net)
49.830 New York.
the holder's option at any time up
Conrersion Privilege -Convertible
Total income
$1,259.830 to, and incliding, June 1 1932, uponat
giving 10 days' prior written notice,
Reserve for depreciation and depletion, &c
x494,048 into common stock at the rate of 134 shares of common stock for each
Net income for the year
$765,782 share of 6 cumulative convertible preferred stock.
Authorized. Outstanding.
CapitailzationSurplus, Jan. 1 1927
216,586 Cumul. pref. stock (par $100)
*$5,000.000 82.500.000
Other profit and loss credits
41,774 Common stock (no par value)
8250,000 she. 145.000 she,
* Including this issue of $2.500.000 636% cuumlative convertible preGross surplus
$1.024.142 ferred stock; the remaining $2,500,000 will, if and when issued,
Dividends
224,637 dividend not exceeding 63i %,and will be entitled to the benefit of agf a
e
similar
provided for it, and, if such
Surplus, Dec. 31 1927
$799,504 sinking fund; no conversion privilege has beentime of issue, it shall not be
privilege be conferred by the directors at the
Earnings per share on-149.758 shs. outstanding (no par)
$5.66 on a more favorable basis to the holder than the conversion privilege of the
x Includes $342,539 cost of drilling.
-V. 125. P. 3208.
$2.500,000 634% cumulative convertible preferred stock.
a 37,500 shares reserved to provide for conversion of this issue of 634%
Marvel Carburetor Co.-Bal. Sheet Dec. 311927.cumulative convertible preferred stock; 12,500 shares reserved for issue to
holders of the former 8100 par value common stock,ratably upon conversion
Assets
Liabilities
of 6)4% cumulative convertible preferred stock; 5.000 additional shares
Land, bides. de mehy.(deer.) $747,786 Capital stock
8760.000 to be
presently issued to employees.
64.782 Accounts payable
Patents (deer.)
104,603
Data from Letter of I. Miller, President of the Company.
Investments & stock sub_ _
68,208 Accrued accounts
40,783
Company.
679.229 Federal Income taxes
Cash & govt. securities
-Manufactures at its plant in Long Island City, N. Y., under
95,662
distributing its product
156.815 Capital surplus
Notes .4 accts. receivable__ _
265,732 Its own trade-mark, women's high grade shoes,
departments in
Inventories
210,670 Earned surplus
687.331 throughout the United States through 90 retail stores and stores in 135
other stores, which sell I. Miller shoes exclusively, and 135
7.186
Cash value life Insurance_ _
I. Miller shoes. Nine stores
different cities which are exclusive agents for
Deferred charges
19,434
and 2 departments in other stores are operated by the company, 7 being
Total
$1,944,111
Total
81.944,111 located in Greater New York, 2 in Chicago, and one each in Atlantic City
and Palm Beach.
Extensive national advertising has contributed to the company's growth.
Merger Plan Operative.
Over $750.000 has been expended in each of the past three years in advertisSee Borg & Beck Co. above.
-V. 126, p. 2978.
ing I. Miller shoes.
Earnings.
-Net profits, after deducting all charges, including depreciation, except interest on indebtedness presently to be discharged (averaging
Maverick Mills.
-Earnings.
$93,214 per annum) and after Federal income taxes at the rate of 1335%
Income Account Year Ended Dec. 31 1927.
as certified by Price, Waterhouse & Co., were as follows:
Gross sales
52,099.925
1925.
Calendar Years1926.
1927.
Operating expense
1.866,448 Net Profits as above
$652.719
$412,204
3520,516
Depreciation
73.000 Times new pref. divs. requirements
4.0
2.5
3.2
*Earns per sh. on common stock _ _
$3.26
$1.66
$2.38
Operating profit
$160,477
150,000 shs. and Includes 5,000 shs, to be presently issued to employees.
Other income
35,822
Net profits reported by the company for the first quarter of 1928, based
upon an actual inventory and computed upon the above basis, were in excess
Total income
8196,299 of $210,000, equivalent for the quarter to $1.12 per share on the common
Interest paid
71.163 stock after deduction of
% cumulative convertible preferred stock
Reserve for taxes
24.867 dividend requirements.
Other charges
33,779
Assets.
-The balance sheet, as of Dec. 31 1927, adjusted to give effect
to the present financing, shows current assets of $3,523,571, as against
Net income
$66.490 current liabilities of $576,958. This Is a ratio of 6.1 to 1, and leaves a
-V. 121, p. 3362.
net working capital of 82,946,612. Net current assets are equal to over
Maytag Co. (Del.).
-New Common Stock Placed on a $117 per share and net assets to over $191 per share of 6)4% cumulative
convertible preferred stock.
Purpose.
-Entire proceeds are to be used for the expansion of distribution
$1.50 Annual Dividend Basis.
redemption of present outstanding preferred stock the retireThe directors have declared an initial quarterly dividend of 3714c. per facilities, thebalance of an issue of 1st mtge. bonds sold in 1923 and the
ment of the
on the new common stock, no par value, payable July 1 to holders of retirement of bank loans, thus leaving
share
the company free.of all indebtedness
record June 15. See also V. 126, p. 3309.
except current monthly accounts.
3608
FINANCIAL CHRONICLE
[VoL. 126.
Common Stock Dividends.
-The management has announced Its intention
-It is the intention of the directors to pay regular dividends in
Dividends.
of placing the common stock on an annual dividend basis of $2 per share, quarterly installments at the rate of at least $2 per share per annum and it
payable quarterly, beginning Sept. 1 1928.
is expected that the initial dividend on this basis will be declared within 60
Listing.-Company has agreed to make appllcation to list this stock on days.
the New York Curb Market.
-V.118. p. 211.
-Earnings.
Monsanto Chemical Works.
Miller & Lux, Inc.(& Subs.).-Bal. Sheet Dec. 31.Income Account Year Ended Dec. 311927.
1926.
1927.
Gross earnings
1927.
$1,419.100
1926.
AssetsLiabilities
Interest earned and other income
25,593
$
$
3
$
Land, mach'y,eq.,
15,000.000 15,000,000
Capital stock
Sos
Total income
22,882,997 27,067,258 1st mtge. 6% gold
$1,444,693
Sinking fund cash..
334,375
12,198,000 13,414,000 Provision for depreciation or replacement
924
bonds
21,380
112,102
Expenditure for research
Investments
2,446,659 2,306.174 Secured 7% gold
Adv. to stockh'd'rs 2.936,037 2,934,341
8,052,000 8,855,000 Interest and discount on bonds
190,641
notes
Other interest paid
Land sales contracts
4,177
Land contr. pay.
18.2.51 Miscellaneous reserves, &c
47,777
5.236.550 3,017,640 (new)
received
211,574 Reserve for Federal income tax
Inventories
83,000
4,347,679 5,663,794 Accounts payable_ 170,500
Notes & acc'ts rec.
Accrued Int., taxes,
664.457
$672.621
670.810
Net income
(less reserve)
193,725
380,642 expenses
13.038 Previous surplus
25.743
Short term notes
1.676.967
225.000 Deferred rental inc.
5,841,538 6,910,380
565,750
605.967 Surplus
Deposits
Total surplus
Cali loans
$2,349,589
1,850.000 1,100,000
Cash and stock diva. and surplus adjustments for 1927
Cash
114,666
704.947
212.840
Deferred charges 1,383,604 1.551.665
Total (ea. side).41,958.592 45,086.701
Profit and loss surplus
$1,644,642
-V. 124, p. 2919.
-V. 126, p. 3462.
Milner Stores Co., Raleigh, N. C.-Pref. Stock Offerinb
Montreal Apartments, Ltd.
-Bonds Offered.
-Royal Se-Dur ey & Marr, Raleigh, N. C., have placed privately
curities Corp., Ltd., R. A. Daly & Co., Ltd., Hanson Bros.,
$150,000 7% cumul. pref. stock at par ($100 per share).
Inc., Matthews & Co., Ltd. and McLeod, Young, Weir &
Callable at any time, on 30 days' notice, within three years at $110
share and div., and any time thereafter at $105 and div. per share. Tax Co., Ltd., are offering at 97 and int., to yield over 5%%;
exempt in North Carolina and free from normal Federal income tax. Divi- $4,000,000 0
6% 1st (closed) mtge. 20-year sinking fund
,
dends payable Q.
-J.
Issued. gold bonds.
CapitalizationAuthorized.
$150,000
Preferred stock. 7%
$300.000
Common stock (no par value)
40,000 shs. 20.000 shs.
Company
been organized to take over the assets of the Durham.
Raleigh, Asheville, and Hendersonville Piggly Wiggly Stores, consisting in
all of 17 Piggly Wiggly Grocery Stores.
Earnings.
-Before deducting taxes and depreciation, the average annual
earnings of the company the past three years were more than $50.000. The
company maintains the policy of charging liberal depreciation, 30% on
motor equipment, 10% on fixtures. After such charges and all taxes, the
average annual net earnings of the company for three years ending Dec.
311927. were $39,416 nearly 4 times dividend requirements on this issue.
Purpose.
-To acquire the assets of the partnership in the Raleigh and
Durham stores and to take over the assets of the Asheville and Hendersonville corporation, and for the expansion of the business.
Mining Corp. of Canada, Ltd.
-Report.[Lorrain Operating Co.. Ltd., Frontier (Lorrain) Mines, Ltd.!
1924.
1925.
Calendar Years1926.
1927.
$939.860
Income from production $1.235,881 $1,416,924 $1,542,699
692,392
842.125
794,415
Mining expenses
691,280
Profit at mines
Other income
$544.601
31,602
$622.509
32,650
8700.573
74.951
$247.468
26.478
Total income
Administrative expenses,
royalties, &c
$576,203
$655.159
$775,525
$273,946
153.343
143.973
173,357
206.517
Net profits
Previous surplus
$422.860
114,660
$511.186
94.749
$602,168
$67.428
2,978.864
Total surplus
Items written off
Dividends
$537,520
75.967
415.013
$605.935
76.263
415,013
$602,168 $3.046,292
3.046,292
92.407
415.013
Burplus
-V. 126. P. 589
.
$46,541
$114,660
$94,749
-Earnings.
Minneapolis-Honeywell Regulator Co.
Income Account Three Months Ended Dec. 31 1927.
Operating profit for period
Dividends received
Miscellaneous income
$319.915
24,165
14,962
Total income
Miscellaneous deductions
Provision for depreciation
Provision for taxes
$359,042
14,333
27,000
39,128
Balance, net profit for period
Balance at beginning of period
$278.581
$466,173
Balance, Dec. 31 1927
-V. 126, p. 2979.
$744. 4
Minneapolis Steel & M'ch'y Co. Subs.)
(&
.-Earnings.Income Account Year Ended Dec. 311927.
Total sales
Manufacturing, admin., general & sales expenses
$7,854,655
6.510,878
Profit from operations
Interest on receivables & miscellaneous earnings
$1,343,776
194.987
Total income
Miscellaneous charges
Depreciation
Interest paid
Provision for Federal & Canadian income taxes
$1.538.763
227.614
186.767
163,627
143.514
Net earnings for year
Deficit, ELS at Dec. 31 1926
Miscall. adjustments (net) affecting prior years
$817,241
461,194
38.390
Surplus. Dec. 31 1927
-V.126. p. 1993.
$317,657
Modine Manufacturing Co., Racine, Wis.-Stock Of-Ralph A. Bard & Co., Chicago, are offering on
fered.
approximately a 6%% yield basis, 25,000 shares of common
stock.
Dividends exempt from normal Federal Income tax. Dividends deductible from Wisconsin income tax. Listed on the Chicago Stock Exchange.
Transfer agent, Union Trust Co., Chicago. Registrar, Continental
National Bank & Trust Co., Chicago.
Data from Letter of Pres. A. B. Modine, Racine, Wis., May 15.
Company.-Incorp. June 23 1916 in Wisconsin. Company has shown
earnings in each year since its inception with the exception of 1921 and from
an original cash investment of $58,375 has grown to its present size entirely
through profits retained in the business. The business of the company lathe
making of radiators for use In connection with internal combustion engines,
heat transfer apparatus applicable to a wide range of industrial requirements and heating apparatus for industrial and house heating purposes.
Its volume is well diversified in approximately tne proportions 01%1-3 to the
automobile industry, 1-3 to industrial equpiment manufacturers including
tractors, and 1-3 to heaters and radiators for industrial and house heating
purposes.
Net Earnings After Federal Income and Wisconsin Income Taxes.
1925 net earnings, $269,539; 1926, $305,392; 1927, $317,205; x 1928,
8129.629.
x 3 Months ended March 31 1928.
The foregoing figures indicate average earnings on the issued capital stock
of 100,000 shares for the past 3 years and 3 months at the rate of $3.14 per
share and for the first quarter of 1928 at the rate of $5.18 per share.
CapitalizationAuthorized. Outstanding.
100,000
Common stock (no par)
125,000
The 25,000 shares of common stock now offered does not represent any
new financing.
Dated July 1 1928; due July 11948. Principal and int. (J. & J.) payable
in Canadian gold coin or its equivalent at any branch of the Bank of Montreal in Canada: or, at the holder's option, in United States gold coin or Its
equivalent at the Agency of the Bank of Montreal, New York, or in sterling
at the Bank of Montreal, London, Eng., at the rate of $4.86 2-3 to £1.
Denom. $1,000 and $5000. Red. all or part on 30 days' notice at a premium of 5% up to and incl. July 1 1929. and thereafter up to and incl.
July 1 1947. at a premium of5% less X of 1% for each year or part of a year
elapsed between July 1 1929, nad the date of redemption, and after July 1
1947. without premium; in each case with accrued int. Company will
assume U. S. normal income tax up to 2%,and will refund Pa., Masa, and
certain other State taxes as defined in the trust deed. Trustee, Royal
Trust Co.
Authorized.
Outstanding.
Capitalization$4,000,000
534% 1st mtge bonds,due 1948 (this issue)- _ _ (Closed)
7% gen. mtge. bonds.due1938615.500
$611
8
Common stock (no par)
:00
5 5° shs. 15,000 ohs.
P. R. DuTremblay, K.C„ M.L.C., who owns all the share capital of the
company except directors' qualifying shares, has undertaken to purchase
the equity in the properties to be mortgaged as security for these bonds,
and thereupon the payment of principal and interest of the bonds, also the
sinking fund and all covenants of the trust deed, will become his personal
obligations.
Cornpany.-Incory. under the laws of the Province of Quebec. having
purchased the property and assets of Drummond Investment Co., Ltd.
will own by freehold title the following apartment blocks in Montreal, an
the real estate on which they are situated: "The Chateau," an 11 story
building of reinforced concrete construction completed in 1926, containing
131 apartments with a total of 926 rooms.
The "Drummond** and "Drummond Court" apartments, fronting on
Stanley and Drummond Sta., in the same residential section as "The
-story apartment blocks,comChateau." The buildings consist of two 10
pleted in 1920 and 1924 respectively, divided by a private roadway. They
contain a total of 191 apartments, divided into 1,316 rooms.
Security.
-Secured by a first (closed) hypothec, mortgage and pledge on
the properties above mentioned. The trust deed will contain provision
for payment of a semi-annual sinking fund of 1% per annum (payable as to
X of 1% semi-annually), commencing Jan. 1 193
Purpose.-Proceeds will be used for the retirement of 31,828.000 634%
first mortgage bonds of Montreal Apartments, Ltd. and approximately
% 1st mtge bonds of DrUmmond Investment
$1,793.000 outstanding
Co.. Ltd.
-Consolidated net earnings of the combined properties, after
Earnings.
deduction of operating and maintenance expenses and local taxes and available for interest and depreciation, for the year ended Dec. 31 1927 were
$3382,691.
On the basis of signed leases in effect May 1 1928, P. S. Ross & Sons
estimate that net earnings for the year ended May 1 1929. available for
bond interest and depreciation-provided that leases expiring during that
period are renewed at present rates and with the benefit of savings to be
effected by the amalgamation, as estimated by the P. R. DuTremblaY
should be as follows: Gross revenue, $655,385; operating expenses and
taxes, $235.165: net earnings available for bond interest. $420,220; as
against annual first mortgage bond interest of $220,000.
-Wm.
-Certificates Offered.
Mortgage Insurance Corp.
Cavalier & Co., San Francisco recently offered $500,000
insured 1st mtge. 6% gold certificates (issue No. 28-1928)
6
,
at prices to yield from 0 % to 6% according to maturity.
Dated April 1 1928: due serially 1929 to 1939, incl. Principal and int.
(A.& 0.) payable at Metropolitan Trust Co.of Calif., Los Angeles, trustee.
and American Trust Co., San Francisco. Denom. $1,000 and $500c5•
Repurchasabie by the company as a whole nut not in part on any int. date
at par, and int. and a premium of ;i of 1% for each unexpired 6 months or
Portion thereof, but not exceeding 102. Exempt from California personal
property tax. Legal investment for California savings banks, trust companies and insurance companies.
Company.-Incorp. In California and operates under the provisions of
issuance of
the California Mortgage Insurance Act, which authorizes thecapital and
these insured first mortgage certifiates. Corporation has a
under the close supervision of the
surplus of $1.357.792. Operations are
State Insurance Commissioner.
-These certificates represent a participating interest in 137
Certificates.
over $500,000. and averaging
first mortgages and first deeds of trust totaling the trustee. These liens are
about $3,600 each, which are deposited with
California real estate appraised at
secured by improved and productive
'Linder the
$1.034,025. or more than twice the amount of those securities. approved
appraisers
Mortgage Insurance Act, all appraisals are made by
the Insurance Commissioner of
by both the Superintendent of Banks and
-V. 125, P. 3358.
California.
-Annual Report.Mountain Producers Corporation. 1925.
1924.
1926.
1927.
43,391.987 a$5,393,516 a$4,843.543 b$6,420,493
3.448,473 2,859.709
4,037,263
4,373,673
def$981,686 $1,356,253 $1,395,070 $3,560,784
Surplus
payment of
a Earnings before depletion and Federal taxes, but after
after
royalties, administrative and other expenses. b Before depletion but
Federal taxes and expenses.
Associated Oil Corp.).
Balance Sheet Dec. 31 (Incl. Wyoming
1926.
1927.
1926.
1027.
$
$
Liabilities-$
s
Assets18,821,820 18,821,820
leases x23.374,915 25,030,800 Capital stock
Oil lands .4(
126,041
84,043
80,579 Acc'ts payable_
Field Inv. & equip - y56,449
231,000 Dividends payable 1,097,648 1,014,610
Stock In other cos_ 207.500
54,399
87,786
4,276,227 5,028,466 Deferred liabilities
Cash
20447,128
U.S.bds.& notes_ 1,182,825 1.502,100 Surplus taxes and16,626,721
Res, for
County & mun.bds. 50,400
875.354
808,027 contingencies__ 252,514
Acc'ts & nctes rec_ 592,781
In.ln crude stoege 5.137,527 5,112,527
80,792
69,257
Deferred aSSetS___
Total(each side) 34,970,513 33,839,364
85,082
22,832
Deterred charges$23,704.468.
x Oil lands and leases, $447,079.383; loss reserve for depletion,for deprecia
$318,397; less reserve
y Field investment and equipment,
$261,949. V. 124, p. 3221.
tion,
Calendar YearsNet income
Dividends
1
JUNE 9 1928.]
FINANCIAL CHRONICLE
Mount Royal Hotel Co., Ltd.
-Earnings.
Calendar Years1926.
1927.
1925.
Gross income
$3,076,497 $3,112,256 $2,854,319
Operating expenses, depreciation, &c 2,283.607
2,286.976
2,420,760
Operating profit
Interest, amortization,&c
Other deductions
Depreciation
Income tax
$792,890
x317.886
$691,496
285,776
65.537
$567,343
295.182
$3,456,502
$428,243
3609
the general depression in the sheet metal Industry, net earnings were $417.663. or equal to over 3 times pref. div.requirements on the ser A pref.share.
-Proceeds will be used for the retirement on July 1 1928 of the
Purpose.
outstanding 7% pref. stock and the redemption price thereof has been
deposited with the Union Trust Co. the balsnce of the proceeds will be
used for plant improvements.
-V. 128, p. 2489.
Nichols Copper Co.
-Resumes Common Dividend-Three
Producing Companies to Acquire Interest
-To Chance Capital10.000
ization.
-The directors on May 24 declared a dividend of
Net profit
$303,804
$330,183
$272,161 $1 per share on the present outstanding 70,000 shares of
Preferred dividends
(6%)409,542(3%)204,771
common stock, no par value, payable to stockholders of record
Balance, surplus
def$105,738
$125.412
$272.161 May 24, 50c. thereof being payable June 15 and 50e. payable
Previous surplus
327.746
355,061
73,610 Dec. 15 1928. This is the first dividend on the no-par-value
shares, which were exchanged in 1924 for common stock of
Total
$222,008
8480.473
$345.771
Add depreciation prior years
$100 par value on a share-for-share basis. The last previous
188,000
150,000
Surplus adjustment prior years
2,728
8,981
Cr.9.290 dividend paid on the old stock was 4%,on Dee. 20 1916.
Profit and loss, surplus
President C. Walter Nichols in a recent letter to the stock$25,027
8355,061
8327,745
x After deducting $15,517 amount of interest received discount earned
holders said in substance!
and dividends received.
-V.124 P. 3783.
(
During the last three years two Important producers
-Union Miniere
(G. C.) Murphy Co.
Du Haut Katanga, of the Belgian Congo, and the United Verde Extension
-May Sales.
1928
-Ma ---I927
Ina ease.
1928-5 Mos.-1927.
Increase. Mining Co., have purchased substantial blocks of stock in this company,
$896.122
$732,559
-V. 126, p. 2979. 2323.
170,000
1.200
$163,563 I $3,884,745
National Air Transport, Inc.
-Rights &c.-
The stockholders of record June 1 will be
or before June 21 for $1.000,000 additional given the right to subscribe on
capital stock at
share) on the basis of one new share for each two shares held. par ($100 per
The proceeds
are to provide funds for the purchase of 50,000 shares of Transcontinental
Air Transport, Inc., and for equipment and operation of a passenger air
line on present air mail route from New York to Chicago, and between such
other points as executive committee may designate. The company is now
operating a passenger service between Chicago and Kansas City and a sightseeing service over Chicago. The first new service contemplated will be a
(lay time service with multi-motored airplanes, following present route of
National Air Transport through Bellefonte, Cleveland, Toledo and Bryant
to Chicago, with spur line to Detroit.
The authorized capital stock was recently increased from 82.000,000 to
$3,000,000.
Air passenger transportation between Chicago, Toledo, Detroit, Cleveland and New York will be established within 6 to 8 months by National
Air Transport. Inc., according to announcement made by Col. Paul Henderson, V.-Pres. and Gen. Mgr. of the company. To finance the new
undertaking the board of directors have Increased the capitalization of the
National Air Transport $1,000,000, subscribing all the additional stock
themselves. The first unit to be launched will consist of 7 de luxe multimotored planes (with at least 3 motors), carrying 12 or 14 passengers. 2
pilots and a cabin steward who will servo a buffet lunch
fleet of new planes will cost $500,000. Financing of the newenroute. This
service reveals
that the corporation will use the other 8500,000 to buy 50,000 shares of
Transcontinental Air Transport. Inc., which was recently organized. The
latter company is to operate a combined railroad and airplane service
from New York to Los Angeles. The distance between Chicago and New
York will be flown in 7 hours, beating the fastest railroad train by 13 hours.
Motor bus service will he provided between the principal hotels and
ing fields in Chicago, Toledo. Detroit, Cleveland and New York landCity.
While It has not been definitedly decided what fare will be charged, Col.
I lenderson said, "We will follow railroad practice and charge rates reasonably advanced to represent the time saved over slower means of trampertation."-V. 126, p. 3462.
and their representatives are now members of the ooard of directors.
Negotiations have been brought to a successful termination by which
three other producing companies, Phelps Dodge Corp.. Calunvt & Arizona Mining Co., and New Cornelia Copper Co., who control substantial
quantities of copper which they desire to have electrolytically refined.
have agreed to take an interest in your company. Under date of Jan. 14
1928. a contract was made between your company and the companies above
mentioned, which has now peen approved by the respective boards of
directors of each company,subject to the ratification of the stockholders of
this company, the substance of which is as follows:
The Nichols Copper Co. is to increase its no par value common stock
from 70.000 shares, as at present issued and outstanding, to 400,000 shares.
These 400,000 shares will be divided into 100.000 class A shares and 300.000
class B shares. 70,000 shares of class B will be exchanged for the 70,000
no par value shares now outstanding: 140,000 shares class B will be bopght
by the three producing companies above mentioned: the remaining 90.000
class B will remain in the treasury for future corporate purposes. The
price per share which has been agreed upon for the sale of the said class B
shares was arrived at after a thorough audit of our books by accountants of
the producing companies, and we believe that such price is a fair one for all
concerned.
The proceeds of the sale of 140.000"B"shares will be used to build a new
copper refinery in the southwest. This copper refinery will be built under
the supervision of the Nichols Copper Co. and will be owned and operated
by us when completed. The producing companies agree to ship all of their
copper which they desire to have electrolytically refined to the new refinery
up to the limit of its capacity. The balance of their production which they
desire to have electrolytically refined will be shipped to New York for
refining, See also V. 126, p. 2979.-V. 119 p. 2770.
North American Investment Corp.-Pref. Stock Offered.
The company has just commenced the sale of a 53i% cumulative pref.
stock, through investment dealers. This stock is now being sold at $95
Per share plus accrued dividend, to yield 5.79%.
The stock has been listed on the San Francisco Stock Exchange.
Exempt from normal Federal income tax and California personal property
-J. Red. all or part on 30 days' notice at 105
tax. Dividends payable Q.
and diva. Preferred as to assets and dividends.
Authorized. Outstanding.
Capitalization$5,000,000 81.500,000
Collateral trust 5% gold bonds
National Belles Hess Co.
-May Sales.
-5,000,000
514% pref.stock 1$100 par)
l928
-Ma --1926.
Increase
1928-5 Mos.-1927.
Increase.
1,950.000
3,000,000
MOO par)
83,154.224
$2,365,918
$788,3081 816.943,534 $14,636,838 $2,306,696 6 Pref.stock ($100 par)
1,840,000
10,000,000
Common stock
-V. 126, p. 2801, 2489.
Corporation was incorp. in Calif., Oct. 20 1925, for the purpose of enNational Cash Register Co.(Md.).-Gain in Sales.
gaging in business as an "investment company."
Statement of Earnings.
American sales in May aggregating $4,250,000. were among the largest
for any month in the company's history, .1. H. Barringer, Vice-President
12 Mos.End. 12 Mos.End.12Mos.End.
and General Manager, announced. More than $500,000 worth of sales
Apr.30'28. Dec. 31 '27. Dec. 31 '26.
were made by the Chicago agency alone last month, he said. Increased Gross earnings
$231.989
$101,140
$338,119
business also was reported in New York, Brooklyn, Detroit, St. Louis, Expenses
15.907
24.038
7,951
San Francisco and other pivotal business centers.
16,772
6.773
20,609
Taxes
The Canadian selling division made a new high sales mark in May, ex- Bond Interest
19,731
38,398
ceeding all previous records, it was also announced.
3,523
Amort. of disc. on bonded debt
1,697
-V.126. p. 2660.
Stk,disc, ening,through income_ _ _ _
3,499
LSO
3.499
National Liberty Insurance Co.
-Capital Increase
A pproved-Rights.-
The stockholders on June 5 approved unanimously the dIrectors'recommendations that the capital stock be increased from 82.000,000 to $2,500,000, that the shares be split from $10 par to $5 par, and that offering be
made of rights to stockholders of record June 15 to subscribe at $50 a share
for one new share of stock for each 4 shares then held. Rights will expire
July 5.
-See also V. 126, P. 3311.
National Trade Journals, Inc.
-Initial Dividends.
-
The directors have declared an initial quarterly dividend of 6214c. per
share on the capital stock, no par value, payable July 2 to holders of record
Juno 20. See offering in V. 126, p. 882.
Nauheim Pharmacies, Inc.
-Definitive Ctfs. Ready.
-
J. & W. Seligman & Co. announce that definitive stock certificates of
Nauheim Pharmacies, Inc., cumul. cony. pref. stock and common stock are
ready for delivery in exchange for interim certificates either at their office
or at the principal office of the National Bank of Commerce, 31 Nassau
St., N. Y. City. See offering in V. 126, p. 2979.
Neisner Brothers, Inc.
-Sales.
-May-1927.
1928
$714,890
$471,662
-V. 126. p. 2801, 2158.
Increased 1928-5 Mos.'-l927.
$243,228 I $2,895,683 $2,085,947
Increase.
$809,736
Newton Steel Co.-Pref. Stock Offered.
-Union Trust
Co., Cleveland, and R. V. Mitchell & Co., are offering
$2,250,0006% cum. pref. shares, series A,at par ($100).
Red. as a whole or in part on any div. date, on at least 30 days'
at $105 per share and diva. Pref. as to assets and cumul. diva. notice.
Divs.
-J. Union Trust Co. of Cleveland, 0., transfer agent and
payable q.
registrar, and Dollar Savings & Trust Co. of Youngstown, 0., co-registrar
and co-transfer agent. Free from present normal Federal income tax and
free from all present Ohio taxes excepting only inheritance tax. Company
has agreed to refund upon application Pennsylvania 4 mills tax.
Data from Letter of Edward F. Clark, Pres. of the Company.
CapitalizationAuthorized.
Outstanding.
6% cumul. pref. stock
• $4.000,000
82.250,000
Common stock (no par)
100,000 shs. 100,000 shs.
Company.-Incorp. in 1919 by a group of experienced steel men in the
Mahoning Valley, and was organized for the primary purpose of manufacturing the full finished steel sheets which are used extensively by the
automobile, metal furniture and stamping industries. Company, since its
organization, has been uniformly successful and has established a wide
reputation for the quality of its product. Company at present sells approximately 60% of its output to the automobile industry. The remainder
of the company's output is taken by the leading concerns in the metal
furniture and stamping Industries.
-Based on the balance sheet of the company as of Dec. 31 1927,
Assets.
giving effect to this financing, and the retirement of the 7% prof. shares,
the company shows total assets of 116.704,373, and net tangible assets of
$5,974,857 applicable to the 22.500 shares of pref. stock, which is equivalent to about $265 per share. Net current assets total $1.353,248.
Earnings it Dieidends.-Com any has shown substantial earnings in
every year since its inception. 1 he regular diva, on its 7% cumul. pref.
shares have been continuously paid since date of issue and regular diva. on
its common stock since 1922. For the 6 years ended Dec. 31 1927, the
not earnings of the company averaged $677,600, which is equivalent to
over 5 times the div. requirements on the series A 6% cumul. pref. shares
to be presently outstanding. For the year ended Dec. 31 1927. despite
Net income
Dividends preferred stock
8248,052
85,850
$174,383
73.821
$84,476
35,953
Balance,surplus
$162,202
848,523
$100,562
Classification of Investments as of Mar. 31 1928.
Preferred StockPer Cent.
BondsPer Cent.
Governmental
Railroads
5.7
2.3
Railroads
Public utilities
4.7
4.6
Public utilities
Industrials
7.9
3.1
Metals and oils
1.5
Industrial
2.7 Cash and sec. call loans_ _ _ _ 9.5
Common Stock
22.5
Tttal bonds
13.4
Railroads
Public utilities
10.0
Total preferred stock
10.7
58.0
Total common stock
Industrial
9.0
Banks and trust cos
Cash and sec. call loans_ _ _ - 9.5
15.1
Insurance companies
3.6
Total
100.0
Metals and oils
6.2
Balance Sheet as of April 30 1928.
Liabilities
Assets51,950.000
Investments at cost
$4,949,723 6% preferred stock
1,840,000
Cash & secured call loans
318,939 Common stock
1,500,000
Accrued interest
18,609 Coll.trust 5% bonds
1,950
Discount on capital stock
147,631 Accounts payable
12,500
Unamort. bond disc. & exp_ _ _ 119,989 Accrual bond interest payable
20,708
Mlle. assets
1,426 Reserve for taxes
Miscellaneensliablilties
677
230,481
Surplus and reserve
Total
-V. 126, p. 2802.
$5,556,315
Total
$5,556,315
Nyanza Mills, Woonsocket, R. I.
-Annual Report.
Calendar Years1925.
1926.
1927.
Net profits (aft. taxes & deprec.)_ _ _ _ a$26,237 defx$16,364 defy$174552
a Including flood loss, but before depreciation. gAfter depreciation.
y After all charges.
Balance Sheet Dec. 31 1927.
Liatmftitles
Land, hidgs.. mchy. & equip 411,190,618 Capital stock
51,583,914
Cash
293,268 Accounts payable
57,328
Accounts receivable
153,613 Notes payable
550,000
490,837 Res.for balance flood loss_ _ _ _
Inventory
10,000
63,382
Stock in other companies
9,723
Prepaid charges
Total(each side)
52,201.242
-V. 120. p. 1337.
xAfter 81,192,337 depreciation.
-New Receiver.
North Butte Mining Co.
On May 3 there was filed in the Federal Court of MontanaTebill of
complaint in wnich the Central Union Trust Co., of New York, as trustee,
appears as plaintiff. In this suit it is sougnt to foreclose the mortgage
!yen by company on all of its properties to secure $366,300 of bonds now
Issued and outstanding.
On May 21 leave was granted Kremer, Sanders & Kormer, a Judgment
creditor a company, to file a petition in the Federal Court in which they
seek to intervene in the foreclosure suit and it is alleged in their petition
that the mortgage given to secure North Butte bonds is invalid. In the
event that Kremer, Sanders & Kremer, as interveners. prevail and the
North Butte mortgage is found to be invalid the bondholders seeking fore-
[VoL. 126.
FINANCIAL CHRONICLE
3610
of
-Earnings.
Price Bros. & Co., Ltd.
closure will be deprived of any such right and will be reduced to the status
1924-25.
1925-26.
1927-28.
Years Ended Feb.common creditors.
1926-27.
$4,079,574 $4,063.211 84,263,190 13.128,125
things sought in the foreclosure suit was the consolidation of Net profit
Among other
600,000
786,096
905,369
receivership suit and the Interest
887.800
the foreclosure suit with the original Hardy
1.189.364
1.199.604
1,541,263
appointment of Neukom and Essig as receivers under the trust deed. Depletion and deprec'n- 1,508,965
nt of receivers and the consolida- Cost of restoration of
Acting on the petition for the appointme
482,369
22 renKenogami Mill
tion of the two suits Federal Judge George M. Bourquin on May litigaprevious
dered a decision in which he dwelt on the historical facts of
81.616.580 81.795.121 11,338.761
this court," as receiver,
61,682,809
Net income
tion and appointed John Lindsay "of the bar of
455,000
all the prop455,000
455,000
to forthwith receive, receipt for, collect, possess and manage order of the Preferred diva. (6,4 %)853.664
853,664
853,664
853.664
erty of the trust deed, wherever situated, until the furtherwhen circum- Common diva.(2%)
and
court. Bond is fixed at $50,000. subject to increase if
$485,097
$486,457
$307.915
$374,145
Surplus
-V. 126. p. 2980.
stances required."
1,568.318
1.573.038
1.921.995
2,229.910
Previous surplus
480,377
137.500
-Listed.
g
Oakes Products Corp.
units (no Refinancin (Dr.)
Exchange has approved for listing 33,600 preference
The Detroit Stock
11.921.995 81,573.038
A convertible
Profit and loss surplus $2.604,055 12,229.910
par value) consisting of 33,600 shares of class
426,832
426.832
3311.
426,832
426.832
Shs.corn. out.(par $100)
stock and 22,400 shares class B stock. See also V. 126, p.
63.14
$3.14
$2.72
$2.88
on com_ _
Earns, per
have -V. 126, sh.426.
p.
-Luke, Banks & Weeks
-Stock Sold.
s Ltd.
Oilstock
A stock with-Registrar, &c.
Prisco Investing Corp.
sold an additional issue of 100,000 shares class certificate for
registrar
has been
The Bank of America National
out par value at $12 per share. With each warrant will and the Chemical National BankAssociationappointed appointedagent for
transfer
has been
corporation. See also
of class A stock, a separate transferable
the
shares
, for each 50,000 shares ($20 par value) common stock of
V. 126. p. 3464.
be issued, entitling the holder thereof to purchase
e, an
-Bonds
ty (of Oregon).
of class A stock represented by such certificat1933,
share
(The) Regents of the Universi
additional 34 share of class A stock on or before July 1
-Ferris & Hardgrove, Blyth, Witter & Co., Geo. H.
Offered.
at $12 per share in cash. normal Federal income tax. Transfer Burr, Conrad & Broom, Inc., Murphey, Favre & Co. and
Dividends free from present
Central Union Trust Dean Witter & Co., are offering $365,000 4%% dormitory
Agent: New York Trust Co., New York. Registrar:
bonds at 100 and int.
Co.. New York.
. building gold
Authorized. Outstanding
Capitalization700,000 shs 200.000 shs.
Class A stock
300,000 shs 100,000 she.
Class B stock
respects, except
The class A stock and class B stock rank equally in all is vested in the
that, to the extent permitted by law, the sole voting power
class B stock.
on.
Data from Letter of John L. Weeks, Pres. of the Corporati
for the purpose
Company.-Incorp. May 1 1928 in Del. Has been organized engaged in the
of companies
of acquiring, holding and dealing in securities and industries allied with it,
production,refining and marketing of petroleum
in oil securities
so as to afford, indirectly, a broad medium of investment
addition, it may,
not usually available to the individual investor. Inand invest its funds
charter, acquire hold and deal in oil royalties,
under its
s and short
,
In municipal, state and governmental securitie acceptance
term obligations.
has already acquired, through purchase in the open
The corporation
from among leading
market, a diversified list of investments selected and the management
corporations engaged in the petroleum industry, in both domestic and
of investment
contemplates continuing this type
foreign companies.
partly
-Proceeds from the sale of this class A stock will be used and to
Purpose.
for purchases already made,
to reimburse the corporation's treasuryacquisition of additional holdings in
operations further through the
extend
which the corporation is authorized to invest.
of Atlantic Refining
Present Holdings.-Securlties now held include those Co.. Shell Union Oil
Royal Dutch
Co., Ohio 011 Co., Prairie 011 & Gas Co ,Standard Oil Co. of Calif., Texas
Corp., Standard Oil Co. of New Jersey, Co. of Calif.
Corp.. Tidewater Oil Co., and Union Oil
-63.400,000 net in cash, upon the completion of this financing.
Proceeds.
issuance and sale of.ts
will have been received by the corporation upon the
warrants as follows:
stock and
the corporation without any under81.100,000 in cash was paid in to
g 100.000 shares of
writing commission upon the issuance of the outstandin 200,000 shares of
class 11 stock and the warrants covering an additional subscribe to such
to
such stock. The warrants entitle the holders thereof on or before July 1
cash
additional shares of class B stock at $10 per share in
1933.
upon the issuance of
12.300.000 will have been paid into the corporation
and a previous
this issue of 100,000 shares of class A stock with warrants
with similar warrants, both of
Issue of 100,000 shares of Class A stock in cash per share, with warrant,
issues have been underwritten at $12
which
per share.
less an underwriting commission of 50c., National Supply Co.). Thomas J.
-James H.Barr (Chairman
Directors.
& Co.,
Banks & Weeks), John Nickerson (John Nickerson
Megear (Luke.
Ernest Stauffen, Jr.
Inc.) L. C. Pestalozzi (Lagier et Cie, Paris, France),
(Guggenheim Bros.),
(Vice-Pros.. New York Trust Co.), Albert E. Thiele Wigren.
John L. Weeks (Luke, Banks & Weeks). Adolph G.
the
-Application will be made to list both classes of stock on
Listing.
-V.126, p. 3312.
New York Curb Market.
-Omits Common Dividend.
Supply Co.
Oil Well
paid
The directors have decided to omit the quarterly dividend ordinarily 50
of
aoout July 1 on the common stock, par $25. Quarterly dividends 3463.
126, P.
cents per share had been paid since and incl. Jan. , 1926.-V.
-Trustee Appointed.
1556 Broadway Corp.
The Interstate Trust Co. has been appointed trustee of an issue Of
$2,400,000 1st mtge. 6% sinking fund gold bonds.
-Earnings.
Paramount Famous Lasky Corp.
three months to
The corporation in its consolidated statement for the
of subsidiary companies, reports
Mar. 31 1928, which includes earnings deducting all charges and reserves
82,264,149 after
combined net profits of
taxes. This figure includes its $190,868
for Federal income and otherof the Balaban & Katz Corp., a 65% owned
undistributed share of earnings
subsidiary.
retirement on Feb. 1. The above
The preferred stock was called for the three months on the common
for
earnings amount to $3.29 per share
stock outstanding.
earnings for 1925, 1926 and 1927
A comparison of the same quarter's
follows:
1925.
1926.
1927.
1928.
$2,264,149 $2,067.000 $1,649,000 $1,352,000
Profit after taxes
-V. 126, p. 3135.
-New Directors.
Co.
Pennsylvania Salt Mfg.
been elected directors, inWilliam M. Totts and John S. Jenks have -V. 126, p. 590.
creazdng the board from seven to nine members.
-May Gross Sales.
(J. C.) Penney Co., Inc.
Mos.-1927.
Increase.
Increased 1928-5
-May-1927.
1928
22 $49,142.663 18.481.599
$14_,830.356 811.632,215 $3.198,1411657.624,2
using for the basis of comparison the
Comparative sales for May 1928.
show sales this year of
at
stores which were in operation last yearthethis time
same period last year of $11.$13,414,037 as compared with sales for
608,833, a gain of $1,805,204 or 15.55% •
for the period
Cumulative comparative sales since the first of the year
with $47,ending May 31. show $50,678,169 for this year as compared
126. P. 2980,
363,763 for last year. a gain of 83,314.406, equal to 7%.-V.
2802.
-Sales.
Piggly Wiggly Western States Co.
Mos.-1927.
Increase.
1928-5
Increase.
-1927.
-May
1928
$743.269
41,269.963 81.078.992 $190,971 16.095,420 $5.352,151
Tom Good Stores, Inc., in
x Includes sales of the recently acquired
-V.126. p. 3137, 2490.
northern Ohio and western Pennsylvania.
Dated Apr. 1 1928: due serially 1929-1948. Callable all or pail, but if in
part in inverse numerical order, on any int, date upon 30 days notice at
104 on or before Apr. 1 1933, thereafter at 103 on or before Apr. 11938.
thereafter at 102 on or before Apr. 11943. thereafter at 101. Prin. and lot
(A.& 0. 1st) payable at United States National Bank of Portland, Ore.,
trustee. Exempt from Federal income tax.
These bonds were issued by the Regents of the University of Oregon
under legislative authority granted by Chapter 289, Oregon Laws, 1927,
dormitory
for the purpose of providing funds to build a modern fireproof room with
capable of housing 275 men, and containing kitchen and dining
te the men living in this dormitory and
sufficient capacity to accommoda
other dormitories now on the campus.
The trust agreement provides that adequate fire insurance will be carried
and any losses recovered will be used by the Regents to rebuild. The Regents
further agree to carry use and occupancy insurance sufficient to pay prin.
and int. for one year during the entire life of this loan.
The University of Oregon. located at Eugene. established in 1876. is a
co-eductional institution owned and maintained by the State and administered through the Regents vested by the legislature with corporate power
to carry out the educational policy of the State. It is one of the leading
universities of the west, with an enrollment in 1928 of 3160.
-Extra Dividend.
Mfg. Co., Chicago.
Reliance
on the
The directors have declared an extra dividend of 15c. per shareregular
the
outstanding 244,000 shares of common stock, par $10, and per share on
60c. per share on the common and $1.75
quarterly dividends of
the preferred stocks, all payable July 2 to holders of record June 21.-V.
126, p. 1998.
-New Vice-President.
Rand Inc.
Remington
Merrill, who has been associated with the National
William
and
City Co. since February of this year. has been elected Vice-President
WigginGeneral Manager of Remington Rand Inc., to succeed George P.
ton.-V. 126, P. 3465.
-Jackson &
-Stock Offered.
Rice, Barton & Fales Inc.
Curtis, are offering at $100 per share and div. 10,000 shares
par value).
$6 convertible preferred stock (no payable Sept. 11928. Entitled
Dividends payable Q-M. First dividend
involuntary liquidation or
to $107.50 and dive, in the event of voluntary ordate on 30 days' notice at
dissolution. Red. as a whole only on any div. net earnings after allowing
sinking fund 15% of
$107.50 and diva. Annual
Old Colony Trust
for dividends on preferred stock. Transfer Agent,
Federal income
Co. Free of present Massachusetts income tax and normal
tax.
stock share
Convertible, at any time up to redemption date, into common stock confor share, with provisions covering increase in ratio of common
tingent upon the happenings of certain events.
May 25.
Data from Letter of Pres. George Summer Barton,
-The business, established in 1837, was incorP.
Business c% Property.
in 1867 under the name
under special Act of the Massachusetts Legislature
this name
of Rice, Barton & Pales Machine St Iron Co., continuing under
one.
until 1922 when the corporate title was changed to the present
of paper making
The larger part of the business consists in the building
All of the United
machinery for the manufacture of all kinds of paper.
built by
States Government currency paper is manufactured on machines making
paper
the company. Some of the well known paper mills using
are the International Paper Co., the
machines built by the Company
machines are of Rice,
Great Northern Paper Co. (all of this company'sPulp & Paper Co., the
Barton & Pales manufacture), the West Virginia
American Writing Paper Co.. Tileston
Oxford Paper Co., Crane & Co., the
Co., and the Warren Manu& Hollingsworth. Bird & Son, B. D. Warren &
the company also
facturing Co. In addition to paper making machines,
mills, such as
builds a variety of specialties used in paper as well as pulp
bronze
pulp screens, air drying machines, wood chippers, selling
pulping machines,
&c. A number of the best
valves and fittings for sulphite mills, &c.,
specialties are protected by patents.
of the textile
The company has also built, with but few exceptions, all throughout
mills
printing machines that are in use to-day in the various print
the country.
of a line of patented
The company has also recently taken on the buildingconcerns, the manuironers for one of the well konwn laundry machinery
and
fits in well with other manufactured products
facture of which also
work. In addition
Provides the company with another source of desirable
profitable repair
machinery business, the company does a largo and
to its
and replacement parts business.
site comprising
The plant of the company at Worcester, Mass., occupies a
about 175.000 sq. ft.
present recapitalization. there will
Capilalization.-Upon completion of
$6 convertible
be authorized and outstanding 10,000 shares of no par valuevalue common
of no par
preferred stock and there will be 40,000 shares outstanding and 10,000
be
stock authorized, of which 30,000 shares will the preferred stock.
of
shares reserved to provide for the conversiondepreciation,for the 5q years
-Average annual earnings, after
Earnings.
, times, and for 1927
ended March 31 1928 have been equivalent to over 33i
of this preferred
In excess of 4.4 times, the annual dividend requirements business alone
t parts
stock. Annual earnings from repair and replacemen pay the dividend on
than the amount necessary to
have averaged more
this preferred stock.
-New Treasurer.
Brooklyn, N. Y.
Rigney & Co.,
been elected treasurer.
Fred Williams. formerly assistant treasurer, has
-v. 126, P. 3137*
-Acquisition.
Roamer Consolidated Corp. (Del.).
--Acquired.
Roamer Motor Car Co., Kalamazoo, Mich.
See Roamer Motor Car Co. below.
-Stock Split-Up.
laws to be known as
Port Hope Sanitary Mfg. Co., Ltd.
A new company has been formed under Delaware
the directors'
exover
The shareholders at the annual meeting on May 7 accepted no-par value Roamer Consolidated Corp., capitalized at $2,500.000. to take field and be
will
plan for recapitalization of the $100 par common stock on a new no-par- pand the present company. Several companies in kindred A. C. Barley.
carried out.
to split the common stock on the basis of 4
merger
basis. The plan is
corporation.
to be placed on a acquired by the new organization and a
value shares for one of the old, each of these 4 new shares the old stock, head of the present concern, will act in same capacity with new
is equivalent to 8% on
$2 annual dividend basis, which outstanding.
-V. 123. p. 3048.
("Iron Age.")
-V. 124. P. 3224.
of which there were 7,495 shares
-Shipments.
Prairie Pipe Line Co.
1928-5 Mos.-1927.
-Month-1927.
Period End. May 31- 1928
Shipm'ts crude oil(bbls.)-5.480,557
-V. 126. p. 2161. 1998.
-Sales Increase.
Ross Stores, Inc.
1928.
Quarters Ended April 30-5.641,514 26,036.418 26.163.049 Sales
-V. 126. P. 2803. 2161.
1927.
$1.274.636 $1,155,241
Increase.
1119.395
JUNE 9 1928.]
FINANCIAL CHRONICLE
Russell Motor Car Co., Ltd.
-Earnings.
Income Account Year Ended Dec. 31 1927.
Net profit for year
Preferred dividends (7%)
Common dividends (4%)
Balance surplus
Prior surplus
Total surplus Dec. 31 1927
-V.126. p. 426.
$123,274
84.000
32.000
$7,274
542.189
*549.463
St. Mary's Academy, Inc.
-Bonds Offered.
-LafayetteSouth Side Bank & Trust Co., St. Louis, are offering
$250,000 1st mtge. 5% serial bonds.
Total isStle $400,000 of which *250,000 outstanding. Dated Feb. 1 1928
due serially 1930-1948. Denom. S1,000 and $5000. Principal and int.
payable F. & A. at St. Louis Union Trust Co. St. Louis Mo. Callaole
on any int. date, upon 30 days prior notice, wholly or in put at 101% and
The Congregation of the Sisters of the Holy Cross originated in Le
France and established themselves in the United States in the yearMans
1843.
Since 1855. the Mother House has been in what is now Notre Dame, hid.
In 1865, the Order in the United States was recognized as a distinct congregation. For nearly 90 years these Sisters have been devoting themselves to toe instruction and Christian education of young, girls, to the
of the sick in hospitals and to orpnan asylums and industrial schools. care
The
Sisters own and conduct 17 achools with an enrollment of over 17,000
pupils and conservatively valued at $11.890,000.
and conduct 7 hosphals, wnich last year cared for Tbe Sisters also own
15 932 patients
which are conservatively valued at $11 600 000. In addition to and
Institutions the sisters conduct, but do not own, four orphanages these
caring
for 146 children.
Property Mortgaged for the payment of this debt consists of
Hospital, Fresno Calif., now being erected. The hospital willSt. Agnes'
meat modern design and construction, of reinforced concrete and be of the
steel
will include. 75 beds, operating rooms, x-ray room, laundry. &c. and
located on 10 acres of ground permitting additional expansion. It is
Upon
completion of construction the ground and building will be conservatively
valued at $500,900.
Sandura Co., Inc.
-Bonds Offered.
-Stein Bros.& Boyce,
Baltimore, recently offered at 993 and int., to yield about
6.05%, $750,000 1st (closed) mtge. 6% sinking fund gold
bonds.
Dated May 1 1928; due May 1 1940. Int. payable M. & N.. without
deduction for Federal income tax not exceeding 2%
Prin.
Int. payable in U. S. gold coin at the office of theper annum.Trust and
Baltimore
Bellmore, trustee. Denom. $1,000 and $500c5 Red, all or part by Co.,
.
on any int. date, on 90 days' notice, to and incl. May 1 1933 at 105; lot,
after to and incl. May 1 1935 at 104: thereafter to and incl. May there1 1936
at 103; thereafter to and incl. May 1 1937 at 102; thereafter to
May 1 1938 at 1013e thereafter to and incl. May 1 1939 at 101 and incl.
thereafter
to and incl. Nov. 1 1939 at 10034. Indenture will contain provisions
regard
lug refund to bondholders of all securities and (or) income taxes
imposedagainst bondholders by reason of the ownership or income upon bonds
the District of Columbia, or by any State, county, or municipality, by
exceeding, however, in the aggregate, 5 mills per year on each dollarnot
of
taxable value of any bond, provided proper application is made by the
bondholder to the company within 60 days after payment of such tax.
Listing.-Company agrees to make application to list these bonds on
the
Baltimore Stock Exchange.
Data from Letter of John S. Clement, President of the Company.
Company.-Incorp. in New Jersey in 1923. Manufacturing plant, comprising an area of about 24 acres, located at Paulsboro, N. J. Company
is one of the country's principal manufacturers of felt base floor-covering,,
.consisting of rugs and yard or piece goods, its products being sold under
the well-known trade name of ''Sandura." Company's growth IS
indicated
by the following figures showing square yards of floor-covering, sold
put three years: 1925, 1,772,303 yards; 1926. 3,254,719 yards; in the
1927.
4,464.585 yards.
Company proposes presently to acquire the assets and the business of
The American Linoleum Manufacturing Co.. whose manufacturing plant
comprises an area of more than 200 acres, located at Linoleumville, Staten
Island. American Linoleum Manufacturing Co. is the oldest
of linoleum in the U. S. The products of Sandura Co., as amanufacturer
result of the
acquisition of these properties, will include a complete line of hard surface
floor-coverings and will meet the demand for all grades.
Security.
-Bonds will be secured by a direct first closed mortgage on
the fixed property, trade-marks, and good-will of the company, now all
or
hereafter owned,including all the fixed property, trade-marks and good-will
of American Linoleum Manufacturing Co. to be acquired by the company
prior to the execution of the mortgage securing this bond issue.
Assets.
-Balance sheet, as of Dec. 311927, and after giving effect to this
financing, shows net tangible assets in excess of *4.000,000, equivalent to
more than $5.300 per $1,000 face amount of bonds presently to be outstanding. The same balance sheet shows net current assets alone in excess
of $1,474,000, equivalent to more than *1.965 per S1,000 of bonds presently
to be outstanding.
-The net earnings of Sandura Co., applicable to interest
Earnings.
and
sinking fund on these bonds, before depreciation and Federal income taxes,
for the three irears ended Dec. 31 1927 have been as follows: 1925,
1926, $273,173; 1927, $224,864. This is an average annual rate *228.208;
in excess
of *242.000, equivalent to over five times the interest charges on this
Issue. The operations of The American Linoleum Manufacturing Co. for
the three-year period ended Dec. 31 1927 have been unsatisfactory, the
company reporting a net operating loss before depreciation and interest
amounting to $30,353 covering this period, but the management of the
Sanders Co. believes that through the acquisition of these properties on
favorable terms, net earnings of the Sandura Co. will be materially increased, due to the elimination of most of the administrative and sales expense of The American Linoleum Manufacturing Co.
Sinking Fund.
-Indenture will provide for a sinking fund beginning Nov.
1 1928 which will be sufficient to retire approximately 70% of this issue by
maturity.
CapitalizationAuthorized.
Outstanding.
lit (closed) mtge 6% 12
-year sinking
fund bonds
*750,000
$750.000
7% cumul. pref. stock ($100 par)
400.000
400,000
Common stock (no par)
15,000 shs.
15,000 sbs.
Schiff Co.
-Sales.'
--Period End. May 31- 1928
-Month-1927.
1928-5 Mos.-1927.
Sales
$450,720
$310,448 $1,727,211 31,265,326
-V. 126. p. 2982, 2491.
3611
div. to yield 6.67%. Each share of class A stock carries
with it one-third share of no par value common stock.
Dividends exempt from present normal Federal income tax Exempt from
Mass. income tax.
Entitled to cumulative dividends from May 1 1928, at the rate of $3
-F. In case of liquidation, class A stock
per share per annum, payable Q.
Is entitled to receive $50 per share and dive. Callable upon 30 days' notice,
on any div. date, at $52.50 and dividend.
Transfer Agents: Chatham Phenix National Bank & Trust Co.. New
York and American Trust Co., Boston. Registrars: Bank of America,
New York and National Rockland Bank, Boston.
CapitalizationAuthorized.
Outstanding.
$3 dividend cumul.class A stock
27,500
27.500
Coin.stk.(deposited in voting tr. 50,000shs.) 100,000 shs. 100,000 shs.
$3,800.000
5% collateral serial gold notes
$3,800,000
Data from Letter of Louis J. Chamansky of the Company.
History and Business.
-The Spehard Stores located in Boston and Providence rank among the leading department stores of their respective cities.
The Boston Store, known as the Shepard Norwell Co., has been in continuous operation in its present location for 63 years. The store has an area of
over five acres of floor space fronting on Tremont and Winter Ste., and extending through to Temple Place. The Providence Store is the second
largest department store in the State of Rhode Island. It has an area of
over seven acres of floor space and occupies the entire block bounded by
Westminster, Union, Washington and Clement Sta., in the leading retail .
section of the city where it has bren located for over 48 years.
Earnings.
-In each of the last five years the net sales of the two stores
have shown an increase over the previous year. Net sales and consolidated
net profits of the two stores available for dividends, after deduction of all
charges including Federal income taxes, computed on basis of 1928 Revenue
Act, interest on note issue of holding company, and depreciation, have
been as follows:
Net Earns.
Per Share on
Net Profits
Year End. Jan.31Net Sales.
as Above.
Cl. A Stock.
1928
$6.33
*13.856,645
$174,059
1927
13,751,039
97.642
3.55
1926
13.716.504
10.16
279.358
1925
13.173.584
136.629
4.97
12.190,686
1924
250,387
9.11
-year average
5
13.337,692
187,613
6.82
Based on the five-year average as above, the annual dividends on the
class A stock at $3 per share have been earned over 23'( times.
-Application will be made to list the class A stock on the Boston
Listing.
Stock Exchange.
Consolidated Balance Sheet Jan. 31 1928 (Giving Effect to Present Financing).
Liabilities
AssetsCash
$240,747 Notes payable
$105,933
1,582,951 Accounts payable
Accounts receivable
755.709
39.471
1,975,871 Accrued accounts
Merchandise
53,013 *5% coll,serial gold notes 3,800,000
Other assets
1,104,737 Class A and com.(no par). 1.586,523
Fixtures
Leaseholds
1.173.000
1
Good Will
Prep.ins., taxes & supplies 157,317
$6,287,636
Total
$6,287.636
Total
• These notes do not appear in the balance sheets of the operating companies.
-V. 126, p. 3138.
-Sales.(Isaac) Silver & Bros. Co.
Increase.
Increased 1928-5 Mos.-1927.
-May-1927.
1928
$1,854,926
$306,199
$59,0171$2,161,125
$4410,139
$469,156
-V. 126, p. 3314, 2162.
A large expansion program which calls for the opening this summer of
seven additional stores in Pennsylvania, Georgia, Louisiana, North Carolina and West Virginia is announced by the company which now operates
23 stores. A large store was opened on June 8 in Chester. Pa., and on
June 22 a store of similar type will be opened in Greensboro, N. C.
The July program calls for the opening of a store in Albany. Ga., and
In August five stores will be opened, namely in Shreveport. La.; WinstonSalem, N. C., Ensley and Anniston, both in Alabama: and in Huntington,
W. Va.
These additions will increase the company's chain to 30.-V.126. p.3314.
2162.
Southern Surety Co., Des Moines, Ia.-Sale.-V.124, p. 936.
See Southern Surety Co. of New York below.
-Organized.
Southern Surety Co. of New York.
-Announcement is made of the formation of a new surety company in
New York, to be known as the Southern Surety Co. of New York. This
company will have a capital and surplus of $5,000,000 and admitted assets
of approximately $11,000,000. It will Immediately acquire the business
and assets of the Southern Surety Co.of Iowa,the largest casualty company
in the Middle West and one of the largest in its field in the country. Arrangements have been made for a close working alliance between the
Missouri State Life Insurance Co. and the new company.
Among those who will make up the directorate of the Southern Surety
Co. of New York, are Charles S. Sargent Jr. of Kidder, Peabody & Co.:
James E. Caldwell, Chairman and Hillsman Taylor, President of Missouri
State Life and Rogers Caldwell, of Caldwell & Co.
The Southern Surety Co. of Iowa has an agency organization of 4.100
and operates in 43 States. For the past 9 years it has shown an average
annual increase in business of approximately 40%. In 1927 the company
ranked 70th in the production of surety business.
Officers of the New York company will be the same men who have developed the Iowa company. They include C. S. Cobb. President: F. A.
Ungles, 1st Vice-President: J. A. Huckleberry, Vice-Pros, and Gen. Counsel:
Roy Armstrong, Vice-President and head of the contract bond department:
W. W. Powell, Vice-President in charge of Accident and Health departments; J. T. Price, Treasurer: L. A. Schmitt. Comptroller, and E. G.
Davis, Secretary.
-New Director.
South Porto Rico Sugar Co.
Prank C. Lowry has been elected a director succeeding Francis E. Neagle.
-V. 126. p. 3466.
-Refinancing Plan Approved.
Sparks Withington Co.
4.99
The stockholders on May 31 approved proposals to create a new
issue of $1,000,000 of 6% cumul. cony, preferred stock, no par value;
to increase the number of authorized common sharesfrom 200.000 to 400,000
and to eliminate authorization of 10,000 shares of 7% cumul. pref. stock.
President William Sparks recently said in substance:
"The company's business has greatly expanded during the past two
years and is still increasing rapidly and considerable expenditures for
additional plant facilities and increasing amounts for working capital are
required if the company is to continue to grow and take advantage of the
business offered it. While the company's earnings have been very satisfactory, being in excess of $9 a share on the common stock before taxes
for the first 9 months of the current fiscal year, and are amply sufficient
in the opinion of the directors to finance all necessary extensions, it will
not be possible to accomplish this and at the same time to pay as liberal
dividends on the common stock as are clearly justified by the earnings.
"The directors have therefore determined, if the new issue of6% comill•
cony. pref. stock is authorized by the stockholders, to issue and sell the
same Immediately for cash at par, the proceeds to be used for the redemption of the outstanding 7% pref. stock and for making necessary extensions of facilities for working capital. If the new stock is authorized, it will
first be offered for sale to common stockholders of record as of May 31 1928.
The company has arranged with the investment banking firm of W.E. HutCo. to purchase all of said issue of stock not subscribed by the stockt n r
h l
O
J. M. Hutton has been elected a director succeeding P. H. Withiugton,
-V. 125. p. 3496.
deceased.
Shepard Stores, Inc., Boston, Mass.
-Stock Offered.
Edmund Seymour & Co., New York, and Sawyer Bros.,
_Inc., Boston, are offering 27,500 shares $3 dividend cumulative class A stock (without par value) at $45 per share and
Specialized Shares Corp.-Pref. Stock Offered.-Swezey,
Topliffe & Co., Inc., New York, are offering an additional
issue of $400,000 cumul.6% class A pref. stock (par $50) in
units of one share of class A pref. stock and one share of
common stock (no par) at $62.50 and accrued div. per unit.
Shawmut Bank Investment Trust.
-Income Statement.
-
Income and Expense Statement for Yezr Ended Feb. 29 1928.
Interest received and accrued plus dividends received
$306.226
Net profit on securities sold
176,962
Total
•Current operating expenses including taxes
Interest paid and accrued
$483.189
33.042
284393
Net earnings from operations oeyear
Net charges in connection with formation of trust (non-recurr'g) $165.654
38,122
Balance of net earnings
127,532
Per share
1.70
Unrealized appreciation in securities held Feb. 29 1928
$396,637
Per share
5.29
Net liquidating value based on market Feb. 29 1928
$524 169
Per share
-V. 126, p. 1368.
3612
FINANCIAL CHRONICLE
Preferred as to both assets and dividends over any other class of stocg.
-M. Entitled to priority up to $50 per share and divs.
Divs. payable Q.
on liquidation. Red. all or part on any div. date upon 30 days' notice
per share and diva. Divs,free of the present normal Federal income
at $55
tax. Fully paid and non-a.ssessanle.
Company.
-Organized in New York Nov. 5 1927. to buy, sell, hold and
deal in bank, trust company and insurance company stocks, as well as
corporate, governmental and other securities, both American and foreign.
Corporation was formed to afford investors an opportunity to participate
in the returns from a widely diversified list of investment securities, and
on May 10 1928, the corporation's holdings consisted of 20 New York
bank and trust company stocks, 14 insurance company stocks, and 16
utility pref. stocics and bonds. Only an average of 3% of the corporation's
funds were invested in the securities of any one corporation.
-The operations of the corporation are under the superManagement.
vision cf toe following board of directors: Artnur M. Swezey, Chairman,
E. TopPatchogue, N. Y.; George P. Daniels, Woolsey A. Shepard, John
Rife and Carroll M. Swezey, New York.
Capitalization Authorized.
$500,000
Gamut.6% class A pref. stock (par $50)
400 abs.
(Jamul. $3 class B pref. Stock (no par)
20,000 abs.
Common (voting) stock (no par)
$68,000
Paid in surplus (upon completion of this financing)
class A
In the event of default of four consecutive quar. diva, upon the
pre.. stock, the voting power is vested exclusively in the pref. stocics until
all accrued dirs. and the resumption of reg. div. payments.
.
the repayment of
-For the approximate six months since the corporation comEarnings.
rate of
menced operations, net earnings before taxes were at the annual div. on
over 18% on the average capital employed for the period. The above
the average number of class A pref. shares outstanding during the
period was earned over four times.
-Form Association of
Splitdorf-Bethlehem Electric Co.
Interest with Thomas A. Edison, Inc.
President Walter Rautenstrauch issued the following statement:
association
Thomas A. Edison, Inc., and the Splitdorf Co. have formed an receivers
of interest and will manufacture and merchandise electric radiocombined
company will operate under the Corp. of
and electric phonographs. The
Radio
Patent of Splitdorf and Edison and under licenses of the
America and its allied companies.
of the board of directors of the
Charles A. Edison will become a member
Radio Corp. and
Splitdorf-Bethlehem Electrical Co., and the Splitdorf
will join the
Walter Rautenstrauch, President of the Splitdorf companywill be other
also
There
Edison organization as consulting engineer.Splitdorf Radio Corp. The
officials elected to the directorate of
Edison
togettier with
Edison company has a large distributing organization, which ng combinalarge organization of Splitdorf makes a powerful merchandisi
tion.
-V. 125. P.
The two companies will retain their respective identities.
2541.
--Plant.
& Paper Co., Ltd.
Spruce Falls Power
spent at KapusIt is reported that from 20 to 25 million dollars are being
the Mattakasing. Ont., and at Smoky Falls, Ont., about 50 miles north on plant by
a model town and pulp and paper capacity
gami River, in the erection of
The
this company to supply paper for the New York "Times." tons per day,
year. Is 550
of the paper plant, which will not be reached this for its daily and Sunday
or about 170.000 tons per year. The "Times"
The remainder
editions will consume in excess of 100,000 tons annually. at Smoky Falls
will be sold on the open market. To carry on its operations miles in length,
50
the corporation has constructed a standard gauge railway.
of Smoky
to connect with the Canadian National Rys. The development feet long.
Falls has also involved the construction of a power dam 1,700
(See also V. 124, p. 2293.).-V. 124. p. 2924.
-Personnel.
Co. of New York.
[Vol,. 126.
Co. are offering at 100 and int. $12,000,000 1st mtge. sinking fund 20-year 5% gold bonds.
Dated Sept. 1 1928: due Sept. 1 1948. Interest payable (M. & S.)
without deduction for normal Federal income tax up to 2%. Denom.
$1.000c*. Red. all or part on any int. date on 30 days' notice at following
prices and int., 105 during 1929, 1044 during 1930, 104 during 1931, 1034
during 1932, 103 during 1933. 102N during 1934, 1024 during 1935.
1024 during 1936. 102 during 1937, 101% during 1938, 1014 during 1939.
101 during 1940. 101 during 1941 to 1944 incl., and thereafter at 1004 to
and ncl. Mar. 1 1948. Free of the present personal property tax in Pa.
Company will also agree to refund to holders of these bonds, upon proper
application, an amount not exceeding the present personal property taxes
levied by the States of Conn. and Maryland and the District of Columbia,
as well as the present income tax levied by the State of Mass. Girard
Trust Co., Philadelphia, trustee.
Data from Letter of Morris L. Clothier, Chairman of the Board of
Directors.
Outstanding.
Authorized.
Capitalization$12,000,000
1st mtge.skg.fund 20-yr.5% gold bonds_ _$15,000.000
a2,000000
15,000.000
Cumul. prior pref. stock ($100 par)
10,000,000
10,000,000
7% cumul. pref. stock ($100 Par)
30,000 shs.
300,000 shs.
Common stock (no par value)
a 6% series A.
& Clothier was incorp. in Pennsylvania
History & Business.
-Strawbridge
In 1922 as successor to the partnership of the same name. Started in 1868
company is to-day one of the largest and best known department stores in
Philadelphia. Company owns the store located at Eighth, Market and
Filbert Sts. in the principal retail district of Philadelphia together with
necessary warehouse and garage properties advantageously located. The
business has never had an unprofitable year.
-Proceeds of the sale of this issue of ponds, together with
Purpose.
$2,000,000 cumulative prior preference stock, already underwritten, will
-Year
be used for the retirement of $6,010.800 first mortgage sinking fund 20
6% gold bonds due Mar. 1 1942. which will be called for redemption Sept. I
1928,and for the construction ofa new building, 10 or more stories In height,
of modern,fire-proof construction to replace the greater part of the present
store building, and for other corporate purposes.
Security.
-Secured by a direct first mortgage on all the land and buildings
owned by the company (except one small property not in use and valued at
approximately $67,000), including the new store building to be constructed,
and will constitute its sole funded debt. Present sound values of the company's real estate holdings to be covered by this mortgage, exclusive of
the structures to be demolished and including the company's estimated cost
of $6,500,000 for the new store, are appraised by Day & Zimmerman, Inc.,
at over $20,250,000. The land alone has been valued by Frank H. Massey
at $8,963,380.
-Mortgage will provide a sinking fund, first payment due
Sinking Fund.
Feb. 1 1931, to be used for the purchase or call and redemption of bonds
at not to exceed the prevailing call prices. This sinking fund will be at a
rate sufficient to reduce the maximum amount of bonds 'satiable under the
mortgage to $8,500,000 prior to maturity or to an amount loss than the
present appraised value of the land alone.
-Sales and net earnings for the last six fiscal years, as certified
Earnings.
by Messrs. Ernst and Ernst, have been as follows:
Net after Deprec.
Before Int.
Fed.Taxes
Ad Sales.
Years End, Jan, 31$2,161,887
$26,810.796
1923
2,283,502
28,701,190
1924
&1925
1,888,221
27,706,197
2,089,900.
28,155,684
1926
2,239,167
28,761,851
1,946,243
27,180.619
11992287
Average annual net earnings as shown above were $2,101,487 or over 34
on this issue of bonds.
times maximum annual interest charges of $600,000
Net earnings for the three months ended Apr. 30 1928, were substantially
In excess of those for the same period in 1927.-V. 123 p. 593.
Standard Oil
were elected officers of
At the annual meeting on June 1 the following President. C. F. Meyer;
-New Director.
the company: Chairman of the Board, H. L. Pratt;R. Brown, F. S. Fales,
Superior Oil Corp.
H. E. Cole, C. M. Higgins, E.
Vice-Presidents,
At the annual meeting held June 1 the following were elected directors:
H. A.
Lionel T. Barneson, and P. M. Speer. newly elected; Secretary.
R. H. Colley, H. G. Davies, II. F. Hansell, G. C. Harned, J. P. Magill.
were re-elected
Wilkinson; Treasurer, R. P. Tinsley. All of the directors
J. R. Nelson, J. H. Stone, C. E. Taylor and Louis Allen. Mr. Allen is a
-V. 126. p. 2983. 2807.
new memoer on the board, the others being re-elected for the ensuing year
-V. 126. p. 3140.
Bldg. Corp.), ChiSteuben Building (118 Randolph
-An issue of $3,500,000 1st mtge. fee
-Bonds Offered.
cago.
6% sinking fund bonds were offered July 4 by Halsey, Stuart
& Co. at 100 and interest.
Dated March 1 1928; due March 1 1943. Principal and int. payable at
Halsey, Stuart & Co., Inc., paying agent. in Chicago and New York.
Int. payable (M. & S.) without deduction for Federal income taxes, not
in excess of 2%. Red. all or part on any int. date upon 30 days' notice at
following prices and int.; to and incl. March 1 1931 at 103: thereafter to
and incl. March 1 1938 at 102: and thereafter to March 1 1943 at 101.
Corporation agrees to reimburse the holders of these bonds, if requested
within 60 days after payment, for the Pennsylvania 4 mills tax, the Kentucky 5 mills tax. the California personal property tax not in excess of 5
mills per annum, and the Michigan securities tax not in excess of 5 mills,
Denoin. $1,000. $500, and $100c*.
stock
-188 Randolph Building Corp.. all of whose capitalof
Property.
The
except directors' qualifying shares, is held in trust for life memberslocated
Club, owns in fee approximately 14_,600 square feet of land
Steuben
within the so-called
at the northeist corner of Randolph and Wells Sts. 81 feet on Randolph
"Loop" district. Upon this site, having a frontage of
-story Steuben Building is to be erected.
St. and 181 feet on Wells St., the 45
on facilities.
This location will afford the occupants excellent,transportati
of steel and concrete construction will be Gothic in design
The building .
cotta and brick. The first 20 floors, conwith an exterior of white terra
feet of net rentable space, will be
taining approximately 187,000 square upper 5 stories and 20 lower floors
devoted to offices and shops while the exclusive use of its members, the
the
will be used for club purposes. For dining rooms, gymnasium, billiard
club will provide lounging rooms, swimming pool and about 75 sleeping
rooms, hand ball and squash courts,
MOMS.
organized
-The Steuben Club, an Illinois corporation the Unitednot for
Lessee.
States
the largest club in
pecuniary profit, is reputed to beand has at the present time more than
German descent
for Americans of
Building Corp. has been formed for
2.300 life members. 188 Randolph
quarters for the club. The club has
the purpose of providing suitable for not less than 25 years, the upper
agreed to lease from the corporationper annum and in addition to Pay the
25 floors at a net rental of $250,000 building occupied by the Club. The
cost of operation of that portion of the consent of the trustee and will conlease shall not be amended without the execute a chattel mortgage in favor
to
tain a covenant on the part of the clubupon all of the furnishings at any time
of the corporation to secure the lease, of the lease. The cost of the original
purchased by the club during the term ly $300,000.
furnishings is estimated at approximate the sale of these bonds, together
-Funds from the proceeds of
Purpose.
promissory notes owned and guaranteed by
with accounts receivable and as a trust fund with the disbursing agent, to
the club, has been deposited construction. The funds deposited for conbe applied toward the cost of
agent only upon presentastruction costs will be paid out by the disbursing in writing by the undertion of certificates of the architects and approved
writer's representative.
taxes to
-The net earnings before depreciation and Federal by indeEarnings.
been estimated
be derived from the rental of the structure have
appraisers as follows:
pendent
$874,364
Total gross earnings (less allowance for vacancies)
304,804
Operating expenses, including taxes and insurance
earnings, before depreciation and Federal taxesbonds will $569,559
Net
The maximum annual interest requirements of these
210,000
amount to
1936 sinking fund
Sinking Fund -Commencing not later than March 1
the mortgage) semi-annually
payments are to be applied (as provided in to the purchase or redemption
by Halsey, Stuart & Co., Inc., paying agent,
call price. The sinking
of series A bonds at not to exceed the applicable of $1,044,000 principal
fund provision is calculated to effect the retirement
amount of this issue by maturity.
-Approximate Sales.
Sweets Co. of America, Inc.
Increase.
.
-1927.
1928
-May
$117,404
V
- . 126, p. 266 .182 .
3 96
9195 9 9
Increase. 1928-.--5 MOS.-1927
$431,000
$12,404($475,000
$44.000
-Transfer Agt.Transcontinental Air Transport, Inc.
The Bankers Trust Co. has been appointed transfer agent for the C011111101)
-V. 126, p. 3467.
stock.
-Jobbers and Retailers Offered Stock
Union Tobacco Co.
Participation.
the basis of
The company offers to its jobbers stock participation on price of $30 3%
per
of the wholesale price of goods bought front it, based on a merchandise reof Union Tobacco Co.
share. A jobber buying $1.000
ceives one share of stock. The retailer will receive a stock dividend of 10%
valuaof the cost of the goods to him from the jobber, based on the same
of
tion of Union Tobacco stock, $30 per share. A retailer buying $300
of stock. Both
Union Tobacco Co. merchandise will receive one share retailers and jobany and all discounts
these distributions are in addition to
bers are now receiving. Stock totaling 300,000 shares, having a present
market price of about $25 per share, will be made available.
offices.
Stock certificates Miii be packed with goods and exchanged at the
of the company for permanent stock certificates. :stock certificates passed
among owners of individual stores. By
on to retailers w fll be distributed
chain
arrangements with Schulte Clitar Stores, United Cis ar Stores and other store
and
storm,such stock certificates Mill be passed on to store managers
Clerks.
J.
The stock distribution is in line with the promise of President George
-V. 126.
Whelan to give a better margin of profit to jobbers and retailers.
P. 1523.
-Resumes Dividend.Union Twist Drill Co.
outThe directors have declared a dividend of 25 cents per share on the
June 30 to holders
standing $1,000,000 common stock, par $5. payable dividends, viz.: one.
of record June 20. The company in 1921, paid two
of624 cents per share on Jan. 3 and one of 314 cents per share on Mar. 31;
none since.
-V. 125, p. 2160.
'
-Time
United States Cast Iron Pipe & Foundry Co.
to July 1.
for Deposit of Shares Extended common and preferred stockholders
the
The time within which both
ion plan has
may deposit their certificates of stock under the recapitalizat
It was
been extended from June 11928. up to and including July 11928. pref.,
both common and
stated that a majority of the outstanding shares,
have been deposited. (See V. 126, p. 2493).-V. 126, p. 2811.
-100% Stock Div.
United States Fire Insurance Co.
and the
The increase in the capital stock from $2,000,000 to $4,000,000,
to $10 each was
decrease in the par value of the shares from $20 eachdividend of 100%
approved by the stockholders on May 14. The stock holders of record
ma y 19
therefore became effective and was paid on May 29 to
•
their old certificates
The stockholders have been requested to forward City to be exchanged
to the office of the company, 110 William St., N. Y. New stock for each
of
for stock of $10 par value at the rate of two shares
share of $20 par value.
will be paid on the
It is the hope of the board of directors that dividends
equivalent to
Increased capital of $4,000,000 at the annual rate of 24%. per share,on
A cash dividend of 12%,or $2.40 record April
$2.40 per share per annum.
to holders of
the old capital of $2,000,000 was paid on May 1
29.-V. 126, p. 3142.
-Lee,
-Bonds Offered.
United States Trucking Corp.
int. to yield over
-Brown Bros. Higginson & Co. are offering at 973-i and sinking fund gold
-Bonds Offered.
Clothier.
Strawbridge 8c
53'%
and Cassatt & 54% $1,750,000 1st (closed) mtge.
& Co., Janney & Co., Hornblower & Weeks
JUNE 9 1928.]
FINANCIAL CHRONICLE
3613
Sinking Fund.
-Indenture will provide that, on Jan. 1 1930 and annually
thereafter, a sinking fund at the rate, during first five years. of 3% of the
greatest principal amount of bonds at any time theretofore issued, and
thereafter to maturity, of 4% of the greatest principal amount of bonds at
Dated June 1 1928; due June 1 1943. Int. payable (J. & D.). Denom. any time theretofore issued, shall be applied to the purchase of these bonds
$1,000 and $500c5 Callable on 30 days' notice, as a whole at any time at not exceeding the then effective redemption price, or if not so obtain.
or in part on any int. date, on or prior to June 1 1933 at 102;thereafter, able, to the redemption of bonds by lot at that price. Company will have
on or prior to June 1 1938. at 101H; and thereafter, prior to maturity, at the privilege of surrendering bonds of this issue to the sinking fund at the
1003; plus int. in each case. Interest payable without deduction for nor- then effective redemption price in lieu of cash.
Common Stock Purchase Warrants.
-There will be delivered in the first
mal Federal income tax up to 2%. Penn. and Conn. four mills taxes and
Mass. income tax up to 6% refundable under conditions to be stated in instance with each bond of this offering a warrant entitling the holder to
purchase common stock of the company in the ratio of 10 shares for each
Indenture. New York Trust Co., New York, trustee.
$1,000 bond at $40 per share at any time on or before June 1 1931. and
Capitalization (to be Outstanding Upon Completion of Present Financing).
thereafter at $45 per share at any time on or before June 1 1933. In case
let mtge 534% sinking fund gold bonds (closed mortgage) due
June 1 1943 (this issue)
$1,750.000 the company issues additional shares of common stock as a stock dividend
or on a division of shares, adjustments will be made in the number of
Equipment purchase obligations,6%
579.816
Preferred stock,7% cumulative ($100 par)
2.100,600 shares called for by the warrants; and in case stock is offered for subscription by the holders of the common stock, holders of the warrants shall be
Common stock (10.000 shares of no par value) represented by
combined paid in capital and surplus of
1,100,884 entitled to subscribe for such stock ratably with holders of the corn. stock.
Data from Letter of Harry N. Taylor, President of the Company.
Stocks Sold.
-Shields & Co., Inc., also announce the sale
Company.
-A consolidation of 29 established companies. Is by far the
largest trucking enterprise in and about the City of New York. It fur- of 45,000 shares of convertible preference stock and 22,500
ashes a rapid and efficient service for transportation of merchandise from shares of common stock which they offered in units of one
the various railroad and steamship terminals to the entire metropolitan
area; distributes supplies of paper to a majority of the large newspapers in share of pref. and 14 share of coin. stock at $67.50 per unit.
New York City; transports baggage and mail for steamship lines and parcel
Preference stock convertible share for share into common stock at any
post for the Post Office Department; operates an armored car division for time on or before June 1 1938. Preferred stock is preferred as to cumulatransportation of money and valuables; and gives regular daily distribution tive dividends at the rate of $3.50 per share per annum, and upon dissoluof materials for manufacturing and other industries.
tion or liquidation, as to assets up to $55 per share and divs. Dividends
Its subsidiary, Independent Warehouses, Inc., operates 16 leased ware- payable aq-Nt 1 (first dividend payable Sept. 1 1928). Red. all or part on
houses in New York City. in eight of which the inland, or off-rail, freight any div. date on 30 days' notice at $55 per share and diva. Dividends
houses of the Erie, Pennsylvania and Lehigh Valley railroads are located.
exempt from present normal Federal income tax. Transfer Agents, InterCorporation is controlled through ownership of its entire capital stock by state Trust Co., New York, and National Bank of the Republic, Chicago.
United States Distributing Corp.
Registrars. National Park Bank, New York, and Continental National
Security.
-These bonds will be secured by closed first mortgage on all Bank & Trust Co., Chicago.
lands and buildings, certain leaseholds, and on other fixed
Data from Letter of W M. Griffin Pres. of the Company.
Property now
owned by the corporation and to be acquired with part of the proceeds of
-Has been organized in Maryland to acquire all of the outCompany.
these bonds; by pledge of 99.7% of the capital stock of Independent Ware- standing common stock of Wayne Co. (Indiana) excepting directors'
houses,Inc.; and by a lien on all equipment now owned by the corporation. qualifying shares. Wayne Co. was established in 1891 and is one of the
subject only to outstanding equipment purchase obligations. Total funded largest manufacturers in the world of self measuring gasoline pumps.
debt, including equipment purchase obligations and these first mortgage In addition, the company manufactures kerosene dispensing pumps, tanks
bonds, amounts to $2,329.816.
and air compressors for garages and filling stations. It is estimated that
-Proceeds of these 21,750,000 first mortgage 53% sinking Wayne Co. manufactures more than 30% of all the gasoline pumps produced
Purpose.
fund gold bonds will be used to retire all outstanding notes payable and real In this country. The reputation of the company as a leader in constantly
estate mortgages, aggregating $1,098,088, to provide funds for the
improving and modernizing its pumps has created a demand for them
tion of additional real estate properties to be owned in fee, and toacquisi- which has resulted in a steadily increasing production.
add to
working capital.
Wayne Co. and its subsidiaries have about 2.500 customers' accounts
Earnings.
-Net earnings from operations of the properties and business
many of the largest oil companies lathe United
of corporation, depreciation, and net earnings after depreciation available on their books, among them
States and foreign countries.
for interest, for the five years ended Dec. 31 1927 were as follows:
The steadily increasing number of automobiles in use and the building
Net Earns,
Net Earns. of surfaced roads have created a growing market for gasoline pumps of the
from Oper.
Deprec. Arail.for/nt typo manufactured by Wayne Co.
1923
$314,127
$129,130
$184,997
The plant of Wayne Co. is located in Fort Wayne, Ind. The factory
1924
368,962
146,715
222,248 buildings are of modern construction, and have approximately 400,000
1925
489,840
182.437
307,403 sq. ft. of floor space.
1926
866,564
245,934
-The 6% sinking fund gold debenture bonds (with accompanyPurpose.
620,630
1927
1.015,129
310,609
704.520 ing warrants) and the preference and common stocks of the Wayne Pump
Annual average
610 924
2
connection with the acquiNet earnings, after depreciation, available for interest, as above, for the Co.to be presently outstanding, will be issued in
stock of Wayne
Me years ended Dec. 31 1927 have averaged 2407.960, or 3.1 times the sition of the commonCo. has earned a Co. every year since 1911,
profit
Earnings -Wayne
when
$131,039 annual interest requirement on $2,329,816 total funded debt, the
present management became responsible for the operation of the comincluding this issue. For the year ended Dec. 31 1927, such net
earnings pany, and dividends on the common stock have been paid continuously
were $701,520, or 5.3 times this requirement.
several times since 1913, and has
For the year ended Dec. 31 1927. net earnings, before depreciation, of since 1913. The rate has been raised
$1,015,129, were over 2.3 times the annual interest and average annual never been reduced. of Wayne Co. (of which The Wayne Pump Co. will
Based on earnings
sinking fund requirement on these bonds and the annual interest and own
with the exception of directors' qualifying
the
average serial maturities on the $579.816 equipment purchase obligations. shares) entire common stock,
and its subsidiaries, eliminating results of departments to be disConsolidated net earnings of United States Distributing Corp. and subto $60.000
sidiary companies (none of which, other than United States Trucking continued, and after allowing for divs. (amountingearnings for annually)
the three
Corp. and Sheridan-Wyoming Coal Co., Inc., have any funded debt out- on the outstanding pref. stock of Wayne Co., net
standing) for the year ended Dec. 31 1927, before deducting interest on years ended Nov. 30 1927 have been as follows:
Times Int.
funded debt of United States Trucking Corp. and Sheridan-Wyoming Coal
Times Dir. Per Share
Requiremls
b Net
a Net
N. 3o
.d
o
Co., Inc., were $1,184,340. or over 2.4 times the $480.157 combined Yrs vEncle
on Pref.
Earnings.
on Corn.
Earnings. on Bds.
guaranteed annual interest and average annual sinking fund requirement
$454497:705707
$432...224443
5.32
2.85
2639,262
1925
on those bonds and on the $2,954.000 outstanding first (closed) mortgage
3.47
6.24
749,861
1926
6% bonds of Sheridan-Wyoming Coal Co., Inc.
4.23
666,600
7.38
885,682
1927
Sinking Fund.
-Indenture will provide for a cash sinking fund, payable
semi-annually, first payment Dec.1 1928,1n the following annual amounts:
a Before Federal taxes. Is After all charges including interest on bonds
$50.000 during the first year, 175,000 during the second year, $100.000 at Federal taxes at present rates.
during the third year, $125,000 during each of next 11 years, and $150.000
Net earnings, as above, for the year ended Nov. 30 1927 amounted to
during last yeor preceding maturity, in addition to which the corporation $885,682. equivalent to 7.38 times annual int. requirements of $120,000
will pay any premium and accrued interest on bonds purchased or called on the $2,000,000 6% sinking fund gold debenture bonds presently to be
for the sinking fund. This sinking fund will be used for the purchase or outstanding, and after provision for such int. charges, for Federal income
call for redemption and retirement of first mortgage bonds and will be taxes at present rates, and for div. requirements on the pref. stock of the
sufficient to retire the entire issue by maturity.
Wayne Pump Co. presently to be outstanding, to $4.24 per share on the
-V. 124. p. 2767.
120.000 shares of no par value common stock of such company presently
Veeder-Root, Inc.
-Board of Directors.
outstanding. Such net earnings for
three years ended Nov. 30
The board of directors consists of: John T. Chidsey (President), Graham to be average 2758.268, equivalent to 6.31 the
1927,
times annual int. requirements
H.Anthony (Vico-President in charge of manufacturing), Ralph C.Coxhead
these bonds presently to be outstanding, and
for such
(Vice-President in charge of sales), Curtis II. Veeder, David J. Post. Fuller on charges, for Federal Income taxes at present after provision requireint,
rates, and city.
J. Barnes, Frederick S. Chase. Henry H. Conland. Charles B. Cook,Brooks ments on such pref. stock, to $3.30 per share on such comment stock.
Leavitt, V. Russell Leavitt. Charles D. Rice, Charles T. Treadway, Frank
Capitalization of Wayne Pump Co.Authorized. Outstanding.
IC. Wolcott and Lucius F. Robinson. See also V. 126. p. 3468.
8% sinking fund gold debenture bonds
$3,000.000 $2,000.000
100,000 she. 45,000 sha.
Wahl Co., Chicago. 4% Back Dividend.
Convertible preference stock (no par)
-I3
*300.000 shs. 120,000 she.
The directors have declared a dividend of $1.75 per share on the preferred Common stock (no par)
stock, on account of dividend due for the quarter ended Dec. 31 1926.
* 100,000 shares reserved for conversion of preference stock and 30,000
The dividend is payable July 2 to stock of record June 21. A like amount shares reserved for exercise of common stock purchase warrants.
was paid on April 1 last.
-V. 126. p. 1058.
Consolidated Balance Sheet of Wayne Co. and its Subsidiaries, as at April 30
1928.
Waitt & Bond, Inc.
-Earnings.
Aui eliminating assets pertaining to departments to be discontinued•J
rAfter
s ,
Results for the Year Ended Dec. 311927.
Mfg. profit, after deduct, cost of goods sold, incl. materials,
1164,471
$659,442 Accounts Payable
Cash
labor,factory expenses & depreciation
184.920
Accrued expenses, taxes, &e_
$1,418,705 Accounts & notes receivable
Belling, administrative and general expenses
825.537 Divs. pay. on stock of Wayne
(less reserves)
655,481
119,724
Co
300,000
U.S. Treasury notes
Operating profit
1.000,000
17,000 Pref. stock 8% cumulative
in be r mi rketable securities_
$763,224 Otv entoraes
Other income
1.088.480 Common stock & surplus_ _ _ *2,723,024
20.894
Land, buildings & equip.... 1.170,173
Total income
26,183
$784,118 Patents (less amortization)._
Interest paid and bond discount
$4.162.139
Total (each side)
75,344
87.446 Deferred charges
Provision for Federal taxes
90.898
a Represented by 13,272 shares (par $50 each.)
Net profit
$605.774
-Sales.
Weber Showcase 8c Fixture Co., Inc.
Surplus, balance, Dec.31 1926
356.429
Increase.
1928.
1927.
Fire Months Ended May 31$1,982,435 $1,393,027
$589,408
Total surplus
2962.203 Sales
Expense ofrecapitalization in 1927
Sales during the month of May totaled 2390,286, an increase of 34%
18.608
Previous period tax adjustments
4.213 over May 1927.-V. 125. p. 1474.
Balance,surplus
Wolverine Tube Co.
$939.382
-Listed.
Former preferred stock dividends
14,599
The Detrei Stock Exchange has approved for listing 113.535 sham;
Former common stock dividends
200,000 common stock (no par value) and 10,000 shares preferred stock MOO par
dividends
Present class"A"stock
80.000 value).
-V. 126, p. 2003.
Present class"II"stock dividends
107,000
-May Sales.
(F. W.) Woolworth Co.
Surplus, balance, Dec.31 1927
$537.783
1926.
1928.1927.
-V. 126. p. 2494.
Month of May
222,996,691 $20,914,300 520.263.699
Warner Gear Co.
-Merger Plan Operative.
First five months
102,879,286 96,360,246 88.179,671
See Borg & Beck Co. above.
-V. 126. p. 2984.
-V. 126. p. 2984. 2494.
old stores
or
The gain
-Bonds Sold.
Wayne Pump Co.
-Shields & Co. announce same monthinlast year. in May 1928 was $1,048,259.five5.03% over the
months ended
The old stores gain for the
the sale at 993i and int. of $2,000,000 6% sinking fund gold May 31 1928 amounted to $1,737,030, or 1.82% over 1927.
bonds. Unconditionally guaranteed, as to interest andras
to a sinking fund sufficient to retire the entire issue by maturity, by United States Distributing Corp.
debenture bonds (with common stock purchase warrants).
Worth, Inc.
-May Sales.
Increase.
.-1927
.
-May-1927.
Increase. 1 1928-5 Mos
1928
Dated June 1 1928; due June 1 1948. Denom. $1,000 and $500 e*
$253,259
21 26,733
$272,215
$125.671 I 21.479,992
Prin. and int. payable at Interstate Trust Co.. trustee. Int. payable J. ai $397,886
D., without deduction for normal Federal income tax not exceeding 2% -V. 126. p. 3316. 2663.
per annum. l'enn. and Conn. 4 mills taxes, Minn. 3 mills tax. Maryland
-See details
Wright Aeronautical Co.
-Air-Rail Project.
434 mills tax. and Mass, income tax not exceeding 6'' per annum refunded
upon application. Red. all or part by lot on any int. date on 30 days' under Transcontinental Air Transport, Inc., in V.126, p.
notice at 105 and Int. to and incl. June 1 1931: thereafter to and Incl. June
1 1934 at 104 and int.: thereafter to and incl. June 1 1937 at 103 and int.: 3141 and 3467.
thereafter to and incl. June 1 1940 at 102 and int.; thereafter to maturity
-V. 126.
Acquisition of Plant.-See American Locomotive Co. above.
at 101 and int.
P. 3470. 3317.
For, 126.
FINANCIAL CHRONICLE
3614
Witp.orts and 11)0C11,11XClit5.
PUBLIIIIIND Al AAAAA1111C4NTO
THE NEW YORK CENTRAL RAILROAD COMPANY
EXTRACTS FROM REPORT OF 2.11t, BOARD OF DIRECTORS TO THE STOCKHOLDERS FOR THE YEAR
ENDED DECEMBER 31 1927.
To the Stockholders of
The New York Central Railroad Company:
The Board of Directors herewith submits its report for
the year ended December 31 1927 with statements showing the income account and the financial condition of the
company.
THE YEAR'S BUSINESS.
The company's total operating revenues for the year
were $383,377,311.19, a decrease from 1926 of $16,160,437.67,
while total operating income was $61,868,872.11, a decrease
of $10,311,895.70. Due to an increase in non-operating income, however, net income for 1927, $58,565,145.30, was $2,901,104.32 more than for the previous year.
INCOME ACCOUNT FOR THE YEAR.
Including Boston and Albany Railroad and the Ohio Central Lines.
Year Ended
Year Ended
Dec. 31 1927. Dec. 31 1926. Increase(±)or
6,906.21 mites 6,928.09 miks Decrease (—).
—21.88 miles
operated
operated
Operating Income—
Railway operations:
Railway operating
383,377,311.19 399,537.748.86 —16,160.437.67
revenues
Railway operating
293.399,836.25 298,931.037.51 —5,531,201.26
expensesexpens
PROFIT AND LOSS ACCOUNT.
Balance to credit of profit and loss, December 31. 1926-3185.439,566.85
Additions:
927,942,658.08
Surplus for the year 1927
120,290.46
Profit on property sold
Profit on securities sold
91,840.71
Accounting adjustments in connection with
sundry properties in Grand Central
Terminal area
5,458,699.99
Sundry adjustments (net), unrefundable
210,005.41
overcharges and uncollectible accounts_
33,823,494.65
1219.263,061.50
Deductions:
Surplus appropriated for investment in
physical property
Depreciation prior to July 1, 1907. on
equipment retired during year
Loss on property retired
9119,804.38
389,923.73
826,418.74
1,336,14635
Balance to credit of profit and loss. December 31 1927— 3217,926,914.65
NET INCOME BEFORE DIVIDENDS AND OTHER
APPROPRIATIONS.
The net income of the company was $58,565,145.30, an
Increase of $2,901,104.32, and amounted to 13.90% upon the
capital stock outstanding at the end of the year.
DIVIDENDS.
Date Declared.
March
9 1927
Net revenue from railJune
89,977.474.94 100,606,711.35 —10,629,236.41 September 15 1927
way operations
14 1927
December 14 1927
Percentage ofexpenses
%
(+1.71)
(74.82)
Total for year, 75 %
(76.53)
to revenues
Railway tax accruals--- 25,193,779.94 26,881,808.16 —1,688,028.22
Uncollectible railway rev—60.962.87
167.079.84
106,116.97
enues
Date Payable.
May
2 1927
August
1 1927
November 1 1927
February 1 1928
Rate per cent.
15%
2
2
'
2
Amount.
96,706,955.41
7,665,091.90
7,665,093.90
8,425.641.90
930,462,783.11
SURPLUS.
After charges for dividends aggregating $30,462,783.11
and other appropriations amounting to $159,704.11, there re4,693,332.90 +1,138.047.04 mained a surplus for the year of $27,942,658.08 which was
the
—316,372.89 carried to the credit of profit and loss. At the end of
3,294,001.85
year the total corporate surplus was $220,524,740.34.
Railway operating in64,677,578.03 73.557,823.35 —8,880.245.32
come
Equipment rents, net debit 5,831,379.94
Joint facility rents, net
2,977.628.96
credit
Net railway operating
61,823,827.05 72,158,492.30 —10,334,665.25
income
Miscellaneous operations:
Revenues
Expenses and taxes
844,401.48
799,356.42
Miscellaneous operating income
813.799,30
791.323.79
+30,602.18
+7,832.63
45,045.06
22,275.51
+22,769.55
118,545.02
3.913,012.56
115,047.46
3,158,978.52
+3,497.56
+754,034.04
218,305.67
526.187.65
—307,881.98
1,046,006.81
1.229.921.14
—183,914.33
31,260,564.75 18,224.254.89 +13.036,309.86
3,230,591.21
3,185,453.76
+45,137.45
2,551,845.74
2,380,356.19
+171.489.55
168,311.39
101,495.85
150,669.85
105,820.56
+17,641.54
—4,324.71
Total non-operating in42,608.679.00 29,076,690.02 +13,531.988.98
come
Gross income
104,477.551.11 101.257.457.83
Deductionsfrom Gross Income—
14,360,838.39 14,340,187.51
Rent for leased roads
891.107.36
893,639.29
Miscellaneous rents
235,189.54
2e6,405.56
Miscellaneous tax accruals..
Separately operated proper11,271.25
ties—loss
Interest on funded debt._ _ 29,292,539.92 29,268,297.17
6,,025.88
Interest on unfunded debt..
.
334, 65.i r
Amortization of discount on
funded debt
525,267.95
501.155.70
Maintenance of investment
organization
5,665.29
5,266.60
Miscellaneous income
charges
249,304.90
257,794.58
Total deductions from
gross income
45,912,405.81 45,593,416.85
Net income
58,565,145.30 55,664,040.98
Disposition of Net Income—
Dividends declared (734%
in 1927;7% in 1926)_...... 30,462,783.11 26,827.814.64
Sinking and other reserve
funds
159,054.11
145,179.41
Investment in physical
property
650.00
+3,220.093.28
+20.650.88
+2,531.93
+31.216.02
—11,2.1.25
+24,142.75
+267.739.89
—24.112.35
—398.69
+8,489.68
+318.988.96
+2,901,104.32
+3,634.968.47
+13,874.70
+650.00
Total appropriations of
income
30,622,487.22 26,972,994.05
+3,649.493.17
Surplus for the year carried to profit ad loss__ 27,942,658.08 28,691,046.93
—748,388.85
Surplus
Carried to
Net
Dividends. Profit & LOU.
Income.
$
3
$
1
s
1921 ____322,819.568.75 54,927,739.96 22,295.685.78 12,479,641.01 9,747,587.57
1922 _363,616,475.75 52,103,676.93 20,635,186.06 12,876,984.76 7,643,871.34
1923 _421,034,783.91 50,528,266.88 45,339,426.69 17,432,978.43 27.748,777.54
1924 —369,606,930.30 49,670,903.64 39,250,399.92 20,728,835.39 18,399,461.00
1925 ____385,994.504.80 44,802,796.48 48,627.223.57 26,732,833.39 21,768,272.54
1926 ___.399,537,748.86 45,593,416.85 55,664,040.98 26,827,814.64 28.891.046.
93
1927 -_-_383,377.311.19 45,912,405.81 58,565,145.30 30,462.783.11 27,942,658.08
Year.
Tistal operating income 61.868,872.11 72.180,767.81 —10,311.895.70
Now-Operating Income—
'come from lease of road_
I
Miscellaneous rent income_
Miscellaneous non-operating physical property- _ _
Separately operated properties—profit
Dividend income
Income from funded securities and accounts
Income from unfunded securities and accounts_ _
Income from sinking and
other reserve funds
Miscellaneous income
INCOME ACCOUNT COMPARISONS FOR RECENT
YEARS.
Oren
Revenue.
First
Charges.
PROPERTY INVESTMENT ACCOUNTS.
The increases in the property investment accounts for
the year, shown in detail elsewhere in this report, were:
Road
Equipment
Miscellaneous physical property
Improvements on leased railway property
A total of
919,822,315.63
16.876,275.50
7,217,886.16
8,391,000.45
152,307,477.74
INCREASE IN AUTHORIZED AMOUNT OF CAPITAL
STOCK AND ISSUE OF ADDITIONAL STOCK.
The increase in the authorized capital stock of the company from $400,000,000 to $500,000,000 referred to in the
1926 report to the stockholders was made effective during
1927.
Stockholders of record at the close of business on August
10 1927 were offered the right to subscribe for additional
stock of the company, at par, to the extent of 10% of their
holdings. $38,027,200 of stock was issued during the year
upon subscriptions made under this offer, making the total
outstanding on December 31 1927 *421,285,435.
WEST SIDE IMPROVEMENTS, INCLUDING ELECTRIFICATION, IN NEW YORK CITY•AND VICINITY.
The Committee of Engineers, referred to in the Annual
Report for 1926, completed their task and filed their rePort with the Mayor of the City of New York on May 13,
1927, with a map indicating the changes to be made and
the location and grades of the 30th Street Branch between Spuyten Duyvil and St. John's Park, with some
incidental municipal improvements. The plan contemplates
a new southerly terminal at West and Spring Streets, and
JUNE 9 1928.1
FINANCIAL CHRONICLE
3615
the abandonment for railroad purposes of the tracks on the
surface of Canal Street and Hudson Street, together with
the St. John's Park freight terminal. The capacity of the
new Spring Street terminal will very considerably exceed
that of St. John's Park station, the tracks being above the
street level. From the Spring Street terminal running
tracks continuing at the high level extend north through
private property along the westerly margin of Washington Street, crossing Tenth Avenue, and proceeding along
the westerly margin of Tenth Avenue to the 30th Street
yard, which will be extensively reconstructed to conform
to the new gradeS. From the 30th Street yard the running
tracks are depressed and are planned to traverse private
property east of Eleventh Avenue below street grades, entering the 60th Street yard at subgrade, and upon a rising
elevation reaching the present grade of the company's rightof-way at 72nd Street. The plan also involves the elimination of all existing grade crossings between 72nd Street and
Spuyten Duyvil. The elimination of the grade crossings
in the region of Manhattanville and at Dyckman Street has
advanced to a point nearing completion.
WAGES.
Requests from the locomotive engineers were handled
jointly with other eastern railroads, and settlement reached
through the United States Board of Mediation, effective
August 1 1927 under which they were granted the same
percentage of increase, 72
/
1%, as was awarded conductors
and trainmen in the 1926 Arbitration. This settlement resulted in a payroll increase of approximately $875,000 per
annum. Requests from clerical and station forces were
submitted to arbitration under the Railway Labor Act, and
an increase of 6% was awarded, effective March 16 1927.
This settlement resulted in a payroll increase of approximately $1,858,000 per annum. Requests from the dispatchers were disposed of through the United States Board of
Mediation, effective April 15 1927, and resulted in a payroll increase of approximately $47,000 per annum. Requests
from yardmasters and stationmasters were handled in negotiations and resulted in a settlement effective March 1
1927. This settlement resulted in a payroll increase of approximately $89,000 per annum. Increases for certain supervisory and technical forces were made effective on various dates, and on an annual basis would increase the
payroll costs approximately $136,000. The approximate total annual increase in the payroll expenses enumerated is
$3,005,000.
VALUATION OF THE COMPANY'S PROPERTY BY THE
INTER-STATE COMMERCE COMMISSION.
FLOODS ON BOSTON & ALBANY RAILROAD.
As a result of heavy rainfall on November 3 the Boston
& Albany suffered from a series of landslides and washouts between Pittsfield and Springfield, Mass. The most
serious washout occurred on November 4 when, as a result
of the breaking of a dam at the Wheeler Reservoir, Becket,
/
1
2
about 3 miles of double track, as well as three bridges
between Becket and Middlefield, were washed away. On
November 15 the work of rebuilding one track was completed and practically normal service was restored over the
Albany Division. The second track was placed in service
on November 30. The cost of rebuilding tracks and bridges
and detouring trains is estimated at $750,000, and the loss
of revenue is estimated at $200,000.
During the year 1926 and the early part of the year
1927, representatives of the company were engaged in conferences with the representatives of the Bureau of Valuation of the Inter-State Commerce Commission for the
purpose of arriving, if possible, at agreements concerning
the cost of reproduction new, depreciation and the land
values of the property of the company and its leased lines
as of June 30 1917. These conferences were predicated upon
the assumption of the correctness of the methods, rules and
principles employed by the Commission with a reservation
of the right 6f the company, at form'al hearing, to contest
the correctness of these methods, rules and principles. On
this basis agreements were reached inn many instances. The
tentative valuation of the properties was served during the
month of June, 1927. A protest thereto was duly filed.
The case came on for formal hearing before the Commission in August, 1927, being consolidated with the cases of
The Michigan Central Railroad Company, The Pittsburgh
and Lake Erie Railroad Company, The Cleveland Cincinnati Chicago and St. Louis Railway Company, and other
system lines. Briefs were subsequently filed and oral argument submitting the case was had on November 30 1927. A
decision may be expected during 1928.
TWENTY-FIFTH ANNIVERSARY OF THE TWENTIETH CENTURY LIMITED.
The company's fast long-distance train between New York
and Boston and Chicago, known as The Twentieth Century
Limited, reached its twenty-fifth anniversary on June 15
1927. This train, which at its inauguration was, and still
Is, the fastest train for the distance in the world, has increased from the five cars each way to a train in each
direction of from three to five sections, and in some instances as many as seven sections, of ten to twelve cars
each. The anniversary was appropriately celebrated at the
Grand Central Terminal in New York and the La Salle
Street Terminal in Chicago.
For the Board of Directors,
P. E. CROWLEY, President.
COMPARATIVE CONDENSED GENERAL BALANCE SHEET, DECEMBER 31 1927 AND 1920.
1926.
Investments—
$544,149,803.74 Investment in road
Investment in equipment.—
Trust
182,670.909.05
Owned
200,864.246.27
128,506.923.61 Improvements on leased railway flroflert,v_
137,906.45 Deposits in lieu of mortgaged Property sold
12,419.665.78 Miscellaneous physical property
Investments in affiliated companies—
$157,571,766.66 Stocks
10.086,602.68 Bonds
36,489,016.41 Notes
59.975.062.79 Advances
1927.
Comparison.
$563,972,119.37 $19,822,315.63 Inc.
149,924,609.46
250,486.821.36
136,897.924.06
100.283.76
19,637,551.94
63.080.00 Inc.
2.180,887.68 Inc.
6,316,650.16 Inc.
8,054.163.18 Inc.
$157,634.846.66
12.267.490.36
42,805.668.57
68,029.225.97
264,122,448.54
Other investments—
$32.934,106.20
1,607,397.00
2.630,906.30
412.613.60
13,401.40
280.737,229.56 $16.614,781.02 Inc.
Stocks
Bonds
Notes
Advances
es
Miscellaneous
9,724,891.70 Inc.
56,575.33 Dec.
135,000.00 Dec.
10,653,955.94 Inc.
956.42 Dec.
$42.658,997.90
1.550,821.67
2.495.906.30
11.066.569.54
12,444.98
37,598,424.50
$1,370.470,327.94
57,784,740.39 $20.186,315.89 Inc.
Total Investments _________________________________________________________
$1,459,541.279.90 $89.070,951.96 Inc.
Current Assets—
Cash
_______
Demana-loansam
---------------------------------------------------------------------------------Special deposit---- _ - ------------------------Loans and bills receivable_ ____ — __ ------------------------------------------Traffic and car-service balances receivable- _ Net balance receivable from agents and conductors ------------------------------------- Miscellaneous accounts receivable-------------------------------------------------Material and supplies--- -------------------Interest and dividends receivable----------------------------------------------------------------------Rents receivable_ ------------------------------------------------------------------Other current asset
-s
--------------------------------------------------------------$87,438.128.64
Total current assets
$23,936,394.41
1,000,000.00
515,210.63
16,073.91
445,598.59
4,614,375.38
13,183,310.12
35,518.630.45
7,167.688.66
379,968.48
660.878.01
Deferred Assets—
$196,201.67 Working fund advances
3,123.231.54 Insurance and other funds
760,999.63 Other deferred assets_
84,080,432.84
$76,718.37
11,958,821.83
125,001.00
17,510.365.52
$29,670,906.72
32,746,299.59 Dec.
49,622,575.09 Inc.
8.391,000.45 Inc.
37,622.69 Dec.
7,217,886.16 Inc.
Total deferred assets
Unadjusted Debits—
Rents and insurance premiums paid in advance
Discount on funded debt
Securities acquired from lessor companies (per contra)
Other unadjusted debits
($4,494,005) Securities issued or assumed—unpledged ($4,494,005)
Total unadjusted debits
$1,491.659,796.14
438,041.27
8,979.34
314,895.23
3,918.451.78
11,297.631.50
32,388,782.40
8.232.467.22
394,711.54
548.049.97
83,304,806.72 Dec.
1.000,000.00 Dec.
77.169.36 Dec.
7.094.57 Dec.
130,703.36 Dec.
695.923.60 Dec.
1,885.678.62 Dec.
3,129.848.05 Dec.
1,064.778.56 Inc.
14,743.06 Inc.
112,828.04 Dec.
878.173,597.94
$9.264,530.70 Dec.
8184,201.67
3,626,224.43
847,490.81
812,000.00 Dec.
502,992.89 Inc.
86,491.18 Inc.
$4,657,916.91
$577,484.07 Inc.
320.631.587.69
$143.178.87
11,457.666.13
125,001.00
15.525.342.53
1,985,022.99 Dec.
$27,251,188.53
82,419.718.19 Dec.
$66,460.50 Inc.
501,155.70 Dec.
$1.569,623,983.28 $77,964,187.14 Inc.
LIABILITIES.
Stock—
1926.
$383,258,235.00 Capital stock
4.396.850.00 Premium on capital stock
$387,655.085.00
3694,380,123.64
369,080,938.64
597.951,000.00
17,560,200.00
37,000.00
318,268,791.63
$13,836,533.02
1,031,585.78
1,315.110.27
101.731,696.15
765,131.05
125.001.00
27,215,455.05
$146,020.512.32
$9.750.985.00 Dec.
37,000.00 Inc.
$1,110,311,423.64 $28,276,215.00 Inc.
Total capitalization
$2,553,914.84
25.749,115.09
3,120,578.85
2,498,541.73
8,425.641.90
195,703.13
13,090.00
5,866.986.87
1,095,716.34
15.060.628.30
$589,129.39 Dec.
1,573,173.41 Dec.
274,533.08 Dec.
41.540.50 Dec.
1,718,688.24 Inc.
3,602.63 Dec.
5,000.00 Inc.
93,909.89 Dec.
6,887.66 Dec.
7.924,802.83 Inc.
364.579.917.05
$7.065,714.51 Inc.
Deferred Liabilities—
Liability to lessor companies for equipment
Other deferred liabilities
314.715.322.52
3,698,676.56
$145,207.45 Inc.
Total deferred liabilities
$18,413,999.08
$145,207.45 Inc.
Unadjusted Credits—
Tax liability
Insurance and casualty reserves
Accrued depreciation—road
Accrued depreciation—equipment
Accrued depreciation—miscellaneous physical property
Liability to lessor companies for securities acquired (per contra)
Other unadjusted credits
Total unadjusted credits
Corperate Surplus—
$1,055,562.01 Additions to property through income and surplus
Miscellaneous fund reserves
1,325.952.15
185.439,566.85 Profit and loss—balance
Total corporate surplus
3187,821.081.01
311,894,536.77
1,066,329.68
1.574,356.48
114,159,138.17
1,143,953.03
125,001.00
25.830,588.04
$1,941.996.25 Dee.
34,743.90 Inc.
259,246.21 Inc.
12,427,442.02 Inc.
378,821.98 Inc.
1.384,867.01 Dec.
3155,793.903.17
39,773,390.85 Inc.
*1 ,176.016.39
1,421,809.30
217,926,914.65
3120.454.38 Inc.
95,857,15 Inc.
32,487,347.80 Inc.
$220.524,740.34 $32,703,659.33 Inc.
*1.569,623.083.28 $77,964,187.14 Inc.
$1.491.659,796.14
CURRENT NOTICES.
—The 1500 Walnut St. Bldg., the newest skyscraper in the financial
district, centering around 50th and Walnut Sts., was officially opened last
week by Chandler & Co., Inc., bankers, who financed the project and own
the building, and Mirkil, Valdes & Co., who will operate and manage it.
Chandler & Co's newly opened offices comprise the2 top floors of this 22
story structure. The erection of the building, representing an investment of
more than a year ago. The purapproximately 34.000,000, was begun
chasing of the site and the financing of the building project by Chandler
& Co., Inc., is one of a long series of developments with which these bankers
have been identified. Organized in 1912, the firm has been active in the
financing of enterprises devoted to the manufacture and distribution of
fundamental necessities. Offices of Chandler & Co., are : P. M. Chandler,
President; George de B. Kelm, Vice-President; H. Williams, Jr., VicePresident: M. K. Duval, Vice-President, and H. D. Brown, Jr., Secretary
and Treasurer.
—In days when the clerical forces of brokerage firms are being pressed to
the limit by the large volume of trading, a novel labor-saving process is
being inaugurated by the New York Stock Exchange firm of Morrison &
Townsend of this city. Customers of the firm will receive their monthly
statement in photostatic form. Instead of having these statements copied
from the ledgers by hand, Morrison & Townsend are having photostatic
reproduction of their ledger sheets mailed to their clients. By this process
it is estimated that the total amount of time spent in preparing these statements will be reduced 35%.
—Merrill, Lynch & Co. are distributing a comprehensive statistical
chart containing detailed information regarding 42 representative chain
store companies. These statistics include the number of stores, sales,
profits, earnings per share, capitalization and other figures of interest to
Investors. Gross sales of these 42 companies in 1927 amounted to $2.502,993.491, as against $2,194,456,542 in 1926, an increase of 14%, while net
profits amounted to $152.601,641. against $130.132,008, an increase of
17.2%. Stores in 1927 were 50,970, against 46,267 in 1926, an increase
0( 10.1%.
—R. II. Cobb & Co., member St. Louis Stock Exchange, announce the
opening of offices for the transaction of a general brokerage and investment
.
business in stocks and bonds in the Liberty Central Trust Bldg., St. Louis
The officers are: Robert H. Cobb, President and Treasurer; Christian
Buermann, Vice President. Mr.
Stocke, Vice President, and Rudolph A.
Cobb was recently with John Nickerson & Co., and was formerly with
George H.Burr & Co.and Francis Bros. & Co.
—W.M. Carleton, who was with the Westinghouse Electric & Mfg. Co.
for 14 years and with the Commonwealth Motors Co. for 9 years. has
become associated with the W. B. Foshay Co. of Minneapolis, in the capacity of Purchasing Manager. Mr. Carleton will coordinate the various
purchasing activities into 1 department which will include all buying for
the Foshay Bldg. and public utilities under Foshay management.
—Fred H. Kuhlman, dean of branch office managers in New York and a
running mate thirty years ago with James S. MeCulloh, President of the
New 1 ork Telephone Co., and Ashbel Green, Secretary of the New York
Stock Exchange, has become manager of the new uptown office of H. Hentz
St Co., in the Greeley Arcade Bldg., 132 West 31st Street, in the heart of
the fur trade district.
—The Guaranty Trast Co. of New York has been appointed transfer
agent for the American depositary receipta for ordinary registered shares
of Marconi International Marine Communication Co., Ltd., and for
American depositary receipts for ordinary registered shares of the Gramophone Co., Ltd.
—A. L. Chambers & Co., Inc.. of Buffalo and New York City have removed their New York City office to 43 Exchange l'iace and their telephone has been changed to Bowling Green 4214. Robert J. Highland,
V.-Pres. of the company has assumed the management of the New York
City office.
—Announcement is made today that Dale M. Parker. Director of the
anking house of M. Samuel & Co.. Ltd., of London, has become a general
artner of W.A.Harriman & Co: and Director ofW.A.Harriman &
$8,602,985.00 Dec
1,185,000.00 Dec.
$684,629,138.64
Total long term debt
Current Liabilities—
33,143,044.23 Traffic and car-service balances payable
27,322.288.50 Audited accounts and wages payable
3,395.111.93 Miscellaneous accountsaa
2,540,082.23 Interest matured unpaiI' 6,706.953.66 Dividend declared, payable February 1 1928
199,305.76 Dividends matured unpaid
8,090.00 Funded debt matured unpaid
5,960,896.76 Unmatured interest accrued
1.102.604.00 Unmatured rents accrued
7.135,825.47 Other current liabilities
Total current liabilities
357,514.202.54
¶14,715,322.52
3,553,469.11
Comparison.
1927.
$421,285,435.00 $38,027,200.00 Inc.
4.396,850.00
$425,682,285.00 $38,027,200.00 Inc.
Total capital stock
Lona Term Debt—
Funded debt unmatured—
Equipment obligations
$77,683,923.64
Mortgage bonds
599,136.000.00
Debenture bonds_
17,560,200.00
Realestate mortgages
31,082.035.208.64
[Vox.. 126.
FINANCIAL CHRONICLE
3616
—Wightman, Breining & Co., members of the New York Stock Exchange, announce the opening of an uptown New York branch office in
the Graybar Building, 420 Lexington Ave., in charge of E. C. Devereux.
—G. Foster Smith, President Nassau National Bank of Brooklyn, has
been elected a director and Treasurer of the Empire Fire Insurance Co.
of New York for the unexpired term of the late T. Schenck Remson.
—The National Bank of Commerce in New York has been appointed
registrar of the $4 cum. pref. stock, series A convertible, and of the voting
trust certificates for common stock of the Angus Company.
—I'helps, Fenn & Co., 66 Broadway, New York, announce that Hamlil
M. Donahue, formerly with Pynchon & Co., has become associated with
their trading department, specializing in public utility stocks.
—Announcement has recently been made in Raleigh, N. C., of the formation of John E.Bridgers Co., Inc., of which John E. Bridgers is President.
to do a general investment business in stocks and bonds.
—Leo J. Burns. member New York Curb Market. has been admitted
to the firm of Theodore Prince & Co.. members New York Stock Exchange
and New York Curb Market, as a general partner.
—The American Exchange Irving Trust Co. has been appointed transfer
agent for 50,000 shares preferred and voting trust certificates for 130,000
shares of common stock of The Angus Co.
--E. A. Pierce & Co., members of the New York Stock Exchange, announce
that Franklin A. Plummer is now associated with them as manager of their
branch office at 51 East 42nd Street.
—K. P. Collins, formerly buyer and manager of the financing department of Hodenpyl Hardy Securities Corp.: has been elected Vice-President
of Morris Mather & Co: of Chicago.
—The firm of Lawson, Fox & Smith henceforth will be known as Peter
R. Lawson & Co., members New York Curb Market, with offices at 23
Broad Street. New York City.
—George M. Forman announce that A. Richard Nelson, formerly with
H. M. Byllesby & Co.. has become associated with the City Sales Division
of their Chicago organization.
—Campbell. Starring & Co., members of the New York Stock Exchange.
announce removal of their New York offices to the National City Company
Bldg. at 52 Wall St.
—Jos. G. Mayer 8c Co. of this city announce the opening of their foreign
department under the managership of William E. Turnau, formerly with
Pinchon & Co.
—H. A. Nydick & Co., Inc., announce the opening of offices at 56 Pine
Street, New York, for the transaction of a general investment securities
business.
—Orton, Kent & Co. members of the New York Stock Exchange, 60
Broad St., New York, are issuing an analysis on a selected list of oil stocks.
—The investment firm of Durfey & Marr, Raleigh, N. C., have recently
moved their offices to much larger quarters in the Tucker Building.
—Harry Shaer is now associated with Sulzbacher, Granger & Co. of
New York in their bond and investment department.
—A. Elked, banker, of Tokio, Japan, has been added to the foreign
Advisory Council of the Joint Security Corporation.
—George J. Lippman has been elected Vice-President of Nehemiah
Friedman & Co., Inc., 74 Trinity Place, New It ork.
—C. W. Width;& Co. announce the change of address of their office from
85 Cedar Street to 76 William Street, New York.
—Curtis & Sanger. 49 Wall St., New York. have issued a quotation
pamphlet of bank and insurance company stocks.
—Henry G. Montgomery has become a general partner of the firm of
Palmer & Co. of New York City.
—Outwater & Wells of Jersey City have issued a diversified list of New
Jersey investment securities.
—Louis L. Maltz has become associated with Arthur E. Frank & Co. of
New York City.
1
JUNE 9 1928.]
FINANCIAL CHRONICLE
3617
The Commercial Markets and the Crops
COTTON-SUGAR-COFFEE-GRAIN-PROVISIONS
PETROLEUM-RUBBER-HIDES-METALS
-WOOL-ETC.
-DRY GOODS
COMMERCIAL EPITOME
fluctuations. Final prices show a decline on Rio futures for
the week of 11 to 18 points and on Santos of 17 to 25 points.
Rio coffee prices closed as follows:
I Mar
15.190 ---4
Spot unofficial 15, [Sept
15.19@
May
July
14.940 - I Dec
15.300 _
15.100 ---Santos coffee prices closed as follows:
Friday Night, June 8, 1928.
22.05022.07
Sept
22.50(4 - (Mar
COFFEE on the spot later was dull; Santos 4s were Spot unofficial
21.910 ---July
22.230 - May
22.70(4 nom Dec
nominally 233 c. to 24%c.; Rio 7s, 153 c.; Victoria 7s-8s,
%
%
143i to 143c. Rio cabled that beginning on June 8th the
/
SUGAR.-Prompt Cuban raws on the 4th inst. were dull
Santos receipts will be 36,000 bags daily. Dinning & Zoon and weak with sales at equal to 2 17-32c. c. & f. that is
reported arrivals in Europe during May at 1,005,000 bags, 3,000 tons of Philippines sold at 4.30c. delivered; Porto Rico
of which 480,000 were Brazilian; deliveries for the same had previously sold at equal to 2%c. c. & f. and Philippines
time were 945,000 bags, of which 448,000 were Brazilian. at 2 9-16c. The trade in granulated was unsatisfactory and
Stock in Europe on June 1st was 2,074,000 bags. The visible refiners would buy raws only on declines. Futures closed
supply of coffee in the world on June 1st was 5,438,000 bags, 2 to 5 points lower an the 4th with sales of 62,100 tons,
or 4,000 more than a month ago. The visible supply last London cables disappointing, and the result of the sale of
year was 4,631,000 bags. Cost and freight offers on the 50,000 tons of Cuban raws for shipment to countries other
5th inst. from Brazil were unchanged to 10 points lower. than the United States a bit chilling to those who had
On the 6th inst. cost and freight offers from Brazil were hoped for better things. As to the market for arrivals within
practically unchanged, a few of yesterday's highest tenders the next two weeks there were fears in some quarters that it
being a little cheaper. For prompt shipment,Santos Bourbon would be none too good. There might be some "distress"
2s were offered at 24.85c.; 2-3s at 23.85 to 23.95c.; %s at sales. On the 5th inst. futures ended 3 points lower to 2
23.20 to 23.90c.; 3-5s at 22.85 to 23.30c.; 4-5s at 22.60 to points net higher after having been 2 to 6 points higher with
230.; 6s at 22.55 to 223 c.; 5-6s at 22 to 223c.; 6s at 22 to sales up to 905,550 tons. The tone was strengthened by
%
22.55c.; 6-7s at 2140.; 7s at 21.4504 %s at 19.6 to 21.15c.; reports from Havana that a meeting was being held there
part bourbon 3-5s at 22.80c.; 6s at 213 c.; peaberry %a at for the purpose of bringing about the allocation of an addi%
23.400.; 4-5s at 22.550.; Rio 7s at 15.65c.; and Victoria %s tional 200,000 tons for shipment away from the United
at 14.900.
States. That stiffened the courage of the bulls despite
On the 7th inst. despite the holiday in Brazil, there were lower London prices and heavy and general liquidation earlier
about the usual number of cost and freight offers here. in the day. Prominent trade interests bought later and this
They were mostly unchanged but some were a little lower. with the Havana rumors put a different face on the situation.
For prompt shipment, Bourbon 3s were quoted at 23.95d.; Some 25,000 bags of Cuba sold on the 4th inst. at 23%c. and
3-4s at 23 to 23.65o.; 3-5s at 22.70 to 23%c.; 4-5s at 22.40 17,000 bags of Cuba afloat at 1-32c. less or 2 19-32c. c. & f.
to 22.80c.; 5s at 22.85c.; 5-6s at 21.85c.; 6s at 22c.; 6-7s The London terminal markets opened on the 5th at declines
at 213c.; 7s at 21.450.; 7-8s at 21.15c.; Peaberry 3-4s at of % to 23%d. The sales of 50,000 tons of Cuban sugar
%
3
23.40c.; 4-5s at 22.55c. No Rio; those from Victoria were representing the remaining exportable surplus on bids made
at 14.90 to 15c. for 7-8s. Arrivals of mild coffee in the late on June 1st are reported to have been as follows: 10,000
United States during the month of May aggregated 332,812 to Farr & Co. at 2.55c. f. o. b. Cuba; 4,000 to Minford
bags, against 280,602 during the same month last year, Lueder at 2.56c. f. o. b. Cuba; 10,000 tons to Galvan Lobo
while deliveries for the month were 339,070 bags, against at 2.543./2c. f. o. b. Cuba; 9,000 tons to Galvan Lobo at
264,262 in May last year. Stock of mild in the United States 2.56c. f. o. b. Cuba; 10,000 tons to Cuba Trading Corp. at
June 1, 334,409 bags, against 340,667 on May 1 and 356,910 2.54c. f. o. b. Cuba; 7,000 tons to Cuban Trading Corp. at
on June 11927. Stock in Rio 297,000 bags, against 195,000 2.52c. f. o. b. Cuba. This makes the total of 50,000 tons
last year. Stock in Santos 940,000, against 931,000 last at an average price of 2.5454c.; a price of about 2.60c. had
year. Rain was reported in all districts of Sao Paulo late last been predicted. This price appears to have been lower than
week. To-day cost and freight offers from Brazil were many in the trade had expected.
steady, some being 10 to 15 points higher. Prompt shipReceipts at Cuban ports for the week were 39,512 tons
ment Santos Bourbon 3s 23.95c.; 3-4s, 23.65c.; 3.5s, 22.95 against 34,429 last year; exports 60,948 tons against 84,649
to 230.; 4-5s at 22% to 22.85c.; 5s at 22.850.; 6s at 22 to last year. stock (consumption deducted), 1,257,908 tons
22.55c.; 6-7s at 21.35e. to 21%c.; 7s at 21.450.; 7-8s at against 1:306,825 last year; centrals grinding 2 against 5 last
21.15c.; part Bourbon 3s at 23%c.; 3-5s at 22.80 to 23.30c.; year. Of the exports 24,321 went to Atlantic ports; 16,490
Peaberry 3-4s at 23.40c.; 4s at 22% to 23c.; 4-5s at 22.55 to to New Orleans; 2,491 to interior of United States; 122 to
23c.; Victoria 7-8s, prompt shipment, 14.90c. and Aug. Central America and 17,524 to Europe. Berlin cables on
Sept., 15o. No Rio 7s offers were reported.
the 5th reported a cold wave with the opening of June and
Futures on the 5th inst. declined 29 to 33 points on Rio that on the 4th the temperature dropped to 26 degrees Farenand 25 to 38 on Santos owing to lower prices in Brazil and heit in Silesia, the coldest June weather for 130 years. Much
general liquidation, partly, it seemed, by Europe. Lower damage was done to fruit and vegetables, some crops being
cost and freight offerings told. It was not a big market, totally destroyed. The cold wave is said to be general all
for the sales were only 14,250 bags of Rio and 20,250 of over Germany and there was little prospect for relief in the
Santos. The demand was not at all urgent. Many had next few days. On the 6th futures rose 5 to 6 points on a
been expecting a decline. On the 4th inst. prices had given hopeful view of the rumors, quite persistent, that Cuba was
way after an early advance. The sales on that day had to sell 300,000 tons more away from the United States and
been 37,750 bags of Rio and 17,250 bags of Santos. The the coldest weather for that date in Germany for 130 years,
day's results had disturbed the bulls and towards the end which might seriously damage the beet crops. There was a
big speculative interests had sold. It prepared the way for scramble to cover in an oversold market. Late private cables
the sharper drop on the 5th. As some see it the market is from London on the 6th inst. stated that a large business in
now a two-sided affair; present price levels have given new raws was done there. Some here think that the buying was
courage to the bears, and Brazilian advices are no longer prompted by the German freeze and that the sugars sold
received apathetically, but fluctuations are more frequent were continental raws. The stock of raw sugar in licensed
and larger; at the same time in some quarters there is appre- warehouses here on the 6th was 2,366,583 bags against
hension considering the possibility of unfavorable weather 2,367,119 bags last Wednesday.
reports from Brazil, the approach of the season when the
It is stated that the present large margin between raw and
demand always increases and believing that, for the time refined has encouraged considerably the manufacture of
being at least, Brazil will maintain its control, some look white raws in Cuba, Porto Rico and San Domingo and the
for a rise. Later in the week spot trade was very quiet and importations of these sugars this year have already reached
4
nominal at 235 to 24%c. for Santos 4s, 153.4 to 15%c. for a figure greater than the total imports of this class of sugar
Rio 7s, and 153/i to 153io. for Victoria %s. Maracaibo, for the entire year of 1927. Havana cabled: "The Chamfair to good Cucuta, 243% to 243 c.; Ocana, 223.4 to 233.4c.; ber of Commerce and associations of sugar planters and mill%
Bucaramanga, natural 243.4 to 2534c.; washed, 273 to ers are much upset by the rumor that President Machado
%
283 c.; Honda, 273 to 283%c.; Medellin, 283 to 290.; has gone on record that he will not restrict sugar production
%
%
%
Manizales, 28 to 283.4c.
next year, but will nevertheless continue to control the sale
On the 6th inst. Rio futures closed 9 to 20 points net of Cuban sugar for export. It is stated in semi-official
higher and Santos 13 to 15 points up with sales of 12,000 circles that the President believes that, in order to prevent
bags Rio and 6,750 bags of Santos. Brazilian markets were the price of sugar in the United States from dropping to the
steady. Futures declined 2 to 7 points on the 7th inst. with previous low levels, it will be expedient to restrict exportaa trifling business. To-day Rio futures closed 1 point lower tion to the United States to an aggregate amount which
to 7 points higher with sales of 17,000 bags. Santos ended will do no more than cover the needs of the market. Bona
5 points lower to 10 points higher with sales of 6,000 bags, fide sugar sales in markets other than those of the United
showing, in other words, a quiet market and inconclusive States will not be restricted it is said."
The introductory remarks formerly appearing here will now be
found in an earlier part of this paper immediately following the
editorial matter, in a department headed "INDICATIONS OF
BUSINESS ACTIVITY."
3618
[VOL. 126.
FINANCIAL CHRONICLE
The Sugar Institute states the meltings of 15 United
States refiners from Jan. 1st to May 28th this year at
1,760,671 tons, against 2,029,966 for the same period in
1927. Refined was 6.05 to 6.10e. with only fair withdrawals.
On the6thinst.3,950 tons. Porto Rico sold at 4.30c. Futures
on that day closed 4 to 6 points higher. The recommendation
of the Cuban Defense Committee for the authorization by
President Machado to sell 300,000 tons additional outside
of the United States had a bullish effect. Large commission
houses who sold the day before were good buyers on the
6th inst. There was a good deal of short covering. Refined
was 6.05 to 6.10c. Futures on the 7th inst. were unusually
active the sales being 120,150 tons including 80,000 tons in
exchanges at a general decline of 1 to 5 points owing to an
unconfirmed report that the next crop in Cuba was officially
estimated at 5,000,000 tons and that the grinding will begin
in December. London terminal opened cash unchanged to
1%d. lower. Private cables from London stated that there
were sales for August shipment at 12s. 7%d. Other advices
said that Jan. beets were offered at 12s. 73/2d. Liverpool
cabled that 96 test sugars (Perus) sold at 12s. 9d. Terminal
was dull.
Prompt Cuban today was quoted at 2%c. early; duty
free, 4.40c., with demand small; 10,000 bags of Cuba for
July shipment sold on the 7th at 2.60e. f. o. b. To-day
futures closed unchanged to 3 points higher with sales of
67,500 tons. Prompt raws were quoted at 2%c. with refiners, however, indifferent. Havana cabled: 'The Cuban
Sugar Commission has approved the minutes of a decree
which would segregate 300,000 tons of sugar previously
allotted to the United States to be sold to Europe. President
Machado is expected to sign the decree on Saturday. It is
rumored in Cuban circles that the government will decree
grinding on the 1929 crop shall not be started before Jan.
15th. Final prices here show an advance for the week of 2
points.
163(c.; extra strained winter, N. Y., 133c. Cod, Newfoundland, 68e. Turpentine, 56 to 610. Rosin, .95 to
$11.25. Cottonseed oil sales to-day, including switches,
23,800 barrles. P. crude S. E., nominal. Prices closed as
follows:
Spot
June
July
Aug
10.20,1q)
Sept
10.21 ®10.2210ct
10.20®
.451Nov
10.4110
10.52(8110.57 Dec
10.62(8110.64 Jan
10.60(410.65
10.60(8(10.59
10.59(8110.62
PETROLEUM.
-Gasoline was reduced 2c. in tank
wagons to 15c. at Boston, Hartford and New Haven, and
at Springfield, Mass. the retail price was cut 2c. to 15e.
the same basis as the tank wagon price. This weakness is
the result of competition and appears to be entirely local.
At New York harbor refineries the bulk price was steady at
103c. Jobbing demand is increasing and Middle Western
conditions are better. June gasoline in Group 3 was said
to be difficult to buy. Export demand was good. Kerosene demand was a little more active and prices were steady
at 73c. for prime white 41-43 gravity and 73/ to 73 0. for
/
43-45 gravity. A good jobbing demand was reported.
The tank wagon market was steady. There was a better
export inquiry. The movement against old contracts from
the Gulf is quite large. Gas oil was steady. Grade C
bunker oil $1.25 refineries. Diesel oil quiet at $2 at refineries. Discounts ranging from one to three cents which
had been previously allowed to large gasoline buyers have
been eliminated in the vicinity of Oil City, Pa.
The Warner-Quinlan Co. advanced bulk gasoline %c. at
New York to 11c. at refinery, the highest level in over a
year. The Tidewater Oil Co. put the price up Me. to 10%c.
at its local refineries. The Cities Service Co. and the Pan
American Petroleum & Transport Co. made similar advances. The latter company quotes New York, Baltimore
and Norfolk 103 c.; Providence, Portsmouth and Chelsea
%
11%c.; Jacksonville 103c. and New Orleans 93/2e. The
minimum delivered price at Providence and Boston was
.
is
2.72® - raised to 123c. by leading companies. Gasoline in general
'Mar
2.83®
Spot unofficial 2 7-32 1Dec
2.794E19 --- firmer. The belief is widespread that nothing will be availMay
July
2.63®
Jan
2.78(e
Sept
2.74®
_
able under 103 0. refinery in a short time. The Mid-Con/
LARD on the spot was in fair demand at one time. Stocks tinent market was stronger. Some reported difficulty in
at Liverpool on June 1 were 3,653 tons of refined against buying United States Motor at under 834c. for July. The
2,970 tons on May 1 and 787 tierces raw against 1,039 Sinclair Co. marked the spot price of United States up %e•
tierces on May 1. Prime Western, 12.40 to 12.50c.; Refined to 8c. in the Midcontinent. In a few cases concessions have
to Continent, 1230.;South America,14c.; Brazil in kegs,15e. been made, but leading refiners are firm. There was a report
/
Spot lard later was weaker at 12.25 to 12.35c. for prime Pat one time during the week that the Pan American Co. had
Western with refined Continent still quoted at 12%c. The reduced its tank wagon price at several New England
demand for cash lard was moderate both for home consump- centers, but this proved to be erroneous.
$2.60
$2.80 Buckeye
$2.35 Eureka
tion and export. Stocks at Chicago are said to be the larg- Pennsylvania
1.30
2.80 Illinois
1.55 Bradford
est since 1921. Holdings at Western packing centers at the Corning
Wyoming. 37 deg- 1.30
Oabell
1.55
1.35 Lima
1.23
1.32 Plymouth
end of May were 136,119,000 lbs. against 122,362,000 at the Wortham. 40 deg- 1.40 Indiana
Rock Creek
1.50 Wooster
Princeton
end of April and 68,184,000 lbs. on June 1 1927. Domestic Smackover. 24 deg 1.25 Canadian
5
Z
Coastal "A"- l'.2
1,95
.96
and export demand is not active. Output is large and it
1.00 Panhandle.44 deg. 1.06
Corsicana heavy
seems likely to continue. Eastern and foreign interests are Oklahoma. Kansas and Texas
$1.33
40
-40.9
$1.40 Elk Basin
more optimistic than Chicago packers who keep their stocks
1.25
1.16 Big Muddy
32-32.9
hedged. Prime Western later was quoted at 12.15 to 12.25c.
1.33
Lance Creek
52 and above
1.76
1.25
Bellevue
A-Futures on the 4th inst. closed 2 to 5 points lower. Western Louisiana andrkansas
0.60
1.10 West Texas, all deg
32-32.9
hog markets were steady with total receipts 122,900 against
2.35
1.25 Somerset light
35-35.9
1.
126,500 a week previously and 144,300 last year. In Liver- SpladletoP. 35 deg. and up---- 1.37 Somerset
pool lard was 3d higher. On the 6th inst. prices closed
New York export prices: Cases, cargo lots, U. S. motor specifications.
17.40c., bulk,
,
deodorized, 25.40c. Kerosene, cargo lots, S. W. cases.
unchanged to 5 points higher with corn higher, a rather 41-43,
to 7%c.
71(c.; W. W., 150 deg., cases, 18.40c.;
better cash demand and a steadier cash market. Western Gas oil, Bayonne, tank cars. 30-34 deg., Sc. bulk, 43-45. 7% Gasoline.
New Orleans:
9%c.:
e.
hog markets were steady. Western receipts were 114,000 U. S. motor, bulk, 8%c.; 60-62, 400 e. p., 91(c.; 6143. 390 water white,
p..
p., 9,1gc. Kerosene prime white 6%'c.•
against 121,000 last year. Futures on the 7th inst. fell 13 64-68 gray., 375 e. grade C for bunkering, $1.05 to $1.15; cargoes, 90c.
73.1c. Bunker oil,
'
to 18 points with small packers and the East selling and Service station owners' and Jobbers' prices: Tank cars, f.o.b. refineries
U. S. motor, N.
10% to 11c.: Tiverton, Chelsea.
corn down sharply. Today futures showed a decline of 5 or terminals,11%c.; Norfolk. Y. harbor,101(c.; Baltimore, Jacksonville,
Cateret,
Providence,
to 7 points with further selling by packers supposedly for 10%c.; Tampa, Houston, 11c.; New Orleans. 9%c.; Chicago, Tank
hedge account. Also the decline in grain had some effect. Group 3,8c. California, U. 8. motor at New York, 104 to 10%c.barrels,
wagon prices:
motor delivered to N. Y. City garages in steel
Hogs were 5 to 10c. lower with the top $9.95. Western 17c.; up-State, U. S. New England, 17c. Naphtha, Y.M.P., 18c. Kero17c.;
delivered
gravity, bulk, refinery, 74 to
receipts were 98,000 against 75,000 a year ago. There was sene, water white, 43-45 cars,
7%c.•'
to nearby trade in tank
814 to 8%c.; prime white, 41-43 gravity,
a fair cash trade. Final prices on futures are 15 to 20 points bulk, refinery, 71‘c.; 41-43 delivered to nearby trade in tank cars, 834c.;
tank wagon to store, 15c. Furnace oil, bulk, refinery. 38-42 gravity, 6c.;
lower than a week ago.
12c.; Marcus Hook and Phila-
DAILY CLOSING PRICES
Sat.
11.92
July
12.25
September
12.40
December
OF LARD FUTURES
Wed.
Mon. Tues.
12.00 11.95 11.97
12.32 12.30 12.30
12.47 12.47 12.55
tank wagon. 10c. Boston, U. S. motor,
IN CHICAGO. delphia, 10%c.; Portsmouth, 11W.
Thurs. Fri.
11.82
11.75
RUBBER.
-New York on the 4th inst. fell 20 to 40 points
12.17 12.10
with sales of only 361 contracts or 902 tons. London was
12.37
12.32
PORK steady but quiet; mess, $30; family, $34.50; fat
back pork, $26 to $29. Ribs, Chicago, cash, 12.50c., basis
of 50 to 60 lbs. average. Beef steady but slow of sale; mess,
$22 to $23; packet, $24 to $25; family, $26 to $28; extra
India mess, $39 to $40; No. 1 canned corned beef, $3.40;
No. 2, $6 ; 6 lbs. South America, $16.75; pickled tongues,
$55 to $60 per bbl. Cut meats quiet; pickled hams, 10 to
20 lbs., 163 to 173.e; bellies clear, f.o.b. New York,6 to 12
%
lbs., 183c.; bellies clear, dry salted, boxed, 18 to 20 lbs.,
155c.; 14 to 16 lbs., 153'c. Butter, lower to high scoring,
%
39 to 450. Cheese, 24 to 32c. Eggs, medium to extras,
%
263. to 313 c.
-Linseed prices were steady but there was no
OILS.
change in the policy of buyers. They are only buying
enough to fill immediate wants. Inquiries, however, are
more numerous. Stocks are large but the movement is
good against standing contracts. For raw oil in carlots,
cooperage basis, 10.4e. was asked and for single barrel
lots, 11.2c. Later the demand was a little better, but no
change in prices took place. Cocoanut, Manila coast tanks,
/
83/80.; spot, N. Y.,tanks,85sc. Corn,crude,tanks, plant,
.
low-acid, 9c. Olive,Den.,$1.25 to$1.40 China wood,N.Y.
%
drums, e,arlots, spot, 150.; Pacific Coast tanks, spot, 123 e.
Soya bean, Coast tanks, 93. to 9%c. Edible corn, 100
barrel lots, 12e. Olive, $2.05 to $2.25. Lard, prime,
313 to %d. lower with a decrease in the stock there of only
912 tons, against over 4,000 tons in the previous week.
The total was 43,716 tons, against 67,105 a year ago. New
York closed on the 4th inst., with July, 19c.; Sept., 19.10 to
19.200.; Dec., 19 to 19.10c.; Jan., 19e. Outside prices were
asfollows: Smoked sheets,spot, June and July, 19 to 19340.;,
-Dec., 195 to 19%e.; Spot
July-Sept., 193j to 19%e.; Oct.
first late crepe, 193 to 19%e.; clean tkin brown crepe, 183
/
to 183.o.; specky brown crepe, 173 to 173 0.; rolled brown
%
crepe, 173c.; No. 2 amber, 183 e. No. 3 amber, 183tc.;
No. 4 amber, 173 c. Paras, upriver, fine spot, 21 to 21%0.;
%
coarse, 153j to 153/Ie. Acre,fine, spot, 22 to 223/2e. Brazil,
washed dried, fine, 26 to 263/Ic. Cauchoa Ball-Upper, 14
2
to 143'e. Islands, fine, 16 to 163/c. Centrals, Esmeraldas
and Central scrap, 14% to 15o. Guayule washed, dried,
16c. London on the 4th closed with spot, June and July,
/
-Dec., 93/i to 938c. Singapore
93'd.; July-Sept. and Oct,
was closed for a holiday.
On the 6th inst. New York advanced 40 to 50 points with
London % to Wid. higher. Trading here was in 460 contracts
or 1,150 tons. July closed here at 19.40 to 19.50c.; September at 19.60c.; December, 19.6004 January, 19.50e. and
March, 19.50c. Outside prices: Smoked sheets spot to
Oct.
-Dec., 193/2 to 19%c. Spot, first latex crepe, 19% to
20c.; clean thin brown crepe, 183 to 19c.; specky brown
%
%
crepe, 185 to 183/204 rolled brown crepe, 183 to 19c.; No.
JUNE 9 1928.]
FINANCIAL CHRONICLE
2 amber, 19 to 191%c.; No. 3 amber, 183/2 to 183 c.; No. 4
%
1
amber, 18% to 183/20. Paras, Upriver fine spot, 221% to
22%c.; coarse, 141% to 143 e. London, 91% to 9%d. spot,
%
June and July. Singapore June 9d.; July-Sept., 93d.
On the 7th inst. prices here fell 20 to 40 points with sales
of 418 lots or 1,045 tons. Para in the outside market was
firmer with small stocks; upriver fine spot, 223/2 to 231%c.;
coarse, 143/2 to 15e. Futures on the 7th inst. ended with
July 19.10o.; September, 19.30 to 19.400.; December, 19.20
to 19.300. Outside smoked sheets, spot and later deliveries,
19% to 19%e.; spot, first latex crepe, 193/2 to 1930.; clean,
/
thin, brown crepe, 181% to 183/2c.; specky brown crepe,
173 to 18c.• rolled brown crepe, 18% to 18%e.; No. 2
%
amber, 18% to 19c.; No. 3 amber, 181% to 183/2c.; No. 4
'
%
amber, 173 to 18e. Yet London on the 7th inst. was %d.
%
higher; spot to September,93 to 9%d. Singapore was %d.
higher; June, October and December, 93(d.; July-Sept.,
9%01. Today prices closed unchanged to 10 points higher
with sales of 215 lots. It is expected that the London stock
will show a decrease of 900 to 1,000 tons. London closed
dull and unchanged to Md. lower; Spot-June, 93jd.; July
and later months,93 d. Final prices here showed a decline
%
for the week of 10 points on July with SeptemberandDecember unchanged.
HIDES.
-River Plate frigorifico were in fair demand and
rather steadier. Sales recently include 37,000 Argentine
steers at24%c.to 24%c.;14,000 Uruguayan steers at 24 1-16e
and 2,000 frigorifico cows at 24 7-16c. Stocks were stated
at 20,000 Argentine steers and 21,000 Uruguayan steers.
City packer were steadier after recent sales at 22%c. for
native steers, 22e. for butt brands and 21%c. for Colorpdos.
Country hides were in rather better demand without much
actual business resulting. Common dry hides, Cucutas,
35e.; Savannilla and Orinocos, 31c.; Maracaibo, Central
American and La Guayras, 30c.• Santa Marta, 32. Calfskins, Para, 32% to 35c.; sisals,' Oaxacas, 50 to 523/2c.;
40c.;
New York City 5-7s, 2.35c.; 9-12s, 4.10e.; 7-9s, 3.10c.
OCEAN FREIGHTS have been in only moderate demand
when not dull. Naturally rates are low. Recently a grain
cargo to the Mediterranean from Montreal went on a basis
of 15e. A sugar cargo for June was fixed from Cuba at 16s.
At $3 a June 6,000-ton coal cargo was fixed to Alexandria and
the Pentyne accepted $1.40 for 6,000 tons of spot coal to St.
Thomas. Later on business increased.
3619
TIN declined to a new low level on the 6th inst. Trade
was brisk. About 400 to 500 tons sold on that day. The
1
demand was mostly speculative. Prices ranged from 49%
to 49.60c. Prompt tin sold late in the day at 491% to 49%c.
and futures at 491% to 49.60c. A feature of the week was
the auction of 100 tons on the New York Metal Exchange
on the 5th inst. It was sold in lots of 25 tons for each
month as follows: June delivery, 49.32%c.- July, 49.50c.;
One authority
August, 49.42%c.; September, 49.42%c. '
estimated the total output of tin from the Federated Malay
States at 56,000 tons against 52,000 last year. From the
same source came estimates of 62,000 tons for 1928 and
64,000 for 1930. Standard in London on the 5th inst.
dropped 2s. 6d. to £223 15s. for spot and £223 5s. for futures;
sales,50 tons spot and 450 futures;spot Straits fell £1 12s.6d.
to £226 5s.; Eastern c. i. f. London declined £1 10s. to £226
5s. on sales of 225 tons. On the 6th inst. spot in London
fell 12s. 6d. to £223 2s. 6d.• futures dropped £1 to £22 5s.;
sales, 50 tons spot and 400 futures; Spot Straits declined
£2 2s. 6d. to £224 2s. 6d.; Eastern c. i. f. London declined
£1 12s. 6d. to £224 12s. 6d. on sales of 250 tons. Later
the demand was fair and prices higher. London advanced.
Here total sales on the 7th inst. were 250 tons against double
this on the 6th. The week's total is significantly large.
All London limits were accepted early at 49.80 to 49.90e.
c. i. f. July sold at 493/2c. The feature on the 7th inst.
was sales to the Far East of no less than 600 tons. London
on the 7th inst. advanced on all grades £2 10s. to £225 12s.
6d. for spot and £224 15s. for futures. Sales, 50 tons spot
and 650 futures. Spot Straits, £226 12s. 6d.; Eastern
c. 1. f. London was up £2 2s. 6d. to £226 15s. on sales of
600 tons.
LEAD early in the week was in good demand and steady
at 6.173/2 to 6.20e., East St. Louis, and 6.30e. New York.
Later on, however, prices declined to 6.15 to 6.17340. East
St. Louis with London lower. The American Smelting Co.
quoted 6.300. New York. In London on the 5th inst. spot
fell 2s. 6d. to £21 8s. 9d.; futures were off 3s. 9d. to £21 12s.
6d.; sales, 300 tons spot and 300 futures. On the 6th inst.
London fell is. 3d. to £21 7s. 6d. for spot and £21 us. 3d.
for futures; sales, 200 tons spot and 800 futures. Lead ore
was advanced $2.50 to $82.50. This is an advance in a
fortnight of $5. Later the tone was steady with a fair demand at 6.30e. New York and 6.15 to 6.20e. East St. Louis.
Receipts of lead in ore decreased 8,500 tons in the United
CHARTERS included lumber, Gulf. first half July, to Plate ports,
one
port, $13.50; two. $13.75;sulphur, Gulf to Australia,
States and Mexico during April following a sharp decrease
cases, Gulf to Chinese ports. basis 24c., first half 30c.; case oil, 200,000
July; North
Portland, first half July, to United Kingdom-Continent, two Pacific, in world production in April. In London on the 7th spot
ports of
discharge, 28s. 9d. Time: Trip across, prompt delivery. $1.50; re- rose is. 3d. to £21 8s. 9d.; futures up 2s. 6d. to £21 13s. 9d.;
delivery United Kingdom; delivery north of Hatteras, prompt
West sales, 300 tons spot and 700 futures.
Coast, round,_85c.; continuation, middle June, redelivery St.
1.12%; two West Indies round trips, $1.15; West Indies, round,
prompt,
Lawrence,
ZINC was in better demand and firmer at 6.15c. East
$i.20. Tankers: Gulf, July, clean. to Rouen and Dunkirk,
19s.
first half June, Venezuela to Boston, 20c.. Sugar, Cuba to United 9d ; St. Louis. In London on the 5th inst. prices were undom-Continent. 16s.; coal, Hampton Roads, spot, to St. Thomas. King- changed
dom-Continent,
at £25 17s. 64.for spot and £25 13s. 9d.for futures;
$1.4 ;
Hampton Roads to Alexandria. June. $3.: 37.000 qrs. grain, first
half
July. Montreal to Mediterranean, 15. 153i and 16c.; sugar,
spot and 250 futures. On the 6th inst. spot
Cuba to sales 100 tons
United Kingdom-Continent, July, 15s. 6d.; Cuba to United
Kingdom- in London was unchanged at £25 17s. 6d.• futures declined
Continent, 15s. 9d., option Marseilles at 17s. 3d., July; same, fixed
in Is. 3d. to £25 12s. 6d.; sales, 250 tons spa and 50 futures.
London to Marseilles, 17s. 3d.; grain, 22,000 qrs., Montreal, June
full barley, to Hamburg. Bremen, 12c.; 28.000 qrs. same. July11-25. Later trade was quiet at 6.15c. with the statistical position
1-10,
to Antwerp or Rotterdam, 10c.:coal. Hampton Roads,prompt,to
Montreal, however steadily improving and rumors of sales for July at
823ic.;same to West Italy.$2.50;time.delivery, St.John,round trip.
$1.20.
6.20e.for a special brand. In London on the 7th inst. prices
COAL.
-A larger trade in bituminous was reported here were £25 17s. 6d. for spot and £25 12s. 6d. for futures;
with prices steady for the better grades. Pittsburgh has sales, 275 tons futures.
been affected by Lake rates and the dullness. Gas mine
STEEL has been none too steady, with trade quiet, aside
run, $1.80 to $2; steam mine run $1.80 to $1.90. The tone
here is steady. The position of a leading company is clear. from the demand from the automobile industry. Even that
Steam anthracite has been rather weak. Independent is not so large as it was a while back. Such as it is it conbuckwheat No. 1, $2.40 to $2.75; No. 2 or rice, $1.90 in stitutes the main support of the market. The tendency of
contrast with the circular price of $2.25 with $1.35 for No. 3 the output is to decrease, even if the half yearly total is
or barley and some business said to have been done at $1.10. likely to surpass anything previously known. Miscellaneous
Toward the end of May anthracite production rose to 2,000,- buying,though in small lots, gives a certain support to prices.
000 tons weekly, in anticipation of the June 1st 25c. advance But finished steel in some cases is lower. Galvanized sheets
in price. Grate company, .25; stove, $8.85; soft navy have sold down to 3.50c. and black to 2.65c. Bars, shapes
standard,$2.40 to $2.60 at mines and $5.40 to $5.60 at piers. and plates were quoted up to 1.900. Pittsburgh, but this is
called a kind of gesture, giving consumers a broad hint to
TOBACCO.
-The buying is in the main merely to supply turn in specifications against old options at 1.85c. At
immediate wants. Reports of fairly large purchases of Pittsburgh mills are operating at 75%. Nails there, $2.55;
Sumatra and Java, together with the American leaf, came skelp, 1.85 to 1.90e.; wire rods, $44 but dull at that price.
down to just this. There is nothing like activity, although At Youngstown, auto
body sheets were quoted at 4c. Sheet
it is said that withdrawals are making quite a good showing. and tin plate operations call for sheet bars at a $33 minimum
But coupled with reports of a fair business in cigars comes it is said, with third quarter held at $34 mill. Tin plate
the admission that buying of raw material is small and no there is $5.25 a base box for domestic tonnage, the mid-West
change in prices is reported.
price is $5.35. May output daily was 155,674 tons
COPPER was in good demand for export. Sales were against 172,103 in April. Agricultural companies are the
estimated at 8,000,000 lbs. daily at 15 c.i.f. European ports. best buyers. Oil companies take little pipe.
Domestic business was quiet. Prices were steady at 143 c.
%
PIG IRON has been dull and with little if any change in
England and France were good buyers. So was Germany. prices. The output in May fell off slightly. In the face
There was very little July copper for sale. Lake reports of the rather rapid decrease in steel ingot production during
stated that shipments are smaller than earlier in the spring. May the daily rate of iron output last month was only oneStandard in London on the 5th inst. advanced is. 3d. to quarter of 1% less than for April. That is, the production
£64 is. 3d. for spot and £64 2s. 6d. for futures; sales, 200 averaged 105,931 tons daily in May, as against 106,183
tons spot and 800 futures; electrolytic unchanged at£68 15s. tons in April. Steel makers have been selling iron as merfor spot and £69 5s. for futures; on the 6th inst. spot in chants on a somewhat larger scale. It is stated that two
London dropped is. 3d. to £64 2s. 6d.; futures unchanged steel companies sold 26,000 tons of basic iron at $15.35
at £64 2s. 6d.; sales, 300 futures; electrolytic unchanged at valley furnace, the lowest price since October, 1915, and a
£68 15s. for spot and £69 5s. for futures. Later domestic fall of 650. since the last sale in that district. Foreign iron
trade was quiet at 143 0.delivered Connecticut Valley but it arrivals at Philadelphia for the week ended May 29 were
/
appeared that 3,500,000 lbs. had been sold for export point- 2,400 tons of which 2,300 tons were English iron from Barrow
ing to a larger total for the week at 15c. c.i.f. Europe. In and the rest iron from India. Youngstown was a bit disLondon on the 7th inst. standard advanced 3s. 9d. to £64 turbed by the large tonnage of standard basic at the de6s. 3d. for spot and £64 6s. 3d. for futures; sales, 100 tons livered price in Western Pennsylvania as already stated of
spot and 600 futures; electrolytic £68 15s. spot, and £69 5s. slightly less than 815,50 Youngstown. It is claimed that
futures.
$16.25 for standard basic is asked by most companies.
WOOL has been in less demand and prices seem to be
largely nominal, pending a revival of business. New York,
Boston and Philadelphia were all slow. Mills object to
current quotations for raw wool. Boston wired a Government report as follows: "The original bag fine territory
wools are the most active of the domestic lines and continue
sold well up to receipts. Inquiries for medium fleeces
continue strong, but sales are slow because of the recently
advanced asking prices. Dealers are quoting up to 58c.
in the grease on Ohio 56s strictly combing graded wools,
while most bids are at about 57c. On the 48-50s, strictly
combing, asking prices are up to 56c. and 57e. in the grease
for graded wool, with 55c. about the level at which sales
can be readily closed." Boston prices:
Ohio and Pennsylvania fine delalne, 49 to 50c.; 4i-blood, 51 to 52c •
--blood, 56 to 57c.; 4i-b1ood, 55 to 56c.•, territory, fine staple, $1.18 to
$1.22; fine medium. French combing, $1.07 to $1.12; fine medium clothing,
-months, $1.15 to $1.20; fine
$1.02 to $1.05: Texas, clean basis fine 12
-months. $1.07 to $1.10; fall, $1 to $1.05; pulled, scoured basis, A super.
8
to $1.12; B. $1.02 to $1.07; domestic mohair. original Texas. 75 to
$1.10
78c.. Australian 64-70s, combing, super, $1.08 to $1.12; 64-70s, clothing,
90 to 92c.; New Zealand, 58-60s. 95 to 98c.; 56-58s. 85 to 90c.; Montevideo,
grease basis, in bond, 58-60s. 53 to 55c.; 1 (56a). 52 to 53c.; Buenos Aires,
grease basis in bond, HI (46-48s), 42 to 43c.; Cape, clean basis, in bond.
best combings. $1.05 to $1.10.
COTTON
Friday Night, June 8 1928.
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
37,809 bales, against 54,183 bales last week and 59,759 bales
the previous week, making the total receipts since Aug. 1
1927 8,130,640 bales, against 12,417,155 bales for the same
period of 1926-27, showing a decrease since Aug. 1 1927 of
4,286,515 bales.
Sat.
Receipts at-
Mon.
Fri.
Thurs.
Wed.
Tues.
Galveston
Texas City
Houston
New Orleans....
Mobile
Jacksonville
Savannah
Charleston
Wilmington
Norfolk
Boston
Baltimore
2,264
2,712
3,264
768
706
1,672
1.528
24
2,092
1,013
300
1,940
1,951
129
115
3,200
92
570
668
166
266
531
34
138
857
237
227
182
163
99
336
117
285
12
46
506
76
131
162
Totals this week
R457
7 47n
R non
4 Rftn
9 OR
Total.
444 10.158
41
41
1,442 7,8.31
4,939 13,299
470 1,181
3
3
123 2,096
25 1,336
199
22
254 1,099
124
25
442
442
R 9lIft 37 gno
The following table shows the week's total receipts, the
total since Aug. 1 1927 and stocks to-night, compared with
last year:
1927-28.
Receipts to
June 8.
1926-27.
This Since Aug This Since Aug
Week. 1 1927. Week. 11926.
Galveston
Texas City
Houston
Corpus Christi_ _ _
Port Arthur
New Orleans
Gulfport
Mobile
Pensacola
Jacksonville
Savannah
Brunswick
Charleston
Lake Charles_ _ _ _
Wilmington
Norfolk
Wport News, Scc.
New York
Boston
Baltimore
Philadelphia
10,158 2.202,619 3,947 3,216,810
96,641
108 171,782
41
7,831 2,507.203 7.811 3,778,899
------ 176.349
_ ___- _
2,944
13,299 1,487,452 13.133 2,412,136
1,181
3
2.096
289.323
12.641
4,070
90
387,257
14,205
617
651.039 11,176 1,126.242
Stock.
1928.
1927.
233,207
15.475
369,926
290,179
8.828
408,434
290,371
366,764
7,74.
Wliii
613
28,213
585
39,987
1.336
______
199
1.099
264.671
1,224
130.626
221,737
6.836
575,760
18.713
39,217
1,689
1,988
124
442
7.804
7,836
69,931
155
349
2,527
2,313
158,765
423,363
279
29.559
35,978
80,814
4.689
23.696
46,856
22
91.319
3,677
1,338
9,536
22,048
63,062
221,040
1,033
1,458
9.446
37.8098,130.640 56.037 12417 155 1.135.702 1.501.672
Totals
In order that comparison may be made with other years,.
we give below the totals at leading ports for six seasons:
Receipts at-
[VOL. 126.
FINANCIAL CHRONICLE
3620
1927-28. 1926-27. 1925-26. 1924-25. 1923-24. 1922-23.
Galveston_ --Houston*__-New Orleans_
Mobile
Savannah _ _ _ _
Brunswick _
Charleston_
Wilmington..
Norfolk
N'port N.,&cAll others_
10,158
7.831
13,299
1, 181
2,096
3.947
7,811
13,133
4,070
11,176
13,180
223
17,765
1,161
8,671
2,510
7.800
4.865
349
300
5,502
1,471
11,260
3,710
8,844
8.580
3.181
6.732
542
3,580
1,336
199
1,099
6,836
1,689
1.988
2.043
1,315
2,574
2.009
610
1,999
877
36
2,642
3.358
3,396
1.941
610
5,387
903
1,297
1,360
341
Tot, this week
37,809
56,037
47,642
21.739
35,702
31.651
Since Aug. 1_ _ 8.130.640
12.417.155 9.270.395 9.005.531 6.502.221 5.578.449
* Beginning with the season of 1926, Houston figures nclude 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 115,525 bales, of which 15,551 were to Great Britain,
10,755 to France, 38,866 to Germany, 12,571 to Italy, 12,200
to Russia, 11,773 to Japan and China, and 13,809 to other
destinations. In the corresponding week last year total
exports were 92,315 bales. For the season to date aggregate
exports have been 6,929,873 bales, against 10,271,847 bales
in the same period of the previous season. Below are the
exports for the week.
Exported to
Week Ended
GerGreat
June 8 1928.
Exportsfrom
- Britain. France. many.
Galveston
Houston
New Orleans_ _ _ _
Mobile
Savannah
Charleston
Wilmington _ _ _ _
Norfolk
New York
Los Angeles_ _ _
Seattle
Total
Total 1927
Total 1926
3,226
6,900
4,723 13,313
3,061 4,954
2,971 4,500
8,513
1,417
1.078
Japan&
Italy. Russia. China. Other.
3,724 12.200
3,097
2,450
-9,186
200
3;468
3:56o
6:868
1;566
973
150
600
15,551 10,755 38,866 12,571 12,200 11,773 13,809 115,525
24,489
6,996
9,470 7,155 19,319 13,300 12,642
16,800
1.244 12,475 1,200
5,940 92,315
5,6.58 44.373
Exported toFrom
Aug. 1 1927 to
GerJapan&
June 8 1928 Great
- Britain. France. many. Balt.1Rustta. China. Other.
Exportsfrom
Galveston __ _ _
Houston
Texas City-- Corpus Christi
Port Arthur_ _
New Orleans_
Mobile
Pensacola_
Savannah_ _ _
Lake Charles.
Charleston_ __
Wilmington _
Norfolk
N•port News_
New York_ _
Boston
Baltimore_
Philadelphia...
Los Angeles-San Diego_ _
San Francisco
Seattle
Total
Total..
8.933 46,119
1,196 19,208
3,180 22,251
8,523
200
2,495
3,300
4,708
-8E6 7,008
1,573
150
312,775 44,974
308,375328,072
23,410 3,878
24,310 34,321
900
1,344
240,029 99,520
54.459 2.089
2,134
100
167,464 8.378
49,223 2,057
7,200
66,245
-866
265
58,243 13.035
247
3,407
2,431
775
28,617 7,313
1,843
889
300
Total.
423,878203,026 51,050312,791 384,9232,033,417
448,647 175,764 77,300276,045 188,9001,803,103
11,100
6,034
2)V
57,001 4;686 3,100 23,97- 15,1r 111, ,
700
144;55i223,31 117,1931,221,gg
266,872
26,65i 7.325 212,435
116,882 5,030
12,641
1,125
370
8,912
38J05 25,846 622,902
368,980 13,329
1,224
419
805
6,365 25,711 249,170
159,814 6:1115
99,592
3
_
22,300 69.792
4,551 4,107 155,651
75.599 4,750
382
1I
17
5,277 41,993 187,609
61,757 7.304
7,307
548
- 3,105
4,531)
267
1,841
1,801
664
377
45
361 94,885
24,81
591
33,187
1,843
4,140
42
2.076
455
3,075
_..3,075
1,351,007848,315 2,052,416625,116 287,488947,590 818.041 6,929,873
Total '26-'27_ 2.501,219 980,7202.803,832737,817366.338 1706171 1175750,10271 847
Total '25-..'20. 2,167,808861,429 1,632,329653,557 162.012 1115079789,6067,381.820
-It has never been our practice to include in the
-Exports to Canada.
NOTE.
above table reports of cotton shipments to Canada, the reason being that virtually
all the cotton destined to the Dominion comes overland and It Is 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 coining to band. In view,
however,of the numerous inquiries we are receiving regarding the matter, we will say
that for the month of April the exports to the Dominion the present season have
been 15.123 bales. In the corresponding month of the preceding season the exports
were 21,256 bales. For the nine months ended April 30 1928 there were 189,054
bales exported as against 216.680 bales for the corresponding eight months of 1926-27.
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
Other CoastGerGreat
Mar. 2 al
- Britain. France. many. Foreign wise.
10.000
Galveston
New Orleans.. 8,887
Savannah
Charleston_
1;666
Mobile
Norfolk
1.000
Other ports •
Total 1928.. 20,887
Total 1927.. 13.647
Total 1926... 18,242
* Estimated.
Total,
5,200
2.877
4.300 25,000
4.896 21,589
2.000
2.000 46.500
200 38,449
400 2,400
1;686
1.500
2.500
2,950
9;666
4.000
9.570 13,696 52,539
7,062 11.572 77,209
9,349 6,570 28,188
Leaving
Stock.
186,707
251.922
25.813
18,713
4,790
46.856
501,602
2.600 99,299 1.036,403
3,925 113,410 1,388,262
4,761 67,110 726.708
Speculation in cotton for future delivery has been on a
larger scale, but it has taken the form mostly of liquidation,
partly on stop orders, and prices at one time were sharply
lower. The heavy rains have latterly subsided and temperatures have risen somewhat. The government weevil report was more favorable than had been expected. The
weekly weather report also was in the main considered encouraging. Moreover, June usually brings amelioration
of any adverse conditions and the rank and file are counting on a promising June this year. Spot markets for a
time declined. Cotton goods were dull, both at home and
abroad, and although of late there have been reports of
larger sales of print cloths they were at lower prices. The
expectation is that a report on the 12th Inst. will show a
falling off in the domestic consumption for May and that
the Government figures on this subject to appear on the
14th inst. will corroborate a decrease. Tile figures moreover of the Textile Institute are expected to show some
decrease in the output of standard cloths during May and
also a smaller ratio of sales to production as compared
with last year. It is feared indeed that the sales will fall
well below the output in contrast with an excess of sales
over the April production of about 17%. Such things have
carried a good deal of weight with the rank and file generality of the trade. The sharp decline in the stock market.
and the rise in the call money rates to 7%, also had more
or less effect. In fact, it was partly the cause of heavy selling it is believed by Wall Street as well as other interests.
The liquidation by Wall Street indeed was on a large scale.
Japanese interests are also believer to have sold heavily.
So it appears did the South, including New Orleans. The
short side became more popular. Some who sold out long
lines are understood to have taken the short side, owing
to the better weather, the more favorable weevil report
than expected, and hopes of a distinct advancement of the
crop in June, usually the best month of the year for cotton growth. One estimate of the acreage moreover showed
JUNE 91928.]
FINANCIAL CHRONICLE
an increase of 9.1%. The private wires from here and
there in the belt every now and then suggest that the acreage will be larger than is currently estimated. The sales of
fertilizers in May it seems were 36% larger than in May
last year and 29% larger than in May 1926. All States
showed an increase for May over the same month last
year except South Carolina, Alabama and Tennessee. In
South Carolina and Alabama they were larger than in
May 1926.
The Washington weekly report said that while the week
was too•cloudy and wet, especially the latter part, for the
best results, yet in many portions of the belt the weather
on the whole was fairly favorable in most sections. In the
Carolinas, more seasonable night temperatures prevailed
and progress was mostly good, though warmth and sunshine are needed. It was generally too cloudy and wet in
Georgia, with advance of the crop poor to only fair in
the nortll, but mainly good in the south where chopping
was completed though it is true the crop is not all up in
that State and stands are irregular. In Tennessee conditions were generally favorable, but cultivation is needed
in some sections while in Alabama and Mississippi the
weekly advance ranged mostly from poor to fair. In Arkansas conditions were favorable, with very good progress
until the latter part of the week when heavy rains and
cooler weather were detrimental. In Louisiana cultivation
was hindered, though some improvement in the crop was
noted. In Oklahoma there was deficient sunshine with
considerable rain, but at the same time cotton made a fair
to good advance, and while it is late, some squares were
being put on in the southern portion. In Texas the growth
was very good and the general condition of the crop is
fair to good, though still late, and there were some complaints of lice and of the appearance of other insects in the
central and southern portions. Clumping and cultivation
In Texas made only fair advance because of the rains.
On the other hand, the technical position of late has been
better. It could hardly fall to be after the recent strenuous
liquidation, and the nights have been too cold. That is a
drawback which has attracted a good deal of attention.
That the crop is two to three weeks late, there is no denying.
The weevil situation may not look threatening at present,
but some think that this is merely because of the lateness
of the season; that later on the pest is likely to make itself
felt if weather conditions favor it. Of course the fecundity
of the pest is something marvellous. There have been reports, too, of the presence of many insects in Texas and of
weevil being more plentiful in Alabama, Georgia and South
Carolina. Of late the night temperatures have been in the
40's and 50's all over the belt at the end of the first week of
June. Some of the maximum temperatures have a queer
look for this time of the year. Although there may be
improvement in the crop during June, needless to say the
critical months of the growing season are July and August.
As Texas missed the normal winter rains it follows that
there will have to be reasonably liberal precipitation in that
State during the summer to supply the needed moisture.
And the summer rains in Texas are often scanty. This fact
is kept in mind. Meanwhile the trade is a steady ,buyer.
And as it takes in the contracts it locks them up for months
to come. Every now and then there is a scarcity of contracts. This has been a chronic condition for months past.
Of late spot markets, after declining, have shown a moderate advance with sales at the South larger than on the
corresponding days last year. There has been much stress
laid on the dullness of cotton goods, but within a few days
it is said that some 10,000,000 yards of print cloths have
been sold here, though it is true that business had to be
stimulated by some reduction in prices. It seems that some
of the mills in New Hampshire are making no bad showing,
notably at Nashua, where the Jackson Mills, which had been
closed for several weeks, are now operating, it seems, four
days and three nights a week. That is at least some improvement. At Suncook, N. H., the Suncook Mills are running on full time. The mills of this country are not overproducing. Sonic liquidated bulls here have latterly been
buying again. Shorts became uneasy over apprehensions
of renewed rains at the week-end and covered.
To-day prices were at one time 12 to 15 points lower, but
rallied later and stood 5 to 10 points net higher for a time,
but lagged still later and ended with July 2 points net
higher for the day and other months 2 to 5 points lower.
Liverpool was lower than due and cotton goods reports were
not favorable. The weather in the main was favorable
enough, aside from the cold nights. Wall Street and the
South sold. Later there was a forecast of showers for
much of the belt. Offerings fell off. The technical position
looked better. Trade interests, bought to some extent.
Quite a little covering was done, with a low barometer in
the west of Texas and some rains reported in Arkansas.
The New York stock is steadily decreasing; 4,000 bales are
soon to go out and in July it is said 10,000 bales to Germany.
But it is a weather market and developments in this respect
were not of a Very decisive kind. Fear of bad weather,
however, checked aggressive selling for the short account.
Final prices show a decline for the week of 2 to 9 points.
Spot cotton ended at 2105c. for middling the same as a
week ago.
3621
The following averages of the differences between grades,
as figured from the June 7 quotations of the ten markets
designated by the secretary of Agriculture, are the differences from middling established for deliveries in the New
York market on June 14:
.89 on •tosaung yellow tinged
Middling fair
1 11 off
.64 on
Strict good middling
.40 on
Good middling
.26 on
Strict middling
Basis
Middling
.34 aft
Strict low middling
79 off
Low middling
1.45 off
*Strict good ordinary
2.20 off
*Good ordinary
.23 on
Good middling spotted
even
Strict middling spotted
37 off
Middling spotted
.84 off
*Strict low middling spotted
1 47 off
*Low middling spotted
Strict good middling yellow tinged even
Good middling yellow tinged.... .31 off
Strict middling yellow tinged-----64 MY
*Strict low middling yellow tinge11.69 off
*Low middling yellow tinged____2 42 off
Good mid.light yellow stained_ 69 oft
*Strict mid.light yellow stained...1 21 off
*Middling light yellow stained...1 83 off
Good middling yellow stained__ 82 oft
*Strict middling yellow stained..! 66 oft
*Middling yellow stained
2 38 off
Good middling gray
42 oft
Strict middling gray
68 oft
*Middling gray
1.04 off
*Good middling blue stained...A 48 oft
*Strict middling blue stained____2.10 oft
*Middling blue stained
2 87 oft
•Not deliverable on future contracts.
The official quotation for middling upland cotton in the
New York market cash day for the past week has been:
June 2 to June 8Middling upland
Sat. Mon. Tues. Wed. Thurs. Fri.
21.15 21.35 21.15 20.85 21.00 21.05
NEW YORK QUOTATIONS FOR 32 YEARS.
The quotations for middling upland at New York on
June 8 for each of the past 32 years have been as follows:
1928
1927
1926
1925
1924
1923
1922
1921
21.05c.
16.60c.
18.85c.
23.55c.
29.45c.
28.85c.
22.05c.
12.80c.
1920
1919
1918
1917
1916
1915
1914
1913
40.00c.
32.75c.
30.05c.
23.40c.
12.85c.
9.80c.
13.65c.
12.10c.
1912
1911
1910
1909
1908
1907
1906
1905
11.65c.
15.85c.
15.20c.
11.35c.
11.40c.
13.25c.
11.20c.
8.50c.
1904
11.70C.
1903
11.90c.
1902
9.38c.
1901
8.38c.
1900 ,_ _ __ _ 8.81c.
1899
6.31c.
1898
6.50c.
7.69c.
1897
MARKET AND SALES AT NEW YORK.
The total sales of cotton on the spot each day during the
week at New York are indicated in the following statement.
For the convenience of the reader, we also add columns
which show at a glance how the market for spot and futures
closed on same days.
Futures
Market
Closed.
Spot Market
Closed.
Saturday__ _
Monday
_
Tuesday - - Wednesday _
Thursday _ _
Friday
Steady, 10 pts. adv. Barely steady_ _
Steady, 20 pts. adv _ Steady
Quiet, 20 pts. dec. _ Barely steady_ _
Quiet, 30 pts. dec.. Barely steady.. _
Steady, 15 pts. adv.. Very steady__ _
Quiet. 5 pts. adv.... Steady
Total weeicSince Aug. 1
SALES.
Spot.
Contr'
Total.
500
500
300
500
100
200
300
500
101
200
1,600
__
1.600
317.383 833.300 1180,683
FUTURES.
-The highest, lowest and closing prices at
New York for the past week have been as follows:
Saturday,
June 2.
Monday,
June 4.
Tuesday,
June 5.
Wednesday, Thursday,
June 6.
June 7
.
Fri
Jos
June
Range-Closing - 20.57 -20.77 -- 20.61 -- 20.31 -20.4720.41
JulyRange- _ 20.60-20.72 20.79-21.00 20.66-20.941 20.35-20.69 20.35-20.57 20.31 26.32
Closing- 20.62-20.64 20.82-20.84 20.66-20.67 20.36-20.38 20.51-20.52 2041 -20.35
AugustRange- Closing - 20.6220.8220.70 -- 20.40- 20.56
20.61
Se/member
Rause21-25-21.25
Closing. 20.79 -21.0720.91 --20.5720.7220.61
OctoberRange- - 20.76-20.9021.00-21.21 20.88-21.24 20.54-20.91 20.50-20.71 28.51 20.74
Closing - 20.76-20.78 21.0520.88-20.89 20.55-20.56 20.6920.61 20.66
Noremter
Range- _
20.97 -20.79 -20.47 --20.61Closing. 20.6820.51
DecemberRange- - 20.60-20.72 20.83-21.03 20.70-21.03 20.39-20.74 20.37-20.57 20.4 -20.611
Closing _ 20.60-20.62 20.89-20.91 20.70-20.71 20.39-20.40 20.5420.51 20.51
JanuaryRange 20.53-20.65 20.76-20.95 20.59-20.95 20.30-20.61 20.27-20.46 20.3'-20.47
ChAing 20.53 -20.83 -20.5920.30-20.31 20.43-20.4
February
RangeClosing 20.50 -20.79 -20.5720.28 -- 20.41 -20.81
MarchRange 20.47-20.58 20.73-20.88 20.55-20.90 20.25-20.60 20.20-20.42 20.21 -20.43
20.39-20.40 20.3
20.55-20.6020.25,
20.75Closing 20.47 AprilRangeClosing 20.4620.7420.55 -20.2520.38 -- 2031.
MauRange- 20.46-20.54 20.75-20.86 20.54-20.89 20.24-20.50 20.18-20.39 20.21 20.39
90
90
20.2420.36 --20.2 20.30
Closing 90 so - 72- ha-
Range of future prices at New York for aeek ending
June 8 1928 and since trading began on each option:
Option Pr
June 1928_ _
July 1928__ 20.35
Aug. 1928
Sept. 1928__ 21.25
Oct. 1928. 20.50
Nov. 1928
Dec. 1928_ _ 20.37
Jan. 1929_ _ 20.27
Feb. 1929Mar. 1929_ _ 20.20
Apr. 1929
May 1929-- 20.18
Range for Week.
June 6 21.00 June
June 5 21.25 June
June 7 21.24 June
June 7 21.03 June
June 7 20.95 June
Range Since Beginning of Option.
17.32
4 17.10
17.65
5 17.45
5 19.72
17.25
4 16.99
4 17.00
Feb. 3 1928
Feb. 2 1928 24.70
Feb. 8 1928 21.18
Jan. 28 1928 21.75
Apr. 24 1928 21.78
Jan. 28 1928 21.14
Feb. 4 1928 21.64
Feb. 2 1928 21.53
Sept.
Mar.
May
May
May
Slay
May
8 1927
3 1928
1 1928
1 1928
2 1928
1 1928
1 1928
June 7 20.90 June 5 18.52 Apr. 2 1928 21.57 May 1 1928
20.26 May 4 1928 21.32 May 1 1928
June 7 20.89 June 5 20.18 June 7 1928 20.89 June 5 1928
THE VISIBLE SUPPLY OF COTTON to-night, as made
up by cable and telegraph, is as follows. Foreign stocks, as
well as afloat, are this week's returns, and consequently
all foreign figures are brought down to Thursday evening.
But to make the total the complete figures for to-night
(Friday), we add the item of exports from the United States,
including in it the exports of Friday only.
[VoL. 126.
FINANCIAL CHRONICLE
3622
June 8Stock at Liverpool
Stock at London
Stock at Manchester
159,000
87,000
1925.
760.000
3,000
110.000
907,000 1,499,000
bales
935,000
873,000
673,000
272,000
20,000
120,000
35,000
178,000
177.000
3,000
78,000
34,000
224,000
162.000
8,000
90,000
29,000
25,000
2,000
94.000
Total Great Britain
Stock at Hamburg
Stock at Bremen
Stock at Havre
Stock at Rotterdam
Stock at Barcelona
Stock at Genoa
Stock at Ghent
Stock at Antwerp
1926.
848,000
1927.
1928.
813.000 1,340,000
437,000
231,000
14,000
112,000
34,000
828,000 1.120,000 470,000 540,000
Total Continental stocks
1,735,000 2.619.000 1.405.000 1.413.000
Total European stocks
72,000 138,000
78,000
142,000
India cotton afloat for Europe
American cotton afloat for Europe 345,000 393,000 222,000 192.000
115.000
Egypt,Brazil,&c..afloatforEurope 96,000 152.000 131.000 100,000
324,000 396,000 247.000
Stock in Alexandria, Egypt
1.221,000 659,000 717.000 835,000
Stock in Bombay,India
01,135,70201,501,672 793,818 419.676
Stock in U. S. ports
Stock in U. S. interior towns_ --- a523.060 a575.095 1.186,780 285.662
1,320
3.665
exports to-day
U. S.
5,521,762 6.373,767 4.778,263 3,499.658
Total visible supply
Of the above, totals of American and other descriptions are:
American
bales_ 587,000 1.008.000 527,000 527,000
Liverpool stock
99,000
71.000
66,000 140.000
Manchester stock
734,000 1,065.000 401.000 441.000
Continental stock
345.000 393.000 222.000 192,000
afloat for Europe
American
a1,135.702a1,501,672 793,818 419,676
U.S. port stocks
a523.060 (1575.095 1,186,780 285.662
U. S. interior stocks
1,320
3,665
U. S. exports to-day
Total American
East Indian, Brazil, &c.Liverpool stock
London stock
Manchester
Continental stock
Indian afloat for Europe
Egypt. Brazil, &c., afloat
Stock in Alexandria. Egypt
Stock in Bombay,India
3,390,762 4.682,767 3,205,263 1.965,658
226,000
332.000
321,000
28,000
94.000
142,000
96.000
324,000
1.221.000
19,000
55,000
78,000
152.000
396,000
659,000
16.000
69.000
72,000
131.000
247,000
717.000
233.000
3,000
11,000
99,000
138,J00
115,000
100.000
835,000
2,131,000 1.691.000 1.573.000 1,534,000
3,390,762 4,682.767 3,205,263 1,965.658
Total East India, &c
Total American
OVERLAND MOVEMENT FOR THE WEEK AND
-We give below a statement showing the
SINCE AUG. 1.
overland movement for the week and since Aug. 1, as made
up from telegraphic reports Friday night. The results for
the week and since Aug. 1 in the last two years are as follows:
----1926-27----1927-28Since
Since
Week. Aug. 1,
Week. Aug.1.
9.339 600,155
5,000 358,584
4,860 343,265
370 241,606
22,029
13.974_
170
51,538
7
-6 .
30,346
176
5.598 258,167
4,442 237.509
5,730 602,726
6.473 380,930
June 8ShippedVia St. Louis
Via Mounds, &c
Via Rock Island
Via Louisville
Via Virginia points
Via other routes, Sic
16.631 1,262,949
Total gross overland
Deduct Shipments
85,726
Overland to N. Y., Boston, &a._ 566
21,784
Between interior towns
367
10,815 600.875
Inland, &c., from South
26,184 1.877,880
11,748
708,385
22,699 1,041,124
4,883
554.564
Total to be deducted
Leaving total net overland •
5,189
563
16,947
3,485
142.933
25,322
872,869
836,756
•Including movement by rail to Canada.
The foregoing shows the week's net overland movement
this year has been 4,883 bales, against 3,485 bales for
the week last year, and that for the season to date the
aggregate net overland exhibits a decrease from a year ago
of 282,192 bales.
In Sight and Spinners'
Takings,
Receipts at ports to June 8
Net overland to June 8
Southern consumption to June 8
-1926 27
-1927-28
Since
Since
Week.
Aug. 1.
Aug. 1.
Week.
37.809 8,130.640 56.037 12,417,155
3,485
836.756
554.564
4,883
90,000 4,741.000 106,000 4,717,000
Total marketed
132,692 13,426.204 165,522 17,970.911
44,760
153,311 38,822
Interior stocks in excess
•35,726
Excess of Southern mill takings
700.670
145,433
over consumption to May 1
---126,700
Came into sight during week_ _ _ 96.966
18,716,341
13,725,948
Total in sight
North.spinn's's takings to Jtrne 8_ 11.341 1,336,860 29,044 1.808,862
5,521.762 6,373.76i 4,778.263 3,499.658
Total visible supply
•Decrease.
11.454.
9.03d.
9.924. 13.364.
Liverpool
Middling uplands,
21.05c. 17.05c. 18.15c. 23.65c.
Middling uplands. New York
Movement into sight in previous years:
22.70d. 18.05d. 18.000. 35.504.
Sakel, Liverpool
Egypt,good
Bales.
Since Aug. 1Bales.
WeekPeruvian, rough good. Liverpool_ 14.000. 11.000. 17.096. 20.754.
15,899,012
8.5.,d. 11.45d. 1926
-June 12
109,150 1926
10.05d.
8.204.
Broach, fine, Liverpool
14,661,362
9.104. 11.85d. 1925
1925
13
8.654.
-June
112,030
10.95d.
Tinnevelly, good, Liverpool
11,269.239
1924
-June 14
124,326 1924
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 been 88,000 bales. OTHER MARKETS.
-Below are the closing quotations
The above figures for 1928 show a decrease from last for middling cotton at Southern and other principal cotton
week of 108,000 bales, a loss of 852,005 from 1927, an markets for each day of the week:
increase of 743,499 bales over 1926, and a gain of 2,022,Closing Quo ations for Middling Cotton on
104 bales over 1925.
Week Ended
Jnue 8.
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
20.55
20.55
20.45
20.65
20.90
20.75
20.51
New Orleans_
20.51
20.33
20.59
20.89
20.63
the week and the stocks to-night, and the same items for the Mobile
20.30
20.30
20.45
20.15
20.40
20.60
corresponding periods of the previous year,is set out in detail Savannah
20.62
20.61
20.47
20.94
20.77
20.60
20.63
20.63
Norfolk
20.44
20.75
below:
20.69
21.35
Movement to June 8 1928.
Towns.
Ala.. Birming'm
Eufaula
Montgomery.
Selma
Ark.,Blytheville
Forest City
Helena
Hope
Jonesboro_ _ _
Little Rock
Newport_
Pine Bluff
Walnut Ridge
Ga., Albany
Athens
Atlanta
Augusta
Columbus- -.
Macon
Rome
La., Shieveport
Alles-Clarksdale
Columbus_
Greenwood
Meridian
Natchez
Ship- Stocks
Receipts.
ments. I June
8.
Week. Season. 1Veek.
900E
81 92.091
100 5,228
100 20,424
364 78,056 1,652 10,070
487 6,875
1 58,736
242 5.378
4 78.65
641 4,792
37,10
11
7,133
39
19 52.127
1,732
1
1: 49,38
198 1,449
32,31:
11
968 7,709
377 108.836
431 1.000
48.701
____
8 125,314 1,274 12,266
730
231
8 35,506
____ 1,586
4.981
____
350 2,162
50,834
20
468 127,236 2,734 20,846
1,526 278,103 4,846 45,287
462
____
50 51.161
330 67,434 1,067 1.984
400 9,134
500 38,506
83 18.225
27 98,239
134 153.682 1,356 21,374
692 1,508
9 36,043
202 160,374 2,075 37,983
566 2,586
15 41,276
305 12.486
: 37.1 11
1
Movement to June 10 1927.
Receipts.
Week. Season.
408 98,182
129 27,099
239 124,973
96,325
781
2
95,5551
Ship- Stocks
went,. AVM
Week. 10.
1,651 6,180
161 8,220
1,208 21.194
358 14,952
814
35
1,346 16,280
92 2,108
8,807
55,056 1,14' 9,079
259.863 4,571 24,494
385,485 5,852 61,727
142 5,179
50,624
111,261 1,172 4,523
911 67,720
52,281
167,782 1,51 1 29.726
194,905 4,011 30,012
452 3,102
43,934
184,627 2,144 27,657
73. 5,504
55.179
76: 7,645
50.314
35.400 ---- -44,77
587,931 9,339 4.013
968 27,230
53,416
601 3,595
21,101
213 3,119
209,828
804 3.441
194,281
21.35
20.88
19.90
20.50
19.82
20.10
20.10
21.10
20.56
19.60
20.25
19.58
19.85
19.85
20.90
20.69
20.00
20.35
19.72
19.95
19.95
20.90
20.81
20.00
20.45
19.65
20.00
20.00
-The closing
NEW ORLEANS CONTRACT MARKET.
quotations for leading contracts in the New Orleans cotton
market for the past week have been as follows:
Saturday,
June 2.
1,471 16,679
__
62
715
2,856
431
1,07
1
3
483
334
194
254
57
21.35
21.06
20.05
20.75
20.00
20.30
20.30
9,943
528 206.379
188.052
21.00
20.75
Memphis
Houston
20.55
Little Rock--- _ 19.82
Dallas
20.10
Fort Worth_
Baltimore
Augusta
Monday,
June 4.
Tuesday, Wednesday, Thursday,
June 7.
June 6.
June 5.
Friday,
June 8.
20.35-20.36 20.34-20.31
July
20.1820.44-20.45 20.73-20.74 20.48August...
September
October
20.22-20.24 20.52-20.54 20.30-20.31 20.00-20.02 20.15-20.16 20.11-20.13
November
December_ 20.2320.50-20.53 20.30-20.31 20.00-20.01 20.14-20.15 20.11-20.12
20.49 Bid 20.29-20.30 19.99 Bid 20.12 Bid 20.08-20.02
January _ 20.21February.
19.98 Did 20.12-20.14 20.08 bid
March
20.20 Bid 20.48 Bid 20.27April
May
20.17 Bid 20.45 Bid 20.24 Bid 19.95 Bid 20.07 Bid 20.03-20.08
Tone
Steady
Quiet
Quiet
Steady
Spot
Steady
Steady
Easy
Very •t'dy Steady
Steady
Steady
Options.__ Steady
GARDINER H. MILLER ELECTED PRESIDENT OF
-Gardiner H. Miller,
NEW YORK COTTON EXCHANGE.
a member of the firm of Hopkins, Dwight & Co., was elected
President of the New York Cotton Exchange, succeeding
Samuel T. Hubbard, Jr., who has held that office for two
Dkla., Altus x__
•
Chickaaha_x_
543 5,876 years, at the annual election on June 4. John H. McFad402 188,077
Okla. City x513 742,31. 3,011 29.055
den, Jr., was elected Vice-President, and James F. Maury
15 towns___
5.C., Greenvill 3,49 313,491 6,149 40,164 4,087 361.483 13.561 48,450 was re-elected Treasurer for the twenty-first consecutive
7,773 __-_ 3,251
Greenwood'.
8,83 1,461,13 18.210136.366 22,5392,280,596 30,34 132,422 Year. Six new members were elected to the Board of Manarenn..Memph
846
194
8,614
181
Nashville a_
702 gers, namely: Frank M. Hartcorn, Paul Scharz, Clifford M.
57,142
942 1,047
---- 79,583 .....70
rocas. Abilene_
788 Story, Alden IL Vose, Philip B. Weld and Elwood P. Mc___34,235
____
234
14 26,393
925
Austin
4. 5.829
35 29,27.
119 11,159
132 29.7591
Brenham
membership on
806 7,184 Enany. The following were re-elected to
402 191,19
854 21,904
56: 99,3681
Dallas
283 2,069 the board: Dr. Herman B. Baruch, John C. Botts, William
74 133.807
Ft. Worth a_
137
2 56.655
65 1,380
75,347
21
Paris
S. Dowdell, T. Laurelle Guild, John W. Jay, Henry H.
_1
436
2
29,779
_-_
Robstown
2,592 Royce, George M. Shutt, and J. Lawrence Watkins, Jr.
22
618 4,894
53 62,318
37,18
11
San Antonio_
20R 2.089
58.599
-1
___
Texarkana-Others elected were: Trustee of the Gratuity Fund: three
_I
700 5,270
89,937
.1
Waco
years, George M. Shutt; two years, Danuel Schnakenberg;
rota], 56 town 24,1445,417,795 58,577523,060 49,0677,007,346 87.898575.095 one year, Henry H. Royce; Inspectors of Election: William
0. Bailey, William A. Boger, and J. Victor de Zerega.
it Discontinued. •Includes the combined totals of fifteen towns in Oklahoma.
Vicksburg.--
Yazoo City
Wo., St. Louis_
!T.C.,Greensb'ro
Raleigh
18,071
120 2,139
27.881
12
4,971 360.34
24
28.831
5,878
3,217
5,
424 11,518
6
72
----
__-9,293
1,584
59
27
81
The above totals show that the interior stocks have
CLEMENT,CURTIS & CO. ESTIMATE OF COTTON
decreased during the week 35,726 bales and are to-night
-Clement, Curtis & Co., Chicago, issued on
35,726 bales less than at the same time last year. The ACREA GE. report on cotton condition and acreage as of
receipts at all the towns have been 22,923 bales less than June 2, their of May. The report is as follows:
the last week
the same week last year.
JUNE 9 1928.]
FINANCIAL CHRONICLE
The acreage planted to cotton is estimated to be 9.1% larger
year, indicating a total of 45.738,000 acres, last year's acreage than last
41.905,000, and two years ago 48,730,000 acres. Condition in thebeingweek
last
of May was low, reports averaging 68.8 compared with 74 a year
ago and
68 two years ago, and a ten-year average of 72. It is too early to make
a forecast, but this acreage and condition suggests a crop of about 14.500,0
00
bales, that is, larger or smaller than this amount as future conditio
ns are
more or less favorable than average.
Acres
Per Cent -Condition
1928.
of 1927. 1928. 1927. 1926.
North Carolina
1.784,000 102
70
81
66
South Carolina
2.675,000 109
58
68
55
Georgia
3,851,000 110
61
75
70
Alabama
3.375,000 105
62
74
76
Mississippi
3,681,000 108
60
72
70
Louisiana
1,823,000 115
67
72
68
Texas
18.198,000 108
72
78
67
Oklahoma
4.396,000 105
81
75
72
Arkansas
3.770,000 120
68
60
70
Tennessee
1,123,000 114
75
65
70
Missouri
412,000 135
75
50
62
Others
650,000 124
85
85
85
United States
45,738,000 109.1
88.8
74.0 68.0
AGRICULTURAL DEPARTMENT'S REPORT
ON
CEREALS, &c.
-The Crop Reporting Board of the
States Department of Agriculture made public on United
Friday,
June 8, its forecasts and estmates of the grain
United States as of June 1, based on reports crops of the
and
nished by crop correspondents, field statisticiansdata furand cooperating Boards (or Departments) of Agricul
ture. This
report shows that the production of winter
wheat is now
placed at 512,000,000 bushels, which compar
Department's estimate of 479,086,000 bushels es with the
a month ago
and with 552,000,000 bushels harves
ted in
June 1 condition is given as 73.6% of normal 1927. The
, which compares with the May 1 1928 condition of
June 1 1927 condition of 72.2%. The 74.9%, and the
condition of winter wheat is 78.2%. ten-year average
spring wheat June 1 is placed at 79.0% of The condition of
normal
86.8% on June 1 1927 and a ten-year averag , as against
e
The condition of oats on June 1 1928 is given of 88.4%.
as against 79.9% on June 1 1927 and a ten-yea as 78.3%,
r average of
85.2%. The report ,ollows:
Total Production
In Millions of Bushels.
Acreage for
Yield per Acre
in Bushels.
Crop.
Harvest 1928.
Harvested Indicated Harvested Indicated
by
by
P. C. Acres
Avge.
Condition Avge
Condition
of
in
1923- 1927. June 1 1923 1927. June 1
1927 Thousands. 1927.
1928.a 1927
1928.a
Winter wheat
94.7 35.858
54 9 55 2 51 2
15.1 14.6 14.3
Rye
97.1
3,562
54.9 58.6
36.7
13.4 16.0 10.3
CONDITION OF CROPS IN THE UNITED
STATES ON JUNE 1 1928 WITH
COMPARISONS.
Condition.
Crop.
June 1
10-Yr. Ac. June 1
1918-1927. 1927.
Per Cent. Per Cent.
May 1
1928.
Per Cent.
June 1
1928.
Per Cent.
Winter wheat
78.2
72.2
74.9
73.6
Spring wheat
88.4
86.8
79.0
Oats
85.2
79.9
78.3
Barley
86.1
81.5
82.7
Rye
85.2
87.6
73:6
67.9
Hay, all tame
85.7
88.0
76.1
71.6
Hay, wild
85.5
89.7
74.6
Hay, all
85.7
88.3
76.3
All clover and timothy hay
b82.3
90.8
73.1
Alfalfa hay
89.1
86.9
82.8
Pasture
87.1
88.3
7
-1.3
78.6
a Interpreted from condition reports. Indicated
creases with changing conditions during the season. production increases or deb Four-year average, clover
and timothy mixed, 1924-1926.
WEATHER REPORTS BY TELEGRAPH.
-Reports to
us by telegraph this evening denote that as a rule there
has
been too much rain during the week in most sections
of the
cotton belt and in many instances precipitation
has been
very heavy. The past few days, however, the weathe
r has
been more favorable with high temperatures and
less rain.
Chopping and cultivation have made only
fair progress
because of rains.
Mobile, Ala.
-Heavy rains the early part of the
week
ei'used serious damage to cotton. Lowlands
overflowed
ind hillsides were washed out and river bottoms were
under
water and rising. The last three days the weathe
r has
been favorable.
Galveston, Texas
Abilene
Brenham
Brownsville
Corpus Christi
Dallas
Henrietta
Kerrville
Lampasas
Longview
Luling
Nacogdoches
Palestine
Paris
San Antonio
Taylor
Weatherford
Ardmore, Okla
Altus
Muskogee
Oklahoma City
Brinkley, Ark
Eldorado
Rain.
3 days
2 days
2 days
5 days
3 days
4 days
1 day
2 days
4 days
2 days
3 days
3 days
2 days
3 days
2 days
3 days
4 days
2 days
1 day
5 days
4 days
2 days
4 days
3623
Rain.
4 days
4 days
2 days
5 days
4 days
3 days
4 days
3 days
4 days
5 days
4 days
5 days
4 days
4 days
2 days
3 days
5 days
3 days
5 days
2 days
5 days
5 days
4 days
5 days
2 days
3 days
4 days
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
Newborn
Weldon
Memphis. Tenn
Rainfall.
1.88 in.
4.02 in.
2.09 in.
8.06 in.
4.88 in.
0.84 in.
2.83 in.
1.04 in.
2.80 in.
4.81 in.
3.27 in.
9.60 in.
4.16 in.
0.48 in.
1.07 in.
0.50 in.
3.14 in.
1.25 in.
5.98 in.
0.28 in.
2.14 in.
1.12 in.
0.43 in.
2.61 in.
0.50 in.
2.81 in.
0.49 in.
high 89
high 97
high 90
high 89
high __
high 90
high 79
high 96
high 87
high 85
high 90
high 90
high 91
high 94
high 91
high 89
high 89
high 92
high 94
high 87
high 89
high 90
high 91
high 87
high 93
high 88
high 87
Thermometer
low 53 mean 71
low 55 mean 76
low 59 mean 75
low 59 mean 74
low __ mean 78
low 61 mean 76
low 56 mean 68
low 56 mean 76
low 62 mean 75
low 72 mean 75
low 56 mean 73
low 63 mean 77
low 61 mean 76
low 62 mean 78
low 60 mean 76
low 64 mean 74
low 51 mean 70
low 58 mean 75
low 57 mean 76
low 63 mean 75
low 54 mean 72
low 60 • mean 75
low 59 mean 75
low 57 mean 72
low 55 mean 75
low 51 mean 70
low 56 mean 72
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 ga ge_
Above zero of gauge..
June 8
1928.
Feet.
10.6
21.5
32.2
16.5
31.0
June 10
1927.
Feet.
17.3
37.3
13.7
12.7
47.5
RECEIPTS FROM THE PLANTATIONS.
-The following table indicates the actual movement each week from
the plantations. The figures do not include overland receipts nor Southern consumption; they are simply a statement of the weekly movement from the plantations of that
part of the crop which finally reaches the market through
the outports.
Weekj
Ends
Receipts at Ports.
1928. 1927.
1926.
Stocks at Interior Towns. ReeeiptsfromPlantations.
I
1928.
1927. I 1926.
1928. 1927. 1926.
Mar.
62,281 196.159118,766
70.755 217,975 105,260
10. 73.234 227.560 121,458
23__ 76,637 185.888104.414
30__ 88,473 168.766110.433
987.384 1.224.5801,836,790
941,0431,168,286 1,810.852
916,246 1.097.531 1,760,002
887.170 1,036.360 1,730.985
863,788 984.188 1,679,443
26,545 141.545
24.434161.681
48.437156.805
47,561 124.717
65.091 116,594
88,669
79,322
70.608
75.397
58.891
80.232 140,928 91,081
13__ 73.019 131.290 104,943
20._ 72.882 102,307 71,673
27__ 92.378 86,136 115,448
May
109,891 108,689 76,810
11_- 110,912 89,089 87.891
18._ 84,323 73.651 73.225
25_. 59.759 67.486 65.277
June
54.183 68,264 89,807
37,809 56,037 47,642
835,361 922.735 1,630.308
803,203 889,925 1,575.256
773,381 1,541.773 594.768
737,026 824,696 1.479.275
51,805
40,861
43,060
59,006
79.475
98.79
38.19
50,16
41,896
49.891
14,711
62.498
691.224
649,289
620 320
587,760
64,089
68.977
55.354
27,199
68.47
47.27
41,02
13,893
35,857
45,251
23.376
20,880
784,478 1,438.322
742.667 1,395.682
710,044 I,345,833
656,4511,301,436
558,886 613,91711,224.902 25,309 25.730
523,060 575,0951,186,780 2,083 17,215 13,273
9,520
The above statement shows: (1) That the total receipts
from the plantations since Aug. 1 1927 are 8,197,394 bales:
in 1925 were 00,000,000 bales, and in 1924 were 10,227
bales. (2) That although the receipts at the outpor ,033
past week were 37,809 bales, the actual movementts the
from
plantations was 2,083 bales, stocks at interio
r towns
having decreased 35,726 bales during the week. Last
year
receipts from the plantations for the week were 17,215
bales and for 1924 they were 9,520 bales.
WORLD SUPPLY AND TAKINGS OF COTTON.
The following brief but comprehensive statement indicates
at a glance the world's supply of cotton for the week and
since Aug. 1 for the last two seasons, from all sources from
which statistics are obtainable; also the takings or amounts
gone out of sight for the like period.
Cotton Takings,
Week and Season.
1927-28.
Week.
Season.
1926-27.
Week.
Season.
Visible supply June 1
5.629,762
6,507,136
Visible supply Aug. 1
4,961.754
3,646,413
American in sight to June 8_ ___
96,966 13.725,448 126,700 18,716,341
Bombay receipts to June 7
70,000 3.187,000
41,000 2,851,000
Other India Ship'ts to June 7
9.000
569,500
28,000
428,000
Alexandria receipts to June 6
3,000 1,279,660
15.000 1,697,400
Other supply to June 6 *6
Rainfall.
Thermometer
15,000
543,000
13,000
656,000
3.58 in. high 84 low 70 mean 77
Total supply
5,823,728 24,266,362 6,730,836 27.996,154
1.52 in. high 94 low 50 mean 72
Deduct
0.52 in. high 96 low 56 mean 76 Visible supply June 8
5.521,762 5.521,762 6,373,767 6.373.767
2.80 in. high 90 low 70 mean 80
Total takings to June 8 a
6.84 in. high 86 low 68 mean
301.966 18.744,600 357,069 21.622.387
Of which American
77
238.966 13,714,440 259,069 16.271,987
1.27 in. high 88 low 54 mean 71
Of which other
63.000 5.030.160
98,000 5.350.400
1.18 in. high 90 low 56 mean 73
*Embraces receipts in Europe from Brazil, Smyrna,
1.50 in. high 90 low 50 mean
West Indies. &c.
a This total embraces since Aug. 1 the total estimate
70
d consumption by
2.68 in. high 98 low 52 mean
75 Southern mills, 4,741000 bales in 1927-28 and 4,717.000 bales
1.02 in. high 90 low 62 mean 76 takings not being available-and the aggregate amounts taken in 1926-27by Northern
and foreign spinners, 14,003,600 bales in 1927-28
2.22 in. high 94 low 60 mean
77 1926-27 of which 8,973,440 bales and 11,554,987 and 16.905.387 bales in
bales American.
1.36 in. high 86 low 56 mean 71
Estimated.
1.98 in. high 92 low 56 mean
74
INDIA COTTON MOVEMENT FROM ALL PORTS
1.16 in. high 94 low 54 mean 74
2.48 in. high 92 low 60 mean 76
The receipts of India cotton at Bombay and the shipme.
nts
1.06 in. high 92 low 56 mean 74 from all India ports for the week and
for the season from
1.10 in. high 94 low 52 mean
73 Aug. 1, as cabled, for three years have been as follows
:
6.32 in. high 87 low 53 mean 70
0.13 in. high 98 low 47 mean 73
1927-28.
1926-27.
1.51 in. high 85 low 52 mean
1925-26.
June 7.
69
0.64 in. high 86 low 52 mean 69
Receipts en
Since
Since
1Veek.lAug. 1. IFeek.lAug. 1. Week.1 Since
1.98 in
high 91 low 53 mean 67
Aug. 1.
0.93 in
high 90 low 56 mean 73 Bombay
70,000 3,187,000 41,000 2,851.000
41,000 3,116,000
[VOL. 126.
FINANCIAL CHRONICLE
3624
Bales.
Since August 1.
For the Week.
Exports
from-
Great 'Conti- 'Japan&
ritain. non:. IChina. I Total.
0)eat I Conti- IJapan clI1
Britain. I nent. I China. I Total.
I
I
81,000 597,000 1,159,0001,837,000
17,000 327,0001.463,0001,807,000
48,000 484.0001.608.0002.140,000
1
569,500
100,500 469,000
428,000
40,000 388,000,
580,000
104,000; 476.000
Bombay
1927-28_ _
1926-27..
1925-26_ _
Other India1927-281926-27._
1925-26. _
I
I
I
3,000 27.000; 63,000 93,
4,000 7,000 43,000 54,000
___. 4.001
2,000 2.000
I
9.000
;
3,000 6,000
28,000
1,000 27,000
9,000
2,000 7.000
Total all
1927-28_
1925-27_ _
1925-26..
181,50011.066.0001 1,159.0002.406,500
6,000 33.000 63,000102.00
57.eon, 715,000 1,463,0002,235,000
5,000 34,000 43.000, 82,00
_ _1 13.000 152,0001 960,000 1,4'08,0002,720,000
4,000 9.000
1
HOUSTON-To Genoa-June 4-Monginevro. 1,973- __June 5
Nicol° Odero. 1,124
-Western Queen, 4.954
To Bremen-June 4
To Manchester-June 6-Dakadan, 1,445
To Havre
-June 4-Middlehain Castle, 3,061
-June 4-Middieham Castle, 1,196
To Ghent
To Liverpool-June 6-Dakarian, 5,455
-Pacific Enterprise, 101
-To Manchester-June 2
LOS ANGELES
-June 4-Kinderiik, 499
To Liverpool
To Kobe
-President McKinley,973
-June 4
-June 5-Darian, 50
CHARLESTON-To Liverpool
-June 5-Darian, 1,367
To Manchester
To Bremen-June 7-Magmeric. 50; Itedderheim, 322
To Hamburg
-June 7-Hedderhein,706
-Silver Bell. 200
-June 7
SAVANNAH-To Kobe
3.097
4,954
1,445
3.061
1,196
5,455
101
499
973
50
1.367
372
706
200
115,525
Total
-Current rates for cotton from
COTTON FREIGHT.
According to the foregoing, Bombay appears to show an New York, as furnished by Lambert & Burrowes, Inc., are
increase compared with last year in the week's receipts of as follows, quotations being in cents per pound.
StandHigh
StandHigh
High
Stand29,000 bales. Exports from all India ports record an increase
ard.
Density.
ard.
ord.
Density.
Density.
of 20,000 bales during the week, and since Aug. 1 show an Liverpool .400. .550. Oslo
Shanghai .700. .85c.
.500. .600.
.60c. .75c.
Bombay
Stockholm .65c. .800.
Manchester.40c. .550.
171,500 bales.
increase'of
.450. .60c.
Bremen
.500. .650.
Trieste
Antwerp .30c. .450.
Hamburg .450. .60c.
.650.
.50c.
-We Ghent
.37340. .82340. Flume
ALEXANDRIA RECEIPTS AND SHIPMENTS.
.750. .90c.
.600.
Piraeus
.450.
Lisbon
.31c.
.46o.
Havre
now receive weekly a cable of the movements of cotton at Rotterdam .35c. .500. Oporto .60c. .750. Saionica .750. .90o.
.500s. .650.
Venice
Barcelona .300. .450.
654.
.50c.
The following are the receipts and Genoa
Alexandria, Egypt.
.800.
.650.
Japan
shipments for the past week and for the corresponding week
-By cable from Liverpool we have the folLIVERPOOL.
of the previous two years.
lowing statement of the week's sales, stocks, &c., at that port:
Receipts (cantars)This week
Since Aug. 1
65,000
7,689.250
75.000
8.490.886
15,000
6.055.890
This Since
Since
This
Week. Aug. 1. Week. Aug. 1.
216,808
175,722
108,161
To Liverpool
To Manchester. &c
To Contin't & India
To America
This Since
Week. Aug. 1.
141.796
149.705
Export (bales)
136,116
7,000 181,221
182.377
8,500 325.578
4,250 149.796
9.000 374.685 12-J815 372,852
9.000 774.317 12,750 901.498 19.750 838.972
Total exports
-A cantar is 99 lbs. Egyptian bales weight about 750 lbs.
Note.
June 6 were
This statement shows that the receipts for the week ending
15.000 cantars and the foreign shipments 9,000 bales.
-Our report received by
MANCHESTER MARKET.
cable to-night from Manchester states that the market
both yarns and cloths is steady. Demand for India is
improving. We give prices to-day,below and leave those for
previous weeks of this and last year for comparison.
1927.
1928.
82s Cop
Twist.
814 Lbs. Shirt- Cotton
Inge. Common leiddrg
Uprds
to Finest.
d. a. d.
March- d.
2...... 15 4104 13 5
9-15 4104 13 5
111.- 15 @161.4 13 5
23.... 1514@17 13 0
30....._ 151.4®17 13 6
April
7...„ 151.4@17 13 7
13._ 1534@1714 14 0
20____ 1534@l714 14 0
27._ 16 01714 14 1
May
4._ 164417,( 14 2
11---- 1634€J1734 14 3
18- 16 @1734 14 3
25- 16 01714 14 3
June-1.... 16 41714 14 3
Ir. tit 17li 143
st
32a Cop
Twist.
814 Lbs. Shirt- Cotton
Inge, Common Midas
UpPds
to Finest.
a. d.
413 7
013 7
013 7
414 0
014 1
d.
10.63
10.54
10.77
10.96
10.86
d.
d.
1234@1414
125441444
12540104
12340104
1234€41434
a. d.
12 6
12 5
12 5
12 4
12 4
s. d.
413 0
012 7
412 7
012 6
012 6
d
7.93
7.70
7.54
7.71
7.86
414 1
014 2
414 2
@143
10.91
11.11
11.25
11.61
1040104
12 H 4104
1234@l414
1214@l434
12 3
12 3
12 3
124
012 5
012 5
012 5
@127
7.76
7.77
8.07
8.35
014 4
414 6
414 5
014 5
11.60
11.62
11.71
11.46
13 015
104 4)15 N
1334015Ii
14 416
12 5
12 5
13 0
13 0
4013 0
013 0
013 3
013 3
8.75
8.72
8.91
8.94
4414 5
014 5
11.47 1414a17
11,45 1441 SI 17
13 0 8513 3
13 n 4,13 3
9.23
003
-As shown on a previous page, the
SHIPPING NEWS.
exports of cotton from the United States the past week have
)
reached 151 525 bales. The shipments in detail, as made
up from mall and telegraphic reports, are as follows:
Baks.
-To Bremen-June 1-America, 1.500__ _June 5
NEW YORK
President Harding. 2,652; Karlsruhe. 760.. _June 7
6,508
Republic, 1,587
NO
500
To Corunna-May 31-Cristobal.-Colorado Springs,3,126
3,126
-May 30
GALVESTON-To Liverpool
100
-Colorado Springs. 1-May 30
To Manchester
-May 30-0akman, 7,969-- _June 1-Derflinger,
To Bremen
13,313
5,344
-May 31-Pilot, 8,100-- _June 4-Romanley, 12,200
To Murmansk
4.100
36
36
To Dunkirk-June 1-Emergency Aid.
-Cuba,
-June 1-Emergency Aid, 2,395_ _ _Juno 3
To Havre
4.687
2.292
1.050
To Rotterdam-June 1-Emergency Aid, 1,050
977
-June 1-Emergency Aid, 977
To Ghent
3,524
-Montdnevro, 3,524
-June 4
To Genoa
200
To Leghorn-June 4-Montginevro, 200
6,906
-Mar Blanco, 6,906
-June 4
To Barcelona
ford, 350; Bruges.
-May 31-Cran
-To Havre
NEW ORLEANS
2,271
-Cuba,760
1,161_ _ -June 6
1,472
-May 31-Cranford, 1.472
To Ghent
700
-May 31-Bruges,700
To Dunkirk
41
-May 31-Bruges, 41
To Antwerp
2.450
-May 31-FAmport. 2,450
To Genoa
50
-June I-Tampa,50
To Oslo
650
-June 1-Tampa, 650
To Gothenburg
7
To Copenhagen-June 1-Tampa. 7
4,367
-West Gambo, 4,376
To Bremen-June 2
124
-West Gambo. 124
To Hamburg-June 2
900
-West Garnb3. 900
To Rotterdam-June 2
60
-Cartago, 60
To Guayaquil-June 2
6,750
-June 5-Skrarnstad, 4.550; Dryden. 2,200
To Hobe
800
To Yokahoma-June 5-8krainstad, 800
1.000
To Osaka-June 5-Slcramstad. 1,000
600
-Dryden. 600
-June 5
To Shanghai
8,513
-West Gotomsky, 8.513
-May 30
-To Bremen
MOBILE
2.400
-June 2
-Clara, 2,400
-To Venice
WILMINGTON
900
-Clara. 900
-June 2
To Trieste
75
-Arabia Maru, 75
SEATTLE-To Japan-May 23
75
-Arabia Marti. 75
-May 23
To China
-June 4-Be11flower, 925_ __June 5-To Liverpool
NORFOLK
1,468
Davislan, 543
-ManTo Manchester-June 4-Bellflower, 1,135_ _ _June 7
1.940
chester Corporation.805
1,300
-June 4-Silver Bell. 1.300
To Kobe
May 18. Mai 25.
33,000
26,000
22,000
18,000
1,000
1,000
63,000
66,000
788,000 775,000
550,000
574.000
51,000
.52,000
16,000
28.000
197,000
200.000
92,000
96.000
1925-26.
1926-25.
1927-28.
Alexandria, Egypt,
June 6.
Sales of the week
Of which American
Actual exports
Forwarded
Total stocks
Of which American
Tots! imports
Of which American
Amount afloat
Of which American
June 1.
11.000
8,000
1,000
31,000
804,000
576,000
69,000
47,000
180,000
70,000
June 8.
23,000
14,000
2,000
68,000
813,000
587,000
85,000
56,000
126.000
32,000
The tone of the Liverpool market for spots and futures
each day of the past week and the daily closing prices of
spot cotton have been as follows:
Monday.
Saturday.
Tuesday.
Quiet.
Spot.
Quiet.
Market,
12:15
P.M.
Quiet.
Quiet.
Friday.
Mdre
demand.
11.5141.
HOLIDAY
11.6841.
11.48d.
11.43d
11.456.
5,000
id.UpFds
Sales
Wednesday. Thursday.
5,000
5,000
5,000
6.000
Futures.
Market I
opened I
Quiet
,
Quiet, Barely eV)
Quiet but Steady,
st'dy, 0 to 3 to 5 pts. 101>> 12pts. 10to 12pts unch. to 1
Pt. dec.
decline.
decline.
11 pts•adv. advance.
hfacket,
4
4:00
P.M. 1
Steady, Barely st'y Steady. Quiet but Steady
24 to 27pts. uncli'ged to 10 to Dots. et'dy, 7 to unch. to 1
advance. 1 pt. dec. decline. 11 pts. dec. pt. adv.
Prices of futures at Liverpool for each day are given below:
Sat.
June 2
to
June 8.
d. I d.
June
July
August
September.. _ _
October
November _ _ December
January
February
March
April
May
June
Mon.
Tues,
Wed.
1 Thurs. I
Fri.
12.15112.30 12.15 4.0012.15 4.0012.15 4.00:12.15L4.00 12.151 4.00
P. m.p. m• p.m.P. m • p.m. p.m.P. m.P. m.V. rn• P. In •1P. MIA. lo•
ROLLDAY
d. I d.
a. I d.
d.
d.
d.
d.
d.
d.
11.06 11.18 11.23 11.17 11.03 11.07110.98 11.0011.0011.91
11.03 11.15 11.20 11.14 11.01 11.04 10.9510.97110.97110.98
10.97 11.10 11.15 11.10 10.96 10.9910.90 10.91110.90;10.92
10.9311.07 11.12 11.07 10.93 10.96 10.86 10.88,10.87110.89
10.8010.910.82 10.83,10.8210.84
10.8811.0 11.08 11
10.8110.0 11.01 10.96 10.82 10.85410.74 10.715,10.74 10.76
10.81 10.9 11.00110.95 10.81,10.84110.74 10.7510.74 10.76
10.8110.9 11.0000.9 10.81'10.84 10.7410.74 10.74 10.75
10.81 10.9 II.0000.9 10.81 10.64110.74 10.74 10.73 10.75
10.8110.9 ii.0000.9 11.81 10.8400.7410.74 10.73 10.75
10.80 10.94 10.9 10.93 10.80 10.63 10.72 10.73 10.72110.73
10.80 10.95 10.99 10.94 10.81 10.84 10.72 10.73 10.72110.74
10.79 10.94 10.9 10.93 10.M 10.83 10.71 10.72 10.7100.73
BREADSTUFFS
Friday Night, June 8 1928.
Flour was quiet and rather steady at times. The old rut.
however, is still there. Interesting features are as scarce
as ever. Late last week there was a decline of $1 a ton in
mill feed, marking further progress in the recent sharp fall
of prices for it. At one time recently feed advanced sharply
under the spur of a good demand and deficient supplies.
Even second hand prices were at one time very firm. But
now pastures are better, flour output larger and demand
smaller. The result is natural. The clearances from New
York last week were some 100,000 sacks against 170,000 in
the previous week. Prices gave way later.
Wheat has declined with better weather in the Northwest.
4
1/ to
On the 4th inst. prices declined lc. with Liverpool off
/
but later rallied 3 to 31 4c. front
5/8d. and rains in Canada,
the low on bad crop reports from the American Northwest.
Tile
It was getting very little rain. It needed rain badly.
sonic
crop there has been deteriorating. South Dakota sent
for
disturbing crop advices. On passage supplies decreased
shipments at but little over 14,the week. The world's
000,000 bushels were regarded as less than requirements.
proSome foreign advices said that the new crop was not
decreased
gressing well. The visible supply for the week
against
1,989,000 bushels. The total is 48,627,000 bushels
that
27,222,000 a ycar ago. Liverpool cabled on the 4th
advanced early in sympathy with American
prices there
increasing stocks
markets of the 2nd inst. but eased on the
JUNE 91928.]
FINANCIAL CHRONICLE
with Canadian reports more favorable and trade generally
dull. Export demand on this side was slow and realizing
later caused a reaction which left the final rise on the 4th
at Chicago % to lc. The smallness of the export business
In the face of unfavorable Russian and other European
crop news and the uncertain situation in the American and
Canadian spring wheat belts puzzled many. The Kansas
crop, however, is estimated at 168,000,000 to 189,000,000
bushels, the latter a high record, against 1_11,283,000 last
year. In the last Government report Kansas was estimated
at 142,871,000. Oklahoma is put now at 60,000,000 to 65,000,000 bushels against 51,844,000 in the Government report
and 33,172,000 the final last year.
On the 5th inst. prices broke 4% to 5e. on big selling, due
to rains in the Canadian Northwest and prospects of rains
in the American Northwest, rains in the Central West and
clearing weather in the Southwest. Liverpool fell % to
1%d. Argentine fteight rates declined 2s. 6d. to the United
Kingdom ports. The technical position was weaker. Recent bullish crop news had been discounted. Stop loss orders
were encountered. There was very little export demand.
The only support was covering, nullified by heavy selling.
The crop news has recently been bad; good rains will put
a very different face on the crop outlook. That is generally recognized. Much Canadian wheat remains to be
moved before the new crop comes on the market. In any
case a weather market, such as has recently prevailed, is
at best a shifty affair. On the 6th inst. prices swung the
other way and wound up for the day 1%c. higher, with the
export demand better and no rain of importance reported
In the American Northwest. Winnipeg was 1% to 2%c. up.
And although good rains have fallen in Canada within the
past few days, reports that sufficient moisture was still
lacking caused an advance in Canadian market. One
report said that the crop in the Provinces of Saskatchewan
and Alberta was 88% above the ground, but that the moisture was sufficient only for two weeks. Reports from the
American Northwest were unfavorable. And the foreign
news was bad. The sales for export were estimated at
1,000,000 bushels. Liverpool closed unchanged to %d.lower.
Argentine and Canadian offerings to the United Kingdom
and Continent were higher. Bradstreet's world's visible
supply decreased 3,590,000 bushels for the week. At Duluth
there was a good durum business on the 6th inst. On the
7th inst. wheat declined 4 to 43c., owing to rains in the
United States and Canada. France and Italy sent more
favorable crop reports. Liverpool fell 2% to 214d. Export
business was dull with sales of 300,000 bushels.
To-day prices ended % to 1%c. lower with a fair amount
of trading. Not a little evening up was under way for the
Government report. It appeared later in the day, giving the
winter wheat condition as 73.6% and the crop as 512,252,000
bushels, spring wheat condition 79%. Export sales were
1,000,000 bushels of Manitoba and durum mostly to the
Continent Continental markets were lower. Liverpool
dropped % to %d. Buenos Aires fell lc. Australian exports for the week were only 664,000 bushels. World's shipments for the week are not expected to be much over 10,600,000 bushels. Winnipeg will issue a crop report on Saturday. That of the Canadian Government will appear on
June 11th. It was an evening up market for the Government report. The forecast was for fair weather in the
Northwest, where probably more rain would be beneficial.
But nobody paid any attention to the forecast. Final prices
show a decline for the week of 2 to 4Y4c.
DAILY CLOSING PRICES OF WHEAT IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
No. 2 red
193% 188% 184% 183% 183% 177%
CLOSING PRICES OF WHEAT FUTURES IN
DAILY
Sat. Mon. Tues. Wed. Thurs. Fri.
CHICAGO.
147% 1473( 1433.( 145 142% 141%
July
September
148% 149% 145
146% 143% 142%
December
151% 152 147 148% 146 144%
DAILY CLOSING PRICES OF WHEAT FUTURES IN WINNIPEG.
Sat. Mon. Tues. Wed. Thurs. Fri.'
147
142 1443j 142% 141%
July
October
144% Roll- 141
142% 140% 139%
143% day 139% 141
December
138% 138
Indian corn declined because of an unfavorable crop outlook. On the 4th inst. prices were % to %c. net lower at
the end of fine rains in the Southwest and very favorable
crop news from Nebraska. The cash demand was good
from the Southwest and the Pacific Coast. The call, indeed, was sharp. At one time prices for futures were % to
14c. higher. That drew out profit taking. But cash interests bought freely on the declines. The very excellent spot
demand from shippers, elevators and industries was clearly
a redeeming feature. Moreover, offerings to arrive were
very light and advices indicated that the movement will
slacken for a time. Visible supplies increased 866,000
bushels. Sales for shipment to the East were estimated at
about 250,000 bushels. The crop news was favorable, however, and the market could not be wholly unaffected by it.
At Omaha on the 4th there were good sales overnight at
prices well above the Chicago parity. The corn goes to the
Pacific Coast, the cotton States and to feeders in States that
usually have a surplus. Liverpool cabled on the 4th inst.
that there was a fair consumptive demand. River Plate
shippers' prices were 3d. higher.
/
On the 5th inst. prices fell only % to 114c. net despite the
big downward plunge of wheat. The offerings were very
3625
large. Some of the buying Was by cash interests against
overnight sales to the East. Country offerings were very
small. Consignments were also small. To all appearance
light receipts may be expected for some little time, with
Eastern consumers and local industries both buying. On
the other hand, there was an increase in the contract stocks
of 76,000 bushels and the forecast was for further beneficial
rains in Iowa, Illinois and Indiana. The Kansas State report stated that sufficient moisture now exists for all current needs. On the 6th inst prices ended 1 to 2%c. higher,
with a good demand. Heavy rains fell in the Central West
and the temperatures were rather low. Cash markets were
firm with good demand. Argentine shipments for the week
were estimated at 5,039,000 bushels against 6,172,000 last
year. Chicago reported sales of 35,000 bushels on the 6th
inst. to go to the East. Kansas City cash on the 6th inst.
was 2c. higher with a good demand. On the 7th inst. prices
fell 2% to 2%c. on the decline in wheat and with better
weather and large country selling though cash markets were
brisk.
14c.
To-day prices closed 1 to 2/ lower on active trading, led
by July. That month was the weakest. Many sold it who
bought September. The cash demand was slow. Receipts
were not at all heavy. The belt had further rains. They
were considered beneficial Crop news in general is good.
Chicago sold to shippers 50,000 bushels. At the seaboard
there was some inquiry from Denmark. The forecast was
for fair and cooler weather. The belt wants warmer
weather to push the growth. Some are bearish on the new
crop prospects. Others are bullish on the old crop situation. Final prices Show a decline for the week to 1% to 2c.
wY CLOSING PRICES OF CORN IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
8
124% 124% 123% 126% 126% 123%
yellow
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
105% 105 104% 106% 105% 103%
July
103% 102%
September
10514 104% 103% 105
90
89% 88% 89% 87% 86%
December
No.2
Oats declined for a time on good rains but rallied with
cash trade generally active and stocks small. On the 4th
inst. prices advanced nearly 2c. with commission houses
good buyers. Nebraska is said to have a fair crop, though
the condition has declined. The visible supply increased
268,000 bushels against a decrease in the same week last
year of 1,341,000 bushels. The total, however, is only
7,085,000 bushels against 20,502,000 a year ago. A good
cash demand from the East was reported at liberal premiums. On the 5th inst. prices dropped only a fraction net,
despite beneficial rains and favorable crop reports, for the
cash situation was conspicuously strong. The fact that old
crop supplies are so small tells. Contract stocks, it is true,
Increased 552,000 bushels, but in general receipts were
small, the shipping demand was persistent, offerings insufficient and whatever may be said about beneficial rains the
temperatures were too low. Therefore, although at one
time, in partial sympathy with the decline in wheat, prices
4c. The closing on the 5th inst. was at a
were down % to 1Y
net loss of only % to %c. It seemed a cool response to the
break in wheat. On the 6th inst. prices closed % to %c.
higher in response to the advance in other grain, and lack
of moisture in the Northwest. The weather was cold. On
the 7th inst. prices dropped 1 to 11 with good weather
/
2
c.,
and other grain falling, but a rally came later. Receipts
small and premiums high.
were
To-day prices closed % to Ihe. lower, owing partly to
the decline in other grain. Good weather also counted.
Much of the belt had favorable showers. Crop news was
rather better. Interior receipts were far from large and
the country was not disposed to sell freely. On the other
hand, the cash demand was not brisk. Everybody seemed
to be evening up for the Government report. It came in
the afternoon and stated the condition at 78.3%; crop
1,285,000,000 bushels. Final prices show a rise for the
week of 34 to %c.
/
DAILY CLOSING PRICES OF OATS IN NEW YORK.
s.
HiursGo .
Th cA F.
. rt
82% nom. nom. nom. nom. nom.
a lDAILY oLosmo PRICES OFSat TS F TUue
N pliemberr
Dsuee temwhite
2 he
M 11" TR
S
O
0
:
IN CHICAGO.
Wed. Thurs. Fri.
July
55% 5614 55% 55% 54% 54%
47% 46% 46
46% 46% 46A
56% 57
5614 56% 55% 5534
DAILY CLOSING PRICES OF OATS FUTURES IN WINNIPEG.
Sat. Mon. Tues. Wed. Thurs. Fri.
66% 68% 67% 67%
70
October
Roll- 564 58
58
56% 56%
December
55
day 53% 54% 53% 53A
Rye declined because of better weather at the Northwest
of late, but the crop is moderate and there is some export
demand. On the 4th inst. prices declined 1% to 1%c. net
under liquidation with no export business. Later they
rallied with wheat. The United States visible supply decreased last week 306,000 bushels, against 1,263,000 in the
same week last year. The total is now 2,752,000
bushels,
against 2,827,000 a year ago. The crop reports have
recently been bad from the Northwest, but rains there of
late
were no doubt beneficial. Early on the 4th inst. prices
114 to 21
4c. higher, with wheat rallying 3c. or more were
from
the early low, but rye followed wheat to some extent on
the
later reaction. It is a mere satellite of wheat. On
the 6th
inst. prices advanced 3% to 4Y
4c. Reports from the Northwest were unfavorable. So, too, were those
from the
[VOL. 126.
FINANCIAL CHRONICLE
3626
The visible supply of grain, comprising the stocks in
American Northwest. Eastern interests were said to be
buying. No rain was promised in the forecast. There granary at principal points of accumulation at lake and
were reports of export inquiries. On the 7th inst. prices fell seaboard ports Saturday, June 2, were as follows:
GRAIN STOCKS.
3% to 4c., with rains in the Northwest probably the herald
Barley.
Rye,
Oats,
Corn,
Wheal,
of better crop news. Also the drop in wheat affected rye.
bush.
bush.
bush,
Duch,
bush,
United StatesTo-day prices closed % to %,c. lower with no great trad- New York
49,000
6,000
247,000
6,000
174,000
2,000
2,000
ing. There was more or less evening up for the Govern- Boston
1,000
150,000
50,000
44,000
107,000
ment report. After the close It appeared and put the con- Philadelphia
89,000
4,000
35,000
103,000
Baltimore
182,000
6,000
43,000
169,000
325,000
dition at 67.9%; crop 36,676,000 bushels. Export sales New Orleans
8,000
1,000
434,000
were reported of 100,000 bushels and also a fair amount of Galveston
2,000
3,000
44,000
149,000
Fort Worth
717,000
506,000
3,498,000 1,734,000 1,128,000 1,078,000
of barley. Berlin futures were unchanged Buffalo
foreign buying
25.000
"
120,000
85,000
the offerings here increased. Toledo afloat
4c. higher. On rallies
to Y
1,000
3,000
45,000
59,000
1,190,000
15,000
24,000
80.000
135.000
83.000
Final prices show an advance for the week, however, of Detroit
96,000
537,000
Chicago
5,739,000 10,688,000 3,710,000
1 to 2%c.
" afloat
301,000
DAILY CLOSING PRICES OF RYE FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
125,1 129% 127% 12651
129% 129
July
121% 122% 119% 123% 121% 120%
September
121% 121
123% 120% 124
122
December
Closing quotations were as follows:
GRAIN
Oats, New York
No. 2 white
1.77%
75%@78%
No. 3 white
1.6034
Rye. New York
1.4031
No. 2 f.o.b
1.23%
1.22% Barley. New York
1.07%
Malting
FLOUR.
$7.70@$7.90
$7.60©38.0O Rye flour, patents
Spring patents
4
6.5059 7.00 Semolina No. 2, pound_
Clears,first spring
4.00
3.90
7.600 8.00 Oats goods
straights
Soft winter
2.9088 300
flour
Hard winter straights__ 7.40© 7.75 Corn
8.15 Barley goods
Hard winter patents__ 7.75
4.10
Coarse
7.00
Hard winter clears..___ 6.75
Fancy pearl Nos.1.2.
Fancy Minn. patents- 9.40@i0.25
7.0088 7.25
3 and 4
9.55 10.25
City mills
Wheat, New YorkNo.2 red,f.o.b
No.2 hard winter,f.o.b
Corn, New YorkNo.2 yellow
No.3 yellow
All the statements below regarding the movements of grain
-are prepared by
-receipts, exports, visible supply, &c.
us from figures collected by the New York Produce Exchange. First we give the receipts at Western lake and
river ports for the week ended last Saturday and since
Aug. 1 for each of the last three years.
Oats.
Corn.
Wheat.
-I Flour.
Receipts at
Rye.
Barley.
.bush.561bs.
.
.
.bush.56 lbs.bush 321es bush.48lbs
bbls.196153. bush.60 lbs
68,000 146,000
119,000 2,554.000 1.448,000
204,000
Chicago
68,000
432,000 241,000
233.000
1,142,000
Mhuteatalls_ 69,000 111,000 183,000
13,000
1,255,000
Duluth
4.000
228,000 152,000
680,000
21,000
49,000
Milwaukee...
4,000
1,000
26,000
28,000
740,000
Toledo
13,000
30.000
46,000
17,000
Detroit
84.000
537,000
57,000
Indianapolis
1,000
3,000
224,000
741.000
218,000
114.000
St. Louis_ _
2,000
45,000
145.000
562,000
6,000
52,000
Peoria
86,000
390,000
394,000
Kansas City
192,000
410.000
77,000
Omaha
92,000
116.000
70,000
Bt. Joseph_ _ _
54,000
178,000
Wichita
1,000
86,000
138,000
28,000
Sioux City
622,000 421.000
Total wk. '28 419,000 4,322,000 8,500,000 3.14,2.000 353,000 502.000
Same wk. '27 414,000 4.934,000 5,452,000 2,078,000 844,000 260,000
360.000 3,678.000 7,327,000 3,590,000
Same wk. '26
Since Aug.120,875,000414,951,000 277,252.000 151,150.00031,475.00035.620,000
1927
,
20,566,000306,930.000193,673 000 129,101,000 19,192,00029,016,000
1926
m go& norotna ftin 1W10205.701.000201.366.00056,997,00 22.005,000
I' illel. G
Total receipts of flour and grain at the seaboard ports for
the week ended Saturday, June 2, follow:
Receipts at-
Flour.
Oats.
Corn.
Wheat.
Barley.
Eye.
Bushels. Bushels.
Bushels.
Bushels.
Bushels.
Barrels.
102,000 243,000 193.000
17,000
230,000 1,383,000
23,000
12,000
11,000
78,000
32,000
60.000
18.000 137,000
11,000
170.000
18,000
24,000
47,000
24,000
51,000
1,000
46.000
20,000
12,000
32,000
168.000 400,000 276,000
87.000
363,000 1,701,000
Total week 28
8,155,00010,290,000 6,163,000
Since Jan.1'2: 10,194,000 58,283,000 60,958,000
95,000
146,000 1.126,000 146,000
7,085,000
472,000
Week 1927_ _ _
15.408,000 9,919.000
,
.
RInep Ian 1 27 9 ISR7 000 108.160.000. 5.037.000 9.637.000
Orleans for foreign ports
•Receipts do not include grain passing through New
on through bills of lading.
New York_ __
Philadelphia__
Baltimore_
New Orleans5
Galveston-Boston
The exports from the several eastboard ports for the week
ending Saturday, June 2 1927 are shown in the annexed
statement:
ExportsfromNew York
Boston
Philadelphia
Baltimore
New Orleans
Galveston
Montreal
Barley.
Rye.
Oats.
Flow.
Corn.
Wheat.
Bushels. I Bushels. Bushels. Bushels. Bushels. Bushels.
60,000 164,418 223,190
71.054
1,271,7271
1,000
I
288,000
88,000 131.000
1,000
64,0001
51,000
38,000
15,000
2,0001 65,000
31,0001
96,000 288,000 868,000 320.000
4,390,000
i Total week 1928._ 6,046,727
65,000
A 1110 101
1400110
Ranln me..0 1027
378,000 1,151,418
184,054
205 055
557.012 2.233.018
674,190
2.907.502
The destinat'on of these exports for the week and since
July 1 1927 is as below:
Flour.
Exportsfor Week
Since
Week
and Since
June 2. July 1
Jury 1 to1927.
1928.
Wheat.
Went
June 2.
1928.
Since
July 1
1927.
Barrels. Barrels.
Barrels.
Bushels.
United Kingdom_ 89,943 3,719,212 1,412,913 74.271,139
66,926 5,413.652 4,471.814 148.850,169
Continent
375,555
354,000
So.& Cent.Amer- 5,000
453.000
2.000
9.000
46,000
West Indies
661.942
160,000 1,520,003
Other countries- 13,185
Total 1928
Total 1927
184,054 10,623,361 6.046,727 225,041,811
206,955 11,443,825 6,109.191 280.512,995
Corn.
Sines
Week
June 2. I Jury 1
1928. I 1927.
Bushels. I Bushels.
I 2,317,895
I 6,805,390
19,0001 286,000
46,0001 538
.000
65,000 10,247,285
146.0001 5.431.753
Milwaukee
Duluth
Minneapolis
Sioux City
St. Louis
Kansas City
Wichita
St.Joseph, Mo
Peoria
Indianapolis
Omaha
On Lakes
On Canal and River
13,000
14,141,000
14,188,000
116,000
802.000
4,106,000
1,051,000
207.000
1,000
135,000
631,000
419,000
181,000
1,029,000
22,000
627,000
147,000
1,196,000
4.050,000
16,000
657,000
143,000
1,495,000
2,502,000
136,000
33,000
272,000
27,000
875,000
31,000
130,000
3,000
7,000
583,000
140,000
3,000
102,000
30,000
57,000
105,000
132,000
1,000
95,000
34,000
95,000
225,000
9,000
61,000
37,000
85,000
108.000
Total June 2 1928___A8,627,000 25.496,000 7,085,000 2,752,000 1,413,000
Total May 26 1928.-50,607,000 36.361,000 6,817,000 3,058,000 1,475,000
Total June 4 11127-.27.222,000 29,751,000 20,502,000 2.827,000
902,000
-Bonded grain not included above: Oats, New York, 3,000 bushels; BaltiNote.
more, 3,000: Buffalo, 92,000; Buffalo, afloat, 101,000: total, 199,000 bushels, against
207,000 bushels in 1927. Barley, New York. 118,000 bushels; Baltimore. 81,000;
Buffalo, 240,000; Duluth, 18,000; Canal, 443,000; on Lakes, 69,000; total, 968.000
bushels, against 1,039,000 bushels in 1927. Wheat, New York, 1,333,000 bushels;
Boston, 168,000: Philadelphia. 489,000; Baltimore. 446,000; Buffalo, 8,384,000:
Buffalo afloat, 469.000; Duluth, 118,000; on Lakes, 1,219,000; Canal, 1,233,000;
total, 13,859,000 bushels, against 14,804,000 bushels in 1927.
Canadian
510,000
Montreal
77,000
6.272,000
752,000
Ft. William & Pt. Arthur_51.983,000
3,086,000 2,001,000 1,485,000
50,000
Other Canadian
145.000
6,291,000
1,050,000
Total June 2 1928.-64,546,000
4,888,000
Total May 26 1928- _ _62.519.000
2,769,000
Total June 4 1927.--27,552,000
4,497,000
Summary
American
48,627.000 25,496.000 7,085,000
Canadian
64.546,000
4,888,000
2,223,000 2,045.000
1,865,000 2,364,000
1,125,000 2,099,000
2,752,000 1,413,000
2,223,000 2,045,000
Total June 2 1928_113,173,000 25,496.000 11,973,000 4,975,000 3,458,000
Total May 26 1928_113,126,000 26,361,000 9,586,000 4,923.000 3,859,000
Total June 4 1927- 54.774.000 29,751,000 24,999,000 3,952,000 3.001.000
The world's shipments of wheat and corn, as furnished by
Broomhall to the New York Produce Exchange, for the week
ended Saturday, June 2, and since July 1 1927 and 1926,
are shown in the following:
Wheat.
Exports.
1927-28.
Week
June 2.
.41.7148
July 1.
Corn.
1926-27.
Since
July 1.
1927-28.
Week
June 2.
Since
July I.
1926-27.
Since
July 1.
Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
North Amer_ 8,756,000447.701,0004135,708,000 120,000 15,036,000 6,264,000
Black Sea
9,512,000 44,116,000
20,450,000 40.891,000
Argentina.., 2,670,000 158.639.000122.814,000 5,146,000245,349,000238.232.000
Australia ___ 1,768,000 69,407,000 89,840,000
India
88,000 8,936,000 4,464,000
4,650.000
0th. countre 768,000 30,120,000 23,393,000 582,000 25,772,0
Total
14,050,000724.315,000'750,335,000 5.828.000306.607.000200,037.000
WEATHER BULLETIN FOR THE WEEK ENDED
MAY 29.
-The general summary of the weather bulletin,
issued by the Department of Agriculture, indicating the influence of the weather for the week ended May 29, follows:
As a rule cloudy, unsettled weather prevailed over most central and
eastern portions of the country, with heavy rain in some distric.s, particularly in portions of the South. The latter part of the week had general,
widespread rains over nearly all sections from the Great Plains eastward.
Cool weather persisted in the interior of the country, hut without marked
temperature changes. The minimum temperatures for the week in the
Cotton Belt ranged mostly from 50 deg. in the west to about 60 deg. or
65 deg, in eastern districts, and in the Corn Belt from about 45 deg. to
50 deg. Freezing weather was reported from a few elevated sections of the
Northwest.
Data in the table on page 3 show that the week was much cooler than
normal from the Ohio and lower Missouri Valleys northward where the
weekly mean temperatures were generally from 4 deg. to 9 deg, below the
seasonal avetsge. Elsewhere near normal warmth prevailed, except that it
was considerably above normal in most central and southern sections west
of the Rocky Mountains.
Chart II shows that substantial to heavy rains occurred in practically
all central and southern sections eas of the Rocky Mountains and alro in
the Northeastern States. The amounts were unusually heavy in the central Great Plains, and in many central Gulf districts where the weekly
totals of rainfall ranged from around 2 inches to about 10 inches in some
districts. In the upper Mississippi Valley and States to the westward, as
well as quite generally west of the Rocky Mountains, precipitation was
ight to moderate.
Except for coolness in Central and Northern States and too much rain
over considerable areas of the South, weather conditions from the Mississippi Valley eastward were generally favorable. The generous rainfall
over Central and Southern States east of the Rocky Mountains was mainly
beneficial, especially in many upper Ohio Valley districts whore rain was
needed, while showers were helpful in the Atlantic coast area. Some
more or less restricted sections of the latter are still needing rain, but, in
general, soil moisture is now sufficient east of the Rocky Mountains, except in the Central-Northern States where most crops are deteriorating
because of continued dryness, especially so in the spring wheat region.
There was considerable interruption by frequent rains to cultivation in
the South, particularly during the latter part of the week, with many
complaints of grassy fields, but otherwise conditions there were generally
favorable. In most of the northern half of the country, however, temperatures were too low for warm-weather plants, and sunshine and warmth
are much desired from the Ohio Valley northward and eastward. West
of the Rocky Mountains high temperatures favored warm-weather crops,
but dry-land farms were generally still needing rain, especially in northern
Staten.
SMALL GRAINS -In the Winter Wheat Belt weather conditions during
the week were mainly favorable, though growth was rather slow in the
northeastern portion because of cool weather. In the more western sections progress was generally good to excellent, with plants heading to the
more northern portions of the belt and ripening as far north as southcentral and southeastern Kansas. Conditions were also favorable in the
Atlantic coast area, but it continued too warm and dry in the far Northwest.
In the Spring NVheat Belt, while showers were helpful in many localities, it is still much too dry over most of the area, and a good, genera
JUNE 9 1928.]
FINANCIAL CHRONICLE
rain is needed. Considerable deterioration in spring wheat is reported in
some southern and eastern sections of the belt, though its general condition in North Dakota continues mostly fair to very good. In parts of the
Ohio Valley oats made rather now growth because of coolness, and moisture is needed in Central-Northern States, but elsewhere conditions were
mostly favorable, with further improvement noted in many sections.
Rice did well in the lower Mississippi Valley, while the general warmth
in California favored this crop. Flax needs rain badly in the Central
Northern States.
corn was rather slow over much the greater part of
CORN.—Growth of
the belt, due to cool weather, and the crop needs warmth generally. The
first cultivation is mostly done in Iowa and the second well along, while
fields are generally clean elsewhere in the principal producing areas. Planting was practically completed in Iowa by June 1, which is above the average
and much above last year, and the condition of the crop is excellent.
Corn is generally good in the Great Plains area and was reported 2 to 6
inches high in Kansas, with the best fields 6 inches high in Missouri. In
the South progress varied from poor to very good, but there were some
complaints of grassy fields and slow growth in the East. It was also too
cool for best advance in the Northern States from the Lake region westward,and rain was needed in the northern Great Plains.
COTTON.—While the week was too cloudy and wet,especially the latter
part of the period, for best results in many portions of the Cotton Belt,
the weather, on the whole, was fairly favorable in most sections. In the
Carolinas, more seasonable night temperatures prevailed and progress wsa
mostly good, though warmty and sunshine are needed. It was generally
too cloudy and wet in Georgia, with advance of the crop poor to only fair
in north, but mostly good in the south where chopping was completed: the
crop is not all up in this State and stands are irregular. In Tennessee
conditions were generally favorable but cultivation is needed in some sections, while in Alabama and Mississippi the weekly advance ranged mostly
from poor to fair.
In Arkansas conditions were favorable, with very good progress in cotton, until the latter part of the week when heavy rains and cooler weather
were detrimental, while in Louisiana cultivation was hindered, though
some improvement in the crop was noted. In Oklahoma there was deficient sunshine, with considerable rain, but at the same time cotton
made fair to good advance, and, while it is late, some squares were being
put on in the South. In Texas growth was very good, and the general
condition of the crop is fair to good, though still late, and there were
some complaints of lice and the appearance of other insects in the central
and southern portions. Chopping and cultivation made only fair advance
because of the rains.
3627
silks is quite different. While prices for the row product
continue to decline, this development appears to be stimulating a larger consumption. The report of the Silk Association of America for May showed that deliveries of raw
silk to mills were 46,367 bales compared with the year's low
of 41,268 the previous month, and 45,486 in May last year.
Imports for the month amounted to 52,972 bales, representing an increase of 16,417 over April. Stocks in storage also
gained to 42,088 bales compared with 35,482 on May 1. Consideration of the foregoing figures, coupled with substantially lower quotations for the staple, have encouraged factors to believe that they are in an exceptionally good position to meet any keen competition from rayons and fine
cottons. Interest at the moment is centered in velvets,
heavy crepes and fine prints, which are expected to be the
popular leaders during the coming season. Floor coverings
are another division of the textile industry presenting interesting developments. The surprise of the week was the
announcement of lower prices averaging about 5% for the
fall season of 1928 in the face of an advancing raw material
market. The new lines contain a wealth of new colorings
and designs and it is expected that business will show a
steady increase as the season progresses. Already some
good-sized orders have been placed, and buying inter.:st is
very encouraging.
The Weather Bureau also furnishes the following resume
DOMESTIC COTTON GOODS.—While business in the
of the conditions in the different States:
markets for domestic cotton goods tended to improve here
Virginia—Richmond: Crop conditions improved, except in extreme
Southwest where soil too wet for cultivation. Rain latter part of week and there the latter part of the week, purchases in gene-al
favorable for setting tobacco plants. Corn and cotton fair to good, but
have remained disappointingly small with the volume at
growth slow account cool weather. Potatoes good.
North Carolina.—Raleigh: Weather mostly favorable for growth of
crops, but sunshine deficient and too much rain latter part of week. about the same rate as recent weeks. As a result, curtailProgress of cotton good, but needs dryness for cultivating; condition poor ment of production has increased in various sections of the
to fair. Rain delayed corn planting on bottom lands and interfered with
country, especially in the New England district, where the
rvesting. Small grains doing well.
Carolina.—Columbia: Staple crops growing rather rapidly, with output of some mills has been reduced to a four-day-a-week
showers and more seasonable night temperatures. Progress and condition
of cotton good to very good, with stands good, but irregular in develop- schedule. Probably the chief reason for the continued hesiment; chopping continues north and cultivation general. Corn similar tancy is to be found in the uncertainties concerning raw
to cotton and early crop being cultivated. Winter cereals ripening.
Sweet potato transplanting continues and potato harvesting results gen- cotton pricese and the desire to await indications of a morq
erally good. Some early peaches ripening.
definite trend before making commitments. Mills do not
Georgia.—Atlanta: Frequent rains, excessive Monday in some central
counties, and rather cool nights continue to delay farm work and growth. appear to be very anxious to contract at present levels,
Progress of cotton good in South where chopping completed and squares claiming that prices, in many instances, are below producappearing; elsewhere growth poor to fair, with chopping much delayed;
crop not all up and stands poor to fair. Progress of corn very good, but tion costs. In some cases, however, spot sales have been
much not planted. Harvesting winter cereals nearly completed.
better. Merchants dealing in wash goods are quite satisFlorida.—Jacksonville: Progress and condition of cotton fairly good;
a good business
blooming freely in central; warm nights beneficial. Rehm excessive in fied with conditions and look forward to
most sections and damaging locally. Corn filling out, but backward. on their end-season lines within a few weeks. The situaCane improved. Setting sweet pottoes advanced. Citrus trees and fruit
tion in towelings is also quite encouraging. Recent popudoing well, including satsumas in west. Tobacco in good condition.
Alabama.—Montgomery: Reports from south incomplete. General rain larity of all colored towels continues unabated and factors
latter part; locally excessive in south and central, and damage during last
the distribution of the latter will soon exceed
24 hours still unknown. Fields grassy in many sections. Corn planting believe that
continues in north; cultivation needed, but condition mostly fair. Prog- that of all white ones. Business received through the mails,
ress and condition of oats and other crops mostly fair to good. Progress, particularly from the Southern and Mid-Western sections
condition, and stands of cotton mostly poor to fair, where reported in
south and central, but mostly fair to good in more northern counties; of the country, was termed "fair." Orders were well diverchopping finished locally in south.
included prints, towels, spreads and some colMtsstssippt.—Vicksburg: Mostly dry to Friday, with adequate sun- sified and
shine; light rains in northwest thereafter*, but elsewhere mostly heavy to ored cottons. Exports of staple cottons have kept up well
excessive precipitation, especially Monday. Progress of cotton rather
poor to fair in northwest; elsewhere cotton mostly poor, with stands and and probably account for about 20% of production. Print
cultivation fair throughout. Progress of fruit and pastures good; truck cloths 28-inch 64 x 64's construction are quoted at 5%c, and
mostly fair.
Louisiana—Now Orleans: Cultivation progressed first 'part, but sus- 27-inch 64 x 60's at 5%c. Gray goods in the 39-inch 68
pended latter half of week account general rain. Conditions favored x 72's construction are quoted at 8%c., and 39-inch 80 x
rapid growth and cotton, corn, cane, and rice improved, although some
complaints of grassy fields in north. Condition of cotton fair; bolls 80's at 10%c.
appearing on earliest. but plants generally small and late, although stanch;
WOOLEN GOODS.—With weather conditions still unfavnow satisfactory. Condition of corn fair to very good. Cane and rice
show marked improvement, but still considerably behind season. Minor orable, markets for woolens and worsteds continue quiet.
crops mostly doing well.
Texas.—Houston: Normal temperatures, with moderate to excessive New business is spotty and fails to provide a basis for
rains, generally favorable. although some damage by washing. Progress much encouragement. However, the situation is not a
of feed crops, pastures, truck, corn, and rice very good and condition
fair to good. Winter wheat and oat harvests continue, with yield some- source of much concern among factors, who consider it a
what better than expected. Progress of cotton generally very good, temporary one which will be corrected with the arrival of
although some complaints of insects: general condition fair to good, higher temperatures. It is hoped that good warm weather
although crop still late; chopping and cultivation made only fair progress
during the rest of June and in July will clear surplus merdue to rain; stands fair to good.
Oklahoma—Oklahoma City: Seasonable temperatures, with moderate chandise now on the market awaiting
consumer buying. The
to excessive rains. Week favorable for all crops and moisture beneficial.
Progress and condition of winter wheat generally fair to very good. Prog- current season is considered quite unsatisfactory so far,
and condition of corn fair; some cultivation needed. Progress of owing to a disappointingly small volume of distribution.
ress
cotton good and condition good to very good; excellent progress in chopping and crop setting some squares in south. All crops late. Oats good While sales in Southern sections are reported as normal,
and ripening fast.
this has been offset by restricted purchases in the North,
Arkansas—Little Rock: Progress of cotton good until last few days
when moderate to excessive rains and cooler; stands good, but irregular; owing to unseasonably cool weather. Naturally, producers
north portion; cultivation stopped
chopping nearly completed, except in
are desirous of winding up the season as quickly as poslast three days and fields grassy in places; condition good to very good,
Program and condition of corn very good. Very favorable for wheat, sible, so as to get started on the 1929 lines which are
oats, meadows, pastures, potatoes, fruit, and truck.
scheduled to be opened the early part of next month.
Tennessee.—Nashville: Excessive rains resulted in little farm work.
Progress of corn excellent, but greatly needs cultivation in some secFOREIGN DRY GOODS.—Linen markets have continued
tions Progress and condition of winter wehat very good especially on
bottom lands, while oats are fair to excellent. Tobacco transplanting generally quiet. Business is slow and buyers do not approgressing slowing account rain. Progress of cotton excellent in some pear to have changed their tactics, and show limited incounties, but fair in others; some chopping. needs cultivation.
Kentucky.—Louisville: Too cool for seasonal growth; heavy rains most terest in offerings. Except in a few instances, orders are
districts mainly beneficial. Tobacco setting proceeding, but limited some- scarce and with competition keen, profit margins are
what by variable supply of plants, which average small; conditions favorable for obtaining stands. Condition and progress of corn mostly fair; naturally restricted. Sales of dress linens and handkersize irregular due to extensive replanting, Ind stands now good. Oats chiefs are considered fair, while some slight improvement
further Improved and poratoes mostly fine. Progress of winter wheat is noted in the request for
towelings owing to sales held in
fair; fully headed. Gardens and truck improving slowly.
retail channels. However, it is not generally expected that
distribution of towelings will continue at the same rate, and
THE DRY GOODS TRADE
purchases of other fabrics have been small. As a result,
Night, June 8 1928.
New York, Friday
some factors seem to have despaired of any immediate improvement and view the prospects in a gloomy light. HowGenerally speaking, business in the textile markets hinges
ever, others claim that conditions cannot continue in this
upon the weather. When it is cool and rainy, demand falls manner forever, and a break for the better must come soon
off, and when more favorable conditions prevail, orders Burlaps are firmer and business has increased perceptibly,
increase. Although this does not hold true throughout the owing to a more confident attitude concerning the future.
industry, it applies to the majority, particularly cottons, Light weights are quoted at 8.10-8.15c., and heavies at
woolens and linens. On the other hand, the situation in 9.95c.
haaih
3628
FINANCIAL CHRONICLE
Otatz anti Titii Prfartuxent
MUNICIPAL BOND SALES IN MAY.
The Province of Ontario, Canada, was the principal borrower during the month of May, having sold an issue of $30,000,000 4% Provincial gold bonds maturing serially on
May 15 from 1929 to 1968, inclusive. A syndicate composed
of American and Canadian banking houses headed by the
First National Bank of New York was the successful bidder,
paying 94.10 for the bonds, a cost basis to the Province of
about 4.41%. The greater portion of this loan is still in
the hands of the syndicate, awaiting better market conditions. The County of Westchester, N. Y., was the principal
borrower in the United States during May. Six issues of 4%
bonds, aggregating $15,511,000, maturing serially from 1929
to 1978 inclusive, were awarded to a syndicate headed by the
Chase Securities Corp. of N. Y. at 100.578, a basis of about
3.965%. The Sanitary District of Chicago, Ill., sold two issues of 43'I% bonds aggregating $11,000,000, maturing in
equal annual amounts from 1929 to 1948, inclusive, to a syndicate headed by the Illinois Merchants Trust Co. of Chicago, at 100.593, a basis of about 4.18%.
The total output of long-term State and municipal obligations of the month was $147,386,230. This figure compares
with $130,599,537 for the previous month and with $208,550,588 for May 1927, a marked decrease, which is in part
to be attributed to the advance in money rates, but in the
main to the flotation last year of a large issue by this city,
New York having disposed of $60,000,000 4% bonds at
that time. The following is a compilation of the other large
issues sold during the month:
[VOL. 126.
1,000,000434% City of New Orleans, La., bonds awarded to a syndicate
headed by R. M. Grant & Co. of New York at 104.156, a basis
of about 4.23%.
A number of municipalities failed to sell their obligations
during the month. In most of the cases no bids were submitted for the bonds; in others the bids were unsatisfactory
and rejected. Two Canadian Provinces were also unsuccessful in marketing their obligations. The Province of
New Brunswick offered on May 23 $1,175,000 4% refunding
bonds, maturing in 1948. The highest bid offered was
92.3099, by the National City Co. of New York, which was
rejected. A $10,550,000 issue of 4% Province of Nova
Scotia bonds offered on May 29 was not sold, as the best bid
submitted was 89.08, which was rejected by the Provincial
officials.
Temporary loans negotiated during May aggregated $15,716,000. The City of New York borrowed $1,076,000.
The Territory of Hawaii and the Government of the Philippine Islands also marketed some obligations during May.
The former issued $1,575,000 4 W% bonds maturing in equal
t
installments from 1933 to 1957, inclusive, which were
awarded to a syndicate headed by Harris, Forbes & Co.
of New York at 102.37, a basis of about 4.047%; the
latter sold two issues of 43/2% bonds, both maturing on
April 1 1958 and aggregating $1,500,000, $750,000 bonds
being awarded to a syndicate headed by Barr Bros. & Co.
at 106.159, a basis of about 4.14%, and $750,000 bonds
to a syndicate headed by the Chase Securities Corp. at 106.40,
a basis of about 4.12%. Canadian sales for the bonds
aggregated $33,190,490; we have no estimate as yet as to
the amount of these bonds sold in the United States. The
City of Calgary, Alta., sold five issues of 432% debentures,
aggregating $2,356,000, maturing from 1935 to 1947, and
awarded to the Bank of Montreal at 95.60, a basis of about
4.93%.
In the following table we furnish a comparison of all the
various forms of obligations put out in May for the last
five years:
$9.521,000 4 % Essex County, N. J., bonds, consisting of two issues
maturing serially from 1929 to 1978 inclusive; both issues were
awarded to the Fidelity Union Trust Co. of Newark, taking
$7,550.000 bonds at 101.085 and $1,971,000 bonds at 101.471.
a cost basis of about 4.15% to the county.
. 7,000.000 4% Illinois (State of) bonds maturing in equal amounts from
1945 to 1958 inclusive, awarded to a syndicate headed by Lehman Bros. of New York at 99.321, making the interest cost to
the State about 4.05%.
1927.
1928.
1926.
1925.
1924.
S
$
5,100,000 Salt River Water Users' Association, Ariz., 5% bonds maturing
$
$
$
In 30 years, optional in 10 years, at 101.50; awarded to a syn- Perm. loans (U.S.)_147,386,230 208,550,588 137,480,159 190,585,636 117,445,017
*Temp. Ins (U.S.)_ 15,716.000 23,669,600 29,328,000 38.595,019 79,811,249
dicate headed by Eldredge & Co. of New York at 96.86, a basis Can. rns,
(perm.)— 33,190,490
of about 5.31%.
Placed in Canada_
2,941,356 5,654,369 6.519.557 4,706,741
Placed in U. S_
1,235,000 27,500.000 3,500,000 2,600,000
4,250,000 State of California 4% bonds,$4,000,000 bonds maturing serially
None 1,540,000
None
500,000
from 1932 to 1949 inclusive, and $250,000 bonds due July 2 1989, Bds.of U.S.Postens 3,075,000
Gen.fd.bds.,N.Y.C. 9,400,000
None 16,000,000
None
None
optional 1954. The $4,000,000 bonds were awarded to a syncate headed by R. H. Moulton & Co. at par, and the $250,000
Total
208,767,720 236,936,544 217,502,528 239,200,212 205,153,007
bonds were awarded to the Anglo-London-Paris Co. and the
* Including temporary securities issued by N. Y. City, $1,076,000 in May 1928,
Bank of Italy, Jointly, at par.
none In May 1927,$16,000,000 In May 1926,$30,100,000 in May 1925,and $57,600,3.875,110 City of Seattle. Wash., bonds, consisting of three issues ma- 000 in May 1924.
turing serially from 1930 to 1958, inclusive; $2,425,000 4ii%
The number of municipalities emitting permanent bonds
bonds awarded to a syndicate headed by White, Weld & Co.
at 100.85, a basis of about 4.18%, and $1,450,110 534% bonds and the number of separate issues made during May 1928
to a syndicate headed by the Seattle National Bank.
were 502 and 703, respectively. This contrasts with 584
3,150,000 City of Boston, Mass., bonds consisting of 14 Issues. $3.000,000
bonds bearing 34% interest and $150,000 bonds at 334%, at and 640 for May 1927, and with 445 and 591 for May 1926.
100.011.
For comparative purposes we add the following table,
2,452.500 Albany, N. Y., bonds, consisting of eight issues maturing in showing the
aggregates of long-term issues for May and the
equal amounts from 1929 to 1948 inclusive; awarded to a syndicate headed by the Bancitaly Corp. at 100.151, a basis of about five months for a series of years:
Month of
3.97%, taking all of the bonds as 4s.
For the
For the
Month of
Fire Months.
May.
Flee Months.
May.
2,700,000 Dallas County, Tex., bonds awarded as 43is to a syndicate
1928
5147,386,230 $640,249,937 1909
827.597,869 8145,000,887
headed by Halsey. Stuart & Co. at 100.645, a basis of about 1927
208,550,588 681,045,401 1908
25.280,431 137,476,515
4.44%. The bonds mature in equal annual amounts from 1929 1928
137,480.159 608,254,147 1907
15,722,336
93,957,403
1925
190,585,636 612,184,802 1906
14,895,937
to 1958, inclusive.
80,651.623
1924
117,445,017 546,293,435 1905
16,569,066
92.706,300
2,307,000 Atlantic City, N. J., 4%% bonds, awarded to a syndicate 1923
95,088,046 423,089,026 1904
55,110,016 113,443,246
headed by H. L. Allen & Co. of New York at 102.31, a basis of 1922
106,878,872 536,116,865 1903
14.846,227
62,649,815
1921
about 4.30% •
83,442,294 356,003,428 1902
20,956,404
59,211,223
37,280,635 277,548,512 1901
14,562,340
47.754,962
2,000.000 Lincoln Park District, Ill., 4% bonds, maturing in equal in- 1920
1919
46,319,625 205,272,378 1900
9,623,264
58,273,539
stallments from 1929 to 1948 inclusive; awarded to Eldredge & 1918
33,814,730 123,945,201 1899
7,897,642
33,996,634
Co.and Taylor, Ewart & Co., Jontly, at 99.386,a basis of about 1917
23,743,493 193,068.268 1898
7.036,926
34,373,622
1916
4.08%.
29,006,488 235,908,881 1897
8.258,927
56,890,312
42,691,129 213,952,380 1896
10,712,538
30,384,656
1,570,000 434% Jersey City, N.J., bonds consisting of two issues maturing 1915
1914
34,166.614 303,153,440 1895
11,587,766
41,084,172
serially from 1929 to 1953 inclusive; $1,294,000 bonds awarded 1913
14,349,410
83,234,579 179.493,040 1894
50.067,615
to a syndicate headed by Morris Mather & Co. at 103.485, a 1912
98,852,064 196,803,486 1893
4.093,069
30,774,180
33,765,245 195,791,550 1892
7,856,860
basis of about 4.13%,and $276,000 bonds to the Trust Company 1911
36,844,291
1910
18.767,754 143,476,335
of New Jersey at 101.601, a basis of about 4.16%.
Owing to the crowded condition of our columns, we are
1,500,0004% Louisville, Ky., bonds due Mar. 1 1968, awarded to Caldwell & Co. of Nashville, at 102.01. a basis of about 3.90% •
obliged to omit this week the customary table showing the
1,500,000 334% Pittsburgh School District, Pa., bonds, maturing serially
from 1929 to 1958 inclusive; awarded to the Sinking Fund at month's bond sales in detail. It will be given later.
par.
1.257,000 Knoxville. Tenn., bonds, bearing interest at the rate of 434%.
NEWS ITEMS
consisting of two issues maturing serially from 1930 to 1939
Inclusive; awarded to a syndicate headed by the Bankers Trust
Cundinamarca (Department of), Republic of ColomCo. at 101.109, a basis of about 4.30%•
bia.—$12,000,000 63-% Bonds Sold.—A syndicate composed
1.225,000 Caddo County, Okla., bonds, unofficially reported sold to the
of J. & W.Selig-man & Co., E. H. Rollins & Sons, Redmond
Security National Bank of Oklahoma City. (No description of
& Co., and Graham, Parsons & Co., offered and quickly disbonds available as yet.)
% sinking fund gold
1,200,184 improvement bonds of the City of Portsmouth, Ohio, awarded posed of on June 7, $12,000,000
to a syndicate headed by Otis & Co. of Toledo at a price of bonds of the Department of Cundinamarca, at 93.50 and
101.29.
accrued interest, average yield about 7.14%. Dated May
1,000,000 improvement bonds of the State of Alabama, awarded as 43s, 1 1928. Due Nov. 11959.
equal installments from 1938 to 1977 inclusive;
maturing in
Interest payable May 1 and Nov. 1. Prin. and int. payabio in United
awarded to a syndicate headed by the First National Bank, States gold coin of the standard of weight and fineness existing May 1
1928, in New York City at the office of J. & W. Seligman & Co., Fiscal
Mobile, at 102.40. a basis of about 4.11%.
Agent, without deduction for any Colombian taxes. Coupon bearer
1,000,000 4% Allentown, Pa., bonds, maturing serially from 1933 to in denorn. of $1,000, red, as a whole or in part at the option of the bonds
1958, inclusive; awarded to the Allentown National Bank at ment on any int. date at their principal amount and accrued int. Departha
102.03, a basis of about 3.85%•
Fa*
According to the offering circular:
[1,000,0005% Cameron County. Tex., bonds awarded to John Gregg
The bonds will have the benefit of a cumul. sinking fund, calculated to
at 102.115, a basis of about 4.82%. The bonds mature in equal retire all tho bonds by maturity by semi-annual drawings by lot at their
Installments from 1933 to 1957 inclusive.
principal amount and accrued int.
JuNn 91928.]
FINANCIAL CHRONICLE
3629
Further information regarding this loan may be found in
our "Department of Current Events and Discussions" on a
preceding page.
Ecorse Township School District No. 5, Wayne
County, Mich.—District Defeated in Debt Dispute.—A court
ruling in a dispute between Ecorse Township School District
No. 5 and the City of Detroit holds that the district must
assume entire responsibility for bonds issued by it prior to
annexation of part of the district to the city, the proceeds of
which bonds were used to build schools within the limits of
the district as composed at present. The Detroit "FreePress" of June 5 said:
Repaving of Lake Street oetween Hennepin and Twenty-ninth Avenues
will be one of the first projects started.
The $2,000,000 bond issue approved by the estimate board includes
$950,000 for schools. with $745.000 for construction of the three new
buildings and $205,000 for purchase of sites, equipment and miscellaneous
improvements; $300,000 as the city's share of the season's $1,166,000
sewer program; $150.000 for the airport purchase; $4.500 for purchase of
additional ground adjoining the site for the proposed new workhouse at
Parker's Lake; $350,000 revolving fund bonds and $245,000 river terminal
bonds. The last two items are deductible in computing the net debt.
The bond suit, brought by Richardson Phelps against the city, challenged
the right of the city to issue additional bonds this year on the ground that
the debt limit already had been exceeded. He asked an injunction restraining the city from issuing $1,150,000 of permanent improvement bonds.
The suit was invited by the city in order to determine definitely the city's
financial status.
Toe Supreme Court in affirming District Judge Dickinson's decision,
The Detroit Board of Education will not have to assume the burden of which gave the city a margin of$1,733,000,held that a balance of$2,646,000
Auditorium
bond issues totaling $121,000,_passed by School District No, 5, Ecorse ofTee decision bonds need not be included in the net bonded debt.
was written by Associate Justice Clifford L. Hilton and it
Township, Judge Ormond F. Hunt ruled yesterday. Part of tne school was
approved unanimously by the other members of the court.
district was incorporated with Detroit in 1921.
The decision determined definitely that the words "assessed value" and
district, in a petition for a mandamus to force the Detroit "assessed
The school
valuation" as used in the statute defining net bonded indebtedboard to assume the bond issues, claims that when Detroit annexed the ness do not mean
"true and full value," as contended by the city attorney.
part of the school district in 1921 it automatically assumed the financial
The city's net debt limit, based on its assessed valuation of $423.465.169.
burdens of the city, under the State law of 1919. Detroit, however.
claimed that inasmuch as the buildings for which the bond issue was raised is $42,346,516, the court found.
Phelps, plaintiff in the suit contended that the city actually had conare outside of the territory annexed, a State law of the 1927 session releases
Detroit from the financial burden. The school district claimed the 1927 tracted indebtedness totaling 343,258,777, more than $900,000 more than
the maximum limit, and the city attorney held that the outstanding issues
act could not be applied to this case.
Judge Hunt ruled that the 1927 act was applicable, and that the school totaled $38,563,072, as compiled oy City Controller Dan 0. Brown, by
exempting auditorium bonds and several items.
district must assume the bonds.
The high court took a middle course,fixing the net outstanding indebtedness at $40,612,777 and allowing for additional issues of $1,733,739.
Massachusetts (State of).—Attorney-General Resigns in
Tax collections received since the totals used in the suit were compiled
have reduced
Face of Impeachment.—Attorney-General Arthur K. Reading increasing the outstanding bonds by several hundred thousand dollars,
the margin
$2,000,000, city
on June 6 sent his resignation to the Governor,following the margin will have been to at leastby approximately officials estimate. The
increased
$1,000,000 by July 1.
voting of his impeachment by the House of Representatives. when collections for the first half of the year have been turned over to the
the
is estimated.
The New York `Herald-Tribune" of June 7 commented as city bycourtcounty treasurer, it controller's total should have included, as
The
held that the city
not being entitled to exemption, $728,492, representing the proportion of
follows on the resignation:
ps Impeachment proceedings against Attorney-General Arthur K. Reading the sinking fund applicable to deductible bonds, and $935.304 of cancellawere brought to a sudden halt to-day by his resignation. He announced tions and abatements of special assessments. The $385,902 city's portion
his decision in a letter of a single sentence,sent in triplicate to the Governor, of the $1,351,000 Elwell bond issue, scheduled for Monday, also is taken
the President of the Senate and the Speaker of the House of Representatives. care of in the $40,612,000 total indebtedness fixed by the Supreme Court.
"I hereby resign the office of Attorney-General," he wrote.
Mr He refused to make any further statement. One of his attorneys in the
New York City, N. Y.—City's Borrowing Capacity is
investigation of his conduct in office by a special legislative committee, $221,997,541.49.—Comptr
oller Berry has issued a statement
Starr Parsons, of Lynn, said:
"Mr. Reading's decision to resign met with the full approval of his which places the city's borrowing capacity as of May 1
counsel. We still feel he has done nothing wrong and have full confidence 1928 at $221,997,541.49, not including debt that may
be
in him."
Under the statutes the Legislature is empowered to name Reading's incurred under the terms of the $300,000,000 subway bond
successor.
amendment approved last fall. The following is from the
Just what effect Reading's action would have on the impeachment proceedings was uncertain. The House voted for the impeachment yesterday, New York "Times" of May 31:
16 to 18. It had been expected that articles of impeachment would be
as of
New York City's limit
adopted by the House to-day, whereupon the Attorney-General would 997,541.49, Comptroller for incurring debt,in his May 1 1928. is $221,Berry announced
annual "debt limit st
have gone on trial at the bar of the Senate.
released to-day. The sum is greater by $94.853.874.59 than the amount
The move for an investigation into Reading's conduct was initiated after
1927. but $60.744,125.33 less than that of Mar.
it became known that Reading had accepted a $25,000 retainer to act as available on Jan. 1 May 1 represents the sum available to the 1 1928.
The amount as of
Board of
counsel for the Decimo Club, Inc.
Apportionment for long term improvements within the year.
The committee in its report said the testimony showed that Reading Estimate and according to a clause of the State Constitution which
It is arrived at
permits
had accepted the Decimo retainer at a time when the activities of the club a city to spend for this purpose 10% of the assessed local real estate valuawere under investigation by his department and that almost simultaneously tion after deduction of existing indebtedness. The assessed value
of locally
he had given the club a clean bill of health.
city real estate for 1928
It found also that he had effected the L. A. W.settlement by threaten- taxablemargin for debt-incurringis $15,845,505,899.
apart
CompThe
ing Wolfe with prosecution and virtually promising him immunity if he troller Berry yesterday reported is cityfrom $282,454,880 whichsubway
the
could legally utilize for
would return the money involved.
Construction. This sum is the remainder of the exemption to the city's
While the investigation was in progress, Reading repeatedly asserted that
which was voted as an amendment to the
he would not resign under fire. He went to his office in the State House debt limit of 8300,000.000 difference. 317.545.120. represents the State
The
money
this morning, refused to see any one, and shortly afterward dispatched his Constitution last year.
spent for subway construction between Jan. 1 and Apr. 30 1928.
letter of resignation.
Comptroller Berry's report is embodied in a pamphlet just issued which
The articles of impeachment were drafted this afternoon and probably includes the constitutional provisions, legal enactments and court
decisions
will be filed with the clerk of the House tomorrow.
determining the city's debt limit as well as statements of the amounts as
of Jan. 1 Mar. 1 and May 1 1928.
Minneapolis, Minn.—Supreme Court Decides Debt Limit
According to the statement the city's sinking funds are in a particularly
Fight for City.—Litigation between Richardson Phelps and healthy condition, showing aggregate surplus assets of $32,313,705 above
accrued amortization requirements.
the city of Minneapolis, in which the former sought to force
The authorizations by the Board of Estimate and Apportionment during
the inclusion in the city's debt subject to the constitutional April, which reduced the city's debt margin by more than 360.000,000,
consisted principally of reservation of funds amounting to more than $40,limitation certain bonds which the city considered exempt 00The cityrsthosschalslutuliized clpro o $8
O, 0O fo he pitoo bl ding osegram.
0
from the limitation has been decided in the city's favor by
,000,000 of the moneys expended.
The next largest item, of $3,679,010.32, was applied to deficiencies in the
the State Supreme Court. The ruling of the Supreme street improvement fund. The Brooklyn Court House
received an apCourt sustains the decision of District Judge Dickinson that propriation of 83,500,000, and City College, city docks, the Bronx market,
accounted for
the city's borrowing capacity is $1,733,000—V. 126, p. 2195 parks and street cleaningfor sums spentthe rest.
Mr. Berry accounted
under the $300,000.000 exempted
and 2847. The Minneapolis "Journal" of June 1 carried the for subways since Jan. 1. The principal °Mount, V.300,000, was for
constructing the Manhattan Avenue, Queens, subway from Freeman
following account of the decision:
Brooklyn, to
The State Supreme Court to-day affirmed the decision of District Judge Street, from Nassau Arch Street, Queens. Another section of the same
Avenue to
H. D. Dickinson granting the City of Minneapolis the right to issue an subwaytime; and a third section. Green Street, Brooklyn, cost $4,025,000
in that
from Arch Street to Queens Street and on
additional $1,733,000 in bonds before reaching the limit set by law.
Forty-fourth
The city already has mapped out a program of improvements, including 85.460.000. Drive, from Eleventh Avenue to Jackson Avenue, utilized
school buildings, street, curb and gutter work and purchase of a municipal
Increase in the assessed value of taxable city real estate is one cause
flying field, which will take most of this amount.
of
The city's summer improvement program had been held up nearly two of the increase of the city's debt limit, Mr. Berry explains. Other sources
expansion are amounts annually set aside in the tax budget and payable
months pending the decision and is scheduled to get under way at once. into
the sinking fund for amortizing long-term city bonds, rentals to the
Most of the projects have already been approved by the board of estimate I. R. T., tax levies and hit,
on city stocks and bonds held by the sinking
taxation contingent upon the decision.
and
funds as investments, bonds redeemed by special receipts, surplus water
Tax collections made since the filing of the suit, raise the utmost possible
margin from $1,733,739.85 set by Judge Dickinson and upheld by the higher revenues and certain bond exemptions.
court, to approximately $2,000,000.
Silesia (Province of) Republic of Poland.—$11,200,000
Under the decision work will be started at once on improvements already
Issue Over8ubscribet1.—An issue of $11,200,000 7% sinking
approved, including:
Construction of three new schools, the Nokomis junior high, $275,000, fund external gold bonds of the Province of Silesia, offered
and the east wing of Minnehaha and Loring, $235,000 each.
Purchase and improvement of the Wold-Chamberlain airport as a on June 6, by Stone & Webster and Blodget, Inc., and the
municipal field, $150,000.
First National Corp., jointly, at 89.25, a basis of about
Salo of 31,351,000 of special street improvement bonds covering work
done last year and permitting a start on this year's program, including 7.94% was oversubscribed according to the bankers. Dated
repaving a Lake Street, other paving projects, grading and street openings June 11928. Coupon bonds in denoms of $1,000, $500 and
and widenings.
Twelve miles of curb and gutter in the thirteenth ward, 350,000,and other $100, registerable as to principal only. Due June 1 1958.
miscellaneous curb and gutter projects.
Interest payable June 1 and Dec. 1. Prin. and int, payable at the office
An immediate bond issue of $2.000,000, approximately 81,400,01X1 of of the First National Corporation, N. Y. City, in United States gold coin
which is chargeable against the net debt was authorized by the board of of the present standard of weight and fineness without reduction for any
authoriz
estimate and taxation Tuesday, in anticipation of the Supreme Court Polish taxes present or future. Red. (otherwise than through the sinking
decision. The preliminary proceedings incident to the sale of the bonds fund) as a whole or in part on any int. date at 104% and accrued int. on
will take serveral weeks, but the decision, coupled with the previous authori- or before June 1 1931: thereafter the premium decreasing 1% for each 3
zation of the bond issues by the estimate board, is sufficient to permit an Year period or part thereof, up to and incl. June 1 1937 and red. after that
immediate start of the work, without waiting for the actual sale of bonds, date at 101% and accrued interest.
officials believe.
According to the official offering circular:
A special meeting of the estimate board to make definite arrangements
The Province will provide a cumulative sinking fund calculated to be
for the bond sale is being arranged for early next week. The question of
sufficient to retire all the bonds of this issue at or before maturity, such
whether the city controller may sign pending contracts before the bonds
actually are sold will be decided at this meeting. The meeting is oemg retirement to be effected semi-annually by call of bonds by lot at par and
caned by C. N. Chadbourn, Vice-President of the board, in the absence accrued interest. The Province, however. may acquire bonds by purchase,
and tender them at par in payment of the sinldng fund installments.
from the city of C. F. Keyes, President.
The park board to-morrow will sign the necessary papers and take
Further information regarding this loan may be found in
the airport for the city, in accordance with an agreement
full control of
with the swelling Field Corp., owners of the field, providing for the
our "Department of Current Events and Discussions" on
transfer
soon as a favorable decision, permitting the sale of the purchase bonds on a preceding page.
as
was announced. The park board will issue the bonds as soon as arrangements for the sale can be made.
The sale of $1,351.000 of spec.al street improvement bonds was scheduled
for last Monday in the belief that the decision would be handed down a
week ago. It was postponed to next Monday and will be conducted at that
ABINGDON,Knox County, 111.—BOND SALE.—Mosser, Wfflaman
time by the council ways and means committee. The bonds originally
were sold Feb. 28, but failure of the city's bond attorneys to approve the & Co. of Chicago, were recently awarded an issue of $40,000 5%, water
sale until the suit had been determined resulted in cancellation of the bid. bonds. Dated May 1 1928. Denom, 31.000. Due July 1 as follows:
Sale of these bonds will give the city a working capital to permit an $2,000. 1929 to 1916, incl., and $4,000, 1947.
immediate start on this year's street improvements. City Engineer N. W.
ALACHUA COUNTY SPECIAL ROAD AND BRIDGE DISTRICT
Eisberg is all ready to start his crew to work.
NO, 1 (P. 0. Gainesville), Fla.—LTST OF BIDDERS.—The following is
BOND PROPOSALS AND NEGOTIATIONS.
3630
FINANCIAL CHRONICLE
[Vol.. 126.
$4,000, 1958. Other
a complete list of the bidders and their bids for the $790,000 issue of coupon incl.; $4,000. 1954; $2,000, 1955 to 1957 incl., and
road and bridge bonds awarded as 5s to W. L. Slayton & Co. of Toledo, bids were as follows:
Premium.
Bidder
of 96.30,8 basis of about 5.28%.-V. 126, p. 3485:
at a
$1,308.00
Price Bid. Union Trust Co
Rate Bid.
1,215.48
08 Mellon National Bank
Prudden & Co
1,063.60.
8
7 : 0 M.M.Freeman & Co
7 52
$751 12
5c
Florida National Bank of Jacksonville
1,904520..0000
A.B.Leach & Co
5H%
Florida National Bank of Jacksonville
770,770 Prescott, Lyon & Co
53(%
Seasongood & Mayer
790,790
-The $30,000
%
David Robinson & Co
BEAVER DAM, Dodge County, Wis.-BOND SALE.
784,312 issue of 43i% coupon street improvement bonds offered for sale on May
536
Brown-Crummer Co
772,462
Chicago
Davis
-Bertram Co
28-V. 126, p. 3331-was awarded to the Hanchett Bond Co. of
752,712 for premium of $867. equal to 102.89, a basis of about 4.20%. Dated
514
Well, Roth & Irving Co
a
755,246
53%
Spitzer. Rorick & Co
from Mayll 1929 to 1948 incl. The second highest
May 11928, and due
-The New bid was 102.76. offered by John Nuveen & Co.of Chicago.
-TEMPORARY LOAN.
ALBANY, Albany County, N. Y.
Thefollowing is a complete list of the other idders:
York State National Bank and the National Commercial Bank, both of
Premium.
Bidder
$828.00
Albany, jointly, were awarded during May a $500,000 temporary loan.
John Nuveen & Co
677.00
-The $50,000 coupon Old National Bank, Beaver Dam
-BOND SALE.
County, Pa.
ALDEN, Lucerne
awarded to E. H. A. B. Leach & Co. Chicago
-were
highway bonds offered on June 4-V.126, To. 3486
666187..0000
1 1928. Due
Rollins & Sons of Philadelphia, at 103.545. Dated July1953 and 1958. Hill, Joiner Co., Chicago
82 0
84 60
5 .0
H. OD. Speer & Sons, Chicago
$10,000, on July 1. in each of the years: 1938. 1943, 1948,
White Phillips Co., Davenport
(Rate ofinterest not given.)
464.90
as follows:
Dodge County Bond Co
Other bids were
Int. Bale. Price Bid. Second Ward Securities Co
Bidder102.58
4 %
5
First National Bank, Clifton
-An election
-BOND ELECTION.
BELDING, Ionia County, Mich.
102.30
%
the
A. B. Leach & Co
will be held on June 11, for the purpose of ascertaining the opinion of
Wayne), Ind.-BOIVD ISSUES DIS- electors as to the advisibillty of issuing $125,000 bonds, the proceeds of
ALLEN COUNTY (P. 0. Fort
-The Board of Tax Commissioners on May 31 disapproved which would be used for a new school building.
APPROVED.
a petition to issue improvement bonds in the aggregate of $672,000.
BELL SPECIAL TAX SCHOOL DISTRICT 'P.O.Trenton,Gilchrist
-The following issues County, Fla.
-BOND SALE.
-The $45,000 issue of 6% semi-annual
-BOND SALE.
ANGOLA, Erie County, N. Y.
-were
-was awarded to
of bonds aggregating $55,000 offered on June 4-V. 126, P. 3331 434s, school bonds offered for sale on June 6-V. 126. p. 2848 equal to 102.22.
to Manufacturers & Traders-Peoples Trust Co.of Buffalo, as
B.Sawyers Co.of Jacksonville for a $1,000 premium,
the G.
awarded
-A
at 100.769:
BENNETT COUNTY (P. 0. Martin), S. Dak.-BOND SALE.
McNear
$40,000 street improvement bonds maturing in 20 years.
by
$95,000 issue of 5% funding bonds has been purchased andC. W. Jan. 1.
15,000 fire department equipment bonds maturing in 15 Years.
due on
Co. of Chicago. Denom. $1,000. Dated Jan. 1 1928
-At &
-BONDS VOTED.
1934 and 1936. and $11,000, 1938, 1940,
ANN ARBOR, Washtenaw County, Mich.
cf as follows: $9.000, 1932; $10,000, and int. (J. & J.) payable at the Contia special election held on May 29, the voters authorized the issuance
1941, 1943. 1945 and 1947. Prin.
the city's cost of the construction of a new bridge. The nental National Bank & Trust Co. in Chicago.
$115.000 to cover
ing
-The
project required a three-fifths majority but received the over-whelm
-BOND SALE.
BENTON COUNTY (P. 0. Ashland), Miss.
vote of 2,782 for to 128 against.
for sale on June 5
$50,000 issue of 5 % semi-annual road bonds offered of Memphis for a
COUNTY (P.O. Annapolis), Md.-BOND OFFER- - 126, p. 3163
awarded to A. K. Tigrett & Co.
-was
ANNE ARUNDEL
V.
-Sealed bids will be received until June 26, by E. E. Parkinson, premium of $567.50, equal to 101.135.
ING.
President Board of County Commissioners, for the purchase of an issue of
-The 375.000
SALE.
BERLIN, Green Lake County, Wis.-BOND 29-V. 126, p. 3002
$400,000 434% series "B" road bonds.
city hall bonds offered for sale on May
T NO.8(P.O. Newark), issue of 434% to A. B. Leach & Co. of Chicago, for a premium of $1,630.
ARCADIA UNION FREE SCHOOL DISTRIC
was awarded
-BOND OFFERING.-Cdra E. Elliott, Clerk equal to 102.173, a basis of about 4.26%. Dated July 1 1928 and due from
Wayne County, N. Y.
tendered by
Board of Education, will receive sealed bids until 2 p. m.(standard time,) July 1 1929 to 1948 incl. The second highest offer was 101.96,
registered
June 19, for the purchase of an issue of $190.000 434% coupon orJuly 1 as the Union Investment Co. of Minneapolis.
July 1 1928. Denom. $1,000. Due
Mex.-BOND SALE.
school bonds. Dated
Prin.
BERNALILLO COUNTY(P.O.Albuquerque) N.
purchased an
follows: $5,000, 1930 to 1933, incl., and $10,000, 1934 to 1950, incl.
A certified - is reported that a group of Denver houses has recently
It
int, payable in gold at the First National Bank, Newark. for
and
road bonds.
$3,800,
check, payable to the order of the Carlton F. Smith, Treasurer, r of New issue of 5120.0006%
-An issue
-BOND OFFERING.
is required. Legality approved by Clay, Dillon & Vandewate
BESSEMER, Jefferson County, Ala.
for sale at public
York City.
of $130,000 6% public improvement bonds will be offered Denom.51,000.
m., by J. M.Scott, City Clerk.
ASHBURN, Turner County, Ga.-BONDS OFFERED.-Sealed bids auction on June 19, at 8 p.
incl. Prin. and
the Dated July 1 1928. Duo $13,000from July 1 1929 to 1938New York City.
were received until 3 p. m. on June 5 by John J. Storey, City Cler,s, for
Hanover National Bank in
issue of 5% coupon paving bonds. Denom. $500. int. (J. & J.) is payable at theDodge of Boston will furnish legal approval.
purchase of a $15.000
&
Dated April 1 1928. Due $500 from April 1 1929 to 1958, incl. Prin. and Storey, Thorndike. Palmer
accompany the bid.
A $2,000 certified check, payaole to the City, must
annual hit, is payable in New York City.
-A $90,000 issue
-BOND SALE.
-A $24,000
BLAINE, Whatcom County, Wash.
-BOND SALE.
omie County, Okla.
ASHER, Pottawatt
purchased by an unknown investor.
issue of water works bonds has been purchased by the Taylor-White Co. of water bonds has recently been
5 (P. 0. Johnson City),
of Oklahoma City. Due from 1932 to 1947. incl.
BLANCO COUNTY ROAD DISTRICT NO.received until 2 p. m. on
-The $200,000 Tex.
-BOND OFFERING -Sealed bids will be the purchase of a $12,000
-BOND SALE.
County, Ore.
ASHLAND, Jackson
-was June 11, by William Martiny, County Judge,for payable on May & Sept.
issue of water bonds offered for sale on June 5-V. 126, p. 3486
of Los Angeles,
, % road bonds. Denom. $1,000. Int.
awarded to a syndicate composed of E. H. Rollins & Sons Co. of Portland issue of 55icertified check must accompany the bid.
Ss
1. A $500
Bond & Goodwin & Tucker of Seattle, and Blyth, Witter
-The two
-BONDS NOT SOLD.
at a price of 101.70. Due from 1941 to 1953 incl.
BONIFAY, Holmes County, Fla.
for sale on May 29
-The issues of 6% coupon bonds aggregating $50,000, offeredrejected. The two
-BOND SALE.
C CITY, Atlantic County, N. J.
ATLANTI
not sold as all the bids were
on June
3003
conditional bids
following issues of temporary bonds aggregating $955,000 offered Atlantic -V. 126, p. bids -were
were 93% and 95%. The two highest
.
highest cas
were par h
-were awarded to the Guarantee Trust Co. of
7-V. 126, p. 3486
City, as 4.74s, at par:
-The $50,000
SALE.
$755,000 paving bonds.
BRISTOL, Washington County, Va.-BOND
for sale on June 5
75,000 school bonds.
Issue of 43f% coupon general improvement bonds offered Bank of Bristol
National
75,000 drainage bonds.
-was awarded to the Dominion
-V. 126. p. 3003
about 4.48%. D01101:11.
50.000 bridge approach bonds.
for a premium of 52,375. equal to 104.75, a basis of
of prior
Dated June 13 1928. Payable on June 13 1929 at the Hanover National $1,000. Dated July 1 1928 and due on July 1 1958. NO option
Bank, New York City. Other bids were as follows:
lid. Rate. Price Bid. payment.
-BIDS.BidderMich.
4.90% $955,000.00
BRONSON SCHOOL DISTRICT, Branch County,
purchase
Atlantic Safe Deposit & Trust Co
5.00% 955,575.00 The following is a list of other bids submitted on May 23, for the
Bankers Trust Co
awarded to Whittlesey.
an issue of $65,000 43i% school building bonds
of
-BOND SALE.
ATLANTIC COUNTY (P. 0. Atlantic City), N. J. nt bonds offered McLean & Co. at 102.049-V. 126, p. 3332:
Bidder
The issue of 434% coupon or registered road improveme
Rate Bid.
erBidder
8
.7
_ _ge Bid
on June 6-V. 12 p. 331
-was awarded to Lewis & Co. of New York, Fidelity Trust Co
.
101.72 Stranahan, Harris & Oatis_Ral00
60,000 offered) at 100.865, a basis of about
101.40 Guardian Detroit Co
.
Trust Co
taking $159 000 bonds ($1
$8,000, 1929 to
4.36%. Dated June 1 1928. Due June 1, as follows:
101.47 Detroit Trust Co
Bank of Detroit
1947 incl.; and $7,000. 1948.
100.97 Security Trust Co
Morris Mather & Co
Other bids were as follows:
100.90 Griswold-First State Co
rst
First National Co
Price Bid.
.. Th872
Bonds Bid For.
Bidder
-BOND SALE 111::6 0
$160.255.55
BRONXV1LLE, Westchester County, N. Y.
$107,000 offered
159
Bankers Trust Co
160.039.00
issues of coupon or registered bonds aggregating
Trust Co.,
159
Pleasantville National Bank
-were awarded to the Bronxville
p. 3487
160.364.00 on June 5-V. 126,
160
Dewey, Bacon & Co
160.656.00 as 43is, at 100.688 a basis of about 4.15%:
160
57.000 1929
Stephens & Co
160,774.00 596,000 street improvement bonds. Due June 1, as follows:
160
and $5,000, 1934
Boardwalk National Bank
and 1930; $6,030, 1931; $5,500. 1932 and 1933;
Aurora, Adams County,
to 1946 inclusive.
AURORA WATER DISTRICT No. 4 P.OL
1939 inclusive.
-A $20,500 issue of 6% special improvement bonds
11,000 sanitary sewer bonds. Due $1,000, June 1 1929 to
-BOND SALE.
Colo.
on Co. of Denver.
Dated June 1 1928.
has recently been purchased by the D.S. Rud Constructi
ds:
paying date.
4 wn
is a list of other bids submitted for the bo%
The
Dated June 1 1928. Due in 1936 and optional at any interest
.
I4
4n t0R:ie. Rate Did.
Bidder100.147
DISTRICT NO. 20
AVOYELLES PARISH GRAVITY DRAINAGE bids will be received George B. Gibbons & Co
100.16
-Sealed
-BOND OFFERING.
(P.O. Marksville), La.
& Co
295
Dewey, Bacon
1000o:02i
4.40
of the Board of Commissioners,for the purchase Gramatan National Bank
by Sam B. Coco. Secretary
27.
4.40
of a $30,000 issue of drainage bonds, until June
100.333
Phelps, Fenn & Co
4.404:
-BOND OFFER- Harris, Forbes & Co
Ind.
),
100.109
BARTHOLOMEW COUNTY (P.O.Columbus sealed bids until 12 m.
4.30%
-0. W. Talley, County Auditor, will receive county bonds. Dated Pulleyn & Co
ING.
4AO
Co
4%
100,157
June 9, for the purchase of an issue of $40,000May and Nov. 15 1929 to Batchelder, Wack &
4.30
Parson, Son & Co
May 15 1928. Denom. 3500. Due $2,000.
Wayne County,
bonds offered is required.
1938 incl. A certified check for 3% of the
BROWNSTOWN TOWNSHIP (P. 0. Detroit),
water main
-The $50.939.98 Mich.
-The $100.000 5% special assessment
-BOND SALE.
-BOND SALE.
BAY, Cuyahoga County, Ohio.
-were awarded to the
awarded to the extension bonds offered on May 29-V. 126, p. 3332
re
sewer bonds offered on May 27-V.126, p.3331-we
equal to 101.05.
431%
of $430. Dated May 1 Union Trust Co.. of Detroit, at a premium of $1,050,
incl. Othe
Guardian Trust Co. of Cincinnati, at a premium
incl.; and $5,939.98, Dated July 11928. Due serially on July 1 from 1929 to 1933,
1928. Due Oct. 1, as follows: $5,000, 1929 to 1937
bids were as follows:
were as follows:
1938. Other bids
Premium.
Rate Bid.' Bidder
Bidder
Bidder$402.00 Braun, Bosworth & Co
101.04 Guardian Detroit Co
Otis & Co
_100.93 Bank of Detroit
393.00 Detroit Trust Co
Ryan, Sutherland & Co
387.00 Griswold-First State Co
100.805
McDonald, Callahan & Co
e
RaS led
-l84a8 •
OFFERING. lLni
143.00
BUFFALO COUNTY(P. O. Alma), Wis.-BOND m.) on June 11, by
Seasongood & Mayer
138.03
until 10 a. m. (opening at 2 p.
bids will be received
Herrick Co
87.00 Samuel Meyer. County Clerk, for the purchase of a $70,000 issue of 4 %
W. L. Slayton & Co
65.00 coupon, series A State Trunk Highway System Improvement bonds.
* Bohmer-Reinhart & Co
51.00 Denom. $1,000. Dated May 1 1928. Due $14,000 from May 1 1930 to
First National Bank, Detroit
of the County
1934, incl. Prin. and int. (M. & N.) payable at the office
bonds all bids for 4(s.
* For 434%
-BOND OF- Treasurer.
le, R. F. D.), Ohio.
-BOND SALE-The
BEACHWOOD (P. 0. Warrensvil by the Village Clerk until 12 m.
CALIFORNIA, State of (P. 0. Sacramento).
-Sealed bids will be receivedof $25,000 50/ special assessment two issues of4% bonds aggregating 54,250,000 offered for sale on May 31FERING.
an issue
June 19. for the purchase of
-were awarded as follows:
Denom. $1,000. Due Oct. 1. as V. 126, p. 3003
sewer bonds. Dated July 1 1928. $2,000, 1931; $3.000, 1932: $2,000, $250,000 San Francisco Harbor improvement bonds. Dated July 2 1915.
on
follows: $2,000, 1929; $3.000, 1930; $3,000, 1936; $2,000, 1937. and
and due on July 2 1989. Optional after 1954. Int. payable
Co.
1935:
1933: $3,000. 1934; $2,000, int. payable at the Guardian Trust Co.,
Jan. and July 2, jointly awarded to the Anglo-London'-Paris
1938. Principal and
and the Bank of Italy, at par.
$3.000,
of San Francisco
payable to the
Cleveland. A certified check for 1% of the bonds offered,
At 2 P.M.
Duefrom Feb. 1
order of the Village Treasurer. is required.
4,000,000 Veterans' Welfare bonds. Dated May 1 1928. Aug. 1, awarded
1 193210 1949 incl. Int. payable on Feb. and Dean Witter Sr
-The $40,__000
-BOND SALE.
County, Pa.
& Co.,
BEAVER, B
to a group composed of R. H. Moulton Security Co., all of Los
on May 31-V. 126. p.
offered
coupon or registered water wcrks bondsCo. of Pittsburgh, at a premium
Co., the American National Co. and the
, at par.
3331-were awarded to J. H. Holmes &
Angeles and the California National Bank of Sacramentooffice of
of about 4.03%. Dated Jan. 1 1928.
of $1,324, equal to 103.31, a basiseach of the following years: 1931; 1933:
Denom. $1,000. Prin. and int. is payable in gold coin at the
Due Jan. 1, as follows: $1,000. in1943 to 1945 incl.; $2,000, 1946 to 1953 the State Treasurer or at the fiscal agency of the State on New York City.
1935; 1937; 1938; 1940 and 1941:
price
JUNE 9 1928.]
FINANCIAL CHRONICLE
(The Bowery & East River National Bank.) (This report amplifies that
given in V. 126, p. 3487.)
-CERTIFICATE SALE.
-The
CAMDEN, Kershaw County, S. C.
$6,600 issue of 6% semi-annual street improvement certificates offered
-was awarded to the Bank of Camden,
for sale on May 31-V.126. p. 3164
of Camden, for a $250 premium, equal to 103.78, a basis of about 5.42%.
Due $440 from 1929 to 1943,in. The other bidders were: J. H. Hilsman
& Co. of Atlanta and R. E. Stevenson of Camden.
-BOND SALE.
CAMERON, Milam County, Tex.
-A $65,000 issue of
5% refunding bonds has been purchased by H.0.Burt Co. of Houston at a
price of 97.492,0 basis ofabout 5.45%. Due from 1929 to 1940 incl.
CANONSBURG SCHOOL DISTRICT, Washington County, Pa.
BOND SALE.
-The $110,000 4% school bonds offered on June 4-V. 126,
-were awarded to J. H. Holmes & Co. of Pittsburgh, at a premium
P. 3003
of $478.50, equal to 100.435, a basis of about 3.96%. Dated June 1 1928.
Due June 1 as follows: $5,000, 1933 and 1938; $10,000, 1943; $25,000,
1948; *30.000, 1953. and $35,000, 1958.
CARLSBAD, Eddy County, N. Mex.-INTEREST RATE
-PRICE
PAID.
-The $100,000 issue of paving and street improvement bonds that
was purchased by Joseph D. Grigsby & Co. of Pueblo
-V. 126, p. 3332
bears interest at 6% and they were awarded at a price of 97, a basis of
about 6.65%. Due from 1929 to 1938 inclusive.
CARROLL COUNTY (P. 0. Delphi) Ind.
-BOND SALE.
-The
$13,000 434% highway improvement bonds offered on June 2-V. 126. P.
3332
-were awarded to the Inland Investment Co. of Indianapolis, at a
premium of $310.00, equal to 102.30, a basis of about 4.03%. Dated May
9 1928. Due $650 on May and Nov. 15 1929 to 1938 incl. Other bids were
as follows:
BidderPremium.
Fletcher American Co
$303.00
Union Trust Co
268.00
J. F. Wild Investment Co
308.10
CARROLLTON, Carroll County, Ohio.
-BOND OFFERINV-F. E.
Pretty, Village Clerk, will receive sealed bids until 1 p. m. June 16,for the
purchase of an issue of $12,000 534% storm sewer bonds. Dated Oct. 1
1927. Denom. $1,000. Due Oct. 1 as follows: $1,000. 1929 to 1936,
incl., and $2,000, 1937 and 1938. Principal and interest payable at the
office of the Village Treasurer. A certified check for 3% of the bonds
offered is required. Legality approved by Squire, Sanders & Dempsey of
Cleveland.
CHERRY CREEK UNION FREE SCHOOL DISTRICT NO. 1 'P.O.
Cherry Creek), Chautauqua County, N. Y.
-BOND OFFERING.
G. Wayne Lapham, Clerk Board of Education, will receive sealed bids
until 8 p. m. (standard time) June 13 for the purchase of an issue of
$50,000 coupon or registered school bonds. Rate of interest not to exceed
6% and to be stated in a multiple of J1 of 1-10th of 1%. Dated July 1
1928. Denom. $1,000. Due $2,000, Jan. 1 1930 to 1954, incl. Principal
and interest payable at the Cherry Creek National Bank,Cherry Creek. A
certified check payable to the order of Samuel N. Smith. Treasurer, for
$1.000_, is required. Legality approved by Clay, Dillon & Vandewater of
New York City.
CHESAPEAKE, Lawrence County, Ohio.
-BOND OFFERING.
L, E. Henson, Village Clerk, will receive sealed bids until 12 m. June 28,
for the purchase of an issue of $6,240 6% Village's portion improvement
bonds. Dated Juno 1 1928. Due $624 no Sept. 1, from 1929 to 1938 incl.
A certified check payable to the order of the Village Treasurer,for 5% of the
bonds offered is required.
CHELAN, Chelan County, Wash.
-BOND OFFERING,-SealedM
will be received by Hattie Larson, Town Clerk, until June 28, for the
purchase of a $17,800 issue of semi-annual town hall bonds. Int. rate is
not to exceed 6%. Dated May 1 1928.
CHICAGO SOUTH PARK DISTRICT, Cook County, 111.
-BONDS
VOTED AND DEFEATED.
-A tabulation of the votes polled on June 5,
showed that three bond issues aggregating $15,500,000 were approved by
the voters and a $500,000 bond issue for a public cemetery was rejected.
Of the total authorized $7,500.000 is for the islands, $3,000,000 for the
completion of the Soldiers' field stadium and $5,000,000 is available for
park improvements in general.
eataalffilii
moo- lakt.s6ieri
CINCINNATI, Hamilton County, Ohio.
-SINKING FUND STATEMENT.-The consolidated statement of the sinking fund trustees of the
city, as published in the "Cincinnati Enquirer" of June 1, at the close of
business May 31, shows:
Assets.
Liabilities
Total cash
$2,204,196.74 Gen. bonds (other
*Less cash in int.
than Water Works
trust fund _____
& Cincinnati So.
547,955.58
Cash-redem. fund
Railway)
1,656,241.16
$64,303,731.61
In vestments
34,898,376.46 Water Works bds- - 14,962.230.48
Cin. So. Ry. bonds:
Total sink fund_ - $36,552,617.62
Construe.. $14,Bal.-excess of liab.
932,000; termover sink. fund..- 67,936,761.85
inal, $6,900,000 21,832,000.00
Assess. bds. (paid
Total
by special prop.
$104,489,379.47
*For payment of int. not yet due.
assessment)
3,391,417.38
Total
$104.489.379.47
CLAREMONT, Los Angeles County, Calif.
-BOND SALE.
-Three
Issues of 5% bonds aggregating $95,000, have been purdhased by the
Biege-Hoffhine Co., of Los Angeles, at a price of 100.355. The issues
are divided as follows: $65,000 street improvement bonds, $25,000 library
bonds and $5,000 pedestrian runway bonds.
CLAY COUNTY (P. 0. Brazil), Ind.
-BOND OFFERING.
-0. C.
Cochran, County Auditor, will receive sealed bids until 11 a. m. June 14,
for the purchase of an issue of $8,200 434% road bonds maturing semiannually from 1929 to 1938, incl.
CLERMONT COUNTY (P. 0. Batavia) Ohio.-BOND SALE.The $29,787.38 5% bridge bonds offered on June 1-V. 128, p. 3164were warded to Bohmer-Reinhart & Co., at a premium of $736, equal to
102.50, a basis of about 4.52%. Dated June 1 1928. Due as follows:
$3,000, 1929 to 1937, incl., and $2,787.38, 1938.
we,
CLEVELAND, Cuyahoga County, Ohio.
-ADDITIONAL INFORMATION.
-We are now informed that Grau & Co. of Cincinnati, were in
joint account with the Old Colony Corp. of Boston, in connection with the
reported sale of 3 issues of bonds aggregating $1,250.000 awarded as 431s,
at 100.04, a basis of about 4.24%-V. 126, p. 3487
-The bonds are now
being offered for investment priced to yield 4.05% for all maturities.
COLFAX INDEPENDENT SCHOOL DISTRICT NO.9(P. 0, Wellsburg), Iowa.
-BOND OFFERING.
-Sealed bids will be received until
June 10, by George Hook, District Secretary, for the purchase of a $3,500
Issue of 5% coupon school building bonds. Denom. $500. Dated Aug. 1
1928. Due $500, from 1929 to 1935, incl. Prin. and int. (F. & Al)
payable in Wellsburg. A $100 certified check, payable to the above Secretary, is required.
COLFAX COUNTY SCHOOL DISTRICT NO. 13 (P. 0. Colmar)
N. Mex.-BOND SALE.
-A $15,000 issue of 531% school refunding bonds
has oeen purchased at par by Benwell & Co. of Denver. Due on July
1 1948.
COLUMBUS,Franklin County, Ohio.
-NOTE SALE.
-The $500.000
promissory notes offered on June 4-V. 126, p. 3487
-were awarded to
Eldredge & Co. of Boston, as 430, at a premium of $595, equal to a price"
of 100.149. The notes are dated June 15 1,928 and are payable on Dec. 15
1929 at the office of the agency of the City of Columbus in New York.
Bids were as follows:
BidderInterest. Premium.
Eldredge & Co., New York City
4 %
$595.00
First-Citizens Corp., Columbus, Ohio
5
ia
Stranahan, Harris. and Ostia, Toledo, Ohio
434%
156.00
COLUMBUS,Franklin County,Ohio.
-BOND OFFERING.
-Howard
S. Wilkins, City Clerk, will receive sealed bids until 12 m.(eastern standard
time) June 28,for the purchase of an issue of 5345,000434°7 city's portion,
grade crossing elimination bonds. Dated Feb. 1 1927. Denom. $1,000.
Due Feb. 1 as follows: $15,000, 1933; and $30,000, 1934 to 1944, incl.
Prin. and int. payable at the office of the agency of the City of Columbusin
New York. A certified check payable to the order of the City Treasurer,
for 1% of the bonds bid for is required.
3631
COOK COUNTY SCHOOL DISTRICT NO. 118 (P. 0. Palos Park),
-BOND SALE.
Cook County, III.
-A $30,000 issue of school bonds
bearing interest at the ratl of 434% was recently disposed of. These
bonds were authorized by the electors on May 12.
CORAL GABLES, Dade County, Fla.
-BOND OFFERING.
-Sealed
bids will be received until 7.30 p. m.on June 21, by Edwin G. Bishop, City
Clerk, for the purchase of two issues of 6% coupon bonds aggregating $1.030,000, as follows:
s873,000 refunding bonds. Dated June 14 1928, with the earliest maturities hereinafter named, as, at the price bid, will produce the sum
of $829.500, exclusive of accrued hit. Due on June 15, as follows:
$30.000, 1931 to 1936: 335,000. 1937 to 1942: $40,000. 1943 to
1947; $45,000, 1948 to 1950; $50.000, 1951 and 1952 and balance
In 1953.
157,000 refunding bonds. Dated June 1 1928 on above conditions to
produce the sum of $150,000. Due on June 1, as follows: $10,000
1931 and 1932; $15,000, 1933 and 1934; $20,000. 1935; $25,000,
1936 and 1937 and the balance in 1938.
Denom. 31.000. Prin. only of bonds may be registered. Prin, and
semi-annual int, payable in gold in New York City. Chester B. Masslich
of New York City will furnish legal approval. A certified check for 2%
of the bid, payable to the City Treasurer, is required.
-BOND SALE.
CUYAHOGA COUNTY (P. 0. Cleveland), Ohio.
The following issues of434% coupon improvement bonds aggregating $238.063 offered on June 2-V. 126, p. 3332
-were awarded to Otis & Co. of
4 3veQ:nd, at a premium of $1,455, equal to 100.611, a basis of about
e 7a
5 l
C1
6146,397 special assessment East 200th St. bonds. Due Oct. 1, as follows:
$13,39.. 1928;314.000, 1929 and 1930; and $15,000, 1931 to 1937.
66,678 County's share East 200th St. bonds. Due Oct. 1, as follows:
36.678, 1928; $6,000, 1929 to 1931, hid.; and $7,000, 1932 to
193w, incl.
13,496 County's share Mackenzie road bonds. Due Oct. 1, as follows:
$2,496, 1928; $2,000, 1929 to 1932, hicl.; and $3,000, 1933.
5,948 special assessment Snow Road bonds. Due Oct. 1. as follows:
$448. 1928; $500, 1929 to 1933, incl.; and $1,000, 1934 to 1936.
incl.
5,544 special assessment Mackenzie Road bonds. Due Oct. 1,asfollows:
$544, 1929; and $1,000, 1929 to 1933, incl.
Dated Apr. 1 1928.
The following is a list of other bids submitted for the bonds:
Premium.
Bidder
$
739 1)0
Herrick & Co
200.00
A. B. Leach & Co
464.19
Stranahan, Harris & Ostia
1,381.00
Guardian Trust Co
720.00
Assel, Goetz & Moerlein
1.237.00
Hill Joiner & Central Trust
809.18
Provident Savings Bank
888.00
Detroit Trust
1,386.00
Seasongood & Mayer (for 434s.)
452.00
First National Detroit
-BONDS OFFERED BY
DALLAS COUNTY (P. 0. Dallas), Tex.
that was awarded
BANKERS.
-The $2.700,000 issue of 434% road bonds
on May 31-V. 126, p. 3487
-to a syndicate headed by Halsey, Stuart
& Co. of New York at a price of 100.645, is now being offered for public
subscription by the purchasers priced to yield from 4.25 to 4.30% according to maturity. Due $90,000, yearly from April 10 1929 to 1958, incl.
According to the offering circular, this district includes the entire city of
Dallas, Texas and practically all of Dallas County. This county is claimed
to be the wealthiest and most populous in Texas. The estimated actual
value of the taxable property in the road district is $855.040,000 the assessed
valuation in 1927, $285,268,000 and the total bonded debt, including this
Issue is $7,506,000. It is stated that the total indebtedness of the county
district No. 1 is less than 4% of the assessed valuation of the road
d
district.
-E.H. Rollins & Sons
-BOND SALE.
DARBY,Delaware County,Pa.
of Philadelphia, were awarded on May 7, an issue of *500)0 431% coupon
street improvement bonds at 103.411, a basis of about 3.91%. Dated
May 1 1928. Denom. $1,000. Due $2,000 on May 1,from 1929 to 1953,
incl. Prin. and int.(M.& N.) payable at the First National Bank, Darby.
Legality approved by Townsend, Elliott & Munson of Philadelphia. The
bonds are being reoffered for investment at prices ranging from 100.4131
for 1929 maturity to 106.8031 for 1953 maturity, all maturities yielding
about 3.825%.
Financial Statement.
$20,000,000
Real valuation
5,089,000
Assessed valuation
217,500
Bonded debt (including this issue)
46.280
Sinking fund
171.220
Net debt
Population (1920). 7,500. Present population, 10,500.
DAVIS COUNTY SCHOOL DISTRICT (P.O. Farmingtc;n) Utah.
PURCHASER-PRICE PAID.
-The $144.000 issue of 434% school bonds
-was awarded to the Ashton
that was recently purchased-V.126,p. 3332
-Jenkins Insurance Co. of Salt Lake City at par. Due $36,000 from Jan.
2 1929 to 1932, incl.
-A special
DECATUR, De Kalb County, Ga.-BOND ELECTION.
election will be held on June 30 for the purpose of voting on a proposed
bond issue of $150,000 for schools, water and sewerage purposes. The
exact division of the money will be as follows:
Improvements in the water system, $40,000; sewerage, $25.000; schools.
$85,000. The school bonds are to be distributed as follows: Senior high
school, $13,000; junior high school, $16,000; Oakhurst grammar school,
$8.000; Winona Park public school, $12,000: Herring St. school. $5,000:
increase in school heating capacity.$1.000, and domestic science and manual
arts departments.$1.500. The school sums outlined in the foregoing would
sbe
for enlargement and additions to the present buildings, it was
tated,
Nineteen thousand dollars of the proposed bond issue would be used for
additional grounds for the following schools: Senior high school, Oakhurst
lot.maschool; Fifth Ave. grammar school, Herring St. school, Clairmont
Ave.
-The
-BOND SALE.
DE KALB COUNTY (P. 0. Auburn) Ind.
$9.000 434% highway improvement bonds offered on May 30-V. 126. P.
3164
-were awarded to the City National Bank at a premium of $50.00.
equal to 100.55, a basis of about 4.38%. Dated June 1 1928. Due $450.
May and Nov. 15 1929 to 1938 incl.
-BOND
DELAWARE COUNTY (P. 0. Manchester), Iowa.
The $200.000 issue of 434% coupon primary road bonds offered for sale on
June 2-V. 126, p. 3333
-was awarded to Wheelock & Co. of Des Moines
for a premium of $505, equal to 100.252, a basis of about 4.19%. Dated
June 1 1928. Due $20,000 from May 1 1934 to 1943. incl. Optional after
5 years. The only other bid was a premium offer of $501. made by the
White-Phillips Co. of Davenport.
-The $19.50
-MATURITY.
DENISON, Crawford County, Iowa.
issue of 434% city bonds that was purchased at par by the White-Phillips
Co. of Davenport.
-V. 126, p. 3487
-is due from 1929 to 1938, incl.
-BOND SALE.DORCHESTER COUNTY (P.O. St. George), S. C.
An issue of$180.000 paving bonds has been jointly purchased by the Peoples
Securities Co. of Charleston and the Dorchester Banking Co. of Summerville at a price of 100.193.
DOVER, Tuscarawas County, Ohio.
-The $6,487
-BOND SALE.
-were
5% coupon storm sewer bonds offered on June 2-V. 126. p. 3164
awarded to the Provident Savings Bank & Trust Co. of Cincinnati. Dated
June 1 1928. Due Oct. 1 as folows:$487, 1929.and $500.1930 to 1941.incl.
-0. L.
DOVER, Tuscarawas County, Ohio.
-BOND OFFERING.
Yougen, City Auditor, will receive sealed bids until 12 m. June 22 for the
purchase of an issue of $17,725 43' special assessment street improve4%
ment bonds. Dated June 1 1928. Due as follows: $1,000. April and $500,
Oct. 1 1929; $1,000, April and Oct. 1 1930 to 1936, incl.: and $1,000, April
and $1,225. Oct. 1 1937. A certified check, payable to the order of the
City Treasurer for 5% of the bonds offered, is required.
-BOND OFEAST CHICAGO SCHOOL CITY, Lake County, Ind.
FERING.
-Sealed bids will be received by the Board of Trustees, until
p. m. June 27 for the purchase of an issue of 3250.000 school bonds.
7.30
int, rate not to exceed 4%. Dated July 1 1928. Denom. $1,000. Due
July 1 as follows: $5.000, 1935 to 1944, incl.; and $50,000. 1945 to 1948.
3632
FINANCIAL CHRONICLE
incl. Prin. and int. payable at the American State Bank of East Chicago.
A certified check for $5.000 is required.
-BOND SALE.
EAST HELENA, Lewis & Clark County, Mont.
The $100,000 issue of school bonds offered for sale on May 29-V. 126,
-year amor-has been purchased by the State Land Board on a 20
p. 3004
tization basis.
-BOND SALE.
EVANSTON, Cook County, Ill.
-The following issues
-V. 126,
of 45i% coupon bonds aggregating 2125,000 offered on June I
-were awarded to the Northern Trust Co.of Chicago. at a premium
p. 3488
of $2,473. equal to 101.97. a basis of about 4.21%:
255,000 Fourth Ward Boltwood Park improvement bonds. Due June 1,
as follows: $2.000. 1929 to 1933 bacl.: and $3,000, 1934 to 1948
Inclusive.
50,000 public park and lake shore improvement bonds. Due $5,000,
June 1 1929 to 1938 inclusive.
20,000 Departmental Building improvement bonds. Due $1,000, June
1 1929 to 1948 inclusive.
Dated June 1 1928.
Other bids were as follows:
Price Bid.
Bidder$127,433.75
City National Bank & Trust Co
127,378.54
A. 13. Leach & Co
125,600.00
* Halsey, Stuart & Co
127,116.00
National City Co
71,087.00
** State Bank & Trust Co
* For 4;./% bonds. ** For $50,000 and $20,000 issue.
-A $90,000 issue of 4,147
ELICO, Elko County, Nev.-BOND SALE.
general paving bonds has been recently purchased by a group composed
of the Ashton-Jenkins Co., the E. S. Felt Co. and Snow-Goodart & Co.,
all of Salt Lake City, for a premium of $701.65, equal to 100.779.
-Sealed bids will
-BOND OFFERING.
ENID, Garfield County, Okla.
be received until 10 a. m. on June 14 by F. E. Buckminster, City Clerk,
for the purchase of five issues of coupon bonds aggregating $553,000 as
follows:
2197.000 storm sewer bonds. Denom. $1,000. Due 29,000 from 1932 to
1951, incl., and $17.000 in 1952.
179.000 waterworks extension bonds. Denom. $1,000. Due $8,000 from
1932 to 1952, incl., and $11,000 in 1953.
74.000 sanitary sewer and sewage disposal bonds. Denom. 81,000.
Due $4.000 from 1932 to 1948, incl., and $6,000 In 1949.
53.000 fire station bonds. Denom. $1,000. Due $3,000 from 1932 to
1947. incl., and $5,000 in 1948.
50,000 Enid Air Park bonds. Denom. $1,000 and $100. Due $2.400
from 1933 to 1952, incl., and $2,000 in 1953.
Int. rate is to be bid upon at par. Prin. and int. payable at the Oklahoma fiscal agency in New York City. A certified check for 2% of the
bid is required.
-The
-TEMPORARY LOAN.
EVERETT, Middlesex County, Mass.
City Treasurer, on June 6, awarded to the Everett Trust Co., on a 4.297
discount basis, a $300,000 temporary loan: $150,000 maturing on Nov. 7
and $150,000 on Dec. 19 1928.
EXETER TOWNSHIP SCHOOL DISTRICT (P. 0. Birdsboro,
-John T.
-BOND OFFERING.
R. F. D. No, 2), Berks County, Pa.
Winterhalter, Secretary Board of Directors, will receive sealed bids until
the purchase of an ssue of $30,000 4 Si% coupon school
8 p. m. July 11,for
bonds. Dated June 11928. Denom. $1,000. Due $2,000, June 1 1929
to 1943, inclusive; optional June 1 1931. A certified check, payable to
the order of the Treasurer for 2% of the bonds offered, is required. Legality approved by Townsend, Elliott & Munson of Philadelphia.
FALLOWF1ELD TOWNSHIP (P. 0. Monongahela, R. D. No. 1),
-Earl Beazell, Township
-BOND OFFERING.
Washington County, Pa.
Secretary, will receive sealed bids until 1 p. m. June 9, for the purchase of
bonds. Dated June 1 1928. Denom.
an issue of $30.000 434% road
$1,000. Due June 1 as follows: $6,000, 1929. and $8.000, 1930 to 1932,
incl. A certified check, payable to the order of the Township Treasurer
for $600, is required. Legality approved by Burgwin, Scully & Burgwin
of Pittsburgh.
-TEMPORARY LOAN.FITCHBURG, Worcester County, Mass.
The City Treasurer, on June 8, awarded to the Merchants National Bank
of Boston, a $200,000 temporary loan maturing on Nov. 7 1928 on a 4.22%
discount basis.
-The Bank of
-BOND SALE.
County, Mich.
FLINT, Gen
Detroit was awarded on May 25 an issue of 2102.000 sidewalk bonds, at
a premium of $100, equal to a price of 100.09. The bonds bear int. at
the rate of 434% and will run for a period of two years.
-The $120,-BOND SALE.
FLORAL PARK, Nassau County, N. Y.
-were
000 road improvement bonds offered on June 4-V. 126. p. 3333
awarded to Phelps. Fenn & Co. of New York. as 4.30s. at 1.00.08, a basis
of about 4.29%. Dated Aug. 1 1928. Due 26,000, Aug. 1 1929 to 1948.
inclusive..
-NOTE SALE.
FORSYTH COUNTY (P.O. Winston-Salem), N. C.
An issue of $108,000 tax anticipation notes has recently been purchased by
Chas. D. Barney & Co. of New York City.
-Myrtle J.
-BOND OFFERING.
FOSTORIA, Seneca County, Ohio.
Lindsey, City Auditor, will receive sealed bids until 12 In. June 20. for the
purchase of the following issues of 5% bonds, aggregating $90,750:
$75,000 hospital bonds. Due $2,500. Mar. and Sept. 1 1929 to 1953, incl.
Dated Jan. 1 1928.
15.750 City's portion street improvement bonds. Due as follows: $750.
Mar. and $1,000. Sept. 1 1929: and $1,000, Mar. and Sept. 1
1930 to 1936, inclusive.
A certified check, payable to the order of the City Treasurer for $200,
Is required.
-TEMPORARY LOAN.
FRAMINGHAM, Middlesex County, Mass.
The Shawmut Corp. of Boston. was awarded on June 8, a 2100,000 temporary loan on a 4.39% discount basis.
FREDERICK COUNTY (P. 0. Frederick), Md.-BOND SALE.
The $130,000 4347 public school bonds offered on June 2-V. 126, p.
-were awarded to Robert Garrett & Sons of Baltimore. at 103.206,
3334
a basis of about 4.12%. Dated July 1 1928. Due Jan. 1 as follows:
220,000. 1935 to 1938, incl., and $10,000. 1939 to 1943, incl.
-The
-BOND SALE.
FREMONT COUNTY (P. 0. Sidney), Iowa.
$200,000 issue of 4)1% coupon primary road bonds offered for sale on
-was awarded to Wheelock & Co. of Des Moines
June 2-V. 126, p. 3334
for a $300 premium, equal to 100.15, a basis o( about 4.227. Dated
June 11928. Due $20,000 from May 1 1934 to 1943, incl. Optional after
1933. The only other bidder was the White-Phillips Co. of Davenport,
offering $299 premium.
FREMONT COUNTY SCHOOL DISTRICT NO. 42 (P. 0. Crow.
heart) Wyo.-MATURITY-BASIS.-The $4,000 issue of 5% coupon
school bonds awarded to the Stock Growers National Co. of Cheyenne at a
-Is due in 20 years, giving a basis of about
price of 100.20-V. 126, p. 3488
4.99%.
GAINESVILLE UNION FREE SCHOOL DISTRICT NO. 2 (P. 0.
-The $85,000
-BOND SALE.
Silver Springs), Wyoming County, N. Y.
coupon or registered school bonds offered on June 4-V. 126, p. 3334
were awarded to the Livingston County Trust Co.. at 100.338, as 4.40s. a
4.36%. Dated May 1 1928. Due May 1 as follows:$2.000,
basis of about
1930 to 1943 incl.;and $3,000, 1944 to 1962 incl. Other bids were as follows:
Int. Rate. Rate Bid.
Bidder100.33
4.50%
Dewey, Bacon & Co
100.556
4.507
Farson, Son dc Co
100.61
& Co
4.50V
Batchelder, Wack
101.00
4.50
Manufacturers & Traders Peoples Trust Co
100.17
4.40
Gibbons & Co
George B.
100.188
4.40
Pulleyn & Co
100.219
4.4O9
R. F. DeVoe & Co
-BOND SALE.
-L. M. Young & Co.
GALVA, Henry County, 111.
issue
May 1,
and the Galva First National Bank, Jointly, purchased oninterest. an
Dated
$30,000 57 coupon refunding bonds at par and accrued
of
$500. Due $5,000, from 1932 to 1937 incl. Int.
July 1 1928. Denoms.
payable July 1.
-BOND OFFERING.GALVESTON, Galveston County., Tex.
of the Board of
Sealed bids will be received by Mildred M. Ose. Secretary
Commissioners, until 10 a. m. on June 14 for the purchase of a $209,000
[VOL. 126.
issue of refunding bonds. Bids are invited for such proposed issue to
bear interest at the rate of 434% Per annum as well as at the rate 5% per
annum and each bidder may bid for the bonds upon either or both of such
rates of interest. In the event the bonds are issued to bear interest at
434% the City of Galveston reserves the right to retain those first matur'
ing to the amount of $40,000, and in no event will there be issued and sold
a greater number ofsuch bonds than shall be necessary to, at the price paid.
exclusive of accrued interest, secure the sum of $209,000. Denom. $1,000.
Dated July 1 1928 and due on July 1 as follows: $5,000, 1929 and 1930:
24,000, 1931 to 1934; $5,000, 1935 to 1938; $6,000, 1939 to 1942; $7,000.
1943 and 1944: 28,000. 1945 to 1949: $10,000, 1950 to 1953; 212,000, 1954
to 1956 and $9,000 in 1957. Prin. and int, payable at the National City
Bank in New York City or at the office of the City Treasurer. Preparation expenses and legal opinion of Thomson, Wood & Hoffman of New York
City will be furnished by city. A certified check for 2% of the bid payable
to the city is required.
-9. II.
GENEVA, Ontario County, N. Y.
-BOND OFFERING.
Merrill, City Treasurer, will receive sealed bids until 10 a. in. June 21,
for the purchase of the following issues of 434% coupon or registered bonds
aggregating 237,000:
$21,000 series B bonds. Due Oct. 1 as follows: $2,000, 1928 to 1936. incl.
and $3,000. 1937.
16.000 series A bonds. Due $1,000 April 1 1929 to 1944, incl.
Dated June 11928. Denom. $1,000. Principal and int. payable at the
National Bank of Commerce, New York. A certified check payable to the
order of the City Treasurer, for 2% of the bonds offered is required.
GENEVA SCHOOL DISTRICT, Kane County, 111.
-BOND SALE.
The State Bank of Geneva was awarded on May 14, an issue of $75,000
434% school bonds at a premium of $1,675, equal to a price of 102.23.
GLOVERSVILLE, Fulton County, N. Y.
-BOND OFFERING.
Sealed bids will be received by the City Chamberlain until 7:30 p. m. June
19,for the purchase of an issue of $40,000 water works system improvement
bond rate of interest not to exceed 5%. Denom. $1.000. Due $2,000, on
July 1,from 1929 to 1948 incl.
GOSHEN COUNTY SCHOOL DISTRICT NO.14(P.O.Torrington).
Wyo.-BOND SALE.
% school building bonds
-The 224.000 Issue of
offered for sale on June 1-V. 126, p. 3004
-was awarded to the Stockgrowers National Bank of Cheyenne at par less expenses. Dated July 1
1928. Due in 20 years. Prin. and semi-annual int. payable in New York.
GRADY COUNTY (P. 0. Chickasha), Okla.
-BOND SALE.
-We
are informed that a $450,000 issue of road bonds has been purchased by
an unknown investor.
GRANITE COUNTY SCHOOL DISTRICT NO.11(P.O.Drummond)
-The $10,000 issue of 5% school bonds offered for
-BOND SALE.
Mont.
sale on May 29-V. 126. p. 3004-was awarded to a Mr. E. D. Robbins of
Drummond at a price of 101. Dated June 30 1928.
GRANITE SCHOOL DISTRICT NO. 126 P. 0. Granite City),
-BOND SALE.
-The $225,000
% school bonds
Madison County, III.
-were awarded to the First National
offered on June 5-V. 126, p. 3334
Bank of Granite City, at a premium of $227.00, equal to 100.10, a basis of
about 4.237. Dated June 2 1928. Due June 2, as follows: $11,000.
1929 to 1943 inclusive; and $15.000, 1944 to 1947 inclusive.
Other bids were as follows:
Price Bid.
Bidderfitix & Co
Mississippi Valley Trust Co
8
2223 59947 550
$2222 1822 0
Kauffman, Smith & Co
GREENBURGH (P. 0. Tarrytown) Westchester County, N. Y.
-The following issues of coupon or registered bonds,
BOND SALE.
-were awarded to
aggregating $132,000 offered on June 6-V. 126. p. 3488.
George B. Gibbons & Co. of New York City, as 4.20s, at 100.082, a basis
of about 4.17%:
$75,000 serial A water main bonds. Due 23.000 June 1 1933 to 1957, incl.
57,000 series B lateral sewer bonds. Due June 1 as follows• $2.000, 1930
to 1950, incl., and $3.000. 1951 to 1957. incl.
Dated June 1 1928.
-BOND OFFERGREENVILLE COUNTY (P. 0. Greenville), S. C.
ING.
-Sealed bids will be received by the County Clerk, until June 28,
for the purchase of an $880,000 issue of highway bonds.
HATCH UNION HIGH SCHOOL DISTRICT (P. 0. Las Cruces)
-The $35,000 Issue of school
Dona Ana County, N. Mex.-BOND SALE.
-was awarded to Gray,
bonds offered for sale on June 4-V. 126, p. 3005
Emery, Vasconcells & Co. of Denver as 434% bonds, at a price of 100.181.
Dated June 1 1928. Due $2,500 from June 1
a basis of about 4.73%.
1933 to 1946 Inclusive.
HAVERFORD TOWNSHIP (P.0. Upper Darby), Delaware County,
-H. A. Fritschman, Sec. Board of Commission-BOND OFFERING.
Pa.
ers, will receive sealed bids until 12 m. (eastern standard time) June 18,
for the purchase of an issue of $60.000 4% coupon township bonds. Dated
July 2 1928. Denom. 21,000. Due July 2 1943. optional July 2 1933.
A certified check payable to the order of the Township for 2% of the bonds
offered is required. Legality approved by Saul, Ewing, Remick & Saul
of Philadelphia and Lutz, Erwin, Reeser, & Fronefield of Media.
HEBBRONVILLE SCHOOL DISTRICT (P. 0. Hebbronville),
-A $30,000Issue of school bonds
-BOND SALE.
Jim Hogg County, Tex.
has recently been purchased at par by Hall & Hall of Temple.
-BOND SALE.
-The
HENDRICKS COUNTY (P. 0. Danville), Ind.
% improvement bonds offered on May 26-V. 126. p. 3334
218,500
were awarded to the First National Bank of Danville, at a premium of
$494. equal to 102.67. a basis of about 3.965%. Dated May 15 1928.
Due $925 on May and Nov. 15 1929 to 1938, incl. Other bids were as
follows:
Premium.
BidderFletcher American Co
$438
409
City Securities Corp
-BOND OFFERING.
HENRY COUNTY (P. 0. Newcastle), Ind.
County Treasurer, will receive sealed bids until 11
Clayton McKinney,
a. m. June 12, for the purchase of an issue of $157,000 454% road bond
maturing semi-annually from 1929 to 1938 inclusive.
-BOND OFFERING.
HERMON, St. Lawrence County, N. Y.
W. F. Hitchcock, Village Clerk, will receive sealed bids until 12 m. June
18 for the purchase of an issue of $20,030 4)4% water bonds. Dated July 1
1928. Denom. $1,000. Due July 1, as follows: $500. 1929 to 1932 incl.
and $1.000. 1933 to 1950 incl.
-BOND SALE.
-A *37.000
HOLTVILLE, Imperial County, Calif.
issue of 6% coupon water works bonds has been purchased at par by the
Elmer J. Kennedy Co. of Los Angeles. Denom. $1,000. Dated May 1
1928. Due 21.000 from May 1 1932 to 1968, incl. No option of prior
Payment. Int. payable on May and Nov. 1.
HOMEWOOD (P. 0. Birmingham), Jefferson County, Ala.
-BOND
-An issue of 2102.000 6% series D improvement bonds has been
SALE.
purchased by Caldwell & Co. of Nashville. Denom. $1,000. Dated
Apr. 1 1928 and due on Apr. 1 as follows: 210,000. 1929 to 1936, and 211,000
In 1937 and 1938. Prin. and hat. (A. & 0.) payable at the Guaranty Trust
Co.in New York.
HONOLULU (City and County of), Hawaii.
-BOND OFFERING.
Sealed bids will be received until 9 a. m. on June 20, by D. L. Conkling,
City Treasurer, for the purchase of a $1,000,000 issue of 5% coupon public
Improvement bonds. Bids will also be received at 2 p. m on the same
day,at the office of the U.S. Mortgage & Trust Co.in N.Y.City. Denom.
21,000. Dated June 15 1928. Due $40,000 from June 15 1933 to 1957
incl. Bids will be received for the whole amount or any part. Prin. and
semi-annual int. payable at the City and County Treasurer's office or at
the U. S. Mortgage & Trust Co. in N. Y. City. Required bidding forms
will be furnished by the above trust company or Thomson, Wood & Hoffman of New York who will furnish legal approval. The said trust company
will certify as to the genuineness of the bonds and the seal. A certified
check for 2% par of the bid, payable to the Treasurer, is required.
-BOND SALE.
HOUSTON, Harris County, Tex.
-The ton issues of
bonds aggregating $2.080,000, offered for sale on Juno 6-V. 126, p. 3165
were awarded to a syndicate composed of Lehman Bros., E. H. Rollins &
Sons, Redmond & Co., Kountze Bros., the Guardian Detroit Co. and Stone
& Webster & 13Iodget. Inc.. all of New York. the Union National Bank of
Houston. the Mercantile Trust & Savings Bank of Dallas and the Mississippi Valley Trust Co. of St. Louis, as follows:
JUNE 9 1928.1
FINANCIAL CHRONICLE
$360,000 30
-year serial drainage sewer bonds as 4%s. Due $15,000 on
July 1 1935 to 1958, incl.
350,000 4% 30
-year serial street paving bonds. Due
1929 to 1953, incl., and $10,000 in 1954 to 1958,$12,000 July 1
incl.
650,000 4% 30
-year serial civic centre bonds. Due $22,000 July 1 1929
to 1953, incl. and $20,000 in 1954 to 1958, incl.
82.00030
-year serial general improvement bonds as 4%s. Due $3.000
July 1 1935 to 1953, incl., and $5,000 in 1954 to 1958. inch
76.000 25
-year serial bridge bonds as 43 s. Due $4,000 July 1 1935 to
%
1953, incl.
82,00030
-year serial gravel bonds as 434s. Due $3,000 July 1 1935
to 1953, incl., and $5,000. 1954 to 1958, incl.
82,00030
-year serial City Hall bonds as 4%s. Due $3,000 July 1 1935
,
to 1953, incl., and $5,000 in 1954 to 1958, incl.
120,000 30
-year serial MacGregor Park bonds as 4%s. Due $5,000 on
July 1 1935 to 1958. incl.
240,000 4 Y. %, 30
-year serial street paving bonds. Due $10,000 on Jan. 1
1935 to 1958, incl. Dated Jan. 1 1928.
38,000 4%% 30
-year serial sanitary sewer bonds. Due $2,000 on Jan. 1
1935 to 1948 incl., and $1,000 in 1949 to 1958, incl. Dated
Jan. 1 1928.
The bonds brought a premium of $270, equal to 100.012, a basis of about
4.29%. Denom. $1,000. Dated July 1 1928. There were eight
submitted, the second highest being made by a syndicate headed bybids
Bankers Trust Co. of New York with an offer of 100.089.for $1.000,000 the
4%
bonds, $278,000 43' % bonds and $802,000 4%% bonds.
HOUSTON INDEPENDENT SCHOOL DISTRICT (P. 0. Houston),
Harris County, Tex.
-BONDS VOTED.
-At the special election held on
May 29-V. 126, p.3005
-The voters authorized the issuance of
000 in bonds by a total vote of 3,085 "for" and 1.325 "against". the 54.000,The bonds
are described as follows: To be used for the construction of new school
buildings, making additions to present buildings, purchasing sites, permanent equipment, &c. This entire issue is a 30
-year serial issue. The bonds
will ,ear interest at a rate of not
by the Board of Education at theto exceed 5%,the rate to be determined
time of sale. Bids will be received and
opened on Aug. 1 1928, for the first installment of $1,074.000 of these
bonds, according to information received from H. L. Mills, Business
Manager,
3633
LAKE CHAMPLAIN BRIDGE COMMISSION (P. 0.
Ticonderoga),
N. Y,
-BOND SALE.
-The $1,000.000 issue of New York-Vermont Interstate Bridge 1st mtge bonds offered on June 5-V. 126,
p. 3335
-was
awarded to the National City Co. and the Old Colony
Corp.
4%s, paying $994,290 for the bonds, equal 99.429, a basis of jointly, as
about 4.29%•
Dated July 1 1928. Due July 1, as follows: $20.000,
1940: $50,000. 1941
to 1950 incl.; and $60,000, 1951 to 1958 incl. Other bids were
as follows:
BidderInt Rate.
Price Bid.
Guaranty Co., Estabrook & Co. and Burlington
Savings Bank
%
$ 87 779 0
9 7 54 0:000
55 :
George B. Gibbons& Co. and Bancitaly Corp
4)4%
Dewey, Bacon & Co
5
431
985,120.00
M. F. Schlater & Co
980,699.00
BONDS OFFERED FOR INVESTMENT.
-The bonds are now being
offered to the public for investment as follows:
Amounts. Maturities and Prices (Accrued Interest to be Added).
Amt. Due, Price.
Amt. Due. Price.
Amt. Due. Price.
$20,000 1940 100.94
550,000 1946 101.26
560.000 1953 101.55
50,000 1941 101.00
50,000 1947 101.31
60.000 1954 101.58
50,000 1942 101.05
50,000 1948 101.35
60.000 1955 101.62
50,000 1943 101.11
50,000 1949 101.39
60,000 1956 101.65
50.000 1944 101.16
50,000 1950 101.43
60,000 1957 101.68
50,000 1915 101.21
.
60.000 1951 101.47
60,000 1958 101.71
60.000 1952 101.51
Yielding about 4.15% to maturity.
LAKE COUNTY (P. 0. Crown Point), Ind.
-BOND SALE.
-The
$60,000 5% improvement bonds offered on May 31-V. 126. p. 3335
were awarded to the Commercial Bank of Crown Point, at a premium of
$2,105, equal to 103.508, a basis of about 4.30%. Dated May 15 1929.
Due $3,000, on May and Nov. 15 1929 to 1938 incl.
LA FERIA, Cameron County, Tex.
-BOND SALE.
-A $35.000
of 5)4% street improvement bonds has recently been purchased atb3Stle
par
by Caldwell & Co. of Nashville. Due from 1929 to 1953, lnel
LA GRANGE COUNTY (P. 0. La Grange), Ind.
-BOND OFFERING.
-Harry Hagland. County Treasurer, will receive sealed bids until 2 p.
June 14, for the purchase of two issues of 4)4% road bonds aggregating
HUDSON, Columbia County,
-BOND
-The following 518.400 consisting of $10,400 bonds and $8,000 bonds maturing semiissues of 43% bonds aggregating $71,000 offered SALE.
on May 31-V. 126, P• annually from 1929 to 1938, inclusive.
3166
-were awarded to the Hudson City Savings Institution as follows:
$56,000 street improvement bonds maturing serially on Aug. 1 from
LAKE COUNTY SCHOOL DISTRICT NO. 108 (P. 0. Highland
1929 Park), Lake County, III.
to 1942, inclusive, at a price of 101.68%.
-BONDS OFFERED.
-G. L. Vetter, Secretary
15,000 fire equipment bonds maturing serially on Aug. 1 from 1929 to Board of Education, received sealed bids until 12.30 p. m. June 8, for the
1943, inclusive, at 101.77%.
purchase of an issue of $180,000 4%% school bonds. Dated June 15 1928.
Principal and interest payable at the office of the City Treasurer. Legal- Denom. $1,000. due Nov. 1, as follows: $9,000. 1929 to 19:18 incl.. and
$10,
ity approved by Clay, Dillon & Vandewater of New York City.
000, 1939 to 1947 incl. A certified check for $10,000 was required.
HUGHESVILLE SPECIAL ROAD DISTRICT
LAKE PLACID (P. 0. Avon Park), Highlands County, Fla.
Seda-BOND
lia), Pettis County, Mo.-MATURITY BASIS.
OFFERING-Sealed
4%% semi-annual road bonds that was purchased -The $60,000 Issue of J. M. Andrews. Townbids will be received until 8 p. in. on Aug. 13. by
at a price of 101.305 by
Mayor Commissioner, for the purchase of a $12.000
the Fidelity National Bank of Kansas City
-V. 126, p. 3334
-is due from issue of 6% paving bonds. Denom. $1,000. Dated June 1 1928 and due
Mar. 1 1930 to 1938, giving a basis of about 4.25%.
$1,000 from June 1 1930 to 1941, incl. Prin. and semi-annual int. payable
HUNTINGTON PARK CITY SCHOOL DISTRICT (P. 0. Los in gold at the National City Bank in New York. Caldwell &
Raymond
Angeles County, Calif.
-BOND SALE.
of New York City will furnish legal approval. A certified check for 2%
-The $265,000
school bonds offered for sale on May 28-V. 126, p. 3005 issue of 5% par of the bid, payable to the Town Clerk, is required.
-was jointly
awarded to R. E. Campbell & Co. and the Merchants National Co.,
both
LANCASTER, Lancaster County, S. C.
of Los Angeles, for a premium of $22,657. equal to 108.549, basis
-BOND SALE.
-The two
a
of about
4.33%. Due $5,000 from 1929 to 1949 and $10,000 from 1950 to 1965, all issues of bonds aggregating $60,000 offered for sale on J11110 5-V.126.
-were awarded to the South Carolina National Bank of Charleston
p 3489
Incl. Other bidders were: R. H. Moulton & Co., $22,635; Security
$21,759: Anglo-London Paris Co.. $20,625. and William R. Staats & CO., for a premium of $450,, equal to 100.75. a basis of about 5.375%. The
Co., issues are as follows:
$19,909.
$.30,000 6Z paving certificates. Due $33,000 from Jan. 1 1929 to 1938, incl.
HUTCHINSON, Reno County, Kan.
-BOND SALE.
-The $5,276.32
30,000 5 street improvement bonds. Due $1,500 from June 1 1929 to
issue of 431% coupon or registered internal improvement bonds offered
1948. incl.
for sale on Mar 25-V. 126. p. 3166
t
-was awarded to the Hutchinson
The only other bidder was the Robinson-Humphrey Co. of Atlanta
State Bank of utchinson for a premium of $6.75, equal to
basis of about 4.21%. Dated Mar. 1 1928. Due serially in 100.127, a offering 559,857 for the issues.
from 1 to 5
years. There were no other bidders.
LANE COUNTY SCHOOL DISTRICT NO. 56 (P. 0. Eugene), Ore.
OFFERING.
-Sealed bids will be received by Donald Young.
INDEPENDENCE, Montgomery County, Kan.
-BONDS OFFERED. -BONDClerk, until 7.30 p. m.
District
-Sealed bids were received by G. H. Krienhagen, City Clerk, until 9
on June 12, for the purchase of a $9.000
a. m.
on June 7 for the purchase of a $40,000 issue of 4% semi-annual paving issue of 6% semi-annual school bonds. Denom. $900. Due $900 from
1929 to 1938, inel•
bonds. Due in from 1 to 10 years. Sale was subject to purchase by
the
State School Fund Commission.
LAUDERDALE COUNTY (P. 0.
-BOND SALE.
IRON COUNTY (P. 0. Hurley), Wis.-BOND DESCRIPTIO - The $250,000 issue of semi-annual road Ripley), Tenn.
bonds offered for sale on May 28The $40.000 issue of 5% memorial building bonds that was reported N.
-has been jointly purchased by Caldwell & Co. of Nashville
sold V. 126, p.3166
-V. 126, p. 3489
-is more fully described as follows: jointly purchased and I. B. Tigrett & Co. of Memphis, as 4%% bonds.
by three local banks and the Second Ward Securities Co. of Milwaukee,
LE FLORE COUNTY SCHOOL DISTRICT NO, 34 (P. 0. Poteau),
at a price of 100.50, a basis of about 4.84%. Denoms. $1,000 and $500.
Okla.
Due $8,000 from May 1 1929 to 1933, incl.
-BOND OFFERING.
-Sealed bids will be received by R. W. Minor,
District Clerk, until 10 a. in. on June 15,for the purchase of a $6,000 issue
IRVINGTON-ON-HUDSON, Westchester County, N. Y.
-BOND of school bonds. Denom. $500. Due $500
SALE.
-The following Issues of coupon or registered bonds,
from 1931 to 1943 incl.
aggregating A certified check for 2% must accompany the bid.
$25.000. offered on June 4 (V. 126, p. 3489) were awarded to the Irngton
National Bank as 4%s at a premium of $75.00, equal to 100.30, a basis
LENOIR COUNTY (P. 0. Kinston), N. C.
of
-BOND SALE.
about 4.12%:
595.000 issue of 4 Si% school funding bonds offered for sale on May-The
25-a
$15,000 sewer extension bonds. Due $3,000 June 15 1929 to 1933 incl.
V. 126, p. 3166
-has been awarded to W.K.Terry & Co. of Toledo at par.
10.000 water extension bonds. Due $2,000 June 15 1929 to 1933 Incl.
LEWIS COUNTY SCHOOL DISTRICT NO. 222 (P. 0.
Dated June 15 1928.
Chehalis),
-MATURITY.
-The $15,000 issue of 4% %school bonds that
ISLIP UNION FREE SCHOOL DISTRICT NO. 2 (P. 0. Islip), Wash.
was purchased at par by
Suffolk County,
-BOND OFFERING.
-Carl B. Brown. District due in 1940 and option inthe State of Washington-V. 126, P• 3335 is
1930.
will receive sealed bids until 8 p. m.(daylight saving time) June
Clerk,
20
for the purchase of an issue of $250,000 43j or 4%% coupon or registered
LITTLE ROCK, Pulaski
-BOND SALE.
-A $30,000
school bonds. Dated Jan. 1 1928. Denom. $1,000. Due Jan. 1 as fol- issue of 5% paving bonds has County, Ark.
been purchased at a price of 102.15 by the
lows: $5,000, 1933 to 1940 inclusive; $10,000, 1941 to 1952 incl.. and 515.000 Union Trust Co. of Little Rock.
1953 to 1958 incl. Prin. and int. payable at the First National Bank of
LOCUST GROVE, Mayes County, Okla.
Islip. A certified check payable to the order of the Board of EducaIslip,
-BOND SALE.
-The
tion for 2% of the bonds offered Is required. Legality to be approved by $15,000 issue of coupon water works bonds offered for sale on May 24V. 126, p. 3167
-was awarded to the American First Trust Co. of OklaHawkins, Delafield & Longfellow of N. Y. City.
homa City.
JAMESTOWN, Chautauqua County,
-CERTIFICATE AND
LOGAN,Hocking County,Ohio.
BOND SALE.-Pulleyn & Co. of New York, were awarded on June 1.
-BOND SALE.
-The
$176,423.98 certificates and bonds as 4%s at a price of 100.11. The of 5)4% bonds offered on May 22-V. 126, P. 2851. 3006 following issues
-were awarded
obligations we are informed mature serially from 1929 to 1938 incl.
to the Farmers & Merchants Bank of Logan, at a premium of $5.35:
$6.500 bonds. Dated May 1 1928. Due April 1 as follows: $1,000, 1929
JOSEPHINE COUNTY SCHOOL DISTRICT
Grants
to 1931, inclusive: and $500. 1932 to 1938, inclusive.
-BOND OFFERING-Sealed bids will be rePass R. F. D. No. 2), Ore.
3,200 Dated May 11928. Due April 1 as follows: $500, 1929: and $300,
ceived until 2o. m. on June 9 by J. F. Webster, District Clerk, for the pur1930 to 1938. inclusive.
chase of a $7,000 issue of 4%% semi-annual school bonds. Dated June 1
LOVELOCK, Pershing County, Nev.-BOND SALE.
1928. Due $1,000 from June 1 1939 to 1945 Inch.
-A $75,000
Issue of 5% water bonds has recently been purchased by the Central Trust
JULESBURG, Sedgwick County, Colo.
-MATURITY
-BASIS.
- Co. of Salt Lake City at a price of 101.25. Average maturity 11 years.
The $100.000 issue of 4% refunding water bonds that was purchased by the
International Trust Co. of Denver
LOWELL, Middlesex County, Mass.
-V. 126, p. 3166
-LOAN OFFERING.
-is due as follows:
-Fred H.
$12,000 from 1929 to 1933 and $8,000, 1934 to 1938, all incl. The bonds Rourke, City Treasurer, will receive sealed bids until 11 a. in. (daylight
saving time) June 11, for the purchase on a discount basis of a
were awarded at a price of 98.75, a basis of about 4.27%.
temporary loan. Dated June 13 1928. Payable on Dec. 13 $1,400,000
1928 at the
KERN COUNTY UNION HIGH SCHOOL DISTRICT (P.O. Bakers- First National Bank, Boston.
Legality approved by Ropes, Gray,Boyden
-BOND SALE.
field), Calif.
-The $300,000 issue of 5% school bonds & Perkins of Boston.
offered for sale on June 4-V. 126, p. 3335
-was awarded to the American
LOWER MOUNT BETHEL TOWNSHIP (P. 0. Bangor R. F.
National Co. of San Francisco, for a premium of $6,108, equal to 102.036.
D. No,
2), Northampton County, Pa.
-BOND SALE.
a basis of about 4.49%. Due $50,000 yearly from 1930 to 1935. incl.
-The
%
coupon township bonds offered on June 2-V. 126. p. 2852 560,000
-were awarded
KNOXVILLE, Knox County, Tenn.
-NOTE SALE.
-The $200,000 to M.M.Freeman & Co.of Philadelphia, at 103.58.a
basis of about 4.05%.
Wile of permanent improvement notes offered for sale on June 4-V. 126, Dated May 1 1928. Due May 1 1958, optional
after May 1 1938.
-was awarded jointly to the First National Bank and Salomon
p. 3489
LYMAN, Scotts Bluff County, Neb.-BOND SALE.
Bros. & Hutzler, both of New York City, as 4.70s, plus a premium of $7,
-The 560.000
equal to 100.003, a basis of about 4.69%. Dated June 1 1928. Due on issue of 5%% water works funding bonds offered for sale on May 22V. 126, p. 3167
-was awarded at par to the Grand Island
June 1 1929. Other bids were as follows:
Trust Co.
BidderRate.
Premium. Grand Island. Denom. $1,000. Dated June 1 1928 and due on Juneof
1
Bankers Trust Co. of N. Y
5%
$25.00 1948. Optional after 10 years. Int. payable June and Dec. 1.
N. Bond & Co. of Boston
5
15.00
McCOOK SCHOOL DISTRICT (P. 0. McCook)
Redwillow County,
li. M. Grant & Co. of N. Y
5
10.00 Neb.-BOND SALE.
-A $57,500 issue of 4%% school
bonds has recently
KNOX COUNTY (P. 0. Vincennes), Ind.
-BOND SALE.
-The been purchased by the First National Bank of McCook for a premium
of
$11,500 4%% R. W.McKinley et al Steen Township road construction bonds $262.50, equal to 100.456.
-were awarded to the Union Trust Co.
offered on June 5-V. 126, p. 3335
McFARLAND UNION GRAMMAR
SCHOOL DISTRICT (P. 0.
of Indianapolis. at a premium of $281,equal to 102.44, a basis of about 4%. Bakersfield) Kern County, Calif.
-BOND SALE.
Dated May 15 1928. Due $575 on May and Nov. 15 from 1929 to 1938 5% coupon school bonds offered
-The
for sale on Feb. 13-V. $21,000 issue of
incl. Among the other bidders were:
126. p. 751-has
been awarded to Peirce, Fair Az
BidderPremium. $811, equal to 103.861, basis of Co. of San Francisco, for a premium, of
about 4.40%. Due $1,500 from
$264.00 1942 bcl
J, F. Wild Investment Co
i .
1929 to
Inland Investment Co
. 213.00
MAINE (State of).
Fletcher American Co
-BOND OFFERING.
234.00
will receive sealed bids until 10 a. in. June -W,S. Owen. State Treasurer.
LAINSBURG, Shiawassee County, Mich.
15 for the purchase of an issue of
-BONDS VOTED.
-The $8875.000 4% coupon
electors recently authorized the issuance of $10,000 bonds the proceeds to Denom. $1,000. Due highway and bridge bonds. Dated July 2 1928.
July 1 as follows: $50,000, 1929 to
used to pay the cost of paying the main street of the village. The bonds $175,000. 1943.
be
1942 incl., and
Prin. and
it is stated will bear interest at the rate of 5% and will be retired one each Treasurer. The opinion ofint. payable in gold at the office of the State
the Attorney
year for a period of 10 years.
legality of the bonds will be furnished the -General of the State as to the
successful bidder.
N. Y.
NO. 11 (P. 0.
N. Y.
N. Y.
NO. 30 (P. 0.
3634
FINANCIAL CHRONICLE
[VOL. 126.
1 as follows:
$1,024,602.85 special street improvement bonds. Due on June
Financial Statement.
$51.602.85, 1929; $51,000, 1930 to 1944, and $52,000, 1945
2724,938,295
Valuation of the State
to 1948, incl.
19,287,300
as follows:
Bonded debt (exclusive of this issue) on June 30 1928
213,677.15 special street improvement bonds. Due on June 1
-A 926,000
-BOND SALE.
$21,677.15, 1929; $21,000, 1930 to 1935, and $22,000, 1936
MALVERN, Hot Spring County, Ark.
by the Merchants &
all incl.
to 1938,
Issue of 53 % paving bonds has been purchased
as follows:
113,595.57 special street improvement bonds. Due on June 1 to 1933,
Planters Investment Co. of Pine Bluff, at a price of 102.42.
$22,595.57, 1929; $22,000, 1930 and $23,000, 1931
Phoenix),
MARICOPA COUNTY SCHOOL DISTRICTS (P. 0. g $76,500,
Inclusive.
June 1
-The three issues of bonds aggregatin
Ariz.
-BOND SALE.
Denom.$50,$100,$500 or $1,000, at option of purchaser. Dated 4)(s.
-were awarded as follows:
offered for sale on June 1-V. 126, p. 3335
1928. The second highes:, bid was a premium offer of $10,950 on
38 bonds. Denom. $1,000. Due on June 1 tendered by a group headed by the First Minneapolis Trust Co.
$43,000 school district No.
awarded
premium
as follows: $5,000 from 1938 to 1945 and $3.000 in 1946
The following were the other bidders (all bidding par and a
basis
as 4%s. to the Valley Bank of Phoenix at a price of 100.37, a
as shown):
Prem.
of about 4.465%.
Prem.
on June 1
Due
$4,100
20,000 school district No. 82 bonds. Denom. $1,000. to 1947, all incl. Minnesota Loan & Trust Co--$7,300 Lane, Piper & Jaffray
& Co
from 1934 to 1938;$2.000, 1941
as follows: $1,000
6,200 White, Weld
al Trust Halsey, Stuart & Co
: 0
2 10
3 70 0
and $1,000 in 1948 awarded as 4%s, to the Internation
& co
Com pton & Co., Chic_ 5,100 First National Bank, N. Y__ _
Co. of Denver at a price of 100.20. a basis of about 4.73%. one for Stevens
5.000 Roosevelt & Sons
bonds. Denoms. $2,000,$1.000 and 1943 WH
13,500 school district No.66
150
-BOND DESCRIP1939 to
MISSIONARY RIDGE, Hamilton County, Tenn.
$500. Due on June 1 as follows: $500. 1938;$1,000,
purchased by
and $2,000, 1944 to 1947 awarded as 434s, to the Valley Bank of TION-The two issues of bonds aggregating $50,000,
-are further described
-V. 126, p. 3336
Co. of Jackson
of about 4.475%.
Little, Wooten &
Phoenix at a price of 100.25, a basis
office of the as follows: $30,000
% fire equipment bonds and $20,000 street improveDated June 1 1928. Prin. and int. (J. & D.) payable at the
1
ment bonds. Denom. $1,000. Dated Jan. I 1928 and due on Jan.
County Treasurer or at the Bankers Trust Co. in New York.
paid was 106, a basis of about
-The three issues 1958. No option of prior payment. Price
-BOND SALE.
MEMPHIS, Shelby County, Tenn.
5-V. 126,
of coupon bonds aggregating $465.000 offered for sale on June
Ballin & Lee,
-BOND SALE CANCELLED.
MISSISSIPPI,State of(P.O.Jackson).
-were awarded to Estabrook & Co. and Hannahs,
p. 3336
May 26
-The 22,374,500 issue of 431% State bonds that was awarded on
both of New York as follows:
from June 1 to Sutherlin, Barry & Co. of New Orleans, for a premium of $96,302.75.
general improvement bonds as 431s. Due $10,000
$250,000
-is now reported
to 104.055, a basis of about 4.21%-V. 126, p. 3490 the sale. The
equal
1931 to 1955, incl.
Due $6,000 from as haying been rejected by the above company, cancelling
150,000 sewer and drain improvement bonds as 434s.
following
New York "Times." of June 2 in dealing with the matter, had the
June 1 1931 to 1955. incl.
4315. Due $13,000 from June 1 to say:
65,000 street improvement bonds as
Orleans, who received the award
"Sutherlin, Barry & Co.. Inc., of New
1929 to 1933, incl.
of about 4.28%• of the issue of $2,374,000 State of Mississippi 43.4% bonds last Saturday at
Premium paid was 81,953, equal to 100.42, a basis
with New York dealers,
their bid of 104.04. or a 4.20% basis,in competitionforfeited the good-faith
Denom. $1,000. Dated June 1 1928.
to take up the bonds and have
-The $650,000 issue of have decided not posted at the time of the sale. This announcement was
-BOND SALE.
MIAMI, Dade County, Fla.
of $25,000
June 4-V. 126, check
% coupon or registered bridge bonds offered for sale on at par. Dated made yesterday by State Treasurer Webb Walley, who has arrived in New
-was awarded to the Biscayne Trust Co. of Miami
P. 3490
York to discuss the situation with dealers here.
June 1 1928. Due from Mar. 1 1936 to 1956 inclusive.
Orleans house, it is understood, refused to take up the bonds
"The
-D. D. awardedNew because of the fact that immediately after the sale the State
them
-BOND OFFERING.
(P. 0. Troy), Ohio.
aggreMIAMI COUNTY
bids until 10 a. m. June 22, Commission announced that it would market another issue of bonds or 90
Kessler, County Auditor, will receive sealed
n bonds. Dated gating $5,845,000 on June 21 instead of waiting the customary 60
for the purchase of an issue of $44,000 5% road constructio
bonds, due June 11943.
1932
$5.000, 1930 and 1931; $4,000. the days. The new issue consists of $500.000 hospital bonds, duo July 1 1953.
July 1 1928. Due Jan. 1, as follows:
payable at
permanent improvement
to 1937 incl.; and $5,000. 1938 and 1939. Prin. and int. to the order of optional 1933: $3,745,000
due July 1 1948.
payable
and $1,600,000 State University improvement bonds,
court-house in the City of Troy. A certified checkoffered is required.
bonds
of the bonds bear a 434% coupon.
All
the above-mentioned official for 5% of the
the State Commission, of which he is a
"Mr. Walley said yesterday that
-The following
-BOND SALE.
on a plan of action, but that in all
MIAMI COUNTY (P. 0. Peru), Ind.
June 5-V. 126, member, had not decided definitely
Barry would be
Issues of 431% road bonds aggregating $26,100 offered on
likelihood the $2,374,000 issue declined by Sutherlin, sale in July or
the whole readvertisecl for
-were awarded as below:
P. 3336
of $410, equal to lumped with the new issue and
To the Wabash Valley Trust Co. of Peru, at a premium
August.
rating in this
102.426, a basis of about 4.02%.
"The State's bonds have always enjoyed a relatively high
gravel road bonds.
2 issues coming in
$9.000 William H. Endsley, Jackson Township free gravel road bonds.
market, but it was pointed out by dealers this week that the first issue and
would naturally depress the market for
Reuben M. Engle. Pipe Creek Township free
7,900
$217, equal to rapid succession
the transTo J. F. Wild & Co. of Indianapolis. at a premium of
probably force the dealer buying the bonds to take a loss on
103.358. a basis of about 3.84%.
action."
gravel road bonds.
-Of the
SALE.
Reminger, Harrison Township freeroad bonds.
-BOND
$5,200 Ernest L.
MOBILE COUNTY (P. 0. Mobile), Ala.
4,47)00 Noah L. Grogg, Perry Township free gravelfrom 1929 to 1938,incl. $5.000,000 issue of road and bridge bonds that was offered for saloon June 1
was awarded to a syndicate
Dated May 15 1928. Due on May and Nov. 15,
-Frank -V. 126, p. 3007-a block of $1.500,000
-BOND OFFERING.
& Co.and the Bancitaly Corp., both of New York.
MICHIGAN (State of) P. 0, Lansing.
bids until headed by Halsey, Stuart
F. Rogers, State Highway Commissioner, will receive sealed the follow- as 431% bonds, at a price of 99.25.
purchase of
Santa Bar12.30 p.m.(Central standard time) June 20,for the
MONTECITO COUNTY WATER DISTRICT (P. 0.
exceed 6%:
-At the special election held in April
ing issues of bonds aggregating 92,872,000; rate of int. not toDistrict No. bara), Calif.
-BONDS VOTED.
Assessment
issue 8880,000 in
$2.602,000 Macomb and Wayne Counties, Road
and Warren V. 126, p. 2041-the voters approved the proposal to to 18 "against."
475 bonds. The bonds are the obligations of Erin Gratiot in bonds for the erection of a dam by account of 259 "for"
years.
Townships in Macomb County, Grosse Pointe and
and an Int. rate will be 5% and the maturity will be over a period of 40 Isabella
Wayne County, the Counties and Macomb and Wayne
MOUNT PLEASANT PUBLIC SCHOOL DISTRICT,
District.
Assessment
-Sealed bids will be received by the
District No. County,
-BOND OFFERING.
137,000 Sanilac and St. Clair Counties Road Assessment 1, from 1930 Secretary Mich. of Education, until 7:30 P. m. (Eastern standard time
Board
May
Dated
451 bonds. The bonds mature serially on of Worth. Fremont
June 11, for the purchase of an issue of $30,000 434% school bonds.
to 1938, inclusive, and are the obligations
, Grant
check for $500 is required,
and Speak Townships in Sanilac County. Greenwood Sanilac Mar. 1 1928. A certified
-BOND SALE.
and
MOUNT VERNON, Westchester County, N. Y.
and Brockway in St. Clair County, the Counties
of coupon or registered bonds aggregating $226,000
and St. Clair and an assessment district.
District No. The following issues 126, p. 3490
to Barr Bros. & Co. of
-were awarded
133,000 Monroe and Lenawee Counties Road Assessment
and 1931; offered on June 5-V.
472 bonds. Dur May 1, as follows: $14,000. 1930 the obli- New York City, as 431s, as below:
to 100.19,
and $15,000. 1932 to 1938, inclusive. The bonds are County $165,000 assessment bonds at a premium of $326.70, equalto 1933, incl.
basis of about 4.18%. Due $33,000. June 1 1929
gations of Mason and Ridgeway Townships in Lenawee and an
basis
in Monroe County
bonds at a premium of $120.78. equal to 100.19, a 1932.
and Milan and Dundee Townships
61,000 funding
of about 4.18%. Due June 1 as follows: $12,000, 1929 to
assessment district.
certified check,
incl, and $13,000. 1933.
Interest on all issues payable on May and Nov. 1. A 1% of the bid.
y 1
ar :41741 the order of the above-mentioned official for
Dated June 11928.
SALE.MUSCATINE COUNTY (P. 0. Muscatine), lowa.-BOND
-Nor- Two issues of 6% drainage bonds aggregating $7,479.73, have been pur-BOND OFFERING.
MIDDLEPORT, Niagara County, N. Y.
No other
p. m. June
will receive sealed bids until 7.30 bonds, rate chased by a Mr. R. J. Phelps of Iowa City at a price of 105.51.
man Walters, Village Clerk,
bids were submitted.
18, for the purchase of an issue of $33,000 street improvement
OFFERING.
1%.
of interest not to exceed 6% and to be stated in a multiple of 31 of 1929
MUSCOGEE COUNTY (P.O.Columbus), Ga.-BOND
of ComDated July 1 1928. Denom. $1,000. Due July 1 as follows: $2,000.
Sealed bids will be received by R. H. Barnes. Clerk of the Board
the
27,
to 1943. inclusive, and $3.000, 1944. A certified check for 2% of the missioners of Roads and Revenues, until 2:30 p. m. on Juneroad for
bonds.
is required.
Issue of 434% coupon or registered
bonds offered,
purchase of a $644,000
Apr. 1 1929 to
$23,000 from
-BOND OFFERING. 0. H. .Denom. $1,000. Dated Apr. 1 1926. Due in gold at the National Bank
MIDDLETOWN, Butler County, Ohio.
& O.) payable
The
Campbell, City Auditor, will receive sealed bids until 12 m. (Eastern 1956 incl. Prin. and int. (A.
York City or at the office of the above clerk.
standard time) June 15. for the purchase of an issue of $28,000 5% city's of Commerce in New Storey, Thorndike, Palmer St Dodge of Boston will
of
Due$2.000,
portion sewer bonds. Dated June 151928. Denom.$LOW. the National approving opinion U. S. Mortgage & Trust Co. of Now York will certify
be furnished. The
required
Sept. 1 1929 to 1942, inclusive. Prin. and int. payable at
order of the issue. The Clerk or the above trust company will furnish
to the
Park Bank. New York City. A certified check, payable to the
Peck, bidding forms. A certified check for 2% par of the bid, payable
the City Treasurer for $200. is required. Legality approved by
is required.
Commissioners of Roads and Revenues,
& Williams of Cincinnati.
-Ida
Schaffer
-BONDS OFFERED.
MUSKEGON, Muskegon County, Mich.
Paint
MILLERVIEW INDEPENDENT SCHOOL DISTRICT (P. 0.will be L. Christiansen, City Clerk, received sealed bids until 10 a. m. (Eastern
-BOND OFFERING.-8ealed bids
issues of 431%
Rock), Concho County, Tex.
standard time) June 8. for the purchase of the following
$20.000
received by the District Clerk, until June 11, for the purchase of a years. coupon bonds aggregating $204,000:
nt refunding bonds. Due Aug. 15 as folIssue of5% slhonl building bonds. Denom.$500. Due in from 1-40
.- 880,000 municipal improveme$20,000, 1930 and $10.000, 1931 to 1935 incl.
Milwaukee County, Wis.-BOND OFFERING
lows: $10,000. 1929:
MILWAUFEE,
to 1938 incl.
City Comptroller, until
50,000 general improvement bonds. Due $5,000, July 1 1929 1 1929 to
Sealed bids will be received by Louis M. Kotockl,
July
coupon bonds
50,000 Laketon Ave. improvement bonds. Due $5,000,
11 a. m. on June 15, for the purchase of two issues of 431%
as follows:
1938 incl.
aggregating 94,275,000.
to 1938
incl.
15.000 Clay Ave. improvement bonds. Due $1,500, July 1 1929
$2,565,000 sewer bnds. Due $135,000from July 1 1929 to 1947 incl.
incl.
1,710,000 bridge bonds. Due $90,000 from July 1 1929 to 1947 may be
Principal only of bonds
nt bonds. Due $900, July 1 1929 to 1938
.
incie
Denom. $1,000. Dated July 1 1927. none.
9,000 Forst Ave. improveme
paid for in
registered. Bids are requested for all orthe city Bonds must be of the Purof the City
at the expense
Dated July 1 1928. Prin. and Int. payable at the office St Stone of
Milwaukee, but will be delivered out of the office of the City Treasurer or
at
chaser. Prin. and int. (J. & npayableYork City. Unqualified favorable Treasurer. Legality approved by Miller, Canfield, Paddock
duly authorized agent in New
Detroit.
at a
NO. 55 (P. 0.
opinion of Chas. B. Wood of Wood & Oakley of Chicago, will be furnished.
MUSSELSHELL COUNTY SCHOOL DISTRICT of coupon refundbonds will be
A certified check for I% of the bid is required. The engraved
-BOND SALE-The $40,000 issue
Roundup), Mont.
-was awarded to
p. 2336
the city.
furnished by
ing bonds offered for sale on May 26-V. 126, at par. Denom. $4,000.
Financial Statement.
the State Land Board of Montana, as 5% bonds,
Assessed valuation of the taxable property of the City of Milwaukee, as Dated June 1 1928. Due on June 1 1938. Optional after 5 years. Int.
of State and County taxes:
ascertained by the assessment
653,122.00 payable on June and Dec. 1.
$36,773,100.00$84994:296
-Sealed bids
For the year1927
-BOND OFFERING.
256.10
NASHUA, Valley County, Mont.
Town Clerk.
Debt limit
-5%
will be received until 2 p. in. on June 30, by E. T. Peterson, power plant
Bonds outstanding Dec.31 1927
$12,000 issue of semi-annual electric and
for the purchase of a
800,090.00
Bonds sold in 1928
30 1928. A $500
bonds. Int. rate is not to exceed 6%. Dated June
certified check must accompany the bid.
$37,573,100.00
-A $24,000 issue of
-BOND SALE.
NEPHI, Juab County, Utah.
bonds paid in 1928 and cash on hand
Less
purchased jointly by the Central
3,211,800.00
431% pipe line bonds has recently been of Salt Lake City. Due serially.
for bonds maturing in 1928
Trust Co. and E. L. Burton & Co., both
-The $27.000
-BOND
•
$ 34,361,300.00
Net outstanding debt as of this date
NEWARK, Wayne County, N. Y.offered onSALE.
May 31-V. 126,
Bond issues of which those offered herein
coupon or registered water works bonds & Co. of New York. as 434s, 13•
at
4,500,000.00
are apart
awarded to Bachelder, Wack
-were
Due $3,000, June 1
38,861,300.00 3336
100.62, a basis of about 4.34%. Dated Juno 11928.
Si
1929to1937 incl. Other bids were as follows: (No interest rate given). Bid.
Rate
$6,101,956.10
Net margin for further bond issues
Bidder100.638
• Includes net debt for water works,$75,000.
Stephens & Co
100.134
-The Gewge B. Gibbons & Co
-BOND SALE.
100.109
MINNEAPOLIS, Hennepin County, Minn.
sale on
100.51
three issues of coupon bonds, aggrezating $1,351,875.57, offered for Co. of Pulleyn & Co Co
B. F. DeVoe &
to Eldredge &
-were Jointly awarded
100.307
Jose 4-V. 116. p. 3490
as 4%,% bonds, for Sherwood & Merrifield
100.099
New York and the Wells-Dickey Co. of Minneapolis,about 4.15%. The Parson. Son & Co
to 100.811, a basis of
100.189
a premium o $10,975, equal
Bank of Palmyra
State
ssues are divIde.t as follows:
L
JUNE 9 1928.]
FINANCIAL CHRONICLE
NEW BRITAIN, Hartford County, Conn.
-BOND OFFERING.
E. F. Hall, Presiclunt of Board of Finance and Taxation, will receive sealed
bids until 12 m. (daylight saving time) June 12, for the purchase of an
issue of $150,000 4% coupon sewer fund bonds. Dated Feb. 1 1928.
Denom. $1,000. Due $5,000. Aug. 1 1928 to 1957, incl. Prin. and int.
Payable at the New Britain National Bank. New Britain. Legality to be
approved by Storey, Thorndike, Palmer & Dodge of Boston.
3635
PAMPA, Gray County, Tex.
-WARRANT SALE.
-Two issues of
warrants aggregating $60,000. have been purchased by the Brown-Crummer
Co, of Wichita at par. They are as follows: $35,000 paving warrants and
$25,000 water improvement warrants.
PEABODY, Essex County, Mass.
-LOAN OFFERING.
-Elmer J.
Foley, City Treasurer, will receive sealed bids until 11 a. m. (daylight
saving time), June 11, for the purchase of $100,000 temporary loan on a
discount basis. Dated June 11 1928. Payable Dec. 10 1928 at the First
National Bank, Boston. Legality to be approved by Storey, Thorndike,
Palmer Dodge of Boston.
PHILADELPHIA,Pa.
-37.500,000 BONDS SOLD TO SINKING FUND
AND LOCAL BANKS-The two issues of 4% coupon and registered loans
aggregating $7,500,000 consisting of $5,500.000 bonds maturing on June
1 1978. optional 20 years after date and $2,000,000 bonds maturing on
June 1 1943 offered on June 4-V. 126, p. 3008
-were awarded jointly to
the sinking fund and 18 local banks. The sinking fund was awarded 81.750,000 bonds maturing in 1978 at 100.05 and the remainder of the bonds were
distributed on a pro-rata basis, that is 58% of the amount of the bid to the
18 local banks at par. No other bids were submitted for the bonds which is
unusual as on practically all sales conducted by the City there are always a
number of syndicates competing for the bonds as was evidenced by the last
sale held on Mar. 5-V. 126, p. 1554
-At that time the City awarded two
issues of 4% bonds aggregating $7.500,000 to the sinking fund at 101.919,
a basis of about 3.86%. City officials nevertheless were pleased with the
result of the sale,stating, that other large American cities recently have not
been able, because of rising interest rates, to borrow on such favorable
terms. The following tabulation is taken from the Philadelphia "Record"
of June 5, and shows the amount of bonds bid for and the amount awarded:
Amit..of
Amt. of
Bidder
:
10025 000000
$150.000 airarc/.
Union Bank & Trust Co
C.C.Collings & Co
Ninth Bank & Trust Co
67.000
"
100
25.'000
Girard Trust Co
833,000
1.250,000
Bank of North America & Trust Co
333,000
500.000
Philadelphia National Bank
642,000
1,000.000
Pennsylvania Co
642,000
1,000.000
Bankers Securities Corp
642.000
1.000.000
Tradesmen's National Bank
500,000
333.000
First National Bank
500.000
3 7:000
63 000
3
Fidelity-Philadelphia Trust Co
333,000
500.000
Provident Trust Co
100,P00
Real Estate Trust Co
67,000
Penn. National Bank
2" 167,000
151000
Corn Exchange National Bank
333.000
500,000
Franklin Trust Co
500,000
333,000
Commissioners of the Sinking Fund, Philadelphia
1.750,000
1.750,000
Real Estate-Land Title & Trust Co
333,000
500.000
Bank
Central National Ba
167,000
250,000
NEW MEXICO (P. 0. Santa Fe), State of.
-BOND SALE.
-The
$76.000 issue of Valencia County road bonds offered for sale on June 2
-V.126, p. 2852
-was awarded to the First Mortgage Co.of Albuquerque,
as 6% bonds, at par. Dated Jan. 1 1928. Due $19,000 from Jan. 1 1929
to 1932 inclusive.
The other bidders and their bids were as follows:
BidderRate
Price.
Geo. W. Vallery & Co. of Denver
6%
$76.00
Sidle, Simons,Day & Co. of Denver
6%
Par
Both of these bids were conditional.
NEW PHILADELPHIA, Tuscarawas County, Ohio.
-BOND SALE.
-The Sinking Fund was awarded during June, an issue of $1,500 storm
sewer construction bonds, bearing interest at the rate of 5% at par.
NEWTON, Middlesex County, Mass.
-BOND SALE.
-The
Trust Co. was awarded on June 8, $180,000 improvement bonds Newton
bearing
interest at the rate of 3M % and maturing serially from 1929 to 1958
incl.
at a price of 100.257.
NEW YORK, N. Y.-$10,476,000 BORROWED DURING
MAY.
The City of New York, during the month of May, borrowed
$10,476,000.
This consisted of $9,400.000 general fund bonds,
Interest at the rate of 3% and maturing on Nov. issued on May 1. bearing
1 1930, and the following
issues of corporate stock notes
aggregating $1,076,000:
Int.
•
Dale
Amount.
Purpose.
Rate.
Maturity.
Issued.
$400,000
Various municipal
4
May 1 1929
May 1
300,000
Rapid transit rys
4
May 1 1929
May 1
200,000
School construction
4
May 1 1929
May 1
100,000
Docks
4,
May 1 1929
May 1
76,000
Rapid transit rys
4%
May 18 1929
May 18
NORFOLK COUNTY (P. 0. Dedham), Mass.
-TEMPORARY LOAN.
-The County Treasurer, on Juno 5, awarded to the Boston
Safe Deposit
& Trust Co.. a $100,000 temporary loan on a 4.00%
discount basis plus a
premium of $2.00. The loan matures on Nov. 15
1928.
NORTH HEMPSTEAD UNION FREE SCHOOL
DISTRICT NO. 7
(P.O. Great Neck), Nassau County, N.Y.-BOND SALE.
-The $175.000
coupon or registered school bonds offered on May
24-V. 126. P. 3168
were awarded to the Bancitaly Corp of New York, as
4)45, at 100.021,
a basis of about 4.24%. Dated June 11928. Due
$35,000, June 1 1929
to 1933 inclusive.
The following is a list of other bids submitted for
the bonds:
Bidder$10,475.000 $7,500,000
Int. Rate. Rate Bid.
Prudden & Co
PITTSBURGH, Allegheny County,Pa.
-MATURITY
.-We are now
4M %
100.01
Dewey, Bacon & Co
In receipt ofthe maturities of the9issues of41,
4M %
,,% bonds aggregating $6,356,100.00
Phelps, Fenn & Co
000 to be sold on June 20-V. 126, is. 3491.
434%
100.42
Batchelder, Wack & Co
$2.100,000 street opening bonds. Due $70,000, May 1 1929 to 1958 incl.
4
100.33
H. L. Allen & Co
1.500,000 street improvement bonds. Due $75,000, May 1 1929 to 1948
4
100.28
George B. Gibbons & Co
incl.
434
100.12
Lehman Br 38
630,000 funding bonds. Due 321,000. May 1 1929 to 1958 incl.
4M
100.40
Bank of Great Neck
600,000 water bonds. Due 520,000, May 1 1929 to 1958 incl
414
100.399
Roosevelt & Son
504,000 East Street bridge bonds. Due $16.800.
'May 1 1929 to 1958 incl.
434%
100.129
498,000 sewer bonds. Due $16,600, May 1 1929 to 1958 incl.
NORTH MIAMI, Ottawa County,
-BOND OFFERING.
Sealed bids will be received until 10 a. m.Okla.
300,000 playground bonds. Due $15.000. May 1 1929 to 1948 incl.
on June 12, by I. 0. Stevens,
150.000 park improvement bonds. Due $7,500. May 1 1929 to 1948 incl.
Town Clerk, for the purchase of an $18,000 issue
of
74,000 River front improvement bonds. Due $3,700. May 1 1929 to
Due $1,000 from Oct. 1 1931 to 1948 incl. A certifiedwater works bonds.
check for 2% must
1948 incl.
accompany the bid.
Dated May 1 1928. A certified check payable to the order of the City for
NORTH PLAINFIELD (P. 0. Plainfield) Uni•In
2% of the bonds offered is required. These are the bonds mentioned in
County, N.
BOND OFFERING.
-Frederick A. Martin, Borough
V. 126, p. 3491.
sealed bids until 8 p. m. (daylight saving time) June Clerk, will receive
6, for the purchase of
PITTSFIELD, Berkshire
an issue of 434% coupon or registered
-TEMPORARY LOAN.
public improvement bonds not to The $300,000 temporary loan County, Mass. 5-V. 126,
offered on June
exceed $113,500 no more bonds to be awarded than
p. 3491-was
will produce a premium awarded to the Old Colony Trust Co. of Boston. on a 4.22% discount
of $1,000 over $113,500. Dated Apr. 1
1928. Denoms. $1,000, one bond basis. The loan is dated June 5 1928 and payable on Dec. 6 1928 at the
for $500. Due April 1, as follows: 85,000,
1929 to 1938 incl.: $6,000. 1939 First National Bank, Boston.
to 1944 incl.; $7,000, 1945 to 1947 incl., and
$6.500, 1948. Principal and
interst payable in gold in Plainfield and New York.
PITTSFORD SEWER DISTRICT NO. I (P. 0. Pittsford), Monroe
A certified check
payable to the order of Julius J. Stahl, Borough
-BOND SALE.
County,
-The $85,000 5% coupon sewer bonds ofbonds bid for is required. Legality approved by Collector, for 2% of the fered on N. Y. (V.
June 5
126, p. 3491) were awarded to R. F. DeVoe & Co. of
Thomson, Wood & Hoffman of New York City.
N.Y. City at 105.509, a basis of about 4.50%. Dated June 11928. Due
June 1 as follows: $1.000, 1930. and $3,000, 1931 to 1958 incl.
NORTH SCHOOL TOWNSHIP, Marshall County,
Ind.
-BOND
SALE.
-The $49,000 4M% school bonds
PLAQUEMINES PARISH SCHOOL DISTRICT NO. 4 (P. 0.Pointe
on June 4-V.
-wore awarded to the Fletcher Americanoffered Indianapolis. 126, p.3007 a la
Co.of
-BOND OFFERING.
Hache), La.
-Sealed bids will be received until
at a premium
of $868, equal to 101.77, a basis of about
10:30 a. m.on June 16 by A. L. Pourciau, Secretary-Treasurer of the Board
Duo in equal installments on Jan. and July 3.99%. Dated July 2 1928. of
2, of each year from 1929 to
School Directors, for the purchase of a $25,000 Issue of 6% school build1943, incl. Other bids were as follows:
ing bonds. Dated July 1 1928. Due from July 1 1929 to 1948 incl. Prin.
Bidder
Premium. and semi-annual int. Is payable at a bank fixed by purchaser. Bids are to
Union Trust Co
$819.00 be addressed to George W. Delesdernier, President of the Board. ApCity Securities Co
741.00 proving opinion of Thomson, Wood & Hoffman of New York will be furInland Investment Co
639.00 nished. A $1,000 certified check, payable to the above President. must
Marshall County Trust & Savings Bank
4.00 accompany the bid. (This is a more detailed report than that given in
OKLAHOMA CITY, Oklahoma County, Okla.
V. 126, p. 3491.)
-BOND SALE.
The sinking fund of the city has recently purchased
an
POLK COUNTY (P.O. Benton),Tenn.
-The $50,000
-BOND SALE.
city bonds as 4.108,for a premium of $34,000, equal to issue of $1.183.000
102.87.
issue of highway bonds offered for sale on May 21-V. 126, p. 2538
-was
OAKLAND COUNTY (P. 0. Pontiac), Mich.
awarded to Little, Wooten & Co. of Jackson, as 414% bonds, at a price
-BOND OFFERING._. of
Sealed bids will be received by the Clerk Board of County
102.17,
Commissioners, 1941, 1946a basis of about 4.53%. Due $10,090 on Apr. 1 1931, 1936.
until 2 p. m.June 12, for the purchase of an issue of $344,000
and 1951.
ment Road District No. 105 bonds. Due in equal annual special assossinstallments in
PORTERVILLE, Tulare County, Calif.
-BOND SALE.
-A $31.000
from 2 to 10 years. Principal and interest payable at the Hanover
National issue of municipal auditorium bonds has recently been purchased by the
Bank, in New York City. A certified check payable to the
order of the First National Bank of Porterville for a premium of $425. equal to 101.37.
Board of County Road Commissioners, for $2,000 is required.
Due from 1929 to 1959, inclusive.
These are the bonds offered for sale on June I126. p.
which date all bids submitted were rejected. W.V. Narrin, 3491-on
PORT HURON TOWNSHIP SCHOOL DISTRICT,St. Clair County
B.
Assistant Mich.
District Clerk.
-BOND OFFERING.
-Sealed bids will be received by the District
Secretary until 7:30 p. in. (Eastern standard time) June 11. for the purOLTON INDEPENDENT SCHOOL DISTRICT (P.O. Olton),
chase of an issue of $30,000 .5%, school building bonds. Dated June 18
BOND DESCRIPTIOA.-The $40,000 issue of school bonds
that was 1928. Due Berton/ on Apr. 1, from 1929 to 1948 incl. $1,500 each year.
purchased at a price of 102.702-V. 126, p. 3337
-is more fully
as follows: 5% bonds awarded to the Brown-Crummer Co. of described A certkied check payable to the order of the District, for $1,500 is required.
Wichita.
Due in 40 Years, giving a oasis of about 4.85%.
PORT HURON. St. Clair County, Mich.
-CITY TO REFUND
$54,500 BONDS.
-City Commissioners Dixon on May 25 stated that
ONAWA INDEPENDENT SCHOOL DISTRICT (P.
0. Onawa) preparations are under way to provide for the refunding on July 1 of $84,500
Monona County, Iowa.
-BOND OFFERING.
-Sealed bids will be re- bonds according to the Port Huron "Times Herald" of May 25. Of this
ceived until 1 p. m. on June 14, by 0. C. Bakke, Secretary of the
Directors,for the purchase of an issue of $110.000 school bonds. Board of amount $43,000 are 5s, paving, issue of 1903: 820,500. 5s, issue of 1918:
$16.000, 4),s of 1920: and $5,000,4iis of 1924.
OROFINO, Clearwater County, Ida.
BOND OFFERING.
-P. J. Dixon, Commissioner of Finance, will re-BOND OFFERING.
-Sealed ceive sealed bids
bids will be received until June 30. by Frank Kimble, City Clerk,
until
for the Purchase of an issue 2:30 p. m.(Eastern standard time) June 12, for the
purchase of a $6,000 issue of paving bonds
of $84,500 refunding bonds. Interest rate not to
exceed 434%. Due July 1 as follows: $10.000. 1931: 814.500, 1932:
OSSEO, Trempeleau County, Wis.-BOND DESCRIPTION.
-The 815.000, 1933; $20,000, 1934; and 825,000, 1935. A certified check for
$25.000 issue of water works and sewer bonds that was reported
- $1.000 it required.
-is more fully described as follows: 4)4% coupon sold
V. 126. it• 3337
purchased at par by Kuechle & Co.of Milwaukee. Denom.$1,000. bonds
PORTLAND,
-BOND OFFERIA G.
Dated Sealed bids will beMultnomah County, Ore. Auditor, until 11 a.Nov. 1 1927. Due on May 1 as follows: Water works bonds. $1,000
m.
received by Geo. R. Funk. City
1931 to 1946. and $2,000 in 1947; sewer bonds, $1,000 from 1941 to from on June 20, for the purchase of a $1,000,000 issue of 4% water bonds.
1947, Denom. $1.000. Dated
inc. Prin. and int. (M. & N. 1) payable at the First Wisconsin
July 1 1928. Due 850,000 from July 1 1939 to
National 1958, incl. Prin. and
Bank of Milwaukee.
int. (J.& J.) payable in gold at the Portland fiscal
-The same company has also purchased a $34,500 issue
BOND SALE.
New York
Separate
of agency in are based City or at the office of the City Treasurer. Purchaser
6% special improvement bonds at par.
bids that
upon delivery of the bonds are requested.
PACIFIC COUNTY CONSOLIDATED SCHOOL DISTRICT NO, shall bear expense of delivery outside of Portland. City will furnish approving opinion of Storey, thorndike, Palmer & Dodge of Boston. A
118 (P. 0. South Bend) Wash.
-BOND OFFERING.
-Sealed bids will
be received until 10 a. m.on June 9, by Elbert Pedersen, County Treasurer, certified check for 5% face value of the bid, payable to the City,is required.
for the purchase of two issues of bonds aggregating $11,000 as follow.
PRINCETON SCHOOL DISTRICT (P. 0. Colusa), Colusa County,
:
$5.590 school bonds and $5,500 school bonds. Int.rate is not to exceed 6%. Calif.
-BOND OFFERING.
-Sealed bids will be received until June 12,
Denom. $500. Dated July 11928. Due in from 2 to 12 years. Prin. and by the County Clerk, for the purchase of a 825.000 issue of 5% semisemi-annual int, payable in New York at the fiscal agency, or at the State annual school bonds.
Treasurer's office or the County Treasurer's office. A certified check for
PROSSER,Benton County, Wash.
-The $8,000 issue
-BOND SALE.
5% of the bid Is required.
of fire apparatus bonds offered for sale on May 25-V. 126, p. 3168
-has
PAGE COUNTY (P. 0. Clarinda), lowa.-BOND SALE -The been awarded to the Prosser State Bank as 5% bonds, at par. Dated
$200,000 issue of 4 M % annual primary road bonds offered for sale on June 1 1928. Due $1,000 yearly from June 1 1930 to 1937, incl.
June 5-V. 126, p. 3491-was awarded to Wheelock & Co. of Des Moines
PUTNAM COUNTY (P. 0. Greencastle), Ind.
-BOND SALE.
for a $730 premium, equal to 100.365. a basis of about 4.19%. Dated
June 1 1928. Due $20,000 from May 1 1934 to 1943. and optional after The $8.200 road construction bonds, petitioned by Michael Myers et al, for
Washington Township offered on June 1-V. 126. p. 3337
-were awarded
1933.
to the First National Bank of Greencastle, as 4)-4s, at a premium of $226.60.
4
3636
FINANCIAL CHRONICLE
[Vol- 126.
-A
ST. PETERSBURG, Pinellas County, Fla.
-BOND SALE.
and Nov. 15
equal to 102.76. a basis of about 3.95%. Due $410 on May
$548,000 Issue of 534% refunding bonds has been purchased by Eldredge
1929 to 1938 incl. Other bids were as follows:
Premium. & Co. ef New York City. Denom. $1,000. Dated June 1 1928. Due
Bidder$133.00 from 1931 to 1953. hid. Prin. and hit, payable in New York.
Fletcher American Co
194.34
-The Naumkeag
SALEM,Essex County, Mass.
-TEMPORARY LOAN.
J. F. Wild & Co
- Trust Co. of Salem, was awarded on June 6, a $300,000 temporary loan
-BOND SALE.
PUTNAM COUNTY (P. 0. Green Castle), Ind.
1, an issu maturing on Nov. 8 1928 on a 4.22% discount basis plus a premium of
The First National Bank of Green Castle, was awarded on Junea price of $1.27.
of $8,200 4%% road bonds at a premium of $226.60 equal to
-The following
-BOND SALE.
SALTAIRE, Suffolk County, N. Y.
102.763.
- issues of bonds aggregating $15.000 offered on June 6-V. 126. P. 3337-BOND OFFERING.
PUTNAM COUNTY (P. 0. Brewster), N. Y.
R. F. DeVoe & Co. of New York as 45.45. at a price of
Stannard, County Treasurer, will receive sealed bids until 12 in. were awarded toof about
E. D.
4.702%.
100.289,a basis
(Eastern standard time) June 15 for the purchase of a..1 issue of $130.000 $10,000 incinerator bonds. Due $1,000, June 1 1929 to 1938, incl.
435%
coupon or registered highway bonds, rate of interest not to exceed entire
5.000 water bonds. Due $1,000, June 1 1933 to 1937, incl.
a multiple of % of 1%. one rate to apply to the
and to oe stated in
Dated June 1 1928. Other bids were as follows:
Issue. Dated July 1 1928. Denom. $1,000. Due $10,000. July 1 1929
Int. Rale, Rate Bid.
of
Bidderto 1941 incl. Prin. and int, payable in gold at the First National Bank
3100.289
634%
to the order of the above-mentioned Sherwood & Merrifield
Brewster. A certified check payable
B. Gibbons & Co
100.725
%
official.or 53,000 is required. Legality approved by Clay, Dillon Sr Vande- George
York City.
-A $25,000
SALT CREEK, Natrona County, Wyo.-BOND SALE.
water of New
- issue of refunding water bonds has recently been purchased by a local
-BOND OFFERING.
PUTNAM COUNTY (P. 0. Ottawa, Ohio).
will receive Investor.
A. B. Bruskotter, Clerk Board of County Commissioners, of $5,336.13
Bernbids until 12 in. June 11, for the purchase of an issue
sealed
SANDOVAL COUNTY SCHOOL DISTRICT NO. 1 (P.
follows:
0.
000
-The sale of the
5% Monroe Township road improvement bonds. Due Nov. 1 as and int. alillo), N. Mex.-BOND SALE CANCELLED.
Prin.
$336.13. 1929; $2,000, 1930; and $1,000. 1931 to 1933 incl. check payable Issue of 534% school bonds that was scheduled for June 29-V. $40, p.
126,
payable at the office of the County Treasurer. A certified
-has been cancelled as the election on the bonds was unsuccessful.
3492
to the order of the Treasurer, for $30C is required.
COUNTY (P.O. Las Vegas), N. Mex.-BOND CALL.
-J. A. Glass- INMAN MIGUEL
-BOND OFFERING.
READING, Barks County, Pa.
The county treasurer has called for payment by July 1 1928 all the out1 1924 due in 1949 and remoyer, City Clerk, will receive sealed bids until 10 a. m. July 3 for the pur- standing 534% refunding bonds, dated
registered city bonds. deemable in 1928, amounting to $113,300.
July
chase of an Issue of $750,000 4% series Z coupon or
Dated July 16 1928. Denom. $1,000. Due July 16 as follows: $25,000.
SANTA FE CONSOLIDATED SCHOOL DISTRICT (P. 0. Galves1929 $26,000. 1930; $27,000. 1931; $28,000, 1932; $29,000, 1933; 332.000. ton County, Texas.
-A $42,000 issue of school bonds has
-BOND SALE.
1934 333,000. 1935; 834,000, 1936; 335,000, 1937; $36,000, 1938; $39,000,
State Board of Education.
$46,000.
1939 340.000, 1940; 841,000, 1941: 842,000, 1942; 843,000, 1943:1948. A been purchased at par by the
1944 847,000. 1945; $48.000. 1946: $49,000. 1947, and 850,000,
SANTE FE MUNICIPAL SCHOOL DISTRICT (P. 0. Santa Fe)
-BOND OFFERING-Sealed bids will be re
certified check payable to the order of the city for 5% of the bonds offered Santa Fe County, N. M.
is required. Legality approved by Townsend, Elliott & Munson of Phila- ceived by Marcial Ortega, County Treasurer, until 2 p. m. on June 29.
delphia.
for the purchase of an issue of$100,000 4)4% coupon school bonds. Denom.
- $1.000 Dated June 1 1928. Due from June 1 1933 to 1948 Incl. Prin.
-BOND SALE.
RICHLAND COUNTY (P. 0. Mansfield), Ohio.
5% bridge improvement bonds ofiered on June I-V. 126. p. and semi-annual int. payable at Kountze Bros. in New York City or at the
The $15.800
-were awarded to the Richland Savings & Trust Co. of Mansfield, at office of the State Treasurer. Pershing, Nye, Tallmadge & Bosworth of
3008
accoma premium of $46.83, equal to 100.N, a basis of about 5.35%. Due as Denver will furnish legal approval A $5,000 certified chock must
c y ese heisds
follows: $1.,800. April and $3,000. Oct. 1 1929; and $3,000. April and panrhthe bld. were
previously scheduled for sale on June 11-V. 126, P.
$2,000. Oct. 1 1930 and 1931.
- 3169.)
-BOND SALE.
RICHLAND COUNTY (P. 0. Columbia), S. C.
-The
SCOTT COUNTY (P. 0. Georgetown), Ky.-BOND SALE.
The $500,000 issue of semi-annual road bonds offered for sale on June 1Red- $40,000 issue of 5% coupon series D road and bridge construction bonds
-was Jointly awarded to Morris Mather & Co. and
V. 126. p. 3169
-was awarded to the
3169
& Co., both of New York and the Alester G. Furman Co. of Green- offered for sale on May 26-V. 126. p. of $3,420, equal to 108.55,Jas. C.
mond
a basis
ville, as 434% bonds, at a price of 100.32. a basis of about 4.46%. Dated Wilson Co. of Louisville for a premiumand due from Mar. 1 1933 to 1957
of about 4.27%. Dated Mar. 1 1928
June 1 1928. Due $50.000 from June 1 1932 to 1941, incl.
incl. There were no other bidders.
-All bids
-BIDS REJECTED.
RIDGEFIELD, Bergen County, N. J.
SEA BRIGHT, Monmouth County, N. J.-BOAD OFFERING.
submitted on June 5, for the purchase of the three issues of bonds offered
until
-V. 126. P. 3337-were rejected according to I. McDermott, E. Wolcott Fary, Borough Clerk, will receive sealed bids 434%8 p. in.
on that date
coupon
(daylight saving time)June 22,for the purchase of an issue ofno more bonds
Clerk.
Borough
Protection bonds not to exceed $54,000
-The Guar- or registered Beach will produce a premium of 31,000 over $54,000. Dated
-NOTE SALE.
ROCHESTER, Monroe County, N. Y.
to be awarded than
anty Co. of New York was awarded on June 7, the following issues of notes June 1 1928. Due $3,000, June 1 1929 to 1946 incl. Prin. and Int. payable
aggregating $935,000 on a 4.39% discount basis plus a premium of $5.00. at the office of the Borough Collector. A certified check payable to the
Purpose-. Maturity,
W. Garland, Collector, for 2% of the bonds bid for is
order of
8225,000 Feb. 11 1929 required.Thomas to be approved by Applegate, Stevens, Foster, Leonard
Special local improvement
Legality
175,000 Feb. 11 1929 and Reussvllle of Red Bank.
General local improvement
100,000 Feb. 11 1929
Municipal aviation field
-BOND SALE CON250,000 Sept.11 1928
SEVIER COUNTY (P. 0. Sevierville), Tenn.
Overdue tax-1927
125,000 Feb. 11 1929 TESTED.
-A $275,000 Issue of 434% road bonds was purchased at a priSchool construction
60.000 Feb. 11 1929 vate sale on May 24 by Caldwell & Co. of Nashville. The "Nashville
Transit subway
that
Salomon Bros. & Co., Hutzler offered to discount the notes on a 4.41% Banner" of May 27 commented on the sale as follows: Claiming two
& Co., Nashville, within
basis plus a premium of $11. The National Bank of Rochester, offered to $275,000 road bonds were sold to Caldwell
hours after a special session of the Sevier county court Thlursday which
discount the issues on a 4.44% basis.
and that the bonds had not been advertised, the
-The authorized the bonds,
-BOND DESCRIPTION.
ROCKDALE, Milan County, Texas.
attacked in an injunction suit, filed at Sevierbonds
Phillips procedure and theo'clockwere taxpayers of Sevier county.
$100,000 issue of 5% paving bonds that was purchased by the 3169
by 42
ville to-night at 6
-is
Investment Co. of Houston at a price of 101.50-V. 126, p.
was issued restraining the trustee from collecting
A temporary injunction
further described as follows: Denom. $500. Dated May 1 1928 and due on taxes to pay interest on the bond issue which the complainants claim is
May 1 as follows: $2,500 from 1930 to 1968, incl. Prin. and hit.(M. & N.) void because it was not prevously advertised and for many other reasons,
at the National Bank of Commerce in New York City. Basis of a News-Sentinel staff man who went to Sevierville learned.
payable
in
about 4.88%.
But Caldwell & Co. have the bonds. It has the money paid for them
- its bank. And Caldwell & Co. Is its own bondsman guaranteeing that
ROOSEVELT IRRIGATION DISTRICT, Maricopa County, Ariz.
-A $479,000 block of 6% irrigation Caldwell & Co. will carry out its agreement and a part of this agreement
BONDS OFFERED BY BANKERS.
Co. for the bonds will remain in its
Is being offered for public subscription by a group composed of Eldredge & Is that the money paid by Caldwell &
and that the county pay Caldwell
Co.and B. J. Van Ingen & Co., both of New York, and Fred Emert & Co., banks until Jan. 1 1929, without interest,
at 100 and interest. (These bonds are part of a total issue & Co. 434% interest on the bonds.
Inc., of St. Louis,
of $2,500,000). Denom. 51.000. Dated July 1 1927. Due from July
SIDNEY AND UNAD1LLA UNION FREE SCHOOL DISTRICT
1 1945 to 1957, incl. Prin. and hit. (J.& J. 6) payable at the District NO. 1 (P. 0. Sidney), Delaware County, N. Y.
-BOND OFFERING.Treasurer's office or at the Seaboard National Bank in New York City. E. J. Bond, District Clerk, will receive sealed bids until 10 a. m. (Eastern
These bonds are, according to the offering notice, a joint and several obli- standard time), June 14, for the purchase of an Issue of $315,000 434 or
gation of all the land owners in the District. The Supreme Court of the
coupon or registered school bonds. Dated June 1 1928. Denom.
State of Arizona, It is stated, has approved the constitutionality of the law 434%
$1,000. Due Dec. 1 as follows: $2,000, 1930 to 1934 incl.; $3,000. 1935
under which this District was organized and the organization of this Dis- to 1939 hicl.; $5,000, 1940 to 1949 incl.; $10,000, 1950 to 1959 incl.; and
trict has been sustained by the Superior Court of Maricopa County, Ari- $14.000, 1960 to 1969 incl. Prin. and int, payable in gold at the Sidney
zona, which court has also validated this issue of bonds.
National Bank, Sidney. A certified check payable to the order of the
-The $350.000 Board of Eeducation, for 2% of the bonds offerd is required. Legality
-BOND SALE.
ROSEVILLE, Macomb County, Mich.
p. 2854-were awarded to the approved by Hawkins, Delafield & Longfellow of Neat York City.
-V. 126,
water bonds offered on May 2I
Detroit Trust Co. and the Security Trust Co., jointly, at a premium of
SOMERSET, Pulaski County, Ky.-BOND SALE CANCELLED.
$28. equal to 100.008. taking $245.000 bonds as 434s,and $105,000 bonds The $38.000 issue of 434% funding bonds that was purchased by Caldwell
312.000. 1939;
-has been declined by the purchasers
-V.IN, p. 2265
as 454s. Due as follows: $10,000, 1929 to 1938. incl., were as follows: & Co. of New York
Issue was not furnished.
$13.000. 1940; and $15.000, 1941 to 1955 Incl. Other bids
Premium as the legal approval on the
Bidder-John
-BOND OFFERING.
$3.850.00
Co
SOMERVILLE, Butler County, Ohio.
Detroit Trust Co., and Security Trust Bank (funds to be deposited
C. Baker, Village Clerk, will receive sealed bids until 12 m. June 15, for the
First National Co.,and Stephens State
$8,986.34 5% Main Street improvement bonds.
27.00 purchase of an issue of
without Interest, 185 M 434. 105 M 451)
and
Co., Inc.,
Dated May 11928. Due Nov. 1, as follows: $1,000, 1929 to 1936 incl.,
Howe, Snow & Co., Bumpus & Co., Morris Mather &
$500
, .
$986.34, 1937. A certified check payable to the order of the Village for
Co
5,877.75 Is required.
Griswold First State Bank, and Guardian-Detroit
3,815.00
& Co
-The following
Ohlo.-BOND SALE.
Union Trust Co., and Whittlesey, McLean State Bank
7O
PR
ues f N G 0
2,463.00 issS ef 4 FIELD, Clark County, 31-V. 126, p. 3009
-were awarded
Stranahan, Harris & Dads, Highland Park and Lewis & Co
bonds offered on May
1.750.00
Co., Keane, Hight° & Co.,
Joel Stockard &
to Grau &' of Cincinnati as follows'
-BOND OFFERING.- 5283,909.25 property owners'share street improvement bonds at a premium
ROSS TOWNSHIP, Allegheny County, Pa.
Secretary, until 7 p.
of $2,850, equal to 101.00. Due March 1, as follows: $28.Sealed bids will be received by the Township
of $63,000
909.25. 1930; 529,000, 1931 to 1933 hid., and $28,000. 1934
standard time) July 9, for the purchase of an issueDue July 1
(Eastern
$1,000.
Denom.
to 1939 incl.
premium
434% school bonds. Dated July 1 1928. and 518.000 on July 11 1949.
,
42,455.71 property owners'share street improvement bonds at a
as follows: 515.000. 1934; 1939 and 1944. Township for $500 it required.
of $220, equal to 100.51. Due March 1, as follows: $9,445.71,
order of the
A certified check payable to the
1931, and $8,000, 1932 to 1934 incl.
98298.0.1)0.
-BONDS
N. Y.
RYE (r. 0. Port Chester), Westchester County,
01
1
Dated Mar.3 ;
-The two Issues of coupon or registered
OFFERED FOR INVESTMENT.
-to
p. 3492
-BOND OFFERING.
STAMFORD, Fairfield County, Conn.
bonds aggregating $209,500 awarded on May 28-V. 126, now being
until 12 in.
Lehman Bros. as 434s, at 101.08, a basis of about 4.14% are stated, are Harold S. Nichols, Town Treasurer, will receive sealed bids
$285,500
Is
offered for investment priced to yield 4.05%. The bonds, It York State. (daylight saving time) June 15, for the purchase of an issue of $1,000
in New
1928. Denoms.
4% coupon new high school bonds. Dated June 11958 incl., and 110.000.
a legal investment for savings banks and trust funds
and $500. Due June 1, as follows: $9,500, 1030 to
Financial Statement (as Officially Reported).
$45,443,253 1959. Principal and interest payable at the Old Colony Trust Co., Boston.
valuation
Assessed
1,114,000 or at the Bankers Trust Co., New York City. A certified check payable to
Total bonded debt
the order of the Town for 36,000 Is required. Legality approved by Ropes.
(Ratio of bonded debt to assessed valuation is lees than
estimate), 23,000.
Gray, Boyden & Perkins of Boston.
Population (1925 State census), 19,283; (present
SALE.
-The
-BOND SALE.
STARK COUNTY (P. 0. Dickinson) N. Dak.-BOND
SAGINAW COUNTY (P. 0. Saginaw), Mich.
126, p. 3492 The $100,000 issue of road bonds offered for sale on May 16-V. 126. p.
866.000434% road improvement bonds offered on June 4-V. premium of
Co. of Minneapolis
-has been awarded jointly to the Wells-Dickey bonds, at a price of
-were awarded to the Security Trust Co. of Detroit, at a May 1 from 2855
and the First National Bank of Dickinson, as 434%
$470. equal to 100.71. Dated June 1 1928. Due serially on
of $222 100.325, a basis of about 4.45%. Dated July 1 1928, and due from July 1
1930 to 1939, incl. The Detroit Trust Co. offered a premium
issue.
1931 to 1937 hid.
for the
-Sealed bids
-The $65,000 4)4%
-BOND SALE.
-BOND OFFERING.
STARKE, Bradford County, Fla.
ST. MARYS, Elk County, Pa.
Chairman of
-were awarded
coupon paving bonds offered on June 4-V. 126. p. 3337 basis of about will be received until 2 p. m. on June 25 by 0. F. Hoover, semi-annual
Issue of 6%
the City Council, for the purchase of a $10,000
to M. M. Freeman & Co. of Philadelphia, at 104.05, a
and
Dated April 1 1928. Due as follows: $10,000, 1933; $3,000. 1934 city bonds. Denom. $1,000. Due in from 1 to 10 years. Prin.
4.06%.
Bank in New York
as follows:
to 1938 bid.;and $4,000, 1939 to 1948 inclusive. Other bids were Premium. semi-annual int. is payable at the Hanover National
•
BidderCity. A certified check for 5% of the bid is required.
$2,340.00
-The $100,000
A. B. Leach & Co
SUFFOLK, Nansemond County, Va.-BOND SALE. improvement
2,185.95
public
E. H. Rollins & Sons
2,000.00 Issue of coupon or registered fire station, school and
Snyder & Co
-was awarded to Stein
R. M.
1.778.56 bonds offered for sale on May 28-V. 126, p. 3170
Mellon National Bank
of 99.71, a basis of
0
1,283.00 Bros. & Boyce of Baltimore as 47 bonds, at a price 1 1929 to 1961,Ind.
Prescott, Lyon & Co
776.00 about 4.025%. Dated June 1 192 and due from June
J. H. Holmes & Co
Jurng 91928.]
FINANCIAL CHRONICLE
SUGAR ISLAND TOWNSHIP (P. 0. Saulte Ste. Marie), Chippewa
County Mich.-BOND OFFERING.
-Warren Brown, Township Clerk,
will receive sealed bids until 2 p. in. June 14, for the purchase of an issue
of $10,000 road bonds, rate of interest not to exceed 5%. Dated July 1
1928. Denom. $1,000. Due 51,000 July 1 1930 to 1939, inclusive.
Prin. and int. payable at the First National Bank. Sault° Ste. Marie.
TETON COUNTY (P. 0. Chateau), Mont.
-BOND CALL.
-The
holders of the $100,000 issue of road and bridge bonds, dated July 1 1913,
due in 1938 and optional in 1928, are urged to present them at the office
of the county treasurer as interest ceases on July 1 1928.
TICONDEROGA UNION FREE SCHOOL DISTRICT NO. 5, Essex
County, N. Y.
-BONDS VOTED.
-At the election held on April 28V. 126, P. 2697
-the voters authorized the issuance of $500,000 new high
school building bonds. Voting was as follows: 516 for to 405 against.
BOND OFFERING.
-Sealed bids will be received by Sylvester R. Wood,
District Clerk, until 7.30 p. in. (Eastern standard time) June 18, for the
purchase of an issue of $500,000 4% or 434% coupon or registered new
high school building bonds. Dated July 1 1928. Denom. $1,000. Due
July 1 as follows: $10,000, 1929 to 1938, incl.; $15,000, 1939 to 1946,incl.;
520,000, 1947 to 1951, incl.; $25,000. 1952 to 1957, incl., and $30,000,
1958. Prin. and Int. payable in gold at the Ticonderoga National Bank
or at the Hanover National Bank, New York. A certified check, payable
to the District for 29$ of the bid, is required. Legality approved by
Hawkins, Delafield & Longfellow.
3637
WACO, McLennan County, Tex.
-BOND OFFERING.
-Sealed bids
will be received until 7:30 p. m. on June 19, by Geo. D. Field, City Secretary, for the purchase of an $800,000 issue of water works improvement
bonds. Bids are to be made on the following propositions:
Proposition No. 1-All of said bonds to bear interest at the rate of 434%
per 8111111112.
Proposition No. 2
-All of said bonds to bear interest at the rate of 43i%
Per annum.
Proposition No. 3
-The first $400,000.00 to bear interest at the rate of
4%% per annum and the balance at 4%% per annum.
Bidder may bid on all or any part of the above bonds. Bids must be made
on form furnished by the City and must be unconditional except failure to
furnish favorable opinion of Thomson, Wood & Hoffman.
Denom.$1,000. 'Dated July 11928. Due $25,000from 1937 to 1968 incl.
Prin. and int. (J. & J. I) payable at the U. S. Mortgage & Trust Co. in
New York City. Failure to furnish approving opinion of Thomson, Wood
& Hoffman of New York City by the city on delivery will automatically
cancel sale. A certified check for 2% par of the bonds, payable to the
Mayor,must accompany the bid.
Financial Statement, as of Apr. 30 1928.
Taxable values:
Assessed values of real est. for the year 1927, as shown by the
last approved assessment rolls
$44,121,430.00
Assessed value of personal property for the year 1927 as shown
by the last approved assessment rolls
13,939,480.00
Tax rate for the year 1927
2.33
TOPEKA, Shawnee County, Kan.
-BOND OFFERING.
-Sealed bids
Bonded Indebtedness:
will be received until 10 a. in. on June 19 by F. W. Knapp, City Clerk, Total bonded debt,thisissue not included
4,042,600.00
for the purchase of an issue of $100,000 431% registered general ImproveSinking Funds:
ment bonds. Denom. $1,000. Dated Sept. 1 1927 and due on Sept. 1,
-Cash
352.427.16
as follows: $13,000, 1930. 1932, 1934 and 1936 and 512,000 in 1931. 1933, General
Securities
378,200.00
1935 and 1937. Prin. and in (M.& S.) payable at the office of the State Water works-Cash
95,692.65
Treasurer in Topeka. Bonds approved by Chapman & Cutler of Chicago.
Seeurities
242,000.00
A certified check for 2% of the bid is required.
(This issue is part of the total issue of $570,899.50, a $252,000 block of
Net bonded indebtedness
$2,974,280.19
which was sold to the Harris Trust & Savings Bank on Oct. 18 1927.V. 125, p. 2300.)
WALLA WALLA COUNTY SCHOOL DISTRICT NO. 49 (P. 0.
-BOND OFFERING.
Financial Statement of Assessed Valuation Aug. 25 1927.
-Sealed bids will be received
Walla Walla), Wash.
Total tangible
10
$85,640,869 by Ran Thompson, County Treasurer, untilInt,a. en. on June 23, for the
Total intangible
school bonds.
rate
6,075,530 purchase of a $5,000 issue of Prin. and annual hit, is not to exceed 6%.
is payable at the office
Due in from 2 to 20 years.
Total
$91,716,399 of the County Treasurer. A certified check for 5% of the bid is required.
Bonded indebtedness
4,366.348
-BOND SALE.
WARREN, Trumbull County, Ohio.
-Of the four
Sinking Fund Assets
aggregating $176,110 offered on
Water sinking fund
issues
53,870.72 3010 of 434% bondsissues aggregating $63,000 haveMay 25-V. 126, p.
been awarded to
General sinking fund
-the following
181,347.74 N. S. Hill & Co. of Cincinnati, at a premium of $411.50, equal to
City tax rate, 1927, per 11,000, 14,064.
100.653
a basis of about 4.40%;
TREDYFFRIN TOWNSHIP SCHOOL DISTRICT (P. 0. Paoli), $37,000 city's portion improvement bonds. Due as follows: 51,000, may
Chester County, Pa.
-BOND SALE.
-The $112,000 4%, coupon school
and Dec. 1 1929 to 1945 incl.; and $1,000, May and $2,000, Dec. 1
bonds offered on May 30-V. 126, p. 3170
-were awarded to the Paol
Bank & Trust Co. of Paoli, at 100.419, a basis of about 3.96%. Dated
6
194 .
26,000 city's portion improvement aonds. Due as follows: $1.000, Apr.
June 11928. Due June 1 as follows: $10,000. 1933:$15,000, 1938:$20,000,
and Oct. 1, 1929: $1,000. Apr. and Oct. 1 1930 and 1931: $1,0W,
1943; $25,000 1948; $30,000 1953; and $12,000, 1958. Other bids were,
Apr. and Oct. 1 1932: $1.000, Apr. and $2.000. Oct. 1 1933 and
as follows:
1934: $1,000. Apr. and Oct. 1 1935: 51,000, Apr. and $2,000, Oct.
Bidder
1 1936 and 1937; and $1,000. Apr. and Oct. 1 1938.
Premium.
Dated May 1 1928.
W. H. Newbold's Son & Co
$1.00
SALE.-Assel, Goetz & Moerlein of Cincinnati, were
E. H. Rollins & Son
Par onBOND 1, $113,100 434% improvement bonds at a premium warded
June
Drexel & Co
of $185,
291.20 equal toe price of 100.13. Other bids were as follows:pa. Rate. Premium
TY TY CONSOLIDATED SCHOOL DISTRICT (P.O. Tifton), TM
Bidder
County, Ga.-BOND SALE.
-A $25,000 issue of 6% school bonds has Seasongood & Mayer
been purchased by the H. C. Speer & Sons Co. of Chicago for a premium Detroit Trust Co
of $2,200, equal to 108.80, a basis of about 5.34%. Due 81.000 from 1939 Otis & Co
$
1412.37:002
to 1963. incl.
Herrick Co
44 ,
Citizens Corp
4% ,
68
37..28
8
ULYSSES, COVERT AND HECTOR CENTRAL SCHOOL DIS- First
TRICT NO. 1 (P.0. Trumansburg), Tompkins County, N. Y.
-BOND
WARREN TOWNSHIP,Macomb County, Mich.
-BOND
OFFERING.
-Sealed bids will be received by the District Clerk. until Irwin Keppelman, Township Clerk, will receive sealed bids OFFERING.
until 7 p. m.
8 p. m. June 16, for the purchase of an issue of 1150.000 434% coupon or (eastern standard time) June 11, for the purchase of an issue
01 1295,000
registered school bonds. Dated July 1 1928. Denom. $1,000. Due
bonds interest rate not
July 1 as follows: $15,000, 1929; $5,000, 1930 to 1940, incl., and $10.000, special assessment water as follows: $59,000. 1930 to exceed 6%. Dated
to 1934 tad. A certified
June 11928. Due June 1,
1941 to 1948, incl. Prin. and int. payable in gold in New York. A
certified check, payable to the order of the District Treasurer, for 2.% of check for $10,000 is required. Legality approved by Miller. Canfield,
the bonds offered is required. Legality approved by Thomson, Wood Paddock & Stone of Detroit.
& Hoffman of New York City.
WASHINGTON COUNTY (P.O. Cleveland), N. C.
-BOND SALE.
The $40,000 issue of 4%% school bonds offered for sale on June 4-V. 126,
UNION GROVE, Racine County, Wis.-BOND SALE.
-A $.35,000 P• 3339
-was awarded to the Provident Savings Bank & Trust Co. of
Issue of water works bonds has recently been purchased by local investors.
Cincinnati for a premium of $526.80. equal to 101.317. a basis of about
UNIVERSITY CITY SCHOOL DISTRICT (P. 0. St. Louis), 81 ,
0- 4.58%. Dated June 1 1928 and due on June 1, as follows: 52,000,1930 to
BOND ,SALE.
-The $550,000 issue of 434% school bonds that was voted 1934:53,000. 1935 to 1939, and 15.000. 1940 to 1942, all inclusive.
on May 25-V. 126, p. 3493
-has since been purchased by a
WASHINGTON COUNTY (P.O.Washington),Iowa.
-BOND SALE.
composed of Smith, Moore & Co., Stifel, Nicolous & Co., the syndicate
Compton Co.and the Mississippi Valley Trust Co.,all of St. Louis. Wm. R. -The $150,000 issue of 434% annual primary road bonds offered for sale
Denom.
-was
$1.000. Dated June I 1928. Due from June 1 1951 to 1948, incl., without on June 1-V. 126, P. 34931928. awarded at par to Wheelock & Co. of
Due $15,000 from May 1 1934 to 1943
option. Prin. and int. (J. & D. 1) payable at the Mississippi Valley Des Moines. Dated June 1
and optional after 1933.
Trust Co. of St. Louis.
WATAUGA COUNTY (P. 0. Boone), N. C.
-BOND OFFERING.
UTICA, Oneida County, N. Y.
-BOND OFFERING.
-According to
unconfirmed reports, the city will receive sealed bids until June 19, for the Sealed bids will be received until 11 a. m. on June 15, by Pearl Hartley,
purchase of eleven issues of bonds aggregating $879,500, issued for various Clerk of the Board of County Commissioners, for the purchase of a $40,000
issue of 434% coupon school funding bonds. Denom. $1,000. Dated
Improvements.
June 11928. Due $2,000 from June 1 1929 to 1933 and $3,000 from 1934
UTICA CONSOLIDATED SCHOOL DISTRICT (P. 0. Utica), to 1943,all incl. Prin. and int.(J.& D. 1) payable at the Hanover National
County, Miss.
Hinds
-BOND DESCRIPTION.
-The $50.000 issue of Bank in New York City. Bonds will not be sold below par. The approvschool bonds that was reported sold-V. 126, ip. 2366
-is more fully de- ing opinion of Clay, Dillon & Vandewater of New York will be furnished.
scribed as follows: 5% bonds in denoms. of MO. Dated March 6 1928 A certified check for 2% of the bid, payable to the above Board, is required.
and due on March 6 as follows: $1,000, 1929 to 1933: $2,000, 1934 to 1943
WAUKESHA COUNTY (P. 0. Waukesha), Wis.-BOND SALE.
and $2,500, 1944 to 1953, all incl. Pm. and int. (M. & E3.6) payable at
the National Bank of Commerce in New York. Purchased by the Hibernia The $260,000 issue of 434% semi-annual highway bonds offered for sale on
May 23-V. 126, p. 3171-was awarded to the Waukesha National Bank
Securities Co., Inc. of New Orleans.
at a price of 101.759, a basis of about 4.07%. Due from Apr. 1 1932 to
VENTURA, Ventura County, Calif.
-BOND SALE.
-A $25,000 1934, inclusive.
issue of 5% sanitary sewer bonds was purchased on May 31 by Bond &
WAYLAND SCHOOL DISTRICT NO. 1 (P. 0. Wayland), Steuben
Goodwin & Tucker, Inc., of San Francisco for a premium of 31.269, equal
-H. V. Pratt, Secretary Board of
-BOND OFFERING.
to 105.076, a basis of about 4.46%. Due from 1929 to 1951. ind. The County, N. Y.
Education, will receive sealed bids until 6 p. m. (standard time) June 12,
other bidders and their premiums were as follows:
for the purchase of an issue of 1139,000 434% school bonds maturing
California Securities Co
$1,259 serially from 1930 to 1959 incl.
Bank of Italy
1,240
First National Bank of Ventura
WELD COUNTY SCHOOL DISTRICT NO. 80 (P. 0. Hudson),
1.060
Dean Witter & Co._
-ELECTION SALE.
-A $17,000 issue to 434% funding bonds
-PRE
$1,009 Colo.
Union National Bank of Ventura
600 has been purchased by Peck, Brown & Co. of Denver subject to an election lobe held soon. Due $1,000 from 1930 to 1946, Inclusive.
VERMILION COUNTY (P.O. Newport), Ind.
-BOND OFFERING......
Homer Fox, County Treasurer, will receive sealed bids until 10 a. In.
-BOND OFFERING.
WELLSTON, Jackson County, Ohio.
-P, W.
June 15 for the purchase of an issue of $51,000 4%% road bonds maturing Harrison, City Auditor, will receive sealed bids until 12 m. June 22,for the
semi-annually from 1929 to 1938, incl.
Purchase of an issue of $9.000 5% water works improvement bonds. Dated
May 1 1928. Denom. $500. Due $500 on May 1, from 1929 to 1946
VERNON SCHOOL DISTRICT, Shiawa
County, Mich.
-BOND incl. A certified check payable to the order of the City of Wellston, for
-A proposal to bond the district for an additional
ISSUE FAILS.
$30.000
the proceeds to be applied to a fund for the construction and maintenance 10% of the bonds offered is required.
of now school building submitted to the electors on
WELLSVILLE, Columbiana County, Ohio.
-BOND SALE.
May 27, was defeated
-Ryan,
by a majority of 30 votes. Voting was as follows: 74 for to 104 against. Sutherland & Co. of Toledo, were awarded on June 2, two issues of 5%
VICTORIA COUNTY (P. 0. Victoria) Tex.
-BOND OFFERING.... reconstruction sewer bonds, aggregating $11,875, at a premium of $303,
Sealed bids will be received by J. J. Woodhouse, County Judge, until 10 equal to a price of 102.551.
a M. on June 12, for the purchase of a $250,000 issue of 454
WESLACO, Hidalgo County, Tex.
-BOND DESCRIPTION.
% series "E"
-The
read bonds. Dated Feb. 1 1928 and due on Feb. 1, as follows: $4,000, 1945' three issues of bonds aggregating $160.000 that were purchased by Caldwell
-are further described
56,000, 1946; $5,000, 1948 and 1949; $3,000, 1950; 18,000, 1951: $4t
000. & Co. of Nashville,at a price of 102-V. 126, p. 2855
1952; $7,000, 1953; $5,000. 1954; $11,000, 1955 and 1956,• $12,000. 1957 to asfollows,,
:
90 000 6,
street bonds. Due on April 1 as follows: 51.000, 1929 to 1938;
1959: $14,000, 1960 and 1961; $15.000, 1962 and 1963 $16,000. 1964; $
$17,000. 1965; $18,000, 1966 and $19,000, 1967 and 1968. (This
$2,000. 1939 to 1948 and $3,000, 1949 to 1968, all incl.
maturity
gives a total of 3252,000.) Prin. and semi-annual int. payable at
40.0006% water bonds. Due on April 1 as follows: SLOW 1930. 1932,
National Bank in New York City. Chapman & Cutler of
Hanover
1934, 1936. 193810 1963 and $2,000, 1964 to 1968, all incl.
Chicago
will furnish the legal approval. County will furnish required bidding forms.
30,000 69 sewer bonds. Due on April 1 as follows: 51.000, 1930, 1932,
A certified check for 3% par of the bonds, payable to the above Judge, must
1934, 1936, 1938, 1940, 1942, 1944, 1946, 1948, and 1949 to 1968,
accompany the bid.
inclusive.
Denom. $1,000. Dated April 11928. Prin. and int.(A. & 0.1) payable
VIENNA TOWNSHIP SCHOOL DISTRICT NO.7, Genesee County.
-Charles E. Scholl, District Secretary, will at the Bank of Tennessee in Nashville.
-BOND OFFERING.
Mich.
receive sealed bids until 8 p. m. (eastern standard time) June 18, for the
WESTBURY WATER DISTRICT (P. 0. Manhasset), Nassau
purchase of an Issue of $65,000 school bonds rate of interest not to exceed County, N. Y.
-BOND OFFERING.
-Charles E. Schmidt, Town Clerk,
b%. Dated June 11928. Due June 1, as follows: $5,000. 1929 to 1933 incl., will recieve sealed bids until 2 p. in. (daylight saving time) June 18, for
and $4,000. 1934 to 1943 incl. A certified check payable to the order of the the purchase of an issue of $30,000 4% or 434% coupon or registered water
Treasurer of the Board of Education, for $2,500 is required.
bonds. Dated July 1 1928. Denom. $1,000. Due $2,000, July 1 1933
inclusive. Prin. and hit. payable at the Bank of Westbury
-BOND SALE.
WACO, McLennan County, Tex.
-It is reported that to 1947,
Westbury. A certified check, payable to the order of the Town for 2
a $200,000 issue of 434% water works improvement bonds has been purof the bonds offered, is required. Legality approved by Hawkins, Delachased by the sinking fund.
field & Longfellow of New York City.
FINANCIAL CHRONICLE
3638
-The $28,000
-BOND SALE.
WEST CHESTER,Chester County,Pa.
-were
3493
4% coupon sanitary sewer bonds offered on June 4-V. 126, p.premium of
Bank of West Chester, at a
awarded to the First National
$30.00. equal to 100.11, a basis of about 3.98%. Dated June 1 1928.
Due June 1, as follows: $2,000, 1931: $3,000, in 1933; 1935; 1937: 1939:
1941: 1943; 1945: and 1947: and $2,000, 1948. No other bid was received.
-The $35.000
WESTMINSTER, Carroll County, Md.-BOND SALE.
-were
4% coupon improvement bonds offered on June 5-V. 126. p. 3339
of Westminster, at par. Dated July
awarded to the First National Bank
1 1928. Due as follows: $1.000. Jan. and July 1 1939 to 1955, inclusive:
and $1,000. Jan. 1 1956. No other bid was submitted.
-BOND SALE.
WHITLEY COUNTY (P. 0. Columbia City), Ind.
The $28,000 43 % coupon road construction bonds offered on May 26to the Provident Trust Co., at a premium
V. 126. p. 3171-were awarded
of $1,293 equal to 104.61, a basis of about 3.97%. Dated May 15 1928.
Due 1700 on May and Nov. 15 1929 to 1948 incl. Other bids were as
follows:
Premium.
Bidder
$1.271.78
J. F. Wild Investment Co
1,175.00
Union Trust Co
-The $30,000 issue
-BOND SALE.
WIGGINS, Stone County, Miss.
1-V. 126, p.
of 5 % semi-annual water bonds offered for sale on May
-has been awarded to the First National Bank of Memphis for a
2540
$352 premium, equal to 101.04.
WILLISTON, Williams County, N. Dak.-BOND OFFERING.
Sealed bids will be received until 9 a. m. on June 11 by Jessie M. Hunt,
City Auditor, for the purchase of a $30.000 issue of 5?"5% paving bonds.
Dated July 1 1928. Due on July 1 as follows: $1,000. 1930: $1,500. 1931
to 1947, Ind., and 13.500 in 1948. A certified check for 2% of the bid is
required.
-Robert Kent
-BOND OFFERING.
WILLISTON PARK, N. Y.
time)
Village Clerk, will receive sealed bids until 8 p. m.(daylight saving
% coupon or registered
June 18, for the purchase of an issue of $14,000
municipal building site bonds. Dated July 1 1928. Denom. $50. Due
payable in gold at
1500 July 1 1931 to 1958, incl. Principal and interest
the Nassau County Trust Co., Mineola. A certified check payable to the
for 2% of the bonds offered Is required. Legality to be
order of the Village
approved by Hawkins, Delafield & Longfellow of New York City.
WOOD COUNTY (P. 0. Wisconsin Rapids), Wis.-BOND SALE.
The $200,000 issue of 5% coupon highway improvement bonds offered
-was awarded to the Second Ward
for sale on May 31-V. 126, P. 3171
Securities Co. of Milwaukee for a premium of 13.780. equal to 101.89, a
basis of about 4.13%. Dated July 1 1928. Due $100,000 on July 1
1931 and 1932. The other bids and bidders were as follows:
Premium.
Bidder3 46
$3:25
0
6
A. B. Leach & Co. of Chicago
Hill. Joiner & Co. of Chicago
of Chicago
E. IL Rollins & Sons
3 152
2.'89
6
First Wisconsin Co. of Milwaukee
-TEMPORARY LOAN.
WORCESTER, Worcester County, Mass.
4, a
The Shawmut Corp. of Boston. was awarded on June dated$900,000 temJune 5, 1928
porary loan on a 4.03% discount basis. The loan is
and is payable on Nov. 28.1928 at the Old Colony Trust Co., Boston.
by Storey. Thorndike, Palmer 8z Dodge of Boston
Legality to be approved
Denoms. $50,000. $25,000 and $10,000.
-The National
-BOND SALE.
WRENTHAM, Norfolk County, Mass.
City Co. of New'York City, was awarded on June 1, an issue of $45.000 4%
$1.000
coupon bonds maturing at the rate of five bondsain denoms. of3.81%.
yearly from 1929 to 1937 incl.; at a price of 100.783, basis of about
Other bids were as follows:
Rate Bid.
Bidder
100.70
Old Colony Corp
100.70
F. S. Moseley & Co
100.522
Estabrook & Co
100.38
E. H. Rollins & Sons
100.219
Cambridge Savings Bank
100.199
R L. Day & Co
100.17
Shawmut Corp
-BOND SALE
Wash.
YAKIMA SCHOOL DISTRICT(P.O. Yakima),
the State of
-An issue of $125,000 school bonds has been purchased by July 1 1928.
Dated
Washington as 4.10% bonds, at par. Denom.$1,000.
-The
-BOND SALE.
Y.
YATES COUNTY (P. 0. Penn Yan), N.
bonds offered on
$116,000 4% coupon or registered highway improvement
awarded to the Livingston County Trust
-were
June 5-V. 126, p. 3494
3.996%. Dated Mar. 1
Co. of Genesee, at 100.002, a basis of aboutother bid was received. 1928.
Due $29,000,from 1943 to 1946, incl. No
-The follow-BOND SALE.
YONKERS,Westchester County, N. Y.
% coupon or registered bonds, aggregating $1.475,000
ing issues of
-were awarded to Estabrook & Co.
126, p. 3339
offered on June 5-V.
of $6,504,75,
and the Bancitaly Corp., both of New York, at a premium
equal to 100.441, a basis of about 4.14%:
improvement bonds. Due $95,000 June 1 1929 to
$475,000 series B local
1933, incl.
June 1 1929 to
450,000 series A local improvement bonds. Due $30,0019
1943, incl.
FINANCIAL
[VOL. 126.
400,000 assessment bonds. Due $80,000 June 1 1929 to 1933, incl.
150,000 equipment bonds. Due $15,000 June 1 1929 to 1938, incl.
Dated June 1 1928.
-Sealed bids willIbe
-BOND OFFERING.
YORK, York County, Pa.
received by the City Clerk, until 9:30 p. m.(Eastern standard time) June 22.
for the purchase of an issue of $200,000 issues of 1928 4% general improvement bonds. Denom. $1,000. Due $50,000. on June 1 in each of the
following years: 1938, 1943, 1948 and 1953. Legality approved by
Townsend, Elliott & Munson of Philadelphia.
ZIEBACH COUNTY (P. 0. Dupree), S. Dak.-BOND OFFERING.
Sealed bids will be received by the County Auditor, until 2 p. m. on June
21,for the purchase of a $90,000 issue of semi-annual funding bonds. Int.
rate is not to exceed 5%. Due from 1930 to 1939, incl. Chapman &
Cutler of Chicago will furnish legal approval.
CANADA, its Provinces and Municipalities.
-J. E. Gioson, Town Clerk,
DRYDEN, Ont.-BOND OFFERING.
will receive sealed bids until 6 p. in. June 13, for the purchase of an issue
of $55.200 sewer debentures and $26,800 water works debentures, both
-years. Payable at
issues bearing interest at the rate of 534%. Due in 30
par at the Royal Bank, Canada. Legal opinion of Long & Daly will be
furnished.
FRONTENAC COUNTY (P. 0. Kingston), Ont.-BOADS NOT
-The $53,780.20 434% construction debentures offered on May 31SOLD.
V. 126, p. 317 -were not sold. The debentures are dated June 1 1928
-yearly.
and payable in equal annual instalments, int, payable half
-year serial bonds
-The 127.000 5% 20
HULL, QUE.-BOND SALE.
dated July 1 1928 and payable In Hull and Quebec offered on June 5-V.
-were awarded to L. G. Beaubien & Co. of Montreal, at a
126, p. 3494
price of 98.55. The bonds coupon in denoms. of UAW,interest payable
on Jan. and July 1.
KENOGAMI,Que.-BIDS REJECTED.-All bids submitted on May 28
for the purchase of the $66,000 5% three-year serial bonds dated June 1
1928 and payable at Kenogaml, Montreal and Quebec, were rejected
V. 126, p. 3340.
MANITOBA DRAINAGE DISTRICT, Man.-BOAD SALE-Richardson & Sons of Winnipeg, were recently awarded an issue of $184000
-year drainage bonds at 100.137. which is equal to a cost basis of
4,34% 30
about 4.49%. Other bids were as follows:
Rate Bid.
erWood, Gundy & Co.
Royal Securities Corp
4
9696 345
9 ...000
Canadian Bank of Commerce
-J. H. Latourelle, Secretary
MESSINES, Que.-BOND OFFERING.
Treasurer will receive sealed bids until 10 a. in. June 12, for the purchase
of an issue of $14,000 531% 30
-year serial bonds dated Mar. 1 1928, and
in denoms. of $100.
-John C.
-BOND OFFERING.
NEWFOUNDLAND (Dominion of).
Crosbie, Minister of Finance and Customs, will receive sealed bids until
3 p. m. June 18, for the purchase of an issue of 810,003,400 43.5 or 5%
-year bonds.
semi-annual 25
-BONDS SOLD AND
SASKATCHEWAN SCHOOL DISTRICTS.
-The following is a list of debentures reported sold by
AUTHORIZED.
the local Government Board from May 12 to 19,according to the"Monetary
Times" of Toronto,Issue of June 1.
School Districts-Snipe Lake, 82.400, 534%. 10 years, to Regina Public
School sinking fund; Bryant, $2,500, 534%. 10 years, to Regina Public
School sinking fund; North View,$4.000. 534%, 15 years, to Regina Public
School sinking fund; McAllister, $4,500, 5 %, 15 years, to C. M.Lindqutst, Star City; Nalcam, 19.500, 534%, 20 years to Waterman-Waterbuy
Mfg. Co.: Stelcam, $3.500,5%%,10 years, to Waterman-Waterbury Mfg.
Co.; Martin Dale, $1,500. 534%, 10 years to Waterman-Waterbury Mfg.
Co.; Castlereagh. $3,500, 6%,15 years, to'Waterman-Waterbury Mfg. Co.
The following Is a list of authorizations granted by the Local Government
Board from May 12 to 19, according to the same paper:
School Districts
-Moose Mountain, $4,500, not exceeding 63", 15 years:
Thaxted, $4,800. not exceeding 6%. 15 instalments; Hagen, $3,000, not
exceeding 6%, 15 instalments; St. Henry Roman Catholic, $16,000, not
exceeding 534 %, 20 years; Oliver, $4,700, not exceeding 7%, 10 instalments; Opal, 12.000, not exceeding 7%, 10 years: Pease. $5,000, not exceeding 6%,15 years.
TURTLEFORD, Sask.-BOND OFFERING.
-Sealed bids will be
received by the Secretary of Turtleford School District No. 3680 until
June 8. for the purchase of an Issue of $25.000 8% 20 instalment debentures.
-BOND ELECTION.
VANCOUVER, B. C.
-An election will be held
on June 27 on which date the rate-payers will be asked to vote on several
debenture by-laws aggregating $1,200,000, according to the "Monetary
Times" of Toronto, issue of June 1.
WEST VANCOUVER, B. C.
-R, P. Clark & Co. of
-BOND SALE.
Vancouver, were awarded during June, $90.000 20
-year 5% marine drive
bonds at 94.455 and $15,000 15
-year municipal hall 5% bonds at 94.96.
NEW LOANS
CLASSIFIED DEPARTMENT
$180,000
We Specialize in
City of Philadelphia
3s
1
/
32s
4s
/
41 4s
4'/2
5s
1
/
54s
2s
51/
School District No.1
Deming, Luna County, New Mexico
Bonds
NOTICE IS HEREBY GIVEN that on the
15TH DAY OF JUNE, A. D. 1928. at the hour
of 2:00 o'clock p. m. at the Luna County Court
House, Deming, New Mexico, the undersigned
will receive sealed bids and the Board of Trustees
of the Village of Dealing In said County and State
will sell to the highest responsible bidder the bonds
of School District No. I, Deming, Luna County,
New Mexico. In the sum of One -Hundred Eighty
Thousand (8180.000.00) Dollars; said bonds shall
consist of one hundred eighty (180) bonds in
denomination of $1.000.00 each, dated the 15th
day of June A. D. 1928. due and payable serially
at the rate of 912,000.00 on June 15th of each
year 1933 to 1947 inclusive, and shall bear Interest
at a rate not exceeding six per centum (6%) per
annum, payable semi-annually. both principal
Locust Street
1522
and interest being payable at the office of the
State Treasurer of the State of New Mexico or
Philadelphia
at the Seaboard National Bank,of New York City,
at the option of the holder.
to New York
Private Wire
Each bid must be accompanied by a certified
Call Canal 8437
check drawn on a solvent. bank or trust company,
pay:Able to the order of the County Treasurer of
Luna County, New Mexico, for five per cent
(5%) of the amount of the bid as a guarantee
that the bonds will be taken by the bidder if his
bid is accepted, and to be forfeited If the bid is
MINING ENGINEERS
accepted and the bidder does not take the bonds
in accordance therewith. No bid will be accepted
for less than ninety-five per centum (95%) of the
par value of the bonds plus the interest accrued
from the last preceding interest date to the date
Mining Engineer. and Geologist.
of sale. Only unconditional bids will be considCOAL AND MINERAL PROPERTIES, ered, and the right is reserved to reject any or
all bids.
G. E. OLTSTERHOUT.
Examined, Managed,. Appraised
County Treasurer Luna county.
PHILADELPHIA
P. 0. Address Deming, New Mexico.
Drexel Building
Biddle & Henry
H. M. CHANCE &
RETAIL SALES MANAGER
The advertiser's experience
consists of eight years sales
work with three Wall Street
firms. He has been sales
manager, publicity manager
and salesman. Box X7,
Financial Chronicle, 90 Pine
St., New York.
a :
trnmEsEs
MUNICIPAL BONDS
PENOBSCOT BLDG., DETROI
@FedFRASER