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finandal,
The
routtie
lZailway&Industrial Compendium
.tate & Municipal Compendium
Public Utility Compendium
Railway Earnings Section
SATURDAY, MARCH 10 1928.
VOL. 126.
financial Chronicle
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The Financial Situation.
If on the one hand there is a great plethora of
loanable funds, on the other hand there are not lacking abundant demands upon the same from Government and corporate borrowers alike. Within the
last two weeks offerings of new bond issues have
come from both the City Government and the State;
and, in addition, the IJ. S. Treasury has the present
week announced its March financing which involves
the placing of a large amount of new obligations.
The result of these appeals to the money and investment markets has been watched a little more
closely than is ordinarily the case. No one of course
has had the least doubt as to the absolute success
of there offerings, with both money and credit in
superabundant supply and with the investment demand almost insatiable. Yet there has been some
curiosity to note the effect of some recent developments which have served to weaken somewhat the
general level of bond values, at least on the Stock
Exchange. Liquidation in the stock market during
February, with the great drop in prices which then
occurred, has not been without its influence on the
bond market and there has been some tapering down
of bond prices. Naturally, the speculative issues,
those concerning the future of which there is some
uncertainty, have suffered most, but the higher grade
issues have not escaped altogether. As a matter of
fact, in the case of bonds of companies which are
suffering sore trial, on account of waning revenues
or diminishing profits, bond prices have broken quite
as badly as stock prices and this has had a weakening effect on the bond market as a whole, even
though the concessions in prices in many instances
Bank and Quotation Section
Bankers' Convention Section
NO. 3272.
have been relatively slight. The collapse in the issues of Florida railroads is, of course, easily explained and yet such a collapse produces an uncomfortable feeling and hesitancy and caution in making new investments of any kind.
In such a state of things it is conceivable that the
effect might be to augment the demand for the high
est grade issues, thereby raising their price levels,
in a desire to shun issues that do not measure absolutely up to the very highest and best standards.
That would certainly be the case where confidence
was deeply disturbed, but there has been not the
least sign of any unsettlement of confidence on the
present occasion. Close students of affairs unquestionably entertain the view that borrowing on Stock
Exchange account, as represented by brokers' loans
on stock and bond collateral, has proceeded to inordinate lengths and that a check ought to be applied to this class of borrowing, lest serious consequences ensue, but confidence in the underlying
strength and soundness of the financial structure
remains unimpaired. Therefore we have to deal
simply with the general course and tendency of bond
yields, entirely apart from the happenings on the
Stock Exchange, even though these happenings may
to some extent affect listed bond prices as well as
stock values.
In this sense the result of the current offerings
of bond issues of the premier type is to afford new
testimony to the fact that the rate of return to the
investor is still tending lower, which indicates that
general economic conditions continue to favor the
borrower as has been continuously the case since
the close of the World War. One might have been
inclined to entertain some doubt with reference to
East week's $52,000,000 offering of New York City
cdrporate stock running only until December 31,
1931, since the City administration is notably profligate and the city is planning to spend hundreds
of millions in the building of unprofitable subways,
but nevertheless this offering was placed on a very
satisfactory basis, the cost of the money to the city
being only 3.866% per annum. This week's offering
of $22,500,000 New York State bonds was, as expected, taken on an even lower interest basis. Of
course the State Government is not open to the
charge of extravagant and profligate administration, though its bond issues are nevertheless steadily and heavily increasing, and its credit is deservedly of the highest and the best, insuring for it a low
rate on its borrowings. A syndicate headed by the
Chore Securities Corporation and embracing numerous other eminent bond and investment houses, was
2s, /
4s
awarded the entire issue on its bid for 3y 33 and
4s at an interest basis of only 3.6921%. The last
.
1400
FINANCIAL CHRONICLE
previous sale of New York State bonds was on Sept.
1 1926 when $28,475,000 of 4% serial bonds were disposed of on a cost basis of 3.86%.
As to the March financing of the U. S. Government, the success of this is a foregone conclusion,
whatever the experience of other borrowers and
whatever the condition of the money or the investment market. The U. S. Treasury announced its regular March financing on Wednesday (March 7) and
it takes the form of an offering of Treasury certificates of indebtedness in two series, both dated and
bearing interest from March 15 1928, one series at
31 47 being for nine months maturing Dec. 15 1928,
/ 0
and the other series at 3%70 being for one year maturing March 15, 1929. The amount of the nine
months offering is $200,000,000 or thereabouts, and
the amount of the one year offering $360,000,000,
making $560,000,000 together. The statement issued
by Secretary Mellon in announcing the Treasury's
program notes that about $514,000,000 of Treasury
certificates of indebtedness will become payable on
March 15 1928 and that about $83,000,000 in interest payments on the public debt will fall due on the
same date and states that the present offering, with
tax and other receipts, will cover the Treasury's
cash requirements until June. No reference is made
to any new offering of securities in exchange for the
Third Liberty Loan bonds, which mature the present year. It is worth noting that last December
/
the Treasury offered $250,000,000 of one year 314%
U. S. Treasury certificates of indebtedness and that
aggregate subscriptions then reached $1,290,117,500.
There have been some other notable appeals to the
investment market the present week. These included (to mention only the very largest among them)
an offering by a syndicate headed by the Guaranty
Co. of N. Y. and Dillon Read & Co. of $30,000,000
Kingdom of Norway 35-year sinking fund 57 exter0
/
nal loan gold bonds at 971 2 and interest to yield
5.15%. Another syndicate composed of Dillon,
Read & Co., J. Henry Schroder Banking Corp., and
International Acceptance Bank, Inc., offered $15,se000,000 Gelsenkirchen Mining Corp. 6-year 6% cured notes at 97 and interest to yield 6.60%.
Among the more important domestic issues were
$12,000,000 The Denver & Rio Grande Western R. R
0
Co. ref. and improvement mtge. 57 gold bonds
series B due in 1978 at 96% and accrued interest
to yield 5.23% by Kuhn, Loeb & Co.; $12,554,000
Inter-State Public Service Co. 1st mtge. and ref.
/
1
4127 gold bonds series F at 942 to yield 4.85% by
/ 0
Halsey, Stuart & Co., Inc., A. B. Leach & Co., Inc.,
E. H. Rollins & Sons and Hill, Joiner & Co., Inc.,
and $10,000,000 Shaffer Oil & Refining Co. 6% con/
vertible gold notes due in 1933 at 981 2 and accrued
interest to yield 6.35% by H. M. Byllesby & Co.,
Inc., Janney & Co., Inc, and Federal Securities
Corp.
Brokers' loans on the Stock Exchange, notwithstanding the renewed activity of the stock market,
are continuing on the right course, that is, are
still tending towards lower levels even if the downward movement is rather slow. The statement issued by the Federal Reserve authorities on Thursday of this week and giving the figures up to Wednesday night (March 7) showed a further reduction
in these loans to brokers and dealers on the security
of stocks and bonds by the 49 member banks in
[VOL. 126.
New York City. The reduction was from $3,721,834,000 Feb. 29 to $3,695,709,000 March 7. It is
worth noting that the loans made by these 49 member banks on their own acount actually decreased
during the week in the large sum of $129,892,000,
but the out-of-town institutions came in and extended their borrowings with the result of leaving the
net reduction only $26,125,000. The loans made by
these member banks for account of out-of-town banks
increased during the week from $1,423,782,000 to $1,461,437,000 and the loans made for account of others
went up from $1,148,757,000 to $1,214,869,000. This
is the fourth consecutive week when the grand total of these brokers' loans.has shown a decrease and
at $3,695,709,000 for March 7 the amount compares
with $3,835,020,000 on Feb. 8, which last was the
peak figure reached in all time. The reduction for
the four weeks is $139,311,000, which after all is not
a big sum, considering the magnitude of the total.
At $3,695,709,000 March 7 1928, comparison is with
only $2,819,111,000 March 9 1927.
The Federal Reserve Banks in their own returns
for the week show no very striking changes. Borrowing at the Federal Reserve Bank of New York
increased heavily, the holdings of bills discounted for
the member banks rising from $83,336,000 Feb. 29
to $124,388,000 March 7, but as an offset to this the
member banks of the eleven other Reserve institutions decreased their borrowings, with the result
that for the twelve Reserve banks combined the holdings of discounted bills show a reduction during the
week from $492,568,000 to $482,108,000. Holdings
of acceptances fell from $343,759,000 to $338,495,000,
besides which the holdings of U. S. Government securities were reduced from $407,602,000 to $402,712,000. Altogether total bill and security holdings
March 7 stood at $1,224,315,000, as against $1,244,929,000 Feb. 29. On the other hand, on March 9
1927 the total of these bill and security holdings
was no more than $989,553,000, showing an increase
during the twelve months in the amount of Reserve
credit in actual use of almost a quarter of a billion
dollars. During the week the reserve account of the
member banks with the Reserve Banks fell from
$2,374,515,000 to $2,361,464,000 and the deposits of
the twelve Reserve institutions (which consist almost entirely of the reserve account of these member banks) fell from $2,425,605,000 to $2,410,738,000.
As against this, however, the amount of Federal Reserve notes in actual circulation increased from $1,588,238,000 to $1,591,370,000. But gold reserves
also increased somewhat, rising from $2,808,370,000 Feb. 29 to $2,818,218,000 March 7.
The New York Clearing House banks and trust
companies in their return last Saturday came nearly going back to the wrong side of the account and
showing a new deficiency in the required legal reserves. As against excess reserves of $28,258,000 on
Saturday, Feb. 25, the excess last Saturday dropped
to $1,004,130. U. S. Government deposits, against
which no reserves are required, were further reduced from $9,256,000 to $4,569,000. These Clearing House institutions increased the loans and discounts extended to their customers during the week
by $118,930,000, probably in connection with the 1st
of the month requirements. This was attended by
an increase in the demand deposits of no less than
$165,283,000, though the time deposits decreased $2,269,000. The addition to the deposits involved of
MAR. 10 1928.]
FINANCIAL CHRONICLE
course a corresponding increase in the reserve requirements, but instead of an increase the reserve
to the credit of the banks with the Federal Reserve
Bank actually decreased in amount of $4,782,000.
The big drop in excess reserve already noted was the
inevitable result.
The course of the stock market this week has been
strongly upward. In fact, there has been a veritable
boom. The rise began on Saturday last when General Motors' stock spurted upwards several points.
Transactions in this stock were on an enormous
scale, aggregating for the day no less than 381,300
shares. The rise at that time seems to have been
the result of a movement directed against the shorts
and the stock advanced from 13934 to 144%. The
/
advance in General Motors carried the whole market
with it. On Monday the experience in General Motors shares was repeated, a further advance in the
stock to 148 occurring, with transactions again on
an enormous scale, aggregating for that day 540,600 shares. Again the market followed with a general advance all around.
The rest of the week General Motors stock continued to dominate the whole Stock Exchange situation, the transactions each day being of huge proportions, total sales being 442,900 shares Tuesday,
337,300 shares Wednesday, 241,900 shares Thursday
and 469,900 shares Friday, with a further advance
at the close yesterday to 159%. This compares
with 1391 8 at the close on Friday of last week, an
/
advance for the week of over 20 points. The annual
report of the General Motors Corporation for the
calendar year 1927 was made public on Thursday
and in showing *12.99 per share earned (or over
50%) on the $25 shares after charging off the losses
on the subsidiaries, revealed the underlying basis
for the marked strength of the stock and the reason for the confident buying of the shares.
The upward movement of the stock market as a
whole appears to have been largely due to the covering of outstanding short commitments and this short
interest has proved to be of much larger proportions than had been currently supposed. At the
same time, however, there have been a number of
favorable developments, which were availed of to
the utmost by those operating for a rise. The monthly statement of brokers' loans for February, as compiled by the New York Stock Exchange, was made
public after the close of business on Saturday and
corroborated the weekly statements of the Federal
Reserve Board in showing a substantial reduction in
the total of such borrowings in February, following
a moderate reduction during January. This served
as a stimulating agency on Monday and succeeding
days. In addition, the return of the Federal Reserve
Board, issued after the close of the session on Thursday, and showing some further contraction in the
total served as a new stimulating agency yesterday.
Then also steel production is being well maintained at the higher levels established in January
and February, according to the "Iron Age" of this
city, which, however, also says that mill operations
have ceased to expand and steel ingot output is not
expected to duplicate the record production of
March, 1927, though this authority goes further and
avers that there are increasing indications that the
present rate of operations may carry well through
April in contrast with the decline which began in
1401
that month a year ago. Nevertheless, the steel shares
have not made quite so enthusiastic a response to
the upward movement in the general market as have
some other groups of stocks. U. S. Steel common
yesterday closed at 145% against 138% on Friday
/
of last week; Bethlehem Steel closed at 5914 yesterday, as against 57% at the close the previous Friday and Republic Iron & Steel at 62, against 60.
With the tone of the market so greatly improved,
pools have again been actively at work in their specialties. In the copper group Greene-Cananea has been
one of these specialties; it closed yesterday at 135,
against 119 the close the previous Friday. Calumet
& Arizona closed at 951 8 against 91%, and Ana/,
/
.
conda Copper at 5514 against 541s The rubber
/,
shares did not participate in the general improvement owing to a further big drop in crude rubber,
and U. S. Rubber pref. closed yesterday at 89%,
/
against 9414 the previous Friday and the common
stock at 43% against 47%, while Goodyear Tire &
Rubber closed at 553 against 61 and B. F. Good4,
rich at 811 8 against 8114
/
/.
The railroad shares have not been particularly
prominent in the bullish demonstrations, but have
nevertheless been firm on a moderate volume of business. A favorable development here was the increase in the dividend rate on Rock Island common
stock from a basis of 5% per annum to 6%. This
inures to the advantage of the St. Louis-San Francisco Railway as a holder of a large block of Rock
Island stock. Neither Rock Island stock, however,
nor St. Louis-San Francisco, shows much appreciation in value for the week. Rock Island, indeed,
closed yesterday at 10914 against 1103 on Friday
%
/
of last week and St. Louis-San Francisco at 11514
/
against 11278 New York Central closed yesterday
/.
at 162 against 160% the close on Friday of last
week; Union Pacific at 192 against 191%; Canadian
Pacific at 209% against 204%; Chesapeake & Ohio
at 189 against 190%; Atchison at 18378 against
/
1841 8 and Del. & Hud. at 16514 against 165.
/
/
Most important of all many of the bond issues,
particularly in the case of the Florida roads, which
were conspicuously depressed last week, have enjoyed sharp recovery this week and it is evident that
extensive short selling was in part at least responsible for the decline. Seaboard Air Line Consol. 6s
which closed on Friday of last week at 78% were
8378 at the close yesterday; the refunding 4s closed
/
yesterday at 6378 against 6014 the previous Friday,
/
/
and the adjustment 5s, which sold at 47 March 2,
closed yesterday at 53%. The Seaboard-All Florida issues have also enjoyed substantial recovery
and so have some other issues in other parts of the
country which had been previously depressed.
Mercantile insolvencies in the United States continue well up to the recent high average both as to
number and amount of indebtedness. Defaults in
February, according to the records of R. G. Dun &
Co., of 2,176 compare with 2,643 in the preceding
month but with only 2,035 in February 1927. Here
is an increase of 7% last month over a year ago, the
same as in January, The reduction in the number
of failures from January to February is about what
is to be expected, but for both of those two months
the number of defaults in the United States this
year exceeds that of any year back to 1922.
Some increase from year to year would follow
from the growth in the number of business firms,
•
1402
FINANCIAL CHRONICLE
but making allowance for this, insolvencies now are
relatively more numerous, than they have been for
a number of years past. Account should also be
taken of the fact that February is a short month
in considering the number of defaults for that
month. With this in view there was a reduction
from January to February this year of 10.5%, whereas a year ago the reduction in number during the
corresponding period was 6.6%. Liabilities of defaults reported last month amounted to $45,070,642,
and compare with $46,940,716 in February a year
ago. This slight reduction in the February indebtedness reflects a smaller amount this year for the
larger defaults, especially in the class embracing
agents and brokers, in which division a year ago
the large failures accounted for an unusually heavy
total for that month.
All three divisions into which this record of mercantile disasters is separated, show a larger number of failures than in February of last year. There
were 468 manufacturing insolvencies during February the present year involving $12,751,295 of indebtedness; 1,581 trading defaults for $24,951,932,
and 127 failures of agents and brokers with liabilities of $7,367,415. In February of last year manufacturing defaults numbered 411 owing $10,518,450;
trading concerns, 1,508 involving $23,405,612, and
agents and brokers 116 for $13,016,654. In manufacturing lines increases in the number of defaults
last month were mainly in the classes embracing
fur manufacturing concerns, bakers, leather goods
including shoes, and iron foundries. On the other
hand, the classification covering machinery and
tools shows some reduction in number this year;
also, manufacturers of lumber, and the printing
trades. The somewhat larger indebtedness in manufacturing defaults in February of this year appears
mainly in the division covered by chemical and
drugs. There is also some increase in the iron manufacturing section; in cotton goods, furs and earthenware. On the other hand, there is a reduction this
year in the liabilities reported for leather goods,
clothing, printing and lumber.
As to the trading classifications, increases appeared last month for failures among grocers, dealers in clothing, in leather goods and shoes, in hardware and among jewelers. There was again a reduction last month in defaults in general stores;
also, in dry goods lines, and dealers in drugs. There
were more failures in February among hotels and
restaurants than a year ago, and some large insolvencies in that division added materially to the
amount of liabilities for February this year. A
larger indebtedness was also shown last month than
a year ago for grocers, dealers in clothing, jewelers,
furniture and shoes and rubbers, while there was a
reduction in liabilities this year for general stores,
dry goods, dealers in hardware, and druggists.
The large failures last month numbered 56 involving in the aggregate $16,692,860 of liabilities.
They embrace all defaults where the indebtedness
reported for each failure amounted to $100,000 or
more. In February 1927 the corresponding figures
were 54 insolvencies for $25,198,850. In the manufacturing division last month there were 19 of the
larger defaults for $4,343,217, these figures comparing with 22 similar failures a year ago involving $6,030,950; for trading classes 25 of the large insolvencies last month for $77,275,500, compare with 23 in
February of last year owing $7,391,200, while for
[voL. 126.
agents and brokers the number of the larger defaults last month was 12, with total indebtedness
of $5,074,143, whereas in February 1927 there were 9
similar failures for which the total liabilities were
$11,198,850.
European statesmen, assembled at Geneva for
the forty-ninth session of the League of Nations
Council, displayed an intense unofficial interest the
past week in the sweeping proposal to outlaw all war
made by Secretary of State Frank B. Kellogg on Feb.
27. The proposal marked a resumption of the exchange of notes between Mr. Kellogg and Foreign
Minister Briand, of France, in which suitable conventions for the outlawry of war were discussed.
Unlike M. Briand who suggested a bilateral pact of
"perpetual friendship" between France and the
United States, Mr. Kellogg held that such an agreement should be multilateral and he proposed specifically that France join the United States in inviting
the Governments of Britain, Italy, Germany and
Japan to consider an appropriate treaty proscribing
all recourse to war. M. Briand, though expressing
agreement in principle with this aim, maintained
that such a compact should be made against wars
of "aggression" only, owing to the commitments of
his government under the covenant of the League
of Nations. To these contentious Mr. Kellogg replied on Feb. 27, saying that such exceptions and
qualifications would very greatly weaken and virtually destroy the positive value of the declaration
as a guaranty of peace. He expressed reluctance to
believe that the provisions of the League Covenant
really stand in the way of a common effort to abolish
the institution of war, pointing out, moreover, that
a Government free to conclude such a bilateral treaty
as had been proposed by France should be noless able
to become a party to an identical multilateral pact.
"It is hardly to be presumed," Mr. Kellogg added,
"that members of the League of Nations are in a
position to do separately something they cannot do
together." These declarations by the American Secretary of State in his published note to M. Briand
aroused the keenest interest in League of Nations
circles. International law experts attached to the
League were quoted on Feb. 29 as of the unanimous
opinion that any and all powers members of the
League could indeed sign such a treaty as that proposed by Mr. Kellogg. The proposal likewise received the closest attention in the capitals • of all
the important powers and it was plain that it would
form one of the chief topics in the discussions of the
statesmen who assembled at Geneva Monday.
"Here in Geneva," said Edwin L. James, special
correspondent of the New York "Times," in a dispatch dated Monday, 'one finds the Kellogg antiwar proposal the leading subject of discussion, even
though that discussion be unofficial." Stress was
apparently laid on the unofficial nature of these conversations, a particular desire being expressed to
avoid giving the impression that the American proposal was being dealt with by the League of Nations. It was made plain, however, that the British,
French and German Foreign Ministers and the Italian and Japanese delegates were considering the
project informally. "Those conversations," said
Mr. James in a dispatch of Tuesday,"appear to mark
an important development." Two significant trends
were observed by the "Times" correspondent in these
discussions. Firstly, there was said to be a feeling
MAR. 10 1928.]
FINANCIAL CHRONICLE
of the desirability of enlisting the United States
in the work of establishing peace. Incidentally,
the European Ministers were asserted to see in the
Kellogg move indications of a growing feeling in
America that the United States has not done all that
it might have in the cause of peace. Secondly, there
was said to be an impression that the United States
is not playing the game exactly fair, that Washington is not entirely frank in the manner of approaching other nations. There is the sentiment, said Mr.
James, "that in declaring that we wish to make a
treaty banning all war we really have, in the back
of our minds, reservations which in turn would open
the way for European reservations. Experienced
diplomats find themselves totally unable to believe
that Mr. Kellogg would regard any reservations to
an agreement not to make war for any cause as impure. If Mr. Kellogg is really sincere, they believe
past experience justifies them in suggesting that
the Senate might not agree." Accordingly, the correspondent added, an effort is to be expected by
the other nations involved, to ascertain just what
the United States is really willing to do in the way
of an international commitment on the issue of
peace, and just what, if any, reservations would be
made to a pledge never to fight in any circumstances.
European diplomats were said to hold the firm conviction that the American Secretary of State and the
American Senate do not really mean, for example, to
withdraw the force back of the Monroe Doctrine and
arbitrate issues arising under it.
The conversations in Geneva regarding Secretary
Kellogg's anti-war proposal were concluded Wednesday, according to reports, with the result that M.
Briand will shortly send a further note to Washington. This will be couched in cordial terms, a New
York "Times" dispatch said, and will suggest that
France and the United States try at once to find
a formula which will condemn war as vigorously as
may be desired and at the same time make possible
the adherence of England, Germany, Italy and Japan without vitiating any of their existing agreements. Since Mr. Kellogg referred in his last note
to the resolutions against war voted recently at Havana, it was stated that M. Briand may suggest to
Mr. Kellogg that either of the two anti-war resolutions adopted by the Pan-American Conference
would be acceptable as a basis of negotiations. In
fine, European diplomats were said to feel that their
Parliaments will go just as far as the United States
Senate in any attempt to proscribe all war. "But
they do not believe," said Mr. James in a dispatch
of Wednesday, "that the Senate will go as far as
the surface reading of Mr. Kellogg's note indicates
he would go. . . . If Mr. Kellogg is wining to
get on to what other nations regard as plain, practical diplomacy, he will certainly find an effort at
co-operation If he continues to preach from the
mountain top, which is the general European construction placed on his last note, the United States
will find, once more, that Europe long ago got
enough of American evangelism, even when it was
pure."
Knotty problems, some of recent origin and others
for which Europe has been vainly seeking solutions
for years, again faced the League of Nations Council
as it assembled for its forty-ninth quarterly session
last Monday. In preparation for the meeting, Sir
Austen Chamberlain, Foreign Secretary of Great
1403
Britain, held an informal conversation in Paris on
March 3 with M. Aristide Briand, Foreign Minister
of France. The two Ministers proceeded to Geneva
Sunday where they were joined by Dr. Gustav Stresemann, Foreign Minister of Germany, and by plenipotentiaries from Italy and Japan. The two most
importunate difficulties before the League were
taken up promptly by the Council Monday. These
were, firstly, the shipment of arms discovered Jan.
1 at St. Gothard on the Austro-Hungarian border
and alleged to have been made from Italy to Hungary, and, secondly, the Polish-Lithuanian impasse
which has existed since 1920. The assembled statesmen immediately decided upon a formal inquiry into
the arms shipment under the auspices of the League,
and on the initiative of Sir Austen Chamberlain they
caused a telegram to be sent to Premier Waldemaras
of Lithuania asking him to appear before the Council to explain his delay in opening negotiations with
Poland.
The arms shipment has caused increasing concern
in all European chancelleries as details of the transaction, apparently ever more incriminating, were
revealed. It consisted of five carloads of machine
guns, 2,000 in number, which documents appeared
to show were shipped from Verona, Italy, to a destination in Hungary. The arms were labeled and
shipped as agricultural machinery, but they were
uncovered by an Austrian customs official at the
frontier station of St. Gothard, which is on Hungarian territory. Hungarian officials declared that
they were destined for Poland, but the Polish Government made an official disclaimer on Jan. 7. On
Feb. 1 the Little Entente nations—Czechoslovakia,
Yugoslavia and Rumania—brought the matter before the League of Nations, demanding a Council
investigation and alleging that the war material was
destined for Hungary in defiance of the Treaty of
Trianon which expressly forbade the arming of any
of the defeated Central Powers by one of the Allies.
It was insinuated that the Italian Government was
an accomplice and that the arms were part of the
stores which had been surrendered to Italy by Austria at the close of the war. The matter was accordingly put on the Council agenda for consideration March 5. But on Feb. 20 press reports announced the destruction of the guns on Hungarian
orders, the further statement being made that the
material would be sold as scrap iron on Feb. 24.
This action was viewed as a direct defiance of the
authority of the League of Nations and on the initiative of Cheng Loh, Chinese Minister to Paris
and Acting President of the League, a telegram was
sent to the Hungarian Government on Feb. 23 calling on Budapest to delay the sale of the alleged destroyed machine guns until examination of the parts
could be made. Count Bethlen, the Hungarian Premier, in a reply dated Feb. 24 which was described
in a dispatch to the New York "Times" as a "rare
mixture of sarcasm with discretion" denied the
right of the League to investigate the case. He found,
the note said, that he could not stop the sale of the
scrap iron, but added that he would request the purchaser to allow it to remain until it could be examined by the League. The sale took place, the material netting $300. Subsequent Austrian press reports affirmed that the cars were taken into the interior of Hungary before the alleged destruction of
the guns took place and that on their return to St.
Gothard they contained chiefly old rifles.
1404
FINANCIAL CHRONICLE
The League Council considered this problem officially on Wednesday in an open session. General
Tanczos, representing Hungary,faced the Little Entente representatives across the table and, according
to Wythe Williams, correspondent of the New York
"Times," told the Council in plain terms that the
relations between these nations, already strained,
was unlikely to be helped by any Council procedure.
M. Titulescu, Foreign Minister of Rumania, remarked that the General's statement concerning ill
feeling between Hungary and the Little Entente was
most inopportune, but he added that the Little Entente nations Considered the arms incident merely
of general interest and that he and his associates
had acted only as League members and were desirous
to accuse nobody. In reply to questions from M.
Briand, General Tanczos declared that the arms
were shipped by a private Italian firm and that
they were intended for Poland. The weapons, he
said, had been intercepted and destroyed by Hungary in the interest of peace. The Council, following its usual custom, found that it was impossible
to dispose of the case immediately and so appointed
a committee of three of its members to study the
mass of documents which General Tanczos supplied.
"Most everybody, and particularly the French delegation," a New York "Times" report said,"appeared
quite happy over this 'solution' inasmuch as it is
now considered that the 'principle of investigation'
has been upheld."
The Polish-Lithuanian imbroglio occasioned much
less trouble and comment, but also made much less
progress. The League Council considered this problem last November and announced at the time that
it had been amicably settled. The frontier between
the two countries, which had remained closed since
1920, when Poland occupied the Lithuanian capital
of Vilna, would be reopened, it was said, and diplomatic relations between the two Baltic States renewed. Negotiations for a commercial treaty between the two countries were begun at Copenhagen
Feb. 25, but even these, according to a dispatch of
last Sunday to the New York "Herald-Tribune,"
will certainly collapse. Meanwhile, the frontier has
remained closed and the "technical state of war,"
that is, the lack of ordinary diplomatic relations, has
continued. The League Council, when this question
came before it in a closed session Monday, was said
to have decided to hale Premier Waldemaras of
Lithuania before it and question him regarding the
delay. He replied, a dispatch of Wednesday to the
Associated Press said, in a telegram couched in uncompromising language, declaring that it was impossible to come to Geneva at a moment's notice.
Disposition was made by the League of Nations
Council session the past week of a number of routine
matters on its agenda. Francesco Jose Urrutia, of
Colombia, presided over the session in accordance
with the rule of alphabetical succession. The action
of the Council, other than what has been mentioned
above, which occasioned the greatest interest among
observers, was its acceptance last Monday of two
draft resolutions prepared by the Security and Arbitration Commission of the League. This Commission, a subsidiary body of the Preparatory Disarmament Commission, was in session at Geneva from
Feb. 20 to March 7, its purpose being to draft suitable conventions for regional agreements of nonaggression among the nations. The model conven-
(VOL. 126.
tions submitted by the Security and Arbitration
Commission were adopted by the Council Wednesday. They were said to provide for the outlawry of
war except for legitimate defense or in those cases
where the League Covenant calls for collective action
against an aggressor state. It had been held that
these model treaties would be submitted to the Preparatory Disarmament Commission in the sessions
of that body which begin Mar. 15, but the Security
and Arbitration Commission adopted a resolution
providing that they should be subject to the approval
of the League Assembly meeting of next September.
The decision means, a Geneva dispatch to the New
York "Herald-Tribune" said, that all League progress toward security will be checked until after the
next Assembly, thus rendering impossible any disarmament conference under League auspices before
1929. Much interest was also evinced Thursday in
steps taken by the Council calculated to stay the
withdrawals of Brazil and Spain from the League.
The former country announced her withdrawal in
June, 1926, and the latter in September of the same
year. Under the League Covenant, however, neither
withdrawal can be effective until two years have expired. Senor Urrutia in a speech before the Council called attention to this situation and proposed
that an appeal be sent to Brazil and Spain to reconsider their withdrawals. "I think we should not
hesitate to invite the two Governments to consider,"
he said, "whether the reasons which caused them to
resign are so strong in 1928 that they feel bound
to take the final step." Sir Austen Chamberlain
and M. Aristide Briand supported him, as did Senor
Villegas of Chile.
Premier Mussolini, in a speech before the Italian
Chamber of Deputies on March 3, made vigorous reply to Chancellor Seipel of Austria, who, late in
February, criticized the treatment by the Fascist
regime of the German speaking minority in the
Southern Tyrol, or Upper Adige. The Italian dictator was said to be highly incensed by the criticisms and at one time it was believed that a break
in relations between Italy and Austria was imminent. Diplomatic representations were understood
to have been made, however, by the British Ministers in Vienna and Rome and thereafter the "extreme
irritation" felt by Ii Duce appeared to wane rapidlyThe Italian Dictator several times postponed a
speech which he planned to make on the situation
and when he did deliver his address last Saturday it
was described in dispatches as more discreet and
less bellicose than had been expected. His remarks,
nevertheless, were characteristically vehement. He
defended the Fascist Government's patience and
forbearance in the administration of the Upper
Adige region, in which there is a strong Germanspeaking minority, and issued a warning that the
fifteen German-language newspapers published there
would be summarily suppressed in case of a revival
of "intolerable interference" from Austria or anywhere else outside of Italy's confines. "It is time,"
he said, "to declare that insolent speeches, odious
insinuations and vulgar insults have only one result—to accelerate the turning of the Fascist vise
and open an abyss between two neighboring peoples." Despite the violence of Austrian criticism,
Signor Mussolini said, he would speak with the utmost calm, but without equivocation. "Furthermore," he added, "this is the last time that I shall
MAR. 10 1928.]
FINANCIAL CHRONICLE
speak upon this theme. In the future I shall let the
facts do the talking." These remarks by the Fascist
leader were greeted by the Deputies with a storm
of applause. Continuing his speech, Premier Mussolini asprted that all talk of submiiting the question
of minorities to the League of Nations is nonsense.
"The League of Nations?" he said, "Geneva? What
a hope!" Austria, a subsequent report said, is more
than willing to leave the stage now that the question is before the world.
Popular sovereignty and representative Government were condemned and rejected by Premier Mussolini of Italy in a report accompanying a new Fascist electoral bill distributed in the Chamber of
Deputies on March 2. In the system proposed by
the Italian Premier the principle of geographical
representation is abolished, according to a Rome dispatch of the same day to the New York "Times."
The Italian voter, it was added, will be confined to
approving or rejecting, without possibility of choice
between individual men, a list of 800 candidates for
Parliament, half of them nominated by the Fascist
Grand Council and the other half named by the
guilds or corporations into which Fascismo has organized Italian life. The Premier denied, however,
a further report to the New York "Herald-Tribune"
said, that there ever was any intention of restoring
the ancient absolutist regime, despite appearances
created by the fact that the old democratic electoral
system was "contrary to every essence of Fascism."
Philosophizing on the fundamental error of the dogma of popular sovereignty, the Premier held, this report said, that the masses were incapable of expressing their Wishes articulately or of spontaneously
choosing their representatives because "democracy
does not exist in nature." Therefore, he added, what
always happened under universal suffrage electoral
system was that the candidates always were selected
by a few who would have some special gain in view.
For this reason, he explained, it nearly always happened under the old regime that the men least fitted
to represent the real wishes of the masses were
chosen unwittingly by these very masses, due to the
necessarily inarticulate nature of the electorate and
the inherent tendencies of ordinary individuals to
follow the leader.
The Italian Dictator's small opinion of the average man's ability received further illustration last
week when he added bargaining to the already formidable list of Italian "Don'ts." In the future,
Premier Musolini decreed, every article exposed for
sale in any shop must bear a clearly marked price.
The shopkeeper is not allowed to ask more or take
less for any reason whatsoever. But bargaining, it
is pointed out in a Rome dispatch to the New York
"Times," has long been ingrained in the Italian people, and the idea of fixed prices was accepted as "so
novel that people are reminded that they are indeed
living under a revolutionary regime."
Recent efforts by the French Government to apply drastic restrictions to the business of American
and British oil companies in France were abandoned
late last week and a modified measure substituted
on which the Chamber of Deputies began discussions Tuesday. The original Government bill provided that imports of oil be regulated by Government permits, based on the average imports for the
last three years. The French oil commission early
1405
in February added a provision that all needs above
that average must be supplied by French companies.
Vigorous protests against these regulations were
made by American and British oil interests on the
score that their business had grown greatly in the
last year or two, and that the restrictions therefore
would imply a real reduction in their business. Moreover, they contended, heavy outlays had been made
for plant and equipment in the expectation of a continued increase in French imports of foreign oil,
and these expenditures would represent a material
loss. The additional point was made that the bill in
its original form conflicted with decisions of the
Geneva Economic Conference last year. Foreign
Minister Briand was also understood to have received unofficial protests from the American and
British Commercial Attaches in Paris. The French
Foreign Minister intervened personally in the matter on March 2, and as a result important changes
in the bill were made. In its modified form the
measure was adopted by the Chamber of Deputies,
Wednesday, by a vote of 335 to 185. An indirect
effect of the bill, it was said, will be to encourage
the development of oil refining in France. Imports
of foreign oil, it was added, are not likely to be affected to any considerable extent for twenty years
or so. An amendment which affects the foreign oil
companies doing business in France was adopted at
the last moment. This provides for "the progressive participation of the State in the benefits after
the deduction of the amounts necessary for amortization and for the payment of interest on the capital
at the rate of 7%."
An agreement between France and Spain on the
thorny Tangier question was signed in Paris, March
3, and was said to be so satisfactory to Madrid that
a request for Spain's re-entry in the League of Nations is likely to follow. The agreement was signed
at the Quai d'Orsay by Foreign Minister Briand of
France and Quinones de Leon, the Spanish Ambassador. Under it, the post of commandant of the
international gendarmes of Tangier will be held by
a Spanish officer, with both French and Spanish
officers under him. The present commandant is
a Belgian, in accord with the agreement of 1923.
The Paris agreement also creates the post of Consul
General of Security, to be held by a Spaniard. In
return, a Paris dispatch of March 3 to the New
York "Herald-Tribune" said, Spain renounced her
claims to exclusive administration over the city.
The agreement must now be submitted to Great
Britain and Italy, as the other interested Mediterranean powers, but their assent was said to be practically assured. Paris feels, the "Herald-Tribune"
dispatch added, "that the agreement settles what
was eighteen months ago one of the most irksome
international problems. The French and British
kept intact the nominal sovereignty of the Sultan of
Morocco and avoided radical changes in the existing treaties controlling the mandated territory."
National elections for new Sejm deputies were
held in Poland last Sunday and the results were
said to indicate clearly that the political power of
the Polish Dictator, Marshal Pilsudski, has not
waned in the slightest. Two thousand candidates,
representing thirty-four parties, were in the field
for the 454 seats. The general public was rather
apathetic, dispatches said, since the result could not
1406
FINANCIAL CHRONICLE
in any event shift the basis of the present Government. "Premier Pilsudski's removal," a Warsaw
dispatch of March 3 to the New York "Times" said,
"is only conceivable as a result of forceful methods
of evicting him, and he has the army on his side."
It was remarked, moreover, that none of the parties
had a clear-cut program, all platforms being veiled
in clouds of criticism. The Marshal put a party of
his own into the field, and with his personality as
the chief plank in its platform, results showed it to
be the strongest. On the basis of incomplete returns
it was indicated that this non-political "Pilsudski
bloc" will hold not less than 140 mandates in the
next Parliament. The Polish election, a "Times"
dispatch of Monday said, is following closely the
trend of European elections, with a strong drift toward liberalism and away from conservatism. The
result wil probably be, it was added, that the "National Democrats, National Minority and the Right
Wing Peasants Party, forming the Witos bloc and
three of the biggest opponents of the Pilsudski Government, will return only about seventy Deputies,
compared with 230 in the last Sejm. The Socialists
will have about sixty-five mandates according to
conservative predictions, meaning a 50% gain. The
Radical Peasants' Party apparently gained ten and
now has sixty seats. The Communists will place
about fifteen, which is far more than was expected."
[VoL.126.
the protection of the Suez Canal. She also insists on
maintaining a measure of control over the Egyptian
police and observers explained that this is to prevent any situation arising which might result in
some other power taking a hand in Egyptian affairs. Student disturbances growing out of the
Anglo-Egyptian question were reported from Cairo
and Assuit Thursday.
A holy war against neighboring tribesmen in Iraq,
Koweit and Transjordania was declared early this
week by Ibn Saud, the most powerful chieftain of
the Arabian desert. The news of the outbreak
caused some anxiety in London, as Iraq and Transjordania are under British mandate. Accordingly,
British airplane squadrons in India, Palestine and
Egypt were said to have 'received orders, Tuesday,
to be ready at a moment's notice to reinforce the
small contingent of airplanes and armored cars
which hold the borders of Iraq and Transjordania
against the threatened invasion of the fanatic Wahabi Moslems. The crisis in the Near East is not a
major one, a London dispatch of Tuesday to the New
York "Times" said, but nevertheless it is likely to
cost the British taxpayer money and it is bound to
mean difficult fighting if the Wahabi union proves
formidable. Ibn Saud, dispatches said, rules nearly
three-quarters of Arabia and may be able to place
30,000 fighters in the field. The burden of the defense against him would fall on the Royal Air
Force although flying over the desert in the hot
months to come is exceedingly difficult. Official
London accepted the developments with great equanimity, some observers pointing out that there may
be more than a casual connection between the outbreak and the cessation of a $300,000 annual subsidy
hitherto granted the Arabian chieftain to keep the
peace.
A Ministerial crisis was precipitated in Egypt
last Saturday by the failure of treaty negotiations
between the British Government and the Egyptian
Prime Minister, Sarwat Pasha. The terms of the
projected treaty, on which conversations had been
in progress for several years, were disclosed earlier
in the week. They provided chiefly for the maintenance of a British garrison in Egypt and the continuance of British control over communications and
foreign affairs. It was suggested, late in February,
The Bank of Italy on Monday reduced its rate of
that these provisions were not considered compatible with Egyptian nationalist aspirations and, no discount from 7% (a figure which had been in effect
way being seen out of the impasse, dispatches from from June 18 1925)'to 63/2%. Otherwise no changes
Cairo were pessimistic as to the outcome. The have been announced this week in discount rates by
Egyptian Ministry decided, Sunday, that the treaty any of the central banks of Europe. Rates continue
was not satisfactory and could not be submitted to at 7% in Germany; 6% in Norway and Austria; 5%
Parliament. Accordingly, Sarwat Pasha delivered a in Denmark and Madrid; 432% in London, Belguim
note to Lorg Lloyd, British High Commissioner in and Holland, and 33/2% in France, Switzerland and
Cairo, in which the draft of the treaty was rejected. Sweden. In London open market discounts are
The Premier then proceeded to the palace and hand. 4%@3-16% for short and 4 3-16% for long bills,
ed the resignation of the Cabinet to King Fuad. On 43/©4 3-16% for both on Friday of last week.
the request of the King, Sarwat agreed to remain Money on call in London was quoted at 43.1% on
until a new Ministry was formed. The British Gov- Tuesday and Wednesday, but was down to 3%
ernment, meanwhile, caused a note to be delivered yesterday, against 3 8% on Friday of last week.
to the Egyptian Government in which the Cairo au- At Paris open market discounts remain at 33.(%,
thorities were gravely warned. Consternation was but in Switzerland there has been a decline from
said to have been caused in Cairo by this note, which, 3 3-16% to 3%%.
as published in London March 7, declared: "Now
that the conversations with the Egyptian GovernA gain in gold holdings of £648,149 was reported
ment have failed to achieve their object His Majes- by the Bank of England in its statement dealing with
ty's Government cannot permit the discharge of any the week ended March 7. As notes in circulation
of their responsibilities under the Declaration of decreased £235,000, the reserve of gold and notes in
Feb. 28, 1922, to be endangered, whether by Egyp- the banking department was augmented by £884,000.
tian legislation or by administrative action, and The ratio of reserve to liabilities, which now stands
they reserve the right to take such steps as in their at 38.20%, remains virtually unchanged from that of
view the situation may demand." The British Gov- last week when it stood at 38.33%; in the corresernment, London dispatches of Wednesday said, has ponding period last year it was 27.08% and in 1926,
now said its final word, the burden of the next move 19.71%. Public deposits fell off £1,677,000, but
in the imbroglio resting on Egypt. Britain, it was "other" deposits expanded £4,372,000. Loans on
explained, has every intention of keeping her troops government securities were £1,078,000 more than a
in Egypt, believing the soldiers are necessary for week ago and loans on other securities increased
MAR. 10 19281
FINANCIAL CHRONICLE
£734,000. The total of gold holdings is now £157,898,057, which compares with £150,753,026 last year and
£150,753,026 in 1926. Notes in circulation aggregate
£135,115,000 as against £137,056,560 and L141,246,270 in 1927 and 1926 respectively. The Bank's official discount rate remains at 43/2%. Below we furnish comparisons of the various items of the Bank of
England returns for five years.
BANS OF ENGLAND'S COMPARATIVE STATEMENT.
1927.
1925.
1928.
1926.
1924.
Mar.9.
Mar.7.
Mar. 10.
Mar. 12.
Mar. 11.
.£
Circulation
6135.115,000 137.056,560 141,246.270 124.200.115 125,041,710
Public deposits__ 8.462,000 16,158,524 16,756,234 13.687.603 19,270.772
Other deposits
102.878,000 103,922.324 102.523.734 110.460.075 105.597.418
Governm't securities 31,761.000 31,222,560 39,295.328 40.096,830 48,182.455
Other securities
55.321,000 73,689.766 74.183.023 78.160.435 72.157,996
Reserve notes & coin 42.533.000 33346,466 24,096,262 24.158.987 22.806.527
Coin and bullion_ _a 157,898,057 150,753,026 145.592,532 128.609.102 128,098,237
Proportion of reserve
to liabilities
38.20%
20.21%
27.85%
1934%
1831%
Bank rate
5%
5%
4%
5%
4%
•Includes, beginning with April 29 1925, £27.000.000 gold coin and bullion
previously held as security for currency notes lamed and which was transferred to the
Bank of England on the British Government's decision to recurs 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
geld up to that time in redemption accoupt of currency note issue.
The Bank of France,in its statement as of Marchl,
again showed an expansion in note circulation of
837,717,000 francs, increasing the total of that item
to 59,270,615,760 francs, which is the highest figure
ever recorded by the Bank. For the corresponding
week last year circulation amounted to 52,764,172,095 francs and in 1926 to 51,951,497,250 francs.
Gold holdings are reported still unchanged. Bills
discounted decreased 549,378,000 francs and advances
to the State 300,000,000 francs, while silver increased
5,000 francs, trade advances 92,042,000 francs,
treasury deposits 93,192,000 francs, general deposits
118,993,000 francs and divers assets 591,770,000
francs. A comparison of the various items for the
Bank's return for three years past is furnished below:
RANK OF FRANCE'S COMPARATIVE STATEMENT.
Changes
Status as of
for Week.
Mar.7 1928. Mar.9 1927. Mar. 10 1926.
Francs.
Gold Holdings—
Francs.
Francs.
Francs.
Unchanged
3,680.510,414 3,683.507,443 3.683.966.008
In France
Unchanged
Abroad—available
462.771.4781 1,864.320.907 1,864,320,907
Abroad—non-avail. Unchanged
1.401.509.4251
Unchanged
Total
Ino.
5.000
Silver
Bills discounted...Deo. 549.378.000
Trade advances...Inc. 92.042.000
Note cIrculation Ino. 837.717,000
Treasury deposits-Inc. 93,192,000
General deposits—Inc. 118,993,000
Advances to State-Dec. 300.000.000
Inc. 591,770.000
Divers assets
6,544.831.317
342,939,812
1,505,152.770
1,797,279,913
59,270.615.760
121.166.487
7.829,019,805
23.200.000.000
26,390.074,750
5.547.828.350
342,049,577
2,936,453.878
1,979.308.619
52,764.172.095
58.777,023
4.359,817.049
29.300.000,000
9.307,538.957
5.548.286.916
328.830,915
3.065.823.267
2.524,273.231
51.951,497,250
37.055,916
2
,824.268.046
35
.450.000.000
3.639.757,490
The Bank of Germany, in its report for the fourth
week of February, showed an increase in note circulation of 615,350,000 marks, raising the total of that
item to 4,268,220,000 marks, as against 3,465,227,000
marks in 1927 and 2,822,325,000 marks the year before. Other daily maturing obligations decreased
113,154,000 marks, while other liabilities rose 6,493,000 marks. On the asset side reserve in foreign currency decreased 13,135,000 marks, silver and other
coin 15,849,000 marks, notes on other German banks
16,077,000 marks and investments 17,000 marks.
Gold and bullion increased 2,087,000 marks, deposits
abroad 2,094,000 marks, bills of exchange and checks
411,563,000 marks, advances 94,537,000 marks and
other assets 45,580,000 marks. Below we give a
comparison of the various items of the Bank's return
for three years past:
1407
REICHSBANICT COMPARATIVE STATEMENT.
Changes for
Week.
Feb. 29 1928. Feb. 28 1927 Feb. 27 1926.
Reichsmark:. Reichnnarks. Reichsmark*. Reichsmark:.
Assets—
Gold and bullion
Inc. 2,087,000 1,888.350.000 1,833,867.000 1.382.388,000
Of which depoe abed_Inc. 2.094.000
85.626,000
93.007.000 190.350.000
Reeve in forn cum_ _ _Dee. 13.135,000 281.953,000 203,933.000 460.796.000
Bills of exch.& checks Inc. 411.563,000 2.242.275.000 1,643.795,000 1.345.962.000
Silver and other coin_ Dec. 15.849.000
67.666.000 132.477.000
88.551,000
Notes on oth.Ger.bks_Dee. 16.077.000
7.143.000
8,923.000
10.187,000
Advances
Inc. 94,537.000 117,112.000
154.763.000
25,066.000
Investments
94.239.000
Dec.
17.000
92.640.000 234.247,000
Other assets
Inc. 45,580,000 551,823,000 506,205.000 783.312,000
LiatrUttles—
615,350.000 4,268.220.000 3,465.227.000 2,822,325.000
Notes In
0th daily matur.oblig.Dec. 113,154,000 507.035.000 539.358.000 585.876.000
Other liabilities
Inc. 6,493,000 221.285.000 212,145,000 613,704,000
Quotations on the New York money market were
practically stationary throughout the week, all departments of the market remaining quiet and moderately firm. Transactions in demand loans were
closed at the undeviating rate of 43% on the Stock
Exchange, while in the outside or "street" market
funds were available every day at 4%. Calling of
loans by the banks was light, some $15,000,000
called Monday representing the heaviest demand of
the week. A more noticeable inquiry for time funds
was reported, which occasioned a slightly firmer
tendency in this department. Attempts to read the
probable future of the money market in the Treasury
announcement of March financing were made early
in the week. The rates on the refunding issues were
seen to be higher than those on the issues of the latter
part of last year. More significant, however, was
said to be the lack of any announcement regarding
the heavier maturities of next fall. Observers professed to believe that this indicated a Treasury expectation of better conditions for Government
operations later on. The financial community also
evinced great interest in the several reports of collateral loans just issued. The monthly compilation
of the New York Stock Exchange showed a contraction in such loans for February of $97,773,627. In
view of the undoubted liquidation of stocks in February such a decrease was looked for and occasioned
little comment. On the other hand, distinct surprise
was manifested at a decrease of $26,125,000 reported
for the week ending Wednesday by the Federal Reserve Bank of New York. Speculation for a rise in
stock values was apparent in the period covered by
the report and the drop in brokers' loans was therefore unexpected.
Dealing in detail with the rates from day to day,
the story this week is a short one, since the call loan
rate at the Stock Exchange on each and every day of
the week has ruled at 434%,this including renewals.
Rates for time loans remain unchanged at 4%@,4%%
for thirty days(though the quotation for this maturity
at one time during the week was 4)4,@4%%),4%
for sixty days, and 43"
(444%% for ninety days and
2
for four, five and six months. Commercial paper
rates have stiffened and the quotation for four to six
months' names of choice character is now 4@431 %.
.
For names less well known the quotation is 43j@
For New England mill paper the quotation
is 4%@4Yi%.
In the market for banks' and bankers' acceptances
the posted rate of the American Acceptance Council
for call loans against acceptances has again remained
unchanged at 33/2%. The posted quotations of the
Acceptance Council for prime bankers' acceptances
eligible for purchase by the Federal Reserve banks
also remain unchanged at 3/% bid and 33.% asked
1
for bills running 30 days, 33/2% bid and 3 8 asked
%
1408
FINANCIAL CHRONICLE
[VoL. 126.
for bills running 60 days, 3%% bid and 332% asked vailed at the end of last year, although they do not
4
for 90 days, 33 % bid and 3%% asked for 120 days expect any marked recession for several months to
and 3Y% bid and 3% asked for 150 and 180 days. come.
London foreign exchange operators express some
Open market rates are likewise unchanged as follows:
doubt as to the continuance of the present close
SPOT DELIVERY.
—180 Days— —150 Dags--- —120 Days— co-operation between central bank authorities here
diked.
Bid.
Asked.
Bid.
Asked.
Bid.
1131
3H
334
331
1131
314
Prime eligible bills
and in England. Should their views in that respect
—90Dap— —60 Days-- —30 Days—
Asked. be substantiated by events, sterling might of course
Bid.
Asked.
Bid.
Asked.
Bid.
334
331
354
334
334
334
- Prime eligible bills
react adversely, but such views are at most merely
FOR DELIVERY WITHIN THIRTY DAYS.
334 bid speculative opinions addressed
le member banks
to those who take an
331 bid
Eligible non-member banks
opposite technical position from their own. The
There have been no changes this week in Federal financial affairs of many countries, and especially of
Reserve Bank rates. The following is the schedule Great Britain, have so far resumed their normal
of rates now in effect for the various classes of paper aspect that there is hardly the same necessity as
existed a few years ago for the support of foreign
at the diferent Reserve banks:
money policies through central bank co-operation.
DISCOUNT RATES OF FEDERAL RESERVE BANKS ON ALL CLASSES
Of course, what the London bankers hope for is such
PAPER.
AND MATURITIES OF ELIGIBLE
co-operation as might enable the Bank of England
Previous
Rate in Effect
Date.
Bale.
Established.
an Mar.9.
Federal Reserve Ban*.
to lower its rediscount rate from the present 43/2%
4
Feb. 8 1928
334
Boston
level. The argument is that a lower rate would
Feb. 3 1928
4
334
New York
334
4
Feb. 16 1928
Philadelphia
prove stimulating to British trade. All hope of a
314
Mar. 1 1928
4
Clevelsoa
Jan. 27 1928
334
4
Richmond
lower rediscount rate vanished when the Federal
4
Feb. 11 1928
334
Atlanta
4
Jan. 25 1928
354
Chicago
eserve banks increased their rate to 4% last month.
4
Feb. 21 1928
334
St. Louis
4
Feb. 7 1928
334
Minneapolis
the course of his testimony before the Congressional
4
Feb. 10 1928
3
Kansas City
4
Feb. 8 1928
3
Dallas
committee investigating the status of brokers' loans
4
Feb. 4 1928
San Francisco
Governor Roy A. Young, of the Federal Reserve
Board, intimated the possibility of a reduction in the
Sterling exchange has been fairly active and ra
are slightly higher than on Friday of last week. As rediscount rate of the Federal Reserve banks in the
during the past month, whatever activity the ii. rket East, irrespective of what rediscount rate policy
displays seems to be confined to the first two or three may be pursued by other Federal Reserve banks.
days' ttading, after which transactions show a ten- While this was probably meant for nothing more than
dency to thin out. As a consequence, trading on an emphasis on the idea of autonomy on the part of
Thursdays and Fridays shows greater irregularity. each Federal Reserve bank with respect to its redisThe range this week has been from 4.879' to 4.875 count rate policy, and not as an assertion of an
%
for bankers sight, compared with a range last week impending event, foreign exchange traders, especially
of from 4.87 5-16 to 4.87 11-16. The range for cable in London, seemed to take comfort in the idea and
4
transfers has been from 4.873 to 4.88, as compared to renew their hope of the adoption of a lower rediswith 4.87 11-16 to 4.88 1-16 a week ago. Taken as a count rate by the Bank of England at no distant date.
London bankers express considerable concern over
whole, these quotations must be considered as decidedly firm, when it is remembered that the par is the prospect of gold withdrawals by the Bank of
4.8665. Bankers say that day-to-day fluctuations France. It is generally believed in the City that the
are due almost altogether to fluctuations in the de- object of the visit of Governor Moreau of the Bank
mand and supply of money in London and New of France some days ago was to discuss with Montagu
York. Although collateral loan rates have been Norman, Governor of the Bank of England, the
steady for more than a month in New York at from condition under which the Bank of France could
43.1% to 432% for call money and at 432@4%% purchase a large amount of gold with a minimum
for time money against Stock Exchange collateral, disturbance to the market. Mr. Moreau's journey,
nevertheless the demand for this class of accommo- A will be recalled, coincided with the removal of the
dation has fallen off materially in recent weeks, and 2% turnover tax on gold imports, with the withthis decline has caused a transfer of funds to the drawal of part of the Bank of France gold deposit
London market, regardless of whether or not the with the Bank of England, and with the publication
rates for short-term money in London move up or of articles in the French press emphasizing the necesdown. In addition to this factor, giving rise to the sity of gold purchases. These circumstances united
demand for sterling exchange, there is the continued to confirm the impression that the Bank of France
influence arising from the transfers of loan proceeds intends to resume gold purchases in London. There
and currently there seems to be an extraordinary have been no French gold purchases there since last
transfer of funds for investment in shares quoted on June. London bankers say that despite the increase
the London market and for other forms of participa- in gold reserves of the Bank of England during the
tion in British investments that are not dealt in on the past few months, a withdrawal of several million
New York Exchange. A large part of the firmness is pounds would be a considerable inconvenience to the
attributable to the fact that there is an oversupply market. Even were the French purchases to be made
of dollar exchange in London and many other cen- from open-market gold, London authorities assert
ters and a comparative lack of sterling and other bills, that the chances of a lower Bank rate would be seriso that there is competitive bidding for sterling and ously jeopardized. Undoubtedly until the French
a few other exchanges not only in New York but in policy becomes entirely clear, the London authorities
other capital cities. London bankers seem well will act with the greatest caution. The British finansatisfied with current quotations for sterling exchange. cial year ends on April 30th. If the French policy
but appear to be less optimistic as to the prospects becomes clarified by that date, which seems hardly
in the near future. That is to say, they are less possible, a reduction of the Bank of England rate
inclined to lookifor the high quotations which pre- might be looked for. The Bank of England's gold
Men. 10 1928.]
FINANCIAL CHRONICLE
holdings are £7,140,000 greater than they were a
year ago.
This week the Bank of England shows a gain of
£648,149, which contrasts with a loss last week of
£667,855. On Monday the Bank of England received £250,000 in sovereigns from South Africa. On
Tuesday the Bank of England bought £335,000 in
gold bars, The shipment of sovereigns from South
Africa was the first received from that source for
some time. At the Port of New York the gold movement for the week, March 1-7, as reported by the
Federal Reserve Bank of New York, consisted of imports of $43,000, chiefly from Latin America. Exports were $12,101,000, of which $11,923,000 went to
France and $100,000 to Venezuela. It will be recalled that last week there was a shipment of $7,500,000 to France from the Bank of France earmarked
supply in New York. Concerning this shipment, the
Federal Reserve Bank of New York issued the following statement: "We are authorized by the Bank of
France to announce that the gold valued at approximately $11,900,000 exported to France during the
past week represents gold which has been held for
some time by us under earmark for the Bank of
France." National Bank of Commerce in New York
will ship $7,133,940 in gold to Rio de Janeiro to-day
(March 10) for the account of White, Weld St Co.
The bank is also shipping $2,000,000 in gold to
Buenos Aires. The American Exchange Irving Trust
Co. also announced yesterday (March 9) that it had
arranged a shipment of $750,000 gold to Buenos Aires.
Besides this, Louis Dreyfus & Co. are shipping
$1,500,000 gold to Argentine, the Seaboard National
Bank $1,000,000, the Anglo-South American Banking
Corp. $1,000,000, and the French-American Banking
Corp. $250,000. There was no Canadian movement
of gold either to or from New York. Canadian exchange is firmer than at any time in several weeks.
Canadian dollars recorded a new high for the year at
1-16 of 1% discount, or $.999375. Bankers state
that owing to the mild winter, navigation on the St.
Lawrence will open earlier this spring, so that the
seasonal pressure on exchange will probably not last
as long as in most years. It is, nevertheless, not improbable that more gold may come from Canada this
season. Last year the seasonal pressure on Canadian
was not ended until later in March. If seasonal tendencies run true to form this year Montreal funds
should soon go to a premium, in which event it would
be logical to expect gold shipments from New York
to the St. Lawrence some time in April.
Referring to day-to-day rates sterling on Saturday
last was steady, moving up 1-16 from Friday's
A
close. Bankers sight was 4.873 to 4.87 15-32 and
4
cable transfers 4.873 to 4.87 27-32. On Monday
the market was again steady, inclining to firmness.
The range was 4.87 13-32 to 4.87 9-16 for bankers
sight and 4.87 13-16 to 4.87 15-16 for cable transfers.
On Tuesday sterling was in demand. The range was
4.87 7-16@4.87% for bankers sight and 4.87%@
4.88 for cable transfers. On Wednesday sterling was
a shade easier. The range was 4.87 7-16@4.87 9-16
for bankers sight and 4.87 13-16@4.87 15-16 for
cable transfers. On Thursday the.market was dull.
/
Bankers sight was 4.8738@4.873/ and cable transfers
/.
@
4.8734@4.8778 On Friday the range was 4.872
/
1
/
4.87% for bankers sight and 4.87%@4.88 for cable
Closing quotations yesterday were
transfers.
4.87% for demand, and 4.88 for cable transfers.
2
Commercial sight bills finished at 4.873/, 60-day
1409
bills at 4.83 13-16, 90-day bills at 4.823, documents
for payment (60 days) at 4.83 13-16, and 7
-day
grain bills at 4.86%. Cotton and grain for payment
closed at 4.873/2.
In the Continental exchanges the activity is practically confined to German marks and Italian lire,
although the interest of the market is directed rather
toward French francs, owing to the exports of, gold
from London and New York to Paris, the uncertainties surrounding the Bank of France future gold
policy, and the question of legal stabilization of the
franc. This week the Bank of France shows the
large increase of 591,700,000 francs in sundry assets,
which include the bank's holdings of foreign exchange. In the remarks above on sterling exchange
the anxiety of the London bankers with respect to
the Bank of France gold policy has been mentioned.
It has also been noted that the Bank of France withdrew this week $11,903,000 in gold from its earmarked gold in New York. It would appear that
the total earmarked withdrawals from New York by
the Bank of France since Feb. 23 amount to $19,403,000. Since December withdrawals amount to
$25,000,000. Paris dispatches state that a French
financial mission is preparing to visit New York, and
while no details have been given out respecting the
nature of its conferences, bankers believe that its
main subject will treat of the transfers of gold from
New York to Paris in connection with preparations
for French return to the gold standard in the spring,
probably not later than May. It is also believed
that moral support of some sort will be solicited to
assure the success of stabilization. In a statement
made in the French Senate on March 7 Premier
Poincare in reply to inquiries asserted concerning
the large total of sundry assets of the Bank of France:
"The purpose of the purchases which have been
made has been to permit the Bank of France to
combat speculation. As to the exact amount that
has been bought, you will not get me to name it,
for such information could be used abroad and would
rob the Bank of France of a valuable weapon in the
operations it has begun." Money continues extremely easy in France and trade and industry active.
German marks continue firm, ruling well above
par. The mark has been in somewhat greater demand this week, resulting, as during the past several
weeks, from transfers of funds to supply the money
market and from proceeds of loans. The slightly
firmer tone of the mark this week as compared with a
week ago is due to a sharp rise of money rates in
Berlin in connection with first-quarter settlements.
Foreign loans placed for German account in February
aggregated 108,000,000 marks, as compared with
approximately 87,000,000 marks in January. Steady
improvement in business conditions and large
increase in German national savings are resulting in a
freer distribution of local credt. It would seem that
the home loans in February totaled approximately
233,000,000 marks. However, the home capital
market is a long way from being able to take care of
credit requirements, so that money rates must continue high and extensive foreign borrowings must
go on for at least the rest of this year.
Italian lire are in demand, due as stated on several
occasions recently, to the transfer of funds to Italy
as the result of restored confidence. The Bank of
Italy lowered its rediscount rate to 63% on March
6 from 7%, where it stood since June 18 192.5.
1410
The reduction has been expected ever since Italy
went on the gold basis in December. It is believed
that a further reduction will be made in the near
future to conform more nearly with the rediscount
rates effective in gold standard countries. Italy has
published a decree establishing limits of fluctuation
of the lira. Decriptions of the new decree are vague,
but mention that gold points of 18.9 and 19.1 lire
to the dollar have been established, which probably
means that the Bank of Italy will sell foreign exchange on demand at 18.9 and buy at 19.1 to the
dollar. These rates are equivalent to 5.29 cents and
. 33/i cents.
52
The London check rate on Paris closed at 124.03
on Friday of this week, against 124.02 on Friday
of last week. In New York sight bills on the French
centre-finished at 3.935, against 3.93% a week ago;
cable transfers at 3.9334, against 3.93%, and commercial sight bills at 3.92 15-16, against 3.924.
Antwerp belgas finished at 13.93 for checks and at
13.94 for cable transfers, as against 13.9234 and
13.9334 on Friday of last week. Final quotations for
Berlin marks were 23.90 for checks and 23.91 for
cable transfers, in comparson with 23.88 and 23.89
%
a week earlier. Italian lire closed at 5.281 for
%
bankers' sight bills and at 5.283 for cable transfers,
as against 5.28 and 5.283. last week. Austrian
.
/
schillings have not been changed from 141 s Ex.963/s,
finished at 2
change on Czechoslovakia
Bucharest at 0.6134, against
against 2.9634; on
0.61; on Poland at 11.20, against 11.20, and on
Finland at 2.52, against 2.52. Greek exchange
dosed at 1.323 for checks and at 1.3234 for cable
%
transfers, against 1.3234 and 1.323 a week ago.
In the exchanges on the countries neutral during
the war interest this week centers on Holland guilders.
This unit has been under pressure in recent weeks.
The pressure is attributed to Dutch monetary conditions and to the probability of a lower Netherlands
Bank rediscount rate. The bank rate has been 432%
since Oct. 13 1927. The major factor in the present
decline, however, has been the sharp decline in
the prices of rubber, as lower rubber prices will
ultimately be reflected in smaller returns to Holland
from plantations in the colonies. On Wednesday
bear operators in the London rubber market forced
the spot rubber price down to an even shilling, the
lowest level since 1924. The Scandinavian exchanges are quiet and steady. Spanish pesetas,
owing to bear operations, were forced down 1334
points this week to a closing figure of 16.7434 for
checks. On Wednesday they sold at 16.70, a new
low for the year.
Bankers' sight on Amsterdam finished on Friday
at 40.19, against 40.20 on Friday of last week; cable
transfers at 40.2354, against 40.22, and commercial
sight bills at 40.18, against 40.17. Swiss francs
%
closed at 19.243 for bankers' sight bills and at
for cable transfers, in comparison with
19.253/2
19.243 and 19.25 a week earlier. Copenhagen
checks finished at 26.7734 and cable transfers at
26.785/2, against 26.78 and 26.79. Checks on Sweden
closed at 26.83 and cable transfers at 26.84, against
26.84 and 26.85, while checks on Norway finished at
26.6234 and cable transfers at 26.633/2, against
26.63 and 2.64. Spanish pesetas closed at 16.7434
for checks and at 16.753/ for cable transfers, which
compares with 16.88 and 16.89 a week earlier.
[Vol,. 126.
FINANCIAL CHRONICLE
The South American exchanges are quiet and continue exceedingly firm, a condition particularly manifest with respect to Argentine exchange. As frequently stated here recently, the firmness in the
South American exchanges is due to the rich harvests
and to the recently inaugurated financial reforms,
which have resulted in large imports of gold. This
week £250,000 have been shipped to Buenos Aires
direct from South Africa and £450,000 are scheduled
for shipment today. Brazil has taken £1,000,000 and
has contracted for an additional £1,000,000. Further
large shipments of gold have also been arranged for,
from New York the present week both to Brazil and
Argentine as related at length above. As the result
of the large gold imports during the past year money
is easy and trade is improving by reason of increased
available credit in Buenos Aires. It is feared, however, that there will be a reversal of the trend in the
third quarter of the year. By that time the export
of the crops will have been completed and there will
be a seasonal demand for foreign exchanges by the
importers. The service of the external debt will also
require heavy transfers during the last quarter of the
year. These factors, it is believed, should bring about
an adverse movement in Argentine exchange, which
in turn will provoke an efflux of gold. The Argentine
press points out the disadvantages of the country's
currency supply being regulated by the fluctuations
of foreign trade and emphasizes the urgency of a
currency reform, which would enable the Banco, de la
Nacion to assume control of the money market and
regulate the supply according to domestic requirements. Argentine paper pesos closed yesterday at
42.75 for checks, as compared with 42.75 on Friday
of last week, and at 42.80 for cable transfers, against
42.80. Brazilian milreis finished at 12.07 for checks
and at 12.08 for cable transfers, against 12.07 and
12.08. Chilean exchange closed at 12.19 for checks
and at 12.20 for cable transfers, against 12.19 and
12.20, and Peru at 3.91 for checks and at 3.92 for
cable transfers, against 3.91 and 3.92.
FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
BANKS TO TREASURY UNDER TARIFF ACT OF 1922,
MAR. 3 1928 TO MAR. 9 1928, INCLUSIVE.
Country and Monetary
Ural.
Noon Buying Rate for Cable Transfers to New York.
Value In United States Money.
Mar. 3.
EUROPE$
Austria.schIll Mg
.140780
Belgium. beige
.139311
007219
Bulgaria, lev
Czechoslovakia, krone .029624
.267886
Denmark. krone
England, pound Btu
4.877869
sterling
025170
Finland. markka
039330
France, trans
Germany, reichsmark 238860
013221
Greece. drachma
402238
Holland, guilder
.174696
Hungary, pengo
11a27. 11ra
.052818
.266355
Norway, krone
Poland. zloty
.112527
Portugal. esou(10
.046670
Rumania.leu
.006144
3pain, peseta
.168870
3weden. krona
.268425
3witterland, franc__ .192491
Yugos1avia, dinar__ .017593
ASIA:ihInaChalon tael
.649583
Hankow tael
645833
629017
Shanghai tael
Tientsin tael
664791
Hong Kong dollar- .496696
Mexican dollar_
.452500
Tientsin or Pelyang
451666
dollar
Yuan dollar
448333
India, rupee
364885
.468596
'engin. yen
Ihigapore(S.S.)dollar. .564583
NORTH A MER..998389
3anada, dollar
1.000718
3uba, peso
1.lexlco. peso
.487625
4ewfoundland. dollar. .996531
SOUTH A MER.trgentina, peso (gold) .972301
.120208
Iraill, mitre's
.122093
3hile. peso
1.033416
7ruguay. peso
InIntat Al a mem,.
0404011
Mar. 5. Mar. 6.
Mar. 7.
Mar. 8.
Mar. 9.
$
.140700
.139306
.007200
.029821
.267877
8
.140740
.139348
.007200
.029623
.287892
11
.140825
.139358
.007220
.029625
.267885
$
.140852
.139353
.007250
.029621
.267835
$
.140784
.139355
.007211
.029625
.267843
4.878125
.025175
.039328
.238900
.013220
.402306
.174675
.052787
.266331
.112583
.046670
.006142
.168911
.288393
.192477
.017599
4.879275
.025180
.039333
.239004
.013217
.402383
.174876
.052787
.266331)
.112377
.046454
.006139
.167887
.268400
.192498
.017596
4.878238
.025175
.039327
.238997
.013223
.402333
.174691
.052847
.266297
.112516
.046270
.006140
.167370
.208388
.192526
.017599
4.877784
.025175
.039323
.239031
.013227
.402267
.174670
.052851
.266290
.112459
.046335
.006158
.187800
.268357
.192515
.017597
4.879122
.025185
.039329
.239017
.013228
.402373
.174602
.052830
.266309
.112345
.046435
.006164
.167455
.268363
.192505
.017593
.647500
.643750
.629464
.661666
.497232
.453500
.649583
.644583
.030267
.664583
.497321
.455000
.649375
.641041
.630303
.662708
.497946
.454500
.647708
.644375
.630125
.662708
.497707
.454250
.647916
.644166
.630000
.662916
.497678
.454500
.4153333
.450000
.364883
.468650
.585000
.455833
.452500
.365203
.409037
.565000
.455416
.452083
.365146
.469075
.565000
.454583
.451250
.365175
.469281
.565000
.455000
.451666
.365087
.469278
.565000
.998867
1.000593
.487833
.996500
.999058
1.000593
.487500
.996843
.999558
1.000593
.487333
.997187
.999409
1.000750
.487166
.997031
.998971
1.000687
.487166
.996656
.972418
.120220
.122085
1.034330
.972371 .972373
.120236 .120263
.122105 .122096
1.035290 ,1.035640
.990400 I .980400
.072432
.120236
.122002
1.036110
.980400
.972432
.120281
.122104
1.035860
.980400
09114110
MAR. 10 1928.]
FINANCIAL CHRONICLE
1411
Austria and the League. It is not the first time
that the Italian Premier has indulged in threats
and bluster, or flaunted the League as an agency
of intervention or conciliation, but no other speech
of his has expressed so openly his contempt for the
League, or revealed so clearly the political inconsequence of that body when a first-class power chooses
to challenge its authority.
The question of South Tyrol is an old one, and,
like most such questions, has more than one side.
The region belonged to Austria-Hungary until the
World War, when Italian victories conquered it for
Italy, and the peace treaties confirmed the acquisition. The population is partly Italian and partly
German, and until the Italian conquest both languages 'were commonly used. Under Italian rule
a good deal appears to have been done for the material improvement of the province, and considerable sums have been spent on public works of varimarked disinclination on the part of two ous kinds. In pursuit of its policy of Italianizing
Owing to a
or three leading institutions among the New York the province, however, the use of the German lanClearing House banks to keep up compiling the figures guage has been more and more repressed, instruction
for us, we find ourselves obliged to discontinue the in schools in German communities has been carried
publication of the table we have been giving for so on in Italian, and even the private teaching of Germany years showing the shipments and receipts of man to children, it is reported, has lately been forbidden. One result of the Government policy has
currency to and from the interior.
As the Sub-Treasury was taken over by the Federal been to nourish in the German-speaking population
Reserve Bank on Dec. 6 1920, it is also no longer a spirit of fundamental hostility to the Italian repossible to show the effect of Government operations gime, to keep alive the old feeling of regard for Auson the Clearing House institutions. The Federal tria, and to encourage the German-language newsReserve Bank of New York was creditor at the Clear- papers, some fifteen of which have been allowed to
exist, to carry on a more or less systematic caming House each day as follows:
paign of opposition to the Italian Government and•
DAILY CREDIT BALANCES OF NEW YORK FEDERAL RESERVE BANE
to urge the restoration of the province to Austria.
AT CLEARING HOUSE.
In Germany, where the hope of an eventual union
Aggregate
Baturday. Motukm, Tuesday, Wednesnr,1 Thursday, Friday. I
Mar. 9.
Mar. 7.
Mar. S.
for Week.
Mar.6.
Mar. 5.
Mar. 3.
between Germany and Austria has grown steadily
I
$
since the peace, the plight of the German minority
$I
100.000.000 101.000.000 105,000,000 102,000.000 113.000.000 91,000,000 Cr. 621,000.000
in South Tyrol has awakened much sympathy, alNote.—The foregoing heavy credits reflect the huge mass of cheeks which come
to the New York Reserve Bank from all parts of the Country in the operation of though the German Government appears sedulously
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 to have refrained from identifying itself in any. way
House institutions, as only the items payable in New York City are represented In
the daily balances. The large volume of checks on Institutions located outside of with the opposition agitation.
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
On Feb. 23 the question of South Tyrol suddenly
Bank for collection for the account of the local Clearing House banks.
flashed out in the Austrian Parliament. In the
The following table indicates the amount of bul- course of a routine debate on the budget, Deputy
Kolb, a member of the party to which Chancellor
lion in the principal European banks:
Seipel belongs, recounted at length the alleged
March 9 1927,
March 8 1928.
Banks of
wrongs of the Tyrolians in a speech which a correGold.
Sliver. I Total.
SUrer. I Total.
Gold.
spondent of the New York "Times" reported was
g
£
I
£ I £
£
£
157,898,057 150,753,0261
England__ 157,898.057
150,753.026
"with careful and sympathetic attention," and
Frances._ 147.220,416 13.717,592 160,938,008147,340,268113,680,000 161.020.268 heard
994,600; 88,044,395
Germany b 90.136,200 c994.600 91,130,800 87.049.795
a long and non-par104.208,000 27.907,000 132,115,000 103.280.0001 27.630.000130,910,000 which evoked from the chamber
Spain— - 49,288,000 45.741.0001 4,243.0001 49,984,000
49.288.0001
Italy
a number of other members
Netherrds. 36,266.0001 2,280,000 38,546,000 34.500,0001 2,309,000, 36.809.000 tisan ovation. After
Nat. Belli_ 21,221.0001 1,244.000 22.465,000 17,841.0001 1.135,0001 18.976.000 had
spoken, Chancellor Seipel, in what the same au0.9 .
12 18 03
Switzerl'cl. 17,304,000 2,498,000 19,802,000 17,914.000 3.004,0001 2 385 03
.0
12,960.00
Swedn.
thority characterized as "one of the most open
641,000 10,750.000 11,204,0001
843.000 12,047,000
Denmark. 10.109.0001
8,180.000, 8.180,000
I 8380,000
'Norway.. 8.180,00
speeches in his career," proclaimed that Austria
Total week 651,790,673 49.282,192 704,072,865636,188,089 53,838.600690,026.689
654.209.7271 49.228,623703,438.350 635,393,137 53.376.600688.769.737 feels on her heart the burden of oppression which
Prey. week
a Gold holdings of the Bank of France are exclusive of gold held abroad,amounting the Germans arbitrarily assigned to Italy by the
the present year to £74,572,836. b Gold holdings of the Bank of Germany are
exclusive of gold held abroad, the amount of which the present year is £4,281,300. peace treaties are suffering at Italy's hands." "Ausc As of Oct. 7 1924.
tria cannot and does not wish to interfere in the
Mussolini, South Tyrol and the
domestic affairs of any other country," he declared,
League of Nations.
"but she does have the right to discuss them in orthis country still think of the League derly and duly elected assemblies and public gatherThose who in
of Nations as a body in which the representatives of ings. . . . Austria is a free and independent
fifty-odd nations meet on a footing of equality, or country where free speech is recognized. She canto which the grievances of small nations or racial not appeal to the League of Nations nor can she
minorities may be brought with the assurance that directly take up with Rome the question of South
they will receive just and unbiased consideration, Tyrol, but she does rely on something which is highor in which "the pomp of power" or the arrogance of er than international traditions and rights, and that
personal or political ambition are afforded no op- is the conscience of the world."
Premier Mussolini replied to Chancellor Seipel, on
portunity for display, may well ponder last Saturday's outburst of Mussolini regarding South Tyrol, March 3, in a speech some of whose expressions were
The Far Eastern exchanges are extremely dull,
but steady. The steadiness is attributed by New
York bankers altogether to the lack of movement in
the market. Depreciation of the dollar as against
sterling exchange has led to keen competition between New York and South Africa to supply India's
gold demands. The selling price of gold from Durban
to Bombay has been reduced to Ms. 8d. per fine
ounce. Last week London dispatches recorded
direct shipments of gold from South Africa to India.
Closing quotations for yen checks yesterday were
46.92@47 1-16, against 46.83@47 1-16 on Friday
of last week; Hong Kong closed at 49.85@50 1-16,
,@63%, against
against 49.75@50; Shanghai at 6334
63@63 1-16; Manila at 49 9-16, against 49 9-16;
Singapore at 56%@563, against 56%@57; Bombay
/
at 365s, against 36%, and Calcutta at 36%, against
36/.
1412
FINANCIAL CHRONICLE
[voL. 12t.
certainly remarkable. "It is time to declare," he
There is small reason to expect that Mussolini,
said, "that insolent speeches, odious insinuations having openly rejected the League as a possible meand vulgar insults have only one result—to acceler- diator in the difficulty in South Tyrol, will consent
ate the turning of the Fascist vise and open an abyss to any effective investigation by the League of Italbetween two neighboring peoples. As much as it ian responsibility for the alleged illegal shipment of
is in our power we wish to be friends of the German arms to Hungary. Hungary, a small State, disworld, of which we recognize the good qualities and armed and without resource, will be investigated
appreciate the contribution brought to human civi- and perhaps censured, and the misconduct of other
lization, but one condition, that of our safety, name- small States will doubtless continue to be summarily
ly, the safety of 42,000,000 Italians, should not be dealt with, as on several occasions in the past, by poput even vaguely in question." If the German-lan- litical pressure from the larger Powers or by a threat
guage newspapers in South Tyrol, he announced, of armed force. Neither France nor Great Britain,
continued their anti-Italian agitation, they would however, desires to have any quarrel with Italy, and
be suppressed. As for submitting the question of the Italian Premier will probably be allowed to perminorities to the League of Nations, he continued, sist in his defiance of the League, if it accords with
all such talk is "nonsense." If Geneva "entered such his policy to do so, with no fear of outside interfera labyrinth it would never succeed or emerge. . . ence. Unless the appeal of Austria to what ChanThe League of Nations? Geneva? What a hope!" cellor Seipel calls "the conscience of the world"
The charges made in the Austrian Parliament of the brings a more tangible response than appears now to
ill-treatment of the German-speaking minority in the be in sight, the protest of Austria against what it
Upper Adige were, he declared, not only false, but regards as injustice in South Tyrol will be without
"superlatively ridiculous. We are not the pupils avail, and the German minority in the Upper Adige
of Austria, which for a whole century filled the will have no recourse save to submit as well as they
countries of half Europe with executioners, filled can to the Italianization which the Mussolini Govthe prisons with martyrs and erected scaffolds ev- ernment seems determined to enforce.
The attitude of Mussolini is particularly worth
erywhere."
"The League of Nations? Geneva? What a hope!" stressing because of the feeling on the part of a
Into those eight words Mussolini compressed the good many Americans that the United States made
substance of his whole attitude toward the League. a great mistake in staying out of the League, and
Ever since the time of the Corfu incident he has the continued expressions of hope that in due time
worked with the League when there was no rea- a way may be found for it to become a member.
son for doing otherwise, and neglected or openly There have been few more fortunate events in Amerdefied it when its intervention would have obstruct- ican history than the refusal of the Senate to ratify
ed the course which he intended to pursue. Austria, the Treaty of Versailles, or to adhere to the World
as Chancellor Seipel quietly pointed out, cannot ap- Court without large and important reservations.
peal to the League in behalf of a German minority Were the United States a member of the League, it
in South Tyrol, for the title of Italy to South Tyrol would find itself compelled to take sides with great
is, of course, good in law, the League is organized States or small ones in every controversy in which
to uphold the political system which the peace trea- the League was invoked, thereby involving itself
ties created, and minority rights are a provocative inextricably in the European and world quarrels
subject whose discussion rarely fails to occasion from which it has always been its policy to hold
hard feelings and sharp words. Mussolini will not aloof, at the same time that its own national intereven consider any reference of the Austrian com- ests would compel it to oppose League interference
plaints to the League because, as he intimates with in purely American affairs. The demonstrated inbrutal frankness, the League is hopeless.
ability of the League to exercise any real influence
Yet the attitude of Mussolini, startling as it may in controversies in which its more important metnseem at the moment, differs only in form from that bers assert a vital interest, offers convincing eviwhich the other great States that are members of dence of the serious embarrassments which the
the League have assumed from the first. Nothing United States has escaped, and the futility of thinkhas been farther from the thought of Great Britain ing that if it were a member it could aid in the soluand France, as well as of Italy, than to allow any tion of any international problem which the present
weighty issue to be settled in the League by a ma- members of the League are unable to solve for themjority of votes, or to permit questions of policy to be selves. As long as a Mussolini can hold the League
answered by reference to the wishes of the smaller at arms' length, it is better for the United States
States. The great Powers have dominated the to continue to deal with the League wholly as an
League from its inception, as they doubtless intend- outside body, co-operating with it where co-operaed to do when the League was formed. When on tion promises some useful result, and maintaining
occasion they have agreed, their decision has been friendly relations with all, but otherwise holding itfinal, and the other States have had no option save self entirely independent of an organization whose
to acquiesce. When they have disagreed, as they political influence has already been greatly dimmed,
often have, the result has been no action at all, and whose authority cannot suffer many more chalwhile in the face of open opposition or defiance the lenges such as Mussolini has given without ceasing
League has found itself helpless. For all practical to possess any real importance.
political purposes, the League has become a body
in which the representatives of the smaller States
The Fate of the Retailer.
do most of the talking, while the great Powers renPerhaps our caption should read "The Future of
der the decision and will only yield on matters con- the Retailer." But there is a difference. A future
cerning themselves when it suits their individual there is of some kind, though many men in the trend
purpose or desire.
of things foresee the extinction of the retailer. They
MAR. 10 1928.]
FINANCIAL CHRONICLE
1413
see him squeezed out by monopolies. They see him counter talks. We have read of a family that made
crushed by manufacturers. On the contrary, it is it a custom at table to.discuss the origin, preparaour conviction that his future is assured by the very tion and general consumption of the foods used from
service he can render and his fate, therefore, lies day to day. At least the practice was informing if
largely in his own hands. The history of the farm- not specially appetizing. Grocery and hardware
er and the retail merchant run along parallel lines— stores contain hundreds of articles about which litneither has made the most of his opportunities. The tle is known. Women know fashions better than
farmer, through his associations, many of which they know fabrics. This retail merchant who gathhave gone the way down to dusty death, learned that ers the production of the world and brings it to your
sowing and reaping and leaving the rest to nature door has and will always have a legitimate place in
was a poor business. He learned that co-operation business. He serves. But if he merely lays the goods
with nature was an imperative policy and that co- on the counter—take it or leave it—he has not filled
operation required knowledge—of soils, seeds, sea- his mission. He should know the history and quality
sons of sowing and reaping, of markets, local and of that which he dispenses—or he sinks to the level
foreign, of machinery, of costs of production, of dis- of a clerk behind a ten-cent store counter, who often
tribution and consumption. And he has saved him- knows practically nothing about the goods, and is
self as an individual in a great divisional class by not expected to know. Retailers who rise with the
putting this knowledge into practice. There can tide of trade can hold their own in the advance takbe no doubt that farmers as a whole are more intelli- ing place by knowledge and analysis.
Two competitors seem to predict dire things for
gent in their vocation than ever before.
The retail merchant is going through a similar ex- the retailer—chain stores and trade-marked goods—
perience. Pressed on all sides by growing competi- the former through direct local competition, the lattion, he is now taking stock of his position in trade ter through advertising and brands. Chain stores
and its growing requirements. He is the ultimate are of necessity automatic venders, employing agents
goods-gatherer of the world and in closest touch (clerks) of limited authority; manufacturers by
with individual consumers. He cannot, as of old, trade-marks and brands and perchance fixed prices
at the importunity of the traveling salesman, put tend to compel merchants to offer goods about which
into a "store" a heterogeneous mass of articles and (since so largely advertised) they know little more
products, regardless of his time and place in the than the discriminating purchaser. Mr. Lew Hahn,
scheme of things, and succeed. He must not only managing director of the National Retail Dry Goods
study the wants and needs of his community, he Association, recently in session in New York City,
must study the qualities and quantities of goods, in an interview put this matter of meeting the times
the tendencies of tastes and fashions, the tests of in the following succinct statement: "Either the reproduction and handling, the effects of mass pro- tailer," said Mr. Hahn, "is the sales agent of the
duction, and the reasons for growing competition manufacturer or he is the purchasing agent of the
and the changed methods that surround him. He community. If he falls in line with the type of discan only meet these new conditions by wider knowl- tribution which has been so successfully developed
edge, more intensive effort, and a spirit of adapta- by many great manufacturers who are advertising
bility to forces he cannot control. Just to sit down nationally, if he simply takes the merchandise and
don't
and wait for custom, having heedlessly chosen his says in his attitude towards the public:
it, since you
stock along old lines, will soon put him in a failing know what this thing is, but if you want
condition. He must, as in the old song, "be up and have asked for it, here it is,' he becomes simply the
doing with a heart for any fate."
selling agent of. the manufacturer, and his imporas bad as they seem. Danger tance to his community inevitably must be dwarfed.
Things are never
squarely met is half overcome. No man can stand . . . On the other hand, if he chooses to continue
still with everything moving around him. There is regarding himself as the purchasing agent of the
a saying "time does not pass; we pass." We do not community, then he must buy his merchandise with
believe the retail merchant, the individual goods. a specialized knowledge of the needs of his commugatherer, is in danger of extinction. But the former nity and with a knowledge of merchandise." As we
merchant is doomed, rather he is becoming the new write, it is stated that Montgomery Ward proposes
merchant who intensively studies his own business, to put in chain stores And we wonder if this can
and fits himself into a new place by his acuMen, en- be made consonant with the very certainly correct
•ergy and self-reliance, and while we do not depre- principle enunciated by Mr. Hahn.
of
But there is another thing involved in all this
cate advertising, now an established necessity .
nor "live-wire" methods of displaying goods contention—we put it in the form of a question:
trade,
if used in moderation, there is a far deeper concern Do not these widespread movements tend to the esto be met, and that is in fitting the particular busi- tablishment of indifference on the part of the merness of the individual merchant into a changed en- chant in that he shirks the advising of the customer.
vironment. Retail merchandising is enlarging its In the old days, when a man's word was his bond,
scope. The old general store is becoming a minia- there were thousands of satisfied customers in every
ture department store. The grocery or dry goods community who would not buy an article save upon
store in a limited way is becoming a mail order the assurance of their merchant that it was "all
house. And in any county seat town the adoption wool and a yard wide." There is roam for the reand stressing of these methods, coupled with the juvenation and expansion of this condition. Every
reputation of reliability, is even now forestalling year the "prestige" of the new merchant, who takes
pains to give his customers what they want at a
certain kinds of competition.
too much printing of prices—without fair price, conscious of his responsibility, grows.
There is
giving any reason for the changes. Even the coun- He becomes in fact the new old merchant honored
try merchant should enlighten his customers as to and liked whose "trade" cannot be taken away from
the reasons why—in his advertising and over the him.
•
1414
FINANCIAL CHRONICLE
[VoL. 126.
Gross and Net Earnings of United States Railroads
for the Month of January
The January returns of earnings of United States
railroads make an auspicious opening for the new
year. In saying this, however, we do not mean that
they show actual improvement in either gross or net
earnings as compared with the corresponding results
in the previous year, for such is not the case, but
that the comparisons are far less unfavorable than
were those for November and December, when indeed
a shrinkage occurred of such dimensions as to be
positively alarming. In the aggregate, January
gross and net earnings alike the present year are
smaller than they were in January last year, but
both the ratio and the amount of the falling off is
on a greatly diminished scale, making the outlook
for these great transportation systems far less
gloomy than it appeared only a brief thirty days ago.
In November our compilations showed $58,159,905
loss in gross, or 10.37%, and $32,544,547 loss in net,
or 20.53%, while for December the falling off in
gross was found to be $59,294,705, or 11.28%, and
the falling off in the net $28,169,018, or 23.76%.
As against these extremely unfavorable comparisons
for the months mentioned, our tabulations now for
January record a decrease in gross of no more than
$30,161,749, or 6.20%, and in net of only $5,558,796,
or 5.18%, as will appear from the following summary showing the grand totals for the two years:
ing been especially marked in the case of the yield in
Texas, Oklahoma and Arkansas, and the loss here
finds reflection in the diminished receipts of cotton
at the gulf ports—Galveston having received only
169,568 bales in January 1928 against 290,205 bales
in January 1927, Texas City, &c., only 140,215
bales against 337,502 bales, and New Orleans 144,493 bales against 241,145 bales.
The most serious adverse circumstance, however,
was the great falling off in the coal traffic, partly
owing to the mild weather and the reaction in general trade, but partly also to other causes, and the
contrast with 1927 was all the more noteworthy because in that year almost everything combined to
swell the amount of coal mined to unusual and very
exceptional proportions. The feat (subsequently realized) of a nation-wide suspension of mining in the
soft coal regions of the country on April 1 kept mining in the bituminous districts at top notch. The
railroads stocked up with coal to be prepared for
eventualities and there was at that time some coal
still going out on export orders from abroad given
the last half of 1926, while the British miners were
on strike. That was a circumstance of special advantage to the railroads serving the Pocahontas re
gion which were then in enjoyment of huge gains
in gross and net earnings alike, arising out of
1928.
Month of JannarV—
1927.
Inc.(+) or Dec.(—).
the large demand for coal then prevailing on home
239.476
238,608
Mlles of road (184 roads)___
+868 +0.36%
3856.520.897 $486,722,646 —230.161,749 —6.20% account as well as on foreign.
Gross earnings
362.570,257 387.173,210
Operating expenses
—24.661,946 —6.35%
79.41%
79.55%
Ratio of exp. to earnings
—0.14%
Contrariwise, the present year everything seemed
Net earnings
$93,990,640 899,549,436 —$5,558,796 —5.58% to combine to
reduce coal mining to the lowest point
It is to be borne in mind that in comparing with —the mild weather, the diminished activity of genJanuary 1927 we are comparing with rather indif- eral trade, and the further fact that preceding the
ferent results as to both gross and net earnings and strike of 1927(which lasted from April 1 to the early
due weight should of course be given to that circum- part of October when some kind of a truce was
stance. Nor on the other hand should the fp.ct be patched up but which in many fields did not prove
overlooked that in January the present year the enduring) consumers and dealers alike had stocked
railroads had decidedly unfavorable conditions to up with coal far beyond immediate needs and had not
contend with in nearly all respects except that the yet worked off their surplus supplies even in Januweather was extremely mild virtually everywhere ary 1928.
To realize the effect of all this in reducing railand that there were no obstructions from ice or
snow to interfere with the running of trains, thereby road traffic the present year, it seems only necesavoiding the additions to expenses and to cost of sary to point out that for the four weeks ending Jan.
operation that often is incidental to railroad oper- 28 in the current year, the production of bituminous
ations during the Winter months. Trade reaction, coal in the United States aggregated only 40,558,000
with a corresponding lessening of the volume of tons, as compared with 53,834,000 tons in the corretraffic over the railroads, was in evidence nearly sponding four weeks of 1927. The anthracite careverywhere. It is true that there was a marked re- riers, on their part, suffered from a diminished devival in the steel trade, and also in the automobile mand for coal on account of the mild weather and
industry with the resumption of operations at the also because much oil is being used as substitute for
Ford plants, but the revival hardly extended outside coal.
these two divisions of activity, while even in the steel
There may be said to have been only one section
trade, operations did not quite equal those of the of the country which enjoyed a distinct advantage
same months of 1927, notwithstanding the revival. over the previous year by reason of generally tinComplaints were almost universal concerning the proved conditions and in this we are referring to
slackening of trade; and in the South, where actual the Spring wheat districts of the Northwest, where
trade prostration was noted all through 1927, little the large Spring wheat crop of 1927 (the crop having
or no real relief has as yet been experienced in been roughly 50% in excess of the poor crop of the
1928, though there are now some indications of a preceding year) worked a complete transformation
change for the better. As far as railroad traffic is in the economic condition of the population. The
concerned, moreover, the fact that the cotton crop of advantage to the roads serving that part of the
1927 proved so much smaller than the huge crop of country has been twofold: (1) by increasing the
the previous year, was a faCtor of no small moment quantity of wheat to be moved out over the roads
in reducing tonnage and revenues in January 1928. and (2) in augmenting the purchasing power of the
Particularly true is this statement in its application population, thereby increasing the volume of gento Southwestern roads, the falling off in the crop hav-• eral and miscellaneous freight to be carried. Of
Mn.10
1928.]
FINANCIAL CHRONICLE
1415
the few gains in gross earnings recorded by sepa- showed large gains in January 1927 and now shows
rate roads or systems the greater part are supplied large losses in January 1928. On the Chesapeake
by the railroads traversing that part of the coun- & Ohio this year's falling off is $1,054,644 in gross
try. The mild weather at the same time enabled and $637,641 in net; on the Norfolk & Western, $1,these roads to effect savings in expenses and ac- 545,050 in gross and $613,398 in net, and on the Vircordingly we find the Milwaukee & St. Paul report- ginian Railway, $477,187 in gross and $347,582 in
ing $191,352 increase in gross and $492,200 increase net. In the case of the distinctive Southern roads,
-those connecting with or runin net; the Northern Pacific $487,999 increase in the Florida roads
gross and $262,848 increase in net and the Great ning through Florida-still continue to run behind
Northern $264,746 increase in gross and $148,927 and January, of course, is one of the months when
in net. The generally improved situation in that travel to the Winter resorts is especially heavy. The
part of the country is also reflected in the good re- Atlantic Coast Line shows $888,871 loss in gross and
turns of earnings made by such systems as the Bur- $402,880 loss in net; the Florida East Coast, $658,lington & Quincy and the Union Pacific; the former 505 loss in gross and $114,264 loss in net; and the
shows $755,339 gain in gross and $721,804 gain in Seaboard Air Line,$673,390 in gross and $156,091 in
net, while the Union Pacific has bettered its gross net. Elsewhere in the South, however, comparisons
by $1,365,670 and its net by $594,375. One or two are getting better. The Southern Railway Co. reroads in Texas which are profiting by the wonder- ports for the month only $572,154 decrease in gross
ful development of north Texas, more particularly (barely 5%), and no more than $38,942 decrease in
the Texas & Pacific, which registers $599,843 in- net. The Southern Railway System has done quite
crease in gross (nearly 20%) with $299,512 increase as well, with $772,781 loss in gross and $101,952
in net, are likewise distinguished for larger totals loss in net. The Louisville & Nashville suffered
of gross revenue, but elsewhere losses in gross are a shrinkage in gross of only $447,226 (less than 4%)
distinctly the rule, in many cases, particularly in the and in the net of no more than $65,162.
In the Southwest the Southern Pacific Lines
case of the coal carrying systems, for quite large
show $663,767 decrease in gross and $219,701 in net,
amounts.
On the other hand, however, in the Inatter of and the Missouri Pacific $396,704 decrease in gross
the net earnings the comparisons are by no means and $202,974 in net. The Atchison System has fallen
uniformly unfavorable. In truth, aided by the mild behind no less than $3,747,354 in gross, and $2,397,weather, not a few railroad systems were able entire- 484 in net. The St. Louis-San Francisco, on the
ly to offset, and more than offset, losses in gross other hand, shows only $396,704 decrease in gross
earnings by savings in expenses, thereby affording and $202,974 decrease in net. In the following we
actual gains in net. Naturally the roads in the Mid- show all changes for the separate roads for amounts
dle and Middle Western States, where are located the in excess of $100,000, whether increases or decreases.
country's great manufacturing industries, and where and in both gross and net:
also are found the larger coal mines, have suffered
PRINCIPAL CHANGES IN GROSS EARNINGS FOR THE MONTH
the heaviest losses in gross earnings, but here also
OF JANUARY 1928.
Decrease.
Increase.
are to be found the most conspicuous instances of Union Pacific (4)
417.295
$1,365,670 Pittsburgh & Lake Erie..
408,249
Chicago Burl & Quincy_ _
755.339 Central Vermont
savings in expenses. A striking instance of the kind Texas & Pacific
404.422
599,843 St Louis-San Fran (3).... _
402,193
Northern Pacific
487.999 Chicago &Easternlllinois
is furnished by that premier railroad system of the Great Northern
396,704
264,746 Missouri Pacific
St Paul
country, the Pennsylvania Railroad, which suf- Chic MilwCentral & Pac 191,352 Chicago & North West_ _ 390.279
390.204
Michigan
153.752 Del Lack & Western_ _
Denver & Salt Lake_ _ _
Illinois Central
fered a loss of $5,633,609 in gross, but managed to Chic St Paul Minn & Om 121.083 Colorado & Southern (2) 387.429
358.431
102.971
313,647
Central of Georgia
convert this into a gain of $1,294,490 in net through
312.191
Total (12 roads)
$4,042,755 Boston & Maine
292,786
Decrease. Ciev On Chic & St Louis
reductions in expenses. However, considerable ir- Pennsylvania
261.146
$5,633,609 Erie (3)
246,284
Atch Top & S Fe (3)___ 3,747.?54 Wheeling & Lake Erie_ _ _
regularity in the character of the exhibits of earn- Baltimore & Ohio
237.041
2.474,717 New Orl Tex & Mex (3)
233.535
New York Central
02.151,081 Internat Great Northern
227.092
ings, gross and net, is shown everywhere. The Bal- Norfolk & Western
1.545,050 Central of New Jersey__
214.805
1,054,644 Maine Central
Chesapeake & Ohio
192,941
timore & Ohio suffers a loss in gross for the month Reading
975.301 Bessemer & Lake Erie_ _ _
182,562
888,871 Buff Roch & Pittsburgh
Atlantic Coast Line
173.894
695.818 Yazoo dr Miss Valley__ _
of $2,474,717 and of $921,555 in net. The New York Lehigh Valley
156.833
673,390 Chicago & Alton
Seaboard Air Line
137.143
663,767 West Jersey
Central reports $2,151,081 loss in gross but only Southern Pacific (2)- - 658,505 Clinchfleld & Seashore.. 131.215
Florida East Coast
127.381
Southern Railway Co-_ _
5572.154 Pittsburgh & West Va
$113,758 in net. In all these cases, it should be re- Missouri-Kansas-Tex (2) 549,030 Pere Marquette
127.075
113,198
547.433 Detroit Toledo & Ironton
membered, the mild Winter was an important factor NYNH& Hartford
110,174
477,187 N Y Chicago & St Louis..
Virginian
460,723 Monongahela
104,593
Western
in enabling the managers to keep expenses well in DelawareMaryland
444,868 Nashv Chatt & St Louis..
100.398
& Hudson_
447,226
Louisville & Nashville_ _ _
The Erie lost only $202,762 in gross, and man- Chic R I & Pacific (2)__ 421.959 Total(62 roads)
hand.
$32.633,827
aged to convert this into a gain of $393,568 in net a These figures merely cover the operations of the New York Centra
the
by cutting expenses in amount of $596,330. Down Itself. Including"Bigvarious auxiliary and controlled roads, like the Michigan Central, the
Four," &c., the result is a decrease of $2,716,583.
b This is the result for the Southern Railway proper. Including the Alain New England the New Haven Road makes much
& Texas Pacific, the
the same kind of a showing. It reports $547,433 de- bama Great Southern, the Cincinnati New OrleansNortheastern and the
Georgia Southern & Florida, the New Orleans &
Northern Alabama, the whole going to form the Southern Railway System.
crease in gross with $389,114 increase in net.
the result is a decrease of $772,781.
The anthracite carriers have done poorly, for reaPRINCIPAL CHANGES IN NET EARNINGS FOR THE MONTH
sons already indicated. The Reading reports $975,OF JANUARY 1928.
Decrease.
Increase.
301 decrease in gross and $597,939 decrease in net; Pennsylvania
92.397,484
$1.294.490 Atch Top & S Fe (3)921.555
Quincy
721,804 Baltimore & Ohio
the Lehigh Valley $695,818 decrease in gross and Chicago Burl &4)
Union Pacific
637,641
594,375 Chesapeake & Ohio
Chic Milw SsPaul & Pac
613,398
492.200 Norfolk & Western
$456,487 decrease in net; the Delaware & Hudson, NYNH& Hartford__ 389,114 Reading
597,939
Vermont
467.242
314,28.3
$444,868 decrease in gross and $166,704 in net, and Erie (3) Lack & West.. 300,822 CentralValley
Delaware
456,487
Lehigh
402,880
299,512 Atlantic Coast Line
the Lackawanna $390,204 decrease in gross but with Texas & Pacific
347.582
Northern Pacific
262,848 Virginian
294,195
Chicago & North West__
202.617 Illinois Central
-Kansas
-Tex (2)
267.144
Michigan Central
192.063 Missouri
$300,822 increase in net.
231.599
150,591 Chicago & Alton
NY Chicago & St Louis..
148,927
Great Northern
In the South losses are still the rule and here Central of New Jersey_ 134,842 Chicago &EasternIllinois 221.729
Southern Pacific (2)____
219.701
130.656 Missouri Pacific
again the big coal carrying roads are conspicuous for Boston & Maine & Gulf 114.260 St Louis-SaniFran (3)- _ 202,974
195.980
Kansas Oklahoma
108,291 Internat Great Northern
171,723
Westernthe extent of their falling off. We refer of course N Y Ontario & Lake_
100,064 Delaware & Hudson
166,704
Denver & Salt
Seaboard Air Line
156.091
to the roads serving the Pocahontas region, which
25.951,759 New On Tea & Mos (3)..
150,841
Total(23 roads)
1416
FINANCIAL CHRONICLE
Decrease.
137.240
132,158
126.206
115.381
114,264
Decrease.
al13,758
108,484
103.658
100,326
[voL. 126.
effected as regards expenses with the relinquishment of Government control of the properties.
The reason for the loss in gross in January 1922
Total(36 roads)
$10,172,364
was, of course, that at that time the country was
a These figures merely cover the operations of the New York Central
itself. Including the various auxiliary and controlled roads,like the Michi- still suffering intense depression in business, and the
gan Central, the "Big Four," &c., the result is an increase of $103,455.
The Southern Railway proper reports a decrease of $38,942. Including falling off in January 1921, which amounted to $33,the Alabama Great Southern, the Cincinnati New Orleans & Texas Pacific,
Georgia Southern & Florida, the New Orleans & Northeastern and the 226,587, was due to much the same circumstance. In
Northern Alabama, the whole going to form the Southern Railway System,
the result is a decrease of $101,952.
January 1921 the United States was in the earlier
We have stated that in comparing with January stages of that intense prostration of trade from
1927 we are comparing with decidedly indifferent which the country was still suffering at the beginresults. The increase in the gross then was no ning of 1922, and as a consequence there was a submore than $6,119,441, or only 1.27%, while in the stantial reduction in the gross receipts in that
net there was actually a loss of $2,853,250, or 2.79%. month, notwithstanding the much higher rate schedAs a matter of fact, results were indifferent, too, in ules, both passenger and freight, put in force the
the previous year (Jan. 1926) due to the strike then previous August (1920). The shrinkage in the gross
prevalent at the Anthracite mines, and the losses in January 1921 was $33,226,587 and it was followed
suffered by Southwestern roads at that time be- by a further shrinkage of $75,303,279 in January
cause of the previous season's poor Winter wheat 1922, and it should be noted that the January 1923
yield. In the gross our figures in January 1926 gain of $105,816,364, though large, did not entirely
showed a trifling decrease, namely, $3,960,038 in wipe out the antecedent loss. In the net, however,
gross, or not quite 1%, though in the net there was as already stated, the 1923 improvement followed a
an increase, but equally diminutive, namely $946,- substantial improvement in the net in 1922 also.
994, which is also less than 1%. As it happens, too, We have already pointed out that the gross in 1922
the exhibit for January 1925 was likewise hardly fell off no less than $75,303,279. That reduction in
up to the mark, while in January 1924 there were ac- gross revenues was accompanied by a cut in the extual losses in both gross and net. As explained by penses in the prodigious amount of $104,392,928,
us at the time the showing made by our compilations yielding, hence, a gain in the net of $29,089,649. Conin January 1925 was satisfactory chiefly because of trariwise, in 1921 the showing was a poor one, both
the renewed testimony it afforded of the increased in the gross and in the net, and particularly in the
efficiency and economy with which the roads were latter. And it is the poor results of that year and
being operated. The gross earnings showed only of the years preceding that has made possible the betmoderate improvement, namely, $15,866,417, or ter net the carriers have enjoyed since then. The
3.30%, but the improvement in the net then reached simple truth of the matter is that owing to the pro$17,341,704, or 20.73%, expenses having been slight- digious expansion in the expenses, the net had got
ly reduced. If we go further back, we find that down to the vanishing point. In brief, our statethe gain in gross in January 1925 did not suffice to ment for January 1921 showed $33,226,587 loss in
wipe out the loss in gross earnings sustained in gross, notwithstanding the much higher rates, and
January 1924. In the case of the net earnings, how- this was attended by an augmentation of $27,124,775
ever, this remark does not apply. The January 1925 in expenses, the two cdmbined causing a loss in net
improvement in the net, we have seen, was $17,341,- in the huge sum of $60,351,362.
It is true, on the other hand, that there were sub704. On the other hand, the loss in net in January
1924 was no more than $9,412,390. The mild weather stantial gains in January of the two years immein 1924, as compared with the exceptionally severe diately preceding, namely,in January 1920 and Janweather the previous year, enabled the managers uary 1919. In January 1920 our compilations showed
greatly to •reduce expenses at that time, thereby an increase over January 1919 of $101,778,760 in
offsetting the greater part of the loss in gross re- the gross, and of $49,809,654 in the net, though a
ceipts, then sustained, while in 1925, as just shown, special circumstance accounted for the magnitude of
still greater efficiency of operation permitted a fur- the gains. In other words, in the January 1920 tother saving in expenses. Moreover, it is to be said, tal there was included an estimate covering back
with reference to the 1924 losses in both gross and mail pay for the years 1918 and 1919, accruing to
net, that these were in comparison with extraordi- the Railroad Administration as a result of a decision
narily favorable results in January 1923. In review- of the Inter-State Commerce Commission on Dec.
ing the January statement of the last mentioned year 23 1919. The addition in that way was roughly $53,we referred to it as the most encouraging monthly 000,000, and both gross and net were enlarged to the
exhibit it had been our privilege to present in a extent of this $53,000,000. With that item eliminatlong time. Revival in trade, we noted, had added ed there would have been at that time instead of the
substantially to the traffic of the roads, thereby $101,000,000 increase in gross an increase of only
swelling the gross revenues, while at the same time $48,000,000, and the net earnings would have reoperating expenses, though showing continued aug- corded an actual loss of about $3,000,000. Below we
mentation, had not increased to such an extent as to furnish a summary of the January comparisons for
absorb the whole of the gain in gross. As compared each year back to 1906. For 1911, for 1910 and for
with the same month of 1922, there was then an 1909 we use the,totals of the Inter-State Commerce
improvement of no less than $105,816,364 in the Commission, which then were more comprehensive
gross, and of $35,012,892 in the net. On the other than our own, but for the preceding years we give
hand, however, the very large gain in gross in 1923 the results just as registered by our own tables each
was merely a recovery of what had been lost in the year—a portion of the railroad mileage of the coungross in the two preceding years, namely, 1922 and try being always unrepresented in the totals in these
1921, though in the net the 1923 improvement was earlier years, owing to the refusal at that time of
additional to an improvement in 1922, the two suc- some of the roads to give out monthly figures for
cessive gains in net reflecting the transformation publication.
Western Maryland
Bessemer & Lake Erie_ _ _
Yazoo & Miss Valley_
Central of Georgia
Florida East Coast
New York Central
Nasky Chatt & St Louis_
Detroit Toledo & Ironton
Monongahela
MAR. 10 1928.]
FINANCIAL CHRONICLE
Na Earnings.
Gross Earnings.
Jan.
Year
Given.
Year
Preceding.
Increase or
Decrease.
Year
Given.
Year
Preceding.
Increase or
Decreae.
1417
not in the case of the gross, the mild Winter weather
having favored a lowering of the expense accounts.
Our summary by groups is as follows: As previously
explained, we now group the roads to conform with
the classification of the Inter-State Commerce Commission. The boundaries of the different groups and
regions are indicated in the foot-note to the table:
$
$
$
$
$
$
1908 128,566,968 106,741,980 +21,824,988 38,673,269 26,996,772 +11,676,497
1907 133,840,696 123.664,663 +10,176,033 36,287,044 37.096.918
-809,874
1908 135,127,093 155,152,717 -20,025.624 29.659,241 41.155.587 -11,496,346
1909 182,970.018 173,352,799 +9,617,219 50.295,374 41,036,612 +9.258,762
1910 211,041,034 183,264,063 +27.776.971 57,409.857 50,491,080 +6,918,577
1911 215,056.017 210.808,247 +4,248,770 53,890.659 57,373,968 -3,483,309
1912 210,704,771 213,145.078 -2,440.307 45,940,705 52,960,420 -7,019,714
1913 248,683,737 208,535,060 +38,128,677 64,277,164 45,495,387 +18,781,777
1914 233,073,834 249,958,641 -16,884.807 52,749,869 65,201,441 -12,451,572
1915 220,282,196 236.880,747 -16,598.551 51,582,992 52,473,974
-890,982
SUMMARY BY DISTRICTS
1916 267,043.635 220,203,595 +46,840.040 78.899,810 51,552.397 +27,347,413
District and Region.
1917 307,981,074 267,115,289 +40.845.785 87,748,904 79,069,573 +8,679,331
January.
1928.
1918 282,394.665 294,002,791 -11,608,126 17,038,704 83.475.278 -68,436,574
Eastern District$
1919 395,552,020 284.131,201 +111,420.819 38,222,189 13,881,674 +22,340,495
20,299,769
1920 494.706,125 392,927,365 +101,778,760 85.908,709 36.099,055 +49,809.654 New England region (9 roads)
1921469,784,502503.011,129 -33.228,587 28.451,745 88.803,107 -60,351,382 Great Lakes region (34 roads)
82,725.621
1922 393,892,529 469,195.808 -75.303,279 57.421,605 28,331,956 +29.089,649 Central Eastern region (31 roads)_ _102,067,830
1923 350.816,521 395,000,157 +105,816,364 93.279.886 58.266,794 +35.012,892
Total(74 roads)
205,093,220
1924 467,887,013 501,497,837 -33.610,824 83,953,867 93.366,257 -9,412,390
1025 483,195.642 467,329.225 +15.866,417 101,022,458 83.680,754 +17,341,704
Southern District
1926 480.062,657 484.022,695 -3.960,038 102,270,877 101,323,883
+946,994 Southern region (31 roads)
63,352,968
1927 485,961,345 479.841,904 +6,119,441 99,428,246 102,281.496 -2,853,250
20,414,856
1928 456,560,897 486,722,646 -30,161,740 93,990,640 99,549.436 -5.558,796 Pocahontas region (4 roads)
Total(35 roads)
-In 1908 the returns were based on 157,629 miles of road; in 1909, 231,970,
Note.
83,767.824
In 1910, 239,808 in 1911, 242,479; In 1912, 237,888; n 1913, 235.807; in 1914;
Western District
243,732; in 1915, 248,959; In 1916. 247,620; In 1917, 248,477; in 1918, 204.046; In
48,338.890
1919, 232,655; In 1920, 232,511; In 1921, 232,492; in 1922, 235,395; In 1923. 235,678: Northwestern region (18 roads)__
In 1924,238,698; n 1925,236,149;In 1926,238,944;in 1927,237,846;in 1928.239,470 Central Western region (23 roads) 76,216.791
Southwestern region (34 roads)____ 43,146,172
Weather conditions did not impose much of an
obstacle to railroad operations over any large sections of the country, either in January the present
year or in that month of the two previous years.
Bad weather was somewhat of a drawback in January 1925 on certain lines here in the East, though
not to any great extent for.the country as a whole.
There were repeated snow storms in these parts in
the month in 1925 and in New York City the fall of
snow was the heaviest of any January in the history
of the local weather bureau, reaching 26.2 inches.
A storm which came toward the end of the month
that is, Thursday, Jan. 29, and extending into Friday, Jan. 30-proved particularly mischievous in
New York State. The New York Central Railroad
reported it as the worst in its history, especially between Albany and Rochester, causing considerable
delay in the running of trains. The Twentieth Century train from Chicago was almost 16 hours late
in reaching the Grand Central Terminal in New
York City. It was due at 9.40 A. M., but did not arrive until 1.18 and 1.33 the following morning (Saturday), coming in two sections. The area of disturbance, however, in this way was very much circumscribed, being confined largely to New York and
New England, while elsewhere in the northern part
of the country the Winter was comparatively mild,
and little complaint was heard of obstruction because of snow and ice or because of extreme cold.
In 1924 mild weather conditions prevailed nearly
everywhere in January in the United States, though
in 1923, on the other hand, the Winter during January, and also a great part of February, was of exceptional severity, heavy snowfalls having then made
it difficult and unusually expensive to operate the
railroads all through New England and the northern
part of New York, as also to some extent in other
parts of the country.
When the roads are arranged in groups, or geographical divisions,kaccording to their location, the
showing bears out what has already been said, regarding the generally unfavorable conditions with
which the roads have had to contend, the present
year, and losses in gross and net alike are shown for
each of the three leading districts, namely, the Eastern District, the Southern District, and the Western
District. Not only that, but losses appear in all
the different regions in each of those districts, excepting alone the Northwestern region, where the
larger Spring wheat crop of 1927 brought a moderate
gain in gross with a more substantial gain in the
net. It is to be added that the New England region
also forms an exception at least in the net, though
AND REGIONS.
&ost Earning
1927. Inc. (-I-) or Eirc (.--).
$
$
21,831,194 -1,534,425 7.03
87.972.293 -5,246,672 5.97
113,435,394 -11,367,584 10.02
223,241,881 -18,148.661
8.13
-4.904,610 7.19
-3,125,963 13.28
91,798.397
-8,030,573
8.75
47.504,622
76,524,744
47.853,002
+832,268
-307,953
-4.506,830
1.75
0.40
9.48
167,699.853 171,682,368
Total(75 roads)
Total all districts (184 roads)
88.257,578
23,640,819
-3.982,515
2.33
456,560,897 486.722.646 -30,181.749
6.20
Dist. db Reg'n.
Na Earnings
January.
1927. Inc.(+)or Dec.
1928.
-MileageEastern District- 1928.
$
1927.
$
New England region 7,281
7,374 4,274,362 4,373,254
-98,892 2.26
Great Lakes region_ 24,907 24,960 15,919,093 16,014,444
-95,351 0.66
Central East. region 27,124 27,145 18,829,508 19,658,261
-828,753 4.27
(-).
83
Total
59,312 59,479 39,022.963 40.045,959 -1,022,996 2.55
Southern District
Southern region
40,015 39,569 6,186,404
7,790,978 -1,604,574 20.59
Pocahontas region
5,622 5,617 13,252,016 14,835.360 -1,583,344 10.67
Total
45.637
Western District
Northwest.region
48,668
Cent. West. region_ 51,435
Southwest. region
34,424
Total
45,186
19,438,420 22,626,338 -3.187,918
14.09
48,500 7,060,265 5,923,108 +1.137.157 19.20
-391,691
51,311 19,124,922 19,516,613
2.00
34,132 9,344,070 11,437,418 -2,093,348 18.29
134,527 133,943 35,529.257 38,877,139 -1,347,882
3.66
Total all dlstricts__239,476 238.608 93,990,640 99,549,436 -5,558,738 5.58
NOTE.
-We have changed our grouping of the roads to conform to the classification of the Inter-State Commerce Commission, and the following indicates the
confines of the different groups and regions:
EASTERN DISTRICT.
New England Region.-This region comprises the New England States.
Great Lass Region.-Tlits region comprises the section on the Canadian boundary
between New England and the westerly shore of Lake Michigan to Chicago, and
north of a line from Chicago via Pittsburgh to New York.
Central Eastern Region.
-This region comprises the section south of the Great
Lakes Region, east of a line from Chicago through Peoria to St. Louis and the
Mississippi River to the mouth of the Ohio River, and north of the Ohio River to
Parkersburg, W. Va., and a line thence to the southwestern corner of Maryland
and by the Potomac River to Its mouth.
SOUTHERN DISTRICT.
Pocahontas Region.
-This region comprises the section north of the southern
boundary of Virginia, east of Kentucky and the Ohio River north to Parkersburg.
W Va.,and south of a line from Parkersburg to the Southwestern corner of Maryland
and thence by the Potomac River to Its mouth.
Southern Regton.-This region comprises the section east of theMisslesippi River
and south of the Ohlo River to a point near Kenova. W. Va., and a line thence
following the eastern boundary of Kentucky and the southern boundary of Virginia
to the Atlantic.
WESTERN DISTRICT.
Northwestern Region.-Tbls region comprises the section adjoining Canada lying
west of the Great Lakes region, north of a line from Chicago to Omaha and thence
to Portland and by the Columbia River to the Pacific.
Central Western Region.-Thls region comprises the section south of the Northwestern region, west of a line from Chicago to Peoria and thence to St. Louis, and
north of a line from St. Louis to Kansas City and thence to El Paso and by the
Mexican boundary to the Pacific.
Southwestern Region.-This region comprises the section lying between the Mississippi River south 01 81. Louis soda line from St. Louis to Kansas City and thence
to El Paso andby the illo Grande to the Gulf of Mexico.
Western roads as a whole had the advantage of a
larger grain traffic than in the month last year.
With the exception of oats, the movement of which
ran considerably less than a year ago, the increases
extended in greater or lesser degree to all the different cereals. Thus for the four weeks ending Jan.
28 the receipts of wheat at the Western primary markets were 21,643,000 bushels, against 19,269,000
bushels in the corresponding four weeks of 1927; the
receipts of corn 30,822,000 bushels, against 21,503,000 bushels; the receipts of oats 9,290,000 bushels,
as compared with 11,548,000 bushels; of barley,
4,377,000, against 2,484,000, and of rye 1,174,000
bushels against 1,112,000 bushels. For the five cereals combined the receipts for the 4 weeks of 1928
aggregated 67,306,000 bushels, as compared with
55,916,000 bushels in the same period of 1927. The
details of the Western grain movement in our usual
form are set out in the table we now present:
FINANCIAL CHRONICLE
1418
WESTERN FLOUR AND GRAIN RECEIPTS.
Barley.
Oats.
Corn.
Wheat,
4 Weeks End. Flour.
(bush.)
(bush.)
(bush.)
Jan. 28.
(bush.)
OM.)
Chicago
689,000
764.000 7,671,000 2,738.000
1928 _- 953.000
495.000
1927___ 945.000 1,103.000 7,820.000 4,041,000
Milwaukee
422,000 1,026.000
97,000 1,197.000
1928 ___ 109.000
897,000
899,000
1927 ___
75.000 1,327,000
86,000
St. Louts
135,000
1928 ___ 460.000 1,893,000 3.409,000 1.481,000
101,000
1927___ 464,000 1,641.000 1,611.000 1,796,000
Toledo
7,000
261,000
144,000
476,000
1928_
1,000
320,000 1,204,000
1.081,000
1927_
Detroil8,000
106,000
53,000
204.000
1928 _
138.000
175,000
240,000
1927_
Peoria
284,000
623.000
79.000 2,113,000
1928_.,... 281,000
91,000
649,000
89,000 2,253,000
1927 ___ 286,000
Duluth
141.000
80,000
14,000
3.029,000
1928 _
31,000
32,000
1,000
2.100,000
1927_
Minneapolis
893,000 1,804.000 2,052,000
8,621,000
1928_
868,000
976.000
5,259,000 1,214.000
1927
Kansas City-226,000
3,201,000 6,278,000
1928_
359,000
4.508,000 1,673,000
1927
Omaha & In4ianapolts30,000
1,152,000 5,318.000 1,096.000
1928__
1,322.000 4.157,000 1,262,000
1927
Sioux Cttp303.000
5,000
140,000 1,524,000
1928
4,000
36,000
6,000
1927
St. Joseph
82.000
587.000 1,715.000
1928
162,000
839.000
381,000
1927
Wichita
68.000
493.000
1,400.000
1928
26.000
87.000
1.464,000
1927
Rye.
(bush.)
138.000
134,000
62,000
121.000
11.000
135,000
2,000
16,000
22.000
66.000
635,000
339,000
304.000
301.000
Total All
1928___ 1,803.000 21,643,000 30.822,000 9.290.000 4,377.000 1,174,000
1927 ___ 1,781,000 19,269.000 21,503.000 11,548,000 2.484,000 1,112.000
The Western live stock movement was practically
the same as in January last year, the receipts at
Chicago having comprised 24,167 carloads in January 1928, as against 24,404 carloads in January
1927; at Omaha 8,651 carloads, against 8,350 carloads, and at Kansas City 9,446 cars, as compared
with 9,398.
Coining now to the cotton traffic in the South, it
follows as a matter of course that this was on a
greatly reduced scale the present year, since the
crop was so much smaller. Shipments of the staple
overland reached but 93,929 bales, as against 154,186 bales in 1927; 166,115 bales in 1926, 240,964
bales in 1925, and 138,678 bales in 1924. The receipts at the Southern outports in January the present year aggregated only 535,905 bales as compared
with 1,033,906 bales in 1927; 739,040 bales in 1926;
962,316 bales in 1925 and 581,984 bales in 1924, as
will be seen from the following table:
RECEIPTS OF OOTTON AT SOUTHERN PORTS FOR MONTH OF
JANUARY FROM 1923 TO 1928, INCLUSIVE.
Month of January.
Ports.
1928.
Total
1926.
1925.
1924.
1923.
169,568
140,215
144.493
14.437
3
27.806
290.205
337,902
241.145
21,910
680
76.585
259.993
140.007
216.885
13,118
525
48,855
358.975
268.715
213,227
12,041
897
42,986
350
258.058
78.042
157.224
7,346
2.963
36,065
187.202
78.014
135,778
6.177
2.465
25.667
1,375
8.557
11.538
6.659
12,073
25,519
9.011
30,949
25,146
7.845
26,666
22,532
13,149
29,624
6.986
5.201
30,099
17.600
3.404
29.714
535.905 1.033,906
Galveston
Texas City, dm
New Orleans
Mobile
Pensacola, dm_
Savannah
Brunswick__
Corpus Christi_
Charleston..
Wilmington
Norfolk
Newport News.
Lake Charles_ -
1927.
739,040
962.316
581.984
487,396
858
Is. the Stability of Foreign American Bonds
Issued on German Real Estate Depending
on Dollar or Reichsmark Contracts
Oommunicated by Rudolf Fluegge of Foreign Department
of G. V. Grace & Co.) ,
I.
The greatest majority of German bonds floated in this
country are based on direct dollar obligations of governmental and municipal administrations or of large industrial corporations in dollar currency. Only recently dollar
issues have been brought out, as by the German Building
and Land Bank, where the pledge of gold mark mortgage
certificates forms the main security.
The German law allows only fine gold mark mortgages.
The fifth decree for the execution of the law concerning
mortgages not subject to any fluctuations of the currency,
dated April 17, 1924, provides that fine gold mortgages are
allowed to be registered as gold mark mortgages. In this
[vol.. 12(
case one gold mark equals the price of 1/2790 kilogram fine
gold. Nothing is said in this paragraph about the converting of the fine gold price in German curency, but there is
another decree, dated June 29, 1923, which provides that
the London quotation published by the "Reichswirtschaftsminister" (Minister of Economy), or by an office to be ordered to do so by him in the "Reichsanzeiger" is the only
price for fine gold to be recognized as officially fixed. The
conversion in German currency, however, has to take place
in accordance with the average quotations of the Berlin
Stock Exchange for "devise London."
Thus the creditor practically is entitled to receive only
the value which is quoted on the Berlin Stock Exchange
for English currency, but he is not entitled to receive what
English money in the international trade is worth. The first
time after the stabilization of the German currency in the
Fall of 1923 the quotations of the Berlin Stock Exchange
for foreign currency were considerably lower than at the
international bourses.
Although for some years the trade in German currency
has been free of any governmental control and the fluctuations have not been more significant than in the case
of other gold currencies, it is theoretically conceivable that
there may again be a difference between "the domestic
mark" and the "foreign mark."
The high interest rate of German mortgages being very
attractive for foreign capital makes it likely that in the
near future more issues on German fine gold mortgages
will be floated in this country and therefore it seems advisable to take the question regarding the gold mark, Reichsmark and the dollar obligations under consideration and
to investigate the risks the American investor might take.
The currency law of Aug. 30 1924 establishes the gold currency in Germany. It provides a unit for any and all calculations of the "Reichmark" which is divided into 100
"Reichspfennige."
In the second decree re: the execution of the currency
law of December 12 1924, the gold mark decrees of former
times are especially referred to in which a fixed conversion
proportion of the gold was mentioned. They are to be replaced by the new Reichsmark. Although the decree of
April 17 1924 concerning fine gold mortgages is not mentioned in this list, one has to assume that the price of
fine gold would have to be secured as explained above.
But is it really so important that the Reichsmark be always related to a certain amount of gold, which would
give the impression that it is only a derivation from the
English currency? It seems that the Reichsmark has developed in the last few years to an international standing,
and if it is sold against dollars or gold at par, the mark cannot depreciate in the open exchange market. So the problem is not if the gold mark depends on the real gold quotation or if an obligation can be given in dollar, but it is
if the "Reichsmark" will retain its stability. As to this
problem, however, as Mr. Merryle Stanley Ritkeyser points
out in the N. Y. "American" of Feb. 26, the Reichsbank does
not have to convert its notes into dollars or gold. For thatreason it would be impossible for the corporations above mentioned or for public administrations having direct obligations in dollar currency, if the Reichsbank would begin to
restrict the open market, as during the first time after the
currency stabilization, to buy the necessary amount of foreign currency. So from this point of view a direct dollar
obligation seems not much better secured than an ordinary gold mark or Reichsmark obligation.
Messrs. E. H. Rollins & Sons published an opinion of
Messrs. Hornblower, Miller & Garrison regarding the charge
of German reparation payments upon German assets and
the priority in the purchase of available foreign exchange,
as between reparation requirements and the debt service
of German foreign loans. They came to the conclusion that by
the London Agreement of Aug. 9 1924, the Versailles Treaty
has been practically suspended as long as the Dawes Plan
is in effect. The Dawes Plan in no way places any restriction or control upon the acquisition of foreign exchange
which may be required by any public or private body in Germany for the purpose of meeting any of its financial obligations. On the contrary, it recognizes the desirability, even
it
of Germany and its industries securing foreign
credit.
Later on Messrs. Hornblower, Miller & Garrison point
out that the whole Dawes Plan is designed to prevent the
MAR. 10 1928.]
FINANCIAL CHRONICLE
creation of instability of the currency and the Transfer
Committee is entitled even to reduce the reparation payments themselves to such an amount as would represent
what could be transferred without additional accumulation
and without disturbing the stability of the currency.
It thus appears that the German Reichstnark is so well
protected by international control that there is no danger
to the American investor, either in dollar bonds based on direct obligations in dollars or in dollar bonds based on first
1419
mortgages in gold marks, or, if an inflation of the Reichsmark would begin, the owners of real dollar bonds would
be damaged just as much as the owners of dollar bonds based
on Reichsmark.
.
Growing confidence in German currency has been so strong
that in 1927 loans payable in Reichsmark have been successfully floated in Holland, Switzerland and Sweden and about
one month ago ten million gold mark certificates of German mortgage bonds.
Indications of Business Activity
STATE OF TRADE—COMMERCIAL EPITOME.
Friday Night, March 9 1928.
The weather on the whole has been more seasonable
and this has been reflected in somewhat better trade here
and there. Yet it cannot by any means be regarded as
satisfactory. There is no pronounced improvement. Wholesale trade and industry is no more than fair and not always
quite that. The retail business is in the main very moderate or small, awaiting the Spring season. There are still
complaints of unemployment in various parts of the country. Industry as a rule is not at all active. Yet there is
a slight increase in employment at some of the larger industrial centers. The automobile production for February
is said to have been larger than in the same month last
year. On the whole the tendency is towards some decrease
in the output of steel; and recent advances in prices made
by leading authorities in the trade are not always lived up
to by others. Pig iron has been quiet in the East, while the
trade in parts of the West is said to be making a rather
good showing. Prices of scrap have declined. Copper and
zinc have advanced. Beehive coke has been in little demand but coal has latterly sold somewhat more readily.
Soft coal output is much smaller than a year ago, however.
The February report of building permits cut both ways.
In some respects it is good and in others not so good.
It is said that any gain in New York is partly speculative.
The total is smaller outside of New York than in 1926 and
10% smaller than in February last year. The sales of
chain stores in February were 15% larger than in the
same month last year. February sales by department
stores were 2%% larger than in the same month last
year. Mail order sales for February were over 9% larger
than those of last year. 'Soft wood lumber output and also
the sales hold the gains made earlier in the year. Hard
wood lumber however is dull in some parts of the South.
The better grades of cattle are 50 cents to $1 lower than
last week and hogs have also declined. The wek shows
a sharp increase in bank clearings. The weekly food index price is higher.
Cotton has fluctuated within a very narrow range, awaiting some decisive cut of one sort or another. Bullish news
about the dry Texas weather and an increase in the world's
consumption of American cotton in the first half of the
season of 800,000 bales practically fell flat. Yet it may
mean that the total for the entire season will equal that
of last season or come within measurable distance of it.
But the present trade in cotton goods is slow and a rather
favorable official showing by the Textile Institute for February made no lasting impression. For anything of that
kind cotton may have to wait for acreage and crop developments later. Manchester complains of an unsatisfactory
trade with India. On this side cotton goods have been
rather quiet with a hint now and then of an easing of
prices. Mill curtailment is increasing somewhat. Trade
In worsted dress goods has been on the whole disappointing. For the higher grades of broad silks there is a ready
sale, especially prints and crepes. Raw silk was in moderate demand and steady. Rayon has been in brisk demand.
Wool was quiet but prices were on the whole steady. Rub2
ber has plunged down 3V to 33c. more, owing to a similar debacle in London and Singapore due to a growing belief that the days of restriction are nearly numbered. That
conviction has led to very heavy selling on three Continents,
presumably not entirely in the liquidation of long accounts.
It is merely a new and impressive lesson in the futility
of artificial measures to thwart the operations of natural
law as applied to the complex modern phenomenon which
we call business. The price is 40% under the top of early
January.
Wheat has advanced slightly, with a good • demand at
times for export, though the foreign sales are mostly of
Manitoba. Foreign markets have advanced. Russian collections of wheat in February were 4% smaller than in the
same month last year and the East Indian crop is nearly'
10% smaller than in 1927. Europe was buying futures In
Chicago to-day. The farm reserves on Mrach 1 were somewhat larger than some had expected, but were about what
the generality of people had looked for. A break of 3 cents
from the high to-day was merely due to profit taking. Latterly wheat trading has sharply increased. There are those
who believe higher prices are ahead with European buying,
a prospective feature. Besides the Winter wheat crop in
this country has been damaged through a lack of snow covering. Corn has advanced with the farm reserves a bullish
factor and profit taking alone accounting for a drop of 2
cents to-day from the morning's high. The wet weather
favored a rise and the trading has been very heavy with
moderate domestic receipts and very small shipments from
Argentine. Oats declined despite the smallness of the farm
reserves. They broke to-day on realizing, and rye fell 2c.
or more from the early high from the same cause, although
rye supplies despite somewhat larger farm reserves than
had been expected are small compared with those of a
year ago. The fundamental of all the American grain markets is regarded as promising. Provisions have advanced
with large lard exports and latterly some decrease in the
receipts of hogs. Sugar has advanced noticeably, partly
owing to reports that Cuba is about to sell its reserve of
200,000 tons to British buyers. Prompt raws are ific.
higher than a week ago and futures have been firm and
active. March coffee has advanced as shorts covered and
notices were stopped with reasonable promptness, but other
deliveries declined. Of late Brazilian markets have declined
and the spot trade here has been quiet.
Stocks have latterly shown a tendency to rise, and to-day
saw the phenomenal total of 3,707,000 shares traded in at
the New York Stock Exchange. The demand to-day was
remarkable for industrial stocks of most kinds. General
Motors ran up over 9 points to 1593g. while United States
Steel rose 4% net to 145%. The market got its stimulus
partly from an unexpected decrease in brokers' loans for the
week of $26,000,000 and partly from reports of very heavy
buying of General Motors, common. There was also a very
striking advance in Hudson Motors, Radio, and other
shares, as well as oil stocks and public utilities. There is
an undercurrent of confidence in the future of American
business. The recent sharp falling off in the transactions
in stocks generally turns out to have been the calm before
the storm. It is to be hoped that the speculation however
will keep within some sort of bounds. Money to-day was
4'4%. Bonds were active here, led by Interboro Rapid
Transit on the theory that the subway strike had been
averted, but other issues had a quick market including railroads and industrials. Unemployment in the United States
is said to amount to 4,000,000. Detroit wired that employment at the local plants of the Ford Motor Co. increased
this week 1,369. The total of 95,389 now employed compares with 94,000 a week ago, 52,000 during the low point
of operations last Summer and a high mark of 110,000 in
1926. Lowell, Mass., reports a better outlook for several
of the woolen and worsted mills of the Merrimack Valley.
The M. T. Stevens Co. of North Andover and other points,
which recently purchased the Merrimack Woolen Co., is
running full time but not quite to capacity on worsteds.
The Ramshead mill has large orders for automobile mats
and the Talbot mills at Billerica are doing a satisfactory
business. At Chelmsford both the Bellvedere Woolen Co.
and the Sterling Mills are doing more business than a
1420
FINANCIAL CHRONICLE
year ago. The Ames Worsted Co., the United States Bunting Co. and the Royal Worsted Co. are all doing a satisfactory business. The United States Bunting Co. recently
put into effect an expansion program. At Laconia, N. H., on
Mar. 5 one of New Hampshire's largest cotton mills went
on a 4
-day week schedule and three of its hosiery mills
at Laconia have practically suspended all operations with
the exception of turning out samples. These four plants
would employ about 2,500 when at capacity. At Somersworth, N. H., the Great Falls Manufacturing Co. has entered indefinitely upon an indefinite 4
-day week owing to
dullness of trade. At Laconia, N. H., the hosiery mills
owned and operated by G. H. Tilton & Son, William Clow
& Son and the Belknap Mills Corporation are almost closed
down. At Franklin, N. H., the large Sulloway mills making hosiery are operating with a reduced force on a 5
-day
week schedule.
Charlotte, N. C., reported increasing curtailment among
cotton mills in that section. A number of plants which had
been curtailing from Friday noon until Monday morning
are preparing to further curtail output. The ChadwickHoskins Co., at Charlotte, N. C., is operating its several
mills four days a week. At Greenboro, N. C., the White
Oak and Proximity Mills will operate 4 days a week indefinitely. Durham, N. C. reports that hosiery production
has dropped badly in the last few weeks and few of the
mills are making fall time as manufacturers are not inclined to pile up stocks. At Fort Mill, S. C., the Fort Mills
Manufacturing Co. which had been operating 4 days a
week are now running 3 days. Decatur, Ala., reported the
Connecticut Mills Co. had begun a night shift, operating
two shifts daily and giving employment to about 750 persons. At Johnson City, Tenn., the Gloria Textile Co. Is
operating 24 hours a day.
Manchester, England wired that some of the employees
of the Aqueduct Mills at Stalybridge refused to accept the
552 hour week order. The ring spinners and card room
/
1
operatives have yielded but the mule spinner, strippers,
grinders and piecers stand by their unions.
The weather here early in the week was clear and cool.
On the 5th inst. it was 20 to 34 degrees; at Boston 26 to 34;
at Buffalo 14 to 16; Montreal 10 to 12; Quebec 8; Chicago
22; Cincinnati 28 to 34; Kansas City 38 to 40, Minneapolis
28. It was raining on the 8th inst. turning to snow at
Sioux City, Iowa; raining in Iowa and snowing hard with
about six inches fall, at Minneapolis. There were rains
or snows on the 8th in Nebraska and Kansas with some
in Texas and Oklahoma. Rains of late have been general
in the South Atlantic States and also in the lower Mississippi
Valley. New York on the 8th inst. had temperatures of
27 to 44 degrees; at Boston it was 34 to 40; at Montreal
20 to 24; Philadelphia 44 to 46; Chicago 38; Cincinnati
54 to 56; Cleveland 34; Detroit 28 to 36; Duluth 20; Louisville, 54 to 62; Milwaukee 34; Kansas City 50 to 62; Minneapolis 26 to 28; Winnipeg 12 to 16. To-day it snowed all
day and it was still snowing tonight, though the forecast
is for clear and cold weather tomorrow. Temperatures today were 31 to 32 degrees here. Boston within 24 hours has
been 24 to 40, Chicago 36 to 38; Cincinnati 46 to 56, Cleveland 34; Milwaukee 30 to 34 and St. Paul 24 to 28.
Monthly Indexes of Department of Commerce—
Continued Decline in Output of Raw Material.
The United States Department of Commerce presents as
follows on March 3, its indexes of production, stocks and
unfilled orders:
Production.
The output of raw materials In January was smaller than in either the
previous month or in Jan. 1927. Contrasted wills the previous month.
all groups showed smaller production, but as compared ulth a year ago.
marketings of animal products and the output of forest products showed
Increases, other groups declining. Manufacturing production, after adjustments for seasonal conditions, was larger than in December but smaller
than a year ago. As compared with the previous month, all groups showed
larger output except paper and printing, which showed no change, and
chemicals and oils and stone and clay products, which declined. As compared with a year ago, increases were registered in foodstuffs, iron and steel,
lumber, leather, and stone and clay products, all other groups declining.
[VOL. 126.
vious month all groups showed larger forward orders, but as compared
with a year ago increased orders for iron and steel were insufficient to offset
declines in other groups.
The index numbers of the Department of Commerce are given below:
1927.
January
1928.
January
1927.
127
130
123
129
106
105
105
107
103
106
129
118
79
104
199
131
111
124
118
102
102
116
116
124
111
130
139
124
83
104
185
104
122
147
122
98
117
117
103
115
126
160
123
80
103
83
112
132
115
147
77
95
105
145
157
185
84
136
141
166
157
89
127
142
155
168
87
137
137
134
170
88
142
144
176
165
87
127
140
164
159
86
81
73
83
85
80
91
83
December
Production.
(Index numbers: 1919100)
Raw materials: Total
Minerals
Animal products
Crops
Forestry
Manufacturing, grand total (adjusted)
Total (unadjusted)
Foodstuffs
Textiles
Iron and steel
Other metals
Lumber
Leather
Paper and printing
Chemicals and olis
Stone and clay products
Tobacco
Automobiles*
Miscellaneous
Commodity Stocks.
(Index numbers: 1923-1925=100)
Unadjusted: Total
Raw foodstuffs
Raw materials for manufacture
Manufactured foodstuffs
Other manufactured commodities
Adjusted for seasonal element: Total
Raw foodstuffs
Raw materials for manufacture
Manufactured foodstuffs
Other manufactured commodities
Unfilled Orders.
Total (1923-192100)
Textlles
Iron and steel
Vehicles
Lumber
• Included in miscellaneous group.
72
69
85
89
57
56
62
82
111
118
198
90
130
Business Bulletin of La Salle Extension University Finds
Increased Optimism—Strength Shown in Basic Lines.
The necessity of keeping the business machine in proper
adjustment is counseled in the following from the March
Business Bulletin of the La Salle Extension University
(copyright):
There are four major factors that are being confidentially relied upon
to lift industry andcommerce back to the middle of the prosperity road.
These are: steel, motors, construction, and agriculture. It seems that
the chauffeurs of the business machine went up the hill with too much
pressure on the accelerator and hit the curve on the down-grade with
so much momentum that the rear wheels skidded over into a shallow
ditch.
Fortunately, there was no serious damage suffered, but the chauffeurs
will probably exercise a little more caution—and use the four-wheel
brakes more frequently—as soon as all the parts can be put into smooth
working order again.
•
•
•
It's a perculiar thing that this great business machine of ours—
the largest, the most powerful, and the most expensive that has ever
been put together—should be getting out of order so frequently. It
is always developing unpleasant knocks, squeaks, and rattles. Just
as we think we have it tuned up for a record run, something happens
to spoil our most optimistic calculations.
Perhaps we don't make necessary adjustments often enough; perhaps
we put too much strain on certain parts; perhaps we are trying to
gear the whole mechanism too high. Anyhow, we have come to learn
that our big problem is not so much that of negotiating the up-grades
and down-grades of the main road as it is that of keeping the moving
parts of the machine in proper adjustment.
• •
•
At present we seem to have the machine back on the road again,
moving along in low gear, it is true, but unmistakably picking up speed
gradually. Maybe we won't be able to get into "high" for several
months, but at least four cylinders are beginning to work rhythmically
once more, and later on we ought to be able to tune up some of the
others.
• •
•
The cycle theory, under present conditions, cannot be ruled out of
consideration, but from now on it will be applicable more to individual
industries and lines of trade than to business in the aggregate. Thus
we have the cycle at a low point for textiles (except rayon), coal, oil,
radio, and shipping and shipbuilding.
We are experiencing an upturn in steel, automobiles, copper, leather
and shoes, and meat packing. Construction is in the upper part of
its cycle—as also are rubber, rayon, tobacco, chemicals, agricultural
implements, and mail order and chain-store merchandising. The electrical industry is apparently on a long upward trend, and the steadiness
of its growth augurs well for a long period of prosperity. It should be
least susceptible of any to cyclic changes.
Survey of Real Estate Activity in Hennepin and Ramsey
Counties (Minn.) by Minneapolis Federal Reserve
Bank—Decline in Deeds Recorded.
Commodity Stocks.
Stocks of commodities held at the end of January, after adjustments for
Real estate activity in Hennepin and Ramsey counties,
seasonal conditions, were lower than at the end of either the previous month
or the same month of last year. As compared with the previous month, Minn., is discussed as follows in the Monthly Review issued
the decline in the general index was solely due to lower holdings of food- Feb. 28 by the Federal Reserve Bank of Minneapolis:
stuffs, both raw and manufactured, other commodities showing increased
The monthly volume of warranty deeds recorded in Hennepin and
holdings. As compared with a year ago, all groups were held in larger Ramsey counties has been declining for two years front the peak
quantities except raw foodstuffs, the decline being sufficient to more than
offset increased holdings of manufactured foodstuffs, other manufactured
commodities, and raw materials, other than foodstuffs.
Unfilled Orders.
Unfilled orders at the end of January were larger than at the end of the
previous month but smaller than a year ago. As compared with the pre-
reached in 1924. As these counties contain the cities of Minneapolis
and St. Paul with their suburbs, the number of deeds recorded furnishes a very good index of the activity of the real estate market in
these two metropolitan areas.
There is an interesting seasonal movement in the recording of deeds.
The smallest volume ordinarily occurs in February and the peak al-
FINANCIAL CHRONICLE
MAR. 10 1928.]
1421
vays occurs in December. This December peak is caused chiefly by 1 eserve districts, larger in four districts, and in about the same volume in
t' ree districts. The largest declines were in the three eastern districts
he desire of those selling real estate to make the transfers effective
I oaten, Now York and Philadelphia-and in the Richmond and Milne•efore next year's taxes must be paid. More than one-fourth of the
warranty deeds recorded occurs in the last three a polls districts, where sales were from 3 to 6% smaller than a year ago.
)ecember volume of
ncreases in sales were largest in the Chicago and St. Louis districts.
lays of December.I
Inventories carried by department stores showed for the country as a
The monthly number of real estate mortgages recorded in Hennepin
The
I n d Ramsey counties has been declining for a year and a half.
v hole about the usual decline in January from December and were in
a bout the same volume at the end of the month as a year ago. Stores in
lecline commenced six months later than the decline in the recording
if deeds and the decrease had not been as pronounced. There is a seven districts reported smaller stocks than a year ago, while those in
-ather close connection between the number of deeds and the number t ee districts showed their stocks to be somewhat larger. In the other
if mortgages recorded, although the seasonal fluctuations in the two t wo districts they were about the same as a year ago.
Revised indexes of department store sales and stocks.
-The index numbers
;cries are much different. The failure of mortgages to decline as
-apidly as deeds may be due in part to the fact that some mortgages 0f department store sales and stocks, which have been prepared and pub[shed by the Federal Reserve Board in the past, have recently been revised
given several years ago are being renewed and in part to the fact that l'
mildings are now being erected on property which was purchased some a nd the new indexes for the current months are made part of this report.
ime ago and part of the funds for the construction of the buildings is 1 description of the data upon which these indexes are based and of the
iupplied by the sale of mortgages. The lag of changes in mortgage r ethod by which they were constructed was published in the Federal
records behind warranty deed records supports this latter hypothesis. 1 eserve Bulletin for February 1928. Index numbers of sales and stocks
in 1924 the number of deeds recorded exceeded the number of more- I y months from 1919 to 1927 are also given in that bulletin.
gages recorded by 17% in Hennepin County and 16% in Ramsey
CHANGES IN SALES AND STOCKS OF DEPARTMENT STORES
County. In 1927, the excess of deeds over mortgages was only 4% in
JANUARY 1928.
Increase (-1) or Decrease (-) Based on Value Figure.
Hennepin County and 3% in Ramsey County.
Change In Sales.
ncrease in
Employment in Detroit, Gain at Ford Plants.
From Detroit, the "Wall Street Journal" yesterday (Mar.
)) reported the following advices:
With an increase of 5,402 for the week ended March 6, Detroit Indusnal employment rose to the highest point reached since September 1926.
rho Employers Association reports a total of 238,712 on payrolls of momors. This compares with 226,150 employed a year ago and with 1927
mak of 227,613, for week ended March 22. It represents a gain of 51,496
ince the first of the year and an Increase of 56,406 over the 1927 low point
if 182,306, for week ended July 5.
As to employment at the Ford plants, the same paper
m March 8 said:
Employment at local plants of Ford Motor Co. increased 1,369 during
be past week. Total of 95,369 are now employed compared with 94,000
11 week ago, 52,000 during the low point of operations last summer and
with the high mark of 110,000 in 1926. Employment at the Fordson plant
a 61,521 against 60,612 a week ago; Highland Park 28,859 against 28,392
end Lincoln plant 4,989 against 4,996.
Federal Reserve Board's Survey of Retail Trade Shows
Larger Decline in January Than Usual.
Trade of retail stores reporting to the Federal Reserve
System showed a larger decline in January from the seasonal
Iiigh levels in December than is usual at that season, says
the Federal Reserve Board in its survey for January, issued
March 5. The Board adds:
Compared with January a year ago, sales of department stores, as
measured by the Federal Reserve Board's now index, averaged about 1%
smaller, but those of mail order houses and of most chain stores were larger.
It should be noted that reports for mail order houses and chain stores are
influenced by increases in the number of stores operated by the reporting
firms as well as by changes in the volume of sales.
A summary of the changes in sales of the different classes of retail stores
In January 1928, as compared with January 1927, and the number of stores
reporting are shown in the following table:
CHANGES IN VALUE OF RETAIL SALES AND NUMBER OF STORES
REPORTING.
Percentage of
Increase (+) or
Decrease ( )
in Sales in
January 1928
Compared with
January 1927.
Class of Stores.
Department stores
Mall order houses
Chain Stores
Grocery
Five-and-ten-cent
Drug
Cigars
Shoes
Music
Candy
Number of Stores
Reporting.
January
1928.
511
4
511
4
+20.5
+7.1
+9.2
-6.8
+14.7
+2.4
+5.3
28,568
2,522
837
3,463
618
61
261
26,608
2,304
741
3,411
576
61
243
Federal Reserve District Number.
1
Sales (uned) uste ch1926-Nwr___ 121 119
Dec ___ 184 182
-Jan__
89 103
1927
Nov___ 122 120
Dec ___ 186 182
88 93
1928-Jan____
Sales (adjust
1920-N0v.__
Dee _
1927-Jan____
Nov___
Dec..1928-Jan____
ed)106
110
106
107
Ill
105
106
107
113
107
107
108
2
3
4
5
6
7
8
9
10
II
12
129
196
06
134
201
94
124
180
80
120
174
75
113
177
85
112
176
85
132
197
84
125
195
81
123
181
85
119
191
85
123
183
84
125
185
85
122
172
79
120
177
82
101
152
81
100
155
80
107
164
77
110
165
79
121
178
87
120
189
89
116
193
98
121
195
98
109 99 104 110 107 112 107 05 _
112 105 108 109 108 113 102 98 ___
111 96 105 106 107 105 100 98 ___
113 95 103 104 104 114 105 94 ___
115 102 108 108 114 115 106 100 ___
108 89 104 103 107 112 104 95 ___
106
109
105
106
115
106
112
116
114
117
117
114
Stocks (unad Juste ii)
1926-N0v.... 117 117 121 118 117 119 108 117 117
96 98 101 98 94 96 88 96 96
Dec ___
-Jan __ __ 92 91 08 91 87 91 90 92 90
1927
Nov___ 116 118 117 114 116 122 115 116 112
96 101 99 95 93 97 90 93 93
Dec ___
91 93 96 88 90 89 92 92 84
1928-Jan.___
Stocks (adjus
-Nov_ __
1926
Dec
_
1927-Jan____
Nov__
Deo
_
-Jan____
1928
• Monthly
ted)- 104 101
102 100
103 101
103 102
102 103
103 102
106
105
106
103
103
104
103
102
190
100
99
96
106
103
103
104
101
106
average 1925 equals 100.
103 98 104
102 98 103
104 97 104
105 10' 104
103 101 100
102 101 103
105
104
103
101
102
97
99
80
81
97
80
80
rM
125 100 118
100 79 97
97 77 97
126 98 118
102 74 100
08 75 101
90
89
91
88
89
90
__
___
___
___
-____
01
90
89
89
85
86
Total
j ew York:
New York
Bridgeport
Buffalo
Newark
Rochester
Syracuse
Other cities
Total
hiladelphia:
Philadelphia
Allentown
Altoona
Harrisburg
Johnstown
Lancaster
Reading
Scranton
Trenton
Wilkes-Barre
Wilmington
Other cities
Total
leveland:
Cleveland
Akron
Cincinnati
Columbus
Pittsburgh
Toledo
Wheeling
Youngstown
Other cities
Total
Richmond:
Richmond
Baltimore
Washington
Other cities
Jan. 31 1928 Jan. 31 1928
Compar'd With Compar'd with
Jan. 31 1927 Dec. 31 1927.
Per Cent.
-6.8
-1.8
-0.4
-2.0
Per Cent.
+0.7
-0.9
-0.1
+3.5
Per Cent.
-8.8
-3.6
-7.6
-8.4
-5.1
+0.0
-6.8
-4.2
-0.4
+0.8
-4.1
+5.8
-3.4
-3.6
+4.0
+1.1
--2.3
--9.5
--3.3
-5.9
--8.2
+0.3
+1.4
-8.1
-4.6
-4.1
-3.0
-2.5
-4.3
-3.6
-10.1
-6.1
+14.8
+9.6
-10.9
-10.3
+11.2
+25.1
-4.6
+0.7
-0.6
+1.3
+0.8
-10.8
+0.1
-0.4
-1.4
-8.4
-1.7
+2.0
-4.8
+1.5
-2.3
-6.2
-5.4
-6.2
-3.0
-8.2
+0.8
-6.7
+0.2
+3.6
+0.5
+4.6
-5.8
+1.2
-4.2
+5.6
+1.8
+4.2
-1.5
-6.4
+3.7
-18.1
-1.3
-0.5
-13.0
+8.7
-4.1
-6.6
+0.8
-16.6
+12.2
-10.3
-4.2
--3.7
--14.4
--2.4
-3.4
-4.2
+0.2
-0.8
-6.8
+1.5
-5.3
-2.0
-4.6
-1.1
-5.8
+1.3
-0.9
--8.3
--9.6
-8.6
-5.9
-2.2
-8.7
+11.1
+2.4
-2.1
+10.1
-6.2
-5.6
+18.2
-20.7
-1.4
+16.8
+3.0
-5.7
+6.8
-1.7
+7.5
-1.7
+2.8
+1.5
Total
Chicago:
Chicago
Detroit
Indianapolis
Other cities
Department Store Sales and Stocks by Federal Reserve Districts.
-Sales of
department stores were smaller than in January of last year in five
Federal
DEPARTMENT STORE SALES AND STOCKS BY
FEDERAL
RESERVE DISTRICTS.
(Index numbers. 1923-25 average equals 100.)
U.S.
1 oston:
Boston
Outside Boston
New Haven
Providence
Total
Atlanta:
Atlanta
Birmingham
Chattanooga
Nashville
New Orleans
Other cities
January
1927.
-1.1
+4.6
Federal Reserre
District and City.
Change in Stocks.
January 1928
Compared with
January 1927.
108
106
105
109
109
109
-0.2
+0.4
+2.5
+7.6
+20.6
-1.1
-2.7
-0.8
+3.8
+6.0
-9.1
--8.1
+4.8
-4.2
-6.7
Total
St. Louis:
St. Louis
Evansville
Little Rock
Louisville
Itlemphis
+6.5
-0.6
-1.3
+2.2
-7.5
+3 8
-6.7
+14.1
-7.9
+1.7
+6.7
-4.7
-6.8
-10.7
-5.8
-4.4
-9.3
-11.2
Total
Minneapolis:
Duluth -Superior
St. Paul
+3.2
-6.0
-9.8
-24.0
-1.0
+4.0
+1.0
+3.0
+6.0
Total
Kansas City:
Kansas City
Denver
Lincoln
Oklahoma City
Omaha
Topeka
Tulsa
Other cities
-3.0
+1.0
+5.0
-3.3
-7.3
+10.7
+14.7
-4.0
+0.5
+2.7
+12.3
-1.9
+3.4
-5.3
+12.8
+3.5
-4.4
-8.1
-7.8
Total
Dallas:
Dallas
Fort Worth
Houston
San Antonio
Other cities
Total
San Francisco:
San Francisco
Los Angeles
Oakland
Salt Lake City
Seattle
Spokane
Other cities
-2.6
-0.5
+1.3
-4.5
+0.9
+4.3
+0.5
-1.2
+6.6
-3.3
-2.4
+2.3
-8.7
+3.1
-1.9
+5.0
-6.5
+3.6
+5.2
+2.0
-1.8
+0.3
+6.8
-1.6
+4.1
+3.5
+11.5
+2.9
-5.0
+6.2
-4.4
-3.2
+11.8
-1.6
-16.7
-2.9
-0.07
-7.1
-6.4
+8.2
Total
+2.3
-1.8
United States
-1.1
-11:8
-3.2
-4.5
1422
CHANGES IN STOCKS OF DEPARTMENT STORES, BY DEPARTMENTS.
(Inc.(+) or Dec.(-) in Stocks in January 1928 Compared with January 1927.)
SALES OF MAIL ORDER HOUSES AND CHAIN STORES.
(Index numbers. Monthly average 1919 equals 100.)
Chains of Stores.
Mail
Order
Shoe.
Houses Grocery. 7 & 10 Drugs. Cigar
(4)
(271
(6)
(5)
(3)
()
9
Federal Reserve District.
Music. Candy.
(3)
(4)
1927.
January.....
February _
March
April
May
June
July
August
September,
October
November_ _
December.._
103
107
132
128
106
114
100
113
126
158
160
180
347
332
392
385
383
399
373
332
384
426
422
450
177
191
213
244
224
224
221
237
232
278
265
511
209
201
224
223
206
210
217
215
210
234
223
279
134
137
153
157
157
152
153
147
146
154
146
215
106
110
125
198
143
155
142
132
140
157
155
234
94
98
108
104
88
87
80
98
126
128
128
176
178
194
216
257
216
215
211
208
223
233
235
309
1928.
January
113
418
190
228
125
111
97
188
STOCK TURNOVER OF DEPARTMENT STORES, JANUARY 1928.
Rate of Stock
Turnover.•
Federal Reserve
District.
and City.
January
1928.
January
1927.
.37
.30
.26
.25
.34
.40
.30
.27
.27
.36
.33
.36
.24
.30
.34
.29
.21
.31
.33
.36
.25
.31
.33
.28
.18
.31
.27
.18
.21
.22
.18
.21
.22
.23
.28
.21
.22
.15
.25
.27
.21
.23
.21
.19
.24
.24
.24
.28
.21
.22
.16
.25
.26
.25
.27
.29
.25
.22
.24
.23
.20
.25
.26
.25
.28
.27
.23
.21
.22
.23
.21
.24
.25
.23
.24
.18
.23
.24
.24
.25
.20
.24
Boston:
Boston
Outside Boston__
New Haven
Providence
Total
New York:
N. Y. and Bklyn_
Bridgeport
Buffalo
Newark
Rochester
Syracuse
Other cities
Total
Philadelphia:
Philadelphia ____
Allentown
Altoona
Harrisburg
Johnstown
Lancaster
Reading
Scranton
Trenton
Wilkes-Barre_
Wilmington
Other cities
Total
Cleveland:
Cleveland
Akron
Cincinnati
Columbus
Pittsburgh
Toledo
Wheeling
Youngstown__
Other cities
Total
Richmond:
Richmond
Baltimore
Washington
Other cities
Total
Federal Reserve
District
and City.
Rate of Stock
Turnover.
5
January
1928.
January
1927.
Atlanta:
Atlanta
Birmingham
Chattanooga_ ___
Nashville
New Orleans_ _ _ _
Other cities
Total
.24
.17
.21
.22
.18
.18
.20
.31
.17
.21
.24
.20
.21
.22
Chicago:
ChIcago
Detroit
Indianapolis
Other cities
Total
.35
.37
.31
.23
.29
.33
.30
.33
.22
.26
St. Louis:
St. Louis
Evansville
Little Rock
Louisville
Memphis
Total
27
.18
.17
.23
.24
.25
.25
.21
.18
.23
.20
.23
.19
.32
.33
.27
.33
.34
.24
.21
.35
.27
.23
.25
.23
.19
.34
.25
.22
.24
.22
.23
.21
.18
.22
.16
.22
.20
.31
.19
.16
.24
.14
.23
.27
.27
Minneapolis:
Duluth-Superior.
St. Paul
Total
Dallas:
Dallas
Fort Worth_ _ _ _
Houston
San Antonio.,_..
Other cities
Total
San Francisco:
San Francisco_ _ _
Los Angeles
Oakland
Salt Lake CIty
Seattle
Other cities
Total
United States
*Figure for rate of stock turnover Is the ratio of sales during given period to average stocks on hand.
CHANGES IN SALES OF DEPARTMENT STORES, BY DEPARTMENTS.
(Inc. (+) or Dec.(-) In Sales in January 1928 Compared with January 1927.)
Federal Reserve District,
Department.
[Vol,. 126.
FINANCIAL CHRONICLE
Total
Rotton.
St.
DalNew Cleve- Rich- ChiYork. land, mend. cage. Louis. tat.
San
Fran.
Department,
Total.
Boaton.
St.
New Clete- Rich- ChtYork. land, mend. cage. Ltwis
Dallas.
San
Fran.
Piece GoodsPer Ct. Fer Ct. Per Ct. Per Cl.Per Ct. Per Ct. Per Ct Per Ct. Per Ct.
Silks and velvets__ -4.2 -5.4 +8.5 -04 -8.9 +4.2 +13.9 -9.2 -20.6
Woolen dress goods -12.3 -8.9 -17.2 _ _ _ _ -11.8 +10.5 -3.5 -30.2 -14.4
Cotton wash goods -7.1 -4.3-17.8-0.04 +8.9 -8.8 +1.7 -12.9 -17.3
Linens
+0.9 -0.2 +4.2 -2.5 +0.8 +9.5 -1.5 -29.8 +14.1
Domestics, MU911ns. sheeting. &c +7.5 +3.8 +5.1 +12.3 +3.9 +15.9 +25.0 +5.7 -2.0
Ready-to-Wear A ccessor lesNeckwear & scarfs -4.1 -8.5 +7.5 -0.5 -13.2 -1.4 -1.4 +8.3-12.6
Millinery
-8.2 -12.4 -2.9 -13.4 +1.7 +9.3 -2.5 -43.3 -9.2
Gloves (women's &
children's)
+0.4 +1.3 +2.1 -0.8 +11.1 +3.4 +0.6 +0.4 -12.5
Corsets. brassieres -4.8 -2.8 +7.5 -9.5 -2.2 +3.1 -6.8 -13.6 -6.2
Hosiery (women's
& children's)._ +2.8 -1.8 +6.6 +5.7 +13.1 +15. +4.0 -13.8 -7.1
Knit underwear_ _ _ -0.8 +1.8 +6.0 +3.1 -1.5 -3.2 -11.4 -1.8 -12.2
Silk & muslin underwear (includ
_.4,1 -5.9 -8.9 +4.8 -4.8 -1.8 +4.6 +0.1 -23.2
Petticoats)
Infants' wear
+1.8 -3.8 +6.9 +3.5 +8.6 +9.8 +12.4 -0.3 -8.3
Small leather goods -4.8 -5.3 -24.5 +6.2 +11.6 +27.8 -4.4 -7.8 -7.0
Women's shoes,. +1.8 -0.2 +17.8 +0.6 -3.5 -5.1 +4.9 +5.7 -8.3
Children's shoes
+0.7 ____ +4.8 -2.0 -4.2 -5.0 +1.2 +14.2 +3.4
Women's & Mis es' Rea dyto IV ear
Women's coats.... -6.2 -5.4 -10.0 ____ -1.1 +7.9 -11.3 -13.1 -8.1
Women's suits
+21,6-50.3 -6.5 __ +41.4 +47.9 +11.3 +1133 +2.1
Tot.(2 above lines) -1.2 -8.8 -9.6 -0.02 +3.4 +11.8 -7 9 +5.5 -5.0
Women's dresses
+22 -3.0 +2.0 +2.0 -7.6 +32.1 -3.7 +14.2 -6.5
Misses' c'ts dr suits -7.1 +6.2 -19.4 -11.9 -19.0 +34.6 -22.4 +22.6
Misses' dresses... +13.3 +11.4 +17.2 ____ -4.1 +45.1 +1.1 +28.3
Jun. & girls' wear_ +7.9 +3.9 +13.0 +12.1 +11.0 +18.4 +10.4 -6.4 -4.7
Men's & Boys' 1Vear
Men's clothing... -0.4 -6.1 +15.0 +5.2 -5.0 +14.0 -10.4 -5.9 -10.2
Men's turn. (Incl.
men'shos.,gloves
and underwear). +1.2 ____ +0.9 +3.2 +6.2 +19.5 -9.5 +1.3 -8.2
Men's hats & caps_ -11.5 ____ +2.9 _--------0.4 -10.7 -31.4 . _ _
Tot.(2 above lines) +10.1 +3.5 +0.9 _.__. +5.9 +18.5 -9.7- 2.8
Boys' wear
-0.3 +0.2 +4.4 -3.3 *-7.1 -5.4 -5.2 -5.1 +7.6
Men's& boysishoes +4.6 -4.8 +16.0 +9.5 +7.1 3-44.4 -22.4 -12.9 -3.1
House Furntshin gsFur'ture (incl. beds
mattr's & spigs.. -1.1 +8.3 +0.1 -6.9 -3.3 +1.6 -16.9 +21.9 +18.2
Driental rugs
+5.7 ____ +12.1 ___ -5.4 -3.2 -21.1 +41.8
Domestic floor coy +0.7 +7.3 -3.0 _-_ +12.0 +2.1 -7.2 -17.6 -Draper's, curtains,
upholstery
+1.6 ____ +8.3 +3.4 +15.7 -3.8 -4.1-13.9 -8.3
i.amps and shades_ -2.5 _ _ _ _ -11.7 +9.6 -1.1 -3.6 -16.8 _ _ __ +7.0
rot.(above 2 lines) +0.6 +1.2 +36 +45 +10.9 -3.7 -0.1-14.4 -7.4
73hina & glassware +6.3 -0.5 +15.2 +6.6 +2.4 +0.3 +3.5 +10.2 -8.4
Note.
-Departments included n this report were selected from the Standard
Merchandise Class ['cation of the Controllers' Congress of the National Retail
Dry Goods Association.
Monthly Indexes of Federal Reserve Board.
The indexes of production, employment, and trade, issued
March 2 by the Federal Reserve Board, follow:
INDEX OF INDUSTRIAL PRODUCTION.
Monthly average 1923-25=100.)
(Adjusted for seasonal variations.
Jan. Dec. Jan.
1928. 1927. 1927.
Jan. Dec. Jan.
1928 1927. 1927
Total
Manufactures
Minerals
106
107
103
99
99
103
107
105
116
MineralsBituminous
Anthracite
Petroleum
Copper
Zinc
Lead
Silver
92
88
124
102
104
98
100
.87
*92
124
105
109
109
*95
119
101
120
114
113
113
97
Manufactures
Iron and steel
Textiles
Food products
Paper and printing
Lumber
Automobiles
Leather and shoes....
Cement, brick. glass_
Non-ferrous metals__
Petroleum refining...
Rubber tires
Tobacco mfrs
113
92
105 105
102
95
114 *112
97 *93
91
53
98 *98
I11
105
101
111
135 137
125 119
118 113
105
108
95
113
96
95
99
101
116
135
118
114
Piece GoodsPer Cl. Per Cl. Per Ct. Per Ct. Per Ct. Per Ct. Per Ct. Per Ct. Per Ct.
Silks and velvets__ -5.4 -14.1 -5.7 -7.1 -1.5 -15.1 +10.1 +14.6 -4.1
Woolen dress goods -6.3 -14.4 -13.1 __ _ _ -14.1 +5.8 +4.3 -0.9 +0.1
Cotton wash goods -5.0 -14.5 -2.5 -2.7 -6.3 +10.5 +7.0 -5.0 -5.9
Linens
-4.5 -8.4 +1.3 -9.0 -8.7 -0.8 -2.6 -14.0 +4.7
Domestics, mus9
lins, sheeting, &c -3.7 -10.5 -5.5 -4.1 -9.4 +2.2 +7.8 -0.9 +5.
Ready-to-Wear A mum lea
Neckwear & scarfs -1.1 -6.5-10.3 +0.2 -13.1 +4.4 +34.8 +2.4 +11.6
Millinery
-8.3 -5.5 -9.8 -7.7 -5.6 -1.3 -12.8 -11.8 -13.7
Gloves (women's &
children's)
-4.2 -5.8 -7.01, -1.9 -16.5 +4.3 -10.5 +5.0 +1.4
Corsets, brassieres +1.0 -2.1 -0.2 -0.4 -4.6 +28.5 -0.6 +1.2 +1.0
Hosiery (women's
& children's)._ +8.3 +5.3 +1.7 +9.8 +2.1 +23.6 +9.5 +4.5 +11.0
Knit underwear__ _ -1.2 -6.8 -0.2 +0.7-11.8 +29.8 +0.4 -9.3 -8.0
Silk & muslin underwear (includ.
-7.5 -13.4 -8.7 -7.0 -10.3 -6.3 +7.2 -6.9 -1.5
Petticoats)
Infants' wear
+3.4 +1.3 +8.3 +2.5 -8.6 +13.8 -3.2 +2.4 +3.6
Small leather goods +5.5 -2.6 +4.6 +9.1 +5.3 +15.6 +20.6 +18.8 +0.6
Women's shoes
+3.3 +1.8 +6.5 +1.7 +8.7 +2.5 +3.8 +11.5 -0.4
Children's shoes
+16.6 ___ +27.9 +15.2 +21.3 +30.5 +23.8 -11.1 -3.6
Women's & Miss es Rea dyto W ear
Women's coats.._ -5.4 -1.8 -8.1 ____ -21.2 +17.8 +2.0 -2.5-16.7
Women's suits_. +19.8 +1400 +7.9 ___ +27.1 +14.7 +37.9 +2020 -5.2
Tot.(2 above Meg) +3.0 -1.7 -4.6 -6.0 -15.6 +17.7 +10.8 +43.5 -14.1
Women's dresses_ +0.2 -2.0 +0.5 -4.6 +5.7 +10.2 +24.6 +0.5 +1.4
Misses' c'ts & suits +12.9 +9.7 +22.0 +16.9 -0.9 +8.0 +1.2 -1.2
Misses' dresses_ _ _ +7.8 +3.1 +13.5 --- +3.2 +22.5 +23.1 -9.2
Jun' & girls' wear_ +7.9 +4.7 +7.0 +15 +13.9 +17.7 +14.4 +31.4 +12.2
Mens' and Boys' Wear
Men's clothing
+4.9 -1.9 -24.7 -0.1-11.8 +3.1 +21.1 -1.1 +4.7
Men's turn. (IncL
menishos-gloves
& underwear).- +0.04 ____ -3.3 +0.7 -5.8 +13.0 +3.7 +0.1 -1.6
.
____ +23 5 -0.3 -16 1
Men's hats & caps_ -0.2__ _ -4.5 __ __
Tot.(2 above lines) -2.3 -i7 -3.3 _ _ -9.9 +13.5 +4.0 -1.8
Boys' wear
1
-0.9 -4.7 -11.9 - 341 -5.3 +40.4 +9.3 +1.9 +2.7
Men's& boys'shoes -0.4 -9.2 -12.9 +3.7 +0.9 -18.4 -0.9 -7.0 +3.2
House Furnishin gsFueture (incl. beds
mattr's & spigs. +2.7 -2,5 +0.5 +8.8-29.0 +18.1 +80.9 +27.4 +46.3
Oriental rugs
-1.2 ____ -5.4 ____ +29.8 -8.6 -5.4 -70.5
-7.0 __Domestic floor coy -0.8 -8.3 +9.5 ____ -7.2 -4.0 +11
Draper's. curtains,
+6.0 --_ +13.7 +5.4 -5.1 +23.2 -2.9 -6.1 -3.5
upholstery
+7.0 ___ -1.5 +11.3 +6.6 +20.9 -1.7_ +2151
Lamps & shades
-1.4
Tot.(2 above lines) +4.5 -0.7 +9.5 +6.6 -1.7 +22.8 -2.7 -11.7
3
China ar glassware +5. +0.1 +6.1 +21.5-10.4 +6.2 +5.9 -6.8 +10.2
Wholesale Trade
Total
Groceries
Meats
Dry goods
Men's clothing
Women's clothing
Shoes
Hardware
Drugs
Furniture
Retail Trade a
Dept. store sales (1923-25)4100)
Dept. store stocks (1923-25=100)
Mail-order house sales (1919=100)
Note.
-Departments included n this report were selected from the Standard
Merchandise Class fication of the Controllers' Congress of the National Retail
Dry Goods ASsoclation,
a New indexes of department store sales and stocks, 1919 to 1927. were presented
in the February 1928 Federal Reserve Bulletin. •Reviied
INDEXES OF EMPLOYMENT AND PAYROLLS IN MANUFACTURING
INDUSTRIES.
(Without seasonal adjustment. Monthly average 1919=100.)
Employment,
Payrolls.
Jen,
1928.
Total
Iron and steel
Textiles
-Group
Fabrics
Products
Lumber
Railroad vehicles
Automobiles
Paper and printing
Foods,&c
Leather, &c
Stone, clay, glass
Tobacco, &c
Chemicals, &c
Dec.
1927.
Jan,
1927.
Jan.
1928.
Dec.
1927.
Jan.
1927.
87.9
80.7
92.9
95.1
89.9
84.5
70.5
114.0
108.6
83.8
83.2
101.6
73.8
75.1
89.0
81.4
93.6
96.4
89.9
88.0
72.0
105.0
110.1
86.7
79.8
109.0
80.3
77.2
92.4
88.7
95.2
97.6
92.2
92.9
79.8
104.2
108.8
85.1
88.5
109.8
73.5
77.6
97.7
84.1
100.2
100.3
100.0
91.2
75.1
127.2
148.8
99.0
83.5
122.1
78.1
106.3
101.8
86.6
103.6
106.1
100.6
102.5
80.2
127.8
152.7
102.2
77.8
133.6
87.0
112.4
102.0
93.8
105.3
107.6
102.6
101.6
84.6
94.0
160.3
99.3
90.0
129.5
76.2
107.0
INDEXES OF WHOLESALE AND RETAIL TRADE.
Wholesale trade (1923-25=100)
Adjusted.
Unadjusted.
Jan.
1927.
Jan.
1928.
Dec.
1927.
Jan.
1927.
Jan. Dec.
1928, 1927.
87
85
105
85
80
65
93
82
106
91
82
91
102
70
50
39
82
90
99
85
87
86
113
78
68
71
92
82
102
88
95
93
105
89
105
70
114
92
109
103
93
92
•109
*87
97
61
101
97
106
90
94
93
113
83
88
77
112
92
104
100
88
91
113
186
96
180
89
92
108
105
103
115
111
102
160
106
103
110
MAR. 10 1928.]
New York Federal Reserve Bank's Indexes of Business, I
Activity.
The following indexes of business activity are from the
Mar. 1 number of the Monthly Review of the Federal
Reserve Bank of New York:
After seasonal changes have been taken into consideration it appears
that primary distribution of goods recovered in January a part of the
December decline, but remained considerably below the level of last year.
In February average daily carloadings of merchandise and miscellaneous
freight have shown about the usual seasonal increase, and loadings of bulk
freight the usual decrease.
Retail trade declined sharply in January even after allowance for the
usual seasonal change' the index of department store sales was the lowest
since last May, and other indexes of distribution to consumers showed
rather substantial declines.
(Computed trend of past year100%).
1927.
1928
Jan.
Jan.
Nov.
Dec.
Primary Distribution
Car loadings, merchandise and misc _____ ___
Car loadings, other
Exports
Imports
Panama Canal traffic
Wholesale trader
106
105
90
114
88
977
100
86
90
113
95
97r
95
86
78
104r
88
96r
102
93
85p
103p
85
__ _
Distribution to Consumer
Department store sales, 2nd Dist
Chain grocery sales
Other chain store sales
Mall order sales
Life Insurance paid for
Advertising
104
99
101
96
103
100
106
103
105
102
106
100
108
104
107
119
107
97
99p
___
98
96
98
87
General Business Activity
Bank debits, outside of New York Cltyr
Bank debits, New York City?
Velocity of bank deposits, outside of N.Y. City
Velocity of bank deposits, New York City
Shares sold on New York Stock Exchange
Postal receipts
Electric power
Employment in the United States
Business failures
Building contracts
New corporations formed in N. Y. City
Real estate transfers
General price level?
Composite index of wages
r-Revised.
p-Preliminary.
106r
123r
108
127
146r
94
103
100
101
127
114
97
170r
221
106r
134r
106
135
179r
94
103
96
106
126
116
94
173r
220
106r
138r
104
136
228r
98
102
95
108
128
116
95
174/1
223
107
142
109
140
234
88
_ -95
108
140
117
173
221
Production of Electric Power in the United States
Lower.
The total production of electric power by public utility
plants in the United States for the month of January
amounted to 7,196,517,000 kilowatt hours as compared with
7,217,673,000 kilowatt hours in December last and approximately 6,730,000,000 kilowatt hours in the month of January 1927, according to the Division of Power Resources
Geological Survey. Of the output for January of this year,
2,719,952,000 kilowatt hours were produced by water
power and 4,476,565,000 kilowatt hours by fuels. The
survey further shows:
PRODUCTION OF ELECTRIC POWER BY PUBLIC UTILITY POWER
PLANTS IN THE UNITED STATES (IN KILOWATT-HOURS).
Division.
November
1927.
December
1927.
January
1928.
Change in Out
Ind from Previsas Year
Dec.
New England
Middle Atlantic
East North Central
West North Central
South Atlantic
East South Central
West South Central
Mountain
Pacific
Tn.:A TTnitati State9
Jan.
469,463.000 510.126,000 503,313,000 -4-1%
1.937.500,000 2,037,838.000 1,973,075.000 +5%
1.625,891.000 1,727.193,000 1,732,700,000 +6%
429,320,000 438.917,000 435.882,000 +7%
713,505.000 772,556,000 794,665,000 +11%
294,913,000 256,881,000 293.772,000 -3%
296.896,000 303.015.000 308.135.000 +21%
277,790.000 306,076,000 291,428,000 +1%
829,211,000 865.071,000 863,547,000 +6%
+1%
+6%
+3%
+9%
+15%
+4%
+20%
-3%
+8%
6.874.471.000 7.217.673.000 7.196.517.000 4-50r_
_Lars
The average production of electricity In January was 232 100,000 kilowatt-hours per day-a trifle less than the revised figures of average output
for December of 232.800,000 kilowatt-hours per day. The output by the
use of water power was 87,700,000 kilowatt-hours per day, or about 38%
of the total output.
The total output of electricity in January was 6.5% greater than that
for January 1927. This figure is comparable with similar increases for
January 1927. of 8.5% and January 1926 of 10.5%. The production of
electricity of public utility power plants therefore apparently starts the
year 1928 with an increase fairly comparable, considering the greater total
annual output. with those for January 1927 and 1926.
TOTAL MONTHLY PRODUCTION OF ELECTRICITY BY PUBLIC UTILITY
POWER PLANTS IN 1927 AND 1928.
1927.
January
February
March
April
May
June
July
August
September
Oct ber
November
December
Tn.
el
1423
FINANCIAL CHRONICLE
1928.
6.730.000.000 7,197.000,000
6,080.000,000
6,717,000,000
6.410,000.000
6.582,000.000
6,475,000,000
6.455.000.000
6.684.000.000
6,607.000.000
6,929,000.000
6.874,000.000
7.218.000.000
711 757 000.000
Increase Produced by Water
1928
Power
Over 1927.
1927.
1928,
6
___
---__
___
___
---__
___
3
5%
38%
38%
40%
41%
39%
35%
36%
33%
34%
36%
38%
___
37%,
---
38%
--__
--__
--_ _
--__
The quantities given in the tables are based on the operation of all power
plants producing 10,000 kilowatt-hours or more per month, engaged in
generating electricity for public use, including Central Stations and ElectricRailway Plants. Reports are received from plants representing over 95%
of the total capacity. The output of those plants which do not submit
reports is estimated; therefore the figures of output and fuel consumption
are on a 100% basis.
The Coal Division, Bureau of Mines, Department of Commerce, cooperates in the preparation of these reports.
Reports to Federal Reserve Board on Retail Trade Show
Larger Volume of Sales in February this Year
than Last.
Total sales of 491 department stores which report to the
Federal Reserve System were 2.2% larger than in February
of this year than in February of 1927, says the Federal
Reserve Board. It adds:
This increase, however, was due largely to the fact that February of
this year contained one more business day than February a year ago. In
eight Federal Reserve districts sales were larger than a year ago the
largest increases occurring in the Chicago and San Francisco districts, and
in four districts-Philadelphia, Cleveland, Atlanta and Minneapolis
sales were smaller. Of the total number of stores reporting, 263 showed
larger sales than a year ago and 228 reported decreases.
Sales of two mail-order houses were 9% larger than in February a year
ago and those of eight five-and-ten-cent chain stores were 11% larger.
Percentages changes in dollar sales between February 1927 and February
1928, and the number of stores reporting are given in the followin table:
Federal Reserve
District.
Boa=
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Total
Mail-order houses (2)_
Five& ten-cent stores_
(8 chains)
P. C. of Inc. (-I-)
or Dec.(-) in
Sales-Feb. 1928
Compared with
Feb. 1927.
+0.6
+3.6
5.4
+4.6
1.2
+6.3
+1.7
-5.2
+2.4
+3.5
+6.4
+2.2
+9.2
Number of Stores.
Number Reporting.
Total
Reporting.
Increase.
Decrease.
79
48
78
37
46
27
47
18
13
16
18
64
52
30
39
12
28
7
15
11
7
11
10
41
27
18
39
25
18
20
32
7
6
5
491
263
228
23
+11.0
F. J. Lisman On Conditions On Pacific Coast and in Middle
-Sheep Industry Most Prosperous in Far West
West
Railroad Lines in Excellent Condition.
F. J. Lisman, who has just returned from an extensive
trip to the Pacific Coast and the Middle West, said he
found the railroad lines in excellent condition. "Very few
New Yorkers realize that most trunk lines west of Chicago
are now mostly laid with heavy steel and that traveling
conveniences are, if anything, better than they are east of
Chicago," said Mr. Lisman, who added:
"The Chicago, Milwaukee & St. Paul's experiment with roller bearings
for its passenger equipment, thus far, is highly successful and it is
certainly gratifying to passengers to be able to only see the starting of
the train on which they are traveling and not be repeatedly and rudely
reminded of it.
"California is growing at a rapid rate. If its growth should continue
and there seems very little doubt about it-in 1940 it is likely to have
the Union. Between 1920 and
the greatest population of any state in
1930, California will probably show a doubling of its population and if
it should only increase 50% during the next decade, it will come up to
the present population of New York State. Its growth will undoubtedly be accompanied by a very large industrial development,
because with the growth of the Oriental market and of the local population they have the advantage of cheap water power and cheaper labor.
Generally speaking, living is cheaper on the Pacific Coast than in the
east and there are not the extremes of wealth and poverty.
"Many people in the east think of the Pacific Ports as being competitive. They should realize that the distance from San Francisco to
Portland and Seattle is practically as great as it is from New York
to Charleston, S. C. and Jacksonville, Florida, while the railroad between
these two points rises to an elevation of 5,00p feet. Similarly, the
distance from San Francisco to Los Angeles is somewhat greater than
that from New York to Bangor, Maine; San Diego is about as far
away as St. John's New Brunswick. Naturally these ports each have
their own hinterland and are competitive for trans•Pacific tonnage only
to the slightest degree and in very few commodities.
"The most prosperous industry in the far west is the sheep industry.
Wool is commanding extraordinarily high prices and the live stock
people in general have nothing to complain about. However, I have
not heard of any of these producers suggesting that freight rates on
their particular products be advanced, although in a period of depression,
they are quick enough to ask for railroad rate reduction.
"There are certain sections of the middle west which are not so
prosperous. This applies especially to the sections which depend on
corn and hogs more than on cattle and dairy products. The depression
is particularly accentuated in those sections of Illinois which heretofore
have derived a large revenue from coal mining."
National Industrial Conference Board Finds Business
Trends as Reflected in Price Movements and Employment Confusing.
Business trends as reflected in wholesale commodity and
retail price movements, volume of employment and wage
earnings at the present moment present a confused picture
and do not indicate what may be expected in the immediate
1424
FINANCIAL CHRONICLE
future in way of business recovery, according to the National
Industrial Conference Board, 247 Park Ave., New York.
The Board, under date of Jan. 30, comments as follows:
While underlying conditions are appraised as sound by the Conference
Board,it is pointed out that living costs based on retail prices of the necessities of life, which in the past have tended to follow the trend of wholesale
commodity prices with a lag of only a few months, as yet have shown no
signs of rising although wholesale prices have shown an upward trend ever
since April 1927. In the view of the Board, inasmuch as final consumption
determines the permanence of production, the failure of retail prices thus
far to reflect a stiffening of demand for goods leaves It at the present an
uncertainty whether or not the upward turn of wholesale commodity prices
during the past eight months is of a permanent character and actually
reflects an increased demand for materials such as would foreshadow increasing industrial activity.
The volume of employment in industry has been definitely on the downward trend since July 1920 and at the close of 1927 was approximately 20%
less than at the peak in 1920. Most of this decline, however, took place
during a period of increasing industrial production and is known to have
been due largely to increased mechanization of industry. There are no
statistics available indicating to what extent the thus created labor reserve
has found employment in other occupations, or to what extent It has been
offset by immigration restriction. But it is significant, the Board points
out, that despite the decline in the volume of employment wage earnings
of those employed in industry have been marked stability at a high level
which, during 1925, 1926 and 1927 averaged 116% higher than In July 1914.
This, the Board concludes, does not reflect pressure by an increasing labor
reserve on the employment market.
Living costs, according to the Conference Board's cost of living index,
the only monthly living cost index now published in the United States,
have fluctuated little during the past three years but on the average were
slightly lower during 1926 and 1927 than in 1925. While the wholesale
commodity price index since last April has shown a gain of about 3%, the
first definite upward turn in two years, living costs since April 1927 have
fluctuated much less and without noticeable trend, closing the year at
practically the same average level as prevailed in April 1927 and about 3%
lower than they were at the close of 1926.
While weekly earnings of industrial workers in 1925, 1926 and 1927
averaged 116% more than they were in July 1914, living costs at the close
of 1927 were only about 64% higher than at the outbreak of the war.
Owing to a slightly rising tendency in wage earnings and a slightly declining tendency of the cost of living through the years 1925, 1926 and 1927,
the purchasing power of the industrial worker's average earnings In 1927
on the average was 33% greater than it was in July 1914, while in 1925
and 1926 was only 28 and 29% greater than at the outbreak of the war.
Wage Payments Per Worker in New York Average
12% Higher Than Average Wages for Country
as Whole According to National Industrial Conference Board.
The economic status of industrial wage earners in New
York State, as determined by their earnings, conditions of
employment and of living costs, compares favorably with
that of wage earners in other leading industrial States.
That in brief, is the conclusion reached in a report submitted
Jan. 26 to the Industrial Survey Commission of the New
York legislature, in session at the Bar Association Building
42 West 44th St., by the National Industrial Conference
Board. H. F. Browne, Manager of the Industrial Relations
Department of the Conference Board, presented a summary
of the report and testified in detail in regard to the investigation made by the Conference Board on behalf of the Associated Industrials of New York State. Regarding the
report it is stated:
In spite of the high proportion of women workers, who generally average
about 60% of the earnings of male workers, annual wage payments per
worker In New York were found to average about 12A % higher than such
average wage earnings for the country as a whole. Stability of employment, however, also Is an important factor in determining the amount
of earnings over a long period of time. Fluctuations in the volume of
employment in New York State were found to be less in New York than in
other leading industrial States.
Inasmuch as considerable loss of income may be caused the worker by
disablement through accident or injury, workmen's compensation provisions are also a contributing element In determining the industrial
wage earner's economic status. The workmen's compensation law of
New York, the Conference Board in an earlier report submitted to the
Industrial Survey Commission described as "easily the most liberal"
and as providing "most generously for the industrial wage earner" after a
comparative and exhaus,tive study of compensation laws and their administration In various leading industrial States.
New York State industries, despite the fact that the small type of establishment is the prevailing type in the State, also compare favorably with
those of other leading industrial States in the field of industrial relations
activities, such as bonus awards for long service. Quality of work, punctuality and attendance, protection of the worker through group life, health
and accident insurance, pension awards, mutual aid, sickness and accident
benefits, vacations with pay, medical aid or treatment gratis or at low cost.
Investment opportunities at advantageous terms and the like. Employees
working under such arrangements are obtaining a direct or indirect supplement to their income, or at least are saving expenses which they otherwise
would have to meet and to that extent enjoy a correspondingly Improved
economic status, in the opinion of the Board.
Little difference was found to obtain in living costs for industrial workers
as between various industrial communities, irrespective of size and location.
While they proved highest In N. Y. City, they were found to be only 14.6%
higher than in Marion, Ohio, where they were lowest as among the 12
cities in 4 different states where the cost of living studies for this purpose
were conducted by the Board. While there was found to exist considerable
variation in the costa of the various necessities of life in the different localities, high cost for one Item usually was offset by low cost of another, keeping the variations in total living costs within small proportions. The
higher total living costs in N. Y. City were found to be well offset, on the
average, by the greater earnings of Industrial workers here.
Contrary to popular impression, the Conference Board found that the
foreign contingent of industrial workers is not as great a problem In New
York State than in some other eastern industrial states, both Massachusetts
[VOL. 126.
and Connecticut having a greater proportion of foreign population than
New York State. Also contrary to popular impression, New York
was
found to be primarily a State of small sized industrial establishments,
although having within its confines some of the largest. The proportion
of incorporated industrial plants in New York was found to be
smaller
than in other leading Industrial states, with the exception of Pennsylvania.
Mr. Browne also submitted to the Commission a summary of a
study
made by the Conference Board of the educational problem in New York
State in relation to industry. In its recommendations the Board stresses
the desirability of vocational training and guidance in the public schools.
National Industrial Conference Board Finds New
York A State of Small Manufacturing Plants—
Average Number of Wage Earners Per Establishment Below That of Other States.
New York State, although the leading industrial State in
the Union, with a manufacturing output exceeding that of the
next greatest industrial State, Pennsylvania, by about one
and a half billion dollars in value per year, is primarily a
State of small manufacturing plants, according to a study
made by the National Industrial Conference Board, of New
York. Basing its analysis on the number of wage earners
employed, as a measure, the Conference Board cites figures
to refute the generally accepted view that New York is a
State of big industries. The average number of wage earners
employed per manufacturing establishment in New York
State in 1925 was 32, as against an average of 92 in Michigan, 79 in Connecticut, 61 in Ohio, 59 in Massachusetts,
58 in Pennsylvania, 52 in New Jersey and 44 in Illinois.
This preponderance of small factories in New York State,
the Conference Board finds, to a large extent is due to conditions peculiar to New York City, where such industries
prevail as require little space and depend on a "high value
added by manufacture" rather than on volume for their
profit, as the clothing industry, printing, specialty manufacturing, the manufacture of fur goods, millinery and lace
goods, jewelry and the like. But in comparing only plants
with more than 50 employees each, thus eliminating from
consideration the very small manufacturing shops such as
prevail principally in New York City, the average of wage
earners per plant in New York State still falls below the
average in the seven other leading industrial States. While
there are a few of the largest plants of the country located
in New York, these are in reality the exception to the rule
and are no more typical of New York as an industrial State
than they are of the country as a whole.
The Conference Board sees a certain correlation exis. im
.t
between the prevailing size of manufacturing establishments
in a given industry and the period in which the industry
made its start. Many of the oldest industries have tended to
retain the small scale type of operation characteristic of
earlier days. While the older industries have felt the effect
of developments in industrial technique and procedure, they
also have been more conservative and less free to avail
themselves as quickly of new methods than industries which
have more recently come into being. It is for this reason,
the Conference Board study finds, that manufacturing operations in the east central States, where the newer industries,
like automobile manufacturing, predominate, industrial
operations are conducted on a scale seldom seen in the
northeastern part of the country. Below are given the
number of manufacturing establishments, of wage earners
and the average number of wage earners per plant in eight
of the leading industrial States of the nation:
Name of State—
New York
Illinois
New Jersey
Pennsylvania
Massachusetts
Ohio
Connecticut
Michigan
Number of
Plants.
33,303
14.117
8,204
17,298
10,027
11,137
3,062
5,600
Number of
Wage Earners.
1,066.202
622,368
425,377
999,460
591,438
676,742
242,362
515.494
Avg Wage
Earners
per Plant.
32
44
52
58
59
61
79
92
Loading of Railway Revenue Freight Continues Low
Loading of revenue freight for the week ended on February
25, totaled 869,590 cars, according to reports filed on March
6, by the Car Service Division of the American Railway
Association. This was a decrease of 18,301 cars below the
preceding week due to the observance of Washington's
Birthday, with decreases being reported in the total loading
of all commodities except grain and grain products, coal and
coke, which showed increases. The total for the week of
February 25 was a decrease of 49,268 cars below the same
week in 1927, and a decrease of 43,345 cars compared with
the corresponding week two years ago. The figures are
analysed as follows:
Miscellaneous freight loading for the week totaled 310,234 cars, a decrease of 13.966 cars below the corresponding week last year and 17,225
cars below the same week in 1926.
MAR. 10 1928.]
FINANCIAL CHRONICLE
1425
much as this applies largely to skilled labor, it seems obvious that the
unskilled laborer is in an even more unfortunate position.
I cannot say who furnished the President this misinformation about
high wages and plentiful employment at a time when all the signs
and all the evidence indicated that wages were dropping and the ranks
of the discontented were daily being recruited by new armies of the
unemployed. But I do know that it was a grave responsibility to lull
the Congress and the nation into the belief that conditions were satisfactory; its effect was to lead to Congressional and national inaction
so that the crisis was permitted to become more acute.
Three months, during which preliminary surveys might have been
made, have slipped by. But to this day the Administration has not yet
decided whether to admit or deny the facts—whether to admit or deny
the existence of an unemployment situation rivaling that of 1920.
The Administration, it would appear, is so blinded from gazing at the
side of the shield which reflects prosperity that it cannot bear to look
upon the darker side. Conflicting reports come from the various departments charged with keeping us informed on this grave subject.
From Mr. Hoover's Department of Commerce, that watch tower of
the administration that sees all, hears all and knows all, the trumpets
blare forth that all is well. Mr. Hoover's bright young men have
scanned the horizon from California to Ohio, from the flooded areas
to Vermont, all across the nation, to discover not a single idle man.
But if you adjust your receiver so as to tune in on the Department
of Labor, you hear the admission:
"Yes, we have unemployment; why not admit it?
Meanwhile, there comes from private sources the usual mass of estimates, guesses and surmises. Four million people, I am informed,
is a conservative estimate of the number of those out of work. Four
million people able and willing to work with no work for them to do.
Total
7,037,417 7,558,578 7,364,028
Answering Senator Walsh of Massachusetts, who in supporting the claims of Senator Wagner, referred to the unU. S. Senate Adopts Resolution of Senator Wagner Calling
employment conditions in Massachusetts, Senator Smoot
For Inquiry by Secretary of Labor Into Unemployment
Said:
Conditions.
The Senator from Massachusetts has been talking about the cotton
At the instance of Senator Wagner of New York a res- industry and the woolen industry in Massachusetts. Can not Senators
see what has brought about that condition as far as cotton is concerned?
olution directing the Secretary of Labor to investigate the The
women in the country are wearing silk to-day. We used to manuextent of unemployment in the United States, and to re- facture hundreds of millions of dozens of cotton hose for women.
port thereon to the Senate, was agreed to by the Senate on We manufacture scarcely any in the United States to-day. New
England was the great center of that class of manufacture. As far
March 5. In presenting his resolution the Senator stated as dresses are concerned, the women used to wear cotton, and it used
that he had been informed that 4,000,000 is a conservative to take 10 or 12 years of cotton cloth for a dress. To-day the dresses
of silk to
estimate of the number of unemployed in the country. The are silk, and it takes only about three and a half yards
make a dress. You can not find a silk center in the United States
Senator (whose presentations to the Senate upon this oc- that is not busy. Why is that? It is because of the change in styles.
casion represented his maiden speech in the Senate) said Those things have to be taken into consideration when we begin to
talk about conditions existing in this country.
In part:
The following is the resolution calling for the inquiry:
The situation we face now is not merely a temporary phenomenon.
Whereas it is essential to the intelligent conduct of private and
I believe it differs radically from the sort of unemployment which
followed the armistice and the period of deflation. We are facing a public business enterprises, to the proper timing for the inauguration
change in industrial organization, and one which, in some respects, of public work by the Federal Government and the encouragment of
is as revolutionary as that which occurred in the beginning of the similar undertakings oy the States, to the formulation of sound ecolast century. Because it has come more slowly we are not so con- nomic policy, and it is prerequisite to the provision of relief against
scious of it; but it presages, in my opinion, a system that will bring the hardships of unemployment and to the ultimate solution of the
new problems in its train. From farm and country there flows a steady unemployment problem that accurate and all inclusive statistics of
stream of boys and girls to the city, seeking the advantages to be employment and unemployment be had at frequent Intervals; and
Whereas it is apparent that the United States is now suffering from
gained from urban life and searching for industrial or commercial employment. They no sooner reach the cities than they find small con- a decided growth of unemployment, and no nation-wide statistics of
cerns becoming merged into larger and more economically operated unemployment in the United States are anywhere available:
Resolved, That the Secretary of Labor is hereby directed (I) to
units; they find one machine, the result of a recent invention, perhaps,
adcomplishing the task of a hundred workers. They are caught investigate and compute the extent of unemployment and part time
employment in the United States and make report thereon to the
between the lack of opportunity on the farms at home and the Darwinian process of the survival of the fittest in the cities. Many are com- Senate, and together therewith to report the methods and devices
whereby the investigation and computation shall have been made:
pelled to join the aimless floaters of society.
(2) to investigate the method whereby frequent periodic report of
I note a tendency on the part of some public officials and economists
to characterize as alarmists those who venture to focus attention on the number of unemployed and part time employment in the United
this unpleasant, unsolved problem; but it is one that must be faced. States and permanent statistics thereof may hereafter be had and made
In a negative way President Coolidge recognized its importance in his available and make report thereon to the Senate.
last message to Congress, for he assigned the most important place
in that message to this very question. In his very first paragraph
Senator Smoot Declares Reports of Unemployment
he said:
Wages are at a very high range. Employment is plentiful.
Are Exaggerated.
I wish the President would inform the Congress where he obtained
In a debate in the Senate on March 7 incident to the
that optimistic information. VThere did he learn that "wages are at
a high range?" Who told him that "employment is plentiful?" At resolution adopted on March 5 calling for an investigation
a recent press conference, the press informs us, be discussed pros- by the Secretary of Labor into unemployment conditions,
perity in glowing terms, but he said not a word about unemployment.
Surely he has not consulted with Statistical or industrial experts in Senator Smoot challenged the accuracy of the picture of
his Department of Labor, for he would not have secured this infor- unemployment given by Senator Wagner. We quote from
mation there. The data with which they would have supplied him, the Washington advices March 7 to the "Herald-Tribune"
had, he asked for it, would have been quite different.
Let us consider how "plentiful" employment really is. As far back which added:
He admitted there was unemployment, but by no means as serious
as last June the Commissioner of Labor Statistics would have informed
the President that employment and wages were at a lower level than as represented, and predicted the passage of a tax reduction bill.
President studied the figures for November—the
Senator Smoot was questioned and heckled by Senators Walsh of
in 1927. Had the
month during which he was preparing his message—he would have Massachusetts, Harrison, Caraway, Gerry, Robinson of Arkansas, and
found that 15 of every 100 men engaged in manufacturing in 1923 other Democrats, until he finally refused to yield.
The debate took on a political character and showed that the Demohad been dropped from the pay rolls by November, 1927, and that
crats are out to challenge Republican claims of prosperity.
situation prevailed throughout the whole United States.
unemployment has been collected and set down for all
Senator Smoot dwelt n the enormous importations despite the tariff.
Evidence of
He said:
who care to consult it. I shall but summarize it ,briefly:
"These imports have a tendency to supplant large quantities of
1. Reports of the Bureau of Labor Statistics show a decline of more
than 15% in the number employed in manufacturing establishments. American goods despite the tariff, thus slowing down many American
completely show the extent of unemployment, industries."
This, of course, does not
Mr. Smoot said that from 35 to 40% of the imports were dutiable
for many still on the payroll are employed only part time and are,
and the rest free; also that there was oversupply or underproduction
therefore, partially unemployed.
2. A decline of 13% in the forces employed by Class I railroads in many lines and overproduction or underconsumption, especially in
of the country and a drop in freight car loadings, with the lessened the textile and silk and woolen industries.
"Unemployment exists in all industrial countries and overproductien
business activity which that portends.
3. A sharp increase in the ratio of applicants for work to the is the main cause," he declared. But he said involuntary unemployment in 1926 and 1927 was nothing compared to the unemployment
number of positions listed by employment agencies.
4. Account must further be taken of two additional factors, namely, in 1920 and 1921.
Senator Smoot gave figures from the Department of Labor, applithat there has been at least a 5% increase of population between 1923
industry. The Senator
and 1928, thereby increasing considerably the number seeking employ- cable, he said, to fifty-four separate lines of located in every section
ment, and the net flow of population from farm to city of 3,100,000. said they applied to more than 10,900 plants,
Of this number, approximately 1,000,000 are in the wage earning of the country.
Senator Johnson held the facts not sustain Senator Smoot. He
class.
three-fifths of the corporations are
The latest report of the Bureau of Labor Statistics which is that recited figures to the effect that of lack of sufficient income, and
because
for January, 1928, reveals that the barometer of factory employment not paying income taxes
failures in the period in which Senator
continues to fall. Only a week ago the American Federation of Labor said there had been more bank similar period since the government
any
reported that one of every six of its members was out of work. Inas- Smoot referred than "in
Coal loading totaled 173,462 cars,a decrease of 28,295 cars below the same
week in 1927 and 7,008 cars below the same period two years ago.
Grain and grain products loading totaled 45,987 cars, an increase of
2,800 cars over the same week last year and 6,194 cars above the same
period in 1926. In the western districts alone, grain and grain products
loading totaled 32,428 cars, an increase of 5,448 cars above the same week
In 1927.
Live stock loading amounted to 30,268 cars., an increase of 2,783 cars
above the same week last year and 3,626 cars above the same week in
1926. In the western districts alone, live stock loading totaled 23,263
cars, an increase of 2,680 compared with the same week in 1927.
Loading of merchandise and less than carload lot freight totaled 225,882
cars, a decrease of 6.627 cars below the same week in 1927 and 11,262 cars
below the corresponding week two years ago.
Forest products loading totaled 65,077 cars, 2.719 cats below the same
week last year and 8,925 cars below the same week in 1926.
Ore loading totaled 7,310 cars. 2,314 cars below the same week last year
and 3,508 cars below the same week two years ago.
Coke loading amounted to 11,370 cars, 930 cars below the same week
in 1927 and 5.237 cars below the corresponding week in 1926.
All districts except the Northwestern and Centralwestern reported
decreases in the total loading of all commodities as compared with the same
week last year, while all except the Pocahontas, Northwestern and Centralwestern reported decreases compared with two years ago.
Loading of revenue freight in 1928 compared with the two previous years
follows:
1928.
1926.
1927.
Four weeks in January
3,447,723 3.756,660 3,686.696
Four weeks in February
3,589,694 3,081.918 3,677,332
1426
FINANCIAL CHRONICLE
[VOL. 126.
began." He declared the agricultural industry had been totally lacking
in prosperity.
Senator Smoot insisted bank failures were not a sign of hard times,
but originated with overloaning in time of prosperity. He said President Coolidge was right in saying the country was prosperous.
Senator Harrison asked Mr. Smoot why he was delaying the tax
bill. Mr. Smoot explained it was held back until it could be seen
whether the appropriations would be so great as to cause a deficit.
"I hope we'll get a tax reduction bill," said Senator Smoot.
Senator Harrison wanted to know when.
"Just as soon after March 15 as we find out what the estimated
revenue will be," replied Senator Smoot.
He said information from a large number of companies for 1927
showed about 10% less income.
employment and of production in leading manufacturing industries.
Both series are based on partial representations of manufacturing, not
identical for the two series, but the complete census of manufacturers
which is taken every two years supports the conclusion that, through
efficiencies of one sort or another, factory output per worker has been
increased and thus the same or larger output achieved with a reduced
number of workers. In the absence of any considerable amount of
unemployment until recent months, it has been evident, however, that
the reduced opportunities for employment in factories have been largely
offset by increased opportunities for employment in other lines such
as building, the radio industry, and automobile service and filling
stations, and it seems probable that recent unemployment reflects temporary conditions in manufacturing, mining, and building more largely
than this longer time tendency.
Secretary of Labor Davis Says Employment Conditions
Are Improving.
Associated Press dispatches from Washington on March
6 reported Secretary of Labor Davis as stating that figures from an unemployment survey undertaken recently
by the Labor Department are now nearly complete, and
show an improvement in the country's business conditions,
although it has been necessary to recheck some of the
total before making them public. The Labor Department
will issue its report as soon as the details are complete and
will not, it is stated, await the demand made upon it by
a resolution adopted by the Senate on March 5 for an
estimate of employment conditions. Secretary Davis is
quoted as saying:
Statistics of Employment and Retail Trade Inadequate According to La Salle Extension University.
According to the La Salle Extension University "two
factors of great importance are very difficult of measurement. These are," it says, "employment and retail trade."
In its March Business Bulletin, from which we quote, it
goes on to say:
"In general it can be said there is an upward trend to employment.
Business is becoming more active and more workers are being replaced
on payrolls. We do not intend to get anything but thoroughly accurate figures and are consequently taking more than usual care in
working up the data obtained by the inquiry.
"However, my study of the returns at hand indicates that the steel
business has gone steadily upward during recent works, attaining 80%
of capacity; that construction work of all types is getting under way;
that the Ford Motor Company is re-employing its men in large numbers at Detroit, relieving a situation which had been bad there for
some months; that the outlook for increased Government expenditures
in the Mississippi Valley is occasioning renewed enterprise.
"Along with these betterments in the general situation is the indirect acceleration brought about to industry because of anticipated
demand for commodities by the newly employed sections of the population.
"The Labor Department will make public its estimates on employment as soon as the figures are compiled."
New York Federal Reserve Bank On Unemployment in
New York District.
"Reports from employment and relief agencies indicate
some increase during the past month in the number of
workers unemployed, and there appears in fact to be snore
serious unemployment in this district than at any time
since 1921," says the Federal Reserve Bank of New York
in its Business Review of March 1. The Bank further
states:
In interpreting this statement it should, however, be noted that the
-recent reduction in business activity is the only important reduction since
1921, except for a reduction in 1924 which occurred in midsummer
and partly for that heason was not accompanied by an extensive unemployment.
Some light on the character and causes of present unemployment is
thrown by a survey recently made by the New York State Industrial
Commissioner. This survey indicates that a considerable part of the
unemployment in New York City is due to an influx of non-residents,
some of which probably represents the usual migration to the city of
men engaged at other times of the year in farm work, or road building
and other construction work, and some of which probably arises from
the curtailment of manufacturing and coal mining in nearby states.
Due to the mild winter there has been a much smaller amount of snow
shoveling and other temporary work to give employment to casual labor
.f this sort. Reports of relief agencies indicate that the present un-‘
employment is more largely among migratory casual labor than among
permanent residents. The increase in the needs for family relief has
been considerably smaller than the increase in the care for homeless
men.
Some unemployment of residents is attributed to the poor season
which has been experienced by the garment trades. In nearly all cities
of New York State more than the usual seasonal unemployment among
building workers is reported; although the total of building contracts
has remained large, a considerable part of the new projects has been
of a type that provides little work for building craftsmen.
Evidence of the present scarcity of work appears in the ratio of
orders for workers to applications for employment at New York State
employment offices, which is shown in the first of the accompanying
diagrams. (These we omit. Ed.] The ratios shown in this diagram
cannot be taken as an accurate measure of employment opportunities,
but serve as an indicator of the general tendencies; in January for the
first time since the records were started in 1916, there were more
than two applicants for each available job, but this does not show the
real extent of unemployment, because of the fact that many of the
jobless do not register when there appears to be little chance of obtaining work. In the first three weeks of February the labor demand
ratio declined even further, but the decline is attributed to an increase
in the number of applications for work, due to the publicity given to
the State's inquiry and discussion of relief measures, rather than to a
further reduction in the amount of work available.
The second diagram indicates that a further reduction in factory
employment occurred in January, and indicates further that in the
past nine years factory employment has failed to expand in proportion
to the increase in factory production by a wide margin. The lines in
this diagram represent the Federal Reserve Board's indexes of factory
Our statistical compilations provide meager data on these factors,
and about the best anybody can do is to make a shrewd guess, with
the assurance that nobody can actually prove him wrong.
The various employment indexes do not pretend to be complete, and
with the shifting of labor from one industry to another that is constantly going on we are left pretty much at sea. Two forces, mainly,
contribute to this kaleidoscopic state of affairs. One is the increasing
mechanization of production facilities, the other is the constant addition of new industries with its consequent shifting of consumer demand
from old products to new.
Thus the Department of Labor's index of employment in manufaoturing industries has never, in the past four years, reached the level
of 1923. This index is based on the monthly average of 1923 as 100.
The monthly averages for the succeeding years have been: 1924-90.6;
1925-93.6; 1926-91.9; 1927-88.5. The December, 1923, figure was
98.9 and that for December, 1927, was 85.1. From February to December of last year there was a steady decline, unbroken except for a
slight increase in September.
Our Shifting Labor Supply
This index is made up from reports of about 11,000 factories in more
than 50 industries—the number employed in these factories being
around 3,000,000. To take the figures of this index at their face value
and to draw the conclusion that there were 15% fewer employed now
than four years ago would be patently a mistake. This would leave
out of account the large number of workers who have withdrawn
from these manufacturing industries to find employment in the construction field, in trade, in public service (telephone, motor transportation, light and power, hotel, school, government, etc.. in oil production, in the sports and amusement fields, and in miscellaneous service
organizations.
President Green, of the American Federation of Labor, estimates
that more than two million employes were added in these various
activities between the middle of 1923 and the middle of 1927. However, this redistribution of labor that is constantly going on offers a
real problem to business generally. While it serves as a stimulus to
higher labor efficiency, it creates an ever-present employment residue
and keeps actual consumer buying below its full potentiality.
The kernel of truth to be extracted from the shell of the foregoing
is this: we need not be unduly alarmed over the sharp decline in
employment indexes, but at the same time we cannot, as long as per
capita production increases at a faster rate than demand, view with
complacency the redistribution process that is being forced on labor.
More Data Needed on Retail Trade
For retail trade, as for employment, we have only partial statistics.
The expansion in chain-store and mail order sales is more the evidence
of shifting market channels than of widespread increases in consumer
purchases. The index of department store sales in leading cities more
truly reflects the trend of retail buying in industrial centers than does
the mail order index reflect rural buying. In the case of the department store index, however, we must make a correction for error upward, for at least to a slight degree, both chain stores and mail order
houses have cut in on department store business.
Most of the older branches of retailing have had to weather the
same storms that have thrown so many producers, manufacturers, and
wholesalers off their profits course—increased competition, rising or
stationary costs, and lower selling prices. Any pronounced recession
in retail-sales volume is thus felt all the more keenly.
NVhile no definite figures are available as to the size of retail merchandise stocks, it has for some time been the general impression that
small-lot buying and frequent reorders were unmistakable indicators of
a fairly liquid position. If we assume that this condition has been
prevailing for some time, it is not difficult to account for the decline
in our current index of merchandise, miscellaneous, and L. C. L.
freight loadings.
Movement from Farms to Cities Last Year Not as Great
as in Preceding Years—Gain in Movement from
cities to Farms.
A continued movement of population from farms to cities
but at a less rapid rate than in preceding years is reported by
the Bureau of Agricultural Economies, United States Department of Agriculture. An increased movement from
cities to farms is also reported. The Bureau estimates that
1,978,000 persons left farms last year, compared with 2,155,000 in 1926, and 1,900,000 in 1925. Offsetting this movement, 1,374,000 persons moved from cities to farms last
year, compared with 1,135,000 in 1926, and 1,066,000 in
1925. The Department under date of Feb. 28, reports
further as follows:
These figures show a Oct movement of 604.000 persons from farms to
cities for the year. compared with 1,020.000 persons In 1926. and 834.000
MAR. 10 1928.]
FINANCIAL CHRONICLE
persons in 1925. Only a small reduction, however,is shown in farm population, an excess of births over deaths bringing the population to 27,699.000
persons on Jan. 1 1928, compared with 27,892,000 on Jan. 1 1927, a decrease of 193,000 persons, as compared with a decrease of 649,000 in 1926,
and 441.000 in 1925.
The decrease in net cityward movement is considered to reflect the improved agricultural conditions, the disillusionment of those who sought
better economic conditions In cities and who are now returning to farms,
and the slight slackening of industrial employment. A survey made this
winter showed that 87% of those moving from cities to farms had had farm
experience.
The Bureau figures show that in tho New England States 65,000 persons
left the farms last year and 60,000 went to farms; Middle Atlantic States
120,000 persons from farms and 94,000 persons to farms; East North
Central 303,000 from farms and 220,000 to farms; West North Central
378,000 from farms and 236,000 to farms; South Atlantic 264,000 from
farms and 189,000 to farms; East South Central 253,000 from farms and
167,000 to farms; West South Central 330,000 from farms and 206,000 to
farms; Mountain 139,000 from farms and 98,000 to farms; Pacific 126,000
from farms and 104,000 to farms.
Statistics are presented as follows by the Bureau:
CHANGES IN NUMBER OF PERSONS LIVING ON FARMS DURING 1927'
BY GEOGRAPHIC DIVISIONS.
Arrivals.
Estimated
Farm Population of
Jan. 11927.
Division.
Births.
From Cities, Towns
and Villages.
Per Ct.
Per Cl.
Number.
2.3
647,000
4.9
1,374,000
636,000
1,768,000
4.323.000
4,729.000
5,393,000
4,509,000
4,585,000
949,000
1,000.000
Geographic Divisions:
New England
Middle Atlantic
East North Central
West North Central
South Atlantic
East South Central
West South Central
Mountain
Pacific
Number.
27,892,000
United States
1.6
1.7
1.7
1.9
2.8
3.1
2.5
2.4
1.5
10,000
30,000
73,000
90,000
151,000
140,000
115,000
23,000
15.000
9.5
5.3
5.1
5.0
3.5
3.7
4.5
10.3
10.4
60,000
94,000
220,000
236.000
189,000
167,000
206,000
98,000
104,000
Departures.
Deaths.
To Cities, Towns
and Villages.
Farm Population
of Jan. 1 1928.
Per Ct. Number. Per Ct. Number. Per Cl. Number.
United States
Geographic Divisions:
New England
Middle Atlantic
East North Central_
West North Central
South Atlantic
East South Central_
West South Central_
Mountain
Pacific
.8
236,000
7.1
1,978,000
1.1
1.0
.9
.7
.7
1.0
.9
.8
.7
7,000
18,000
39,000
33,000
38,000
45,000
41,000
8,000
7,000
10.2
6.8
7.0
8.0
4.9
5.6
7.2
14.6
12.6
65.000
120,000
303,000
378,000
264,000
253,000
330,000
139,000
126.000
99.3 27,699,000
99.8
99.2
98.9
98.2
100.7
100.2
98.9
97.3
98.6
634,000
1,754,000
4,274,000
4,644,000
5,431,000
4,518,000
4,535,000
923,000
986.000
Business Conditions in Cleveland Federal Reserve District
-Gain in February Below That Shown in January.
According to the Cleveland Federal Reserve Bank business in the Fourth (Cleveland) District continued to improve in February, but at a slower pace than in January.
Steel production up to the middle of February was ahead
of the high mark during the same period of 1927, and
prices in February were higher on the average than in
January. Thne Bank, in its Business Review dated March
1, goes on to say:
Operations of tire factories are at a high level, but the rapid decline
of crude rubber may prove an adverse factor. Motor and motor accessory concerns are increasing their production schedules. The clothing industry presents a somewhat confused picture, but the general
trend is upward. January was better than December in the shoe trade
after allowing for seasonal factors, and the improvement has continued
in February, the demand being good in spite of higher raw material
rather pronounced upturn has taken place in the paint and
prices,
varnish industry. On the other hand, depression continues in the coal
trade, and lumber manufacturers report that business is still quiet.
•
•
•
Contrary to the trend in the United States, reporting member banks
in the Fourth District built up their loans secured by stocks and bonds
from $636,000,000 on Jan. 18 to $661,000,000 on Feb. 15. "All other"
loans and investments likewise rose moderately, and on the latter date
total loans, discounts, and investments were $2,142,000,000, as compared with $2,104,000,000 on Jan. 18.
Savings deposits of 68 leading banks in this District aggregated
$999,117,219 on Feb. 1, 1928, a gain of 0.1% for the month and of
8.2% for the year.
Rubber arid Tires.
Regarding the rubber and tire industry the Bank says:
The most important development in this industry during February
was the sudden drop in crude rubber prices. It may be recalled that
crude fluctuated within rather narrow limits during much of 1927,
generally somewhere betwen 35 and 40 cents a pound. Toward the
end of the year a noticeable advance took place which brought quotations from 35 cents in mid-October to 41 cents at the opening of 1928,
this rise being connected with British efforts to tighten the provisions
of the Stevenson Restriction Act. Early in February, however, the
market became unsettled following the appointment by the British prime
minister of a committee to investigate the Stevenson Act and report as
to whether or not it should be continued. Crude rubber thereafter fell
rapidly from 38 cents a pound on Feb .3 to slightly over 29 cents on
the 29th. Uncertainty as to the future of restriction, the increasing
importance of non-British production, and large stocks on hand have
contributed to the price decline.
No great change has occurred in the local tire situation since a
month ago. The demand for tires as original equipment has improved
along with larger automobile output Sales are normal for this time
of year.
1427
The year 1927 established a new high mark for tire production in
the United States. According to the report of the Rubber Asociation
of America pneumatic tire output aggregated 48,329,311, an increase of
2,225,000 over 1926, the previous record year. Shipments also reached'
a new high in 1927, amounting to 48,044,414, a gain of 3,791,000 over
1926. Balloon casings finally exceeded the old high pressure cords in
both production and shipments.
Conditions in the wholesale and retail clothing lines are
reported as follows by the Bank:
Conditions in the manufacturing end of the clothing industry in this
District are mixed, with the prevailing trend of business upward. Retail clothing sales in January were fairly good, and reporting wholesale
dry goods houses experienced a gain in sales over the same month in
the preceding year for the first time since last August and for the third
time in two years. The increase in wholesale sales, however, was
limited to less than half of the reporting concerns. Raw wool prices
have risen further, and silk is also higher.
Advance Spring business in men's clothing has been somewhat disappointing to manufacturers. Buying of overcoats has been restricted
on account of the warm weather. Knitted outerwear makers are doing
a heavy volume of business, considerably ahead of last year, and retail
sales are very encouraging. A more optimistic feeling is also in evidence among women's wear manufacturers. Sales for 1928 to date of
one large house are approximately 20% ahead of the same period in
1927, and a real improvement in forward orders has taken place in the
last few weeks. Collections, however, are slow. Prospects for the
men's underwear trade are stated to be poor. Cotton ribs, the basic
material, were marked up in December in accordance with the rise in
cotton, but demand was slack and later quotations were reduced
twice. These price fluctuations, combined with the existing uncertainty
with regard to the price situation, have temporarily demoralized the
market for cotton ribs; buyers are holding off awaiting the stabilization
of prices, and orders have consequently been very light.
Fourteen wholeasle dry goods houses in the Fourth District showed
a 3.9% gain in sales in January over the preceding year. As previously pointed out, however, the gain was confined to a few firms. Sales
were 13% less than in December. Stocks were 16.6% larger on Jan.
31 than a year ago.
January retail sales in the ready-to-wear lines of Fourth District
department stores were about equally divided as to gains and losses.
Men's clothing was off 0.1% from last year, men's furnishings 0.4%,
and boys' wear 3.6%, but hats and caps were up 13.8%. Women's
coats and dresses showed declines of 6.9 and 4.6%, respectively; on
the other hand, misses' coats and suits increased 16.9%, misses'
dresses, 9.1; girls' wear, 1.5; sports wear, 28.6; and house dresses,
6.1%. Fur sales were 13.3% less than a year ago.
Business Conditions in Atlanta Federal Reserve District
Commercial Failures Fewer Than Year Ago
-Wholesale and Retail Trade Declines.
Business conditions in the Atalnta Federal Reserve District thus described in the Monthly Review of the Atlanta
Federal Reserve Bank issued Feb. 29:
Some of the series of statistics compiled for the Monthly Review for
January show unfavorable comparisons with figures for the corresponding period last year. Savings deposits at the end of January were
about 8% greater than a year ago, and commercial failures were fewer
in number and less than half as great in liabilities as in January 1927_
Debits to individual acounts were 5% less in January this year than in
the same month last year. Discounts by 33 reporting member banks in
important centers of the district were less than a year ago, reflecting
a small demand for credit in these cities, and their investments were
greater. Discounts for member banks by the Federal Reserve Bank of
Atlanta were slightly greater than a year ago, and investments also
were greater.
The volume of retail trade in January was seasonally smaller than in
December, and in about the same volume as in January a year ago.
Wholesale trade was, on the whole, smaller than in December, or in
January last year, but sales of dry goods, hardware and shoes were
seasonally greater than in December, and sales of furniture, drugs and
stationery were greater than in January 1927. Construction contracts
awarded in the sixth district during January were greater than in
December but about 15% less than in January a year ago. Permits.
issued at twenty cities during January for buildings within their corporate limits were only slightly less than in December, and 20%
smaller than in January 1927. In the lumber industry orders have increased, following the slowing down at holiday and inventory time,
and in recent weeks production has been above normal. Consumption
of cotton in the cotton-growing states in January increased 8% over
December, and was slightly greater than a year ago. Production of
cloth and yarn by reporting mills in the sixth district was less than in
January 1927. Coal mining in Alabama and Tennessee, and production
of pig iron in Alabama, were in smaller volume than at the same time
last year. Receipts of turpentine and rosin in January were seasonally
smaller than in other recent months, but were slightly greater than a
year ago.
Retail Trade.
Retail distribution of merchandise in the sixth district during January, reflected in figures reported confidentially by 46 department stores
located throughout the district, declined materially compared with December, as is usual, and was in about the same volume as in January a
year ago. Total sales in January by these 46 stores averaged two-tenths
of 1% less than in January 1927. Increases over that month were reported at Atlanta, Birmingham and Nashville, but decreases at Chattanooga, New Orleans and "Other Cities." Stocks of merchandise on
hand at the end of January increased 2.5% over those a month earlier,
and less than one-half of 1% over those on hand a year ago. The
rate of stock turnover was slightly less favorable than for January
last year. Accounts Receivable at the end of January were 11.5%
less than a month earlier, but were 13.9% greater than a year ago.
Collections during January increased 27.8% over those in December,
and were 10.0% greater than in January 1927. The ratio of collections during January to accounts outstanding and due at the beginning
of the month, for 28 firms, was 35.8%. In December this ratio was
34.4%, and for January last year it was 35.5%.
Wholesale Trade.
The distribution of merchandise at wholesale in the sixth district
has declined each month since September, and in January was in smaller
1428
FINANCIAL CHRONICLE
volume tlian in the corresponding month a year ago. Sales of dry
goods, hardware and shoes increased seasonally in January, compared
with the preceding month, and sales of furniture, stationery and drugs
were in larger volume than in January a year ago. The new index
number of wholesale trade, based upon the monthly average of the
three-year period 1923-25 as represented by 100, and including all reporting lines, was 85.9 for January, compared with 87.1 for December,
aad with 861.7 for January 1927.
[VOL. 126.
no orders. Householders are purchasing on a hand-to-mouth basis, and
reordering by retail yards is below the volume usual at this time of
year. Purchasing by the railroads has increased slightly, but is still
under expectations. Stocks of steaming coal are increasing in some
sections and prices are depressed as a result. In a number of important instances, industrial users are carrying liberal supplies on their
storage piles, and in addition have considerable coal contracted for.
Business Conditions in Richmond Federal Reserve District
During January Below Same Month Last Year—Early
Improvement Forecast.
While stating that business in its district in January this
year was in smaller volume than in January last year, the
Federal Reserve Bank of Richmond finds signs "that seem
January production at slaughtering establishments in the United
States gained in volume over December and a year ago. Employment for to offer encouragement to expectation of early improvethe last payroll of the month showed an increase of 3.9% in number, ment in business." As to these signs the Banks says:
Review of Meat Packing Industry By Federal Reserve
Bank of Chicago.
The following survey of the meat packing industry is
from the March Business Conditions Report of the Chicago
Federal Reserve Bank:
and owing to an additional working day, of 24.7% in hours worked.
and 19.7% in value, as compared with the corresponding period of
December. Domestic trade averaged good for lard, fresh pork, smoked
meat, and boiled ham; fair for lamb and dry salt products; and
slightly draggy for beef. The aggregate value of sales billed to domestic and foreign customers by sixty packing houses in the United States
was 2.S% greater than in December and 6.7% less than last January.
Demand in domestic markets ranged between fair and good at the
beginning of February. Inventories at packing plants and cold-storage
warehouses in the United States on February 1 totaled in excess of
those on January 1 and a year ago; recegsions, however, were shown
in beef and lamb holdings. Lard, frozen pork, and lamb stocks were
above the 1923127 Feb. 1 average; inventories of other products declined. Chicago quotations firmed slightly in January for beef, advanced for veal, and ranged between steady and a little easier for
mutton in comparison with the preceding month. Prices averaged
higher for hams and bellies but lower for most other pork products
than in December; a number of quotations trended slightly upward,
however, after mid-month. January shipments for export were reported slightly larger than in December. Foreign demand remained
fair for lard and rather quiet for most other products. Quotations in
the United Kingdom continued somewhat below those of the United
Stites; prices on the Continent averaged about on a parity with
Chicago. Feb. 1 consignment inventories already abroad and in transit
to European countries were indicated as slightly greater for lard and
somewhat smaller for meats than a month previous.
\
Business Conditions in St. Louis Federal Reserve Distrc/
—Increase in Operations of Number of Manufacturing
Plants.
The Federal Reserve Bank of St. Louis states that while
still exhibiting considerable irregularity, both with reference to the several lines and different localities, business
In this District during the past thirty years developed moderate improvement over the preceding month and the corresponding period last year. The Bank's report to this effect is contained in its Monthly Review issued Feb. 29,
and it further surveys conditions as follows:
Betterment was most noticeable in industry, and in distribution of
Operating
,nerc.handise a the more permanent and heavier sort.
schedules at a number of important manufacturing plants were increased, and additional orders booked were sufficiently large to insure
continuance of the higher rate of production for several months to
come.. The general trend of prices was higher as contrasted with
atirty days earlier, and due to this fact and a more active demand for
goods by ultitilate consumers, there was a greater disposition on the
part of wholesale and retail merchants to increase their commitments
for future requirements.
Following ten months of almost unbroken declines, distribution of
llutomobaes in January took a definite turn upwards. Dealers in virtually all sections of the district, but particularly in the larger centers
of population, reported larger sales and improved prospects for spring
and early summer business. Reflecting betterment in the automotive
Industry, somewhat hteavier buying by the railroads and seasonal increase in building, conditions in the iron and steel industry underwent
distinct improvement. Operations at mills, foundries and machine shops
averaged higher than in the closing months of last year, and certain
specailty manufacturers, notably of implements and stoves and heating
apparatus, are working at or close to capacity.
Gains were reported in sales of wholesalers of dry goods, hardware,
furniture, boots and shoes and some of the less important lines. The
number of buyers at wholesale establishments in the large cities during
JfinuarY and early this month was larger than a year ago, but their
purchasing was on a conservative scale, and mainly for immediate
needs. Weather was unfavorable for the movement of seasonal merchandise, and the carryover of winter goods in the clothing, dry goods,
grgoery and some other lines is heavic• than the average of the past
several years. Special sales conducted by retailers have been disappointing, but withal retail stocks are generally light, and sales of department stores in the five largest cities during January sere 3.2%
larger than in the same month last year. Gains were also recorded in
sales of five and ten cent stores and mail order houses.
Other favorable factors were a sharp reduction in January commercial failure liabilities as compared with a year ago, an increase in
the value of building permits issued and consumption of electricity in
the five largest cities of the district, a gain of 34.4% in the amount
of building contracts let in this district in January as compared with
last year, and a further increase in savings accounts. On the other
hand car loadings showed a rather sharp decrease under those of
January last year and 1926, and, according to the Employment Service,
U. S.. Department of Labor, declines in employment were general
through the district during the past thirty days.
Absence of protracted cold weather generally through this region had
a tendency to hold down demand for coal for heating purposes and
business in the industry continued dull and unsatisfactory. Despite the
low rate of operation in the bituminous fields of Illinois and Indiana,
supplies are in excess of requirements, and operators complain of increasing numbers of loaded cars at mines for which they have received
Bank loans to customers at the middle of February were below those
of last year, indicating some liquidation of last year's indebtedness.
Aggregate deposits are considerably higher now than they were at
this time in 1927. Building permits issued in January were the
highest in estimated valuation for any month since March 1926, and
numerous other large projects are planned for early construction, all
of which should afford substantial relief to the unemployed, and this
in turn should be favorably reflected in retail and wholesale trade.
Tobacco brought good prices in January, and North Carolina growers
are selling the largest crop ever raised in that State for more than
$100,000,000. With a better supply of food and feed stuffs on the
farm, and smaller indebtedness than in some other recent years,
farmers are in a favorable position to begin their 1928 operations.
On the whole most signs at present appear rather favorable, but much
will depend upon good weather.
In its Feb. 29 review citing conditions in January the
Bank states:
Debits to individual account figures in clearing house banks, one of
the best busines barometers, were less than during the same period
a year ago. Business failures in the district were more numerous than
in January last year, but the liabilities were less. The employment
situation continued unsatisfactory, with many workers in industry and
building trades unable to find employment. Coal production was relatively low in January, although somewhat better in the Fifth district
than in other bituminous fields. Textile mills, having about caught
up with forward orders placed last fall, were forced to curtail operations to some extent in January to prevent accumulation of manufactured goods. Cotton prices declined approximately $7.50 a bale
between the middle of January and the middle of February. Retail
trade, as indicated by department store sales, was moderately below
sales in January a year ago, and wholesale trade in most lines for
which comparative figures are available was also in smaller amount this
year.
Conditions in retail and wholesale trade are summarized
as follow:
Retai trade in the Fifth Reserve district in January, as reflected in sales
of thirty leading department stores, was in smaller volume than in
January 1927. Sales in January this year dropped 3.7% below those
of the same month last year, but averaged 5.3% above average January sales during the three years 1923-1925, inclusive. Stocks of
merchandise on the shelves of the reporting stores at the end of January this year averaged 2% less, at retail selling prices, than at the
end of January 1927, and were 8.7% smaller than stocks on December
31, 1927. Sales in January averaged 22.9% of stocks carried that
month, and collections in January amounted to 29.9% of outstanding
receivables on January 1st. Collection in Baltimore and Richmond
were better than last year, but Washington and the Other Cities reported the collection of smaller percentages of outstanding receivables.
Eighty wholesale firms, representing six lines, reported on their
January business, as shown in the accompanying table of percentages.
Sales in all lines except groceries showed seasonal increases over
December sales. In comparison with sales in January 1927, sales in
January this year were lower in every line reported upon except
hardware and furniture. Stocks of groceries, dry goods, shoes and
hardware on the shelves of the reporting firms all increased during
January, but on January 31st stocks of groceries, shoes and hardware
held by the reporting firms were lower than at the end of January
1927. Collections in January were slower in every line than collections
in January a year ago.
Automobile Prices and New Models.
A complete list of the new Standard models and their
prices as announced last week by the Packard Motor Car Co.
is as follows: Runabout, two-passenger, $3,450; phaeton,
five-passenger, $3,450; coupe, two-passenger, $3,550; touring, seven-passenger, $3,550; convertible coupe, twopassenger, $3,650; coupe, four-passenger, $3,750; sedan
seven-passenger, $3,750; club sedan, $3,750; sedan limousine, $3,850.
Packard custom models range in price from $3,875 to
$8,725.
A new model recently introducd by the Stearns-Knight
Co. is the de luxe seven-passenger limousine is mounted on
a de luxe chassis with a wheelbase of 145 inches. The
radiator marks a new trend in design. The limousine is
powered by the straight eight Knight sleeve-valve engine.
The Ford Motor Co. at its New York City showroom on
Mar. 7 placed on exhibition the latest Ford product—the
Luxford taxicab designed by Edsel Ford. Red steel wire
wheels and a green body, with a yellow belt and redstriping
form the color combination of the new taxicab. The rear
seat is wide enough to accommodate three passengers, and is
MAR. 10 1928.]
FINANCIAL CHRONICLE
upholstered in blue mohair. There is a single folding seat
put in a recess well forward, in order to give greater leg room
to the passenger using the extra seat. On the roof are two
signal lights.
A dispatch from Detroit on Mar. 8 stated that the Ford
Motor Co. has adopted five color combinations for the new
model A Tudor sedan. These are Niagara blue, light,
with trimmings in dark blue and French gray stripe; Arabian
sand, dark, with copra drab trimmings and gray stripe;
dawn gray, dark, with trimmings in gun metal blue and
gray stripe; Niagara blue, dark, with light blue trimmings
and gray stripe, and gun metal blue, with dawn gray and
black trimmings.
Current Lumber Production and Orders Decline—
Softwood Mills Show Heavy Gains over Last Year.
Lumber production and orders declined sharply during
the week ended March 3, according to telegraphic reports
received by the National Lumber Manufacturers Association from 649 leading softwood and hardwood mills of the
country. Combined figures for the week under review
showed a drop of 17,000,000 feet in production and 37,000,000
feet in orders, as compared with the preceding week, while
shipments increased slightly. The discrepancy in production and orders is partly attributable to the fact that
there were 35 more mills reporting for the preceding week.
The softwood mills, of which there were 314 reporting,
as compared with 359 for the preceding week, absorbed the
losses in production and orders. As compared with the
corresponding week of last year, however, they showed
gains of 24% in production, 36% in shipments and 18%
in orders.
In the hardwood group, 335 units (a unit is 35,000 feet
of daily production capacity) reported appreciable gains
in shipments and orders over the preceding week, while
production was steady. The figures are not comparable
with those of last year because of the larger number of
currently reporting units states the National Association
report, from which we quote the following data:
Unfilled Orders.
The unfilled orders of 218 Southern pine and West Coast mills at the
end of last week amounted to 862,714,281 feet, as against 667,646,778
feet for 218 mills the previous week. The 104 identical Southern pine
mills in the group showed unfilled orders of 239,993,721 feet last week,
as against 243,503,073 feet for the week before. For the 114 West Coast
mills the unfilled orders were 422,720,560 feet, as against 424.143.705
feet for 112 mills a week earlier.
Altogether, the 314 reporting softwood mills had shipments 109%
and orders 105% of actual production. For the Southern pine mills these
percentages were respectively 106 and 101; and for the West Coast mills
98 and 95.
Of the reporting mills, the 314 with an established normal production
for the week of 230,083,896 feet. gave actual production 99%. shipments
108% and orders 104% thereof.
The following table compares the lumber movement, as reflected by
the reporting mills of seven softwood, and two hardwood, regional associations, for the three weeks indicated:
Past Week.
Corresponding
Week 1927.
Preceding Week 1928
(Revised).
Softwood. Hardwood. Softwood. Hardwood. Softwood. Hardwood,
314
Mlilsorunits
335
315
140
359
325
Production_ 227,294,000 46,343,000 183.379,000 23,234,000 244,580,000 46.394,000
Shipments _ 248,291,000 49,403.000 181.863,000 23,049,000 248,702,000 47,432,000
239,371,000 49,958.000 201,783,000 21,843,000 278,848,000 47,848.000
Orders
1Vest Coast Movement.
The West Coast Lumbermen's Association wires from Seattle that
new business for the 114 mills reporting for the week ended March 3 was 5%
below production. and shipments were 2% below production, which was
119,693,233 feet as compared with a normal figure for the week of 110.458,042. Of all new business taken during the week 46% was for future water
delivery, amounting to 52,915,196 feet, of which 40.868.336 feet was for
domestic cargo delivery and 12,016,860 feet export. New business by rail
amounted to 52,500,938 feet, or 46% of the week's new business. Fortyfour per cent of the week's shipments moved by water, amounting to
51,236,626 feet, of which 37,815,999 feet moved coastwise and intercoastal,
and 13,420,627 feet export. Rail shipments totaled 57,806,183 feet, or
49% of the week's shipments, and local deliveries 8.624,069 feet. Unshipped
domestic cargo orders totaled 142,693,494 feet, foreign 112,753,134 feet
and rail trade 167,273.932 feet.
Southern Pine Reports.
The Southern Pine Association reports from New Orleans that for 104
mills reporting, shipments were 8.17% above production, and orders were
0.90% above production and 4.96% below shipments. New business taken
during the week amounted to 67,179,024 feet. (previous week 67,847.472):
shipments 70.688,376 feet, (previous week 67,492,359); and production
66.579,332 feet, (previous week 68,701,569). The normal production
-year average) of these mills is 68.099,954 feet. Of the 98 mills reporting
(3
running time, 70 operated full time, 8 of the latter overtime. Two mills
were shut down,and the rest operated from 3 to 6 days.
The Western Pine Manufacturers Association of Portland. Ore., reports
Production for the week,from 32 mills, as 20,539,000 feet, as compared with
a normal figure of 27,425.000. and 19,407.000 for the week before. Shipments were slightly larger this week, but new business showed a notable
decrease.
The California White and Sugar Pine Manufacturers Association of
San Francisco reports production from 19 mills as 10,003,000 (54% of the
1429
total cut of the California pine region) as compared with a normal for the
week of 8,492,000. Eighteen mills the previous week reported production
as 6,475,000 feet. Shipments showed a considerable increase, and new
business was slightly above that reported for the week earlier.
The reports of the California Redwood Association of San Francisco
were not received in time for publication.
The North Carolina Pine Association of Norfolk, Va., reported production from 26 mills as 3,075,419 feet, as compared with a normal figure
for the week of 6.270,000. Forty-two mills the preceding week reported
production as 9,547,645 feet. Shipments and new business (due to the
fewer number of mills reporting this week) fell off heavily.
The Northern Pine Manufacturers Association of Minneapolis, Minn.,
reported from eight mills production as 6.491,000, as against a normal
production for the week of 6,190,600. Nine mills the previous week
reported production as 6,624,100 feet. Shipments showed some increase
this week, while orders were considerably less.
The Northern Hemlock & Hardwood Manufacturers Association of
Oshkosh, Wis. (in its softwood production) reported production from
11 mills as 913,000 feet, compared with a normal for the week of 2.428.000.
Fifteen mills the preceding week reported production as 1.346.000 feet.
Shipments and new business this week were somewhat below those reported
for the week earlier.
Hardwood Reports.
The Northern Hemlock & Hardwood Manufacturers Association of
Oshkosh, Wis.. reported production from 11 mills for the week as 3.315,000
feet. as against a normal figure of 3,678.000. Fifteen mills the week
before reported production as 4,720.000 feet. Shipments and new business
showed some reduction this week.
The Hardwood Manufacturers Institute of Memphis, Tenn., reported
production from 324 units as 43,028.000 feet, as compared with a normal
production for the week of 67,975.000. Three hundred and ten units for
the preceding week reported production as 41,674,000 feet. Shipments
and orders this week showed slight increases.
West Coast Lumbermen's Association Weekly Report
One hundred twelve mills reporting to the West Coast
Lumbermen's Association for the week ended Feb. 25 1928
manufactured 118,068,519 feet, sold 125,203,371 feet and
shipped 105,257,130 feet. New business was 7,134,852 feet
more than production and shipments 12,811,389 feet less
than production.
COMPARATIVE TABLE SHOWING PRODUCTION, NEW
SHIPMENTS AND UNFILLED ORDERS.
Week Ended—
Feb. 11.
Feb. 13.
Feb. 25.
Number of mills reporting_
113
113
112
Production (feet)
118,068,519 118,119,923 115,263.963
New business (feet)
125,205.371 126,884,859 124,606,439
Shipments (feet)
105,257,130 120.449,098 102,202,881
Unshipped Business—
Rail (feet)
170,010,434 169,332,519 170,090,038
Domestic cargo (feet)
139.856,291 131,995,519 128,988,364
Export (feet)
114,276,980 114,138,084 114,714,507
BUSINESS
Total (feet)
First 8 Weeks of—
Average number of mills
Production (feet)
New business (feet)
Shipments (feet)
388.012.872
1925.
118
755.062.883
700,193,856
749,610,349
424.143,705
1928.
113
841,493,488
903,948,119
806,196,039
415,468,142
1927.
83
600,703,004
634,280.876
575,231,033
413,799,909
1926.
102
673,367.396
750,776,022
707,290,595
Feb. 4.
111
108,657,252
114,620,916
108,001,807
167.956,542
112,696,315
107,360,015
Gain in February in Production of Standard Cotton
Cloths.
Continued readjustment of the production of standard
cotton cloths to current demand is reflected in the statistics for February compiled by The Association of Cotton
Textile Merchants of New York and made public March 8.
The report covers a period of four weeks. Production of
standard cotton cloths during February amounted to 300,323,000 yards. Sales amounted to 256,328,000 yards. The
ratio of sales to production in February was 20% higher
than during January. Shipments amounted to 285,404,000
yards. Stocks on Feb. 29 were 382,142,000 yards, and unfilled orders at the end of the month were 284,817,000
yards. The report compiled by The Association of Cotton
Textile Merchants of New York represents statistical data
from 23 groups reporting through the Association and The
Cotton-Textile Instittue, Inc. These consolidated reports
represent data on upwards of 300 classifications of standard cotton goods, a large part of the total production of
such fabrics in the United States.
Decrease in Farm Products Price Index During Month to
Feb. 15.
A decrease from 137.to 135 in the index of the general
level of farm prices during the period from Jan. 15 to Feb.
15, is reported by the Bureau of Agricultural Economics,
United States Department of Agriculture. The August,
1909-July, 1914 five-year period is used as a base of 100.
The decrease for the month, says the Bureau, was caused
by a decline in the poultry products index on account of
lower egg prices, and a decline in the cotton and cottonseed index. The index for grains advanced 3 points in
response to generally higher grain prices, especially corn
and oats, and the index for fruits and vegetables was up
11 points due largely to higher potato and apple prices.
The meat animal index advanced 1 point, the declining hog
prices offsetting part of the advances made by other meat
animals. The Bureau also says:
1430
FINANCIAL CHRONICLE
There was a general advance in corn prices over the country, attributed to small er market receipts the first half of February; also
to possibly increased feeding demand due to the larger number of hogs
on farms. Wool advanced to the highest price since March 1926, a
reflection of low stocks and continuation of good demand. The price
advance in cattle is attributed largely to a reduction in market supplies
resulting from an apparent tendency of farmers to build up their herds.
Rubber at Lowest in London Since 1924
-Slump Attributed to Belief United States Auto Industry is at
Saturation Point.
A London cablegram, March 7, to the "Journal of Commerce," stated:
Rubber,in its latest slump went to slightly over Is. a pound, a price that
is the lowest since the depression of 1924, when it fell to 9,44d.
Dealers ascribe no new reason for the weakness apart from the disgust
and disillusion of tired holders who had expected a recovery after the
somewhat illogical decline when the Government announced the research
committee's inquiry.
One effective bear argument is the American industrial situation which,it
Is reported, indicates the saturation point in automobiles. On the other
hand, it is maintained that the slump in rubber will be a strong incentive to
further the Anglo-Dutch agreement for a centralized selling organization.
Members of Singapore Chamber of Commerce Favor
Removal of Rubber Export Rubber Restrictions.
Associated Press advices from Singapore, Straits Settlements, Mar. 7 stated:
Removal of the present restriction of rubber exports under the Stevenson
scheme was favored, with or without conditions, by 47 of 72 responses to a
questionnaire circulated by the Singapore Chamber of Commerce.
The rest of the responses were for continuance of the scheme as it is
In force at present or with certain modifications.
Penang Chamber of Commerce Urges Continuance of
Rubber Export Restrictions.
Under date of Mar. 8 the Associated Press in advices
from Penang, Straits Settlement, said:
The Chamber of Commerce here has passed a resolution urging the continuance of rubber restriction for at least 12 months. The resolution
says this will enable research authorities to thoroughly investigate the
question.
Views in East Ceylon on Rubber Export Restrictions.
Colombo (Ceylon) accounts (Associated Press) March 7
stated:
(Vol,. 126.
Report of Finishers of Cotton Fabrics for January.
The National Association of Finishers of Cotton Fabrics,
at the request of the Federal Reserve Board, has arranged
for a monthly survey within the industry. The results of
the inquiries are herewith presented in tabular form. The
Secretary of the Association makes the following statement
concerning the tabulation:
The figures on the attached memorandum are compiled from the reports
of 28 plants, most of which are representative plants, doing a variety of
work, and we believe it is well within the facts to state that these figures
represent a cross section of the industry.
Note.
-(1) Many plants were unable to give details under the respective
headings of white goods, dyed goods and printed goods, and reported their
totals only; therefore the column headed "Total" does not always represent
the total of the subdivisions, but is a correct total for the district.
(2) Owing to the changing character of business and the necessary changes
in equipment at various finishing plants, it is impracticable to give average
percentage of capacity operated in respect to white goods as distinguished
from dyed goods. Many of the machines used in a finishing plant are available for both conversions, therefore the percentage of capacity operated
and the work ahead is shown for white goods and dyed goods combined.
PRODUCTION AND SHIPMENTS OF FINISHED COTTON FABRICS.
White
Goods.
Dyed
Goods.
Printed
Goods.
Total.
December 1927.
Total finished yards billed during
month:
District 1
7,542,567 17,423,444 8,769,558 39,465,511
2
5,195,542
732,102 2,843,272 15,892,0153
7,409,311 6,210,744
13,620,055.
5
5,592,486
6,373,870
781,184
8
2,533,637
2,533,637
Total
28,273,543 25,147,474 11,412,830 77,884.888
Total grey yardage of finished orders
received:
District 1
7,081,822 14,728,820 8,867,216 33,495,168
2
5,068,342 1,461,714 1,538,281 14,833,548
3
7,044,169 5,155,529
12,199,698
5
4,774,490 1,464,441
6,238,931
8
3,068,768
3,068,768
Total
27,037,591 22,810,504 10,405,497 69,838,118
Number of cases of finished goods shipped to customers:
District 1
20,489
3,400
4,987
2,433
2
4,096
11,007
647
3
4,069
6,979.
2.910
5
1,195
3,954
8
878
878
Total
8,544
43,287
13,638
2,433
Number of cases of finished goods held
in storage at end of month:
District 1
3,193
3,548
18,291
2,413
2
5,916
1,019
14,154
3
5,412
397
538
5
2,723
8
479.
479
The East Ceylon Estates Proprietors' Association has made public a
suggestion that unless defects in the present rubber restriction scheme
Total
10,481
2,413
4.609
41,059
can be remedied, and the scheme applied to all rubber-producing countries,
January 1928.
It will be replaced by a comprehensive plan providing for the adequate Total average % of capacity operated:
District 1
6,522,913 14,177,621 8.517,270 34,075.228
control of supplies.
641,032 3,032,297 14,919,547
2
4,147,520
The assolation, in a memorandum to the Civil Reserach Committee,
6,269,196 4,147,174
3
10,416,3705,222,895 1,317,409
5
proposes that this be effected by levying a special duty on all rubber
6,540,304
8
2,785,810
2,785,810
exported and that the proceeds of this duty shall be available for the
purchase of rubber in countries of production so long as the market price
Average for all districts
24,948,334 20,283,236 11.549,567 68,737,259
is below the pivotal price, and that the rubber so bought be used as a Total average work ahead at end of
month expressed in days:
stock to insure a constant and sufficient supply to meet market demands.
8,310,777 15,791,997 10,670,242 36,550,108
District 1
The association, which represents virtually the entire rubber industry
6,280,638 4,063,307 2,695,202 17,320.537
2
In Ceylon under European ownership, holds that this solution would
6,867.217 4,188,191
3
11.055.408
6.337,868 1,456,456
obviate any dangerous boom.
5
7,794,324
2,944.221
8
2,944,221
Reduction in Production Averaging More Than 20% Reported by Manufacturers of Fine Cotton Goods
Textile Institute to Co-Operate With Fine Cotton
Goods Exchange.
Reduction of production in varying ratios and probably
averaging considerably more than 20% of normal production was reported by cotton manufacturers who attended a
Meeting of Fine Goods Manufacturers in the Lawers' Club,
New York, on Feb. 29. The meeting, which was largely
attended by representatives of this branch of the industry
in New England and Southern States, was under the joint
auspices of The Cotton Textile Institute, Inc., and the Fine
Cotton Goods Exchange of New Bedford, Mass. Sixty
mills were represnted, constituting more than 90% of fine
goods looms in America.
Walker D. Hines, President of The Cotton Textile Institute, Inc., and Andrew Raeburn, President of the Fine
Cotton Goods Exchange, addressed the meeting and discussed some of the fundamental problems of the industry.
Following the meeting it was announced that the Institute
was going to cooperate with the Fine Cotton Goods Excftange and Mr. Hines indicated that a committee of members of the Institute would be appointed for the purpose
of realizing a maximum of cooperation in the matters of
statistics, cost studies and examination into trade practices. Consideration of the relationship of the producers
of fine goods to other related branches of the industry such
as the converters, finishers and brokers, will also be given
special attention by this committee. Malcolm Whitman,
President of the Nashawena Mills, New Bedford, Mass.,
and Robert E. Henry, President of the Duncan Mills,
Greenville, S. C., have already been designated and agreed
to serve on this committee. Other members will be an
nounced later.
Average for all districts
30,740,721 26,399,951 13,365,444 75,664,598
Total finished yards billed during
month:
District I
3,734
5,109
20,996
2,563
2
3,459
11,767
846
3
4,353
2,721
7,074
5
1,419
3,658.
8
1,180
1,180
Total
Total grey yardage of finished orders
received:
District 1
2
3
5
8
Total
December 1927.
Number of cases of finished goods
shinned to customers:
District 1
2
3
5
8
Total
Number of cases of finished goods held
in storage at end of month:
District 1
2
3
5
8
Total
January 1928.
Total average % of capacity operated.
District 1
2
3
5
8
Average for all districts
Total average work ahead at end of
month expressed in days:
District 1
2
3
5
8
Average for all districts
14,145
8,676
2,563
44,873
3,477
5,269
893
158
468
3,751
1,426
2,563
17,590
14,243
5,545
2,905
468
10,265
5,177
2,563
40,751
White & Dyed
Combined,
53
57
74
52
117
87
73
-
54
61
74
52
117
57
69
59
3.2
2.9
2.3
3.2
11.6
10.8
12.1
4.4
3.5
2.3
3.2
11.6
3.2
11.0
3.9
White .4 Dyed
Combined.
57
53
70
65
104
79
82
59
60
70
65
104
60
80
82
2.8
3.4
3.3
3.7
16.0
15.3
22.2
-__
4.8
5.0
3.3
3.7
18.0
3.4
16.3
4.7
MAR. 10 1928.]
FINANCIAL CHRONICLE
1431
when it was cut 3( cent. The present price equals thelow point
1
,
of 1927. Exort gasoline at Gulf Coast ports has been advanced K to 3 cent a barrel making 64 to 66 gravity 89g
3
Improvement of cotton quality is one of the opportunicents a gallon, 61 to 63 gravity, 8 cents even, and Navy
ties accorded co-operative cotton gins, said James S. Hath- grade
7M cents.
cock, economist of the United States Department of AgriWholesale prices in Chicago, Ill., on Mar. 9 stand as
Value of Co-operative Cotton Gins Shown By
U. S. Economist.
culture, addressing the School of Co-operative Marketing, follows: motor grade gasoline,
6I cents; kerosene, 41-43
College Station, Texas, March 1.
oil 24-26 gravity,87M @90 cents.
The cotton cooperatives, according to Mr. Hathcock, have accom- water white, 43 cents; fuel
plished much good in stimulating interest in cotton improvement, and
now, with cooperative gins as possible centers for work of this kind,
"they should be able to accomplish much more."
Mr. Hathcoilk enumerated the following services which he said may
be economically performed by a centralized cooperative cotton marketing association in establishing and operating a system of cooperative
gins as local economic units:
1. Opportunity for improved ginning service through standardized practices and increased operating efficiency.
2. Maintaining constant membership contacts.
3. The cooperative gin as a service station in the community
for handling all kinds of marketing problems.
4. Opportunity to effect considerable savings in the purchase
of gin machinery and supplies.
5. Influence of the gin, as a local subsidiary of the cotton cooperative, on the production of a better quality of cotton.
The speaker declared that "the most signal success of independent
cooperative gins has been achieved by a group of about 20 cooperative
societies in northwest Texas. Georgia and Alabama have also entered
the cooperative ginning field."
In 1912, Mr. Hathcock said, there were 28,358 gin plants in the
United States, and by 1925 there were only 18,262, a decrease of 10,096 plants. The total capacity of gin plants, however, has remained
practically the same, the tendency being for gins to do a larger individual business. In all probability, he added, several thousand more
gins may be abandoned during the next few years.
Cotton Selected for Staple Standards.
Representatives of cotton manufacturers, shippers' associations, and cotton exchanges met at Washington last week
at the Bureau cif Agricultural Economics, United States
Department of Agriculture, and completed the selection of
cotton for use in making practical forms of staple standards under authority of the United States Cotton Futures
and Cotton Standards acts. This work was begun at a
similar meeting in Washington, Jan. 16. Growers' organizations did not send representatives, but informed the bureau that they would be satisfied with any selections approved by the bureau.
The bureau plans to recommend to Secretary Jardine that one bale
of each length represented by these selections be set aside and officially
designated, effective August 1, 1929, as the original representation of
the official standard. These key bales will be kept in a vault which
has been constructed for the purpose. In addition to the key bales, a
number of other bales of each length have been selected for use in
the preparation of types for public distribution.
Lloyd S. Tenny, chief of the bureau, has stated that "so long as
this supply of cotton lasts, it is not likely that we shall consider any
further revision or modification of the practical forms of the standards."
Organizations represented at the meeting just closed were: American
Cotton Manufacturers Assn., represented by Sidney Bluhm and G. G.
Cromer; American Cotton Shippers' Assn., by R.. C. Dickerson;
Arkansas Cotton Trade Assn., by J. B. Hilzheim; Arkwright Club,
New England Cotton Buyers' Assn., and National Assn. of Cotton
Manufacturers, by R. L. Crittenden; Atlantic Cotton Assn., by D. H.
Williams; New Orleans Cotton Exchange, by H. Baumgarten; New
York Cotton Exchange, by Wm. S. Dowdell; Oklahoma State Cotton
Exchange, by W. H. Maxwell; Southern Shippers' Assn., by W. J.
Britton, and Texas Cotton Assn., by R. L. Dixon and H. G. Safford.
Crude Oil Prices Steady as Gasoline Rises in a Few
Districts.
No changes were reported this week in the price of crude
oil, but in gasoline prices there was a continuance in a few
sections, of the advance begun last week. Wholesale gasoline
prices were increased by the Standard Oil Co. of New Jersey
on March 1, when it announced a Mc. a gallon increase
making the price in tank car lots 83 cents at Bayo-ne and
Baltimore. This puts New Jersey's prices in line with
increase by Sinclair of M cent a gallon to 83 cents. The
Atlantic Refining Co. on March 2 announced that the
wholesale gasoline price in tank car market was 8( cents.
On March 5, the Standard Oil Co. of Kentucky reduced
the tank wagon price of gasoline one cent to 13 cents a gallon,
excluding the state tax. Effective March 5, the Standard
Oil Co. of New York advanced the retail price of gasoline 1
cent throughout Massachusetts, Maine,and New Hampshire.
This makes retail price at Boston 18 cents, at Augusta, Me.
23 cents and Manchester, N.H.,22 cents.
The Standard Oil Co. of New York, on March 6, advanced tank wagon and service station prices of gasoline
2 cents at Albany, making new prices 17 cents and 19 cents,
respectively. The last previous change was on Feb. 19 when
a 2 cent advance was made at this point.
On March 9, the Standard Oil Co.of New Jersey advanced
the price of export gasoline y, cent a gallon to 23.90 cents a
gallon in cases, restoring the price to the level of Jan. 17,
Small increase Reported in Crude Oil Output.
The American Petroleum Institute estimates that the
daily average gross crude oil production in the United States
for the week ended March 3 1928 was 2,356,750 barrels, as
compared with 2,349,150 barrels for the preceding week,
an increase of 7,600 barrels. In comparison with the output
of 2,464,050 barrels in the corresponding week one year ago,
curreilt output shows a loss of 107,300 barrels per day.
The daily average production east of California was 1,742,350
barrels, as compared with 1,735,250 barrels, an increase of
7,100 barrels. The following are estimates of daily average
gross production by districts for the weeks indicated:
(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
Wyomhzg
Montana
Colorado
New Mexico
California
DAILY AVERAGE PRODUCTION.
Mar. 3 '28. Feb. 25'28. Feb. 18 '28. Mar. 5 '27.
658.700
668.100
653,950
701.400
110.700
109,950
112,750
116,400
73.750
72.850
76.250
128.200
68,550
69.400
68,200
91,500
53.000
53,200
52.800
92.600
297,000
305.600
295.750
85.750
23.500
24,100
23,100
43,450
23.600
23.400
23.000
37.500
44,900
45.350
45.300
52,550
87,750
88,250
125,650
86.700
99.100
98,950
99,450
1i-9,950
14.500
15,400
14,200
19,000
104.500
103.500
106.000
103,000
54.350
56.750
53.600
55,950
10.450
10,950
13,550
10.950
7,500
8.350
7.800
7,250
2,400
4,750
2.550
2,100
617,300
613,900
645,600
614,400
2.356,750 2.349,150 2,363.300 2,464.050
Total
The estimated daily average gross production of the Mid-Continent field,
including Oklahoma, Kansas,Panhandle, North, West Central, West Texas,
East Central and Southwest Texas, North Louisiana and Arkansas, for the
week ended March 3 was 1,444,650 barrels, as compared with 1.442,350
barrels for the preceding week, an increase of 2.300 barrels. The MidContinent production, excluding Smackover. Arkansas heavy oil, was
1.377,700 barrels as compared with 1,374,650 barrels, an increase of 3,050
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):
—Week Ended—
—Week Ended—
Oklahoma—
North Louisiana—
Mae. 3. Feb. 25.
Mar. 3. Feb. 25.
6,400 6,400
North Breman
2,850 3,000 Haynesville
7,850 7,950
South Bremen
1,850 Urania
1,950
Tonkawa
15,300 15,550
Arkansas
Garber
9,950 9,900
8.500 8.500
Burbank
44,450 44,900 Smackover,light
66,950 67,700
Bristow Slick
24,900 24.900 flmackover.beavy
Cromwell
10,100 10,500
Coastal Texas
Wewoks
8.150 8.450
8.000 8.000
Seminole
58,950 56,600 West Columbia
4.150
4.000
Bowlegs
88,400 88,800 Blue Ridge
8.250 8.950
Searight
18.150 18,200 Pierce Junction
12,000 11.500
Little River
34,100 33,500 Hull
34,400 38.700
Earlsboro
107,700 109,850 Spindletoo
4,400
4,650
Orange County
Panhandle Texas—
Hutchinson County__-_ 46,200 46,700
Wyoming—
Carson County
7,050 7,050
30,700 37,300
Gray County
18,600 19,050 Salt Creek
900
Wheeler County
950
Montana
West Central Texas—
9,000 9.000
Brown County
12,250 12,500 Sunburst
Schackeltord County-- 6,500 6,350
Califoxnia—
West Texas—
38.000 38.000
19,700 20,000 Santa Fe Springs
Reagan County
119,000 116,500
45,900 46,400 Long Beach
Pecos County
58,500 58.500
Crane& Upton Counties. 90,500 92,000 Huntington Beach
19,500 19.500
136,300 126,000 Torrance
Winkler
12,500 12,500
Dominguez
East Central Texas
7.000
7,500
11,600 11,800 Roseerans
Corsicana Powell
30,000 30.500
1,400 Inglewood
1,300
Nigger Creek
79,500 79,500
Midway-Sunset
Southwest Texas—
53.500 54,500
13,700 13,950 Ventura Ave
Luling
39,500 39,500
6,500 6.450 Seal Beach
Laredo District
Governors of Oil Producing States Asked By Federal Oil
Conservation Board to Co-operate With Government
to Secure Uniform Legislation for Conservation of Oil.
Hubert Work, Secretary of the Interior and Chairman of
the Federal Oil Conservation Board, on Feb. 29 asked the
Governors of the oil-producing States to co-operate with
the Government in an effort to secure uniform State and
Federal legislation for the practical conservation of the
country's natural petroleum resources. In letters to the
executives of the 20 oil-producing States, Secretary Work
explained that the President's Oil Board was convinced
that the necessity for conservation was acknowledged both
by the oil industry executives, Government scientists, and
economists. The Oil Board in its survey of national petroleum conditions, and the Committee of Nine, representing the
Government, the oil industry and the American Bar Association, the Secretary added, had reached certain definite
conclusions that conditions to-day in the oil world were
conducive to needless waste and economic distress. Secretary Work's letter was addressed to the following Governors:
1432
[Vou 128.
FINANCIAL CHRONICLE
John E. Martineau, Governor of Arkansas.
C. C. Young, Governor of California.
William H. Adams, Governor of Colorado.
Len Small, Governor of Illinois.
Edward Jackson, Governor of Indiana.
Ben S. Paulen, Governor of Kansas.
Flem D. Sampson, Governor of Kentucky.
G. H. Simpson, Governor of Louisana.
Fred W. Green, Governor of Michigan.
John E. Erickson, Governor of Montana.
Richard C. Dillon Governor of New Mexico.
Alfred E. Smith,'
Governor of New York.
A. V. Donahey, Governor of Ohio.
Henry S. Johnston, Governor of Oklahoma.
John S. Fisher, Governor of Pennsylvania.
Henry H. Horton, Governor of Tennessee.
Dan Moody, Governor of Texas.
George H. Dern, Governor of Utah.
Howard M. Gore, Governor of West Virginia.
Frank C. Emerson, Governor of Wyoming.
The letter read:
"Following an exhaustive inquiry into national petroleum conditions
with a view to establishing a proper basis for practical conservation,
this Board several months ago invited a Committee of Nine, consisting of
three representatives of the oil industry, the American Bar Association
and the Federal Government, respectively, to formulate a legislative program with this object in view. This Committee, as you doubtless are
aware, has suggested a constructive program, but recommends:
"
'Immediate further study into the matter of the waste of natural
gas, in order that legislation may be formulated which will forbid such
waste as fully as may be done without working injustice and unreasonable hardship.'
"The trend of thought in the oil industry is decidedly in favor of
reanedial action. This viewpoint is in accordance with Government
policy.
"In its report of a year ago, the Federal Oil Conservation Board urged
'active co-operation betwen the oil-producing Sates in the study of proposed legislation to the end that uniform laws may be enacted, or even
agreements or compacts entered into between the States subject to ratification by Congress.' The Committee of Nine likewie recommended the
same course in its report to this board, a copy of which I am inclosing
for your information.
"At this time it seems to me that an expression of opinion by the
Governors of oil-producing States would be oportune, as to the possibility or probability of all the oil-producing States uniting upon uniform
State legisaltion.
"I know that you have given much thought to this vital matter. What
we desire, of course, is practical conservation of our petroleum resources
by whatever means is most feasible. I would appreciate if you will let
this Board have your viewpoint, together with such recommendations
as you may care to advance.
"I am addressing a similar letter to the Governor of each Of the oilproducing States."
Secretary Work stated that the Government Oil Board
members believe the report recently submitted by the Committee of Nine to be constructively sound and, further, that
the tentative bill drafted by the Committee as a part of its
report would, if enacted into law, undoubtedly cure many
of the existing evils. The Oommittee, however, recommended immediate and further study of the "gas" phase of
the oil problem, and in soliciting the co-operation of the
State Governors, the Secretary asserted that the Oil Board
hoped to clarify this particular issue. The report of the
Committee of Nine was referred to in our issue of Feb. 18,
page 969.
Production of Natural-Gas Gasoline Declines.
According to the Bureau of Mines, Department of Commerce, the daily average production of natural-gas gasoline
suffered another decline in Jan. 1928, when the total output
was 143,900,000 gallons, or a daily average of 4,640,000
gallons. The major portion of this decrease in production
occurred in the Seminole district of Oklahoma. Stocks of
natural-gas gasoline at the plants on Jan. 311928, amounted
to 31,077,000 gallons, which represents a slight increase
over the previous month. Blending at the plants declined
but the use of natural-gas gasoline by refineries continued
heavy, particularly in California. The Bureau also gives the
following data:
tons per day higher than the estimated output of 99,640
tons per day published last week (See page 1277.) Thus the
actual gain in February over January was 7431 tons per
day, or nearly 8%. This compares with a gain in January
over December of 5,613 tons per day, or 6.4%.
Total February pig iron output of 2,900,126 tons or 100,004
tons per day for the 29 days, compares with 2,869,761 tons
or 92,573 tons per day for the 31 days in January. The
February production last year was 105,024 tons per day.
This year's February output is the smallest February since
1922, observes the "Age," adding:
Net Gain of Two Furnaces.
Gain in active furnaces was only two. Eight furnaces were blown in, and
6 were shut down. This compares with a net gain of 16 in January. Of the
8 furnaces blown in last month, 6 were Steel Corp. stacks and 2 were
merchant. Only 1 Steel Corp. furnace was blown out, making the net gain
for that company 5. There were 4 merchant stacks and 1 independent steel
company stack shut down.
Capacity Active on March 1.
On March 1 there were 187 furnaces active as compared with 185 on
Feb. 1. The estimated daily operating rate of the 187 furnaces on March 1
was 100,060 tons; the 185 furnaces on Feb. 1 had an estimated operating
rate of 99,640 tons per day.
Manganese Alloy Output.
Production of ferromanganese in February was 19,320 tons; this compares with 22,298 tons made in January. Two companies made spiegeleisen
last month, but it Is not possible to make public the actual data.
Possibly Active Furnaces Reduced.
The Carnegie Steel Co. has dismantled its No. 1 Newcastle furnace in the
Shenango Valley, thereby reducing the number of possibly active blast
furnaces in the United States from 350 to 349.
Furnaces Blown In and Out.
Furnaces blown in during February include 1 Edgar Thomson furnace of
the Carnegie Steel Co. in the Pittsburgh district; 1 Newcastle furnace of the
Carnegie Steel Co. and 1 Shenango furnace in the Shenango Valley; 1
Mingo furnace of the Carnegie Steel Co. in the Wheeling district; 1 South
Chicago furnace of the Illinois Steel Co. and 1 Gary furnace In the Chicago
district; one Bessemer furnace of the Tennessee Coal, Iron & RR. Co. in
Alabama, and the Rockdale furnace in Tennessee.
Furnaces shut down during February were 1 Carrie furnace of the Carnegie Steel Co. in the Pittsburgh district; 1 Shenango furnace and the
Stewart furnace in the Shenango Valley; 1 River furnace in northern Ohio;
the Belfont furnace in southern Ohio, and one City furnace of the SlossSheffield Steel & Iron Co. in Albaama.
DAILY RATE OF PIG IRON PRODUCTION BY MONTHS
-GROSS TONS.
Merchants.'
Steel Works.
Totalt4
1927-February
24.429
80,595
105,02
March
26,062
86,304
112,366
April
26,144
87,930
114,01
May
24,899
84,486
109,38.
June
24,878
78,110
102,98:
July
26,421
60,778
95,19:
August
23,660
71,413
95,07:
September
22,825
69,673
92.49:
October
22,819
66,991
89,81:
November
23.679
64,600
88,27:
December
22.742
64,118
86,96:
1928-January
23,053
69,520
92,57'.
February
21,560
78,444
100,004
• Includes pig iron made for the market by steel companies.
TOTAL PRODUCTION OF PIG IRON BEGINNING JAN. 1 1926-GR. TONS
1926.
1926.
1927.
1928.
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
Sept_ 3,136,293 2,774,949
Oct.- 3,334,132 2,784,112
Apr___ 3,450,122 3,422,226
Nov..3,236,707 2,648,376
May.. 3,481,428 3,390,940
Dee __ 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 1926 production of this iron
was 163,880 tons.
PRODUCTION OF STEEL COMPANIES FOR OWN USE-GROSS TONS,
Total Iron
Spiegel and Ferro.
1927.
January
February
March
April
May
June
1928.
2,343,881 2,155,133
2,256,651 2,274,880
2,675,417
2,637,919
2,619,078
2,343,409
Spiegeleisen and Ferromanganese.*
1927.
1928.
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
22,298
19,320
Half year
14,876,355
166,939 55,411
2,163,101
July
20,394
9,350
OUTPUT OF NATURAL-GAS GASOLINE (IN GALLONS).
2,213,815
August
21,279
9,104
September
2,090,200
20,675
6,037
October
2,076,722
17,710
6,129
Stocks End of Month. November
Produdfon.:
1,938,043
17,851
6,521
December
1,987,652
20,992
0,816
Jan. 1028. Dec. 1927. Jan. 1927. Jan. 1928. Dec. 1927.
Year
27,345,888
291,840 90.368
Appalachian
10,600,000 10,000,000 11,200,000 3,919,000 3,240,000
Indiana, Illinois, &c.
•Includes output of merchant furnaces. a Data not available.
1,300,000 1,300,000 1,700,000 285,000 281,000
Oklahoma, Kansas, do. 53,900,000 57,300.000 43,600,000 15,772,000 15,635,000
Texas
26.200.000 27,000,000 24,700,000 7.704,000 8,789,000
Louisiana and Arkansas 6,700,000 6,800,000 6,900,000 1,644,000 1,162,000
Increase in February's Steel Production.
Rocky Mountain
3,200.000 2,800.000 3.700,000 441,000 466,000
The American Iron & Steel Institute in its monthly
Total east of Calif_ 101,900,000 105.200,000 91,800,000 29,765.000 29,573,000
California
42,000,000 42,300,000 40,300,000 1,312,000 1,274,000 report for February placed the production of steel ingots
Total United States_ 143,900,000 147.500,000 132,100,000 31,077,000 30,847,000 by companies which made 95.40% of the output in 1927,
Daily average
4,640,000 4,760,000 4,280,000
at 3,830,094 tons, an increase of 51,101 tons over the prex Approximately 97% net production; 3% gross.
Sharp Gain Shown in Actual February Pig Iron Output.
Compilation by the "Iron Age" of the actual data for the
pig iron output in February shows the total to have been
2,900,126 gross tons or 100,004 tons per day. This is 364
vious month. Of the foregoing amount, 3,308,728 tons
were open-hearth and 521,366 Bessemer. On the same
basis the calculated monthly output of all companies in
February was 4,014,774 tons, against 3,961,209 tons the
previous month and compared with 4,499,092 tons, the
high figure in 1927, reached in March. The approximate
FINANCIAL CHRONICLE
MAR. 10 1928.]
daily production in February with 25 working days was
160,591 tons. In the following we show the production
by months back to January 1927:
MONTHLY PRODUCTION OF STEEL INGOTS. JANUARY 1927 TO
FEBRUARY 1928
-GROSS TONS.
Reported for both 1927 and 1928 by companies which made 95.40% of the Mensteel ingot production in 1926.
hearth and Bessemer
Openhearth.
January __ 3,041,233
February _ 3,042,232
2 mos....
March____
April
May
June
July
August __ September
October ._
November
December..
Monthly
Calculated No.of Approz.
Per
Output
Monthly WorkDaily
Cent
Bessemer Companies Output AU ing Output AU OperaReporting. Companies. Days. Companies. lion.*
545,690
565,201
3,586,923
3,607,433
3,759.877
3,781,376
26
24
6,083,465 1,110,891
3.701,418 590.716
3,340,852 565,634
3,272,810 557,683
2.822,477 486,047
2,595,692 436,446
2,805,657 505,584
2,611,976 471,455
2,641,920 495,798
2,477,253 481,830
2,557,130 448,299
7,194,356
4,292,134
3,906,486
3,830,493
3.308,524
3,032,138
3,311,241
3,083,431
3,137,718
2,959,083
3,005,429
7,541,253
4,499,092
4,094,849
4,015,192
3,468,055
3,178,342
3,470,903
3,232.108
3,289,013
3,101,764
3,150,345
50
27
26
26
26
25
27
26
26
26
26
Total... 34,910.650 6,150,383 41,061,033 43,040,916 311
144,611 78.58
157,557 85.62
ba.-.NNNNWCnOIMW
t-.00oPW..41010
1.30.101/1.
..43
.
CO
01100o-.0114011401414
..4cp1414...401P140'
Months
1927.
81.96
90.55
85.59
83.92
72.48
69.09
69.86
67.55
68.74
64.83
65.84
143$
Cast iron pipe prices again have weakened, notably in the Chicago
district, where municipal business has brought out a bid of $26.70. Bir-in. sizes, while in the East,the low prices of Northern
mingham,on 8 and 12
foundries are discouraging Southern competition.
Scrap is weak in nearly all large consuming and producing districts. The
heavy production of scrap by automobile companies has been reflectedlin
lower prices at Middle West consuming centers.
Both of the "Iron Age" composite prices remain unchanged for the fourth
consecutive week, that for pig iron at $17.75 a ton and that for finished
steel at 2.364c. a lb. Steel is close to its level of 1 year ago, but pig Iron
down $1.21 a ton. The usual table stands as follows:
Finished Steel.
Mar.6 1928. 2.3640. a Lb.
One week ago
2.364e.
One month ago
2.350c.
2.3670.
One year ago
10-year pre-war average
1.689e.
Based on steel bars, beams,tank plates,
plain wire, open-hearth rails, black pipe
and black sheets, these products conedtuting186% of the United States output.
Low.
High.
1928_2.364c. Feb. 14 2.314c. Jan. 3
1927_2.453c. Jan. 4 2.2930. Oct. 25
1926_2.453c. Jan. 5 2.4030. May 18
1925_2.560c. Jan. 6 2.396c. Aug. 18
1924_2.789c. Jan. 15 2.460c. Oct. 14
1923_2.824c. Apr. 24 2.4460. Jan. 2
Pig Iron.
Mar. 6 1928, 817.75 a Gross Ton.
One week ago
$17.75
One month ago
17.67
One year ago
18.90
10
-year pre-war average
15.72
Rased on average of basic iron at lailey
furnace and foundry irons at Chicago;
Philadelphia, Buffalo. Valley and Birmingham.
High.
Low.
1928__ 17.75 Feb. 14 17.54 Jan. 3
1927_ 19.71 Jan. 4 17.54 Nov. 1
1926._ 21.54 Jan. 6 19.46 July 13
1925__ 22.50 Jan. 13 18.98 July 7
1924__ 22.88 Feb. 26 19.21 Nov. 3
1923__ 30.86 Mar.20 20.77 Nov.20
138,395 75.21
Finished steel has given some indications in the past
week that it has reached the crest of its first-quarter effort
26
25
in production and that the upswing in prices proceeds at a
2 mos
6,588,975 1,020,112 7.609,087 7,975,983 51
156,392 84.99 decelerated gait. Among these indications are the more
•The figure of "per cent of operation" are based on the annual capacity for stationary level of ingot .operations, renewed caution by
Bessemer and open-hearth steel ngots of 57,230,350 gross tons. a Revised.
buyers in committing themselves and the lack of unanimity
among some producers in going immediately the full length
Steel Output Maintained.
-Pig Iron Active in Some of the United States Steel Corp.'s most recent advance in
Sections.
steel bar, plate and shape prices, according to the "Iron
Steel production is being well maintained, with Steel Trade Review" of Mar. 8 which in its market summary,
Corporation plants operating at 90% of capacity and inde- adds the following comments:
There is no minimizing the strength of steel's present position. Ingot
pendents averaging about 80%, according to the March 8
production, at about 90% for Steel Corporation subsidiaries and 85%
resume issued by the "Iron Age." While mill operations, as a for all makers, compares with 88% a year ago and is likely to hold the rewhole, have ceased to expand and ingot output for this mainder of March. Specifications for heavy finished steel for March
month is not expected to duplicate the record production shipment continue broad, and for some of the lighter lines have Inc:reacted
perceptibly.
of March, 1927, there are increasing indications that the
But consumers generally are covering only their actual requirements
present rate of operations may carry well through April, and those industries upon whom tonnage depends are at their top. The
in contrast with the decline in that month a year ago, de- third advance in less than four months has not impressed consumers vrith
the necessity for heavier
Automotive specifications anticiclares the "Age" report from which we quote further as pate the Spring peak in commitments.
car asembly usually reched early in the second
follows:
quarter, rail mills are now at capacity, implement makers are ending their
1928.
January
03,280,247 a498,746 03,778,993 a3,961,209
February. 3,308,728 521,366 3,830,094 4,014,774
a152,354 a82.79
160,591 87.27
The unfilled tonnage statement of the Steel Corp., as of March 1, will
probably show little change, owing to heavy shipments in February. So
far this month, also, shipments continue to balance bookings for most
mills, leaving backlogs undiminished. There are, of course,some exceptions
both with respect to districts and commodities. At Chicago, where the
week's specifications are the fourth largest in the past 2 years. shipping
orders exceed Ingot production, which is at a 95% rate. In the Philadelphia
district, where specifying has been lagging, more tonnage is being released
for rolling than in February. At Pittsburgh some recession in specifications
for heavier rolled products is reported, and it is inferred that buyers have
accumulated enough ttock so that further releases against low-priced contracts can be timed to carry shipments over into April.
Among individual rolled products, sheets have shown a marked gain in
specifications. February tonnage releases received by the leading sheet
maker were equal to 90% of capacity, and for the first wools in March
actually exceeded full theoretical capacity. Both the automotive industry
and farm implement makers are pressing for deliveries of sheets, as well as
bars. Youngstown district mills are finding it necessary to operate
extra
turns to satisfy the increasing requirements of automobile builders, which
In virtually no cases represent anticipated needs. In fact, many motor
car plants are depending on daily deliveries to maintain their production
schedules.
Steel prices show little change, following recent advances. The increase
of $1 a ton to 1.90c., Pittsburgh, on plates, shapes and bars is not yet fully
established, since some mills allowed their customers to cover for both early
and second quarter needs at the previous price of 1.85c. In other products,
outside of rails and tin plate, there has been little contracting for second
quarter. Automobile companies, in many cases, are limiting forward purchases to their April requirements.
Makers of wire products and wire rods have opened books for second
quarter at unchanged prices. Leading producers of large rivets have
announced an advance of $3 a ton, effective at once. Steel tie plates, on the
other hand, have generally declined $2 a ton to $43, mill.
Rail mill backlogs, which are fully 300,000 tons larger than a year ago,
will help to sustain ingot output in the second quarter. Chicago rail mills
have enough tonnage booked to insure a high rate of operations until June 1.
A Western road has placed 13.000 tons with Chicago producers. Railroad
equipment buying for the week totals 700 cars, of which 400 were for the
Soo Line and 300 for Wilson & Co., Chicago meat packers.
Structural awards amount to 45.000 tons, while more than 40.000 tons
was added to work under negotiation. Principal contracts were 5,200 tons
for a loft building in New York, 5,000 tons for a building in Pittsburgh and
4,500 tons for a club building in Chicago. Inquiries include 4,800 tons
for Mississippi River barges, 4,000 tons for a department store at Oakland,
Cal., and 5,000 tons for subway work in New York, while 10,000 tons for
subway work, on which bids recently went in, will be awarded within a
few days.
Storage tanks ordered by 3 Texas oil producers call for a total of 12,000
tons of plate. Demand for oil country pipe, however, is slow, and while
heavier orders for pipe for building work are looked for with the approach
of spring, it is doubtful whether the expansion will be as great as usual.
Distribution of pipe to a larger extent than in recent years is on consignee
accounts, which have been well rounded out by mills since the first of the
year.
Pig iron is fairly active at Chicago and Cleveland and in the New York
district, but elsewhere is dull, being almost at the point of stagnation at
Pittsburgh and in the Valleys. Prices are unchanged, but concessions on
Buffalo iron are appearing more frequently at competitive points, while the
adherence of eastern Pennsylvania furnaces to a $20 base resulted in the
placing of 2,000 tons of foundry grades by a Gloucester, N. J., welter
with 2 outside furnaces and an importer at slightly lower prices
Spring runs and structural fabricators have protected themselves against
expected Spring building programs.
In announcing second quarter prices on bars, plates and shapes on the
basis of 1.90c., Pittsburgh, the leading maker sought a $2 per ton advance
over first quarter contracts. While some business has been closed at this
level, it is apparent that a large portion of second quarter material will be
Invoiced at 1.85c. A $1 per ton advance over the first quarter thus Is assured, but the full $2 rise, except on spot business,remains to be established.
Regardless of the final disposition of the second quarter price on heavy
steel, the backwash of the uptrend will be felt for some time. Warehouse
prices in most districts are moving up in consonance with the January
and February rises in mill levels. Structural rivets have been advanced
$3 per ton. In pipe an upward adjustment is expected. Alloy steel prices
are being revised. Concrete bars are generally higher.
Sheet specifications have been generous enough to push production in the
Mahoning valley up to 88%, the highest point reached this year. At
Pittsburgh, too, consumers are taking out their first quarter contract
material. A real test on prices now asked-2.10c., Pittsburgh, on blue.
2.90c. on black, 3.75c. on galvanized and 4.15 on autebody-may anais
In a fortnight. Some sheets for March delivery at the old prices have Men
placed in the New York district.
Plates have come into renewed activity at both Pittsbrugh and Chicago.
In the former market a new barge line will take 19.000 tons. At Chicago
car builders' specifications continue heavy and the southwestern oil fields.
dormant for some weeks, have closed on 12,000 tons for tank work. In
neither market has there been the second quarter buying that was expected.
Bar orders at Chicago are running ahead of shipments, which reflect 90%
or higher mill operations, and in only a few weeks in the past two years
has the volume been greater. Automotive and implement makers are
chiefly responsible. Automotive specifications for bars from Pittsburgh
mills have shown moderate expansion.
One maker of cold finished bars has opened second quarter books at
2.30c., Pittsburgh, unchanged from first quarter. An advance in this
product had been rumored. Specifications against both hob and cold
strip contracts have expanded, but second quarter interest lags. Nall
shipments generally are off, but other wire products are moving well. It
Is apparent that many jobbers will carry over fair stocks into the new
quarter. Pig iron continues in moderate demand and unchanged in price.
Shipments from some lake furnaces to automotive foundries are at a record
rate. Cleveland producers have sold 32,000 tons in the past Week. A
little short selling at 25 cents under the current market of $18.50 has developed at Chicago. Shipments from merchant furnaces in the Pittsburgh
district exceed bookings. Basic iron sales in eastern Pennsylvania have
totaled 10,000 tons in two weeks.
Minor adjustments bring the "Iron Trade Review" composite of 14
leading iron and steel products up 8 cents this week, to $35.91.
In discussing the operations of the entire industry for the
week, the "Wall Street Journal" on Mar. 6 made the following comment:
Ingot production of U. S. Steel Corp. has been reduced more than 1%
compared with the preceding week and is at below 89% of theoretical capaoity. compared with approximately 90% in the two preceding weeks.
Independent steel companies also have cut their activities 1% and are
down to 76%, contrasted with 77% in the preceding week and 78% two
weeks ago.
For the entire industry the average is only lightly better than 82%.
against 83%% last week and 84% two weeks ago.
Material decreases are shown from a year ago. At that time the Steel
Corporation was at 94% of capacity, with independe..ts
% and the
average about 87%;
1434
FINANCIAL CHRONICLE
It will be recalled that it was in the last week of Mar. 1927, that the
record operations for the year were reached. The Steel Corp. was at
100% at that time, with independents between 88% and 87% and the
average 92% and 93%. It Is not considered likely such high rates will be
reached this year in view of the reductions in recent weeks.
Analysis of Imports and Exports of the United States
for January.
The Department of Commerce at Washington Feb. 29
Issued its analysis of the foreign trade of the United States
for the month of December and the six months ending
with January. This statement indicates how much of the
merchandise exports for the two years consisted of crude or
of partly or wholly manufactured products. The following
is the report in full:
ivoL. 126.
The total quantity of soft coal produced during the present coal year to
Feb. 25 (approximately 279 working days) amounts to 429.836,000 net
tons. Figures for corresponding periods in other recent coal years are given
below:
1926-27
534,194,000 net tons
513.686,000 net tons
1923-24
1925-26
387,259.000 net tons
488.882.000 net tons
1922-23
As already Indicated by the revised figures above, the total production of
soft coal for the country as a whole during the week ended Feb. 18 Is estimated at 9.374.000 net tons. This Is a decrease of 375.000 tons. or 3.8
from the output in the preceding week.
The following table apportions the tonnage by States and gives comparable figures for other recent years.
Estimated Weekly Production of Coal by States (Net Tons).
February
Total Production for Week Ended
Mcrae*
Feb. 18
Feb. 11
Feb. 19
Feb. 20
State
1923.a.
1928.
1927.
1926.
1928.
Alabama
415,000
409,000
315.000
333.000
493.000
Ark., Kan., Mo.& Okla_
200,000
261.000
203.000
279.000
212.000
Colorado
176.000
231.000
197.000
201.000
240.000
Illinois
1,235,000 1,264.000 2,089.000 1,344.000 1.993,000
Indiana
459,000
613,000
367,000
364,000
709.000
MITALYSIS OF EXPORTS FROM AND IMPORTS INTO THE UNITED Iowa
144.000
36,000
136.000
73.000
73,000
Kentucky-Eastern _ _
851.000
898.000
556,000
STATES FOR THE MONTH OF JANUARY 1928 (Value in $1,000)•
873.000
939 000
Western
315,000
318,000
4114.000
285,000
226.000
Maryland
57.000
60,000
70,000
51.000
69.000
Six Months End. December.
Month of January.
Michigan
26,000
15,000
13,000
18,000
13.000
Group
Montana
55,000
69,000
59.000
80.000
60.000
1927.
1926.
1928.
1927.
New Mexico
62.000
47.000
61.000
54.000
58.000
North Dakota
38.000
38,000
42,000
30,000
37.000
Value.
Value.
Domestic Exports
Value.
Value.
Ohio
175,000
694,000
198,000
710.000
692.000
Crude materials___ 122.510 29.7 112.062 27.9 764,014 29 9 636.043 26.0 Pennsylvania (bit.)
2,394.000 2,485,000 3,254.000 3,244.000 3,087.000
9.0 270.560 11.0
4.5 230.640
Crude foodstuffs _ _ 24.406
5.9 18.077
116,000
129.000
120,000
127,000
115,000
9.6 Tennessee
Mftured foodstuffs 41,016 10.0 43.296 10.8 266.407 10.4 234,098
Texas
17,000
18.000
23,000
24.000
17.000
Semi-manufactures 61.339 15.0 63.846 15.9 338,616 13.2 344.684 14.1 Utah
75,000
93.000
97.000
72,000
96,000
37.5 963,295 39.3
Fin. manufactures. 162,378 39.4 164,265 40.9 957,458
Virginia
228,000
243.000
269.000
276,000
212,000
Washington
43,000
41,000
58,000
53,000
77.000
Total dom. exp _ 411,649 100.0 401,545 100.0 2,557.135 100.0 2,448.681 100.0 W. Va.-Southern_b.__ 1.740.000 1,855.000 2,038,000 1,943,000 1,166,000
50.423
44,672
Foreign exports_ _ _
8.875
7,752
743.000
903.000
767,000
634.000
Northern_c
677.000
113,000
164.000
106,000
156.000
Wyoming
123.000
2,499.104
2,601,807
Total exports__ 419,401
410,420
2,000
5,000
7,000
2,000
Other States
2,000
9,734,000 9,749.000 13,193,000 11.411,000 10,956.000
Total bituminous
Imports
Crude materials_ _ 153.113 42.9 133.225 39.5 805.344 37.8 756.200 36.7 Pennsylvania anthracite_ 1.025,000 1,466.000 1.569,000
405,000 1.902.000
Crude foodstuffs _ _ 44,081 12.3 48.302 14.3 272,718 12.8 254,960 12.4'
Total all coal
10,399,000 11,215,000 14,782,000 11,816,000 12.858.000
9.6 209.260 10.1
8.5 204,307
Mttured foodstuffs 26,947
7.6 28,723
a Average rate maintained during the entire month. b Includes operations on
Semi
-manufactures 65,974 18.5 61,059 18.1 387.967 18.2 378.247 18.3 the N.& W.; C. & C.; Virginian; K. dc M., and Charleston division of the B.& 0.
Fin. manufactures_ 66.726 18.7 66,303 19.6 458,513 21.6 462,852 22.5 c Rest of State, including Panhandle.
Total Imports
'156.841 101)0 337.612 101)0 2.128.849 100.1)2,061,519 100.0
AHTHRACITE.
Increase Reported in Bituminous Coal and Anthracite
-Coke Remains About the Same.
Output
During the week of Feb. 25, the output of bituminous coal
Increased from 9,374,000 net tons in the preceding week to
10,181,000 net tons; a gain of 807,000 net tons. Compared
with the corresponding week one year ago, the current output, however, is 2,582,000 tons less. Anthracite output
also showed an increase during the week of Feb. 25, rising
from 1,025,000 to 1,254,000 net tons, a gain of 229,000 net
tons. One year ago, production, at 1,374,000 net tons, was
120,000 net tons heavier in the corresponding week, reports
the United States Bureau of Mines. From this source
we add the following details:
The total production of anthracite during the week ended Feb. 25 is
estimated at 1,254.000 net tons. Compared with the output in the preceding week, this shows an increase of 229.000 tons, or 22.3%. Production
during the week in 1927 corresponding with that of Feb. 25 amounted to
1,374.000 tons.
Estimated United States Production of Anthracite (Net Tons).
1926-1927
1927-1928
Coal Year.
Coal Year.
Week Endedto Dates
Week.
Week.
to Date.
February 11
82.449.000
1.501.000
1,466,000
70,402,000
February 18_13
84,018.000
1,569,000
71,427,000
1,025,000
February 25
85,392,000
1,374,000
1.254,000
72,681,000
a Minus one day's production first week In April to equalize number of days in
the two coal years. b Revised since last report.
BEEHIVE COKE.
The weekly rate of beehive coke production continues to show little
change. The total production during the week ended Feb. 25 is estimated
at 96,000 net tons. The following table apportions the tonnage by States
and groups of States.
Estimated Production of Beehive Coke (Net Tons).
1927
1928
Week Ended
BITUMINOUS COAL.
to
to
Feb. 25
Feb. 18
Feb. 26
The total production of soft coal during the week ended Feb. 25,including
1928.b
1928.c
1927.
,0a00
405,000 1.7ge
lignite and coal coked at the mines, is estimated at 10,181.000 net tons. Pennsylvania and Ohio__
67.000
148,000
69,000
1
^
15,000
13,000
18.000
Compared with the output in the preceding week, this is an increase of West Virginia
10t6
12g:82
Ala., Ky., Tenn. & Ga.,
6.000
4,000
7,000
3
807.000 tons, or 8.6%. Figures of daily loadings indicate that the average. Virginia
4,000
7,000
4,000
time worked on Washington's Birthday. Feb. 22, for the country as a whole Colorado & New Mexico_
2,000
4,000
3,000
0 000
32,000
working day. Production during Washington and Utah
19,000
was equivalent to about 0.9 of a normal
2 noo
5.000
United States total__ _
the week in 1927 corresponding with that of Feb. 25 amounted to 12,763,000
718,000 1,481,00
96,000
189,000
95,000
tons,
Daily average
31,000
15,000
16,000
32,000
16.000
a Minus one day's production first week in January to equalize number of dayS
Estimated United States Production of Bituminous Coal(Net Tons) Ineuding Coal Coked.
n the two years. b Subject to revision. e Revised since last report.
926-1927
1927-1928Cast Year
Coal Year
According to the weekly estimate of bituminous coal proto Date.a
Week.
to Date.
Week.
13,487,000 508.238,000 duction prepared by the National Coal Association, the outFebruary 11
9,749,000 410,282.000
2.248.000
1.906,000
1,539.000
Daily average
1.625,000
13,193,000 521,431,000 put of soft coal during the week ended March 3 showed but
February 18.b
9,374,000 419.655,000
2.199,000
1,012.000
Daily average
1.562,000• .
12,763,000 534,194,000 little variation from the total of the preceding week. The
429.836.000
February 25_c
10,181,000
2,163,000
1,917,000 tonnage mined
1,543,000
Daily average
1,726,000
during the week ended March 3 was about
Minus one day's production first week in April to equalize number of days in
110,125,000 net tons.
the two coal years. b Revised since last report. c Subject to revision.
P.:288
a=
Current Events and Discussions
The Week With the Federal Reserve Banks.
The consolidated statement of condition of the Federal
Reserve banks on March 7, made public by the Federal
Reserve Board, and which deals with the results for the 12
Reserve banks combined, shows decreases of $10,500,000
in holdings of discounted bills, of $5,300,000 in bills bought
in open market, of $4,900,000 in United States securities,
and of $13,100,000 in member bank reserve deposits, and
increases of $3,100,000 in Federal Reserve note circulation
and $1,400,000 in cash reserves. Total bills and securities
were $20,600,000 below the amount held on Feb. 29. After
noting these facts, the Federal Reserve Board proceeds as
follows:
The principal changes in holdings of discounted bills were an increase
of $41.100.000 at the Federal Reserve Bank of New York, and decreases
of $17,400,000 at l'hiladelphia, $12,400,000 at Cleveland, and $9,500.000
at Boston. The System's holdings of bills bought in open market decreased $5,300,000, of certificates of indebtedness $5,900,000, and of
Treasury notes $400,000. while holdings of United States bonds were
$1,400,000 above the previous week's total.
Federal Reserve note circulation was $3,100,000 larger than a week ago,
the principal changes being increases of $3,400.000 at Atlanta, $2,900,000
at San Francisco, and $2.200.000 at Chicago, and decreases of $2,200,000
at New York. $1,700,000 at Philadelphia, and $1,500.000 at Cleveland.
The statement in full, in comparison with the preceding
week and with the corresponding date last year, will be found
on subsequent pages-namely, pages 1470 and 1471. A summary of changes in the principal assets and liabilities of the
Reserve banks during the week and the year ending March
7 1928 is as follows:
Increase (+) or Decrease (-)
Total reserves
Gold reserves
During
Year.
Week.
+51,400,000 -$197,600,000
+3.800,000 -200,400,000
Total bills and securities
Bills discounted, total
Secured by U. S. Govt. obligations
Other bills discounted
-20,600,000
-10,500,000
-16,600.000
+6,200,000
+234,800,000
+66,200,000
+49,700,000
+16,500,000
Bills bought in open market
-5,300,000
+73,800,000
U. S. Government securities, total
Bonds
Treasury notes
Certificates of indebtedness
-4,900,000
+1,400.000
-400,000
-5.900,000
tougg:000
talSg:S28
+3,100,000
-127.500,000
-14,900,000
-13,100,000
-2,900,000
+150,000,000
+140,300,000
+9,800,000
Federal reserve notes In circulation
Total deposits
Members' reserve deposits
Government deposits
MAR. 10 1928.]
1435
FINANCIAL CHRGNTCLE
New York district,
Chicago district and
Returns of Member Banks for New York and Chicago 000.000 in theall reporting banks. $7.000.000 in
370.000,000 at
deposits, which at all reporting banks were $221.,000,000
Federal Reserve Districts—Brokers' Loans.
Net demand
In the New York
Beginning with the returns for June 29 last, the Federal above the preceding week's total, increased $226.000,00089.000.000 in the
district. 310.000.000 in the Minneapolis district and
Reserve Board also began to give out the figures of the Chicago district, and dcelined 312.000.000 in the Cleveland district. Time
Clevemember banks in the New York Federal Reserve District, deposits increased 312.000.000 and 310,000.000, respectively, In theMinnedistricts, and declined 35.000.000 In the
the Chicago Reserve District, on Thurs- and and San Francisco 000 in the Philadelphia district.
as well as those in
apolis district and $1,000
Borrowings from the Federal Reserve banks declined 610.000 000 at
days, simultaneously with the figures for the Reserve banks
themselves, and for the same week, instead of waiting until reporting member banks In the New York district and increased 311.000.000
and Cleveland districts. *A.000.000 in the San Francisco
the following Monday, before which time the statistics cover- each In the Boston
district and 37.000,000 in the Philadelphia district.
A summary of the principal assets and liabilities of 649 reporting meta.
ing the entire body of reporting member banks—now 649—
her banks, together with changes during the week and the year ending
cannot be got ready.
Feb. 29 1928, follows:
The following is the statement for the New York member
Increase 1+) or DeereaSS( 1
During
banks and that for the Chicago member banks thus issued
Week.
Year,
Feb. 29 1928.
$
$
$
in advance of the full statement of the member banks, which
21,700.497,000 +125.226.000 +1,640.853.000
latter will not be available until the coming Monday. The Loans and investments—total
15,142,534.000 +94.102.000 +799,449.000
New York statement, of course, also includes the brokers' Loans and discounts—total
+254.000
Secured by U.S. Govt. obligations 126.814.000
—17.811.000
loans of the reporting member banks, which this week agaih
6,343.710.000 +43,782.000 +706,148.000
Secured by stocks and bonds
All other loans and discounts
8,672.010,000 +50.066.000 +111,112,000
showed a decrease, the fourth in as many weeks, the grand
aggregate of these loans for March 7 being $3,695,709,000, a Investments—total
6,557.963,000 +31,124.000 +841.404.000
decrease of $26,125,000 under last week's total of $3,721,2,932.893,000 —39,143.000 +533.354.000
U.S. Government securities
Other bonds, stocks and securities_ 3.625.070,000 +70,267.000 +308.050.000
834,000.
CONDITION OF WEEKLY REPORTING MEMBER BANKS IN CENTRAL
RESERVE CITIES.
New York-49 Banks.
Mar. 7 1928. Feb. 29 1928. Mar. 9 1927.
Loans and investments—total
7 066,087,000 7,135,377,000 6,247,645.000
Loans and discounts—total
5,048.966,000 5,111,769,000 4,478,338.000
Secured by U. S. Govt. obligations
Secured by stocks and bonds
All other loans and discounts
Investments—total
48,478.000
58,597,000
57.124,000
2 325,144,000 2.414,242.000 2,002.472.000
2,666.698.000 2,649,019,000 2,417,269.000
2,017,121.000 2,023.608.000 1,769,307.000
1 085,788,000 1.078.978.000 871,871,000
U. S. Govt. securities
Other bonds, stocks and securities_ _ _ _ 931,333,000 944,630,000 897.436.000
747,254.000 745,659,000 680,559.000
Reserve with F. R. Bank
51,833,000
51,489,000 57.729,000
Cash in vault
5481.802.000 5.563,025.000 4,982,435.000
Net demand deposits
1 061,567.000 1,081.473,000 919,983.000
Time deposits
3,161,000
Government deposits
10,567,000
25,642,000
98,845,000 102,408,000
Due from banks
90,065,000
1,326,879,000 1,394,904,000 1,122,445,000
Due to banks
Borrowings from F. R. Bank—total_
79,625,000
42,300,000
81,590,000
Secured by U. S. Govt. obligations
53.550,000
22,550.000
72,075,000
All other
26,075,000
19,750,000
9,515,000
Loans to brokers and dealers (secured by
stocks and bonds):
1 019,403,000 1,149.295,000 869.677,000
For own account
For account of out-of-town banks_ _1,461,437,000 1,423.782,000 1,110.405,000
1,214,869,000 1.148.757,000 839,029,000
For account of others
3695,709,000 3.721,834,000 2,819,111,000
Total
2,789,648.000 2,811,995.000 2,155.605.000
906,061,000 909,839,000 663,506,000
On demand
On time
Loans and investments—total
ChIcago-43 Banks.
1 978,803.000 1,952,555,000 1,846,470,000
Loans and discounts—total
1.474,534,000 1,450,970,000 1,410,352.000
Secured by U. S. Govt. obligations
Secured by stocks and bonds
All other loans and discounts
Investments—total
17,679,000
757,068,000
699,787,000
504,269,000
14,993.000
738.160.000
697,817,000
501,585,000
16,642,000
687,604,000
706,106,000
436,118,000
222,657,000 220.635.000 178.332,000
03.5. Govt.securities
Other bonds, stocks and securities_ __ _ 281,612,000 280.950,000 257,786,000
Reserve with F. R. Bank
183,211.000 184.335,000 156,323,000
17,057.000
Cash in vault
16,840.000
20,567.000
1 283,893,000 1,271.851,000 1.219,453.000
Net demand deposits
Time deposits
658,414,000 645.586,000 574,053.000
Government deposits
516,000
1.675,000
3.701,000
Due from banks
139.514.000 144.623,000 145,517,000
395.934.000 376,328.000 371,268.000
Due to banks
Borrowings from F. It. I3ank—total
14,807.000
11.985.000
14.510,000
Secured by U. S. Govt. obligations...
All other
13.165.000
1.642,000
11,915.000
70,000
10,605.000
3,905,000
Complete Returns of the Member Banks of the Federal
Reserve System for the Preceding Week.
As explained above the statements for the New York and
Chicago member banks are now given out on Thursdays,
simultaneously with the figures for the Reserve banks themselves, and covering the same week, instead of being held
until the following Monday, before which time the statistics
covering the entire body of reporting member banks, now
649, cannot be got ready.
In the following will be found the comments of the Federal
Reserve Board respecting the returns of the entire body of
reporting member banks of the Federal Reserve System for
the week ending with the close of business Feb. 29:
The Fedora' ittserve Board's condition statement of 649 reporting member banks in leading cities as of Feb. 29 shows increases for the week of
394.000.000 in loans and discounts. $31,000,000 in Investments, 3221.000.000 in net demand deposits, 1111,000.000 in time deposits, and 320,000.000 in borrowings from Federal Reserve banks.
Loans on stocks and bonds, including U. S. Government obligations,
were 315.000.000 above the Feb. 21 total at reporting member banks in the
New York district and 314,000 000 above at all reporting banks. -All
other" loans and discounts increased $50.000,000 at all reporting banks,
$36.000.000 in the New York district, 810,000.000 in the Chicago district.
aid
and 34.000.000 each in the Cleveland and Kansas City districts,
declined 83.000.000 In the Atlanta district.
Holdings of United States Government obligations were 3 9.000.000
3
below the amount reported a week ago, the principal decreases being
314,000,000 and 312.000.000. respectively,in the San Francisco and Chicago
districts. Holdings of other bonds, stocks and securities Increased $67,-
+11,756,000
—2,787,000
+114,032.000
—14.008.000
13.715.941.000 +220.827.000
6,655,063,000 +10.572.000
34,415,000
—346.000
+716.464.000
+581,790,000
—69,054,000
1.168.832,000 +.34,792.000
3,609,491,000 +147,909,000
—65,735.000
+231,267.000
+19.857,000
+76.650.000
+8.073.000
232.915.000
122,560,000 +11,784,000
+50.131.000
+26,519.000
Reserve with Federal Reserve banks_ 1,755.489.000
242.521,000
Cash in vault
Net demand deposits
Time deposits
Government deposits
Due from banks
Due to banks
Borrowing from F. R. banks—total_
Secured by U.S. Govt. obligations
All other
*Figures for Feb. 21 revised.
355.475.000
Summary of Conditions in World's Market According to
Cablegrams and Other Reports to the Department of
Commerce.
of Commerce at Washington releases
for publication to-day (March 10), the following summary
of conditions abroad, based on advices by cable and other
means of communication:
The Department
ARGENTINA.
Business in general throughout the week continued to be good. Imports and exports are increasing. Customs revenues during the first
two months showed an increase of.three million paper pesos over those
of the corresponding period of 1927. Crop conditions continue to be
favorable. The corn crop, which is expected in Argentina to be exceptionally large, is being gathered. The liabilities of commercial
houses which failed in February amounted to
paper pesos.
The Province of Buesnos Aires has floated a consolidated loan of
000,000 in New York City.
12,000,000
$30,-
AUSTRALIA.
Trading conditions remain dull and depressed in Australia, but
hopefulness as to the future is becoming more apparent as time passes.
Recent wool sales have displayed further firmness, particularly in
crossbreds and comebacks. A contract just closed with a large Chinese
concern practically covers the Australian export of sandalwood
products for a number of years. Optimism and improvement in several
textile lines are reflected in indent orders.
BRAZIL.
The week's business in Brazil has been quiet, but the general tone
is more optimistic. There was a momentary weakness in the coffee
market, but a quick recovery on March 1, owing probably to the resumption of supplementary entries of 5,000 bags daily into the port of
Santos. Total entries after March 1, will be 3,500 bags daily. The
trade generally anticipates a good export demand during the next two
months. Estimates from local commercial sources of the coming Sao
Paulo crop are still under 8,000,000 bags. The City of Nictheroy has
laced a loan with Lazard Bros. for £800,000. The State of Parana
is also seeking a loan of
£2,000,000.
BRITISH INDIA.
The Indian Railway budget statement for the year closing
December
31 shows a greatly increased traffic has been
handled at less cost and
with increased earnings as compared with 1926. The
strong financial
position of State-operated railways permits important
reductions in third
class fares, effective immediately, and reductions in freight on
certain
classes of merchandise, including gasoline, kerosene, motor verhicles,
etc., effective about June. Company-managed roads
are considering
similar reductions.
BRITISH MALAYA.
Uncertainty regarding the future of rubber is resulting in generally
cautious buying in British Malaya. The undertone of business, however, remains satisfactory, and the usual attitude in trade circles is
optimistic.
CANADA.
A satisfactory volume of wholesale business is moving in Canada
with considerable improvement in general trading in British Columbia.
Conditions in the Maritimes, Ontario, Quebec, and the Prairie Provinces are fair to good with hardware and electrical goods experiencing
the best demand and dry goods and
groceries only normal. Collections
in the Prairie Provinces continue slow. Toronto dealers in
plumbing
supplies enjoyed an unusually large volume of sales in February as
a result of the continuation of favorable
weather for construction
projects. Active lines include fuel and motor oils (Toronto), wire
nails (Winnipeg), turpentine and linseed oil (Montreal and
Winnipeg).
Price revisions by Canadian manufacturers show advances in
six wire
nail extras and in most sizes of wood screws.
1436
FINANCIAL CHRONICLE
CHINA.
There was a noticeable improvement in February business at Shanghai, and staple commodities are now moving to interior districts. Express and passenger service has been resumed on the Tientsin-Pukow
railway line between Pukow and Hsuchowfu, the junction of the LungHai line. The Lung-Hai has been repaired and traffic on the whole line
reported resumed on February 28.
CZECHOSLOVAKIA.
The Czechoslovak situation in February was marked by continued
prosperity, and held out favorabe prospects for the future. A few
adverse factors, however, were evident, as, for example, a wage strike
in the brown coal industry, and a certain amount of labor unrest in
the iron and steel branches. With the exception of a few industries,
industrial production is generally exceeding that of a year ago. Money
continues easy and the volume of savings deposits is still increasing.
January foreign trade figures, although still showing a favorable
balance, were somewhat under the December returns.
GREECE.
Imports from the United States are expected to benefit from tariff reductions in the commercial agreement recently concluded between Greece
and Yugoslavia. The chief items of import from the United States affected include corn starch and sardines. Ratification of the new agreement by parliament is expected shortly. General trade continues ahead
of last year, as reflected in total customs returns for January.
IRISH FREE STATE.
The embargo placed on cattle exports as the result of the discovery
ef foot and mouth disease in the Irish Free State, has been relaxed.
The free movement is now permitted of fatted cattle from specified
Free State ports to specified British ports for immediate slaughter.
No new cases of foot and mouth disease have been reported from the
Irish Free State.
JAPAN.
Stock and commodity markets in Japan are dull, with, however,
optimistic prospects in the immediate future. A special two week's
session of the Imperial Diet has been called for April 20, the principal
object being to introduce the Coronation budget. It appears practically
certain that no action on tariff matters will be taken at the special
session.
NETHERLANDS.
The money market in the Netherlands is easier. There has been
good activity on the stock exchange which has favored domestic industrial shares. Continued strength has been manifested in the commodity markets. Trading in rubber has recovered slightly and holds
the center ef interest.
[VOL. l2f1.
thirty-six engines for the South African railways program for the
current year. This is the third and last installment of the railways
requirements for the immediate future and tenders will close May 18.
The Government's fiscal program for the year ending March 31, 1929,
includes an item of .£22,000 for the establishment of the diamond
cutting industry in the Union (this matter has bend under consideration for the past several months but the bill to authorize the proposed
state aid of industry has not been passed by the assembly.)
UNITED KINGDOM.
British trade shows a slight tendency toward improvement. The
export situation is being favorably influenced by steadily increasing
Continental prices thus making competition in foreign markets less
severe for British products. The foreign trade balance is slowly improving. Bank clearings continue to increase. The monetary position
is strong with sterling exchange ruling above parity. No general
expectation of an early reduction in the bank rate is now entertained.
Unemployment is at a slightly lower figure. The building trades
continue to experience seasonal dullness. The cotton manufacturing
situation is unsatisfactory with the possibility of labor trouble although
negotiations are proceeding in the spinning section between employers
and employees with the view to investigating production costs before
further undertaking to reduce wages and increase working hours. The
woolen and leather trades are hampered by increasing prices of raw
materials. The local reaction to the Government's suggestion as to the
desirability of revising local taxation is generally favorable.
Production of iron and steel has been steady and, with rising
Continental prices placing British makers in a better competitive
position, the outlook is considered improved. The engineering trades
are moderately well employed and prospects appear fairly good. The
coal markets were quiet during February with no outstanding changes.
The principal interest centered on progress of undertakings to regulate
output and prices and the marketing schemes. Official statistics show a
substantial increase in British consumption of all major metals, especially
copper and lead. The chemical trade was steady during February with
the export demand somewhat improved. The total petroleum imports
continues somewhat below last year's level but receipts of gasoline
and lubricating oils are larger.
YUGOSLAVIA.
Budget estimates for the 1928-29 fiscal year, as presented to parliament, show expenditures of 11,592,794,000 dinars and receipts of 11,555,794,000 dinars, indicating a deficit of 37,000,000 dinars. This
compares with estimates for 1927-28 of approximately 11,690,000,000
dinars for both revenues and expenditures. Actual results for the
first five months of the 1927-28 fiscal year (April 1—August 31) show
receipts of 3,151,762,490 and expenditures of 3,211,494,960 dinars, or a
deficit of 59,732,470 dinars. As this is the period of smallest receipts,
it is not an accurate index of results for the entire year. Agricultural
returns during the past year were not satisfactory, and the consequent
lower paying capacity of the people as a result of this adverse situation
is reflected in the smaller budget estimates for 1928-29. This unfavorable developemnt in the economic situation, however, has been offset to a
certain extent by the increased activity created by the influx of foreign
capital for various construction projects. (Dinar equals approximately
$0.0176.)
PERU.
The upper parts of both the Ica and Nuacho valleys, which have
been suffering from a lack of irrigation water for the past several
weeks, are now receiving water, although the lower sections are still
dry. These two valleys are important cotton producing regions, and
the latter also produces sugar. Although reports published by the
Agricultural Society of Peru (a semi-official organization) are optimistic, nevertheless agriculturists in the affected areas are discouraged
over the prospects of the present crops. Merchandise movements and
collections are sluggish, as is customary at this season of the year. Treasury Department Declines to
Permit Acceptance of
Exchange on March 2 was quoted at $3.91 to the Peruvian pound.
Russian Gold by Assay Office.
This rate has been practically unchanged for the past two months,
which is attributed to the un-official reports that exchange stabilization
The shipment of $5,000,000 in gold from Soviet Russia,
provided for by the recent loan of $50,000,000 would fix the value of the
received in New York on Feb. 21 will not be received by the
Peruvian pound at $3.90. The recent arrival of an American expert
has inaugurated conferences regarding this stabilization of exchange. Assay Office in New York, according to a statement issued
Activities of mining, oil producing and building industries continue March 6 by Secretary Mellon, who says that "inasmuch
as
along their normal trend.
provision is made by law only for deposits by owners of gold,
PHILIPPINE ISLANDS.
and since the Equitable Trust Co. and the Chase National
The copra market continues firm, with light arrivals and only two Bank are unwilling
to present the gold as owners. the New
oil mills are operating. Prices show little variation from the provincial
equivalent of resecado (dried copra) delivered at Manila at 13.50 pesos York Assay Office will decline to receive this $5,000,000
per picul of 139 pounds; Cebu, 13 pesos; and Hondagua, 134. (1 peso this $5,000,000 of gold." The shipment, consigned to
the
equals $0.50). There is little trading on the abaca market, which re- Equitable Trust and
Chase National Bank, was referred to in
mains weak, although the undertone has improved slightly. Production
continues heavy but receipts at Manila during the past week were these columns Feb. 25, page 1131. The Treasury Departbelow estimates on account of heavy rains, which interfered with ment's decision was reached after the two institutions had
transportation in southern Luzon. Prices are nominal at 26.50 pesos declined to offer the gold as
owners, contending that they
per picul for grade F; I, 23.50; JUS, 21.50; JUK, 18.50; and L, 15.
The stress laid by the new administration upon the necessity for were acting as agents for the Russian Government. At the
economic development of the Philippines has been universally well time the gold was received here the Mint refused to accept
received.
it until the Treasury Department had ruled officially. The
PORTO RICO.
Associated Press advices from Washington, March 6, said:
Business conditions in Porto Rico continue dull and no appreciable
The Treasury referred the case to the State Department, which replled
change in the economic situation occurred during the past week. Colthat the purchase of the Russian gold would not violate the policy of the
lections are still difficult, especially in the interior and in the smaller
Government toward the Soviet Government. The case was then referred to
towns. Recent rainfall has somewhat relieved the extreme dryness of the Department of
Justice for a legal opinion.
past weeks and crop conditions are generally reported to be good.
The Justice Department, in its opinion submittal to-day to the Treasury,
The income from sugar sales, following the recent improvement in held that the mint could
purchase the gold legally only if the two New York
sugar prices, is accelerating the liquidations of loans to the mills. banks guaranteed title to it. This
the banks declined to do, claiming they
Shipments of the old tobacco crop are now moving at a rate which were only agents of the Soviet Government.
should dispose of stocks by the end of June.
The following is Secretary Mellon's statement of Mar. 6:
RUMANIA.
Exports of cereals in 1927, according to preliminary data published
by the Ministry of Finance, were the heaviest of any preceding year
of the post-war period, exceeding those of 1926 by 1,243,000 metric
tons, or 70%. The bulk of the increase-1,072,000 tons—is accounted
for by the exceptionally heavy exports of corn from the large carryover of the bumper crop of 1926. Other increases are shown by rye
and barley-70,000 and 122,000 tons, respectively, while exports of
wheat and wheat flour combined declined by 98,000 tons.
SOUTH AFRICA.
The mining material market is more active after the inventory period,
and other industries appear to be recovering from the post-holiday slump.
Crop conditions for the current year are very favorable as the result
of good rains and preliminary local estimates place the 1928 corn yield
at a million bags over the 1927 crop. Prospects for deciduous fruit,
tobacco and cotton are also encouraging. An active demand for cotton
piece goods and other textile lines is anticipated during the next month;
the recent price reductions have made buyers hesitant with the results
that stocks are low. Tenders have been invited for another group of
Some days ago there arrived in New York from the National Dank of
Soviet Russia some $5,000,000 of gold, half of which was consigned to the
Chase National Bank and the other half to the Equitable Trust Co. as
agents.
Since 1920 the Treasury Department has refused to accept at the United
States mints and assay offices gold coming from Soviet Russia, the State
Department having declined to give assurances that the title to Soviet
gold will not be subject to attack internationally or otherwise.
In this particular instance the Treasury Department asked the Equitable
Trust Co. and the Chase National Bank whether they were ready to purchase the gold from the National Bank of Soviet Russia and present it to
the Assay Office at New York as owners.
The two banks have just informed this Department that they are unwilling to purchase soviet gold before presenting the same at the Assay
Office and that the presentation, if made, would be solely as agent for the
Russian bank.
The provisions of law under which the Treasury acts in purchasing gold
or bullion through the United States mints and Assay Offices are as follows:
5
-pint here
Inasmuch as provision is made by law only for deposits by owners of
gold, and since the Equitable Trust Co. and the Chase National Bank are
M.
101928.]
FINANCIAL CHRONICLE
unwilling to present the gold as owners, the New York Assay Office will
decline to recive this $5,000,000 of gold.
From its Washington bureau, the New York "Journal
of Commerce" reported the following on Mar.8:
The question of American recognition of Soviet Russia is not involved in
the Treasury Department's refusal to permit the Assay Office to accept the
shipment of $5,200,000 in Soviet gold now in the vaults of the Equitable
Trust Co., and the Chase National Bank of New York, according to
officials of the State Department here to-day. Despite this declaration, it
was contended that while the question of ownership furnished an excellent
reason for continuance of the 1920 ban on imports of this character from
Russia, this Government has no desire of having direct dealings with the
unrecognized Soviet regime.
The attitude of the Treasury Department caused suprise in some circles.
as the shipment of gold is understood to be regarded by President Coolidge
as a regular commercial transaction in payment for goods purchased by the
Soviet in this country and he presumes that the latest shipment which
reached New York Is for this purpose:
It was pointed out that had Secretary Mellon authorized pdrchase of
the gold by the mint the Soviet would have been in the position of saying
to the rest of the world that it was dealing directly with the United States,
forming what might be interpreted as at least implied c mmercial recognition.
It was declared that the Soviet would have made a profit by selling its
gold for pounds in London and converting the pounds into dollars that
could have been transferred to the United States as credit for whatever
financial or commercial transactions were afloat. As it was, the Soviet lost
many thousand dollars in interest and in transporatilon charges on the
gold.
Treasury officials maintained to-day that the question of ownership only
was Inv() ved in refusal to admit the gold.
Officials here assumed that the gold would be shipped back to London
and there converted into dollars via the pound route. It was stated that
the refusal to admit the gold would have nothing to do with whatever
unofficial commercial relations exist between the United States and the
Soviet, nor would the action prevent the Soviet from making any payments
due in this country.
1437
$7.500,000 in February. These three shipments inaugurated the present
movement of gold into France.
The statement issued by the local Reserve bank was as follows: "We
are authorized by the Bank of France to announce that the gold valued
at approximately $11.900,000 exported to France during the past week
represents gold which has been held for some time by us under earmark
to the Bank of France."
The Bank of France has received approximately $75.000,000 of gold from
London and New York since the first of the year, but little reflection of this
movement has been shown in the official reports of the Bank. The reason
for this is that this gold has been carried previously in the form of foreign
exchange for the most part,and at its full value inkpaper francs. To transfer
it into the gold account, which is also valued in francs despite the fact that
the latter is depreciated about 80% in terms of gold, would involve an
Immediate large loss to the Bank of France. It is understood, therefore,
that the gold will be left at its present full value in paper francs in the "sundries account" of the Bank of France until the official revaluation after the
May elections.
The arrangement of further gold shipments is expected to be made as a
result of the coming conferences between local Reserve bank officials and
representatives of the Bank of France. A group of these officials, headed
either by Dr. Quesnay or Dr. Rist, are on their way here for such conferences. This parley will closely follow the visit of Governor Moreau to
the Bank of England.
Expect Co-operation.
The impression is strong here that the French will co-operate with the
British and American authorities with a view to make her accumulation
of gold as painless to the other financial markets as possible. For that
reason, no major disturbance is expected to result from the current gold
movements, although it is generally admitted that France has the power to
cause such disturbances if she wished, especially to the London market.
It was stated yesterday that this is the first announcement of the withdrawal of earmarked gold from the local Reserve bank since the shipment
of $45,000,000 to Germany during 1924 and 1925. The gold was then
acquired as a result of the sale of the Dawes bonds here.
In an item relative to the expected return to the gold
standard of France and other countries, the "Journal of
According to the "Times" of March 8, the banking insti- Commerce" of March 5 said in part:
tutions to which the gold was consigned take the position
The return of a number of European countries to the gold standard
that they are merely the custodians of the gold for its owner, during the next few months is confidently expected in informed banking
circles here and important steps are being taken to assure the least possible
the Soviet State Bank, and that it will be held here subject disturbance in banking and credit conditions in the United States and
whatever disposition the Soviet authorities direct shall Great Britain as a result of this movement. The position of Great Britain,
to
be made of it. They have consulted with their counsel in especially, is made precarious by the general return to the gold standard
because her own gold holdings are relatively scant.
an effort to determine whatever legal points may be involved.
That the return of France, Rumania, Czechoslovakia, Jogoslavia and
said:
The same paper
possibly Spain to the gold standard is a recognized and immediate interIn its present status the gold cannot be made the basis of commercial
credit, and it represents a loss of interest as high as $1,000 a day. The
exact amount of this loss of interest cannot be estimated, as it depends on
the amount that would be earned by the funds represented if they were in
some form other than gold. The loss of interest is being borne by the
Soviet State Bank.
Earmarked Gold Amounting to $11,900,000 Shipped
to France by New York Federal Reserve Bank—
Bank of France Reported as Arranging to Send
Mission to Confer with Governor Strong.
The shipment to France of $11,900,000 of gold held
by the Federal Reserve Bank of New York under earmark
for the Bank of France was announced by the Reserve
Bank on March 8. It was likewise made known this week,
reports from abroad, that the Bank of France is perfecting
plans for a visit to the United States of representatives
of the bank to confer with Governor Strong. One of the
Paris accounts, contained in a cablegram March 5 (copyright) to the New York "Times" said:
Following the recent conference here between M. Moreau. Governor
of the Bank of France, and Montagu Norman, Governor tot he Bank
of England, the Bank of France, it is understood, is preparing to send
a mission to New York for discussion of important financial questions.
M. Quesnay, Director of the Economic Research Department of the
French bank has been designated for the mission, it is said, but it is not
yet certain that M. Met, who has made a previous visit to the United
States, will not accompany the delegation.
A strict reserve is being maintained officially in regard to the details
of the program this commission intends to carry out in the United States,
butlthe question of repatrition of French gold deposits in America and
other possible preparations for French stabilization, it is currently reported, will come up for discussion with Benjamin Strong, Governor or
the Federal Reserve Bank of New York and other financial interests in
the United States. It has been stated that a loan to Rumania for stabilization of that country's currency which was the subject of recent negotiations conducted in France by M.Titulescu, the Rumania Foreign Minister,
will also receive consideration. It is understood that the French mission
will sail next week.
With regard to the announcement by the Federal Reserve
Bank of the export of $11,900,000 of gold to France, the
"Journal of Commerce" of March 9 stated:
announcement of French withdrawals
Pm!, Is the first official this country, and is interpreted as of gold
accumulated in
part of the
previously
official French policy of building up her home reserves of gold against the
day when the revaluation of the franc will be an accomplished fact. The
gold left Wednesday morning on the Rochambeau.
It was recently reported in well informed banking circles here that France
has earmarked more than $50,000,000 of gold. Total earmarkings were
stated at $197.000,000. Therefore, the present shipment of gold is expected to be followed by other similar movements of the yellow metal to
France as the French May elections approach. It is considered a foregone
conclusion that revaluation of the franc at the present level of about 3.90c.
will occur at about that time.
Second Big Ilovement.
The present shipment to France from the Federal Reserve Bank follows a
shipment of $25,000,000 made by the Guaranty Trust Co. of New York.
The latter shipment went in three installments—a first shipment of $10.000,000 in December, a second of 37,500,000 in January and a third of
national financial problem of the first importance has been made evident by
recent movements of individuals representing the chief central banking
institutions. A man thoroughly conversant with American Federal Reserve
problems and policies is now attached to the staff of the Bank of England.
The latter institution sends one of her staff of experts, Sir Otto Niemeyer,
for a rather extended visit to the Federal Reserve Bank here. Governor
Moreau of the Bank of France has but lately returned from a visit to Governor Montagu Norman of the Bank of England.
The return of Governor Strong from his sojourn in Atlantic
City was announced this week.
Premier Poincare Says Policy Is To Maintain Franc—
Says It Must Not Rise Too Fast, But Denies Inflation to Keep It Down.
Answering charges of deliverate inflation and Government
speculation against the franc's recovery made in the Senate
by Senator Hery, Premier Poincare of France denied on
March 7 insinuations and invoked national interests as
justifying the measures the Government had taken. The
New York "Times" in stating this in a Paris Cablegram
(copyright) March 7 added:
Senator Hery accused the Government of secretly inflating in order to
permit the Bank of France to purchase foreign moneys and added that
when the Senate authorized such inflation it had in mind only the equivalent of reconstitution of the Morgan loan.
"But under the sundries heading of the Bank of France," he said, "we
now see a total of over 25,000.000,000."
"The purpose of the purchases which have been made has been to permit
the Bank of France to combat speculation." responded Premier Poincare.
"As to the exact amount that has been bought you will not get me to name
It, for such information would immediately be used abroad and would rob
the Bank of France of a valuable weapon in the operations it has begun."
As to the charge that the French Government was preventing the franc's
improvement, the Premier replied hotly:
"You reproach us with speculating against the franc. The Government
Is not speculating against the franc, but preventing its fluctuation. We
are maintaining the exchange. When I came to power the pound sterling
was quoted at 240. I began by bringing up the franc and then I saw
that the recovery was becoming too rapid and damaging interests of industries and agriculture, and as a result, both employers and workmen. To
have continued would have been a crime."
British Income Tax System to Be Simplified—Surtax Will
Replace Supertax—Salaries, Like Trading Profits, to
Be Assessed on Basis of Preceding Year.
The British income tax system is to be radically revised
under the new law which goes into effect the coming
April, according to a bulletin by Mitchell B. Carroll of the
Taxes and Corporation Section of the Commerce Department. The super-tax will be replaced by a surtax;
salaries will be assessed on the basis of receipts during the
preceding year and the scope of the provision to prevent
evasion of supertax through companies will be widened.
The Department of Commerce in indicating this on March
2, added:
1438
FINANCIAL CHRONICLE
Another important change which is to become effective under the
new law is that in general the tax on dividends, interest, royalties,
ground rent, etc., for the present fiscal year and thereafter is to be
deducted from such amounts at the rate in force when the tax becomes
payable, instead of at the rate or rates in force during the period
through which the payment was accruing due.
The replacement of the supertax by the surtax, according to the
bulletin, is heralded as a very significant step toward simplification.
The former tax, introduced in 1909-1910, was considered a separate
tax from the income tax, which was originally adopted in 1799 as a
measure to produce funds necessary to carry on the Napoleonic wars.
Beginning with the fiscal year 1928-29, however, a new regime is to
come into effect under which the income tax will be levied at a fixed
standard rate (at present 4 shillings in the pound, or 20%) and when
the net income exceeds £2,000 a surtax is to be imposed on such
excess, which is to be regarded as a deferred instalment of income
tax payable the following year. Although the method of assessment is
thus changed, the rates of the surtax will be the same as those of the
present supertax.
The provision in the 1927 act that aroused perhaps the greatest
attention is the one intended to prevent evasion of supertax through
the failure of limited liability companies to distribute dividends that
would be subject to supertax in the hands of the shareholders. On
April 6 new measures are to become effective that bring public companies into the scope of a provision that was formerly intended only
for private companies. They authorize the revenue officials to assess
supertax where any British company which is under the control of
not more than five persons, and which is not a subsidiary or a company in which the public are substantially interested, fails to distribute
a reasonable amount of its profits within a reasonable time.
[Vol,. 126.
phraseology of mining and metallurgy, and to describe the
more important mineral resources of the world in such a
way that a general view of them may be gained without
taking up too much of the reader's time.
While the Bank's association with mining in Canada,
extending over a period of sixty years, provided much valuable information, the preparation of this booklet necessistated the examination of a great many reports issued
in various parts of the world, and the consultation of
numerous other authoritative sources. Lack of space prevents acknowledgment in each case, but special mention
should be made of the publication of the Dominion Government, the Imperial Mineral Resources Bureau and the
American Bureau of Metal Statistics. Grateful acknowledgment is also due to J. Mackintosh Bell, Esq.,
0.B.E., L.LD., a mining engineer of wide experience, who
read the manuscript, and whose general co-operation has
been of inestimable value. The following extracts are
taken from the booklet:
The Canadian Mineral Field
Canada has a land area of about 3,700,000 square miles, of which
over 3,000,000 square miles is known to be mineralized. This great
field is divided into six major regions, the Canadian Shield—sometimes
called the pre-Cambrian area—The St. Lawrence Lowlands, the ApUnemployment in Great Britain and Ireland at End of palachian and Acadian regions, the Interior Plains, the Artic Archipelago, and the Canadian Cordillers, or Pacific Highlands. All these
December—Changes in Wages in 1927.
regions have rich deposits of minerals, but they are not alike in formaAt the end of December about 9.8% of the 12,100,000 tion, and they differ in respect of the extent and variety of their mineral
resources. Taking the field as
whole, however, it contains, with
workpeople insured against unemployment under the insur- exception of precious stones anda aluminum ore, practically every the
minance acts in Great Britain and Northern Ireland were out eral in demand to-day, over sixty in all, ranging from the precious
metals to structural materials and clay products.
of work, as compared with about 10% unemployed at the
The most remarkable of these six regions is
Canadian
end of November and 11.9% at the end of December, 1926. area of nearly 2,000,000 square miles. In one the the earliestShield, an
of
stages of
Of these totals 7.7% were wholly unemployed and 2.1% the earth's construction certain rocks, commonly termed pre-Cambrian,
were formed. These exist in many parts of the globe, but frequently
temporarily out of work, as compared with percentages of
at such great depth that no attempt can be made to reach them. The
7.6 wholly unemployed and 2.4 partially unemployed in largest known and most easily accessible occurrences
are in Canada,
November, according to advices transmitted to Bankers' South America, Africa, Australia and India. In rocks of this characTrust Company of New York by its British Information ter were located the famous Rand, Mysore, Sudbury, Cobalt, Porcupine
and Michigan mines.
Service and made public March 2. The Bankers' Trust
advices also state:
The total number of applicants for employment registered at the
employment exchanges in Great Britain and Northern Ireland at the
end of December was approximately 1,127,000, of whom 925,000 were
men, 151,000 were women and the balance of 51,000 were boys and
girls. A month earlier the figure was 1,172,000 and at the end of
December 1926 there were 1,403,000 persons registered.
The changes in wages as reported to the British ministry of labour
for the year 1927 resulted in net increases of £30,400 in the weekly
full time warges of 280,000 workers and in net reductions of £389,000 in the wages of over 1,850,000 people. In 1926 there were net
increases of £133,000 in the weekly wages of 420,000 people and net
reductions of £83,700 in those of 740,000 workpeople.
At the end of the year 1927 the average level of retail prices of all
commodities taken into account in figuring the cost of living was 68%
above the level of July 1914, as compared with 69% higher in
November and 75% higher at the end of 1926. For food alone the
increase above 1914 was 62% in December 1927, 63% in November
and 67% in December 1926.
Value of Minerals Produced in Canada
1914
$ 15,925,044
15,097,269
10,301,935
13,655,381
1,627,568
Gold
Silver
Copper
Nicicel
Lead
Zinc
Asbestos
Coal
Other minerals, structural
and clay products
2,909,806
83,433,108
1926
$ 35.749,000
13.618.000
19,270,000
14.401.000
22.911,000
10,845,000
9,777,000
58,164,000
materials
35,525,388
58.151,000
$128,475,499
8242,886,000
Italian Engineering Trade Output Exceeds $200,000,000
Annually—Giovanni Silvestri Reviews Strides Since the
World War—Invested Capital Aggregates $243,000,000.
The value of output of the Italian Engineering trade
now exceeds $200,000,000 annually compared with $90,The Mineral Wealth of Canada—Outline of World's Re- 000,000 before the war, according to a survey of the engineering trades of Italy compiled for the International
sources of Minerals by Canadian Bank of Commerce.
A booklet, dealing with "The Mineral Wealth of Canada, Power Securities Corporation by Giovanni Silvestri, formwith an Outline of the World's Resources of the More Im- er President of the General Confederation of Italian inportant Minerals" has been issued by the Canadian Bank dustry. Mr. Silvestri says:
"Notwithstanding the absence of coal and scanty
of Commerce. A foreword by S. H. Logan, General Man- the engineering trades find in Italy many favorablemineral resources,
conditions, chief
among which a plentiful supply of highly skilled and industrious
ager of the Bank, says:
workers, and engineers of outstanding ability, as is shown by the recent
The rein))rka hie progress of the mining industry of Can- successes obtained by
the Italian automobile and aviation industries:
ada has attracted world-wide attention, not only because while the lack of coal is largely offset by the hydro-electric power available for industrial purposes.
of the rich discoveries at points scattered over an exten"The growth
engineering trades in Italy is comparatively
sive mineral Held, but also because the resources easily recent, but they of theattained notable
soon
importance, and such branches
accessible elsewhere are no longer adequate to supply the as the automobile, aviation, and electromechanical trades, which grew
almost simultaneously in Italy and abroad, now hold their own
world demand. In view of the importance of the industry, up
with other countries.
The Canadian Bank of Commerce has prepared this book"Progress is shown both by the ever larger number of persons occulet, giving an outline of the world's resources of the more pied and by the growth of the capital invested in them. Thirty years
important minerals, in the hope that a general survey of ago, (1897) 22 companies were engaged in these trades with a capital
of $82,000.000. Twenty years later (1918) war needs
number
the subject may prove to be not only of interest, but of to 390 and the capital investment to $250,000.000. raised thethen
Since
the
number of companies has steadily increased although deflation and the
real value.
depreciation of the lira reduced the capital invested. In October 1927
It is both unwise and unnecessary to make extravagant there were 1,271 companies
with a capital investment of $243,000,000.
statements regarding the Canadian mining industry and In 30 years the capital trebled, and now is double that of 1914. Another
index of growth is afforded by the fact that the consumption of raw
the bright promise for its future, but its future, but its
semi-manufactured steel is now double what it was in 1913.
position appears not to be generally understood, especially and
Although exports do not yet afford an index to production, they too have
as it has sometimes been placed in an unfavorable light steadily increased from year to year, and 1927 is no exception to this
by reckless speculation, which, unfortunately, usually ac- rule, a very satisfactory fact when we remember the difficulties consequent on the rapid
companies even a sound scheme of development. The fact deserves special note appreciation of the lira. This growth of exports
as it clearly shows that the Italian engineering
remains, however, that greater interest is now being taken trades are based on sound foundations."
in mining in Canada than ever before, and while the
achievements of the past have been remarkable, the pros- Funding of Indebtedness of Belgium to U. S.—Bonds
pects for the future are most encouraging.
Delivered to U. S. Treasury.
It has been the aim to present the facts gathered in lanThe Treasury Department at Washington received on
guage comprehensible to one unversed in the technical March 5 from diplomatic representatives of the Belgian
MAR. 10 1928.]
FINANCIAL CHRONICLE
Government the definitive bonds issued by the Kingdom of
Belgium under the arrangements for the funding of the
nation's war debt to the United States. The "United
States Daily" notes that upon delivery of the new securities, according to an announcement by Secretary Mellon,
the Treasury returned the obligations which have been
held here since the original advances were made. The
following is the announcement made by Secretary Mellon:
Final steps were taken today in connection with the funding of the
indebtedness of the Kingdom of Belgium to the United States. Viscount de Lantsheere, First Secretary of the Belgian Embassy at
Washington, delivered to the Treasury 120 gold bonds of his Government in the principal amount of $413,580,000, receiving in exchange
the original obligations given by his Government in connection with
cash advances and surplus war materials sold by the United States
Liquidation Commission (War Department). The difference between
the principal amount of the bonds delivered and the principal amount
of the debt as funded represents the principal amount of $4,200,000 of
such bonds paid off since the date as of which the funding agreement
became effective.
The Act approving the Belgian settlement was signed by the President April 30, 1926. The debt funding agreement has likewise been
approved by the Belgian Government.
1439
with the financial affairs of the Free City of Danzig. In 1923 the
Committee was called upon the study the problem of Hungary; and
in the same year Greece called in the assistance of the League to
aid her in the financial difficulties which arose in connection with the
influx of refugees from Asia Minor and Bulgaria. In 1924 Esthonia
also called in the League's help as reorganizer.
As regards the negotiations which are at present going on with the
Bulgarian Government, the Bulletin has no comment to make beyond
the mention that Bulgaria requires a radical reconstruction of her
public finances.
Summing up this brief sketch of the activities of the Committee,
the writer of the Bulletin points out that while the Committee was in
the first place formed as a section of the economic and financial commission appointed to study post war problems, the part it played has,
by force of circumstances, become more and more clearly defined and
its efforts have led to practical results. In its capacity of consultant
it discusses and works out the details of reconstruction schemes and,
when these are adopted, the Council of the League has usually entrusted it with the duty of supervising the execution of the plan; in
order to make this possible the Committee has had to keep in direct
contact with the Governments which make application to the League,
but it has never lost its strictly advisory character and the eventual
decisions based on its suggestions emanate not from the Committee as
such but from the Council and the Assembly of the League of Nations.
Poland's Budget Surplus For First Ten Months of Current
Fiscal Year—Increase in Savings Deposits.
Cable reports from Finance Minister Czechowicz of Poland, received by the Legation in Washington, and made
public Feb. 25, announce a large budget surplus for the
first ten months of the present fiscal year which ends on
March 31. As an indication of the improved financial
position of the country, Mr. Czechowicz points out that in
over
the past two years there has been an increased of
and an
500% in the meal reserve of the Bank of Poland
increase of over 280% in the country's savings deposits.
"The 1927 budget anticipated revenues of 1,990,000,000
zlotys, while the actual receipts reached 2,224,000,000
zlotys, a surplus of 234,000,000 zlotys over the estimate,"
Survey by Leopold Dubois of Swiss Bank Corporation of
Work Accomplished by Financial Committee of League
of Nations.
In a recent number of the Monthly Bulletin published
by the Swiss Bank Corporation there is given a survey
of the work accomplished by the Financial Committee of
the League of Nations, of which Leopold Dubois, the
Bank's Chairman, has been one of the leading spirits since
its conception. We quote as follows what the Bank has
to say:
The Financial Committee was brought into being by the Council of
the League in November 1920, shortly after the conclusion of the
Brussels Conference, and has since its foundation met regularly before
and during the sessions of the Council. The activities of the Committee have been twofold, involving in the first place the study of he states. He adds:
financial problems both of a general and of a special nature and in
"Complete figures for the first ten months of the present fiscal year,
the second, the financial reorganization of the countries which have which ends March 31, shows a surplus of budget receipts over exapplied for the assistance of the League.
penditures amounting to 240,000,000 zlotys.
The nature of the Committee's work under the first mentioned head"The gold and silver reserve of the Bank of Poland on May 31,
ing is illustrated by a number of specific cases in which its services 1926, amounted to $25,000,000, while on Dec. 31, 1927, this figure was
first. tasks was the preparation of a $158,000,000, only about a half of this increase being credited to the
have been called in. One of its
scheme of credits based upon the recommendations of Mr. Ter bfeulen recent international loan. The strong position of the Bank of Poland
at the Brussels Conference, a scheme which was eventually carried was still further enhanced by a credit of $20,000,000 from various
into effect. A very important feature of the Committee's work has foreign banks of issue. The Treasury has at its disposal cash reserves
been the publication of volumes dealing with the public finances of of 750,000,000 zlotys."
various states and their balance of payments and the issue of statistical
It is stated that the stabilization of the zloty and the
bulletins. This work has contributed largely towards disseminating
confidence
sound economic and financial ideas which had been lost to sight during sound condition of the banks created a new
the war and has been a powerful aid to the economic restoration of which was reflected in a very large increase in savings
Europe, owing to the influence it has had on various Governments
deposits. Figures compiled by four of the largest banks
and on the financial leaders.
The Committee has also devoted its attention to questions of double in Poland indicate that these deposits increased from
taxation and capital evasion but in the case of this particular problem, 192,000,000 zlotys in Jan., 1920, to 729,000,000 zlotys at the
preferred rather to recommend the formation of a committee of experts
of this year. Each of the four banks—the Bank
drawn from officials of the States which were more particularly inter- beginning
special committee has met several times and has now of Poland, the Bank of National Economy, the State Agriested. This
deposited a report and a scheme of agreement which will be submitted cultural Bank, and the Postal Savings Bank—reported
to the various Governments, though in the opinion of the writer of
tripled or quadrupled during
the Bulletin, it is a matter of some doubt whether any agreement can that their savings deposits
be reached, considering the very divergent interests which are in- the twolyear period. Banking conditions in general are
volved. The Committee has also been devoting its attention to the
reported to have shown steady improvement. The
question of spurious coinage and forged bank notes and has brought also
Bank was raised from
about the formation of a special committee of specialists who have capital of the State Agricultual
taken the matter in hand and have formulated certain proposals which 13,000,000 zlotys to 75,000,000 and a further increase to
can serve as the basis of an international convention to be ratified by
100,000,00 zlotys is probable. At the same time the capital
the various Governments.
increased from 35,It is in the realm of financial reorganization however, that this work of the Bank of National Economy was
has been most extensive and has met with the greatest success. The 000,000 to 120,000,000 zlotys. As a result of easier money
Brussels Conference took a firm stand against inflation and looked
rate of the Bank of Poland has
forward to a return to the gold standard and it is in the spirit of the conditions, the discount
resolution there adopted that the Financial Committee has been work- been reduced from 12% to 8% with prospects of further
ing. Though the position of the countries which appealed to the reduction. Private banks have also considerably reduced
League of Nations for assistance has differed widely in individual
year and a half. The Minister recases, the measures recommended by the Financial Committee, after their rates in the past
study in each particular case, have been based upon the fol- fers to the increased production in industry, the larger car
careful
lowing main principles:—
loadings and the decrease in unemployment as statistical
.
Firstly: The real equilibrium of the Budget must be achieved by
evidence of Poland's growing prosperity. He says:
receipts and a reduction of expenditure.
an increase of
"The attention of the Government is now chiefly concerned with the
Secondly: No further inflation must be allowed to take place either
or through the issue of an unduly large unfavorable trade balance of the past few months, although it is recogby means of paper currency
nized that this is due to the necessity of certain imports required for
proportion of divisional currency.
Poland's means of production.
Thirdly: There must be no political influence in the administration the reconstruction and modernization of
The main problem is furthering the growth of exports, which calls for
of the bank.
depends in part upon an
Fourthly: The position of the Bank of Issue must gradually be increased efficiency of production. This in turn
reduction of its advances to
made more and more liquid by the to its normal function of the adequate supply of credit."
regureturn
State, so that the Bank may
The Ministry of Finance is now developing a plan for
i
lating commercial and industrial credit.
and is preparing to assist
currency must be stabilized by the creation of the long term credits for agriculture
Fifthly: The
exchange standard, the stabilization being achieved at a rate which other branches of production in the same way.
gold
circumstances of the country and
takes into account the economic
which is inevitable during the
renders as easy as possible the crisis sound currency.
a
What Tobacco Men Fear—Oppose a Parcel. Post With
period of transition from inflation to
loans to be raised on the
Sixthly: The organization of restoration
Cuba Because of a Possible 1% Competition.
League of Nations
the
international markets under the patronage of
responsibility.
A statement coining to us from the National Foreign
but without the latter's actual where necessary of a commissioner
Seventhly: The nomfbation
Trade Council says:
of Nations with supervising the
charged in the name of the League
Manufacturers and traders throughout the United States have lost the
by the protected country and
execution of engagements undertaken
right to send their products to Cuba by parcel post because the tobacco
of Issue.
of a Councillor to act with the Bank
further
Financial Committee has industry of the country opposes legislation permiting Cuba to send toTaking these main principles as guide, the
reorganization from a number of bacco products to this country by mail. The business we have lost run
gradually dealt with the appeals for
for the League's assist- into several millions a year directly, and was indirectly of great added
European countries. In 1921 Austria applied first called upon to deal value, because the parcel post is a general salesman of proved worth.
the same year the League was
ance and in
1440
FINANCIAL CHRONICLE
Business concerns in three fourths of the States were using this parcel
post service. The products of more than 250 different lines of industry
were being sent by mail to Cuba.
Representatives of the tobacco industry have assured Congressmen
that mail facilities for cigar shipments from Cuba to this country would
"destroy" the American cigar industry. But the American Chamber of
Commerce in Havana points out that if all the cigars exported from
Cuba were shipped to the United States they would be only 1% of
domestic production.
The present production of cigars in the United States runs from
6,500,000,000 to 7,000,000,000 a year. The present importation of Cuban
cigars is under 30,000,000 a year. Thus the present Cuban competition
IS less than one half of one percent, one Havana cigar per year for each
four of us.
The 1113.XimlltIl possible Cuban competition, if all the cigars now exported from Cuba to all countries were to come here would be only
Vo, three-quarter: of a Havana cigar per year for each of us.
Cuba produces about 380,000,000 cigars a year, and smokes two thirds
of them herself. She exports about 125,000,000 or one third of her total
production. Of those exported two-thirds go to France and other parts
of the world. Now if Cuba were to quit smoking cigars herself, and
the rest of the world were to stop buying Havana, and the whole Cuban
cigar production were to come to the United States that would be only
6% competition with the domestic industry, three Havanas a year for
each of us, or one every four months.
That is the maximum competition theoretically possible. But everybody knows that nothing like that will or can happen. Cuba and the
rest of the world will keep on smoking Havanas. Cuban competition
with our industry cannot by any stretch of the imagination, get beyond
1% one Havana a year for each two of us. That is the outside limit.
But that is what the cigar men say will "destroy" their industry.
No American manufacturer of anything but cigars would admit.for
one instant that a 11%, or even 6% competition would "destroy" his
industry. There are 30,000 or more American manufacturers who sell
part or all of their product in foreign markets. They meet the unrestrained competition of six or eight other industrial nations in all
of these fields. How happy they would be if any legitimate way could
be found to limit that competition to 6%.
Mexico May Lift Ban Against Exportation of Gold.
From Monterey (Mexico) advices March 2 to the New
York "Journal of Commerce" it is learned that the Department of Finance of the Mexican Government announces an
investigation of the monetary situation is to take place
with a view to permitting the free exportation of gold. The
statement reads:
"In view of the fact that silver coin in the last few days has shown
a rate of discount with relation to gold which is very favorable toward
the stabilization of the former specie, the Commission of Experts which
was appointed by the Department of Finance in February, 1927, to
study the monetary problem will shortly start on work of another kind.
As a matter of fact, silver coin, after a gradual progressive improvement which started about seven months ago, a period during which it
was quoted against gold at from
12% discount, has just reached
discounts which fluctuate between 3.1% and 3.7% with the probability of registering before many days rates approximating par.
"Consequently, it has been considered unnecessary for the Commission to prolong its work further. Since the plans for the rehabilitation of silver coin have been realized almost completely, there remains
for the moment nothing to be done but to carry this out, using the
same limits which have been followed pointly by the Department of
Finance and by the Bank of Mexico in its capacity of regulator of
exchange and coinage.
"Furthermore, with the purpose of not interfering with the function
which corresponds to gold as international currency, the possibility
will also be studied of declaring the free exportation of the said coin."
Australian Loan of £8,000,000 Floated in London.
Copyright advices March 3 from London to the New York
11Times" said:
The Australian Commonwealth Government is issuIngla,000,000 in 5%
stock at 98%. This large loan came rather as a surprise to the market
In view of recent reports of Australian negotiations in New York.
The last previous Commonwealth loan was Issued last November, when
E7,000,000 in similar stock was offered at 9736. This stock, of which the
underwriters had to take up 75%, is now quoted at 993(.
Yesterday (March 9) the "Wall Street News" reported
the following Central News Cablegram from London:
Underwriters of the Australian Government loan had to take up 84%
of the offering.
Financial Committee of League of Nations Recommends International Reconstruction Loan of
£5,000,000 for Bulgaria.
A cablegram from London, March 5 to the New York
"Journal of Commerce," said:
Flotation of an international reconstruction loan for Bulgaria amounting
to £5,000,000 has been recommended by the Financial Committee of the
League of Nations Council, it was learned here to-day.
It is understood that Bulgaria has agreed to reconstitute Its national
bank as a private Institution.
The loan will be floated in the United States, Great Britain, France
and Holland. As soon as approval of the League has been given the Bank
of England and the Bank of France will grant a credit of £500,000 to
Bulgaria.
Yugoslavia Arranges for $250,000,000 Loan—Part of
Funds, Obtained from Britain and America, Will
Help Build Port of Cattaro.
From the New York "Times" we quote the following
Geneva advices Mar. 8 (copyright):
It Is learned that a consortium of English and American banks has
signed with the Yugoslav Government an agreement providing a loan to
Belgrade of $250.000,000. The consortium, which Is headed by Schroder
[VOL. 126.
& Co. of London includes Blair & Co. as the chief American member.
Under the plan drafted the loan would be Issued at 97, be payable In 50
years and bear 7% interest.
Under the agreement signed between Maurice Rothschild, representing
the consortium, and Finance Minister Markovitch of Yugoslavia. Belgrade
would pledge receipts from customs and the Government monopolies of
tobacco, matches, sugar and petrol to guarantee service of the loan. This
agreement must be ratified by the Yugoslav Parliament within three months.
The loan is to be used partly for stabilization of the Serbian dinar, but
more specifically for the equipment of Cattaro as a big modern port and
naval base and a railroad running from the capital to the port. This road.
500 kilometers long, will be electrified. It will reduce the time needed to
go from Belgrade to Cataro from 30 to seven hours.
The making of this loan has important political angles, having, it is
said, been approved by the British Foreign Office it indicates that England
will have a new interest in Yugoslavia, which might well affect London's
attitude toward current divergencies between Rome and Belgrade. It
certainly tends to strengthen Yugoslavia in face of Italy and doubtless wil
arouse no enthusiasm in Rome.
Of course France remains behind Yugoslavia, her ally, and thus the
general result of this large financial operation seems to mark something
of a check to Mussolini's foreign policy in the Adriatic.
Senate Committee Favorably Reports Bill for Funding
of War Indebtedness of Yugoslavia to U. S.
It was announced yesterday (Mar. 9) that the Senate
Finance Committee has approved the debt settlement with
Yugoslavia negotiated in 1926. Total payments will
aggregate $95,117,635 and extend until 1987.
Offering of $30,000,000 5% Bonds of Kingdom of Norway—
Books Closed—Issue Sold.
At 97% and interest, to yield 5.15%, a $30,000,000 issue
of Kingdom of Norway thirty-five-year 5% sinking fund
external loan gold bonds was offered on March 7 by a
syndicate composed of the Guaranty Company of New
York, Dillon, Read & Co., The First National Corporation
of Boston, the Union Trust Company of Pittsburgh, the
Illinois Merchants Trust Company, the Continental National Company, the Union Trust Company of Cleveland
and the Old Colony Corporation. On behalf of the syndicate the Guaranty Company of New York announced the
closing of the books on March 7, the bonds, it is stated,
having been sold. The proceeds of this issue are to be
used in consolidating short term indebtedness of the Government. The bonds are to be dated March 15, 1928 and
will mature March 15, 1963. A cumulative sinking fund,
commencing in 1933, will be provided, calculated to retire
the entire issue by maturity. The bonds will be redeemable in whole or in part .on March 15, 1933, or on any interest date thereafter, on 30 days' notice, at 100% and
accrued interest. They will be in coupon form in denominations of $1,000. Principal and interest (March 15 and
Sept. 15) will be payable in New York at the principal
office of Guaranty Trust Company of New York in U. S.
gold coin or for equal to the standard of weight and fineness existing on March 15, 1928, without deduction for or
on account of any present or future taxes or duties imposed or levied by or within the Kingdom of Norway or by
or within any political subdivision or taxing authority
thereof; but the foregoing shall not be construed as exempting bonds from taxation when in hands of subjects or
residents of the Kingdom of Norway otherwise subject to
taxation thereon in Norway. From information furnished
the syndicate by the Royal Finance Department and the
Royal Statistical Department of the Kingdom of Norway
we quote the following:
General
These Bonds are to be the direct obligation of the Kingdom of
Norway, which pledges its full faith and credit for the payment of
principal, interest and sinking fund. The loan contract will provide
that if the Government shall sell, offer for public subscription or in
any manner dispose of any bonds or loan secured by lien on any
revenue or asset of the Kingdom, the Bonds of this loan shall be
secured equally and ratably with such bonds or loan. There are at
present no loans outstanding which are so secured.
Debt and Resources
The total national debt, after giving effect to this financing, will
amount to 1,704,857,000 kroner ($456,751,676) compared with 1,731,600,000 kroner ($464,069,000) as of June 30, 1925. As against this,
the Government owns properties valued in excess of $360,000,000,
most of which are revenue-producing, such as railroads, telegraph and
telephone lines, forests, mines and hydro-electric plants. The Government owns and operates 1,940 miles out of about 2,160 miles of
railroads in the Kingdom. The Government's telegraph and telephone
lines are in excess of 21,000 miles in length. These services are selfsustaining and collectively show an operating profit before interest on
the Government's investment.
Revenues and Expenditures
The revenues of the Government are derived principally from property and income taxes, excise duties, customs receipts and Stateowned properties. For the year ended June 30, 1927, total revenues,
exclusive of loan proceeds, were $96,843,063, being $770,197 in excess
of total expeadittues, exclusive of those for capital account. The total
expenditures for capital account during the year were $12,673,430.
MAR. 10 1928.]
FINANCIAL CHRONICLE
The budget for the year ended June 30, 1928, estimates total revenues,
exclusive of loan proceeds, at $101,459,636 and total expenditures,
exclusive of those for capital account, at $97,361,180. The total expenditures for capital account are estimated at $13,349,619.
Currency and Exchange
The Norwegian krone, with a gold parity of 26.8 cents, has appreciated steadily since 1924 and was quoted on March 3, 1928, at 26.64
cents or substantially at par of exchange. All conversions of Norwegian kroner into dollars have been made at par of exchange.
Application will be made to list the bonds on the New
York Stock Exchange.
Offering of $15,000,000 Gelsenkirchen Mining Corp.
6-Year 6% Notes.
An issue of $15,000,000 Gelsenkirchen Mining Corp. 6
year 6% secured notes was offered March 7 at 97 and interest, to yield over 6.60%, by a syndicate headed by Dillon
Read & Co., J. Henry Schroder Banking Corp. and International Acceptance Bank, Inc. A substantial portion of this
Issue has been withdrawn for offering in Europe.
Gelsenkirchen Mining Corp., organized under the laws of
Germany in 1873, is at the present time both a holding and
operating company. Its largest single asset consists of
about 39%, or $74,229,344 par value, of the outstanding capital stock of United Steel Works Corp., including $7,871,136
par value which the company has agreed to loan, subject to
return in kind. The company owns and operates the coal
mine "Monopol," which in 1927 produced 1,169,310 metric
tons of coal. Coal reserves owned, either directly or
through wholly-owned subsidiaries, are estimated to con
ten more than three and one-half billion metric tons of recoverable coal.
These $15,000,000 6-year 6% secured notes are to be the
direct obligation of Gelsenkirchen Mining Corp. and, in
the opinion of counsel, are to be specifically secured by
pledge with the trustee of the Reichsmark equivalent of
$30,000,000 par value of shares of capital stock of United
Steel Works Corp. having a market value, based on current
quotations on the Berlin Stock Exchange, of more than
200% of the principal amount of these notes. The company will covenant that the value of the security for the
notes shall at all times be maintained at not less than 150%
of the principal amount of the notes from time to time outstanding. To maintain such value the company may pledge
additional United Steel Works Corp. stock or other securities listed • on the New York or Berlin stock exchanges,
which stock or securities shall be valued at their market
value based on then current quotations, or may pledge or
mortgage other securities or property, which shall be
valued on the basis of appraisals. The indenture will provide that the stock of United Steel Works Corp. initially
to be pledged may be withdrawn only in proportion as notes
are retired, but will permit the withdrawal of any additional security subsequently pledged or mortgaged, provided such withdrawal does not reduce the value of the remaining collateral below 150% of the principal amount of
notes at the time outstanding.
Further data in connection with the offering are given in
our "Investment News Department" on page 1514.
New Issue of $10,000,000 Bonds of City of Warsaw (Poland)
to Be Offered Shortly.
Following reports from Warsaw (Poland) on March 2
that the City of Warsaw had contracted with New York
Interests for a new loan, it was made known this week
that a syndicate composed of Stone & Webster and Blodget, Inc., First National Corporation of Boston, Chase Securities Corporation and Paine, Weber & Company, has
purchased a new issue of $10,000,000 City of Warsaw,
Poland, 7% 30-year sinking fund external gold bonds. Public offering will be made shortly. A substantial portion of
this issue has been reserved for sale in Europe. The announcement in the matter says:
1441
fically secured by a first charge upon several old established taxes, the
total of which has averaged annually for the past four years more
than four times the services of this loan. The city will provide a
cumulative sinking fund for retirement of all the bonds of this issue
at or before maturity. They are also redeemable at the option of the
city at from 105 to 102, according to the date of redemption.
The public utilities of Warsaw, which has a population of more
than a million and is thus comparable in size to Boston, Rome or
Hamburg, include an electric tramway system, supplemented by bus
lines, which carried 186,000,000 passengers in 1926; a water system
modernized since the war by Ulen & Company and now ocnsidered
one of the best in Europe; gas works, abattoirs, markets and a municipal theatre.
In a letter to the bankers, Zygmunt Slominski, President of the
municipality of Warsaw, declares that Warsaw places its full faith
and credit behind this issue. He cites the fact that Warsaw is an
autonomous political entity, that its history reaches back more than a
thousand years and that it has been the seat of government of Poland
since the fifteenth century. He emphasizes the city's strategic commercial position and states that the revenues of the city have increased
from $5,164,000 in 1924 to $9,091,000 in 1927. "Practically all the
banks in Poland," he cables, "including the government issue and
mortgage banks maintain their principal offices in Warsaw. The city
has more than 300 schools schools with an average attendance of
98,000, and the University of Warsaw, the largest of the six universities in Poland, having ten thousand students, possesses a library of
785,000 volumes. There are also four technical and scientifical col•
leges in the city.
"Over twenty-five hundred industrial concerns are established in
and near the city, including important textile and chemical factories,
paper, printing, wood and tanning works, machine and metallurgical
shops, and manufacturers of leather goods, food and other products:
Nearly one-third of the population of Warsaw is occupied with the
industrial and commercial development which has expanded rapidly
in recent years due to the central location of the city and its transport
facilities."
Bonds of Department of Cauca Valley (Republic of
Colombia) Drawn for Redemption.
J. & W. Seligman & Co., as fiscal agents for Department
h%
of Cauca Valley, Republic of Colombia twenty-year 71
secured sinking fund gold bonds, announce that, pursuant
to the agreement dated Oct. 6, 1926, $49,000 principal
amount of the bonds of this issue, has been drawn by lot
for redemption on April 1, 1928, at a price of 103% and accrued unpaid interest. Bonds drawn for redemption should
be presented on April 1 next, with all coupons maturing on
and after that date, at the offices of J. & W. Seligman, 54
Wall Street, New York, where they will be paid out of sinking fund moneys. Interest on drawn bonds will cease to
accrue on April 1, 1928.
Definite Bonds of State Mortgage Bank of Jugoslavia
Ready for Delivery April L
J. & W. Seligman & Co., as fiscal agent, announce that
definitive bonds of $12,000,000 State Mortgage Bank of
Jugoslavia secured 7% sinking fund gold bonds due April
1, 1957, are ready for delivery with April 1 and subsequent
coupons attached. The bonds will be delivered upon surrender of interim certificates at the office of J. & W. Seligman & Co., 54 Wall Street.
Offering of $100,000 5% Bonds of First Joint Stock
Land Bank of Montgomery, Ala.
An issue of$100,000 5%bonds of the First Joint Stock Land
Bank of Montgomery, Ala., was recently offered by Ward,
Sterne & Co. of Birmingham and Montgomery. The issue
is dated Apr. 1 1927, is due Apr. 1 1967 and is callable
at par Apr. 1 1937 or any interest date thereafter. They
are coupon bonds in $1,000 denominations, fully registerable
and interchangeable. The Bank was chartered in 1922
under the Federal Farm Loan Act for the purpose of making
loans on farm lands in Alabama and Georgia. The following
is the bank's statement of condition as of Jan. 26 1928:
Resources—
Its/Nines—
mortgage loans
$9,008.500.00 Capital stock
$550,000.00
Accr. int. on mtge loans
Surplus
45,000.00
(not matured)
144,902.65 Legal reserve
56,700.00
Farm Loan bonds on band_ 100,000.00 Undivided profits
55.192.32
Accr. int, on farm loan
Deferred income (premium
bonds on hand
766.10 on bonds)
8,274.31
Cash on hand and in banks_ 118.523.16 Reserve for Mar. 31 1928.
Accounts receivable
1,070.10 dividend
11;000,00
This issue is the first and only funded obligation of Warsaw payable Furniture dc fixtures
3,959.13 Farm loan bonds authorized
6.304.00 and issued
in foreign currency. The negotiations, which lasted a year, were begun Pay'ts In process of collec'n
Other assets
960.00 Accr. Int. on farm loan 8,350.000.00
when representatives of the bankers on the Continent learned that Real estate owned
bonds
contemplated the construction, improvement and extension of Sheriff's certif., Judgments. 34,587.55 Matured(not matured)
94.602.68
Warsaw
int. on farm loan
Ace
several important municipal enterprises. The general interest aroused
12,516.59 bonds (coupons not presented)
the proposed financing invited the competition of several important
by
8.487.50
Accounts payable
American banking groups. The loan was not finally arranged until a
3.855.93
Amort. paym'ts--pald in
few days ago when, after its authorization by the City Council of
advance
9,534.86
Polish Ministers of Finance and of
Warsaw, it was approved by the
Amort. Payments on prin. 196,675.04
Add'l payments on prin.__
the Interior.
40,795.04
Other liabilities
1,971.53
, The proceeds of this issue will be used for the construction and
Total
$9.432,089.28
extension of municipal enterprises, while the value of the city-owned
39332.089.28
enterprises is placed at $65,000,000.
Under date of Jan. 26 1928, W.A. Howell, Vice
In order to establish a long term credit abroad, the necessity of
-President
high degree of security on the first foreign currency loan was made and Manager of theBank,submitted the following statemen
clear to the Warsaw officials. The bonds will accordingly be sped- as to operations to the board of
directors:
1442
FINANCIAL CHRONICLE
Statement as to Mortgage Loans Submitted to and Approvedby Farm Loan Board.
Amount of mortgage loans
$8,919,800.00
Borrowers valuation of land
28,860,227.75
Borrowers valuation of improvements
7.632,040.50
Borrowers total valuation
36.492,268.25
Appraisers valuation of land
21,799.419.28
Appraisers valuation of improvements
5,068.553.00
Appraisers total valuation
26,867,972.28
Appraisers valuation of insurable improvements
4.073,211.00
On Valuation by Federal Appraiser.
Percentage of loan to valuation of land
40.9
Percentage of loan to valuation of land Sr ins. impts
34.5
Percentage of loan to valuation of land and all impts
33.2
Payments on prin. of loans reduces percentage of loans to
appraised value to
30.6
Borrowers gross worth
$80,997.061.23
Borrowers net worth
64,541,717.27
Percentage of loans to borrowers gross worth
11.1
Percentage of loans to borrowers net worth
13.8
Appraisers value per acre
$41.43
Average amount loaned per acre
16.95
Taxes preceding year on property loaned on 30c per acre or157,455.40
Gross revenue preceding season from property loaned on was 10,863,227.59
(which is 22% in excess of the amount loaned.)
Annual tax and instalment charge of borrowers is less than 1% of their
gross worth and 1.2% of their net worth.
Since organization we have received applications to amount of $20,999.175, of which we have approved $13,484,400 and closed loans to amount
of $9.304,800. If delinquencies on instalments on loans of this Bank were
the average of all Joint Stock Land Banks as of Nov. 30 1927 (last
Government Report) ours would have been $31,239.60, whereas it was only
$2,694.50. since reduced to $1.400.00. We also would have owned Real
Estate, Sheriff's Certificates and Judgments to amount of $171.422.20, if
ours were the average of all Joint Stock Land Banks, whereas we had only
$42,416.45. The Farm Loan Board has approved all loans submitted to
Chem.
[VOL. 126.
"We need not determine whether the liberty protected by the constitution includes the right to induce a breach of contract between others
for the aggrandizement of the intermeddler—to violate the nice sense
of right which honorable traders ought to observe."
Referring to the general scheme of co-operative marketing involving the Co-operative Act of Kentucky and the
Burley Tobacco Growers' Association, the court stated:
"Although frequently challenged, we do not find that any court has
condemned an essential feature of the plan with the single exception of
the Supreme Court of Minnesota."
That court, in the case of the Minnesota Wheat Growers'
Co-operative Marketing Association versus Radke, 163
Minn. 403, 204, N. W. 314, declared unconstitutional a provision in the Minnesota Co-operative Act similar to that
involved in the instant case, but in that case it should be
noted the dealer who bought products from a member of
the association was passive and apparently did not artively seek to purchase them and, so far as the opinion in
the case shows, had no knowledge that the member was
under contract with the association.
Revised Farm Relief Bill Reported to Senate by
Senator McNary.
According to the "United States Daily" Senator McNary
(Rep.) Chairman of the Senate Committee on Agriculture
and Forestry, introduced on March 7 a new farm relief
All of the stock of the bank is held by shareholders of the bill which
embodies several amendments proposed to the
First National Bank of Montgomery and the directors of earlier
bills before the Committee. 0 I March 8 the
both institutions are the same.
bill was favorably reported by the Committee, which had
previously signified its approval of the measure. The
"Daily" says:
The bill (S. 3555) would establish a revolving fund of $250,000,000. to be
U. S. Supreme Court's Decision Upholds Farmers' Coadministered by a Federal Farm Board and loaned to co-operative
Operative Associations—Decision Given in Action At- tions at
organiza4% to enable them to handle surplus production of the product
tacking Kentucky Act Governing Co-Operative Mar- in which they deal.
There is an alternative provision, calling for imposition of equalization
keting of Tobacco:
fees, as provided in the
Federal and State laws declaring expressly or in effect to be levied only when McNary-Haugen bill of the Sixty-ninth Congress,
co-operatives do not wish to try to handle the
that farmers' co-operative associations shall be deemed surplus themselves, and then only with the approval of the commodity
advisory council which, under the provisions of the new bill, would be
monopolies, combinations, or conspiracies in restraint of set up for
each commodity as the necessity might arise.
trade, and that contracts made by such associations with
The new bill also contains a provision to enable the Federal Farm Board
to insure co-operatives against price decline in the commodities they handle
their members are legal, are upheld at least by implicaunder the bill.
tion by the Supreme Court of the United States in a decidown Feb. 20 in the case of the Liberty Waresion handed
Investment Trust Bills Passed by New York Senate.
house Company of Mayville, Ky., versus the Burley Tobacco
The six bills amending the New York State Banking Law
Growers' Co-operative Marketing Association. Thi deciso as to provide for the regulation of investment trusts,
sion, says Secretary of Agriculture Jardine, is of far
were passed by the Senate at Albany, on March by a vote
.6
reaching importance because, in addition to validating
of 38 to 13. According to the "Journal of Commerce"
Kentucky's co-operative marketing laws, it virtually upprominent Democratic leaders voted for the bills, while
holds the Federal Capper Volstead Act, section 5 of the there
were objections from within the Republican ranks.
Clayton Act, and the co-operative marketing statutes passed The
same paper in Albany advices, stated:
In 42 States. In the Kentucky case judgment was affirmed
One of the measures was attacked by Senator George R. Fearon, Republiagainst the Liberty Warehouse Company which bought can, of Syracuse who charged that the power of the Superintendent of Banks
to exercise proper disciplinary regulation over investment trusts had been
tobacco from a member of the Burley Association, after eliminated for the bill
as originally presented. He made determined efforts
being notified that delivery of the tobacco to it would con- to secure defeat of the measures.
Senator Fearon charged that the bills did not provide proper regulation
tante a violation of the member's co-operative contract. for
investment trusts, and
State Banking
Co-operative marketing acts, the United States Supreme Department. He pointed did not have the approval of the give the State
out that the measures did not
Court indicated, promote the common interest, and provi- Superintendent of Banks the authority to close the companies unless, they
failed to
sions for protecting the fundamental contracts against in- on bondsfile a requested report, or did not pay their interest or indenture
for an entire year, and that the
power to
terference by outsiders are essential to the plan. In the close them on the basis of the report they Superintendent had no
might submit at the request of
suit against the Liberty Warehouse Co-operative Market- the department.
Senator
ing Act of Kentucky, recovered a penalty of $500 prescribed in defense John Knight, majority leader of the Senate. in taking the lead
of the measures, stressed the provision in the bills,
by the act, because the warehouse company received and for reports to the State Banking Department by the trusts. which calla
The six bills will now go to the Assembly for consideration.
sold 2,000 pounds of the 1923 tobacco from a member of
The bills relating to
savings banks were laid aside when
the Burley Association, although its attention had been called on order of final investments by now
passage. It is
expected that the savings bank
bills will come up for passage in the Senate either Wednesday or Thursday
41111ed to the penalty provided for such action. The Bing
of this week.
ham Act authorizes associations formed under it to recover
Neither the savings bank investment bills or the investment trust bills
the penalty mentioned "from any person, firm, or corpora- have been reported by the Assembly Committee on Banks. Ther • is belief
that they meet with opposition in the Assembly and unless a canvass of the
tion conducting a warehouse within the State of Kentucky
members
who solicits or persuades or permits any member of any that theyreveals that they are certain of passage, there is a strong possibility
may never be reported in the lower house.
A resolution by Chairman Cheney of the Assembly Banks Committee
association organized hereunder to breach his marketing
to extend the life of the commission on
savings bank investments until
contract with the association by accepting or receiving such March
11929, but appropriating no further money for its use, has already
member's products for sale or for auction or for display passed the Assembly and is in the Senate Finance Committee.
This w ek the life insurance investment bill which Is on the Senate calfor sale contrary to the terms of any marketing agreement
endar will
come up for passage and the action taken on that
with an association." The association was successful in measure,itundoubtedly will afford a good
is predicted,
criterion of what may be expected
the lower court, and also when the case was appealed to to happen to the savings bank investment measures.
The bills regulating the investment trusts were referred
the Court of Appeals of Kentucky.
In upholding the judgment the United States Supreme to in these columns last week, page 1293.
Court declared the State of Kentucky undoubtedly had
power to authorize the formation of corporations with California Commissioner of Corporations Holds that
membership limited to farmers for the purpose of dealing
only Those Qualified to Transact Trust Business
in farm products. The Warehouse Company contended that
May Serve as Registrars—Accountants Barred—
the Bingham Act deprived it of the right to carry on busiRequirements of Various Stock Exchanges.
ness in the usual way by accepting and selling the tobacco - A decision to the effect that only trust companies, banks
M persons voluntarily seeking its services. Commenting and similar institutions in California should be
approved
on this contention, the United States Supreme Court said: as registrars in that State, has been rendered by
J. M.
s
MAR. 10 1928.]
FINANCIAL CHRONICLE
Friedlander, State Commissioner of Corporations. Mr.
Friedlander's conclusions were given in response to a request from Edwin B. Cassidy, a certified public accountant
of Los Angeles, that the Commissioner authorize the appointment of certified public accountants as registrars.
Mr. Cassidy's request was made in behalf of members of his
profession. Commissioner Friedlander in submitting his
conclusions to Mr. Cassidy said:
1443
trade or profession. The State does not in these circumstances look to the
doing
tangible assets and financial ability of the subject. In the case of
to
a trust business the subject must qualify financially and is required
You
maintain that standing as long as the subject remains in business.
by the State
will therefore recognize that a distinction in the supervision
between that of a trust company and that of one only holding a license
well founded.
to practice a profession is real and
we are to
Fourth, the matter of supervision is so cogent that frankly
that those
no small extent influenced by it. We feel that it is essential
have already
acting in the capacity of registrar, a capacity which we
be superpointed out is in the character of a trust relationship, should
is not only
vised and regulated by an appropriate State agency. One that
one that
concerned with the moral side of the subject but equally as well
the one that is
looks to the sound financial condition and solvency of
competently
supervised. Banks and trust companies are thoroughly and
the State
regulated and supervised by the Superintendent of Banks of
departments, you will note,
or by the National Banking Department. These
work. If the corare especially equipped for this kind and character of
similar functions,
poration department, on the other hand, were to assume
only be officious
It could easily be seen that that assumption would not
Besides, the
and presumptuous but would be overlapping and confusing.
of some other incorporation department would be usurping the functions
would result
dependent agency created for that specific purpose which
At the same time, we
in waste to the State in time, energy and money.
no bond, whatever
cannot lose sight of the fact, all things being equal, that
as a regisits character might be, can supply that degree of protection
trust company
trar that is both bonded and supervised. In this case the
stands precisely in that position.
for and
Lastly, the department must confine itself to those who apply
and that is the
those who operate under a permit from the department
without
extent of our jurisdiction. Should this department assert itself
of a corpowarrant in the direction of injecting itself in the management
corporation
ration by way of supervising and regulating the dealing of the
the preceand its beneficiaries other than stockholders and shareholders,
detract in no small measure from
dent would be dangerous and it would
our charge.
the effectiveness of the enforcement of the law that is
It is therefore obvious to us, in the light we see it, that the method
to do a
of having trust companies, banks or those others organized
business in this State in conformity with the laws that apply to trust
calculated and designed to give
companies, is more practical and is best
of dealing
the public the protection that it Is entitled to in the regulation
in securities.
Yours very truly,
J. M. FRIEDLANDER, Commissioner of Corporations.
'Los Angeles, Cal., DEC. 15 1927.
Edwin B. Cassidy and Company, 111 IVest Seventh Street, Los Angeles, Cal.
Gentlemen:—Attention Mr. Edwin B. Cassidy. In re: Registrars. You
will no doubt recall my letter to you of November 12, 1927, in which I
advised you that the department was making some research and study as
to the feasibility of having others than trust companies holding a license
or franchise from the State to do a trust business, act in the capacity of a
registrar. Permit me to state that long before the receipt of your letter,
and since, this matter received a great deal of serious consideration and
study in the many phases it presents and embraces. As a result of the
Investigation and thought we have given the matter, the only logical
inference that we feel warranted to draw in order effectively to protect the
holders of securities, constrains us to conclude that only those who
qualify to do a trust business under the laws of the State or the laws of
the United States can, and should act as registrars.
In the first place the activities and duties of a registrar in relation to
the issuing company and the holder of a security is more than a matter
of administration. The registrar sustains to the issuing corporation and
to the security holder a relationship in the nature of trust and confidence.
The security holder relies and depends upon the implied representatiot,
which is inevitable, that the certificate evidencing his interest in the
Issuing corporation is true, authentic and genuine. The primary and specific purpose of a registrar, independent from the corporation and its
transfer agent, is to certify and guard against an cver-issue of stock
either by the corporation or its transfer agent. Each certificate of stock
bears the legend that it shall be valid only when counter-signed by the
registrar. This gives notice to the holder that before his certificate is
valid it must be presented to and registered by the registrar, which then
certifies by its act of registration that the certificate comes within or does
not exceed the total amount of the stock authorized to be legally issued.
When the stock bears this certification it is a guarantee to the holder that
the certificate is within the amount of the stock which the corporation
is lawfully authorized to issue. He evidently accepts the certification
of the registrar for all intents and purposes as a guarantee that the
The results of the survey of the requirements of leading
security issued to him is not fictitious, counterfeit or spurious. It is
in the matter of registrars are indicated as
obvious, therefore, that the duties and activities of the registrar in this exchanges
respect are more than a mere clerical, ministerial and mechanical function. follows:
Los Angeles, Cal., Dee. 8 1927.
It is quite apparent, therefore, under these circumstances that should
the registrar mislead, abuse or violate the confidence and trust so reposed Mr. J. M. Friedlander, Commissioner of Corporations, 200 Sun Finance
holder, who is the recipient of the protection
in him by the certificate
Building, Los Angeles, Cal.
sent
for whose benefit it is created, a definite liability accrues. To pursue
Dear Mr. Friedlander:—Pursuant to your instructions, a letter was
this reasoning further, it would follow that the certificate holder or the on Nov. 16 to all stock exchanges in the United States, as shown by the
beneficiary would have recourse and redress in law against the registrar. list of stock exchanges furnished us by the Los Angeles Stock Exchange.
Manifestly, the relation between the parties reflects all the characteristic Their replies are summarized as follows:
elements of a voluntary and express trust. The theory that a registrar
Trust companies or banks are required as corporate registrars by the
stands in a fiduciary relationship to both stockholder and corporation is following stock exchanges:
substantially supported by the authorities found in the
seemingly and
Indianapolis Stock Exchange
Baltimore Stock Exchange31
Pittsburgh Stock Exchange
law reports.
Boston Curb Exchange
New Orleans Stock Exchange
From these promises we believe the conclusion is perhaps permissible Boston Stock Exchange
New York Curb Market. Ivo
Exchange
that the activities and duties of a registrar, fundamentally and primarily, Chicago Stock Exchange
New York Stock Exchange
Cleveland Stock
.
fall within the broad and general classification of trusts. It equally fol- Colorado Springs Stock Exchange] San Francisco Stock & Bond Exch.
eat St. Louis Stock Exchange
lows then, assuming that the premise is not altogether fallacious, that Associated Stock Exchanges
Washington Stock Exchange
PtJ.%
AA
(Detroit)
those acting as registrars should qualify as such in pursuance to the
Los Angeles Stock Exchange
Stock Exchange
Hartford
law of the State made and provided in such cases.
following
Banks or trust companies are not required as registrars by the
In the second place, we have made a careful survey of all the leading
exchanges and even those exchanges of smaller magnitude in the entire stock exchanges:
Cincinnati Stock Exchange
country. We communicated with twenty-six exchanges variously located
Richmond Stock Exchange 'iler'avo
from the Atlantic to the Pacific and from the most northerly part of
Spokane Stock Exchange (no registrar required)
country to the Gulf States and our file discloses that we received
the
Salt Lake Stock & Mining Exchange ...law'
twenty-two answers, three failed to reply and one turned out to be someSan Francisco Stock Exchange.us
thing of a trading corporation and not an exchange. Seventeen of the
The following stock exchanges have not replied to date:
exchanges—and they include the most important and most outstanding
Columbus Stock and Bond Exchange
utely require a trust company or a bank to act as
in the country—absol
Philadelphia Stock Exchange
Only five, which cannot even be considered minor exchanges,
registrar.
Wheeling Stock Exchange
and not an exDavenport Stock Exchange (stock trading corporation
make no distinction in this respect. A resume upon which we base this change).
statement is hereto attached so that it may be verified by you. We thereof the Etc& exTwenty-six letters were written and these cover all
fore lean for support in no small measure in the direction of the vast changes in the United States, from which list it appears that seventeen
majority. These exchanges, not only because of their vast magnitude but
and it is
stock exchanges require a bank or trust company as registrar
further and beyond because of their history, achievement and reputation,
the largest and most important stock exchanges in the
infinite respect and their position, therefore, constitutes a suffi- to be noted that
command
stock
country require a bank or trust company as registrar. Some of the
cient precedent which we believe will justify anyone to pursue the same exchanges further require the bank or trust company to be one doing
policy and practice. Parenthetically, let me point out that we have elim- business within the city in which the stock exchange is located.
inated from consideration the many thousands of other corporations who
Upon receipt of letters from any of the stock exchanges that have not
We take it, and we feel with
fall in this regard in the same category.
a further report will be made by the writer
these great financial institutions were constrained by ex- so far answered our inquiry,
propriety, that
Yours very truly,
doubt acquired at exceedingly great loss, to take such position
perience, no
(Signed) VERNON S. GRAY, Deputy.
in order to protect themselves, and
and resort to such policy and practice
evils which, in the light of recent
those with whom they deal against
It must be pointed out with some
events, need no further comment.
are conceded to be the bulwark Summary of Changes in California Bank Act in 1927.
little stress that though these institutions
life in this country, they are privately owned and
The California State Banking Department several months
of our economic
operated.
ago began issuance of a "Monthly Bulletin" which is inThis department has been created, and is maintained for the protection
greater obligation devolving upon us tended "to keep State bankers informed concerning the
of the public. Is there not then a
to protect the public than there is upon a private organization? Surely official acts of the Superintendent of Banks and his assistants,
to protect the public we
then if we do not take any greater precaution
and concerning policies of the Department." The first
a private organization.
should at least take the same precaution as
dated October, contained a
you no doubt will be able to understand and appreciate the results number of the "Bulletin,"
Third,
might ensue if this department decides to adopt the policy which summary of the changes made in the California Bank Act
that
approval Certified Public Accountants as
in effect will single out with
in 1927 and we reproduce the summary herewith:
registrars, particularly with regard to other professions. We fell that
Commercial Bank Reserves.
it would be an unjust discrimination against
under these circumstances
other professional endeavors, for instance
The requirements for commercial banks under the new law are 18%
those others who are engaged in
too, like the profession of public account- in cities of more than 100,000; 15% in cities of more than 50.000. and
the legal profession, &e. They,
,
The inference persists that if everyone 12% in other localities. In savings banks the requirement is 5% regardles.
ants, hold licenses from the State.
State to practice a trade or profession of location.
who holds a license from the
beyond reach, its extremities
Section 20 of the Bank Act was amended by the 1927 Legislature toqualifies as a registrar, the field becomes
affords little or no value of read as follows: "Of such total reserves an amount not less than 6% of
become vague and its control unwieldy and
a registrar. The State, with respect such deposits shall be maintained as reserves on hand and shall consist
the protection that is contemplated by
profession only supervises personal of gold bullion or any form of money or currency authorized by the laws
to licensing the practice of a trade or
respective of the United States; provided, however, that any bank acting as a reserve
integrity and the qualification of the subject to comprehend his
1444
FINANCIAL CHRONICLE
[VOL. 126.
depositary shaffmaintain as such reserves on hand
an amount not less than
one-half of total reserves required by the provisions
The text of the bill follows:
of this section." One
of the effects of this amendment is to relieve small
banks in Reserve cities AN ACT—Providing that no bank, banking company, banking institut
of the necessity of maintaining more than 8% of
ion,
savings bank, trust company, title insuran
their
ce company or other corporahand when they are not actually acting as Reserve reserves in cash on
tion authorized to receive deposits or carry
banks. It is to be
on a banking or trust businoted that any banks holding deposits from
ness, and no individual, partnership
other banks and acting as
or unincorporated association
Reserve depositaries are still required to keep
carrying on a banking business shall establis
one-hal
h, maintain or operate a
hand In cash or on deposit with the Federal Reserve f of total reserves on
branch bank, branch office, agency, sub-offi
Bank. The remaining
ce, sub-agency, or branch
portion of total reserves, referred to as "Reser
place of business within the Commonwealth
ves on Deposit" may be on
for the transaction of any
deposit in duly designated Reserve depositaries,
part of its, his or their business authori
or on deposit with the
zing the continuance of cerFederal Reserve Bank, or may be maintained
tain branches, sub-offices and sub-agencies
as Cash on Hand. An excess
, with
with Reserve depositaries may not be accepte
the same subject to the approval of the Secreta the right to relocate
d as offsetting a shortage in
ry of Banking, authorcash reserves, and any such shortage must
izing certain of said corporations, individu
be construed as a shortage of
als,
the total reserves. The amendment has not
incorporated associations to hereafter establis partnerships and unmade any change In the
h with the consent of
reserves for savings departments, one-half of
the Secretary of Banking and thereafter maintai
which must be maintained as
n and operate branch
Cash on Hand.
banks, branch offices, agencies, sub-offices,
sub-agencies and branch
Sale of Business.
places of business in certain cities, boroughs and
townships and repealSection 31 dealing with the execution of purchas
ing inconsistent laws.
e and sale agreements
between banks simply writes into the law
Section 1. Be it enacted by the Senate
what has been the uniform
and House of Representatives of
practice of the State Banking Department,
i.e., requiring Purchase and sale the Commonwealth of Pennsylvania in General
Assembly met and it is
agreements to be executed in original duplica
hereby enacted by the authority of the
te,
same, That no bank, banking comthe approval of the Superintendent of Banks, one of the tame bearing pany,
banking institution, savings bank, trust
being filed in the State
company, title insurance
Banking Department.
company or other corporation now or
hereafter authorized to receive deposits or to carry on a banking or trust
Certificate of Superintendent of Banks Upon Sale,
business, whether incorporated
Consolidation or Merger. under the
laws of
A new section, 31b, providing for the
issuance of a certificate by the States of America Pennsylvania or of any other State, or of the United
, and no individual, partnership or unincor
Superintendent of Banks as to purchase and sale
porated assoagreements, and agreements of merger that haveagreements, consolidation ciation carrying on a banking business shall establish, maintai
n
been added. The new section provides that the been filed with him, has either directly or indirectly, any branch bank, branch office, or operate,
agency, sub.
cate in the office of the County Recorder shall recordation of such certifi- office, sub-agency or branch place of business within
the Commonwealth
be constructive notice to all of Pennsylvania
Persons "that all of the rights, benefit
for the transaction of any part of its,
s, privileges, duties and obligations but all of
his or their business,
of whatsoever kind or nature, held or
the
possessed by or imposed upon the unincorporated business of such corporations, individuals, partnerships and
bank so selling its business and assets or
associations shall be carried on solely and
that has expired by such consolida- his or their
exclusively at its,
tion or by such merger, are retained
principal place of business.
and imposed upon the successor bank?!
Sec. 2. This Act shall not apply to branche
s, sub-offices and sub-agencies
Certificate of President and Secretary of Nationa
l Bank Upon Conversion, established, or for which locations had been purchased or leased
by deed
recorded or leases actually delivered prior
Consolidation or Merger.
to March first, one thousand
A new section, 31d, provides that the preside
nine hundred and twenty-seven or to branche
nt and secretary, or cashier.
s, sub-offices and sub-agencies
of a national bank qualified to do a trust
business, which national bank has which resulted from consolidations effective prior to April first, one thoubeen created by the conversion or consoli
dation or merger with another sand, nine hundred and twenty-seven, by banks, banking companies, banknational bank or a State bank also authorized
to do a trust business, may ing institutions, savings banks, trust companies, title insurance companies
execute a certificate, the form of which is set
forth in the amended section, or other corporations authorized to receive deposits or carry on a banking
said certificate to be constructive notice,
or trust business, whether incorporated
when
under the laws of Pennsylvania or
rights, benefits, privileges, duties and obligat recorded, "that all of the of any other State, or of the
United States of America, or by individuals,
ions
nature, held or possessed by or imposed upon of whatsoever kind or partnerships and unincorporated
associations carrying on a banking business,
the bank so converted,
consolidated or merged, are retained by and
imposed upon the successor and such corporations, individuals, partnerships and unincorporated associabank."
tions shall have the right to relocate the
same within the corporate limits
of the city, borough or township in
Par Value of Stock.
which the principal place of business
Is located at the time of such relocati
Section 53 was amended to provide for capital
on, subject to the approval of the
stock having a par value Secretary
of $25. $50, or $100 per share.
of Banking.
Sec. 3. This Act shall not apply to
any bank, banking company, banking
State Banks Converting to National
institution, savings bank, trust company,
Banks.
title insurance company or other
Section 56a was amended to omit the
following: "provided, however, corporation now or hereafter authorized to receive deposits
That in the event of the application
or carry on
for conversion of a State bank into a banking or trust business, whether incorporated
under the laws of Pennsylnational banking association, the
Superintendent of Banks may, in his vania er of any other State or of the United States
of America or to any
discretion, revoke any or all licenses
for branch offices granted within two individual partnership or unincorporated association
years immediately preceding said
carrying on a banking
application for conversion of any State business which has its, his or their principal
place of business in a city,
bank into a national banking
borough or township within the Commonwealth
association."
of Pennsylvania in which
one or more national banking associations
Loans to Directors or Officers, &c.—Sa
incorporated under the laws of
vings Banks.
the United States of America was on March
Section 65. which governs loans
first, one thousand nine hunbanks, is amended to broaden the to directors, officers, &c., of savings dred and twenty-seven, operating one or more branch banks, branch
offices,
kind of collateral on which loans may be agencies, sub-offices,
made in a savings bank to
sub-agencies or branch places of business
directors, to include bond, of the State of transaction of
for the
any part of its business, and any such corporat
California, and those of any city
ions, individuor county or school district of this State.
als, partnerships and unincorporated associat
ions may hereafter establish,
subject to the approval of the Secretary of Bankin
Loaning Limits for Commercial Banks.
g and thereafter maintain
and operate branch banks, branch offices, agencie
Section 80 of the Bank Act was
s, sub-offices, sub-agencies
amended to add subdivision IV which and branch
was stricken out of the Act a few
places of business for the transaction of any
years ago. This provides for the limitation or their
part of its, hia
of 40%, provided loans are
business, but only within the corporate limits of
upon commercial or business paper actually or
the city, borough
township in which its principal office is located
owned by the person negotiating
and in which such
the same and are endorsed without national
banking association was on March first, one
limitation.
and twenty-seven, operating one or more branch thousand nine hundred
Loans to Directors, Officers, &c.—Commercial
banks, branch offices,
Banks.
agencies, sub-offices, sub-agencies or branch
places of
Section 83 governing loans to directo
rs, &c., in commercial banks Is establish and maintain branch banks, branch offices, business the right to
amended identically with Section
agencies, sub-offices,
65, to broaden the classification or kind sub-agencies or branch places of business under
of collateral on which loans
may be made in commercial banks to directors. • tion shall be limited to the territory include the provisions of this secd within the corporate limits
on March first, one thousand nine hundred and
Trust Company Investments.
twenty-seven, of the respective cities, boroughs or townships in which
Section 105 is amended to add the following languag
such national banking associae: "every trust tions were on that date operating one or more
company may hold. during the life of
branch banks, branch offices,
the trust, all property, real and agencies, sub-offices, sub-agencies
or branch places of business
personal, received by it under the trust
as aforefrom any source, if such propertY said, and such right shall not
extend to additional territor
be not legal for the investment of trust funds,
y which may
in the same manner and upon after March first, one thousand nine
the same conditions as if such propert were legal
hundred and twenty-seven be added to
y
for the investment of such cities, borough or townships
trust funds, unless the terms of
by annexation, consolidation with
the instrument creating or declaring the more municipal corporations or
one or
trust specifically provide to the contrar
otherwise, nor shall it extend to other
y."
portions or divisions of municipal corpora
tions to which such cities, boroughs
or townships may be annexed or with
Offices of Superintendent of Banks.
which they may be consolidated after
that date, the intention being to limit
Section 122 has been amended to provide that
the Superintendent of
to the respective corporate limits
Banks may also have suitable rooms
in the city of Sacramento wherein to of such cities, boroughs or townships as they existed on March first, one
conduct the business of the State Bankin Department.
thousand nine hundred and twentyg
seven, the right to establish and maintlin the branch banks, branch offices,
0. F. LAMBORN.
agencies, sub-offices, sub-agencies
and branch places of business authori
zed in this section.
Sec. 4. The provisions of this Act
are severabl
Text of ActiProhibiting Extension of Branch Banking visions thereof are held to be unconstitutional e, and if any of the prothe decision of the court
shall not affect or impair any of
the remaining provisions of this Act. It
Pennsylvania.
in
is hereby declared as a legislat
ive intent that this Act would have been
Below we give the text of the so-called Leslie anti-branch adopted had such unconstitutional provision not
been included therein.
Sec. 5. The Act of Assembly
bank bill, passed by the Pennsylvania Legislature, and
approved July twenty-eighth, one thousand
nine hundred seventeen (Pamphlet
Laws, page one thousand two hundred
signed by Governor Fisher on April 27. Its approval by the thirty-five), entitled, "A
supplement to an Act approved the
Governor was noted in our issue of April 30, page 2535. day of May, eighteen hundred and seventy-six, entitled, 'An thirteenth
Act for the
With' regard to the new legislation, Pittsburgh "Money and Incorporation and regulation of banks of discount and deposit, and authorizing the creation and maintenance
of sub-offices, or sub-agencies,'" and all
Oimmerce" says:
other acts of Assembly or parts of
Acts of Assembly inconsistent herewith
Section 1 is the prohibitory section, which prohibits any branch banks, are hereby repealed.
agencies or sub-offices.
Section 2 provides for such branches, agencies or sub-offices as are now
being operated, to continue to operate subject to the Secretary
of Banking. Modification By New York Stock Exchange of Rules Gov,Section 3 provides that in cities or towns where national banks were
on
erning Advertisements By Members.
March 1 1927 operating branches, agencies or sub-offices, other banks
may
establish branches, agencies and sub-offices, but only within
Notice of a change in the rules governing advertising
the confines
by
of the municipality in which said national banks were
operating said members was issued by Secretary Cox of the
New York
branches, and that these territoiral boundaries shall not extend
to any ter- Stock Excha
ritorial limits taken in or annexed to at any future date.
nge on Feb. 27. Under the changed rules mem.Section 4 carries the severable clause in case of
an attempt at any time bers may advertise active listed stocks and bonds by "givon the constitutionality of the bill.
ing their names
without any accompanying text except the
MAR. 10 1928.1
FINANCIAL CHRONICLE
must be employed in
phrase, 'Circular on request,' which
this heading." "An
advertisements of bonds falling under
rules," says the notice, "is made, howexception to these
of original issue, which may
ever, in the case of securities
syndicate
at a price by participants in the
be advertised
fractional amounts of one
during its existence. Scrip and
at a price." Under the old
share may also be advertised
in the "Times" active listed bonds
regulations it is observed
of original issue. The
could not be advertised, except when
the "Times" says are calculated to give
new regulations
of bonds. The folmember firms wider latitude in the sale
announcement by the Exchange in the matter:
lowing is the
New York, February 27, 1928.
1445
that
who have been denied admission since that time have received
explanation. Before the closing any person presenting a business card,
question.
letter or other credentials was admitted to the gallery without
Coincident with the reopening of the Visitors' Gallery,
been issued,
it was also disclosed that new instructions had
to the Members'
as follows in January regarding admission
To the Members:
forms of advertisments
The Rules of the Exchange dealing with the
Chapter VIII of the
of Members are embraced in Sections 1 and 2 of
to the ConstiRules adopted by the Governing Committee pursuant
tution and read as follows:
of other than a
"Sec. 1. No member shall publish an advertisement
strictly legitimate business character.
it is in a gen"Sec. 2. Every advertisement of a member, unless
Conduct, must, beeral form approved by the Committee on Business
Committee."
fore publication, receive the approval of said a proposed advertisement
You will mite that it is provided that
approved by the Committee may be
in a general form that has been
ruling of the
published without first being submitted. It is the
policy with reCommittee on Business Conduct that, subject to the
folowing types
spect to listed securities which is outlined below, the
of advertisements come under this general description:
1. An ordinary business card;
security (which must
2. A simple and direct offering of a particular
advertisement);
be named and not take the form of a so-called "blind"
and
a corporation, provided; first,
3. A syndicate offering of securities of a corporation in a prospective
that the security advertised is not that of kind is made in the offering;
that no prediction of any
state; second,
have been
third, that no statement is made of what past earnings would time; and,
under any assumed conditions that did not exist at the
application to list
fourth, that no reference is made to any contemplated
the security on this exchange.
Business ConIn order to expedite the work of the Committee on
publication
duct, all proposed advertisements requiring approval before
by the
must be submitted in duplicate, one copy to be retained
Committee for its files, and the other to be returned with its decision.
Policy of the Committee on Business Conduct and of the Committee
securities,
of Arrangements with respect to advertisements of listed
formulated under Section 3, of Chapter VIII, of the rules adopted
which reads
by the Governing Committee pursuant to the Constitution
as follows:
make pur"Sec. 3. Every advertisement of a member offering to in addition
chases or sales of listed securities, must, before publication,of the ComSection 2, receive the approval
to the approval required by
mittee of Arrangements."
Offerings may be advertised in securities assigned to the Bond
Cabinets and the Inactive Stock List. In such advertising, the
"
securities must be offered "at the market, to yield about—%.
Subject to the exception stated in the succeeeding paragraph, active
listed stocks and bonds, i.e., those not classified as above may be advertised by giving their names without any accompanying text except
the phrase "Circular on Request", which must be employed in advertisements of bonds falling under this heading. Inactive listed
securities may, of course, be advertised in the manner outlined for
active listed stocks.
An exception to these Rules is made, however, in the case of securi.
ties of original issue, which may be advertised at a price by participants
i nthe syndicate during its existence. Scrip and fractional amounts of
one share may also be advertised at a price.
When rights are admitted to dealing they shall be treated on the
same basis as listed securities for advertising purposes.
Advertisements of the above character in which offerings are made
must be submitted to the Committee on Business Conduct before publication.
When offerings are permitted, members must maintain the same
market on the floor of the Exchange as they make over the counter.
E. V. D. COX,
Secretary.
Gallery:
NEW YORK STOCK EXCHANGE
January 14, 1928.
MEMBERS' GALLERY
To the Members:
the New York Stock
I am requested by the Executive Committee of
follows:
Exchange Building Company to inform Members as
only
Heretofore admission to the Members' Gallery has been being on the
necesExchange, it
introduction of visitors by a member of the
member to remain with visitors during their stay in the
sary for the
Gallery.
the
The Executive Committee has issued instructions to the guards in a
by
gallery that, until further notice, where a member is accompanied
visitors to the Members' Gallery, the member
partner and accompanies
may leave his guests with the partner, provided he has personally identified such partner to the guard on each occasion, the partner to remain
in the gallery until the guests have retired.
E. V. D. COX,
Secretary.
San Francisco Stock Exchange Changes Business Hours.
The San Francisco Stock Exchange has changed its hours
daily
of business from the previous system of two sessions
to a single session of five hours duration, from 9:30 a. m. to
2:30 p. m. daily and 9:30 to 11:00 a. m. Saturdays. The
change in hours of trading became effective March 1. The
policy of a continuous session has long been the practice on
the New York Stock Exchange and the growth in the
volume of business on the San Francisco Stock Exchange
is said to have made necessary the improvement in its
service to the investing public.
San Francisco Curb Exchange Changes Time of
Afternoon Session.
Effective March 1, the San Francisco Curb Exchange
changed its hours for its afternoon session from 2:00 to
3:00 o'clock to 1 :30 to 2:30 o'clock. There will be no
change in the hours of the morning session of the Curb Exchange. The morning session is held from 9:30 to 12:00
o'clock.
Brokers' Loans and Acceptable Collaterial
The following is from the "Times" of March 4:
It is still believed to be true that as a rule bankers who make large
loans to brokers on Stock Exchange collateral are willing to put out
80% of the open market value of these securities. Nevertheless, there
were several instances last week which tended to prove that loan clerks
are watching the contents of their envelopes with an eagle eye and
that they do not hesitate at all in throwing any particular security unceremoniously out of the loan and calling for substitution, when such
action coincides with their judgment. This accounted for the sudden
and mysterious weakness of a number of stocks on the Exchange during the week; substitutions were called for and were not always forthcoming. In a few cases, too, certain securities were written down to
50% of their open market value. A number of banks were caught at
this time two years ago with securities in their envelopes on which,
at the low point of the break, they had more money loaned than the
stocks would have brought at the market.
Decrease of $97,773,627 in Outstanding Brokers' Loans
on New York Stock Exchange—Total Now $4,322,578,914.
While a further decline, following that of a month ago, is
shown in the volume of brokers' loans on the New York
ng is still considerably
Stock Exchange Announces Reopening of Stock Exchange, the amount outstandi
New York
above the 4 billion dollar mark—the combined time and
Visitors' Gallery—Conditions Governing Admission to
demand loans on Feb. 29 totaling $4,322,578,914. The
Members' Gallery.
of the Visitors' Gallery latest figures, made public by the Stock Exchange on SaturAnnouncement of the reopening
was made as follows on day, March 3 at 12:30 (following the close of the market)
of the New York Stock Exchange,
are $97,773,627 less than the total on Jan. 31, when the loans
the Exchange, E. V. D. Cox.
March 2 by the Secretary of
As was
outstanding were reported as $4,420,352,541.
NEW YORK STOCK EXCHANGE
March 2, 1928. indicated in our issue of Feb.4(page 658) the Jan. 31 figures
VISITORS' GALLERY
were the first in a year to show a decline—this, however,
being of almost in consequential amount, the figures having
To the Members of the Exchange:
on Publicity to inform members
I am requested by the Committee the admission of visitors to the decreased but $12,554,780 from the Dec. 31 total of $4,respecting
of the following regulations
432,907,321. The Feb. 29 total of $4,322,578,914 is made
East Gallery of the Exchange:
Street), is again open to
The East Gallery (entrance 18 . Broad further notice visitors may up of demand loans of $3,294,378,654 and time loans of
Until
visitors bearing proper introductions
Exchange or a partner of a Stock Ex- $1,028,200,260. The following is the statement issued by
be introduced by a member of the by letter addressed to the Committee
in person or
the Stock Exchange on March 3:
change firm, either
introduced, visitors will be accompanied to the
on Publicity. When so the staff of the Publicity Committee.
Total net loans by New York Stock Exchange members on collateral.
gallery by a member of
COX,
E. V. D.
contracted for and carried in New York as of the close of business Feb. 28
Secretary. 1928. aggregated $4,322,578,914.
The detailed tabulation follows:
been closed to the
Noting that the visitors' gallery had
Demand Loans. Time Loans.
demonstrations of last (1) Net borrowings on collateral from New
public since the Sacco-Vanzetti
York banks or trust companies
$2,806,590,350 030,544,010
(2) Net borrowings on collateral from private
August, the "Times" of March 4 stated:
that was
bankers, brokers, foreign bank agencies
will not be admitted with the same freedom
The public
or others in the City of New York
97.658,250
487,788,304
Summer caused the closing of
allowed before the disturbances of last
it will be possible hereafter
Total
53.294.378.654 51,028.200,280
the gallery as a precautionary measure, but admission.
Combined total of time and demand loans, $4,322.578,914.
for any persons suitably accredited to obtain
"make repairs," acThe scope of the above compilation is exactly the same as in the loan
The closing of the gallery last Summer was to
The hundreds of visitors report issued by the Exchange a month ago.
cording to the explanation at the Exchange.
1446
FINANCIAL CHRONICLE
The figures of the Stock Exchange since the issuance
of the monthly
figures by it, beginning in January 1926, follow:
1926-Demand Loans.
Time Loans
Total Loans.
Jan. 30
$2,516,960,599
$966,213,555
83,513,174.154
Feb. 27
2,494,846,264
1,040,744,057
3.535.590.321
Mar.31
2,033,483,760
966,612,407
3,000,096.167
Apr11 30
1.969,869.852
865,848,657
2,835,718.509
May 28
1,987,316,403
780.084,111
2,767,400,514
June 30
2,225,453.833
700.844,512
2,926.298,345
July 31
2,282,976,720
714.782.807
2,996,759.527
Aug. 31
2.363.861,382
778,286.686
3,142,148,068
Sept.30
2.419,206,724
799.730.286
3,218,937.010
Oct. 31
2.289,430,450
821,746,475
3,111,176,925
Nov.30
2,329,536,550
799.625,125
3,129.161.675
Dec. 31
2,541,682,835
751,178,370
3,292,860,255
1927—
Jan. 31
2,328,340.338
810,446,000
3,138,786,338
Feb. 28
2.475,498.129
780,961,250
3,256,459,379
Mar.31
2,504.687.674
785,093,500
3,289,781.174
April 30
2,541,305,897
799,903,950
3,341,209.847
May 31
2,673,993.079
783.875,950
3,457,869.029
June 30
2,756,968.593
811,998,250
3,568,966.843
July 30
2,764,511,040
877.184.250
3,641,695.290
Aug. 31
2.745.570.788
928.320,545
3,673,891,333
Sept.30
3,107.674.325
896,953,245
3,914,627.570
Oct. 31
3,023.238,874
922,898,500
3,046,137.374
Nov.30
3,134,027.003
957,809,300
4,091.836,303
Dec. 31
3,480,779,821
952,127,500
4,432.907,321
1928—
Jan. 31
3.392,873.281
1.027.479.260
4,420.352.541
Feb. 29
3,294,378,654
1,028,200,260
4,322,578.914
Directors of Chicago Board of Trade Arrange For
Temporary Quarters Pending Construction of New
Building.
The Directors of the Chicago Board of Trade approved
on March 6, a contract for temporary quarters of the exchange to be occupied during the construction of the new
40-story building. A new 4-story building to be erected on
the east side of Clark Street about 300 feet south of Van
Buren will house the exchange from Oct. 1 until the completion of the Board of Trade building. Members are being
advised that leases in the present quaint old structure,
erected in 1884„ will terminate on Oct. 1. It is expected that
a number of the firms now situated in the Board of Trade will
obtain quarters in the Rand McNally building across the
street from the temporary quarters of the exchange, negotiations for which will be made through Albert H. Wetten
& Co. It is stated that because of the unusual space and
facilities required for the trading floor, it will be impossible
to have the temporary quarters ready before Oct. 1. Immediately after that date dismantling of the present building
will begin with a view to permitting occupancy early in
1931 of the new $10,000,000 structure of Indiana limestone,
with its granite base and artistic set-back.
Secretary Mellon Opposed to Bill Permitting States to Tax
National Bank Stock on Same Basis as State Banks.
Secretary of the Treasury Mellon, in a letter addressed
to Senator Norbeck, of South Dakota, (made public Feb.
25), indicated his opposition to the Senator's bill which
would permit States to tax National Bank stock on the
same basis as State Bank stock. In indicating Secretary
Mellon's views, the "United States Daily" of Feb. 27 said:
[vol.. 126
For the reasons given in this letter, the Treasury
is opposed to
S. 1573.
In its account of the hearing on the bill on Feb. 23 the
"Journal of Commerce" said:
The States should have the same right to tax national
banks as
State banks, George H. Sullivan, member
of the Minnesota Legislature, declared today in urging the Senate Banking
and Currency
Committee to approve the Norbeck amendment
to the National Bank
Act He said the Norbeck bill would
permit States to tax national
banks the same as State banks. Opposition
to such legislation, Sullivan
said, comes chiefly from the financial centers
of the East:
The hearings which began before the committee
today, will continue
until March 1. Members of a committee appointed
by representatives
of thirty States to urge remedial legislatio
n include in addition to
Mr. Sulivan, M. D. Lack, California; W. C.
Benton, Virginia; Henry
F. Long, Massachusetts; C. P. Link, Colorado;
George Vaughan;
Arkansas, and William G. Blodgett, Connectic
ut. This Committee,
according to a statement issued today by
the Minnesota delegation
headed by Governor Christianson, requested
the President of the
American Bankers' Association to appoint a committe
e to confer with
them relative to the form of the amendment
designed to relieve the
situation, but instead of making direct reply the
organization during
its Houston convention, unanimously adopted
a resolution expressing
its "unalterable opposition" to such an amendmen
t.
The same paper stated that vigorous opposition to the
bill was voiced on Feb. 24 by nearly a score of witness
es
Introduced by the American Bankers' Associa
tion. It
added:
Generally, the witnesses opposed the amendment
on the ground it
was not necessary.
Eighty-five per cent of the population of New
York city does not
have credit of banks, declared Martin Saxe, of the New
York Bankers
Association. Explaining the hardship such legislation
would work upon
banks, Mr. Saxe cited United State Supreme Court
precedents.
On Feb. 29 the bill was opposed by George Wharton Pepper, former Senator from Pennsylvania. Such legislat
ion
is "at least premature," said Mr. Pepper, who recalled
previous discussion of the proposal when he was a member
of
the committee in 1923. "It is a poor use of legislat
ive
power," said Mr. Pepper, "to be continually tinkeri
ng with
the basis of taxation."
Arrangements by Mexico For Payment of Interest
on
Government Debt Maturing Up to January 1926.
A statement as follows was made public
March 6 by the
International Committee of Bankers on Mexico
:
The International Committee of
Bankers on Mexico will announce
within a few days the payments
of Cash Warrants on the Direct
Debt of the Mexican Governme
nt maturing on and prior to January
1, 1926. No announcement
can be made regarding payment of Cash
Warrants representing interest on the Railways
Bonds.
With regard to the above the New York
"Times" of
March 6 said:
The distribution to bondholders
will be made out of remittances
made by the Mexican Governme
nt under the schedule for 1927.
The amount to be paid by the
Government in 1928 has not yet been
settled, and negotiations also will be
necessary before the final status
of the Mexican railway
debt, which has been segregated from the
direct obligations of the Governme
nt, is determined.
Government Keeps Agreement.
Although the present payment brings
the interest disbursements only
up to Jan. 1, 1926, it brings
the Government up to date, as the agreeHearings have been held before the Senate Committee on the
Norbeck ment made in 1925 allowed the Government two years' grace on
bill during the past week, during which time tax officials
the
of various payments, owing to the difficulties encountered during the
States appeared in favor of the bill, and opposition
de la Huerta
was expressed revolution. For 1928, however, the schedule calls
by representatives of the American Bankers' Associati
for full resumption
on and various of service on the entire debt, and new conferenc
es are expected to be
State bankers' associations.
held between the bankers and the
Government to settle on what shall
Mr. Mellon takes the position that the bill would weaken
the pro- be paid in the future.
tection now accorded to national banks by Federal
The debt agreement now in force
law and would
was completed in October, 1925,
subject them to discrimination in the matter of taxation when
compared between the International Committee, the Chairman of which is Thomas
with the rates levied against private institutions engaged
\V. Lamont of J. P. Morgan
in competing
& Co., and Finance Minister Paul,
activities. The Secretary's letter follows in full text:
representing the Mexican Government.
It provided a sliding scale
Receipts is acknowledged of your request for a report on
S. 1573, of payments, under which remittances were to be made to the bankers
"A bill to amend Section 5219 of the Revised Statutes,
by Mexico as revenues were
as amended."
received, and the bankers were to make
The present law provides that where the State places
distribution to
a
shares of a national banking association, the tax imposed tax on the made in 1926 the bondholders twice a year. These remittances were
shall not be
and 1927, the payments in the latter year amounting
at a greater rate than is assessed
upon other moneyed capital "in the to $25,000,000. The disbursement now
to be made represents funds
hands of individual citizens of such State coming
into competition received from Mexico for the latter half of 1927.
with the business of national banks."
The bill would change the present
Inability to Pay Announced.
law to read: "moneyed capital
of banking."
Under the schedule, the Mexican
sumption of service, would amount payment in 1928, under full reThe effect of the bill, if enacted into law,
would be to remove any
to $35,000,000, an increase of
restriction on the States to tax such shares at a rate
$10,000,000 over last year. The
greater than that
Mexican Government in January
placed on money capital which
competition with the busi- announced that it would be unable to pay that much this year, owing
comes into
to reductions in the revenues
ness of national banks but which may be held by
from oil. As a result exports were sent
the courts not to to
be employed in the "business of banking." It is
Mexico by the bankers' committee
impossible to say nature
to study the facts. On the
what the courts would bold in the "business
of their report, which has not
of banking" under the question
yet been made, will depend the
of new conferences between the
proposed amendment.
bankers and the Government
Congress has given to the national banks the right, under certain looking to a modification of the debt agreement.
Th external
conditions, to exercise fiduciary or trust powers. Congress
has recog- the agreemen debt of Mexico amounts to about $500,000,000. Under
nized the right of national banks to buy and sell investme
t made in 1925 the Government debt and the railway
nt securities debt were
and to make loans on real estate.
segregated, but the amounts to be paid under the schedule
In passing the Act of February 25, were
left unchanged, the only difference
1927, known as the McFadden Act, it was the
being that the railroads were
express purpose of turned
back to private control and became directly
Congress to strengthen the national system and to
enable the national obligation
liable for their
banks to meet competition. The
s.
effect of that Act has been to
strengthen the system as shown by the large increase
in resources.
The national banking system should not
William M. Hardt Retires As Examiner of Philade
be weakened by permitting
lphia
the States to discriminate against national banks
in the field of taxaClearing House Association.
tion by subjecting them to a different
rate of taxation from that
applied to State banks, trust companies, or those
From the Philadelphia "Ledger" of Feb. 29 we take
individuals, partnerthe
ships or corporations whose business is
of a character to bring them following:
into competition with the national banks.
In the light of this prinWhen William M. Hardt closes
ciple, the suggested amendment to Section 5219 of the
his desk this afternoon in the headRevised Statutes quarters of the Philadelp
does not seem to me to be sufficiently broad to
hia Clearing House Association, at 313 Chestafford the requisite nut street, it will
bring to a close a long and successful career in bank
degree of protection against discrimination.
examination, the last nineteen years of which
he has been head of the
MAR. 10 1928.]
FINANCIAL CHRONICLE
1447
"The Advisory Board from its very inception has been composed of
big bankers and, while they have authority to advise the board on various
matters, they have no responsibility to the Government. On the other
hand they have a personal responsibility to the stockholders of their
respective institutions and by reason of their daily association with the
latter they can hardly so divest themselves of their associations with
their businesses as to be impersonal as to matters that may come up,
as in 1920—consciously or unconsciously their actions are governed by
their training and experience in their own fields."
of Banking Conditions in Minneapolis Federal
Summary
Senator Pine, in explaining his demand for additional memberships
Reserve District—Effect on Deposits of Returns From on the Federal Reserve Board, declared that those districts not represented were the ones which suffered the most from deflation. He
Farming.
charged that those properly represented have more Inflation than in 1920.
"My idea is to get back to the Constitution and make those bodies
In a summary of banking conditions in its district, pubis vested in the Federal Reserve Board made
lished in its Feb. 28 Monthly Review, the Federal Reserve having such power asall parts of the country will properly be taken
representative so that
Bank of Minneapolis states:
care of. In 1926 the First, Second, Fourth and Twelfth Districts each
A good picture of changes in country bank conditions is afforded by had one representative and the Fourth and Seventh each had two repof member bank deposits in cities with a population of resentatives on the board. I have noted that the districts represented
monthly totals
less than fifteen thousand. Net additions to deposits occur principally properly by strong men have few or no bank failures. I think that is
in the fall from the sale of crops, and in the winter from the sale of because they make the law meet the interests of business in their dislivestock. There is a seasonal decrease in deposits during the summer tricts; in the other districts the reverse is the case, with consequential
when, aside from dairy and poultry income, the farmers' cash receipts depression and bank failures.
are at a low ebb and farm expenses are large. The changes in the
"Richmond has not been represented and Atlanta has had no one
level of deposits between one year and another reflect changes in the recently. Minneapolis was represented only for a short time until
welfare of our rural communities. The figures are available for one Governor Young was appointed. Kansas City, the district in which I
date in each month since April, 1923, and are the only monthly deposit live, has never been represented on the Board. The Dallas District
data for country banks.
never has been represented, whil San Francisco always has had a memThe curve of country member bank deposits reflects the vicissitudes ber on the Board, and the latter District only has sixten bank failures
of farming. A portion of the decline in deposits is due to bank sus- in 1926, while other districts less fortunate suffered heavily."
pensions. Returns from farming in 1923 were unsatisfactory and, as a
Editorially the "Journal of Commerce" had the followresult, the deposit curve begun with a downward moving trend. The
crops of 1924 were large and sold at high prices . The income from ing to say in its issue of March 7 regarding the measure:
hogs and dairy products began to increase at the same time. The efReform or Abolition?
fect of these major changes in farm income was shown in the proSenator Pine of Oklahoma has introduced a bill which proposes to
nounced rise of the deposit curve for country member banks during the convert the Advisory Council of the Reserve system from a bankers'
fall of 1924. The losses of the preceding year were regained and a body to an organization representing Congress. At present the Advisory
high record for the five year period was established during the spring Council consists of twelve members, one from each Reserve &strict,
of 1925. The 1925 crops did not bring in as much cash income as the and effort has been made to place upon it outstanding bankers whose
1924 crops and, although the income from hogs an ddairy products advice and suggestions would be worth while. In place of these, Mr.
continued large, the deposits of country member banks were lower at Pine wants to put politicians. The argument for so doing appears to be
the close of 1925 than at the close of 1924 .
that the Advisory Council is in some way responsible for the present
The year 1926 was quite unsatisfactory from a farm income stand- bad conditions inag riculture.
point. The reduction in the income from crops, due to the crop failure
Like most measures proposed in Congress, this plan has a very definite
of 1926, exceeded by a wide margin the increases in income from the
cause and origin. The Advisory Council as now constitutes has not
sale of dairy products and hogs. Deposits at country member banks
been of much value. It has acted in a perfunctory way, often refusing
decreased rapidly and almost without interruption throughout 1926.
to take definite decisions or resolutions and invariably rejecting any
This decline in deposits continued during the first five months of 1927,
contact with the public, notwithstanding that it was supposed to have
although a portion of the decline during these months may be attria quite distinct quasi public relationship. As a result the public at
buted to purely seasonal causes.
large has known little or nothing about what it was doing and has in no
The effect on deposits of the very satisfactory crops of 1927 and the respect depended
upon or been advised by it. So there would seem to
increase in dairy income is clearly indicated by the rise in the curve
be a good reason for asking for a change in its make-up.
during the last four months of 1927 to a level higher than the level a
But would this do-nothing body be better off and more efficient if it
year earlier. This great increase in deposits occurred in spite of a consisted of political members? That would depend a great deal upon
drastic reduction in the income from hogs.
who the members were. Undoubtedly it would be possible to pick out
from either house of Congress a body abelr and more judicious than the
present Advisory Council, but the methods of business of Congres are
Senator Pine Proposes Legislation Enlarging Membership such that there is no assurance whatever that these men would be named
of Federal Reserve Board—Would Have Advisory to the organization. If any change be made in any part of the Reserve
Council Composed of Members of House and Senate. system it should be of such nature as to insure improvement in present
conditions. The time for random experiment has passed by.
association's examination bureau. Mr. Hardt, who is 75 years of age,
organized the bureau in 1909 and has directed its operation since that
time. Previously he had served with the examination forces of the
Comptroller of Currency as a national bank examiner. In recognition
of his long years of service in behalf of high standards in the conduct
of bank affairs, the association placed Mr. Hardt on the retired list
at full pay.
A bill to increase the membership of the Federal Reserve
Board to 14 and to provide for the distribution of the appointed members among the 12 Federal Reserve Districts Senate Passes Bill Amending Federal Reserve Act So As
to Permit Discount of Bills Growing Out of Shipments
was introduced In the Senate on March 5 by Senator Pine
of "Finished" Agricultural Products.
(Rep.), of Oklahoma. According to the "United States
A bill amending the Federal Reserve Act was passed by
Daily" the bill would provide for 12 appointive members
and 2 ex-officio members, the latter being the Secretary the Senate on March 2, the purpose of which was explained
of the Treasury and the Comptroller of the Currency, The in the Senate on that day by Senator Sheppard as follows:
intermediate rural credits act amended the Federal Reserve Act
ex-officio members would have no vote, except that the Sec- so The to extend the privilege of rediscount to drafts, with bills of
as
retary of the Treasury would be allotted to vote to break lading attached, drawn to finance the shipment of agricultural proda tie. Of the 12 appointed members, one would be named ucts. The Federal reserve banks held in administering this law that the
only to
from each of the Federal Reserve Districts. The same term "agricultural" referred privilege raw agricultural products and,
to finished agricultural products
therefore, did not extend the
paper states:
as cottonseed oil, bran, flour, canned corn, and things of that
such
In addition to the proposals for reorganization of the Federal Reserve
Board, the bill would set up a Federal Advisory Council to be composed
of six members of the Banking and Currency Committee of the Senate,
and six members of the Banking and Currency Committee of the House.
The members would be elected by the Committees of the respective
houses subject to limitation that not more than one member could be
named for any one Federal Reserve District.
kind. The Federal Reserve Board feels that if the privilege is extended to finished agricultural products it will be of great benefit to
agriculture and to commerce as well, and will carry out the original
intention of the first enactment.
The following is the text of the bill passed by the Senate
on March 2:
Be it enacted, etc., That the third paragraph of section 13 of the
The bill was referred to the Senate Committee on BankFederal Reserve Act be amended and reenacted to read as follows:
ing and Currency. The following with reference to the "Upon the indorsement of any of its member banks, which shall be
bill is taken from the Washington advices March 5 to the deemed a waiver of demand, notice, and protest by such bank as to
its own endorsement exclusively, and subject to regulations and limiNew York "Journal of Commerce":
Federal
Lays Blame on Board
Senator Pine takes to the door of the Advisory Council and the
Federal Reserve the responsibility for the present bad financial situa.
tion in agriculture. He referred to the sessions in Washington in May,
1920, when the Board was advised to restrict credit—a commodity the
bankers hold—to make credit scarcer and to cost more, and in the same
breath they advocated an increased production on the farms.
"To the extent that the Federal Reserve Board succeeded in doing
those two things they are responsible for the present farm problem,"
asserted Senator Pine. "The farm problem now is in the surplus and
the surplus is what the board set about to produce at that time.
"It seems to me it is improper for the bankers to be the authorized
advisers of the Federal Reserve Board, particularly when they advise
it in that way. Instead of having one banker from each of the Federal
Reserve districts I propose that the chairman of the Senate and House
Committees on Banking and Currency be authorized by law each to
appoint six members to form such an advisory council.
Holds Bias Responsible
"In this way I am trying to establish a connection between the
Board and Congress. The Board is the creature of Congress and it
exercises powers that the Constitution gives to Congress. Yet the
Board claims that it is separate and distinct from Congress.
tations to be prescribed by the Federal Reserve Board, any
Reserve Bank may discount or purchase bills of exchange payable at
sight or on demand which grow out of the domestic shipment or the
exportation of nonperishable, readily marketable agricultural and other
staples and are secured by bills of lading or other shipping documents
conveying or securing title to such staples: Provided, That all such
bills of exchange shall be forwarded promptly for collection, and
demand for payment shall be made with reasonable promptness after
the arrival of such staples at their destination: Provided further,
That no such bill shall in any event be held by or for the account of
a Federal Reserve Bank for a period in excess of 90 days. In discounting such bills Federal Reserve Banks may compute the interest to
be deducted on the basis of the estimated life of each bill and adjust
the discount after payment of such bills to conform to the actual life
thereof."
Broadening Rediscount Powers of Federal Reserve Banks.
The following is from the "Journal of Commerce" of
March 5:
A member of the Senate has introduced a bill designed to broaden
the power of Reserve banks to purchase or rediscount certain kinds of
bills. The measure seeks to make eligible bills of exchange which are
1448
FINANCIAL CHRONICLE
drawn to cover the domestic shipment of non-perishable marketable,
staple agricultural articles. There would seem to be no reason why
such bills should not be discounted, even under the terms of present
law, if they are otherwise eligible and represent genuine liquid credit.
But if the status of such bills is really doubtful, the subject should
be taken under advisement with a view to effecting a general revision
of our Reserve Act, which is now so much in want of complete reconstruction.
Let it be understood, however, that merely granting new powers to
the Reserve system does not mean that such powers will be exercised.
The Reserve system today refuses to exercise many of its most essential powers, at the same time that it takes to itself many powers
that it never was exercised. It will not deal in commercail paper at all,
with individuals, and some of the Reserve banks even insist that they
will not consider offerings of paper to them (except those which are
presented to them by a member bank for rediscount) unless they are
brought in by a concern which has at least $1,000,000 of capital. In
these and other ways, the whole commercial paper side of the Reserve
Act has been handicapped and put into leading strings, at the same
time that the stock market and speculative side of it has been tremendously broadened.
The Senate would do far better to devote its attention to improvements of management and practice than to the adoption of theoretical
changes in authority and powers.
[voL. 126.
ture into investments offering higher returns, but which are not consistent with safety. Savings banks, building and loan associations, and
banks of discount have separate and distinct functions to perform and
are governed by separate laws. They should not encroach upon each
other's field.
Fortunately the situation is being realized by the so-called country.
banks. Last fall certain up-State banks passed a resolution that after
January 1, last, no more than 3'A % should be paid on savings acounts.
Even that rate might well be cut. New York Clearing House banks
pay only
% on 30-day deposits and saw no reason to make a change
when the rediscount rate was recently advanced to 4%. In a period
of established easy money, depositors can not expect to be a privileged
class.
I now quote Mr. John McHugh. Mr. McHugh, among other thing;
in his speech, said this:
But many country bankers feel compelled to buy investments primarily with reference to yield because they are paying high interest on
their deposits. They hesitate to offer less interest to depositors, fearing
that the deposits will then go to competitors. They feel themselves caught
between an upper and a nether millstone. If they pay high interest on
deposits, they can not buy Government securities, acceptances, outside
commercial paper, and other highly liquid obligations with their depositors' money. If, on the other hand, they pay low interest on deposits they fear they will lose business to competitors.
This is the situation which comes about because of the great plethora
of money in this country and the lack a proper investments in which
that money can be placed. Quoting further from his speech:
If, in the process of reduction to lower interest rates on deposits, certain time deposits are withdrawn and the proceeds used in the purchase
Representative McFadden Depicts Growth of Investment of securities and real-estate mortgages by the depositor, this is precisely.
what ought to happen. The country banker who can
Trusts in U. S.—Says That When Half of Their Invest- holdings of mortgages, and safe, high yield securities market part of his
with narrow market. to his own depositors has improved his position and the community's
ments Are in Foreign Securities It May Be Necessary position.
to Place Them Under Regulation of Federal Reserve
To my mind, Mr. McHugh and Mr. Mitchell have touched one of the
vital things in our present banking situation. This accumulation of idle
Board.
savings of the people in the banks of this country in the form of deThe growth of the investment trust in the 'United States mand deposits at interest, which deposits
are in turn invested by the
was discussed before the House on Feb. 29 by Representa- banks in long-time loans is one of our important problems for banking
tive McFadden who said that "without denying to the Brit- to solve to-day. We have some 30,000 banks in the United States that
are equipped to carry on a banking business. Because of the fact that
ish any of the praise they so well deserve, we can reason- we have been turning our national resources of late into cash
to such
ably expect that our wisely managed investment trusts an extent and because of the changed financial conditions throughout the
world, it has brought a vast amount of idle money into these banks. I
will produce a record as superior to the British trusts as
want now to quote an item from Moody's Investors Service, written by
our industrial and banking system excels theirs." Mr. Mc- a careful financial analyst, who have given very careful thought and atthat "there is no department of invest- tention also to this very subject. Quoting, in part, speaking on this
Fadden also said
same subject, he says:
ment which deserves greater attention from the American
But to allow 4% interest on depositored funds which must be emthan the investment trusts. We have loaned up- ployed in bond investment is unsatisfactory, because of current prices of
public
strictly high-grade bonds do not yield enough over 4% to show many
ward of $12,000,000,000 in foreign securities. The prospect banks a
satisfactory margin of profit.
for many years to come is for additional foreign loans.
Mr. CELLER. Mr. Chairman, will the gentleman yield?
Mr. McFADDEN. Yes.
Hence the American public will of necessity become an inMr. CELLER. Is the gentleman aware that in New York State atcreasingly large holder of foreign investments through the
tempts are being made to allow savings banks wider range in their ininvestment trust." Mr. McFadden also made vestments so that they in turn may
medium of
grant a greater yield or continue to
the statement that "when half of the investments in our pay what they do now to their depositors?
Mr. McFADDEN. Yes.
American trusts are in foreign securities, it may be necesMr. CELLER. And that is along the lines of the gentleman'.
sary to place investment trusts under the regulation and thought?
Mr. McFADDEN. Yes. Quoting further from a speech of Mr.
control of the Federal Reserve Board by amending the FedMitchell along this same line, he calls attention to the increasing cost of
eral Reserve Act." We give herewith what Mr. McFadden bank
operations and the competition for business, whereby banks are
had to say, omitting the numerous exhibits which he sub- finding themselves between the upper and the nether millstones of high
interest rates paid on deposits and the diminishing yields on investmitted:
ments.
Mr. Chairman, I want to call the attention of the House to a situation money He says the subject is pressing because the general trend of
rates is likely to be downward for some time to come, which
that has developed in finance in this country during the past few must
have
months which has attracted the attention of the students of finance and securities. a tendency to still further reduce the return on high-grade
banking to an extent that it has brought forth, during the last few
That leads me to make the remark that in the economic conditions
months, speches by such eminent bankers as Charles E. Mitchell, presi- which are
confronting not only the business interests of the country but
dent of the National City Bank of New York, and Mr. John McHugh, the bankers,
a word of warning should be issued the depositors and to
president of the Chase National Bank of New York City, two of the the country
largest and most important banks in the country. Members will recall connection banks throughout the country to stop, look, and listen in
with the rates of interest they are demanding and paying on
that last year, about a year ago now, we passed the McFadden Act, these
idle funds and to pay attention to the kind of investments that the
which amended in important particulars the Federal reserve act and the funds
are
national banking act, bringing the machinery up to date, so that the this Houseinvested in. We all know here that there are now pending in
and in the Senate committee bills asking Congress to investibanking business of this country could proceed in an orderly and proper gate the
subject of brokers' loans. My friend from Iowa [Mr. Dtmcsoti]
manner, since which time the assets of the national banking system some time
ago put in such a bill. To-day in the Committee on Banking
have increased $3,000,000,000, and the law is working in a splendid and
manner. I do not care to comment further on this, but desire to quote held Currency of the House a hearing on the La Follette bill has been
on this subject of brokers' loans, the attention of Congress being
Mr. Mitchell as follows:
directed to the large amounts of investments by banks in that class of
Charles E. Mitchell, President of the National City Bank, writing in loans in the city of New York, asking that the matter be curbed. Some
the current number of the American Bankers' Association Journal, calls people are suggesting
that the management of the Federal reserve system
attention to the increasing cost of bank operations and the competition
for business whereby banks are finding themselves between the upper should curtail brokers' loans.
Those loans are made possible at this time, in my judgment, after the
and nether millstones of high interest rates paid on deposits and diminishing yields on investments. He says the subject is pressing because the study I have made, because of the coming into New York from the
general trend of money rates is likely to be downward for some time to country of this vast amount of idle money. It is an important subject,
come, which must have a tendency to still further reduce the return on and I wanted to say just a
few words to the House and to the country
high-grade securities. It is a trite remark that "banks live mainly upon along those
lines.
the margin between interest received and interest paid," but presnt-day
I am sure the American people need no one to tell them that since
practices seem to ignore this principle.
Against gross earnings of all member banks in the fiscal year ended the World War we have changed from a debtor Nation to a creditor
Nation. But very few realize that our prosperity and wealth is bringing
June 30 last of $2,068,870,000, expenses aggregating $1,475,200,000, or
about 70%. After net losses and dividends there was only a margin of many changes in our banking and financial practices.
Those who are responsible for the operation of our Federal reserve
147,351,000 left. The largest item in the banks' expense account is
interest on deposits, which last year amounted to $687,021,000, or banks, large commercial banks, and our finance companies have a stew46.5%,
ardship, the responsibility of which they fully realize, but which the
Obviously there are two alternatives before the banks. Either they American people do not fully appreciate. Nor do the American people
must reduce operating expenses, including salaries, or cut interest on realize the work which is being done to-day and which will show its
deposits. Competition for business and the numerous services which benefits in the to-morrows.
banks now feel called upon to extend customers have brought them to
When I was in England last year it afforded me considerable pride
their present predicament. To curtail these services now, or to cut when meeting
their bankers to compare them in my own mind's eye
salaries, are extreme measures not justified in the circumstances. with those
at home. I always knew we could be proud of our finanThere are sound economic reasons why interest rates on deposits should
ciers, but many Americans have not this opportunity of comparison.
be lowered.
Of course, the very existence and operation of our Federal reserve
Mr. Mitchell traces the influences since the war, through increase in
our gold holdings and accumulation of wealth to bring about lower banks, together with the praise that has come from the bankers of Engmoney rates. He points out that current interest rates on deposits land, should be evidence to all of us that our bankers are cognizant of
should be based on current bank earnings, not on past profits. Many our new wealth and will guide and
conserve this wealth for the Ameribanks hold bonds which they acquired when yields were higher than are can people.
ruling now. They are enjoying high returns on original costs or perThe banks of our country are confronted with a new problem. Their
haps realizing profits by sale. Clearly these earnings are not on a permanent basis. Yield on a selected list of high-grade bonds fell since the depositors are asking for advice and information about investments trusts
close of 1925 from 4.64% to 4.11%, and a similar list of State and and their securities and for information as to what to do.
Now, coupled with this great influx of money comes along the propmunicipal bonds declined from 4.20% to 3.89%. How can banks afford
to pay as high as 4% on deposits as some country institutions (not osition of the development of new methods of invetsing this vast amount
savIngs banks) have been doing? It means that such banks must ven- of idle money, and since the passage of the banking act a year ago
there
MAR. 10 1928.]
FINANCIAL CHRONICLE
an important
has developed the investment trust in this country. It is
development, and I desire to call the attention of the House and of the
have
.
country to this development, and it seems to me frcini the study I
made of it that there is an organization which, if properly handled,
helping our investors to solve the question
might be very beneficial in
great
of how best to invest their idle funds at this time, with the
plethora. of money and lowering of returns on investments.
The investment trust is growing so fast in the United States that almost every day sees a new one created. Over 150 different trusts with
resources of over $800,000,000 have suddenly been created. This is
one of the startling effects of our becoming a creditor nation. In other
words, we now have more money than we have securities, and the
buying side of the security business, for the first time, is being organized through the medium of these investment trusts.
When in London, economists, bankers, and investment trust managers
prophesied to me, that within the next 10 years the United States would
have at least 500 different investment trusts, with resources of over
$10,000,000,000.
Now, there can be no question, but that a soundly managed investment trust is of great benefit to the investor of moderate means, and
of still greater benefit to the capital market in stabilizing security
prices.
Heretofore we have not had these investment trusts in this country.
The Congress a few years ago did pass the so-called Edge bill, which
really was an investment trust bill, but which provided simply for the
accumulation of foreign investment securities to be put into acceptable
form for investment of American capital, but that did not permit the
investment in investment securities originating in the United States.
Mr. PRESIDENT. The time of the gentleman from Pennsylvania
has expired.
Mr. McFADDEN. May I have five minutes more?
Mr. DICKINSON of Iowa. I yield to the gentleman five minutes
more.
The CHAIRMAN. The gentleman from Pennsylvania is recognized
five minutes more.
Mr. McFADDEN. When we created the system of Federal land
banks we created under national law an investment trust for farm
mortgages-and thus given the farmers a savings in interest annually
of $180,000,000.
My chief concern about our investment trusts is their future growth.
Will our trusts protect the savings of our American investors, or will
millions be lost through unsound management? This same thought was
expressed in a recent editorial in the London Economist which said,
speaking about American trusts
They may be compelled to proceed by the method of trial and error
along the path trodden by Englishmen 40 or 50 years ago • • *
and that many of these American trusts would scarcely be recognized as
legitimate investment trusts in Great Britain, nor would their methods
receive universal approbation. (See Exhibit A.)
The investment trust has been defined as a convenient form of organization, by means of which the funds of many investors are brought
together for the sole purpose of investment, so as to give the investor
of moderate means the same advantages that the large capitalist receives.
Thus, the small investor is able to obtain the two important things usually lacking in the investment of small funds. First, the detailed attention of men who make investment their business; second, the wide
and adequate distribution of investment risks. (See Exhibit B.)
For more than 60 years the investment trust has been a favorite
medium of investment in England and Scotland. Their soundly managed investment trusts have stood the test of wars and panics. They
have been through every possible upheaval and diversity in the securities market. They are popular in England and Scotland to-day. (See
Exhibit C.)
Mr. Edgar Higgins, of New York City, authority on investment trusts,
who has studied them in Great Britain, and who has had considerable
experience in their management, tells me that these years of operation in
England and Scotland have taught some very valuable lessons:
First. That the management must be unbiased in the selection of investments, for any affiliation which tends to warp free judgment is
harmful.
Second. That the management can not give too much care to diversification. This is clearly shown by their usual restriction to not less
than 20 different investments which, in actual practice, is always exceeded, for now the average holdings of a trust are well over 500 different securities.
Third. That the management should make complete operation and
earning statements and lists of holdings to the public periodically.
Fourth. The necessity of not paying out all of their earnings in dividends. but withholding and reinvesting a large part, thereby building
up a large protective surplus.
These 60 years have also developed an orthodox form of capitalization
which most of the English trusts resemble to-day.
A brief description of such a typical trust may be helpful. These
British trusts do not resemble our great American trust companies.
They are totally different. Their sole business is the investing and reinvesting of their capital in a widely diversifield group of securities.
They do not conduct a general banking business, nor distribute securities. They are not holding companies nor finance companies.
Suppose we examine a typical Scottish or English trust with a capitalization of 12,000,000 ($10,000,000). consisting of
Bonds (debentures) 4%
Preferred stock 5% (preference)
Common stock (ordinary)
$5,000,000
2,500,000
2,500,000
Total capitalization
Accumulated surplus (25%)
10,000,000
2,500,000
Total resources
12,500,000
Now, assume that the gross income of this trust was 81,4%, or
$1,062,500. After deducting the expenses of $50,000 (one-half of I%
of the capital), and taxes of $148,000, there is left a net of $864,500.
This sum covers the bond interest charges of the 4% bonds four times.
The balance is more than five times the preferred dividends. And finally, the comon stock has available for dividends, $21.50 for each $100
of common.
The various classes of securities issued by these investment trust
suits different types of investors. For the widow who must seek safety
of principal, the debenture bonds are the best investment. For the
business man of limited means, the preferred stock is suitable. For the
wealthy man the common stock is desirable.
What sort of investments do these trusts own can best be answered
by giving actual figures taken from a typical British trust's annual
report. The total number of different investments in this one was 873.
(1) The distribution among different classes of investments was
-
Industrial
American and foreign railways
Banks and financial
Government securities and municipal loans
Miscellaneous
Total
(2) The classification, according to localities, was
Great Britain
Dominions
South America
United States
Continental Europe
Asia and Africa
Mexico
Total
(3) The types of the securities were
Bonds
Preferred stocks
Common stocks
1449
Per cent
47.67
19.01
11.
74
10.15
11.43
100.00
Per cent
38.13
12.73
27.42
9.05
4.87
4.36
3.44
100.00
Per cent
40.29
17.42
42.49
Total100.00
What have been their earnings on their investments? Again let us
take a trust's actual figures which are based upon cost.
Frosts
Market
interest and profits
dividends realized
Per cent Per cent
0.63
1917
7.55
7.20
1.33
1918
8.15
1919
1.00
7.78
1920
1.33
1921
7.60
.10
1922
7.75
.18
1923
7.11
.50
1924
7.29
.06
1925
7.67
3.11
Average
7.52
1.15
It will be seen that the yearly average earnings of the nine years was
8.67%.
In seeking information about the experience of British trusts, Mr.
Robert L. Smitley, of New York City, authority on business and economic books, also adviser to Harvard Business School and many American and foreign universities, informs me that there is no specific English
book about investment trusts, but that the best article written by an
Englishman, dealing with the subject is a chapter in Powell's Evolution
of the Money Market. (See Exhibit D.)
Mr. Smitely has obtained for me articles from the London Economist
which tell of the British trials and their experiences from 1882 up to
1925. (See Exhibit E.)
Because the foregoing records are not available to the general public,
there is much confusion among the various States in respect to their
proposed "blue sky laws" or regulations. The State of New York attorney general's recent and hastily compiled report is an example of this.
It has been revised three times. (See Exhibit F.)
The States of Utah and California require that an investment trust
make public its list of holdings. (See Exhibits G and H.)
That much information is needed by commercial and investment bankers and the lawmakers regarding investment trusts is shown by Exhibits
I and J.
When half of the investments in our American trusts are in foreign
securities, it may be necessary to place investment trusts under the
regulation and control of the Federal Reserve Board by amending the
Federal reserve act.
The Future of Investment Trusts.
Since the World War the wealth of the United States has increased
enormously. Our people year by year are growing richer, and have
more and more funds available for investment. Within recent years the
supply of investment funds has become greater than the supply of good
investments. Because of this abundant investment money the coupon
rate on new investment issues has been steadily reduced-from 8%
during the war to less than 6% at the present time, with the future outlook for 5 or even 4%.
e
e
It is an economic law that investment capital will always flow where
it will receive the largest return. Just as the superabundant capital of
Great Britain sought remunerative foreign investments, so the superabundant capital of America is now seeking high-yield investments in
foreign countries.
And just as the investment trust enabled British investors to obtain
increased returns with greater safety, so our trusts should enable American investors to get higher yield, wider diverstiy, and greater safety in
both domestic and foreign securities.
The rapid establishment of investment trusts in this country during
the past three years gives evidence that this type of institution will continue to grow in number and in resources. Of course, some of these
trusts will be more successful than others, depending upon the ability,
integrity, and foresight of their management. That, after all, is the
basic test of success of any financial insititution.
There is no department of investment which deserves greater attention from the American public than the investment trusts. We have
loaned upward of $12,000,000,000 in foreign countries. The prospect
for many years to come is for additional foreign loans. Hence, the
American public will of necessity become an increasingly large holder
of foreign investments through the medium of investment trust.
A bulletin of the Federal Reserve Board in 1920 said:
The investment trust enjoys many advantages not usually available to
the individual investor. A company formed for the purpose of investment is in a position to investigate the financial condition of undertakings in which funds may profitably be invested. The officers of such
a company develop the habit of forming dependable judgments of economic conditions in foreign countries and the conditions of the investment market.
In view of this situation, the near future must inevitably witness the
creation of more and more investment trusts in the United States.
Great Britain in its 60 years of investment trust management, has
developed many worthy traditions by which America, if wise, should
benefit.
Without denying to the British any of the praise they so well deserve
we can reasonably expect that our wisely managed investment trusts
will produce a record as superior to the British trusts as our industrial
and banking system excels theirs. I desie to now call your attention
to a statement by Ellis J. Powell on the evolution of the money matket;
a most important historical and analytical study, Exhibit D, and aiers1
other exhibits on this important subject, which I have referred to.
1450
FINANCIAL CHRONICLE
McFadden Bill Amending Provisions of Anti-Trust Act
Regulating Interlocking Bank Directorates Passed By
Senate—New Legislation Favored By Governor Young
of Federal Reserve Board.
The McFadden bill (which passed the House on Feb. 1),
amending Section 8 of the Clayton Anti-trust Act so as to
give the Federal Reserve Board more latitude in the granting of permits for interlocking directorates, was reported
to the Senate on Feb. 28 by Senator Edge of the Senate
Committee on Banking and Currency and on March 6 the
bill was passed by the Senate. The Senate Committee
recommends the passage of the House bill without amendment. The text of the bill as it passed the House was given
in our issue of Feb. 4, page 659. Embodied in the report on
the bill to the Senate was a letter addressed to the Chairman of the Committee last December by R. A. Young, Governor of the Federal Reserve Board, relative to the proposed legislation. This letter we quote herewith:
FEDERAL RESERVE BOARD,
Washington, December 17, 1927.
HON. PETER NORBECK,
Chairman Committee on Banking and Currency,
United States Senate.
My Dear Senator Norbeck: The Federal Reserve Board for several
years past has urged the enactment of an amendment to section 8 of
the Clayton Antitrust Act which would enable the board to administer
the provisions of law regulating interlocking directorates more effectively and more nearly in harmony with the apparent purpose of
Congress. In the Sixty-ninth Congress bills were introduced for this
purpose both in the Senate and in the House. The object of these
bills, which were identical in form, was to give the board more latitude
in the matter of granting permits for interlocking directorates and in
this way to remedy the defects in the practical operation of the Clayton
Act which experience has proven to exist. The substance of the bill
introduced in the Senate was also incorporated as a Senate amendment
to the McFadden bill and was adopted by the Senate. This section of
the McFadden bill, however, was subsequently stricken out and did not
become law.
A similar bill, H. R. 6491, was introduced in the House of Representatives on Dec. 8 last by the chairman of the Committee on Banking
and Currency of the House. The board would appreciate it very much
if you would investigate carefully the proposed amendment and if you
approve it, introduce a similar bill in the Senate. For the sake of
convenience, a copy of S. 3007, which is the bill as introduced in the
Senate of the Sixty-ninth Congress and which is in the same form as
H. R. 6491 above referred to, is inclosed herewith. There is also inclosed for your information and whatever assistance it may prove to be,
a memorandum discussing the need of the remedial legislation.
I am leaving for the West to-night, but if there are any particular
points on which you are not entirely clear, if you will take them up
with either Vice Governor Platt or Mr. Hamlin of the board, I know
he will be glad to furnish you with all the information you
may desire.
With kind personal regards, I am
Yours respectfully,
R. A. Youno, Governor.
The memorandum submitted by Governor Young said in
part:
TIIE NECESSITY OF AMENDING SECTION 8 OF THE CLAYTON ACT
In its original form section 9 of the Clayton Antitrust Act, approved October 15, 1914, absolutely prohibited interlocking directorates
and officerships between certain classes of banking institutions. In
general, these prohibitions were applicable (a) between a national bank
having resources in excess of $5,000,000 and any other national bank;
(b) between a State incorporated institution, or a private banker,
having resources over $5,000,000 and any national bank; and (c) between a national bank located in a city of more than 200,000 inhabitants and any other bank, State or national, or private banker, located
in the same city. It was the apparent intention of Congress to preserve
competition between these classes of banking institutions and prevent
the formation of bank monopolies. With this purpose in mind Congress prohibited such interlocking relationships in the belief that the
existence of common officers or directors might result in a lessening
of competition or restriction of credit. These prohibitions, however,
were found to be unnecessarily severe, and in 1916 Congress enacted
the so-called "Kern amendment" to the Clayton Act which gave the
Federal Reserve Board discretionary power to permit interlocking
directorates between a member bank and not more than two other
banks coming within the prohibited classes of the Clayton Act, provided
such banks were not in substantial competition. Briefly, this amendment made it possible for a maximum of three banks to have interlocking directorates, but only on condition that such banks be not in
substantial competition. Thus it qualified to some extent the absolute
prohibitions of the Clayton Act, but its own qualifications were designed to carry out the underlying spirit and purpose of the Clayton
Act by preserving competition between normally competitive institutions and preventing the formation of banking monopolies and the
restriction of credit.
The experience of the Federal Reserve Board in administering these
provisions of law, however, has shown clearly that the Kern amendment in its present form does not work out in the way in which it
was intended. It operates in an illogical way and, instead of carrying
out the purpose for which it was enacted, often defeats that purpose.
A few illustrations of the difficulties encountered will serve to bring
out this point.
•
*
•
To sum up briefly, the Kern amendment was designed to permit
limited interlocking directorates, but only in cases where the public
interest would not be prejudiced, as by the lessening of competition
between banks or the restriction of credit. The language of the
amendment, however, is such that in practical operation the law does
not accomplish this purpose, and the experience of the Federal Reserve
'Board in attempting to administer the law in conformity with the
intent of Congress has proven this to be the case. Permits for interlocking directorates may now be granted if the banks involved are not
[vol.. 126.
in substantial competition. Herein lies the fundamental defect in the
present law; the mere absence of substantial competition between banks
is the wrong basis for permitting interlocking directorates. If uncompetitive banks are permitted to interlock, it is quite possible—and this
has happened frequently—that they will become substantial competitors
in spite of their interlocking directorate. Yet in such cases, they may
not have additional common directors. Why? Because they ,have permitted the salutary growth of competition—jst what Congress desired—
and thereby placed themselves under the ban of the law. On the other
hand, competing banks which desire ocmmon directors but are unable
to have them because of the competition, will naturally strive to eliminate
competition and thus bring themselves in line with the terms of the law
so that they may be authorized to interlock. It is not particularly intportant whether banks which wish common directors are or are not in
substantial competition—that has little to do with the question—but it is
important what effect the interlocking directorates will have on the banking and credit situation in the community. Consequently the test for permitting interlocking directorates should be whether or not such directorates will injuriously affect the public interest, by discouraging interbank competition or restricting credit or otherwise, and not the present
test as to the existence of substantial competition.
There has recently come to the attention of the board a new and
different respect in which the present law works illogically and unfairly and in a way apparently not contemplated by Congress. The
Attorney General has held that joint-stock land banks are "banks"
within the prohibitions of section 8 of the Clayton Antitrust Act. The
board has recently received applications from several gentlemen to serve
as directors of a joint-stock land bank and as directors of a State bank
which is not a member of the Federal reserve system. Under the
opinion of the Atorney General the services of these gentlemen on these
institutions at the same time is contrary to the provisions of the Clayton Act. Due to the peculiar wording of the Kern amendment, however, the Federal Reserve Board is without power to grant permission
for an interlocking directorate between a joint-stock land bank and a
State nonmember bank. The board is authorized to grant its permission only where one of the banks involved is a member bank of
the Federal reserve system (except where a private banker or a class A
director of a Federal reserve bank is involved). Since neither the
joint-stock land bank nor the State bank is a member of the Federal
reserve system an interlocking directorate between these institutions
can not be permitted by the board under the terms of the present law.
If, however, these gentlemen should affiliate themselves with some other
bank which is a member of the Federal reserve system and is not in
substantial competition with the joint-stock land bank or the State
nonmember bank, the board would be authorized to grant its permission
for an interlocking directorate involving all three institutions.
The above discussion should demonstrate clearly that the Kern
amendment in its present form operates in an illogical way and often
defeats the very purpose for which it was enacted. It follows that the
law should be further amended in such a way as to enable the Federal
Reserve Board to administer it more effectively and more nearly in
harmony with the apparent purpose and intent of Congress in regulating
interlocking directorates. S. 3007 and H. R. 9098 which during the
first session of the Sixty-ninth Congress were introduced in the Senate
and House, respectively were admirably designed to accomplish this
purpose, as was also that section on this subject added to the McFadden bill by a Senate amendment which, however, was subsequently
stricken out. S. 3007 and H. R. 9098 and this provision added to the
McFadden bill were all in the same form. It was the purpose of each
of these to redraft the Kern amendment in simpler form giving the
Federal Reserve Board discretionary power to permit interlocking
directorates between any three banks, if in its judgment it is not
incompatible with the public interest and preserving the board's power
to revoke any such bermit when the public interest requires. Under
the language of the proposed amendment the Federal Reserve Board
would be authorized to grant permits even in cases where no member
bank of the Federal reserve system was involved and thus an interlocking directorate between a joint-stock land bank and a State nonmember bank might be authorized by permit of the board. The
amendment as proposed in the Sixty-ninth Congress was in the form
approved by the Federal Reserve Board, which for a number of years
has urged the enactment of legislation which would cure the defects
of the present law and permit the effective and proper regulation of
bank directorates. The passage of legislation substantially as proposed in these bills introduced in the Sixty-ninth Congress would solve
this problem and would be of great benefit to the banking situation of
the country.
Hearings on La Follette Resolution Respecting Brokers'
Loans—Views of Governor Young and Other Members
of Federal Reserve Board—Prof. Sprague Also Heard.
Members of the Federal Reserve Board presented this
week their views on the subject of brokers' loans to the
Senate Banking and Currency Committee which is conducting hearings on Senator La Follette's resolution designed to restrict these loans. The views of Dr. II. Parker
Willis were noted in our issue of March 3, page 1295. At
the hearing resumed on March 7 Roy A. Young, Governor,
and Edmund H. Platt., Vice-Governor of the Federal Reserve Board indicated it as their view that the present
volume of brokers' loans, all conditions considered, does
not offer the menace to financial stability accredited to it
by those who would restrict them, nor are the rediscount
facilities of the Federal Reserve system being abused. According to the Washington correspondent of the New York
"'Journal of Commerce," Edward H. Cunningham, also a
member of the Board, was more critical of the situation.
Professor Oliver M. W. Sprague, Professor of Banking at
Harvard University, was even more pronounced in his
views as to the lack of effect upon the general credit structure of the country exerted by brokers' loans says the
correspondent quoted, his advices regarding the views presented at the hearing, go on to say:
MAR. 10
1928.]
FINANCIAL CHRONICLE
1451
Prof. Sprague declared that he feared more the speculation in land
Governor Young Presents Conclusions.
in the latter
and in inventories than speculation in Wall Street, for
a number of
the former is
In discussing this subject Governor Young presented
only the speculators are financially punished, while
situation.
conclusions based on a study he had made of the
e of other and more general ills. He expressed regret that the
to the safety of productiv
farmers through
First, he declared that there was no question as
urban population was benefitting at the expense of the
low prices
those loans at the present time.
low prices for agricultural commodities but he added that
denial of accommodawith reSecond, he said he could find no evidence of a
are not at all conductive to increased consumption whereas
the volume of
tion to agriculture, commerce or industry by reason of
spect to manufactured products the reverse is the case.
immensely
credit going into brokers' loans.
The witness declared emphatically that it would have been
are a part of
the supply of funds
Third, upon inquiring as to whether brokers loans
better for all people west of the MississiPpi River if
less
based entirely upon unthe necessary structure of the country, or
for farm mortgages and other purposes had been decidedly
that the question could available
1920 than was the case.
warranted speculation, he explained he found
a legiti- betwen 1916 and
al situation
-a part of the brokers' loans account is
be answered both ways
The witness said he did not believe that the agricultur
which is based
000 in brokere'
mate function at the present time and that much of that
would be appreciably benefitted by a reduction of $500,000,
closely on speculation. He added that loans. Senator Brookhart asked what would be the effect of a $3,000,on marginal accounts borders
and he said
it sometimes is difficult to say where speculation starts,
the witness said it would be serious to the farmers
to find out if 000,000 drop and
all
he went to the office of the Comptroller of the Currency
the sale of all sorts of securities to the detriment of
from the system and hamper
it had any evidence at all where banks borrowing
interests.
in New York. He expressed the
were simultaneously loaning on call
the above
that in so far as
It is stated that following the conclusion of
belief that the Board is safe in saying at this time
t facilities are concerned they are not being use of fur- testimony the hearings were closed by the Chairman of
the rediscoun
ther brokers' loan account.
Norbeck.
the Committee, Senator
Loans Conservatiely Made.
"there has
"From all that I can observe," agreed Governor Young,
it in brokers' Treasury Department's March Financing-Offering of Two
been a tremendous expansion of bank credit, some of
ts. I cannot, however, disloans and the balance in other investmen
Issues of Treasury Certificates Aggregating $560,000,denied credit
cover anywhere that commerce and industry has been
-No Arrangements at This Time For Retiring
000
has developed
for the benefit of making these loans. Investment credit
Third Liberty Bonds.
this country with enormous haste.
in
expansion of
"If there is any action that can be taken to arrest the
Contrary to expectations the Treasury Department's
$300,000,000 out
the credit it has been taken by the board, for it took
no arsale of $150,000,000 of Government securities March financing announced on March 7, includes
of the market through the
000
retirement of Third Liberty
offset the 'ear marketing' or exportations of $150,000,
and failure to
nts for the further
in all of the rangeme
page
in gold, and through tht raising of the rediscount rate
Loan Bonds. In January (see Chronicle Jan. 17,
districts.
/
brokers' loans are too high or too 198), when an issue of 312% Treasury Notes was put out,
"I am not prepared to say whether
vely made."
low, but I am satisfied that they are safely and conservati the word provision was made for the exchange of Third Liberty
Senator Glass asked the witness if he would not withdraw
been exthat the Board Loan Bonds for the notes then issued, and it had
"conservatively," but he replied that he did not believe
whether prices are pected that the March financing would provide for a
should be charged with the duty of determining
ting on this fact, the Washingtoo high or too low.
danger- similar exchange. Commen
"If further expansion occurs to a place where it is extremely
of the New York "Journal of Com"I have confidence ton correspondent
ous and bordering on speculation," he concluded,
themselves.
in the banking fraternity that they can correct the situation
merce" on March 7 said:
exchange privilege
Federal Reserve System, which
Officials explained, in relation to tee fact that the
If they cannot, they can come to the
measures I have mentioned. There is no con- has not been extended to Third Liberties, of which about $1,600,000,000
has the two corrective
"shaken up"
at this time to
structive legislationI can recommend to the committee
are outstanding that the Government bond market has been
best to await a
change the present credit situation in this country."
considerably in the last six months. It was thought
of Virginia in his opposiGovernor Young agreed with Senator Glass
time for further refunding of this issue.
the later
to further
Market conditions are not entirely favorable at this time
tion to a uniform rediscount rate as to all districts and expressed
uniformity would cease when next the Reserve banks on the transactions with the Third Liberty series, which comes due in Debelief that
Third
Atlantic seacoast lowered the present 4% rate, the interior banks failing cember. Officials would not say whether or not another issue for
of. Iowa any
the next financing
to follow suit. However, he assured Senator Brookhart
Liberty exchanges would be made prior to June 15,
hardly be reflected in the interest
slight change, up or down, would
period.
rate charged to the ordinary customer.
the
This week's offering of Treasury Certificates is in
explained to the committee that during the past five
Governor Young
-one offered
quite a large volume of gold has come into this country and the form of two series aggregating $560,000,000,
years
in quite a large amount. He de4
31 %
banks have pyramided credit thereon
to the amount of $200,000,000 or thereabouts, bearing
clared that the increase of brokers' loans compared with the totals
$360,000,000'
29, 1928, came about entirely in the advances and running for nine months, the other for
of Jan. 6, 1926, and Feb.
g in
made by corporations and individuals, which increased $585,000,000. or thereabouts, with interest at 3%%, and maturin
of the falling
He said that the showing in the La Follette resolution
series TM-1928 and
the whole story, since it covered one year. Treasury Certificates of
off in commercial credits does not tell
it through note brokers. It does TM2-1028, both maturing March 15, will be accepted
only paper issued by concerns floating
and others and agricultural
Mellon in
not include paper held by merchants, jobbers
in payment Mr the new certificates. Secretary
.
live stock paper not so handeld.
ations of $500, $1,000, $5,000, $10,000 and $100,000
is thrown into the invest- denomin
"It sems to me that a whole lot of money
March financing, which
The reasury is today announcing its regular
ily rapid payment of
s of indebtedness
ment market at the time by the rather unnecesar
if the Congress takes the form of an offering of Treasury certificate
the public debt," declared Vice Governor Platt, "and
bearing interest from March 15, 1928, one
kind of a tax reduction bil and leave in the hands in two series, both dated and
15, 1928, and
could pass some
being for nine months, maturing Dec.
of the public a little more purchasing power instead of bringing it to series at 354% 354% being for one year, maturing March 15, 1929.
must necessarily the other series
the Treasury and having it paid to bondholders, who
000, or thereabouts,
$200,000,
The amount of the nine months offering is
reinvest it, that would tend to possibly lower things a little.
or thereabouts.
the one year offering is $360,000,000,
"I do not think that the present situation is dangerous; I do not think and the amount of accept in payment for the new certificates at par,
tell whether it is or not, definitely. I think, though, thaf The Treasury will
anyone could
and TM2-1928,
s of indebedness of Series TM-1928
the rate of increase in brokers' loans that was going on in January was Treasury certificate 15, 1928. Subscriptions for which payment is to
both maturing March
enough to make people do some thinking."
March 15, 1928 will
of indebtedness maturing
Discussing the cost of money to the banks, Mr. Platt expressed the be tendered in certificates
amount of the respective offerings.
belief that 4% was too high interest on deposits. He told of the be allotted up to the
s of indebtednes become
About $514,000,000 of Treasury certificate
efforts made to define the status of savings deposits and recommended
in interest pay15, 1928. Also, about $83,000,000
clarifying language defining "time deposits," as well as a requirement payable on March
date.
reserve requirements by all banks ments on the public debt become payable on that
for the observance of the 13 per cent
receipts, will cover the
The present offering, with tax and other
although literally not such, which
holding themselves as reserve agents,
Treasurys cash requirements until June.
now carry but 7 per cent reserve.
March
Both issues will be dated and bear interest from
Loan Conditions Described.
bearer certificates in
told of farm loan conditions in Iowa and with 15, 1928, and will be in the form of
Mr. Cunningham
.
he declared that the upward rise in
respect to the national situation
denominations of $500, $1,000, $5,000, $10,000 and 0100,000
brokers' loans totals was a move in the wrong direction with the Details are given as follows in the Treasury circular:
sment to credit should anything serious
possibility of serious embarras
United States of America Treasury Certificates of Indebtednes, dated
happen.
%
TD2-1928, 354,0 ,
told the committee that banks do not invest in and bearing interest from March 15, 1928, Series
;Professor Sprague
due March 15, 1928.
primarily because the rate is lower than that on local due Dec. 15, 1928, Series TM-1929 354%
brokers' loans
The Secretary of the Treasury, under the authority of the act apdo not find in the local situation a
loans; they do so because they
par and
sufficient to absorb all of their funds proved Sept. 24, 1917, as amended, offers for subscription, at
volume of satisfactory loans
banks are endeavoring to employ accrued interest, through the Federal Reserve Banks, Treasury certiconsistent with safety. The 26,000
bearing interest
ficates of indebtedness, in two series, both dated and
their funds fully and wisely.
bank failures in part indicates the from March 15, 1928, the certificates of Series TD-1928 being payable
He said that the record of
A% per annum, payable
all their funds in a local on Dec. 5, 1928, with interest at the rate of 3,
banks invest
hazards that are incurred when
y. Sound banking policy, he held, on a semiannual basis, and the certificates of Series TM-I929 being
situation or upon a single commodit in cash, and in addition hold at payable
March 15, 1929, with interest at the rate of 354% per annum
requires that a bank hold reserves be liquidated with out affecting payable
semiannually.
which can readily
least some assets
Applications will be received at the Federal Reserve Banks.
the business of the bank.
that he saw no
Bearer certificates wil be issued in denominations of $500, to $1,080;
testimony reiterated
This witness throughout his
TD2-1928
volume of brokers' loans. In response to $5,000, $10,000, and $100,000. The certificates of Series
grave menace in the present Brookhart as to the effect of this of that will have two interest coupons attached, payable June 15, 1928 and
repeated inquiries by Senator
TM-1929, two interest
he as repeatedly showed that if the banks Dec. 15, 1928, and the certificates of Series
15, 1929.
change in the banking laws,
getting money they would seek another coupons attached, payable Sept. 15, 1928 and March
were thwarted in one way in
The certificates of said series shall be exempt, both as to prineipaa
rediscount paper and could not get
If they found a need to
way.
imposed by the United
Reserve banks they would sell paper or and interest, from all taxation now or hereafter the United States, or
s of
the desired funds from the
holdings or borrow from the other banks. States, any State, or any of the possession
or inheritance taxes,
otherwise liquidate security
control, in the absence of bad conditions, by any local taxing authority, except (a) estate
as surtaxes, and
There was no general way of
prevtnt the member banks from and (b) graduated income taxes, commonly known
the
the Reserve banks could
whereby
excess-profits and war-profits taxes, now or hereafter imposed by
putting money on call.
1452
FINANCIAL CHRONICLE
(Vol,. 126.
United States, upon the income or profits of individuals, partnerships,
associations, or corporations. The interest on an amount of bonds and New York State Income Tax Returns—Dividends Received
certificates authorized by said act approved Sept. 24, 1917, and amendby Stockholders on Bank Stock to Be Included.
ments thereto, the principal of which does not exceed in the aggregate
"Stockholders of National Banks and of State Banks
$5,000, owned by any individual, partnership, association, or corporation,
shall be exempt from the taxes provided for in clause (b) above. The and Trust Companies organized under the laws of the
certificates of these series will be accepted at par during such time State of New
York, who receive dividends from such instiand under such rules and regulations as shall be prescribed or approved
by the Secretary of the Treasury, in payment of income and profits tutions after March 30, 1927, will be required to include
taxes payable at the maturity of the certificates. The certificates of the amount thereof in their income tax returns for 1927,"
these series will be acceptabe to secure deposits of public moneys, but according
to Deputy State Tax Commissioner Thomas M.
will not bear the circulation privilege.
The right is reserved to reject any subscription and to allot less than Lynch, Director of the Income Tax Bureau, to-day, in
the amount of certificates of either or both series applied for and to commenting on changes in the
New York State income tax
close the subscriptions as to either or both series at any time without
law. "In 1923," said Mr. Lynch, "the Legislature, in order
notice. The Secretary of the Treasury also reserves the right
to make to meet
certain adverse court decisions in respect to the
allotment in full upon applications for smaller amounts, and to make
reduced allotments upon, or to reject, applications for larger amounts, taxing of National Banks,
found it necessary to exempt all
and to make classified allotments and allotments upon a graduated
scale; National Bank dividends and dividends of State
Banks
and his action in these respects will be final. Allotment
notices will and Trust
be sent out promptly upon allotment, and the basis
Companies organized under the laws of this
of the allotment will
be publicly announced.
State from the personal income tax. The condition which
Payment at par and accrued interest for certificates alloted must be
gave rise to such exemption was cured by the act of Conmade on or before March 15, 1928, or on later allotment. After
allotment and upon payment Federal Reserve Banks may issue interim gress in 1926 and the Legislature has again imposed the
receipts pending delivery of the definitive certificates. Any qualified income tax upon dividends
of the shares of those banks
depositary will be permitted to make payment by credit for certificates
formerly exempted, which were received after March 30,
allmed- to it for itself and its customers up to any amount
for which
it shall be qualified in excess of existing deposits,
when so notified by 1927, thus taxing such dividends in the same manner as
the Federal Reserve Bank of its district. Treasury
certificates of in- our dividends from all other corporations."
debtedness of Series TM-1928 and TM2-1928, both maturing
March 15,
1928, will be accepted at par in payment for any certificates
of the
series now offered which shall be subscribed for and allotted,
with an Committee on Taxation of A. B. A. Urges Repeal of
series so paid for.
Federal Estate Tax.
adjustment of the interest accrued, if any, on the certificates of
the
As fiscal agents of the United States, Federal Reserve
The special committee on taxation of the American BankBanks are
authorized and requested to receive subscriptions and to make allotments
ers' Association has addressed the Finance Committee of the
on the basis and up to the amounts indicated by the
Secretary of the United
States Senate urging repeal of the Federal estate tax.
Treasury to the Federal Reserve Banks of the respective
districts.
The following reasons are presented in the communication:
A. W. MELLON,
"The Federal estate tax is not logically a Federal tax. It is an excise
Secretary of the Treasury.
tax on the transmission of property at the time of death.. An excise tax
Treasury Department,
properly is based upon a privilege granted by the Government imposing
Office of the Secretary,
the tax. The privilege of transmitting property at the time of death is
• March 8, 1928.
granted by the States and not the Federal Government. The tax therefore
To the Investor:
ought to be imposed by the States and not by the United States.
Almost any banking institution in the United States will
"It should be reserved to be used by the Federal Government only
handle your
in
subscription for you, or you may make subscription direct to
the Federal the stress of war emergencies. The Federal estate tax has been emReserve Bank of your district. Your special attention
is invited to ployed only in war emergencies and the present act and Its immediate
the terms of subscription and allotment as stated above.
If you desire predecessors have lasted longer after such emergencies than any others
to purchase, at the market price, certificates of the
above issues after in our history. Its further continuance would tend to make it a permanent
the subscriptions close, or certificates of any
outstanding issue, you part of the Federal tax system.
should apply to your own bank, or, if it cannot
"It is no longer needed for Federal revenue. Secretary Mellon has stated
obtain them for you,
to the Federal Reserve Bank of your district, which
will then endeavor that this tax is not needed and can now be repealed. He estimates
that
to fill your order in the market.
the repeal will cause a loss of $7,000,000 on the estates of decedents dying
•
in 1928 and 1929. These figures have been misunderstood but are easily
explainable. If the act is passed in 1928 it will only affect persons dying
President Coolidge Still Holds to View That
Tax Cut of after the date of its passage. If the time of passage, for instance, is
February 1, 1928, the estate of a person dying on February 2, 1928, would
$22.5,000,000 Will Be Possible.
have an estate tax due February 2, 1929, which falls within the last
President Coolidge was this week said to
have indicated half of the fiscal year 1929. The bulk of estate taxes for persons dying
that he is hopeful of a tax cut of $225,000,0
in the calendar year 1927 will be received by the Government in the
00, recom- fiscal year ending June
30 1928 and the first half of the fiscal year ending
mended by the Administration, notwithstanding
the in- June 30 1923 at the rates of tax imposed by the present law.
creases in appropriations over budget estimates
"It constitutes greater interference with State revenues than at any
. Quoting
the President's observations the "Times" in a
time in our history.
Washington 1898, inheritance taxes Since the previous Federal inheritance tax in
have become a dependable source of revenue in the
diSpatch March 6 said:
States. According to the last available statistics, the States collect around
There are many bills, the President warned, calling for
expenditures $100,000,000 annually from this source and the tax constitutes an average
not included in the budget estimates, such as the flood
control measure, of about 6% of their total revenue.
and others for additional pensions. The retirement
of
"The tax decreases State revenues. In over twenty-eight States a
and farm relief, which if provided for liberally by military officers
Congress would Federal estate tax may be deducted in computing State inheritance taxes.
destroy all hopes for tax reduction. He thinks Congress
must observe In these twenty-eight States the repeal of the Federal estate tax will
extreme economy in dealing with these subjects, if
there is to be increase the State revenues without a raise in State rates.
further relief from taxation.
"It imposes a heavier administrative burden on estates than do State
Inheritance taxes. This burden is made up of both delay in the settlePuts Task Up to Congress.
ment of estates and actual additional cost. State inheritance taxes may
be
Reduction of the taxes, in the President's opinion,
would help settled at home while the settlement of Federal estate taxes involves delay
business and tend to stimulate activities in some directions
where and expense incident to the discretion lodged only in Washington.
industry is now lagging. His position is that it rests with
Congress
"It is a tax imposd principally upon widows and children. Inheritance
to exercise economy; that he will not employ the veto
to scale down tax statistics indicate that fully 70%
of our inheritance taxes fall upon
expenditures in order to obtain tax reduction if the legislation
sent widows and children and the balance upon other relatives
to him meets with his approval, irrespective of the money
and beneficiaries.
involved.
At a time when general nuisance taxes are being repealed this character
The President believes the revenues from 1927 incomes,
returns on of tax ought to be included in the repeal.
which will be made March 15, will not be as large as
last year, and
"The primary purpose of the tax is admittedly not to raise revenue but
that he surplus from which a tax reduction can be made
may be cut to influence State
inheritance tax policies. This is a matter that should
by the income returns.
be left to the fiscal policies of the several States. Advocates
It is his belief, however, that, despite drains upon the
of its reTreasury, tention say it is
there can still be a reduction of taxes to the amount of
necessary to prevent non-inheritance tax jurisdictions
$225,000,000 such as Florida,
recommended by the Treasury if Congress is careful.
Alabama, Nevada and the District of Columbia from
becoming tax havens of refuge. Inheritance tax statistics indicate that
there is comparatively little real change of residence
The Alien Property Fund.
on account of inheritance taxation. Congress has no right to use legislative coercion
The surplus from which a reduction will be made will not be
to make
affected one State levy a
by. the alien property bill requiring the Government to pay
tax because another has not done so.
to German
"Tax exempt securities: proponents of retention argue the tax is
claimants $50,000,000, the President has been informed. This
necessary
amount to collect
would be taken from the Treasury in this fiscal year ending
taxes escaped by decedents on tax exempt securities held during
June 30, their
and will thesefore not affect next year's surplus.
lifetimes. Federal estate tax 'statistics) indicate that the volume of such
securities found in estates constitutes less than 5% of total taxable
As for flood control expenditures, the President believes
esthat not tates.
more than $20,000,000 need be added to the budget estimates
to
"The retention of this tax causes a duplicate and unnecessary
spent next year. The budget estimates already carry $10,000,000 be
tax sysfor
tems affecting the same property. President Coolidge said in speaking
such work. It is estimated by the army engineers that
$30,000,000
of
can be expended wisely each year for ten years.
inheritance taxes, that the burden of the tax comprised not only the rate
The President's view as to the possibility of a $225,000,000
but the cost of payment.
tax
reduction was upheld by Republican leaders of the House, who
"Joint Federal and Stet, tax levies: the retention of the Federal estate
today
asserted that every attempt would be made to hold down all
emergency tax in its present form contemplates a system of point legislation out
appropriations now before Congress.
of accord with the long established separation of tax sources as
between
It is pointed out that no move toward tax reduction is the States and the Federal Government
"The American Bankers' Association makes this appeal on behalf
of the
contemplated in Administration circles until the March 15 customers of its member banks for
the purpose of attempting to lessen
returns have been received. In the meantime the tax bill, the cost of administration of estates. The members of the association
which has been passed by the House, will remain pending acting as executor and administrator have been obliged on the basis of experience to increase their charges on account of the extra work
and the
before the Snate Finance Oominittee.
extension of time of settlement of estates made necessary
by the
s
MAR. 10 1928.]
FINANCIAL CHRONICLE
extra coat in their
Federal estate tax where they have not absorbed this
own budgets."
are
The members of the special committee on taxation
Savings
Roy C. Osgood, Vice-President First Trust and
Bank, Chicago, Chairman; Raymond H. Berry, Assistant
Vincent K.
Vice-President Detroit Trust Company, Detroit;
Counsel American Trust Company, San FranButler Jr.,
cisco; Merrel P. Callaway, Vice-President Guaranty Trust
Company, New York City; F. Winchester Denio, Vice-President Old Colony Trust Company, Boston; James Dunn Jr.,
E.
Vice-President Union Trust Company, Cleveland; James
Commerce Trust Company, Kansas
Goodrich, Vice-President
City, Missouri; William V. Rockefeller, Trust Officer Tracy
Loan and Trust Company, Salt Lake City; Thomas B. Paton,
General Counsel American Bankers' Association, New York
City.
1453
themselves. The effectiveness of this nation-wide program rests upon
the local chambers of commerce and trade associations which are
organization members of the National Chamber. The latter will provide facts and information on various state and municipal tax questions and, through this new committee, will go energetically into the
study of the situation and the determination of successful, practical
measures for improvement.
"Even with the advice and effort of the National Chamber, it is
apparent that the actual work of examining budgets, resisting unwise
along equitable
bond issues, reorganizing local and state tax systems
locally.
lines, and improving interstate tax relationships must be done
trade organizations, inform
To the extent that local chambers and
themselves of local fiscal conditions and insist that every public
transaction be consistent with wise, constructive economy, just to that
extent will this effort at reform succeed.
"Immediately beneficial work already has been done in many communities, proving that the energy can be mustered; and these successes
demonstrate that the desired results can be obtained."
Members of the committee beside Mr. MeWhirter are:
Robert W. Bingham, publisher, Louisville Courier-Journal.
F. H. Clausen, President, Van Brunt Manufacturing Co., Horicon,
Wisconsin.
Thornton Cooke, President, Columbia National Bank, Kansas City,
Missouri.
John M. Crawford, President, Parkersburg Rig & Reel Company,
Parkersburg, West Virginia.
Franklin S. Edmonds, attorney, Philadelphia.
D. C. Everett, President, Marathon Paper Company, Rothschild,
Wisconsin.
Fred R. Fairchild, Professor of Political Economy, Yale University.
William Fortune, Indianapolis, Indiana.
Mark Graves, New York State Tax Commission, Albany, New York.
C. C. Hieatt, President, Consolidated Realty Company, Louisville,
Kentucky.
Robert P. Hooper, Vice-President, William E. Hooper & Sons Co.,
Philadelphia.
John Lansdale, Tax Commissioner, Southern Pacific IL R. Lines,
Houston, Texas.
H. C. McKenzie, New York State Farm Bureau Federation, Walton,
New York.
Edward P. Peck, Omaha Elevator Company, Omaha, Nebraska.
H. H. Rice, Assistant to the President, General Motors Corporation,
Detroit, Mich.
Lent D. Upson, Director, Detroit Bureau of Governmental Research, Detroit.
George Vaughan, attorney, Little Rock, Ark.
W. F. Willoughby, Director, Institute for Governmental Research,
Washington, D. C.
Downward Revision of Federal Tax Rate on Personal Incomes in Middle Brackets Among Tax Revision Recommendations of National Industrial Conference
Board, Inc.
Immediate and substantial reduction of the corporation
income tax rate, downward revision of the tax rate on personal incomes in the middle brackets, outright abolition of
the Federal estate duty and elimination of the excise on
motor vehicles as quickly as budgetary necessities permit,
are the chief recommendations for tax revision submitted
to Congress by the National Industrial Conference Board
of New York. The Conference Board accepts the United
States Treasury's estimates of surplus for 1928 and 1929,
but definitely urges that Treasury surpluses be applied to
tax reduction in preference to rapid debt retirement. In
the view of the Conference Board, the compulsory Sinking
Fund appropriations give assurance that the redemption of
the debt will progress satisfactorily even if tax revision
should altogether eliminate further surpluses. "The country will benefit more from the encouragement to business
that would follow a reduction of the present tax rates and Parcel Post Arrangements Between U. S. and Cuba Terfrom the removal of incidental abuses in the present tax
minated—Refusal of Congress to Enact Legislation to
system than it would through -a more rapid reduction of
Permit Entry of Cigars by Parcel Post in Lots of Less
the Federal debt," according to a statement by Magnus W.
Than 3,000.
Alexander, president of the Conference Board. As to the
Parcel post shipments between Cuba and the United
Board's proposals, a statement issued Jan. 9 said:
States ceased on March 1 when the temporary parcel post
The Board proposes that the corporation income tax be reduced from
rate of 13Y,% eventually to 8% as rapidly as this can be convention between the two countries expired. Noting the
the present
accomplished. An 8% rate, according to the calculations of the Board, termination of the arrangements the Associated Press adwould equalize the tax burden on incomes derived from corporate profits
n Feb. 29 stated:
from other sources, so long as present rates on per- vices from Washingto
with those derived
sonal incomes are maintained.
Reduction of tax rates on incomes in the middle brackets is urged
because, the Board declares, the 1926 Revenue Act markedly decreased
rates applying to the lowest and highest incomes, but afforded only
incidental relief to those in the middle brackets, which therefore at
present carry a relatively greater burden.
The Federal estate duty, it is held, should be immediately abolished
since the emergency that sponsored it no longer exists. The Board considers that the 80% credit clause attached to the tax "has neither moral
nor fiscal justification," and that it constitutes "fiscal coercion of the
states by the Federal Government" and that it is "opposed to the basic
principles upon which American government is based," and declares
the credit clause.
its "unequivocal opposition" to the principle of
Excise taxes on automobiles and motorcycles should be "reduced and
and as fast as treasury conditions peraltogether eliminated as fully
mit," in the view of the Board, which characterizes these taxes as belonging in the group often referred to as "nuisance taxes."
U. S. Chamber of Commerce Names Commitee to Study
State and Local Taxation.
A project for a nation-wide study of state and local taxation was launched on Feb. 6 by the Chamber of Commerce
ent by President
of the United States with the announcem
Lewis E. Pierson of the appointment of a special committee
to consider the subject. Finance, industry and agriculture
will be represented on the committee, which will be under
the chairmanship of Felix M. McWhirter, President of the
Peoples State Bank of Indianapolis, and the membership
, tax experts and governof which will include economists
ment officials. "The National Chamber is committed to the
principle of sane economy in public expenditures," said
President Pierson in announcing the personnel of the committee. "Intelligent budgeting, simplification of tax procedure and an orderly program of public spending cannot
of government upon
but ease in some measure the demands
citizens for money support." Commenting on the apits
pointment, Mr. McWhirter said:
insistence that the public get a
"Eternal vigilance and relentless
every dollar spent is a cardinal need. The
dollar's worth of value for
tremendous possibilities for immediate, effective work.
situation holds
have reached totals in recent years
"State and municipal expenditures
constructive effort of the taxpayers
which compel the consideration and
As a result of the refusal of Congress to enact legislation permitting
the importation from Cuba of cigars in lots of less than 3,000 and the
insistence of the island republic upon the termination of the postal convention of 1903 unless this was done, not even a pocket handkerchief
may now be transmitted except by express or freight, post office officials pointed out.
"Cuba has faithfully performed her part of the agreement for twentyfive years," Second Assistant Postmaster General Glover declared today, "but owing to the 1866 tobacco law all cigar shipments from Cuba
have been excluded here, giving the United States all the best of the
bargain."
Mr. Glover reiterated the position of the department at the time of
the recent hearing before the House Ways and Means Committee, which
reported the bill favorably, saying that a huge loss for American manufacturers would result.
"American railroads will lose nearly $1,000,000 a year in revenues,"
he said, "and American factory production will suffer heavily from the
loss of trade with Cuba, as express costs are double or treble the
charges for parcel post."
Cuba had originally declared its intention of abrogating the convention on June 30, 1927,-but on the promise of postal officials here to ask
President Coolidge to request amendatory tobacco legislation, extended
the agreement for the nine months' period which expires to-morrow.
The President made this recommendation to Congress in his annual
message.
Two years ago Cuba raised the weight allowed for mail packages from
four pounds six ounces to eleven pounds, at the request of American
manufacturers, and recently expressed a willingness to raise the weight
to twenty two pounds with C. 0. D. privileges, in return for the right
to mail cigars here.
The bill repealing the existing law barring the importation of cigars and cigarettes in lots of less than 3,000 had
been introduced in the House by Representative Watson.
In its report on the bill to the House the Ways and Means
Committee pointed out that the termination of the parcel
post convention with Cuba would seriously affect our customs as well as our customs revenues. The report, according to Washington advices Feb. 18 to the New York
"Times" stated:
"This law unjustly discriminates against an important industry of
Cuba. Its repeal has been recommended by the Treasury and Post
office Departments. Unless this is done, our merchants and railroads
will find themselves deprived of this large parcel post business after
the 1st of next March, the date of the expiration of the convention,
which has been extended upon the specific understanding that it would
expire at that time unless this legislation was enacted.
1454
FINANCIAL CHRONICLE
[VOL. 126.
"We purchase large quantities of tobacco made in Cuba.
It is not
probable that our purchases would be any larger if this
law was re(pealed, while it would be an advantage to many other
industries in the
United States.
"It is declared that American investment in Cuba represents
more
than $1,250,000,000, that interrrupted communication of the shipping
of
goods to Cuba by parcel post will seriously affect this investment
, as
well as American commerce. Representatives of the
United States
Chamber of Commerce and virtually every commercial organizati
on in the
United States, exclusive of the tobacco manufacturers, as well as
the
Secretary of the Treasury and the Postmaster General,
advocate the
adoption of this legislation and your committee is of the opinion
that in
fairness and justice to Cuba it should pass.
"The interruption of the parcel post shipments to Cuba
would directly cause an enormous amount of damage to the new
business of
American producers and manufacturers, and indirectly would
curtail
the present business. One of the principal reasons
Cuban producers
prefer American machinery, for example, is because of the
ease with
which small but vital replacement parts may be quickly obtained.
Many
such vital parts, bearings, cogs, etc., are shipped by
parcel post which
express service would be cut off should the treaty be abrogated.
"
One of the opponents of the legislation, Representative
John Garner, Texas, ranking Democratic member of the
Ways and Means Committee, was quoted on Feb. 7 as stating:
"This bill is not in the interest of the tobacco growers,
the cigar
manufacturers, or labor producing tobacco in this country.
We have
opposed this bill before, and I presume we will do so again.
"My State, Texas, is not directly interested, and I personally
am
not interested in the matter, but I do not think that it
is worth while
jeopardizing in any way our domestic tobacco growing and
manufacturing and selling industries for the sake of selling some
of our merchandise to Cuba."
City Club of New York Urges Passage of Hofstadter Bill
Requiring Public Officers to Waive Immunity Against
Self Incrimination.
The City Club of New York is urging the Legislature
to
pass Assemblyman Hofstadter's measure requiring public
officers, as a condition of holding office, to waive their immunity against self-incrimination. In a statement in
support of its stand the City Club says:
During the last four years the public has seen an
amazing series of
investigations in New York and at Washington,
most of which have
been actually or implicitly hindered or thwarted by the
ability of public
officers to avoid testifying by claiming immunity from
self-incrimination.
The very persons on whom we have a right to rely
for aid in
uncovering malfeasance and misfeasance refuse to
give the testimony
which will determine the truth. The situation is
similar to that which
we faced years ago in New York City when
District-Atorney Jerome
attempted to close the gambling houses. Halfway measures failed
completely. The character of the houses was
notorious, yet for months
Mr. Jerome was unable to get evidence to convict.
But just as soon
as a statute was passed compelling frequenters
of these resorts to testify, the gambling house keepers surrendered. The
remedy which is
proposed for the present situation worked than
and Will work now.
Mr. Hofstadter's bill is not unconstitutional nor is
it unfair. Disabilities from which ordinary citizens are free, are frequently
and properly
imposed upon the holders of public office. To demand
accepts such a post waive this immunity privilege that a man who
in relation to his
official conduct, is simply taking the fit and proper
precaution to
insure his honest performance of the duties which
will be incumbent
upon him.
Split RateiBids—Resolution Adopted by Investment
Bankers' Association Recommends State and Municipal Authorities to Adopt Memphis Method of
So-Called Net Interest Cost.
A resolution on "Split-Rate Bids" was adopted by the
Board of Governors of the Investment Bankers' Association
of America at their annual mid-Winter meeting held at
Absecon, N. J., Jan. 20 and 21. This resolution, which
recommends to borrowing communities the Memphis method
of so-called net interest cost in determining bids on municipal bond issues, was presented by the subrcommittee
on municipal securities of which Harry H. Bemis of Curtis
&
Sanger, Boston, is Chairman. The resolution as adopted
follows:
Split-Rate Bids.
Your committee has been asked to suggest formula
a
to be used by State
and municipal authorities in considering split-rate
bids. Perhaps an explanation should be made of what a split-rate bid
means.
Not many years ago it was customary for States and
municipalities
to make each loan mature on one date, payment being
provided for by
yearly appropriations from taxes which were placed in a
sinking fund.
Theoretically, this amount was invested in such a manner that
there were
sufficient funds in hand to pay each issue at maturity.
Actually, In
the hands of municipal officials sinking funds were
often improperly
administered with a great deal of resulting confusion, for,
as bonds
matured, the funds for payment were not always available.
The introduction of serial bonds with annual maturities
has, where
used, remedied this evil, since payment of
eac.fi maturity was provided by
a special levy in the annual tax budget.
In 1922 a resolution offered by your committee
recommending that
all future State and municipal issues should mature serially
was adopted
at that convention and since that time many States
have passed laws
making this procedure obligatory, and it is now in general
use.
With issues payable serially municipalities desire to
as low a coupon rate as possible, providing the legal sell their bonds at
limit,
Is obtained. Because officials are not always able to foresee usually par,
the coupon
rate necessary, many loans are now advertised asking
bidders
rate or rates, usually stipulating that rate or rates shall be to name
multiples
of one-quarter per cent. This in turn has led
to the situation where it
is often possible to bid for part of the issue
at one coupon rate and
balance at another, or even more than one. This is what is meant the
by a
split-rate bid.
As different combinations of rates, amounts and maturities
may be
used by different bidders for any given loan, it becomes the
task of the
officials, aided by ingenious and ingenuous representatives
of the bond
houses, wha may be present at the sale, to determine which bid is
highest.
Your committee is asked to suggest the method by which
this may be
determined with reasonable accuracy, bearing in mind that the system
adopted should be as simple as possible, easy to comprehen
d and should
not call for intricate specialized knowledge.
There are two general methods of figuring: first, the exact
basis, and
second, the so-called net interest cost. The first, which
is undoubtedly
the more correct from a mathematical standpoint, is
to use the serial
basis book to calculate the net basis yield of
each offer, awarding the
bonds to the bidder offering the lowest exact basis.
This method is complicated, and neither bond men nor city officials necessarily have
the mathematical experience to use it successfully. Especially Is
this true where
amounts are irregular, making its use difficult, if not
impossible. There
are three ways in use by which the above method may
be
This method, itself, is based on the assumption that premium worked out.
received will
be profitably employed by the municipality at compound
interest, and that
it makes a real difference to the taxpayer whether a greater
or less amount
of interest is included in the city budget in any one year,
in preference
to any other year; neither of which is likely to be true.
In a word, neither
the city nor the taxpayer is in the position of a corporation,
which might
expect money saved in interest in any one year to be profitably
used as
working capital.
The second and more simple method is stated in a recent
circular of
the City of Memphis as follows: "In comparing bids take
the total of
interest required to carry each issue through to maturity at
the rates
named in the bid. From the combined amount deduct the
premium bid,
and the remainder shows the net amount of interest to be
paid by the
city." This is the actual amount of money the borrowing
community
will have to pay out in interest during the life of the bonds.
The discrepancy in accuracy between the two methods is extremely
small,
shrinkage as bids approach par; and split-rate bids are designed primarily,
and certainly tend, to make the amount of premium offered as small
as possible. Any theoretical loss to the borrowing community in using
the
net interest method is negligible in comparison with the importance
of
adopting a method of universal application, easy to understand and
yet answering all practical needs.
Your committee recognizes that at times loans are still offered,
part
of which may be of a single maturity and part mature serially,
and for
which "all or none" bids may be made. Nevertheless, it seems
to be
of those questions in dealing with which simplicity and workabilit one
y by
the average city official and bond man are the important factors,
especially as the difference in mathematical accuracy is slight
and the
advantage of such accuracy, if any, is nullified by the reasons
previously
stated.
The object of this recommendation is to name a method
which will
be easy to understand and avoid disputes now possible where
city officials
have no universal and accepted method of figuring bids,
and which
will allow all bidders to compete on equal terms. Therefore
your
committee recommends the second or Memphis method of
so-called
net interest cost, and further recommends that borrowing communiti
es
stipulate in their notices of sale that this method will be used in awarding
the bonds.
City aub of New York Endorses Gov. Smith's Recommendation That State Census Be Abolished.
The City (Rub of New York is endorsing Governor
Smith's recommendation that the State Census be abolished. In a statement made public March 2 it says:
Until 1925 the State Census consisted merely of the enumerati
on of
the inhabitants. It was taken to give the necessary data for legislative
apportionment. In 1925, however, the Legislature appropriated
a sum
intended to permit the scientific tabulation of the census results,
so as
to make them useful to civic and public bodies.
New York State does not need a census for reapportionment.
While
the Federal Census cannot be used for that purpose as it is, it
can be
so easily and inexpensively adapted to that use, that a separate
State
Census as ordered by the Constitution, seems a waste
of money.
The City Club recognizes that there is an alternative
of the abolition of the State Census, namely, the taking of the census
in such
a manner as to make it really useful. The chief objection to this idea
is that it would require the building up every ten years of a huge
temporary machine duplicating the much more permanent organizati
on
of the Federal Government.
Federal Trade Commission Finds No Evidence of Cotton
Seed Price Manipulation on Part of Crushers and Refiners—Establishment of Standards for Cotton Seed
Urged—Decrease in Operating Mills Since 1915.
Evidence of cottonseed price manipulation on the part
of crushers and refiners in violation of the antitrust laws
or the Federal Trade Commission Act is not apparent, the
Federal Trade Commission announced on March 5 in submitting to Congress a report of its investigation of the
cottonseed industry. The inquiry is the result of a resolution adopted in the House last March declaring prices
paid by cottonseed interests to cottonseed producers had
been uniform for several years and it therefore appeared
that the cottonseed interests were in "agreement or corn
bination on the prices to be paid the producers," and this
was said to be "in restraint of trade."
While reporting no evidence of price fixing in the cottonseed industry the commission gives as a main cause of
dissatisfaction both to the producers of cottonseed and to
those who purchase it for manufacture into oil and byproducts the general lack of a uniform system of grading.
•
MAR. 10 1928.]
FINANCIAL CHRONICLE
"Standards should be established for cottonseed as have
been established for cotton and other products so that
those dealing in seed may arrive at a fair value, which will
necessarily be reflected in the price paid the producer,"
the Commission recommends.
Low prices paid for cottonseed in 1926 were the cause
of many complaints and were doubtless one of the reasons
for the current inquiry, according to the Commission. "It
would seem though, that the extremely low prices might
well be attributed in part to an increase in production,"
the Commission comments in its report. In making known
its findings the Commission also says:
Production of cottonseed in 1922 and 1923 from an average crop of
'
cotton was about 3,000,000 tons in each year. Prices in 1923 soared
far above what was warranted by the price of the products, and as a
result many of the concerns operating oil mills experienced financial
difficulties, the commission found. Prices averaged $8 to $10 a ton in
1923 above the 1922 prices. The 1925 crop exceded that of 1924 by
more than one million tons and the average price dropped from $34.16 in
1924, to $30.80 a ton in 1925. In 1926 the quantity of seed crushed
was about 750,000 tons larger than in 1925 and the average price of
seed fell to the low level of $21.63 a ton. In 19`27 the price paid the
producer was materially higher, many sales being noted in the Southeastern States at $40 a ton. The estimate for the cotton crop as of
Nov. 9, 1927 was only 12,842,000 bales as compared with 17,977,374
bales produced in 1926.
"Under normal conditions, seed prices are influenced most !)y what
the oil mill expects to realize from the resultant products, especially oil,
the value of which exceeds the total value of the cake or meal, hulls
and linters.
"It is contended that the speculator fixes the price for seed, in which
event if the trend of oil prices were downward the price of cottonseed
might easily fall below its real value, whereas if the oil market were
bullish, higher prices might prevail for seed than could be realized
from the products.
"On the whole, however, prices during the last two years have followed the price of oil and when the freight to the mill and the cost of
manufacture are added, the total does not differ materially from the
total value of all products extracted from the seed."
Crushing of cotton seed and the refining of crude cottonseed oil
are
separate operations, but there are companies engaged in either or both of
these activities. Some manufacture products from the refined oil,
such
as lard substitutes and soap. In 1926 the following six concerns
refined
more than 70% of the total production of crude oil: Proctor
and
Gamble Company, Southern Cotton Oil Company, Armour and
Company,
Swift and Company, Portsmouth Cotton Oil Refining Corporation,
and
Van Camp Packing Company. At the same time these six
companies
consumed 65% of the total of the refined product. Several
organizations
Operate a chain of crushing mills but are not engaged in the
manufacture
of cottonseed oil.
Practically all companies engaged in crushing cottonseed
and most of
those of the refining industry are members of the Interstate
Cottonseed
Crushers' Associaion. Some of these concerns are also members
of state
trade associations. The trade rules of the association are
used by
members in buying and selling oil and in dealing with known
members,
the commission found. The inter-state association is not
engaged in
price activities. Its chief functions are the enforcement of
its trading
rules and general promotion work. Several state associations,
however,
which are operated independently of the Interstate do collect
and disseminate price information. Much of this is general in
scope. The
North and South Carolina associations are the only ones noted
by the
commission as regular collectors of data from their members
as to
prices paid for seed.
The average price of all mills from these states reporting each
week
is transmitted to their members and is frequently sent to the
secretaries of their state associations. The Commission found the
only concrete evidence of direct co-operation between the state
associations to
be an effort in •1926 to curtail the production of linters by
concerted
action in reducing the cut at the mills to about sixty pounds
per ton
for enhancing of the market value. The plan had been put
into effect
by some of the state associations, but at a joint meeting held in
Memphis,
Tennessee, in October, 1926, the legality of the plan
was
and as a result no further action in that direction was taken. questioned
The effect
of the action of the mills in some of the states in putting the
plan into
operation was to reduce the total linter cut for the year by
approximately
200,000 bales.
Not only are there no official standards for seed, the
Commission reports, but there are no official quotations on the cottonseed
products,
with the exception of refined oil. The oil is officially quoted on the
New
York Produce Exchange and the New Orleans Cotton Exchange.
"Crude oil, the product of the oil crushing mill, is regularly
quoted
at about 160 points or one and three-fifths cents less than the
refined oil. No evidence was secured tending to show that the price for
retined.oil was established by other than bona fide transactions, price for
similarly
as the price of many other commodities was established.
This
is affected, of course, by such natural factors as the supply and market
demand,
the price of their vegetable oils and the price of lard with
which vege.
tabel shortening is in direct competition.
The cotton grower usually disposes of his seed to the
ginner at the
time of ginning. The value of the seed is small as compared
with the
value of the ginned cotton. Fifteen hundred
pounds of seed cotton
yield about 1,000 pounds of seed, which at $40 a ton gives
a
only $20 as compared with $100 for the cotton, on the basis return of
of twenty
cents a pound.
The Commission found that the uncertainty of the value of
has also been the cause of dissatisfaction. First, because of the seed
of a system of grading the grower receives no more for seed the lack
quality than for inferior seed. Second, because of the lack of a good
information as to current market value of cottonseed, he is of reliable
not always
sure the ginner is paying a fair price.
Although the Commission received a few complaints
concerning speculation on the part of ginners, the data obtained would not
indicate that
the practice was general, it is stated. Five hundred and
seventy oil
mills were being operated in 1926. Some of them had as many
teen presses. Chains of mills were operated by such companies as sixas the
following:
Southern Cotton Oil Company, 49 mills; National Cottonseed
Products
Corp., 19 mills; Buckeye Cotton Oil Co. (Proctor & Gamble
9 mills; Choctaw Cotton Oil Company, 11 mills; Chickasha Company),
Company, 8 mills; Southland Cotton Oil Company, 9 mills; Cotton Oil
Vegetable Oil Co., 6 mills; and Swift & Company, 5 mills. International
1455
The Commission declares that these concerns occupy no
monopolistic
position, at least in any large territory, as they are generally
situated
throughout the cotton producing states. The Commission's report includes tables indicating that these and other concerns paid prices
that
varied considerably and no evidence was obtained indicating that
they
had co-operated in the fixing of prices. Prices varied often in the same
localities and in some states ranged from Two Dollars to Six Dollars a
ton. Cotton seed prices vary in different states because of the difference
in the yield of the more valuable products and of the fact that in the
Southeastern group of states there is a greater demand for cotton seed
meal for use in mixing fertilizers and feeds. For example, prices generally are higher in North and South Carolina, Georgia, Alabama and
Mississippi than in Oklahoma and Texas.
Cotton seed and cotton seed products are quoted in a semi-official manner at New Orleans, Dallas, Houston and Little Rock. The price of
products thus quoted is not binding on the purchaser and it is alleged
the quotations are not authoritative. Some of the information is, however, widely distributed by telegraph, newspapers and radio and therefore becomes available to the producer as well as to the purchaser. In
Dallas and Houston there are posted daily on the exchanges the market
prices on cotton seed, crude oil, cake meal, hulls and linters. The
prices are furnished by a committee of the exchange and are obtained
by the secretary of the committee who ascertains from the various oil
mills in the vicinity of the respective city the actual price paid or offered
for cotton seed, the quotations being the highest price paid or bid. Similar information is also quoted on the New Orleans and Little Rock exchanges while a daily report is issued by the Atlanta Commercial
Exchange.
While the Commission obtained no data as to manufacturing costs or
profits from concerns engaged in crushing seed or refining oil many of
the oil mills complained of general conditions in the industry. An official of a large concern operating a chain of mills stated that for some
time there had been too many mills and in an effort to save the loss
incidentally necessary to overhead expenses they have frequently paid
more for seed than could be obtained from the products. It is contended that in some sections the capacity of the crushing mills greatly
exceeds the normal seed supply in those localities.
Actual returns of individual mills vary considerably. An official of
a concern operating several mills stated that with the average cost of
seed about $41.50 their total cost would be about $52.50 a ton of seed
crushed and from which they could hardly expect to attain at present
prices for cotton seed products more than $50. In any event, says the
Commission, it is evident that on the basis of the present cost of seed
and an average manufacturing cost of $8.50 a ton the value of the
product does not exceed the total cost by a wide margin. Furthermore,
it is stated, it does not appear from a comparison of the average prices
actually paid by the mills with the published quotations on oil and other
cotton seed products that a wide margin of profit existed in either 1925
or 1926.
The method of marketing seed is practically uniform. The farmer
sells his seed to the ginnery at the time of ginning. In some cases the
farmer with capital and storage facilities will store his seed and sell
in carload lots direct to the crusher but the bulk of the seed is sold to
the ginner, who may be purchasing the product on his own account or
on commission for the crusher. Where the seed is purchased by the
ginner on commission he is usually furnished capital with which to
buy
and allowed $3 a ton for his services.
Ginneries are in operation in all sections where cotton is produced
as
the farmer delivers his cotton by wagon. The machinery for a modern
gin represents an investment of only about $6,500 and more than 15,000
ginneries are in active operation during the cotton marketing period. A
ginning season is usually from the middle of August to the middle of
November. The chief products from cottonseed are oil, cake or meal,
hulls and linters. A ton of seed yields 300 pounds of oil, 925 pounds of
cake or meal, 575 pounds of hulls, 100 pounds of linters, leaving 100
pounds as waste. The Commission found a natural close relation between the price paid for seed and the market value of the products to
be extracted. Cotton seed extracted from the cotton by the process of
ginning are coated with a short cotton fibre. When sold or delivered
to the crushing mill this coating of fibre is separated from the seed,
packed in bales, and commercially labeled as "linters," then the hull is
separated from the kernel of the seed and becomes commercially known
as "hulls." Heat is applied to the kernel of the seed and by hydraulic
pressure oil is extracted. This is called commercially "crude oil". The
pulp as removed from the press is in the form of flat hard cakes which
substance when ground is commercially known as "meal". If the
product is to be exported it is usually left in cake form. Cotton seed
oil in its crude state is sold by the mills to refiners and by them is
deoderized, bleached and hydrated for sale as vegetable oil shortening
or lard compound. Refined oil is also used by bakers in liquid form and
by the consuming public as cooking and solid oils. A small percentage
of refined oil is used by oleomargerine manufacturers although it is
stated that the percent used for this purpose at the present time is
negligible. Soap and washing powder manufacturers as a rule use only
the off grades of oil.
Cotton seed meal or cake has a high protein c,.1 tent and is said
to
be good for live stock either in the form of cake r as meal mixed with
other feeds. This is used chiefly by the manufacturers of such feed
and
is in competition with other concentrated protein feed such as linseed
meal and peanut meal. Approximately 20 to 25% of the total production is exported. Cotton seed hulls are largely used by the farmer for
roughage in cattle feed. The mills usually find a market for the hulls
in
their immediate neighborhood.
Cotton linters are used in the bedding and mattress trade and are
a
source of cellulose used in the manufacture of artificial silk, celluloid,
writing paper, rayon and other cellulose products. Uses of this
product have ben extended in recent years.
The Department of Agriculture in co-operation with trade
associations has worked for some time towards establishment of a
system of
standards which could be universally adopted. Grades have
actually
been established for linters and are being followed this year.
A majority
of the large oil mills have adopted this system in selling
and of the important uses of this product more than 50% of the
mattress manufacturers and practically all of the cellulose manufacturer
s purchase on this
basis.
Progress is being made as to the adoption of a plan whereby
seed will
be graded according to its voluble content.
The plan has been submitted to the various concerns interested
and has the approval of the
Interstate Cotton Seed Crushers' Association.
The cotton seed oil industry began to be
developed about
the year 1880 when there were some 45
mills in the United
States. About this time it was discovered cotton seed
oil
FINANCIAL CHRONICLE
1456
[VOL. 126.
could be used in the manufacturing of shortening after
which a much larger percentage of the seed produced was
crushed. It is estimated that only about 5% of the seed
produced during that year was crushed, where by comparison during 1926 80% of the total produced was crushed.
The number of mills has increased accordingly, there having been 844 in operation in 1915. Since then the number
of mills operating has decreased to less than 600. The
average crush in 1926 exceeded 11,000 tons.
Average Fare Received by Electric Railway Companies in
United States Now Over Eight Cents.
A 10 cent cash fare now is being received by electric railway companies in 234 cities of the United States, the
American Electric Railway Association announced on
March 5. The average fare for all cities, including passes
and cut rate tickets, is 8.10 cents.
This average is an increase of about 60% over fares
prior to the European war. Wages and material cost, according to the Association, have increased more than 100%
Senate Committee Opposes Appointment of John J. during the same period.
Esch As Inter-State Commerce Commissioner.
An unfavorable report on the re-nomination of John J.
Esch as a member of the Inter-State Commerce Commission
"Growing Community Trusts" Discussed by
Ralph Hayes.
was ordered by the Senate Inter-State Commerce Committee on March 6—The vote on the nomination was 10 in
Before the Corporate Fiduciaries' Association of New
opposition to 7 in favor of it. Just prior to the expiration of Haven, Conn., in Woolsey Hall, Yale College, on Feb. 17,
Mr. Esch's term he was reappointed by President Coolidge, Ralph Hayes, Director of the New York Community Trust
before the Christmas holidays, but with the failure of the and Vice-President of the Chatham Phenix National Bank &
Senate to act thereon before the holidays he automatically Trust Co. of New York, spoke on "The Growing Community
went out of office on Dec. 31. On Jan. 3 he was given a Trusts," saying in part:
recess appointment by the President. In referring to the
I submit that, in the Community Trust procedure, we have the most
that,has yet been fashioned for the adminisCommittees adverse report this week the Associated Press carefully devised mechanismfor charitable and educational objects. It is
tration of permanent funds
6 said:
advices from Washington, March
sound in design; and yet it may now be added that it Is proving equally
Mr. Esch's nomination was opposed particularly by Senators from the
Southern coal States because of his change of vote in the lake cargo coal
case, whereby the railroads serving the Pennsylvania mines were permitted
to reduce their rates to lake ports, thus increasing the differential in favor of
the Pennsylvania fields as against the mines in West Virginia. Virginia.
Kentucky and Tennessee.
The roll call as officially made public follows: For the nomination: Gooding, Idaho; Couzens, Michigan; Fess, Ohio; Howell, Nebraska; du Pont,
Delaware. and Watson, Indiana, Republicans, and Bruce, Maryland,
Democrat.
Against the nomination: Goff, West Virginia; Pine, Oklahoma; Sackett.
Kentucky; Metcalf, Rhode Island, Republicans, and Pittman, Nevada;
Dill, Washington; Wheeler, Montana; Mayfield, Texas; Black, Alabama,
and Wagner, New York, Democrats.
During the Senate controversy over his reappointment. Commissioner
Esch has held his place on the Commission and has acted in all of its deliberations by virtue of a recess appointment.
This situation will continue, under usual procedure, in spite of the Senate
Committee's action to-day. Should the Senate sustain the committee,
however, his place would be vacated automatically.
Each took his seat on the Commission. Mar. 21 1921. Previously, he
served for 22 years in the House as Representative from Wisconsin and,
during his membership, was co-author of the Esch-Cummins Transportation Act.
Capital Expenditures by Class I Railroads in 1927 at $771,552,000-12% Below 1926.
Capital expenditures of the Class I railroads in 1927,
made for new equipment and for additions and betterments
to property used in connection with the transportation
service, amounted to $771,552,000, according to complete
reports for the year received by the Bureau of Railway
Economics and made public March 2. Compared with the
preceding year, capital expenditures in 1927 showed a decrease of $113,534,000 or 12.8%. Capital expenditures for
new equipment in 1927 amounted to $288,700,000, a decrease
of $83,222,000 or 22.4% compared with 1926. Expenditures
for locomotives in 1927 amounted to $76,975,000 compared
with $108,263,000 in the preceding year, while for freight
train cars $136,490,000 were expended during the past year
compared with $185,792,000 in 1926. Capital expended for
passenger train cars in 1927 totaled $53,769,000 compared
with $58,117,000 the preceding year.
For roadway and structures, capital expenditures
amounted to $482,852,000, a reduction of $30,312,000 or
6.3% below 1926. Of such expenditures, those for additional track in 1927 totaled $139,175,000 compared with
$166,758,000 in the year before. For heavier rail, expenditures totaled $43,742,000 or an increase of $1,558,000
above 1926 while for additional ballast, $16,230,332 were
spent in 1927, which was slightly under similar expenditures in the preceding 12 months. For shops and engine
houses, including machinery and tools, reports showed capital expenditures amounting to $35,236,000 compared with
$46,882,000 the year before while for all other improvements, $248,468,000 were expended, which was an increase
of $7,649,000 over the corresponding period of the preceding year. Actual capital expenditures since 1920 follows:
$ 653,267,000
557,035,000
429,273,000
1,059,149,000
874,743,000
748,191,000
885,086,000
771,552,000
1920
1921
1922
1923
1924
1925
1926
1927
Total
$5,978,296,000
sound in operation.
The offices of the New York Community Trust were opened in the latter
part of 1923. The amount of income distributed in 1924 was $478. In
the next year the appropriations rose to $16.000; in 1926 to $33,000; and
in 1927 to $56.000. We have reason for believing that appropriations for
1928 will again show an increase over all previous years.
In tabular form, this appears as follows:
Cumul.
Increas Over
Year's
Total.
Appropriations. Pres. Year.
Year
0
0
0
1923
$478.33
$478.33
$478.33
1924
51,630.56
15,673.89
16,152.22
1925
49,790.20
17,007.43
33,159.65
1926
106,424.29
23,474.44
56,634.09
1927
Meanwhile the number of financial institutions participating as trustees
has increased in every year—from six in 1923 to 18 in 1928. During all
this period. it is gratifying to relate, the Distribution Committee has used
no portion of income from the trust funds for administrative expenses.
It has disbursed 100% of every sum reported available by the trustees.
I speak of the New York Community Trust because I know it best. But
the same story might be told of the Cleveland Foundation, with its 31.200.000; the Chicago Community Trust, with its $2,500,000; the Indianapolis
Foundation, with its $1,900,000; and, many others with sums of varying
sizes.
In so far as I am aware, no compilation has been published heretofore,
comshowing the principal held and the income distributed by the various
d with
munity trusts. During the past few weeks we have communicate
we cannot say
nearly all of these organizations now functioning, and while
to make
that our information is complete, such calculation as we are able
begun distribution and
indicates that in 1925, 16 community trusts had
that in 1926 the number of disthe amount distributed was $441,856;
grown to a
tributing trusts had increased to 18 and the sum disbursed had
19, and
total of $492,420; that in 1927. the distributing trusts numbered
$593,036.
their appropriations had gained another $100,000 and reached
community trusts with funds actually
Now, at the beginning of 1928. the
They
in hand are 30 in number. They are scattered through 20 States.
have upward of 175 banks and trust companies acting as their trustees.
They are administering funds that have risen, in the aggregate, to something more than 314,500.000.
I have expressed the conviction that we owe a debt of gratitude to the
creators of the great foundations suggested by the names of Rockefeller
and Carnegie and Sage and Harkness. They have made their wealth to
serve unselfish ends. They have lighted watch-fires on the hills.
And now we are witnessing the marshaling of these new forces, these
yet,
people's foundations, these community trusts—little and young as
but gathering from many quarters and rallying at many points. They
have not attempted high-pressure salesmanship; they have not added
-place.
another shrill scream to the deafening din that is the modern market
But year by year their number enlarges; their resources increase; their
operations extend; their influence grows.
is too
I have faith to believe that even those of us whose single strength
weak to be felt, and whose lone voice is too small to be heard. may come
each our children's children to know—that by
one day to know—or to
strength,
adding ours to the common voice and joining ours with the common
not
we too may stir echoes that will not quiet and find a power that will
perish.
Bus Production at Normal Rate-467 Vehicles Ordered
or Delivered in February.
Bus production continues at a normal rate for this time of
the year and points to steady expansion both in the manufacturing end and in the transport field, "Bus Tramportadon" reports. During the month of February leading
manufacturers reported that 63 operators either ordered
or accepted delivery on 467 buses and 20 seven-passenger
sedans. This includes an order for 331 buses placed by the
Public Service Co-ordinated Transport of New Jersey and
20 buses by the Northland Transportation Co.
Eleven bus operating companies were incorporated in the
United States in the past month;45 companies were involved
in transfers or consolidations resulting in 20 parent companies;
new routes
34 permits to operate were granted, and eight
-Were put in service.
MAR. 10 1928.]
FINANCIAL CHRONICLE
1457
Eastern Regional Savings Conference To Be Field
Frederick G. Murbach, Manager Savings Department Union
Trust Co.,
March 22-23 at Hotel Commodore, New York— Chicago, Vice-Chairman.
E L. Jarl, Assistant Cashier State Bank of Chicago, Treasurer,
Other Regional Conferences.
D. D. Lovelace, Manager Savings Department Harris Trust & Savings
John J. Pulleyn, President of the Emigrant Industrial Bank, Chicago, Secretary and Chairman Registration Committee,
J. W. Rubecamp, Assistant Cashier Illinois Merchants Trust
Co..
Savings Bank, New York City, will head the committee Chicago, Chairman Attendance Committee.
E. G. Foreman, Vice-President and Cashier Foreman Trust & Savings
of arrangements for the Eastern Regional Savings Conference
to be held under the auspices of the Savings Bank Division Bank, Chicago, Chairman Entertainment Committee.
H. V. Prochnow, Union Trust Co.. Chicago. Chairman
Publicity
of the American Bankers Association in New York City, Committee.
R. M.Hansen,Assistant Cashier Northern Trust Co.,Chicago, Chairman
March 22 and 23, it was announced at a luncheon held at the
Commodore Hotel on Jan 24 to draw up plans for the meet- Reception Committee.
Mrs Anna Ahsens, Savings
ing. The plans involved the organization of an arrange- Chairman Women's Committee. Manager Chicago Trust Co.. Chicago,
W. B. Bosworth, Manager Service Extension Department Peoples
ments committee composed of representatives not only of
Trust
savings banks, but also trust companies, national banks and & Savings Bank, Chicago, Chairman Exhibit Committee.
A conference will be at Richmond, Va., April 5 and 6, at
State banks to cover the participation in the conference
by all types of banking institutions. This committee is as the Jefferson Hotel under G. Jeter Jones, Vice-President
First & Merchants National Bank, Richmond, Chairman of
follows:
the General Committee; Charles C. Cocke, Assistant Cashier
Savings banks: Lewis Gawtry, President Bank for Savings, N. Y.
City;
John J. Pulleyn, Chairman Arrangements Committee, President
Emigrant American National Bank, Chairman Registration ComIndustrial Savings Bank, N. Y. City; Charles C. Putnam, Comptrolle
r mittee; Frank C. Wood, Staples and Staples, Chairman
Brooklyn Savings Bank, Brooklyn.
Publicity Committee; W. A. Roper, Cashier and ViceTrust companies: Guy Emerson, Vice President Bankers Trust
Co..
N. Y. City; George V. McLaughlin, President Brooklyn Trust Co.,
Brook- President Bank of Commerce & Trusts, Chairman Banquet
lyn; Francis H. Sisson, Vice-President Guaranty Trust Co., N.
Y. City. and Luncheon Committee; H. N. Phillips, President BroadNational banks: Charles Cason. Vice-President Chemical National
Bank, way National
Bank, Chairman Attendance Committee;
N. Y. City; George W. Fraker, Vice-President National City Bank,
N. Y.
City; Frederick W. Gehle, Second Vice-President Chase National Bank. Jesse F. Wood, Vice-President State Planters
Bank & Trust
N. Y. City.
Co., Chairman Program Committee; Paul Mayo, Assistant
State banks: J. Stewart Baker. President Bank of Manhattan, N.Y.City;
E.0 Delaffeld, Bank of America, N. Y. City; B. H. Fancher, Vice-Presi- Cashier State Planters Bank & Trust Co., Chairman
dent Fifth Avenue Bank, N. Y. City.
Entertainment Committee.
George L. Woodward, President Savings Bank Division, American
Paul W. Albright, General Secretary of the Savings Banks
Bankers
and W. Espey Albig, Deputy Manager of the associaAssociation of the State of New York has been named tion will Associationconferences
attend all
.
Secretary of the committee.
The sessions of the conference 'will be held at the Hotel Nationwide Importa
nce of Mid-Winter Conference of
Commodore mornings and afternoons, with a luncheon there
Trust Companies of United States—Meeting Held
on each of the two days. The night of March 22 there will
in New York Feb. 14-16.
be a banquet at the Hotel Biltmore. This conference will
Representation from 32 different States and 184 difbe one of four regional savings conferences to be held under
the auspices of the Savings Bank Division, American Bank- ferent cities in the registration of attendance at the recent
ers Association during the spring, covering all parts of the mid-winter trust companies conference held in New York
United States. The New York conference will cover under the auspices of the Trust Company Division, American Bankers Association, Feb. 14 to 16, established a high
Connecticut, Maine, Massachusetts, New Hampshire,
New
Jersey,New York,Pennsylvania,Rhode Island and Vermont mark of nation-wide interest in this meeting. The con.
It is estimated that 85% of all classes of banks, including ference and seventeenth annual banquet of trust companies
the commercial banks and trust companies, are now conduct- of the United States was held at the Hotel Commodore.
ing savings departments. Among the topics which will be Unusual interest among various classes of banks engaged in
discussed at the conferences will be methods of stimulating fiduciary work was shown in the conference. There were
new and enlarging old savings accounts, means for increasing 26 State banks, 88 national banks and 241 trust companies,
the permanence of accounts, development of investment or a total of 355 banking institutions represented. Other
services in connection with savings banking, the possibilities fields interested in fiduciary work added 26 lawyers, adverof profit in the bond investment account, the desirability tising agencies and insurance underwriters to the list. There
of increasing the list of legal investments for mutual savings were 636 individual registrations at the business meetings
banks and the rapid development of savings departments of the conference, and 1,350 at the banquet held in conjunction with it. This year's figures were considerably
In commercial banks and trust companies.
larger than for the 1927 meeting, the records of the Trust
Division show. The previous annual banquet was attended
by 1,230 bankers from 30 States and two foreign countries
Regional Savings Conferences in Seattle, Chicago
and and there
were 146 cities and towns represented. An outRichmond.
line of the program at the recent conference follows:
In addition to the Eastern regional savings conferen
ce,
Monday, Feb. 13: Meetings of division committee. 10:00 a. m.. Comthree other regional conferences are to be held under
the mittee on Insurance Trusts; 12.30 p. m., Joint luncheon and meeting with
auspices of the Savings Bank Division, American
Bankers life underwriters; Committees on Research, State Activities and on Publicity.
Association during March and April. The first
meeting, Tuesday, Feb. 14: First general conference session, 10:30 a. m. to
which will open at the Olympic Hotel, Seattle, Washing
ton, 12:30 p. m.. A. V. Morton, Chairman Executive Committee, Trust Company Division, and Vice-President Pennsylvania Company for Insurances
March 8 for a two-day session for bankers from the
Pacific on Lives and Granting Annuities, Philadelphia, presiding. "When a
Good
and Rocky Mountain States, will be held under direction of Idea Takes Hold," Francis H. Sisson, Vice-Presid
ent Guaranty Trust Comthe following:
pany, New York. "How the Agency Man Views Financial Advertising,"
Jay Morrison, Vice-President Washington Mutual Savings Bank,
Seattle.
Chairman Committee of Arrangements.
C. E. Caches, Vice-President Peoples Bank & Trust Co., Seattle
ViceChairman.
W. E. Lucas, Assistant Vice-President National Bank of
Commerce,
Seattle, Secretary.
J. A. Swalwell, Chairman of the Board Dexter Horton National
Bank,
Seattle, Treasurer.
Androw Price, President Marine National Bank, Seattle,
Chairman
Program Committee.
J. H. Miner, VicoPeident Seattle National Bank, Seattle,
Chairman
Attendance Committee.
0. A. Phllbrick, Vice-President First National Bank, Seattle,
Chairman
Local Attendance Committee.
J. C. Glass, Assistant Manager Bank of California.
N. A. Seattle, Chairman Registration Committee,
Fowler Martin, Vice-President Metropolitan National Dank,
Seattle,
Chairman Hotel Committee.
Elmer satterberg, Vice-President National City Bank,
Seattle. Chairman
Publicity Committee.
Ross Williams, Secretary-Manager University Mutual Savings
Bank,
Seattle, Chairman Exhibits Committee.
March 15 and 16, savings bankers of the Middle West
States will meet in Chicago at the Congress Hotel for the
fifth annual conference in this region. The following will
direct the meeting:
Arlan W. Converse, Vice-President First Trust & Savings
Bank of
Chicago, Chairman Arrangements Committee.
John Benson, President American Association of Advertising Agencies,
"How Progressive Sales Methods in Industry may be Applied to Trust
Company Work," Dr. Daniel Satrch, Director of Research American Association
of Advertising Agencies. "The Advertising Appeal of Current Trust
Company and Bank Advertising," George B. Hotchkiss, Professor of Marketing
and Advertising, New York University. New York City. Through
the
courtesy of Radio Station WM0 A and affiliated stations, a racllo
talk
entitled "Should a Wife Talk With Her Husband About Making His
Will,"
by H. L. Standeven, Vice-President Exchange Trust Company,
Tulsa,
Okla. Luncheon, 1 o'clock. Second ssesion, 2:00 p. m. to 4:30
1:1. m..
John C. Mechem, Vice-President First Trust & Savings Bank. Chicago,
presiding. "The Development of a Trust Department of a Country Bank,"
Charles H. Plenty, Vice-President Hackensack Trust Company, Hackensack, N. J. "Conducting a Custodian Department," Harry D.
Sammls,
Trust Officer the Farmers' Loan & Trust Company, New York.
"Interviewing a Prospect"—a sales demonstration conducted under the auspices
of the Financial Advertisers Association by Paul Laferty,
Representative
Union Trust Company. Cleveland, and Thoburn Mills, Assistant
Trust
Officer Guardian Trust Company, Cleveland.
Wednesday,Feb. 15,third session.9:30 a. m.to 12:30 p.m.,F.
Vice-President Old Colony Trust Company, Boston, presiding, W.Demi°,
this session
under the auspices of the Committee on Insurance Trusts,
Trust Company
Division. "What Cooperation Between Insurance
and Trust Companies
Means to America," Thomas C. Henning., Vice
-President Mercantile
Trust Company, St. Louis. "A Trust Functions
Course for Life Underwriters," Gwilym A. Price, Trust Officer Peoples
Savings Bank and Trust
Company. Pittsburgh. "Business Life Insurance,
" Ralph Sanborn,
Business Life Insurance Specialist. "Wills,
Estates and Trusts in Relation
to Insurance," James L. Madden, Third Vice
-President Metropolitan Life
Insurance Company, New York. "What I
Have Learned About Estate
1458
FINANCIAL CHRONICLE
Needs in Selling Life Insurance," Franklin W. Ganse,Insurance Specialist,
Boston, Chairman Committee.on Cooperation with Trust Companies of
the National Association of Life Underwriters. "Trusteeing Life Insurance from the Standpoint of the Insurance Company," Claris Adams,
, St. Louis.
Secretary and General Counsel American Life Convention
,"
"Trusteeing Life Insurance from the Standpoint of the Underwriter
s.
Julian S. Myrick, President National Association of Life Underwriter
H.
in.. James
Luncheon, 1 o'clock. Fourth session. 2:00 p. m. to 4:30 p.
New York, presiding.
Perkins, President Farmers Loan & Trust Company,
of Biggs &
"Dignity in the Witnessing of Wills," J. Melville Broughton,
and Real
Broughton, Attorneys, Raleigh, N. C. "The Trust Company
Social InstituIncome," James G. Smith, Department of Economics and
in., meeting and
tions, Princeton University. Princeton, N. J. 6:00 p.
n
dinner, Executive Committee, Trust Company Division, Metropolita
Club, New York.
12:30 p. m., James H.
Thursday, Feb. 16: Fifth session, 9:30 a. in. to
"Some of
Perkins, Vice-President Trust Company Division, presiding.
Peabody Loring of the Boston
the Unwritten Law of Trusts," Augustus
L. Dana
Bar, "Duties and Liabilities of Succeeding Trustees," Ripley
Wills," Gilbert
of Pillsbury, Dana & Young, Boston. "Self Revelations in
Co., Raleigh,
T. Stephenson, Vice-President Wachovia Bank & Trust
Law Interpret
N.C. 10:15 a. m.,radio talk, Station W M 0 A,"Does the
Trust Co., Detroit,
Women's Wishes?" Homer Guck, Vice-President Union
in. to 4:30 p. m.,
Mich. Lunchoen, one o'clock. Sixth session, 2:00 p.
Division, presiding.
James H. Perkins, Vice-President Trust Company
of the Fiduciary," Raymond
"Investment Powers from the Stadnpoint
Providence,
H. Trott, Vice-Presidet Rhode Island Hospital Trust Co.,
demonstration
R. I. "The Trust Investment Committee and Its Work,"
and Survey of Trust
under the auspices of the Committee on Review
(1) Review
Securities, Trust Company Division, covering three phases:
review of investments held as trustee,
of investments held as executor; (2)
held as,
following a company's own executorship; (3) review of Investments
or trustee;
trustee, succeeding another institution or individual as executor
Co., Philadelphia
Carl W. Fenninger, Vice-President Provident Trust
Joseph B.
A. F. Young, Vice-President Guardian Trust Co., Cleveland;
Harold D.
Kirby, Vice-President Safe Deposit & Trust Co., Baltimore;
New York; J. Cunllffe
Bentley, Vice-President Guaranty Trust Co..
R. I.; A. Holt
Bullock, Vice-President Industrial Trust Co., Providence,
Valley Trust Co., St. Louis.
Roudebush, Vice-President Mississippi
annual banquet of the
7:00 p, m., reception. 7:30 p. in., seventeenth
S. McLucas, President
trust companies of the United States. Walter
Co.,
Trust Company Division, Chairman of the Board Commerce Trust
President
Kansas City, Mo., toastmaster. Speakers: Dr. Glenn Frank,
Madison, Wis.,"Leadership in a Democracy—
The University of Wisconsin,
writer, New York
Official and Unofficial"; Arthur "Bugs" Baer, sport
"American," New York.
of personnel and staff relaFriday, Feb. 17, 10:00 A. in.: Conference
Relations.
tions officers under the auspices of the Committee on Staff
Personnel Director
Trust Company Division, P. S. Kingsbury, Chairman,
the beginning of
Cleveland Trust Co.. Cleveland, presiding. "Youth,
New York Stock
Right Relations," Cameron Beck, Personnel Director
Service Keep Pace with Increasing
Exchange. New York. "How Shall
of
Volume of Business," Presentation and open forum. The purpose
relations
this session to exchange ideas and better organize the work of staff
one
In trust companies and banks throughout the country. Luncheon,
o'clock.
Annual Convention of Association of Reserve City Bankers
to be Held at New Orleans March 14-16.
The seventeenth annual convention of the Association
of Reserve City Bankers will be held at New Orleans
March 14-16. Practices in assessing exchange charges in
various reserve centers is one of the important questions
which will come up for review in a program which is devoted primarily to a determination of bank costs, including
the analysis of both individual and correspondent bank
accounts. Special questions to be discussed include a review of the progress in developing district clearing house
examination systems as a measure of protection for country banks; and a discussion of remedies for certain weaknesses in the use of warehouse receipts and bills of lading
as bases for credit advances. The Association of Reserve
City Bankers is composed of officials of banks in reserve
cities which actually carry the reserve accounts of other
banks and is limited to 400 active members, of whom not
more than three may be from the same bank. John R.
Downing, Vice-President of the Citizens Union National
Bank of Louisville, is President. Mr. Downing has announced that the membership is filled at present and that
there are a number of names on the waiting list.
ITEMS ABOUT BANKS, TRUST COMPANIES, ETC.
A sale of a New York Stock Exchange membership was
reported to have been arranged this week at $300,000,
unchanged from the last preceding transaction.
Five regular memberships in the New York Produce Exchange were reported sold this week, three late in the week
at $7,200 each and two on Monday at $7,000 and $7,200.
It was also stated that one associate membership was sold
at $4,500.
[VOL. 126.
Theodore Christianson, Governor of Minnesota, was also
announced as a guest of honor and was scheduled to address the gathering on taxation. Mr. Young, who was Governor of the Federal Reserve Bank at Minneapolis prior to
his appointment as head of the national supervisory body
of the Federal Reserve System, was formally introduced to
400 of the leading bankers and industrialists of the Fourth
Federal Reserve District,
The Farmers Loan & Tru-st Company of New York is
distributing in pamphlet form copies of an address entitled "Conducting a Custodian Department," delivered by
H. D. Samlmis, Trust Officer in Charge of the company's
custodian department, before the American Bankers'
Association, Trust Division, Ninth Mid-Winter Conference
in New York in February.
George V. McLaughlin, for-mer Police Commissioner and
now President of the Brooklyn Trust Company, acted as
toastmaster at a dinner held on March 1 at the Hotel
Astor under the auspices of the Bankers' Forum (section
of the A. B. A.). At this, the first Forum dinner of 1928,
the invited guests included Senator Caleb H. Baumes,
Joseph V. McKee, President of the Board of Aldermen, and
several members of New York City's Judiciary. During
the course of the evening, former Judge Alfred J. Talley
and Chief Assistant District Attorney Fredinand Pecora
discussed "Lawlessness and Crime".
At a meeting of the Board of Directors of the International Acceptance Trust Corapany of New York, owned by
tbe International Acceptance Bank, Inc., C. B. Hall and
W. T. Kelley were elected Vice-Presidents and J. P. Collins
and P. F. Warburg were elected Assistant Vice-Presidents.
Paul M. Warburg is Chairman of the trust company of
which F. Abbot Goodhue is President.
the stockholders of the Bank of
A special meeting of America, this city, will be held March 26 to act on plans for
the merger with that institution of the Commercial Exchange
Bank and the Bowery and East River National Bank.
The merging of the Capitol National Bank & Trust Co.,
the Longacre Bank and the United National Bank, all of
New York City, into a new national banking institution to
be known as the United Capitol National Bank & Trust Co.
was formally approved on March 9 by the stockholders of
the three institutions and will become effective at once.
Control of these institutions was acquired last fall by the
Financial & Industrial Securities Corp., of which Ralph Jones
is Chairman of the board and George U. Tompers, President.
Lhe merger will result in a new banking chain with resources
of over $50,000,000 and nine offices in the metropolitan
district. Max Badt, formerly President of the Capitol
National, will be Chairman of the board of the new bank and
Sydney H. Herman, formerly President of the United National will be President. Frederick K. Teipel of the Longacre Bank, Frank C. Campbell of the United National and
Hugo Badt of the Capitol Bank will be senior Vice-Presidents;
their
all other officers of the banks will be continued in
continue
official capacities and the entire staff will likewise
in the new institution. Details of the merger were handled
Newburger
by Philip Levison of the law firm of Jones &
representing the Financial & Industrial Securities Corp.;
Capitol
W.J. Stroock of Stroock & Stroock, representing the
Heymann,
National Bank; Everett B. Heymann of Johnson,
Bank,
Galston & Holstein representing the United National
Hartman & Totalsky,
and Samuel I. Hartman of Sheridan,
representing the Longacre Bank.
the
In addition to the three main New York offices of
at
merged banks, which uill be maintained as heretofore
Ave., at 339 Fifth Ave. and at 43d St'
37th St. and Seventh
and Eighth Ave., the six branch offices of the Capital
National will also be continued. These are the Washington
Heights office at Broadway and 146th St., the Canal St.
office at Canal and Orchard Sts., the Eastern Parkway office
at Eastern Parkway and Hopkinson Ave., Brooklyn, the
the
Prospect Ave. office at Prospect and Longwood Ayes.,
Bronx, and the Astoria office at 301 Steinway Ave., Astoria.
The New York Cotton Exchange membership of William
M. Wright was reported sold to Norrie Seller for another,
The condensed statement of condition of the Guaranty
the consideration being stated as $27,000. The last preced- Trust Company of New York as of March 2 1928, issued
ing sale was at $28,500.
deposits, including outstanding checks,
March 8,shows total
s an increase of $80,026,659
Roy A. Young, Governor of the Federal Reserve Board, of $657,046,409, which represent
on March 9 by over the corresponding statement of a year ago. The comwas the guest of honor at a dinner given
Hotel, pany's total resources are $793,991,023, an increase of $107,- •
the Guardian Trust Co., Cleveland, at the Hollenden
MAR. 10 1928.]
FINANCIAL CHRONICLE
1459
682,650 as compared with a year ago. The undivided profits from that of The Equitable Trust Company, which during
account of $7,468,275, shows a gain of $431,554 over Dec. the week-end of Feb. 11 transferred billions of dollars of
cash and securities from the old quarters at 37 Wall Street
31 1927, the date of the last published statement.
to the new home adjoining the premises of J. P. Morgan &
The Bowery Savings Bank of this city issues the follow- Co., by passing the treasure through a hole in the wall
ing statement under date of March 6:
without the necessity of using armored motor cars. Russel
The officers of the Bowery Savings Bank have had many inquiries re- Brittingham, Vice-President of the Safe Deposit Company,
cently about the purchase of their bank by the Bancitaly Corp.
That is, of course, a confusion with the Bowery & East River National in charge of the vaults, said that with holders of safe
Bank, one of the institutions acquired by the Giannini interests; and it is deposit boxes scattered all over the world, the task of
a confusion occasioned solely by the similarity in names. Savings banks
securities and other valuables presented
In New York State have no stock to be purchased, as they are owned transferring their
inclusively by their depositors; and under the State Banking laws it would many problems. The removal of the Trust Company's
not be possible for a savings bank to be included in a merger of this kind. treasure was a relatively simple task compared with that
The Bowery Savings Bank occupies the site of its original office at 130
Bowery, where it was established in 1834, and in 1923 erected a building of the Safe Deposit Company. All could be moved at once
at 110 East 42nd St., where it also has an office.
in the acse of the Trust Company. One of the difficulties,
The Bowery Savings Bank has 214,000 depositors, and assets of $325,- it appears, is having the holder of a safe deposit box on
000.000.
the ground to accompany his box from one vault to anJames W. Grace, a director of W. R. Grace & Co. of other, as is required. Until the holder shows up his box
this city, and formerly manager of the Valparaiso, Chile, must remain where it was. Hoivever, it is the exception
branch of W. R. Grace & Co., died on March 1 in England. rather than the rule when a patron cannot be located or
Mr. Grace, who was fifty years of age, was a son of one Is so far aawy he is unable to superintend the removal of
-of the founders of W. R. Grace & Co.
his treasure box. In the vaults of the company, it was
pointed out by Mr. Brittingham, are forty-five private
In furtherance of its plans to form a securities corpora- coupon rooms for boxholders. The new vaults are four
tion (referred to in our issue of Feb. 4, page 668) the stories high and in size are surpassed only by those of the
Chatham Phenix National Bank and Trust Company of Federal
Reserve Bank of New York, the floor area being
New York addressed the following communication to its equal to that
of many small business buildings throughout
stockholders Feb. 15:
solid rock fifty feet beIn order to facilitate and enlarge the business of the Bank, it is the city. The bottom floor rests on
proposed to organize a business corporation upon the model of the low the street level. All sides of the vault are open to
companies which for a number of years have been in successful opera- observation. Over 2,000 tons of steel were used in the
tion by the shareholders of several of the large national banks.
The National Bank Act so limits and restricts the powers of national manufacture of the vaults by the New York Safe and Lock
banks that many profitable fields M investment are closed to them and Company. The total weight of the entire vault structure,
can be availed of only through a separate corporation. For some time including concrete foundation, etc., is over 10,000,000
past the officers and directors of the Bank have felt that it would be
desirable to abtain facilities for taking advantage of these opportunities pounds. There are five separate entrances, and each door
and to secure for the stockholders the benefits presented thereby.
and frame is 30 inches thick, weighing 121,000 pounds. The
It is proposed to form the corporation under the Stock Corporation
most modern protective devices have been incorporated.
Law of the State of New York (or such other state as may be deemed
advisable) under the name of Chatham Phenix Corporation (or such The doors and body of the vault are protected throughout
other name as may be deemed desirable) with but one class of took, by "Infusite," a metal designed to resist the attack of the
all of the shares of which will be without nominal or par value.
The corporation will be organized with the view of having every oxy-acetylene cutting flame, and is proof against this destockholder of the Bank own a beneficial interest in a share of the structive weapon in the hands of the cracksman. For
corporation for each share of stock held in the Bank. The stockholders further protection, the entire vault structure is surrounded
of the Bank are, therefore, being accorded the opportuniyt to subscribe
for a beneficial interest in the stock of the corporation at the subscrip- by a chemical compound, which, when subjected to the
tion price of $10 per share, held by them, of the stock of the Bank. heat of an attacking torch throws off dense volumes of
Appropriate arrangements have been made so that the shares of the Bank gases and smoke. The gases generated from this chemical
and of the corporation will be tied together and the beneficial interest in
the shares of the corporation will be transferable only in conjunction compound by the oxy-acetylene flame are so powerful that
with the transfer of the shares of the Bank. This arrangement is even a gas mask would prove useless. This feature, it is
necessary and highly desirable in order to secure identity of ownership stated, is a radical departure from any construction hereand management of the Bank and of the corporation.
Messrs. Ellis P. Earle, Haley Fiske, Richard H. Higgins, Louis G. tofore attempted. The concrete reinforcing alone weighs
Kaufman and Samuel McRoberts have consented to act as Trustees 1,150,000 pounds, and the vaults are surrounded with
of the stock of the corporation for the benefit of the stockholders of elaborate and intricate burglar alarms and hold-up
the Bank who join in the plan and to that end have executed a trust
agreement providing for the creation of the corporation and the issuance systems.
of its stock in the name of the Trustees for the benefit of the stockholders of the Bank who subscribe thereto. All stock of the corporation
will be issued in the names of the abovementioned gentlemen as Trustees
for the beenfit of the stockholders of the Bank who subscribe and the
stock certificates of such subscribers will be appropriately endorsed to
show their beneficial interest in shares of stock of the corporation.
The stockholders of the Bank are requested to sign the enclosed
agreement at the place provided on page 16 thereof, giving their addresses and the number of shares of Bank stock respectively held by
them. The signed agreement should be forwarded to the Trustees in
care of the Bank at its principal office, No. 149 Broadway, Borough
of Manhattan, The City of New York, so as to be received at the Bank
on or before the 15th day of March, 1928. The Trustees above-mentioned will decide when sufficient subscriptions have been obtained to
warrant declaring the plan in effect and notice will be sent to the
subscribers by mail of the time within to present their certificates for
shares of stock of the Bank for endorsement, indicating their beneficial
interest in the shares of stock of th corporation, and to pay their
respective subscriptions therefor.
The aforesaid plan has been formulated and approved by the board
of directors of the Bank and by its officers.
It is desirable that the business of the corporation be commenced
without delay and you are, therefore, requeted to sign the enclosed
agreement and forward the same promptly to the Trustees as above
Yours very truly,
Ellis P. Earle
Haley Fiske
Richard H. Higgins
Louis G. Kaufman
Samuel McRoberts
Trustees
The Equitable Safe Deposit Company of New York, a
subsidiary of the Equitable Trust Company of New York,
had its formal opening on March 5 in the new quarters at
11 Broad Street, the newly completed skyscraper home of
the Equitable Trust Company family. The process of removing hundreds of millions of patrons' securities from
old quarters to new is one that involves extraordinary care
as well as the insuring of each patron's box in an amount
adequate to fully protect against any possible loss. The removal of the Safe Deposit Company's treasure is distinct
The Chase Securities Corporation announces the openChase
ing March 7 of a Chicago office at 137 South La Salle
Street. It will be in charge of Schuyler B. Terry, VicePresident. Associated with him will be Charles C. Wells,
Assistant General Sales Manager; M. J. Oliphant, Deputy
Treasurer, and Lewis E. Megowen, Chicago District Sales
Manager. All are Chicago men who derived their education in the InvestMent field from work in and around Chicago. Chase Securities Corporation, which for a number
of years has been active in underwriting and wholesaling
investment securities, announced last December a change
in policy which called for the creation of a retailing
organization.
Lee, Higginson & Company have purchased from the
Alliance Realty Company the property on Broad Street
south of Exchange Place known as Numbers 35-37-39-41
Broad Street. Numbers 35-37 and 39 Broad Street have
stood for a long period of time as low brick buildings directly in front of the old Curb Market. No. 41 Broad
Street is a comparatively modern building occupied by the
International Telephone & Telegraph Company. It is the
intention of Lee, Higginson & Company to tear down the
present buildings and to erect thereon a building for its
own use. Plans for this building are in preliminary stage
and call for a 9-story stone building of classic design,
about 106 feet frontage, 110 feet depth and about 120 feet
in height. It is expected that destruction of the present
building will begin about May 1 and that the new buildings will be occupied by Lee, Higginson & Company early
in 1929. Lee, Higginson & Company were established in
Boston in 1848. The New York firm has been located at 43
Exchange Place since 1906. Cross and Cross are the architects. The sale was effected through C. F. Noyes & Co.
1460
FINANCIAL CHRONICLE
[VOL.126.
Starrett Brothers, Inc., representing a syndicate, will offered to present stockholders at $300 a share. The curerect a new thirty-five story building on the site of the rent market quotation on Union Trust Co. stock is $400
present home of Brown Brothers & Co. on Wall, Hanover asked, and $390 bid. When the ne wcapital of $2,500,000
and Beaver Streets. Prior to April 1, Brown Brothers & becomes effecie, it is understood, the bank's surplus and
Co. will move to temporary quarters at 37 Wall Street, the undivided profits account will be $2,600,000. The deposits
premises which the Equitable Trust Company has just of the trust company are in excess of $50,000,000. The
vacated. The work of demolishing the building so long oc- Union Trust Co., the paper mentioned, went on to say, was
cupied by the banking firm, will begin May 1. With the incorporated in December, 1897, with a capital of $200,000
completion of the proposed structure, Brown Brothers & and a paid-in surplus of $20,000. Deposits in the first
Co. will occupy the basement, ground floor, first floor, month amounted to $896,000.
mezzanine and second floor exclusively. Starrett Brothers,
Harry H. Weinberger, President of the New Jersey
Inc., will rent the rest of the building as offices.
Bankers' Security Company of Passaic, N. J., on March 5
The directors of Eastern Exchange Bank of this city, announced that the securities company has acquired a
at their regular monthly meeting this week, elected George substantial block of stock of the Hamilton Trust Company
L. Ohrstrom of G. L. Ohrstrom & Co., Inc., to the direc- of Paterson, N. J.
torate of the bank, thereby increasing the number of diEffective March 6 the Central Trust Company of Essex
rectors to nine. The other directors are Charles 0. Bigelow, President of the West Side Savings Bank; R. L. County and the East Orange Bank were merged with the
Bigelow, President of the Eastern Exchange Bank; Knowl- Savings Investment & Trust Company of East Orange,
ton Durham, of Blake, Durham, de Milhau & Conwell, At- N. J. The Central Trust Company thereafter will be
torneys; Lafayette B. Gleason, of Gleason & Carlton, At- known as the Central Avenue Office and the East Orange
torneys; E. Roland Harriman and Hamilton Pell, Vice- Bank as the Hollywood Avenue Offiee. As the result of
Company will
Presidents of W. H. Harriman & Co., Inc.; Maurice Leon, the merger, the Savings Investment & Trust
Leon, Attorneys; and How- have capital of $1,500,000, surplus and undivided profits of
of Evarts, Choate, Sherman &
total assets
ard F. Thurber, formerly President and Chairman of the $1,800,000, undivided profits of $359,867 and
Telephone Co. About May 1 the of $25,000,000, as well as four offices located in important
board of the New York
Eastern Exchange Bank, now located temporarily at 10 centers of the Oranges, as follows: East Orange—Main
Office,
Broadway, expects to move into permanent quarters on the Office, Main and Prospect Streets; Central Avenue
Central Avenue at Harrison Street; Hollywood Avenue Ofground floor of the new Harriman Building at 37
fice, Main Street at Hollywood Avenue; South Orange—
Broadway.
South Orange Office, 16 South Orange Avenue. The ofFrederick B. Norris, President of the Erasmus State ficers are: Harry H. Thomas, President; George GarraBank of Brooklyn on March 5 announced that the Falcon brant, David A. Inglis and Louis McCloud, Vice-PresiSecurities Corporation organized early this year had ac- dents; George L. McCloud, Secreary-Treasurer ; Earl S.
quired the controlling interest in the bank. Officers of the Johnson, Trust Officer; Stephen H. Gordon, Assistant SecSecurities Company are: President Joseph Perlitch, a retary; Charles 0. Geyer and James W. Watson, Assistant
Vice-President of the bank; Vice-President, Frederick B. Treasurers; George W. Vincent and Horace J. Murphy,
Norris, President of the bank; Treasurer, Horace Howe, Assistant Secretaries; Harold N. Congleto nand William A.
Vice-President and Cashier of the Bank; Secretary Rabbi Kenny, Assistant Trust Officers; Frank E. Ruggles and
Samuel J. Levinson, all directors of the bank.
Donald W. Campbell, Assistant Secretaries.
John T. Barry died on March 5 at his home in Brooklyn.
Mr. Barry was sixy-two years of age. He was a director
of the First National Bank of Brooklyn, a Vice-President
and Trustee of the East Brooklyn Savings Bank; President and Director of D. D. Williamson & Co., Inc., Treasurer and Director, Coca-Beta Company; Treasurer and
Director, Crown Fruit & Extract Co., Inc.; President and
Director, David P. Barry, Inc., and a Vice-President and
Director of the New Era Research Company of New York.
The Comptroller of the Cu- rrency on Feb. 23 authorized
the Second National Bank of Cortland, N. Y., to change
its title to the Second National Bank and Trust Company
of Corland, N. Y. The change became effective Feb. 23,
1928.
Sylvester B. French, Vice-President and Manager of the
bond department of the Citzens Trust Co. of Utica, N. Y.,
has resigned to accept a position as representative for Utica
and Northern New York, with Greenebaum Sons Securities
Corp.
Edwin Fletcher Hoy, Pres- ident of the First National
Bank of Salamanca, N. Y., since 1904, died on Feb. 27.
Born at New Bethlehem, Pa., in 1860, Mr. Hoy went to
Salamanca upon the organization of the bank in 1880, entering its employ as a clerk.
The Lake View State Ban-k, of Chicago, announces the
election of Edward D. McCabe as President. Mr. McCabe
is a brother of George W. McCabe the former President,
now deceased. Edward D. McCabe was formerly senior
Vice-President of the Lake View State Bank. He is a lawyer
by profession and has served as counsel for the bank.
Stockholders of Bankers T- rust Co. of Philadelphia and
Logan Bank & Trust Co., meeting separately, on March 5,
unanimously approved consolidation of Logan Bank &
Trust Company into Bankers Trust Company. Two additional directors of Bankers Trust Co. were elected, James
J. Diamond and William T. Weir. James J. Diamond was
elected Managing Director at Logan office; James F. Lennon Manager at Logan Office and Walter G. Scott, Assistant Treasurer. Consolidation will take effect at close of
business to-day, March 10, after which the business which
has been developed by Logan Bank & Trust Co. will be
continued there through the new Logan office of Bankers'
Trust Co. with every attention and consideration given to
the banking needs of that section of Philadelphia. Reference was made to the proposed consolidation of the Logan
Bank C Trust Co. with the Bankers' Trust Co. in our issues of Jan. 28 and Feb. 11, pages 530 and 821, respectively.
Effective Feb. 20, the Fi-rst National Bank of Terre
Haute, Ind. (capitalized at $70,000) and the McKeen
The Putnam County Natio- nal Bank of Caramel, N. Y., National Bank of that city (capitalized at $500,000) were
on Feb. 27 declared a 100% stock dividend. At a special consolidated under the title of the First-McKeen Naional
meeting of the stockholders of the bank on the same date Bank & Trust Co. with capital of $500,000.
the stockholders voted to increase the capital from $50,000
An application to organize the Uptown National Bank
to $100,000. The bank has declared two 100% special
dividends within the past two years. The enlarged capi- of Chicago, Ill., was received by the Comptroller of the
Currency on Feb. 18. The institution will have a capital
tal became effective March 5, 1928.
of $200,000 and surplus of $50,000. The price at which it
Stockholders of the Union Trust Co. of Rochester, N. Y., is proposed to dispose of the stock is $125 per $100 share.
on Feb. 28 approved an increase in the bank's capital from
Henry M. Robinson, President of the Los Angeles-First
$2,200,000 to $2,500,000, according to the Rochester "Democrat" of March 1. In a resolution of the directors of the National Trust & Savings Bank, Los Angeles, on Feb. 21
Institution, it was stated that the increase in capialization announced the election of H. C. Barroll, widely known in
is o take care of the consistent growth in the bank's busi- financial circles throughout California and the United
ness and to make adequate provision for its continued States, as a Vice-President of the institution. In addition
growth and the extension of its service. The new shares to Mr. Barroll's new duties he will, as heretofore, continue
(3,000), which hae a par alue of $100 a share, are being his Vice-Presidency in the First Securities Co. owned by
MAR. 10 1928.]
FINANCIAL CHRONICLE
the stockholders of the bank. Mr. Barr°11 was born in
Missouri in 1868. His banking career began in Kansas
City, and for several years he was active Cashier of a
country bank in the Kansas City district. Later he was
associated with N. W. Harris & Co., bankers, of Chicago,
now the Harris Trust & Savings Bank. He then organized
the firm of H. C. Barroll & Co., investment bankers of Chicago. Under his management it became one of the outstanding firms in the bond business. Again, on Feb. 24,
Mr. Robison announced the election of John D. Carsen,
W. B. Stringfellow and Wm. N. Bucklin as Vice-Presidents
of the institution. Each of the new Vice-Presidents is by
this election promoted from the grade of Junior Vice-President. At the same time announcement was made hat
four major divisions of the Trust Department have been
set up. The first division, that in charge of Probate, Court
and Living Trusts, will be headed, as heretofore, by Bruce
H. Grigsby. The second division, Subdivisions and Private
Trusts, will be headed by John D. Carson. The third,
Corporate Trusts and Agencies, will be in charge of Wm.
N. Bucklin. The fourth division, Real Estate, will be operated by W. B. Stringfellow. Each of these four men has
for years been idenified with the Trust Department, first
of the old Los Angeles Trust & Savings Bank, then with
the Pacific-Southwest Trust & Savings Bank, and finally
with the Los Angeles-First National Trust & Savings Bank,
and their elections come as well earned recognition of
many years of service.
According to the San Francisco "Chronicle" of Mar. 3,
announcement was made the prevous night by L. E. Townsend, a Vice-President of the Security Bank & Trust Co. of
San Francisco, the organization recently formed by the
consolidation of the United Bank & Trust Co. of San Francisco and its controlled institution, the Security Bank &
Trust Co. of Bakersfield, that the new branch banking
system had extended its operations into the foothill fruitgrowing district of Placer County, Calif., by acquiring the
Central Bank of California with headquarters in Auburn.
The acquired bank is a branch bank itself, it was stated,
having branches at Colfax, Truckee and Newcastle in
addition to the main office in Auburn, and has grown to be
an important institution since it was organized in 1907.
The district, it is said, is one that the Secuirty Bank &
Trust Co. has not heretofore invaded, and it will permit
the institution to serve the farmers in that region adequately.
The Central Bank of California has a capital of $150,000,
surplus of $58,900, deposits of $1,600,000 and resources of
$1,833,000. J. E. Walsh is President and G. W. Brundage,
Vice-President and Cashier. Both, it is stated, will remain
as officials in charge of the group, while the Board of Directors will continue as an advisory body.
The library at the Home O- ffice of the Bank of Italy in
San Francisco has recently been moved to larger quarters.
Miss K. Dorothy Ferguson, Chairman of the Financial
group of the Special Libraries Association, is the librarian
of the Bank of Italy.
At the meeting of the Boa- rd of Directors of the Banes
Commerciale Italiana—Head Office, in Milan (Italy), it
was decided to propose, at the general meeting of the
shareholders, to be held on March 24, a dividend for the
year 1927 of Lire 65.—per share, equal to 13%, to allocate
to the Reserve Fund Lire 20,000,000 and to carry over as
undivided profits for the year 1928, the amount of Lire 28,000,000, approximately.
THE WEEK ON THE NEW YORK STOCK EXCHANGE.
The noteworthy feature of the stock market the present
week has been the remarkable upward spurt by General
Motors which reached its highest point in the history of the
present shares at 159k yesterday. Oil shares were stronger
toward the end of the week, and many industrial issues
likewise scored substantial gains. Rubber shares were
moderately strong in the forepart of the week, but did not
do so well on Wednesday and Thursday, and except for an
occasional spurt by some of the more active speculative
issues, railroad stocks made little progress. The forward
movement again predominated during the brief session of
the New York stock market on Saturday. Speculative
interest centered in General Motors which during the last
quarter-hour made a spectacular spurt to 144%. Chrysler,
Hupp, Hudson and Nash also moved rapidly upward and
1461
closed with substantial gains. In the final hour United
States Steel common moved to the front and shared the
leadership with General Motors. Pronounced bullish
operations occurred in a number of the more active speculative stocks, including such issues as Brooklyn Union Gas,
International Harvester, Du Pont, United States Cast Iron
Pipe & Foundry, Cushman's Bakery, Congress Cigar and
Victor Talking Machine preferred, though these advances
were to some extent offset by weakness in Laclede Gas,
Case Threshing Machine, Bayuk Cigars and Continental
Baking. Some specialties displayed pronounced weakness,
notably Timken Roller Bearing which was in heavy supply
and declined over three points.
Bullish demonstrations of a spectacular nature characterized the trading on Monday. General Motors again
assumed the leadership of the market. The stock opened
at 145 and sold up to 148, closing at 14634 with a net gain
of 24 points. The strength of General Motors stimulated
trading throughout the list. United States Steel common sold
up to 1425 ,as compared with its previous close at 1403.
%
American Can was strong and many of the more active
speculative favorites, including Westinghouse Electric
and Vanadium Steel, participated in the improvement.
Montana Power gained about six points as it crossed 167.
Gold Dust was the strong stock of the so-called specialties
group and advanced about five points to its best above 97,
followed by Coca Cola which reached a new high for the
year at 139. Victor Talking Machine closed with a net
gain of three points and registered its highest top since
listing. Oil shares continued heavy and rubber stooks
slipped downward, particularly United States Rubber which
reached a new low at 45g.
The remarkable demonstration of strength in General
Motors was again the outstanding feature of interest on
Tuesday and another new top was recorded at 150 for the
present $25 par shares. The strength extended to the
independent motors and such issues as Studebaker, Packard,
Chrysler, Hupp, Hudson and a number of other issues
sold at higher prices than at any time in several weeks.
United States Steel common did not do so well and closed
fractionally lower. Railroad stocks moved to the front
after mid-session, Canadian Pacific leading the upswing
and selling up to 2093 ,though it slipped back a point and
4
closed with a net gain of one point. Copper stocks were
strong under the leadership of Greene-Cananea which
recorded a net gain of 5 points to 1243 . Calumet &
%
Arizona moved up four points to 96. Other active shares
that closed at higher levels included Radio Corporation,
Freeport Texas, International Nickel, Coca Cola, Case
Threshing Machine, International Harvester, Cluett-Peabody, United States Cast Iron Pipe & Foundry, Du Pont
and American Tobacco. General Motors was again the outstanding leader in the brisk upswing on Wednesday and at
its high for the day reached a new peak at 1503 . Canadian
4
Pacific was the leader of the railroad group and the new
St. Paul issues were the outstanding favorites among the
speculative stocks. Public utilities were the strong features
of the day. The list included such issues as Engineers
Public Service, American Power & Light and Utilities
Power & Light "A". Other strong stocks among the utilities
included North American, Public Service of New Jersey,
Standard Gas & Electric, American Water Works and
Electric Power & Light. The specialties group was somewhat mixed, Greene-Cananea moving briskly forward six
points to above 130, followed by Westinghouse Electric
with a gain of three points and Corn Products which moved
to a new high for the year above 72. On the other hand
Radio Corporation, International Nickel and Woolworth
yielded a point or more. Rubber stocks continued weak,
particularly United States Rubber 1st pref. which slumped
more than six points, followed by the common stock which
dropped to a new low for 1928.
The feature of the trading on Thursday was the strength
of the oil stocks which moved briskly forward under the
leadership of Sinclair which bounded upward under the
impetus of a tremendous turnover and crossed 22. Houston
Oil was up more than three points and Pan-American "B"
sold above 43. General Motors again lifted its top, though
it failed to maintain its gain and Hudson sold as high as 91.
Railroad stocks made little progress with the possible exception of New York Central and Pennsylvania both of
which closed with substantial gains. As the day advanced
speculative attention was directed to the utility section,
Federal Light & Traction standing out as one of the strong
issues with a gain of over three points. On Friday General
Motors again raised its top to a new high in all time at
159% in one of the heaviest trading days in the history of
the New York Stock Exchange. United States Steel common also displayed unusual vigor and crossed 146 at its
high for the day. One of the outstanding features of the
trading was the sharp run-up of Baldwin Locomotive which
shot forward to 273, the highest top in all time. Many
other speculative favorites were conspicuous for their unusual strength, the list including among others, GreeneCananea, Midland Steel Products pref., Freeport Texas,
International Nickel and American Can. The final tone
was strong.
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY. WEEKLY AND YEARLY.
Stocks,
Number of
Shares.
Railroad,
&c.,
Bonds.
State,
Municipal &
Foreign Bonds.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
1,268,600
2,824,060
2,818,150
2,694,880
2,065,570
3,707,000
$4,517,000
7,770,500
8,515,600
10,409,000
9,547,800
10,377,000
$1,601,000
2,704,000
3,104,500
3,132,000
3,055,000
2,681,000
$81,500
447,000
213,000
132,500
481,000
956,000
Total
15.378.260
$51,136,900
$16,278,500
$2,311,000
Week Ended March 9
1927.
1928.
United
Stales
Bonds.
Jan. 1 to March 9
Week Ended March 9.
Sales at
New York Stock
Exchange,
1927.
1928.
10,015,244
122,748,155
96,922,149
$2,311,000 $19,117,250
16,278.500 14,288,000
51,136,900 38,415,500
$40,838,500
177,538,125
397,550,700
362,513,500
207,448,200
487,101,700
$69,726,400 $71,820,750
$615,927,325
$757,083,400
Stocks
-No, of shares_
Bonds.
Government bonds__
State and foreign bonds
Railroad dr misc. bonds
Total bonds
15,378,260
DAILY TRANSACTIONS AT THE BOSTON. PHILADELPHIA AND
BALTIMORE EXCHANGES.
Shares. Bond Sales. Shares. Bond Sales. Shares. Bond Sales.
17,152
$4,000
27,000
37,750
25,000
65,200
22,000
a17,162
a18,229
a22,364
24,318
37,583
25,660
$9,000
38,200
39,500
27,500
29,600
7.000
1,204
3,822
3,315
3,436
2,465
3.512
$17.500
62,500
38,600
24,600
10,000
11,000
151,645
$181,750
145,316
$150,800
17,754
$162,200
142.824
3169.615
204.073
3202.500
11.788
3221,200
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
*13,783
*29,312
*38,509
*32,484
Total
Prey. week revised
Baltimore.
Philadelphia.
Boston.
Week Ended
March 9 1928
[VOL. 126.
FINANCIAL CHRONICLE
1462
*20,405
*In addition, sa es of rights were: Saturday, 3,907; Monday, 6.717; Tuesday,
368; Wednesday, 1,57.5: Thursday, 304.
a In addition, sales of rights were: Saturday, 121; Monday, 25; Tuesday, 37.
THE CURB MARKET.
Brisk trading, with strength in some issues and lossesTn
others were the characteristics of this week's session in the
Curb Market. Bancitaly Corp. was a feature. It sold
down during the week from 19834 to 1853j but to-day
rallied to 1933%, the close being at 1923%. Ford Motor of
Canada was up 50 points to 590 with the final transaction
to-day at 574. Fulton Sylphon dropped from 43 to 33,
recovered to 36 and closed to-day at 343.. A dividend
of 50 cts. was declared this week against 8734c. in previous
quarter. Adolph Gobel, corn, advanced from 80 to 8934,
reacted to 8634 and closed to-day at 8734. Hercules
Powder, corn. rose from 203 to 237 but eased off finally to
216. Interstate Dept. Stores jumped from 3834 to .47
and ends the week at 45. Peoples Drug Stores jumped
from 3834 to 47 and ends the week at 45. Peoples Drug
Stores advanced from 58 to 68 and reacted finally to 6234.
Safeway Stores, corn. was off from 415 to 398, but recovered
to 421. Sparks-Withington improved from 53 to 62 and
%
finished to-day at 613 . Among utilities Amer. Gas &
Elec., corn. sold up from 13134 to 145 and at 141, ex-dividend, finally. Blackstone Valley Gas & El., corn. dropped
%
from 16034 to 15334 and sold to-day at 1553 . Elec.
3
Bond & Share Secur. moved up from 893% to 95% and ends
the week at 95. Electric Investor after early loss from
43 to 40 ran up to 4634, the close to-day being at 46. There
was a good demand for the pipe line stocks. Buckeye
Pipe Line rose from 5934 to 67 and closed to-day at 65.
Illinois Pipe Line gained 20 points to 206, the close to-day
being at 204. Indiana Pipe Line advanced from 763j to
844 and ends the week at 83. Prairie Pipe Line was up
from 200 to 213, the final transaction to-day being at 21034•
A complete record of Curb Market transactions for the
week will be found on page 00.
DAILY TRANSACTIONS AT THE NEW YORK CURB MARKET.
BONDS (Par Value).
STOCKS (No. Shares).
Wed EndedMarch 9
Ina ctMisc
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Oil.
Afining.
Domestic. Foreign God.
184,385
261,185
304,810
281,375
258,310
357,860
73,630
78,410
68,060
84,640
101,300
111,630
57,500
119,000
104,410
99,590
108,500
114,340
31,521,000
2,370,000
2,850,000
3,088,000
3,415,000
2,787,000
$304,000
725,000
498,000
473,000
549,000
498,000
1,627,905
517,670
803.340 $16,031.000l $3,047,000
Course of Bank Clearings
Bank clearings this week will show a satisfactory increase
over a year ago. Preliminary figures compiled-by us, based
upon telegraphic advices from the chief cities of the country,
indicate that for the week ending to-day (Saturday, Mar 10),
bank exchanges for all the cities of the United States from
which it is possible to obtain weekly returns will be 12.0%
larger than for the corresponding week last year. The total
stands at $10,998,993,204, against $9,824,300,419 for the
same week in 1927. At this centre there is a gain for the
five days of 19.2%. Our comparative summary for the week
is as follows:
1928.
1927.
Per
Cent.
New York
Chicago
Philadelphia
Boston
Kansas City
St. Louis
San Francisco
Los Angeles
Pittsburgh
Detroit
Cleveland
Baltimore
New Orleans
35,500,000,000
546,104,296
449,000,000
372,000,000
115,760,084
109,100,000
197,803,000
165,799,000
129,935,088
131.585,096
88,840,008
91,427.570
56,557,563
$44,616,000,000
546,821,437
407,000,000
389,000,000
122,318,574
118,900,000
160,650,000
157,052,000
137,410.929
114,395,123
85,248,098
88,462,102
57,513,186
+19.2
-0.1
+10.3
-4.4
-5.4
-8.2
+23.1
+5.6
-5.4
+14.8
+4.2
+3.4
-1.7
Thirteen cities, 5 days
Other cities, 5 days
37,953,911,90.5
1,061,915,765
37,000,771.449
1,011,133,845
+13.6
+5.0
- Total all cities, 5 days
All cities, 1 day
39,015,827,670
1,983,165,534
38,011.905,294
1,812,395,125
+12.5
+9.4
59.824,300,419
+12.0
Cleartngs-Returns by Telegraph.
Week Ended March 10.
Total all cities for week
510,998,993.204
Complete and exact details for the week covered by the
foregoing will appear in our issue of next week. We cannot
furnish them to-day inasmuch as the week ends to-day
(Saturday) and the Saturday figures will not be available
until noon to-day. Accordingly, in the above the last day
of the week has in all cases had to be estimated.
In the elaborate detailed statement, however, which we
present further below we are able to give final and complete
results for the week previous-the week ended Mar. 3. For
that week there is an increase of 5.0%, the 1928 aggregate
of clearings for the whole country being $11,870,291,499,
against $11,300,181,367 in the same week of 1927. Outside
of this city clearings have fallen off, the total showing a
decrease of 3.8%. At this centre bank exchanges record a
gain of 11.1%. 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 10.8%, but the
Boston Reserve District shows a falling off of 1.0% and the
Philadelphia Reserve District of 4.2%. The Cleveland Reserve District records a loss of 1.2% and the Richmond Reserve District of 18.5%. On the other hand the Atlanta
Reserve District shows a gain of 1.9%, in spite of the fact
that Miami falls 49.9% behind and Jacksonville 21.8%
behind. In the Chicago Reserve District there is a loss of
7.2%, in the St. Louis Reserve District of 4.7% and in the
Kansas City Reserve District of 7.2%. The Dallas Reserve
District suffers a contraction of 20.6%, but the Minneapolis
Reserve District has enlarged its totals by 7.2% and the
San Francisco Reserve District by 5.2%.
In the following we furnish a summary by Federal Reserve
districts:
SUMMARY OF BANK CLEARINGS.
Week End. Mar. 3 1928.
1928.
1927,
Inc.or
Dec.
1926.
1925.
$
$
Federal Reserve Dists.
$
$
%
474,386.181
533,263,686
let Boston _ _12 cities
553,913,679
565,472,513 -1.0
2nd New York. 11
7,564,197,334 8,823,964,242 +10.8 7,333,831,886 6,203,213,095
619,588,495
711,365,179
3rd Philadelphial0 "
603,883,787
630,174,072 -4.2
382,740,377
417,478,239
434,661,258 -1.2
4th Cleveland__ 8 "
429,618,290
210,363,243
232,585,027
211,111,636 -18.5
5th Richmond 6 "
.
172,091,383
236,227,981
268,283,235
199,389,222 +1.9
6th Atlanta___ _13 "
203,190,872
7th Chicago_ _ _20 "
1.021.685,886 1,101,486,041 -7.2 1,173,667,127 1,006.053.793
236,234,735
245,792,051
238,433,438 -4.7
8th St. Louis_.8 "
227.150,041
142.202,509
124,468,791 +5.0 130,849,278
9th Minneapolis 7 "
130,684,468
284,410,153
294,066,942
286,199,813 -7.2
265,469,711
10th Kansas City12 "
78,772.544
80,092,479
84,334.932 -20.6
66,948,370
11th Dallas
5 "
601,312,525
543,296,400
600.495,409 +5.2
12th San Fran--17 "
631,457,678
Total
129 cities 11,870,291,499 11,300,181,367 +5.0 12,011,610,960 10.430,466,230
4.431,510,955 4,605,764,085 -3.8 4,821,738,562 4,347,167,263
Outside N.Y.City
- _ ._
....... ,.., _1_,,., , can 'MO
III
Ann •Ae. ndra
MALL 10 1928.]
FINANCIAL CHRONICLE
We also furnish to-day a summary by Federal Reserve
districts of the clearings for the month of February. For
that month there is an increase for the whole country of
10.4%, the 1928 aggregate of the clearings being $44,605,341,385,and the 1927 aggregate $40,397,006,347. While the
present years total does not establish a new high monthly
record, it is the largest total ever reached in the month of
February. Outside of New York City, the increase for the
month is only 2.6%. The New York Reserve District shows
a gain of 16.0%, the Boston Reserve District of 2.5% and
the Cleveland Reserve District of 1.0%. The Philadelphia
Reserve District records a decrease of 2.9%, the Richmond
Reserve District of 2.1% and the Atlanta Reserve District
of 2.6%, the latter due partly to the falling off at the Florida
points, Miami showing a loss of 51.3%, Tampa of 23.1%
and Jacksonville of 23.1%. In the Chicago Reserve District the totals are larger by 4.3%, in the St. Louis Reserve
District by 3.3% and in the Minneapolis Reserve District
by 13.4%. The Kansas City Reserve District shows a gain
of 2.6% and the San Francisco Reserve District of 9.2%,
but the Dallas Reserve District suffers a loss of 5.1%.
February
1928.
Federal Reserve Diets.
lst 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 "
$
2,167.310,536
27,425,000,281
2,259,156,439
1,727.071,287
734.960.827
845,519,979
4.005,285,061
906..00,832
485,430,622
1,116,750.286
498,253,757
2,434,515,748
February
1927.
Inc.or
Dec.
February
1926.
February
1925.
$2
2,114,218,614 -N.5 1,879,424,110
23,638,572,163 +16.0 22,016,030,139
2,326,896,010 -2.9 2,315.453.405
1.709,500,691 +1.0 1,598,410,943
750,534.634 -2.1
793,255,080
868,243,011 -2.6 1,094.963,230
3,841,722,143 +4.3 3.906.939,334
877,054,373 +3.3
829,507,882
427,926,131 +13.4
468,836,660
1,088.634,873 +2.6 1,053,263,779
625,210,604 -5.1
419,066,889
2,229,493,200 +9.2 2,183,606,212
t
1,913,852,166
21,554,773,596
2,190,112,244
1,636,051,765
752,029,456
934,439,168
3,664,418,501
893,121,278
496,755,621
1,056,627,042
518,858,097
1,975,768,240
Total
192011158 44.605,341,385 40,397,006,347 +10.4 38,758,757,643 37,490,607,174
Outside N. Y. City
17,781.215.319 17,337,789,024 +2.6 17,305.400,168 16,433,747,922
Canada
31 cities 1.721.216.956 1.303.666.613 +32.0 i rat RR? nun I I A, Dr, ala
1463
BANK CLEARINGS AT LEADING CITIES.
February
Jan. 1 to
(000.000a
1928. 1927. 1926. 1925. 1928. 1927.
omitted.)
$
5
$
$
8
$
New York
26,824 23,059 21,453 21,057 57,868 48,621
Chicago
2,732 2,634 2,714 2,576 5,920 5,525
Boston
1,925 1,894 1,652 1,692 4.391 4,111
Philadelphia
2,086 2,156 2,158 1,996 4.633 4,593
St. Louis
569
548
594
565 1,247 1,213
Pittsburgh
721
792
704
686 1.481
1,564
San Francisco
899
751
795
717 1,822 1,575
Baltimore
405
405
421
380
870
894
Cincinnati
318
297
276
269
671
614
Kansas City
546
521
504 1.100 1.178
501
Cleveland
497
433
468
414 1,052
995
Minneapolis
255
294
311
285
614
554
Newark
238
236
238
233
508
504
Detroit
606
667
550 1,445 1,314
612
Louisville
162
140
344
141
145
302
Omaha
149
175
157
162
552
517
Providence
62
53
53
53
134
115
Milwaukee
176
166
166
154
355
364
Los Angeles
759
790
592 1,621
665
1.582
Buffalo
194
194
185
197
431
422
St. Paul
119
116
120
109
252
234
Denver
132
119
117
124
280
253
Indianapolls
93
95
83
197
65
199
Richmond
183
170
208
357
203
401
Memphis
89
100
88
187
95
181
Seattle
166
176
165
153
375
396
Salt Lake City....
60
67
63
151
57
140
Hartford
56
67
57
68
150
124
Total
Other cities
Feb. 29-1926. 1925.
$
48,554 47,777
5,847 5,646
3,880 3,751
4,795 4,507
1.298 1,257
1,479 1,449
1,627 1,481
918
823.
643
584
1.088 1,090
962
909
627
670
518
530
1,332
1,211
300
296
332
344
124
120
351
327
1,402 1,253
453
412
257
251
252
267
182
150
446
452
220
221
861
323
142
138
142
123
41,160 36,976 35,155 34,111 87.349 78,190 78,532 76,352
3,445 3,421 3,604 3,380 8,794 7.405 7,838 7,300
Total all
44,605 40,397 38,759 37,491 96,143 85.595 86,370 83,652
Outside N.Y.City.17,781 17,338 17,305 16.434 38,275 36,874 37,816 35.875
Our usual monthly detailed statement of transactions on
the New York Stock Exchange is appended. The results for
Feb.and the two months of 1928 and 1927 are given below:
Month of February.
Two Months.
Descrtption.
1927.
1928.
1928.
1927.
Stock, number of shares
47,009.070 44,162.496 103.928,465 78.437,906
Railroad and misc. bonds_ _ _ $151,539.500 5187.274,000 2331,438.800 $420.962,200
State, foreign, &c., bonds_ _ _ 70.657,125 70,726.500 155,872,625 183,202.200
U.S. Government bonds _ _ _
16,623,250 16,190,250 87.204,000 41,817.900
Total bonds
$238,819.875 $274,190,750 2524,515.425 8645,982.300
The volume of transactions in share properties on the
We append another table showing the clearings by Federal
New York Stock Exchange for the two months of 1925
Reserve districts for the two months back to 1925:
to 1928 is indicated in the following:
Two Months.
1928.
1928.
Federal Reserve Diets.
let Boston_ _.14 cities
2nd New York.14 "
2rd Philadelphial4 "
4th Cleveland _ _15 "
5th Richmond _10 "
6th Atlanta___18 "
7th Chicago_ _29 "
8th St. Louis_ _10 "
9th Minneapolls13 "
10th Kansas City16 "
11 "
11th Dallas
12th San Fran-28 "
4,932,464,687
69,200,816,91
4,995.363,879
3,607,054,634
1,570,642.526
1,789,424.075
8,651,410,135
1,962,744,161
1,017,507,586
2,342,689,943
1,040,590,186
6,031,972,401
1927.
Inc.or
Dec.
%
4.597,257,372 +7.3
49,904,321,556 +Me
4.949,064,972 +0.9
3,544,004,019 +1.8
1,647,795,742 -4.7
1,843,626,918
8,119,287,026 +6.6
1,898,320,563 +3.4
928,121,963 +9.6
2.348,729,426 -0.1
1,117,303,339 -6.9
4,697,462,044 +12.3
1926.
1927.
1925.
No. Shares. No. Shares. No. Shares. No. Shares.
1926.
1925.
4,391,924,685
49,827.242,630
5,136.204,119
3,447,854,516
1,726,340,026
2,366,627,571
8,429,617,478
2,024,641,087
1,024,865,718
2,273,395,509
1,125,005,363
4,596.498,139
4.240,594,960
48.908,297,985
4.918,988,347
3,323,739,418
1,634,432,207
1,979.989,678
0,040,382,3E4
1,969,153,155
1,070,850,102
2,278,273,699
1,112,506,332
4,174,856,918
Total
102 Cltle8 96,142,871,030 85,595,294,942 +12.3 86,370,216,841
38,275,265,035 36,974,164,149 +3.5 37,815,761,100 83,652,065,385
Outside N. Y. City
35,874.312.146
81 cities 3,659,383,678 2,817,873,346 +29.9 2,585,913,698
Canada
2,515,656,612
Month of January
Month of February
56,919,395
47,009,070
34,275.410
44,162.496
38,987,885
35,725,989
41,570,543
82,794,456
The following compilation covers the clearings by months
since Jan. 1 in 1928 and 1927:
MONTHLY CLEARINGS.
Clearings, Total All.
Month
1928.
Ckarings Outside New York.
1927.
1928.
1927.
$
$
$
Jan.__ 51,537,529,645 45,198,288,595 +14.0 20,494,049,716 19,636,375.125 +4.3
Feb.__ 44,605,341.385 40,397,006,347 +10.4 17,781,215,819 17,337,789,024 +2.6
The course of bank clearihgs at leading cities of the country
We now add our detailed statement showing the figures
for the month of February and since Jan. 1 in each of the for each city separately for February and for the week ending
ad four years is shown in the subjoined statement:
March 3 for four years:
CLEARINGS FOR FEBRUARY, SINCE
JANUARY 1, AND FOR WEEK ENDING MARCH 3.
Month of February.
Two lonths.
Mantip at
-1928.
1927.
Inc.or
Dec.
1928.
1927.
1928.
1927.
1915.07
Dec.
1926.
%
$
$
%
$
$
$
First Federal Rase rve District- Boston
2,529,120
Maine-Bangor
2,925.755
13.761,958
Portland
14.976.401
1.924,577.485 1,893,576,414
Mass -Boston
6,500.252
Fall River
7.700,836
2,974.666
Holyoke
3,456.490
4.658,245
Lowell
4.688,444
•
Lynn
a
4,255.368
New Bedford
4,854,005
21.299,598
Springfield
19,869,119
13,322,912
Worcester
18,218,725
66.751,736
-Hartford_ _ ...
.
Conn.
55,721.098
32,741,529
New Haven
28.600,603
Waterbury
9,154,700
8,874,000
R. 1.
-Providence--.
52 975.900
62
.
.133 300
2.649.667
-Manchester_
N. 11.
2,780,824
%
$
$
-13.6
-8.1
+1.7
-15.6
-13.9
-0.6
a
-12.3
+7.2
+0.8
+19.8
+14.5
+3.2
+17.3
-4.7
5,535,167
32,439,758
4.390.917,748
14,822,618
7,289,196
10,252,053
97329.466
48,040,895
29,912,523
150,118.288
71.421,722
22,069,100
134.335,300
5.970.853
7.005,721
31,167.949
4,110,558,552
16,372.845
7.726,060
10.165,114
a
10,027,654
46,039,622
29.528,492
124,292.082
63.100,422
20,012.600
115,335,800
5.924,459
Total(14 cities) _ __ _ 2,167,310,536 2,114.218,614
+2.5
4,932,454,687
4,597,257.372
Second Federal Re serve District -NewYork24,306,239
-Albany
N.Y.
26,427,488
5,791,711
Binghamton
5,426,800
194,019,319
194,319,077
Buffalo
4.072.642
4,326,777
Elmira
5,388,468
5,968,598
Jamestown
26,824,126,066 23,059,217,323
New York
6,768,831
3.813.091
Niagara Falls
60,633,123
61,787,192
Rochester
24.950.082
24,254,212
Syracuse
17,185.732
-Stamford
Conn.
13,763,695
2,942,136
3.008,204
-Montclair-N.I.
104,642,559
94,324,168
Newark
146.969.849
154,626.845
Northern N.J
Oranges
6,246,770
5.265.447
Week Ended March 3.
Inc. or
Dec.
717,852
-20.0
3,895,592
+4.1
+6.8 494,000.000
1,876,336
-9.5
-5.7a
+0.9
1,241,065
a
a
-6.0
1,112,201
5,598,109
+4.3
+1.3
3,713,450
+20.8
17,319,014
+13.2
8,745,711
+10.3
+16.5
14,968,500
+0.8
727.849
+7.3
553,913,679
1925.
$
1.015,965 -29.3
775,357
3.696,490 +5.4
4,462.432
507,000.000 -2.6 470.000,000
1,927,772 -2.7
2,290,056
a
a
1,238,284
,
1 0.2
977.788
a
a
a
1,343,774 -17.2
1,285.657
5,303.899 +5.5
6,477.972
3.746,427 -0.9
3,740,235
16,443.939 +5.3
19,992,467
9.399,765 -6.0
9.018.556
698.276
3,510.645
417,000.000
2,603,196
a
1,231,788
2
1,8
'
53,787
6.156.238
4.042.278
13,593,697
8,647.140
13,635.500
720.698
+9.8
+1.0
13,461.000
782.166
14,841,900
907.236
565,472,513
-1.0
533,263,686
474.386,181
-7.0
51,469,750
52,838.746 -2.6
7,002,094
6.038,774
+6.7
12,012,473
11,021,693 +9.0
1,105,127
1,290,200
+0.1
430.947,845
421,991,011 +2.1
49,926,706
50,433,343
-5.9
8,688,183
8.998.641 -3.4
1.187,502
1,088,656
-9.7
11.422,477
12,623,344
1.165.998
1,543.060
+16.3 57,867,605,995 48.621,130,793 -9.5
+19.0 7.438,680,544 6.694317.282
+51.3
11,837,719
8.704.531 +36.0
-2.2
118,995,032
113,584,949 +4.9
13,982,824
15,799,367
+2.9
54,679,512
53.421.719 +2.4
6,552,903
7,385,347
+24.9
32,288,043
28,904,594 +11.7
3.720.161
3,388.970
-2.2
7,274,456
6,944.968 +4.7
948,967
864,500
+10.9
228.614,997
206,505.329 +10.7
+5.2
351.857.054
344.627.494 +2.1
40,978,674
40,642,577
+18.6
13,123.381
13,023.744 +0.8
-12.8
6.994,973
7.027,081
-14.3
1,163,300
1.198.700
61,619,079
-0.1
49,840.276
-8.3
972,121
1.016.477
1,788,908
-24.4
1,807.084
+11.1 7.189,872.398 6,083,297,961
-11.5
+-.00
+10.0
-11.3
14.647,475
6,480,985
3,522,829
1,114,106
12,906.304
5,926,553
3,778,041
618,956
35.840,019
45.611,358
+0.8
_
Total(14 cities).- 27.425,000,281 23,638,572,163 +16.0 59,200,816,917 49.904.321.556
+18.6 7.564.197.334 6.823.954.242 +10.8 7.333.831.886 6.203.213.095.
iTitir4121.
FINANCIAL CHRONICLE
1464
CLEARINGS-(Continued)
1928.
1927.
Week Ended March 3.
Two Months.
Month of February.
Coatings at
Inc. or
Dec.
1928.
1927.
$
Inc. or
Dec.
Inc. or
Dec.
1926.
1925.
1,530,803 -6.9
5.539,240 -14.0
1,412,276 -3.9
1,516.753
4,202,088
1,523,855
1,459,883
4,101,494
1,481,774
2,115,032 +15.2
2,469,597
3,728,893
595.000.000 -4.2 678.000,000
4,118,604
4,393,896 -14.3
6.868.728
7,554,165 +9.9
3,964,761
4,007,453 +7.9
1,914,116
1,877,739 -7.2
587.000.000
3,421.005
6,487,486
4,378,906
1,929,283
$
1928.
1927.
1,424,772
4,708,054
1,357.022
2.436,639
$
%
$
Third Federal Res erve District -Philadelphi a5.998.747 +0.1
6.001,856
Pa.
-Altoona
18,361,354 -8.4
16,825,889
Bethlehem
5.227,809 -6.6
4,883,438
Chester
17,727,834 +1.8
18,045,171
Harrisburg
8.483,668 +7.9
9,157,990
Lancaster
2,244.715 +5.6
2,370.856
Lebanon
3.286,042 +25.4
4,121.652
Norristown
2,086,000,000 2,156,000,000 -3.2
Philadelphia
16,314,661 -4.2
15,626,629
Reading
23.673,734 +7.8
25.525,630
Scranton
14,923,846 + 10.3
16,455.821
Wilkes-Barre
6,573,265 +11.7
7,341.463
York
11,287.490 -17.0
9,367,891
N.J.-Camden
35,792.845 +4.6
37,432.153
Trenton
a
a
a
Del.
-Wilmington _ _ _
ro,
12.494,448
34,682,493
10.669,200
37,261,176
18.990.708
5,245,046
8,277.353
4,633.000,000
36,029.126
54,575,904
35,140.645
16,346,004
20,792,464
71,859,312
a
14,213,387
36,560,821
11,801,973
38,754,725
17,153,878
4.779326
7,517,300
4,593,000,000
34.507.029
54,150,223
32.724.130
13.999,236
24.896,855
65,006,289
a
-12.1
-5.1
-9.6
-3.9
+10.7
+9.7
+10.1
+0.9
+4.4
+0.8
+7.4
+16.8
-16.5
+10.5
a
-2.9
4,995,363.879
4,949,064,972
+0.9
603,883,787
Fourth Federal Re serve District -Cleveland-22,870,000 +17.6
26,903,000
Ohio-Akron
15,507,910 +15.1
17.856,522
Canton
275,998,004 + 15.2
317,870,140
Cincinnati
468,444,240 +6.1
496.788.629
Cleveland
66.791,300 +7.0
71,454.800
Columbus
a
a
a
Dayton
3,842.822 -1.2
3,796,393
Hamilton
a
a
a
Lima
1,411,234 +16.1
1,638,029
Lorain
7.477,258 -2.2
7,311,797
Mansfield
a
a
a
Springfield
a
a
a
Toledo
22,088,652 +9.6
24,219,985
Youngstown
2,819,136 -56
2,663,931
-Beaver County
Pa.
a
a
a
Erie
1,300,007 -12.7
1,135.458
Franklin
5,335,734 -6.3
4,996,992
Greensburg
791,946.055 -8.0
720,837.214
Pittsburgh
8,410,209 +48.6
12.499,753
Ky.-Lexington
15,258,130 +12.1
17.098,654
W. Va.-Wheeling__
53.771,000
35,569,166
670,565.959
1,051.666,593
148,852,600
a
7,412,878
a
3,267,865
15,840,097
a
a
50,246,699
5.917,716
a
2,580,311
14,311,506
1,480,647,593
29.407,385
37.017366
46.185,000 +16.4
32,841,938 +8.3
813,708.032 +9.3
995,045,053 +5.7
142,200,000 +4.7
a
a
7.835,617 -5.4
a
a
3,147,205 +3.8
15,844,625 -0.1
a
a
a
a
48,251.737 +4.1
5.982.679 -1.0
a
a
2,633,841 -2.7
11,575.331 +23.6
1,564.408,485 --5.4
19,298,638 +52.4
35,045,838 +5.6
6.451,000
4.393,566
77,976.767
121,970.244
21,102,600
a
189.846,562
200,375,327
-5.3
185.422.849
166,253,300
1,727,071,297 1,709.500,691
+ 1.0
3.607,054,534
3,544,004,019
429.618,290
434,661,258
-1.2
417,478,239
382,740,377
Fifth Federal Rase rve District- Richmond
5.565,554
4,687,864
W. Va.-Huntington_
a
a
News_
Va.-Newport
21,290.600
20,784,954
Norfolk
182.858,000
169,744.579
Richmond
a
a
-Asheville _ N. C.
10,724,102
9,494,012
Raleigh
a
a
Wilmington
10,376,007
8.400.036
-Charleston. _
B. C.
6,916,716
7,924,459
Columbia
404,634.220
405,284,788
Md.-Baltimore
1.782.349
1.712,038
Frederick
3.352.262
3,109,345
Hagerstown
103,348,052
103,495.524
-Washington_ _
D.C.
-15.8
a
-2.4
-7.2
a
-11.5
a
-18.0
+ 14.6
+0.2
+4.1
+7.8
+0.1
10,306,338
a
46,318,657
357.350,964
a
21,536.878
a
.. 19,470,246
16,841.736
870,368,854
3,825,546
6,918,950
217,904,357
-8.1
29,349,802
24.762,551
750,534.634
-2.1
1,570.842,526
1.647,795.742
-4.7
172,091,383
211,111,636 -18.6
232,585,027
210,363,243
+14.7
+18.0
+8.4
+0.8
-15.3
-0.5
+4.5
a
-16.2
-51.3
-23.1
+2.0
-21.9
+4.0
-25.4
-3.1
-7.9
+9.1
-0.1
69.837.512
30,114,668
197,330,660
435,514,945
16.121,906
9,167,241
17.785,318
a
154,291,177
31,270,000
34.938,828
208,225,914
14,145,585
15.586.146
15,402,000
18,827,263
8.725,796
4,074.486
508,064.630
63,786,837
27,803.464
182,103,298
431,233,880
17.789.825
9,017,706
16,496.438
a
194.582,085
65,022,698
46,636.431
204,800.958
18.594.626
14.197,164
18,363.084
16,476,691
8,243.482
4,019,748
504,458,503
+9.5
+8.3
+8.4
+1.0
-9.4
+1.7
+7.8
a
-20.7
-51.9
-25.1
+1.7
-23.9
+9.8
-10.7
+14.3
+5.8
+1.4
+0.7
7,535,617
*3,479,000
23,493,218
50.063,804
1.962,579
8,150.846 -7.5
*3,500,000 --0.6
25,481,754 -7.8
52,225.969
2,564,296 -23.5
8,234.000
3,658,846
24.556,919
72,347,006
2,455,063
6,816.569
3,500,480
23,550,223
64,351.399
2,888,368
2,167368
a
18,065,865
3,511,000
2,096,541 +3.4
a
a
23,099,018 -21.8
6,999,874 -49.9
1,625,778
a
37,444,615
19,271,378
1.915.652
a
23,738,744
14,343,092
27.781.482
1.606,463
23.282.122 +19.3
2,037,794 -21.2
27,423.196
2,514,919
27,247.677
2,418,818
1,890,000
1,500.000 +26.0
1.800.000
1,424,000
418,327
61,216,349
471.095 -11.2
47,979,913 +27.6
515,293
86.336,222
541,218
63,491.791
1,789,424,076
1.843.626,918
-2.9
203,190,872
199,389,222
+1.9
268,283,235
236,227,981
+2.7
-14.7
+10.1
+18.4
+2.4
+19.3
+7.7
+10.4
+8.0
+2.2
+3.1
-14.9
-0.5
-5.9
+6.8
+8.2
+6.7
+4.9
-13.3
2.294,794
8,023,296
1,444,894.005
29,494,984
68.240,354
19.134.961
23,430.331
26.679,626
46,833,996
196,876,000
23,967.338
49,179,599
33,830,967
355,149,952
7,913,140
23,847.896
92,523,519
80.466.537
3,499.375
2.141,519
10,703.926
1,314,314,345
26,307,661
67,354,353
16,236,518
20.601,900
23.088,291
45.828,339
199,368,410
23,903,500
57380,503
34,123,474
364.266,764
7.979,749
22,397.208
84,732.943
76.972.766
3,605,278
+7.2
-24.0
+9.9
+ 12.1
+1.3
+17.8
+11.8
+15.6
+2.2
-1.3
+0.3
-13.0
-0.9
-2.5
-0.8
+6.5
+9.2
+4.5
-2.9
286,941
554.804
172.530,315
217,953 +31.6
1,006,862 -44.9
167,920,450 +2.7
320,546
1,212,726
170,936,565
387,027
968,183
140.442,342
+7.1
+9.0
-21.3
+22.4
+3.7
a
+0.6
+14.4
-1.6
-3.4
56,117,781
9,945,749
10,574,053
14,402.209
5,919,556.458
a
11,051,443
44,685,788
26,218.340
22,577.664
54.747,794 +2.5
10,305,896 -3.5
13.321,607 -20.6
11,982.946 +20.2
5,524,689,848 +7.1
a
a
11,146,107 -0.9
40.720,461 +9.7
27,683,087 -5.2
23,601,835
7,453.893
1,340,728
2,259,156,439 2,325,896,010
Total(14 cities) -
Total(15 cities)--
Total(10 cities).- _ _
734,950,827
Sixth Federal Rase rve District- Atlanta
30,296,708
34.743,360
Tenn.
-Chattanooga12,805.204
15,114.668
Knoxville
87.579.237
94.976,257
Nashville
203,383,023
205,085,743
Ga.-Atlanta
8,735,907
7,395,439
Augusta
4,364,954
4.344,181
Columbus
7,938,195
8.297,004
Macon
a
a
Savannah
90,518,967
75.893,424
--Jacksonville__
Fla.
29,831,278
14.525,000
Miami
21.454.000
16,493,316
Tampa
93,880.828
95.803.319
Ala -Birmingham...._
8,081,743
6,313.144
Mobile
6,582,948
6,843,385
Montgomery
9,849.000
7,352,000
Misa.-Hattlesburg8,586,115
8,321,152
Jackson
4,253,956
3,919.162
Meridian
1,785,621
1,948,346
Vicksburg
238,315.327
238,151.079
-New Orleans_ - _
La.
Total(18 cities).
-
845,519.979
868,243,011
Seventh Federal R eserve Distric t-Chlaago-1.006.624
1,033,568
-Adrian
Mich.
4,227,403
3,607,786
Ann Arbor
605,827,775
666,746,942
Detroit
11.792,814
13,966,687
Flint
29,755,134
30.479,427
Grand Rapids
6,368,378
7.598,687
Jackson
9,837.008
10.595,371
Lansing
11.059,664
12,210.731
Ind.
-Ft. Wayne.._ _ _
21.833,529
Gary
23,574,133
92,530,000
Indianapolis
94.569,000
10,982,600
South Bend
11,324,438
Terre Haute
27,348,254
23,278,336
16,478.357
Wis.-Madison
16,398,230
176,149,940
Milwaukee
165,837,404
Oshkosh
3,750,687
4,006,898
Iowa--Ced. Rapid......
10,266.000
11,111,670
38,755,231
Davenport
41,360,272
37,064,268
Dee Moines
38,894,998
1,653,657
Iowa City
1,434.145
Mason City
25,739,051
27,554.741
SiouxCity
4,699,789
Waterloo
5,122.309
6,333.727
Illinois
-Aurora
4,983,209
5,847,604
6.910467
Bloomington
Chicago
2,732.346.307 2,634,397,102
a
Danville
a
5,248.284
Decatur
5.278,025
18,645,203
Peoria
21,334.251
13,126,493
Rockford
12,911,137
Springfield
11,199,567
10,818.782
+1.8
12,275,322 -15.5
a
a
51,200,095 -9.5
400.742.000 -10.8
a
22.998.219
a .4
a
a
21.392,973 -8.0
14,190,821 +18.7
894.344,266 -2.7
3,593,351 +6.5
6.635.680 +4.3
220,423.015 -1.1
+4.3
8.651,410,135
8,119.287,028
Eighth Federal Re serve District -St. Lou Is
Ind.
-Evansville
22,440,337 -50.3
11350.701
New Albany
720,077 +4.2
*750.000
Mo.-St.Louis
547,620,739 +3.3
568,596,190
a
Springfield
a
a
Ky.-LoulsvIlle
162,154.918
144,925,401 +11.9
Ownesboro
1,999,529 -0.8
1,982,841
Paducah
8.509,982 +12.3
9,557,786
-Memphis.. _ _
Tenn.
88,356,894 +0.7
88,936,163
-Little Rock_ _ _
Ark.
55,616.969
55.156,654 +0.8
1,431.536
-Jacksonville..
111.
1,419,640 +0.8
5,916,458
Quincy
5,905,120 +0.2
24.329.789
1,607,133
1.246,579,054
a
344,464,998
4.347,846
19,370,153
186,807,723
120,240.275
2.752,528
12,244,662
45,816,860 -46.9
1,544,019 +10.6
1,213,112.938 +1.0
a
a
301,721,853 +14.2
4,360.685 -0.3
19,770.727 -1.0
181,054,337 +3.2
116,042,641 +3.6
3,051,933 -9.8
11,844,565 +3.4
+3.3
1,962,744,161
1,898,320.563
Total(29 cities)
-- 4,005.288,051 3.841,722,143
Total(10 cities).--
906,093,562
877,054,373
570.000.000
3,765,647
8,299.936
4,323.609
1,742,731
5.825.377
a
a
d1,946,457
a
a
5,931,094
a
6,743,468 -13.6
a
a
6,786,677
a
5,599.791
a
630,174,072
-4.2
711,365,179
619,588.495
6,191,000
4,714,462
74,290,289
122,072,033
19,237,900
a
+4.2
-6.8
+5.0
-0.1
+9.7
a
5,763.000
3.734.479
80,206,217
118,992,251
15,823,300
a
5,055,000
4,696,893
73,196,379
111,227.054
15,726,500
a
a
a
a
a
2.125,575
a
5,:10,568
a
a
1,804,282
a
a
4,780.969
a
1,135,765
1,518,497 -25.2
1,595,368
1,709,350
5,046,667
35.503.683
5.616,737 --10.1
49,094,000 --27.7
10,004.331
57,084,000
9,925.164
57,661,145
2,160,139
3,213.930 -32.8
3,336,089
3,114,672
100,650,590
121,630,228 -17.2
131,215,437
113,190,361
27,594,539
30.038,244
8,153,084
8,316.742
-1.0
9,076,384
7,792,456
2,357.616
3,668,889
2,840,000 -16.0
3,206,801 +14.4
2,930,000
2,899,838
3,416,182
2,908,884
27.004,000
2,747,000
8,657,712
28,591,000 -5.5
2,938,068 -6.5
6.510,377 +33.0
24,941,000
3,148,600
5,312.100
17.401.000
2,639,800
5,421,536
42.188,978
48,923,707 -13.8
44.895,290
46.151,235
-3.2
4,966.502
4,782,812
13,430,074 -11.2
16,382,447
17.692,604
-3.9
+0.0
8,954,877
1,540,203
9.561,799
1,947,037
2,905.180
2,473,218 -16.0
787,480.409 -9.7 857,745,683
a
a
a
1,448,779
1,594,344 -4.2
6.574.650
5,986,501 + 13.8
3.420,166
3,788,043 +2.2
4,055,583
2.772,647 +7.5
3,670,443
726,811,283
a
2.144,302
6.987,953
3.414,399
3.532,516
3,985,638
11,922,878
2,511,550
711,127,468
a
1,527,102
6,815,446
3,872,302
2,979,542
4,118,447
7,754,797
1,615,601
+6.6 1,021,685,886 1.101,486.041
+34
a
1,150,649 +69.2
a
a
a
a
6.629,598 -10.5
-7.2 1373.667.127 1,008,053,793
5,685,204 -22.2
5,583,730
6,119.034
-2.8
157,700,000
153,800,000
37,933,740
374.492
39.554.140 -4.1
506,338 -25.0
39,105,378
584,093
36,103,989
509,525
21,057.963
13,341,711
462.437
1,956,188
23,713,978 -11.2
14,563.657 -8.4
550,728 -15.0
2,059,393
25,508,767
14,542.007
609.089
2.068,987
24,938,237
12,466,186
690.319
2,607,445
22T.150.041
238,433,438 --4.7
245,792,051
236,234,735
4,423,510
147,600,000
151,800,000
MAR. 10 1928.]
FINANCIAL CHRONICLE
1465
CLEARINGS-(Concludec).
Month of February.
Two Monlhs.
Clearings al
1928.
Inc.or
Dec.
1927.
$
Ninth Federal Res erve District -Minnespoll a--Duluth
Minn.
24,371,548
23,233,197 +4.9
Minneapolis
293,547,891
254,567,196 +15.3
Rochester
2,434,685
1.943,538 +25.3
St.Paul
119,304,375
108,843,353 +9.6
No.Dak.-Fargo_ _ _
7,753,592
6,470.110 +19.8
Grand Forks
5,060.000
4,587.000 +10.3
Minot
1,389.546
1,042,926 +33.2
-Aberdeen _ __
S. D.
4,581,995
4,252,439 +7.7
Sioux Falls
6,885,222
6,704.231 +2.7
-Billings
Mont.
2,598,680
2,227,420 +16.7
Great Falls
4.702.397
2,950,222 +59.4
Helena
12,123,867
10,614,914 +14.2
Lewistown
676.824
489,585 +38.2
Total
(13 cities) _
_
485,430.822
427,926,131 +13.4
Tenth Federal Res erve District -Kansas Clt y-Neb.-Fremont
1,660,133
1.429,474 +16.1
Hastings
2,290,678
1,776,143 +29.0
Lincoln
20,654,550
17,295,636 +19.4
Omaha
174,511,567
149.001,813 +17.1
Kan.
-Kansas CRY-8,451,283
9,068.281 -6.8
Lawrence
a
a
a
Pittsburgh
a
a
a
Topeka
13,985,938
13.051,876 +7.1
Wichita
34.715,481
31,125,400 + 11.5
Mo.-Joplin
5.376,317
5,743,213 -6.4
Kansas City
521,243,011
546.271.488 -4.6
St.Joseph
29,688,903
25,373,274 +17.0
Okla.
-Lawton
a
a
a
McAlester
Muskogee
a
a
a
Oklahoma City _
115,037,101
113,989,999 +0.9
Tulsa
46,997.798
47,254,258 -0.5
Colo.
-Colorado Sins.
5,063,246
4,873,248 +3.9
Denver
131,776,120
117,455,575 + 12.2
Pueblo
5.298,160
4,925,215 +7.6
Total(11 cities)
1928.
1927.
Week Ended March 3.
Inc. or
Dec.
1928.
1927.
Inc. or
Dec.
1926.
1925.
51,961,577
614,481,122
5,062,231
252,076.555
16,118,748
10,699,000
2,889,310
9,767,299
13,460,372
5,154,680
9,163.861
25.360,867
1,411,964
49,301,857
553,969,211
4,396,260
234,396,488
14.611,784
10.098,000
2,187,420
9,527,642
14.095.725
4.883,747
6,803,422
22,754,688
1,095,719
+5.4
+10.9
+15.1
+7.5
+10.3
+5.0
+32.1
+2.5
- 4.5
+5.5
+34.7
+11.4
+28.9
d6,922,235
81,116,791
7,736,109 -10.5
74,926,465 +8.3
7,576,468
82.944,363
8,712,455
91,941,008
35,576,082
2,180,574
34,907,467
2.086.167
+1.9
+4.5
33.507,053
1,970,861
34,245,758
2,232,637
1,200.092
1,186.188
+1.2
1,401,180
1.647,348
717,395 -14.5
609,340
661,132
3,075,000
2,909,000
+5.7
2,840,013
2
.757.171
1.017,507,586
928.121,963
+9.6
130,684,468
124,468,791
+5.0
130,849.278
142,202,509
3,442,286
4,624,818
42,389.677
352,256,874
19,365,447
a
a
30,406,459
72,743,633
11,786,352
1,100,324,258
61,764,848
a
+11.5
+28.9
+11.4
+11.2
-6.3
a
a
+ 13.2
+7.7
-8.5
-6.6
+8.8
630,835
767.125
6,993,560
48,590,048
556,471 +13.4
502,013 +52.8
7,877,569 +11.6
50,302,411 -3.4
587,333
909.205
8.276,606
54,109,882
695,757
1,359,946
10,272,629
58,830.495
d4,009,436
10,152,650
3,460.282 +15.9
8,819,749 +15.1
4,192,778
8,452,301
3,924,318
8,934,000
134,478,747
d7,958,437
151,349.417 -11.1
8,524,202 -6.6
140,600.000
9.550,563
145,716,047
11,597,634
244.681,243
98,948,213
11,032,164
279,727,227
11,196,450
3,088,465
3,586,553
38,052.452
316.638,167
20.659,777
a
a
26,859,682
67,543.849
12,885,956
1,177,590.040
56,783,608
a
666,407
a
250,982,611
99,925.604
9,726,685
253.140.700
10,598,872
a
a
30,512,645 -9.1
a
a
1,110,821 -38.0
21,761,261 +00.0
1,422,972 +1.5
a
31,472,417
+ 13.4
+ 10.5
+5.6
a
27,737,900
a
700,255
*21,000,000
1,444,278
265.469,711
a
--2.5
613,694
1,554,347
23,327,950
1,371,803
26,897,045
a
1,277,461
23.268.923
1,292,689
284,410.183
294,066,942
1,116,750.286 1,088,634,873
+2.6
2.342,689,943
2.348,729,426
-0.1
Eleventh Federal Reserve Dlstr let-Dallas
Tex.
-Austin
6,258,423
5,904,851
Beaumont
8,945.000
8.344.000
Dallas
210,866.620
196,745,820
El Paso
23,295,069
17,749,293
Fort Worth
55,407,812
47,345,097
Galveston
21.909,000
59,328,000
Houston
131,890.825
149,201,456
Port Arthur
2,537.700
2.493.481
Texarkana
2,502,045
2,391,001
Waco
a
Wichita Falls
11,044,000
13,489,000
La.
23,597,263
-Shreveport
22,218,505
+6.0
+7.2
+7.2
+31.3
+ 17.0
-63.1
-11.6
+2.8
+4.6
a
-18.1
+6.2
14,482,645
17.668.000
440,171,151
47,371,480
116,353.740
45,225,000
274,837,178
5.158,352
5,220,257
a
23,634,000
50,468.383
12.455,228
17,331.000
426,738,726
40,135,164
102.188,424
111,733,000
316,863,714
5,134,050
5,180,231
a
29,525,000
50,018,802
+ 16.3
+0.2
+3.1
+18.0
+ 13.9
-59.6
-13.3
+0.5
+0.8
a
-20.0
+0.9
1,533,190
1,770,651 -13.4
2,716,550
2,330,795
43,930,023
52,210,590 -15.9
49,397,428
49,568,531
d11,810,290
4,504,600
a
11,376,424 +4.7
13,311,600 -66.2
a
a
13,219,785
7.852,000
a
12,711,971
10,203,683
a
-5.1
1,040.590.186
1,117,303.339
-6.9
66,948,370
Twelfth Federal R eserve Distde t-San Franc Roo-Wash.-Bellingham
3,054,000
3,405,000 -10.3
Seattle
175,908,382
166,033,151 +5.9
Spokane
49,393,000
45,177,000 +9.3
a
Tacoma
a
a
5,378,136
Yakima
4,956,716 +8.5
4,500,386
Idaho-Boise
4,140,354 +8.7
1,741,000
Oregon-Eugene
1,836,750 -5.2
134.864,182
Portland
136,301,012 -1.1
6,597,724
Utah-Ogden
5,338,513 +23.6
67,075.474
59,800,239 +12.2
Salt Lake City
2,492,059
Nevada-Reno
2,344,085 +6.3
ArIzona-Phoenix____
14,446,000
11,313.000 +27.7
5,356,868
Calif.-Bakersfield...._
5,153,760 +3.9
19,764,054
19,484,539 +1.4
Berkeley
14,442,347
18,613,212 -13.1
Fresno
32,180,963
27,260,010 + 18.1
Long Beach
789,673,000
758.821,000 +4.1
Los Angeles
3,714,090
3.143,528 +18.2
Modesto
78,733.704
Oakland
79,345,080
31,370,361
Pasadena
26,016,849 +20.6
4,329,444
Riverside
5,042,174 -14.1
Sacramento
29,854,741
31,102,739 -3.0
22,356,868
San Diego
28,563,779 -21.7
898,698,544
San Francisco
750.850,482 +19.7
San Jose
12,031,288
10,970,777 +9.7
Santa Barbara
6,662,844
5,432,920 +22.8
Santa Monica
8,355,812
8,030.237 +4.4
Santa Rosa
1,990,677
1,797,194 +10.8
Stockton
9,551,800
11,219,100 -14.9
6.133,000
374,740,900
105,320,000
a
11,437,910
10,086,484
3,527,000
282,250.313
14,726,783
151,164,348
5,252,243
30,109,000
11,140,997
44,494,297
31.026,453
66,160,381
1,620,750,000
7,901,055
165.428,907
64,559,391
9,226,645
62.151,685
47,025,118
1,821,720,721
26,292,468
14,387,872
17,588,695
4.159,733
23,210,000
6,771,000 -9.4
346,311,923 +8.2
45.459.265
96,365.000 +9.3
12,359,000
a
a
a
10.751,780 +6.4
1,522,856
9.090,271 +11.0
3,843.750 -8.2
286.578,296 -1.5
36,016.230
11,420,699 +28.9
139,987,737 +8.0
17,944,183
5,322,177 -1.3
a
24,690.000 +21.9
a
11.464.111 -2.8
41.899,637 +6.2
34,042,822 -8.9
3,528,884
59,756,211 +10.7
7.684,960
1,581,653.000 +2.5 1209,374,000
7,341,523 +7.6
182,125.748 +2.0
20.492,067
60,695.095 +6.4
7,909.490
10,847,845 -14.9
69,414,410 -10.5
10,481,229
57,989,774 -19.9
5.277,459
1,575,186,518 +15.7 244,517,761
25.266,204 +4.1
2,766,209
11,950,89 +20.4
1,713,529
17,765,770 -0.1
2,215,396
3,770.152 +10.3
25.159,900 -7.8
e2,195,160
5,031,972,401
4,697,462,044
Total(11 cities)---
498,253,757
525,210,504
Total(28 cities).- - 2,434.515,748 2,229,493,200
+9.2
+7.1
5,170,267
631,457,678
286,199,813
5,665,667
-8.7
5,586.781
5,277.496
84,334,932 -20.6
78,772,544
80,092,479
47,471,520
12,219,000
-4.2
+1.2
a
46.234,850
11,711,000
a
1.489,487
40.616,637
10,787.000
a
1,707,290
-0.8
40,131.904
37,491,212
a
a
17,392,397
a
a
16,841.645
4,035,444
7.841.847
192.942,000
3,836,566
7,675,133
170,890.000
1,571,884
36,312.527
17,326,590
a
a
6.529,885 -45.0
7,467,651 +2.9
213,971,000 -2.2
+0.1
+3.7
24,799.591
7,730,510
22.441,480
7,944.238
10,365,154
7,819,216
201.196.000
3,521.480
1,409,727
2,198,262
+1.1
-32.5
+21.5
-21.4
+21.5
+0.8
8,923.869
6,559.148
221,604,000
2,930,079
1,687,252
2,252,447
9,028.575
5,618,823
198,778,351
2,681,066
1.355,655
2,072,429
3,004,800 -26.9
600,495,409
Grand total(192 cities) 44,805,341,385 40,397,006,347 + 10.4 96,142,871,030 85.595,294,942 +12.3
11870.291,499 11300,181,367
+2.6 38,275,265.035 36,974,164,149 +3.5
4,431,610,955 4,805,764,085
longs of Febrtsary.
1923.
CanadaMontreal
Toronto
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
Hamilton
Calgary
St.John
Victoria
London
Edmonton
Regina
Brandon
Lethbridge
Saskatoon
Moose Jaw
Brantford
Fort William
New Westminster_
Medicine Hat
Peterborough
Sherbrooke
Kitchener
Windsor
Prince Albert
Moncton
Kingston
Chatham
Sarnia
$
573,849,769
584,455,516
190,710,596
87,811.268
30,387,721
23,656.046
12,003.121
24,402,373
50,317,643
10,541,213
9,687,567
12,272,195
25,000,363
17,336,814
1,967,780
2,647.402
8,027,808
4,633,335
5,504.667
3,384,651
3.138,409
1,627,393
3,297,153
3,521.782
5,131.635
12,272,195
1,656.217
3,425.428
2,970,245
3,408,131
2,100,620
1927.
$
417.159,787
436,366.697
156,794,000
63,110.185
24,385.098
23,027,666
10,654.723
20,788,151
28,452,441
9.650.703
7,867,442
11.278,790
18,055,460
13,099,565
1.752,221
1,771.858
6,206,500
4,253,127
4,301,350
3,007,814
2,713,978
996,612
2,922,940
3,335,297
4,108,735
16,425,238
1,399,649
3,114.719
2,548,911
2,930,759
2,186,209
Inc. or
Dec.
%
+37.6
+33.9
+21.6
+39.1
+24.5
+2.7
+12.7
+17.4
+76.8
+9.2
+23.1
+8.8
+38.5
+32.3
+12.3
+49.4
+29.3
+8.9
+28.0
+12.5
+15.6
+63.3
+12.8
+5.6
+24.9
-20.4
+18.3
+10.0
+16.5
+16.3
+0.2
1928.
$
1,207,959,827
1,253,759,096
416,569,438
179,975,058
60,989,590
51,167,455
24,673,529
50,046,779
101,155,981
22,222,417
19,592,010
27.143,589
62,879,567
38,378,831
4,350,961
5,322,431
18,686,097
10,553,209
10,834,567
7,401.867
6,243,524
3,262,057
7.646.180
7,230,391
10,523,890
31.576,918
3,531,817
7.185,039
6,425,006
7,507,906
5,033,671
+5.2
3,041,700
3,650,300
801,312.525
543.296,400
+5.0 12010310,980 10430,466,230
-3.8 4,821,738,562 4.347.167.263
JANUARY 1, AND FOR WEEK ENDING MARCH
Two Months.
Clearings (d
-
a
20,484,279
7.826,434
Outside New York._ 17,781,215,319 17.337,789,024
CANADIAN CLEARINGS FOR FEBRUARY, SINCE
-7.2
1927.
$
891.597,006
949,169,194
343,774,986
137,347,935
50,836.752
48.504,493
23,675.960
43,212,470
60,757,666
20,914,798
16,279,018
24,480.051
41,130,959
30,866,195
3,952,741
3,968,144
13,429,820
9,635.073
8,941,542
6.450.407
5.853,963
2.093,517
6,662,467
6.922,602
8,626,101
32,112.603
• 3,070,202
6,772,476
5,507.837
6,403,238
4.923,130
1.
Week Ended March 1.
Inc. or
Dec.
%
+35.5
+32.1
+21.2
+31.0
+20.0
+5.5
+4.3
+15.8
+66.5
+8.2
+20.3
+10.9
+28.6
+24.3
+10.1
+34.1
+39.1
+9.5
+21.2
+14.8
+6.7
+55.8
+14.8
+4.4
+22.0
-1.7
+15.0
+6.1
+16.7
+17.3
+2.2
1928.
$
128,134,112
134.043,224
44,236.981
21,433,287
6,822,096
7,296.097
2,807,852
6,314.720
10,778,753
2,614,884
2.557,670
2,841,211
6,374.950
3.637,856
425.019
661,022
1,862,504
970,410
1,205,907
768.584
812.173
373.258
715,260
809,188
1,167.026
4.446,755
434,314
783.269
602,357
754,256
649.601
1927.
$
106,816,735
118,737,170
46,041,478
17,776,194
6,201,725
5,837.166
2,901.388
5,294,102
7,755,411
2,377.967
2,206,791
2,950,880
5,017,964
3,497,886
451,888
445,607
1,711,558
1,084,877
1,206,141
833,705
806,156
306,968
796,233
886,749
1,202,587
3.820,972
407,458
945.774
717,030
761.615
632,959
Inc. or
Dec.
%
+20.0
+13.1
-3.9
+20.6
+6.8
+25.0
-3.2
+19.3
+39.0
+10.0
+15.9
-3.7
+27.0
+4.0
-5.9
-49.5
+8.8
-10.6
-0.1
-7.8
+0.7
+21.6
-10.2
-6.6
-2.0
+16.4
+6.6
-17.2
-15.0
-0.1
-13.2
1926.
$
118,812,713
102,080,380
44,470.419
16,679,801
6,246.247
7.313,942
3,031,692
4.815,620
7,983,654
2,711.691
1,902.477
2,880.922
5,916,350
3,161,066
453,541
524,966
1,714,703
1,080,328
1,071,877
810,824
833,132
239,747
660.760
944,837
973.240
3,492,359
374.674
903,186
713,630
1925.
i
91,854,008
87,716,158
44,758,649
14.275,913
5,641.872
5,735,754
2,880.802
4,408,079
5,821.615
2,462,375
1,866,702
2,542,521
4,717,307
3,120,332
514,821
498,806
1,389,610
1.022,106
963,861
706.010
621.098
356,989
766,241
845,203
851,233
2.547,661
323.065
563,652
594,880
1,721,216,956 1,303.668,623 +32.0 3,659,828.678 2.817.873,346 +29.9
397.234,306 349.026.460 +13.8 342,598.778 290.448.323
n No longer report clearings. b Do not respond to requests for figures. c Week ended March 1. d Week ended
March 2. 0 Week ended March 3. •Estimated.
Total(31 cities)____
[VoL. 126.
FINANCIAL CHRONICLE
1466
Public Debt of United States-Completed Returns
THE ENGLISH GOLD AND SILVER MARKETS.
Showing Net Debt as of Nov. 30 1927.
circular of
We reprint the following from the weekly
The statement of the public debt and Treasury cash holdSamuel Montagu & Co. of London, written under date of
ings of the United States as officially issued Nov. 30 1927,
Feb. 22 1928:
delayed in publication, has now been received, and as interGOLD.
est attaches to the details of available cash and the gross and
The Bank of England gold reserve against notes amounted to £157.mak187,305 on the 15th inst. (as compared with £156,725,310 on the previous net debt on that date, we append a summary thereof,
-when an ing comparisons with the same date in 1926.
Wednesday) an increase of £3,280,990 since April 29 1925
effective gold standard was resumed.
Very little gold was available yesterday in the open market and withdrawals were made from the Bank of England to meet the usual Eastern
and trade demands.
The following movements of gold to and from the Bank of England
have been announced:
Feb. 16. Feb. 17. Feb. 18. Feb. 20. Feb. 21. Feb. 22.
Nil
Nil
Nil
Nil
Nil
Nil
Received
£5.000 £127,000 £41,000
Nil
Nil
Withdrawn
£12,000
during the week under
The above figures show a net efflux of £185.000
review. The £25,000 sovereigns withdrawn were destined as follows:
India, £13,000; Spain, £7,000, and Egypt, £5,000.
The following were the United Kingdom imports and exports of gold
registered in the week ended the 15th inst.:
Exports.
Imports.
£36,800
£25.210 Germany
British West Africa
32.903
320,367 France
British South Africa
30,622
Switzerland
22,500
Austria
83,450
India
62,422
Straits Settlements
3,060
Other countries
£271.757
£345,577
United Kingdom imports and exports of gold during the month of January 1928 are detailed below:
Imports.
Exports.
£1,108,569
Russia
£201,390
Germany
069,196
6,580
Netherlands
137,635
France
209.134
25
Switzerland
406,597
Poland
5,000
Spain and Canaries
62,378
West Africa
11,350
Java and other Dutch Possessions in the Indian Seas
3,074
United States of America
1,330
Central America and West Indies
4,000
Gibraltar
90.056
Rhodesia
2,090,431
Transvaal
226.339
British India
32,103
Straits Settlements
750,000
Canada
31,857
5,863
Other countries
£4,118,306 £2,234,601
Total
During the week ended the 21st inst. New York reports that $3,000,000
and 5500.000 in gold were shipped to Uruguay and Buenos Aires, respectively, and that $4,730,000 gold was received from Canada.
The following figures (in lace of rupees) relate to India's foreign trade
during the month of January last:
22,28
Imports of merchandise on private account
29,92
Exports, including re-exports of merchandise on private account
2,39
Net imports of gold
1,26
Net imports of silver
Net imports of currency notes
4,29
Total visible balance of trade in favor of India
.4 25
Net balance on remittance of funds-against India
SILVER.
The market has not been active during the week. The tone has been
steady owing to the smallness of supplies, though had rates slightly advanced sellers were ready to deal with freedom. China and India have
each on several days worked both ways. To-day with some accession
of fresh orders, quotations rose 1-158.
The following were the United Kingdom imports and exoprts of silver
registered in the week ended the 15th inst.:
Exports.
Imports.
£28,568
£17,042 India
British West Africa
14,041
3,635 Other countries
Other countries
£42.609
£20.677
INDIAN CURRENCY RETURNS.
Feb. 15.
Jan. 31.
Feb. 7.
(In Lacs of Rupees.)
18550
18545
18602 .
Notes in circulation
10542
10593
10537
Silver coin and bullion in India
Silver coin and bullion out of India
.
4
8
2976
Gold coin and bullion in India
Gold coin and bullion out of India
3789
3789
3789
Securities (Indian Government)
443
443
444
Securities (British Government)
800
800
800
Bills of exchange
The stock in Shanghai on the 18th inst. consisted of about 52,500,000
ounces in sycee. 77.500.000 dollars and 3,600 silver bars, as compared with
about 51,800,000 ounces in sycee, 79,600,000 dollars and 4,200 silver
bars on the 11th inst. Quotations during the week:
Bar Gold
-Bar Silver per oz. std.per or. Fine.
Two Mos.
Cash.
84s. 1134d.
26 3-16d.
Feb. 16
26 3-16d.
265-158.
84s. 11%d.
Feb. 17
26%d.
84s. 11%d.
26 3-16d.
Feb. 18
0
,
263 .
26d.
84s. 11 Md.
Feb. 20
263-158.
84s. 11 Md.
;
26 id.
Feb. 21
26 3-168.
84s. 11 Md.
26 5-16d.
-Id.
Feb. 22
263
849. 11.3d.
26.2504.
26.1978.
Average
The silver quotation to-day for cash is the same as that fixed a week
ago, and that for forward 1-158. above the corresponding figure.
-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:
Thurs.,
Fri.,
Wed.,
Tues.,
London,
Men.,
sal.,
Irk End.Mar.9 Mar. 3. Mar. 5. Mar.6. Mar,7. Mar. 8. Mar. 9.
28 3-16d.
28 3-168.
Silver, per oz__ 26 3-188. 26 3-18d. 26 3-188. 28558.
Gold.per fine oz 84s.115id. 848.1155c1 845.105id. 845.11318. 845.115(d. 845.1135d.
555i
Consols,255% _ ____
5555
5555
102
10255
102
4
British, 455% _ _ _ _ _
973-1
975‘
9751
French Rentes
67.50
67.60
67.90
(In Parls).fr. ____
67.75
67.60
French War L'n
88.00
88.10
87.90
(In Paris)_fr_ ---87.60
87.80
The price of silver in New York on the same days has been:
S vet in N.Y., per oz.(cts.):
57
5734
Foreign
5755
573-1
5734
573-4
CASH AVAILABLE TO PAY MATURING OBLIGATIONS.
Nov. 30 1927. Nov. 30 1926.
Balance end month by daily statement, dm
Add or Deduct-Excess or deficiency of receipts over
or under disbursements on belated Items
13,377,447
140,152,490
Total
Balance. deficit(-) or surplus (4-)
-760,174
9,953.974
Deduct outstanding obligations:
Matured interest obligations
Disbursing officers' checks
Discount accrued on War Savings Certificates
Settlement warrant checks
-3,423,473
139,392,318
42,102,924
70,329,339
7,205,285
771.670
56,973,658
67,162,091
9,055,495
1,864,802
120,409.218
135,056,044
-110,455,244
-4,336,272
INTEREST-BEARING DEBT OUTSTANDING.
InterestNon. 30 1927. Nov. 30 19264
Payable,
Title of Loan599,724,050
-J. 599,724,050
Q.
2s Consols of 1930
48,954,180
48.954,180
-F.
Q.
2801 1918-1936
25,947,400
25,947,400
-F.
Q.
28 of 1918-1938
49,800,000
Q -M. 49,800.000
3s of 1961
28,894,500
28,894,500
-J.
Q.
3s Conversion bonds of 1948-1947
862,648,500
J -J. 986.378,500
Certificates of Indebtedness
-J. 1,297,686,700 1,397.687,100
J.
3555 First Liberty Loan, 1932-1947
5,155,700
6,155,650
-D.
J.
4s First Liberty Loan, converted
532,874,350
-D. 532,822,350
J.
431s First Liberty Loan, converted
3,492,150
3,492,150
-D.
Liberty Loan, second converted_ _ _ .J.
43Is First
20,848,350
-N.
M.
45 Second Liberty Loan, 1927-1942
3,083,672,550
455s Second Liberty Loan converted
-S.
M. 2,147.853,200 2,279,157,650
455s Third Liberty Loan 01 1928
A.-0. 6.298,901,900 6,324,465,150
-Is
43 Fourth Liberty Loan of 1933-1938
763,948,300
762,320,300
4 lis Treasury bonds of 1947-1952
1,042,401,500 1,047,087,500
45 Treasury bonds of 1944-1954
494,898.100
491,212,100
3US Treasury bonds of 1946-1958
494,854,750
3555 Treasury bonds of 1943-1947
357,747.938
254,859,537
4s War Savings and Thrift Stamps
12,881,080
13,951,780
-J.
J.
214s Postal Savings bonds
-D. 2,591,290,250 1.197,481,300
J.
5158 to 5%s Treasury notes
Aggregate of interest-bearing debt
Bearing no interest
Matured. Interest ceased
17,774,300.797 19,137,365,848
241,211,270
240,385,714
10,438,320
158,930,240
a18.173,816,750 19,389,015,438
Total debt
+4,338,272
Deduct Treasury surplus or add Treasury deficit.- +110,455.244
818,284,071,994 19,384,679,186
Net debt
a The total gross debt Nov. 30 1927 on the basis of daily Treasury statements
was 518.173,915,467.41. and the net amount of public debt redemption and receipts
In transit, &c., was 3298,717,90.
b No deduction is made on account of obligations of foreign Governments or other
Investments.
Xonnuercial and-Miscellaneousgems
-The following information regarding
National Banks.
national banks is from the office of the Comptroller of the
Currency, Treasury Department:
APPLICATIONS TO ORGANIZE RECEIVED.
Capital.
850,000
-The Citizens National Bank of Umatilla, Fla
28
Feb.
Correspondent: John C. Deaver, Umatilla, Fla. To
succeed Bank of Umatilla, Fla.
30,000
The Peoples National Bank of Coloma, Wis
To succeed the Peoples Bank of Coloma, Wis.
Correspondent: Vilas Follet, Coloma, Wis.
100,000
Mar. 2
-The National Bank of Niles Center, Ill
Correspondent: Ferdinand C. Baumann, Niles Center,111.
100,000
The Nonantum National Bank of Newton, Mass
Correspondent: John Finelli. 132 Adams St., Newton.Mass.
100,000
Mar. 3-First National Bank in Kearney. Nob
Correspondent: Thomas Gass. Kearney, Neb.
APPLICATIONS TO ORGANIZE APPROVED.
-Second Wisconsin National Bank of Milwaukee, Wis._ _ 200,000
Feb. 28
Correspondent: Arthur W. Fairchild, 425 E. Water St.,
Milwaukee, Wis.
100,000
-The Belleville National Bank, Belleville, III
Mar, 2
Correspondent: P. C. Otweh. Belleville, Ill.
APPLICATION TO CONVERT APPROVED.
25,000
-The Wallace National Bank of Exeter, Neb
Feb. 28
Conversion of Wallace & Co., Bankers, Exeter, Neb.
CHANGE OF TITLE AND LOCATION.
Mar. 1-The First National Bank of Bonita, Montague County,
Tex., to "The Security National Bank of Nocona,"
Montague County, Tex.
VOLUNTARY LIQUIDATION.
25,000
-The First National Bank of Ripon. Calif
Mar. 3
Effective Feb. 23 1928. Liquidating Agent: A. II.
Leydecker, San Francisco, Calif. Absorbed by: Security Bank & Trust Co.. Bakersfield, Calif.
CONSOLIDATION.
$700,000
-The First National Bank of Terre Haute, Ind
Feb. 20
500,000
and -The McKeen National Bank of Terre Haute, Ind
Consolidated under the Act of Nov. 7 1918, under the
charter of The First National Bank of Terre Haute.
No. 47, and under the title "First-McKeen National
Bank & Trust Co. of Terre Haute." with capital stock
of *500.000.
25.00e
-The Security National Bank of Cheney, Wash
Feb. 27
25,000
The National Bank of Cheney, Wash
Consolidated under die Ac.; of Nov. 7 1918, under the charter
and corporate title of"The Security National Bank of Cheney,"
No. 9144, with capital stock of $00.000.
MAR. 10 1928.]
FINANCIAL CHRONICLE
1467
Auction Sales.
-Among other securities, the following,
DIVIDENDS.
not actually dealt in at the Stock Exchange, were sold at auction
Dividends are grouped in two separate tables. In the
in New York, Boston, Philadelphia and Buffalo on Wednes- first we bring together all the dividends
announced the
day of this week:
current week. Then we follow with a second table, in
By Adrian H. Muller & Sons, New York:
which we show the dividends previously announced, but
Shares. Stocks.
$ Per sh. Shares. Stocks.
per sh. which have not yet been paid.
15 Brotherhood of Locomotive En2 Newport Casino cap. stock____$20 lot
gineers Secur. Corp. of N. Y.,
13 N. Y. Harbor Dry Dock Corp.
The dividends announced this week are:
5 she. class B & 10 she. class A__ 10
common,
par
15 Roadiess Patents Holding Co.
common v. t c
$1 lot
67 units Amalgamated Bond & Mtg.
Corp., $175 each unit
$500 lot
7 Plymouth Rubber Co. 7% pref.
(old stock)
$1 lot
500 Internat.P-A-Y-E Tramcar Co.
Ltd., ord., par $5
$2 lot
50 Pay-as
-You-Enter Car Corp.
common
$1 lot
20 Continental Mines, Ltd.. temp.
etf., par $5
$1 lot
50 N. Y. Harbor Dry Dock Co.,
Inc., common, no par
$12 lot
25 N. Y. Harbor Dry Dock Corp.
preferred
$11 lot
no
51 lot
4,350 Sunset Mining & Devel. Co.,
Par $1.
$2 lot
1 Northland Rubber Co., Inc., par
$25
$1 lot
1 Edwards Engineering & Mfg. Co.
2d preferred
51 lot
8 Ryan Consol. Petrol. Corp., no
par
$28 lot
Bonds.
Per cent.
$50,000 Madison Clark Bldg. 1st
mtge. leasehold & bldg. serial
614s, due Mar. 15 1942
50 flat
$60,000 Newark Factory Sites 5%
deb. 5s, Jan. 1940, 40% paid_20% flat
$26,000 Kenshire Apartments let
mtge. 6%s, Oct. 15 1941
10 flat
By Wise, Hobbs & Arnold, Boston:
Shares. Hocks.
$ per sh. Shares. Stocks.
8 per sh.
9 Merchants Nat. Bank, Salem_ ___156
25 Great Atl. & Pac. Tea Co. of
40 Old Colony Trust Co
222
Amer., corn., non-vot. elk
41514-4163.
10 First National Bank
452
25 Quincy Market Cold Storage &
10 Ipswich Mills, pref
15
39%
Warehouse Co., common
24 Arlington Mills
45% 1 Boston Athenaeum, par £300- _802
50 Androscoggin Mills
78
28 First Nat. Stores. Inc., 7% pfd_106
1 Nashua Mfg. Co.. preferred
971.1 893 Corinna Mfg. Co., capital stock
12 Indian Orchard Co
94%
$1.000 lot
40 Pepperell Mfg. Co
10614 40 Salem G.L.Co., undep., par $25.
10 Essex Co., par 550
51%-52
1961.1
16 Hill Mfg. Co
18% 1 Quincy Mkt. Cold Stor. & Ware70 Otis Co
7411
43%
house Co., preferred
31 Otis Co
43
20 Merrimac Hat Corp.. pref., par
4 Stoney Brook RR. Corp
49Si
97
550
105 Ft. Dodge Des Moines & Sou.
30 Quincy Mkt. Cold Stor. & WareRR. Co., pref
234
751.
house Co., pref
17 Groton & Knight Co., pref
8031 11 Lynn G. & E. Co., undep., par
139 New Bedford Gas AZ Edison Lt
150
$25
Co., undep.. par $25
106-106% 30 Boston Woven Hose & Rubber
15 Brockton G. L. Co., v. t. c., par
Co., common
9034 ex-div.
$25
53% 20 Groton & Knight Co.,common.. 171.1
14 Plymouth Cordage Co
94% 5 Craton & Knight Co., pref.
8031
5 Congress Street Associates
55
10 Penobscot Chemical Fibre Co..
10 Ry. & Light Secur. Co.. corn..... 7531
common
91%
25 Edison Elec. Ill. Co., Brockton,
61 Roberts Safety Water Tube Bony. t. c., par $25
88%
or; 5 Mutual Rubber Products Co..
40 Gorton-Pew Fisheries Co., Ltd.,
$10 lot
common
60
5 Plymouth Cordage Co
9514
8 Quincy Mkt. Cold Stor..k Whouse
PO Western Real Estate Trust
184%
Co., pref
74% 15 New Eng. Pow. Assoc., pref-.100 A
10 Insurance & Bank Stock Trust
35 Quincy Mkt. Cold Stor.& Wareclass A; 2 ditto. cla.ss B
48%
house Co., common
38%
45 Fall River Gas Works. par $25_ 65
.
RightsS per right
9 New Eng. Bond dr Mtge. Co..
28 First Nat. Bank
634
Pref., par 850
45
BondsPer cent.
60 Boston Wharf Co
113
$1,000 Beacon Hill 7% note
50
By R. L. Day & Co., Boston:
Shares. Stocks.
$ per sh.
190
3 Webster & Atlas Nat. Bank
430
2 Merchants Nat. Bank
328%
.5 Nat. Shawmut Bank
1 North Adams(Mass.) Nat. Bank.160%
.5 Milford (Mass.) Nat. Bank
16231
.5 Spencer (Mass.) Nat. Bank
168%
4 First Nat. Bank of New Bedford.
322
Mass
10 Naumkeag Steam Cotton Co .168
10 Hill Mfg. Co
1834
110 Merrimack Mfg. Co., common_145
66 Merrimack Mfg. Co., pref_82si-52%
12211-12334
125 Boott Mills
3511
1 New Hampshire Spin. Mills
151
70 West Point Mfg. Co
22
10 Lancaster Mills, pref
101
10 Esmond Mills, prof
25 West Boylston mfg. Co., pref._ 3634
75
25 Androscoggin Mills
4 Nashua Street fly, Co., par 850..35 lot
5 Shawmut Investment Trust
47%
14711
7 Samson Cordage Works
3 Concord (N. II.) Gas Co., pref._ _101%
25 New F.ng. Invest. Tr. collateral
trustee sh.. par $10
934
16 Suburb. El. Scour. Co., 26 phi._ 65e.
Shares. Stocks.
$ per sh.
87 Fitchburg G. & E. Co., undep.,
Par $50
126
100 Lawrence G.& E. Co., undeP.,
par 525
60
20 F. H. Roberts Co.7% prof
45
30 Nor. Bost. Ltg. Prop., corn..
undeposlted
65
1 Suburban Elec. Secure. Co., 1st
Prof
21
200 Eastern UM. Assoc.. corn. w.L 42
15 State Street Exchange
4014
25 Rockland Lt. dr Pow. Co., pref.,
par $50
8434
10 New Bedford Gas dr Edison Lt.
Co., undep., par $25
107
Rights$ per right.
3 First Nat. Bank
37
5 Lynn G.& El. Co.. under.
15
BondsPer cent.
525,000 Hardy Coal Co. deb. 7s,
Sept. 1936
20 & int. _
$2,000 Seattle, Wash., muffle. light
dr power plant & system bonds,
$1,000 due Mar. 1933, 51,000
due Nov. 1933
100%
By Barnes & Lofland, Philadelphia:
Shares. Stocks.
$ per sh.
220
10 Parkway Trust Co
55 Lumberton (N..1.) Lt., Water &
Sewerage Co
+8
20 Independence Fire Ins. Secur.
45
Co., par 510
140 Pennsgrove (N. J.) Water Sun511
ply Co
10 Eastern N. J. Power Co., pref.,
105
Asbury Park, N..3
5 Sheldon School, 36 S. State St.,
$6 lot
Chicago, Ill
30 Friends of the Hunting Dog, par
$12 lot
$50, Burlington. N. J
$24 lot
17 Medford (N. J.) Gas Co
862
16 Fidelity-Phila. Trust Co
1151
6 Northern Trust Co
10 Colonial Trust Co., par 850- _301
10054
35 Bankers Tr. Co.. par $50
25 William Penn Title dr Tr. Co.,
80
Par 850
21 Allegheny Title & Trust Co.,
70
Par $50
10 Allegheny Title dr Trust Co.,
67
par $50
600th St. Term. Title & Trust Co.,
12311
Par $50
250
38 Aldine Trust Co
7 Lancester Ave. Title & Tr. Co.,
88
Par $50
8 Lancaster Ave. Title dr Trust Co.,
8714
Par $50
.50 Republic Trust Co., par 550_ ___173
10 Finance Co. of Pa., let pref. _ _622
5 Empire Title & Trust Co., par 550 6014
69834
4 Integrity Tr. Co., par 550
S Susquehanna Title & Tr. Co., par
631.1
5.50
10 Bugg. Title & Tr. Co., par 350.. 63
10 Fern Rock Tr. Co., Par 550.... 8511
10 Farmers Tr. Co., Lebanon, Pa-125
65 Camden Safe Dep.& Tr. Co_ -.190
Shares. Stocks.
$ per sh.
10 Merlon (Pa.) Title & Tr. Co-- -306
40 Glenside Trust Co., par 350..,.,.. 58%
5 Phila. Co.for Guaranteeing Altgs.336
7 Real Estate Land Title & Tr. Co_713
4 Atlantic City Fire Ins. Co
455
3 Press-Union Pub. Co., pref
100
10 Ventnor City (N. J.) Nat. Bank_400
12 Bank of Nor. Amer. dr Tr. Co___483
5 Tioga National Bank
176
8 Tioga National Bank
175
134 Drovers & Merchants Nat. Bk..190
10 Queen Lane Nat. Bank
148
5 Sixth Nat. Bank of Philo
431
5 National Bank of Olney
157
10 Corn Exchange Nat. Bank
835
7 Amer. Nat. Bank of Camden__ _160
16 Union Bank & Trust Co
355
10 Constitution Indemnity Co__
39
30 Germantown Coal & Ice Co.,
Inc., pref
$200 lot
15 Neptune Gardens. Inc., prof...812 lot
15 Neptune Gardens, Inc., corn.,
no par
$10 lot
5 Keystone Watch Case Co., corn.,
no par
44%
16 Hayes Hunt Corp., no par
854
26 John B. Stetson Co., pref.. par
$25
3814
20 Ridge Ave. Pass. fly. Co
177
5 Frankford & Southwark Pass. Ry.260%
5 Citizens Pass. fly. Co
20014
4 Phila. Bourse, corn.. par $50._
35
4 Phila. Bourse. corn., par 550
35
10 Amer. Dredging Co.
140%
$ per right.
Rights
2 Tenth Nat. Bank
90
5 Tenth Nat. Bank
9014
77 Tenth Nat. Bank
90
3 Nat. Bank of Germantown
350
1 Nat. Bank of Germantown
3543
By A. J. Wright & Co., Buffalo:
$ per sh
$ Per sh. Shares. Stocks.
Shares. Stocks.
3 Buff. Mag. de East. Power, prof..
2 Buff. Mag. dr East. Power 3•13,
Par $25
38
26%
no par
1,000 Columbus Kirkland, par 81_ 30. 1,000 Baldwin Gold Mines, par $1. 20
$1101
10 Assets Realization Co
Name of Company.
Railroads (Steam).
Augusta dz Savannah
Beech Creek (quar.)
Chic. R. I. & Pacific, corn. (guar.)
Georgia RR.& Banking (guar.)
Joliet & Chicago (guar.)
Lehigh Valley. common (guar.)
Preferred (guar.)
Pere Marquette, common (guar.)
Common (extra)
Prior preference (guar.)
Preferred (guar.)
St. Louis-San Fran., corn. (guar.)
Common (extra)
Southern fly., common (guar.)
Preferred (guar.)
Mobile & Ohio stock trust etts
Vermont & Massachusetts
West Jersey & Seashore
Per
When
Cent. Puyab e.
Books C °sea
Days Inclusive.
234 July 5 Holders of rec. June 15a
ti Apr. 2 Holders of rec. Mar. 15
*134 Mar. 31 *Holders of rec. Mar. 16
*254 Apr. 15 *Holders of rec. Mar. 31
*111 Apr. 2 *Holders of rec. Mar.22
8734c Apr. 2 Holders of rec. Mar. 17
$1.25 Apr. 2 Holders of rec. Mar. 17
114 Apr. 2 Holders of rec. Mar. 166
2
Apr. 2 Holders of rec. Mar. 16a
134 May 1 Holders of rec. Apr. 130
131 May 1 Holders of rec. Apr. 13a
*1)4 Apr. 2 *Holders of rec. Mar. 16
*250. Apr. 2 *Holders of rec. Mar. 16
May 1 Holders of rec. Apr. 2
2
134 Apr. 16 Holders of rec. Afar. 20
*2
Apr. 2 *Holders of rec. Mar. 15
3
Apr. 7 Holders of rec. Mar. 6
•$1.25 Apr. 2 *Holders of rec. Mar. 15
Public Utilities.
Alabama Power $7 pref.(guar.)
$1.75 Apr. 2 Holders of rec. Mar. 14
$6 Preferred (guar.)
$1.50 Apr. 2 Holders of rec. Mar. 14
Amer.& Foreign Power, Prof.(quar.)
81.75 Apr. 2 Holders of rec. Mar. 16
Amer. Public Service, pref.(quar.)
111 Apr. 2 Holders of rec. Mar. 15
Amer.Superpower Corp.,com. A&B(qu)
30c. Apr. 2 Holders of rec. Mar. 15
First preferred (guar.)
$1.50 Apr. 2 Holders of rec. Mar. 15
Associated Gas & Elec.. class A (guar.)._
50c. May 1 Holders of rec. Mar. 31
Associated Telep. Utilities. 86 pref.(qu.) $1.50 Apr. 1 Holders of rec. Feb. 29
$7 preferred (guar.)
$1.75 Apr. 1 Holders of rec. Feb. 29
Barcelona Tr. L. AZ Pow., pref. (guar.)._ *1% Mar. 31 *Holders of rec. Mar. 21
Birmingham Elec. Co.. $7 pref. (guar.) _ $1.75 Apr. 2 Holders of rec. Mar. 12
$6 preferred (guar.)
$1.50 Apr. 2 Holders of rec. Mar. 12
Central & S. W.CUL,common (guar.).750. Apr. 18 Holders of rec. Mar. 31
Central States Elec. Corp., corn.(qu.)_
25e. Mar. 31 Holders of rec. Mar. 10
Preferred (guar.)
154 Mar. 31 Holders of rec. Mar. 10
Central States Pow.& Lt.$7 Df.(guar.). *$1.75 Apr. 2'Holders of rec. Mar. 10
Continental Gas & El. Corp., com.(qu.)- $1.10 Apr. 1 Holders of rec. Mar. 12
Prior preference (guar.)
1% Apr. 1 Holders of rec. Mar. 12
Participating pref. (guar.)
Apr. 1 Holders of roe. Mar. 12
2
Eastern Mass. St. fly., ad). stock
2;4 Apr. 2 Holders of rec. Mar. 15
Eastern States Power Corp., pt. (gli.).- $1.75 May 1 Holders of rec. Apr. 15
Electric Light dr Power Co. of
Abington & Rockland (guar.)
50c. Apr. 2 Holders of rec. Mar. 15a
Empire Gas & Fuel,7% pref.(mthly.)- 58 1-3e Apr. 2 Holders of rec. Mar. 15
8% preferred (mthly.)
602-3c Apr. 2 Holders of roe. Mar. 15
Georgia Power 86 pref.(guar.)
$1.50 Apr. 1 Holders of rec. Mar. 15
Germantown Pass. Ry.(guar.)
81.31 Apr. 3 Mar. 13 to Apr. 2
Hackensack Water, pref. A (guar.)
43110 Mar. 31 Holders of rec. Mar. 146
Illinois Power & Light, 7% pref. (qu.)_ _ 5154 Apr. 2 'Holders of rec. Mar. 10
6% preferred (guar.)
•114 Apr. 2 *Holders of rec. Mar. 10
6% participating pref. (guar.).
*134 Apr. 2 *Holders of rec. Mar. 10
Indianapolis Pow.& Lt., pref.(guar.).-5 1.6234 Apr. 2 Holders of rec. Mar. 5
Internat. Telep.& Teleg.(guar.)
114 Apr. 16 Holders of roe. Mar. 23
Long Island Lighting, pref. B (guar.)_ _ _
134 Apr. 1 Holders of rec. Mar. 16
Metropolitan Edison, common (guar.) "$2
Mar. 24 "Holders of rec. Mar. 15
$7 preferred (guar.)
*$1.75 Apr. 1 *Holders of rec. Mar. 15
$6 preferred (quar.)
•51.50 Apr. 1 *Holden Of rec. Mar. 15
Middle West Utilities, corn.(guar.)
*$1.75 Mar. 15'Holders of rec. Apr. 30
Preferred (guar.)
Apr. 16 Holders of rec. Mar. 31
2
$6 preferred (guar.)
$1.50 Apr. 16 Holders of rec. Mar. 31
Midland Utilities, 7% prior lien (quar.)_
1.11 Apr. 6 Holders of rec. Mar. 22
6% prior lien (guar.)
114 Apr. 6 Holders of rec. Mar. 22
7% prof. class A (guar.)
134 Apr. 6 Holders of rec. Mar. 22
6% pref. class A (guar.)
1% Apr. 6 Holders of roe. Mar. 22
Minnesota Power & Light,7% pf.(qu.)
111 Apr. 2 Holders of rec. Mar. 15
$6 preferred (guar.)
$1.50 Apr. 2 Holders of rec. Mar. 15
Missouri Power & Light, pref. (guar.)_ _ .01q Apr. 2 "Holders of rec. Mar. 20
National Public Service, corn. A (guar.)40c. Mar. 15 Holders of rec. Feb. 10
New Eng.Power Co., pref.(guar.)
•51.50 Apr. 2 *Holders of rec. Mar. 17
New York Cent. Elec. Corp., pref.(qu.) 1% Apr. 1 Holders of rec. Mar. 16
Northern Ind. Pub. Serv.,7% pf.(qu.)_
154 Apr. 14 Holders of rec. Mar. 31
6% pref.(guar.)
115 Apr. 14 Holders of rec. Mar. 31
Northeastern Power Corp.,corn.(qu.)_
150 Apr. 1 Holders of rec. Mar. 15
Class A (guar.)
$1.50 Apr. 1 Holders of rec. Mar. 15
Northport Water Works. pref. (quar.)_. 1% Apr. 1 Holders of rec. Mar. 16
Pennsylvania Gas& EleeCo.,com.(qu.) 2
Apr. 1 Mar. 21 to Mar. 31
Preferred (guar.)
15-1 Apr. 1 Mar. 21 to Mar.31
Portland Elec. Power, 1st pref.(guar.)
- 1)4 Apr. 2 Holders of rec. Mar. 15
Prior prference (guar.)
131 Apr. 2 Holders of rec. Mar. 15
Southeastern Pow. dr Lt.,corn.(guar.)._
250. Apr. 20 Holders of rec. Mar. 31
$7 preferred (guar.)
$1.75 Apr. 2 Holders of rec. Mar. 15
$6 preferred (guar.)
81.50 Apr. 2 Holders of rec. Mar. 15
Participating pref. (guar.)
Apr. 2 Holders of rec. Mar. 15
$1
Southern Calif. Edison, orig. pref.(qu.)
50c Apr. 15 Holders of rec. Mar. 20
Preferred series C (guar.)
34140. Apr. 15 Holders of rec. Mar. 20
Southwestern L. & Pow., pref.(guar.).- *$1.50 Apr. 2 *Holders of rec. Mar. 15
Springfieid (Mo.) G.& E.. pf. A (qu.)._ $1.75 Apr. 2 Holders of rec. Mar. 15
Superior Water, L.& Pow., prof.(qu.)
$1.75 Apr. 2 Holders of rec. Mar. 15
United Gas & Elec. Corp.. pref.(gu.)--- 111 Apr. 1 Holders of roe. Mar. 16
United Lt.& Pr. old com. A & B (qu.)-60c. May 1 Holders of roe. Apr. 16
Utah Power & Light, $7 pref.(quar.). $1.75 Apr. 1 Holders of rec. Mar. 5
$6 preferred (guar.)
$1.50 Apr. 2 Holders of rec. Mar. 5
West Penn Power Co., 7% pref.(guar.). 134 May 1 Holders of rec. Apr. 5
114 May 1 Holders of rec. Apr. 5
6% Preferred (guar.)
Banks.
America (Bank of) (guar.)
Chase National (guar.)
Chase Securities (guar.)
Commercial Exchange (guar.)
National City (guar.)
National City Company (guar.)
United States(Bank of)(guar.)
Trust Companies.
Amer. Exchange-Irving Trust (quar.)..
Guaranty (guar.)
Fire Insurance.
First Re-insurance (quar.)
Rossla (guar.)
•3
314
81
234
4
3
334
Apr. 2 *Holders of rec. Mar. 21
Apr. 2 Holders of rec. Mar. 136
Apr. 2 Holders of rec. Mar. 136
Mar. 31 Holders of rec. Mar. 15
Apr. 2 Holders of rec. Mar. 17
Apr. 2 Holders of rec. Mar. 17
Apr. 2 Holders of rec. Mar.206
334 Apr. 2 Holders of roe. Mar. 16
4
Mar. 31 Holders of rec. Mar. 16
•214 Mar. 15 *Holders of rec. Mar. 8
•$1.50 Apr. 2 *Holders of rec. Mar. 14
Miscellaneous.
Albany Perforated Wrapping Paper
Preferred (guar.)_
*1% Mar. 31
Amer. Car dr Fdy., common (quar.)...... $1.50 Apr. 2
Holders of rec. Mar. 16
Preferred (guar.)
1% Apr. 2 Holders of rec. Mar. 16
American Cigar, pref.(qar.)
134 Apr. 2 IIolders of rec. Mar. 15
Amer. Cyanamid, corn. A & B (guar.)_ _
30c Apr. 2 Holders of rec. Mar. 15
Common A dr B (extra)
10e. Apr. 2 Holders of rec. Mar. 15
Preferred (guar.)
131 Apr. 2 Holders of rec. Mar. 15
American Express (guar.)
•81.50 Apr. 2 *Holders of rec. Mar. 16
American Snuff, common (guar.)
3
Apr. 2 Holders of rec. Mar. 156
Preferred (guar.)
1% Apr. 2 Holders of rec. Mar. 150
American Wholesale. pref. (guar.)
15/ Apr. 1 Holders of rec. Mar.20
Antillean Holding Co
5 Mar. 15 Holders of rec. Dec. 31
Art Metal Construction (guar.)
*3734c Mar. 31 'Holders of rec. Mar.20
Associated 011 (guar.)
*50c. Mar. 31 *Holders of rec. Mar. 19
Name of Company.
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Continued).
62e. Apr. 2 Holders of rec. Mar; 19
Aloe(A.T.) Co.,common (guar.)
14 Apr. 2 Holders of rec. Mar. 19
Preferred (guar.)
500. May 1 Holders of rec. Apr. 20
Belding Henlmway Co., com. (guar.).Beige Canadian Paper, corn. (quar.).... 14 Apr. 10 Holders of rec. Mar. 31
250 Apr. 2 zMar. 16 to Mar. 31
British American Oil (guar.)
Brunswick-Blake-Collender. pref. (gu.). •14 Apr. 2 *Holders of rec. Mar. 20
Buckeye Incubator (guar.)
8734e. Apr. 2 Holders of rec. Mar. 20
14 Mar. 31 Holders of rec. Mar. 100
Budd Wheel, pref. (guar.)
900. Apr. 1 Holders of rec. Mar. 22
Byers Machine "A" (guar.)
14 Apr. 10 Holders of rec. Mar. 26
Canadian Car & Fdy., Pref. (quar.)_..
Canadian General Electric, pref. (au.)... 14 Apr. 2 Holders of rec. Mar. 15
Canada S. S. Lines, pref. (guar.)
'134 Apr. 2 *Holders of rec. Mar. 15
75c. Mar. 31 Holders of rec. Mar. 15
Gototer Co., com.(guar.)
$1.75 Mar. 31 Holders of rec. Mar. 15
Preferred (guar.)
"14 Apr. 1 *Holders of rec. Mar. 20
Chicago Ky. Equip. (guar.)
•75c. Mar. 31 *Holders of rec. Mar. 17
Chrysler Corp., corn. (guar.)
"2
Mar. 31 *Holders of rec. Mar. 17
Preferred (guar.)
*2
June 30 *Holders of rec. June 16
Preferred (guar.)
*2
Sept.29 *Holders of rec. Sept.17
Preferred (guar.)
Jan.2'29 *Holders of rec. Dec. 17
"2
Preferred (guar.)
624c Apr. 2 Holders of rec. Alan 21
City Financial Corp.. class A (quar.)
Apr. 1 *Holders of rec. Mar. 5
Claremont Inv. Corp pf.(qu.) (blo. 1)... *31
*50c. Apr. 2 *Holders of rec. Mar. 20
Club Aluminum Co.,corn.(guar.)
14 Apr. 2 Holders of rec. Mar. 21
Cluett, Peabody dr Co., pref. (qu.)
400. Apr. 1 Holders of rec. Mar. 15
Consol. Film Industries, pref. (1/o. 1)
"14 Mar. 11 *Holders of rec. Mar. 1
Cuneo Press,64% pref.(qu.)(No. 1)
"14 Apr. 2 *Holders of rec. Mar. 19
Dunham (James H.) corn. (guar.)
*14 Apr. 2 *Holders of rec. Mar. 19
First preferred (guar.)
*14 Apr. 2 *Holders of rec. Mar. 19
Second preferred guar.)
Eastern Rolling Mill (guar.)
3734e. Apr. 1 Holders of rec. Mar. 200
Eastern Steamship Lines, no par pf.(au.) 587140 Apr. IC 'Holders of rec. Apr. 4
*14 Apr. 2 'Holders of rec. Mar. 22
First preferred (guar.)
Mar. 3C Holders of rec. Mar. 150
7
Elliott Fisher Co.. com. dc corn. B
134 Mar. 3C Holders of rec. Mar. 150
Preferred (guar.)
14 Apr. 1 Holders of rec. Mar. 20
Emerson Elec. Mfg., pref.(guar.)
Endicott-Johnson Corp.. corn. (guar.)._ $1.25 Apr. 1 Holders of rec. Mar. 20
14 Apr. 1 Holders of rec. Mar. 20
Preferred (quar.)
14 Apr. 1 Holders of rec. Mar. 1
Feltman dc Curme Shoe, pref. (qu.)-30c Apr. 1 Holders of rec. Mar. 10
Financial Investing Co., com. (qu.)_ _ _ 100. Apr. 1 Holders of rec. Mar. 10
Common (extra)
'
First Nat. Stores, common (guar.)
3734e Apr. 1 *Holders of rec. Mar. 20
*25c. Apr. 1 'Holders of rec. Mar. 15
Forhan Company,corn.(guar.)
.
40c. Apr. 2 *Holders of rec. Mar. 15
Preferred (guar.)
Foote Bros. Gear & Mach., com.(qu.). "30c. Apr. 1 *Holders of rec. Mar. 20
*14 Apr. 1 *Holders of rec. Mar. 20
Preferred (guar.)
•31.75 Apr. 1 "Holders of rec. Mar. 12
Foster & Wheeler, pref. (guar.)
Apr. 15 Holders of rec. Mar. 30
Fox Film Corp., corn. A. dr B. (qu.)...... $1
50c.
Fulton Sylphon (guar.)
Apr. 1 'Holders of rec. Mar. 15
General Amer. Tank Car., corn. (guar.) *S1
*31.75 Apr. 1 *Holders of rec. Mar. 15
Preferred (guar.)
Mar. 31 Holders of rec. Mar. 170
$2
General Baking. pref.(guar.)
$2.50 Mar. 20 *Holders of rec. Mar. 9
Glen Alden Coal (guar.)
(qu.) 14 Apr. 2 Holders of rec. Mar. 15
Goodyear Tire & Rubb. of Can., pf.
Graton & Knight Co.. pf. (.211.) (No. 1)_ "14
2
Mar. 31 Holders of rec. Mar. 15
Grasselli Chemical, corn. (guar.)
14 Mar. 31 Holders of rec. Mar. 15
Preferred (guar.)
"374c Apr. 1 *Holders of rec. Mar. 20
Gulf 011 Corp.(guar.)
500. Apr. 1 Holders of rec. Mar. 15
GUrd (Charles) & Co., Ltd., corn
14 Apr. 1 Holders of rec. Mar. 15
Preferred (quar.)
*14 Apr. 2 *Holders of rec. Mar. 20
Hammermill Paper, pref. (guar.)
2
Mar. 24 Mar. 16 to Mar. 24
Hercules Powder, corn. (guar.)
136 Apr. 14 Holders of rec. Mar. 31
Hillcrest Collieries, corn. (quar.)
14 Apr. 14 Holders of rec. Mar. 31
Preferred (guar.)
"250. Mar. 31 *Holders of rec. Mar. 14
Holly 011 (guar.)
50er Mar. 26 Holders of rec. Mar. 20
Homestake Mining (monthly)
"30c. Apr. 1 *Holders of rec. Mar. 12
Humble Oil & Refining (guar.)
*20c. Apr. 1 *Holders of rec. Mar. 12
Extra
Hydraulic Press Brick, pref. (guar.)... _
14 Apr. 2 Holders of rec. Mar. 24
31.50 Apr. 1 Holders of rec. Mar. 16
Interlake Steamship (guar.)
Internat. Buttonhole Mach.(quar.)__. _ *20c. Apr. 2 *Holders of rec. Mar. 15
50e. Mar. 31 Holders of rec. Mar. 15
International Nickel, corn. (guar.)
International Shoe, com. (quar.)
500. Apr. 1 Holders of rec. Mar. 15
50c. Apr. 1 Holders of rec. Mar. 15
Preferred (monthly)
750. Apr. 16 Holders of rec. Apr. 2
Johns-Manville Corp., com. (guar.)_ _ _
14 Apr. 2 Holders of rec. Mar. 19
Preferred (guar.)
Keith-Albee-Orpheum cony. pref. (qu.)
"14 Apr. 2 *Holders of rec. Mar. 19
(No. 1)
*14 June 10 'Holders of rec. May 31
Kerby Lumber, corn. ((Mar.)
"14 Sept.10 "Holders of rec. Aug. 31
Common (guar.)
"14 Dec. 10 *Holders of rec. N ov. 30
Common (guar.)
*2
Apr. 1 *Holders of rec. Mar. 15
Kueg Royalty, pref. (guar.)
*$1.25 Apr. 1 'Holders of rec. Mar. 19
Lambert Co., corn. (guar.)
*50c. Apr. 1 Holders of rec. Mar. 19
Common (special)
336 Mar. 31 Holders of rec. Mar. 10
Land Title Bldg. Corp.(Phila.)(No. 1)_
Land Title Bldg. Corp. (Phila.)(No. 2.) 34 June 30 Holders of rec. June 11
Lawton Mills, pref. (quar.)
'134 Mar. 31 *Holders of rec. Mar. 15
*250. Mar. 31 'Holders of rec. Mar. 15
Le Mur Co. (extra)
500. Apr. 27 Holders of rec. Mar. 30
Lion Oil Refining (guar.)
14 Apr. 2 Holders of rec. Mar. 15
Lorillard (P.) Co.. pref.(guar.)
4,50. Mar. 20 'Holders of rec. Mar. 10
Lucky Tiger Corn. Gol. Min. (monthly)
*2c. Mar. 20 'Holders of rec. Mar. 10
Extra
*50c. Mar. 31 'Holders of rec. Mar. 21
Ludlum Steel (guar.)
$1.50 Mar. 31 Holders of rec. Mar. 16
Mack Trucks. Inc., corn. (guar.)
6240 Apr. 16 Holders of rec. Mar. 31
Mandel Bros. (guar.)
Manhattan Electrical Supply (guar.)._ _ $1.25 Apr. 2 Holders of rec. Mar. 21
14 Apr. 2 Holders of rec. Mar. 17
Manhattan Shirt. pref. (guar.)
Manning Bowman & Co., class A (guar )5374c Apr. 1 *Holders of rem Mar. 20
*1240 Apr. 1 "Holders of rec. Mar. 20
Class B (guar.)
Apr. 2 *Holders of roe. Mar. 10
McKeesport Tin Plate (guar.)
*51
Merchants & Mrs. See., part. pref. (111.) 53740 Apr. 16 "Holders of rec. Apr. 2
Merchants es Miners Transp. (quar.)_ _ _ "824c Mar. 31 *Holders of rec. Mar. 12
Merck Corp.. pref. (guar.)
31
Apr. 2 Holders of rec. Mar. 17
Morgan Lithographing, corn. (quar.)_ *$1.25 Apr. 2 *Holders of rec. Mar. 20
Moto Meter Co.,class A-Dividend omit ted.
Mountain Producers (guar.)
65c. Apr. 2 Holders of rec. Mar. 15a
Myers(FE.)& Bros.,com.(4 mos.' dIv.) 66 2-3c Mar. 31 Holders of rec. Mar. 15
Preferred (4 mos.' My.)
Mar. 31 Holders of rec. Mar. 15
2
National Candy,common (guar.)
4334e. Apr. 1 Holders of roe. Mar. 120
First and second Prof.(guar.)
14 Apr. 1 Holders of rec. Mar. 12a
Nat. Dairy Products, corn. (guar.)
"75c. Apr. 2 *Holders of rec. Mar. 19
Preferred A & B (guar.)
'111.75 Apr. 2 *Holders of rec. Mar. 19
Naumkeag Steam Cotton Co.(guar.).-- '3
Apr. 2 'Holders of rec. Mar. 15
Nevada Consol. Copper (guar.)
3740. Mar. 31 Holders of rec. Mar. 16
Oneida Community. Ltd., corn. dr pfd '43'%c Mar. 15 *Holders of rec. Feb. 29
Apr. 2 Holders of rec. Mar. 15
Ontario Loan & Debenture Co.(guar.)
3
Apr. 1 *Holders of rec. Mar. 17
Orpheum Circuit, pref.(guar.)
*2
Owens Bottle, common (guar.)
"75c. Apr. 1 *Holders of rec. Mar. 16
Preferred (guar.)
"14 Apr. 1 *Holders of rec. Mar. 16
Page-Hershey Tubes, Ltd.. pref.(gm)._
14 Apr. 2 Holders of rec. Mar. 20a
Paramount Kitchener Theatres. pf.(qu.) 14 Mar. 31 Holders of rec. Mar. 15
Park Utah Consolidated Mines(guar.) •20c. Apr. 15 *Holders of rec. Mar. 15
Penick & Ford, pref.(guar.)
"14 Apr. 1 *Holders of rec. Mar. 18
Mar. 19 Holders of rec. Mar. 15
Penney (J. C.) Co.. common
$6
Pet Milk Co.,common (guar.)
75c. Apr. 1 Holders of rec. Mar. 12
14 Apr. 1 Holders of rec. Mar. 12
Preferred (guar.)
Pick (Albert) dr Co.. pref. (guar.)
*14 Apr. 2 "Holders of rec. Mar. 15
Pierce Governor, common (guar.)
*374c Apr. 1 *Holders of rec. Mar. 15
Price Bros.. common (guar.)
4 4 Apr. 2 "Holders of rec. Mar. 15
.
Preferred (guar.)
*14 Apr. 2 *Holders of rec. Mar. 15
Real Silk Hosiery, pref.(guar.)
'134 Apr. 1 'Holders of rec. Mar. 17
Reece Buttonhole Mach.(guar.)
.
35c. Apr. 2 'Holders of rec. Mar. 15
Reece Folding Mach.(quar.)
•10c. Apr. 2 *Holders of rec. Mar. 15
Reis (Robt. dr Co.) let pref. (guar.)._
'134 Apr. 2 *Holders of rec. Mar. 22
Remington Arms, let pref. (quar.)
"14 Apr. 2 *Holders of rec. Mar.20
Safeway Stores, common (guar.)
Apr. 1 'Holders of rec. Mar.20
'$2
Preferred (guar.)
•14 Apr. 1 'Holders of rec. Mar. 20
St.L.Rocky Mtn.& Pee. Co.,com.(qu.)
34 Mar. 31 Holders of rec. Mar. 150
Preferred (guar.)
14 Mar. 31 Holders of roe. Mar. 15a
St Regis paper,common (guar.)
500. Apr. 1 Holders of rec. Mar. 15
Preferred (quar.)
14 Apr. 1 Holders of rec. Mar. 15
[Vol.. 126.
FINANCIAL CHRONICLE
1468
When
Per
Cent. Payable
Name of Company.
Books Closed
Days Inclusive.
Miscellaneous (Concluded).
Salt Lake Consol. 011 (guar.)
Apr. 2 'Holders of rec. Mar.115
Schiff Company, cony. pref
Mar. 15 *Holders of rec. Mar. 1
Shattuck (F. G.) Co. (guar.)
Apr. 10 *Holders of rec. Mar. 20
Shredded Wheat (guar.)
Mar. 31 *Holders of rec. Mar. 21
Shuts Baking, pref. (guar.)
Apr. 2 Holders of rec. Mar. 15
Convertible preferred (guar.)
Apr. 2 Holders of rec. Mar. 15
Smith (F. H.) Co., 74% pref
Mar. 15 Mar. 11 to Mar. 15
Seven per cent preferred
Mar. 15 Mar. 11 to Mar. 15
Southern Ice Co., pref. A (quar.)
$1.75 Apr, 2 Holders of rec. Mar. 206
Stand. Commercial Tub.. com. (guar.).
25c. Apr. 2 Holders of rec. Mar. 20
Stanley Works, com. (guar.)
'
623-40 Apr. 2 *Holders of rec. Mar. 17
Sterling Oil & Developing
"50. Apr. 5 *Holders of rec. Mar. 26
Sterling Products
"$1.08 Mar. 24 *Holders of rec. Mar. 12
Swedish Amer. Invest. Corp., corn
81.624 Apr. 2 Holders of rec. Mar. 156
ParticipatIng pref. (guar.)
31.624 Apr. 2 Holders of rec. Mar. 150
Tide Water Associated Oil, pref. (qu.)
•14 Apr. 2 *Holders of rec. Mar. 16
Tide Water Oil, COM.(guar.)
*20c. Mar. 31 *Holders of rec. Mar. 16
Timken-Detroit Axle (guar.)
•15c. Apr. 1 *Holders of rec. Mar. 20
Extra
Apr. 1 *Holders of rec. Mar. 20
Torrington Co. (guar.)
76e. Apr. 2 Holders of rec. Mar. 16
Union Tobacco, class A (qu.)(No. 1)_ _
$1.75 Apr. 2 Holders of rec. Mar. 15
United Securities, pref. (guar.)
14 Apr. 2 Holders of rec. Mar. 21
United Profits
-Sharing. pref
5
Apr. 30 Holders of rec. Mar.310
U. S. Shares Corp.. corn. stk. tr. ser. A_ 38.64c Apr. 1
Series A-1
8.85950 Apr. 1
Bank stock Or. shares ser. C-1
70.242e Apr. 1
Series C-2
47,306c Apr. 1
Bond trust shares ser. B
$1.23 Apr. 1
U. S. Tobacco, coin. (User.)
76e. Apr. 2 Holders of rec. Mar. 19
Preferred (guar.)
14 Apr. 2 Holders of rec. Mar. 19
Universal Pictures, let pref. (qu.)
2
Apr. 2 Holders of rec. Mar. 15
Universal Pipe & Radiator, com.(gm)
50c. Apr. 2 Holders of rec. Mar. 156
Preferred (guar.)
14 May 1 Holders of rec. Apr. 166
Utah Copper Co. (guar.)
$1.50 Mar. 31 Holders of rec. Mar. 16
Walgreen Company, pref. (guar.)
31.624 Apr. 2 *Holders of rec. Mar. 20
Warren Brothers Co., corn. (guar.)._
Apr. 2 Holders of rec. Mar. 19
$1
First Preferred( ar)
14 Apr. 2 Holders of rec. Mar. 19
gu '
Second preferred (guar.)
134 Apr. 2 Holders of rec. Mar. 19
Mar. 30 Holders of rec. Mar. 15
Weber & Hellbroner, Inc
Preferred (guar.)
134 May 1 Holders of rec. Apr. 16
Wesson Oil& Snowdrift, Inc., com.(qu.) $1
Apr. 1 Holders of rec. Mar. 15
West Coast Oil, pref. (guar.)
'$1.50 Apr. 5 'Holders of rec. Mar. 19
Preferred (extra)
•33
Apr. 5 *Holders of rec. Mar. 19
West Point Mfg.(guar.)
*2
Apr. 2 'Holders of rec. Mar. 15
Wilcox Products, class A (qu.)
*6236c Apr. 2 "Holders of rec. Mar. 20
Wire Wheel Corp., class A
Holders of rec. Mar. 20
$1.25 Apr.
Preferred (guar.)
Mar. 21 to Apr. I
$1.75 Apr.
Preferred (guar.)
Holders of rec. June 20
$1.75 July
Preferred (guar.)
Holders of rec. Sept.20
$1.75 Oct.
Preferred (guar.)
$1.75 Jan.1'29 Holders of reo. Dec. 20
Yellow & Checker Cab, corn. A (mthly) * 2-3c Mar. 1 *Holders of rec. Feb. 26
6
Common class A (monthly)
°02-3c Apr. 1 'Holders of rec. Mar.26
Common class A (monthly)
*6 2-3c May 1 *Holders of rec. Apr. 26
Common class A (monthly)
'
62-3c June 1 *Holders of rec. May 28
Common class$A (monthly)
'62-3c July 1 *Holders of rec. June 26
Common class A (monthly)
•62-3c Aug. 1 *Holders of roe. July 26
Common class A (monthly)
'82-3c Sept. 1 *Holders of rec. Aug. 26
Common class A (monthly)
"6 2-3c Oct. 1 *Holders of rec. Sept. 26
Common class A (monthly)
'62-3c Nov. 1 'Holders of rec. Oct. 26
Common class A (monthly)
'02-3c Dec. 1 *Holders of reo. Nov. 26
Youngstown Sheet & Tube, pref.(qu.) _
15
4 Mar. 31 Holders of rec. Mar. 14
• From unofficial sources. I' The New 'York Stock Exchange has ruled that ;stark
will not be quoted ex-dividend on this date and not until further notIce. I The
Now York Curb Market Association has ruled that stock will not be quoted exdividend on this date and not until further notice.
a Transfer books not closed for this dividend. I Payable in preferred stock.
d Correction. e Payable in stock. f Payable In common stock. 0 Payable in
scrip. It On account of accumulated dividends.
o Payable also to holders of coupon No. 18.
Payable also to holders of coupon No. 5.
Weekly Returns of New York City Clearing House
Banks and Trust Companies.
The following shows the condition of the New York City
Clearing House members for the week ending Mar. 3. The
figures for the separate banks are the averages of the daily
results. In the case of tho grand totals, we also show the
actual figures of condition at the end of the week.
NEW YORK WEEKLY CLEARING HOUSE RETURNS.
(Stated in thousands of dollars-thal is, three ciphers (0001 omitted.)
Net
Reserve
CapitaI.:Profits. Loans.
with
Discount Cash
Net
Week Ended
Time &MN
in
Legal Demand
De- CircaMar. 3 1928 Nat'l, Dec. 31 InvestState, Nov. 15 meets. Vault. Deposi- Deposits. 1,05418. MOO,
tories.
&c.
(000 omitted) Tr.Cos.Nov.15
Members of Fed. Res. Bank.
Bank ot N Y &
Trust Co_ __ 6.000, 12,690
Bk of Manhat'n 12.5001 18,884
Bank of America 6,500, 5,427
Nat City Bank- 75.000 71,178
Chemical Nat'l_ 5.0001 19,076
Nat Bk ot Comm 25,000 44.439
ChatPhNB&Tr 13,5001 14,356
Hanover Nat'l_ 5.0001 28,474
Corn Exchange_ i1.00t 16.494
National Park __ 10.000 24.719
Bowery & E Riv 4,0001 7,115
FlrstNatlonal..1 10,0001 82,799
31,015
Am Ex Irving Tr 32.
Continental Bk _1 1.0001 1,353
Chase National; 50,000 55.674
500 3.281
Fifth Avenue
-1
Garfield Nat'l__ 1,000 1,871
Seaboard Nat'l_ 9.000 14,201
Bankers Trust_ 20,000 41,374
U El Mtge & Tr_ 3.000 5,497
Guatanty Trust 30,000 33.980
Fidelity Trust__ 4.000 3,459
N Y Trust
10,000 23,5391
Farmers L A: Tr 10,000 21,3851
Equitable Trust 30.000 25,1551
Average. Aveuwe Averagt
$
76,425
502 7,457
182,122 3,212 18,888
82,948 1,040 11,753
891.031 4,773 89,10
146.444 1,267 17.011
380,051
473 42,822
218,176 2,587 22.610
144,371 1,412 17,282
202,480 4,489 23,977
104,052
830 17.854
77,083 2,159 7,097
327,692
532 32,023
447,810 3,083 52,425
8,174
120 1.017
882,809 4,857 77,129
695 3,27
28,113
467 2,313
16,625
148.209 1,008 18,046
865! 42.684
394,295
741 8,113
67,427
518,605 1,2571 54.834
642 5.496
46,792
59113 19.826
187,574
596r
15,616
143,289
1.2111 31,712
296,70
Average. Average Asege,
$
55,273 7,190
137,668 30,323
87,560 4.522
*902,037 166.358
99
128.807 5.048 347
320,650 33,217
160,979 42.268
131.083 3,051
171.109 30,338
134,171 17,755 4.093
48,145 23,106 3.899
243,628 12.721 6,769
391,063 51,841
6,040
500
"596,938 60,974 2.453
23,970 1;420
16,166
413
135.937 8,139
45
*368,382 47,599
60,990 4,18
*475,0611 79,19
40.710 4.306
143,392 31,22
*116.757 16,948
*332.933 K2
6:iii
Total of averages 384,000605,4115,909,302 39,3091640,154 c4.723,820 708,900 24.460
Totals, actual condition Mar. 35,956.258 37,00&644,377C4.785.855 706.263 24,423
Totals, actual condition Feb. 255.834.416 42,067649.150C4.615.224 708,08524,335
Totals, actual coadition Feb. 165.869,199 38,6051616,539 c4,624,327725,615 23.887
State Banks
Not Members of
Fed'I Res. Itic
36.972
5,
6,292 104.2951 4,476 2,216
State Bank
27,94
3,620
Colonial Dank._ 1.4
34.8761 3.494 1.860
139,171
7,970
4,076
64.921
Totals,actual condition Mar. 31 138,714
25
139.861
Totals,actual co ndition Feb.
Totals,actual condition Feb. 18 139.783
7.272
8,242
8,189
3,748
3,989
4.433
83,451 68,00
68,101 67,921
66,401 67,817
Total Of averages
6.40
9.812
•
MAR. 10 1928.]
FINANCIAL CHRONICLE
Net
Capital. Profits. Loans.
Reserve
Week Ended
Discount, Cash
with
Net
Time Bank
Mar. 3 1928. Nat'l, Dec. 31 InvestLegal Demand
in
De- Mew
State, Nov. 15 ments, Vault. Depost- Deposits. posits. ation.
(000 omitted) Tr.Cos.Nov. 15
tortes,
Trust Co's
Average Average Average Average Average At go
'
Not Memberso
$
$
Feel Res. Bk.
Title Guar & Tr 10.000 21,171
69,345 1,679 4,515
41,043 1,998
Lawyers Trust. 3,000 3,602
29,181
947 2,732
24,160 1,182
Total of arerages 13,000 24,773
98,526
2,626
7.247
65,203
97,342
99,105
99,912
2,663
2,606
7,304
7,377
63,931
66,629
3,232
3,765
Banks and Trust Companies in New York City.
-The
averages of the New York City Clearing House banks and
trust companies combined with those for the State banks and
trust companies in Greater New York City outside of the
Clearing House are as follows:
COMBINED RESULTS OF BANKS AND TRUST COMPANI
ES IN
GREATER NEW YORK.
3,180,
Totals, actual condition Mar. 3
Totals, actual condition Feb. 25
Totals. actual co edition Feb. 18
Loans and
Investments.
___ _
2.5201,,,,,7.786
°7 457L3743
'
Or'd aggr., av'pe 403,400639,996 6.146,999 49,905651.477 4.853.944
780,047,460
Comparison with prey week _ _ +71,227-1.061 +14584
+102.600-2.013 +311
Gr'd aggr., act./ condo Mar. 36,192,312 46,9406-5- 5.42- 9 4.913,237
777,502 24.423
Comparison with prey. week _ _ +118930-5.975-5,096
+165.283-2,269 +88
Ord aggr., acV1 cond'a Feb. 256,073,382 52.915660,525
Ord aggr., actleond'n Feb. 186.108.894 49,314628.758 4,747.954 779.771 24.335
Gr'd agar., act'! cond'n Feb. 116.159,458 40,478 621,285 4.758,185797.175 23.867
Gr'd aggr., act'l coad'n Feb. 46,220.331 50,338625,2621 4,795,029 807,557 23,846
4.847,185 792,089 23,980
Gr'd aggr., act'l cond'n Jan. 28 6.233,739 51,894652,
4851 4,851.298790,948 23,874
Note.
-U. S. deposits deducted from net demand deposits In
the general totals
above were as follows: Average total Mar. 3, 57,858,000
;
54,569,000; Feb. 25, 59,255,000; Feb. 18, 59,256,000: Feb. actual totals Mar. 3,
11, 510,272,000; Feb. 4.
515,048,000; Jan. 28, $20,067,000. Bills payable. redtscounts
, acceptances and
other liabilities, average for week Mar. 3, $832,839,000;
Feb.
Feb. 18, $861,182,000; Feb. 11, 5816,415,000; Feb. 4, 5856,135,0 25, $840,037.000;
00; Jan. 28, $834,982,000. Actual totals Mar. 3, $836,284,000; Feb. 25, $873,061,0
00; Feb. 18,
6838,336,000; Feb. 11, $823,722,000; Feb. 4, $862,278,000; Jan.
28, 5871,244,000.
Includes deposits in foreign branches not Included in total footings
National City Bank. $266,412,000; Chase National Bank, $13,345,00 as follows:
0; Bankers
Trust Co.. 551.750,000; Guaranty Trust Co., 571,878,000; Farmers'
Loan & Trust
CO., 52,210.000; Equitable Trust Co., $99,934,000. Balances carried
in banks in
foreign countries as reserve for such deposits were: National City
Bank. 538,292,000;
Chase National Bank, 51.838,000; Bankers Trust Co., 51,025,000
; Guaranty Trust
Co., $3,691,000; Farmers' Loan & Trust Co., $2,210,000: Equitable
Trust Co..
$7,510,000.
c Deposits in foreign branches not included:
The reserve position of the different groups of institutions
on the basis of both the averages for the week and the
actual condition at the end of the week is shown in the
following two tables:
STATEMENT OF RESERVE POSITION OF CLEARIN
G HOUSE BANKS
AND TRUST COMPANIES.
Averages.
Cash
Reserve
in Vault.
Members Federal
Reserve Bank
State banks.
Trust companles*...._
Total
Total
Total
Total
Reserve
in
Depositaries
Total
Reserve.
Reserve
Required.
Surplus
Reserve.
$
7,970,000
2,626,000
610.151,000 640,154,000 635,363,600
4,076.000 12,046,000 11.685,780
7,247,000 9,873,000 9,780,450
4,790.400
360,220
92,550
Mar. 3_ _ _
Feb. 25_
Feb. 18_ _
Feb. 11--
10,596,000 651,477,000 662.073,000 565,829,830
'
5,243,170
10,989,000 636,803,000647,882,000 643,610,78
10,965,000.610,559,000 651,524,000 647,729,360 4,271,220
0
11,003,000 648,682.000 659.685,000 653,720,560 3,794,640
5,964,310
• Not members of Federal Reserve Bank.
b This is the reserve required on net detnand deposits in the ease of
State banks
and trust companies, but in the case of members of the Federal Reserve
Bank Includes also the amount of reserve required on net time deposits, which
was
Mar. 3,521,267,000; Feb. 25, 521,312,750; Feb. 18, $21,768,450;Feb. as follows:
11,522.073,890; Feb. 4, 521,580,440; Jan. 28, 521,475,800.
Members Federal
Reserve flank.
State banks.
Trust companies.__
Total
Reserve.
a
Reserve
Required.
Surplus
Reserve.
$
5
644,377,000 644,377,000 643,349,040
7,272,000 3,748,000 11,020,000 11,421,180
2,663,000 7,304,000 9,967,000 9,589,650
S
7.369.553,800
7,421,396,900
7,501,257,200
7.526.722.000
7.601,347,100
7,587.309,500
7,567,275,900
7,632,582,400
7,757,544,200
8,004.166,800
7,818,901,000
7,709,982,100
7,697,182,000
7,697.104,000
7,617.852,900
7,582,973.000
7,509.494.600
Week EndedNov. 5
Nov.12
Nov. 19
Nov.26
Dec. 3
Des.10
Dec. 17
Dec. 24
Dec. 31
Jan. 7 1928
Jan. 14
Jan. 21
Jan. 28
Feb. 4
Feb. 11
Feb. 18
Feb. 25
Demand
Deposits.
s
7 um out nnn
1,027,960
-401,180
377,350
Total
Total
Total
Total
Mar. 3_ _
9,935.000 655,429,000 665,364.000 664,359,87
Feb. 25..._ _ 10,848,000 660,525,000 671,373,000 643,114,200 1,004,130
0 28,258,800
Feb. 18.... 10,709,000 628,758.000 639,467,000
645,001,69
Feb. 11.... 10,654,000 621,285,000 631,939,000 650,039,51 0 5,534,690
0 -18,100,310
• Not members of Federal Resrve Dank.
a This Is the reserve required on not detnand deposits in the case
of State banks
and trust companies, but in the ease of members of the Federal Reserve
Bank includes also the amount of reserve required on net time deposits, which
was as follows:
Mar. 3, 521,187,890; Feb. 25, 521,242,550; Feb. 18, 521.768,450;
Feb. 11, 21,948,660; Feb. 4, 521.613,320; Jan. 28, 521.577.710.
State Banks and Trust Companies Not in Clearin
g
House.-Tho State Banking Department reports
weekly
figures showing the condition of State banks and trust companies in New York City not in the Clearing House as follows:
SUMMARY OF STATE BANKS AND TRUST COMPANIES
IN GREATER
NEW YORK. NOT INCLUDED IN CLEARING HOUSE
STATEMENT.
(Figures Furnished by State Banking Department.)
6,030,524,900
6,056.967,900
6,148,900.500
6.183,811,700
6,266,367,500
6,286,819.400
6,292,581,100
6,261,887.800
6,324,178,700
6,578,552,700*
6.403,172,400
6.336,686,500
6,279,035,900
6,289,144,400
6,205,879,900
8,153.176,000
6,118,007,900
A 9/S71.1 enn
Total Cash
in Vaults.
Reserve in
Depositaries.
s
83,515,500
87,395,500
85,950,800
86,031,600
86,962,900
89.085,500
97,111,900
105,223,300
98,285,100
90,382,500
87,029 800
79,986,800
78,740,100
81,738,000
81,018,100
78,527,500
78.380,400
70 27n 000
$
791,129.000
778,587,000
802.801.300
800.450.800
818,811,500
811,488,000
822,545.300
808,138.60C
825,703,100
873,495,100
842.208,300
832,138,000
814,959,800
813.688.60C
799,967.80(
800,543,80C
793,230.20i
210,1051m'
New York City Non-Member Banks and Trust Cornpanies.-The following are the returns to the Clearing'
House by clearing non-member institutions and which are not
included in the "Clearing House Returns" in the foregoing:
RIt,EultN OF NON-MEMBER INSTITUTIONS OF
NEW YORK
CLEARING HOUSE.
(Stated in thousands of dollars. that is. three ciphers 1000(
omitted.)
CLEARING
NON-MEMBERS Capital.
Week Ending
Mar. 3 1928.
Member of
Ree've Bank.
Grace Nat Bank.
Trust Company
Not Member of the
Federal Reserve Bank
Merit Tr. Bayonne_
1.000
Loans,
DisNet
counts.
Profits. Investmeats.
ctc.
2.003
Cash
in
Vault.
500
745
9,197
390
2.748
26,439
+396
492
+70
Gr'd aggr., Feb. 20
Gr'd aggr.. Feb. 18
Gr'd ago.. Feb. 11
Gr'd tiger.. Feb. 4,
2,748
2,748
2.747
2.748
26,043
26,335
26,760
27,895
422
454
391
392
1,500
1,500
1.500
1.500
Reserve
with
Net
Net
Legal Demand Time
Depost- Deposits. Deposits.
tortes.
Average. Average Average. Average. Average.
$
17,242
102
1,378. 9,387
4,096
Gr'd agar.. Mar. 3 1,500
Comparison with prey. week
185
3.290
5,686
1,563 a12.677
+1 -182
9,782
-104
1,562
1,586
1.657
1.761
9,886
9,379
9,788
10,046
12,859
12,967
13,368
14.133
a United States deposits deducted. 525,000.
Bills payable, rediscounts, acceptances and
other liabilities, $4,001,000. Excess
In reserve, 5107,740 increase.
Boston Clearing House Weekly Returns.
-In the
following we furnish a summary of all the
items in the
Boston Clearing House weekly statement for a series
of weeks:
BOSTON CLEARING HOUSE MEMBER
S.
March 7
1928.
Actual Figures.
Cash
Reser,,
Reserve
In
In Vault. Depositaries
1469
Changes from
Previous Week.
Feb. 29.
1928.
Feb. 22.
1928.
Capital
78,400,000 Unchanged
78,400,000
78,400,000
Surplus and profits_ _ _
95,074,000 Inc.
859,000
94,215,000
94.215.000
Loans. disrts & Invest_ 1,087,007,000 Dec. 2,070,000
1.089,077.000 1,091,433,000
Individual deposits--- 670,474,000 Dec.
200,000 670.674,000
Due to banks
157,971,000 Inc. 7,913,000 150,058.000 676.826,000
Time deposits
282,399,000 Inc. 3,517,000 278,882,000 155,684,000
277,811,000
United States deposits_
1.985.000 Dec. 1,793,000
3.778.000
3,745,000
Exchanges for Cl'e II'se
29,367,000 Inc. 1,800,000
27,567,000
29,224.000
Due from other banks_
82,642,000 Dec.
128.000
82,770,000
83,619.000
Res've in legal deposles
82,219.000 Inc.
582,000
81,637,000
82.895,000
Cash in bank
9,705,000 Dec.
270,000
9.975,000
9.674,000
Res've excess in F.R.Bk
295,000 Inc.
103,000
190,000
766,000
Philadelphia Banks.
-The Philadelphia Clearing House
return for the week ending NI ar. 3, with compara
tive
for the two weeks preceding, is given below. figures
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
members of the Federal Reserve System the companies not
reserve required
is 10% on demand deposits and includes
"Reserve with
legal depositaries" and "Cash in vaults."
Week Ended Mar. 3 1928.
Two Ciphers (00)
3.
Prerissjs Week
Feb. 25
omitted.
Members of
Feb. 18
Loans and Investments
Trust
51.411 . 7 000 Inc S15,494.40d
49721 :
1928.
F.R.System Companies
Gold
1928.
Total.
5,069,600 Inc.
46,200
Currency notes
23,402,200
53,300,0
Deposits with Federal Reserve Bank of New 'York. ,111V011:280000 Inc. 1.011,200 Capital
9,500,0
62,800,0
Surplus and profits_ _ _
223:746091:010000
(11.800.0
166,825,0
Time deposits
17,449,0 184,274.0
61.800.0
Loans. dise'ts & Invest. 1,001,010,0
Deposits eliminating amounts due from reserve de98.670,0 1,099,680,0 183,274,0 183,274.0
Each. for Clear. House
1,095,479,0 1,097,343.0
positaries and from other banks and trust com41,744,0
966,0
42,740,0
Due from banks
36,080.0
panies in N.Y. City, exchanges,& U.S.deposits..1,381.770,800
97,814,0
36.024.0
419,0
Inc. 14,506.900 Bank deposits
98.233,0
93,416,0 102,102,0
138,348.0
Reserve on deposits
3,793,0 142,321,0
187.489,900 Inc. 3,738,300 Individual
deposits... _ 623,938,0
Percentage of reserve. 21.3%.
50.152,0 674,090,0 142,155,0 145,746,0
Time deposits
RESERVE.
194.550,0
27,138,0 221,683,0 661.362,0 663.641.0
Total deposits
956,836,0
81,263,0 1,038,099,0 223,615,0 223,444.0
--State Banks-Trust Companies
1,027,132,0 1,032,831.0
- Res. with legal depos_
8,743,0
533,871,100 17.29%
Gash in vaults*
8,743,0
$108,884,500 15.99% Res. with F. R. Bank.
8,605.0
71,209,0
8,595,0
Deposits in banks and trust Cos.- 10,382.200 05.30%
71,209,0
34,352,100 05.04% Cash in vault
70,483.0
9,019,0
70,555,0
2,477,0
11.496,0
Total res. & cash held_
11,997,0
80,228,0
11.829,0
11,220,0
544,253,300 22.59%
Total
91,448,0
$143.236,600 21.03% Reserve required _
91,065,0
90,779.0
68,829,0
9,946,0
79,775,0
Excess reserve and cash
79,207,0
79,192,0
•Includes deposits with the Federal Reserve Bank of New York, which
In vault
11.399.0
1,874.0
State banks and trust companies combined on Mar. 3 was.5114,283,800. for the
11,679.0
11.858.0
11,587.0
• Cash in vault not counted as
reserve for Federal Reserve
members.
[VOL. 126.
FINANCIAL CHRONICLE
1470
Weekly Return of the Federal Reserve Board.
the condition
The following is the return issued by the Federal Reserve Board Thursday afternoon, Mar.8, and showing the system
results for
of the twelve Reserve banks at the close of business on Wednesday. In the first table we present the
g week last year.
as a whole in comparison with the figures for the seven preceding weeks and with those of the correspondin Reserve Agents'
The second table shows the resources and liabilities separately for each of the twelve banks. The Federal Comptroller and
the
Accounts (third table following) gives details regarding transactions in Federal Reserve notes between
the returns for the
Reserve Agents and between the latter and Federal Reserve banks. The Reserve Board's comment upon
latest week appears on page 1434, being the first item in our department of "Current Events and Discussions."
RESERVE BANKS AT THE CLOSE OF BUSINESS MARCH 7 1928.
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL
1
Jan. 18 1928. Mar. 9 1927.
Mar. 7 1928. Feb. 2. 1928. Feb. 21 1928. Feb. 15 1928 Feb. 8 1928. Feb. 1 1928 Jan. 25 1928.
RESOURCES.
1,573,277,000
1.345,440,000 1,388.957,000 1,384,121,000 1,366,926.000 1,422,938,000 1,419,336,000 1,465,875,000 1.530,476,000
Gold with Federal Reserve agents
47.442,000
53.95.5.000
47,455.000
46.973,000
45,898,000
50.116.000
52,849,000
45,952.000
49,778,000
Gold redemption fund with U. B. Tress1,620,719,000
1.395,218.000 1.434,909,000 1,436,970,000 1,412,824,000 1,473,054.000 1,466,309,000 1,513,330,000 1,584,431,000 599,876,000
Gold held exclusively spit. F. R.notes
767,300,000 752,529,000 749,105,000 763,847.000 695,604,000 697,839,000 636,954.000 551.153,000 792,066,000
Gold settlement fund with F.R.Board
636.961.000 648.933,000 634.830.000 668,794,000 672,044.000
Gold and gold certificates held by banks_ 649,700,000 620.932,000 633,711.000
3,012,661,000
2,812,218,000 2,808,370,000 2.819.786,000 2,813.632,000 2,817,591.000 2.798.978,000 2,819.078,000 2.807,628,000 160,619,000
gold reserves
Total
163.442.000 165,931,000 164,564,000 167,179,000 167,474,000 171,652,000 168,956,000 167,934.000
Reserves other than gold
3,173,280,000
2,975,660.000 2.974,301,000 2,984,350.000 2.980,811,000 2,985,065,000 2,970,630,000 2,988,034,000 2,975.562,000
Total reserves
68,554,000
94,118.000
92.558,000
84.434,000
79.007.000
76.242.000
70.296,000
70,084,000
Non-reserve cash
240,074,000
Bills discounted:
289,784,000 306,405.000 290,925,000 318.181,000 298,164,000 296,528,000 262,785,000 284.781,000 175,865,000
Secured by U. S. Govt. obligations
192.324,000 186,163,000 170,119,000 162,909,000 160.620,000 126,904.000 122.439,000 127.278,000
Other bills discounted
412,059,000 415,939,000
482,108,000 492,568,000 461,044,000 481.090.000 458,784.000 423,432,000 385,224,000
264,685,000
Total bills discounted
338,495,000 343,759,000 353,227,000 354,787,000 369,273,000 377,393,000 347.305.000 369,035,000
Bills bought in open market
65,413,000
65,033.000
.U. B. Government securities:
56,184,000
61,901.000
56,443,000
57.434,000
55.387,000
55,610,000
57,047.000
80,251,000
Bonds
244.266,000 243.857.000
205,633,000 206,036,000 207,741,000 213,704,000 210,765.000 233,082.000 140.447,000 190,478.000 161,265,000
Treasury notes
140,032,000 145,956,000 138,384,000 137.295,000 134,131,000 138.678,000
Certificates of Indebtedness
499,368,000 306,929,000
402.712.000 407.602,000 401,512,000 408.433.000 401,339,000 433,861.000 440,897,000
2,000,000
Total U. S. Government securities
500.000
500.000
500,000
500,000
500.000
500.000
1,000,000
1,000,000
Other securities (see note)
1.280,962.000 989,553,000
1,224,315,000 1,244,929,000 1,216,283,000 1,244,810,000 1,229,896,000 1,234,986.000 1,173,926010
Total bills and securities (see note)
658,000
Gold held abroad
568,000
568,000
568,000
568,000
568.000
568,000
567,00"
569.000
616,499,000
Due from foreign banks (see note)
609.762,000 614,520,000 649,135,000 772.437,000 588,326,000 621,207,000 618,190,000 705.805.000
58,460,000
Uncollected Items
58.724,000
58,731,000
58,755,000
58,809,000
59,051.000
59,055,000
59,078,000
59,064,000
12,730,000
Bank premises
11,122.000
10,515,000
10,455-.000
10,411.000
10,839.000
10,913,000
11,548,000
11.168,000
All other resources
4,942,522,000 5,126,861,000 4,919,734,000
4,951.016,000 4.974,845.000 4,991,800,000 5,144.758,000 4.952.142,000 4,981,035.000
Total resources
MABILITIES.
1,718,893,000
1,691,370,000 1,588,238,000 1,591,898,000 1,586,195,000 1,584,183,000 1,576.985.000 1,584,922,000 1,623.785,000
F. R. notes In actual circulation
Depoelts:
1.149,000
2.361.464,000 2,374.515,000 2,357,083,000 2,391,150.000 2,395,037,000 2,404,673,000 2,354.712,000 2,431.764.0002.22
15,189,000
Member banks—reserve amount
21,786.000 15.160,000
24,006,000
26.457,000
26,385.000
23,681,000
25,037.000
27,917.000
4,650,000
Government
5,658,000
5,806.000
5.045,000
5,151,0001
4,844,000
5,324,000
6,118,000
6,044,000
Foreign banks (see note)
19,767,000
19,061,000
19,310.000
18,178,000
18,601.0001
21,308,000
18,765,000
18,121,000
17,129,000
Other deposits
2,260,755,000
2,410,738,000 2,425.605,000 2,404,853.000 2,443.759.000 2,445,174,000 2.451,902,000 2,401.614,000 2.471,643.000 572,160,000
Total deposits
43.749.0001 573,990,000 577.945,000 654.526,000 127,700,000
566,760,000 579.520.000 613,456,000 734,306,000 5
Deferred availability items
138.605,000 136,592,000 136,474,000 135,877,000 134.619,000 134,440,000 134.209.000 133,775,000 228,775,000
Capital paid In
233.319,000 233,319.000 233,319,000 233,319,000 233,319,000
233,319,000 233.319,000 233,319.000
Surplus
11,451,000
9,813.000
10,513,000
10,399,000
11.098,000
11,800,000, 11,302,000
12,224,000
11,571,000
All other liabilities
4.951,016,000 4.974,845,000 4,991,800,000 5,144,758.000 4,952,142.000 4,981,035.000 4.942.522,000 5.126,861.000
Total liabilities
Ratio of gold reserves to deposits and
68.6%
70.7%
69.5%
69.9%
69.8%
70.3%
70.0%
70.56%
F.R.note liabilities combined
Ratio of total reserves to deposits and
72.7%
75.0%
73.7%
74.1%
74.0%
74.4%
74.1%
74.7%
combined
F.it. note liabilities
Contingent liability on bills purchased
232.291.000
238,553,000 238,817,000 241,238,000 241.697.000 238,821.000 237,364.000 231.881.000
for foreign correspondents
Distribution 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. certif. of 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 municipal warrants
Over 90 days bills bought In open market
Over 90 days bills discounted
Over 90 days certif. of indebtedness_
Over 90 days municipal warrants
96,480,000
122,331,000
362.922,000
5,000,000
122,510,000
318.991,000
93.000
149.752,000
347,115,000
93.000
111,474,000
390,088,000
48,000
71.103,000
17,033.000
15,441.000
69,436,000
19,353,000
72.232,000
15,929.000
73,182.000
14,912,000
73.298,000
15,342,000
66,139,000
29,551.000
119,308,000
27.022,000
7,200,000
115,829,000
25,345,000
111,343,000
27.125,000
20,419,000
97.967,000
22.552.000
55.577,000
74.884,000
26,751.000
57,519.000
67,676.000
28,255,000
90,841,000
72,552,000
43,601,000
29,762,000
18.156,000
40,466,000
17,811,000
51,895,000
19,730.000
70.974,000
19.876,000
80.845,000
15,571.000
73,660.000
17.352,000
3,166,000
6.330,000
125,884.000
4,382,000
6.123,000
125.172,000
4,368,000
8,092,000
121,154,000
4,922,000
6,487,000
113,712,000
4,018,000
6.458,000
78.101,000
3,269,000
7,318,000
82.835,000
111,382,000
420,680,000
20,072,000
118.113,000
389.673,000
100,000
91,920.000
18,266.000
92,357.000
17,933,000
70,958,000
20,415,000
5,912,000
92,079,000
31,045.000
107.092,000
29,469,000
27,230,000
20.479,000
3.236,000
6,819,000
125,402,000
414,841,000
90,736.000
839,863,000
792.404.000
75.0%
79.7%
111,592.0001 112,598.000
412,890,000 385.943,000
700,000
124,030,000
405,499.000
14.630,000
2,897.758.000 2,910,017,000 2.924,622,000 2,945,157.000
F.R. notes received from Comptroller__ 2,866.160,000 2,870,453,000 2,889.110,000 888.705,000 889,119.000 900,570,000 900,551.000
877,040.000 878,280,000 889,305,000
F. A. notes held by F. It. Agent
1,989.120.000 1,992,173,000 1,999,805,000 2.009,053,000 2,020,898,000 2,024,052.000 2,044,606.000
Issued to Federal Reserve Banks
flow Secured—
By gold and gold certificates
Gold redemption fund
Gold fund—Federal Reserve Board
By eligible paper
4,919,734,000
414,841.000
96.068.000
878,048,000
801,275.000
414,841,000
94,611.000
874,669,000
787.140,000
414.840,000
99,461,000
852,625,000
809,605,000
414,441,000
98,023.000
910,474,000
805.059,000
405,495,000
112,742,000
901,099,000
765,210,000
75,015,000
14,264,000
3,294,000
7.083,000
99,544.000
29.571,000
27,078,000
4,784,000
11,098,000
111,846,000
2,971,203,000 2,826,107,000
845,755.000 825,142,000
2.125.448,0 2,000,965,000
414,240,000 411.341.000
97,197.000
107.902,000
943.733,000 1,021,938.000
704,650.000 755,142.000
310,846,000
107,962,000
989,900,000
754,218,000
2,285,618,000 2,162,926,000
2,137,844,000 2,190,232,000 2,171,261,000 2,176,531,000 2.227,997.000 2.184.546,000 2,170,525,000
held abroad and amounts duo
statement of Oct. 7 1925, two new items were added in order to show separately the amount of balances debentures, was changed to
NOTE.— Beginnlaa with the
made up of Foreign Intermediate Credit Bank
86 foreign correspondent.. in addition, the caption, 'All other earning assets." Previously The latter Item was adopted as a more accurate description of tile total of
and securities."
"Other securities," and the caption, "Total earning assets" to "Total bills
the only items included
under the provision of Sections 13 and 14 of the Federal Reserve Act, which, It was stated, are
the discounts, acceptances and securities acquired
therein.
MAR.7 1920,
OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES 01? EACH
I
Kan.Cits. Dallas. Son Fran,
Two ciphers (00) omitted.
Boston. New York. Phila. Cleveland. Richmond Atlanta. Chicago. St. Louis, Minnsay.
Total.
Federal Reserve Bank of—
it
3
3
3
3
3
3
3
3
3
3
3
3
RESOURCES.
160,062,0 47,502,0 138,054.0226,629,0 25.720.0 .52.358,0 51,664,0 30,933,0 135,260,0
Gold with Federal Reserve Agents 1,345.440,0 86,648.0 298,887.0 91,723,0 4,153,0 1,488,0 1,947,0 4.460,0 2.908.0 1.969,0 2,008,0 1,152,0 3,568.0
11,640,0 7,721,0
49,778,0 6.704,0
Gold red'n fund with U.S.Treas.
—
28,688,0 54.327,0 53,672.0 32,085,0 138,828,0
140,001,0
164,215,0
Gold held excl. agst.F.R.notes 1,395,218,0 93.352,0 310,527.0 99.444,0 50.110.0 48,990,0 10,371,0 231.089.0 25.797,0 23,919,0 37,739,0 20,796,0 41,505,0
150.083,0
26,132,0
291,717,0 46.221,0
Gold settle't fund with F.R.Board 767,300,0 42,910,0
5,187,0 7,052,0 8.408,0 29.591,0
649,700.0 26,500.0 416.001.0 25,971,0 46.123,0 9,712,0 8,795,0 54.746,0 11,614.0
Gold and gold certificates
260,448.0 84,834.0 159,167,0 435,918,0 66,099,0 83,433,0 98,463,0 61,289.0 209,924,0
2.812.218,0 162,762,0 1.018.245.0 171,636,0
Total gold reserves
10,021.0 11.432.0
31,767.0 8,772,0 13,853,0 10,793,0 15.139,0 20,163,0 14,493,0 4,661,0 7,147.0
163,442,0 15 201 0
Reserves other than gold
274,301,0 95,627,0 174,306,0 456.081,0 80.592,0 88,094.0 105,610,0 71,310,0 221,356,0
2,975,660,0 177,963,0 1,050,012,0 180,408,0
Total reserves
3,155.0 4.366,0
21.620,0 2.377.0 5,077,0 6,966,0 4,245,0 7.958,0 4,214.0 1.245.0 2,270,0
70.084,0 6.585,0
Non-reserve cash
Bills discounted:
236,0 2.184,0 1,490,0 59,789,0
85,029,0 27,876,0 28,725,0 6,886,0 4,257.0 40,263,0 10,268.0
Sec. by D. S. Govt. obligations 289,784,0 22.781,0
1,952,0 6,360,0
39,359,0 14,485,0 24,895,0 17,489,0 22.610,0 20.694.0 14,508,0 1,355,0 5,660.0
192.324,0 22,957,0
Other bills discounted
7.844,0 3,442,0 66.149,0
1,591,0
482,108,0 45,738,0 124,388.0 42.361,0 53,620.0 24,375.0 26,867,0 60.957.0 24.776.0 10,131,0 12,290,0 14,106,0 26,842,0
Total bills discounted
40.0 32,306,0 30,154,0 14,726,0 10,247,0 41,508,0 10.762,0
93,2
338,495,0 42,183,0
Eillls bought in open market
53.0
S. Government securities:
P.
754,0 1.153.0
80.0 19,977,0 7,125,0 4,519,0 10.890,0 7,819,0
585.0
3,384,0
708,0
57,047,0
Bonds
10.786,0 10,197.0 22.167,0
38.678,0 17,892.0 37,201,0 3,890.0 5.058,0 22,911,0 16,916,0 8,691,0 9,093,0 7,001,0 10,964.0
205,633,0 11,246.0
['reason? nOtes
4,925.0
33,856.0 16.386,0 11,784,0 3,405,0 4,788,0 20,107,0 7,878.0
140,032,0 9,845.0
"3ertifIcates of indebtedness
RR 1514 n
7. 0150 14 5112 (1 40 730 0 6.44/1.0 0 02R n 112 005 A RI 010 n lil IRA n 30.760.0 26.017.0
409 719 n 21 700 n
0 r,...........4tIo.
Total
MAR. 10 1928.]
FINANCIAL CHRONICLE
RESOURCES (concluded)
Two ciphers (00) omitted.
Boston.
Other securities
New York.
$
Tatal.
$
Phila.
$
1,000,0
Total bills and securities
Due from foreign batiks
Uncollected Items
Bank premises
All other resources
Cleveland. Richmond Atlanta. Chicago. St. Louis. Minneap. Kan.Citg. Dallas. San
Fran.
$
$
$
$
S
$
$
$
$
1,000.0
1,224,315,0 109,720,0
569,0
37.0
609.762,0 58,923.0
59.078,0 3,824.0
11.548.0
83.0
293.546.0 109.530.0 133,513,0 47.549.0 47,040.0 185,460.0 67.457.0 30.857.0 50.903.0 42.565.0
126.175.0
217.0
46.0
25.0
21.0
51.0
68.0
21.0
13.0
18.0
17.0
35.0
150.962.0 52,238,0 52,432,0 49,490.0 25.972,0 73.543.0 30.050,0 12,100.0 40,732.0 28.288.0
35,032.0
16.522.0 1,756,0 6,865.0 3.061.0 2.829.0 8.646,0 3,891,0 2.202.0 4,308.0
1,800.0 3.374.0
3.141.0
401,0 1.431,0
281.0 1,177.0
1.359,0
773,0 1.009,0
520,0
557,0
816.0
4.951,016.0 357,135,0 1,536.026,0 348,636.0 473,416.0 203,119,0 255.844,0 713.115,0 186.998,0 135.520.0 204.361,0
147,692,0 391,154,0
Total resources
LIABILITIES.
F. R. notes in actual circulation. 1.590,370,0 120.933,0
Deposits:
Member bank-reserve ace's._ 2,361.484,0 147.517.0
Government
25.037.0 2,160,0
Foreign bank
6.116,0
323,0
Other depotlits
18.121,0
81.0
Total deposits
Deferred availability Items
Capital paid in
Surplus
Another liabilities
1471
346.519,0 123,569.0 195,829.0 62,788.0 143,426.0 238.772.0 52.886,0 56.950.0 59.186,0
37.175,0 153.337,0
934,620,0 136,924.0 185,586.0 71,855.0 70,535.0 347.110,0 83,953.0 54.397,0 92,759.0
68.483.0 167.725.0
7.515.0 1,411,0
1.950,0
978.0 1,774.0 2,352,0 1.679,0
1,619.0 1,541.0
848.0 1.210.0
3.027,0
409.0
219,0
181.0
447.0
598.0
185,0
116.0
155.0
151,0
305.0
8.983.0
102.0
115.0
951.0
176,0 1.145,0
353.0
393.0
686.0
65.0 5.071,0
2.410,738.0 150.081.0
566,760.0 58,202.0
136,605.0 9,468.0
233,319,0 17,893.0
12.224,0
558,0
954,145,0 138,846.0
127.006,0 48.355,0
42,367.0 13.641,0
63.007.0 21,662,0
2.982.0
563.0
188.934,0 73.167.0 72.666,0 351.205.0 86,170,0 56,525.0 95.141.0 69.547,0 174.311.0
48,980.0 47,714.0 24.169.0 68.775,0 31,419.0 11,150.0 36.227.0 27.765.0 36.998.0
14,217,0 6.249,0 5.168.0 19.104.0 5.340.0 3.027,0 4.246.0 4,304.0 9.476.0
24.021.0 12,324.0 9,996.0 32.778.0 10.397.0 7.039,0 9.046.0 8.527.0 16.629.0
877.0
1.435,0
421.0 2.481,0
786,0
829.0
515.0
374.0
403.0
Total liabilities
4.951,016,0 357,135.0 1,536.026.0 346,636,0 473,416,0 203,119,0 255,844.0 713,115,0 186,998,0 135.520.0
204.361.0 147,692,0 391,154.0
Memoranda.
1
Reserve ratio(percent)
74.4
65.7
80.7
70.3
68.7
71.3
80.7
77.3
58.0
77.6
68.4
66.8
67.6
Contingent liability on bills our
chased for foreign correspond'
238,553,0 17,911,0
67,082,0 22,688,0 24,837.0 12,180,0 10,030,0 33.196,0 10.269,0 6,448.0 8.597,0 8.359.0
16,956.0
F. R. notes on hand (notes rec'
from F. R. Agent less notes I
vnv omn n ne non n 10A nAn n ga Img n 01 oxen of 0020 (50 722 n At 1K1 n A Lae
circulation
n
r rivc n 7 ens 0 si 1770 SA 93711
FEDERAL RESERVE NOTE ACCOUNTS OF FEDERAL RESERVE AGENTS AT CLOSE OF BUSINESS M %RCN
7 1928.
Federal Reserve Agent at
-
Total.
Boston.
Cleveland. Richmond Atlanta. Chicago. St. Louts.kfirineap. Kan.City. Dallas. I SanFran,
$
$
$
$
$
S
755.928.0 187.017.0 271,055,0 110.290,0 235,804.0 449.623.0 78.545,0 81.024,0 106.101.0 66.734,01 293.104.0
285.360.0 27.295,0 41,980.0 26.204,0 61,590,0 167.700,0 17,210.0 19.039.0 39.010,0 21,382.0, 83,500.0
1
470,568,0 159.722,0 229,075,01 84,086,0 174.214,0 281,923,0 59,335,0 61.985,0 67,091,0 45.352,0209,804.0
New York.
Two ciphers (00) omitted.
$
P.R.notes reed from Corn ptroller 2,866.160.0 232.935.0
P.R.notes held by F. It. Agent- - 877,040,0 86.770,0
F.R. notes issued to F. R. Bank 1,989,120.0 146,165,0
Collateral held as security for
F. It. notes Issued to F. It. Bk.
Gold and gold certificates__ 414.841,0 35.300,0
Gold redemption fund.
90.738.0 13.348.0
Gold fund -F. R. Board
839.863.0 38.000,0
Eligible paper
792.404.0 87,921.0
Totalcollateral
205.150.0
42,600,0 31,021.0 20.000.0
9.300.0 14,187,0
18,737.0 10.941,0 12.462,0, 2.481.0 7.054.0 1,629,0 1,920.0
1,191.0 2,804.0
75.000.0 80.782.0 105.000.V 14,000.0 111.000,0 225.000.0 14.500,0 37.000.0 48,860.0
199,044.0 68.668.0 82.971.0 38.705.0 36.386.0 102,333.0 34.990.0 11,499.0 19,903.0
1
497,931,0 160.391,0 243,033,0 86,207.0 174,440.0 328,962.0 60.710,0 63.857.0 71.3117 n
2.137,844,0 174,569,0
17.303.0
3.630.0
10.000.0
17.181.0
40.000.0
14,539,0
80.721.0
92,803.0
49 114,0 ?53,0113
Weekly Return for the Member Banks of the Federal Reserve System.
Following is the weekly statement issued by the Federal Reserve Board, giving
the
and liabilities of the 619 member banks from which weekly returns are obtained. These principal items of the resources
figures are always a week behind
Reserve banks themselves. Definitions of the different items in the
those for the
statement were given in the statement
of Dec. 12 1917, published in the "Chronicle" of Dec. 29 1917, page 2523. The comment of
the Reserve Board upon the figures
for the latest week appears in our department of "Current Events and Discussions," on page
1435,immediately following which
we also give the figures of New York reporting member banksfor a week later.
PRINCIPAL RESOURCES AND LIABILITIES OF ALL REPORTING MEMBER BANKS
IN EACH FEDERAL RESERVE DISTRICT AS AT CLOSE OF
BUSINESS FEBRUARY 29 1928 (In thousands of
dollars).
Federal Reserve District
Loans and Investments-total
Loans and discounts-total
Total.
Boston. New York
Phila.
Cleveland Richmond Atlanta. Chicago. Si. Louts. Minneap.
Kan. City
$
I
$
I
$
21.700.497 1,510,805 8,304,046 1,215,373 2,146.185 689,008
15.142.534 1.038.146 5.828.122 789.206 1,428,174 516.216
Secured by U. B. Gov't
Secured by storks and bonds
All other loans and discounts
126,814
6.343.710
8.672.010
7.758
434.198
347,250
6,557,963
Investments-total
4.6251
50,209
376.862 2.780,751
656,659 2.997,162
472,659 2,475,924
U. B. Government securities_ _ _ _ 2.932.893
Other bonds, storks and securities 3,625.070
Reserve balances with F. It. Bank._
Cash in vault
Net demand deposits
Time deposits
Government deposits
1,755,489
242,521
13.715,941
6.655.063
34,415
Due from banks
Due to banks
1,168.832
3,609.491
Dallas. San/
7,am.
$
I
I
$
606.643 3.137.700 726.496
382.735
655.202
435.718 1.890.586
488.452 2,240,253
510,489
249.010
435.509
335,833 1.283,124
5.482
22.240
4.197
121,797 976.081 204.414
361,173 1,241,932 301,878
1
118.191 897,447 218,007
2,372
79,459
167,179
3.671
129.777
302.061
3,461
87.548
244.824
4,538
343.085
935,501
3,327
162.430
350.459
426.187
14,934
647.308
765,932
1
718,011
133.725
219.693
99.885
607.462
171.087 1,175,837 118.910
301.572 1,300.087i 307,257
316.320
401.6911
74.663
98.129
53.639
64,552
365.121
532,328
83.231
f32.776
69.357
64,368
105,119
114,574
70.892
28,993
328,717
278.745
815.3111 81.283 135.063
42.452
65.189
14,286
28.282, 11.908
1
925,337 6,159,903 760.508 1.041,284 375.261
490,468 1,608.949 291..717 940.522 246.728
3.034
11.647
3.018
3.499,
1.200
40.338
11.220
257,4411
38,7991
48.519
7,219
26.725
5,529
57.678
11.525
35,026
8.985
115.952
20,702
338.805 1.845.963' 414,721
239.692 1.205,644, 244.783
1,741
2.965'
648
235.034
133.065
210
506.081
166.057
749
306.345
116,705
1.920
808,699
970.733
3,786
58.977 147,088
152.295 1.461.038
49.767
104.272
127.130
238.174
59.815
108,109
160.519
224,063
172,792
99,703
18.877
57,376
171,329
Borrowings from F. R. Bank-total
355.475
40.151
53.053
39,213
Secured by U B. Gov't obliga'ns.,
All other
1
Number of reporting banks
--
232.1115
122.560
20.734
19.4171
31,649
21.404
32,310
6.903
649
36'
82
49
99,363
250,5.6
1
56,929
53.842
110,503
75,045
122,796
18.611
15.359
41.9411
20,137
1.850
5.394
1,159
61.678
33.603
23,328
1
71
2.657
15.954
2.618
12,741
32,615'
9,326'
9.039
11.098
1.850
4.250
1,144
500
659
61.090
588
66
33
921
30
24
65
45
56
225.8331
, 54,047
524,5491 143,797
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 March 7 1928,in
comparison with the previous week and the corresponding date last year:
Mar. 7 1928. Feb. 29 MS Mar. 9 1927.
Resources
Gold with Federal Reserve Agent
Gold redecup fund with 11 S Treasury
298.887.000
11.040.000
eel
Gold held exclusively eget F. It.
Gold settlemem focal with F It Board
Gold and gold nertineates held by hank.
Total gold reserves.
Reserves Inher than gold
Total reserves
Non-reaerve cash
Bills discountedSecured hy (1 8 ii,Vt. Oblignt,101121.
Other bills llSl'llI)lIlrlI
Total Wile disecamted
Bills bought In omen iiiarket
U.8 Ooveriiiiielit securities Bonds .
.. .
Treasury notes .
Certificates of indebtedness
318.957,000
13.083.1.00
310 527 000
291.717.000
416,001.000
332 1)40.0011 382 698,000
335,481.1100 139.379,000
389.007.0110 529.669,000
--1.018.245,000 1.050.531.000 1.051.746.000
31,767.000
32.273.0110
33,814,000
1 030.012,000 1.088.8114 5)1) 1.085.561.000
21.0211.000
21.4171100
21.026.000
_
85.029,000
311.359.000
50,752,0110
32.584.1101)
90,801.000
22.321.000
124,388.000
93,240 000
83,3301,1100
96.505 leg)
113,122.000
76.340,000
3.384.000
3,384.000
38.676 000
38.1.78 1100
:18.876,184)
33,853.000
------80.93101m
75,918.000
Total U.S Govern...nit 4settrIttes_
Total bills and securities (See Note)
372,279,000
10,419.000
293,546,000
2110379 000
4.593.000
11.059,000
38.464,000
54.118,000
243.580,000
Mar. 7 1028. Feb. 29 1928. Mar. 9 1927
.
$
$
$
Resources (Concluded)Gold held abroad
Doe from foreign banks (See Note)
Uncollected items
Bank premises
All other resources
217.000
150,962.000
10.822 000
3.141.000
Total resources
215,000
164.584.11,
10
10.511) 01 0
2,895.000
659,000
142.197,000
16.276.000
2.892,000
1.536,026.000 1,555.210 000 1.512,191.000
Ltahtitt• 5
Fed') Reserve notes in actual circulation
Deposits -klember bank, reserve iteet
Government
Foreign hank (See Note)
other depoolto
346.519.000
934.620.000
7,515.000
3,027.000
8,98:3.000
348.71.000
938.014.1000
6.340.000
2.741) 000
9.009.0110
414.408.000
849,194.000
11,838.000
768.000
12.926.000
Total deposits
Deferred availability Items
Capital DMA in
Sundial
All 4oloo liabilities
954.145.000
127.001.000
42.367.000
63.007.000
2.982.0410
94 1,2(11)1
151 :13 1 :1
)1
874.726.000
12308:715192:000000
...
Total liamtitles
Itatio of total reserves to deposit and
Fed') Reset- flute liabilities eouillbied
Contingent liability on bills
for foreign correspondence Purchased
42,3:17(501)
63.0117 000
2,856.014)
61.614.000
2.572.000
1,536.026.1.100 _555.210 000
1,512,191,000
80.7%
83.4%
84.2%
67,082,000
66 389 000
27 193 000
NOTE.-Itegiiiiiing with the statement of Oct. 7 1925, two flew items were added in order to Show
separately the amount of balances held
foreign corres000deots
abroad and amounts due to
In addition. Me COO110 1 "All other earn1114 assets.. 0revioili!Y flade
,
Intermediate Credit bank
"Other securities." and the usotiou Total earning assets" to "Total tuns and sogorittes,•
latter01 Federaladopted as a more accurate debentures, was oasaaed to
term was
discounts,acceptances and securities acquired under the provisions of Sections 13 sad 14 of the Federal
description Of the fOtal Of the
Reserve Act. wnicu, It was stated. are the mil,
Mena ncluded therein.
1472
New York City Realty and Surety Companies.
azette.
fitlaniters'
AU prices dollars per share.
Wall Street, Friday Night, March 9 1928.
-The review of the
Railroad and Miscellaneous Stocks.
Stock Market is given this week on page 1461.
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 March 9.
Sales
for
Week.
Range Since Jan. 1.
Range for Week.
Highest.
Lowest.
Lowest.
Highest.
Par.I Shares $ pet share. $ per share. 6 per share.IS per share.
Railroads-Ma1122331 Mar
3022331 Mar 82233.1 Mar 8 223
Albany & Susqueh'a _ 1001
Atch Topeka & 8 Fe rts_'16,700 334 Mar 5 336 Mar 6 334 FebI 334 Jan
mar 7 94 MarjlOO Feb
Mar 7 95
10 95
Buff Roch & Pitts pfd100
Jan
4234 Mall 43
100 4234 Mar 9 4236 Mar
Buff es Susquehanna_1001
Febr 50
Mar
Mar 8 48
300 4834 Mar 6 50
Chi Milw & St P etts F p
Feb
Mar 81099.4 Jan 111
Mar 8111
10111
CCC&StLoui.spretlOOI
334 Feb 6% Jan
Duluth S S es A
1003 700 334 Mar 9 434 Mar
Feb 934 Jan
Preferred
1001 300 7% Mar 6 734 Mar 6 5
10 8431 Mar 6 8434 Mar 6 8434 Jan 8434 Jan
Mobile&lslrmingpf.i003
Mar 5 17534 Mar200
Jan
Mar 5179
30 178
Nash Chatt & St L. 1003
Jan
Feb 10
Mar 6 8
Mar 6 8
400 8
N Y State Rye
100
Mar 3 153
Mar 3 153
Mar15334 Jan
10 153
Pitts Ft W de Chicago 10
Jan 159% Jan
Mar 813634 Mar 5 100
600 130
South Ry M &(3 etfs _100
Feb
Mar 8 48
Jan 54
Twin City Rap Tran 1001 300 5234 Mar 5 53
10 10834 Mar 6 10834 Mar 6 10334 Jan 10834 Mar
lacks Fur & Pac pfd..1003
Indus. & Miscell.
1
Albany Wrap Paper rts _ _ 4,100 251
400 98
Adams Express pref.. 100
Alliance Realty
• 100 73
Am Foreign & Pur 2 pf_* 13,500 82
4011234
Am Mach & Fdy pref ex_
Am Radiator pref....100
10 14334
20 108
Am Wholesale pref_.100
400 71
Austrian Cred Anstalt_ _
Autosales
*I 1,000 874
501 1,100 33
Preferred
Bank of America_ _ _ _100 1,260 591
10655
Bk of NY & Tr Co_ _100
Belgian Nat Rys part pfd 1,800 86
50 1,700 164
Borden Co
300 334
Brit Empire Steel_ _100
10 1,600 2634
Bucyrus-Erle Co
10013,100 3634
Preferred
%
17,516
Butterick Co rights
Calif Petroleum ctfs_ _261 1,900 2534
Coma Ry es Light
30 113
Cushman's Sons prof _ .._•
90 114
_100
Devoe & Rayn 1st pf.
40 700
Farmers Loan & Tr_ _10
400 1033.4
Fuller Co prior pref_ _ _ _*
200 2234
Gen Cable
General Cable class A __•,15,300 61
General Gas & El el B. I 700 4134
GothamSilkHospfexw100
2011034
Graham-PalgeMotors_ _*.33,100 1734
GulfStatesSteellstpf _100
3010734
20 2734
HackensackWatpf A..25
Hershey Chocolate __ _ _* 10,200 33
* 7,000 7134
Preferred
300 102%
Prior preferred_ _ _ _100
10
Int Nickel pref
40011234
4,700 31
Int Silver rts
•13,500 112%
Johns-Mansville
120 106
KeiseyIlayesWheelpf 100
Kroger Groc & Baking _*(51,400 7534
• 800 59
McCall Corp
National Radiator
3
• 5,300 3534
Preferred
'I 800 96
10117
National Supply pref 1003
Pao Gas & Elec rights___ 18,400 194
• 300 48
Phillips Jones Corp
401 86
Prophylactic Brush Co_•
1015,600 2431
Reo Motor Car
Richfield Oil of Calif_ _2510,200 2434
Stand Commercial Tob_• 4,000 343.4
10107
10
The Fair pref
• 700 37
United Biscuit
20011234
100
Preferred
4 18
United Dyewood_ _ _ _10
Universal Leaf Tob____• 6,500 7734
25 53
Warren Bros 1st pref __5
251
10
1
Wells Fargo & Co
56 10051
West Penn El pref (6)100
Western Dairy Prod A_• 2,10 61
1 107
Class B
Mar 9
Mar 8 98
Mar 3 73
Mar 5 8934
Mar 9 11334
Mar 5 14354
Mar 7 108
Mar 6 72
Mar 6 9
Mar 7 34%
Mar 5628
Mar 6655
Mar 3 86%
Mar 9 167
Mar 5 351
Mar 7 2834
Mar 8 371.4
Mar 3 3
Mar 6 263.4
Mar 6 77
Mar 8 115
Mar 5 114
Mar 5705
Mar 6 10391
Mar 5 2234
Mar 3 6334
Mar 7 4374
Mar 611034
Mar 3 19
Mar 710734
Mar 5 2751
Mar 3 3834
Mar 3 73
Mar 510234
Mar 511234
Mar 8 34
Mar 8 118
Mar 8 106
Mar 9 79
Mar 8 61
Mar 3 3734
Mar 3 9736
Mar 9117
Mar 3 2
Mar 6 48
Mar 9 87
Mar 3 25
Mar 3 28
Mar 3 3734
Mar 8107
Mar 3 3734
Mar 7.11234
Mar a 10
Mar 7, 8234
Mar 8 5534
Mar 6 251
Mar 310134
Mar 3 6354
Mar 8 107
9 2%
8 93
3 53
9 81
8 111%
5 142
Mar 710734
Mar 9 71
Mar 5 636
Mar 5 30
Mar 9 388
Mar 6 655
,
Mar 9 85%
Mar 5 159
Mar 8 I%
Mar 6 243.4
Mar 5 3334
51
Mar 9
Mar 8 25 3.4
Mar 6 77
Mar 5 1123.1
Mar 5 108
Mar 5688
Mar 9 10334
Mar 5 21
Mar 9 56
Mar 9 37
Mar 6 109
Mar 8 1634
Mar 71104
Mar 5 2534
Mar 6 3034
Mar 7i 7051
Mar 71101%
Mar 511074
Mar 6 25
Mar 311234
Mar 8106
Mar 8 7434
Mar 3 56
Mar 9 343.4
Mar 3 94
Mar 9 116
Mar 6 19.4
Mar 6 47
Mar 5 6934
Mar 7 2236
Mar 9 2334
Mar 6 3434
Mar 8 10434
Mar 6 3694
Mar 7 11234
Mar 3 5
Mar 3 71
Mar 6 50
Mar 6 134
Mar 7 10034
Mar 5 5334
Mar 8 10434
Mar
Mar
Mar
Mar
Mar
Mar
Marl 234
Jan 98
Jan 75
Feb
Marl 8934
116
Jan 144
Jan 110
Mal 74%
Jan 9%
Jan 3734
Jan 636
Feb 695%
Feb 8734
Feb 187
Jah, 634
Feb 2974
Feb] 373',
Feb, 3
Feb, 2634
Marl 77
Feb 115
JaM11591
Feb 705
Mar10734
Feb 2594
Feb 64
Jan 4334
Jan 111
Feb 2031
Jan 109
Jan 28
Jan 3834
Feb 7434
Jan 10394
Jan 11236
a
Fel;)j 34
M125
Mar111074
Feb 8034
Feb 66
Feb 4094
Feb 9834
Feb 119
Mar 2
MasI 53%
JanI 91
JanI 26
FebI 28
Mall 37%
Jan 108
FebI 4231
Ma21118
Feb 11
Feb 8494
Jan 5534
Jan, 251
Ma11l0334
Jan 64
Jan 108
Mar
Jan
Feb
Mar
Jan
Feb
Feb
Jan
Feb
Feb
Feb
Jan
Jan
Jan
Feb
Jan
Jan
Mar
Mar
Mar
Mar
Jan
Feb
Jan
Feb
Feb
Jan
Feb
Jan
Feb
Feb
Mar
Jan
Jan
Feb
Mar
Feb
Jan
Feb
Feb
Jan
Jan
Jan
Feb
Jan
Feb
Jan
Mar
Mar
Mar
Jan
Jan
Feb
Jan
Feb
Jan
Feb
Mar
Mar
• No par value.
New York City Banks and Trust Companies.
Bid Ask Trust Cos. Bid
Banks.
Bid Ask
Banks-N Y
America. __ 635
Amer Union•_ 208
Bowery EastR 960
Bronx nom._ _
Bronx Nat.__ 625
Bryant Park' 225
Capitol Nat.
Bank & Tr_ 335
Cent Mere Bk
& Trust Co 295
Central
200
Chase
'557
Chath Phenix
Nat Bk &Tr 605
Chelsea Exch. 299
_ 920
Chemical_
Colonfal•___ 1100
Commerce._ _ 582
Continental. 390
Corn Exch.. 610
Cosmop'tan.. 450
Fifth Avenue_ 2240
3735
First
Garfield_
495
Grace
325
Hanover
1270
645 Harriman____
217 ,Manhattan• _
980 National City
675 ;Park
675 !Penn Exch._
1Port Morris_ _
Public
_
345 Seaboard
'Seventh
300 State.
205 Trade*
565 United
Yorktown* _
IS
Brooklyn.
810
305 Dewey•
930 First
-- Globe Exch..
570 Mechanics"
410 Municipal*
620 Nassau
People's
900
605
762
650
197
675
620
805
224
600
270
305
190
435
260
383
418
440
875
310
825
igo
*State banks.
New stock.
Ex-divIdend.
Ex-stock dividend.
AU prices dolla +a per share
Ex-rights.
aii
770
855
205
750
630
815
234
615
285
375
200
300
450
290
390
428
455
fat.
Rate.
June 15 1928._ 336%
Mar. 15 1928___ 331%
%
Deo. 15 1928.._
sta.
Asked.
New York.
Am Ex Iry Tr. 412 420
Bank of N Y
& Trust Co. 675 685
Bankers Trust 1052 1060
Bronx Co Tr_ 400
Central Unlon 1450 1475
County
550
445 455
Empire
Equitable Tr_ 413 420
Farm L ea Tr_ 720 730
Fidelity True 350 360
Fulton
540 560
Guaranty Tr_ 650 655
Interstate..... 268 274
Lawyers Trust
Mannfacturer 795 805
Murray Hill_ _ 345 355
Mutual(West! chester)
310
N Y Trust_ _ 675 I3/6
198
Times Square 190
Title Gu dr Tr 790 800
US Mtg & Tr 473 483
United States _ 2850 900
Westehest'rTr 1000 075
Brooklyn.
Brooklyn__ _ 1250 1280
Kings Co_ _ _2800
Miciwood_
274 NZ)
Maturity.
/nt.
Sale.
307
9931., 9911n Mar. is. 1028..
99.1,2 100
Sept. 15, 1930-2 312%
%
9911is 99"23 Mar. 15,1930-32
Dec. 15. 1930-32 336%
Bid.
99.1.1
9911n
991421
99"n
Bid
71
318
480
339
Alliance R'Ity
Amer Surety_
Bond & 30 G.
Lawyers Mtge
Lawyers Title
& Guarantee 344
Ask
75
328
470
344
349
Mtge Bond...
N Y Title &
Mortgage_ _
U S Casualty.
Union Guar.
& Mortg__
Bid
187
Ask
197
575
380
585
420
140
155
AO
Bid
Realty Assoc's
(Bklyn)com 315 325
1st pref. _ _ _ 97
94%
2d pref _ _
Westchester
Title & Tr_ 625
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. Mar. 3. Var. 5. Mar.6. Mar. 7. Var.8. Mar. 9.
(first Liberty Loan
nigh
314% bonds of 1923-47..3 Low_
(First 334s)
Close
Total sales in $1,000 units__ _
Converted 4% bonds o (High
1932-47 (First 4s).
Low_
Close
Total sales in $1,000 units
Converted 434% bonds High
{
of 1932-47 (First 44.1s) Low_
Close
Total sales in $1,000 units_ _ _
Second Converted 451 %1High
bonds 01 1932-47 (First Low_
Second 431s
Close
Total sales in $1,000 units
Shied Liberty Loan
High
434% bonds of 1928.._.3 Low,
(Third 4343)
.___ Close
Total sales in 41,000 units_ __
Fourth Liberty Loan
High
431% bonds of 1933-38._ Low_
(Fourth 4430
C108C
Total sales in $1,000 units_._
1 reesury
{High
434s, 1947-52
Low_
Close
Total sales in $1,000 units_ __
{High
4a. 1944-1954
Low_
Close
Total sales in $1,000 units_ _ .
High
11555. 1046-1956
1.0w_
Close
Total sales in $1.000 units
{High
334i. 1943-47
Low_
Close
101103. 101,8n lops. mph. 10116” 1011..,
10110,, 1011.,, 1011133
10111s3 1011132 1011132
1
17
31
10113.1
1011.31
1011se
5
10231., 103
103
1021132 1021132 102"33
102.32 102"12 102.33
7
11
3
1001133
100111s
1001122
II
103"32
103,133
103"32
29
115.32
115113,
.,
11513
I
110,,a,
110.33
.,
11013
1
'MIMI onto.. f. Cl 111111 ••••It.
100"32
100":3
100"as
128
103"32
.8
1032
103"32
48
115.n
,,
115,,
1151 33
100
110.3,
110.33
.,
11013
100
100.31
100,,as
1001132
56
1031133
103,,st
103"32
127
115.32
1151,31
1151133
1
1
1071122
107"31
1071132
1
102 '”
,
102",,
10236.,
101 1132 1011133 101":,
10111n 1011112 101.32
132
6
45
102"n 102"n 1021132
102.3, 1021133 102"n
."
,
102"31 102. st 1022
13
20
22
10217.,
10211.,
10211s,
3
1001132 100"32 100"31
100":t 101"is 100.32
1001132 1001131 100"32
132
15
21
103"32 1031111 10331s,
,
103 .., 1031.il 10311,3
103"n 103"32 103"3t
22
62
23
115.3, 1151133 1151132
1151,32 115"32 115".,
1151131 1151132 11515n
120
20
13
a
110,, 110,,a 11010,,
110"31 1101133 110,133
11011., 1101.3, 11133..,
116
35
11
1071132 107"4:
1071133 10731.1
107"32 10711,2
230
10
,
102 ..s 10231 102"32
10211ts 102113, 10231,,
., 1023,,,
102311,, 10233
'
2
,C
CM
Note.
-The above table includes only sales of coupon
bonds. Transactions in registered bonds were:
1 1st 3%8
3 3rd 451s
101n., to 101138,151 4th 434s..
..115 Treasury 451s
,,
1001, to 10012
,,
.,
10313 to 1032,
,
115 ,, 10 115',,
Foreign Exchange.
To-day's (Friday's) actual rates for sterling exchange were 4.873.'6
4.8734 for checks and 4.8734@4.8S for cables. Commercial on banks,
sight, 4.873.1(4)4.8734,sixty days 4.83%@4.83 13-16, ninety days,4.82%0
4.8236, and documents for payment 4.83 13-16. Cotton for payment
/
4.867,, and grain for payment 4.86%i.
To-day's (Friday's) actual rates for Paris bankers' franca were 3.9334 ©
3.9334 for short. Amsterdam bankers' guilders were 40,19(0340.23 for short.
Exchange at Paris on London, 124.03 franca; week's range, 124.03 francs
high and 124.03 franca low.
The range for foreign exchange for the week follows:
Cables.
Checks,
Sterling, Actual4.88
4.8734
High for the week
4.8794
4.8734
Low for the week
Paris Bankers' Francs
High for the week
Low for the week
Amsterdam Bankers' Guilders
High for the week
Low for the week
Germany Bankers' Marks
High for the week
Low for the week
3.9334
3.93
3.9336
3.9334
40.24
40.18
40.25
40.22
23.91
23.85
23.9136
23.87
Ask
Quotations for U. S. Treas. Ctfs. of Indebtedness, &c.
Maturity.
[VOL. 126.
FINANCIAL CHRONICLE
Asked
100
100
100
100
CURRENT
NOTICES.
-James Talcott, Inc.. 225 4th Ave., New York City, has been appointed factor for Starck, Blake, Kurtag, Inc., of 40 E. 34th St.
Maynard, Oakley & Lawrence, 24 Broad St., N. Y., are distributing
an analysis of Louisville & Nashville Railroad Common Stock.
-The Now York Trust Co. has been appointed transfer agent for Clark
Lighter Co., Inc., Convertible "A" stock and common stock.
-Lewis-Dewes & Co., Inc.. Chicago, announce that Philip H. Schaffner
has become associated with their sales organization.
Colvin & Co. members of the New York Stock Exchange announce that
Winthrop A. Mandell has become associated with them.
-Wellington & Co.. members of the New York Stock Exchange, have
issued a circular of investment suggestions.
The equitable Trust Co. of Now York has been appointed Registrar
for the stock of the Clark Lighter Co., Inc..
A.
- D. Mendes & Co. have issued for distribution a pamphlet on "The
Seaboard Air Line and its bond issues."
-Curtis & Sanger have Issued a weekly quotation pamphlet of bank
and insurance company stocks.
Gilbert L. Haight has become associated with L. A. Norton & Co.,
35 Nassau St., New York City.
Prince & Whitely, 25 Broad St., New York City, are distributing an
analysis of Wabash Railway.
J.
- Streicher & Co. announce the removal of their offices to 2 Rector
St., New York City.
-J. U. Kirk has resigned as Vice-President of Bankers Capital Corp.,
44 Wall St., N. Y.
1473
New York Stock Exchange-Stock Recori, Daily, Weekly and Yearly
OCCUPYING SEVEN PAGES
For sales during the week of stocks usually Inactive. see preceding page
-PER SHARE. NOT PER CENT.
HIGH AND LOW SALE PRICES
Saturday.
Mar. 3.
Monday.
Mar. 6.
Tuaday,
Mar.6.
Wednesday, Thursday.
Mar. 7.
Mar. 8.
Friday,
Mar.9.
per share $ per share $ per shart $ Per share $ Pe) share $ per shme
8
8
18334 184
18314 1843 1835 18412 18314 184
1823 18312 18212 18378
8
4
*104 1041s 104 104 •104 1043 *104 1043 *104 10414 10418 10418
4
4
17012 1713 17034 172
169 16918 170 170
17012 171
17114 173
11112 112
11112 1117 11114 11214 111 1117 1105 111
8
8
8
1103 11112
4
81 .
81
81
82
807 807 *8012 81
8
6
.81
815
8 81
81
74
74
*7212 73
*73
*71
•73
73
*71
73
*71
73
3
11014 111 •110 11112 *110 1113 111 11112 •111 1117 111 111
8
593 637
4
6312 6212 63 4 63
5953 60
8 62
6412 637 6414
,
8
89
89
883 89
4
*8812 89
*8712 8812 8818 89
89
895
8
8 1814 191s
175 175s 175 177
8
8
1812 187
8 1814 183
8 183 187
8
8
52
501 5018 *51
51
51
*51
,
52
5114 5114 *51
52
*72
80 .
80
*70
66
80
•70
80
*71
77
•71
78
*6112 64
*6112 64
.6112 64
*6112 64
*6112 64 *6112 64
20412 2051sf 205 2073 20612 2093 2063 2083 20714 2083 208 2091
4
4
4
4
8
,;51
;51
*54
541,
_
•10358
1035 ___I'10358
8
•10358 10414 1035 1035
8
8'1035
8
298 298 *296 304 *295 304 *296 300
300 300 *295 302
1897 190
1897 1913 1907 19112 190 1913 x1873 187341 18812 189
11
8
8
8
4
4
63
8 *612 612 *618 612 *6
612 612 *6
6i4 *6
614
• 4 1014 *912 1014 *912 10
93
*912 10
*912 10
*912 10
39
*37
•37
38 I *37
38
37
37
*37
38
*37
38
*64
64 64
65
*63
65
*63
65
643 643 *63
4
4
6412
11
1012 1012 11
103 11
4
103 103 *103 11
4
4
4
1012 103
4
215 22341 223 2338 227 233
8
8
8
4 233 2312 2212 23
8
227 235
8
8
227 23
2214 2234 2212 227
8
8 2212 237
8 23
235
8 223 2312
4
1/4 -5718 377
3373 15-34
-5538 16 2 -56F8 161
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
Shares
Railroads.
Par
14,500 Atch Topeka & Santa Fe__100
900 Preferred
100
4,400 Atlantic Coast Line RR._ _100
13,700 Baltimore Sr Ohio
100
700 Preferred
100
Bangor & Aroostook
50
100 Preferred
100
38,200 Bkln-Manh Trac v t o_No par
1,500 Preferred v t
par
8,900 Brunswick Term & Sly Sec.
N
80 Buffalo & Swirl pref
100
Buffalo Rochester ds PItts_100
Canada Southern
100
45,900 Canadian Pacific
100
Full paid ctfs
Caro Clinch f & Ohio
100
10 Certlfs stamped
100
200 Central RR of New Jersey.100
8,600 Chesapeake & Ohio
100
200 Chicago & Alton
100
200 Preferred
100
& East Illinois RR_ _100
100 Chic
100 Prcforred
100
4,300 Chicago Great Western_ _ _100
100
20.'4° chicaferred Si St Paul new.
5 90
° Prego Nlilw
0
_
Certificates
100
-.
21,600 Preferred new
Preferred certificates_ _ _ _100
6
_ - :555 Chicago & North Western_100
300 Preferred
100
19,900 Chicago Rock Isl & Paciflo_100
700 7% preferred
100
600 6% preferred
100
500 Colorado de Southern
100
370 First preferred
100
310 Second preferred
100
4,600 Consol RR of Cuba pref _100
Cuba RR pref
100
3,500 Delaware & Iludson
100
3,400 Delaware Lack & Western. 50
200 Deny & Rio Or West prat ,00
12,500 Erie
100
2,800 First preferred
100
Second preferred
IGO
5,300 Great Northern preferred_ _100
1,900 Pref certificates
100
5,800 Iron Ore Properties_.No par
200 Gulf Mobile & Northern.104)
800 Preferred
100
Havana Electric Ay__ No par
Preferred
Hocking Valley
100
19,600 Hudson & Manhattan._ _ _100
300 Preferred
100
2,600 Illinois Central
100
100 Preferred
100
Railroad Sec Series A _1000
Jot Rya of Cent America_ _100
60 Preferred
100
4,800 Interboro Rapid Tress v t 0.100
Iowa Central
100
8,000 Kansas City Southern
100
Preferred
100
2,200 Lehigh Valley
50
500 Louisville & Nashville
100
130 Manhattan Elevated guar.100
700 Modified guaranty
100
Market Street Railway ____100
Preferred
100
100 Prior preferred
100
Second preferred
100
Minneapolis & St Louis_._100
1,600 Minn St Paul & S S Marle_100
200 Preferred
100
210 Leased lines
100
3,100 Mo-Kan-Texas RR_ _ _ _No par
3,300 Preferred
100
5,700 Missouri Pacific
100
8,500 Preferred
100
900 Nat Rys of Mexico 20 pref _100
New On Texas & Mexico_ _100
38,700 New York Central
100
2,700 NY Chic & St Louis Co_ _ _100
200 Preferred
100
60 N Y & Harlem
50
27,400 NYNH& Hartford
100
2,750 Preferred
1.000 N Y Ontario & Western _ _ _10C
100 N Y Railway, pref ctfs_No par
100 Norfolk Southern
100
1,300 Norfolk & Western
100
Preferred
100
3.300 Northern Pacific
100
Certificates
4.300
100
200 Pacific Coast
100
80,000 Pennsylvania
50
Peoria & Eastern
100
2,100 Pere Marquette
100
300 Prior preferred
100
600 Preferred
100
1,600 Pittsburgh & West Va
100
6.900 Reading
50
800 First preferred
50
800 Second preferred
ao
-8112 82 8114 8134 -5 8 8112 8034 8034 -56i4 8114
.15T
140 14014 *140 150 *14012 150 *14012 150 *14012 150
10912 111
11038 111
10914 1113 1087 10958 10914 11012
4
8
10712 10758 107 107
108 108 *107 1073 1073 1073
4
4
4
1017 1017 1017 102
13
8
8
10112 10112'101 102
10114 10114
106 10712 10618 107 *10512 110 *10512 110 *10512 110
78
783
4 773 773 *773 78
4
4
4
78
78
*78
78,
4
*7214 73
73
73
.
37214 75
*7214 75
*7214 75
*7214 7512
72
72
72
72 3
8 72
7212 7212 723
73
4 73
x7112 72
*91
9214 *91
9214 *91
9214 *82
9214 *91
9214 *91
9214
165 165
16512 16612 16612 1673 166 16612 166 16614 16514 166
4
1315 13158 1335 134
8
131 131
8
1337 13412 13414 13414 134 13412
8
*51
5312 53
53 .5214 5312. 5314 5314 *503 53
"503 53
4
4
525 5312 523 53
8
4
5258 533
8 53
8 525 5312
8
5314 5212 527
555 553
8
4 5514 5514 55
553
4 543 5512 55
4
553
4 553 557
4
8
*5212 5512 *5212 54
.5212 54 .521 2 54
5412
*53
54
*53
937 9378 9434 9478 0434 947
8
8 9434 947
4
8 943 943
4 947 957
8
*
*93
95
9314 933
4 923 923
4
8
4 915 923
4 923 93
8
4
4 015 013
2212 2212 2214 2212 2212 223
2212 22
4 2214 2212 22
225,
*48
50
•48
50 .48
50
50
*48
*48
481* 4818
50
•10412 106 .10412 106 *10412 106
4
10412 105
104 1043 *10412 106
•____ 12 *___ 12 •____ 12 *__ __ 12 *____ 12 *____ 12
•
-*66
663 •60
3
663
6812 *___ 663 *____ 6612
8
8
*348 387 *348 387 *348 387 *348 387 *34812 387 *348 387
6218 6218 5218 525
8 523 547
4
563
4 5414 8512
8 6312 5512 55
.84
86
•84
86
*8312 86
855 *84
8
85
86
*8312 86
•136 137
136 1363 1352 136
4
4
4
13518 1353 13518 13512 13518 1357
*
*133 138 *135 138
13514 13514 *135 138 *135 138 *135 138
*8012 81
*8012 81
*8012 81
*8012 81
*8012 81
*8012 81
*3814 4014 *38
14
3912 *38
3912 *38
393 *38
,
3918 *38
39
7412 *73
*7318 7412 *73
7412 75
*7312
75
-- *731s - - -*34
35
3414 3534 3532 35313 35
38
3412 -353 3634
35
4
*218 212 *218 212 *218 212 *218 212 *218 212 *218 212
53
537/3 5214 5314 53
527 5414
4
8
5312 523 5314 5214 53
*70
71
.67
71
71
71
*69
*65
7114 *68
.65
71
"86
87
8714 873
41
8714 86 8 87
8 8714 873
4 867 867 *87
8
,
*14512 147
14714 14714 147 147 *146 147 *145 146
14514 14514
76
76
•7612 80
76
*7612 80 "7614 80
76
*7614 80
*41
42
4212 4212 4212 4212
4012 4112 4112 4112 *4112 42
*412 512 *412 512 *412 512 *412 512 *412 512 *412 512
*20
*20
27
27
27
27 .20
•20
*20
27
*20
27
48
48
48
48
•47
*47
.47
*47
48
48
*47
48
•10
15
*10
*10
15
15
15
*10
*10
15
*10
15
•224 212 *214 212 *214 212 *214 234 *214 234 *214 234
*43
45
4512 4312 4312 45
44 44
4412 45
44
45
.
7612 81
82
82
*79
*77
*79
80
82
80 "7012 81
6814 6812 685 685
8 6812 6812 6814 6814 *6814 6812
687 69
3
8
35 8 35 4 35
3
3512 3514 353
3
3518 3512 3514 353
4 357 36
8
10638 10612 1063 1065 10612 1065, 106 10614 1053 106
8
8
4
10618 106'4
9512 46
453 4638 453 4612 4512 46
4
4514 46
4
453 46
8
1063 107
4
1063 10714 10712 1085 107 10838 1067 10714 1073 108
4
8
,
4
.2
212
2
2
2
2
2
2
2 18 218 *218 214
•13112 135 •13112 1343 *13112 1343 *132 135 *1313 1343 *1313 1343
4
4
8
4
8
4
16014 16138 1603 163
16112 1623 1603 1617 161 1617 16134 16212
4
8
4
8
8
130 131
130 130 *130 131
131 131
12812 12812 129 1307
8
.108 1097 *10814 10914 *108 109 *108 109
8
108 108
1083 1083
4
4
1.17112 185 *17112 186 *17112 180 *17112 186
180 186 *17912 185
8 6112 0214 6112 623
8 6118 623
615 623
8
8 6153 621s x605 6214
8
114 114
11414 1143 11414 1143 1143 11432 1143 11432
8
114 114
8
8
2
8 2514 255
255 255
2512 2558 2518 2512
8
8 253 26
.253 27
8
4
2 812 *678 712 *67
* .67
67
8 67
8 8 2 .67
8 812 *67
,
8 812
*41
43
*4014 44
*42
43
*4112 44
43
43
*4112 44
g
182 182 *18012 182
17913 17958 180 1807 18012 182
18114 182
e86t8 87
*8518 87
*8518 87
*8518 87
*8518 87
*8518 87
8 95 95
9414 943
4
4 943 953
4 9412 9412 0412 957
*9414 943
2
93
03
9114 93
917 02
9312 9312 94
8
*03
92
04
247 247 *22
8
25
8
*20
25
20
•
20
2012 2012 *2012 25
663
4 6534 6612
6612 66
6512 6612 6614 6718
6512 66 4 66
,
•25
30 .25
30
30
*25
*2514 30
30
O25
*2514 30
129 131
131 13114 132 2 13212
•127 130
129 120 *129 130
,
*99 100
99
99
99
*99 100
99
.
99 100
*98 100
4
96
*953 98
4
96
9512 9512 *953 98
*97
*953 98
98
4
128 128
127 127
12414 126
128 128
•128 129
12414 1257
8
4 9712 9812 9712 1175
08
985 993
8
983
8 985 100
8
8 9712 98
8 421s 4258 4218 4218 *42
8
433 *42
*4218 4212 425 425
4
433
4
4 443 44711 *4414 45
4
*44
4433 443
4414 4414 4414 *4414 443
/
8
*49
56
55
054
*49
56
55
5312
*54
50
*52 F56
300 Rutland RR pref
100
8
4
8
8
113 1135 113 11314 11313 1133 11314 11418 1133 1137 11312 116
30,500 St Louis-San Francisco _ _ _100
101 10112 10112 10112 •10058 10112 *10034 10112
10112 102
101 101
700 Preferred A
100
735, 7314 7314 71
73
7172 73
7234 723
4 7212 7412 4,400 St Louis Southwestern_ _ _ _100
*7212
*9158 9214 .9158 02
8
8
*915 0252
*915 9314 *9152 925 •915 92
8
8
Preferred
100
8
8
4 157 165
8 1512 165 41,400 Seaboard Air Line
115 1314 1212 1414 1478 1512 153 163
8
8
100
2112 2212 2152 233
8 2278 23
8
1912 20
195 21
22
23
7,400 Preferred
100
4
4
119 11918 11818 11914 119 11912 11014 1193 119 1193 119 11934 10,000 Southern Pacific Co
100
*
8
1437 14212 1437 143 14312 14212 143
9912 100 103
4212 40
14312 1437 143
s
5,300 Southern Railway
100
8 9912
997 997
8
8 9912 997
,
* , 10014 •99 2 100
99 2
500 Preferred
100
4
4
8
115 11558 115 11614 116 1163 1143 11618 114 1157 116 11614 5,900 Texas & Pacific,
100
*3012 31
31
3014 3014 3018 3018 *30
31
3014 3014 •30
400 Third Avenue
100
8
19018 19214 191 192 2 11,900 Union Pacific
101 19212 19214 1933 192 192
1913 192
4
,
100
8
8414 8414 8414 843 *8414 8412 *8414 8413 8314 8414 *8312 3412
900 Preferred
100
6012 61
3
625
8 617 62
61
6112 61
617 10,100 Wabash
8
6112 61
69
)00
9414 *92
94
*92
9314 9314 .92
94
94 .92
94
*92
100 Preferred A
100
02
*85
*85
90
92
*85
*85
92
02
*85
*85
92
Preferred 13
100
383 397
8
8 4012 4214 3818 42
3918 4112 3912 407
8 39111 403 23,900 Western Maryland
4
100
42
•4112 4312 42
.39
43
4
*393 43
4412 *40
433
4
*
40
100 Second preferred
100
*3012 32
*3012 32
3118 3113 3018 31
3012 31
31
31
1,300 Western Pacific new
100
59
5758 58 .58
587
8 5812 5812
•57
575 5838 58
8
58
900 Preferred new
100
72
*68
*68
72
72
*68
72
.69
705 068
72 .68
8
Wheeling & Lake Erie Ry_100
7614 *71
7614 *71
76 4 *71
,
*72
74
7614 *71
*71
Preferred
7614
100
4
& ex-rights
•Bid and asked Prices. z Ex-dividend.
'81
81121
•140 144 I
11018 1103
4
•107 2 108 I
,
10058 10058
•106 110 I
773 773g1
4
PER SHARE
Range Since Jan. 1.
On bast:of 100-share lots
Lowest
Highest
$ per share
1823 Mar 2
8
10212 Jan 5
167 Mar 2
109 Feb 7
80 Feb 10
69 Jan 5
11014 Feb 20
53 8 Jan 17
3
82 Jan 4
1412 Jan 5
60 Feb 3
60 Feb 24
6213 Jan 19
198 Feb 7
19412 Feb 18
94 Feb 14
1035 Jan 14
8
2973 Feb 17
4
8
1857 Feb 20
5 8 Jan 30
5
77 Fe 28
378 Feb20
$ per share
1953 Jan 6
4
10514 Jan 25
18614 Jan 4
119 Jan 7
84 Jan 16
8414 Jan 11
115 Jan 10
6412 Mar 8
895 Mar 9
8
2014 Feb 16
53 Feb 8
80 Jan 7
63 Jan 14
2153 Jan 7
4
20112 Feb 23
90 Jan 14
104 Feb 8
30912 Jan 18
20514 Jan
714 Jan 3
1214 Jan 6
4313 Jan 4
76 Jan 3
133 Jan 6
8
293 Jan 6
8
237s Mar 7
20 Jan 9
4012 Mar 8
38, Jan 9
8
8812 Jan 6
148 Jan 24
11214 Jan 3
110 Jan 3
10212 Jan 7
116 Jan 6
783 Mar 5
4
757 Jan 3
8
75 Feb 16
9214 Feb 23
188 Jan 6
140 Jan 5
583 Jan 5
4
6612 Jan 4
637 Jan 7
$
62 Jan 6
98 Jan 4
963 Jan 7
4
25 Jan 24
5814 Jan 7
10712 Jan 7
13 Feb 8
6914 Feb 4
370 Feb 2
5712 Jan 9
92 Jan 10
1443 Jan 27
4
144 Jan 27
817r, Jan 12
4114 Jan 26
75 Mar 7
3813 Feb 2
212 Jan 16
631s Jan 7
737 Jan 25
8
973 Jan 14
4
155 Jan 11
8514 Feb 2
457 Feb 2
8
57 Jan 17
8
25 Jan 17
5413 Jan 17
15 Jan 17
314 Jan 11
623 Jan 6
8
84 Jan 11
7112 Jan 9
4113 Jan 3
109 Feb 3
53 Jan 6
11558 Jan 9
3 Jan 7
139 Jan 11
16412 Jan 3
13712 Jan 23
110 Jan 4
188 Jan 28
675 Feb 3
8
1153 Feb 3
4
323 Jan 4
4
8 4 Feb 2
,
4912 Jan 11
192 Jan 6
8718 Jan 25
987 Jan 3
,
971s Jan 4
26 Jan 12
6718 Mar 9
35 Jan 6
13212 Mar 9
10012 Feb 2
9914 Jan 13
1473 Jan 3
8
10512 Jan 3
4312 Feb 4
4514 Jan 6
5714 Jan 6
116 Mar 9
102 Jan
797 Jan 7
11
95 Jan 3
3012 Jan 3
38 Jan 3
124 Jan 3
147 Jan 3
10214 Jan 17
1193 Feb 1
4
33 Jan 27
19614 Feb 23
8714 Jan 20
667 JAL114
8
95 Jan 10
9212 Jan 14
5014 Jan
60 Jan 0
3712 Jan 13
624 Jan 6
70 Jan 27
77 JAI] 11
6218 Feb 24
Feb
209142
20
8
2214 Mar 5
8
155 Feb 2
37 Mar 2
30 8 Feb 2
3
7914 Feb 20
140 Feb 15
106 Feb 18
10614 Feb 9
100 Feb 24
106 Feb 21
75 Jan 14
7218 Jan 3
6918 Jan 26
8814 Jan 16
16314 Feb 10
129 Feb 20
5012 Feb 21
49 8 Feb 7
,
54 Feb 20
5212 Feb 17
9312 Feb 6
9118 Feb 7
2158 Feb 20
4514 Feb 7
104 Feb 20
1112 Feb 18
66 Mar
345 Feb 23
51 Jan 3
83 Jan 16
1313 Jan 11
4
1301s Jan 13
80 Jan 4
3714 Jan 18
697 Jan 3
8
29 Jan 5
212 Jan 16
4914 Feb 7
70 Feb 8
8415, Feb 20
14514 Mar 9
75 Jan 9
40 Jan 10
Jan
244 J
5
17
46 Feb 29
15 Jan 17
214
42214 eb 21
b 8
Feb
75 Feb 7
6713 Feb 18
3 4 Jan 0
3
145 1%ie r 7
01% Feb 8
105 Feb 20
2 Feb 17
13314 Feb 21
156 Feb 10
128 Jan 10
108 Feb 23
168 Jan 3
595 Jan 16
8
11314 Feb 29
24 Feb 20
414 .1en 21
5 F b 24
1773 Mar 2
4
863411far 1
9258 Feb 7
905 Feb 20
8
20 Feb 18
63 Feb 9
2512 Feb 24
12478 Feb 9
99 Jan 18
9512 Mar 6
12114 Feb 20
9414 Feb 7
4218 Mar I
44 Jan 26
50 Feb 21
109 Feb 7
100 Jan 31
6712 Feb 8
9112 Jan 11
115 Mar 3
8
1912 Mar 3
11758 Feb 7
13912 Feb 8
9912Mar 7
9912 Jan 3
2818 Jan 10
18613 Feb 6
8314 Mar 2
51 Feb 18
8812 Feb 7
87 Feb 4
313 Feb 8
4
3312 Feb 8
2814 Feb 7
571s Feb 9
70 Jan 27
72 Feb 20
PER SHARE
Range for Previous
Year 1927.
Lowest
Myles:
per share $ Per share
1613 Jan 200 Aug
4
9938 Jan 1063 Dee
4
1747 Apr 20512 Aug
8
10613 Jan 125
Oct
7314 Jan 83 June
44
Jan 10312 May
10112 Jan 122 June
53 Aug
707 Jan
3
7818 Oct 88
Jan
,
7 2 Oct 1938 Dec
40
Apr 88 June
70 Dec 115 Mar
59
Jan 65 Dec
Dec 2h51 Dec
Jan 0514 Dec
Feb 106
Oct
Jan 348 June
Jan 21813 Oct
Jan
105 June
8
Jan
185 July
8
Jan 51 July
Jan 847 Oct
8
Jan 2212 May
447 June
8
9
Jan
1934 Dee
9
Jan
1914 Dec
3713 Dec
187 Jan 3738 Dec
8
783 Jan 9712 Sept
8
12414 Jan 150
Oct
6812 Jan 116 July
1023 Jan 1113 Dee
4
4
9514 Jan 104 Nov
84
Jan 1373 July
4
Jan 78 Dec
70
68
Jan 75
Oct
65 Aug 77 May
7914 Apr 93 Dec
17118 Jan 230 June
13013 Oct 173 Mar
4118 Jan 673 June
4
3912 Jan 69114 Sept
8
523 Jan 6634 Aug
Jan 6412 Aug
49
795 Jan 1037 Sept
8
8
851 Mar 101 Sept
,
18 July 283 Sept
4
351s Jan 765 July
8
Jan 11214 Am
105
1413 Dec 307 Jan
8
68 Dec 8312 July
Jan 425
200
Oct
4012 Jan 657 Mai
8
Jan 9013 May
78
12113 Jan 1393 Oct
e
1207 Jan 140
1
Oct
74
Jan 83
Oct
23 AD
4212 Oct
62 Apr 7414 Oci
3012 Aug 5218 Feb
1
Jan
6 1 Feb
,
4114 Jan 7012 July
6472 Jan 7312 Dec
8812 Oct 13713 June
1283 Jan 15918 Oct
8
7814 Dec 90 Feb
413 Dec 547 Feb
4
8
67 June
43 Nov
8
8
18 Feb 2518 June
415s Feb 593 Aug
4
1112 Oct 1712 June
158 Jan
453 Feb
27
Jan 5613 Dec
Apr 8812 Dec
50
6414 Ma
71 Nov
3112 Jan 5612 June
953 Jan 10912 Dec
4
37 8 Jan 62
7
Apr
6018 Jan 1185 Nov
8
113 Aug
31 Oct
,
121
Jan 1597 June
4
13714 Jan 17112 Oct
0110 Jun 24012 May
102 Ma 110 Dec
167 Dec 185 Apr
415 Jan 6314 Den
8
1103 Oct 1143 Nov
8
8
2314 Jan 413 Sept
4
45 Dec
8
15 4 Jan
3
3718 Jan 6412 June
156
Jan 202 Nov
83 Jun
90 July
78
Jan 10218 Dee
84 July 997 Dec
4
1514 Fe
313 Dec
4
563 Jan 68
4
Oct
20
Jan 463 July
4
11412 Jan 14013 may
93 Jan 994 Dec
893 Jan 9713 Deo
4
12213 Jan 174 May
Jan 1233 June
94
4
4012 Jan 4312 Dec
4354 Jan 60 Feb
63 Jan 69 May
4
1003 Jan 11714 June
96
Jan 104 July
Jan 93 June
61
767 Jan 94 4 Dee
8
3
2818 Mar 4114 Feb
3212 Apr 45 8 July
3
101314 Jan 1267 Dec
8
119
Jan 149 I3ec
04 Mar 10132 Dec
537 Jan 10378 Nov
8
2854 Aug 41
Feb
15912 Jan 1978 Dec
4
77 Mar 8534 Dec
4013 Jan
81 June
76
Jae 101 June
65
Jan 98 June
133 Jan 6773 Jane
4
23
Jan
6712 June
2518 Apr 4713 Jane
55
Apr 763a Feb
2712 Jan 130
Feb
4712 Jan 97 May
2O3'
833
8
9812
285
1513
4
434
712
3012
43
812
New York Stock Record-Continued-Page 2
1474
For sales during the week of stocks usually Inactive, see second page preceding
NIGH AND LOW SALE PRICES
-PER SHARE. NOT PER CENT.
Sales
fo.
Saturday, , Monday, 1 Tuesday, , Wednesday, T..ursday,lertaag.
the
Mar. 3. 1 Mar.5.
Mar. 6.
1Veek.
Mar.7.
Mar.8. I Mar. 9.
-$ per Share 5 per share 15 per share I $ per shore $ per share 5 per share Shares
PER SHARE
Range Since Jan. 1.
Ots basis of 100
-share lots
STOCKS
NEW YORK STOCK
EXCHANGE
Lowest
$ per share
I
HIghest
PER SHARE
Sanyo for Prestos.
Year 1927
Lowest
Highest
$ Per share $ per share $ per "bare
Industrial & Miscellaneous.
2,700 Abitibi Pow&Pauer new No Par 72 Feb 20 81 Feb 1
900 Abraham &Straus
No par 95 Feb 21 1093 Jan 5 6214 -171-- 11 1- WO;
4
1 ar
- 4
1
300 Preferred
IM 11012Mar 8 113 Jan 10 109 Aug 1134 Feb
200 Adams Express
100 195 Jam/ 4 311., Feb 7 124
Jan 210 Nov
1.900 Advance Ruiner's
,
75 Oct
100
1112 Feb 8
1412 Feb 10
153* Feb
2,500 Advance Hamel, prof
100 3414 Jan 17 4312 Feb If) 221s Oct 45 4 NOV
1
37.600 Ahuinada Lead
23 Jan 17
4
4 Jan II
23 June
4
618 Sept
pr',274 1
4,900 Air Reduction. Ino____No
17712 Feb 27 19812 Jrui 25 13412 Jan 19918 July
17.100 Alai Rubber. Inc
No par 9 4 Feb I 8 141 Jan 24
712 June
8
3
13% May
21,700 Alaska Juneau Gold Min _ 140
)
10
I Jan 5
414 Feb 2
1 June
2% Feb
1,800 Albany Per/ Wrap Pap.N• par
25 Jan 9 31 14 Jan 26 18
Apr
32 Sept
130 Preferred
984 Jan 17 110 Mar 6 96 June 102 Sept
14.000 Allied Chemical & Dye.No par 146 Feb 18 1584 Jan 9 131
Jan 18914 Sept
500 Allied Chemical & Dye Orel- 10
4
1 12214 Jan 4 1253 Feb 14 120 Mar 124 Aug
.
0
_____0. Allls-Ch red
. 0 preferaltuers Mfg
10( 11518 Feb 18 125 Feb 6 88
Jan 11834 Deo
100
109
Feb 11212 Apr
;Hill - 16 ;12- - 16 -Ii- 1214 -liTy --11-7 ! 1112 1112 11% 1214 2.800 Amalgamated Leatber_No par
-11
1 6
12
114 Jan 3 141 Feb 2 111 Nov
1
2418 Feb
*68
70
71
700 Preferred
71
69 1 70 70
73 I 70
70 1 69
70
69 Mar 2 78 Feb I 68 Deo 108 Feb
'
,
30 3012 292 301*! 2912 297
2.400 Amerada Corp
2 30
8
3012 5293 30
8 293 303
No par 2718 Feb 20 323 Jan 6
8
27% Apr 37% Feb
18
18
1812 187
2
8 1812 1912 187 19% 184 19% 183 187
8
2 5.800 Amer Agricultural Chem. 100
15, Feb 20 217 Jan 9
4
8
818 Apr 214 Deo
5512 63
60 8 603
66 • 64
8 603 623
3
63%
4
4 62
100 55% Feb 20 71% Jan 7
2814 Apr 723 Dee
84 1 583
84 84
84
84
500 Amer Bank Note
84
84
583
8412 84
•83
10 743 Jan 17. 87,4 Jau 27
41
Jan 98 Nov
40 Preferred
62
623
*61
2
62
4 617 617
133 1 *61
561
2 62
623 .61
4
50 61 Feb 10 657 Jau 3
5612 Jan 65 Sept
*154 163 *1514 1638' 15
100 American Beet Sugar_No par
163
8 15 8 15% •1514 1611 51514 16%
,
1178 Feb 151 1712 Jan II
1514 Oct 23 4 Mar
4
42
40 1 *3614 40
*37
•37
40
__ _ _1 Preferre 1
*3614 40
42 1 .37
100 36 Feb Iii 40 Feb 8
537
35 Dec 604 Jan
19 4 19
3
1912 1914 207 11,500 Amer Bosch Magneto_ No par 15% Feb IS 227 Jan 4
20 4 2214 203 2112' 197 2014 19
3
8
8
8
8
13
Jan 26 4 Oct
4
4218 43
8.800 Am Brake Shoe AC F aewNo par 413 Mar 5 49% Jan 27
413 427
8 4212 43
4212 43 1 4212 4314 4218 427
4
4
35% May 46 July
*12412 12512 •12412 12512 512412 12512 12411 12512 12412 12412 125 125
400 Preferred
101, 124, Jan 4 12612 Feb 4 11714 Feb 128 Mar
8
1518 1512 15
1518 15
1518 4,103 Amer Br wo Boverl El_No par
1.5% 154 15, 1518 15
1518
8
1412 Jan 5
18 Jae 31
5 4 Aug 3912 Jan
,
7 57% 57
588
4 57
240 Preferted
57
0
55
57
58
55
57
58
57
100 55 Feb 71 63 Jan 3
40 Aug 98 Feb
77
77% 7738 7912 78% 8112 80
81 81 8018 8112 8114 8414 313,030 American Can
25 7012 Jan 18 84 4 Mar 11
,
4318 Mar 77% Dee
*140 143 *140 142
141 141 *140 141. 5140 141
200 Preferred
100 1363 Jan 10 141 Mar 7 126
140 140
4
Jan 14134 Dec
10412 10412 105 105 4 105 4 106
5,100 American Car & Fdy.__No par 104 Feb 11. 111 12 Jan 3
105 106
105 10512 10412 105
3
3
95 July ill Dee
•13112 13212 5131 14 13212 5131 14 132
131 131
200 Preferred.
100 1303, Feb 20 13312 Jan :11
13114 13114 .13012 131
124% Dec 13444 June
*100 10012 •100 10012 100 100
700 American Chain pref
100 9914 Mar 7 1017 Jan 5
9914 9914 9914 9914 .9914 100
2
9812 Dee 103 Sept
75 i 7514 7513 758 767
7312 7312 74% 75
75
8 7,900 American Chicle
76
75
No par 69 Jan 12 76 • Mar 9
36
Jan 743 Nov
4
41107 109 5107 109
Prior preferred
210
10914 10912 11012 11012 110 110
No par 107 Jan 5 11012Mar 8
109 109
Jan 110 Deo
90
1314 12% 133 24,100 Amer Druggist's Syndicate. IC
13 I 13
12
1218' 12
1218 12
8
1214
12 4
,
14
II Feb 18
Ian 10
3
9 4 Apr 154 Nov
6412 X6512 683
66
8 8.000 Amer Encaustic TIling.No par 53 Jan 4 68 8 Mar 9, 388 Alai 574 Nov
663
6312 65 I 62
1347
65
65% 64
3
,
4
180 181% 1.900 American Express
185 185
184 184 *183 184 *180 1813 179 181
100 159 Jan 10 195 Feb 171 127
Jan 183 Nov
2412 24% 2584 2.5
2512 22.030 Amer & Forlt Power_ _No par
23
2312 223 23
2314
4
22% Feb 28 2718 Jan 23'
187 Feb 31 Deo
.
*
800 Preferred
*107 108
4
108 018 11
4
'107 108 *1073 108 1 10714 10812 1078 1013
No par 10512 Jan 10• 16812 Jan 3
8612 Feb 1091 Deo
4
200 American Hide & Leather 100
4
4
•12
5113 1212 .113 1212 .113 1212
1212 12
13 .
13
12
1034 Jan 3 IS. Feb I,
73 Apr
.
127 Oct
8
1.30J, Preferred
2
*5512 5612 5512 53 4 5618 573
4 5733 573 .5612 5/12 57% 5714
3
100 5214 Feb 17, 67% Feb 1 1
48 Mar 687 July
2
4
644 643 68
62
6412 64
6612 6818 22,100'Amer llorue Products-No Par 59 Feb18 6818 Mar 9
4 65
66'1* 64
303 Jams 71 Nov
8 31 12 32 1 5.703 American Ice New
3218 3212 3214 3212 3214 3212 3218 3212 3218 323
No par 28 Jan 10 31, Jun271
2534 Oct 32 Aug
100 Preferred
3
59212 9.3
4
*9212 93
5 4 93 1 923 92 4 59212 93
923
*9212 03
100 90 Jan 7, 94 Feb
Jan 9612 May
84
7812 76% 77
80% 22.400'Amer luternat Corp...No par 71 Jan 5 89 Jan 13
78
8
7712 78% 7812 793
4 77
4 773 783
37 Mar 72% Dec
*57
8 6
57
8 8
67
4 6 1
544 6
6
6
6 1 1.900 Amer La France & roarnite 10
6
6 4 Jai, 27,
514 Jun 12,
3
4 June
Jan
10
6518 6612 567
60% 65
70
200. Preferred
*
6018 6518 5
6018 6518 *6012 65 1 5
100 56 Jan 10, 86,2 Mar 8
Dec 9014 Jan
60
7212 75% 75% 78
86.900'American Lluseed
707 713
8
4
7012 7314 723 7414 7112 74
100 5633 Jan 13: 7812 Fen 71
2018 Apr 724 Nov
9315 931
7
95
9512 967
9412
2 5.600 Preferred
943 95 i 943 95
9412 94
4
4
100 8612 Jan 13' 96 Mar 9
46% Mar 9212 Nov
11012 1114
8 4.800 American Lucomotive.Ne NH 107% Fell 20 115 .1:111 .1 II 9914 Oct 116 May
11012 III
4
111 14 11112 111 14 1113 10912 11114 11014 111
.
..I
129 129 *128
300
1112612 ..... •12612 .... 129 129 •127 129
Preferred
11141 12512 Jan 26 129 Mar 6 11911 Feb 127 July
160 160 I 2,301)1 Auierivi rehitie& FdyNo par 15214 Feb 24 178 Jan 25
pre eraed
1543 16014 .155 158
15714 1603 16012 16012 157 157
4
4
7314 Jan 18812 1)e0
*210
*210 22912 5210 __ *210 __. 5
. 210
.
101 221 Feb 18 22512 Jan 17 12514 Jan 247 Dec
2 40
40
40
4012 4114 4114 413
4012 5.400 Amer Metal Co Ltd...No par 40 Feb II 4612 Jan 3
40
4012 4014 401
5
3612 Nov 49 Dec
200 Preferred
*11714 11812 511714 11812 11714 11714 *118 11812 11714 118 5117% 118 1
.100 11012 Jan II 11084 Feb 15 108
,
Jan 1131 Dec
•19
21
20
519
20 .19
100 American Plano
1912 1912
21
21)12 •19
.19
No par
18 Feb 23 25 Feb 7
,
201 18cc 4314 June
80
80
784 78,
80 Preferred
*80
814 82
82 .80
82
82
82
4
100 70 Feb21 90 Jan 3
84 Nov 11014 Mar
7112 713 7384 7318 75 107.030 Am P.,wer & Light___No par
66 4 67 8 677 683
3
7
4 6812 6914 69
6214 Jan 11 75 Mar 9
Jan 733, Oct
64
(
1383 13914 13712 140
4
8
140 1427 141 143 . 141 2 1434 14014 1421 14,100 American Radiator_ __-_. 25 1304 Jan 18 14312 Mar 8 110% Jan 1477 Sept
4
1161 119
*120 122 *119 122 .120 122
1,030 Amer Railway Express----100 111112 Jan 4 1383, Fen 21
4
119 119% 117 117
8711 Apr 11614 Nov
4
8
6112 63 4 61
3
6218 6114 6284 6118 638 613 63% 617 62% 13,80.) American Republles___No par 514 Feb 7 764 Jan 3
3518 Jan 8212 Dee
6112 6114 62 I 3,600 American Sally Rasor
61
61% 603 61
8
4 6014 6018 61
6012 613
100, 64 Jan 10 62 Mar I
8
44 July 647 Nov
41 1 41
900 Am Seating v 1 0
4018 41
39 4 39% 40
41
3
40
40
40
40
No par! 38% Feb 18 41 Mar 8
38.,, Oct 51 July
2,703 Amer Ship & Comm.. No par,
.412 5
44 412 *412 5
434 43
45
8 433
418 47
37 Jan 3
2% Oct
4
6 4 Jan
5, Feb 28
110 110 1
108 112
100 American Shipbuilding....100 104 Feb 21 119 Jar. d
*100 106
*MO 106 *100 106 *102 105
Jan 123 4 Nov
4
80
4
40,200 Amer smelting & RefinIng.10b 169 Feb 27
8
8
1713 1737 1713 17212 1723 1/6
4
16934 171
17118 173% 1723 174
4
18412 Jan 4 13233 Jan 188% Deo
1324 1323 5130 132
4
200 Prefrrre41 .. uff
*13212 134 *13212 134 *13212 134 *133 '134
ar,,wi
r 8
100 131% Jan 9 133 Feb 2 1164 mar 133 Dec
00 pn.
159 16212 1,330 A U1eftile
159 159 5157 158
158 158
1584 158% 5158 159
1
100 141 Jan 5 1524 Mar 9 119, Jan, 146 4 Nov
3
110 110 *1074 110 2
*108 11012 5108 11012 .108 11012 108 108
,
100 102 Jan 5 11012 Mar 2
944 Jan 10814 Oct
6014 6!', 6114 627
5614 563
% 65 1 44.800 Amet S eel Foundries_No par, 537 Feb 18 711, Jan 11
4 62
4
4 563 62
8 6114 623
4111 Apr 724 Deo
4
8
210 Preferred
4
11414 114% 11318 1143 113 1133 11312 114 5113% 114% •113% 1141
8
1001 1125 Jan 7 120 Feb 29 11014 July 115 Jan
1
60
601
60
11,600 Atuer Sugar RennIng
61
60
5912 5912 60
3
604 59 4 61
101.0 55 Feb 18 7814 Jan 12
6514 Nov 95 MAY
5
.10314 106
600 Preferred.
10.02 10312
1057 10614 .2105 105 *105 106 , 10514 10514
8
1001 100 Feb 17 11014 Jan 28 104 Nov 11612May
5012 51
5112 7,300 Alb :Mu, Tob v t e
50
50
51
513
4 50% 51 , . 50
51,
0
4 5
No par, 47% Fe(' 27 6212 Jun
3
41 12 Jan 68 4 Oct
2712 1.200 Amer Telegraph & Cable. 11)0 25 Mar 2 32 Jan 7
271 2/14 526
2712 271
2612 2612 2612 27 ' 28
28
Apr 363 Aug
4
26
IT
17918 1797 17912 1803 180 180, 179,8 180%. 179% 18014 1797 1801, 14.900 Amer Telep & Teleg.___ I04) 5712 Feb 17 181 J1111 6 14914 Jan 1854 Oct
2
8.
4
16912 1/0% 170 171
11,03 ArnerIcati Tabaren 001n-.. 54'
*163 164
163 16414 16512 1693 16714 171
56% Feb 18 176 Jan 3 120
Jan 189 Nor
23,800 C______ nun Clam B
163 16434 163 1643 1644 1693 163 172% 17018 111 12 16918 171 12
4
8
. 60 56,2 Feb 18 177 Jan 3 1191 Jan 186 Nor
,
.1 1
138
400,AH,eel8u
100, Prr
1187 1187 *117 119 •117 119 *117 119 ,•1 D 119 i 5 11 738 1 19.
Preferred
2
8
100
171, Feb 27 120 Jail 4 11018 Jan 120 Dee
11712 118 ,•(11% 119
118 118 .1173 1183 511712 119
40 preferred YPe Founders. 100
4
IA Feb If) 126% Jan 3 1197 NOV 146 Feb
8
4
*11012 11212 11212 113
1132, 1131* .113 114 . 11384 113% 51103 113%
100 4)72, .1a4 7 114 Jan 10 10714 Feb 116 Sept
4 5414 5412 54% 5,r32 11.100 An. Wtr Wks & Elc newNo par 5212 Feli 27 61 Jan 3
. 553
1
5433 54% 54
55
3 2
Aug 7214 Sept
16
20.1
104% .103 104 1 104 104 ,
1st preferred
0103 1048 5104 105 *104 104% 104%
01 12 Jan 10 105 Feb 20
997 Get 10312 Dee
8
23
8
7.100 American woolen
2312 243
23 4 52218 23 i 227 2318' 22
3
237 24% 23
8
101) 21110 Jan 3 243 Feb 14
164 June 835 J.11
4
4
5712
57
571 573
587
2
583 588 583 59 • 58
8
Jan 3 6214 Fel;
411, June 8611 Jan
.
a
2N Air.r rItri Paper afii:No rel
17
4.1612 1712 *1612 18 I *1612 11-4 5612 51381 8.9
17 1
rrr ng
177 171 51612 18
8
. 49"
'
9/4 May
2414 Oct
545
47
473 545
47
8
545
Preferred certlficatee___100 4 1', ja n 15 49314 517t l 9
48 .47
1547
48 .4414 45
15 ilti 1
18 1. ir 1
'
2544 Apr 5714 Aug
17
19.600 Amer Zinc. Lead h Smelt_ 25
16
8 1614 17
1614 173
16
8
1614 16
17 1, 167 1 7
63 Jai, 10 18 . Feb III
2
1014 Feb
5 Stitt
44
4 7312 74% 153,000 Preferred..
718 73% 7112 733
68 2 69% 69
3
. ... 23, 40 Jall 18 77 I.eb 111
72 1 71 7 76
Oct 5114 Feb
311
5514 56 , 30.200 Anaconda Copper Mr ining 611 54 J1111 18
5418 55
557
5512 54
543
54
8 54
55 ' 55
59% Jan 4, 41% June 6012 De0
*5712 59
5812 554 57% 58
59
59
61 1 2./00 Archer I 4an'le M 1dPrI.No par 551, Feb 20 61 Ja II 271
58
5712 58
3e Mar 63 Deo
4
4
(
51113% .___ •113% ..._ •1133 11514 5113% 11514 .1133 11.114 51133 11.1 4
Preferred_ ..
4
___ . 100 1113 Feb 24 114 Jall 11
4
lea 1134 Deo
106
90 , 1,300 A
90% .88
90
90
*093 00 , *893 90
4
& Cu 1Del) pref. 100 ..,03, Jan 3
4
9014 90
90
,Jib0
7
Oct 96% Feb
79
14', 143 143 13,300 Armour of Illluols Claire A 25 11 14 Jan 16 91 Fel, I I
8
1414 1414
1438 1434
14% 14% 1414
14,18 147
41. may
4
157 Jan
16,4
83
8 8% 23.800 Claw B.
8-12 81*
4
812 83
8,
4
2 83
5 8%
83
813 83
4
25
9% Jan
6 Dec
633 Jan 10 101 2 FPI, 14
4,-00 Preierred
4 7812 7878
. 1110 137% Jun 12 80 . Feb II
% 77% 79 , 7812 7812 7812 783
77
% 77
Apr 81114 Jan
60
44
4318 43
43
3,100 Arnold Constable Corp.No par 43 Feb 211
4412 4412 44
44 1 4312 44
4412 44
Apr 55% Nov
21
51 1 1 3,0,21
21
2/
1.00 An Metal Coustruction . 10, 2512 Jail 10 271, Fell II
•26
27 1 *26
8
27
8
5263 27 1 *263 27 1 52612 27
Jan 32 June
22
*40
42
*41
42
42 ' *4I% 42
0_
.41
-.0 A r,t.,;:fTrredCorp
42
54118 42 I 541
5 Jan
No one 42 Jar, 4 43 Jan 5
4.44 Dec 54
•10914 11012 *101114 11012 10914 10914 10914 111914 .11012 114 •11012 114
,
1110 10914 Mar 6 I 11,2 JAI 20 10111, .41/1 11412 Nov
4 42
4112 4212 42
42,
2
42.% 41 12 4212 42, 42% 4214 423
No par 411, Mar 1
8
3704 Feb 5333 Nov
4/411 Jan 23
12 A*k .plarcietur
110
*109 III .109 III .109 111
167
____ ____ 109 10J .109 1410812, 13.3
100 108 Mel, 18 1121,, Jan 13
974 Mar 112 Deo
495,8
250100
*11412 118 .114 118 .114 118 I 11514 11514 115 11.1 .
it). 112 Jar. 3 11912 Jan 27 106 Mar 114 Deo
4.. ar ferred
" L i
40
39
,c1p
.53838 39
.411 3812 3812 .3812 39
38% 39
25 3712 Feb 18 4114 Jai, 3
0,1 5014 Feb
8
8 4218 444 43.. 44's 22,20.1 At (IA W 1 4 14 Line. _M. par 374, Feb 18 43 Ion 23
3912 40 .38
4012 4018 427
40, 39
3080 Mar 4312 Nov
%
4
5318 32.403 Preferred
.39
41
8
49 1 3914 3912 40, 4614 4.13 50% 49
*39
10
2934 Mar 4184 Nov
38 Feb 27 5318 Mar 9
10/12 10914 22.703 Atlantic Refining
103 103
s
102:2 10212 10214 1023 1017 10212 102 108
4
11111 931 1e1, 9, 11191 Jai, AI 104
Dec 1314 Aug
.
__ . . Preferred
*11612 118 .117 119 *11712 121 4
.117 121 *117 121 .111 121
100 116 Jau 6 11814 Jar, 3 116.3 You 119 Aug
2.100 411510 ',under
*69
/0
*6818 70
6614 6614 6612 70
71 12 7912 71
71
68.4 mar 70 June
pa
63 J1111 3 71 12 Mar 6
4'0 Preferred
4
4
108 109
4
4
109 109
1083 109
1083 1083 •10614 1081 0106, 1083
4
1111 1924 Jan 20 109 Frn 6
Jan 107 July
448
11% 10% II
1.100 aulaa r.ek.
8
•1112 12
1112 113 •Il
1138 •11 12 12
11
...._ . No par.
3111111 124 Apr
5'4 Jail 5
Id Feb 3,
.
303 Amon, Nichols&Co vtcNo par,
7
5 1
5
6
5
5
.438 514
5
.412 5
5
*4
414 Mar 1014 Jan
43, Jun 3
81t .
1,01 5 1
530
33
33
530
•
30
Preferrwl
35
35
4,30
530
35
35 1 530
1191 26 Jan 5 39 Jan 41, 23,2 11cC 51
AID
7 46
1.300 Autontr Sal Ram. A,, No par
3
4614 .43 4 4614 24618 45%
45
4618 .46
46
46% 46
43.. Jan 10 4111, Jan 231' 43 Nov 46% Nov
2.17 27314 7.44.114airlwis, L.:man(les Wks,10(3 242 Fill 01 2 314 Mar 9 i43.. Jan 25544 Sept
*253 334 5253 256 • 258 256 5252 256 *232 2..,6
.•118 120 I 120 120
30.1
•118 119 .11814 119
Preferred
119 119
11912 11912
1,11 12514 Juiy
101) 118 Feb 23 121
Jan 13 116
10912 10312 5109 110 1
1510912 110 ,•109 110 5109 110 5109 110
103 iramberger iL) & Co pre( .. 101, ion% J/111.11 1114 Jnn
5 10614 Mar llo% Dec
474 *43
2JJ ita fe i.eather
43% 45
4412 4412 544
45
ir,..c.i trred
4612 54312 4712 *44
4
Jan 557 Feb
No par
40
43 Feb 18 524 Feb I
_ .
•I0511
*10512
•10./12 -•10512
_ 510512 -------9514 Mar wo Nov
WO 104 Jan 3 105 Juu 27
24
4 2414 24,8 2;i11 I3,,0,1 Parroolall Corp Chide•
-2418 2:13 -24 1 233 2 3
23% 233 -23-',
4
2
4 231 2 2os4 Oct 35% Feb
Ja. 2018 Feb 18 21113 Jaa 14
*2312 2412 .2312 2412 2414 2414 5 1* 24% .23
4 237 23,
2. al
8
8
44 243
r laa. H.
23
2012 Oct 3212 Feb
26. 22 Feb 14 253 .181, 13
4
133 135 .133 135
8
13412 137
135 1373 13/12 1381* 13..i 13711 3.10.1 Kayak 0 3.r.ro. Inc
49% Jan 109 De0
No par 101. Jan 18 141)12 Mar I
1
109 109 I 109 109
11108% 109
100
First preferred
109 109 *10812 109 .1081 2 103
Jao 110 All
1011 107% Jan 10 itlir Jai/ 4 101
14% 71 38 83181
•1414 15
1. ,4 14
11
5143 15
8
.1438 15
Oct 1814 JUDO
143 14% 14
15
4
No par , 1334 Mar 9
1712 Jail 5
*77
77
787 7912
78
410:1 imie7c"1:"Ni1uTPactIng
7 0
8
7712 77% 77% 7733 80
0014 A,pr 741 Nov
4
71, Jar, 17, 834 Feb 1.)
.. _
Preferred
1144 Jan 119 Mar
21 6
.- - 3 -ii- 11-1- - 1.40.1 deldirra tiem'way Co.-Na t 2:1 1 16% j n 20 12
161 20 20's 2014
-21
2 11611 July 2714 Jan
8 Ja 9
12 jr.:: 19
8 Ja 2
i:1
:
9
58 58 , 58 583 58% 5834 58% 61% 6012 62 6018 61 , 11.60,1 Heel & Co
8
49% Anil 59% Nov
5678 58% 58
571 59% 31).400 Bethlehem Steel C,orp .o lier
59 I 58
59
4314 Jan 5elt Sept
5712 58i2 5714 58
F.,tr 7
il 5:451 Ja 10 624 M a, 8
9 8
N " 65 ja n 2
:
75
75
754 76141 76
7638 7618 7714 763 77 I 76
4
767
8
104'i 106
104% 10512 103 103 *101 104
103 103 ,*101 10312
*110% III
III Ill 1 III 11118 III 111
1104 111 151113 111
4
*260 275 5260 290 ,15260 290 *260 285
260 260 15250 275
1312 134 1314 1312 513
1312
1312 1312 14
1312 13
•13
*38
40 1 39
39 1 39
407 407 539
41
8.
413 *39
4012
8
2%
3
27
4 28
27
4
3 1
4 27
2s
81
4
8
178 1807 18012 18012 1803 1803 18012 18318 1817 182
8
8
2
8
18112 183
97 10,
1018 1014 10
0 4 10
3
934 97
97 10
8
10,4
8
33
3 33
34 312
8
3% 44
3% 44
4%
4
418
4
2512 2512 26
26
2634 27 I 025 4 253
26 14 2612 263 27
4
3
4
151094 1093 1093 1093 10912 110% 11014 11014 .110
4
__ '5110
_ _
4
4
150 15012 ISO's 1524 151 18 152% 15014 151 12 15014 1507 15118 15i 8
2
6
- 3
*12333 124 1.123% 124 *1231, 124
8
12333 1233 124 12414 .122 12512
119 119
119 120 , 1183 12114 119 119 I 119 119% 120 12112
4
23
2312
.
14:
-No
•Bid and asked prices; no sales on this day. r Kg-dIvklend. a Ex-rIghts.
New York Stock Record-Continued-Page 3
1475
For sales during the week of stock, usually inactive, see third page preceding
HIGH AND LOW SALE PRICES- PER SHARE. NOT PER CENT.
Saturday,
Mar. 3.
Monday,
Mar. 5.
Tuesday,
Mar. 6.
Wednesaay, Thursday,
Mar.7.
Mar.8.
Friday,
Mar. 9.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Since Jan. 1.
On basis of 100-share tote
Lowest
Highest
PER SHARE
Range for Previous
Year 1927
Lowest
Highest
$ per share $ per share
per Mara
per Mau
$ Per shwa $ per share $ per share $ per sha.e $ Per share $ per shone awes Indus. & Miscel.(Con.) Par
4
12014 12034 511014 11914 119 11914 11914 11914 11914 11912 11912 120
2.200 Beth Steel Corp pf (7%) _100 119 Mar 6 121 Jan 9 1041 Jan 120 Deo
34 June .527 Nov
8
36
36
3612 36
4
363
4 36
36
3.100 Bloomingdale Bros__--No Par 35 Mar 2 4412 Jan
3612 3612 353 364 36
100 10912 Jan 11 111 Jan 11 1094 Jan 114 Nov
•10912 111 *10512 ----*10912 111 *10912 1093 10912 1093 *1094 111
4
4
200 Preferred
Jan 95 Dec
4
44
100 923 Mar 5 9612 Jan 20
93
1393
94
93
93
93
93 *-__ _ 94
93
923 93
4
210 Blumenthal & Co pref
par 6614 Jan 3 78 4 Jan 27
3
534 Jan 6918 Deo
6912 6812 694 6812 6812 685 694 3.900 Bon And, class A
8
*6712 68
673 7014 68
8
412 Sept
2pr
712 Jan 9
No 100
a
8
112 Apr
514 Jan 4
*6
614
614 614 *618 612 *618 63
8 1,300 Booth Fisheries
64 614
614 614
36 Sept 5714 May
43 Mar 5 49 Jay 11
4,42
46
*43
48
43 43
*42
46
*42
181 preferred
*42
45
46
100
1818 Jan 28 23 Jan 4 .18 May 3012 Sept
*203 2114 21
4
21
*1912 21
21
21
*20
20 4 *1918 203
3
200 Botany Cons Milts class A..50
4
1053 Sept 363 Feb
8
2312 23,400 Briggs ManufacturIng_No par 21 18 Feb 4 2514 Jan 4
2312 23
2212 223
4 2212 223
4 225 2312 23
8
2312 23
4
100 2063 Jan 10 2353 Feb 15 14812 Feb 225 Dec
4
22712 228
22714 229
22614 228
22512 227
225 225
22714 22814 5,700 Brooklyn Edleon. Ins
895 Apr 15712 Dec
8
14912 15112 152 152
14814 150 2148 .14518 *14612 149
146 148
2.200,Bklyn Union Gas
No par 145 Feb 20 15614 Jan 31
304 Feb 5014 Dec
477 477
8
8 48
48
*4712 48
473 473 *473 48
4
4
4
473 453
No par 47 Jan 10 Si Feb 2
4
8 3.900;Brown Shoe Inc
25 8 July 387 Jan
7
8
4
293 293
8
8 2912 315
343
8 3112 32
33
33
343 33,800 Brunsw-Balke-Collan'r_No par 2712 Feb 20 343 Mar 7
8
4 34
8512 June 125 4 Jan
1
*9412 95
*9412 97
*9312 974 9312 9312 933 933 *94
4
200 Burns Bros new clAcomNo par 9312 Feb 17 994 Jan 11
4
964
1614 Mar 3 4 Jan
*163 1612 *1638 1612 1618 164
8
class B cora._ _No par
15- Mar 8 17 Jan 5
8
41
16
1618 157 157
16
8
8
16
2,000 New
90 June 100
Jan
*9812 99
*9812 99
4
99
99
*9812 99
*9812 99
100 973 Feb 21 100 Feb 4
*9812 99
10 Preferred
05412 158
1563 16712 168 161
4
161 161 *158 161
161 16112 3,900 Burroughs Add Mach__No par 139 Jun 14 165 Feb 3 290 Mar 145 Dec
293 Jan 69 Nov
4
8
*603 61
4
4
61
61
*60
61
603 607
4
603 61
4
1,900 Bush Terrain& new__ __No par 563 Feb 24 633 Jan 27
8 604 61
8
914 Jan 1117 Deo
8
•11018 1114 1113 1113 11138 1113 110 110
8
8
100 10714 Jan 4 1115 Mar 8
8
11018 1115 *11012 1115
8
8
210 Debenture
8
1311512 116
11512 11512 1153 11512 116 116 *11612 11712 *11612 11712
100 11418 Feb 15 119 Feb 4 1035 Feb 120 Aug
8
70 Bush Term Bldge. pref
34 Mar
518 May
712 Feb 28
5
418 Jan 19
6
• 53
614
6
614 8,000 Butte Copper & Zino
4 54
54 6
53
4 6
57
8 618
44
Oct 818 Feb
4
4534 4618 463 4612 4612 493
100 45 Feb 7 5414 Mar 9
8
513
4 4912 53
53
5414 27,200 Butterick Co
4 50
1184 Jan
7 8 Nov
2
1012 1012 10
10
9 Jan 11 12-% Feb10
1013 105 104 10
8
103
4 1012 104 10 8 1012 1.700 Butte & Superior Mining
3
68
Jan 9212 June
743 Jan 27
8
No pa
65 Mar 1
136512 70
*66
70
66
66
66
400 By-Products Coke
6618 *66
6712
6712 *66
42 Jan 10214 Dec
9312 964 94
9012 Jan 16 11712 Jan 27
No pa
974 954 100
964 997
8 953 973
8
8 973 100 4 56,100 Byers & Co(AM)
4
3
4
Preferred
•
11014 1103 *11014 1103 *11014 1103 *11014 1103 *11014 1103 *11014 1103
100 11014 Feb 3 11212 Jan 14 1051 May 11212 Deo
4
4
4
4
4
4
715 Mar 3 7912 Jan 7
6014 Apr 79 Dec
8
7158 715
8 715 723
8
4 727 73
8
73
74
73
733
4 7318 754 6,400 California Packing____No pa
20
Oct 32 8 Jan
1
8
2534 26
2
24 Jan 5 267 Jan 9
253 257
4
8 253 253
16,600 California Petroleum
4
4
8 253 2614 2618 2612
4
4 253 257
114 Sept
21 Jan 6
8
8
134 Mar 8
21 Jan
2
1
218
2
2
2
2
2
2,000 Callahan Zino-Lead
2
*14 2
13
4 2
6112 June 12312 Dec
91
1
9238 9114 9214 92
89 Feb18 12014 Jan 3
94
95
96
9853 9'
971
9714 26,000 Calumet Arizona Mining
1414 July 2414 Dee
,
214 2112 2118 2112 21
2
2018 Jan 10 237 Feb 3
215
8 203 2114 203 2114 205 2114 7.900 Calumet & Heels
4
4
8
36
Jan 8018 Aug
544 Jan 6 6858 Feb 15
6312 644 63 8 6412 634 6414 6312 643
5
8 6312 6514 29,100 Canada Dry Ginger Ale.No pa
8 635 643
8
Jan 28314 Oat
256 25834 258 259
100 247 Jan 21 278 Jan 9 132
259 2693 260 2643 260 2613 260 263
9,900 Case Thresh Machine
4
4
*12312 127
1261,3 1264 •12312 129 *12312 129 *12312 129 *12312 129
100 Case Thresh Mach pref__100 126 Jan 30 12912 Jan II 111 Feb 129 Dee
24
Apr 33 Apr
1323
2812 Jan 16 3212 Jan 4
25
*23
26
1323
25
30
305
8 3018 313 11,500 Central Alloy Steel____No pa
8
25
*23
8 8 Jan 2418 Nov
1
Central Leather
100 2318 Jan 26 2318 Jan 28
*23
*23
25
25
1612 May
714 Jan
Certificates
100
116- ..::::
116- *110
54
Jan 94
Oct
100
110 '
3
:2: 116"
54
Jan 781 July
4
"
100
ii- 13
ef rred
-1514 "131114 -ii
13
Preferred certificate&
- 2 1314 1018 Jan
161 Aug
4
287 2912 29
8
8
8 1.2 8
3
8
111,500 Century Ribbon Mille_No Par 1112 Feb 18 1412 Feb 18
294 29 8 293
4 295 307 -127 - 7 "iii4 Jan 88 4 Deo
70
1
100 8014 Feb 21 8812 Mar 8
83
83
*82
8612 8612 86, '8412 87
20 Preferred
8612 *82
8612 *82
2
58 June 7212 Dee
617 62
8
8 6212 63
8 6212 625
.
3,900 Cerro de Paso Copper-No par 5812 Jan 3 8938 Jan 3
613 6218 6218 623
4
4 6212 627
42 Jan 56 4 MAY
1
8
4 584 585* 583 583
583 584 6812 583
4
4 584 587
4 6,600 Certain-Teed Producte_No par 5412 Jag 3 6212 Jan 24
8 5812 683
8
111204
1st preferred
•12078
100 119 Jan 26 1207 Mar 1 106 Feb 11814 Dee
*1207 __-_ •1207 _ _ _
8
8
*1207
8
65 Dec 781 Aug
8
No par 73 Feb 17 77 Jan 12
74 74
*734 74
7318 74
7312 74
7312 7312 *7312 75
700 Certo Corp
412 Nov
14 Mar
614 8i4
7 Jan 4
5 4 53
3
6
6
4
6
6 14 *614 612
1,300 Chandler Cleveltuid MotNo par
512 Feb 29
54 54
3
8
13 June 2614 may
4 1538 1512 15
8
1514 1514 151 1514 *1512 152
No par 144 Feb 17 177 Jan 4
8
155 *15
8
153
4 1,900 Preferred
8
64 4 June 861 Oct
5
11
7334 7412 74
8
8
73
741
4 725 745 x73
733 7414 9.600 Chesapeake Corp
No par 724 Mar 7 817 Jan 6
4
7412 74
13312 13312 *133 134
13312 13312 13314 13312 *13112 133
133 13312
900 Chicago Pneumatic Tool. 100 125 Feb 20 14114 Jan 30 12012 Jan 13714 Mar
Oct
38 July 47
37
37
3612 3718 37
37
37
374 37 37
365 3 8
8 77
630 Chicago Yellow Cab._No par 35 Feb 10 43 Jan 14
85 8 Aug
1
481 Ma
8
*4234 44
4312 44
434 44
43
43
43 437
8 425 43
8
8
No par 423 Mar 9 524 Jan 7
2.700 Childs Co
442 Dec
8
3318 Jun
39
38
Copper
427 Jan 7
8
377 377
s
8 373 3814 3814
384 38
3814 374 384 14,000 Chile
8
26 373 Mar 5
8
2218 Jan 24 Apr
Chino Copper
5
8
8
347 Jan 907 Deo
120 122 13- - 12/- *lie- 111
15 -- 11. 4 1
5 -1/7g *HS- 117 'Hi- 117
2,500 Chriatle-Brown tern etteNo par 85 Jan 4 131 Jan 23
587 6014 60
8
4
4 6033 62
6014 6114 60 4 617 283.100 Chrysler Corp
3
No par 5414 Jan 16 63 Jan 3.1 3818 Jan 6312 Deo
604 593 618
8
*11434 116
115 115 •11512 116 *1157 116
8
116 116
116 11612
No par 11318 Jan 9 11612Mar 9 10212 Apr 116 Dec
600 Preferred
54 Dec
*5214 64
*5214 54
*5214 54
*5214 54
*5214 64
*5214 54
N ar
4614 Ma
City Stores class A-___ No at
5114 Jan 19 5314 Jan 4
4112 Apr 8412 Dec
853
4 8514 8612 8514 86
813 82
4
8218 8212 83 833
4 84
4
par 62 Jan 5 883 Feb 15
9,300 Class B
8412 Oct
8 9214 9912 95
994 9514 974 963 9814 39,400 Cluett Peabody & Co No par 7712 Jan 10 9912 Mar 6
51 Jun
9112 9214 9112 927
4
4
4
*12014 1213 *12014 1213 •12014 1213 *12014 1213 *12014 1213 *12014 1213
4
4
4
Preferred
100 1184 Jan U. 122 Jan 23 11114 Jan 12514 Nov
4
8
13612 13712 13612 139
1353 1367 1363 1393 13812 1397 137 139
4
8
4
No par 127 Feb 20 1394 Mar 6 /9612 Apr 19918 Apr
4
28.500 Coca Cola Co
4
847
8 8318 863
8 8114 831± 83
86 Aug 11318 Dec
827
8 82
4 803 863
Collins & Alkman new_No pa
8012
8618 64,400
4
79 Mar 2 1111 Jan 3
1
1034 10312 *102 10312 103 103 *103 10312 *10314 10312 10318 10314
100 103 Mar 1 109 Jan 3 10212 Sept 109 4 Dee
0
70 0 Preferred
50
8 6914 7314 70
4228 Jan 961 July
Colorado Fuel & Iron
8
667 69
8
69 12 7112 7114 727
713
4 7114 7214 248,
100 6612 Feb 27 8412 Jan 31
8912 8912 8812 8914 8818 88 s 8818 8818 *87
,
8
8912 8812 8812
667 Jan 10114 Nog
600 Columbian Carbon v t oNo pa
88 Feb 18 9814 Jan 24
904 9112 9018 9138 9018 91
8
7
4
9138 895 9112 897 91
8
82 8 Feb 981 Ma7
91
32,800 Col= Gas & Elea new..No pa
895 Jan 4 971 Feb 1
8
8
1073 1073 1073 1073 1073 108
4
4
4
9912 Jan 11018 Dec
4
4
100 10718 Feb 28 11018 Jan 3
10734 1073 1073 1073 108 108
4
4
4
900 Preferred new
68
693
8 675 69
8
69
482 May 781 Oct
8
4
6814 697 33,500 Commonwealth Power_No pa
6634 673
4 6712 673
8
6214 Jan 11 6978 Mar 9
4 68
8
5
8 243 25
14 June 2412 Deo
4478 25
23 23
23
234 2312 2312 23 8 245
21 Feb 20 25 Mar 8
6.300 Commercial Credlt____No pa
2338 2312 *233 241 *2312 24
4
17 June 2412 Sept
*2212 241 *2312 2412 2312 24
240 Preferred
2
23 Feb 3 24 Jan 24
4
4
187 June 25 Dec
8
2434 243
4 24
2414 2312 2412 233 233 *233 243 *24
4
2412
23 Feb 7 26 Jan 7
120 Preferred B
2
913
8
91
90
903
4 893 913
4
4 90
893 9014
100 873 Feb 2 913
89 July 891 Dec
4
4Mar 7
860 1st preferred (6)i%)
4
894 894 89
5918 71
6014 607
4118 May 62 Deo
573 58
4
617 62
8
8
8
4
4,700 Comm Invest Trust___No pa
553 Mar 1 625 Jan 7
5612 56'3 565 571
9412 Sept 102 Dec
7% preferred
*104 106 13104 105 10104 105 *104 105 *104 105 *104 105
100 99 Jan 27 106 Feb 17
953 953 *9512 965
4
945 953
8
4 9512 96
808 July 9814 Deo
8 1,100 Preferred (634)
*9412 96
*9412 96
100 945 Mar 6 97 Feb 15
8
4
,
171 1725 168 1713 168 1703 169 175 4 17212 1763 174 178
32,300 Commercial Solvents__ No pa 15312 Feb 18 178 Mar 9 145 Nov 203 Sept
8
6112 *50
8
39 Aug 53 Deo
511 *SO
6112 5114 5114 493 50
511 *50
900 Conde Nast Publica___No pa
48 Jan 14 62 Feb 6
51
1
2412 2512 2412 244 2414 2458 2412 247 19,100 Congoleum-Nairn Inc No pa
1714 Jan 29 4 Dec
8
2514 2512 2518 251
233 Feb 8 2912 Jan 3
8
7412 741
77
7412 76
7412 745
47 Mar 8812 Dec
8
771
7714 7714 76
8 3,100 Congress Cigar
No pa
77
67 Feb 18 817 Jan 3
14 Feb
13 Jan
*14
12
*14
12
*14
1
*14
12
Conley Tin Foil stpd_ __No pa
Jan 10
*14
1
14 Jan 10
*14
1
14
4
877
7414 Oct 861 July
8718 883
8 87
874 87
881
863 8712 47,500 Consolidated Clgar____No pa
4
a 87
7912 ./au 20 8812 Mar 5
8618 877
4
697 Aug 1061 Aug
8
102 102 15101 103 *10112 103 *101 103 *10112 103 *101 103
100 Preferred
100 98 Jan 24 103 Feb 21
1
118
118
1
1'
8 5,000 Consolidated Distrib'ereNo pa
12 Oct
212 Feb
14
118
118
118
1
1
1'8
112 Jan 12
7 Jan21
8
13312 1353 13418 13512 1343 1377 96,100 Consolidated Gas(NY)No pa 1193 Jan 10 1393 Feb 9
94 Mar 12514 Dec
135 1363 13412 136
4
4
4
4
13414 136
8
8
8
93 Mar 103 Dec
4
10218 1021 10218 1021 10212 10212 10212 10212 1023 1023 102 102
4
2,100 Preferred
No par 10118 Feb 16 1023 Mar 8
312 34
8
8
312 3 8
5
318 Mar
718 June
8
312 35
312 35
458 Jan 4
353 38
3 2 35
,
8 4,800 Consolidated Textile_ No par
,
31 Feb 9
373 38
8
8
3312 Apr 747 Jan
8
3612 3712 347 3712 3614 3718 33,900 Continental Baking clANo par 344 Mar 8 5312 Jan 13
3612 38
363 39
8
412 45
8
4 May 1014 Jan
412 44
412 44
45
8 43
43
8 45
8 6,600 Class B
412 484
6 Jan 13
414 Mar
No par
93
72 AD
9744 Nov
9114 On
9312 93 93
92
93
92
9212 2,600 Preferred
Jan 20
91
91
100 90 Mar 2 9612
583 Apr 86% Del
4
8
885 9012 89 897
8
8 90
8 8912 903
8 897 90
4
9212 34,100 Continental Can, Ino_No par 8014 Jan 10 9212 Feb 9
883 893
Jan 128 June
*12512 -- *12512 ____ 1274 12714
10125__ *12512 -- *12512
10 Preferred
100 123 Jan 5 12714 Mar 9 120
77
77 18 7718 7718 7718 774 7712 2.600 Continental Ins temp ctfs .10 75 Feb 15 837 Jan 17
7412 Dec 9314 Dec
8
8
767 8 767g 773 774 77
132 Jan
4
87 Nov
8
8
8
Mai Jan 23
8 103 105
8 1014 1012 1014 1012 104 103
8 9,000 Continental Motors_ No par
103 1012 103 105
8
1018 Feb 25
7
48 2 Jan 68 Nov
4 7114 734 7112 7278 72
733 102,600 Corn Products Refining
8
8
8 6914 7118 7012 713
6858 695
8
_25 643 Jan 3 733 Mar 9
140 140
Jan 14214 Dee
4,13812 140 *13812 140 *13812 140 •139 140 *13812 140
8
100 Preferred
100 13812 Jan 16 1403 Jan 11 128
14612 1464 145 145
Jan 123 Dec
8
56
148 15112 147 1473 14412 147
140 147
11,300 CotY. Inc
No par 123 Jan 3 15112 Mar 5
8 86
86
7612 Or
9614 Mar
8714 86
863 873
3
4 5,100 Crucible Steel of America100 83 Feb 18 93 Feb 7
8 4 873
6
8 874 873
854 87
115 115 *11212 115 *11212 11512
Jan 116 Sept
100 Preferred
100 1.13 Jan 3 11518 Jan 26 103
*113 116 *114 116 *115 116
255 254 *254 2512 2514 2514 2514 2514
8
1812 Aug 3414 Jan
700 Cuba Co
2514 254 *2512 26
No par 24 Feb 18 2812 Jan 13
•584 618
64 6 4
,
614 614 *53
47 Oct 101 Jan
8
4
74 Jan 12
4 63
8 1,400 Cuba Cane Sugar
512 Feb 16
6
6
54 6
No par
8
s 2714 2714 2612 2612 2612 2714 1,700 Preferred
28)8 No
8
501 Jan
4
2812 2714 2714 273 273
*27
100 24 Feb 18 323 Jan 12
20
*20
20
20
21
*20
21
184 No
4
2812 Jan
1,400 Cuban-American Sugar
10 194 Feb 18 233 Jan 3
2018 2018 2014 2014 20
4
9712 No
4
Preferred
107 Aug
•10034 10412 *1003 10412 •1003 10412 •10112 10412 *10112 10412 *10112 10412
100 10112 Feb 16 108 Feb 1
*1012, 11
1112 *1012 11
1012 1012
114 *11
1012 No
18
Jan
114 *11
400 Cuban Dom'canSug new No par
1012Mar 9 12 Jan 4
*11
67
8 6612 6714 6614 67
4.864 6612 66
6814 19,100 Cudahy Packing new
6612 6512 665
8
4312 An
581 Seat
4
50 54 Jan 3, 723 Feb 14
5914 583 5912 5812 591
4
583
4 58
8
4518 No
6914 Dec
67
577
8 58
4.700 Curtis Aer & Mot Co_ _No par 5318 Feb 27 645 Jan 3
8
577 5814
*135 139 *135 1393 *135 1393
4
Preferred
118 Dec
100 11714 Jan 5 13812 Feb 17 111 No
•135 137 15135 137 15135 137
174 175
150 150
1743 1743
4
1,000 Cushman's Sons
Oct
No pa 14414 Jan 13 175 Mar 8 103 Apr 152
16112 16212 166 166 •162 170
Cushman's Sons pref (7)_100 114 Jan 11 125 Jan 20 107
•11612 123 *116 123 *11614 12212 *11614 12212 *11614 12212 *11614 12212
Apr 125 Dee
52
*6112 62
53
52
52
*51
52
53
53
800 Cuyarnel Fruit
30
Apr 5512 Oct
*5012 53
No pa
51 Jan 3 5514 Jan 20
4
,
4
8 373 3818 3714 37 4 373 4012 12,800 Davison Chemical v t e_No pa
8
,
38
3812 3612 38 2 373 383
341 Feb 18 4612 Jan 8
8
2614 Apr 4812 Dee
11812 1183 15118 1197 *118 119
8
119 1197
4
8
119 119
280 Deere & Co pre!
8
100 11513 Feb 1 1197 Mar 9 10512 Jan 12512 Nov
119 119
178 178
4
1783 179
4
4
179 1793 1773 178 •176 178
1,200 Detroit Edison
4
100 1881 Jan 11 1941 Feb 3 13312 Jan 17012 Dec
:
*178 179
8 4914 505
8 5012 51,
8
61
5118 5118 5012 507
4 3,000 Devoe & Raynolde le.....No par 40 Jan 3 5212 Feb 16
3812 Aug 421 Dec
4 51
503 503
4
1493 150
4
1473 148
4
150 150
149 160
4
490 Diamond Match
100 1342 Jan 18 161 Feb 2 115 Feb 1471 Sept
8
160 15212 14812 150
1812 187
8 1838 183
4 1812 184 36,700 Dodge Bros Class ANO Oar
1812 193
s 1812 1914
1314 Oct 2712 Jan
17 Feb 18 2418 Jan 4
1812 183
4
71
695 70
8
70
70
8
707 14,900 Preferred certif
8
713
8 703 71
70
No par 6818 Feb 18 757 Jan 4
5812 Oct 85 Feb
6958 70
8
8
1014 103
1112 1118 1118 103 11
4 4,000 Dome Mines, Ltd
1114 1114 *11
7 June 1414 Deo
No pa
1014 Mar 9 1312 Jan 8
105s 1114
Jan 80 July
Douglas Pectin
48
No pa
2
6
49 Aug 8212 Oct
62'z 6338 61* 633* - - 6238 ;611 62 .6i- Ills _3,400 Dunhill International _No pa
63
'61
5512 Jan 9 65 Jan 23
'11612
8
8
•1163 117 '11633*1163 ___ *11612
8
100 Duquesne Light 1st met _ _100 1154 Jan 3 11612klar 3 11414 Mar 1171 Nov
8
11612 11612 •I163
166 166
166 16612 3,500 Eastman Kodak Co.
8
16412 16512 1653 16612 166 166
No Pa 163 Feb 20 1711 Feb 3 12614 Jan 17514 Sept
8
164 164
126 125 *12512 1283 *12512 127
4
8
10 Preferred
100 125 Mar 7 130 Jan 24 11914 Jan 13112 Oct
15125 1294 *12512 1293 •12512 128
4
8 3318 334 63,500 Eaton Axle & Spring_ __No pa
8
2114 Oct 291 June
323 3418 325 3418 3314 337
4
26 Jan 11 3418 Mar 6
32
323
4 3212 33
8
8
4
339 34412 34012 3443 3443 35112 50,700 El du Pont de Nem new _No pa 310 Jan 10 35112 Mar 91 168
Jan 3437 Oct
3377 345
8
33612 342
328 333
115 115
8
4
8
4
200 6% non-vol deb
100 115 Mar 9 12018 Jan 4 10512 Feb 118 Dec
8
*113 116, *1135 11618 4.11358 1153 *1135 1153 *1135 115
8
4 1618 1618 1612 1613 1,100 Elsenlohr er Bros
10 4 Nov 1612 Feb
1
164 1618 151618 163
25 1218 Jan 3 19 Jan 23
1618 17
16
16
6312 Jan 102 Dec
120 12212 12014 1213 122 1264 24,200 Electric A utolite
4
No pa
98 Jan 3 12638 Mar 9
12014 1237 12214 123
8
120 121
1312 Mar 2218 Aug
137 19,900 Electric Boat
3
No pa
1218 Mar 2 16 Feb 14
8 1314 1312 1318 1312 1318 1312 13
1318 137
13
134
Nig Jan 32 Dec
/
1
4
3712 374 383 172,100 Electric Pow & Lt
4
4
4
4
4
No Par 285 Jan 10 383 Mar 9
344 3412 343 3612 353 374 36
337 34
8
13126
*126
2
Allot Ws for prof 40% pd_ _ 1203 Jan 17 12518 Feb 29. 1037 Jan 12214 Dec
4
-- •126
- - *12412
*1241
2_ *12412
Jan 109 Nov
10912 11018 •10914 11014 _1,700 Proferred
110 110
10912 110
No par 10612 Jan 10 110 8 Mar 8, 96
109 16i *109 1094
1
8
514 Nov 371 Jan
143
8 14
1418 12,900 Electric Refrigeration _No Par 1118 Feb 6
4 14
1584 Feb 15,
4 1412 143
131 137
8
8 134 1414 1412 143
7412 7114 74
8
8
55,700 Elec Storage Battery. No par 69 Feb 20 7718 Mar 71 6314 MAY 7912 Jan
4 7418 7712 755 777 573
73
7418 7312 743
Es-dividend. a Ex-r ghts, b Ex-warrants.
• Bid and asked prices; no sales on this day.
New York Stock Record-Continued-Page 4
1476
For sales during the week of stocks usually Inactive, see fourth page preceding
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday.
Mar. 3.
Monday,
Mar.5.
Tuesday,
Mar.6.
Wednesday. Thursday,
Mar.7.
Mar.8.
per share 3 per share $ per share
per share
7
7
*7
8
8
*7
.7
8
.154 18
.15 8 18
5
*15 8 1712 *15
5
58 1712
.64 7
.612 7
7
7%
714 7%
*3212 34
*33
34
*33
34
33
33
79% 79% 7912 7934 7914 793
8
4 7914 795
*12114 124 .12114 124 *12114 124
124 124
35
35% 35
35
3512 35% 3512 3718
•109 110 z108 108 •10812 10912 •10814 110
•36
37 4 37% 3718 *36
5
38 .36
374
Friday,
Mzr.9.
sales
foe
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Since Jan. 1.
On basis of 100
-share lots
Lowest
Highest
per share $ per share Shares Indus. & Miscel.(Con.) Par
per share
per share
*63
4 8
100 Elk Horn Coal Corp__ ,.No par
.64 8
612 Feb 14
9 Jan
•153 17% .1558 17
8
Preferred
50 15 Feb 23 19 Feb 1
718
7
612 612 1,400 Emerson-Brant Class A.No par
93 Feb
8
514 Feb 21
•28
34 .33
100 Emporium Corp
34
No par 33 Mar 7 33 Mar
794 79 4 7914 81% 9,600 Endicott-Jobnson Corp_ 50 753 Jan 10 824 Feb
,
4
/
1
12114 124 .12114 124
100 Preferred
100 12114 Jan 27 1243 Jan 1
4
3614 367
8 36
3712 21,000 Engineers Public Serv_ _No par 33 Feb 18 3712 Mar
110 110 .109 110
200 Preferred
No par 107 Jan 24 110 Mar
.36
100 Erie Steam Shovel
3712 *36
3712
5 3318 Feb20 3 4 Jan 2
8
Certificates
5 35 Jan 5 37 Jan!
Preferred
100 11114 Feb 1 116 Jan 1
ioi" 107 10714 109 110 fff
110 109 109 10912 fif _ - ;300 Equitable Office Bldg-No Par 9018 Jan 7 111 Mar
3
.7034 71
71
7212 7312 734 5,400 Eureka Vacuum Clean_No par 69 Feb20 79 Jan
7212 7214 7412 7212 7212 72
.20
21
21
21
1320
21
20% 20% .20
.20
21
100 Exchange Buffet Corp_No par 20 Jan 30 22 Jan 2
*20
38% 393 .38
8
3914 .38
400 Fairbanks Morse
9
39
39 .38
375g 37% .38
No par 324 Jan 5 4014 Jan 2
.108 112 .108 112 .108
10814 10814 •108 112
.108 112
300 Preferred
100 104 Jan 9 10814 Mar
117 1173 11714 12014 1187 12 5 118 11914 11814 1197 11914 12114 143,400 Famous Players-Lasky_No par 11114 Jan 16 12114 Mar
4
8
-- 8
0
Preferred (8%)
100 1211g Jan 3 124 Jan
52
;
511; "5312
- - ;400 Federal Light & Trite
3
2
0
-Lail -- 3- "ii- 51 -51- II-1- -864 - 3 -5134 56 4
15 42 Jan 10 55 Jan 3
4
10134 1013 101 102
10312 10412
101 10212 103 10414 .1014 104
640 Preferred
No par 98 Jan 6 105 Jan 25
13120 135 •120 140 •130 140 31120 145 .120 145 .120 145
Federal Mining & Smelt4-100 140 Feb 7 140 Feb 7
*94
95
*94
95 .94
95
9418 9418 9418 9418 .94
200 Preferred
100 9114 Jan 3 96 Feb 10
95
1914
19
19
1914 1914 19
1319
19
19
1,600 Federal Motor Truck_ No par
1914
19
19
18 Feb 17 2104 Jan 4
206 2063 204 204
20312 20312 203 203
20312 20312 20312 204
1,200 Fidel Phen Fire Ins of N Y_ 25 18312 Jan 11 214 Feb 2
4
11% 117
8 1212 1212 .1178 1232 *1172 128 .117 1212 1212 1212
80 Fifth Ave Bus
8
1114 Jan 9 15 Jan 18
No par
•106 107 .106 109 .106 509 *106 109 .106 109 31106 109
wirst Nat'l Pie. let pref _100 10514 Jan 13 109 Feb 8
1
2812 2812 28% 294 29
2918 2914 2914 29
No par 284 Jan 6 337 Feb 14
2912 2914 295* 3,500 First Nat'l Stores
8
143 1518 1434 15
4
1478 15
143 1518 143 15
9,900 Fisk Rubber
4
8
4
No par 145 Mar 8 173 Jan 4
145* 15
4
84
200 1s1 preferred stamped_ _ _100 82 Mar 1 9111 Jan 10
84
8412 8412 .8412 189 .8412 89
*84
86
*8412 89
97 .92
*92
•92
97 .92
*92
97 .92
97
1st preferred cony
97
100 91 Feb 17 973 Jan 5
97
4
3
, 6934 70 4 6912 70
68
683
4 6814 6914 69
703
70
70 4 32,600 Fleischman Co new___ No par 66 Feb20 7412 Jan 24
3
•42
4
1,500 Foundation Co
4314 42
4314
4
No par 42 Mar 5 513 Jan 3
4214 4214 4314 423 424 423 424 43
4
8012 8114 80713 81
8014 81
8018 8114 14,700 Fox Film Clam A
No par 774 Feb 18 884 Jan 24
8012 82
803 82
2
311114 11214 *1114 11214 *11118 11214 .11118 11214 .11118 11214 *11114 11214
Franklin-Simon prof
100 111 Jan 5 113 Feb 14
7718 807
70 4 71
3
8 78
794 684 81 144,300 Freeport Texas Co
7514 7514 78
71
yo par 654 Feb 20 10914 Jan 11
20
20
1834 18
19% 19% 1912 19% 1918 194 18
No per 18 Mar 8 2811 Jan 5
181
: 8.100 Gabriel Snubber A
12% 13
1314 127 1314 127 1318 13,900 Gardner Motor
5
1234 13 8 13
13
1314
No par
114 Jan 17 1834 Feb 2
8
.8312 637
8 63
63
4
8312 6314 634 634 64
6331 635* 653 10,000 Gen Amer Tank Car_ No par 60% Feb20 884 Jan 4
0111 112 .11012 112 *111 112 *111 112 *11112 112 .111 112
Preferred
100 110 Jan 9 111 Mar 1
787
777 80 4 7912 8158 30,000 General Asphalt
7614 773
4 77
7918 7712 773
1110 7114 Feb20 9314 Jan 9
4 77
3
121 121
4
2,000 Preferred
123 123 1 1213 12312 124 127 .125 128
122 122
100 114 Feb20 14014 Jan 7
•138 13914 *138 13914 138 13914 *138 1391 .138 1394 .138 13914
20 General Baking pref.
__No par 134 Jan 28 140 Feb 7
713
7134 7134 71
41 7114 7112 70 8 713
70% 7158 71
71
3
8 6,300 General Clgar,Ino new _No par 87 Jan 19 754 Feb 2
*125.*125
*125 ____ *125
'
-_ _ ___ _ - Preferred (7)
100 128 Feb 3 128 Feb 3
5714 5814 5838
600 Gen Outdoor Adv A __ _No par 5618 Feb 23 584 Jan 3
"5614 5714 574 57 4 5714 -5714 awls 571. 57
,
/
1
44
44
44
443 4434 4412 4412 44
4312 4312 2,600 Trust certificates__ __No par 4218 Feb 11 524 Jan 7
8
438 44
8
131 13218 1293, 1313 1293 13134 1311: 13338 65,500 General Electric New __No par 124 Feb 27 13814 Jan 3
12912 132
4
12812 130
8
11% 113
8 1114 1112 113* 1112 1138 11% 113 1112 114 1138 8,300 General Electric special__ __10 1114 Jan 23 115 Jan 8
8
40 407
40
/ 4314 10,500,General Gas & Elec A __No par 354 Jan 18 4314 Mar 9
1
4
8 4012 40% 4012 4012 3914 fii_
4012
__ 31113
131214 140114 •112 116
978 12 2
13113 115 .113 115 •113
100 Oen Oas& Elee pf A (7) No par 10812 Jan 4 11312 Mar 2
.124 125 • •124 125
*124 125 .124 125 •12412 125 - .124
Preferred A (8)
No par 1223 Feb 21 1264 Jan 19
8
10712 10712 *107 108
*107 10712 10712 10712 108 108 *10712 108
300 Preferred B (7)
No par 10512 Jan 17 108 Mar 6
148 1507 1493 1514 152 1593 2413900 General Motors Corp new 25 130 Jan 10 1593 Mar 9
145 4 150
3
4
139% 14412 1443 148
4
4
4
12434 12514 1243 125
4
125 125
125 125
125 125
125 12518 1,600 7% preferred
100 1234 Jan 26 1264 Jan 6
__
- -- *108- 13108
- *108
*108
*108
____ __ _ __ _ Gen Motors Corp 6%deb 61100
4 9718 99% 9812 foo - 98 1914 97
9712 993
34,000 Gen Ry Signal new. _No par 94 Mar 2 1234 Jan 3
987- x9714 99
8
713
4 7018 733* 7012 723
70
683 68% 6812 71
4
8
4 7112 725 26,600 General Refractories_ _No par 66 Feb 25 82 Jan 3
8
101 10112 101 1013 101 102
101 10112 1015 1025g 9,800,Gillette Safety RasorNo par 984 Jan 16 104 Jan 24
100 4 101
3
8
, 35% 35 4 354 357
3
4 34 4 36% 3414 368
35% 363
3
8 355g 3614 32,300 Gimbel Bros
No par 341s Mar 6 434 4an 31
87
89
8
89
90
89
8912 89 4 875 89
90
3
8914 897
s 4,600 Preferred
100 87 Mar 8 98 Jan 12
2112 217
8 2114 215
8
213 213
4
8 2118 2112 2114 215
4 213 22
8 5,900 Glidden Co
3
No par 20 8 Jan 27 213 Feb 2
s
*9714 9812 *9714 98
98
*974 98
9812
9812 9812 9812 9812
150 Prior preferred
100 95 Jan 4 9914 Feb 7
4
92
4 923* 9534 931 9412 944 964 118,000 Gold Dust Corp vs o__ _No per 71 Jan 18 1053 Feb 15
91% 92
97 4 933 963
,
/
1
8
,
8 81% 82 8 81
83
7814 825
8114 817
8 7812 813
8 803 813 47,800,Goodrich Co (B F)- __No par 7814 Mar 7 993 Jan 4
4
4
1
111 111
111 111
.110 11018 110 110
110 110 *108 110
400' Preferred
100 10912 Feb 17 11214 Feb 7
55
8012 5712 60
6012 6112 60
57
5512 573
4
4 5534 563 49,200 Goodyear 'I' & Rub___ _No par 55 Mar 7 7212 Jan 4
964 9712 9514 9814 95 95
97% 97% 974 98
954 9812 4,100 181 pref
No par 95 Mar 8 991 Jan 13
:
88
86% 87
,
85
885 873
,, 865 87
86% 86
8
10,300 Gotham Silk Hosiery. No par 78 Jan 4 88 Mar 6
865 87
8
84% 8512 8618 86 4 863 8712 8612 873
8 865 873
,
,
4
8 8812 8812 6,100 New
s
No par 7812 Jan 5 877 Feb 9
125 12512 .12514 1253 128 126
12414 125
*12314 12412 •1234 124
1,300 Preferred New
4
100 115 8 Jan 16 126 Mar 9
5
8% *8
8
83
.8
1 "8
9
8
83
4 *8
*8
200 Gould Coupler A
83
4
8 Jan 3 124 Feb 2
No par
4014 4012 40 8 4012 41
40 4 4212 4234 44
3
5
39% 39% 40
17,300 Granby Cons M Sm & Pr_11/0 394 Feb 18 44 Mar 9
3414 3314 3414 33
333
33
34
331
33
331g 6,000 Great WesternSugarnewNo Dar 31 Jan 26 38 Jan 7
3384 34
116 11614 *11514 117
4
4
4
120 Preferred
*116 117 *1154 1163 *11614 1163 1163 117
100 11212 Feb20 120 Jan 3
12512 13312 12912 13212 13014 1355 273,900 Greene Cananea Copper_ _100 113 Feb 18 16412 Jan 4
117 1195 11718 120% 119 125
/
1
4
8
8
.
8
8
8
818 .712 8
7 Feb 23
1,800 Guantanamo sugar _._ _No par
.77
8
8 8
8
94 Jan 4
*712 8
-_ 106 106 •106
_ •106
•106
10 Preferred
____
100 105 Feb23 107 Jan 7
*10512
53
53
5312 54
54
541: 1,600 Gulf States Steel
5412 *1064
53
54% *53
52% 53
100 51 Jan 9 573 Feb 7
2412 2434 243 25
8
25
5
160 Hackensack Water
25 23 Jan 5 30 Jan 31
25
25 4 25 4 1324 8 25 .245 25
3
3
6912 6912 884 8914
72
6912 70
480 Hanna let pref class A____100 654 Jan 5 793 Jan 19
73 4 72
"72
5
4
73% .72
*26
2714 263 263 *125
4
4 2
: 8: 1,300 Hartman Corp clue A_No par 24 Jan 5 275 Feb 3
6
_2
.
8
*2512 26
511 2613 2612 264 27
3
4 22 4 2312 2318 2318 2212 2312 8,500 Class B
.2112 2212 2152 23% 2214 223
No par 1914 Jan 4 251 Jan 27
/
4
Hayes Wheel
No par
iM- 115 '11314 117 *iiii2 iii112 Jan 17 11812 Feb20
500 Helms(G W)
'112 11714 '112 11714 1121, 115
*12514
10 Preferred
100 121 Jan 3 128 Jan 16
•12514 127 *12514 12614 12614 1264 '125'4
-27 .24 18
par 2212 Feb 29 304 Jan 20
400 Hoe (It) & Co
*2414 28
2418 2412 .24
25
/
1
25
25 25
3112 3112 •30
500,Hollander & Bon (A)_ N pa
2912 Jan 10 345 Jan 24
/ 32
1
4
No
30 8 3034 3112 32
5
8
32
*31
*31
32
73
100 Homestake Mining
.71
7112 .71
*71
100 67 Jan 4 741 Jan 7
73
71
71
71
:
*70
71
*70
8
665
8 665 67
1 500.Househ Prod.Ino.tem ottNopar 841 Feb 21 891 Jan 28
/
4
6418 8412 8512 87 .85
67
67
:
663
4 66
81
4
13238 13312 1313 13814 134 13 4 137 13913 36,600 Houston 011 of Tex tern atfal00 127 Feb 27 1581s Jan 3
5
129 8 13112 13014 134
454 4638 23,100 Howe Sound
8
4
46t8 4612 46
No par 405 Feb 18 475 Feb 29
8
4 453 463* 4512 46
465
, 455g 463
9112 9414 731,110 Hudson Motor Car.- NO Par 75 Jan 16 941 Mar 9
/
4
85
86
843 88% 874 8914 8734 9012 881g 933
4
433 264,100 Hupp Motor Car Corp
10 29 Jan 18 434 Mar 9
8
8 3934 4178 4014 413* 41
4
3912 393 4114 4034 417
39
2814 9,200 Independent 011 & Cies_No par 213 Feb20 2814 Jan 9
4
25 5 2514 2614 26
5
5
2512 23 4 25 4 25 4 2514 25 5 25
3
3
3
No par 3812 Feb 14 4412 Jan 4
4214 4212 4212 1,100 Indian Motooyele
8 4213 4212 *42
423
*41
4212 42
40 8 41
5
60 Preferred
105 105
100 10014 Jan 3 105 Jan 9
*103*103
•105 __I 105 105 *105
_
11
3
8 13
10
1312 37,800 Indian Refining
13
9 Feb 18
1312 137
7
1212 13
137 Mar 8
8
123 -4 1314 1312 13
18 4 10 27,900 Certificates
10
133
, 1214 1314 .1023 103
813 Jan 16 1312 Mar 6
1212 13
1212 133* 134 1312' 13
600 Preferred
100 101 Jan 4 11012 Mar 7
110 110
110 110 13108 110 1 110 11012 .108 109
500 Ingersoll Rand new_ __ _No par 90 Feb 18 94 Jan 6
91
91
9012 9012 91
4' 91
904 903
.9012 91
*9912 91
Preferred
100 116 Jan 4 118 Feb 9
•118 120 •118 120 *118 120 ,•118 120 *118 120 *118 120
No par 46 Mar 3 63 Jan 3
:
47% 50 4 5114 511 16,700 Inland Steel
3
48
4712 46
463
4 464 47 I 4614 47
100 Preferred
100 11512 Jan 8 118 Feb 18
1,1164 11612 .11618 11612 .1164 11612 .11618 11611 *11614 11612 11614 11614
4 184 1814 184 185* 4,900 Inspiration Cons Copper
20
18 Feb 25 215 Jan 3
18
184 18
8 181s 183
8
183
8 1814 187
4
4 2,600 Intercont'l Rubber__No par 144 Feb 23 211 Jan 4
153* 16
/
4
3
1514 13 8 15 4 15 4. 158 1618 1534 154 153 153
5
3
No par
4
13 Feb 24
•13
133
4 1334 1334 13 4 14141 147 14% 143 144 1412 1412 1,500 Internat Agricul
3
8
157 Jan 3
100 32 Feb 21) 80 Jan 3
3612 5512 5512 5512 5512 1,000 Prior preferred
53
53
53
53
3512 5512, 56
3
130 130 4 1304 1317
8 6,500 Int Business Machinee_No par 114 Jan Hi 14734 Feb 3
1264 12714 12814 130
12814 13212 130 131
19,000 International Cement,. No par 56 Jan 3 693 Mar 9
4'
88
893
68
136
674 66
4
66 1 65118 67% 07
67
88
4
100 Preferred
4
100 1081 Jan 4 11014 Feb 10
:
*110 1113 11014 11014 •110 1113 *110 1113 .110 11154 *110 1113
4
4
463 4812 40,200 Inter Comb Eng Corp_ _No par 4514 Feb20 557 Jan 3
4
8
487
2 4712 4812 46% 48
8
,
463 47 2 47 4 483* 48
4
100 Preferred
4
100 1034 Feb 24 1054 Jan 3
*104 10412 10412 10412 *104 105 *104 105 *104 1043 *104 105
8
8
4
8
232 4 235 237 239% 2393 248 ' 237 2397 2374 24012 241 2437 29,300 International Harvester. 100 2243 Feb 18 24734 Jan 7
5
100 Preferred
*137 13712 '1363 138
8
8
100 1364 Mar 1 142 Jan 7
4
8
1373 1373 *1365 138
4
8
•1385 138 •1365 138
200 Int Mercantile Marine_ _100
412 412
418 418 •414 412
4 Feb 21
412 412
53 Jan 9
8
*44 412 *44 413
/
1
8 3814 383
4 3712 3814 11,500 Preferred
8 3712 393
37
100 3414 Feb 20 445g Jan 17
375
8 3612 3612 36ty 393
8
8
8 983 9912 997 1017 29,800 International Match pref__35 934 Jan 3 1084 Jan 7
4
975 9814 9812 1014 9914 100% 9914 1007
8
8
4
5
/
1
4
8114 823
4 804 823
/ 864 8212 844 813 838 825 8558 328,700 Internatlona Nickel (The)_25 73 Feb24 993 Jan 27
1
4
4 82
10 tern etiod
723 27,300 Inprefarrenalo
8
Pver_ _No Par 6718 Jan 18 784 Feb 8
7114 7318 705 7212 71
72
7318 7211 7314 714 727
__ *100 107 *100 107
100 10014 Feb 8 103 Jan 6
•103 108 *103 107
103 103 I
0 Prefarr0d (
0
106 10618 1.85 0Intern etienal 7N
1053 106
4
Sal
100 1430 Feb 24 108 Jan 14
108 108
4
10514 1054 1054 1053 117iiis 106
67 .63
67
8
625 Mar 5 68 Jan 12
8
8
/
1
4
8' 625 625 .63
8
5
64
641
8
, 625 62 8 623 623
International Shoe.___No rar
12
p rn etronal13-Iver
7
1i3i2 1714 ii - ffi- jigs, in% 178 ii
d- ii;i- in- 1' 2- iii- _ 3:300 Interefarlei
100 158 Feb 21 196 Jan 24
100 128 Jan 3 131 Jan 27
128 128
128 128 *12712 128 *1271: 128 .12712 128 .12712 128
nterny
at
8
8
100 1394 Feb 20 1494 Jan 4
147 148
14818 1487 148 1493 14712 14818 14614 14818 1475 1487 13,500 Internet Telep& Teleg
8
8
200
34 .32
34
*32
Corp
34
No par 31 Jan 17 381 Jan 20
:
34
*32
33
3212 3212 .32
34
300 Island Creek Coal
52
52
*5112 52
1 51 Feb 17 56 Jan 4
52 .5112 32
•515 52
8
52
*5112 52
3,300 Jewel
4
8
No par 773
8 827 834 823 83
41‘far 1 881 Feb 10
:
8
8084 80 8 81
5
813 827
80
81
81
Preferred
100 120 Jan 18 123 Jan 18
*123 124 *122 124 •122 125 *122 125 *122 125 *122 125
770 Jones & Laugh Steel pref _100 12034 Jan 4 1233 Feb 9
4
4
4
4
8
*12214 12212 12214 1223 12214 1225 12218 1227 1223 1233 12212 1223
8
4
2.300 Jones Bros Tea. inc.- - -No pa? 293 Fob 18 4034 Jan 10
33
33
4
8
/
1
324 333
s 323 3312 33
33 4 324 3312 "323 33
3
4
1214 10.100 Jordan Motor Car
121s
12
12
4
No Par
1234 135* 13
4
4 113 12
1314
113 123
84 Jan 18 143 Jan 3
4
200 Kan City P&L 1s8 pf AN0 oar 115 Jan 9 11614 Feb 29
8
8
*11814 1164 *11814 1183 *11814 11134 *11614 1163 11614 11614 .11614 1183
4
• non awl .....8.4 oirieWv ia sale. an tag day. s Ex-dividend a Ex rights.
-
PER SHARE
Range for Previous
Year 1927
Lowest
Highest
$ per share $ per Mari
7 Dee 15% May
15 Dec 27 4 May
8
3 Oct 13 Apr
30 July 3718 Mar
643 Jan 8114 Dee
4
116
/ Jan 125 Sept
1
4
213 Jan 39% Oct
4
93 4 Jan 1083 Dec
3
s
24 4 Jan 357 Dec
3
g
3012 Sept 354 Dec
10111 Jan 1135 July
8
843 Sept 934 Dec
8
50 Aug 7778 Noy
151s Jan 23 Dec
3014 Nov 431k May
107 Dec 112 Mar
92 July 115% Dee
114 July 1243 Jan
/
1
4
4
8711 Jan 47 May
9111 Feb 100 Aug
/
4
60
Feb 187 June
754 Jan 97 Mar
17 Dec 301 Jan
/
4
9312 Feb 230 Dec
10 Nov
14% May
974 Jan 1084 Dee
1914 May 30 Feb
143 Oct 20 Apr
4
81
Jan 100 Sept
9412 July 102 Sept
481g Feb 71% Dee
35 Nov 88% Apr
50 June 851: Dee
109 Dee 115 Aug
3414 Jan 1084 Dec
22 Dec 59 Aug
612 Jan 1512 Dee
Jan 644 Dec
48
1083s Mar 11212 Sept
65 Aug 98 Mar
/
1
4
10714 Aug 1447 Mar
8
1184 Ayr 140 Oct
52 Jan 74% Dec
116
Jan 136 Sept
544 Apr 59% Nov
Jan 58% Nov
37
Jan 146% Sept
81
11 June 11% Jan
34 Apr 4712 Feb
100
Jan 11018 Oct
11314 Mar 1233 Nov
8
Jan 1054 Dec
96
11314 Aug 141
Oct
1184 Mar 1258 Dee
4
104 Mar 109 Den
/
1
4
824 Jan 15314 Sent
Jan 81
Dec
38
953 Nov 1094 Oct
4
351s Dco 59 Sept
91 Nov 1084 July
144 May 22 Mar
88 Aug 101 June
42 Mar 78% Dec
42 4 Jan 9618 Dee
1
Jan 11118 Del
96
484 Aug 69 Dee
/
1
4
924 Nov 984 Dec
571 Jan 85 8 Dee
s
5
58 Jan 8512 Dee
Jan 122 Sept
104
4
Oct 1114 Nov
3118 Jan 46 May
354 Dec 44% Sept
/
1
1184 Feb 123 Sept
29
/ Jan 15118 Dec
1
4
1114 May
7
Oct
957 Jan 106 Dee
s
40
Oct 64 Feb
22 Aug 27 July
58 Jan 72% Dee
224 Oct 2714 Mar
184 Dec 29% Apr
1512 Feb 28% MAT
784 Jan 125
Oct
11814 Jan 130 July
22
Jan 411 July
/
4
3114 June 40 4 Oct
1
80 Jan 75
Oct
s
4314 Jan 703 Nov
Oct
601s Jan 178
3454 July 48 Dec
/
1
4
/
4
4814 Jan 911 Aug
/
1
18
Oct 384 Dee
/
1
4
1758 May 32 Feb
18 Mar 47 Dec
Jan 102 Des
/
1
4
92
1218 Sept
718 May
714 June 12 Sept
Oct 112 Mar
99
8714 Nov 96% Apr
1084 July 120 May
/
1
4
Feb 62 Dee
41
Oct
Jan 118
111
121s June 2012 Jan
11 Nov 25 Nov
/
1
81s Apr 164 Dec
33 Mar 6612 May
4
534 Jan 1103 Dee
/
1
454 Jan 65% May
Oct 113 Dec
100
4011 Oct 64 Mar
101
Oct
135
/ Jan
1
4
1283 Jan
4
311 Oct
824 Oct
82 Mar
3814 Jan
a391 Ma,
:
8514 July
:
961 Jan
83 Sept
Jan
160
1354 Mar
109 Mar
12214 Jan
194 Jan
484 Mar
534 Jan
1114 J011
Feb
117
/
1
104 Jan
/
1
4
12 July
109_ Dec
10514 Dec
25518 Dee
139 Dec
8 4 May
1
55% May
951n Dee
8911 Dec
8112 Nov
106 Dee
1125, Dec
75 Dec
239
Oct
198 Nov
128
Oct
158% Sept
39% June
67 Sept
86 Dec
1254 Mar
Oct
123
34 3 Dee
5
224 Jan
1164 Dec
New York Stock Record-Continued-Page 5
1477
For sales during the week of stocks usually Inactive, see fifth page preceding.
-PER SHARE, NOT PER CENT.
HIGH AND LOW SALE PRICES
Saturday,
Mar. 3.
Monday.
Mar. 5.
Tuesday,
Mar. 6.
Wednesday, Thursday,
Mar. 7.
Mar. 8.
Friday,
Mar.9.
$ per share $ per share 3 per share $ Per share 8 per share $ per share
2
4
4
6812 6812 26712 6812 677 6814 673 6818 673 6914 698 70
1912 21
2012 22
20
23
21
2012 2238 22
20
203
4
7634 "75
7713 7712 *74
78
77
78
77
77
.75
77
*7212 79
*7212 75
*72
76
78
74
753
4 76
75
74
•227 23
8
•23
23 23
2313 2312 24
243 257
8
8 25
253
8
8 81
8114 823
82
82
8 81
8118 813
81
8114 8118 8214
• I712 •46 if •45C2 If *4512 li 4513 1;;12 *,- If _
4513
6i3
93 93
93
927 93
0213 933
8
9212 9213 93
8 915 9212
8
8
8
6314 625 6312 6313 6412 637 643
4 6418 6412 26314 637
63
8
7012 6913 7018 6818 6912 26712 6834
8 69
4 6813 687
685 683
8
11512 11512 115 115 *1143 115 *11214 115
"115 116 .11512 116
4
2212 2113 223
8 22
8
2412 205 243
8 2012 2214 2012 213
24
8
*56
63
73
63
*56
68
73
*65
*5612 66
*5612 72
94
95
*89
*89
*90
94
95
*89
9412 9412 9412 9412
230 240 *230 236 *230 235 *200 235 *200 235
236 236
10214 104
103 103
*102 111
10212 10212 103 103
105 108
"31
3112 3014 313*, 30
303* 3018 3012 3012 3212 32
323
8
935 957
8
96 I 9418 953
8 93
8 93
9514 93
9414 9314 943
8
1914 18
19
197
8 1812 1813 18
187
1812 1812 1812 1812
8
433
4 425 423
4 4218 43
4212 437
423*
4214 427
8 4218 423
4
341
. 4 3412 3414 343
4 34
333
3312 333
3318 3314 3312 3334
108 109
11213 11384 110 110
- 106 10612 .10713 108
1133 11334
4
10712 11112 110 11313 110 1107 11118 1113
4
.10618 1062 10618 108
8
4
136 138 *136 138 *136 138 *136 138 *136 138 *136 138
56
5614 5512 5512 5514 5512
547
8
8
6512 6612 66
0912 7118 70
6612 6612 7158 695 72
7112
6018 6012 60
613
4 6113 6214 61
613
4 6012 613
613
4
s 61
64 634
63
4 67
s
8
63
65
4 67
8 63
4
612 63
4
612 63
4
*2912 31
31
31
*30
*30
29
30
3014 3012 303 31
4
5034 513* 507s 523
4 6112 5212 5118 5112 51
5114 5112 5234
4
•121 1213 *121 1212 *121 1213 *121 12134 .121 12134 1213 1213
4
4
4
4
- - - - - - 7
- 4524 li - ----------2
58T4 - - 3
3 4 ----39 16
8
----*111
___ *111
_ _ •111
_ __ •111
_ __ 112 112 •113 114
1012 1012 1014 10-14 1018 1012 1038 1012 10% 1012 1014 1012
*83
88
88
*83
*83
88
*85
873 '83
4
88
*83
88
2918 2834 2878 29
29
2918 29
29
287 29
8
283 29
4
8 31
3112 3058 31
303* 315
3014 305
8 293 297
4
8 297 323
8
8
*51
51
51
5112 51
5112 *49
51
49
49
50 50
10978 1097 1003 115
8
113 115
8
113 115 *112 115 *110 115
*70
72
.69
7012 71
71
*70
72
*70
717
8 7014 7014
9314 95
4 915 94
9112 923
8
9314 947
9312 95
935 953
8
8
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
SharAs Indus. & MIsceL (Con.) Par
12,700 Kayser (J) Co v t c._No par
54,500 Kelly-Springtleld Tire
25
600 8% preferred
100
500 6% preferred
100
14,000 Kelsey Hayes Wheel__ _No par
18,500 Kennecott Copper
No par
___
Keystone Tire & Rubb_No par
100 Kinney Co
No par
300 Preferred
100
8,900 Kraft Cheese
25
13,200 Kresge (88) Co new
10
20 Preferred
100
6,400 Kresge Dept Stores__..No par
100 Preferred
100
200 Kress Co new
No par
200 Laclede Gas L (St Louis) 100
210 Preferred
100
5,000 Lego 011 dt Transport_No par
76,200 Lambert Co
No par
7,200 Lee Rubber & T1re
No par
14,900 Lehn dt Fink
No par
2,800 Life Savers
No par
2,200 Liggett & Myers Tobacco__25
9,100 Series B
25
Preferred
100
1,800 Lima Lot Wks
No par
28,600 Liquid Carbonic certlfs_No par
35,500 Loew's Incorporated
No par
4,400 Loft Incorporated
No par
2,500 Long Bell Lumber A _ No par
10,200 Loose-Wiles Biscuit new____25
10 let preferred
100
2d preferred
_
100
5- ,i65 Lorillard
8
25
100 Preferred
100
6,700 Louisiana Oil temp ctfs_No par
Preferred
100
2,700 Louisville 0 & El A-..._No par
10,000 Ludlum Steel
No par
600 MacAndrews dr Forbes_No par
3,100 Mackay Companies
100
500 Preferred
100
83,200 Mack Tru2ks. Inc
No par
let preferred
100
2d Preferred
100
-555 i6i aio- ifi - *i55 616 *Hioit 61112 *Zio 616 *556 616
iith Macy Co
No par
255 267
8
8 263 267
s 2614 263
8
4 2514 263* 253* 26
26
275 39.000 Madison Elq Garden
8
No par
45 45
8 453* 4612 4612 471 463 465
4514 457
/
4
8
8 46
4812 7,600 Magma Copper
No par
2318 2312 231 2412 24
/
4
26
247 253
4 25
263
4 253 2714 45,000 Mallinson (II R) & Co_No par
4
9312 9312 94
943
4 95
973
4
9614 97
06
97
1,120 Preferred
100
3712 *3112 3712 3412 3412 *3112 3712 *3112 3712 *3112 3712
•30
100 Manatl Sugar
100
•6512 70
*6512 70
*6512 70
'66
70
*65
70
*66
70
Preferred
100
3912 *353 388 *353 3714 "36
*3612
4
4
3714 *36
200 Mandel Bros
371 36
/
4
3
6
No par
51
527
8 527 527
8 52
523
4 53
547
8 53
54
5318 5312 7,700 Manh Elea Supply
No par
*32
3278 327
333
8 3212 3412 *333 34
4
343 3512 34
8
343
4,000 Manhattan Shirt
25
*47
58
*47
58
*47
48
•47
48
*47
58
*47
58
Manila Electric Corp_ _No par
147 1514 143 1538 •1414 15
8
4
*1514 1512 15
1512 1514 153
8
1,500 Maracaibo 011 Expl... _No par
3512 353
4 3512 353
4 3518 3512 3518 357
3518 3618 36
3613 39,400 klarland 011
No par
4514 4512 4514 4514 453 453 *46
46
46
46
46
4
47
4
1,200 Marlin-Rockwell
No par
•1214 13 .1218 13
*1212 13
1212 1212 1212 121 *1213 13
200 Martin-Parry Corp_ _ No par
124 1247 12414 1253 12414 125
8
4
1235 12418 1235s 12434 124 1257
8
8 4,400 Mathleson Alkali WorksNo par
*11514 116 *115 116 *11514 11612 *11514 11612 *115 11612 '115 11612
Preferred
100
8 8112 82
803 815
4
81
82
81
81
81
8112 8134 4,400 May Dept Stores new
81
25
31
31
31
31
3112 32% 314 32
3112 32
3118 32
4,700 Maytag Co
No par
*78
8214 *794 8214 *80
8214 *8014 8212 8014 8014 80
80
130 McCrory Stores class A.No par
082
83
*8114 8212 82
82
8214 827 *8112 8212 8112 813
8
4
800I Class B
No par
10934 109 4 *1091s 114 *10912 114 *10912 114 *10912 114 *10912 114
3
200 Preferred
100
*263* 2712 *263 2814 *2612 283 '27
"2612 27
4
4
2712 *2612 274
!McIntyre Porcupine Mines _5
26
26
*253 26
4
"253 26
4
*253 26
4
8
25% 257 "2534 26
300 Metro-Goldwyn Pictures pf.27
77
73
4 8
712 77
4
712 73
713 712
714
712 73* 3,200 Mexican Seaboard Oil...No par
18
1818 18
1812 18
1813 1814 1814
18
183s
1818 183
8 4,000 Miami Copper
5
2612 2612 2612 265
8 27
27
263* 263
4 27
2814 2712 2818 7,300 Mid-Continent Petro No par
*103 10512 *10312 10512 10312 10312 •10312 1051 "10312 10512 *10312 10512
200 Mid-Cont Petrol pref
100
258 258
258 27
4
23
4 23
25
8 23
4
8
23
4 27
23* 27
8 7,600 Middle States 011 Corp
10
184
141
158 2
13
4
13
4
2
2
14 2
'17
8 2
2,400 Certificates
10
217 217
4
21714 223
2183 2213 217 200
220 225
232 237
4
6,800 midland Steel Prod pref_ _100
2418 23
..24
2412 24
23
2212 2212 2212 2212 233 233
4
4
900 Miller Rubber ctfs
No par
160 16112 161 1674 163 16513 1615s 16584 163 1653 16212 16514 110,300 Montana Power
8
100
131% 13312 13212 138
4
13412 1363 13318 1363 13312 13434 1343 1377 145,300 Montg Ward & Co Ill corp__10
4
4
8
74 75
8
718
65
8 73
73*
67
63
8 7
4 7
64 67 15,900 Moon Motors
8
No par
33
3
3
3
318
33*
3
314
318
314
314
31
8 5,500 Mother Lode Coalition_No pa
"612 7
64 63
"612 7
67
*612 67
7
7
8
7
2,000 Motion Picture
No pa
1714 1712 1614 17
153 161
8
8 1614 16%
1614 163
1612 167 10,400 Motor Meter A
8
No par
2778 277
8 28
2814 277 2814 2814 283
4 2812 307 230
304 22,400 Motor Wheel
No par
7.534 765s 773 14,700 Mullins Body
7613 75
75
763
8 7512 79
77
7958 75
4
Corp___ _No par
•107 10812 10812 1081 *107 109 *107 110 *107 110 *107 110
10 Preferred
100
*47
4712 463 463
4
8
4 473 48's 4713 49
4914 4914 *4714 4914 2,500 Munsingwear Inc
No par
2318 25
2312 2414 2812 24
*
23
227 23
23
235 2418 13,300 Murray Body new
8
No par
871 4 884 8612 883
8
8714 867 871
86
4 8612 8(1% 867 8812 57,700 Nash Motors Co
8
No part
1134 12
12
12l4
12
1214 12
12
12
12
12
12
1,900 National Acme stamped____101
61
62
617
61
621s 6378 6258 6338 6312 6412 7,800 Nat Belles Hess
607 61
8
No par!
983 10012 10012 10012 10012 10012 100 100
,
987
*98
100 100
1,700 Preferred
100
16712 16814 167 1703 17018 17134 169 17114 169 169
16914 1707
s 6,000 National Biscuit
25
•13712 141 *13712 141 *13712 139
13914 13914 *13712 13912 13912 14034
500 Preferred
100
495 50
8
8
5012 495 50
5
0
4934 52
503 503
4
4 5012 81
22,800 Nat Cash Register A w IN° par
67
/ 6918 677 88s 68
1
4
683
8 673 684 68
4
/
1
6712 68
69
21,200 Nat Dairy Prod
No par
*2314 2312 *2314 2312 *2314 2312 2314 2312 *2314 2312 2312 2312
600 Nat Department Stores No par
.91
9112 91
*91
91
93
*91
93
*91
93
*91
93
100
1st preferred
100
*38
39
375 38
8
367 38
8
403
8 385 397
38
8
39
4058 12,500 Nat Distill Prod Ws_ _ _No par
59
5914 60
597
8 59
*59
5912 5912 "5912 61
59
59
500 Preferred temp etts_ _No par
2712 2612 2612 257 257
8
8 243 247 *25
2712 "26
4
*26
8
26
600 Nat Enam & Stamping_ _100
92
•90
"90
92
92
*90
9014 9014 '9014 91
92
'90
100 Preferred
100
12412 12412 124 1245s "125 127 *125 128 •12514 1283 .127 129
4
1,100 National Lead
100
•139 1393 *139 13912 139 139 .139 1393 "139 13934 .139 1393
4
4
4
100 Preferred A
100
116 "109 116 '109 11338 •109 116
•109 116 *106
11312 11313
100 Preferred B
100
2514 2518 2612 26
8 25
253
245s 2514 25
24% 25
2673 86,100 National Pr & Lt ctfs. _No par
93
93 93
93
93
9312 93
917 924 9212 93
94
1.400 National Supply
50
333 33934 339 346e 34413 354
327 333
326 333
327 330
4,440 National Surety
WO
17512 178
17312 17512 *173 1747 172 175 •167 174 *173 175
8,100 National Tea Co
No par
1918 1912 1914 1912 193 2012 195 2038
20
8
8
193* 197
2058 34,200 Nevada Corm! COPDer_No par
4414 4512 4418 447
4
8
443 4514 443 45
44
443 45
4
443
8 6,400 N Y Alr Brake
No par
PER SHARE
Range Since Jan. 1.
On basis of 100
-share lots
Lowest
Highest
PER SHARE
Range for Preston,
Year 1927
Lowest
Maass.
8 per share
$ per share $ per share 4 per share
62% Jan 5 7124 Feb 15
49
Apr 65 Dee
/
1
4
15 Feb 17 273 Jan 3
94 Jan 3214 Nov
5514 Feb 17 84 Jan 6
35 Feb 102 Sept
58 Feb 17 80 Jan 28
44
Jan 9712 Sept
2212 Jan 10 257 Mar 8
8
19
Oct 27 July
8018 Feb 20 873 Feb 10
8
60 Feb 90% Dec
14 June
1 Mar
3812 Jan 16 52 Jan 19
'94 June 45
/
1
Jan
8914 Jan 6 97 Jan 24
56 June 93 Dee
5914 Jan 3 74 Jan 9
49 June 627 Feb
8
6058 Feb 24 7312 Jan 24
457 Jan
7714 Sept
1134 Jan 19 117 Jan 3 11018 Feb 118 July
/
1
1312 Jan 18 2714 Feb 29
10 June 18 Dec
513 Feb 1 69 Feb 29
4
45 Nov
80
Jan
87 Feb 20 9714 Jan 25
59
Jan 10512 Sept
200 Jan 10 260 Feb 2 17334 Jan 26712 June
100 Jan 5 12413 Jan 26
96
Jan 130 May
2012 Jan 373 Nov
273* Feb 20 3578 Jan 14
4
Jan 8812 Oct
66
79 s Jan 10 96 Mar 5
,
1714 Jan 3 2258 Feb 2
7
Jan
1812 Dee
38 Jan 17 45 Feb 15
325 Apr 43 Nov
8
3014 Jan 18 3518 Feb 7
2014 Sept 3414 Dee
105 Feb 20 12212 Jan 3 "8712 Feb 128 Sept
1047 Feb 20 12312 Jan 3 *865 Feb 128
8
8
Oct
13514 Jan 30 13814 Jan 11 12484 Jan 140 Dee
54 Mar 9 6514 Jan 3
49
Oct 763 Apr
8
6312 Feb 20 777 Jan 13
8
45 4 Sept 783 Dee
3
4
487 Jan 637 Mar
8
57 Jan 10 637 Jan 27
8
8
4
5
Oct
534 Feb 9
73 Feb 27
758 Jan
251 Dee 43 Mar
/
4
26 Jan 3 3534 Feb 3
4918 Jan 10 58 Jan 27 33513 July
5714 Dee
120 Feb 8 123 Jan 6 118
Jan 123 Nov
_ _ 157 Mar 171 May
2312 May
8
357 Feb 21 44 Mar 7
4728 July
112 Mar 8 1133 Jan 10 107 June 11812 Jan
4
93 Feb 21
10
123 Jan 9
4
Oct
12 Aug
80 Feb 21 91 Jan 8
8514 Dec 97 Feb
*
231 Jan
28 Feb 7 29s Feb 10
3012 Dec
Oct 3314 Mar
20
255 Jan 11 3412 Feb 6
8
46 Jan 6 5112 Mar 6
43 Nov 5814 Dec
10812Mar 2 1193 Jan 27 105 June 134 Aug
8
67 Aug 74 Aug
6814 Jan 13 71 Mar 5
8814 Jan 118% May
905 Mar 2 1077 Jan 3
8
8
__ 109
Jan 11318 July
Jan 10712 June
. 102
Jan 24312 Nov
235 Jan 10 313 Mar 2 124
2013 Aug 28% Oct
2214 Jan 9 2758 Mar 9
433 Feb 27 5613 Jan 4
291 Feb 583 Dec
/
4
4
4
16 Jan 20 2714 Mar 9
114 Apr 203 Dec
4
8718 Jan 30 973 Mar 6
4
6604 July 95 Dec
27 Nov 48
3412 Feb 10 41 Jan 14
Feb
70 Feb 17 88 Jan 17
Oct80 Dee
48
/
1
4
36 Mar 2 4012 Jan 24
3918 Dec 493 Aug
4
Oct132 Aug
43
50 Jan 11 547 Jan 3
314 Feb 18 36N Jan 23
2414 Jan 353 Dec
4
Jan 80
453 Feb 6 50 Feb 3
4
40
Oct
1212 Feb 20
1818 Jan 13
12
Oct221 Jaz
4
33 Feb 17 383 Jan 16
31 June 5812 Jar
s
4514 Mar6 5213 Jan 6
27
8
Jan 557 Nov
1238 Mar 1
1512 Dec 24 4 Fel
1
1538 Jan 3
119 Feb 20 1313 Jan 25
82 Jan 1323 Dee
8
4
115 Jan 12 117 Feb 2 103
Jan 120 Del
78 Feb 17 853 Jan 3
8
663 June 902 Not
4
*
3012 Feb 20, 3414 Jan 12
23 Jan 3514 Del
/
1
4
77 Feb 181 88 Jan 3
55 Mar 90 De,
81 Feb 20 8912 Jan 3
564 Mar 861 Deo
4
109 Feb 8 111 Jan 10
97 Mar 11613 Sep
2412 Mar 2838 Oel
263* Feb 24 28 Feb 4
2518 Jan 6 27 Feb 9
243 Jan
4
264 Fel
458 Jan 19
3 Aug
858 Feb 29
94 Fel
/
1
1734 Jan 5 1912 Feb 7
1318 June 20 4 De4
3
2518 Feb 20 2912 Jan 3
2.513 Oct 39% Jar
10314 Feb 20 1057 Jan 16
Apr 105 Fel
97
8
158 Jan
33 JUDI
4
23* Jan 3
3 8 Jan
5
112 Jan 3
23 Jun(
4
23 Jan 5
8
118 Jan
199 Feb 18 290 Jan 4 106
Apr 315 Dei
1712 Nov
361 Ap
4
21 Feb 17 27 Jan 3
8112 Jan 1094 Oel
10214 Jan 10 1674 Mar 5
603 Feb 1231 Deo
8
/
4
117 Jae 19 14914 Feb 8
53 Feb 6
6 June 1212 Jan
4
73 Mar 2
112 Oct
43 Jai
2', Jan 27
3% Feb 23
8
612 Sept 1638 ma
612 Feb 29
812 Jan 27
17 Nov
383 Ap
15% Mar 6 2314 Jan 12
203 Jan 27 Ma
7
4
2512 Jan 12 30-8 Mar 8
Jan 7914 Do
10
72% Feb 17 93 Feb 2
80
1043 Jan 17 1103 Jan 9
Jan 11014 Deo
4
4
4
353 May 53 Not
463 Mar 5 53 Jan 23
4
1614 Oct 43 Fel
2112 Feb 11 3113 Jan 4
6014 Apr 1017 Do
8
2
8014 Feb 20 1013 Jan 3
5 Feb
74 Oc
714 Jan 4 14 Jan 31
31 1s Sept 4612 De
41 Jan 3 81123Iar 9
8514 Sept 97 Ap
9014 Jan 3 101 Jan 26
9444 Jan 187 Do
16214 Jan 19 182 Jan 27
Jan 142 Del
13712 Feb 29 143 Jan 9 130
8
397 Jan 513* De
4714 Jan 16 5338 Feb 2
6412 Jan 5 7213 Feb 1
591 May 68e Ani
/
4
2014 June 27% Ma
2178 Jan 5 2438 Feb 2
91 Jan 10 92 Jan 23
8912 July 9414 Jai
17
Feb BO
3558 Feb 28 5812 Jan 9
Oc
55 Feb 28 713* Jan 9
, 43 Mar 6938 Jun,
8
1918 Apr 353* Jun,
23-8 Feb 20 305 Jan 26
9014 Feb 27 91% Jan 18
6918 Apr 917a Jul;
123 Mar 1 136 Jan 31 1)95 May 20238 Ma:
139 Jan 3 13918 Mar 1 11312June 1393 De
4
113 Jan 19 1163 Jan 5 1047 June 1154 De
o
8
21% Jan 16 275 Jan 27
1914 June 26 Sep
14
90 Feb 21
9612 Jan 3
76 May 977 De
Feb 7 355 Jan 3 a218 July 373 De
298
160 Jan 17 178 Mar 9 108
Apr 180 De
173 Jan 18 2312 Feb 6, 1214 June 20 8 De
4
5
4312 Jan 17 5012 Feb 10
394 Oct 50 Jun,
1318 Apr 2172 Jai
No par!
Preferred
-- - -43 Mar 72
No par!
- -- 511 4 -- =" 57
Jai
57
*5414 - - -- -554 -- 3 *55 - - -- *55- -- -- *53- -- - 56
553 4 5714 2,200 New York Dock
. 56
4
34
Jan 6538 Nor
1001 52 Feb 18 6414 Jan 4
"87
92
92
*87
"87
92
*87
92
92
*87
92
*87
Preferred
7218 Feb 9312 No,
100 9014 Feb 2 95 Jan 4
2
1024 10213 102's 10212 10112 10111 1004 1011z 1017 10212 10113 10338
490 N y steam pref (6)____No par 99 4 Jan 3 1033 Mar 0
8
9312 Feb 10212 Oe
,
112 11312 1123 1123 .11258 11513
1137 114
4
8
4
s
8
1125 1125 *112% 114
70 First preferred (7)_
8
Jan 11412 Oe
2818 28
28
28
28
*28
2814 28
2812 1,700 Niagara Falls Power _No par 102 Jan 30 1145 Feb 24 105
*28
28
28
pi new _25 28 Jan 3 283 Feb /7
4
273 Jan
4
295 Ma;
8
4
x591 6018 597 6014 593 6112 61
8
617
8 6118 613 33,200 North American Co
8
1311 62
4
455 Jan 844 Oc
8
10 585 Jan 5 6218 Jan 14
55
*54
5412 5412 5412 543* 54
57
54
*545 5514 *54
8
600 Preferred
50
50 5314 Jan 3 55 Feb 23
Jan
55 AU
10:1 10314 .10234 1033
8
103 103
103 103
•10212 10314 *1025 105
8
400 No Amer Edison pref_ _No par 10212 Feb 15 1057 Feb 7
963* Jai 105
Oc
.5012 51
5012 5012 *5014 51
5014 5014 .5014 51
*5012 51
30 Northwestern Telegraph_ _ _50 50 Jan 5 52 Jan 14
4714 Jan 56 Bey
1212 3
*23
2 3
252 212 *212 3
*23
8 3
1212 3
100 Norwalk Tire At Rubber_ _10
2N Mar 8
4 Jan 3
17 June
8
53 Fe'
8
8
8
9
812
*8
*8
"8
9
.812 9
8
934
800 Nunnally Co (The)___ No par
8 Mar 8
93 Mar 9
4
83 Dec
4
13
Ja
35
3518 345 35
35
35
3412 3412 3412 35
35
*34
2,200 Oil Well Supply
3114 Jan 387 De
25 33 Feb 18 41 Jan 11
8
10712 108
108 1083 .10712 1083
4
*10712 108 *10712 108 *10712 108
4
60 Preferred
100 107 Jan 26 11012 Jan 11 10234 Mar 110 Jun
1218 1218
121 1218
/
4
1213 131
133* 133
1214 1212 1214 1214
8 5,200 Omnibus Corp
No par
143 Jan 28
8
124 Feb 18
11 Mar
1718 Jun
.98
06t., .95
9612 *05
96% •95
9612 9618 9612 '95
96
200 Preferred A
_100 90 Jan til 9612 Mar 8
81
Jan 9912 Ma
7312 '7212 73
73
73
'7212 73
73
73
73
737 737
800 Oppenheim Colltne & CoNo par 7112 Feb 21 8812 Jan 7
584 Feb 823 De
8
2214 23
23
22
22
22 '
'21
1
•2214 23
22
*2214 23
400 Orpheum Circuit, Inc
1 22 Mar 6 2412 Jan 9
237 Dec
35
Ap
8
8
*98 1007 .95 1007 *95 1007 100 100 *100 1007 '100 1007
100 Preferred
100 9912 Feb 21 102 Jan 5 1023 Nov 10812 Jun
4
/
1
8
4
8
149 1493 15114 1513 1504 15313 154 15412 1537 1537 154 15413 3,200 Otte Elevator
4
50 1474 Feb 20 15812 Jan 17 8103 Feb 1555 Oc
•120 12412 *120 12414 "120 1241 1 *120 12414 11914 120
11914 11914
40 Preferred
_ 100 119, Jan 24, 124 Mar 2 108
4
Feb 124 Au
14
II% 12 1 112 112
1131 _12 _ _11_7 1238 8.600 008 Steel ______
4
8
113 1218
112's 12
4
_._ _No Dar
101. Jan 18 131 Feb 8
.
714 Feb
121.Inn
• ain and ...Rod (finals DO *Ma. aa *815
• 18:1 dividend • Ex-rigbts.
1478
New York Stock Record-Continued-Page 6
For sites during the week of stocks usually Inactive, see sixth page preceding
HIGH AND LOW SALE PRICES-PERSHARE, NOT PER CENT.
Stow day,
Mar. 3.
Monday,
Mar.5.
Tuesday,
Mar. 6.
Wedrusaay, Thursday,
Mar. 7.
Mar.8.
Fri, ay.
Mar. 9.
Sales
for
tne
Week.
STOCKS
NEW YORK wrocKIN
EXCHANGE
PER SHARE
Range Since Jan. 1.
On basis of 100-share lots
PER SHARE
Hangs for Prerioni
Year 1927
Lowest
Highest
Lowest
Highest
per share $ per sha7e
Per share
per share $ per share $ per share Shares Indus. & 511seel.(Con.) Par $ per share
$ per share $ per share $ per share
8712 8712 88
88
88
8812 8814 88 4 88
88
8814 89; 2,900 0±18 Steel prior pref
,
100 824 Jan 10 9014 Feb 7
6113 Feb 91 Nov
*82
84
8614 86 4 *85
87
.85
,
87
86
86
200 Outlet Co
*83
87
No par 82 Feb 21 91 Jan 5
523 Jan 99 Dee
4
8 77; 777
7712 7712 7712 777 .7712 772
g
8 77
8412 83
847 10,900 Owens Bottle
8
25 7412 Jan 3 8478 Mar 9
73 Dec 854 Dec
•116 11612 *116 117 •11612 117 *11612 117
11412 11612 *11612 117
10 Preferred
100 11434 Jan 3 11612 Mar 5 107
Jan 120 Nov
443 443
4
4 4412 45,
4
4414 45
4 443 45
4418 443
4414 4412 4,400 Pacific Gas - Eleo new
4
25 434 Feb 28 497 Feb 6
8
31 Feb 60 Dee
•1 4 ; 1; 138
,
114
114
1;
1
114
114
138 2,800 Pacific 011
114 *114
No par
114 Jan 3
I May
17 Jan
8
4
13 Jan 27
•15() 15012 14912 150
14912 14912 14912 14912 *14912 150
150 150
100 Pacific Telep & Teleg
100 14912Mar 5 157 Jan 6 124 Mar 162 Deo
511812 12212 *11812 12234 •11812 12212 *11812 122 *114 1213 *11812 1213
4
4
Preferred
100 115 Jan 5 123 Feb 3 10312 Mar 116
Oct
6112 62; 613 623
4
63; 65
4 63
66
6114 64; 64; 66 170,100 Packard Motor Car
10 5614 Feb 18 66 Mar 6
333 Apr 62 Dec
4
Paige Dot Motor Car.
.No per
17 Jan 17 203 Jan 4
772 Mar 183 Dee
2
4
-454 - g 43
44143
42's 4218 4112 42 - 42
4212 4212 2.900 Pan-Amer Petr & Trans__ _ _50 3314 Feb 20 463 Jan 6
43
2
404 Dec 657 Jan
2
4312 44
4214 433
4 42
427
8 413 4212 4114 43 2 43
4
4312 26,000 Class B
,
4
50 373 Feb 20 463 Jan 6
4
4014 Dec 663 Jan
8
*1912 2018 •1912 20
*1912 193
12
4 19; 1912 1) 2014 20
2012 4,500 Pan-Am West Petrol B_No par 1814 Feb 15 21 Jan 13
163 Oct 377 Jan
4
2
13
13
1314 1314 •1318 1312 *127 1312 13 2 13 2 133 1373 1,100 Panhandle Prod & ref_No par
2
2
,
,
1112 Feb 11
1612 Jan 6
8 Apr 187 Jan
2
*70
75
70
70
*70
*72
75
74
74
*71
200, Preferred
74
74
100 70 Feb 21 81 Jan 4
54 Sent 83 Nov
•35
3512 35 2 3512 35
,
35; 343 35,
4
4 343 3412 3.200 Park & Tilford tern etts_No par 3414 Feb 18 3752 Jan 4
8
8 343 343
2
Jat1 46 8 Oct
20
5
1012 1114 107 11,
8
4 10; 1112 10 4 1118 133 11
4
107 1118 27,600 Park Utah C M
2
3
1
93 Jan 3 1412 Jan 5
4
6
Jan 104 Dee
3
3
3
31g
3
31g
3
3
3
3 14
3
21,300 Pathe Exchange
3
No par
2 Feb 8
412 Jan 6
31 Dec 12 June
4
1312 1414 1312 1312 1312 14 4 1314 14
1312 1312 1312 14
,
5,800 Paths Exchange A new_No par
84 Feb 9 184 Jan 14
1812 Dec 434 Juno
24; 2478 2434 2734 263 28
4
2678 2778 2612 27% 27
273 29.800 Patina Mines & Enterpr__ _20 234 Jan 3 303 Jan 30
4
8
1812 Aug 2778 Feb
19
193
22; 2012 21; 20
4 20
20; 2012 21; 213 24
30,600 Peerless Motor Car
2
50 1618 Jan 27 24 Mar 9
20 Apr 32 Jan
2712 2814 28
2812 2712 28
2714 2712 27
28; 2712 2812 20,100 Penick & Ford
NO par 2232 Jan 7 2812 Mar 5
1912 Sept 27 8 May
7
*1014 11
•1014 103 *1014 11
*1014 11
4
*1012 11
*1012 11
Penn Coal & Coke
50 10 Feb 9 1412 Jan 5
1014 Jan 251k May
25
25
24; 25 4 25
2514 25
,
25; 243 243
4
4 2514 25 4 3,500 Penn-Dixie Cement__ __No par 225 Jan 11 2712 Jan 31
,
8
2112 Dec 395 Jain
8
*011
02
'
19512 98
*9512 98 8 *95
98
*9514 98 2 9612 9612
,
100 Preferred
,
100 94 Jan 5 9612 Mar 9
91 Sept 100 May
Penn-Seaboard SO no No par
118 Feb
32 June
167 168
167 167
167 17112 ii5- 171
16634 167
169 17284 - 9 666 People's 0 L & C (Chle)._100 1513 Jan 6 18912 Feb 2 126
.
-4
Jan 1681 Nov
4
*148 165 *155 160
159 4 1593 *158 165 *155 165 *155 165
3
4
100 Philadelphia Co (Pittsb)___50 1494 Jan 19 163 Jan 31
8514 Jan 15312 Dee
15463 48
4
*463 48
4
*463 48 .463 48
4
*46; 48
4
*463 48
5% preferred
4
50 4612 Jan 18 484 Jan 16
40 Jan 51 Deo
*534 5314 5314 5312 5312 533
4 53 4 54
3
537 5412 5414 54,
8
50 52 Jan 3 5412 Mar 8
2 5.ii5o 6% preferred
Jan 534 Sent
50
32; 33
3214 33
3114 32; 30
; 3118 303 3114 29; 30 2 10,600 Ptilla & Read C & I__ _ _No par 2814 Feb 9 3954 Jan 3
4
,
374 June 4758 Mar
*31
33
*31
33
*30
30 30
32
30
30; 29
700 Certificates of lot.._ No par 29 Feb 10 38 Jan 12
29
374 June 47 Mar
*1512 16
1534 15 4 15; 15; 15; 16
3
1512 1512 157 15;
300 Phillip Morrls & Co. Ltd_ _ _10 15 Mar I 19 Jan 31
8
18 Sept 4118 Jan
52
39
3914 3812 39
38; 38; 3814 39; 38; 395
8 3912 393 35,400 Phillips Petroleum
No par 3514 Feb 20 4312 Jan 14
4
3614 Oct 604 Feb
34
34
34
34
*32
35
34
*32
34 .32
*32
500 Phoerlx Hosier/
34
5 28 Jan 12 37 Feb 23
3518 Dec 52 8 Aug
7
•10112 103 *10112 1023 •10112 1023 *10112 1023 *10112 1023 10112 101
4
4
4
10 Preferred
4
100 96 Jan 9 10314 Feb 14 103 Jan 1071 July
4
13
1312 1214 1318 12; 1212 1218 12; *1214 1212 1218 123
1012 Feb 18 155 Jan 3
4 5,400 Pleree-Arrow Mot Car_No par
8
012 Oct 23 8 Mar
5
4812 49 4 48
3
49; 45
4612 44
*44
44
45
45
3,100 Preferred
100 394 Feb 16 5312 Jan 3
46
374 Oct 10212 Jan
8834
3428
2,000 Pierce 011 Corporation
;
;
*12 ;
12
',Mar 3
;
25
12
;
14 Mar
3 Jan 3
4
14 June
•1612 18
*1612 18
*1612 18
*1612 18
•1612 18
Preferred
*1612 18
134 Mar 24 June
100 1614 Feb 20 2012 Jan 10
33
4 334
3 4 34
3
3
38 3 3
7
7
3; 37
33
4 34
8 2.400 Pierce Petrol'm tern etfatio par
3
33
4 33
4
458 Jan 7
312 Feb 16
24 Mar
54 June
•3412 3412 34
34 8 3418 34; 3418 3412 34
3
343
4 34
343 ' 5,800 Pillsbury Flour Mills__NO Dar
4
323 Feb 18 374 Jan 9
3078 Nov
4
374 Aug
•110 113 •110 11218 110 110
11014 11014 11014 11014 110 8 110;
500 Preferred
3
100 108 Jan 5 11712 Jan 9 104 Aug 109 Oct
*4612 471
47
4712 47
47
4612 4312 431
*45
453 4612 1,800 Pittsburgh Coal of Pa
4
100 4114 Feb 8 534 Jan 4
1
32 4 Mar 7412 June
*8312 85
*8312 85
*8312 85
8312 8312 *8212 841
300 Preferred
8212 8212
100 8212 Mar 9 88 Jan 12
7058 Mar 98 Sept
•89
91
*88
90
*88
90
*8712 90
893 90
4
90
400 Pittsburgh Steel prof
90
Jan
4
100 893 Mar 8 96 Feb 9
94 Dec 101
•28
33
*28
33
*28
32
128
33 .28
*28
33
33
Pitts Terminal Coal
3012 Apr 55 June
100 26 Feb 10 3512 Jan 5
*78
791 *7813 783 *7812 7912 *7812 7912 *78; 791
78
50 Preferred
7812
100 77 Feb 20 784 Jan 7
Apr 844 Dec
74
*67'4 683 *6712 683
6814 6814 *67
68
*6714 68
6712 6712
200 Porto Rican-Am Tob el A.100 621 Feb 24 797 Jan 6
,
8
65 Aug 0112 Jan
*26
27
26; 267
2612 2612 2513 27
*253 261
4
2612
1,000
No par 2378 Feb 24 35 Jan 3
15 Aug 527 Dee
8
12018 1211 12014 1221 12114 12238 121 121; 1203 1223 121; 2612 24,000 Class B
4
8
12214
Poeturn Co. Inc
No par 118 Feb 20 1295 Jan 24
8
8
925 Mar 12618 Dee
*2212 23
24; 267
257 263
2
4 2512 26
2514 26
253 26
4
15,600 Premed Steel Car new_No Par 22 Feb 18 264 Jan 3
3612 Feb 7814 Deo
*82
851
8514 86 .82
85
*8512 86 .84
*8512, 86
86
40 Preferred
100 80 Feb 28 88 Jan 4
764 Feb 924 May
1914 191
1912 19; 1912 191
19
1912 19; 201
20
337 May
2
203
3 5,200 Producers & Refiners Corp 60 16 Feb 17 26 Jan 10
164 Jan
4312 431 *43
431 *43
4314 *43
431 *43
431
43
43
90 Preferred
50 41 Feb 20 45 Jan 24
2
367 Jan 50 Feb
4312 44
4334 44
43 2 44% 43 8 447 213
7
7
8
4412 4412 4512 56,700 PubServCorp of NJ newNe par 4112 Jan 9 4514 Mar 9
8
Jan 467 Sent
32
1110512 106
10512 1051 10512 1051 105 4 105 4 21053
3
3
4
4 105
700 6% preferred
100 10318 Jan 6 10614 Feb 7
9812 Feb 105 Nov
12018 1201 120 120 •12014 -- '12014 ____ 12014 1053_ *1204 10512
400 7% preferred
100 118 Jan 21 1204 Jan 25 1084 Jan 12014 Nov
•1381s - - - •138% -- 93818
•13818 ____ x13614 136 *13618 13812
- -14
200 8% preferred
100 134 Jan 7 13812 Feb 17 125
Jan 1354 Nov
*109 8 110 909 2 110 *10928110
3
3
109; 110 x108 108 *10814 10914
300 Pub Serv Eke, & Gag p01_100 108 Mar 8 11018 Jan 28 102
Jan 11012 Deo
8012 807
81.
837
82
83; 82
83
82; 823
8 82
823 41,400 Pullman Company new No par 7912 Feb 21 855 Jan 28
4
731 Aug 8444 Dec
4
8
•29
31
*29
31
29
29
30
303
4 2812 303 *29
8
30
1,100 Punta Alegre Sugar
s
Oct 407 Jan
27
50 2818 Feb 17 347 Jan 3
8
215 217
8
2112 217
2112 2134 2118 21; 2118 22
22
2214 13,300 Pure Oil (The)
Oct 334 Mar
25
25 19 Feb 1
274 Jan 5
11111 113 *111 112
112 112
112 112 *111 112 *109 112
200 8% preferred
100 112 Feb 3 112 Feb 3 1113 Jan 11512 Des
8
6712 6712 67
67; 673 68
2
663 68
4
6612 67
*6414 65
8.300 Purity Bakeries class A
42 4 Mar 63 Nov
,
25 5812 Jan 3 69 Feb 14
/
1
4
113
: 014 13012 130 132
133 1343 134 136
3
13412 13514 136 13612 9,000 Class B
s
4
413 Jan! 087 NOV
pa
0
No 10r 9614 Jan 3 13612 Mar 9
-110 11014 110 110
11012 11012 *110 11014 110 110
110 110
230 Preferred
1077 Jan 3 11314 Feb 7 16114 Jan 110 NOV
8
94
95 s 9312 973
3
3 9612 10014 96; 993
4 9712 987
8 993 1073 889.400 Radio Corp of Amer__.No par 8514 Feb 20 1073 Mar 9
4
4
eo
4114 Apr 101
4
8
555 555 *5512 553
8
5512 551 *553 56
4.5512 56
8
*5512 56
300 Preferred
49 May 57 Nov
50 5412 Jap 4 577 Jan 9
8
*4112 4712 *41
471 *4012 471 *4012 4712 *40
4712 *40
4712
Rand Mines. Ltd
4058 Feb 23 45 Jan 17
39 Dec 46
Apr
_
Ray Consolidated Copper._ er
Ne plO
1318 July
15 Sept
52
-2618 2618 -2018 16 4 26
2618 26
-12 -1
- ; 257
6
8
- .566 Real 811k Hosiery
2
10 247 Jan 17 3014 Jan 26
2012 Nov 49
2
Apr
*9014 9012 *9014 913 *9014 913 *9014 9112 *90
4
91
9012
*90
Preferred
100 84 Feb 7 9412 Fob 21
80 June 99 Mar
Reid Ice Cream
3812 Jan 8414 Deo
par
No 10o 82 Jan 6 9212 Jan 11
_
Preferred
11058 Jan 6 11034 Jan 6
97 May 1104 Nov
6
*6
6;
618 614
---ioo Reis(Robt)& Co
9
No par
538 July
Jan
512 Feb 23
714 Jan 6
27
27; 27; 27% 27; 28
27; 28; 2772 2812 28
29
32,300 Remington Rand
No par 2318 Jan 20 33 Jan 28
2(I12 Nov 4714 June
*9512 96
95; 96
9512 96
*9512 957
8 9572 9572 x95
9512
800 First preferred
8712 Nov 10212 Apr
93 Jan 16 96 Feb28
*9718 99
*97; 99
*9718 99
*9718 99
9914 9914 *9518 98
110 Second preferred
100 9914 Mar 8 100 Jan 24
Oct 110 APT
90
•103 110 *103 110 *103 110 *10314 110 *10314 110 *10314 110
Rern'g'tn Type 7% let p1_100 110 Feb 7 110 Feb 7 106
Oa 11712 Feb
'
5100 113
101 101 •100 113 *100 113 *100 113 *100 113
8% 2d preferred
100 101 Mar 5 114 Jan 30 104 Dec 126
Apr
Replogle Steel
No par
94 Apr
1312 Jan
661595 - 2 -i6±2 60
-5912
-i6iz 60
60 - 6014 6318 11,100 Republic Iron & Steel
100 56 Feb 17 603 Feb 7
Oct 757 Mar
8
4
53
31107 109 *107 108 *106 109 *106 108 *108 109
1083 1083
4
100 Preferred
4
100 105 Jan 3 112 Feb 6
9652 Jan 106 MAY
83
834 9
4 84
83
8; 918
8; 9
4 9
9
9 18 8,200 Reynolds Spring
par
814 Feb 18 1012 Jan 23
13 Dec
4 Feb
1403 141
141 145
4
144 4 145; 145 1453 1441s 1443 14412 146
4
4
,
20,200 Reynolds(RJ) Tub Class B
13818 Feb 21 161 18 Jan 3
9818 Feb 162 Dee
178 179 4 178 1793 1763 178
177 178
1773 182
4
3
180 18112 4,300 Rossla Insurance Co
4
4
25 163 Jan 10 1873 Feb 15
Jan 194
Get
74
4
*4514 46
4512 45 4 453 45 4 *4514 46
4512 453
4
4 453 45; 3,600 Royal Dutch Co(N Y shares)_
3
4
3
44; Jan 20 4834 Jan 14
4414 July 544 Feb
40 40
397 40
*40
8
8
4012 40; 40; 4012 4012 x395 40
2,000 St Joseph Lead
10 395 Mar 91 4338 Jan 4
8
7
36 May 43 2 Ma
.
Safety Cable
No par
5214 Jan 7414 July
*aii2 66
43512 - - - -65- 6
'- 647 847
65 65
6
8
6
8 64
648
7500 Savage Arms Corporation.100 605 Jan 12 75 Jan 27
8
434 Oct 7212 Mar
2; 218
218 218
218 218
2
218 218
2
2 14
24 3,300 Seneca Copper
par
No
2
3 4 Jan
3
1 June
312 Jan 3
60
*6012 62
6112 5912 60
613 6214 *6012 62
6112 6278 2,900 Shubert Theatre Corp_ _No par 5912 Jan 18
4
8
4
55 Aug 741 Nov
5112 5178 5112 5212 5112 52; 5112 5214 5112 517
8 517 5214 15,800'Schulte Retail Stores_ No par 407 Mar 5 693 Jan 9
8
8 Feb 18 534 Jan 19
Jan 57 Sept
47
11121 123 •121 124 •121 124 •12114 124 *12114 126 *12212 130
Preferred
100 1194 Jan 31 123 Feb 15 11614 Jan 123 Aug
1012 103
11
*107 11
10; *1012 11
11
107
8
*1012 11
4
8
400 Seagrave Corp
No par
10 Feb 18 1414 Jan 3
83 Sept 1538 Dec
4
86
867
3 8612 883
8714 89
4 86; 8834 8618 87
4 87; 883
53,300,Hears. Roebuck & Co new Noyar 8218 Jan 16
Jan 9112 Dec
51
9212 Feb 9
*8312 8512 8512 8512 *84
84
8318 83; 1,200 Shatuck (F G)
*83
85
8412 84
No par 8012 Feb 17 92 8 Jan 27
8
563 Jan 10112 Oct
5
*42
4214 *42
4214 *4112 4214 *41; 4214 4238 423
8
42 4 *42
,
100 Shell Transport & Trading.C2 3 4 Jan 24 4314 Feb 23
4138 Oct 474 Feb
0
2513 2514 25
2512 243 25 8 24; 2514 24; 2512 2512 255
4
3
8 8,800 Shell Union 011
No par 2314 Feb 8 267 Jan 14
8
245 Oct 3114 Feb
8
2114 21,
2012 213
8 21
2114 3,300 Simms Petroleum
4 2118 2114 21; 2118 *2012 21
10 1818 Feb 20 243 Jan 6
144 July 264 Dee
4
5812 593
2 5853 5912 5914 607
6014 593 607 37,500 Shornone Co
8
8
4
8 693 6112 59
No par 541sNar 2 667 Jan 4
2
334 Jan 643 Dee
8
Preferred
8
100
10714 Jan 1113 Oct
19 - - - -16i4
3 2
6
-154 -11 4
22 8
2
6- -iii2 - 3- -Hi, - - 1- -2184 Iili 184:300 Sinclair Cons 011 Corp_No par
Oct 223 Jan
2
173 Feb20 2212 Mar 9
8
15
•103 10412 •103 10414 *103 104 11103 104
1044 10418
400 Preferred
Jan 10412 Dee
100 10212 Jan 4 108 Jan 23
97
2534 26
26
26
8
4 253 263
2534 26
25 8 253
21,800 Skelly 011 Co_
3
4 2638 27
25 25 Feb 15 2814 Jan 13
8
244 June 373 Feb
11125 128
126 12812 *126 129 •121 128 *121 128
128 130
800 Sloss-Sheffleld Steel & Iron 100 11612 Feb 27 134 Feb 0 111)4 Nov 1344 Apr
•14 8 147 *143 1434 1414 143
3
3
8
8 147 147 *1414 147
147
8
8 3,100,Snider Packing
8
4 14
No par 12; Jan 6 17 Jan 11
4
1152 June 168 July
47 47
47 47
4612 4612
4712 *4612 47
463 463
4
4 46
800' Preferred
No par 44 Jan 5
5214 July
44 Nov
Jan 11
2
37
377
8
2 365 3712 3618 373
8 3614 364 x355± 36' 11,500 So Porto Men Sus new_No par 3212 Feb 18 60 Jan 3
8
8 357 367
334 Aug 4252 May
397
8
11135 136 *135 136 •135 136
136 136 •133 136
136
50 Preferred
136
100 133 Feb 11 136 Feb 8 1184 Mar 137 Nov
4572 46
4714 47
4614 4612 4612 474 4714 4712 47
47
6,700 Southern Calls Edison
5
JMaya
315158 Jan 65535
5
1
n 5 27 8 Mara n 27
29 29
28
29
2712 2814 14,800 Southern Dairies el A_No par 2443% Ja0 25 4272 J
297
8 2712 2812 265 2712 27
8
DecJan
5
2
8 11
11; 11
4
1112 1012 II
11
4 103 113
1012 103
113 12,000 Class B
8
No par
634 Oct 20 Jan
9 Jan 23
1178 Feb 29
_ 115
*115 ---- 115 115 *115 116
115 115 *115
30 Spalding Bros 1st pref _ _ _100 109 Jan 7 115 Feb 15 103
Jan 1124 Nov
16
18 3 1652 1734 1514 163
7
4 1678 -11
4 1612 163
1
173 17 4 1.210 Spear & Co
4
16 Dee
814 May
No par
12 Jan 16 20 Feb 29
8612 907
4
90
8 86
8712 89
89
897
650 Preferred
89
8 8714 883 *88
100 79 Feb 25 112; --ai. 2
18 Feb
2 2934 30; 2912 3014 293 29; 36,000_ Spprefekled Co
2814 2912 2814 3034 3014 307
8
leer rrfic
igil Lo Ms LI;
eb
No par 234 Jan 12 30 r,r
*110 ____
110
_
____ __ _
*110 __-- *110
•110
Feb 1114 Nov
111 Jan 10
Jan 12 104
6118 623 *11062; 62 - f2 8 6218 625 23:600 Standard Gas & El Co.No par 677 . 13 1114 F n 27
8 61; 62; 62 - .38 62
( -78
62
577 3 n
Jan 663 June
4
54
65
50 55 8 .1an 2 08 Jab 7
*67
69
*66
6712 6712 6712 6712
67
6612 66; 67
*66
360 Preferred
o
641 po
Jan.18.n 0 4 Notr
•106 10612 10714 10934 10612 108
107 10714 108 10812 3,400 standard Milling
106 10612
100 100 Jan 5 118 Fe b 21
52 8
7 :4
e
0
10412 10412 1033 1033 1033 104 *1033 10412.1033 104; 1043 104;
4
4
8
4
4
50 Preferred
4
Jan 103 Deo
84
100 10018 Jan 3 1051 Jan 12
4
54; 5412 5414 5412 54; 5412 54
8 553 5614 17,900 Standard Oil of Cal newNopar
545
8 5414 553
4
6014
39
3914 387 3918 38; 39
8
8
383 39
4
387 3914 39
3914 22,900 Standard 011 of New Jersey_25 04 Peng
414 t l:
e
3
30; 3012 3018 303
8 3018 3014 30
3018 294 3014 30
3018 16,000 Standard 011 of New York _ _25 283 Feb 17 3178 Jan 23
3 0nn
8
5 in r
1
21e4 .15ae 31153.1ae
4
3
a
438 4;
418
43
418
4 43
4
4
412 2,200 Stand Plate Glass Co_ _No par
414 43
4
412 412
214 Jan 3
7
18
19
19
17; 1912 18
21
19
1912 1712 22
18; 1,610 Preferred
Mar
10 Jan 18 140 !
100
jalr
'e
13614 13612 13718 13734 13712 138
139 1403 141 141
8
138 138
2,100 Sterling Products
Nov
t
2 No
51 55 o 11fl8 j m
90
1
412 a r
:I
(
No par 13414 Feb 28 50
803 80; 8118 837
8
8 83
8 84
37,900 Stewart
843
8 83
8414 8312 837
86
-Warn Sp Corp_No par 7714 Feb 18 86 Ma; 9
874 Nov
4 a
46; 48
48
5312 5.800 Stromberg Carburetor_No par 44 Jan 3 5612 Jan 12
52
4812 4812 4918 4934 5334 5112 52
WS June 804 Leg:
623 63
.
2
627 633
3
8 625 648
4 6318 64 111,400 Studeb'rCorp(The) nenNo par 57 Jan 10 6714 Feb 9
644 634 633
4 6318
49 June 63
*12134 122
122 122 •12218 1233 .12212 1233 *12218 1233 1233 1237
4
4
4
60 Preferred
4
8
,8 4To y
re
12112 V
3
et
12V Feb 10 1111 Feb 12312 1 av
: n 4
3
*33
3
52
312 312
314 3 4
314 314
3 4 312
,
3
34 33
8 2,000 Submarine Boat
No par
• Bid mud *eked prices: oti salmi on thls day. a Ex-ilschts 8 Ex-dividend. 6 Ex dividend and ex rigbts.
V% =1 ST: Irr
/.2
1479
New York Stock Record-Continued-Page 7
For sales during the week of stocks usually inactive, see seventh page preceding.
-PER SHARE, NOT PER CENT.
HIGH AND LOW SALE PRICES
Saturday,
Mar.3.
Monday,
Mar.5.
Tuesday,
Mar.6.
Wedne.tday. Thursday,
Mar.7.
Mar.8.
Ftiday,
Mar.9.
Saks
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Since Jan. 1.
On basis of 100-share tots
Highest
Lowest
PER SHARE
Range for Preview
Year 1927
Lowest
Higkast
$ per share $ per share pan bare
per shard
Per shale $ per share $ per share $ Ter share $ per share $ per share Shales Indus. & Miscel.(Con.) Par
30 Mar 8472 Jan
No par 3112 Jan 9 4234 Mar 8
4038 40 4138 4118 4234 4112 4212 20,800 Sun 011
8 40
3918 3912 3934 403
2
100 100 Jan 6 102 Feb 8 99 Aug 1011 Dee
100 Preferred
____ •10138 ____ *10138 ____
/
4
10112 10112 *1011 ---- *10114
*10112
31 Dec
8
64 Feb
Vs Jan 23
212 Feb 17
313 3%
3
314 314 s318 314
No Par
312 318
318
3
318 2,500 Superior Oil
Feb 6
Oct
0 18 Jan
500 Superior Steel
*20
22
*20
22
no 2210 11$8 Feb 18 23% Feb 25 18 Apr 28 May
2112 2112 20 20
1320
23
14 Dec
7
5
8 15 8
50
1,200 Sweets Co of America
14
14
14
14
/
4
1414 1414 •1414 1434 141 1412 1418 147
6 Jan
24 Sept
6 Feb 3
/
1
4
44 Jan 6
*812 67
8 *538 57
700 Symington temp ctts___No par
5
5
/
1
4
412 4
4 5
5
53
8 *43
8
6 Oct 15 2 Nov
1
/
1
4
1538 1538 1538 1512 2,100 Class A temp ette____No par 1212 Jan 13 18 Feb 2
1534 16% 1534 1614 1512 1512 131512 16
1112 Mar 174 Nov
16
16
16
1614 163
1612 16
*16
4
4 163 1634 1,000 Telautograph Corp__No par 154 Jan 28 1678 Feb 15
165 3116
8
812 June 1312 Jan
No par 104 Jan 16 114 Jan 20
2,500 Tenn Copp & 0
8
4
8
8
/
1
1034 103
4 1058 1058 1058 1034 107 104 103 107 *107 11
gli Apr 58 Jan
/
1
4
50 Feb 17 55 Jan 13
5158 5214 5158 5212 5212 527 20,400 Tessa Corporation
511 52
/
4
5134 5214 5138 52
49 Jan 8112 Sept
4
4 714 7278 7178 7314 7134 7238 7214 7214 183,700 Texas Gulf Sulphur new No par 6818 Feb 18 8058 Jan 4
70% 7178 703 723
12 Apr 1872 June
6,000 Texas Pacific Coal & Oil- _10 124 Mar 1 17 Jan 14
13
1234 13
12% 123
127 1312 1338 131
8
13
4 1234 13
154 Jan 40 JIIII0
8
2318 2412 39,100 Texas Pao Land Trust new__1 207 Feb 20 29 Jan 13
22% 22% 2234 2338 223 23 8 2258 23
4
3
2238 24
1612 Aug 281e Sept
No par 22 Jan 5 28 Jan 12
400 Thatcher Mfg
2618 2618 2618 *26
26
2612
2612 *2614 2612 2614 2614 *26
43 Aug 504 Nov
/
1
4
par 47 Feb 27 51 Jan 31
700 Preferred
4738 48
*4834 49
*4712 4812
4914
4812 4812 *4712 4914 *48
24 Jan 36 Aug
14
par 34 Jan 3 3712 Jan 27
8
3514 3514 3518 3534 3514 3512 3514 3514 353 3512 3512 3512 4,200 The Fair
1
47 Jan 65 2 Dee
59 Jan 31 6212 Feb 9
100 Thompson (J R) Co
*60
61
6014 6014 *60 61
*60
71
*60 61 *60 61
1512 Oct 1912 June
143. Feb 20 1714 Jan 3
No 25
8
1534 153
4 8,500 Tidewater Assoc Oil__ _No Par
1514 1534 1514 1534 153 154 1512 153
4 1514 155
85 Oct 904 June
3
700 Preferred
83 83100 824Mar 6 87 4 Jan 6
'82 83
8212 8212 824 8214 *82 8212 8212 83
19 July 2918 Jan
100 1958Mar 7 2214 Jan 6
*19 20
20
2014 2034 213
*1958 20
*1958 20
4 1,600 Tide Water 011
19
/ 20
1
4
85 Nov 9012 Sent
100 87 Jan 4 9034 Jan 26
200 Preferred
90 *89
*88
8£
*88
89
9012 89 89
9012 1589
*88
78 Jan 14212 Aug
57,400 Timken Roller Bearing_No par 11258Mar 3 134 Jan 4
11258 11612 11278 116
8
11412 1158 1167 121
11512 11714 11438 117
92 Oct 11712 Dec
/
1
4
109 11018 10914 1098 10918 11014 23,200 Tobacco Products Corp 100 10218 Feb 7 11412 Feb 14
1074 10712 10838 11012 109 110
/
1
100 113 Feb 7 128 Feb 14 108 Apr 12372 Dec
1,600 Class A
122 12212 123 123 *121 12312.121 124
12138 124
121 121
3 Apr 1012 Nov
/
1
4
7% Feb 21 1018 Jan 12
812 8 35,800 Transoll Oil temctfnewNo par
/
1
4
814 858
812 878
818 83
4
8
812
8% 8%
10 May 50 Dec
3
9,900 Trauma & WlIllanas at'l No par 45 4 Jan 3 5932 Feb 7
5014 50
51
5218 5012 5114 5012 52
52
5034 50
49
45 Jan 70 Dee
6612 6714 6714 6734 8,800 Under. Elliott Fisher Co.No par 65 Feb 17 7134 Jan 21
*6512 66
6538 6738 658 6714 6612 67
Preferred
3
119 120 *12014 123 *12014 123 *12014123100 119 Mar 1 12412 Jan 19 120 Jan 125 Dec
*11812 119 *11834 119
3812 Jan 7314 June
4012 *4114 4112 41
*40
8
383 3914 393 3938 1,500 Union Bag & Paper Corp_ _100 3612 Feb 20 49% Feb 1
4118 3912 41
4
9918 Jan 15412 Nov
8
53,500 Union Carbide & Carb_No par 136, Feb18 146 Mar 9
8
14334 146
8
14312%44514 14212 14412 14318 1443 14214 1437 142 143
394 June 5612 Jan
/
1
25 424 Feb 11 4914 Mar 9
35,900 Union Oil California
4914
45
45
45
45
45
4612 474 48
4512 46
45
94 Jan 1274 Dec
1,300 Union Tank Car new____100 11918 Feb 23 125 Jan 28
12114 124
12012 12012 *12012 122
120 120
120 120 120 120
3238 Dec 381 July
8
to 30 4 Fe', Hi 343 Feb 10
/
4
3
3118 2,000 United Cigar Stores new
1531% 3214 3158 3158 3112 313
/
4
4 3112 311 3158 3134 x31
100 10612 Feb 18 109 Jan 5 104 July 109 June
900 Preferred
1510714 1073 10712 10734 1077 10812 10812 10812 10738 10738 10813 10812
8
4
20412 Jan 26 159 Jan 20012 Nov
100 190 Jan
6,500 United Drug
196 19738 197 200
19412 19412 19314 19412 1944 196
19812 200
5812 Jan 61 Deo
50 59 Feb 28 6012 Jan 4
59% 59% 5914 5938 5914 593
8 5914 5938 5914 5914 5914 5914 13.700 1st Preferred
364 July 49 Jan
1
100 45 4 Jan 20 6612Mar 9
50 United Dyewood pref
1560 65 '60
65
6012 6012 *6112 6712 .6112 6712 6612 6612
/
1
4
No par 136 Feb 11 142 Jan 3 11312 Jan 150 Sent
138 13812 2,900 United Fruit
138 13834 138 138
4
1374 13834 1383 140
1373 138
4
9638 Dec 1033 Apr
s
40 Universal Pictures 1st pfd_100 9612 Jan 20 100 Feb 24
100 100
5994 100
9912 9912 *9912 100 '
100 100
*9912 100
2418 Sept 3714 Mar
8
11,600 Universal Pipe* Rad No par 224 Feb 18 275 Jan 3
2414 2334 25
2414 2412 *24
2414 25
2334 25
2234 24
102 Jan 12, 8134 Jan 98 Dec
100 88 Jan
200 Preferred
98% 99 *95 10012 *95 10012 *95 10012 *95 10012 *95 10012
6,400 US Cast Iron PIM & Fdy_100 19018 Feb 27 2224 Jan 141 19012 Aug 246 May
198 203
198 200
199 203
19634 198
197 204
195 198
Preferred
100 11658 Feb 7 120% Jan 20 112 Mar 125 Nov
5112 120 *112 120 *112 120
*117 120 *112 120 *112 120 '
1414May 2254 July
16 Feb 18 2014 Jan 4
1638 16
1638 *16
1614 1,500 US Distrib Corp new__No pa
*1614 1612 1614 1612 1614 1614 16
81 May 9614 Sept
100 84 Feb 23 9038 Jan 16
400 Preferred
*84
85
85
85 85 *84
*85 8712 *85 8712 85 85
44 Oct 6338 May
8
4918 Jan 3 583 Jan 23
5278 51
4,200 U B Hoff Mach Corp vtallo pa
5112 5118 517
8 52
5218 527
521 53
/
4
*52 53
69 Mar 11112 Dee
4
100 1024 Jan 16 1173 Feb 9
4
4
109 10912 10814 11014 10934 11038 110 1113 1103 11414 11234 1147k 40,700 U S Industrial Alcohol
4
Preferred
100 119 Jan 13 1203 Jan 10 10714 Apr 121 Dec
*11814 121 *11814 121 *11814 11914 *11814 119 *11814 119 *11814 119
14 July 2512 Nov
22 Jan 18 2634 Feb 1
2338 2314 2334 2,700 17 B Leather
2312 2438 2312 2378 23
2338 2338 2373 24
No pa
2734June 5612 Dec
/
1
6014 58% 59
par 52 Jan 5 644 Feb 2
5818 593
59 6078 59
No 10
5812 583
8 7,000 Class A
4 5834 59
89 July 10612 Nov
10514 Jan 4 109 Feb 7
106 106 *106 10778 *10712 10778 1077 108 *107 10734 510512 1051
500 Prior preferred
/
1
4
54 Apr 69 Dee
9114 Feb 4 68% Feb 14
65
6538 6434 6538 647 6512 6412 6514 6438 6438 6434 6614 6,500 US Realty & 1mpt new.No pa
14June 6718 Feb
42% 4014 4312 4234 4414 142,800 United States Rubber
4212 4638 40
45% 47% 4514 463
100 40 Mar 7 6314 Jan 4 37
/
1
3
85 4June 1114 Apr
8
8834 9438 8212 8714 84
/
4
90
9314 9412 931 94
100 8212Mar 7 1093 Jan 13
8818 9018 37,400 1st Preferred
/
1
4
8
3934 4012 *4018 4112 41
39% 39% *40 4012 40 40
900 U S Smelting, Ref & Min- __50 3912 Feb 20 4518 Jan 3 333 Jan 48 Dec
41
5
527 52
8
/ 5212 5212 *5212 53 *5212 53
1
4
53
50 51 Jan 26 5378 Jan 3 45 8 Jan 54 Dec
400 Preferred
524 524
/
1
/
1
53
,Sept 178 May
_ z1501
United States Steel Corp__100
8
4
13732 Mar 2 1521 Jan 7 1113 Jan 16012 Sept
13818 140% 14034 14338 14214 14338 140 14258 1414 1428 14234 146 499,500 New
13912 13912 139% 13912 13938 140
13912 140
13978 139% 13978 140
8
100 1385 Jan 5 142 Jan 31 129 Jan 14114 Dee
4,200 Preferred
67 Jan 9718 Dee
9413 *91 94Nopar 9014 Mar 6 9712 Jan 13
590
9412 *92
9014 94 '
200 U S Tobacco
*90
933 '90 94
4
•i2812
Preferred
512812 ____ *128 --_ •12838 ____ *12812 ____ *12812 ____
100 12712 Jan 14 12712 Jan 14 123 Jan 127 Nov
10 139 Jan 17 158 Jan 6 111 Feb162 Dec
80 Utah Copper
143 145
*143 145 '143 145 *143 145 *143 145 *143 145
27 Jan 34 May
3312 3412 533
3214 34
32
314 31
/
1
31% 31
3334 71,000 Utilities Pow & Lt A__No par 2812 Feb 20 3412 Mar 8
31
37 Jan 6718 Dee
79
8018 8014 8212 109,103 Vanadium Corp
4
8 7828 81
No par 60 Jan 18 9412 Feb 6
7714 78% 7712 8314 803 823
4 978
9
/ 1014 1112 12
1
4
nog 97
2 4102 938 *98
5 4 Sept 1412 Feb
3
128 1
4
7 1234 Mar 9
800 Van Raalte
124
No par
7 2 Jan
1
4214 Dec 64 Feb
4618 4618 *4714 4812 4812 4812
46
46
*4514 46
100 4372 Jan 6 4812 Mar 9
30 let preferred
*4514 46
48 Jan 6358 June
6218 6314 6338 6412 6.700 Vick Chemical
e
3
No par 58 Jan 17 6912 Feb 10
*63 6312 6212 65 4 6312 6413 627 64
32 July 5458 Dec
69
68% 707
7012 703 7238 187,400 Victor Talk Machlne No par 523 Jan 3 7238 Mar 9
/ 6912 71
1
4
4
8
65% 6612 6612 69
87 Oct 11132 Dec
/
4
13812 14078 140 1404 14158 14418 10,600 6% preferred
No par 1088 Jan 3 1441 Mar 9
131 13312 13212 13878 140 144
9614 Oct 11/212 Dec
1093 10938 10814 10812 10712 10712 10712 108
8
1,900 7% prior preferred
100 10112 Jan 6 110 Mar 5
*107 10912 109 110
74 May 154 Sept
4
8
No par 1314 Jan 11 163 Feb lo
15% 1,700 Virg-Caro Chem
15
1538 1518 1518 1518 153 *1518 15% 154 1518 15
4
2618 Apr 483 Dec
4812 48
/
4
4814 4712 4712 4818 4838 1,300 6% preferred
48 4814 48
8
100 445 Jan 18 511 Feb 14
*4734 48
73 June 91 Nov
9112 9112 9112 *91
*91
92
92
*91
'91
8812 Jan 16 9212 Feb 14
7% preferred
92
200
100
9114 9114
Jan
36 Dec 51
1532
45
45 *32
45
Virginia Iron Coal & Coke_100 32 Feb 29 38 Jan 17
*32
40 *32 40 *32
45
*32
6212 Dec 7612 Aug
62 62
*60
62 62
62
50 Preferred
*60
1560 62
100 60 Feb 17 6238 Jan 13
62
*60 62
2014 Dec 3914 June
Jan 4
2213 2212 2234 22
2212 2112 2218 4,500 Vivaudou(V).
223
8 2218
No par 2112 Jan 18 2538
2312 2312 x22
95 Dec 11812 June
9338 9312 9338 9338 *93% 98
94 94
94 94
100 9338 Mar 7 100 Jan 28
800 Preferred
95 95
1612 Jan 80 Aug
/
1
4
29
2934 2814 2914 28 2914
2712 28
271 28
/
4
29
29
100 25 Jan 7 43 Jan 11
140 Vulcan DetinnIng
90 Jan 125 Aug
97 *90
97 *90
97
Preferred
*90
97 *90 97 *90
100 91 Feb 6 97 Jan 12
97
*00
16 Jan 5914 Aug
25
25
1324
26
2518 25%
25 25 *25 26
8
170 Class A
25 25
100 225 Jan 10 38 Jan 11
1814 Dec 25 Feb
/
4
2114 214 2112 211 2138 2158 2138 2134 6,600 Waldorf System
21
1912 Jan 3 25 Feb 3
214 2112 21
17 Dec 2412 APT
1638 1638 1612 1612 1612 1612 1612 .16% 17
1316
No par
1612 *16
No Pr 16 Feb 17 1812 Jan 24
500 Walworth Co Ws
89% Apr 11834 Oct
115 115 *109 114
115 11512 115 115 *11014 115
*115 119
1,040 Ward Baking Class A No par 110 Jan 6 123 Feb 2
1712 June 3338 Feb
2414 2318 2418 2314 2312 235 2378 3,900 Class B
2414 24
2314 2314 23
23 Feb 18 2958 Jan 13
8
84 Apr 10014 Nov
9612 96
9612 97
96% *95
97
5195
300 Preferred (100)
*9612 9712
9612 *96
No pa
No im ; 93 Feb 20 9712 Jan 19
1814 Dec 4512 Jan
27 2814 2738 2858 2714 2758 264 273
/
1
4
5 30 Feb 24
8 263 27
28
273
3
16,100 Warner Bros Pictures A____10 22 Jan
4
3012 30
/
1
4
8
2814 2938 285 303
30
4 285 293
8
*3038 3012 30
No par 26 Feb 17 32 Jan 6, 24 June 344 Dee
6,500 Warner Quinlan
170 17612 170 170 *170 17112 17112 17112 4,100 Warren Bros
170 170 '167 170
par 1504 Jan 4 182 Feb 21 65 Jan 180 Nov
18 Oct 27 June
18
1818 1812 1812 18
18
*18
19
18
*1814 19
18
Warren Fndry dt Pipe._No par 18 Feb 20 21% Jan 31
1,100
No
6514 Dec 7512 Aug
/
1
4
*61
62 *61
64
*60
6212 6212 *62 6312 61 61
62
300 Weber St lielibr, new c_No par 60 Feb 29 68 Jan 23
•10012 102 *10012 10112 100 100 *100 102 *10012 102 *10012 102200 Preferred
100 100 Mar 6 103 Jan 3 10134 Nov 10312 Aug
169 1693 *167 169 *167 169 *167 169 *167 169
8
500 Western Union Telegraph_100 165 Feb 20 17712 Jan 3 1444 Jan 176 Dee
169 169
40 Oct 504 Sept
/
4
5218 5314 46,400 Wetnghse Air Brake NewNopar 4612 Jan 4 573 Jan 27
8
4812 4934 491 5058 507 5188 517 5312 5218 53
3
6758 Jan 94 4 Dec
95
9714 9412 9638 955 9612 28,700 Westinghouse Else & Mfg__50 8812 Jan 5 10038 Jan 23
9214 9412 9414 947
91% 921
10012 10012 10012 101
9912 100
101 101
*9934 101
ao 9534 Jan 5 105 Jan 19 82 Mar 10378 Dec
150 let preferred
*9912 100
11 Sept 1832 Feb
1312 *123 1312 1312 1312 1318 1318
4
500 Weston Else Instrum't_No par 1212 Jan 6 1412 Jan 27
12% 1278 *1258 1312 *13
3212 3258 33 33 *33
30 July 3434 Apr
*33
34
3334 *33
/
1
3334
33
No par 304 Jan 3 3414 Feb 21
300 Class A
*32
/
1
97 Jan 111 Aug
/
1
4
510914 10912
10914 10914 109 10914 '
10914 10914 109 109
10612 Jan 3 1104 Feb 27
109'4
550 West Penn Elsecl A vtf
109 109
11278 112 11278 1121 1127 1124 1127 112% 113
10914 Feb 2 11434 Jan 11 102 Jan 112 Sept
490 Preferred
112%
100
11212
8
Jan 118 May
/
4
/
1
160 West Penn Power pref
11512 11512 1151 1153 11512 11512 11512 11512 *11538 115'2 1154 11538
100 11438 Jan 18 11658 Jan 4 111
11012 11012 110 110
110 110 *10912 11014
109% 110
110 110
100 10914 Feb 9 113 Jan 5 1004 Jan 111 Dec
270 6% preferred
2112 2112 *21
2112 2112 22
22
20 Dec 2712 Feb
2412 Jan 10
22
700 White Eagle Oil &Itelg_No par 201s Feb2
2012 22 *2112 22
3012 Nov
/
4
5812 Feb
33 331 3212 3358 3112 3234 3112 3213 32
50 3014 Feb 21 4138 Jan 4
33% 34
3234 8,100 White Motor
3 37
26 Jan 4112 Sept
7
3638 3678 36% 377
3
3712 377
/
4
3,800 White Rock Min Sp ott_No par 341 Jan 19 37 8 Mar 8
*3514 3512 34% 35 4 35
/
4
42
4
/ 413 45
1
4
4338 4234 4334 36,400 White Sewing Machine_No par 3852 Feb 18 45 Mar 7
214 Mar 5314 Aug
38% 3914 3914 4112 421 43
53% 533 533
533 1553
4
48 Feb 59 Jan
100 White Sewing Mach pt_No gar 53 Feb 21 55 Jan 5
*53 34 *3312 54 *53 5434 *53
14 Feb
Wickwire Spencer ett_No par
1g Oct
-7; -0
7
21
1
4
2 2 09
1
"io" 16(2 - 1584 /4 -iHt 99 8 "io" 213820', 16 -2 14 - -1-1- 1- - ,000 Willys-Overland (The)-- ----5 1734 Jan 16 21/Mar 6 1311 Oct 2412 Mar
1
4
1
4
2
100 921 Jan 8 99 Mar 5 87 June 96 Aug
9714 9734 99 98 1434 9814 9858 98/ 9878 9834 98/ 4,100 Preferred
9612
1414 1438 1414 1438 1418 1414 3,500 Wilson & Co Inc. new_No par 1112 Jan 3 16 Feb 14
12
10 May 17 Feb
14% 1438 1412 1438 1438
31
3138 30% 31
7
3118 3134 4,800 Clkill A
164 May 32 8 Feb
3012 3012 304 31
No par 22 Jan 3 344 Feb 14
3012 31
4
72
58 Apr 843 Feb
72
8
1,400 Preferred
72
4
100 66 Jan 31 771 Feb 11
4 723
4 723 7238 *7112 7212 7112 72% *71
723
18112 1837 18212 1847 182 18338 18138 183
8
Jan 1984 Dee
18212-18412 23,000 Woolworth (F
1803 182
4
Co
25 17512 Fob 20 194 Jan 3 11712
29i4 30 2834 29 ns 2912 293 31 3,000 Worthington PW)M
2012 Jan 46 June
294 30
/
1
30
&
100 28 Jan 5 344 Jan 27
30
1150
55
54 *50
44 Dec 6112 June
5412 *50
*50
54
Preferred A
5412
100 464 Jan 19 55 Feb 1
*50
55 *50
*4412 47 .45
*4412 47 *4412 48
37 Oct 6412 June
45
47
45
100 Preferred 11
100 41 Jan 4 4912 Feb 1
*44 47
747
2412 Apr 9414 Dee
764 74
7512 773 16,900 Wright Aeronautical__ No par 69 Feb 27 89 Feb 7
7212 7458 7334 7678 74
7214 74
8 737
4
7312 7312 7234 7412 4,900 Wrigley(Wm Jr)
73
5072 Jan 723 Dec
s
4 7112 7214 717 737
7112 713
No par 6934 Jan 27 75 Jan 6
7014 Jan 8412 Aug
x75
75
75
75
75
74
74
3001 Yale & Towne
7212 Jan 26 75 Jan 13
'738 75 *7312 75 *74
25 Jan 40 Aug
8
2812 29
/ 29% 3018 2912 3014 2912 3038 297 3014 36,200 Yellow Truck & Coach Cl B_10 278 Feb 28 3612 Jan 12
1
4
29
29
139212 93 *92
834 Aug 9958 July
93 *92
I Preferred
93
100 8738 Jan 9 935 Feb 11
*9212 93 *9212 93 *9214 93
8038 Oct 1004 Dec.
88% 8912 8812 89% 8514 8812 874 8818 42,700 Youngstown Sheet & T _No par 8514 Mar 8 1067 Jan 26
8
8o12 914 884 90
/
1
'555 562 *555 563 *560 563
*566 570 *566 570 *566 570
ii5-
563 563
570 582
56512 56512 *560 563
60412 610 605 609
-Oi5. ifs iii 661" isiii- ii6 - 66T Gii" 61
5595 605 605 605
*590 603 *600 603 *595 601 '
*407 415 *412 419 412 417 *413 415 *414 418
*--- 1310 5._ 1310
605
*595 605
*414 418
dii" silii- 6ii- *iii- dii" *iiii" 6ii" *ail dii" *6i6- d61-
'Rank & Trust Co. Stock*.
20 Bank of Commerce
550 Feb 21 575 Jan 9
530 Bank of Manhattan Co___100 560 Feb 21 610 Mar 8
!Chase National Bank
100 5484 Jan 3 580 Jan 9
320 Chat Phen Nat Bk & Tr 100 568 Jan 3 62412 Mar 3
10 Corn Exchange Bank
100 605 Jan 8 608 Jan 3
40,Equitable Tr Co of N Y_ _100 410 Jan 17 422 Jan 7
_
'Hanover National Bank...100 1295 Jan 17 1295 Jan 17
'National City Bank
100 745 Jan 31 799 Jan 7
INational Park Bank
100i 642 Jan 3 650 Jan 26
•Bid and asked prices: no sales on this day. a Ex-rights. x Ex-dividend. •No par value.
504
556
528
495
593
390
1270
669
593
Oct 582 Dec
Oct 613 Oct
Dec 615 Sept
Oct 575 Dee
Oct 615 Dec
Oct 428 Oct
Oct 1310 Do
Oct 745 Dee
Nov 655 Oct
1480
New York Stock Exchange-Bond Record, Friday, Weekly and Yearly
Jae 1 1909 Sbe Esckange method of gaoling bonds was changed and prices are now
BONDS
N. Y. STOCK EXCHANGE
Week Ended Mar. 9.
13
P.Cf:
Price
Friday.
Mar. 9,
Week's
Range or
Last Sale.
Range
Since
Jan. 1.
and intereal"-excegi for income and defaulted bonds
BONDS
N. Y. STOCK EXCHANGE
Week Ended Mar. 9.
Price
Friday.
Mar. 9.
Week's
Range er
Last Sale.
U S G
smut
Sid
Ask Low
Htgh
High No, Low
Bid
Au Low
High No.
FRU Liberty LoanFlunlab Mun Loan 648 A..1954 A0 993 Bale 99
29
4
100
% of 1932-1947
External 614s scrim B___1954 AD 991 Sale 9912
13101"u
J D 1011133 Sale 10111331011,a 262 1011,
6
/
4
991
/
4
Conv 1% of 1932-47
1011,
5 1011111101113s French Repub 25-yr ext'l 84-1945 MS 110 Sale 110
D 10148
431011,
31
11018 26
Cony 11 of 1932-17
/
4%
76 102,1431031,41
20
/
4
,
-year external loan 734a-1941 313 1163 Sale 1153
.1 D 102214 Sale 102 44103
4 1164 402
8
/
1
2d cony 41% of 1932-17
/
4
3 10211331021 st
102174410217n
External 78 of 1924
J D 1021344
D 108 Sale
1949
10818 316
Third Liberty Loan
German Republic eat') 78_1949 A0 10712 Sale 1074
10712 137
1
41 % of 1028
.
/
4
/
4
M S 101141 Sale 1001141001744 363 100144100,444 Graz(Municipality)85-_ 1954 MN 10312 Sale 103
10312 23
Fourth Liberty Loan
01 lint & Irel(UK of) 546.1937 PA 106 Sale 1054 10614 69
/
1
44% of 1933-1938
/
1
10-year cony 54s
/
4
44104
/
4
A 0 10313// Sale 103114103,31 313 1031,
1929 PA 1184 119 11812 1183
6
8
Treasury 41/48
1947-1952 A 0 115114 Sale 1151441151743 255 114114411614 Greater Prague(City)71
/
4
/
4
/
48._1952 MN 1054 Sale 105
/
1
1054 34
/
1
Treasury 48
1944-1964
D 1101444 Sale 110144110114 264 1053111111144 Greek Governments f sec 7s 1964 MN 99 Sale 9814
/
4
/
4
33
99
Treasury 34s
1946-1956 M S 107 / Sale 107214107,744 241 1061,1108101
,14
4
/
4
Sinking fund sec 88
/
4
/
4
1968 PA 91 Sale 91
92
91
Treasury 34
/
1
8
1943-1947 J D 102 /4 Sale 102,31 102 / 531 102 1031044 Haiti (Republic) a 1 Os
,1
4
/ ,1i
4
4
1952 AD 100 Bale 100
10012 21
State and City Securities.
Hamburg (State) 68
1946 A0 96 Sale 96
9612 56
NY City
-4
/ Corp stock.1960 Si s 100 4 101 100 4 100 4
1
48
1 1003 10112 Heidelberg (Germany) ext 71050
3
3
4
3
3 104 105 104
2
104
6118 Corporate stock__1964 Si s 10412 10514 10514
5 10412 1054 Hungarian Munk Loan 748 1945 J
10514
/
1
1001 Sale 100
/
4
10014 92
41 Corporate stock____1966 A 0 1043 10514 105 8 Mar'28
/
4s
4
3
External s f 7s
10518 105
/
1
4
Sept 1 1946 J J 964 Sale 961
/
4
/
1
967
8 43
A1 Corporate Mock1972 A 0 1047 10512 105 Mar'28
/
48
8
Hungarian Land M lint 74s '61 MN 993 99
105 105
8
/ 997
1
4
8
10014 58
448 Corporate irtock__1971
4
109 4 Feb'28
3
D 1093
1093 1093 Hungary (Kingd of) s f 710.1944 FA 1021 Sale 10218
4
4
/
4
102
/ 36
1
4
1 0 Corporate stock_Ju1y1967
/
1
4
1093
8
10914 Feb'28
10914 11018 Italy (Kingdom of) ext'l 78.1951 3D 9818 Sale 98
9812 161
410 Corporate stock_ _ _1965 J 13 10914 - 10912 Mar'28
10912 109 4 Italian Cred Consortium 78 A1937 M
3
53
061 Sale 961
/
4
/
4
97
1 8 Corporate stock__1963 Si s 10912
/
1
4
1091 1093
6 10918 1093
Esti see f 7s ter B
/
4
4
M
4
1947
49
95 Sale 9512
/
1
4
96
di registered
1953 M N _ _ _ 101 1054 Dec'27
/
1
Italian Public Utility ext 70_1952
J 97 Sale 97
9712 56
11i registered
1956 M N
100
14 Jan'28
10034 10084 Japanese Govt £ loan 48...._1931 3
934 Sale 9318
/
1
933 195
4
4% Corporate stock
3
1959 Si N 100 4 Sale 1003
4 1003 1013
4 100 4
3
30
-year. f 64s
4
4
1954 FA 103 Sale 102
75
/ 103
1
4
4% Corporate stock
4
1958 M N 10038 10112 100 4 1003
2 1003 1013 Leipzig (Germany) u 1 70._1947 FA 10014 Sale 100
3
4
4
10014 25
4% Corporate stock
1957 M N 19038 10112 1003
5 1003 1013 Lower Austria (Prey) 7348..1950 3D 10012 Sale 100
4 100 4
3
4
4
10012 19
4a registered
1936 M N
_ 983 July'27
4
Lyons (City of) 15
-year 68_1934 MN 1011 Sale 10118
10112 24
/
4
04% Corporate stock __ _1957 MN 108, ---- 108
3 jail,: 1617; Marseilles(City of) 15yr fis. _1934 MN 101 Sale 101
/ 1087
1
4
8
1011 40
/
4
AM% Corporate stock. -.1957 MN 10833
10814 Feb'28
10814 1083 Mexican Irrigat Asstrig 410 1943
4
3314 3418 3612 Mar'28
114% Corporate st_May 1954 M N 93 - ., 93 Jan'28
3
9 8
Mexico (tY El) esti 56 of 1899 £'45
93
93
i 4934 - _ _ 4934 Jan'28
84% Corporate st_Nov 1954 MN 9212 ---- 93 Jan'28
Assenting M of 1899
93
9312
1945
36 Sale 38
397
8
5
New York State Canal 45_-1960
1023 Nov'27
8
____ Assenting 58 large
39 Feb'28
/
1
4
Canal Imp 4s
1981 j
1043 Oct'27
8
Assenting 48 of 1904
66
23 Sale 23
26
Canal Term 418
/
4
1053 Oct'27
8
Assenting 48 of 1910 large__
1945.7 .1
5
2718
2718
Highway improv't 448_..1963 M S
11212 June'27
Assenting 48 of 1910 small_ _
40
2311
234
/
1
26
Foreign Gov't & Municipals
1
Treas (is of'13 assent (large)33 JJ -37 6 ; 413
4
413
:134
4
Antioquia (Dept) Col 78 A 1945
99
21
Small
J 99 Sale 9718
9412 99
393
4
4112 20
External s f 7s eer B
99
1945.7 .1 9812 Sale 9718
75
Milan (City, Italy) ext'l 634s '52 A0 93 Sale 924
94 8 99
3
/
1
9318 301
External s f 78 series C
4
1945 J J 9814 Sale 963
983
4 30
94
983 Montevideo (City of) 7s..._1952 JD 10378 Sale 1031 103
5
4
/
4
/
1
4
Fat s 78 let ser
1957 A 0 9814 Sale 96
9814 30
9334 9814 Netherlands as Mal yrices)_ _1972 MS 107 Sale 1057
33
8 107
2d series trust rcta
4
1957 A 0 98 Sale 963
983
8 32
30
-year external as
9312 98%
1954 AO 102 Sale 102
/ 1023
1
4
/
1
4
4 33
Argentine Govt Pub Wks 6a.1960 A 0 10018 Sale 99
/ 10014 26
1
4
9912 10014 New So Wales (State) ext 58 1957 PA 952 Sale 943
4
953
8 59
Argentine Nation (Govt of)
External s f 58
Apr 1958 AO 95 Sale 94
/
1
4
95
/ 66
1
4
Sink fund 6.01 June 1925.1959
/ 10012 79
1
4
D 10014 Sale 99
99 10012 Norway 20
/
1
4
79
-year esti (is
1943 FA 10211 Sale 102
/ 103
1
4
Ertl a f 6s of Oct 1925..._1959 A 0 100 Sale 997
8
10014 48
994 10012
/
1
20
-year external 138
1944 PA 10212 Sale 10212 102
/ 141
1
4
Sink fund 6s series A
1957 MS 10038 Sale 100
57 10018 10114
/ 101
1
4
30
-year external 6u
1952 AO 10218 Sale 0218 10212 87
External Miseries B_Deo 19583 D 10012 Sale 997
8 10014 77
9912 1003
8
40-year.f 548
1965 3D 1003 Sale 1003
4 10118 107
4
Ertl s fae of May 1926-1960 M N 10014 Sale 998
4 10014 76
994 10012 Nuremberg (City) esti 88_1952 PA 924 Sale 924
/
1
/
1
92
/ 10
1
4
External s f as (State Ry).1960 M S 100 Sale 100
10018 140
993 10018
8
Ertl as Sanitary Worka..._1961 F A 100 Sale 99 4 10018 50
,
9938 10012 Oslo (City) 30
-year. f 60_1955 MN 10112 1011 10112 1013
4 14
/
4
Ertl 68 pub wks(May '27)1961 MN 100 Sale 997
2
100
54
Sinking fund 5118
993 10014
8
8
1946 FA 100 10012 100
10012
Public Works esti 545-1962 F A 97 Sale 963
9718 378
4
963 9714 Panama (Rep) extl 545-19533D 10312 Sale 0318
4
8
10312
Argenttne Treasury 5s Z.__ _1945 M S 92 Sale 911
/
4
92
/ 19
1
4
91% 934
/
1
Ertl 8f1C I f 614a
1961 3D 102 Sale 02
10214
Australia 30-yr B/L-July 15 19553 J 98 Sale 9714
98
163
97
14 983 Pernambuco (State of) ext1 7s '47 M
4
973 Sale 9718
8
9812 93
973 Sale 97
4
External 5s of 1927- Sept 1957 Si
98
Peru(Rep of) esti Eis (of'241.1944 AO 10978 Sale 0978 110
97
97 4 229
3
14
19433 D 104 Sale 1033
Austrian (Govt) f 7s
8 104
58 103 1043
8
Esti 88 (ger 01 1926)
_
1944 AO 1097 11014 1018 Mar'28
8
Banco Hipotecario de Colombia
Esti sink fd 7)18
4
1940 MN 1073 Sale 0734 1073
4 76
1047 F A 098 Sale 9112
/
4
Sinking fund 61s
9218 100
9112 9218
Esti s f see 74s (of 19263.1956 MS 107 Sale 107
10714 136
3
Sinking fund 78 of 1926_1946 M N 95 4 Sale 9514
95 4 55
3
0438 96%
Ertl 8 f sec 75
1959 MS 10414 Sale 031/ 10414 59
Sinking fund 7s of 1927.__1947 F A
/
4
9614 Sale 951
9614 24
/
1
943 964
4
Nat Loan esti e f as
19603D 934 Sale 9212
/
1
93
/ 580
1
4
Bavaria (Free State)6
/
1
)40-1945 F A 9811 Bale 984
9812 14
9614 994 Poland (Rep of) gold as -1940 A0 84 Sale 833
4
844 38
/
1
Belgium 25-yr ext a I 74s g-1945 J D 11514 Sale 115
1154 85 114 115 8
/
1
7
Stabilization loan a f 70_1947 AD 91 Sale 90
911 353
/
4
/
1
4
1941 F A 11012 Sale 1094 11012 95 109 111
20
-year f 88
/
1
Esti sink fd g 88
108
1950
J 1003 Sale 0012 101
4
23
-year external 6348
1949 M
107, Sale 107
107% 93 10314 1074 Porto Alegre (City of) 88_1961 Jo 107 Sale 07
4
/
1
7
10718
External a 16a
1955.7
98 10114
101 Sale 1003
/
1
4
8 10114 115
3
Esti guar sink fd 748....1966 .1
4
/
1023
1
4
4
102 Sale 023
External 30
..1955J
-year a 1 71.
1084 Sale 107
/ 10814 115 1084 ion Queensland (State) extl f 78 1941 AO 1133 Sale 1312 114
1
4
14
4
Stabilization loan 71
1956 M N 10614 Sale 106
106
/ 100 10414 106 8
1
4
8
5
25
-year external (is
108%
2
1947 PA 1083 Bale 07
Bergen (Norway) s f 88
4
1945 M N 1133 Sale 1133
4 1133
4 21 113 1133 Rio Grande do Sul esti.1 88.1946 AO 10614 Sale 06
4
1064
15
-year ednking fund 88-1949 A 0 10014 Sale 10014
1004
/
1
3
98 3 101
,
Rio de Janeiro 25-yr 81 811
10718 60
1946 AD 10612 Bale 0614
Berlin (Germany) 64a
1950 A 0 99 Sale 9812
99
31
155
97
99
/
1
4
25-yr esti 88
110
1947 A0 110 Sale 10
Bogota (City) ext'l If 8s-1945 A 0 10518 Sale 105
1053
8 42 103 8 106
7
Rome(City) esti 84s
9312 190
1952 AO 9312 Sale 9318
Bolivia (Republic of) 88.-1947 M N 10512 Sale 10512 106
56 10312 106
Rotterdam (City) exU 68_ .1964 MN 10414 105
04
1047
8 20
Ertl sec 78 tern
1958
J 9714 Sale 9612
9712 120
9
93 4 9712 Sao Paulo(City)if 8e._Mar 1952 MN 120 Sale 118
3
120
10112 48
Bordeaux (City of) 15-yr 66_1934 M N 101 Sale 101
99 10112
/
1
4
Ertl s f 6148 of '37
99 4 16
,
/
1
4
1957 MN 99 Sale 99
Brazil(U S of)external 88.--1941 J D 11014 Sale 110
1103
2 85 107 110 4 San Paulo (State) esti a I 88_1936 3.7 10612 10714 10714
9
10813
3
/
1
4
984 458
External 8184s of 1928-1957 A 0 9814 Sale 96
9812
92
External aec
108 4 17
,
J 108 Sale 108
1950
83
101
1952.7 13 100 4 Sale 100
Is(Central Railway)
1
67
26
97 101
External s f 78 Water L'n_1956 MS 1013 Sale 10112 102
4
714s(coffee secur) £(flat)_1952 A 0 10712 110 10712 Mar'28 _
10712 1081 Santa Fe(Pray. Ara Rep)78.1942 MS 991 Sale 9914
99 4 42
,
/
4
/
4
Sale 1023
8 1027
8
8 25 10118 103
Bremen (State of) esti 7s-1935 M S 1023
Seine. Dept of(France) elt1 78'42 3J 1054 1057 10512 10814 64
8
1957M
9514 Sale 94 4
Brisbane(City)I f
,
94
9511 131
9512 Serbs, Croats & Slovenes 88.1962 MN 10112 Sale 1003
4 10112 212
8
873 Sale 863
87
8
Budapest(City)esti if8. 19023
150
8518 884 Sol/sons(City of) esti 6.._ -1936 MN 99 Sale 9918
1001 69
/
1
4
/
/
1
4
Buenas Aires(City) esti 634519553
100 4 Sale 10012 101
3
38 10038 1011 Styria (Prov) ext1 78
4
/
1
95 12
/
4
1946 PA 954 95
/ 95
1
4
my 101
100% 161
Buenos Aires (Prov) eat! 70_1957
D 1004 Sale 100
Sweden 20
1043
-year as
1939 3D 1034 10312 10314
8 26
Hots Sale 10018 1004 45
1958 M N
Esti f 7s of 1926
9618 101
/
1
External loan 5148
8
1954 MN 1043 1044 1044 1044 28
/
1
96
4
/ 118
1
4
1961 M S 963 Bale 9612
Ref est! f as
9612 98
J 112 Sale 112
/ Swiss Conted'n 20-yr s f 88_1940
1
4
46
113
4
93
Bulgaria (Kingdom) s 1 71_1967 J J 923 Sale 913
4
133
Switzerland Govt ext 510-1946 A0 103 Sale 1033
/
1
4
4 10414 49
893 93
4
/
4
Colds'Depa of(Colombla)7148'46 J .1 10112 Sale 10012 1011 22
98 1017 Tokyo City M loan of 1912-1952 MS 7914 Sale 79
8
79 4 152
,
102
23 101 10212
8
Canada (Dominion of) 6o-1931 A 0 1017 102 101
Ettl sf534u guar
/
4
1981 AD 911 Sale 9112
9214 220
/
4
8 47 1014 10214 Trondhjem (City) let 61.4..1957 MN 98 Sale 973
/
1
/
4
1929 F A 1011 Sale 1011 1017
10
-year 534u
4
9814 22
8 1074 56 1067 109
8
1952 M N 107 Sale 1067
D 9712 Sale 97
Upper Austria (Prey) 78_ -.1945
9712 31
10112 21 101 1011 Uruguay (Republic) irstl 88.1946 PA 109 Sale 109
&Hs
1936 F A 10118 10112 101
/
4
1093
8 20
108
1 105 10912
Oarbbad (City) f 83
External s f /
19543 .1 10612 10812 108
1960 MN 984 Sale 981
1
1
4
/
1
994 166
10212 26
D 9818 Sale 977
Cauca Val (Dept) Colom 711146 A 0 10212 Sale 10114
9814 10212 Yokohama 'City) esti 68-1961
8
984 143
Railroad
Cent Agri,/ Bank (Germany)
101
27
994 101 8 Ala Gt Sou let cons A 55-1943 Jo 10718
,
Farm Loan f 78
1950 M S 101 Sale 10014
1083 Feb'28 -4
93
9312 Ala Mid let guar gold 56_1928 MN 1003
52
92
Farm Loan f int ctf-1960 J .1 923 Sale 9212
4
8
1003
8 100
1
/
1
4
92
/ 291
1
4
Farm Loan e f as int ett w 11960 A 0 921/ Sale 9214
913 934 Alb & Susq let guar 310-1946 AO 9112 Bale 9118
4
9112 20
/
1
111
45 1087 11112 Alleg West 1st g gu 45....- _1998 A0 93's-.
8
8
Chile (Republic) eat! e f Si._1941 F A 1107 Sale 1107
2
953 Feb'28
8
35 1004 10212 Alleg Val gen guar 54!
Sale 1011 102
1942 MS 9812 99
/
4
/
1
20
-year external s f 75......1942 MN 1013
4
1
98
/
1
4
9812
1107
8 31 10914 11114 Ann Arbor 1st g 4s
25
July 1995 Q
-year external. f 8e_._ _1948 M N 11014 Bale 11014
811 83
/
4
3
82
82
External sinking fund 6s._1960 A 0 95 Sale 94
911 9514 Atch Top & 8 Fe
/
4
9514 278
-Gen g 48.1995 A0 9712 Sale 964
/
1
97% 151
911 9514
/
4
9514 264
AO
External s 6,
Registered
!
1961 F A 95 Sale 94
1
9514
95 4
,
Adjustment gold 45_ _July 1995 Nov t:i
933 9514
8
938 93
4
Ry ref extl f 88
954 429
1961 3 .1 95 Sale 9412
4
93
/
1
4
ohne Mtge Bk 648 June 30 1957 J D 984 Sale 97
98% 80
95 4 981
Registered
3
8
Nov 9012 ____ 891 Dec'27
/
4
/
1
4
13 f 61s of 1926__June 30 1961 J D 99 Sale 98%
Stamped
963 9913
/
4
4
July 1995 MN 93 Sale 931
9912 127
/
1
4
/
4
93
/ 20
1
4
Chinese(Hukuang fly) 58._ _1951 i D 294 Sale 2812
2518 29
Registered
2914 18
MN 904 924 92 Dec'27
/
1
4
Cony gold 4s of 1909
/
4
Cluistlania (Oslo) 30-yr s 1661954 M S 1003 1017 19012 1011 25 10012 1011
/
4
1955 3D 924 Sale 9212
8
4
/
1
1
9212
Cony 48 01 1905
984 33
Cologne(City) Germanya 481950 M S 9812 Sale 9814
9614 99
1955 ii) 924 _ _ _ 92
3
/
1
92
913 9514
8
Colombia (Republic) 68_ .._ _1961 J J 9478 Sale 933
'13 8318
Registered
4
954 272
_ 924 Dec'27
Cony g 4s issue of 1910...1960 3D
Copenhagen 25
8 10114 20 10018 102
-year 81 5143_1944 .1 J 101 Sale 1003
94
4
933 Jan'27
East Okla Div Ist g 4s.___1928 MS
9714 119
953 9712
4
External 58
1952 J D 974 Bale 97
99 Feb'28
/
1
4
Rocky Mtn Div lst 411_1965 33
994 50
/
1
96 10018
Cordoba (City) esti at 75._1957 F A 9934 Sale 99
33 9414 9312 Feb'28
4
/
1
Trans
9914 10112
-Con Short L let 0.1958
J 953 954 954
Cordoba (Prov) Argentina7a 1942 J .1 10012 10114 1904 10112 20
3
4
/
1
95
'4
111
Cal-Ariz 1,t& ref 41s A _1962 M
944 98
/
4
98
Costa Rica (Repub) esti 70.1951 MN 93 Sale 97
25
103 Sale 103
103
101
99 10114 A tl Knoxv & Nor Iota ISEL _.1946 3D 10612 -- -- 10734 Jan'28
/
1
4
1
Cuba Seof 1904
1944M S 101 103 101
Atl & Charl AL let A 4148..1944
1001 101
/
4
4
External 58 of 1914 Der A_1949 F A 1003 10214 1003 Feb'28
J 100
4
9014 Feb'28
1st 30-year Ss series B.._ _1944 J
97
1
06 10014
97
External loan 448 ser C 1949 F A 983 97
107
_ 107 Feb'28
4
/
4
10312 40 1011 1047 Atlantic City lot cons 45._ _.1951 J
8
Slaking fund 6148
1953 1 .1 103 1033 103
s
91
921 92 Feb'28
93
/ 9714 At! Coast Line hit cons 4.July '52 MS 97 Sale 06%
1
4
9714 53
4
Cundinamarea (Dept
D 974 Sale 953
-Col) 78 46J'
/
1
4
97 4 41
,
/
4
/
1
3
Registered
Czechoslovakia(Rep of)8a._1951 A 0 11114 Sale 110 4 11114 33 1084 1111
53 S
973 Feb'28
3
General unified OM
/
4
4 11112 31 10812 112
Sinking fund 8.8 set B__1952 A 0 1111 Sale 1103
1964 3D 102r4 fi;te" 10214
9
10212
L & N coll gold 4a.....Oct 1952 MN 941 Sale 9312
10512 32 105 106
Externals f 7411 series A...1945 A 0 1051 Sale 105
/
4
/
4
9414 54
4
/
4
2 11018 1111 Atl & Day lst g 4s
8 1103
Danish Cons MunIcip 8a A _ _1946 F A 1104 Sale 1103
1948
11
J 82 Sale 82
/
1
82
2448
1107
8 14 11018 111
Series 13 s f 88
1946 F A 1107 Sale 11014
1948 3 3 741 Bale 74
8
8
/
4
743
4
/
4
8
Denmark 20
_1942 J .1 1057 Sale 10512 10614 44 1051 1063 Atl & Yad 1st g guar 4a
-year esti
1949 A0 00 Sale 90
10
8
90
Austin & NW 1st gu g 511.-1941. 3, 1021
983
99
97
4 61
Deutsche Bk Am part ctf 65.1932 M S 9812 981 9812
2_ 10212 Feb'28
4
14
9912 100
8
Dominican Rep Oust Ad oiteta Si
/ Balt & Ohio le1 g 4a___ _July 1948 AO 961 di;le 9618
1
4
10012 Sale 10012 1007
/
4
96% 50
or% 10014
10
Registered
lit sec 54e of 1926
93 4
3
July 1948 Q
99
1940 A 0 984 99
/
4
9514 9712 961 Feb'28
/
1
20
-year cony 448
4 18 10014 102
Dresden (City) external 7s...1845 M N 10138 1013 10112 1013
1933 MS 1004 Sale 1003
4
/
1
/
1
s 1004 145
/
1
/
1
Registered
3
Dutch East Indies esti
MS
J J 10414 Sale 1044 1044 37 10414 105 8
10018 Feb'28
8
Refund & gen as aeries A_.1995 JO jai& Sale 10314
4 23 1943 1054
40-yeaz external 68
62
/
1
1962 M S 10438 Sale 1044 1043
104
1st g 5a
1033
4 20 10318 10414
80
-year external 514s
1953 Si S 1034 Sale 10318
1948 AO 1084 Sale 1081s
10873 12
Ref gen as series C
30
-year external 514s
1953 MN 10312 Sale 10312 10384 16 10312 10412
1113
4 93
O 11112 Sale 11118
1995
P LE& W Va Sys ref 48_1941 MN 06 Sale 951
El Salvador (Repub) 88-1948 J .1 110 Sale 1094 11014
/
4
9 10712 11014
/
1
98'8 19
Southw Div let 58
Finland (Republic) extJ 68_1945 M
50
951 100
/
4
1053
4 45
,
1950 3' 105 4 Sale 10518
993 Sale 9812 100
4
8
Tol & Cln Div let ref 4a A 1959 3' 8812 Sale 877
63
External sink fund 1e_1950 Si 6 100 4 Sale 10912 101
99 10112
/
1
4
88 4 19
,
3
/
4
81
External s f 6411
Ref & gen 58 seriee D
1956M S 100 Sale 9914
9814 1011
100
8
2000 MS 1037 Sale 10312 10414 37
_-__
Ranee
Since
Jan. 1.
Low
High
98 101
98 101
110 1103
8
1153 1164
4
/
1
106 10812
1064 107 4
/
1
3
102 10312
1057 1063
8
4
1164 119
/
1
1043 10914
4
9634 100
91
911s
993 1011
4
/
4
9514 96 s
3
10314 105
98 100 4
/
1
4
3
94
987
s
9814 10014
102 103
/
1
4
9712 994
9514 973
s
96
/
1
4
94
9514 975
4
Nag 93 4
,
10114 103'8
99 100 4
,
9812 10012
99 3 10112
,
99 4 10113
,
3473 86%
/
1
4
so% 49
36
42
/
1
4
39
39
/
1
4
23
29
2718 304
2312 28%
4014 44
393 43
4
/
1
1
412 934
10238 104
1057 109
8
102 10314
944 96
/
1
9412 96
102 103
/
1
4
102 10412
/
1
4
10138 103
/
1
4
/
1
4
100% 102
9212 93
101 103
99 10012
10318 103 4
3
102 103
9512 9812
1091 110
/
4
/
1
4
10912 11014
1061 1073
/
4
4
10612 10714
1027 10414
8
90 4 93%
3
801 847
/
4
8912 914
/
1
981 101
/
4
10412 1071
/
4
1011 1033
/
4
4
/
1
4
113 115
/
1
4
106 10812
10512 108
1053 1087
2
2
10512 11012
9112 93
/
1
4
104 105
/
1
4
11214 120
96
/ 993
1
4
4
10612 1083
8
10813 1087
3
10034 103',
94 4 100
,
1033 108 8
8
1
974 10112
9818 10018
944 95 4
3
10212 106
104 10512
1111 113
/
4
1035 10518
8
7818 7 8
98
874 9214
/
1
9712 9812
97
98
/
1
4
1083 1104
4
/
1
961 9911
/
4
/
4
94
9814
1063 108 4
4
3
100 100
/
1
4
/
1
4
9012 9112
95 8
3
92
9718 99
811 841
/
4
/
4
983 99
4
954 96%
924 94
/
1
/
1
4
92
937
k
92
92
11"
93
/
1
4
k
997 997
k
9314 94
9312 9512
3
103 104 4
107% 107
/
1
4
994 9914
106 107
92
91
964 98 4
/
1
3
97
/ 97
1
4
/
1
4
1013 104
4
9312 9514
81
/ 85
1
4
74
764
8914 90 4
3
10214 1024
964 98
/
1
9818 963
4
1004 101
/
1
10018 1004
10314 105
108 110
1111 1114
/
4
/
1
9512 9712
10518 10718
873 911s
4
10312 10514
1481
New York Bond Record -Continued-Page 2
BONDS
N. Y. STOCK EXCHANGE
Week Ended Mar. 9.
- 35
t
.
b
a-
Price
Friday,
Mar. 9.
Week's
Range or
Last Sale.
17-1
re
Range
Since
Jan. 1.
BONDS
N. Y. STOCK EXCHANGE
Week Ended Mar. 9.
Price
Frlrfav.
Mar. 9.
Week's
Range or
Last Sale.
iq
Range
Bina
Jan, 1.
High No. Low
Bid
Ask Low
High
High No, Low
High
Ask Low
1384
___
Ileartield & Mah let gu 56_1943 J J 10038.... 9912 June'27 ---4
4
Bangor & Aroostook let 68_1943 J J ____ 106 1023 Mar'28.... 1023 103
971;
-963 --9714 Mar'28
,
8914 'Mee Cinch & St L gen 48_1993 1 D 961 97
883
8
5
87
89
88
1961 J J 88
Con ref 43
10018
2 10018 10038
1931 .1 J 10018 10012 10018
-year deb 414e
20
6812 72
7212 6812 Feb'28 ____
Battle Crk &Stur let gu 3s__1989 .1 D 67
116 Feb'28 -_-_ 11518 116
4
1993 J D 1153 118
General be Series B
98
1936 J J 9714 _
9714
9714
3
97
Beech Creek let gu g 4s
8
Ref & !mut 68 series A ___1929 J J 10118 Sale 10152 102% '37 1015 103
Jan'28 ---97
97
1936 J 1 10018 ____ 97
20 guar g bs
10 106 108 s
3
106
111999364931 J J 106 Sale 106
Ref dr inlet fis ser C
8512 Aug'27 ---_
,
Beech Crk Ext 1st g 3361-1951 A 0
10412 21 1033 10512
4
J J 10412 Sale 104
Ref & impt 5e Her D
-935. -- 2 95
1944 .1 D
95 Feb'28
Big Sandy let 48
963 9638
8
8
1 J
963
_-_ 965 Mar'28 ---Cairo Div let gold 4e
8412 88
A 86% 873 8714 Feb'28 ____
8
Boat & N Y Air Line let 48..1955 F
9138 9314
492
Feb'28 ---Cin W & M Div lets 46_1991 J J 9114 92
973 97%
4
4
4
Burns & W let gu gold 4s_ __1938 J .3 973 9814 973 Feb'28 ___
9314 _ 3_
927 9314
927 ____ 9314
8
St L Div let coil tr g g 4s_ _1990 M N
Buffalo R & P gen gold 58_1937 M S 103 105 103 Mar'28 ____ 103 1065
91% D'27 ---ec
__
M N 91
Registered
9418 85
928 9414
8
1957 M N 9418 Sale 92%
Coma'414e
-7
7T2 -- -197 2
8 983
4
Spr & Col Div let g 4s___1940 M S 963 - - 9712 Jan'28
1934 A 0 10212 10314 103 Feb'28 ---- 10212 103
Burl C R & Nor let 58
W W Val Div 1st g 48____1940 .1 .1 9638 ____ 9612 Apr'27 ---10912 11 10918 1103
4
1962 A 0 10918 111 10918
Canada Sou cons gu A 65
,2 -- 3;
0
10014 297 -951 10 Ref & impt 43is ser E___1977 .1 1 10018 Sale 9914
1003
4
6 10014 10214
Canadian Nat 4166_Sept 15 1964 M 8 10014 Sale 10014
___ 10812 Mar'28 - -- - 10818 10813
CCC&Igenconeg 68____1934 J J
8
6
-year gold 410__Feb 15 1930 F A 1003 10012 10014 10012 11 10014 101
7
1025
8
81043
4
10218 10312 10238 1025
115 10014 10218 Clev Lor & W con 1st g 58.1933 A 0 10841957 J J 10018 Sale 10012 101
-year gold 414s
30
Cleve & Mahon Val g 5.._..1938 J .1 10118 ____ 10012 Apr'27 --70 11512 117
Canadian Nortn deb e I 76 1940 J D 116 Sale 11512 116
_ __ _
___ 100 Nov'27 ---Cl & Mar let gu g 43.4e._ _ _ 1935 M N
12212 14 121 123
1946 J J 12214 Sale 12214
As
-year a , deb 6
36
10118 10412 9818 Aug'26
8 15 100 10314 Cleve & P gen gu 43.4a ser 8_1942 A 0 10010-yrgold 4148____Feb 15 1935 F A 100% Sale 10012 1007
1942 J .3 1015e ____ 10214 Nov'27 --_ _
Series A 43,48
903 121
8
893 92
4
.1 9014 907 894
8
Canadian Pao Ry 4% deb stock__ .1
1948 M N 9014 -___ 9014 Oct'27 ---Series C 3SO
1946 M S 100 10014 993
4 10018 47
9912 1014
Col tr 4344
1950 F A 8988 ____ 8918 Nov'27 --__
D 3;is
983 Dec'27 ---4
Cub& Shaw lq gold 4s____1932 M 13 9814 99
2 .154 I66 2
. --152
972
eve
1949 J
8212 85
8212 Feb'28 ____ -§0- - -5- Clove Shor Line let gu 43,45.1981 A 0 1041g _--_ 1044 10412
90 1
Caro Cent let cone g 43
6 1093 1101
4
4 1094
A 0 1094 Sale 1093
Union Term 5 411
8 10234 10514 Cleve
105
Caro Clinch &0 let 30-yr bs 1938 J D 105 Sale 105
10638 39 106 10714
8
1973 A 0 1065 Sale 106
let 8 1 be ser B
1 108 10912
jet & con g 68 series A____1952 J D 108 109 10812 10812
___ 9212 Nov'27 ---Coal River Ry let gu 412____1945 .1 D 931
1981 J D 943 96
95
g 48
95
Jan'28 ____
948
Cart & Ad 1st gu
8
3
995s 10013
10
9
4 997 9674 ; __29_
98
1948 1 D 8712 90
90
90
1
8718 90_ Colorado & South let g 4e___1929 F A 9932- 8 99 4 m4 92788
Cent Branch U P let g 4e
99% 100
4
Refunding & exten 4548 1955 M N 993 Sale 993
93
107% Dec'27 _-__
____
Central of Ga let g 5s_Nov 1945 F A 10814
96% 9678
1048 A 0 9678
Col & II V let ext g 46
1945 M N 1065 Sale 1065
-- 8
8 10618
5 10614 10714
Consul gold be
9512 9512
F A
9538 9712 951 Mar'28 ---10212 10414 Col & Tol let ext 48
F A 1045
Registered
8
.10414 Feb'28 -year secured 69__June 1929 J D 10114 10118 10114
10112 13 10114 10214 Conn & Passum Ely 1st 48_ _1943 A 0 9012 ____ 8818 Mar'27 ---10
_ 964 Nov'27 - -__
1930 F A 96'2-4 107 10814 Comet Ry deb 48
10818
Ref & gen 53.2s series B_--1959 A 0 10818 Sale 108
5
1;2-112
81
79 - -8
1954 J J 794 823 81
Non-cony 4e
1959 A 0 1033 105 1035
8 1035
8 10 10318 10418
Ref & gen ba series C
78
8612
8612 Feb'28 ---_
____ 82
Non-cony deb 4s____J&J 1955 .1
9518 95%
Chatt Div pur money g 48_1951 J D 95% ____ 9518 Jan'28 ____
80
8112
_ 8112 Jan'28
Non.cony deb 4s_ _ _ _A&O 1955 A 0
Mao & Nor Div let g 58_1946 J J 10618 ____ 10712 Oct'27 ---- ____ __ __
763 8314
8
8312
81-_- 82 Feb'28 - - _ _
82
Non-cony debenture 48___1956 1
1947 J J
Oct'27 ____
___
_
Mid Ga & Atl dly 56
48
98
9612 984
1942 J D 9712 Sale 97
1946 J J 10 % -_--- 104
0614 Jan'28 _
10614 10614 Cuba Nor Ry let 53,4s
Mobile Division be
6
3
-16
9814
973 100
4
984 Sale 9814
-year Ea g _ _ _1952 J
87
24
86
Cent New Eng let gu 4s____1961 J J 87 Sale 8614
8818 Cuba RR let 50
8 1084 109%
1936 J D 1094 Sale 10812 10914
let ref 714s ser A
Central Ohio reorg 4 As__ __MO M S 100 1003 10018 Feb'28 ____ 10018 10034
4
9912 100
4
1936 .1 D 9918 1003 100 Feb'28 --- _
let lien & ref 68 ser B
Central RR of Ga coll g 68__1937 M N 10018 1007 100 4 Feb'28 -__ 1004 10118
3
10012 100%
11712
4 1173 11912 Day & Mich let cons 43.45_.193l 1 .1 9918 10012 1004 Jan'28 8
8
Central of NJ gen gold 68___1937 I J 1173 Sale 11718
9514 983
4
8
953
4 81
8
933
1937 Q J 117 119 117
117
5 117 11818 Del & Hudson let & ref 48_ 1945 M N 955 965 9514
Registered
1014 10 100 101%
A 0 101 Sale 101
30
97% 99
-year cony be
1987 J J
9712 Sale 971
General 48
9712 21
13 10412 107
4 105
1937 M N 105 Sale 1043
1949 F A
9612 Sale 95%
-year 51.16
gu g 48
9612
9
15
9418 9612
Cent Pac let ref
10518 10 10418 107
1930 J D 10518 1054 10518
10 A
Jan'28
10
-year secured 7s
Registered
94
94 94
1936 F A --------964 Apr'27
99% 99 Feb'28 ____
Mtge guar gold 3 yis__Aus 1929 J D 99
994 D RR & Bdge let gu 4s g
99
9312 107
9215 94
3 Den & KG let cones 43
.1 9312 Sale 931e
1936 J
9112
4
94
Through St L let gu 4a_ _ _1954 A 0 9418 9434 94%
94
9614 084
/
1
17
97
J .1 97 Sale 9614
1960 F A 10414 Salo 103%
Consol gold 4126
1043
4 61 1033 10512
Guaranteed g be
4
9778 10014
192 J D 100 10018 100 Feb'28 - - -_
93
_
_
Improvement gold Eel
6
8
Charleston & Sayn'h let 7s_ _1936 J
_ 11918 Aug'27 ____
11318
8914 92
91
9_6_
m
100% 1603- 100% 100%
- 4
5 1003g 16- Den & R G West gen 68_Aug 1955 MN 9114 Sale 94)14
- 138
Chen & Ohio fund &'et 58.1929 1
2714 31
2714 Feb'28 --- 2714 49
1939 M N 107 ____ 107
107
8 10814 1078 Des M & Ft D let gu 4s___ _1935 .1 J
tat consul gold be
1
26
2714
26
26 Sale 26
1939 M N 10518 ____ 1055 Dec'27 ___
8
Temporary ctfe of deposit__
Registered
___
__
1024 10214
1992 M
S
1027 Sale 1023
8
4 10314 27 10218 103% Des Plaines Val let gen 4348_1947 ii -- --------10214 Feb'28
General gold 414e
-80
82
__ 82 Mar'28 - -- M S 10118 ____ 10214 Feb'28 ____ 100 10214 Det & Mac_ let liens 4s____1995 J D
199
Registered
2
70
72
70
70
75
ID 8070
1030 F A 10012 Sale 10014
Gold 48
10012 80 10014 10118
-year cony 43.48
80
8
8
__ 10218 Jan'28 ____ 1023 1023 Detroit River Tunnel 410_1981 M N 1025 Sale 10218 1025 104 10132 10258
Craig Valley let 581940 J
101
8
8
____
58_1941 J J 10418 ____ 1037 July'27
924 - 4 9312 Mar'28
933Potta Creek Branch let 48_1946 J
913 9312 Dul Missabe & Nor gen
4
2 10215 lO3ls
103
9412 Mar'28 ____
94% 9418 Dul & Iron Range let 5e.,..1937 AO 103 .._l03
R& A Div 1st con g 48____1989 J
9412
1027 1027a
8
8
J 13 _8_ _ _7i_ 10758
A .1
_6
8 .. 8 827
1989 J J 9218
9218 Feb'28 _
Registered
26 consol gold 48
9112 9218
87% 90
2
.1:19----_-:
F 6:28
Warm Springs V 1st g 55....1941 M S 10112 103 10212 Mar'28 ____ 10212 10212 Dul Sou Shore & Atl g be__ _1937
95% 96
9934 253
East Ry Minn Nor Dly 1st 442_'48 A 0 9412 ____ 96 Feb'28 -- -991s 100
Champ COLT cony be May 161947 M N
9918 Sale 9918
2 1003 104
4
4
7312 11
East T Va & Ga Div g be _
965 .9 -I 1003 ____ 10084 1004
8
4
73
74
30
ChM & Alton RR ref g 3a___1949 A 0 733 733 7318
4 1097 11012
8
Cons let gold 584
___19956 MN 11018 __ 11018 11018
1
-__ 7314 Feb'28 ___ _
7212 7312
731
Ctf dee 6tpd Oct 1027 int _____
10 10434 10512
10514
5912
2
5912
Elgin Joliet & East let g 5e_.1941 FA N 10514 Sale 10514
60
&Mem,first lien 3 Sis____1950 J --il 5912 5912 62
109 109 4
3
A 0 109 1093 10914 Feb'28 ---_
4
4
5912 6118 El Paso & SW 1st be
5414 593 60 Mar'28 ____
Ctfs dep Jan '23 & sub coup ____
6 10518 10612
4
9015 21
8
8
897 91% Erie let consol gold 78
8
ottle Burl & Q-III Div 8I46.1949 J 1 903 Salo 897 Febext_ _11999306 M S 10512 1053 10512 10612
91
4 38
89
893
'58
7
2
4
07.89758 9658
9658 9014
893 9
8 8
let cones 4s prior
J J 893 Sale 8914
49 j .1 --------8918 ,8 _ 38
..1
Registered
86
BB
.
Jan'28 - - _i
19
1997 1 J --------86
Illinois Division 4e
133
84
86 4
3
86
973
4
7
97
1958 M S 9714 Sale 97
let consoe gen lien g 4s____199 J J 854 Sale 84
NNt ired
ea
19 96
6
General As
9815
1
82
8312
82
82
102% 33 10118 1023
1977 F A 102 Salo 10118
.1 .1
Regletered
let & ref 430 wet' B
10284 12 10213 10312
1971 F A 1084 10812 1084
10818 21 1073 10834
023 -1(4
4
Penn coil trust gold 4e____1951• A 1523. 1 - 1014.1
let & ref be series A
8734 11
8712 8912
8
60-year cony 48 series A.-1953 A 0 8712 8814 8712
Chicago & East III let 68-1934 A 0 1067 ____ 1071e Feb'28 -___ 1067e 10718
8 16
86% 8912
875
8718 137
85
Series B
1963 A 0 8838 Sale 8615
0& E III Ry (new co) con 68_1951 M N 8718 Sale 85
03
112 Mar'28 _
881s 135 Sept'27 - - _ _
1982 MN 1117
8
11011 1124
Gen cony 4e series D
1953 A 0 86
Me & Erie let gold be
9815 414 "973 991
68
186
66
7213
Ref & imp* 53
1967 M N 9814 Sale 9712
Chicago Great West let 46__1959 M S 674 Sale 6618
6 113 1147g
Erie & Jersey let If tls_ _ _1955 J J 11338 Sale 11312 11338
ChM Ind & Louise-Ref 68_1947 J J 11818 ____ 11818 Feb'28 ____ 1167 11814
e
8
1133
8 14 112 0 116
1947 J J 1044 ____ 116 Nov'27 ____
gold be
Genesee River let at 5e__1957 J .1 11338 114 1131/
Refunding
_-__ ____
102 102
Jan'28
102
9114 May'27 ____
_
Refunding 48 Series C__1947 .1 J 97
Erie & Pitte gu g 310 B____1940 .1 J
i
9014 90 4
3
4
1966 MN 1054 10714 1054 10714
4
3 1053 111/
s
Series C 3148
1940 J J 903 ____ 903 Jan'28 -„,
General 58 A
14
137 100% 104%
May 1066.3 J 10912 11112 11118 Mar'28 _
10914 11112 Eel RR exti s 1 76
General 65 I)
1954 M N 104 Sale 10338 104
-year 418._1956 1 J 957 9614 9518
5
8
957
Ohio Ind & Sou 50
957 96
8
Fla Cent & Penn let ext g 58_1930 .3 .1 10212 ____ 10212 Feb'28 _ _ _ _ 10212 10212
10252 102%
J .1 1024 ____ 10238 Mar'28
Consul gold 55_
Chic L B A East let 4 yis _.,l969 J 13 10214 ____ 10212 Feb'28 -___ 10212 10212
100
4
4
75
6
CM & Puget Sd let gu 48...l949 J .1 --------723
Florida East Coast 1st 4346_1959 J Li 1003 Sale 190088,42 Jan'281_5_ 100 10112
7012 75
631
87
8
•4
833 1395
74
-...75
US Tr certifs of deposit
1974 M S 8612 Sale 8514
75
9
71
75
let & ref bs series A
21
451 62
6
48
4
8 '.027
8 19
9218 Sale 923
CO hi & St P gen g 4eSer A..61989 1
9115 9312 Fonda Johns & Glov 434e_. _1952 M N 473 Sale 4712
98% 9812
Q J ____ ____ 9118 Jan'28 ____
Registered
9138 Fort St U D Co 1st If 4 yis___1941 J J 9838
91
8
8112
1
General gold 3 Sie ger II_ _21989 J J 813 Sale 8115
8015 8134 Ft W .12 Den C let g 53.4a. _1961 J D 1084 1088 1083e Jan'28 ---- 108% 1081/4
9914 99 4
3
4
8
103
55 10012 10414 Ft Worth & Rio Or Isle 48__1928 J J 993 997 1 993 Feb'28 -___
4
Gen 414e series C___May 1989.3 J 103 10312 1027
10712 10712
8
Registered
__ _ ____ 10012 Feb'28 ____ 10014 10012 Frem Elk & hlo Val 1st 88_1933 A 0 10614 1085 10712 Mar'28 10124
1 10114 10212
4
1013 1021e 10184
Gen & re eer A 4 SO_ _Jan 2014 A 0 --------7314 Mar'28 ____
,
7218 74% Gil & SAM & P let 5e__1931 121 N
Guar Tr certifs of depoely
_
75% Sale 737
7512 84
1931 J J 10012 Sale 10012 1004 10 10012 101%
7114 7512
2d evens 58 guar
5
9912 10052
100
,
_-Gee ref cony ser 11 be Jan 2014 1 A --------74
75
27
70% 75
Galt lions & Fiend let 68_ _1933 A 0 100 Sale 100
,
98 1003
9812 14
_
4
9812
7013 7412 Ga & Ala Ry let cons 6e_Oct 1945 J J 984 99
Guar Tr certifir of deposit_
7412 Sale 7218
7412 44
10014 50 1004 100%
1934 ii 1037 104 1033
_-8
lit see Be
4 104
23 10315 104
Ga Caro & Nor let gu g 55._1929 J J ____ 10018 10014
78
78
1932 1 D 7412 Sale 7412
78 Feb'28 - _ -78
Debenture 434e
75
27
1948 A 0 77
71
75
Georgia Midland 1st 38
3 10014 101
101
____ 101
loa1t
Banker!' Tr certlfs of dep925
75 Sale 7314
7512 64
71
7512 Or R & I ext let gu g 4149_1941 .9.3101
25 11518 11612
:11-ii ____ ____ 717 Feb'28 ____
Debenture 4s
8
71
7334 Grand Trunk of Can deb 76_1040 A 0 116 Sale 11512 116
8 109 109 s
10912
5
7514 Sale 73
7514 102
13 13 Mtge & 'I'r Ws of dep__
1936 M S 109 Sale 109
707 7514
16
-year s f 68
2
____ __
9S14 9417
1934 ,i--i ____ ____ 7214 Feb'28 ____
7012 737 Grays Point Term let 58____1947 I D 991_8 ________ 191495834
-year debenture 48
8
16
180 11478 118
116
75 Sale 7312
J .1 11512 ____ 115
Farm L & Tr ctfs et dep____ _ _
75
3
74% 746% Great Nor gen 78 series A ___1936
88034 885
458
8
Feb'28
114% 1145
1987 M-N 847 Sale 847
8
.1 J ___
8
85
15
Cato & N'west gen g 8.126
Registered
4 10118 84 100 1024
Q F 83
1014 Sale 1012
84
8412 Jan'28 ____
Registered
let & ref 4 Sig aeries A____1981 J
11214
4 112 11514
1987 M N 96% Sale 953
1124 Sale 112
4
1952 J
96%
General 411
8
General 53.45 series B
953 98
4
1073
4 13 10672 109
4
10712 10818 10714
963 Feb. -___ 96% 9634
4
1973 J
28
General 66 eeries C
Stud 4e non-p Fed In tax '87 ht N 953 97
99% 10114
10018 35
10018 Sale 997
115
1 113 115
D._ 1976 J
.43is etpd Fed Inn tax_1987 MN 112 113 115
General 4128 series
Gen
27
983 1003
4 100
4
4
115
2 112 117
Gen 66 land Fed Inc tax_ __1987 SIN 115 Sale 115
1977 J 3 100 10018 993
General 41.1e aeries E
1870-1929 A 0 10218 1027 1023 Mar'28 ____ 1023 10215 Green Bay & Wen deb Ws A.. Feb85% 87
8638 Feb'28 ---_
86% 86%
8
8
Oluking fund Os
e
1879-1939 A 0 1004 10118 10114 Mar'28 _
2412 2914
261z
2
2612
Feb 2814 27
Oinking fund 68
10114 10115
Debentures etre B
1879-1929 A 0 ____
8
95% 95%
_
10012 Oct'27 _
950
Registered
G ulfn b obrs8 N let g 544 ______ 1940 hf 14 954 ___ 953 Jan'28
Oree 8irle R y0r letu ;
1933 M N 1023 1031; 1027
4 -A 0 10618 107 1063 Feb'28 _ _ 106% 10712
4
8
1027
8 13 10218 103
Sinking fund deb 68
RegisteredM N 10218 10314 10218 Mar'28 __ _ 10218 10216
1031
25 10314 104
1950 A 0 10314 10312 103
let hi 56 series C
1930 J D 105 Sale 105
1 10712 10814
8
lO77
s
1077 Sale 1077
8
10514 39 105 10612 Gulf & 8 I let ref & ter g 66_51952 J
-year secured 7C5
10
1930 M 8 1127 Sale 1127
,
106
5 105 4 10712
8
1054 10614 106
8 113
13
-year geoured 8;211g
16
14i1,42 Hocking Val let cones 4349_l999 .1
May2037 J D 1113 11212 11118 111
10412 Feb'28 ___ _ 10412 10412
8
769 i:
11
v 18
i27
7
1st ref g be
7 101 12 10112
May 2037 I 0 103 Sale 102
_- 10112 1011
1,03388,8
39 j N ii5i .1-2 6;10
7M
rio:uegiBteiredg c
satonistily
Tc c
199
let & ref 410
ba
8
8 938 93
2 10318 103%
1937 l .1 103___ 10318
l03's
It
lot guar
Ohio R I & P Railway gen 48_1988 J J 933
J J 913 92
4
9118 Feb'28 ____
Waco & NW div let 6s _ 1030 M N ____ 105 10312 Mar2 ---- 10312 10312
Registered
918 015
8
1 10134 102%
1934 A 0 963 Sale 9512
4
4
Refunding gold 49
9634 103
9512 964 Houston Belt & Term let 58_1937 J 1 10218 1023 10212 102'2
10212 10218
1952 M S 96% Sale 953
8 ___ 102% Jan'28
4
96 2
Ilo estguftr 04 re0
lut on E 5,,W Tex 1st g 58_1933 M N 1003
Secured 43.48 series A
10218 1021a
4
1933 M N 10114 102 10218 Jan'28 ____
4
1
3_
& N 0 Mem Div 413.1951 J 1:1 923 ____ 923 Feb'28 _6_2
9658 92
CO St L
2
7
:1
10112 101 1008 102%
8
1027 Feb'28 ___ _ 10218 10315 Hud & Manhat be series A 1957 F A 10138 Sale 10018
8
Ch St L & P let cons g be_ 1932 A 0 1023
8 9238 131
1027
91% 93 4
11
8 10 10012 1033
Adjustment income be Feb 1957 A 0 9238 Sale 91%
Chic St P NI & 0 cons 68_1930 J D 1027 103% 102%
e
8
_ _ 987 Feb.2 _
973 99
4
___- 9614
11117 soki
1 51g Central let gold,48_1951 J .7 97
Cons 66 reduced to 310_ _1930 J D 97
1930 M S 10014 Sale
Ma0T -- -i ino- foo'ilY 4
8 91
90
90
1951 J J 895 - - 90 Mar'28
Debenture be
- 2
too
____ 100
Jan'28 ____ 100 100
Extended let gold 3145_1951 A 0 8918 9112 9112 Jan'2
Stamped
____ 7612 June'2 _ _ _ _
8 10312 67 10218 103%
1961 111 13 76
let gold 3e sterling
Obis T II & SO East let 55_1960 J D 10318 Sale 1027
Dec 1 1960 NI 8 97% Sale 97
4
4
9514 20
9712 32
-1
Collateral trust gold 48-1952 A 0 943 Sale 943
9612 983
9415 18;
Inc, gu 58
8
Chic up mien let gu 4346 A_196.1 J J 10218 10212 102%
9738 Sale 9718
10214
7 10114 10212
let refunding 43
1955 M N
9738 20
953 9812
4
1953.3 1 105 Sale 1044
4
105
15 10418 106
Purchased llee8 3123
1952.3 J ____ 893 90 Feb'28
90
901a
ered
let 58 series 11
1944.3 I 10338 1037 10318 Feb'28 _
,
8
J J
933 Dee'27 _ _ _ _
4
Guaranteed g ta
10318 105
Registered
1963 J J 1183 119 1184 1183
4
923 9318
4
4
5 11814 1194
Collateral trust gold 48_.1953 M N
IA
let 63.4a series C
MN
103
93 Nov 2
91
'8
Jan'28 ____ 10234 103_
Registered
9.33
; 3
_
Chic & West Ind gen g 6s_ _p11132 Q M 105% _
1952 J J 917 Sale 911*
8
911 93
158- 1 - 3- 109
92
25
4 R ii te:5:
1:_ef k n r
4g
-168
-year 4/3
-3
;
109
1 105" 116
Cowed 50
1962 hi S 10518 Sale 10518 1053
4 17 105 1057
15
-year secured 61.0 g___ _1931 J N 1134 114 114 Mar'28 ___ _
19 M J
11312 11414
let ref 5348 ser A
1952 NI N 10738 . ___ 1073
8 1073
8
1 107 10715
Aug 1 1966 F A 10112 Sale 101
101% 150 101 102
Clioc Okla & Gulf cons 58
1937 J J 99
9914 Feb'28 _
99
Cairo Bridge gold 4
1950 J D 927 __ 97% Jan'28
8
9914
9718 97%
On H A, D 20 gold 4428
o
9818 9818
8
ID I St L & c let g 48_ __Aug 1936 Q F 975 987 98% Feb'28 ____
Lttchfleld Div let gold 38.1951 .1 J 805 __ 804 Oct'27 _
8
Aug 1936 Q F
___ 974 Feb'28 ___.
Louisy Div & Term g 3340.1953 l J 873 ____ 88 Feo'28
88
4
9714 9714
87
Registered
1942 M N 97%934 95
933 Feb'28 ____
4
7912 80 0
Omaha Div let gold 38
795 ____ 8012 Jan'28 ---8
5
195I F A
9314 933
4
Cln Leh & Nor ell 481f
--
.-
(Due Feb. • Due May.
v Doe De
1482
BONDS
N. Y. STOCK EXCHANGE
Week Ended Mar. 9.
New York Bond Record-Continued-Page 3
Price
Friday.
Mar. 9,
Week's
Range or
Last Sale.
Range
Since
Jan. 1.
BONDS
N. Y. STOCK EXCHANGE
Week Ended Mar, 9.
Price
Fridau,
Mar, 9.
Week's
Range or
Last Sale,
4
,
Range
Since
Jan, 1.
Ask Low
Bid
High No. Low
High
Rid
High No. Low
Ask Low
Higls
Illinois Cent (Concluded)
(at RR Mex pr I 914s Oct_1926 1 J
3812 July'25
86 Louts Div & Term g 39_1951 J J 8012 82
8012 Dec'27
Assent cash war rot No 4 on
1712
/
4
171
2 -1722
Gold 33.4s_ _
1951 J .1 8914 91
8914 Feb'28
.st comma 43
-89l3 - - 154
0
1951 A- 28 Apr'26
Springfield Div 1st g 3345_1951 J J
Oct'27
88
Assent cash war rot No 4 on
933 -1-31;
I1E614 dale- 1038
105
8 17
Western Lines let g 49__ _1951 F A 9314 9414 93
03
93
Jan'28
'Saugatuck RR let g 48
1954 Si Si
865 Nov'27
8
Registered
F A 91
Jan'28
New England cons 59
90
9512 90
90
1945 J J 1021 105 1023 Feb'28
8
10234 102 5
77
4
III Central & Chic St L & N 0
Consol guar 48
1945 .1 J
9234
90
923 Feb'28
4
Joint 1st ref Is series A._1963 J D 1068 Sale 1063s 107
7 10614 10814 N I June RR guar let 48_ __ _1986 F A
90% 9812
8814 ____ 904 Mar'28
lst & ref 4 3.is ser C
1963 J D 100 Sale 993
8 10014 146
99% 101
NO&NE Ist ref & Imp4146A'52 3 J 102 Sale
102
10 10114 102
1007s
Gold Se
1951 J D 10818 ____ 1083 Mar'28
8
108% 10812 New Orleans Term 1st 4s
1953 J J 93
90% 93%
93
93 1 4
15
Gold 334s
1951 1 D 835 ____ 8412 Jan'27
O Texas & Alex n-c Inc 5s_1936 A 0 10012 Sale 10118
8
__
1011
3 100 102
Ind Bloom & West lat ext 46_1940 A 0 943 ____ 9318 Sept'27
8
1st 58 aeries B
1954 A 0 10018 Sale 10014 100313 16 100 101
Ind Ill & Iowa 1st g 48
1950 J J 9612 _
9612 Mar'28
-9612 97
let Is series
'
(
1956 F A 1033 10414 1033 Mar'28
4
4
10312 105
Ind & Louisville 1st gu 48
1956 .1 J
0C18 9112
991 Feb'28
/
4
1st 434s series D
1958 F A 9914 Sale 983
4
98% 9912
9912 116
Ind Union rty gen Is ser A...1985 1 .1 10 1 -- -- 105 Afar'28
104 105
1st 63.45 series A
-8
1
1954 A 0 10438 1053 1053* 1053
8
8
4 104% 10512
Gen & red be series 13
1965 1 J 10418 ____ 10412 Feb'28
10412 10412
& C Bdge gen guar 43.46..1945 J .1 100 ____ 100
Jan'28
100 100
Int & Grt Nor 1st 68 ser A 1952 J J 107 Sale 1063
Y 13 Az M B 1st con g 5s_ _1935 , 0 1004 ____ 101
4 107
30 1063 10812
4
3
101
2 101 101
Adiuntment 68 ser A July 1952 Aprl 943 Sale 9312
4
535
96
9312 99 4 N Y Cent RR cony deb 69_1935 M N 107% Sale 1075
,
8 108,
10212 108%
4
Stamped
9712 9712
9712 Feb'28
Consol 45 series A
1998 F A
/
1
4
9512 97
9614 961 95 z
/
4
,
9814 129
let Is series B
1956 J J 100 Sale 9918 10018 94
99% 1017
8
Ref dr impt 4148 series A_2013 A 0 103 Sale 10212 103
20 10212 10413
1st g 5s series C
1956 J J 993 10018 10018
101
4
47 1003 102
8
Ref & impt 5s series C
2013 A 0 10938 Sale 1083
4 1097
8 75 10814 110%
Int Rya Cent Amer let 5s_ 1972 M N
8414 Sale 83
8414 21
,
8178 84 4
Registered
A 0
10512 Jan'27
let coil tr 6% notes
1941 M N 96 Sale 96
96
9434 973 NY Cent & Hud Riv M 3%8 '97 J J 863 Sale 80
4
10
8
87
4 57 i
54 -851 - - 5
1st lien & ref 6145
1947 F A 94 Sale 94
947
91
27
9518
Registered
1997 J J 8512 Sale 8512
8.511 20
8512 8512
Iowa Central lot gold 58
39
1938 J D 3618 3912 39
1
39
4012
Debenture gold 4s
1934 M N 98 Sale 98
9838 50 • 98
99 4
,
CertifIcatea of deposit.......... 33
40 Feb'28
40
_
40 4
3
38
Registered
M N 981s 983 983 Jan'28
8
8
991 9818
4
Refunding gold 4s
1951 l
1018 1012 1012
1018 1314
1012 20
-year debenture 49
30
1942 .1 J 9714 983 98 Feb'28
8
4
973 99
James Frank & Clear 1st 4s_1959 J D 963 9714 9614 Mar'28
4
Lake Shore coil gold 33.48_1998 F A
9614 967
8
843 Sale 8312
4
/
4
8318 881
843
4 24
KaA&GR Istgugba
1938J J 10:3----103 May'27
Registered
1998 F A
8134 _ _
827 Jan'28
8
827 827
8
1
Kan & M 1st gu g 4a
1990 A 0 903 -___ 9818 Feb'28
9113 9618
4
Mich Cent coil gold 3%9_1998 F A
853 8814 8538
8
87
8538 87
34
KCFtS&M consgths
1928 M N 10018 Sale 10018 10018
5 10018 1007
8
Registered
1998 F A
____ 8118 July'27
84
K C Ft S & M Ry ref g 49_ _1936 A 0 963 Sale 9614
8
96
96% N Y Chic & St L 1st g 45
9612 12
1937 A 0 9712 ___ 9712 Mar'28
-Fri4 98
KC&MR&Bleteu 5s
1929 A 0 101
____ 10112 10112
1 100% 1013
Registered
4
1937 A 0
9612 Feb'28
961 9612
/
4
Kansas City Sou let gold 39_1950 A 0 78 Sale 7738
7712 7954
7838 54
25
-year debenture 48
1931 M N
99
9618- - - - 9712
9914
99
9914 100
9
Ref es Inapt 56
Apr 19)102 J 10118 1013 10118 102
4
5 101% 102%
2(1 6s sertes A BC
1931 MN 10312 Sale 1025
8
10314 43 101% 10314
Kansas City Term 1st 48____1960 .1 J 9318 Sale 933
9418 33
8
Refunding 5148 series A 1974 A 0 10712 Sale 1073
93% 95
10713 13 106% 1073
8
4
Kentucky Central gold 4s___1987 J J 933 ____ 933 Feb'28
4
4
93t2 9812
_
Refunding 51.49 serles B 1975 J J 1073* Sale 10714
10712 20 1065 107
8
12
Kentucky & Ind Term 430_1961 J J 9014 9212 92
Jan'28
92
91
N Y Connect let gu 414a A 1953 F A 101'm.._. 10118 Feb'28
1007 10214
8
Stamped
1961 J J 9312 95
95
95
1
5
lst guar as series 13_
93 8 05
1953 F A 1043 10514 10514 Feb'28
4
11012 105
/
1
4
Plain
1961 J J 9714 ____ 963 Dec'27
4
N Y dr Erie 1st ext gold 4s._1947 M N 92 ____ 9212
9212
1
Lake Erie & West 1st g 59_ 1937 .1 J 10414 Sale 10414
10414
5 1033 104 6
-3
4
3d ext gold 4140
1933 M 8 10018 ____ 1003 Dec'27 ---4
2d gold be
1941 J .1 103% 104 1047 Feb'28
t
102 104%
4th ext gold 58
1930 A 0 1003 ____ 1003 Oct'27 ---4
4
Lake Shr & Mlch S g 3;is 1997 2 D 864 Sale 8618
2
863
4
85% 8712
5th ext gold 45
1928 J D
_
9914 Jan'28 -9914 9914
1997 J D 85
Registered
85 Mar'28
86
85
N Y & Greenw L gu g ba
1946 MN 100 101 - 101
99,4- -34
Dec'27
7
Debenture gold 4s
1928 M S 998 Sale 997
99
28
NY & liarlem gold 314s
9934 100
2000 M N 8712 89
871 Feb'28
/
4
-girs
M N
25
1931 siN
-year gold 45
991 1 9812 9914
9912 14
9914 100
N Y Lack &W let & ref 5a I973 MN 10314 ____ 80 July'20
Registered
4
983 _
4
993 Feb'28
4
4
First & ref 41is
993 993
1073 M N 108
10715 108
____ 108 Feb'28
Leb Val Harbor Term 5s____1954 F A 10614
_ 10614
10614
1 10614 10612 N Y LE& W 1st 76 eat
1930 M S
106 106 Feb 27
.
Leh Val NY lst gu g 4149_1940 J J 102
____ 1013
4 101.3
2 101 10217 N Y & Jersey 1st 58
4
1932 F A 101)4 Sale 10118 lout 10 lOO7s 1011,
Lehigh Val (Pa) cons g 4a_ _2003 M N 9112 Sale 91
915
8 30
91
93 2 N Y&N E Bost Term 48_1939 A 0 92
,
_91
Apr'27
M N
Registered
91
Jan'28
91
90
N Y N & II n-c deb 4a__ _1947 M
88 00 - 88
Jan'28
88
88
_
2003 M N 10114 101 8 1004 101 12 22 10012 102%
General cons 4348
-5Non-cony debenture 3346_1947 M
8112 813 8314 Feb'28
4
82
83 4
,
M N 99 10012 98 Nov'27
Registered
Non-cony debenture 3148_1954 A 0 78
79
79
79
1
774 914
Lehigh Val RR gen 58 series_2003 M N 10918 11012 110
110
2 105- 11 -1-1 4
Non-cony debenture 49_1955 J J 851s 87
863
4
863
4
85% 881s
2
Leh V Term Ry 1st gu g 58_ _1041 A 0 10518 10614 10618 10618
2 10512 1063
8
Non-cony debenture 48_1956 M N
8518 8618 86
851s 8812
8612
7
A 0 10312 10612 1037 Feb'28
Registered
8
8
1037 103%
Cony debenture 3145
1956 J J
7714 80
78
7812 78
78 18
11
Let & NY 1st guar gold 49._1045 M S 9114 Sale 9212 Jan'28
9212 9212
Cony debenture 68
1048 .1 J 116 Sale 116
8
11631 63 1153 118
Lex dr East 1st 50-yr 5s gu_ _1985 A 0 11418 ____ 11418 Mar'28
11418 1153
8
Registered
J J
11312 115
114 Mar'28
Little Miami gen 4s Ser A__1962 Al N
9212 Jan'28
9212 9212
Collateral trust 89
1940 A 0 10512 Sale- 10514
10511 43 105 1053
4
Long Dock consol g 6s
1935 A 0 10914 ____ 109% Feb'28
109 8 10912
3
Registered_
A 0
10912 Dec'27
Long 'aid 1st con gold baJuly 1931 Q J 1004 Sale 1003
4 1003
5 100% 102
4
Debenture 48
1957 M N
8112 Sale 8118
5
*
8112 30 -1i151 825
let cons& gold 4s___ _July 1931 Q J
9812 993 993 Mar'28
4
4
981s 6534
Harlem R & Pt Chee 1st 49 1959 M N
927 Sale
8
927
8
9218 9314
12
General gold 48
1938 1 D 95
9614 9518
5
9518
943 9512 NY O&W ref let g 4s_June 1992 MS 8012 Sale 925
8
12 7914
73
/ 81%
1
4
79
803
4 27
Gold 46
1932 J D 97
9614 Sept'27
General 49
1955 J
75
75
75
80 4
3
United gold 48
10
1949 M 8 9218 93 9318Feb'28
923 9312 N Y Providence & Boston 45 1942 A 0 913
4
95 95
Jan'28 _
4
05
Debenture gold 58
1934 J D 100 1013 100 Feb'28
4
100 100
Registered
A 0
,,5
8.37:1° 893 Jan'28 _
8
893 89%
4
9,4
20
-year p m deb be
1937 Si N
993 100
4
993
4 100
15
993 101 12 N Y& Putnam 1st eon gu 48 1933 A 0 _oais
4
943 96%
8
Guar refunding gold 45_1949 ID S 923 Sale 9212
16
4
93
9
9212 943 N Y Susq & West 1st ref 58_1937 3 .1
4
90
9114 92
92
9212
Nor Sh B let COD gu ba_Oct '32 Q J 101 18 10114 10118
92
6
10118
5 10118 101 18
26 gold 414s
1937 F
81
8112
Lou & Jeff Bdge Co gu g 4s 1945 SI /1 933 94
7838 8118 8114 Feb'28
4
935
8
933
4
3
93,2 94,
8
General gold 513
1940 F A
7238 757 7218
7218 8018
7218
Louisville & Nashville be__ _1937 M N 1053 107 1053
3
4
4 1053
1 105% 106
4
Terminal 1st gold 65
1943 M N 1,0021142 Sale___ _ 10214 Feb'28 ____
99% 10214
89
Unified gold 4s
1040 J J 983 Sale 977
8
9818 39
977 9914 NY
8
89
92
9012 73
Collateral trust gold ba
1931 M N 102 10212 10218 10218 15 10218 102% NordW'ches & Is 1st ser I 4%846 J J
Ry ext'l s f 648
1950 A 0 1023 Sale 102
8
10212 18 100 103
,4
10
1930 M N
-year secured 78
10378 104 Mar'28
104 105 2 Norfolk South 151k ref A 58_19131 F A
,
963 07
9012 Sale 9612
8
987
s 21
let refund 534s series A..2003 A 0 110 Sale 110
110
1 10914 110,2 Norfolk & South 1st gold 63_1941 MN
1023 103
1023
4
4 ___ 1024 Feb'28
let & ref ba series B
2003 A 0 10812 ----10812 10818 19 108% 108% Norfolk &
West gen gold 69_1931 MN 10518 10512 10512 Feb'28
10514 10511
1st Az ref 414s series C___ _2003 A 0 10418 1047 10414
8
10414
8 10414 1043
4
Improvement & ext 68_1939 F A 10914 ____ 10912 Dec'27
19301 J 10212 1033 10318 Feb'28
N 0 & M 1st gold (311
s
.
1021 103%
New River lot gold 6e. _1932 A 0 1061 _
10012 11161;
/
4
101312 Fe5'28
1930 .1 J 10212 10312 1035 Dec'27
26 gold Os
8
N & W Ry let cone g 4s___109(1 A 0
963 0818
4
9712 - 8 97%
9i -7
Paducah & Mem Div 48_1946 F A
16
98
9618 98
963 Feb'28
8
O68
Registered
1996 A 0 96% ___
97 Dec'27
__
St Louis Div 26 gold 35_ _1980 M 8
6914
70
3
4
683 7034
Dtv'l let lien & gen g 49_1944
J
96 Sue- 98
96
95.i 963k
13
Mob & Monte 1st g 410_1945 M S 1024 ____ 1027 Feb'28
8
102 1027
8
10-yr cony 69
1929 M S
17618 1761
/
4
1 1761s 19012
South Ry joint Monon 48.1952 J J
91
9312 9312
933
4 14
9314 9414
Pocah C & C jolot 48
19412 D
9612 007
8
9612
96% 975
3
8
Atl Knoxv & Chi Div 48_ _1955 M N
96% __ 96
97
13
96
9812 North Cent gen Ar ref be A _ _1974 M S 1073 ____ 9612
8
10638 Sept'27
Loulsy CM & Lex DIY g 4%8'31 MN .10012 Sale 10012 10012
2 10012 1003
4
Gen & ref 4146 series A.._ _1975 51 8
161;
- -5
--- 10138 Jan'28
Mahon Coal RR let ba
1934 J J 10312 10412 10312 Jan'28
10312 10312
Stamped
16572
:
_
101 10312
Manila RR (South Lines) 48_1939 M N
7418 Sale 7438
2
7418
74
75
North Ohlo 1st guar g 58..„1945 A 0 10112 Sale 10312 Mar'28
10112
1007
8
99 103
1st 46
6
821 8212
/
4
1959 M N
78
1
821
/
4
80
823 North Pacific prior lien 4a_ _1997 Q
4
Sale
96
74
974
Manitoba SW Coloniza'n 58 1934 1 D 100 101 10038
10038
10018 10112
Registered
978 9 t2 9 : 07
1997 38 .1 05
i61
9512 97
28
Men 0 13 & N W 1st 3%9
88
88
1941 J J 88
91
1
Gen'l lien gold 39..._ _Jan 2047 Q
7112 Sale 71 18
72
MIcb Cent Det & Stay City 6.1.'31 SI M 10118 ____ 102 Feb'28
7014 7312
46
1- - 0212
l0l7s
Registered
Jan 2047 Q F 691s 7112 6912
6912 69%
8912
2
8
4
Registered
Q M 10012 1013 1017 Fen'28 ioi 1017 1017
8
8
Ref & Impt 4 %a aeries A__2047 J J 10234 104
102% 1029
4 14 10238 105
Mleb Air Line 413
975 Jan'28
8
1940 J J
97% 97%
Registered
J J
98 Istay'27 _
963 Nov'27
4
Registered
J J ---- -Ref & lcnpt 68 series 13____2047 J J
-17;
bills 61;1-e- 115%
116
let gold 334s
87 11512 1 - -1
/
1
1952 Ml
8918 ____ 894
893
4 10 -891-2 - - -3.
89 4
Registered
J J 11112
11,514 Oct'27
8
20
-year debenture 49
1929 A 0 997 ____ 100 Mar'28
_
99 4 100
3
Ref & inapt be series C-_2047 J ./ 10912 ____
Sale 1083
8 10912 28 log- foil;
Mid of N J 1st ext be
984
4
1940 A 0 983 100
3
083
4
9714 99 4
3
Ref & Inapt 59 series
1083 Sale 108
4
5111w L S A West imp g Se_ _1929 F A 10012 Sale 10012 10038
1083
4 16 108 1091s
1 10014 1005 Nor Pac Term Co 1st gD___2047 J
8
68..1933 3 J
3
8
,
1097 1103
Mil & Nor 1st ext 4%9(1880) 1934 J D 98
9914 Feb'28
99
9914 9914 Nor Ry of Calif guar g 58.._ _1938 A 0 110 8 ___ 11938 Mar'28
106 108 106
106 106
Jan'28
Cons ext 43.4s (1884)
988
98%
19342 D 9718 99
3
973 9912 North Wisconsin let 65
4
193(1 J
10212 10212
10212 10312 10212 Jan'28
5411 Spar & N W 1st en 48...1047 M 8 9612 973 963
4
4
983
4 16
96
Og & L Cham 1st gu 4s g
971s
1948 J J 878 Sale 8714
8712 883
Minn & St Lotils let eons 59_1934 M N 42
3
6
883
8
43
43
49
1
43
431z Ohio Connecting Ity lot 4(1_1943 M S
955 Nov'27
8
_
Temp Otis of deposit
M N 40
40
43
3
405
8
40
43
Ohio River RR 1st g 59
19311 1 D 10418 ___ 10412 Dec'27
let & refunding gold 4s___1949 M 8 1412 1518 1412
1418
2
1412 18
General gold 58
1937 A 0
104's 1041*
Ref & ext 50-yr 5s ser A _ _1962 Q F
4
2
1212 143 1212 Mar'28
11 12 151s Oregon RR & Nay con g 413.1946 J D 10212 106 10418 Jan'28
7 9612 957
Si Bt P & 8 8M con g 4a Int gu'38 .1
95
2
957
98
8
91
8
8
47
.1 907 913 907
90% 9212 Ore Short Line 1st cons g 58_1946 J J 95
3
11014 Sale 11014
/
4
1103
6 1101 110 4
8
Registered
8812 Dec'27
Guar cons Ss
1946 J J 1103 ____ 11138 Feb'28
11014 1113
s
8
let cons 55
1938 J J 0814 9918 9812
17
9812 10012
Guar refunding 48
1929 .1 D 993 Sale 9912
9912 100
997
4
8 21
let cons Is gti as to int
1938 J J 100 Sale 9912 10058 43
9912 101
Oregon-Wash let Sz ref 4a.....1961
9258 9412
925 Sale 9258
33
8
93
10-year coil trust 6%9
102
8
8
1931 M S 10118 1017 1017
12 101 12 10318 Pacific Coast Co let g 5s__1946 J J
847 881g
8
14
85
8
847
let & ref 6s series A
3 101 1031 Pac RR of Alo 1st ext g 4s 1938 I D 8412 88
1946 J J 10118 102 102
1021a
/
4
F A
95% 95
52
953 97
8
_
955 Jan'28
8
25
-year 51is
99 _ 98,8
1949 M S 0541 _ _ 5894
9418 15
94
96
2d extended gold Is
94
193/ J J 101
8
102% Jan'28
_ 1025 102%
1st Chicago Term s f 42
Oct'27
1941 M N
Paducah & Ills islet 43.413_1955 .1 J
100% 101%
____ 10138 Jan'28
101
Mlaelsalfini Central let be
991 Paris-Lyona-Med RR 6s._._195%
5
98
1949 J J 98
99% 98
08
I' A
06 100%
91134 266
993 Sale 99
4
Mo Han & Tex 1st gold 48..1990 1 D 9218 Sale 9138
9212
0
4
Sinking fund external
91 12 923
4
4 10114 76 10112 10414
Mo-K-T RR pr lien Is ser A_1962 J J 10412 Sale 104%
10412 135 10418 104 4 Paris-Orleans HIt5 f 78.713_1958 AI 5 1033 104 1033
3
_1954 M S 10414 Sale 1037
8 10418 88 101 104%
40
-year 48 series B
904
1962 .1 J 903 Sale 904
8
4
903 9212
4
External sinking fund 5148 1068 11
96
9614
9618 10
Cure tidiest as aer A Jan_1967 A 0 10618 Sale 106
1063
4 97 106 10917 Paulista Ity 1st & ref a f 78_1942 M S 9618 Sale 96
8 103
____ 10212 10212
1 10114 10312
MO Pee 18t & ref 58 ser A
1965 F A 103 Sale 10212 103
27 10218 103% Penrasylvanta RR cons g 48_ _1943
M N 98
9915
__
98
1
98
98
General 49
1975 M S 8114 Sale 7912
8114 228
7914 83,
Consol gold 413
4
1948 M N
97 100
97% 981
7
973
2
4
10218 403 101 102%
list & ref ba ser F
1977 M 0 102 Sale 101
45 sterl stpd dollar_Alay 11048 M N 9714 - / 97
96 8 09
,
973 9714
4
2
9714
MO Pac 3d 78 ext at 4% July 1938 MN
g
947
947 97
1
948
933 94%
4
Consolidated 4145
1060 F A 10514 Sale 105
10514 19 105 107
Mob & Bir prior lien g Se._.1945 J J 103
103 Feb'28
103 103
General 4 ;is series A._1965 I D 1033 Salo 10318
2
4
1037
8 27 10:318 1047
Small
100 Feb'28
1 J 100
9938 100
General 59 series B
1968 3 D 11238 113 113
8
113
1st m geld 48
26 1123 115
9218
0218
1945 J J 924 95
/
1
1
9212 96,
10-year secured 79
8
1930 A 0 10514 Sale 10518
10512 29 105 1067
Small
8
19452 J 84
87 Feb'28
87
88
15
87
-year secured 6148
1936 F A 1123 Sale 11212 113
2
4
Mobile & Ohio gen gold 48_ _1938 ME S 973 ___- 973
05 112, 1134
98
4
5
4
40-year secured gold Eis_ _ .1969 58 N 105 Sale 1013
973 98
4
7
4 105 2 106 104 105 1
Montgomery Div 1st g 58_1947 F A 10312 ____ 1053 Feb'28
,
8
10414 105% Pa Co an 31449 roll Cr A rea_1037
93
S 9:3_ _ 93
93
Jan'28
Ref & Impt 434s
__
1977 M S 9912 Sale 9812
991 188
/
4
981 993
/
4
Guar 33.4s coil trust ser 13_1941 F A
4
22
Mob & Afar let gu gold 4a_ _1991 M S
90% 911
911 - -14 904
/ 91
4
91
/
4
97
97
2
97
9718
Guar 33.4s trust etfs C
1942 J D 901
/
4
8914 901
Mont C let en 63
/
4
895
8
90111 23
1937 .1 J 11212 Sale 11212 11212
4 11212 1127
8
Guar 3 Sis trust ctfs D.__1944 J 0 90_ 893
893 90
35
8
90
8
1st guar gold Is
1937 J J 10512 10612 1043 Jan'28
4
4
104% 1043
Guar I5 -year gold 4a...1931 A 0 99% -.
-25
9912 100
Morris & Essex 1st gu 3149_2000 J D 8418 85
0108 17
9 - 9915
934
85
845
8
18
88
Guar 48 aeries E
81
1952 P.1 N 94'8_.-- 94
1
94
93:s 941
Nash, Chatt & St L let 69_1928 A 0 100 10018 100
/
4
100
2 100 100 4 Pa Ohio & Dot let & ref 443 A'77 A 0 10114
,
/
1
1011s 70 101 1014
101 18
10
N Fla & S let gu g bs
1937 F A 10318 10614 10312 Feb'28
10312 10118 Peoria & Eastern 1st cons 48.1940 A 0 91
9258 92 Feb'28
9118 92
Nat Ry of Mex pr lien 4348_1957 J J
30 Sept'24
Income 45
April 1990 Apr. 37
3918 Mar'28
38
39
Assent cash war rct No 4 on -- -. 1238 - -7 123 Mar'28
45
12 5
8
- 2 Peoria & Pekin Un let 5348_1974 F A 10812 Sale 10818
1/5
10718 10812
10812
Guar 70-year a I 45
1977 A 0
8712 Aug'25
Pere Marquette 1st ser A 58.1956 J J 105 Sale 10418
15 10418 105
105
Meets& cash war ret No Son
-1.71- l81 177 Mar'28
l77 21
-4
s
_
1st Is series B
1956 J
95
4
9518
953 9518
9312 91312
7
-1--
New York Bond Record-Continued-Page 4
BONDS
N. Y. STOCK EXCHANGE
Week Edned Mar. 9.
Price
Friday,
Mar, 9.
Week's
Range or
Last Sale.
Range
Since
Jan. 1.
BONDS.
N. Y. STOCK EXCHANGE,
Week Ended Mar. 9.
1483
Price
Friday,
Mar. 9.
Week's
Range or
Last Sale,
el -5
3
Range
Since
Jan, 1.
Bid
Ask Low
High
High No. Low
NM
Ask Low
High No, Low
High
Piffle Bait & Wash 1st g 45 1943 M N
9812 99
1
9812
9812
98
9812 7nion Pacific 1st RR & IS gt 48'47 3, 977 Sale 973
8
8
973 99
8
9818 58
General 6.21 series B
1974 FA 114
114 Mar'28
114
Registered
9612 9712
J .1
114
9712 Mar'28
4112 40%
Philippine Ry let 30-yr sf4s 1937 3, 41
let lien & ref 48
4112 12
June 2008 III S 963 Sale 95%
4018 4112
8
9514 983
963
8 37
8
Pine Creek registered let 6a_1932 10 1053 10712 10634 Nov'27
4
Gold 43.4s
1987 33 100 Sale 993
9914 1(l0%
4 10014 101
PCC&StLgu434sA
1940 AO 10138 1023 102 Mar'28
4
1st lien & ref be
joija 1- 62
June 2008 NI 8 11212 114 11218
11312 23 11218 11534
Series 13 4 Ks guar
.1 10014 1003 10014
1942 AO 10112
10214 Mar'28 10218 10212
10
-year secured Os
6 100 1007
1928
8
100%
2
Series C 4 ;413 guar
1942 M N 10112
10218 Jan'28 - _ 10218 10218 U NJ RR & Can gen 481944 M
7
9912
9912
9712 9912
Series D 48 guar
1045 MN 9714 99
99 Feb'28 Utah & Nor 1st ext 4s
1933 3,
973 99
8
983 Nov'27
4
Series E 314e guar gold
1949 FA
1
9712
9712
97% 9712 Vendetta cons g 4s series A 1955 FA
9712
9734 Dec'27
D 97
Series F 48 guar gold
1953
9714 Apr'27
9784 9812
Con 8 f 4s series B
9812 Mar'28
1957 SIN 9712
973 Nov'27
9714
Series G 422 guar
1957 SIN
4
Vera Cruz & P assent 434s..1934
1714 -1714 2158
18
1714
177
8
Series II con guar 412
1960 FA
9718
97% Mar'28
"o"ifa 971; virginia Mid to3 series F__ _A931 MS 10118
_ 10113 Jan'28
10112 10112
Series Icons guar 4 3is
1963 FA 10412 106 10512 Feb'28
- .
10412 10512
General .58
2 103% 103%
1936 MN 1033 - - 1033
4
10334
4
N 10412 10514 105 Mar'28
Series J cons guar 4 145-__.1964
105 105
'ía & Southw'n 1st gu 60_2003• J 10718
_ 10714 Jan'28
10714 10714
General M 55 series A___.1970 31) 114 Sale 113
114
16 113 11412
2
1st cons 50-year be
1958 AO 101 Sale 101
9944 10314
1033
4
ID
Registered
11338 Jan'28
_
1133 1133 Virginian Ity 151 55 series A_1982 MN 108% 109 1085
51 108% 1097
8
8
8 109
8
Gen mtge guar 55 series B_I975 AO 1137 Sale 113
8
1137
8 47 113 11518 Wabash 1st gold be
7 104% 106
N 10514 Sale 10514
1939
105%
AG
Registered.
11312 Jan'28 2d gold 55
3 103 104
11312 11312
1939 FA 1037 Sale 10318
10378
8
Pitts McK & Y let gu6s____1932 33 1045 ____ 106 hlay'27
8
68 10514 107
Ref si 5345 series A
8 106
106 Sale 1055
1975 M
25 guar 68
1934 J J 10618
Jan'28 _
107 107
107
38 103 10414
Ref & gen 5s series B
1976 F A 10312 Sale 10318
105
Pitts Sh & L E lst g be
1940 AO 10212 ---- 105 Feb'28
Debenture 13 60 registered_1939 J J
10312 105
9612
8314 Feb'28
151 consol gold be
1943 J J 10312
10012 Apr'27
'
3
1st lien 50-yr g term 48_1954
8618 Feb'28
- 6T8
Pitts Va & Char 1st 45
N 9615 ____ 95
11
143
Oct'27
Det & Chi ext Ist g ba
1941 I
10458 Feb'28
1047
10412 104%
8
Pitts Y & Ash 1st cons 5s
1927 MN
---- 100 July'27
.• 1 9114 - - 3- 913 Mar'28
Des Moines Div 1st g 48.-1939
8
93 4
91% 93 2
,
1st gen 45 series A
1948 3D 9718
"6/ V7 - Om Div 1st g 3Ks
97% Feb'28
-18
1941 40 873 89
8712 Mar'28
8
87
14 883
4
1st gen be series B
1962 FA 1073
4
10813 10812
- 10812 Mar'28 _
Tol & Chic Div g 412
_ _ 9314 Mar'28
1941 MS
9314 9314
Providence Secur deb 4s__ _ _1957 MN
801
_-- 8012 Feb'28 _ _
8012 8012 Warren 1st ref gu g 3 3.4s
0214- - 8218 Nov'27
8212 8312
2000• A
Providence Term 1st 4s
S 02 41956
9412 89 Dec'27
Wash Cent let gold 4s
905 92
8
1948 QM
92 Nov'27
Reading Co Jersey Cen coil 45-'51 AO 9612 Sale 9638
957 97
8
Wash Term 1st gu 3348
065
8 17
8818 91
1945 FA
9012 Feb'28
if
564 - Gen & ref 4 Ks series A_ 1997 J
10314 Sale 10214 10314 26 10214 1033
1st 40
-year guar 48
1945 FA
96 Nov'27
4
9614
Rich & Meek it g 48
1948 MN 8212 853 8212 Nov'27
W Mb n WAN W let gu 512_1930 FA 101 105 100 Feb'28
4
993 100
4
Riches Term Ry 1st gu be_ _ _1952
'3 1041
1-6412 loll; West Maryland 1st g 45
_ _10412 Mar'28
1052 AO 8514 Sale 8412
84
871
85% 74
4
Rio Grande June let go 58-.7939 3D 100%10112 102 Dec'27
2-let & ref 534e series A
1013 Sale 10114
4
1977
1013
4 58 10114 103%
Rio Grande Sou 1st gold 48_ _1940
1
418 418 West N Y & Pa 1st g be
3 10318 104
812 4% Feb'28
5
1937 J J 10318 Sale 10318
10318
Rio Grande West 1st gold 4s_1939 .1 .1 05 ____ 95 Mar'28
2
gold 45
Gen
__
9412 9538
1943 AG 9314 Sale 9314
9314
92% 94 4
,
1st con & coil trust 42; A 1949 40 8812 Sale 8812
Western Pac 1st ser A 53_1946 MS 100 1005 100
885
8 14
88
89
8
99% 1005s
100% 18
11 I Ark & Louls 1st 4 Ks......1934 MS 0812 Sale 9818
985
8 15
let gold is series 13
96% 9918
1027 Aug'27
8
1946 M
Rut
-Canada 1st gu 848
.1 845 87
1940
8
15 -51l- 9312
847
'
8
3 92
,
847
8 18
2361
845 84 8 West Shore let 45 guar
8
9212 917
92
2
.
Rutland 1st con g 4145
.1 0 14
9612 Mar'28 Registered
1941
8
911g 9212 9112 Mar'28
95% 965
2381
6
911s 92%
et Jos & Grand 151 1st g
1947 J J
9018 ---- 8934 Feb'28
89
9012 Wheeling & Lake Erie-St Lawr & Adir 1st g 55_
Wheeling Div 1st gold 55_1928 J J 10018 1003 10018 Feb'28
1996 J J 1007 ____ 10018 Sept'27
8
10018 1001g
25 gold 138
1996 AO 107
100% Feb'28
Jan'28
Ext'n & impt gold 58
- 108
107 108
1930 FA 100
100 10012
St L & Cairo guar g 45
4
9814 987
Refunding 434s series A_1966 MS 965 Sale 965
1931 J
984 991s 983 Feb'28
8
_
4
8
97
8
9614 9812
at L Ir Mt & S gen con g 58_1931 AO 1015 Sale 10158 1017
1 10112 10112
8
8 33 10112 10218
Refunding bs series B
1966 SI S 10112 102 10112 10112
Stamped guar 624
8
_1931 AG 1015 1017 1013 Dec'26 _
8
935 Mar'28
4
8
RR let consol 45
1949 M S 93
93
931
8
Unified & ref gold 48
3
9912 Sale 9938
995
8 45
1929 J J
7413
1.) 743 76
4 77
99124 10138 Wilk & East let gu g 55
1942
7414 78%
J
Registered
9812 Nov'27 _
10414
Will& S F 1st gold 55
1938
10438 104%
- 10458 Feb'28
Rh & G Div let g 48
,
N
4
1
963 Sale 0634
1933
9714 53
4
1900 .1 1 923
_ 92%
9614 9714 Winston-SalemS B 1st 4s
923
4
923 92%
4
St L M BrIdge Ter gu g 58-1930 AO 1003 10158 10134 1013
4
4
3 101 10134 Wis Cent 50-yr 1st gen 45_1049 .1
88% 45
887 Sale 8812
8
8818 8934
at L & San Fran (reorg co) 45 1950 J J 9214 Sale 9112
2
0214 419
91% 93
93
1127g 9314 93
Sup & Dul div & term 1st 4536 MN
92% 93
J J
Registered
1
_
915 Ded'27
8
9214
9214
Wor & Con East 1st 4;4s_ 1943 11 .1 9218
92
9214
Prior lien series B Os
1950 J J iori gale 10314 10414 36 ioiis foil;
INDUSTRIALS
Prior lien series C 68
1928 3 J 10014 Sale 10014 10012 44 10014 101
Adams Express coil tr g 45 1948
4
903
•S 903 92
4
9112 10
903 931s
4
Prior lien 53.45 series D
10212 Sale 10212 1023
1942
4 72 1023 30312 Agile Mtg Bank s 1 6s
92
8
4
1947 FA 923 Sale 92
9072 92
Cum adjust err A Os_ _July 1955 AG 1013 Sale 10138 101% 551 100 10178 Ajax Rubber let lb-yr s I 86_1936 3D 10712 Sale 107
4
1075
8 10 107 108%
Income series A 6s_July 1960 Oct. 102 Sale 1017
10218 263
6
99% 10218 Alaska Gold NI deb Os A..._1925 MS
6
6 Sale
4% 6
at Louis & San Fr Ry gen 65_1931 3
10312 1043 10438 Mar'28
8
_ 104% 105
6 Feb'28
412 6
Cony deb Os series B
1926 MS
Jr 1013
General gold 59
11131
4
27 100% 102%
102
102
18 1007 102
8
8 101
Ants-Chalmers NI 52 deb 5s 1937 MN 101 Eiale 1003
St L Poor & N
J 10714 1 1st gu 58_1948
-1014 10912. 10912 10 10915 111
35
96
Alpine-Montan Steel 1st 78_1955
4
93
S 953 Salo 9412
96
fit Louis Sou 1st gU g 4s
1931 M S 975 ____ 975 Aug'27
8
8
127 104% 100
8 106
Am Agric Chem 1st ref s f 73is'41 FA 10512 Sale 1053
Mt L SW 1st g 48 bond ctfs_1989 M N 9218 Sale 9138
9112 25 -51- - - -13 Amer Beet Sug cony deb 6(2_1935 P A
8012 81
8112 Mar'28
92
8014 8412
25 g 4s Inc bond etfe_Nov 1989
85% 8712 8518
8518 16
845 8712 American Chain deb s I 68..1933 Al) 10378 104% 104
8
10414 30 104 104%
D 9734 Sale 973
Consol gold 48
1932
4
9812 104
10112 22 100 102%
973 99
4
Am Cot 011 debenture be_ 1931 MN 10114 Sale 10118
lot terminal & unifying 55.1952 .1 3 10134 Sale 10012 1013
4 25 10012 10318 Am Mach & Fdy e 63
4
10514
1939 A0 10414 1054 10514
10414 10514
et Paul & K C Sh List 4155-1941 PA 965 Sale 96
8
1163 113
4
96
8
1027
8 11 101% 1027
97% Am Republic Corp deb 6s_ _1937 A0 1027 ____ 1027
8
s
VI Paul & Duluth 1st 55
1931 FA
__- 10212 Nov'27
1023
Am Elin & R 151 30-yr 58 ser A '47 A0 102 Sale 102
4 57 101 102%
1st consol gold 48
9518 06
1968 3D 100349512
9512
95
14- -1.;
6
1085
8 25 10712 10834
1st I'S (38 series 13
1947 AU 10812 Sale 10814
31 Paul E Gr Trunk 4348_ _ A947
J 993
__- 10014 Nov'27
50 10212 106
105 Sale 10412 105
Sugar Ref 10-yr Os_ _1937
Amer
.• 1
at Paul Minn & Man con 45_1933
J 9812 99 99
4Dec'27
8
997 108
Am Telep & Teleg coil tr 46_1929 J J 993 Sale 995
4
995 100
8
1st consol g Os
J 10714 109 11112 Jan'28
1933
iffi2 Convertible 4s
1936 MS 0818 99% 9812 Mar'28
98
99 2
7
J J 10634 1083 108 Dec'27
Registered
4
4 10034 102;
-year cony 4 Ks
20
1933 MS 10112 10158 10112 10112
65 reduced to gold 4348..._1933 J
1003 Sale 10012 100 4
4
3
2 10038 1011;
30
-year coil tr ba
10512 98 105 106
1946 J o 10514 Sale 10518
J
___ 9912 Jan'28
Registered
9912 21912
Registered
S D
10438 Feb'28
1041 104%
8
Mont ext 1st gold 48
9712 9812 973 Feb'28
991937 .1 I
4
95 10514 Imps
973 9812
4
35-yr 5 1 deb 58
8 106
1980 J J 106 Sale 1053
J I) 9112
9512 June'27
Registered
40 io812 109%
20
-year 8 f 5 Ks
1943 NI N 109 Sale 10812 109
.1 94 Pacific ext guar 4s (sterling)'40
95
94
94
2
3 105 106
94
10512
94% Am Type Found deb Os
1940 AO 105; Sale 10514
Sit Paul Un Dep 1st & ref 68_1972 1
1083 109 1083
4
4 1083
4
1 10812 109% Am Wat Wks a4. El col tr 56_1934 A0 10014 Sale 10014
10013 10 100 10112
8 A & Ar Pass 1st gu g 4s___1943 J
933 937 9314
8
94
14
27 10614 107%
93
107
Deb g Os ser A
943
4
1975 Si N 10614 Sale 10614
Santa Fe Free & Phen 58...A942 51 S 1031g ____ 104 Feo'28
27
10212 104
92
Am Writ Pap 1st g (is
1947
'
3 92 Sale 9114
90
9314
Hay Fla & West 1st g 621____1934 40 1083
4___ 109
Jan'28
146 105% 10612
109 109
Anaconda Cop Min 1st 1322_ _1953 FA 10512 Sale 10512 106
1st gold 55
10212 10412 10212 Nov'27
1934 A
10514 Feb'28
Registered
10514 1051.4
SI N 975 ---- 975
Scioto V & N K let gu g 45 1989
8
8
975
8
2
97% 98
I5
-year cony deb 75
1938 FA III Sale 11058 1102 -124 11014 113
Seaboard Air Line g 45
1950 AG 80 Sale 793
4
803
8 19
79
3
8412 Andes Cop Min cony deb 78_1943 J J 12214 Sale 120 4 12211 294 120 126
Gold 4s stamped
4
1950 AG 793 Sale 79
77% 832, Anglo-Chilean 78 without war _'45 SI N 102 Sale 101
81
675
73
102
9618 10314
Adjustment be
Oct 1949 FA 5312 Sale 46
537 1538
8
1
46
8212 AntIlla(Comp Azuc) 7 Ks_ _1939 J J
9412 13412
9413
94
93% 96%
Refunding 45
1959 AO 637 Sale 60
645 560
8
60
7212 Ark & Mem Bridge & Ter 58_1964 MS 103 ____ 1027s Mar'28
10212 10274
1st & cons 68 series A
NI S 837 Sale 7712
1945
8614 2268
7712 96 4 Armour & Co let real eel 434/3'39 3D 9214 Sale 9214
3
923
4 55
91% 9312
Atl & Itirm 30-yr 1st g 4s_d11133 MS 903 Sale 883
4
9014 25
146
883 95
4
903 Sale 9013
4
91
Armour & Co of Del 530.....1943
8713 92
A
Seaboard All Fla ist gu 612A-1935
793 Sale 7112
4
84
613
7112 947 Associated 011634 gold notes 1935 MS 10318 ____ 103
10312 11 1021 10312
,
8
PA 795 Sale 72
Series 13
1935
8
8258 70
72
____ 10314 Jan'28
945 Atlanta Gas L 1st 522
8
10314 103;
1947 JD 104
Seaboard & Roan 68 extd_ _ _1931 3'
00
1 100 1005 Atlantic Fruit 78 etre deD
____ 20 Nov'27
11
8
1934 J O
Bo Car & Ga let ext Ks
N 10058M38 1234 Feb'28
1929
10012 101%
Jan'27
____ 18
11
Stamped etfs of deposit
J o
& N Ala cons gii g 5s
1936 FA 10412 105 105
Jan'28
228
105 105
80
7812 Sale 74
7284 1
All Gulf & W I SS L col tr 58_1959 1
6"
Gen cons guar 50-yr 5s
1963 AC 1145
8 __ 1143 Feb'28
4
1 1003 103%
11413 115
8
1017 1025 10112 1011
8
Atlantic Refit deb be
8
1937 „I
60 Pac coil 4s (Cent l'ac coil) k'49 ID 9314 94
9314
9312 16
Baldw Loco Works 1st 522....1940 MN 10814 109 10818 Mar'28
; 95
93
10718 108%
3D 88
Registered
90 90 Dec'27
liaragua (Comp Az) 7 348
10312 1067
s
1937
J 10412 109 106 Feb'28
20
-year cony 45
June 1929 NI 8 995 Sale 9912
8
9934 160 -66r2 100
4 1093 127
Barnsdall Corp fie with ware.1940 J O 10018 Sale 993
99% 10212
1st 43.4s (Oregon Lines) A _1977 M
10312 Sale 10312 10312 56 10318 104
917
8 78
8
Deb 68(without warrant).19441 J O 915 Sale 9158
9012 92
20
1934 3D 10218 10212 10018 1025
-year cony 56
8 83 10018 10314 Belding-Hemingway 65
12
98
9714 98% 97
9612 9914
1936 1
20
-year gold be
1944 MN 100 10018 10014 10014
1 100 10312 Bell Telep of Pa 55 series B 1948
34 10644 10928
109
' 10818 Sale 108
3
Ban Fran Terml 1st 4s___ _1950 AG 9412 Sale 9414
9454 13
17
94% 94;
4
1st & ref 55 series C
1960 A0 1113 Sale 11112 18214 48 10912 11212
40
Registered
_ _ 90 Feb'28
42
90
90
Berlin City Elec Co 6 Ks_
1951 J D 9714 Sale 97
9414 98
So Pao of Cal 1st con gull 58-1937 M N 10578 10714 1057g
8812- 1057s
70
1057 10712 lierlIn Elec El & Undg 6 348_1956 40 9618 Sale 9578
8
963
97%
94
'3 97322 98
BO Pao Coast let gu g 4s__ _ _1937
97% Jan'28
22 102 1045s
8
97% 9718 Beth Steel let & ref 55 guar A '42 MN 1045 Sale 10314 1045
.1
So Pao RR 1st ref 412
9712 Sale 965
1955
8
9712 106
27 100% 103
1011
101Ia Sale 101
96% 98
30-yr pm & Imps I 55_
1938 J
.13
Registered
07
Oct'27
8
4 10514 106 10418 105%
Cons 30
-year 6s series A _ _1948 FA 1053 Sale 1043
lieuthern Ity 181 cons g a8_..1994 J J 11512 Sale 11338
11358 38 ii?f2 11454
87 1025 105
1031
Cons 30
-year 5 Ks eer B
1953 FA 10318 Sale 103
8
J 110 ___ Ill
Registered
Feb'28
no 111
2
Bing & Bind deb 834s
971
1950 MB 975 98 9712
9614 977
6
9218 Sale 9112
Devel & gen is series A__1958 A
9214 305
9112 93
973 Feb'2
4
Booth Fisheries deb e f Os_.1926 AU
1195 Sale 11918 1197
8
1956 A
Develop & gen 68
8 49 1187 120
8
8
825
8 66
Botany Cons Mills 634w._.1934 AG 823 Sale 8012
79
8358
1956 40 12618 Sale 12558
Devel & gen 8345
12614 52 12514 127
11 1033 10513
4 104
1033 104 1033
4
Boa inan-1311t Hotels 78
1934 M
4
1996 J J 111524_ _ 1113 Feb'28
Mem Div let g58
8
1113 11318 ii'way & 7th As isle g 58_1943 J O 70 Sale 69
8
11
70
68
7114
1951'3 04 - 8 937 Feb'28
Eft Louis Div let g 45
947
93 4 94
3
733 Seut'27
4
CUB of dep etuipd Dec '27 lot
East Tenn reorg long be_ _1938 MS 04
947 965 Dec'27
8
9414
-9:1T4
9412 14
Brooklyn City RR 151 58_
194I
93
9
1938 MS 965
Mob & Ohio coil tr 48
___ 9612 Feb'28
Id1- liklyn Edison Inc gen 55 A 1949 J J 10612 Sale 106
2
10612 29 10512 1063
4
88 8Spokane Internal 1st g Ea__ _1955 J
90 8812 Mar'28
875 90
8
General 13e series II
5 10234 104%
103
1930• J 10212 10314 103
aunbury Jr Lewiston let 48_ _1936 J
9612
9612
2
9612 9612 12121yu-Man It T sec 65
99 Sale 988
9918 535
1968 J J
9614 9914
51 S 100
auperior Short Line let be_ _e1930
997 Nov'27
8
6912 70
694 Mar'28
liklyn Qu Co & Sub con gtd 58'41 51
6412 72
Term Assn of 8t L 1st g 4%2..1939 A 0 10218 _
10I% Mar'28
100l 101
,
7614 85 821 N
let 50 stamped
8
: Jan'28
1 Jo2
1941 .1 1
8212 82%
1944 FA 106 1067 107 Feb'28
ler cox:gigot(' 65
- -8
105% 107
Brooklyn R Tr let cons g 48_2002 J J
J
1963
927 933 93 Mar'28
8
4
Gen refund a f g is
92% 94
3-yr 7% secured notes
13612 Nov'26
1921 J
Texarkana & Ft 8 let 5;43 A 1950 PA 1065 Sale 10612 10712 61 10618 10712 liklyn Un El let
8
0512 96
21 -9312 00
g 4-58
96
1950 P A
9558
1943 J J 103_ 10312 10312
Tex & NO con gold be
2 10312 10312
Stamped guar 4-55
9512 17
1950 FA 947 Sale 947
93% 9
6
D 11212 1 2000
Texas & Pac 1st gold be
-1 3 11258 112%
2 1103 113
4
Bklyn Un Gas let eons g 512_1945 MN 10914
4 ma; 1093
10814
10914
4
2d Inc be(NIar'28 cp on)Dec2000 Ma 100 110 100 Aug.
28
151 lieu & ref Os series A1947 MN 11818 11812 11818 Feb'28
117% 118;
10312 Sale 1027
1977 A
Gen & ref te serlee 11
1031 2 54 iniiz 163
734
Cony deb 5345
27213 47 261 275
1936 J J 27213 Sale 268
1931 11
1003 1007 1004 1003
8
La Div 13 L 1st g 55
8
4
5 1003 10112 Burr & Suso Iron 8158
8
933 Feb'28
4
1932'1)
93; 9413
Tex Pac-Nlo Pac Ter 6348_1964 51 S 107% Sale 1073
4 108
8 106% 10204 Bush Terminal 1st 48
9312
1952 AO 933 ____ 9312
923 94 2
8
,
Tol & Ohio Cent let gu 58
103
3 10218 103
1935 3 .1 103 Sale 103
Consol 512
101 12 15 10012 103
1955 J J 101 10112 10114
1935 40 103.._ 103 Mar'28
Western Div let 11 55
_ 103 101
Bush Term 131dge Si gu tax-ex '60 AG 10334 10418 104
3 103 105
10412
D 1015 105 1015 Feb'28
1935
8 8
General gold 56
1015 101% By-Prod coke 1st 534s A _ _ _1945 NI N 103 10314 103
8
9 102 10314
103
J
12
19
15 Nov'27
Toledo Peoria & West let 49.1917
_
Cal0& E Corp unit & ref 58_1937 NI N 10358 104 1033
4 10314 104
1033
4
1960 AG 943 96
945 Mar'28
8
Yol St I. & W 511-yr g 45
94
96
Cal Petroleum cons deb 5 551939 P A 1003 Sale 100
es% 102
8
1003 133
8
1931 3 .1 10012 ____ 1003
rol W V & 0 go 4 Ks A
8
1003
8
100 10054
Cony deb 8 6 Ke
4
10214 51 100 102%
1938 12.1 N 102 Sale 1013
10012 ____ 10312 Feb'28
let guar 4325 serlea B.__ 1933 J
101 10312 Camaguey Sug let e f g 7/2
5 10(1 100%
10012
1942 40 100 Sale 100
1942 M S
___ 957 Jan'28
let guar 4e series e'
Canada 58 L 1st (is
1002 103;
1941 AO 10214 103 10214 Mar'28
9413 95
Yor Ilan) & Buff 1st g 45.-1946 1 I) 969412 Feb'28
9418 9412
Dist Tel
Ulster & Del i eons g 5e.....1928 1 I) 69
70% 6912
7014
9 6012 75 Cent Foundry let 30-yr 58, _ _ 1943 J O 105 10514 105 Mar'28 4 10434 105%
let 51 68.518,31931 P A
9814 9314 9914
98
9914
9914
1st refunding g is
1952 40 353 3934 38 Mar'28
32
Central,
11141 M N 122 Sale 12112 122
lt.erl let as I As
38
4 12112 124
Cespedes bu Tar Co 1st s f734 '39 NI S 10372 105 10312 1033
9 100 104%
4
a Due mar • Du. June
k Due Ammo!. Correction.-In our 'Industrial" bond record of last
week (week Mar. 2) the name but not the prices of the CmDedes Sugar 1st 73.4s 1939 was unfortunately dropped, As a result the prices of all the different Issues of bonds, beginning with Adams Express cull. tr. g. 4s, down to
and Including Central steel 1st g 8. f• 88 appeared opposite the wrong names. The blunder can be
avoided by simply remembering that the correct price In the whole
of that part of record Is to be found in all cases on the line above.
New York Bond Record-Continued-Page 5
1484
BONDS
N. Y. STOCK EXCHANGE
Week Edned Mar. 9.
0
Pries
Friday.
Mar. 9.
Denver Cons Tramw let be_ _1933
Den Gas & EL 1st & ref sic 58'51
1951
Stamped as to Pa tax
Dery Corp(D 0) 1st s I 79_ _1942
Detroit Edison 181 call Sr 58.1933
let & ref 88 series A_July 1940
1949
Gen & ref 88 aeries A
1st & ref 65 series B-July 1040
1955
Gen & ref 6sser B
1902
Series C
Det United let cons g 443_ _1932
1940
Dodge Bros deb Os
Dold (Jacob) Pack 1st 69-1942
Dominion Iran & Steel 5e-1939
1942
Donner Steel 1st ref 7s
Duke-Price Pow 1st 65 ser A '66
Duquesne Light let 4345 A 1967
East Cuba Sag 15-ir 8 f ff 750
.37
Ed El III Bkn 1st con g 46-1939
Ed Elect Ill Ist cons e Se.- 1995
Elm Pow Corp(Germany)6348'S0
Elk Horn Coal lst & ref 6349.1931
ts'31
Deb 7% notes (with wan'
•bl
Equit Gas Light let con 581932
1942
Federal Light & Tr 1st 5a
lst lien sf88 stamped _ _1942
1942
1st lien 65 stamped
1954
30
-year deb Cs ser B
1939
federated Metals s f 75
Flat deb 79 (with warr)
1946
Without stock purch warrant&
1941
Flak Rubber lots f 8s
Ft Smith Lt & Tr let g 58._ _1936
Frameric Ind & Deb 20-yr 7)48'42
Francisco Sugar let If 748.1942
French Nat Mall BS Lines 7s 1949
Gas& El of Berg Co cons g 581949
1939
Gen Asphalt cony Os
Gen Electric deb g 33411
1942
Gen Else (Germany)78 Jan 15'45
f deb 6348 witb ware_ _ _ _1940
Without warets attach'd '40
1937
Gen Mot Accept deb Os
1940
Gen] Petrol 1st 55 58
1952
Gen Refr 1st s fg 65 ser A
Good Hope Steel & I sec 7s 1945
Goodrich (B F) Co 1st 63411.1947
Goodyear Tire & Rub let 58_1957
Gotham Silk Hosiery deb 69_1936
Gould Coupler 1st s f 6s___ _1940
Granby Cons M S & P con 65 A'28
1928
Stamped
Cit Cons El Power(Japan)7s_1944
let & gen 81 6348
1950
Great Falls Power 1st f 58._1940
Gulf States Steel deb 5345-1942
1952
Hackensack Water let 4s
Hartford St By 15t 49
1930
Havana Else consol g Ss
1962
Deb 534s series of 1926_ 1951
Hoe(R)& Co let646 ser A _1934
Holland-Amer Line 65 (flat)_1947
Hudson Coal let s I 58 mar A.1962
Hudson Co Gas 1st g 5s
1940
Humble Oil& Refining 530_1932
Deb gold 5a
1937
Illinois Bell Telephone 68-1958
Illinois Steel deb 434s
1940
flseder Steel Corn s f 70
1946
Indiana Limestone islet 09..1941
Intl Nat Gas & 0115s
1936
Indiana Steel lst 58
1952
Ingersoll-Rand let 58 Dee 31 1935
Inland Steel deb 548
1945
Inspiration Con Copper 648.1931
Interboro Metrop coll 4349_1956
Interboro Rap Tran let Se 1966
Stamped
Registered
10
-year Os
1932
10
-year cony 7% notes,...1932
Int Agile Corp 1st 20-yr 68._1932
Stamped extended to 1942__ _
Inter Mercan Marines 16s_ _1941
International PAM 58 Sec A _1947
Ref a f Os ser A
1955
Int Telep & Teleg deb g 434s 1952
Jargons Works 68(fiat price) _1947
Kamm City Pow & Lt 5a_ 1952
181 sold 434s series! B
1957
Kansas Gas & Electric 138._1952
Kayser (Julius) & Co deb 534s'47
Keith (3 F) Corp lot 6s
1946
Kelly-Spring!Tire8% notes.1931
keyston Telep Co hit 501935
Kings County El & P g 6a---1937
Purchase money 68
1997
Kings County Hie,let g 49_1949
Stamped guar es
1949
Kings County Lighting 5s-1954
First & ref6)4s
1954
is
elQ
Range
Since
Jan, 1.
BONDS
N. Y. STOCK EXCHANGE
Week Ended Mar. 9.
High
Moe No. Low
Kinney(GR)& Co 734% notes'36
69
68
Jan'28
2 10314 10412 Kresge Found'n coil tr 66_1936
10412
Lackawanna Steel let 5s A 1950
88
84
853
4 34
5 t sef&ext _56 1933
S3i rerie,c 2 954
4
9512 963
9618 140
Lac
CoGllas&Lreoff
102 103
Feb'28
2 10413 10512 Lehigh C & Nay s f 4 345 A__1954
1044
Lehigh Valley Coal 1st g 59._1933
90
90
Mar'28
Registered
1 101 10112
101
1st 40-yr gu lot red to 4% _1933
954 973
4
9712 12
1st & ref s f 58
1934
9912 101
10012 196
Ist&refst 5s
1944
9738 983
4
5
983
4
Ist & ref 8 f 59
1954
9512 9612
963
8 29
1st & ref s f 5s
1904
773 794
8
20
79
let & refs 188
1974
98 1014
983
4
953 Lex Ave & P F let su g 58_1993
8
1
93
944
2 105 10612 Liggett & Myers Tobacco 78_1944
106
Registered
100 101
Jan'28
Se
1951
3
9912 101
101
Registered
Liquid Carbonic Corp 68_1941
99
97
18
99
4
4
983 983 983
4
8218 Loew's Inc deb 135 with warr_1941
79
794 55
8
784 Sale 787
Without stock per warrant&
8 87 106 107
1063 Sale 1064 1065
8
1944
10212 1024 Lorillard (P)Co Is
10212 Feb'28
51
1951
5 10412 105
Sale 10478 1047
8
104o
Registered
4
9834 1003
100 4 21
3
loo 1004 100
9014 65
Deb 534e
1937
91
79
9118
8912 Sale 89
4
100 1013 Louisville Gas 42 Elea(Ky)643-'52
4
10014 1023 10012 Mar'28
10212 10212 Louisville By let cons 56.__ _1930
102 ---- 10212 Feb'28
at eA
i
1047 1047 Lorer rnre an Hydro Else Pow
8
8
10478 Feb'28
_
1944
10314 44 10218 10312
ioi itOe 103
McCrory Stores Corp deb 534s'41
8618 93
904 73
8914 Sale 8914
Manati Sugar 1st s f 734s_ 1942
9312 105
97
87
4
92 Sale 903
M2nhat fly(N Y)cons g 49_1990
adu
4
12 1063 108
4 107
8
1067 Sale 1063
2013
28 100 101
10012 Sale 10012 101
7 103 10412 Manila Elea By & Lt 0 f 14_ _1953
10312 1034 10314 11353
9812 10012 Mfrs Tr Co ctfs of mull° in
4 10012 35
100 10012 993
A I Namm & Son let 68_ _1943
Market St By laser A April 1940
_
76 Dec'27
Metr Ed 1st & ref 58 ser C._1953
Sale 10118 10112 15 Rol" 102
4
10018 1013 Metr West Side El(Chia) 48.1938
10118 10112 10114 Feb'28
Miag MIII Mach 7s with war.1956
8012 85
60
19
593
8
584 60
Without warrants
4
4
103
2 1013 1033
103 Sale 103
4
9 10338 1053 Mid-Cont Petrol let 6345._ _1940
1034 10412 10312 10412
4 22 10512 10612 Midvale Steel &0cony sf581930
8 1053
1054 Sale 1055
4
7 1073 10841 Milw El Ry & Lt ref & ext 448'31
10812
10814 Sale 108
General & ref 58 ser A___ _1951
1053 106
8
8
1053 -- 1055 Mar'28
4
1st & ref 58 ser B
1961
10614 60 1053 10614
4
106 Sale 106
964 12
963
4
4
963 9714 Montana Power let be A._ 1943
963 97
4
1962
Deb re ser A
8714 9218
884 192
8812 Sale 8714
8213 Sale 8113
804 8212 Montecarini Min & Agric
8212 17
Deb 79 with warrants__ _1937
85
9912
99 Mar'28
9912 100
9812
Without warrants
9512
9512 96
94
953
8
7
4
106 Sale 1054 1064 73 1053 1064 Montreal Tram let & ref 5s...1941
Gen & ref s f 55 series A_ _1955
1004 Sale 10038 10118 185 10014 10112
Series B
1955
8
4 104
4
25 102 1053
1023 10312 1023
Morris & Co 1st of 434s_ _1939
8
974 99
983 99 985 Mar'28
8
Mortgage-Bond Co 46 ser 2..1966
4 1157
2 11438 116
8
1143 --- 1153
4
10 -year 5s series 3
-25
1932
99
41
99 Sale 98
9512 99
1934
Murray Body let 6340
99
97 Feb'28
94
9612 98
Mutual Fuel Gas 1st gu g 5e 1947
894 91
1
90
90
9112 90
410212 Mut Un Tel gtd Os eat at 5% 1941
4 1013
4 1013
4
1013 Sale 1013
4
Namm (A I) & Son
-See MfreTr
Nassau Elec guar gold 4s
1951
984 100
99
983 Sale 9834
4
18
Nat Dairy Prod 6% notes.-.1940
983
984 Sale 9812
98 8 100
3
4 18
3
10214 14 10412 105 8 Nat Enam & Stamps 1st 58.1929
10434 105 102
Nat Radiator deb 6348
1947
105
5 101 105
102 103 10234
Nat Starch 20
-year deb 5a....1930
9512 99
9512 10
9512 Sale 9512
1054 Sale 10518 10512 52 10014 10714 National Tube let s I 5s„.-1952
Newark Consol Gas cons 55_1948
9314 96
96
35
953 Sale 9518
4
11912 Sale 11914 11912 18 11812 11912 New England Tel & Tel be A 1952
1st g 434s series B
8913 100
1961
100
100 Sale 100
29
New On Pub Seri 1st 55 A-1952
,
1087
8 25 10534 109
10818 Sale 108
First & ref 56 aeries B
1955
8
_ 1083 1104
1084 110 10912 Mar'28
74 101 1034 N Y Air Brake let cony 69-1928
1027 Sale 10234 103
8
N Y Dock 50
-year let g 48_1951
106 106
10714
- 106 Feb'28
N Y Edison 1st & ref 634s A _1941
111
pots 111 110
10 109 117
let lien 62 raise tier B
9412 96
9434 Feb'28
9512
N Y Gas El Lt H & Pr g 58_19 8
1944
4
19412 105 10414 1044 15 102 105
Purchase money gold 48..1949
118 121
11912 121 120 Mar'28
9978 1015 NYLE.52WC&R11545-1942
8
101
1
1004 1004 101
3
4
10314 Sale 10318 10312 140 1023 104 4 N Y L E& W Dock & Imp 581943
102 10212 NY&QE1L&Pletg5s.-1930
10218 10214 10214 Feb'28
8
2 10412 1075 NY Rye 1st R E & ref 49-1942
10412 105 10412 105
Certificates of deposit
10114 Sale 10012 10114 18 10012 10114
30
-year adj Inc 5s____Jan 1942
8 10814 68 10714 10814
10814 Sale 1075
Certigicates of deposit-----9318 96
933 215
4
93 Sale 93
N Y Rys Corp Ina 613--...40 1966
1023
4 68 102 103
10212 103 102
Prior lien 13s series A.
1965
4
743 824
765
8
3
7712 7914 764
NY & Richm Gas 1st Os A_1951
3
1004 -- 10014 Dec'27
NY State Rye let cone 448,1962
1004 -- 10014 Dec'27
1st cons 6348 series B
1902
0
" 9934 10014 120 "ii 1 ;
993 foo
4
Y
1 07
4
923 9614 NY Steam let 25-yr 68ser A.1942
9614 65
96 Sale 9514
4
1053 1061s N Y Telep 1st & gen s f 4340_1939
105 4 1064 106 Feb'28
3
30
-year deben of lis_ _Feb 1949
9614 98
977
Sale 9712
8 21
4
973
20
-year refunding gold 88_1941
903 92
4
92 Mar'28
NY Trap Rock 1st Os
1946
9018 Nov'27
95
Niagara Falls Power 1st fe 1932
98
9012
934 98 Mar'28
92
Ref & gen 68
Jan 1932
4
783
75
75
10
75 Sale 75
997 9914 Nies Lock &0Pr 1st re A1955
8
8
97 12
9712 97
97
7 102 10414 Nor Amer Cem deb 6.48 A_ _1940
104
1033 104 104
8
903, sale 904
8912 9412 No Am Edison deb 55 ser A.1957
119
91
Nor Ohio Trac & Light Os._ -1947
1 107 109
109
10714 - -- 109
8
8 1027 112 1024 1034 Nor'n States Pow 25-yr 58.4.1941
1025 Sale 1025
8
let & ref 5-yr Os series 13.1941
61 100 10112
8
10012 Sale 10014 1005
4 North W T let fd g 44sgtd_1934
10518 Sale 10518 10512 119 105 1051
8
997 10112
8 33
Sale 994 1005
994
8
987 10112 Ohio Public Service 7340 A 1948
8 11
8
10012 1007 10058 1007
let & ref 7s series B
1947
98 10114
984 29
9812 Sale 98
9913 1004 Ohio River Edison lot 68___ _1948
4
4
98Is 993 99 4
994
3
1944
4
4
4 1043 1053 Old Ben Coal lst Os
1043 Sale 10484 105
4
_ Ontario Power N F 1st 5s._ _1943
1023 -- 10012 May'27
8
3
1021- 11148 Ontario Transmission 1st 58_1945
4
104
27
4
1034 Sale 1033
. Oriental Devel guar tls
1953
4
5 1003 102
8
8 1007
1004 Sale 1007
Otis Steel let M Os ser A__ __1941
Apr'26
127 11
s
440 -7412 '4; Pacific Gas & El gen & ref 58_1942
79
Sale 764
Pea Pow & Lt lst& ref 20-yr 68'30
744 79
701
79
784 Sale 764
763 7718 Pacific Tel & Tel lot Ss
4
1937
783 784 7718 Mar'28
4
70
7712
Ref mtge 58 series A
1952
76
83
76 Sale 7318
884 99
Pan-Amer P & T cony s f 69.1934
107
Sale 9714
99
98
1st lien cony 10-yr 70
92
1930
90
9112 Mar'28
95
91
81
Pan-Am Pet Co(of Cal)cony 68'40
79
80
1
80 Sale 80
18 105 10612 Paramount-Bway let 5;0_1951
106
8
1053 Sale 10518
11 10012 10212 Park-Lax St leasehold 630-1953
10012 Sale 10012 101
4
4 1044 29 1033 10518 Pat & Passaic G & El cons 55.1949
104 Sale 1033
994 9612 Pathe Exch deb 75 with war_1937
94
96
96 Sale 9538
8 104 10614 Penn-Dixie Cement Be A _ _ _ _ 1941
10614
10618 -- 106
8
8 10318 12 1044 1053 Peop Geo & C let cone g 68-1943
10514
- 1047
Refunding gold lie
1947
1014 10212
10212 Feb'28
10214
Registered
s 14 2
10614 Sale 1054 10612 21 1057 106'2
Philadelphia Co roil tr Os A_1944
4 11172 227 1105748
11114 Sale 1083
9912 101
Secured 5e series A
1967
103
9913 sale 9912 100
1967
19812 13 1064 10912 Plana Else Co let 434e
10818 Sale
9613 99
Phila St Reading C dr fret 58_1973
3
9612 Sale 96111 964
10412 1044 Pierce-Arrow Mot Car dab 88.'43
104'2 Jan'28
10512
4
2 16 1303 13238 Pierce 011 deb of 8s__Dec 15 1931
1323 Sale 131% 1323
8
Pillsbury Fl Mills 20-yr 6s._1943
8314 85
86
54'2 Feb'28
85
PirellI Co(Italy)cony Is,.,. 1952
8318 86
854 29
Sale 55
854
8
7 10414 1063 Pleasant Val Coal let gel
2
1064
_- 1054 1053
119 1191 Poesh Con Collieries 1st s f 66257
119 11912 110 Mar'28
Ask Low
68
10412
10412
8512 Sale 8514
954 Sale 9512
102 10214 102
3
8
1047 Sale 1043
90
87
90
101 1013 101
8
8
9712 Sale 967
9912 Sale 9912
4
984 9914 983
8
963 Sale 957
8
-- 79
4
79- 1 983
987 99 4
8
945 Sale 944
8
_ 106
10618
101 103 101
101 Sale 101
Btg
Chic City & Conn Rye 58Jan1927
Ch L & Coke let su g 5s-1937
Chicago Rye 1st fe
1927
Chile Copper Co deb 5s
1947
Cincin Gas & Elea let & ref 59'56
Jan 1 1961
1548 ser B due
Clearfield Bit Coal 1st 4s___1940
Colo F & I Co gen f 56_ _ _1943
Col Indus 1st & coil 5e gu_ _1934
Columbia G & E deb 51952
Columbus Gas let gold 5s_ __1932
Columbus By P & L let 448.1957
Commercial Cable 1st g 4e_ _2397
Commercial Credit s f 69_1934
Col tr s I 5 % notes
1935
Computing-Tab-Rea s f (38_ _1941
Conn By & L 1st& ref g 4348 1951
1951
Stamped guar 4413
Consolidated Hydro-Elec Works
of Upper Wuertemberg 781956
Cons Coal of Md 1st & ref 56_1950
Con8o1 Gas(NY)deb 534e_1945
Consumers Gas of Chic gu 58 1936
Consumers Power let 6s___ _1952
1946
Container Corp 1st ils.
Cons Pap & Bag Mills 6$48.._1944
Copenhagen Telep ext 6s--1950
Corn Prod Refg 1st 25-yr s f 53'34
Crown Cork & Seal lets f 68_1942
Crown-Willamette Pap 68._ _1951
Cuba Cane Buser cony 7s_.1931)
Cony deben stamped 8%_1930
Cuban Am Sugar let coll 85_1931
Cuban Dom Bus 1st 7345..._1944
Cumb T & T lst & gen 56_1937
1940
Cuyamel Fruit ist s f6s A
Week's
Range or
Last Sate.
t
?.
Price
Friday.
Mar, 9.
Range
Since
Jan. 1.
Week:,
Range
Last Sate
Mob
Bid
AO Low
10512 1063 10513 Mar'28
4
10413 Sale 104
105
10412 Sale 10414 10412
10218 Sale 10118 10214
10412 Sale 10412 10514
Jan'28
101
1003
4
102 Feb'28
10112
10012 Feb'28
974 -- 9512 Aug'27
10114 --- 102 Feb'28
Feb'28
101
_ 101
1160 10012 10012
985 100 Mar'28
8
9912
---- 9912 9912
37 May'27
1223
2
122 122'e 12238
11718 Sept`27
8
103 104 10314 1037
1044 Nov'27
4
1213 Sale 11638 1223
4
8 10714
1063 Sale 1065
4
1005 Sale 10012 10114
8
11712
11712 Sale 117
95
95 Sale 94
97 Dec'27
9712
97 Sale 9578
10518 Sale 10438 10518
98
963 98
4
98
Ye, Low
111011
-- 105 1084
16 104 105 s
7
9 102 10412
6 10118 1081s
30 10412 105 4
3
1003 101114
4
1013 10218
8
_ 10012 101
_
1
-2
1011* 10 -2
101 1013
4
10012 10114
9912 1004
99 993
4
12104 111
12
- 41
155
35
22
6
12
113 133
100 10812
9912 1014
11314 1174
94
9814
106
12
1
9534 971
1037 106
s
964 9812
903
8 50
9018 Sale 8912
10138 Sale 1014 10112 36
10658 1073 1064 107
16
8
109
72
72 Sale 703
4
62
62
10114 ---- 994 Mar'28
885 904
8
10012 1015
8
105 107
6812 72
60
02
994 99 4
3
14
40
3
92
67
7
1
80
10
44
105 106
99 10014
1034 104 4
3
8312 84 4
3
9312 100
8912 94
1043 105 4
4
3
1007 102
8
10018 1003
4
1023 1051
4
4
102 10311
4
104 1064
9912 10212
143
107
1013
2 29
3
1017
8
Feb'28
Feb'28
88
81
Jan'28
Feb'28
94
10212
Feb'28
10034 10712
9418 1013
8
100% 10214
9978 10178
99
9914
863 884
8
824 8212
98
994
905 95 4
4
3
10318 104
1024 103
573
4 15
5758 Sale 5718
7
2
1033 10312 10338 1035
8
103
-- 100 Dec'27
54
4 100
100 Sale 983
3
1003 -- 100 4 Feb'28
4
20
4
4 105
1043 Sale 1043
1073 Jan'28
4
107 8 21
8 1103
1104 Sale 1095
4 10418 70
10418 Sale 1033
1003
4 21
100 Sale 100
10012 21
100 Sale 100
8
100 1003 100 Mar'28
1
89
89 Sale 89
11714 11
11718 11712 117
10514 25
105 10512 105
11012 11012 16
11012
1
98
8
98 Sale 977
8
103 105 1025 Oct'27
2
10312 10312
10314
1017
8
- 10114 Mar'28
____ 823- 8712 Dec'26
4
Oct'27
54
60
23
8 312 218 Jan'28
4
1
212
212
20
96
1812 Sale 1512
853
8 54
853 Sale 8414
8
108 1083 10718 10814
4
2
53
5212 Sale 52
30
6718 67% 68
4
69
10812 1087 10812 10812
8
4
1024 Sale 1023
8 42
s 1027
1105 Sale 1104 1107
8
8 27
10812 Sale 10812 1083
4 43
102 Sale 101
102
33
1043 Sale 1043
8
8 1043
4 30
1053 Sale 1053
4
8 1053
4
4
104 10414 1033
12
4 104
9112 Sale 8812
92
114
1025 Sale 10214 1024 68
8
10414 Sale 1044 10412 25
10314 Sale 10314 10314
5
10518 1054 10512 1057
2
8
993 ---- 993 Feb'28
4
4
58
6112
1033 104
8
10514 10512 10514 10512
995
8
99 Sale 99
1034 Sale 1033
4 1034
835 844 84 Mar'28
8
Jan'28
99 100 100
94
93 Feb'28
93
4 10512
105 Sale 1043
1014 Sale 10118 10112
8
994 100 1001/1 1003
8
8 1027
105
-- 1027
10314
1024 10318 102
10412 Sale 1041s 10412
8
101 Sale 1003
4 1015
1063 Sale 105
4
9814 Sale 974
4
10114 1013 10114
1004 -- 10014
994
10018
88 Sale 8712
83
973 8212
4
9812 90 4 9914
3
9214
9334 94
103
-- 10212
1037 10514 103
8
11612 1163 1163
4
8 1164
116 116
11614
108
10714 Sale 10714
9012 9112 903
4
903
4
1045 105 10412 10412
8
1043 Jan'28
8
1044
10012
10012 Sale 100
9812
98 Sale 98
10314 Sale 10314 10312
1003 Sale 1003
4
4 101
104
10378 104 104
10612 Sale 10619 10612
10314
103 10314 103
10518 1053 10518 10512
2
93
2
10112
9318
1021: SS9aa311 10718
90933; -7
16112 Sti:_e_ 627
13
8
994 Sale 99
1153
4
4
1054 107 1053
9914
8
i(155 .11 1e 1037
8 3
9912 Sale 993
8
4
101 Sale 1003
9514 Sale 94
94 Sale 9314
1054 106 10518
105 Bale 105
1053 Sale 10512
4
9958
9912 100
95
95
96
10214
4
6
3
5
2
63
60
37
7
1
11
29
9
27
14
40
95
Jan'28
6518 (16
994 81
2
1153
4
8
1053
4
Mar'28
12
104
095 264
8
10112 203
54
90
26
94
Mar'28
2
1054
19
106
Feb'28
2
05
1 11
- ;
01
-98T2 1E1003 1008
4
4
1043 1054
4
1076 108
8
10612 11011
10138 10412
4
983 1003
4
99 100 4
3
100 10112
8814 89
116 11712
105 106
1093 110 4
8
3
97% 983
2
loir2 1 ;
0
100 8 1014
3
---- -218 214
212 33
4
1332 20
753 853
8
8
10614 10812
51
54 1
3
65
72
108 108 8
7
1013 1034
8
11014 1114
10814 109
1004 102
1033 104 4
4
3
1044 10614
1033 1054
8
8012 92
102 103 2
7
10218 1048
4
3
103 103 4
105 107
993
4 99 4
3
2
116 1163
1153 118
8
10714 108
2
0018 941
1033 1064
8
1034 1043g
9618 10012
975 983
8
4
103 10414
100 4 1014
3
10312 10414
1061s 1063
4
1023 104
4
10312 1054
914 96
10112 104
8612 9532
107 10712
8112
50
98
993
s
1133 1153
4
4
105 106
10412
98 100
100 1014
04 1023
2
913 974
8
10438 106
10412 10612
9914 1075
1
093 100
8
94
0514
MAR. 10 1928.]
FINANCIAL CHRONICLE
New York Bond Record-Concluded-Page 6
Week's
Range or
Last Sale.
9818 Sale 9818
0818 9814 9812
79
77
78
983 _ _ _ _ 9812
8
10914 Sale 10914
102 Sale 10134
97 Sale 9614
1034 10412 104
103 Sale 1027
8
10712 Sale 1073
8
9814 Sale 9814
93 Sale 915
8
1027 Sale 1027
8
8
107 Sale 106
1067 Sale 10612
8
1033 1041 10353
4
_ 96
9914 Sale 983
4
103 1033 103
1003 Sale 100
8
981a Sale 973
4
9712 Sale 963
4
973 Sale 9712
4
95 Sale 947
8
95 Sale 943
8
10218 1031 102
109
10434 Sale 1045
8
10612 10614 1057
8
10612 Salo 10614
10218
10112
101 101 101
- -12
103 10312 10312
10312 Sale 1033
8
9714 Salo 967
8
102 _ _ -- 1013
4
100 Sale 100
10214 Salo 102
1085a 1084 10714
9818
Dec'27
Feb'28
Jan'28
10914
10214
97
10418
10312
10712
9812
9334
103
107
1067
8
1033
4
96
9912
10314
1005
8
984
973
4
9812
9514
95
10214
109
10518
10612
10612
Feb'28
10118
10312
10334
9714
102
10012
10214
Jan'28
_
_
22
96
48
6
15
23
122
27
7
4
385
4
5
8
35
100
87
223
86
52
55
5
1
10
8
31
10
1
50
88
6
17
11
Tenn Coal Iron & RR gen 55_1951 J J 1065 107 1065 Mar'28
8
8
Tenn Copp & Chem deb 6e 1941 A 0 10212 103 103 Mar'28 _
Tennessee Elea Pow let (is...1947 .1 D 1073 Sale 10714
8
10712 32
Third Ave let ref 4s
1960 .1 J 695 Sale 6812
8
695
8 33
Ad)Inc Si tax-ex N Y Jan 1960 A 0 58 Sale 5614
61
142
Third Ave lty let g fs
1937 J J 1003 10114 10118
10112
4
6
Toho Elea Pow let 7s
1955 M S 100 Sale 994 1004 30
6% gold notes__ __July 151920 J J 993 Sale 994
8
9912 63
Tokyo Elm Light 8% notes_1928 F A 100 8
, Sale 100
10012 96
Toledo Edison let 7s
1941 M S
1073 Feb'28 _ __
8
Toledo Tr LA P5)4% notes 19303 J 1007 10112 101
8
101
5
Trenton G & El let g 5a
1949 M S 1073
10714 Feb'28 _
4
Trumbull Steel let if
M N 102 Sale 102
10212 30
Twenty-third St Ry ref (1e
l062 J J 58
6014 Feb'28
60
_
Tyrol Hydro-Elea Pow 7)0_1955 M N 10014 101 100
101
15
Gjigawa El Pow if is
1945 M
100 Sale 9958 100
48
Undergr'd of London 4348_1933
9812
9512
1
9512 96
Income 6a
1948 M
101 Mar'28
Union Elec LI A Pr (510) 5e_1932 M S 10214 ---- 10214 10214
2
Ref & est Se
1933 M N 1025 ..- 1025
8
8 1025
8
Un E L&P (III) lit it 554eeer A'54 J
1034 10314 10318
10318
Union Elev RI(Chic) 5s
1945 A 0 944 Sale 9438
0412
4
1931
Union 011 let lien a f Ls
1017
8
102
- 102
I
30-yr 6s aeries A__...May 1942 F A 11014 11112 11112 11112
6
1935 A 0 100 10014 994
lit lien 5 f be series C Feb
100
16
United Biscuit of Am deb 68_1942 M N 1005 Salo 10012 101
8
29
United Drug 20-yr 6s_Oct 151944 A 0 1073 Sale 10712 1073
4
4 37
11.134 J
United Rye SC L lit g 4s
85
8518 85
85
45
1937 M N 9914 Salo 971
United SS Co 15-yr tle
: 9914 19
Un Steel Works Corp 6 hs A_1051 J D 954 Sale 9518 Feb'28
_
J
With stock our warrants
9512 Salo 9512
96
131
Series C without Warrants.. J D 9412 96,3 94 Feb'28
__
J D 9314 94
With stock pur warre
94
955s 28
United Steel Wks of Burbach
Esch-Dudelauge if 75_ ___1951 A 0 10212 Salo 10212 103
23
US Rubber let A ref baser A 1947 3 J 93 Sale 90 4
3
93
339
J J
Registered
953 Dec'27 _ _
4
10-yr 734% secured notes.1930 F A jai" Sale 1014 1037 119
8
CI S Steel Corp Coupon Apr 1083 M N 10813 Sale 10838
1087
8 92
if 10-60-yr 561 resist. _Apr 1983 0,1 N
108 Feb'28
__
4
Universal Pipe & Rad deb 65 1936 J D 938 Sale 933
4
94
2
Utah Lt & Tree lit & ref 5s _l944 A 0 977 Sale 974
8
9814
19
1944 F A 10214 Sale 10112 10212 21
Utah Power A Lt 1st be
Utica Elec LAP 1st a g 55_1950 J J 1043 _ _ _ 104 Aug'27
4
_
Utica Gas & Elea ref & ext. Es 1957 J J 108 Sale 10718 108
9
Vertientes Sugar lit ref 75_1942 J D 101 Sale 993
4 101
16
1953 J J 5014 5112 5112
Victor Fuel let et fur
5112
7
Vs Iron Coal & Coke 1st g 541949 M S 91
9114 91 Feb'28
10343 J 100 4 10114 10118 10118
Es RI Pow let & ref be
3
3
Walworth deb 634e (with war)'35 A 0 9412 Salo 9412
9412 22
let sink fund Os series A...1945 A 0 96 Sale 96
9618 24
Warner Sugar Refin let 78_1941 J D 107 10712 10714
10712 24
Warner Sugar Corp let 7e_ I930 J J 86 Sale 854
86
10
8
Wash Water Powers I 58.__1939 J .1 1043
10418 Jan'28
Weatches Ltg g be atmpd gtd 1950 J D 1073 -- 1073
8
8 1073
8
5
1944 M N 10318 Sale 10318
West Ky Coal lit 7s
10318
1
West Penn Power sir A 51....1946 M S 1037 105 1047s
8
105
20
1983 M 8 1057 - - - - 1053 Mar'28
lit 58 series E
4
4
__
1953 A 0 10512 Sale 10512 10618
lit 534s series F
8
19563 D 1044 Sale 10414 10414 25
istiocSaserieiO
18501 J 59 Sale 59
Weed Va C & C let 6s
5914 28
1044 A 0 10412 Sale 1033
Western Electrie deb 8s
4 10414 117
9818 9812
7714 7914
9812
97
109 10934
993 10214
4
953 97
8
103 10512
1027 105
8
10738 10812
9814 99
915 94
8
102 1031a
106 10.98
1043 1074
4
10178 10114
96
93
98 100
101 10812
100 101
9514 99
8514 99
9712 994
94
95
14
94
9512
102 1023
4
10834 11014
10412 10514
10553 10714
10618 106 5
5
10012 10112
10014 1044
10318 10414
103 104
963 9812
4
100 10214
100 101
10184 10238
1063 107 4
4
,
10314 1065
8
10118 104
107 10814
66
704
554 81
994 10112
98 10018
98 100
994 100 2
,
10718 30812
10078 10114
10718 10714
10112 10312
561a 6014
987 101
8
9012 100
9r12 9512
101 10312
10214 1025
8
10214 103
1023 10312
4
92
947
8
1013 102
4
1087 111 12
8
9912 10014
10012 10212
10738 10812
85
8512
95
9914
9412 974
9378 9612
94
955
8
94
973
8
10212 105
904 9612
1015k
10814
108
8914
97
101
19538
10912
10814
95
9814
1034
Bid
Ask Low
103 104 103
1013 Sale 101
4
1123 Sale 1113
4
4
1043 Sale 10418
8
10458 Sale 10458
1003 Sale 10018
8
102 Sale 102
High
103
1013
4
1124
10412
105
10012
102 4
,
94 Sale 94
9412
125 105 130
130
1035 Sale 1035
8
8 104
34
354 34 Nov'28
285 2918 29
8
29
10218 Sale 102
1024
10338 Sale 103
1035
8
10612 ____ 10612 10612
1004 Sale 10014 1003.
,-0
St Joe Ry Lt & Pr 1st 5e. _ _1937 MN
St Joseph Stk Yde let 4 he 1930 J J
St L Rock Mt & Psi atmpd.1955 J J
fit Paul City Cable cons 511_1937 I J
Ban Antonio Pub Sere let 8s.19523 J
Saxon Pub Wks(Germany) is'45 F A
Gen ref guar 6345
1951 MN
Schuleo Co guar 634s
19461 .1
Guars 16 he series 11
1948 A 0
Sharon Steel Hoop let Si sir A '41 M S
Shell Union Oils f deb be. _ _ _1947 MN
Shubert Theatre Os June 15 1942 J D
Siemens & Haisee 5 f is
1935 J
Deb e f 634s
1951 M S
f 6345 allot etre 50% pd _1951 M S
Sierra & San Fran Power 58.1949 F A
Silesia Elec Corp if 634s_.1946 F A
Silesian-Am Exp col tr 78_1941 F A
SIMMS Petrol 6% notes _ _ _1929 M N
Sinclair Cons 011 15-year 76_1937 M 13
lit lien col 65 ser I)
1030 IQ S
let lien 634e aeries 13
1938 J D
Sinclair Crude 011530 ser A.1938 J J
Sinclair Pipe Lino sf58
1942 A 0
Skelly 011 deb 534s
1939 M 8
Smith (A 0) Corp let 6 hs 1933 MN
South Porto Rico Sugar 75_ _1941 J D
South Bell Tel & Tel leis 1581941 1 J
Southern Colo Power tie A _ _1947 J J
8'weet Bell Tel lit & ref 5e__1954 F A
Spring Val Water let g Ls_ _ _1043 M N
Standard Milling let Si
1930 M N
1945 M 8
let & ref 5%s
Stand 011 of N J deb Es Dec 15'46 F A
Stand 01101 NY deb 4 he
1951 J
Stevens Hotel let 65 ser A
1945 J J
Sugar Estates (Or(ente) 78..1942 51 S
1929 F A
Superior 011 let s 1 7a
Syracuse Lighting let g 59_1951 J D
Mob No. Low
High
105
2 105 1063
8
105
1 105 106
Mar'28
10278 1053
4
102 102
Jan'28
4
98
9858
9814
93
6
993
4
983
4
Oct'27
10418
8 10234 164 4
- -311 10718 108
108
166 100 105
102
95
9712 87
994
114 115
Feb'28
111
5 111 112121
10712 24 1065 1073
8
4
16 10412 107
106
1047
8
1 1047 106
8
1054 33 10478 1054
105
10 104 107
9914 10112
1004 74
99
97
6
9912
934 9612
9512 18
103 104
Mar'28
10312 18 103 304
4
10912 14 1053 11312
9938 1013
4
1004 59
14 10114 103
103
16 10034 102
10114
9212 94
9314 48
,
954 97 4
964 16
38
45
Mar'28
1117
3 111 114
8
10714
1 10638 10712
904 9018
Feb'28
Western Union coil tr cur 50_1938 1 J
Fund A real eat g 4 Ns____1950 M N
15
-year 830
1936 F A
25
-year gold be
1951 J D
Wes'house E & Al 20-yr g 521_1946 NI S
Weetphalla Un El Pow 630_1950 J 0
7/heeling Steel Corp 1st 5 ha 1948 J J
WhIte"Eagle Oil & Ref deb 514537
With stock porch warrants__ __ M 8
White Sew Mach 6s(with war)'38 5 J
Without warrants
Wickwire Spen St'l 1st 7s_ _A935 1 J
Wickwire Sp St'l Co is Jan 1935 M N
Willye-Overland if 650--- _1933 Si S
Wilson & Co 1st 25-yr at tia_ _1941 A 0
WinchesterRepeatArrne 73481941 A 0
venneet Sheet &'Tube 55
1974 J J
.4L,5
Rict
Ask Low
105 Sale 105
105 1055 105
8
1035 1043 10418
8
4
10114
_ 102
98 9312 9814
983 Sale 93
4
9614
10418 gale 10418
10714 ____ 108
10112 Sale 10112
96 Sale 95
11212
114
1073 107 111
8 - .12
10712 Sale 10738
1057 106 1057
8
8
1044 105 1044
105 Sale 105
10414 105 104
100 Sale 993
4
99 Sale 98
9514 Sale 943
4
104 1043 10314
4
10314 Sale 10314
8
1093 Sale 1091g
1004 Sale 1004
1024 Sale 10254
1003 101'4 10034
s
9314 Sale 9212
967 Sale 96
8
40
43 40
1117 Sale 1117
8
8
10714 Sale 10714
9018
Range
Sines
Jan. 1.
Week's
.1
Range orc3..
3
Last Sale, o'fi ct
)
.
Port Arthur Can & Dk 65 A_1953 FA
let M 68 eerier; B
1953 FA
Portland Elea Pow lit 65 B.1947 MN
Portland Gen Elea let 5a_. _1935 J J
Portland Ry lit & ref Ea__ _1930 MN
Portland Ry L & P let ref 58_1942 FA
FA
Registered
let lien dt ref 65 series 13_ _ _1947 MN
let lien & ref 7345 series A_1946 MN
Porto Rican Am lob cony 6e 1942 J J
Pressed Steel Car cony g 5s __I933
J
Prod A Ref if 85 (with war) 1931 3D
Without warrants attached _ _ _ 315
Pub Sery Corp of NJ sec 68_1944 FA
Sec g 5 he
1956 J J
Pub Sere Elec & Gas let 5301959 AO
let & ref Is
4.
1965
Punta Alegre Sugar deb 7a 1937 J J
Pure 011 a f 514% notes__ _1937 FA
Remington Arms Si
1937 MN
Rem Rand deb 5345 with ware '47 MN
Repub I & SI 10-30-Yr 511 a f- -190 AO
Ref & gen 534e scriee A
1953
J
Reinelbe Union 75 with war.1948 J J
Without etk purch warla_1946 J J
Rhine-Main-Danube 75 A_ 1960 MS
Rhine-Westphalia Elec Pow 78'50 MN
Direct mtge 85
1952 MN
alma Steel let a f 76
1955 FA
Robbins & Myers let s f 723_1942 JD
Rochester Gae & El 75 ser 11_1948 MS
Gen mtge 514s series C_ 1948 M S
Rods & Pitts C&I Dm fer_1946 MN
g
003
Price
Friday
Mar. 9.
..•
Price
Friday.
Mar. 9.
:
la
BONDS
N. Y. STOCK EXCHANGE ' ..
-%
c
Week Ended Mar. 9.
.... a.
1 c c. co ; 2—0 .1.2 z.. oo 29 :cc 4.:
;.1 r2
,
s
e
,
BONDS
Ie. Y. STOCK EXCHANGE
Week Ended Mar. 9.
1485
Range
el.
Jan. 1.
Low
103
101
11158
104
1044
9712
10034
High
10514
1034
1124
105
105
100 4
3
1034
9312
125
1003
4
3312
28
1017
8
101
106
10014
98
13112
104
3712
31
103
103 4
3
107
14
Inn.
Quotations of Sundry Securities
All bond prices are "and interest" except where marked"f''.
Standard 011 Stocks Par
Bte Ask
Railroad Equipments
Bid Ask
Anglo-Amer 011 vot stock _El 82118 2114 Atlantic Coast Line 6e
4.85 4.70
Non-voting stock
El *21 18 2114
Equipment6 he
4.35 4.25
Atlantic Refining
100 1071,, 108 Baltlmore & Ohio Os
4.85 4.70
Preferred
Equipment 404i A be___ _ 4.30 4.15
100 117 121
Borne Serymser Co
25 •50
53 Buff Itoch & Pitts equip de_ 4.70 4.50
Buckeye Pipe Line Co__ 50 *64 65 Canadian Pacific 434i & 8e_ 4.50 4.25
Chesebrough Mfg Cone_ _25 .2126 133 Central RR of N J 65
4.85 4.70
Continental Oily t e
113 .175 173 Chesapeake & Ohio Os
4
8
4.85 4.65
Cumberland Pipe Line_.100 88
Equipment6 he
90
4.50 4.30
Eureka Pipe Line Co_ _ _100 70
Equipment&
71
4.30 4.20
712 Chicago Burl A Quincy 65_ 4.85 4.70
Galena Signal 011corn.__100
61
Preferred old
100 45
48 Chicago & North West 65_ 4.85 4.70
Preferred new
100 32
Equipment6 he
36
4.40 4.25
Humble Oil& Refining.. _ _25 •637 64 Chic R I & Pao 434s & 5s
4.40 4.25
Illinois Pipe Line
100 203 205
Equipment85
4.90 4.75
Imperial 011
"585s 594 Colorado & Southern 6a___ _ 5.00 4.80
Indiana Pipe Line Co___ _50 •82
84 Delaware A Hudson 13s
9.85 4.70
International Petroleum__ -1 •375s 373 Er1.3434s&
4
4.60 4.35
National Transit Co....12.50 •2718 275
Equipment 65
23
5.00 4.85
New York Transit CoI00 5312 55 Great Northern 85
4.80 4.78
Northern Pipe Line Co__100 110 112
Equipment 5a
4.35 4.25
Ohio 011
25 *6114 611e Hocking Valley Si
4.40 4.30
Penn Mex Fuel Co
25 4014 405s
Equipment 611
4.90 4.75
Prairie 011 Ar Gas
25 849 49 8 Illinois Central 430 A 5s _
3
4.25 4.15
Prairie Pipe Line
Equipment 65
100 209 212
4.80 4.65
Solar Refining
100 177 182
Equipment is & 6 he_ ___ 4.40 4.30
Southern Pipe Line Co_ __50 *2812 3012 Kanawha & Michigan 68___ 4.90 4.78
South Penn 011
25 •3918 3912 Kansas City Southern 534e. 4.90 4.60
Southwest Pa Pipe Lines.100 9012 101
Louisville A Nashville
4.80 4.65
Standard Oil (California)....1 •56
Equipment6 he
5618
4.40 4.30
Standard 011 (Indiana)_ _ _25 .7418 7412 Michigan Central Es & 13s_
4.50 4.30
Standard 011 (Kansas) __25 .155 16 Minn St P Azt35514345 Ass 4.70 4.50
8
Standard 011 (Kentucky)
.25 *1281 129
Equipment 634i & 7i.._
4.75 4.60
Standard On (Neb)
25 *41
413 Missouri Pacific 6s & 634e_ 5.10 4.80
4
Standard 011 of New Jer 25 *39 3914 Mobile & Ohio Es
4.50 4.30
Standard 01101 New York.25 •30
3014 New York Central 434i & be 4.30 4.20
Standard 011 (Ohio)
25 721_ 7314
Equipment 85
4.80 4.65
Preferred
100 11712 120
Equipment 75
4.40 4.30
Swan & Finch
25 *16
163 Norfolk & Western 434s.... 4.25 4.15
4
Preferred
*2412 30 Northern Pacific 7s
4.40 4.30
Union Tank Car Co
100 122 124 Pacific Fruit Express 7s___ _ 4.40 4.30
Vacuum 011
25 *1425 14314 Pennsylvania RR eq 5s & 6e 4.80 4.20
8
Public Utilities
Patel)& Lake Erie 634e.... 4.45 4.30
American Gas A Electric__ t *x140 141
Reading Co 4 hs & 58
4.25 4.15
8% preferred
•10612 10712 St L01118 A San Francisco 5s_ 4.40 4.30
Deb (is 2014
MAN 10914 10912 Seaboard Air Line 534e & Os 5.10 4.75
Amer Light & Trac com _100 188 189 Southern Pacific Co 434s_ __ 4.25 4.15
Preferred
100 112 120
Equipment 75
4.40 4.30
Amer Pow Az Light pref _100 10614 1061 Southern Ry 4 hs A Sc
4
4.45 4.35
Deb 802018
MA3 10812 109
Equipment(la
4.90 4.74
Amer Public Util com___100 58
62 Toledo & Ohio Central Cle_
4.85 4.70
7% prior preferred_ ___100 99 10014 Union Pacific 7s
4.35 4.25
Panic preferred
100 88
90
Tobacco Stocks
Associated Elec 504e'46A&O 104 10412 American Cigar corn____100 130 140
Associated Gas di Elec com.t •20
Preferred
22
100 102
Original preferred
.7312 75 British-Amer Tobac ord__El •26
2614
$13 preferred
*9412 96
Bearer
El *254 2614
$634 Preferred
.9412 100 Consul Cigar pref
100 102
$7 preferred
*10312 105 Imperial Tob of 0 B & Irel'cl •25
26
Blackstone Val G&E com_50 .155 157 Int Cigar Machinery new100 97 105
Com'w'Ith Pr Corp pref _100 10212 103 Johnson Tin Foil & Met_100 60
70
Elea Bond & Share pref.
110 Mengel Co
.100 109
100 48
53
Elec Bond az Share Secur__t •943 95 4 Union Tobacco Co cora_
,
4
27
28
Lehigh Power Securities___t *2614 26 2
Class A
,
87
90
Mississippi Riv Pow pref.100 10812
100 108 115
-- Young (3 El) Co
Ftret mtge Si 1951___Jda 10414
Preferred
100 104 110
Deb 55 1947
MAN
Sugar Stocks
National Pow & Light pref. •10914 1094 Caracas Sugar
60 •
North States Pow com_100 13112 133 Cent Aguirre Sugar com20 .128 Cid"
7% Preferred
100 10812 11012 Fajardo Sugar
100 .156 157
Nor Texas Elec Co com_100 16
18 Federal Sugar Ref corn_ _100 15
20
Preferred
100 54
Preferred
59
100 35
40
.5
Ohio Pub Sere. 7% pref _100 11114 11212 Godchaux Sugars, Inc
7
Pacific Gas & El let pref __25 *273 2814
Preferred
4
100 •20
25
Power Securities corn
13 Holly Sugar Corp com„..t 35
*II
40
Second preferred
Preferred
61
•58
100 80
85
Coll trust 89 1949___J&D 97
99 National Sugar Refining_100 *2123 126
Incomes June 1949._F&A 95
97 New Niquero Sugar
100 40
50
Puget Sound Pow A Lt__100 47
50 Savannah Sugar corn
.116 120
6% preferred
100 98 100
Preferred
100 114 116
7% preferred
100 0109
-- Sugar Estates Oriente P1-100 40
50
lit & ref 534s 1949...J&D 1037 104, Vertientes Sugar of
8
4
100 60
70
South Cal Edison 8% pf__25 *45
Rubb Stk.(Octet'f.otat's)
48
Stand G & E 7% or pf100 11114 11214 Falls Rubber corn
.5
10
Tenn Elec Power let prer 7% 1093 11012
4
Preferred
25 •10
19
Toledo Edison 8% pf
104 10514 Firestone Tire & Rub cora.10 .185
Pref
100 1093 11012
4
Preferred
7%
6%
100 10915
Western Pow Corp pref_100 10212 105
7% preferred
100 10812 f66Water Bonds.
General Tire & Rub corn. _25 *170 173
Arkan Wat let 58. A.Att0 9914 100
56
Preferred
100 102 103
Blrm WW lit 5 heA'54.A&O 104
Goody'r TAR of Can pf.100 r106
1st 5.158 1954 sir 11__J&D 10114 102 India Tire & Rubber new-t 15
20
City W(Chatt)554s'54.8.1,540 1023 10312 Mason Tire A Rubber com-t
4
*3
4
lit M Eer 1954
JAI, 100
Preferred
8
100
11
City of New Castle Water
Miller Rubber preferred_100 92
93
be Dec 2 1941
JAI) 1 96
98 Mohawk Rubber
100 37 45
Clinton WW let 5s'39_F&A 0712 9812
Preferred
100 •
80
Com'w'th Wat let 534eA'47 10212 10312 Seiberling Tire & Rubber...I *35
3612
Connellsv W 5eOct2'39A&01
Preferred
100 104 105
E St LA lot Wat be '42.J&J
Indus. & Miscellaneous
let NI 65 1942
j0
4.1 103
Allied lot Invest pref
*10412 10812
Huntington let (is '54.M&S 103
American Hardware
25 *79
81
55
1954 943 9914 Babcock & Wilcox
100 118 122
4
Mid States WW 68'38 MAN 103 _
Bliss(E Vir) Co
•1712 19
Monm Con W let55'58AJ&D 964 9712
Preferred
50 •57
63
Monm Val Wt 634i'50_J&J 101 102 Childs Company pref___100 120 123
Muncie WW Is 0c12'39 A01
Berenice Powder
100 215 225
St Joseph Water be 1941A&0 9812 9912
Preferred new
100 119 121
Shenango Vii Wit bre58A&O
Internal Silver 7% pref _100 130 132
So Pitte Wat 1st 55 1900 J&J 083 __-- Phelps Dodge Corp
4
100 120 123
let M be 1955
FAA
Royal Baking Pow com_100 245 265
Ter H W W (1s '49 A....J&D 102 -.Preferred
100 107
1st M be 1956 ger 13..FAD 9812 -- -- Singer Manufacturing_ 100 445 109
45.5
Wichita Wat let Os'49_61A8 102 - .- Singer Mfg Ltd
El 553
614
1st M be 1958 sec 13._ FAA
9812 ____
10818 108
9912 101
51,2 524
91
914
10012 102
9412 9614
95
9612
1053 1074
4
8412 88
104 10118
107 1073
8
10212 10434
103 105
105 10634
1053 10618
8
104 10434
59
60 I
•Per share. t No par value. 0 niarla.
103 1044
a Nominal.
Er-dividend. r Ex right
Purchaser also pays accrued (11x16608,
?Canadian quotation. I Sale odes.
4
ZO
BOSTON STOCK EXCHANGE-Stock Recora see8 nage
1486
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday,
Feb. 25.
Monday,
Feb. 27.
$ Per share
183 183
97
98
*21011
*115142_11512
110 110
Wednesday, Thursday,
Mar. 1.
Feb. 29.
3 per share
183 183
97
9712
*2_ _ 10112
11512 11512
110 110
;6- -_-_-_-_ 62
*84
*_ _ _ _
•12218
130
+11318
*130
*15212
*118
*58 -E6 *58
*62
*61
112 1123 11114
-- 4
*27334 74
7314
*116
_
*116
*104
118
*14212 _
143
_
*106
*106
*182
*182
3014 3014 *3014
*73
74
74
71
707
8
5318 5318 54
60
60
60
6218 6238 6114
*105 107 *105
*133 137 *133
*13713 138
13718
654 654 657
8
*118 121 *118
Tuesday,
Feb. 28.
$ Per share $ Per share $ Per share
185 185
185 185
183 185
98
99
99
9712 97 4 98
,
10114 10114 10112 10112
101 101
116 116
11512 11512 116 116
110 110 *110 11312 11014 11212
5912 5912 5912 5912
58
58
-- _ *63
62 62
62
85 85
*62*84
85
85
*8314 85
*130
*130
130 *130
118 120
*115
*120
*155
*155
*160
*5814 5213
*58 5912
59
*63
__
*62
_ __ _
62
fil-12 111 111
11114 *111 11112
76
74
7412 7512 754 7512 76
120 120
119 119
_ 118 119
*107
105 105 *10612 -120
____ 143 143
142 142 *143
160
*1064
*10618
182 182
____ 182 182
3212 *3014 3212 *3014 3212 3014 3014
73
73
74
*73
74
74
*73
704 +__ _ _ 71 *____ 71 *____ 71
537 54
8
54
,
*53
54
533 53 4
4
6114
*6014-- 6012 6012 61
60
617 624 6112 6218
8
8
6214 613 62
105 105 *105 10612
105 105
_
137 *133 137 *133 137 *133 137
13718 13718 13714 13718 13718 13718 13718
8
,
8
6612 657 667
8 65 8 664 657 664
8
121 +2118 121 *117 118 *x116121173
3
*334 4
34
3
*3 4 4
2312 2312 233 233
4
4 2314
*4934 50
*493
4
50
50
17914 18018 17938 18012 1793
4
21
2112 *204
21
21
;iL" 167
2
Teti
34 34
,
,
4 4
33
4 *33
24
24
7
233
4 23 8 24
50
50
*49 4 50
,
50
18012 17914 1803 1793 18012
4
8
2014 2 12
21
21
21
118* 1134
1612
•I5
95
95
Friday,
Mar. 2.
10612
:16
17'
169
168
*54
55
*960
*18
34 34
,
,
24
24
Ho' fi658
2014 203
4
-
10612 *10512 108 •10512 10612 *10512 10612
17
*16
17
1712 1612 164 *16
17014 17012 17014 17112
4
17014 1693 176
55
5412 5412 55
55
55
55
_
*960 ---- *60
*p60
---*18
__-- *18
*18
STOCKS
BOSTON STOCK
EXCHANGE
Frail 172
•
Miscellaneous.
296 Amer Pneumatic Service___25
50
200 Preferred
50
30 lot preferred
2,470 Amer Telephone & Teleg__100
367 Amoskeag Mfg
Assoc Gas & Elea cl A _No par
No par
00 Atlas Tack Corp
10 Beacon 011 corn tr etfs_No par
345 Bigelow-Hartf Carpet_ _No par
100 Coldak Corp.. class A T C___
223 Dominion Stores, Ltd No par
10
2,035 East Boston Land
5
1,035 Eastern Manufacturing
5
3,140 Eastern SS Lines, Inc
No par
80 Preferred
100
234 1st preferred
265 Economy Groc'y StoresNe par
100
2,204 Edison Electric Ilium
75 Federal Water Serv corn
305 Galveston-Houston 50ec__100
General Pub Serv com_No par
No par
275 Gilchrist Co
1,155 °Bette Safety Razor__ fee Par
26
25 Greenfield Tap & Die
No par
1.447 Hood Rubber
_100
10 Kidder, Peab Accep A pref.
92 Libby, M,Nelll & Libby ____10
25
155 Loew's Theatres
717 Massachusetts Gas Cos___100
100
180 Preferred
85 Mergenthaler Linotype_No par
10
192 National Leather
6
185 Nelson (Herman) Corp
60 New Eng Pub Serv $7 pf No par
110 Prior preferred
No par
850 New Eng South Mills_No par
145 Preferred
100
789 New Eng Telep & Teleg
100
446 Pacific Mills
100
20 Plant (Thos 0), 1s1 prof
100
10
60 Reece Button Hole
10
175 Reece Folding Machine.
135 Swed-Amer Inv part pref....100
183 Swift & Co
100
339 Torrington Co
25
220 Tower Manufacturing
5
100 Traveller Shoe Co T C
3,698 Union Twist Drill
5
1,791 United Shoe Mach Corp..._25
40 Preferred
25
85 U S & Foreign Sec lot pref ____
2,790 Venezuela Holding Corp
1,240 WaldorfSys,Ine,new sh No Par
678 Walth Watch el B com_No par
147 Preferred trust ctfs
100
19 Prior preferred
100
20
20 Wal worth Company
50
1,458 Warren Bros
ao
105 let preferred
26 preferred
50
W111,12 Baumer Candle corn___
Mining.
Arcadian Consolidated
413
43
4
*5318 53 8 5318 5318 5212 5212 .5212
7
*53
54
2118 2114 21
213
8 21
21 8 214 214 21
,
•
16
1512 1612 154
163 *16
3
163
4
4 15 4 16
,
14 14
8 *1 8
14
15
8 *I% 17
*1 8
, 178
.76
.
0.70 1
.99 .99 5.75 .99 •.75 1
*512 8
74 *5
712 *5
•5
712 *5
.85
.85
.85 *_-__
.85
52
5214 52
5212 52713 52
52
5212 62
•10512
- *10512
- *10512 ____ +10512 ---- *10512
- 12 1212 1212 *212
2
1212 1212
124 1 1212 *12
*13
4
+13
4 2
*13
4 2
4 2
*13
4 2
*13
13
4 •112
12
4 *Ds
112
112
134
13
4
13
4
*.75 .85 •.75 .85 •.75 .85 •.75 .85 •.75
134
13
4 •112
14 1%
13
4 *14 1 4
*1 8
,
,
0.26 .45 +.26
•.26 .45 •.28 .45 *.26 .45 .
.65
.65 .65
.65 .65
.65 .65
.65 .65
8
47
47
4812 4812 4914 487
4612 47
47
*2614
26
26
*26
26
2612 2612
27
2612
.15 *
.15 •____
.15
.15
*10
*10
20
•10
20
•10
*10
20
•16
61
.61 - -12 *61
8112 61
6112 *61
61
4
44 44 *43
47
8 47
8 *44 478
2 *4 2 47
,
1
1
118
•1
•1
14.
1
1
.99 .99 •.75 .99 •.75 .99 *.75 .99 *.75
9
912 912 *9
10
*912 10
•914 10
1214
1214 1214 •1214 13
13
13
*12
*12
13
13
1314 1318 14
1234 13
13
13
4
2514 2514 26
*2512 26
26
26
2612 *253
2,
*2
21
*2
*2
212 *2
24 *178
.25
*.30 .40 *.30 .40 •.30 .45 '.30 .45
.
1
0.20
•.20 .35 •.20 .35 *.20 .35 .
.30 .3
418
8
*438 41
. 43
8 43
4% 44
414
438
112
13
8 14
1% 1% Pis
112 •1538 112
*a.85 112 *a.85
112 *al
1 12 * 1
112• a.85
. .10 .25 *.10 .20 ..11 .25 •.12 .25 •.12
0
-14
154
2114
18
17
8
.76
712
414
4
5218 5218
204 214
157 16
8
+.75
52
5212 52
•10512
1212 1212 121;
•17
8 2
2
•112 2
2
.85 '.75 .85
134
13
4
13
4
.45 '%26 .45
.65 .70
.65
493
4
4912 49
*2612 2712
27
.15
20
1612
5
1
*1 "Ili
.99 •.85 .99
•
814
912
1214
_
- -1
1314 1212 13;
4
2614 253 26
23
8 •17
11
24
.25
.65 .65
.35 *15 .35
4
418
44
114
Pt *MI
112
112 *al
.25 •.12 .23
PER SHARE
Range Since Jan. 1.
-share lots
On basis of 100
PER'SHARE
Range for Previous
Year 1927
Lowest
Railroads.
Par.
$ per share Shares
165,Bo5ton & Albany
100
183 18312
100
296
9612 1,413 Boston Elevated
100
39 Preferred
100
lie Cif
-. 442 1st preferred
100
226 2d preferred
10612 10612
5212 5212
100
710 Boston & Maine corn
56 Preferred unstamped_ _100
*63
200 Ser A 1st pref unstaruped 100
86
*84
125 Ser B 1st pref unstamped 100
130 140
103 Ser C 1st prof unstarnped 100
130 130
165 Ser D lot prat unstamped 100
165 165
Common stamped
100
142 Preferred stamped
100
*63
__ _ _
107 Prior preferred stamped_100
111 11112
1,252 Ser A 1st pref stamped _ _100
76
77
141 Ser B lot pref stamped_ _100
120 12012
259 Ser C 1st pref stamped....100
107 107
136 Ser D 1s1 pref stamped 100
145 146
Neg receipts 40% paid
24 Boston & Providence
100
1(10
56 East Mass Street Ry Co
---100
30 let preferred
---25 Preferred B
100
100
415 Adjustment
100
82 Maine Central
100
1,009 NYNH& Hartford
25 Northern New Hampshire_100
_100
Norwich & Worcester pref.
100
103 Old Colony
50
1,817 Pennsylvania RR
66s 67
Vermont & Massachusetts 100
1622
1514 1514 *15
94
94
9312 95
95
94
94
95
95 95
*.12 .35
.20
.20 .20 *.12 .35
•____
1173 11912 120 fii
4
11734 1177 118 11912 117 118 *11512 118
8
4
4
5
514
5
514
412
4
51s 518 *412 5
214 214
*218 212 *2214
24
2
2
2
2
218 238
89
9012
90
90
90
88
887
8 89
88
89
88
89
49
50
49
49
*4914 50
50
50
*4914 50
50
60
104 104 •2103 104 104 104
'
103 104
*210312 104 104 104
*1212 14
14
14
14
•14
1412 14
1412 *14
257 268
257 260
257 260
256 257
25712 259
257 257
4 3314 34
*34
343
*34
35
34
34
*33
35
3212 3212 3212 3212
3212 33
34
34
*33
34
1914
*1812 1914 *1812 1914 *1812 1914
34
34
34
343 3412 34
8
34
34
34
34
3412 34
8
101 1013 10112 10214
10012 10012 101 10112 101 10112 101 102
1014 *10
1014
1012 1012 *10
1012 *10
1012 *10
214
1404 4012 4014 4014 40
3818 3912
4014 394 40
*95
*95
_ *95
95' *95
95
*9
__938
914
914 914
914 914
914 914
9
7 4 7 4 *75
3
3
74 8
,
*73
4 7 2 *74 77
7
8 73
4
2
111 11112 11112 112
111 112
111 111
HE' 11112 112
7914 7914 80
*79
80
80
80
80
7914 7914
164 2
Ili104 - -11033 104
4
'
103121041z 104 104
1033 104
4
104 104
44 418
8
418 418
418 44
418 418
418 43
8 *418 43
2714 274 2712 2812 2812 2712 2712 *27
27
28
10614 10614 107 107
*10612 107
109 109 *10512 107
1.6512 1- -1;
66
*2109 10912 109 109
*
2109
109 109
4
1083 109
.55 .55
.25 .25
.15 .15
..12 .25
.30 .30
.30 .30
412 412
412
412 *4
*4
4
139 13912 139 13912 13812 13912 13918 13912 13912 1392 2137 138
37
3614 36
36
37
3612
367
374 37
8 36
20
2112 *20
2112 19
2112 *20
2112 *20
*20
4
4
*153 16
4
*15 4 16
3
1512 16
153 153
*153 16
4
114
114 *114
14
134 *114
13
4 -114 -- -1▪
*114
17
8
13
4 2
13014 13014
130 130
130 130 *130 131
*130 132 *130 131
4
4
4
1303 1303 131 1313 13112 13112 131 132 2131 131
12934 130
97
97
97
96
96
*9514 _
9512 96
954 9512 96
218 218
214 214
214 214 214
214 212
212
-_201
*19
•19
19
2012 19
*184 20
*184 20
1412 1414 -- -7
214;
1412 14
14
1312 1312 1312 134 1312 14
6312 6514
6418 6412 6414 644 0424 6412 644 6412 644 65
30
3012 30
*30
3012 *30
3012 *30
3012 *30
*98
983 -------4
99
4
983 983 *98
4
*99
9912 *983 99
4
1118
11
111
11
1014 11
12
12
12
107 11
o
11
4
2112 2128 213 2134
2114 2114 21
2114 2114 2112 2114 22
70
67
67
66
66
65
64
66
64
*62
64
*62
8
917 92
91
91
93
90
9212 *89
90
90
*90
92
*105
•216
168
•54
'
,60
*18
Sales
for
the
Week.
25
5
10
170 Bingham Mines
25
2,248 Calumet & Heels
25
1,355 Copper Range Co
70 East Butte Copper Mining_ 10
25
350 Hancock Consolidated
1
Hardy Coal Co
25
Helvetia
1
515 Island Creek Coal
1
Preferred
25
---iSO lele Royale Copper
25
Keweenaw Copper
25
598 Lake Copper Co
25
La Salle Copper
5
1,690 Mason Valley Mines
25
Mass Consolidated
2
1.600 Mayflower-Old Colony
25
2,167 Mohawk
a
620 New Cornelia copper
New Dominion Copper__.._.
100
New River Company
100
10 Preferred
5
65 NIpissing Mines
10
1.325 North Butte Mining
25
200 op bway Mining
25
734 Old Dominion Co
150 Pd Cr'k Pocahontas Co No par
25
1,438 Quincy
25
360 -It Mary's Mineral Land_
Seneca Mining
No par
1
70 Shannon
100 Superior & Boston Copper 10
1,485 Utah-Apex Mining
5
1
700 Utah Metal & Tunnel
Victoria
25
Winona
25
---995 Arizona Commercial
Highest
Lowest
Highest
$ Per share
183 Feb 8
9114 Feb 17
100 Feb 1
114 Jan 3
10612 Mar 9
55 Jan 3
6012 Feb 10
80 Jan 3
130 Jan 9
114 Jan 4
15212 Jan 3
6012 Jan 5
614 Jan 26
110 Jan 6
6912 Jan 4
10612 Jan 3
98 Jan 3
135 Jan 4
1043 Jan 4
4
175 Jan 4
29 Jan 5
72 Jan 4
70 Jan 23
53 Feb 24
59 Feb 15
598 Jan 16
4
103 Jan 12
132 Jan 25
135 Jan 3
624 Feb 9
114 Jan 17
$ per share
187 Jan 16
99 Mar 7
10212 Feb 28
12014 Jan 18
11014 Jan 24
6012 Jan 27
62 Feb 23
85 Jan 18
140 Mar 9
130 Mar 9
165 Mar 9
6114 Jan 5
62 Feb 23
11412 Feb 23
77 Mar 9
12312 Mar 9
120 Mar 5
160 Mar 5
Jan 30
105
182
Jan 20
33 Feb 7
80 Jan 30
73 Jan 4
56 Jan 10
65 Jan 12
6712 Feb 3
105 Mar 6
13712 Jan 6
138 Feb 15
67 Mar 9
119 Jan 14
$ per share
Jan
171
81 May
9812 Apr
109 Mar
Jan
101
514 Mar
Jan
66
763 Jan
4
118
Oct
97 Sept
15212 Dec
6114 Nov
5512 Jan
10412 May
64 Feb
Jan
90
90
Jan
124
Jan
103 Sept
176 Dec
25 Feb
64 Feb
80 Mar
12 Apr
474 Jan
4118 Jan
9212 Jan
127
Jan
122
Jan
63 July
Jan
107
$ Per share
188 May
0812 Den
10312 June
120 Nov
110 Sept
70 Juir
6912 July
87 June
139 May
116 May
165 Apr
64 Nov
73 May
113 May
Jan
78
116 May
105 May
144'2 May
106
Oct
212
Oct
4312 Sept
81
Oct
78
Oct
5912 Sept
74 Mar
6312 Dee
106 Nov
14612 Nov
13612 Oct
684 Oct
121 Nov
314
21
4812
1764
20
418 Feb 14
Jan 21
Jan 3 2414 Feb 14
Feb 2 50 Mar 29
4
Feb 21 1803 Jan 6
Jan 10 24 Feb 1
912 Jan 12
144 Feb 20
91 Jan 6
.10 Jan 3
10512 Jan 17
212 Jan 11
138 Jan 31
86 Feb 18
4712 Jan 6
10212 Jan 17
1112 Jan 3
252 Feb 20
333 Feb 9
4
31 Feb 24
1612 Jan 16
32 Feb 24
99 Jan 10
1012 Mar 3
3612 Mar 21
95 Jan 16
9 Jan 7
714 Jan 4
109 Feb 3
7812 Jan 4
1034 Jan 3
312 Jan 8
263 Feb 29
4
102 Jan 3
104 Jan 3
.10 Jan 3
4 Jan 4
137 Mar 9
35 Feb 18
19 Mar 9
154 Feb 3
114 Feb 24
126 Jan 3
1243 Jan 6
4
90 Feb 7
2 Feb 8
184 Feb 29
12 Jan 4
63 4 Jan 21
3
30 Jan 5
95 Jan 3
8 Jan 14
1912 Jan 3
60 Jan 5
88 Jan 3
104 Jan 5
218 Mar 1
152 Jan 4
50 Jan 3
524 Jan 11
18 Feb 23
15'3 Feb 8
1714 Jan 6
9612 Feb 4
.40 Jan 19
125 Jan 28
53 Mar 2
4
234 Jan 20
9512 Jan 23
50 Mar 2
105 Jan 4
14 Feb 1
268 Jan 4
36 Feb 3
3412 Jan 23
2038 Jan 31
354 Jan 21
104 Jan 24
13 Jan 13
4312 Jan 3
9514 Jan 16
9 8 Feb 14
,
8 Jan 30
11312 Jan 24
81 Jan 27
112 Jan 10
47 Jan 12
8
23114 Jan 3
10912 Feb 7
11012 Feb 6
.55 Mar 9
412 Feb 23
140 Jan 24
4018 Jan 3
23 Jan 11
16 Jan 5
134 Jan 10
135 Feb 20
133 Feb 10
97 Mar 8
312 Jan 5
2012 Jan 3
144 Mar 9
6514 Mar 9
3112 Jan 19
101 Jan 31
1212 Mar 2
24 8 Feb 3
,
70 Mar 9
96 Feb 7
10612 Mar 5
18 Jan 24
182 Feb 7
55s Feb 17
56 Jan 28
18 Feb 23
3 Jan 3
4 Mar 9
5218 Mar 9
20,4 Jan 10
1518 Mar 8
112 Feb 4
.35 Feb 8
5 Feb 20
.65 Jan 21
50 Feb 18
105 Feb 14
x1178 Feb 28
13 Jan 17
4
1 Feb 24
.75 Jan 31
14 Jan 19
.25 Jan 7
.50 Jan 25
4612 Jan 31
2512 Feb 29
54 Feb 24
6 Jan 3
56 Jan 4
237 Feb 7
8
214 Jan 20
214 Jan 13
.99 Mar 5
12 Jan 14
.85 Feb 25
557 Jan 4
8
10512 Jan 20
143 .11111 4
4
2 8 Feb 7
,
13 Mar 3
4
1 Jun 5
2 Jan 7
.60 Jan 3
.75 Jan 5
50 Jan 3
2912 Jan 3
55'2 Jan 4
44 Mar 2
.90 Jan 6
.60 Feb 24
9 Mar 8
12 Jan 3
1212 Mar 9
25 Feb 24
3 Jan 3
.25 Mar 8
.30 Mar 3
4 Mar 7
1 Feb
.99 Mar 1
.10 Feb 7
6"2
578
Jan 28
Jan 3
13 Jan 19
4
.99 Mar 3
1212 Jan 3
8
167 Jan 24
1512 Jan 4
31 12 Jan 7
3 Jan 3
.65 Mar 9
.35 Jail 30
514 Jan 4
1 4 Feb 25
,
4
13 Feb 1
.30 Jan 6
214 Jan
"4
5 July
154 Jan 2612 Sept
47 July 50 Apr
14912 Jan 18512 Oct
1912 Nov 2712 Nov
363 Jan 5014 Dee
4
74 Oct 12 Apr
1512 Aug 2012 Jan
77 Feb 96 No.
5 Ja
.01 Dec
Jan 10812 Dee
67
384 Feb
114 June
7 4 Mar
8
112 Dec
45
Jan 94 Dec
35 Feb 484 Dee
873 Feb 108 Dee
4
10 June 15 Sept
217 Feb 267 May
27 Apr 364 Oct
2212 Apr 38 Nov
113 Jan 1712 Oct
4
3414 June 38 Mar
844 Mar 10914 Oct
Oct 1314 Nov
7
Jan
324 July 47
3
94 Apr 95 4 July
1114 Sept
7 Aug
Jan
10
Jan
6
84 Mar 124 Nov
8
Jan 817 Nov
70
Oct
10312 Nov 116
Vs Jan
24 Mar
234 Feb 33 Dec
Jan 10218 Dee
91
9714 Jan 108 Dec
314 Feb
.10 Dec
87 Feb
2
2 Apr
1154 Jan 140 Aug
3512 Mar 44 Sent
2
15 June 428 Jan
z1414 Sept 1612 Feb
1 8 Jan
,
1 Mar
Oct
10513 Jan 132
Jan 13012 Sept
115
Jan 98 Deo
68
94 Jan
278 Dec
16 Aug 2112 Nov
94 Sept 144 Jan
Jan 77 Nov
50
Jan 3112 Nov
28
83 May 95 Dec
Apr
412 July 11
Oct 2712 Feb
19
4012 Jan 6112 Dec
Jan 88 Dec
61
10O' June 118 May
1718 Dec 2434 Apr
4
654 Jan 1793 Nov
Jan 70 Dec
44
45 Jan 72 Dec
14
Jan 181r Nov
314 Dec
.20 July
5 July 1014 Jan
Jan
30
214 pe
144 June 64 Dec
11% May 214 Dec
284 Jan
118 Oct
.15 Apr
1
ly
6 Dec 1812 Sept
.32
Oct .85 Jan
47 Feb 67 Bent
10412 Sept
16 Aeo
9 July 107 Dpr
2 2 Feb
7
1 July
Jan
3 Dec
.80
1 Nov
.50 Mar
214 Dec
Oct
.70
.03 sent .85 Jan
Jan
.25 May
344 June 52 Den
112
1812 June 3018 Dec
.03 Dec .06 Feb
1972 May
15 Nov
F
Feb
56 Nov
5 Aug 710is
5
3z .ca
h Jan
.60 June
.40
Oct
912 Oct
1813 Aug
5 A
Jan
"
11
1918 Apr
1314 July
1812 June 32 Dec
312 Jan
1 July
.15 May .63 Dec
.18 Mar
W7 8 r
72 f b
2 ,
e
418 July
Oct
.76
2 A ee
.50 July .10 Jbut
.03 Mar
-dividend and tights.
•Bid and noiced Orion, no odes on azda day. •AllieleMeOt Plga. o Ex-et.,ek dividend. 1 New stock. s Fa-dividend. y Ex-rbgnta. a Hi
MAR. 10 1928.]
FINANCIAL CHRONICLE
Outside Stock Exchanges
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Stocks (Cot:tinted) Par. Price. Low. High. Shares.
1487
Range Since Jon. 1.
Low.
High.
Cambria Iron
50 4334 4344 4334
62 4244 Jan 4334 Mar
Camden Fire Ins
3031 2914 3034
455 2734 Jan 83
Feb
Consul Traction of N J.100
30 5534 Mar 60
5534 5534
Jan
Cramp Ship & Eng _ _ _ _100
231
234 234 1,995
141 Feb 14
Friday
Jan
Electric Storage Batt*y_100
7434 7734 1,146 6934 J
77% Mar
Last Week's Range Sales
Range Since Jan. 1.
Fire Association
10 7334 72
79
4,185 64% Feb 79
Mar
Sate
of Prices.
for
Giant Portland Cement.50 35
30
145 30
35
M
Bonds
42
Jan
Price. Low. High. Week.
Low.
High.
Preferred
41%
50 41
41
82 35
Feb 4134 Jan
Gimbel
34% 35%
200 3434 M
4134 Feb
Amer Tel & Tel 5s_ _ _1946
104% 104%
8500 10434 Mar 10534 Feb Horn &Bros
Iiard't(Phila)com• 215
215 215
30 215
Jan 229
Amoskeag Mfg 13s_ _1948 91
Jan
91 112,000 90
90
Feb 9534 Jan
53
5334
320 52
Br&Ilun BR Lu7J4sw 11962
Feb 56
Jan
9834 98% 3,000 9834 Jan 98% Jan Korn az Hard't(N Y)com_•
Hunt & Brd Top ctfs_,
______
3
3
3
233
Mar
Chic Jet Sty & U led 5640
3
Mar
102% 102% 5,000 102
Feb 10334 Jan
Preferred
3
3
3
96
Mar
E Mass St RR 4 As A_14)48
3
Mar
71% 73
24,000 7134 Jan 74
Jan Hunt & Brd. Top Mt. RR.
___ 2
2 253
Mar
3
Jan
79
81
9.700 77
Jan 8134 Feb Insurance Co of N A_ _ _ _10 50
89
87% 89
2,700 8434 Feb 95
(is series C
Jan
1048
93% 93)4
1.000 91
Jan 9334 Mar Keystone Telephone_ __50
33.4
334 334
70
Jan
6s series D
7
Jan
1948
91
93
1,050 9034 Feb 93
Mar Kirschbaum (A B)7% pref
9334 9334
11 9334 Mar 9334 Mar
Gelsenkirchen 68
1934
97
97
5,000 97
Mar 97
Mar Lake Superior Corp_ .
6
6
3
634 2.000
Jan
HCM&B 4s
1934
834 Feb
9614 96% 1.000 96
Feb 9634 Mar Lehigh Coal& Nav _ _100
50 10634 106 107% 2.800 10534 Feb 12534 Jan
Mass Gas Co 434s._ _1931
100% 10
0% 5.000 10044 Jan 100% Jan Lehigh Pow Sec Corp corn • 2654
Jan 26% Jan
2434 26% 1,800 20
434s
1929 100% 10041 100% 2,000 100
Jan 100% Jan
Brothers
10
24
24
798 2234 Jan 2594 Jan
New Engl T & T 5s_ _1932
103 103
1,900 10234 Jan 10334 Feb Lit
Manuf Cas Insur
35
35
165 2834 Jan 37
36
Feb
PC Pocah Co b 78..1936 109
109 109
2,100 106
Jan 111
Jan Mark (Louis) Shoes Inc_ •
15
14
1.255 12
Feb 2234 Jan
Saarbruecken Mtge Bk
Minehlil & Sehuyl Kav_ _ 50
20 57
57
57
Feb 5734 Feb
6s series 13 WI
1947
9334 93% 2.000 9344 Feb 94
Jan Northern Central Ry.._ _50
15 8834 Jan 8934 Feb
89% 89%
Swift & Co 55
1944 102% 101% 102% 6,500 101% Mar 103
Jan
* 2534 24
25% 12.250 18
Jan 25% Max
Western Tel & Tel 55_ _1932
102% 102% 1.000 10034 Jan 102% Jan North Ohio Pow Co
North Pennsylvania R13..50
8934 90
75 8934 Mar 90
Mar
WhItenights Inc 630_1932 119
119 121% 15.000 105
Jan 125
Feb Perin Cent L & P cum pf__•
147 79% Jan 81
81
Max
80
Pennsylvania RR
50
6634
Baltimore Stock Exchange.
-Record of transactions at Pennsylvania Salt Mfg _ _50 9331 6534 66% 20,600 63 Feb 10034 Max
707 92
93% 9544
Jan
Jan
Baltimore Stock Exchange, Mar. 3 to Mar. 9, both in- Penn Traffic
134 Mar
300
154 1%
234
134 Jar
Phila Co (Pitts) 5% pfd_50
46
46
40 46
Mar 4834 Jan
clusive, compiled from official sales lists:
6% preferred
50
100 52
54
54
Jan 54
Mai
Phila Dairy Prod pref
92
15 9034 Jan 9334 Fet
92
92
Friday
Sales
Phlla Electric of Pa
25 59
1,900 5544 Jan 59
5794 59
Fet
Last Week a Range for_ Range Since Jan. 1.
Phila Elec Pow rects_ _ _25 2274 2231 223.4 3.400 22
.
Jan 2234 Max
Sale
of Prices.
Week. IF-------- Phila Rapid Transit_ __ _50 60
1,044 55
60
60
Jan 6034 Jar
StocksPar. Pi ice. Low. High. Shares.
Low.
High.
7% preferred
50 5134 5134 5134
836 50
Jan 5134 Max
Phila & Read C & I Co_ •
32
100 2834 Feb 3854 Jar
32
Arundel Corp
• 4734 473 48
1,965 46
Jan 48
Jan Philadelphia Traction_ _ _50 ___,_ . 61% 62
11
5831 Jan 63
ve
Bait & Commercial Bk_100 146
146 146
Mar 14934 Jan Phlla & Western, prat_ _ _50 36%
2 146
15 35
J'an 3634 Fe
3634 3634
Baltimore Trust Co
50 160
159 160
17 15834 Mar 165
Jan Relian e Ins Co.
115 2834 Mar 37
30
Jar
Beneath (I) & Sons corn-. 40
33
311 33
4034
Mar 4134 Jan Shreve El Dorado Pipe L 25 1834 2934 19
1831
425 1834 Mar 21
Jai
Preferred
25
2634 26%
92 2634 Feb 2734 Jan Scott Paper Co pref._ _100 10834
.
22 103
Jan 108
10834 10834
Fel
Black & Decker corn
•
2644 2634
5 24
Jan 28
Jan Stanley Co of America_ ___* 50
4934 5034 4,500 4734 Jan 5444 Jar
Preferred
25
26
27
63 26
Jan 27
Max Tono-Belmont Devel_ _ _ _1
5,900
106
1,
,
1il6
1
Jan
2
Jar
Century Trust
50 222
220 222
48 217
Feb 231
Jan Tonopah Mining
4
4
4 11
1
1,525
134 Jan
474 Fel
Ches&Po Tel of Bait pf 100 113% 11334 114
27 11334 Jan 117% Jan Union Traction
50 3954 3954 3934
947 3794 Jan 4034 Fel
Citizens National Bank_10 5044 50
560 50
5034
Mar 54
Jan United Gas Impt
50 118
11434 11841 36,200 111% Jan 118
Ma
Commercial Credit
• 25
23
25
2,992 2134 Feb 25
Max United Lt & Pr"A"corn •
1634 174' 2.175 1534 Fe. 1734 Ma
Preferred
25 2334 23
24
405 23
Jan 2434 Jan U S Dairy Prod class A_ __• 53
730 3834 Jan 57
5434
53
Fel
Preferred K
25
24% 2434
10 23
Feb 25
Jan
Common class B
•
15
100 14
15
Jan 18
Jai
634% 1st preferred_ _100 90
89% 90
35 8834 Jan 90
Max Victor Talking Mach corn.*
Jan 7154 Ma
. 6654 7134 3,800 53
Consul Gas, E L & Pow_ ..• 6934 68% 6934
752 6734 Jan 72% Fet West Jersey & Sea
Sh 14R50 3544 3531 38
356 35
Feb 3934 Jai
7% preferred ser B..100
13 11034 Jan 115
11034 111
Jar Westmoreland Coal
54 5434 Feb 5734 Jar
50
5434 543.4
634% pref ser C
100
22 11034 Jan 113
11034 11134
Jar
6% preferred ser D._100
111 11134
40 11034 Jan 113
Jar
Rights
544% pre( w 1 ser E..100
10844 10834
10 10734 Jan 10934 Fet Leh Coal& NaV
121
544 Feb
7
Ja
554 6
5% preferred
100% 101
193 10034 Feb 10144 Jar
10th Nat Bank
91
90
Consolidation Coal_ _100
62 90
Feb 105
Fd
29
30
157 28
Jan 3334 Jar
Eastern Rolling Mill
• 24
2234 24
1,559 2231 Mar 2634 Jar
BondsFidelity & Deposit
50 291
281 29534
513 27534 Feb 29934 Jar
AdvBag&Pap 6s W 1_1962 10054 10031 10031 $10,000 10034 Feb 10044 Fe
Finance Co of Amer A. •
11
1134
124 11
Mar 1134 Fel
ConsolTrac NJ 1st 5s-1932
8834 8834 12,000 8831 Mar 90
Ja
Series B
•
11
1134
190 11
Jan 1134 Fel
mee&Peoples tr ctfs 48 '45 6294 62
Jan 63
Fe
Finance Service corn A _ _10
6234 21,900 60
17
17
100 1631 Jan 2034 Fel
Keystone Telep lst 53_1935
Preferred
10
9634 9634 2.000 9634 Jan 97
944 934
Ja
25
934 Mar 1034 Fel
Lake Sup Corp 5,s _ __ _1929
15
1734 33,500 15
Jan 29
Houston Oil DI v t 008_100
Ms
9634 10334 4.050 9534 Jan 10334 Ma
peoples Pass tr etts 48.1943
6634 6634 1.000 65
Humphreys Mfg Co
*
33
33
10 33
Jan 6654 Ms
Feb 33
Fel
Phila Co PhilaCity 434.3'41
10034 101
1,500 10034 Mar 101
Mfrs Finance 1st pref-.25 2034 2034 2034
Ms
86 20
Jan 2034 Fel
Phila Elec(Pa) 18t s f 4s'66 94% 94
9454 2.500 92
Feb 9454 Ms
2d preferred
25
1931 2044
72 1934 Mar 2034 Ma
1st 4 Asseries
1967
2,000 10034 Jan 10134 Fe
Maryland Casualty Co_25 187
10034 101
174 187
1,261 174
Mar 191
Jai
1st lien & ref 5s
1960
105 105
2,000 10494 Feb 105
Ja
March & Miners Transp__* 46
900 4534 Mar 47% Jai
4534 46
1st 5s
1966
10834 10834 3,200 108
Merchants Nat Bank_ _10 31
Jan 109
31
31
Ja
206 31
Feb3334 Jai
1st lien & ref 5s
1947
107 10734 5,500 106
Jan 10734 MI
Monon W Penn PS pf-25 2634 2634 2634
92 25
Jan 27
Jaz
1st Ilen & ref 534s. _1953 10634 10674 10634 2.000 10634 Mar 10734 Ja
Mortgage Security cont..* 18
18
1834
735 1734 Feb2134 Jai
Phila ElecPowCo534s.1972 10634 10634 10634 2.000 10534 Jan 106 34 Fe
1st preferred
50
79
80
17 70
Jan 81
Jai
PhilaSub-CosGas4348.1957
1003.4 10034 3,000 9934 Jan 1003,4 MI
7134 7131
2d preferred
100
3 70
Jan 85
Jo
Pub Serv N J 434s. - _1948
.
103% 10434 17,000 10334 Mar 10434 MI
Mt V-Woodb Mills v t.100
1834 1834
4 1834 Mar 22
,
ri...., 1/......1,11.1.,.. •An
Jal
on
4 n
1 nnn
stel IL
I,
12II
VA,
Preferred
100
96
96
67 95
Jan 96
Fe
New Amsterd'm Cas Co.10 7444 72
7434
925 71
Feb 7934 Ja
•No par yams.
Northern Central Ry_ .50
8834 8834
25 88
Jan 8934 Fe
Penna Water & Power. 8 70
69
70
135 68
Chicago Stock Exchange.
Jan 7234 Ja
-Record of transactions at
Sharpe & Dohme pref._100
112 112
19 110
Feb 113
Ja
Chicago Stock Exchange, Mar.3 to Mar. 9, both inclusive,
Silica Gel Corp com v t....* 1834 1834 1834
3 18
Feb 1944 Ja
1734 20
Sun Mtge Co corn
compiled from official sales lists:
268 1754 Mar 20
1734
Ma
Un Port Rican Bug coin.* 3834 3834 39
335 3834 Mar 41
Ja
Preferred
Fz iday
5,108
• 49
4834 49
165 4834 Mar 52
39.
Last Week's Range for
Union Trust Co
Range Since Jan. 1.
50
320 325
33 315
Jan 34234 Ja
•
United Rys & Electric. _50 1534 1534 16
Week.
of Prices.
Sale
752 1531 Mar 2034 Ja
StocksPar. Price. Low. High. Shares.
U Ei Fidelity & Guar__ „50 35234 34934 35434
Low.
96 34834 Jan 362
High.
Ja
.•
West Md Dairy Inc pref.
97
97
12 75
Jan 97
Ms
Acmel Steel Co
Prior preferred
25 84
50 5434 5434 55
83
7,185 83
85
Jan 85
191 5234 Jan 55A Ja
Mar
Adams Royalty Co com __• 22
650 21
2134 22
Jan 2534 Feb
Bonds
All America Radio cl A_ _ _5
644 834 1,505
2
734
Jan
834 Feb
Am Colortypecom
• 2434 2434 2594 1,615 2354 Feb 2534 Mar
Bait City 48W L.-__1958
10234 10234 $1,000 102
Jan 103
Ja
Am Fur Mart Bldg pf _ _100
48 School Loan_ _1961
95 99
Jan 101
9994 10034
10234 10234 3,600 102
Feb
Jan 103% Fe
Am Pub fiery pref
100 10044 10034 101
45 Paving Loan__ _1951
180 99
10234 10234 1,600 10244 Feb10234 M1
Jan 101
Mar
1980
96
Am Pub Utll Co prtorpf 100
96
3948 Sew Imp
95 9534 Jan 100
9134 91% 1.000 91
Feb
Jan 93
.15
Am Sbipbuilding
100
100 100
Bait Traction 1st 59-1929 100
525 103
1,000 100
Feb 11774 Jan
10374 112
Feb 101
Amer States Secur Corp A •
10634 10644 1.000 10634 Jan 10934 Fe
5
Black & Decker 6%8..1937
534
534 4,385
4
Jan
574 Feb
Js
Class B
lst 68'42
100 100
•
544
Cent Cities Tel Co
1,585
534 6
3,000 98
454 Jan
6
Feb
Feb 100
MI
Warrants
Commercial Credit 534835
94% 95
34
600
94
54
9.000 94
44 Jan
44 Feb
Jan 9934 Fl
Armour & Co(Del)pref_100 89
105% 10534 1,000 105% Mar 105% M
Consolidated Gas 55-1939
89
90
100 87
Jan 9144 Jan
Armour & Co prat
100 79
7734 80
Consol G. EL & P575 663.4 Jan 80
Feb
Associated Investment Co•
1949
105% 10534 2,000 105% Mar 108
120 36
lst ref 6s ser A
Jan 3944 Jar
3634 3734
Ji
Auburn Auto Co corn __• 123
9034 9634 1,000 95
Elkhorn Coal Corp 834s'31
120 124
10,325 114
Feb 130
Jar
Jan 9834 J.
Balaban & Hats vt c ._..25
9934 9934 3.000 99
83
Handier Creamery 68_1946
65
280 5934 Jan 65
Jan 9934 M
Max
Preferred
101 101
100
10 101
10134 10134
12,000 100
Lord Bait Hotel 6148_1945
Jan 10144 J1117
Jan 101
Fi
Bastian-Blessing Co(com)• 26
2534 273.4 3,225 24
Md Electric Sty 1st 53.1931 9934 9934 9934 3000 9934 Jan 9934 Ji
Feb 28
Max
Baxter Laundries Inc A •
9934 9944 5.000 9834 Feb 9934 J.
2434 2544 1,280 2434 Mar 26
1st & ref 634 ser A..1957
Fet
Beaver BoardVot trcer"B"•
86
4
2,000 86
86
130
4
Md & Penns 1st 4.3._ _1951
244 Jan
Mar 86
544 Fet
M
go% 9634 1,00
Pre(vot tr ctfs
100 50
49
50
Monon Valley Trac U.1942
130 39
95% Jan 9634 F,
Jan 5034 Jar
Bend's Corp cl A
101 101
10 53% 53
1,000 101
55
North Bait Trac 5s._ _1942
1,300 51
Feb 6034 Jar
Mar 101
M
Borg & Beck com
10 73
72
73
Un Porto Rican Bug
4,555 66
Jan 8134 Jar
Brach & Sons(E J)com _ • 20
99
1937 99
99
20
10,000 99
20
250 1644 Jan 22
634% notes
Feb 101
Fel
I
Bunte Bros com
7134 7234 21,000 7144 Feb 75
45_1949
i0
2131 26
1,270 15
United Sty & E 1st
Jan 26
Mai
J
Butler Brothers
20 2234 22
1949 52
51
52
28,000 51
Income 4s
23
2.390 21
Feb 2344 Fel
Mar 55
J
CampbeliWyantitCanFdy • 4234 41
1936
80
81
6,600 80
Funding 58
2,025 3834 Jan 44
4234
Mar 8444 .3
Jet
Castle& Co(A M)
1949
94
10 47
96
8,000 94
1st 68
4694 4734 2,550 4244 Feb 4734 Ma
Mar 98
J
•
Celotex Co com
8434 86
51
52
16,000 8334 Feb90
Wash Balt & Annan 561941
110 49
Feb 60
Jars
J
ins ax MAU
'I M. InK
r.- ....
Preferred
100
83
87
145 80
Feb 8734 Jaz
Cent D Pa Corp "A"pf _ •
2434 2434
120 2434 Mar 2534 Jai
ols1 o par vane.
Central Ill Pub fiery pref _• 99
98
355 9734 Jan 9934 Fel
9934
Pow pre:
9934 9934
55 95
Jan 9954 Fel
Philadelphia Stock Exchange.
-Record of transactions Central Ind deposit__ ..100 9934 9834 9834
Certlfs of
_100
45 94
Jan 9834 Ma
at Philadelphia Stock Exchange, Mar. 3 to Mar. 9, both Central Pub Serv(Del)__ _• 1634 1634 1634
695 1634 Feb 1734 Jai
Central8 W UM corn ____• 82
7834 8234
780 78
Jan 85
Jai
inclusive, compiled from official sales lists:
Prior lien pref
,
• 10434 104 10534
250 10334 Feb 108
Jar
Preferred
,
• 10244 102 10234
250 9934 Jan 10544 Jai
Friday
Sales
134 131
1 ChIcCity & Con Ry pt sth.•
90
134 Jan
Last Week's Range to
2
Fel
Range Since Jan. 1.
• 1934 18
Participation pref
I
2034 2.290 1734 Feb 2244 Ja
of P ices.
Sale
Week.
Certificates of deposit--•
16
16
100 1454 Mar 18
Par. Price. Low. High. Shen es.
StocksJa
Low.
High.
Chicago Elee Mfg "A" •
10
1044
75 10
Feb 18
Ja
Chic N 8 & Milw com _100
20
20
• 17
231 20
Mar 44
1644 1714 1,764 1434 Jan 20
Ja
Abner Stores
Feb
Prior lien pref
100 9934 99
9934
243 98
10
Jan 9944 Fe
79
Alliance Insurance
8034
550 74
Feb 8234 Feb
Preferred
60
6234
100 60
345 60
Mar 65
10 1034 1044 10%
American Milling
Ja
160 1034 Feb 1034 Feb Chic Rap Tran
pr pref A100
101
• 72% 71
110 10034 Jan 10234 Ja
72% 4,650 64
American Stores
Jan 7431 Feb Chic Rya Part ctf ser 1.100 10134 15 10274
15
17
227 15
Mar 1834 Ja
23
23
Bellefonte Central
50
50 17
Jan 24
Jan
Part ctfsseries
3
3
100
50
2
116% 11744
Feb
Bell Tel Co of Pa pref.-100 117
3
295 115% Jan 117)4 Mar Chic Towel Co 2
Ja
cony pfd_.• 9894 98
993-4
460 9514 Feb 100
12
Hornet,Inc
12
Fe
35 11% Mar 14
Feb Club Aluminum Uten Co_• 3634 35
3634 7,170 35
Feb 39
28
•
Ja
Budd(E 0) Mfg CO
100 28
28
Jan 33
Jan Commonwealth Edison_100 178
172 178
435 IRS
inn 150
TM
Boston Bond Record.
-Transactions in bonds at Boston
Stock Exchange, Mar. 3 to Mar. 9, both inclusive:
1488
Frtgay
Saies
Last Veek's Range for
Sale
of Prices.
Vest.
Stocks (Concluded) Par. Prim Low. High Aare,.
9834 9834 S10,000
9834 9811 12,000
Friday
Last Week's Range Saks
of Prices.
Sale
for
Price. Lew. High. Week.
Rano Shwa Jan. 1.
Low.
9834 Mar
9836 Jan
Bonds (Concluded)
Hies.
Consol Film Ind Ine
• 19
1831 19
390 15
Jan 20
Feb
• 2331 23
Preferred
2331
1,475 22
Jan
Feb 2531'
5 1131
Consumers Co corn
831 1131 41,320
731 Jan
1131 Mar
100 9334 9211 9411
Preferred
695 87
Jan 95
Feb
•
5
V t c pur warr
4
511 7,350
334 Feb
536 Mar
25 46
Crane Co corn
46
4611
884 4531 Mar 4734 Jan
100 120
119 120
Preferred
55 119
Jan 120
Jan
Cutier-Ham Mfg Co cora 10 54
4836 54
18,340 4831 Mar 64
Mar
El Household Util Corp.10 18
1514 18
9,675 1334 Jan 18
Mar
Empire G & F Co 7% pf 100 10016 9911 10034 1,071 99
Feb 10011 Feb
100 110
8% preferred
10334 110
435 Mg Mar 110
Mar
Evans & Co, Inc, Cl A---5 63
63
63
70 55
Jan 74
Jan
Class "B"
5 64
62
64
115 55
Jan 7434 Jan
Fair Co (The) corn
•
35
35
10 34
Jan 3731 Jan
Preferred
100
107 107
10 107
Jan
Jan 109
Fitz Simons & Connell Dk
& Dredge Co com___ _20 72
6411 72
465 46
Jan 74
Feb
Foote Bros (CV dr M)Co_ _5 21
1934 2134 4,690 1834 Jan 2134 Mar
,
Galesburg Coulter-Disc_• 61
60
6334 10.400 4711 Jan 633,4 Mar
General Box Corp corn_ •
3
3
175
211 Feb
3
Jan
Preferred
100
40
11 35
40
Jan 40
Mar
Gen Laundry Mach Co...20
24
24
100 2334 Mar 24
Mar
Godchaux Sug Inc cl B._ •
5
5
200
3
Jan
531 Feb
Gossru-d Co (II IV) com• 5034 4931 5131 2,480 43
Jan 5331 Feb
Great Lakes D dr D_ _ _100 309
295 309
400 245
Jan 330
Feb
Greif Bros C'p'ge A corn •
42
42
80 41
Jan 4334 Feb
Hammermill Paper pf _100
100 108
108 109
Mar 109
Feb
Hartford Times part pf• 43
785 3931 Feb 44
4231 43
Feb
Hart Schaff & Marx__ _100
13811 140
390 134
Jan 145
Jan
Hannay Motor Co
• 1431 14
2,750 12
15
Feb 15
Mar
Preferred
45
44
• 45
500 4211 Feb 45
Mar
Illinois Brick Co
25 4111 4031 4131
365 39
Feb 42
Jan
Illinois Nor UM prat.100
25 9831 Jan 100
100 100
Mar
Inhuld Wire AZ Cable coral° 3011 3034 3131
581 26
Jan 3331 Jan
Kalamazoo Stove corn_..* 11031 10934 111
400 6531 Jan 11611 Feb
Kellogg Switchb'd com _ _10 1031
1311 5,080 10
10
Mar 1331 Jan
Preferred
41 93
93
100 93
93
Mar 96
Jan
Kentucky HUI .fr cum pf _50
230 5031 Feb 5231 Jan
5134 5134
Keyst'ne St & Wire com100 180
2.017 100
154 180
Jan
Jan 194
Kraft-Phenix Co com _ _ _25 6331 63
6431 1,675 6031 Feb 71
Jan
La Salle Ext Linty com _ _10
3
265
3
Mar
Jan
4
334
334
Libby, McNeill dr Libby..10
9
Jan
934
931 Mar
934 931 3,605
Lindsay Light corn
61
2
2
10
2
Jan
234 Jan
McCord Radiator Mfg A..•
310 40
4031 4031
Feb 4231 Feb
McQuay-Norrls Mfg_ _ _.* 33
4,565 2331 Jan 40
2931 34
Mar
Marvel Carburetor(Ind) 10 69
6831 6931 3,130 6131 Jan 7031 Feb
Meadow Mfg Co com___ _• 1831 15
1831 19,800 1031 Jan 1831 Mar
Preferred
760 4411 Jan 54
50 5331 61
Mar
5
4
150 9131 Jan 98
98
Mer & Mfrs Sec Co pr pf100
95
Mar
140 1531 Jan 20
20
19
Part preferred
25 19
Mar
Middle West Utilities_ _ _ _* 13031 129 13031 3,060 12331 Jan 135
Feb
Rights
2
23,4 16,715
234
1131a Feb
231 Feb
Preferred
830 11631 Jan 12411 Feb
100 12234 122 123
• 9734 96
6% preferred
9731 • 1,060 9334 Jan 100
Feb
125 12631
255 125
Prior lien preferred__100 126
Mar 12931 Feb
9131 98
Midland Steel Prod coin... 98
525 86
Feb 11031 Jan
96
Midland UM 6% pr lien100 9531 95
450 9434 Jan 9631 Jan
Preferred 6% A
100
9031 9131
220 9031 Mar 9131 Jan
103 10431
Preferred 7% A
100
180 103
Jan 10431 Jan
Minneap Honeywell Reg ..• 33
3231 34
4,360 30
Feb 34
Mar
Preferred
100
9831 99
275 9731 Jan 100
Jan
Miss Val UM prior lien pi_•
100 94
9431 96
Jan 9631 Jan
Monsanto Chemical Wks_• 4631 4831 48
1,700 3831 Jan 50
Feb
Morgan Lithograph com .• 7711 7631 78
2,685 7334 Jan 8031 Feb
Mower Leather Corp corn •
2511 26
316 23
Feb 26
Feb
Nat Elec Power A part_ _ _• 3131 31
3131 1,830 2731 Jan 3231 Feb
National Leather corn ___10
434
4
431 1,877
311 Jan
431 Jan
Standard corn _• 52
National
5031 53
7,275 3734 Jan 5311 Feb
North American Car com..
• 4031 3931 4031 2,650 3231 Jan 4131 Feb
Northwest Eng Co cow _ _• 3031 30
3031
1,495 29
Jan 3434 Feb
Nor West ULU pr in pref 100 10331 10331 10431
90 9931 Jan 105
Feb
100
10011 10131
7% preferred
120 9911 Jan 103
Jan
Novadel Process Co corn .• 1131 1131 1131
420 1134 Jan
13
Jan
•
30
30
Preferred
185 2931 Jan 32
Jan
Penn Gas& Elea "A"corn • 2131 2131 22
555 20
Jan 23
Feb
65
63
Pines Winterfront A corn _5 65
4,960 5411 Jan 65
Mar
168 170
Pub Serv of Nor 111 mm ...• 170
120 15931 Jan 180
Feb
PubServorNorI116%pref100
11131 11131
20 110
Feb 11331 Jan
119 119
50 119
100
7% preferred
Feb 121
Feb
4231
266 3814 Jan 4231 Feb
Q-R-S Music Co com ..... _• 4231 42
293 298
Quaker Oats Co com
• 293
800 285
Jan 312
Feb
45 111
113 113
100 113
Preferred
Jan 11411 Jan
150 15
Ryan Car Co(The)com.25
1531 1631
Jan 2031 Jan
740 3031 Jan 3411 Feb
Sangamo Electric Co
3131 33
• 33
12,500 8214 Jan 9231 Feb
• 8734 8611 89
Sears Roebuck com
175 79
90
84
Shaffer 011& Rfg pref_ _100 90
Mar 90
Mar
4811 6131 4,260 4831 Mar 6131 Mar
Sheffield Steel corn
• 58
60 3031 Feb 32
32
32
So Cities DUI class A com_*
Jan
710 25
26
So Colo Pr Elec A corn ..25 2531 25
Jan 26
Feb
100 101
103% 10331
So'w G dr El Co7% pf...100
Jan 10431 Feb
210 8931 Jan 93
Southwest Pow & Lt pref.• 9131 9131 92
Jan
100 1531 Jan 20
19
19
SPrgaue-Sells Corp al A _30
Feb
350 49
6231
Feb 6234 Mar
Steel dr Tubes Inc
25 6231 61
8631 18,260 7711 Feb 8631 Mar
-Warner Speedom • 8531 81
Stewart
50
9
Jan
Studebaker Mail Ord com 5
931 Mar
911 911
1.210 12431 Jan 13234 Feb
Swift dr Company
100 13034 130 13231
8,625 26
3031 33
Jan 3431 Feb
Swift International
15 32
10 13
Feb 1634 Feb
Tenn Prod Corp corn
1331 1315
•
150 593,4 Feb 6231 Feb
Thompson (J Alcorn
6014 6014
_35
10 95
20 Wacker Drive Bldg pf .*
Feb 9534 Feb
953 9511
100 69
Feb 64
United Biscuit class A_
Jan
6031
60
•
United Light & Power
130 95
Class"A"preferred__._'
Jan 100
Jan
9934 100
50 53
Class"B"preferred_
Jan 57
5611 57
Mar
•
350 14
Jan 1731 Mar
Common class A new .• 17
17
17
_
220 66
Mar 68
United Pap Board com _100
Mar
68
66
7434 4,100 72
US Gypsum
Mar 93
Jan
20 7334 72
Preferred
85 122
Jan
Jan 124
123 124
100 124
4
Buhr Theatres Cone cl A _5
Jan
431 Mar
434 434 1,150
Wail'Co corn
9
1,535
Feb 1234 Jan
•
911 1014
2,030 10051 Feb 108
Walgreen Co631%prat _100 10331 10214 104
Jan
13,500
Jan 19
6
Corn stk purch warr ___*
Mar
19
13
17
4,250 11731 Jan 149
Ward(Montgomery)&Co 10 138
Feb
13211 138
100 122
Class A
Jan 128
Jan
•
124 124
Jan 3831 Feb
Warner Gear"A"convpf _25 3631 36
3736 7,660 32
20 66
Mar 72
Waukesha Motor Co corn _•
Mar
72
66
70
634 Jan
Jan
Williams 0110 Mat corn_ •
8
7
7
•
%
1,175
g
31
11 Feb
134 Feb
Wolff Mfg Corp com
34
31
1,650
% Mar
Voting trust certificates•
% Jan
6
6
531 Jan
36
7
Feb
Wolverine Portland Cem 10
1,170 33
Jan 37
Mar
37
Woolworth Inc pref
34
• 37
5,550 6931 Feb 74
Wrigley(Wm Jr) Co corn.* 74
Jan
74
71
225 15
Yates
Jan 1731 Feb
-Amer Mach part pf • 1511 1515 16
1,630 353,4 Feb 43
Yellow Cab Co Inc (Chic) • 3631 3611 37
Jan
Zenith Radio Corp com
45
5331 29,275 3551 Feb 6334 Mar
•
Bonds.
Atlantic Pub Serv 68_ _1943
Bloomington Limest 661942
Cairo Bridge Sr Per 1st M
20-yr 6118
1947
Chicago City Ry 511._ _1927
11 Cita of deposits_ _ _ _1927
,
Chic City dr Con Rys 5a '27
Chicago Railways 58_1927
1st M ctf of dep 58_ _1927
1927
Si, Series A
58, Series B
1927
Commonw Edison 58_1942
Fed Utli(Md) Ist13118 1957
1930
3 yr 5118
[VOL. 126.
FINANCIAL CHRONICLE
9834 Mar
9934 Jan
2,000 99
Jan 102
102 102
8614 8631 3,000 85
Feb 8834
1,000 84
Feb 8734
8431 8434
14,000 65
Feb 70
68
67
31,000 84
Feb 88
8511 86
Feb 8714
8434 8431 7.000 84
Mar 68
7,000 66
66
6634 68
45
1,000 43
Feb 4631
45
1073410734 5,000 1063,4 Mar 109
96
96
2,000 94
Feb 96
99
99
2,000 99
Jan 99
Mar
Jan
Jan
Feb
Jan
Jan
Jan
Feb
Feb
Feb
Jan
Range Since Jan. 1.
Low.
General Vending 10 yr6s'37
3,000 08
98
98
Great Lakes Util CorpHous G()Coati;6%81931 11434 11031 11431 20,000 1083,4
Inl Gas Corp 614s"A"_1933
5,000 100
100 100
Iowa Pow dr Lt 4hs"A"'58
9534 9534 10.000 953,4
Jew'rs Bldg (Chic) 1st 6550
100 101
10,000 99
Mtr W Side El 151 48-1938
8411 8411 2,000 81
Extension gold 4s. _1928
84
84
1,000 7931
Northwestern Elev 68.1941
95
9531 7,000 9434
65 East So Water 6118 1947
100 100
2.000 100
So Unit Ice 1st 611s"B"'38
100 100
5,000 100
United Pub Util Co
1st 6s "A"
1947
7,000 9931
10034 101
2 yr 5118
1929
9931 9931 7,000 9931
Yel Mfg Acc S C 6%8_1934
10031 10031
1,000 10034
* No par varue.
High.
Mar
9831
Jan
Jan
Feb
Mar
Jan
Jan
Jan
Feb
Jan
Mar
114
100
9531
101
843.4
84
9534
100
100
Mar
Feb
Mar
Feb
Feb
Mar
Mar
Jan
Mar
Jan 101
Feb
Jan 10031 Feb
Mar 10031 Mar
San Francisco Stock Exchange.
-Record of transactions at San Francisco Stock Exchange, Mar. 3 to Mar.9,
both inclusive, compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
Sole
of Prices.
Week.
Par. Price. Low. High. Shares,
Anglo Calif. Trust Co
225
Armour & Co "B" corn..
Bancitaly Corp
19411
Bank of California, N A
280
Bank of Italy
295
Calamba Sugar. Pref
98
Calamba Sugar corn
California Copper
Calif Cotton Mills
131
Calif Packing Corp
75
Calif Petroleum corn
26
Caterpillar Tractor
59
Coast Co Gas & Elea lst pfd
Crocker First Nat Bank_ __
East Bay Water"A" pref._
9711
East Bay Water "B" pref._
Emporium Corp, The
3231
Fageol Motors corn
Federal Brandeis
3031
Fireman's Fund Insurance, 12234
Foster & Kleiser corn
1611
Great Western Power pref_ 10534
Hale Bros Stores
2934
Hawaiian Conel & Sugar
5231
Hawaiian Pineapple
44
Home Fire & Marine Ina.
Honolulu Cons 011
3611
Hunt Bros Pack "A"corn.. 2311
Hutchinson Sugar Plant'n..
Illinois Pacific Glass "A"._
Langendorf Baking
1531
LA Gas & Electric pref
______
Magnavox Co
66
Magnin (I) corn
2334
Nor Am Investment pref._
Nor Am Investment corn__ 108
North American Oil
41
Paauhau Sugar PlantatIon_
Pac Light Corp6% pfd__
Pac Lighting Corp corn_ ___
74
Pac Tel dr Tel pfd
Pac Tel & Tel corn
Paraffl ne Co's Inc corn ____ 10134
Piggly Wiggly W States'A
2634
Pig'n Whistle ptd
15
Richfield Oil
27
S J Lt& Pwr prior pfd
SJ L &P "13" 6% pfd
______
Schlesinger, B F pfd
97
Schlesinger, B F"A"corn _
2534
Shell Union 011 eorn
2531
Sherman & Clay 7% pfd
98
Southern Pacific
51541
Sperry Flour Co pfd
Sperry Flour Co corn
Spring Valley Water
107
Standard 011 of Cal
5611
Telephone Invest Corp.__
31
Traung Label & Litho CoUnion 011 Associates
4631
Union Oil of California_ _ _ _
4814
Union Sugar pfd
Union Sugar corn
9
Wells Fargo Bk & Un Tr__
West Amer Finance pfd ___
Yellow & Checker Cab ____
10
Zellerbach Paper6% pfd __
Zellerbach Corporation _ __ _
4931
225 230
9
9
18234 19634
277 280
288 295
98
98
102 105
2.40 2.50
126 134
71
7514
25
2634
67
6934
101 10134
370 370
97
98
110 110
3214 33
275 275
2831 31
118 12211
17
16
105 10834
2811 2934
5231 63
42
44
44
4511
36
37
23
2314
1434 1411
50% 51
143.4 1534
108 10811
60
70
2234 2311
100 100
10711 108
40
42
1034 1031
103 10434
73
743.1
11831 11834
148 150
97 102
26
2731
15
15
2411 2734
116 11634
103% 104%
9534 97
26
25
26
25
98
98
11874 11911
10131 10131
6254
62
10534 107
5634
54
31
31
2614 2634
4331 4751
4451 49
2334 233.4
831 9
300 300
6% 634
934 10
130 13134
48% 5111
Range Since Jan. 1.
Low.
High.
627 225
Mar
500
Jan
8
112,086 13711 Jan
171 26911 Feb
34,784 260
Jan
100 9131 Jan
135 97
Jan
250 2.40 Mar
1.280 75
Jan
4,174 71
Mar
850 2331 Feb
53,581 53
Jan
Jan
35 98
5 365
Feb
210 9534 Jan
Jan
325 106
646 32
Feb
25
Jan
2
49.470 2631 Jan
Feb
842 110
1,270 14
Jan
493 10311 Jan
207 27
Feb
160 5131 Jan
530 41.
Jan
465 42
Feb
810 35
Feb
685 2331 Mar
200 13
Jan
645 4534 Jan
1,885 1211 Jan
75 10534 Jan
8,535 30
Jan
545 22
Jan
130 99
Jan
160 105
Jan
7,228 3631 Jan
540 1034 Feb
142 10034 Jan
3,275 7211 Feb
65 11334 Jan
Mar
66 148
29,805 8434 Jan
2,630 2331 Jan
Feb
110 15
25,147 2311 Feb
70 11334 Jan
Jan
15 100
Jan
230 92
2,675 2111 Jan
Feb
2.290 24
15 9531 Feb
60 11811 Feb
25 9951 Jan
140 62
Jan
Jan
330 105
Feb
20,708 53
Feb
200 30
10 2434 Jan
10,645 4134 Feb
21,884 4234 Feb
15 23
Feb
105
831 Mar
Feb
25 295
6
335
Feb
1,190
811 Jan
155 117
Jan
12,431 43
Jan
Jan
256
Mar
9
19634 Mar
Jan
295
Mar
295
98
Mar
105
Feb
3.00 Jan
142
Jan
78
Jan
2734 Jan
5934 Feb
102
Jan
425
Jan
98
Jan
11034 Mar
3414 Jan
3
Feb
31
Mar
127
Jan
19
Jan
10614 Mar
31
Jan
5334 Jan
Mar
44
4931 Jan
3831 Jan
25
Jan
1431 Mar
6334 Feb
1634 Jan
10934 Feb
Feb
85
2511 Jan
102
Feb
Feb
108
4134 Mar
11
Feb
10611 Feb
783.4 Jan
124
Feb
157
Jan
102
Mar
3111 Feb
Jan
16
2731 Jan
118
Feb
105
Feb
97
Feb
2634 Feb
2614 Jan
99
Mar
12334 Jan
10214 Feb
6831 Feb
10731 Jan
5634 Jan
31
Feb
2734 Jan
4731 Mar
49
Mar
24
Jan
13
Jan
317
Jan
8
Feb
1111 Jan
145
Feb
5434 Feb
February 28 1928.
Official notice has been given the San Francisco Curb Exchange that the United
Bank & Trust Co. has been succeeded by the Security Bank & Trust Co., into which
it was recently merged. Effective Thursday. March 11928. United Bank & Trust
Co. stock was removed from trading on this Exchange and succeeded by stock of the
Security Bank dr Trust Co. Stock in the United Bank dr Trust Co. will be good
delivery against sales of Security Bank & Trust Co. stock on a share-for-share basis.
The ticker symbol for Security Bank & Trust Co. stock will be "S."
-Record
Cincinnati Stock Exchange.
of transactions
Cincinnati Stock Exchange, Mar. 3 to Mar. 9, both
inclusive, compiled from official sales lists:
at
Stocks-
001.•
'may
Last Week's Range for
Week.
of Prices.
Sale
Par. Price. Low. High Shares.
Am Laundry Mach com.25
Amer Products prat'
•
Amer Rolling Mill corn. 25
Preferred
100
Amer Thermos Bottle "A"•
Preferred
50
Buckeye Incubator
•
Burger Bros
•
Cent Brass
Cent Ware & Refrig "A" 20
Central Trust
100
Churngold Corporation_.•
Gin Car Co
60
CNO&TPpret
100
Gin Gas & Elee
100
Gin Gas Transportation 100
C N & C Lt dr Tr corn_ _100
Preferred
100
On Land shares
Chi Street Ry
50
Gin & Sub Tel
50
•
City Ice &
Fuel
Coca Cola "A"
•
Col Ry Pr "B" pref__ _100
Crosley Radio
•
Cooper Corp (new). _100
--- - -- - - •
101
10411
101
2531 273.4
26
10131 101
10411
11111
11114 111
1531 1534
4554 4511 48
4031
3934 37
1411 1411
2511 2614
26
3
3
3
260 260
43
43
4334
3034 2954 sog
118 118
9834 9934
99
150
150 150
10034 993,4 10011
7534 76
76
110 110
5134 5111 63
12334 12234 124
3711 3714 3734
32
3134 3111
1074 1083,4
2534 2534 2654
82
62
-.,
Range Since Jan. 1.
Low.
2,719
1,145
600
78
96
45
1,435
5
305
25
20
90
1,502
6
944
11
186
119
5
729
203
504
35
33
523
5.5
10231
243.4
98
11034
11
43
39
13
2534
3
260
43
2934
11531
9734
12236
9731
75
110
453'I
11614
3631
31
105
25
62
Mar
Jan
Jan
Jan
Feb
Jan
Feb
Jan
Feb
Mar
Mar
Mar
Feb
Jan
Feb
Feb
Jan
Jan
Mar
Jan
Jan
Feb
Jan
Jan
Feb
Mar
nno
n•I If
,
W...
High.
114
2734
120
11111
16
49%
49
1431
2711
4
269
50
3331
120
100
131
9911
78
110
55
12654
3734
3234
10854
27
64
1 ne
Jan
Mar
Jan
Mar
Feb
Feb
Jan
Mar
Feb
Jan
Jan
Feb
Jan
Jan
Jan
Feb
Jan
Jan
Mar
Jan
Jan
Feb
Feb
Max
Feb
Feb
a
•
--
FINANCIAL CHRONICLE
MAR. 10 1928.]
Bonds (Concluded)—
.
Crown Overall pref _ _ _100
100
Dow Drug corn
Eagle-Picher Lead com_ _20
Fifth-Third-Union Tr_ _100
•
Formica Insulation
•
Gibson Art corn
Globe Soap 1st pref__ _100
•
Gruen Watch corn
100
Preferred
Hatfield-Reliance com___•
100
Preferred
•
Hobart Mfg
Johnston Paint pref _ _100
100
Kahn lot prof
40
Participating
•
Kodel Radio "A"
10
Kroger corn
Cash
50
Little Miami guar
Special
50
Lunkenheimer pref_ _ _ _100
100
Nash(A)
•
McLaren Cons "A"
Mead Pulp special pref _100
*
Meteor MU
National Pump
10
100
Ohio Bell Tel pref
Ohio shares_
100
Paragon Refining com_ _25
100
Preferred
Procter & Gamble com_ _20
8% preferred
100
100
Pure 011 6% pref
Rollman pref
100
Rapid Elec
100
Sabin Robbins
Second National
100
10
U. B. Playing Card
U.S. Print & Litho com100
Preferred
100
•
U 8 Shoe corn
100
Vulcan Last corn
Preferred
100
Whitaker Paper corn . •
Preferred
100
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Price. Low. High. Shares.
1516
47
1716
105
474
50
76
79
274
35
4034
1124
1016
250
11234
994
3716
133
103 10336
374 394
1536 17
36334 3634
21
21
4616 4716
65
65
52
51
115 115
1736 1716
105 105
474 4736
101
101
1004 10054
4156 4336
40
52
76
78
79
79
10716 1074
4956 4934
274 2756
10134 102
19
19
10934 10934
3316 35
3934 41
112 11251
106 106
103.4 1034
108 115
250 25254
112.54 11234
pg% 1004
9916 9914
3616 3916
10236 1034
243 243
122 128
69
70
9634 9634
6
6
1154 133
110 110
85
85
108
1083.4
26
184
4,170
4
15
905
6
55
1
170
50
582
10
30
951
2,125
685
20
2
6
180
37
5
20
1,220
466
85
18
256
60
425
95
63
150
370
180
33
203
110
42
25
2,958
8
3
13
Range Since Jan. I.
Low.
102
364
154
365
21
43
55
5034
11434
16
99
443.4
100
100
40
26
70
79
10656
49
2534
100
1634
10636
26
37
110
1054
916
106
249
111
964
994
3454
101
241
117
64
9636
54
GO
1054
55
10254
High.
Jan 104
Jan 3956
Mar 243.4
Feb 374
Feb 26
Jan 49
Feb 65 I
Feb 544
Jan 116
Jan 20
Jan 109
Jan 4834
Jan 102
Jan 102
Jan 434
Feb 554
Jan 80
Mar 79
Feb1074
Jan 4956
Feb274
Mar 11716
Feb19
Feb110
Jan 35
Jan 42
Jan 1124
Mar 106
Jan 114
Mar 115
Jan 275
Feb 11254
Jan 11156
Jan 9916
Feb 40
Jan 10314
Jan 246
Feb 132
Feb 8354
Feb 101
Jan
634
Jan 133
Jan 110
Jan 85
Jan 10834
Feb
Jan
Jan
Jan
Feb
Feb
Mar
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Mar
Jan
Jan
Mar
Mar
Mar
Mar
Jan
Mar
Mar
Feb
Jan
Mar
Feb
Mar
Mar
Jan
Mar
Jan
Feb
Feb
Feb
Feb
Jan
Jan
Jan
Feb
Mar
Mar
Mar
Mar
1489
Friday
Sates
Last
Week's Range for
Sale
Week
of Prices.
Stocks (Concluded) Par. Price, Low. High. Shares.
:aynee common
•
'Jet Paving Brick com _ •
Iiller Rubber pfd
100
•lohawk Rubber corn_ __ _•
,lohawk Rubber pfd_ _ _100
.furray Ohio Mfg corn ___*
•
dyers Pump
7ational Acme com
10
(ational Refining Coln ..25
6ational Refining pfd_ _100
7ational Tile com
*
900 Washer com
*
gorth Ohio P & L 6%pf 100
)hio Confection
•
)hio Bell Telephone pfd100
*
)hlo Brass"B"
)hio Brass pfd
100
'acker Corpn
*
'aragon Refining com _.25
Wagon Refining pfd 100
'eerless Alotor com
50
lichman Bros corn
•
icher Hirst
landusky Cement corn_ _ ..*
eiberling Rubber com __ *
,
iherwin-Williams corn .25
3herwin-Williams pfd_ _100
5mailwood Stone corn_
•
5tandard Tex Prod corn 100
3tandardTexProd A pf _100
'Reel & Tubes
25
Polling-Belle Vernon corn.*
rhompsonProd corn _ _ _100
Prumbull Steel com
•
Prumbull Steel pfd ...100
Mien Mortgage corn _100
Jnion Mortgage lot pfd 100
Jnlon Trust
100
iVellman-Seaver-Alor pf100
Wood Chemical
•
33
9254
40
75
154
373j
12
33
30
9916
24
11234
9916
10756
343-4
1016
2316
263
175
3636
67
674
624
2434
1136
100
300
26
Bonds7Ieveland Railway 5s 1931
32
33
364 363-4
92
93
40
35
75
7656
1556
,
15
37
3716
114 1216
36
36
135 135
334
33
30
30
9956 100
24
24
11234 113
9816 100
10754 1074
34
344
1054 104
108 120
19
234
262 265
26
2616
170 175
3534 37
6514 67
107 107
31
31
16
16
6734
67
6256
61
4516 454
25
24
114 12
97 101
1
1
10
10
300
300
89
89
2594 2636
75
10
170
614
138
225
870
645
15
50
1,118
315
96
100
246
1,788
10
522
1,350
517
185
828
150
38
285
115
33
15
200
152
780
305
1,419
525
571
2
61
125
15
615
Range Since Jan. I.
Low.
32
3134
89
2956
55
15
33
734
3556
135
33
284
93
24
11034
9034
107
3234
94
1064
17
256
26
155
3356
6574
107
294
13
6034
53
45
22
1014
8916
1
10
285
87
254
High.
Mar
Jan
Feb
Jan
Jan
Feb
Feb
Jan
Jan
Feb
Feb
Jan
Jan
Feb
Jan
Jan
Jan
Feb
Jan
Feb
Feb
Feb
Feb
Jan
Feb
Feb
Feb
Jan
Jan
Jan
Jan
Feb
Feb
Jan
Jan
Feb
Feb
Jan
Feb
Feb
354
37
98
40
80
1536
3734
1336
39
135
3594
3016
100
27
11236
100
108
35
1154
120
2316
290
27
175
443-4
69
10914
32
16
68
6254
48
25
13
10836
7
30
300
89
2634
10034 10054 59.000 10054 Mar 101
Jan
Feb
Jan
Feb
Feb
Mar
Feb
Jan
Jan
Feb
Jan
Feb
Feb
Jan
Feb
Mar
Feb
Feb
Jan
Mar
Mar
Jan
Jan
Max
Jan
Jan
Jan
Feb
Mar
Feb
Alar
Jan
Max
Feb
Feb
Jan
Jan
Max
Jan
Max
Feb
• No par value.
St. Louis Stock Exchange.—Record of transactions
Pittsburgh Stock Exchange.—Record of transactions at St. Louis Stock Exchange, Mar. 3 to Mar. 9, both
at Pittsburgh Stock Exchange, Mar. 3 to Mar. 9, both inclusive, compiled from official sales lists:
inclusive, compiled from official sales lists:
Friday
Sales
• No par value.
Stocks--
Friday
Sales
Last Week's Range for
Sale
Week.
of Prices.
Par. Price. Low. High. Shares,
Am Vilified Prod pt . __100
Am Wind 01 Mach orn.100 2454
Preferred
..100
_
Am Wind GI Co pf _ ..
_100
Ark Nat Gas corn .__10
84
Blaw-Knox Co_ _ _ .._..25 102
Byers(A M)Co pre !_ __100
Carnegie Metals Co
10 2656
Consolidated Ice pr
Devonian Oil
10
Dixie Gas & Utilltiescorn.'
Preferred
_100
Fidelity Title & Trust _100
.
•
Houston Gulf Ga9_
Independent Brewg corn _50
50
Preferred
Lone Star Gas
.____25 54
Nat Fireproofing pr,
5
34
Pitts Oil & Gas_
Pills Plate Glass_
..100
Pitts Screw & Bolt or)._' 55
•
Pitts Steel Fdy corn
Richardson & Boyn on pf50 35
il _10
Salt Creek Consol0 .
1
San Toy Mining..
StandPlate 01 pr p ef _100 33
.
Stand Sanitary corn w I_ ___
3534
Stand Sanitary Mfg corn 25
Preferred
_100
Engine & Frly c 1m ___• 5116
Un
Westinghouse Air Br new •
West Pa Rys pref. _ _ _ _ _100 1024
Zoller (William) Co com •
Bonds—
West Penn Trite 5s
loan
Low.
86
10 84
86
790 16
2234 2536
4236 4216
350 35
130 8456
90
90
1,215
74 84
74
102 1034
355 91
11054 11056
5 1104
2234 2734 33,043 164
24
25 24
24
60
756 8
756
10
25
9
10
105 804
8754 8716
5 610
615 615
150 1154
1356 16
10
I%
14
156
110
4
4
44
680 5254
534 54
537 1916
2156 22
525
316
356
314
95 210
220 223
55
455 484
50
29
25 27
29
10 35
35
25
78
64
634 636
Sc
3c
9,000
3c
33
30 31
35
36
2,784 35
35
105 105
30 10354
124
62 124
124
940 5154
5114 514
49
53
125 464
102
40 10154
10214
39 394
235 2216
0II12
(MIL
ei non
00 10
High.
Feb 86
Feb 254
Jan 424
Jan 90
Feb
916
Jan 105
Mar 11014
Jan
2716
Mar 30
Mar 10
Jan
1056
Feb 88
Jan 615
Feb
16
Mar
256
Mar
416
Jan 5556
Jan 22
Jan
4
Jan 234
Feb 55
Jan 31
Mar 48
Mar
714
Feb
3e
Feb 35
Mar 36
Feb 110
Jan 125
Feb 61
Jan 5634
Jan 1024
Feb394
TT.
Jan
Mar
Mar
Feb
Jan
Feb
Mar
Mar
Jan
Jan
Jan
Feb
Mar
Mar
Feb
Jan
Feb
Jan
Jan
Feb
Mar
Fet
Jan
Jar
Feb
Feb
Mal
Jar
Fet
Jar
Jar
Fet
Mal
ne I, ‘e
• No par value.
Cleveland Stock Exchange.—Record of transactions at
Cleveland Stock Exchange, Mar. 3 to Mar. 9, both inclusive, compiled from official sales lists:
22K
I
1, .
0
. .
W
ON.. .. WI
W W
U.WNWOON..WWI•OWCIW.N g...4.t.i.0W0...WW0000
..0C,0-44,00.4.00.00WCAOQT0.00.0iP.00
Friaay
sates
Last Week's Range for
Sale
of Prices . Week.
Par, Price. Low. High Shares,
Stocks—
—
Amer Multigraph com___• 283.4 283-4 2816
105
Amer Ship Bldg com_ _100
27
•
Akron Rubber
14
14
*
Allen Industries
36
3654
Limest & Coin corn_ •
bless
4034 41
Buckeye Incubator corn...* 41
38
38
•
Byers Machine "A"
1104 1114
Central Alloy Steel pref 100
3734 374
* 37%
City Ice & Fuel corn
116 118
Cleve-Cliffs Iron corn...•
1124 11234
Cleve Elec Ilium pref__100
10756 109
_100
Cleveland Ry com
380 390
100
Cleveland Trust
108 112
Cleve Un Stocky'ds com100
2134 214
Clev Worsted M com_ 100
16
1634
100
C & S Brew pref
Dow Chemical common_ • 1354 13554 13556
1150
10534 10534
Preferred
Elec Contro & Mfg com_.• 5716 5754 573.4
3216 33
Federal Knit Mills corn__ _• 33
185 187
Firestone T & 11 corn__ _10
100 10854 1084 109
7% preferred
170 170
Gen Tire & Rubb cam._25 170
134 13434
Grasselli Chemical com _100 134
109 109
100
Preferred
88
88
Great I.akes Tow corn_ _100
110 110
100
Preferred
450 450
100 450
Guardian Trust
10316 104
100
Halle Bros pref
20
20
Har-Seyb-Potter com_ - •
105 105
i00
Higbee lot prof
18
1834
India Tire & Rub corn_ •
125 125
Interlake Steamship corn.'
29
2034
•
Last !Week's Range for
Sale
TWeek.
of Prices.
Par. Price. Low. High Shares.
Range Since Jan. I.
Range Since Jan, 1.
Low.
2654 Jan
105
Feb
21
Feb
14
Jan
Jan
36
39
Feb
37
Feb
10934 Jan
3
654 Feb
104
Jan
1124 Jan
10734 Jan
359
Jan
1064 Mar
214 Feb
153.6 Mar
1124 Jan
105
Feb
"Jan
5
32
Jan
185
Feb
10816 Feb
170
Mar
1294 Feb
10534 Feb
88
Feb
108
Jan
390
Jan
102
Jan
20
Feb
1034 Feb
18
Feb
123
Feb
2834 Jan
High.
2856
11716
29
1516
3794
49
40
11034
3756
118
114
109
390
112
23
1634
140
107
5734
35
232
1114
190
135
109
8834
110
450
10436
24
105
2334
1264
30
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Afar
Feb
Mar
Mar
Mar
Jan
Max
Jan
Feb
Afar
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Mar
Mar
Feb
Jan
Jan
Feb
Jan
.1.”
Bank Stocks
First National Bank_ _100
Nat Bank of Comm'ce_ 100 161
337 337
15756 161
Range Since Jan. 1,
Low.
High,
Jan 345
3 331
114 15734 Mar 169
Feb
Jan
Mar 570
Jan
Jan
Feb
Jan
Feb
Trust Co. Stocks—
Mercantile Trust
100 545
545
545
2 545
Street Ry. Stocks—
St Louis Pub Ser cora_
Preferred
•
•
2216 2236
82
81
15
158
20
80
25
83
Miscellaneous Stocks.
00
Aloe common
Preferred
100
Best Clymer Co
•
Boyd-Welsh Shoe
•
Brown Shoe common_ _100
Preferred
100
Burkart common
•
Preferred
•
Century Electric Co_ __100
Cocoa Mills Co
100
Coca-Cola Bot Sec
1
Champ Sh Mach 1st pf 100
E L Bruce common
P & Nrra
Elyrefe v e
100
ldker D G com_25
2d preferred
100
Elder common
•
100
Fred Aledart Mfg com___•
Fulton Iron Wks pref_ _100
Common•
Hamilton-Brown Shoe_ _25
Ilussman Refr common_ _*
Iluttig S & D common_ •
bOO
hydraulic PrPr Brk DM_ _100
Independ Packing com_ •
Internat'l Shoe common...
Johansen Shoe
•
Johnson-S & S Shoe
•
J Schoeneman pref_ _ _100
Kennard Carpet pref __ 100
I.aclede-Christy Clay
Products pref
100
Laclede Gas Light pref_100
Alo Portland Cement_ __25
Nat Candy corn
100
2nd preferred
100
Pedigo-Weber Shoe
•
Polar Wave I & F Co....'
Rice-Stix Dry Goods corn
1st preferred
100
2nd preferred
100
Scruggs
-V-B D 0 com_.25
2nd preferred
100
Scullin Steel pref
•
Securities Inv corn
Sheffield Steel corn
•
Skouras Bros "A"
•
Southw Bell Tel pref___100
St Louis Car corn
10
Preferred
100
Stlx, Baer & Fuller
•
Wagner Electric corn
•
Wagner Elec Corp pref.
_100
107
30
3335
7735
7234
34%
48
3916
1914
36
33
2034
17%
3334
60
11954
10154
4456
102
Mar 4534
Mar 104
Jan 26
Jan 424
Mar 5031
Mar 1204
Mar 1734
Mar 24
Feb 145
Feb 77
Mar 21
Feb 107
Jan 50
Jan 10056
Mar 33
Mar 94
Jan 31
Jan 80
Jan 3634
Jan 75
13
Jan
Jan 30
Jan 41
Feb27
Feb9736
Jar, 81
Jan 20
Jan 7434
Mar 3516
Mar 5516
Jan 9916
Mar 105
Jan
Feb
Jan
Feb
Feb
Jan
Jan
Jan
Mar
Mar
Mar
Mar
Feb
Mar
Jan
Jan
Feb
Feb
Jan
Mar
Mar
Jan
Mar
Feb
Feb
Jan
Feb
Feb
Feb
Jan
Jan
Afar
100
103
3954
1954
105
3(1
34
2054
115
102
18
81
3354
30
61
3734
120
20
10116
27
444
102
20
10
835
555
10
50
468
745
20
45
27
9
1,125
50
1,105
10
279
65
20
25
1,646
80
Mar
Jan
Jan
Feb
Jan
Mar
Jan
Mar
Mar
Mar
Feb
Mar
Jan
Mar
Jan
Mar
Jan
Jan
Jan
Mar
Feb
Jan
100
120
4416
2316
106
3834
344
23
116
104
20
81
35
30
61
41
120
20
10116
31
4456
102
Mar
Jan
Jan
Jan
Feb
Jan
Feb
Jan
Jan
Jan
Jan
Mar
Feb
Feb
Mar
Jan
Mar
Mar
Jan
Jan
Mar
Mar
1154 1116
134
300 35
20 103
50 2234
50 3816
20 4716
11916
510 124
760 19
15 140
15 75
25 21
81 100
122 45
40 98
410 30
25 90
50 234
25 72
140 29
60 59
150 1116
60 20
85 34
210 20
10 95
290 7534
10 1616
2,805 62
50 344
140 48
5 98
50 105
545
1114 Mar
16
Jan
94% 94% $1.000
92
9216 9.000
85
85
64,000
94
3Jan
91% Feb
Mar
85
944 Mar
924 Mar
85% Jan
35
35
103 103
234 234
4016 4036
4716 4756
119% 11956
1216 134
2154
20
141 145
77
77
21
21
102 107
48
48
100 1004
30
3034
91
90
29
29
76
76
334 334
75
75
1254 13
2516 26
41
41
2316 2456
97
97
7754 78
1956 194
7154 7334
344 344
48
48
99
99
105 105
100
103
39
193-4
105
36
33
20
115
102
17
80
324
30
4734
373.4
119
20
1014
27
404
99
100
100
38
184
104
36
32
20
115
102
16
80
31
30
33
3754
1174
16
100
27
37
9634
Mining—
Consol Lead dr Zinc Co A •
Street Ry. Bonds—
E St Louis & Sub Co 5s '32
City & Sub Pub Sera 5s '34
United Railways 4s _ __1934
9454
924
85
Miscellaneous—
Kialoch Telephone 8s_1928
1941
Seuliin par value.
•N o s
98%
100% 10034 22,000 10056 Afar 100% Mar
98% 99
2,500 984 Jan 99% tJan
1490
FINANCIAL CHRONICLE
[VOL. 126
New York Curb Market-Weekly and Yearly Record
In the following extensive list we furnish a complete record of the transactions on the New York Curb Market for the
week beginning on Saturday last (March 3) and ending the present Friday (March 9). It is compiled entirely from the daily
reports of the Curb Market itself, and is intended to include every security, whether stock or bonds, in which any dealing*
occurred during the week covered:
Sales
Friday
Last Week's Range for
Week.
Sale
of Prices.
Par. Price. Low. High. Shares.
Weak Ended Mar. 9.
Stocks-
Range since Jan. 1.
Indus. & Miscellaneous.
Acetol Products, Luc. A._• 30% z30
30% 2,200 294
300 83
Acme Steel. corn
83% 84
25
200 14
1755 1735
Aero Supply Mfg class A..•
500
831
934 10%
Class B
• 1035
170 162
Ala Gt Sou RR ord
167 16935
50
210 162
Preferred
50 165,4 16531 169
•
100 2931
3134 3134
Alice & Fisher Inc
1
100
1
1
Allied Pack, corn
18% 4,800 15
15
Allison Drug Store ci __A• 1731
700 10
11%
10
Class B
•
200 36
Alpha Port Cern, corn _ _
40
39
39
1,300 120
• 12531 125 12631
Aluminum Co. corn
900 10536
Preferred
100 107% 107% 10731
American Arch Co
100 54% 54% 54% 1,200 51%
100 49
54
Amer Bakeries, class A_ •
54
Am Brown Buyer' El Corp
434
100
631 6%
Founders' shares
1,200 39
394 4135
Amer Chain Co corn
650 132
Amer Cigar corn
132 140
100 140
1,000 23'
Amer Colortype corn
2434 2535
•
100 39%
4231 4255
Amer Cyanamid corn clA 20
3,500 39
Common class B
20 4151 4131 4431
100 9531
96
Preferred
96
100 96
Amer Dept Stores Corp.' 19
18% 1931 5,700 1351
American Hawaiian SS_ _10 19
1734 2041 14,200 1534
125 102
Am I.aun Mach corn
102 102
•
400 5 0 34
5931 61
Amer Mfg Co. corn_ ..100 60
1,100 14
Amer Rayon Products__ _• 154 1431 1531
Amer Rolling Mill. com_25 102 s101
1044 15,700 95
50 109
11131 11151
100
Preferred
1,500 1191
15
Am Solvents & Chem, v t c• ------ 14
Cony panic preferred_ _• 26% 2551 26% 3,300 254
2,000 2634
Anglo-Chile Nitrate Corp.. 29% 2935 30
•
100 4834
4831 4834
Arundel Corporation
3,800 72o
76c 90e
Atlantic Fruit & Sugar-. •
1.100 z6331
Atlas Plywood
• 674 6731 69
1,200 38
43
Atlas Portland Cem corn.*
444
3,200 115
121 125
•
Auburn Automobile, corn. 123
Bancitaly Corporation. _25 192% 18534 19835 140,800 136
500 39
50
49
Beaver Bd Cos pref__ _100
900 1534
Belgian Nat Rye pref
1631 1731
Benson & Hedges com--• 21% 1031 2231 7,400 1934
900 28
• 2835 2835 2931
Convertible prat
500 16%
1811
18
MIN (E W)& Co. com_ •
3%
1,600
3% 431
Blyn Shoes, Inc. corn__ _10
3%
30 230
265 274
Bohack (H C) corn....100 268
25 108
10831 10814
1st preferred
100
Bohn Aluminum & Brass • 4831 4731 4934 6.100 3391
10 181
181 181
Boston & Albany
100
334
200
4
Botany Cons Mills corn _ •
435
Bowman Blitmore Hotels
431
100
494 44
Common
•
300 3034
Brill Corp. class A
3031 3131
•
2,300 14
2131 24
Brillo M fg.com
• 24
200 2631
Class"A"
• 2731 2731 274
500 25%
Brit
274 28
-Amer Tub ord bear_ £1
Broadway DeptStslst91100
50 p10531
With warrants
10931 10931
Brockway Mot Trk. corn.* 5131 5131 51% 7,800 43
1.900 43
5931
56
Bullard Mach Tool
• 59
1931 3.000 16
Buzza Clark. Inc, corn_ _ _ • 19% 18
Camp. Wyant & Cannon
414 42% 5,000 39
• 4251
Foundry
400 3631
40,4
39
Canadian Indus Alcohol- •
500 30
3451
32
Carnation Milk Prod com25 32
20 156
Casein Co. of America._100 16435 16434 16435
334
3% 6% 8.200
Case Plow Wks, el B v t c_•
5%
100 53
5835 5831
Caterpillar Tractor
•
10,500 7034
7031 1/78
Celanese Corp of Am,corn' 78
900 161
16631 Y171
First preferred
100 171
New preferred
1074 10731 1094 2,600 107
700 100
113 115
115
Celluloid Co.coin
310 89
94
93
94
$7 preferred
200 125
•
12631 128
First preferred
550 49
51
51
Celotex Co,common
•
150 11631
127
1264
Central Aguirre Sugar..
.50
1231 2,400 104
11
Centr I fug al Pipe Corp __ • 12
20,400 2031
2131 26
Checker Cab Mfg new cl A
26
56% 5
831 41,000 54
CitiesServ ice.common_ _20 58
Preferred
100 9931 96U 994 4,900 9434
8%
951 931 3,200
Preferred B
934
10
600 8831
9144 94
Preferred BB
100
300 2734
2835 28%
Bankers shares
200 3634
City Ice& Fuel (Cleve)- •
374 3
731
Clark Lighter cony A.......• 3254 3231 3241 5,300 32%
2,800 3434
Club Aluminum Utensil- 34% 36
• 36
500 2331
Cohn-Hall
274 2735
-Marx Co
131
Vie 8.400
14
Colombian Syndicate
13to
Columbia Graph Ltd, rcts. 44% 44% 4734 3,300 3431
Cons Dairy Products_ _• 24% 2431 2531 2,000 21
Consol Film Indus. corn..' 1931 1834 194 6,700 16
$2 cum partic pref
2391 10,700 224
• 2331 23
Consol Laundries
184 18% 1,600 £1431
•
100 10
Consumers Company_ _20
10
10
Copeland Products Inc
731
600
Class A with warrants.' 10.34
1034 1035
800 36
Courtaulds. Ltd
£1 414 4131 4234
Crow, Milner de Co, corn.' z5034 404 x5156 13,400 3454
500 16
2431
Crown Will'te Pan v t c-* 2334 23
100 48
49
Cuban Tobacco v t 0_
49
•
Cuneo Press
400 40
Common
10 444 444 47
300 1764
Curtis Publishing com____• 18036 178 18034
100 118
118% 11831
•
$7 cum pref
Davega. Inc
• 37% 3751 38% 3,800 37
300 15
16
15
Davenport Hosiery Co...' 16
1,950 220%
Deere & Co. common_ _100 27934 268 287
1%
100
291 291
De Forest Radio. vt e
•
100 34
34
34
Detroit Creamery.
10
40 17331
Dixon (Jos) Crucible.._100 189
189 189
Doehler Die-CastIng
21% 22% 3,200 15%
• 22
800 10431
Dominion Stores.
• 12034 11731 123
Drug Products, Inc
8034 7831 804 15,300 7731
2.400
234
Dubilier Condenser Corp.'
334
334
954
951 1031 10,500
Durant Motors. Inc_ _ .•
931
Durham Dup Has pr pref200 49
With cl B corn stk pr wr•
534 57
150 41
Eastern Dairies corn
41
•
41
800 22
Eastern Rolling Mill
24
• 24
23
10 88
Eastern 88 Lines, corn.... 88
88
88
Educational Pictures. Inc50 93
934
?ref with corn pur war100
93
300 35
Eitingon Schild Co.corn..' 36% 364 3651
100 16
Electric House Utilities_
16
16
1
7,100
2
1
Estey-Welte Corp el A •
2
• 50c
900 500
50o 500
Claes B
High.
Low.
31%
84
17 34
10%
177%
177
34
1
21%
1535
4331
136
10731
70
58
931
45
147
25%
4531
48%
9855
20
2031
108
80%
17%
114
111%
15%
28
3134
4831
1
72
44%
13151
1984
55
17%
23
314
20%
434
300
115
51
183
4%
5%
34%
24
2934
28
112
52
60
19%
44
404
3854
1714
17
594
100%
185.4
112
122
9731
132
62
13631
124
26
5836
994
931
04
284
38
32%
38%
2934
11314
4731
26%
1991
24
1931
10
12
4331
:5134
2431
4931
4931
189
1194
51
1831
294%
a
3731
134
23
12751
80%
331
12%
59
47
2636
944
95
37
16
3
1
Friday
Sales
Last Peek's Range for
Sale
of Prices.
reek.
Stocks (Continued) Par. Price. Low. High Shares.
Range Since Jan. 1.
Low.
High.
Evans Auto Loading Cl Al, 6331 62
500 5534 Jan 7554 Jan
6335
Class B common
5 6331 61
64
2,400 5334 Feb 7534 Jan
num.! Motors Co cum_ _10
231 2% 2,100
251
334 Feb
1% Jan
Fajardo Sugar
104:
1534 155
Jan
130 15034 Feb 160
Fan Farmer Candy Shops •
35
35
100 3031 Jan 4431 Jan
Fansteel Products Inc
•
1631 1731
Jan
Feb 35
600 12
Fedders (kite Inc class A _ ..• 29% 2831 29%
700 27% Feb
2934 Mar
Federated Metals st tr elf.'
1431 16
Jan
500 144 Mar
20
Film Inspection Mach...'4
4
4
4
5% Jan
Jan
300
Fire Association of Philo, 10
72
72
Feb 7235 Jan
100 65
Firereen's Fund ins..
.100 123
120 123
800 114% Fen 12831 Jan
Firestone T &
corn_ _10
184 189
Feb 238
Jan
960 183
7% preferred
100
109 10934
Jan
Feb 112
550 108
Foote Bros Gear, lire corn.
1931 21
Jan 21
Mar
400 19
Ford Motor Co of Can_100 574
540 390
Mar
Jan 590
370 510
Forhao Co class A
• 2631 264 26%
Jan 29
300 23
Jan
Foundation CoForeig II shares class A • 1534
1534 1631 3,200 10
Jan
1731 Jan
Theatres class A com _• 193-4
Fox
1934 20% 5,300 18% Feb 22
Jan
Franklin(II H)Mfg corn 100
14
1635 Jan
Feb
200 14
1434
Preferred
100
87
Feb 87
87
Jan
25 86
•
ni
Freshman (Chas) Co
5% Feb
734 831 1,400
4 Jan
101
Fulton Sylphon Co
• 3431 33
Mar 44% Feb
43
9,100 33
Galesburg Coulter- Disc _• 6134 60
63% 1,300 4734 Jan 6351 Mar
Gamewell Co corn
* 64
63
Feb 65% Jan
200 62
64
General Amer Investors...* 62
57
62
3,300 5631 Feb 6831 Jan
General Baking new
831 Mar
831 834 12,400
834
9
Feb
P e ee.ed
• 8335 8231 83% 3.600 804 Feb 84
Feb
Oen'l Bronze Corp corn...' 4751 4531 4835 2,400 35% Jan 4831 Mar
General Fireproofing com_*
Feb 103
101 101
Jan
100 100
General lee Cream Corp. •
6235 6231
300 5851 Jan 644 Jan
Genii Laundry Mach corn • 244 2331 2435 3,800 20
Jan 24% Mar
C G Spring & Bumper corn'
Feb
114 Jan
1,000 10
10
1034
Glen Alden Coal
Mar 169
Jan
• z156 z156 16031 2,000 156
Gobel (Adolf) Inc com
Jan 89% Mar
• 8734 80
8935 2,900 66
Gold Seal Electrical o •
Mar
Jan
851
17
8
8
934 6,100
Gorham Mfg pref
100
Feb
Feb 126
121
25 112
121
Grand 5-10-25c Store new' 5834 56% 59
Jan
59
Mar
3,100 46
Grant(WT)Co of DeLeom• 118
Jan
Mar 125
115 119
600 115
Gt All & Pac Tea 1st pf 100 118
117% 118
Jan
100 11731 Mar 119
Greif(L)& Bros. min....* 1234
1635 Jan
1234 13
200 12% Mar
Preferred class X
_100
10255 102%
300 97% Feb 102% Mar
Griffith (D W) cl A
131 Jan
131
151
1% Jan
100
Habirshaw Cable & Wire.'
02434 24%
100 2251 Feb 02434 Mar
Hall (C131) Lamp Co
•
1031 1135
900
936 Jan 114 Feb
Hall(W F) Printing _ _10 2431 2331 2634 2,900 23% Mar 30
Jan
Happiness Candy St cl A.*
1,700
516
74 Jan
531 6
634 Feb
Hazeltine Corp
Ii
Jan
8% Fet
9
600
9
IIeliman (Rich) warrants_ ------ 12% 1331
15
Jan
300 12% Mar
Hercules Powder corn .100
Mar
Jan 237
203 237
250 192
Home Fire & Marine_ .'_10
4431 4531
500 444 Mar 454 Mar
Hood Rubber
•
3731 40
200 37% Mar 4235 Jan
Horn & Harden com..._ • 5331 5311 5331
Jan
400 52% Mar 56
Preferred
Jan
109 109
100
25 10834 Jan 110
Huyier's of Del. com____• 17
1,100
1631 1731
163.4 Mar 20% Jan
7',4, preferred
100 10131 100% 10131
600 1004 Mar 10231 Jan
Ilygrade Fod Prod coin • 2831 2831 2934 7,300 2534 Jan 31% Feb
Imp Tob of G 13 & Irel_ _11 2634 2635 2634
2654 Mar
1,500 244 Feb
Industrial Rayon class A • 18
1731 19% 12,800 1754 Mar 2235 Jan
I nsur Co of North Amer.10 8874 8635 8931 2,200 8394 Feb 9531 Jan
Interlake Steamship
Mar
20 12534 Mar 126
12531 126
Internet Cigar Machinery • 97
Jan 10331 Jan
500 95
97 102
International Sboe coin _• 73
Feb 7434 Feb
800 69
714 73
Interstate Dept.Stores_ _ _
Mar
Feb 47
45
5,400 37
3831 47
7% cum pref with warr_ 11331 10934 114
Mar
2,400 10854 Feb 114
Keith-Albee-Orph pref_ 100
9931 10031 2,700 99% Mar 1024 Feb
Kemsley. MIllbourn ,k Co• 17
1734 Jan
1631 1731 7,500 15% Jan
Kinnear Stores Co coin _ •
Feb 3234 Jan
294 2931
200 29
Kruskal de Kruskal Inc_ •
200 13% Jan 184 Feb
1731 18
Lake Superior Corp._ _100
334 Jan
834 Feb
631 634 1,100
Land Coot Florida
Mar 25% Feb
16
• 18
1.800 16
18
Lefcourt Realty pref
•
3734 3831 2,200 3731 Jan 38% Mar
Lehigh Coal & New ____50 107
Jan
10571 10734
700 105% Jan 126
Lehigh Port Cern. corn_ _50 4934 48
Feb
Mar 51
5031 3,500 48
Lehigh Val Coal elf, new.. 29
Jan
28% 2951 4,600 2831 Feb 39
Lehigh Val Coal Sales_ __50 5235 50
Mar 664 Jae
5234 1,125 50
Le Mur Co corn
•
1,300 1434 Jan 28% Feb
2631 2751
Libby, McNeil & LIbby_10
9% Jan
Jan
9
94 931
100
Libby Owens Sheet Glass 25 113
Jan
113 113
Feb 128
100 112
Lord & Taylor 1st pref_100
Mar
103 103
50 9831 Feb 103
Margarine Union Ltd
Dep rcts for corn stock_ _
931 Mar
931 Mar
100
935 934
Marmon Motor Car corn.' --4054 38% 4051
Jan.
900 38% Feb 47
Marvel Carburetor
Jan 7131 Feb
10
6894 7131
550 62
Maryland Casualty
Jan
25 18834 1754 18831
1,100 17531 Mar 191
Mavis Corporation
• 2335 2.135 244 1,900 2034 Feb 24% Jan
Mavis Bottling Co of Am' 17
Jan 1831 Feb.
1631 17% 5,500 15
May Drug Stores Corp_ • :22
Jan
Jan 26
21% 22
400 20
McCord Rad & Mfg v t c •
Jan 22% Feb.
2134 2231
400 19
McKeesport Tin Plate---• 8231 6051 6231 6,800 60
Jan 62% Mar
McQuay-Norris
323.4 3234 3234
100 324 Mar 324 Mar
Mead Johnson & Co corn.'
Feb
5531 57
700 5334 Feb 59
Meadows Mfg corn
1834 Mar
• 1834 16
500 1431 Feb
1831
Melville Shoe Co com• 185
Jan 18734 Mar
180 18731 3,350 111
Mengel Company
Jan
Feb 58
100
50
100 49
50
Feb
Mercantile Stores Co_ _100 11435 114% 11434
Jan 120
100 97
Mesabi Iron
34 Jan
234 Mar
1,800
234 23-4
Feb
Metropol Chain Stores...' 5551 5534 5631
Jan 63
1,600 54
Met 5& 50o Stores cl A_ •
Jan
8
Jan
6
100
634 634
Class B
634 Jan
•
434 Jan
44 5
300
Feb.
Preferred
Jan 59
100
53
11.0 44
5331
Midland Steel Prod
Jan
Feb 112
•
9231 35
500 86
Minneapolis-Honeywell
Mar
Regulator common_
Feb 34
1,100 30
32% 34
•
Mar
Mirror (The)7% pref_ 100
50 844 Feb 89
89
89
Feb
MonsantoChem.Wks.com• 4651 464 4831 1,000 38% Jan 49
Mu Had Radio Corp_ ___•
231 Mar
Jar
131 234 4,400 100
251
National Baking com_
10% Jan
64 Mar
800
635 7
•
Jan
Preferred
100 754 7534 78
50 754 Mar 93
Nat Food Products cl B.-.
931 Mar
Jan
6
834 934 10,400
934
National Leather
451 Jan
3% Jan
10
900
4%
4
4
Nat Manufacture & Stor..•
000 3231 Feb 3934 Jan
3231 33
Jan
Nat Sugar Refg
Feb 131
50 119
125 125
100 125
Nat Theatre Supply corn.'
Jan
6% Feb.
6
600
631 631
Nut Trade Journal Inc..' 34
3351 34% 3,600 33 34 Feb 3431 Feb
Jan
Nelaner Bros Inc corn....' 6451 6431 66
400 60% Jan 80
Preferred
85 11014 Jan 11834 Feb
100 116
115% 116
25
Feb
Neptune Meterciass A _ •
2354 Ma
200
23% 24
10
Jan,
84 Feb
New Mex & Ariz
900
834 9
831
Jan 14931 Feb
Newport Co prior corn.100
25 114
140 140
17% Jan
N Y Auction cl A corn_ •
100 16% Ma
1634 1635
35
Jan
N Y Merchandise
100 3334 Ma
334 3335
•
Nichols& Shepard Co_ _• 45
42
4536 4,100 304 Jan 4531 Mar
Mar
4,900 164 Feb 28
Stock purch warrants...28
2234 28
Jan 4234 Jan
3,800 28
Niles Bement
-Pond corn.' 2831 2831 32
13
Jan
Feb
6
700
North Amer Cement
11
12%
•
Feb
800 29% Feb 35
Northwest Engineering.,.' 3034 3034 31
MAR. 10 1928.]
1491
FINANCIAL CHRONICLE
Sales
Friday
Last Veek's Range for
Veek.
of Prices.
Sale
Stocks (Concluded) Par. Price. Low. High. Shares.
Range Since Jan. 1.
Low.
High.
Rights (Concludea)
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Price. Low. High. Shares.
Range Since Jan. I.
Low.
High.
Mar
14
Jan Gebel (Adolf)
200 11)4 Feb
1131 11%
Novadel Process Corpcom•
Jan
Jan Loew's Inc
Mar 32
190 30
30
30
•
Partic preferred
Feb
24
Jan 994 Mar Middle West Utilities
525 89
9951
• 9955 99
Ohio Brass class B
Mar
2,400(1)854 Feb 9541 Jan N Y Chic & St L RR
894 91
Palmolive Peet Co com • 91
Mar
1%
9955 102% 1,100 994 Mar 10214 Mar St. Louis-San Francisco_ _ _
101
Paratfine Cos
Mar
-----Southern Calif
Parks, Austin & Lipscomb
Jan
Edison_Mar White Sewing Mach deb rts
100 264 Jan 28
2735 2734
Partic preferred
Jan
Jan 44
800 38
* 4034 4035 41
Parke Davis & Co
Public Utilities—
Jan d5OH Jan
200 49
50
50
Fender(D.) Grocery cl A_" 50
700 3334 Jan 3951 Jan
3751 3734
•
Class 13
Jan 11514 Jan
50 114
11511 11511
150 103% Mar 1054 Jan Alabama Power $7 prof..'
Penney (J C) Co cl A pf 100 10355 1034 104%
Jan
25 11331 Jan 115
1134 1134
Mar A D Tel of N J 7% pfd _100
Jan 88
3,800 48
68
• 6215 58
Peoples Drug Stores
$34 Mar
815 Feb
811 915 14.200
955
117
Feb 12915 Jan Amer & Foreign Pow warr_
225
Phelps Dodge Coro_ _ __100 12235 1184 123
5735 6651 2,600 5755 Feb 6855 Mar
64
Participating pref
Mar
634 Mar 10
700
05t 10
Philip Mar's Cons Ins corn. 10
Mar
18,700 11715 Jan 145
13115 145
Jan Amer Gas & Elec corn....'z141
Mar 14
2,700 10
10
25
10
Class A
Jan
500 10614 Jan 109
10611 10715
•
Preferred
Pick (Albert), Barth & Co
Jan 19114 Mar
1,275 170
Feb 224 Jan Amer Lt di Trac com___100 1904 18915 19115
2015 3,900 20
20
Prof class A (partie pf)_' 20
Feb
25 1144 Ma 116
11431 1144
100
Preferred
Mar
1835 Feb 24
17.700
• 2311 2111 24
Pierce Governor Co
21
Jan
1951 2034 3,500 18% Jan
piggly Wiggly Corp corn.' 2655 254 26% 1,700 23% Mar 2835 Jan Amer Nat Gas corn v t C. _• 20% 105% 107% 1.810 104
Feb 109% Jan
Am Pow & Light pref _ _100 106
Piggly Wiggly Western
4135 Feb
Jan
39% 13.000 37
Feb Amer Superpower Corp A • 3934 37
31
100 2315 Jan
•
264 26%
Stores Co class A
Feb
8.700 37% Jan 43
42
• 4135 38
Class B common
300 5611 Jan 614 Mar
6451
64
Pines Winterfront Cool A 5
Mar
200 1014 Jan 104
103 104
• 104
First preferred
Pitney Bowes Postage
600 2814 Feb 304 Mar
304
30
25
1055 Jan
Participating pref.
751 Jan
815
•
8% 8% 1,10
Meter Co
Feb
10 1084 Feb 111
109 109
Jan Arkansas Lt & Pow pref 100
Mar 155
9 144
144 144
50
Pitts & LE RR corn_
5115
Feb Assoc Gas dr Elec el A _ _• 4711 4635 4711 8.700 4614 Feb 1604 Jan
Feb 234
11 210
100
215 221
Pitts Plate Glass
Mar
1,300 13234 Feb
84 Mar 144 Jan Blackst Val G & E com _ _50 155% 1534 16015
20
815 9
Potrero Sugar corn
855
•
Feb 1594 Mar
15511 151 15914 1,400 532
Stock trust ctfs
51% Jan 571 Feb
10
55
•
55
Pratt & Lambert
Jan
7
Jan
5% 535 2,200
53.4
100
Jan Brooklyn City RR
Feb 265
15 247
249 250
Procter & Gamble corn_ _20 249
Feb Buff Sittig & East Pr corn.' 374 3751 334 8,500 30% Jan 3835 Mar
10 1024 Jan 106
106 106
Prudence Co 7% pref_ _100
Jan 354 Mar
3335 3311 3531 6,900 31
New class A w
914 Jan
Feb
8
10
9
9
Pyrene Manufacturing._10
Jan 264 Feb
200 26
2635 2654
25
Preferred
Feb
Ma 311
2 295
295 295
Quaker Oats common...* 295
38% Jan 414 Mar
•
40
404 414
-R-S Music
9
2151 Feb
700 194 Jan
214
21% 21
Central Pub fiery CIA
62 27015 Jan 32815 Mar
302 32815
Realty Associates corn_• 325
Jan 32
Mar
500 30
• 31% 314 32
1% Mar Cent State El corn
Feb
50c
135 27.10
Repetti Inc
14 90e.
5
500 1041( la 112% Mar
111 112%
100
7% preferred
Jan
3
14 Mar
20
111 135
Republic Motor Trk v t c..•
Mar
2,200 95% Jan 100
• 99 19751 100
22% Mar 2715 Jan Cities Serv Pr dr Lt $6 Pf2235 234 1,40
Richmond Radiator, corn.'
200 10551 Jae 10751 Mar
100 1074 10654 1074
Jan
40
7% Preferred
300 37)4 Fe
374 3715
•
7% pref
Feb
Jan 71
50 66
6915 69%
Elec & Pow corn*
Jan Columbus
Jan 287
50 236
252 254
Royal Baking Pwd corn 100 254
Feb
Jan 188
130 167
171% 179%
Jan Co 'w'Ith Edison Co ..l00 177
98 10431 1,300 811( Jan 107
100 100
Ruberoid Co
Mar Com'wealtb Power Corp—
170
Jan
450 135
156 170
Safety Car Htg & Ltri_ _100 165
900 10235 Jan 104% Jan
103
10214
100 103
Preferred
Mar
24,600 1855 Mar 20
18% 20
Safe-T-Stat Co common...* 20
Mar Con Gas E L & P Bait corn' 6951 68% 69% 2,000 874 Jan 735( Feb
Jan 423
770 310
398 415
• 421
Safeway Stores corn
50 1064 Mar 1084 Jan
1064 1065(
Jan Cont'l G & E 7% pr pf.100
Jan 59
• 5511 5515 56% 4,100 50
St Regis Paper Co
1511 Jan
200 114 Jan
1235
12
Feb Eastern States Pr corn B..• 12
Jan 242
340 215
231 z237
Sanitary Grocery Ins....' 234
Mar
Mar 71
25 71
71
71
Jan 2911 Mar Edison Elec Ill Brockton 25 71
28
500
2935
29
• 29
Schiff Co common
800 10315 Jan 1114 Jan
109%
..100 109% 10931
175 1104 Jan 12315 Mar Elec Bond & Sh pref.
120 12334
100
7% cony pref
Jam. 9535 Mar
89% 95% 55.900 76
Jan 29% Mar Elec Bond & Sh Secur____• 95
21
27
2935 2.200 17
Schulte Real Estate Co_ _.•
%
467 23.200 4011 Jar. 4634 Mar
40
Feb Elec Invest without war..' 46
22
1,800 1955 Ma
194 21
Schulte-United Sc & $1 Sts
20H
Jan 1041( Jan
1,600 s102
944 96
500 944 Mar 1004 Feb Elec Pow & Lt 2d pref A._• 103% 10354 10311
100
Pref part paid
1934' Mar
Option warrants
1851 16% 1951 10.500 134 Jan
28% Feb 2915 Feb
200
10
28% 29
&Men Dillon Co
Feb
10834 Feb 110
1.000
109% 110
Jan Empire Gas & F8% pf_100
Feb 53
48
100 48
484
25
Scovill Mfg
9915 10031 1,200 994 Feb 1004 Mai
100 100
7% preferred
Feb 34
Feb
200 33
Scullin Steel prof
3311
• 334 33
Feb 85% Jan
500 30
Empire Pow Corp part stk• 3115 3055 3151
33
Jan 4534 Feb
Seeman Bros common ' 4315 4215 4315 1,500
85% Jan
1,800 274 Jar
34
Jan Federal Water Serv Cl A..' 34 5334
400 3315 Feb 44
35
364
&Marling Rubb Co corn..' 35
25 10415 'Jan 1074 Feb
107 107
Florida Pow dr Lt 57 pref.* 107
Selfridge Prey Stores Ltd
204 Jan
1,500 1615 Jar
194
415 Jan
455 Jan General Pub Serv corn...' 1951 19
100
44 43(
Ordinary
El
Jan
200 10351 Jan 106
1054 105%
431 Jan
715 Feb Ga Pow (new corp) $6 pf_*
64 751 30,400
Servel Inc(new co) v t e..•
751
Mar
300 2415 Jan 32
32
100
32
23
Feb 31
Jan Interest Rys v t c
24
2,400
1•51 27
27
Preferred v t 0
Feb 5111 Jan
200 45
45
45
Mar Internal CHI class A....* 45
16,700 4011 Jan 55
55
Seheaffer(W Al Pen new.. 5315 49
1015 Jan
34 Feb
600
Class B
734
755
Mar
754
495( 55
150 494 Mar 55
55
Sheffield Steel tom
Jam 10011 Feb
200 97
100 10035
Participat prof
• 100
400 65% Mar 6711 Jan
654 67
Sher-Williams Co, com_25
loo 1315 Fel. 1554 Jain
134 1315
Feb
1911 Jan K C Pub Serv corn v t c_ •
700 17
18
18
18
Silica Gel Corp,com v t
27% Jan
Jan 5315 Mar Lehigh Power Securities_.• 2651 244 26% 4,700 191( Jam
53% 3,300 39
Sliver (Isaac) & Bros cons.• 504 49
300 24 4 Feb 2 5.4 Jan
Dep rerelpts for comstk
555 Feb
74 Jan
25
264
500
fl
5% 575
Singer Mfg Ltd
10 110% Jan 11251 Feb
.100
111% 111%
Mar 103
75 86
Jan Long Isid Ltg 7% pf..
86
87
corn...* 87
Smith (A 0) Corp
Finia Vince.% Ltd 200 lire
494 Jan
Feb
3
74 Feb
331 351 71.900
94 Jan Marconi Wirel T of Can...1
34
734 755
600
Dep rots Chase Nat Bk.
951 Jan 1531 Jan
Marconi Wirel Tel Lond.E1 14% 1311 1455 5.100
254 274 8,000 2335 Jan 294 Jan
Southern Asbestos Co_ _ _• 27
Jan
18
1214 Jan
Preferred
134 1335 1,800
100 344 Jan 3
35
35
734 Feb
Southern Grce Sts, cony_ •
Jan
40 11031 Mar 112
Jan 294 Mar Mass Gas Cos cora _ _ _ _100 112
III 112
294
700 '24
Southern Stores Corp CIA • 2955 28
Feb
Fe). 147
10 147
Jan 155
147 147
146 150
300 f125
Mass Lighting Cos corn..' 147
Feb
Spalding(A O)di Bros corn • 150
Feb
Jan 135
goo 123
24 Feb
351 Mar Middle West UM com. •
130 131
311 2 15 16 311 30,000
Span & Gen Corp, Ltd._El
Jan 9935 Feb
450 94
Jan 64
98
• 97% 97
$6 preferred
11,500 30
62
Feb
Sparks-Withington Co__ _• 6111 53
Mar
100 11715 Jan 132
251 Feb
132 132
7% preferred
100 132
311 Jan
100
34
25
315 334
Standard Pub Cl A
Jan 12811 Feb
100 a127
Prior lien stock
s125 1125
50 1024 Feb 112
107 107
Jan
100
Mfg corn 25
Stand Sanitary
2,100 294 Jan 81% Jan
35
Mar 36
2,40
304
Mar Mohawk & HIM Pow corn • 3015 30
36
3535 35
New
Jan
25 10851 Jan 110
55
Jan 66
1084 10854
5
Jan
•
First preferred
55
574
* 55
Stern Bros class A
8 Mar
Jan
6
900
94 Jan
40
755
755
715
1094 Jan
93( 94
"varrants
951
•
Stinnes(Hugo) Corp
50% Feb
Jar
48
900
38
Feb 41
• 4714 4715 4834
1,00
Mar Mohawk Valley Co
• 4011 3911 41
Stroock (S)& Co
Mar
300 134 Jan 75
1415 15
14 34 Mar
184 Jan
90
Municipal Service
• 15
• 1411 1455 154
Stutz Motor Car
3255 Feb
95
Mar 96
96
10
96
Mar Nat Elec Power Cla98 A _ ...• 3055 3015 314 1.100 '27% Jan 111
Swedish Match clA(too Kr) 96
Feb
200 10834 Jan
Jan 133
90 125
Feb
13055 13215
Nat Power & Light pref • 109% 1094 10935
100 z131
Swift & Co
Jan 26% Feb
2551 Jan 3415 Feb
3055 33
22,60
Nat Pub Serv corn class A • 254 2511 25% 3.100 22
15 32
Swift International
Feb
1,800 2415 Jan 30
1455 Jan
274 28
1915 Jan
1931 1915
40
Common class Fs
•
Byres Wash Mach B corn •
mar
Mar 110
800 102
1115 Feb
13
105 110
13
Mar New Be I Gas & Ed Lt_ _25 106
1334 3,20
Timken-Detroit Axle_ _.10 13
Jan
Feb 75
20 72
1034 Jan 10555 Mar New Eng Pow Assoc corn.'
75
75
1
10515 1054
100
Preferred
375 11311 Jan 115% Mat
33
Jan 4254 Mar
1144 115%
36% 42% 17,00
Y Telep 515% pref _ _100
Tishman Realty & Constr• 41
Feb
Jan 94
100 92
315 Jan
9215 92%
45, Feb Nor Amer Util Sec 1st pfd.
355 355 2.30
355
Prod Exports.._•
Tobacco
Feb
1951 Jan 23
42
Mar 51
60
45
Northeast Power corn____• 204 204 20% 4,400
Jan
Todd Shipyards Corp....' 4215 42
Jan 254 Mai
254 58,700 18
Northern Ohio Power Co.' 25% 24
-Lux Pict Screen
Trans
Jan 9811 Mar
10 98
34 Jan
941( 9311
800
455 Feb North Ont L & P pref. _100
•
34 4
Class A common
Jan 13615 Feb
4.100 284 Jan 314 Jan
Nor States P Corp corn.100 13354 13351 13455 3,100 u123
Trice Products Corp corn.* 3074 2931 31
150 1084 Feb el0951 Feb
1015 Jan
104% 10915
12
13
12
10
Preferred
Feb
100
Trumbull Steel coot-...25 12
Feb
50 11135 Feb 114
II% Feb
13
113 113
1115 12
20
25 12
Feb Ohio Bell Telep 7% pf _100
Corn ctf dep
Jan
Jan 110
10 109
90
Jan 110
110 110
99
99
15
100 99
Feb Ohio Pub Ser 1st pref A 100
Preferred
96
Feb 110
101
2715 2711 2.700 2851 Jan 2855 Feb
200
100
100 101
Feb Pacific Gas & El 1st pf..25 2731
Fret ctf of dep
Jan 364 Mar
600 3211
25 10715 Mar 1074 Mar Penn-Ohio Ed corn
100
3515 3634
•
10714 10715
Truscon Steel pref
Jan
900 1064 Feb 109
Feb 564
516 564
15,920 450
Mar
lno
10655 107
7% prior pref
Tublze Artificial Silk ci B.• 564
Jan
140 9354 Feb 96
94%
94
2015 21
1.000 1934 Feb 214 Jan
100 94
is preferred
Tung-Sol Lamp Wks cl A.• 21
Mar
14
Jan
1.200 11
13% 14
1035 1014
300 1055 Feb
14
1135 Jan
Option warrants
Common
Jan
14
Feb
Feb 66
•
1351 134 2,000 13
60
200 60
60
• 134
Jan Penn Ohio Recur Corp_ __.
United Biscuit class A.
Jan 2311 Feb
100 20
15
100 134 Feb 2135 Jan Pa Gas & Elec class A.._ _•
15
2115 21%
Class B
Feb
75 1094 Jan 111
11035 111
10,900 264 Feb 35
Mar Pa Power & Lt $7 pret.100
Coal Cos v t 0—* 3335 314 35
United El
Jan
Jan 73
800 68
6854 69
57
7,700 5234 Feb 64
64
Mar Pa Water & Power
•
Unit Piece Dye Wks corn.• 61
200 114 Feb 134 Jan
100
1064 107%
1.600 1054 Feb 10834 Feb Power Securities corn...' 1255
12% 1235
615% preferred
Mar
934 Jan
1234 Feb
200 6015 Feb 63
100
945
6035 63
945 9%
63
Second preferred
United Profit-Sharing corn.
Feb
Jan 57
500 3415 Jan 50
53
48%
5414 1,400 40
Feb Puget Sound P & L corn 100 48% 48
US HWY Prod class A.--• 53
Jan 994 Mar
90 92
15
15
6% preferred
100 134 Feb 2134 Jan
9954
100 984 98
Class 13
Jan
112
79
Mar 85
50 1094 Feb
125
80
Jan
100
1104 111
7% Preferred
S Finishing Co corn..100 794 79
Mar 2535 Feb
23% 1,300 21
U 53 & Foreign Sec corn—. 2174 21
Feb 1004 Feb Rhode Isld Pub Ser prof..•
99
200 301( Jan 314 Mar
99
3114 3135
200 99
6% preferred
Jan 3851 Feb
80
15.700 7015 Feb 8474 Jan Sierra Pacific El corn..100
36
36
200 29
• 7994 73
S Freight
Jan
Feb 95
Feb 92
72
72
125 72
95
10 594
..20
95
Preferred
Jan
100
US Gypsum common.
800 2551 Jan 2711 Jan
3,600 6734 Jan 95
Feb Sou Calif Edison pref B_25
• 884 8514 90
2615 2615
US L Battery corn
50 63
128 128
Jan 128
200 284 Jan 294 Mar
Preferred A
Mar
25 29% 29% 2935
Vulcan Last
Mar
Mar 35
35
30
1.000 30
• 2534 25% 2591 2,300 2414 Jan 2551 Feb Sou Cities CHI corn A__ • 35
Waitt & Bond Inc el A..
•
Jan 7851 Mar
300 16
Feb
18
164 1615
25 75
Preferred
785(
78
Jan
ifs)
Class B
Jan 2815 Jan
500 1204 Feb 136
126% 136
Mar Sou Cob Power class A_ _25
2535 2551
300 25
pf (with war)'
Walgreen Co
2035 Mar Southeast Pow & Lt corn.' 43
414 4311 6,900 4111 Feb 4435 Jan
Warner Bros Pictures...' 184 1815 2054 9,600 1335 Jan
4315 Jan
151' 2.100 134 Jan 20
Corn voting trust Ws..
4151
Jan
• 4115 41
500 4014 Fe
Watson (Jno Warren) Co.' 144 14
Feb 73
69
$7 preferred
70% 1,300 67
Jan
200 1084 Jan 10955 Jan
•
109% 109%
Wesson Oil& SD corn v t e• 8935
Mar
•
100 102
Jan 89
Jan 106
106 106
300 84
Mar
Participating pref
• 8315 88% 89
Preferred
3314 334 1.400 2711 Jan 3335 mar
134 Jan
Warrts to pur corn SIR.. 13)1
1231 1331 1,800 1235 Fe
Western Auto Supply Pf •
Jan
119
1474 Feb 155
450
151 1544
Feb Southwest Bell Tel pf.
.100 119
100
300 117% Fe
119 119
West Point Mfg
39%
400 3434 Jan 40
Jan 111% Jan
39
Feb S'west P & L 7% pref _ _100
290 110
110 111
Wbeatsworth Inc corn_ _ _•
Mar
6,400 204 Mar 264 Feb Stand Gas & El 7% pf.100
204 25
100 11054 Jan 112
112 112
Wire Wheel Corp coin new. 2474
Mar
• 3234 3155 334 2,900 264 Jan 33<1 Mar Standard Pow & Lt eom.25 41
41
8.000 2911 Jan 45
45
Woodworth Inc corn
1,200 2215 Jan 224 Feb
Preferred
150 103% Jan 10615 Mar
10511 10615
•
-• 2234 2255 224
Worth Ins cony class A.
Jan
•
15
300
Jan 20
15
15
Jan 64
Jan Tampa Elee Co
100 62
• 6234 6254 6235
Yellow Taxi of N Y
Feb
125 44
Jan 5355 Feb Texas Pow & Lt 7% pf _100
4951 50
20 11314 Mar 115
11315 1134
• 60
Zellerbach Corp
Mar
114 115
Toledo Edison Co 7% pf100 115
Feb 115
20 110
Mar
United Gas Imps
20.300 11111 Jan 119
50 1184 114 119
Rights—
1734 Jan
United Lt & Pow corn A...• 174 1651 1715 33.500 1311 Jan
Mar
25
Feb 61e
580. 8,200 530
Common class B
Jan
x2414 21)1 25
800 20
57c 56c.
Feb
American metal
Jan
71e Mar
Fret class A
115 Feb
200 9415 Jan 100
71e. 11-16 61,100
• 99% 9915 9974
Amer Superpower
•
44 Feb
56
Preferred class B
6
200 52% Jan 5634 Mar
411 44 12,300
5634
Jan
411
Borden Co
23;4 2615 14,000 1835 Jan 2635 Mar
88c. 54,900 64c Mar 88e Star QUI Pow a, Lt class B. •
77c 75c.
Celanese Corn
1211 Feb
Feb
114 12
131 Mar
800 11
141 Mar Eltil Shares Corp coin__• 12
134 1% 8,200
115
Cities Service
Mar
Jan 1580
4784 580
64 Mar
611 Jan Wash fly & El coin_ __lag 510
17 460
100
64 64
Detroit Creamery
5914 59%
1 Si. 5951 Feb 6314 Mar
200
•
211 Jan
234 Jan Western Mass Coe
211 24
25.1
Fiat
7
615 715 2,400
75
12
12
211 1,700
2
100
231 211
115 211 16,600
215 3,500
115
11
1115 2,600
315
114
14
251
14
115
835
Feb
Feb
Feb
Mar
Mar
Mar
Feb
715
16
251
24
231
255
124
1492
FINANCIAL CHRONICLE
Friday
Sales
Last Week's Range for
Former Standard Oil
Sale
of Prices.
Week.
Subsidiaries Par. Price. Low. High. Shares.
Anglo-Amer Oil (vol eh)£1
Non-voting shares_ __£1
Borne, Scrymser & Co_100
Buckeye Pipe Line
50
Chesebrough Mfg Cons _25
Continental 011y t c__ _ _10
Cumberland Pipe Line.100
Eureka Pipe Line
100
Galena-Signal Oil com_ _100
Preferred new
100
Preferred old
100
Humble Oil & Refining_ _25
Illinois Pipe Line
100
Imperial 011 (Canada)
Indiana Pipe Line
50
National Transit.._ _ _12.50
New York Transit
100
Northern Pipe Line_ _ _..100
Ohio 011
25
Penn-Mex Fuel
25
Prairie Oil & Gas
25
Prairie Pipe Line
100
Solar Refining
100
Southern Pipe Line
50
South Penn Oil
25
So West Pa Pipe Lines_100
Standard Oil (Indiana)_ .25
Standard Oil (Kansas)__25
Standard 011 (Kentucky)25
Standard 011 (Neb)
25
Standard 011(0) corn_ _25
.
Preferred
100
Vacuum Oil
25
2136
19%
20% 21%
194 19%
51
50
5934 67
128 128
17% 174
89
90
70
724
54 64
30
3535
36% 45
624 644
186 206
59
5911
764 8434
254 2811
54
49
110 11235
60% 61%
4014 4331
484 49%
200 213
17731 177%
30
27
38% 39H
96 102
72% 74%
1531 15%
1244 130
41
414
7311
73
118 118
141 14335
4,100
1,200
300
2,400
100
9,400
200
400
700
140
120
4,900
2,400
900
1,700
18,600
850
900
2,100
3,400
2,800
2,950
10
1,000
1,200
1,400
18,800
1.100
10,300
200
600
90
4,900
Range Since Jan. 1.
Low.
1834
1734
50
58
11731
16
89
64%
411
27
35
5931
17636
5611
74%
2034
38%
94
5814
29
4714
184
175
21
36%
70
7031
15
12231
39%
73
100
13631
Jan
Jan
Mar
Jan
Jan
Feb
Feb
Jan
Jan
Jan
Jan
Feb
Jan
Feb
Feb
Jan
Jan
Jan
Feb
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Feb
Feb
Feb
Jan
Feb
High.
22%
20%
56
67
14911
23
105
724
611
40
45
68
206
654
84%
284
54
11236
684
444
504
216
178
3334
40%
102
804
1734
133
43
79
12034
149
Bonds
-
[Vor... 126.
Friday
Last Week's Range Sales
Sale
of Prices.
for
Price. Low. High. Week.
Range Since Jan. 1.
Low.
Feb Abbotts Dairies(Is__ __1942
10211 1024 £1,000 1004
Feb Adriatic Electric 7s___1952 98% 0834 nI00 40,000 944
Jan Alabama Power 4345__1967 9631 95% 9634 233,000 94%
65
Mar Allied Pk let M col tr's130'39
49% 50
8,000 35
128
Jan
Debenture 68
1939 46
96
46
4,000 4534
17/1
Jan Aluminum Co e f deb 58'52 10211 102 10231 118,000 101%
Feb Amer Cyanamid 5s......1942 95
94% 953.4 37,000 94%
Mar Amer G & El deb 65.2014 10931 10831 109.4 178,000 108%
Mar Am Natural Gas 6%8_1942 98
611
974 98% 108,000 97%
354
Feb American Power & Light
45
Mar
(Ss. without warr'nts 2016 1084 108% 109 127,000 10734
64
Jan Amer Radiator deb 4118'47
9934 100
39,000 98%
204
Mar Amer Rolling Mill 6s_ _1938 164% 104% 1044 11,000 10435
594
Jan
Deb s 1 5s
1048 994 9916 9931 106,000 9934
83
Mar Amer Seating 68
1936 103
10236 103
14,000 10211
2731
Mar American Thread 60_1928
10036 1004 7,000 10015
Mar Anaconda Cop Min 68_1929
10134 10114 34,000 10131
11036
Mar Andean Nat Corp 6s _ _1940
6131
,
Jan
Without warrants
104% 10441 1044 11,000 10434
40%
Mar Appalachian El Pr 58_1958 10011 1004 10035 67,000 9935
4911
Jan Arkansas Pr & Lt 58_ _1956 99% 9911 100
44,000 98%
210%
Feb Associated G & E 511s 1977 1034 10331 10331 166,000 101%
Jan Associated Elec 5%is_ _1946 104% 104 10411 140.000 103
Jan Assoc'd Sim Hard 034e '33 86
85
86
12.000 844
Jan Atlantic Fruit 88
1949 19
19
1911 11,000 19
1004
Mar Batav1an Petr deb 43481942 9334 9336 9334 77,000 9334
7411
Jan Bates Valve Bag 68_ _1942
1531
Jan
With stock purch warr__ 107
107 10934 64,000 99
129
Jan Beacon Oil 6s, with warr'36 10031 100% 10031 14,000 1004
Jan Beaverboard 88
1933 102
102 102
18,000 96
734
Jan Beaver Product 734s_ _1942
109 109
1,000 108
Feb Bell Tel of Canada 58.1955 10531 105% 10515 43,000 10431
142%
Feb
1st M 58 ser B June 1 '57 10511 10531 105% 18,000 104%
Boston & Maine RR 55 1967 9831 974 984 233,000 9734
Other Oil Stocks.
6s
1933 10315 10331 103% 15,000 103
Amer Contr 011Fields____5 83c
820 900 28,000 800 Feb
134 Jan Burmeister & Wain Co ol
Amer Maracaibo Co
•
411
311 4H 6,800
331 Feb
Copenhagen 15-yr 68 '40
434 Jan
9634 97
6,000 96%
Argo Oil Corp
10
231 231
100
24 Feb
431 Jan Canada Cement 5318_1947
102% 10231 2,000 101%
Arkansas Natural Gas.._10
711 Mar
8)1
8
900
835
934 Jan Canadian Nat Rye 78_1935 113
113 11311 36,000 113
Atlantic Lobos 011 corn _ _ _*
131 Jan
134 1% 1,400
131
334 Jan Carolina Pr & Lt Ss__ _1956 10311 10335 1034 5,000 103%
Hamadan Corp stock Dumb
Cent All States Serv Corp
warrants (deb rights).-.
4% Feb
44 4%
900
431
541 Jan
1st 68 A with warr_ _1943 9731 97% 99
34,000 9731
Cardinal Petroleum
15c 220 11,000 100
10 220
Jan 30c
Feb
634% notes with warr '33 99
99
9931 5,000 99
Carib Syndicate new cons..
2234 22% 23% 3,600 1814 Jan 23% Jan Cent States Elec 5s_ A948 9634 9634 9636 54,000 9635
_1948
Creole Syndicate
14% 13% 14% 195,800 1011 Jan 144 Mar Cent States P & Lt 534s '53 97% 9731 9834 34,000 96%
Crown Cent Petrol Corp_ •
85c 980
300 855 Mar
114 Jan Chic Pneurn Tool 5145 1942 99% 99% 9931 26,000 0834
Darby Petrol Corp
12
11% 13% 7,500
8)1 Jan 134 Mar Chic Rys be Wsdep._1927
84% 84% 3,000 8311
Voting trust ctts
124 13%
•
900
Jan 13% Mar CIncin St Ry laser A_1952
103% 10391 3,000 101
Derby 011 & Ref corn_
1 1-16 1 1-16
100
•
Jan
131 Feb Cities Service 513
1958 93% 92% 9311 166,000 904
Gibson 011 Corporation__ 1
14 1% 7.400
1m• Mar 2 Jan
1%
6s
103 10336 39,000 103
1966 103
Gulf 011 Corp of Penns_ _25 10715 106 10834 3,000 10136 Feb 11711 Jan Cities
Service Gass 5%51942 96
9414 96 235,000 94%
Houston Gulf Gas
• 154 13
16% 29,200 1131 Feb
16)1 Mar
Cities Serv Gas Pipe L 68'43 994 99
99% 115,000 9816
Intercontinental Petrol_ _10
24
211 211 12,000
111 Jan
214 Mar Cities Serv P & L 546 1952 98% 984 n9931 262,000 9734
International Petroleum • 37% 364 374 11,100 35
Feb 43
Jan Clay Elec III 5s A._ _ _1954
10536 10511 5,000 105%
Kirby Petroleum
131
1%
134 1,100
134 Jan
131 Jan Cleve Terml Bldg 6s _1941
994 9931 2,000 9934
Leonard 011 Developm't_25
531 531
1,800
511
514 Mar
634 Jan Commander Larabee 65 '41 91
91
9111 9,000 91
Lion 011Refining
• 23% 23% 23% 1,300 20
Feb 2494 Mar Commerz und Privat
Lone Star Gas Corp
.53% 5434
25 54
800 52
Feb 55% Feb
Bank 535e
1937 91
9011 91% 153,000 0034
Magdalena Syndicate_ _I
1
1% 3,100
1
Mar
111 Jan Commonw Edison 411s 1057
100% 100% 5,000 10031
Mariand 011 of Mex
1
111 14
100
1% Jan
211 Jan Consol G EL &P Bait
Mexico 011 Corp
10
230 250
3,000 23c Mar 43c
Jan
68, series A
10511 106
1949
20,000 105%
Mountain Prod Corp___10 2611 264 264, 5,100 2341 Feb 28% Jan
5368. series E
10631 10611 3,000 1064
1952
Nat Fuel Gas new
25% 26
1,100 25
Feb 28
Jan Consol Publishers648 1936
984 9811 1,000 9731
New Bradford 011
5
411 4%
200
44 Mar
531 Jan Consol Textile 8s
1941 94
94
9411 12,000 94
New England Fuel Oil_ •
4
431
200
4
Mar
434 Jan Cont'l G & El 61111 A_1964
105 105
7,000 10431
New York 011
25 13
12% 13
300 1111 Jan
1411 Jan
58
1958 95% 9531 9534 62,000 9534
North Cent Tex 011
•
12% 12%
400 104 Jan 12% Mar Continental 011 548..1937 97% 97% 974 26,000 97
Northwest Oil
1
30
3c
1,000
3c
Feb
40
Jan Cont Sec Corp 5s A 1942
'
.
Pandem Oil Corporation..•
4
334 4
331 Mar
4,700
6
Jan
with warrants
109
109 10931 118,000 99
Pantepec 011 of Venezuela.
94
84 94 8,200
1031 Jan Cuba Co 6% notes__ _1929
834 Feb
9834 98% 15,000 97
Peer 011 Corp
40
9e
40 Feb
5,000
90 Mar Cuban Telephone 714s 1941
111 1114 17,000 111
Pennock 011 Corp
5% 5%
700
5,15 Feb
611 Jan Cudahy Pack deb 514s '37 100
9931 10034 73,000 9735
Red Bank Oil
25
12
14
900
931 Feb 14
Mar
.5s
101% 102
1946 102
22,000 100%
Reiter Foster 011 corti-•
44 531 2,500
411 Feb
531
554 Jan Deny & Salt Lake Ry (38'50 86
88
86
24,000
Richfield Oil of Calif p1.25 25
24% 25
1,500 2311 Feb 254 Jan Detroit City Gas 58 B 1950 10334 1034 10334 23,000 80
103
Salt Creek Consol Oil_ _ _10
6%
1,400
631 6%
6% Feb
734 Jan
13s, series A
1947 107% 10734 10711 9,000 107
Salt Creek Producers... _10 314 314 32
3,000 2811 Feb 35
Jan Detroit 1st Bdge 630_1952 10111 101% 102
54,000 10134
Tid-Osage Oil vot stack..,.• 164 16% 17%
500 13
Feb 2()
Jan
25
-year s f deb 78_1052 10011 100 10034 60,000 100
Non-voting stock
• 1531 14
15% 1,500 13% Feb
18
Jan Dixie Gulf Gas 6115_1937
Transcont'l 011 7% 131 100
86
88
400 8234 Feb 9334 Jan
with warrants
9911 994 9936 70,000 9931
Venezuelan-Meg 011
• 2931 294 3034 1,300 18
Jan 3034 Mar East Tenn Off 13Idg 6%8'43 100
9936 100% 3,000 9934
Venezuela Petroleum_ _ .._5
531
5%
4% Feb
MI 5,600
634 Jan Eitingon-Schild 6s.....1938 104% 1044 105
06,000 97
Wilcox(H F) Oil & Gas.. •
194 20% 2.400 184 Feb 22% Jan Elec Refrigeration 68_1936
67% 69
10,000 6634
Woodley Petroleum Corp_•
534 6
6
200
7
511 Mar
Jan Empire Oil & Refg 5315 42 9315 9311 9334 156,000 92%
"Y"Oil& Gas
2% 3
25_
3
300
24 Feb
3
Mar European Nita dr Inv 7s '50 9731 9711 974 7,000 97%
Fairb'ks, Morse & Co 5e'42
96% 97
37,000 96%
Mining Stocks.
Federal Sugar (3s
1933
8511 85% 1,000 8534
Amer Commander M & M I
4c
4c
3,000
4c
Jan
7c
Jan Firestone T&R Cal 53 1942 97
90% 97% 44,000 06%
American Exploration_ _ _1 710
710 94c
5,400 710 Mar
14 Jan First Bohemian Glass Wks
Arizona Globe Copper_ _I
40 13,000
30
30
Jan
6340 Jan
181 7* with stk pur war'57
90% 9035 5,000 90
Bunker Hill & Sullivan_.10
200 141
150% 150%
Jan 160
Jan Fisk Rubber 511s_ _1931 9634 9634 98
40,000
Butte & Western Min_ _1
2c
1,000
20
2c Feb
2c
Feb Florida Power & Lt 58..1954 9711 97% 97% 166,000 9634
Carnegie Metals
10 26% 22% 274 35,000 17
Jan 274 Mar Gair (Robt) Co 510..1942 1014 98% 1014 44,000 9754
97
Central American Mines..
Jan
211 33( 8,700 600
331
331 Mar Galena-Signal 011 75_1930 92
92
87
53,000 87
ChiefConsol Mining
311 Mar
1
3% 311 4,800
454 Feb Gatineau Power M._ _1956 10031 100 100% 24,000 9934
Consol Copper
31,400
7
_ _1
9
Jan
9
Mar
831
gs
1041 1024 10236 10234 16,000 10244
Consol Nay Utah Copper_3
Mines_3,000
6C
5c
Jan
(30
90
Feb Gen Amer Invest 5s 1952
150 153
7,000 137
Cortez Silver Mines
2.000 18c
230 230
Jan 23c Mar
1
Without warrants
9315 191,000 9236
93% 93
Cresson Consol 0 M & MI
300
lii Jan
24 2 3-16
24 Jan Gen Laundry Mach 64537 100% 10014 101
38,000 100
Divide Extension
3c Mar
3,000
30
1
4
Jan General Vending Corp
Sc
Dolores Esperanza Corp_ ..2 31
2,000 300 Mar 60c
30 31
Feb
6s with warr Aug 15 1937 94
98% 151,000 .19734
94
.
Engineer Gold Mines Ltd.5
2
34 436 4,500
Jan
3%
754 Jan Georgia & Florida 6s._1946 78
78
8435 16,000 7934
Eureka Croesus
Jan
3e
6c 46,000
1
40
40
8c
Feb Georgia Power ref 58..1967 10031 10034 101
58,000 99%
Falcon Lead Mines
1
105 140 11,000 100 Mar 160
Jan Goodyear T & R 55_ _1928 10034 1004 100% 9,000 100
First Thought Gold Mineel
Jan
2c
1,000
2c
2c
3c
Jan Goodyear T&R Cal 5%8'31 100% 10036 100% 14,000 100%
Golden Centre Mines_ _ _ _5 1031
2)1 Jan 109-4 Mar Grand Trunk Ry 643_1936
8% 10% 44,300
111 111% 6,000 11054
Goldfield Consol Mines...1
130
5,000
Jan
16c
120 140
Feb Guantanamo & W Ry 6s '58 96% 96% 97
51,000 9694
Goldfield Florence
Jan
Sc
16c Mar Gulf Oil of Pa 58.. _1937
90 160 14,000
1 150
10116 10231 28,000 101%
Hawthorne Mines. Inc
2o
46.000
Jan
40 Sc
Sc Mar
1
40
Sinking fund deb 58_1947 10114 101% 101% 55,000 101
Hecla Mining
Mar 18
16% 174 1,500 16%
i5c
Jan Gulf States Util be__ _1956 100
100 1004 8.000 994
Hud Bay Min & Smelt.._
16% 17% 35,000 1611 Feb 21% Feb
17%
Jerome Verde Devel - _50c
1,500 16c
Feb 24c
160 200
Feb Hamburg Elea Co 75....1935
100% 102% 57,000 9916
Kerr Lake
Jan 640 Feb Hanover Cred Ins 88_ _1931
200 500
5
550 550
954 90
26,000 94
Kirkland Lake G M
200
131 Feb
211 231
231 Feb Hood Rubber53450ct 15'36 954 944 954 13,000 9411
1
Mason Valley Mines
1,800
5
13-4 Jan
116
I%
78
1%
134 Jan
1936
102 10235 5,000 102
Mining Corp of Can
6 9-16
594 Jan Hygrade Food Prod 60 1937
3% 39 3-16 1,700 z316 Feb
160 162
4,000
New Cornelia Copper__ _5 264 26
1,400 254 Feb 2951 Jan Illinois Pow & L 530.1957 994 9834 99% 6,000 143
26%
98%
New Jersey Zinc
200 180)1 Jan 195
Feb
WO 190% 190 191%
514s
,
102 102
1954 102
1,000 102
Newmont Mining Corp....10 161
Jan 1733.4 Feb Indep Oil& Gas deb 66 1939 9816 984
157 163% 33,500 122
,
98% 79,000 964
N Y & Honduras Rosario10
Jan
100 14
1534 1531
17
Jan ind'polis P & L 5s ser A '57 10134 101 101% 73,000 100%
NI/geeing Mines
4
Feb
534 Jan Internal Match deb 5s 1947 9931 984 n9934 321,000 984
5
491 515 2,800
5%
Noranda Mines,Ltd
,
1,700 1736 Feb 23% Jan Int Pow &cur 75 ser E 1957 99
1914 20
• 1936
9834 99% 30,000 95%
North Butte
300 950 Feb
14 Jan Internal Securities; 55..1947 9535 95% 954 122,000 95%
1
950
10
Ohio Copper
800 Feb
1135 Jan Interstate Nat Gas 68800 900 12,700
1 860
Plymouth Lead
Sc
6,000
Jan
50
5c
Jan
Sc
1
Without warrants_ _1935 103
1024 103
14,000 101%
Premier Gold Mining_ ___1
Feb
311 Jan
,
211 2% 3,300 235
With warrant
125 125
125
4,000 12331
Red Warrior Mining
150 170 11,000 150 Mar 27e
Jan Interstate Power 58......1957 97% 974 97% 94,000 964
1
San Toy Mining
3c
7,000
Jan
4c
30
Jan
30
1
3c
Debentures 13s
1952 99% 9831 99% 86,000 9711
Shattuck Dann Mining-. 1336 13% 1414 4,300
634 Jan 1731 Jan Invest Cool Am bs A.1947 96% 96% 96% 53,000 96
South Am Gold dr Fiat....)
2% Jan
334 Mar Investors Equity Co 55
3
334 2,800
Teck-Hughes
1,000
84 Feb
1051 Jan
811 931
with warrants
1
811
110 110
1947
2,000 10434
90 Jan
Tonopah Extension
18c
Jan Iowa-Nebraska L & P 5s 57 9831 9831 98% 40,00
1 100
10c 120 27,000
96%
Tonopah Mining
2,000
5
234 Jan
Feb
4
4
Marco Hydro-El 75 _1952
1
934 94
93%
23,00
United Eastern Mining _ 1 550
Jan 84o
700 45c
550 60c
Feb Isotta Franchini 75_ _ _1942
United Verde Extewsion50c 2036 2011 30% 2,500 194 Feb 2554 Jan
with warrants
98% 9831 9831 15,00
9831
Utah Apex
4% Mar
900
54 Jan Jeddo Highland Coal 6 '41 10434 1044 104% 4,000 104
44 414
5
Utah Metal & Tunnel_ _1
14 Feb
400
111 Feb Kemsley, Millbourn & Co
131
131
Wenden Copper Mining_ _1
Jan
Fen
2
1)1
Ltd s f deb Os Sept 1 1942
1%
1% 5,400 940
160% 17014
5,00 159
West End Extension Min_ _
Jan
20
35 17,000
30
50
Jan Koppers0 Sr C deb 55_1947 1004 100 10034 45,00
,
9911
Wright
-Hargreaves M
44 Feb
64 Jan Lehigh Pow Secur 65_2026 107
400
•
5% 5%
10611 107% 96,000 105%
Yukon Gold Co
1,100 500 Feb 700
5
Mc 600
Jan Lehigh Valley RR 45_ _2003
1,00
91
9135 9135
High,
10231
n100
9631
52%
4711
102%
9534
109%
100
Mar
Mar
Feb
Jan
Jan
Feb
Jan
Jan
Jan
n10911
100
10531
9911
104
10136
101%
Feb
Jan
Jan
Jan
Jan
Jan
Jan
1044
101
1004
10334
104%
884
20%
94%
Mar
Feb
Feb
Jan
Jan
Feb
Jan
Feb
110
Mar
103
Jan
10354 Jan
109
Jan
10534 Feb
106
Feb
99% Jan
10431 Jan
100
Jan
1023( Feb
11435 Jan
104
Feb
99
9931
9834
99
100
87
103%
934
103%
96
10014
9934
10534
100
944
Mar
Mar
Jan
Jan
Jan
Jan
Mar
Mar
Jan
Mar
Feb
Jan
Jan
Jan
Jan
9411 Jan
101% Feb
n10831
10711
984
96
1053'
9534
99
Feb
Jan
Jan
Jan
Jan
Feb
Jan
109%
98%
113%
10034
102
88
103%
10831
103
101
Feb
Mar
Feb
Feb
Mar
Mar
Jan
Feb
Jan
Jan
9931
100)1
n105
7331
9431
9911
979-1
89;4
98%
Jan
Mar
Mar
Feb
Feb
Jan
Jan
Feb
Jan
Jan
93
08% Feb
9834 Feb
101% Mar
Mar
92
101
Jan
103% Jan
161% Jan
Feb
94
Jan
101
984
96.35
101
1004
J101
112
9734
1024
102%
10014
Oct
Jan
Mar
Jan
Jan
Jan
Jan
Feb
Jan
Feb
103
96%
96
10314
177
99)1
102
994
101%
9911
9911
2514
Feb
Feb
Jan
Jan
Feb
Mar
Mar
Jan
Mar
Jan
Mar
Jan
103
Mar
Mar
125
0834 Jan
9934 Mar
9731 Jan
110
Feb
99
Feb
94% Feb
99
105
Mar
Feb
1744 Jan
100% Jan
1084 Feb
9231 Jan
FINANCIAL CHRONICLE
MAR. 10 1928.]
Bonds (Continued)-
Friday
Last Week's Range Sales
for
ofPrices.
Sale
Price. Low. High. Week.
Range Since Jan. 1.
Low.
High.
Leonard nets Inc 7155 '46
Jan 13631 Mar
With stk purch warets..- ------ 1384 1364 7,000 130
6,000 102% Jan 1034 Feb
10211 103
Without warrants
Libby, McN & Lib 55 1942 9434 94% 95% 50,000 94% Mar 964 Jan
Mar 964 Mar
96
964 6,000 96
Loewe Theatre Real. 65 '47
97
29,000 944 Jan 98
96
Jan
Lombard Elea Co 75_1952 97
Feb 984 Mar
973.1 9714 984 91,000 98
With warrants
Jan
Lone Star Gas Corp 55 1942 9831 984 93% 20,000 9835 Feb 100
1044 105
14.000 1044:f Jan 1054 Feb
Long Island Ltg 65_1945
27,000 9715 Feb 98% Feb
9711 98
Louisiana Pow & L 58_1957
Manitoba Power 5145_1951 1033.4 103 103% 15,000 10234 Jan 103% Feb
Jan
Mass Gas Cos 5158___1946 10431 10441 10434 20,000 10431 Jan 105
994 100
13,000 994 Feb 101
McCord Rad de Mfg 651943
Feb
Meridionale Elec Co(Italy)
-year 5 f 7s ser A__1957 984 984 n9911 116,000 9431 Jan 09911 Mar
30
9,000 100
10044 101
Jan 1014 Feb
Milwaukee CI L 4155._1967
98% 9911 62,000 98% Mar 100% Jan
Mo Kan Texas 4148 D__'78
10014 1014 21.000 1004 Mar 1024 Jan
Montgomery Ward 543_1946
100 100% 28,000 98
Jan 1004 Jan
Morris do Co 710.-1930
25,000 10115 Jan 102
Narragansett Co coil 55 '57 10111 1014 102
Jan
97
97
5,000 97
Nash Chatt & St L 45 A '78
Feb 97
Feb
99
29.000 99
Nat Dairy Prod 534s.1948 99
99
Feb 994 Feb
6,000 102
Nat Dist Prod 610..1935 102
102 103
Mar 1034 Jan
107% 108
97,000 107
Nat Pow dr Lt 68 A___2026 108
Jan 1081( Jan
105 105
12,000 103
Nat Pub Serv 614s___1955 105
Jan 105
Feb
1941 99
Nevada Cons 55
99
9935 7,000 9834 Jan 9911 Feb
New Eng G & El Awn bs'47 9831 98% 98% 18,000 98
Feb 9914 Jan
NYNH&HRR 445'67 9345 92% 9315 859,000 92% Jan 94% Jan
N YI &L Corp lst 4%5'87 9615 9534 96% 848,000 95
4
Jan 96% Mar
Niagara Falls Pow 65.1950 10531 10515 106
28,000 10534 Feb 106
Jan
Nichols & Shepard Co 65'37
with stk purch warr'ts__
14014 145
50,000 11711 Jan 141
Mar
Without warrants
--9531 9511 96
6.800 94% Feb 97% Feb
Nippon Elec Pow 6158_1953 9511 9415 95% 86,000 944 Feb 95
Feb
Nor Ind Pub Serv 58...1966
25,000 1004 Jan e1015( Feb
1014e101
Nor States Pow 8148._1933 12915 128% 12915 14,000 119
Jan 134
Jan
19,000 1034 Fe 10531 Jan
631% gold notes_ __1933 10315 10315 104
Nor Germ Lloyd 65.._ _1947 94
9314 94 245,000 93)4 Jan 95
Jan
Norwegian Hy-El 5158 '57 9315 9314 94 121,000 92% Feb 954 Jan
Ohio Power 58 ser B....1952 1024 1014 10211 4,000 101
Jan 1024 Feb
4345 series D
1956 953.1 95% 95% 37,000 95
Jan 96
Feb
7,000 96
New
96
Feb 96
Feb
96
Oslo Gas & Elea Wks 55 '63
9514 9515 5,000 9511 Ma
95% Mar
48,000 9814 Jan 99% Feb
Pao Gas & El 1st 4155_1957
98% 99
New
98% 98% 99% 61,000 984 Feb 9915 Mar
Park & TlIford Gs_ _1936
1024 102% 1,000 100
Jan 10215 Mar
Penn-Ohio Edison (35 1950
1034 1034 103% 16.000 103
Jan 10431 Jan
Without warrants
104 104
5,000 104
Penn Pr & Lt ba ser D_1953
Ma 10414 Feb
lst de ref 58 ser B__ _1952 1034 102% 103% 6,000 102% Mar 104
Jan
30,000 105% Jan 107
1054 106
Phila Else Pow 53.4s_1972 106
Jan
1044 104% 1,000 104
1962
Fe 105
Phlia Rap Tr 65
Jan
Phila Suburb Cos CI &
10035 1004 15,000 9851 Jan 100% Feb
let & ref 4155 new_ _1957
Phillips Petrol 5118___1939 9334 9245 934 250,000 914 Feb 95
Jan
99
9944 15,000 98% Jan 100
Pitts Screw & Bolt 5148'47
Jan
Potomac Edison Es___19541 10011 1004 100% 35.000 99% Jan 10014 Feb
90
88
44,000 88
Potrero Sugar Co 1st 7s47 89
Mar 98% Jan
9934 9935 5,000 994 Mar 101
Power Corp of NY 5345'47
Jan
994 994 31,000 994 Mar 1004 Jan
Procter de Gamble 4451947
1034 1054 2068000 10314 Feb 1054 Mar
PubServCorp of N J4158'48 105
Pub Ser El de G 448_1967 10031 100 10011 127,000 994 Jan 100% Feb
10411 104% 6,000 103% Jan 104% Feb
Queensboro 0 & E 5345'52
99
99
20,000 98% Jan 99
Reliable Stores 65_ _1937
Jan
97
97
8,000 9511 Jan 93
Rem Arms 514% notes1930
Jan
98% 98% 37,000 98
Feb 9911 Jan
Richfield 011 of Calif 65 '41
101% 101% 6,000 100% Feb 10114 Mar
Rochester 0 dr E 4155.1977
37,000 9514 Mar 96% Jan
St Louis Coke & Gas 65'47 9511 9515 96
Banda Falls Co 5s____1955 10315 103 10331 43.000 1014 Jan 103% Jan
984 10334 297,000 9534 Jan 103% Mar
Schulte R E Co 65._1935 102
Os without warrts__1935 8915 3814 8935 38,000 8834 Mar 90% Feb
99
99
5,000 99
Feb 99
Scripts(E W)Co 5%51943
Feb
32
32
4,000 20
1931 32
Jan 33
Serval Corp 65
Feb
Serval Inc (new co) 55_1948 6651 8041 6631 36,000 134 Feb 69% Jan
Shawinigan W & P4348'67 9734 97% 97% 62,000 96% Jan 97% Jan
Sbawsheen Mille 78_ 1931 9951 9915 10035 26,000 98% Feb 10034 Jan
1952 974 9731 9715 173,000 974 Feb 98
Shell Pipe Line 5s
Jan
96
96
3,000 98
Jan 97
Sheridan-Wyo Coal 68 1947
Jan
944 131,000 93
9411 94
Feb 94% Mar
Shinyetsu El Pow 6345 195
101% 102
13,000 10134 Mar 102% Jan
131068-Sheffield T & E65192
10815 109% 38,000 103
Jan 116
Snider Pack 6% notes..193
Jan
98% 99
3,000 9834 Jan 9911 Jan
Solvay-Am Invest 55..1942
Southeast P dr L 68.....2025
10611 wog 106% 144,000 1054 Jan 107
Without warrants
Jan
107 110% 81,00 105
Jan 11714 Jan
Southern Asbestos 65.1937 109
Sou Calif Edison 58...1951 10314 103 103% 57.000 1024 Jan 103% Feb
Mar 103% Feb
Refunding Mtge 58.1952 1034 102 1034 32,000 102
1034 1034 5,00 1024 Nov 1034 Dec
General & ref 55.....1944
9511 8,00
1937 954 95
9415 Jan 9515 Jan
Sou Calif Gas 55
1957 1003.4 1004 100% 5,00 100
Jan 100% Jan
Sou Calif Gas bs
98% Ma
Southern Dairies 68...1930 9831 9834 991( 33.00
9934 Jan
108 108
13,000 105
Southern Gas 6145._ 1935
Jan 108
Mar
9715 9715 10,000 9715 Ma
South Pub Serv 6s_ _ __1943
97% Mar
9815 Jan 99% Feb
Sweat Gas & Elec bs A 1957 9934 99% 9915 2,00
2022 1094 108% 110
31,000 10714 Jan 110
Sweet P & L 68
Mar
Jan 100
Staley (A E) Mfg 6s-1942 994 9915 994 20,000 99
Jan
116 117
2,000 10854 Jan 11844 Jan
Stand Inv 55 with war_1937
Stand Oil of N Y 6348-1933 10315 103% 103% 30,000 103% Feb 104
Jan
1014 102% 85,000 99% Jan 102% Mar
Pow & Lt 135-1957 102
Stand
Stinnes(Hugo) Corp
53,000 9315 Jan 95
78 Oct 1 '36 without warr 943.4 94)4 95
Feb
9345 94
64,000 934 Fe
944 Jan
78 1946 without waffle. 94
9315 95
1937
2,000 93
Fe
Stutz Motor 735s
97% Jan
96
96% 15,000 96
Jan 98
Bun Maid Raisin 6348.1942 96
Jan
1939 102
10111 102% 57,000 101
Jan 1024 Jan
Bun 011 5348
Swift dr Co 58 Oct 15 1932 1014 101 10111 66,000 190% Jan 10114 Jae
55-1956 10115 100% 101% 78,000 99% Jan 10111 Feb
Texas Power & Lt
101 101
9,000 100
Jan 101
New
Mar
1074 109% 54,000 103
Feb 116
Trans-Cont 011 78___.1930
Jan
Tyrol Hydro-El 711_1952 934 934 9334 15,000 921( Jan 94
Feb
1936
97% 98
7,000 9734 Feb 99
Ulen & Co 6155
Feb
75'56
United El Serv (Unto])
32,000 92% Jan 97
943.4 9414 97
Without warrants
Mar
10634 1054 10
6% 49.000 101% Jan 108
With warrants
Feb
94% 94% 16,000 934 Jan 9645 Jan
United Indus 648_ _1941
United Lt & Rye 5158_1952 9814 98% 98% 148,000 98% Feb 99
Jan
2,000 103% Jan 10834 Jan
1952 10631 1064 107
66 series A
9935 994 2,000 99
Jan 100
Un Porto Rico Sug 615s'37
Jan
113 113
12,000 111% Jan 11334 Feb
United Rys of Hay 734s'36 113
United Steel Wks 6145 1947
9415 9545 55,000 90
Jan 96
With warrants
Feb
99% 1004 28,000 994 Mar 102% Feb
US Rubber 6%% notes '29 100
9815 101
42,000 98% Mar 1023.4 Jan
Serial 815% notes _ _1930
45,000 91
99 100
Mar 102
Jan
Serial 615% notes__1931 100
99 100% 9,000 99
Mar 103
Feb
Serial 614% notes_ 1932
99 100% 23.000 99
Mar 103
Serial 614% notes_ _1933 100
Feb
99 1004 7,000 99
Mar 102)4 Jan
Serial 615% notes_ _1934
Mar 103
Serial 634% notes_ _1935 9934 99 100% 35,000 98
Feb
984 1004 41,000 984 Mar 10215 Jan
Serial 635% notes_ _1936
9811 100
21,000 9834 Mar 102% Feb
Serial 014% notes
-1937
98 10015 22,000 98
Mar 103
Jan
Serial 64% notes_ _1933 99
Mar 1033' Jan
Serial 615% notes_ _1939 994 99 10015 13,000 99
6,114 9934 Mar k10415 Feb
Serial 635% notes_ _1940 9915 9934 102
Feb
US Smelt & Ref 5348_1935 10314 1034 10344 9,000 103% Mar 105
934 57,000 92
Jan 94
Jan
Utilities] Pow & Lt 5145 '47 934 93
10,000 10431 Feb 106
105% 106
1937
Mar
Valvoline Oil 75
1,000 7711 Jan 78% Jan
78
78
Van Camp Pack,Ss_ _ A941
4,000 101
101 101
Max 101% Feb
1955
Va Elec Pow Is
108 109 126,000 95% Jan 109
Feb
Warner Bros Pict 6)45 1928 108
99
994 73,000 98
Feb 100% Jan
Warner-Quinlan Co 65 1942
2.000 9515 Jan 98
9631 97
Feb
Webster Mills 6145_ _ -1933
Bonds (Concluded)-
1493
Friday
Last Week's Range Sales
Sale
of Pricey.
for
Price. Low. High. Fmk.
Range Since Jan, 1.
Low.
Western Power 5348..1957 994 9934 994 85,000 994
Westphalia Un El Po 613'53 9215 92% 9211 127,000 92%
10335 104
43,000 102
Westvaco Chlorine 5145'37 104
984 9811 22,000 9835
Wisconsin Cent Ry 513_1930
Foreign Government
and Municipal.'
Agricul Mtge Bk Rep of Col
-year 78 Jan 15 1946._
20
-year 7s Jan 15 1947
20
Baden (Germany)78_1951
Bank of Prussia Landowners Assn 6% notes_ _1930
Brazil(U Ell 6358 Oct 15'57
Buenos Aires(Prov)7158'47
78
1936
78
1952
Cent Bk of German State &
1951
Prov Banks 68
Beast 65A
1952
Cordoba (City) Arg 781937
Danish Cons Munio 5148'55
5158new
1953
Danzig P & Wat'way Bd
Externals! 834s..1952
Denm'k (Kingd'm) 5348'55
Estonia (Republic) 78_1967
Finland (Republic) 5155'58
German Cons Munk]78'47
Indus Mtg Bk of Finland
let mtge coll 5 178_1944
Irish Free State &I.__ _1960
Medellin (Colombia) 78 '51
85
1948
Mendoza (Prov) Argentina
745
1951
Montevideo (City) 68_1959
Mtge Bk of Bogota 78_1947
New
Mtge Bank of Chile 681931
Mtge Bk of Denmark Ss'72
Mtge Bk of Jugoslav 71]'57
Mtge Bank of Venetian
Provinces 7s
1952
Netherlands 85 '72
Norway (Kingdom of) Bk
External 55
1967
Prussia (Free State)648'51
Esti 6s (of'27) Oct l5'52
Rio de Janeiro 645....1953
Rio Grande do Sul (State)
Brazil ext 7s (of'26) 1986
Exti 8 f 7s (of '27)..1967
Russian Govt 6155_ _ _1919
615setfs
1919
530
1921
5155 ctfs
1921
Saarbruecken (City)681953
78
1935
Saar Basin Con Counties
78
1935
Santa Fe (City) Argentina
Republic eat, 78_ __ _1945
Santiago (Chile) 75_ 19411
Saxon State Mtg Inv6158'46
75
1945
Serbs Croats & Slovenes
(King) esti sec 75 ser B'62
Switzerland Govt 5145 1929
1/1,....... 1,11,1,1 of•••• An
MCA
9911
994
9911
9815 994 $19,000
9811 9931 80,000
99
9931 25,000
High.
Jan 9934
Mar 934
Jan 104
Feb 99
9714 Jan
97
Jan
9734 Jan
91411 Jan
9931 Feb
994 Mar
9644 96
9715 91,000 9411 Jan 9714
9834 9631 9834 671,000 9214 Jan 9834
1034 103 103% 68.000 10034 Feb 10311
1024 10234 10234 18,000 96% Jan 010341
Jan 101
10011 1003.4 1003.4 64,000 98
9834
10034
91
9131
93
93
98
98%
9994 10015
9611 9654
8814 8911
1014 101 10114
9315 924 94
9334 9231 r94
9941 9944 100
39,000
3,000
16.000
28,000
14,000
90
90%
97
9834
9634
67,000
9911 9931 100
74,000
97
9615 97
53,000
934 924 94
9334 9115 9374 217,000
9831 9735 984 98,000
9611 964 9615 14,000
8811 88
8814 93,000
94
106
94
106
95
106
32,000 94
1,000 106
95
95
95% 111,000
934 984 9831 48,000
934 9315 n94 118,000
9811 9715 984 495,000
984
9835
98
994
973.1 9815
1615 20
1515 15% 18
163.4 173.4
1531 174
924 93
1014 10131 10111
1004 1004 101
964
9311
913.4
91%
96
9511
874
Jan 10231 Feb
Jan 974 Feb
Jan 9814 Mar
Jan 10434 Mar
Jan 100
Jan 97
Feb 94
Feb 9231
Feb 984
Jan 9711
Jan 88%
Mar
Feb
Mar
Jan
Mar
Jan
Feb
Feb 95
Mar
Mar 10831 Feb
Feb
Mar
Mar
Mar
Jan 9934
Jan 9834
Jan 20
Feb 18
Jan 1774
Jan 1731
Mar 9641
Jan 102
Mar
May
Mar
Mar
Mar
Mai
Pet
Jar
Feb 101
Pet
41,000 9631
11.000 96
4,000 14%
92,000 1434
52,000 144
24,000 144
38,000 921
5,000 10131
6,000 100
974 9834 91,000 9334
1004 10074 40,000 100
6,000 9514
9631 964 97
65,000 99
993.4 100
nna,
Feb
Jan
Mar
Mar
Jan
95
Jan 954
9534 Jan 98%
9135 Jan 094
97
Feb 98%
9834
91
Mar
Max
Mar
Mar
Feb
Jan 92
Jan
Jan 93
Jan
Jan 9831 Mar
Jan 10011 Jan
Mar 9614 Feb
Jan n90
6,000 86
87.000 10034 Feb 10234
16,000 91
Jan 94
169,000 9244 Feb 094
38,000 9834 Jan 100
9,000 100%
1015.4 10111 102
97
97
9715 81,000 97
9834 9535 983.4 35,000 924
10474 1044 10474 10,000 102%
Jan
Feb
Mar
Jan
Jan 9814 Pet
Feb 10036 Mar
Feb
Jan 97
Mai
Jan 100
Fed
9031 9131213.000 8554 Jan 92
21,000
1013.4 10131 1., flArt 1014 Feb 10234 Fel
nn
/MI/
MI
1.1
i.......
ea,
1,
VA..,
J
•No par value. !Correction. to Listed on the Steck Exchange this week, where
additional transactions will be found. in Sold under the rule. o Sold for cash.
* Option sale. I Ex-rights and bonus. w When issued. 8 Ex-dividend. f/ Exrights. C Ex-etock dividend.
Option sales made as follows; a Middle West•Utll. prior lien stk. Mar.5 at 105:
f A.G.Spalding & Bro.,corn., Jan. 14 at 120; g Associated Gas dr Elec.,Jan. 14 at 47
S Sierra Pacific Elec. Co., Jan. Oat 92; p Bway. Dept. stores. Jim. 26 at 103; u Mt.
State Power, Jan. 13. 10115. (1) Palmolive Pet., Feb. 28 at 85.
"Under the rule" sales were made as follows: 0 Belgian Nat. Ry. pref.. Jan. 20 as
1734;d David Pander Grocery class A at 51;e North Ind.Pub.Serv. 551966 Mar. bat
103. 4 Eltington-Schild Co. 6s, Jan. 13 at 9834; J Goodyear Tire & Rubb. of Calif.
5345.Jan.4 at 10134;k U.S.Rubber64% notes 1940 at 108; r J. J. Newberry pref.
Jan. 25 at 107%: o Standard Publishing class A Jan. 25 at 4; u $1.000 United On
Potrero Sus. 75. 1967. Feb. 17, at 98. w Amer.
Prod. 8s, 1931, Feb. 2, at $81.
Meter Co., Feb. 29 at 126. (3) Ohio River Edison 55, 1951, Feb. 27 at 103.
sales as follows: e Serve& Corp.(Del.) corn. Jan. 16 at 65e.
Cash
CURRENT NOTICES.
-C.L. Lyons, formerly with J. G. White & Co., Inc., and J. S. Rollow
formerly wth Prince & Whitely, have joined the retail sales department of
W. H. Johns & Co., Inc., 43 Exchange Pia., New York City.
-E. W. Clark & Co., members of the New York Stock Exchange, Philadelphia, have opened an office in York, Pa., in charge of Joseph ii. Moaner,
formerly connected with Edward B. Smith & Co.
-The Seaboard National Bank of the City of New York has been appointed Transfer Agent of the 6% and 7% Preferred stocks of Michigan
Flectric Power Co.
-S. Winberg & Co., 2 Rector St., New York City, specialists in bank
and insurance stocks, announce that Mark Cowan has joined their sales
department.
-Prince & Whitely, members New York Stock Exchange, announce the
association of Walter J. Chandler with the bond department of their Newark,
N. J. office.
-Outwater & Wells, Jersey City, N. J., are distributing a diversified
list of public utility, insurance, bank and miscellaneous securities, yielding
up to 8%.
•
-Schoellkopf, Hutton & Pomeroy. Inc., Buffalo, have opened a New
York office at 43 Exchange Place under the management of George C.
Stanley.
-Burr C. Chamberlin has been appointed co-manager with Stanley P
Burger of the 334 Madison Ave., New York City, branch office of Pynchon
& Co.
-Chatham Phenix National Bank & Trust Co. has been appointed
Registrar of 40,000 shares, par value $25 of the Mohawk Fire Insurance Co.
-C. Maury Jones has been admitted to general partnership in the New
York Stock Exchange firm of Carlisle, Mellick & Co., 50 Broadway, N.Y.
-Moss & Ferguson announce the appointment of Cortlandt E. Taylor
as manager of their branch office at 18 E. 53rd St., New York City.
1494
1nm/diner/It anti
ailroatt Intelligence.
Latest Gross Earnings by Weeks.
-In the table which
follows we sum up separately the earnings for the fourth
week of February. The table covers 10 roads and shows
17.52% increase from the same week last year.
Fourth Week of February.
1928.
Buffalo Rochester & Pittsburgh____
Canadian National
Duluth South Shore & Atlantic
Georgia & Florida
Minneapolis & St Louts
Mineral Range
Mobile & Ohio
St Louis Southwestern
Southern Railway System
Western Maryland
Total (10 roads)
Netincrenmpf1752.7.1
1927.
$412,037
5,909,152
98,688
38,700
221,969
6,670
382,005
518.000
3,910,459
418,471
Increase.
$396,553
$15,484
4,367.518 1,541,634
100,076
50,874
205,196
16,773
8,144
333,476
48,529
446,618
71,382
3,711.194
199,265
519,069
$11,916,152 $10,138,718 $1,893,067
1 77742.5
Decrease.
$1,388
12.174
1,474
100,597
$115,633
In the following table we show the weekly earnings for
a number of weeks past:
Current
Year.
lit week Sept (13 roads)
24 week Sept (13 reads)
$4:1 week Sept (13 roads)
4th week Sept (13 roads)
lit week Oct (13 roads)
ad week Oct (13 roads)
ad week Oct (13 roads)
40 week Oct (13 roads)
lei week Nov (13 roads)
2d week Nov (13 roads)
8d week Nov (13 roads)
4th week Nov (12 roads)
lit week Dec (13 roads)
2d week Dec (13 roads)
ad week Dec (13 roads)
Ilth week Dec (12 roads)
lit week Jan (13 roads)
24 week Jan (13 roads)
ad week Jan (13 roads)
4th week Jan (13 roads)
lit week Feb. (13 roads)
2d week Feb. (13 roads)
ad week Feb. (13 roads)
4th week Feb (10 roads)
•
Previous
Year.
$
15.183.418
15.306.827
15,644.304
22,053,886
16,141,807
17.643.939
16,906.764
25.561.495
17.108.500
18.207,050
16.510.545
14.483.191
15.450.548
14.661.454
15.245.679
13.755.346
12.251.914
13.828.607
14.159.779
19.645.902
14,361.236
14.728.570
18,881.532
11.916.152
Week.
$
15,164,097
15.508.092
16,950,922
23.859.874
16.817.404
17,907.644
18,681,245
25,777,620
17,815.452
17.976.471
17.602.795
15.491.462
15.931.020
15.766.994
15,600.778
14.261,831
12,953,678
13.537,951
13,591,510
19.129.089
13,890.366
14.221,833
10,882,826
10.138.718
Increase or
Decrease.
%
$
+19.322 0.13
-201.265 1.21
-1,306.617 7.71
-1.805.988 7.57
-675,597 4.01
-263.705 1.48
-1,774,481 9.50
-216,125 0.84
-706.952 3.97
+230.578 1.29
-1,092,250 6.21
-1,004.272 6.51
-480.473 3.02
-1,105,540 7.01
-354.099 2.28
-506.484 3.55
-701,764 5.42
+290.657 2 16
+568,270 4.17
+516.793 2.70
+470.870 3.39
+506.737 3.56
-1.294 0.02
4.1.777 424 17.t2
We also give the following comparisons of the monthly
totals of railroad earnings, both gross and net (the net before
the deduction of taxes), both being very comprehensive
They include all the Class A roads in the country, with a total
mileage each month as stated in the footnote to the table:
Gross Earnings.
1926.
Increase or
Decrease.
American Water Works & Electric Co.
(and Subsidiary Companies.)
--Month of January
--12 Mos. End. Jan. 311928.
1927.
1928.
1927.
Net Earnings.
hrouth
1927.
-Month of January- -12 Mos. End. Jan. 31
Net Over. Surplus
Net Oper.
(17 oss.
Revenue. Aft. Chgs.
Gross.
Revenue.
$
Blackstone Valley G & E Co dr Sub Cos
1928
547.933
225,968 5,914,838 2,144,144 1.544,446
1927
543,724
205,029 5,566,986 1,990,046 1,416,979
Cape Breton El Co Ltd
1928
139,275
62,119
70,755
654,265
15,091
1927
64,509
59,383
128,652
19,971
622,033
Col Elec & Pr Co & Sub Cos
1928
386,330
197.292 4,250.142 2,345,290 1,464.641
1927
336,887
172,021 3,788,729 2,043,309 1,172,493
Edison Elec III Co of Brockton
1928
642,594
185,623
658,295
68,640 1.930.290
1927
197,806
594,227
89,569 1,784,213
604,281
The El Lt & Pr Co of Abington dr Rock
1928
51,380
115.485
123,190
627,537
6,328
1927
51.701
97,153
101,297
579,233
9,540
El Paso El Co (Del) & Sub Cos
1928
277.973
973,251
114,943 3,008.357 1.150,865
1927
267.887
903,049
98,946 2,863,182 1,069,221
Fall River Gas Works Co
1928
90,634
22.652 1,040,002
241,989
259,822
1927
94,408
233,271
240,420
29,053 1,015,552
Gal-Houston Elec Co & Sub Cos
1928
430.049
135,373 5,066,762 1,589,870
725,667
1927
415,925
580,364
118,620 4,671,420 1,373,469
Haverhill Gas Light Co
1928
61,007
8,570
125,926
706.012
121,905
1927
66.397
10,667
702,973
126,111
127.177
The Lowell Elec Lt Corp
1928
186,103
77.402 1.801.769
620,363
623.010
1927
172,753
68,346 1,729,669
607,743
502.776
No Texas El Co & Sub Coe
1928
249,525
80.787 2.745.995
527,717
898,249
1927
211,017
58,946 2,525,289
835.148
478.020
Puget Sound Pr & Lt Co A: Sub Cos
1928
625,549 14,940,655 6,391.296 3,571,501
1,352.897
1927
1,337,725
595,068 13,615.677 5,735,778 2.946.477
Savannah El & Power Co
1928
195.827
84.291 2.223,012
919.683
470,389
1927
81,954 2,240,597
200,196
834,925
470,683
Sierra Par Elec Co & Sub Cos
1928
53,066 1,248.006
578.739
111,334
526,194
1927
104,274
49,066 1,266,230
525,881
480.468
Tampa Elec Co & Sub Cos
1924
442.561
164.252 4,705,503 1,504,769 1.450.432
1927
451,654
148,663 4,882.944 1,504,644 1,430,323
Va Elec & Pr Co & Sub Coll
1928
642,798 15.540,606 6.360.485 4,773,438
1.423.405
1927
564.922 14.510,921 5,725.185 4,108,185
1,354.370
East Tex Elec Co (Del) & Sub Coe
1928
212,399 7,278,115 2,641.594 1,204.037
595,294
1927
183,913 5.768,124 1.980,251 1,024.732
531,311
Jacksonville Traction Go
l928
104,118
10.272 1,349,815
127,817 -43,750
1927
23,183 1.615,841
132.484
138,257
341,328
Year-
1927.
1926
Increase or
Decrease.
Jan.. 485.961.345 479.841.904 +6.119,441 99,428.246 102.281.496 -2.853.250
Feb__ 467,808,478 459,084.911 +8.723.567 107.148.249 99,399.962 +7.748.287
Mar._ 529,899,898 529.467,282
+432.616 135.691,649 134.054.291
+627,358
AprIl.. 997.212,491 498.677,065 -1.464.574 113.643.766 114.417,892
-774.126
May .517.543.015 416.454.998 +1.088.017 126.757.878 127.821.385 -1.063.507
June. 16.023,039 539.797,813 -23.774.774 127.749.692 148.646.848-20 897156
:
July.. 508.413.874 556.710,935 -48.297.061 125.438.334 160.874.482 -35.436,548
Aug _ 556.906.662 579.093.397 -12.686.735 164.013.942 179.711.414 -15.697.472
Sept _ 564.043,987590.102.143 -26,058.156 179.434.277 193.233.706 -13.799.429
882.542,170 605.9142.445 -23.440.266 180,919.048 194,283,539 -13,364.491
Nov_ 502.994.051 561.153.996 -58.159,905 12.5.957.014 158,501,561 -32.544,547
Dec__ 466.526.003525.820.708 -59,294,705 90,351.147 118.520.165 -28,169.018
Note.
-Percentage of increase or decrease in net for above months has been:
1927
-Jan.. 2.79% dec.; Feb., 7.80% Inc.; March. 1.21% Inc.; 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% dec.; Dec., 23.76% dec
In Jan. the length of road covered was 237. 846 miles in 1927, against 236,805
miles In 1926. In Feb., 237,979 miles, against 236.870 miles In 1926; in March,
237.704 miles, against 236.948 miles in 1926: In A tall, 238,183 miles. against 237.187
miles in 1926; in May, 238.025 miles. against 237,275 miles In 1926: In June, 238.425
miles. against 237.243 miles In 1926; in July. 238.316 miles. against 237.711 miles
in 1926; In Aug.. 238.672 miles. against 237.824 mllea in 1926; In Sept.. 238.814
miles, against 237,854 miles In 1926; In Oct., 238.828 miles, against 238.041 miles
in 1926; in Nov.. 238.711 miles. against 238.142 miles In 1926: In Dec., 238.552
miles. against 237.711 miles In 1926.
Gros.s earnings
Oper. exp., maint.& tax.
4,358,253
2,243,324
4,251,059
2,132,048
48.866,582
25,974,535
45,790,400
23,631.268
Gross income
Less:
Int. & amort. of disct.
of subsidiaries
Pref. divs. of subs_ _ _ _
Minority interasts_ _ _ _
2,114,928
2.119.011
22,892,047
22,159,132
688,279
427.228
4.151
717.451
371,394
2,448
8.437,763
4.720,980
43,529
8.559,968
4,307.788
61,125
1.119,659
1.091.294
13.202,273
12.928,882
Balance
Int. & amort. of dIsct. of
Amer. Water Works &
Electric Co Inc
995.269
1.027,717
9.689,773
9,230,249
109,992
99,084
1.227.682
1.187,715
Balance
Res. for ren., ret. & dept.
885.277
382,265
928,632
326,038
8.462.090
3,709.566
8,042,534
3,356,637
.503.012
602,594
4,752,524
4.685.897
Net income
Atlantic Gulf & West Indies Steamship Lines.
(and Subsidiary Steamship Companies)
-Month of December- -12 Mos.End. Dec.311927.
1926.
1926.
1927.
Net Earnings Monthly to Latest Dates.
-The table
following shows the gross and net earnings for STEAM
railroads reported this week:
Operating revenue
2,698,300
3.009.362 35,887,346 38,874,959
Nt rev, from oper. (inc.
depreciation)
296,463
2,284,092
56,507
3,543.852
Gross income
386.199
3,287,921
3.441.301
143.209
Interest, rents & taxes_ _
2.858,730
240,067
2.671,503
243,734
-Grossfrom Railway- -Net from Railway- -Net after Taxes
- Net income
146,132
429.191
769,797
100,525
1927.
1927.
1928.
1928.
1928.
1927.
$
Canadian Pacific Lines In MaineFederal Light & Traction Co.
71,959
102,222
345,592
85,259
Januar) --- 303.336
88,222
,
Month of January.
1927.
1928.
Canadian Pacific Lines in Vermont
Gross earnings
$656,438
$717.864
January --15,887 -34.321
11,137 Operating, administrative expenses & taxes
162.128
178,669 -29,471
375,549
415,931
Central Vermont
January __
Total Income
66,161 -420,054
$280,889
47,531
252.251
$301,933
660,500 -401,081
Interest and discount
70,182
Union Pacific Co
81,553
January ___ 8,181.620 7,381,675 2,597.283 2.138,168 1.931,398 1,428,546
Net income
$210.707
5220.380
Oregon Short Line
January ___ 2.836,149 2.500.860
723,533
854,960
468,016
593,474
Engineers Public Service Company.
Oregon-Washington RR at Nay Co
January
189,150 -42,840
152,563
4,785
2.059,813 1.881,092
(And Subsidiary Companies)
St Joseph & Grand Island
-Month of January- -12 Mos. End. Jan. 31January ___
61,515
79,619
44,462
301,949
101.935
250,234
1927.
1928.
1928.
1927.
$
$
$
1926.
1927.
1927.
1927.
$
1926.
1926.
Gross earnings
..Duluth & Iron Range
2.665.286
2,481.414 29,670.003 26,902,879
December..
1,551.766
1.506.384 18.152,641 16,700,255
77,756
37.649 -263,884 -289,143 -256.211 -337,912 Oper. exps. 6; taxes
From Jail 1- 6,646,645 7,041,389 1,947,750 2,425,760 1,409,312 1,875,124
Net earnings
1,113.519
975.029 11.517,362 10,202,623
*Duluth Missabe & Northern
mt., amort. & rentals
3.196.489
3,504,379
279,300
326.630
December,..
80.239
110,235 -408,469 -480,393 -458,269 -553,127
From Jan 1.15,835,484 18,943,968 7,977,242 10,540,928 6,072.486 8,066,468
Balance
7,006,133
8,012.982
786,889
695.729
Divs. on pf. stk. sub.cos.
1.387,756
1,618.215
• Corrected.
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:
-Month of January- -12 Mos. End. Jan. 31.
Na Oyer.
Net Oper.
Surplus
Gross.
Gross.
Revenue.
Revenue. .4f1. Ches.
$
$
Baton Range Electrio 0°1928
113.842
47,065 1,032.755
375,506
304,792
1927
98.198
43,775
973,374
373,825
304,405
Year-
Balance
Proportion of above bal.
applic. to corn. stk. of
subs. In hands of pub_
Bal. applic. to res'ves
and to E. P. 5. Co
Div. require,on pt. stock
of Eng. Pub. Ser, Co
Bal. applic. to res'ven
and corn, stock of
Eng. Pub. Ser. Co
6.394.766
5,618,377
94,524
214.772
0.300,241
5,403.604
2.180,871
2.152,647
4,119.370
3,250,957
MAR. 10 1928.]
FINANCIAL CHRONICLE
1495
GENERAL BALANCE SHEET DEC. 31.
IdahoPower Co.
19264
1927
1926.
1927.
-Month of December- -12 Mos.End.Dec.31Assets,
1926.
1927.
1926.
1927.
Common stock -.10.500.000 10,500,000
Invested In road.
$242,881 53,146.573 $2,869,474
Gross earns,from oper_ _ $270,501
6,000.000 6,000,000
equipment.
149,104
106.024 1,492.544
1,407,224 Improvements &c.64,211.886 64,529,238 Preferred stock__ _ 4.427.000 4.427.000
Oper. exp., incl. taxes
Gen. mtge. bonds_
on
Net earns, from operOther income
$121,397
7,796
$136,857 $1,654,029 $1,462,250
10,510
107,402
87,401
Total income
Interest on bonds
Other int. & deductions_
$129.193
$54.165
9,070
5147.367 $1.761.431 $1.549.651
$50.833
5631.000
5610.000
8,558
71.597
72.189
Balance
Dividends on pref. stock
$65,958
887.976 $1,058.834
264,151
$867.462
262,095
$794.623
$605,367
Balance
New Orleans Public Service Co.
(Electric Power & Light Corporation Subsidiary.)
-Month of December- -12 Mos. End. Dec. 311927.
1926.
1927.
1926.
Gross earn, from oper__
Oper.expenses & taxes__
1,688,853
1,017,039
1,637.499 18.442,108 17,624.514
1.013,657 11,426.537 11.180,993
leased property.. 2,153,761
Dep.In lieu of mtg.
53,001
property sold_ _ _
987
Sinking funds....
Misc. phys.prop__
3,465
inv.in affil.cos.__ 1,060,107
Other investments 346,212
596,511
Cash
2,024,426
Material & supp
Balance from agts. 142,996
Demand loans and
990.962
deposits
14,357
Special deposits...
Loans & bills recle 1,700.165
Traffic. &c., bale_ 611,660
Misc.accts. rec.__ 334,689
Int.. divs., rents,
3.967
&c., receivable_
35,704
Deferred assets
Unadj. debits_ _ _ _ 569,431
2,064.767 Cons.mtge. bonds.29,114,000
First mtge. L.P.dc
53,013
C. RR. bonds__ 350,000
640 Equip. trust(Mg_ 4,225.800
4,851 Non-negot.debt to
7.335
affiliated cos.__
1,052.108
346.212 Traffic., &c., bats_ 234,897
1,197.174 Accounts & wages. 995,147
538
1,678.916 Miscell. accounts.
14,602
119,787 Int. mat'd unpaid_
Accrued accounts.. 510,949
456,312 Deferred liabilities 1.477.928
133.691
12,228 Tax liability
205 Accrued deprec'n. 8,733,956
825.120 Other unadjusted
280.367
credits
365,734
Corporate surplus_ 4,718.885
3.86.3 Profit and loss.... 3,129,189
35.133
440.884
25,578,000
350.000
4,969,400
7,372
202,633
1,156,813
632
11,230
487.390
1,505,269
360,860
8,662,236
305,048
4,718.474
3,943,822
Net earn. from Doer.
Other income
671,814
6,005
623,842
12,280
7,015.571
272,018
6,443,521
102,416
74,854,287 73,186,185
Total
-V. 125, p. 382.
Total income
Interest on bonds
Other int. & deductions_
677,819
227,396
13,043
636,122
195,027
19,694
7.287,589
2,685.137
178.514
6.545.937
2,345,039
183,222
437.380
421,401
4.423.938
554.243
4,017,676
554.243
3,869.695
3.463.433
International Harvester Co.
(Annual Report-Year Ended Dec. 31 1927.)
The remarks of President Alexander Legge, together with
the income and surplus account and balance sheet as at
Dec. 31 1927, will be found under "Reports and Documents"
on subsequent pages of this issue.
Balance
• Divs. on pref. stock_
Balance
Public Service Co. of New Hampshire.
Total
74,854,287 73,186.185
(And Subsidiary Companies.)
CONSOLIDATED INCOME ACCOUNT FOR CALENDAR YEARS.
-Month of January- -12 Mos.End. Jan.311924.
1925.
1927.
1926.
1928.
1927.
1928.
1927.
Operating income
536,863.501 534,348,913 528,956.967 $23.633,236
Gross oper. revenue.... $349,516 $ 335.788 53.631.593 53,469.172 Deductions-Interest-..
645,968
217.042
276.159
321,046
Oper. expenses and taxes
161.138
172,129
311.809
1.815.680
1.986.933
292.897
495.817
Ore and timber exting
423.749
Reserve for deprec'n
5.461.222 4,781.283 4,460,360 4,244.010
Net operating revenue 3188.377
5163.658 51,815.912 $1.482.239 Special maint. reserve
364,490
982.745
2,017.594
2.641,286
Non-oper. revenue (net)
4,909
6,045
1,988.404
106.373
203,138 Res've for losses on rec- 2,656,982 2,119.168 2,332,684
2,291.160
Russian plant invest't
Gross income
$193,286
$169.704 $1,922,286 81.685.378 Pension funds
750,000
1.500.000
2.000.000 2,000.000
Interest charges
49.048
39.999
485,223
454,606
Net profit
523:359.215 522,658,891 519,171,240 513.037.395
Balance
$144.238
$129,705 $1,437.062 $1,230.771 Previous surplus
77.042.890 64.934,939 55.121.169 51.308.173
Depreciation
32,347
31,086
313,953
248,303
Total
$100.402.105 387,593,831 574,292,409 564.345.568
Balance
5111.890
898.618 31.123.108
$982.468 Preferred diva. (7%)..- 4,792.084 4.558,338 4.363,635 4.230,564
Prof. div. requirements_
24.885
20,848
278.979
89.971 Common diva. cash-.t6%)8.294.630(6)5.992,602 (5)4.993.835(5)4.993.835
do (in stock)
6.072.504
Bal. avail,for corn stk.
$87,005
$77.770
$844,129
$892,497
Profit & loss surplus_ _$83,242.886 577.042,890 $64,934.939 $55.121.169
Southern California Edison Co.
-Month of January- -12 Mos. End. Jan. 31- She,con. stock outstand. 1,300,000
998.703
998.768
(par 5100)
998.768
1928.
1927.
1928.
1927.
$14.82
Earned per sh.
$18.12
$14.28
It
$
$
$
Gross earnings
2,646,738 2,424,666 30.822,708 28,188.830
Consolidated Balance Sheet Dec. 31.
Expenses
515.158
48.3.549 6.940.307 7,143,111
1926
1927.
1927.
1926.
Taxes
283,249
250,328 3,109.172 2.518,986
$
s
AssetsLiabilities$
$
Real est., plant.
Preferred stock...69,283,500 65,568,400.
Total exp. & taxes
798,408
733,878 10.049,480 9,662.097
mines, dm-._ _a100,000.089 95,440.940 Common stock-,_105,949.276 99,876,772
Total net income
Fixed charges
Balance
1,848.330
449.978
1,398,351
1,690,788 20.773.228 18.526.732
509,515 5,765,370 5.881.466
1.181,272 15.007,857 12,645.266
FINANCIAL REPORTS
Deferred charges.. 308.736
475,368 Current Invoices.
Pension fund
10.073.530 8,056.212
pay t'ls. tax. &c 28.742,369 31,788,862
76,252,465 88,713,536Prof. div. pay'le-_ 1.224,177 1,162,411
Inventories
1,589.238 1.498.
Accts. rec., dec_ _ _696,787,850 84,972.611 Corn. dile. pay'le
Investments5,256,494 5,161,202 Fire Insur. res've_ _ 8.736.731 8.524,816
13,942.638 11,856,808
36.896,386 25,004,413 Pension fund
Cash
Other reserves._ _.12,859.684 10,50.5,173
83,242,886 77.042,890
Surplus
Total
325.575.551 307,824282
Total
-An index to annual reports of steam
Financial Reports.
.,
Includes real estate.
er . 75s51
5nd 5 &c.. $146.
TI
raot
railroads, public utility and miscellaneous companies which 038.154 less reserves forplant, property, mines. timb325la
plant depreciation of 546.038.065. b Includes
have been published during the preceding month will be given dealers, and farmers' notes, $72,589,025 and accounts receivable, $31.918;
on the last Saturday of each month. This index will not 685 total. $104,507,710 less reserve for losses of 57,719.860.-V. 126.9. 113.
include reports in the issue of the "Chronicle" in which it is
The Texas Corporation (and Subsidiaries).
published. The latest index will be found in the issue of
(Annual Report-Year Ended Dec. 31 1927.)
Feb. 4. The next will appear in that of March 3.
The annual report of the Texas Corp. and its subsidiaries
Buffalo Rochester & Pittsburgh Railway.
for the year ended Dec. 31 1927 will be found in the adver(43d Annua/ Report-Year Ended Dec. 311927.)
tising pages of this issue.
-V. 126, p. 1368.
The remarks of President William T. Noonan will be found
General Motors Corporation.
under "Reports and Documents" on subsequent pages.
(19th Annual Report-Year Ended Dec. 31 1927.)
STATISTICS FOR CALENDAR YEARS.
1927.
1926.
1925.
1924.
The joint remarks of Chairman Pierre S. du Pont and
Number pass. carried__
970,205
1,119,863
1,371,900
1,597.160
Pass. carried 1 mile.... 36,452,021 41,089.394 46.965.307 51,900,115 President Alfred P. Sloan Jr., together with a comparative
Revenue per passenger- 111.85 cts. 111.62 cts. 105.12 cts. 101.95 cts. income account and balance sheet, and other tables, will
Rev, per pass. per mile_
3.042 cts. 3.073 cts. 3.138 cts.
found under "Reports and Documents" on subsequent
Revenue tons carried__ 11,550,978 12,263.611 10,304,201
9,921.072 be
1813434,150 1864443,909 1585036,5381479810.868 pages. The report also contains the balance sheet of GenTons carried 1 mile
per ton__ _ _
Revenue
51.3679
51.3467
$1.389
51.3684
Rev, per ton per mile., 0.871 cts. 0.886 cts. 0.903 cts. 0.918 cts. eral Motors Acceptance Corp. as of Dec. 31 1927.
INCOME STATEMENT FOR CALENDAR YEARS.
1927.
1926.
1925.
1924.
315,800,752 $16,515.591 $14,314.886 $13,575,578
Freightrevenue
1.085,138 1,250,011
Passenger revenue
1.442.158 1,628.372
543,489
581,482
Other transportation_..
680.809
643,698
92.700
Incidental
76,188
122.928
104.205
opor. revenue. 517.522.080 $18,423.273 316.560.781 $15,951,553
Total
Maintenance of way_ _- 2,276,992 2,257,887 2,100,406 1,713.591
Maint. of equipment__ - 5,649,877 5,253,615 4,527,035 4,683.447
356.957
342,671
Traffic
325,661
307.580
8,662,273 6,445,996 6,229,922 6,240,218
Transportation
31,573
29.648
Miscellaneous
29,986
29,568
532.214
539.991
General
493,966
490,165
Cr.18.217 Cr.16.246 Cr.13.445
Transp. for investment_ Cr.24,457
Total oper.expenses--515,485.429 514.851,592 313.690.729 513,451,122
2,036.651
3,571,681
Not operating revenue
2.870,052 2,500,731
336,000
600.000
Tax accruals
487,000
407.000
597
5.129
Uncollectible revenues9,015
932
CONDENSED CONSOLIDATED INCOME ACCOUNT FOR CALENDAR YEARS.
1924.
1928.25.
193
1927.
$
5
Not
1058,153,338 734.592,591
Ne
tsales
availExpaincidenttooper.dlnv
l4lt
681111.
depr.of real est.,pllsdequip.
able 1835,271,837 602,634.58
Profit from oper. & Inv'ts, after
all exp. Incident thereto, but
before depr, of real est., plants
and equipment
rea1328,893,359 243.141.475 149,296,499 71,802,421
Provision for depreciation of
estate, plants and equipment__ 26.928.658 20,259,974 17.236,507 16,078.541'
Net profits
301,964,701 222.881,501 132.059,993 65,723,876
Less provision for:
785,616
Employees bonus
10.488,071 8,274,099 3,969,227
Amt. due Managers Sec. Co._ 10,488,071 8,274,099 4,633.535 1,140,190
.
Empl.savings de Investment fd. 7,214,661
3,461.992 2,355.524 1,991.990
Special payment to employees
under stock subscription
17.190
40,412
32,984
343,902
Int. on notes payable
101.984
304,844
Provision for U. S. and foreign
hICOUle taxes
34,468,759 25,834.939 13.912,000 6,727,006
$1,700,053 32.966,552 52,374.037 32,092.798
329,554
424,644
397,348
618.000
511.454
440,024
398.190
417.431
45,735,179
Net Income,
239,264,725 176.698.743
52,541.061 83.831.220 53,169.574 33,128,230 G. M.Corp. propor. of net Inc_ _238.319,009 176,085,144 107,070,532 45,330.833
Gross inmate
106,434,756
788.002
790.523
781.163
Rents
752,099 1% preferred stock dividends_ _ _ _
7,315.222 4,743.607
1,714.574
1,674.955
1.705.869 1,727.030 6% preferred stock dividends..... 8,850,590 7,352,291
Interest
611.381
135.541
116,928
104.911
37,207
37.448
Miscellaneous
20,946
27.217 6% debenture stock dividends.. _
189.229 1,917,650
153,823
176,069
$1.277 $1.328,295
Balance, surplus$661.596
Amount earned on coin. stock _229,209,679 168,439,857 98,844.765 118,058.251
$621,883
3,943.822 3.447.665 4,060,543 4,277.420 Amount earned per Oh.of common
Previous surplus
Adjustments, &c. (net). Dr.35,110 Dr.52,138 Dr.494,473 Dr.58,760
stock outstanding
557.37
*819.15
.113.19
4120.43
360.000
360.000
Preferred dive. (6%,)
360,000
• Adding General Motors Corp. equity in undivided profits of General Motors
360.000
420,000
420,000
Oonunon dive.(4%)_ _
420.000
420.000 Accept.Corp.(100%),Yellow Truck & Coach Mfg.Co.(57%). Ethyl Gasoline Corp.
(50%), General Exchange Ins. Corp. In 1927
Vauxhall Motors, Ltd., In
Profit & loss, surplus_ $3,129.189 $3,943,822 $3,447,665 $4,060,543 1927 (100%), and Fisher Body Corp. (60%) (100%), June 30 1926 (after which
Prior to
Shares of common out,
time the earnings are consolidated). the amount cornea per share of common stock
105,000
standing (par $100)
105.000
105,009 standing Is $12.99 In 1927. $21.80 In 1926,$21 in 1925 and $8.59 In 1924 on tbo stock
10 ,0
5 00
Nil
$9.12
/tarns.per share on oom.
$2.86
$2.49 asaudly outstanding.
operating income- fire of freight ears
Other income
[Vol,. 126.
FINANCIAL CHRONICLE
1496
On Nov. 21. Richard Hellmann, Inc., was acquired. This ocmpany was
established in 1913 and its principal product, Hellmann's Blue Ribbon
1924.
Mayonnaise, is the most widely distributed product of its kind.
$
In addition to these acquisitions, company in the latter part of the year
Surplus forward
89,341,318 119,020,473 82,110,929 120,699,300
which it will
with the Sanka
an
Surplus for year as above
229,209,679 168,439.857 98.844,764 38,058.251 entered Sanka Coffee, a Coffee Corp. into fineagreement bywhich 97% of
market
coffee from
superior blend of
Deduct surplus capitalized in conthe caffein is removed. The national opportunity appears to be unusually
nection with the issuance of new
51,615,990 promising for this caffeinless coffee, which in the past few years has shown
common stock
rapid development in the few cities where its sale was undertaken.
Addition arising Ora.ad).of holdOn Sept. 1, the separate selling organizations of Walter Baker & Co.
ings in Fisher Body Corp. prior
Ltd., and Franklin Baker Co., were consolidated into a single group
to the acquisition of minority
Baker Associated Companies, Inc., with headquarters in New York. Upon
Interest, to the net asset value
Upon acquisition of The Log Cabin Products Co., its selling organization
27.727,439
thereof as at June 301926
was consolidated with this group.
Capital surp. arising thru. sale
With the grocery specialty products of Walter Baker & Co., Ltd., and
above par of 250,000 shs. of 7%
Franklin Baker Co., were acquired also their sizable sales volumes on bulk
4,104.167
preferred stock
chocolate and coconut products sold to the industrial and large consuming
Addition arising thru. acquisition
trade. The sales dollar of such bulk business normally carries a lower rate
of the bal. of the cora, cap.stk.
of net profit than is usually obtainable from grocery specialty products.
of Fisher Body Corp. not alIt Is Co be expected, therefore, that the lower rate of net profit on such
ready owned (minority int.).
bulk businessshould reducesomewhatthe avemgenet profit per dollar ofsales.
for which there was paid 638,To stimulate an enlarged consumption of the two products. Post TOaStieS
and
401 shs. of original issue
and Jell-O, the management on March 15 reduced the selling price of Post
26,319 abs. out of treasury of
Toasties 50 cents per standard case of 36 packages, and on Sept. 7 reduced
23,084,542
Gen. Motors corn. stook
the selling price of Jell-O 53 cents per standard case of 36 packages. The
Cap. sun). arising thru. exchange
current sales volume indicates Wet these reductions will be eminently justiof6% deb. and 6% pref. stock
272,075 6.931,920 fied in sales results.
107,100
75,375
for 7% preferred stock (Cr.)_ _
Earnings per share outstanding at Dec. 31, exclusive of earnings of comThis amt.transf,to res. for sundry
panies acquired prior to date of acquisition were WO;combined earnings
contingencies by order of the
272,075 6,931,920 of the company and subsidiaries for che full year were $7.92. These figures
107,100
75,375
directors (Dr.)
compare with $7.71 and $8.07 respectively on 1,467.365 shares outstanding
322,655,164 338,272,312 180,955,694 107,141,560 at the close of 1926.
Total surplus
The year has been notable beyond any in our company's history. The
103,930,993 61,935,221 25,030,631
Cash diva, paid on corn. stock__ _134,836,081
absorption of four new companies, each with its separate policies and Per(60%)..145,000,000
Stock diva, paid on corn.
sonnel, has been a real test of our organization. The substantial price •
187,819,083 89,341,318 119,020,473 82,110,929 decline in our major products, Jell-O and Post Toasties, the creation and
Surplus at end of period
building up of a new sales organization which has already been referred to.
and certain non-recurring charges incident to our expansion program, have
CONSOLIDATED BALANCE SHEET DEC. 31.
had their effect on the year's net profits. But we believe the slight decrease
1926.
1925.
1927.
of profits is only reassuring evidence that the present policy of absorbing
$
$
$
Assetsnon-competitive nationally advertised high class specialty products and
Fixed assets:
98,262,014 79,715,823 86,183,747 selling them through established channels at prices fair to the consuming
Invest. in affil. & misc. cos. not consol
these
31,338,034 19,491,739 11,963,578 public is sound in principle and practice. To the continuation ofexpect
General Motors Corp.stocks held in treas..
480,473,508 434.373.903 287,268,286 policies your company is definitely committed. We may reasonably
Real estate. plants and equipment
12,436,188 7,404,4225,119,838 that 1928 will begin to show results from the combinations Just effected,
Deferred expenses
43.687.708 43,570,005 22,382,127 but many organization problems still confront us and their correct solution
Good-will, patents, &c
132,272.218 117.825,372 108,290.770 cannot be unduly hurried.
Cash in banks and on hand
75,542,69812,840,58125,141.318
U.S. Government securities
The income account and balance sheet for the year 1927
361,282 4,732.433 11,710,000
Temporary loans dr marketable securities.-are given in the advertising pages of this issue. Our comSight drafts with bills of lading attached, and
14,649,097 12,073,434 8.195,348 parative income account figures were given in V. 126,
C.0. D.Items
1,560,678 1,895,577 2,764,005
Notes receivable
Accounts receivable and trade acceptaaces a31,646,088 27.707.286 20,817,403 p. 1367. CONSOLIDATED BALANCE SHEET DEC. 31.
172,647.716 156,203,663 112,091,659
Inventories
1926.
1927.
1927.
1926.
Prepaid expenses:
(1,795,352 1,020,245
AssetsLiabilities
Taxes (State and local)
657,023 Land, blcigs., ma1 895.774
Common stock..a21,263,521 7,941,143
Insurance
101,512
467,033
3,600,345
127,695
chinery, &c...:13,842,150 6,251,217 Accounts payable. 1,382,082
Rent
18,613 yTrade marks,pat217,211
29.860
Accrued accounts. 409,139
Stamps and mileage
61,191
211,187
cuts & goodwill_
1
1 Real estate mtge.. 154,000
Sundries
Inventories
12,527,700 5,590,874 Cap. stk. of Hell1 098,477,575 920,894,106 703,786,665 Custom,accts. rec. 3,100,400
172,349
man,Inc
Total
Misc, accts. rec.... 800,123 2,606,658 Notes payable._ 2,400,000
Liabilities
51,828.549 48,221,294 44,829,843 Loans Az notes rec. 240.729
125,047 Res.for Inc. taxes- 2.074,282 1,800,400
Accounts payable
27,236,070 29.723.533 23,657.819 Marketable securs. 1,620,993 1,782,068 Employ. pay. On
Taxes, payrolls & sundries accrued not due
131,231
35,224.309 30,324,497 13,912,000 Call loans
500,000
800,000 subs. to cap.stk. 175,998
U.S. and foreign income taxes
9,347,856 9,812,935
2,656,842 1,818,903 Surplus
Accrued dividends on pref.and debenture stock 1,567,219 1,274,715 1.214,873 Cash
43,500,000 34,788,558 25.427,673 Investments & adv 852,293
605.515
Extra dividend on common
Reserves-Depr.of real estate, plants & equip 141,872,940 123,892,340 91,625,429 Deferred charges._ 1,237,996
789.670 Total(each side).30,611,377 20,369,953
Employees'investment funds
6,316,320 2,856,798 1,853.460
x After deducting $6,092,355 reserve for depreciation. y The trade
14,933,834
Employees'saving fund
marks, patents and good-will carried upon the books at a substantial
Sundry contingencies
3,943.566 4,613,921 8,305,946
are, for the purpose of the published accounts, taken at the value
Bonus to employees
11,715,710 8,520,447 3,981,382 amount a 1,714,734 shares of no par value in 1927 and 1.467,365 shares
of $1.
preferred stock
130,835,700 105,333,200 104,619,200 in 1926.-V. 126. p. 1367.
7%
1,713,400 1,795,900 2,175,700
6% preferred stock
2,366.900 2.786.9003,121,100
6% debenture stock
Crane Company, Chicago.
435,000,000 435.000,000 258,079,950
Common stock_ b
Interest of minority stockholders in subsidiary
-Year Ended Dec. 311927.)
(Annual Report
2,420,685 1,961,818
companies with respect to capital & surplus. 2,603,975
The remarks of President R. T. Crane Jr., together with
Surplus over and above $50 per share of no par
187,819,083 89.341,318 119,020,473 a balance sheet as of Dec. 31 1927, will be found in the
value common stock
SURPLUS ACCOUNT YEAR ENDED DEC. 31.
1925.
1926.
1927.
1,098,477,575 920,894,106 703,786,665
Total
a Less reserve for doubtful accounts in 1927, $2,293,437; in 1926, 81,716.037; in
1925, 61,798,694. b In 1927 authorized, 17,400,000 shares, par value $25. Previous to this year corporation had shares of no par value outstanding taken at $50
-V. 126, p. 1207.
per share.
Simms Petroleum Company.
-Year Ended Dec. 31 1927.)
(Annual Report
The report of the directors, signed by Chairman Thos. W.
Streeter and President Edward T. Moore, together with a
comparative income account for five years and balance sheet
for the year 1927, will be found under "Reports and Documents" on subsequent pages.
CONSOLIDATED BALANCE SHEET DEC. 31.
(Including Simms Oil Co. and Trinity Drilling Co.]
1927.
1926.
1927.
Liabilities-$
Assets$
$
Cap.stk.(Par $10) 6,908,180
Property, tanks.
pipelines,&a_ _x12,944,099 12,705,120 3-yr.68 gold notes. 3,313,500
Cash
492,684 1.400,517 Accounts payable. 812,252
310,000
U.S.Treas. notes_
1,500,000 Notes payable._
Call loans
300,000 Accr. tax.,int.,&c_ 188,885
Divs. payable._ _ _
Cash in sk. 01. for
3-yr. gold notes.
20,000 Due to Mill. co.._
20.080
Investments
548,641 Res.forcontin.,&c. 1,265,021
552,808
Acc'ts, notes and
Res've for coating.
Federal tax_
accruals receiv_ 7969,596 1,246,334
6,397,220
Inventories
4,022,732 2,113,783 Surplus
Deferred assets- _ 193,058
226,497
1926.
$
6,865,850
3,431,500
809,214
153,266
343,293
9.102
1,571,970
160,000
6,716.697
19,195,059 20,060,892
Total
Total
19,195,059 20,060,892
y After
X After depreciation and depletion amounting to $12,321,094.
deducting $51.141 reserve for doubtful notes and accounts.
Note.-Slmrns Oil Co. had contingent liabilities fo $224,002 at Dec. 31
1927 on account of deferred payments for sundry leases to be made if, when
and as oil is produced and sold.
-V.125, P. 2826.
Postum Company, Incorporated.
(Annual Report
-Year Ended Dec. 31 1927.)
Pres. C.M.Chester Jr. reports in substance:
advertising pages of this issue.
Net sales
Depreciation
Interest
Federal tax
RESULTS FOR CALENDAR YEARS,
1924.
1925.
1927.
1926.
$10,080.637 $13,285,624 $11,510,631 $10,883.937
1,916,360
1,714,731
2,516,008
2,604,833
14,330
28,921
47,559
35,438
1,131,421
823,910
1,394,394
1,237,911
$6,693,160 89.250,957 $8,342,029 $8,008,862
Net income
1,004,087
1,004,122
965,797
Preferred dividends_ --- 1,003,814
3,028,005
2,274,085
Common diva. (cash)__ - 3,328,215
3.038,002
Surplus
$2,361,131
$5,218,865 $4,299,905 $4,768,980
xProfit & loss, surplus.$17,832.415 $21,014,783 $20,636,253 $16,284,074
Shares corn. stock out1.947,003
standing (par $25)---- 2,348,925 2,139.615
1,946,520
Earned per share
$2.42
$3.62
$3.85
$3.77
xAfter deducting stock
dividends paid
4.419,500
3,182,368
4,829,225
CONSOLIDATED BALANCE SHEET, DEC. 31.
1926,
.
1925.
1027.
Assets$
$
$
Liabilities$
Real estate, mach.
Preferred stock...14,411.300 14,294,100
& equiprnent_x47,983,243 45,263,998 Common stock. 58,723,125 53,490.375
Inv. In other cos__ 1,804,552 '2,352,096 Accounts payable. 4,910,627 5.599,864
Inventories
28,951.850 30,665,850 Reserfe for Fed'I
1,907,287 2.477,330
Cash
5,773,631 4,491,940
taxes, &c
Notes& accts.reo.y12,470,705 15,066,728 Contingencies res. 3,237,643 4,514,938
U. S. Govt. war_ 4,319,945 3,835,414 Minority stockh•rs
284,635
int. in sub. cos. 281,529
17,832,415 21,014,783
'
Surplus
101,303,927101.676,025
Total
101,303,927 101,676,025
Total
y After deductX After deducting $21.306.618 for depreciation reserve.
$595,876 reserve for doubtful accounts.
-V. 126, 1:.• 583.
ing
Goodyear Tire & Rubber Co., Akron, Ohio.
Annual Report
-Year Ended Dec. 31 1927.
P. W. Litchfield, President, Feb. 20, wrote in substance
The year just closed has been one of substantial progress for your company both in Its domestic and foreign business. Total unit sales of tires.
our principal product, showed an increase of more than 15% over 1926.
Consolidated net sales were $222,178,540. Notwi.hstanding the 15%
The results of company's operations for 1927 reflec., also the enlarged scope increase in number of tires sold, value of sales was about 3.5% less than M
of operations due to the acquisition of other companies, manufacturing and 1926, reflecting the substantially lower selling prices which prevailed during
the past year.
marketing products of established leadership in their respective fields.
Total net profits for the year credited to surplus were $13,135,666 after
In March, the name of the company was changed to its present form by
eliminating the word "cereal." which obviously was no longer appropriate. deducting the following: taxes, interest, premium and discount; 89,298.648
The assets of Walter Baker & Co., Ltd., were purchased on Aug. 12. depreciation of plants and equipment; 63.500,000 reserve for commitments
The business was founded in 1780 and has long been an enviable reputation and contingencies; and profits of subsidiary companies applicable to stock
in the food industry because of the high standard of ha chocolate and not held by your company.
Consolidated surplus at the close of the year amounted to $25,589,105,
cocoa products.
Franklin Baker Co. was acquired on Oct. 15. This business was formed after paying dividends of 65,645,379. deducting charges incident to reother expense
in 1899 and its coconut products enjoy the highest regard. This company financing and extraordinary lege,and liquidation ofamounting to $9,606,195
subsidiary properties.
and reserving $3.000,000 for loss on
Is the leading manufacturer of dessicated coconut in the United States.
The ratio of current assets to current liabilities as shown by the consoliThe Log Cabin Products Co. was purchased Nov. 9. This business was
most dated balance sheet is 7.3 to 1. Inventories were valued at cost or market
founded in 1888 and its principal product. Log Cabin Syrup, is the
whichever was lower.
popular table syrup.
MAR. 10 1928.]
FINANCIAL CHRONICLE
With the settlement of stockholders' litigation duringrthe year. a corstructive program of refinancing was carried into effect. The balance
sheet reflects the retirement of Prior preference stock and management
stock and shows the funded debt of the company in its new form. The
lowerinterest,dividend and sinkingfund requirements of the revised capital
structure result in substantial benefit to stockholders.
,
The voluntary privilege of exchanging preferred stock for first preferred
stock authorized at the stockholders' meetings held last July has met with
practically unanimous acceptance. To date (Feb. 20) holders of more
than 98% of the preferred stock have exchanged their holdings. This has
resulted in an increase of current dividend income for preferred stockholders
and, through removal of the large accumulation of preferred stock dividends
and reduction of other barriers, has largely cleared the way for dividends on
common stock whenever the company's earnings, asset ratios and surplus
will justify their declaration.
Crude rubber prices were more stable in 1927 than for several years.
The joint efforts of your company and other American rubber and automobile companies in establishing a crude reserve supply has helped bring about
this improved condition. Legislation is now pending in Congress which,
f passed, will permit of further and, it is believed, more effective price
stabilization measures; but with sources of supply very largely under foreign
control and subject to artificial restriction, crude rubber continues to be
one of the major problems of the industry.
As a further step toward solution of this problem in the case of your company, an additional 29,000 acres of land in Sumatra (Dutch East Indies),
suited to rubber growing, were acquired during the year. Planting operations on this area have been commenced and are being carried to completion
as rapidly as practicable.
During the year tire manufacturing plants at Sydney, Australia, and
Wolverhampton, England, established to help care for our rapidly growing
foreign business, went into operation. The combined capacity of all
Goodyear plants is now approximately 75,000 tires and tubes daily.
CONSOLIDATED INCOME ACCOUNT
-YEARS ENDING DEC. 31
(INCL. SUB. COS.)
1927.
1926.
Net sales: (returns, discounts, freights, allowances and inter-company sales deducted)_ --$222.178.540 $230.161,357
_$222,178,540
Deduct: Manufacturing cost and charges %including depreciation), selling, administrative
and general expenses, and provision for Federal income taxes
200,313,920 a215,240,428
Add: Other income
$21,864,620 $14,920,930
1,225,001
1,517.962
Total profits before int. and other charges_ -- $23,089,621 $16,438,890
Deduct:interest and other charges:
Interest on funded and miscellaneous debt __
. 4,144,787
4.991,555
Proportion of discount on funded debt, and
premium on bonds, debentures and first preferred stock
884,495
1,344,743
Total profits for year
$18.060,339 $10.102.593
Deduct: Profits of subsidiary companies applicable to stocks not held by Goodyear Tire &
Rubber Co.:
Current dividends on pref. and com. stocks... $1,148,347
$943,834
Equity in undistributed earnings
276,325
359,621
Deduct: Reserve for commitm's & conting's__
3.500,000
Balance of profits carried to surplus
$13,135,667
$8.799,139
Add: Surplus, Dec. 31
30,705,014 30.649,320
Total
$43,840,681 $39,448,458
Premium, discount and redemption charges on
first mortgage bonds, debentures and prior
preference stock incident to refinancing and
extraordinary legal and other expenses
$9,606,196
Reserve for loss on liquidation of subsidairy
properties
3,000.000
Dividends of the Goodyear Tire & Rubber Co.-8,743,444
5.645.380
Surplus at Dec.31
$25,589.105 830,705,014
Shares of common stock outstanding no par)._
830.249
830.734
Earnings per share
*9.02
$3.78
a And after charging excess cost of rubber and cotton to the net amount
of $5.250,000 to special raw material reserve previously created therefor.
CONSOLIDATED BALANCE SHEET DEC. 31 .000DYEAR TIRE &
RUBBER CO. & SUBSIDIARIES).
1927.
1926.
1927.
1926.
Assets$
Liabilities
3
Land,bidgs..mach.
8% prior pref. stk.
15,000,000
dc equip
284,461,586 83,128.708 Management stock
Investments
b3,975,326 7,244,969 (par 31)
10,000
Inventories68,753,686 67,915,300 1st pref. stock_ -62,708,300
Accts.& notesrec.c17,891,188c15,615,823 7% pref. stock_ _ _ 2,371,300 65,079,600
Call loans
13,940,400 11,000,000 Common stock_ _ _21,000,000 1,000,000
Cash
10,069,348 9,584,363 Sub. cos. stk. not
Good-will, patents
owned
18,233,644 15,111,173
dm
10,314,275 10,319.275 Funded debt(co.)-67,183,000 53,977,300
Deferred charges-. 3,904.482 3,445,650 Funded debt of sub.
cos
11,081,061 9.941,643
Accts.& Fed. taxes
12,493,757 9,215,334
Pay
Accru. diva.& int_ 1,001,964 1,321,754
Drafts for rubber
on trans
1,500,339
Res.for pensions_ _ 500,000
Res. for conting•
Federal taxes. _ _ 6,897,829 4,142,270
Spec, raw material
res
2,750,000 2,750,000
Total (ea. side)213,310,301 208254.088 Surplus
25,589,105 30,705,014
&Mess depredation of $38,193,089. b Company's securities, including
cashildeposits with trustee in anticipation of debenture bond sinking fund
requirements. $743,068; land sales contracts and mortgages, $1.925.731;
miscellaneous investments and securities, $1,306.526. c Less reserves of
32,594.273. x Represented by 830,249 no par shares.
-V. 126, p. 1047.
The Studebaker Corp., South Bend, Ind.
(17th Annual Report
-Year Ended Dec. 31 1927.)
CONSOLIDATED INCOME ACCOUNT YEARS ENDED DEC. 31.
1927.
1926.
1925.
1924.
116,740
Number of cars sold_ - -_
111,315
134,664
110.240
$134.007,798 $141536,652 $161362,945 $135406.055
Netsales
Cost of manufacturing.
selling & gen.expense-119,086,775 125,466,660 141,030,380 118,624.654
1,770,438
Depreciation
1.582.490
1,794.802
1,392,809
$13,150,585 S14.487,502 $18,537,763 $15,388,592
Net earnings
Interest received less int.
372,289
paid
362,398
491.480
369.835
Net profits before deducting income taxes-$13.522,875 S14.849,900 319,029,243 315,758,426
Income taxes in U. S. &
1.585,013
1,807.781
Canada
2,409.720
1.984.557
Net profits for the year$11.937,862 $13,042.119 $16,619,523 $13,773,869
(7
_
522,375
Preferred dive. %) _
542,325
579,338
595.000
9,375,000 9.375,000
Common dividends
9.843.750
7,500,000
($5)
Rate
($5)
($5.25)
($4)
$2,040,487 $3,124,794 *6.196,435 *5,878,869
Surplus
36,533,833 33.409,038 30.212,603 19.673.734
Surplus Jan. 1
338.574,320 i36.533,833 *36,409,038 $25,352,602
Transferred to special
surplus account
405,000
Transferred to reserve for
3.000.000
L future contingencies-.
aSurplus acct.Dec.31$38.534,320 $36,533,833 $33,409,038 $24,947.603
alncluues special surp.ot $6,480,000 $6,075,000 $5,670,000 $5,265.000
Corn. shs. outstanding
1,875,000
(no par)
1,875,000
1,875.000
1.875,000
Earns. per share on corn.Aid $6.09
$6.67
$8.55
$7.03
1497
CONSOLIDATED BALANCE SHEET DEC. 31.
1926.
1927.
1927.
1926.
Liabilities
Plant & proper_ _263,631,418 61,827,734 7% Pref. stock___b7,425,000 7,500,000
12,337,788 14,649,465 Common stock. c75,000,000 75,000,000
Cash
Sight drafts outAccounts payable_ 9,749,363 5,412,501
standing
3,782,374 3.837,633 Dep. on sales con. 525,876
476,493
Rms.. incl. stock
Sundry creditors at
held for empl 1,367,424 1,207,095 reserves, incl,
Notes & accts.rec_ 3,251,956 5,762,025 seer. pay-rolls.. 2,414,878 2,569,880
Inventories
29,769,544 21,581,409 Res. for U. S. &
510,666
Can. inc. taxes_ 1,765,939 1.826,982
Deferred charges_ _ 637,824
Reserve for future
Cap.stk. & advs.
to Cit. H.Co_ _ _ 1,292,340 1,357,874 contingencies.._ 422,571 1,221,490
38.574,319 36,533,833
d Surplus
Trade name, good19,807,277 19,807,277
will, atc
AMU
-
135,877,947 130541,178
Total
135,877,947 130541,178 Total
a Plant and property at South Bend, Ind., Detroit, Mich., Walkerville,
Ont., and at branches, Jan. 1 1927, $61,827,734: plus additions during the
year, less realizations. $3,392,597; less total reserve for depredation, $1.588,913. b Pref. stock, 7% cumul., authorized 150.000 shares of $100
each, $15,000.000, whereof issued $13,500,000: less retired under provision
of charter. $6,075,000. c Represented by 1.875,000 shares of no par value.
d Includes social surplus of $6.480,000 in 1927 and E6.075.000 in 1926.
Middle West Utilities Company.
-Year Ended Dec. 311927.)
(Annual Report
President Martin J. Insull reports in substance:
-The gross earnings of the
Business & Earnings of Subsidiary Companies.
subsidiary companies for the year, with earnings of the new properties included only from the date of their acquisition, aggregated $96,659,078
which is $10,318,660 or 11.9% more than for the year 1926. While sales
between companies are necessarily included in this aggregate figure. the
inter-company business in 1927 was over $1,000.000 less than in 1926.
chiefly as a result of consolidations of companies. The companies' net
earnings for the year were 335,878.095 and represented an increase of
34.962.384 or 16.05% over the net earnings of the preceding fiscal period.
Satisfactory business conditions prevailed throughout the territories
served, aside from New Englznd flood effects, largely confined to the State
of Vermont, and a tenporary condition of over-production in the oil industry in the Southwest. Among conspicuously favorable events were
the resumption of middle western coal mining, the profitable results of
crop diversification in the Southwest. and a perceptible improvement in
New England manufacturing.
The subsidiary companies continued their active extension of the use of
their services by the sale of gas and electric labor saving appliances. The
total sales of merchandise in 1927 were $7,102,707. an increase of 11.2%
over the preceding year. Better merchandising organization, improvements in stores and displays, an increasing application of electricity to
cooking and the design of rate schedules to encourage greater domestic
consumption, all contributed to this result.
New Properties Acquired.
-The number of communities served by subsidiaries at Dec. 31 1927 was 2,064, compared with 1,834 at the beginning
of the year. This increase was made up altogether of acquisitions by
present subsidiaries.
Two of the operating companies of the Central & South West Utilities
Co. acquired the electric properties of the Dierks Lumber & Coal Co. in
the adjoining corners of the States of Arkansas and Oklahoma, the Southwestern Gas & Electric Co. taking over the properties in Arkansas and the
properties in Oklahoma being absorbed by the Public Service Co. of Oklahoma. In connecting the new prperties, these two companies effected an
interconnection with each other.
The Central Illinois Public Service Co. acquired the properties of seven
small electric companies and three municipal plants. The Wisconsin
Power & Light Co. acquired the Lindsay Light & Power Co. of Maniwa.
and a number of rural electric companies in the vicinity of Prairie du Sac
whose owners were impelled by the company's new rural service regulations
to become customers of the company.
Corporate Rearrangements.
-For the purpose of improving operating
organization and financial structures, and in pursuance of company's policy
of unifying, so far as possible, its properties within each State. a number of
corporate rearrangements were made among certain of the companies
during the year.
The East Texas and Oklahoma properties of the American Public Service
Co. were transferred to other subsidiaries of the Central & South West
Utilities Co. occupying adjacent territories. The Public Service Co. of
Oklahoma took over the properties of the Oklahona Power Co.. formerly
the American Public Service Co.'s subsidiary, and the properties of the
East Texas Public Service Co. and other subsidiaries of the American Public
Service Co. in East Texas were taken over by the Southwestern Gas &
Electric Co. The West Texas Utilities Co., remaining subsidiary of the
American Public Service Co., acquired the properties of the Quanah Light
& Ice Co. in northern Texas and the northwest Texas properties of the
Central Power & Light Co. The properties of the Chickasha Gas & Electric Co. were conveyed to the Southwestern Light & Power Co.
The properties of the Quincy Gas, Electric & Heating Co. and Mattoon
Gas, Light & Coke Co. were conveyed to the Central Illinois Public Service
Co., which previously had owned all of their capital stocks. In Nebraska
the properties of the Water & Light Co. of Nebraska City were conveyed
to the Central Power Co.
The assets of the Conway Electric Light & Power Co. and the Southern
New Hampshire Hydro Electric Corp. were conveyed to the Public Service
Co. of New Hampshire. The properties of the Western Maine Power Co.,
Bethel Electric Light Co., Black Stream Electric Co., and Fryeburg Electric Co. were taken over by the Central Maine Power Co.
Dividend Action.
-Dividends at the rate of $6 per share per mum were
paid on the common stock throughout 1927. Subsequent to the end of the
year the directors adopted a resolution increasing the dividend to $7 per
share per annum to be effective with the dividend payable May 15 1928.
As no excess of cash dividends above $6 per share may be paid in any
year on common stock unless payment is made in the same year of an additional 1% on the 7% cumulative preferred stock of $100 par value, this
payment will entitle the 7% cumulative preferred stock of $100 par value
to an additional dividend of 19'.
Capital Stock.
-In March 1927. the stockholders approved the increase
on the authorized $100 par value prior lien capital stock and the authorized
$100 par value preferred stock from 850,000,000 each to $70,000,000 each.
In addition, 250,000 shares of non-par prior lien stock and 250,000 shares
of non par preferred stock were authorized, each to be issued in series at
specified dividend rates ranging from $5 to $8 per annum, to be issued as
may be desired by the directors, in accordance with this authorization,
44,863 shares of $6 non par prior lien stock and 160,000 shares of $6 non Par
preferred stock were issued and sold during 1927. In addition, the company issued and sold during the year $143,300 of its $100
-par value prior
lien stock. The proceeds were used for investment in subsidiary companies
and for the general corporate purposes of the company.
The total number of the company's stockholders at Dec. 31 1927 was
39,740.
Subsequent to the end of the year the directors voted to offer to stockholders the righ., to subscribe to additional common stock equal to 10% of
the total shares of all classes of stock outstanding. Subscription rights
at $110 per share were offered to all classes of stockholders of record Mar.2,
the rights expiring on May 15 1928.
Stock Sales of Subsidiaries.
-The subsidiary companies sold during the
year 216.899 shares of their prior lien and preferred stocks. The total
number ofstockholders of all subsidiaries a:,the close ofthe year was 155,386.
In addition stock had been sold at Dec. 31 1927 to 5,807 subscribers on the
partial payment plan. In financing, in large measure, the extension of
service, customer ownership continues to be an important aspect of thr
business of company's subsidiaries.
Surplus & Reserve Accounts.
-The various surplus accounts belonging to
the company now aggregate $27,430,872.99, made up as follows:
$6,987,955
Surplus on the books of the company
1,500.000
Reserve accounts carried on the books of the company
1,879,437
Company's proportion of the insur. fund held by insur. trus
Company t3 proportion of the aggregate surplus carried on the
Company's proportion of the aggregate surplus carried on the
*17,063,481
books of the subsidiary companies
* Of the aggregate surplus $11.761.785, after all adjustments due to consolidation of properties. &c., has accrued since the formation of the Middle
West Utilities Co.
1498
FINANCIAL CHRONICLE
-During the year the subsidiaries of the
Retirement et Maintenance.
Middle West Utilities Co. set aside appropriations from income of $4,120:
359.85 for future retirements, renewals and replacements of physical properties. In addition $6,502,343 was expended during the year by the subsidiaries for ordinary repairs and maintenance of operating efficiency of
their properties, making a total of $10,622,703 for depreciation and maintenance. This amount is 12.71% of the $83,550,918 of gross operating
earnings of the subsidiaries.
COMBINED EARNINGS OF SUBSIDIARY OPERATING PROPERTIES.
1924.
1925.
Calendar Years1926.
1927.
Gross earnings
$96.659,078 $86,340,418 $60,489,856 $41,402,607
Net(aft. op.exp.& taxes) 35,951,380 31,071,020 19,934.306 13,981.520
344,768
340.617
Rents on leased prop's _ _
373,772
360,605
Total
$35.590,778 $30,697,248 $19,593,689 $13,636,752
:Add prop'n of net earns
287,628
288,687
218,462
287,319
accruing to M.W.U _
Total
$35,878,095 $30,915,710 $19,882,376 513,924,380
Deduct-Bond debentures
&c., interest charges
(outside holders)
$12,347,406 $11,188,803 $7.581,391 $5,130.705
Yearly amount of dis586,498
1,175,392
808,994
1.503,824
count on securities
Divs. on stock & prop'n
of undistributed earnings to outside holders 12,465,289 10,186.643 5,390,817 2,582,633
Total earns, accruing
to W.M. Util. Co_ _x$9,561,576 $8,364,872 $6,101,173 $5,624,544
Ofthe above amt. M.W.
Util. rec. & aces, as
420,448 • 807,946
166,538
142,004
int,on bonds & deb._ _
Rec. & accr. as in &
brokerage on money
198,620
194,234
149.342
249.443
advanced
Rec.& accr. as dividends
5.977,189 5.129,336 3,546,841 3,025.095
on stock
$6.368.637 $5,490,109 $4,116,631 $4,031.661
Total
M. W. Util. propor. of
surplus carried to aggregate surplus acct, of
the sub. cos. on their
own books
$3,192,939 $2,874.763 $1,984,541 21,592,883
INCOME ACCOUNT YEARS ENDED DECEMBER 31.
1924.
1925.
1926.
1927.
Int. rec.& accr. on bonds
$360,773
2569,790 51,006,566
and debentures,&c__-$391,447
Misc.int.on notes receiv99,848
174,577
81.402
60.033
able. brokerage,&c_
Divs.rec'd & accrued on
3.025.095
stocks ofsubeid.cos _ _ 5.977.189 5.129,336 3,546.841
Int. rec'd on bonds and
40,145
74.772
17,248
883.757
notes of outside cos_ _ _
Divs. reed & accrued on
80,332
511,050
212,337
517.824
stocks outside cos _ Profit sale secs, to sub.
3,248,488 3,043,229 3.265,583 1,062,088
cos.,and others
Profit from sale of prop329,522
92,688
erty. &c
236,985
276,662
343.541
282,645
Fees for eng.,&c.,sub.cos
94.543
Miscall. income
$11,316,824 59,663,087 $7,975,844 $5,880,581
Total income
865.575
944,843 1.123,543
Deduct-Adm.expenses- 1,102,758
48,021
848,109
73,203
364,862
Int,on coll. notes & bds_
204.077
277,439
202,179
Int. on purch. contr.,&c
170,634
35,355
161,295
Miscellaneous charges __
149,170
Premium on collat. notes
294,029
and bonds redeemed
351,723
Prov.for taxes
$9,618,506 $8,231,488 $5,842,062 $3.927,466
Net income
Divs.paid & accr.to date
1,726.610 1.298,664
On prior lien stock __ - 2,473.548 2,365.546
1,832,173 1,304.979
On cumul. pref.stock_ 3.349.495 2,445.179
On common stock_ _ _ _ 2.272,014 2.048.666
1,032,560
$1,523.449 $1,374,097 $1,250,719 $1,323,823
Balance. surplus
Shs.cons,stock outstand202.050
435,736
482,079
272,433
ing (no par)
$6.55
$7S5
$8.43
$8.38
Earned per share
BALANCE SHEET DECEMBER 31.
1926.
1927.
1926.
1927.
$
$
Assets
nvestments __2124,810,882 104,117,006 Common stock b 35,041,542 35,041,542
Prior lien stock _c34,722,673 30,434,800
Advances to sub4,801,571 4,477,001 Preferred stock d54,145,000 40,000,000
ddiary cos
Derd PaY'ts on
Advances on un250,000
purch.contr'ts
907,674
859,789
closed contets
A eels payable_ _
12.431
17.824
Int, accrued but
1,129.361 1,584,594 Divs.& int. accr 1,188.566 1,286.038
not due.ea
2,452,683 2,560,295 Conting't reeve 1.200,000 1,050,000
Cash in bks.,&c_
Taxes accrued_ _
325,000
Due from subscr.
300,000
300,000
506,167 Res. for finan'g_
to corn.stock _
6,987,955 5,862.581
84.657 Surplus
74,273
Prepaid expenses
133,928,561 114,237,393
133,928,561 114,237.393 Total
Total
a Being stocks of subsidiary companies and other investment. lb Reprepar value. C Represented by 305,781
sented by 462,079 shares of no
shares of 7% stock of 8100 par value and by 44,863 no par 58 dividend
shares or $4,144,573. d Represented by 400.000 shares 7% consul. pref.
stock of $100 par value and 160.000 $6 dividend shares, no par value, or
$19.145.000.--V. 126, p. 714.
[Vol,. 126.
INCOME ACCOUNT FOR CALENDAR YEARS.
1925.
1927.
1928.
$5,590,364 $7,754,887 $8,228,562
1,826.696 2.326,280 2,250,903
Gross earnings
Total expenses
1924.
Not
Avail.
Net earnings
Other income
$3.763,667 $5,428.607 25,977,659 $6,448,764
1,38,425
255,722
383,655
480.157
Total income
Depreciation reserve
Interest
$4.243,824 $5,812,262 $6,233.382 $8,587,189
504,128
701.232
845.818 ak 736.38.3
62,140
30.884
24.030 '" 26.512
Net profit
Previous surplus
Rescinded dividends
$3.373,976 85.049,367 $5,501.265 $6.020,920
13.171.045 15.161.678 11.101,784 5,920,863
120,000
Total surplus
$16,545,021 520,211,045 $18,603,049 $12,061,784
Approp. for Inst., additions, &c
5,000.000
Preferred dividends- - -(7%)840.000 (7)840,000(12)1441,371 (8)960.000
Common dividends_(10%)1.200,000(10)1.200000
Profit & loss surplus ---$14,505,021 $13,171,045 $15.161.678 $11,101,784
Shares of common oua
st nding (par $100) -120.000
120,000
120.000
120.000
Earns. per share on com_
$43.17
$21.12
$35.08
$38.84
Comparative Balance Sheet Dec. 31.
1927.
1926.
1927.
1926.
Assets$
$
Liabilities$
$
Property dr plant.x24,857,395 25,534,575 Preferred stock __ _ 12,000,000 12,000,000
Cash
6,902.204 5,521,206 Common stock_ 12,000,000 12,000,000
462.000
Accts..knotes rec.y 3,714.959 4,670,279 Funded debt
375,000
Inventories
2.900,125 3,587.703 Accounts payable_ 722,250
821,075
U.S. Govt.secs
6,602.534 5,038.214 Accr. tax., int.,d(c 668,n15
968.872
Fire insur. fund _ _ _ 265,657
252.300 Reserves
z5.021.671 5,240,385
Cash with trustee _
35,248
31,140 Surplus
14,505,021 13,171,045
Deferred charges
27,961
18,435
Total
45,292,558 44,663,377 Total
45 292,558 44,663,377
x After deducting depreciation of $4,746.535. y After deducting $176,102 for doubtful accounts. z Incl. res. of $4.740,307 for improvements, additions and new construction.
-V. 126, p. 429.
Kraft-Phenix Cheese Co.
(Financial Statement-Year Ended Dec. 311927.)
The following financial statements are of the Kraft Cheese
Co. of Ill., Phenix Cheese Corp. and A. E. Wright Co.
before their consolidation with the Kraft Cheese Co. of Ill.
and the change in name of the latter to Kraft-Phenix Cheese
Co. There are also given an income statement of the three
companies (consolidated) and a pro forma balance sheet as
of Dec. 31 1927, giving effect to the consolidation.
CONSOLIDATED PROFIT AND LOSS ACCOUNT FOR YEARS ENDED
DEC. 31.
[Kraft Cheese Co. of Illinois.]
1925.
1926.
1927.
Netsales, excl.Inter-co.- transactions.$37,386,915 $36,285,447 $39,035,083
Cost of sales
31,314,624 31,558,345 33,141.194
Gross profit
Selling, adminis.& general expenses
56,072,291 $4,727,102 $5,893,889
4,914,774 4,084,153 4.278,746
Net operating profit
Miscellaneous income (net)
$1,157,517
14,316
$642.949 $1,815.143
Dr94,353
Dr14.143
Net earnings
Interest
-Notes payable
6% debentures
Employees 8% debentures
$1,171.833
$175,183
9,857
$628,805 $1,520,790
$111,643
$57,085
90,000
1,576
7.830
$986,812
$563,890 $1.317,571
Notincome before Federal tax
Divs, on pref. stock, excluding equity
of Kraft Cheese Co. of Illinois_ _ _
Net incom,before Federal inc. taxProvision for Fed.inc. tax at curr.rate
15,367
$971,446
122,145
30.600
62,767
$533,290 111,254.804
169,398
71,994
$461,296 51,085.406
Netafter Fed.income tax at current $849,301
Note.
-Federal income tax paid during the period has been charged to
surplus account and was calculated on the basis of the company's fiscal
year which was other than the calendar year.
CONSOLIDATED BALANCE SHEET AS AT DEC. 31.
1928.
1927.
1926.
1927.
$
Liabilities$
Assets$
Cash in banks and
Notes pay.-banks
850,000
on hand
873,555 and brokers_ _ _ _ 3,925,000
1,617,763
Readily m'Itlable
Notes and accept
2,500
28,500
securities
86,753 ances-trade. _ 96.689
Notes receivable
693,613 Empl'ees 8% debs. 105.450
82,309
Accts. receivable 1,811,973 2,005,694 Accts. pay. trade.
604,531
Sundry notes and
incl. assoc. cos._ 845,504
1,828
48,641
Accts.pay.-sundry
accts. receivable
76,998
43.250
Raw material, &c_ 7,811,307 6,809,032 Mortgages payable
68,584
Prepaid expenses_ 154,883
126,561 Accrued expenses_ 119,601
126,704
Officers and empl.
Divs. payable_
131,771
' notes and accts.
. 254,713
Res. for Fed. tax_
64,919
35,051
36.392
Notes rec. & trade
Scrip outstanding_
accts. of assoo.
Equity of VI. stk.&c. companies__ 871,229
holders (excludInv'ts in assoc. cos. 1,243.089
677.012 Mg Kraft Cheese
Other investments.
Co. of III.) Ind.
97.811
97.191
United States Cast Iron Pipe & Foundry Co.
257,053
Prop., plant & eq_ 3,824,402 2,574.683 diva. accrued- 177,283
9,167,425 8,556,975
(29th Annual Report-Year Ended Dec. 31 1927.)
Lshlds & licenses__ 808,273
838,346 Capital stock
Patents, tr.-marks,
Approp, to meet
Pres. N.F. S. Russell reports in substance:
1 stock dividend._ 134,513
good-will, &c___ 476,251
8,400.842 2,408.040
Capital surplus
The net profit realized from 1927 operations was $3.373,976. compared
848,877 1,828,855
Earned surplus
with $5.049367 for the year 1926. The decrease in net profit for the year
,
Res,for redemp. of
decrease in the total production was ap
was approximately 33%. The
17,170
minority prefstk .
proximately 14%. The decrease in production was concentrated in tho
last five months of the year and was accompanied by a severe price decline,
18,940.590 14,783,082
Total
18,940,590 14,783,082 Total
unprofitable if in many cases
resulting in prices which on the average are
they do not show an actual loss.
CONSOLIDATED INCOME STATEMENT YEARS ENDED DEC. 31
In spite of the price decline the importations of foreign pipe, mainly from
[Phenix Cheese Corp.)
France, have shown a steady increase, and as long as French costs for
1928.
States
1925.
1927.
labor remain at levels 50% or more below similar costs in the United anomSales, less returns and allowances_ __ _$21,734.713 $17,166,375 $20,160,269
factor. It is one of the
such importations will remain a commercial
18,830,745 14,984,923 17,355,200
alies of the situation that some of the large public utilities, privately or Cost of goods sold
municipally owned, dependent on the sale of their water, gas and power
Gross profit on sales
$2,903.968 $2,181.452 $2,805,063
to residents of the United States should for a small percentage of ultimate
Selling, admin. and general expenses. 2,268.388 1,589,386 1,774,352
saving, purchase foreign pipe.
118,379
105,799
126.616
were reduced without disturbing Depreciation
During the year manufacturing costs
82,901
99,039
123,439
the wage rates at the various plants. Employment was on an average for Maintenance and repairs
82.709
74,493
Bad debts & prov, for doubtful accts.
70.565
the year 15% lees than 1926.
of all Advances to associated co, written off
41,784
The company is not a borrower at bank and is taking advantage
in
Possible discounts. Accounts payable represents current billsany process Expenses incurred preliminary to
similar
17,132
operations of Southeastern division
of audit for payment and is mallet* in total amount than at
1,159
Robbery loss
thne in the company's history.
11,499
411
declared out of the profits of the fiscal year Impts, to leased property written off.
On Jan. 19 1928 directors
quarterly
1927,four dividends of 13i% each on the preferred stock, payable
$734,063
$312,824
Net profitfrom operations
$256,043
in March, June, September and December.
89,999
50,678
154,224
On the same date direebers declared payable out of the surplus net profits Other income and profits (net)
on
of the corporation available for dividends, four dividends of 2)4% eachand
$804,063
$863,002
$410,267
Net income
quarterly in March, Juno, September
the common stock. Payable
44,211
55.964
38.325
Interest on debenture notes
December.
38,259
34,276
39,887
While the present outlook for 1928 does not encourage hopes of capacity Interest on loans
105,729
39,785
59,629
management feels that the present period Provision for Federal income tax....
operation or record profits, the
of readjustment in the industry should soon result in a strengthening of
$015,859
$232,997
$272,425
Net income
prices and a bettsr demand.
MAR. 10 1928.] r-
FINANCIAL CHRONICLE
1499
of introducing dry gas at high pressure into non-flowing wells, which subINCOME ACCOUNT YEARS ENDED DEC. 31.
stantially increases the production over what could be secured by pumping
[A. E. Wright Co.]
and at a materially decreased cost of raising. During the year 1927 some
1925.
1926.
1927.
$1,814,180 81.475,835 $1,285,178 19.300,000,000 Cu. ft. of gas was used for lift purposes, resulting in a subSales less returns
stantial increase in production of crude oil and natural gasoline.
Less trade discount and distributors'
Salts for the year amounted to $80.273.327, an increase of $329.576
293,560
318,131
382.245
commission
88,039 over the year 1926. and representing about 465.000.000 units of products
104,320
105,762
Freight on sales, &c
or 31,280,006 barrels, an increase of 449.999 barrels. The year reflected
$903,579 an increasing demand for the Company's products both at home and abroad
$1,326,173 81,053,384
Net sales
681.130 and the refined and lubricating oil business showed a healthy growth, while
749.154
934,858
Total cost of sales
there was a slight decrease in fuel oil sales.
Expenditures for new drilling and field development amounted to $5.521.$222,449
9304,230
$391,315
Gross profit
163,167 017 while the charge against income for drilling expenditures, wells aban219,983
281.833
Selling,shipping, gen'l & adm.exp
doned and depreciation provided for oil wells and equipment, 3rc.. was
$59,283 $5.320.760. The balance of oil wells and development, after deducting
$84.248
$109,481
Net operating profit.
9,681 the Reserves for depreciation and drilling expenditures, is $13.172.437,
44.396
26,799
Other charges (net)
7.528
7,853 representing 819 wells producing or shut in, wells drilling or inactive, and
7,437
Federal income tax
subsidiary field facilities.
The additions to pipe lines and storage system amounted to 8659.880
$32,323
$41.749
175,245
Net income
and consisted principally of the cost of reconditioning 3 storage reservoirs
FOR THE THREE at the San Luis Obispo Tank Farm.(damaged in the fire of 1926). lightning
CONSOLIDATED PROFIT AND LOSS ACCOUNT
protection equipment, steel roofs on tanks and additions to the pipe line
YEARS ENDED DEC. 81.
gathering system.
[Kraft Cheese Co., Phenix Cheese Corp. and A. E. Wright Co.]
Additions to refiners, natural gasoline absorption Plants and gas facilities
1926.
1925.
1927.
amounted to 81.885,280 consisting mainly of additions to the cracking and
$60,447,801 $57,499,101 $57.105,037 asphalt plants,fire protection equipment and steel tankage (620.000 barrels)
Net sales
51,330,283 49.863.985 49,012,085 at Los Angeles refinery; the reclamation of 5 acres of tide lands, additions
Cost of sales
Selling, admin. and general expenses_ 7,464.996 6,078,488 6.031.299 to the asphalt and lubricating oil plants, installation of tank roofs and extension of the fire protection system at Oleum Refinery, and the installation
$1,652,523 81,556.628 82.061.653 of four 320 h. p. and one 600 h. p. compressors and connecting lines at the
Net operating profits
Dr82.662 Dr125,604 Richfield absorption plant. The normal daily crude and cracking capacity
12.427
Miscellaneous income (net)
of the refineries is about 100.000 barrels and of the natural gasoline absorp$1,664,950 $1.473,966 81,936.049 tion plants 115,000,000 cubic feet of gas per day.
Net earnings
148.575
96,591
215,218
-Notes payable
Interest
were $1,912.369 which includes the cost
145,963 ofMarketing Station expenditures 10 service stations opened during the
44,215
38,325
6% debentures
18 new distributing stations and
1.576 year and the purchase of 45 tank cars, 174 automobiles and 69 trucks and
7.830
9.857
Employees 8% debentures
trailers.
$1.401,548 81.325.329 81.639,934
Net income
-During the latter part
Marketing of Oil in Australia and New Zealand.
Dividends on pref. stock, excluding
the year, an agreement was entered into between the company and
72.409 of
40.737
25,867
equity of Kraft Cheese Co. of Ill
Atlantic Refining Co. relative to the marketing of oil products in Australia
211,616 and New Zealand, The Atlantic Union Oil Co., Ltd., was subsequently
173.420
185.717
Prov.for Fed.inc.taxes at curr. rates_
Incorporated with headquarters in Sydney. N. S. W. to more actively
Netincome after Fed.income tax_ _ 81.189.965 81.111,172 81.355,910 develop sales in this territory. Bulk distributing stations are now well under
-Federal income tax paid during the period has been charged construction at Sydney and Melbourne, Australia, and Auckland and WellNote.
to surplus account and was calculated on the basis of the company's fiscal ington, New Zealand, and it is expected that bulk distribution will be commenced within the next few months. To Dec. 31 1927 some $600.000
year which was other than the calendar year.
has been expended for purchase of terminal sites, tanks and construction
PRO FORMA BALANCE SHEET AS AT DEC. 31 1927.
materials, tank cars, steel barrels, and for organization expenses. The
(Giving effect to proposed sale of 85.000.000 serial gold notes with the Atlantic Refining
and your company will share equally in the resulte
application of part proceeds together with 86.282 shares of common stock of this business. Co. the purpose of control and providing funds. the
in acquiring the net assets and business of Phenix Cheese Corp. and the Union Atlantic Co.For incorp. in Oct. last in Delaware. and 10
-year 434%
was
entire outstanding common stock of A. E. Wright Co., the balance of the
were sold, the bonds being guaranteed
proceeds from sale of serial gold notes being applied in reduction of current Sold bonds aggregating $4.000.000
jointly and severally by The Atlantic Refining Co. and Union 011 Co. of
obligations.)
Calif.
Liabilities
Assets
of stocks (in barrels) In Pacific
-The
Oil Stocks.
Cash in banks and on hand_ $1,765,792 Notes pay.-banks & brokers 52,665.000 Coast territory is offollowing comparison
interest:
26,500
53,000 Notes and trade acceptances_
Inv'ts In mktable.sec. at cost
Jan. 1 1925. Jan. 1 1928. Jan. 11927, Jan. 11928.
105,450 Fuel oil
accts. rec. 3,102,770 Employees' 8% debentures__
Customers' notes &
58,126.999 85.719.383 88,707.499 93.013.061
Sundry notes and accts. rec.- • 82,409 Accts. payable, trade, incl.
40.557.414 44,196.138 30.835,057 20,268,569
1,337,317 Refining crude
associated companies
Raw mat'ls, goods in process,
Gasoline
10.957.487 10.172.562 11.673.563 12,725.841
Sundry accounts payable_ _
10,462,936
48,641
&c
1.901.279
9,396.613 6.548.483 3,832,042
2.140 Mortgage payable
93.25b Naphtha distillates- -Accrued Interest
6.838,490 9,879.743 10.564.015 9.486.317
221,881 Accrued expenses
168,426 All other products
Ins. prem.,int.,adv.& sundry
Officers & empl. notes & accts. 117,249 Provision for Federal and forTotal
125.877.003 156,516.309 145.612.176 137.395.067
eign Income taxes
384.840
Notes rec, and trade accts. of
During Dec. 1927, the average daily production of crude oil was 610.930
884.703 Serial gold notes
5,000.000
associated &c. cos
barrels from 11,284 wells as compared with 706,427 barrels from 9.396 wells
25,000
Investments-associated cos_ 1,262,097 Mortgage payable, due 1930_
in Dec. 1923. On Dec. 31 1927 there were 2.526 wells shut in with an
137,743 Equity of pref. stockholders
Other investments
estimated daily average production of 78,226 barrels as against 2,579 wells
5,289,084 of subs. of Kraft Cheese Co.
Property, plant and equip
808.273 Including dive. accrued_
327,283 and 111.551 barrels on Dec. 31 1923.
Leaseholds and licensee
1,631,789 Scrip outstanding
36,392
&c
CONSOLIDATED INCOME ACCOUNT FOR CALENDAR YEARS.
Patents, good-will,
Capital stock
11,324,475
1924.
1925.
1926.
1927.
Surplus $134,513
4,279,291 Gross sales
$80,273.327 879,943,751 874.378,772 865.950,218
Total profits
25,638,087 29,457,979 27,082,279 27.334,032
Total
$25,821,866
825,821,866
Total
Deduct
-The above balance sheet includes the assets and liabilities of a General expenses
Note.
933,000
1,111,894
1,080.568
1.162,590
London branch of a subsidiary company of Phenix Cheese Corp.. as at Taxes
2,598,260 3.008.567 2.398.109 2,357,553
the latest available date.
-V.126, P. 1209.
Dec. 20 1927, this being
Employees' share in prof
795,331
419.737
329.828
493,684
Empl. provident funds
501.388
507,877
Union Oil Company of California.
Deprec'n, depletion, &c_ 10,824,907 12,244.495 11.440,324 11,309,412
-Year Ended Dec. 31 1927.)
1,229,433
1.324,769
Interest on bonds
1,256,802
1,178,920
(Annual Report
Miscellaneous interest
Cr682,961 Cr496,787 Cr588,120 Cr324,573
W. L. Stewart, President, and R. D. Matthews, CompNet income
810.048.494 $11.831,619 $10,513,207 810.704,048
troller, in their remarks to stockholders state in substance:
Cash dividends
9.475,836 7,568,000 6,804.000 6,675,349
Profit before deducting depreciation, &c., In 1927 was equivalent to
$5.50 per share as compared with $6.36 in 1926. The net profit in 1927
Balance, surplus
$572.658 $4,263,619 $3,709,207 $4.028.699
equivalent to 1034% on the average outstanding capital stock and$2.65 Previous surplus
was
19,249,805 15.789,975 12.652.721 8,703.683
per share, as compared with 1234% and $3.12 per share for 1926. Profits
were naturally affected by the lower prices prevailing for crude and petroTotal surplus
819.822.463 520,053.594 $16,361.928 $12,732,382
leum products occasioned by the marked over-production of crude oil that Adjustments (net)
deb79,662
occurred in the United States during the year.
759.314
Discount on bonds,&c__
14.159
84,187
-The disbursements for State. County and City Taxes amounted Prem.on empl. stock_
Taxes.
5,175 Cr187.362
was paid to the States and Provinces Loss from oil fires
to 81.698.259. In addition.85,286.727
784,455
in which the company operates, for gasoline sales taxes. Company's con- Bal. of comp. ins. res..,.
Cr575,172 Cr$89,798
tribution to the Employees' Provident Fund amounted to $507,877 for Appr'n (oper. prop.)--xCr40.878.559Cr47,217,903Cr15,334,455Cr17.141.452
1927, as compared with $501.388 in the previous year.
mese
-The provision for depreciation, depletion and drilling
Depreciation,(U.
Total surplus
expenditures decreased $1.419,588from the previous year due to decreased Shares of capital stock$80.616.834 866367.708 831.699.602 $30.383,971
drilling operations. However, owing to the greater quantity of oil puroutstanding (par $25)the practical effect is that "rofits from operations"were patrially Earns. per sh.on cap.stk 3,791.924 3,788.616 3.780.248 3,780 000
chased
$2.78
$3.12
$.83
$2.65
decreased and "drilling expenditures' lessened accordingly, the company's
x Surplus arising from appreciation in value of proven oil properties.
on remaining in the ground and assisting in the program of conservation.
subject to royalties, of crude oil and natural gasoline by the CONSOLIDATED BALANCE SHEET DEC. 31 (INCL. OWNED COS.).
Production,
company (including Colorado and Wyoming) in 1927 was 15,389,681 barrels
1927
1926.
1926.
1927.
as compared with 16.036,184 barrels in 1926, a decrease of 646,503 barrels
AssetsLiabilities$
$
$
8
the production in Colorado and Wyoming in 1927 amounting to 1,206,694 011 lands, rights.
Capital stock-- 94.798.106 94.715,450
barrels as compared with 1.134,389 barrels in 1926. The average producgas and water
Employees'stock
oil and natural gasoline (from 642 wells), at Dec. 31 1927,
tion of crude
lines. ,tc
203,275
274,147393 268,541.107 subscriptions_
290.625
was about 38.300 barrels daily. In addition there were 177 wells shut In Inv. In AM'.and
Mortgage debt_ 23.810.500 22,757,500
capable of producing about 19,000 barrels per day. Company is purchasing
controlled cos. 1.213,875
715,399 Accts. payable_ 5,416.770 5,406.215
75.000 barrels of crude oil per day.
at the present time about
Accrued interest
U.S.Govt.bonds
349.781
347,008
The company's production, purchases and other receipts of crude oil In
& Treas. ctfa. 9.000,000 10,200.000 Reserves
California for the year aggregated 32.712.182 barrels and including produc- OIL.&c.,lnven'y 26.749,990 24,813.766
Deplet.oll terr 75,565,571 68.493,720
tion and purchases of natural gasoline, together with purchases of refined Mat'ls & tamp_ 3.505,859 4,000,943 Depr. pl. & eq 44.938.589 40,532.978
and semi-refined products, aggregated 35,856.041 barrels, as compared with Bills & accts. ref, 9,199.614 8,658,422 Drilling exp.._ 23.276,262 22.338.339
32.722.533 barrels In 1926. Total production of crude oil in the State of Em pl.stk. subs_
116,405
915.023
244.371
939,467
Ins. & con tin _
California for 1927 shows an increase of 6.634,450 barrels, amounting to Pref. taxea & Ins.
413,068
Res. for taxes 3,883,091 3,837.219
334.977
230.751.463 barrels and, including 11,874.119 barrels of natural gasoline Cash
9,205,208 8,406.949 Surplus earned_ 19,738,274 19,249.805
barrels. The quantity handled
produced. the total amounts to 242.625,582
Miscellaneous__
222,282
210,294 do thr. apprec.
by the Company as indicated above, 35.856,041 barrels is close to 15%
of on prop__ 40,878.559 47,217,902
thereof.
The total production of commercial gasoline in California for 1927 was
Total
333.773,796 326,126.229 Total
333.773,796 326,126.229 .
60.000.000 barrels (including 3,800.000 barrels of cracked gasowas about
a Includes oil lands, rights and leases, $149,623.951; oil wells and develline), as compared with 49.000.000 barrels (including 1,300,000 barrels of opment. $48.765,057: pipe lines and
storage system. $15,959.086; steam18% of the total gasoline
cracked gasoline) in 1926 and was an
ships. marine equipl.. $12,674.574; refineries and absorption plants. $22,produced in the United States in 1927.
year of large production in the 466,666; marketing stations. $24.658.159.-V. 125, p. 3076.
The year 1927 was the fifth consecutivethe record
year of 1923. Some
California, being second only to
State of
The Brooklyn Union Gas Co. (and Subsidiaries).
new areas were discovered, the production from which up to date has not
been very substantial, the increase in production in the State being primarily
(Annual Report
-Year Ended Dec. 311927,)
due to a combination of deeper drilling and extension of the older fields.
drilling crews operating,
-At Dec. 31 1927, the company had 24
Wells.
Ventura and 1
1 in the
President James H.Jourdan reports in substance:
16 in the Southern. Fields of San Joaquin Valley, 2 in the and Wyoming.
California and 4 in Colorado
In the Santa Maria
Application was made to the New York P. S. Commission to merge Into
Field, Kern County, in
1,
The completion of Tribe Well No.400Pose Creek day, extended the
companies, viz.: The
barrels per
outer the company all of its wholly owned subsidiary Co., the
Dec., with an initial production of miles south of the discovery well
Jamaica Gas Light Co.. the Woodhaven Gas Light
Richmond Hill
and
limits of the field approximately 3
& Queens County Gas Light Co., the Flatbush Gas Co., the Newtown Gas
wells completed by the company in this new area.
makes 4
San Luis Obispo County, is now being tested Co. and the Equity Gas Co. The Commission gave its consent to the
The Husain& Anticline,
merger by an order dated Hoy. 29 1927, and in accordance therewith the
by the company in conjunction with the California Petroleum Corp., by subsidiary companies were merged at the close of business Dec. 31 1927.
jointly with
the drilling of Ituet Well No. 1. There is held under lease In addition the The merger does not affect the financial structure of company or its operadistrict.
the
aforementioned concern some 990 acres in this the North
tions.
company has leased approximately 2,000 acres on the HuturnaHuasna AntiThe net capital expenditures for the year 1927 amounted to $15.325.849.
structure.
cline, lying approximately six miles northwest of during 1927 in the or
.During the year there were expended 21.642.052 for maintenance in
Considerable progress was made by the company This process
consists order to keep all of the company's property In the best possible condition.
method of crude oil production.
tension of the gas lift
1500
In the 1926 report reference was made to the commencement of construction work at the company's Greenpoint works located on Newton Creek
and extending from Maspeth Ave. to Lombardy St. The first unit, a
water gas plant of 20.000.000 cubic feet daily capacity, was put in operation on Dec. 10 1927. The construction of the coke oven plant of 20,000.000 cubic feet daily capacity is under way and will be in operation within
the course of the year.
The new gas hdlder at Greenpoint works was placed in operation in
March 1927. This new holder is of the waterless type and has a capacity
of 15,000,000 cubic feet. The new pumping station in connection with
the holder was likewise put in operation.
During the year, 397,522 feet or 75.29 miles of main were laid. On
Dec. 31 1927, there was a total of 2,075.03 miles of main in service throughout the territory of the company's system.
In the year 1927, 16,125 services were installed, making a total of 304,449
services in use on Dec. 31 1927.
The total number of meters in use Dec. 31 1927 was 688,370, the net
gain for the year being 16,005 meters.
The total sales of gas throughout the company's system during the year
1927 were 22,086,162,558 cubic feet. The sales for the year showed a
decrease as compared with the year 1926, of 5.96%. This decrease was
due largely to the abnormal increase in 1926, because of the extraordinary
demand for gas during the coal strike. Another cause for the decrease was
the lower temperatures which obtained during thr winter months of 1926.
The average daily send-out for the year was 65,341,638 cubic feet of gas
per 24 hours.
CONSOLIDATED INCOME STATEMENT FOR CALENDAR YEARS.
1924.
1926.
1925.
1927.
Calendar YearsOper.& non-oper. revs- _$25,778,912 327,641,173a$20.968.499a$22.297,360
Oper. & non-oper. exp.
(incl. taxes & retirement exp)
19,918,519 21,717,346 19,328.372 19,962,216
Gross corp.income- - - $5,860,393 $5,923,827 $1,640,127 $2,335,144
Deduct-Int. on funded
1,741.571
1,586,542
1,210,693
debt
1,762,238
171,743
170,662
Int. on unf'd'd debt
175,088
165,534
Amort., &c., misc.
10,153
1,810
15,583
21,063
deduc.(net)
$566,706
$252,538
Net corp.Inc
$3,911,558 $3,996,011
Net rev, in suspense
62,952,746 62,875,945
not incl. above
Netcorporate income_ $3,911,558 $3,996,011 $3,205,284 $3,442,651
1,513,762
2.037,180 c$5,542,573
Dividends declared __(est)2,427,102
Shares of cap. stk. out483,016
510,076
508,330
st'g (no par)511,024
$7.83
Earns.per sh.on cap.stk.
37.65
a Based on rate of $1 per 1,000 cu. ft. for gas. b Amount charged in
excess of statutory rate of $1. per 1,000 cu. ft. c Includes special payment
of$7 per share paid Jan. 11 1926 and is equal to the amount of the dividends
omitted during the period Jan. 1 1920 to July 1 1922, when the company
was forced to suspend dividends owing to the inadequacy of the rate allowed
under the 80
-cent gas law.
CONSOLIDATED BALANCE SHEET DECEMBER 31.
1926.
1927.
1926.
1927.
Liabilities$
$
$
Assets$
94.876,902 79,551,053 Capital stock__ x25,551.200 25,503,800
Fixed capital
3.323,959 2,831,522 Funded debt ......y32.827,800 32,875,200
Cash
Notes receivable
30,027 3.000.000 Accounts payable_ 1,266,587 1,513,438
Accts. receivable _ 1.866.064 2,314,065 Notes payable____11,000,000
4,269 Contr. tor extens__ 398,532
318,905
4,438
Int.& dive. reeeiv_
668,714
47,724
Materials & suppl_ 3.686,665 3.233,395 Misc. unac11. creel_
49,333 Consumers' depos_ 2,931,837 2,713,729
119,217
Prepayments
9.141
748,066 Misc,accrued liab_
738.065
Investments
20,658
196,974 Matured int. unp'd
27,718
Special deposits ... 199,554
36,684
Interest accrued __ 1,370,534 1,289,321
Unamortized debt
892,832
170.975 Taxes accrued_ _ _ _ 819,889
disc't & expense. 158,468
Misc. current liab_
36,027
Suspense (unbilled
33,319
510,762
1,688,036 1.848,253 Dividends declared 638.771
gas. ae.)
Res've for retire'ts
conting.. &c ___15.807,858 15,666,430
Unamort. prem.on
debt
97,600
92,800
Total (each side)106,689,396 93.947.904 Surplus
13.845,201 11,824,287
x Represented by 511,024 shares of no par value in 1927 and 510,076 shs.
in 1926. y 5% 1st consol. mtge. bonds, due 1945, $14.736,000; Citizens
Gas Light Co. 5% consol. mtge. bonds, due 1940, $264,000; 1st lien & ref.
mtge. 6s, due 1947, $6,000,000; 7% cony, debentures, due 1929, $5,000:
77 cony, debentures, due 1932, $22,800; 534% cony, debentures due 1936,
$11,800,000.-V. 126, p. 106.
Adams Express Company.
-Year Ended Dec. 311927.)
(Annual Report
INCOME ACCOUNT YEARS ENDED DEC. 31 (INCL. SOUTHERN
EXPRESS CO.).
1926.
1924.
1925.
1927.
Revenue$21,927
$5,932
$15,450
Interest on balances_-144,821
199.5 3
8 '0
9 795
293,270
186.858
Int. on securities owned_
770,671
766,313
821,534
748,442
Divs. on securiaes owned
592,819
608,386
558,177
538,677
Inc. from collat. pledged
Total
Expenses
Interest on bonds
Salaries, exp. & taxes_
Net income
Preferred divs
Common divs
$1,586,321
474,680
116,685
31,541,446 $1,582,019 $1,572,788
503,222
72,083
518,685
66,467
545,918
65,730
$966,141
$996,867
$961,140
5994.956
(1 %)70,059
(6%)550,546 (6)600,000 (6)600,000 (6)600,000
$361,141
$396,867
$366,141
Balance. surplus
$374,350
5,369,628
5,726,723
6,608,805
Profit & loss surplus
- x7,145,777
Shares of common stock
100,000
100,000
100,000
outstanding (par $100)
67;031
$9.61
$9.96
$9.66
Earn. per sh. on cap.stk.
$13.79
x After deduction of 31,044,703 net depreciation of security values and
miscellaneous surplus charges.
CONSOLIDATED BALANCE SHEET DEC. 31.
(ADAMS EXPRESS CO. & SOUTHERN EXPRESS CO.).
• 1927.
1926.
1927.
1926.
AssetsLiabilities
Investments
a29,391,191 28,720.611 Pt.stk.($100 par)_ 5.604,730
Property & equip.
4,870 Com.stk.(3100 pax)6,703,100 10.000,000
4,857
11.217,000 12,897,000
Treasury cash &
Funded debt
11,920
17,417
call loans
1,600,043
401,489 Accts. pay.& accr.
pay. accr. on
Accts. rec. & seer_
77.396
65,534 Int.
267.530
coll, trust bonds 266,100
Int. coll. & accr.
b549,532
745,595
from coll. trust
Reserves
7,145.777 5,726,723
sees.(for paym't
Surplus
of int. on Adams
430,168
Tot.(each side).31,503,656 29,648,769
bonds)
456,266
a Comprising securities at market value held by the trustees for Adams
Express Co.coll. trust 4% gold bonds.of 1947,$4,544,330; 1948,35,793,500;
coll, trust bonds due 1948 held in treasury at market price, $1,152,270;
Industrial Commission deposit. $11,124; securities owned at market value
In treasury, $17,889,968. 13 For loss and damage suits. contingencies,
&c.
-V. 126. p. 416.
New York Telephone Company.
(Annual Report-Year Ended Dec. 31 1927.)
Pres. J. S. McCulloh, New York, Feb. 23, wrote in substance:
-For a number of years prior to 1927 Bell
Sale of New Jersey Property.
System telephone service In New Jersey was provided by your company
and by the Delaware & Atlantic Telegraph & Telephone Co., operating
respectively In the northern and southern parts of the State.
[voL. 126.
FINANCIAL CHRONICLE
In both of these areas in recent years there has been widespread industrial
and residential development and in the last decade the number of Bell
owned telephones within the State increased from approsimately 237,000
to 579,000. Every indication points to a continuation of growth on a large
scale both in population and in the organization necessary to care for its
telephone needs.
After careful consideration of these facts it was decided that the public
interest would best be served by the consolidation of the telephone properties in New Jersey and their operation by a separate State-wide company.
The matter was presented to the Board of Public Utility Commissioners of
that State and approval secured. The Delaware & Atlantic Telegraph &
Telephone Co., the entire capital stock of which was owned by the New
York Telephone Co., acquired all of the property of your company in the
northern part of the State in consideration of the issuance of additional
shares of its stock to your company and changed its name to the New
Jersey Bell Telephone Co.
The conveyance was made on Sept. 30 1927, and on Oct. 1 1927 the
New Jersey Bell Telephone Co. ban operations as an associate company
of the Bell System.
The transfer of personnel and property of the New York Telephone Co.
involved 10.494 employees and approximately 451,900 telephones.
In view of these changes, the following comment on your company's
accomplishments in 1927 relates principally to the present field of operations which, with connecting companies, consists of the entire State of New
York and a small part of Connecticut.
Additions to Plant.
-Gross expenditures for additions, betterments and
replacements in 1927 were $60,761,370, of which the principla items were
as follows:
Land and buildings-- -34,998,804
Central office equipl_316,357,358
Subscribers' sta.equip_17,523,262
Exchange lines
15.797,490
Toll lines
5,243,824
The budget for 1928 estimates an expenditure of $72,225,000 for similar purposes.
Twenty-one new telephone buildings or major additions to existing buildings were completed providing over 400,000 square feet additional floor area.
The new structures are in Syracuse, Utica, 1,Vhitesboro, Delmar, Liberty,
Mamaroneck, Larchmont, Katonah, Great Kills, Floral Park, Cedarhurst
and Bay Shore.
Growth of Business.
-The sustained demand for telephone service is reflected in the net addition in 1927 of 142,003 telephones and at the end of
the year 2,312,295 telephones were owned and operated by your company. Of these 505.436 were served through dial central offices, an increase of 69,502 over the number in service on Dec. 31 1926. Dial service
has proved highly satisfactory both to the public and from a technical standpoint, and it is planned to extend les use in the larger communities.
The average number of calls made daily over the telephones of your company in 1927 was 10,642,546, an increase of 548,883 over the daily average in 1926.
Financial.
-Financial results for the year, including those from operations in New Jersey for 9 months, show some improvement over 1926.
Computed on the average book cost of the property (which is less than its
fair value) and working capital, the net return from telephone operations
was 5.21% as compared with 5.12% for the preceding year. With a greater
number of subscribers, material additions to investment and more use of
our service, gross telephone revenues increased 9.46% and telephone expenses 9%. Increased rates authorized by the Public Service Commission
of the State of New York on June 23 1926, which were in effect for only
six months of that year but for the entire year of 1927, are also reflected
In the increase in gross revenue.
Taxes for 1927 amounted to $14,189,548, as against $13,591,590 for 1926
an increase of $597,958.
No permanent financing was done during the year. The new money
required to finance the additions to property referred to above was obtained
by temporary loans from the American Telephone & Telegraph Co., which
later will have to be repaid.
Rate Litigation.
-The trial of the equity suit in the U. S. District Court
in which the compan3 is challenging the validity of the rates fixed in 1926
by the P. S. Commission for exchange service in the City of New York
and in 1923 for like service in the State elsewhere, has been proceeding continuously before the Special Master appointed by the court and, though not
completed by the end of the year. had so far progressed as to indicate it.
conclusion early in 1928.
Purchase of Telephone Instruntents.-In the early days of the telephone
business it seemed essential that telephone instruments be owned and maintained by a central organization. This condition no longer obtains. Therefore, effective at the end of 1927, the American Telephone & Telegraph Co.
offered to sell and your' company bought the telephone instruments in use
on its lines but heretofore owned and maintained by the American Telephone & Telegraph Co. At the same time a reduction from 4 to 2% of
gross telephone revenues has been made in the charges of the American
Telephone & Telegraph Co. to your company for research, engineering,
financial and other services whicn will be furnished as heretofore.
COMPARATIVE INCOME STATEMENT FOR CALENDAR YEARS.
1924.
1925.
1926.
1927.
$
Telephone oper. earns_ _186,495,378 183,855,467 162.882,666 141.338,231
Telephone oper. expens_134,052,206 134,278.699 121,964,375 111,410,326
3,601,966
4,010,043
4,247,070
Rentals
4,665,194
8,634,023
Taxes
14,189,548 13.591,590 10,572.361
26,335,789
3,816.858
17,691,917
6,913,217
Total earnings
38,647,556 35,384,058 30,152,648
Interest
10,334,770
8,682,356 11,127,915
x Surcharge N. Y. City_
3,532,403
8,255,546
Approp, to employ. res_
998,000
24,605,134
9,674.422
3,875,362
Net income
28,312,786 22,171,299
Pref. dividends (634%).. 1,625.000
1,625,699
Common diva. 8%) _ _ 22,448,000 22,448,000
_
11,055.350
1,593,521
16,375,360
Net earnings
Other income (net)
33,588,430 31,738,018
5,059,126
3,646,040
10,769.187
1,625,765
16,375,360
Balance, surplus
4,239,786 def1,902,400 def7,231,939 de16,913.530
Shares coat, stock out2,806,000
2,046,920
2.046.920
standing (par 3100)
2,806,000
$7.32
34.46
Earned per share
*9.51
$4.62
x Subject to possible refund.
BALANCE SHEET DECEMBER 31.
1927.
1926.
1926.
1927.
Liabilities-.
Assets
Real estate
86,682,338 90,360,580 Preferred stock. 25,000,000 25,000,000
476,188,140 515,523,912 Common stock.280.600,000 280,600,000
Tel.plant&
Prem.on cap.stk.
171,244
Construction in
171,244
progress
10,841,735 Bonded debt _ -133.535.970 133.790,945
Real est. mtges_
Furn., fixtures,
948,675
8,625,167 14,724,952 Accts.&bilis pay. 16,079,939 14,811,345
tools,dm
Cash & deposits 6,147,609 7,189,095 Accr. liabilities.. 7,083,590 8,328,508
Adv. from sysBills and accts.
receivable.... 16,803,379 20,156,605 tem corn's... 71,661,239 38,263,315
84,358
Services billed in
Marketable sec_
Mails & suppl_ 2,824.147
advance
497,926
Accr.Inc. not due 1.344,662
Deferred credits
240,690
Stocks & bonds.127,014,089 38,223,899 Res.for amort.of
Sinking funds__ 1,333,454
568,800 intang.capital 1,120.877
Res. for empl.
Unamortiz. debt
disct. & exp._ 3,067,626 3,290,339
benefit fund ._ 4,559,737 5,500,000
Prepaid expenses 1,843,702 2,139,872 Depree'n reserve148,243,859 157,845,958
Deferred debits.
852.102
Cooling. reserve 15,409,452 15,409,452
29,104,171 21,852,422
Surplus
Total
732,810,773 703,019,789 Total
732.810.773 703,019,789
a On Jan. 2 1926 376,908.000 common stock was sold and proceeds
applied toward liquidating a like amount of advances from system corporations.
-V. 126, p. 1350.
Fisk Rubber Company.
(15th Annual Report
-Year Ended Oct. 31 1927.)
President H. T. Dunn, Feb. 27, writes in brief:
The company has changed its fiscal year from Oct. 31 to conform to the
calendar year and reports hereafter will be on that basis. In addition to
the subsidiary selling companies heretofore included in the company's
MAR. 10 1928.]
FINANCIAL CHRONICLE
balance sheet, the present consolidated statement now includes the accounts
of The Fisk Tire Fabric Co. and The Fisk Rubber Co. (Far East) Ltd.,
which is the company's crude rubber purchasing office in the Straits Settlements.
Sales for the 14 months ended Dec.31 1927 totaled $72,404.002 as against
$68,051,739,for the 12 months ended Oct.31 1926. Dollar sales for the 14
months ended Dec. 31 1927 were 69' less than for the same relative period
in 1926. Due to lower level of selling prices this comparison does not
reflect the gain in business enjoyed by the company as unit sales for the
same period of 1927 increased 14%%.
The financial position of the company remains exceptionally strong. At
Dec. 31 1927 there were no bank loans outstanding and current assets were
$32,726,000 in excess of current liabilities, with a ratio of current assets to
current liabilities of 9 1-3 to 1.
During the year, $1,256,000 par value of 5%% sinking fund gold notes,
due 1931, were purchased. $256,000 of which were used for current sinking
fund requirements, leaving $1,000,000 held in the treasury. In addition,
the company also purchased in the open market $1,210,000 7% 1st pref.
stock and now holds in the treasury a total of $2,154,800. These purchases
will result in an annual saving in interest and dividends of over $220,000.
CONSOLIDATED INCOME ACCOUNT.
Year Ended Oct. 31
14 Mos.End.
1924.
Dec.31'27.
1926.
1925.
Gross sales, less returns
& allowances
$72,404,002 $68.051.739 $74,900,373 $52,946,532
Costofsales,incl. deprec.
selling & admin. exps_ 67,587,745 62,054,823 64,976,987 48,672,253
Gross operating profit- $4,816.257 $5.996,916 $9,923,387 $4.274,279
Miscellaneous income-__
23,598
21,921
58,426 deb14,734
Operating profit
$4,839,855 $6,018,837 $9,981,812 $4,259,545
999,861
856,505
Deduct-Int,paid, net _ 1,588,7881
1
115,665
Amort.of discounts, &c..
221,354
99,708
Prem. & corn, on bonds
7,355
8,847
purch. for retirement_
{ 1,664,406
400,000
1 1,350,000
Prov.for Federal taxes_ _
409,0001
1,500.000
Res. for conting
1.000,000
Loss on sale of assets
y57.846
$2,620,721 $3,354,431 $6,108,906 $2,736,664
10,147.497 13,431,980 8,348,771 5,612.107
Balance, surplus
Previous surplus
Total surplus
$12,768,218 $16,786,411 $14,457,677 $8,348,771
Divs.accumul.on pref.&
management stk. prior
to Oct. 31 1925 & paid
z5,127,765
in 1926
1st preferred divs
1,086,638
1,200,738
1,025,697
lst pref. cony. divs
233,847
312,725
75.515
69,699
2d pref. stock dive
1,050
1,050
Management stock div
2,000.000 shares, outstanding, 291.813 shares. Class B common stock.
no par value: Authorized, 2,000,000 shares; outstanding 2.000,000
shares. z Notes payable incurred for part purchase of special collateral
notes receivable. a Dividends payable and accrued on pref. stock of
subsidiary companies not owned and on pref. and class A common Stock
of the corporatfon.-V. 126, p. 1205.
Mack Trucks, Inc., and Subsidiary Companies.
(Annual Report
-Year Ended Dec. 31 1927.)
President A. J. Brosseau, Feb. 23, wrote in substance:
The combined net earnings for the year were $5,844,307 which, after
paying dividends of 7% on the first and second preferred stock, amount
to $6.60 per share on the outstanding 713,434 shares of common stock
During the year the regular dividends of 7% were paid on the first and
second preferred stocks; also four quarterly dividends of $1.50 each on the
common stock, snaking total dividends paid of $5,418,354.
As of Dec. 31 1927 company called for redemption the entire issues of
first and second preferred stock aggregating $16,253,591 par value. The
greater part of the funds needed to carry out this transaction were available
the balance was borrowed.
The bank loans thus incurred were $7,000,000 on Dec. 31 1927 and It is
expected that the amount will be materially reduced during the year.
The ownership of the company now rests with the common stockholders.
The plants have been fully maintained and the maintenance cost charged
to operating expense, and following our usual practice the cost of experimental and development work has been charged off. In addition $1,305,063
has been charged off as depreciation. The inventory has been priced at
cost or market whichever was lower. No obsolete materials have been
included in the inventory. All new trucks and buses are priced at cost.
Used trucks and buses in inventory are marked down to lower values than
current resale prices, and the amount is lower than for a number of years.
Reserves for contingencies are ample.
The heavy commercial motor vehicle business declined somewhat during
1927. bu: company was able to secure an increased portion of the desirable
business, which was available, and at the same time further improve its
financial and physical condition.
Operations for 1928 have been budgeted and expenses adjusted to a
volume of business as large as last year.
Experimental work on the rail car has been completed and the car is now
In production.
RESULTS FOR CALENDAR YEARS (INCL. SUB. COS.)
1925.
1924.
1926.
1927.
$55,270,295 $69,032,203 $68.912,183 $46,622,622
Sales
Net profit
$6,664,307 $11,852,412 $12,129.540 $88,146.186
935,000
Federal tax reserve
820,000 1,384.700 1.550.000
990,913
Depreciation
1,305,063 1,615,259 1,226,053
-311,298,107 810,147,497 $13,431,980 $8,348,771
Profit & loss, surplus
Sits. corn. stk. outst. (no
825,116
808.255
840,684
796.882
par)
$2.23
Earns, per share
$1.36
86.21
$1.66
yLoss on sale of assets, no longer required. z 7% cumul. 1st pref. stock
(26%) paid in 7% cumul. 1st pref. cony. stock $4,467,500; paid in cash,
$347,934: Management stock (29% %) cash. $4.463: 7% Cumul. 2d pref.
cony. stock (30 11-12% cash) 3307.868.
COMPARATIVE BALANCE SHEET.
Dec.31'27. Oct.31'26.
Dec.31'27.&LSI'26
LiabilitiesAssets$
$
$
$
7% cum.Ist pf.stk.15.020,900 16,230,900
Land, bldgs.,mach.
7% conv.lst pf.stk.4,467,500 4,467,500
& equipml, less
depreciation-__520,110,841 20.288,575 Management stock
15,000
15,000
7% cum.2d pf.stk. 995,600
Fisk tire fabric_ --. 2,208,213
995,800
1 Common stock_ _x 8,257,295 8,101.495
1
Good-will
2,681,403 3,137,897 1st M. 20-yr. 8%
Investmentssink. fund bonds 8,370,000 8,370,000
Sinking funds. _ - _ 230,750
20,943,556 23,525,872 5-yr.53i% notes._ 8,615.000 9,871,000
Inventories
Fisk tire fabric bds. 1,500,000
notes
Accounts &
receivable-_ _610,183.862 9,913,294 Accounts payable,
5,527,035 3,556,106 Fed.tax res've__ 1,843,891 2,583.869
Cash
Deferred charges 1,107,089 1,665,840 Crude rub,in tons 3,083,890
Dividends payable
365,957
Reserve for °outing 525,567
938,568
11,298,107 10,147,497
Total(each side)_ _62,992,751 62,087,585 Surplus
a After deducting $8,419,050 depreciation. b After reserves of $1.144,-V. 125. p. 2394.
025. x Represented by 840,684 shares of no par value.
Continental Baking Corp. & Subsidiaries.
-Year Ended Dec: 31 1927.)
(Annual Report
RESULTS FOR YEARS ENDED
Dec. 31 '27. Dec. 25 '26. Dec. 26 '25.
$10,296.576 510,731.341 $13,436,916
537,018
509.648
633,817
2.595,201
2,621,707 2,596,064
937.000
917.000
1.258.978
y554.825
Gross earnings
Interest paid
Depreciation
Estimated Federal taxes
Appropriation
Net profit from operations--_- _ $5,672,532 56,682,986 x$8,948.056
102,971
136,262
Divs. paid & accr., min. pref. stkhldrs
153,652
Dividends on 8% preferred stock---- 4.085,324 4,091.914 3.766,510
1.157,252 2,333.440 2.203.307
Dividends on class A stock
$326,983
Balance, surplus
$121,371 42.824,587
2,768.741
3,123.391
Previous surplus (adj.)
Dr69,974
Premiums paid
Earned surplus
Capital surplus
$3,025,750 53.244,762.
2,503,000 2.503.000
See x
$5,528,750 35.747,762
Total surplus
x In the statement for 1925 submitted to the New York Stock Exchange
the company shows a net income (as above) of $8,948,056; less portion of
net earnings applicable to dividends on pref. stock not owned in sub. cos.,
$153,652: balance, $8,794,404. The consolidated earned surplus from
date of incorporation (Nov.6 1924) to Dec. 26 1925 was reported as follows:
Equity of corporation in earnings of subsidiary owned and controlled
companies from date of acquisition in these companies (a) companies
acquired in 1924. $7.025.291; (b) companies acquired in 1925. $1,041.541;
total, $8,066,831: add earnings of Continental Baking Corp. not including
dividends received from subs.. $1,865,895; total. $9,932.727. Deduct:
Dividends paid (1) on pref. stock, $4,200.865: (2) on common stock.
$2,621,164: consolidated earned surplus at Dec. 26 1925. $3.110,697.
y Net income from sale of capital assets, less estimated Federal taxes
thereon, appropriated to revaluation of capital assets of subsidiaries.
CONSOLIDATED BALANCE SHEET.
Dec.31'27 Dec.25'26
Dec.31'27 Dec.25'26
Assets
Notes payable_
z2,000,000
Land, bldge..mach.
41,062,870.44,801,402 Accounts payable_ 1,223,329 1,465,527
Pat., g'dwill, Sta.:10,837,608 10.796,991 Accr. lot,, taxes,
3,827,118 4,977.288 &o
288,412
329,955
Cash
437,250 Divs. pay. & accr-a1,312,198 1,638,235
Marketable secure. 274,271
55,013 Est. Habil. for Fed.
Notes receivable_
taxes
924,000
917,000
Notes ree.-special 5,494,706
5
350,961
Accts.rec.-trade. 1.517,274 1,901,361 Em pl. guar. dePos• 1111:8757
5,470,980 Reserves
651.733
Accts. rec.-spec'l
3,568,418 4,176,007 Fund.debt of subs. 8,168,012 7,739,965
Inventories
328,051 Min. Int. appl. to
266,245
Sundry invest'ts
stk. of subs. not
Inv. in co.'s pref.
614,659 owned
1,595,279
672,085 1,793,093
stock
958,028 Capitalstock---- 751,892,800 51,882,800
590.925
Deferred charges
Capital surplus- 2,503,000 2,503.000
Tot.(each side).60.034,220 74,517.031 Earned surplus.._. 3,025,750 3,244,762
x After deducting $14,170,190 reserve for depreciation. y 8% cum.
pref. stock, $109 par value: Authorized, 2,000,000 shares; outstan
18,928 shares. Class A common stock, no par value: Authori
1501
Net income
$4,539,244 $8,852,453 $9,353,487 $6.220.273
1764,533
764,533
1,137.750 1.136,617
First Pref. dive.(7%)
1373.219
373,219
Second pref. divs. (7%)..f
Common dividends($6)- 4,280,604 3.977,286 2,056,629 1,698.653
1,122,065
Corn.stock div.(50%)-..
Prem,on pref. stocks_
1,358.774
Balance,surplus_ _--def$2,237,884 $33,738,550 $5,037,041 $33,383,868
611,515
283,109
Shs.ofcom.outst.
713,434
(no par)
713,434
$13.62
$17.95
$10.81
Earns. per sh.on COM___
$66.60
CONSOLIDATED BALANCE SHEET DEC. 31.
[Including Mack Acceptance Corp.and Mack Trucks Real Estate. Inc.]
1926.
1927.
1927.
1926.
Assets
Liabilities$
y3,907,640 20,164.225
Capital stock
Real estate, blclgs.
eq., mach.,&c-21,390,723 20,512.270 6% notes series A.z2.600,000 2,800,000
2,992,637 3,075,306 Equity of minority
Cash
Accts. & notes ree.22,855,473 30.418.458 stockholders in
10,010
2,915
Inventories
17.214,622 23,870.089 subsidiaries_
Notes pay.(Mack)
Due from employ
under stk. allot_ 1,435,033 2,012.954 Accept. Corp.). 7,000,000 1,805,000
Sundry Invest'ts
523,314
361,266 Accounts payable.. 1,427,459 1,479,475
Deferred charges
455.222
332,431 Accrued accounts. 1,339,884 1,678,151
92,990
108,798
Licenses, patents,
Customers'deps-patent rights A
Res. Fed.inc. taxes 820,000 1.384,700
good-will
2,438,365 2,438.865 Res, for cooling 1,012,850 1,520,950
Capital surplus... _29,570,842 29,606,703
Earned surplus_ _ _21,530,807 22,463,629
69,305,387 83.021,640
Total
69,305,387 83,021,640 Total
x After depreciation of 89.260,379 in 1927 and $7,955,316 in 1926.
par value in 1927 and by 109,219
y Represented by 781,528 shares of no
shares of first preferred stock (par $100), 53,317 shares of second preferred
stock (Par $100) and 782,127 shares of common stock (no par) in 1926.
-V. 126, p. 882.
z Of Mack Trucks Real Estate, Inc.
Lehigh Coal & Navigation Co.
-Year Ended Dec. 31 1927.)
(107th Annual Report
President S. W.Warriner reports in substance:
Funded Debt.
-The total amount of funded debt outstanding in the
hands of the public at the close of the year was $17,881,000, a reduction
of $137,000 during the year.
Taxes.
-Taxes to the amount of $1,557,784 were charged against income
for the year 1927, a decrease of 5236.203. as compared with the previous
year.
-In accordance with the recommendation of the special committee
Coal.
of stockholders appointed under the resolution adopted at the annual
meeting in 1926. Company,as of July 1 1927, acquired all of the properties
of the Alliance Coal Mining Co. and the Cranberry Creek Coal Co., theretofore controlled through stock ownership, thus consolidating, as of that
date, all of the coal operations of the company.
PRODUCTION OF COAL BY COMPANY AND ITS TENANTS.
1927.
1926.
Gross Tons. Gross Tons.
Mined by Lehigh Coal & Nay. Co. from its lands 3,569,386 3,500.551
Recovered from its culm banks by company
244.790
318.760
Total produced by company from its lands
3,814.176 3,819,311
company from its lands
Less fuel coal produced by
and culm banks
138,105
111.738
Commercial coal produced by company from its
lands and culm banks
3,676,071 3.707,573
Mined by lessees of company
282.591
218,164
Recovered from culm banks by lessees of company_
5.193
16,495
Total produced by lessees of company
234,659
287,784
Less fuel coal produced by lessees of company_ --37.779
45,002
Commercial coal produced by lessees of company
196,880
242.782
Mined by company from leased lands
242,700
Recovered by company from leased culm banks..
24.438
Totalproduced by company from leased lands
and culm banks
267,138
Less fuel coal produced by company from leased
lands and culm banks
14,672
Commercial coal produced by company from
leased lands and culm banks
252,466
Summary
Total mined by co. and its lessees from its lands_
3,851,977 3.718.715
Total recovered from its culm banks by company
249,983
and its lessees
335,255
Total produced by company and its lessees from
Its lands and culm banks
4,101,960 4.053,970
Less total fuel coal produced by company and its
183,107
lessees from its lands and culm banks
149.517
Total commercial coal produced by company and
Its lessees from its lands and culm banks
3.918.853 3,904.453
Commercial coal produced by company from leased
lands and culm banks
252,466
Total comml coal produced by co. and its lessees 4.171,319 3,904,453
1502
[Vou 126.
FINANCIAL CHRONICLE
Unfavorable market conditions resulted not only in a decrease In sales
but also in the reduction of prices realized. The curtailment of working
time caused Increased costs per ton. Operating conditions otherwise were,
In the main, satisfactory, and the production of fresh-mined coal per hour
worked exceeded that of 1926.
-During the year, capital expenditures made by
Capital Expenditures.
company for additions, betterments and mine development in connection
with coal lands, mining and marketing property and real estate mining
district amounted to $1.500.695. and reserve and other accounts were
Charged $895.461 to cover retirement of property, making the increase
in capital asset accounts $605,233
In connection with coal mining and marketing property, there was
charged to operation during the year for depreciation and obsolescence
and other reserves 81.548,609. There was also charged to operation
$313.521 for depletion of coal lands and culm banks.
-The total tonnage transported over the canals of company
Canals.
during the year by the Lehigh & Delaware Transportation Co. and other
carriers was 290,665 gross tons. Of this total, 125,132 gross tons was
anthracite from the mines of company.
Canal operations for the year show a not loss of$122.825.compared with
a net loss of $71.357 for the previous year, the increased loss being on
account of necessary reconstruction work in connection with dams on the
Lehigh River and aqueducts on the Delaware Division Canal.
Charges to operation on account of depreciation of canal boats and other
equipment amounted to $8.036.
-The proposed lease of the properties of the Lehigh & New
Railroads.
England RR. to the Reading Co. for the term of 999 years. from Jan. 1
1927 was disapproved by the 1.-S. C. Commission on March 2 1927. The
possession and management of the properties were retained by the Lehigh
& New England RR. pending the final decision of the Commission, so
that there was no interruption in Its operation thereof.
-During the year company acquired the capital stock of the
General.
Summit Hill Water Co.. which company supplies water in the Borough
of Summit Hill. adjacent to the communities supplied by the Panther
Valley Water Co., the capital stock of which is owned. Proceedings are
now pending to merge the property of the Summit Hill Water Co. with
that of the Panther Valley Water Co.
-Since the close of the fiscal year,3rour
Lehigh Power Securities Corp.
board of managers, at a meeting held on Jan. 25 1928, duly authorized the
deposit of company's holdings of 610,000 shares of common stock of the
Lehigh Power Securities Corp. under a certain plan and agreement of
reorganization between the National Power & Light Co. and holders of the
stock of the Lehigh Power Securities Corp This plan provides for the
exchange of $6 preferred stock of the Lehigh Power Securities Corp. for
86 preferred stock of the National company and the exchange of common
stock ofthe Lehigh Power Securities Corp.for common stock of the National
company., in each case upon a share for share basis.
It is the opinion of your board that the union of the properties of the
Lehigh Power Securities Corp. with those of the National Power & Light
Co. assures greater stability of your company's investment by reason of the
wide diversity of business interests in the additional territory served.
The business of the National company, particularly in the districts of
North Carolina, Birmingham (Ala.), and Houston (Tex.), has been rapidly
Increasing and the earnings per share of the National company are running
at the rate of $1.84 per share per year as against a rate of $1.30 per share
per year for the Lehigh corporation. There is a reasonable assurance of
your company receiving immediate income of $610,000 per year from its
Investment.
Furthermore, a controlling factor in the determination of your board o
managers to become associated with the National Power & Light Co., was
the belief that the long and intimate association with the Electric Bond &
Share Co., which has resulted in such substantial benefits to your company
in the past, will thereby be continued and strengthened, and the value of the
securities held by your company further enhanced. Assurance Las been
given to your company by the Electric Bond & Share Co. that this relationship will be continued, and that company has pledged its co-operation with
your company for the further development of the Pennsylvania properties
in which your company is particularly interested.
INCOME ACCOUNT FOR YEARS ENDED DEC. 31.
1924.
1925.
1927.
1926.
Revenue (coal)
$20,614,029 820,087.581 $16,257,733 $20,258.498
Expenses (coal)
16,958,318 15,320.503 14,264,461 17,735.845
895.858
902.239
Taxes (coal)
1.150,220 1,045,607
253,683
215,116
Depletion (coal)
331,492
313.520
1.115,808 1,241,837
Deprec.& oth.res.(coal) 1.548.610
1,419.226
year by $1.335.988, and the 10
-year 8% sinldng fund gold notes have been
reduced by 31.000.000.
It is expected that the year 1928 will show further improvement in earnings over those of 1927.
INCOME ACCOUNT FOR CALENDAR YEARS.
1925.
1926.
1924.
1927.
Gross profits
$8,367,963 44.718.603 149,895,843 47.255,746
Admin., oper. exp., &c. 6,492,445 d6,359,219 6,434,048 6,838.513
Net oper. income_
Other Income
$1,875,518 df$1,642,617 $3,461,795
224,846
224,610
172,422
$417,233
300,425
Total oper.Income_ _ $2,047,941df$1.418.007 $3,686.641
530.000
450.000
Int. on 10-yr.8% notes.
610.000
319,042
395,325
298.529
Mlscell.deductions
1,172.751
1.228,738
941.670
Depreciation
$717.658
690,000
301.033
1,252,374
Netincome
Previous surplus
Miscellaneous credits..
Total
Deductions
$357,741df$3,439.800 $1,452,577df81.525,749
777.189 4,216,989 3.792.580 5,638,045
deb28.168 deb 170,172
$1.134,930
.994.445
$777,189 $5.216,989 $3,942.124
f1,000,000
8777,189 84,216,989 $3,942,124
Total surplus
$140,485
Divs. on 67 preferred
44,250
Divs. on 8% preferred
105,294
Appr.sur. 6% pf. stk.red. Cr808.200 Cr808.200 Cr808.200 Cr808.200
Cr595,500 Cr595,500 Cr595.500 Cr595.500
do
8%
do
Balance,surplus
$1,544.185 $2,180,889 $5.620,689 $5,196,280
a Before depreciation and including $1,000.000 added reserve previously
provided for fluctuation of crude rubber prices. b Before depreciation.
c Gross profits on sales before depreciation, but after deduction of refunds
on account of price changes In 1924. d Selling, administrative and general
operating expenses, including cash discounts allowed customers, excise tax
on sales, interest on current loans. &c. e Including 8759,252 for reduction
of Dec. 31 1928 inventory, and $235.194 for price reduction, allowances
and additional taxes. f Provision for fluctuations in crude rubber prices.
BALANCE SHEET DEC. 31.
1927.
1926.
1927.
$
LiabilitiesAssets-6% pref.stock_ -- 2,950.000
Plant accts., Pats..
equipment, dec.:18,921.878 19,549,130 8% cum. pref.stk_ 5.264,700
Cash
1,490,715 1.844,855 Common stock_ __ 9,006.003
10-yr. 8% notes__ 5,000,000
Sale of Cumberl'd
83,099 Accounts payable. 1.235.351
65,507
homes
32,168 Notes pay. to bite. 7,025,648
19,827
Sundry invostmls
Bale, due custom's_ 307,479
Notes & accounts
75,294,258 4,479.452 Accr'd taxes, &a._ 332.649
receivable
62.500
605,608 Accr. Int, on notes
389,529
Deferred charges
Inventm lea
6,909,454 9,207,775 Prem.on 10-yr.8%
gold notes red.__ 251.159
Adv. onJoint venOther reserves_ __ 146,494
ture
125,000
Surplus-general _ 140,484
do appropriated 1,403,700
1926.
2,950,000
5,264,700
9,096,003
6.000.000
1,089,755
8.361.636
156.312
246.921
72,500
255.258
128,112
777,189
1,403.700
Total
33,216.168 35,802.087
33,216.168 35,802,087 Total
x Property and equipment at plants and branches, patent rights. 3c0..
less depreciation. y Customers' accounts receivable. $5,874.555; foreign
trade acceptances. $51.007; sundry debtors and other notes receivable.
$69,478; total, $5.995.040; less reserves of $700.782.
Note.
-Dividends paid to April 1 1924 on 6% preferred stock and to
Feb. 15 1924 on 8% preferred stock.
-V.125. p. 2158.
Boston Elevated Railway.
-Year Ended Dec. 31 1927.)
(Annual Report
TRAFFIC STATISTICS YEAR ENDING DEC. 31.
1925.
1924.
1926.
1927.
7,526.260 7,185,587 6.994.749
Round trips operated_ __ 7,295,371
Passenger revenue
$334,000,571 $34,393,954 $33,790,442 833,419,172
Pass. rev, per car mile
59.83 cts. 59.41 cts. 60.93 cts. 59.69 cts.
45.67
45.86
345.75
45.93
$91,041 Pass. rev, per car hour
Canals net loss
Pass. revenue mileage- _y56,827,962 y57,895.881 y55.461,094 y55,088.679
Lehigh & Susq.and other
x5,980.267 x5,767,057 x5,894.115
2,271,264 2.271,264 Pass. revenue car hours_ x5.735.491 371,218,401 365.036,286 382,388.848
railroad rentals rec'd_ 2,335,403
2,302,773
1,521.199 Revenue pass. carried -366,938,908
1,079,321
Revenue from investm'ts 1,216,518 1,683,025
6.582
6,838
6.412
6,457
216.676 Rev. pass. car. per car mi
225,142
All other revenue
170,519
350,383
63.28
64.96
62.07
63.98
79.756 Rev. pass.car. per car hr.
81,421
73.687
General exp., taxes, &c_
65,009
x Car hours, American Electric Railway Association standard, adopted
5,562.766 in 1927. 4,717.Feb. 11923. y Including motor bus mileage
Net ntlscel. revenue... $3,837,295 $4.082,629 $3,494,305 $3,929,383 900 in 1926, 2.472.456 in 1925 and 890.901 Inof
1924.
Summary
Gross revenue
$24,736,812 $24,442,838 $20,040.001 $24,462,782
Gross expenses
17.350,101 15,665.892 14,610.611 18,083.912 COMPARATIVE DIVISION OF RECEIPTS AND EXPENDITURES
904.160
910.455
1,054,230
Taxes-operating
1,158,407
CALENDAR YEARS,
253.683
215,116
331,792
Depletion
313.521
1,125.588 1,251,409
1924.
1.429.200
1925.
Deprec. & other reserves 1,556.952
1927.
1926.
Total receipts
835,193,410 $35,481,313 $34.547,380 834.175.320
$3,178.231 $3,969,617
Net revenue
Operating Expenses
$4,357,830 $5.961.725
215.687 Wages
220.019
231.425
General admin. expenses
16.757.338 17,697,378 16,931,550 17.358,670
201.378
339.377 Material & supplies..
352,789
739.753
Taxes
3,175.982 3,203,379
3.262.789 3.462,091
399,377
-general
863.364 Iniuries & damages
798.588
740.025
793,659
666.488
Interest on funded debt_
1,203,518
788.289
925.919
3.121 Depreciation
12.037
19.435
Other interest
36.491
2,824.220 2.841,722 2.496,000 2,496.000
1.424.059
1.135.716
Fuel
1.084.467
1,149,159
$2,548.068
Net income
$2,932,296 $44,177.457 $1.794,798
Total oper. expenses-325.132.333 826,076,268 $24.405.736 $25,222,134
Dividends
(10%)2,924,340(10)2,924,340(8)2.339,472(8)2,339.472
1,623,996
1,652,518
Taxes
1,910,765
$208,596 Rent of leased roads(incl. 1,864,136
Balance, surplus
$7,955 $1,253,107 def$544.676
Shares of capital stock
div.rental under Chap.
584.868
584,868
584.868
3,169,449 3.175.566
159. Acts of 1918)outstanding (par $50)_
584.868
84.36 Subway & tunnel rents_ 3,152,432 3.162,454 2.217.470 2,125,594
$3.07
$7.14
Earn. per sh.on cap.stk.
85.01
2.224.088 2.217,001
Int. on bonds & notes
2.524.343 2,535.505 2.540,909 2.602.891
BALANCE SHEET DECEMBER 31.
61,835
59.104
62,070
Miscellaneous items_
72.763
1926.
1927.
1926.
1927.
MU$
$
Total cost of service-834.970.595 $35,964,083 $34,045.186 $34.812.016
29,243,400 29,243.400
stock
Capital
Coal lands, mining
8636.696
8482.749
& mark t g prop.42.884.590 36,075.207 Funded debt----b17,881,000 18,018,000 Loss for year
502,194
Gain for year
222,815
Canal property -m3.347.189 3.372,069 Audited vouchers
Profi: and loss items not Included in above.
1,220.452 1.016,768
Real estate
2.077.593 1,755.533 and payrolls.-18.619
53.095
RR.physical prop.1S.051.400 16,051.400 Sundry creditors
2,362.632 2,434,788
RR.secs. pledged_ 7.871,771 9.507.578 Accrued taxes
INCOME STATEMENT FOR CALENDAR YEARS.
RR.secs.unpledged 2,419.281 3.602.254 Matured Interest
1924. •
897.778
1925.
1926.
Operating Income1927.
Adv. to MM.cos
470,816 4.670.850 on funded debt- 394,668
1.190 Passenger revenue
1.187
$34.000.570 $34,361,359 $33.759,927 $33,403,253
U. S. securities
1.500.000 2.303.800 Maid & accr.rents
642,329
11,722 Mails, rentals, ad., &c
672,371
1.009.970
5.053
1.095,305
Cash
1.084.173 2.770.371 Divs. unclaimed
189.786
Customers accts_ 3,067.564 3.113,914 Sup. credit accts. 338,222
$34,432,298 $334,045,582
Total
$35.095,875 $35,371,330
470.776 Deplet'n. deprec'n
Sundry debtors
584,758
Operating Expenses
Coal stocks
4,027,463 1,357.814 &c.. reserves_c14,519,659 14,159,839 Way
and structure
83.764,086 $4,222,526 83,766.616 $3,823,124
771.952 Reserve for workMaterials & sum) 898.534
931,640 Equipment
4,269.727 4,423.586 3.900.956 4,156,222
men's compen'n 995.579
16.662
Accrued Int. rec.18.193
2,819.283
Profit & loss surp_20,768,266 20,672,662 Power_ _ _ _.......... 2.515.297 2,641.775 2,536.129 11,825.235
Workmen's ccan on
Transportation expenses 11,436.060 11.924.518 11,567,233
931.640
insurance fund_ 920,177
7.866
3.239
6.139
Traffic
31.863
324,366
Susp. debit eons__ 559.710
General & miscellaneous 3.122.604 2.873.978 2.656.275 2,611.292
Cr.20.890
Cr.24,714
87.783,212 87.096,190 Transportation for invest Cr.7,303 Cr.16.255
Total
87,783,212 87.096.190 Total
a Canal property consists of: Physical property, $2,286,016; securities
$28,076.268 $24,405,736 $25.222,134
Total oper.
pledged. $1,047.911: securities unpledged, $13,263. b Funded debt, Net earnings expenses...425.132,333 9,295.081 10.026.562 8.823.448
9,963,543
c Depletions.
1.623.996
23,596.000; less treasury bonds unpledged. $5.715,000. $10,486,082.- Taxes on ry. operations. 1,864,136
ias
1,652.518
1.910,765
,033,577; depreciation and other operating reserve,
V. 126, p. 727.
Operating income
88,099.407 $7,384,297 $8,374,045 87,199,452
4
4
2
Dividend income
Kelly-Springfield Tire Co.
19,147
11,287
10,298
Income from funded sec_
4,268
43.317
39,533
38,806
Inc. from unfunded sec_
34,022
Report-Year Ended Dec. 311927.)
(Annual
33.280
33,280
33.280
Inc.from sink,fund,&c_
33,280
34.043
30.928
29,597
Pres. Samuel Woolner, Jr. Feb. 16 says in part:
25.963
Miscellaneousincome.of 8'157.741 as compared to
In the year 1927 company earned a net profit
Gross income$8,196,941 $7,404,281 $8,489,128 $7.329,244
the net loss of $3.439,799In 1926. Bank loans have been reduced during the
Net revenue from coal
Canals revenue
Canal exp.,tax.,dep.,&c.
$643,361 $1.950,452 def$239.891
206,541
218.941
220.478
282,723
290,298
343,304
$76,183
$71,357
$122,825
$131.275
195,145
286.186
FINANCIAL CHRONICLE
MAR. 10 19281
1927.
Deductions
Rent for leased roads_ _ _
Miscellaneous rents_ _ _ _
Net loss on misc. physical property
Int. on funded debt_ _ _ Int. on unfended debt_ Amort. of disct. on fund.
debt
Miscellaneous debits
1925.
1926.
1924.
49,919
2,224.088
49,849
2,217,001
49.917
2,217,470
48.552
2,125,594
8,877
2,464.866
59,977
3.780
2,422,935
112.570
2,422,935
117,974
.53
2,430,789
172,102
46.823
17,063
40 595
17,695
40.595
18,509
43 366
18,469
Total deductions from
$4,871.607 $4,864.424
gross income
2,629.857
3,325.328
Balance
512.000
512,000
1st pref. diva. (8%)957.841
947.748
2nd pref. diva. (7%)- - 210,000
210.000
Prof. diva.(7%)
1,432.764
Common diva. (6%).- - 1,432,764
$4867400 $4,838.925
3.621.726
2,490.319
512.000
512.000
964.768
972.251
210.000
210.000
1.432.764
1,432.764
$502,194 def$636.696
Balance, surplus
5222.816 def$482,749
Shares of corn. outstand238,794
238.794
238.794
238,794
ing (Par $100)
Earn. per share on com_
$3.97
$8.11
$3.33
$6.93
Aote.-The reports for 1927. 1926, 1925 and 1924 designate the diidendsv
as "Boston Elevated Ry. Co. dividend rental," but have been separated by
us for comparative purposes. The amounts given in the reports are $3.102.512 for 1027 and $3,112,605 for 1926, $3,119.532 for 1925 and 53,127.015
for 1924.
-Ed.
31.
1926.
1926.
1927.
1927.
s
AssetsLiabilities8
$
$
6,400.000
Road & equip__112,657.491 109,103,446 let pref. stock_ 6,400,000
Misc. phys. prop.
58,889
58,889 2d pref. stock__ 13.549.450 13.651.500
190,970
224,767 Preferred stock_ 3,000.000
3,000.000
Other Investmls
Cash
791,459
982,465 Common stock_ 23,879.400 23.879,400
Deposit for Int.,
Prem.on cap.stk 4,939.905 4,939.905
dly., &c
789.240
791,436 Funded debt... 51.674,000 49.819.000
125.000
125,000
Spee'l deposit of
Mortgage notes.
L'ns & notes pay 2,800.000 3,100,000
reserve fund__
204,665
Vouch. & wages
Funds avail for
903,486
payable
527.544
capital exp___
34,000
32,000
792.641
Misc, accts. rec.
790.445
294,771
255,395 Mat.Int.dly.,&c.
871.393
2,098,291 Accr.Int.dly.,&c.
Mat'ls & suppl_ 2,145,429
916.283
Def. liabilities._
37.798
36.843
Int., dly.& rents
4,755 Tax accrued__ __
721.842
712,112
receivable_ ___
3.037
40,121 Prem.on fd. debt
185,118
210,296
0th. eurr. assets
39,774
2,936.046 Operat. reserve_ 1.190,759
940.188
Ins.& nth. funds 2.936.046
9,962.749 8,197,485
10,531
119.703 Acer. deprec'n
Prepd. rents, &c
441,800 Misc. unailf.cred
173.730
Disc, on fd. debt
462.891
164.159
299.008 Adv.by ('nor, of
0th. unad.l. deb
160,471
Masaiacet.def.ln
Cost of eery. def.
cost of service_ 2.244.851
2,305.512
for l2'nos.end,
2,305,512 Misr, fund res._
250.502
412,207
June 30 1919._ 2,244.851
Profit & loss. clef
346.861
765.406
GENERAL BALAACE SHEET DEC.
Grand total_ _123.022,515 119,695,722
-V. 126, p. 864.
Grand total_ _123,022,515 119,695,722
GENERAL INVESTMENT NEWS
STEAM RAILROADS.
-Class I railroads in January installed 154 locomotives
New Equipment.
In service, according to reports just filed by the railroads with the Car
Service Division of the American Railway Association. This was an increase of 9 locomotives compared with January 1927 but a decrease of 37
under the same month in 1926. Locomotives on order on Feb. 1 totaled
173 compared with 318 on the same date last year and 493 on the same
date two years a.to. FreiTht cars placed In service In January this year
amounted to 2,899 compared with 5.484 in Jan. 1927 and 4,907 in Ian. 1926.
The railroads on Feb. 1 had 19.048 freight cars on order. On Feb. 1 last
year, there were 29,012 on order and on Feb. 1 1926, there were 50,636
on order.
The,e figures as to freight cars and locomotives include new and leased
equipment.
Locomotives in need of repair on Class 1 railroads of this country on
Feb. 15 totaled 9,319 or 15.5% of the number on line, according to reports
just filed by tho carriers with the Car Service Division of the American
Railway Association.
This was an increase of 616 locomotives compared with the number in
need of such repairs on Feb. 1, at which time there were 8.733 or 14.5%
Locomotives In need of classified repairs on Feb. 15 totaled 5,040 or 8.4%.
an increase of 279 compared with Feb. 1, while 4,309 or 7.1% were
increase of 337 compared with the number in
need of ruanin renalrs,
need of such repairs on Feb. 1. Class I railroads on Feb. 15 had 7.064
serviceable locornot.ves in storage Compared with 7.307 on Feb. 1.
Freight cars In need of repair on Feb. 15 totaled 136,346 or 6% of the
number on line, according to reports filed by the carriers with the Car
Service Division of the American Railway Association.
This was an increase of 231 cars above the number reported on Feb. 1
at which time there were 136,115 or 6%. Frei tht cars in need of heavy'
repairs on Feb. 15 totaled 96,338 or 4.3%, a decrease of 356 compared with
Feb. I, while freight cars in need of light repairs totaled 40,008 or 1.7%
.
an increase of 587 compared with Feb. 1.
Matters Covered in "Cltrantrie" March 3.-(a) Moffat Tunnel in Colorado
-P. 1256. (b) Loading of revenue freight conopened with ceremonies
tinues low-p. 1265. (c) Southern Railway System's textile directory
p. 1275. (di) Inter-State Commerce CollarilisS101:1 declines to approve 20%
-p. 1297.
reduction by Southern roads on lake cargo coal.
-New Executive Committee Head.
Boston & Maine RR.
-
Thomas Nelson Perkins has been elected Chairman of the executive
committee to fill the vacancy caused by the resignation of Berner Loring.
-v. 126, p. 573, 245.
Chicago Milwaukee St. Paul & Pacific RR. Trustee.
-
The United States Mortgage & Trust Co. has been appointed trustee of
the first & refunding mortgage of the above company. This is the
new
financing mortgage provided for in the plan of reorganization.
-V. 126,
p. 710.
Chicago Rock Island & Pacific Ry.-Dividend Increased
-The directors on Mar. 7 declared a quaron Common Stock.
terly dividend of 1% on the outstanding $74,482,523 common stock, par $100, payable Mar. 31 to holders of record
Mar. 16. Dividends were inaugurated on this issue on Mar.
31 1927 by the distribution of 13. %,which rate was paid to
and incl. Dec. 31 1927.-V. 126, p. 862.
(The)Denver 8c Rio Grande Western RR.
-Bonds Sold.
An issue of $12,000,000 refunding & improvement
mortgage 5% gold bonds, series B, due Apr. 1 1978 was
offered Mar. 5 by Kuhn Loeb & Co. at 96 and int. to yield
5.23%. The issue has been oversu wibedCoupon bonds in denom. of $1,000 regIsterable as to principal, exchangeable for fully registered bonds and re-exchangeable under conditions
provided in the mortgage. Interest payable A. & 0. Red. as a whole but
on April 1 1933 or on any int. date therenot in part upon 60 days' notice
'
after up to and incl. April 1 1973, at 102)i% and int. and thereafter at their
principal amount and int. plus a premium equal to Si% for each 6 months
the redemption date and the date of maturity.
between
-Subject to the approval of the 1.S. C. Commission.
Issuance.
-Application will be made in due course to list these bonds on
Listing.
'he New York Stock Exchange.
1503
Data from Letter of Wm. H. Williams and T. M. Schumacher,
Managing Committee, March 2.
-Proceeds will be applied to the payment on June 1 1928, of
Purpose.
$5,335,000 improvement mortgage 5% gold bonds of the Denver & Rio
Grande R.R. and to provide In part for the company's improvement
program for 1928.
Security.
-Upon the completion of this financing the refunding & Improvement mortgage bonds will be secured by a lien on all the properties
now owned by the company, comprising 2,536 miles of railroad and appurtenances thereto, including valuable terminal properties, depots, bridges
and equipment having a depreciated book value as of Dec. 31 1927, of
$19,764,650 over outstanding equipment trust certificates, subject to
$72.777,000 of prior lien bonds outstanding in the hands of the public
and secured on various parts of the property, for the retirement of which
bonds refunding & improvement mortgage bonds are reserved. Of the
total mileage covered by the mortgage. 2.075 miles are standard gauge and
461 miles narrow gauge. The prior lien bonds may be extended but no
additional bonds. (other than $2,850,000 principal amount of various
Issues now held in the company's treasury). may be issued under any of the
prior lien mortgages.
Capitalization.
-After giving effect to this financing there will be out.
standing in the hands of the puolic $2,000.000 of refunding dc improvement
'
mortgage bonds, series "A, and $12,000.000 of series "13" (the present
issue) which, with the underlying bonds outstanding in the hands of the
public, is at the rate of only $34,218 per mile on the 2,536 miles of railroad
subject to the mortgage.
Following the ref. & improve. mtge. bonds the company has outstanding
$29.808.000 of gen. mtge. 5t1 bonds, due Aug. 1 1955, and $16,445.600 of
preferred stock. Company also has outstanding 300,000 shares of common
stock without nominal or par value, all owned by Missouri Pacific RR.
and the Western Pacific RR. Corp. The lines of these companies, together
with the lines of the company, form a direct through route from St. Louis
to San Francisco
Earnings.
-The gross income of company for 1927. applicable to the
payment of interest on funded debt and other fixed charges before Federal
income taxes amounted to $7,026.087, while such charges after giving
effect to the present financing amount to $4,320,568.
-The total authorized issue of
Refunding and I mpt,v(m,mt Mortgage.
bonds under the refunding & lmorovement mortgage is limited to $150,000,reserved to refund the underlying bonds and the balance
000. Bonds are
of the authorized issue may be issued from time to time to reimburse or
provide for expenditures for additions, betterments, improvements, extensions and other capital purposes, or, to the extent of 90% of the cost thereof,
for the acquisition of equipment, all under the terms and conditions specified
In the mortgage.
-A sinking: fund of 5% per annum for 20 years Is provided
Sinking Pend.
-V.125. p. 3475.
in respect of bonds issued for the acquisition of equipment.
-Larger Dividend.
Georgia RR. & Banking Co.
on the outThe directors have declared a quarterly dividend of 211
15 to
standing $4.200,000 capital stock, par $100. payable April ' holders of
record March 31. From July 1924 to January 1928 Incl. the company
-V.118, p. 2703.
paid quarterly dividends of 2i,4%.
Huntingdon & Broad Top Mountain RR. & Coal Co.
The application of certain bondholders for receivership for the company
which was refused by the local court at Philadelphia has been appealed to
the Pennsylvania Supreme Court and hearing has been set for May 14. These
bondholders claim tha, the road should be placed in the hands of the courts.
Interest and Principal of approximately $16 1,000 second and consolidated
mortgage bonds, It is alleged, has been in default about three years.
For the year ending Dec. 31 1927, the company showed a deficit of
$115,147, and the balance sheet showed current assets (Including materials
and supplies', of $303.830; current liabilities $396,443: and deferred liabilities. 51.561.083.-V. 125. p. 2258.
-Bonds.
Kelley's Creek & Northwestern RR.
The 1.-8. C. Commission on Feb. 25 authorized the coinnany to issue
mortga-e geld bonds, said bonds to be delivered to the
Kellev's
Colliery Co.. $200,000 thereof in nayment of advances for
capital purposes, and $50,000 in exchange for a like amount of applicant's
unsecured bonds.
5250.000Creek
of
-Asst. to President Elected.
New York Central Lines.
President P. E. Crowley announced last week the appointment, effective
March 1, of Curtis M Voile to be Assistant to the President, with headquarters at Pittsburgh -V. 126. p. 574.
-Approval of Lease Sought.
Pennsylvania RR.
The lease of the railroad property and franchises of the Pennsylvania
Tunnel & Terminal RR. will be submitted to the stockholders at the annual
meeting to be held on April 10. The Pennsylvania Tunnel & Terminal
RR., of which the Pennsylvania RR. is the sole stockholder, owns the
tunnel line between Manhattan Transfer, N. J. and Long Island City.
N. Y., the Pennsylvania RR. entrance to New York City. The proposal
lease must receive the approval of two-thirds of the stockholders of the
contracting companies.
-V. 126. p. 1036.
Pere Marquette Ry.-Extra Dividend of $2 per Share.
The directors on Mar. 7 declared an extra dividend of $2
per share on the outstanding $15,046,000 common stock,
par $100, in addition to the regular quarterly dividend of
$1.50 per share, both payable Apr. 2 to holders of record
Mar. 16. An extra dividend of $2 per share was also paid
on the common stock on Apr. 3 1927 and on May 1 1926.
(See also our "Railway and Industrial Compendium" of
Nov. 28 1927, page 110).-V. 125, p. 2143.
St. Louis-San Francisco Ry.-$49,157,400 of 6%
Preferred Stock to Be Offered to Common Stock holders of
Record March 16.
-As a part of the proposed refinancing
(outlined in last week's "Chronicle", page 1347), the directors have authorized, subject to the approval of the
I.
-S. C. Commission, the issue of 9,157,400 6% preferred
stock, par $100. The $7,500,000 preferred stock presently
outstanding will be retired.
Each holder of common stock of record Mar. 16 will be
entitled, subject to the approval of the proposed refinancing
by the Commission, to subscribe at par and accrued dividend
3
for such 6% pref. stock in the proportion of % of a share
of 6% pref. stock for each share of common stock held.
The subscription privilege will expire at 2 p. m. on May
15 1928. Payments for stock subscribed for must be made
at the office of the company, 120 Broadway, N. Y. City,
as follows: 50% on or before May 15, 25% on or before June
29„ and 25% (with appropriate adjustment for accrued
dividends and interest on earlier payments) on or before
Sept. 28. The new pref. stock will rank for dividends from
Aug. 1 1928.
This offering has been underwritten by a syndicate of
which Speyer & Co., J. & W. Seligman & Co. and Guaranty
Co. New York are the Managers.
Application will be made to list the pref. stock on the
New York Stock Exchange.
Terms of 6% Preferred Stock -This stock will bear 6% preferential noncumulative dividends from Aug. 1 1928, payable quarterly Feb. 1 .May 1,
Aug. 1 and Nov. 1 in each year; will be redeemable as a whole but not in
part at any time at 115 and diva.; will have equal voting rights, and each
share will participate equally with each share of common stock in case of
liquidation or dissolution.
1504
FINANCIAL CHRONICLE
[vol.. 126.
Fractional Warrants.
-For the convenience of shareholders who desire to
buy or sell fractional warrants, the company has arranged that Speyer &
Co., 24 and 26 l'ino St., N. V. City, will buy or sell such fractional warrants.
PUBLIC UTILITIES.
-Transfer Ag.
American Commonwealths Power Corp.
The Guaranty Trust Co. of New York has been appointed transfer agent
See also further details in V. 126, p. 1346.
for the 1st pief, stock. $6.50 dividend series.
-V. 125, p. 2805.
Extra Dividend of 25 Cents Declared on tit: Common
-Improvements.
American Gas & Electric Co.
Stock.
-The directors on Mar.7 declared an extra dividend
The company announced on March 6 that it will spend 52,500.000 in
of X of 1% and the usual quarterly dividend of P4% on Improvements and betterments to Its Indiana General Service Co. properties. The program includes interconnection of
the outstanding $65,543,200 common stock, par $100, both the American's superpower lines, construction several Indiana cities with
of a double circuit transpayable Apr. 2 to holders of record Mar. 16. Like amounts mission line from Fort Wayne to Marlon, a distance of 58 miles and consubstations at Marion and Muncie.
were paid on this issue in each of the preceding four quarters. struction ofYears1926.
Calendar
1927.
Dividends were inaugurated on the common on Jan. 15 1925 at the rate Gross
$71,711,518 572,714,905
earnings of subsidiary companies
of 5% annually. Quarterly payments of 1 y,7 were made also on April 1, Inc. of
0
company & undistrib. inc. ofsub. cos. appliand on July 1 1925 and from Oct. 1 1925 to Jan. 3 1928, incl., quarterly
-V. 126,
distributions of 1.1.4 % were made with extras as stated above.
p. 1346. 1340.
The semi-annual interest of 3% on the 6% cumul. adjustment mortgage
bonds has been declared for the 6 months ended Dec. 31 1927, payable
April 2. For the period mentioned,the balance available for interest on the
adjustment bonds was 57,391.393.-V. 126, p. 1346. 1340.
-Bonds.
Southern Pacific Co.
The I. S. C. Commission on Feb. 23 authorized the company to issue
529,400.000 of 4%% gold bonds, to be sold at not less than 97 Ji% and
hit., and the proceeds used to retire a like amount of outstanding 5%
bonds or to reimburse the treasury for such retirement.
It is proposed to sell the entire issue to Kuhn, Loeb & Co. at 97%%
and interest to date of delivery, on which basis the annual cost to the
company will be approximately 4.652%.
By the proposed financing the company states that a considerable
reduction in fixed charges will be effec.ed and that $41.500,000, principal
amount, of securities will be released from pledge. The company also
represents that the market price of its 5% bonds, considering its standing,
was lower than this type of security should have been because the bonds
-V. 126
were callable at par, which situation wsa prejudicial to its credit.
p. 1192. 712.
Wabash Ry.-Proxies Sought for Minority Representation.
The following is from the "Wall Street Journal" of Feb 27: W. F.
Dickson who has sent out a letter to stockholders of Wabash Ry. asking
for proxies to be voted at the annual meeting in May. says he controls over
10.000 shares of the road's stock and declares this stock does not represent
the Loree interests. He Is asking for proxies so that minority interests
A the same time he is outspokenly
may be represented on the directorate
In favor of the present management and says, "1 consider the Loree and
Williams management a very able one. I may vote for Its continuance at
the annual meeting." But. representing a substantial interest. In the road,
he feels that he and other minority interests should be in position to follow
developments more closely
He states he began buying Wabash seven yearn ago when he preferred A
VIM around 25 and the common at 9. Since then he has taken out of the
market some mom shams of the preferred, while the common he renreBents Is scattered over the Street in various brokerage houses. Mr. Dickson makes his headquarters with Gray & Wilmerding.
1Proxies for more than 40,000 shares of Wabash Ry. common stock were
reported on Feb. 29 to have been received by Mr. Dickson. It was also
reported that Mr. Dickson had received promises of many moreproxies.1V. 126. p. 249.
Western New York & Pennsylvania Ry.-Readjust
ment.The I.
-S. C. Commission on Feb. 23 authorized the company to issue
$7.009.868 of non-cumulative 5% preferred stock and scrip and $23,846,951
of common stock and scrip, the stock to be represented by shares of the par
value of 350 each, said preferred stock to be exchanged for applicant's
outstanding common stock and Income-mortgage bonds, and said common
stock to be delivered at par to the Pennsylvania RR. in payment of advances.
The report of the Commission says In part:
The properties of the applicant are operated by the Pennsylvania RR.
on a net earnings basis under a lease dated Oct. 22 1902, continuing for
a term of 20 years from Aug. 1 1903, and thereafter from year to year.
The present capitalization of the applicant consists of common stock
$19.972.756. first-mortgage 5% bonds 59.990.000, general-mortgage 4%
bonds $10.000,000, equipment-trust obligations $37,890. income-mortgage
5% bonds $9,605,000, a total of $49,605,647. The applicant also shows
that it Is Indebted to the Pennsylvania in the amount of $23,846,951 for
advances for construction and additions and betterments made by the
Pennsylvania for account of the applicant. Of the foregoing securities,
319,904,974 of common stock and 59.544.885 of income-mortgage bonds
are owned by the Pennsylvania and its affiliated companies, leaving $67,781
of common stock and $60.114 of income-mortgage bonds In the hands of the
public. Nearly all of the first-mortgage and general-mortgage bonds and
all of the equipment obligations are in the hands of the public. As these
obligations are not involved in the proposed readjustment, the specific
amounts so held will not be given.
The applicant states that it is desirable to readjust its capitalization to
accord more nearly with its earning capacity, and that the proposed readjustment will effect a reduction In the preponderance of debt and put
the applicant in a better position to provide for its future capital requirements. From a statement showing the income account of the applicant
for each of the 10 years 1917 to 1926, inclusive, It appears that in each of
those years. after deducting interest on funded debt. including interest
on advances from the Pennsylvania, there were deficits in net income ranging from $78,209 to $3,625,869. During the same period the applicant
had in most of the years a substantial income from the lease of its road.
except in the years 1917 and 1921, when losses were sustained.
As owner of more than 99% of the applicant's capital stock and income
mortgage bonds, the Pennsylvania has agreed to accept the proposed noncumulative 5% preferred stock, at par, in exchange for its holdings of income
-mortgage bonds and common stock, on the basis of 31% of par of the
bonds and 20% of par of the stock. The Pennsylvania will also accept
at par 523,846,951 of common stock in payment of a like amount of indebtedness owed to it by the applicant for advances. The holders of incomemortgage bonds and common stock, other than the Pennsylvania interests.
will be offered the privilege of having issued to them the non-cumulative
preferred stock at par in exchange for their holdings, on the basis of 60%
of par of their bonds and 50% of pat of their stock. There will be no change
made In the outstanding first-mortgage and general-mortgage bonds or in
the equipment-trust obligations.
Should all of the holders of the income-mortgage bonds and common
stock accept the proposed offer, the readjusted capitalization would consist
of common stock $23.846.951, non-cumulative 5% preferred stock $7.009.869. funded debt $20.027.891 a total of $50,884.711, a capitalization which
would be represented by 60.6% of capital stock and 39.4% of funded debt.
While the readjustment would result In an increase of $1.279.064 In the
outstanding securities, the interest-bearing indebtedness of $23,846.951
would be eliminated and the liabilities would be decreased in the net amount
of$22.567.887.
On July 31 1927, the Investment in road and equipment amounted to
$79.275,674, the accrued depreciation-equipment was $4.909,461, making
the net investment in road and equipment $74,366,213 as compared to a
total capitalization after the proposed readjustment of $50,884,711. The
applicant's gross income for 1926 was 32,199.191, which, after deducting
the fixed interest charges upon the readjusted capitalization, would have
left a net income sufficient to pay a 5% dividend on the proposed noncumulative preferred stock and approximately 3.9% on the proposed common stock.
The present authorized capital stock of the applicant is 520,000.000,
consisting of 400.000 shares of the par value of $50 a share. The applicant
has taken the necessary steps to increase its capital stock to 333,000,000,
consisting of 160,000 shares of non-cumulative 5% preferred stock and 500,000 shares of common stock, both classes of stock to have a par value of
$50 a share. The non-cumulative preferred stock will be entitled to dividends at the rate of 5% per annum, payable semi-annually, in preference to
any payment of dividends on the common stock for that semi-annual period.
The dividends are non-cumulative on the preferred stock, which is subject
to redemption on due notice at any time subsequent to July 1 1932, at 105.
-V. 126, p. 408.
Both classes of stock are to have equal voting rights.
cable to American Gas & Elec. Co. after deprec-a19.483,935
Expenses (incl, miscell. int., taxes & discounts)
1,525,785
Interest on funded debt
3,128.340
Net income
Preferred dividends
18,186,810
2.160.024
3,018,340
514,829,811 513,008.445
2,331,311
2.379,357
512.450.454 510.677,134
Balance
1,314,180
Shares of corn. outstanding (no par)
1,905,233
$8.12
Earnings per share
$6.53
a Depreciation in 1927, 55.095.510 and $5,120,329 in 1926.
Balance Sheet Dec. 31.
1926.
1927.
1926.
1927.
$
LiabilitiesAssets
$
Investments_ _ _ 50,668,730 70,686,076 Capital stock (no
Cash &cailloans
par value)___x56,709,601 55.938.051
receivable____ 27,609.280 19.737.823 8% gold deb. bds 46,904,000 46,9114,000
6,292.000
,
Notes & loans rec 36,861,782 21.657.706 Coll. tr. 5 .
122.212
Accounts rec_ _ _ 1,890.974 1,310.532 Notes payable_
1,078,943
Accts. payable_ 1.746,341
Unamort. debt,
599,915
599,915
disci. de exp__ 3.631.194 3,673.254 Coupon int. aced
388.587
396,558
Fret. stock div.
Special cash de14.776.695 5.751.681
Surplus
posit. trustee_
471,150
Total121.13:1.111 117.065.390
Total
121 133,111 117.065,300
x Represented by 396.558 shares of $6 pref. and 1.943,327 shares of
corn. (including 38.104 shares issued as a coin. div. Jan. 3 1920)•
Nine -Company has a contingent liability in the guarantee of outstanding
-V. 126. p. 1192.
bonds of subsidiary companies In amount of S11,362,000.
-Rights Exercised.
American Superpower Corp.
Practically all rights to subscribe to additional class A stock have been
exercised and the amount of stock to be taken by the underwriting group
will be negligible, according to bankers for the corporation. The class A
stock was offered to holders of class A and class B stock, at $33 Per share.
(See V. 126. p. 1037).-V. 126. p. 1192.
-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 May 1 to holders of record March 31.
[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 $47 per share, making the stock dividend
rate 10% per annum, yielding, at said present market price, about $4.70
per share per annum.
The dividends 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 April 5 next, request
payment in cash.
Holders of Securities of Affiliated Companies Again Receive Offer.
-
The holders of Richmond Light & RR. Co. 4s, due 1952, have been offered In exchange for the aforesaid bonds new gold debenture bonds, consolidated refunding 5% due 1968, of the Associated Gas & Eiec.rlc Co.
The basis of exchange is $920 of new bonds, or 9 shares of $6.50 dividend
serifs pref. stock of Associated Gas & Electric Co. for each $1.000 bond.
The holders of Erie Lighting Co. preference stock have been offered In
exchange for (he aforesaid stock new gold debentur bonds, consolidated
refunding 5% due 1968. of the Associated Gas & Electric Co. The basis
of exchange is $400 of new bonds, or 4 shares of $6 dividend series pref.
stock of the Associated Gas & Electric Co. for each 10 shares of stock.
These offers may be modified or withdrawn at any time without further
notice. See also V. 126, p. 1347.
-Spencer
-Bonds Offered.
Atlantic Public Service Corp.
Trask & Co. H. M. Byllesby & Co. Inc., and Emery,
Peck & Rockwood Co. are offering $4,650,000 1st lien &
9
secured 5
gold bonds, series A, at 97,V and int. to yield
over 5.68%.
Dated Feb. 1 1928: due Feb. 1 1953. Int. payable F. & A. In New
York, Boston or Chicago. Corporation agrees to pay int. without deduction for any Federal income tax not exceeding 2% which It may be
required or permitted to pay at the source, and to reimburse the holders of
these bonds, upon proper and timely application, for the l'enn. Vermont
'
and Conn. 4 mills taxes, the Maryland 4% mills tax, the District of Columbia 5 mills tax and the Mass. Income tax on the interest not exceeding 6%
of such interest per annum. Denom. $500 and 51.000: $1.000c*. Red.
all or part, at any time. upon 60 days' notice, at 105 and hit, to and incl.
Aug. 1 1933, the premium thereafter decreasing St' to 1% each 12 months
or portion thereof. State Street Trust Co.. Boston. trustee.
Security.
-Upon completion of present financing the 1st lien and secured
gold bonds will be secured by deposit and pledge with the trustee of all the
outstanding bonds, notes and other securities (not including current obligations) and capital stock (not including certain minority Interests) of the
subsidiary companies, except certain securities and minority stocks for the
acquisition of title to which cash will be deposited with the trustee. These
bonds will be further secured by pledge of all the common stock of the
Southern Public Service Co., which, with its subsidiaries, controls the ice
properties and has outstanding In the hands of the public $2,750,000 of
bonds, approximately 6,000 shares of preferred stock, current obligations
and some minority common stocks of subsidiaries. The Indenture will, in
the opinion of counsel, constitute a first lien on ail the stocks and securities
so deposited, and will provide that no securities (except current obligations
and stock to which minority stockholders, if any, may be entitled) shall be
sold or disposed of by any subsidiary electric light and power or water
company for any purpose whatsoever unless same shall be acquired forthpled by vd e thlanrus 'agIc Serrce Corp. or by a subsidiary thereof, and
withged ththAt e t tictee l seeur ty
i ub
rt e r r a Ig end
T !
r
-hh e esth ienbe e
secured or d W ni(re
x pend ed goiset asd .
Maintenance et Improvement Fund,
-Thera
in each calendar year as a reserve for maintenance and depreciation, a
sum equal to 10% of gross income derived from water, i23.% of gross
Income derived from the sale of electric llght and power and 50 cents per
ton on each ton of ice sold.
-Offering of $2,000,$2,000,000 6% Debentures Offered.
000 15-yenr 6% gold debentures was also made March 5 by
Emery, Peck & Rockwood Co., Dangler, Lapham & Co.,
and Henry D. Lindsley & Co, Inc., at 98M and int, to yield
over 6.15%.
Dated Feb. 1 1928 due Feb. 1 1943. Int. payable F.& A. in New York
Chicago or Boston. Corporation agrees to pay interest without deduction
for any normal Federal income tax not exceeding 2% which the corporation
or trustee may be required or permitted to pay at the source, and to reimburse the holders of these debentures, upon proper and timely application,
the Penn.. Vermont and Conn. 4 mills tax, the Maryland 44 mills tax.
the District of Columbia 5 mills tax and the Mass.Income tax on the interest
not exceeding 6% of such interest per annum. Denom. $500 and $1,000 O.
Red. all or in part upon 30 days' notice at 105 and int. to and incl. Aug. 1
1933 beginning with that date to and incl. Aug. 1 1942 such call price is
reduced %% for each Aug. 1 elapsed at the date of redemption after Aug.
MAR. 10 1928.]
FINANCIAL CHRONICLE
1O5
1 1942 the debentures are redeemaole at par. Seaboard National Bank (par $20) at $45 per share on the basis of one new share for
of New York, trustee.
each 10 shares owned. The new stock may be purchased in
Listed -These debentures are listed on the Chicago Stock Exchange.
Security.
-These debentures will be the direct obligations of the corpora- full or on the partial payment plan.
indenture which will provide, among other things, that
tion secured by an
Aside from any benefits that accrue to common stockthe corporation shall issue no securities ranking prior to these debentures
except obligations incurred in connection with the purchase of property holders from the rights, which cover approximately 431,000
by the corporation or any subsidiary, and additional gold bonds issued under shares, the issuance will provide funds for further expansion,
the indenture securing the same, or bonds issued to refund such bonds,
without equally and ratably securing these debentures, and shall issue no including new construction and additions to the subsidiary
additional evidences of Indebtedness (except current Indebtedness) unless properties and for other corporate purposes.
total net earnings as defined in the indenture shall be at least 1Ntimes the
The 72,000 holders of the preferred and preference stock
total interest charges on all Indebtedness of the corporation other than current indatedness.
of record on March 28 will be invited to subscribe at the same
Data from Letter of President Royce W. Gilbert, March 1.
price of $45 per share, subject to allotment under such reguCompans.-Incorp. in Delaware. Will furnish, through the operating
subsidiary companies it is acquiring, electric light and power or water service lations as the board of directors may adopt, for any or such
to 49 communities In Connecticut, Maine, Massachusetts, New Hamp- common shares as may not be purchased by common stockshire, Indiana, Ohio. Virginia and West Virginia, and ice service to the holders.
-V.126, p. 1193.
territory extending from Roanoke. Va., through the Piedmont section of
North Carolina and South Carolina and into Georgia. The subsidiary
Cleveland Electric Illuminating Co.
-To Expand.
companies comprise, among others, the following:
The construction of a 132,000-volt steel tower transmission line 59 miles
Millbury Water Co.
Ohio Northern Public Service Co.
In length to supply additional electric power to Northwestern Ohio will
Mystic Valley Water Co.
Indian Light & Power Co.
be commenced on April 1 by this company, a subsidiary of the North
Grafton Water Co.
Southern Public Service Co.
American Co. The work will take several months and will cost about
Stockton Springs Water Co.
Shenandoah River Power Co.
51.800.000. it is said.
-V. 125, p. 2806.
Salisbury Water Co.
Potomac Valley Power Co.
Caribou Water. Light & Power Co. Hampton Water Co.
Consolidated Gas, Electric Light & Power Co. of
The utility properties serve a population estimated to exceed 180,000
-Annual Report.
Electric light and power service is furnIsned to some 28 communities cen- Baltimore.
Calendar Years1924.
1927.
1926.
1925.
tered around and including Caribou. Me. the Shenandoah Valley territory
In northern Virginia extending some 50 miles between Winchester and Harris- Rev. from electric sales_$15.470.872 $15,312.939 $14.191.571 $12.995.375
8.387.772
8.329.679
burg: the Potomac Valley in W. Va.: Bowling Green and Deshler. Ohio. Rev, from gas sales.._
9,043,432
9.169.143
oper. revenue__
134.644
142,695
166.801
and Brookville, Ind. Water service is provided in and around 23 well estab228.522
lished communities in New England. all showing a steady growth, including
Caribou.
Salisbury, Grafton and Millbury in Maas.: Hampton In N.
Gross oper. revenue_-$24.657.000 $24.710.604 $22.746,143 521.459.699
H.•'
Presque Isle, Sangerville. Mars Hill, Blaine, Guliford and Stockton Springs. Operating expenses
12.762.456 12.742.794 10.950.800 10.725.841
1.484.000
1.545.364
Me. and Mystic and Stonington. Conn.: water service is also provided in Retirement expense_ _ _ 1.628,968
1.493,545
2.166.710
2.338.162
2.365,600
2.291,680
Bowling Green, Ohio. The Piedmont district, which is served by the Ice prop- Taxes
erties, is a rapidly growing industrial section which affords an excellent
Net operating revenue $7.899.975 *8,130.766 *8,135.088 56.911.696
opportunity for the further development and expansion of the business.
347.527
378.615
346.067
252.230
The electric light and power properties include electric generating stations Miscall. non-oper. rev
supplying current through 650 miles of high tension transmission lines which
Net revenue
*8.247.503 88.509.381 58.481.155 57.163.926
serve more than 11.000 customers. During 1927 the output of electrical en3.070.133
2.929.772
3.0:16.391
ergy of these companies was approximately 8.000.000 k.w.h.. which included Fixed charges
3,074,365
approximately 1.200,000 k.w.h. of power purchased under favorable conNetincome
55.177.370 55.579.609 $5.444.763 *4.089.560
tracts. The water service system, which serves 7,829 customers, comprises
824.501
859.905
2.085.324
867.396
storage reservoirs having 71.000.000 gallons capacity and 157 miles of mains. Preferred dividends_ _ _ _
1,524.398
2.095.999
2.447.491
The ice plants have a manufacturing capacity of 1.600 tons daily. Approx- Common dividends
imately 63% of the corporation's total net income Is derived from electric
Surplus Dec. 31
31.862,483 *2.623.705 *3.095.864 32.004.237
light and power and water service.
Authorized. Outstanding. Profit & loss surpILLS---- 11.204.357 10.796.770
8.740.583
6.458.503
1st lien & secured 5S4% bonds. series A$4.650.000 Shares common stock
outstanding (no par)_
$2,40.000
2.000.000
825.500
841,545
701.288
940.954
15-yr. 6% gold debentures 'this issue)
235.000 she. 615.000 she. Earns, per share
$2.85
$5.60
$2.86
$4.58
Preferred stock (no par value)
15.000 she.
15.000 shs.
2d preferred stock (no par value)
Consolidated Balance Sheet as of Dec. 31.
300.000 shs. 300.000 shs
.
Common stock (no par value)
1927.
1926.
1927.
1926.
a Additional bonds of series A or of other series are Issuable only under
Assets
Liabilities
the conservative restrictions of the trust indenture. b $7 00 dividend (cumu- Fixed capital
106309.715101310.265 Common stock...826.008.782 22.444.849
lative) series.
NOTE.-In addition there will be $2.750,000 funded debt, approximately MIseel. Invest....2,429.809 1.289.291 Pref. stock ser. A .b5.000.000 5.000.000
secur_
6.000 shares of $7 preferred stocks and small minority stock interests of Marketable rec.._ 1.841,942 1,738,384 Pref. stock ser. 13.62.000.000 2 000.000
57.394
52.426 Pref. stock ser. C_b4.000.000 4.000.000
Southern Public. Service Co.'s system outstanding In the hands of the public. Int. dr diva
1.382.070 1,602.663 Pref. stock ser. D. 1,299,500 1,000.000
equal to principal or par amount of all other subsidiary Special deposits
Cash will be deposited
3,378.974
stock
securities (except current obligations) outstanding in the hands of the Cash & notes rec. 3.323.998 6,012.393 Pref.Bldg. ser. E. 1,208,000
pref. slit c166.300 653.400
Accts.
3,329,049P.S.
public.
Material& supplies 3.319.920 3.039.612 Bait. E. pref. stk.
1.000,000
Cons-didated Earnings for 12 Months Ending on or About Oct. 31 1927.
Prepayments
57,134
86.155 Bonds
59.713.000 63.953.500
of non-recurring items aggregating $91.231.1
(After elimination
78,184
65.967 Capt. stk. subset. 2.202,240
196,805
Misc. curr. assets_
$2,244,048 Subser.to stock_ _ _ 1,439.610
18,800 Prem. on cap. stk_ 221,289
111,179
Gross Earnings
50.684 1,261.768 Aeon liabilities.. _ 1,619.961
Sinking fund
653.448
Oper. exp. incl. maint., local taxes, amount applicable to minor112,737 Accounts payable_ 888,934
1,543.615 Deferred charges_ 239,527
819.165
ity stks. & prior chrgs of South. Pub. Serv. Co.system..Other cur?. nab
1,418,230 1,265.556
Sink.fund reserve_
50,179
50,179
Net income applicable to interest charges,depreciation. amort700.433
Sundry reserve, do 65/,168
ization. Federal taxes, &c
628,174
225.750
Deprec. reserves._ 5,223.530 4,303.660
Annual Interest requirements on 534% bonds
ContIng. reserves.. 535.309
465.977
Unadj credits__ __ 494.182
$444683
476,848
Balance
Total(each skle)123908.959 119819 510 Surplus
11,204,357 10.796.770
Annual Interest requirement on $2.000.000 6% debentures (this
$120.000
issue)
a Represented by 940,954 no par shares. b Called for redemption
times annual interest requirements April 2 1928. c Called for redemption Feb. 1 1928.-V. 126. p. 713.
Net Income as shown above is 3.70
on these debentures.
There is Included In the above net income $27,493 which is derived from
Dakota Central Telephone Co.
-Annual Report.
electric light and water properties not referred to herein. Cash available
1927.
1925
Calendar Years1926.
1924.
for acquiring certain of these and (or) other properties or for the retirement Total telephone revenue $1,418.063 $1,328.474 $1,249.822 $1,143,167
bonds will be deposited with the trustee under Operating expense
of the corporation's 1st lien
399.056
379.755
428.080
370.585
the indenture securing such bonds.
229,960
245.738
201.673
Current maintenance.-165.659
Purpose -The proceeds from the sale of the $4.650.000 1st lien bonds Depreciation
259.020
240.440
221.737
207.153
S2.000.000 debentures and approximately 15.000 shares preferred stock will Taxes
124.303
111.249
126.602
104.512
be applied toward the retirement, refunding or acquisition of subsidiary
stocks and securities and for other corporate purposes.
5334.715
$335.408
Net telephone earns__
*358.623
5295.258
-Corporation will be managed by Chaim & Gilbert, Inc., sundry net earnings
Management.
5.457
5.855
8.409
4.070
-Engineers. of Boston. under the supervision of the board of directors. The
board of directors of corporation will include representatives of the bankers.
$340,172
$341.263
Total net earnings____ $367.032
*299.328
-V.000. p 000.
84.016
76.379
Deduct interest
90.641
72.987
153,488
142.980
169.196
142.980
-Offer to Common Divs., pref.& common
Blackstone Valley Gas & Electric Co.
Stockholders.
Balance for surplus
5107,195
5102.668
5121.904
583,361
The common stockholders have received an offer to exchange their stock -V. 124. p 1665.
for stock in a new association to be organized under the name of Eastern
Diamond State Telephone Co.
-Earnings.
Utilities Associates. The plan provides that each share of common stock
Calendar Years
1926.
1925.
1927.
Of Blackstone Valley Gas & Electric Co. participating in the reorganization
$1.505,122 $1,457.241 $1,346.592
will receive 216 common shares and 35i convertible shares in the new Telephone operating revenue
1,005.879
944.666
897,394
voluntary association. Fractional shares will not be issued but in lieu Telephone operating expenses
for fractional shares which may be either Uncoil,operating revenues
5,400
8,700
4,200
thereof there will be Issued scrip
118.740
129,181
108.678
assignable or issued to bearer and which, when presented in sufficient Taxes assignable to operations
amounts to represent one or more full shares of the same class, will entitle
Total operating income
5375.103
5374,693
$336,319
the holder to receive therefor the number of full shares so represented.
14.375
14,702
Common stockholders or holders of voting trust certificates therefor who Net non-oper. inc
4,941
desire to become parties to the agreement are requested to deposit their
Total gross income
5389.479
$389,396
certificates with the depositary. Stone & Webster, Inc., 49 Federal St.
$341,260
soon as possible but not later than April 2 1928.- Rent & miscellaneous
34,678
27.572
27,653
Boston, Mass.. as
Interest
1,426
1.672
18.833
V. 126. p. 863.
-Earnings.
Net income
Brooklyn Borough Gas Co.
$353,374
$360,152
$294.774
1927.
1926.
Preferred dividends
1925.
12,229
32,491
29,946
Years End. Dec. 31(cu.ft.)-1,656327.400 1.582.875.800 1,341.418,900 Common dividends(8%)
190.000
200.000
200.000
Amount of gas sold
52.190.588
$2.048,397
$1.735.782 Other appropriations of income
5,000
Total receipts from sale of gas_ 25.000
1,376,565
1,332,876
1.150.160
Operating expenses
Balance for corporate surplus_ - $87,545
$120,882
$105,206
$814,023
5715.521
$585,622 Shares of common outstdg.(par $100)
25,000
25,000
25.000
' Net earningsfrom operations_
46,921
30.205
•
$11.30
41.771 Earn per share on common
513.21
Other income
$12.94
-V.124. p. 1219.
$860,945
$745.727
$627.393
TotalIncome
Duquesne Light Co.
-Definitive Certificates Ready.
331,382
275.936
250.152
Interest,taxes,retirement alp.
Ladenburg, Thalmann & Co. and H. M. Byliesby & Co.. Inc., announce
29,767
63.534
47,282
Income tax (estimated)
that holders of their interim receipts for 5% cum. 1st pref. stock of Duquesen
5499.796
$406,256
Surplus for year
*329,958 Light Co. can exchange the same for definitive certificates on and after
March 15 at the Chase National Bank, 57 Broadway, N. Y. City.
-(For
-V.125. p. 1835.
offering. see V. 125, p. 33470
The Chase National Bank announces that the transfer books of 1st
-New Control.
Caribou Water, Light & Power Co.
pref. stock 7% corn, series A will close on March 14 1928 and no transfers
-V. 123. v. 2895.
See Atlantic Public Service Corp.
will be made thereafter. Redemption of the stock will be made on and
-To Convert after March 15 1928 at 115 and diva., by check payable to the order of
Chicago, North Shore & Milwaukee RR.
registered holders; the articles of incorporation of the company requiring
-Interest Bearing Notes Into 6% Non-Cumul. Preferred that payment be so made. Dividends cease to accrue after March 15.
Non
-V. 126, v. 1349.
Stock.
May 15 on approving a
Eastern Massachusetts Street Ry.-New Director.
The stockholders will vote bearing notes. due June proposal to convert
30 1928, into 6%
Charles W. Hubbard Jr. has been elected a director, sumssid ng W. H.
the $2,684.208 non-interest
-V. 126, p. 1349.
non-cumul. pref. stock.
Cross.
-V. 125, p. 2386.
-The 64,000 common stock-Rights.
-Stone dc Webster, Inc.,
Eastern Utilities Associates.
Cities Service Co.
holders of record March 28 will be given the right to sub- Form new Association to Combine Three Electric Light and
scribe on or before April 17 for additional common stock Power Companies.-
1506
FINANCIAL CHRONICLE
A Massachusetts voluntary association is being formed by Stone &
Webster, Inc.. to be known as Eastern Utilities Associates, having a share
capitalization initially authorized of 2.000.000 shares of common stock
of no par value and 2,000,000 shares of convertible stock of no par value.
This association is another constructive step in the formation of strong
regional systems to effect operating economies by combining electric
light and power companies strategically located through purchase or
exchange of securities. The share capitalization in some respects is unique.
In that the common stock is designed to give the same dividend in cash
as is regularly paid on stocks acquired through exchange and the convertible shares carry into the combined situation that part of the investment
that represents growth, thereby offering further chance for a proportionate
share in future grouth. Dividends on all shares will be exempt from the
Massachusetts income tax.
The companies immediately Involved are (1) Blackstone Valley Gas &
Electric Co., (2) Edison Electric illuminating Co. of Brockton, and
(3) Electric Light & Power Co. of Abington & Rockland, having combined
gross earnings of about $8,500.000. These companies have been under
the executive management of Stone & Webster, Inc., for many ye irs.
The properties are already interconnected. power requirements being
furnished in part from the same generating stations, thereby effecting
subatantisl saving.
The respective boards of directors of these companies believe that the
closer relationship afforded by the exchange of shares should result in
even more economical service to the mutual benefit of stockholders and
sonsumers in the territory served, embracing one of the most highly industrialized sections of New England having a combined population in
excess of 300,000.
The offer of exchange is made to the common stockholders and to the
holders of voting trust certificates of the companies above mentioned, to
whom deposit agreements and letters of recommendation have been sent
suggesting prompt action on the part of all common share and voting
treat certificte holders. The essential features of the offer are such
that those who deposit their shares will receive common stock of the new
association, which will pay dividends in cash at the regular rates now
paid on the old stocks, and in addition convertible share rights to subscribe for additional stock issued for development of constituent companies
are also preserved. The common shares and convertible shares of the
new association represent proportionate earnines and opportunity for
growth as now represented by the common stock of the companies about
to be acquired. Details of the exchange are as follows:
Will Receive
-Eastern Utilities Associates
Corn. Shares
Common
Initial Div.
Stock
Convertible
Shores.
Name of CompanyOutstanding.
Rate $2.
Blackstone VaII. G. & E. Co-159.924 shs. 389,810 shs.
599,715 shs.
Each share (par $50
214 shs.
Edis. El. III. Co. of Brockton _161.400 shs. 201.750 shs.
201.75(1'4 . s•
3 sh:h
.
Each share (par $25)
shs.
1
1 4 shs.
El. Lt. & Pr. Co. of Abington
22.680 shs.
& Rockland
22.680 nhs.
39.690
1
I
Each share (par $25)
$2
The common shares are entitled to dividends atsh9 per annum before
any dividend is paid on the convertible shares. When dividends of $2
per annum have been paid on the common shares, the conve-ilble shares
will be entitled to dividends of Sl per share per annum. Before further
dividends are paid in such year on the common shares dividends In excess
of these amounts shall be distributed to both classes of shares In such
amounts that each convertible share will receive one-half the amount
received by each common share. When net earninss of the asanciatIon
for two consecutive years as determined by the trustees have not been
less than $2.40 per share on common shares plus $1.20 per share on convertible shares, the latter may be converted into common share: in ratio
of two convertible shares for one common share.
The directors of these companlen and voting trust trustees recommend
prompt action by the deposit of common stock and voting trust certificates
In accordance with the denosit aereements.
The hister current prices for the stocks of these companies during the
last few days undoubtedly reflect the benefits of the plan.
[VoL. 126.
Federal Light & Traction Co.
-Earnings.
-
Years End, Dec. 31I:127.
1925.
1926.
1924.
Gross earnings
$7,010.040 $6,623.587 $5,888,708 $5.665,828
°per.. adm. exp. & taxes *4.357,101
3.685,072
3.996,017
3,504.242
Total income
Interest and discount
$2,652,939 $2,627,570 $2,203,636 82,161,586
920.690
826.620
749.349
721.199
Net income
$1,732,249 31.800.950 $1,454,287 S1.440.387
Cent. Ark. Ry. & Light
Corp. pref, dividen ls_
104.764
91.806
101.761
88,713
Springfield Ry. & Light
Co. pref. divilends
65,482
64.652
64,052
64.164
Federal Light & Trac.Pref. dividends ($6)
236.244
236,244
224.975
235.379
Common diva., cash
335.748
322,648
310.706
248,459
Per shire
($1.40)
($1.60)
($4)
($1.40)
In 6% pref. stock__
(75c.)57.757 (*3)186.401
In common stock__(31.40)251.811(1.40)241.986(45c.)175.273
B itince. surplus
$738,200
$519.202
$833,660
$627,783
*Including esiimated Fe.leral taxes amounting to $180.000 In 1927.
The consolidated b dance sheet as of Dec. 31, after eliminating securities
and accounts between componles, shows total assets of 339,849.854, of
which plant, property, franchises, &c., are carried at $34,738,567. At the
end of the year there were 39.374 preferred stock shares of no par value
outstanding and 430.229 common shares of a par value of $15 each.
-V.126.
p.412.
Indiana Light & Power Co.
-New Control.
-
See Atlantic Public Service Corp. above.
-V. 125, p. 1.160.
International Light & Power Co., Ltd.
-Sale of Control
of South Brazilian Rye. Co., Ltd.
See South American Power Co. below.
-V. 126. p. 412.
International Power Co., Ltd.
-San Salvador Electric
Co. to Extend Plant Capacity.
The San Salvador eSiectric Lisht Co., one of the operating properties of
the International Power CO., Ltd., has purchased the rights and lands
necessary for an additional hydro-electric development at a site where
about 4.500 it. p. is available, making possible the eventual addition of this
canacity to the existing 3,300 h. p. of the two hydro-electric power stations
already developed by the company. This additional capacity will provide
for athitIonal power required to meet continued growth of business under
International Power control. Light and power customers now served by
the sail Salvador company approximate 7,200. as compared with 6.900 a
year ago,
-V. 125. p. 251.
Interstate Public Service Co.
-Bonds Offered.-Halsey,
Stuart & Co., Inc.; A. B. 1.4ach & Co.; Inc.; E. H. Rollins
& Sons, and Hill, Joiner & Co., Inc., are offering at 946
and int., yielding about 4.85%, $12 554,000 1st mtge.
& ref. 4% gold bonds, series F.
listed March 1 1928 due ‘larch I 1958. Red. all or part upon 30 days'
notice at folio sing prices and Int. to March 1 1938 at 105: on and from Mar.
1 1938 to Mar. 1 1943 at m4. on and from Mar. 1 1943 to Mar. 1 1948 at
103. on and from Mar. 1 1948 to Mar. I 1953 at 102: on and from March
1 1953 to afar. 1 1957 at 101, and on %far, 1 1957 and thereafter to maturity
at 100. Int. payable M. & S. at office of Halsey, Stuart & Cos Inc.. in
Chicago ani
v York, without, deduction for the normal Federal income
tax, now or hereafter deductible at the source not in excess of 2%. Denom.
st.noo, $500 and $100 cs. (711iiitiany agrees to reimburse the holders of
series F hints, if re tue:tel, within 60 days after payment, for the Penn.
and Conn. 4 mills and Maryland 4 4 mills taxes and for the District of
Columbia personal property taxes not exceeding 5 mills per $1 per annum,
and tit. the Mass, income tax on the int. not exceeding 6% of such int.
Stone & Webster, Inc., in a letter to the stockholders of per annum.
the above three companies, state:
Data from Letter of Pres. S. Van Arsdel, Indianapolis, Feb. 21.
We believe that you will be Interested In our attitude toward the plan.
Compm.-Ineorp. in Indiana. Sept. 4 1912. Serves directly or inwhich Is recommended by your direstors who are also the trustees under directly electricity to 250 Indiana cities and villages. 15 with 'AS service,
,
17 with water and 3 with street railway service. The communities served
,
the respective voting trust atrreement‘
As to the plan Itself, let us state that. In our opinion. It Is equitable
have a combined population of over 387.000.
blab;
stockholders of the three comnante. Involved
as between the
CapitalizationIts
Authorized. Outstanding.
Is such that stockholders who take advantage of the exchanse acquire their 7% prior lien stock
$10,030,00039.011,000
proportionate Interest in the Eastern Utilities Associate.; and no one gets
cumul, pref. stock
7.500.000
6,995.100
a banking or other commission in its formation, the whole idea being Co- Common stack (aar WO\
7,500,000
6,310.300
Common stock (no par value)
operation without profit except to the present stockholders.
125.000 shs. a7.081.500
The financial structure of the new association will he such that, based
on present dividend rates of the three companies, each stockholder should
$29,397,909
receive the same amiyint of cash dividends on his new holdings as he has Underlying divisional bonds
(closed)
1,774.900
been receiving in regular dividends on the stork which he now owns. The 1st mtge. and refunding gold bonds:
requirements of the constituent companies for new capital needed from 614% series B. due Jan. 1 1949
2,661,700
1
% series .due Dec. 1 1956
b
time to time to keep pace with the growth of the communities served will
10.000,000
4 Ji" series F. (this issue)
enable the trustees to issue valuable rights to subscribe to additional shares.
12,554,000
a 94.420 shares. b Issuance of additional bonds limited by the restrictthereby riving shareholders a substantial addition to their income from
tions of the mortgage,
this source.
Note.
-Company has jointly and severally with the Central Illinois
Conservative bankers are of the opinion that the stockholder who makes
the exchange will find that his new securities have a selling value sub- Public Service Co. guaranteed the payment of prin., int, and sinking fund
stantially higher than the market for his stock before the plan was announced of the $2,891.300 1st mtge. 30-year sinking fund gold bonds, due Dec.
This plan does not contemplate any change in the management of the 11951. of the Indiana Hydro-Electric Power Co.
Purpose.
-Proceeds will be used toward reimbursing the company for
companies.
ref, bonds bearing higher coupon rates, and for other corporate purposes.
-Offer bySecurity.-lionds are a direct obligation of the company, and are secured
Edison Electric Illuminating Co. of Brockton.
a mortgage covering as a direct lien all fixed property now owned or
to Common Stockholders.
hereafter acquired. The mortgage is a 1st mtge, on properties valued by
The common stockholders have received an offer to exchange their stock examining engineers, plus subsequent additions, at an amount largely in
for stocks in a new association to be organized under the name of Eastern excess of the 1st mtge, and ref. gold bonds to be presently outstanding.
Utilities Associates. The plan provides that each share of common stock of The mtge. Is also a direct lien on the balance of the company's property,
Edison Electric Illuminating Co. of Brockton participating in the reorganiza- subject to $1,817,000 outstanding closed prior liens of which $27,000 Prin.
tion will receive 14 common shares and I 14 convertible shares In the new amount will be deposited under the mtge. and 315,100 are now held by the
voluntary association. Fractional shares will not be issued but In lieu thereof company. The 999-year lease of the Indianapolis Columbus & Southern
there will be issued scrip for fractional shares which may be either assienable Traction Co. in also pledged under the mtge, tinder the terms of this
or Issued to bearer and which when presented In sufficient amounts to lease, as part of the rental, the company pays the int, on the leased comrepresent one or more full shares of the same class, will entitle the holder pany's closed issue of $973.000 25-yr. 1st mtg.6% gold bds. due Feb.1 1648.
to receive therefor the number of full shares so represented.
Earnings 12 Months Ended Nov. 30.
Common stockholders or holders of voting trust certificates therefor
1926.
1927.
who desire to become parties to the agreement are requested to deposit Gross revenue (incl. other income)
38,423,066 $8,766,829
their certificates, with the depositary. Stone & Webster, Inc., 49 Federal Operating expenses, maint. & taxes
5,214.937
5,246,571
St.. Boston, Mass., as soon as possible but not later than April 2 1928.
-V. 126. p. 713.
Net income before depreciation
33,208,129 $3,520.258
Electric Bond & Share Co.
-Capitalization Increased.
- Annual interest on company's total mortgage debt, including 1.357,746
the present issue, requires
The stockholders on March 5 Increased the authorized capitalization
Management.
-Company is controlled by the Middle West Utilities Co.
from $100,000,000, consisting of $50,000,000 common stock and $50.- V. 126, p. 1195.
000,000 6% pref, stock to 3300.000,000, consisting of $150,000.000 common
stock and 3150,000.000 pref, stock, all of $100 par value.
-V.126, p. 1038.
Iowa Power at Light Co.
-Bonds Offered.
-Harris Forbe
Electric Bond & Share Securities Corp.
-Meeting Adj. & Co., Halsey Stuart & Co., Inc., Field Glore & Co. E H
Rollins & Sons and Spencer Trask & Co. are offering at
953i and int., yielding 4.80% $6,000,000 1st mtge. gold
bonds, series A 4%%.
due Mar. 1 1958. Red. all or part on 60 days' notice
Electric Light & Power Co: of Abington & Rockland. onDated Mar. 11928:and incl. Sept.
any int.date up to
11945 at 103 and int, with successive
-Offer to Common Stockholders.
reductions in the premium on each March I thereafter of 4 of 1% of the
The special meeting of the stockholders to approve an increase in the
authorized common stock (no par value) to 4.000.000 shares from 1,802.870
shares, was postponed on March 5, because of the lack of a quorum, until
Monday. March 12.-V. 126 p. 1038.
The common stockholders have received an offer to exchange their stock principal, the bonds being red. on March 1 1957 and there after at
for stocks in the Eastern Utilities Associates, a new association to be Int. (M. & S.) payable in Chicago or New York, Denom. $1,000 par.
and
organized. The plan provides that each share of common stock of the $500e*. Harris Trust & Savings Bank, Chicago, and M. 11. MacLean,
Electric Light & Power Co. of Abington and Rockland participating in the trustees. Company agrees to pay interest
reorganization will receive 1 common share and 14 convertible shares in normal Federal income tax not exceeding 2%. without deduction for any
the new voluntary association. Fractional shares will not be Issued but
Data from Letter of Clement Studebaker. Jr. Pres. of the Company.
In lieu thereof there will be issued scrip for fractional shares which may be
either assignable or issued to bearer and which, when presented Insufficient
Company.
-Is controlled, through indirect ownership of all its common
amounts to represent one or more fun shares of the same class, will entitle : stock, by the Des Moines Electric Light Co., a subsidiary of the Illinois
the holder to receive therefor the number of full shares so represented. ' Power & Light Corp. Company owns a new, modern steam electric genCommon stockholders or holders of voting trust certificates therefor who erating station on the Des Moines River. just southeast of the city of laes
desire to become parties to the agreement are requested to deposit their Moines, with an installed capacity of 60,300 Icva., together with transcertificates, with the depositary. Stone & Webster, Inc., 49 Federal Sts mission lines connecting the new power plant with the distribution system
Boston. Mass., as soon as possible but not later than April 2 1928. See of the Des Moines Electric Light Co. in the city of Des Moines,and with the
transmission Hues of the Des Moines Electric Light Co. running to Oska..
-V. 125. P. 3197.
also Eastern Utilities Associates above.
•
1507
FINANCIAL CHRONICLE
MAR. 10 1928.]
electric
Dividends at the rate of $1.50 per share quarterly were
loose and other important cities depending upon this plant for the new
power. The water supply, coal handling and storage facilities of
paid on the common stock from May 15 1926 to Feb. 16 1928
for an ultimate installation of 166.200 kva.
plant are designed
Company has leased the new power plant and lines for an unexpired inclusive.
term of 4734 years to the Des Moines Electric Light Co., which operates the
Acquisition.
electric power and light properties in Des Moines, Oskaloosa and other
The company has acquired the Dowagiac (Mich.) Light & Power Co.
communities in central Iowa. The rental paid to the company is at the fixed
latter, consisting of the electric and gas distribution
per annum of the cost of the new plant and new transmission The properties of the
rate of 12%
serving the city of Dowagiac and the village of Cassopolls, will be
lines, which is approximately $6.636,000. This rental may be adjusted at systems by the Michigan Gas & Electric Co.. which already serves a numthe end of the first 30 years of the term, subject to conservative restrictions operated
ber of nearby communities. The Dowagiac company has had its own gas
In the lease. The terms of the lease provide for monthly rental payments plant, but has been purcaastng power for its electric transmission system.
which will constitute an operating charge of the Des Moines Electric Light
-V.126. p.
.A new street lighting system in Cassopolis has been installed.
Co.
Company also owns and operates a hydro-electric generating station 714.
at Adel and the electric distribution systems in a number of smaller com-Annual Report.
Midland Utilities Co.
munities with a total population of about 13,500.
1925.
1926.
1927.
Year Ended Dec. 31Capitalization (Upon Completion of Present Financing.)
25,058,349 24.096,499 82,985.782
Total income
Common stock
333.779
508.000
918,719
3,000.000 Tot. exp., incl. admin., &c.. charges_
First preferred stock,7%cumulative
214.090
310,369
444.413
400,000 Int. on loans and serial gold notes____
First preferred stock,6% cumulative
150.000
150.000
150,000
6,000.000 Appropriated as reserves for conting_
First mortgage series A,434% (this issue)
Years Ended Dec. 31.
Earnings
23.545.218 23.128,130 82,287,912
income for the year
Net
1927.
1926.
787.958
964,716
1,076,217
Divs. on prior lien stock
Gross earns, from oper. of prop. other than new
740.992
932,596
$290,012 Divs. on class A and B pref. stock- 1,128,055
2280,378
power station and transmission lines
219.048
494.594
720.014
150,802 Common dividends
131.586
Operating exp., maint. & taxes of said properties_
Proportion ofsub, cos.' aggreg. undistrib. surp. accruing to Midland
2139,210
$148,792
Net earnings of said properties
Cr.74,819 Cr.155.090 Cr.376,878
Utilities Co
Rental received for new power station and trans790.157
658,158
mission lines
$916,792
8891.315
$695,746
Balance
$929,367 Consolidated Income Account Years Ended Dec. 31 (Midland Utilities Co.
$806,950
Total net income available for bond interest ___
270,000
and Subsidiary Companies).
Annual interest on 56,000.000 434s (this issue)_
1926.
1927.
-Proceeds will be used to retire $2.000.000 6% bonds and
Purpose.
$23,994.780 220.191,000
83.000.000 5% bonds on May 1 1928, for additions and extensions to Operating revenue and other income retirement.
Oper. exp. & taxes (incl. charge for
and for other corporate purposes.
the company's properties,
17,344.170 13,537,046
$1,270,517)
Secunly.-Bonds are secured by a first mortgage on the new power
299.962
station, transmission lines and all other fixed property owned by the com- Rentals of leased properties
hereafter acquired subject
pany, and will be a first mortgage on property
$6,650.610 86.354.052
Net operating income
to underlying bonds, if any.
1.351.298
627.169
and others
Escrow Provistons.-Additional bonds of this or any other series maturing Profits on sale of securities to sub,cos,
not more than 30 years from date of each series, and bearing such rate or
28.001.908 $6.981,221
Total income
rates of interest not exceeding 7%, and otherwise of such tenor as the
board of directors may from time to time determine, may only be issued Bonds and other interest charges paid or accruing 2.780,979
2,533.491
to outside holders
(a) par for pat for the refunding, acquisition or redrement of fundable
317,730
169,863
underlying securities, if any, or for refunding bon& of this or other series; Amortization of discount on securilies
150.000
150.000
ac- Contingency reserve appropriations
(b) after the expenditure by the company of $.500,000 for fundable
845.669
1,138.916
quisitions (as defined in the mortgage) against which no bonds may be Divs. & earns, accruing to outside sub.sharehrs
Issued, for not exceeding in par value 75% of the cash cost or fair value.
$3.614,283 $3,282.198
Net income avail. for Midland Util. Co. divs_
whichever is less, of additions, extensions and improvements or new ac2.390.884
Mid.Util.stk. 2.918.538
quisitions, and-or acquiring or enlarging control as defined in the mortgage Divs. decl. pay, to outside holders of
or (c) par for par
(through stock ownership) of subsidiary corporations;
$891.316
3695.745
against the deposit (as provided in the mortgage) of cash. All bonds of Balance
whatever series shall be equally and ratably secured by the mortgage:
Condensed Balance Sheet Dec. 31 (Midland Utilities Co.)
except that sinking funds may be established for the exclusive benefit of
1023.
1927.
1926.
1927.
one or more part.cular series. No additional bonds (except for the pur$
$
LiabilitiesAsseto$
$
poses specified in clause (a) aforesaid) may be issued unless earnings apPr.in 7% cum stk.12.450.000 14.200,000
plicable to bond interest, as defined in the mortgage, for 12 consecutive Current assets---11,164.346 6,650,128 6% prior lien stock 7,750,000
186,195
128,928
Deferred charges__
months of the 15 months immediately preceding request for issuance sh
771.766 Pref.7% cum. stk.14,518,244 14.118,344
have been not less than lg times the aggregate of the annual Interest re- Treasury secure... 829,322
Prof.6% cum.stk. 4,600,000
quirements of all outstanding mortgage bonds, including bonds requested Smuts., contracts.
good-will, &c___41,268,560 35,949.934 Common stock... 2,220.000 2.039.286
to be certified, and the annual interest and dividend charges on fundable
130.730
Com,stk. subscr_
underlying securities, if any.
6,500,000 7,500.000
Funded debt
-Mortgage provides for the payment to the trustee
Improvement Fund.
732,911
Current liabilities_ 752.464
sum equal to 2% of all bonds
on Mar. 1 1929, and each year thereafter of a
Def. payments on
and fundable underlying securities, if any, less the amount of the sinking
porch, contracts 1,440,750 2.385,287
of underlying issues, if any. Funds so deposited shall
fund requirements
450,000
Res. for canting-- 600.000
be employed either for renewals and repl moments, or for fundable ac2,559,697 1,951,500
quisitions (as defined in the mortgage) which shall not be made the basis Total(each side)_ _53.391,156 43,558.022 Surplus
bonds, or for the retirement of bonds
s Represented by 242,000 shares of no par value.
for the certification of additional
outstanding under the mortgage or of fundable underlying securities, if Consolidated Condensed Balance Shee Dec. 31 (Midland Utilities Co. and
-V. 120. p.3187: V. 122. p. 2799.
any.
Subsidiary Companies.)
1926.
1927.
1926.
1927.
-Earnings.Jacksonville Traction Co.
Liabilities
Ands$
1926.
1927.
1925.
arsCalendar
7,023.846 Prior lien stock. 20,183,000 14,039.800
31.371,345 31.809.875 $1.329,375 Current assets__ 8,154,526
Transportation revenues
19,033,744 13,954,444
6,835
10.491
3.258 Deferred charges 3,943,150 3,801,838 Preferred stock_ x5.030,179 4,365,908
Non-operating revenues
77,546 Common stock_
23.798
Sink. & ret. Ms.
180,730
771.766 Corn. stk. sub'd
829.322
$1,378,181 81.620,366 $1,332,633 Treasury secureTotal earnings
Minor,stockhol,
1,228,688
1,267,695
847.498 Invest's in outOperating expense & taxes:
equity in cap'l
side companies 8.559,988 5,087.836
&surp.of subs. 19,405,130 14,970.738
$149,493
$352,671
$485.134 Fix'd assets,good
Net earnings
107,476.698 97,091,663 Funded debt__ 52,406.194 52,576.294
will, .1..c
City of South Jacksonville portion of
Current liab...._ 5,618,228 6.244,123
15.201
8.765
14,280
net earnings
Det.pay.on purchase oblig.&c 2,099.494 2.990.631
$140,728
$337,470
$470,855
Net earns. of Jack'ville Tract. Co._
Raiment and
189,334
173.090
191,209
Interest Ac amortization charges
other reserves. 5,200,009 4,476,805
55,089
10.503
Unadi.creclits.&c
$148,136
def$32,362
$279.645 Total(each side)128,986,483 113.854,494
Balance
7,927
28,330
1.988
Direct credits to surplus
x Represented by 242.000 shares of no par value, of which 22.220.000
-V. 125. p. 2671.
129,732 stated capital and 22,810,179 surplus,
charges to surcllusx
Direct
140,000
Retirement reserves
def$24,435
67,822
Balance
Prior surplus
$176,466
def108,644
$11,901
def120,545
267,822 def$108,614
$43.387
Balance surplus at end of year
x Pursuant to order of Florida R. R. Commission, retirement accruals
must be included in monthly operating expenses on the entire property
included. Fissures for 1927
Jan. 1927, such
and be(inning been adjusted to an accrual wasbasis.
-V.124. p. 3208.
a comparative
and 1926 have
-Registrar, etc.
Lexington Water Power Co.
The Chase ;National Bank has been appointed registrar for 100.000
shares $6 cumul. pref. stock, no par, and 250,000 shares common stock,
no par.
The Guaranty Trust Co.of New York has been appointed transfer agent
-V. 126. p. 251.
of the preferred and common stocks.
Lowell Electric Light Corp.-Earning8.-
1926.
1925.
1924.
12 Mos. End. Dec. 31- 1927.
$1,788,418 $1,728.755 $1.620,530 21.541,363
Gross earnings
1,121.655
1.054.766
1,008.742
Operating expenses & tax 1.174,465
14,967
2,648
3,290
19,113
Interest charges
'
Bal.for res., retirem'ts
$592,133
$611,306
$513,508
$562,475
& dividends
428.311
418,650
444,253
379.820
Dividends
135,000
160.000
135.000
125,000
Retirement reserve
Surplus
-V. 126. P. 8 .
67
$32,656
228.822 def.216.778
28,688
Massachusetts Gas Cornpanies.-Tenders.-
The company has in its sinking fund $180.533 for investment in 434%
gold bonds due Jan. 1 1928, and 8270,157 for investment in 434% gold
bonds due Jan. 1 1928, and $270.157 for investment in the 534% bonds
due Jan. 1 1946, according to a Boston dispatch. Bids will be received
until noon, Mar. 16.-V. 125, p. 2671.
-Larger Common Dividend.
Metropolitan Edison Co.
The directors have declared a quarterly dividend of $2 per share on the
common stock, no par value, payable March 24 to holders of record March
stock on an $8 annual dividend basis, com15. This places the common
-V.126. p. 1195. 867.
pared with 37 per annum previously.
-Increase in Common Dividend.
Middle West Utilities Co.
-The directors on Mar. 5 declared a quarterly dividend of
$1.75 per share on the common stock, no par value, payable
May 15 to holders of record April 30. This means that the
7% pref. stock will go on an 8% annual dividend basis be1,,inning April 16 (see offering of latter stook in V. 123, p.324).
-Transfer AgenZ.
North American Water Works Corp.
The Guaranty Trust Co. of New York has been appointed transfer agent
for 15,000 shares of $7 cum. pref. stock, series B, without par value.
V. 126. p. 1040.
-Earnings.
Northern Indiana Public Service Co.
1926.
1927.
311.845,850 810.986.678
5.507.216
5,839.492
583,2'30
619,539
54,296
48,828
1,016,008
1,363,028
Years Ended Dec. 31Operating revenue
Operating expenses
Charges for retirement
Uncollectible bills
Taxes
Net operating income
Other income
$3,974.961 83,825,928
205,859
335.683
Total income
Other deductions
Interest on funded debt
24.310.644 $4,031.787
95,102
122,491
1,252,716
1,403,252
Net income
7% preferred dividends
6% preferred dividends
Common dividends
82.784.901 82.683.970
591.550
556,824
76,817
310.411
1.948,237
1,826.938
$67,366
290,727
Balance to surplus
1.008.142
1,002,649
Surplus Dec. 31
1,356,900
1,416,870
(no par)
Shares common stock outstanding
$1.49
$1.35
Earnings per share
Consolidated Balance Sheet Dec. 31.
1926.
1926.
1926.
1927.
$
$
I Liabilities-$
Assets$
28,455.600 24,948,400
Investment
55,360,352 51,556,091 Capital stock
26,985,000 27.000,000
45,819 Funded debt
7,224
Sinking fund
Deferred charges__ 2,223,051 2,128,195 Current liabilities 3,210,912 2,895,591
Current assets.... 3,981,056 3,613,135 Retirement & res 1,917,523 1,491.107
1,002,649 1,008.142
Surplus
1
61,571,684 57,343,240
Total
61,571,684 57,343.240
Total
The report states that sales of electricity for light and power in 1927
hours, compared with 212,519,608 kilowatt
were 228.004,310 kilowatt
hours sold in 1926, a gain of approximately 7.3%. Sales of gas during the
year aggregated 4.743,147,324 cubic feet compared with 4,409,129.311
cubic feet sold in 1926, an increase of 7.6%.
The company during 1927 acquired by purchase the properties of the
.Peru Gas Co. and the Indiana Gas Transportation Co. The Pens Gas Co.
The
formerly served the city of Peru. lines Indiana Gas Transportation Co.
connecting the cities of Decatur
owned 84 miles of gas transmission
and Bluffton, with Fort Wayne, Lebanon with Frankfort and intercon-V. 125, p. 2264.
nected the cities of Wabash. Peru and Logansport.
1508
FINANCIAL CHRONICLE
Northern States Power Co. of Del.(& Subs.).
-Earns.
The earnings of this company and its subsidiaries will be found in the
upper left hand corner of page 1351 in last week's
column of figures is for the calendar year 1927 and'Chronicle." The first
Is a preliminary statement. The second column is for year ended Dec. 311926.-V.
126, p. 1350.
Ohio Northern Public Service Co.
-New Control.
-
See Atlantic Public Service Corp. above.
-V. 121, p. 3005.
Pennsylvania State Water Corp.
-Acquisition.
The water works plant and properties at Moundsville,
W.
been acquired by the above corporation, according to PresidentVa., have
Reeves
Newsom. The Moundsville Water Co. supplies water to Moundsville J.
and
adjoining territory. The Pennsylvania State Water Corp. is a
subsidiary
of Community Water Service Co.
-V. 126. p. 1198, 414.
Porto Rico Rys. Co., Ltd.
-Reports Expansions
The total number of light and power customers served by the .
company
as of Dec. 31 last, was approximately 35.000 as compared with 32,250
at
the end of 1926. The number of electric customers at the end of
1927
was only 5.000 less than the total number of gas and electric customers
served by the Ottawa Light, Heat & Power Co.
For the past year the company has been controlled through ownership of
practically its entire capital stock by International Power Co. Ltd. which
also controls public utilities in Newfoundland and Central and South Amer'
ican countries.
Since the acquisition of control by the International Power Corporations,
a franchise has been granted to the Porto Rico Rys. to develop additional
water power sites which aresituated on the Rio Blanco,within thezone ofthe
company's operations, and from which a capacity of about 2,200 h. p. Is
available. Construction work will shortly be started and it is anticipated
that 5 new plants will be completed early in 1929.-V. 125,
P. 1971.
Public Service Electric 8c Gas Co.
-Committee Brief
Attacks Merger as Inequitable.
(VOL. 126.
average ofabout 200,000,000 gallons a day, which compares with an average
daily consumption of about 99,000,000 gallons. The storage and distribution reservoirs have a capacity sufficient to meet over half a year's consumption requirements.
The water collection, transmission and distribution facilities
1.230 miles of mains, nearly all of which are of cast iron pipe. include over
31 1927, the properties were supplying 116.022 water service As of Dec.
connections
and affording fire protection with 3.498 hydrants.
The gas property includes over 232 miles of distribution mains through
which 31,138 metered gas connections are supplied. The generating plants
have an installed daily capacity of 5.400,000 cubic feet, which compares
with an average gas production of about 2,800.000 cubic feet per day. The
6 gas holders have an aggregate reserve capacity of 2.240,000 cubic feet.
Purpose.
-Proceeds of the sale of these notes will be used toward the
acquisition of properties and for other corporate purposes.
-V.126, p. 1352.
Shawinigan Water & Power Co.
-Subscriptions.
-
Subscriptions for the new stock are payable as follows: 25%, or $12.50
per share, on or before May 1, and 75%, or $37.50,
Aug. 1. Due to a typographical error the latterper share on or before
payment was given
in last week's issue of the "Chronicle" as 5%. See V. 126,
p. 1352.
William Stephen Hart has been made a vice-president, in addition to
the office of treasurer, which he still holds.
-V. 126. p. 1352, 1200, 1188.
Shenandoah River Power Co.
-New Control.
-
Bee Atlantic Public Service Corp. above.
-V. 123, p. 456.
South American Power Co.
-Acquires South Brazilian
Rys.This company, a subsidiary of the
has acquired control of the South American & Foreign Power Co., Inc..
Brazilian Rys. Co., Ltd., from the
International Light & Power Co., Ltd.
The South Brazilian Rys. Co., Ltd., owns and operates the electric
power and light and street railway systems in Curityba, the capital of the
State of Parana in South Brazil.
-V. 125. p. 1972.
The stockholders' protective committee, headed by W. Emlen RooseSouthern Bell Telephone 8c
velt (of Roosevelt & Son), which was formed to
stockholders
of Essex & Hudson Gas Co., Hudson County Gas protect the
Annual Report.
Co., Paterson
Gas Co., and Somerset Union & Middlesex Gas Co., announced & Passaic
the filing
Years Ended Dec. 31of a brief with Vice Chancellor Backes, attacking the proposed merger of
these companies by New Jersey Electric & Gas Co. as inequitable and un- Telephone operating revenues
fair, and setting forth the committee's reasons for opposing the consolidation. Telephone operating expenses
These companies are all leased to the Public
Net operating revenues
and the latter is seeking a merger of these leasedService Electric & Gas Co.
companies with the parent
company upon terms which the protective committee claims to be inequit- Uncollectible operating revenues
able and unfair. The protective committee secured a temporary injunc- Federal. State and municipal taxes
tion of the merger and the present brief argues that this temporary injuncOperating income
tion should be made permanent. Final oral argument in the case has
Net non-operating income
been set by Judge Backes for April 12.-V. 126. p. 1352.
St. Louis Springfield & Peoria (Elec.) RR.
-Tenders.
- Total gross income
The Illinois Merchants Trust Co.,trustee, 231 South LaSalle St.. Chicago. Rents
Funded debt interest
will until March 22 receive bids for the sale to it of let & ref. mtge.
5%
bonds, due Dec. 1 1939, to an amount sufficient to exhaust $125,000.- Other interest
Amortization of debt discount and expense
V. 116. p. 1533.
Other deductions
Scranton-Spring Brook Water Service Co.
-Notes
Offered.
-G. L. Ohrstrom & Co., Inc., Field, Glore & Co.,
Inc., Janney & Co., Graham, Parsons & Co. and Coffin &
Burr, Inc. are offering $5,000,000, 45.% serial gold notes.
The notes which mature $1,000,000 each Dee. 15 1929 to
1933 are offered at the f Mowing prices: 1929 maturity at
100 and int.; 1930, 99% and int. to yield 4.85%; 1931,
98% and int. to yield 4.90%; 1932, 97% and int. to yield
5%; 1933, MI and int. to yield 5.05%.
Dated Dec. 15
1927. Prin. and int. (J.
at the office of G. L. Ohrstrom & Co., St D.) payable in New York City
Inc.. or at Scranton Lackawanna
Trust Co., Scranton, Pa., trustee,
without deduction for normal Federal
income tax not to exceed 2%. Denom.
Red. all
part, at any time upon 60 days' notice. $1,000 and $500 c*. premium or
of
at 100
ki of 1% for each 6 months or fraction thereof and int., plus a
so redeemed. Refund of Mass, income tax of the unexpired life of notes
on the interest not to exceed
6% of such interest per annum, to resident holders
upon written application within 60 days after payment. Free from Penn. 4 mills personal
property tax.
Data from Letter of A. W. Cuddeback,
-President of Federal
V.
Water Service Corp.
Business.
-Scranton-Spring Brook Water Service Co. is to acquire the
properties now owned by The Spring Brook
Gas & Water Co.and its subsidiaries, which Water Supply Co. and Scranton
acquisition has been authorized
by the Penn. P. S. Commission. These properties supply various cities
and communities in Pennsylvania with water service and (or) manufactured
gas service for domestic and industrial purposes. The population of the
communities served Is about 640.000. The cities served include Scranton.
Wilkes-Barre, Pittston, Nanticoke, Dunmore, Plymouth and many other
communities located in the thickly settled and substantial Lackawanna
and Wyoming Valley districts in Pennsylvania. The territory served
by
the properties comprises a unified district of 64 communities which are
practically contiguous. The properties have a long record of successful
operation, integral parts of the system dating back to 1849.
CapitalizationAuthorized. Outstanding.
Scranton Gas & Water Co. 1st mtge. 4;is 1958- (Closed)
811.000.000
Spring Brook Wat,Sup. Co. 1st ref. mtg.5s, 1935 (Closed)
7,800.000
N. Mountain Wat. Sup. Co. 1st mtg. 58, 1933-- (Closed)
b780.000
Scranton-Spring Brook Water Service Co. 1st
mtge. & ref. 5s, series A, 1967
a
9,200.000
Scranton-Spring Brook Water Service Co. 454%
serial gold notes (this issue)
85,000,000
5,000,000
Cumulative preferred stock (no par value)
300.000 shs. c70.000 shs.
Common stock (no par value)
250.000 shs. 100.000 shs.
a Issuance limited by the provisions of
indenture.
were Issued by Pennsylvania Water Servicethe and will beThese bonds
Co.
assumed by
Scranton-Spring Brook Water Service Co.
b $220.000 additional principal amount of North Mountain Water Supply
Co. 1st mtge. 5s. are pledged under the 1st mtge.& ref. indenture of Pennsylvania Water Service Co.. which Is to be assumed by Scranton-Spring
Brook Water Service Co. c Consisting of $6 series and of $5 series.
Earninos.-The consolidated earnings of the properties are as follows:
Year Ended Dec.311926.
1927.
Gross revenues
Oper.exp., maint.& taxes,other than Fed.inc. tax 84.108.610 $4.190.691
1.697,867
1,656.419
Balance
$2,410.743
Annual int, requirements on entire mortgage debt now and $2,534,272
presently to be outstanding in the hands of the public
1,384,000
Annual int. re uirements on 85,000,000 serial gold notes
225,000
The above earnings should be materially improved through the elimination of non-recurring charges and by economies arising from unified operation of the properties.
Security -Noes will be a direct obligation of company.
value of
the properties, as recently appraised by competent engineersThethe basis
on
of reproduction cost new, less depreciation, plus additions and improvements to Jan. 1 1928 at cost, is over $61290,000. After deducting
this valuation the principal amount of all prior obligations now and from
presently to be outstanding, there remains an amount equal to more than $6,500
for each $1,000 of these notes.
The company will covenant in effect that the proceeds from the sale of
an additional $6,000,000 of 1st mtge. & ref. 5% gold bonds, series A,
which may be issued under the indenture of Pennsylvania Water Service
Co., to be assumed by Scranton-Spring Brook Water Service Co., which
additional bonds have been or will be authorized to be issued in respect of
the properties existing as of March 1 1928, to be presently owned by the
company, and the proceeds from the sale of an additional 63.300 shares of
its pref. stock which may be issued against
properties to be
the company as of March 31 1928. shall and the first be used for owned by
will
the retirement of this issue of serial gold
notesPhysical Property.
-The combined water property will constitute
the most important gravity systems in the United States. Water one of
lected from over 300 square miles of well-timbered drainage basins is colIn
hills overlooking the districts served. The mountain streams yield the
an
Balance net income
Dividend appropriations of income
Other appropriations of income
Telegraph Co., Inc.
1927.
1926.
$51,848.094 848,075.101
35.152,230 33,299.574
318,695.864 814.775.527
339,500
322.000
5.090,444 4.423.940
$11,265,919 $10,029.587
297,103
453.383
811.563.022 $10 482,970
1.050.721
1.033.736
1.566.423
1,566.610
880.450
930.987
40.901
40.925
70,783
68,889
37,903.208 56.892,359
7,599.968
6,044.321
150,000
Balance for corporate surplus
$303.240
8698.038
Shares capital stock outstanding (par $100)
999.995
799.999
Earnings per share
$7.91
$8.62
The above table includes operations of the Cumberland Telephone &
Telegraph Co., Inc., for the 6 months ended June 30 1926. after elimination
of inter-company items. The Cumberland company was merged with the
Southern Bell Telephone Co. effective June 30 1926.
Balance Sheet Dec. 31.
1927.
1926.
1926. I
1927.
Assets$
3
mammies-8
Land & buildings_14,900.211 13,095,292 I Capitalstock
99,999,500 79,909,900
Tele. plant & equ1p163725,129 150728,412 Funded debt
31,326,930 31.330,130
General equipment 3,406.196 3,021.385
system
Inv.securities_ _ .._ 2,255,829 2,8.31.328 Advs. from
corporations_ _ .20,283,142 25,772.856
Advances to system
581.456
170,000
Bills payable
corporations__
60,000
83,000 Accounts payable_ 2,687.477 3,081,320
51!seen.Invest__ 217.825
185.713
liabilities
Cash and deposits_ 1.705.945 1,598,667 Accrued
52,0842,665,851 2,371.238
not due
Marketable secur. 105,661
111,327 Employees'benefit
Bills receivable_ ._
reserves-------1,581.343 1,600,000
,
ACCt8.receivable__ 3.649,215
3.777,593
Materials & suppl- 1,791,503 2,281,620 Other del. --dt 174,688
260.767
items
Accr. Inc. not due_
43.635
23.100 Rea. for accrued
Sinking fund assets 188.524
183,900 depredation__ _.26.903.004 28,182,655
Prepayments
420,183
425,878 Res. for amortia.
Onamortized debt
239,560
d isc and ex p _ _ 510,521
.
.
551.616 Gorf io tangtureiut 6. 321..70 6,318,667
6
8 0 148
0
o p nrate sbip ca
Other deferred debit
items
292,783
363,966
Total(each side)193325,246 179327,094
-V. 126, p. 870.
Southern California Gas Corp.
-Registrar.
--
The Chase National Bank has been appointed re dstrar for 600.000
shares of common stock, no par value.
-V. 126, p. 578.
South rn Public Service Corp.
-New Control.
See Atlantic Public Service Corp. above and V. 126, co. 1200.
Southeastern Power & Light CO7 Power Output.
--
For February 1928 th 3 SlUth nit Ira system reports 193,193.920 k.w.h.
output as compared with 164.243.928 k.w.h.for
corresponding month
of last year, an increase of 28.955,992 k.w.h. or the
17.6%.
For the 12 months ending Feb. 29 1928, the output was 2,263,782,952
k.w.h. as compared with 2,009,493.000 k.w.h. In the preceding year, an
increase of 12.6% in corresponding units of the property.
-V.126.P. 253.
Southwest Gas Co.
-Transfer Agent.
-
Chatham Phenix Natlsnal Bank & Trust Co. has been appointed transfer
agent of 10.000 shares of preferred stock, par $100.-V. 125, p. 2811. _
Southwestern Bell Telephone Co.
-Earnings.
-
d
Calendar YearsTelephone operating revenues
Telephone operating expenses
Net telephone oper. revenues
Uncollectible operating revenues_
Taxes assignable to operations
824.026.478 821.857,139 317,947.691
455.363
426,290
580,015
5,785.567 4.724.375
6,402.669
Operating Income
Net non-operating Income
$17,043,794 $15,616.209 812,797.026
2.187,318
1,866.974
872,552
1925.
1926.
1927.
169.707,258 $58,863.170 349.854.941
45,680.781 37,006.031 31,907.250
Total gross income
317,916.346 817.483.183 814.984,344
Funded debt interest. &c
3.617,791 3,040,779 2,987.364
Amortization of debt disc. & expense_
168,933
168,933
Rents & miscall. deductions
978,852
1.027.707
1.073,774
Balance net income
Preferred and common dividend
Miscell. appropriations of income
813,055,847 $13,245,764 $11,018,128
7.524.607
9.524,960 8,424,918
1.020.000
700,000
Balance for corporate surplus
Deductions from surplus
$3,530,887 $4,120,846 82.473,521
815.721
Balance, surplus
-V. 126. p. 870.
$3,530,887 84,120,846 $1.657,800
Standard Power & Light Co.
-Earnings.
-
11. M. Byllesby & Co. announce that earnings of Standard Power &
Light Corp. for the year ended Dec. 311927. exclusive of the corporation's
proportion of undistributed earnings of subsidiary and affiliated companies
for the period, show a balance of $1.337,379 after all operating expenses,
interest charges, amortization, and dividends on the preferred stocks, ac-
MAR. 10 1928.]
1509
FINANCIAL CHRONICLE
cording to preliminary figures now available. This is equal to $2.01 a
share on the common stock outstanding as of Dec. 31, after allowance for
an additional 15 cents on the participating preferred stock, comparing with
a balance of $763,168 for the previous year, or the equivalent of $1.11 a
share on the common stock after allowance for an additional nine cents a
share on the partAcipating preferred stock. The actual figures compare as
follows:
1926.
*1927.
Year Ended Dec. 3157,357,540 53,969.845
Gross revenue
3,932.884
7,312,728
Net revenue
870,298
1,477,958
Int. chges. & amort. of debt disc. & expense
$5,834,770 $3.062,586
Balance
Preferred dividend',:
Preferred stock
Participating preferred stock:
Cash
Stock dividend
1,540,000
1,019,861
2,217,388
740,003
1,279,557
$763,168
51.337.379
Balance
* Preliminary figures.
The consolidated earnings statement of Standard Power & Light Corp.
and its subsidiary and affiliated companies for 1927 showed a balance of
5,3,095.035, or $4.01 a share on the outstanding common stock as of Dec. 31,
after allowance for an additional dividend of 44 cents a share on che participating preferred stock. This compared with a balance of $969,487
for 1926, or $1.60 a share on the outstanding common stock after allowance
for an additional dividend of eight cents a share on the participating preferred stock. The consolidated figures compare as follows:
1926.
*1927.
Year Ended Dec. 31Gross earnings
$71,070,494 571.902,486
30,325.696 28,659,951
Net earnings including other income
Balance after int. and div. tto public), retirement
reserves, depl., smolt. & minority interest's
proportion of undistributed earnings of sub6.798,196
9,070.384
sidiary & affiliated companies
Standard Power &Light Corp. int. chges. &
1.340.000
1.477.958
amortization ofdebt discount & expense
Balance
Standard Power & Light Corp. pref. stock dive.:
Preferred stock
Participating preferred stock:
Cash
Stock dividend
Balance
* Preliminary figures.
-V. 125, p. 520.
$7,592,426 $5.458,196
1.540,000
1,540,000
2,217,388
740,003
2,948,709
$3,095,035
$969,487
West Texas Utilities Co.-Pref. Stock Offered.-Utility
Securities Co., Inc.; Old Colony Corp.; Emery, Peck &
Rockwood Co., Inc.; Hill, Joiner & Co., Inc., and A. B.
Leach & Co., Inc., are offering at $96 per share and div.,
to yield 6.25%, 25,000 shares $6 cum. pref. stock (no
par value).
Fixed assets were increased:during 1927 by $8,675,924. of which $4,
425,866 represented expenditures on the company's mills, railroads, townsites and power plants, and 154,250,058 represented an increase through
revaluation of timber. $691,900 of the company's bonds were paid and
cancelled. Current payables were kept to the lowest practicable point, and
total surplus and reserves were increased $6.187,429, of which amount $1.937.361 resulted from current operations and the balance from timber
revaluation.
On Jan. 1 1928 the company acquired through common stock purchase
the controlling ownership in Spanish River Pulp & Paper Mills, Ltd.,
Fort William Power Co., Ltd., Manitoba Paper Co., Ltd., Ste. Anne Paper
-V. 126. p. 1354.
Co.. Ltd.. and Murray Bay Paper Co., Ltd.
-Balance Sheet Dec. 31.American Bank Note Co.
1927.
Assets
Real est.& bldgs__ 4,755,207
Mach., equip., &c. 6,168,330
Material & supp__ 2,876,460
Accts. & notes rec_ 1,129,083
6,895
Deferred instailm's
Marketable invest. 1,660,931
Contract deposits_ 105.520
(sec.) 850,000
Manson eon.
1,547,895
Cash
Basun fund res've.. 127,485
EmpL pen.Id. res_ 144,552
Deferred charges__ 125,648
1926.
1927.
1926.
$
5
I Liabilities-5
4,706,542 6%pref.stock____ 4,495,650 4,495,650
5,944,833 Common stock_ _ _ 5,933,240 4,945.250
1,060
2,330,841 Common scrip__
1,116,101 6% pref, stock of
387.605
foreign subsid's_ 388,352
1,808.613 Accts. pay., incl.
909,367
reserve for taxes 1,223.268
107.389
250,000 Adv. customers'
25.685
168,552
orders
1,769,999
314.697
314,697
121.844 Divs. payable__
647.062
Special reserves...._ 673,267
128.301
6,299.919 6,598,869
39,723 Surplus
19,498,006 18,324,186
Total
19,498,006 18,324,186
Total
The income account was published in V. 126, p. 1355.
-New Director.
American Can Co.
H. L. Pratt, President of the Standard Oil Co. of New York, has been
-V. 126, p. 1355, 1201.
elected a director, succeeding R. L. Schofield.
-Annual Report.
American Cigar Co.
Calendar YearsaNet earnings
Pref. diva.(6%)
Common dividends -
1924.
1925.
1926.
1927.
87
$2. 7,944 $2,666,681 52.209.922 51,632.899
439,512
600.000
389,955
389,910
1,600,000 (8)1,200.000 (6)900,000 (6)900,000
5870.410
$132.899
5888,034 51,076,726
Balance,surplus_ _ _ __
6,224,144
5,353,734
2,300.871
Profit and loss,surplus_ x 3,160.826
Shares of cons, outst'd'
150.000
150.000
200.000
200.000
(par $100)
56.89
$11 85
$11.38
$12.44
Earn. per share on corn._
x After deducting $28,073 for adjustment of prior years. a Net earnings
of company and those companies all of whose stock is owned by American
Cigar Co., after deducting all charges for expenses, management and
Federal taxes, &c.
Consolidated Balance Sheet Dec. 31.
[Consolidated with companies all of whose stock is owned.]
1926.
1927.
1927.
1926.
8
LiabilitiesAssets$
8
Preferred stock_ _ _y6,498,400 6.499.000
Real estate. mach..
Common stock_ _20,000.000 20,000.000
&c., less deprec.
97.485
97.476
(aft. deduc. res ) 3,113.514 3,296,657 Prey. for pref. div.
1
ii Bills & accts. pay._ 964,408 1,302,992
Brands. Pats.. &c•
483,740
482.994
Leaf tobacco. &c._ 12,429.098 13,380,822 Tax reserves
Bonds & stocks__ 6.517.839 6.454,703 Reserve for depre170.833
325,970
4,499.812 1,654,453 ciation, &C
Cash
3.160.826 2,300.871
x808.237 x1.259,295 Surplus
Due from cos
4,104.407 4,747,305
Bills & accts. rec
_
57,165
61,685 Total(each side).31.530.074 30.854,921
Prepaid ins.,
x Amounts owing to this company by companies in which it directly or
,
indirectly owns part of the stock. 3 The company now holds in its treasury
-V. 124. p. 1669.
$33,501,600 pref. stock, leaving $6,498.400 outstanding.
1
s
These shares are a part of the company's preferred stock, which is issuable
in series, are fully paid and non-assessable and are sub ect to call for redemption at any time on 30 days' notice at $110 per share and all unpaid
accrued dividends. Dividends are payable Q.
-J. Transfer agents: Middle
West Stock Transfer Co., 72 West Adams St., Chicago. Registrar: First
Trust & Savings Bank, Chicago, Ill. Dividends exempt from normal
Federal income tax.
Data from Letter of C. W. Fry, President of the Company.
-A Texas corporation. Supplies with one or more essential
Company.
public services 100 communities in central west Texas. including the cities
and towns of Abilene, San Angelo, Vernon,Cisco and Childress. Electricity
is supplied in 99 cities and towns, ice, in 34, and water and gas in two, the
major source of the company's revenue being the sale of electric power and
light. The combined population of the communities served is approxi-Profits Increase.
American Colortype Co.
mately 203.700; the entire territory has a population of about 500,000.
January profits of this company and its subsidiaries are estimated to be
The physical properties include electric generating stations having a 25 1 in excess of the same period in 1927. This increase is largely accounted
,
capacity of 19,783 k.w., 1.747 miles of transmission lines. 25 ice plants with
increased volume in the Chicago plant which handles the bulk of the
a total daily capacity of 815.3 tons, two water plants with 42.8 miles of for by
-V. 126. p. 1042.
color printing for many large periodicals.
mains, and 105.3 miles of gas mains. Most of the company's properties company's
are of modern construction and all have been maintained in exceptionally
-Usual Extra Dividend.
American Cyanamid Co.
and 1927 approximately 800 miles of transmission
good condition. In 1926
lines and the generating station and ice plant at San Angelo were placed
An extra dividend of 1-1 of 1 in addition to a regular quarterly dividend
in operation. The Santa Anna ice plant has but recently been completed. of 1A %, has been declared on both classes of common stock, payable
The properties of the company, after depreciation, are valued at approxi- Apr. 2 to holders of record Mar. 15. Like amounts were paid on July 1
mately 527,000.000.
and Oct. 1 1927 and on Jan. 3 1928. In each of the 14 preceding quarters
an extra of Is of 1% and a regular of 1% were paid on the common stock.
Earnings 12 Months Ended Dec. 31 1927.
V. 125, p. 3201.
Gross earnings, including other income
$5.535,492
Operating expenses, including maintenance, taxes and rentals
3,380,822
-February Sales.
American Department Stores Corp.
Increase.
1928-2 Mos.-1927.
1928-February-1927. Increase.
Net earnings
52.154,669
1400.682 I 51.917.947 51.322.604 $595,343
5742,773
$1.143,455
on funded debt outstanding
Annual interest requirements
625.000
V. 126. p. 1355, 1201.
Balance applicable to deprec., amortization and dividends,. _ $1.529,669
-Annual Report.
Annual div. requirements on 101.360 shs. of 56 pref. stock_ _ _ _
American Hardware Corp.
608.160
1925
1924.
The net earnings derived from the sale of electric light and power for
1926.
1927
Calendar Yearsabove period is in excess of $1,310,000.
the
$2,879,208 $3,524,771 53,523.476 52.918.439
*Net eirnings
449.636
327.606
351.611
368.826
Authorized. Outstanding. Depreciation
Capitalization
175,000 shs. x101.360 shs.
Preferred stock (no par value)
52,510,381 $3,173,160 53,073,840 52.590,833
250.000 shs. 186,215 shs.
Common stock
Net profit
2.480,000
2.976,000
2,480.000 2,976,000
Dividends paid
First mortgage 5% gold bonds, series A, y512.500.600.
x $6 cumulative. y Issuance of additional bonds limited by the restric5110.833
$97,840
$197,160
530.381
Balance. surplus
tions of the mortgage.
2,604.273
2,715,106
3,010,105 2,812.946
Management.-CompanY is controlled, through Central & Southwest Previous surplus
-V. 126. P. 1201.
Utilities Co., by the Middle West Utilities Co.
Profit & loss, surplus.. 53,040.486 $33,010,106 52,812.946 52,715.106
Earns. pr.shr. on 496.000
$5.23
$6.19
$6.39
$5.06
INDUSTRIAL AND MISCELLANEOUS.
shs. cap.stk.(par 525)
* After reserve adjustments.
-No changes in price were announced during the
Refined Sugar Prices.
Balance Sheet Jan. 1.
week.
1927.
1928.
1927.
1928.
Tailoring and Dry Cleaning Employes Return to IVork.-Strike begun
s
MaMigfes$
$
S
Assets
20, ends March 5, when announcement was made that 25.000 retail tailoring
Feb'
12,400.000 12.400.000
2.731.268 2.280,791 Capital stock
and 125 wholesale cleaning and dyeing shops would reopen. Of 800 Cash
shoos
do
" llar cleaning- stores against which the strike was directed, about 500 Bills& accts. rec.-. 6.374,127 5,599.782 131119 & accts. pay-. 748.661
842.086
496,000
-New York "Times," Afar. 5, Sec. 1, p. 13..
Real estate, &e___ 5,241,575 5,452,347 Dividend payable_ 992.000
will raise their rates.
-Kentucky Alcohol Corp., subsidiary of Materials & mdse. 2,834,178 3,415,266 Surplus
3,040,487 3.010,106
Alcohol Prices Announced.
National Distillers Products Corp. Issued new price schedule of C.D. s
17,181,148 16,748,192
Total
17,181,148 16,748.192
Total
alcohol at 41 cents per gallon (tank cars) and 43c. per gallon in drums
-Wall Street "Journal," March 7, p. 1.
(carload lots).
-550 glass workers employed by Standard -V. 124, p. 2592.
Plate Glass Workers Strike.
Plate Glass Works went out on strike declaring company had not lived up to
-Annual Report.American Manufacturing Co.
wage agreement made 2 weeks ago, after strike lasting 2 months.
-New
1925.
1926.
1927.
Calenda r YearsYork "Times," Mar. 8. p. 43.
514,500,000 520,000.000 $21.000.000
March 3: (a) Proposed American Institute Sales of goods (approximately)
Matters Covered in "Chronicle"
1,522.960
675.708
456.451
-p. 1270. (b) Opening of Paris office by Stone & Earns, after int., taxes and deprec
on Food Distribution.
Earnings per share on 88.000 common
-p. 1298.
Webster, Inc.
$15.03
55.40
$2.92
shares (par $100)
-Annual Report.
Abitibi Power & Paper Co. Ltd.
Balance Sheet December 31.
1926.
1925.
1927.
1924.
Calendar Years1926.
1927.
1926.
1927.
,
51.213.490 54,254,595 54,240.337 54,385.552
Operating profit
Assets
Liabilities
611.420
539,781
762.493
762.260 Plants, water powInterest
Common stock... 8,800.000 8,800,000
597,819
539.000
546,422
625.505
Deprec. & exhaustion _ _
ers, warehouses
Preferred stock... 4,000,000 4.000,000
220,000
155,000
Appropriated for taxes190,000
and lands
13.367,700 13,396,887 All debts and tax
6,221.973 5,475,543
Cash
1,441,542 1,132,249
reserves
Net income__ _...... $2,904,574 52,961.995 52,869,916 52,807.787 Salable securities_ 271,170
6.406.811 6.678.360
funds
269,179
70,000
70,000
70,000
70,000 Accts. dr notes rec. 2,062,811 2,477,031 Surplus
Preferred dividends t7%)
1,062.500
1,000,000
1,000.000 Mdse. & material_ 8,060,733 6,951,581
Common dividends- _ 1,250,000
($4.25)
($4)
1 4)
($5)
Rate
Supplies & undistributed charges 224,828
726,984
Tot.(each side) 25.428,784 24.953,902
$1.584.574 51,829,495 51.799.916 $1,737,787
Balance, surplus
-V. 126. p. 1355.
6.984.106
6,705,651
7,847,894
6,204,007
Previous surplus
1,521,461
965,707
1,236,144
Transf. to deprec. reserve 1.092,492
Profit & loss surplus- - 58,339,976
250,000
She, coin. out. (no par)-.
$11.34
Earn, per share on corn_
57,847,894 56.984,106
250,000
250,000
511.20
$11.57
American Medicinal Spirits Co.
-Registrar.
16,705,651
250.000
510.95
The Chase National Bank has been appointed registrar for 150,000 shares
of preferred stock, par $100, and 350,000 shares of common stock, no par
value.
-V. 126, p. 1201.
1510
FINANCIAL CHRONICLE
American Metal Co., Ltd.
-New Preferred Stock Issue
Approved-Exchange Offer-Rights, &c.
The stockholders on March 8 approved an issue of $10,000,000 6%
cumul. non-callable cony. pref. stock, par $100. of which $5,500,000 will
be offered in exchange for the present outstanding 7% pref. stock on the
basis of 1 1-10th shares of new pref. stock for each share of 7% pref. held.
The remaining $4,500,000 of new pref. stock will be offered to the common
and pref. stockholders on a pro rata basis at par and accrued dividends
from Mar. 1 The stockholders also voted to make the life of the company
perpetual and to classify the board of directors into 3 classes of 5 members
each. (For details in connection with the above,see V. 126, p.719.)
The following have been elected directors for 1 year: Albert J. Bennett,
M.P. Harold R. Hochschild, Heath Steele, Otto Sussman and Bernard N.
Zimmer. The following have been elected for 2 years: Luis Bermejillo,
Marques de Mohernando, Edward H. Clark. Julius Goldman, Carl M.
Loeb and Roy F. Wrigley. The following have been elected for a term of
3 years: Joseph B. Cotton. Louis T. }leggin, J. Horace Harding, Julius
Loeb and Ludwig Vogelstein.-V. 126, p. 1201.
American Multigraph Co.(8c Subs.).
-Annual Report.
Calendar YearsSales
Operating profit
Depreciation
Taxes
1927.1925.
1924.
$4,150.315 $3,823;685 $3,944.627 $4,412,494
691,690
537.816
490,313
432,315
127,480
96.630
69,192
64,774
63.978
68.016
84,545
81.691
[VOL. 126.
New Jersey bordering on the American Stores Co.'s present territory.
Included in the purchase is a large warehouse at Orange, N. J. No new
financing is contemplated In connection with the above transaction, it is
stated.
About three weeks ago, the American Stores Co. took over 19 stores
of the Old Dutch Markets, Inc. in Washington, D. C. The company is
also reported to be considering further expansion this year.
The total number of stores operated by the American Stores Co. Is now
about 2.450.-V. 126, p. 581.
Argo Oil Co.-Earnings.-
Period-
-Years End. Dec. 31-Apr. 1 '25 to
1926.
Dec. 31 25.
1927.
$851,167
8718,148
$785,836
375,264
491.438
432,772
428.360
506,162
346,205
334,193
334,200
369,507
Gross earnings
x Expenses,including taxes
Depredation
Depletion
Net loss
$364,452
8468,162
4430.337
a Argo Oil Co.'s proportion, $369,099: minority stockholders' proportion.
$61,259. x After deducting miscellaneous earnings.
-V.124, P. 2593.
Arkansas Natural Gas Co.
-Merger Ratified.
-
The stockholders on March 6 approved an agreement which provides,
among other things, for the consolidation of this company with others (as
stated in the "Chronicle" of Feb. 11 1928, page 872), into a corporation
to be known as Arkansas Natural Gas Corp., a Delaware company. The
merger will become effective April 8. See V. 126, p. 872.
Net operating profit
Other income
$500,231
38.083
$373,171
41,812
$339.430
73,718
5282.996
70,204
Gross income
Provision for income taxOther charges
$538.314
67.829
40.166
$414,983
43,007
74,268
$413.148
40,634
70,596
$353,200
42.232
66,786
Net income
Divs, on pref. stock
Divs. on common stockPer share
$430,319
$297,708
206,235
($1.80)
183,320
($1.60)
$301.918
15,435
183,309
($1.60)
$244,182
27,216
190,536
5(1.70)
Calendar YearsOperating income
Prov. for Fed. taxes..
1927.
1926.
1925.
1924.
82,241,158 y$1,776,028 $1,567.032 $1.220,971
287.518
217,525
194.048
157,447
Balance, surplus
8224.084
Previous surplus
1,127.937
Anion. of cost of patents
Prem. &c., for red of
preferred stock
P. & T,. Burp. Dec. 31_.. 1,352,021
Shares corn. stock out114,575
standing (no par)
Earned per share
$3.76
-V. 125. p. 917.
$114,388
1.013,550
$103,174
928,223
Dr11,900
$26,430
941,794
Dr40,000
Net income
Preferred dividends__
Common dividends
$1,953,640 81,558.503 81.372.984 51.063.524
23.363
1,474,553
983.030
884,722
589.691
1.127.937
Dr5,948
1,013.550
928.224
114,575
$2.61
114,575
$2.50
114.575
31.90
American Radiator Co.(& Subs.).
-Annual Report.
Calendar YearsNet sales
Cost of sales
Sell & adm. exp
1927.
$76,010.078}
49,634.430
11.680.110
1926.
Profit
Other income
814,695.538 414,427611 a$13196,4344$12,877,554
1.898.621
780.711
438.469
925.045
1925.
1924.
Not Available.
Total income
816,594.159 $15,208,322 814.121,480 $13,316.023
Interest paid
454,921
366,148
184.196
254.666
Pension fund, &c
174.572
167,043
201,630
206.585
Depreciation & depletion 1,814.979
2.198.848
1,776.469
2.026,627
Res. for Fed. taxes
2.092,372
Net profit
b Preferred dividends
Common dividends
$12.057,315 $12,476,485 $11,633,602 $11.153,728
480,735
477.311
486,332
485,798
6,312,879
5.280,884
3.313.496
4.989.991
Arnold Bros., Ltd.
-Offer Expires March 21.
-
See Pure Food Stores, Ltd., below.
-V. 126, p. 1356.
Arundel Corp.
-Annual Report.
-
Balance. surplus
$479.086
$575,473
8488.262
$450,470
Shares of corn. outstanding (no par)
491.556
491.555
491,555
x98,310
Earns, per sh, on com_ _
$3.97
$3.17
$2.79
$10.58
x Shares of $50 par value. y After deducting 8126,266 loss on abandonment of plant.
Comparative Balance Sheet Dec. 31.
Assets1927.
1927.
1928. ; Liabilities1926.
Land, bides, ma}',Common stock...34.915.556 84,915.556
chin.,eq.,&c .x$3,363,357 $3,716,769 Accounts payable_ 526,398
264,668
Investments
287.518
424,087
430.311 Federal taxes
217,525
Cash
652,695
487,361 Dividends payable 737,278
319,485
Accts. receivable._ 1.283.494 1,124,288 Accrued expenses.
65,160
10,489
Notes receivable.. 1,562.522
91,645
80,400
526.923 Reserve for MaurMarket secure.
1,062,401
2,128.466 1,649,380
768,886 Surplus
Sundry debtors._
. 58,053
22,809
Material & suppl_
32,569
29,069
Deferred charges.. 312.842
351,087 Total(each side).58,752,023 $7,457,502
x After deducting 53.089,158 reserve for depreciation. z Shares of no
par value whereof 495.426 shares issued for $4,954,260 less 3.870.4 shares
re-acquired and held in the treasury 538,704.-V. 125, p. 3484.
Associated Oil Co. of Calif.
-Sub. Co. Dividend.- •
The nterling 011 et Development, a subsidiary, has declared a semiannual dividend of 5c, per share, payable April 5 to holders of record
March 26. Previously the company paid 10c. regular and 10c. extra semiannually. The Associated Oil Co. owns 70.07% of the 250,000 outstanding
shares of sterling stock, par 51 each.
The West Coast Oil Co., another subsidiary of the Associated 011 Co..
has declared the usual extra dividend of $3 per share and the regular quarterly dividend of $1.50 per share, both payable April 5 to holders of record
March 19. Like amounts were declared in the previous 5 quarters. Of the
$1,040,800 preferred stock (ear $100) outstanding, the Associated 011 Co.
owns $628,600. or 60.40%.-V. 126, p. 1202, 109.
Surplus
$5.283,701 $6.718.289 $6,177,813 $7,353,900
Profit and loss surplus_ - 40.802,039 31,598.119 24,879.830 x18,702.017
Shs.corn. out.(par $25).. 1.322.620
1.242.561
1,242.561
1,242.561
Earn. per share on com
$8.68
$9.66
$8.58
$
0.97
a Total consolidated profit from operations of all companies after deduct,
lug all ordinary and necessary expenses and reserve for estimated Federal
taxes. b Includes preferred dividends of subsidiary companies. x After
deducting a 50% stock dividend amounting to $10,354,675 on corn. stock.
Consolidated Balance Sheet Dec. 31.
(Including Domestic and Foreign Subsidiary Companies.)
Atlantic Ice & Coal Co.
-Balance Sheet Dec. 31 1927.
1927.
1926. I
1926.
1927.
AssetsAMULiabilit
$
$
I Liabilities$
$
$341,444 Preferred stock
55.000,000
Plant, prop., rte.
-66,454,216 55.216,908 Preferred stock...3,000,000 3,000,000 Cash
Cash
101.055 Common stock
5,000,000
10,437,335 9,640.008 Common stock_ 33,065,500 31,064,025 U.S. Treasury 34% notes_
Accounts receivable
1,797,000
Government bonds 1,940,125 1,960,648 20-yr. 41t% debs.10,000.000
218.523 1st mtge. bonds
Notes receivable- 2,431.328
192,638 Unpaid dividends
287,500
935,975 Accrued wages_ _ _ 521,704
440,127 Inventory
Casualty insurance fund
112,257
Accts. receivable...12.794,034 10,839.074 Notes payable_ ___ 1,599,325
56,000 Accounts payable
273,400
Rest estate
58,110
Inventories
84,837 Accrued bond interest
20,156,935 15,087,542 Accts.pay.,Incl.rea.
10.309
265.688
for Govt. taxes. 5,476,354 4,615,879 Stock in other corn panies_ ._
31,641 Accrued charges & liab. insur.
Invesrts (at cost)
479,916
110,000
Employees'& miscell. notes &
Municipal &c,bds
Reserves
Fed. income taxes
467,133
49,111
accounts receivable
35,176 Reserve for casualty Mean_ _
Prepaid Insurance
Pen'ne & benefit 1,612.280 1,511,350
Life Insurance
1,026,013
2,313 Surplus
taxes, &c
494,722
389,290 1 Conting. depr'n
1
1,500
Other charges, deon investmla.
1,137,248 Traveling advances
ferred to future
Depr. & dep1M.16,181,214 13,821,979 Land, bides., mach.& equip_ 12,280,020
35,197
281.759
operations
1,114,014
General reserves 1,953,142 3,372,267 Organization expense
16,612
Red. pref. stock__ x2,558,200 3,782,500 Discount on bonds
513,450,30
53,344
Total (each side)
Total(each side).116.769,758 94,616.893 Surplus
31,598,119 Deferred charges
40,802,039
z Of Detroit Lubricator Co.. and Fox Furnace Co., outstanding, at par. -V. 122, p. 2802.
-V. 125, p. 3065.
American Reserve Insurance Co.
-Increases Capital.
The shareholders on March 7 voted favorably on an increase in the
capital from $400,000 to $500,000. authorizing an additional 10,000 shares
to be offered to shareholders of record March 14 at $60 per share, in the
ratio of one new share fon every four shares now held.
After completion of this financing, the total assets as of Jan. 1 will be
$4.099.642. capital $500.000, and net surplus $1,433,474.
The company's statement as of Jan. 1 shows an increase in surplus before
dividends of $356,104, an increase in premium reserve of $168,276. or
approximately three times dividend requirements without considering
the equity in increased premium reserve.
American Sales Book Co.
-Earnings.
-
Years Ended Dec. 31Profits for year
Bond interest
Prem, on bonds red_
Depreciation reserve_
Redue. of pa tents acct.._
Federal taxes
1927.
5665,544
55.021
1926.
5622,478
58,950
1925.
8593.111
60.000
.
86,752
50.000
48,000
83,652
50.000
40,000
84.916
50.000
Net income
Preference diva. (7%)
Common dividends
5389,876
$270,184
$425,771
5398.195
215,131
215,131
215,131
215.131
147,472 (54)122.932 ($4)122,932 ($4)122,932
1924.
$463,060
25,897
16,200
100.779
50,000
Balance. surplus
Previous surplus
Federal taxes, prior year
$63,168
58,295
$51,814
79.349
72.867
$60,132 def$67,879
152.928
48,752
36,296
29,535
Profit and loss surplus
Corn.sh. outst.(par $20)
Earns. per common share
-V. 124. p. 1983.
$121.464
40,733
$5.17
558.295
30.733
$5.68
$79,349
30.733
$5.95
$48.753
30,733
$1.79
American Stores Co., Philadelphia.
-Acquires Chain of
Stores from United States Stores Corp. of New Jersey-Also
Takes Over Old Dutch Market, Inc., Stores in Washington,
D. C.
President Samuel Robinson recently announced the acquisition as of
March 1 of a chain of 305 grocery and meat stores in northern New Jersey
from the United States Stores Corp. of New Jersey, a subsidiary of the
United States Stores Corp. These newly acquired stores are centred around
Newark. Jersey City, Paterson, Plainfield, Passaic, Elizabeth, Hackensack,
Montclair, Morristown. Orange, Rutherford and other towns in northern
Auburn Automobile Co.
-Annual Report.
PeriodNetprofit
Federal taxes
Year Ended liMos.End. -Years Ended Dec. 311924.
Nov. 30'27. Nov. 30'26.
1925.
8855,039 loss $37,951
81.471.033 51,082,416
99.354
192,500
139,154
Net income
Preferred dividends_ _
Common diva. (cash)
$1,278,533
5943,282
365,828
256,703
8755,685 def$37,951
10.255
31,879
90.000
8655.430 001369.830
Balance, surplus
5686.559
$912,705
Corn. shs. outst.(no par)
y80,000
y30.000
127.600
y84.888
Earnings per share
$12.42
Nil
$11.11
$10.02
y Par value $25 per share.
Balance Sheet November 30.
1927.
1926.
1927.
1926.
Assets$
Liabilities11
$
5
y5,818,656 2,122,200
Land, bides. and
Capital stock
equip, less dem. 1.422,052
2,690
697,817 Fractional shares.
Good-will
213,539
634,027 Accounts payable. 359,853
224,637
165,735
Federal tax
Inv. in OW @Oa
15.450
of controlled cos 2,673,631
De Kalb company
Cash
44.935
43,783
715,580 Sundry creditors._
1,610,331
Marketable secure.
101,504 Accr. wages, salNotes & accts. rec. 3.252.800 2,398,162
87,252
10,200
aries, Arc
Accr, int. rec
38,463
18,410
211.908
14,784 Dealers'deposits__
14,759
Inventories
3,103
1,857,515 1,252,614 Excise tax payable
Deferred charges
25,770 Accr. State and
28,189
52,591
45,642
local taxes
10,450
Other accruals_
12,500
4,474
Deferred credit
Debenture notes-. 1,045.000 1,250,000
Tot.(each side)_10,856,426 5,840,348 Earned surplus...23,139,909 1,952,546
a Including secured demand loans of 51,075.000. y Represented by
127,600 no par shares. z Includes capital surplus of 595,973.-V. 1260
p. 720. 581.
-Annual Report-.
Atlantic Sugar Refineries, Ltd.
Calendar YearsNet profits
Bond Interest
Other interest
Reserve for depreciation
Balance, surplus
1925.
1927.
1926.
$678,449 $1,206,892 $1,246,391
41.910
222,285
182,519
355.774
154.263
66,183
355.376
356.988
359,343
1924.
$964,104
47.910
384,78.3
304,224
$513,142
$227,188
$30,638
$493,331
1511
.
FINANCIAL ORRONICLE
MAR. 10 1928.]
1926.
1,111,100
1,972,225
4,571,246
700,000
169,482
2.591,286
437.697
Balance Sheet Dec. 31.
1926.
1927.
1926.
1927.
Liabilities$
$
Assets
780,171 Preferred stock... 3,718,400 3,718,400
330.736
Cash
Inv. in other cos_ _15,779,104 15,773,684 :Class A & B stock12,649,625 12,649,625
144
147
99,476 Accounts payable_
99,477
Organization exp..
500
300
Pref,stock warrants
518,814
Liberty bonds
65.072
65,072
Pref. diva. pay__
4,427
on bonds
Accr. int.
1.800
Accrued taxes_
219,497
297,216
Surplus
11,553,016
Balance Sheet Dec. 21.
1927.
LtabltfSfee1926.
Preferred stock.._ 1,111,100
Assets
Common stock__ 1,972,225
Land, buildings,&c 6,026,899 5,993,219
4,391,247
Bonds
French. & good3.000,000 3,000,000 Loans
will
175,876
76,107 Accts., &c., pay.
182,316
Cash
679,883 Res. for dep.&cont 2,950,609
Accts.& bills rec-. 144,326
492,486
139,825 Surplus
631,975
Investments
1,103,985 1,607,781
Inventories
56,201
4,042
Prepaid charges
11,093,543
Total
11,093,543 11,553.016
Total
1927.
16,732,558 16,653,331
Total
16,732,5.58 16,653,331
Total
x Represented by 217,288 shares of no par class A and by 400,000 shares
-V. 126, p. 721.
of no par class B.
-V. 124, p. 2594.
-Tenders.
Autocar Co., Ardmore, Pa.
The Equitable Trust Co., trustee, 37 Wall St., New York City, will until
Mar. 15 receive bids for the sale to it of 1st mtge. sinking fund 7% convertible gold bonds to an amount sufficient to exhaust as nearly as possible
the moneys held in the sinking fund Mar. 15 at a price not exceeding 1073i
-V. 126, p. 1202.
and interest.
-February Sales.Barker Bros., Inc.
1928-Februarv--1927. Decreased 1928-2 Mos.-1927.
$130,451($2,413,944 $2,604,543
S1,285.570 $1,416,021
-V. 125, p. 389.
Decrease.
$190,599
British Columbia Fishing & Packing Co., Ltd.
Rescinds Dividends.
dividends on the com-
The directors have voted to rescind the quarterly
mon and preferred stocks due to be paid Mar. 10. In April of last year
directors
the board declared 4 quarterly dividends on both issues. The fact that
statement said:"The final payment is hereby rescinded due to the
the auditors of the company report that losses during 1927 exceed our
accumulated surplus." See also V. 124, p. 2432.
-Annual Report.
Brompton Pulp 8c Paper Co., Ltd.
1924.
1925.
1926.
1927.
$1.545,131 b$1,240,955 141.321,066 141,128,582
255,000
255,000
252,000
c571.699
288.572
299.359
321.440
292,352
-New President.
Belding Heminway Co.
Calendar Years&Earnings
Depreciation
Bond interest
-Annual Report.
(H. C.) Bohack, Inc.
3585.010
$766,708
3667.514
$681,080
Net profit
17.500
17,500
17.500
1,750
Claremont pref. div
(8
%)160,000(8%)160,000 %)160.000
(8
Preferred dividends... %)155,200(8
70,000
280,000
Common dividends
A. N. Lincoln, Vice-President and assistant to the President, has been
elected President, succeeding E. C. Young, who becomes Chairman of the
-V. 126, p. 1202.
executive committee.
Jan. 28 '27. Jan. 29 '26. Jan. 30 '25. Jan. 31 '24.
Years EndedSales
$24,733,554 $21,159,069 $19,395,241 $18,703,468
23,643.984 20,481,832 18,653,337 17,918,348
Operating expense
186.550
223,340
278,838
303,493
Depreciation
99,977
87.222
32.350
68.935
Extraordinary charges
91.188
92,105
93,384
137,443
Federal and State taxes_
Net income
Preferred dividends paid
Common dividends paid
$579,699
219,000
185,000
$272,665
149,000
185,000
$407,405
100.034
185.000
$339,235
149,032
185,000
$122,371
35.204
$175,699 defx$61,335
Surplus for year
20.37
16.96
y13.63
19.32
Earn. per sh. 1st pref_ _ _
210.91
126.82
88.45
246.46
Earn. per sh., 2d pref_ -16.61
10.29
6.69
19.50
Earned per sh., common
y Based on stock before increase of $1,000,000 pref. at Jan. 29 1927.
Balance Sheet.
Jan. 28'28 Jan.29'27
LiabilitiesJan.28'28 Jan.29'27
Assets1st pref stock,7%.$3.000.000 $3,000,000
Property, plant &
150,000
equipment_ _ _ .x12,217.591 $3,320,899 2d pref. stock. 6% 150,000
459.434
50,000 Accounts payable_ 463,675
50,000
Dohack Real. Corp
500.000 1,510,000
986,906 1,637,099 Notes payable__
Cash
5,210
5,350
2,366,407 2,431,123 Deposits
Merchandise
35,644
94,664
75,632 Reserve for taxes_
131,909
Accounts ree
200 Common stock... 1,850,000 1,850,000
30,000
Notes receivable
597,873
773,571
11,115 Surplus
2,000
Mtges. rec
15,921
6,842
Unexpired Maur_
35,612
37,245
Lite insurance__ _ _
Tot.(each side).S6,837,120 67,608.301
30,700
8.220
Defei red charges
-V. 125. p. 2940.
After deducting $1,422,297 depreciation.
-Earnings.
(E. J.) Brach & Sons, Chicago.
1927.
$6.900.265
4.625,714
1,673,199
1926.
$7,310,655
4,649.724
1,798.985
1925.
$8,267,227
5.375,827
1,777.286
Net operating income
Other income
$801.353
$861.947
$1,114,114
159,518
Gross income
Interest, &c
Depreciation
Federal taxes
$601,353
$861.947
$1,273,632
29,816
99.684
66,500
82,202
102,000
145,484
Net income
Dividends paid
$435,189
296,001
$677,745
653.333
$1.028,532
Not avail.
Balance
Earned per share on common
-V. 126, IL 873.
$139.188
$2.17
Year Ended Dec. 31Sales (net)
Cost of sales
Sales and admin. expenses
$24,412 $1.028,532
$2.38
$5.14
--Annual Report.
(& Subs.).
(TheJ. G.) Brill Co.
1926.
1925.
1927.
1924.
Calendar YearsTotal net sales billed- _$11,876,669 $10,416,382 $9,101,910 $8,721.727
Cost of sales, oper., gen.
& adm. exp. & depr.
.10,673,842 x9,582,831 x8,447,850
8,212.337
reserve
$1,202.827
See x
$E3,550
s
$654,080
See x
$509,390
160,682
$1,202,827
Total income
166,229
Reserve for Federal taxes
$833,550
109,178
$654.060
82,791
$670,072
92,311
Net income_ - - ---- $1,036,598
320,600
;
7(7)
Preferred diva. '
240,510
Common diva.(5%)- - --
$724,372
320,600
200.425
$571,269
320,600
240,510
$577,761
320,600
240,510
$475,488
5,120.015
$203,347
4,916,668
$10,159
4.905,309
Cr.1.200
$16,651
4,985,196
Dr.96,538
Net profits
Miscellaneous income_
Balance, surplus
Previous surplus
Adjustments
$407.510
$589.207
3420.015
$244,130
Balance, surplus
140.000
140.000
140.000
140,000
Shs, corn. outst.(no par)
$2.91
34.21
$3.50
$3.73
Earns, per sh. on corn
a After deducting administrative and selling expenses. a After income
-V. 126. p. 721.
tax.
tax. c Includes income
Brown Co., Portland, Me.-Bal. Sheet Dec.31.1927.
1928.
1927.
$
Liabilities-
$
$
Assets29,516,024 27,512,159
Plants
7,698,937 7.622,172
Timberlands
Securs. of &DD.cos.11,108,519 10,587,635
1,120,209 1,157,498
Cash
Acets & notes rec. 2,474,523 3,159,301
10,091,531 7.545,433
Inventories
Prepay'ts, pulpw'd 890.947 1,560,339
38,071
48,071
Other securities...
Due from attn. cos. 711,660 1,396,458
insurprepayls,
269,885
tuxes & interest_ 319,162
1,760,440 1,845,029
Suspense
Total
-V. 123.
65,740,024 62,693,980
1926.
$
218.600
1st pref. stock.-- 206,400
800.000
2d pref. stock____ 800,000
.20,000.000 20.000,000
Common stock..
500,149
Long-term oblige_ 1.188,759
19.600,000 20,000,000
Bonds
1,600,000
Notes payable.
Acc'ts pay. & pay681,209
437,472
roll
382,643
Accr. int.,tax.,&c_ 462,708
98,822
94.179
Continuing loans_
15,169.054 14,087,250
Reserves
6.181,452 5.925.307
Surplus
Total
65.740,023 62,693,980
p. 1254.
-Earnings.
Co.
Brunswick Terminal & Ry. Securities1927, revenue from
The company reports for the year ended Dec. 31
compared
rents, interest, dividends, profit on securities, &c., of 398.182 profit for
with $5.710 in 1926. After operating charges of 368.788 net par shares
earned on 87,000 no
1927 was $29.394, equal to 33 cents a share
cents a share on
of stock outstanding the greater part of the year and 29 with net loss of
100.000 shares outstanding at end of year. This compares
-V. 125. p. 3485.
$42,995 in previous year.
-1927 Dividends.-Pres.
Butte & Superior Mining Co.
D.C.Jackling, Feb. 20,in a notice to the stockholders, says:
The officers of this corporation, after consideration of the matter with
its counsel and accountants, are of the opinion that the cash distribution.
made to its stockholders during the year 1927 as follows: 50 cents each on
Mar. 31, June 30, Sept. 30 and Dec. 31 represent distribution of capital
not subject to Federal income tax. This has not yet been passed upon
by the treasury department.
-The 53d quarterly report, covering the
Quarterly Report.
fourth quarter of 1927, shows:
4th Quarter. 3d Quarter. 2d Quarter. 1st Quarter.
Zinc operations (1927):
88.056
81,031
67,420
77.334
Zinc ore produced (tons)_
5.28
5.66
5.84
6.52
Aver. silver content (oz.)_
12.54
12.87
12.21
13.26
zinc content (%) Aver,
465,126
458,273
393,999
504,165
Total silver in ore (oz.)__
Total zinc in ore klbs.).- 20,511,198 16.458,354 20.730.247 22,086.989
Copper operations:
12.007
12,284
7,022
6,280
Copper oreproduced(tons)
4.98
5.33
6.71
6.47
Aver,silver content (oz.).
3.47
3.69
4.05
3.79
Aver, copper content(%)
59,788
65,481
47,107
40,621
Total silver in ore (oz.)- _
832.783
907,808
568,987
475,995
(lbs.5_
Total copper in ore
Financial Results for 1927.
4th Quarter. 3d Quarter. 2d Quarter. 1st
1927er
$607,417 $499,788 $829.808 $T11123.
Net value of zinc ore
62,068
67.561
48.955
43.478
Net value of copper ore
12,421
14,815
14,892
13,831
income
Miscellaneous
3664,727 3563.435 $712.183 3786,110
Total income
658,616
811.383
515.091
575,713
Mining costs
27,145
25,653
19,594
20,348
Deprec., res. for taxes
$75,147 3100.348
1128.750
$68.666
Net to surplus
Average Metal Used in Estimating Income.
4th Quarter. 3d Quarter. 2d Quarter. 1st Quarter.
56.3'3c
56.45c
55.49c
57.16c
Silver. per oz
6.68c
6.20c
6.26c
.5.82c
Zinc, per lb
12.91e
12.63c
12.78c
13.35c
Copper, per lb
profit
summary of the results for the four quarters shows an operating taxes,
reserves for
for the year 1927 of $365,652. After depreciation and profit of 3272.911.
amounting to 392.741, the results for the year show a
A distribution of 50c. per share was made on Dec. 31 1927 to stockholders
per
of record Dec. 16 1927, making the total distribution for the year $2
share, amounting to $580,395.50 -V. 125, p. 2534.
$5,595,503 $5,120,015 $4,916,668 $4,905,309
Total surplus
Shares of common out48,102
48,102
48.102
48.102
standing (par $100)
$14.88
$8.39
$5.21
$5.35
Earn, per sh. on corn...
deducting miscellaneous income.
x After
Balance Sheet Dec. 31.
1926.
1927.
1927.
1926.
Liabilities-$
$3
Assets: 0;200
Properties accountx7,622,573 7,670,291 Preferred stock__ 4,580.000 4 20 000
1 Common stock. _ 4,810,200
1
Patents
1 Accounts payable. 984,394
1
-Time Extended.
780,075
Good-will
California Petroleum Corp.
3,106,651 3,039.069 Adv. pay. on contr
6.750
Inventories
In an announcement to the stockholders of this carp nation that more
404,842 Federal. &c..tax__
64000
16:
7 048
4
8 78
1290186 than 51% of California stock had been deposited far exchange into Texas
:
receivable- -- 317,633
Dills
has
2,526,012 1,707,696 Other 'labs.
ACM.receivable
Corp. stock and that the plan is operative, the Texas Corp. states it
588,393 Surplus
5,595.503 5,120.015 extended the time for the deposit of California Petroleum shares to Mar. 31.
Marketable securs. 277,000
536,630
475,313
Misc. Investments.
-V. 126, p. 1045. 874.
1,705,610 1,411,240
Cash
103,383 Total(each side).-16.107,895 15,461,555
77,101
-Resignations.
Deferred assets
Canada Dry Ginger Ale, Inc.
x After deducting depreciation.
C. M. Chester, Jr., President of Postum Co., Inc.. and Donald It.
-Practically all the stock of the company is owned by the Brill McLaughlin, of Toronto,Canada,have resigned as directors of the Canada
Note.
-V. 124, Dry company.
-V. 126, p. 3486.
Corp. in turn controlled by the American Car & Foundry Co.
p. 1071.
-Bonds Offered.
Corp.
-Larger Dividend.
Co.
British-American Oil quarterly dividend of 25c. aa
share. payable
The directors have declared
In previous quarters the company
Apr. 2 to holders of record Mar. 15. extra of 20c. a share on
Jan. 2 last.
20c. regular and. in addition, an
paid
-V. 126. p. 1203.
-Annual Report.
Brill Corp.
Calendar YearsNot income
Preferred dividends
Class .A. dividends
Surplus
1927.
$555.294
260.288
(31)217,288
877.712
1926.
$458 082
.
238,585
3219.497
Central Atlantic States Service
-E. R. Diggs & Co., Inc.. New York, are offering at 97M
%,$1,000,000 1st (closed) mtge.
and int., to yield over
6% sinking fund gold bonds, series A (with stock purchase
warrants).
Dated March 1 1928; due March 1 1943. Int. payable M. & S. at
office of trustee in New York, without deduction for Federal income
tax not in excess of 2%,which may be lawfully paid at the source. Denom.
31.000 and $500c*. Red.. all or part, at any time on 30 days' notice
for each full year of unexpired
at 100 and int. plus a premium of 1-3 of 1
term. Corporation agees to reimburse bondholders residing in Penna.
ot:
f05te.
Conn.. hid., Mass.. . of C.. or Va.
9
1512
FINANCIAL CHRONICLE
District on the bonds or income derived therefrom, properly paid
such holders, not exceeding the personal property or income taxes by
in
effect therein on March 1 1928. subject to provisions of the indenture.
Seaboard National Bank, New York. trustee. Additional bonds of other
series may be issued under the conservative restrictions of the trust indenture.
Security.
-Bonds will be secured by a direct first mortgage covering
all the lands, buildings, equipment and other fixed assets to be presently
owned and all such property h.ereafter acquired, subject only to mortgages
existing on such after-acquired iproperty at the date of the acquisition
thereof. The properties have been examined and appraised by Van
Rensselaer H. Greene, refrigerating engineer of New York, who reports
a going concern value, depreciated, with irnprovemets and additions
to be provided for through this and contemporaneous financing, of $4.019,394. This valuation includes two cold storage plants as well as all
of the ice manufacturing plants, coal business, delivery equipment and
the real estate.
Stock Purchase Warrants.
-These bonds will be accompanied by nondetachable stock purchase warrants entitling the holders, subject to the
terms of the indenture, to purchase from the corporation 10 shares of
common stock for each $1.000 bond and 5 shares for each $500 bond at
$10 per share to and incl. March 1 1930. and at $12.50 per share thereafter
and until March 1 1933.
Sinking Fund.
-Indenture will provide that commencing Sept. 1 1929
the corporation shall make semi-annual payments to the trustee for a
sinking fund that is calculated to retire over 50% of these bonds by
maturity.
[VOL. 126.
Clyde8c Sissiboo Pulp Co., Ltd.
-Application for
Receiver.
The properties of the company having been abandoned, the Royal Trust
Co., as trustee for the holders of the let mtge. 20
-year 634% sinking fund
gold bonds, has made application to the Nova Scotia courts for its appointment as receiver. A meeting of the bondholders will be held at the'office
of the trust company. 59 Yonge St., Toronto. Ont., on 'March 22. for the
Purpose of ratifying the action of the trustee. It is necessary that bonds
to the face value of $240,000 be represented at the meeting in order to
constitute a quorum.
-V. 116. p. 1056.
Commercial Investment Trust Corp.
-January Earnings Increase-To Enlarge Capitalization.
-Henry Ittleson,
Feb. 16, says in part:
Since inception of the business in 1908 substantial net earnings have been
shown in every year. During the 5 years ended Dec. 31 1927 there were
carried to surplus by the corporation and its predecessor net earnings aggregating $13,617,548, of which $1,250,000 were distributed in the form of a
stock dividend and $8,080,317 as cash dividends, leaving a net increase in
earned surplus for the period of $4,287,231. The corporation is working
in constantly closer co-operation with the industries which it serves and
arrangements now in effect indicate that the year 1928 should be a highly
satisfactory one. Both volume and profits in January 1928 were considerably larger than in January 1927.
In order to care for the corporation's growing needs, the directors deem
it wise to have the corporation avail itself of the present market for longtime funds. They propose to enter into a contract with Dillon, Read &
Co.. subject to the necessary stockholders' action, for the sale of an issue
of $15,000,000 20
-year 6% debentures, convertible at any time into 63470
1st pref. stock at the rate of 10 shares for each $1,000 debenture. The sale
of this issue will enable the corporation, for the benefit of its subsidiaries,
to have a larger proportion of long-time funds at favorable rates than they
have heretofore employed. The proceeds of the issue will be employed in
the development of the business, the immediate use, however, to be in the
reduction of bank loans of subsidiaries. To provide the 634% 1st pref.
stock necessary for the conversion should the entire issue of debentures be
converted, it Is accordingly proposed to increase the authorized issue of
634% 1st pref. stock by $15.000.000. This will leave the present $7.500.000
authorized and unissued 634% 1st pref. stock as it is, fThe stockholders
will vote March 17 on approving the increase in capitaIJ-V. 126. p. 1358.
Notes Offered.
-The same bankers are offering at 99 and
Int., to yield 6.75%, $1,000,000 5-year secured 63/2% sinking
fund gold notes (with detachable stock purchase warrants).
Dated Mar, 1 1928: due Mar. 1 1933. Interest payable (M. & S.) at
Farmers' Loan and Trust Co., trustee. Denom. $1.000 and $500c5. Red.
all or part at any time prior to maturity upon 30 days' notice at 105 and
int, on or before Mar. 1 1929: thereafter and on or before Mar. 1 1930,
at 104 and int.: thereafter and on or before Mar. 1 1931. at 103 and Int.:
thereafter and on or before Mar. 1 1932. at 102 and int.: thereafter and
prior to Mar. 1 1933, at 101 and int. Interest payable without deduction
for the Federal normal income tax not to exceed 2%. Corporation aerees to
refund certain Calif., Conn., Maryland, Mass., New Hamphshire, Pa.
and Dist. of Col. taxes.
Security -Notes will be a direct obligation of the corporation and will
be further secured by pledge with the trustee, under an agreement securing
the same. of $1.000.000 gen. mtge. gold bonds, due Mar. 1 1933 The
Consolidated Film Industries, Inc.
-Initial Dividend.
general mtee. cold bonds will be secured by a closed aeneral indenture
The directors have declared an initial dividend of 40c. per share on the
covering all the lands, buildings, equipment and other fixed assets presently
cumul. partic. prof. stock, being the interim dividend for the period from
to be owned by the corporation, subject only to the 6% bonds, series A.
Jan. 19 to Apr. 1 and at the rate of $2 a share. The dividend is payable
Sinking Fund.
-Agreement securing notes will provide that commencing
Mar. 1 1929, the corporation shall make semi-annual payments to the Apr. 1 to holders of record Mar. 15. (For offering, see V. 126, P. 256.)
Footage
trustee for a sinking fund that is calculated to retire more than 60% of company, processed during February was 33.365.000, according to the
compared with 27.838.000 ft. a year ago. February net after
these notes at or before maturity.
taxes increased 24.2% over the same month last year, while on Mar. 1 the
Stock Purchase Warrants -Each si.ono note will be accompanied by a
detachable stock purchase warrant, entitling holder thereof to purchase as a company had cash and marketable securities amounting to 3918,000 with
-V. 126. p. 875.
block 10 shares of common stock (without par value) at $10 per share on or no bank loans.
before Mar. 11933. On the same terms, each $500 note will be accompanied
Consumers Company, Chicago.
-Annual Report.
by a detachable stock purchase warrant, entitling bolder thereof to purCalendar Yearschase as a block 5 shares of common stock.
1927.
1926.
1925.
1924.
Total sites
319.620.473 320.974.720 319,826.992 $21,677,134
Data from Letter of F. L. Gilson, Vice-President of Corporation.
Open. and other
Company.-Incorp. In Delaware. Will acquire the business and pro- Admin.& gen. income_ $3,281,894 82.997,331 $2,938,241 $2,110,917
expenses_ 1,254,180
1,159,015
1,123.906
1.445.617
perties of companies engaged in the manufacture and distribution of ice in Deprec. & depletion
_
458,783
548.480
532,848
573,063
and around 13 prosperous and growing communities in the States of Virginia Interest and
562.300
602.784
564,771
645,587
and New Jersey. The Virginia properties are located in communities which Fed. taxes discount
101,253
are situated in the southern and western part of the State and include
Lynchburg. Staunton. Harrisonburg, Radford, Pulaski. South Boston.
Net profit
3905.378
$725.065
$678,705 def$553,350
Lexington, Bedford and Waynesboro. The corporation will serve these as Prior preferred
(Hy's_ _
210,000
210.000
well as numerous surrounding communities. The New Jersey properties Preferred
dividends._
201,250
315.000
157.500
x472,500
are in the northeastern part of the State, Including residential cities of
Summit and South Orange as well as Newark and Paterson. The permanent
Balance
$380.378
$357.565
5208,205 loss$754.600
population of the territory served is in excess of 800.000.
Previous surplus
2.420.032
921,579
2,208.917
1,925.759
In addition to the ice manufacturing business, many of the plants distribute anthracite and (or) bituminous coal and 2 of them do a cold storage Surplus arising from red.
par val, ofcommon stk
3,250,000
business. Corporation will distribute largely through its own
delivery Income tax refund
72,023
system, adequately equipped with automobiles and wagons.
Properties.
-Corporation will own and operate 17 modern ice manufactur- Apprec. due to appraisal
of capital assets
2,551,049
ing plants. 12 in Virginia and 5 in New Jersey with a daily capacity of
about 850 tons, which. out of funds to be provided by this and contemTotal surplus
32,589,295 $2,355,347 33,678,833 84,915.432
poraneous financing, is to be immediately increased to over 925 tons. The Adj,
of prop, values due
corporation will also own and operate a large cold storage plant at Newark.
to deprec. & disposal
N. J., and a cold storage plant at Harrisonburg, Va. To these activities is
of capital assets_
3.873,898
145,361
320,635
added a snhstantial coal btainess at a large number of the plants with
Medal facilities, such as railroad sidings and adequate pockets necessary Accounts written off and
appropriations
1,426.091
o the economical handling of coal.
Miscell, adj. prior years_
6,348
850
119,955
1.069
Earnings.
-The combined net earnings, before interest, depreciation and
Federal income taxes, and adjusted to eliminate non-recurring expensse,
Profit & loss
$021,579
for the calendar year 1927, of the properties to be presently owned, are Earns. per shr.surplus__ 32,590,145 $2,208,017 31,925.759
on com.._
Nil
$0.24
$0.58
$0.31
reported by Lybrand, Ross Bros. & Montgomery to amount to $304,769,
x Accrued but not paid. y No Federal taxes were due for these years on
which is equivalent to more than 5.07 times annual interest requirements
on these bonds. After deduction of interest charges on the 1st mtge. bonds, account of statutory deductions from income.
Comparative Balance Sheet Dec. 31.
these earnings are equivalent to more than 3.76 times the annual interest
requirements on the 5
-year secured 635 % sinking fund gold notes.
1927.
1926.
1928.
1927.
AssetsCapitalizationAuthorized.
Liabilities$
Issued.
$
$
bit mtge.6% sinking fund gold bonds.series A _ _a$1 .000,000 31,000.000 Land,bides.,equip 14,725,386 14.563.637 7% prior
3,000,000 3.000,000
-year secured 'Ili% sinking fund gold notes
5
bl Ammo
2,500,000 2,500.000 7% cum. pfd
1,000,000 Good will
4,500,000 4,500.000
7% cumulative preferred stock ($100 par)
3,000.000
507.506 Common stock_
1.103.000 Delved charges,. 458,626
3,252,375 3.255,000
Common stock (no par value)
100,000 she. c65,000 she. Cash
1,537,705
631.958 6% bds., series A._ 6,000.000 6.000,000
a First mortgage bonds. additional to series "A," which is limited to Notes receivable
27,218 1.017,665 5-yr. cony. notes- 1.498.000 2,500.000
$1.000.000. may be issued only under conservative provisions of the in- Accts. receivable 2,006,125 2,638,800 Punch m. oblige',
224.500
179,600
denture securing said bonds. b A closed issue of $1.000.000 general mtge. Investments43,320
332.232
55,527 Reserve
217,061
gold bonds of the company is deposited as security for the 5
13,884
42,973 Accts. payable
-year 6%% Employes'stock sub
1.003,328 1,266,089
notes. c Not including 20,000 shares of stock reserved for stock purchase Inventories
1 533,525 1,817,793 Accru. exp
489,120
605,278
warrants. The outstanding shares are represented by voting trust certifi2,590,146 2.208,917
Surplus
cates.
Total
22,845.788 23,775,858
22,845.788 23.775.858
Total
Chevrolet Motor Co.
-Record February Output.
-V. 126, p. 875.
The Chevrolet division of the General Motors Corp. produced 116.943
cars and trucks in February. a new high record. The best previous month
Continental Paper & Bag Mills Corp. & Subs.
-Report.
was May 1927. when 115,623 units were produced. February out put comYears Ended Dec 31
11 Mos.End.
pares with 85,817 cars and trucks built in February 1927. and is more
Period1927.
Dec. 31 '24.
1925.
1926.
than 4 times the 28.081 units in February 1926. In January last proTotal revenue
$435,619
$1,181.359
$162,327
$262,781
duction was 91,584 cars and trucks.
212.928
550.679
458,008
492.964
Domestic retail deliveries for February are estimated at 80,000 units. Depreciation
716.007
1.124.138
1.080,564
1,103.097
compared with 58,233 in February 1927 and 61.007 in January 1928. Interest
Amort, of disc. on bonds
47.231
a25.000
-V. 126. p. 1204.
Net loss for period- $535,689 31.358.301 $1,356,246
$493,316
Childs Co., New York.-Sales.Previous surplus
4,368,119
996.506
3,711.053
2.354,808
Period1927.
1928.
1926.
Month of February
$2.187,923 32.319,337 31.925.603
$460.817
3996.507 32.354,808 $3,874.803
First 2 months of year
4,533,498
4,856,761
4,045,956 Dive.
-Prior prerce stk.
70.000
-V. 126. p. 1204. 1045.
Preferred stock
37,500
Common stock
56,250
Christie, Brown & Co., Ltd., Toronto.
-Acquisition.
-J. C. Goff, President of Crosse & Blackwell. Ltd., of London. England,
Profit and loss, surplus $460,817
3996,507 32.354.808 $3,711,053
states that a half interest in the Crosse & Blackwell, Canada, Ltd., has
a Reserve for insurance only.
been secured by the Christie, Brown & Co., of Toronto. manufacturers of
biscuits.
Consolidated Balance Sheet December 31.
The statement says In part: "An arrangement has been completed
1927.
1926.
1926.
1927.
whereby Christie Brown & Co., Ltd., acquires a half interest in Crosse &
Assess-Liabilities-$
$
$
Blackwell, Canada, Ltd., whose factory at Toronto commenced operations Prot),timberrnda,
7% prior pref. stk. 4,000.000 4.000.000
last fall and which also controls canneries in British Columbia, Mr. Goff
securities, &c__a19,030.555 19,524,905 6% preference stk. 2,500.000 2.500.000
will remain President of the Crosse At Blackwell, Canada, Ltd., and C. E. Sinking fund
18,818
82.761 Common facet__ 3,750,000 3,750,000
Edmonds, President of Christie Brown & Co., will be Vice-President. The Cash
525,633
7,500,200 7,842.850
646.073 Funded debt
other members of the board will be representatives of Christie Brown & Co.. Accounts & notes
8,400,505 2.176,098
Notes payable
Ltd., and Crosse & Blackwell, Ltd."
receivable
2,038.264 2,232,687 Accounts payable. 1,144,427 1,054.088
The letter has Canadian subsidiaries carrying on in Canada the business Inventory & cash
Subord. notes &
of James Nether & Sons, E. Lazenby & Sons,and Alexander Cairns & Sons.
adv. for logs
6,201.818
5.227.358 4,978,605
accounts payCrosse & Blackwell, Ltd.. are the largest and oldest food manufacturers in Deferred charges
141.630
123.343
1,040,884 1.197.959 Reserves
the world, operating over 40 plants in all parts of the world, and have been
996,506
460,817
Surplus
In business 222 years.
-V. 125, p. 3203.
Total
27,879.292 28,662,900
27,879,292 28,882,990
Total
Claremont Investing Corp.
-Initial Preferred Dividend.
a After depreciation.
-V. 126, p. 1359.
The directors have declared an initial quarterly dividend of 31 h'c. per
share on the pref. stock. payable Apr. 1 to holders of record March 5 1928.
Cox Stores Company, Inc.-Earwings.William J. Large, Assistant Treasurer, states that dividend requirements Yr.End.Jan.311927.
1928.
1916.
1925.
1926.
for the entire year on the outstanding preferred stock were earned during Annual sales-._
- $202.516 $1,564,937 $1,885,832 $2,044,784 $2,857,709
the first month ofoperation. See also V. 126,P• 1358.
Net profits
3.116
14,926
30.069
35,174
86.788
MAR. 10 1928.]
FINANCIAL CHRONICLE
Balance Sheet Jan. 31 1928.
Assets
$66,320
$13,887 Accounts payable
Cash
117,300
10,404 Notes payable
Due from brokers
623
10.162 Accrued interest payable
Ace'te and notes receivable
266
354.341 Coupons outstanding
Inventory
6,000
Reserve for fire insurance
8,325
,
Deferred charges, &c
300.000
33,438 Class A stock (12,000 shares)
Investments
197.049 Class B stock (63.000 shares)__ - 324,573
Fixed assets
70.000
Good-will
$815,082
Total (each side)
117.376
Other assets
-V. 126. p. 1046.
-Report.
Container Corp. of America (& Subs.).
12 Mos.
1927.
Period Ended Dec. 31Net profits from sales after deducting cost of sales,
incl. raw materials,labor and overhead, and selling '
$2,597.625
and administrative expenses
589.360
Provision for depreciation
6 Mos.
1926.
$966,988
282,586
Net profit
Miscellaneous income
$2,008,264
88.080
$684.402
57,745
Totalincome
Interest charges
Provision for Federal income taxes
82.096,345
466,597
220,000
$742.147
251,022
67,500
Surplus net profits
Previous surf.
Discount on preferred stock purchased
Dividends paid or accrued:
Container Corp. of Amer.7% pref. stock
Class A common stock
Class B common stock
Mid-West Box Co. ser. A 8% pref. stock
Series C 6% pref. stock
Miscellaneous charges
81,409,748
281,803
$423,625
Cr.5,020
169,750
201.731
76.243
75.794
17,454
91.775
87.500
47,924
11,418
$1.058,803 $281,803
Surplus balance Dec. 31
•
Earnings per share on outstanding 252,164 shares of
$1.12
$4.92
class A common stock (par $20)
Consolidated Balance Sheet Dec. 31.
1926.
Ltahtlfttes and
1927.
1928.
1927.
Net Worth
Anets317.956
Accounts payable- 341,449
Plant, machinery,
equip's. Ac_:15,694.695 16,321,446 Accr'd Int., wages.
175,227
113.008
taxes. Am
850.698
Cash
564,330
99.000
Res. Fed. Inc. tax_ y220,000
Accounts and notes
43,750
Div. on pref. stock
receivable (less
170,800
986.898 Porch. of subs.stk.
837,590
reserve)
210.200
1.541.947 2,031,899 Prov. for skg. fds.
Inventories
Def. obilg. for pur.
Other notes and
351.275
of subs. Co.stock
145.715
169,051
accounts
116,554
58.515
Res. for eon ting __
Deferred charges.
M.-W.BoxCo.6 lie. 400.000
829.500
including bond
610.500 Cont. Corp. 1st 138 4.421.000 4,800,000
573,631
discount
8% debentures_ 775.000
925.000
Organization ex-W. Box Co.:
49,735 M.
49,735
Pense
8% pref.stock__ 835.500 1.188,800
6% pref. stock
256.900
371.400
Cont.Corp.7% pref. 2.200.000 2,500.000
Class A corn .stk.
(Par $20). ___ 5,043.280 5,043.280
Class B corn.stk.
(no par)
a3,649,483 3,828.388
1,058,803
281,803
Total (each side).19.430.978 20,995,891 Surplus
Container Corp. of America properties ($14.399.051) at cost
x Includes
at date of acquisition, July 1 1926. based on appraisal by Day & Zimmermann, Inc.. plus additions since at cost; and Mid-West Box Co. properties
($2.731,188) at book values as shown by Ernst & Ernst: other property
($15.469); less $1,451,012 reserve for depreciation. 3, Subject to final determination by Treasury Dept. a Represented by 508.289 shares of no par
value (81.810.307). after deducting 81.160,825 for good-will and patents.
-Merchandise in transit to the Mid-West Box Co., $43.193, has
Note.
-V. 126. p. 875.
not been included in the inventories or liabilities.
-1513
Proceeds of the Issue will be used toward the retirement of all the outstanding preferred stock of the company, which will be called for redemption
on May 1 next. Upon completion of this financing the capitalization of
'
the company will consist solely of 275.000 shares of common stock. The
company has no funded or bank indebtedness.
The company was incorporated in 1899 in Wisconsin, acquiring the electrical business of the Chicago company of the same name. In 1907, a
wholly-owned subsidiary was incorp. in New York for th epurpose of more
advantageously handling business in the East, this concern with the parent
company having been important factors in the electrical industry for more
than twenty years. Products of the companies are broadly distributed
among almost all industries, some of the principal ones being, textile,
paper, ship-building, automotive, rubber, polishing, railroad, gas cement,
electric light and power companies and manufacturers of motor driven
-V. 123, p. 2145.
machinery.
-Sales.
Davega, Inc.
Increase.
1927.
1928.
Week Ended Feb. 25$19,368
837,849
$57,217
Sales
Sales for Month, 2 Months and 12 Months Ended Feb. 29.
Mos.-1927
1928-12
1928-2 Mos.-1927
-Month-1927
1928
82,878.165
$3,174,312
$468,450
$519,974
$179.670
$248,700
-V. 126, P. 1359. 257.
-American Shares to Be
Debenhams Securities, Ltd.
Offered.
ordinary
The first offering of "American shares" representing deposited
shares of a British corporation, since the New York Stock Exchange adopted
its regulation encouraging the listing of foreign stocks, is expected to be
that of Debenhams Securities, Ltd., controlling the largest chain of department stores in Great Britain. It is understood that Goldman, Sachs &
Co. and Brown Brothers & Co. are preparing to place upon the market
early next week a block of American Shares of this company.
This company represents a recent consolidation of Debenhams Limited,
an organization which operates four of the outstanding London stores. and
Drapery Trust Limited which operates a chain ofsome of the most important
stores in England and Scotland. The total net sales of the stores in the
chain are stated to be at an annual rate in excess of $87,000,000.
The stores controlled by Debenhams Securities Ltd., numbering some
65 stores, includes some of the most important retail establishments of
London, Birmingham, Manchester, Glasgow and other cities of England
and Scotland. Practically all the stores in the chain were established
many years ego and have enjoyed a long record of success. Debenham &
Freebody of London is the oldest store in the group, having been founded
more than a century and a quarter ago. Among the London stores controlled are Marshall & Snelgrove. Harvey Nichols & Co., Ltd., and Swan &
Edgar, Ltd.. which also have become household names throughout Great
Britain symbolizing centers of highest grade fashions.
Earnings of the chain are reported to have shown favorable increases
during the last few years in spite of adverse conditions existing throughout
Great Britain. With continued improvement in Britain conditions the
chain is expected to show still larger sales and profits.
-New Name-Control.
Creole Petroleum Corp.
See ere, le syndicate below.
-To Increase Stock and
Creole Syndicate, New York.
Change Name-Contract with Standard Oil Co. (of New Jersey)
-The stockholders
-Latter Will Acquire Control of Creole Co.
will vote Mar. 16 (a) on increasing the authorized capital
stock (no par value) from 2,500,000 shares to 6,000,000
shares, and (6) on changing the name of the company to
Creole Petroleum Corp. President Maxwell Stevenson,
Mar. 1, says in substance:
Subject to favorable action by the stockholders upon the proposed
amendments, the directors have authorized a contract with Standard Oil
Co.(New Jersey) under which the latter will acquire control of The Creole
Syndicate and will transfer to The Creole Syndicate, either directly or
through stock ownership or otherwise, all of the concessions, properties,
equipment. land, buildings, camps, &c., owned or controlled by Standard
011 Co. (New Jersey) in Venezuela directly or through its subsidiaries,
Standard Oil Co. of Venezuela and American-British Oil Co. The concessions above mentioned comprise exploration and exploitation concessions
containing approximately 760,000 hectares in Western Venezuela and
approximately 400.000 hectares in Eastern Venezuela. and The Creole
Syndicate will also acquire the interests of Standard Oil Co.(New Jersey)
or of said subsidiaries or either of them in certain contracts with British
Controlled Oilfields, Ltd., Central Area Exploitation Co.. Maracaibo Oil
Exploitation Co. and others. If the proposed plan is carried out, the
Standard Oil Company (New Jersey) will acquire more than a majority of
said 6.000.000 shares and will be obligated to furnish $8,000,000 cash
working capital. The proposed plan also involves the acquisition by
The Creole Syndicate of all the stock of Venezuela International Corp.,
which through ownership of all the stock of South American Oil & Development Corp. will own certain Venezuela concessions having an exploration
area of approximately 1.280.000 hectares. If the proposed plan is carried
out, an operating management selected by the Standard Oil Co. (New
-V. 126. p. 584.
Jersey) will be placed in charge of the company's affairs.
-Watling,
Diamond Crystal Salt Co.-Pref. Stock Sold.
Lerchen & Hayes, First National Co., Detroit, and Otis &
Co. have sold at par ($10) $1,000,000 7% cumul. pref. stock.
Subscriptions in excess of 75% were received from stookholders and officials of the company.
Free from State and city taxes in Mich. and normal income taxes. Come]
-J. Red. at 105 and
lative dividends at the annual rate of 7% payable Q.
divs. up to Jan. 1 1938. thereafter at 102 until Jan. 1 1948. when all stock
shall be redeemed at 100 and accrued divs. Security Trust Co., Detroit.
Mich.. transfer agent and registrar. Authorized. $1.500,000.
Data from Letter of F. W. Moore, President of Company.
Company.-Incorp. in Mich. in 1888 with authorized capital of $75.000.
The plant, located at St. Clair, Mich., is practically all of steel construetion, covering a ground area of over 600.000 sq. ft. Company is one of the
outstanding salt producers, their products being nationally known as
"Diamond Crystal' and "Shaker Salt." It is the only salt product manufactured under the Alberger patented process, which patents are owned by
the company. This process mechanically rbmoves from the salt the natural
impurities without the aid of chemicals.
In addition to their large wholesale trade of table salt, the company carries on an extensive business with creameries, bakeries, meat packers,
dairies. &c. The plant has a maximum capacity of 5 000 barrels of salt
per day with a normal output of between 4.000 and 4,500 barrels.
-After giving effect to the retirement of $825.000 debentures
Assets.
called for payment Mar. 1 1928, for which funds are now on deposit, and
$601,600 of the company's old outstanding issue of 7% preferred stock, the
company ha-s as of Dec.31 1927 net quick assets of $715.599 and net tangible
assets at depreciated value of $2,635,042 applicable to the 81.000.000
preferred stock to be outstanding.
-Annual net earnings of the company after all
Earnings and Dividends.
charges, including depreciation, interest and Federal taxes, for the five year
period ending Dec. 31 1927 averaged 8343,189, or over 4% times the dividend requirements on this issue.
Company has outstanding 130 000 shares of $10 par value common stock,
of an authorized issue of 150,000 shares. Company has distributed cash
dividends on the common stock for every year since 1896 and on the preferred stock for the 20 years that such stock has been outstanding.
-Company must set aside annually out of earnings and
Sinking Fund.
place in a sinking fund for the retirement of the preferred stock 10% of the
net earnings of the company, but in no event less than 3% of the stock issue.
This money must br used for the purchase of redemption of preferred stock
at not to exceed the current redemption price.
-The purpose of this issue of stock is to provide a portion of the
Purpose.
funds for the retirement of $601.600 of old 7% preferred stock and an issue of
-V. 122. p. 1616.
8825,000 serial gold 6% debentures.
-Closes Contract.
Direct Control Valve Co.
Company has just closed the contract for the installation of 1.600 direct
control valves in the new building of the New York Life Insurance Co.on the
-V. 125, p. 1978.
old site of the Madison Square Garden, New York City.
-Shipments Increase.
Dodge Brothers, Inc., Detroit.
A gain of 25:9% in the factory output of Dodge Brothers passenger cars
and Graham Brothers trucks in February of this year over February of last
year is announced, according to preliminary figures released by the factory
in Detroit.
Factory output from the plants of Dodge Brothers, Inc., in the United
States and Canada in February 1928 was 20.727 units, while it was 16.463
in February 1927. The gain of February 1928 over January 1928. when
12,764 units were shipped, is 62.3%.-V. 126, p. 858.
Dome Mines, Ltd.
-Gold Production (Value)
---Listing.
Crowley, Milner & Co., Detroit.
Feb. 28. Jan. 28. Dec. 27. Nov. 27. Oct. 27. Sept. 27. Aug. 27.
The Detroit Stock Exchange has authorized the listing of 352.250 auth$308.202 $350,665 $400,527 $375.424 5325,265 8326.622 $330.431
orized and outstanding shares of common stock, no par value. (See V. -V. 126, p. 877. 420.
125. p. 2941).-V. 126. p. 1046.
Drug, Incorporated.
-Organized in Delaware.
-Earnings.
The Corporation Trust Co. last week placed on file with the Secretary of
Cuba Company.
Inc., with a
Net income of the company and subsidiary and affiliated companies for State at Dover, Del., the certificate of incorporation of Drug.
the six months ended Dec. 311927,amounted to $445,100. Gross revenues capitalization of 3,1111111.000 shares of no par value stock.
expenses, including operations, interest, taxes detransfer agent for the capital
The Bankers Trust Co. has been appointed
were 813.017.399 and
preciation and all other charges, stood at $12,572.298.-V. 126, p..257. stock.
See also United Drug Co. in V. 126.P. 1058 and 1213.-V. 126, p. 722.
-Initial Preferred Dividend.
Cuneo Press, Inc.(of MO.
The directors have declared an Initial quarterly dividend of 1%% on
the 6 % cumul. pref. stock, payable March 15 to holders of record March
1. See offering in V. 125. p. 3487.
Eastern Rolling Mill Co.
-Omits Extra Dividend.
The directors have declared the regular quarterly dividend of 37cents
per share on the common stock payable April 1 t,o holders of record bfarch
O. No action was taken on the extra dividend of 124 cents per share
-New Director.
usually declared. From April 1 1926 to Jan. 11928, incl., an extra distribuCushman's Sons, Inc.
- tion at the latter rate was paid each quarter.
Lewis A. Cushman, Jr., has been added to the board of directors,
President A. J. Hazlett explained that the omission of the extra dividend
V. 126. P• 1359.
at this time was not due to insufficient earnings but for the purpose of
-To Offer Stock.
-Hammer Mfg. Co.
-V. 125, p. 3204.
conserving cash resources.
Cutler
A banking group headed by Cassatt & Co., and including llornblower
-New Control.week
Eastwood MIg. Co. Belleville, N. J.
and Merrill, Lynch & Co.. will offer early nextfirst a new issue of
& Weeks
mark the
occasion upon
Colonel Edward C. Carrington, Chairman and President of the Hudson
75.000 shares of common stock. This will
Manufacturing Co. of
ranks as one of the largest River Night Line, has purchased the Eastwood
which the common stock of the company, which
in paper manufacture
producers of electrical control apparatus in the country, has been opened Belleville. N. J.. makers of brass wire screen used acres and lithe largest
and patented specialties. The plant contains some 7
to public subscription.
1514
FINANCIAL CHRONICLE
paper wire-cloth manufacturer in the world. The purchase price is said to
be more than $2,000,000.
Associated with Col. Carrington is George E. Edmunds, formerly of
Edmunds & Jones Corp., automobile lamp manufacturers of Detroit.
George E. Edmunds will immediately be elected President and its executive head. C. H. Neatly, who owned the controlling interest in the company, and from whom the purchase was made, will be Chairman of the
board and in charge of the sales organization. Mr.Edmundssays no change
will be made in the personnel of the company and that plans have already
been worked out for the expansion of two of the company's present departments which make valves and plumbers' supplies, and the gray iron casting
foundry will be immediately put into operation. Col. Carrington will be
Vice-President of the new company and George Coifing Warner. one of
Carrington's syndicate, will be Treasurer.
The Eastwood Manufacturing Co. was founded in 1880 by John B. Eastwood and its plant and product are well known in Newark, as well as
throughout the country.
Ralph Linn of Lum, Tomblyn & Colyer represented Mr. Neatly in the
sale and Kenneth K. MacKenzie of 150 Broadway, N. Y. City, the new
owners.
Eaton Axle & Spring Co.
-To Increase Stock, &c.
The stockholders will shortly vote on increasing the authorized capital
stock, no par value. from 250.000 shares (all outstanding) to 300,000
shares. No immediate issuance is contemplated.
President C. 1. Ochs, Feb. 29, in the annual report for the calendar year
1927,says: "Subsequent to Dec. 31 1927, the company acquired all of the
outstanding $2,000,000 6% cumul. pref. stock of the Eaton Spring Corp.
This acquisition gives the parent company entire contol and ownership
of this subsidiary unit. A portion of the cost of obtaining this stock has
been financed through the sale of $750,000 five-year gold notes and the
balance paid from current funds. It is the intention of the management
to cause this stock to be cancelled and the capital structure of the subsidiary amended accordingly. Dividend accumulations on the pref. stock
of the Eaton Spring Corp. have been cancelled in this transaction."
-V.
126, p. 877.
[Vol.. 126.
Company.
-Is one of Detroit's largest retail furniture dealers. Has been
In business over 19 years. During this period the company has always
shown an annual profit. Company has acquired a 99
-year lease expiring
Oct. 31 2021, on the land, which is located on Michigan Avenue, Detroit,
across the street from the Book-Cadillac Hotel, and directly west of F. G.
Clayton's store. This property has a frontage of 46 feet on Michigan
Avenue and is 120 feet deep. Company is now erecting a 12
-story and
full basement, steel and concrete fireproof building, which will give them
75% more merchandising space than they have at the present time. Upon
the completion of their new building, they will have one of the finest retail
furniture stores in the city.
Security.
-Notes are a direct obligation of the company, which showed net
current assets as of Dec. 31 1927, after giving effect to this financing, of
31.059.672, and net tangible assets on the same basis of 51.632.797, or
$2,332 per $1,000 note. In addition, these notes are secured by a closed
first mortgage on the leasehold Interest in the land and the 12-story
building to be erected thereon. The company has also specifically assigned
to the trustee a certain portion of their accounts receivable.
Earnines.-Net earnings of the company, available for interest and
Federal income tax, for the 3 year period ended Dec. 31 1927 amounted to
$294.327. which is an average of $98,109 per year, or over 2.3 times maximum interest charges on this issue of notes. The net earnings for the year
ended Dec. 31 1927 on the same basis were $113,021.
Purpose.
-Proceeds will be used to furnish the company with additional
working capital and to complete the construction of the new building.
Follansbee Brothers Co.
-13.4% Dividend.
-
The directors have declared a cash dividend of 1 % on the outstanding
75,000 shares of common stock, par $100. for tha 2% month period from
Jan. 1 to Mar. 15, payable Mar. 15 to holders of record Mar. 14, and is at
the rate of 6% per annum, the same as previously paid. In the future ft
Is contemplated that dividends on the common stock will be payable on the
15th day of March, June, Sept. and Dec., instead of on the 1st day of Jan..
April, July and Oct. See also V. 126. p. 1360.
Foster Wheeler Corp.
-Omits Common Dividend.
The directors have decided to omit the quarterly dividend ordinarily
due at this time on the common stock of no par value, but declared the
regular quarterly dividend of $1.75 per share on the cony. pref. stock.
A special meeting of stockholders has been called for March 22 to vote payable Apr. 1 to holders of record Mar. 12. On Oct. 1 1927 the oompany
,
on the creation and issuance of 55.000,000 cony. 63% cumul. 1st pref. paid a dividend o• 3736 cents per share on the common stock: none since.
stock. It is understood that the proceeds of the financing will be used to -V. 125, p. 15 ..
retire the company's outstanding $3,600,000 6% debentures and to increase
Fulton Sylphon Co.
-Smaller Common Dividend. working capital. Goldman, Sachs & Co. are expected to underwrite the
The directors have declared a quarterly dividend of 50c. per share on
new issue and a public offering is anticipated in the near future. The new
stock will be convertible into common stock in the ratio of 1 share of the the common stock, no par value, payable on or about April 1. From
1st pref. for 2 6-7 shares of common. Upon completion of the financing, April 1 1927 to Jan. 1 1928 including the company paid quarterly
-V. 124, p. 1517.
the company and its subsidiaries will have outstanding no funded debt dividends of 8734c. per share on this issue.
except a small amount of real estate mortgages.
Gabriel Snubber Mfg. Co.
-New Directors.
The company has recently contracted to acquire a controlling interest in
P. T. White and J. Shoemaker were recently elected directors to
Kruskal & Kruskal, Inc., well-known jobbers in fur coata.-V. 122, p. 2659.
vacancles.-V. 126, p. 1362.
Eitington-Schild Co., Inc.
-To Create an Issue of
$5,000,000 Cony.6% Curnul. 1st Pref. Stock-Acquisition
.
.-
Elliott-Fisher Co.
-$7 Dividend on Commor Stock.-
Gelsenkirchen Mining Corp.(Gelsenkirchenr Berg-
'rhe directors have declared a dividend of $7 per share on the common
-Notes Sold.
Germany.
and common "B" stocks, in addition to the regular quarterly dividend of werks-Aktien-Gesellschaf
1 % on the preferred stock, all payable March 21 to holders of record Dillon, Read & Co., J. He _y Schroder Banking Corp. and
March 15.
The common dividend is equivalent to the total distribution made on International Acceptance Bank, Inc., have sold at 97 and
Jan. 3 last on the common stocks at which time an extra payment of $5.50 int., to yield about 6.60%1 $15,000,000 6-year 6% secured
Per share was made in addition to a regular quarterly dividend of $1.50 notes. A substantial portion of this issue was withdrawn
per share. This is also equivalent to the quarterly dividend rate of $1 per
share recently declared on the common stock of the Underwood Elliott, for offering in Europe.
Dated March 1 1928 due March 1 1934. Interest payable M. & S.
Fisher Co. which was offered In exchange for the common stocks of the
Elliott, Fisher Co. on a basis of 7 shares of the former for each share of Principal and int. payable in U. S. gold coin at the principal office of Dillon
common or common "B" stock of the latter company. It is announced Read & Co., New York, without deduction for any taxes, present or future,
that ovr 90% of the common stockholders of the Elliott Fisher Co. have levied by German governmental authorities. Holders of notes may.
exchanged their holdings for common stock of the Underwood, Elliott at their option, collect principal and int. in London at the office of J.
Fisher Co. (See latter in V. 126. p. 885).-V. 126. p. 111.
Henry Schroder & Co. in pounds sterling, in Amsterdam at the offices
of Mendelssohn & Co. Amsterdam and Nederlandsche Handel-Maatschappij
Exchange Buffet Corp.-Earnings.and their associates in guilders; in Zurich and Basle at the offices of Credit
-Quar. End. Jan. 31- -9 Mos. End. Jan. 31- Suisse and Societe de Banque Suisse, in Swiss francs, or in Stockholm.
at the offices of Skandinaviska Kreditaktiebolaget and Stockholms EnPeriod1928.
1927.
1928.
1927.
Gross profit
$181,315
$178,055
5438,522
$417,804 skilda Bank in Swedish kroner; in each case at the buying rate for sight
Depreciation
exchange on New York on the date of presentation for collection. Notes
24.240
24,487
69.523
72.445
Federal taxes
21,205
28,752
55.038 In coupon form,In interchangeable denom. of $1,000 and $500, registerable
49,420
as to principal only. Red., all or part by lot, on any int, date on 30
Net profit
$135,870
5124.816
$293,243 days' notice at 102Si and int. to and Incl. March 1 1929, with successive
5316.656
Dividends
93,750
93,750
281.250 reductions In the redemption price of ti of 1% on each Sept. 1 thereafter
281,250
prior to maturity. National Park Bank of New York, trustee.
Balance.surplus_ - - __
Listed.
-These notes are listed on the Boston Stock Exchange and the
$42.120
$31.066
$11,993
$35.406
company has agreed to make application in due course to list them on the
Shares of cap. stk. outstanding (no par)_ _ _ 250,000
250,000
250.000
250,000 New York Stock Exchange.
Earn, per share on core_
$0.55
$0.50
$1.26
$1.17
The following has been taken from a letter to the bankers
- 125, p. 3068.
V.
Fanny Farmer Candy Shops, Inc.
-February Sales.
-
1928
Increase.
-Feb.
-1927.
I 1928-2 Mos.-1927. Increase.
$309,585
$290,163
519,42215562.290
$31,091
$531,199
- 126, p. 1360. 1047.
V.
Federal Electric Co., Inc.
-Annual Report.
-
Calendar Years1926.
1927.
1924.
1925.
Income from all sources- $7,512,874 $7,010,556 $5,989,150 $5,619,880
ttExpenses
7,111,688
6.639,151
5,728,990
5,491.148
Interest on debentures.._
62,510
70,000
70,000
70,000
Depreciation
167.827
1741.387
18,519
88,658
Net income
Previous surplus
Appr. for def'd chgs.,&c.
Deductions affecting Previous year's surplus..-
$164,288
531.000
$133,578
496,769
70,128
$101,502
520,267
100.000
58.288
29,220
25,000
$40,212
580.054
100,000
Total surplus Dee. 31- 5636.999
$531.000
$520,266
$496.769
x Including cost of goods bought, and manufactured,selling and administrative expense.
-V. 124, P. 3357.
Federated Capital Corp.
-Adds to Holdings.
-
The corporation announces that it has purchased stocks in the following
7 companies since Feb. 22 1928. bringing its investment list to 216 stocks:
Bank of California, Bank of Italy, Bank of New York & Trust Co., Cleveland Trust Co.. Dominion Trust Co., Dominion Stores Ltd., and Safeway
Stores, Inc. See also V. 126, v. 1360.
Financial Investing Corp. of New York, Ltd.
-Extra
Dividend of 10 Cents.
The directors have declared the regular quarterly dividend of 30c. a share
and an extra dividend of 10c. a share on the common stock, par $10, both
payable April 1 to holders of record March 10. This is the fourth regular
dividend on the 12% basis, the rate having been increased from the 10%
basis with the July 1927 payment. The company on Oct. 1 1927 also _Paid
an extra dividend of 10c, a share on the common stock.
-V.125, P. 3488.
(A.) Fink & Sons, Inc.
-Definitive Bonds Ready.
-
Holders of temporary certificates of 15-year 1st mtge. 6t5% sinldng fund
gold bonds, due May 2 1942, may now exchange them for definitive bonds
at the Guardian Trust Co. of New Jersey. Newark. N. J. (For offering
see V. 124. p. 2435.)-V. 126, p. 877.
Finsterwald Furniture Co., Detroit, Mich.
-Notes
Offered.
-Griswold-First State Co., Harris, Small & Co.,
Nicol-Ford & Co. and Backus, Fordon & Co. are offering
$700,000 1st mtge. leasehold & collateral trust 6% serial
gold notes. Prices: 1930-1931 maturities to net 53.%; 19321938 maturities to net 6%.
Dated Jan. 1 1928; due serially Jan. 11930-1938. Denom. $1,000 and
$500 e*. Interest payable J. & J. at Desroit Trust Co., Detroit. Mich.,
trustee. Red. on any int. date upon 30 days' notice at 103 and int. up to
and Incl. Jan. 1 1932; thereafter at 102 and mist, up to and Incl.
and at 101 and int.. thereafter prior to maturity. Interest Jan. 11937;
without deduction for normal Federal income tax not to exceed payable
2%.
signed by Dr. W. Huber and Dr. L. Holle, Managing
Director and Vice-Managing Director, respectively, of the
corporation:
Corporation.
-Organized under the laws of Germany in 1873. Was
operated principally as a coal mining company until 1904. at which time,
,
through amalgamation with several iron and steel companies, it extended
its operations to the production of iron and steel.
In 1920 the company, together with two other large coal, iron and steel
companies in the Ruht district (Deutsch-Luxemburgische Bergwerks-und
Huetten-A. G. and Bochumer Verein fuer Bergbau und Gussstahlfabrikation) formed. through inter-company agreements, a .operating group
known as Rheinelbe Union. The Rhelnelbe Union, in conjunction with
three other leading coal, iron and steel concerns in Germany, viz. Thyssen,
Phoenix and Rheinstalh, organized, under the laws of Germany, United
Steel Works Corp. (Vereinigte Stahlwerke A. G.) which assumed certain
of their liabilities and took over, as of April 1 1926, their principal assets
(other than certain coal properties) in exchange for stock and obligations
of United Steel Works Corp. and cash.
Thereafter, in December 1926, the three companies comprising the
Rheinelbs Union were merged into one company. By the terms of such
merger, Gelsenkirchen acquired all of the assets and assumed all of the
liabilities of the other two companies and issued its capital stock to the
stockholders of the other two companies; in exchange, par for par, for
stock of such companies.
Assets.
-At the present time Gelsenkirchen Mining Corp. Is both a
holding and operating company. Its largest single asset consists of about
39%, or $74,229,344 par value, of the outstanding capital stock of United
Steel Works Corp., including 57,871.136 par value which the company
has agreed to loan, subject to return in kind. The company owns and
operates the coal mine Monopol, which in 1927 produced 1,169,310 metric
tons of coal. Coal reserves owned, either directly or through wholly
owned subsidiaries, are estimated to contain more than 33i billion metric
tons of recoverable coal.
Security.
-These $15.000,000 6% secured notes are to be the direct
obligation of Gelsenkirchen Mining Corp. and, in the opinion of counsel,
are to be specifically secured by pledge with the trustee of the reichemark
equivalent of $30,000,000 par value of shares of capital stock of United
Steel Works Corp. having a market value, based on current quotations
on the Berlin Stock Exchange, of more than 200% of the principal amount
of these notes. The company will cvenant that the value of the security
for the notes. determined as provided below, shall at all times be maintained at not less than 150% of the pr:icpal amount of the notes from
time to time outstanding. To maintain such value the company may
pledge additional United Steel Works Corp. stock or other securities
listed on the New York or Berlin stock exchanges, which stock or securities
shall be valued at their market value based on then current quotations,
or may pledge or mortgage other securities or property, which shall be
valued on the basis of appraisals; all as to be more fully defined and stated
In the indenture.
The indenture will provide that the stock of United Steel Works Corp.
Initially to be pledged may be withdrawn only in proportion as notes
are retired, but will permit the withdrawal of any additional security
subsequently pledged or mortgaged, provided such withdrawal does not
reduced the value of the remaining collateral below 150% of the principal
amount of notes at the time outstanding. The indenture will also
the substitution of stock initially pledged of "American shares" permit
senting such stock or of securities issued in exchange for such stockrepreupon
any reorganization„ consolidation or readjustment of capital of United
Steel Works Corp., but no other substitutions of collateral for such stock
may be made except with the consent of the holders of 80% In principal
MAR. 101928.]
FINANCIAL CHRONICLE
1515
Comparative Balance Sheet Dec. 31.
outstanding. The indenture will permit
1926.
1927.
1926.
amount of the notes at the time in the custody of a European depositary
1927.
$
$
Liabilities$
pledged collateral to be held
the
Assets1,150,000
approved by the trustee. proceeds from the sale of these notes are to be Furn.,fist.,&C._ _ 2,139,745 1,664,258 Cum, cony. pref._
-The
New pref. stock-_ 2,500,000
Purpose of Issue.
indebtedness, Net invest. In F.&
t of current and other
500,000
Common stock__ -y1,650,000
used by the company in the retiremen s, and for other corporate purposes.
W. Grand Holdpropertie
153,119
42,588
102,394 Accts. payable-___
x192,145
for improvements to its mining reported by the company for the six months
ing Corp
24,789
28,961
-Net earnings, as
193,187 Tenants' deposits_
220,527
Earnings.
81,043
including results of operations of Deutsch-Luxemburg Leaseholds
Misc. Habil. & accr x242,792
143,460
2,038,193
ended March 311927,
94,000
the beginning of that period to the date of Cash
42,360 Res.for Fed.tax__
56,537
and Bochumer Verein fromchen, after depreciation and Dawes Plan pay- Life insurance....
2,505,000 1,878,302
60,909 Surplus
their merger with Gelsenkir and profits taxes, amounted to more than Prepays.,dep.,&o. 148,040
51,963
ments, available for interest earnings is a dividend of 3% at the rate Due from empl.,&o 75.461
1,842,221 1,436,007
$2,400,000, Included in such paid on the company's holdings of stock of Inventories
186,715
256,473
of 6% per annum) which wasrespect of the first six months of operations Deferred charges
United Steel Works Corp. in
6,969,342 3,881.252
Total
6,969,342 3,881,252
of such corporation.
of United
Total
on March 2 1928 the board of directors a dividend
ies own real estate
At a meeting held
stockholders'approval
x Contingent liability on mortgages. The subsidiar
Steel Works Corp. voted to recommend for
basis valued at $1,063,888 which is subject to mortgages aggregating $813,348.
On the
year ended Sept. 30
for
a 6% in its stock the the fiscal should receive during1927. current fiscal upon which the F. & W. Grand 5-10-25 Cent Stores, Inc., is contingently
the
company
of tnis dividend,
par, 260,000 shares issued. z including Federal taxes.
00 in dividends upon
ending March 31 1928. more than $4,400,0 more than four times liable. y No
year
it. or
Los Angeles and vicinity during
United Steel Works Corp. stock now owned by the entire interest-bearing
Plans to establish at least 40 branches inthe corporation.
on
the maximum annual interest requirementcompletion of present financing. the next 2 years have been announced by in this city since last Deceaf')er
Henry Wolfson has been
the company to be outstanding upon
debt of
Vice-President
wove
for the nine months ended Dec. 31 working on such plans and selecting prospective sites for the stores.
In addition, the income of the companynormal sources exclusive of such
expansion program includes not
1927 from mining operations and other
de- leases have been closed thus far. The
deducting the company's total operating expenses,
San Francisco, Sacramento, Stockton Long Beach,
dividends, after
under the Dawes only Los Angeles, but
no. Alhambra
preciation and taxes (including maximum payments applicable to such Hollywood, Pasadena. Santa Monica, Glendale, San Bernardi
d involve
assessments)
Plan estimated on the basis of present meet maximum interest require- and several other northern cities. Leases already purchase 99 years.
sufficient to
00. running from 30 to
$15,000,0
period, was in itself nearly
debt of the company aggregate rentals of more than
V.
ments for a similar period on the entire interest-bearing .
buildings will be erected under the terms of 3 of the leaSes.- 126.
New
to be outstanding upon completion of present financing
). p. 879, 259.
to Present Financing
Balance Sheet Dec. 31 1927 (Adjusted to Give Effected
-Sales (W. T.) Grant Co.(Mass.). 1928-2.
Liabilities
Increase.
AssetsMos.-1927.
Increase.
$926,241
-1927.
-Feb.
1928
& on hand $6,086.472 Accounts payable
39 $1.013,824
Cash in banks
Empl.savings balances_817,931 $2 842,502 $2,247,718 $594,784135,466.663 $4,452.8
183,467
Marketable securities_ 128,153 -jr. 126, P. 879. 259.
1,512,661 Empl. pension fund_..__
Bills receivable
150,658
1,187,288 Prepaymts by custs-___
-Initial Pre. Div.
Accts. rec.-less reserve
383.805
Craton & Knight Co. (Mass.) dividend of $1.75 per
393,848 Due associated cos
quarterly
Inventories
65,283,888
The directors have declared an initial on this issue become cumulative
2,571,587 Long-term debt
rec....
Long-term accts.
981,652 share on the 77 pref. stock. Dividends
Real estate mortgages
Inv. in and adv. to
15,000,000 after Apr. 1 1928 (see reorganization plan in V. 122. p. 2508).-V. 124.
associated companies_ a87,758,882 6% secured notes fund
49.650 p. 3639.
Employees' benefit
5,425,920
Property, plant & equip
2, 63, 7
Reserves
-Tenders.
Secs. held for employees'
Guerin Mills, Inc.
3.094,000
4,906 Preferred stock
N. Y. City, will until
benefit fund
56.483,588
The Bankers Trust Co. as agent, 10 Wall St., gold bonds or certifi78,326 Common stock
-year 7%
Deferred charges
18.149,641 Mar. 16 receive bids for the sale to it of 15
Statutoryve
sufficient to exhaust $400,000, at a
1.490,280 cates of deposit therefor, to an amount
Total (each side)- --J105,203,357 Surplus
of the bonds, together with accrued int. to
Corp. having a par value price of 807 of the par value
a Incl. capital stock of United Steel Works current quotations on the Mar. 17.-V. 125. p. 1331.
based on
of $74,229,344 and a market value, that amount; such amount includes
-Extra Dividend.
Hazel-Atlas Glass Co.
Berlin Stock Exchange, in excess of
has agreed to loan, subject to
of 12 cents per share in
$7.871,136 par value which the company
The directors have declared an extra dividend
per share, both
of
return in kind.
addition to the regular quarterly dividend24. 50 cents
deferred installment debt,
Similar distributions were
b Including $3,897,000 non-interest-bearing nts of $108.250.
payable April 2 to polders of record March
semi-annual installme
-V. 125, p. 3069.
payable in dollars in equal
for the payment made on Jan. 3 last.
-Gelsenkirchen Mining Corp. is secondarily liable
Note.
-year
on. $23.750.000 20
-Plans Refinancing.
Holly Sugar Corp.
of the principal of, and interest and sinking fund
of Rheinelbe Union, issued in 1926, the
the 7% cumul. pref.
7% sinking fund mtge. gold bondsUnited Steel Works Corp. in connection
Payment of two deferred dividends of $3.50 on
of which was assumed by
Sugar Corp. will follow a refinancing program to be
payment
of the Holly
the properties of the companies constituting the stock
called for Mar. 21, President
ers
with its acquisition of
by a mortgage on properties proposed at a special meeting of stockhold will be the refunding of all outproposal
Rheinelbe Union. Such bonds are secured
.which, based on an appraisal A. E. Carlton announces. The
companies.
now owned by United Steel Works Corp. certain substituted properties, standing bond issues of the corporation and its subsidiary of 36.500.000
appraisals of
an issue
made in 1925 and subsequent
The refunding program will be in the form of
of such bonds and all underare valued at more than five times the sum
6% sinking fund gold bonds. The present outstanding
-year
1st mtge. 15
$5,152,500 and consist of $2,lying obligations.
ent, made upon acquisition 1st mtge. bonds of the companies aggregate
By the preliminary official re-apportionm Works Corp.,the company 892.500 Holly Sugar Corp. 7s, $450.000 Midland Sugar Co. 6s, $1,500,000
s of Rheinelbe Union by United Steel
and $310,000 Franklin County Sugar Co.
of propertie
es under the Dawes Plan Holly Northern Sugar Co. 63is,
Is liable for $1,190,976 of industrial debentur
7Ms.
remainbased on the present assessment. United States currency has been made
The officers and directors also have agreed to purchase the 32,702 p. 254.
-V. 125.
share.
of German into
[All conversion
ing unissued common stock 'no par value) at $40 a
equal 23.8 cents.]
at par of exchange, one reichsmark
-Capital Stock Decreased.
General Cigar Co., Inc. Secretary of State at Albany, N. Y.,
the
The company has filed with
of shares from 600.000, consisting
a certificate of reduction in the number
$100) and 500,000 shares of no par
of 100,000 shares of pref. stock (par
550.000 shares, of which 50,000 shares are to be
value common stock to
shares of no par common stock. On
pref. stock (par $100) and 500,000 of its outstanding debentures pref.
all
Dec. 1 last, the company retired
-'-V. 126. p. 724.
stock.
-Extra Dividend.
Hardart Baking Co.
Horn &
per share in
The directors have declared an extra dividend of 50 centsboth payable
share,
addition to the regular quarterly dividend of $1.25 per were paid on Jan. 1
20. Like amounts
April 1 to holders of record March
-V.125. P.3206.
last.
-Earnings.
Houston Oil Co. of Texas.
Line Co.]
[Including Houston Pipe
1925.
1926.
1927.
Calendar Years$8.964.769 $7,258,069 34,851.595
earnings
-Secretary Retires.
348,375
552.837
894,959
General Electric Co. of the company for the pest 34 years, Gross oil and gas purchases
Crude
Secretary
Myron F. Westover,William W. Trench, Assistant Secretary, has been Decrease in crude oil and refinery in685.451
169.352
190,421
1 and
retired on Mar.
ventories (net)
succeed him.
699.914
1,235,332
1.287,685
elected by the Board of Directors to
Producing and operating expenses
162,264
190,684
220,525
Taxes (other than Fed. income taxes)
528,101
Lightning Sets New Record.
572,287
731,164
Artificial
Administrative and general expenses
10.262
8,473
lightning of 3,600.000 volts, the highest voltage ever obtained Adj. of invent'y of mater, and sup
Artificial
743,577
1,385,937
1.852,399
times greater than the highest voltage transmission
by man and about 17 has been produced in the high-voltage engineering Depreciation and depletion
line in this country,
-V. 126. p.878, 575.
$3,781,138 $3,141,378 $1,683,913
operations
company at Pittsfield. Mass.
Income from
laboratory of the
307.223
407,462
262,875
Other income credits
Goodyear Tire & Rubber Co. of Calif. (& Subs.).$4,044,014 $3.548,840 $1,991.136
Gross income
Earnings.
640,810
1,322,039
1.614,682
1925.
1924.
1926.
Income charges (incl. Fed. taxes).
1927.
Calendar Years$23.590,315 $25,870,040 $24,363,237 $15.668,085
Netsales
$2,429,332 $2,228,801 31.350.326
20
Net income
12,489
Cost.sell.,adm.dtgen.exp 20,798,328 23,477,535 19.463.344 13,863,5
327.000
220.125
Profit and loss credit
Operating income_ _ _ _ $2,791,987 $2,392,505 $4,899,892 $2,004,545
41,844
18,322
168,704
157.765
$2,649,457 $2,553.801 $1,362,815
Gross surplus for the year
346,060
536.856
536,856
536,856
Profit on sale ofland_ _ _ _
Dividends on preferred stock
$2,949,753 $2,581,209 $4,918,214 $2,392.449 Due under crude oil contract written
Total earnings
125.923
203,361
133,554
x286,805
x288,867
off
Interest
598,082
273,140
301,098
307,454
Federal &VMS
3700.036
500.000
32312.601 $2,016,945
Surplus for the year
Special raw material res.
4.340,384
5.040.420
7,057,365
250,000
Surplus Jan. 1
Reserve for conting. &c.
$2,103,432 $1,973.306 $33,686,578 $1,915,948
Netprofit
$9,169.966 $7,057,365 $5,040,420
.097(14)1119,398
(8)699.624
Surplus Dec. 31
(7%)559,699(21)1679
249,686
Pref. diva. paid
249,686
249,686
.000(30)1200,000
Shs. of cam, outstand.(par $100)....
(25%)1.000
$3.26
Common divs
$6.77
$7.57
on common stock_ _ _
$543,736 def$905,791 $2,587,180 $1,216,324 Earned per share
13alance,surplus
Consolidated Balance Sheet Dec. 31.
Shs. cont. stk. outsaig.
[Houston Oil Co. of Texas and Houston Pipe Line Co.]
40,000
40,000
40,000
40,000
(par $100)
1926.
1927.
$64.17
$7.35
330.41
1926.
1927.
Earns per share_ _ _ -- ion of338.59
$
$
note discount.
Liabilities$
$
Assetsg Including amorlizat
is owned by the Goodyear Tire & Rubber Prop account____:42,640,791 40,131,118 Preferred stock.__ 8,947,600 8,947,600
-All of the common stock
Note.
Common stock-._24.968,600 24,968.600
from South
Due
Co. of Akron, 0.
6,011,000 7,104,000
$1,806.000 during the year and acquired
Funded debt
westMSettlem't
The company reduced its debt stock of the Goodyear Textile Mills Co.
3.886
3,885
of common
& Devel. Co.._ _ 5,086,161 4,935,327 Accr, div. etre_ __ 2,446,966
the entire 10,000 shares
763,547
Notes payable__ _ _
Inv. In Houston.
at a cost of $1,299,017.
460,354
close of 1927 were $12,752,839.and currentliabilities
450,000 Accounts payable_ 516,872
Nat Gas bonds- 1,000,000
Current assets at thesurplus was 34,329,530.-V. 124, p. 1987.
425,265
Time notes rec..-. 900,000 1,200,000 Accr. tax &Int.-- 600,479
were $2,270,414. The
460,622
115,503 Advances
Trust
77,000
-- 011 on cash. &c_
77,000
-Earnings.
347,284 Res. for contIng.-_
167,223
hand
Goodyear Textile Mills Co., Los Angeles.
9,169.966 7.057,365
1927.
1926.
385,246 Surplus
Mat. & supplies_ _ 498,446
Years Ended Dec. 31$233.309
$276,458 Advances
561,630
516,736
Gross profit
31,234
taxes.
38,953 N otes & accts. rec. 836,310
730,649
Operating expenses,including Federal
7,212
7,918
Empl. funds
$202,075
$237,505 Cash
956,002
795,471
profit
Net
133,721
133,721 Deferred charges-. 293,312
Total(each side)52,742,368 50,268,238
448,267
Preferred dividends
52,500
2273.
Common dividends
x After depreciation and depletion of 37,450.311.-V. 125, P.
-Living$68,354
351.284
-Stock Offered.
Surplus
Hoskins Manufacturing Co.
_
$6.84
$10.28
shs. com.stk.(par $100)_
,
Earns per sh.on 10,000
atone, Crouse & Co., Harris, Small & Co., Watling Lerchen
-V.124,11. 3076.
, are offering at
ales,W.) Grand 5-10-25 Stores Inc.-S
(F. &
Increase.
Increase.' 1928L2 Mos.-1927
1928--Feb.-1927
$1,368,235
$333.613
$190,014131,701,848
$711,440
$901,454
1925.
1924.
1926.
1927.
Calendar Years$12.882,458 $10,500,806 $8,519,192 45,690,914
Sales
835.835
682.184
483,806
861,445
Net after charges & taxes
Shs. corn. stk. outstand.
100.000
100.000
100,000
260,000
(no par)
$5.55
$4.23
$6.01
$3.00
Earns, per share on com.
& Hayes and Nicol Ford & Co., Detroit (no par value).
$33 per share 35,000 shares common stock
stockholders,
These shares having been purchased from the y.
do not represent new financing by the compand. Outstanding.
Authorize
Capitalization100.000 shs. 96,040 shs.
Common stock (no par)
Registrar, Detroit
Transfer agent, Guardian Trust Co. of Detroit.
Trust Co.
1516
FINANCIAL CHRONICLE
[vol.. 126.
Company.-Incorp. in Mich.in 1908. Is
world of nickel-chromium electrical resistanc the largest manufacturer in the
Consolidated Balance Sheet Dec. 31.
e wires,
used in the manufacture of domestic heating ribbons, strips and rods
y1927.
1926.
devices.
1927.
1926.
manufactures nickel-chromium castings, electrical furnaces Company also
Assets$
$
and pyrometers. Prop.&
LiabilitiesPlant located at Detroit.
equip_ ___25,592,132 27,461.589 Capital stock
x9.534.861 5,782,146
Earnings After Depreciation and Federal Taxes for Calendar
Cash
527,242
520,719 Convert debs
Years.
6.117,000
Notes& sects rem_ 950.708
1927.
817,648 Gold notes
1926.
1925.
Net earnings (as above)
3,117,330 1,310,655 Notes payable_ ___ 1,250.000 2,700,000
$347.007
$417,652
$349.725 Inventories
1,558,615
Earned per share
Cash to purchase.
$3.61
$4.35
Divs. payable.... 182.500
$3.64
125,000
Dividends will be inaugurated commencing June
debentures
135.000
30 next at rate of $2.32 Due
Accts. payable... 1,328.625 1,484.700
per share per annum.
on stk. subsc.
5:1,278
75.023 Deb.sinking fund_ 383.000
Listing.
-Company will make application to list stock on Detroit Stock Investments.
10.000
10.000 Fed, tax reserve100.447
Exchange.
Deferred charges
820,400
310,587 Accr. accounts.... 337,325
265,920
Res. for depr. &
Hudson Motor Car Co.
-Largest February Shipments.
depletion
5,350.290
The company established a new record in February with
the
Deferred credits_ .139,638
743,502
30.300 Hudson and Essex cars, it is announced. This wasshipment of
the largest
33,854
February in the company's history exceeding February of
Total(each aide)31,206,180 30.508.220 Minority Interest_
Surplus
11,955.231 12,361.746
approximately 5,000 cars. It is likewise a step-up of about a year ago .,y
x Represent
5.000 cars fr so and depletion ed by 651.000 no par shares. y After deducting depreciation
January of this year. The announcement is made that schedules
of $8,006,383. and adding appreciation
for Ma • .1,
of producing leases of
will rise still further to meet expanding business of the
Spring montas. $6.877.459.-V. 126, p. 726.
The iiudson plant is operating 2 and 3 shifts and employm
ent
at a high mark. January was the best January the company ever figures are
International Paper Co.
-Survey of Expansion During
had known.
-V. 126. P. 8 .
1927.
79
-An official statement
The following descriptions of the says in part:
Hudson River Navigation Corp.
projects comprising the recent expansion
-New Directors.
of the company are intended to
give briefly and comprehensively the most
Four new directors were elected to the board of the Night Line at the important features of each:
annual meeting. They are H. Clinton Mackay, A. H. McDanna
Newfoundland.-Lovated at
ld, Mark
Thackaberry and George E. Edmonds.
mouth of the Humber River on the
western coast of Newfoundland,the mill
the
The following officers were elected: Chairman of the Board and
at Corner Brook, recently acquired
by the company
Col. Edward C. Carrington: Vice-Presidents, J. W. FlemingPresident, a day and can , has 4 machines of a capacity of 400 tow of newsurint paper
of Troy,
ne economically increased in size. The mill
Major Elihu C. Church and Russell R. Clovenger: Secretary and Treasurer
Is of the most
modern construction throughout and
Donald Bayliss: Assistant Secretary and Treasurer, John McManus , receives
began
its power from a hydro-electric plantoperation In 1925. The mill
.
V. 126.p. 1209. 1048.
generating 98,000 continuous
horsepower and its pulpwood from
square miles. an area 18% greater timberland reserves aggregating 2.802
Humble Oil & Refining Co.
of Delaware.
-20
-Cent Extra Dividend.
- These woodlands consist of 1.852 sq.zhan that of the State sq. miles held
miles freehold and
The directors have declared an extra dividend of 20 cents per share, of
- Under Crown licenses, a total of 2,802 square miles, which 950 an
addition to the usual quarterly dividend of 30 cents per share, both payable stand of 6.000,000 cords
have
estimated
of pulpwood. The maiority of the crown
Apr. 1 to holders of record Mar. 12. Like amounts have been
timber
-year term and call for only
paid quar- licenses are for a 99
terly since and including July 1 1926.
no stumpage charge. Pulpwood is obtainabl a small annual payment, with
a large portion of the company's timber is e at the mill at low cost since
Results for Calendar Years.
located in the watershed of the
Humber River and wood on the other
1927.
1926.
1925.
holdings of the Company Is easily
1924.
Gross rev,from produc'n
Not }$25,024.635 $30.484.804 $24,510,841 accessible either by rail or water.
Gross profit from pipe Available
The mill, hydro-electric plant, and woodlands, were
formerly
lines, &c
49,619.333 38.135.625 24,223.569 Newfoundland Power & Paper Co., Ltd., and were acquired in owned by
the latter
part of Jan. 1928, by the International Power &
Paper Co of NewfoundGross Income _ _
$159.866.657 $74,643.968 $68.620.429 $48,734,410 land. Ltd., a subsidiary of the International Paper Co.
Cost of operations & int.-129.966.129 40,160,124 33,104,6
Operating under a head of 252 feet, the hydro-electric plant
10 28.486,860 expansion
is capable of
through the installa,lon of 2 additional units
Net earnings
$29.900.528 $34.483.845 $35,515.819 $20.247.550 h.p. A 31-mile transmission line designed for operationto a tota, of 126.000
a. 66.000 volts carDepreciation
16.716,204 11,639.734
9,656.119 8,476,630 ries the power from the plant to the mill.
Depletion
There
4.057.677
1.327.538
985.911
935.725 mill so are complete ground wool and sulphite pulp departments at the
Income tax
2.014.909
2.131,000
2.250.000
1,000,000 leavingthat wood is carried through all the various manufacturing processes;
as newsprint paper. As the mill is located
Net profit
$7.111,738 $19,385,572 $22.623,789 $9,835,194 going vessels can go directly to the mill docks and raw on tide-water, oceanmaterials can be sent
Dividends
5.874,605
4.908.037
2,100.000
2,100,000 in and paper shipped out18 months of the year by water. The location of
the mill is a particularly strategic
one as regards overseas markets for its
Surplus
$1,237,133 $14.477,536 $20.523.789 $7,735,195 product. The company owns 2 modern oil burning stee, vessels
of 5.000
Shares capital stock outtons capacity each, especially designed
for
standing (par $25)_ - - 2,947,428
Its advantageous location with respect carrying rolls of newsprint paper.
2,924,701
1.750.000
1.750,000 and its
to its supply
Earned per share
$2.41
modern and efficient design, combine to makeof wood and power,
$6.62
$12.92
$5.62 one of the
Corner Brook mill
-V. 125, p. 3206.
lowest cost producers
Southern Kraft Paper Mills. in 'North America.
Hupp Motor Car Corp.
-Annual Report.
the expansion of the company --in the United States the greatest part of
in 1927 took place in the South. •A
(Includes American Gear & Mfg. Co. and Detroit Auto Specialty
Corp.) kraft paper mill at Bastrop. La., was acquired and construction work second
Results for Cal. Years- 1927.
begun
on a similar mill at Camden,
1926.
1925.
1924.
Ark. The Mat paper machine in Camden
Hupmobiles sold during
mill began operation early in Feb.
year
41,161
ning of construction. With the 1928. leas than 11 months since the begin45.426
37,287
31.004
starting of the Camden mill, the company
Sales
$44.734.430 $50.342,607 $43,847.199 $332,320.706 becomes the largest maker of
kraft paper on the North American Continent.
Cost of sales
141.874.709 46,500.076 J35.946.2601 30,312,711 The combined capacity
of the 3 Southern Kraft paper mills of the company
Selling. adm.& gen. exp.!
the 2 Bastrop mills and the
1 3.098.5711
Camden mill-is 430 tons of
All
Gross profit
$2,859.721 $3,842.531 $4,802,367 $2.007,995 3 mills are located in the same fast.growing short leaf and paper a day. belt.
lobollv nine
Other income
Because of their long
726,453
675.009
62,420
428,687 texture, these species fibres. freedom from putch. and greater uniformity of
Profits and income
of pine are better adapted than others to the manu$3,586,174 $4,517.541 $4.864,787 $2,436,682 facture of
kraft paper.
Development expenses_
prolific seeders and
942.815
518.439 grow much faster than These pines are naturally verypulpwood
Interest paid
Northern spruce, producing
in fifteen
42.127 to twenty year periods as
Reserve for depreciation
457.009
459.912
555.032
615,954 spruce in the Northern partcompared with 3 to 4 times that rotation for
Prov. for Federal taxes..
of
410.000
550.000
450.000
West Vireinla.-In October the continent
165.000
Net income
$2.719,164 $3.507.628
in the northern part of West the company acquired a plant at Wellsburg,
Virclnia , making rope paper which is conCom.divs.pd.in cash (14%)1.407.266 (11)1.037.173 $2,916,940 $1,095.160 verted at
the plant into
(10)913.810(754)685,357
Corn. div. pd. in stk
(10%)913.809
industries. The mill alsobags for the flour, cement, plaster and fertilizer
converts kraft paper, under the Bates' patents,
into multi-wall valve
Balance, surplus
31.311.898 $1,556.647 $2.003.130
bags for the cement and allied industries. It is the
$409.803 plan of the
Previous surplus
company
9,504,599
7,947.953
9.803.743
9,393,938 for these products to increase the output of the plant as growing demand
O'd-will, &c., written off
3.858.920
New York State. justifies it.
Sundry sur. adj. (net)_
-In New York State the company commenced work on a
hydro-electric developm
Profit and loss,surplus$10.816.497 $9,504,599
ent on
the latter
$7,947.953 $9.803.743 year, and expects to place the the Saranac River in summer. part of the
Shares of common outplant in operation this
The powerhouse is being designed
standing (par $10).for
1,005,189
1,005.189
913,809
913.809 2 will be installed initially. three generators of 4.000 h.p. each, of which
Earn. per sh. on common
The station will be interconnected with the
$2.70
$3.48
Ca cl yr fro hyt ro-el lea
po ve vIllem id has
,
$3.19
$1.20
rie yla nt norsothlde.company. 1M miles above, and electric
d p bee
Consolidated Balance Sheet Dec. 31.
Work on the reconstru
1927.
1926.
1927.
1926.
pany has been complete ction of the Fort Edward. N. Y mill of the comAssetsLiabilities$
$
d and the mill Is now equipped to make special
S
$
bleached papers. The mill
Land, buildings,
Capital neck
10,051.899 10,051,899 book
machines of a capacity of 130 tons of
mach'y. tke_-__x7,369.199 7,056,242 Accts. payable_ _ _ 1,695,670 1,251,080
paper a day. The mill has 6the Hudson River.
is on
about 50 miles above
Albany, and
Investments
1.173.430 1,250,695 Accr int.. tax.. &e 479,751
470,761 Canal. It is also on the feeder terminal of the New York State Barge
Good-will, trade
Res. for Fed. taxes 410.000
550,000 ment of itsis thus well located for securing its raw materials and the shipnames, &c
1
product. Practically all the buntlines and equipment have
I Dealers' dep.. dm_ 153,640
133,920 been
Cash, U &etre ,&c10,038.799 8,753,450 Accrued wages_.- 111,182
overhauled
58,502 a hydro-electric and in addition there have been built a new bolter-house,
Accts. receivable.. 251,702
176.086 Res.unrealised prof.
plant, additional finishing room with super-calendars, a
new beater
Inventories
5,142,292 5,025,630
cap. assets
312.099
312.099 overhaule -room, and a bleach plant. The paper machines have been
Deterred charges__
55,314
70,737 Surplus
10,816,498 9,504,599 tion of d, and the 3 machine rooms have been rebuilt. With the excepthe turbines driving the
paper machines, the entire mill is now
Total
24,030,739 22,332,841
Total
24,030,739 22,332,841 electrically driven.
At Glens Falls, 6 miles
x Land. $502,692: buildings. $5.904.542: machiner $1,965,53
above Fort. Edward, the mill of the company
y.
1: equip- has been rebuilt and is
ment, $2,756.679: furniture and fixtures, $157,114: total,
$11,286,557 and for other purposes now making a product suitable for surgical dressings
less reserve for depreciation, 33.917,358.-V. 126, p. 112.
New England Power requiring softness and absorbency.
Association.
-In the past year the Company increased its holdings of the
Illinois Pipe Line Co.
-Balance Sheet Dec. 31.tion so that it now owns common stock of New England Power Associa45% of
1927.
1926.
standing. New England Power the total number of common shares out1927.
1926.
Assets-$
Liabilities
$
properties comprising the New Association is the holding company for the
Pipe line Inv
England Power System. This group con34,169,009 30.010,587 Capital
20,000,000 20,000.000 stitutes the largest power system
Other investments 3,071,219 4,253,373 Reservestock
in the New England Sta,es, furnishin
for taxes_ 923.166
782,437 light and power to a territory in Massachusetts, Vermont. New Hampshir g
Cash & accts rec'le 3,070,380 3,706.176 Depreciation res._12,77
e
and Rhode Island, covering
4.376 11.675,342
Mat'is & supplies_ 1,011,532
an area
879,488 Accounts payable_ 213,054
109,071 its sale of power to local distribut of about 9.000 square miles. Through
Def'd assets. &e... 550,036
ing
164,831 Unadjusted credits 142.001
40.863 System serves light and power to over companies. the New England Power
250 communities having a population
Profit & loss Burp_ 7.819.571 6,406,743 in excess of 2.500.000.
As a result of its
Total
widespread network of transmission lines, the New
41.872,168 39.014.455
Total
41,872,168 39,014.455 England Power System not
only distributes 1.000000,000 kilowatt hours
-V. 124, p. 1519.
of electricity to Its own
the great power plants customers, but is the medium which ties together
steam and water, of southern New England and
Independent Oil & Gas Co. (& Subs.).
New York State. Efficient
-Report.
interchange of power is systematically carried
on, to the great mutual
Calendar Years1927.
1926.
1925.
benefit of the companies and their customers.
1924.
Oil and gas sales, &c_ _ _ _1
Gatineau River
Not
-The largest single enterprise of the
/$9,792,992 36,213.120 32,275,119 company, the Development Program.
Sales of leases and equip.) available. 1
148,670
39,952
545,816 during the pastGatineau River development program. WaS well advanced
year and is now nearing completion of its first stage. The
Total
$12,938,559 $9,941,663 36.253,072 $2,820,934 newsprint paper mill at Gatineau was completed as were the Chelsea and
Farmers hydro-electric plants
Cost of crude oil refined_
1.623.783
489,620
and the Mercier storage dam. Work was
pushed througho
Oper., gen. & admin. exp 5.762,328
2,122,650
1.080,409
536,307 26 miles above ut the year on the hydro-electric development at Paugan,
Taxes, dry holes, aband.
the Chelsea
first generator in the plant and Farmers plants, and it is expected that the
wells & expired leases_ 1,126,994
886,412
will be in operation and delivering electric energy
752.732
458,290 in June of this
Interest & disc. (net)_.224
310,232
21,807
4,183 on the North year. This will be one of the largest hydro-electric.,Plants
Depreciation and deplet. 3.41,580
American Continent.
1,916,209
1,271,839
1.183,985
Est.res.for Fed. taxes_
Excavation on the Gatineau Mill was started
100,447
75.000
on Nov. 18 1925, and cqpstruction work on
the sulphite mill Jan. 13 1926. A little oyes. a year later, March 31 1927.
Net income
$2,313.433 $2,981.929 32.561.663
3638.169 the ground wood began production. Five days later it ,was followed by
Dividends
mill. The first machine began making wiper for shipment
537,500
500,000
474,750
447,425 on April 14 of last
-ifs
second machine year, 17 months after excavation work w started. The
Balance]
51.775.933 32.481,929 $2.086.913
3190,744 third and fourthbegan turning out paper on May 19, being followed by the
Shs. of cap. stk. outstdg.
machines on June 28 and Aug. 19, and the mill was then
in complete operation.
°t(no par)
650,000
500.000
500,000
450.000
Earns. per sh. on cap.stk
The 4
$3.56
$5.96
$5.12
$1.42 capacitymachines which are operating in the mill have an aggregate designed
of 600 tons of newsprint paper a day and are the largest sing
1
MAR. 10 1928.]
FINANCIAL CHRONICLE
producers of paper thus far installed in the world. Each machine will
produce a sheet of paper over 21 feet wide and is designed to run at the rate
of 20 feet a second. The mill is located in the Province of Quebec on the
Ottawa River, 5 miles below the cities of Hull, Quebec and Ottawa. Ontario and 2 miles below the confluence of the Gatineau and Ottawa Rivers.
On the Gatineau River the company owns over 7.000 square miles of
timberlands, an area over 40% greater than that of the State of Connecticut. It is estimated that these woodlands contain a perpetual supply
of wood for the mill.
While the erection of the Gatineau Mill proceeded at a rapid rate, construction work on the power developments on the Gatineau River has
gone forward even faster. In Nov. 1925, work was started on the Chelsea
hydro-electric development of Gatineau Power Co. on the Gatineau River,
7 miles north of the City of Ottawa. Work was carried on steadily regardless of weather or season and the first generator in the powerhouse was
turned over a year and two months later, on Jan. 4 of last year. Two more
generators were started soon afterward,so that to-day there are 3 generators
in operation. At the Farmers hydro-electric development, a mile below
Chelsea. work was commenced in Jan. 1926, and the first generator was
started early in May of last year. It was later folllowed by 2 more generators, making a total of 3 generators operating to-day. The 6 generators
running in the Chelsea and Farmers station have a combined installed
capacity of 174,000 h.p. and are supplying power for the operation of
the Gatineau Mill. The two plants are designed for 5 generators each and
a combined installation of 290,000 h.p. Adding 272,000 h.p.-the designed capacity of the Paugan plant
-and the capacity of the smaller
plants of the company, gives a total of about 600,000 h.p., greater than
the developed horsepower on the American side of Niagara Falls. In addition to the progress on its program of developing its water-powers on the
Gatineau River, the Gatineau Power Co. in 1927 acquired several hydroelectric plants on tributaries of the Ottawa River running into it from the
north between Ottawa and Montreal. These smaller plants are to be interconnected with each other and with the Gatineau River power plants
company by a system of modern high tension transmission lines, thus of the
insuring greater continuity of power supply and a more complete use of generating facilities.
Gatineau Electric Light Co., Ltd., was organized
year as a
distributor of electric power in the area lying between in the past Montreal.
The company owns over 360 miles of high tension Ottawa and lines and
distribution
serves a territory of 5,000 square miles, having a population
of 220,000.
The area of this territory is nearly half the size of Belgium. Besides providing current for domestic and farm use, a
industrial
establishments is served and the territory has wide variety of
many advantages to contribute to its continuing growth.
International Fibre Board, Ltd., a new subsidiary, which has a plant at
Midland, Ontario, has a second one under
Gatineau,
Quebec. The new mill is being designed for a construction at tons
capacity of
of fibre board, of.which there will be an initial installation 100 tons a day
daily.
The board is used for building and insulating purposes of 50
and has valuable
acoustic properties. The new plant, which is
to be in
this spring, will be the largest of its kind in theexpectedEmpire. operation
British
Operated
by electric power supplied from the plants of Gatineau
new mill will mark the establishment of another industry inPower Co., the
the area served
by the power company.
New Lirunsunck.-At Grand Falls, New Brunswick, construction
the year was well advanced on the hydro-electric development during
of
John River Power Co., and the plant is nearing completion. It Saint
will be
the largest hydro-electric development in the Maritime
Provinces. Designed for an Installation of 80.000 h.p.. it will have an initial
installation
of 60.00 h.p. in 3 generators of 20,000 h.p. each.
The year saw a continuation of the assembly of timberland
reserves for
the mill which New Brunswick International Paper
Northern New Brunswick. In 1927 th e company Co. will soon build in
miles of Crown timber limits, &c., and 11141926. 411 sq.purchased 1.385 sq.
lands, added to the 552 sq. miles held prior to 1926, miles. These woodgive the company for
its new mill a total of 2.348 sq. miles, an area
practically double that of
the State of Rhode Island,
Canadian Hydro-Electric Corp.. Ltd.
-Toward the close of
Canadian Hydro-Electric Corp.. Ltd., a Dominion company, the year, the
was
to acquire and control Gatineau Power Co., Gatineau Electric organized
Ltd.. and Saint John River l'ower Co. This marked another Light Co..
step in the
co-ordination of the operations of these several companies.
Operations in Arkansas Started.
-
The seconu paper machine in the new kraft paper mill of the
Camden, Ark., has begun production and the mill is now in company at
eration. The pulp mill was started in the middle of Jan., complete op105i
after the commencement of construction work, and two weeks months
later the
first pager machine began production.
The amden mill has a capacity of 160 tons of kraft paper a day
the first paper and pulp mill in Arkansas. With the starting of and is
Camden
mill, the company becomes the largest maker of kraft paper
American Continent, its 4 Southern mills having a capacity on the North
of 430 tons a
day of kraft paper.
The other two kraft mills of the company are at Bastrop,
La.. 76 miles
south-east of Camden.
--N 126. p. 1048. 587.
International Petroleum Co., Ltd.
-25 Cent Dividend.
-
The directors have declared a dividend of 25c. a share, payable
to holders of record Mar. 8. A distribution of like amount was Mar. 15
Nov. 15 1927, making a total for that year of 75c a share paid in made on
the same as in 1926. The dividend just declared is payable ondividends,
presentation of coupon No. 16 at either the Farmers' Loan & Trust
Co., N.
and London, or at the Royal Bank of Canada or the company's Y. City
offices,
Toronto, Canada.
-V. 126. p. 422.
Intertype Corporation.
-Annual Report.
-
Calendar YearsProfits
Depreciation
Reserve for taxes
1927.
$781,560
181,510
110.000
Net profit
1st pref. dividends (8%)
2d pref. dividends(6%).
Common dividends
1st pref. stk. rod. approDist. on 7% deb. notes_
$490,050
90,142
274
299,605
30.000
1926.
1925.
1924.
3730.529 $1,185,165 $1,217,650
116,982
127,232
204.503
108,000
185,000
160.000
$505.547
$872,933
$853.153
92.880
91,146
86,470
316
318
321
298.683
298,643
271,511
30,000
30.000
30.000
61.875
$83,667
$452.826
$402.973
Balance, surplus
570.029
Shares of common outstanding (no par)_ 199,771
199,141
199.141
199,133
Earns per share on corn$2.00
$2.07
$3.92
$3.85
The company paid a stock dividend of 10% on the common
stock Nov.
17 1924. A stock dividend of like amount was paid in 1922.
a After deducting head and branch office selling expenses.
Balance Sheet Dec. 31.
1927.
Assets1926.
Ltabllates1927.
1926.
Mach. & equip-- 8E628,737 $612,328 First pref. stock-$1.146 400
31,150.800
1,086.553
924,687
Cash
•
4.670
5,270
Notes & accts. me_ 3,977,405 4,063,890 Common stock__ _b1,1356.390
1,649.730
2.155,770 1.804.627 7% deb. notes
Inventories
832.000
1
Patents & patt'ns
1 534% deb. bonds70,250
27,313 Accounts payable_ 1,000,000
Deferred °bargee_
153.479
122.486
Dividends payable
22.881
23,034
Part. pay. by em pl.
16,014
22,446
Adv.pay.maelbsold
53,073
39.894
Res. for taxes. &c_ 561,607
578,205
Prov. for retire, of
1st pref. stock._ 282.547
257,254
Total(each side)$7,918,718 $7,432,845 Surplus
3,021,754 2,951,726
a After deducting depreciation of $1,902,931. b Represented by
199,771
-V.126, p. 113.
shares of no par value.
Jordan Motor Car Co.
-New Officers.
At a meeting of the directors, the following new officers were
EdWard Ver Linden as Chairman of the executive committee: John named:
Vire-President; A. F. England, Secretary and Treasurer. The McArdle,
executive
committee consis* of Messrs. Ver Linden, E. S. Jordan and McArdle.V. 126, p. 587.
(Julius) Kaysier & Co.
-Rights.
The common stockholders of record March 5 have been given the
right
to subscribe on or before March 26 for 20,120 additional shares of
stock (no par value) at $65 per share on the basis of one new sharecommon
for each
1517
10 shares held. Subscriptions are payable at the office of Blair &
Inc., 24 Broad St., N. Y. City. After the exercise of this offer there Co.,
will
be outstanding 221,316 shares of common stock ou of an authorized issue
of 590.000 shares.
President Edwin S. Bayer, says in part: "The great and continuing
increase in the volume of the company's business makes advisable
augmentation of its working capital and the necessary extension of the
its
manufacturing facilities. To procure the funds necessary for these purposes,
t le directors have authorized the sale of such number of shares of the common stock which the company is now authorized to issue as shall be equal
to one-tenth of the number of shares of its common stock outstanding at the
close of business on March 5 1928."-V. 126. p. 1209
Jones & Laughlin Steel Corp.-Bal. Sheet Dec.31.-
1927.
1926.
1927.
1926.
Assets5
Liabilities$
Real estate, &e.
Preferred stock- 58.331.800 57.036.400
(after depree.
Common stock- 57,332,000 57.332,000
and depletn).123,418.815 114,433,986 Jones & LaughBonds & stocks
lie Steal Co.
of other cos__
751.500
752.900
first mtge. 5a_ 12,982,000 13,775.000
Real estate sales
Shannopin Coal
contracts and
Co. 6% serial
mtges. & due
notes
1,800,000
on sales of pref.
Accts. payable-. 4.776.865 6,784.424
stock to empl_ 3,814,704
3.440.611 Pref.stock div_ _ 1,020.806
998.137
Accident cornAccrued Interest
108.184
128,292
pensatIon. fire
Reserve for taxes 3,81.10,173 4.267.120
ins. & pension
Res. for accident
system fund
compen'n, fire
assets
2,321,306
2,115,708
insur. fund &
Cash
11,196,044 13,713.790
pens'n system 2.232,020 2,018,935
U.S Govt.obliga 17,437,059 21,080.200 Other reserves.
0th. market. see 4,945.000 2,950,000
except deprec.
Acc'ts receivable 6,869.986 8,661.864
and depletion- 7,051,754 6.944.499
Bills receivable..
74.417
289,207 Linapprop. surp. 53,413.072 49.270.071
Inventories
30,210.301 32,911,093
Deferred charges
9,541
5.513 Total(ea.side) 201,048,674 200.354.877
The usual comparative income account was published in V. 126. p.587.
""!
Keith-Albee-Orpheum Corp.
-Initial Pref. Dividend.
-
The directors have declared an initial quarterly dividend of 1 ,4% on the
5
7% cumul. cony. pref. stock payable April 2 to holders of record Marcia 19.
(See offering in V. 126. p.726.)
III
The Bankers Trust Co. has been appointed dividend disbursing agent
for the above corporation. (See V. 126. p. 726.)-V. 126, p. 1362.
Kinnear Stores Co.(Ind.).
-February Sales.
1928
-Feb.
-1927.
5190,436
8161,189
-V. 126. p. 1049. 260.
Increase. 1928-2 Mos.-1927.
329.24713370.461
$291,389
increase.
579.072
(S. S.) Kresge Co.
-February Sales.1928-F b.-1927.
,
Increase.
I 1928-2 Mos.-1927. Increase.
59,319.663 $8.308.771 $1.010.8921517.977,439 $16,264,559 31.712.880
At Feb. 29. the company had 439 stores operating.
-V.126, p. 1363. 881'
(S. H.) Kress & Co.
-February Sales.
-
-1927.
-Feb.
1928
Increase.
1 1928-2 Mos.-1927. Increase.
$4,174,622
53,534.634
3639.988 87.934.569 36.826.884 81.107.685
-V. 126. p. 881 727.
Kruskal 8c Kruskal, Inc. New York.
-Control.--
See Eitingon-Schild Co., Inc.. above.
-V. 124. p. 2918.
Lambert Co.(Del.).
-50c. Special Dividend.
-
The directors have declared a special dividend of 50c. per share and the
regular quarterly dividend of $1.25 per share on the common stock, both
payable Apr. I to holders of record Mar. 19. On Nov. 30 1927 an extra
dividend of $1 per share was paid on this issue.
-V. 125. p. 2397.
Lancia Motors of America, Inc.
-Transfer Agent.
-
The Bankers Trust Co. has been appointed transfer agent for the pref.
and common stock -V. 126, p. 423.
Lehigh Portland Cement Co.
-Registrar.
---
The Seaboard National Bank has been appointed registrar of the common stock, par $50.-V. 126. p. 1049.
(The) Le Mur Co.
-Extra Dividend.
-
The directors have declared an extra dividend of 25 cents per share on
the common stock, no par value, payable Mar. 31 to holders of record
Mar. 15. An extra dividend of like amount was paid on Mar. 1. Bee
V. 126. p.881.
(C. W.) Lindsay & Co.,
Montreal.-Stocks Sold.Johnston & Ward, Caldow & Lasson, C. H. Burgess &
Ltd.,
Co., Ltd., and MacLaren, Fletcher &
ontreal, have
sold in units of 1 share of pref. and IA hare common at
Co.,;
107.50 per unit, $1,200,000 6%% cum. red. pref. stock
(par $100). A total of 20,000 shares common stock is being
issued and may be purchased independent of the pref. stock
at $31 per share.
The cum. pref. stock is to be fully paid and non-assessable. Preferred
as to assets and dividends, entitled to cumulative preferential cash dividends
at the rate of 63i% per annum, payable Q.
-M. by check at par at any
branch in Canada of the company's bankers, the Royal Bank of Canada.
Callable, all or part, at 3110 per share and div. on 90 days' notice, or the
company may purchase same for redemption in the open market at a
price not extxmling $110 per share and div. Voting share and share alike
with the common. Transfer agent, Montreal Trust Co. Registrar,
Eastern Trust Co.
CapitalizationAuthorized.
Issued.
6% 30-Yr. 1st M.s. f. gold bonds (closed)_41.200.000
$1,200.000
6 % cum,red, preferred stock
2,000,000
1,200.000
Common stock (no par value)
60,000 abs.
20.000 abs.
(Out of the balance of the authorized common shares of no par value,
36,000 shares are to be reserved for redemption of cum .red, pref. stock.
Shares of 634% cum, red. pref. stock shall, at the option
thereof, be redeemed by the company for the considerationof the holder
of
common stock of no par value as follows: At any time up to shares of
Jan. 1 1929 on the basis of three shares of no par value common and incl.
one share of pref, stock: thereafter up to and incl. Jan. 1 1930 on stock for
the basis
of 2% shares no par value common stock for one share pref.
after up to and incl. an. 1 1931 on the basis of two shares of stock: thereno
common stock for one share of pref. stock, unless called by the par value
prior to these dates for redemption in cash, in which case the company
shares of pref. stock shall have the right to demand redemption holders of
in accordance with the foregoing until the expiration of the 90
-day redemptfUn notice.
Data from Letter of C. W. Lindsay, Montreal, Feb. 6.
Company.
-Is being incorporated under Province of Quebec charter
to acquire the undertaking and assets of C. W. Lindsay, Ltd., distributors
of pianos, organs, radios, phonographs and other musical instruments.
The business was originally established in a small way in Montreal over
50 years ago by C. W. Lindsay and has grown into one of the largest
organizations of its kind in Canada. Properties owned by the company
comprise real estate and buildings at Montreal, Quebec, Ottawa,
Kingston
and Hull.
Earnings.
-Average earnings for the 10 years ending Feb. 28 1927
available for interest on 31.200,000 6% 1st mtge. sinking fund
dividends, after providing for depreciation and Federal income bonds and
tax at the
-current rate, as certified by 1'. S. Ross & Sons, were
after dedueting bond interest of $72.000 and preferred $243,191, which
378,000, leaves for the common stock. $93.191, or at stock dividends of
per share per year on 20,000 shares no par value commonthe rate of $4.65
stock.
It is estimated that for the year ending Feb. 29 1928
depreciation and income tax available for bond interest and earnings after
dividends will
be $331.800. which after deducting bond interest of $72.000
stock dividends of 378.000. leaves for the common stock and preferred
$181.800. or
over $9 per share on 20,000 shares of no par value common stock.
1518
FINANCIAL CHRONICLE
Assets.
-Real estate and buildings at Montreal, Ottawa. Quebec, Kingston and Hull have been appraised under date of Feb. 5 1928 at $1,097.290.
Net current assets, after making provision for current liabilities, $1,687,461
Sundry assets, less reserves, $6,850. Total assets, $2,791,601. Total
net assets, after making provision for $1,200,000 bonds, $1,591,602,
which is equal to $132 per share of preferred.
-It Is the intention of the directors to place the
Common Dividend.
common stock on a regular dividend basis during 1928.
-Application will be made in due course for listing the preferred
Listing.
and common shares on the Montreal Stock Exchange.
Lion Oil Refining Co.
-Annual Report.
-
Calendar Years1927.
Sales
$5,884,051
Cost of sales
4.260,314
Adm.& general expense_
213,326
1926.
1925.
1924.
$8.555,320 $7,445,790 $4,988,268
5,803,930
4,708,269
3,724,920
250,581
159.709
257,886
Balance
$1,410,411 $2,500,809 32,479.635 $1,103,639
Miscellaneous income_ 28,258
21,882
58,980
40.090
Total income
$1,438,669 $2,522,691 $2,538,615 $1,143,729
Res. for deprec. & depl_
886,417
1.090,569
1,036,070
676,319
Interest & bond discount
48,278
69.738
98.982
165,764
Federal taxes
53.000
181.106
162.544
31.439
Net profit
$450,975 31,181,278 $1,241,019
$270,207
Shares of cap, stock outstanding (no par) _ _
200.900
200,000
200,000
200.000
Earns, per sh.on cap.stk.
$2.25
$5.91
$6.21
$1.35
Comparative Balance Sheet Dec. 31.
1927.
1926.
1927.
1926.
Assets
Liabilities8
8
Prop.. plant, tank
Notes & :wets pay 418.600
374,755
cars, &c
9,464,729 9,144,215 Dividends payable 100,000
150,000
Invest, in 0th. cos.
Res. & accruals_ _ - 178,640
33,768
324,328
Cash
173,459
255,162 Tank car instailm't
Acc'ts receivable
449,901
418,387
trust notes
13,500
Inventories
1,082,652 1.007,027 let mtge. 7% bds_ 500,000
525,000
Prepaid expenses_
28,923
38,221 Perch. mon. oblig.
212,500
Res've for depose.
dc depletion ._ _ _ 4,348,055 3,378,141
Deferred liabilities
42,674
25,661
Total(each MO11,233,434 10,862,992 Cap. stk. & surp-x5,662,477 5,842,094
. x Represented by 200.000 shares of no par value.
-V.126. p. 423.
Loft, Inc.
-Earningsfor Calendar Years.
1927.
1926.
1925.
Net sales
$7.873,223 $8,397,521 38.169,673
Raw materials.labor,&c.
expenses
7.633,250
8,267.083 7,647.696
Depreciation
105.561
249,862
388,751
Operating income--Miscellaneous income_ --
$134.412 def$119,424
203,993
157.480
$133,226
161,334
Profit for year
Federal taxes
$338,405
25.748
$38,057
5.138
$294,560
39.600
$312.657
2.224.992
$32,919
2,318,875
3254.960
2,065.331
Balance, surplus
Previous surplus adj........
[VOL. 126.
Results for Calendar Years.
1927.
1925
1926.
128
112
91
$11,940,330 $9,486,548 $6.731,106
10,800,988
8,462,606
6.030,199
Number of stores
Net sales
Costs, expenses, &c. (net)
Operating profit
Depreciation
Federal taxes
$1,139,342
157,101
131.422
$1,023,942
120.608
115,675
$700.907
76,578
74,234
Net profits
Preferred dividends
Cqmmon dividends
$850,818
136,622
58,534
$787.659
105,615
$550,095
75,796
Surplus
3682.044
3474,299
Shares of Class A and Class B common $655,662
outstanding (no par)
355.530
56,433
52 636
Earned per share
$2.01
$12.09
0.01
The balance sheet of Dec. 31 1927 shows current assets valued
075 and current liabilities totaling $493.745, leaving wotldngat 34.200,capital of
$3,706,330. The profit and loss surplus on Dec. 31 1927 totaled $3,570.
During the year the company amended its certificate of incorporation
Provide for a new class of preferred stock and additional class A and classto
B
common shares. Of the former. 33,500.000 was issued as series A
6%
cumul. pref. stock, convertible on or before Jan. 1 1933 share for
share into
class A stock. All of the 7% preferred stock has
been redeemed or exchanged for new series A preferred stock.
A 5% stock dividend on both classes of common stock was issued
in class A
common stock in April 1927, and the total outstanding common stocks were
split up as of Jan. 2 1928 on the basis of6 shares for 1.-V.
126. p.882.
Majestic Theatre Building, East St. Louis, 111.
-Bonds
Offered.
-An issue of $300,000 1st mtge. serial6% real estate
gold bonds of Fred Leber and Harry G. Redmon are being
offered by Real Estate Mortgage Trust Co.; Knight, Dysart
& Gamble, St. Louis, and Southern Illinois Trust Co.,
East St. Louis, Ill.
Dated July 1 1927; due serially 1929 to 1937. Denom,$1,000
and $500.
Principal and int. payable J.& J. at office ofthe Real Estate Mortgage Trust
Co.• St. Louis, Mo. St. Louis Union Trust Co., St. Louis. Mo.,
Callable all or part on any int, date upon 60 days' notice at 103 trustee.
and int.
If called for payment on or before July 1, 1930; at 102 and int. if called
for payment after July 1 1930 and on or before July 1 1932, and at
101
if called for payment thereafter.
1924.
Security.
-The
direct obligations of Fred Leber and Barry G.
$7,720,589 Redmon, and arebonds areby
secured
a closed first mortgage lien on the ground
owned in fee and
7,045,474 erected thereon, the recently completed fireproof store and theatre biLlding
located
379,062 Four stores (rented for at 240-246 Collinsville Ave., East St. Louis, Ill.
commercial purposes) and an entrance
pose the front portion of the first floor. The balance of thelobby commain floor
$296,052 consists of foyer,
123,617 seatng facilities, seating, orchestra and stage appointments. Additional
projection room, lounges and rest rooms are suitably
arranged on the balcony. The theatre has a seating capacity of 1,850 and
$419,669 is equ pped
with
52.303 building contains modern hearing and air-conditioning systems. The
approx mately 943,900 cubic feet.
Income.
$367,366 deducting-The minimum annual net income from the property, after
taxes, insurance and all operating charges, is estimated at
1,697,965 $62,000. This is
approximately 3% times the greatest annual interest
charge.
$2,065,331
Sinking Fund.
-The deed of trust further provides that the mortgagor
650.000 must make
monthly deposits sufficient to pay all maturing principal
3.056 amounts.'nterest
charges. geners1 and special taxes, &c.
Profit & loss surplus-- $2,537,649 $2,351,794 $2,320,291
No. of shs. outstanding650,000
650,000
650.000
Earns, per share
$0.41
$0.05
$0.39
Balance Sheet as of Dec. 31.
1927.
1926.
1927.
1926.
Manning, Bowman & Co.
-Initial Class "B" Dividend.
AssessLiabilities3
$
An initial dividend of 12% cents per share
B
Plant, equip., &c.a5,977,905 5,796,551 Capital stock
66,500,000 6,500,000 value) and the regular quarterly dividend of on the classperstock (no par
37% cents
share on the
Leaseholds acquired 345,887
339,491 Notes payable.. _
200.000
300,000 partic. and pref. class A stock (no
Cash
143,023
116,794 Accts. payable_ __ 278,785
253,156 payable Apr. 1 to holders of record par value) have been declared, both
Mar. 20. (For offering see V. 122.
Govt.securities_ _
50,969
25,510 Mortgages
625,000 p. 2807.)-V. 124, p.3079.
500,000
Accts. receivable__
170,494
152.693 Deposit on rental
Inventories
996,488 1,208,377
agreement
61,000
61,000
Maple Leaf Milling Co., Ltd.
-Tenders.
Prep. accounts.75,802
82,287 Mtge.Installment_
125.000
125,000
The Royal Trust Co., trustee, Toronto, Cauada, will until April 5
Investments
1,541
3,134 A ccr. liabilities_ _ _
80,975 receive bids for
109,138
the sale to it of 361,500 634% bonds, series A. Each offer
Dep. sue. marg.
Coating. reserves_
26,579
will be deemed to include accrued interest and to be for the whole or any
account
4,269 Prov.for Fed. tax..
25,748
part of the amount
Deferred charges
104,360
43.571 Cash security deP
28,375
297: 73-26 bonds and payment offered at the rate specified in the offer. Delivery of
2. 1
59
249
Govt. bds. on dep.
therefor in Toronto funds to be made at the office of
60,969 Surplus
2,537,649 2,351.795 the Royal Trust
Stock for empl_ _
Co. on May 1 1928.-V. 124, P. 3641.
131.033
131,033
Goodwill,&c
2,394,952 2,394,952
Margarine Union, Ltd.
-Listed on Curb.-
Common and preferred shares were admitted to unlisted trading privileges
on the New York Curb Exchange Mar. 5. This is the fourth security
of
foreign origin that will have gained admittance since the Curb Exchange
made a bid for international trading with the promulgation of two sets of
requirements, one for listing and the other for unlisted privileges, by making
more stringent the rules relative to the admission of foreign securities and
February Sale8.Decrease.
1928-Feb.-1927.
1928-2 Mos.-1927.
Decrease. providing through a trust company transfer facilities.
Margarine Union, Ltd., was formed in England to acquire control of the
$561,290
$613,277
$51.987131,022.904 31.118,056
$95,152
organization of Van Den Berghs, Ltd., and N. V. Margarine Unie was
-V. 126. p. 260, 881.
formed in Holland to acquire control of the organizations of Anton Jurgens
United (Margarine) Works, and Van Den Bergh's Fabrieken. These conLudlum Steel Co.
-Annual Report.
cerns are the three largest manufacturers of margarine in the world,
Years Ended Dec. 31or controlling through their subsidiaries factories and distributing owning
1927.
1926.
organizaNet sales
$2,829,798 $3,521,229 tions in Great Britain, Holland, France, Belgium, Germany, Norway,
Material, labor and operating expense
3,104.558 Sweden, Denmark, Italy and the Dutch Indies. There are authorized and
2,458,097
issued 1,000,000 7% cumulative preferred, par El, and 100.000 ordinary
Income from operations
$416,670 shares of El each.
3371,781
Depreciation
101.365
81,241
Total
10,392,254 10,359.631
Total
10,392,254 10,359.631
a After depreciation of $2,227,649 b Represented by 650,000 no par
.
shares.
Net income from operations
Other income
$290.460
89,579
$315.305
120.596
Totalincome
Interest on funded debt
Amortization bond discount
Reserve for Federal, State and general taxes
$380,039
76,344
11,076
67,183
$435,901
78,601
11,076
60,544
Balance for dividends and surplus
$225,436
Shares capital stock outstanding (no par)
135,000
Earnings per share
31.67
Comparative Consolidated Balance Sheet Dec. 31.
Assets1927.
Liabilities1927.
1926.
Permanent assets x$2,269.502 $2,255,860 Capital stock.---y$1,738,165
Cash
413,956
423,198 Bonds outstanding 1,088,000
Notes receivable
19,120
63,001
37,033 Accounts payable_
Accts. receivable.- 304,081
285,922 Accrued accounts_
11,386
Inventories
1,237,710 1,484,387 Fed. inc. & other
Other curr. assets..
32,017
73,020
tame
44,017
Other assets
191,508
122,980 Int. on let M.bds_
31,733
Pats., form.& proc 170,592
67,500
170,592 Dividend payableGood-will
1
53,168
1 Res.for pos. contin
Deferred charges
1,802,461
289.947
286,559 Surplus
$285,679
135,000
$2.12
1926.
$1,738,165
1,119,5
47,970
17.491
Maytag Co.(Del.).
-Earningsfor Calendar Years.
-
Net sales
Other income
1927.
1926.
1925.
325,582,684 $28,722,042 317,463,738
512,930
474,108
228,487
Total
Manufacturing,sell. & gen. exp
Provision forest. Federal taxes
326.095,614 $29,196,150 517.692,225
118,971,380 $21,302,658 $12.686,072
970,300
1,070,000
629,000
Net profit
Dividends
$6,153,933
4,800.000
56,823,491 34.377,153
3.200.000
800.000
Balance
31,353,933 33,623,491 $3,577,153
Shares of corn. outstanding (no par)- - 1.600,000
1.600.000
1,600,000
Earnings per share on common
$3.81
$4.16
t Includes depreciation of $182,661 and interest of $5,193.-V. $2.74
126. P.
882.
Metropolitan Chain Stores, Inc.
-February Sales.
-
1928
-Feb.
-1927
Increased 1928-2 Mos.-1927
Increase.
52,066 3752.092
$692.655
359.437 131.444.439
31.347,471
$96,968
32.652 -V. 126,
P. 1364, 882
.
67,500
66.088
Middle States Oil Corp.
-Reorganization in Short Time.
1,969,118
The stockholders' protective committee has issued a letter
stating,
among other things, that "safe and substantial progress has
been made
Total
Total
$4,928,435 $5,110,549 In bringing order into
$4,928,435 $5,110,549
the affairs
x Land, $217,400; plant and buildings, $803,416; machinery and equip- and affiliated companies, and that of the corporation and its subsidiary
within a short time measures toward
ment. 31.814,774; total. $2,835.590; less depreciation, $566,088. y Repre- a reorganization will take place."
ented by 135,000 shares of no par value.
-V. 125. lil• 2678.
The committee states it is anticipated that claims for income taxes
amounted to something over $15,000.000 will ultimately be settled which
for a
comparatively small sum,and that the tax situation is no longer an obstacle
McCrory Stores Corp.
-February Sales.to the reorganization of the company.
1928-Februarv-1927.
Increase.
Increase I 1928-2 Mos.-1927.
The letter also states that most of the important litigation which here$2.867.320
$2,762.521
35.048.254
5245,274
$104,799 I 85,293.518
tofore confronted the company has been satisfactorily disposed of.
-V.126. p. 1364.882.
Among
this litigation was a serious action brought by the minority stockholders
of Turman Oil Co., which might have indefinitely prolonged the receiverMcKeesport Tin Plate Co.
-$1 Dividend.
ship. The committee considers the settlement of this action as favorable
The directors have declared a quarterly dividend of $1 per share on the
outstanding 300.000 shares of common stock, no par value, payable April 2 to the stockholders.
The receivers have proceeded with the prepatation of balance sheets,
to holders of record March 20.-V. 126, p. 728, 588.
a physical valuation of the properties and an inventory as of Dec. 311927,
which it is expected will be ready in about two months.
McLellan Stores Co.
-February Sales.
The committee states that the daily production of the Middle States
-Feb.
1928
-1927.
Increased 1928-2 Mos.-1927
.
Increase. grout) is now about 5,200 barrels, a portion of which is being stored
in
$658,549
$571.387
$85.182131,282,260 51,116.443
3165.817 anticipation of an improvement in the market price.
-V. 125, P. 792.
MAR. 10 1928.1
FINANCIAL CHRONICLE
-Annual Report.
Midland Steel Products Co. 1926.
1925.
1519
-February Sales.
(G. C.) Murphy Co.
Increase.
1928-February-1927. Increased 1928-2 Mos.-1927.
1924.
1927.
364,3611E1.271,087 31.159.542
$111.545
$608,382
$2,603,836 $2,764.292 $4,326.452 52,968.899 3672,743
V.
- 126. p. 882. 260.
128.203
182,522
244,507
-February Sales.
National Belles Hess Co.
$2,848.343 $2,946,814 $4,454.654 $2,968,899
Total
Increase.
Increased 1928-2 Mos.-1927.
245.429
505,062
243.329
-1927.
-Feb.
1928
87.353
Interest, disc.. &c
$44,682,607
3444.280
272.347 2,625.775
8307,815 1$5,126,887
394.959
32.317.960
270.349
276.099
prof. sharing
Employees'
373.642 -V. 126, p. 1051, 882.
404.860
419,525
428.015
Depreciation
270.000
425.000
265.000
280.000
Federaktaxes(est.)
-Annual Report.
National Lead Co.
1924.
1925.
1926.
1927.
Calendar Years$1,776,875 $1.748.612 $2,724.773 $1.807.481
Net income
916.994 xNet earnings
915,411
$4.929.397 $9,004,567 $4,633.352 $4.454.979
1,162.686 1,160 702
dividends
Preferred
1,705.732
1,705.732 1.705.732
12 2-3% Class A pref. divs
1,705.732
11%
12%
12%
Rate
250,000 Class B pref. diva
464.746
266.000
297.500
296.000
Common dividends
1.652.432 1.652.432
1,652.432
$5.00 Common dividends
$5.32
1,574,974
$5.95
$5.92
Rate
$640,487
$290,410 $1,543,362
31.183.943 85.646.403 51,275.188 31.096.815
Balance. surplus
$318,189
Balance, surplus
$13.245,290 $32,716,746 827,070.343 $25,795.154
The net profit of $1,776,875 in 1927 is equivalent under the participating Profit & loss surplus
Provisions of the shares, to $14.61 a share earned on 96,930 shares of pre- No. of common shs. out206,554
206,554
206,554
309,831
standing (par 8100)
ferred stock and $7.20 a share on 50.000 shares of no par common stock, and
$13.31
314.17
$35.34
$10.25
compares with $1,748.611 or $14.38 a share on preferred and $7.09 a share Earnings per share
x After deducting expenses, taxes, reserves, &c.
on common in 1926.
Balance Sheet Dec. 31.
Sheet Dec. 31.
Consolidated Balance
1927.
1926.
1927.
1924.
1926.
1925.
1926.
1927.
Assets$
5
Assets$440,182.557 $40.666.777 $40.268,740 $41.583.253
aPlant investment
Land, mach., &e__ 5,274,717 5,199,173 Preferred stock... 9,693,000 9,693,000 Other investments
16.156,521 14.959.184 12.272.113 10.846.684
5.000
5.000
e Good-will&patents 1,675.000 1,675,000 Common stock_x_
17,255.549 16.424.252 17,655.426 18.483.875
437.188 Inventories
64.046 Accounts payable_ 972,909
78.745
Cash
5,831.865 5,625.059 4.631.005 5.288.6%
346.816 Cash
Govt.securities.... 5.097.178 4,857,785 Accrued accounts_ 363.464
22.531,708 23,931.834 20,764.268 18,559.107
Accounts receivable
241.721 Notes receivable
288.804
919,843 Reserves
500.001
340.001
Notes & accts. reo.y1,072.296
201.279
257.210
135,307
972.520 Capital surplus_ _ _ 135,306
1,474.600
Inventories
206.101 Profit & loss Burp_ 3,563,068 3,224.995
171.165
Other assets
$102.215.4105101.808,385 $95.931.553 395.261.576
Total
189,557
Deferred charges- 177.852
Liabilities
$24,367.600 524,367.600 524,367.600 324.367.600
15,021,554 14,084,026 Class A pref. stock
Total
15,021,554 14,084,026
Total
10.327,700
Class B preferred
x Represented by 50,000 no par shares, declared value. y After deduct- Common stock
30.983,100 20,655,400 20.655.400 20.655.400
ing $166,963 allowance for doubtful notes. discounts, accounts and allow- Sub, company bonds._ 5,171,000 6,517.000 6.916,000 7,318.000
3,189,927
-V. 125. p. 3357.
ances.
4,228.480 3.814.237 3,492.592
Insurance reserves
283.187
315.460
347.035
349,903
-Bonds Employees' liabil. res've 1.000.000 1.000.000 1.000.000 1,000.000
Monmouth Title & Mortgage Guaranty Co..
Metal reserve
2,500.000 2.500.000 2.500.000 2,500.000
-A. B. Leach & Co., Inc., and Charles C. Hood & Plant reserve
Offered.
1.500,000
1.500,000
1,500.000
1.500,000
reserve
Co. are offering $2,000,000 1st mtge. collateral 53.4% gold Promotion payable
154.915
Dividends
4,135.994 4,153,227 3.663.198 3.663.199
bonds, series A, at 99 and int., to yield over 5%%. The Tax reserve
4.251.428 4,237,140 4.450.960 4.989.109
Accounts
bonds are dated Feb. 1 1928 and are due Feb. 11938. They Surplus payable
13,245.290 32.716,746 27.070.343 25.795.154
Calendar YearsOperating profit
Other income
are, in the opinion of counsel, legal investments for trust
3102,215,4103101.808.385 595.931.553 395.261.576
Total
funds in the State of New Jersey, and will not be taxable
a After depreciation and depletion amounting to 320,967.274.-V. 125.
there. See also V. 126, p. 1364.
p. 3209.
-Balance Sheet Dec. 31.Monomac Spinning Co.
-Balance Sheet Dec. 31National Shirt Shops, Inc.
1927.
1926.
Liabilities1926.
1927.
Assets$5,000.000 $5,000,000
5272.576 $120.869 Capital stock
Cash
157,887
849.400 Accts & notes pay. 417.974
Accts. receivable 1,037 865
10,239
8,774
1,254,937 1,210.975 Accrued items
Inventories
1,100,051 1,100.051
57,249 Depreciation
Prepd.ins.,tax..&c. 46,877
44,546
Federal taxes
Land and bldga.,
225.852
64,737
mach'y & power 4.141,860 4,137,412 Surplus
1926.
1927.
Lb bUllies1927.
1926.
Assets
Preferred stock-- 5750.000 $574.500
Fern. dr fixtures
232.450
(less reserve)--- $201.026 $205,669 Common stock__ 250.000
23,992
27.381
333,051
229.240 Acels payable...
Cash
30.21$
31,060
425.788
339.409 Reserve for tuxes_
Merchandise
1,137
1.137
receivable_ _
5,567 Rents rec., prep'd.
12.076
Acc'ts
295,527
75 •
85 Undivided surplus 306,072
Spec. ids. & deo&
250,000
250.000
86,754.118 $6.375.995 Deferred expense& 137,024
$6,754,118 26.375.995 Total
Total
123.373
5,904
3,260
-V. 124, p. 1521.
Insurance policies..
Total(each side) $1,365,651 $1,157,819
706
1,237
Labelstock
Sheet Dec. 31.- - 124. p. 2602.
Morse Twist Drill & Machine Co.-Bal.
V
1926.
1927.
1926.
1927.
Assets-February Sales.
National Tea Co., Chicago.
52,000.000 82.000.000
Capital stock
Land. buildings &
Increase.
250,000
325.000
Increase. I 1928-2 Mos.-1927
-1927
22.051,415 $2.092,861 Notes payable. _
rnaehlnery
-Feb.
1928
10.920 $6,222,337 34.412.544 81,809.793 312,341.669 38.976.356 $33,365,313
10.282
Accounts payable_
Mdse., niateriat &
876.995
911.237 -V. 126. p. 882. 261.
stock in process_ 1,355,623 1,482.716 Res for depree
45.622
39.020
Other reserves......
Cash. notes and
636.860
-Earnings.
600,062
Neild Manufacturing Corp.
354,062 Surplus
accts. receivable 370,221
The company reports for the year ended Dec. 31 1927, gross earnings
53.777.259 23,929,639 before depreciation of 8205,000. During the year the company paid divi23,777,259 53,929.639 Total
Total
-V. 124, p. 3362.
dends totaling $144.000 or at the annual rate of 12% on the capital stock.
Balance Sheet Dec. 31
-To Invest Capital.
Motion Picture Capital Corp.
1926.
1927.
Liabilities1927.
1926.
Assets-The stockholders at the annual meeting on Mar.8 approved the proposal Land.bldga.&mach$1,685.149 $1,673.321 Capital atock
81.200 000 $1.200.00G
of the directors to authorize the board in their discretion to restrict or
91.840
496.770 Accounts payable.. 126.453
lending of money to motion picture producers, and Mfg. & mdse rec. 471.039
entirely discontinue the
Profit & loss, de& accts.
to Invest the corporate funds, including capital, surplus and moneys which CashInvestments- 577.183
468,566
precia'n & taxes 1.407.818 1.346.818
&
may be borrowed by the corporation, in high grade stocks and other corporate securities. A reduction in the number of directors also was approved.
82.734.272 52,638,658
52.734,272 22,638,658 Total
Total
-V.126, p. 1364.
V.
- 125. p. 531.
Inc.-Defera Class A Dividends.
Moto Meter Co.,
--Sales.
Neisner Bros., Inc., Rochester, N. Y.
The directors have decided to defer the regular quarterly dividend of 90
I 1928-2 Mos.-1927. Increase.
Increase.
-1927.
1928-Feb.
cents per share clue Apr. 1 on the outstanding 200,000 shares of $3.60
5141.315
8687,110
379.97513828.426
$358,485
cumul. and panic. class A stock, no par value. This rate had been paid $438,460
since and including Oct. 11925.
V.
- 126. p 1052. 882.
The company issued the following statement: "Bus.nes.s for 1927 was
-February Sales.(J..1.) Newberry Co.
far under normal and as there are 3 yearly payments of $250.000 to be
Increase.
.
increase. I 1928-2 MOs
.-l927
.
made on company's purchase of the National Gauge & Equipment Co., 1928-Februo nt---1927
$621,947
8346.901 I 31,837,485 31,215,511
5630.582
of La Crosse, Wls., It Is deemed advisable to omit the present dividend to $977,483
conserve resources against these payments. The National Gauge & Equip- - 126.p. 883.261.
V.
ment Co. is running at full capacity on contracts for many of the leading
-Annual Report.New England Southern Mills.
car manufacturers.
1924.
1925
1927.
1926.
Calindar Years"The combined profits of the Moto,Meter Co., Inc., and.its subsidiary,
89,947.244 812.249,399 519.067.086 815,588.471
the National Gauge & Equipment Co., for 1927. after payment of National Gross sales
8,693.702 11,723.046 17,230.395 14,810.403
Gauge preferred dividend requirements, are estimated to be $742.000." Cost of sales. &c
384.189
512.406
467.054
465.821
-V. 125, p. 3209.
Res. for depreciation__ 5.900
34 840
Income taxes
-Earnings.
Motor Products Corporation.
887.182
941,745 1,022.699
875.286
Int. charges
1027.
1926.
Calendar YearsInventory write down_
276.300
$482,290 Prop. of open prof. accr.
4575.879
Profits for year
63.987
38,750
54.817
Prov.for Fed'I & Canadian Inc. taxes
Cr.126,073
on min.stk. notowned
12,965
Other charges
$418.303
3575.879
Net income
stock
153.070
114,803
Dividends on preferred
Congo]. loss
3100.531 31.032,672 sur.$211.928 5537.953
260.812
195.609
Dividends on common stock
Consolidated Balance Sheet Dec. 31.
1927.
1927.
1926:
1926.
$161,997
8171.878
Balance. surplus
Assets$
$
Liabilities
x Before making provision for United States and Canadian income taxes.
.
Plant account_ _20.875.358 23.247,526 Prior pref. stock__ 4.000.noe 4.000.000
-Nr. 125. p. 2156.
.000 000 5.000 000
763,731 1,026,713 Preferred stock.... 5
Cash
Accounts roe
974,544 1,186.355 Stark Mills p1. stk- 3,000.000 3.000.000
-Earnings.
National Acme Co. Cleveland, Ohio.,
Inventories
3,473,509 1,776,633 Due Draper Corp. 208.479
1926.
1927.
1925.
1924.
Calendar Year211,740 10-yr. 7% notes-- 3.244.000 3.244.000
$6,534.174 $7,635.448 $9,217,893 $7,300.403 Cosmos stock-.
Net sales
6.382.902 7.467.198 6.489.586 Chicova Nat.Bank
.643.000 3,676,000
10-yr.7% see.notes 3
Cost of goods sold, &c-- 5,390.811
stock
775.500
736.267
80.000
80.000 Stark M Ills6% put.
793.222
914,746
Admin.. sales, &c.. exp..
1.075,700
money obliga'ns
Mlscell. Inveerts_
38.823
38.823
303,402
238,950
404.116
563418
Other deductions
Prepaid int. & ins- 177,413
138,872 Notes payable__ 6,762,650 5,140.300
482.723
-W. Mills.
3173,644
Acc'ta payable, &c 366,510
8553.357 loss$667.347 Mt. V.
$168,146
Balance
34.078
500,000 Reserve for Federal
33.931
Inc.. stock
20.045
40.698
Other income
283,809
254,257
taxes, &c
Note discount...... 215,544
Res. for accrued
$207.722
5573,402 10683626.649 Good-will brands,
$202,077
Net profit
29.762
394,120
trade-marks, &e1
int.. &c
1
Shares capital stock out33,911
12,554 Res. for cotton_
500,000
500.000
500,000
500,000 Suspense accountstanding (par $10)--2,203.332
$0.41
$0.41
$1.15
Reserve for deprecNil
Earned per share
332,346
def53,749
Total (each 8154)26,598.923 28,473.473 Surplus
Balance Sheet December 31.
-The company has 203.043 no par shares common stock outNOTE.
1927.
1926.
1927.
1926.
standing.
-V.125.p. 1986.
Liabilities$
$
$
AssetsCapital stock
5,000,000 5,000.000
Land bldgs.. mach..
-Annual Report.
New Jersey Bankers Securities Co.
2,500.000 2,840,000
24,210.385 4,445,114 Funded debt
&a
104.396
124.499 The condensed balance sheet of the company as of Jan. 31
Pats. & goodwill 2.000.001 2,000,001 Accts. payable
17,484 Accrued accts.-- 178.629
20,458
196.836 1928 will be found in the advertising pages of this issue.
Cash
16,128
570.095 Contingent reserve
8,115
Certificates of dep. 370,000
3,447,983 3.375,510 -V. 125, p. 3358.
765,856
Accts. & notes roe. 812.855 3,351,791 Surplus
3,439,621
Inventories
Newmarket Manufacturing Co.
337,999
-Report.
169,265
Other assets
56.620
Year EndedDec. 31 '27. Jon. 1 '27. Jan. 2 '26.
Deferred assets_ __ 224,551
Net profit after deprec., taxes and all
11,247,136 11,544,960
$482,531
$209,959 loss385.020
other charges
11,247,138 11,544,960 Total
Total
Dividends paid during the year 1927 aggregated $226,800.
a After depreciation of $1,303.609 -V. 125, p. 2946.
1520
VOL. 126.
FINANCIAL CHRONICLE
Comparative Balance Sheet Dec. 31.
Comparative Balance Sheet.
.
1927.
1926.
LiabilitiesDec. 31'27 Tan. 1'27.
Assets1927.
1926.
Dec.31 '27. Jost. 1 '27.
AssetsLiabilities
83.240 000 82,699.800
Real estate, ma$
Capital stock
$
8,927.560 6,927.560
3,953.182 4,309.323 Capital stock
chinery. exc._ .x$3,132.968 $3,170,056 Notes pa yable__ _ 1,271.175 1,175.000 Plant equip
489.409 Pats.. good-wil_
367,738
l_ .
1
1 Accts.pay lorpurch 553.742
Cash
296,787
327.269 Acceprces payable 346,873
Customers' deps &
156.527 Cash & U. S. govt.
Accounte payable- 235,460
Notes receivable &
credit balance .
35,739
62,043
securities
2.207.286 2,097,909
trade accept'res80.596
158,246 Reserve for Fedi,
Receivables
190,1x7
253,361 Am'. real and per12,423
tax
Accts. receivable.. 1.087,900
927.455
101.848
117.057
2,788,030 3,642.867
2.113.641 2.160,844 Inventories
sonal taxes
Surplus
Inventories
2,581 418 2,066.874
50.000
Other assets
55.078 Res. for canting
247.500
155,401
Deferred charges
38.913
42,781
1.065.335 20392,005
447.455
$7.219,574 $6,691.581 Deferred charges
56.964 Surplus
Total
Investments000
900
x After deducting 81,559.280 reserve for depre ation.-V. 125. P. 1591.
Total
9,831,524 10,415.404
9,831,524 10,416,404
Total
- 126. P• 8 3.
V.
8
-Rights to Expire Apr.24.
Newmont Mining Corp.
The stockholders are being notified that they are entitled to purchase
(David) Pender Grocery Co.
-February Sales.
from the company, capital stock of the Hudson Bay Mining & Sinelpng
Month of February
Increase.
1927.
1928.
Co.. Ltd., on the basis of one share of the latter company's stock for each
$152,725
$892,163
$1.044,889
two shares of Newmont corporation stock, at a price of $15 per share. The Sales
Fergus Reid of Norfolk, Vie., and Harry M. illiams Jr. er New York have
rights, which accrue to stockholders of record March 31 next, will expire
been added to the board of directors.
-V. 126. p. 730, 117.
on April 24 1928.-V. 126. p. 1210.
-7'o Increase Stock:
New York Air Brake Co.
The stockholders will shortly vote on increasing the authorized common
stock, no par value.from 300,000 shares (all outstanding) to 500.000 shares.
-V. 125. p. 1986.
New York Realty & Improvement Co., Inc.-Registrar.The Chatham Phenix National Bank & Trust Co. has been appointed
registrar of 50.1100 shares of pref. stock. par $100 and 100,000 shares o
common stock, no par value.
-Earnings.
-Nonquitt Spinning Co.
1927.
1926.
1.566.797
1,347.347
$1.146.000 $1.511.686
16,886 loss192,345
Calendar YearsGoods sold (lbs.)
Value of goods sold
Net profit
Balance Sheet Dec. 31.
Liabilities1927. ' 1926.
Assets1926.
1927.
Plant. mach'y, &c.65.874.203 $5,874.203 Capital stock --84.800.000 $4,800,000
3.813
450.756 Accounts payable_
Inventories
317.350
123,000 Reserve for depree 1.660.397 1.660.397
Investments
123.000
921,965
129,602 Surplus
960,274
Accts receivable
103.518
804.802
Cash
1.006.443
Total
$7.424.514 $7,382,363
-V. 124, p. 1523.
Total
87,424,514 $7,382,363
North American Cement Corp.-rEarnings.-Calendar YearsNet sales
Cost of sales
1926.
86.095,888
3.827,906
1925.
$6.154,584
3.331.993
Gross profit
Selling and other expense
Irverest and amortiz. on bonds
Depreciation and depletion
Federal taxes
$2.239.682 $2,267.982
843.498
776.02/
563.669
605.460
477.502
36.810
$2,822.591
838.406
40.083
442,065
$190.225 81,014.459 $1,502,037
37.659
50.687
68,453
Net earnings
r3227.664 x$1,082,912 x$1,552.724
x Before interest and Federal taxes. y Before deducting dividends of
$270.375 on the preferred stock.
-V. 125. p. 2821.
North German Lloyd (Steamship Co.).
-8% Div.
The directors propose to declare an 8% dividend on the common and
preferred stocks at the annual general meeting to be held Mar. 26. In
June 1927 the company paid 6% on both the common and preferred for the
year 1926.-V. 125. p. 2679.
100 North La Salle Street Building (Lawyers Building
Corp.), Chicago.
-Bonds Offered.
-Peabody, Houghteling
& Co. and Leigh t & Co., Chicago, are offering at par and int.
$1,500,000 1st mtge. leasehold 6% serial gold bonds.
Dated Jan. 10 1928: due serially 1932 to 1943. Principal and int.
(F. & A.) payable at National Bank of the Republic. Chicago, trustee.
Denom. $1.000. $500 and $100 cs. Callable before maturity on any int.
date upon 60 days' notice at 102 and int. prior to and including Feb. 11935;
thereafter and on or before Feb. 1 1942 at 101 and Int. Callable at lot) and
int. on 60 days' notice after Feb. 1 1942. Interest payable without deduction for normal Federal income tax not in excess of 2%, and certain State
taxes refunded. The trust deed securing the bonds hereby offered also
secures an issue of subordinated first mortgage bonds totaling $100,000.
together with an issue of general,mortgage bonds totaling 8200.000, Both
subordinated first mortgage bonds and general mortgage bonds have been
completely subordinated to the bonds now offered.
Data from Letter of Charles L.Schwerin,President of the Corporation.
Security.
-Bonds will be the direct ooligation of the corporation and will
be secured by a closed first mortgage on the leasehold estate and the 25
story and basement all steel fire proof constructed store and office building
now being erected at 100 North La Salle St. (northwest corner La Salle
and Washington Sts.), Chicago. The land, fronting 96.6 feet on La Salle
St. and 91.2 ft. on Washington St. to a 10-foot alley, is leased until Apr. 30
2027. The leasehold estate and building when completed and at normal
occupancy have been appraised by Win. H. Babcock & Sons, Chicago, at
$2.505.000. and by Frederick S. Oliver of Oliver & Co., Chicago, at $2.667.341. These bonds on the basis of the average of these appraisals represent
approximately a 58% loan.
Earnings.
-Net annual earnings with the building at normal occupancy.
based on a conservative rental schedule and after deducting ground rental,
vacancies, maintenance, operation, insurance and real estate taxes, are
estimated by Win. H. Babcock & Sons. Chicago. at $221,050, and by Frederick S. Oliver of Oliver & Co., Chicago, at $287,427. The net income,
based upon the average of these two estimates, is over 2% times the maximum annual interest charges on these bonds.
Ownership and Management.
-The building will be owned by the Lawyers
Building Corp., of which Charles L. Schwerin is President. The Buildings
Development Co. of Chicago will control and manage the property.
Pacific Investing Corp.-Pref. Stock Sold.-Blyth, Witter & Co. have placed privately with investors $6,000,000
6% cumulative first preferred stock. The company t organized in April 1927, functions as an investment trust, its business being confined to the investment and reinvestment of its
resources in domestic and foreign securities. See also V.126,
p. 1053.
Peerless Motor Car Corp.
-Annual Report.
Calendar YearsNet sales
Cost of sales
Depreciation
Net profit
Other income
1927.
1926.
1925.
1924.
$14.049,996 $19.301,302 $17,352.540 $15,491,596
12,125.798 15,522.573 14.399.643 12,867.984
161,750
180.802
195.024
200,775
$1,762,449 $3,597,926 82,757,872 $2,422,837
84,912
93,326
223.915
126.561
Total income
$1,855,775 $3.682,839 $2,981,787 $2,549,398
Sell.,gen.& adm.exp.,&c. 2.226.871
2,630,656
2,743.767
3,389,109
Int. & miscell. deduc'ns_
22,138
132,299
94,699
111.216
Extraordinary charges
332,500
759,768
Dividends
(2%)228.589
Balance
1055$725,734 sur$919,884 sur$126,804df$1,922,767
Shares of capital stock
outstanding (par $50)258.589
258,589
228.589
228 589
Nil
wil
Earns.per sh. on com
$3.56
$0.55
(J. C.) Penney Co., Inc.
-February Sales.-
1928-Peb.-1927.
increasei 1928--2 Mos-1927.
rnrrease.
$8,606.407 $7,490.834 $1.515,573 I $16,635,354 $13.821,494 $2.813.860
- 126. p. 730. 590.
V.
Peoples Drug Stores, Inc.
-Sales.
19'28-Feb.
-1927
Increase.' 1928-2 Mos.-1927.
8749.939
8588.284
- 126. p. 883. 117.
V.
$161,6541$1,434.365
$1.172.415
Increase.
$270.950
Petroleum Conversion Corp.
-Stock Offered.
-Lynch &
Co., New York,are offering 100,000 shares of capital stook at
$6.75 per share. The stock is offered as a speculation.
The corporation was organized in 1926 in Delaware to acquire, perfect
and operate certain patents and properties for manufacturing a superior
anti-knock motor fuel under improved conditions. The first producing
unit plant at Texas City, Tex., Is operating.
It. is not the present plan of the corporation to engage in either extensive
commercial refining or selling of gasoline, but to lease its patents on a
royalty basis to oil refiners. The company's process is covered by baste
oerm any 44 countries, including United States. England, France and
patents in
.
The directors include George B. Agnew, N. Y. City: H. W. 13earchileit
Y.
City. Texas: James C. Be nett, N. Y City: J. Harry Mull: Waiter
Peirson. Philadelphia, Pa.: James R. Sanderson. Grand Rapids, Mich.;
and William P. Sargent, Barrington, R. I.
Texas
1927.
$5.916,073
3.676.391
Net profit
Miscellaneous earnings
Penmans Ltd.
-Changes in Personnel.
R. it. Merrice has been elected President succeeding Sir Charles Gordon.
who has been elected Chairman of the Board, a newly created office. J. N.
Laing has been elected Vice-President.
-V.124, P• 3 8l•
0
Philadelphia & Reading Coal & Iron Corp.
-Definitive Certificates.
The Philadelphia Stock Exchange has been notified by the Reading Co.
that final notice has been riven to holders of certificates of Interest in shares
of the Philadelphia & Reading Coal & Iron Corp.. advising of the expiration
on April 1 1926. of the time for the exchange of the certificates of interest
for definitive shares of the Coal corporation.
-V. 125. p. 3211.
Phillips-Jones Corp.
-New Director.
-V. 126. P.
Seymour J. Phillips succeeds Frank Phillips as a director.
1210. 1053.
Pierce Governor Co. (Ind.).
-Initial Dividend.
The directors have declared an initial quarterly dividend of 3714c. per
share on ar. 15
m the common stock, no par value, payable Apr. 1 to holders of
The Empire Trust Co. has been appointed transfer agent and the New
-Vol. 126. P• 1053.
York Trust Co. as registrar of the common stock.
-Sales.
Piggly Wiggly Western States Co.(Del.).
1928-2 Mos.-1927. Increase.
1928-Feb.
-1927. Increase.
8409,072
$1,952.416
81.158.557
$061.565
-V. 126 p. 883. 262.
$177,1921$2,361,488
-Acquires Patents.
Pines Winterfront Co.(of Del.).
The company has acquired the controlling interest in the Detroit Motor
Appliance Co. which holds patents for the built-in type of radiator shutters
In use on Cadillac. Lincoln, La Salle, Hudson, Ilinamobile and Oldsmobile
Eight. The acquisition of these patents gives the Pines Winterfront Co.
control of all patents on built-in mechanical or manual radiator shutters.
Funds necessary for the purchase were obtained from the company's surplus,
It is announced.
The Central Union Trust Co. of New York has been appointed registrar
-V.125, p.
of 50,000 shares of class A and 50,000 shares of class B stock.
3212.
-Obituary.
Pittsburgh Plate Glass Co.
President Charles W.Brown died at Pittsburgh. Pa.,on Mar.6.-V. 126.
P. 1366.
-Shipments.
Prairie Pipe Line Co.
Period End. Febrrigro.- -1928-Month-1927. -1928-2 Mos.-I927
5,394,759 10,401.332 10,245,551
Shipm'ts crud. oll(bblsj 5,006,573
-V. 126. p. 1054. 262.
-Earnings Increase.
Public Utilities Consolidated Corp.
Commenting on the January earnings of the corporation. R. Joel Andrus,
Pres., states: "Grass earnings for the 12 months ending Jan. 31 were
increase
in 1927.
$1.013.330 as against $958.179.53 for the same period expenses an
and taxes
of $55.151 or 5.76%. Operating, administrative
Increased 4.94%. The net earnings for the 12 months' period ending
Jan. 31 showed an increase of 7.03%. the total for the month being
$399.125.'
operating utilities
The corporation is the investment company owning and
-V. 126. p. 1198.
properties under W. B. Foshay Co. management.
Pure Food Stores Ltd.-Offer Expires March 21.-
and
'
The offer recently made to the common stockholders of this company
Consolidated
of Arnold Bros., Ltd., to exchange their shares for stock of the be made at
Deposits should
Food Products. Ltd., will expire on Mar. 21.
For details of
the Montreal Trust Co., Montreal, or Toronto, Canada.
offer see V. 126. p. 1367.
-To Retire Class A and Pref. Stks
Purity Bakeries Corp.
outstnading
The company has called for payment on Apr. 11 all of the
stock at 110 and dive.
class A stock at 65 and dive. and the 7% cumul. pref. Irving Trust Co.. 60
Exchange
Payment will be made at the American
Broadway, N. Y. City.
registrar
The Central Union Trust Co. of New York has been appointed
-V. 126, p. 1367.
for class A stock.
-National
-Bonds Offered.
Realty Foundation, Inc.
American Securities Co.(Inc.), New York are offering at 101
and int, to yield about 5.85%, $1,000,000, guaranteed
participating 6% gold bonds, series "B." Unconditionally
guaranteed as to principal and interest by endorsement by
General Surety Co.
payable (F. & A.) at
Dated Feb. 1 1928, due Feb. 1 1938. Interest
85000.
Bank of the Manhattan Co., trustee, New York. Denom.$1.0130 and up to
int.
Red. as a whole on any int, date upon 30 days' notice at 105 and
yi
and incl. Feb. 1 1929. and thereafter with said premium decreased by
of 1% each year. Interest payable without deduction for any Federal
income tax up to 2% per annum which the company or trustee may be
required or permitted to pay thereon. Company will reimburse, upon
application within 60 days after payment, all taxes of any State or Commonwealth of the United States or of the District of Columbia, which
resident holders may be obliged or have the option to pay by reason of
ownership of these bonds, not in excess of 5X mills per dollar of the prin-
MAR. 10 1928.]
FINANCIAL CHRONICLE
1521
interest thereon without deduction for the normal Federal income tax up to 2%. Exempt
dpal amount of the bonds and not exceeding 6% of the Mass., as pro- from Calif. personal property tax.
under any present or future law of the Commonwealth of
Approval.-Thla loan has been approved by Edward J. Hanna, DD.,
vided In the trust indenture.
Foundation,Inc. Archbishop of the Archdiocese of San Francisco.
Data from Letter of Louis Gold,President of Realty
Historu.-St. Mary's College of Oakland, Calif., was founded in 1863
York, Dec. 1925. for the purpose of conSchools, an order
Campana.-Incorp. in New
Is engaged in the and was incorp. In 1892 by the Brothers of the Christian
tinuing an organization previously established, and mortgages, and is a of the Roman Catholic Church. This order, consisting to-day of over
real estate
business of buying, selling and Investing InAmerican Co. Haskins & Sells 20,000 teaching Brothers, is one of the largest in the church. Founded at
wholly owned subaldiary of the National
1680, the order now operates schools and
of Dec. 31 1927. was in excess of Rheims Cathedral in France in
certify the company's net worth as charges includIn t Federal taxes, for colleges in nearly every part of the world.
13.000.000 and net earnings, after all
-Bonds will be soecifically secured by a first mortgage on the
Security.
per annum.
are the lowest
the 2 years ended Dec. 31 1927, averaged over $700.000
are uncon- following real property and improvements. Figures given
Sectiraa.-These lends, a direct obligation of Company, secured by of several appraisals:
ditionally guaranteed by the General Surety Co.. and are properties 400.215 acres In aloraga Valley. Contra Costa County, the site
12.52.600
pledge with the trustee of CI a group of real estate mortgages on together
of the new college
1,636,116
In and adjacent to N. Y. City of an aggregate face value which, principal Buildings and Improvements at Morns (at cost)
the
308.000
with any cash substituted therefor, must at all times equal pledge value, 245.19 acres near San Leandro
90.200
amount or outstanding bonds, and (2) securities equal in the principal 11.52 acres in the cities of Berkeley and Albany
350.000
determined as provided In the trust indenture, to 20% of
Improvements on Berkeley property
63.000
amount of outstanding bonds.
acres in San Mateo County..
Character cf Seeurtig.-The trust indenture further provides that all 111.68
a
12.699.916
mortaages pledged shall be secured by real property located withinor radius
valise of pledged property
Total
before
of 150 miles from the City Hall of N. Y. City, and shall mature on property
In addition to the above and some small holdings of real estate not speowns a $600.000
the maturity of this issue of bonds: that the value of the real
or the cifically mortgaged under this issue, St. Mary's College
covered by each such mortgage shall be equal to at least 125% If any, note due June 1 1929, which they have taken in part payment for the old
principal amount of the mortgage, plus the amount of prior liens.
has been sold. It is the
by appraisers ap- college property on Broadway In Oakland. which they agree to apnly the
affecting such property as said values are determined
Intention of the college to liquidate this note and
proved by the guarantor; that the securities designated In the trust in- money received therefrom either for the retirement of bonds or for the condenture as "participation securities" shall have an available market In the struction of improvements to the new college property in Moraga. They
than
San Mateo
City of Now York and shall be diversified so as not to include more
plan eventually to sell the properties near San Leandro and in
10% of the total investment in any one security and not more than 20% County and to use the proceeds of these sates in like manner.
In any one industry, except in the case of railroads and public utilities.
Mary's College also owns equities worth over $500.000 In the propSt.
An analysis of the collateral securing these bonds shows that the appraised
used by the Christian Brothers' High School at Sacramento and by
value of the real estate covered by the pledged mortgages. plus the orizInal erty Salle Institute in Martinez. Upon completion of imnrovements to
pledge value of the participation securities, affords a total security equiva- de la
property at Moraga, the total assets of St. Mary's College, including
lent to $1,450 for each $1.000 bond, and because these mortga get mature the
pronerty specifically pledged to secure this isAlle and other resources and
on or before the maturity of the bonds, the bonds should to self-liquidatIn r. equities, will have a total value in excess of 53,800.000.
Income and Profit Participation.-Company, under the provisions of the
-Proceeds of this issue together with other funds, will be used
Purpose.
trust indenture, has deposited with the trustee the securities listed below.
complete the new college buildings now in the course of construction at
(all common stocks with the one exception of Great Northern preferred) to
Moraga, which should be ready for occupancy Sept. 1 1928.Ideally suited
known as "participation securities," having a total pledge value of $200.000,
-The site of the new college In Moran, Valley La
General.
being the cost thereof to the company on Feb. 29 1928, including brokerage for the purposes for which It will be used. Sufficient land is available to
commissions:
provide for the requirements of a growing college. The improvements now
Shares.
Shares.
under way will include in addition to the dormitory and class rooms, which
85 B. F.Goodrich Co.
15 Bank of the Manhattan Co.
artificial lake to be used for water
25 E. I. duPont de Nemours & Co. will accommodate 1.000 students, an
5 Hanover National Bank.
The enrollsports and irrigation, as well as a modern athletic stadium.collegiate de75 Westinghouse El, & Mfg Co.
100 Pennsylvania
of St. Mary's College at the present time is 540 In its is conducted
ment
60 General Electric Co.
75 Great Northern Ry. Co.
department, which
partment and 420 In the preparatory school
30 International Harvester Co.
50 Southern Ry. Co.
on the Berkeley property.
50 United States Steel Corp.
55 N. Y.. Chic.& St. L. RR.
135 Texas Co.
150 Missouri Pacific P.R.
-Common Stock 011ered.-E. F. Gillespie
Safe-T-Stat Co.
50 Vacuum 011 Co.
40 American Tel. & Tel. Co.
85 Kennecott Copper Corp.
& Co., Inc., New York,are offering 55,000 shares of common
50 International Tel. & Tel. Corp.
45 Otis Elevator Co.
75 Columbia Gas & Elect. Corp.
stock at $17.50 per share.
150 Southern California Edison Co. 130 F. & W. Grand 5-10-25 Cent
Stores. Inc.
Registrar: American Exchange Irving Trust Co. Transfer agent: Central
/10 Commonwealth Power Corp.
100 Fleischmann Co.
Union Trust Co.
Improvement Co
60 United Gas
Inc.
Authorized. OlUsternding.
60 Postum Co.,
CapitalizationGO Aluminum Co. of Amer
80 American Bank Note Co,
250.000 shs.,s250.000
Common stock (no Dm'value)
completion of purchase of
a Incluaing 30.905 shs, to be issued upon
Distribution of Participation Tund.-When the bonds become due at
maturity or by declaration or otherw se, or are redeemed, the fund created W. G. Nagel Electric Co. stock.
by the sale of the participation secur ties and all dividends and intereet on
Data from Letter of R. Cl. Martin, President of the Company.
and profits and other benefits accrui ig from the investment thereof while
Company.-Incorp. In 1923 for the purpose of manufacturing and selling
outstanding. Is required to be distributed by the trustee the "Safe-T-Stat," a na tented thermo-electric temperature Indicator,
the bonds are
ratably to the bondholders to the extent that such fund exceeds the original particularly adapted for combustion engines. Recent developments In
coat of the participation securities to the company and an amount reserved the automobile trade have created a demand for a complete dashboard
to the company equal to 6% per annum thereon, as more specifically set panel containing an of the needed instruments for installation at the auto-V. 125. p. 3495.
forth in the trust indenture.
mobile factories. To meet this demand, the management of the company
recently arranged for the purchase of all of the stock of the W. G. Nagel
-Annual Report.(Robert) Reis & Co.(& Subs.).
Electric Co. of Toledo, Ohio. The combined comp.tnies own in excess of
1925.
1926.
1924.
1927.
Calendar Years30 patents and are now able to supply a complete electric illy controlled
5
0 16
7 6
$438.149
$13 1 1 dashhoard panel of gauges. The products of the combined companies
$217.270 def196.175
Net profit from ()peens_
35,304
44,575
16.918
list, paid, net received _
consist of patented electrically controlled gasoline and liquid measuring
54.093
8.750
19.117 gauges, electrically controlled heat indicators, ammeters, voltmeters, oil
Federal tax reserve ___hires,
pressure gauges and complete panels for use on automobile.. motorInstru1348,752
1191.602 def1140.750
1115,228
&c. The electrically cantin.It t I liquid me ,auring so 1 belt
Net income
157.500
let pref. diva
ments have numerous Industrial applications as both of these instruments
opc,.ate it any distance desired.
$348.752
$34,102 def$140,750
1115.22g
Balance
The Toledo plant is operating 24 hours a day in three shifts. It is the
Shares of tat pref. outbelief of the management, based upon orders now on hand and pending,
22,500
22.500
22.500 that the gross sales of the combined companies during 1928 will exceed
22.500
standing (par $100)
Nil.
615.50
$8.52
$5.12. 55.000.000.
Earns.per sh.on 1st prof
-The plants of the combined companies are being
Properties & Assets.
Consolidated Balance Sheet Dec. 31.
consolidated at Toledo, Ohio. and consist of a 3-sr,ory manufacturing plant
1927.
1026.
1926. I Lioheiffes1927.
Assetscomplete modern equipment. The balance sheet of the combined
plans. aritaa.., ke _ y$430.475 8446.958 tat pref. stock __-_i2,250,000 82,250,000 with
apprais its, Csmpany
237,973 2nd pref. stock ___
75.000
75,000 companies, after giving effect. to the merger and
172.754
Em pl. stock acct._
per share for the
625.000 shows net assets of $2.253.759 or a book value of over $9 assets, as shown,
352.101 Common stock ___ s625.000
248.922
Cash
common stock. Net current
946.023 Notes payable_ _ __ 452,650
402,800 company's entire authorizel
Accts. & notes rec_ 965,526
are 5363.921 against total liabilities of $118,400.
2,342,1169 Aect+. payable &
Inventories------2,4411.029
Earnings.-Basei on unfilled orders now on hand anti past margins of
accrued accts.. _... 336.315, 481,965
83,065
Deterred charges.- 128,738
profit of the combined companies, the management believes that the net
Dividends payable
39.375
earnings available for dividends during 1928 should be not less than 11,Tax reserves
9,750
stock and that
Surplus
608,426
574.324 250,000 or 15. per share on the entire authorized common
with the economies to be effected through the combined operation and additional orders and prospects, these earnings should be increased.
Total
r4.395.517 $4,409,089
$4,395,517 $4,409,089
Total
-Company has agreed to make application to list this stock on
Listing.
a Represented by 100.000 no par shares. y After depreciation.
Curb Market.
-V. 126. p. 1054. 117.
-V. 126. the New York
Aole.-No item of goodwill has been taken into consideration.
-Dividend'Rate Increased.
p. 1054.
Safeway Stores, Inc.
dividend of $3 a share on
The directors have
-Bonds Offered.
-A n common stock, no par declared a quarterly 1 to holders of record Mar. the
Rhinelander (Wis.) Paper Co.
20.
value, payable Apr.
issue of $800,000 1st mtge. 53'% serial gold bonds, series of From April 1 1927 to Jan. 2 1928 lad., quarterly dividends of $2.50 a share
1928, was recently offered at prices ranging from 100 and were paid on this issue.
4%
The directors also declared the regular quarterly dividend of 1,
int. to 101.35 and int., to yield from 5.05% to5M%,accord- on the preferred stock, payable April 1 to holders of record March 20.V. 126. P. 883, 267.
ing to maturity.
-S.)
Dated Mar. 11928: due serially 1930.to 1937. Principaland int.(M.
-February Sales.
Sanitary Grocery Co., Inc.
Increase.
payable at Wisconnin Valley Trust Co., trustee-, Warman. Whs., without
Increase.' 1928-2 Mos.-1927
-1927
1928-Feb.
deduction for normal Federal income tax up to 2%. Series 1928 bonds are 11,743.312
1835,528
,809 12.585,281
1340,726153,420
51,302.586
part; at the option of
callable for redemption and retirement in whole or inat
par and int, plus a -V. 128. P. 883.263.
days' notice on any int. date,
the company upon 30 each 12 months or fractional part
theerof from the
premium of si of 1% for
-Begins Business.
Seaboard Surety Co.
call date to the fixed maturity of the bonds called, provided that in no event
The company began active business on March 5 at its new home office,
shall the redemption price exceed 102.
80 John.St., N. Y. City, Edwin D. Livingston.is President and Howard M.
Frost is Vice-President and Treasurer. Boyd & Martin, Inc. of New York
Data from Letter of W.E. Brown, President of the- Company..
management
-Organized in lona. A complete pulls. and paper mill was have been appointed general agents. An active part in the Du Bois, of
Company.
of the Seaboard Surety company is being taken by Frank &
built within the city limits of Rhinelander. 7rom an original paki-la New York City, who own Boyd & Martin, Inc. Floyd R. Du Bois is Chairthe company has grown, mainly out of earnings, to Its
capital of $400,000.
of the board of directors of the new company.
present size& over $4,400,000. The plant haa a capacity of 80 tons of sea- man company was licensed in December 1927. Their stock (par 110)
The
l:Mite and 60 tons of paper per 24 hours. Company has specialized In the was offered by Rutter &Co., N.Y. Cke,at$21.85 per share. The financial
glassine and grease-proof papers. The mill
manufacture of high grade
statement as of Dec. 31. 1927 showed: Assets: Bonds, $549;990; case in
property and timber lands of the company have a'net depreciated value office and banks, 11.446,434; accrued interest,. $7.214; total. 12.003%638.
of over $2,500,000. The estimated replacement value of the properties Liabilities: Reserve for bills payable, $2,500: capital stock, 111.000.000:
at the present time is over $4,000,000.
surplus over all liabilities, 11,001,138. The large proportion of cash is due
Authorized. Outstanding
Capitalizationthe sale of stock become
$3,600,000
$3,000.000 to the late date in December when the proceeds of
Common stock
1,250.000
800,000 available,. See V. 125, Et• 3663.
First mortgage bonds
earnings for the past five srears, together with soundly
-The
Earnings.
-Elects New Directors.
SecurityManagement Co.
depreciated earnings estimated as result of improvements. due to this
The following new directors have oeen elected to the board: Protester
financing, after all charges, including depredation and taxes, are as follows: Irving Fisher of Yale 'University, Artemus L. Gates, Vice-President of The
1355,00011927
$488,70311925
1396.191
1923
410,75911928 (esti-- 550.000 New York Trust Co., William- S. Gray, Jr.. Vice-President of the Central
348,50411926
1924
Union Trust Ca.,. Sumner 1. Pike retired from the Board as of Mar. 1.
-v.Ill. IX 2523.
-V. 128, p. 263.
-Bonds Offered.
St. Mary's College of Oakland, Calif.
-A banking
Shaffer Off &[Refining Co.-Yotes Sold.
Dean Witter & Co. and William Cavalier & Co., San Fran- group consisting of H. M. Byllesby and Co., Janney & Co.
cisco, are offering 11,000,000 1st mtge.5% sinking fund gold and Federal Securities Corp., offered March 8 at 983/ and
bonds at 983 and int.
int., to yield 6.35% $10,000,000 6% convertible gold notes.
Dated Jan. 1 1928; due Jan. I 1948. Authorized, $1,500,000. Princiovecsubscribed.
pal and init. (J. & J.) payable at the Central National Bank, Oakland, The issue has been
int,
trustee. Denom. $1,000 and $500. Callable on anyincl. date on 30 days'
Jan. 1 1938: 101
notice at 102 to and.lncl. Jan. 1 1933; 10136 to and
and Incl. July 1 1947. Interest payable
to and incl. Jan. 11943; 100a6 to
Dated Mar, 1 192* due Mar. 1 1933. Int. payable M.& S. in Chicago
and New York. Principal payable at Union- Trust Co. Chicago, trustee.
Denom. $1,000 and $500 c*. Rod, all or part at any time upon 60 days'
1522
FINANCIAL CHRONICLE
[VOL. 126.
notice: until and incl. Mar. 1 1929, at 102,34% and int., the premium
thereafter decreasing 34% for each year or fraction thereof thereafter mortgage, of which there are to be presently outstanding these $2.000.000
bonds, series of 1928, and $1,420,000 bonds, series A. The
elapsed to and incl. Sept. 11932, the notes thereafter being red. at 100%, authorized
additionally
bonds may be issued to refund outstanding series, and for other
and int. Interest payable without deduction for any normal Federal income tax not in excess of 2% which may lawfully be paid at the source. purposes only under the unusually conservative restrictions of the mtge.
Earnings.
-Sales and net earnings for the last 5 years. after depreciation,
Company will agree to refund, upon timely application, Penn. personal
property taxes not in excess of 4 mills per dollar per annum, Conn, personal available for interest, have shown a steady and substantial growth, as folproperty taxes not in excess of 4 mills per dollar per annum, Maryland se- lows:
1927.
1926.
1925.
curities tax not in excess of 4% mills per dollar per annum, and Mass. in1924.
1923.
$6,062,000 26,038,000 $5,188,000 $4,022,000 $3,713,000
come tax not in excess of6% per annum,to holders resident in those States. Sales
Net (after depr.),
Data from Letter of John J. O'Brien, President of the Company.
avail, for int
871.264
824.473 *595.320 *276.30 *240,467
Company.-Incorp. in Delaware May 31 1919. Is a
* Ad usted for municipal contract canceled in 1925.
selfcontained unit of the petroleum industry, embracing fully balanced, own
Such net earnings for 1927 were thus $871.264. equivalent to
within its
organization complete properties and facilities for the production, refining, annual Interest of 2220,300 on all bonds to be ou standing upon 4.30 times
completion
transportation and marketing of its products. Company, through its mar- of present financing. For the 3 years ended the same
earnings
keting organization, has established a substantial business in the retail dis- averaged $763,686 per annum, equivalent to 3.77date such net interest.
times such
tribution of high-grade lubricating and other oils, gasoline, naphtha and These earnings are without giving effect to the value of
other refinery products under its widely-known "Deep Rock" trade- 000.000 of new money provided by present financing. the more than $3,mark and in addition has a large tank car distribution of these products.
Assets.
-Total net tangible assets available for first mortgage bonds.
Company's refinery, having a daily capacity of 10,000 barrels, is located based on audited balance sheet as of Dec. 31 1927, without reappraisals
at Cushing, Okla. In addition, the company owns 4 casinghead gasoline and including proceeds of present financing, amount to 28.682,707, equiva14;ns having a total daily capacity of 21,000 gallons, pipe lines and gather
- lent to more than 23 times total first mortgage bonds. Fixed assets alone,
upon completion of construction program, will amount
pipe line system totaling 376 miles, and 626 tank cars.
to fr-7.039.000,
he company owns or controls oil leases covering 114,488 acres of oil equivalent to more than twice total first mortgage bonds. Bonds are thus
lands in the States of Oklahoma, California, Texas, Kansas, Arkansas, Colo- outstanding at less than 49% of the value of the fixed property pledged.
Current assets are $2,092.047 and current liabilities are $44.8.340, leaving
rado. Louisiana. Montana, New Mexico and Mississippi, of which 11,159
acres are developed and on which a total of 569 producing wells are now in net current assets of 21.643,707. Ratio of current assets to current liabilioperation. Company has a present daily average production in excess of ties thus exceeds 4.6 to 1, while cash and U. S. Government securities
7,500 barrels. Company and its subsidiaries produce approximately alone exceed all liabilities other than funded debt and capital stock. Company has covenanted to pay no cash dividends on its common stock
$7,500,000 gallons of gasoline products annually.
out
Through subsidiaries, company has retail distributing facilities through of earned surplus accumulated prior to Jan. 1 1928.
Sinking Fund.
-Based upon the largest amount of bonds of this series
which were marketed for the 12 mos. ended Dec. 31 1927 approximately
49,500,000 gallons of gasoline and naphtha, 6.700.000 gallons of kerosene. of 1928 at any previous time outstanding, the corporation is to deposit
6,000,000 gallons of domestic heating oil. 2.000.000 gallons of lubricating annually with the trustee a sinking fund as follows: 1931 to 1935, both incl.,
%;1936 to 1940, both incl., 2%; 1941 to 1947, both incl., 2% %. This
oils-largely high grade notor olls-and 3.200.000 gallons of fuel and miscellaneous oils. The principal distributing territory includes the States of Is equivalent on these 22.000.000 of bonds to $700.000 by maturity. This
Illinois, Undiana, Minnesota, Wisconsin, Iowa, Nebraska, Oklahoma. sinking fund is to be used for the retirement of the bonds of the corporation,
or for permanent additions previously made, but not in excess of
Arkansas, North and South Dakota and Michigan, in which are located
50% a
the cost or fair value thereof, whichever is less.
235 bulk stations and 203 service stations.
-V. 125. p. 3498.
Capitalization (Giving Effect to Present Financing).
(Isaac) Silver & Brothers Co., Inc.
2% convertible gold notes, due Mar. 1 1933 (this issue)-210,000,000
-Sales.
1928-Feb.
-1927.
Subsidiary distributing companies' bonds and notes
Increased 1928-2 Mos.-1927.
1.432.115
Increase.
$310.998
Convertible preferred stock,27 cumulative, without par val.
877.31613700,713
50,000 shs. 2388.314
$519,364
$109,349'
Common stock, without par value
580.000 shs. -V. 126. p. 884. 263.
Earnings 12 Months Ended Dec. 31 (Company and Subsidiaries).
Simmons Co.(& Subs.).
--Annual Report.
1925.
1926.
1927.
13 Mos End,
Year End. Nov. 30
Gress earnings
815,297.880 $21,910,697 $16,950,719
Dec. 31 '27.
1926.
1925.
1924.
Oper. exp., maint. & taxes, including
Net sales
235,158,950 $32,141,221 $32,684,279 $31,667.742
deprec. & depletion
12,203,931 17,999.690 14,768,364 Cost ofsales,incl.selling
admin.and adv. exp..- 27,580,384 26.254,159 25,149,517 26,362,078.
Net earnings
$3,093,949 $3,911,007 $2,182,355
Annual int. requirements on total funded debt to be presently
Balance
$7.578,566 $5.887,062 27,534,762 $5,305.664
outstanding, incl. this issue of 210,000.000 6% convertible
Other deductions, &c_ _
231.386
461,543
400.614
1,039,027
gold notes, due Mar. 1 1933
$700.248 Reserve for depreciation 1,259,011
1,216,655
1,241,480
1.110.763
During the three years shown above net earnings, after deducting re- Maint. of properties_ _
773.504
606.002
756.207
serves for depreciation and depletion, averaged $3,062,437 annually, or Res. for Fed., &c., taxes 1,081.504
815,925
956,966
388,400'
over 4.37 times the annual interest requirements on the total funded debt
to be presently outstanding, including this issue of 6% convertible gold
Net income
24,253,164 22.786.937 24,179.495 $2,767,473
notes.
Preferred diva (7%)..
393,170
413,819
437,692
446.974
Purpose.
-Proceeds from the sale of this issue of 210,000,000 6% con- Corn. diva (cash)
2,000,000
2,250,000
1,932,485
902,781
vertible gold notes. due Mar. 1 1933, and from the sale of common stock
Rate
(22)
($2.25)
($2)
(El)
of the company, will be used to retire the company's present outstanding
21,843,709 1st mtge. 6% bonds, due June 11929. 27,500,000 two-year 6%
Balance, surplus
$123,118 $1,809,318 $1,417,718gold notes. due April 15 1928, $4,250.000 6% gold notes due Dee. 31 1931, Previoussurplus(adj.) $1,859,994
3,196,189 3.709,183
3,550.621
2,900,307
and to reimburse the company for expenditures for additions and extensions
heretofore and now being made to its properties, and for other corporate
Total
$5,056,183 83,832,301 25,359,939 $4,318,025
purposes.
Stock div. on corn, stock
(8)1.458,562 (4)701,233
Conversion Prisilege.-Notes may at the option of the holder, be converted
prior to maturity unto common stock, as constituted at the time of conProfit & loss sur.Dec.31
version, on the basis of two shares of the present class of common stock, Shares co. stock out- 25.056.183 $3,832,301 $3.901,377 23,616.793
which is without par value, for each $100 face value of these 6% convertible
standing (no par)____ 1,000,000
1,000,000
1,000,000
911.601
gold notes, with adjustment of accrued interest. Any notes which may be Earned per share
$3.86
$2.37
$3.74
22.54
called for redemption before maturity shall be convertible up to 30 days
Consolidated Balance Sheet.
prior to the rdemption date.
The average annual net earnings of the company and subsidiaries, before
Dee.31 '27. Nov. 30'26.
Dec. 31'27. Nov. 30'26.
Assetsdepreciation and depletion, for the three years ended Dec. 31 1927, after
3
LOUR:les$
$
$
allowing for the annual interest on these 6% convertible gold notes and for Property & plant_25.543.357 24,933,502 Preferred stock
5.802.309,
annual dividend on the convertible preferred stock, were equal to ap- Pats.,goodwill,&c, 1,921.139 1,014,280 Common stork _ _y20,082,065 20.082,065
the
proximately $6 per share on the common stock outstanding giving effect Investments
75,518
213,627 Mortgage bonds_
. _ _ .. .
198.000
821.775
890,760 Accounts payable. 811.396
to the present financing, and after depreciation and depletion were equal Cash
442,859
Accts. & notes rec. 4.727.311 5,881.139, Federal, &c., tax
to approximately $3.50 per share.
5 110 886 4 502 0071 (estimated)
Restrictions on Mortgages & Funded Debt.
892.788
-The trust agreement under Inventories
714,983
328,845 Notes payable_- 2,500.000 1.500.000
which these 6% convertible gold notes will be issued will provide that: Prepaid Maur., &c. 263.940
2.072,022 Res. for depr., &o. 9,131.559 7,935,819
(1) Neither the company nor any subsidiary, as defined in the trust agree- Ralph stock subscr
371,836 Surplus
ment, may create any mortgage on its property or any pledge of Its assets Deferred charges__ 510,065
5,056,183 3.832.301
(except purchase-money mortgages, mortgages then existing on property
Total
38,473,992 90.508,019 Total
hereafter acquired, pledges of current assets to secure loans for not more
38,973,992 40,508,019
y Represented by 1.000,000 shares of no par value.
than 12 months in the ordinary course of business and mortgages or pledges
-V. 126, 1). 427.
to secure inter-company indebtness) without securing these 6% convertible
Sinclair Consolidated Oil Co.
gold notes equally and ratably with the obligations authorized to be issued
-Obituary.
James J. McGraw of Tulsa, Okla., died at Hot Springs, Ark.,on Mar. 3.
under such mortgage or secured by such pledge; and (2) Neither the company nor any such subsidiary may create any additional funded debt, -V. 126,p. 1056.
indebtedness,and as otherwise permitted in the above
except inter-company
Southern Ice & Utilities Co.
provision (1), unless these 6% convertible gold notes shall be secured by
-Distribution of Stock.
mortgage upon the property of the debtor corporation in priority to any
John Nickerson & Co., Inc., are in receipt of a report from
-V. 126, p. 427.
such funded debt.
company which shows a nation-wide distribution of the latter's the above
pref. and
com. stockholders. Investors
-Bonds Offered.
Sheffield Steel Corp.
-Eastman, Dil- foreign countries are holders of in 34 States, the District of Columbia and 2
the $7 pref. stocks,$7 partic pref. stock an&
lon & Co., New York, and Prescott, Wright, Snider Co., its com, stocks series A and B. Holders of these issues number nearly
Kansas City, Mo., are offering $2,000,000 1st mtge.0
,
6% 3,000. company has recently conducted a customer ownership campaign in.
The
the States of Texas, Oklahoma, Arkansas and Louisiana, where its plants
gold bonds, series of 1928, at 100 and int.
Dated Mar. 11928; due Mar. 11948. Red. on or before Mar. 1 1943 on are located.
The company recently reported net earnings for the 12 months ended Dec.
any int, date on 4 weeks' notice at 105 and int., premium decreasing % of
1% each 6 months' thereafter. Interest payable M.& 8. at trustees office 31 1927 of $1.009,474 as against $939,042 for the same period In 1926.
or at Chase National Bank, New York, without deduction for Federal -V. 125, p. 3498.
income tax not in excess of 2%. The following State taxes upon int.
Southern Paper Co.(N. Y.).
-Capitalization Changed.
received are refundable upon proper application: Maryland 4% mills, Pa.
The company has filed a certificate at Albany. N. Y., changing its authand Conn. 4 mills, Minn.3 mills, Kan. and Mich. 5 mills and Maas. income
orized capitalization from 15,000 shares, par $100 (consistino of 7,500 shares
tax not in excess of 6%. New England National Bank & Trust Co. In
of common and 7,500 shares of preferred) to 25,000 shares of no par value.
Kansas City, trustee.
consisting of 10,000 shares of 1st preferred stock, 7,500 shares, of 2d pref.
Capitalization Outstanding upon Completion of Present Financing.
stock, and 7.500 shares of common stock.
-V. 119, p. 590.
First mortgage gold bonds:
Series of 1928. 535%, due Mar. 1 1948 (this issue)
$2,000,000
Spang, Chalfant & Co., Inc.
-Stock Offered.-Dillon,
Series A refunding. 6% %,due each Aug. 1 1928-39
1.420,000
Preferred stock ($100 par), 7% cumulative
2,500.000 Read & Co., Dominick & Dominick, J. H. Holmes & Co.
Common stock (no par value). 75.000 shs. outstanding, repreand Hill, Wright & Frew are offering at 98 and div., to yield
sented by net tangible assets of
2,762,707
6.12%, $2,500,000 6% cumul. pref. (a. & d.) stock.
Data from Letter of W. L. Allen, President of the Company.
Preferred over the common stock as to cumulative dividends at the rate
Company.
-Established in 1888 as Kansas City Bolt & Nut Co., and roincorporated under Delaware laws as Sheffield Steel Corp. in 1925. Bust- of 6% per annum, and as to assets in event of liquidation to the extent of
-J.
ness has had a continuously successful history. In the past five years, $100 a share and accrued dividends. Dividends payable Q. (cumulative
under the present control and management, volume and variety of products from Jan. 11928). Red. as a whole or in part on any div. date on 60 days'
manufactured and sold have been greatly expanded to meet the growing notice at 2110 a share and diva Free of present Pa.4 mill presonal property
tax. Dividends free of present normal Federal Income tax. Registrars,
demands of the rapidly developing Southwest.
Products.
-Properties are situated on about 40 acres of land in east Guaranty Trust Co., New York, and First National Bank, Pittsburgh.
Kansas City. Mo., and consist of 3 open-hearth furnaces, bar iron and rail Transfer agents, Chemical National Bank, New York, and Peoples Savings
re-rolling mill,sheet mill, and bolt, nut and forging works. Products to-day & Trust Co., Pittsburgh.
Capitalization
are the basic open-hearth steel ingot, and various semi-finished and fully
Authorized.
Outstanding.
finished steel and iron products, including billets and rods, blue annealed 1st mtge. 5% sinking fund gold bonds
212.000,000 410,000,000
sheets, merchant and reinforcing bars,railroad spikes,rivets, bolts,nuts and 6% cumul, pref. stock (par $100)
15,000,000
11.750,000
Common stock (without par value)
forging's. To meet the growth in demand for its products, the company
1,000.000 shs. 760,000 shs.
has started construction of a fourth open-hearth furnace, a wire mill, a comx The additional $2,000.000 of authorized bonds are issuable at any time
bination bar and rod mill, a blooming mill, and a re-arrangement and en- without restrictions.
largement of its bolt and nut works.
Company.
-The business of the company, a well known manufacturer
Purpose.
-Proceeds of these $2.000.000 1st mtge. bonds and $1,250.000 of welded tubing, was founded 100 years ago; the present company was inof additional preferred stock (sale of which has been underwritten) will be corporated in 1899 in Pennsylvania. Company has supplemented its proapplied to the construction above mentioned to the extent of $3,000,000 duction of welded tubing by acquiring on Feb. 27 1928 the entire business
and the balance will be added to working capital.
and properties of Standard Seamless Tube Co., the third largest manufacSecurity.
-Bonds are specifically secured by first mortgage on all fixed turer of seamless steel tubing in the United States. With this acquisition,
assets of the company now or hereafter owned, and are the company's the capacity of the company for the production of welded and seamless.
direct and general obligation. Bonds in the amount of 210.000,000. maxi tubing is exceeded by that of only two other companies in the United States.
mum to be outstanding at any one time, are authorized under the first Combined sales in 1927 were in excess of $25,500,000.
pi:
1523
FINANCIAL CHRONICLE
MAR. 10 1928.1
100,000 shares of a total of
The company also acquired on Feb. 27 1928stock of Oil Well Supply Co.
common
375,625 shares now outstanding of theon of company, including: the $2,500,capitalizati
The entire outstanding
in connection
the
00 preferred stock now offered, was issued by and company
the readjustment of its
with the acquisition of assets as above outlined
capital structure.
Seam-Combined annual earnings of company and Standardincome
Earnings.
Dec. 31 1927, exclusive of
less Tube Co. for the three years ended liquidated subsequent to that date,
received from investments and call loans interest (including interest on $10.after all charges. including depreciation, bonds), and Federal income taxes
000,000 1st mtge. 5% sinking fund gold
Price, Waterhouse & Co. as
at 133%. have been certified by Messrs.
follows:
1927.
1926.
1925.
52.599,963
$4,660,130
$3,353,458
as shown above averaged $3,537.850 per
Combined earnings adjusted
-year period, or 5 times the maximum annual dividend reannum for the 3
value of preferred stock now
quirement of $705,000 on .11,750.000 par the year 1927 were more than
outstanding. Such combined earnings for
V. 126,
times such maximum dividend requirement. Compare also
3.6
p. 1056.
-Exchange
Paper Mills, Ltd.
Spanish River Pulp &
Extended.
An extension of time. until March 24. has been granted to the preferred
Power &
shareholders to exchange their stock for the shares of the Abitibi
Paper Co., Ltd. See V. 126, p. 591.
-Year Gen. Mtge. Gold Bonds, Series A.
20
To Retire
-year gen. mtge. gold bonds, series A, dated
All of the outstanding 20
int, at
next
Mar. 1 1921, have been called for payment May 1 -V.at 106 and
126. p. 591.
the Montreal Trust Co.. trustee, Toronto, Canada.
-New Electric Bus.
Twin Coach Co.
-electric bus, resembling a trolley car in
-passenger gas
new type 40
and rear, and the driving
general appearance with vestibules in the front of within the conventional
the body instead
mechanism mounted beneath
hood,is being built at Kent, Ohio, by this corporation.
Gas-electric
The new bus weighs 17,200 pounds without passengers. p. 3084.
-V. 124,
drive, designed by the General Electric Co., is used.
A
-Initial Class"A" Dividend.
Tobacco Co.
Union
per
The directors have declared an initial quarterly dividend of $1.75
of record
share on the cumul. 7% class A stock, payable Apr. 2 to holders
Mar. 15.
J. Whelan
In announcing the declaration of this dividend Pres. George n into this
said: "Sale of Three Castle cigarettes since their introductio
-V. 125. p. 1594.
country last October has been phenomenal."
-Transfer Agent.
Piece Dye Works (N. J.).
United
for the pref.
The Bankers Trust Co. has been appointed transfer agent
registrar
and corn. stock. The Corn Exchange Bank has been appointed
See also Offering in V. 126, p.885.
-Annual Report.
United States Envelope Co.
1925.
1924.
1926.
1927.
51.262,072 $1,459,075 $1,386,314 $1,035.181
84.625
67.917
57.083
52.083
394.128
363.948
311.794
305,461
100,000
160.000
150,000
125.000
$456.428
$794,449
$940,197
$779,528
Net income
280,000
280.000
280.000
280,000
Preferred dividends(7%)
(10)175,000 (8)140,000 (8)140.000
Common dividends.
..(10%)
Calendar YearsNet profits
Interest
Depreciation
Tax reserves
536,428
5374.449
$485.197
$324.528
Surplus
2,127.653
2,503.873
2,976,266
Profit and loss surplus... 3,310,797
17 500
17.500
17.500
17,500
Corn.abs. out.(par 0100)
$16.08
$29.39
$37.72
$28.54
Earns.per sh.on com.stk
,
Comparative Balance Sheet.
Jan. 2'28. Jas. 1 '27.
Jan. 2'28. Jan. 1'27.
The directors have decided to defer the semi-annual dividend
$
LiabilitiesAssets$
7% cumul. pref. stock. During 1927, the
usually due March 1 on the
at Plant investment.. 8,533,344 8.217,037 Preferred stock-. 4,000,000 4.000.009
company on March and Sept. 1 paid the regular semi-annual dividends
1,750,000 1,750,000
Common stock__
Trade-marks, pat-V.123, p. 725.
this rate.
134.109 let mtge. bonds__ 950,000 1,050,000
ents & good-will 146.394
-To Acquire Control of Stock in proc..,to. 2,420,941 2,554,489 Accounts payable_ 471,367 409,057
Standard Oil Co.(New Jersey).
note cou6,351
-V.126, p. 1056, 427. Accts. dc bills Ivo__ 1,416.188 1,491.384 Bond &&c
5,350
-See latter above.
Creole Syndicate.
pons,
874.935
779,899
Cash
6,350 Reserve for dePrec• 3,207,256 3,029.439
l Theatres. Cash with trustee_
Stanley Co. of America.-Acguires Additiona Blumenthal mac. investments 12,480
on plant invest_
12,480
150,000
Reserve for taxes. 125.000
The company has acquired through purchase the 5 Haring and
CM.of deposit_ _ 425.000
3,310,797 2,976.266
Surplus
theatres. These are the Central, Union and Ritz in Jersey City and the Dep. with Old Col-V.126,P. 1211.
Lincoln and Roosevelt in Union City, N. J.
ony Trust Co___
5,350
13,371.112
80.327 Total (each side)_13,819,771
Prepaid charges__
Sterling Securities Corp.-Secutities Approved-Finance -V. 126. p. 1058. 80.175
Committee, &c.
The directors have approved the issuance of $25,000,000 1st pref. stock
-Larger Dividends. distribuUnited States Shares Corp.
shares of
preference stock (par $20),
semi-annual
(par $50), $10.000,000 and 300.000 shares of class B1,250.000 stock (no
The shareholders of record March 1 will receive
common
clam A common stock,
trust shares of the corporation
tions payable April 1 on the various series of
par value).
shares, series A, 38.6435 cents; series A-1
A finance committee, consisting of Harold A. Fortington, Theodore as follows: Common stock trust 1), 8.8598 cents; bank stock trust shares.
of 51 days to March
T. Scudder and Walter Reid Wolf, has been elected to invest the cor- (for period 70.242 cents; series C-2. 47.306 cents; bond trust shares. series
series C-1.
poration's funds.
share.
a
The following have been elected directors: Charles P. Taft 2d, Prose- B. 51.23555 1 trustthe corporation paid the following initial dividends:
last
On Oct.
of Hamilton County, Ohio; Paul Cabot, a director of the
cents on the bond
cuting Attorney
the 26.36 cents on the common trust shares, series A: 72.56 0-1 .15.75 Mats
National Shawmut Bank; Harold A. Fortington, Financial Secretary of
bank trust shares, series
Royal Insurance Co.; Edward S. Goodwin of Hartford, Conn.' Franklin trust shares: 63.45 cents on the (See V.125, p. 1473.).-V. 126. p.733.118
'
E. Parker Jr., Daniel T. Pierce, Sterling Pile, Ernest Stauffen Jr. Louis on bank trust shares,series C-2.
Stewart, Edward B. Twombiy. Samuel D. Warriner and Waite; Reid
-Bonds Called.
United States Steel Corporation.
1212.
Wolf. See also V. 126. p.
-60
Two thousand eight hundred and sixty-eight ($2.868,000) 10for-year 5%
redempdrawn
-Borer & sinking fund gold bonds, dated April 1 1903. have been
-Stocks Offered.
Tacony-Palmyra Bridge Co.
made at the office of J. 1'.
at 110
Co., Philadelphia, in Jan. last offered 4,000 shares 7% tion May 1Co., 23 and int. Payment will be
Wall St., New York City.
Morgan St
still
On Feb. 20 forty-four coupon bonds of previous drawings were
cumulative preferred stock (par $100) and 20,000 shares
-V. 126. p. 885, 709.
class A participating stock (no par value). In our table of unredeemed.
-Directors.
State Title & Mortgage Co.
William J. Graham, Wallace J. Salcey and James J. Hoey have been
-V.126. p. 884.
elected directors.
-Defers Pref. Div.
Standard Gas Equipment Corp.
of 3;4%
'
-Sells New Jersey Chain to
"Capital Flotations for January, through a typographical
United States Stores Corp.
-V.126, p. 1214.
error,it was stated that Bioren & Co.were offering the stocks. the American Stores Co.
-See latter above.
-Payments on,the 734% cum. pref. stock will bear int.
Preferred Stock.
from Nov. 1 1927 until Nov. 1 1929,
-Earnings.
payable semi-annually at the rate of6%
United Steel Works Corp.
year ended Sept. 30
dividends will be cumulative at the rate of 7%% per
after which date
-F. and red, all or in part at $105 and div.
annum, payable Q.
Class A Participating Stock will be entitled to cumulative dividends at the
rate of 75 cents per share per annum (equal to 6% on the issue price) pay-F., the first such dividend being payable Feb. 1 1930, for the
able Q.
quarterly period beginning Nov. 1 1929. Class A stock will also be
entitled to participate with the commln in dividends. to construct a steel
-Has been authorized by Act of Congress
Company.
and concrete bridge from Tacony (Phil.) across the Delaware River to
Palmyra, N. J., which will replace the present ferry operating between
these municipalities.
Earnings-The net earnings of the bridge applicable to the stock after
taxes but before depreciation have been estimated by Modjeski, Master
and Chase, bridge engineers, and Main & Co., certified reiblic accountants.
at $129.676 for the first year; at an average of $194.474 for the first five
years of operation; which is more than 4 times the dividend requirements
of this issue for the first year, and more than 6 times for the five-year
period.
Authorized
Outstanding.
Capitalization32,500.000
$2,500,000
6% 1st mtge. gold bonds due 1952
1,000.000
1,000,000
7% debenture bonds due 1952
1.000,000
*400,000
% cumul. pref. stock (par $100)
32,000 shs. *30.000 shs.
(no par) (this issue)
Class A partic. stock
100,000 shs. 24.000 s
Common stock (no par)
*Should unforeseen contingencies add to the costa now In view $200.0011
additional preferred and 2,000 shares adglitIonal Class A participating
stock will be issued.
-Preferred stock and class A participating stock
Price and Offering.
;share
were offered in units of one share of pref. stock and oneof each of class
share of
at $112.50 each (of which $100 payable in respect
A stock
stock)
pref. stock and $12.50 payable in respect of each share of class A on the
plus accrued int. at 6% per annum on the first installment of $30
from Nov. 1 1927, to date of payment. (Subscription receipts
pref. stock
Nov. 1 1927 to
will be issued bearing interest at 6% per annum from purchase price Nov.
on the
1 1929 payable semi-annually yielding15.33% the dividends on theof the
pref.
1929,
After Nov.
units for said period.)
annum yielding 6.66%
stock are cumulative at 7%% perdividends which may beon the purchase
declared on the
apart from any
price of the units
The
18,000 shares of
Class A stock Included in such units.will be remaining $12.50 per share.
issued for
Class A stock included in this offering
will be called on the units as follows: $42.84 per
-Payment
Payment.
is the first instalment on
pref.
share on Jan. 9 1928 of which $30.34the remaining $12.50 being the issue
the
stock with interest from Nov. 11927,
the second instalment on
price of the Class A stock; $30 per share being $40 per share being the
each share of preferred stock on May 1 1928; and on Nov. 1 1928. The
stock
final payment on each share of preferred units with the pref. stock, to
subscription price of class a stock not sold in9
share, is payable in full Jan. 1928.-V. 126. p. 1057.
wit, $12.50 per
-Februar
(John R.) Thompson Co. 1928-2y Sales.
Increase.
Mos.-1927
-1927
1928-Feb.
$1,117,841
$1,163,833
-V. 126. p. 885, 428.
$45,992 152,399.185
52,342.586
Increase.
556.599
--Group Insurance.
Tide Water Oil Co.
6,500 employees of this company have subscribed for
About 83% of the
the company will pay part of the premiums.
group life insurance, for which limited free death benefit given by the comEach employee relinquished a amount of the insurance protection, which
to increase the
pany in order
1473.
range; from $3,000 to 55,000.-V. 125, p.
--Extra Dividend.
Timken Detroit Axle Co.
Profit and loss statement for the company's fiscal
held on Mar. 2
1927 was submitted to the board of directors at a meeting s for approval.
in Berlin, and will shortly be placed before the stockholder
net
gross profit of 566.735.000 and a
The profit and loss account shows a
1927.
profit of $12,599,000 for the fiscal year ended Sept. 30 the board of direcThe balance sheet as at Sept. 30 1927, submitted to ely $493.368.000.
tors at the same time, showed total assets of approximat 3498.
The board recommended a dividend of 6%.-V. 125, p.
-Annual
United Verde Extension Mining Co. 1925. Report.
1924.
1926.
1927.
$6,308,624
$5,802,206 56,330,753 56.706.647
314.867
280.897
304,527
328.224
$6,987,544 56.623,491
56.130.430 56,635.280
Total income
3,294.019
2,984.072
2,784.132
Mining, &c., expendit's_ 3,056,948
470.577
652,139
620,665
794,840
Other exp., incl. taxes
3.006,384
2,974,913
2,980,169
Res.for depl'n & deprec_ 2,812,412
$376,420 def$147,489
$250.314
Net income
def.$533.771
2,625,000
2,362.500
3,150,000
3,150.000
x Dividends
($2.50)
($2.25)
($3.00)
Rate
($2.00)
$2,899,686 $1,986,080 52,772,489
Balance. deficit
$3.683,771
Shares of capital stock
1,050,000
1,050.000
1,050,000
outstand'g (par $0.50) 1,050.000
Nil
$0.36
$0.24
Nil
Earns. per sh.on cap.stk.
xPaid out of depletion reserve account.
Comparative Balance Sheet Dec. 31.
1926.
1927.
1926.
1927.
$
$
Assets525,000
525,000
stock
:8,637,913 10,693,669 Capital
Mining prop
925.784
912,513 Accts. payable, &a 955.130
Mach.,equip.. &c. y354,586
806,864
2,381,188 2,443.953 Res. for conting
Investments
Land. ranches. &c. 378.498
385.033 Burp. tr. ore dev.z16,042,710 20.533.346
Accts.& notee rec_ 159.367
168,547
Inventory
285,787
251,082
749,777
242,400
Cash
U. S. securities
3,786,200 4,241,044
21,984.130
Due on ore sold,&c 2,138,471 2,103,807 Total(each side)-18.329,705
depreciation
After depreciation and depletion of $26,425.961. y After
reserve of $5,647151. z After deducting 03.150.000 rlistridbute during
-V.126, p. 265.
1927 out of depletion reserve funds.
Calendar YearsGross revenue
Other income
-Tenders.
Valvoline Oil Co.
York City, will
The Equitable Trust Co.. trustee. 37 Wall St., New gold debentures,
-year 7%
until March 16 receive bids for the sale to it of 15
to exhaust $36,485, at prices not
due May 1 1937, to an amount sufficient
exceeding 104 and int.-V. 125, p. 3362.
-Time Extended.
Texas Corp.
-V.126, p. 1368.
See California Petroleum Corp. above.
-Div.
Walker-Gooderham & Worts, Ltd.
(Hiram)
has been declared on
A quarterly dividend (No. 2) of 50c. per share to holders of record
March 15
the capital stock, no par value, payable amount was made on Dec. 15
of like
Feb. 29. An initial distribution
.
1927. See also V. 126. P. 119
-To Retire 63% Debentures.
Wilcox Products Corp.
dividend of 34 of 1% in addition to
The directors have declared an extra , both payable April 2 to holders of
% debentures,due Oct. 1 1931. have been called
All of the outstanding
the regular quarterly dividend of 1%%paid in the preceding 5 quarters,
- for redemption April 1 next at 105 and int. at the Guardian Trust Co.,
record March 20. Like amounts were
-V. 125, p. 3216. 534.
Detroit, Mich.
V. 126. p.1213.
1524
FINANCIAL CHRONICLE
Westinghouse Air Brake Co.
-Balance Sheet Dec. 31.-
[VOL. 126.
CURRENT NOTICES.
1927.
1926.
liabilities
--L. Edgar Detwiler, formerly first Vice-President and Director of
Capital stock ___ -y47.581,660 39,651.384 M. Jacoby & Co.,
Inc.. announces the formation of Detwiler & Co., Inc..
Stks.subs.not held
1.223
2,018
Accounts payable_ 1,609.442 2,236.164 with offices at 11 Broadway, N. Y., to conduct a general investment securAccrued liabilities- 631,143
196,537 ities business and to continue in the field of corporate consolidations.
Res. for taxes, &c. 1,332,786 1,723.471 Mr. Detwiler, who is President
of the new company, has been prominently
Dividends payable 1,585.746 2.180,123
Sundry reserve_ _ _ 8,840.396 6,024.523 identified with the organization and development of North American Water
Exc. of par values.x1,429,272 1,429.272 Works Corporation, which now owns35 propertieslocated in 7States,includSurplus
11,9*, BA 17,322.890 ing Pennsylvania, Maryland, Kentucky and West Virginia. Ile recently
resigned as executive Vice-President of North American Water Works
Total
72,991.835 70.766,383 Total
72,991,835 70,766,383 Corporation, but
will retain a large stock interest, and continue as a director,
lc Excess of par value over book value of capital
y Represented by 3.172.111 shares of no par value instock of subsidiaries
1927 and by 785,026 13 addition to holding directorate positions with ten or more other banking
shares of $50 par value in 1926.
and public utility enterprises. Associated with Mr. Detwiler will be the
Tbeusual comaprative income account was published in V.
126. p. 1369. following, who are former associates of his in North American Water Works
White Eagle Oil & Refining Co.-Bal. Sheet Dec. 31.- Corp. or H. M.Jacoby & Co., Inc.: Rodman M.Price, Vice-President, and
Treasurer: William H. 'Urban,
1927.
1926.
1927.
1928. Sadler. Jr., Vice-President, andVice-President and Secretary: Edwin B.
Assets$
Liabilities
$
O. J. Chapman, Assistant Treasurer
Fixed assets
24,780.050 24,165.819 Capital & surplus x13.578,023 14,707,004 and Assistant Secretary.
Cash
552,852
832,570 5-yr. gold notes___
Notes & sects. rec. 1,680,954 1,597,506 Accts. & notes pay 4.755,000 2,000,000
-Celebrating its 100th anniversary, the investment firm of Whitehouse
785,706 1,750,741
Inventories
4.018,868 2,968.000 Other accruals_ ___ 165,772
209.568 & Co.. 111 Broadway, New York City, one of the oldest members of the
Investments
158,123
158.123 Deferred notes pay
488,221 New York Stock Exchange, has Issued a booklet
Deferred charges
in which it reviews a
318,526
143,685 Res. depr. & depl_12,136,826 10,357,177
century of activity in Wall St. Established in 1828 by Edward
Other reserves____
White354,791
88.046
house and Oswald Cammann. as Cammann & Whitehouse. the firm
conTotal
31,509.373 29.865.503 Total
31,509,373 29.865.503 tinues to-day under the direction of a grandson of the founder, .1. Norman
z Represented by 490,000 shares of no par capital stock.
Whitehouse, as senior partner. From its inception, the firm was a
The usual comparative Income account was published in V. 126.
member
p. 1215. of the association which later became the New York Stock Exchange. Its
Willys-Overland Co.
membership in the exchange as presently constituted dates from
-Shipments Increase.
Dec. 31
Shipments of Willys-Knight and Whippet motor cars In Jan.
1872. J. Henry Whitehouse, son of the founder and father of .1. Norman
amounted to 39.123, an increase of 49% compared with shipments and Feb.
of 26.375
cars during the same two months of last year, according to a statement made Whitehouse, was for 16 years the dean of the New York Stock Exchange.
by the company. Despite the heavy shipments of Whippets and WIllys- At the beginning of its second century, the membership of the firm, in
Knights since the first of the year, the company entered March
addition to J. Norman Whitehouse, consists of Charles R. Gay, Gull
S.
unfilled orders at the factory, the greatest unfilled volume at with 31.000 Whitehouse, F.
Berton Beckwith, Arthur E. Delmhorst, Benjamin P.
any stage in
the history of the organization.
Phyfe and Roland Binning.
Shipments of 24,017 cars in February exceeded the largest
ruary in the history of the company and are an increase of previous Feb- E. Aldred of the international banking firm of Aldred & Co. and
J.
with shipment of 16.639 cars in the same month last year. 44% compared
-V. 126. p. 1369. President of the International
Power Securities Corp. recently sailed on
Wire Wheel Corp.
the Leviathan for France and Italy. Mr. Aldred was accompanied
-Dividends.
by
The directors have declared a dividend of $1.25 a share on
the class A J. A. Walls, Vice-President and Chief Engineer of the InternationalPower
stock, no par value. Payable Arr. 1 to holders of record Mar.
20 and 4 Securities Corp., through which upwards of 335.000,000 of American
quarterly dividends of $1.75 a share on the preferred stock,
and
no par value. Canadian capital has been invested
payable Aril 1 July 1. Oct. 1. 1928 and Jan. 1 1929,
in hydro-electric companies and public
on the 20th day of the rreceding month. On Oct 1to holders of record utilities serving important cities In Italy and France.
1927, the comnaY
Mr. Aldred and
paid an initial dividend of $1.50 a share on the class A stock.
Mr. Walls will visit the properties of these companies and their itinerary
A statement issued by the company says th it the board
will consider the includes an extensive tour of the territories supplied
matter of common dividends later in the year.
by the utilities in
-V. 126, p. 1059. 593.
which the International Power Securities Corp. Is interested.
(F. W.) Woolworth Co.
-February Sales.
-An interesting development, significant of changing conditions in the
1928
-Feb.
-1927.
increase.' 1928-2 Men.
ymwase.
-1927
*12.001.374 517.378.534 $1.622.8101536.112.502 $33.493,936 52,616.566 investment market, Is found in the announcement made recently
that
The gain in the old stores during Feb. 1928 amounted
to $698,395. or Halsey, Stuart & Clo. will engage shortly In radio broadcasting, using
,4.03% over the same month last year. The gain in the old
stores for the thirty-two stations, comprising the Red Network of the National
2 months ended Feb. 29 1928 totaled 5
Broad897.776, or 2.68%, over the corres- casting
ponding period in 1927.-V. 126. p. 885.
Co. The first program, which is scheduled for Thursday, April 5,
will be the first of its kind to be broadcast on a national scale by a financial
Worth, Inc.(Md.).-Two New Stores.
institution. An official of Halsey, Stuart & Co., commenting on the new
The coy oration announces the addition
to be opened in time for Easter business. to its chain, of two new stores, undertaking, stated that its purpose will be wholly educational, the effort
One of
at 795 Purchase St., New Bedford, Mass., and the these stores is located being to inculcate a broad understandi
ng of investment fundamentals
Toledo, 0. The New Bedford store will be open other at 331 Huron St.. among the
for business about Mar.
millions who now comprise the radio audience.
17 and the Toledo store about Mar. 20.
The addition of these two new stores makes a
-Stem. Iiemptter & Co., members New York Stock Exchange, 50
operated in the Worth Chain. V. 126. p. 1059. total of 6 store
Broadway, N. Y., have prepared a review of the Gillette Safety Razor
CO..
which presents concisely a general survey of the company with particular
Worthington Pump & Machinery Corp.(& Subs.).
- attention given to its consistent
Earns. Cal. Yearsgrowth, steadily increasing earnings,
1927.
1926.
1925.
1924.
Billings to customers---S16.520,838 $17.141,458
515.222.560 516,572.066 excellent financial condition, world wide markets, diversified products and
xCost of sales
16,085,537 16,973,479 14,888.100 15.504.871 aggressive management.
Operating profit
-Maurice A. Pearson, formerly with Lavac & Co., Henry A. Wilson,
3436.301
$167.978
$334.460 31,067.196
Int. received. &c.. net.. _
102.349
90,637
67.771
87.479 formerly in the diplomatic service, representing the Chilean Government
& diva.from Invest_
62.696
157.048
217.893
210,574 in San Francisco, and Hyman Karlin, formerly in the importing business,
have formed the firm of Pearson, Wilson & Co., Inc., to deal in bank
Gross income
$600,343
5415.664
and
*620.124 51.365.249
Int. on notes to U.S.,&c.
17.469 insurance company stocks, with offices at 285 Madison Ave., New York
11.000
Reserve for Ferri taxes-a
50.000
80,000
170.000 City.
Dividends on
Class A pref.(7%)- E. Fitkin & Co., Inc.. announce the opening of a San Francisco
A.
*293,624
391.498
391.498
Class B pref.(6%)z464.475
619.300
619.300 office in the Russ Building, under the management of David Oliver, Jr.
This branch offfice will be under the direct supervision of David
Balance
A. Popp,
$600.343 def5392.435
Profit & loss, surplus_ _ _ 4.539.008 3.938.664 def$481,675 sur$166,981 Vice-President of A. E. Elkin & Co., Inc., at the company's offices In
y4,331.100 y4.662,774 Los
Ma.pref. A & B outst'g_
Angeles.
159.145
159.145
159.145
159,145
Earned per share
$.3.77
$2.29
$3.32
$7.40
The American Exchange Irving Trust Co.has been appointed
registrar
a Not required in 1927. x Cost of sales including all operating
and main- for 1,600,000 shares of capital stock of the National Venezuela
tenance charges, depreciation of plants and equipment,
011 Corp.
selling, general and It has also
administrative expenses. y After adding $150.000 released
been appointed depositary for shares of stock of American
from tax reserves in 1925. 5200.000 in 1924 and 31.250.000 in
Linoleum Manufacturing Co. under agreement, dated Feb.
21 1928.
for the 9 months to Sept. 30 1926.-V. 125. p. 930. 1923. z Dividends paid
-Prescott. Wright, Snider Co., investment bankers. Kansas City.Mo..
Youngstown Sheet & Tube Co.
have published a booklet "Steel, its Growth in
-Merger Plans Off
- the first
the Southwest" which is
Inland Deal Ends as Interests Fail to Agree.
of
-The following is been closelya series covering some of the industries with which they have
taken from the New York "Times" of March 9:
identified. Copies will be sent upon request.
The first setback in plans that were believed to contemplat
-Palmer de Co., members of the New York Stock Exchange, with
e the eventua
offices
amalgamation of a group of the largest independent steel manufacturers at 44 Wall
St., New York City, have leased space on the nineteenth flioor
in the Middle West came yesterday with the
announcement that the pro- In the tower of the New
posed merger of the Youngstown Sheet & Tube Co.
York Central Building, now under construction on
and the Inland Steel Park
Co. had been abandoned.
Ave., between 45th and 46th Streets.
James A. Campbell, Pres. of Youngstown,and L.
E. Block. Chairman of
disturbed..
-J. R. Ramser, formerly in charge of Corporation Analyses of the
Inland, declined to tell why the plan
failed. "We are not
Mr. Campbell said. "We were unable
Bureau of Business Research, University of Illinois, has joined
to
the New
tures." Mr. Block said. "We wished to agree on certain important fea- York office of Hoagland,
Allum & Co., Inc.. and will inaugurate an econthe merger to the stockholders' meeting agree on these before submitting omic
next week. When we were unable
and statistical research department.
to do so we abandoned the merger entirely. I have no hope of getting
Sogether-at least at the present time.
Mackay & Co.. 14 Wall St., New York City, have prepared a comAnnouncement of failure of
prehensive study of the Traction situation in New York City with
virtually certain that the two the plan came at a time when it seemed
special
companies were to
It had laeen assumed in Wall Street that everythingbe brought together. reference to the bonds of the Interborough Rapid Transit Co. and the
but the formality of Brooklyn Manhattan
stockholders' approval had been arranged.
Transit Corp.
-V. 126, p. 1215.
William Fuerst has retired from the New York Stock Exchange firm of
Zenith Radio Corp.
-Stock Offered.
-John Burnham & Co., Inc., and C. L. Schmidt & Co., Inc., Chicago, are of- Albert Fried & Co. and Dr. Maurice Fried has been admitted as a general
partner. C. W. Weaver is in charge of the statistical department which
fering (at market)33,000 shares common stock (no par value).
they have recently established.
CapitalizationAuthorized.
Issued.
Common stock (no par value)
-The Seaboard National Bank of the City of New York abs been
100.000 shs.
Transfer agent. First Trust & Savings 150.000 ahs.
Bank,
Gontinental National Bank & Trust Co.. Chicago. Chicago. Registrar, appointed Trustee under a Supplemental Indenture dated Feb. 1 1928
Ltsting.-Application will be made to list this
securing an issue of First Mortgage Series B 5% gold bonds of Oklahoma
stock on the Chicago
Stock Exchange.
Natural Gas Corp.
Data from Letter of E. F. McDonald Jr., President of the
Company.
Ilistory.-Business was founded in 1915. Company
-The Chatham Phenix National Bank & Trust Co. has been appointed
manufactures the
well-known "Zenith" radio receiving set. The plant,
which
leased. is corporate trustee under mortgage deed of trust of l'ost Office Stations. Inc.,
located at 36th and Iron Sts., Chicago. An average of about isoperatives
500
securing an issue of 6100,000 1st mtge. 55i% sinking fund gold bonds
la employed.
due
Balance Sheet.
-The balance sheet as of Dec. 31 1927 shows a net worth Feb. 1 1938.
of over $1.670.000. after deducting book values given to contracts, patents
Guaranty Trust Co. of New York has been appointed Transfer Agent
and good-will, and net working capital of over 51.365.000.
Earnings.
-For the past three years the earnings have averaged over for 150,000 shares of Class A stock and 100,000 shares of Class
B stock,
$280,000, and for the year ending Dec. 31 1927 were $632.935.
or $6.32 both without nominal or par value, of the Central National Corp.
per share on the stock to be outstanding.
Disidends.-It is expected that dividends at the rate of
The Interstate Trust Co. has been appointed Trustee under the now
$2.50 per share
per annum will be paid in quarterly installments, the first
dividend of St. Louis San Francisco Railway Consolidated Mortgage, under which
62)4c. to be paid on May 1 1928.
there will be presently issued 100,000,000 4Si% series A bonds.
1927.
1928.
Assets-$
$
Real estate, &c.__ 2,546,989 2.277.904
Factories
13,743.360 13.097.424
Patents & goodwill 5.971.729 5,950.000
Investments
8.446,983 8.445.442
Ca.sh
8,330.736 7.811,410
Accts. & notes rec. 9.365.776 9.648.075
Liberty bonds__ ._11,352.249 9,530.984
Inventories
12,839,754 13,462,282
Deferred charges
394.258
542,861
ltrAn. 10 1928.]
FINANCIAL CHRONICLE
1525
feport5 and Docnuxtuts.
PU•1.1,11 CS AS ADVIIIIISICIASASS
GENERAL MOTORS CORPORATION
THE YEAR ENDED DECEMBER 31, 1927.
NINETEENTH ANNUAL REPORT FOR
March. 8 1928.
previous
counts show an increase of $46,099,605 over the
nting an expansion in the Corporation's faciliyear, represe
ed in
ties, the purposes and necessities of which are explain
elsewhere in this report. Reserves for depreciation
detail
a net increase of
of real estate, plants and equipment show
and equip$17,980,600. The net balance in real estate, plant
depreciation, shows an increase of $28,ment accounts, after
in affiliated
119,005 over the previous year. Investments
aneous companies increased $18,546,191.
and miscell
To the Stockholderg:
of
The consolidated balance sheet and income account
and subsidiary companies for
General Motors Corporation
h.
the year ended December 31, 1927 are submitted herewit
to the fact that certain subsidiaries are
Attention is called
list
not consolidated in the accounts of the Corporation. A
ries, not consolidated, Is displayed on page 18
of subsidia
[Pamphlet Report].
year
General Motors Corporation net earnings for the
An. Operating Review of the Year.
is
1927 were $235,104,826, after deducting $3,214,183 which
was a new
of
°
The year 1926 established what at that time
the Corporation's proportion of the earnings and losses
manufactured and sold, as did
the number of cars
subsidiary companies not consolidated but accruing to Gen- record in
s year 1925. The year 1927 resulted in still a
eral Motors Corporation in excess of dividends received. the previou
for General Motors. There were manufactured
This latter figure appears as a deduction in our income ac- new record
through
Yellow Truck & and sold at retail to users at home and abroad,
count for the first time, due to losses of
and dealers, 1,554,577 cars. This extors
s,
Coach Manufacturing Company and Vauxhall Mtoors, Lim- branche distribu
s record year, 1926, by 338,751 cars or an
ited, of which losses the Corporation's proportion was $7,- ceeded the previou
of 27.9%. It is particularly interesting to note at
070,176. After paying the regular quarterly dividends on increase
due to unusual circumstances prevailing
preferred and debenture stock requiring $9,109,330 for the this point that
ion of pasamount earned during the year under review the total product
year, there remains $225,995,496, being the
for the United States and Canada
and trucks
on the common shares outstanding. This is equivalent to senger cars
compared with the previous year. The
$12.99 per share on the common stock as against $10.90 for declined 20.7% as
sales, excluding all inter-company items,
the year 1926 calculated on a comparable basis. For the pur- Corporation's
19,673, an increase of $211,366,335 or
pose of making a fair comparison with the year 1926, it is amounted to $1,269.5
over the previous year.
necessary to include for that year earnings accruing to the 20.0%
mately
During 1924 the Corporation manufactured approxi
minority interest of Fisher Body Corporation outstanding
Canfor 1926. one car in every six produced in the United States and
prior to June 30, 1926. This results in $194,645.462
to one car in every five. In
ed
Therefore, the earnings for the year 1927 as compared with ada. In 1925 this was increas
than one car in every four
the year 1926 on a comparative basis show an increase of 1926 a gain to somewhat better
year 1927 the Corporation produced
was made and in the
$40,459,364 or 20.8%.
100 or a little less than one out of
As stated in the annual report for the year 1925, the com- forty-four cars out of every
s of previous every two. The sales of the Corporation during the year
parison of earnings for that year with earning
by far a greater aggregate value
years indicated that 1925 was by far the niost successful under review represented
to that time had enjoyed. It and a greater number of total units than those of any
year that the Corporation up
turer in the world.
was stated in the annual report for the year 1926 that the other automobile manufac
and
As has been previously pointed out, real estate, plant
d those of 1925 by $70.214.505 or
earnings of 1926 exceede
s show a substantial increase over the
60.5% and likewise, that the earnings of that year exceeded equipment account
part of this additional investment of
any former year. It is now possible to state that, in 1927, previous year. A
essential in order to increase the capacity of
a new earnings record has been established for the third capital was
which has been rethe Corporation's motor car operations,
consecutive year.
also
d on the common stock was flected in their increased sales. Additional capital was
The regular quarterly dividen
the capacity of the accessory operaincreased to the rate of $8.00 per share per annum as of employed in increasing
proper support of the Corporation's mo9
March 12, 1927. On July 5, 1927 an extra dividend of $ .00 tions essential to the
. In addition to all this, the Corporation
per share was paid. In September two shares of new $25.00 tor car program
ing the scope of its manufacturing
par value common stock were issued in exchange for one is continually broaden
by producing more and more of the materials and
share of no par value common stock previously outstanding. operations
entering into its completed products. This reAs of December 12, 1927, a regular quarterly dividend was components
still additional capital. Increased investments in
established on the new stock at the rate of $5.00 per share quired
miscellaneous companies not consolidated
9
per annum. On January 3, 1928, an extra dividend of $ .50 affiliated and
of record November 19, (therefore not reflected In the real estate, plant and equipper share was paid to stockholders
have been made, some closely allied to and
1927. There resulted a total declaration of cash dividends ment accounts)
to mo1927 of $134,836,081 which compares some entirely distinct from and having no relation
on the common stock in
Additional investment in working capions.
with a total declaration of cash dividends on the common tor car operati
tal has also been necessary to parallel the increases in manstock in 1926 of $103,930,993.
Notwithstanding the large disbursements on account of ufacturing plant.
To amplify the above, further attention is called to the
dividends, there was available for reinvestment in the
ion of the earn- fact that during the last three years $324,091,580 of addibusiness, including the Corporation's proport
d in the Corporation's variings and losses of subsidiary companies not consolidated but tional capital has been investe
d
Motors Corporation in excess of divi- ous operations. Of this amount $212,255,382 has resulte
accruing to General
ds paid, including the Cordends received, a total of $91,159,415. This compares with from earnings in excess of dividen
companies
poration's proportion of earnings of subsidiary
$74,654,902 for the year 1926.
accruing to General Motors CorporaCash in banks, United States Government securities and not consolidated but
ds received, $29,104,167 from the
marketable securities at the close of the year amounted to tion In excess of dividen
additional preferred stock and $82,732,031
$208,176,198. This compares with $135,398,386 at the close sale of $25,000,000
acquisition of the minority interest of Fisher
of the previous year. Sight drafts were $14,649,097; inven- incident to the
in general,
assets $432,280,123; cur- Body Corporation. This additional capital has,
tories $172,647,716; total current
following manner:
the
rent liabilities $159,356,147. This leaves an excess of cur- been employed in
(a) Production facilities of the car manufacturing divirent assets over current liabilities of $272,923,976. The total
been materially expanded. There has resulted
ed
of capital stock and surplus Increas $123,477,765 of which sions have
on which
5,000,000 par the ability to manufacture a larger number of units
ed for by the sale of $2
$29,104,167 is account
ed stock in the aggregate profit has been increased, and the cost per
value General Motors Corporation 7% preferr
, on account of this increased volume.
February, 1927. Total real estate, plant equipment ac- unit reduced
•••••
1526
FINANCIAL CHRONICLE
[VOL. 126.
(b) Production facilities of the accessory manufacturing be expected. The policy is being continued
of developing
divisions have likewise been expanded in proportion to the overseas business by building in the most substantia
l manner
increased demands made by the car manufacturing divisions possible and by making the Corporation a
real factor in
with results similar to those mentioned above.
the industrial life of each country served. Reference has
(c) The scope of the Corporation's manufacturing oper- been made in previous annual reports assembly
to
plants that
ations has been broadened by producing more and more of have been established from time to time. During the
year
the components entering into its completed products. In additional assembly plants have been added at
Osaka, Jaaddition to the satisfactory return on the increased apital pan; Batavia, Java; and Stockholm, Sweden. At the presthus employed, there has resulted, in general, a lower cost ent time, a total of 20 assembly plants and warehouse are
s
and a better product, thus reacting favorably on the Corpo- in operation, as indicated by the list shown
on page 23
ration's general program.
[Pamphlet Report] and more than 13,000 employees are en(d) Merchandising operations have been expanded, 1. e., gaged in the Corporation's overseas activities.
the Corporation's products have been carried closer to the
As already stated, the very rapid and large increase in
ultimate consumer. This applies almost entirely to the Cor- overseas business and the expansion of
the merchandising
poration's overseas operations where, through the establish- operations incident thereto has required the
investment of
ment of assembly plants and warehousing operations in vari- large amounts of additional capital on which
a satisfactory
ous parts of the world, an increased proportion of the Cor- return is being made.
poration's products are sold directly to dealers, resulting
General Motors Acceptance Corporation.
In a more satisfactory relationship and a lower price to the
Previous annual reports have pointed out the substantial
ultimate user.
(e) Capital has been employed in other productive en- increases in the capital and surplus account of General Moterprises more or less allied to the Corporation's geveral ac- tors Acceptance Corporation. During the year under retivities. Thus large sums have been invested in General Mo- view further expansion became necessary and the General
tors Acceptance Corporation, Frigidaire Corporation, Gen- Motors Corporation made an additional investment of $12,eral Exchange Insurance Corporation, and in other activi- 500,000. The capital, surplus and undivided profits of Genties. These investments contribute materially to the total eral Motors Acceptance Corporation as of December 31, 1927
was $52,156,676. As has been stated in previous reports,
earnings of the Corporation.
The extent to which it may be possible in the future to the importance of General Motors Acceptance Corporation
employ additional capital in any of the above ways will in promoting the sale of General Motors products cannot be
govern, all other things being equal, the extent to •/hich the emphasized too strongly. Also, as previously stated, its
Corporation's aggregate profits may be still further In- financial position and standing as a banking institution is
creased. There is no question but that there are many op- unquestioned and has resulted from a strict adherence to
portunities in several of the directions mentioned above sound principles as well as from the highly efficient manner in which it has been managed. A detailed statement
where additional capital can be profitably employed.
showing the financial position of General Motors Acceptance
In connection with the above, it may be well to point out
and emphasize the fact that the total earnings of the Cor- Corporation Is presented on page 19 [Pamphlet Report].
poration must not be taken as a measure of its earnings from
Yellow Truck & Coach Manufacturing Company.
motor car divisions. Notwithstanding the fact that
The operations of this Company in which the Corporation
the Corporation's motor car operations are equally, if not
more com- has a substantial interest have been unsatisfactory during
pletely, self-contained than those of competitors,
yet the mo- the year. Shortly after the Corporation made its investtor car operations contribute only about one-half
of the Cor- ment in this Company it was recognized that a complete reporation's total profits. The expansion of
the Corpora- construction of this Company's products and manufacturing
tion's activities aside from motor car operations
, as out- facilities was essential. Therefore, a program was laid
lined above, has contributed importantly to
the increase iv down that provided, among other things, for the concentrathe total profits of the Corporation. As a
matter of fact, tion of its manufacturing operations which were then dithe Corporation's products reflect more real value
now than vided between Chicago and East Moline, Illinois, and Ponat any time in the Corporation's history. In
other words, tiac, Michigan, into a new plant located at Pontiac,
through increased efficiency and effectiveness and better co- Michigan. This new plant, practically completed at the
ordination of the Corporation's organization and through
the close of the year under review, will provide this Company
employment of large amounts of additional capital, the pub- with unequalled facilities with which it should be able to
lic is obtaining a much superior line of products at lowered manufacture its products at a very high degree of efficiency
prices while the total profits of the Corporation have ex- and effectiveness. The products of the Company are also
ceeded all previous records as a result of the greatly en- being revamped so that they will have a proper relation to
larged facilities made possible by the additional invest- each other and will be in a position to effectively meet competition. This changing of models and reconstruction of
ments of capital, already referred to.
plants, together with more or less of a revamping of the
organization itself, has resulted in a substantial loss for the
The LaSalle—Companion Car to the Cadillac.
year which, under the circumstances, could hardly have been
General Motors, in line with its fundamental policy of avoided. The Corporation feels,
however, that with the
building a car for every purse and purpose, introduced in gram that has been outlined, a substantia foundatio prol
n of
March, 1927, a new car—the LaSalle, companion car to the earning power will be developed in course of time which
will result in a reasonable return on the investment that the
Cadillac. The LaSalle, built and marketed by the Cadillac
Corporation has made in this Company's securities.
Division, is offered in response to a demand for a fine car
Ethyl Gasoline Corporation.
at prices within the range between Cadillac and Buick. The
Reference has been made in previous annual reports to
LaSalle embodies the successful manufacturing and engineering experience of General Motors and Cadillac. The en- the organization of the Ethyl Gasoline Corporation and a
statement has been made as to its future activities and posgine is of 90
-degree, 8
-cylinder V-type similar to the Cadillac, sibilities. More substantial progress has been made during
the principle of which has been tested by Cadillac's experi- the year under review than in
the previous year. Ethyl
ence, and the superiority of which has been proven by Gasoline is at this time available in practically every part
General Motors in its Research Laboratories and Proving of the United States and Canada and in certain foreign
Ground. The splendid proportions and the beautiful grace countries. While this Company has not as yet contributed to
the earnings of General Motors Corporation, due to its being
of line of the LaSalle have secured, since its introduction, in the
development stage, the results of the year 1927 were
nation-wide acceptance which has made possible, in its first very enouraging, as an operating
profit was recorded for the
year, a new high record for the first year sales of any car first time. Irrespective of what the future may bring forth
in its price class. The addition of LaSalle to the list of so far as Ethyl Gasoline Corporation is concerned, an imGeneral Motors products should prove a factor of increasing portant contribution has been made to the development of
the motor car by making possible the operation of motors of
benefit in the future to the Corporation.
increased efficiency. Ethyl Gasoline Corporation is owned
jointly by the Standard 011 Company of New Jersey and
General Motors Overseas.
Very material expansion took place during the year in the General Motors Corporation, each having a one-half interest.
Corporation's business in all overseas countries. The CorGroup Insurance Plan.
poration's overseas sales aggregated 193,830 cars and trucks
The report for 1926 announced the inauguration of a
Group Insurance Plan applicable to all employees of General
In 1927. This exceeded the previous record year,
1926, by
75,039 cars, an increase of 63.2%. The overseas business Motors, its subsidiaries and affiliated companies. The reis in very satisfactory condition and further expansion can sults of this plan have been highly satisfactory, as 156,681
employees, or 98.3% of those eligible, were insured under
MAR. 10 1928.]
FINANCIAL CHRONICLE
1527
portant executives of the Corporation to acquire a substantial interest in the Corporation's common stock. This plan
continues to justify its existence and for that reason a tentative plan which provided for the purchase of common stock
by the Corporation over a period of years was approved in
principle by the stockholders during 1927, in order that a
substantial block of the Corporation's common stock might
be available for the formation of a second Managers' Securities Company at the expiration of the present plan,
which matures at the end of 1930. The details of the new
plan will be submitted to the stockholders for approval, in
due course.
Executive Educational Work.
Employees Savings and Investment Plan.
The Corporation has never been more alive to the necessity
This plan was adopted in 1919 and has been modified in of the development, through proper selection and training,
detail as experience has justified. It now provides that em- of employees having potentiality for broader responsibilities
ployees may make monthly or semi-monthly payments to the of management throughout the Corporation's extensive operEmployees Savings Fund not to exceed 20% of their wages ations. There is a full realization of the importance of this
and not to exceed an annual total of $300. For each dollar problem as influencing the future prosperity of the Corpoput into this fund by an employee, the Corporation puts fifty ration. During the year under review real progress has been
cents into the Employees' Investment Fund which is cred- made in this matter. A suitable building has been conited to the employee over a period of five years. Employees structed at Flint, Michigan, one of the Corporation's largest
have the right to withdraw their savings from the Savings manufacturing centers, and is operating under the designaFund, plus interest, but if they withdraw before the end of tion of General Motors Institute of Technology. Although
five years, they are subject to certain forfeitures in respect this activity has been under development in a limited way
to the Corporation's contribution to the Investment Fund for a period of years, the work is really only beginning,
except that the savings may be applied to the payment of compared with what can and wlil be accomplished, and very
homes without losing any benefits of the plan whatsoever. rapid development will take place in giving special training
Since this plan has been established, 12,950 employees have to an increasing number of members of the organization.
utilized it to assist in the buying and building of homes. It
Goodwill and Patents.
is interesting to note that 125,808 employees, or 83.5% of
Previous reports have pointed out the relatively small
those eligible, are participants in the Savings Fund Class
amount at which this asset is carried on the Corporation's
formed for the year 1927.
sheet. It might be here repeated that it is believed
At the end of 1927, the fourth class, which was that of balance intangible asset has in reality a greater earning
that this
1922, matured and as a result there was paid to 9,922 empower and more real value, perhaps, than all of the tangible
ployees, the following:
property of the Corporation. It is also believed that never
On account of their savings
$1,229,020
a
462,933 before in the history of the Corporation has there been
On account of 6% Interest on savings
On account of amount accumulated in the Investment Fund,
more favorable attitude on the part of the public toward the
representing accumulation on account of contributions made
Corporation's policies, methods and products, and it is
by the Corporation five years ago (this amount is represented
by 25.085 shares ofcommon stock of the Corporation at market
hoped that through evolution, with the broader experience
value at the time of distribution plus the extra dividend of
with time,
$2.50 per share paid January 3 1928)
*3,524,442 and better knowledge of the problem that comes
this most valuable asset will not only be maintained but
This makes a total value of
$5,216,395
substantially increased.
•Note.—This amount is not the same as shown in Employees'Savings
/n General.
on a subsequent page. because that statement
and Investment statement
shows cost of stock to Corporation, whereas this amount represents the
During the year 1927 the same policies have been conmarket value of said stock at time of distribution as stated.
made 1925 and 1926, in turn, the most successAn employee who paid in $300 during the year 1922 re- tinued that
theretofore enjoyed.
on maturity, cash and securities hav- ful years which the Corporation had
ceived in January, 1928
It is impossible to point out any specific act or principle
ing a market value of $1,277. This was made possible due
in producing the results herein
to the fact that through the investment of the Corporation's which has been predominant
recorded. On the contrary, it has unquestionably resulted
contribution in common stock of the Corporation the emmeeting each problem as it arose and dealing with that
ployee became, in a measure, a partner in the success of the from
problem with an open mind and without prejudice, and by
Corporation's activities in which he plays a part. A sumas far as possible, recognizing at all times
mary of the results of the Savings and Investment Plan from looking forward
that the position of the Corporation cannot even be mainInception to date is shown on page 24.
tained, let alone improved, without constant progress in
Housing for Employees.
all phases of its extensive operations. Such results would
the capitalization of the
Previous reports have from time to time dealt with this also have been impossible without
organization on the various probsubject. The situation has not materially changed except best thought of the entire
supported by the complete loyalty and
that the sale of properties to employees has continued dur- lems as they arose,
ing the year. Additional sums have been temporarily ad- intense effort of all concerned. to record such important
It is the purpose of this report
vanced for the erection of additional houses on properties
the year under review as will be
owned by the Corporation, as it is believed that every proper events as occurred during
forecast or discuss
incentive and facility should be offered by the Corporation of interest to the stockholders, and not to
promote home building and home ownership on the part prospects for the year 1928.
to
By order of the Board of Directors,
of its employees. The following subsidiaries continue to
PIERRE S. DU PONT, Chairman.
handle this phase of the Corporation's activities: Modern
ALFRED P. SLOAN, JR., President.
Housing Corporation, Modern Dwellings Limited, Bristol
Realty Company and New Departure Realty Company.
HASKINS & SELLS
Certified Public Accountants
These companies are not consolidated in the balance sheet
Executive Offices
of the Corporation, but the latter's investment in the same
30 Broad Street
Offices in the Principal Cities of
New York
Is included in the investment in affiliated and miscellaneous
the United States of America
—and in—
companies not consolidated as shown on page 18 [Pamphlet
London. Paris, Berlin, Shanghai,
Report].
Manila, Montreal, Havana, Mexico City
Cable Address "Hasksells"
Preferred Stock Offering for Employees.
General Motors Corporation, Broadway at 57th Street, New
This plan, inaugurated in 1924, recognized the importance
York.
of affording a suitable investment for the Corporation's emWe have made a general examination of your accounts for
particularly those unfamiliar with the subject of
ployees,
the purpose of verifying the stated financial condition at
selecting securities for proper investment. The plan pro- December 31, 1927, and of reviewing the operations for the
sale of General Motors preferred stock to em- year ended that date, and have satisfied ourselves as to the
vides for the
ployees who may subscribe in amounts proportionate to general correctness of the accounts. As to certain foreign
their salaries but not to exceed ten shares per employee assembly plants where our examinations have not been comin any one year, to be paid for through monthly instalments pleted, we have accepted the Corporation's reports.
over a period of one year. As a special inducement the
We have verified the provision for your Federal income
Corporation makes an extra payment of $2.00 per share tax liability for the year 1927, but have made no study of
each year for a period of five years to employees availing the existing situation with respect to tax adjustments apthemselves of this offer. This plan is particularly of service plicable to prior years, inasmuch as you have a special deto employees as the Savings and Investment Fund classes partment to handle such tax matters.
mature. It enables them to obtain a security of standing
We have not examined the minutes of your governing
and worth in which such funds may be safely invested, other- bodies.
the purpose and value of the Savings and Investment
wise
WE HEREBY CERTIFY that, subject to the above, the
Plan itself is likely to be jeopardized. There is recorded accompanying Condensed Consolidated Balance Sheet, De[Pamphlet Report] the number of shares pur- cember 31, 1927, and related Summaries of Income and Suron page 23
chased and subscribed to by employees.
plus for the year ended that date, in our opinion, are corManagers Securities Company.
rect.
(Signed) HASKINS & SELLS.
Previous reports have dealt completely with this plan,
New York, February 16, 1928.
inaugurated in 1928 for the purpose of enabling the more im-
the provisions of the plan at the close of 1927. It is believed
that an important contribution has been made to the welfare of the employees, hence to the welfare of the Corporation and of the stockholders.
Bonus Plan.
There was allotted 109,119 shares of common stock as
bonus awards to 1,998 employees for conspicuous service
during the year. Under the terms of the Bonus Plan the
stock is purchased in the open market and the cost charged
against earnings. Bonus awards by years from the inception of the plan, including the distribution for 1927, are set
forth on page 25 [Pamphlet Report].
1528
FINANCIAL CHRONICLE
CONDENSED CONSOLIDATED INCOME ACCOUNT.
Year Ended
Year Ended
Dec. 31 1927. Dec. 31 1926.
Profit from operations and investments.
after all expenses incident thereto, but
before depreciation of real estate, plants
and equipment
$328.893,358.62 3243,141.474.63
Provision for depreciation ofreal estate,
plants and equipment
26,928,657.89 20.259.973.51
NetProfitfrom operations and investments$301.964,700.73 3222,881.501.12
Less: Provision for:
Employees' bonus
310.488,071.53 38,274,099.29
Amount due Manager Securities
,
Company
8,274,099.29
10.488.071.53
Employees savings and investment
fund
7,214,661.93
3.461.992.4
3
Special payment to employees under
stock subscription plan
32,984.00
40,412.00
Interest on Fisher Body notes
304,644.01
328.231.216.99 320347,819.02
$273,733.483.74 $202.533,682.10
Less: Provision for United States and foreign income taxes
34.468.759.22 25,834.939.06
Net Income
61,724.52 317398.743.04
_
General Motors Corporation Proportion of
Net Income
X238.319.009.48 3178.085.144.55
Seven per cent preferred stock dividends *8,850.590.50 $7.352,290.74
Six per cent preferred stock dividends
116.928.00
104.911.50
Six per cent debenture stock dividends_
176.068.50
153.828 00
$9.I 09..1 ,0.00 $7,645.287.24
Amount Earned on CommonStock
*3229.209.679.483168.439,857.31
'Note.
-Adding the General Motors
Corporation's equity in the undivided
profits of General Motors Acceptance Corporation (100%). Yellow Truck & Coach
Manufacturing Co.(57%). Ethyl Gasoline
Corporation (50%), General Exchange
Insurance Corporation in 1927 (1009').
Vauxhall Motors. Limited. in 1927(1001)
and Fisher Body Corporation (60% Prier
to June 30 1926, after which time the earnings are consolidated). the amount earned
•sos nne enc,76 X178.585,895.00
on the common stock Is
SURPLUS ACCOUNT.
Year Ended
Year Ended
Dec. 311926.
Dec. 311927.
Surplus at beginning of year
389,341318.47 3119,020,472.84
General Motors Corporation proportion of
Net Income, as per Income Account__ - 238,319.009.48 176.08.5,144.55
Addition arising through adjustment of the
holdings in Fisher Body Corporation,
prior to acquisition of minority interest,
to the net asset value thereof as at June
30 1926
27,727,439.41
Addition arising through acquisition of the
balance of the common stock of Fisher
Body Corporation not already owhed
(minority interest) for which there was
paid 638.401 shares original issue and
26.319 shares out of treasury of General
Motors Corporation common stock_
23,084,542.30
Capital surplus arising through sale above
par of 2,50,000 shares of 7% preferred
stock
4,104,166.75
Capital surplus arising through exchange
of6% debenture and 6%
for 7%, preferred stock preferred stock
107,100.00
75,375.00
This amount transferred to reserve for
sundry contingencies by order of the
Board of Directors
107,100.00
75,375.00
Total
$3.11,7o4,494.70 $345,917,509.10
Surplus capitalized through issuance of
2,900,000 shares ofcommon stock at $50
per share as a stock dividend of one-half
share for each share of common stock
outstanding, paid Sept. 11 1926_
145.000,000.00
$34,7,34.494.70 3200,917,599.10
Less cash dividends paid or accrued:
7% preferred stock
$8,850.590.50 $7.352.290.74
6% preferred stock
116.928.00
104.911.50
6% debenture stock
176.068.50
153.828 00
39.109.330.00 37,645,287.24
Common stock:
March 12 ($2.00 on 8,697,876 shares
In 1927)
317395.751.75 39.032,270.68
June 13 ($2.00 on 8.698.302 shares
in 1927)
9,032384.93
17.396.603.00
July 5(82.00 extra on 8,698.302shares
in 1927)
17.396.603.00 *20.645,219.00
Sept. 12 ($2.00 on 8.698.562 shares
15,212,666.23
In 1927)
17.397.123.00
Dec. 12 ($1.25 on 17,400,000 shares
In 1927)
15.219.994.88
21.750.000.65
Dec. 12 ($2.50 extra on 17,400.000
shares in 1927, payable Jan.3 1928) 43.500.000.00 *34.788.557.67
8134.836,081.40 3103.930.993.39
Total cash dividends paid or accrued..-$143.945.411.40 $111.576,280.63
Surplus at end of year
3187.819.083.30 389.341,318.47
• Note.
-July 2 1926 there was paid 84.00 extra per share and Jan. 4
1927, $4.00 extra per share.
CONDENSED CONSOLIDATED BALANCE SHEET AS OF'
DECEMBER 31 1927 AND 1926.
ASSETS.
Current and Working AssetsDec. 311927. Dec. 311926.
Cash in banks and on hand
3132,272.217.73 3117,825.372.05
United States Government securities
12,840,580.65
75,542.697.94
Other marketable securities
4,732.433.44
361.282.00
Sight drafts with bills of lading attached.
and C.O.D. items
12,073,433.68
14,649.097.20
Notes receivable
1,895,576.92
1,560,677.71
Accounts receivable and trade acceptances.
less reserve for doubtful accounts (in
1927. $2,293.437.10; in 19 . 61. .
718 26
036.96)
31,646,088.89 27,707.286.38
Inventories at cost or market, whichever
is lower
172,647,715.62 156.203,663.15
prepaid expenses
3,059.866.96
3.600,345.42
Total Current and Working Assets.... $432,280,122.51 3336.338.213.23
Fixed Assets
Investment in affiliated and miscellaneous
companies not consolidated
$98,262,013.86 $79.715,822.88
General Motors Corporation stocks held
In treasury (in 1927, 428.193 shares
common, $29,956,247.84: 11,140 shares
7% Preferred 31381,786.53)
31.338.034.37 19,491.738.97
Real estate, plants and equipment
480,473,508.46 434,373.903.49
Deferred expenses
7,404.422.37
12,4 , .
Good-will, patents, etc
43,687.708.37 43.570.004.95
Total Fixed Assets
$666.197,453.07 $584.555,892.66
Total Assets
81,098,477.575.58 3920,894,105.89
[VOL. 126.
LIABILITIES, RESERVES AND CAPITAL.
Current LiabilitiesDec. 31 1927. Dec. 31 1926.
Accounts payable
851,328,549./2 348,22/.294.10
Taxes, payrolls and sundry accrued items
not due
27,236,070.41
29,723,532.81
United States and foreign income taxes._ _ 35,224,309.20 30,324,496.79
Accrued dividends on preferred and debenture stock
1,274,714.63
1,567,218.63
Extra dividend on common stock.payable
Jan. 3 1928 (for 1926 payable Jan. 4
1927)
43 500 000.00 34.788.557.67
Total Current Liabilities
$159.356.147.36 3144.332,596.00
Reserves
Depreciation of real estate. Plants and
equipment
$141,872,939.54 $123,892,340.01
Employees' investment fund
2.856,797.50
6,316.320.00
Employees' savings fund_a
14.933.833.65
Bonus to employees
8,520.447.42
11,715.710.51
Sundry contingencies
4,613,921.28
3.943,565.78
Total Reserves
$178,782,369.48 $139.883,506.21
Capital Stock
Seven per cent preferred stock* (authorized 3500.000.0001
3130.835.700.00 8105333,200.00
Six per cent preferred stock (authorized
and outstanding)
1.795,900.00
1.713,400.00
Six per cent debenture stock (authorized
and outstanding)
2,366,900.00
2,786,900.00
Common stock $25 par value (in 1927
authorized 30,000,000 shares. Issued
and outstanding 17,400,000 shares)
435,000,000.00 435,000.000.00
Total Capital Stock
$569,916,000.00 $544,916.000.00
Interest of minority stockholders in subsidiary companies with respect to capital
and surplus
2.420.685.21
2.603,975.44
Surplus
187.819.083.30 89.341.318.47
Total Capital Stock and Surplus
3760.3.39.058.74 $630.678.003.63
Total Liabilities, Reserves and Capita1_81.098.4//375.58 *9E0.894.105.89
a Reserve for employees' savings fund includes classes maturing December 31 1929 to December 31 1932, after providing an amount in "Taxes,
payrolls and sundry accrued items not due to meet probable withdrawals
during 1928. Classes maturing December 31 1927 and 1928 are also included in "Taxes, payrolls and sundry accrued items not due." At December 31 1926 all classes of the employees' savings fund were included in
"Taxes, payrolls and sundry accrued items not due."
*The Seven l'er Cent Preferred Stock is preferred as to assets and dividends over all other stocks of the Corporation under charter amendment
adopted June 16 1924.
Detail of Investment in Affiliated and Miscellaneous
Companies.
In the condensed consolidated balance sheet of General
Motors Corporation the investment In affiliated and miscellaneous companies not consolidated is carried at $98,262,013.86 as of December 31, 1927. This consists of investments
in companies not consolidated In the accounts of the corporation.
A list of these investments and the value at which they
are carried on the books of the Corporation follows:
Number of
December 31
Shares.
1927.
General Motors Acceptance
Corporation
*343.750.000.00
Common 350.000
Yellow Truck dr CoachjCommon 800.000
16.000 000.00
Manufacturing Co
8.091.000.00
1Class B 404,550
Ethyl Gasoline Corporation _Common 7,500
750.000.00
General Motors Building Corporation_
8.627.635.95
Vauxhall Motors. Limited__ _Ordinary 368,800
4.245.442.11
Argonaut Realty Corporation
3.145,317.90
Investments in Housing Facilities
Bristol Realty Company---Common 4.270 3425.000.00
190.000.00
House Financing Corporation
Modern Dwellings, Limited
141.550.09
Modern Housing Corporation
8.935.368.93
New Departure Realty Co__Common 2,500 227,602.04
9,919.521.06
3,733.096.84
Miscellaneous
Total Investment In Affiliated and Miscellaneous Com398,262.013.86
panies not consolidated
*Investment in General Exchange Insurance Corporation was transferred to General Motors Acceptance Corporation In 1927.
BALANCE SHEET AS OF DECEMBER 31 1927.
Clash:
ASSETS.
In banks and on hand
$45.975,161.48
Notes and Bills Receivable:
United States and Canada
3249.863.003.25
Foreign
25.867.230.06
275.730.233.31
Accounts Receivable
999.046.97
Furniture and Equipment, less depreciation
1,287.954.54
Investments
3.257.702.50
Deferred Charges
4,175.500.06
Total Assets
$331.425.598.86
LIABILITIES.
Capital Stock
335.000.000.00
Surplus
8,750.000.00
Undivided Profits:
$5.178.200.76
Balance as of December 311026
Net profit for year ended Dec. 31 1927 8.578,475.29
Leas dividends
813.756.676.05
5.350,000.00
Ten Year Sinking Fund 6% Gold Debentures due February 1 1937
350,000.000.00
Retired through Sinking Fund
500,000.00
8.406.676.05
352.156,676.05
49,500.000.00
Serial Gold Notes:
35.000.000 due annually March 1 1928 to 1936
45,000,000.00
Notes and Bills Payable:
Gold Notes. United States
3121,645.500.00
Demand Notes. Canadian and Foreign... 13.669.497.86
Bankers' Acceptances Discounted
20,350.000.00
Bills of Exchange Discounted
1.334,536.69
156,999.534.55
Accounts Payable
2.615.295.89
Dealers' Repossession Loss Reserves
7,735.361.34
Accrued Interest Payable
1.989.640.14
Unearned Income
9,794.493.45
Reserves
5.634.597.44
Total Liabilities
$331,425.598.86
Record of Earnings.
Net sales, net income, amount paid in dividends, and the
amount reinvested in the business since the beginning of
General Motors are shown in the following table. Net income and amount reinvested in the business beginning 1922
include General Motors Corporation's equity in the undivided profits of subsidiaries not consolidated.
1529
FINANCIAL CHRONICIAE
MAIL 101928.]
Net Sales.
529,029.675
49,430.179
42,733.303
64,744.496
85.603.920
85.373.303
94.424.841
156.900.296
172.677,499
96,295.741
269.796.829
509,676,694
567.320,603
304,487,243
463.706.733
698.038,947
568,007.459
734.592,592
1.056.153.338
1.269.519.673
Years Ended Dec. 311909•
1910•
1911e
19126
19130
19149
19159
19168
19175
1917c
1918
1919
1920
1921
1922_
1923
1924..
1925
1926
1927
Net Income
Available for
Dividends (e).
59.114,498
10,225,367
3,316.251
3.896.293
7,459,471
7.249.734
14.457,803
28,789,560
24.780.916
14.294,482
14,825.530
60.005,484
37,750,375
d38,680,770
54,474.493
72.008.955
51,623,490
116.016.277
186.231.182
235,104.826
Preferred
Dividends.
3417.621
642,947
842,074
1,040,211
1,048,534
1,048,679
1,048,064
1.048.964
1,048,964
491,890
1.920.467
4,212.513
5,620.426
6,310.010
6,429=8
6,887,371
7,272,637
7,639,991
7.645.287
9.109.330
Bata-nee
.Arailable
for Common
Stock (e).
58,696,877
9,582,420
2.474.177
2.856.082
6,410,937
6.201.055
13,408.839
27.740.596
23.731.952
13.802,592
12.905.063
55.792.971
32.129,949
d44,990,780
48.045.265
65,121.584
44,350.853
108.376.286
178.585.895
225.995.496
Income
7;,
Cash Dist- , Income Disbursed
&Invested
dends paid in Cash Dividends
in the
on Preferred and
on Common
Busaness (e)
COMMOri Stocks.
Stock.
58.696.877
4.58%
9,582.420
6.29%
2.474.177
25.39%...
2,856.082
26.70%
6,410.937
/4.06%
6.201.055
14.47%
13.408.839
7.26%
17.010.437
40.91%
$10.730.159
16,301.650
34.22%
7,430,302
11.508.393
19.49%
2.294.199
1.667.753
88.75'7
11.237.310
38.468,430
35.89g
17.324.541
14.236,660
62-29%
9
17,893.28
d65,459,056
20.468.276
37.868.148
30.48%
10.177.117
40.349.558
43.9707.
24,772.026
19,320,221
62.57%
25.030.632
46.441.065
59.97%
1
61.935.22
74.654,902
59.91%
103,930,993
91.159,415
61.23%
134.836.081
8393.157.963
56.94%
3448.060.146
8841.218.101
$71.726.198
1908. •Fiscal years ended
1916. succeeding General Motors Co., organized Sept. 161 to Dec.311917. d Deficit.
Notes: General Motors Corporation was incorporated Oct. 13
-Aug.
,are fiscal years ended July 31st. CS months
Oct. 1st. a 10 months ended July 31 1911. b Years 1912-1917. Inclusive and income reinvested in the business beginning 1922 include General Motors
common stock
e Net Income available for dividends, balance available fory companies not consolidated.
Corporation's equity in the undivided profits of subsidiar
of this stock
'At a special meeting of stockholders in June 1924 the name
the initial dividend
Record of Dividend Payments.
was changed from 7% Debenture to 7% Preferred and 11924. (1) Initisd
r
$1,75 on the new 7% Preferred was paid Novembe $1.50 quarterly paid
was
Initial
The regular quarterly dividend on the common stock
$1.50 quarterly paid February 1 1917. (2) paid May 1 16120. (4) Initial
February 1 1919. (3) Initial $1.75 quarterly
increased to the rate of $8.00 per share per annum as of $1.00 quarterly paid February I 1917, and thereafter $3.00 quarterly to
March 12, 1927. On July 5, 1927 an extra dividend of $2.00 and including February 1 192?).
X share onion
per share was paid. In September two shares of new $25.00
(5) Final $2.50 cash and common stock dividend of 1920 ten shares na
par value common stock were issued In exchange for one no par value paid May 1 1920. On and after March 1 par value.
each one share $100
d for
share of no par value common stock previously outstanding. par value common exchange
quarterly cash and stock dividend of 1-40th share
(6) Initial
As of Dec. 12 1927, a regular quarterly dividend was es- common paid25 cents1920, which rate was paid August 2 and November 1
May 1
tablished on the new stock at the rate of $5.00 per share per 1920.
November first boldness
annum. On January 3, 1928, an extra dividend of $2.50 per
(7) During 1921 on February. May. August and Quarterly dividend due
cents cash.
share was paid to stockholders of record November 19, day, each1quarterly dividend of 25 held January 4 1922.
meeting
Fusry 1922 was passed at
1927.
" dividend of 50 cents a share paid December 20 1922.sestet
A detailed record of the dividends declared by quarters of(8) "Special
record November 27 1922.
er 31, 1927, together with the
12 and December 12,
during the year ended Decemb
(9) During 1923. on March 15, June 12. September was continued during
rate
a dividend of 30 cents cash was paid, and this June 12 and September 12,
dates of payment, is as follows:
1924 by a payment of 30 cents a share March 12.
Stock
Date
Stock
Date
7%• 6% 6%
on the no par common capitalized at Sit) a share
Coin.
of
of
Pref. Deb. Prof.
common
Record,
Record. Stock. Torment.
(10) On account of charter changes, the number of shares of old stock
Periods. Stock. Sock. Stock. Porn% Jan.10 $2.00 Mar. 1227 Feb. 19'27
four shares of
stock was reduced In 1924. through the exchange of
1st Quar..$1.75 $1.50 $1 50 Feb. 1
in reducing the
May 2 Apr. 9 2.00 June 13'27 May 21 '27 for one share of new no par value common stock, resulting theretofore out1.50
2d Quar. 1.75 1.50
Extra 2.00 July 527 May 2127 common shares outstanding to one-quarter of the number
this new stock was paid
2027
a
3d Quar_ 1.75 1.50 1.50 Aug. 1 July 5 2.00 Sept. 1227 Aug. 1927 standing. An initial dividend of $1.25 toshare onpayable March 12 1925,
$1.50.
1 Oct.10 125 Dec. 1227 Nov.
December 12 1924: this was increased
4th Quar.. 1.75 1.50 1.50 Nov.
:Extra 2.50 Jan. 328 Nov. 1927 and was continued through the year.
Novema share, an extra cash
The extra dividend of $2.50, payable January 3 1928 to stock of record
(11) In addition to quarterly dividends of 21.501925
stock of record
ber 19 1927 was declared November 10 1927.
dividend of 51.00 a share was paid September 12$5.00 to share was paid
1925: also an extra cash dividend of
August
The payments by years since the organization of General January24 1926 to stock of record November 23 1925. a
7
Motors Corporation of Delaware, the present Corporation,
an extra cash
(12) In addition to quarterly dividends of $1.75 a share,
record May 24
follow:
dividend of $4.00 a share was paid July 2 1926 to stock of common stock
Common
in
6%
6%
On September 11 1926 a 50% dividend was paidincreased number
7%•
Par.
$25 Par. 1926.
No Par.
Preferred. Debenture. Preferred. $100
and payments of 51.75 a share wore continued on the
paid January 4 1927
(1) $6.00 (4) 2100)
---1917
of shares. An extra cash dividend of $4.00 a share was
---12.00
6.00
--1918
to stock of record November 20 1926.
12.00
6.00
(2) 5165
1919
(5) 5.50 Is) Wig
6.00
6.00
1920 (3)55.25
Sales of Cars and Trucks.
7) 1.00
6.00
6.00
7.00
1921
8) .50
---6.00
6.00
7.00
1922
9) 1.20
---6.00
6.00
The following tabulation shows sales of General Motors
7.00
1923
---il()) 2.15
6.00
6.00
sales by manufacturing
1924 (*)7.00
11) 12.00
-- cars by dealers to users, as well as
6.00
6.00
7.00
1925
12 15.00
6.00
6.00
s of General Motors to their dealers:
division
7.00
1926
(see table above)
6.00
6.00
1927
7.00
Divisions' Sales to Dealers
1924.
1925.
Dealers' Sales to Users
1926.
1927.
1924.
1925.
.
1926
1927.
61.395
30.642
76.332
99.367
33.574
78.668
25,593
49,146
53.698
81.010
91,313
124.426
50.007
January
39.579
75.484
75.527
64.971
102.025
113,341
161.910
57.205
FebruarY
58.600
70.594
85.583
106.051
146.275
122,742
169.067
89.583
March
97.242
45.965
77.223
136.643
180.106
120.979
173.182
84.715
4
kpril
87.488
32,984
71.088
141.651
171.364
111,380
155,525
65.224
ay
75.864
40.563
57.358
117,176
159.701
87.643
136.909
60.836
June
65.872
48,614
76.462
101.576
134.749
134.231
155.604
54.842
July
78,638
51.935
89.018
122.305
158.619
138.360
140.607
48.565
August
83,519
49,533
96.364
118.224
132.596
115,849
128.459
46.003
September
86.281
23.631
99.073
73.374
153.833
78.550
57.621
33.095
October
60.257
19.927
54.117
101.729
80.539
44,130
60,071
33,919
November
56.129
52.729
53.760
December
587.341
835.902
1,234,850
1,562.7e8
657.568
827.056
1,215,826
1.554.577
Total
Toest_-
47.320.513.561
2912.944.217
dealers for the year ended Dec. 31, 1927, compared with
The sales by makes of cars by General Motors divisions to
the sales of preceding years, follow: 1927.
PasSfoi0er CurS
Buick
Cadillac
La Salle
Chevrolet
Oakland
Pontiac
Olds
Other •
Commercial Cars:
Chevrolet
Other •
Totals:
Passenger
Commercial
Miscellaneous•
1922.
1921.
1920.
1926.
1925.
1924.
1923.
166.952
17.905
218,286
22.201
138.501
22.021
83.888
11.130
116.213
19.790
268.698
18,639
16.371
791.870
53.922
140.791
58.016
280.009
27.489
208.575
22,773
620.364
58.537
75.836
59,536
466.485
45.380
295.456
36.512
464.800
35.974
240.390
20.853
75.667
12,661
144.502
37.244
43,935
45.728
33.356
21,216
644
20.245
4.852
26.241
9.043
209.272
5,169
111,781
1.298
45,824
2.930
19.277
5,511
15.326
8.515
2.932
7,821
1.489
3.973
4,938
17.001
1.348,307
214,441
1,121.771
113.079
787.148
48.754
562.553
24,788
774.617
23.841
97
443.625
10.753
2,385
208.443
5.462
894
353.033
21.939
18.103
393.075
214.799
456.763
798.555
587,341
835,902
ured, also includes
"Commercial Cars-Other" includes lines not now manufact the operations of
-Other" includes lines not now manufactured.
•"Passenger Cars
ed to Yellow Truck & Coach Mfg. Co..
illi
when the General Motors Truck Division was transferrincludes tractors not now manufactured.
GMC trucks to the end of April 1925,
ion. "Miscellaneous"
which are not consolidated in the accounts of General Motors Corporat
Grand Total
1.562,748
1.234.850
in
General Motors overseas assembly plants are located
Overseas Sales.
, EngCopenhagen, Denmark; Antwerp, Belgium; London
of General
Sales overseas by the Export Organiations
land; Berlin, Germany; Stockholm, Sweden; Buenos Aires,
y; AdeMotors follow:
Argentina; Sao Paulo, Brazil; Montevideo, Urugua
Net Sales
Number of
Year Ended
laide, Brisbane, Melbourne, Perth and Sydney, Australia;
Cars and Trucks.
Wholesale.
December 3121,872
819.875,015 Wellington, New Zealand; Port Elizabeth, South Africa;
1922
45.000
39,193,869
using operations are
1923
64.845
50,929,322 Osaka, Japan; Batavia, Java. Wareho
1924
100.894
77.109.696 located in Madrid, Spain; Le Havre, France; and Alexan1925
118,791
98,156,088
1926
171.991,251 dria, Egypt.
193,830
1927
1530
FINANCIAL CHRONICLE
Investment in 7% Preferred Stock by Employees.
This plan, inaugurated in 1924, recognized the importance
of affording a suitable investment for the Corporation's employees, particularly those unfamiliar with the subject of
selecting securities for proper investment. The plan provides
for the sale of General Motors preferred stock to employees
who may subscribe in amounts proportionate to their salaries but not to exceed ten shares per employee in any one
year, to be paid for through monthly instalments over a
period of one year. As a special inducement the Corporation makes an extra payment of $2.00 per share each year
for a period of five years to employees availing themselves
of this offer. This plan is particularly of service to employees as the Savings and Investment Fund classes mature. It enables them to obtain a security of standing and
worth in which such funds may be safely invested, otherwise the purpose and value of the Savings and Investment
[VOL. 126.
Plan itself is likely to be jeopardized.
A record of the results of this plan by years since its
adoption follows:
Year—
1924
1925
1926
1927
1928
Offering
Price
Per Share.
$99.00
99.00
114.00
119.00
124.00
Number
of Employees
Purchasing.
3.342
3,633
1,888
3,245
*3,165
Number
of Shares
Purchased.
10,993
14,005
8.025
13,971
*12,658
*Returns incomplete at this date.
Employees' Savings and Investment Fends.
A summary of the condition of unmatured Classes of the
Employees' Savings and Investment Funds at December 31,
1927 (including the Class of 1922 which matured December 31, 1927), and the results of the matured Classes since
establishment of the plan in 1919, follows:
Total
Total
Unmatured Matured
Aggregate
Classes
Classes
All Classes
(1922 to
(1919 to
(1919 to
1927, Incl.) 1921 Incl.) 1927 Incl.)
$30, 23.450 $8,912,960 839,036.410
2.826.223
1,520,403
4,346.626
$32.949,673 $10,433,363 $43,383.036
5.703.965
6.209.240 11.913.205
$27.245,708 $4,224.123 $31.469.831
Class
Class
Class
Class
Class
Class
Employees' Savings Fund—
1922.
1923.
1924.
1925.
1926.
1927.
Net amount paid in by employees_-_ $2,288,425 $33.052.410 $2,823,240 $3,707,080 $5,714,055
$12,538,240
Interest credited by Corporation
570.111
588.909
488.396
469,712
433.112
275.983
Total
$2,858,536 $3,641,319 $3,311.636 $4,176.792 $6,147.167 $12,814,223
Withdrawals by employees
1,166,583
1.527.750
997,037
985.845
1.026,750
Balance credited to employes
$1,691,953 $2,113.569 $2,314,599 $3,190,947 $5.120,417 $12.814,223
Employees' Investment Fund—
Amount paid in and invested by
Corporation
$1,144,212 $1,526,205 $1,411,620 $1.853.540 $2,857,027 $6.269,120 $15.061,724
$8,912.960 $23.974.684
Income received
933,396
1.555.975
1,174.369
780.719
314,084
4.758.543
4.172.824
8.931.367
Total
$2,077.608 $3,082.180 $2,585,989 $2,634,259 $3,171,111 $6,269,120 $19,820,267
$13,085,784 $32,906.051
Withdrawals by employees
175.847
157.313
93.491
69.180
38.117
533,948
1.157.870
1.691.818
Balance
81,901,761 $2,924,867 $2,492,498 $2,565,079 $3,132,994 $6,269,120 $19,286,319
$11,927,914 $31,214,233
Amount guaranteed to employees
(50% of Savings Fund balance
credited to employees; 100%
prior to 1922 Class)
845.976
1,056.784
1,157.299
1,595,473
2,560.208
6,407.111 13,622.851
4,224,123 17,846.974
Amount reverting to Corporation
(balance in Investment fund
after deducting amount guaranteed to employees)
1,055,785
1,868,083
1.335.199
969,606
572.786
5,801.459
5,801,459
Note: Inder the 1919, 1920 and 1921 Plan the Corporation guaranteed to the employees
in the Investment Fund an amount equal to 100% of their
credits in the savings Fund. Forfeitures in the Investment Fund on account of
withdrawals did not revert to the Corporation. Beginning with the
Class of 1922, the Plan was amended to provide that
thereafter forfeitures in the Investment Fund revert to the corporation, and that the
Corporation
guarantee that the Investment Fund at maturity shall equal an amount equivalent
to 50% of the Savings Fund credits. The amount paid into the
1927 Investment Fund Class was not invested until 1928.
Payrolls and Number of Employees.
The payrolls of General Motors Corporation, not including certain affiliated companies, such as Yellow Truck &
Coach Manufacturing Company and Fisher Body Corporation prior to acquisition of the minority interest as of June
30, 1926, totaled $302,904,988 in 1927, compared with $220,918,568 in 1926, $136,747,178 in 1925, $110,478,000 in 1924,
$138,290,734 in 1923, $95,128,435 in 1922 and $66,020,481 in
1921. The number of employees of the Corporation, not
Including certain affiliated companies, for 1927 and prior
years has been as follows:
1909-14.250 1913__20,042 1917__25,427 1921-45,965 1925_-83,278
1910-10.000 1914--14,141 1918_49,118 1922_65,345 a1926-129,538
1911--11,474 1915-.21,599 1919-85,980 1923-91,265 1927-175,666
1912--16.584 1916__25,666 *1920__80,612 1924-_73,642
* Beginning with the year 1920 figures shown in this table are
averages
for the year.
a Average for 1926 does not include Fisher Body prior to June 30.
Number of Stockholders.
The total number of stockholders, all classes, by quarters,
Divisions, Affiliated and Miscellaneous Companies.
General Motors Corporation is primarily an operating
concern owning the plants, properties and other assets of
its manufacturing operations which are designated in this
list as Divisions. It is also a holding company owning part
or all of the capital stock of other companies connected with
Its activities. These relations are indicated by numerals
appended after the names of the companies:
1. Assets owned by General Motors Corporation.
2. All stock owned by General Motors Corporation.
3. All common stock owned by General Motors Corporation.
4. Majority of stock owned by General Motors Corporation.
5. One-half interest owned by General Motors Corporation.
6. All stock owned by General Motors of Canada,'Airlifted.
7. All stock owned by Delco-Light Company.
8. All stock owned by General Motors Export Company.
9. All stock owned by General Motors Acceptance Corporation.
10. All stock owned by New Departure Manufactting Company.
11. Majority ofstock owned by New Departure Manufacturing Company.
PASSENGER AND COMMERCIAL CAR GROUP.
Buick Motor DivLsion (1)
Flint, Mich.
Buick passenger cars.
Cadillac Motor Car Division (1)
First
Second
Detroit, Mich.
Fourth
Third
Cadillac and La Salle passenger cars.
Quarter.
Quarter.
Quarter,
Quarter.
1.927
2,525
2,920 Chevrolet Motor Division (1) including Subsidiaries (2)' Detroit, Mich.
2,669
Chevroletpassenger and commercial cars produced in the
3.918
3.737
4.739
3,615
manufacturing and assembly plants located as (a lows:
8.012
12,523
18.214
12,358
Flint, Mich., motors,sheet metal and assembly; Detroit,
24.148
36,894
26,136
31,029
Mich., forging:, gears, axles and wheels; Saginaw,
49,035
59,059
66,837
65,324
Mich., foundry; Bay City, Mich., carburetors and
70,504
72,665
65,665
71,331
hardened and ground parts; Toledo. Ohio, transmis67,115
67,417
68,063
68,281
sions. Assembly plants in these cities: St. Louis,
70,009
66,097
71.382
69.428
Mo, Janesville,_ Wis. Oakland, Calif. Buffalo and
60,458
50,917
60,414
58.118
Tarrytown, N. Y. Bloomfield, N. J., and Cincinnati,
54.851
50,369
53,097
47,805
Ohio.
56,520
66,209 Oakland
57.595
57,190
Motor Car Division (1)
Pontiac, Mich.
Oakland and Pontiac passenger cars.
Bonus Awards.
Each year there is credited to a bonus fund a percentage Olds Motor Works Division (1)
Lansing, Mich.
Oldsmobile passenger
of the Corporation's net earnings after deducting 7% on the General Motors of
Limited (2)
Oshawa, Ontario
Cadillac, La Salle, McLaughlin-Buick, Oakland, Oldscapital invested in the business. Prior to 1923 the sum so
mobile, Pontiac and Chevrolet passenger cars; Chevrolet
credited to the bonus fund was 10% of the net earnings of
commercial cars and General Motors Trucks. Plants
at Oshawa and Walkerville, Ont.
the Corporation. Since 1923, at which time the Managers
Manufacturing Co.(4)
Chicago, Illinois
Securities Company was organized, the amount set aside for Yellow Truck and Coach Yellow
Genal Motors Trucks,
er
Coaches nd Yellow Cabs.
Plants at Pontiac, Mich. Chicago an East Moline. Ill.
the bonus plan has been 5%. The fund is invested in Genfollows:
Year Ended
Dec. 311917
1918
1919
1920
1921
1922
1923
1924
1925
1926
1927
eral Motors common stock. At the end of each year stock
is awarded to employees on the basis of the degree to which
their services individually have contributed to the success
of the Corporation. Stock so awarded is delivered onefourth at the time of the award and the balance in three
equal annual instalments. A record of the awards follows:
1918
1919
1920
1921_a
1922
1923
1924
1925
1926
1927
Number of
Number of
Shares of
Shares of Common 7% Preferred
Number of
Bonus Awards. Stock Awarded.b Stock Awarded,
196,095
3,884
160,994
6,453
14.191
63.725
6,578
4,743
550
647
676
943
1,513
1.998
71,893
90,511
46,109
138.128
171,268
109.119
Total
23.242
1.047,842
18,934
a No bonus was available for the year 1921.
shares on basis of present $25 par value common b Equivalent number of
stock.
FISHER BODY GROUP.
Fisher Body Division (1)
Detroit, Mich.
Automobile body building plants located at Detroit,
Lansing. Pontiac and Flint, Mich. Buffalo and Tarrytown. N. Y. owns extensive acreage of virgin hardwoed
timber in northern Michigan.
Fisher Body Corporation (2)
Cleveland, Ohio
Automobile body building plants at Cleveland and Cincinnati, Ohio.
Fisher Body St. Louis Company (2)
St. Louis, Mo.
Automobile body building plants at St. Louis. Mo.
Oakland. Calif. Janesville, Wis.
Fleetwood Body Corporation (2)
Fleetwood, Pa.
Automobile body building plant for custom bodies at
Fleetwood, Pa.
Ternstedt Manufacturing Company (2)
Detroit, Mich.
Hardware for automobile bodies,
Plants at Detroit,
Mich.
The National Plate Glass Company (2)
Detroit. Mich.
Plate glass for automobile bodies. Plants at Blairsville.
Pa., and Ottawa. Ill.
Fisher Lumber Corporation (2)
Memphis, Tenn.
(Fisher Delta Log Company, subsidiary.)
large tracts of virgin hardwood timber in Louisiana
and Arkansas. Operates sawmills at Ferriday and
Wisner. La., and sawmill and automobile body woodworking plant at Memphis, Tenn.
FINANCIAL CHRONICLE
MAR. 10 1928.]
ACCESSORY AND PARTS GROUP.
Flint, Mich.
AC Spark Plug Company (4)
oil
AC spark plugs, speedometers, air cleaners, oil filters,
gauges,fuel pumps, gasoline
gauges, ammeters, thermo
strainers, instrument panels, tachometers, film speed
indicators and decorative tile.
Flint, Mich.
Armstrong Spring Division (1) trucks.
Springs for passenger cars and
Syracuse, N.Y.
Brown-Lipe-Chapin Division (1)
Differential gears for passenger cars and trucks.
Anderson, Ind.
Corporation (2)
Delco-Remy
for
Delco-Remy starting, lighting and ignition systems
hydraulic shock
cars and trucks; Klaxon horns Lovejoy fractional H.P.
absorbers; Blossom co-incidental locks;
motors; automobile lamps. Plants at Anderson, Ind.,
and Dayton, Ohio.
Dayton, Ohio
Delco-Light Company (2)
Delco-Light electric plants and D-L residence water
systems.
Dayton, Ohio
Frigidaire Corporation (2)
Frigidaire electric refrigerators, refrigerating units, ice
coolers.
cream cabinets and water
Lockport, N. Y.
Harrison Radiator Corporation (2)
Radiators for passenger cars and trucks.
Newark, N. J.
Hyatt Bearings Division (1)
Hyatt anti-friction bearings.
Dayton, Ohio
Company (2)
Inland Manufacturing
Steering wheels and rubber and molded parts.
Jackson, Mich.
Products Division (1)
Jaxon Steel
Wheels, rims, tire carriers and rim parts,steel stampings.Muncie, Ind.
Muncie Products Division (1)
Transmissions, steering gears and chassis parts.
Bristol, Conn.
New Departure Manufacturing Company (3)
Ball bearings, coaster brakes, bells and bicycle hubs.
Saginaw, Mich.
Saginaw Crankshaft Division (1)
Crankshafts for passenger cars.
Saginaw, Mich.
Saginaw Malleable Iron Division (1)
Malleable iron castings for passenger cars and trucks. Saginaw, Mich.
Gear Division (1)
Saginaw Steering
Steering gears for passenger cars and trucks.
Detroit, Mich.
United Motors Service, Inc. (2)
Provides authorized national service for Delco-Remy
starting, lighting and ignition systems; Lovejoy hydraulic
shock absorbers; Klaxon horns; Jason rims, rim parts
and wheels; Harrison radiators; New Departure ball
bearings; Hyatt roller bearings; AC speedometers, air
cleaners, oil filters, gasoline strainers, fuel pumps
and guages.
1531
Montevideo,
General Motors Uruguay, S. A.(2)
Uruguay
Distribution of cars and trucks in Uruguay; assembly
plant at Montevideo.
Pork Elizabeth,
General Motors South African, Ltd. (2)
South Atria&
Distribution of cars and trucks in the Union of South
Africa, Rhodesia, British Southwest Africa, Portuguese
East Africa, Nyasaland. Bechuanaland and the Katango district of the Belgian Congo; assembly plant at
Port Elizabeth.
Melbourne,
General Motors (Australia) Pty.. Ltd.(2)
Australia
Distribution of cars and trucks in Australia; assembly
plants at Adelaide, Brisbane, Melbourne, Perth and
Sydney.
Wellington,
General Motors New Zealand, Ltd.(2)
New Zealand
Distribution of cars and trucks in New Zealand; assembly
plant at Wellington.
Osaka, Japan
General Motors Japan. Ltd.(2)
Distribution of cars and trucks in Japan, Corea, China
and Manchuria; assembly plant at Osaka.
Batavia, Jaya
N. V. General Motors Java (2)
Distribution of cars and trucks in the Dutch East Indies,
Straits Settlements;
French Indo-China, Siam and the
assembly plant at Batavia.
Luton, England
Vauxhall Motors, Ltd.(3)
Manufacture of Vauxhall motor cars and their sale in
Great Britain and Ireland.
London, England
Delco-Remy & Hyatt, Ltd. (3)
Sales and service on Delco-Remy ana Hyatt products in
Britain and Ireland; technical and service headGreat
quarters at London.
New York, N. Y.
Overseas Motor Service Corporation (8)
Sales and service overseas on accessory lines including
electrical equipment, bearings, etc.
FINANCING AND INSURANCE GROUP.
New York, N. Y.
General Motors Acceptance Corporation (2)
Finances wholesale distribution and retail credit sales
of General Motors products: branch offices in 65 cities
in the United States, Dominion of Canada and overseas.
New York, N. Y.
General Exchange Insurance Corporation (9)
Provides fire-theft insurance service on cars sold at retail.
REAL ESTATE GROUP.
Detroit, Mich.
Argonaut Realty Corporation (2)
Designs, erects and finances salesrooms and service stations for factory branches.
Bristol, Conn.
Bristol Realty Company (11)
Housing for employees in Bristol.
Detroit, Mich.
AND OVERSEAS GROUP.
EXPORT
General Motors Building Corporation (2)
New York, N. Y.
Owns and operates central office building in Detroit.
General Motors Export Company (2) trucks in overseas
Oshawa, Ontario
Modern Dwellings, Limited (6)
Distribution of General Motors cars and overseas operaHousing for employees at Oshawa.
territories not covered by General Motors
Detroit, Mich.
fourteen cities abroad.
Housing Corporation (2)
Modern
tions; Zone Offices in
London, England
blousing for employees in Flint. Pontiac and Janesville.
General Motors Limited 2)
Bristol, Conn.
of cars and trucks in Great Britain and
New Departure Realty Company (10)
Distribution
Housing for employees in Bristol.
Ireland; assembly plant at London.
Copenhagen,
General Motors International, A/S1 Denmark, Norway,
Denmark
Distribution of cars and trucks in
Sales Companies.
and
Danzig
Poland, Esthonia. Iceland, Latvia. .
Lithuania; assembly plant at Copenhagen
The following sales organizations sell the products of the
Stockholm,
A/13.
General Motors Nordiska.
Sweden manufacturing units. The capital stock of these selling
Dist-ibution of cars and trucks in Sweden and Finland;
ion,
assembly plant at Stockholm. (2)
Antwerp,Belgium companies is owned by the General Motors Corporat
General Motors Continental, S. A. Belgium. Holland and
except in the cases noted:
Distribution of ears and trucks in
Switzerland; assembly plant at Antwerp.
Flint, Mich.
Berlin, Germany Buick Motor Company
General Motors G.m.b.H. (2)
Syracuse, N.Y.
Brown-LiPe-Chapin Company
Distribution of cars and trucks in Germany, Austria,
Detroit, Mich.
Cadillac Motor Car Company
Russia; asCzechoslovakia, Hungary and European
Detroit. Mich.
Chevrolet Sales Companies
sembly plant at Berlin.
New York, N. Y.
Paris, France
Ethyl Gasoline Corporation (5)
S. A.(2)
General Motors (France)
Newark, N. J.
Roller Bearing Company
French
Hyatt
Distribution of cars and trucks in France, Algeria,
Jackson, Mich.
Jaxon Steel Products Company
Tunisia; warehouse at Le Havre,
Morocco and
Anderson, Ind.
Madrid, Spain
Klaxon Company
General Motors Peninsular, S. A. (2)
Pontiac, Mich.
SpanOakland Motor Car Company
Distribution of cars and tr cks in Spain, Portugal,
Lansing, Mich.
Olds Motor Works
Islands and Gibraltar; warehouse
ish Morocoo, Canary
Cadillac Motor Car Company of Canada, Limited (6) Oshawa. Ontario
at Madrid.
Oshawa, Ontario
Alexandria.Egypt Chevrolet Motor Company of Canada, Limited (6)
General Motors Near East, S. A.(2)Egypt, Greece, Italy,
Oshawa, Ontario
General Motors Products of Canada. Limited (6)
in
Distribution of cars and trucks Italian Africa. Aden,
Oshawa, Ontario
Company. Limited (6)
McLaughlin Motor Car
Bulgaria, Arabia, Hejaz, Iraq,
Oakland Motor Car Company of Canada, Limited (6)—Oshawa, Ontario
Palestine, Jugoslavia, Rumania and
Syria, Persia,
Oshawa, Ontario
Motor Works of Canada, Limited (6)
.
Old
Turkey; warehouse at Alexandria
Oshawa, Ontario
Buenos Aires,
Delco-Light Company of Canada, Limited (7)
General Motors Argentina, S. A.(2)Argentina and ParaArgentina
Distribution of cars and trucks inAires.
In addition to the annual report and quarterly statements of earnings
booklets to inform stockholders, employees,
issues
guay; assembly plant at Buenos
Sao Paulo, Brazil General Motors public special
S. A. (2)
generally. A request to General Motors Departdealers and the
General Motors of Brazil,trucks in Brazil; assembly plant
Distribution of cars and
ment of Puolicity, Broadway at 57th St., New York, will bring t to series
and Porto
at Sao Paulo; branch warehouses at Recife
by mail.
Alegre.
SIMMS PETROLEUM COMPANY AND SUBSIDIARIES
ANNUAL REPORT—FOR YEAR ENDED DECEMBER 31, 1927.
:
To the Stockholders of Simms Petroleum Company
income of your Company for the year 1927 before
Net
capital extinguishments and cost of productive drilling was
$2,722,396.87, and net loss after all charges amounted to
$61,368.55.
Operating revenues for 1927, after deducting cost of raw
materials refined and loss resulting from adjusting inventhe year, were $7,172,tories to market values at the end of
expenses were $3,952,275.12, leaving a
319.47. Operating
gross profit from operations of $3,220,044.35. Income credits
were $132,315.13. Charges against income for depreciation,
depletion, labor and incidental cost of productive drilling,
ments amounted to
and current lease and property abandon
income charges for interest, taxes,
$2,783,765.42. Other
lease rentals, etc., were $629,962.61.
one-half cents a share was
A dividend of thirty-seven and
1, 1927.
paid on April
15,102 barrels daily,
Net production of crude oil averaged
1926, crude oil refined averaged
anlincreaseiof 49% over
4,579 barrels daily, and production of casinghead gasoline
averaged 4,415 gallons daily. Important reserves of oil were
proved on properties owned by the Company in West Texas.
Gross additions to property, hereafter referred to, aggregating $2,847,098.34 were made during the year. Due to
reserves set up out of income the net increase in the book
value of property after all reserves was only $705,927.50.
Net quick assets decreased from $5,254,862.11 on December
31, 1926, to $4,173,874.92 on December 31, 1927. Crude
oil in storage increased from 1,047,464 barrels on January
1, to 3,124,437 barrels on December 31.
At the end of this report will be found a detailed Income
Statement for the year 1927, together with Balance Sheet
as of December 31, 1927, and comparative statistics for the
last five years.
PRODUCTION AND DEVELOPMENT.
During the year 90 wells were drilled, either by the Company alone or in partnership with others, of which 65 were
1532
FINANCIAL CHRONICLE
[Vol,. 126.
productive and 25 in partnership with others, of were dry amounting to $245,971.08, have been included
in operating
holes. This compares with 130 producing wells and 46 dry expenses or in income charges.
holes drilled in 1926, indicating the restriction of drilling
APPLICATION OF INCOMING RESOURCES.
operations. OnDecember 31, 1927 the Company owned
The profit for the year, before depreciation, depletion and
595 producing oil wells and 24 producing gas wells.
lease abandonments, amounted to $2,079,802.29. Net quick
The development of principal importance during 1927 in assets decreased $1,080,987.19 and capital stock outstandthe Company's affairs was the proving of large reserves of ing increased $42,330. The sum of these three items,
recoverable oil on two of its properties in West Texas. In $3,203,119.48, was applied in the following manner:
the Church & Fields pool in Crane County the Company Additaans to property
42,847.098.34
Additions to investments In other companies
13,269.42
Three
-Year
owns jointly with Atlantic Oil Producing Company a total Increase in 6 Convertible Gold Notes retired
118.000.00
sInkina• fund for Convertible Notes
80.22
Dividends declared
of 1,480 acres in checkerboarded parcels, purchased in
258.109.13
March, 1926, shortly after the completion of the discovery Less—decrease In
$3,236,557.11
deferred debit items
33.437.63
well. In February, 1927, the Simms-Atlantic No. 2-A Uni$3.203.119 48
versity well was completed on this joint acreage with an
initial production of 7,000 barrels daily. By the end of
ADDITIONS TO PROPERTY ACCOUNT.
1927, 30 wells had been completed on 520 acres of the jointly
A. LEASES. WELLS AND PRODUCTION FACILITIES.
New lease and royalty purchases made during the year
owned acreage and the Company's net interest in the pro(less leases sold) totaled $612,535.62 and payments for
duction was averaging approximately 8,000 barrels daily.
In the Yates pool in Pecos County, also in the West Texas properties out of oil produced therefrom aggregated $268,area, the Company owns the full working interest in a tract 680.11. On December 31, 1927, the Company owned leases
of 407 acres, which was purchased several years ago for a on 198,859 acres.
During 1927 the Company increased its investment in
nominal consideration. Six wells have been completed on
this lease since September, 1927, at an average depth of wells and production facilities by $512,471.53. This reproapproximately 1,200 feet, four of which flowed in excess of sents lease lines and tanks, treating plants, power plants and
1,000 barrels per hour each when opened up for testing. the physical equipment in or pertaining to producing wells.
There is every indication that this is an unusually rich lease, The intangible cost (labor, fuel, etc.) of productive drilling
and that it constitutes a large reserve of oil. Pipe line runs was charged off as an operating expense as in previous years.
B. PIPE LINE AND STORAGE FACILITIES.
from this field have been restricted since its discovery by
The company erected 1,295,000 barrels of steel storage in
leek of facilities and pro-ration agreements. The Company's
wells have, therefore, been pinched in and permitted to pro- the Church & Fields district in West Texas to take care of
duce at only a fraction of their capacity, and are now aver- its flush production in that district and in addition had completed or had under construction 165,000 barrels of steel
aging about 3,000 barrels daily.
As a result of this new production in West Texas, total storage in the Yates pool at the end of the year. Minor
net production for the year showed an increase of 49% over extensions of the Company's gathering systems at Smackthe previous year, averaging 15,102 barrels daily in 1927 over and Meala were made. After allowing for credits on
compared with 10,117 barrels daily in 1926. The net pro- retirement of 440,000 barrels of steel storage in other disduction for 1927 was the largest in the Company's history. tricts, the net addition to investment in pipe line and storage
At the end of this report is a tabulation showing net pro- facilities for the year was $446,958.79.
C. REFINING AND MARKETING FACILITIES.
duction and producing wells by states, compared with similar
Construction of the refinery at Smackover, Arkansas,
statistics for preceding years.
which was started in the previous year, was completed in
1927 and the plant put in operation during the summer
.
OPERATING REVENUE AND EXPENSES.
The throughput capacity is approximately 2,500 barrels of
crude oil daily. The storage capacity at the Dallas plant
Notwithstanding this increase of 49% in oil produced,
was increased approximately 150,000 barrels by the installarevenue from production was $5,309,866.52 in 1927 comtion of two new steel tanks. The Dallasrefinery continued to
pared with $5,977,944.32 in 1926. Revenue per barrel was
operate at its capacity of approximately 4,000 barrels daily
$.96 compared with $1.62. This large decline in revenue
throughout the year.
per barrel was due partly to the larger proportion of low
Marketing facilities were expanded. On December 31,
grade crude produced in 1927, but primarily to unusually
1927, the Company directly owned and operated 27 retail
low market prices.
filling stations and 39 wholesale stations, compared with 25
Prices for crude oil and refined products suffered severe
filling stations and 24 wholesale stations at the end of the
declines, most of which occurred in February and March.
previous year. Approximately 50% of the gasoline output
The charge against income required to reduce the book value
of the Dallas plant was marketed during 1927 through the
of crude oil inventory to market value at the end of the year
Company's stations. Expenditures for additions to refining
amounted to $268,848.62, which has been deducted from
and marketing facilities during the year totaled $743,531.27.
operating revenues. In addition, there were deducted from
D."MISCELLANEOUS ADDITIONS TO PROPERTY.
income each month the losses from sale of crude oil and reIn addition to 'the items enumerated above, other capital
fined products at lass than the inventory values.
expenditures during the year for additions to casinghead
Production expenses were smaller than in 1926, averaging
gasoline plants, drilling tools and miscellaneous equipment
26 cents per barrel compared with 40 cents per barrel in the
amounted to $262,921.02, making the total expenditures for
previous year. Dry hole expense was $286,763.42 compared
property account, 32,847,098.34.
with $445,051.01 in 1926, reflecting decreased drilling activity. Refinery and marketing expenses and casing-Lead
CONCLUSION.
gasoline expenses were larger in 1927 than in 1926, duo to
Due to the unusually low level of prices which prevailed
larger volume of production and sales.
practically throughout the year, operating revenues were
An indication of the tax burden of the oil industry is shown adversely affected and a small ,deficit in income w.as shown
by the fact that total taxes paid by your Company in 1027- after all charges for inventory adjustments, .deprociation,
including state gasoline taxes, production tavas, and prop, drilling, etc. The Company has, however, maintained a
erty and franchise taxes, amounted to $745,116.27. In the strong current asset position, has placed in storage a subincome statement attached, state gasoline taxes, amounting stantial quantity of low-priced crude oil., has completed the
to $499,145.19, have been deducted from gross operating expansion of refinery, marketing and casingliead gasoline
revenue, and production, property and franchise taxes, facilities undertaken in 1926, and has proved large reserves
1533
FINANCIAL CHRONICLE
MAR. 10 1928.]
ent
of oil under its properties in West Texas. Your managem
y is in an excellent position to profit
feels that the Compan
from any improvement in general conditions in the industry.
By order of the Board of Directors,
THOMAS W. STREETER, Chairman of the Board.
EDWARD T. MOORE, President.
March 9, 1928.
OF
PIPE LINE AND STORAGE FACILITIES OWNED AT END
YEARS.
1923.
1924.
1925.
1926.
1927.
Steel storage Ca1.606,000
pacity-bbls . _ x3,671,055 2,218,055 2.114,040 y1,826.000
66
92
93
131
125
Pipe lines-miles.
Including 55.000 barrels under construction in Yates District.
a
construction at Alexia, Texas,
y Including 220,000 barrels under
COMPANY.
SIMMS PETROLEUM COMPANY, INC., SIMMS OIL
TRINITY DRILLING COMPANY. DALLAS. TEX.AS.
CERTIFICATE OF AUDIT.
We have made a general audit of the accounts of the Simms Petroleum
SIMMS PETROLEUM COMPANY
Trinity
(Incorporated in Delaware), Simms Oil Company, and number
Company
and for a
SIMMS OIL COMPANY
Drilling Company for the year ended December 31, 1927,
of years prior thereto, and
TRINITY DRILLING COMPANY
WE HEREBY CERTIFY that, subject to our not having verified
ing Consolidated
COMPARATIVE CONDENSED INCOME STATEMENT
inventory quantities. In our opinion the accompany
ed Income
1923.
1924.
1925.
1926.
Balance Sheet at December 31, 1927, and Summary of Consolidat
1927.
that date are correct.
and Profit and Loss for the year ended
Gross operating
HASKINS & SELLS.
87.172,319 $8,424,623 $8,643.836 $6,289 510 54.220.830
revenue
105.569
110.975
266.037
317.549
132,315
Dallas. February 13, 1928.
Other Income_ _ _
,304.634 $8,742.172 58.909,873 $6.399.485 $4.326.309
Gross income_$7
SIMMS PETROLEUM COMPANY
Oper. expenses_ _ 3.952,275 3,790,543 2.939,550 2.019.569 1,744,055
Taxes, int., lease
SIMMS OIL COMPANY
212,258
275.408
508.801
456,444
629.963
rentals, etc._ __
TRINITY DRILLING COMPANY
Expenses and
YEAR ENDED
CONSOLIDATED INCOME STATEMENT FOR
Deductions $4.582,238 54.246,987 53.448.351 52.294,977 81,956.313
DECEMBER 31, 1927.
Net income before
material
drilling & can-Gross Operating Revenue (after deducting cost of raw
87.172419.47
Ital extinguishrefined)
2,722,396 4.495,185 5,461,522 4.104,503 2.370.086 Operating Expenses:
ments
$1,406.599.22
Productive drillProduction expenses
286,763.42
ing, depletion,
Dry holes
246,192.61
depreciation &
Transportation and storage expenses
142.489.17
abandonments. 2,783.765 3,003,786 2,824,786 2.182,291 2,028.678
Casinghead gasoline expenses
1,411.433.15
Refinery and marketing expenses
7 $341,403
$61,369*$1.491.399 $2.636,736 $1,922,21
458.797.55
Net income_ _ _
Administrative expenses
Shares of capital
3.952.275.12
stock outstandTotal Operating Expenses
ing. at end of
664,042
683.251
684,492
686.585
$3,220.044.35
690.818
each year
Profit from Operations
Net income per
$.51 Income Credits:
$2.81
$3.85
1
$2.17
*$.09
$91.072.66 Vitt;
share
Interest and discount
41.212.47 zt L.i)
* Deficit.
Miscellaneous
11•1
STATES.
132,315.13
ANNUAL NET PRODUCTION OF CRUDE OIL BY
Total
1923.
1924.
1925
1926
1927
Barrels279,696
233.901
179.356
164.893
$3,352.359.48
140.392
Louisiana
before Charges
1.394,605 1.866.036 1,835.710 1,441.618 2.362.544 Income Charges:
Arkansas
$23188:967146.6143
3.868,867 1.468.767 2,183.546 2.375.973 1.316.817 Incomeest on gold notes,etc.
Te a
interest
2.870
54.355
193.074
108.448
Oklahoma
Cash discount on sites
117.591.18
and franchise taxes
5,512.312 3,632.770 4,252.967 4,054.362 3,959.057
134,517.76
Total
Lease rentals. bad debts, etc
10,847
11,077
11.652
10,117
15.102
120.262.90
Daily average_ _ _
Leasing expenses
productive drillLabor and incidental cost of
NUMBER OF PRODUCING OIL WELLS AT END OF YEARS.
trig
1923.
1924.
1925.
1926.
1927.
503 78 97
54 24.46
Current lease and property abandonments__ _ 1,294.588.12
91
92
92
82
82
Louisiana
Depreciation
65
76
112
141
142
444.573.87
Arkansas
Deple.lon of leases, based on cost
69
117
203
276
328
Texas
3
6
42
3.413.728 03
43
Oklahoma
Total Income Charges
225
288
413
541
$61.368.55
595
Total
6 Net Deficit for Year
5
14
18
24
Gas wells
1'1
SIMMS PETROLEUM COMPANY.
SIMMS OIL COMPANY
TRINITY DRILLING COMPANY
CONSOLIDATED BALANCE SHEET, DECEMBER 31. 1927.
LIABILITIES.
Capital Stock (authorized 1,000,000 shares,$10.00 par value,
issued 720,808 shares,in treasury 29.990 shares, outstand$6,908,180.00
ing 690.818 shares)
0
Three-Year 6.7 Convertible Gold Notes (due November
3,313,500.00
15. 1929)
Current Liabilities:
$812.252.35
Accounts payable
188.885.52
Accrued interest, taxes, etc
310.000.00
Notes payable
ASSETS.
Property:
$9,916.432.34
Active leases, at cost
Less reserve for depletion,
7,383.233.46
based oncost
Net Value of Active Leases
Inactive leases, at cost
Physical equipment, at cost:
Wells and lease equipment _
Tank cars
Storage tanks
Pipe lines
Refinery and marketing_ _ _
Casinghead gasoline plants
Drilling tools
Miscellaneous
82.533.198.88
2,187,528.60
$5,244,148.31
1,662,870 22
1.094,470.09
1.016.770.02
2.326.4113.49
979.213.15
258,058.96
579.298.36
1.311,137.87
Total Current Liabilities
Reserves:
Reservefor contingent Federal income taxes_ $160,000.00
Reserve for abandonment of leases and con1.105,021.93
tingencies
1.265,021.93
Total Reserves
$13,161.232.60
Total
Less reserve for depreciation 4.937.860.95
8,223,371.65
Net Value of Physical Equipment
$12,944,099.13
Total Property less Depletion and Depreciation
Investment in Other Companies:
$510.141.70
Capital Stocks
42,666.70
Advances
s
Total Investment In Other Companie
Sinking Fund for Three-Year 6% Convertible Gold
Cash in
Notes
Current Assets:
$492.684.71
Cash
3
Accounts receivable (less $36,309.47 reserve) 863.166.3
__
104.153.02
Notes rec.olvable (less 814.831.83 reserve)_
2,276.80
Accruals receivable
Inventories (at market values):
2,982,273.01
Crude oil
429.461.08
Refined products
610,997.84
Materials and supplies
552,808.40
Surplus:
$1.797.380.33
Capital Surplus. January 1.1927
Profit and Loss Surplus, Jan.
54,919,317.03
1, 1927
61.368.55
Net deficit for Year 1927
84.8.57.948.48
Total
Less dividend paidApril I,1927 258.109.13
Net Profit and Loss SurplusTotal Surplus
4.599.839.35
6497.219.68
20,080.22
5.485.012.79
Total Current Assets
Deferred Debit items:
5118.317.48
Prepaid expenses and advances
_ __
53,478.96
Unamortized debt discount and expense_
21.262.50
Itemsin suspense
193.058.94
Total Deferred Debit Items
Total
-The companies had a contingent liability
Note.
sold.
If, when and as oil is produced and
$19,195,059.48
Total
519.195,059.48
be made
of $224,002.26 at December 31. 1927, on account of deferred payments for sundry leases to
1534
FINANCIAL CHRONICLE
[Vol,. 126.
BUFFALO, ROCHESTER & PITTSBURGH RAILWAY COMPANY
43RD ANNUAL REPORT FOR THE YEAR ENDING DECEMBER 31ST, 1927.
.
The Directors of the Buffalo, Rocliester and PittsburghEl imination ofgrade cros.sing, Home,Pa.
$34,997.35
- 9,778.12
Railway Company submit to the stockholders the follow- Additions! sidings, Rochester B:leester,ine N.Y.,Brown St.R cl L
11,002.45
eatIand, N. Y
16.684.17
ing report for the year ending December 31, 1927.
Yard tracks,13= ckirg
n Pa.pa
r
17,686.36
14,523.00
ROAD OPERATED.
Falls Creek,Fa
5,572.83
Owned
Leased
Trackage rights
Total length ofroad operated_
Second track
Sidings
Automatic flash light signals, various points
1927.
1926.
Electric crane, Rochester, N.Y.
Miles.
Miles. Increase. Decrease. Improvements,coal trestle, Lackawanna,
N.Y.
369,71 369.71
Additional shop facilities, Lincoln Park, N. Y
102.25 102.25
Du Bois,Pa.
130.01 130.00
.01
Shop machinery
Roadway machines
601.97 601.96
.01
Improving culverts,bridges and road bed drainage
211.88 211.88
Increasedge gst of rail
alllah
4.99
460.20 465.19
4,685.46
4.680.68
8.816.34
10.562.95
13.061.08
53,510.05
15,082.73
52,658.46
78,495.91
45.365.72
30,899.34
Miscellaneous
Total miles of all tracks, all steel
rail
1.274.05 1,279.03
4.98
Total
$428,063.60
The decrease in total miles of track operated is due to
Approximately $30,000.00 additional expenditure, mostly
adjustment of .01 mile in trackage rights of road operated, for the elimination of grade crossings, will be required to
and a net reduction of 4.99 miles of sidings and yard tracks. complete all the work undertaken during the year.
INCOME.
1927.
Operating Income:
Revenues
Expenses
1926.
Increase(+)or
Decrease (-)•
$17,522.080.65 $18,423,272.50
15,485.429.68 14.851.591.83
Net revenue
-$901,191.85
+633,837.85
S2,036.650.97 $3,571.680.67 -$1,535,029.70
Tax accruals
Uncollectible revenues- ---
$336.000.00
597.02
$600,000.00 -$264.000.00
-4,531.58
5,128.60
$336,597.02
$605,128.60
-$268.531.58
Total operating income_ - $1,700.053.95 $2,966.552.07 -$1,266.498.12
Non-operating income_ ---23,660.29
841.008.10
864.668.39
$2,541,062.05 $3,831,220.46 -$1,290.158.41
Grossincome
Deductions for interest,ren2.539.784.78 2.502,925.71
+36,859.07
tals, etc.
Net Income-surplus
available for dividends
Return on capital stock__..
$1,277.27
0.01%
$1,328,294.75 -$1,327,017.48
8.05%
8.04% As
The decreased revenues for the year reduced taxes $264,000, or 44%.
In Non-operating Income the decrease of $108,589.04 in
hire of freight cars and rentals of other rolling stock, was
partially offset by the increase of $84,928.75 in interest on
securities and loans, dividends, &c., making a total net decrease of $23,660.29.
Deductions for interest, &c., increased $36,859.07, caused
by the net increase in the funded debt.
The decline in operating revenues, the advance in wages
due to arbitration awards, the continuance of program for
rebuilding cars, and the retirement of a large number of
unserviceable rolling stock units, all combined to reduce
the net income to a nominal amount of $1,277.27, compared
with $1,328,294.75 the previous year.
DIVIDENDS.
Dividends, out of the accumulated surplus in profit and
loss account, were paid in cash on:
$16,500,000
$780,000
Equipment Agreement series G
IC
10
Total
$210,117.70
There was credited for equipment sold, transferred or
destroyed, the following book values:
Fivelocomotives
One passenger train car
Nine hundred and five freight train cars
Thirty-three work equipmentcars
Three miscellaneous equipmentcars
$177,000
125,000
100,000
80.000
128,000
133,600
$72,350.07
12,218.27
852.352.68
16.831.57
1,781.42
955.534.01
Making a net creditof
$745.416.31
Four of the lighter type locomotives were sold during
the year. In addition six hundred fifty nine freight cars,
one work equipment car and three miscellaneous equipment
cars were sold.
The rolling stock statistics are affected as follows:
The total tractive power of engines now aggregates 14,354,579 pounds, a decrease of 187,003 pounds during the
year.
The average tractive power of each engine increased 401
pounds, being 50,544 pounds as against 50,143 pounds a
year ago.
The total carrying capacity of cars in freight service now
amounts to 604,428 net tons, a decrease of 33,494.
The average carrying capacity or efficiency of each
freight car increased .80 net tons, being 46.32 tons as against
45.52 tons last year.
Of the cars in passenger service 59.46% are of all steel
construction, and in the freight service, 99.35% of the
cars are all steel, or are equipped with steel underframes.
The following table indicates the relative changes in
equipment for the past ten years:
Capacity of Cars in
Tractive Power of Engines Freight Service in Tons
in Pounds.
of 2,000 Pounds.
$780,000
Since the close of the fiscal year your Board of Directors
has declared a semi-annual dividend of three per cent, on
the preferred stock and two per cent. on the common stock,
payable February 15th, 1928.
CAPITAL STOCK.
There has been no change during the year in this account.
The total outstanding capital stock of the company amounts
to $16,500,000, and consists of $6,000,000 preferred stock and
of $10,500,000 common stock.
FUNDED DEBT.
During the year $3,536,000 consolidation mortgage 4%%
bonds were sold. The proceeds were used to reimburse the
treasury for payments made for improvements and betterments.
The following bonds were retired during the year:
46
One work equipment car and four miscellaneous equipment cars
purchased
Sunday betterments, including reclassification of two passenger $3,773.61
train cars and forty freight train cars
206,344.09
1927.
1926.
86,000.000 6% $360.000 6'7 $360.000
0
10.500,000 4% 420.000 45
420,000
Preferred stock
Common stock
Total
COST OF EQUIPMENT.
Expenditures were made for additions to equipment as
follows:
Average of
Aggregate
Avge. for Aggregate
chEngine Traciire Power. Each Car. Capacity.
1918
1919
1920
1921
1922
1923
1924
1925
1926
1927
Increase over 1918Per Cent.
43,312
44,100
45,630
46,400
46,630
49,700
49,886
49,958
50.143
50.544
16,025,362
15,346,830
14,281,845
13,688,103
13.522,696
14,810,676
14.716.267
14,637.809
14,541,582
14,354,579
43.94
43.97
44.12
44.20
44.37
44.63
44.91
44.96
45.52
46.32
777,657
771,541
748.215
737,255
727,382
705.525
692,450
681,690
637.922
604,428
7.232
16.70
Deal.670,783
Dec10.43
2.38
5.42
Dec173,229
Dec22.28
LEASED LINES.
The following advances were made this year for additions and betterments to leased lines:
Allegheny Clearfield & Mahoning
& Western Mahoning
Valley
Railway.
Railway.
R. R.
Improvements on leased
Railway Property- $59,218.56 $28,676.21 $1,099.37
Less Retirements
64,191.26
949.28
Net Credit
726.93 $1,099.37
Net Debit
24 079 7n $27,
Total,
$88,994.14
65.140.54
$23,853.60
$743,600.00
The total net credit to date for advances to leased lines
The net result is an increase of $2,792,400.00 in the funded
is as follows:
debt of the company.
Allegheny & Western Railway
Clearfield &
Mahoning Railway
COST OF ROAD.
Capital account was charged during the year with $428,- Less Mahoning Valley R. R.
063.60 for investment in road, as follows:
Total Net Advances
$956.451.19
416,495.52
$1,372,946.71
184,420.01
$1,188,726.70
MAR. 10 1928.]
FINANCIAL CHRONICLE
PASSENGER REVENUES.
The gross passenger revenue amounted to $1.085,138.37,
a decrease of $164,873.02 or 13.19% compared with 1926.
The loss of this traffic is due entirely to the public using
motor buses and privately owned automobiles in preference
to the railroads.
This is evidenced by the following statistics indicating
the steady decrease in local or short haul business:
Average Miles
-Carried.
Year
1923
31.7
1924
32.5
1925
34.2
1926
36.7
1927
37.6
Passenger
Passenger
Miles.
Revenue.
54,902,112 31.762,856
51.900,115 1.628,372
46.935.307 1,442,158
41.089,394 1,250,011
36.452.021
1,085,138
1535
The operating ratio is 88,38%, an increase over the preceding year of 7.77%.
The percentage of each group of operating expenses to the
operating revenue for the past seven years is as follows:
1927.
Maintenance of way_ 13.00
Maintenance of equip't _32.24
Traffic
2.04
Transportation
38.02
Miscellaneous operations .18
General
3.04
Transp.for Inv.-Cr _ - .14
1926.
12.25
28.52
1.86
34.99
.16
2.93
.10
88.38 80.61
1925.
12.68
27.34
1.97
37.62
.18
2.98
.10
1924.
10.74
29.36
1.93
39.12
.18
3.07
.08
1923.
17.77
32.14
1.40
38.29
.15
2.33
.48
1922.
14.28
38.85
1.42
40.07
.17
2.83
.09
1921.
13.75
34.18
1.50
43.33
.21
3.38
.01
82.67 84.32 91.60 97.53 96.34
The average cost per ton mile is .735 cent, an increase
The average rate received per passenger per mile de- of .053 cent over last year.
creased .065 cent, being 2.977 cents as compared with 3.042
PENSIONS.
cents the preceding year.
The pension system was inaugurated on July 1, 1903. At
The average distance each passenger was carried inpresent the total number of pensioners on the rolls is 122,
creased .9 miles, being 37.6 miles against 36.7 miles.
and the pensions paid during the year amounted to $82,Passengers carried in 1927
970.205
Passengers carried in 1926
624.93, a decrease of one pensioner and an increase of $4,1,119,863
A decrease of 13.36 per cent.,or
149,658 023.36 in the payments made, compared with 1926.
Passengers carried one mile in 1927
36,452,021
The statistics for the past five years are as follows:
Passengers carried one mile in 1926
41.089.394
A decrease of 11.29 per cent.,or
4,637,373
FREIGHT REVENUE.
The gross freight revenue amounted to $15,800,752.50, a
decrease of 4.33% or $714,838.97 compared with 1926.
The average rate received per ton mile decreased .015 cent,
being .871 cent compared with .886 cent for the same period
In 1926.
The average distance each ton was hauled increased 4.96
miles, being 156.99 miles, against 152.03 miles last year.
The bituminous coal handled decreased 3.93% due to the
depression of the industry in Central Pennsylvania.
There was also a shrinkage in coke, iron ore, pig and
bloom iron tonnage amounting to 337,177 tons, or 58.83%,
due to several blast furnaces on line of road being closed
down the entire year.
The volume of other freight fell off 108,944 tons, or 2.22%,
caused by the decreased movement of road making materials
due to lessened road building operations adjacent to our
lines.
The revenue tonnage moved was as follows:
Bituminous coal
Coke
Iron Ore
Pig and bloom iron
Otherfreight
Total
A decrease of5.81%,or
Tons moved one mile in 1927
Tons moved one mile in 1926
A decrease of2.74%,or
1927.
6,511,924
121,434
492
114,079
4,803,049
11,550.978
1926.
Decrease.
6,778,436
266,512
242,757
121,323
109,259
108,758
221,175
107,096
4,911,993
108,944
12.263,611
712.633
1,813.434.150
1.864.443,909
51,009,759
The average number of revenue tons carried one mile per
revenue freight train mile, excluding the mileage of helping
engines, decreased 45.36 tons, being 778.52 tons against
823.88 tons a year ago.
The average number of revenue tons carried one mile per
revenue freight engine mile, including mileage of helping
engins, decreased 20.51 tons, bing 534.98 tons against 555.49
tons a year ago.
The averages for the past ten years are as follows:
1918
1919
1920
1921
1922
1923
1924
1925
1926
1927
Train
Load.
943
884
943
754
790
850
736
756
824
779
Engine
Load,
602
586
602
520
534
554
515
523
555
535
The non-revenue freight traffic, not included in any
other figures of this report, is as follows:
Number oftons
Number of tons carried one mile
1927.
1926.
956,506
951,431
90.561.009 86,594,101
OPERATING EXPENSES.
Operating expenses increased $633,837.85 or 4.27%, as
follows:
Maintenance of way
Maintenance of equipment
Traffic
Transportation
Miscellaneous operations
General
Transportation for investment-Cr
Total
Increase.
Decrease. Per Cent.
919,104.50
0.85
396,261.51
7.54
14,286.13
4.17
216,277.10
3.36
1,924.91
6.49
$7,776.10
1.44
6,240.20
34.26
3633,837.85
4.27
The increased expenses are due to a great extent to advances in wages awarded by arbitration boards, affecting
shopmen, firemen and oilers in December, 1926, and remaining classes of employees between January 1 and August
1, 1927, thereby adding $369,936 to the payrolls of your company for this year.
The increase in maintenance of way expenses include the
insertion of 29,971 more creosoted ties this year than last,
and extraordinary work of surfacing the tracks, widening
cuts, cleaning ditches and perfecting drainage.
The program of heavy repairs to freight cars and retirement of unserviceable cars referred to in last year's report was continued during the year.
An increase in the price paid for supply coal added $33,018 to transportation expenses.
Total number enrolled
Number deceased
or discontinued
1927.
1926.
1925.
1924.
287
270
250
236
165
147
132
117
1923.
211
108
Number on roll
122
123
118
119
103
Amount paid_ _ _ 382,624.93 $78,601.57 $76,962.04 971.977.67 $65.869.33
GENERAL REMARKS.
The proposed lease of your property to The Delaware
& Hudson Company was authorized by the stockholders of
both railroads in September, 1925, subject to the approval
of the public authorities. In July, 1926, the Delaware &
Hudson filed its application with the Inter-State Commerce Commission for approval of the lease. In November, 1926, an examiner of the Commission filed a "proposed report" adverse to the lease, citing as an important
objection thereto the lack of a physical connection between
the two railroads. Following such report The Delaware &
Hudson Company effected a trackage arrangement with the
Pennsylvania Railroad Company between Buttonwood and
Du Bois, both in Pennsylvania, thus forming a physical connection with our line and submitted such arrangement also
to the Inter-State Commerce Commission for approval. Your
Board of Directors deeming it important that there should
be a reasonably prompt determination as to whether the
lease was to become effective, had reserved the right to terminate its commitment, if the required approval of the
Inter-State Commerce Commission was not obtained by December 31st, 1926. Subsequently at the suggestion of the
Inter-State Commerce Commission the time was extended
to March 1st, 1927. As no decision had been made by the
latter date, formal action terminating our commitment was
taken by your Board of Directors on March 2d, 1927. You
were fully advised concerning this action in my letter of
March 11th, 1927. Notwithstanding such termination of
our commitment, the Delaware & Hudson continued to press
its application before the Inter-State Commerce Commission, and the Commission considered that it should exercise
jurisdiction to pass upon the case.
The Inter-State Commerce Commission on December 29th,
1927, by a majority vote of six to five, announced its decision denying the applications for approval of the proposed
lease and trackage agreement. If the decision had been favorable, the lease would have been re-submitted to our stockholders for consideration anew.
It is evident from the opinions of the various Commissioners that an important consideration in their adverse
decision was the fact that the general question of consolidation of railroads in our section of the country was still
undecided.
All the protests and hearings in relation to the tentative valuation of the property of your company and its
leased lines are concluded and the final briefs were filed
with the Inter-State Commerce Commission on October
15,
1927. It is expected that the Commission will publish the
final value some time during 1928.
The cost of valuation work to date has reached
$394,105.52, of which $69,005.20 was assumed by the
United
States Railroad Administration.
The Ontario Car Ferry Company, Limited, paid a dividend of 5% for the year ending December 31st, 1926. The
sum of $12,500 received on the $250,000 of this company's
stock was credited to Non-operating Income Account.
The dividends paid by the Water Companies out of the
earnings of 1926 and 1927, as follows:
Ketner Water Company
Kyle WaterCompany
cioe Water Company
cummings Water Company
Total
$92,000 stock
11 314,720.00
85.000
24
20,400.00
55,000 " " 21. 11,550.00
60.000 " " 95
5,400.00
$52.070.00
were also credited to the same account.
The acknowledgments of the Board are renewed to its
officers and loyal employees for their faithful and efficient
service.
By order of the Board.
WILLIAM T. NOONAN, President.
Rochester, N. Y.., February 13th, 1928.
1536
FINANCIAL CHRO1VICLE
(Vol,. 126.
INTERNATIONAL HARVESTER COMPANY
ANNUAI; REPORT—DECEMBER 31 1927.
Branch Houses and Service Stations
To the Stockholders:
United States—Construction of new branch houses at
at Cleveland. Ohio, and Dubuque. Iowa; purchase of 4The Board of Directors submits the following report of the
story and basement branch house property at Memphis,
business and financial condition of the International HarTenn.; construction of new branch house, motor truck
service station and one-story warehouse for storage of
vester Company and affiliated companies for the fiscal year
tractors and threshers at Billings, Mont.: construction of
ending December 31, 1927:
new motor truck service stations at Council Bluffs. Iowa:
INCOME ACCOUNT FOR 1927.
Income before deducting Interest on Loans, Depreciation,
&c
$36.863.501.05
Deduct:
s321.046.01
Interest on Loans
423.749.83
Ore and Timber Depletion
5.461.221.81
Plant Depreciation
2,641.286.39
Special Maintenance
2,656,981.93
Provision for Losses on Receivables
2,000.000.00
Appropriation for Pension Fund
13,504.285.97
$23.359,215.08
Net Profit
SURPLUS DECEMBER 31, 1927.
$77,042,889.86
Balance at December 31,1926
Add:
Net Profit for 1927
23,359,215.08
$100,402,104.94
Deduct:
Cash Dividends:
Preferred Stock.$7 per share$4,792,084.50
Common Stock,$6 per share 6.294,630.00
------------$11.086,714.50
6,072,504.00
Stock Dividends
3,191,490.84
Eau Claire, Wis.: Grand Forks, N. D.: and St. Louis,
Mo.; construction of new storage warehouses at Fargo,
N. D.: East Moline, Ill.; and Topeka., Kan. Purchase of
additional warehouse site at Boston, Mass. Equipment
for new motor truck service stations at Buffalo, N. Y.;
Davenport, Iowa; Newark, N. J.; Providence, R.I.; and
Wilmington, Del. Four additional printing presses with
automatic feeders for Harvester Press.
Canada—Construction of motor truck service stations
at Montreal. Que.; and Saskatoon. Sask.; construction of
branch house and motor truck service station at Weyburn, Sask. Purchase of sites for service stations at Calgary, Alta.; Edmonton, Alta.; North Battleford, Sask.;
and Yorkton. Sask. Purchase of Vimy Ridge Farm, one
mile south of Gull Lake, Sask., containing 640 acres with
buildings and granary,for use as a demonstration farm.
Foreign—Purchase of warehouse site at Ris Orangis
(near Paris), France. Purchase of site and part construction of warehouse and service station at Copenhagen, Denmark. Part construction of motor truck
service station in London, England. New office at Algiers
in North Africa. Purchase of warehouse sites at Bahia
Blanca and Rosario, Argentine. Part construction of
3-story building for general offices, show rooms, repairs
and motor truck service station at Buenos Aires, Argentine.
Mines,Furnaces, Steel Mills,etc.
1,578,334.04
Coal Mines—Benham, Kentucky: Additional low-vein
mining equipment; locomotives and mine cars: 3,000-foot
17.159,218.50
drainage drift and sub-station: new school building.
Iron Ore Mines—Bruce Mine, Chisholm, Minnesota:
$83.242,886.44
Surplus
Mine equipment and dwellings. Hawkins Mine, Nashwank, Minnesota: Locomotive coal dock.
Furnaces. Steel Mills and Coke Ovens—South Chicago,
COMBINED BALANCE SHEET DECEMBER 31 1927.
Illinois: Partial construction of two additional open
hearth furnaces; extension to open hearth stock house:
ASSETS.
new office, laboratory building and equipment for open
hearth and coke plant. Additional gas producers and
Property:
Farm Implement Works and Twine Mills,
soaking pits for blooming mill: machine shop facilities;
pickling and chipping unit, and reconditioning equipment
Motor Truck and Tractor Plants,
for merchant mills.
Branch Houses and Service Stations,
$146,038,153.64
Mines.Furnaces, Steel Mills,&c
Fiber Business—Radio stations at Manila, Cebu, and
Deduct:
Davao, P. I.: enlarging farm equipment offices and show
46,038.064.87
Reserves for Plant Depreciation
rooms. Manila, P. I.: improvements at Fiber Plantation,
$100,000,088.77
Cardenas, Cuba.
308,736.44
Deferred Charges
Railroads
-38steel gondolas
10,073,530.93
Pension Fund Securities
$150,097.529.47
Current Assets:
Deduct:
Inventories:
Plant property sold or dismantled
$3,635,626.00
Raw Materials. Work in Process, FinDepletion of iron ore,coal,and timber
423.749.83
$76,252,465.41
ished Products,&c.
4,059,375.83
Receivables:
Dealers' and Farmers'
Balance at December 31.1927
$146.038,153.64
$72.589,025.15
Notes
Deduct:
31.918,685.00
Accounts Receivable
Reserves for Plant Depreciation
46,038.064.87
8104.507.710.15
Net Balance at December 31, 1927
$100,000,088.77
Deduct:
7,719.860.56
Reserves for Losses--96.787.849.59
5.256.494.14
Investments
INVENTORIES.
36,896.385.61
Cash
215,193,194.75 Farm
Implement Works and Twine Mills, Meter Truck
and Tractor Plants:
$325,575,550.89
At close of manufacturing season:
United States:
LIABILITIES.
$10,312,281.76
Raw Materials and Supplies
Issued.
Authorised.
Cagtal Stock:
11,657.939.09
Work in Process of Manufacture_
8100.000.000 $69,288.500.00
eferred
8.269,008.54
Finished Products
$30,239,229.39
130.000.000 105,949.276.00
Common
Canada:
8175,237.776.00
Raw Materials and Supplies
$760,862.56
Current Liabilities:
Work in Process of Manufacture-685,584.81
Accounts Payable:
762,815.03
Finished Products
Current Invoices. Payrolls, Taxes,etc. $28,742.369.38
2,209,262.40
Preferred Stock Dividend, payable
Europe:
1,224,177.50
March 1. 1928
Raw Materials and Supplies
$1,143.585.34
Common Stock Dividend, payable
Work in Process of Manufacture393.232.92
1.589.238.00
January 16, 1928
Finished Products
759.131.55
31,555,784.88
2.295,949.81
Reserves (Appropriated Surplus):
$7,609.684.15
Special Maintenance
$34,744.441.60
2.000,000.00
Collection Expenses
Net Material Purchases, etc., after close
8,736.731.04
First Insurance
of manufacturing season
10,368,724.12
13,942,688.38
Pension Fund
Branch Houses and Service Stations:
3,250.000.00
Contingent
United States
$18,070.667.81
35,539,103.57
Canada
3,675.486.71 •
83.242.886.44
Surplus
Foreign
4,352,937.07
26,099,091.59
$325,575.550.89 Mines,Furnaces, Steel Mills,etc.
5,040.208.10
PROPERTY.
$138,412,881.45
Balance at December 31. 1926
p Capital Additions During 1927:
Farm Implement Works and Twine Mills, Motor Truck
6,914.819.45
and Tractor Plants
United States—McCormick Works: New employment
-drying ovens;
building, offices and show room: paint
manure spreader equipment: machine tools. Deering
Works: Additional foundry and manufacturing facilities
for harvester-threshers. Milwaukee Works: Equipment
for increasing 15-30 McCormick-Deering farm tractor and
new type cream separator output. Tractor Works: Laboratory; power house; assembly building; extension of
heat-treating facilities. Farmall Works: Machine tools
and equipment for production of Farmall tractors. Fort
Wayne Works: Completion of heat-treating building and
equipment: machine tools for manufacture of chain-drive
trucks. Springfield Works: Equipment for new models
and increased production of special delivery and speed
trucks. West Pullman Works: Additional heat-treating
facilities; equipment for making carburetors. P. & 0.
Plow Works: Completion of new storage and assembly
building. Auburn Works: Special equipment for heat
treating barrow disks. Rock Falls Works: Paint-drying
ovens; heat
-treating equipment. Richmond Works: New
core ovens.
Canada—Hamilton Works: Electric power station;
Paint-drying ovens: machine tools and equipment for increased output offarm implements.
Foreign—Croix Works, France: Building extensions;
facilities for cold-drawing steel; machine tool equipment.
Neuss Works. Germany; New power equipment; improved installation for fiber preparation at Twine Mill.
Norrkoping Works. Sweden: Completion of dock warehouse; foundry extension; machine tools.
$76.252.465.41
Raw materials, work in process and finished products
have been valued at cost or market, whichever was lower,
and substantial provision has been made for depreciated
stocks and for decline in values.
Inventories are taken at the works at the close of the
manufacturing season, October 1st, and at branch houses
and distributing points at the close of harvest in the respective countries. "Net Material Purchases, etc., after close
of manufacturing season," include raw material deliveries
and manufacture at works between inventory-taking and
December 31, 1927, less the manufacturing cost of goods
shipped from the works during that period.
The turn-over in this industry is slow and the inventories
are necessarily high. Moreover, during the last three months
of the year, when deliveries are.light, the works must continue manufacture to provide stocks of implements for sale
In the following year. Therefore, a large amount of working capital is continuously invested in inventories.
CAPITAL STOCK.
The Capital Stock of the International Harvester Company at December 31, 1927, was:
1537
FINANCIAL CHRONICLE
MAR. 10 1928.]
Authorised—
Preferred Stock, 7% Cumulative:
1.000,000 shares, par value $100 each
Common Stock:
1,300,000 shares, par value $100 each
$100.000,000
Balance at December 31, 1926
Add—
Credit for 1927from regular charges to operations
130,000.000
$230.000.000
,
Issued —
Preferred Stock 7% Cumulative:
692,885 shares, par value $100 each
Common Stock:
1,059,49276-100 shares, par value $100 each
$69.288,500
105,949,276
$175,237,776
The outstanding Preferred Stock of the Company was increased during the year from $65,568,400 to $69,288,500 by
the sale of 37,201 shares to employees under the Stock Ownership and Investment Plan.
The outstanding Common Stock of the Company was increased during the year from $99,876,772 to $105,949,276 by
the issue of 39,950 68-100 shares on January 25, 1927, as a
stock dividend of 4%; and 20,774 36-100 shares on July 25,
1927, as a stock dividend of 2%.
No portion of the Capital Stock has been issued for Goodwill or Patents. The Company's properties are unencumbered, and it has no bonded indebtedness.
WORKING CAPITAL.
Current Assets—
Inventories
Receivables (Net)
Investments
Cash
$76.252.465.41
96,787,849.59
5,256,494.14
36.896.385.61
$215,193,194.75
Deduct:
*Current Liabilities
Working Capital at December 31,1927
Deduct—
Losses by fire, etc.,during 1927
Balance at December 31,1927
255,744.42
58.780,560.77
43,829.73
$8,736.731.04
REMARKS.
The volume of business for the year 1927 exceeded that
of the previous year—domestic, Canadian and foreign sales
all showing some increase. The increased volume in the
domestic trade resulted principally from larger sales of
tractors, harvester-threshers, and motor trucks. The gain
in the Canadian and foreign trade was distributed throughout the entire line of the Company's products.
Notwithstanding the increased business, only a slight gain
was effected in the net earnings, as the margin of trading
profit—that is, the sales price less the cost of manufacture
and distribution—was less than the preceding year. This
reduced margin Of profit is mainly attributable to higher
cost of manufacture, occasioned by improved design and
quality of product, without a corresponding increase in
sales prices.
The trade outlook seems more encouraging than at this
period last year when the prospects gave no promise of the
volume of business that was secured. The past year has
shown some improvement in the agricultural situation in the
United States, but the farmer must receive a better financial return before the farm industry is on a sound and equitable basis.
31.555,784.88
$183,637,409.87
* There is a contingent liability of $2,767,187.50 on purchase money
obligations issued in the acquisition of a tract of timber lands which was
resold in the fail of 1926. These obligations, assumed by the purchaser, are
guaranteed by the Company, which retains ownership of the property
until the liability is discharged.
RESERVES.
PLANT DEPRECIATION
The annual deductions from earnings for plant depreciation provide for the impairment and consumption of the
capital assets utilized in production and distribution. Such
depreciation is based on rates established by recognized authorities and confirmed by experience in this industry.
Balance at December 31,1926
Add:
Provision for 1927
$8.524,816.35
$42.971,944.91
FINANCIAL.
Net earnings for the year represented 8.9% on the capital
invested in the business. The ratio of current assets to liabilities at December 31, 1927, was 6.8 to 1. The Company
had no loans outstanding at the close of the year.
The Pension Reserve was further strengthened by an appropriation of $2,000,000 from this year's earnings. The total pension fund reserve is now $13,942,000, of which $10,073,000 has been invested in income-bearing securities.
There are now 1,249 pensioners on the roll.
Since July 1, 1924, when the Stock Ownership and Investment plan was offered to the organization, 31,000 employees
have subscribed and are paying for $19,000,000 Preferred
Stock of the Company. At December 31, 1927, $9,064,000
had been paid for and delivered to employee stockholders.
MANUFACTURING PROPERTIES.
5.461.221.81
$48.433.166.72
While no important building extensions were added to
Deduct—
Accumulated depreciation on properties sold and dismantled
2.395.101.85 the Company's manufacturing facilities during the year,
Balance at December 31. 1927
$46,038.064.87 large appropriations were made for machine tools and equipment and for the rehabilitation and modernization of the
SPECIAL MAINTENANCE.
These reserves provide for relining of blast furnaces, main- older Implement works.
A normal force was employed throughout the year, and
tenance of docks and harbors, conversion of power systems,
probable that this condition
and other renewal work, the expenditures for which occur from present prospects it seems
will continue for some time to come.
at irregular intervals. To provide for such renewals, the
DISTRIBUTION FACILITIES.
future cost of the work is apportioned over current earnWarehouses have been constructed at strategic points
ings.
on the territory for intermediate storage of tractors, harBalance at December 31,1926
$5,255,172.77
vester-threshers and other large implements to relieve conAdd—
Provision for 1927
2.641,288.39 gestion at the works and to expedite distribution in the har$7.896,459.16 vest season. Additional storage warehouses will be needed
Deduct—
Relining,renewal and other charges during 1927
286,775.01 in the near future.
Balance at December 31,1927
$7.609,684.15
LOSS OF RECEIVABLES.
The annual deductions from earnings to provide for losses
which may ultimately be sustained in the realization of notes
and accounts receivable taken on each season's sales are
based on long experience and are adequate to cover bad
debts incurred in the ordinary course of business.
Cash collections on the year's sales were 72% in the United
States, 78% in Canada, and 78% in the European and other
foreign trade.
Balance at December 31.1926
goAdd—
Provision for 1927
Deduct—
Bad Debts charged off during 1927
Balance at December 31,1927
5
$ ,919.634.96
2,656.981.93
$8,576.616.89
856.756.33
$7.719,860.56
COLLECTION EXPENSES.
In most lines of business the time which elapses between
the date of a sale and the collection of the proceeds in cash
Is comparatively short, and the need of a reserve to meet
the future cost of collecting receivables outstanding would
arise only in the event of liquidation. In the farm implement industry, where long credits in some lines are extended
to the farming community, conservative management has
adopted the principle of maintaining a reserve to meet future
collection expenses.
Balance at December 31,1927
CONTINGENT.
Balance at December 31, 1927
$2,000,000
$3,250,000
FIRE INSURANCE.
The Company carries a reasonable portion of its own fire
insurance. Modern methods of fire protection and prevention are rigidly enforced at all the Company's properties,
and experience demonstrates that the Fire Insurance Reserve provides ample protection for the limited risks which
the Company assumes.
END OF ANTI-TRUST LITIGATION.
On June 6, 1927, the Supreme Court of the United States
rendered a unanimous opinion holding that competitive conditions existed in the harvesting machine industry and
refused to reopen the consent decree of 1918. This opinion
affirms the decision of the U. S. District Court rendered
two years before and ends fifteen years' litigation growing
out of the manner of the Company's formation in 1902.
GENERAL.
During the year the Company continued its efforts to
combat the growing menace of the corn borer throughout
the corn States and subscribed liberally toward scientific
research to be carried on in European countries to discover
parasites or other means of preventing the spread of this
pest in the United States.
Large sums are being expended in experimenting and
designing new power-operated farm equipment and in carrying out the Company's policy of constantly improving the
efficiency, quality, and durability of the general line. Substantial progress has been made in the development of mechanical means for picking and stripping cotton, but these
machines are not yet ready for commercial sale.
The officers and directors deeply regret the death of John
J. Mitchell which occurred on October 29, 1927. He had been
a director for nearly fifteen years, and the loss of his advice and counsel is keenly felt by his associates on the
Board.
The books and accounts for the fiscal year have been audited by Haskins & Sells, Certified Public Accountants, and
their certificate is presented herewith.
The success of the year's business is due in large measure
to the members of the organization at home and abroad,
and the officers and directors take this opportunity of expressing appreciation of the year's accomplishment and renewed faith in their energy, fidelity and zeal for the future.
By order of the Board of Directors,
ALEXANDER LEGGE, Preaident.
Chicago, February 27, 1928.
1538
FINANCIAL CHRONICLE
[VOL. 126.
The Commercial Markets and the Crops
COTTON-SUGAR-COFFEE-GRAIN-PROVISIONS
PETROLEUM-RUBBER-HIDES-METALS
-DRY GOODS
-WOOL
-ETC.
COMMERCIAL EPITOME
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."
ble for Exchange purposes in the "A" contract has mostly
been sold against, and will undoubtedly be tendered, but it
is indicated that it will all be accepted. The strength of
March is further due to the position of outsiders who sold
short, and who may be forced to cover. The coffee that is
being received by the long interest in March has perhaps already been heavily sold against in May. But the present
Santos crop was placed at 15,000,000 maximum. It is
turning out to be 19,000,000 and over. The Rio crop was
estimated at 5,500,000 but it is larger. There must be,
it is argued, over 2,500,000 bags still of this crop in Rio.
Now we are receiving estimates of from 7 to 9 million Santos
and 2,500,000 Rio as the 1928-29 crops. Some do not believe that the trees have been weakened to such an extent
by their over-production during the 1927-28 season that there
will be a big decrease in production of over 2% in either
Santos or 1% in Rio.
To-day cost and freight offers early were irregular, some
of those from Santos being slightly higher and others slightly
lower, but the majority were unchanged. For prompt shipment they included Bourbon 2-3s at 23.900.; 3s at 223 to
4
23.853., 3-4s at 22.90c.; 3-5s at 22.20 to 23.30c., 4-5s at 21.35
to 22.10c.; 5s at 21.60 to 21.90c.; 5-6s at 20.70 to 21.60e.,
6s at 21.300., 6-7s at 19.85c., 7-8s at 19.10o., part Bourbon
2-38 at 24.05c., 3-5s at 23.40c.; Peaberry 4s at 22.45c.,
5-6s at 21.60c., Rio 7s for prompt shipment were here at
15.50 to 15.90c., 7-8s at 15.30c., and Victoria 7-8s at 14.90e.
On the 8th inst. Rio futures ended unchanged to 5 points
higher and Santos 10 to 20 higher; sales of Rio 49,500 bags
and of Santos 10,750. Santos cables were firm; Rio and
Europe lower. The American visible supply of Brazilian
is 1,001,524 bags, against 862,787 a year ago and 939,714
in 1926. Santos has 921,000 bags; Rio 210,000. To-day
Rio futures here closed 5 to 26 points lower with sales of
33,000 bags. Santos ended 20 to 35 points lower on sales
of 2,000 bags. Long liquidation was the outstanding factor
.
with reports of a weaker terminal market at Rio. Final
prices show a rise for the week on March of 30 points, while
May and July are down 11 to 20 points. Santos is off for
the week 27 to 35 points.
To-day Rio 7s were quoted at 17 to 173%o. and Santos 4s
at 223 to 233%e.
%
Rio coffee prices closed as follows:
giVci2unoffIcial)
(
14.82(414.851September 13.70013.80.
i7 May
Friday Night, March 9 1928.
COFFEE on the spat was quiet and steady. Santos 45
8
were 22% to 233.c.; Rio 7s, 16%e.; Victoria,7-8s, 16c. Spot
trade later in the week was slow. Santos 4s, 22%, to 23Yie.;
Rio 7s, 17e., and Victoria 7-8s, 163%e. Fair to good Cucuta,
233 to 243%c.; prime to choice, 245/ to 26%c.; washed,
2
%
26% to 29c.; Ocana, 22 to 23e.; Bucaramanga, natural,
24 to 25c.; washed, 273' to 283'2e.; Honda, Tolima and
/
Giradot, 283/i to 29c.; Modelin, 293% to 2930.; Manizales,
28% to 29e. On the 3d inst. cost and freight offers from
Brazil to Santos were generally unchanged and from Rio
about 15 points lower. Rio 7s were offered at 15.45c. to
15.80c. and 7-8s at 15.20c.; Victoria 7-8s at 14.95 to 15c.
Bourbon 4s were here at 22.35c. On the 5th inst. cost and
freight coffees were irregular but generally lower. For
prompt shipment they included Bourbon 2-3s at 23.90c.;
3-4s at 223/i to 23.96c.; 3-4s at 21.95 to 23.95c.• 3-5s at 21.85
to 23.40c.; 4-5s at 21.45 to 22.200.; 5s at 21.:10 to 21.45e.;
5-6s at 203 to 21.70c.; 6s at 19.15 to 22c.; 6-7s at 193% to
193c.; 7-8s at 18.40 to 19.200.; part Bourbon 2-3s at 24.05
%
to 243/2c.; 3-4s at 23 to 23.55c.; 3-5s at 223'c., and 4-5s at
21.65c.; Peaberry 3s at 22.450.; 4s at 21% to 22.55c., and
5-6s at 21.35 to 21.70c.; Rio 7s at 153% to 15.80c.; 7-8s at
14.85 to 15.200.; 8s at 14.60, and Victoria 7-8s at 14.90c.
On the 7th inst. cost and freight offers from Santos were
about unchanged while those from Rio and Victoria were
slightly lower. The Santos offerings for prompt shipment
consisted of Bourbon 2-3s at 23.90c.; 2s at 233% to 23.85c.;
3-4s at 22.90 to 233'c.; 3-5s at 21.90 to 23.30c.• 4-5s at
21.60 to 23.30c.; 5s at 213jc.; 5-6s at 21.20 to 21.60c.; 6s at
21.15 to 21.30c.; 6-7s at 193% to 200.; 7-8s separations at
18.40 to 19.10c.; part Bourbon 2-3s at 24 to 25c.; 3-4s at
23 to 2331c.;3-55 at 21.95e. to 22Me.;4-5s at 21.80 to 21.85e.;
5-6s at 213/ic.; peaberry 4s at 22.05 to 22.45e.; 3s at 22.45c.;
4-5s at 21%c.; 5-6s at 21.60e.; prompt shipment offers from
Rio were 7s at 153%e. to 15.90c.; 7-8s at 14.95 to 15.300., and
from Victoria 7-8s at 14.90c. On the 8th inst. there was no
material change as a rule in cost and freight offers from Brazil
but a few from Santos were slightly higher. For prompt
shipment, Santos Bourbon 2-3s were here at 24.20c.; 3s at
16 I July
14.25@ ----'December A 3.52@
-5s
22.85 to 23%c.• 3 at 22 to 23.15c.; 4-5s at 21.60 to 220.;
Santos coffee prices closed as follows:
21
September_19.85®nom.
5s at 21.60 to' 40.; 5-6s at 21.45o.; 6s at 21.15c.; 6-7s Spot (unofficial)
I May
20.85@
20.400nom.I December _19.154g ---separations at 193/20.• 7-8s separations at 18.95e.; part March.. _ _ _21.25@nom.(July
SUGAR.-Cuban yaws were quiet early in the week at
2c.; 3-5s
Bourbon 2-3s at 23.903. to 25e.; 3-4s at 23 to 23Y
%
at 22 to 223%e.; peaberry 4s at 22.30c.• 4-5s at 21.60c.; 25 c. and 4.36e. duty paid; 32,000 bags of Cuban and
5-6s at 21.45c.; Rio 7s at 15.30 to 15.900.; 7-8s at 15 to Porto Rican sold at 23%c. and 3,000 tons of Philippines
for April
-May at 4.47e. and for Mar-Apr. at 4.480. Refined
15.3c.; Victoria 7-8s at 14.95c.
Arrivals of mild coffee in the United States last week were was 5.70e. to 5.75c. with new business small and with54,449 bags; deliveries for the same time 65,728; stock of drawals good. Futures on the 5th inst. closed unchanged to
mild coffee in the United States on March 5 was 258,761 5 points higher with sales of 51,600 tons. Receipts at United
bags, against 270,040 a week ago and 353,391 last year. States Atlantic ports for the week were 61,903 tons against
The New York Coffee & Sugar Exchange made the world's 70,432 in the previous week, 54,184 last year and 93,623
visible supply of coffee on March 1 4,792,414 bags, against two years ago; meltings 55,000 against 48,000 in previous
4,862,411 on Feb. 1 and 4,504,914 on March 1 last year. week, 64,000 last year and 31,863 two years ago; importers'
Futures on the 5th inst. advanced 15 to 25 points on Rio, stocks 185,179 against 153,239 in previous week, 103,931
with sales of 35,750 bags. Santos ended unchanged to 10 last year and 31,863 two years ago; refiners' stocks 68,927
points higher, with sales of 7,250 bags. Twenty-eight against 93,964 in previous week,112,756 last year and 110,556
March notices, of which three were Robustas and 25 Victorias two years ago; total stocks 254,106 tons against 247,203 in
were all prompt stopped, supposedly by Boston. It has been previous week, 216,687 last year and 142,419 two years ago.
buying for some time. This and a scarcity of contracts Receipts at Cuban ports for the week were 222,598 tons
offset lower cables from Brazil and Europe. Europe, more- against 215,334 in the same week last year; exports 80,093
over, sold with Hamburg lower. New Orleans bought against 82,277 last year; stock (consumption deducted),
rather freely. This excited comment. March was harder 812,894 against 835,790 last year; centrals grinding 170'
to buy than any other month. That seemed significant. against 176 last year. Of the exports 44,999 went to AtlanticOne view was as follows:"The extreme premiums on nearby ports, 11,466 to New Orleans, 1,886 to Savannah, 21,713
months over later months works against short selling, as to Europe and 29 to South America. According to the Sugar
was the case two years ago when Wall Street houses stopped Club of Havana the production in Cuba up to March II
for foreign account all notices tendered during May, July aggregated 1,870,000 tons, against 2,099,394 tons in 1927
and September. The differences then spread widely and and 2,170,606 in 1926.
Son e think that not only have the lowest prices for the
sellers were in each instance forced to bid up sharply when
it came to a spot month. With May coffee almost a cent current season been seen but that later on in the year the
will cross the 3c. mark. This theory is based on
under March, less Victoria available and no likelihood of
Robustas of any consequence arriving in the interim, May, the belief that Cuba as well as Porto Rico and the Philippine Islands have disposed of probably more than 33 1-3%
it appears to some, is relatively low."
Some claim that either March is too high or May too low. of their 1928 production, leaving holders in a fairly ladeBrazil coffees would virtually have to drop a cent to be on a pendent position. The probabilities point to no increase
basis with May. Some are buying May and selling other in beet sugar sowings. Depletion in invisible supplies in
months. Some say uncertainty exists as to the ultimate dis- the hands of the consuming trade is in progress all over
position of the coffee which has been taken up on contracts the world. The recent elimination of reckless competition
while local quotations are now approaching parity with Rio among refiners in this country is also cited as a constructive
and Victoria. The big discount on May tends to check short factor. Efforts to prevent overproduction count for somesales. On ecomment was that the running up of March in thing. Washington wired: "Production of raw sugar in
contract "A" was the direct result of intensive buying of Czechoslovakia last year is estimated at 1,250,000 metric
that month by strong local interests. They absorbed all tons, an increase of 21% over previous year, the Commerce
selling and continue to bid. The available spot coffee suita- Department is advised." London cabled that Cuba and
MAR. 10
1028.]
FINANCIAL CHRONICLE
1539
for Friday were
San Domingo were sold to the United Kingdom on the week and 113,800 last year. Receipts
To-day futures closed
6th inst. for March shipment at 12s. For April a shipment unofficially estimated at 40,000.
slightly higher on others.
cargo sold to the United Kingdom at 12s. 114d. c.i.f. The unchanged on some months and So did profit taking. On
some
Java market was firmer on Chinese buying. February Hedge selling hadshorts effect.
covered. The steadiness of hog
exports amounted to 120,000 tons of which 2,200 tons the other handwithout its effect; smaller receipts of hogs
for Europe. The total exports for last month were prices was not
were
was fair. Seaboard lard clearances
27,000 tons in excess of the quantity exported in that month helped. Cash trade
of 3,400,000 lbs.
imposing
The exportable balance amounts to 230,000 tons. yesterday reached the grain latertotal
last year.
in the day have much
were stories of a private settlement by March shorts Nor did the decline in prices show a rise for the week of
There
on the 6th inst. Sales of 10,000 bags Cuban loading March effect on lard. Final
20th were made at 2.69e.; 26.500 bags second half March 5 points.
OF LARD FUTURES IN CHICAGO.
shipment at 2.670. and 3,000 tons Philippines April clearance DAILY CLOSING PRICES Mon. Tues. Wed. Thurs. Fri.
Sat.
11.35
11.52 11.35
11.37 11.52
11.27
e. i. f. On the 5th inst. the sales were 25,000 tons. March delivery
at 4.48c.
11.62
11.80 11.62
11.70 11.80
11.57
May delivery
It was said that fully 25,000 tons of raw sugars in prompt July delivery
11.90
12.05-1012.10 11.87
11.97
11.85
second half March positions were bought and sold by
and
PORK steady but quiet; mess, $30; family, $34 to $35;
on the 5th and 6th inst. against Exchange transoperators
steady cash,
actions at prices based on the price of May. Of raws 5,000 fatback pork, $28 to $32. Ribs, Chicago, mess, $23 to
April and April-May sold lately at 4.40 to lie., basis 50 to 60 lbs. average. Beef steady; India mess,
tons Philippines
extra
4.49c.; and 20,000 bags Cuba for second half March ship- $24; packet,$25 to $27;family, $32 to $34;
No. 2, $6;
f. There were rumors that the Cuban $44 to $45; No. 1 canned corned beef, $3.40;$55 to $60.
ment at 2.68e. 0. &
sold the 200,000 tons of reserve 6 lbs. South America, $16.75; pickled tongues, to
Sugar Export Co. has already
lbs., 15% 173(e.;
sugar to markets outside of the United States subject to the Cut meats quiet; pickled hams, 10 to 20
to 183(e.; bellies, clear
approval of President Machado. The London market opened pickled bellies, 6 to 12 lbs., 164 / 14 to 16 lbs., 15e.
20 lbs., 141 2c.;
steady and unchanged on the 8th inst. on all deliveries except dry salted, boxed, 18 to high scoring, 41 to 51e. Cheese,
the present March contract which was Vid. lower. Private Butter, lower grade to
to 311tc.
cables from London said that Peru sold at 12s. Refined was 253 to 293e. Eggs, medium to extra, 273.
OILS.
-Linseed though still quiet was a little more active
dull; terminal steady. There were 70 March notices issued
at New York on the 8th inst. On the 8th inst. the London than recently. Prices were steadier. Generally 9.8e. for
terminal market at 3:15 p. m. was dull and 114d. higher for raw oil in carlots cooperage basis was asked. Yet there was
the present March delivery. Some say that the American a rumor that 9.7e. could be done but this was not confirmed.
Sugar Institute seems to be working very successfully In lots of 5 bbls. ex-warehouse, 10.3e. was quoted; in tank
developing many constructive ideas and eliminating cutting cars, 9c. Cocoanut, Manila coast tanks, 8%e.; spot New
/
practices among refiners that existed for many years. With York tanks, 85 5c.; corn crude, tanks, plant, low acid, 814e.;
these conditions eliminated the refined distributing trade olive, den., $1.25 to $1.40; China wood, New York, drums,
forced carlots, spot, 15e.; Pacific Coast tanks,' t, 1214c. Soya
will ultimately find itself in a position where it will be
to anticipate future requirements and not force the importer bean, coast, tanks, 914e. Edible, corn, 111 bbls., lots, 12e.
4
to carry the burden completely. They think that all these Lard, prime, 153 c.; extra strained, winter, New York,
/
constructive plans are bound ultimately to cause higher 128 4c. Cod, Newfoundland, 63 to 650. Turpentine, 59
prices.
.
to 640 Rosin,$8.75 to $11.50. Cottonseed oil sales to-day
The Manila "Times" says: "If Governor-General Stim- including switches, 15,300 bbls. P. crude S. E., 83.10. bid.
son succeeds in blocking the passage of the proposed Con- Prices closed as follows:
10.12a10.18
Aug
9.77a _
May
9.60a _
gressional measure which would limit to 500,000 tons the Spot
10.21a10.23
9.88a 9.93 Sept
March
9.60a9.75 June
Philippine sugar that may be imported into the United April
er10.03a10.05 October----10.10a10.20
July
9.60a9.65
States duty free, a lasting service would be rendered which
Co. of New York
-The Standard Oil
PETROLEUM.
it would not be easy for the islands to forget. The agitation advanced the filling station price of gasoline le. throughout
in the United States against the Philippines comes mostly New England, except Connecticut, making the retail price
from beet producers and sugar magnates who hold big 18e. Prices of gasoline were at one time firmer. Many
interests in Cuba. Cuba recently joined the campaign by look for advances before long. The demand for nearby
urging that a tariff if net n preferential duty be imposed delivery increased somewhat. Big refiners asked 814c. for
upon sugar from the Philippines. It is clear that Philippine Umted States motor in tank ears at refinery and 914e. in
sugar is not welcome to certain interests in the United States tank cars delivered to nearby trade. The Gulf market was
because of the inroads made in their business." Refiners steady. Bulk sales have been rather light of late, but are
/
on the 8th inst. bid 25sc. with 2 11-16e. asked; sales were expected to increase shortly. Kerosene showed little change.
reported of 7,000 tons and 60,000 bags, including Philippines Most of the business was for small lots for immediate confor April-May shipment at 4.49 to 4.500.; May shipment sumption. Stocks are moderate. For 41-43 prime white
at 4.50c.; Cubas for second half March and also for April at 63.4e. was quoted and for water white in tank ears 7e. at
2.6814c. and 2 11-16e. e. & f. to operators. Refined was refineries. Bunker oil showed some improvement. A good
quiet at 5.70 to 5.75c. Futures closed on the 8th inst. 3 to spot demand was reported here. Grade C,f.o.b. New York
6 points higher with sales of 54,650 bags. The rise was due harbor, $1.414; f.a.s. New York harbor, $1.413.4. Diesel
to rumors that Cuba had sold 200,000 tons of its reserves.
oil steady at $2.10. Furnace oil was in good demand for
Today it was rumored in some quarters that 200,000 spot delivery, but for forward positions little business was
tons of reserves held in Cuba had been sold. Other cables reported.
said that the 200,000 tons reserve will be apportioned to
New York export prices: Gasoline, eases cargo lots U. S.
countries other than the United Kingdom but as yet they Motor spec. deod., 23.90c.; bulk refinery, 814c.; kerosene,
were unsold. To-day futures closed 1 point lower to 2 cargo lots S.
.W. cases, 16.90e.; bulk, 41-43, 6%c.; W. W.,
higher with sales of 73,500 tons. British refiners were said 150 deg. eases, 17.90e.; bulk, 43-45, 7c. New Orleans prices:
to be bidding 2.55e. f.o.b. for the 200,000 tons of reserve Kerosene, prime white, 5% to 5%c.; water white, 614 to
sugar which Cuba Export Commission it is now said may
/ bunker oil, Grade C, for bunkering, $1 to $1.15;
sell; not that it has sold. The market was puzzled by the 63 10.;
Service station owners and jobbers prices:
conflicting reports about the reserve but on good sized cargoes,90 to 95c. refineries, 814c.; tank cars, delivered to
bulk
transactions it showed in the end little change. On the U. S. Motor, 934c.; California U. S. Motor at term., 814c.;
trade,
whole the report about the reserve had a bracing tendency. nearbyMotor delivered to N. Y. City garages in steel bbls.,
Sales of Cuban raws were reported at 2 21-32c. to 2 11-16c., U. S.up-State and New England, 17e. Naphtha, V.M.P.
17c.;
on quite a considerable scale. March notices were 101. deod., steel bbls., 180.; kerosene, water white, 43-45 gray.
At one time prices were generally higher by 2 to 3 points. bulk refinery, 7e.; delivered to nearby trade in tank cars.
Final quotations show a rise for the week of 7 to 12 points. 8e.; water white, 41-43 gray, bulk refinery, 631c.; 41-43 de/
Spot raws ended at 2 11-16e. a rise for the week of 14e.
/
livered to nearby trade in tank cars, 730.; tank wagon to
.79 2.80 December,._ _2.95 __ 2
14
Spot (unofficial) 2 11-16 July
/
store, 15e. Furnace oil, bulk refinery, 38-42 gray., 5303.;
2.89®
2 774 --- September.--2.8742.88 January
March
2.714 --tank wagon, 10e. U. S. Motor gasoline in cases for export
May
Co.
LARD on the spot was steady at one time with prime was advanced 3(c. late in the week by the Standard Oil
12.05 to 12.159.; refined Continent, 123(c.; South of New Jersey. The price is now quoted at 23.90e. There
Western
advanced % to
America, 133(c.; Brazil, 143(e. Spot later was weaker were reports that the bulk price had been larger. The dedemand rather small. Prime Western, 12 to 5.40. in the Gulf section. Bulk buying was
with the
some improve12.10e.; refined Continent, 1234e. Prime Western has mand for Pennsylvania lubricating oils showed
been 12.05e. .Futures advanced 10 to 13 points ment. A better export inquiry was reported.
latterly
$2.60
12.35 Eureka
$2.80 Buckeye
1.50
on the 5th inst. despite large receipts of hogs. Packers Peensylvanla
2.80 Illinois
Corning
1.55 Bradford
to swing prices upward and the cash demand Cats
1.55 Wyoraing. 37 deg- 1.30
bought enough
1.35 Lima
1.23
1.32 Plymouth
Indiana
better. Moreover, May and July were wanted Wortham. 40 deg.. 1.40 Princeton
was tether
1.57
1.50 Wooster
Rock Creek
1.25
1.95 Gulf Coastal "A-- 1.20
by the East. Deliveries were 50,000 lbs. Liverpool was Smackover 24 deg- .90 Canadian
1.00 Panhandle.44 deg. 1.66
Corsicana heavy
unehanged. Futures on the 7th inst. closed
practically
61.83
Elk Basin
unchanged to 5 points !nigher. There was some decline Oklahoma.Kansas and Texas-61.40 Big Muddy
1.26
40-40.9
1.23
1.16 Lance Creek
32-32.9
early in the day on selling by packers of both May and
1.25
1.70 Bellevue
52 and above
a rally occurred on the steadiness
July. Later, however,.
West Texas all deg
Louisiana and Arkansas1.16 Somerset light
32-32.9
of hogs and some buying for Eastern account. Western
1.45
1.25 Somerset
.
35-35.9
receipts of hogs were 137,600, against 131,000 a week ago SpIndletoD. 36 deg. and
1.27
Liverpool lard closed 3 to 6d. higher.
and 105,900 last year.
-New York on the 5th inst. fell 50 to 70
RUBBER.
Futures on the 8th inst. were 17 to 20 points net lower,
light, or 717 lots. London was dull
while hogs weakened under persistent large receipts. De- points with trading the stock fell off 1,125 tons. Outside
50,000 lbs. Hog and irregular, though
liveries on lard contracts at Chicago were.
The Far East cabled that one of the
receipts at the West were 140,200, against 122,800 last trading was small.
0.
312
1540
FINANCIAL CHRONICLE
[VOL. 126.
Chinese civic organizations had passed a resolution favoring 22o. for Colorado; 3,000 all weight cows sold it is said, at
the gradual abolition of restriction of exports, &c. The 2134c. Moreover the trading in frigorifico was noteworthy.
evidence seemed to be multiplying that restriction the It included 41,000 Argentine steers at 2834 to 28 9-16c.;
world over is doomed. On the 5th inst. New York closed 12,000 Uruguayan steers at 2834 to 285gc.; 6,000 light steers
/
with March 28.70 to 28.80c., May, 29c.; July, 29.10c.; at 26 13-16c. to 2634e. and 9,000 frigorifico cows at 27 1-16c.
September, 29 to 29.10c. Outside prices were as follows: The United States bought the bulk of all this. Common
Ribbed smoked sheets, spot and March, 283 to 29c.; dry were dull and inclined to drop. Cucutas nominally 370.;
4
April
-May-June, 293 to 2934e.; July-Sept., 293 to 30e.; Maracaibo 34e.; Central America, 323/se.; La Guayra, 34c.;
%
spot first latex crepe, 283 to 29c.; clean, thin, brown Savanilla, 3434e.; Santa Marta, 33c. New York City calf%
crepe, 26 to 263/
2e.; specky, brown crepe, 243/2 to 25c.; skins 5-7s; 2.50; 7-9s, 3.35; 9-12s, 4.15.
rolled brown crepe, 233/2 to 24c.; No. 2 amber, 263/2 to 27c.;
OCEAN FREIGHTS.
-Business recently increased in
No.3 amber,26 to 2634c.; No.4 amber, 2534 to 26c.; Paras, bulk tonnage. There are hopes of a larger tonnage in sugar
Up-river fine, spot, 243 to 25c.; coarse, 1934e. London as there is a report that the Cuban export commissioners
%
on the 5th inst. ended with spot and March 13% to 133 1d.; have sold 200,000 tons of the reserve allocated to the
/
April-June, 13%d.; July-Sept., 1434d.; Oct.
-Dec., 1434d. United Kingdom and the Continent. Up-coast rates are
Stocks of crude rubber in London on March 3 were 61,- 13 to 15e.
978 tons, against 59,945 tons last year. It is at the lowest
CHARTERS included coal from Hampton Roads to St. Thomas. $1.50
prompt; sugar. refined.
figure since March 19 1927. The peak was reached for and 2114c. three ports,New York to U. K., 193c. one port, 20c. two
March; Cuba to U. K.
-Continent. 17s. March:
1927 on Oct. 15.
grain. Vancouver to Avonmouth and London, 32s. 6d. March; same, 30s.;
Vancouver to Antwerp-Rotterdam, 27s.; U. -Continent. 6d. more,
-K.
`Telegrar explaining the functions Apr. 1-20; nitrate to west coast of North
Amsterdam cabled:"The
America. $5.10; time, prompt deof the committee of inquiry, just forced by the Dutch rubber livery north of Hatteras, $1.25; same. $1.40; grain, Vancouver to Antwerp
growers, points out that the committee of seven members or Rotterdam, April, 27c.; lumber to Gulf Rosario or Santa Fe. second half
May, 138s. 9d.: coal, Hampton Roads to Montreal 95c., April-May; same
Montreal,
is not given power to make decisions in behalf of all pro- to St. John. April, 80c.; time, delivery north of
prompt. $1.10;
ducers, but to make investigations and suggestions. Re- same. $1.40; four to six months; April around, $1.75; tankers, clean, San
Pedro to north of Hatteras, late April, 58c.
commendations are to be submitted to a meeting of proTOBACCO has been quiet for the reason that manufacducers and put to vote. Generally speaking, it is not desired to resort to artificial means to raise rubber prices or to turers, finding the cigar frade slow, are not unnaturally
insure maintenance of prices at the one florin per half kilo loath to buy raw material. In fact, they are in many cases
figure. A general meeting expressed itself as positively hardly touching it. In January the cigar output was 11%
against Government interference, holding that at to-day's smaller than in the same month last year. The February
prices it is difficult to declare that there is any crisis in the output may have increased. Some think so. The spring,
industry and that the roof of the evil is the large number of it is hoped and believed, will see some revival of cigar trade
producers and the comparatively few buyers. The committee and leaf tobacco sales. Prices are called steady. Wisconinsists that its aimis not to draw up some kind of restriction sin binders, 25 to 30c.; Northern, 40 to 45e.; Southern, 35
scheme but to arrive at a sound selling policy." London to 40c.; New York State seconds, 35 to 40c.; Ohio, Gebhardt
cabled March 5th: "Premier Baldwin announced in the B, 22 to 24e.; Little Dutch, 21 to 22e.; Havana first ReHouse of Commons to-day that the decision of the com- medios, 90 to 95c.; second Remedios, 70 to 75c.
COAL.
-Bituminous feels the dulness of industry in a
mittee appointed to look into the rubber situation would be
made known in a time and manner best conducive to develop- slack demand for coal. Rather large specifications have
been filled. Domestic consumption of anthracite has been
ments and propserity of the rubber industry."
On the 7th inst. prices fell roughly 23/j to 3c. on a break increased by the recent colder weather. But steam sacs
in London of 134d., and very marked depression in Singa- do not sell so well as a year ago. Hon. John W. Davis
pore. The markets, in other words, were demoralized at denies a report that he will assume control of the interests
home and abroad, as London cables indicated that the re- of Illinois and Indiana operators after April 1 and pending
moval of restriction was favored very shortly. The London a wage settlement. Latterly the trade here has increased.
market closed with spot and March 123sc., April-June, Prices have had a downward turn at Philadelphia, Boston,
/
12%d.• July-September, 12Md.; October-December, 12%d. Hampton Roads and Johnstown. Chicago has had a better
Private cables attributed the weakness abroad to unfavorable trade at firm prices for slack and domestic sizes. Soft
Ceylon news and the likelihood that the Dutch interests do coal f.o.b. at piers New York tidewater, Navy standard,
not favor any restriction scheme. London cabled: "The $5.25 to $5.50; anthracite f.o.b. at mines, company stove,
Chairman of the Ceylon Merchants Chamber at annual $9.25 to $9.35; pea, $6 to $6.40.
meeting said: `This Chamber has reported to the GovernCOPPER was firmer. A good business was reported.
ment that it is desirable to lift restriction almost at once.'
No copper was obtainable at below 1434o. although there
London also cabled: "Rubber declined on selling pressure were many bids of 14c. An advance in London on the 6th
due to press articles indicating the unlikelihood of the new inst. had a bracing effect here. Buying for forward delivery
Dutch committee drawing up any kind of restriction scheme. has been small. Very little April copper has been conSingapore cabled that out of a vote of 72 in the Chamber of tracted for, it is said, and for March it is estimated tha t half
:
Commerce questionnaire 47 favored renewal of restriction of the melt of copper is yet to be bought. A reduction in
with or without conditions and the remainder voted for the surplus stocks is indicated in some reported. Export demand
continuance of the present or amodified scheme. New was small. London on the 6th inst. advanced on standard
York prices on the 7th inst. closed as follows: March, 26.60 7s. 6d. to £61 for spot and £60 17s. 6d. for futures; sales, 100
to 26.700.- April, 26.50 to 26.800.; May, 26.60 to 26.70c.; tons spot and 900 futures; spot electrolytic advanced 5s. to
July, 26.gO to 26.60e. Outside prices were as follows: £66 10s.; futures up 2s. 6d. to £66 15s. On the 7th inst.
Smoked sheets spot and March, 263 to 2634e.; spot, first spot standard in London declined 2s. 6d. to £60 17s. 6d.;
latex crepe, 263 to 27c. London on the 7th ended with futures off 35. 9d. to £60 13s. 9d.; sales, 100 tons spot and
4
spot and March 1234 to 1234d.; April-June, 125 to 123 d. 600 futures; electrolytic unchanged. Of late the tone has
4
4
Singapore on the 7th closed WI. off; March, 13%d.; April- been rather steadier but the price has remained at 1434c.
June, 133jd. On the 8th inst. New York prices fell 80 to The demand has increased for domestic and has been good
110 points on a break in London and Singapore and heavy for export. In London on the 8th standard spot advanced
liquidation. London ended %d. lower.
5s. to £61 2s. 6d.; futures rose 7s. 6d. to £61 is. 3d.; sales,
1
The perpendicular decline was due to a drop in London 200 tons spot and 700 futures; electrolytic £66 10s. for spot
and the heavy selling here. The transactions involved and £66 15s. for futures.
4,677 tons. London was off %d. net on big liquidation.
TIN early in the week advanced, but declined later on.
Singapore fell 13/gd. New York closed on the 8th inst. Trade was dull. Early on the 6th inst. prompt and early
with March 25.30 to 25.40c.; April, 25.50 to 25.50c.• May, futures sold at 5134c., but later the price fell to 5134c. with
/
25.50 to 25.600.; July, 25.60e. Outside prices: gmoked many sellers at that price. Tin afloat continues to mount
sheets, spot and March, 253( to 2534c.; April-May-June, and now totals 8.460 tons. Spot standard in London on the
2534 to 253 e.; July-Sept., 253 to 260.; spot, first latex 6th inst. dropped 7s. 6d. to £231 17s. 6d.; futures off 10s. to
4
crepe, 253 to 25c.; clean, thin, brown crepe, 23 to 233c.; £234 2s. 6d.; sales 100 tons spot and 550 futures; spot
4
specky brown crepe, 223 to 230.; rolled brown crepe, Straits declined 7s. 6d. to £235 17s. 6d.; Eastern c.i.f.
4
2l3, to 2134c.; No. 2 amber, 24 to 243(c.; No. 3 amber, London advanced £2 5s. to £237 10s. on sales of 400 tons.
4
233i, to 2334c.; No. 4 223 to 23c.; Paras, Up-river A disturbing factor has been the heavy sales in the Far
fine, spot, 2234 to 23e.; coarse, 18 to 1834c.• Acre, fine, East. Sales on the 7th inst. were 250 tons and on the prespot, 233 to 2334c.; Centrals, Esmeralda, 173/i to 173 d. vious day 400 tons. Sales at Penang and Singapore thus far
4
Private cables said that the Penang Chamber of Commerce this year are around 2,000 greater than those for the same
has gone on record as favoring the continuance of restric- period last year. In London on the 7th inst. spot standard
tions for at least 12 months. To-day prices declined 10 dropped £1 12s. 6d. to £230 58.; futures off £1 7s. 6d. .to
to 40 points here. London advanced % to 3443. and then £232 15s.; sales 50 tons spot and 400 futures; spot Straits
reacted, losing most of the rise. It ended unchanged to dropped £1 7s. 6d. to £234 10s.; Eastern c.i.f. London fell
%d. higher. At one time to-day prices here were 70 to £1 to £236 10s.; sales 250 tons. Of late prices have been
120 points higher. It is a disappointment to the generality steady at 5134 to 5134c. with very little business. In London
of the trade that advances do not hold. They run into on the 8th spot standard declined 2s. 6d. to £230 2s. 6d. with
heavy selling. To-day prices broke in some cases 130 to futures off 5s. to £232 10s.; sales 50 tons spot and 450
180 points from the earlier high. London is bearish on the futures; spot Straits fell 2s. 6d. to £234 7s. 6d.; Eastern c.i.f.
restriction outlook. March at one time to-day was 26.70c. London off £1 to £235 10s. on sales of 150 tons.
LEAD was in good demand and firmer. In the East St.
here and then fell to 250. ending at 25.10e., with May
25.40 and July also 25.40e. Final prices show a decline Louis section 5.80c. was generally quoted, but in some cases
for the week of 360 to 380 points.
234 points more was asked. The American Smelting co.
HIDES.
-Recent sales of city packer made no bad show- quoted 6e. New York. Most of the principal consuming
ing by any means. They included very much of the stock lines are buying. Lead-covered cable makers took the
here at 23c. for native steers, 22340. for butt brands, and largest quantities.jIn London on the 6th inst. spot ad-
1541
FINANCIAL CHRONICLE
MAR. 10 1928.]
Total.
Wed. Thurs. Fri.
Mon. Tues.
Sat.
Receipts at
vanced 10s. to £20 5s.: futures up 8s. 9d. to £20 12s. 6d.•
On the 7th inst. Galveston
874 22.069
sales 50 tons spot and 1,150 futures.
3.017 3.678 7,212 4.341 2.947
768
768
London declined 6s. 3d. to £19 18s. 9d. for spot and £20 Texas City
2,201 2,786 1,965 1,790 1.703 1.075 11.520
Houston
.
6s. 3d. for futures sales 250 tons spot and 1,100 futures. New Orleans_ _ _ _
3,721 2.688 3,082 3,089 2,616 1.606 16.802
311 2,871
40
627
227 1.382
284
Later the demand was good for March and April and Lon- Mobile
888 4.942
677
971
915
958
533
Savannah
don advanced. New York is 6 to 6.05c. Central West Charleston
220 2.589
481
981
556
180
171
442 4.374
'
991 1,075
501 1,127
238
5.80e. and now and then 5.85c. 600 tons of refined arrived Wilmington
1,328
101 '541
98
404
105
79
Norfolk
here from Mexico on the 8th inst. In London on the 8th New York
304
18
286
44
44
prices advanced 3s. 9d. to £20 2s. 6d for spot and £20 10s. Boston
3.144 3,144
Baltimore
for futures sales 200 tons spot and 600 futures.
ZINC was firmer with other metals. The minimum Totals this week_ 10.244 11,409 16,643 12.319 10.227 9.913 70.755
price was 5.523%c. East St. Louis. The curtailment of ore
The following table shows the week's total receipts, the
production which is evidently going on is expected to result
total since Aug. 1 1927 and stocks to-night compared with
in higher prices. A fair demand was repotred. The
last year:
principal maker of zinc sheets, &c., reduced prices Mc. per
Stock.
1926-27.
pound. Sheet zinc is 93/2c. base, and ribbon zinc 9 4c.,
1927-28.
Receipts to
.
.
all f.o.b. La Salle Ill. In London on the 6th inst spot
This Since Aug This Since Aug
Mar. 9.
1927.
1928.
was up 3s. 9d. to £25 3s. 9d.;futures fell is. 3d. to £25 is. 3d.;
Week. 1 1927. Week. 1 1926.
sales, 75 tons futures. On the 7th inst. London fell is. 3d
Galveston
22,069 1,907,428 57,825 2.928,091 383.536 610.715
50.418
to £19 18s. 9d. for spot and £20 6s. 3d. for futures; sales, Texas City
36,145
85,038 3,447 150,132
768
11.520 2,347.098 48.707 3,470.670 700,398 847.049
50 tons spot and 275 futures. Latterly prices have been Houston
541
____
Corpus Christi_ _ _
steadier with a better trade; East St. Louis, 5.60c.; zinc Port Arthur,-------176.092
ore now $37, a rise of $3 in a fortnight. London on the New Orleans__ _- 16.802 1.234,434 53.578 2,039.773 479,395 648,469
8th inst. advanced 2s. 6d. to £25 5s. for spot and £25 2s. 6d. Gulfport
43.524
11,744
Mobile
2,871 235,841 3,690 335,491
13,220
for futures; sales, 200 tons spot and 600 futures.
11,428
Pensacola
610
592
617
8
STEEL has been in less demand and hints, or more than Jacksonville
79,638
26,494
4,942 521,120 22,911 932.631
Savannah
hints, of lessened firmness also characterized the week. Brunswick
66.813
27,226
2,589 220,523 12,302 461,481
Not every plant is insisting on the recent advances quoted Charleston
756
____
Lake Charles_ _ _ _
by the United States Steel Corporation for plates, shapes and Wihnington
19.028
23,197
96,525 5,239 111,541
4,374
71.985 112.723
1,328 192.636 6.552 363,754
bars. The output is no longer rising. That tendency Norfolk
279
The consumer, to put it mildly, N'port News, &c_
seems to have culminated.
26,335 184.931 226,377
245
6,023
304
New York
3,978 • 1,685
21,912
4,873 1,555
44
shows no great alacrity in following advances in prices or Boston
1,554
1,539
57,192
55,210 1,914
3,144
current before the advance. Baltimore
even in paying quotations
9.110
9,957
4,168
10
155
Philadelphia
Corporation is operating at 90'yo
The United States Steel
70.755 7,095.729 217.975 10917197 1,961.117 2.717.813
Totals
and independents at 80% or less. Here and there a fair
business is being done, but, taken as a whole, the steel
In order that comparison may be made with other years,
.
trade cannot be called active. Steel tie plates, it is said, are we give below the totals at leading ports for six seasons:
down $2 to $43 at mill. Structural awards increased some1922-23.
what following the drop last week. It is de3lared that rail Receipts at- 1927-28. 1926-27. 1925-26. 1924-25. 1923-24.
16.480
16,161
tonnages on the books are 300,000 tons larger than at this Galveston.-54.896
25,592
57,825
22.069
12.327
1,569
42,890
10,822
time last year. Pittsburgh says prices for finished steel are *Houston,&a
48.707
11,520
23.839
15,256
37.200
33,100
53.578
16,802
well, but it is conceded are not being really New Orleans
holding fairly
631
445
3.912
1,765
3,690
Mobile
2,871
13.865
2.092
16,110
tested in the prevailing slowness of trade. Prices for gal- Savannah...
18.124
22.911
4.942
158
lowered to secure business. Some Brunswick.
vanized sheets are often
4.494
2.012
11,850
6,868
12,302
Charleston...
2,589
2,886
546
Birmingham plants making smaller shapes are operating Wilmington.
2,752
715
5,239
4.374
4.583
3.985
9.969
4,505
Norfolk
6,552
1,328
at 80%. Some of the larger are at over 70%.
N'port N.,&c
2,742
PIG IRON has weakened, but lower prices have led to a All others_ _
1.743
5,452
3,769
7.171
.
4,260
brisk demand at the West, however, dull trade might still
28,005
43,809
70,755
217.975 105,260 185,061
has still been the most prominent Total this wk
be in the East. Cleveland
in the sales. Last week they were 32,000 tons, mostly to the Since Aug. 1_ 7.09!; 729 in 017 1078 119 880 R 135 UR 5.503.528 5.026.444
of
automotive foundries. Chicago iron sold at $18.25, a decline
•Beginning with the season of 1926. Houston figures include movement
The distinction
of 250. Philadelphia in the last two weeks has sold 10,000 cotton previously reported by Houston as an interior town.
between port and town has been abandoned.
tons of basic. New England last week sold about 5,000 tons.
The exports for the week ending this evening reach a
Two textile machinery plants have recently bought their
total of 116,298 bales, of which 19,613 were to Great Britain,
requirements for the first half of the year. No. 2 plain
18,431 to France, 23,266 to Germany, 14,193 to Italy,
foundry Eastern Pennsylvania was quoted nominally at
Russia, 7,494 to Japan and China and 28,101
$19 to $19.50; Buffalo at $16.50 to $17; Cleveland at $17.50 5,200 to destinations. In the corresponding week last year
to other
to $18; Chicago at $18 to $18.50. The highest of the foretotal exports were 199,165 bales. For the season to date
going quotations are not paid it is understood except now and
aggregate exports have been 5,261,437 bales, against 7,806,then for small lots. Ingot production for March is not ex570 bales in the same period of the previous season. Below
pected to rival the high record for March last year. Birthe exports for the week.
mingham reports a slight increase in sales and adds that No. are
2 foundry is steady at $16. Lake navigation is expected to
Exported to
Week Ended
open on May 1 and the New York State barge canal about
Japan&
Ger9 1928.
Mar.
Great
April 15.
- Britain. France. many. Italy. Russia. China. Other.' Total.
Exports from
WOOL has been steady but business lags. Boston quota6,194 14,179 30.973
5,222
5.378
tions were as follows: Ohio and Pennsylvania fine delaine, Galveston
5:ino 1,300 8.430 33,079
9,299 8.850
Houston
4,657 30.415
blood, 51 to 52c.; % and
bloods, 52c. New Orleans
49 to 50c.;
2.760 11.900 6,135
5,963
2,970
2,970
Territory, clean basis, fine staple $1.18 to $1.23; fine, Mobile
961
961
Savannah
blood staple, $1.12 to Charleston
1.200
medium clothing, $1.02 to $1.07;
1,200
2,875
2.876
blood, 95 to 97c. Texas, Wilmington_ _
$1.15; % blood, $1.00 to $1.03;
1,297
275
1.022
Norfolk
835 7,044
clean basis, fine, 12 months, $1.18 to $1.22; 8 months, $1.10 New York
241
994
4.974
5,384
700
4,684
to $1.15; fall, $1.00 to $1.05; pulled, scoured basis A super, Los Angeles_ _ _
100
100
San Francisco
'
$1.05 to $1.10; B, 95e. to $1.00; C, 80c. to 85c.; domestic,
Total
mohair, original, Texast 61 to 62.3.- Australian, clean basis,
19,613 18,431 23.266 14,193 5,200 7.494 28,101 116,298
'
in bond 64-70s, combing super, $1.10 to $1.15; 64-70s, Total 1927
46,961 11,349 52,752 12.067 16,900 38,565 13.371 191,965
20.109 7.019 70,055
clothing, 90 to 92c.; 64s, combing, $1.00 to $1.05; 58-60s, Total 1926
20.085 1,221 15.775 5,846
92c.;56s,70to 72c. New Zealand, clean basis, in bond,
90 to
Exported to
From
58-60s, 88 to 90e.; 56-88s, 78 to 80c.; 50-56s, 70 to 7243.; Aug.1 1927 to
Japan&
Ger48-50s, 65 to 67c.; 46-48s, 58 to 60c.; 44-46s, 52 to 53e. Mar. 9 1928. Great
Total.
many. Italy. Russia. China. Other.
In London, the second 1928 series of London Colonial wool Exportsfrom- Britain. France.
auctions will begin on March 13 and according to present Galveston__ 232,536 301.482 341,264 157,699 13,900 250,286275,469 1,572,636
1,415.402
arrangements v ill close on March 28. The total catalogued Houston.... 237.627 268,416 346,673 131,390 57,700 227,031 146,565
----------------25.418
Texas City__
17,255 3,079 5,084
541
offerings are 125,100 bales comprising 52,650 Australian, Port Arthur_
14,980 161,693
43,550 New Zealand, 6,000 South African, 22,000 South Corp. Christ! 24,310 34,271 57.001 4,059 3,100 23,972 91.114 864.505
sundries. At Dunedin, N. Z. on March 8 New Orleans 157.771 82,194 215,144 92,408 43.726 182,148 4,775 165,411
American and 900
__-_ 21,050
Mobile
41,288 1.989 93,809 2,500
11.428
------------1,125
1.378
____ 8,925
offerings were about 27,500 bales and mostly sold. Prices Pensacola...
38.705 21,416 501.286
higher on the average than those prevalent Savannah... 115,801 5,030 311.511 8,823
were 5 to 10%
- 5,300 20,469 200,039
Charleston_ _
36,848 1,833 129.524 6.065 69.992
--------300
Wilmington_
17,300 52.392
at Dunedin on Jan. 31.
-_-_ 2,250 3,385 112,392
Norfolk
40,420
600 64,487 1,250
756
Lake Charles
83.464
____ 2,084 26,510
New York
15,001 9,i(19 27,732 2,428
4,189
------------2,461
Boston
493
1,005
230
2,660
--------267
Friday Night, March 9 1928.
1,386
Baltimore_
____
1,007
797
--------100
177
45
____
Philadelphia.
475
64,235
160
THE MOVEMENT OF THE CROP, as indicated by Los Angeles_
-___ 12,400
591
6.530 27.287
17,267
3,368
183
. to-night, is given below. San Fran...
--------1,850
455
580
300
our telegrams from the South
1.225
____
1.225
the total receipts have Seattle_
For the week ending this evening
bales last week and
Total
939,603 717,170 1647490 461,168 118,426 768,301 609,279 5,261,437
reached 70,755 bales, against 62,281
75,323 bales the previous week, making the total receipts Total '26-'27 2,005,121 814,600 2222129 582.212 154,683 1196295 831,530 7,806,670
bales, against 10,917,197 Total '25-'26 1.515 ARA 712 Ant 1415571 479.057 103.773 832.505 647.242 6.013.404
since Aug. 1 1927 7,095,729
a decrease since
-Is has never been our practice to include in the
NOTE.
bales for the same period of 1926, showing
-Exports to Canada.
above table reports of cotton sh pments to Canada, the reason being that virtually
Aug. 1 1927 of 3,821,468 bales.
X
M
,
'
36
X
_...._
COTTON
1542
FINANCIAL CHRONICLE
all the cotton destined to the Dominion comes overland and it is impossible to get
returns concerning the same from week to week, while reports from the customs
districts on the Canadian border are always very slow in coming to hand. In view,
however, of the numerous inquiries we are receiving regarding the matter, we will say
that for the month of January the exports to the Dominion the present season have
been 24,594 bales. In the corresponding month of the preceding season the exports
were 29,580 bales. For the six months ended Jan. 31 1928 there were 133,868
bales exported as against 150,749 bales for the corresponding six 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—
Great
GerOther CoastMar. 9 at— Britain. France. many. Foreign wise.
Galveston
New Orleans
Savannah
Charleston_
Mobile
Norfolk.
Other ports *
8.200
9.382
____
4.162
5,000 35.000
3.790 16,373
2.000
1.000
2,000
2;866
5,000
Total.
Leaving
Stock.
5,000 53,200 330,336
33,707 445.688
-266
200
26,294
10
10
27.216
51 4.351
7,393
254
254
71,731
____ 10.000 950,737
Total 1928- - 21,382 5,162 10,790 58.873 5.515 101,722 1,859,395
Total 1927_
33,429 10,777 25,476 102,818 10.109 182,609 2,535.204
Total 1926_....- 25.023 16.973 17,278 49.765 12,602 121,641 1,162,915
* Estimated.
Speculation in cotton for future delivery has been on a
small scale and as a rule the fluctuations in prices have
been corerspondingly small. For a time prices advanced,
for contracts were scarce. The Texas rainfall was inadequate. Liverpool was inclined to rise, more so, if anything,
than New York. Alexandria advanced sharply. The talk
of heavy weevil hibernation was revived and with it predictions of a large and menacing survival of the pest this
Spring. Spot houses bought May and July, especially May,
i
If they sold new crop months. Mills fixed prices steadily
and on some days somewhat freely. Shorts covered. Now
and then there was some outside buying. Worth Street
as a rule was steady, though quiet, even allowing for some
increase in buying now and then. Manchester reported a
fair business with India and Africa. Larger sales to South
America and a better outlook in China, besides a firmer tone
in both cloths and yarns. Some reports were that the
start of the season in Texas was a bit late and none too
promising. Some called it rather poor, despite a contrary
impression derived from the weekly Government report.
However that may be, Texas and Oklahoma both need rain.
Naturally the greater stress is laid on Texas. In Texas
in the months of November, December and January the
rainfall was below the normal by 4.53 inches in the eastern
portion, 4.24 inches in the central, 2.65 inches in the northwestern, 2.21 in the northeastern and 1.62 in the western.
In Texas as a whole the rainfall in November, December
and January was 4% inches below normal. In Oklahoma
the average deficit in those months was 1.57 inches, but in
western Oklahoma it was 2.14 inches. Viewed in the light
of the fact that good Winter rains are an indispensable prerequisite of a good crop, this deficit in Texas, to go no further, is regarded by not a few as a distinctly bad omen.
As for the boll weevil, Memphis advices take it for granted that the weevil emergence this Spring will be unprecedentedly large. States near the Mississippi Valley, it is
said, face a serious menace from the pest unless the weather
next Summer is extraordinarily good for the plant. Recently the report of the American Cotton Growers' Exchange
showed 59% of the weevil alive in North Carolina and up
to 93 in Louisiana. Recent sales of fertilizers are said to
have been smaller than seemed at one time likely. Some
Egyptian crop reports have been unfavorable and Alexandria prices on the 7th inst. advanced on Sakels 88 to 93
points. The same kind advanced in Liverpool on the same
day as high as 70 points. This rise in Egyptian cotton
plainly had a steadying effect on Liverpool. Mills were
fixing prices in Liverpool. The spot demand there was good
and at times prices advanced. On this side the basis has
been firm. Memphis reported some demand from India,
especially for the better grades of 1 to 1% inches. Liverpool has bought medium and lower grades freely, including
some cotton of fully 1% inch. Southern mills bought the
better grades of 1 3-32 inch and longer and also the lower
grades. Russia bought moderately and Japan to some extent. Northern spinners have bought less than those of the
South. There has been a steady demand for most of the offerings. The figures on the world's consumption and those
on the domestic figures on the 14th it was assumed would
be of a bracing kind.
On the other hand, speculation, as already intimated, has
been sluggish. More or less liquidation has been done. Some
rain has recently fallen in Texas. The Government report
on Wednesday said that farm work throughout the South
is mostly abreast of the season, with much ground prepared, especially in the western belt. Some cotton has been
planted in Florida and this work is about half done in the
lower Rio Grande Valley of Texas. Private advices from
Fort Worth, Texas, said that crop preparation in Texas was
in excellent shape and that Indications pointed to some
increase in the acreage. Dallas, Texas, reported that crop
preparations were good. Liverpool has been rather sluggish at times. A deadlock exists at Manchester, England,
between employers and workers over the composition of a
committee to inquire into the costs of production. No one
[VOL. 126.
knows what this may lead to. Mill curtailment is spreading in this country. At Laconia, Franklin and Somersworth, N. H., some of the hosiery mills. have virtually
stopped work, or are running on a four or five-day week
with reduced forces. At Charlotte, N. C., and Greensboro,
N. C., some mills are running four days; some contemplate
a further reduction in working time. At Fort Mills, S. C.,
one company will operate only three days instead of four
days a week. On Thursday prices advanced 12 to 15 points
with the cables higher than due, the consumption report bullish, Texas without the needed copious rains, spot prices
up, stock market rising, Wall Street buying and the mills
calling more or less cotton. Moreover, there was no pressure to sell, either at home or abroad. The International
Federation of Spinners stated the world's consumption of
American cotton for the first six months of this season
at 8=6,000 bales against 7,423,000 in the same time last
year, or an increase this year of 803,000 bales. This is supposed to point to a world's consumption this year of somewhere between 15,500,000 and 16,000,000 bales. Of course,
if the total for the first half of the season is repeated in
the second half, the grand total for the cotton year would
be some 16,450,000 bales. Not many expect that total, however, if indeed anybody does. The Census Bureau stated
the consumption for the first half of the season in this
country at 3,625,385 bales including 159,918 of foreign
growth against a total for the same time last year of 3,429,158 bales including 144,728 bales of foreign, an increase
this year of close to 200,000 bales. None of these figures,
however, had any marked effect. The weather in the belt
is becoming wanner, Texas at least had light rains and,
what is more, speculation here was very dull. The disposition is to await further developments in regard to
the coming crop season.
To-day prices early in the day were 4 to 6 points higher
with the cables firmer than due and the Textile Institute's
report considered on the whole favorable. It may be the
forerunner of a larger total on the domestic consumption
for February on the 14th inst. than has been generally
expected. Moreover, Texas had only a very light rain. It
needs a good deal more. Oklahoma had very little. On
the other hand, the central and eastern belts had too much.
They want dry weather in order to get ahead with farm
work. The spot basis was generally reported firm. The
spot demand in Liverpool was good. Manchester reports
were rather cheerful aside from a disappointing trade with
India. Later in the day prices dropped 20 to 25 points
from the high of the morning on the old crop and 8 to 10
on the new. Spot houses were good sellers of May. That
showed more depression than any other month. Spot sales
still make a poor showing compared with those of a year
ago. The failure of the market to respond to bullish news
caused selling. It was a narrow trading affair, awaiting
further developments. Final prices show a decline for
the week of 6 to 12 points on the old crop, while October
ends 9 points higher than a week ago. Spot cotton closed
at 18.85c. for middling, or 5 points higher than last Friday.
The following averages of the differences between grades,
as figured from the Mar. 8 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 Mar. 15:
Middling fair
Strict good middling
Good middling
Strict middling
Middling
Strict low middling
Low middling
*Strict good ordinary
*Good ordinary
Good middling spotted
Strict middling spotted
91 on *Middling yellow tinged
1.08 off
65 on *Strict low middling yellow tinged1.65 oft
40 on
26 on
Basle
34 off
74 off
1.40 off
2 16 off
23 OD
even
38 off
Middling spotted
*Strict low middling spotted
.83 off
*Low middling spotted
1.49 oft
Strict good middling yellow tinged .01 off
Good middling yellow tinged__ .81 off
Strict middling yellow tinged-- .68 ott
*Low middling yellow tinged_ ___2.39 off
Good mid.light yellow stained_ .69 off
*Strict mid.light yellow stalned...1.18 off
*Middling light yellow stained...1.78 off
Good middling yellow stained__ .91 off
*Strict middling yellow stained__1.60 off
*Middling yellow stained
2 31 off
Good middling gray
.46 off
Strict middling gray
75 off
*Middling gray
1 10 off
*Good middling blue stained-1.55 off
*Strict middling blue stained.-2.17 off
2.95 off
*Middling blue stained
•Not deliverable on future contrasts.
The official quotation for middling upland cotton in the
New York market each day for the past week has been:
Mar. 3 to Mar. 9—
Middling upland
Sat.
18.70
Mon. Tues.
Wed.Thurs.
Fri.
18.95
18.85
18.95
18.85
18.90
NEW YORK QUOTATIONS FOR 32 YEARS.
The quotations for middling upland at New York on
March 9 for each of the past 32 years have been as follows:
1928
1927
1926
1925
1924
1923
1922
1921
18.85c.
14.25c.
19.60c.
26.05c.
28.30c.
30.75c.
18.55c.
11.900.
1920
1919
1918
1917
1916
1915
1914
1913
40.75c.
27.15c.
32.990.
18.00c.
11.90c.
8.75c.
13.00c.
12.50c.
1912
1911
1910
1909
1908
1907
1906
1905
10.60c.
14.45c.
14.80c.
9.85c.
11.55c.
11.45c.
11.25c.
7.990.
1904
1903
1902
1901
1900
1899
1898
1897
16.65c.
9.90c.
9.19c.
8.88c.
9.56c.
6.56c.
6.25c.
7.25c.
MARKET AND SALES AT NEW YORK.
Spot Market
Closed.
Futures
Market
Closed.
Saturday__ _ Quiet, 20 pta. dee_ Steady
Monday
Quiet, 25 pts. dec_ Barely steady_ _
_ Met, 5 pts. dec.... Steady
Tuesday
Wednesday_ Quiet. 5 pts. dec_
Steady
Thursday -- Met. 10 pts. adv_ _ Quiet & steadyFriday
Quiet, 10 pts. dec.- Very Steady_ _
Total week_
Since Aug. 1
SALES.
Spot.
Contect Total.
11,700 11.700
1,100 1.100
1,700
aoo
14,000 14.500
242:668 810,900
1.053.865
MAR. 10 1928.]
FINANCIAL CHRONICLE
-The highest, lowest and closing prices at
FUTURES.
New York for the past week have been as follows:
Saturday.
Mar. 3.
Monday.
Mar. 5.
Tuesday. Wednesday. Thursday.
Mar. 8.
Mar. 7.
Mar. 8.
Friday,
Mar. 9,
1543
AT THE INTERIOR TOWNS the movement
-that is,
the receipts for the week and since Aug. 1, the shipments for
the week and the stocks to
-night, and the same items for the •
corresponding periods of the previous year, is set out in detail
below:
March
Range.. 18.15-18.27 18.20-18.49 18.31-18.43 18.34-18.43 18.36-18.48 18.29-18.46
18.3518.3918.4418.44Closing- 18.2218.33
Movement to Mar.9 1928.
Movement to Mar. 11 1927.
I
April- _
Receipts.
Towns.
I Ship- Stocks
Receipts.
Ship- I Stodu
18.48 -18.43 -18.52Closhig_ 18.31 -18.51Ha --_-__
g
I masts. Mar.
mesas. Mar.
May
Week. Season. I Weak.
9.
Week. Season. Week.
Range__ 18.33-18.48 18.41-18.68 18.47-18.67 18.49-18.62 18.56-18.86 18.41-18.64
Closing- 18.40-18.41 18.58-18.59 18.5718.52-18.53 18.6018.44-18.46 Ala..BIrming'm
365 8,490 1.0651 88.837
207 82.2711
654 13,464
JuneEufaula
117 8.315
69
18.609,
651 24.543
242 10,618
Range-.....
Montgomery.
607 71.343 1,783 24,410 1,100 118.767
731 42.053
Closing. 18.3418.4918.5018.4418.531:8:40
Selma
566 92.791
915 19,347
157 58,123
796 30.693
July310 77,156 1,340 12,248
Range- 18.21-18.33 18.30-18.56 18.32-18.53 18.33-18.48 18.43-18.52 18.33-18.51 .Ark..Blythavl
Forest City
102 36,390,
613, 11,282
Closing. 18.28-18.29 18.41-18.44 18.43-18.44 18.36-18.37 18.4618.36-18.37
Helena_
316 50,032 1.813 17,034 1,79
9
2,842 29,696
August
Hope
167 45,272
428 3,416
Jonesboro...
126 31,500.
816 3,625
Closing_ 18.20- 18.30
18.3318.2618.3418.28
Little Rock
630 100,918 1,403 18,462 2.1661 198.1241 4,152 48.842
Newport_ _
471 4,162
58 48.009
Range__
Pine Bluff...
851 120,429 2,427 31,868 1.7791 176.1241 5,710 45,476
Closing_ 18.0318.1918.22- 18.15
18.2318t:20 -_-_-_-.
Walnut YU
644 3.295
70 35,1731
Oaober4,973
100 2,
8.745
422 3,107
Range._ 17.83-17.96 17.90-18.19 17.99-18.18 18.01-18.15 18.08-18.18 18.10-18.18 Ga., Albany
Athens
3
46,707
290 48,8611 1,000 12.529
855 20,827
Clo8ing_ 17.90-17.92 18.08-18.10 18.11-18.12 18.0418.1218.12
Atlanta
1,619 112,184 1,946 30,857 2.962 238,792 10,192 60,589
Noe.
Augusta
1,902 231,802' 3,819 67,015 7.05 333.93
6.040102,680
Range_ _
---- --Columbus...
3
315 2,267
44,6
112 50,5011
247, 3,604
Closing. 17.87- 18.05
18.0918.0118.0818.08
Macon
1,209 56,180 1,552 5,946 1,579 95,21
2.331 8.053
Dec.
Rome
334 49,43
300 18,108
295 33,230
900 26.620
Range._ 17.77-17.89 17.83-18.12 17.93-18.10 17.95-18.10 18.01-18.1 18.01-18.1C
100 93,895 1,084 41,248
La.. Shreveport
916 161.31
2,282 53,368
Closing_ 17.85-17.87 18.02-18.04 18.0717.9818.0418.04
Mite.,Clarksdale
582 150,905, 6,811 44,748 5,54 178,71
4,93S 66,077
JonColumbus_ _ _
121
578 6,483
41,552
179 33,522
634 8,501
Range_ 17.75-17.78 17.80-18.00 17.91-18.08 17.93-18.07 18.01-18.0 17.97-18.08
Greenwood_ _
146 155,863 8,248 63,039 1.486 175,347 6,976 61,073
Closing_ 17.7818.001R.01 --17.96-1797 15 0217.67-173g
273 50,86
223 37,600 1,413 6,399
1,899 9.543
Natchez
440 37,617 1,539 7.070
743 18,681
611 35,712
Range of future prices at New York for week ending
419 34,51
537 5,056
Vicksburg
62; 17,306
762 15,082
Yazoo City._
273 44.439 1.3331 17,008
28 27,507' 1,429 9,880
Mar. 9 1928 and since trading began on each option:
Mo., St. Louis_ 8.705' 289,477 8,537 3,915 15,465 475,074 15.737 8.669
N.C..Greensb'ro
265 22,712 1,321 11,893 1,847 37.956 1.349 24.161
Raleigh
152
186 3,218
18.13
206 7.867
223 12,356.
Option for
Range for Week.
Range Since Beginning of Option.
Okla., Altus x
3,748 189.241 6,089, 11.274
3,092 170,271 5.190 10,917
Chickasha a_
Mar. 1928_ 18.15 Mar. 3 18.49 Mar. 5 14.75 Apr. 4 1927 24.99 Sept. 8 1927
Okla. City 1_
4,138 162,029 5.762 16.127
Apr. 1928
18.35 July 12 1927 26.67 Aug. 31 1927
15 towns•___ 3,779 722,5421 6.4381 62,368
May 1928._ 18.33 Mar. 3 18.68 Mar. 5 17.06 Feb. 2 1928 25.07 Sept. 8 1927
S.C.,Greenville 3,000 260.019; 6.000 54,972 6,688 278.67
7,657i 88,6
7
June 1928._
17.32 Feb. 3 1928 21.77 Beet. 19 1927
Greenwood x
_
7,773__I 3.251
July 1928_ 18.21 Mar. 3 18.56 Mar. 5 17.10 Feb. 2 1928 24.70 Sept. 8 1927
0
Aug. 1928
17.65 Feb. 8 1928 20.86 Nov. 9 1927 Tenn.,Memphis 33:282 1.280,0711 35,762233,544 61,61 1.838.214 74,27 244.141
Nashville x__
4:1
6,44
197, 1,209
--1
Sept.1928
17.45 Jan. 28 1928 21.10 Oct. 27 1927
50
75,764
496 2.059
481 51,168
334, 1.685
Oct. 1928.. 17.83 Mar. 3 18.19 Mar. 5 16.96 Feb. 2 1928 20.20 Nov. 9 1927 Texas. Abilene_
Austin
172 33,35
543: 2.176
35 2.691
69 24,933
Nov. 1928
17.25 Jan. 28 1928 18.64 Jan. 7 1928
Brenham__
199 25,119
28.823
66 12,334
9771 6,223
Dee. 1928-- 17.77 Mar. 3 18.12 Mar. 5 16.99 Feb. 4 1928 19.05 Jan. 3 1928
Dallas
758 84,7861 1,696 26,107 2,9791 176,873 9,274 41.333
Jan. 1929- 17.75 Mar. 3 18.08 Mar. 6 17.00 Fob. 2 1928 18.44 Feb. 25 1928
Ft. Worth
2,507, 12,574
1.3181 114,80
Paris
421
72,018
618, 1.158
967 3,576
4881 66,67
THE VISIBLE SUPPLY OF COTTON to-night, as made
Robstown_
_t
29,7251
-__ 1,201
San Antonio_
34,500, -590 4.664
310 60,39
636 3.470
up by cable and telegraph, is as follows. Foreign stocks, as
Texarkana..
444 7.466
55,6611
Waco
836, 10,825
84.8051
well as afloat, are this week's returns, and consequently
all foreign figures are brought down to Thursday evening. Total. 57 towns 62,3524,913,151 105.799941.043 133,6406.059,698188.2051168288
Discontinued. •Includes the combined totals Of 15 towns in Oklahoma.
But to make the total the complete figures for to
-night
The above total shows that the interior stocks have
(Friday), we add the item of exports from the United States,
decreased during the week 46,321 bales and are to-night
including in it the exports of Friday only.
227,213 bales less than at the same time last year. The
1928.
Mar. 91927.
1926.
1925.
bales_ 775.000 1,306.000 864.000 952,000
Stock at Liverpool
receipts at all towns have been 71,288 bales less than the
Stock at London
2,000
71,000 165.000
Stock at Manchester
81.000 145.000 same week last year.
Total Great Britain
Stock at Hamburg
Stock at Bremen
Stock at Havre
Stock at Rotterdam
Stock at Barcelona
Stock at Genoa
Stock at Antwerp
Stock at Ghent
846,000 1.471.000
528.000
321,000
17.000
110,000
51,000
641.000
300.000
12,000
115.000
65.000
945,000 1.099,000
5,000
268.000 231,000
235,000 230,000
3.000
11.000
106.000
82.000
38,000
75.000
2,000
2,000
1,025.000 1,133,000 650.000 638,000
Total Continental stocks
Total European stocks
1.871.000 2,604.000 1,595,000 1.737,000
India cotton afloat for Europe
177,000
92.000
124.000
178.000
American cotton afloat for Europe 428.000 554.000 282.000
Egypt.Brax11,&c..arioatforEuropo 100,000 120.000 110,000 517.000
91.000
Stock in Alexandria. Egypt
388.000 448,000 309.000 192.000
Stock in Bombay. India
738,000 582,000 841,000 729.000
Stock in U.S. ports
01,961.117a2,717.813 1.284.556 1,156.998
Stock in U. S. interior towns-- a941,043a1,168.286 1.810.852 969.348
-day
U. S. exports to
1,950
4.366
Total visible supply
6,604.160 8.286,099 6.358,358 5,574.712
of American and other descriptions are as follows:
Of the above, totals
American
bales- 546.000 989.000 601.000 780,000
Liverpool stocic
Manchester stock
57,000
145,000
60,000
127.000
Continental stock
971,000 1,089,000 591,000 577,000
428.000 554,000 282.000 517.000
American afloat for Europe
a1.961,117a2,717,813 1.284,556 1,156,998
U. S. port stocks
.
a941.043a1,168,286 1.810.852 969.348
U. 8. Interior stocks
U. S. exports to-day
1,950
4,366
Total American
East Indian, Brazil. &c.
Liverpool stock
London stock
Manchester stock
Continental stock
Indian afloat for Europe
Egypt. Brazil. &c., afloat
Stock In Alexandria, Egypt
Stock in Bombay. India
Total East India, irce
Total American
4.904,160 6.663,099 4.631,358 4
,131.712
229,000
317.000
263.000
14.000
54,000
177,000
100,000
388,000
738.000
20,000
44,000
92.000
120,000
448,000
582,000
21,000
59,000
124,000
110,000
309,000
841.000
172,000
2,000
18,000
61,000
178,000
91.000
192,000
729,000
1 700.000 1,623,000 1.727,000 1,443,000
4.904,160 6.663.099 4.631.358 4.131.71.2
6,604,160 8,286.099 6,358,358 5.574,712
Total visible supply
7.701.
Middling uplands, Liverpool.... 10.54d.
9.90d.
14.046.
18.85c.
14.20c.
Middling uplands, New York19.55c.
25.50c.
20.15d.
15.40d.
Egypt. good Sakel, Liverpool_
17.306. 39.05d.
Peruvian. rough good. Liverpool- 13.001.
11.50d.
18.00d. 20.758
9.50d.
6.901.
8.45d.
.
Broach. fine, Liverpool
12,701
13.35d•
8.85d,
7.35d.
10.206.
Tinnevelly, good. Liverpool
a Houston stocks are now included in the port stocks in previous years
they formed part of the interior stocks.
Continental imports for past week have been 100,000 bales.
The above figures for 1928 show a decrease from last
week of 97,668 bales, a loss of 1,681,939 from 1927, an
increase of 245,802 bales over 1926, and a gain of 1,029,448
bales over 1925.
OVERLAND MOVEMENT FOR THE WEEK AND
SINCE AUG. 1.
-We give below a statement showing the
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
-1927-28March 9Since
Since
S/tippedWeek.
Week. Aug. 1.
Aug. 1.
Via St. Louis
484.575
288,471 , 15.739
8.537
Via Mounds. &c
270.900
7.150
4,370 210.182
Via Rock Island
551
17,751
12,396
83
Via Louisville
1.505
25.106
43.327
931
Via Virginia points
6,064
190.548
7.199 176,862
Via other routes, &c
450,189
13,419 275.948
16.069
Total gross overland
34.539
Deduct Shipments-Overland to N. Y., Heston, &c_ 3.492
Between interior towns
509
Inland, &c..from South
11,818
Total to be deducted
Leaving total net overland'..
988,875
47.078
1,457.290
66.261
15,401
473,410
3,724
529
19,266
101.500
17.755
655,759
15.819
555.072
23.519
775.014
18,720
433.80.3
23,559
682,276
•Including movement by rail to Canada.
The foregoing shows the week's net overland movement
this year has been 18,720 bales, against 23,559 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 248,473 bales.
-192728- -1926-27
In Sight and Spinners'
Since
Since
Takings.
Week.
Aug. 1.
Aug. 1.
Week.
Receipts at ports to Mar.9
70,755 7,095.729
217.975 10.917,197
Net overland to Mar. 9
682.276
433,803
18,720
23.559
Southern consumption to Mar.9-100.000 3.441.000
111.000 3.275,000
Total marketed
189.475 10.970,532
Interior stocks in excess
*46,321
568.211
Excess of Southern mill takings
over consumption to Feb. 1....
299,554
Came into sight during week_ -143,154
Total in sight Mar. 9
11,838.297
North.spinn's's takings to Mar.9 26.504
1,073,691
352.534 14.874.473
637.951
*56.294
663.972
296.240
16.176.396
26,908
1.441.430
•Decrease.
Movement into sight in previous years:
Week
Bales. 1 Since Aug. 11926
197.604 192.5-26
1925
192,464 1924-25
83.987 1923.-24
1924
Bates.
14.045,342
13,072.754
9.946,519
MIDDLING
COTTON
QUOTATIONS
FOR
AT
-Below are the closing quotations
OTHER MARKETS.
for middling cotton at Southern and other principal cotton
markets for each day of the week:
1544
Closing Quotations for Middling Cotton on
Week Ended
March 9.
Galveston
New Orleans
Mobile
Savannah
Norfolk
Baltimore
Augusta
Memphis
Houston
Little Rock_ - _ _
Dallas
Fort Worth__ _ _
[VoL. 126.
FINANCIAL CHRONICLE
Saturday. Monday. Tuesday. Wed'day. Thursav. tertaay.
18.40
18.26
18.30
18.65
18.63
18.90
18.56
17.80
18.35
17.60
17.75
18.60
18.48
18.50
18.84
18.88
18.90
18.75
18.00
18.55
17.78
17.90
17.95
18.60
18.48
18.50
18.82
18.88
18.90
18.75
17.95
18.55
17.78
17.95
17.95
18.55
18.44
18.40
18.77
18.81
18.90
18.69
17.90
18.50
17.78
17.85
17.90
18.60
18.53
18.45
18.85
18.94
19.00
18.75
18.00
18.55
17.78
17.95
17.95
18.45
18.36
18.25
18.69
18.75
19.10
18.63
17.85
18.45
17.78
17.80
17.85
Rain.
3 days
5 days
2 days
7 days
Shreveport
Mobile,Ala
Savannah,Ga
Charleston, S. 0
Rainfall.
0.57 in.
0.51 in.
1.24 In.
0.66 in.
Thermometer
high 72 low 43 mean 58
high 71 low 46 mean 59
high 70 low 40 mean 55
high 63 low 40 mean 52
The following statement we have also received by telegraph, showing the height of rivers at the points named at
8 a. m. on the dates given:
New Orleans
Memphis
Nashville
Shreveport
Vicksburg
Above zero of gauge_
Above zero of gauge_
Above zero of gauge_
Above zero of gaugeAbove zero of gauge-
Mar.9 1928.
Feet.
10.5
19.2
10.4
10.5
32.6
Mar.11 1927.
Fed.
17.8
32.4
32.6
25.3
46.0
-The closing
NEW ORLEANS CONTRACT MARKET.
-The folRECEIPTS FROM THE PLANTATIONS.
quotations for leading contracts in the New Orleans cotton lowing table ind cates the actual movement each week from
market for the past week have been as follows:
the plantations. The figures do not include overland receipts nor Southern consumption; they are simply a stateSaturday, Monday, Tuesday, Wednesday, Thursday, Friday.
ment of the weekly movement from the plantations of that
Mar. 7.
Mar. 8.
Mqr. 9.
Mar. 6.
Mar. 3.
Mai. 5.
part of the crop which finally reaches the market through
18.2018.22 bid 18.16-18.17
18.25March__ 18.0818.27the outports.
April
May
18.03-18.06 18.23-18.24 18.20-18.21 18.14-18.16 18.22-18.23 i8:66-18:07
June
17.97-17.99 18.06-18.07 17I92-17:95
July
17.92-17.93 18.08-18.10 18.07---- __-August
September
17:73-E74
17.68-17.70 17.76October
17.6017.77-17.78 17.76November
December- 17.60-17.63 17.78-17.79 17.78 bid 17.70-17.71 17.76-17.79 17.75 --- _
January -- 17.58 bid 17.75-17.77 17.78 bid 17.70 bid 17.78 bid 17.74 Bid
Tone
Steady.
Steady
Steady
Steady
Spot
Steady
Steady
Steady
Steady.
Steady
Steady
Options_ _ Steady
.
Steady
MECHANICAL COTTON HARVESTORS NOW DO-Mechanical harvesting
ING SATISFACTORY WORK.
of cotton is now a practical farm operation well established
on farms in northwestern Texas, according to the Division
of Agricultural Engineering of the United States Department of Agriculture. After several years of trial and modification certain commercial interests have developed what
appears to be a practical power cotton picker. Moreover,
farmers in northwestern Texas, with the assistance of agricultural agencies, have devised the cotton sled or stripper.
Killing frost in this region usually occurs early in November,
and invariably the weather is cold and unsuited for picking
cotton during the latter part of the harvest season. For a
number of years it has been a common practice to snap
or hand strip cotton after frost, as the plants usually shed
their leaves soon after frost occurs and the stems become too
brittle for picking without pulling the entire burr. During
seasons of adverse weather conditions, low prices for cotton,
scarcity of labor, or high charges for picking and hand snapping, it has been necessary to adopt rapid and more economical methods of harvesting. The sled method was developed
under these conditions and has been used quite successfully
during several seasons.
horses and operated
by one or two
The sleds are commonly drawn by two
men. The two principal types of sleds used are the finger and the slot types.
On the finger type of sled the front end of the sled box either is open or has
a sufficient opening for the stripper fingers which are attached to the front of
the sled. The stripping action is somewhat the same as that of stripping
the leaves from a small branch of a tree by drawing it through the fingers
of one's hand. The slot type harvester differs from the finger type in that
the stripping is done by a narrow slot which runs through the center of the
sled from front to rear. Toward the rear of the machine the slot becomes
narrow and slimes upward so that the cotton is stripped from the stalk.
The finger type is used to a larger extent in northwestern Texas than is the
slot type because of the small stalk growth of the cotton plant In this area.
Both types, however, are very effective in removing the cotton from the
plants. Well-constructed homemade sleds often gather as much as 95%
of the cotton from the plants.
Improvements in ginning machinery have made it possible for the ginner
to handle cotton harvested in this way. Sledded cotton usually contains a
considerable quantity of trash and immature bolls which increase the
ginning charges and lower the grade. However, under favorable harvesting
conditions,sledded cotton frequently can not be distinguished from snapped
Cotton after it is ginned. At the present time cleaners for farm use are
being tried, experimentally by several companies. With the perfection
of such cleaning equipment, it is hoped the use of,the cotton sled will be
more extensive.
The labor-saving possibilities of such harvesting methods have led
several manufacturers of farm machinery to experiment with different
types of cotton-picking machines. Much progress has been made during
the past year in the development of improved harvesters of the sled typo.
Nearly all of these harvesters use the slot idea but the cotton is stripped from
the plants by revolving snapping rolls, or by lugs attached to endless chains.
The snapping rolls are either twisted, perforated, or spiked to provide a
rough surface for removing the cotton from the plants. The stripped cotton
is either raked or conveyed from beneath the snapping rolls to a box in the
rear, provision being made in some cases to screen out some of the dirt
and trash. The endless chain type, however, has no separate conveyors
as the stripper fingers convey the cotton to the box.
Mechanical cotton pickers have been developed to the point where they do
satisfactory work. One of the most promising ones is of the spindle type
,
which has been built for both horse and power operation. These machines
do little damage to the cotton plant and are particularly adapted for use
where the cotton plant is large or where ripening extends over a considerable
Period. While the mechanical harvesting of cotton is not yet beyond the
experimental stage, it is believed a good start has been made toward lessening the cost of harvesting cotton through the use of machinery, and that
by next year much further progress will have been made.
-Reports
WEATHER REPORTS BY TELEGRAPH.
to us by telegraph this evening denote that rainfall during
the week has been light and scattered. Temperatures have
been moderate and much land has been prepared for cotton
planting, especially in the western portion of the cotton belt.
Some cotton has also been planted in Florida and this work is
about half done in the lower Rio Grande Valley of Texas.
Mobile, Ala.
-Farm work is progressing smoothly and fertilizer shipments are steadily increasing.
Galveston,Tex
Abilene
Brownsville
Corpus Christi
Dallas
Del Rio
Palestine
San Antonio
Taylor
New Orleans, La
Rain. Rainfall. -Thermometer
3 days 0.32 in. high 71 low 52 mean 62
1 day 0.01 in. high 84 low 38 mean 61
1 day 0.14 in. high 82 low 58 mean 70
4 days 0.97 in. high 78 low 56 mean 67
low 46
1 day 0.08 In.
low 56
2 days 0.03 in.
3 days 0.15 In. high 78 low 48 mean 63
84 low 50 mean 67
2 days 0.03 in. high ,
low 52
2 days 0.07 in.
mean 61
-2 days 0.10 in.
Veek
Receipts at Ports.
1927.
Staub at Interior Towns.
1926, I 1925,
1927.
Receiptsfrom Plantations
1926. I 1925.
1926. I 1925.
Dee.
233,588 451.084 330.550 1,342,508 1,528.555 1,902,018 246,196 489.478396,048
16.... 199.962 400,731 351.485 1,331.182 1,552,303 1,924,002 188.636 424.470373.469
, 1,308.770 1,561,460 2.000,037 158,087345.938299.671
,
24__ 180,499
31__ 159,069323,796 13.200 ,328.743 1.562.861 2.034.905 179.042325.197247,971
1928. 1927. I 1926.
1926.
1927.
Jan. 1928. 1927. I 1926. 1928.
6__ 110,324 238.809 151,454 .295,532 1.529,304 .023,384 77.113 205.252160.090
13_ _ 117.331 264.719j178.734 1,261,688 1.509.833 1,999,693 83,487 284,220 155,091
20... 122,215 296.254 203,1601,217,543 1,487,981 1,979.161 78.070274.402 182.628
27__ 120,405 258.932171,158 1.180,096 1,467,429 1.966.783 82,958238.380158,778
Feb.
139,567235,198173,2271,134.087 1,404,189 1,930.287 93.558 171,9581136,731
10._ 111,825228,441 148,3541,087,654 1.350,179 1.912.997 65,392174.431151,064
17__ 107,419206,770 148,404 1,049,180 1.305,5801,893,776 68,945162,171 128.456
24__ 75,323 210.193 120,512 1,023,120 1,279,194 1,866,224 49,2631184,8071 93.687
Mar.
62,281 196,159 118,766 987,384 1,224,580 1.836.790 28,545141,545 88,669
70,788217,975 105,260 941,043 1,168,286 1,810,852 24,434161,681 79,322
The above statement shows: (1) That the total receipts
from the plantations since Aug.1 1927 are 7,657,568 bales: in
1926-27 were 11,267,823 bales, and in 1925-26 were 9,681,505
bales. (2) That although the receipts at the outports the
past week were 70,755 bales, the actual movement from
plantations was 24,434 bales, stocks at interior towns
having de3reased 46,321 bales during the week. Last year
receipts from the plantations for the week were 161,681
bales and for 1926 they were 79,322 bales.
WORLD SUPPLY AND TAKINGS OF COTTON.
The following brief but cothprehensive 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,
1926-27.
1927-28.
Week.
Season.
Season.
Week.
8,380,532
Visible supply Mar. 9
6,701,828
3,646,413
Visible supply Aug. 1
4,961,754
American in sight to Mar. 9---- 143,154 11.838,297 296,240 16,176,396
Bombay receipts to Mar. 8- 66,000 1 859,000 106,000 2.006,000
258,000
6,000
Other India ship'ts to Mar. 8
398,500
31,000 '
48,000 1,3'32,400
Alexandria receipts to Mar. 7-17,000 1,063.860
521,000
11,000
Other supply to Mar. 7_ *b_ 441.000
8,000
6.966,982 20,562,411 8,847,772 23.940,209
Total supply
Deduct
Visible supply Mar. 9
6,604,160 6,604,160 8,286,099 8.286,099
Total takings to Mar. 9_a
362,822 13,958,251 561,673 15.654.110
Of which American
258,822 10,323,891 389,673 11.751,710
Of which other
104,000 3,634.360 172.000 3.902.400
* Embraces receipts in Europe from Brazil, Smyrna, West Indies. Stc.
a This total embraces since Aug. 1 the total estimated consumption by
-27
Southern mills, 3,441,000 bales in 1927-28 and 3,275.000 bales in 1926 takings not being available-and the aggregate amounts taken by Northern
and foreign spinners, 10.517,251 bales in 1927-28 and 12,379,110 bales in
1026-27. of which 6,882.891 bales and 8,476,710 bales American.
b Estimated.
INDIA COTTON MOVEMENT FROM ALL PORTS.
The receipts of India cotton at Bombay and the shipments
from all India ports for the week and for the season from
Aug. 1, as cabled, for three years have been as follows:
1927
-28.
March 8.
Receipts al
Bombay
Since
1Veek.tAug. 1.
1926-27.
Week.
1925-26.
Week.
Since
Aug. 1.
66,000 1,859.000 106,000L2.006.000 99,000 2.328,000
Since August I.
For the Week.
Exports
from
Since
Aug. 1.
Great Conti- Japan&
Great
Britain. runt. China. Total. Britain.
Bombay
1927-28_
4,000 7.000 27,000 38,000
1926-27_ _ ------ 9.000 115.000 124,000
1925-26._ ------ 28,000 70,000 98,000
Other India
1927-28
31,000
31.000
1926-27_
6,000
4,000 2.00
1925-26_ 14,000 5.000
19,000
Conti- 'Japan &
China.
nest.
Total.
44,000 342,0001 605,000 901,000
5,000 209,000 1,066,000 1,280,000
28,000 345,000 1,144,000 1,517,000
398,500
66,500 332,000!
258,000
27.000 231,000,
402.000
80,000 322,000
Total all-1927-28_ 4,000 38,000 27,000 69,000 110,500 674,000 606,0001,389.500
1926-27.. 4,000 11,000 115,000 130,000 32,000 440,000 1,066.000 1,538.000
1925-26__ 14.000 33,000 70,000117.000 108.000 667,000 1,144,000 1,919,000
According to the foregoing, Bombay appears to show a
decrease compared with last year in the week's receipts of
40,000 bales. Exports from all Indian ports record a decrease
of 61,000 bales during the week, and since Aug. 1 show a
decrease of 148,500 bales.
MAR. 10 1928.]
FINANCIAL CHRONICLE
1545
ALEXANDRIA RECEIPTS AND SHIPMENTS.
-We
LIVERPOOL.
-By cable from Liverpool we have the folnow receive weekly a cable of the movements of cotton at lowing statement of the week's sales, stocks, &c., at that port:
Alexandria, Egypt. The following are the receipts and
Feb. 17. Feb. 24.
of the week
35,000
38,000
47.000 41.000
shipments for the past week and for the corresponding week Sales which American
Of
22,000
24,000
28.000 27.000
of the previous two years.
Actual exports
2,000
1.000
1.000
1,000
Alexandria, Egypt,
March 7.
1927-28.
1925-26.
85,000
4.970.468
Receipts(cantars)This week
Since Aug. 1
1926-27.
240,000
6,652,176
130,000
6,719,283
This Since
This Since
Week. Aug. 1. Week. Aug. 1.
Report (bales)To Liverpool
To Manchester, &c
To Continent and India
To America
This Since
Week. Aug. 1.
5,000 98,769 7.000 161.630 7.500 146.150
103,163 10.500 134.840 9,000 145,330
14,000 273,788 15,000 251.479 10.500 243,991
6,000 92,119 9.250 92.828
100 112.712
Total exports
25,000 567.839 41.750 540.776 27.100 648.183
Note.
-A center is 99 lbs Egyptian bales weigh about 750 lba
This statement shows that the receipts for the week ending Mar. 7 were
85.000 cantars and the foreign shipments 25.000 bales.
MANCHESTER MARKET.
-Our report received by
cable to-night from Manchester states that the market in
yarns is firm, in cloths is steady. Demand for both yarn
and cloth is improving. We give prices to-day below and
leave those for previous weeks of this and last year for
comparison.
1927.
32s Cop
Dee.
-
d.
d. e. d.
10(01644 181
1544(61634 130
15;4 61631 182
30____ 1534017 134
Jan.15;4 617 185
1534olass 135
12sic1634 187
15 01634 '36
Feb.
104015% 13 5
1040,16 13 5
17-_-- 10661104 13 6
1434016H 13 6
Mar.
15 61644 13 5
2
9____ 15 6 16A 13 5
82s Cop
Theist.
63.000
770.000
541,000
73,000
58.000
256,000
175,000
62.000
778,000
547.000
75,000
'
224.000
131,000
70.000
771.000
5.36,000
74.000
40.000
235.000
144,000
71.000
775,000
546.000
70.000
57.000
210.000
108,000
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:
Spot.
Saturday.
Monday,
Tuesday, Wednesday, Thursday,
Market.(A fair
1215
Quiet.
Good
Good
Good
business
P. M.
Inquiry. demand. Inquiry,
doing.
Mid.lJprds
10.54d.
10.44d.
Bales
4,000
8,000
10.454.
• 8,000
Friday.
A fair
business
doing.
10.556.
10.534
10.544.
7,000
8.000
8.000
Futures.
Quiet
Barely st'y Barely ist`y Steady
Quiet
Steady,
Market { 5 to 8 pta.6 to 9 pts. unchang.to 4 to 6 pta. 3 to 5 pta 6 to 8 pts.
opened
decline.
decline. 2 pta, dec. advance, decline.
advance.
Market,{
Quiet
Steady
Quiet
Barely at'y
Quiet
Quiet.
4
10to Hots.2 to 7 pta.3 to 4 pta. 1 to 5 pta. 2 to 3 pta.unP. M.
decline, advance, decline, advance, advance. changed.
Prices of futures at Liverpool for each day are given below:
1926.
834 Lb.. Mart- Cotton
ina. Common Middi'g
to Finest.
Uprds
Forwarded
Total stocks
Of which American
Total imports
Of which American
Amount afloat
Of which American
83.4 Lb.. Shirt- Cotton
ing., Common Middt'g
to Finest.
Ultras
s. d.
@184
€013
@137
@141
1928
(8141
@141
@141
@140
d.
10.68
10.68
10.88
11.50
4.
.d.
1146013 116
11;4013 117
11464613 11 7
1144012% 116
10.92
10.90
10.62
10.32
1134 0124.4
11;4013
1144(013
12 013
013 7
@137
014 0
(614 0
9.79
10.07
10.25
10.40
1134(8 1334 12 1
12 013;4 12 2
12;4 014 12 3
12340104 12 4
612 3
(8124
012 6
012 6
7.47
7.69
7.76
7.77
eb13 7
(a13 7
10.63 123(014% 126 (8130
10.54 123461 1434 12 5 012 7
Sat.
Mar. 3.
to
Mar. 9.
Mon.
Tues.
Wed.
Thurs.
Fri.
12.15 4.1112.1.4.0012.15 4.s'12.15 4.00
m.P. m.P. M.
d. d. d. d.
d. I d. I d.
d. I d.
9.94 9.90 9.9010.01 9.95 9.98 9.98 9.99 9.98
9.8 9.84 9.8 9.94 9.S8 9,92 9.91 9.92 9.91
9.8 9.82 9.82 9.91 9.85 9.89 9.88 9.90 9.88
9.81 9.77 9.789.86 9.80 9.83 9.83 9.85 9.83
9.78 9.74 9.751 9.83 9.77i 9.80 9.80 9.82 9.80
9.70 9.66 9.67 9.75 9.69, 9.72 9.72 9.74 9.72
9.71 9.58 9.57 9.65 9.60 9.62 9.92 9.64 9.62
9.53, 9.51 9.50 9.57 9.52 9.54 9.54 9.56 9.54
9.48 9.46 9.45 9.52 9.471 9.49 9.49 9.51 9.49
9.49 9.47 9.46 9.53 9.48 9.50 9.50 9.52 9.50
9.47 9.45 9.44 9.51 9.46' 9.48 9.48 9.50 9.48
9.46 9.44 9.43 9.50 9.45 9.47 9.47 9.49 9.47
9.45 9.43 9.42 9.48 9.43 9.45 9.45 9.47 9.45
12.1512.30 12.15 4.
7.93
7.70
116
11 7
120
121
s. d.
@120
@121
012 1
@120
1927
(8120
012 1
(612
@123
d.
6.46
6.62
6.81
6.89
6.98
7.16
7.30
7.28
SHIPPING NEWS.
-As shown on a previous page, the
exports of cotton from the United States the past week have
reached 116,2a8 bales. The shipments in detail, as made
up from mail and telegraphic reports, are as follows:
March
April
May
June
July
August
September__
October
November _ _
December
January
February
March
d.
9.92
9.85
9.83
9.77
9.74
9.65
9.54
9.46
9.41
9.42
9.40
9.39
9.38
d.
9.89
9.83
9.80
9.74
9.71
9.62
9.52
9.43
9.38
9.39
9.37
9.36
9.34
BREADSTUFFS
Friday Night, March 9 1928.
Flour has been steady. In fact, some Southwestern mills
Bales. recently increased prices 25c. Buyers are developing a habit
-Mar.6-Rochambeau, 541---Mar. 7-To Havre
NEW YORK
Pipestone County, 453
994 of buying direct from the mills. The business of the mills
-Dresden, 241
To Bremen-Mar.7
241
therefore does not make so bad a showing as compared
To Liverpo51-Mar. 1-Albertic, 2,322___Mar. 2-Carmania.
2,652
4,974 with 1927 as many
have believed. Their sales are catching
Rotterdam-Mar. 2-Grootendik, 100
To
100
-Mar.2-Bankdale. 235
To Oporto
235 up, it is said, and in a measure making good the decrease
-Manuel Cerro, 200
To Barcelona-Mar.2
200
-City of Eureka, 100
To Pimeus-Mar.3
100 of the first half of the crop year. This has affected the
To Corunna-Mar.5-Cristoba1 Colon, 200
200
GALVE.STON-To Dunkirk-Feb. 29
-Deer Lodge, 100
100 trade of local jobbers. Whether this innovation has come to
-Deer Lodge, 2,133; Middlebaum Castle,
To Havre-Feb. 29
-Jacques Cartier. 1,151
1.994_ __Mar. 5
5,278 stay or not time must determine. Export business direct
-Feb. 29-Middle.ham Castle, 8,072: Deer Lodge,
To Ghent
with tlp mills is also said to be larger than has been gen1,650
9,722
-Deer Lodge, 50
To Antwerp-Feb. 29
50 erally supposed. The contradiction of dull export talk here
-Deer Lodge, 700
To Rotterdam-Feb. 29
700
To Genoa-Feb. 29-Maddalena Odero, 2,621
2,821 and good actual clearances for foreign ports might in this
To Venice-Mar. 1-Clara, 2.151
2,151 way be explained.
Later prices advanced with wheat highTo Trieste-Mar. 1-Clara, 450
450
To Japan-Feb. 29-Tsuyama Maru. 3,589---Mar. 2
-Ferner. There was no noteworthy increase in business here. On
hill, 400
3.989
To China-Feb. 29-Tsuyama Marti, 2.205
2,205 the 8th Inst. mill agents reported an advance in feed, both
-Mar Negro, 3,707
To Barcelona-Mar. 5
3,707
HOUSTON-To Japan-Mar. 1-Fernhill, 1,300
1,300 Western and City, of all grades of $1 a ton, the highest
To Copenhagen-Mar. 5-Stureholm, 200
200
To Warburg-Mar. 5-Stureholm, 400
400 on record, with the exception of one brief period during the
To Gothenburg-Mar. 5-Stureholm, 100
100 war. Consumers criticize prices as detrimental to the best
Aalborg-Mar. 5-Stureholm, 67
To
67
-Mar Negro. 4,743-Mar. 7
To Barcelona-Mar. 3
-Car
interests of the trade at this season. Most of the leading
don's, 1,420
6,663
To Murmansk-Mar. 5-Larenberg. 5.200
5.200 mills are understood to be sold out. Considering the price
-Pacific, 6,333; Sahale, 2,517
To Bremen-Mar. 6
8,850
To Rotterdam-Mar.6-Sahale, 1,000
1,000 of corn the trade here was puzzled by the swift and the
-De La Salle, 9,299
To Havre-Mar. 8
9,299 sharp demand, unless buyers had stuck to their dilatory
CHARLESTON To Bremen-Mar. 7
-Fluor Spar. 1,200
1.200
-To Liverpool
-Mar. 1
-West Ivis, 4,595
NEW ORLEANS
4,595 tactics too long.
To Havre-Mar. 7-Winston Salem, 2,760
2,760
Manchester-Mar. 1-West Ivis, 1,368
To
Wheat at the opening of the week advanced 11 to 2c.
,4
1.368
To Ghent-Mar. 7-Winston Salem, 675
675
-Ingram. 5,049: Bayou Chico, 3,216_
on a broader and more active trading, and July was at a
To Bremen-Feb. 29
-Indian, 3,635
Mar. 5
11,900 new high for the season. The rise was due partly to bad
-Bayou Chico. 1.167___Mar. 5
To Rotterdam-Feb. 29
Sic Vos Non, Vohio 100; Maasdam. 2.397
3.664 crop news from the Central West. Also the export demand
-Topeka, 268
To Gothenburg Mar. 3
268
-Mineola, 50
To Guayaquil-Mar. 3
50 was good, cash markets were strong, premiums were rigid
6-Monbaldo, 5,135
To Genoa-Mar.
5.135
-Mar. 6
-Bellflower, 1,022
NORFOLK-To Manchester
1,022 and deliveries on March contracts were only 11,000 bushels.
-Bochum, 275
To Bremen-Mar.6
275 The export sales were 1,200,000 bushels, largely Manitoba,
-Mar.3
-London Importer, 742_ _
SAN PEDRO-To Manchester
742
To Bremen-Mar. 3-OsiriS 700
700 to England and the Continent. Moreover, the quantity on
3-Lochgoil, 2,746; Hesperos, 630: ChalTo Liverpool-Mar.
lenger, 5(56
3.942 ocean passage decreased 4,168,000 for the week and is now
-Mar. 7-Saguache, 961
SAVANNAH-To Genoa
1
-Mar. 3-Vesuvio. 1,800
Bullish
WILMINGTON To Venice
1,800 70,672,000 bushels against 71,108,000 last year.
Ple To Genoa-Mar.3-Vesuvio, 1,075
1,075 sentiment was largely predicated
on bad crop advices fol-Osiris, 100
FRANCISCO-To Bremen-Feb. 29
100
SAN
-Mar. 1-Maiden Creek. 1.970
MOBILE-To Liverpool
1,970 lowing a Winter of deficient snow covering. The United
To Manchester-Mar. 1-Maiden Creek, 1,000
1,000
States visible supply decreased last week 2,023,000 bushels
Total
116,298
1,577,000
-Current rates for cotton from against a decrease in the same week last year of
COTTON FREIGHT.
bushels. The total is now 71,357,080 bushels against 53,New York, as furnished by Lambert & Burrowes, Inc., are
306,000 a year ago.
as follows, quotations being in cents per pound.
High Stand
High Stand
High Stand/
1
2
On the 7th inst. prices advanced 114 to 2 c. New high
Density. ard.
ant.
Density. and.
Density
.506. .600. Shanghai .70o. .850.
Oslo
prices for the season were reached. Prices ended at about
Liverpool .400. 550.
Stockholm .600. .75o. Bombay .60o. .75o.
Manchester.400. .550.
the high of the day despite heavy realizing sales. Winni.500. .650. Bremen
.45e. .600.
Antwerp .260. .410. Trieste
.500. .650. Hamburg .50e. .65o.
.33340. .48340. Flume
Ghent
peg was 1 to 11 higher. Unfavorable reports came from
4
.50c. .650. Piraeus
Lisbon
.850.
81.00
.310. .460.
Havre
.650. .80c.
Balonlca .850.
Oporto
61.00
Rotterdam .400. .550.
the Winter wheat belt. The crop news from Europe was
Venice
.30o. .450.
.500. .650.
Genoalki .500. .650. Suasion*
not good. One report stated that 60,000,000 bushels of the
.650. .800.
Japan
_
1546
FINANCIAL CHRONICLE
rye crop of Germany—estimated at 260,000,000 bushels—
would be unfit for milling purposes, and that there would
have to be considerable admixture to make up the difference. It was said that much wheat looked dead in Illinois.
Reports stated, however, that with good Spring weather
and ruin there would be considerable improvement in that
State. The Government's weekly weather report was bullish. It stated that there was a lack of snow covering over
the entire belt and that conditions were bad in the eastern
section. Green bugs were reported in parts of the Central
West and Hessian fly was said to be prevalent in Texas.
Yet it added that conditions were favorable in the Western
belt and wheat was said to be turning green as far east
as sections in Iowa. A report from Kansas was to the effect that the crop in some parts looked fair to good but
that conditions in the northeastern section of the State
were not so good. Export sales were estimated at 300,000
bushels.
On the 8th inst. prices declined 1 to 1Me. net owing to
rains and snows in the Central West, 1. e., Nebraska and
Kansas, with some in Oklahoma and Texas. March weakened. Wheat was bought in Minneapolis for shipment to
Chicago. Kansas City offered No. 2 hard freely to Chicago.
The Northwest and Southwest sold. Export sales it is true
were estimated at 750,000 to.1,000,000 bushels. Liverpool
ended / higher and Buenos Aires Mc. The report on
1d.
2
farm reserves was called a stand-off, i. e., about 15% of the
1927 crop against 15.7% a year ago. The Government report on farm reserves as of March 1st indicated a total holding of wheat of 130,007,000 bushels or 14.9% of the 1927
crop which compared with 130,444,000 bushels or 15.7% of
the 1926 crop on farms March 1 1927 and 100,137,000 bushels
or 14.8% of the 1925 crop on farms March 1 1926.
To-day prices closed % to 2e. lower, Chicago leading the
decline in a broad and active market. It was irregular
as might have been expected. Early prices were % to lc.
higher. In general the foreign markets were up. Buying
was general. The strength of corn had some effect. Liverpool closed % to %el. higher, and Argentine Mc. higher.
Cash premiums in this country were steady. Export sales
were 500,000 bushels or more mostly Manitoba. Russian
grain collections to March 1 were 4% smaller than last year.
The East Indian crop is officially estimated at about 9%
smaller than last year's. But later on profit taking, as in
other grain markets, made a very plain impression. Prices
dropped 2 to 3c. from the highest of the day. The farm
/
1
2
reserves were considered by some a bearish factor. But
mainly the drop was due to profit taking. Still sentiment
is becoming more divided. Beneficial rains fell in the Central West. The forecast was for unsettled weather in the
soft wheat territory. Argentine exports were large, that is,
7,407,000 bushels; Australian 2,296,000. North American according to Bradstreet 8,180,000 pointing to a total for the
world this week of 17,900,000 bushels. Final prices show
a rise for the week, however, of Y4 to %c.
DAILY CLOSING PRICES OF WHEAT IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
No. 2 red
16634 16794 16731 16834 16794 18694
DAILY CLOSING PRICES OF WHEAT FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
March delivery
1359-4 1373-1 136% 13934 13834 1304
May delivery
136% 137% 13794 13894 13734 136
July delivery
13494 1369 13594 137 13534 13394
DAILY CLOSING PRICES OF WHEAT FUTURES IN WINNIPEG.
Sal. Mon. Tues. Wed. Thurs. Fri.
May delivery
13934 14194 14034 1413-4 140)4 13994
July delivery
1401-4 142
14194 1423-4 14154 141
October delivery
134% 136
13534 13634 13594 1343-4
Indian corn on the 5th inst. was ½ to %c. higher after
a slight decline early. Wheat, too, was to the fore as a
speculative favorite for the time being after having been
recently under something of a cloud; certainly eclipsed by
corn. But on the 5th inst. the speculation was smaller.
Yet the tone was braced by the rise in wheat. That offset
the effects of heavy selling and large receipts at terminal
points favored by better weather for the movement. Commission houses were steady if not large buyers. The cash
demand was merely fair and the basis was lower on larger
offerings. The United States visible supply increased last
week 3,062,000 bushels against 2,234,000 in the same week
last year. The total is now 40,998,000 bushels against 47,337,000 a year ago. On the 7th inst. prices closed unchanged
to / lower. Heavy pressure early in the day together
1c.
2
with weaker spot markets caused a decline. Many traders
evening up for the Government report. Yet the market was
sustained to a certain extent by the firmness of wheat.
The weather however was generally favorable for the move-
[voL. 126.
ment, but Illinois reports predicted a decrease. On the 8th
inst. prices ended unchanged to / higher with rains or
1
2
c.
snows at the West and more were predicted. Cash basis
in Chicago was relatively firm. Country offerings and consignments were small. Western markets reported good
sales overnight to the East. Chicago shippers here reported good demand also. A fair percentage of the receipts
was corn from Southwestern markets which went direct to
the elevator concerns to be applied on previous contracts.
There was no export business but prices are not much above
an export basis. Argentine exports for the week are estimated at 709,000 bushels against 1,429,000 last week and
3,460,000 last year. Farm holdings of corn on March 1
were 1,020,335,000 bushels or 36.6% of the 1927 crop as
against 1,113,691,000 bushels or 42.1% of the 1926 crop
and 1,329,581,000 bushels or 45.6% of the 1925 crop on the
farms on March 1.
To-day prices closed Mc. net lower after an early advance
of % to 1Mc., the latter on September which touched 1.03%c.
only to close at 1.01%c., a drop of 2e. from the high of the
day. Trading was on a large scale. On the whole the tone
was firm. The outside public was buying. Shorts covered
on the report of farm reserves. July reached a new high
for the season. The weather was unsettled. It is likely to
continue so. Argentine shipments this week were only 532,000 bushels it was stated today. Receipts were moderate
in this country. The cash trade was fair. But profit taking
on a large scale told plainly later on, even if there was good
buying against sales of wheat. Prices fell 2c. from the early
top, however. Final prices show a rise of %c. on March
with other months the same as a week ago.
DAILY CLOSING PRICES OF CORN IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
No.2 yellow
11534 11594 11534 11594 115% 115%
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
7
March delivery
95
9534 95
93% 9414 95
9734 97
May delivery
9894 973-4
9894 98
July delivery
100 10094 10034 10034 10094 10094
September delivery
10134 10134 10154 10194 10234 10154
Oats advanced / to %c. on the 5th inst. with a good cash
1
2
demand the telling factor. It was reinforced by a rise in
other grain. The U. S. visible supply decreased last week
615,000 bushels against 898,000 a year ago. Cash interests
bought March and sold May at %c. difference: Some pressure on September was noticed and it showed the effects
but nearer months stood up well if they did not actually
advance much. Cash trading basis was steady to Mc. higher
with a good general demand for fair test weight oats. There
were no deliveries on March contracts. On the 7th inst.
1c.
2
prices closed unchanged to / lower with trade light and
cash interests selling. Yet prices were sustained in some
degree by the strength of wheat and buying by commis
sion houses and locals. Country shipments increased. Spot
demand was not large. But a good demand was noted for
heavy test oats. On the 8th inst. prices ended M to Mc.
lower partly in sympathy with wheat and because of reports that little seeding had been done in Illinois, that a
large acreage is being seeded in Oklahoma and that planting is also under way in Kansas. Commission houses bought
on a scale down. Early commission house buying was led
by the East. Farm holdings of oats were 376,699,000 bushels or 31.5% of the 1927 crop as against 423,957,000 bushels the year previon.s and 571,248,000 two years ago.
To-day prices closed % to / lower after an early ad1c.
2
vance of % to Mc. on the small farm reserves, moderate
receipts and a well sustained cash market. Also the early
advance in other grain helped oats. But the rise ran into
profit taking and prices fell 11,4 to 1%c. from the early top.
Buying against privileges helped to arrest the decline. Final
prices show a decline for the week of % to lc.
DAILY CLOSING PRICES OF OAT IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
No. 2 white
6934 6934 6934 6934 6994 6834
DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO.
Sal. Mon. Tues. Wed. Thurs. Fri.
56$ 55h
March delivery
57
57
5694 57
56%
May delivery
57% 57% 6794 57% 57
52
52
July delivery
53% 53% 53
53
WINNIPEG.
DAILY CLOSING PRICES OF OATS FUTURES IN
Sat. Mon. Tues. Wed. Thurs. Fri.
May delivery
6644 659-4
6794 6734 6694 67
634 63
July delivery
64Si 6494 6394 64
5694 5594
October delivery
5734 5754 5734 57
Rye was in sharp demand on the 5th inst. and prices ad/
2
vanced to a new high level on this crop. The rise was 11
to 1%c. Some export business was reported to have been
done. If there was, particulars were lacking. No. 2 rye
at Chicago it was said sold at the highest price known
for several years, I. e., since 1925. Cash markets were firm
generally. The East bought at Chicago; also foreign interests. The United States visible supply increased last
week 102,000 bushels to 4,325,000 against 14,208,000 a year
1c.
2
ago. On the 7th inst. prices were irregular, being /
1c.
2
lower to / higher. The advance in wheat failed to help
this market. There was scattered liquidation. Business was
light No cash export business was reported. The reports
of a short crop of rye in Germany had little effect. On the
4
8th inst. prices advanced % to 7 4c. after an early decline.
Export sales were estimated at 250,000 bushels at the
highest price of the season. The Northwest connections
sold. Some think all rail shipments from Duluth will be
made before the opening of navigation.
Farm holdings of barley were 61,578,000 bushels of 23.2%
of the 1927 crop as against 39,501,000 the year previous
and 52,915,000 two years ago. Farm reserves of rye on
March 1 are stated at 7,914,000 bushels or 13.5% of the
previous crop compared with 5,746,000 bushels or 41.1%
of the crop a year ago. Farm stocks of rye and barley
were larger than expected.
c.
/
2
To-day prices closed 1 to 11 lower after a firm opening with export business reported, though the quantity was
/
1
2
/
2
not stated. But there was a drop later of 11 to 2 c. from
the early top accompanying a decline in wheat. Some rye
for early delivery was sold to Europe at the highest prices
/
1c.
1
2
c.
of the season. Berlin was / lower to 12 higher. Supplies are small compared with those of a year ago in spite
of the unexpectedly large total on the farms. Final prices
/
1c.
c.
1
2
show a decline of / on March and a rise of 12 on May
with July unchanged, for the week.
DAILY CLOSING PRICES OF RYE FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
117
117% 118
116% 117
115%
116% 1173 1163's 1173' 1173 116%
110% 111
1113'( 111% 111
109%
March delivery
May delivery
July delivery
Closing quotations were as follows:
GRAIN.
Oats, New York
No. 2 white
68%
No.3 white
66%
Rye, New York
No. 2 f.o.b .
1 1554
1.31%
1.1254 Barley. New York
Malting
1.07%
FLOUR
.45 irt67.90 Rye flour,patents
97.10la97.40
$7
Spring patents
6 60(4) 6.90 Semolina No. 2, pound- 4%
Clears first spring
Softminter stratanta..- 7 000 7.20 Oats goods
3.55@ 3 60
2.550 2.65
Hard winter straights__ 7.05(4 7.50 Corn flour
Hard winter pat/ nts_ _ 7504 7.95 Barley goods
Coarse
6 0O@ 6.65
3.40
Hard winter clear._ _
Fancy pearl Noe. 1.2.
Fancy Minn. patente__ it 80@ 9.70
3 and 4
8.700 9.40
6.50@ 7.01
City mills
Wheat, New York
No. 2 red fob
No. 2 hard winter.
Corn. New York
No. 2 yellow
No. 3 yellow
1.60'i
%
All the statements below regarding the movements of grain
-are prepared by
-receipts, exports, visible supply, &c.
us from figures collected by the New York Produce Exchange. First we give the receipts at Western lake and
river ports for the week ending last Saturday and since
Aug. 1 for each of the last three years.
Oats. I Barley.I Rue,
Flour. I Wheat. I Corn.
..
bbls.195163 bush.60 Os bush. 56 lbs. bush. 32 lbs.bush 4Rlbs bush.MD8.
.
.
26./.000 6,282.000
918.000, 184,000
I 269.000
23.000
Chicago
2,083.000
391.000
331,0001 516.000
Minneapolis
62.000
938.000
12.000
12,000' 207.000
Duluth
593,000
63.0001 257.000
34.000
24.0001
Mllwaukee.._I
24.000
51000$
19,000
67.000
1.0001
Toledo
1.000
I
30.000
52,000
32.0001
Detroit
I
I
4,000
69,000
905.000
220.000f
Indianapolis.
470.000 1.575,000
338,000:
118,00
22.00
St. Louis.34.00
1.174,000
215,000
84,000
59,0001
I
Peoria
875,000 2.178,000
68,0001
Kansas City.
393,000 1,324,000
180.0001
Omaha
I
159.0
647.000
18.000;
St. Joseph.
462.000
68.000
2.000,
Wichita
I
19.00
344,000
64.000;
4.00
Sioux City.
Receipts at-
Total wk. '2
Same wk. '27
Same wk. '26
505,000
472.00
445.000
1547
FINANCIAL CHRONICLE
MAR. 10 1928.]
5.879.000 14,462,000
4,584.
7,004.00
3,794,000 4,452,000
2,526,000 1,250.000
2,122.000 516.000
2,830.000, 543,000
114,000
485,000
251,000
Since Aug.14.868.000346.254,000198,296,000 100.518,00021.311.00031,073.000
1927
14 074,000254.996.000 153.573,000 98.079,00012,885.00023.034.000
1926
14:1 7.000259.981.000157,930,000162,824,000 58,510,00018,580,000
5
1925
Total receipts of flour and grain at the seaboard ports for
the week ended Saturday, March 3,follow:
The exports from the several seaboard ports for the week
ending Saturday, March 3 1928, are shown in the annexed
statement:
Wheat.
Exports from-
Corn.
Flour.
Oats.
Rfe.
••••0
Barley.
Bushels. Bushels. Barrels. Bushels. Bushels. _Bushels.
88,032
42,848
54,256 338,892
1,089.752
19,000
152.000
1,000
124,000
9,000
96.000
2,000
472,000
6,000
25.000
100.000
271.000
172,000
1,000
4,000
40,000
3,000
29,000 205,000
50,000 116,000
9,000
419,000
8.000
6,000
1,000
24,000
New York
Portland, Me
Boston
Philadelphia
Baltimore
Norfolk
Newport News
New Orleans
St. John, N.B
Houston
Halifax
Total week 1928_ 2.409,752
week 1927_ 3.496.615
gam A
550,848
205.620
167.032
232.670
53.000
99.000
170.256 626,892
495.686 501.979
The destination of these exports for the week and since
July 1 1927 is as below:
Flour.
Exports for Week
Week
Since
and Since
Mar.3. July 1
July 1 to1928.
1927.
Wheal.
Week
Mar. 3.
1928.
Corn.
Since
July 1
1927.
• Weak
Mar. 3.
1928.
Since
July 1
1927.
Bushels. Bushels. Bushels.
Bushels.
Barrels. Barrels.
896,105 59,595,023
92,000 1,143,895
United Kingdom_ 49,213 2,775,087
91,399 4,114,639 1,484,647 123,441,392 442,848 3,173,776
Continent
243,000
29,000
10.000
303,555
218,000
So.& Cent. Amer. 4,000
30,000
339,000
6,000
535,000
5,000
West Indies
1,058,063
497,495
Other countries... 17,420
Total 1928
Total 1927
167,032 8,029.776 2,409,752 184,367,418
232,670 8.868,428 3,496.615216,575.050
550.848 5.070,671
205,620 3,690,793
The visible supply of grain, comprising the stocks in
granary at principal points of accumulation at lake and
seaboard ports Saturday, March 3, were as follows:
GRAIN STOCKS.
Oats.
Corn;
Wheat,
Rye.
bush.
bush.
bush.
bush.
82,000
63,000
133.000
509,000
6,000
3,000
1,000
267,000
88.000
98,000
364,000
55.000
42,000
105.000
679,000
80,000
819.000
27,000
588,000
661,000
15.000
752.000
200,000
266.000
6.000
1,842,000
650,000 1,824,000
228,000
3,634,000
2,043.000
1,756.000
81,000
227,000
C000
511,000
26,000
60,000
16.000
219.000
592.000
3,270.000 13,821,000 4,982,000
152.000
22,000
13,000 2,700,000 1.284,000
592,000
18,420.000
384,000 2,564,000
323.000
20,212,000 2,340,000 7,298.000
418.000
320.000
303.000
305.000
5,000
898,000 1,599.000
673.000
5.000
9,238,000 8,918.000
233,000
100,000
2,797.000
534.000
5,000
588,000 1.238.000
11.000
3.000
263.000
289.000
520,000 1,308,000
241,000
36.000
1.681.000 4,292.000 1.470.000
17,000
176,000
United StatesNew York
Boston
Philadelphia
Baltimore
New Orleans
Galveston
Fort Worth
Buffalo
" afloat
Toledo
- afloat
Detroit
Chicago
" afloat
Milwaukee
•• afloat
Duluth
" afloat
Minneapolis
Sioux City
st. Louis
Kansas City
Wichita
St. Joseph, Mo
Peoria
Indianapolis
Omaha
On Canal and River
Barley,
bush.
139,000
4.000
288,000
35,000
47.000
284.000
5,000
23.000
118,000
111,000
195.000
587.000
9,000
108.000
151.000
63.000
20.000
71.357.000 40,998,000 19.791.000 4,325.000 2.1/15.000
Total Mar. 3 1928
Total Feb. 25 19M...73,379.000 37,938,000 20,406.000 4.223,000 2,337.000
Total Mar. 5 1927._ _53,306.000 47.337,000 42,656.000 14.208.000 3.867.000
-Bonded grain not Included above: Oats, New York. 169.000 bushels;
Note.
Boston. 30.000; Baltimore. 30.000; Buffalo. 19,000; total, 248,000 bushels. against
148.000 bushels In 1927. Barley, New York, 432.000 bushels; Baltimore, 392.000;
Buffalo, 263,000; Duluth,38.000; Canal, 195,000;on Lakes. 395.000;total. 1,715.000
bushels, against 1,390.000 bushels In 1927. Wheat. New York, 2,495.000 bushels;
Boston, 715.000; Philadelphia, 1,716,000; Baltimore, 2,183,000; Buffalo. 7,418,000;
Buffalo afloat. 2.689.000; Duluth, 332,000; Erie. 595,000: on Lakes, 1.813,000;
Canal, 209.000; total. 20.113,000 bushels, against 7,291,000 bushels In 1927.
Ca nadla n
801,000
3.992,000
211,000
Montreal
419.000
1.866.000 2,521.000 2.980.000
Ft. WI Warn & Pt. Arthur_56.882.000
7.716.000
673.000
486.000
Other Canadian
471.000
76.851.000
Total Mar. 3 1928
Total Feb. 25 1928._ _75,209.000
Total Mar. 5 1927._ __55,914,000
Summary
American
71.357,000 40,998,000
Canadian
75,851.000
3.340.000 3.218,000 3.780.000
2,996,000 3,208.000 3.761,000
7.725,000 2.804,000 6,177,000
19,791,000 4.325.000 2.185,000
3,340.000 3.218.000 3.780.000
Total Mar. 3 1928_ _147.208.000 40.998.000 23.131.000 7.543,000 5.965.000
Total Feb. 25 1928_ _148.588,000 37,936,000 23 402,000 7.431.000 6.098.000
Total Mar. 5 1927_ _109,220,000 47.332,000 50.281,000 17,012,000 10.044,000
The world's shipments of wheat and corn, as furnished by
Broomhall to the New York Produce Exchange, for the week
ending Friday, March 2, and since July 1 1927 and 1926,
are shown in the following:
Wheal.
Exports.
1927-28.
1Veek
Mar.2.
Since
July 1.
Corn.
1926-27. I
1927-28.
Since
1 Week
July 1.
Mar.2.
Since
July 1.
1926-27.
Since
Jultr 1.
Wheat.
Corn. I
Oats.
Barley,
Flour.
Bushels.
Rye.Bushels.
Bushels,
Bushels.
Bushels.
Bushels.
North Amer. 5,259.000344.447,000350,758,000 578.000 8.561.000 3.164.000
Bushels. I Bushels.
Bushels.
Barrels.
Bushels. Bushels.
Black Sea__
18,000 9.264.000 37,108.000 417,000 14,636,000 22,822,000
41.000,
876,000
84.00'
310,000
189,000
26,000 Argentina__ 7,052.000 91.710,000 54.476,000 1,429,000209,995.000174.664.000
New York
152,000
19.000
Australia _
1,832,000 42.367.000 45.560,000
Portland, Me
1
38,0001
11,000
65.000
28.00#
tb
0 diacountr.
In .
Philadelphia_
8,240,000 4,416,000
33,0001
23.000 197,000
216,000
17,000
1,062,000 17,811,000 2.220,000
Baltimore__
624,000 23,704,000 17,945,0
1,000
4,0001
1,001
New port News
Total
172,0001
14,783,000 519.732,000 510,263,000 3,486,000251.003.000202,870.000
Norfolk
218,000:
27,000
75.000
54,001
New Orleans*
30,000
19.000
WEATHER BULLETIN FOR THE WEEK ENDED
Galveston__
6,0001
87.000
124.000
14.000
26,00#
Montreal_ .
-The general summary of the weather bulletin
I
419.000
&moo
8.000 116,000 MARCH 6.
9.000
.
..
St.John, N M
20,000
issued by the Department of Agriculture, indicating the in59,000
1,000
4.00'
Boston
-week ended March 6, follows:
540,0001
302,000 409.000 243,000 fluence of the weath3r for the
Total we. '28 507.000 2.005,000
About the beginning of the week there was a general warming up over
Since Jan.1'28 4,264,000 22.820,000 4,634,0001 3.354.000 5,977.000 2.259.000 the western portion of the country, but relatively high pressure and modha
472,000 197.000 erately low temperatures prevailed over the East, with the line of freezing
Week 1927,- 456.000 3.189.0001 0 224.0001 2 315,000 R IAA nnn
a KA, MIN
179 rinn
nnn
extending as far south as the central portions of the east Gulf States;
, ,
• .
•ncA AAA
•
floe jan.si 3.tl,,.o'.s,. •
generally fair weather prevailed. On the morning of Feb. 29 a low pres
•Receipts do not include grain passing through New Orleans for foreign ports sure area was central over eastern Oklahoma and warmer weather obtained
Quite generally throughout the country, with a marked rise in temper
08 through bills 01 lading.
Receipts at-
1548
FINANCIAL CHRONICLE
store in the eastern Lake region, but with only local precipitation. Soon
thereafter high pressure, attended by much colder weather, overspread
the Rocky Mountains and interior States, with subzero temperature
readings reported at a few points in the former region.
During the middle days of the period the weather in most districts was
fair and moderately cold, though in the far Southwest a shallow depression caused some rather extensive showers. The latter part had considerable rain in the South and Southeast, and more or less rain or snow in
other States east of the Mississippi River, with a rather marked drop in
temperature over the interior valleys.
The table given shows that the weekly mean temperatures were below normal quite generally east of the Mississippi River and mostly above
normal to the westward. They were only slightly subnormal in the Middle Atlantic Coast and Southeastern States, but the minus departures were
rather large in the upper Ohio Valley and middle Appalachian Mountain
districts, as well as in the middle upper Lake region. The week was cold
also over a narrow belt from Wyoming northwestward, but over
from Iowa northwestward the plus departures from normal rangedanother
from 4 degrees to as much as 9 degrees. Most sections west of the mostly
Rocky
Mountains had substantially more than normal warmth. Freezing weather
extended as far south as south-central Georgia and south-central Oklahoma
but in Gulf coast districts minimum temperatures for the week ranged from
42 degrees to more than 50 degrees. The lowest reported from a first
-order
station was 12 degrees below zero at Sault Ste. Marie, Mich.,on the morning
of the 6th.
The table shows also that the weekly precipitation was substantial in
much of Alabama and Georgia, and there were moderate amounts in parts
of the Lake region, western Tennessee, and in Arkansas. Elsewhere east
of the Rocky Mountains there was very little precipitation, as a general
rule. In the more western States generous rainfall was reported in California and modenate to fairly heavy amounts in much of the Great Basin
and north Pacific districts. There was an abundance of sunshine in most
parts of the country, though much cloudy weather prevailed in the south
Pacific sections.
Aside from some delay by wet soil to field work in the Southeast, particularly in Alabama, Goergia, and South Carolina, the weather, in general,
favored outside operations throughout the South, and preparation for
Spring plantings made good advance. Farm work is mostly abreast of
the season in this area, with much ground prepared. especially in the
western Cotton Belt. Some cotton was planted in Florida, and this work
Is about half done in the lower Rio Grande Valley of Texas. Corn planting progressed in the more southern districts, while potatoes and hardy
trucic were being put in as far north as Oklahoma and southeastern Virginia.
The growth of vegetation was retarded by cool weather, however, in the
Southeast, and there was some slight frost damage to tender varieties
in northern Florida. Fruit trees have been very favorably retarded generally, which is in marked contrast to last year.
In the eastern central-valley areas continued wet soil prevented active
field work, but in the west plowing made satisfactory advance. There
were further complaints of unfavorable freezing and thawing conditions
in the Ohio Valley States, and the ground is still bare of snow quite generally, except in the most northern districts. In the far Southwest and
in the Great Basin showers were favorable, but rainfall was insufficient
to satisfactorily relieve the drought in California. Mild weather favored
grazing interests in the Northwestern States.
SMALL GRAINS.—The ground continued bare of snow over the prinpal Wheat Belt. with further complaints of unfavorable freezing and thawing conditions in the East. Apparently considerable wheat has been killed
in this area. In the western belt conditions continued mostly favorable.
with the crop showing some greening as far north as extreme southern
Iowa. The soil is in fairly good condition in most of the Plains area,
though more moisture is needed in some districts. In the eastern half of
Kansas wheat is mostly very good to excellent, but generally poor to only
fair in the west, while Its condition averages fairly good in Oklahoma,
and in mostly satisfactory in Missouri. In the middle Atlantic area the
weather was generally unfavorable for winter grains, but in much of the
South fairly good progress, with some improvement, was noted. In the
far Northwest reports continue favorable. though late-seeded grain appears
less satisfactory in some districts. Some spring oats were seeded as far
north as southeastern Kansas.
[VOL. 126.
inclination to deviate from their recent practice of restricted
purchases except in certain instances. Hence, the situation
continues about the same with sales of silks, rayons and cotton prints being the feature. Elsewhere conditions are
generally quiet and aside from the publication of some interesting statistics, the week has been void of new developments. Taking the statistical reports in the order of their
appearance, those of the Silk Association of America were
very important and materially strengthened the market's
position. The report showed that deliveries of raw silk
to American mills during February amounted to 50,679
bales, while imports were 44,828. Storage at the end of the
month decreased to 41,677 bales while silk in transit amounted to 23,500 bales. Although the February deliveries were
slightly under those of January, the total for the two
months is probably the largest for any two consecutive
months in the history of the industry. These figures succeeded in firming raw silk values and at the same time
encouraged a better distribution of finished goods. The
latter is progressing satisfactorily and gives promise of
further expansion. The other set of statistics related to
the cotton goods division and were published by the Cotton
Textile Merchants of New York. The report showed that
while sales were 95.0 and shipments 85.3% of production,
stocks increased 4.1% and orders decreased 9.3%.
DOMESTIC COTTON GOODS.—Despite the fact that
curtailment of production continues to increase, which
should ordinarily stimulate a more active demand and firmer prices, actual business in the markets for domestic cotton goods remains irregular. Little change is noted in
either the quantities or types of goods in request. Aside
from various wash lines, particularly prints, and a few
cloths such as sheetings and domestics used for the automobile trade, most other fabrics have been quiet. Naturally,
this has been very discouraging to producers who state that
present prices are too low in relation to staple costs. Therefore, rather than accept business at a further reduction in
profit margins, manufacturers have been expanding schedules calling for curtailed production. Thus far, however,
tangible results have been negligible as regards sales, but
it is believed that the future will witness an improvement.
In the meantime, prints continue to feature sales, and facThe Weather Bureau also furnishes the following resume
tors claim that Spring distribution is progressing satisfacof the conditions in the different States:
bids fair to continue so through the Summer
North Carolina.—Raleigh: Generally fair and temperatures moderate, torily and
though low enough to hold fruit buds in check. Considerable plowing and months. Buyers seem to favor the dotted and striped effield work: much truck planting; some improvement in winter grain.
fects. Sheets and pillow cases are being sold steadily in
South Carolina.—Columbia: Most tree fruits backward and relatively
dormant, but hardy shrubbery leafing and wild plums blooming. Winter small lots, while the call for the former for use in the autocereals and truck improving. Replanted oats germinating rather slowly mobile industry has been increasing. On the other hand,
and replanting continues. Potato planting progressing, but spring plowgray goods are dull and where sales take place they are
ing retarded by wet weather in large areas.
Georgia.—Atlanta: Some plowing accomplished early part of week, usually forced, and are made at concessions. Buyers do
which was fair and cold, but rather heavy and general rains Sunday again
stopped all work. Ground wet and cold, with vegetation showing few not seem to be much interested in tickings, except for fillsigns of growth even as far south as Savannah. Planting white potatoes ing in purposes, since the recent price revisions. Other
continues, and bedding sweets begun. Wheat, oats, truck, tobacco plants
cloths are confronted with different situations, but, for
in beds, and pastures making very slow growth.
Florida.—Jacksonville: Week of dry, cold, sunshiny weather. Low- one reason or another, sales of most domestic cotton goods
lands too wet in west and portions of extreme north fore part, but work
advanced thereafter. Tobacco beds poor and slow growth; melons and have been restricted. Print cloths 28-Inch 64 x 64's contender truck north and locally in central damaged by frost Saturday. struction are quoted at Cc., and 27-inch 64 x GO's at 5 c.
/
1
2
Strawberries improved; much citrus bloom, but dry weather unfavorable,
except in west where satsumas improved. Cane and some cotton planted. Gray goods in the 39-inch 68 x 72's construction are quoted
4c.
Alabama.—Montgomery: InsuMcient warmth unfavorable for plant at 8%c., and 39-inch 80 x 80's at 107
growth; general rains. Plowing made good progress locally first part of
WOOLEN GOODS.—Business in the markets for woolens
week. Oats surviving winter freezes mostly poor; sowing spring oats
and planting truck progressing rather slowly in scattered areas. Pastures and worsteds is of moderate volume, but there seems to be
mostly poor. Pears and peaches blooming in some more southern sections.
Mississippi.—Vicksburg: Generally light precipitation in central and no inclination to accumulate in advance of actual orders,
south; moderate in north. Night temperatures unseasonably low, but and factors believe that sales will about balance the careno destructive cold. Crop preparations made fair to good progress and
fully restricted output schedules now being practiced by
now in advance of season, especially in central portion.
Louisiana.—New Orleans: Wheat favorable for vegetation, which showed mills. A number of smaller independents have opened their
noticeable advance, though still somewhat backward. Pastures coming out
slowly and some early corn planted; preparations for all spring planting well men's wear Fall lines, showing attractive stylings and
advanced; cane fields in good condition; truck doing fairly well. First prices. However, the buying response has been generally
strawberries marketed and prospects favorable for good crop.
Texas.—IIoustou: Weather generally favorable for plant growth and field disappointing. This is attributed to the poor Spring seawork. Pastures are green, but short. Progress of wheat, oats, and barley son which in turn is holding back Fall distribution. Convery good, but condition of fall oats poor to only fair. Truck and spring
gardens doing well and truck shipments from lower coast section large. cerning the newly formed Wool Institute, more than 55% of
Strawberries ripening slowly. Corn and potato planting made good the industry have signed as charter members which will inprogress and all spring work well advanced. Cotton planting about half
completed in lower Rio Grande Valley and some up. Citrus trees blooming sure the minimum amount of $120,000 required for the first
freely some sections and in excellent condition. More subsoil moisture year. The Institute has the four following objectives on its
needed in western half of State.
Oklahoma.—Oklahoma City: Temperatures seasonable, sunshine dell program this month. The initial preparation of a fabric
dent, and precipitation light, but soil moisture generally good. Favor- cost manual, the gathering and dissemination of statistics,
able for farm work and satisfactory progress in planting oats and potatoes:
early planted oats coming up to good stand. Wheat making slow growth; efforts to establish a one-price policy on fabrics and to
condition ranges from poor to good and averages fairly good. Much broaden the outlets for piece goods.
winter barley frozen out. Pastures short and poor.
Arkansas.—Little Rock: Growth delayed by cold weather, but work
FOREIGN DRY GOODS.—Linen markets have succeeded
progressed rapidly, except extreme northwest where ground frozen first
of week. Preparation for planting further advanced than usual. Wheat in maintaining a steady undertone, even though sales are
and winter oats improving in some localities; failure in others. Large more or less spotty, as buyers are none too numerous and
acreage of spring oats and potatoes. Fruit uninjured; excellent pros- continue
to confine purchases to actual needs covering impect for strawberries.
Tennessee.—Nashville: Weather not entirely favorable for growth; mediate requirements. Interest still centers in dress goods
slight improvement, they are thin on and some of
though wheat, oats and rye show
the specialty prints but the recent improvement
ground; barley continues in bad shape, especially in east. Sowing spring
oats progressing in central counties. Plowing being done generally and in household linens seems to be falling off. Most other
about completed in some sections.
firm, prinKentucky.—Louisville: Precipitation light and soil drainage better than goods are quiet. Prices are generally steady to
usual; some plowing west, but heavy clays mostly too wet. Freezing and cipally owing to the strength of foreign markets, making fo
thawing unfavorable for wheat. Vegetation dormant. Beginning to sow higher replacement costs. In some instances these range
tobacco plant beds.
as high as from 20 to 30% over a month or so ago. Regarding the foreign situation, sales are reported to be inTHE DRY GOODS MARKET
creasing and the outlook is considered better. Burlaps are
New York, Friday Night, March 9 1928.
quiet, but maintain a steady undertone. Both buyers and
Apparently disregarding the fast approaching Easter sellers appear temporarily indifferent. Light weights are
holidays, buyers in the textile markets showed little or no quoted at 7.75c., and heavies at 9.75c.
MAR. 10 1928.]
FINANCIAL CHRONICLE
*tau awl Titij pepartment
NEWS ITEMS
1549
In case the confirmation of assessments Is stayed by legal action, then in
such case the limit of.ime within which such temporary notes or temporary
bonds shall mature shall be not more than three years from the time the
court renders Its final decision.
Wherever there is other provision of law for temporary village financing
of sewer or paving improvements, the village may proceed under such
authority or under this section at the option of the board of trustees.
Paragraph 2. This act shall take effect immediately.
In the "Herald-Tribune" of March 3 Edward H. Collins
Adopts Manager Form of Government.—A t the annual town meeting March 6 the voters by made the following comment on the new law:
Albany
several bills signed by Governor
Among
789 to 563, approved a proposal that the manager form of according theadvices received here last night,Smith at measure yesterday,
was the
amending
to
Government be adopted.
the village law of the State in regard to short-term financing.
The purpose of the newly enacted legislation is to permit villages to take
Illinois (State of).—Gas Tar Held Unconstitutional.— care of the initial stage of financing permanent municipal improvements,
financing
way
carrying them along until
The State's two-cent gasoline tax was found unconstitutional can be accurately gauged requirements in the This of long-term desirable,
financing
and provided for.
on Feb. 25 by the State Supreme Court, overruling a de- especially in times when the money market may be uncertain. is a matter
As
various
cision of the Kane County Court. The Supreme Court of fax, it has been utilized in the past on innumerable occasions in enacted
Some States have
States
upheld the charges of the Chicago Motor Club that the tax laws toeven in the absence of enabling legislation. villages in New York have
give the practice sanction, but up to now
law was discriminatory and unconstitutional in that persons not enjoyed this authority.
shortNew jersey
using gasoline for other than motoring were not taxed, and term financing has recently endowed its smalleramunicipalities within such
powers, this State planning for span of six years
that a double tax—license tax and gas tax—was carried flotations through a series of renewals of one-year notes. The new New
renewals only up to a total period of three years.
by motorists. We quote from the Chicago "Journal of York Law will permit the short-term financing amendment will be accepted
Generally speaking,
Commerce" of Feb. 25:
as constructive and beneficial. Only in regard to one passage in the
Brattleboro, Vt.—Town
Illinois' gasoline tax of 2 cents a gallon was held unconstitutional yesterday by the State Supreme Court and filling stations in Chicago and
throughout the State to-day will cease collecting the levy.
J. H. Braun, counsel for the Chicago Motor Club. which waged the fight
against the tax since it became effective, Aug. I 1927, said last night that
he had been informed by Standard Oil Co. and Sinclair Oil Co. officials
that the current gasoline price of 18 cents,including the tax, will be reduced
to 16 cents, at all of their stations. Mr. Braun said he expected that all
other companies likewise yin eliminate the charge, inasmuch as, having
been declared unconstitutional by the Supreme Court, no one is obligated
to pay the tax.
While the ruling is a relief to motorists, it comes is a distinct blow to
many Illinois counties which had laid out their road building programs
for the year upon the anticipated gasoline tax receipts. Cook County
made no plans to spend the gasoline tax, pending the decision of the controversy in the high court, except informally to suggest that it be devoted
to Chicago's streets. But counties surrounding Cook County. notably
Dupage, Lake, Will and Kane counties, are virtually stripped of their
funds for road purposes.
It was estimated at Springfield that since Aug. 1, $8,750,000 has been
Illegally collected under the law, but with the exception of the filling stations, wholesalers, and users of large bulk supplies who paid the tax to the
State under protest, there is no way for the gasoline consumers to recover
their money. Cook County alone has 575,000 motorists who paid approximately $3,400.000 of the tax, an average of about $6 each.
President Charles M. Hayes, of the motor club, who Is in Florida, telegraphed instructions to officials of the organization to take up the question
of reduction of taxicab rates with the companies here. The rates were
raised largely on the increased cost of operation brought about by the tax.
The Supreme Court was called to adjudicate in the case as a result of
the Kane County tribunal's ruling upholding the law and sustaining the
opinion of Attorney General Carlstrom that the Act was constitutional.
The case was brought by the Chicago Motor Club against Garrett Kinney, State Treasurer; Oscar Nelson, State Auditor and A. C. Bollinger,
Director of State finance. Authority to handle the money accruing from
the tax was vested in these officials.
In the arguments brought by counsel for the motor club before the Supreme Court, twenty errors in the decision of the Kane County circuit
Court were charged.
The club's brief held the tax to be discrimatory and unconstitutional.
and that errors were made by judges of the Kane County tribunal,as follows:
Violation of the fourteenth amendment to the Federal constitution,
guaranteeing equal protection to all under State laws: that the refund
made from the tax to those who use gasoline for other than motoring is
a "gift" and in violation of article IV. of the State Constitution; that It
mposes on motorists a double tax—the other being the license tax; that
It discriminates as to class; that it discriminates by not taxing electrically
iperated vehicles: that fuels stored in the State prior to August 1 went
oax free and thus were favored; that the subject of the bill was not included
n the title, and that the reason for the law is not to tax gasoline, but to
tax users of the highways and that the title is therefore misleading and
exclusive.
The decision, therefore, holds that both the Federal and State constitutions are contravened by the law. The Court characterized the Act
as "an unintelligible piece of legislation, under which State and County
officers entrusted with collections, are unable to define their duties through
reading tho law."
It was reported in Springfield that Governor Small will seek to pass a
now gas bill at a further special session of the legislature which he Intends
to call in Juno or July for the purpose of considering Chicago traction legislation.
Massachusetts (State of).—Additions to Savings Bank
Legals List.—The Commissioner of Banks on March 2
announced that he had found the following railroad bonds
legal investments for savings banks:
Boston Revere Beach & Lynn RR.. general mtge. 6s. 1933.
Nashville Chattanooga & St. Louis Ky., 1st mtge. ger. A 4s. 1978.
New York State.—Enact Village Law for Temporary
Borrowing in Anticipation of Bond Issue.—The bill extending
to villages the privilege of borrowing temporarily in anticipation of bond issues, referred to in V. 126, p. 747, was signed
by Governor Smith on March 2. The text of the new law,
amending Chapter 64 of the 1909 Laws, reads:
Paragraph 129a. Temporary Financing.—Whenever a resolution authorizing the issuance of bonds or other obligations of a village for a permanent
village improvement has become effective, the cost of such improvement
may, at the option of the board of trustees be wholly or partly financed
temporarily by the issuance of temporary notes or temporary bonds of the
village, running not more than one year from their date. Such temporary
to
notes or bonds may be renewed from timethe time by extending the outstanding notes or bonds with the consent ofsuchholders or by the Issuance of
extension or renewal shall
temporary notes or bonds but no
similar
extensions shall
run more than one year, and all renewals ortemporary notes mature In not
or bonds first
than three years from the date of the
more
Issued, and such temporary notes or bonds and renewals shall be paid from
funds available for that purpose or from the proceeds of permanent bonds.
Interest upon such temporary notes or bonds may be borrowed upon notes
of trustees and
of the village which may be authorized by the board budget. All renewed
from time to time and included in the nex, annual and shall such notes
obligations of the village
bear interest
bonds
or a rate shall be general
not exceeding 6% per annum, and shall be authorized by resoluat
board of trustees which shall not be subject to a permissive
tion of the
referendum, and may be negotiated at public or private sale for not leas
than par.
In the event that any such improvement is wholly or partly temporarily
bonds have been
financed and the date and maturities of the permanentto
the issuance of
determined by a resolution or proposition adopted prior
may be
such temporary notes or bonds the permanent bondsfinancing dated as of
temporary
or renewal
later date within the term of suchannual
such
installments and the dates
renewal thereof, and the amounts of the
changed as the board
of maturity of such bonds may beresolution shall not beof trustees by
subiect to a
resolution shall determine, which that such amended
installments and
permissive referendum, provided
shall be within the limitations prescribed by law and provided
maturities
shall be within the probable life
that the last of such amended maturities
such resolution changing the
of the Improvement as shall be determined in
of suck bonds.
date and maturities
If all or any part of the cost of an improvment is to be borne by special
assessment, permanent bonds shall not be issued until the assessments
have been confirmed and opportunity afforded to property owners amassed
to pay assessments in full.
measure will possible question arise, and that is on a paragraph which sets
forth that if any part of the financing is to be borne by special assessment
permanent bond issues must be held off until such time as all assessments
have been confirmed and an opportunity afforded property owners to meet
their assessmen.s in full. There is a possibility in connection with this part
of the measure that circumstances might arise under which the pathway
for permanent financing might not be cleared before the expiration of the
time limit on temporary borrowing and might cause some embarrassment
to the community.
111101illallkikikra.11
Kriapp Case Developments.—District Attorney Charles J.
Herrick of Albany County on March 6 reported to Governor
Smith that be was unable to find any evidence to sustain any
of the charges of larceny, forgery and removal and falsification of public records against Mrs. Knapp;formerly Secretary
of State, and that he therefore would not prosecute the
charges. There was considerable criticism of such an ending
of the case, causing Governor Smith to turn the entire matter
over to Attorney General Ottinger. The Governor expects
the Attorney General to present the evidence against Mrs.
Knapp to a grand jury drawn for a special trial term of the
Supreme Court. The Attorney General has appointed
George Z. Medatie, formerly an assistant district attorney
to prosecute the case.
Norway (Kingdom of) —$30,000,000 5% Gold Bonds
Sold.—A syndicate composed of the Guaranty Co. of New
York, Dillon, Read & Co., the First National Corp. of
Boston, the Union Trust Co. of Pittsburgh, the Illinois
Merchants Trust Co., Continental National Co., Union
Trust Co., Cleveland, and the Old Colony Corp., offered
and quickly sold on Mar. 7, $30,000,000 5% sinking fund
external gold bonds of the Kingdom of Norway, at 97.50 and
interest to yield over 5.15%. Dated Mar. 15 1928. Coupon
bonds in denoms. of $1,000. Due 15 Mar. 1963. Int. payable
Mar. 15 and Sept. 15. Principal and int. payable in New
York at the principal office of Guaranty Trust Co. of New
York in U.S. gold coin of or equal to the standard of weight
and fineness existing on Mar. 15 1928, without deduction for
or on account of any present or future taxes or duties imposed
or levied by or within the Kingdom of Norway or by or within
any political subdivision or taxing authority thereof; but the
foregoing shall not be construed as exempting bonds from
taxation when in hands of subjects or residents of the
Kingdom of Norway otherwise subject to taxation thereon
in Norway. Red. in whole or in part on Mar. 15 1933, or on
any interest date thereafter, on 30 days notice, at 100%
and accrued interest. The entire issue is to be retired by
maturity through the operation of a cumulative sinking fund
beginning Sept. 15 1933 and payable semi-annually according to the official offering circular. Further information regarding this loan may be found in our "Department of
Current Events and Discussions" on a preceding page.
BOND PROPOSALS AND NEGOTIATIONS.
ACADIA PARISH (P. 0. Crowley), La.—BOND OFFERING.—Sealed
bids will be received until Apr. 2, by the President of the School Board,,
for the purchase of a $45,000 issue of 6% semi-annual school bonds.
ACADIA PARISH ROAD DISTRICT NO. 7 (P. 0. Crowley), La.—
BOND SALE.—The $40.000 issue of road bonds offered for sale on Mar.6—
V. 126. p. 901—was awarded to Sutherlin. Barry & Cleaver of New Orleans
as 5 % bonds at par. Dated Apr. 11928. Due from 1929 to 1953 incl.
The Interstate Trust dr Banking Co. of New Orleans offered 101 for 6%
bonds.
The other bids received were as follows: The Interstate Trust & Savings
Bank of New Orleans offered $400 premium on 6% bonds and the Whitney
Central Trust & Savings Bank of New Orleans offered $185 premium on 68.
ALLEGHENY COUNTY (P. 0. Pittsburgh) Pa.—BOND SALE.—
The following issues of 4% bonds aggregating $3,710,000 offering on Mar.
9—V. 126, p. 1233—were awarded to Prescott, Lyon & Co. and M. M.
Freeman & Co.. jointly, at 102.179:
$2.000 000 Series No.3d road bonds
1,300.000 Series No. 18 bridge bonds.
200,000 series No. 2 work house construction bonds.
210,000 Series No.8 court house bonds.
Dated Mar. 11928.
ASHLAND, Boyd County, Ky.—BOND SALE.—A $60,000 issue of
Incinerator bonds has been awarded at par to the city sinking fund.
ASHEVILLE,Buncombe County,N.C.—BOND SALE.—The$500.000
Issue of water works bonds offered for sale on Mar. 1—V. 126. p. 1233—
was awarded to the Detroit Co. and the Wm. R. Compton Co.. both of
New York and The Bankers Securities Corp. of Durham, jointly. as 4%
bonds, for a premium of $8.150. equal to 101.63, a basis of about 4.38%.
Denom.$1.000. Dated Mar.1 1928 and due on Mar. 1, as follows:$10,000.
1933 to 1947'$15,000. 1948 to 1957 and $20,000 from 1958 to 1967. all incl.
AUGUSTA, Bracken County, Ky.—BONDS OFFEEED.—Sealed bide
were received by D. B. Cline, City Clerk. until 8 p. m. on Mar. 9. for the
purchase of a $30.000 issue of 5% water works bonds. Denom. 8500.
Dated Dec. 15 1927. Due as follows: $2,500, 1932: $3 500, 1937; 54.500,
.
1942; $1.000 from 1943 to 1948; $1.500 from 1949 to 1957 incl. A certified
check for 2% of the bid, payable to W. A. Fields. City Treasurer, was
required.
1550
FINANCIAL CHRONICLE
[VOL. 126.
AURORA SCHOOL DISTRICT, Kane County, Ill.
BURTON TOWNSHIP (P. 0. Burton) Shiawassee County, Mich.
-BOND SALE.
An issue of 5125.000 school bonds was awarded at public auction on Feb. BOND OFFERINO-Sealed bids will be received by Louise 13. Pottger.
25, at a premium of $4.250, equal to 103.40 to the W. W.Armstrong Co. of Township Clerk, until 8 p. m. (Eastern standard time) Mar. 19, for the
Aurora.
purchase of an issue of 345,00057 street graveling bonds. Denom.$1,000.
Due Oct. 1 as follows: $4,000, 1937;$8,000, 1938 to
AVALON, Pa.
-BONDS VOTED.
-At a special election held recently 1942. A certified check payable to the order of the1941 incl.: and $9.000.
Township Treasurer.
the electors authorized the issuance of $55,000 bonds to purchase equipment for 57 of the bonds offered
for the newly opened school building. Voting was as follows: 379 for to 28 Canfield, Paddock & Stone of is required. Legality approved by Miller,
Detroit.
against.
BURT TOWNSHIP UNIT SCHOOL DISTRICT (P. 0. Grand
BAY VILLAGE, Cuyahoga County, Ohio.
-BOND SALE
.-The Marais), Alger
-BOND .SALE.
-The $125,000 school
$138,184.13 special assessment sewer construction bonds offered on Jan. bonds, offered onCounty, Mich. p. 1073
Feb. 21-V. 126,
-were awarded to Rumpus &
31-V. 126, p. 278
-were awarded to McDonald Callahan & Co. of Cleve- Co. of
as 531s. Dated Mar. 1
land, at a premium of $394, equal to 100.41. Dated Feb. 1 1928. Due $2,000,Detroit, 1933, incl. 33,000, 1934 1928. Due Mar. 1 as follows:
1929 to
to 1939. incl.• $4,000, 1940 to
Oct. 1 as follows: 14.000, 1929 to 1933. incl.: $3,000, 1934: $4,000. 1935 to 1944, incl.; $5,000, 1945 to 1949, incl.
$6,000, 1950 to 19M, incl., and
'
1937, incl., and $4,184.13, 1938.
$7,01111, 1954 to 1957, incl. (Price paid not given.)
BABYLON, Suffolk County, N. Y.
-BOND SALE.
-The $15,000
CANANDAIGUA UNION FREE SCHOOL DISTRICT NO. 1, On5% Real Property Acquisition bonds offered on Mar.6-V. 126. p. 1391
- tario County. N. Y.
,
-BOND OFFERINO-Frank Fisk, Clerk Board of
were awarded to Graham, Parsons & Co. of New York City, at 102.515, a Education, will receive
until 4 p. m. Mar. 20, for the purchase
basis of about 4.30%. Dated Apr. 2 1928. Due $3,000, Apr.2 1930 to of an issue of $199,000 sealed bids registered school bonds, rate of interest
coupon or
1934 incl.
to be stated in a multiple of 1-10th or 3f of 1%. said rate not to exceed
BANGOR, Penobscot County, Me.
-TEMPORARY LOAN.
-The 434%. Dated Jan. 1 1928. Denom. $1.000. Due Jan. 1 as follows:
Merrill Trust Co. of Boston, was awarded on Mar. 9,a $150,000 temporary $9,000. 1930; and $10.000, 1931 to 1949 incl. Prin. and int. payable in
gold at the United States Mtge. & Trust Co., New York City. A certified
loan on a 3.49% discount basis. The loan matures on Oct.41928.
check payable to the order of George W. Hamlin, Treasurer, for $2,000 is
BAYOU BERNARD DRAINAGE DISTRICT (P. 0. Gulfport). required. Legality approved by Clay, Dillon & Vandewater of New York
Miss.
-BOND OFFERING.
-Sealed bids will be received until 10 a. m. City.
Mar. 19, by Warren Jackson, Secretary of the Drainage District, for the
CASS COUNTY (P. 0. Cassopolis) Mich.
-BOND SALE.
-The folpurchase of a $300,000 issue of semi-annual drainage bonds. Int. rate not
to exceed 6%. Dated Ma:. 1 1928. Due in from 1 to 26 years. A $5,000 lowing issues of6% assessment district bonds aggregating $77,850 offered on
Mar.5-V. 126, p. 1234
-were awarded to Ruel Arnold, of Cassopolis, at a
certified check must accompany the bid.
premium of $5,100, equal to
%:
BEDFORD, Lawrence County, Ind.
-WARRANT SALE.
-The $20,700 Road No. 27 bonds.106.551, a basis of about 4.511937 incl.
Due $2,300, May 1 1929 to
-were awarded
$40,000 43 % warrants offered on Mar. 7-V. 126, p. 1233
13,500 Road No. 40 bonds. Due $1.500, May 1 1929 to 1937 incl.
to the Fletcher Savings & Trust Co. of Indianapolis, at a premium of
12.600 Road No. 33 bonds. Due $1.400. May 1 1929 to 1937 incl.
$1.531.60, equal to 103.82, a basis of about 3.68%,,. Dated Feb. 28 1928.
15,300 Road No. 42 bonds. Due $1.700. May 1 1929 to 1937 incl.
Due as follows: 52,000, July 1 1929; and $2,000. Jan. and July 1 1930 to
9,000 Road No. 41 bonds. Due $1.000, May 1 1929 to 1937 (ncl.
1941 incl. The following bids were also submitted:
6,750 Road No. 43 bonds. Due $750, May 1 ,1929 to 1937 incl.
Premium.
BidderDated May 11928.
$1,030.00 ADD TO CASS C01,INTY, MICH.Meyer-Kiser Bank
.
Thomas D.Sheerin & Co
1,440.00
Among the other bidders were:
The Union Trust Co
1,521.00
BidderPremium.
35
.
Fletcher American Co.
1.431.00 Cass County State Bank
$5,055
BELTON, Anderson County, S. C.
-BOND SALE.
-The $100,000 Braun, Bosworth & Co
40
50
2
8
,5
issue of 4;.1% coupon sewerage, paving and refunding bonds offered for Detroit Trust Co
sale on Mar. 6-V. 126. p. 1391
-was awarded to the Bank of Belton, the
CAYUGA COUNTY (P. 0. Auburn), N. Y.
-BOND SALE.
-The
Farmers Bank of Belton and the South Carolina National Bank, all of Auburn Trust Co. of Auburn, was recently awarded an issue of $15,000
Belton,jointly, for a premium of 51,605, equal to 101.605, a basis of about highway bonds bearing int, at rate of5%. The bonds are dated Mar. 1 1928.
4.64%. Denom. 51.000. Dated Apr. 1 1928 and due on Apr. 1 1958.
CEDAR CITY, Iron County, Utah.
-BOND SALE.
-A $10.000 issue
No option of prior payment.
of city bonds has been purchased by the State Insurance Fund at a price
-At a of 99.00. (This block is part of a $60,000 issue that was sold to a bond
-BONDS VOTED.
BENTON COUNTY (P. 0. Ashland) Miss.
voters approved the issuance of $75,000 house without giving the State a chance to bid,thus giving rise to difficulties.
special election held in Mar. 6, the
in road bonds by a majority a over 6 to 1. The vote was 278 to 44. It is
CENTERVILLE SCHOOL DISTRICT, St. Clair County, Ill.
stated that the new road will open up some of the best farming lands in
-The H. C. Speer & Sons Co. of Chicago, were recently
Benton county and connect the farmers with 2 of the best towns in north BOND SALE.
Mississippi where competition for their produce will be keen and the 2 awarded an issue of $42.500 school bonds, bearing int. at the rate of 5%
and mature serially in from 1 to 15 years. The bonds were authorized at
roads will mean much to the central of Bentyn county.
an election held on Feb. 20.
-BOND OFFERING.
BERRIEN COUNTY(P.O.St. Joseph), Mich.
CHATTANOOGA, Hamilton County, Tenn.
-BOND SALE.
-The
Sealed bids will be received by Loren Snyder, Clerk Board of County Road
Commissioners, until 10:30 a. m. Mar. 15,for the purchase of the following two issues of 4ti% bonds aggregating S444.000, offered for sale on Mar.
3-V. 126. p. 1074
-were jointly awarded to H. M. ByliesbY & Co. of
issues of special assessment road bonds aggregating $146,000:
Chicago and R. M. Grant & Co. of New York, for a premium of $22,338.
$45.200 District No. 88 bonds.
equal to 105.031, a basis of about4.18%. The issues are described as follows:
82.000 District No. 90 bonds.
$300,000 Twelfth and Thirteenth Wards sewer bonds. Due on Mar. 1 1958
18.800 District No. 98 bonds.
144,000 paving bonds. Due on Mar. 1 as follows: $14.000 in 1935 and
A certified check payable to the order of the County Treasurer, for $500
$13,000 from 1936 to 1945, incl.
is required.
Denom. $1,000. Dated Mar. 1 1928.
BIG SPRING INDEPENDENT SCHOOL DISTRICT (P. 0. Big
-BOND SALE.
-The 3150.000 issue of 5% semi-annual
CHESAPEAKE, Lawrence County, Ohlo-BOND OFFERING.Spring), Tex.
-has been awarded Sealed bids will be received by L. E. Henson, Village Clerk. until 12 m.
scho01 bondr offered for sale on Feb. 23-V. 126, p. 1073
Jointly to the Mercantile Trust & Savings Bank of Dallas and Braun, Mar. 29, for the purchase of the following issues of 6% coupon bonds
Bosworth & Co. of Toledo for a premium of $7,626, equal to 105.05, a basis aggregating 323,757m:
$16,981.50 special assessment street impt. bonds. Due $1,698.15, Sept. 1
of about 4.65%. Due from 1940 to 1965 inclusive.
1928 to 1937 incl.
BOYD COUNTY (P. 0. Catlettsburig), Ky.-BOND OFFERING.
6,240.00 Village's portion, street impt. bonds. Due $624, Sept. 1 1928
Sealed bids will be received until noon on Mar. 21, by J. S. Secrest, County
to 1937 incl.
Clerk, for the purchase of an issue of 8125.000 road and bridge bonds. int.
536.00 special assessment street impt. bonds. Due $53.60. Sept. 1
rate not to exceed 43%. Denom. $1,000. Dated Apr. 10.1928 and due
1928 to 1937 incl.
$5.000, from Apr. 10 1934 to 1958 incl. Split rate bids will be considered
Dated Sept. 11927. A certified check payable to the order of the Village
certain definite maturities. Prin. and int.(M.& S. payable at the
only on
Kentucky National Bank in Catlettsburg. Chapman Az Cutler of Chicago Treasurer, for 5% of the bonds offered is required.
will furnish legal approving opinion. A $2.500 certified check, payable to
CHESTER COUNTY (P. 0. Chester), S.C.-BOND OFFERING.
the County Treasurer. must accompany the bid.
Sealed bids will be received until 11 a. m.on March 23 by R. L. Thompson.
-The Clerk of the Board of County Directors, for the purchase of an issue of
BOYD COUNTY (P. 0. Catlettsburg), Ky.-BOND SALE.
$50,000 issue of coupon road and bridge bonds offered for sale on Mar. $100.000 434% coupon court house improvement bonds. Denom. $1,000.
-was awarded to James C. Wilson Sz Co. as 4(% Dated April 15 1928. Due on Jan. 15 as follows: $3,000, 1930,to 1934:
7-V. 126. p. 1392
bonds,for a premium of $12.35, equal to 100.0247. a basis of about 4.245%. 54.000. 1935 to 1939; $5,000, 1940 co 1944; $6.000, 1945 to I94, all Inc
Denom. 51.000. Dated Mar. 1 1928. Due 52.000 from Mar. 1 1934 to 57.000, 1948 to 1949 and $8,000, 1950. Legality of bonds and the printed
bonds are to be furnished by the purchaser. Bids are to be based on either
1948. incl. The following bids were all for 434% bonds:
Premium. New York payment of principal and interest or payment at the office of
Bidder$1.105 the county treasurer. A $2,000 certified check, payable to the Board of
Provident Savings Bank & Trust Co. of Cincinnati
1,065 Directors, must accompany bid.
Otis & Co. of Cleveland
1.035
Well, Roth & Irving Co. of Toledo
CHICAGO SANITARY DISTRICT, Ill.
-210.000,000 Bond Issue
885
Guardian Trust Co. of Cleveland
-It is reported that a $10,000.000 4Si% bonds issue to mature
780 Authorized.
Ashland National Co. of Ashland
842 semi-annually over a period of 20 years has been authorized by the Chicago
N. S. Hill & Co. of Cincinnati
765 Sanitary District Commissioners.
Seasongood & Mayer of Cincinnati
775
Assel, Goetz & Moerlein of Cincinnati
CHICOPEE, Hampden County, Mass.
-TEMPORARY LOAN.Financial Statement.
The $200,000 temporary loan offered on Mar. 5-V. 126. p. 1392
-was
$47.920,422.00 awarded to S. N. Bond & Co. of Boston, on a 3.70% discount basis. The
Total assessed valuation (for State purposes)
33,657.688.00 loan is dated Mar.5 1928, and matures Nov. 23 1928.
Total assessment (for County purposes)
32,339.563.00
Total assessment (for Road purposes)
CLARKSBURG SCHOOL DISTRICT (P. 0. Clarksburg Harrison
673,000.00 County, W. Va.-BOND SALE.
Total bonded debt (excluding $125,000 bonds herein offered).
-An issue of
434% school
132,000.00 bonds has been purchased by the Weil, Roth & $138,000,of Cincinnati.
Floating debt
Irving Co.
58,954.72 Denom. $1,000. Dated Mar. 1 1928. Prin.
Road and bridge sinking fund
and in (M. & S.) payable at
50,000
Estimated population
the National City Bank in New York.
BRAZOS RIVER HARBOR NAVIGATION DISTRICT (P. 0. Free-An Issue
-BOND SALE.
-Sealed bids will be received until 2 ofCLARKSDALE, Coahoma County, Miss. been purchased by C. W.
-BOND OFFERING.
port), Tex.
$150.000 5% general improvement bonds has
Freeport, by Edward C. Tobey, McNear & Co. of
p. m. on Apr. 3, at the Tarpon Inn in
Chicago. Denom. $1,000. Dated Fob. 1 1928 and due
Chairman of the Harbor Navigation District, for the purchase of a $400,000 on Feb. 1. as follows: 63.000. 1929 to 193:$6,000, 1934 to 1948 and $9,000,
issue of 53.4% coupon harbor improvement bonds. Denom. $1,000. 1949 to 1953, ail incl Frio. and int. (F. & A.) payable at the Chemical
Dated Apr. 10 1927 and due $40,000 from Apr. 10 1956 to 1965. Incl. National Bank in New York City.
Prin. and int. (A. & 0.) payable at the Hanover National Bank in New
Ohio.
CLAY-GENOA
York City. Thomson, Wood & Hoffman of New York City will furnish BOND OFFERING SCHOOL DISTRICT, Ottawa County,
-Sealed bids will be received by Ralph Camper. Clerk
the legal approval. A certified check for 2% of the bid, payable to the Board of
Education, until 7.30 p. m. (eastern standard time) Mar. 16,
Chairman, is required.
for the purchase of an
5% school building bonds.
-BOND OFFERINO.-Sealed Dated Mar. 1 1928. issue of 5167.000 coupon as follovts: $4,000, Oct. 1
BRIDGEVILLE,Allegheny County,Pa.
Denom. $1,000. Due
bids will be received by J. E. Franks, Borough Secretary, until 8 P. m. 1928: $3.000, April and $4,000, Oct. 1 1929 to 1950 incl.; and $4.000, April
March 15, for the purchase of an issue of $40,000 4 Y4'% coupon school and $5,000. Oct. 11951. Prin. and Int. payable at the Genoa Banking Co.,
bonds. Dated Feb. 1 1928. Denom. $1,000. Due Feb. 1 1948. A Genoa. A certified check, payable to the order of the Clerk Board of
certified check, payable to the order of the Borough Treasurer for $1,000. Education, for $4.000, is required. Legality approved by Squire, Sanders
& Dempsey of Cleveland.
is required.
-BOND SALE.
-The $12,000
BRILLIANT, Jefferson County, Ohio.
CLEVELAND HEIGHTS (P. 0. Cleveland), Cuyahoga County,
-BOND SALE.
5% coupon sanitary sewer construction bonds offered on Mar. 2-V. 126, Ohio.
-The following tisanes of 431% bonds aggregating
-were awarded to Taylor, Wilson & Co.of Cinicinnati, at a premium $591,000 offered on Mar. 3-V.126,9. 1074
-were awarded to the Herrick
1:•• 902
of $777, equal to 106.47. a basis of about 4.32%. Dated Oct. 1 1927. Co. of Cleveland:
Due $500, Oct. 1 1929 to 1952 incl. The following is a list of other bidders: $576,000 improvement bonds. Due Oct. 1, as follows: $57,500, 1929;
Premium.
Bidder$57.000, 1930; 158.000, 1931; 557.000, 1932: 358,000, 1933;
$757
Seasongood & Mayer
$57,000, 1934: and $58,000, 1935 to 1938 inclusive.
752
A. E. Aub & Co
15,500 City's portion, impt. bonds. Due Oct. 1, as follows: $1,500.
648
Well, Roth & Irving Co
1929; 52.000, 1930; 51,000. 1931; 32,000, 1932; 31.000. 1933;
631
W.L. Slayton & Co
$2,000, 1934: 51.000, 1935:12,000. 1936;$1,000. 1937;and $2,000.
527
Ryan. Sutherland & Co
1938.
Dated Mar. 11928.
-The Shaw*BURLINGTON,Chittenden County,Vt.-BOND SALE.
-Sealed
CLINTON, Custer County, Okla.
-BOND OFFERING.
mut Corp. of Boston. was awarded on Mar. 1 an issue of $70,000 4% Winooski Bridge bonds at 101.37. a basis of about 3.87%. The bonds mature bids will be received by W.A. Shouse, City Clerk until 8 p. m.on Mar. 13,
$10,000.00 Mar. 1 1942to 1948. Incl. Legality approved by Ropes. Gray. for the purchase of a $600.000 issue of semi-annual water works extension
Boyden & Perkins of Boston. The bonds are being offered to the public bonds. Int. rate not to exceed 4 X %. Dated Mar. 151928. Due $30,000
fro2 19. to 1950. Incl. A certified check for 2% of the bid is required.
p m . 31
78 )
for investment priced to yield 3.85%.
(P.O. Burnet), Tex.
- (These are the bonds that were unsuccessfully offered on Jan. 10-V. 126,
P BURNET COUNTY ROAD DISTRICT NO.2
ELECTION.
-A special election will be held on Mar. 31, for the
BOND
-BOND OFFERING.
CLINTON COUNTY (P.O.Plattsburg) N. Y.
purpose of considering the proposed $35,000 issue of road bonds. Int.
rate is not to exceed 534%. Bonds will be either serial or amortization In Sealed bids will be received by Edward A. Laundree, Chairman Board of
Supervisors, until 10 a. m. Mar. 15, for the purchase of an issue of $42.000
form.
MAR. 10 1928.]
FINANCIAL CHRONICLE
1551
5% coupon or registered highway construction bonds. Dated Mar. 1 1928. Clerk, for the purchase of a $900,000 issue of 4% coupon or registered
Denom. $1,000. Due Mar. 1, as follows: $7.000. 1937, and $5,000, 1938 water and light refunding bonds. Denom. $1,000. Dated Apr. 1 1928
to 1944 incl. A certified check for 5% of the bonds bid for, is required. and due $45,000 yearly from Apr. 1 1929 to 1948. incl. The city will
furnish the bond forms, no allowances will be made for any bidder who
Bonds will be sold at public auction.
forms at his own expense. Prin.
-BOND SALE.
-A $225.- prefers to furnish bond American Exchange Irving Trustand int. (A. & 0.)
COCKE COUNTY (P. 0. Newport), Tenn.
payable in gold at the
Co. of New York
000 issue of 414,% road bonds has been purchased by Caldwell & Co. of City. Chapman & Cutler of Chicago will approve the legality of the issue,
Nashville. Denom. $1,000. Dated July 15 1927 and due on July 15 1947. A certified check, payable to the City for 2% par of the bonds, is required.
Prin. and int. (J. & J.) payable at the Chase National Bank in N. Y. City.
•
Financial Statement-far. 1 1928.
-BOND Actual true value of property-real, $155,044,634; personal,
COLOGNE ROAD DISTRICT (P. 0. Point Pleasant), Miss.
DESCRIPTION.
-The $35,000 issue of 51i% coupon road bonds awarded
$59,045,608; money and credits, 551,755.114; total
5266,445,356
-to Taylor, Wilson & Co. of Cincinnati, at a Assessed value of property-real, $61,888,506; personal, $20,on Dec. 31-V. 120. p. 006
price of 102.86. is dated Dec. 1 1927 and due on Dec. 1 as follows: $1,000
084,321; money and credits, $51,755,114: total
$133,727,941
from 1928 to 1934: $2,000, 1935 to 1945, all incl. and $3,000 in 1946 and Tax rate, 1927-state, $7.65: county, $11.48; school, 533.214:
1947. Int. payable on June & Dec. 1. Basis of about 5.13%.
city, $27.056; total
79.40
The rate of money and credits is $3 per thousand divided as follows:
CORPUS CHRISTI INDEPENDENT SCHOOL DISTRICT (P. 0.
Corpus Christi), Tex.
-BOND SALE.
-A $400,000 block of the issue of State, 1-6; county, 1-6; city, 1-3; school, 1-3.
-General, $4,519,000; special assessment bonds,
-was awarded Bonded debt
$500,000 school bonds offered on Feb. 27-V. 126. p. 1074
$714,000; water and light,$3,360,000;total outstanding debt, $8,593,000
to the Federal Commerce Trust Co. of St. Louis as 4% bonds, for a
Less deductions allowed-Special assessment, $714,000; water
premium of $17,337.00, equal to 104.3344.
and light department debt,$3,360,000;sinking fund,$3,602;
CRAWFORD, Dawes County, Neb.-BOND SALE.
-A $35,000 issue
total, 84,077,602; net indebtedness
4,515,398
Of 5% refunding bonds has been purchased by the United States Trust Co. Actual investment in water and light plants
7,864,826
of Omaha.
Incorporated as a City. March 1887. Population, 1920, U. S. Census
98,917: 1928, estimated. 123.000.
CRIDERSVILLE, Auglaixe County, Ohio.
-BOND SALE.
-The
$27,012.54 6% special assessment improvement bonds offered on Mar. 1.DUMONT SCHOOL DISTRICT, Bergen County, N. J.
-BOND
V. 126, p. 1074
-were awarded to A. E. Aub & Co. of Cincinnati, at a SALE.
bonds aggregating $5,55,000
premium of $2,301, equal to 108.51 a basis of about 4.37%. Dated Mar.1 March-The two issues of school awarded to B. J. Van Ingenoffered on
8-V. 120, P. 1234
-were
&
1928. Due Mar. 1 as follows: $2,712.54, 1930; and $2,700, 1931 to 1939, New York City, taking $522,000 bonds at 100.699. Dated March Co. of
11928.
incl. Other bidders were:
1 as follows: $10,000, 1930 to
BidderPremium. Due March and $15,000, 1950 to 1967. incl. 1932, incl.: $15,000, 1933 to
1949, incl.,
Prudden & Co
$1,427.00
Blanchett, Bowman & Woods
2,700.00
EAST BAY MUNICIPAL UTILITY DISTRICT (P. 0. Oakland)
Seasongood & Mayer
2,231.00 Calif.
-BOND OFFERING.
-Sealed bids will
First National Bank
1,484.25 Kimball, Secretary of the Board of Directors, for be received by John H
the purchase of a $3.000,
W. L. Slayton & Co
1.645.00
issue of
Herrick Co
2,025.00 000 and will water bonds. Bids will be received until 5:30 p.m. on Mar
16,
Home Banking Co
1,325.00 nually from be opened at 7.30 p. m. Denom. $1,000. Due $75,000 an
1935 to 1974.incl. A certified check for 1% must accompany bid
Ryan, Sutherland & Co
1.982.00
Weil, Roth & Irving Co
2,025.00
EAST NORRISTOWN TOWNSHIP SCHOOL DISTRICT (P. 0.
-BOND SALE.
-The $45.000
CUMBERLAND TOWNSHIP SCHOOL DISTRICT (P. 0. Car- Norristown) Montgomery County, Pa.
michaels), Greene County, Pa.
-BOND OFFERING.
-Sealed bids will 4% coupon school bonds offered on Mar. 5-V. 126, p. 1393-were
be received by Frank Gwynn, Secretary ,Board of Education, until 2 p. m. awarded to the Norristown-Penn. Trust Co., at 104.139, a basis of about
(Eastern standard time) Mar.24, at the First National Bank of Carmichaels, 3.95%. Dated April 1 1928. Due $15,000, April in each of the years
for the purchase of an issue of $200,000 4ji %, series of 1928, coupon or 1938, 1948 and 1958. The following bids were also submitted:
Bidder
Rate Bid.
registered refunding and building bonds. Dated Apr. 1 1928. Denom.
$1,000. Due Oct. 1 as follows: $7,000, 1929: $8,000, 1930; $9,000. 1931: It. M.Snyder & Co.
103,777
$10,000, 1932; 1511,000, 1933 and 1934: $12,000, 1935: 513.000, 1936; E.II. Rollins & Sons
103.772
A.B.Leach & Co
$14,000, 1937: $15.000. 1938; $16,000. 1939; $17,000. 1940; $18,000, 1941
103.30
$19,000, 1942 and $20,000, 1943. Prin. and int. payable at the First
ELMHURST SCHOOL DISTRICT NO. 46, Du Page County, Ill.National Bank of Carmichaels. A certified check for 2% of the bonds
-The Harris Trust & Savings Bank of Chicago, was recently
offered is required. Legality to be approved by Reed, Smith, Shaw & BOND SALE.
awarded an issue of $150,000 4% coupon school bonds. Dated Feb. 15
McClay of Pittsburgh.
1928. Denoms. $1,000. Due July 1 as follows: $5,000, 1937; 510.000.
CUSTER COUNTY SCHOOL DISTRICT NO. 129 (P. 0. Anselmo) 1938: and $15,000, 1939 to 1947, incl. Prin. and int. (J. & J.) payable at
Neb.-BOND SALE.
-A $25,000 issue of school bonds has been purchased the Illinois Merchants Trust Co., Chicago. The bonds are now being
by an unknown investor. (Rate and price not given).
offered by the successful bidder at prices ranging from 100.78 to 101.35.
CUYAHOGA COUNTY (P. 0. Cleveland), Ohio.
-BOND SALE.
- yielding investor about 3.90%.
The following issues of 4% %coupon improvement bonds aggregating
Financial Statement (As Officially Reported).
-were awarded to the Herrick Assessed valuation for taxation
$197,064 offered on Feb. 29-V. 126, p. 902
$11,652,195
Co.ofCleveland ata premium of$732,equal to 100.37,a basisofabout4.40%: Total debt (this issue included)
326,800
$72.231 Riverside Road No. 3,special asst. bonds. Due Oct. 1. as follows:
Population, estimated, 13,000.
$8,231, 1928; and $8,000, 1929 to 1930 inclusive.
EL PASO-HUDSPETH COUNTIES ROAD DISTRICT (P. 0. El
59,803 Snow Road No. 2 special asst. bonds. Due Oct. 1, as follows:
-BOND SALE.
-The $250,000 issue of 4%7 road bonds
0
$6,803, 1928; $6,000, 1929 to 1931 incl.: and $7,000. 1932 to 1936 Paso), Tex.
offered for sale on Feb. 21-V. 126, P. 903 and 1074-has been awarded
inclusive.
RIN erside Road No. 3 County's portion bonds. Due Oct. 1. as to the El Paso National Bank of El Paso for a premium of $1,550, equal
39.615
follows: 54,615, 1928; $4,000. 1929 to 1933 incl.: and $5,000, 1934 to 100.62. Denom. $1,000. Dated Feb. 10 1928.
to 1930 Inclusive
ELYRIA, Lorain County, Ohio.-BOND SALE.
15,947 Cedar Point Hill, special asst. bonds. Due Oct. 1, as follows: works construction bonds offered on Mar. 2-V. 126,-The $200,000 water
P. 749
-were awarded
81.947, 1928; $1,000, 1929 and 1930; and $2,000. 1931 to 1936 to Stranahan, Harris & Oatis, Inc., of Toledo, as 4%s, at a
premium of
inclusive.
$1.560. equal to 100.78, a basis of about 4.16%. Dated April 1 1928.
9,468 Cedar Point Hill special asst. bonds. Due Oct. 1, as follows: Due $8,000, Oct. 1 1929 to 1953, incl.
$1,468, 1928; and $1,000, 1929 to 1930 inclusive.
ERIE SCHOOL DISTRICT, Erie County, Pa.
-BOND OFFERING.-A $58,000 issue of Sealed bids will be received by R.
DALHART, Dallam County, Tex.-I30ND SALE.
5 Y4 % refunding bonds has been purchased by the United States Bond Co. until 11.30 a. in. (standard time)S. Scobell, Secretary and Business Mgr.,
Apr. 2, for the purchase of an issue of
of Denver. Due in 40 years.
$275,000 4%,series of 1928, school bonds.
(P. 0. Dallas) Tex.
-BOND ELECTION.
Fr DALLAS COUNTYspecial county-wide bond
-The
EUGENE, Lane County, Ore.
-BOND OFFERIA G.
-Sealed bids will
election on Apr. 3, for the be received until 5 p.
vote will be taken at a
on Mar. 19, by George A. Gilmore, City Reproject of issuing $0,950,000 in county road bonds. According to the corder, for the purchase of an issue of 8120.000 improvement bonds
Mar. 2. the largest single item is $1,300,000 for the conDallas "News" of
EVERETT, Snohomish County, Wash.
-BOND SALE.
struction of the northwest highway. Other larger Items are: Commerce
-An issue of
street bridge and road $00,000. Corinth street viaduct $780,000. Cadiz $150,000 city hall bonds has been purchased at par by State of Washington.
Duo and payable from 1930 to 1948 incl.
street bridge and road 8380,000, Buckner Boul. $050,000, Corinth street
viaduct south and west of Dallas $650,000, Lamar-McKinney bridge and
FALL RIVER, Bristol County, Mass.
-BOND SALE.
-The National
road $300,000, widening and paving Scyone road $250,000.
City Co. of New York, was awarded on Mar. 9, an issue of $100,000 4%
DAVIDSON COUNTY (P. 0. Lexington) N. C.
-BOND SALE.
- coupon Fall River sewer bonds at 103.588, a basis of about 3.66%. Dated
The $30,000 issue of 5%% coupon, Consolidated School District No. 18 Dec. 1 1927. Denom, $1,000. Due Dec. 1 as follows: $4,000, 1928 to
-has been awarded to 1947, incl., and $2,000, 1948 to 1957, incl. Prin. and int. (J. & D.) paybonds offered for sale on Mar. 5-V. 120, p. 1234
A. C. Allyn & Co. of Chicago, for a premium of $1.920, equal to 100.40. able at the First National Bank, Boston. Legality approved by Ropes,
a basis of about 4.88%. Denom. $1,000. Dated Feb. 11928. and due on Gray, Boyden & Perkins of Boston.
Feb. 1, as follows: $1,000, 1931 to 1940 and $2,000, 1941 to 1950 all incl.
FLINT SCHOOL DISTRICT, Genesee County, Mich.
-BIDS.DEARBORN COUNTY (P. 0. Lawrenceburg) Ind.-130ND
The $980,000 411% school bonds awarded to the William R. Compton Co.
The following issues of4%% bonds aggregating $73,200 offered on SALE.- at 101.06, a basis of about 4.11%-V. 126, p. 1393
-are being reoffered for
Mar.6investment priced to yield from 3.75% to 4% according to maturities.
126, p. 1234-were awarded as below.
V.
$61,000 road bonds to the Union Trust Co. of Indianapolis, at a premium The following bids were also submitted:
Bidder
of $2,233, equal to 103.66.
Price
Lerchen & Hayes, Bankers Co., Guaranty Co
12,200 road bonds to the Fletcher Savings & Trust Co. of Indianapolis, at a W
101.063
premium of $444.00 equal to 105.36.
Detroit Trust Co.. Ames, Emerich & Co., Bank of Detroit, First100.88
National Co. of Detroit, Security Trust Co
following is a complete list of bids submit.ed:
The
Continental National Co., Halsey,Stuart & Co., Northern Trust Co.10082
Price Bid.
1 0. 0
07 0
9
$12,200 Issue. $61,000 Issue Howe, Snow & Co., Stone, Webster & Blodgett
BidderPeoples National Bank
$12.400.00
$62,100.00 Stranahan, Harris & Oatis, Guardian-Detroit Co.,Illinois Merchants
Trust Co
12,603.00
Fletcher American Co.
63,143.70
100.663
12,644.00
ffletcher Savings & Trust Co.
63,232.70
FORDSON, Wayne County, Mich.
-PRICE PAID
12,029.00
Inland Investment Co.
03,113.00 The price paid for the $720,000 school bonds awarded-MATURITY.on Feb. 8 to the
'
12,641.00
Union Trust Co.
63,233.00 Guardian Trust Co. of Detroit, as 434s in-V. 126,
-was par.
12,628.00
City Securities Corp
63,144.00 The bonds mature $24,000, Feb. 15 1929 to 1957, incl. p. 1075
12,030.50
Meyer, Kiser Bank
63,065.
00
FORT SMITH, Sebastian County, Ark.
-BOND
-The three
-BOND OFFERING.
DeKALB (P. 0. Auburn) Ind.
-Sealed bids will issue of 57 bonds, aggregating $409.000, offered for SALE.
0
sale on Mar. 2be received by Ward Jackman, County Treasurer, until 1 p. m. Mar. 18, V 126. p. 1075
-was awarded jointly to the Mississippi Valley
for the purchase of an issue of $15,700 4%% road bonds, in denoms. of of St. Louis and the Prescott, Wright Snider Co. of Kansas Trust Co.
City (Mo.)
$392.50 and maturing $392.50, on May and Nov. 15, from 1929 to 1948 on their bid of 105.06, a basis of about 4.34%. The issues are
described
incl.
follows:
.
$27510
as fo
-BOND OFFERING.
COUNTY (P. O.Auburn)Ind.
DeKALB
paving bonds. Due on Feb. 1 as follows: $15,000, 1932 to 1934:
aving
-Sealed
bids will be received by Ward Jackson, County Treasurer, until 1 p.
$25,000. 1935 to 1942. and $30,000 in 1943.
84,000 sewer bonds. Due on Feb. 1 as follows: $5,000, 1932 and 1933:
Mar. 18, for the purchase of an issue of $15,700, 43i7,, road construction
bonds. The bonds mature semi-annually on May and Nov. 15, from 1929
56.000, 1934 to 1939: 57,000, 1940 to 1942: 58,000 in 1943 and
$9,000 in 1944.
to 1938 incl.
50.000 parks and playground bonds. Due $5,000 from 1932 to 1941.incl.
DE KALB COUNTY SOUTHWEST SCHOOL DISTRICT (P.
Denom. $1,000. Dated Feb. 1 1928. Int. payable on Feb. & Aug. 1.
Decatur), Ga.-INT. RATE -The $05,000 issue of school bonds pur0.
-V. 126, P. 1392
chased by the Robinson-Humphrey Co. of Atlanta.
-at a Approving opinion of some reputable bond attorney will be furnished by
City. Delivery on or about April 1.
price of 102.769. bears interest at 43. %.
The following is a complete list of the other bids and bidders:
-BOND OFFERING.
DE QUINCY, Calcasieu Parish, La.
Bidders-Sealed
Price B.9
l0 id5
2 .
bids will be received until 7:30 p. m. on Apr. 10, by M. M. Smith, Town Fagan Bourland Co. of Persia
100.40
Clerk, for the purchase of a $60,000 issue ofpaving bonds. Int. rate not to Southern Security Co., J. B. Van Inglen & Co., jointly
exceed 6%, Denom. $1,000. Dated Apr. 1 1928 and due on Apr. 1 1968. W m. R. Compton Co
101.2
0 .5
0 75
Prin. and semi-annual int. payable at the Chase National Bank in New Mercantile Trust Co
York City. A $1,200 certified check must accompany the bid.
Smith, Moore & Co
100..0
0 5
5 0
5
-BOND OFFERING.
DUDLEY TOWNSHIP, Henry County, Ind.
- C A. Tulles
Sealed bids will be received by D. R. Ellabarger, Township Trustee, until Federal Commercial Trust Co., American
the Stern Bros. & Co
102.60
Southern Trust Co.. MerBank of Straughn, Straughn, for
10:30 a. In. Mar. 15, at the Peoples coupon school
cantile Planters Trust & Investment Co., City National Bank,and
building bonds. Dated
purchase of an Issue of $40,000 4%%
First National
3.30
Jan. 15 1928. Denom. $500. Due as follows: 2,000, July 15 1929: $1.000, M. W. Elkins & Bank & Merchants National Bank
Co
Jan. and July 15 1930 to 1933 incl.; 81.500. Jan. and July 15.1934 to 1941 Branch-Middlekauff & Co.. Ames Emerich. jointly
103.30
incl.; $2,000. Jan. and July 15 1942 and $2,000. Jan. 15 1943. A certified Dallas Trust & Savings Co
102.75
check payable to the order of the Township Trustee, for $500 is required.
104.30
Stifel-Nicholaus & Co
104.90
-BOND OFFERING.
DULUTH, Saint Louis County, Minn.
--Sealed Kelley Trust Co
103.75
bids will be received until 2 P. m. on Mar. 19, by A. II. Davenport, City Fidelity National Co
103.00
1552
FINANCIAL CHRONICLE
[Vol.. 126.
HOLLONVILLE SCHOOL DISTRICT (P. 0. Hollonville), Pike
-A $45,000 issue
FRANKLIN, Simpson County,Ky.-BOND SALE.
-A 57.000 issue of 6% school bonds has
of street bonds has been purchased at par by the Simpson County Bank County, Ga.-BOND SALE.
recently been purchased by the Citizens & Southern Co.of Atlanta. Denom.
of Franklin.
- $500. Dated Jan. 1 1928 and due $500 every even year from Jan. 1 1930
-BOND OFFERING.
PREBLE COUNTY (P. 0. Eaton), Ohio.
to 1956 incl. Prin. and
the Motional Bank of
Sealed bids will be received by H. T. Aker, Clerk Board of County Com- Commerce in New York int. (J. & J. 1) payable at
City.
missioners. until 12 m. March 19, for the purchase of an issue of $6,300
534% highway improvement bonds. Dated March 1 1928. Due as followS:
HOLYOKE, Hampden County, Mass.
-TEMPORARY LOAN.
-The
$800 March 1 1929; $500 Sept. 1 1929, and $500 March and Sept. 1 1930 Shawmut Corp. of Boston was awarded on Mar. 7 a $700,000 temporary
to 1934,incl. A certified check payable to the order of the Board of County loan on a 3.64% discount basis. The loan matures in eight months. Other
offered is required.
Commissioners, for 3% of the bonds
bidders were
BidderDiscount Basis.
FUGIT TOWNSHIP SCHOOL DISTRICT (P. 0. Clarksburg) First National Bank
(Plus $12)
3.68%
-Sealed bids will be received
-BOND OFFERING.
Decatur County, Ind.
3.745%
Trustee, until 1. p. m. Mar. 15,for the purchase Old Colony Corp
by Carlos C. Hite, School
ofan issue of$40,0005% coupon school bonds. Dated Jan.3 1928. Denoms.
HOWARD CITY, Montcalm County, Mich.
-BOND OFFERING.
$500. Due as follows: $1,500. July 3 1929; $1,500. Jan. and 51„000, July Sealed bids will be received by George V. Messenger, Village Clerk, until
3 1930 to 1937 incl.; $1,500. Jan. and July 3 1938 to 1942 incl., and $1,500, 7:30 p. m. March 19 for the purchase of an issue of $10,500 514% coupon
Jan. and $2,000, July 3 1943. Prin. and int. payable at the Clarksburg street paving bonds. Dated May 1 1928. Denom. $500. Due $1,500,
May 1 1929 to 1935 incl. A certified check for $500 is required.
State Bank, Clarksburg.
FULLERTON UNION HIGH SCHOOL DISTRICT (P. 0. Santa
HUMPHREYS COUNTY (P.O. Belzoni), Miss.
-NOTE
-Two
-The proposal to issue $600,000 in issues of6% notes aggregating $100,000 have been purchased SALE.
Ana), Calif.
-BOND ELECTION.
by Sutherlin,
bonds for school purposes will be passed upon by the voters at a special Barry & Cleaver of New Orleans. The notes are divided as follows:550,000
general school fund and $50,000 general county fund tax anticipation notes.
election to be held on April 1.
-PRICE PAID-PURCHASER. Denom. $1,000. Dated Jan. 2 1928 and due on Feb. 15 1929. Prin. and
GARNETT, Anderson County, Kan.
- Int. is payable at the First National Bank of Chicago.
-The $30,000 issue of 4% water supply bonds that was recently awarded
-brought a price of par and was sold to the sinking fund.
V. 126, p. 1393
HUNTINGTON (P.O. Huntington),Suffolk County,N.Y.-BONDS
-The two issues of coupon or registered
-BOND OFFERING.
-Sealed OFFERED FOR INVESTMENT.
GLANDORF, Putnam County, Ohio.
bonds aggregating 5585,000 awarded on
bids will be received until 7 p. m.Apr.3,at the Town Hall,for the purchase Detroit Co., and Gibson, Leefe & Co., at Feb. 28 as 4s, to the Guardian
100.82, a basis of about 3.91%bonds the proceeds of which is to be used for street V. 126,
of an issue of $15,000
-are now being
p. 1394
improvement purposes. The issue was approved by a decisive majority yield 3.85% for all maturities. offered by the successful bidders priced to
The bonds it Is stated are a legal investat an election held in November.
ment for savings banks and trust funds in New York State, and constitute
-BOND .SALE.
-The $44,- a direct and general obligation of the municipality.
GLOVERSVILLE, Fulton County, N. Y.
Financial Statement (as Officially Reported).
000 434% registered street improvement bonds offered on Mar. 2-V. 126.
-were awarded to the City National Bank of Gloversville, at a Actual valuation (est.)
$100,000,000
ro• 1235
premium of $325, equal to 100.738, a basis of about 4.16%. Dated Mar. Assessed valuation
39,450.075
15 1928. Due Mar. 15 as follows: $14,000, 1929; $12,000. 1930; $7,000. Total bonded debt (including this issue)
2,249,300
1931:$6,000. 1932, and $5,000, 1933. The following bids were also received: Water debt
530,000
Rate Bid. Net debt
Bidder1,719,300
$100.60
Population (est. 1927), 23,000.
Pulleyn & Co
100.722
Batchelder, Wact & Co
HYDE COUNTY (P. 0. Swanquarter), N. C.
-BOND SALE CAN100.263
Parson. Son & Co
CELLED.
-The sale of the $72,000 issue of 5% semi-annual school fund-A $300,000 ng bonds scheduled for Mar. 20-V .126, p. 1394
GRAND ISLAND, Hill County, Neb.-BOND SALE.
-has been cancelled.
issue of 4% refunding drainage bonds has recently been purchased by
IDAHO, State of (P. 0. Boise).
-NOTE OFFERING.
-Sealed bids
Ware, Hall & Co., the Peters Trust Co. and the First Trust Co., all of
Omaha, jointly, for a discount of $2,760, equal to 99.08, a basis of about will be received until Apr 5 by Byron Defenbach, State Treasurer, for the
purchase of a $1,000,000 issue of State Treasury notes. Dated Apr. 16
Due on Mar. 1 1948,and optional after 1933.
4.01%. Dated Mar.1 1928.
1928 and due on Apr. 161929.
GRAYSON COUNTY (P. 0. Leitchfield), Ky.-BOND SALE.IGNACIO SCHOOL DISTRICT (P. 0. Ignacio), La Plata County,
An issue of $100,000 434% road and bridge bonds has been purchased by
-BOND DESCRIPTION.
-The $2,000 issue of school bonds recently
the Well, Roth & Irving Co. of Cincinnati. Denom. $1,000. Dated Colo.
-is further described as follows: 5% coupon
Apr. 1 1927. Prin. and int. (A. & 0.) payable at the Bank of America purchased-V. 126, p. 1075
school building bonds. Denom. $1,000. Awarded to the contractor at
in New York City.
par. Dated Jan. 11928. Due July 1 1928 and July 1 1929.
GREENPORT COMMON SCHOOL DISTRICT NO.1(P.O. Hudson)
IPSWICH, Essex County, Mass.
-TEMPORARY LOAN.
-The First
-The $80,000 school bonds
-BOND SALE.
Columbia County, N. Y.
-were awarded to Sherwood & Merri- National Bank of Boston was awarded on March 2 a $100,000 temporary \
offered on Mar. 1-V. 126, p. 1235
York City, as 4.20s, at 100.11. a basis of about 4.18%. loan on a 3.73% discount basis. F. S. Moseley & Co. of Boston offered to
field, Inc., of New
Dated Mar. 1 1928. Due Mar. 1 as follows: $2,000, 1929, and 53,000, discount the loan on a 3.83% discount basis.
1930 to 1955, incl. The bonds are now being offered for investment as
JEFFERSON COUNTY (P. 0. Brookville), Pa.
-BOND SALE.
-The
follows: 1929 to 1938 maturities priced to yield 4%,and 1939 to 1955 matu- 5400,000 4% coupon court house bonds offered on March 3-V. 126, p.
rities priced to yield 4.05%. The following bids were also received:
1394
-were
Int. Rate. Rate Bid. premium ofawarded to W. H. Newbold's Son & Co. of Philadelphia at a
Bid er$2,222, equal to 100.55, a basis of about 3.90%. Dated
4.20%
100.07
George B. Gibbons & Co
March 1 1928. Due $50,000 on March 1 in each of the years 1930 and from
4.20
100.05
Lehman Bros
1932 to 1938 inclusive.
4.25%
100.068
Pulleyn & Co
4.25
JEFFERSON TOWNSHIP SCHOOL DISTRICT (P. 0. Birdseye4
100.0299
R. F. DeVoe Sc Co
R. F. D.), Dubois County, Ind.
4.30 0
-Sealed bids wi•-•
Dewey, Bacon &Co
100.26
-BOND OFFERING.
be received by Walter Davis,
22, at
-BOND OFFERING.
-Sealed bids will of E. C. Gullion, 307 FarmersTrustee, until 10 a. m. Mar.for thethe offic
GROOM, Carson County, Tex.
purchas
State Bank Bldg., Lebanon,
. be received until May 2, by the Mayor, for the purchase of a $35,000 issue of an issue of $6,500 434% school bonds. Denoms. MO and $550. Du
of 6% semi-annual water works bonds. Dated Mar. 1 1928. Due in as follows: $500 July 1
1929: $500, Jan. 1 1930; $550, July 1 1930; $550
from 2 to 40 years.
Jan. and July 1 1931 to 1934 incl.; and $550
Prin. and list
These bonds carried at the Feb. 27 election by a count of 97 "for" and payable at the Boone County State Bank, Jan. 30 1935. certified check
Lebanon. A
20 "against."
payable to the order of the above mentioned trustee, for $100, is required.
HADDONFIELD SCHOOL DISTRICT, Camden County, N. J.
-BOND
JOHNSTOWN SCHOOL DISTRICT, Cambria County, Pa.
-Sealed bids will be received by Bertha M. Wilson,
BOND OFFERING.
-Sealed bids will be received by Wilbert C. Wehn, Secretary
District Clerk, until 8 p. m. Mar. 15, for the purchase of an issue of 4%, OFFERING.
Board of School Directors, until 7:45 p. m. March 19 for the purchase of
43(% and 434% school bonds, no more bonds to be awarded than
produce a premium of $1.000 over $43,500. Dated Mar. 151928. Denom. an issue of$250.000 4% coupon or registered school bonds. Dated March 1
$1,000 and $500. Due Mar. 15 as follows: 51,000, 1929 to 1961, incl., 1928. Denom. $1,000. Due March 1 as follows: $8,000. 1929 to 1948
and $1,500, 1962 to 1968. incl. A certified check for 2% of the bonds incl., and $9,000, 1949 to 1958 hid. A certified check, payable to the order
of the Treasurer of the School District for $5.000, is required. Legality
bid for is required.
-TEMPORARY approved by Townsend. Elliott dc Munson of Philadelphia.
HAMPDEN COUNTY (P. 0. Springfield), Mass.
-ADDITIONAL INFORMAKALISPELL, Flathead County, Mont.
LOAN.
-The $200,000 temporary loan offered on Mar. 7-V. 126, p. 1393
.
-We are now informed by C. E. Trekell, City Clerk, that public
-was awarded to the Commercial Trust Co. of Springfield, on a 3.695% TION.
auction may be resorted to in the sale of the $110,000 Issue of not to exceed
discount basis. The loan matures on Nov. 7 1928.
-PURCHASER.
-PRICE 5% refunding water bonds on Mar. 26-V. 126, p. 1394. The bonds are
HARBOR BEACH, Huron County, Mich.
defined in the offering notice as follows: Such bonds shall be payable
PAID.
-The purchaser of the $25,000 5% community house bonds awarded on the amortization plan as defined in Chapter 38 of the Session Laws of
-was the Huron County State Bank of Harbor Beach. 1923, if such bonds in
in-V. 126, p. 1393
disposed of at a reasonable
this form can be
The bonds were sold at a premium of $333.65. equal to 101.334, a basis of rate of interest, and said amortization sold and to be redeemable at any
bonds are
about 4.82%. Dated Nov. 11927. Due $1,000, Nov. 1 1928 to 1952 incl.
time at the option of the said City of Kalispell, otherwise serial bonds will
-Sealed be issued. Amortization bonds will be the first choice of the City Council
HARLAN COUNTY (P. 0. Harlan),Ky.-BOND OFFERING.
bids will be received by M. G. Smith, County Clerk, until 11 a. m. on in considering bids. In case serial bonds are issued, such bonds shall be
purchase of an issue of $175,000 4%.
434% numbered from 1 to 110 incl.. and be of the denomination of $1,000
Mar. 10 (to-day) for the
Mar. 1
and 44% road and bridge bonds. Denom. $1,000. Dated 434%' 1928 each and shall mature as follows: On July 1 1929, for bends numbered 1
and due on Mar. 1 as follows: $5,000 from 1935 to 1940; $10,000.1947 to to 5 incl., and five bonds each year thereafter until July 1 1943 incl.:thence1949:$30,000, 1953 and 1954,and $25,000 in 1956. Prin. and int.(M.& S.) forth, the said bonds shall mature at the rate of seven per year until July 1
payable at the Chase National Bank in New York City. Peck, Shaffer & 1948. All of said bonds shall carry the option of payment six months before
Williams of Cincinnati will approve legality. A $2,500 certified check, the maturity thereof. A $5,000 certified check must accompany the b1d
payable to the County Treasurer, is required.
KAUFMAN COUNTY ROAD DISTRICT NO. 2 (P. 0. Kaufman,)
-Sealed Tex.
-LOAN OFFERING.
HAVERHILL, Essex County, Mass.
-BOND SALE.
-A $40,000 Issue of 5% road bonds has recently
bids will be received by Arthur 'I'. Jacobs. City Treasurer, until 11 a. m. been purchased by Evans & Crayons of Dallas for a premium of $851.
Mar. 10,for the purchase on a discount basis of a $200,000 temporary loan. equal to 102.127.
Dated Mar. 13 1928. Denom. to suit purchaser. Due $75,000, Sept. 13
KING
1928 and $125,000. Sept. 27 1928. The notes are payable at the First BOND COUNTY SCHOOL DISTRICT NO.1(P.O. Seattle), Wash.
SALE.
-The $800,000 issue of coupon school bonds offered for sale
National Bank of Boston. Legality approved by Ropes, Gray, Boyden & on
March 2-V. 126. p. 904
-was awarded to the State of Washington at
Perkins of Boston.
par for 4% bonds. Denom. $1.000. Dated April 1 1928. Due in from
-BOND 2 to 25 years.
HAWTHORNE SCHOOL DISTRICT,Passaic County, N.J.
OFFERING.
-Sealed bids will be received by Adrian E. Patmos, District
-A $3300,000
KNOXVILLE, Knox County, Tenn.
-NOTE SALE.
Clerk, until 8 p. m. Mar. 20 for the purchase of an issue of 434% coupon or
registered school bonds not to exceed $161,000 no more bonds to be awarded Issue of revenue anticipation notes has recently been purchased by. the
than will produce a premium of $1,000 over $161,000. Dated Feb. 1 1928. First National Bank of New York as 3.95s for a $22 premium, equal to
Denorns. $1,000. Due Feb. 1 as follows: $5,000, 1929 to 1942 incl.; 100.007,a basis ofabout 3.94%. Dated March 11928, Due on Sept. 11928.
and $7,000, 1943 to 1955 incl. Prin. and int. payable in gold at the People's
LADY LAKE SPECIAL ROAD AND BRIDGE DISTRICT (P. 0.
Bank of Hawthorne. Hawthorne. The U. S. Mtge. & Trust Co.. New Leesburg), Fla.
-BOND SALE.
$75,000 issue of 6% road and
York. will supervise the preparation of the bonds and will certify as to their bridge bonds offered for sale on-The 28-V. 126, p. 904
-was finally
Feb.
genuineness. A certified check payable to the order of the Board of Educa- awarded on Mar. 2 to the Manley Construction Co. ofl,eesburg, at a price
tion, for 2% of the bonds bid for is required. Legality to be approved by of 97.00, a basis of about 6.32%. Denom. $1,000. Dated Aug. 1 1927
Hawkins, Delafield & Longfellow of New York City.
and due on Aug. 1 as follows: $2,000, 1928 to 1956 and 517,000 in 19571t
HEMPSTEAD UNION FREE SCHOOL DISTRICT NO. 12 (P. 0.
LAKE TOWNSHIP SCHOOL DISTRICT NO. 2, Macomb County,
-The $53,000 coupon Mich.
Lynbrook) Nassau County, N. Y.
-BOND SALE.
-BOND
-The 525.000 school bonds offered on Feb. 23-were V. 126,P. 904 SALE.
or registered school bonds offered on Mar. 7-V. 126. p. 1393
-were awarded to the
Co. of Detroit, as 434s,
awarded to Graham, Parsons & Co. of New York City,as 4.20s. at 100.527, at 103.428, a basis of about 4.26%. Detroit Trust 1 1927. Due Sept. 1.
Dated Sept.
of about 4.14%. Dated Mar. 15 1928. Due Nov. 1 as follows: as follows: $1,000. 1945 to 1947 incl.; $2,000, 1948 to 1953 incl.; and $3,000
a basis
51,000,1928 to 1933 incl.; $2,000, 1934 and 1935; $3,000, 1936 to 1944 incl., 1954 to 1956 incl. The following bids were also submitted:
and 54,000. 1945 to 1948 incl.
Rate Bid.
Bidder102.82
HEMPSTEAD UNION FREE SCHOOL DISTRICT NO. 20 (P. 0. Hanchett Bond Co
101.60
First National Co
Lynbrook), Nassau County, N. Y.
-Sealed bids
-BOND OFFERING.
101.51
will be received by John C. Rankin. Clerk Board of Education, until8P.In. Bumpus & Co
March 20 for the purchase of an issue of $418,000 school bonds, rate of
-The folLAKEWOOD, Cuyahoga County, Ohio.
-BOND SALE.
interest not to exceed 6%. Dated April 2 1928. Denom. $1,000. Due lowing issues of bonds aggregating $585,000 offered on March 3-V. 126,
Jan. 1 as follows: 520,000, 1929 to 1933 incl.; 515,000, 1934 to 1953 incl., P. 1236
I-were awarded to McDonald, Callahan & Co. of Cleveland: , I
and 518.000, 1954. Prin. and int. payable at the Nassau Bank,Lynbrook, *125,000 434% park bonds. Due Oct. 1 as follows: $4,000, 1929 to 1933.
or at the Seaboard National Bank, New York City. A certified check for
Incl., and $5,000. 1934 to 1954. incl.
bonds offered is required.
10% of the
125,000 5% city portion paving bonds. Due Oct. 1 as follows: 512.000.
500
.
-BOND SALE.
HIGHLAND PARK, Lake County, 111.
-H. C. Speer
1929 to 1933, incl.. and 513.000, 1934 to 1938, Incl.
-follows:
100,000 434% grade crossing elimination bonds. Due Oct. 1 as
& Sons Co.of Chicago were awarded on Feb. 15 an issue of $60,000 coupon
corporate bonds bearing interest at the rate of 434% at 100.50.
$3,000, 1929 to 1948, incl.. and $4,000, 1949 to 1958, incl .
general
100.000434% street opening bonds. Due $4,000, Oct. 1 1.,29 to 1953.
The bonds are dated Dec. 1 1926, are in denoms. of $1,000 and mature
incl.
serially on Dec. 1. Interest payable June 1 and Dec. 1.
MAR. 10 1928.]
FINANCIAL CHRONICLE
1553
60.000 4% city portion, sewer bonds. Due Oct. 1 as follows: $2,000. port at a price of 100.003, is due and payable on Mar. 1, as follows: $5,000.
1929 to 1943, incl., and $3,000, 1944 to 1953, incl.
1932 and 1933: $6,000, 1934 to 1938: 57,000, 1939 to 1943. and $8.000..
40,000
% city portion, water bonds. Due Oct. 1 as follows: $1.000, 1944 to 1948, all incl., giving a basis of about 3.999'.
1929 to 1938, incl.. and $2,000, 1939 to 1953. incl.
(This report corrects that given in V. 126, p. 1237).
25.000 59" park bonds. Due Oct. 1 as follows: $1,000, 1929; and $2,000.
MONTGOMERY COUNTY (P. 0. Rockville), Md.-BOND SALE.1930 to 1941, incl.
The $30,000 5% Brookeville Pike grade crossing elimination bonds offered
10,000 59' fire department bonds. Due Oct. 1 as follows: $1,000, on Mar.
6-V. 126,P. 1237
-were awarded to John P. Baer & Co. of Balti1929 to 1938,incl.. and $2,000, 1937.
more. at 103.302, a basis of about 4.57%. Dated Mar. 1 1928. Due
Dated April 1 1928.
$1,500. Mar. 1 1929 to 1948, incl. Other bidders were:
LAKE OF THE WOODS COUNTY (P. 0. Baudette), Minn.-BOAD
BidderRate Bid.
OFFERING.
-Sealed bids will be received until 10 a. m. on March 15 by Silver Springs National Bank
100.00
M.D.Weeks,County Auditor, for the purchase of a $95,000 issue of drain- Mercantile Trust & Deposit Co. and Stein Bros. & Boyce
100.29
age funding bonds. Int. rate not to exceed 5%. Denom.$1,000. Date
MOREHOUSE PARISH MERGED SCHOOL DISTRICT NOS.!2
March 1 1928.
-BOND OFFERING.
-Sealed bids will be
Due on Mar. 1 as follows: $9,000 from 1933 to 1942, incl., and $5,000 AND 3 (P. 0. Bastrop), La.
in 1943. Prin. and int. payable at point suitable to the purchaser. A received by E. D. Shaw, Secretary of the District, until noon on Apr. 3,
for the purchase of an issue of $125.000 coupon school bonds. Int. rate
certified check for 3% must accompany the bid.
not to exceed 59". Denom. $1,000. Dated Apr. 1 1928 and due on Apr.
LA SALLE COUNTY (P. 0. Cotulla), Tex.
-WARRANT SALE.
-A 1 as follows: 86,000, 1929 to 1931: 37.000. 1932 and 1933: $8,000, 1934 to
$60,000 issue of 6% semi-annual warrants has recently been purchased by 1936: $9,000, 1937 to 1939; 510,000. 1940 and 1941 and $11,000. 1942 and
the Brown-Crummer Co. of Wichita. Warrants are due serially in from 1943, all incl. Int. payable on Apr. & Oct. 1. Chapman & Cutler of
Chicago will furnish legal approval. A certified check for 2% of the bid
1 to 25 years.
Is required.
LESLIE SCHOOL DISTRICT NO. I, Ingham County, Mich.
Financial Statement.
BOND OFFERING.
-Sealed bids will be received by J. R. Boggedy, SecreSchool District Nos. 2 and 3 were merged June 9 1925 by authority of
tary Board of Education, until 3 p. m. Mar. 20, for the purchase of an Act No. 33 of 1922. The assessed valuation of School District No. 2 and
issue of$85,000 4Si% coupon school bonds. Dat Apr. 11928. Denoms. 3 Merged, as per 1927 roll is 511,048.050. Population estimated at 8,000.
$1,000. Prin. and int. payable at a place designated by the successful (No available census report.). Corporation of Bastrop included within
bidder.
this district. Approximate area of district. 79.000 acres. Approximate
LIVE OAK,Suwanee County, Fla.
-BOND OFFERING.
-Sealed bids miles of railroads, 30. Outstanding bonds, $223,500.
will be received until 10 a. m. on Apr. 2, by E. S. Conner, Bond Trustee,
MORGAN COUNTY (P. 0. McConnelsville) Ohio
-BOND SALE.
for the purchase of a $7.000 issue of 5% improvement bonds, issue of 1926. The $14,000 5% county bonds offered on Feb. 11-V. 126. p. 751-were
2d series. Denom. $1,000. Dated July 1 1926 and due on July 1 1956. awarded to A. E. Aub & Co. of Cincinnati, at a premium of $378, equal to
Int. payable on Jan. & July 1.
102.70, a basis of about 4.254%. Dated Dec. 1 1927. Due $1,000, Mar.
LOCkPORT, Niagara County, N. Y.
-BOND SALE.
-James A. and Sept. 1 1929 to 1935 incl.
Trowbridge of New York, was awarded on Mar. 7, an issue of $15,112.18
-An $80,MORRISTOWN, Hamblen County, Tenn.-BOAD SALE.
5% Beattie Ave. paving bonds at 102.713, a basis of about 4.36%. Dated 000 issue of 5% sewer bonds has been purchased by an unknown investor.
Mar.7 1928. Due Mar.7,as follows: $1,679.14 1929 to 1936 incl.; and $1,MORROW COUNTY (P. 0. Mount Gilead), Ohio.
-BOND OFFER679.13, 1937. Prin. and int. payable at the office of the City Treasurer.
ING.
-Sealed bids will be received by M. L. Rule, Clerk Board of County
LOCKWOOD, Dade County, Mo.-BOND SALE.
-The $55,000 issue Commissioners, until 10 a. m. Mar. 15, for the purchase of an issue ofof 4 % semi-annual water works bonds offered for sale on Mar. 1- $28,043.70 5% special assessment improvement bonds. Dated Apr. 1
V. 128, p. 905
-was awarded to the Mercantile Trust Co. of St. Louis at a 1928. Due as follows: $971.85, Mar. and Sept. 1 1929; and $1,450, Mar.
price of 101.432, a basis of about 4.36%. Dated May 1 1928. Due in and Sept. 1 1929: and $1,450. Mar. and Sept. 1 1930 to 1938 incl. A check
from 5 to 20 years.
payable to the order of the County Treasurer, for 5% of the bonds offered
is required.
LOGAN COUNTY (P. 0. Logan), Iowa.
-BOND SALE.
-A 5300,000
issue of 43i% primary road bonds has ben purchased by Geo. M.Bechtel
MOUNT VERNON SCHOOL DISTRICT (P. 0. Mount Vernon)
& Co. of Davenport for a premium of $2,655, equal to 100.831, a basis Franklin County, Tex.
-A $50,000 issue of school bonds
-BOND SALE.
of about 4.17%. Due in 1942. (This report corrects that given in has been purchased by the Geo. L. Simpson & Co. of Dallas. (Rate and
V. 128, p. 1394.)
price not given.)
LYFORD INDEPENDENT SCHOOL DISTRICT (P. 0. Lyford),
MULTNOMAH COUNTY SCHOOL DISTRICT NO. 1 (P. 0. PortWillacy County, Tex.
-BOND SALE.
-The $60,000 issue of 5% coupon land), Ore.
-Sealed bids will be received until noon
-BOND OFFERING.
school bonds offered for sale on Feb.28-V.126, p. 1076
-has been awarded on Apr. 2. by E. T. Stretcher, School Clerk, for the purchase of an issue ofto Kauffman, Smith & Co., Inc., of St. Louis for a $900 premium, equal to 51.000.000 coupon series B school bonds. Int. rate not to exceed 6%.
101.50. The second highest premium was $890, offered by Fred Emert & Denom. $1,000. bated Apr. 15 1928 and due on Apr. 15, as follows:
Co. of St. Louis. There were four other bids.
$55.000. 1931 to 1938 and $56.000 from 1939 to 1948, all incl. Prin. and
MANILA SPECIAL SCHOOL DISTRICT (P.O. Manila), Mississippi semi-annual int. payable at the Oregon fiscal agency in New York City
County, Ark.
-BOND SALE.
-A $22,000 issue of 5% school bonds has or at the office of the County Treasurer. County will furnish legal opinion
of Storey, Thorndike. Palmer & Dodge of Boston. Required bidding
been purchased by M. W. Elkins & Co. of Little Rock.
forms will be furnished by the School Clerk. A certified check for 5%
MARBLEHEAD, Essex County, Mass.
-BOND SALE.
-Arthur Perry of the bid, payable to the above clerk, is required.
& Co. of Boston were awarded on Mar. 9 an issue of $95,000 33‘% sewer
NEW BEDFORD, Bristol County, Mass.
-TEMPORARY LOAN.
bonds at 102.07. The bonds are dated Mar. 1 1928 and mature serially
S. N. Bond & Co. of Boston. were awarded on Mar. 6. a $1,000,000 temfrom 1929 to 1958'inclusive.
porary loan on a 3.70% discount basis. The lean matures in 7 months.
MARCELLUS, Cass County, Mich.
-BOND ELECTION.
-At the
NEW CASTLE COUNTY (P. 0. Wilmington) Del.
-BOND SALE.
Spring election the voters will be asked to authorize the issuance of $20,000
bonds to retire the present outstanding bonds of the village. The issue The following issues of 43.6% bonds aggregating $150,000 offered on Mar.
-were awarded to Laird, Bissel & Meeds of Wilmington
if approved will bear interest at the rate of4%% and will mature at the rate 6-V. 126, p. 1237
at 107.47,a basis of about 4.07%
:
of $2,000 bonds per year commencing in 1930.
$100,000 coupon or registered highway impt. bonds. Dated Dec. 1 1925.
MARION COUNTY UNION ROAD DISTRICT (P. 0. Firmont),
Due $20,C00, Dec. 1 1950 to 1954 incl.
W. Va.-BOND SALE.
-An issue of $134.000 road bonds has been pur50,000 coupon bridge impt. bonds. Dated June 1 1922. Due June 1, as
chased at par by the county sinking fund.
follows: $15,000. 1960:510,000, 1961;815.000, 1962 and 510.000.
1963.
MARLBORO BRIDGE DISTRICT (P. 0. Bennettsville), Marlboro
-ADDITIONAL INFORMATION.
County, S. C.
-We are informed
NEW YORK (State of)
-BOND SALE.
-The following issues of bonds
District Chairman, in connection with the offering aggregating $22,500,000 offered on Mar.6-V. 126. p. 906
by J. W. Le Grand,
-were awarded
on March 22-V. 128, p. 1395-that a certified check for 60% of the to a syndicate composed of Chase Securities Corp.. Hallgarten & Co.,
bonds, payable to the above Chairman, is required.
Ladenburg, Thalmann & Co., Empire Trust Co., National Park Bank,
Financial Statement.
Barr Bros. & Co., Manufacturers Trust Co. A. B. Leach & Co., Salomon
Assessed valuation for 1927
5251,215 Bros. & Hutzler, Wood, Gundy & Co., A. M. Lampert & Co., the Bank of'
Actual value of property (estimated)
12,500,000 United States, and Dewey, Bacon & Co. at a premium of 517.977.50,
Total bonded debt outstanding
146,000 equal to 100.0799 a net interest cost of about 3.692% as follows:
'
Sinking fund held for debt redemption
9,000 512,500,0003)4% State institution building bonds. Due $500,000, Mar. 1
1929 to 1953 incl.
Total bonded debt outstanding, net
19,000.3137,000
7.600.000 General State improvement bonds as 4s. Due $304,000, Mar. 1
Population, census of 1920, 15,000; present population,
1929 to 1953 incl.
MARSHALLTOWN,Marengo County, Iowa.
2,400,000 Gimeral State impt. bonds as 3Yis. Due $48,000. Mar. 1 1929
-BONDS NOT SOLD.
The $125,000 issue of coupon Liberty Memorial bonds offered for sale on
to 1.178 incl.
-was not sold as all bids were rejected. The
Mar. 5-V. 126. p. 1236
Bondr Reofferea For Investment.
-The bonds are now being offered oy the
future disposition of the bonds is undecided.
successful syndicate for investment as follows:
Prices to Yield (Accrued Interest to Be Added).
MECKLENBURG COUNTY (P. 0. Charlotte), N. C.
-NOTE SALE.
The $100,000 issue of bond anticipation notes offered for sale on March 5
% Bonds.
% Bonds.
4% Bonds.
-v.126. p. 281-was awarded to the Independence Trust Co. of Charlotte 1929
1929
3.50 %
1929
3.50%
3.50%
at 3.80%. Denom.$10,000. Dated March 9 1928 and due on Apr. 91928. 1930-38
1930-38
3.60
3.55
1930-38
3.80
1939-53
1939-53
3.625
3.60
1939-53
3.65
MENOMINEE,Menominee County, Mich.
-BOND SALE.
-The
1954-78
3.65
reconstruction drawbridge bonds offered on Mar. 5-V.$60,000 43i%
126.
The bonds it is stated are a legal investment for trustfunds in New York,
-were awarded to Halsey, Stuart & Co. of Chicago, at a premium
p. 1238
of $480, equal to 100.80, a basis of about 4.14%. The bonds are dated and for savings banks in New York, Mass., Conn. and other States. With
reference to the result of the offering, Morris S. Tremaine, State CompApril 1 1928 and mature $4,000, from Oct. 1 1932 to 1946, incl.
troller said:
MERIDIAN, Lauderdale County, Miss.
-BOND ELECTION
"I am highly pleased not only at the price received, but also at the wide
.-A
special election will be held on Apr. 3, in order to vote upon the issuance of interest shown in the securities. The sale demonstrates to me that interest
$440,000 in bonds. The purposes of the issues are, it is stated, as follows: in New York State bonds, which bankers consider as fine a security as therefor the establishing of a white way for the downtown district, for the pur- Is in the world, is steadily increasing. I would also call attention to the fact
chase of a street washing machine, for the establishment and equipping that this is the first time in 19 years that the State of New York has borof two additional fire stations and the extension of the water system and rowed money at a coupon rate ofless than 4%.
sewerage system to the newly acquired territory, taken into the city when
Morris S. Tremaine, State Comptroller, sends us the following list of
the limits were extended.
other bids submitted for the bonds:
Mechanics Bank of Brooklyn.
-$1.000,000,4% interest at 100)4% accrued
MIAMI COUNTY (P.O. Troy), Ohio.
-BONDS REJECTED BY SUC-for the general State Improvements.
-The issue of $88,000 coupon special assessment road interest
CESSFUL BIDDER.
Interstate Trust Co., 59 Liberty St.. N. Y. City, $2,400,000 State of New
awarded on Feb. 3 as 491s to Seasongood & mayor of
Improvement bonds
Cincinnati, at 100.50, a basis of about 4.15%-V. 126, p. 905
-has been York general State improvements 4% bonds, maturing 348,000 annually
rejected by the successful bidders, according to the West Milton "Record' March 1 1929 to 1978. inclusive. at 104.51.
Livingston
of Feb. 22. According to the purchasers the bonds were not prop- institutions County Trust Co., Genesee, N. Y.-$250,000 par value, State buildings 3Si% bonds at 100.187.
erly advertised. The law requires that the sale of bonds must be adverNational City Co., N. Y. City, bid par for all but no part of $22,500,000
tised in two newspapers of opposite politics and since that section was not State of New
York serial gold bonds, to consist of $12,500,000 State insticompiled with the bonding house is refusing the bonds.
tutions buildings, 334%; $7,600,000 general State improvements, 4%;
MIDLAND INDEPENDENT SCHOOL DISTRICT (P. 0. Midland) $2,400.900 general State improvements, 4%.
-PRE
Tex.
-ELECTION SALE.
-An issue of $100,060
Midland County,
Marine Trust Co., and Manufacturers & Traders-Peoples Trust Co.. both
%
4( school bonds has recently been purchased by 11. C. Burt & Co. of of Buffalo. N. Y., bid $22,507,875 for all or none, to consist of $12.506,000
Houston at a price of 101.305, prior to an election to be held shortly.
State institutions buildings. 334%;$7,600,000 general State improvements,.
%•
MILLE LACS COUNTY SCHOOL DISTRICT NO. 30(P.0. Milaca), 4%; 52,400,000 general State improvements,
-BOND SALE.
-A $7,000 issue of 43j% school bonds has been purMinn.
NORMANDY CONSOLIDATED SCHOOL DISTRICT (P. 0. Norchased at par by the State of Minnesota. Due in from 1 to 15 years.
mandy) St. Louis County, Mo.-BOND SALE.
-A $342,000 issue of
MINDEN,Kearney County, Neb.-BOND SALE.
-Local banks have 4S1% school bonds has recently been purchased jointly by Taussig, Day,
Fairbank & Co., Stix
purchased a $22,337.46 issue of 4)4% street improvement district No. 7 Trust Co., all of St.& Co., Smith, Moore & Co. and the Liberty Central
Louis. Denom. $1,000. Dated Mar. 1 1928 and
bonds. Due on Dec. 1 as follows: $337.46 in 1928; $2,000. 1929 and
due on Mar. 1, as follows: $10.000, 1929 to 1933: $15,000, 1934 to 1938
$2,500 from 1930 to 1937, incl.
$20,000, 1939 to 1946: $25,000 in 1947 and $32,000 in 1948. Prin. and int;
MONROE COUNTY (P. 0. Rochester), N. Y.
-BOND SALE.
-The (M.& S. 1) payable at the Merchants-Laclede National Bank in St. Louis.
$1,500,000 coupon park bonds offered on March 2-V. 126. p. 1076
-were
-LOAN OFFERING.
NORTHAMPTON, Hampshire County, Mass.
awarded to a syndicate composed of the Bancitaly Co., Redmond & Co., Sealed bids will be received by Albina L. Richard, City Treasurer, until
both of New York City. and Sage, Wolcott & Steele of Rochester at 100.02, 5 p. m. Mar. 13. for the purchase on a discount basis of a $300,000 tem3.822%, as follows: For $625,000 maturing Feb. 1 as fola basis of about
rary loan. Dated Mar. 25 1928. Denoms. $25,000, $10,000 and $5,000.
lows: 5425,000, 1935 to 1938 incl.: $50,000, 1939 to 1944 incl., and $75,000,
Nov. 2 1928. Legality approved by Ropes, Gray, Boyden & Perkins
1945 to 1947 incl., as 48; and $875,000 bonds maturing 876,000, 1948 to ofue
Boston.
1952 incl., and $100,000, 1953 to 1957 incl., as 3)js.
-BOND SALE.
-An 58.500 issue
OELWEIN, Fayette County, Iowa.
MONTEZUMA SCHOOL DISTRICT (P. 0. Montezuma) Iowa.- of 43i% improvement bonds was purchased on Feb. 27, by George M.
school
MA TURITY.-The $115.000 issue of 4% coupon sl buildingbonds Bechtel & Co. of Davenport. It is also reported that the same firm pur-by Geo. M.Bechtel & Co.of even- chased a $24,300 issue of paving bonds.
recently purchased-V. 126, p. 1237
r
1554
FINANCIAL CHRONICLE
[vol.. 126.
ONTARIO SCHOOL DISTRICT(P.O.San Bernardino) San BernarDated Jan, 11928. Bids may be submitted for bonds bearing a different
dino County, Calif.
-BOND SALE.
-The $75.000 issue of 4319' school rate of interest, said rate, however, to be stated in a multiple of 31 of 1%
bonds offered for sale on Feb. 27-V. 126, P. 1237
-was awarded to the or multiples thereof. A certified check payable to the order of the City
J. E. Edgerton Co. of Pocatello (Idaho) for a premium of $1,860, equal to Treasurer. for 2% of the bonds offered is required.
102.48, a basis of about 4.205%. Denom. $1,000. Dated Mar. 1 1928.
Due from Mar. 1 1929 to 1948, incl. Prin. and semi-annual int.(M.&
PREBLE COUNTY (P.0.Eaton), Ohio.
-BOND SALE.
-The following issuce of 531% road improvement bonds, aggregating $95,370 were
payable at the office of the County Treasurer.
awarded on Feb. 25 as below:
OTTAWA COUNTY (P. 0. Grand Haven), Mich.
-BOND SALE.-. $55.200 Harrison Township road impt. bonds to the Preble County NaThe Security Trust Co. of Detroit, was awarded on Mar. 1, an issue of
tional Bank, at a premium of $1,850, equal to 103.35, a. basis of
$90,000 Assessment District Road No. 14 bonds at a premium of $835. about 4.93%. Due as follows: $3.000.44 April 1 1927; $3,000 Oct. 1 1927:
equal to 100.927. The bonds mature $10,000. May 1 1930 to 1938 incl.
$3,000 April and Oct. 1 1928 to 1934, incl.; and $2,400 April and
(Rate of interest not given.)
Oct. 11935, and April 1 1936.
40,170 road improvement bonds to the Eaton National Bank,at a premium
OWEN COUNTY (P. 0. Spencer), Ind.
-BOND OFFERING.
-Sealed
of $1,408,equal to 103.50%. Due serially from 1929 to 1938, incl.
bids will be received by James A. Raper, County Treasurer, until 10 a. m.
The following bids were received:
Mar. 15, for the purchase of an issue of $7,500 431% coupon road bonds.
$55,200 Issue.
Dated Mar. 15 1928. Denom. $375. Due $375 May and Nov. 15 1929 Seasongood
& Mayer, Cincinnati, conditional
$2,093.00
to 1938, incl.
Eaton National Bank, Eaton, unconditional
1,810.00
PAGE COUNTY (P. 0. Clarinda), Iowa.
-BOND OFFERING.
- Twin Valley Bank, West Alexandria, conditional
411.18
Sealed bids will be received by W. N. Dewhurst, County Treasurer, until Preble County National Bank, Eaton, unconditional
1,850.00
2 p. m. on Mar 16, for the purchase of a $200.000 issue of 434% primary Taylor Wilson & Co., Cincinnati, conditional
2,098.80
road bonds. Denom.$1.000. Dated Apr. 1 1928. Due $20,000 annually Stranahan, Harris & Oatis, Toledo, conditional
1,931.16
from, May 1 1933 to 1942, incl. Optional after 5 years. Int, payable W. L. Slayton & Co., Toledo, conditional
2,502.50
annually. Sealed bids will be given attention only after all open bids are in. Ryan, Sutherland & Co., Toledo. conditional
2,072.00
Blank bonds to be furnished by purchaser. Approving opinion of Chap$40,170 Issue.
man & Cutler of Chicago will be furnished. A certified check for 39' of Seasongood & Mayer, Cincinnati, conditional
1,664.00
the bonds offered, payable to the County Treasurer, is required. (This is Eaton National Bank, Eaton, unconditional
1,408.00
Twin Valley Bank, West Alexandria, conditional
a more detailed report than the one given in V. 126, p. 1396.).
304.11
Preble County National
1,355.00
PALESTINE, Anderson County, Tex.
-BOND SALE.
-An issue of Taylor Wilson & Co., Bank, Eaton, unconditional
1,635.60
$100,000 refunding bonds has been purchased by W. L. Slayton & Co. of Stranahan, Harris & Cincinnati, conditional
Oatis, Toledo, conditional
1,428.30
Toledo,
W. L. Slayton & Co., Toledo, conditional
1,525.00
PANGBURN SPECIAL SCHOOL DISTRICT (P. 0. Pangburn), Ryan, Sutherland & Co., Toledo. conditional
1,525.00
White County, Ark.
-An $11,000 issue of 59' school
-BOND SALE.
QUEEN ANNE'S COUNTY (P. 0. Centerville), Md.-BOND SALE.
bonds has been purchased by M. W. Elkins & Co. of Little Rock. Due
The $10,000 5% Lateral road bonds offered on Feb. 28-V. 126. p. 1077
from 1933 to 1948, incl.
-were awarded to Alexander Brown & Sons of Baltimore, at 108.681. a
PERTH AMBOY, Middlesex County, N. J.
-BOND SALE.
-Harris, basis of about 4.01%. The bonds are dated Jan. 1 1928 and mature
Forbes & Co. of New York City, were recently awarded an issue of $95,000 $5,000 Jan. 1 1939 and 1940.
4.20% temporary improvement bonds. The bonds are dated Mar. 12
1928 are in denoms. of $10.000 and $5,000 and mature Mar. 12 1930.
RECTOR SCHOOL DISTRICT (P.0. Rector), Clay County, Ark.
BOND SALE.
-A $43,000
PHENIX CITY, Lee County, Ala.
-BOND SALE.
-The $125.000 by M. W. Elkins & Co. ofissue of 5% school bonds has been purchased
Little Rock,
issue of 6% coupon water works bonds offered for sale on Mar. 5-V. 126,
-was awarded to the Davies-Bertram Co. of Cincinnati at a price
p. 1237
ROCHESTER, Monroe County, N. Y.
-NOTE SALE.
-The following
of 107.25, a basis of about 5.49%. Denom. $1,000. Dated Nov. 1 1925 note issues aggregating $1.390,000 were awarded on Mar.8, to the National
and due on Nov. 11955. The other bidders were as follows:
Bank of Rochester. on a 3.69% discount basis:
BidderPrice Bid. Amount- Purpose.
Date Payable.
Walter. Woody & Heimerdinger of Cincinnati
107.10 $750,000 General revenue, 1928
Juno 12 1928
Ward, Sterne & Co. of Birmingham
125,000 Local improvement
107.00
Nov. 12 1928
Magnus & Co. of Toledo
350.000 School revenue
103.55
June 12 1928
100,000 School construction
Nov. 12 1928
PHILADELPHIA, Pa.
-The following issues of 49"
-BOND SALE.
40,000 Transit subway
Nov. 12 1928
registered and coupon bonds aggregating $7.500.000 offered on Mar. 5
25,000 Municipal land purchase
Nov. 12 1928
-were awarded to the Sinking Fund Commissioners, on
-V. 126. p. 907
Salomon Bros. & Hutzler of New York City, were the next highest
Its all or none bid of 101.919 a basis of about 3.86%
bidders offering a premium of $11.00 on a 3.73% discount basis.
-year bonds. Due Mar. 1 1978.
$4,500,000 50
S. N. Bond & Co. offered a premium of $20 on a 4% discount basis.
-year bonds. Due Mar. 1 1958.
3.000,000 30
Dated Mar. 1 1928. Int. payable Jan. & July 1. The City reserves
ROCKY MOUNT, Edgecombe County, N. C.
-BOND SALE.
-The
the right to redeem these bonds at par and accrued int. at the expiration of $48.000 issue of coupon or registered funding bonds offered for sale on
20 years from the date of issue of this loan, or at any int. period thereafter. March 1-V. 126, p. 1238
-was awarded to A. E. Wharton of Norfolk. as
upon 60 days' notice by public advertisement.
431% bonds, for a premium of $100, equal to 100.208, a basis of about
The following is an official list of all the bids submitted for the bonds: 4.467%. Denom. $1,000. Dated Feb. 1 1928 and due on Feb. 1 as follows:
Yarnell & Co., for First National Bank, New York; White, Weld & Co., 34,000, 1931 and 1932 and $5,000 from 1933 to 1940, incl. The following
Old Colony Corp., Wm. It. Compton Co., Eldredge & Co.. Geo. B. is a complete list of the bids and bidders:
Gibbons & Co., Inc., Lazard Freres, Bancitaly Corp., Yarnell & Co.,
BidderAddress.
bate.
Price.
Taylor, Ewart & Co.. Inc., First National Bank, Pittsburgh; Edward A. E. Wharton
Norfolk, Va.
431 $48,100.00
Lowber Stokes & Co., Gibson, Leefe & Co., Inc.. St. Louis Commerce Braun-Bosworth & Co
Detroit, Mich,
431
48,07 .00
-Alternate bids: All or none. 100.68 & int.; all or any part, 100.27 & int. Taylor. Wilson & Co
Co.
Cincinnati, Ohio
48.053.50
43
Drexel & Co., Brown Brothers & Co., Guaranty Co. of New York, The A. T. Bell & Co
Toledo, Ohio
4
48.566.40
Union Trust Co. of Pittsburgh by Drexel Sr Co_ ....All or none
100.4968 Assel. Goetz & Moerlein, Inc....Cincinnati, Ohio
48,520.00
4
Lehman Bros., The Equitable Trust Co., New York, Chase Securities Corp. The Davies-Bertram Co
Cincinnati, Ohio
44
48,518.40
& Associates, by Equitable Trust Co.. New York_ _All or none
101.06 N. S. Hill & Co
Cincinnati, Ohio
4'4
48,499.26
The National City Co.; Harris, Forbes & Co., New York; Janney & Co.; Prudden & Co
Toledo
4y
48,491.00
Graham. Parsons & Co.; W. II. Newbold's Son & Co.; Lee, Higginso
Ryan, Southerland & Co
Toledo, Ohio
4
44,462.00
& Co.. New York; L. F. Rothschild & Co.. New York; R. M. Schmidt & A. E. Aub & Co
Cincinnati, Ohio
43
48,452.50
Co..New York; R.H.Moulton & Co., New York; First Trust & Savings Stranahan, Harris & Co., Inc
Toledo
41
48,412.00
Bank, Chicago, by the National City Co.. mar.
-Alternate bids: All or John Nuveen & Co
Chicago, Ill
4I
48,385.00
any part
100,409 All or none
100.649 The Provident Says. Bk. & Tr....Cincinnati, Ohio
-For all or any part of $1,000,000. Seasongood & Mayer
Bank of North America & Trust Co.
Cincinnati, Ohio
10
48:371.00
.
Chicago. Ill
433
10131 &int- A. 0. Allyn & Co
48,335.60
First Penny Savings Bank. Phila
$500,000
W. L. Slayton & Co
Toledo, Ohio
44
,
101
48,203.00
Penn National Bank, Phila
Either loan,$500,000
Hannahs. Bailin & ee
City
100.25
New York
431
48,158.88
Central National Bank of Phila
$1,000,000
Cincinnati, Ohio
100 Yt Bohmer-Reinhart & Co
434
48,130.00
$7,500
Henry N.Griesinger and Mary D. Griesinger,jointly
W. IC. ferry & Co
Toledo, Ohio
4,4
10
48,037.00
Winston-Salem, N. C. 434
48,040.00
-BOND SALE.
PHILLIPS COUNTY (P.0. Helena), Ark.
-A $27,000 Wachovia Bank & Trust Co N. Y.
ROME, Oneida County,
-The $25,000 coupon
-BOND SALE.
issue of 5319' Crestwood Improvement District bonds has been purchased
general city bonds offered on March 5-V. 126, p. 1238-were awarded to
by M. W. Elkins & Co. of Little Rock at a price of 100.75.
the Manufacturers & Traders-Peoples Trust Co. of Buffalo, as 4s, at
PITTSBURGH, Allegheny County, Pa.
-BOND SALE.
-The $125.- 100.01, a basis of about 3.996%. Dated Jan. 1 1928. Due $5.000 Jan. 1
000 431% coupon or registered electric traffic control signal bonds offered 1929 to 1933, incl.
-were awarded by J. H. Holmes & Co. of
on Mar. 6-V. 126, p. 1237
ST. JOSEPH, Buchanan County, Mo.-LIST OF BIDDERS.
Pittsburgh, at 101.736. a basis of about 3.87%. Dated Feb. 1 1928.
-The
following is a complete detailed list of the bidders and the bids submitted
Due $12.500. Feb. 1 1929 to 1938. incl.
for the purchase of the $96,000 issue of 431% coupon bridge bonds offered
PLAINGROVE TOWNSHIP SCHOOL DISTRICT (P. 0. Slippery and sold on Feb. 27-V. 126. p. 1397-to the National City
Co. of New
Rock R. F. D. No. 11, Butler County, Pa.
-BOND OFFERING.
-Sealed York at a price of 104.333, a basis of about 4.05%:
bids will be received by R. A. Stevenson, Secretary, Board of School DirecNamePremium.
tors, until 12 m. Mar. 17, for the purchase of an issue of $24,500 school Tootle-Lacy Co., St. Joseph, Mo
$3.729.00
bonds to bear interest at the rate of 43.1% and dated April 11928.
Empire Trust Co., St. Joseph, Mo.,and Harris Trust Co.,Chicago 4,013.00
PLATTSMOUTH, Cass County, Neb.-BOND SALE.
3,715.20
-Two issues of Commerce Trust Co., Kansas City, Mo
paving bonds, aggregating $19,815, have been purchased. The issues are Prescott. Wright, Snider Co., Kansas City, Mo
4,100.00
Stern Brothers, Kansas City, Mo
as follows: $14,845 district bonds and $5,000 intersection bonds.
4,105.50
Federal Commerce Trust Co., Kansas City, Mo
3,668.73
PLYMOUTH COUNTY (P. 0. Le Mars), lowa.-BOND OFFERING. Wm. R. Compton Co., St. Louis, Mo
3,626.88
-Sealed bids will be received until 2 p. m. on Mar. 13, by A. Langhout, Kauffman Smith Co.. St. Louis, Mo
3,729.00
County Treasurer, for the purchase of a $200,000 issue of 431% semi- Mississippi Valley Trust Co., St. Louts, Mo
4,128.00
annual primary road bonds. Denom. $1,000. Dated Apr. 1 1928. Due Stir & Co., St. Louis, Mo
3,778.00
$20,000 annually from May 1 1931 to 1940 incl. Blank bonds to be fur- Rutter & Co., New York City
2,932.80
nished by purchasers. Chapman & Cutler of Chicago will furnish legal A. B. Leach & Co., Chicago
3,530.00
ovinfopinion. interestratewlilberlcgMbyanamenory Guaranty Co. of New York, Chicago
$4,163, or 104.33
The Openbid wilbegvcornafthezldrin
E. If. Rollins & Sons, Chicago
$4,033.44
resolution, provided a good bid is received. A certified check drawn National City Co., Chicago
4,159.68
payable to the above treasurer, for 3% of the bonds, is required.
Morris Mather & Co., Chicago
3,075.00
Liberty Central Trust Co., St. Louis, Mo
4,060.88
PORTSMOUTH, Scioto County, Ohio.
-Sealed
-BOND OFFERING.
bids will be received by Talmadge Edwards, City Auditor, until 12 m.
SALAMANCA, Cattaraugus County, N. Y.
-BOND SALE.
-The
Mar. 29, for the 'purchase of the following issues of bonds aggregating $43,275.11, registered public improvement bonds offered on Mar. 5-V.
$1,430,184.37: $900,000 5% water works improvement bonds. Denom. 126, p. 1236-were awarded to the Manufacturers & Traders-Peoples
$1,000. Due $36.000, Jan. 1 1930 to 1954 ncl.
Trust Co. of Buffalo, as 4315, at 100.099. The bonds are dated Feb. 1
230,000 5% Flood Wall construction bonds. Denom. $1,000. Due Jan. 1928, principal and interest payable at the Salamanca Trust Co., Sala1, as follows: $8,000. 1930 and 1931: 37,000, 1932: $8.000, manca. Other bidders were:
1933 and 1934: 37.000. 1935; 58,000, 1936 and 1937: $7,000.
BidderRate Bid.
Int, Rate,
1938, $8,000. 1939 and 1940: $7,000, 1941: 58,000. 1942 and George B. Gibbons & Co.
4.25%
100.052
1943: 37.000, 1944; $8,000, 1945 and 1946; $7,000, 1947: Farson. Son & Co.
100.34
4.50
$8.000. 1948 and 1949: $7,000, 1950: $8.000, 1951 and 1952:
SALT LAKE CITY, Salt Lake County, Utah.
-BOND SALE.
57,000. 1953; $8.000. 1954 and 1955: $7,000. 1956; $8,000, 1957 Two
issues of 4% bonds, aggregating $600,000 have been jointly purchased
and 1958. and $7,000, 1959.
145,266.42 6% special asst. Sciotoville Dist. sewer bonds. Denom. 51.000, by E. B. Palmer & Co. of Salt Lake City, the International Trust Co. of
Denver and the Harris Trust & Savings Bank of Chicago, at a price of
one bond for $266.42. Due Jan. 1, as follows: $15,266.42, 1930:
$14,003, 1931; 515.000. 1932: $14.000, 1933: 515,000. 1934: 101.05, a basis of about 3.92%. The issues are described.as follows:
$14,000, 1935; $15,000, 1936: $14,000. 1937: 515,000. 1938. and $475,000 refunding water bonds. Due on Apr. 11948.
125,000 refunding sewer bonds. Due $12,500 annually from 1939 to
314.000, 1939.
1948.
89,167.95 6% special assessment Chillicothe St. improvement bonds.
Denom. $1,000, one bond for $167.95. Due Jan. 1, as follows:
SAN ANGELO, Tom Green County, Tex.
-BOND SALE.
-A $500,$8.167.95, 1930, and 59,000, 1931 to 1939 incl.
000 issue of 5% civic improvement bonds was awarded on Feb. 29,
36,500.00 5% Gallia St. improvement bonds. Denom. $1,000, one bond Edwards, Inc. of Oklahoma City for a premium of $10.000, equalto It. J.
to 102.
for $500. Due Jan. 1, as follows: 53,500, 1931: $4.000, 1931: a basis of about 4.889'. Due in 40 years. A $350,000 issue of school
33.000. 1932: 54.000, 1933 and 1934: 53,000, 1935; $4,000. pansion bonds was jointly purchased by Stifel, Nicolaus & Co. of exSt.
1936: $3,000, 1937, and $4,000. 1938 and 1939.
Louis and C. W.
15,000.00 5% Flood Defense bonds. Denom. $500. Due $500, Jan. 1 equal to 104.11. McNear & Co. of Chicago for a premium of 314385,
1930 to 1959 incl.
SAN ANGELO INDEPENDENT SCHOOL DISTRICT (P. 0. San
10,500 5% City's portion, street improvement bonds. Denom. $1,000.
one bond for $500. Due Jan. 1, as follows: $1,500, 1930, and Angelo), Tex.
-BONDS VOTED.
-The $350,000 issue of 5% school building bonds that was purchased subject to the election by the Thomas In31.000. 1931 to 1939 incl.
3.750,005% City's portion, Lower Arlington DLst. sewer bonds. Denom. vestment Co. of Dallas.
-has been approved by a vote
-V. 126, p. 1077
of 408 "for" and 37 "against."
$150. Due 3150, Jan. 1 1930 to 1954 incl.
MAR. 10 1928.]
FINANCIAL CHRONICLE
1555
SAN ANSELMO SCHOOL DISTRICT (P. 0. San Rafael), Mann
County, Calif.
-BOND SALE.
-The $53.000 issue of 5% school bonds offered for sale on Mar. 6-V. 126, P. 908
-was awarded to the Bank of
Italy of San Francisco for a premium of $3,364, equal to 106,309, a basis
of about 4.27%. Denom. 81,000. Dated Feb. 1 1928. Due as follows:
$2,000, 1929 to 1934; 53,000, 1935 to 1947 and $2,000 in 1948.
SAN FRANCISCO (City and County) Calif.
-BOND OFFERING.
Sealed bids will be received until 3 p. m. on Mar. 26. by J. S. Dunniga
Clerk of the Board of Supervisors, for the purchase of a 52,600.000 issue n,
of
55' registered Retch Hetchy water bonds. Denom. $1,000. Dated Jan.
1
1925. Due $65,000 annually from 1930 to 1969 incl. Prin. and
semi-annually at fiscal agency. Delivery will be made within int, payable
10
award. Thomson, Wood & Hoffman of New York City have days from
approved
the legality of the issue. A certified check for 5% of
payable to the
above clerk, is required. (This report corrects and the bid, ents
supplem
report in
V. 126.p. 1397.)
Financial Statement.
The outstanding bonded debt of the City and County,
as of Mar. 1
1928, was:
Water, 1910
$37,000,000
Retch Hetchy,1925
7,400.000
In addition to its water plant, the borough has
years its own electric light and power plant, whichowned for about twenty
ing but produces sufficient revenue to meet all Is not only self supportearnings for 1927, after interst, sinking fund and borough expenses, (net
retireme
570,000) so that during the last year and far some yearsnt of serial bonds
past no borough
tax has been necessary, and only State, county
and school district taxes
have been levied.
SPRINGFIELD, Baca County, Colo.
-BOND SALE.
-A $9,000 issue
of 5%% water bonds was purchased on March 8 by
Donald F. Brown &
Co. of Denver.
STILLWATER SCHOOL DISTRICT (P. 0.
Stillwater), Payne
County, Okla.
-BOND OFFERING.
-Sealed bids will
C. E. Donart, Clerk of the Board of Education, until 5 be received by
bids at 7.30 p. in.) for the purchase of an $85.000 issuep. in. (opening of
of school bonds.
SUMMIT, Union County, N. J.
-BOND OFFERING.
be received by Frederick C. Kentz, City Clerk, until -Sealed bids will
8 A. m. March 20.
for the purchase of the following issues of 4, 4%
or 434% coupon or registered bonds, aggregating $607,000 no more bonds to
produce a premium of $1,000 over each of the issues be awarded than will
$380,000 school bonds. Due April 1 as follows: given below:
-11
$14,000, 1929 to 1938.
incl., and $12,000, 1939 to 1958,
$44,400,000
227,000 street,sewer and building bonds. incl. April
Other bonds
Due
1 as follows: $8,000,
43,372,200
1929 to 1945, incl., and $7,000,
Dated April 1 1928. Denom. $1,000. 1946 to 1958, incl.
Total
$87,772,200 at the office of the City Treasurer. The Prin. and int. payable in gold
The City has no floating indebtedness nor debt created
U. S. Mtge. & Trust Co..
in anticipation of will supervise the preparat
taxes. The assessment roll for the current fiscal year is:
ion of the bonds and will certify as toN.Y.
their
genuineness. A certified check payable
City and County non-operative property
$784,426,823 the bonds bid for is required. Legality to the order of the City for 2% of
State operative property
240,243,877 field & Longfellow of New York City. to be apptoved by Hawkins, DelaTotal assessment
SWEETWATER,Nolan County,
$1.024.670,700
-BOND ELEC TION.-A special
Property assessed at approximately 50% of its
election has been called for Mar. 29, Tex.
value.
the proposition of issuing $433.822 inin order to have the voters pass upon
SAN FRANCISCO (City and County), Calif.
as follows:
The first, it is stated, is for $183.388bondsissue for
The following is a complete list of the bids and -LIST OF BIDDERS.
bond
the 82,500,000 issue of 434% boulevard bonds bidders for the purchase of offive and five and one-half term bonds and outstandrefunding that amount
ing warrants and notes
offered
-1r. 126, p. 1397
-to the Guaranty Co.syndicate at a and sold on Feb. 27 bearing 6 and 8%,and refund them with 5% serial bonds.
basis of about 4.08%:
BidderThe second proposition, according to report, Is for
voting $225,000 serial
Amount Bid bonds bearing 5% notes to construct and
Guaranty Co. of New York
improve the waterworks system
$2,605,675.00 of the city. This amount will be spent in chilling
Blair & Co., Inc., Hallgarten & Co., Roosevelt &
wells and laying pipe
Son, Phelps.
Fenn & Co., Anglo California Trust Co.,
line augmenting the city's present water supply.
Schwabacher &
The third proposition is for a $25.000 serial
Co., Continental National Co., E. R.
Gundelfinger, Inc.
and improving of the sewer system of the city. bond for the construction
by Blair & Co.)
2,588,725.00
Heller, Bruce & Co
TEXAS, State of (P. 0. Austin).
2,599,027.00
Drake, Riley & Thomas
-BONDS REGISTERED.
-G. N.
Anglo London Paris Co., Bank of Italy, First
2,592.475.00 Holton, State Comptroller, registered the following bonds during the week
National Bank,
. .
New York, Eldredge & Co., The Detroit Co.,
Amount.
Inc., Kissel,
Place.
Purpose.
Kinnicutt & Co., Redmond & Co. (by
Mature.
Rate.
$68,999 City Midland
Anglo London
Refunding
Paris Co.)
Serially
30.000 Navarro Co
Road District No.12 Serially
R. H. Moulton & Co., Harris Trust & Savings
2,605,055.00
8.000 Lampasas
Bank, Bankers
Water Works
Trust Co., American National Co.. Security
Serially
4%
72.000 Lampasas
Co. (by R.
Sew
Sewer
H.Moulton & Co.
Serially
)
4%
30,000
Road District No. 3 Serially
2,602,137.50 275.000 Burnet Co
The National City Co., Old Colony Corp.,
534
Boston, Security
San Patricio
Road District No. 5 Serially
Bank & Trust Co. of California, California
s a
er
100.000 Goliad Co
Road Bonds
William Cavalier & Co.(by The National Securities Co.,
60,000 City Alvin
Sewer
Halsey, Stuart & Co., Inc., E. H. RollinsCity Co.)
2,601,975.00
Serlal ly
s i liy
5
20,000 Ci Alvin
& Sons, A. G.
City
Becker & Co., Geo. B. Gibbons & Co.
60,000 Shiner
(by Halsey, Stuart
& Co.)
School District Sergaiiy
se all
35,000 City Silverton
Water Works
2,601,400.00
SAN MARINO CITY SCHOOL
DISTRICT (P. 0. Los Angeles),
THROCICMORTON INDEPENDENT SCHOOL DISTRI
Los Angeles County, Calif.
CT (P. 0.
-BOND OFFERING.
-BOND DESCRIPTION.
-Sealed bids will be Throckmorton), Tex.
received by L. E. Lampton, County Clerk,
-The $50,000 issue of
until 2 p. m. on Mar. 26. for 53.4;% school refunding bonds recently purchased
the purchase of a $65,000 issue
-V.
-is more
of 5% school bonds. Denom. $1,000. fully described as follows: Denom. $1.000. Dated 126. p. 908
Dated Mar. 1 1928 and due on
Feb. 1 1928. Coupon
from 1930 to 1950,incl. Prin.Mar. 1,as follows: 82,000, 1929 and $3,000. In form. Awarded to the Roger W. Evans Co. of Dallas at par. Due
serially from 1933 to 1967. No option of
and semi-annual int. payable at the
Treasury. A certified check for 3%
prior payment. Int. payable
County
of the
of the Board of Supervisors, is recLu bonds, payable to the Chairman on March 1 and Sept. 1.
ired,_16m_.
TOLEDO, Lucas County, Ohio.
-BOND SALE.
14 SANTA BARBARA SCHOOL
-The 8100,000 street
DISTRICT (P. 0. Santa Barbara) widening bonds offered on March 2-V. 126, p. 1239
Calif.
-BOND OFFERING.
-were awarded to
-Sealed
on Mar. 19, by D. F. Hunt, County bids will be received until 10 a. m. the Detroit Trust Co. of Detroit as 4s at a premium of $2,203, equal to
Clerk, for the purchase of a 870,000 102.20, a basis of about 3.977. Dated March 1 1928.
0
issue of5% school bonds. Denom.
Due Sept. 1 as
$1,000. Dated Aug. 15 1927, and due on follows: $5,000. 1929 to 1942 incl., and 56,000.
Aug. 15, as follows: $3,000.
1943 to
1928: $2,000, 1929 to 1931; $3,000. 1932; 220,000 issue of playground bonds offered on the same 1947 incl. The
$2,000,1933;$3,000.1934; 82,000,1935
date was awarded
to 1937; $3,000. 1938; $2,000, 1941 to the Arthur T. Bell Co. of Toledo as 434s at par. Due
to 1943; $3,000, 1944; $2,000,
52,800, March 1
1945; $3,000. 1946: 52,000, 1947 to 1949: 1930 to 1939 incl.
53.000, 1950; $2,000. 1951; $3,000.
1952;$2,000, 1953 to 1955:$3,000, 1956
TUCKAHOE, Westchester County, N.
and $2.000 in 1957. Prin, and
semi-annual int. payable at the office of the Sealed bids will be
Y.
-BOND OFFERING.
County Treasurer. A certified check
for 3% of tine bid, payable to the for the purchase of received until 8 p. in. March 12, by the Village Clerk.
Treasurer, is required.
an issue of 517,500 coupon or registered
paving bonds.
Dated April 11928. Denoms.$1.000,one bond for
SARASOTA COUNTY SPECIAL TAX SCHOO
$500. Due
L DISTRICT NO. 10 $500., 1929, and 81,000. 1930 to 1946, incl. Rate of interest toas follows:
(P. 0. Sarasota), Fla.
be named
-BOND SALE.
annual school bonds offered for sale on -The $38,000 issue of 6% semi- by bidder. A certified check for 5% of the bonds offered is required.
Feb. 16-V. 126. P. 610
-has been
TURKEY SCHOOL DISTRICT (P.O. Turkey)
awarded to the Englewood State Bank of
, Hall County,Tex.Englewood at a price of 97.17, BOAD SALE.
a basis of about 6.32%. Due from
-A $50,000 issue of school bonds
1931 to 1959 serially.
purchased by the Thomas Investment Co. and has recently been jointly
SAUK RAPIDS SCHOOL DISTRICT (P. 0.
Geo. L. Simpson & Co..
Sauk Rapids), Benton both of Dallas.
County, Minn.
-MATURITY.
-The $90,000 issue of school bonds that
was awarded at par to the State
UNION BEACH, Monmouth County, N. -BOND
-V. 126. p. 1397-1s due $6,000
SALE.
-M.M.
from 1933 to 1947, incl.
yearly Freeman & Co. of Philadelphia, were recently J.
1111
awarded the following issues
SEDALIA, Pettis County, Mo.-BONDS
of 6% bonds aggregating $135,000:
VOTED.
-At a reent $90,000 temporary water bonds. Dated June
election the voters authorized the issuance
of 8200,000 in bonds for the
35,000 temporary water bonds. Dated Dec. 11927. Due June 1 1933.
construction of a hospital.
11927. Due
10,000 temporary water bonds. Dated Mar. 1 1927. Due Dec. 1 1933.
SEQUOIA UNION HIGH SCHOOL
DISTRICT (P. 0. Redwood
Denom. $1000. Prin. and int. payable at the NationalMar. 1 1933.
City), San Mateo County, Calif.
Park Bank,
-BOND OFFERING.
-Sealed bids New York City. Legality to be approved by Caldwell & Raymon
will be received until 10 a. m.on Mar. 12,
d of
Clerk,for the purchase of a 5250,000 issueby Elizabeth M.Kneese, County New York City.
of 434% school bonds. Denom.
$1,000. Dated Mar. 1 1928. Due $12,000
UNION COUNTY (P. 0. Union), S. C.
-BOND OFFERING.
-Sealed
and $13,000 from 1939 to 1948 incl. Int. annually from 1929 to 1938 bids will be received until 12 m.on Mar. 16, by
J. V. Askew, County Superpayanle on Mar. & Sept. 1. visor, for the
A $1,000 certified check payable
purchase of an issue
visors, must accompany the bid. to the Chairman of the Board of Super- Jan. 1 1928. Due serially in 20 of $158,000 improvement bonds. Dated
years. Int. payable on Jan. & July 1.
Successful bidder to pay for bonds
',SHAKER HEIGHTS, Ohio.-130ND
OFFERI
-Sealed bids will be check, payable to the Supervisor, and legal approval. A $2,000 certified
received by E. P. Rudolph, Village Clerk, until NG.
must accompany the bid.
12 m.
time) Mar. 22, for the purchase of an 1.98110 of $39,700 (Eastern standard
-BOND OFFERING.
4%% special assess- beUTICA, Oneida County, N. Y.
-Sealed bids will
mentimprovement bonds. Due Oct. 1 as follows:
received
$3,700, 1929, and $4,000, dard time) by William S. Pugh, Comptroller, until 11 a. m.(Eastern stan1930 to 1938. incl. Prin. and int. payable at the
Mar. 19 for the purchase of the following issues
office of the Village bonds.
Treasurer. A certified check, payable to the order
aggregating $585,000, rate of interest to be stated in of corporate
of the Village Treasurer 1-10th
multiples of
for 5% of the bonds offered, is required.
of 1%.said rate not to exceed 4%%:
$260,000 paving and resurfacing street bonds. Due
SHELBY COUNTY ROAD DISTRICT NO.2(P.
$13,000 Feb. 1 1929
0. Center), Tex.
to 1948 inclusive.
ELECTION.
BOND
-On Mar. 31 a special election
200,000 trunk line and sanitary sewer bonds.
purpose of voting upon the proposal of issuing $175.00will be held for the
Due $10,000 Feb. 1 1929
to 1948 inclusive.
Bonds will be due either in serial or amortization form. 0 534% road bonds.
60,000 storm water sewer construction
SOMERVILLE, Middlesex County, Mass.
bonds. Due $3,000 Feb. 1 1929
-TEMPORARY LOAN.to 1948 inclusive.
The Old Colony Corp. of Boston, was awarded
50,000 public water way improvement
temporary loan on a 3.695% discount basis. Theon March 7 a $300,000
bonds. Due $2,500 Feb. 1 1929
loan matures on Nov. 2
to 1948 inclusive.
1928. Other bidders were as follows:
15,000 city court and police station building
Bidderbonds. Due $750 Feb. 1
1929 to 1948 inclusive.
Discount Basis.
Shawmut Corp. of Boston
Dated Feb. 11928. Denom. 51,000,
First National Corp., Boston
mitted for 4%% bonds. A certified $500 and 8750. Bids may be sub3.71
S. N. Bond & Co
check payable to the order
3 91 0 City Comptroller, for $11,700, is required. Legality approved byof the
3..70
SOUTH RIVER, Middlesex County, N. J.
Dillon & Vandewater of New York
Clay.
-BOND
City.
Sealed bids will be received by John R. Petrie, Borough OFFERING.
VALLEY COUNTY SCHOOL DISTRI
Clerk, until 8
p.m. Mar.26,for the purchase of an issue of5% coupon or
CT NO. 1 (P. 0. Glasgow),
-BOND SALE.
registered general Mont.
-The $150,000 issue of semi-annual school bonds
road improvement bondsnotto exceed $38,000,no morebonds
offered for sale
to
than will produce a premium of $1,000 over $38,000. Dated be awarded Board of Land on Mar. 6-V. 126, p. 754-was awarded to the State
Apr. 1 1928.
Commissioners as 434%
Denom. $1,000. Due Apr. 1, as follows: $2,000, 1929 to
equal to 100.15, a basis of about 4.47%. bonds, for a premium of $225.
$3,000. 1936 to 1943 incl. Prin and hit, payable at the First1935 incl.: and Dec. 31 1947
Dated Dec. 31 1927. Due on
and optional after Dec. 31 1932.
National Bank
of South River. The U. S. Mtge. & Trust Co., N.
VERSAILLES, Danko County, Ohio.
preparation of the bonds and will certify as to their Y. will supervise the
-BOND OFFERING.
-Sealed
genuinen
fied check payable to August Nuss, Collector, for 2% of the ess. A certi- bids will be received by Lillian Wilson, Village Clerk, until 12 m. Mar. 19.
bonds bid for is for the purchase of an issue of $7.000
required. Legality to be approved by Caldwell & Raymond
of New York bonds. Dated Jan. 1 1928. Denom. 6% water works and electric light
City.
$500. Due as follows: 3500, July
1 1928: $500, Jan. and July 1 1929 to 1934. incl.; and
Financial Statement.
A certified check, payable to the order of the Village $500 Jan. 1 1935.
Assessed valuation of taxable real property, 1928
Treasurer for 5% of
$4,389,925.00 the bonds offered, is required.
Assessed valuation of taxable personal property, 1927
620,650.00
VERMILION COUNTY (P. 0. Newport), Ind.-BoND
Gross debt, bonded and floating, exclusive of tax anticipation
-The
$72.000 447 Lewis Skinner et al paved road bonds offered SALE.
borrowings, but inclusive of temporary borrowings to be re0
on Mar. 1V. 126, p. 1078
tired out of the proceeds of this Issue
987,582.30 Indianapolis, at -were awarded to the Fletcher Savings & Trust Co. of
Water debt, included in above
a premium of $2,636.70, equal to 103.66, a basis of about
126,667.37 3.81%. Dated Feb. 15 1928. Due 83.600. May
Sinking funds for bonds other than water
and Nov. 15 1929 to
61.777.79 1934. incl. The following bids were also submitted:
Water sinking fund
28,436.53
Net debt for bonding purposes after making above deductions
Premium.
:5 5
Securities Corp
City
and others permitted by Now Jersey law, such as electric
3. 8
Meyer-Kiser Bank
light bonds ($117,500) and special assessment
278,406.67 Union Trust Co
Population, 6,595.
Fletcher American Co
25 8
.'53
5
3
51
1556
FINANCIAL CHRONICLE
VILLE PLATTE GRAVITY DRAINAGE DISTRICT (P. 0. Ville
-Sealed bids will
-BOND OFFERING.
Platte) Evangeline Parish, La.
be received until 11 a. m. Mar. 31, by J. Cleveland Freige, Secretary and
Special Bond Attorney, for the purchase of 2 issues of 6% bonds aggregating 165,000 as follows:
*40,000 ad valorem bonds. Denom. $500. Due on April 1 as follows:
$500, 1929 to 1943; 11,000. 1944 to 1958; $1,500, 1959 to 1963
and 12,000. 1964 to 1968 all incl.
25,000 acreage bonds. Denom. 1200. Due on Apri 11, as follows: $200.
1929 to 1938; $400, 1939 to 1948: 1600, 1949 to 1953; 1800, 1954
to 1958;$i,000. 1959 to 1963 and 11,400, 1964 and 1968 all incl.
Dated Apr. 1 1928. Prin.and int.(A.& 0.)payable at the Chase National
Bank in New York City. A certified check for 2X% face value of the bonds
is required.
-A $400.000
-NOTE SALE.
WAKE COUNTY (P. 0. Raleigh), N. C.
issue of 4%% school notes has been purchased by the Raleigh Banking &
Trust Co. of Raleigh.
-BOND OFFERING.
WALKER COUNTY (P. 0. Huntsville), Tex.
Sealed bids will be received until 10 a. m. on Mar. 15, by P. H. Singeltary,
of an issue of 1100,000 5% special road
County Judge, for the purchase
bonds, series K. Denoms. $1,000, 12.000, $3,000, 15,000 and $10,000.
Dated Mar. 11928. Due serially. Payable on Mar. & Sept. 1. A certified
check for 1% of the bid is required.
-BOND
WALKER TOWNSHIP SCHOOL DISTRICT NO. 4, Mich.
SALE.
-John Nuveen 8z Co. of Chicago, were recently awarded an issue
103.08. The following is a list of other
of $100,000 434% school bonds at
bids submitted for the bonds:
Rate Bid.
Bidder102.67
BumPus & Co
Detroit Trust Co.102.45
Grand Rapids National Co.)
102.12
Michigan Trust Co
-Sealed
WALTHAM,Middlesex County,Ma -s.-LOAN OFFERING.
bids will be received by H. W. Cutter, City Treasurer, until 10.30 a.m.
March 12 for the purchase on a discount basis of a $200,000 temporary
loan. Dated Marcia 121928. Denom.$25,000,$10,000 and $5,000. Due
Oct. 10 1928. Legality approved by Storey, Thorndike, Palmer & Dodge
of Boston.
-TEMPORARY LOAN.
-The Old
WARE, Hampshire County, Mass.
Colony Corp. of Boston, was awarded on Mar. 1, a $100,000 temporary
loan on a 3.71% discount basis plus a premium of $1.50. Other bids were
as follows:
Disci. Basis.
Bidder3.715%
First National Bank, Boston
3.84%
H. C. Grafton Co
WARREN TOWNSHIP SCHOOL DISTRICT NO.2 (P. 0. Warren),
-Sealed bids will be re-BOND OFFERING.
Macomb County, Mich.
ceived by Anthony G. Weigand. Secretary of School Board, until 2 p. m.
of $85,000 4%,4% and 434%
Mar. 14, for the purchase of an issue
school bonds. Dated Mar, 1 1928. Due Mar. 1. as follows: 12,000.
1931 to 1938 incl.: $3,000, 1939 to 1947 incl.: $4.000. 1948 to 1956 incl.;
and $6,000, 1957. A certified check payable to the order of the Treasurer
of the School District, for 11,000 is required.
-BOND
WARRENVILLE TOWNSHIP, Cuyahoga County, Ohio.
-The 150,770 special assessment road improvement bonds offered
SALE.
on Feb. 27-V. 126, p. 611were awarded to Ryan, Sutherland & Co. of
Toledo. as 434s, at a premium of $376.21, equal to 100.74. a basis of about
4.31%. Due as follows: 12.770, April and $3,000. Oct. 1 1928 and $2,000.
Oct. 1 1929 to 1937, incl. The following bids for 5% bonds were also
submitted:
Premium.
Bidder$778
Guardian Trust Co
1.447
Roth & Irving Co
Well,
1,531
Seasongood ar Mayer
1,347
McDonald, Callahan & Co
1.210
Otis & Co
1,133
Braun. Bosworth & Co
Mass.
-TEMPORARY LOAN.
WATERTOWN, Middlesex County,
A $300,000 temporary loan due 1200,000. Nov. 20 and 1100,000. Dec. 20
1928 was awarded on Mar.6, to the Shawmut Corp. of Boston, on a 3.67%
discount basis. Other bidders were:
Discount Basis.
Bidder3.78%
First National Bank,Boston
3.81
Grafton Co.
3.815
Newmarket National Bank
-A
-BOND SALE.
WAYNESVILLE, Haywood County, Calif.
town bonds has recently been purchased
140,000 issue of5% semi-annual
by the Provident Savings Bank & Trust Co. of Cincinnati for a premium
of $1,536, equal to 103.84.
-The 5
WEST ALLIS, Milwaukee County, Wis.-BOND SALE.
issues of 43j% bonds aggregating $292,000, offered or sale on Mar. 3-have been awarded to Halsey, Stuart & Co. of Chicago,
V. 126, p. 1078
for a premium of 14,727. equal to 101.615. a basis of about 4.10%. The
issues are described as follows:
$150,000 school bonds. Due $10,000 yearly from 1934 to 1948, incl.
52,000 storm sewer bonds. Due 13,000 from 1934 to 1941 and $4,000
from 1942 to 1948.
50,000 street improvement bonds. Due $3,000 from 1935 to 1944 and
$5,000 from 1945 to 1948.
32.000 water bonds. Due, $2,000 from 1935 to 1944 and 13,000. from
1945 to 1948,all incl.
8,000 sewer bonds. Due $1,000 yearly from 1941 to 1948, incl.
The first and last issues are payable at the West Allis State Bank of
West Allis and the other issues are payable at the First National Bank of
West Allis.
The other bidders for the bonds were as follows: Eldredge & Co. of New
York; the Second Ward Securities Co.; the First Wisconsin Co.; A. B.
Leach & Co.; the Harris Trust & Savings Bank; Taylor, Ewart & Co.:
the Central Trust Co. of Illinois and the National City Co. of New York.
-BOND SALE.-EstaWEST HARTFORD,Hartford County,Conn.
brook & Co. and Putnam& Co.,jointly purchased on March 8, an issue of
coupon or registered school bonds at 100.781. a basis of about
*500,0004%
3.92%. Dated March 151928. Denom.$1,000. Due 120,000, March 15
1929 to 1953,Incl. Prin. and Int. payable in gold at the Hartford National
Bank & Trust Co., Hartford. Legality to be approved by Gross, Hyde &
Williams of Hartford.
BONDS OFFERED FOR INVESTMENT. The successful bidders are
now offering the bonds for investment priced to yield as follows: Yield.
Yield. I .MaturitiesMaturities3.75%
3.5o%11932-1933
1929
3.85%
3.60%11934-l953
1930-1931
Statement.
Debt
Bonds Issued and Outstanding:
$100,000.00
Sewer construction Dec 1 1913-43 sk.f
200,000.00
Refunding and improvement Dec. 1 1913-43 sk. f
150,000.00
Refunding and improvement Aug. 1 1915-45 sk. f
400,000.00
1922-47 s
Refunding and improvement Feb. 1
693,000.00
High school and refunding March 15 1923-488
Deduct sinking funds
Deduct sewer construction bonds, less sinking fund
$1,543,000.00
213,233.54
11,329.766.46
50.823.51
Net bonded debt of town
Add sewer construction notes outstanding
11,278,942.95
95,000.00
Add fire district bonds
$1,373,942.95
44,000.00
Deduct bonds redeemable March 15 1928
11.417,942.95
33,000.00
11,384,942.95
158,810,522.00
Total taxable and tax exempt property
2,940,526.10
Borrowing capacity, 5%
1.384,942.95
Outstanding indebtedness
$1,555,583.15
Margin as of March 15, 1928 exclusive of this issue
Percentage of town indebtedness to
Tax rate 1926 grand list. 17 mills.
sAceosed valuation, exclusive of this issue, 2.35%. Population, 1920
census.8,854:estimated at present about 20.000.
[VOL. 126.
-An $18,000 issue
-BOND SALE.
WESTOVER, Baylor County, Tex.
of 5% school bonds has been purchased by the State School Board.
-A $58,000 issue
SALE.
-BOND
WESTWEGO, Jefferson Parish, La.
of 4(
% street improvement bonds has been purchased by Sutherlin.
Barry 8r Cleaver of New Orleans. Denom. 11.000. Dated Nov. 1 1927
and due on Nov. 1 as follows: 15.000, 1938; $6.000, 1942; $7,000. 1945;
$8.000, 1948; 110.000, 1951: $11,000, 1953; 16.000, 1956. and $5,000 in
1957. Prin. and int. (M. & N.) payable at the Chemical National Bank
in New York City.
-Sealed bids will
-BOND OFFERING.
WHITNEY, Hill County, Tex.
be received until Mar. 23, by Gus Boesch, Secretary of the Board of Education, for the purchase of a 140,000 issue of 5% school building bonds.
-MATURITY.
WILBARGER COUNTY (P. 0. Vernon) Tex.
5375,000 issue of434% coupon court house bonds offered and sold to Garrett
& Co. of Dallas
-at a price of 101.176, is due on Mar. 15.
-V. 126. p. 452
as follows: 15.000. 1929 to 1933; 16,000. 1934 to 1938: 17,000. 1939 to
1943,• $9,000. 1944 to 1948; /11,000, 1949 to 1953; 112.000, 1954 to 1958;
113.000, 1959 to 1963 and 812,000. 1964 to 1968. all incl., giving a basis of
about 4.415%.
WILLIAMSBURG AND CLARENDON COUNTIES DRAINAGE
-BOND OFFERING.-Sealed
DISTRICT NO.5 (P. 0.Kingstree), S. C.
bids will be received until noon on Mar. 22, by Chairman of the Board of
Commissioners Bartow Smith, for the purchase of a $50,000 issue of drainage bonds. Mailed bids should be addressed to Hinds & Meadors in
Kingstree. A $250 certified check must accompany the bid.
WOODBRIDGE IRRIGATION DISTRICT (P. 0. Woodbridge),
Calif.
-Sealed bids will be received by A. L. Cowell,
-BOND OFFERING.
Secretary of the Board of Directors, until 2.30 p. m. on Mar. 15, for the
purchase of a 1290,000 issue of 534% irrigation bonds. Denom. $1,000.
Dated Mar. 1 1928. Due on Jan. 1, as follows: 15,000. 1930 to 1932:
110.000. 1933 to 1942: $15,000, 1943 to 1948; 120,000. 1949 to 1952 and
15,000 in 1953, all incl. Orrick, Palmer & Dahlquist of San Francisco
will furnish legal approving opinion. A certified check for 2% of the bid,
is required.
WOODFIN SANITARY SEWER AND WATER DISTRICT (P. 0.
-The 1500,000 issue of water bonds
-BOND SALE.
Asheville), N. Caro.
-and then deferred until
which was first offered on Feb. 10-V. 126, p. 612
-has been awarded jointly to the Provident
Feb. 27-V. 126. p. 1240
Savings Bank & Trust Co. and Seasongood & Mayer. both of Cincinnati.
as 5% bonds for a premium of 113.675, equal to 102.335, a basis of about
4.82%. The bonds are described as follows: Denom. $1,000. Dated
Feb. 1 1928 and due on Feb. 1 as follows:110.000 from 1933 to 1937; 115.000,
1938 to 1947; $20,000, 1948 to 1952; 130,000, 1953 to 1957, and $50,000 in
1958. Prin. and semi-annual interest payable at the Hanover National
Bank in New York City.
-TEMPORARY
WORCESTER COUNTY (P. 0. Worcester), Mass.
-A 1200,000 temporary loan payabel Oct. 25 1928 was awarded
LOAN.
on March 7, to the Mechanics National Bank of Worcester, on a 3.63%
discount basis.
WORTH COUNTY (P. 0. Northwood) lown.-BOND OFFERING.
Sealed bids will be received until 2 p. m. on Mar. 12, by Louie Mostrom,
County Treasurer, for the purchase of an issue of $100,000 43-1% Primary
road bonds. Denom. $1,000. Dated Apr. 11928. Due $10,000 annually
from May 1 1933 to 1942 incl. Optional after 5 years. Int. payable annually.
After open bids are all in, sealed bids will be opened. Purchaser to furnish
blank bonds. Approving opinion of Chapman & Cutler, of Chicago, will be
furnished. A certified check for 3% of the bonds offered, payable to the
above Treasurer, is required.
CANADA,its Provinces and Municipalities.
-An issue of 12.766.630
-PROPOSED BOND SALE.
CALGARY, Alta.
bonds will be sold before June 1, according to the "Monetary Times" of
The
otes proceeds of the loan will be used for the redemption of
tMrearaschury2n.
-The ratepayers at an election held
DIGBY, N. S.
-BONDS VOTED.
recently authorized the issuance of $112,500 bonds, the proceeds of the
bond issue to be used for electric light and local improvements.
-An issue of 155,000 serial gold
-BOND SALE.
EDMONTON, Alta.
bonds bearing interest at the rate of5% was recently awarded to the Credit
Anglo-Francais, Ltd. (Price paid and other details not given.)
-The Council has
ESSEX, Ont.-BOND ISSUE AUTHORIZED.
authorized .he
rate of 5%t Town Clerk to advertise for sealed bids for the purchase of
an issue of 119,000 20
-year school debentures, to bear interest at the
-The following
NORTH YORK TOWNSHIP, Ont.-BOND SALE.
issues of bonds aggregating 1259,300.38 offered on Feb. 20-V. 126, P.
1079
-were awarded to R. A. Daly & Co. of Toronto, at 102.39:
Interest.
Term.
Amount- Purpose.
5
20 yrs.
118,000.00 School
5 %
20 yrs.
36,000.00 School
5
20 yrs.
55.000.00 School
5
20 yrs.
30,960.00 Water mains
5 %
30 yrs.
28,977.38 Water mains
5
5 yrs.
12.548.00 Pavements
5
15 yrs.
65,108.00 Pavements
50
10 yrs.
3,113.00 Street openings
20 yrs.
7,890.00 Street lights
byre.
1,704.00 Street lights
-BONDS VOTED.
-The ratepayers approve/
REVELSTOKE, B. C.
a 195,000 debenture hydro-electric by-law at an election held recently.
SASKATCHEWAN, Sask.-DEBENTURES REPORTED SOLD.
The following are taken from the "Monetary Times" of March 2:
The following is a list ofdebentures reported sold by the Local Government Board from Feb. 11 to 18:
School Districts.-Oban. $4,000 53-i% 15
-years to C. C. Cross & Co.:
Wild Rase Valley. 11.600 534% 10
-years, to Regina Public School Sinking
Fund.
The following is a list of debentures reported sold by the Local Government Board from Feb. 18 to 25:
School Districts.-Hopefull. $3,000 534% 15
-years, to Waterman-Water
bury Co.
The following is a list of authorizations granted by the Local Government Board from Feb. 18 to 25:
-years:
School Districts.-Mtnmawala, $2.200 not exceeding 6%, 10
Denehurst, $1,100, not exceeding 7%, 10
-years; Bolingbrooke, 12,500,
-years:
not exceeding 6%. 10
-years; Prouse, 11.500. not exceeding 6%. 10
-years: Awde Hill, 14,500,
Ambassador, $9,000, not exceeding 7%, 15
-years:
not exceeding 7%, 15
-years: Padgate. $1,700, not exceeding 7%,5
Fox, 12,200. not exceeding 7%, 15
-years; Shannon Lake, $1,000, not
mceeding7%.10-years.
The following is a list of authorizations granted by the Local Government Board from Feb. 11 to 18:.
-years; Marieton.
School Districts.-Orainview.$750,not exceeding 6%.10
$4.000, not exceeding 6%. 15
-years; Woodville, 11.500, not exceeding 7%
-years; Prairie Heights,
10
-years; Alder Grove, $700, not exceeding 7%, 10
$1.650, not exceeding 7%, 10
-years: New Ontario, $4,500, not exceeding
-years; Kensington,
6%. 10
-years: Standon, $1,000. not exceeding 7%. 5
-years; Sunshine, 14,200, not exceeding
12,000. not exceeding 7%, 10
-years,
6%.15
TORONTO, Ont.-APPLICATION TO ISSUE 82,735.669 BONDS
-The Council is applying to the Provincial Legislature for
SOUGHT.
authority to issue $2.735.669 debentures for local improvement purposes,
according to the "Monetary Times" of March 2.
-Sealed bids will be re-BOND OFFERING.
WESTMOUNT, Can.
ceived by Arthur F. Bell. Secretary-Treasurer, until 8 p. m. March 20
for the purchase of an issue of 1485.000 4% serial bonds. Due Nov. 1 as
follows: $5.000, 1928 and 1929: $5,500, 1930: 16,000, 1931 to 1933 incl.;
16.500. 1934: $7,000. 1935 to 1937 incl.; $7.500, 1938: $8,000, 1939 and
1940: $8,500, 1941: 19.000, 1942 and 1943: $9,500. 1944; 110.000. 1945:
$10,500. 1946 and 1947: 111.500. 1948 and 1949: 112.000. 1950: 112.500.
1951: $13.500. 1952 and 1953; 114,000, 1954; 115,000, 1955 and 1956;
$16,000. 1957: 116.500, 1958: $17.500. 1959 and 1960; 119,000, 1961 and
1962; $20,500, 1963 and 1964; 122,000. 1965: $22,500. 1966, and 124,000,
1967. Prin. and int. payable in gold coin at the Bank of Montreal,Montreal
or at the agency of the said Bank of Montreal in the City of New York.
Denom. $1,000 and $500. A certified check for 1% of the bonds offered
is required.
R
@FedFRASER