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The
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SATURDAY, MARCH 12 1927.
VOL. 124.
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The Financial Situation.
The securities markets have again become fairly
buoyant, after a protracted period of backing and
filling, in which the markets have been repeatedly
attacked with a view to uncovering weak spots, and
during which also a considerable amount of funds
has accumulated in the hands of investors who have
been hoping for lower prices. Credits have likewise
accumulated in the hands of sold-out bulls. To both
of these classes the heavy increases in brokers' loans
reported on Monday promised a long-awaited opportunity. This news, however, was more than neutralized by the almost simultaneous announcements of
the Treasury Department first with reference to
March 15 short-time financing and then with plans
for the refunding of the Second Liberty loan.
The New York Stock Exchange reported brokers'
loans at $3,256,459,379 as of Feb. 28, an increase of
$177,673,041 during the month of February. The
figure at the end of February compares with $3,535,590,321 on Feb. 28 1926, which was the high point
since the reporting began, showing loans at present
$279,130,942 below this high. They are, however,
$489,058,865 above the low point on May 31 1926.
The loans as reported by the Federal Reserve System as of March 2 stood at $2,813,045,000, an increase of $50,891,000 during the week. The speculative public knows that the rapid increase in brokers'
loans indicates an accompanying weakening of the
technical structure of the market and, therefore, the
figures announced on Monday were taken as a warning, and undoubtedly abated somewhat the speculative fervor of the market.
If, however, these figures cooled the enthusiasm of
those closest to the tape, the Treasury announcements very greatly increased confidence of banking
and investment circles. $660,000,000 Treasury cer-
Bank and Quotation Section
Bankers' Convention Section
NO. 3220.
/
tificates bearing 434% interest mature March 15.
These are to be paid off at par. Simultaneously
there were offered and rapidly oversubscribed $450,000,000 new certificates, $150,000,000 to run for six
/
months bearing 31 8% coupons and $300,000,000 to
14
run for one year bearing 3/% coupons. The yields
on these new offerings were about in line with those
on outstanding Treasury certificates, prices on Feb.
24, for example, having shown a yield of 3% on certificates maturing March 15, 3.16% on those due
June 15, 3.19% on those due Sept. 15 and 3.24% on
those due Dec. 15 1927. The influence of the Treasury announcements has, however, caused these prices
to rise so that on Wednesday, March 9, the yields
on these four maturities were, respectively, 3.00%,
3.10%, 3.10%, 3.07%.
Of considerable more significance, however, was
the Treasury announcement on Monday of plans for
/
refunding the Second Liberty 4148, of which something more than $3,000,000,000 are now outstanding.
Holders are to be given the opportunity of exchang/
1
2
/
ing these 414s for new five-year 3 s at par, but the
interest on the new bonds is to begin March 15 and
on the old bonds to continue to May 15 in order to
compensate for the loss of the premium at which the
Second Libertys are now selling. The latter have
not been called, but it is pointed out that they are
callable in whole or in part on or after Nov. 15 1927
and that the Treasury may call the whole or some
part of the issue, depending upon conditions. The
refunding is expected to effect an annual saving of
$23,000,000.to the Government.
It is significant that the coupon rate was made as
low as 3 %, since none of the Liberty issues were
/
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2
selling on a basis as high as this as late as Feb. 28,
the yields on the First, Second, Third and Fourth
issues, respectively, on that date being 3.62%, 3.60,
3.55 and 3.63. Some of the other Treasury issues
were, however, selling to yield between 3.43% and
3.49%. The influence of the refunding announcement has been to cause these bonds to rise, so that on
March 9 the yields on most of the Liberty issues were
well below 3.50% and the yields of the other Treasury issues approximately 3.35%.
This Treasury financing may be taken as reflecting a view that the present level of high grade securities is not only likely to obtain, but that higher
prices and lower yields are thought probable. The
favorable influence of the financing follows not only
because of the confidence which this conviction imparts, but from the releasing for general investment
of a considerable proportion of the funds now in the
Second Liberty loan, as many holders are not likely
to be content with 3 % return.
/
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1410
THE CHRONICLE
Unfortunately, the quick-witted speculator is
likely to appreciate more quickly the full import of
the Treasury announcement than the prudent investor who has been waiting for an opportunity to buy
at lower and safer prices and, of course, no one can
tell if we shall have them or when. It is quite conceivable that technical weakness in the market does
exist and that a break will develop in the immediate
future. On the other hand, it is also quite conceivable that pools are now in formation with the expectation of purchasing securities at the present level
in the hope of capitalizing the Treasury announcement and sell the same securities to actual investors
at still higher prices.
The struggle between the Northern and Southern
factions in China has apparently developed into a
warfare of words. Heavy rains have converted all
the Shanghai fighting fronts into lake-studded morasses effectively stopping all military operations of
any consequence, says an Associated Press dispatch
of March 10 from Shanghai. But a more extensive
use of the propagandist weapon seems to be accomplishing the purposes of the Southern Nationalist
forces equally well, if private reports, reaching
Shanghai, March 7, are reliable. According to these.
General Chen Tiao-yuan, Military Governor of Anhwei Province, has gone over to the Cantonese. The
loss of this Yangtze Province is a serious enough
blow to the Northern war lords in itself, as it
stretches some hundreds of miles northward from
the great central artery of the country, which has
been the rough dividing line between the opposing
forces for the last six weeks. In addition, it adds a
more serious menace to the continued Northern control of Shanghai, which city is the chief military aim
of both factions at this time. The new allies were
reported at Wuhu, 200 miles up the Yangtze from
Shanghai, but only 60 miles up-river from Nanking,
which is the key to the great trading port at the
mouth of the stream. The rail line northward could
be cut at Nanking, making the Northern position at
Shanghai rather more than uncomfortable.
An acute foreign observer in Shanghai says: "It
is a mistake to make predictions in China, where
the better class of men consider soldiering disreputable, where troops transfer allegiance for monetary considerations and where enemy Generals of
to-day co-operate to-morrow, but so far as intelligent
foreign opinion can foresee the long-heralded battle
of Shanghai becomes daily more and more unlikely."
Instead of the smoke of battle, the Cantonese Nationalists, obviously under the influence of foreign
educated Chinese and Soviet advisers, are employing propaganda and sabotage and are outflanking
and out-maneuvering their Northern opponents. The
advance of the Southerners in the face of constantly
superior military forces has been the outstanding
feature of the Chinese situation and could have been
accomplished only with the aid of non-military
means. The subtle influence of the Nationalist
cause is manifesting itself in additional Northern
provinces and even in the very home of the Northern
Dictator, Chang Tso-lin, at Mukden, where demands
are being made that he retire and leave the rest of
China to settle its own affairs. In Shanghai, also,
the Southern influence is pervasive. Chinese with
pro-foreign sympathies are murdered weekly, threats
of secret destruction are made to the Chinese police
[vol. 124.
and efforts are in evidence to cut off supplies to foreigners, all despite the drastic methods employed by
the Northern militarists to curb such activities.
There seems as yet to be little diminution of the
extreme nervousness of the foreigners in Shanghai
itself. The passive hostility of the Chinese, coupled
with their grinning readiness to serve the foreigner
in any capacity for a few coppers daily, are well calculated to frazzle the nerves of action-loving Westerns. Rumors of anti-foreign violence and projected
Nationalist strikes follow each other in endless succession but not one has been substantiated the present week. United States Marines 1,200 in number,
from the transports "Chaumont" and "Pecos," paraded through the principal streets of Shanghai for
two hours on March 5. They carried rifles, but otherwise their regulation caps and simple accoutrement contrasted favorably with the steel helmets
and full war equipment of the British demonstrations. They acted under the instructions of Admiral
Williams in charge of United States forces in Chinese waters, but it was officially announced by
American Consul Gauss that the march was planned
to afford exercise for the men and not as a show of
force. The Chinese looked on "curiously and silently." With the arrival of additional British and
Japanese troops, foreign forces in Shanghai now
number 15,000. "The French and British lines,"
says a dispatch March 5 to the New York "Times,"
"including inner and outer defense works, are nearing completion. They include barbed wire, trenches
and machine gun fortifications." These details, the
report adds,"may seem to indicate that real warfare
is expected, but no sane man here expects such an
event. Even local outbreaks are regarded as improbable. The commanders, however, would negleet
their duty if they did not prepare for possibilities."
The business community in Shanghai is greatly
depressed, seeing little hope for themselves in the
situation, whichever side may ultimately prevail.
Britons are hardest hit with extensive business interests in the interior, but Americans are not far behind. Claims against the Chinese Government for
illegal confiscations and damages to property and
persons are accumulating at all the principal Consulates. Payment of such claims seems a far off
and doubtful event and even continued business relations with the Chinese as they have heretofore been
carried on are far too doubtful to allow of much
cheerfulness.
A further step away from the World War was
taken Monday, March 7, when the forty-fourth session of the Council of the League of Nations opened
at Geneva with Dr. Gustav Stresemann, the German
Foreign Minister, presiding. Dr. Stresemann
brought Germany into the family of nations last
year after a long internal political fight, and for the
last three months he has taken the direction of the
League's governing board. His presence as the presiding member was the overshadowing event of the
meetings, which he opened without formality in his
native tongue. The opening session was taken up
with minor affairs, no question of great immediate
importance being on the agenda. One of the chief
aims of the statesmen assembled in the Palais des
Nations has been to find means for the resumption
of the broken negotiations for a commercial accord
MAR. 12 1927.]
THE CHRONICLE
1411
action of the Soviet." The Italian step is a distinct
blow for Russian diplomacy, which has always protested against the union of Bessarabia with Rumania,asking for its evacuation by Rumanian troops
and a plebiscite under the control of an international committee. It is all the more important in
that neither France nor England had any relations of
any sort with Russia when they ratified the treaty,
whereas Italy has resumed full diplomatic relations
with the Soviet. "It has been one of the principal
tasks of the Russian Ambassador in Rome to prevent ratification of the treaty by Italy," says a rereport of March 8 from Rome to the New York
"Times." In the same capital it is stated that Italian ratification of the Paris treaty became obvious
when the Italo-Rumanian treaty of amity was signed
in Rome, Sept. 16.
In the Rumanian capital, according to a dispatch
to the New York "Times," speculation centres on the
amount and nature of the price Bucharest had to
pay Rome for ratification, and the possible reactions
of the bargain on the delicate situation existing in
the Balkans. That Italy has driven a hard bargain
is undoubted by those acquainted with the background of the Bessarabian question, the dispatch
adds. Rome has hitherto avoided all appearance of
recognizing Bessarabia as part of Rumania, such
recognition being a trump card which Premier Mussolini was not likely to play except for extremely
substantial stakes. Part of these stakes is already
becoming evident in the rich oil concessions recently
granted an Italian group, in the armament and submarine orders her industries have secured in Bucharest, and in the negotiations for a new commercial
treaty, in which no secret is made of the Italian desire to have Rumania become her privileged market
Ratification by Italy of the treaty by which the for textiles, small motors, machinery, etc. A politAllies recognize Rumania's annexation of the for- ical realignment of the Balkan nations also is defimer Russian province of Bessarabia was announced nitely foreshadowed by the Italian announcement.
at Geneva March 8 by Signor Scialoja, Italian representative on the League of Nations Council. The
The Italian Fascist principle of the supremacy of
treaty was concluded at Paris Oct. 28 1920, between the State was extended to the colonies of Cyrenaica
Britain, France, Italy and Japan, provision being and Tripoli on March 9, when the peoples of those
made at the time that it should have full force only colonies were deprived of rights to universal sufafter ratification by at least three of the signatory frage, colonial parliamentary systems and other
Powers. As Britain ratified the treaty in 1922 and forms of local governmental autonomy which they
France in 1924, the present Italian action finally had possessed since 1919. This occurred when the
Italian Cabinet, on recommendation of Luigi Federturns Bessarabia over to Rumania.
The Italian announcement is of the greatest im- zoni, Minister of Colonies, approved the "organic
portance politically and is variously interpreted in law for the administration of cyrenaica and Tripdifferent parts of Europe. A definite Anglo-Italian oli." The natives and colonists henceforth will be
rapprochement has been indicated by concerted ac- restricted to an exclusively consultative role in their
tion by the two nations in all parts of the globe, and government, says an Associated Press dispatch from
the announcement of the ratification of the Bessara- Rome. Signor Federzoni, in explanation of his
Man pact, coming at this time when English rela- measure, said: "The moment has come to reorgantions with Russia are admittedly bad, is looked upon ize the colonies in conformity with the superior exiin Moscow as a further step in the British plan to gencies of the Fascist regime, destroying the vain
encircle Russia with a ring of steel. "The action of and dangerous democratic-liberal superstructure
the Italian Government is a source of considerable with its puerile imitations of parliamentary institusurprise," says a Geneva dispatch to the New York tions based upon universal suffrage. Collaboration
"Times," "because of the good relations at present of the local populations in the Government now is to
enjoyed by Italy with Soviet Russia, and it is gener- be restricted to those special and prudent limits perally considered to mean that British friendship is of mitted by their present historical evolution without
higher standing in Rome than Russian." Sir Austen damage to them or to our sovereignty."
Chamberlain, the British Secretary for Foreign AfThe new organic law provides for complete adfairs, on the same day described the relations of his ministrative and juridical reorganization in concountry with the Soviet as "extremely bad," and sonance with Fascist legislation. The local legislaadded that Britain "will take measures and be strong tive power will be exclusively in the hands of Rome,
enough to defend herself against the undermining the local Governors having purely administrative
between Germany and Poland. Relations between
the two countries became strained early in February
on the expulsion of four German railway men from
Polish Upper Silesia. Through the kind offices of
M. Aristide Briand and Sir Austen Chamberlain discussion was resumed on Wednesday by Dr. Stresemann and Minister Zaleski of Poland and the announcement was subsequently made that an agreement had been reached for the resumption of the
negotiations.
The German delegation has let it be known that
it will bring up the question of the evacuation of
the Rhineland. No great progress is expected on
this matter as the Germans have until June to fulfill the recently accepted obligations concerning the
Eastern fortresses, and it ia unlikely that the French
will commence negotiations in earnest until Germany has made a move on disarmament. Dr. Stresemann, however, says a dispatch to the New York
"Times," has come to Geneva with a big legal argument for evacuation and the question cannot go entirely by the board. It must be remembered that
the Germans are not offering anything, and the
French prefer to stay thefull period in the Rhineland
rather than trade future control with a string
against immediate evacuation."
No little relief was expressed by Council members
when the Chinese Minister, Chu Chao-hsin, announced on March 7 that he would not bring up the
delicate question of his own country. No Chinese
question had been written on the agenda, but the
way was open for bringing it before the meeting, as
Minister Chu had presented to Sir Eric Drummond
the Peking protest against the landing of British
troops at Shanghai.
1412
TH h CHRONICLE
functions. A general council of the local population
will have the right, but only upon the request of the
Governor,to express desires and opinions on general
subjects.
The principle of universal service in time of national danger was given peace-time sanction by
France on March 7, when the more important sections of the mobilization bill before the Chamber of
Deputies were adopted. The bill provides for the
conscription of all French men and women, their
capabilities and their wealth, in the event of war,
"either as combatants in defense of the country, or as
non-combatants for the upkeep of the material and
moral life of the country." A motion to reject this
article was defeated by 500 to 30, only the Communists voting against it. Power is further conferred
on the Government to make requisitions according to
its needs, compensation in such case to be made for
the services of all French citizens individually and
collectively, all live stock, raw and manufactured
materials, buildings, furniture, factories and inventions. The Minister of War, Paul Painleve, defending the bill, said that the two main problems which
it would serve to solve were the conversion of factories for the production of war material in time of
war and the establishment of relations between the
Government and the high military command. The
bill clearly reflects the lessons learned during the
World War, when, as pointed out by Minister Painleve, France managed to keep feeding the guns and
men at the front, though there were weeks and
months of agony lest these efforts should not succeed. The present bill, he added, was designed to
prevent such a situation ever arising again.
Japan has again been visited by a destructive
earthquake. The present visitation occurred on
March 7 and resulted in the death, according to the
latest account, of 2,500 natives and the injury of
more than 40,000 more. The property loss is still
undetermined, though it is clear that it will be very
great. Fire followed the quake and added to the
misery and destruction until heavy rains quenched
it. These in turn made the country a morass and
hampered the relief work which was immediately
undertaken. Fortunately, no large cities were affected, the tremor centring on the opposite coast
from Kobe and Osaka, devastating country districts
chiefly. Seismologists, basing their views on past
records, regard the shock as an aftermath of the
violent upheaval of 1923, and profess to believe that
there will be for a number of years to come a continual diminution of heavy shocks in the Island
Empire. Though there is no science as yet for the
prediction of earthquakes, there seems to be sufficient ground for the assumption that a drastic movement such as that of 1923 removes the chief stress
from the earthquake area, while after-shocks, such
as the present one, succeed in bringing the earth
back to stability by removing the lesser strains.
No significant, change occurred in the Nicaraguan situation during the week. The peace mission
to General Moncada, the military leader of the liberals, returned to Managua from Muy Muy on March
6, without having been able to arrange for a cessation of hostilities. Some progress was nevertheless
reported by members of the mission, one of them
[Vol.. 124.
saying: "Although nothing definite has been
gained by the trip, all agree that the first stone in
the way of peace has been removed. Moncada's personal opinion is that peace is necessary for the good
of the country. In fact, he said Nicaragua is not
merely approaching a state of anarchy, but actually
is in a state of anarchy now." General Moncada,
according to Associated Press reports, told the visitors he was unable to make any peace promises, being
under the orders of Dr. Juan B. Sacasa, head of the
Liberal Government, with whom any arrangementz
in that direction must be made.
President Diaz, meanwhile, according to a dispatch to the New York "Times" from Managua,
dated March 5, is "facing great financial difficulties in maintaining his 8,000 soldiers in the field
against Dr. Sacasa, who has set up a provision31
Government at Puerto Cabezas. The Liberals, taking advantage of the Government's difficulties,
have been changing their tactics lately and have
been attacking small outlying villages before Government troops can reach the scene. They have
been avoiding the larger cities since they know that
these contain United States Marine camps where
no fighting is allowed within a distance of 2,000
yards.' Tlym report adds that travel has become
somewhat safer, trains being guarded by sailors and
marines. That heavier fighting is in prospect would
appear from the statement of President Diaz, made
Tuesday to the correspondent of the New York
"Herald Tribune," that an attempt to end the Liberal revolt by an immediate, concentrated attack
against General Moncada's forces would be made.
In Washington it became known on March S that
Secretary Kellogg is opposed to an American protectorate over Nicaragua or a treaty for supervision
of that country similar to the compact of 1915 with
Haiti. This was revealed when the testimony of a
State Department official before the Senate Foreign Relations Committee on Feb. 24 and 25 was
made public.
The Premier of Chile, General Carlos Ibanez, who
recently brought about the resignation of the Chilean
Cabinet and the formation of a new Ministry headed
by himself, is proceeding with his announced intention of ridding his country of the "Bolshevist menace." Several hundred arrests have been made during the last two weeks, says an Associated Press
report dated March 8 from Santiago. Those arrested are to be sent to the Island of Mas-a-Fuera,
one of the Juan Fernandez group, about 500 miles
off the west coast of Chile. Additional political malcontents have been deported, one group proceeding
northward through Peru including Liberals, Conservatives and Communists among them Felipe
Urzua, former President of the Chilean Supreme
Court, and Rafael Gumacio,former President of the
Chamber and editor of "El Diario Ilustrado." Former Premier Manuel Rivas Vicuna is also under
arrest. The Nationalist Government, says the report is left master of the country and free to embark on its program of "renovation," which it maintains is necessary to save the country from chaos.
Congressional and judicial immunity were disregarded by the Government and no attempt made to
defend the course other than through the declaration that "urgent necessity must be met by extraordinary action."
MAR. 12 1927.]
THE CHRONICLE
Invitations, sent by President Coolidge to Great
Britain and Japan, to engage in a three-Power naval
conference, met with a favorable response and a
meeting in Geneva this summer is assured. After
rejection by France and Italy of the invitations to
a five-Power conference, President Coolidge asked
that the three major naval Powers meet. Japanese
acceptance was intimated early in the week and on
March 10 Sir Esme Howard, the British Ambassador, informally advised the Department of State
that his Government would accept. Washington,
moreover, has not given up hope that France and
Italy will see their way to join in the conference.
Unofficial intimations of reconsideration of the decision of the French Government have come from
Paris, while the Italian Ambassador, Nobile Giacomo de Martino, is understood to have taken early
opportunity to modify orally some of the Italian objections. The discussions at Geneva will be largely
ancillary to the Washington Conference of 1922, the
aim being to limit construction of non-capital ships.
The 10,000-ton cruisers are the most important of
these vessels and Great Britain, already far in the
lead in their construction, has announced that she
will delay laying down any new cruisers or other
craft that may come within the scope of the limitations in prospect pending the outcome of the negotiations. Work will not, however, be stopped on the
eleven 10,000-ton cruisers now under construction.
Six such vessels are authorized in the American
program for the fiscal years 1927 and 1928, and
Washington is questioning whether President Coolidge will delay them in view of the negotiations.
The formal reopening of direct cable communication between Germany and the United States took
place on March 4 and was the occasion of an exchange of messages of felicitation between Presidents Coolidge and von Hindenburg. The new cable
between Emden and Horta, Azores, was the last link
to complete the direct line, the New York to Azores
cable having already been in operation. The total
cable route of 4,330 nautical miles is covered by a
new type of high speed permalloy cable designed for
the transmission of 1,500 words per minute, which
is more than the combined capacities of the two
lines which linked the countries before the war. An
American loan of $5,000,000 facilitated the construction of the German link in the line, completion of
which was hailed at a dinner in Berlin attended by
American Ambassador Schurman, Chancellor Marx
and officials of the German Atlantic Telegraph Co.
The present work, says a Berlin dispatch to the New
York "Times," represents Germany's first line of
underseas cable since the war. The network of
cables possessed previously by Germany and confiscated during the conflict totaled more than 20,000
nautical miles. Announcement of the opening of
the new line was made jointly by the Western Union
and the Commercial Cable Co., a reduction of two
cents a word in the press rate between the two countries being made coincidentally.
1413
pleted Feb. 19, when construction contracts were
signed in Havana, according to an announcement in
the New York "Evening Post" of March 7. The highway will be about 600 miles long and will pass
through all the provinces in Cuba, from Pinar del
Rio to Oriente. Five years will be allowed officially
for the completion of the project, but as great benefit is expected to result for all of Cuba, the work
will be pushed and an attempt made to complete it
in three and one-half years. American contractors
will do about 75% of the construction work, which
will begin this month; Cuban firms will undertake
the remainder. The highway will cost approximately $75,000,000 and will be paid for by special
revenue and taxation measures. As these may be
inadequate from time to time to meet the contractors' bills the financing includes a revolving credit
of $10,000,000 furnished by a New York bank. The
inauguration of the work will be attended with due
ceremony, as such a highway has long been recognized as a prime need of the Island.
According to recent cable advices the Bank of
Czechoslovakia has reduced its discount rate from
5 % to 5%, while the Bank of Japan announced
/
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2
that on March 9 it had reduced its discount rate on
prime commercial bills to 1.6 sen (about 5.84%),
from 1.8 sen (about 6.57%). The rate on other bills
is to be 1.7 sen (about 6.31%). The National Bank
of Belgium is expected to reduce its discount rate
/
1
2
from 6% to 5 %, but has not as yet made formal
announcement to that effect. Aside from these
changes, official discount rates at leading European
centres remain at 7% in Italy;6% in Austria; 5 %
/
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2
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2
Paris and Denmark; 4 % in Sweden and Norin
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way, and 3 % in Holland and Switzerland. Open
market discount rates in London were steady, so
that short bills continued to be quoted at 438
/@
47.16%, the same as last week, although three
months' bills are now quoted at 15-16@4%%,
against 4%@4 7-16% a week ago. Call money at
the British centre again ruled steady, and closed at
4%, in comparison with 3%% the preceding week.
In Paris open market discount rates have been advanced from 4 % to 43
4%, but in Switzerland the
/
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4%, unchanged.
rate is 23
The most important change shown in the Bank of
England's report for the week ended March 9 was
the increase of £637,952 in gold and bullion holdings.
Thus total gold holdings now aggregate £150,753,026,
against £145,592,532 last year and £128,609,102 in
1925 (before the transfer to the Bank of England of
the £27,000,000 gold formerly held by the redemption
account of the Currency Note Issue). Reserve of
gold and notes in banking department increased
£1,170,000 as a result of decrease of £532,000 in note
circulation, combined with the gain in gold, while
the proportion of reserve to liabilities rose to
27.39%, the ratio last week having been 27.08%.
Loans made on Government securities fell off £1,045,000, but an increase of £778,000 was shown in loans
on "other" securities. Public deposits rose £6,515,000, but "other" deposits decreased £5,608,000. Total
Arrangements for a great central highway in of notes in circulation now,is £137,056,000 compared
cube, to run from end to end of the Island were com- with $141,246,270 and £124,200,115 in 1926 and 1925,
THE CHRONICLE
1414
[Vox.. 124.
respectively. The Bank's official discount rate ye- 1,008,000 marks. Detailed comparative statements
mains at 5 %. We furnish below comparisons of back to 1925 follow:
REICHSBANK'S COMPARATIVE STATEMENT.
different items of the Bank of England report for a
Mar.7 1927. Mar.6 1926. Mar.7 1925.
Changes for
series of years:
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
1923.
1924.
1925.
1926.
1927.
March 10. March 11. March 12. March 14.
March 9.
E
b 137.056.000 141,246,270 124,200,115 125.041.710 122,995,975
Circulation
16,158,000 16.758.234 13,687,803 19,270,772 15,623,156
Public deposits
103,922,000 102.523,734 110,460.075 105.597.418 109,495.119
Other deposits
Governm't securities 31.223,000 39.295.328 •40,096.830 48,182,455 48,451.700
73,689,000 74,183,023 78,160.435 72,157.998 70,649,980
Other securities
Reserve notes & coin 33,446,000 24.096,262 24,158,987 22,806.527 24,262,802
Coin and builion_a_150,753,026 145,592.532 128,609,102 128,098,237 127,508,777
Proportion of reserve
to liabilities
Bank rate
27.39%
20.21%
5%
5%
1955%
5%
183i%
4%
1854%
3%
a Includes, beginning with April 20 1925, £27,000,000 gold coin and bullion
previously held as security for currency note issues and which was transferred to
the Bank of England on the British Government's decision to return to gold
standard.
b Beginning with the statement for April 29 1925. Includes £27,000,000 of Bank
of England notes Issues In return for the same amount of gold coin and bullion
held up to that time In redemption account of currency note issue.
The Bank of France in its weekly statement as
of March 9 revealed an increase of 301,771,815 francs
in note circulation, bringing the total to 52,764,172,095 francs as compared with 51,951,497,250 francs
last year, and 40,880,024,375 francs for the year previous. The State reduced its obligations to the bank
still further, having repaid 200,000,000 francs during the week. Advances to the State now amount
to 29,300,000,000 francs, against 35,450,000,000
at the same time last year and 21,800,000,000 francs
in 1925. Gold holdings remain unchanged at 3,683,
507,443 francs, as compared with 3,683,966,008
francs in 1926 and 3,681,583,928 francs in 1925
Changes in other items were: Silver increased 62,260 francs, general deposits 66,765,281 francs, and
trade advances 33,973,101 francs. Treasury deposits
decreased 23,283,212 francs and bills discounted 732,647,674 francs. Comparisons of the various items
in this week's return with the statement of last week
and with corresponding dates in the two previous
years, are as follows:
BANK OF FRANCE'S COMPARATIVE STATEMENT.
&raw a, of
Changes
Mar.9 1927. Mar.101926. Mar. 111925.
for Week.
Francs.
Francs.
Francs.
Gold Holdings—Francs.
3,683.507.443 3,683,966,008 3,681,583.928
Unchanged
In:Frame
1,884,320,907 1,864,320.907 1,864,320,907
Abroad
Unchanged
Total
Silver
Unchanged
62,260
Inc.
BlUidiscounted _Dec.732,647,674
'Trade advances Inct 33.973.101
Note _circulation...Ins. 301,771,815
Treasury deposits-Deo. 23,283,212
General deposits /no. 66.765.281
Advances to State-Dee.200,000,000
5,547,828,350 5,548,286,916 5,545,904,836
307.470.325
328,830,915
342,049,577
2,936,453,878 3,065.823,267 5,756.010.134
1,979.308,619 2,524,273,231 3,053.305.745
52.764.172.095 51,951,497,250 40,880,024.375
13,136.553
37,055.916
58.777,023
4,359,817.049 2,824,268,046 2,040,737,046
29,300,000,000 35.450,000,000 21.800.000,000
The Reichsbank in its return for the first week of
the month showed a contraction in note circulation
of 118,350,000 marks and also declines of 15,130,000
marks in other daily maturing obligations and 52,508,000 marks in other liabilities. Total note circulation aggregates 3,346,878,000 marks, against
2,729,707,000 marks at the corresponding date last
year and 2,035,546,000 marks the year previous. On
the assets side of the account, bills of exchange and
checks fell off 39,819,000 marks, but notes on other
German banks increased 6,066,000 marks. Silver
holdings declined 3,152,000 marks and reserve in
foreign currencies 1,798,000 marks. Investments
rose 125,000 marks, while advances decreased 108,537,000 marks and other assets 48,962,000 marks.
During the week gold and bullion holdings gained
Week
Reichsmark,. Reichstriark2. Relthstnarks.
Reichsmark,.
Assets—
985,169,000
Gold and bullIon__Inc. 1.008.000 1,834,874.900 1,404,902,000
269,121.000
207,705.000
93,007,000
Of which dep. abr'd Unchanged
Reserve in foreign
328.329,000
488.300.000
Dec. 1.798.000
202.135.000
currencies
814.320.000 1,159.641,000 1,633.088.000
Bills of ex.& ch•ks Dec. 39,819.000
62,671,000
89,102,000
129.325.000
Silver & other coin Dec. 3.152,000
Notes on other Ger14,499.000
19,247,000
14.999.000
Inc. 6,066.000
man banks
8,264.000
4.362.000
Dec. 108.537.000
46.226.000
Advances
112,063,000
234,896.000
Inc.
92.765.000
125.000
Investments
905,872,000 1,373,383,000
Dec. 118,350.000
387,855.000
Other assets
Liabilities—
Notes in circulat'n Dec. 118.350,000 3,346,878.000 2,729,707,000 2,035,541,000
Other daily matur925,197,000
714,727.000
ing oblIgatIons__Dec. 15,130.000
524.228.000
533.293,000 1,216,922.000
Other liabilities—Dec. 52,508.000
159.637,000
Curtailment in rediscounting and open market
operations constituted the feature of the weekly
statenients of Federal Reserve banks that were
issued at the close of business on Thursday, while
for the first time in a number of weeks a substantial
addition to gold holdings was shown simultaneously
in both the local and national reports. For the
System as a whole rediscounts of all classes of bills
declined $18,700,000; as a result, total bills discounted now aggregate $415,939,999, as compared
with $502,425,000 at this time a year ago. Holdings
of bills bought in the open market fell off $24,400,000. Total bills and securities (earning assets)
were reduced $47,100,000 and deposits $28,800,000.
Gold stocks rose $31,100,000. The New York Bank
reported an addition to holdings of gold amounting
to $19,800,000. Rediscounts of bills secured by
Government obligations increased $4,700,000, but as
"other" bills declined $6,300,000, the net result was
a reduction in total bills discounted of $1,600,000.
Open market purchases were smaller by $3,500,000.
Here also total bills and securities were reduced,
viz., $8,600,000, but there was an increase in deposits of $11,900,000, while member bank reserve accounts rose $2,300,000. In the case of the group
banks, member bank reserve accounts indicated a
shrinkage of $10,100,000. Federal Reserve notes in
actual circulation increased $1,900,000 in the combined report, but locally there was a decrease of
$1,900,000. As to reserve ratios, expansion in gold
reserves was responsible for advances. At New
York the ratio moved up to 84.2%, an advance of
1%; the combined System's ratio of reserve increased 1.2%, to 79.7%.
Last Saturday's New York Clearing House bank
and trust company statement again showed a heavy
drawing down of reserves, thereby wiping out the
previous week's surplus and leaving a deficit. Loans
decreased $2,727,000. Net demand deposits declined
$18,925,000, to $4,370,768,000, which is exclusive of
$23,562,000 in Government deposits, while there was
a shrinkage in time deposits of $9,788,000 to $669,739,000. Cash in own vaults of members of the
Federal Reserve banks fell off $3,064,000, to $42,438,000. This, however, does not count as reserve. Reserves in own vaults of State banks and trust companies increased slightly—$58,000—but the reserves
of these same institutions kept in other depositories
declined $957,000. As already stated, member banks
drew heavily upon their reserves in the Reserve Bank,
Men. 12 1927.]
N
1415
CHRONICLE
no less than $41,474,000, with the result that, notwithstanding the shrinkage in deposits, there was
a loss in surplus reserve of $39,507,790, which eliminated last week's excess of $33,597,820, and left a
deficit in reserve of $5,909,970. The above figures
for surplus are based on 13% legal reserve requirements against demand deposits for member banks
of the Federal Reserve System, but not including
the $42,438,000 cash in vault held by these members
on Saturday last.
An unusually quiet week prevailed in the money
market, the rate for call loans remaining unchanged
at 4% throughout. Funds were abundant early in
the week, in spite of the Clearing House deficit of
Saturday and the approach of large Treasury finan
ing operations. Only on Thursday did the tone m
up a little, though supplies remained plentifu The
adjust
hanks called about $15,000,000 on Friday
their reserve position at the Federal Res e Ban
but as this is a customary Friday proce ding, it d
not affect the money market. Time rates alt re.
busi/
mined unchanged at 4%@41 2%, with it
More borrowing was I • I e at the
ness reported.
/
41 2% figure on Friday, due probably to preparations
for the income tax payments. The Federal Reserve
rediscount rate remains 4%. Brokers' loans in the
Federal Reserve Board's condition statement as of
March 2 showed a further increase of $51,000,000 for
New York City banks. More attention was paid,
however, to the New York Stock Exchange announcement that there loans as of Feb. 28 had increased almost $118,000,000 since the end of January. The Stock Exchange compilation is regarded
as more complete. No important gold movements
were reported during the week except that $2,500,000 more came from Canada.
bankers' acceptances eligible for purchase by the
Federal Reserve banks 3/% bid and 332% asked for
bills running 30 days, 33% bid and 3%% asked for
60 days and 90 days, 3%% bid and 3%% asked for
120 days, and 4% bid and 3Y% asked for 150 and
180 days. Open market quotations follow:
Prime eligible bills
SPOT DELIVERY.
90 Days.
3Si EOM
60 Days.
3(@3H
30 Days
311 354
FOR DELIVERY WITHIN THIRTY DAYS.
Eligible member banks
anks
Eligible non-mem
3% bid
3j bid
have b n no changes this week in Federal
Th
rates. The following is the schedule
Re ye Ba
rates no• in effect for the various classes of paper
erent Reserve banks:
at the
RATES OF FEDERAL RESERVE BANKS IN EFFECT
MARCH 11 1927.,
Payer Maturing—
After 90 After
but
Days, boa
Within 6 Within 9
Months. Months.
Within 90 Days.
FEDERAL RESERVE
RANK.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Com'rctal Secured
Agrtc't by U.S. Bankers' Trade Aoricul.• Aptictin
and
and
Livestock Govern't Accep- Accep- tances. tances. Livestock Livestock
Paper. Oblige
Paper. Paper.
lions.
ne4.
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
•Including bankers' acceptances drawn for an agricultural purpose and secured
by warehouse receipts, &o.
Trading in sterling exchange continues to be characterized by a general under current of firmness,
although there has been little, if any, increase in
activity. Supplies of commercial bills have been
light, with the market well able to absorb everything
Referring to—money rates in detail, call loans offered. The result has been almost stable quota4
ruled the entire week at the single figure of 4%; tions; demand bills ranged between 4.843 and
bulk of the business passing at
that is to say, on each of the business days of the 4.84 13-16, with the
week, from Monday to Friday, all transactions in the inside figure. As a matter of fact, bankers excall funds were negotiated at 4%, and this was the press the opinion that a further advance in prices is
level at which renewals were made. Last week the imminent. In proof of this it was pointed out that
the Bank of England has begun to take in gold on
range of quotations was 4@,4
the market has been balance. Money at the British centre is still relativeFor fixed date maturities
quiet with a slightly easier tone; though quotations ly higher than at New York; consequently whatever
remained at 4%@43'% for all periods from sixty movement of funds is going on between those two
favor of London.
days to six months, the same as a week ago. The points will undoubtedly be in
funds was fairly liberal, but Reports of a stiffening of money rates in Berlin gave
supply of loanable
large borrowers were usually out of the market and rise to rumors that British funds would probably be
attracted to Berlin before long. Attention was
no big individual transactions were recorded.
paper rates have not been changed directed once more by developments in Canada and
Mercantile
from 4% for four to six months' names of choice toward the close of the week announcement was made
0
character, with 437 still required for names not of a shipment of $1,000,000 from the Mint at Ottawa
so well known.. New England mill paper and the to the local office of the Bank of Montreal. Incishorter choice names are still being dealt in at dentally recent statements to the effect that Canada
4%. An active demand by both local and out-of- is losing gold in large amounts were branded as absotalk that
town banks prevailed, but trading was hampered lutely without foundation, as also was the
the Government was acting to prevent any further
by lack of offerings.
all
Banks' and bankers' acceptances remain at the gold engagements from over the border. In
undertone has been probability exports of gold from Canada will conlevels previously current. The
steady and the volume of business transacted of tinue, but it should be remembered that Canada is
moderate proportions. As has been the case for some now minting her own stock of gold,and that at present
weeks past, nothing in the way of important news Canadian gold stocks are very large. While develdevelopments occurred in the acceptance market, opments in the Far East are being closely watched,
which was a dull and featureless affair. For call loans neither the military impasse in China nor the new
against bankers' acceptances, the posted rate of the earthquake disaster in Japan exercised the slightest
American Acceptance Council remains at 3%%. The effect upon market sentiment, so far as sterling exAcceptance Council makes the discount rate on prime change is concerned.
1416
THE CHRONICLE
Referring to the more detailed quotations, sterling
exchange on Saturday last was slightly easier; as a
result, demand sold at 4 849 (one rate), while cable
transfers were quoted at 4.8534; trading was inactive.
On Monday the market steadied and there was a
fractional advance to 4.843'@4.84 13-16 for demand
and to 4.85 1-4@4.85 5-16 for cable transfers; better
buying developed. Freer offerings sent prices off on
Tuesday and demand went to 4.84 23-32@4.84 13-16
and cable transfers to 4.85 7-32@4 .85 5-16. Wednesday sterling was firmly held, at 4.84% (one rate) for
demand and 4.8534 for cable transfers; trading continued quiet and featureless. Dulness characterized
dealings on Thursday; hence demand remained at
4.84%, unchanged, and cable transfers at 4.8534.
Friday's prices were stable and still unchanged; the
%
rates for the day were 4.843 for demand and
4.8534 for cable transfers; no increase in activity
was noted. Closing quotations were 4.84% for demand and 4.8534 for cable transfers. Commercial
sight bills finished at 4.84%, sixty days at 4.80%,
documents for payment (sixty
ninety days at 4.78
%
days) at 4.80%, and seven-day grain bills at 4.843 .
Cotton and grain for payment closed at 4.84%.
No gold was engaged for shipment to this country
from Europe, but toward the close of the week the
flow of gold from Canada to New York was resumed
when a shipment of $1,000,000 was announced from
the Mint at Ottawa to the local office of the Bank of
Montreal. Altogether $2,500,000 was received from
Canada during the week. The Bank of England reported sales of £6,000 in gold bars and exports of about
38,000 sovereigns to Spain and India. Gold to the
amount of £500,000 was set aside for release to the
South African Reserve Bank. The Danish National
Bank announces that it has shipped 10,000,000
gold in kroners to the Reichsbank.
The Continental exchanges were neglected, insofar
as regards the major European currencies, and trade
movements were very similar to those that have
existed during recent weeks; that is, small, irregular
price variations, accompanied by light offerings and
an equally light inquiry; with the exception of occasional spurts of activity in some of the speculative
favorites. The outstanding developments of the
week again occurred in the Far East and in South
American divisions as noted further below. French
francs continue to hold their own,although quotations
have moved at close to 3.90, or appreciably below
the level at which the price was first "pegged" by
the Bank of France. A feature of the week's trading
was the introduction of sixteenths in franc quotations
for the first time since the war. Lately fluctuations
in eighths have been recorded, while before that
quarter points were the narrowest movements quoted.
A variation of one-sixteenth is a decided innovation
and would seem to indicate that francs are being
dealt in closely in a quiet way. Nothing new of
moment transpired as regards France's political and
financial status. Italian lire were exceptionally
quiet and ranged between 4.4434 and 4.37 up till
Friday (yesterday), when an increase in buying, partly speculative, based on prospects of additional
flotations of Italian loans, sent quotations up to
4.45 for a time. Nevertheless, speculatiors, for the
turned away from francs
most part, have evidently
devoting their attention to currencies
and lire and are
matter of price
affording greater latitude in the
exchange continue
changes. German and Austrian
[VoL. 124.
inactive and virtually unchanged. Belgian belgas
are still fixed at a fraction either above or below 13.90.
Recent action of the Belgian authorities in removing
restrictions on exchange dealings and lifting the gold
embargo has had no effect on market values, which
is interpreted as meaning that the Belgian Bank is
keeping the rate at par and thus preventing what
might be unsettling fluctuations. Greek exchange
showed very little alteration, the quotation having
been held at either 1.28 or 1.281 throughout.
A
The London check rate on Paris finished at 124.03,
as against 124.101% last week. In New York sight
3
bills on the French centre closed at 3.90%, against
3.90; cable transfers at 3.919', against 3.91, and commercial sight bills at 3.89%, against 3.89 a week ago.
Antwerp belgas finished at 13.893/2 for checks and at
2
13.903/ for cable transfers, which compares with 13.90
and 13.91 a week earlier. Berlin marks went to
23.71 for a time, then closed at 23.7034 for checks
and 23.7134 for cable transfers, as against 23.691%
and 23 703/2 the previous week. Austrian schillings
.
continue to be quoted at 141 , unchanged. Italian
%
lire finished at 4.441% for bankers' sight bills and at
4.4532 for cable transfers. Last week the close was
Exchange on Czechoslovakia,
4.391% and 4.40
which in common with other of the minor Central
European group, has remained all but motionless,
closed at 2.96% (unchanged); Bucharest at 0.61,
Poland at 11.50 (unchanged), and
against 0.59
Finland at 2.52M (unchanged). Greek exchange
closed at 1.28 for checks and 1.29 for cable transfers,
in comparison with 1.2834 and 1.2934 the preceding
•
week.
Renewed strength and activity in Spanish pesetas
constituted the most noteworthy development in the
so-called former neutral exchanges. Other branches
of the market, such as guilders and francs, were inactive and steady but virtually unchanged. In the
Scandinavians very little change occurred, although
here also values were maintained, and at the close
Norwegian krone turned strong and rose to 26.16 on a
sudden spurt of speculative activity. As to the peseta,
heavy buying for speculative account, chiefly abroad,
sent the quotation up to a new high point since 1919
and about 30 points above the close of last week,
namely 17.25 for checks. This was not maintained,
however, and profit-taking sales sent the quotation
down to 16.91, though the close was at the top.
Another sale of gold by the Bank of England to
Spain was the signal for fresh buying and selling,
and consequent backing and filling. The general
trend, however, was upward. Despite the wideness
of movement, business as a whole was inactive.
Bankers'sight bills on Amsterdam closed at 40.001%
2
against 40.013/2; cable transfers at 40.013/, against
2
40.023/, and commercial sight at 39.9932, against
2
40.003/ a year ago. Final quotations for Swiss francs
were 19.2334 for bankers' sight bills and 19.2434 for
cable transfers, in comparison with 19.2234 and
19.2334 a week earlier. Spanish pesetas finished at
17.25 for checks and at 17.26 for cable transfers,
against 16.89 and 16.90 the previous week.
In the South American exchanges the feature of
interest was the continued spectacular strength in
Argentine pesos, which under the impetus of brisk
buying, both speculative and incidental to a large
volume of seasonal exports, shot up to 42.38, or practically at par. The gold peso rose to the equivalent of
par, advancing some 47 points. It is expected that
THE CHRONICLE
MAR. 12 1927.]
the Argentine Government will announce its plans
for a return to the gold standard this year and
also institute negotiations for an American loan
very shortly. Closing quotations were 42.12 for
checks and 42.17 for cable transfers, which compares with 42.18 and 42.23 last week. Brazilian
milreis remain steady at the levels that have prevailed
in recent weeks, with the close at 11.83 for checks and
at 11.88 for cable transfers, as against 11.85 and
11.90 the previous week. Chilean exchange was
steady and not changed from 11.91, last week's level.
Peru finished at 3.68, against 3.67 last week.
In the Far Eastern exchanges quotations failed to
reflect the momentous occurrences of the week.
The so-called silver currencies were fairly stable but
finished lower at 48/@48 13-16 for Hong Kong,
against 493@49/; Shanghai at 60/(4)603/, against
2
613@)613/2 the previous week; Japanese yen were not
affected by the Japanese earthquake disaster, one way
of the other, and the close was 49 3-16(4)49/, against
49.20 and 49.30 last week. Manila closed at 49.75@
50.00, against 49.75@49.88; Singapore at 56M@
56/ (unchanged); Bombay, 36M@)36/, against
363i@36 7-16, and Calcutta 363/2@36 / against
8,
363(4)36 7-16 last week. News that the Government of India had secured a victory by a very narrow
margin guaranteeing at length the stabilization of the
Indian rupee at 18d. gold, created a good impression
and resulted in firmer closing prices.
Pursuant to the requirements of Section 522 of the
Tariff Act of 1922, the Federal Reserve Bank is now
certifying daily to the Secretary of the Treasury the
buying rate for cable transfers in the different countries of the world. We give below a record for the
week just past:
FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
BANKS TO TREASURY UNDER TARIFF ACT OF 1922.
MAR. 5 1927 TO MAR. 11 1927, INCLUSIVE.
Country and Monetary
Unit.
Noon Buying Rate for Cable Transfers in New York.
Value in United Males Money.
Mar. 5. Mar. 7. Mar. 8. M r. 9. Mar. 10. Mar. 11.
EUROPE$
Austria, schilling ...... .14071
Belgium, belga
1390
Bulgaria, ley
007245
Czechoslovakia, kront .029616
Denmark. krone
2864
England, pound eter.48519
ling
025201
Finland, markka
.0391
France, franc
Germany, reichsmark .2370
.012911
Greece, drachma
.4002
Holland, guilder_.
.1754
Hungary, pongo
0439
Italy. lira
.2595
Norway, krone
.1131
Poland. zloty
.0511
Portugal. escudo
.005940
Rumania,leu
.1694
Spain, peseta
Sweden. krona
2671
Switzerland, !rano_ .1923
Yugoslavia, dinar__ .017601
ASIAChinaChefoo, tael
.6438
Hankow,tact
6342
Shanghai, tael
6143
Tientsin, tael
.6475
Hong Kong, dollar_ .4911
Mexican dollar
.4469
Tientsin or Pelyang
dollar
.4408
Yuan, dollar
.4383
India, rupee
.3619
3apan, yen
.4915
Singapore(S.S.),dollar .5596
NORTH AMER.Canada, dollar
.998107
Cuba, peso
1.000813
Mexico, peso
.470233
Newfoundland, dollar .996000
SOUTH AMER.Argentina. peso (gold) .9586
Brazil, milrele
.1185
Chile, peso
1199
rTrAcmlny nom.
1 A114
$
.14077
.1390
.007255
.029617
.2664
$
.1407
.1390
.007235
.029619
.2664
$
$
.14078
.14078
.1390
.1390
.007240 .007255
.029617 .029618
.2884
.2664
$
.14089
.1390
.007245
.029618
.2664
48522
48524
48521
4.8520
4.8521
.025209 .025208 .025210 .025206 .025203
.0391
.0391
.0391
.0391
.0391
.2370
.2370
.2371
.2371
.2371
.012913 .012908 .012900 .012894 .012879
.4002
.4001
.4001
.4001
.4001
.1753
.1751
.1751
.1751
.1751
.0439
.0442
.0442
.0445
.0445
.2595
.2596
.2596
.2596
.2616
.1140
.1133
.1134
.1144
.1130
.0511
.0512
.0512
.0512
.0012
.005937 .005924 .006022 .006112 .006082
.1704
.1700
.1713
.1718
.1726
.2671
.2671
.2671
.2671
.2871
.1923
.1924
.1923
.1924
.1924
.017599 .017598 .017604 .017602 .017597
.6404
.6296
.6111
.6438
.4900
.4472
.6433
.6338
.8141
.6463
.4921
.4469
.8346
.6254
.6045
.6379
.4884
.4397
.6275
.6204
.6011
.6333
.4852
.4384
.6308
.6208
,6002
.6346
.4846
.4375
.4367
.4338
.3622
.4907
.5596
.4358
.4333
.3619
.4910
.5596
.4317
.4292
.3632
.4915
.5596
.4304
.4275
.3634
.4916
.5596
.4292
.4267
.3633
.4912
.0090
.998143 .998047 .998028 .998033 .998079
1.000625 1.000781 1.000688 1.000625 1.000563
.470000 .470000 .470000 .470000 .470067
.996125 .995844 .995938 .996063 .996125
.9601
.1184
.1199
.9630
.1105
.1198
.9599
.1186
.1198
1 A10,
1 A194
10101
.9577
.1187
.1198
10121
.9577
.1185
.1198
1012.4
The New York Clearing House banks, in their
operations with interior banking institutions, have
gained $6,163,091 net in cash as a result of the
currency movements for the week ended March 10.
Their receipts from the interior have aggregated
1417
$7,039,591, while the shipments have reached
$876,500 as per the following table:
CURRENCY RECEIPTS AND SHIPMENTS BY NEW YORK BANKING
INSTITUTIONS.
Week Ended March 10.
Banks' interior movement
Into
Banks.
Ouzel
Banks.
$7,039,591
I
I
Gain or Loss
to Banks.
$876,500 Galn
6,163.091
As the Sub-Treasury was taken over by the Federal
Reserve Bank on Dec. 6 1920, it is no longer possible
to show the effect of Government operations on the
Clearing House institutions. The Federal Reserve
Bank of New York was creditor at.
the Clearing
House each day as follows:
DAILY CREDIT BALANCES OF NEW YORK FEDERAL RESERVE BANK
AT CLEARING HOUSE.
Saturdag. Monday.
Mar. 5. Mar. 7.
Tuesday. Wedwesd'y. Thursday. Friday.
Mar. 8. Mar. 9. Mar. 10. Mar. 11.
Aggregate
for Week.
$
$
$
$
82.000,000 104,000000 72 000.000 88,000.000 83.000,000 88.000,000 Cr.515,000.000
Note.
-The foregoing heavy credits reflect the huge mass of checks which come
to the New York Reserve Bank from all parts of the country in the operation of
the Federal Reserve System's par collection scheme. These large credit balances,
however, reflect only a part of the Reserve Bank's operations with the Clearing
House institutions, as only the items payable in New York City are represented in
the daily balances. The large volume of checks on institutions boosted outside of
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
Bank for collection for the account of the local Clearing House banks.
The following table indicates the amount of bullion
in the principal European banks:
March 10 1927.
Banks of
Gold.
Stiver.
March 11 1926.
Total.
Gold.
Total.
150,753,026 145,592,532
England -- 150.753,026
145,592,532
France --a 147,340,268 13.680,000161.020.268 147,358,641 13,120,000160,478,641
Germany b 87,049,795 c994.600 88,044,395 54,953,800
994,600 55,948,400
Spain--- 103.280,000 27,630.000130,910,000 101,475,
26,612,000 128,087,000
45,741,000 4.243,000 49,984,000 35.687,000 3.410.000 39,097,000
Italy
Netherl'ds. 34,500,000 2,309,000 36,809,000 35,898,000 2.178.000 38,074,000
Nat. Beg- 17,841,000 1,135,000 18,976,000 10,954.000 3,658.000 14,612.000
SwitzerYd. 17,914,000
.
,
3,702,111 20,380,000
.
12,385,000
12.385,000 12,763,
Sweden_
12.763,000
842.111 12,465.000
Denmark - 11.204.000
843.000 12.047,000 11,623,000
8,180,000
8,180,000 8,180,00
NOrWaY
8,180,000
Total week 636,188,089 53,838,600690,026,889 581,162,97
Prey. week 635,393,137 53,376,600688,769,737 571,593,23
54,514,600 635.677,573
54,333,6 624,926,839
a Gold holdings of the Bank of France this year are exclusive of 474,572,866
held abroad. b Gold holdings of the Bank of Germany this year are exclusive
of £4,650,350 held abroad. c As of Oct. 7 1924.
Railway Consolidation and Federal Control
The Lehigh & New England Lease.
The denial by the Inter-State Commerce Commission on Wednesday of the application of the Reading Company to lease the Lehigh & New England
Railroad Company for 999 years, adds another chapter to the already long story of railway consolidation without, apparently, affording clear indication
of what the outcome of the story is to be. Taken in
connection with the announcement of a hill intended
to facilitate voluntary consolidation, prepared by
the Committee on Inter-State and Foreign
Commerce of the House of Representatives for
consideration by the new Congress next December.
and the publication in the "Yale Review" of an article by former President Hadley of Yale in which
the policy of the Commission and the general principle of competition are criticized, the action of the
Commission will have the effect of focusing attention
upon some of the fundamental problems involved in
consolidation, at the same time that it indicates no
disposition on the part of that body to make haste
in propounding solutions.
The Lehigh & New England, a short line of about
219 miles in length, extending from Campbell Hall,
N. Y., to Nessuehoning, Pa., traverses northern New
Jersey and connects with the Reading, the Delaware
Lackawanna & Western, the Lehigh Valley, the
Pennsylvania and the Central of New Jersey. It is
owned by the Lehigh Coal & Navigation Co.. an im-
1418
THE CHRONICLE
portant producer of anthracite coal, and reaches the
anthracite fields. The object of the Reading Co. in
leasing the road, as set forth in its statement to the
Commission, was to facilitate the shipment of coal
and other freight originating in Reading territory to
northern New York and New England, in the latter
case via thePoughkeepsie Bridge route,thereby avoiding the congested Harlem River route via Jersey City
and New York harbor. Most of the coal traffic
originating on the Reading and destined for New
England is now handled by barges from Jersey City
and harbor traffic is greatly congested. The application was supported by the Baltimore & Ohio, the
Western Maryland and the New York Central, but
was strongly opposed by the Pennsylvania on the
ground that the Reading, the Central of New Jersey
and the Lehigh Coal & Navigation Co., three companies which are allied through joint holdings of
stock, would be able to control the Lehigh & Hudson,
a competing route which, while it does not touch the
anthracite fields, connects with roads that do.
The application was denied as not in the public
interest. "The sharp rivalry between great systems
for the control of the line of the Lehigh & New England," the Commission declared, "emphasizes the
evidence as to the importance of the line in the transportation facilities of the East," and its assignment
accordingly "requires careful and deliberate consideration and more than usual regard for the possible effects upon the traffic moving over the routes
of which it forms, or may form, a part. There is
here no exigency demanding hasty action." The
application, it was pointed out, while for a lease,
"contemplates permanent control," and it would be
possible for the Reading and the Lehigh Coal & Navigation Co. to control both the Lehigh & Hudson and
the Lehigh & New England. "Were the special advantages of the proposed lease more certain, we
might perhaps be justified in relying upon our powers under the law to preserve the unrestricted use
of these essential bridge lines by the Pennsylvania
and other carriers, but mere ability to police a route
is not a fair equivalent of the compulsion of selfinterest."
The governing consideration with the Commission,
apparently, was the necessity of preserving competi- tion and an equitable distribution of traffic. It was
understood to be the intention of the Reading, in
case the lease were authorized, to make through
rates on anthracite and other freight, and to devlop
a direct traffic which would relieve the present congestion on the Harlem River route. The Commission, while conceding the growing importance of the
Poughkeepsie Bridge route, found that coal produced on the lines of the Lehigh & New England competes in New York City and other markets with coal
produced on the Reading, the Central of New Jersey
and other anthracite carriers, and that the transfer
of control contemplated by the lease would, accordingly, reduce competition. The argument from economy, also, failed to convince the Commission. The
consummation of a lease, the Reading contended,
would result in a saving of half a million dollars a
year. The Commission held that while, "by reason
of economies in capital and operating costs, and by
reason of traffic accessions resulting from unification, the Reading might and probably would be able
to increase its net income," the payment of so high a
price as $1,069,000 cash rental for control of the
[vol.. 124.
Lehigh & New England was not in the public interest. "It is proposed to surrender to the owners of
the leased property a large proportion of the financial' benefit which the consolidation plan contemplates should accrue to the carriers for the benefit of
,
the public through reduced rates and improved ser
vice. The adoption of similar standards in future
transactions of the kind would impose upon the carriers too heavy a burden of fixed charges."
As to the final disposition of the Lehigh & New
England, the Commission stated that "while apparently there is no present disposition on the part of
the New Haven to seek control of the Lehigh & New
England, such control, as Professor Ripley pointed
out, would have many advantages as compared with
acquisition by one of the rival trunk line systems,
and the fact that there seems no immediate prospect
of the consummation of such control ought not to
govern our action here, if we believe union with a
New England system to be the best ultimate destination for this strategic line. The Lehigh & New England, it must be remembered, is not a financially
weak carrier needing, on account of such weakness,
control by a stronger carrier. Moreover, even if it
be assumed that the Lehigh & New England should
be acquired by some trunk line system rather tha
by a New England system,.its final disposition is a
matter that can well be postponed, in view of its
strategic importance, until we have before us fuller
and better information in regard to the larger plans
that may be proposed for the consolidation of the
Eastern railroads."
What the Commission feared, apparently, if the
lease were approved, was an eventual monopoly control of the railway lines connecting New England
with the anthracite fields, and the consequent restraint of competition in the case of coal or other
freight handled on those routes. Whether the reference to "the larger plans that may be proposed for
the consolidation of the Eastern railroads" was an
allusion to the so-called Parker bill, introduced in
the House, on behalf of the Committee on InterState and Foreign Commerce, just at the close of
the last session, is only a conjecture, but the clear
intimation that the Commission would prefer the
Ripley plan, which joined the Lehigh & New England
to the New York New Haven & Hartford, to a union
of the former road with the Reading or any other
trunk line, suggests that the Commission dues not
intend to relinquish control entirely of the process
of consolidation, whether consolidation is achieved
voluntarily or not. If such is its purpose, it is probably just as well that the application for approval of
the Reading lease was denied, and the situation lett
as it is until the railway companies and the Commission can reach a common understanding.
Much of what Dr. Hadley has to say in his article
on "Principles and Methods of Rate Regulation" ai.)pears to be applicable more to public utilities than
to the railways, and his criticism of the Inter-State
Commerce Commission as a body so occupied with
the adjudication of complaints as to have "no time
for dealing with general questions of economic policy," applies equally to most administrative bodies
that are called upon to handle great masses of details. On the other hand, his insistence that "when
there is a large permanent investment and a large
overhead, the interest of the companies which want
to develop business and the interests of the public
MAR. 12 19271
THE CHRONICLE
1419
which wants abundant service by the newest methods ings for the benefit of systems which, without such
are not far apart," and that "this underlying har- bolstering, cannot pay their way. We take it that
mony of interests between the two parties is not due the Inter-State Commerce Commission, in denying
to competition nor dependent upon it," raises some the Reading lease, has had these things in mind, and
questions of a vital order when the consolidation of that its intimation that the Lehigh & New England
belongs more properly with the New Haven is not
the railways is considered.
As matters stand at present, competition in rail- intended as a prejudgment of such consolidation as
way rates is more a question of form than of sub- may eventually be worked out. If such is its attistance. No railway corporation in this country is tude, the maintenance of the status quo for the time
now free to fix its own rates, or to alter a rate al- being is probably the wisest course.
ready established. It has no power to change its
rates to meet competition from any source. Every
Classes and Class-Consciousness.
rate must have the approval of the Inter-State ComIn an article in the March "Red Book Magazine,"
merce Commission, and while such conditions as
length of line and cost of service are taken into con- entitled "Is There Nothing But Money in. America?"
sideration, the Commission is careful to see that no Mrs. Philip Lydig, a writer on social topics, conrailway shall profit unduly at the expense of another trasting the uses and value of wealth in Europe and
by reason of its preferential charges for services ren- America, comes to this conclusion: "I feel that
dered. To this extent the competitive system which Americans have begun a new attack on some of the
Dr. Hadley regards as fallacious has largely disap- most -serious problems of social life, and that they
peared in favor of centralized Federal control. More- have developed traditions and ideals very different
over, the Commerce Commission has prescribed from those of foreign countries. It is, for example,
53
4% as a reasonable rate of return and the law an American 'folk-way' to make money. The comitself by its "recapture" provision requires the roads mon ambition is to grow rich. But having made a
to turn over to the Commission one-half of any ex- fortune, the American millionaire is now required,
cess above 6% to be placed in a Contingent Fund by custom and tradition, to use part of his wealth
which it is intended shall be used for the benefit of for public benefactions. In that he is truly aristothe weaker lines. The Parker bill, it is stated, will cratic, because the real mark of an aristocrat is this
make it impossible for the large systems to consoli- sense of his responsibility as a protector and benedate without taking in the smaller ones, at the same factor of his less privileged fellow-beings. Abroad,
time that it aims to prevent the weaker roads from the aristocrat still affects to despise money, but life
"holding up" the larger systems by exacting exces- will not let him despise it. The world has changed
sive prices for consenting to a merger. This, of since feudal times, and his ideal of contempt for
cours, is as it should be, provided that the larger money-making is a false and impossible ideal in an
systems, in the process of consolidation, are not industrial civilization." In the course of this article
obliged to saddle themselves with unprofitable lines allusion is made to a psychological theory that the
whose earning power has diminished, or perhaps dis- individual born into this aristocratic class, but withappeared almost altogether, by reason of changes in out money, acquires an "inferiority" which prevents
transportation conditions, and whose further opera- him from working for money and thus unfits him for
tion ought to be discontinued rather than kept going doing his share of the world's work and overcoming
by artificial means. There are thousands of miles of class distinctions, while in America the youth is free
railway line in this country on which passenger traf- to achieve and rise, and to this fact is attributed our
fic has dwindled almost to the vanishing point be- progress, not only in material things but in science,
cause of motor competition, and other thousands letters, art and true philanthropy.
It is very interesting to consider the effect of this
which have been rendered unprofitable by the buildcompetitive lines or the shrinkage of industries freedom to achieve upon our social and civic life. It
ing of
that once justified their existence. It would be un- may be perhaps, so far, only an assumption of this
just to load these unprofitable lines upon efficient writer that custom and tradition requires our. milsystems which, without that burden, would be able lionaires to contribute a part of their fortunes to
to earn legitimately an increased return upon their benefactions. At least it is growing into a custom,
judged by the beneficences bestowed during life and
capital investment.
Two or three things, meantime, are clear. It is at death. But a man's fortune is his own, and under
desirable that railway consolidation, when it is our inheritance laws it must go to his heirs if he so
achieved, shall be brought about, if possible, by vol- wills. We have no primogeniture. The fortune diuntary agreement among the railways themselves, vides, as far as ownership is concerned, at death, and
and that anything savoring of public ownership, the legatees are thus given power to foster, direct
whether in form or in fact, should be avoided. It is and increase, to the end of a more intensive economic
desirable that competition in rates and service shall and commercial life. No man is in duty bound unbe maintained, as far as that is possible under a sys- der our system of ownership and use to give to
tem of transportation groups, and that the evils of charities. This is a voluntary act. And by this same
monopoly, which the Commission properly dreads, token the State has no right to confiscate his forshall be averted. It is also desirable that, in fixing une at death by burdensome and onerous inheritrates, the interests of investors as well as those of ance taxes. This, too, prevents a natural distribushippers and the public shall be safeguarded, to the tion which increases power and direction that is of
end that the investment of capital, and the proper profound economic benefit. On the other hand, beneapplication of surplus earnings to improvement of factions, if they are not wisely chosen, in time, may
service and maintenance of property instead of contribute to a class that though working by and
meeting such outlays by further borrowing, may not under "Foundations" are withdrawn from the active
be discouraged by the enforced "recapture" of earn- competition in trade endeavors that constitute a
' 1420
THE CHRONICLE
[vol.. 124.
free man and contribute so much to the general ad- much more desirable social and commercial state
arises. Freedom takes on a new aspect—the worker
vance.
We are becoming conscious of a new form of "class may leave the ranks to enter into positions of conconsciousness." The word is in constant use. Un- trol and management. He may be and do in his own
like that feeling of class aristocracy prevalent in Tight. He will no longer, out of his wish to be as
Europe, which forbids the man with a title from free and independent, so-called, as his employer (an
working for money when he sorely needs it and can- obsession of superiority because a worker creating
not live according to his station without it, causing all wealth) demand inordinate wages, share in profhim to become the prey of subterfuges to sustain its, etc., because he is a worker.
himself—we have, unconsciously, created a class of
This union labor class consciousness has taken an"workingmen," who are obsessed with an idea of other turn by its collectivism and separateness—that
"equality," which causes them to demand not only of knocking at the door of Congress for special laws
"high wages" and "better living conditions," but a and for exemption from certain other laws. It is
mode of life their means will not justify—an obses- the foster father of much of our present-day patersion of self-styled importance in the scheme of things nalism. Forced into being in some degree by the
which may be called a "superiority complex" to those growth of "capitalism" seeking favors at law, and in
more fortunate in the ownership of this world's goods. turn reacting upon "capitalism" compelling it to
While possessing every opportunity to succeed by seek defense in the enactment of law,it has been the
their own efforts and by their freedom to change prolific cause of bureaucracy and has drawn after
from employee to employer,they organize into unions it other self-conscious classes such as the "farmers"
to compel obeisance to their collective desires. This, who now constitute one of our chief "problems." It
instead of exalting a natural freedom under our laws follows that the abolition of class by the exercise of
tends to fix them in a class apart from their fellows, a free commercialism under the protection of law is
and as long as they continue in these unions, to pre- not only the means of industrial progress but it is
vent them from rising above them. Strange ideas the progenitor of social peace and domestic goodthrough the teaching of "leaders" have become im- will. In theory we have no classes. Up to the inbedded in this form of "class consciousness." One of sidious change noted by the advent of class conthese is the fallacy that as wealth has been created sciousness we prospered as an economic and comby work it by right now belongs to those who work, mercial whole, and each man could rise to power,
and by workers is meant those who are employed in place and wealth by his own efforts unencumbered
mechanical trades. Thus a fractional part of our by a sense of either inferiority, superiority, or
workers have shut themselves away from that free- equality.
dom to be and do and own which, as suggested by
Vague and indistinct as are the classes denomthe psychology above outlined, has been the potent inated bourgeois and proletariat, they afflict hucause and chief mainstay of our progress.
manity in various parts of the world. That they are
As social conditions abroad are commonly pre- wholly fictitious divisions of society, imaginary
sented to us, there is the titled or aristocracy class, classes, without reality of foundation or reason in
a landed and moneyed class through inheritance and perpetuity, will be generally admitted. They are
primogeniture, and a middle class represented in the mere conjurings of minds poisoned by hate or dismain by small shopkeepers, tenant farmers, and eased by misfortune. Wealth, intellect, place and
menial workers who are outside the tradesmen and privilege on the one hand are made to contend with
artisans. This last class we are told does not ex- poverty, ignorance and oppression on the other.
pect, as a rule, to be transformed by their own efforts The thought that fosters these arbitrary and artiinto either the nobility or the wealthy. They are said ficial social separations is chained by its own interto possess a large measure of contentment. In lat- pretations of life. Happily in our own country the
ter years, it is true, a wide discontent with condi- words denote something foreign, though an echo is
tions prevails, affecting the stability of Govern- sometimes found in the phrase:"labor is on top and
ments and the domestic peace of society. Union intends to remain on top." So that we may conlabor sowing its seeds of a spurious equality there clude that while the absence of well-defined and
as here has affected the class consciousness of the rigid classes does free the individual to effort that
tradesmen and artisans and in the recent spread of makes for independence and thus energizes an indemocracy the "turmoil" has had opportunity to dustrial civilization, the fostering of class consciousgrow, while at the same time the rigid walls of class ness is inimical to socal peace.
have been weakening. So that the truth that
emerges out of these varied, and yet similar, forms
Migration and Business Cycles.
of class consciousness is that the hope for social and
commercial or industrial peace everywhere lies in its
If we recognize what Professor Kayser, the mathecomplete abolishment as a directing factor in life.
matician of Columbia University, has recently
Much hope lies, therefore, in the growing fact that pointed out, that the structure of argument and
a man may be a worker and at the same time a cap- rational thought may be indicated by two little
italist. Ownership of homes by the workers is being words, If and Then—if things are so and so then
supplemented by ownership of shares of stock in such and such follows—we must find 'comfortable
employing industries. There is in this a great equal- assurance in the universal and eager search after
izing power. There is also an education in the knowledge of fact as exists to-day.
method of acquiring capital (wealth) and in the
Still,even having support of high authority, things
methodical operation of industries. Social distinc- do not always turn out as expected. Statistics are
tions, if there are any, must in time disappear. And gathered with care; definite results in research labwhen workers are also owners, the class conscious- oratories are brought out; specialists in all departness set up by organized unions must fade out. A ments of knowledge abound,who claim,and generally
MAR. 12 1927.]
THE CHRONICLE
receive, full confidence for their testimony, but continually it turns out that some important element in
the problem has been overlooked, it was not of the
character of those they analyzed or lay outside the
range of their charted statistics. The vague and illusive "human element" is charged with the responsibility. Whatever it was, the If in the equation was
inexact or incomplete, and the Then of the conclusion
is invalid and futile.
When a book comes before us bearing the title at
the head of this article, produced by the National
Bureau of Economic Research at the request of the
National Research Council, which presented the specific subject for investigation, and the work was
undertaken with careful regard to certain other
parallel lines of investigation already under way
and was further narrowed by separation from correlated subjects, we can turn to it with confidence
that its statistics, its tabular diagrams and its conclusions are instructive and trustworthy if read
with definite reference to the question presented.
That question was: To what extent are fluctuations in migration attributable to fluctuations in
employment, and to what extent for better or worse
do such fluctuations in migration affect employment? Under the general direction of Professor
Wesley C. Mitchell, Director of the Bureau, the work
was entrusted to a committee headed by Dr. Harry
Jerome, Assistant Professor of Economics in the
University of Wisconsin, by whom the report is presented.
It will be remembered that the Act of Congress in
1921 to limit education, as it was the first attempt,
and in a measure experimental, had soon to be modified. It was found that for reasons that were general and likely to be permanent, the immigration
allowed under the Act tended to concentrate in a few
adjoining months and bore no relation to the relative
demand. In 1924 the law was changed, restricting
40% of their allotted number to arrive in any one
month. The investigation is made upon the basis of
existing conditions which, it may be said, have not
materially changed the ill-advised relations of immigration to normal seasonal fluctuations in employment existing under the original Act.
This leaves the question as submitted to the Bureau unchanged. In 1920 it was said in the hearings
before Congress that there was a labor shortage in
industry of not less than 5,000,000 men and it was
urged that any attempt at curtailing legislation
would lead to world-wide calamity. The next year
the shortage had turned into a surplus and relief
was urged for "from four to five million unemployed." This made it desirable that study should
be given to the whole subject.
Motives that produce the peaceful emigration
which characterizes modern history are so complex
and various as to require extensive detailed investigation, but general tendencies exist and can be
traced in the mass. These are taken up in the statistical studies at hand and are what bear upon the
effect upon business and industry. Business has
Its alternating periods of prosperity and depression,
and labor also its undulations of shortage and surplus, with its special limitation to the kind wanted
and the wages that will be paid. If migration of
labor to and from abroad could be so adjusted as to
meet local conditions the problem would not exist,
or would be practically solved. The primary object
1421
of the study is to show how far such a solution does
exist.
The movement may be viewed in two drections;
that of the "push" and of the "pull." Are people
impelled by local pressure, or are they drawn by outside inducements? Conditions have to be investigated in both relations and the question of their possible co-operation examined; and this is done with
ample detail and with different peoples. We have
room for only some of the conclusions reached, assuring our readers that the investigation extends to the
three periods, before, during and since the war, and
takes note of the difference between the North and
South European immigrants to this country.
A general truth seems to be established by the investigation showing that migration between the
United States and other countriesis promoted in both
directions, that is the coming and the return home
of immigrants is connected with employment rather
than with unemployment in either country. Employment means cash in hand and that gives vision
and opens the possibility of movement. The evidence is that migration, both out and in, when not
restricted, is closely similar to the cyclical variations
in opportunity of employment in the United States.
The peak of immigration is in the spring when summer activities open, and emigration reaches its maximum in late autumn and early winter, when work is
scarce. Similarly depression here is ordinarily followed by a decline in immigration and increase in
emigration, and the reverse in a period of prosperity.
There are variations, but not enough to affect the
general statement. The exact correspondence in
time is varying; in some cases immigration lags perceptibly because of late knowledge of the need. While
there are modifying conditions which are pointed
out, the significant fact is that people with gainful
occupations are the ones whose movement corresponds most closely to cyclical and seasonal variations in employment. The common lag in the movement is from one to five months, occasionally almost
a year. It must be borne in mind, however, that the
compensating movements of labor with reference to
employment are often not sufficient to decrease the
number of workers in this country in a period of depression. While there are movements in both directions there is always a net immigration of some size
with increase of the total.
As there is no complete clearing house system, migration is not a consistently beneficial factor in relation to cyclical unemployment. As low employment
is usually concurrent in the two countries concerned
in the migration, it is virtually impossble by it to
ameliorate the conditions in one country without
aggravating them in the other. It is to be noted further that the inflow of a large number of workers in
times of prosperity has tended to increase the intensity of boom periods and the consequent severity of
the subsequent depression. This is not clearly
proved, but the intimation is that an intensified expansion of industry thus made possble, and the attendant keeping of wages down unite to render less
effective one of the checks of such expansion, namely
a rising cost of production.
Unchecked immigration as it existed before the
war was well adjusted to seasonal changes in industries in which newly-come immigrants most frequently engaged; so it is not clear that unrestricted
immigration aggravates unemployment, especially
1422
THE CHRONICLE
as we know that depression at home corresponds
closely with the same conditions elsewhere, and that
checks the outward flow. With the legal restraint
enacted now and the distributed flow of immigrants
through the year we are likely to have still less seasonal adjustment.
Individual groups show marked differences. For
example, with unrestricted immigration the response
of the Russian, Polish and South Italian group was
marked; while on the other hand the Hebrew, the
North Italian and the German showed relatively little connection with industrial conditions here. Britain and the United States, on the other hand, closely
coincide. Good conditions common to both are
usually accompanied by high immigration, and bad
condttions by low; though the ups and downs of industry in the United States, rather than in Britain
appear to determine emigration there.
In general, while migration is not a primary cause
of variation in unemployment, and in some cases it
may be an ameliorating influence, it is frequently a
contributing factor in unemployment, in part for
these reasons; the timing of migration to cyclical
changes is imperfect; the coincidence of peaks and
troughs of industry in the countries concerned adds
to the difficulty of adjusting migration; and the
known source of possible supply of labor lessens the
pressure for regulating the stream.
The immigrant increases also the troublesome, and
with us,far too constant overturn of labor, for which
there are doubtless contributing causes also awaiting redress. Meanwhile his adjustment to the demands of industry and to establishing his home in
the country of his adoption, is a serious and everpresent problem.
Railways in Jugoslavia—First Article.
By Captain GORDON GORDON-SMITH, Attache of the Legation
of the Kingdom of the Serbs, Croats and Slovenes.
At the present moment no country in Europe presents,
from the point of view of railway construction, a better field
for American enterprise than does the Kingdom of the Serbs,
Croats and Slovenes, popularly known by the somewhat less
cumbersome name of Jugoslavia.
The country is rich in natural resources. It has minerals
of all kinds in immense quantities, only awaiting the construction of means of communication for their exploitation
to be undertaken. It has gold, silver, mercury, copper, coal,
iron, bauxite, chrome, lead, tin, manganese and other minerals in abundance.
Then there is the lumber wealth of the country, over 30,000
square miles of magnificent forests, some of them so vast
that they have never been completely surveyed. Thousands
of square miles of these are virgin forests, untouched by
the woodsman's axe. But on account of the want of means
of communication the lumber industry of Jugoslavia is still
in its infancy. As soon as adequate railway communications
are established an enormous lumber trade can be organized.
The same holds good of agricultural products. Jugoslavia
is one of the most fertile countries in Europe and is in a
position to export hundreds of thousands of tons of corn,
wheat, tobacco, silk, hides, etc., and thousands of horses,
pigs, sheep and cattle each year.
The country further possesses possibilities in the way of
hydro-electric power such as few countries can show. The
total of this is estimated at 3,038,330 horsepower, of which
only 137,330 horsepower are at present being exploited.
Serbia and Montenegro alone have over a million and a half
horsepower, of which only 2,000 is being exploited. Bosnia
and Herzegovina could furnish 810,000 horsepower, of which
[vol.. 124.
only 11,400 is in exploitation. Slovenia has 323,000 horsepower, with only 71,000 in exploitation, while Croatia only
exploits 7,700 horsepower out of a possible 260,000. Dalmatia, in proportion to its size, has the greatest hydro-electric force in operation, viz. 45,000 out of a possible 144,000
horsepower. Under these circumstances nothing would be
easier than to electrify the entire Jugoslav railway system
from one end to the other.
No correct estimate of the railway possibility of Jugoslavia can be made without taking into consideration the
conditions which existed at the moment of the creation of
the new State. The Kingdom of the Serbs, Croats and Slovenes, as everybody knows, was created by the union of
Serbia and Montenegro with the Serbo-Croat provinces formerly belonging to Austria-Hungary. These were Croatia,
Slovenia, Bosnia, Herzegovina, Dalmatia, the Volvodina and
part of the Banat of Temesvar.
The new Kingdom in 1918 found itself in possession of
number of railways, but no railway system. This was due
to the policy of Austria-Hungary, which was to keep each
of the Serbo-Croat provinces in a separate water-tight compartment, without inter-communication with one another.
The Governments of Vienna and Budapest well knew that
such inter-communication would only further develop the
race consciousness of these peoples of the same stock and
would increase their resistance to the oppression of the
_
Austrian and Hungarian Governments. All the railways
thus ran vertically north and south to Budapest and Vienna,
but there were no transversal lines, running east and west,
linking up the various Serbo-Croat provinces with one another. Such was the railway system, or rather want of
system, to which the new Kingdom fell heir in 1918.
But if the system on which the railways were laid down
was bad their physical condition was still worse. In Serbia
things were simply chaotic, the whole railway system had
been reduced to a junk heap and had to be reconstructed
from A to Z. When the enemy troops, German, Austrian
and Bulgarian, which had been in occupation of the country
for three years, evacuated it, they systematically destroyed
the entire railway system. Every bridge, large or small,
whether of stone or metal, was mined and blown up. Every
tunnel, embankment and culvert was destroyed. The rails
were cut at every second joint and destroyed by special
enemy railway troops so that over the entire route not one
single rail was left intact. The last enemy train to pass
over the line had a gun mounted on a flat truck which bombarded the permanent way as fast as it could be loaded and
fired.
The switches and turning-tables were blown up with dynamite while the station buildings, warehouses, depots, loading platforms and water towers were either burned down
or blown up. All the telephone and telegraph instruments
were either carried off or smashed to pieces. The engine
sheds and the repairing shops, especially those at Nish, were
looted and blown up.
All the rolling stock was carried off to Austria and Germany. The entire country was looted of foodstuffs, cattle,
agricultural instruments and household furniture. These
were loaded on to thousands of wagons and transported to
enemy territory.
The condition of things in the Serbo-Croatian provinces,
though naturally not as bad as in Serbia, was still highly
unsatisfactory. It is true that they did not suffer from
active enemy operations, but during four years of war little
or nothing had been done for the upkeep of the various lines.
As a result everything was in a most dilapidated condition.
The permanent way was in a bad state, with rails and ties
completely worn out. It required an expenditure of millions
of dinars to restore these lines to normal working conditions.
The work of restoring the shattered railway communications had to be undertaken by the new Kingdom without any
aid from outside. The allied countries which had been
through the war, needed all their resources, financial and
material, for the reconstruction of their own devastated territory. An internal loan of 500,000,000 dinars ($10,000,000)
MAR. 12 1927.]
TFITI CHRONICLE
1423
Thanks to its position between the East and West and to
pressing reparation
was issued for the execution of the most
its outlets on three seas, the Adriatic, the Aegean and the
work.
are watered
spite of Black Sea, and thanks also to its valleys, which
The whole of the army that could be spared, in
navigable rivers, all the great international arteries
four years of by great
the tremendous fatigues it had undergone in
Belgrade thus
Hun- converge on the territory of Jugoslavia.
ceaseless war, was placed on railway reparation work.
forms the hub of an immense and important network of
been
gary, by the conditions of the treaty of peace, had
international communications.
obligated to furnish 3,000 skilled laborers, with the necesThe most important international routes which converge
2,700
sary tools, to aid in this work. But she sent merely
are:
without tools of any kind. These on Belgrade
old men and young boys
(a) NorthAmerica-London-Paris- Milan-Trieste- Belgrade-Sofia-Conproved so useless that at the end of three months they were stantinople.
for
sent back to Hungary. All the money spent on food
(b) South America-Bordeaux-Lyons-Milan-Belgrade-Bucharest-Odessacost Black Sea ports.
them was therefore a total loss. In addition they
fia(c) Scandinavia - Berlin - Prague-Vienna-Budapest -Belgrade-So
9,500,000 dinars for wages.
Constantinople.
Bulgarian prisoners of war
I3udapest-Belgrade-Nish-Salonica.
The experience with the 7,000
(d) Petrograd-Warsaw-Viennawho were put to railway work was no better. These reThe port of Salonica has short and easy steamship comceived pay for 1,260,000 working days, but from the begin- munications with Egypt and the Cape-to-Cairo railway.
ning they deliberately slowed down production so that the
The most important rivers of international importance,
State received but little in return for the 12,600,000 dinars the Danube and its tributatries the Drave, Theiss and Save,
their services cost.
all navigable rivers, and the Morava and the Drina, cross
The army and such part of the civilian population as the Kingdom, the first group flowing from west to east and
could be recruited for this labor worked night and day, the second from north to south. This explains the imporaccomplishing marvels. In about six months the Belgrade- tance, from the point of view of international communicaSalonica line had been so far provisionally restored that the tions, of the Jugoslav Kingdom.
repair material provided by the United States and shipped
If we take into consideration the abundance and variety
to Salonica could be transported to the points where it was of its natural wealth, the beauty of its scenery and its mild
most urgently required.
and favored climate, it is easy to understand the importance
Meanwhile pressure had been brought to bear on the of the Kingdom from an economical and political point of
enemy countries to make them disgorge at least a portion view and also from its peculiar position at the gateway to
of the rolling stock they had carried off. Hungary, which the East. This powerful and homogeneous nation of thirby the treaty of peace had been obligated to hand over im- teen million inhabitants, once more occupies the historic post
mediately 100 locomotives and 2,000 normal gauge passenger it held for centuries, the "Guardians of the Gate.'
coaches and 50 locomotives and 600 trucks for narrow gauge
The first railway in Serbia, the line from Belgrade to
lines, failed to live up to her engagements. After long ne- Nish, 250 kilometres in length, was- opened to traffic on
gotiations she finally handed over 50 locomotives and 994 Sept. 3 1884. It was not until about ten years before the
coaches and trucks. Soon afterwards the Allies consented World War that Serbia, as the result of the change of
to Hungary being given a delay of five years before begin- regime, commenced to free herself from the economic and
ning reparations, with the result that the further delivery political domination of the Central Empires, and began an
of rolling stock was postponed till after 1926. In 1927 she intensive development of her railway system.
should deliver rolling stock to the value of 17,324,000 gold
In 1913 Serbia possessed the following railways, owned
crowns ($3,464,800).
and exploited by the State:
The work of restoring the main lines of communications
Normal Gauge Linea.
proved a colossal task. The work had to be done twice over, In exploitation
928 kilometres
537
first as a temporary measure and then in permanent fashion. Under construction
1,299
"
All the bridges were first temporarily constructed in wood Projected
Narrow Gauge Lines.
and the permanent construction in stone or iron built along454 kilometres
In exploitation
side.
128
Under construction
1,299
By the end of 1919, that is to say fourteen months after Projected
"
the signing of the armistice, trains were again running over
of the Serbian railways at prewar prices was:
The value
the entire Serbian system. Of course the condition of the
303,686,000 gold francs
In exploitation
lines and the service of trains was far from perfect, but the (a) Railways under construction
49,014,000
(b) Railways
the country was enabled to resume its
economic life of
352,700,000
course.
The fact that five years after the armistice was signed
As soon as the new Kingdom was created work on the railthe entire Jugoslav railway system had been overhauled and way system was pushed on with such energy that In January
restored to normal, pre-war conditions bears eloquent testi- 1924 there were in exploitation:
3,671 kilometres
mony to the courage and energy with which the country (a) Normal gauge lines, State owned
2,787
"
(b) Normal gauge lines, privately owned
went to work to accomplish this tremendous task.
"
2,597
owned
creation of the Kingdom of the Serbs, Croats (c) Narrow gauge line, State
After the
"
436
(d) Narrow gauge lines, privately owned
and Slovenes in 1918 the task of drawing up a program of
and are conThese lines are all operated by the State
railway construction was entrusted to a Construction Commission, specially appointed by the Minister of Communica- structed on a uniform plan.
In 1920 the Construction Commission worked out a plan
tions. This commission was composed of all the railway
ely most of these had for building 9,459 kilometres of new lines, of which 7,108
experts left in Serbia. Unfortunat
been officers of reserve in the Serbian army and they re- were to be normal gauge and 2,351 kilometres narrow gauge
turned to Belgrade with their ranks sadly depleted by of 76 centimetres. In conformity with this program the
losses in the war. This commission had, in addition, the completion of the lines begun before the war was underaid and counsel of Colonel Kratz, Colonel Coe and other taken, as well as the survey and construction of new lines
Knazheofficers of the United States Army sent to assist in the urgently required. Of these the line from Nish to
vatz, which connects the Belgrade-Nish main-line with the
of the Serbian railways.
restoration
frontier, has
The problem facing the Ministry of Communications was lower Danube, near Prahovo, on the Rumanian
line forms a
the examination of the whole situation, national and inter- been completed and opened for traffic. This
kilometres, which
national, and the working out of a program of construction section of the projected trunk line of 875
and will fursuch as would raise the whole system to its highest effi- will run from Prahovo via Nish and Merdare,
devastated Serbian railways and by nish the main line of communication of Southern Serbia
ciency by restoring the
Rumania and
linking up the various lines taken over from Austria-Hun- with the Bay of Cattaro on the one side and
gary into a homogeneous whole and then connecting up the Russia on the other.
The new line Topchider-Mala Krsna-Pozharevatz (82 kilonational system thus created with the great network of
metres) has also been completed. This is a section of the
international communications.
connect Belgrade
Belgrade is called upon to play a role which is almost projected line of 190 kilometres which will
communication with
unique in Europe in regard to international communications. with Prahovo and establish direct
By its geographical position the capital of the Kingdom of Rumania and Russia.
A most important line just opened for traffic is that from
the Serbs, Croats and Slovenes is at the crossroads of sevlinks up the imporof the greatest, one might almost say, of world- Ogulin to Knin (115 kilometres), which
eral routes
of Split (Spalato) and Shibenik (Sitant Dalmatian ports
wide, importance.
1424
THE CHRONICLE
[voL. 124.
benico) with the hinterland and the whole normal gauge
system, and connects these ports directly with Zagreb, the
Low Rate Financing--The March Offering of
capital of Croatia, and Belgrade. The new line from Krupa
United States Treasury Certificates.
to Bihatch (30 kilometres) has also been completed and still
[From the New York "Journal of Commerce" of March 8 1927.]
further links up the Dalmatian ports, via Zemanje and
The Treasury has announced its regular March financing
Knin, with the general system.
Another important line recently completed Is that from which comes, as things are now arranged, at the usual inTitel to Odlavat, which taps the Banat of Temesvar, the come tax dates and is then repeated
at subsequent recurring
granary of the Kingdom. This will allow of the transport tax periods,
as often as may be needful. This year it is in
and distribution of the immense quantity of cereals grown the form
of two offerings of Treasury certificates, one to
In that region.
run for six the other for twelve months, and to be of the
A short narrow gauge line has just been completed be- familiar
form. In all this there is nothing out of the comtween Parachin and Stalatz, linking up the narrow gauge mon.
Such financing is an unavoidable adjunct of present
systems of Eastern and Western Serbia. In time, by means fiscal
organization and is little more than a way of spreadof these various connecting lines, a long trans-Serbian line ing out
the incomes of the Government so as to meet recurof nearly one thousand kilometres, connecting the lower ring
interest and other expenses, incomes for the twelve
Danube with the Adriatic, via Serbia and Bosnia-Herzegomonths being more than adequate in the aggregate to meet
vina, will gradually be built up.
outgoes and even to leave a small surplus.
In addition, the new lines Uzhitze-Vardishte, GospitchWhat is interesting about this and other like operations
Knin, Murska-Subota-Lyoutomir-Ormosk and Veles-Shtip
is not the fact nor the form of the borrowings, but the rate
have recently been opened for traffic. All these lines, with
at which they are being undertaken. The rates now prothe exception of the Uzhitze-Vardishte one, are normal
posed are the lowest, and are so announced with stentorian
gauge.
tones, that have been set by the Department since the war.
When it is remembered that all these lines have been conTrue, the rates which the Government can command are not
structed out of current revenue and the surplus earnings of
yet as low as they were when Secretary Shaw sold the 2%
the railways, the immense effort made by the country can
consols well above par, but the facts in the case are diffem•
be appreciated. In 1924 300,000,000 dinars from the railent. The point is that, as indicated by the superficial figway surplus were devoted to new construction. In the
ures, the Government's borrowing rate is growing cheaper
Budget of 1924-25 a sum of 100,000,000 dinars was appropriall the time and this is, as usual, hailed as evidence of the
ated for the survey and construction of new lines and the
efficiency and success with which the financial business of
Minister of Communications was authorized to devote the
the Administration is being handled.
surplus earnings of the railway for that year to the same
There is another side to the whole subject, and one that
object.
ought to be carefully studied. Rates of interest are to-day
As the result of recent constructions linking
up lines for- too low for the good health of the financial
community.
merly isolated with the general system, many
lines of merely Were they not so we should hardly see
to-day the large sum
local importance and others formerly
ranking as lines of of $3,000,000,000 engaged in brokers' loans,
with more funds
the second and third class, have now
become important parts rather than less steadily being used to
finance speculation.
of the general system. They have,
therefore, to be com- Neither should we witness the abnormally high
values for
pletely overhauled and their installat
ion and equipment shares which to
-day prevail in the market. These values
adapted to heavy locomotives and the
intensive traffic they are out of harmony with the "intrinsic"
or permanent worth
now have to bear. Then there was
the extraordinary expen- of the securities and exist because with
money at its presditure amounting to hundreds of millions of
dinars, for the ent figures the dividend rate on these shares when
capitalenlargement of stations, the repair of old and
worn-out roll- ized gives them an unduly high quotation. This quotation
ing stock and the purchase of new
material, the lack of is merely the expression of the market's
opinion of relationwhich was felt as soon as the lines
were put in working ships between charges for money
in the open market and
order.
probable yield of the securities upon a comparatively short
With the exception of the line Shpilje
(Austrian frontier)- period basis. Both the excessive
speculation for a rise and
Maribor-Lioubliana-Rakek (Italian frontier)
, which con- the inflation both of stocks and, to an extent,
bonds as well,
nects Vienna with Trieste, all the railway
lines in Jugoslavia are the outgrowth of overchea
p money more than of anyare single track.
thing else.
The extent to which the railway system
has developed
And this cheap money is in very large measure the result
since the creation of the Kingdom may
be seen from the of Government pressure
and influence. It was President
following table giving the number of trains
run each year:
Coolidge who in his last pre-election speech definitely stated
1919
160,444 trains that it had been the consistent policy
1920
of the Administration
240,124 "
1921
to enforce cheap discount rates, and added that the policy
344,668 "
1922
would be continued. No changes of rate have been made at
402,012 "
1923
575,545 "
Federal Reserve banks without consulting the needs of
Of this number 70% were mixed and
freight trains which Treasury finance as a fundamen
tal prerequisite and giving
give the maximum of gross receipts.
full weight to the opinions formed on that subject by the
The improvement of railway condition
s is also shown by officials in Washington.
It should, of course, be needless
the steady progression in the earnings
of the lines exploited to say that any and
every central banking system worthy of
by the State (excluding the
Southern Railway Company's the name will and
does invariably give the utmost considlines). These were:
eration to the necessities of the Government under which it
Year
Receipta.
is living, but that is a matter very different from accepting
Expenditure.
1919-20
161,608,720 dinars
262,150,376 dinars the wishes
1920-21
of such a Government for ultra-cheap money as
550,032,992 dinars
025,770,096 dinars
1921-22
1,133,563,293 dinars
821,396,099 dinars a guiding factor. A policy of such acceptance was, however,
1922-23
1,465,531,039 dinars 1,219,842,133 dinars establish
1923-24
ed during the war, and the Federal Reserve Sys2 86,690,000 dinars
,1
2,039,001,416 dinars
tem has never been wholly able to throw it off.
For the achievement of a work so
enormous in value and
We need some kind of market leadership in the matter of
extent only one internal loan of 500,000,0
00 dinars was issued rates,
but apparently cannot get any. The reason for the
In 1921 while 359,041,000 dinars was
contributed from the absence of
it has frequently been explained, and in every
$10,000,000 of the Blair loan floated in New
York. The funds case some
reference is made to Treasury policy and the defor the rest of the work were provided
from the surplus sirability
of low cost financing as one major consideration.
earnings of the railways themselves and by
the annual Another that
has frequently been suggested is the adoption
budgetary appropriations. Jugoslavia is one
of the few of a policy of keeping conditions favorable to
European borcountries in Europe which can show an annual
surplus in rowing. The one reason is about as lacking in
validity as is
the earnings of Its railway. The fact that the
money for the other. But whatever weight may be
granted to either,
railway construction had to be taken from
current revenue, it is well
to keep firmly in mind the fact that low Treasury
and not from a loan raised for this purpose, has
imposed a financing must be paid for by someone. It may
mean a nomheavy burden on the population and on the economic
life of inal saving in cost to the Department, but
such savings are
the country. Few nations in Europe have imposed
such dearly paid for if they result, as they did during
the war and
sacrifices upon themselves to reconstruct their
devastated have been doing since them, in inflation and
excessive specucountry as the Jugoslays have done.
lation by reason of the manipulation of rates which Is un(To be continued.)
avoidable tor keep them effective.
r
MAR. 12 1927.]
THE CHRONICLE
1425
Gross and Net Earnings of United States Railroads
for the Month of January
have enjoyed increases in
From the face of the figures it would appear that all the anthracite carriers
to the huge extent of the antecedent
our compilation of the gross and net earnings of proportion
United States railroads for the opening month of the losses.
Montli of January-Inc
Inc. (+) or Doc. (—)
1927.
new year made a fairly favorable showing,inasmuch
(187 Roads)—
+1.041 +0.43%
236,805
237,846
Mlles of road
8485.961,345 8479.841.904 +36019,441 +1.27%
Gross earnings
as the changes from the previous year are relatively Operating expenses
+8.972,691 +2.37%
388,533,099 377,560,408
78.68%
79.53%
small, there being in the aggregate an increase of Ratio of expenses to earnings_
699,428,246 8102.281.496 —62,853,250 —2.79%
been Net earnings
$6,119,441 in the gross, or 1.26%, which has
Thus all the roads on which the coal traffic conattended by an augmentation in expenses of $8,972,an important factor are able to show heavily
691 (or 2.37%), leaving, therefore, a small falling stitutes
revenues, and it is these exceptional inoff in the net, namely $2,853,250, or 2.79%. On an- increased
due to a special cause, that have operated to
alysis however, it quickly becomes apparent that the creases,
so generally experienced everywhere
exhibit is in realty quite unfavorable. A prepon- offset the losses
by the railroads almost without exception—in
derating proportion of the roads is obliged to report else
to conceal how poorly the roads
losses in the gross and mostly so also in the net. In- a word have served
generally have been doing. An enumeration of some
deed, so uniformly is that the case as to indicate that
will afford an idea of the part they
some general depressing influence is at work, dimin- of these big losses
have played in giving, the collective results for the
ishing the traffic and revenues of these rail carriers.
as a whole the relaAnd it is known, of course, that the South has been railroad system of the country
tively favorable aspect which otherwise would be
suffering from the effects of business depression,
Valley reports $1,607,786 gain
originally made acute by the big drop in the price missing. The Lehigh
gain in net; the Reading
of cotton, which came with such suddenness in the in gross and $885,933
gross and $631,897 in net; the
autumn of last year, when the cotton consuming $1,336,175 gain in
$1,269,168 in gross and $520,331 in net;
world began to realize that the growing crop was Lackawanna
& Hudson $1,241,426 in gross and
to be of immense size—but which depression still the Delaware
net; the Central of New Jersey $850,047
persists now that the market value of the staple has $730,266 in
and $403,180 in net; the Erie (which has
so greatly improved during the last two or three in gross
a large tonnage in bituminous coal and in anmonths. Of course, however, the South also has both
$1,169,130 in gross and $461,445 in net;
other troubles to contend with, such as the collapse thracite)
Ontario & Western $291,600 in gross and $32,of the speculative boom in real estate and the havoc the
net and the Lehigh & New England $195,859
caused by the Florida hurricane. It is likewise a 875 in
in gross and $138,768 in net. And these illustrations
familiar fact that the Western agricultural commustill further.
nities have not been faring particularly well in re- might be extended
Among the soft coal carriers, the roads serving
cent periods. Many of the products of the farm have
of course, again stand forebeen ruling relatively low, besides which the spring the Pocahontas region,
most. The Chesapeake & Ohio has added $666,866 to
wheat crop of the Northwest suffered heavy reducits gross and $619,574 to its net; the Virginian Railtion in 1926 owing to adverse weather conditions.
in reduced railroad way has enlarged its gross by $416,478 and its net by
All this is now being reflected
tonnage and revenues. As far as the roads as a $389,421, while the Norfolk & Western has added
whole are concerned, just one thing has come in to $425,682 to its gross, though falling $151,236 behind
save the day for them. Their coal traffic has been of in net. All the great East and West trunk lines are
the expansion in
unusual, even of enormous size. And this applies to important carriers of soft coal and
expression in improved reall sections of the country where the coal traffic is that item of freight finds
& Ohio has betan important item'of freight. During the autumn of turns of earnings. The Baltimore
gross in amount of $195,751, though show1926 it was the huge foreign demand for coal, arising tered its
New York Central
out of the strike at the British coal mines, that led ing a loss of $355,428 in net. The
$626,641 gain in gross, while having suffered
to the mining of coal here in the United States on an reports
in net. This is for the Central
unprecedented scale. More recently it has been the a decrease of $81,399
proper. When the various auxiliary and controlled
fear of a nation-wide suspension of mining in the
soft coal regions of the country that has kept mining roads, on which the coal traffic is presumably of
in the bituminous districts at top notch. The rail- much smaller consequence are included, the showing
roads and everyone else have been stocking up with is much less favorable, the increase in gross then
coal, to be prepared for eventualities should the being only $137,475 and the decrease in net running
strike actually materialize, as now seems likely to be up to $1,046,032. The Pennsylvania Railroad, too,
the case, on the 1st of April, when the three-year con- notwithstanding its large coal traffic, reports (on
Pittstract with the miners in the soft coal regions runs the lines directly operated east and west of
carriers have had a burgh) a falling off in gross and net alike—$628,out. In addition, the anthracite
distinct advantage of their own. They are compar- 735 in the former and $941,628 in the net.
Apart from the roads which are in enjoyment of a
ing in their January returns with the period in 1926
when the strike in the anthracite districts was still heavy coal traffic, the returns nearly everywhere
in full force—when, indeed, not a pound of coal was make an unfavorable showing, thereby revealing the
being mined. This suspension of hard coal produc- presence of the adverse conditions referred to. This
tion a year ago entailed enormous losses to all the is pre-eminently true in the case of the railroad sysinanthracite carriers at that time. The present year, tems traversing the South. Except in one or two
is the predominant item of
with no interruption of production at the mines, stances, where cotton,
these losses have been 'recovered, and accordingly, freight and where there has been a big increase the
1426
THE CHRONICLE
[Vol,. 124.
present year in the movement of that staple be- a This is the result for the Pennsylvania RR.
(Including the former
Pennsylvania
cause of the size of the crop (as for instance in the and the GrandCompany, the Pittsburgh Cincinnati Chicago & St. Louts
Rapids & Indiana).
case of the Yazoo & Mississippi Valley, which re- I, The New York Central proper shows $626,641 increase. Including
the various auxiliary
ports $337,548 increase in gross and $98,639 increase "Big Four," &c., theand controlled roads, like the Michigan Central, the
whole going to form the New York Central System,
in net) the exhibits of Southern roads are uniformly the result is an increase of $137,475.
c This is the result for the Southern Ry.
proper. Including
poor. Not only that, but the losses on the principal Great Southern, the Cincinnati New Orleans & Texas Pacific,the Alabama
the Georgia
Southern & Florida, the New Orleans & Northeast
ern, and the Northern
systems are of large proportions. The Atlantic Alabama, the whole going to form the
Southern By. System, the result
Coast Line has lost $1,611,185 in gross and $1,334,092 Is a decrease of $1,115,807.
Note.
-All the figures in the above are on the basis of
filed
in net; the Florida East Coast $1,247,551 in gross with the Inter-State Commerce Commission. Where, the returnsthese
however,
returns do not show the total for any system,
we have combined the separate
and $580,013 in net; the Louisville & Nashville $755,- returns so as to make the results
conform as nearly as possible to those
817 in gross and $674,476 in net; the Illinois Central given in the statements furnished by the companies themselves.
$688,140 in gross and $415,995 in net, and the Sea- PRINCIPAL CHANGES IN NET EARNINGS FOR THE MONTH OF
JANUARY 1927.
board Air Line $297,488 in gross and $256,775 in net. Atch Top &
Increase.
Decrease.
Santa Fe(3)- $1,706,762 Northern Pacific
$593,022
The Southern Railway has fallen $443,878 behind in Lehigh Valley
885,933 Florida East Coast
580,013
Delaware & Hudson__
730,266 Southern Pacific (7)-492,694
Reading
gross and $324,219 in net. This has reference to the Chesapeake & Ohio
631.897 Illinois Central
415,995
619,574 Baltimore& Ohio
355,428
Chic R I
Southern Railway proper. Including the various Del Lack& Pacific (2)___ 606,412 Michigan Central
351,944
& Western_ _ _
520,331 Southern Ry
c324,219
Erie (3)
461,445 St Louis-San Fran (3)--312,143
controlled roads, the results for the Southern Rail- Central of New Jersey
403,180 Cin N 0 & Texas Pacific
291,290
Virginian
389,421
way System is $1,115,807 decrease in gross and $890,- ColoradoSouthern (2).._ 202,506 Pittsburgh & Lake Erie_ 270,270
Seaboard Air Line
256,775
Los Angeles & Salt Lake_
395,035 Union Pacific (4)
252,591
870 decrease in net.
Boston & Maine
192,743 NYNH& Hartford-252,470
Bessemer & Lake Erie__ 179,246
Cin Chic & St Louis
250,892
Turning to the Southwest, we find the Atchison NO Texas & Mexico (3).. 177,984 Clev Chicago & St Louis
NY
239,940
Lehigh& New England
Chic Milw & St Paul_
204,745
showing $3,941,342 increase in gross and $1,706,762 Elgin Joliet & Eastern,_ 138,768 Dot Tol & Ironton _ _ - 189,556
116,424
Maine Central
Mehra
175,044
increase in net, and heading all other roads in that Bangor& Aroostook- _ -- 105,047 GeorgiaFred & Potomac. 174,016
102,450
Southern & Fla..
Wabash
169,885
Total (27 roads)
respect; a good part of the gain being derived
$11,107,027 Norfolk & Western
151,236
Pere Marquette
138,485
Decrease. Chic StP Minn & Omaha
from the Gulf Colorado & Santa Fe, which has evi- Atlantic Coast Line
130,228
$1,334,092 Molly Chatt & St Louis..
123,484
Pennsylvania
dently benefited greatly by the huge cotton crop Louisville & Nashville_- a941.628 Mobile& Ohio
119,135
674,476 Minneapolis & St Louis
108,363
Chicago & North Western
634,338
raised in Texas and surrounding States. The Rock Great Northern
600,630
Total (42 roads)
$8,365,424
Island, also, has done extremely well, with $699,011 a This is the result for the Pennsylvania RR. (including the former
Pennsylvania Company, the Pittsburgh Cincinnat
i Chicago & St. Louis
increase in gross and $606,412 increase in net. The and the Grand Rapids & Indiana).
Note.
distinctively Texas roads like the International & figures -The New York Central proper shows $81,399 decrease. These
merely cover the operation
York
Great Northern, are also able to report improved cluding the various auxiliary andsof the New roads, Central itself. Incontrolled
like the Michigan
Central, the "Big Four," &c., the result is a decrease of
$1,046,032.
totals. There are, however, many other Southwest- c This is the result for the Southern Ry. proper.
Including the Alabama
ern lines, like the St. Louis-San Francisco, the Mis- Great Southern, the Cincinnati New Orleans & Texas Pacific, the Georgia
Southern & Florida, the New Orleans & Northeastern, and the Northern
souri Pacific, the Kansas City Southern, that have Alabama, the whole going to form the Southern By. System, the result
suffered losses. The Southern Pacific reports $29,- ea decrease of $890.870.
Returning once more to the collective results for
289 decrease in gross and $492,694 decrease in
net.
the whole body of roads, what has just been said
In other parts of the country, also, the compar
isons are unfavorable. The Union Pacific shows makes it plainly apparent that the only reason why
the general totals do not record very substantial
$774,401 loss in gross and $252,591 loss in net;
the losses in gross
and net alike is that the advantages
Northern Pacific $684,646 loss in gross and $593,0
22 derived from
the very heavy coal movement have
loss in net; the Great Northern $317,742 in
gross yielded
additions to earnings which have served to
and $600,630 in net; the Burlington & Quincy
$616,- offset the
falling off in traffic and in revenues in
632 in gross but $89,460 increase in net; the Chinearly all other directions. Another consideration
cago North Western $302,820 decrease in gross and
$634,338 in net, and the Milwaukee & St. Paul $446,- should not be overlooked. Treating the railroad sys574 decrease in gross and $204,745 decrease in net. tems of the United States as a whole, comparison is
And numerous other illustrations might be given, to with very indifferent results in 1926, due to the
the same effect. In the following we show all strike then prevalent at the anthracite mines and
changes for the separate roads for amount in excess the losses suffered by Southwestern roads at that
time because of the previous season's poor winter
of $100,000, whether increases or decreases, and
in wheat
yield. In the gross our figures in January
both gross and net:
1926 actually showed a trifling decrease, namely
PRINCIPAL CHANGES IN GROSS EARNIN
GS FOR THE MONTH $3,960,038 in gross, or not quite 1%, while in the
OF JANUARY 1927.
net there was an increase, but equally diminutive,
Increase.
Decrease.
Atch Top & Santa Fe (3)_ $3,941.342 Atlantic
namely $946,994, which is also less than 1%. As it
Coast Line
$1,611,185
Lehigh Valley
1,607,786 Florida East Coast
1,247,551
Reading
1,336,175 Union Pacific (4)
774,401 happens, too, the exhibit for January 1925 was likeDel Lack & Western___ _ 1,269,168 Louisville
& Nashville__ Delaware & Hudson_
755,817
1,241.426 Illinois Central
688,140 wise hardly up to the mar, while in January 1924
Erie (3)
1,169,130 Northern Pacific
684,646
Central of New Jersey__ _
850,047 Pennsylvania
a628,735 there were actual losses in'both grins and net. As
Chic R I & Pacific (2)
699,011 Chic Burl & Quincy
616,632
Chesapeake & Ohio
666,866 St Louis- San Fran (3)._
474,616 explained by us at the time the showing made by our
New York Central
b626,641 Chic Milw & St Paul_ _
446,574
Norfolk & Western
425,682 Southern Ry Co
c443,878 compilations in January 1925 was satisfactory
Virginian
416,478 Michigan Central
391,205
Colorado Southern (2)
391,380 Great Northern
317,742 chiefly because of the renewed testimony it afforded
Yazoo & Mississippi Val337,548 Chicago & North Western
302,820
318.766 Seaboard Air Line
Long Island
297,488 of the increased efficiency and economy with which
291,600 Dot Tol & Ironton
N Y Ontario & Western294,329
291,143 Georgia Southern
N 0 Texas & Mexico (3)..
278,972
251,401 Cin N 0& Texas & Fla..
Boston & Maine
237.632 the roads were being operated. The gross earnings
247,238 Pere Marquette Pacific_
NYNH& Hartford188.702
210,899 Nashv Chart & St Louis_
Mo-Kan-Texas (2)
180.288 showed only moderate improvement, namely $15,Internal Great Northern
201,798 Mobile & Ohio
160,944
195,859 N Y Chic dz St Louis_ __
Lehigh & New England_ _
156,489 866,417, or 3.30%, but the improvement in the net
Baltimore & Ohio
195,751 Central of Georgia
154,127
Western Maryland
185,613 St Louis S'weatern (2)- _
150,348 then reached $17,341,704, or 20.73%,expenses having
Bessemer & Lake Erie__ 181,361 Missouri Pacific
148,736
171,142 Richm Fred & PotomacK C Mar & Or of Texas_
136,975 been slightly reduced. If we go further back we
Maine Central
154,504 Chic StP Minn & Omaha
119,679
154,278 Kansas City Southern- _ Central New England...._
117,421 find that the gain in gross in January 1925 did not
Bangor & Aroostook_ _
126,602 Union RR (Pa)
114,827
Chic & Illinois Midland_
118.156 Chicago & Alton
111,203 suffice to wipe out the loss in gross earnings susLos Angeles & Salt Lake115,445
Total (36 roads)
N Y Susque & Western
111.528
$12,230,102 tained in January 1924. In the case
of the net earnBuffalo Rochester & Pitts
109.458
ings, however, this remark does not apply. The
Total (41 roads)
818.611.022
MAR. 12 1927.]
1427
THE CHRONICLE
causing a loss in net in
January 1925 improvement in the net, we have seen, penses, the two combined
other hand, the loss in net the huge sum of $60,351,362.
was $17,341,704. On the
It is true, on the other hand, that there were subin January 1924 was no more than $9,412,390. The
in January of the two years immedimild weather in 1924, as compared with the excep- stantial gains
in January 1920 and Janutionally severe weather the previous year, enabled ately preceding, namely
In January 1920 our compilations showed
the managers greatly to reduce expenses at that time, ary 1919.
January 1919 of $101,778,760 in the
thereby offsetting the greater part of the loss in an increase over
gross, and of $49,809,654 in the net, though a special
gross receipts, then sustained, while in 1925, as just
for the magnitude of the
shown, still greater efficiency of operation permit- circumstance accounted
is to gains. In other words, in the January 1920 total
ted a further saving in expenses. Moreover, it
an estimate covering back mail
be said, with reference to the 1924 losses in both there was included
were in comparison with pay for the years 1918 and 1919, accruing to the
gross and net, that these
extraordinarily favorable results in January 1923. Railroad Administration as a result of a decision of
Commission on Dec. 23
In reviewing the January statement of the last men- the Inter-State Commerce
we referred to it as the most encourag- 1919. The addition in that way was roughly $53,000,tioned year
were enlarged to the exing monthly exhibit it had been our privilege to pre- 000, and both gross and net
. With that item eliminated
sent in a long time. Revival in trade, we noted, had tent of this $53,000,000
of the
added substantially to the traffic of the roads, there would have been at that time instead
in gross an increase of only
thereby swelling the gross revenues, while at the $101,000,000 increase
same time operating expenses, though showing con- $48,000,000, and the net earnings would have retinued augmentation, had not increased to such an corded an actual loss of about $3,000,000. Furtherextent as to absorb the whole of the gain in gross. more, the gain in January 1919, too, was deprived of
As compared with the same month of 1922, there much of its signifcance by the fact that it constiwas then an improvement of no less than $105,816,- tuted simply recovery (and only partial recovery at
364 in the gross, and of $35,012,892 in the net. On that) from the extreme losses sustained in January
the other hand, however, the very large gain in gross 1918, when the weather conditions encountered were
in 1923 was merely a recovery of what had been lost the worst experienced in the entire history of railin the gross in the two preceding years, namely 1922 roading in this country. That was the time when
and 1921, though in the net the 1923 improvement the United States was engaged in the prosecution of
was additional to an improvement in 1922, the two the war against Germany, and when intensely cold
successive gains in net reflecting the transformation weather prevailed, with freight congestion and trafeffected as regards expenses with the relinquishment fic embargoes and blockades reported everywhere.
To state the situation in a nutshell, our January 1919
of Government control of the properties.
The reason for the loss in gross in January 1922 compilations showed $111,420,819 increase in gross
was, of course, that at that time the country was and $22,340,495 increase in net, but following $11,still suffering intense depression in business, and 608,126 decrease in gross and no less than $66,436,the falling off in January 1921, which amounted to 574 decrease in net in January 1918. Below we fur33,226,587, was due to much the same circumstance. nish a summary of the January comparisons for each
In.January 1921 the United States was in the earlier year back to 1906. For 1911, for 1910 and for 1909
stages of that intense prostration of trade from we use the totals of the Inter-State Commerce Comwhich the country was still suffering at the begin- mission, which then were more comprehensive than
ning of 1922, and as a consequence there was a sub- our own, but for the preceding years we give the restantial reduction in the gross receipts in that sults just as registered by our own tables each year
month, notwithstanding the much higher rate sched- —a portion of the railroad mileage of the country
ules, both passenger and freight, put in force the pre- being always unrepresented in the totals in these
vious August (1920). The shrinkage in the gross in earlier years, owing to the refusal at that time of
January 1921 was $33,226,587 and it was followed some of the roads to give out monthly figures for
by a further shrinkage of $75,303,279 in January publication.
1922, and it should be noted that the January 1923
Net Earnings.
Gross Earnings.
gain of $105,816,364, though large, did not entirely Jan.
Increase or
Year
Year
Increase or
Year
Year
Preceding. Decrease.
Given.
Decrease.
Preceding.
Given.
wipe out the antecedent loss. In the net, however,
$
$
$
$
$
$
as already stated, the 1923 improvement followed a 1906 — 128,566,968 106,741,980 +21,824,988 38,673,269 26,996.772 +11,676,497
—809.874
1907 __ 133,840,696 123,664,663 +10,176,033 36,287,044 37,096,918
substantial improvement in the net in 1922 also. We 1908 __ 135,127.093 155,152,717 —20,025.624 29.659,241 41.155,587 —11.496,346
+9,258,762
+9,617,219
__ 182,970,018
have already pointed out that the gross in 1922 fell 1909 -- 211,041,034 173,352,799 +27,776,971 50,295,374 41.036,612 +6,918,577
57.409,857 50,491,080
183,264,063
1910
1911 __ 215,056,017 210,808,247 +4,248.770 53,890,659 57,373.968 —3,483.309
off no less than $75,303,279.. That reduction in gross 1912 -_ 210,704,771 213.145,078 —2.440,307 45,940,705 52,960,420 —7.019,714
-- 246,663,737 208,535,060 +38,128,677 64,277,164 45,495,387 +18,781,777
revenues was accompanied by a cut in the expenses 1913 __ 233,073,834 249,958,641 —16,884,807 52,749,869 65,201,441 —12,451,572
1914
—890,982
220,282,196 236,880,747
..
51.582,992 52,473,974
in the prodigious amount of $104,392,928, yielding, 1915 -. 267,043,635 220,203,595 —16,598,551 78,899,810 51452.397 +27.347,413
+46.840,040
1916
+8.679,331
1917 -- 307,961,074 267,115.289 +40.845,785 87,748,904 79,069.573 —66,436,574
17,038,704
hence, a gain in the net of $29,089,649. Contrari- 1918 -- 282,394,665 294.002,791 —11,608,126 36,222,169 83,475,278 +22,340,495
13,881.674
1919 __ 395,552,020 284,131,201 +111,420,819
36,099.055 +49.809.694
—
392,927,365
wise, in 1921 the showing was a poor one, both in the 1920 -- 494,706,125 503,011.12 +101,778,760 85,908,709 88,803,107 —60,351,362
469,784,502
1921
—33,226.587 28.451,745
28.331,956
—75,303,279
gross and in the net, and particularly in the latter. 1922 __ 393,892,529 469,195,80 +105,816364 57,421,605 58,268,794 +29.089,649
+35,012,892
93,279,686
1923 __ 350,816,521 395,000,15
—9,412.390
results of that year and of the 1924 -- 487,887,013 501,497,83 —33.610,824 83,953.867 93,366,257 +17.341,704
And it is the poor
101022458 83.680.754
7
1925 __ 483.195,642 467.329.22 +15,86641
+946,994
101323883
102270877
years preceding that has made possible the better net 1926 __ 480,062,657 484,022,69 —3,960,038 00401.246 102281496 —2,853.250
Ail
on
1027_4515.061 24A
231,970:
the carriers have enjoyed since then. The simple Note.—In 1908 the returns were based on 157,629 miles of road: in 909,in 1914.
235,607;
239,808; in 1911, 242,479; In 1912, 237.888: in 1913,
truth of the matter is that owing to the prodigious in 1910, in 1915, 246.959; in 1916, 247,620; In 1917, 248,477; in 1918, 204,046; In
243,732:
expansion in the expenses, the net had got down to 1919. 232,655;in 1920. 232,511;In 1921, 232,492: In 1922, 235.395: in 1923, 235.678:
in 1924. 238.698; in 1925. 236.149; in 1926. 236.944; In 1927. 237.846
the vanishing point. In brief, our statement for
Weather conditions did not impose much of an obJanuary 1921 showed $33,226,587 loss in gross, notstacle to railroad operations over any large sections
withstanding the much higher rates, and this was
the present year
attended by an augmentation of $27,124,775 in ex- of the country, either in January
401 RA1
-A110
J
1428
THE CHRONICLE
[Vox,. 1.114.
or in that month of the previous year. Bad weather
Dist. & RegionGross Earnings
January1926.
Inc.(+)or Dee.(-)
was somewhat of a drawback in January 1925 on Eastern District- -Mileage---- 1927.
1927. 1926.
$
$
$
New Eng. Region_ __ 7,291
7.482 4.357,367 4,180,361 +177,006 %
+4.23
certain lines here in the East,though not to any great Great Lakes Region_ 24,929 24,945 16,173,767 14,412,010 +1,781,757+12.21
Central East Region_ 27.163 27.012 19,633,289
20,166,477 -533.188 -2.64
extent for the country as a whole. There were re- Total
59,383 59,439 40,184,423 38,758,848
+1,405,575 +3.82
peated snow storms in these parts in the month in Southern District
Southern Region
1925 and in New York City the fall of snow was the Pocahontas Region 39,409 38,681 14,776,165 19,202,848 -4,426,683-13.05
5,558 5,550 7,755,818 7,073,103
+882,715 +9.65
heaviest of any January in the history of the local Total
44.985 44,211 22,531,983 26,275,951
-3,743,988-14.25
weather bureau, reaching 26.2 inches. A storm which Western District
Northwestern Region 48,499 48.670 5,923,108
8,404,570
2-29.53
came toward the end of the month-that is Thurs- Cent. West. Region_ 51,148 50,767 19,462,077 17,773,033 -2,481,464 +9.50
+1.689,04
Southwestern Region 33,851 33,718
11,348,655 11,069.094 +277,561 +2.50
day, Jan. 29, and extending into Friday, Jan. 30
- Total
133,498 133.155 38,731,840 37.246,697 -514,857
-1.38
proved particularly mischievous in New York State. Total all
districta_237,848 238,805 99,428,246 102,281,496 -2,853.25
0 -2.79
The New York Central Railroad reported it as the
EASTERN DISTRICT
worst in its history, especially between Albany and New England Region.-This region comprises the .
New England States.
Great Lakes Region.-Thls region comprises
Rochester, causing considerable delay in the running between New England and the westerly shore section on the Canadian boundary
the
of Lake Michigan to Chicago. and
of trains. The Twentieth Century train from Chi- north of a line from Chicago via Pittsburgh to New York.
Central Eastern Region.
-This region comprises the section
of the Great
cago was almost 16 hours late in reaching the Grand Lakes Region, east of a line from Chicago through Peoria tosouthLouts and the
St.
Mississippi River to the mouth of the Ohio
Parkersburg, W. Va., and a line thence to River, and north of the Ohio River to
Central Terminal in New York City. It was due at and by the Potomac River
the southwestern corner of Maryland
to its mouth.
9.40 a. m., but did not arrive until 1.18 and 1.33 the
following morning (Saturday), coming in two sec- Pocahontas Region.-ThisSOUTHERN DISTRICT.
region comprises the
boundary of Virginia, east of Kentucky and the section north of the southern
tions. The area of disturbance, however, in this way W.Va.,and south of a line from Parkersburg to Ohio River north to Parkersburg,
the
by the Potomac River to its mouth. southwestern corner of Maryland
was very much circumscribed, being confined largely and thenceReolon.-T
Southern
hia region comprises the section east of the Mississippi
River
and south of
to New York and New England, while elsewhere in following the the Ohio River to a point near Kenova, W. Va., and a line thence
eastern boundary of Kentucky and the southern boundary
of Virginia
to the Atlantic.
the northern part of the country the winter was comWESTERN DISTRICT.
paratively mild, and little complaint was heard of Northwestern Region.-The region comprises the section adjoining Canada lying
west of the Great Lakes region, north of a line
obstruction because of snow and ice or because of to Portland and by the Columbia River to thefrom Chicago to Omaha and theno
Pacific.
Central Western Region.
-This region comprises the section south of the North
extreme cold. In 1924 mild weather conditions pre- western region, west of a line from Chicago to Peoria and
thence to St. Louis,
St. Louis to
vailed nearly everywhere in January in the United north of a line fromto the Pacific.Kansas City and thence to El Paso and by and
the
Mexican boundary
Southwestern Region.
States, though in 1923, on the other hand, the winter eisaippi River south of -This region comprises the section lying between the MIS
St. Louis and a line from
Louis to
during January, and also a great part of February, to El Paso and by the Rio Grande to the Gull Bt.Mexico. Kansas City and thence
of
As in the month last year, Western roads in Januwas of exceptional severity, heavy snowfalls having
then made it difficult and unusually expensive to ary had to contend with a diminished grain moveoperate the railroads all through New England and ment. In the four weeks ending Jan. 29 1927 the
the northern part of New York, as also to some ex- receipts of wheat at the Western primary markets
were 19,269,000 bushels, as against 20,490,000 bushtent in other parts of the country.
When the roads are arranged in groups, or geo- els in the corresponding four weeks of 1926; the regraphical divisons, according to their location, the ceipts of corn but 21,503,000 bushels, against 29,559,presence of the influences and conditions narrated 000 bushels, and the receipts of oats 11,584,000, as
above is again clearly revealed. The Southern region against 14,254,000. Adding barley and rye, the rewas unfavorably affected beyond all others and ac- ceipts of the five cereals combined for the four weeks
cordingly shows a decrease in both gross and net of January 1927 were only 55,916,000 bushels, as
earnings. The Northwestern region, too, by reason against 68,730,000 bushels in the corresponding four
of the adverse farming situation, has likewise sus- weeks of 1926 and 82,448,000 bushels in the same
tained decreases in gross and net alike. Elsewhere, four weeks of 1925. The details of the Western grain
the heavy coal traffic played its part in keeping earn- movement in our usual form are given in the table
ings up to the previous year's level. It is to be noted, we now present:
nevertheless, that in the case of the net, when the
WESTERN FLOUR AND GRAIN RECEIPTS.
Flour.
Wheat.
Corn.
Oats.
Rye.
Barley.
different regions are grouped in three main districts, 4 Weeks end. (bush.) (bush.) (bush.) (bush.) (bush.) (bush.)
Jan. 29.
Chicago
namely the Eastern district, the Southern district, 1927945,000 1,103,000 7,820,000 4,041,000
134,000
495,000
1926
984,000
968,000 11,429,000 2.607,000
516,000
118.000
and the Western district, the first mentioned alone Milwaukee
1927
88,000
75,000 1,327,000
121,000
899,000
897.00
0
is able to exhibit better results than in the previous 1926
155,000
236,000 2,340,000
764,000
806,000
187,000
St. Louis
year. The Southern district shows a loss in net of 1027
464.000 1,641,000 1,611,000 1.790.000
101,000
135,000
1928
452,000 2,566,000 2,263,000 2,838,000
113,000
f3,743,968, or 14.25%, notwithstanding the gains by Toledo
1927
1,081,000
18;000
1926
the roads in the Pocahontas region. And
376.000 1,000 22,000
450,000
680,000 1,14:28
the Western Detroit
1927
district also shows a decrease, though only
240,000
175,000
138.000
86,000
of minor 1926
101,000
77,000
79,000
19.000
consequence. Our summary by groups is as follows: Peoria
1927
288.000
89,000 2,253.000
91,000
1926
SUMMARY BY DISTRICTS AND
REGIONS.
District and RegionGross Earnings
January
1927,
1926.
Inc.(+) or Det.(-)
Eastern District
a
New England Region (10 roads)
21,655,525 20,637,205 +1,018,320 +4.93
Great Lakes Region (33 roads)
88.058.542 81,872,052 +6,186,490 +7.55
Central Eastern Region (32 roads).___113,431,809
111,566,975 +1,864.634 +1.87
Total (75 roads)
223,145,678 214,076,232 +9,069,44
4 +4.23
Southern District
Southern Region (30 roads)
68,059,852 73,974,936 5,915,084
-8.00
Pocahontas Region (4 roads)
23,458,022 22,083,971
+1,372,051 +6.21
Total (34 roads)
Western District
Northwestern Region (18 roads)
Central Western Region (22 roads)
Southwestern Region (38 roads)
91,515,874 98,058,907 -4,543,03
3 -4.63
47,504,822 49.727,233 -2,222,61
1 -4.47
76,390,824 75,043,007 +1.347.81
7 +1.79
47,404.349 44,938,525 +2,467,824
+5.49
Total (78 roads)
171,299,795 169,706,765 +1.593,030
+0.94
Total all districts (187 roads)
485,961.345 479,841,904 +6,119,441
+1.27
205,000
65,000
Duluth
1927
2,100,000
1926
2,068,000
Minneapolis
1927
5,259,000
1928
8,848,000
Kansas City
1927
4,508,000
1926
2,882.000
Omaha and Indianapolis
1927
1.322,000
1926
883,000
Sioux City
6,000
1927
1928
238,000
St. Joseph
1927
381,000
1926
452.000
Wichita
1927
1,464,000
1928
755,000
Total AU
1927
1928
711(84„0033
101,000
1,000
1,000
82,000
11,000 2,172,000
31,000
79,000
339.000
818,000
12„0
1,214,000 _. : 0 1.1 0
2
978 040 4
1,150.000 2 32
301,000
447,000
113700
3,221.000
gr 080
i:0 0
4,157,000 1,202.000
3,986,000 1,312,000
36,000
341,000
4,000
247,000
839,000
1,237,000
162,000
99,000
87,000
333,000
28,000
124,000
1,781,000 19,269,000 21,503.000 11,548,000 2,484,000 1,112,000
1,796,000 20,490,000 29.559,000 14,254,000 3,037,000 1,390,000
On the other hand, the Western live stock movement was apparently a trifle larger than in the
MAR. 12 1927.]
THE CHRONICLE
1429
month last year, the receipts at Chicago in January 962,316 bales in 1925 and 581,984 bales in 1924, as
1927 having compared 24,404 carloads with 23,978 will be seen from the following:
cars in 1926; at Omaha 8,350 carloads, against 9,297,
RECEIPTS OF COTTON AT SOUTHERN PORTS FOR MONTH OF
JANUARY FROM 1922 TO 1927. INCLUSIVE.
and at Kansas City 9,398, against 8,398 cars.
The cotton traffic in the South was, of course,
Month of January.
Ports.
much larger than in January 1926, the new crop be1922.
1924.
1922.
1925.
1926.
1927.
ing of unusual proportions. Shipments of the staple Galveston
290,205 259,993 358,975 258,058 187,202 177.397
86,435
78,014
78,042
337,902 140,007 268,715
City, &c
overland were smaller than a year ago, having been TexasOrleans
91,088
241,145 216,885 213.227 157,224 135,778
New
8,177
7,346
10.215
12,041
13,118
21,910
Mobile
2.465
850
2,963
897
525
880
only 154,186 bales, as against 166,115 bales in 1926, Pensacola, &e
40,949
25,687
36,065
42,986
48,855
76,585
Savannah
1,375
1,735
350
240,964 bales in 1925 and 138,678 bales in 1924. On Brunswick
6,544
17.600
6,986
22,532
25.146
25,519
Charleston
5.201
5,088
3,404
13,149
7,845
9,011
the other hand,the receipts at the Southern outports Wilmington
23,208
29,714
30,099
29,824
26.666
30,949
Norfolk
in January the present year aggregated no less than Newport News
739040 962.316 581.984 487.396 393.007
1 naR WM
1,033,906 bales, as against 739,040 bales in 1926; .r....1
Taxation and Enterprise-Tendency to Diminish Capital Fund
By HARTLEY WITHERS, formerly Editor of "The Economist" of London.
copyright in the United States.]
[Copyrighted by the William B. Dana Company for the "Commercial and Financial Chronicle." Exclusive
After-war conditions have necessitated much hard thinking on business questions, and in England we can claim that
the job is being very well done. If our industrial performances in the past year have been such as to put invaluable
opportunities and vast profits into the hands of our trade
competitors, the process has been accompanied by plenty of
heart-searching on the part of both employers and employed,
which will bring forth fruit in due course. Reformation in
this field will be greatly assisted by the very complete inquiry that is being carried on by a committee presided over
by Sir Arthur Balfour, while on the financial side difficult
problems have been investigated and elucidated with great
care and fullness by committees composed chiefly of business men and bankers. The latest effort of this kind is the
report of the committee presided over by Lord Colwyn, which
has inquired into the national debt and the incidence of
taxation.
Its chief recommendation, that the pace of debt redemption
should be considerably accelerated-a proposal which is
still more strongly urged by the minority report of the members of the committee who represented the Labor view-has
already been given full publicity; but the report is a mine of
interesting suggestions on the very important subject with
which it deals, and a point which is of interest to all taxpayers in all countries is the discussion of the effect, on the
mind of the taxpayer, of different kinds of taxation.
As everyone knows, we raise in Great Britain an important part of our revenue by means of direct taxation on incomes and on property which is transferred on the death of
its owners, and this taxation is steeply graduated, so as to
lay a heavier burden on the big incomes and the big estates,
In proportion to the supposed ability of their owners to
support it.
In theory and as a question of equity, there is plenty to be
said for this principle. The great earners and great possessors obviously owe much more to the protection of the
State which enables them to enjoy their wealth in security
than their poorer neighbors, and in so far as taxation can
be considered a form of payment for services rendered, the
greater a man's wealth, the more valuable is the service
which the State does for him In protecting it from foreign
and domestic enemies. But in all questions of taxation expediency cannot be left out of sight, and the opinion has
lately been freely expressed in business circles that the
burden of direct taxation is now so heavy on the classes
which are responsible for organizing industry and enterprise, that it checks production and so hinders the growth
of the national wealth; also that high taxation tends to
raise prices because those who suffer from it pass it on to
the consumer whenever they are able to do so.
On this subject Lord Colwyn's committee came to conclusions which are on the whole reassuring, though it may be
doubted whether the taxpayer will be much comforted by
being told that the shearing process does not hurt him, or
cramp his energy and enterprise, as much as he had thought.
The conclusions of the committee will carry all the more
weight, because it consisted chiefly of men engaged in active
business, and the majority report was signed exclusively by
experts who cannot be dismissed as mere theorists. The
nearest approach to a theorist among them was Sir Josiah
Stamp, and he has had quite enough business experience to
acquit him of the charge of being too distinguished an economist to be trustworthy on practical questions.
In spite of the contention that was put before it by several
witnesses that income tax enters into cost of production, on
the ground that the manufacturer puts on to costs a margin
of profit for himself, and a further margin to cover the proportion of profit that will be taken by the Government, the
committee decided that "even the monopolist is powerless
against the laws which govern the price that people are
willing to pay," that "the competitive trader will find it
still more difficult to pass on to the consumer any part of
his income tax burden" and that "in a free competitive
market with ample supplies in relation to demand, price at
any time is measured by the cost of production to the marginal producer. That price yields no profit and is not liable
to income tax; no element of tax can enter into it."
At the same time it is evident that the high rate of taxation imposed on the wealthy, who inevitably do most of the
country's saving, tends to diminish the capital fund of the
country. On this point the committee observes with regard
to the supply of capital from individual and corporate savings industry has suffered materially from the effect of high
Income tax and super-tax, even when allowance is made for
the application of revenue to large payments on account of
the national debt, which being paid to investors are likely
and in the case of debt redemption are practically certain
to be saved and placed at the disposal of industry. On account, however, of these considerations, the committee
thinks that income taxation has not, on balance, been so
prejudicial to saving as might be expected from the high
rates in force and the large yield. .It also points out with
regard to the supposed deterrent effect of income tax on
enterprise that the public company Isn't susceptible in the
same way as an individual trader to the psychological influence of the income tax; "those in control are not concerned
with the tax in respect of dividends borne at various effective rates by the shareholders, while as regards reserves,
the rate of tax does not increase in accordance with the
amount set aside, but Is limited to the standard rate of income tax."
As to death duties, the committee attacks with considerable effect, the prevalent belief that they are paid out of the
nation's capital and consequently ought to be ear-marked
for debt redemption. It admits that estate duty may have
to be paid out of the capital of the particular estate; but it
1430
THE CHRONICLE
maintains that from the collective point of view there will
be no loss of existing capital, for ultimately the source of
payment will be somebody's income. "The executors may
have to sell securities in order to find the lump sum . . .
•
Fork 124.
but the chain will lead eventually to a purchaser who has
savings out of income to dispose of." This argument Is
likely to strike the average reader as rather far-fetched,
but It is not easy to refute it.
Inter-State Commerce Commission Denies Reading Co
Application to Lease Lehigh & New England R. R.
—Says It Is Not in Public Interest
The application of the Reading Co. for authority to
acquire control of the Lehigh & New England RR. by lease
was denied by the 1.-S. C. Commission in a decision made
public March 9, holding that the proposed lease of the
property for 999 years would not be in the public interest.
Final disposition of the Lehigh & New England control of
which has been sought by several of the Eastern lines, is
a matter that can well be postponed, the Commission said,
until it can have before it fuller and better information in
regard to the larger plans that may be proposed for the
consolidation of the Eastern railroads. The Commission
also found that the annual paymentsamounting to $1,639,815,
that would be required of the Reading Co. under the proposed lease, would amount to a "high price for control,"
saying that "the adoption of similar standards on future
transactions of the kind would impose upon the carriers too
heavy a burden of fixed charges."
The full text of the report, dated March 2, follows:
The New England operates about 219 miles of line, including about
43 miles operated under lease or trackage rights, in the States of New
York, New Jersey, and Pennsylvania. What may be termed its main
line extends from Campbell Hall, Orange County, N. Y., in a southwesterly direction through southeastern New York, northern New Jersey,
and northeastern Pennsylvania, to Nesquehoning, Carbon County, Pa., a
distance of about 130 miles. The southwestern terminus is in the
anthracite coal region a Pennsylvania, and with several short branches
it forms a part of the ganglion of railroad trackage serving that region.
It connects at four points with the Reading, at four points with the
Delaware, Lackawanna & Western, at three points with the Lehigh
Valley, at three points with the Central of New Jersey, and at one
point with the Pennsylvania. At its northeastern terminus it connects
with the Erie, the New York, Ontario & Western, and the Central New
England, the last named being a part of the New York, New Haven &
Hartford system. Through trackage rights, the New England operates
its trains over the New Haven to Maybrook Yard, a very important
transfer point for southern New England, 3 miles from Campbell Hall,
Anthracite Fields Served By Reading.
The Reading operates about 1,140 miles of line, principally in northeastern Pennsylvania. It is one of the most important roads serving
the anthracite fields. It owns a controlling interest in the Central Railroad of New Jersey, operating about 690 additional miles of road, the
two roads, considered as a system, reaching New York Harbor on the
northeast, Newberry Junction, Pa., on the northwest, and Shippensburg,
Pa., on the southwest. At Newberry Junction it has an important connection with the New York Central, at Shippensburg it connects with
the Pennsylvania and the Western Maryland; and with the acquisition
of the New England it will have an important arm to the northeast,
connecting with the New Haven system.
A very important question of public interest in this proceeding concerns the provision and maintenance of efficient short-line all-rail routes
between New England and the territory southwest of New York Harbor.
The indentation of the coast line at that point tends to force traffic
through Jersey City and the harbor, and the concentration of population
and traffic renders increasingly difficult the utilization of this natural
route. Until the year 1918 the traffic was handled by car-float between
Jersey City and the Harlem River, connecting at the latter point with
the New Haven. This is known as the Harlem River route. In 1918,
the New York Connecting R. R. including a bridge over the East
River and commonly known as the Hell Gate route, was opened for
traffic. This line was financed and built jointly by the New Haven and
the Pennsylvania but in its operation car floats are used
between the
Jersey shore and Long Island. The combined capacity of these routes,
both of which feed into the main line of the New Haven,
is insufficient
at times, and the routes into New England by way of the
Poughkeepsie
bridge are becoming of increasing importance.
Coal Company Owns New England Stock.
At present there are two lines, the New England and the Lehigh &
Hudson, which connect the trunk lines southwest of New York with
the Poughkeepsie bridge routes. The first, as already stated, serves the
anthracite fields. Its stock, except directors' qualifying shares, is owned
entirely by the Lehigh Coal & Nagivation Co., an important producer of
anthracite coal transported over the New England. In addition to coal,
this road originates a large tonnage of cement and slate. It, therefore,
combines the functions of an important originator of traffic and a
"bridge" line for its connections on the southwest and northeast, principally for traffic to or from New England. The Lehigh & Hudson, on
the other hand, is engaged very largely in overhead traffic. It operates
less than 100 miles of line, lying to the southeast of and paralleling the
New England, extending from Maybrook on the northeast, where it connects with the New Haven system, to Easton, Pa., on the southwest,
where it connects with the Central of New Jersey and the Lehigh Valley. It does not enter the anthracite fields, but connects with the
principal lines serving those fields, including the Pennsylvania and,
through the Central of New Jersey, the Reading. Its outstanding
capital stock is owned as follows:
S.
Shares.
8,312
Reading Company
7,870
Central RR. of New Jersey
9,614
Delaware Lackawanna & Western an. Co
5,729
Erie RR.Co
9,384
Lehigh Coal & Navigation Co
5,728
Lehigh Valley an. Co
2,094
Pennsylvania RR. Co
359
Other companies
Total_____________________________________________________________47.070
Saving Estimated Under Proposed Plan.
The purpose of the Reading in seeking the lease of the New England,
as stated by its president, is to "facilitate the movement of freight from
points on the Reading and its connections to points on the Lehigh &
New England and beyond the Lehigh & New England." At present, the
coal traffic originated on the Reading moves to New England principally
through Jersey City, thence by barge. Other Reading traffic moves to
New England and the contiguous territory in eastern New York by way
of the Harlem River route, the Lehigh & Hudson route, the route by
way of Newberry Junction and the New York Central, or over other
routes more indirect than could be obtained by using the line of the
New England. Apparently the motive in using these routes is to secure
a longer haul for the Reading.
The only joint rates now in effect from Reading territory by way of
the line of the New England are cement rates from a few points near
Catasauqua, Pa. The opening of routes by way of the New England
and Campbell Hall, using the best available junctions on the south, would
in a great majority of cases result in substantial saving in distance as
compared with the best route now in use. For example, the average
distance from the anthracite territory on the Reading to Boston by way
of the Lehigh & Hudson is 450 miles; by way of the New England 403
miles. From seven representative points on the Reading to fifteen representative points in New England, the route by way of the New England
and Campbell Hall is from 3 to 56 miles less than by way of the Lehigh
& Hudson. From fifteen representative Reading points to fourteen
Boston & Maine points, the saving by way of Campbell Hall would be
from 27 to 73 miles as compared with the present route by way of the
Delaware & Hudson. From the Reading anthracite region to Boston,
Mass., a route over the New England and connections would be 200
miles shorter than the route by way of Newberry Junction and the New
York Central. It is unnecessary to multiply examples. There is a presumption that some of these routes are unreasonably long within the
meaning of paragraph (4) of section 15 of the act,
Similar saving in distance could generally be realized on traffic received by the Reading from connecting lines and destined to northeastern points. The only joint rates now in effect on such traffic by way
of the New England are those on bituminous coal from mines on the
Baltimore dr Ohio and the Western Maryland destined to points on the
New Haven reached via Campbell Hall and Maybrook. This traffic is
received by the Reading through the Shippensburg gateway and is delivered at Catasauqua or Bethlehem Junction.
Movement By Barge Found Unprofitable.
Should the lease be approved, it is the announced purpose of the Reading to establish rates via the New England between its own territory
and northeastern territory, including New England and northern and
eastern New York. These rates will include rates on anthracite coal,
the all-rail movement of which the Reading proposes to develop. The
present movement by barge is decreasing and is said to be unprofitable.
It is also proposed to make the new routes over the New England available to the Reading's connections. It will offer to the Baltimore &
Ohio and Western Maryland rates via the New England on bituminous
coal to northern and eastern New York and New England territory by
way of Campbell Hall and Maybrook, in addition to the New Haven
territory to which the bituminous rates now apply. All connections
through Shippensburg and Hagerstown, Md., will be offered through
rates by way of the New England on merchandise to territory reached
through Campbell Hall and Maybrook. The Pennsylvania R. R. will be
offered through rates over the New England route on merchandise and
bituminous coal by way of Rutherford and Milton, Pa., destined to
northeastern territory by way of Campbell Hall and Maybrook, also rates
on merchandise and coal between Pennsylvania territory and the local
territory of the New England, using the Reading as an intermediate
line. The present interchange between the Pennsylvania and the New
England is at Martins Creek, Pa. The substitution of the route over
the Reading would result in a large saving of distance, but would reduce
the present haul of the Pennsylvania. While establishing these new
routes, the Reading declares its intention to maintain every through
route and rate in which the New England now participates.
Through Route Planned From Rutherford, Pa.
The Reading also proposes, upon the consummation of the lease, to
establish through train service between Rutherford and Maybrook.
Rutherford, situated just east of Harrisburg, Pa., is an important concentration and transfer point for traffic interchanged between the Reading, on the one hand, and the Pennsylvania, the Baltimore & Ohio, the
Western Maryland, and the Norfolk & Western, on the other hand.
Through operating arrangements, the trains of the Western Maryland
now operate into Rutherford Yard, and the engines of the Reading run
to Hagerstown and Martinsburg, W. Va., for traffic interchanged with
the Norfolk & Western and the Baltimore & Ohio, respectively. As an
indication of the importance of the interchange at Rutherford Yard, it
is stated that 129,935 cars were handled through that yard in the month
of Jan., 1925, alone. Trains made up at Rutherford would be moved
over the Reading and the New England by way of Catasauqua, with only
a change of crew at one point en route. The distance is about 185 miles.
MAR. 12 1927.]
Terms of Proposed Lease.
The proposed lease is for the term of 999 years from January 1, 1927.
It requires the lessee to assume all charges against the lessor for taxes
and interest on account of the leased property, to maintain the property,
to assume the expense, not exceeding $7,500 per year, of maintaining the lessor's corporate organization and to pay, in addition, a
net cash rental of $1,069,000 per year. The lessee assumes the lessor's
income tax on this rental. Additions and betterments, except on equipment, made by the lessee, are chargeable to the lessor. Equipment must
be fully maintained, but will be used in common with that of the Reading
and no provision is made for additions and betterments thereto. The
amount of cash rental corresponds approximately with the New England's
operating income for 1924, but is said to have no definite basis, being
$200,000 less than first asked. Its relation to the property investment
account and earnings of the New England for the past ten years may
be seen from the following table:
NET RAILWAY OPERATING INCOME.
•
P.C. on
Other
Investment
InvestInterest Deduc
in Road and
ment in Gross
on
lions
Net
Total
Cal. Equipment
Frs. (Including Operating Amount. Road & Income. Funded from Income.
Debt. Gross
Revenues.
EquipLeased
ment.
Income
Lines).
1916$15,064,008 83 046 332 81,020.810 6.78 $1,064,183$351,524614,6248698,035
1917 15,375.107 3,666,567 1,250,637 8.13 1,278,518 353,312 28,583 896,623
1918 15,851,367 3,989,895a1,046,066 6.60 1,027,174 344,087 44,503 638,584
1919 16,052,731 3,981,318 a796,389 4.96 1,047.748 334,862 48,365 664,521
1920 16,242,534 4,820,406 6903,699 5.56 1,196,900 325,637 24,513 846,750
1921 16,339,019 4,775,737 876,759 5.37 1,032,924 316,412 14,107 702,405
789,373 307,187 97,993 384,193
1922 16,712,354 4,597,073 721,887 4.32
1923 17,612,184 5,843,136 1,262,859 7.17 1,301,891 297,962 28,034 975,895
1924 18,461,893 5,413,879 1,142,046 6.19 1,204,082 317,303 26,799 859,980
1925 19,064,541 5,295,382 1,034,197 5.42 1.081,434 344,150 53,637 683,647
a Based on results of operation by United States Rai road Administration and
expenses and war taxes borne by company. b Based on combined results of operation by United States Railroad Administration and company. c Based on compensation received for use of property from United States Government and not on
operating results. d Based on compensation received for use of property from
United States Government plus operating results by company for last four months
of year.
The average net income of the New England for the ten-year period,
as shown by the above table, was $735,063, which is about $334,000
less than the cash rental. The income for the past three years is probably a better indication of present tendencies, although the strike in the
anthracite coal fields depressed the income for 1925. The results for
1926, as far as reported, are materially better. The increase in interest
on funded debt in 1925, as compared with 1924, was due to an issue in
1924 of $1,250,000 of bonds in reimbursement of expenditures for additions and betterments. The outstanding funded debt on May 31, 1926,
/
was $6,715,000 including $465,000 of41 2% equipment notes which will
be extinguished by 1931.
Estimated Economies Effected Through Unification.
Notwithstanding the disparity between the proposed rental and recent
earnings, the Reading claims that it will profit by the lease, if approved.
Testimony was offered to show that economies can be effected through
unification of operations, amounting to about $500,000 annually. The
principal items of savings are listed as follows:
$80,000.00
Consolidation of general office staffs
37,270.00
Consolidation of purchasing departments
16,350.00
Consolidation of car accounting departments
Consolidation of freight claim departments
8,000.00
Consolidation of accounting departments
,
60000.00
Consolidation of station and switching forces at Tamaqua, Catasauqua
27,802.08
and Bethlehem
Consolidation of motive power and equipment departments
102,904.92
Reduction In empty-car mileage (6c. per car mile)
144,660.00
Total
$476,987.00
Estimated Economies Must Be Regarded With Reservations.
These estimates must be regarded with some reservations. The saving
in empty-car mileage, for example, is based upon actual movement of
empty cars in representative months and is expected to be accomplished
through the elimination of return movements of empty cars to avoid per
diem payments and through the greater availability of empty cars for
loading, due to the unification of equipment of the Reading and the New
England. Opportunities for such savings are peculiarly great in this
case owing to the location of the principal industrial districts of the
New England in close proximity to the principal junctions between the
two lines. However, the assumption of the extent of the reduction of
empty car movements does not appear fully warranted. On the other
hand, it may be assumed that unification would permit other savings in
various directions, such as reduction of train expense, increased car
efficiency, and decreased capital expenditure due to the combination of
shops and other facilities. On the whole, it may be concluded that the
proposed arrangement, while no doubt very profitable to the lessor would
also result in a profit to the lessee.. In reaching this conclusion no
of
account has been taken of the probability . an increase in the net earnings of the united properties through diversion of traffic now carried
over other lines. The applicant does not propose any change in the
present through rates.
Baltimore & Ohio and Others Favor Proposed Lease.
The Baltimore & Ohio intervened in favor of the proposed lease on
the ground, as stated by its president, that it would result in economies,
give greater facility in handling traffic, and would possibly increase the
movement over the routes in which it participates with the Reading.
The principal competitors of the Baltimore & Ohio in reaching the
northeastern seaboard are the New York Central and the Pennsylvania,
the former having access to New England territory through the Boston
& Albany, and the latter by way of the New York Harbor routes. Hence,
the Baltimore & Ohio is interested in any possible improvement in its
present route via the Reading and its connections. The witness testified
that the benefits of his company through the lease might even exceed
those accruing to the Reading itself. He approved the proposed plan of
through train operation between Rutherford and Maybrook and the proposed rental.
The Western Maryland Ry. Co. also intervened for the purpose of protecting its present route to New England by way of the Reading and
the Lehigh & New England. It requested that the Reading be obligated
to maintain the present routes over the New England in which the
Western Maryland participates and, in addition, to establish certain new
routes to New England for traffic from the connections of the Western
Maryland on the south and west. With this requirement, this intervener recorded the belief that the proposed lease would result in public
benefits and should be approved.
The vice-president of the New Haven appeared and testified to the
interest of his company in the maintenance of the New England as an
1431
THE CHRONICLE
open route, emphasizing the increasing difficulty of moving traffic
through the New York Harbor routes and urging that all existing routes
via the Poughkeepsie bridge (Maybrook) and all other gateways shall not
only remain open but "shall be developed and continued so that there
may be free entry through those gateways into points served by the
New Haven system." He expressed the opinion that the views of the
New Haven were shared by the other New England carriers and by the
shipping interests. The difficulty of moving traffic through New York
Harbor has led the New Haven to exclude a large part of the New
England traffic of the Reading and of the Central of New Jersey from
the Harlem River route, although continuing to handle through that
gateway all of the similar traffic of the Pennsylvania and the Lehigh
Valley. In a decision rendered February 8, 1927, in Central Railroad of
New Jersey v. New York, New Haven <Fr Hartford R. R. Co. et. al.,
we found this practice to be discriminatory and unlawful.
Pennsylvania R. R. Unqualifiedly Opposed to Lease.
The Pennsylvania intervened in unqualified opposition to the application upon the general ground that its approval would endanger the
availability of the route over the New England and might give an undue
advantage to its principal competitors, the New York Central and the
Baltimore & Ohio. Each of those companies now owns 25% of the
capital stock of the Reading and is represented on its board of directors.
Due to this influence, the Pennsylvania questions the sufficiency of any
stipulation looking to the permanency of open routes for its traffic over
the New England. At present, it has available routes over both the
New England and the Lehigh & Hudson, and at times has used the
latter route to relieve its routes through New York. In 1923, the Lehigh
& Hudson entered into a contract with the Pennsylvania and the New
Haven to haul loaded and empty cars between Belvidere (near Martins
Creek) and Maybrook, upon request, for $7.50 per car. The Pennsylvania also has a long-standing agreement with the Lehigh & Hudson for
use of a portion of the line of the latter in through traffic, but this has
never been used. The routes over the New England and the Lehigh &
Hudson are both somewhat indirect from the principal Pennsylvania
territory, and for ten years past this company has sought to effect an
arrangement for a more direct route by way of the New England, involving the construction of a new line from a connection with the present
Pennsylvania lines in the Schuylkill Valley district to a connection with
the New England at or near Tamaqua. It was argued that such a line
would be reciprocally beneficial in affording a route for the anthracite
coal produced on the New England to Pennsylvania territory, and for
the soft coal of the Pennsylvania to industries on the New England.
To this end, it sought to acquire the New England stock from the Lehigh
Coal & Navigation Co., but, failing in the effort, it later proposed to
purchase 50% of the stock and to join the New England in the construction of the proposed new line. Consideration was also given to the
use of certain tracks of the Reading. These various plans were considered prior to Government control. With the enactment of the transportation act, 1920, containing provisions looking to the consolidation
of the carriers into a limited number of systems, the Pennsylvania
again urged the importance of its route to New England by way of the
Lehigh & New England and again presented its plan for the construction
of a short line from its territory to connect with that line; and it also
appears that when the lease now under consideration was proposed by
the Reading the Pennsylvania expressed a desire to become a joint
participant or in some other way to share the control of the route.
The Pennsylvania also contends that the proposed lease should be
disapproved upon considerations of public policy which outweigh any
possible advantages that might be realized in economies and service
through the proposed unification. As may be computed from a table on
a preceding page, the Reading, the Central
New Jersey, and Lehigh
Coal & Navigation Co., together, own 23,546 shares of the 47,070 shares
of outstanding capital stock of the Lehigh & Hudson and, assuming that
the holding of the Lehigh Coal & Navigation Co. would be used in the
Reading interest, it would enable that company to control the Lehigh
& Hudson as well as the New England. Further, with the approval
of the lease of the New England the Reading will have tributary to its
system lines, including the Central of New Jersey, about one-third of
the entire production of anthracite coal in the United States. For the
years 1920, 1921 and 1922, the originated tonnage of anthracite coal
on the principal lines was as follows:
Originating Carrier1920.
1921.
1922.
Reading
14,138,000 13,096,000 8,263,000
Central of New Jersey
6,550,000 6,424,000 3,845.000
Lehigh & New England
3,254,000 2,808,000 1,764,000
Lehigh Valley
12,412,000 11,946,000 7,178,000
Delaware Lackawanna & Western
9,986,000 10,521,000 5,880,000
Delaware & Hudson
8,937,000 9,264,000 5,271,000
Pennsylvania
5,229,000 4.881,000 3,327,000
Erie
6,504,000 7,069,000 4,257,000
New York Ontario &Western
2,012,001D 1,604,000 1,028,000
Total
69,023,000 67.613,000 40,813,000
Reading Interposes Objections to Pennsylvania's Arguments.
To meet these objections, and in evidence of the natural affinity between its line and that of the New England, the Reading shows the
present conditions respecting interchange traffic. The principal
interchange of the New England is now with the Reading and the Jersey
Central on the south and with the New Haven on the north.
Following
is a statement of the number of loaded cars interchanged by the
New
England with all of its connections for the years 1924 and
1925 and
for the first eight months of 1926:
a
Receited----Connecting Line1924. 1925. 1926.
Reading
18,639 21,895 14,049
Central of New Jersey
28,448 34,409 20,310
New Haven
443
398
340
Chestnut Ridge
2,767 4,076 2,544
Delaware Lackawanna & Western
2,676 3,756 1,916
Erie
1,552 1,567 1,094
Lehigh Valley
3,227 3,637 2,338
New York Susquehanna & Western__ 712
644
5
New York Central
2,042 2,272 1,137
New York Ontario & Western
92
157
316
Northampton & Bath
7,624 5,614 4,223
Pennsylvania
4,694 4,901 3,272
1924. 1925.
1925.
14,045 13,835
23,947 26,136
30,711 35,645
2,180 2,652
4,787 4,701
5,871 5,663
8,441 11,814
3,328
4,830
5,073
11,244
2,762
4,095
7,309
10,710
1926.
9,685
17,755
20,277
2,053
2,740
3,414
8,018
•
1,701
3.233
3,222
6,786
Reduced to percentages, the number of loaded cars received by the
New England from the Reading and Central of New Jersey was 64%
of the total in the year 1924, 67% in 1925, and 66% for the first eight
months of 1926. Comparing the principal southern connections, the New
England received from the Reading and Central of New Jersey in 1925,
56,304 loaded cars as against 12,294 received from the Lehigh Valley,
the Delaware, Lackawanna & Western, and the Pennsylvania taken together. Of the 4,901 cars received from the Pennsylvania in 1925, all
but six were destined to local points on the New England and none were
delivered to the New Haven. On the other hand, a large proportion of
the freight received from the Reading and the Central of New Jersey
1432
THE CHRONICLE
[VoL. 124.
was bridge traffic. In the year 1925, the New England delivered to the
While apparently there is no present disposition on the part of the
New Haven 35,645 carloads of freight, of which 23,989 consisted of fuel
New Haven to seek control of the Lehigh & New England, such concoal for the New Haven, received through the Shippensburg gate way trol, as Professor Ripley pointed out, would
have many advantages as
and transported over the Reading a 1 the New England. This item, compared with acquisition by one of the rival
,
trunk line systems, and
alone, would go far to justify through train operation.
the fact that there seems no immediate prospect of the consummation
Over 60% of New England's Tonnage Consists of Anthracite Coal.
of such control ought not to govern our action here, if we believe
Over 60% of the tonnage originated on the New England consists of union with a New England system to be the best ultimate destination
anthracite coal, the greater portion of which is shipped by the Lehigh for this strategic line. The Lehigh & New England, it must
be rememCoal & Navigation Co. In 1925, the New England delivered to the bered, is not a financially weak carrier needing, on account of
such
Central of New Jersey 13,160 and to the Reading 6,455 carloads of weakness, control by a stronger carrier. Moreover, even if it be
anthracite coal, constituting together about 50% of the total deliveries assumed that the Lehigh & New England should be acquired by some
of anthracite coal by the New England to connecting lines in that year. trunk line system rather than by a New England system, it final
Only 2,332 carloads were delivered to the Lackawanna, the Lehigh Val- disposition is a matter that can well be postponed, in view of its
ley, and the Pennsylvania together. Since 1871, there has been an strategic importance, until we have before us fuller and better inforagreement between the Central of New Jersey and the Lehigh Coal & mation in regard to the larger plans that may be proposed for the
Navigation Co. respecting the routing of coal over the line of the consolidation of the eastern railroads.
Fixed Charges as Contemplated Found to Exceed Net Ineoctne.
Central of New Jersey, and certain modifications of that agreement
We are also unable to find that the proposed obligations to be
have been long pending. The original agreement is described and disascussed in United States v. Reading Co., 253 U. S. 26. The coal com- sumed by the Reading are "just and reasonable in the premises." The
pany leased to the Central of New Jersey a short line of railroad known estimated effect of the lease upon the income of the Reading' may be
as the Lehigh & Susquehanna, and one of the covenants of the lease computed as follows:
required the coal company to route three-fourths of its coal voer the Annual rental
$1,069,000
leased line. This covenant was held lawful. The modifications were Annual payment to cover corporate expenses of the New England
7,500
agreed to and became effective July 1, 1926. Their nature is not clearly Income tax on rental (present rate)
144,315
Property tax (based on 1925)
shown, but it is not claimed that they will increase the proportion of Interest on
75,000
funded debt (based on 1925)
344,000
the coal company's traffic, routed over the Central of New Jersey. It
is suggested by the Pennsylvania that the practical coincidence of the
Total payments
$1,639,815
present tonnage agreement and the proposed lease of the New England Net revenue from operation of the Lehigh & New England property
(estimated on basis of years 1923, 1924 and 1925, with consideration
indicates that the former is part consideration for the latter, bearing in
of recent tendency)
1,500,000
mind the control of the Central of New Jersey by the Reading; and that
in any event such agreements between shippers and carriers respecting
$139,815
tonnage are contrary to public policy. The general counsel of the Less net reduction In Income tax of Reading by reason of excess in
payments
coal company, who is also vice-president and general counsel of the
18,875
New England, testified that there was no relation between the contract
Net annual loss (without considering savings)
$120,940
and the lease. On June 4, 1926, an agreement was entered into beAlthough, by reason of economies in capital and operating costs,
and
tween the New England and the Central of New Jersey providing for by reason
of traffic accessions resulting from unification, the Reading
the maintenance of such through routes as would permit the carrying
might, and probably would, be able to increase its net income,
we do
out of the tonnage agreement, and the proposed lease under considera- not regard
the payment of such a high price for control of the Lehigh
tion provides that the lessee shall carry out all contracts of the New & New England
as in the public interest. It is proposed to surrender
England, including the contract with the Central of New Jersey. A to the owners
proposed contract between the Reading and the Central of New Jersey benefit which of the leased property a large proportion of the financial
the consolidation plan contemplates should accrue to the
pursuant to that provision of the lease is now held in escrow pending carriers for the
benefit of the public through reduced rates and imapproval of the lease. It is explained by the Reading that the purpose proved service. The
adoption of similar standards in future transacof the proposed agreement is to protect the minority stockholders of tions of the
kind would impose upon the carriers too heavy a burden
the Central of New Jersey from any adverse action by the Reading of fixed charges.
respecting the routing of the coal company's traffic.
For the reasons stated, we are unable to approve and authorize
the
The coal produced on the lines of the New England competes in acquisition of control
here sought. An order will be entered denying
New York City • and other common markets with the coal produced on the application.
the lines of'the Reading, the Central of New Jersey, and other carriers
serving the anthracite fields. Applying a general principle,
the transfer Investments of Foreign Capital
of control of the New England from the Lehigh Coal
in Canada Estimated
& Navigation Co.
to the Reading would reduce competition in the transportation
at $6,310,000,000-1927 Survey of "Financial Post."
of coal
produced on those lines. Applying another general
principle, the reInvestments of foreign capital in Canada total $5,310,linquishment of control of the railway line by the coal company
is in
the public interest. The evils inherent in the
common control of ton- 000,000, according to figures compiled by the "Financial
nage and transportation facilities have been particularly
apparent in the Post" Survey, Toronto, and appearing in the 1927 edition
mining and transportation of anthracite coal. In
United States V. of that publication, just
issued. These capital investments
Reading Co., supra, the relations between the Reading
and the Central
of New Jersey and their controlled coal companies
were condemned as are divided in the compilations as follows:
inimical to the public interest and as illegal under the
anti-trust laws. United States of America
$3.016,000.000
The transportation by these carriers of the coal
produced by their coal United Kingdom
2,111,000,000
Other foreign
companies was also found to be in violation of the
183.000,000
commodities clause
(paragraph
section 1) of the act. The relations between the car85,310.000,000
riers and the coal companies were ordered dissolved.
Combining these
In its survey, the "Financial Post" also says:
principles, and excluding other considerations, we
might conclude that,
while the relinquishment of control of the New
Few countries in the world have offered such opportunity for the safe
England by the Lehigh
Coal & Navigation Co. is -in the public interest, the
and profitable investment of capital as has Canada. And, in consequence.
transferred to some carrier serving no other anthracite control should be few countries have drawn such large accumulation
s of foreign capital as
territory.
This was, in fact, what was recommended by
Professor Ripley in his Canada has drawn in the development of its natural resources. The
report to us which was published in Consolidation
flow of foreign capital to Canada still continues, although this country
of Railroads, 63
T. C. C. 455. The following passage from that
report is significant is is itself a largo investor abroad. In the past three years, around half a
this connection:
billion dollars of American, British and other outside capital has come
"As for the Lehigh & New England, the northerly of
to Canada, to be invested in the development of our natural resources
lines shown on map 8, it cuts across the northwestern the two bridge and in the extension of the economic superstructur
corner of New
e of the country, its
Jersey to a connection at Campbell Hall with the
Central of New railways, public services, &c. This has brought the total investment of
England and the Poughkeepsie bridge gateway. This
road at present outside capital in Canada to over $5,000,000,000, a largo amount, but
is controlled by the Lehigh Coal & Navigation Company,
not to be regarded as dangerously out of proportion to our total national
ated with the Central Railroad of New Jersey and more closely affili- wealth, estimated a few years
ago at $22,000,000,000 and probably enor less interlocked with it. But it is also an independent originating
ceeding $25,000,000,000 at the present time.
coal road as
well as a bridge line. Its tonnage is highly competitive
with that which
Based on Former Estimates.
moves over the parallel bridge line of the Lehigh
& Hudson. The
Estimates of foreign capital investments are exceedingly difficult to
competition between these two bridge properties should by
all means make with a high
be perpetuated. The Lehigh & Hudson, however, is
degree of accuracy. In 1923, the "Financial Post"
locked in ownership with the Lehigh & New England at present inter- made an estimate of foreign investments in Canada and was aided at that
by reason of the time
fact, as indicated on page 506, that the Lehigh
by the compilation of figures showing the distribution of ownership
Coal & Navigation Co., of the
controlling the Lehigh & New England, together
securities of industrial and mining companies. These had been
road of New Jersey, actually owns a majority with the Central Rail- compiled by the Dominion Bureau of Statistics and filled the gap that
of its shares. This in- was
terlocking relationship should be broken
and is always hardest to bridge In such a task. The Bureau has
up if true competition is to be
promoted. The Lehigh & Hudson might
well continue to be a bridge ceased to compile these figures and, In bringing its estimate of foreign
controlled by all the trunk lines, that is
capital investments in Canada up to the beginning of the present year,
to say, controlled from the
western end. But in that event the
Lehigh & New England ought to the "Financial Post" Survey has adopted the method of beginning at the
be owned from the eastern end; that is
to say, it ought to be incor- former figures and making estimates of the changes that have taken place
porated either with the New Haven road
or with the New Haven as since, a study of Canadian financing year having provided the chief clue
part of a consolidated New England system.
to these changes.
The needed competition
of all-rail coal routes would by this means be
The figures here presented are given only as estimate but estimates
,
:
promoted and perpetuated.
Sharp Rivalry Between Great Systems for
made with a tremendous background of statistical and other data which
Control
The sharp rivalry bet:veeen great systems for the of New England.
has been available and which has been freely called upon in the preparation
control of the line
of the individual figures regarding different groups of industry and enter
of the Lehigh & New England emphasizes the evideence
as to the importance of the line in the transportation facilities of
'Prim These figures, added together, make the totals below.
the East. Correspondingly, its assignment requires careful and
Division by Groups of Industries.
deliberate consideration, and more than usual regard for the possible
The estimate of foreign capital investments in Canada made for the
effects upon the
traffic moving over the routes of which it forms, or
may form, a "Financial Post" Survey, 1927, and showing the situation as at approxipart. There is here no exigency demanding hasty action.
The appli- mately Jan. 1 1026, is as follows:
cation, although for a lease, contemplates permanent
United States of United Kingdom °the,' Outcontrol. As
previously stated, through cooperation between the Reading
Capital.
a
0 :i
0
Capital.
America00000ps .
side Capital,
Lehigh Coal & Navigation Co., control would be exercised and the Public securities
$437.600.000
$5,000,000
over the Railways
951,000,000
Lehigh & Hudson as well as the New England. Were
35,000,000
the special
Industries
advantages of the proposed lease more certain, we might
70,000,000
perhaps be Forestry
25,000,000
justified in relying upon our powers under the law to
432005:000000:000000
110.000,
000
25,000.000
preserve
*200:000000:000000
3.lisinhierrigies
unrestricted use of these essential bridge lines by the Pennsylvania the F
3.000,000
1 ,000,000
and Public services
7
20.000,000
125,000.000
other carriers, but mere ability to police a route is not a fair
625.000.000
Other Industries
160.000,000
10.000,000
of the compulsion of self-interest. As weremarked in equivalent Land and mortgages
100,000.000
Control of
20,000.000
125,000,000
Virginian Railway, 117 .I C. C. at page 85, if serious doubt
45.000,000
12.000,000
90.000.000
exists re- Banking and In.surance
garding the wisdom of a proposed grouping of carriers, that
doubt
Total
$3,016,000.000 $2,111,000,000 $183,000,000
must be resolved against the application. Such doubt exists in
this case.
* Electric power, street railways, hotels., construction, otc.
-.(8),
MAR. 12 1927.]
TFTE CHRONICLE
American Capital in Canada.
The figures throw some illumination upon the large investments of
American capital in Canada since the end of the war. American investments in Canada have grown as follows:
1913
1923
1926
$417,143,220
2,478,500.000
3,016.000,000
British Investments also Larger.
British capital, while it occupies a relatively less important position in
Canada, has nevertheless continued to come to Canada in some volume
and it is gratifying to note that the amount of British capital in Canada
is shown by the figures to have increased about $100,000,000 in the past
three years, a figure that is confirmed by another estimate made recently
by a British financier.
1913
1923
1926
81,880,000,000
1,995,000,000
2,111.000,000
Our Investments Abroad $700,000.000.
Estimate of Canadian investments abroad shows the following figures.
The complete record of these figures and the method of arriving at them
will be found in the "Financial Post" of Nov. 26 1926. Figures are also
as of Jan. 1 1926.
Government credits
$35,000.000
Banking balances
196.231,000
1433
Other Foreign Capital Unimportant.
Amounts of foreign capital apart from British and American, are small.
The figures show some apparent decline between 1923 and 1926. While
there has been some decline, it is likely that it has not been as great as
the tables would seem to show. The 1923 figures of foreign capital in
Canada were likely somewhat too generous, later data on the distribution
of some of our railway securities having shown this to be the case. However, as the relative importance of this branch of outside capital investments in Canada is small, the figures have not been changed.
Growth of Such Capital Investments.
The following figures show the trend since before the war. The 1913
estimate is that of Fred M. Field. The 1923 estimate is that of the
"Financial Post." and the 1926 estimate is, of course, that of the "Financial
Post" Survey. 1927,
1923.
1913.
1926.
$1.860,000.000
$1,995.000.000
$2.111,000,000
417.143.220
2.478,500.000
3,016.000,000
139.589.650
323,000.000
183,000.000
$2.416.732.870
$4,796,500,000
Bank premises
Bank holdings of foreign securities
Insurance companies of foreign securities
Trust and loan companies of foreign securities
Branch and controlled plants
Miscellaneous
$5,310.000,000
$4.000,000
102,420,000
175.000.000
2.000,000
50.000,000
150.000.000
A Total
$714.651,000
RECORD OF PRICES OF NORTHWESTERN SECURITIES DURING 1926.
As there is no Stock Exchange in either Minneapolis or St. Paul, Lane, Piper & Jaffray of Minneapolis have kindly
prepared for us the following list of high and low prices for the calendar year 1926 on securities which are traded in more
or less actively in the Twin Cities. The list does not include securities listed on the New York Stock Exchange, such as
the Twin City Rapid Transit stocks and the Wisconsin Central stocks. These appear regularly in our records for the New
York market. The tabulation was intended for publication in our issue of last week, in which we devoted much space
to Northwestern securities, but did not reach us until the present week.
HIGH AND LOW PRICES OF NORTHWESTERN SECURITIES DURING CALENDAR YEAR 1926.
BONDS.
High,
Androscoggin Water Power Co. 1st 6s, Aug. 1 1945
The Baker Block 1st & ref. 6s, S. F. Series A, Nov. 1 1946___.
Baker Bldg. Garage 1st M.635s Serial May & Nov. 1 1927-40_
Bohn Refrigerator Co. 1st 7s, Nov. 1 1927-29
Clarkson Coal & Dock Co. 1st 6s, Nov. 1 1927-39
Commander Larabee Corporation 7s, July 1 1936
io 6s, July 1 1941
Curtis Hotel & Apt. House Const. Co.& Curtis Hotel 1st S. F.
6s, 1928-41
Dakota Central Telephone Co. 1st 6s, June 1 1935
Duluth Street Ry. Co. gen. s. f. 5s, May 1 1930
1st 5s, May 1 1930
The Emporium of St. Paul, Inc. coll. trust 6s, Feb. 1 1928-37
First National Soo Line Bldg. 1st 5s, June 15 1927-35
Great Lakes Coal & Dock Co. 1st mtge. 534s,Oct. 1 1927-30Great Northern Power Co. 1st 5s, Feb. 1 1935
Griggs, Cooper & Co. 1st 5s, 1927-30
Griggs, Cooper & Co. 1st"A" 514s, Sept. 1 1929-39
Hamm Realty Co. 1st 6s, 1927-29
Holly Northern Sugar Co. 1st serial 635s, 1927-36
Island Warehouse Corp. 1st S. F. 6s, March 1 1943
Itasca Paper & Pulp 535s. 1927-38
Kalman Steel 1st 6s, 1935-39
Leader Mercantile Corp. coll. trust 6s, March 1 1928-35_
E. J. Longyear Co. coll. trust Os. Nov. 1 1927-47
Marfield Grain Co. 1st 634s, July 15 1927-33
Marquette Houghton & Ontonagon RR. 1st 6s, April 1 1935-Marshall Wells Building 635s, Feb. 1 1927-37
Minneapolis Gas Light Co. 6s, Feb. 1 1930
1st 5s, Feb. 1 1930
Minneapolis General Electric Co. 1st 5s, Dec. 1 1934
Minneapolis St. Paul & S. S. Marie Ry, 434s, June 27 1928_ _
Minneapolis Street Ry. Co. 1st coll. 555s, Aug. 15 1928____
Minneapolis St. Ry. & St. Paul City it. cons. 5s, Oct. 1 1928
Minneapolis Northfield & Southern Ry. 1st M.6s, Sept. 1 1941
Minnesota & Ontario Paper Co. 1st S. F. 6s, Apr. 1 1930-35_
6s, April 1 1945
6s, April 1 1948
6% notes, 1931
Minnesota Power Co. 1st & ref. 6s, April 1 1931
Minnesota Power & Light Co. 1st & ref. 5s, June 11955...._
6s, Nov. 1 1950
Minnesota Sugar Corporation 1st 6s. May 1 1928.41
Minnesota Transfer Co. 5s, Aug. 1 1946
Minnesota Tribune Co. 1st S. F. 635s, May 1 1942
Minnesota Valley Canning Co. 1st S. F. 6s, Jan. 1 1941
Montana & Dakota Power Co. 1st 530. Jan. 1 1929
Northeastern Iowa Power Co. 1st 6s, Nov. 1 1928
1st 8c ref. 6s, Sept. 1 1929
Northern States Power Co. 1st & ref. Series B 534s, Dec. 1 1940
let & gen. 61. Nov. 1 1948
535s. Dec 1 1950......_... -------------------------535s, Jan. 1 1945
Ottertail Power Co. gen. & ref. -1st 8c ref. 634s. April 1 1939
1st & ref. 6s. April 1 1933
1st 5s, Series E. Oct. 1 1946
Pillsbury Flour Mills Co. 1st 6s, Oct. 1 1943
Pillsbury Flour Mills Inc. Coll. 530. March 15 1928-31
Powell River Co., Ltd., 5s, Feb. 1 1928-33
Powell River Co. 1st 6s, Jan. 1927-28
Purity Baking Co. 1st 6s, 1927-34
Elizabeth C. Quinlan Realty Corp. 1st 5s, Nov. 1 1927-45_
Red River Lbr. Co. 1st 5s, Jan. 1 1928
65, Jan. 1 1928
Red River Valley Power Co. let 630, A, May 1 1944
Rockwood & Co. 1st (closed) mtge. 61, Feb. 11928.36
I
10255
9835
10135
10035
100
101
98
Low.
98
95
98
97
98
9834
9435
102
98
10635 10434
9334
91
98
9534
10134
98
100
97
98
10034
101
99
100
98
101
98
10135 100
10154
95
10234 10134
10035
98
100
10134
103
98
102
99
10134
99
10335 10134
100
10434
103
10134
100
9835
10234 10034
9935
98%
101
100
99
9634
100
99%
101
9735
100
97
100
97
100
97
103
100
9935
96
106
105
10135
94
10235
101
105
104
99
95
100
9835
101
99
101
98
98
9534
10454
10334
102%
100%
103
99
105
103
103
10134
99
98
10434
10154
10035
99
10034
9734
101
100
10334 100
10035
99
100
99
101
100
10434 101
101
97
BONDS (Concluded).
St. Cloud Public Service Co. 1st 6s, Nov. 1 1934
St. Cloud Public Service Co. 1st 8s, Nov. 1 1934
St. Cloud Water Power 1st serial 6s, April 1 1939
St. Croix Power Co. 1st 5s, Oct. 1 1929
St. Paul Bridge & Terminal 6s, Jan. 1 1929
St. Paul City Cable 1st 65, 1932
Cons. 6s, 1934
5s, Jan. 15 1937
St. Paul City Ry. Cons. Cable 6s, Oct. 1 1934
St. Paul City Gas Light Co. gen. 5s, March 1 1944
Gen. & ref. 535s, June 1 1954
Gen. & ref. 6s. Jan. 1 1952
St. Paul Union Stock Yards 1st 5s, Oct. 1 1946
Sioux Falls Gas Co. 1st 6s. June 1 1944
G. Sommers & Co. 1st 6s, May 15 1929-34
Superior Water, Light & Power 1st 4s, May 1 1931
Tri-State Tel. & Tel. Co. 1st & ref. 535s, May 1 1942
Union Public Service Co. 1st 6s, March 1927-36
Upper Mississippi Barge Line Co. 1st mtge. 535s, Aug. 1 1930
Watab Paper Co. 1st S. F. 654s, July 1 1942
Wisconsin Central Railway Co. 535s, April 15 1927
Yeates Building Co. 1st mtge. 6s, Dec. 1 1927-40
STOCKS.
Bank StocksFirst National Bank (Minneapolis)
Merchants National Bank (St. Paul)
Metropolitan National Bank (Minneapolis)
Midland National Bank (Minneapolis)
Northwestern National Bank (Minneapolis)
Insurance Companies Stock
Northwest Fire & Marine Insurance Co
St. Paul Fire & Marine Insurance Co
Twin City Fire & Marine Insurance Co
Preferred Stock
Archer Daniels Midland Co. 7%
W. H. Barber Co. cumulative 7%
Bohn Refrigerator Co. 8%
Emporium of St. Paul preferred
Foot Schulze Co. 7%
Gordon & Ferguson, Inc., 77
0
Leader Mercantile Corporation 7%
Marshall Welts Corporation 6%
Minneapolis Steel & Machinery Co. 7%
Minneapolis Threshing Machine Co. cumulative 7%
Minnesota Power & Light Co. 7%
Munsingwear Corporation 7%
Northern States Power Co. 7%
Northwestern Bell Telephone Co. 634%
Ottertail Power Co. 6%
7%
Russell Grader Co. 8%
Russell Miller Milling Co. 635%
Shevlin Hixon Lumber Co. 7%
Tri-State Telephone & Telegraph Co. cumulative 6%
Twin City Rapid Transit Co. 7%
Vassar Swiss Underwear Co. cumulative 7%
Washburn-Crosby Co. cumulative 7%
Common Stock
Emporium of St. Paul
Leader Mercantile Corporation
Novadel Process Corporation
Ottertail Power Co
Russell Miller Milling Co
Yellow Cab Corporation of Minnesota class A
Class B
High.
Low,
103
110
103
1003
10234
10434
106
9735
10535
10234
10335
10634
101
101
10334
9635
10634
10135
100
10334
10134
101
10134
108
100
9934
101
103
103
9535
103
100
102
10334
9835
96
100
95
105
98
97
101
100
9631
295
265
250
185
250
280
245
235
165
230
200
115
1255
170
100
10
108%
9835
96
2334
85
100
9734
94
24
100
10515
10735
10234
10634
100
105
104
102
10
102
10334
110
104
96
90
21
75
98
903
90
18
96
101
101;
100
100
92
98
101
100
98
93
08
100
107;
7
1634
935
130
205
26
8
5
14
5
125
190
23
5
se
Indications of Business Activity
THE STATE OF TRADE
---COMMERCIAL EPITOME.
Friday Night, Mar. 11 1927.
Trade only slowly increases in this country, and prices
are below those of a year ago. But one favorable circumstance is the spring-like weather. This is not unreasonably
regarded as a favorable presage for the immediate future of
trade. In fact, in some lines business has been better, owing
to the milder temperatures. There has been some increase
In both wholesale and retail trade, only it has been on a
distinctly conservative scale. There is nothing like conspicuous activity anywhere. Still, the feeling on the whole is
more cheerful. Building is more active. The imminence
of a soft coal strike casts no shadow over business. Production of such coal, it is believed, will be large enough to
meet requirements without recourse to importations. It is
1434
THE CHRONICLE
true that the retail mail order trade in February was 3%
smaller than in February last year and department store
sales were only 2 % larger than in the same month of 1926.
/
1
2
Yet, curiously enough, the February chain store sales rose
17% above those of February last year. In other words,
there is a certain amount of irregularity in the development of business. It is noticeable, too, that there is less
demand for cotton goods in unfinished lines, although finished goods continue to sell very well. The February sales
of cotton goods, according to the statement of the Association of Cotton Textile Manufacturers in February were
132 larger than production and the shipments 122
/
1%
/
1%
larger than production. It looks as though the cotton manufacturing business at home and abroad had turned the corner. There is a better foreign demand for American farm
implements. And sales are larger of machine tools. The
shoe trade might be in better shape. At best it is more or
less irregular, or what is called "spotty."
The grain markets have declined. Wheat has fallen a
couple of cents owing to the fact that the farm reserves as
stated by the Government were somewhat larger than the
recent private estimates and that latterly the export demand has been smaller. But more than 1,000,000 bushels
a week have recently been moving out of Fort William,
Canada, to the seaboard. Exports are taking rather more
of United States No. 2 red at the discount under Canadian
No. 2 Northern. Meanwhile Southwestern wheat crop prospects are favorable. Corn has declined owing to big supplies and a scanty market. To-day, it is true, there were
rumors.of export business, though they were not confirmed.
A foreign demand would certainly be very acceptable, with
Chicago holding close to 25,000,000 bushels and the farm
reserves very heavy. Some export business has been done
in rye at lower prices, but German buying has not appeared,
much to the disappointment of the trade. It may be better
at the opening of navigation. Provisions have declined in
response to lower prices for corn and hogs. For oats there
is an excellent demand. The flour trade is still slow. Cotton declined owing to some slackening of the demand for
spot cotton and goods. Moreover, there is little belief that
the acreage will be reduced more than 10%. There was an
erroneous report to-day that a Chicago firm had estimated
the decrease at only 5%. Heavy liquidation of holdings of
October cotton has stood out most clearly as the feature
of the week's trading. The mills, however, have many buying orders in the market on a scale down. The activity in
the Liverpool spot cotton trade continues on a remarkable
scale, as it has for nearly two months. Though New York
and Manchester's cotton goods trade has for the time being
decreased there is a hopeful feeling on both sides of the
water. London notes the brighter outlook in Lancashire,
and on this side the rise in the price of cotton mill shares,
North and South, and a revival of investment and speculative demand for them are significant indices of the
change for the better in the cotton textile industry of this
country.
Sugar has been a little lower on futures, but steady otherwise. Cuban producers are not pressing their sugar on the
market. And the season of maximum consumption is approaching. The world's crop of sugar is estimated by Dr.
Mikusch at 24,586,000 tons, or some 1,275,000 tons less than
that of last year. Europe continues to buy Cuban sugar
and the tendency, of course, as the season advances, is for
Cuban production to diminish, as the various mills complete
their quota allotment under the restriction plan. Rubber
at one time was weak, but latterly has advanced
on a better
demand and higher prices in London, despite
a noticeable
increase in stocks there. Pig iron has been, as a rule, quiet
and Buffalo iron is invading eastern Pennsylvania territory,
owing to a reduction in freight rates, and the West has had
a fair trade. Steel has met with a fair demand in some sections, but it is quiet in the East, with prices more or less
nominal. The talk of a bituminous coal strike in April has
had no marked effect. In the coal trade the belief is that
the aggregate consumption will be on a surplus scale and
that English producers who have visited this country with
an eye to an export market will find that there will be
little need of the foreign commodity. There is a brisk business in jewelry in the East. The sales of hardwood are
larger than at this time last year. Those of soft wood are
smaller. Wool has been rather quiet and seemingly none
too steady, with the American market remaining inert in
spite of the recent favorable results at foreign auctions.
Crude and refined petroleum have declined noticeably in a
[VOL. 124.
dull market with a big output. The minor metals have been
quiet and more or less depressed.
Stocks of late have been more or less irregular but on the
whole firm. To-day railroad shares advanced in contrast
with declines in some industrial shares, and even some of
the industrial shares were in persistent demand. The activity in the trading continues, even if transactions are not
quite so large as recently. They are on a scale that once
would have seemed incredible. It is significant that the
high grade railroad shares were in the van of to-days' advance, with total transactions of all issues reaching 2,128,200 shares. One-third of this business would once have
been considered a brisk market. Car loadings are increasing, but gross earnings for January show a smaller proportionate gain than do the loadings, as coal, of course, goes
at a low rate. London was steady to-day on the speculative
issues, despite the fact that February trade returns were
not favorable. The scarcity of commercial bills in London
evokes tart comment in some quarters there. In New York
bonds have been in active demand. In fact they have in a
sense given the cue all the week to stocks, the railroad issues
being especially active, while the general list to-day was
noticeably strong. It was something new to find the bond
market acting in any sense as the pathfinder for the stock
market. But this has occurred more than once in recent
striking weeks.
Lawrence, Mass., wired that a general sympathy strike of
7,500 operatives of the Pacific mills textile plant there was
possible owing to the recent walkout of the dye house workers. A mass meeting of the striking employees voted,
against the advice of officials of the American Federation
of Textile Operatives, to call a general conference of all
workers next Sunday on the proposition for a sympathy
strike. At South Groveland, Mass., the Groveland mills,
manufacturers of automobile linings, are increasing production and Mill No. 2 of the company, which was idle for a
long period, has resumed operations. This concern for years
made woolen fabrics, but recently changed over its product,
which is reported to be meeting with success. Mill No. 3
of the Groveland mills, which has been running on part
time is now operating at capacity, with some departments
on a night shift. By extending price guarantees on ginghams and other cloths beyond April 1, the Amoskeag Manufacturing Co. is said to have done much to stabilize the yarn
dyed goods market very considerably, as other houses are
likely to follow suit.
Textile conditions are Improving in central New Hampshire. The woolen mills of M. T. Stevens & Sons Co. are
working at capacity. Conditions are better in the mills of
the American Woolen Co. at Tilton. They have recently
been operating on a day and night shift on samples. The
mills of the G. H. Tilton Hosiery Co. are doing a satisfactory business. The Sulloway mills at Franklin, N. H., are
busy. The mills of the Webster Hosiery Co., a new plant,
are doing very well. At Woonsocket, R. I., the Social mill
of the Manville-Jencks Co. closed, it is stated, for good and
the Globe mill is closed indefinitely, as it is impossible to
grant a 48-hour week and a 12 % increase in wages. At
/
1
2
Willimantic, Conn., the plants of the American Thread Co.
are doing a better business. Its Kerr mills, in Fall River,
are on a larger schedule. The finishing department at Willimantic is running full time. The manufacturing department is busier than It was. Charlotte, N. C., reports that
textile mills in the Piedmont sections of the Carolinas are on
full day schedules, the majority running day and night.
Spartanburg, S. C., reports that cotton mills of the South
are having more satisfactory conditions than since 1923 and
also the first speculative buying of mill stocks since that
date. Bertram H. Borden, President of M. C. D. Borden &
Sons, is quoted as saying that the outlook for the textile
industry is better this year than It has been in a number of
years, particularly in the cotton end of the business.
Sears, Roebuck & Co.'s sales for February were $20,966,268, a decrease of 2.13% from February 1926. Sales for the
first two months of this year were $43,046,542, a decrease
of 2.19% from the corresponding period last year. Montgomery, Ward & Co.'s sales for February were $14,184,130,
a decrease of 4.45% from those of February 1926. Sales
for the first two months of this year were $27,341,184, a decrease of 9.2% from the corresponding period last year.
The S. S. Kresge Co.'s sales for February were $8,308,771,
an increase of 10.83% over February 1926. Sales for the
first two months of this year were $16,264,559, an Increase
of 8.81% over the corresponding'period last year.
THE CHRONICLE
Men. 12 1927.]
Of late it has been spring-like here and to-day the maximum temperature was 54 and the minimum 34. The forecast for to-night is fair and warmer, with still higher temperatures to-morrow. Yesterday Chicago had a temperature of 62, Cincinnati 64, Cleveland 58, Kansas City 70,
Portland, Me., 48 and St. Paul 40, with very little rain
anywhere.
1435
J. C. Penney Co. again leads all companies in gain in dollar sales for the
month of February, with an increase of $1,948,542. This is a percentage
gain of 35.5%. Neisner Brothers, Inc., one of the smaller companies, had
a harmer month, showing a percentage increase of 99% over February
1926. the highest percentage increase of any of the companies. Neisner
Brothers also leads in percentage increase for the year with a gain of
85.4%, followed by J. J. Newberry Co. with an increase of 56.7%. The
Newberry chain's increase for February over 1926 Was 62.6%.
The twelve chain stores for which figures are supplied by
George H. Burr & Co., are F. W. Woolworth, S. S. Kresge,
J. C. Penney Co., S. H. Kress & Co., McCrory Stores,
Dun's Price Index Lower.
The following monthly comparisons of Dun's index number W. T. Grant, F. & W. Grand, Metropolitan Stores, J. J.
of wholesale commodity prices are from the weekly "Review" Newberry, McLellan Stores, Neisner Bros., Inc., and Isaac
Silver & Brothers. Figures for February and the two
of March 5:
Mar. 1 '27. Feb. 1 '27. Mar. 1 '26. months of eighteen chain store sales are made public as
Groups$28,620
Breadstuffs
$30,042
$31.834 follows under date of March 9 by Merrill, Lynch & Co.:
19.897
Meat
19.781
20,358
Dairy and garden
Other food
Clothing
Metals
Miscellaneous
Total
21,859
19.830
32.301
23.022
37.740
22.573
19.897
32,372
23.371
37.435
22.834
20.709
36.161
24,005
36.777
$183,269
$185,471
$192,678
Dun's Insolvency Index for February.
Dun's weekly "Review of Business' March 5 says:
R. G. Dun & Co.'s insolvency index for each month this year has been
several points higher than in the early months of 1926. and has also exceeded the average for the five-year period, 1921-25 inclusive, reflecting
the increased number of business failures this year. Proportioned to the
number of firms in business, Dun's insolvency index for February is 133.8
and contrasts with 119.0 in February a year ago. The five-year average
for the month of February, 1921-25 inclusive, was 128.0. For January
this year the index was 141.9, against 133.9 a year ago. and 138.0 the
average for five years. Relatively the February statement makes quite
as unsatisfactory a showing as that for January.
-FEBRUARY AND TWO MONTHS.
CHAIN STORE SALES
1926.
S. S. Kresge
F. W. Woolworth
S. H. Kress
McCrory Stores
Metropolitan Stores
J. J. Newberry
McLellan Stores
F. & W. Grand
Neisner Brothers
Isaac Silver dc Brothers
J. C. Penney
W.'I'. Grant
Industrial Activity as Measured by Use of Electrical
Energy-Substantial Increase in February
Over January-Rate of Activity Lower,
However, Than Last Year.
The rate of general industrial activity in the United States
In February was 12.7% higher than in January, based on the
consumption of electrical energy in industrial plants-the
plants consuming more than 9 billion kilowatt hours annually,
"Electrical World" reports. Five primary industries made
the following gains in activity over January: Metal industry,
ferrous and non-ferrous, 10.8%;leather and leather products,
4.2%; textile industry, 7.4%; automobile industry, including accessories, 61.8%, and stone, clay and glass industry, 1%. The gains were largely seasonal in character.
Operations in the lumber industry registered a slight reduction in February. Both January and February industrial
production was about 6% under that recorded in the corresponding months of last year, according to the publication.
The year appears to be unfolding with industrial operations
increasing at a normal rate, but with general production
on a slightly lower plane than was witnessed in the first
quarter of 1926. It seems probable that industrial production for the first quarter of 1927 will be between 6 and 7%
under that of the same period last year.
The outstanding factor in industrial operations in the first
two months of the year has been the materially increased
rate of production in the automobile industry. Operations
in the automobile manufacturing plants reached an unusually low point in December, the lowest monthly production recorded since the opening of 1922. Production in
automobile plants in February was approximately double
that reported for December.
The present high rate of operations in the textile plants
compares favorably with this time last year. February production in the textile industry as a whole was 6.8% over
that of February last year. In the case of the metat industries the February rate of production was 8.3% under
that of the same month last year.
D. Fender Grocery
G. R. Kinney Co
Peoples Drug Stores
Fanny Farmer
John R. Thompson
Childs Co
February- $8,304,771
2 months__ 16.264.559
February... 17.379,054
2 months__ 33,493.471
3,534,634
February__
6,826.884
2 months__
2,739.589
February__
5.028.685
2 months._
February._
693.05.5
2 months__
1,347.571
630.582
February_1,215,511
2 months__
February__
574.049
2 months__
1,119.205
February__
712,220
1,369.802
2 months__
February__
359.001
685,78
2 months__
February__
311,008
591.620
2 months__
7.424.926
February._
13,662.214
2 months_
February_
2,248.719
2 months__
4,453,939
February__
893.220
2 months__
1,823.858
February__
1.023.770
2 months__
1,936.787
February__
588,072
2 months__
1,172,203
, February__
290.163
2 months__
531.199
February__
1.117.840
2 months__
2.342.585
February__
2.319.337
2 months__
4,856.761
1926.
Increase.
57,496.429
14.947.189
15,478.525
30,640.686
3.280.171
6,326,196
2.182.535
4,339.950
583.308
1,150,724
387.698
775,618
454.994
853,022
632,937
1.275.860
180.397
• 369,740
237,641
454,470
5.476.384
10,443.435
1,951,069
4,015,985
764.591
1,570,378
997,912
1,990.733
437,216
863.838
246.467
459,849
1,117,150
2,210.815
1.925,603
4,045.95
10.83%
8.81%
12.28%
9.02%
7.7%
7.8%
25.5%
15.8%
18.8%
17.1%
62.6%
56.7%
26.1%
31.2%
12.5%
7.3%
99.0%
85.4%
30.8%
30.1%
35.58%
30.82%
15.2%
10.9%
16.8%
16.1%
2.69%
*2.70%
34.5%
35.7%
17.7%
15.5%
.06%
5.9%
20.4%
20.0%
•Decrease.
Railroad Revenue Freight Still Running Ahead of Last
Year by Reason of Heavy Coal Movement.
Revenue freight loaded the week ended on Feb. 28 totaled
923,849 cars, according to reports filed on March 8 by the
carriers with the Car Service Division of the American Railway Association. Compared with the corresponding week
last year, this was an increase of 10,914 cars, while it also was
an increase of 59,753 cars over the corresponding week in
1925. The total for the week of Feb. 26 was, however, a
decrease of 37,024 cars below tjle preceding week this year,
due to the observance of Washington's Birthday. Coal
loading for the week of Feb. 26 totaled 201,959 cars, an increase of 21,489 cars over the same week last year and 50,390
cars above the corresponding week in 1925. Other details
follow:
Grain and grain products loading totaled 44,096 cars, an increase of 4,303
cars over the corresponding week last year and 5,775 cars above the same
week in 1925. In the Western districts, grain and grain products loading
totaled 26,980, an increase of 3,132 cars above the same week last year.
Miscellaneous freight loading totaled 323,271 cars, a decrease of 4,188
cars below the same week last year, but 12,180 cars above the corresponding
week two years ago.
Live stock loading amounted to 27,494 cars, an increase of 852 cars above
the same week last year but 1,398 cars below the corresopnding week in
1925. In the Western districts alone, livestock loading totaled 20,583 cars,
an increase of 629 cars above the same week last year.
Loading of merchandise and less than carload lot freight for the week
totaled 237,199 cars, an increase of 55 cars over the corresponding week
last year and 6,738 cars above the same week two years ago.
Forest products loading totaled 67,913 cars. 6,089 cars below the same
week last year and 11,583 cars under the same week in 1925.
Ore loading amounted to 9,621 cars, 1,197 cars below the corresponding
week in 1926 and 1,852 cars below the same week two years ago.
Coke loading totaled 12,296 cars, a decrease of 4,311 cars under the same
week last year and 497 cars below the same week two years ago.
All districts except the Eastern, Allegheny and Southern reported increases in the total loading of all commodities compared with the corresponding week in 1926, while all districts showed increases over the same
week in 1925.
Loading of revenue freight this year compared with the two previous
years as follows:
1925.
1926.
1927.
4,428,256
4,456,949
Five weeks in January
4,524,749
3,623,047
3,677.332
Four weeks in February
3,823,931
Chain Store Sales in February-Compilations of
George H. Burr & Co. and Merrill, Lynch & Co.
Sales of the twelve leading chain stores of the country
totaled $44,915,607 for the month of February, a new high
record, according to a compilation of George H. Burr & Co.
This represents an increase of $6,573,519 over the $38,342,088
total reported for the same month in 1926. It is pointed out
8,105,588
8.079,998
Total
8.348,680
that this increase was made in spite of the shortness of the
month and the fact that it contained two holidays, and Increase in Factory Employment in New York State
shows a gain of 17.2% compared to an increase of 10.5%
During February.
for January. As to the figures for the twelve chain stores,
Employment in New York State increased about 1% in
compiled by Burr & Co., it is also stated:
February according to Commissioner James A. Hamilton of
Total sales of the same stores for the year stand at $86,059,244, comLabor. The Commissioner's
pared with the $75,592,875 total for the corresponding period 1926. This the State Department of
,
represents a percentage gain of 13.8%.
advices, released for publication to-day (March 12) state:
1436
THE CHRONICLE
Although there were few big gains, almost all industries increased operations somewhat giving evidence of renewed activity after the general decline
of the past three months. This statement is based on a preliminary tabulation of reports from a fixed list of firms employing approximately half a
million workers. These manufacturers were selected as being representative
of the various industries and localities of the State.
In New York State an upward tendency is usual in February as this is
the month when the spring rise begins to appear. This year the contraction
during the latter part of 1926 held the February index of factory employment at 97 as compared with 102 a year ago.
(VOL. 124.
Employment.
According to the Federal Reserve Board's index, factory employment in
this country has declined rather noticeably in the past three months. In
October, this index (191100) stood at 96.3; in January, it had fallen to
92.4. This can hardly be explained on seasonal grounds on the basis of the
previous four years' experience, in two of which (1922 and 1924) there was
an increase in employment between October and January. In the case of
the Reserve Board's index of payrolls, the decline Is even more marked—
from 112.4 in October to 101.9 in January.
In this connection, a number of large and representative manufacturers
in the Fourth District were recently requested by this bank to outline their
practice when reducing plant operations. The 37 replies received showed an
equal division between those who prefer to reduce the number of men
employed,and those who prefer to keep their employees but reduce the number of working hours; 17 reported in favor of the former, 17 of the latter,
and three stated that they usually reduced both the number of men and
the number of working hours. A considerable number of firms stated that
they would adopt the last-named plan if a prolonged period of slackness were
encountered, but the question, as put, was to ascertain what they would
do first.
In the case of those firms who first reduce the number of men employed.
the usual procedure appears to be to drop the incompetents and the newer
men; but if any further curtailment be necessary, to cut down on working
hours rather than to dismiss the older and more highly-trained men. In
some cases, where full-time operations require three shifts, one shift is laid
off. Only one or two of the 37 replies indicated that the plant would be
closed entirely.
As to shorter hours, this may be accomplished either by shortening the
number of working hours per day, or by cutting down on the number of
working days per week. -The preference here was very distinctly in favor
of the latter plan; of the 17 firms who preferred shorter hours, only four
followed the plan of shortening the working hours per day. Several other
firms stated that they would do this only as a last resort. The usual
practice among the remaining 13 is to cut out Saturdays, and if necessary
to reduce even further to a four-day week.
Automobile Factories Increase Their Forces.
The usual spring gains in the automobile industry were relatively large,
owing partly to the more severe curtailment during December and January.
This movement affected a large number of workers and extended its influence to some of the factories making machine parts, brass and copper tubing
and similar products. In structural and architectural iron work the seasonal
increases, though fairly large, were not altogether encouraging. Many of
the smaller companies were reducing their forces and some of those that
were taking on more help were working only part time. Manufacturers
of heating apparatus were in a better position. The abrupt upward turn in
January was followed by additional gains in February. The mills producing
basic metals also shared in the upward movement, though to a lesser
degree. The only metal industries to register a net decrease In employment
were the machinery and electrical equipment group and even here there
was considerable irregularity with a number of concerns reporting gains.
The railroad equipment and repair shops which have been rather uncertain
of late advanced a fraction of 1%.
Textile and Clothing Shops Prepare for New Season.
All of the textiles improved. The most conspicuous gain was in knit
goods where revived activity, especially in the cotton knit underwear
factories, was sufficient to more than offset the seasonal decrease in January.
Continued production was evident in most of the wool knitting mills, but
production of wool dress goods and suiting increased. Silk and cotton mills
were also busier in February.
Expansion in the sewing trades which affected only men's and women's
Noting the improvement in the tire industry the
clothing and millinery last month had spread in February to include
furnishings and underwear as well. In most cases gains were at least as "‘Review," says:
large as in January and in women's wear they amounted to more than 5%
Rubber and Tires.
The Rochester factories were responsible for a large part of the increase in
An improvement has recently taken place in the tire industry in this
the shoe industry which was unsteady in other parts of the State. Tanneries District, which manufacturers feel is only partly
explained by seasonal
too were uncertain but the fur trades regained much of the ground lost in factors. Conditions are distinctly
better than a year ago, when crude
January.
rubber prices were on the downgrade and consumers were consequently
Foods and Building Materials Slow.
buying at a minimum while waiting to see how far prices would fall. In
Food industries which tend to increase their forces at this time of year contrast,crude rubber this year has been relatively stable,fluctuating mostly
were among the few to report losses this month. Many of the canneries within a narrow range of between 37 and 40 cents a pound; the spring dating
began to take on new workers in pEeparation of the spring season but in plan has been in operation this year, while a year ago it was not; and dealers
other food industries reductions were more common. Conditions were a have bought more heavily than in the first two months of 1926, it being
little better in cigar and cigarette factories. Drugs and chemicals stayed stated that their stocks have been unusually low for this time of year.
about the same with seasonal losses in paints and dyes balanced by gains in The combined effect of these factors appears to have more than counterphotographic chemicals. Paper and paper goods also showed little change. acted the smaller demand by automobile makers this year for tires as original
Reductions in all of the building materials continued, the heaviest losses equipment.
being in brick and tile where several closings were reported. Cement
Another 10% cut in the amount of rubber allowed for export from British
factories also reduced operations materially. The reopening of one piano owned plantations took place on Feb. 1, the amount now being 70% of
factory and scattered gains in other musical instrument shops were en- standard production. This was in accordance with the provisions of the
couraging. Furniture factories and saw mills producing material for them Stevenson Act, the London price during the quarter ending Feb. 1 having
and for the building trades were both slowing down.
failed to average 21 pence (42 cents) a pound. A further reduction will
automatically take place on May 1, unless the 42 cent average is maintained
in the present quarter. So far, the cut has had but little, if any, effect on
Seasonal Increase in Business in Cleveland Federal crude rubber prices and it is stated that an ample reserve supply of rubeber
now exists, both in London and in this country.
Reserve District—Growth of Hand-to-Mouth
The United States imported 411.962 long tons of rubber in 1926. as
Buying—Improvement in Tire Industry.
compared with 384,837 in 1925 and 314,058 in 1924.
On Feb. 17, there was announced a reduction of 7M% in the prices of
The growth of hand-to-mouth buying in the district is
tires to manufacturers as original equipment.
referred to by
the Federal Reserve Bank of Cleveland in its
March 1 "Monthly Business Review," from which we take
Improved Business Reported in St. Louis Federal
the following:
Reserve District, where Irregularity has PreA seasonal increase in business activity in this District has been going on
during February, but operations in many lines are still running behind last
vailed During Past Month.
year. Recent improvement is reported by the iron and steel trade, aided
While noting that business in the district during the past
by the recovery in automobile production from December's low point. The
position of the tire industry in distinctly better than a year ago, in contrast 30 days "developed considerable irregularity" the Federal
to most other industries. The coal situation is confused by the possibility of Reserve Bank of St. Louis in its "Review of Business Cona strike in April. BUSIII4388 in clothing and various other lines has been fair ditions,"
dated Feb. 28, states that as a whole improveto good, even if behind the exceptionally active levels of 1926. Retail trade
In this District was a little disappointing in January, falling slightly behind ment was shown over the similar period immediately prelast year. Credit conditions remain sound, with the supply ample to cover ceding, though volume
was below that of the same time last
requirements.
Although February statistics are not yet available, a comparison of Janu- year. Continuing, the bank says:
ary figures of three highly important industries—iron and steel, automobile,
and building throws considerable light upon the decline in general business
from 1926. Automobile output in that month ran over 20% behind a year
ago; pig iron output was 6.5% less, steel ingots 8.3% less, and building
contracts awarded, 16% less.
Hand-to-Mouth Buying.
In August 1926, this bank requested statements from about 50 leading
manufacturers in the Fourth Federal Reserve District as to whether customers were showing any tendency to buy more liberally. The replies in
nearly all cases indicated that hand-to-mouth buying was still the general
practice; only 10 out of 43 firms reported any increase in forward buying,
and these were mostly slight.
In order to keep track of recent developments, this bank has again
requested statements from the above manufacturers as to whether any
change has taken place during the past six months. The replies show that
the hand-to-mouth policy is still as much in use as ever, if not more so, in
this District. Of 42 replies. 26 state that no change has occurred recently;
5 report customers buying more freely; and 11 report even more conservative purchasing than heretofore. Several of the latter came from clothing
and lumber manufacturers. Most firms did not comment upon the merits
of this buying policy, but of those who did, the majority appear to be
antagonistic toward it.
One concrete and striking example of the growth of hand-to-mouth
buying is found in the rapid decline in the stocks of wholesale dry goods
firms in the Fourth District during the past three years. The chart below
Ithis we omit.Ed.]shows (a)an index number of sales and stocks, 1924-1926,
the base (100) being 1924, and (b) the monthly rate of stock turnover.
The latter shows a pronounced increase during the period, and stocks held
by 'wholesalers show a parallel decline. For the year 1924, the index
number ofstocks was 100;for 1925, it was 85.3; and for 1926,It was 72.2, or
a decline of 28% in two years. Sales meanwhile had declined only from 100
in 1924 to 94 in 1926. In 1924, wholesalers turned their stock over 2.87
times during the year; in 1925 3.30 times; and in 1926. 3.73 times.
Relatively the wholesale and jobbing trade made a better showing than
the retail section, and generally distribution of merchandise reflected
greater improvement than industry. In certain important manufacturing
lines, notably iron and steel, automobiles, some food products and building
materials, activities have not been resumed at the rate which prevailed
prior to the holidays and inventory period. On the other hand, a high
rate of production was maintained at textile mills, coal mines, drug and
chemical plants, and in the furniture and boot and shoe industries. There
was a further marked slump in building, as reflected in permits issued
for new construction and contracts let.
Unevenness extended to the different sections of the district as well
as to industries. Through the South business continues to feel the detrimental effects of the low price of cotton, and in the North unfavorable
weather and floods hampered trade in the rural districts. Business in
the coal mining areas and in the lead and zinc fields was more active than
at the corresponding period last year. with collections more satisfactory
and the demand for goods active. Favorable employment conditions
were the rule in the large centres of population, but buying is being cautiously
pursued. Retail trade, as reflected by sales of leading department stores,
was 6.4% smaller in January than during the same month in 1926. Debits
to individual accounts in the principal cities in January fell 5.9% below
the total for the same month last year and 3.2% under the December
1926 total.
Weather throughout the period under review was unfavorable for outdoor work, and early farm operations were interfered with, and are from
one to three weeks behind the usual average at this time of year. According
to reports of the Employment Service of the U. S. Department of Labor,
there was a decrease in employment in the district as a whole, both as
compared with the preceding month and a year ago. Inclement weather
slackened building activities, and in several cities there is a percelptible
increase in idleness among skilled and common labor in the building trades.
Fewer workers were employed at the lumber and flour mills, and at food
and kindred products plants, leather tanneries, paper and printing establishments, oil refineries, department stores, iron and steel mills and railroaa
MAR. 12 1927.]
THE CHRONICLE
repair shops. Some scattered downward adjustments in wages were
'but no general scale reductions in any industry.
reported.
Rigorous winter weather generally through the district had a stimulating
effect on production of coal. Retail yard stocks had been allowed to drop
to small proportions, and since the middle of January there has been a
movement to replensih, mainly in response to improved demand from
ultimate consumers. Another factor tending to help the situation has
been continued storing by industrial interests, municipalities and railroads
against possible strike of bituminous miners in the spring. Current
buying by the carriers for immediate use has also been in heavy volume,
and since the first of this month demands of users of steam coal have developed moderate improvement. Shaft mines in the Illinois and Indiana
fields have been getting from three to five days per week, and in the
Kentucky fields numerous important mines have been operating at full
time. Sleet and snow seriously hampered work at the strip pits, many of
which were obliged to temporarily suspend operations. Prices of steaming
coal showed no notable change, but circular prices on domestic lump coal
were reduced about the first of this month. In the immediate past there
has been some increase in the number of loaded cars on tract at mines for
which no orders have been received. Demand for export has dropped to
such small size as to be no longer a factor in.the Mid-Western situation.
Production of bituminous coal during the present coal year to Feb. 5,
approximately 262 working days, totaled 499,894,000 net tons, against
456,696,000 tons for the corresponding period udring the preceding coal
year.
1437
of 1927. It should not be overlooked, however, that business was very
active at the opening of last year.
As to the labor situation in the district, we quote the
following from the "Review":
Since the first of the year a considerabel amount of unemployment has
developed in the Fifth (Richmond] Reserve District, chiefly as a result
of a decrease in construction work undertaken in recent weeks. This
surplus of workers is reported by employers to have increased the efficiency
of those able to retain jobs. The weather since the first of January has
been good for all kinds of outdoor work, and employed persons have had
steadier work than is customary at this season. The surplus of labor
is in the building trades, in unskilled labor circles, and in clerical lines.
Most factory operatives are normally employed, and coal miners have
not been laid off in appreciable numbers. The outlook for labor in the
district is problematical, depending largely upon the volume of building
work that develops during the spring, upon road, street and sewer work,
and upon the outcome of negotiations between bituminous coal mine operators and miners in union fields. On the whole, it appears now that
there will not be as great a demand for workers this year as there was in
1926, but on the other hand there do not seem to be signs of really serious
unemployment problems except for the less efficient workers.
With regard to retail and wholesale trade, the bank says':
Retail trade in the Fifth Reserve District in January, as reflected by
sales of 30 leading department and general stores, was in smaller volume
than in January 1926. Sales in January this year dropped 3.2% below
Business Conditions in Atlanta Federal Reserve those of the same month last year, but averaged 8.4% above average
January sales during the three years 1923-1925 inclusive. Stocks of
-Volume of Retail and Wholesale Trade
District
merchandise on the shelves of the reporting stores at the end of January
this year averaged six-tenths of 1% less, at retail selling prices, than at
in January Below that of December.
the end of January 1926, and were 6% smaller than stocks
According to the Federal Reserve Bank of Atlanta most 1926. Sales in January averaged 23.8% of stocks carried that on Dec. 31
month, and
the series of business statistics compiled for its "Monthly collections in January amounted to 30% of outstanding receivables on
of
Jan. 1. Outstanding orders for merchandise on Jan. 31 totaled 6.1%
Business Review" (dated Feb. 28) show unfavorable comof aggregate purchises in 1926. . . .
parisons for the month of January as compared with the same
Eighty-six wholesale firms reported on their January business. Sales in
dry goods, shoes, hardware and drugs showed the usual seasonal increases
month a year ago. The Bank adds:
over December sales, but grocery and furniture sales declined in comparison
Debits to individual accounts at 24 reporting cities, reflecting probably
better than any other single index the total volume of business, were 3.1% with the earlier month. In comparison with sales in January 1926, sales
less in January than in December, and 8.3% less than in January 1926. in January this year were lower in every line reported upon except shoes;
The volume of retail trade was 1.4% smaller than in January last year, and furniture showing a particularly largo decrease. Stocks of groceries
was, of course, seasonally smaller than in the preceding month. December dry goods, shoes and hardware on the shelves of the reporting firms all
1926. The rate of turnover by these department stores was slightly lower increased during January, but on Jan. 31 stocks of groceries, dry goods
than in January a year ago, but collections were greater. Wholesale trade and hardware held by the reporting firms were lower than at the end of
in all reporting lines was smaller than in Jan. 1926, and only three lines, January 1926. Collections in January averaged better than in January
dry goods, shoes and hardware showed increases over December. Savings last year in dry goods, shoes and hardware, but collections in grocery,
deposits at the end of January were 1.8% greater than a year ago. Building furniture and drug lines were not so good last month as a year ago.
permits issued in January at twenty regularly reporting cities in the district
were 32.7% less than in Jan. 1926, due largely to decreases reported from Building Wages Trend Toward Higher
Level, According
Florida, and building contracts awarded in the sixth district declined 36.2%
to Research Bureau of American Bond & Mortcompared with January a year ago. The manufacture of cotton cloth and
gage Co.
yarn by reporting mills was at a higher level than in December or in Jan.
1926. Pig iron production in Alabama was less than 1% smaller than in
Building trades workers' wages are tending slightly toward
January a year ago. Grain exports through the port of New Orleans in
January were about 50% greater than a year ago, due to the larger move- higher levels, according to the monthly review of the national
ment of wheat, oats and rye.
building situation issued March 5 by the Building Economic
Retail Trade.
tit WIWI
Research Bureau of the American Bond & Mortgage Co.
The volume of retail trade in the sixth district during Jan. 1927, reflected
in sales figures reported confidentially by 43 representative department The review says:
While reports from many cities indicate that there will be little likestores located throughout the district, was seasonally smaller than in the
proceeding month, and fell 1.4% below sales for January a year ago. lihood of any radical widespread revision of existing scales this spring,
Increases over Jan. 1926 at Atlanta. Chattanooga and Savannah were it appears at this time, however, that wage increases will be granted in a
offset in the average by decreases reported from other points. The index number of localities.
Contractors and builders appear generally agreed that there is not
number ofretail sales in January is 91.5, compared vrith 196.1 for December.
and 91.6 for January a year ago. Stocks of merchandise on hand at the much chance of any material relief through wage reductions during the
end of January increased 2% over those on hand at the end of December. present year, unless there is a much greater recession in building activity,
but were 2.2% smaller than a year ago. The rate of turnover,shown by the and this does not appear likely for some time. It has been suggested,
ratio of sales to average stocks for the month, was slightly lower than in however, that the efficiency of labor may increase, and thus contribute
January last year. Outstanding orders at the end of January were 12% in a small way to lower building costs.
greater than a month earlier, but 8.3% less than a year ago. Accounts
Contractors, through the National Association of Building Trades Emreceivable were 13.2% smaller than for December. but 7.6% greater than ployers, have united in opposition to further increases and it is
possible
for Jan. 1926. January collections were 14.8% greater than in December, that many demands will not be granted. There is a surplus of mechanics
and 4.2% greater than in January last year. The ratio of collections during in all lines except the mason trades, and this condition may have an imporJanuary to accounts outstanding and duo at the beginning of the month for tant influence on spring wage adjustments.
25 firms was 35.5%•
Ten cities have reported higher wages in one or more trades since Jan. 1.
Wholesale Trade.
These include Chicago, Philadelphia, Pittsburgh, Indianapolis, Salt Lake
wholesale trade in the sixth district during Jan. 1927 was City, Utah, Oklahoma City, Dayton and Seattle. Practically all crafts
The volume of
,
smaller than in December, or in the corresponding month a year ago. here increased in San Francisco. Demands for increases from 5 to 12%
Compared with December figures reported by wholesale dry goods and cents per hour are now pending in more than a dozen cities, including Cleveshoo firms showed gains in sales, and there was a fractional increase in the land, Boston and Cincinnati.
In Pittsburgh approximately $100,000,000 worth of construction is tied
aggregate sales by hardware firms over December, but all lines exhibited
decreases in sales compared with Jan. 1926. The index number of whole- up by a strike of 1,500 structural iron workers, hoisting engineers, steam
sale trade, computed from figures reported by firms dealing in groceries, fitters and cement finishers. They seek increases from 50 cents to $2 a day
dry goods, hardware and shoes, was 78.0 for January. compared with 81.3 and the iron workers demand a five-day weekt The employers will only
agree to a continuation of the 1926 wage scale and the 44
for December,and with 96.0 for Jan. 1926.
-hour week.
The prices of building materials have been showing a downward trend,
but it is not anticipated that the recession will be of major importance.
Fair Volume of Business in Richmond Federal Reserve It is well known that production has been keyed up to an abnormally high
level to meet the demand of a boom construction period and
competition is
District During January-Considerable Amount
keen. There may be some further price cutting, but an
upward swing in
of Unemployment.
the late spring would not seem unlikely.
Taking the situation as a
The Federal Reserve Bank of Richmond in its monthly and others who had held upwhole, however, it Would seem that builders
contemplated projects awaiting
costs
"Review" dated Feb. 28, reports that January 1927 wit- are again doomed to disappointment in 1927, and would do well lower their
to get
operations under way at once.
nessed a fair volume of business in the Richmond Federal
Prospects of increased spring building, higher living costs, increased
Reserve District, but the month's activities did not measure transportation costs, give little hope
of any material reduction in construcThe "Review" goes on tion costs in the near future.
up to those of January last year.
to say:
Debits to individual accounts figures for the four Weeks ended Feb. 10
were approximately 4% below aggregate debits during the corresponding
period last year. Business failures in the Richmond district in January
were less numerous than in January 1926, but the liabilities involved
In this year's insolvencies were larger than last year. Labor is not so
fully employed as in January a year ago, and a considerable amount of
unemployment has developed in recent weeks. Textile mills are running
practically full time, but margins are narrow and forward orders scarce.
The demand for bituminous coal, while large is below that of January
a year ago, when the strike was on in anthracite fields. Building permits
issued in January Unite fifth district were fewer in number and lower in
estimated valuation than those issued during the first month of 1926.
Retail trade last month at department stores was 3.2% below the volume
of trade reported .for January last year, and nearly all lines of wholesale
trade also reported materially lower sales figures for the opening month
A. W. Dickson of National Association of Building
Trades Employers Says There Is Little Likelihood
' of Serious Slump in Construction
Industry This Year.
There is little liklihood that the construction industry
will be confronted with a serious slump this year, in the
opinion of A. W. Dickson, Executive Secretary of the
National Association of Building Trades Emploxers. Mr.
Dickson in an article in the March issue of the "American
Builder-Economist," published by the Amprican Bond 4;
Mortgage Co., states that although there is not the "pressing
1438
THE CHRONICLE
demand for new construction this year that there has been
in the past eight years," there is still a large volume of
industrial, public, and home building work in prospect.
He also says:
Speculative building is at an end and any project begun this year will be
of a legitimate nature for which there is a definite need. Present prices
and cost levels will no doubt prevail throughout the year. There is nothing
to indicate that material prices will advance and labor seems to be in the
main contented to go along under existing wage scales. There will undoubtedly be some minor readjustments of wage scales, but the upward
tendency of rates over the past few years has been definitely stopped.
The larger cities report a surplus of mechanics in all lines and unemployment Is general throughout the Industry and there will undoubtedly be
more craftsmen out of work this year than at any time since the depression
of 1920.
Thomas J. Vernia, Vice-President of the Indiana Limestone Co., writing in the "American Builder-Economist,"
declared that "there is undisputable evidence that the
building situation is more stabilized than ever before." He
also observes:
The ever-growing demand due to population increase, to better living
conditions, to the desire for better business quarters, coupled with a more
plentiful supply of available money, will probably keep the construction
Industry operations at a high rate for some time to come.
Signs point to a building volume well up toward the totals of the last
three years. This in spite of warnings to retrench and reports of overbuilding in some branches. If there Is over-building, it is a local rather
than a general condition. There is still a sharp demand for the moderatepriced apartment and suburban home and certain types of commercial
buildings. Surveys in a number of cities indicate a fairly good balance
between under-production and over-supply. A halting of building now
would create another building shortage which in turn would mean higher
rents as well as unemployment for several hundred theusand workers.
A strong influence in continued high activity is the public buildings
program now under way. This program,held in reserve until urgent private
requirements have been met, will compensate for any possible slowing up.
In Washington, public works construction is going forward at a pace never
before known. Huge undertakings will be added to the present Government projects.
Another factor which might help to fill the gap should there be a trade
recession is the great waterways undertaking that will call for an enormous
construction expenditure. The vast sums appropriated for good roads
should also stimulate the construction of better dwellings in their proximity.
Increase in Newsprint Production in January.
The January production of paper in the United States as
reported by identical mills to the American Paper and Pulp
Association and co-operating organizations, showed an increase of 3% as compared with December's production
(following an 8% decrease in December over November),
according to the Association's Monthly Statistical Summary
of Pulp and Paper Industry, made public Mar. 4. All
grades showed an increase in production as compared with
December. The summary is prepared by the American
Paper and PulOssociation as the central organization of the
paper industry, in co-operation with the Binders Board
Manufacturers Association, Converting Paper Mills Association, Cover Paper Association, Newsprint Service Bureau,
Wrapping Paper Manufacturers Service Bureau, Writing
Paper Manufacturers Association, and Paperboard Industries
Association. The figures for January for same mills as
reported in December are:
Stocks on
Number Production. Shipments. Hand End
of
Net Tons. Net Tons. of Month
Mills.
Na Tons.
Grade.
Total, all grades
135,755
97.654
138,552
51,212
11,787
28,118
14,849
6,285
9,286
22,105
131.333
95,647
139,326
50,221
12,262
28,020
14,431
6,356
8,673
22,105
15,968
45,707
44,388
38,574
7,320
42,619
15,455
998
2,744
16,356
515,603
71
61
101
75
23
86
48
7
14
60
Newsprint
Book
Paperboard
Wrapping
Bag
Fine
TiB8U0
Hanging
Felts
Other grades
508.384
230.129
During the same period, domeAic wood pulp production
increased 2%, this increase being distributed over all grades,
with two exceptions. The January totals (mills identical
with those reporting in December) as reported by the American Paper and Pulp Association, are as follows:
Grade.
Oroundwood pulp
Sulphite news grade
Sulphite bleached
Sulphite easy bleached_ Sulphite MItecherlich.„
Sulphate Pulp
Soda pulp
Other than wood Pule
No. Production.
Used,
of
Net TOM. Net Tons.
Mills.
97
37
22
7
6
10
11
2
95,103
42,180
25,108
4,232
6,576
16,781
17,684
77
95,200
38,765
21,717
3,803
5.549
15,187
13,446
49
Stocks on
Shipments, Hand, End
Net Tons. of Month.
Net Tons.
3,089
3.028
3,575
777
1,192
1,336 '
4,218
127,234
8,145
3,24.9
570
631
2,484
3,199
40
[vol.. 124.
interpreted telegraphic reports received by the National
Lumber Manufacturers' Association from 315 mills. But
in all three factors the softwood mills are running somewhat
behind last year, both currently and for the year so far.
Reports from 140 hardwood mills indicate expansion in
production and shipments for the week, with probably
some decline in new business. As compared with last year,
at this time, the past week's figures indicate that the hardwood industry is exceeding its 1926 record. Employment
in both branches is about normal, continues the report of
the National Association, which then adds:
Unfilled Orders Increase.
The unfilled orders of 190 Southern pine and West Coast mills at the end
of last week amounted to 526.389,592 feet. as against 505,054,391 feet for
189 mills the previous week. The 117 identical Southern pine mills in the
group showed unfilled orders of 235.983,365 feet list week, as against
232.235,945 feet for the week before. For the 73 West Coast mills the
unfilled orders were 290.406,227 feet, as against 272,818,446 feet for 72
mills a week earlier.
Altogether the 304 comparably reporting softwood mills had shipments
96% and orders 107% of actual production. For the Southern pine mills
these percentages were. respectively, 92 and 98; and for the West Coast
mills 86 and 100.
Of the reporting mills, the 284 with an established normal production
for the week of 191.318.805 feet. gave actual production 88%, shipments
84% and orders 94% 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:
Corresponding
Preceding Week
Past Week.
Week 1926.
1927 (Revised).
(000 omitted,)Softwood. Hardwood. Softwood. Hardwood. Softwood. Hardwood.
'Mills
304
140
345
105
116
317
Production
177.946
23.234
17.211
225.957
19,502
180.516
Shipments
171.155
23.049
234.529
17.903
17.933
184.979
Orders (new bus.)_189,862
21.843
235.998
195.643
19.909
15.852
Fewer West Coast mills are reporting this year; to make allowance for this add
28,000.000 to production, 21.000,000 to shipments and 28,000,000 to orders In
comparing softwood with last Year.
The following revised figures compare the lumber movement of the same
regional associations for the first nine weeks of 1927 with the same period
of 1926:
Production.
Shipments.
Orders.
(000 omitted.)
Softwood. Hardwood. Softwood, Hardwood. Softwood.Hardwood
1927
1.648,891 258,146 1,633,963 247,355 1,769,881 260,323
1926
1,876,297 221.955 1.960,115 218,682 2,044.439 230,486
The mills of the California White and Sugar Pine Association make
weekly reports, but not being comparable, are not included in the foregoing
tables,or in the regional tabulation below. Eleven of these mills,representing 33% of the cut of the California pine region, gave their production for
the week as 5.433.000 feet. shipments 10,708,000 and new business 11.921.000. Eight mills are closed down. Last week's report from 16 mills representing 50% of the cut, was: Production, 5,631.000 feet, shipments.
15,451,000, and new business, 15,402,000.
West Coast Movement.
The West Coast Lumbermen's Association wires from Seattle that
new business for the 73 mills reporting for the week ended March 5 equaled
production and shipments were 14% below production. Of all new business
taken during the week 35% was for future water delivery, amounting to
25,815,186 feet, of which 18.525.209 feet was for domestic cargo delivery,
and 7.289,977 feet export. New business by rail amounted to 45,171.095
feet, or 61% of the week's new business. Twenty-three per cent of the
week's shipments moved by water, amounting to 14,867.725 feet, of which
12,265,851 feet moved coastwise and intercoastal, and 2,601.874 feet
export. Rail shipments totaled 45.701.330 feet, or 72% of the week's
shipments, and local deliveries 3.123,837 feet. Unshipped domestic cargo
orders totaled 103,692,423 feet, foreign 61,445,371 feet and rail trade 125"
268,433 feet.
Southern Pine Reports.
The Southern Pine Association reports from New Orleans that for 117
mills reporting, shipments were 7.60% below production and orders 1.79%
below production and 6.28% above shipments. New business taken
during the week amounted to 63,393,855 feet (previous week 64,976.099)
shipments 59.646,435 feet (previous week 59,396,607), and production
64.552,377 feet (previous week 65,118,603). The normal production of
these mills is 73,898,365 feet. Of the 115 mills reporting running time. 91
operated full time. 15 of the latter overtime. Five mills were shut down,
and the rest operated from two to five and one-half days.
The Western Pine Manufacturers Association of Portland, Oregon,
reports some increases in production and shipments, with new business
slightly below that reported for the preceding week.
The California Redwood Association of San Francisco. Calif., with two
more mills reporting,shows production about the same,considerable increase
in shipments, and new business nearly doubled.
The North Carolina Pine Association of Norfolk, Va.. with five fewer
mills reporting, shows heavy decreases in production and shipments, and
new business somewhat below that reported for the week earlier.
The Northern Pine Manufacturers Association of Minneapolis, Minn..
with two fewer mills reporting, shows no noteworthy change in production,
shipments and new business.
The Northern Hemlock and Hardwood Manufacturers Association of
Oshkosh, Wis. (In its softwood production) with two fewer mills reporting.
shows a notable increase in production, with shipments and new business
slightly below that reported for the previous week.
Hardwood Reports.
The Northern Hemlock and Hardwood Manufacturers Association
reported from 13 mills (two less mills reporting than for the preceding week)
some
bus
in production, and nominal decreases in shipments and new
The Hardwood Nianufacturers Institute of Memphis, Tenn., reported
from 127 units (37 more units reporting than for the week earlier) marked
increases in production, shipments and new business were noted. The
normal production of these units is 21,336,000 feet.
West Coast Lumbermen's Association Weekly Report.
Seventy-two mills reporting to the West Coast LumberLumber Industry Shows Greater Activity.
men's Association for the week ended Feb. 26 manufactured
The softwood lumber industry registered a gain in pro- 75,386,830 feet, sold 79,936,042 feet and shipped 77,897,261
duction, shipments and new business for the week ended feet. New business was 4,549,212 feet more than production,
March 5, as compared with the previous week, according to and shipments 2,510,431 feet more than production.
TeNtAll all oroul.
207,741
193.716
17.215
145 552
T El NI CHRONICLE
MAR. 12 1927.]
COMPARATIVE TABLE SHOWING PRODUCTION, NEW BUSINESS,
SHIPMENTS AND UNFILLED ORDERS.
Feb. 26.
Feb. 12.
Feb. 19.
Feb. 5.
Week Ended—
74
72
72
73
Number of mills reporting__
70,386.830„
67.367,771
Production (feet)
74,173,627
79,936,042
72.730,373 69,012,020
New business (feet)
75.754,896
77,897,261
72.287,037
Shipments (feet)
59,368,563 67,078,654
Unshipped balances:
124.391,283 132,120.476 123,793,398 122,207,758
Ra113(feet)
84,311,679 96,808,307
94.868.621
Domestic cargo (feet)
89.237.368
53,558.542
52.602,767
Export (feet)
52,360,572
52.482,956
Total (feet)
First 8 Weeks of—
Average number of mills
Production (feet)
New business (feet)
Shipments (feet)
272,818,446
269,034,922 272,962,277 263,928,082
1927.
1926.
1925.
1924.
101
83
118
130
600,703,004 724,612,555 798.509,358 836,098,212
634,270,876 779.825,763 735.943.300 787,994.146
575.231,033 736.121,220 779,112.539 813.116,881
Production and Shipments of Lumber During the
Month of January.
The "National Lumber Bulletin,” published monthly by
the National Lumber Manufacturers Association of Washington, D. C., and Chicago, Ill., on March 7 1927 issued
the following statistics as to the production and shipments
of lumber during the month of January:
LUMBER PRODUCTION AND SHIPMENTS AS REPORTED MONTHLY
BY MEMBER ASSOCIATIONS TO NATIONAL LUMBER MANUFACTURERS ASSOCIATION FOR JANUARY 1927 AND JANUARY 1926.
January 1927.
Production.
Shipments.
Association.
Hardwds Softwoods Hardwds. Softwoods.
Milts
Mu.
M ft.
M ft.
M ft.
California Redwood
16
Calif. White & Sugar Pine Mfrs
19
Southeastern Forest Products
5
North Carolina Pine
57
North'n Hemlock dr Ilardwd. Mfrs 39
Northern Pine Mfrs
9
Southern Cypress Mfrs
4
Southern Pine
145
West Coast Lumbermen's
69
Western Pine Mfrs
40
Lower Michigan Mfrs
12
Individual reports
16
Total
431
9,135
7.375
26,642
53.282
7,198
30,156
19.632
24.271
6.353
315.958
230.753
54,502
735
25,346
55.757
794.828
37,778
1,469
8,024
5,491
29,756
72,793
5.825
29.739
14,354
24.072
3,199
286,427
231.566
94.547
1,749
23.565
39.756
817,592
24,834
1,407
January 1926.
Production.
Shipments.
Association.
Hardwds. Softwoods. Hardwcts. Softwoods.
Mills. M ft.
M ft.
M ft.
M ft.
California Redwood
15
Calif. White A: Sugar Pine Mfrs
19
Southeastern Forest Products__
10
North Carolina Pine
55
North'n Hemlock & Hardwd. Mfrs 44
Northern Pine Mfrs
9
Southern Cypress Mfrs
9
Southern Pine
158
West Coast Lumbermen's
98
Western Pine Mfrs
40
Lower Michigan Mfrs
11
Individual reports
31
48,395
2.101
8.799
15.977
33,058
41,499
14.156
30,677
16.301
25.939
7.745
345,090
359,287
81.421
1,239
31,903
Total
499
75,272
988.315
Total production January 1927. 850.585,000 ft.
Total production January 1926, 1,063,587,000 ft.
Total shipments January 1927. 857,348,000 ft.
Total shipments January 1926, 1,159,425,000 ft.
32,696
2,061
7.127
16.385
26.406
91,167
14,147
37,160
14,152
29,374
10.923
337,003
407.054
104,053
2.092
26.670
58.269 1,101.156
LUMBER PRODUCTION AND SHIPMENTS AS REPORTED BY STATES
BY MEMBER ASSOCIATIONS.
January 1927.
Production,
Feet.
Alabama
Arkansas
California
Florida
Georgia
Idaho
Louisiana
Michigan
Minnesota
Mississippi
Montana
North Carolina
Oklahoma
Oregon
South Carolina
Texas
Virginia
Washington
Wisconsin
Others •
Total
Shipments,
Feel,
17
16
29
10
8
14
37
20
5
35
9
19
3
39
16
36
14
53
32
19
26.622,000
30,923.000
70.700,000
24,246,000
4,022.000
14.317,000
68.582.000
22.739.000
24.271.000
101,454,000
7,932.000
5.990.000
6,377.000
116.900,000
7,443.000
70.783.000
14.891,000
155.330 000
44,541.000
32.722,000
26,570,000
28.200.000
86.712,000
19,219.000
4,215,000
41.517,000
62,7144.000
19,203,000
16,395,000
86.917,000
9.564.000
7.011,000
5,540,000
125,647,000
6.755,000
66,454.000
12,930.000
165.222,000
30,759.000
35,734,000
431
850.585,000
857.348,000
•Includes mostly individual reports, not distributed.
Sales of Cotton Textiles in February Exceeded Production—Increase in Unfilled Orders.
Unfilled orders for standard cotton textiles increased to
a record high level during February, according to reports
for the month just compiled by the Association of Cotton
Textile Merchants of New York. In its announcement of
this March 10 the Association said:
A decline of 15% in stocks on hand also reflected the large volume of
business transacted during the month. Stocks were lower at the end of
February than they were for many months. Forward business on hand
at the end of February was nearly equivalent to production through April
at the rate of mill activity during the first two months of this year.
Unfilled orders on Feb. 28 amounted to 451,788,000 yards. This was
an increase of .4% during the month from 449,604,000 yards on Feb. 1.
1439
Stocks on hand Feb. 1 aggregated 221.306.000 yards. At the end of the
month they had declined 15% to 192,392,000 yards. Sales during February amounted to 263,114,000 yards. They were 13.4% in excess of production, which was 232.016,000 yards. Shipments were 260,930.000
yards, or 12.4% more than production.
I& III
The reports compiled by the Association are based on yardage statistics
of the manufacture and sale of upwards of 200 different classifications of
standard cotton cloths. They reprresent a large part of the total production of such goods in the United States.
Comparison with February last year shows that sales of standard cotton
textiles this year were 37.3% greater than they were in the same month
last year, while production was 8% greater this year than last year. Shipments during February 1927 were 12.6% greater than they were in February 1926. Stocks on hand on Feb. 28 were 27.6% below stocks on hand
on Feb. 28 1926. Unfilled orders at the end of February this year were
62.6% greater than the amount of unfilled orders on hand on Feb.28 1926.
Eight Mills Added to Membership of Cotton Textile
Institute, Inc.
George A. Sloan, Secretary of the Cotton Textile Institute,
Inc., announced on March 10 that eight mills have just been
added to the Institute's membership. Four of these are
Southern mills and four are New England mills. The new
members are: Dallas Cotton Mills Co., Dallas, Texas,
Davis Mills, Fall River, Mass.; Esmond Mills, Esmond,
R. I.; Hillsboro Cotton Mills, Hillsboro, Texas; Monticello
Cotton Mills, Monticello, Arkansas; Monument Mills,
Housatonic, Mass.; Patterson Mills Co., Rosemary, N. C.;
Steavens Mfg. Co., Fall River, Mass. The addition of these
mills makes a total of 438 members representing 484 mills in
the Cotton Textile Institute, Inc. The Institute's membership now includes 21,350,000 spindles. Since Oct. 20 1926
when the first annual meeting was held, 22 new members
have joined the Institute.
Automobile Prices and New Models.
A number of new models were introduced to the automobile
markets during the week,among them being the new 6
-cylinder Dodge sedan. Announcement was made on March 8
-cylinder sedan model of
that the price of the four-door 6
the higher priced car to be brought out by Dodge Brothers
in July will be $1,650, Detroit factory price, making the
New York City delivery price about $1,800. The introduction of the new car will not interfere with the production
-cylinder Dodges, the production of which
of the existing 4
last year exceeded all former records.
The Nash Motors this week added three new models to
its line: A cabriolet on the special six chassis priced at $1,290
(f.o.b. Kenosha, Wis.); a cabriolet on the advance six chassis
priced at $1,775, and a sport touring on the advance six
chassis priced at $1,540. Both cabriolets have rumble
seats in the rear deck. With the addition of these new cars
the Nash line now comprises 26 models ranging in price
from 65 to $2,090, factory price.
Respecting the attitude of the public toward the Ford
Motor Co., a special dispatch to the Boston "News Bureau"
on March 9 stated:
Detroit banking circles and Ohio steel circles state positively that Ford
Motor Co. plans to introduce before long a new car embodying the modern
sliding gear shift.
This is the most radical departure in construction ever made by the
biggest automobile manufacturer in the country.
It Is presumed, of course, that change in body design will accompany
the new mechanical features.
Some mystery exists over the date of Introduction of the new model.
Detroit sources say the company has yet to acquire its jigs and dies and
therefore cannot get into quantity production for some months. On the
other hand, certain competitors expect the car to be on the market this
spring.
Buffalo, N. Y., reports state that the Ford Co. will start
an airplane freight service between that city and Detroit
around July 1.
Transactions in Grain Futures During February on
Chicago Board of Trade and Other Markets.
Revised figures showing the volume of trading in grain
futures on the Board of Trade of the City of Chicago, by
days, during the month of February, together with monthly
totals for all "Contract Markets" as reported by the Grain
Futures Administration of the United States Department of
Agriculture, were made public March 5 by L. A.Fitz, Grain
Exchange Supervisor at Chicago. The total transactions
for February on all markets are shown as986,373,000 bushels,
compared with 1,634,668,000 bushels in February 1926:
On the Chicago Board of Trade during February of this year
the transactions reached 857,330,000 bushels against 1,433,501,000 bushels in the same month last year. We give below
the details, the figure listed representing sales only, there
being an equal volume of purchases:
1440
THE CHRONICLE
VOLUME OF TRADING
Expressed in Thousand Bushels, i.e., (000) Omitted.
Date-February 1927Wheat. Corn.
Osis.
Rye.Barley. Flax.
1
17,790 13.533 6,235 1.806
2
32,371 7,785 3,166 2,129
a
29,802 7.563 4.950 2.002
4
35,971 6,809 1,686
1,621
23,033 10,959 1,457 1.735
6 Sunday.
7
31,646 8,196 2,455 1,292
20,833 4,222 1,041
701
9
35,575 10,892 4,802 2,049
10
25,719 10,084 3,152
1,036
11
12.867 5,444 1.548
726
12 Holiday.
13 Sunday.
14
24,905 6.876 1,666
1,032
15
15,425 8.699 1,620
777
16
26,018 17,877 3,199 1,940
17
11,236 5.668 1,035 1,253
18
14,323 16,886
881
831
19
7.712 6,386
745
770
20 Sunday.
21
19,875 10,690
933 1,547
22.Holiday.
23
13,519 31,213 9,238 1,215
24
23,188 22,366 4,640 1,286
25
39,817 29,004 6,343 2.363
26
15.051 11,681 2,351
634
27 Sunday.
28
16,763 16,021 2.036
920
Chic. Board of Tr., total 493,444 268.854 65,277 29.755 ____
Chicago Open Board
25,423 8,123
839
Minneapolis Ch.of Corn. 23,874
10,560
Kansas City Bd.of Tr__ 20,364 8,874
61
Duluth Board of Trade_
5,899*
3,336
3 1,258
St. Louis Mer.Ex
2,685** 651
illwaukee Ch. ef Com_
901
1,233
937
409
-'ew York Prod Exch__
125
7,200
eattle Mer. Exch
368
os Angeles Grain Exch.
an Francisco C. of C..
altimore Ch. of Corn...
4,3 1 -iai -iia
1
[Vol,. 124.
Old and new prices per barrel follow:
Total.
39,364
45,451
44,407
46,087
37,194
43,589
26,797
53,318
39,991
20,585
34,479
26,521
49,034
19.190
32,928
15,613
33,045
55.275
51.480
77,527
29,177
35,740
857,330
34,707
40,028
29,299
10.496
3.336
3.480
7,325
368
4
Mal
mkts.Feb.,1927 580,158 287,735 77,799 38,009 888 1,804 986,373
otal all mkts. year m1_1.282,827 236,053 65.013 47,740 1,223 1,807 1,634,668
.21ile. B.of T. year ago_1,125,041 217,029 53,269 38,162 --------1,433.501
Durum wheat with exception of 110 wheat.
**Hard wheat with exception of 183 red wheat.
"OPEN CONTRACTS"IN FUTURES ON THE CHICAGO BOARD OF TRADE
FOR FEBRUARY 1927.
("Short"side of contracts only, there being an equal volume open on the"long"side.)
Wheat
Corn
Oats
Rye
Total
February 1927Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
1
87,667,000 *75,669.000 49,492,000 14.920,000 227,748,000
2
a89,148.000 76,101,000 50,028,000 *14,917,000 230,194.000
801,000,000 76,884,000 50,150,000 15.167,000 230,201,000
4
88,578,000 77,286,000 a50,330,000 15,316,000 231.510,000
5•
87,971.000 76.886,000 50,288,000 15,288,000 230,433,000
6 Sunday
7
88,019,000 76,611,000 50.276,000 15,644,000 230,550,000
87,901,000 76,925,000 50,294,000 15,587,000 230,707,000
9
87,976,000 76,403,000 50,293,000 15,795,000 230,467,000
10
87,428,000 76.754,000 50,090,000 15,673,000 229,945,000
11
86,738,000 76.670.000 50,280,000 15,763,000 229,451,000
12 Holiday
13 flunday
14
87,594,000 77,357,000 50,263,000 15,964,000 231,178,000
15
88,017,000 77,353,000 50,083.000 15,970,000 231,423,000
16
88,176,000 77.703,000 50,018,000 15,926,000 231,823,000
17
88,366,000 78,264,000 50,121,000 16.061,000 232,812,000
18
88,109,000 78.947,000 50,133,000 a16,070,000 233,259,000
9
88.158,000 79,023,000 50,076,000 15,970,000 233,227,000
D Sunday
New:
Old
ReduoNew'
GradePrice.
Price.
Hon.
GradePrice,
Below 28____ $1.20
$1.30
30.10 40 to 40.9___ $1.59
28 to 28.9___
1.23
1.30
.07 41 to 41.9__
1.62
29 to 29.9___
1.26
.13 42 to 42.9___
1.39
1.65
30 to 30.9._
1.29
1.43
.14 43 to 43.9._
1.68
31 to 31.9___
1.32
1.47
.15 44 to 44.9... 1.71
32 to 32.9__. 1.35
1.51
.16 45 to 45.9-__
1.74
33 to 33.9--1.38
1.55
.17 46 to 46.9... 1.77
34 to 34.9___
1.41
1.59
.18 47 to 47.9-__
1.80
35 to 35.9._
1.44
1.63
.19 48 to 48.9._
1.83
36 to 36.9__
1.47
1.67
.20 49 to 49.9__
1.86
37 to 37.9-__
1.50
1.71
.21 50 to 50.9._
1.89
38 to 38.9___
1.53
1.75
.22 51 to 51.9___
1.92
39 to 39.9-1.56
1.79
.23 52 and above 1.95
These prices will also include Panola County, Texas, and Iatan
Old
ReduoPrize.
Um
$0.24
$1.83
.25
1.87
.26
1.91
.27
1.95
1.99
.28
2.03
.29
.30
2.07
2.11
.31
2.15
.32
2.19
.33
2.23
.34
2.27
.35
2.31
..;36
district.
The Prairie Oil & Gas Co., Gypsy Oil Co., Sinclair Crude
Oil Purchasing Co. and Mid-Continent Petroleum Corp. on
March 7 met reduction in Mid-Continent crude oil initiated
by Magnolia Petroleum Co. Also on the 7th, the Midwest
Refining Co. at Denver, Colo., reduced Salt Creek crude oil
ranging from 13c. a barrel on 29 to 29.9 gravity to 210. on
37 gravity and above. This makes the highest price now
being paid $1.50 a barrel. This company also cut the price
20e. each on the following: Elk Basin, Grass Creek, Lance
Creek, Osage and Cat Creek, Mont., to $1.55; Big Muddy
and Rock Creek to $1.42; Artesia, N. M., to $1.20, and
Hogback, N. M., to $1.60.
A third reduction in the price of Eastern crude oil was
announced on March 7 when the Joseph Seep Crude Purchasing Agency reduced the price of Pennsylvania crude oil from
10 to 150. a barrel, effective at once. In addition the
Somerset and Cabell grades of crude from Kentucky and
West Virginia were reduced 15e., which makes three cuts
totaling 55e. a barrel since Feb. 19. The new price schedule
is as follows:
New Price.
Pennsylvania grade in N. Y. Transit_ _ _
$3.15
Bradford District In National Transit__
3.15
Pennsylvania grade In National Transit__
3.05
Waster grade
1.25
Pennsylvania grade in S. W.Penna.line_
3.05
Pennsylvania grade in Eureka line
3.00
Pennsylvania grade in Buckeye line
2.85
Corning grade in Buckeye line
2.05
Cabell grade In Eureka line
1.55
Somerset crude
1.65
Ragland crude
0.95
Old Price.
$3.25
3.25
3.15
1.40
3.15
3.10
2.95
2.05
1.70
1.80
0.95
Mamie.
$0.10
0.10
0.10
0.15
0.10
0.10
0.10
Unch.
0.15
0.15
Unch.
The Ohio Oil Co. on March 7 reduced Lima, Indiana,
Illinois, Princeton and western Kentucky crude oils 17e. a
barrel, Wooster 15c. and Artesia (New Mexico), Big Muddy,
Elk Basin, Grass Creek Light, Lance Creek and Rock Creek
oils in Wyoming 20c. a barrel. The new prices 'follow:
Lima, $1.84; Indiana, $1.61; Illinois and Princeton, $1.73;
Wooster, $1.90; western Kentucky, $1.46; Artesia, $1.20;
87,994,000 80,058,000 49,848,000 15,951.000 233,851,000
Holiday
Big Muddy, $1.42; Elk Basin, Grass Creek light and Lance
87,665,000 79,630,000 47,916,000 15,952,000 231,172,000
*86,629,00(1 77,807,000 "47,182,000 15,798,000'227,416,000 Creek, $1.55, and Rock Creek, $1.42.
87,426,000 80.163,000 48.596,000 15,681,000 231.866,000
Louisiana crude oil prices were reduced March 7 by the
88.766,000 80.728,000 48,848.000 15,809,000 234,149,000
Sunday
Texas Co. from 12c. a barrel to 36c. a barrel according to
48
89,145,000 a81,306.000 49.104,000 15,809,000a235,364,000
gravity. Grades cut were Caddo, Bull Bayou, Crichton and
Average
February 1927
87,976,000 a77.933.000 49.714,000 a15,683,000 231,306,000 De Soto. The highest price now posted is $1.95 and lowest
February 1926_ _ __a109.023,000 54,717,000 a53,664,000 15,015,000 232,419,000 price
$1.28. A 3c. differential obtains for grades between the
January 1927
90,024,000 68,526,050 48.960,000 13,468.000 220.978,000
December 1926_ _ _ _ 94.547,000 60,192,000 46,278,000 13.099,000 214,116,000 highest and lowest for each degree of gravity.
November 1926
108,933,000 63.758.000 50,015,000 15,144,000a237,850,000
Canadian oil prices also declined,according to an announceOctober 1926
190,156.000 54,427,000 49,162,000 13,823,000 217.568,000
September 1926
102,235,000 "46,780,000 46,899,000 12,814,000 208,728,000 ment from
Toronto on March 7 when the Imperial Oil Ltd.
August 1926
99.118,000 53,654,000 42,730,000 13,014,000 208,516,000
July 1926
87,023,000 52,196,000 "31 397 000 12,393,000183,009,000 reduced Canadian crude oil 17c. a barrel, making New
June 1926
*84,845,000 60,624,000 36,631.000 9,751,000 191,851, 00
May 1926
85,808,000 53,831,000 37,618,000 *8.359.000 185,616,000 Petrolia $2.24 and Oil Springs $2.31.
April 1026
96,935,000 57.876,000 46,132,000 13,177.000 214,120,000
On March 7, this Gulf Oil Co. and the Texas Co. met the
March 1926
95,431,000 59.434.000 50.350,000 14,875,000 220,090,000
*Low.a High.
reductions posted the preceding Saturday by the Magnolia
Petroleum Co. The Humble Oil & Refining Co. reduced
Widespread Crude Oil Price Reductions-Gasoline Carson and Hutchison County crude in the Panhandle
and Kerosene Also Decline.
District 20c. a barrel to $1.05 and Gray and Wheeler County
Reduction after reduction in price was announced from crudes 100. to a new level of 90c. with a differential of three
the crude oil fields throughout the country during the week cents for each degree of gravity instead of four. In the case
just ended. These further price concessions, some of them of Crane and Upton County crude a -eduction of 4c. a barrel
being the third cut in the same grade within two weeks, were to 80c. was announced for oil of 26 gravity,with a differential
brought about by the continued high production, especially of 3c. established.
in the Seminole, Olda., field, where, despite regulations curGulf Coast Grade "A" crude was lowered 10c: a barrel to
tailing production agreed upon by some of the leading pro- $1.30 and Grade "B" of 25 gravity was cut 20c. to $1.25,
dueers, the output was, nevertheless, augmented by the with a 3c. differential upward. Humble has met the reducbringing in of several new wells. Among these was one tion of Magnolia in the Midcontinent area.
brought in by the Gypsy Oil Co., which alone reached the
On March 8, the Joseph Seep Crud Purchasing Agency
point of producing about 12,000 barrels per day. This reduced the price of Corning crude oil 20o. a barrel to $1.65
situation, it was declared in press dispatches from Tulsa on and to $1.55 for that run prior to Sept. 15, last year. This
the 8th inst., resulted in the decision by the advisory corn- grade remained unchanged on March 7 when other Penn,ittee of the Midcontinent Oil & Gas Association to cut sylvania crudes
-were reduced.
own production by 20%•
Further reductions were made known on the 8th, when the
Effective March 5, the price of crude oil was reduced in Magnolia Petroleum Co. reduced Pine Island, Haynesville
klahoma, Kansas and Texas by Magnolia Petroleum Co. and Bull Bayou crude oil in Louisiana 10 to 36c. a barrel to
rom 7 to 36 cents a barrel, the new prices ranging from conform with schedule in Mid-Continent field. Below 28
41.20 a barrel for below 28 gravity oil to $1.95 for 52 gravity gravity was posted at $1.20 a barrel, with a 3c. differential
oil hnd above. Starting with $1.20 for the;base price, there established between each gravity, mak:ng maximum price
is a three-cent differential in each grade, compared with $1.95 for 52 and above.
4
-cent differential previously. Corsicana crude orillsice
Effective March 8th, the Standard Oil Co. of'Louisiana
at:$1.10 a barrel.
reduced all North Louisiana and Arkansas crude, excepting
MAR. 12 1927.]
THE CHRONICLE
Smackover, Bellevue and Cotton Valley, in amounts ranging from 5c. to 36c. per bbl. and established a 3c. difference
for each succeeding degree of gravity. A minimum grade of
below 28 gravity is now $1.20 with 3e. additional for each
succeeding degree of gravity up to top grade of 52 and above,
which is $1.95. This reduction is to meet the similar cut
posted on March 5 by the Texas Co. and on March 7 by
Magnolia Petroleum Co. The Standard cut to-day affected
Caddo, Homer, Haynesville, Bull Bayou, El Dorado, Christerdon and DeSota fields.
Other reductions made in the southern sections of the
country were announced March 9 when the Louisiana Oil
Refining Corp., effective March 8, posted a new gravity
and price schedule on Smackover, Ark., crude, which revision indicates an advance of from 7 to 15c. on heavy
oil and a cut of 2c. up to an increase of 60. on light oils.
The new schedule is, below 24 deg., $1.10; 24 to 27.9, $1.25;
28 to 28.9, $1.28; 29 to 29.9, $1.31; and 30 and above
gravity, $1.74. This schedule was immediately met by the
Shreveport-El Dorado Pipe Line Co. The Louisiana Oil
Refining Corp. also met the Standard Oil of Louisiana and
Atlantic Oil Producing new prices on Caddo,Homer,Haynesvile, Eldorado and Stephens crude.
On March 9 the Magnolia Petroleum Co. reduced El
Dorado, Ark., crude oil from 12c. to 36e. a barrel, making
28 to 28.9 gravity $1.23 with 3c. differential between each
gravity to 52 and above, for which it will pay $1.95. Below
28 gravity was posted at $1.20, a cut of 10c. This meets
Standard Oil of Louisiana price, which was posted the
preceding day.
The Gulf Refining Co. and the Atlantic Oil Producing
Co., a subsidiary of the Atlantic Refining Co., on March 9
reduced the price of Louisiana and Arkansas crude oils,
except Smackover, Cotton Valley, Bellevue and Stephens,
to conform with the new schedule in the Mid-Continent
field, thereby meeting the reductions announced by Magnolia
Petroleum Co. and others. Atlantic Oil in addition reduced
Stephens, Ark., crude, making below 28 gravity $1.10 a
barrel and establishing a spread of 3c. between each gravity
and making maximum price $1.25 for 32 and above.
On March 11 it was reported that the Texas Co. had
reduced Moffat (Colo.) crude 20c. a barrel to $1.05; Big
Muddy (Wyo.) crude 150. to $1.42, and Tow Creek (Wyo.)
crude 15e. to 90c. a barrel.
Gasoline and kerosene prices suffered numerous reductions throughout the week. While a few advances are
shown below, they are in every instance the result of purely
local conditions and do not reflect the trend of the market
which continues to be downward as a result of the heavy
production of crude oil and the fact that more gasoline is
in storage owing to a falling off in consumption during
January of about 17% as compared with December, which,
however, is seasonal.
Effective March 5, the Magnolia Petroleum Co. reduced
the price of gasoline lc. per gallon in Oklahoma.
On March 8 the Pan-American Petroleum & Transport
Co. advanced the service station and tank wagon price of
gasoline le. a gallon in Georgia and Florida. The Sinclair
Refining Co. met the advance initiated by Pan-American
Petroleum & Transport Co.
Other reductions of both gasoline and kerosene included
those announced by the Standard Oil Co. of New Jersey
when it reduced U. S. Navy export gasoline lc. a gallon,
making new price 25.65e. a gallon in cases. Export kerosene
was reduced %c., making new price 18.15c. a gallon in
eases, and water white kerosene Mc., new price being 19.650.
in cases. These prices became effective March 8. Further
reductions were made March 11 when the price of export
kerosene oil was out to 17.650. and water white to 18.65c,
in cases.
Other price changes occurred in the West where the Continental Oil Co. at Denver on March 8 advanced the tank
wagon and service station prices of gasoline lc. at Albuquerque, N. M., making new prices 23c. and 26e. respectively, inclusive of the 3c. State tax.
Effective March 8, the Standard Oil Co. of Kentucky
reduced tank wagon and service station prices of gasoline 2c.
in Alabama. On March 9, the Standard Oil Co. of New
Jersey reduced the tank wagon price of kerosene lc. a gallon
throughout its territory, making the new price 14c. a gallon.
The Standard Oil Co. of Louisiana on March 10 reduced
kerosene price le. a gallon in Louisiana, Tennessee and
Arkansas. The last previous change was a 13.0. cut on
Jan. 14.
1441
On March 11, the Standard Oil of New York reduced price
of kerosene 1 cent in New York and New England.
At Chicago the wholesale gasoline market yesterday was
inactive. United States Motor grade, 73t ©7c.,kerosene
easier, 41-43 water white 5Y
9c.(4)53(c., fuel oil quiet, 24-26
gravity, $1.274@$1.30.
Output of Crude Oil Shows Recession from Recent
High Record.
A decline of 22,300 barrels per day reported by the American Petroleum Institute as occurring in the crude oil output
in the United States during the week ended March 5, brings
the total of that week down to 2,464,050 barrels, as compared with 2,486,350 barrels for the preceding week. This
figure, however, when compared with the output of 1,920,300
barrels in the corresponding week of 1926, shows an increase
of 543,750 barrels. The daily average production east of
California was 1,818,450 barrels, for the week of March 5
1927, as compared with 1,843,250 barrels, the week before,
a decrease of 24,800 barrels. The following are estimates of
daily average gross production by districts for the weeks
mentioned:
DAILY AVERAGE PRODUCTION.
Mar.5'27. Feb. 28'27. Feb. 19 '27. Mar.6 '26.
(In barrels)Oklahoma
707,850
717,950
701.400
453.150
Kansas
115,700
116,400
117.050103,950
Panhandle Texas
128,200
130.750
130.350
6.200
North Texas
93.050
91,500
94,750
74.950
178,250
West Central Texas_ __ _
179.450
173,250
77,700
East Central Texas
44,35044,750
43.450
60,850
Southwest Texas
37,900
37,500
38,300
38.400
52.550
North Louisiana
53.050
52.500
49,450
Arkansas
125,650
126,950
128,950
163,900
Coastal Texas
135,750
139,950
140.750
80.200
Coastal Louisiana
11,300
14,200
11.750
10,650
106,000
Eastern
107,500
107,500
98,000
Wyoming
56,750
62,800
58,200
75,050
Montana
13.550
13,550
13,600
18,050
Colorado
8,350
8.050
7,550
6,950
4,750
5,550
New Mexico
4,500
3.850
645,060
California
643.100
640,000
599,000
2,464,050 2,486,350 2,472,000
Total
1,920,300
The estimated daily average gross production of the Mid-Continent
field including Oklahoma, Kansas, Panhandle, North, West Central, East
Central and Southwest Texas, North Louisiana and Arkansas, for the week
ended March 5 was 1,474,900 barrels, as compared with 1,498,750 barrels
for the preceding week, a decrease of 23,850 barrels. The Mid-Continent
production, excluding Smackover. Arkansas heavy oil, was 1,375,550
barrels as compared with 1,398.300 barrels, a decrease of 22.850 barrels.
In Oklahoma, production of North Braman is reported at 7.650 barrels,
against 8,200 barrels; South Braman. 4.550 barrels, against 4,600 barrels;
Tonkawa, 25,350 barrels, against 25,650 barrels; Garber, 18,400 barrels,
against 18,350 barrels; Burbank, 49,550 barrels, against 48,950 barrels;
Bristow-Slick, 27,250 barrels, no change; Cromwell, 13,700 barrels, against
13,550 barrels; Papoose, 7,450 barrels, against 7,900 barrels; Wewoka,
18,750 barrels, against 18,200 barrels; Seminole, 278,700 barrels, against
296,200 barrels, and Earlsboro. 20,000 barrels, against 19,300 barrels.
In Panhandle, Texas, Hutchinson County is reported at 111,100 barrels.
against 114,200 barrels, and Balance Panhandle. 17,100 barrels, against
16,150 barrels. In East Central Texas, Corsicana Powell, 20,000 barrels,
against 20,500 barrels; Nigger Creek, 6,100 barrels, against 6.200 barrels;
Reagan County, West Central Texas, 28.050 barrels, against 27.800 barrels;
Crane and Upton Counties, 42,000 barrels, against 45.000 barrels; Brown
County, 37,000 barrels, against 34,500 barrels; and in the Southwest Texas
field, Luling, 18,200 barrels, against 18,400 barrels; Laredo District, 14.900
barrels. against 15,000 barrels; Lytton•Springs, 2,150 barrels, against 2.250
barrels. In North Louisiana, Haynesville is reported at 8,150 barrels, no
change; Urania, 12,100 barrels, against 12,250 barrels; and in Arkansas,
Smackover light, 11,700 barrels, against 11.950 barrels; heavy, 99,450 barrels, against 100,450 barrels; and LLsbon. 5.050 barrels, no change. In the
Gulf Coast field, Hull is reported at 16,650 barrels, against 17,650; West
Columbia, 10.150 barrels, against 9.750 barrels; Spindletop, 60,600 barrels,
against 61,100 barrels; Orange County, 5,300 barrels, against 5.050 barrels,
and South Liberty,4.050 barrels, against 3,550 barrels.
In Wyoming, Salt Creek is reported at 38.850 barrels, against 45.650
barrels, and Sunburst, Montana. 11,000 barrels, no change.
In California, Santa Fe Springs is reported at 44,500 barrels, against
45.500 barrels; Long Beach, 92.000 barrels, no change; Huntington Beach,
76,600 barrels, against 80,500 barrels; Torrance, 25,000 barrels, no change;
Dominguez, 18.000 barrels, no change; Rosecrans, 11,500 barrels, no change;
Inglewood. 38,500 barrels, no change; Midway-Sunset, 90,500 barrels, no
change; Ventura Avenue, 51,600 barrels, against 50,900 barrels, and Seal
Beach. 26.000 barrels, against 19,200 barrels.
Decrease in Unfilled Tonnage of United States Steel
Corporation During February.
The United States Steel Corporation in its monthly statement issued March 10 1927 reported unfilled tonnage on
books of subsidiary corporations as of Feb. 28 1927 at
3,597,119 tons. This is a decrease of 203,058 tons under
unfilled orders on Jan. 31 and a decrease of 363,850 tons
below the Dec. 31 figures. On Feb. 28 last year orders on
hand stood at 4,616,822 tons and at the same time in 1925
at 5,284,771 tons. In the following we show the amounts
back to 1922. Figures for earlier dates may be found in
our issue of April 14 1923, p. 1617:
End al Month 1927.
January
3,800,177
February
3,597,119
March
April
may
June
July
SAeugpteusmtber
October. r
Novembe
December_
1926.
4,882,739
4,616,822
4379935
3,867,978
3,849.250
3,478.642
3,602.522
3,542.335
3,593,509
3,683,661
3,807,447
3,960,969
1925.
5,037.323
5,284,771
,
4,446,568
4,049,800
3,710,458
3,539,467
3,512,803
3,717,297
4.109.183
4,581.780
5.033.384
1924.
4,798,429
4,912,901
4,782,807
4.208,445
507
3.628,089
3.262,
3,187.072
3,289.577
3,473,780
3.525,270
4,031,969
4,816.676
1923.
6,910,776
7,283.989
7,403,332
7 93988
06 88
5::21061
8°1
55
9
: 63
:81
7
2
5,414,663
5.035,750
4.672,825
4,368.584
4,445,339
1922.
4,241.678
4,141,089
4496 118
94:947
5,254,228
5;7
58
35 131
76.'5
6
5,950.105
6,691,607
6,902,287
6.840,242
6.745,703
1442
THE CHRONICLE
Decline in February's Steel Production.
The American Iron & Steel Institute in its February
statement of steel production issued March 8 shows a small
decrease from the January total, but it is to be remembered
that February was a short month. The ingot output in
February, compiled from companies which made 94.50% of
the output in 1925,totaled 3,520,670 tons,of which 2,942,232
tons were open hearth, 565,201 tons Bessemer and 13,237
tons all other grades. The calculated monthly production
for all companies, on this basis, was 3,725,577 tons, which
compares with 3,806,888 tons in January and with 3,801,776
tons, the production in February 1926. The average daily
production in February with 24 working days was 155,232
tons, while the January average was only 146,419 tons per
day. In the following we give the monthly production back
to January 1926:
MONTHLY PRODUCTION OF STEEL INGOTS, JAN. 1926 TO FEB. 1927.
Reported for 1928 by companies which made 94.50% of the steel Ingot production In 1925.
January__ 3,326.846 581,683 13.684 3,922,193 4,150,489
February_ 3.023,829 556,031 12,818 3,592.878 3,801,776
26
24
2 mos.,.. 6,350,6751,137,714 26,482 7,514,8711 7.952,245
50
159,045 88.57
t4bD N 1.0 NI 14 to to ba to
0000000000•4
Months.
1926.
Calculated
Approx. Per
Monthly Monthly No.of DailyPro Cent
Production Production Work- duction
of
OpenAll Companies
An
big . an Cos.. OperaHearth. Bessemer. Other. Reporting.Cornyanies. Days.OrossTons lion.
166.236
158.613
151.744
144,256
140,425
154,022
151,180
157,406
143,158
133,538
March__
April ___May
June
July
August September
October
November
December
3,590.791
3,282,435
3.201,230
3,036,162
2,911,375
3,145,055
3,089.240
3,224,584
2,915,558
2.778,949
635,680
801,037
516,676
498,764
526.500
627.273
612,588
630.528
592.238
493.172,
15,031 4,241,502 4.488.362
13,652 3,897.124 4,123,941
10,437 3,728.343 3.945,336
9,4413.644,367. .
12.372 3,450.247 3,651,055
12.003 3.784,331 4,004.583
12.660 3,714,488 3.930.675
12.348 3,867,458 4.092.548
9,605 3,517,402 3,722,119
8,919, 3,281,040 3,472,000
159,833 88.90
158.407 88.22
92.58
88.33
84.51
80.34
78.20
85.78
84.19
87.86
79.73
74.37
Total_ _ 37,526,0546,872,169 142,950 44,541.17347,133,517 311
151,555 84.40
1927.
January
3,041,233 545,6901 10.5861 3,597.509 3.806.888 26
146.419 81.54
February. 2,942,232 565.201 13.237 3.520.670 3.725,577 24
155,232 88.45
2 moo..,, 5,983,465 1.110.891 23.823 7.118,179 7.532.465 50
150,649 83.90
The figures of "per cent of operation" are based on the "theoretical capacity" as
Mee. 31 1925 of 55,844.033 gross tons of ingots.
1
Steel Markets Show Greater Stability-Coal Strike
Looms as Factor in Pig Iron Trade.
Demand for steel has assumed the steadiness which distinguished buying for so many months prior to last October,
observes the "Iron Age" in its summary of events in the market, issued March 10. Fear of a fuel stringency following a
suspension of coal mining on April 1 is still remote, and the
apparent ending of the period of hesitation is ascribed to
confidence in continuing activity and sustained consumption. Without rapid expansion of automobile manufacture or special railroad or building activity, orders show gains
over the closing week of February, reports the "Age" in
giving further details which we quote as follows:
Ingot production now is probably on an 88% basis. Output of February
represented 86M % of capacity, but while so far 1927 is some 5% under the
corresponding period of 1926, the indications are that the present month
Will exceed every month of last year except March. The excess of output
over shipments, with the resultant stocking of some steel, chiefly in semifinished form, should serve to postpone any coal strike troubles.
Prices are stiffer to the extent that producers are undertaking to name
levels $2 a ton higher for forward commitments, as in sheets, and $4 in cold
rolled strips, and to the extent that the minimum on the more irregular
products is In general higher. New extras which will add $1 or $2 a ton to
the thinner gages of blue annealed sheets are soon to be announced.
The firmer price stand is calculated, as usual, to drive business, but consumers at present show little interest in the second quarter. Some ordered
enough early in the year to carry them into the second quarter. Chicago
reports the best buying and in lines which have given mills better balanced
order books than in a long time.
In pig iron, the impending coal strike is looming as a factor, although
it has not yet had any material effect on coke or coal prices. Buyers are
showing more interest in forward needs and several
large purchases, notably
of basic iron, are attributable to a desire for full
protection. At the same
time Valley furnaces have advanced quotations 50c. a ton.
Pig iron also has a stronger tone at Cleveland, where prices
on foundry
and malleable for local delivery show a 50c. rise for the second time in two
weeks. In most other districts the situation is still highly competitive.
In the East. Buffalo iron continues to invade eastern Pennsylvania, in addition to dominating the New York and New England markest. Most of the
large buyers along the Eastern seaboard, however, have covered their
requirements through the second quarter and into the third. In the Chicago district some business has been closed at concessions of 50c. a ton under
the prevailing prices.
Sheet mills have not as yet found the competition of wide strips as menacing as expected, and this fact and better bookings evidently strengthened
several companies in the decision to ask the advance averaging $2 for f
orward
orders. Enough other makers are in need of business to give prices an irregular if not weak tone.
The wider and heavier gages of strip steel are being quoted on a plate base
price, but the practice is not generally in effect. Weakness is less pronounced than a few weeks ago. A cold rolled strip base of 3c., Pittsburgh
or Cleveland, with no differential for tubing stock, has not eliminated a
2.85c. quotation.
Railroad equipment orders totaled 1.475 cars and 20 locomotives. The
Southern Pacific bought some 9.000 tons of track accessories.
A Ford inquiry for 385,000 tons of ore has appeared, approximately the
amount bought last year. The business may not be placed for several
weeks.
[VOL. 124.
Japan has bought about 8,000 tons of 100-1b. rails, 4,700 tons for South
Manchuria going to the do Wendel Works of France, and probably the remainder, which is for the Imperial Government railroads. Two Japanese
tin plate inquiries cover 16,000 base boxes.
The Pont-a-Mousson Works of France has taken an order for
6,500 tons
of cast iron pipe for South India. From a Belgian interest Los Angeles
finds its low bid on 5.280 tons of 4 and 6
-in. pipe.
British mills are operating at capacity and deliveries range up to 16 weeks
on current bookings. Pig iron for export from England is in
excess of $20
per ton, but business has practically ceased.
German makers of products employing steel have been favored again by
additional bounties,such as $1.90 per ton on slabs and 47c. on heavy sheets.
Both the "Iron Age" composite prices remain unchanged this week, pig
iron standing for the fourth week at $18.96 a ton and finished steel for the
third week at 2.367c. a lb., as shown in the following tables:
Finished Steel.
Pig Iron.
March 8 1927, 2.367c. per Pound.
March 8 1027, 818 96 per Gross Ton.
One week ago
2 367c. One week ago
$18 96
One month ago
2 3740. One month ago
19 13
One year ago
24310. One year ago
21 83
10-year pre-war average
1.689c. 10
, -year pre-war average
15 72
Based on steel bars, beams, tank plates,
Based on average of basic iron at Valplain wire, open-hearth rails, black pipe ley furnace and foundry
Chicago,
and black sheets, constituting 87% of Philadelphia, Buffalo, Irons atand BirValley
the United States output.
mingham.
High.
Low.
Low.
High.
1927_2.453c., Jan. 4 2.367c. Feb. 21 1927.81971, Jan.
Feb. 15
1926_ _2.453c., Jan. 5 2.403c., May 18 1926_ 21 54, Jan, 4: $1896, July 17
5; 1946.
1925__2.560c., Jan. 6 2.3960., Aug. 18 1925_ 22 50, Jan. 13: 18 96, July 3
1924..2.789e., Jan. 15 2.4800., Oct. 14 1924_ 2288. Feb. 26; 1921, Nov. 3
1922.,,.2.824c., Apr. 24 2.4460., Jan. 2 1923_ _ 3086, Mar. 20; 2077, Nov.20
Steel ingot production in February registgred an increase
over January that is slightly higher than 5%,a gain reported
last week in pig iron, declares the "Iron Trade Review" this
week. On a daily average basis, the February output of
steel was 155,232 tons, compared with 146,419 tons in
January and 158,407 tons in February 1926. The month's
total of 3,725,577 tons falls just short of both the 3,806,888
tons produced in January and the 3,801,776 tons in last
February, as compiled by the "Review," which goes on to
report the following in its March 10 issue:
February is appraised as an 86.5% steel month. This compares with
the rating of 81.5% for January and 88.2% for February last year. Should
the February rate be maintained this month, March would fall about one
point short of 92.6%, a rate which set a new high record for all time last
March. The trend thus far in the month has been upward, with the Steel
Corp. subsidiaries now operating at 95% and the entire steel industry apparently close to 88%.
Moderately optimistic continues to describe both the pig iron and finished steel markets. Pig iron is in better demand as second quarter approaches and price structure is stiffening. Considering all products,
specifications in finished steel are at a higher rate than at any time this
year and in some lines the best in six months. The markets generally are
receiving low support through fear of a coal strike.
Based upon the expectation that approximately 13,000 freight cars will
be placed within the next 30 to 60 days, more than 130,000 tons of heavy
finished steel, chiefly plates, are in prospect for the mills. In addition.
32,500 wheels and 20,000 tons of steel axles would be required.
At Pittsburgh and in the Mahoning Valley most producers of pig iron
are quoting 50 cents higher. Basic is scarce, $18.50 being quoted on small
lots and $19 on large. Recent sales aggregate 20,000 tons. Malleable and
foundry iron now is quoted at $18.50 to $19 Valley, and Bessemer at $19.50.
Some blast furnace interests at Cleveland have advanced another 50 cents.
now quoting $19.50 base furnace, for Cleveland delivery, but this level is
not fully established. Selling at Chicago, chiefly for second quarter delivery, in the past week totaled 35,000 to 50,000 tons, at St. Louis 20,000 tons,
and at Cleveland nearly 60,000 tons.
The "Iron Trade Review's" composite price on 14 leading iron and steel
products this week is $36.79. This compares With 838.75 last week, the
same as the previous week.
Actual Pig Iron Output in February Records Heavy
Increase.
Again, as in January, the actual data for the pig iron production of February show that the estimates collected by
wire by the "Iron Age" and published last week were very
close to the real output. The February actual production
was 105,024 tons per day as compared with an estimated 104-934 tons per day
-a difference of only 90 tons per day. The
January daily rate was 100,123 tons per day, so that the
February rate was 4,901 tons per day, or about 4.9% larger
than that of January, adds the "Age" on March 10.
The production of coke pig iron for the 28 days of February
was 2,940,679 gross tons, or 105,024 tons per day, as compared with 3,103,820 tons, or 100,123 tons per day for the
31 days of January. The February rate was larger than
that of February 1926, when it was 104,408 tons per day,an
increase of 616 tons per day.
There was a net gain of 9 furnaces during February, 11
having been blown in and only 2 blown out. In January
the net gain was 5 furnaces with a net loss of 9 furnaces in
December, the "Age" reports, giving the following additional details:
Capacity Active on March 1.
On March I there were 217 furnaces active as Compared With 208 on
Feb. 1. The estimated daily capacity of the 217 furnaces blowing on the
first day of this month was 106.135 tons, as compared with 100,635 tons
per day for the 208 furnaces active on Feb. 1. Of the 11 furnaces blown in
7 were Steel Corp. and 3 were independent steel company stacks, while one
was a merchant iron furnace. One Steel Corp. and one independent steel
company furnace blew out.
Manganese Alloys Produced.
Ferromanganese output in February was 24,560 tons as compared with
22,309 tons in February last year. The January output was 31,844 tons.
The February spiegeleisen output Was 7,045 tons, comparing with 7,084
tons in February last year.
Furnaces Blown In and Out.
Among the furnaces blown in during February were one Edgar Thompson
furnace of the Carnegie Steel Co. in the Pittsburgh district; one Newcastle
furnace of the Carnegie Steel Co. in the Shenango Valley; one furnace at
the Cambria plant of the Bethlehem Steel Corp. in western Pennsylvania;
one Ohio furnace of the Carnegie Steel Co. in the Mahoning Valley; two
River furnaces of the Corrigan-McKinney Steel Co. in northern Ohio; two
South Chicago furnaces of the Illinois Steel Co., and two Gary furnaces in
the Chicago district, and one Mayville furnace in Wisconsin.
Among the furnaces blown out or banked during February were one
Mingo furnace of the Carnegie Steel Co. in the Wheeling district, and one
furnace of the Youngstown Sheet & Tube Co. in the Mahoning Valley.
-GROSS TONS
DAILY RATE OF PIG IRON PRODUCTION BY MONTHS
TOfIII
Steel Works.
llerchasu.•
81,148
23,260
104.408
1926 February
111,032
85,841
25.191
March
115.004
89,236
25.768
April
86.682
25.622
112,304
May.
107,844
82.186
25.658
June
79.392
103.978
24.586
July
78.216
25.025
103.241
August
81,224
23.319
104.543
September
107,653
83,188
24,365
October
107.890
82.820
25.070
November
74.909
99.712
24.803
December
75.609
24.514
100.123
-January
1927
80,595
24,429
105,024
February
•Includes pet Iron made for the market by steel companies.
wanted to do up to this time. Evidently a new confidence in the coal dealer
has been born to the average man. He expects that his coal wants will be
taken care of, and he is not trying to take charge of the industry or to
dictate its course. There was a spasmodic attempt to do this in Congress
and at least in one State legislature, but the impetus behind it was really
small. It was put down largely to politics and not to a concerted demand
from any portion of the public.
Recently the coal industry has been doing much to earn the good will of
the public. It Is in closer touch with the large purchasers of coal. It has
earned confidence which is being distinctly shown by the way the public
is regarding, or rather disregarding the prospect of a strike in one section
of the mines.
There was a little cold weather during the past week, and it helped
anthracite some; but altogether it has been a sorry season for this section
of the business. And the spring is near at hand.
-GROSS TONS
PRODUCTION OF STEEL COMPANIES FOR OWN USE
Total Iron.
Spiegekisen and Ferromanganese..
Spiegel and Ferro. -1926------ -1927
1926.
Fe-Mn. Spiegel. Fe-Mn. Spiegel
1927.
2,599.876 2,343.881 29.129
7,746 31.844
7.486
January
2,272,150 2,256,651 22,309
7.084 24,560
February
7,045
2.661,092
24,064
7.339
March
2,677,094
24.134
7,051
April
23.159
8,999
2.687,138
May
5,864
2.465,583
25,378
June
Half year
July
August
September
October
November
December
148,173
26,877
23,557
25.218
28.473
31.903
31.627
15,362.933
2.461.161
2,424.687
2,436,733
2.578.830
2,484.620
2,322.180
30,071,144
Year
•Includes output of merchant furnaces.
315,828
74,096
Half year
July
August
September
October
November
December
3.370.336
3.214,143
3.564.247
3,258.958
2.930,807
2.673.457
3,316.201
2.923.415
3.441.986
3,450.122
3.481.428
3.235.309
19.011.948
2,664,024
2.704.476
2,726.198
3,023.370
3,023,006
3,250,448
ANALYSIS OF EXPORTS FROM AND IMPORTS INTO THE UNITED
STATES FOR THE MONTH OF JANUARY 1927.
(Value in 1,000 Dollars).
Sir Months End. December
Month of January
Domestic Exports-
Value.' %
113,924
Crude materials
Crude foodstuffs and
15,845
food animals
Manufactured food47,792
stuffs
51.852
Seml-manufactures
Finished manufactures 158,349
1927.
3,103.820
2,940,679
19.848.461
3.223.338
3.200,479
3,136.293
3,334,132
3,236,707
3.091.060
Coal Markets Dull with Prices Unchanged.
The coal market is dull with prices fairly well sustained
and a steady movement from the mines that is being only
partially consumed by current demand, declares the "Coal
and Coal Trade Journal" in its March 10 market review.
This is the immediate situation, and three weeks away
apparently is the shutting off of a considerable portion of the
mining of bituminous. To this latter probability the
industry is well adjusted. It is proceeding on the supposition
that the closing of the union mines is inevitable. It should
be taken into consideration that a situation somewhat hard
to deal with would result if by any chance the much discussed
strike did not materialize, continues the "Journal," adding:
The possibility that it will not is distinctly vague. The leaders of the
union miners have made definite plans for it: the distributcrs of coal have
so well calculated all the effects and made such complete arrangements for
It that they would at least be disconcerted if it did not materialize.
Occasionally, it is argued, there are hardships that may have incidental
good effects. Over-production had been a cry that was raised periodically
in the coal world. A certain level of prices is necessary for profitable operation by all concerned. It is admittedly hard to sustain even cost-covering
figures when too much material is on the market. Any large cutting down
of production will eventually have a result in selling prices that in many
quarters is regarded as very much to be desired.
In anticipation of the strike, a plan of procedure had been so well thought
out that, oven when the Miami conference was known to be a pronounced
failure, this had little or no effect on prices. Neither is it likely to have.
while an immense reserve is visible above ground. But the time is bound
to come, it is believed, when coal will be scarcer than it is now, and then
the quotations are certain to respond.
It is expected and hoped that this advance in price will not be an excited
one with a frightened public behind it, but rather the acquiring of a new
level based upon a new status of supply; eventually the strike will end in
one way or another. But it is also hoped In the mind of the coal man that
s certain lesson may be learned in the way of reasonable production.
From all points on the coal map. dulness is reported. Buying to keep up
reserve piles is undoubtedly going on, but it is being done in such a way
that in no section are prices being raised, at least to any very noticeable
extent. What is to be noted Is that the mind of the market seems to be in
unison. The situation is well in hand, to use an exi ression made famous
by the marines. The most satisfactory feature of it is that it Is a situation
created and controlled by the coal industry. Congress has adjourned and
the public is Interested in other things.
It can be said, perhaps, that the present prospect which contains a strike,
shows that the public is viewing the coal industry in a way that it has not
Value.
%
29.4 122.501 29.7
4.1 24,406
1926
1925
1927
1926
39,070.470
36,403.470
Year*
•These totals do not Include charcoal pig iron. The 1925 production of this Iron
was 196,164 tons
Analysis of Imports and Exports of the United States
for January.
The Department of Commerce at Washington, Feb. 28,
issued its analysis of the foreign trade of the United States
for the month of January and the six months ending with
December. This statement indicates how much of the merchandise imports and exports for the two years consisted of
crude materials, and how much of manufactures, and in
what State, and how much of foodstuffs and whether crude
or partly or wholly manufactured. The following is the
report in full:
Group
42,083
3,699
4,372
2.925
6.295
7.565
7,157
TOTAL PRODUCTION OF PIG IRON.
-Gross Tons.
By Months. Beginning Jan. 1 1925
January
February
March
April
May
June
1443
THE CHRONICLE
MAR. 12 1927.]
5.9
12.3 41,136 10.0
13.4 61,355 14.9
40.8 162,848 39.5
Value.
%
Value.
%
803,603 32.2
764,105 29.9
145,085
230.632
5.8
9.0
293,905 11.8 268.418 10.4
318.414 12.7 339.082 13.3
937.555 37.5 956.584 37.4
Total Domestic Ex387,762 100.0 412.246 100.0 2,498,562 100.0 2,556,819 100.0
ports
47.966
9.074
44,672
7.759
Foreign exports
2,601,491
420,005
2,546,528
396.836
Total
Imports
201,092 48.2 153,157 42.9 917.210 42.4 805.408 37.8
Crude materials
Crude foodstuffs and
48,633 11.7 44,089 12.3 261,705 12.1 272,654 12.8
food animals
Manufactured food28,825 6.9 26.960 7.6 188,207 8.7 204,372 9.6
stuffs
Semi-manufactures.. 71.151 17.1 66.018 18.5 379.601 17.6 387.935 18.11
Finished manufactures 67.0.51 16.1 66,887 18.7 416.110 19.2 458,551 21.8
Total
456.752 100 0 357.111 100 0 2.162.833 100 0 2.128.920 1110.0
Observance of Washington's Birthday Causes Falling
Off in Output of Bituminous Coal, Anthracite
and Coke.
A decrease of 432,000 net tons of bituminous coal and
206,000 net tons of anthracite is reported by the U. S.
Bureau of Mines as being almost entirely brought about
by the observance of Washington's Birthday on Feb. 22.
Coke output also declined, being an even 2,000 tens less
for the week ended Feb. 26, when compared with the week
preceding. Additional details from the Bureau's report
follow:
The total production of soft coal during the week ended Feb.26,Including
lignite and coal coked at the mines, is estimated at 12,761.000 net tons,
decrease of 432,000 tons, or 3.3%,from the output in the preceding week.
a
The loss was evidently due to the observance of Washington's birthday
(Tuesday Feb. 22) as a holiday in certain districts. Figures of daily
loadings, courteously furnished by the American Railway Association,
Indicate that the average time worked on Feb. 22 for the country as a
whole was equivalent to about 0.9 of a normal working day. On other
days of the week, the rate of output was practically the same as in the
preceding week.
Estimated United States Production of Bituminous Coal (Net Tons) Including
Cool Coked.
1926-1927
--1925-1926
Coal Year
Coal Year
to Date.
Week.
to Date.e
Week.
468,707,000
13,487,000
513,455,000
Feb. 12
12.011,000
1,753,000
2,248,000
Daily average
1,918,000
2.002,000
480.216,000
13,193,000
Feb. 19_b
526,649,000
11,509,000
1,756.000
Daily average.-- 2,199,000
1.1524.0001,918,000
491.106.000
Feb. 26_c
12,761,000
10.890,000
539,410.000
Daily average_
2,163,000
1,846,000
1,929,000
number of days in
a Minus one day's production first week in April to equalize
the two years. b RevLsed. c Subject to revision Feb. 22 weighted as 0.9 of a dal.
The - otal production of bituminous coal during the present coal year to
t
Feb. 26 (approximately 280 working days) amounts to 533,410,000 net
tons. Production during corresponding periods in other recent years is
given below:
444.568,000 net tons
1919-20
444.568,000 net tons 1923-24
515,929,000 net tons
1920-21
500,137,000 net tons 1924-25
430,387,000 net tone
1921-22
395,405,000 net tons 1925-26
ANTHRACITE.
The total production of anthracite during the week ended Feb. 28 is
estimated at 1.363.000 net tons. Compared with the output in the preceding week, this is a decrease of 206.000 tons, or 13.1%.
recognized
Although Washington's birthday (Tuesday Feb. 22) is not
as a general holiday in the anthracite fields, many miners do not work on
by the American Railway
that day. Reports courteously furnished
41% normal.
Association indicate that loadings on Tuesday were about
and that after Tuesday, they were higher than in the week of Feb. 19.
1444
THE CHRONICLE
Estimated United Mates Production of Anthracite (Net Tons).
1926-1927
-----1925-1926-Coat Year
Coat Year
Week EndedWeek.
to Date.
Week.
to Date m
Feb. 12
1,501,000
83,239.000
40,635,000
35,000
Feb. 19
1,569,000
84,808,000
41,043,000
408,000
Feb. 26..b
1,383,000
42,652.000
86,171,000
1,609.000
a Minus one day's production first week in April to equalize number of clays in
the two years. b Subject to revision.
BEEHIVE COKE.
The total production of beehive coke during the week ended Feb. 26 is
estimated at 189,000 net tons, a decrease of 2,000 tons from the output
in the preceding week.
[VoL. 124.
Estimated Production of Beehive Coke (Net Tons).
Week Ended
1927
1926
Feb. 26 Feb. 19 Feb. 27
to
to
1927.b 1927.c
1926.
Date.a
Date.
Pennsylvania & Ohio
148,000 153,000 262.000 1,199,000 2,255,000
West Virginia
18,000 17,000 18,000
134,000
139,000
Ala., Ky., Tenn. de Ga
7,000
6,000
19,000
51,000
173.000
Virginia
7.000
7,000 12,000
58,000
90,000
Colorado & New Mexico
4,000
4,000
6,000
35,000
45,000
Washington & Utah
5,000
4,000
4,000
33,000
32.000
• United States total
189,000 191,000 321,000 1,510,000 2,734,000
Daily average
32,000 32.000 54,000
31,000
56,000
a Minus one day's production first week in January to equalize number of
days
in the two years. is Subject to revision. c Revised since last report.
Current Events and Discussions
The Week with the Federal Reserve Banks.
The consolidated statement of condition of the Federal
Reserve banks on March 9, made public by the Federal Reserve Board, and which deals with the results for the twelve
Reserve banks combined, shows a decline for the week of
$47,100,000 in bill and security holdings and of $10,100,000
in member bank reserve deposits, and an increase of $29,400,000 in cash reserves. Holdings of discounted bills declined $18,700,000, of acceptances purchased in open market
$24,300,000 and of Government securities $4,000,000. After
noting these facts, the Federal Reserve Board proceeds as
follows:
The Federal Reserve Bank of San Francisco reports a decrease for the
week of $10,300,000 in its discount holdings, St. Louis of $5,700,000, and
Cleveland of 55.600,000, while the Chicago bank reports an increase of
$5,700,000. Open market acceptance holdings decreased $8.000,000 at the
Boston bank. $3,600.000 at Cleveland, 53,500,000 at New York, and
$3,200,000 at Philadelphia. The system's holdings of Treasury notes were
$14,400,000 below the preceding week's total, and of United States bonds
and of Treasury certificates $6,500,000 and 53,900,000, respectively, above
the amount reported for March 2.
The principal changes in Federal Reserve note circulation during the
week were increases of $3,700,000 and $3.400.000, respectively, reported by
the Federal Reserve banks of Chicago and Atlanta, and a decline of $2,700,000 reported by Philadelphia.
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 1479and 1480.
A summary of changes in the principal assets and liabilities
of the Reserve banks during the week and the year ending
March 9 1927 is as follows:
Holdings of U. S. Government securities increased $17,000,000 at all reporting banks and $7,000.000 at reporting banks in the Cleveland district.
Holdings of other bonds, stocks and securities were 531,000.000 above
last week's total, the principal increases being $14,000,000 in the San Francisco district and 512.000,000 in the Cleveland district.
Net demand deposits were $156,000,000 more than on Feb. 23, increases
of $167,000,000 in the New York district, $17,000,000 in the Boston district
and $12,000,000 in the Chicago district being offset in part by reductions of
$28,000,000 in the San Francisco district and $9,000,000 and $7,000,000
in the Cleveland and Philadelphia districts, respectively. Time deposits
increased $60,000,000, the principal changes including increases of $67,000,000 and $10,000,000 in the Cleveland and San Francisco
districts. resPec'
tively, and a decline of $15,000,000 in New York district.
Borrowings from the Federal Reserve banks were
$36,000,000 above the
previous week's total. Banks in the New York and San Francisco
districts
reported increases of $24,000,000 and $10,000,000, respectively, and
banks
In the Cleveland district a decline of $7,000,000.
On a subsequent page-that is, on page 1480
-we give the
figures in full contained in this latest weekly return of the
member banks of the Reserve System. In the following is
furnished a summary of the changes in the principal items as
compared with a week ago and with last year.
Loans and discounts, total
Secured by U.S. Govt.obligations
Secured by stocks and bonds
All other
Investments,total
U.S.securities
Other bonds, stocks and securities_ _
Reserve balances with F. R. banks
Cash in vault
Net demand deposits
Time deposits
Government deposits
Total borrowings from F. R. banks
Increase (-I-)ur Decrease (-)
D oring
Week.
Year.
+5150.000,000 +5287.000.000
+2,000,000
-26.000,000
+102,000,000
+46,000,000
$202:000.'000
+48,000,000
159,000,000
+17,000,000
-142,000,000
+31,000,000
+301,000.00o
+53,000,000
-9,000,000
--27,000,000
-22,000.000
+156,000,000
-33,000,000
+60,000,000
+570,000,000
-98,000,000
+36,000,000
-125,000,000
Increases
Total reserves
Gold reserves
Total bills and securities
Bills discounted,total
Secured by U.S. Govt. obligations_
Other bills discounted
Bills bought In open market
U. S. Government securities, total_ _ _ _
Bonds
Treasury notes
Certificates of indebtedness
Federal Reserve notes in circulation
Total deposits
Members'reserve deposits
Government deposits
-I-) or Decreases -)
* It is not possible for the Federal Reserve Board to issue the weekly reDuring
turns of the member banks as promptly as the returns of the Federal Reserve
Week.
Year.
+529.400.000 +5222,400,000 banks themselves. Both cover the week ending with Wednesday's business:
and the returns of the Federal Reserve banks are always given out after the
+31,100,000
+213,500.000 close of
business the next day (Thursday). The statement of the member
-47,100,000
-169.000,000
banks, however,Including as it does nearly 700 separate institutions, cannot
-18,700.000
-86,500,000 be
tabulated until several days later. Prior to the statement for the week
-8,400,000
-23,800,000 ending
May 19 1926 it was the practice to have them ready on Thursday
-10,300,000
-62,700,000 of
the following week and to give them out concurrently with the report
-24,300.000
-19,800,000
of the Reserve banks for the next week. The Reserve authorities have now
-4,000,000
-52,700,000
succeeded in expediting the time of the appearance of the figures, and
+6.500,000
+5,000.000
they are made public the following week on Monday instead of on Thurs-14,400,000
-107,100,000
+3,900,000
+49,400.000 day. Under this arrangement the report for the week ending March 2
was given out after the close of business on Monday of the present week.
+1.900,000
+47.100,000
-28,800,000
-20,500,000
-10,100,000
+11.500,000
-20.100,000
-33,400,000 Summary of Conditions in World's Markets According
to Cablegrams and Other Reports of the
Department of Commerce.
The Member Banks of the Federal Reserve System
The Department of Commerce at Washington releases for
Reports for Preceding Week-Brokers' Loans
publication to-day (March 12) the following summary of
in New York City.
The Federal Reserve Board's condition statement of 676 conditions abroad, based on advices by cable and other
reporting member banks in leading cities as of March 2 1927 means of communication:
shows increases of $150,000,000 in loans and discounts,
CANADA.
There has been an improvement in the wholesale trade, especially in the
$48,000,000 in investments, $156,000,000 in net demand degrocery, dry goods, clothing
hardware
posits and $36,000,000 in borrowings from the Federal Re- have also improved and mayandconsidered lines. Collections in the cities
as good.
be
The Canadian Department of Agriculture has announced a reduction in
serve banks. Member banks in New York City reported
rates from $20 to $15 per head on cattle shipped via the Government
increases of $111,000,000 in loans and discounts, $11,000,000
Merchant Marine or the Reford line (Donaldson) from Saint
New
in investments, $161,000,000 in net demand deposits and Brunswick, to Cardiff and Glasgow. This now rate will go John,effect
into
Immediately.
$20,000,000 in borrowings from the Federal Reserve Bank.
The merger
Loans on stocks and bonds, including U. S. Government Creameries of the Saskatchewan Co-operative Creameries and Caulder's
became effective March 1. The Saskatchewan Co-operative
obligations, were $104,000,000 above last week's total. Of Creameries operate 32 plants while Cauldor's have 23 plants. Both
this increase $82,000,000 was at banks in the New York companies have large milk distribution and ice cream plants in Regina
and Saskatoon. The amalgamation places under one
district and $14,000,000 at banks in the Chicago district. plants which in 1926 made 12,000,000 pounds of buttermanagement 55
having a total
"All other" loans and discounts increased $46,000,000, of estimated value of $3,000,000.
which $41,000,000 was in the New York district. Loans to
GREAT BRITAIN.
trokers and dealers, secured by stocks and bonds, made by
British industrial production gained momentum during February as
reporting member banks in New York City were $51,000,000 Indicated by the rapid fall In unemployment. A somewhat firmer tone
was apparent at the end of February in the British coal markets. Howabove the Feb. 23 total, loans for out-of-town banks having ever; some Irregularity is still felt in the demand for various grades of
declined $36,000,000, while loans for own account and for British coal. Production is steadily rising. Iron and steel production
account of others increased $66,000,000 and $21,000,000, gradually increased during February and several northern producers
established new production records. Many makers are
for
respectively. As explained in the footnote to this article, the the next six months, although prices accepted are not fully bookedvery
considered
figures for these member banks are always a week behind profitable. Buyers are still holding off because of uncertainties as to
is some
those for the Reserve banks themselves. The statement delivery and as to future prices. There petroleumimprovement in the
position of the major metals. Imports of
have been heavy in
goes on to say:
all principal items.
MAR. 12
1927.]
TH
CHRONICLE
The chemical trades are moderately active in most lines with business
well distributed and prices generally steady. The volume of production
in the engineering trades is increasing and overtaking the arrears that
resulted from the coal stoppage. There was a continued feeling of optimism
In the automotive trade during February. The manufacture of British
automobiles is increasing with light car producers working mostly full
time. The index of heavy electrical apparatus production for January
Indicates a record output for export and record total production, and an
increased output for the home market.
An upward tendency in the price of raw cotton has resulted in an increase
In orders for cloth. Yarn and cloth prices have advanced and sellers are
holding a stronger position. Raw wool values hold a stronger position,
the recent advance in prices being well maintained.
The British lumber industry was quiet during February. The foodstuffs market shows little change except in prices of barreled apples which
are badly depressed. The leather market has not shown much change
from the January position. Business was below expectations at the
beginning of the year and many shoe factories have been working part time.
FRANCE.
Meetings are being held three days a week by the customs tariff committee of the Chamber of Deputies, which is rushing the preparation of its
report on the new customs tariff bill. The Government is said to be desirous
of bringing about early adoption of the bill through exceptional procedure.
Production of pig iron in January totaled 808,000 metric tons, a slight
drop as compared with December. The January production of steel ingots
and castings fell rather sharply to 673.000 metric tons. There were 147
blast furnaces in operation on Feb. 1.
The number of persons officially reported as unemployed on Feb. 26
was 95,000, of which 81,000 were receiving doles. This represents a substantial increase over unemployment a month before.
1445
GREECE.
The Committee of Experts for the financial reconstruction of the country
has submitted its preliminary report. Among the recommendations of the
report is one for the settlement of foreign war debts. A bill has been
introduced in Parliament establishing two qualities of bread and increasing
the conversion rates of paper to metallic drachmas on wheat and flour
import duties. There is, however, considerable local opposition to the
proposed regulations. The discussion of the new Constitution still continues and the complete Constitution is expected in Greece to be approved
shortly.
EGYPT.
There is growing dissatisfaction among commercial as well as agricultural
Interests because of the continued economic depression. The Congress of
the International Federation of Cotton Spinners and Manufacturers
associations held in Cairo has made a very favorable impression and it is
expected in Egypt that the Congress will have helped to create a better
understanding between Egyptian cotton growers and British spinners.
PALESTINE.
Business has been somewhat slack, partly because of restrictions on cred
imposed by local banks to prevent the recurrence of a depression such
resulted from the over-extension of credits in the Tel Aviv area last yea
The shortage of liquid capital is especially felt in Haifa, but cereal expor
through that port are livelier, owing to increased foreign demand which i
turn has caused an upward tendency in local cereal prices. During the la
two years cereal values in Palestine have shown a steady downward trcnd
as a reaction to world price levels after the abnormal local price inflation
in 1925, due to the drought in the Hauran, the restriction of exports to
Trans-Jordan, and the requirements of the French Army in Syria. Export
in bulk, however, is now being commenced and prices are tending to rise.
TURKEY.
The project to amend the general consumption tax law is reported to have
been drawn up by a Government Committee and presented to the Grand
National Assembly for approval. It is expected in Turkey that both the
rate of the tax and the method of collection will be modified. It is also
expected that the proposed amendment will result in a distinct improvement
in the local business situation in spite of the fact that it will net reduce the
Government's revenue from the tax. Since the exemption of ConstantiCZECHOSLOVAKIA.
Hopes are expressed that the anticipated tax reduction legislation will nople transit business in rugs and carpets from the consumption tax, there
become effective some time this month; pending this accomplishment, and has been considerable activity in those lines. The number of ships passing
In the expectation of the conclusion of commercial agreements, the general through the port of Constantihople is reported to be increasing, the greatest
situation in February showed little activity. There exists a plethora of proportion being Italian. The local wool, mohair and cotton goods markets
short term domestic funds. Conditions in February were generally satis- continue quiet, but shipments of furs for export have begun to come in
interior and the new tobacco crop is moving briskly. The Decemfactory from the standpoint of the cotton, agricultural machinery, leather from the
of
and timber industries. On the other hand, the glass, porcelain and copper ber rains permitted the sowing a new wheat crop and arrivals of Canadian
prevented a rise in local prices. Dulness has continued in the
Industries remained stagnant, while coal mining remained depressed as in flour have
filbert export market partly because of a large Spanish crop and
January. A domestic binder twine cartel has been formed for the purpose local
partly because of a money stringency among local dealers. The rumored
of allocating production and fixing prices.
establishment of a State opium monopoly has been officially denied. As a
result of the Aviation Congress held at the end of November the Grand
ITALY.
Assembly is now considering proposals for increased aviation
Conditions of the money market still dominate the general economic National
revenues.
situation with large investments of foreign capital, noticeably, American
loans the outstanding feature. The tendency toward improvement has
JAPAN.
not shown further development. Industrial depression continues and
Little change has taken place in Japan's business conditions. It is
retail trade is slack. There is a shortage of ready cash and interest rates
Japan to be probable that the Diet will approve the bill foi
on commercial loans are quoted as high as 10%. Government revenues believed in
higher duty on steel, during the present session. Strong antagonists
continue their surplus over expenditures. During January there was a
to be developing against the Government's measure for the disposidecrease of 343,000,000 lire in the note circulation on account of trade, appears
of the earthquake bills which have been outstanding since 1923
whereas note circulation on account of state stood practically unchanged. tion
According to the new proposal, the Government will extend the period o
Bank clearings reflected the sharp business contraction and new capital
until Sept. 30 1927, and will also reimburse the Bank of Japan
Investments were extremely low as compared with those of the corresponding liquidation
advancing another 100,000,000 Yen to other banks
month of last year. Security prices were generally maintained during up to 100.000,000 Yen,
January, but the volume of transactions was very small. The decline in holding earthquake bills, which will be covered by a bond redeemable in
and bearing interest at 5%•
wholesale prices has been checked, but retail prices are still high. Unem- ten years,
ployment is on the increase, the textile industry being principally affected.
PHILLIPPINE ISLANDS.
A sharp decrease in the pig iron production has been noted during December,
Business during the week ended March 5 remained practically unchanged
but the December steel production shows an increase of 7,000 tons over the
from the generally quiet tone which has characterized recent conditions.
November figures. Car loadings during January were 4.6% over those
lighter, though sufficient to keep all mills operating.
of January 1926, and port traffic registered an increase of 17% over the Arrivals of copra were
The provincial equivalent of resecada (dried copra) delivered Manila Is
figures for the corresponding month of last year.
pesos per picul of 139 pounds, a slight increase over last week's
now 12.50
quotation. (1 peso equals $0.50.) The abaca market continues weak and
NORWAY.
trading is light. Most grades show a reduction in price. F is now quoted
Uncertainty dominates the Norwegian economic situation. Labor conpesos per picul; I, 31; JUS, 22.50; JUN. 21; and L, 20. Abaca proditions are very unfavorable. The recent strike in four major industries— at 35
is normal.
iron and metals, mining, footwear and textiles—was due to wage readjust- duction
AUSTRALIA.
ments. Employers demanded reductions of upward of 25%, while emIt is announced in Australia that the city of Brisbane has negotiated a
ployees offered to accept a 7% decrease. Two more provincial banks—
the Vardal Sparebank and Deanunens Privatbanker A-S—were recently loan for 7,500,000 dollars through New York bankers. The issue will pay
forced to close their doors. Activity in Norwegian industry and trade is 5% and run for 30 years with the option of redemption after 20 years. A
at a very low level; demand being much below normal. The exchange sinking fund of 1% per annum has been provided. The finance committee
of the Sidney City Council has approved a recommendation for amendments
situation apparently is relatively quiet.
to the Corporation Act to permit borrowing on the American money market.
The New South Wales newspaper tax has been declared invalid by the
DENMARK.
The labor situation is uncertain and in some of the minor industries the High Court. A court decision favorable to the 44 hour week for engineering
outlook is decidedly unfavorable. Industrial activity and trade turnover unions of Australia has been rendered and cases relative to other labor
are low but there are indications which point to slight improvement in groups will be decided individually. The Federal Parliament opened on
the near future. The small decrease in the official half
-yearly cost of living March 2. The proposal for an alteration of the Australian fiscal year has
Index,from 184 to 181, was due to the English coal strike, which tended to been abandoned.
INDIA.
stop the price decline which was in process last summer. The index figure
for fuel and light costs increased from 215 for July 1926 to 230 for January
The government of India has announced another favorable budget. In
1927. The foodstuffs index dropped only 3 points to 156 between the above view of the satisfactory fiscal situation the government proposes to reduce
dates, while the house rent and tax indexes remained stationary at 185 and the duty on automobiles and tires to 20 and 15%, respectively, and to
253, respectively.
abolish the export duty on hides and tea. An increase of the duty on unmanufactured tobacco to 134 rupees per pounds is also proposed. The
ESTONIA.
The Latvo-Estonian agreement for the establishment of a Customs budget for the next fiscal year estimates a surplus of 37 million rupees and
Union, which was signed in Riga on Feb. 5 1927, has been submitted to revises the estimated surplus for the past fiscal year to 31 million rupees.
Parliament for ratification. The Latvo-Estonian convention regarding The estimate for the next fiscal year is based on an 18,pence rupee-sterling
timber floating on border rivers was also submitted to Parliament during ratio.
the same week. All ships destined to Leningrad have been ordered to proNEW ZEALAND.
ceed to Tallinn (Royal) on account of the ice situation in the gulf. This
Except for signs of unemployment in certain sections of New Zealand
port will be used by the Russians for their shipments until spring, when general conditions throughout the Dominion are normal. Foreign trad
navigation will be reopened in the port of Leningrad.
during January showed declines in imports but exports are somewhat abov
the January 1926 level, increasing from £5,037,000 to £5,200,000. Im
POLAND.
ports declined from C4,661,000 to E4,000.000. Imports from all principa
The statement of the Bank of Poland as of Feb. 20 shows a further in- sources
declined, excepting the United States, where there was an Moves
crease of cover against issued bank notes to 58.3%, against 53.2% a month of from
£789,000 to £825,000. The decline in imports was due chiefly t
ago, and 50.3% the middle of January. The amount of notes in circula- smaller
receipts of motor vehicles, wearing apparel, cotton piece goods an
tion remained practically unchanged at 583,485.000 zlotys. Following the tobacco products. Motor spirits was the only item of importance showing
recent reduction of the discount rate by the Bank of Poland, the National Increases, the amount received during January being valued at double that
Economic Bank (Bank Gospodarswa Krajowego) and the Agrarian Bank of January
1926. Of a total of 1,987 automobiles imported during January,
(Bank Rolny), both State institutions, have also decided to reduce the inter- 1.013 came from the United States and 647 from Canada. Among the exest rate on loans by 1% (to 11%) per annum, with the Postal Savings Bank ports, butter and frozen meats increased while wool and cheese barely held
following suit with a reduction of one-half per cent to 95i%).
their own,each registering a slight decline.
GERMANY.
At the middle of February, the number of Government assisted unemployed had been reduced to 1,761,000 from 1,826,000 at the end of January.
Bankruptcies in February numbered 473. Stock quotations are showing
continued signs of improvement and interest rates are slightly stiffening
better condttions prevail in the general industrial situation.
1446
[voL. 124.
THE CHRONICLE
ARGENTINA.
Trade In general in Argentina was dull during the week ended Feb. 28.
Chiefly because of the three-day holiday for the carnival season. The export movement continues to be heavy, keeping exchange firm and practically at par. There is some Improvement In the demand for cattle. The
wool market Is firm and the hide market active, although prices declined
during February. Commercial failures in February involved firms having
total liabilities of 19,000,000 paper pesos (87,980.000), which is an increase
Of 5,000,000 paper pesos ($2,100,000) over the January total. This increase in liabilities is attributable to two large failures, neither of which
were factors in the credit situation, which has continued to improve.
BRAZIL.
A comparatively small volume of business was transacted in Brazil during the first week in March because of the pre-Lenten holidays. Milreis
exchange remained firm at approximately the stabilization level of $0.1197.
Coffee prices, following the recent continued weakening, have advanced
slightly. Entries of coffee into Santos have been reduced to 30,000 bags
daily, effective March 7. There was little trading in this commodity during the week and exports were low. Negotiations are progressing for renewing the importation of Argentine fresh fruit into Brazil free of duty; if successful. American fruit will be automatically entitled to the same privilege
because of the most favored nation agreement existing between Brazil and
the United States. A commercial aviation service between Rio de Janeiro
and Rio Grande do Sul has been inaugurated by a German company.
PERU.
Peruvian Cotton planters estimate that the coming crop will equal that of
last season in both quality and volume despite the fact that the acreage
has been restricted on account of abnormally low prices and a glutted world
market. Lima bankers regard the country's financial position as basicly
sound but do not anticipate an increase in trade turnover or profits before
the receipt of accumulated cotton returns in July. The Reserve Bank
statement issued on Feb. 28 indicates the total gold reserve of Peru to be
£5.131,206. as compared with £5,129,760 on Jan. 31: the note circulation
Was £5,998,115, compared with £5.965,103 on Jan. 31: Lima bank clearings
In February were £4,992,459 as compared with £6.281.740 in January.
Exchange during the week beginning Feb. 28 ranged from $3.64 to $3.655
for the Peruvian pound, as compared with the February average of between
$3.63 and $3.65.
MEXICO.
The railway strike which has been in effect on a small scale In certain
sections of Mexico, Is now beginning to spread over the country. The
principal trains are, however, maintaining schedules. Employees of the
Swedish telephone company operating in Mexico City, and certain groups
Of textile workers have begun a sympathetic strike. The other telephone
Company operating in Mexico City is endeavoring to take care of the
emergency by the installation of additional apparatus. Simultaneously
with the general increase in duties on imports, the Department of Industry,
Commerce and Labor has inaugurated a vigorous "Buy Mexican Goods"
campaign, in an effort to make Mexico independent of foreign sources
of supply.
PANAMA.
There was some improvement in business conditions in Panama during
the week ended March 4 over the previous week, caused by the presence
of certain vessels of the American fleet, which accounted for increased sales,
especially in novelty and luxury goods. Work on the Chiriqui railway
extension from Concepcion to Puerto Armuellcs is being pushed as well as
the road-building program. Important legislation has been relegated to
the future by the adjournment of the National Assembly.
PORTO RICO.
General business continues to show a slowseasonal improvement and the
commodity movement is apparently slightly in excess of that of last year.
Banks report collections fairly prompt with a very slight seasonal betterment. Rainfall has been below normal and this has tended to increase the
sucrose content of the cane and has also favored, agriculture generally,
except in certain limited areas where low precipitation has delayed the
plantings of late cotton and tobacco. Prospects for a large tobacco crop
continue bright. The sugar campaign is progressing satisfactorily with
little fluctuation in prices. The grapefruit canneries are now buying and
the outlook for the late grapefruit crop is promising, with expectations of a
considerable gain in price.
Stock of Money in the Country.
The Treasury Department at Washington has issued its customary monthly statement showing the stock of money in
the country and the amount in circulation after deducting
the moneys held in the United States Treasury and by
Federal Reserve banks and agents. The figures this time
are for Feb. 1. They show that the money in circulation
at that date (including, of course, what is held in bank
vaults of member banks of the Federal Reserve System)
was $4,712,945,440, as against $5,001,322,207 Jan. 1 1927
and $4,739,537,429 Feb. 1 1926, and comparing with
$5,628,427,732 on Nov. 1 1920. Just before the outbreak
of the Eureopean war, that is. on July 11914, the total was
only $3,402,015,427. The following is the statement:
CIRCULATION STATEMENT OF UNITED STATES MONEY—FEBRUARY 1 1927.
MONEY HELD IN THE TREASURY.
RIND OF
MONEY
Stock of
Money. a
Total.
And. Held in Reeve Against
Trust Against Untied States
Gold & Silver
Notes
Certificates(A (and Treasury
Treas'y Now
Notes
of 1890).
of 1890).
Held for
Federal
Reserve
Banks
and
Agents.
MONEY OUTSIDE OF THE TREASURY.
All
Other
money.
Total.
Held by
Federal
Reserve
Banks
and
Agents.!
population
of
Continental
Untied
Per
States
Capita (Estimated).
In Circulation.
Amount.
$
856,829.848
1.667,897.049
4,786,409
65.527,344
463,341,127
3
$
486.607.880 370.221,968
630.456.180 1,037.440,869
15,685.034
49.842.310
88,505,235 374,835,892
$
3 18
8 92
0 43
322
1,336,304
4,655,616 291,511,354
3,356,107 343,324.909
1,440.187 2,031,065.663
198.756
4,950,902
17,943 278 677 278,271
1.336.304
19,385,421 272,125.933
55,652.686 287.672.223
407,207.610 1,683,858,053
49,160
4,901,743
46,568.125 630 710 146
001
2 34
2 48
14 47
004
542
Gold coin and
3
3
3
bullion
64,537,456,427 3,680,626,579 1,667,897,049
Gold certificates c(1,667.897.049)
Stan allver doll.
534,991.184
469,463,840 464,677,431
Sliver certifs--- e(463,341,127)
Treasury notes
of 1890
e(1.336.304)
Subsid'y silver296,166.970
4.655.616
U.S. notes___ 346,681.016
3,356.107
Fed. Res. notes 2,092,505.850
1,440,187
F.R.Bank notes
5.149,658
198.756
695,221,549
Nat.lank notes
17,943.278
$
$
155,420,721 1,694.320,831
Tot.Feb. 1 1927
8,508,172.654 d4,177.684,363 2 132 574,480
155,420,721 1,694,320.831 e195,368.331 6,463,062,771 1,750,117,331 4,712.945,440
40 51 116,351.000
Comparative
totals:
Jan. 1 1927_
Feb. 1 1926..
Nov. 1 l920_
April 1 1017..
July 1 1014..
Jan. 1 1679..
8,643,293.736 d4,149,341.334 2,146,544,824
8,322.673.877 d4,187.512.054 2.140.408,407
8.326 338 267 d2,406,801,772 696,854.226
5.312.109,272 d2,942.998,527 2.684.800,085
3,738.288,871 d1.843.452.323 1,507,178.879
1 007 084 483 d212 420 402
21 002 640
154,188,886 1,628.695.531
154,188.886 1.688.894,535
152.979.026 1,205,341,990
152,079.026
150,000.000
len 0011 000
43 03 116.232.000
41 24 114,931,000
5238 107,491,000
39 54 103.716,000
34 35 99,027,000
16 92 48.231,000
a includes United States paper currency In c mutation in foreign countries and
the amount held by the Cuban agencies of the Federal Reserve banks.
S Does not Include gold bullion or foreign coin outside of vaults of the Treasury.
Federal Reserve banks, and Federal Reserve agents.
C These amounts are not Included In the total since the money held In trust against
gold and sliver certificates and Treasury notes of 1890 Is included under gold coin
and bullion and standard silver dollars, respectively.
The amount of money held In trust against gold and sliver certificates and
Treasury notes of 1890 should be deducted from this total before combining it with
total money outside of the Treasury to arrive at the stock of money In the United
States.
e This total Includes 818.876.893 of notes in process of redemption, 3144 858.905
Of gold deposited for redemption of Federal Reserve notes. 86 815.732 deposited
for redemption of national bank notes, 33.510 deposited for retirement of additional
circulation (Act of May 30, 1908), and $6.414,600 deposited ass reserve against postal savings deposits.
f Includes money held by the Cuban agencies of the Federal Reserve banks of
Boston and Atlanta.
Note.—Gold certificates are secured dollar for dollar by gold held in the Treasury
for their redemption; silver certificates are secured dollar for dollar by standard
sliver dollars held in the Treasury for their redemption: United States notes are
secured by a gold reserve of $155,420.721 held In the Treasury. This reserve
fund may also be used for the redemption of Treasury notes of 1890, which are also
secured, dollar for dollar, by standard sliver dollars, held in the Treasury. Federal
Reserve notes are obligations of the United States and a first lien on all the assets
Of the Issuing Federal Reserve bank. Federal Reserve notes are secured by the
deposit with Federal Reserve agents of a like amount of gold or of gold and such
discounted or purchased paper as Is eligible under the terms of the Federal Reserve
Act. Federal Reserve banks must maintain a gold reserve of at least 40%,Including
the gold redemption fund which must be deposited with the United States Treaeurer.
against Federal Reserve notes In actual circulation. Lawful money has been deposited with the Treasurer of the United States for retirement of all outstanding
Federal Reserve bank notes. National bank notes are secured by United States
with the
bonds except where lawful money has been depositedmaintainedTreasurer of the
In lawful money
United States for their retirement. A 5% fund Is also
with the Treasurer of the United States for the redemption of national bank notes
secured by Government bonds.
$
162,937,978
219,912.093 6.640.497,226 1,639,175,019 5,001.322,207
204,020,226 6,275,570,230 1.536,032.801 4.739.537.429
350,626,530 .6616.390,721 987,962.989 5,628.427.732
105.219,416 5,053.910.830 953,320.126 4,100.590,704
3.402.015,427
186,273,444 3,402.015.427
A in.2aR,72 I
90 817 702 816 266 721
$
Walter Leaf Chairman of Westminstet
Bank of England.
London Press advances on March 8 announced the death
at Torquay of Walter Leaf, Chairman of the Westminster
Bank, one of the "Big Five" banks of Great Britain. He
He was 75 years of age. Noting that ho was for forty years
an influential figure in British finance and had hold many
important offices in banking and commercial organizations
the New York "Times," said:
Death of
He was well known to many international bankers on this side of the
Atlantic, who made a point of always visiting him on their London visits
to learn his views of the financial situation. Ile last visited the United
States in 1923, having previously come here often as a younger man.
Entering the firm of Leaf Sz Sons in 1877, Mr. Leaf served as its Chairman
from 1888 to 1892. He was one of the founders of the London Chamber of
Commerce, later holding its Chairmanship, as he did of the Committee of
London Clearing Banks. Ile was a former President of the Institute of
Bankers, Chairman of the British National Committee of the International
Chamber of Commerce, and President of that chamber in 1925-26.
Canadian Minister of Finance Denies Reports of an
Embargo on Gold.
The issuance by the Canadian Department of Finance of
a statement denying reports that an embargo had been
placed on the export of gold was announced in a Canadian
MAR. 12 1927.]
THE CHRONICLE
1447
Press dispatch from Ottawa March 8, published in the deposit with the Central Union Trust Co. in New York.
These were sold at $147.50 for the unit, and are now quoted
Montreal "Gazette" which gave the statement as follows:
With reference to rumars which have been published in certain New at approximately $160.
York newspapers that Canada has placed an embargo on gold shipments.
Hon. J. A. Robb, Minister of Finance, who is confined at his home in
Valleyfield. Que., by illness, on being communicated with, stated that the
rumors were absolutely without foundation. He said that the question of
an embargo had not even had consideration and that the situation is normal
namely, that if the banks want gold for any purpose whatever they may
secure it from the Department of Finance as usual on the presentation of
Dominion notes. The department is at a loss to understand how the rumor
can have originated.
One account to the effect that the gold export movement
from Canada had been curbed appeared as follows in the
New York "Times" of March 8:
Information reached New York backs yesterday that Canadian Government authorities were curbing the movement of gold from Canada to the
United States. Despite a dispatch from Ottawa which pointed out that
the prohibition of gold exports, dating back to the war, had expired last
July, it Is understood that for the present gold will not be allowed to leave
Canada in am reelable amounts. There are unofficial means by which
temporazy restrictions might be placed in effect.
Shipments have been Coming steadily, the result of depressian in Canadian exchange. A total of 53.500.000 was received last, week, which
followed the transfer of more than 40.000,000 of gold from Canada to
the United States since the first of the year. Further shipments had
been expected owing to the discount on the Canadian dollar.
The report of restrictions on gold transfers resulted in further depression
in Canadian exchange, which was quoted at a discount of 13-64 of 1%. the
largest discount that has prevailed for three years. While detailed information has not been received here. it is understood that the Canadian
Government took the position that the supply of gold "earmarked" for
possible shpiment to the United States had been exhausted and that further
transfers would involve the use of the Dominion's re erve. A return
,
movement of gold from this country to Canada is expected later in the
year.
Vatican Repays Loan—$2,500,000 Obtained from Blair
and Chase National Settled.
The following is from the "Evening Post" of March 8:
The Vatican has repaid a private loan of $2.500,000 It obtained from the
Chase National Bank and Blair & Co. in October, 1925. Preferring to wipe
out the debt, the Vatican refused an extension of time offered by the banks.
At the time the loan was effected, a building program, involving a new
American ecclesiastical college, was under way and a portion of the sum
was used to purchase certain properties. Terms easier than could be had
from Italian banks brought the loan to America.
French Chamber of Deputies Approves Provisional Debt
Arrangements with United States and Great Britain.
Associated Press cablegrams from Paris in announcing that
the French Chamber of Deputies had on March 8 "provisionally" approved Premier Poineare's provisional agreement with the United States by which the French Government will pay $10,000,000 on the Washington debt settlement
for 1927, said:
The vote was 350 to 180.
The test vote came on a resolution introduced by the Socialist leader,
Vincent Auriol, demanding that the Government ask for an appropriation
of the sum to be paid and to hand over to the Chamber all the documents
relating to the debt settlement.
In the course of debate the leaders of all groups made It plain that the
Washington settlement, by which a total of $4,025.000,000 is to be paid over
a period of sixty-two years, was not acceptable to them.
Premier Poincare, replying, said: "After all, the principle of the debt has
In noting a shipment of $1,000,000 in gold bars received been recognized," adding: "It turns out that the situation of the treasury
in New York on March 10, the "Wall Street Journal" of enables us this year to pay /6,000.000 to England and 810,000,000 to the
United States. We thought it was impossible to refuse Parliament the
that date had the following to say:
the debt accords that obliged the country
Bank of Montreal has received 51.000,000 in gold bars from Ottawa,Can. time necessary to study leisurely
running over sixty-two years."
The latest Canadian gold shipment is interesting, not only from the fact to make payments
The approval of Premier Poineare's policy of making prothat the metal is taken from Ottawa instead of Montreal as heretofore,
but this is understood to be the firFt time that actual Canadian gold bars. visional debt arrangement, according to the March 8 cablebearing the stamp of the Ottawa mint, have been received here since the
gram (copyright) to the New York "Times" was effected by
Ottawa mint was established some few years ago.
The consignment is also significant in view of recent developments. a vote of 339 to 175 in the Chamber of Deputies. That
Notwithstanding the discount in Canadian funds to a point that would account also said:
permit a normal gold movement from across the border, no engagements
There were four courses open, the Premier said: "First, ratification pure
of the metal materialized. This was ascribed to the fact that American and simple, which was repugnant to the country; second, rejection pure
banks had sought United States' gold coin, as usual, in Montreal, but the and simple with all its consequences; third, dangerous inertia, and, lastly,
supply was found too small to meet requirements. This. It Is believed, the course which the Government had adopted of temporary accords which
gave rise to false reports that Canada had put an embargo on gold ship- demonstrated to foreign creditor countrics that France intended to keep
ments. At the prevailing rate of exchange it would have been too expensive faith.
to get American gold coin from Ottawa.
The Premier's defense of his policy was provoked by an attack by Vincent
The Canadian Finance Minister took occasion a few days ago to deny Auriol, Socialist, who argued that such accords as those made with London
the reports of a gold embargo and the present action of releasing gold bars and Washington should be submitted to Parliament and special credits
from Ottawa is no doubt in line with his purpose to indicate that Canada is voted for the payments involved.
still on the gold basis.
Warning that the provisional payment by France virtually recognizes
the entire debt compact as legitimate, M. Auriol, who came to the Palais
Gold Standard Currency Act Passed in India—Fifteen- Bourbon to press his measure despite illness, demanded that the Chamber
vote immediate discussion of the whole question of inter-allied debts.
Point Advance on Rupee Follows Approval of Long
"By provisional payments we not only recognize that the debts are legitiPending Bill.
mate, but renounce the right to demand a just revision, and we approve
the principle of the predominance
The following is from the New York "Herald-Tribune" of expenditure of lifeblood to which of money obligations over that immense
the Minister of Pensions. Louis Mann,
March 10:
already has called attention to Parliament," he said. "These provisional
The long pending Act to place the currency of India on a gold standard payments exact heavy and dangerous sacrifices, which bind us to ratification
instead of silver has been passed by the Indian Legislature, according to of final accords."
private cable advice' received here yesterday by the Equitable Eastern
Premier Poincare's reply, a vigorous denial that the agreements commit
Banking Cor 'oration. After several fruitless efforts to obtain action in France in any way to ratification, was followed by a characteristic placing
the last few months, the measure was passed by the narrow vote of 68 to of the question of confidence upon the question of adjournment of M.
65. This means that the bill will go to the Viceroy, and his acceptance is Auriol's motion. His speech was a strong revindication of straightforward
expected at an early date.
dealing with the debt question as soon as that problem becomes pressing
News of this latest development in the Indian currency situation resulted and the Government is in a position to face it.
in a 15-point advance in quotations on the rupee here yesterday. Under
"The Government considers discussion of the debt question useless and
the provisions of the proposed measure the unit will be stabilized at is, 6d., dangerous at present, since the United States Treasury regards the matter
which would mean a rate of less than 361i cents.
as side-tracked because the Mellon-Berenger compact is before the Senate
Under the bill the Government is authorized to sell over a period of years and the Senate cannot act for several months. The French Government
the silver reserve that it now holds, variously estimated at between 300,000,- being certain of the impracticability of re-opening the negotiations, what
000 and 400.000,000 ounces. It has been the fear of this "dumping" that could we do_ Wait and refuse all payment_ We chose to make a provihas been largely responsible for the prolonged slump in silver prices. Much sional payment, and France's action has been clearly understood and
of the apprehension has disappeared recently, however, and the price has appreciated in the United States and England. I speak of (he peoples,
shown an upward trend.
not the Governments alone.
"As regards final ratification, nobody can misconstrue the intentions of
the French Government. I proclaim from this tribunal that the future
1926 Profits of Disconto Gesellschaft.
action of Parliament remains uncompromised and entirely free. The
Cable advices have been received from the Diseonto- British and American Governments thoroughly understood the provisional
of the arrangement and stipulated in the text that when the
Gesellschaft in Berlin, giving their 1926 figures. Gross character was made the payment under this provisional accord would
final accord
profits amounted to $15,867,698, and net after expenses and be accredited to such accord, thus foreshadowing the possibility of an
taxes is shown as $3,652,586. This compares with $2,538,- accord other than the Mellon-Berenger one being accepted in America."
To-day's debate afforded opportunity for series of party confessionals
746 for the year ended 1925. The management will propose when an instructed representative of each agroup in Parliament read a
at a. stockholder's meeting to distribute a 10% dividend and resolution of his party's creed on the subject of debts. The general tenor
of these accepted
to add $238,000 to the reserve account. The consolidated that futatre actionadjournment of the debate under the express stipulation
was not compromised.
balance sheet, after giving effect to the two other banks in
Deputy Louis Dubois, representing M. Mario. leader of the Republican
which the Diseonto owns the entire stock, shows gross profits Union, read a statement contesting the validity of the debts, while the
Communists demanded Government action to re-open the whole question
of $10,448,884, and net after expenses and taxes of $4,165,- of
France's debts.
000. The general reserves of these three institutions have
The following from Washington with regard to the French
been increased from $654,000 to over $15,000,000. Deposits debt
appeared in the "Wall Street Journal" of March 10:
of the combined banks exceed $255,000,000.
Secretary Mellon does not consider reports from Paris of the view taken
Dillon, Read & Co. offered a block of German shares of there of the recent decision to pay $10.000.000 additional in June to the
United States as indicating that the pending war debt funding agreement
Disconto-Gesellschaft in 1925 at $150 for the unit. This has been
shelved by France. He points out that in correspondence with
stock is now selling at around $245 per unit. This is after the Treasury in connection with the payment, President Poincare made it
a cash dividend of approximately 10% was paid. Later on, clear that the status of the debt to the United States remained unchanged
Mr. Mellon,
by
in 1926, there was offered also by Dillon, Read & Co., on the $10,000,000 payment. According to amount to beit has no bearing
received will be
the
funding agreement and the
American trust certificates secured by German shares on applied pending
arrangement if it is ratified, otherwise it will be
later under that
1448
T-FrE CHRONICLE
124.
merely a payment on account of the obligations of France to the United
States.
National Bank of Commerce in New York Appointed
Registrar for Bonds of Agricultural Mortgage Bank
of Republic of Colombia.
The National Bank of Commerce in New York has been
appointed authenticating agent and registrar for $3,000,000
Agricultural Mortgage Bank (Banco Agricola Hipotecario),
Reichsbank Will Not Oppose Gold Export—Would Republic of Colombia, guaranteed 20-year 7% sinking fund
Give Up Gold Rather Than Face High Exchange—
gold bonds, issue of January 1927. The offering of these
Large Payments Impending.
bonds ($3,000,000) was referred to in our issue of Feb. 19,
In copyright advices from Berlin March 6 the New York page 990.
"Times" said:
The high exchange rates and the fact that the Reichsbank has of late lost Area of Newfoundland Trebled by British
Council
gold slightly on balance, as against the recent large additions to its reserve.
120,000 Square Miles of Labrador with Forests
attracts attention to the question of possible gold exports on a larger scale.
Inquiry last week elicited the information that the Reichsbank would
Worth $250,000,000 Added to It.
export gold if conditions rendered it commercially necessary,although it is
From the "Herald-Tribune" we take the following (copynot legally compelled to do so.
Presideat Schacht holds that the bank's position is now sufficiently con- right) from London March 1:
The aceeptance by Secretary Mellon of the offer of Premier
Poincare to pay an installment on the French war debt was
noted in our issue of March 5, page 1290.
solidated to enable it to part with geld and he would admittedly take that
course rather than see dollar exchange rising above the gold-export point.
It is understood, however, that although the Reichsbank has lost very
heavily from Its foreign currency reserve, its large holding of non-legal
cover exchange, booked under "other assets," has not been materially
reduced.
On the other hand, the high demand for exchange will probably continue
for some time to come: this by reason of payments required for imports, the
quantity of which is expected to be very large during the present period of
reviving industrial activity in Germany.
The area of Newfoundland was trebled to-day by the Judicial Committee
of the Privy Council, which awarded that country 120,000
so• mile; of
Labrador. This ruling by the highest court of appeal of the British Empire
ends a quarter-century boundary dispute between Canada and Newfoundland over land and forests estimated to be worth $250,000,000.
Newfoundland's claim was granted with two reservations which leave
Canada a part of the original Province of Quebec claimed by Newfoundland, and Woody Island, opposite Bayance Sablon. The controversy hung
principally on the definition of the word "coast" and the judges reverted
to Dr, Samuel Johnson's dictionary, which said that "coast" meant
not
only the "edge or margin of land next to the sea" but
also a "considerable
tract of land bounded by and looking towards the sea."
Newfoundland's new territory, which is twice the size of the island itself,
includes 60.000 sq. miles of spruce forests representing great potential
wealth in pulp wood for paper making.
Reich Plans Institute on World Literature—Organization Will Also Promote Exchange of Latest Ideas
on Art and Science Development.
An appropriation of 500,000 marks was approved by the Argentine Peso Returns to Par after Lapse of
Seven
Reichstag Budget Committee on March 5 for organizing a
Years.
foreign institute in Berlin to facilitate the exchange of
The following is from the "Times" of March 9:
ideas on the world's literature, it is learned in advices to the
For the first time in seven years, or since June 1920, the Argentine
peso yesterday regained its rlace as a "parity" currency when it sold
New York "Times" from Berlin (copyright), which add:
at 42.50 cents,
the par being 42.44 cents a paper dollar. This compares
The institution is meant to serve as a sort of clearing house for the most
with a low of 41.18 cents this year, reached on Jan. 18, and with a record
recent orinici s and developments in world literature, science and art.
Believing that progress will be accelerated ,especially in scientific develop- low of 283 cents, made in 1921.
Foreign exchange traders said that first cables yesterday from Buenos
ment. through international co-operation, it is planned not only to collect
the latest knowledge from the four quarters of the earth, but to broadcast Aires ranged between 103.60 and 103.40, but that no trades were arranged
until 103.70, or an American equivalent of 42 7-16 cents, was reached.
what the Reich has learned tv, d is able to unfold.
It is also proposed to bring together the best known scientific investigators Thereafter buying forced the rate to its new high point. London and
for oonferences to formulate plans for the course of procedure in wresting local operators combined in the demand.
Heavy exportation of grains from Argentira, together with improved
knowledge from the wide field of science.
The Initial approrriatien is foreseen as a mere organization fund and, if political conditions in the Latin-American Republic, were assigned as
the experiment bears fruit, more elaberate plans will be suggested calling the reasons underlying the advance.
Buenos Aires advices March 8, published in the New
for proportionately greater Government support.
York "Evening Post," stated:
French Treasury's Repayment to Bank—Paris Does
Not Regard the Big Reduction of Indebtedness
Sure of Continuance.
Under the above head the New York "Times" prints
the following from Paris March 6 (copyright):
The course of the exchange market shows that the Bank of France is
still operating to keep the prise of francs moderately depressed, and it seems
now to have completely checked all speculation for the rise in francs. In
actual fact, however, the bank's operations in the market last week showed
excess of sales of foreign exchange over purchases. The Bourse gave little
reflection to the market for francs. It was more active in Government
securities and French stocks, but also in foreign securities.
Considerable attention was attracted to the repayment of 100,000,000
francs by the Treasury to the bank, as shown in Thursday's statement,
notwithstanding the large requirements for Government disbursements at
the month-end. The State's indebtedness to the bank is now only 29.500.000,000 francs, which compares with 36,000,000.000 francs at the end
of 1926 and with 35.700,000,000 francs a year ago.
Cut in Bank Debt May be Temporary.
11:is very large reduction in the bank's account with the Treasury since
.he beginning of the year is not, however, considered by Paris bankers to
reflect a necessarily permanent rate of payment. It has this much of
temporary character, that the Treasury did not repay the bank out of a surplus of normal public revenue, but mostly through using surplus cash
invested by the market In Treasury bonds and deposited on current account
with the Treasury.
These resources, however, are not considered permanent by the banking
community. The only positive and mandatory policy imposed on the
Treasury and the bank is the stipulated reduction of such advances by
2.000,000.000 francs per annum. Meantime, as against the very great
decrease in the bank's advances to the Treasury, a corresponding increase
has occurred in the State's debt to the general public, and the sum total
of the Government's floating debt has not appreciably changed.
Treasury Bond Maturities This Year.
As for the future necessary redemption of debt, it is now known that the
we maturities of Treasury bonds and Credit National bonds of 1927.
'mounting in all to about 5,500.000.000 francs, have already been covered
n advance through the issue, in February and December. of 7% bonds
edeemable in ten and fifteen years.
In 1928 the maturities of Treasury obligations in the public's hands
will be still smaller.
The Argentine peso reached parity with the American dollar yesterday
for the first time in several years. It even commanded a slight premium
in yesterday's transactions.
The peso is making an even stronger showing against the pound sterling,
being quoted above parity.
The lobe of the peso above parity in exchange markets has been predicted for some time, but there has been considerable comment over the
fact that it is occurring while Argentina's foreign trade is showing an
unfavorable balance.
Credit and Economic Conditions in Argentine
Republic.
A survey of credit and economic conditions in the Argentine
Republic has just been completed by William A. Sholten of
the First National Corp. of Boston who has spent many
years in South America. This survey published in booklet
form shows that the credit standing of the Argentine ranks
seventh among the foreign nations of the world, based upon
quotations for government bonds listed on the New York
Stock Exchange. Prior to the World War, Argentina raised
most of its funds in the European markets but during the
past decade conditions have changed and the United States
is now playing an important part in financing the economic
development of the South American Republic. In his
survey Mr. Sholten says:
Prior to the war, external bonds of the Republic of Argentine were issued
in sterling, francs and marks and were quoted on the leading exchanges of
Europe at a substantial premium. Since the war the condition of the
financial markets of Europe compelled Argentina to seek new channels for
funds to carry out public works, and in consequence, the financial requirements of the country have been met by issuance of bonds in the United
States and by internal borrowing.
The survey points out that the total national wealth of the
Argentine approximates$13,800,000 and that approximately
$4,000,000,000 of foreign capital is invested in the nation.
The per capita wealth of the nation is placed at $1,380, being
higher than that of any other nation except the United
States, Great Britain and Canada. The per capita debt of
the nation is less than $75, a very low figure compared with
New York Bankers Buy City of Antwerp Issue.
other countries. The consolidated debt of Argentina stood
The following cable was received March 4 by Moody's at $714,600,000 on Dec. 31 1925 and the floating debt
$278,000,000. Federal owned properties on the ether hand
Foreign Department from its Brussels correspondent:
It has been learned authoritatively that two New York banking institu- are estimated worth considerably more than $1,000,000,000,
.
tions have purchased an Issue of the City of Antwerp amounting to pes
which $600,000,000 are revenue producing. "Argentina
25.000,000, bearing interest at the rate of 6% per annum and maturing of
the survey concludes, "is not burdened by a dead weight
Nov. 11930.
MAR. 12 1927.]
THE CHRONICLE
debt, practically all of the indebtedness having been incurred
for the purpose of constructing railroads, port works and other
public utilities—all productive enterprises which have
served to accelerate the remarkable economic development
of the Republic."
Portion of Bonds of Cauca Valley (Republic of Colombia) Called for Redemption.
J. & W. Seligman & Co., as fiscal agents for the Department of Cauca Valley, Republic of Colombia, 20-year 73/2%
secured sinking fund gold bonds, announce that $28,000
principal amount of these bonds have been drawn for re-,
demption on April 1 next. Such drawn bonds will be paid
on and after that date at 103 and interest at the office of
J. & W. Seligman & Co., 54 Wall Street, New York. Interest will cease on these bonds from the redemption date.
1449
ard of weight and fineness, at The National City Bank of
New York, Fiscal Agent of the Loan. Principal and interest of the bonds are payable without deduction for any
present or future taxes or duties levied by the City of
Brisbane, the State of Queensland or the Commonwealth
of Australia, or by or within any political subdivision or
taxing authority thereof, and are payable in time of war
as in time of peace, irrespective of the nationality of the
holder or owner. The proceeds of this loan will be used
for the construction of roads, water supply, drainage,
parks and other works of a permanent nature. From the
offering circular we quote the following:
These Bonds are the direct obligations of the City of Brisbane and
are authorized by a Resolution of the Brisbane City Council, dated
December 18, 1926, and approved by the Governor-in-Council of the
State of Queensland on the same date, in accordance with the provisions of the Charter of the City of Brisbane (The City of Brisbane
Act of 1924, dated October 30, 1924). The City agrees that if, in the
future, it shall sell, offer for public subscription, or in any manner
dispose of any bonds or contract any loan, secured by any charge or
pledge on or of any revenues or assets of the City, the service of this
Loan shall be secured equally and ratably with such bonds or loan.
Brisbane, with a population of 263,711, is the capital of the State
of Queensland. It is the fourth largest city of Australia and one of
the leading seaports. Its direct overseas trade for the twelve months
ended June 30, 1926, was in excess of $143,000,000.
Finances.—The net debt of the City, exclusive of this issue, amounts
to $27,130,700. As an offset, the City owns property and investments,
including the electric supply system, tramways, wharves, etc., valued
at $25,305,800.
For the year ended December 31, 1926, the first fiscal year of the
City in its recently enlarged form, ordinary revenues were $5,061,160,
and ordinary expenditures $5,353,150. In addition, the revenues of
the tramways and electric supply system for the year, will, it is esfi.
mated, show profits of approximately $340,000 over operating expenses
and fixed charges.
Queensland comprises the whole north-eastern portion of the Australian continent and is the second largest state in the Commonwealth.
The net funded debt of the State, as of June 30, 1926, was $49,719,535, upon which interest charges averaged 4.85%. Of this amount
$262,795,867, or 53.4%, represented loan funds invested in the state
railways.
W. E. Dunn of Redmond & Company on Loan
Conditions in Latin-America.
That loans to Latin-American countries should be confined
largely to revenue producing enterprises was the opinion
expressed this week by William E. Dunn after more than
twenty years of extensive study of economic conditions in
the southern republics. Mr. Dunn, who for the past three
years has administered the internal revenues of the Republic
of Haiti and who, previous to that time, had been commercial
attache to the American Embassy at Lima, Peru, has just
become associated with Redmond & Co., in charge of LatinAmerican business. ,Commenting on the loan situation,
Mr. Dunn said that, with few exceptions, the progressive
evolution of the Latin-American countries toward political
and economic stability has opened up an attractive investment field that promises to follow closely the experience of
our own country. He added that in his opinion future loan
Application will be made to list the bonds on the New
activities between this country and our southern neighbors
will surpass all previous records, not only as regards govern- York Stock Exchange. Delivery in temporary form is exment issues but industrial obligations as well. Mr. Dunn pected about March 24.
The announcement is made that all the bonds have
continued:
In view of the reliance which investors in this country must place in their been sold.
bankers these huge financial operations bring an added responsibility to
the latter in offering for sale only such issues as conform to established principles of sound financing and which are in the best interests of the borrowing
country or industry. In my opinion, loans to most Latin-American countries at this time should be confined largely to revenue producing enterprises.
Republic of Salvador Customs Collections and Debt
Service.
F. J. Lisman & Co. issue the following statement relative
to the Republic of Salvador Customs Collections and Debt
Service:
February collections
Service on "A" and "B" bonds
1927.
$535.548
87,494
1926.
$617,130
87,494
$448,054 $529,636
Available for series "C" bonds
63,333
63,333
Interest and sinking fund requirements on "C" bonds
1,109,476 1.223,904
January-February collections
174.988
174,988
January-February service on "A" and "B" bonds
934.488 1,049,016
Available for "C" bonds
126,666
Interest and sinking fund requirements on "0" bonds 126,666
Collections for the first two months of 1927 after deducting service raquirements for the period on the "A" and "B" bonds, were equivalent to
over 7 times interest and sinking fund requirements on the series"C" bonds.
The Bankers' representative collects 100% of the import and export
duties, all of which is available for bond service, if needed. and 70% of
which is specifically pledged for that purpose.
Offering By National City Company of $7,500,000 City of
Brisbane (Australia) 5% Gold Bonds.
An issue of $7,500,000 City of Brisbane (State of
Queensland, Australia) thirty-year sinking fund 5% gold
bonds was offered on March 11 by the National City Company of New York at 96 and interest, to yield over 5.26%
to maturity. The offering represents the initial financing
In the local market in behalf of the city. The loan will
be unconditionally guaranteed by the State of Queensland
as to principal and interest by endorsement on each bond.
The issue will be dated March 1, 1927, and will become
due March 1, 1957. The bonds are redeemable prior to
maturity at 100% of the principal thereof, either as a
whole, at the option of the City of Brisbane, on March- 1,
1917, or on any interest date thereafter, or in part, through
the operation of a Sinking Fund, on Sept. 1, 1927, or on
any interest date thereafter. Approximately 65.8% of the
bonds will be retired, prior to maturity, through a cumulative Sinking Fund of 1% per annum, operating semiannually.
The bonds, in coupon form, in denomination of $1,000,
will be registerable as to principal only. Principal and interest (March 1 and September 1) will be payable in New
York City, in United States gold coin of the present stand-
Offering of $7,000,000 Gold Notes (Participation
Certificates) of Bank of East Prussian Landowners Association—Books Closed—Issue
Oversubscribed.
Formal offering was made on March 7 of an issue of
$7,000,000 Bank of East Prussian Landowners Association
(Bank der Ostpreussischen Landschaft) 3
-year 6% agricultural mortgage collateral gold notes in the form of participation certificates of the Chase National Bank of the City of
New York. The offering was made by Blair & Co., Inc.
and the Chase Securities Corp. The participation certificates were offered at 993 to yield over 6.25%. It is announced that subscriptions in excess of the issue were received
in advance of the public offering on March 7, and that the
books were really closed the previous Saturday, March 5;
$1,250,000 principal amount of the offering was reserved for
issue in Holland by Mendelssohn & Co., Nederlandsche
Handel-Maatschappij, Pierson & Co. and R. Mees & Zoonen
of Amsterdam. The notes in denominations of $500 and
$1,000 will be dated April 1 1927, and will mature April 1
1930. They will be redeemable in lots of $500,000 or multiples
thereof on any interest date on or after April 1 1928, on not
less than 45 days' notice, at 102 and interest if redeemed on
April 1 1928; the premium decreasing M% for each six
months elapsed after April 1 1928. Principal and semiannual interest will be payable in U. S. gold coin in New
York City without deduction for any taxes or impositions or
other governmental charges, past, present or future of the
German Republic or of any authority thereof or therein.
The Chase National Bank of the City of New York is
American trustee for notes, and the Deutsche Bank, Berlin,
German trustee for notes.
Information regarding the Bank contained in advices to
Blair & Co., Inc., dated March 3 1927 from Max Schroeder
and Albert Fischer, Managing Directors of the Bank and
Walter Von Hippel, General Director of the Association,
is summarized in part as follows:
History.—The Bank of the East Prussian Landowners Association (Bank
der Ostpreussischen Landschaft—hereinafter called the Bank) was established in 1869 by the East Prussian Landowners Association (Ostpreussische
Landschaft—hereinafter called the Association) to perform the financial
functions of the Association, primarily the distribution and service of its
land mortgage bonds. The Association owns all the present capital of the
Bank, amounting to 4,000.000 Goldmarks (about $950,000).
East Prussian Landowners Association was created by Royal Decree in
1788, for the purpose of providing capital for agricultural development in
1450
THE CHRONICLE
the Province of East Prussia. It is one of the oldest "Landschaft" (Agricultural Credit) organizations in Germany. All rural landowners in East
Prussia owning lands valued at or above a certain minimum amount are
required by law to affiliate with the Association. The Association has no
share capital and is not operated for profit. Its operations are under the
direct supervision of the Free State of Prussia. By law of May 7 1924, the
Association is authorized to issue land mortgage bonds Pfandbriefe) in
terms of Goldmarks and secured by an equivalent amount of individual
first mortgages on productive agricultural property. As of Dec.31 1926, the
Association had outstanding the equivalent of approximately $51,638,000
land mortgage bonds and $6.376,000 other obligations, all secured by
Individual first mortgages. All interest and other payments due to the
Association under the Individual first mortgages are enforceable in the same
manner as taxes are collected by the Government without appeal to any
Court and the Association's claims rank prior to all government taxes with
the exception of a few minor ones. As the land mortgage bonds of the
Association can only be issued if the underlying mortgages are first mortgages. the Association's claims rank prior to any other creditors' claims and
judgments.
Purpose.—The proceeds of the three-year 6% notes are to be used by the
Bank solely for the purpose of granting the Association a three-year 6%
goldmark loan equivalent in principal amount at the rate of 4.20 goldmarks
to the dollar, to the principal amount of this issue of dollar notes. The loan
to the Association will be made under the terms of a goldmark loan agreement providing for the deposit with the Bank, as security for the loan, of
goldmark land mortgage bonds of the Association of a principal amount
equivalent in goldmarks to the aggregate principal amount of the notes
outstanding and bearing interest at the rate of at least 6%. The Association will use the proceeds of the goldmark loan to refund outstanding 8%
land mortgage bonds with 6% land mortgage bonds.
Security.—These $7,000.000 three-year 6% agricultural mortgage collateral gold notes will constitute the direct and unconditional obligation of the
bank and will be secured by the assignment to the trustees of all the Bank's
rights under the goldmark loan agreement with the Association and by pledge
with the trustees of the goldmark land mortgage bonds of the Association
deposited with the Bank as security for the goldmark loan. Pending the
deposit with the German trustee of the goldmark land mortgage bonds, the
net proceeds of the sale of the notes will be deposited with the American
trustee as security for the notes, to be withdrawn pro rata as the goldmark
land mortgage bonds are deposited in definitive form.
The Bank further undertakes to keep on deposit with the American trustee bonds listed on the New York Stock Exchange of the character described
in the trust agreement, of an aggregate principal amount equal to one semiannual interest payment on this issue of notes and will also covenant to
maintain at all times a paid-in capital equal to at least one-sixth of the
principal amount of the notes outstanding.
The land mortgage bonds of the Association constitute a legal investment
Is Germany for widows, orphans and trustees funds.
Conversions of goldmarks into United States currency were
made at the rate of 4.20 goldmarks to the dollar.
The three-year 6% notes of the Bank of the East Prussian
Landowners Association will be registered in the name of
and will be payable to the Chase National Bank of the City
of New York and will be deposited with and held by the
Bank for the pro rata benefit of the holders of these participation certificates. It is expected that delivery will be
made about April 1 1927 in the form of interim receipts or
temporary or definitive participation certificates.
[vol.. 124.
The capital is reported as $850,000; surplus and profits,
$47,043; reserve (legal), $122,000, and reserve for real estate
depreciation, $31,312. The amount of Farm Loan bonds
outstanding is given as $8,653,500.
Offering of $3,000,000 7% Sinking Fund Gold Bonds of
Mortgage Bank of Colombia—Issue Sold—
Books Closed.
Baker, Kellogg & Co., Inc., and Ames, Emerich & Co.,
Inc., offered on March 10 an issue of $3,000,000 Mortgage
Bank of Colombia (Banco Hipotecario de Colombia)
twenty-year 7% sinking fund gold bonds of 1927. The
books were closed later in the day, the bonds, it was announced, having been sold. The issue was offered at 971 2
/
and accrued interest, to yield over 7.23%. The proceeds
of the loan will be used to retire outstanding mortgage
bonds of higher coupon rate, to reimburse the bank for
mortgage loans already made but against which mortgage
bonds have not as yet been issued, and to effect additional
mortgage loans. The $3,000,000 issue is part of an authorized issue of $5,000,000. The bonds will be dated Feb. 1,
1027, and will mature Feb. 1, 1947. A cumulative sinking fund commencing Aug. 1, 1927, operating semi-annually,
is calculated to retire the entire issue by maturity through
purchases in the open market below par or drawings at
par. The bonds are redeemable (otherwise than through
the sinking fund) as a whole or in part on any interest
payment date at 105 and accrued interest on or before
Feb. 1, 1932; thereafter the premium decreasing 1% per
annum to and including Feb. 1, 1936, and redeemable after
that date at the principal amount of the bonds and accrued interest. The bonds, coupon, in denominations of
$1,000 and $500, will be registerable as to principal only.
Principal and interest (February 1 and August 1) payable
in New York City at the principal office of International
Acceptance Securities and Trust Company, Trustee, in gold
coin of the United States of America of or equal to the
standard of weight and fineness existing on Feb. 1, 1927,
without deduction for any taxes, present or future, levied
or imposed by the Republic of Colombia or by any taxing
authority therein or thereof. Regarding the bank and the
security behind the bonds official advices state:
Business.
The Mortgage Bank of Colombia (Banco Hipoteeario de Colombia),
is the oldest and largest mortgage bank in Colombia.
It was incorporated in 1910 pursuant to the terms of a contract with the
national government. Located in Bogota, its business extends throughout the Republic of Colombia and consists chiefly in the granting
of long-term loans secured by first mortgages on improved city and
agricultural property and in making secured loans to the government
and governmental subdivisions. All mortgage loans which the Bank
makes are, and have been since the foundation of the Bank, payable
in gold coin.
The total value of property mortgaged to the Mortgage Bank
of
Colombia as security for loans, at the original appraised value of such
properties, amounted on February 1, 1927 to $28,740,248. Mortgage
loans against these properties totalled 37.9% of this amount or $10,904,599, while mortgage bonds (cedulas) outstanding amounted to
$9,411,130 or less than one-third (32.7%) of the property valuation.
The losses sustained by the Bank on the entire amount of mortgage
loans made since the Bank's organization have been but four hundredths of one per cent (.0004).
Offering of $760,000 431% Farm Loan Bonds of Fremont
/
Joint Stock Land Bank.
C. F. Childs & Co. offered on March 8 a new $750,000
issue of Fremont (Neb.) Joint Stock Land Bank, 43
4%
farm loan bonds at 1013.i and accrued interest to yield
about 4.58% to the redeemable date (1936) and 4.75%
thereafter. The bonds, dated Oct. 1 1926 and due Oct. 1
1966, are exempt from Federal, State, Municipal and local
tax, and are secured by first mortgages on farm lands and
United States obligations. The bonds are redeemable at
par and accrued interest on Oct. 1 1936 or on any interest
date thereafter. They are coupon bonds in denominations
of $1,000, $5,000 and $10,000. Principal and interest
Security.
(April 1 and Oct. 1) are payable at the Equitable Trust Co.,
The bonds of this issue are the direct obligation of the Mortgage
New York; Omaha National Bank, Omaha, Neb.; or at Bank of Colombia. Under express provisions of Colombian law,
all mortgages held
the Fremont Joint Stock Land Bank, Fremont, Neb. The outstanding mortgageby the Bank constitute specific security for its
bonds. The amount of such outstanding bonds
Fremont Joint Stock Land Bank operates under Charter is by law limited to an amount not exceeding the mortgage loans in
No. 14, dated April 17 1919. In February, 1921, it took force. Further, by the terms of the Trust Agreement, under which
these bonds are to be issued, the Bank has agreed to make no mortover the Peters Joint Stock Land Bank of Omaha, Neb. gage loans in excess of
50% of the appraised valuation of mortgaged
In July 1924, the Fremont Joint Stock Land Bank was property except that such loans may be made up to a maximum of
placed under the same management with the Lincoln Joint 60% of such appraised valuation, provided the loan is approved by
two-thirds of the Board of Directors of the Bank.
Stock Land Bank. The Fremont and Lincoln Banks are
The Mortgage Bank of Colombia, during its entire existence has
operated from the same headquarters in Lincoln, Neb., punctually paid principal and interest on all of its outstanding bonds.
A condensed balance sheet and statement of earnings of
but retain their separate identity in all respects. The corporate office of the Fremont Joint Stock Land Bank is at the bank for the fiscal year ending Dec. 30 1926 is furnished
Fremont, Neb. About one-fifth of the bank's loans are as follows:
Balance Sheet as at December 30 1926.
in Iowa and four-fifths are in Nebraska. Dividends were
Assets—
8% per year from July 1 1921 to Jan. 1 Cash and deposits in banks
paid at the rate of
$570,460.34
Loans and discounts
1,747,494.40
1923. From Jan, 1 1923 to Jan. 1 1927, the dividend rate Rediscounts
675.620.67
Accounts receivable
801,978.10
was 9%. On Jan. 1 1927, the rate was reduced to 7%. Interest receivable
406,653.97
owned
179.515.27
The following analysis of Loans as of Jan. 31 1927 is fur Securities furniture and fixtures
Buildings,
276,879.36
Mortgage loans
nished:
10.197,274.50
Total laans-916
$9.680,350 00
Princip Al payments
$361,320 60
Appraised value of land and buildings
$24,641.545 00
Total acres mortgaged
311.397 42
Average amount loaned per farm
$10.568 00
Average number of acres per Farm
339 95
and buildings
Average appraised value per acre of land
$79 11
Average amount loaned per acre
$31 00
Percentage of amount loaned to appraised value of land and
buildings
89.28%
Miscellaneous, deferred accounts,&c
Liabilities—
Deposits
Liability for rediscounts
Mortgage bonds outstanding
Miscellaneous creditors
Capital, surplus and undivided profits
779,406.60
$15,635,283.21
$2,168,227.28
675,620.67
9,472,642.25
265.693.35
3.0.53.099.66
$16.635.283.21
MAR. 12 1927.]
THE CHRONICLE.
Statement of Earnings for Year Ending December 30 1926.
$1,502,631.03
Gross earnings from all sources
Less operating expenses, including interest, except interest
342,707.51
on outstanding mortgage bonds
Net for payment of interest on outstanding mortgage bonds..
Interest requirements of outstanding mortgage bonds
Net earnings
1,159,923.52
675,105.25
$484,818.27
Reference to a previous offering of $6,000,000 7% gold
bonds of the Mortgage Bank of Colombia was made in our
issue of Dec. 4, 1926, page 2842.
1451
To stimulate home building and buying of lumber, the association, it was
announced, is now carrying on a State-wide advertising campaign in
newspapers and magazines through dealers to whom the necessary advertising material is furnished.
A proposal to establish a centralized purchasing agency for the lumber
dealers of the State was not regarded favorably by the convention.
Delegates, speaking in opposition to the project, said it is not practical,
would destroy necessary contact between buyer and seller and would make
it difficult for dealers to obtain specific types of material desired.
Farming Season Getting Under Way Early.
The agricultural season is getting under way early this
United States Department of Agriculture Announces year, according to the March 1 report of the Bureau of
Agricultural Economics, United States Department of AgriInternational Meeting in Washington March 14 to
culture, on the farming situation. In stating this March 2
Approve Copies of Cotton Standards.
Representatives of European cotton associations and the Department adds:
and crop growth in the South are reported as progressing
Spring
exchanges will meet with representatives of the Department rapidly. work fruit trees were in full bloom by the middle of February in
Many
of Agriculture and of the American cotton industry at Wash- the Gulf States and even farther north. Shipments of early truck crops
heavy, the daily movement lately running abound 100 cars of
ington March 14 for the purpose of approving copies of the have beencars of tomatoes and 12 cars ofstrawberries from
Florida; 200 cars
celery, 25
Universal Cotton Standards for use by the Department of of lettuce from the Imperial Valley, and 75 cars of spinach from Texas.
Agriculture and the arbitration committees of the European The dairy outlook in the Eastern States is considered good for the year.
in the more southern areas of
associations during the two-year period beginning Aug. 1 Field work has been begun throughout the belt is unfit to the corn belt,
work as yet.
although the land generally
1927. Biennial meetings for the purpose of approving
Winter wheat growth and condition are reported as fairly good. Live.
copies of the standards are provided for by agreements stock have wintered well. Hog raisers are optimistic. There is talk of
hog
this year, depending, however, on corn prospects.
between the Secretary of Agriculture and the leading cotton increasedbeingbreedingthe southern portions of the wheat belt, with earlier
sown in
Oats are
exchanges of Europe under which the European exchanges sowings already up. Wheat looks good in the eastern part of the belt; but
have adopted the official cotton standards of the United not so good in the West. Late snows helped grain in western Kansas.
States for American Upland cotton, known as the Universal The spring wheat territory is none too optimistic following a lean year.in
Spring work is well under way on the Pacific coast. Fruit is in bloom
Standards, as the basis of all their contracts in which grades the north, and winter grain is growing rapidly. Earlier field crops generally
specified for the purchase and sale of American cotton. are doing well. There is an excellent stand ofsugar beets in the Sacramento
are
and vegetables are being made
Invitations have been sent to the following American organ- Valley. Heavy shipments of oranges,lettucethat "the South probably will
from southern California. The report says
izations to send representatives to the conference:
considerably more corn and other feed crops this year, so that if
grow
Texas Cotton Association, Atlantic Cotton Association, Oklahoma State acreages are sustained elsewhere a good growing season might bring another
Cotton Exchange, Arkansas Cotton Trade Association, Southern Cotton year of cheap feed stuffs. Nevertheless, the farm community is in much
Shippers Association, California-Arizona Cotton Association. Staple Cotton better position to make a profit out of low-priced feed crops this year than
Co-operative Association, Cotton Textile Institute, American Cotton Manu- from low-priced cash crops."
facturers Association, National Association of Cotton Manufacturers, New
The department's index of purchasing power of farm products in terms of
England Cotton Buyers Association, the American Cotton Growers Ex- non-agricultural commodities is placed at 81 for January, against 80 in
change, Arkwright Club, New York Cotton Exchange, New Orleans Cotton December, the five pre-war years being considered as 100. This compares
Exchange, and the Board of Trade of the city of Chicago.
with 88 the previous January and 84 two years previous.
The department economists see nothing in the business situation which
The following European organizations will be represented offers any outstanding signals so far as the plans of farmers might be conat the meeting: Manchester Cotton Association, /s/'an- cerned. The general presumption is that the domestic market will continue
chester,England;Bremer Baumwollborse,Bremen,Germany; to absorb farm products this year "about as usual."
Federation of Master Cotton Spinners, Manchester, England; Associazione Cotoniera Italiana, Milan, Italy; Syndicat Plans for Campaign for Control of Corn Borer Outlined
at Conference Called by Secretary of Agriculdu Commerce des Botons au Havre, Havre, France; Liverture—Proposed State Legislation.
pool Cotton Association, Ltd., Liverpool, England; Marche
A provisional program for the $10,000,000 campaign for the
de Coton a Gand; Centro Algodonero de Barcelona; Vereenicontrol of the corn borer recently authorized by Congress was
ging voor den Katoenhandel te Rotterdam.
outlined last week at a conference of representatives of five
Walker D. Hines of Cotton-Textile Institute, Inc. to State Departments of Agriculture, of extension divisions of
the State agricultural colleges, and the United States DepartVisit Cotton Manufacturing Centers.
Walker D. Hines, President of the Cotton-Textile Insti- ment of Agriculture, called by the Secretary of Agriculture.
tute, Inc.,left New York on March 4 to visit a number of the The Act authorizing the campaign provides for control work
important cotton manufacturing centers in the South. His in New York, Pennsylvania, Ohio, Michigan and Indiana.
itinerary will include: Greensboro, N. C., March 7th, It is estimated, says the Department of Agriculture, that a
Charlotte, N. C., March 8th, Spartanburg, S. C., March corn acreage of 2,500,000 acres on between 300,000 and 400,States will be included in the clean-up.
9th, Greenville, S. C., March 10th, Atlanta, Ga., March 000farms in these
The adoption of legislation looking toward the eradication
with mill executives have been
11th and 12th. Conferences
was referred to in our issue of
arranged in these cities by the southern members of the of the European corn borer
Department of Agriculture's anCommittee of the Institute for the purpose of Feb. 26, page 1159. The
Executive
nouncement of Feb. 28 regarding the campaign for control
exchanging views as to the manner in which the Institute
worksays:
best serve the industry. Mr. Hines recently visited a
may
The appropriation will become available as soon as necessary
centers including Fall River now pending in the Legislatures of the five States affected giveslegislation
number of New England mill
the State
and New Bedford and obtained a first-hand impression of Departments of Agriculture the necessary powers of quarantine and comcleanup required, together with authority to delegate such powers
pulsory
cotton manufacturing in that section. He hopes to be to the Federal workers employed under the Act. When this State legislafurther enlightened on the basic needs of the industry at the tion has been passed, steps will be taken immediately to put the Federal
regulatory organization in the field and begin the inspection of individual
serveral conferences to be held in the South.
Lumber Men Urge Novel Credit Plan—Financing of
Dealer by Wholesaler to Aid Trade Proposed.
Establishment of adequate credit systems, financing of
only experienced, substantial lumber dealers by wholesalers
and better co-operation with home builders were urged at
Atlantic City on March 3 by speakers before the forty-third
annual convention of the New Jersey Lumbermen's Association in the Hotel Traymore. A statement to this effect is
contained in Atlantic City, advices to the "Journal of
Commerce," the account also stating:
That lumber prices are fairly stable and will continue so without appreciable increase or decrease was the prediction of speakers. There was a division of opinion as to the business prospects for this year.
Among other plans to stimulate the lumber business of the State is
primarily that of aiding the home builder, it was said by Edward Hamilton,
of Paterson, President of the Association.
Where warranted, the fullest possible credit should be extended, he said,
making it easy for those of moderate means to build and own their dwellings.
In the matter of credit, however, several speakers, including Andrew Ii.
Dykes, of Hackensack, emphasized the need of arranging payment terms in
advance of, rather than after. delivery.
farms in the control area. The inspectors will notify farmers of the necessary measures which they must take,according to the provisional regulations
adopted by the conference of State and Federal workers.
These regulations require the burning or satisfactory destruction of all
cornstalks, remnants of stalks and corn cobs, either in the field, the feed
lot, the barnyard or around canning factories and other process agents,
unless ensiled or shredded. The'corn fields must either be plowed to such
a depth that no stalks, pieces of cobs or other corn remnants appear on the
surface when it is plowed, disced, harrowed, planted or cultivated, or, if
not plowed, the fields must be cleared by pulverizing all corn remnants.
It is expected,that individualfarmers voluntarily co-operating in the clean-up
will take these necessary measures by May 1. Following May 1. all infested farms will be reinspected. If reported as meeting all requirements as
• to control measures, the individual farmer will be reimbursed not to exceed
$2 00 an acre for field corn and not to exceed $1 00 an acre for sweet corn
on which he is obliged to undertake operations in addition to those nromal
and usual in farm operations at this season.
Where the regulations have not been complied with, either intentionally
or unintentionally, the Federal regulatory force under the authority of the
State Department of Agriculture will conduct the necessary clean-up with
Its own special machinery and crews. The farm cost of such enforced
clean-up will be charged to the individuals on whose farms the work is done
and will be collected on the same basis as taxes by the State authorities
under the authority which the State legislation now pending will give them.
The funds collected in this way by the State authorities which represents
expenditure of Federal money will be turned over to the 'United States
Treasury as provided for in the Federal Act and pending State legislation.
1452
.1.11/, CHRONICLE
Prior to May 1, according to the provisional program, the Federal
forces
will also give a large number of local field demonstratio
ns in the selection
and operation of machinery most effective in borer control
work as part of
an intensive educational and publicity campaign
to be put on in co-operaiton
with the Department Extension Service, the extension
divisions of the State
agricultural colleges and county extension agents.
This supplementary
campaign will consist of holding educational field meetings,
the organization
of county and local committees in the interest of voluntary
clean-up of the
borer, supplying information to the press and other news
agencies, and the
distribution of educational material through the extension
forces.
Magnitude and Operations of Federal Land Banks and
Joint Stock Land Banks as of Dec. 31 1926.
Farm Loan bonds outstanding of $1,059,216,615 were reported in the consolidated statement of condition of the
twelve Federal Land banks at the close of business on Dec.
31 1926. On the same date the Joint Stock Land banks
showed Farm Loan bonds outstanding of $605,261,500. The
June 30 1926 figures were given in these columns July 31,
page 524. Below we give the Dec. 31 figures as made public
by the Federal Farm Loan Board:
[Vox. LIAL
We also append the following statement showing loans
closed, segregated by States, by Federal and Joint Stock
Land banks from organization to Dec. 31 1926:
States.
Loans Closed
by Federal Land
Banks.
No.
Maine
2,859
Newilampahlre
584
Vermont
1,317
Massachusetts- 1,597
Rhode Island
133
Connecticut... 1,412
New York._... 6,982
New Jersey
1,229
Virginia
12,262
Maryland
1,126
Delaware
127
Pennsylvania
6,045
West Virginia_ 3,902
North Carolina 11,999
South Carolina 7,160
Georgia
11,279
Florida
4,110
Tennessee
10,950
Kentucky
9,211
Indiana
12,403
Ohio
6,284
Alabama_
22,369
Louisiana
13,729
MississiPPL --- 26,014
Illinois
6,801
Missouri
9,907
Arkansas
15,860
North Dakota_ 11,123
Minnesota.... 10,649
Wisconsin
8,447
Michigan
10,033
Iowa
9,419
Nebraska
9,539
South Dakota. 6,545
Wyoming
2,628
Kansas
10,312
Oklahoma
8,337
Colorado
9,394
New Mexico-. 5,586
Texas
51,274
California
8,618
Utah
5,342
Nevada
284
Arizona
1,554
Idaho
7,650
Montana
8,623
Oregon
7,260
Washington- 13,264
Porto Rico_
3,236
Amount.
Loans Closed
by Joint Stock Land
Banks.
No.
Amount.
Totalloans Closed
by Federal and Joint
Stock Land Banks.
No.
Amount.
$
$
$
7,930,950
2,859
7,930,950
1,301.575
584
1,301,575
3,891,500
1,317
3,891.500
4,515,205
1,697
4,515,205
432,450
432,450
133
4,774.250
1,412
4.774.250
23,492,940 1,848
10,515,250 8,830
34,008,190
4,870,150
436
2,328,700 1.665
7,198.850
32,813.833 2,119
10,087,050 14.381
42,900,883
4,523,500
556
3,643,800 1,682
8,167.300
424,1300
127
424.000
16376,200 2,083
8,374.200 8.128
24,550.400
7.684.250 2.307
7,552,200 8,209
15,236,450
23,671.650 10,475
36,802,900 22,474
60,474,550
20,843.460 2,550
14.464,400 9,710
35,107,860
26,993,435 1,397
7,441,300 12.676
34,434,735
7,748.370
4.110
7,748,370
27,340,800
773
3,597,400 11,723
30,938,200
28,815,200 2,313
13,884.700 11,524
42.699.900
44,979.000 7,471
42,114,484 19,874
87,093,484
24,591,500 6,340
31.049,250 12,624
55.640.750
41.476.970
796
5,469.600 23.165
46,946.570
33,799,565
64
1,179,700 13.793
34,979,265
51,858,620
513
8,444,300 26,527
60,302,920
34,941,405 8,901
79,013,845 15,702 113,955,250
32,597,060 4.425
35,526,410 14.332
68,123,470
27.749,510 1,433
13,594.400 17.293
41.343.910
44,098,000
807
4,737,800 11.930
48,835,800
48,146,900 4,877
43,334,722 15,526
91,481,622
33,602,200 1,202
6,219,250 9,649
39,821,450
26,508,400 1,664
8.039,200 11,697
34,547,600
75,163,150 9,397 117,028,045 18,816 192,101,195
51,937,090 3,454
31.679,790 12,993
83.616,880
33,126,950 1.900
16.517,420 8.445
49,644,370
8,406,100
711
5,416,300 3,339
13.822,400
43,347,950 4,547
31,055,700 14,859
74,403,650
23.208,800 1.114
6,293,950 9,451
29,502,750
28,565,700 1,148
7,782,100 10,542
36.347.800
12,296,100
5,586
12,298,100
148,527,591 10,651
80,403,376 61,925 228,930,962
33,801,900 2,288
29,328,900 10,906
63,130,800
16,980,000
166
805,800 5,508
17.785,800
1,432,700
29
560,700
313
1,993,400
6,568.800
391
2,818,700 1,945
9,387,500
27,358.295
779
3,728,900 8.429
31,087,195
26,092,490
346
2,076,400 8.969
28,168,890
24,695,380 1,080
12,385,450 8,340
37.080,830
37.039.270
212
2,358,500 13,476
39,397,770
9,733,200
3,236
9,733.200
CONSOLIDATED STATEMENT OF CONDITION OF THE TWELVE FEDERAL LAND BANKS AT THE CLOSE OF BUSINESS DEC. 31 1926.
(As Shown by Reports Submitted to the Farm Loan Board.)
Assets
Net mortgage loans
31,077,818,724 32
Interest accrued but not yet due on mortgage loans
16,875,323 22
United States Government bonds and securities
27.496,963 48
Interest accrued but not yet due on bonds and securities
285,544 80
Other interest accrued but not yet due
13,737 45
Cash on hand and in banks
15,832,243 99
Notes receivable, acceptances, erc
4,167,213 90
Accounts receivable
1,990,688 20
Installments matured (in process of collection)
2,249,979 27
Banking houses
2,561.709 90
Furniture and fixtures
255,473 36
Sheriffs' certificates, judgments, arc. (subject to redemption)
4,990,416 64
*Other assets
573.597 33
Total assets
*1,155,111,61586
Liabilities
Farm Loan bonds outstanding
$1,059,216,615 00
Interest accrued but not yet due on Farm Loan bonds
15,025,345 93
United States Government deposits
Notes payable
1,550.831 78
Accounts payable
780,886 97
Other interest accrued but not yet due
11,127 92
Due borrowers on uncompleted loans
682,563 17
Amortization installments paid in advance
2,074,207 79
Farm Loan bond coupons outstanding (not presented)
2,147,863 80
Dividends declared but unpaid
2,061,812 10
Other liabilities
371.791 39
Total liabilities
$1,083,923,045 85
Total
416.768 1,300,674,314 103,563 747,654,886 520,331 2,048,329,200
Net Worth
Capital stock United States Government
81,058.885 00
National Farm Loan Association
56,073.365 00
Borrowers through agents
National Association of Real Estate Boards to Study
620,025 00
Individual subscribers
115 00
Abuses in Real Estate Mortgage Bonds-Hearing
Total capital stock
$57,752,390 00
Before Congressional Committees on AdminisReserve (legal)
9,203,600 00
Surplus, reserves, la
trative Changes in Federal Revenue Act.
52,043 75
Undivided profits
4,180,536 26
A special committee to study the matter of real estate
71,188,570 01
Total liabilities and net worth
*1.155.111.61586 bond issues, and to take action on
steps designated to proMemoranda
Total net earnings to Oct. 311926
$43,799,891 65 tect investors against unsound practices in the issue of real
*Less real estate acquired, charged off
11 351.757 80 estate mortgages
and bonds will be appointed by the NaNet earnings available for distribution
*32,448,13385
Distribution of net earnings:
tional Association of Real Estate Boards, according to
Dividends paid
317,932,401 34
Carried to suspense account
action taken at its annual business meeting held in Miami,
900,562 47
Banking house charged off
178,989 53
Fla., in January. According to an announcement on
19,011,953 34
Carried to surplus reserve, arc
Jan. 14 the association adopted resolutions formulated by
$52,043 75
Carried to reserve (legal)
9,203,600 00
its Mortgage and Finance Division and constituting a platCarried to undivided profits
4,180,536 26
Balance now carried
32,448,133 35
Capital stock originally subscribed by United States Government
Amount of Government stock retired to date
Capital stock held by United States Government
$4,892,130 00
7,833.245 00
81,058,885 00
•All real estate acquired through foreclosure or by deed is charged off immediately upon acquisition.
CONSOLIDATED STATEMENT OF CONDITION OF THE SEVERAL
JOINT
STOCK LAND BANKS AS SHOWN BY REPORTS SUBMITTED
FARM LOAN BOARD AT CLOSE OF BUSINESS DEC. TO THE
31 1926.
Assets
Net mortgage loans
$632,475,528 51
Interest accrued but not yet due on mortgage loans
10,316,573 66
United States Government bonds and securities
13,632,510 74
Interest accrued but not yet due on bonds and
securities
92,569 99
Other interest accrued but not yet due
17,305 84
Cash on hand and in banks
11,820,965 86
Notes receivable, acceptances, ace
1,432.973 67
Accounts receivable
1,386,522 13
Installments matured (in process of collection)
2,283,682 90
Banking houses
1,085,137 60
Furniture and fixtures
195,614 44
Sheriffs' certificates, judgments, am. (subject
to redemption)
2.259.99251
Real estate
4,695,571 90
Other assets
1,850,180 72
Total assets
$683,545,130 47
Liabilities
Farm Loan bonds outstanding
*605.261,50000
Interest accrued but not yet due on Farm Loan bonds
7,223,905 47
Notes payable
7,187,890 31
Accounts payable
1,263,594 17
Other interest accrued but not yet due
68,684 53
Due borrowers on uncompleted loans
1,729,515 74
Amortization installments paid in advance
1,769,582 64
Farm Loan bond coupons outstanding (not presented)
1,371,892 50
Dividends declared but unpaid
737,696 90
Other liabilities
554.927 74
Total
--------------------------------------------2627,169,100
00
Net Worth-Capital stock paid In
344,739,620 24
Surplus paid in
1,773,507 75
Surplus earned
1,471,826 07
Reserve (legal)
4,829,865 00
Other net worth accounts
1,359,571 28
Undivided Profits
2,201,550 13
56.375,94947
$683,545,130 47
form of principles for the making of sound real estate bond
issues. These principles will be the basis for the committee's work. "The sale to the public of bonds based on
real estate securities has grown enormously in the past few
years, to the great advantage both of the public and of real
estate interests. While such issues have in an overwhelming
percentage of cases proved desirable investments, nevertheless in a limited number of cases certain abuses have crept in,
which have been brought to the attention of this organiza,
tion; and it is felt that no effort should be spared to keep
such bonds on the highest possible plane, and to protect the
investing public from any losses thereon," the association
states in resolution creating the committee and formulating
a statement of the general conditions of sound real estate
mortgage bond practice. The resolution authorizes the
committee to consider and take action on steps designated
to remedy certain practices of some underwriters of mortgage
bonds, and to co-operate so far as it may deem feasible with
committees of other organizations formed to accomplish
the same ends. It asks that the committee take note of
and give careful consideration to the following expressions of
opinion formally adopted by the Mortgage and Finance
Division of the association:
I. That speculative risks should not be assumed by holders of first
mortgage bonds.
2. That money held for specific construction should be absolutely
protected against appropriation for other purposes.
3. That the loans represented by bond issues sold to the public should
be limited to an amount which experience has demonstrated is safe and
conservative.
4. That circulars and advertisements should fully, frankly and adequately disclose all pertinent information relative to the issues offered.
5. That the title "first mortgage real estate bonds" should be used
only when the bonds are a first lien on both land and building, and that
leasehold bonds should invariably be so characterized.
MAR. 12 1927.]
THE CHRONICLE
6. That mortgage houses should assume full responsbility for appraisals
on which they base their issues.
7. That every real estate bond issue should provide for amortization
of the debt, to offset depreciation and obsolescence and to liquidate the
debt in an orderly manner.
8. That all appraisals should be conservative, taking into account both
physical valuation and earning power.
1453
66% higher than in 1914, just before the war. Average weekly wage earnings at the beginning of the current year, however, were 116% higher than,
or more than double what they had been in 1914, leaving the wage earner
28% better off than he had been before the war as regards the purch.ming
power of his weekly pay.
The most important factor in determining the living costs of people of
moderate means Is food, expenditures for food representing about 40%
or more of the wage earner's necessary living expenses. Following a rise
throughout the last four months of 1926, living costs in January of the
current year again resumed the downward tendency which had been under
way ever since November 1925. This was the result chiefly of a decline
of nearly 2% in retail food prices from December to January.
Wholesale commodity prices are again about at the low level reached in
1921, after a fairly steady decline since August 1925. The rapid decline in
the price of farm products has been the chief factor in the decline of wholesale commodity prices which began in the middle of 1925, but it failed to
have a proportionate effect on retail food prices, the gap between wholesale
and retail food prices having shown a tendency to widen since the summer of
1926, according to the Conference Board.
The association further adopted the report of a special
committee recommending legislation that would put in the
hands of the trial judge the power to designate persons to
serve as expert witnesses as to real estate valuations in
court cases. It reviewed the need of adjustment of the
Federal Revenue Act in regard to real estate sales, which
need it has recently brought before the Finance Committee
of the Senate and the Ways and Means Committee of the
House in a formal brief, a hearing on which has been granted
for the last week in January. It endorsed a general program
Garard Trust Company of Chicago Lowers Interest
of State legislation in matters affecting real estate.
Rate on Real Estate Bond Issues.
Amendments were passed to the constitution of the assoThe following advices come from the Garard Trust Co. of
ciation which will make possible a closer working relationship between the National Association and the 31 existing Chicago:
As a result of the country-wide decline in interest rates, the real estate
State and Provincial real estate associations, and which will
issues made by Garard Trust Co. after March 1 will bear interest at
various State groups of real estate boards repre- bond of 6%. The company's policy has always been conservative and
give the
the rate
sentation upon the National Association's board of directors. its decision to reduce its coupon rate of interest is on a line with other conC. C. Hieatt of Louisville, Ky., was formally inducted servative investment houses. practically doubled during the past two years,
The company's business has
into office as President of the Association for the year 1927, the increase being not only in the number of its individual and institutional
clients but also in the total amount of sales.
succeeding Robert Jemison Jr. of Birmingham, Ala.
With Mr. Hieatt were inaugurated Fred E. Reed of
Oakland, Calif., First Vice-President; Joseph K. Brittain of Percentage of Income of Real Estate Brokers Paid in
Chicago, Treasurer, and other officers for the year.
Advertising, Rent, Commissions and Salaries.
Real estate brokers pay out an average of 5.6% to 8.17%
Resolution of Governors of Mortgage Bankers' Associa- of their gross incomes for advertising, according to a report
tion of America Requiring Members to Place with
on the cost of doing a real estate broker's business which
Separate Trustees Funds from Sales of Bonds
has just been made to individual members of the Brokers
Issued Against Buildings in Course of
Division of the National Association of Real Estate Boards.
Construction.
In its advices, issued under date of March 2,the Association
At the close of a meeting of the Board of Governors of also says:
Rent represents
the Mortgage Bankers' Association of America, held in the report states. 2.29% to 4.19% of the real estate broker's gross income,
Chicago, Feb. 22, it was announced that a resolution had
The percentages given are for brokerage firms whose gross incomes are
been adopted providing that the Board in the future will under 850,000. Real estate firms whose incomes are in the class above
$50,000, the study finds, are paying out larger proportionate amounts in
refuse membership in the Association to real estate bond commissions than are the firms in the sub-$50,000 group. The salaries
houses that do not place with separate trustees the funds which are paid, however, are smaller in proportion to the firm's gross
in the first group.
than
realized from sales of bonds issued against buildings in course incomefiguresis the casethe preliminary findings of a committee of
The
given are
77 which
of construction. The resolution follows:
appointed by the Division a year ago. The findings are based on
was
Whereas, the Board of Governors of the Mortgage Bankers' Association confidential reports from leading real estate brokerage firms of the country.
of America in meeting assembled do and have always looked with disfavor giving in detail their financial statement of their expenditures and income
upon the practice followed by some companies of offering to the public for the year.
The report gives specific findings as to proportions of gross income which
bond issues secured by mortgages on real estate for construction purposes
where the funds for such construction are not segregated and deposited are actually being paid by the brokerage offices reporting in the four items
with a disinterested corporate trustee; now therefore,
of advertising, rent, commissions, and salary. The study is being made
Be it Resolved that this Board of Governors declines to accept for member- so that members of the Division may be given specific data to aid in preship mortgage bond firms unless such firm subscribe to a rule of practice paring operating budgets, planning sales campaigns, measuring the effithat whenever a loan is made for construction purposes, the funds for such ciency of their own business, &c. In particular, the results of the study are
purpose arising from the sale of bonds to the public, shall be segregated and expected to be valuable as a standard by which to measure the various
kept apart as a separate entity from the funds derived from the sale of factors of a brokerage business in order to judge the efficiency ofthe business
bonds of other issues and deposited with a bank or trust company( with as a whole. In order to offset the fluctuations in cost of any one year it Is
capital and surplus commensurate with the amount of such deposit).to be planned to carry the study on through a period of years. George P. Ellis,
used only upon the enterprise for which such bonds are sold.
of Chicago. consulting accountant for the National Association, worked
The President of the Mortgage Bankers' Association, with the committee in analyzing the findings. The classification ofaccount*
used by the committee in making
adopted by large
E. D. Schumakker who is President of the Southern Bond & number of the firms reporting for the study has beenbookkeeping,aand is
their own business
Mortgage Co. of Richmond, Va., issued a statement con- recommended by the National Association for the use of real estate brokers
cerning the action of his Board at its Chicago meeting, in generally.
which he said in part:
In 1926 a large Eastern bond house, not a member of our Association,
failed for about fifty million dollars. This was only a drop in the bucket
compared with thousands of mortgage and bond firms that continued
solvent and handled millions of dollars daily without loss to anyone; but
the man in the street, startled by the well merited publicity attendant upon
this sensational failure, began at once to assume that the first mortgage
Investment was open to suspicion after enjoying centuries of good repute.
How much actual harm this failure has caused among banks and mortgage
companies is debatable. Some feel that the example to the public, painful
as it was,improved conditions for the responsible companies. Certain it is,
however, that every danger signal in any business must be closely heeded;
so the Mortgage Bankers' Association has studied very carefully the general
situation in the real estate bond field—not only with the interests of the
members at heart, but also with a view to the welfare of investors large and
small who look to us for guidance and on whose good-will and confidence
our success depends.
Purchasing Power of Dollar of American Wage Earner
Fluctuated Little More Than 6% in Five Years.
The purchasing value of the dollar, as measured by living
costs for the American wage earner or other people of moderate means, has fluctuated little more than 5%, or only
about "a nickel" in case of a dollar purchase, during the past
five years, according to the National Industrial Conference
Board, 247 Park Avenue, New York, which on March 7 said:
The dollar now is worth, on the basis of living costs, Just about 60 cents
as compared with the pre-war (1914) dollar, and having fluctuated less
than 5 cents either way from this value since 1921. may be considered as
having become stabilized at this level, as contrasted with the severe fluctuations of the first few years after the war.
Average living costs as computed by the Conference Board during the year
1926 were slightly (1.8%)lower than in 1925, but in January 1927 were still
Call Money Market.
The following are the daily statements issued this week
by the New York Stock Exchange regarding the call money
market:
Mar. 7—Renewal,4%;high,4%;low,4%;last. 4%. Moderate turnover.
Money in supply.
Mar." 8—Renewal, 4%; high, 4%; low, 4%; last. 4%. Money freely
offered all day. Light demand.
Mar. 9—Renewal.4%; high. 4%;low, 4%;last, 4%. Light volume with
free supply of funds.
Mar. 10—Renewal,4%;high.4%;low.4%;last,4%. Moderate turnover.
Demand and supply both small.
Mar. 11—Renewal,4%: high, 4%;low.4%;last, 4%. Sufficient funds all
day at the renewal rate.
Statements of previous weeks have appeared weekly in
our issues since July 10 1926;the last statement will be found
on page 1296 of our issue of March 5.
Reports to New York Stock Exchange Show Incrase of
$117,673,041 in Brokers' Loans on Feb. 28, as
Compared with Jan. 31.
Figures of brokers' loans outstanding made public by the
New York Stock Exchange on March 7 reveal an increase
of $117,673,041 in these loans during the period from Jan. 31
to Feb. 28. On the latter date time and demand loans
totaled $3,256,459,379 as compared with $3,138,786,338 at
the end of the previous month. Of the Feb. 28 total,
$2,475,498,129 represents demand loans and $780,961,250
1454
THE CHRONICLE
time loans. The following is the statement issued by the
Stock Exchange on March 7:
Total net loans by New York Stock Exchange members on collateral,
contracted for and carried in New York as of the close of business Feb.28
1927. aggregated $3,256,459,379. The detailed tabulation follows:
Demand Loans. Time Loans.
1. Net borrowings on collateral from New York banks
or trust companies
52,084,852,422 8672.532,750
2. Net borrowings on collateral from private bankers,
brokers, foreign bank agencies or others In the City
of New York
390,645,707 108,428,500
82,475,498,129 $780,961,250
Combined total of time and demand loans
$3,256,459,379
The scope ef the above compilation is exactly the same as in the loan
report issued by the Exchange a month ago.
The monthly figures of the Stock Exchange since the issuance of the monthly figures by it, beginning in January of a
year ago, follow:
1926—
Jan. 30
Feb. 27
Mar.31
April 30
May 28
June 30
July 31
Aug. 31
Sept.30
Oct. 31
Nov.30
Dec. 31
1927—
Jan. 31
Feb. 28
Demand Loans.
$2,516,960,599
2,494,846,264
2,033,483,760
1,969,869,852
1,987,316,403
2,225,453,833
2,282.976,720
2,363,861.382
2,419,206.724
2,289.430.450
2.329,536,550
2,541,681,885
2,328,340,338
2,475,498,129
Time Loans.
Total Loans.
$996,213,555 $3,513,174,154
1,040,744,057 3,535,590,321
966,612,407 3,000,096.167
865,848.657 2,835,718,509
780,084.111 2,767,400,514
700,844,512 2,926,298,345
714,782,807 2,996,759,527
778,286,686 3,142,148,068
799,730,286 3,218,937.010
821.746,475 3,111,176,925
799,625,125 3,129,161,675
751,178,370 3,292,8E0.255
810.446,000
780,961,250
3.138,786,338
3,256,459,379
New York Stock Exchange Which Last Year Declined
to List Half-Voting Stock of International
Silver Co. Accords it Trading Privileges.
The renewal of the application of the International Silver
Co. for the listing of its stock on the New York Stock
Exchange has resulted in the granting of its request. In our
issue of June 5 of last year (page 3157) we printed an item
regarding the declination of the Exchange to list the shares
of the company because they are entitled to only one-half
vote each. In referring to this week's action of the Exchange
in relaxing its stand on non-voting stock, the "Times" of
March 10 had the following to say:
[Vol,. 124.
On the following day the envelopes would be delivered by the Clearing
House to the messenger of the broker to whom addressed. Differences,
if any, would be reconciled by direct communication between the brokers
concerned during the period intervening between receipt of the bills and
the 10th of the month, on which latter date credit memoranda covering
the amount of payment agreed upon in respect of each bill would be enclosed in envelopes addressed to the various creditor brokers and delivered
to the Clearing House for distribution on the next succeeding day, i.e..
the 11th, to the messengers who would call for them.
Upon receipt, these memoranda would be listed on a sheet to be submitted to the Clearing House on the 12th day of the month, together with
a draft covering the net amount due after itemized deduction of commissions payable to other brokers.
Similarly, debtor brokers would submit a sheet itemizing the credit
memoranda issued and debits deducted, and make payment of the net
amount due by delivery of a single check drawn to the order of the Clearing
House.
Complete settlement would be effected on the 13th of the month by
collection of the countersigned drafts by the messengers of the brokers
In whose favor they were drawn and subsequent deposit in their respective
banks.
It is estimated that 99% of monthly commission bills may be collected
by the foregoing clearance method, while its self-evident convenience
and economy, it is believed, would induce brokers not now members of
the Clearing House to join the proposed Commission Bill Department.
In making public the plan on March 8, the Association
said:
While we are not in a position to express an authoritative opinion, we
believe that if a substantial majority of Exchange members express a
willingness to co-operate in carrying out the plan in its general aspects,
arrangements can be made with the Clearing House to establish the proposed commission bill department.
Members of Foreign Exchanges to Be Admitted to Associate Membership in New York Curb Market.
The New York Curb Market issued as follows on March
10 the following notice of a change in its constitution, whereby
members of exchanges abroad may be admitted as associate
members of its organization:
•
The Board of Governors of the New York Curb Market at a meeting held
March 9 1927 adopted an amendment to Article XII, Section 6, of the
constitution of the Exchange.
The section before the amendment provided that applications for associate membership should be made by citizens of the United States or Canada.
Under the amendment this restriction Was removed.
The purpose of the board in adopting this amendment was to encourage
The first relaxation in the New York Stock Exchange's listing policy with trading transacted for foreign account in securities dealt in on the Curb
reference to stock voting rights came yesterday when its Governing Com- Exchange.
It is the present policy of the board to limit applications for associate
mittee admitted to trading privileges two issues of stock of the International
Silver Co., one of which gives to holders only limited voting power. By membership other than in the United States and Canada to individuals,
this action the Exchange in effect reverses the position it took last May themselves members of the London, Paris, Amsterdam and Berlin stock exchanges, or to individuals members of firms which are members of said
when this company unsuccessfully sought to have its shares listed.
No explanation accompanied the announcement of the listing of the exchanges.
The Curb Market calls attention to the following list of
stock, the Exchange preserving the silence which is customary when
admissions to its list are made public.
important foreign stocks traded in on the Curb Exchange:
The virtual rejection last May of the company's application to list its
Anglo-American Oil Co., Ltd.
two classes of stock, one of which entitles its holders to a half vote a share,
Anglo-Persian Oil Co., Ltd.
took place at a time when the agitation started by Professor William Z.
British-American Tobacco Co., Ltd.
Ripley against non-voting stocks was at its height.
Comtaulds, Ltd.
The Exchange made no announcement at that time regarding its action
Dresdner Bank (Berlin) (American shares).
on International Silver's application, but officials of the company said
General Electric Company (Germany).
after the withdrawal of the application that they had no intention of revisHudson's Bay Co.
ing their charter provisions to meet the Exchange's views. They have
Imperial Tobacco Co. of Great Britain & Ireland.
adhered to that position. The company is the largest manufacturer of
Rio Tinto Co. Ltd.
silverware in the world. Its headquarters are at Meriden, Conn.
Scottish-American 011 & Transport Co.
The stock now accepted for listing consists of $6,028,600of7% cumulative
Snia Viscosa.
preferred of $100 par and $6,080,100 of $100 par common. The preferred
Commenting on the action of the Curb Market the "Times"
stock gives holders one vote for each share, while holders of the common
have one vote for each two shares. All the stock listed is outstanding in the of yesterday (March 11) said:
hands of the public.
The Curb, by this unexpected action, has stolen a march on the New York
When it became known early this week that the company Stock Exchange. A bill was introduced in the State Legislature on March 7
by Assemblyman Hofstadter, amending the Personal Property law by makhad again sought to list its stock, the statement was made in
ing negotiable all certificates
bearer. Under the present
the daily papers that it was expected that the company would law, certificates for shares areof stock issued to of individuals. The sucissued in the names
change the voting powers of its stock. In denying this cessful passage of this legislation will make foreign certificates, which are
always drawn to bearer, acceptable collateral for bank loans in this State.
President George W.Wilcox was reported as stating on March This bill, in which
the Stock Exchange officials say they have no interest,
8 that the company had not considered and would not was drafted with the idea of removing restrictions on the trading in so-called
consider "any change in the voting power of our common "foreign bearer" shares and to facilitate dealings in such securities in their
original form. Banking interests, sensing the need of making the Stock
stock."
Exchange an international market in the real meaning of the term, are
understood to have urged the passage of the pending legislation.
Clearance of Commission Bills Through New Department of Stock Exchange Clearing House Proposed
by Association of Stock Exchange Firms.
.
In order to effect a substantial saving of work, time and
money, at present uselessly expended by members of the
New York Stock Exchange in settlement of commission
bills, The Association of Stock Exchange Firms announces
it is proposed, subject to the approval of the Clearing House,
to adopt the following plan, or a modification thereof,
whereunder collection would be effected through the Clearing
House. Such a plan, it is contended, would assure uniformity of practice, eliminate much of the detail, lessen
the accounting labor involved in the present method of
individual payment, reduce to a minimum the issuance
of checks, with subsequent saving of handling of bank
vouchers, &c.
The proposed plan follows:
On a designated date—say the third day of the month immediately
sumucling that in which commissions have been earned—brokers would
render their bills therefor in a sealed cover directed, in care of the Clearing
House, to the broker from whom payment is demanded.
Booklet Descriptive of History and Organization of
New York Curb Exchange.
A delineated description of the history and organization •
of the New York Curb Exchange is afforded in an illustrated
booklet issued by the Publicity Department of that institution, which also reproduces the growth of stock and bond
trading before and since the Curb Market entered its present
quarters June 27 1921. The strides made by the Exchange,
particularly during the last five years, is portrayed in the
booklet. It is announced that securities of more than 1,500
seasoned companies with a total par value of approximately
$14,000,000,000 in addition to 250,000,000 shares without
par value, are now traded in on the Curb Market, and,
according to the booklet, daily sales of stocks are running
on the average of 125,000,000 shares annually together with
a yearly turnover of about $500,000,000 in bonds. The
Curb,it is stated, has over 1,000 ticket machines in operation
and the service now ()Vends through a chain of cities as far
west as Chicago and extending into Canada. The Clearing
MAR. 12 19271
House of the New York Curb Exchange has expanded
appreciably, there being cleared over 300 issues, and a loan
post for borrowing stocks has been created on the floor.
It is also pointed out that most of the large banks in the
East now accept Curb names on certificates that are cleared
through the Clearing House of the New York Curb Exchange.
Royal Bank of Canada on Development of Canada's
Natural Resources—Review of Mineral Situation,
Aviation and American Financing in LatinAmerica—Imperial Mining and Metallurgical Congress.
This month's issue of the "Monthly Letter of the Royal
Bank of Canada" (March) contains a review of,the mineral
situation, a review of aviation in Canada and a story concerning the American financing of Latin-America. The
aviation story is in the nature of an introduction to a later
article which will give the plans for further development of
aviation throughout the country. In recounting the mineral
situation in Canada the bank says:
During the past two years, Canadian agriculture, mining, fishing.
manufacture and transportation have been experiencing a fundamental
prosperity which indicates an insistent world demand for the varied products
of Canadian industries. That a country with a population of less than
ten million people should have exported 31,271.000,000 worth of goods in
1925. and $1,269,000,000 worth in 1926, implies a tremendous productivity
per capita. Canada is now the leader in the production of newsprint,
asbestos, nickel, cobalt, and salmon, and furnishes the world's largest
exportable wheat supplies. Since Canada also stands second in the per
capita number of telephones in use and in the production of automobiles
and lumber; third in gold and silver production; seventh in steel production
and tenth in that of coal, it is evident that the prevailing prosperity is
dependent upon a healthy condition in many industries rather than upon
a temporary expansion in some single line.
This rapid development of the natural resources of the country is attracting widespread investment interest and has resulted in the investment
Of this
of about five and one-half billion dollars from foreign sources.
amount, about three billion has come from the United States and two
Britain. The major items of British investment have
billion from Great
been public securities, railway, mortgage, banking and insurance securities,
while a large proportion of money from the United States has been !nvested
in mining, forestry and manufacturing. One result of this conservative
policy on the part of the British investor has been that he has received a
much lower return on his investment thaa that %Mob has accrued to the
the investor from the United States, who has been more directly interested
in primary production
In 1925, the products of Canadian mines had a value of two hundred and
twenty-five million dollars; in 1926. the value aggregated two hundred and
forty-two million dollars,—a new record. Besides the important minerals
mentioned above, there are also important mines of zinc, talc, feldspar,
mica and graphite. Perhaps the most important developments of the past
year have been the exploration of twenty oil fields in the West, resulting
in the location of a number of large producing wells in Alberta; the discovery of promising deposits of gold in the Red Lake area, and of gold, zinc
and copper in the Rouyn area. The construction of a smelter is now under
way at Rouyn, and this year, tin and antimony are being refined at Trail.
In his annual speech, Sir Herbert Holt, President of the Royal Bank of
Canada said, "Although the mineral industry is third in importance in
Canada. the greater part of our land area is as yet unprospected and only
sufficiently explored as to indicate in a general way its main geological
features and prospective mineral wealth. With technical prospecting
reaching further and further afield, and utilizing the latest scientific apparatus (in the way of aeroplanes for transportation and electrical methods
for prospecting), I feel that the development of the mining industry will be
the outstanding feature of the next decade."
In August 1927, the Imperial Mining and Metallurgical Congress will be
held in Canada and a thousand engineers from various parts of the Empire
will have an opportunity to inspect the leading mining developments. Two
tours have been planned for their benefit; the first group will leave Montreal,
Aug. 23rd, and travel through Ottawa, Toronto, Niagara Falls, Port
Colborne. Hamilton, Sudbury, North Bay, South Lorrain, Cobalt, Halley
bury, Kirkland Lake, Timmins and Cochrane. From there it will turn
west, stopping at Minakl, Winnipeg, Estevan, Banff, Clagary, Fernie,
Kimberley, Kootenay Landing, Nelson, Tadanac (or Trail), Princeton,
Vancouver, Britannia and Cictoria. It will return east on Sept. 16th, via
Vancouver, Jasper Park, Stereo, Cadomin, Edmonton, Wainwright,
Saskatoon, Winnipeg, Fort William and Port Arthur. Cochrane, Teachereau, Rouyn, Quebec, Thetford Mines, and Sherbrooke, arriving again in
Montreal on the morning of Sept. 28th, exactly five and one-half weeks
after the opening of the Congress, having travelled approximately 7,500
miles.
The second group will accompany the first as far as Cochrane on the
outward journey and will then turn east, visiting Rouyn, Arvida, Quebec,
Thetford Mines, Sherbrooke, Mints, Moncton. New Glasgow and Sydney.
It will embark there for Port-aux-Basque in Newfoundland, where it will
cross the island to St. John's. With that point as its headquarters, it will
inspect the largest iron mines in the British Empire. at Wabana, on Bell
Island, in Conception Bay. Leaving St. John's on Sept. 14. the expedition
will travel via Port-aux-Basque, Sydney, Moncton and Bathurst, cross the
St. Lawrence over the Quebec Bridge,and arrive in Montreal on the evening
of Sept. 16. The party will have traveled from Montreal to Montreal.
about 4,500 miles.
The bulletin of the Canadian Mining and Metallurgical Institute states
that the Congress is being entertained by the Canadian Institute of Mining,
and that the visiting groups will consist of the Institute of Metals (London),
the Institution of Mining Engineers (London), the Institution of Mining
and Metallurgy (London), the Iron and Steel Institute (London), the
Institution of Petroleum Technologists (London), the Chemical Metallurgical and Mining Society of South Africa, the South African Institution
of Engineers, the Australian Institute of Mining and Metallurgy, and the
Mining and Geological Institute of India.
The main object of the Congress will be a thorough inspection of the
mineral resources of the country, sessions and speeches will be subsidiary;
days spent in the mining camps, and discussions with operators, will be of
first Importance. The personnel and the itinerary should make this
Congress one of the most entertaining events of the year.
1455
THE CHRONICLE
2inc.—The production of zinc at Trail for the first half of 1926 was
reported as 30,000 tons as compared with 15,000 tons during the first half
of 1925, and the total for Canada for the year is estimated at close to 75.000
tons. The increase in production was largely due to greater activity at
mines in British Columbia that have been in operation ten years or more.
When the new mines in British Columbia, Manitoba. Ontarlo, Western
Quebec, Gaspe, Quebec, Cape Breton and Nova Scotia are in active operation, greatly accelerated production may be anticipated.
The following table shows the quantity and value of the leading mineral
products in 1925 and 1926. Lower prices for metals constitute a large
factor in the comparison,since the actual amount of ore mined in 1926 was
much larger than would be indicated by a comparison of tots I values alone.
1926.
1925.
Value.
Quantity.
Value.
Quantity.
Metals.—
1,729,377 $35,749,000
1,735,735 $35,880,826
Gold, fine ozs
20,228.988 13,971.150 21,907.496 13,618.000
Silver, fine ozs
73,857,114 15,946,672 67,551,300 14,401,000
Nickel, lbs
111.450,518 15,649,882 139,451,866 19,270,000
Copper. lbs
Lead,lbs
253,590,578 23,127,460 281,044,548 22,911,000
8,328.446 147,814.074 10,845,000
Zinc, lbs
109,268.511
4,177.862
3,087,000
Other metals
$117,082,298
$119,881,000
Total
Coal & Other NonMetals—
13,134,968 $49,261,951 16,105.000 $58.164.000
Coal, tons
8,988,360
272,000
290.398
Asbestos, tons
9,777,000
Natural gas, m. cu. ft. 16,902,897 6,833,005 18.576,000
7.841,000
2,389,891
790,000
Gypsum, tons
2.530,000
740,323
1,250,705
339.000
332,001
1,335,000
Petro.eum, crude, bbls.
1.410.697
245.000
1,450,000
233,746
Salt, tons
1,717,192
1.908,000
Other non-metals
$71,851,801
Total
Structural Materials &
Clay Products—.
Cement, bbls
8.116.597 $14,046,704
Bricks and other clay
9,529,691
products
3,317,652
10,256,542
Lime,bush
10,685,187
Stone,sand & gravel,&c.
8,615,749 $13,200,000
$37.649,234
$226,583.333
$40,000,000
$242,886.000
Total
Grand totals
383,005,000
11,009.000
4,000,000
11,800.000
Captain Gordon Leith Reported as Joining Kuhn,
Loeb & Co.
Associated Press advices from Southampton (England)
yesterday (March 11) were published as follows in "The
Sun" of last night:
Captain Gordon Leith, London banker, arriving to-day from New York
on the steamer Olympic, confirmed the report of his appointment as a
partner in the New York banking firm of Kuhn. Loeb & Co.
Captain Leith will make his headquarters in London and handle the
European affairs of the firm. He said his own Firm, Gordon Leith &
would pass out of existence.
First Annual Dinner of Unlisted Securities Dealers
Association of New York.
The first annual dinner of the Unlisted Securities Dealers
Association of New York, organized about a year ago, was
held at Sherry's on Tuesday evening March 8. In addition
to the members of the organization, the attendance included
representatives of many of the leading investment firms in
the financial district. Frederic H. Hatch, President of the
Association, presided at the meeting. It is noted that the
unlisted securities dealers trade in more securities daily than
are listed on the New York Stock Exchange or the New York
Curb Market. The Unlisted Securities Dealers Associatioa
was established a year ago largely as the result of efforts of
Charles E. Doyle, who for several years had promoted the
idea of such an association. Operations of the dealers are
governed by a constitution and the Association maintains
a staff which collects and distributes information relating
to the securities which are traded in by members daily.
The statement is made that one of the chief accomplishments
of the organization since its inception has been the standardization of quotations for unlisted securities, thus eliminating wide discrepancies which have appeared in the past as a
result of quotations being made by individual firms. Under
the new arrangement securities quotations are collected by
the Association and distributed to the press. This has
eliminated confusion not only among investors but also
among dealers.
New York Federal Reserve Bank on Influence on
Money Market of Gold Imports—Movement of Gold.
In its "Monthly Review" March 1, the Federal Reserve
Bank of New York has the following to say regarding the
money market and the influence thereon of the gold imports.
The principal influence on the money market since the first of the year.
aside from ordinary seasonal movements, has been the import of about
77 million dollars of gold. Exports of gold amounted to about 17 millions.
but these consisted principally of exports to Germany of gold which had
previously been earmarked and hence their export had no effect on the
money market. The total gold movement has therefore resulted in a net
gain of over 70 million dollars to the market.
The gold imports were made up largely of two movements, an import of
39 million dollars from Canada, in keeping with the usual seasonal movement. and an import of 21 million dollars from France, representing part
of the gold which the Bank of France had purchased from French citizens.
There have been no arrivals from France since Feb. 2—and the discount
on Canadian exchange which caused the Canadian movement has been
reduced so that the rate is Just above the gold shipping point.
1456
THE CHRONICLE
[vol.. 124.
In considering the factors which are likely to influence gold movements in passage has been urged
by the National Association of Real Estate Boards:
the future, more interest attaches to the import of about $7,300,000 of which points
out that the previous provision permitting only one-year
new gold from London. The amount of new gold production destined for loans has been
practically inoperative, since, as a matter of fact, few real
monetary use, which is sold largely in London, amounts ordinarily to about estate loans are made
or can be made on a one-year basis.
$150,000,000 a year, and the distribution of this gold reflects the relative
New regulations included in the Act empowering national banks to buy
position of money rates and the.exchangea, freight rates, and fluctuations and sell investment
securities are also expected to be of importance in
in the price of gold in different markets.
reference to real estate securities.
The movement of $7,300,000 from London to New York in five shipThe full text of the McFadden banking Act was given in
ments in the past six weeks appears to represent a coincidence of the sailing
of a fast boat with unusually low freight rates, a low price of gold in London. our issue of Feb. 26, page 1162.
and a low sterling exchange rate on two or three separate occasions. In
the past two weeks London money rates have grown slightly firmer,
sterling exchange has risen slightly and as a consequence none of the gold
sales in London in the past two weeks has been reported as destined for Status of State Banks in Federal Reserve System—Are
this country.
They Federal Agencies?
The result to the money market of gold imports In January and February
The "Journal of Commerce" on March 8 announced the
has been to accentuate the usual seasonal tendency toward easy money.
Member banks in New York City were able to reduce their borrowings following from its Washington Bureau:
The contention that the Federal Reserve Act, in making State
at the Federal Reserve Bank to around 60 million dollars on Feb. 23, as
banks
compared with about 150 million dollars at this time last year, and member members of the Federal Reserve System, thereby constituted them Federal
banks throughout the System were able to reduce their borrowings to agencies, and that Congress was within its constitutional power in providing
about 400 million dollars, compared with 540 a year ago. Total earning punishment for acts of embezzlement or misapplication of the funds of such
assets of the Reserve System on Feb. 23 were approximately one billion banks by their officers, employees or agents, is made by the Department of
dollars, compared with 1,200 billion a year ago. The greater part of this Justice in a brief filed in the Supreme Court.
There is pending In the Supreme Court, by certification from the Circuit
difference is accounted for by the net gold imports during the past 12
months,although there Is at the present time also a slightly smaller demand Court of Appeals of the Sixth Circuit, the question whether a State bank on
for currency due to smaller payrolls than a year ago.
becoming a member of the Federal Reserve System becomes an agency of
A curious development in connection with the easing in money rates the United States. The question, the Department of Justice explains,
which has taken place since the first of the year has been a tendency for a arises in the case of C.0. Westfall, who was convicted in the United States
greater concentration of rates. Rates above 4% have tended to be re- District Court at Grand Rapids, Mich., under an indictment charging him
duced, while there has been a comparatively small amount of money with aiding and abetting the misapplication of the funds of a State banking
association which had become a member of the Federal Reserve System.
available at rates below 4%.
This tendency is nowhere better illustrated than in the commercial Westfall sued out a writ of error for the purpose of obtaining a review of his
Paper market and lathe bill market. Since the first of the year the offering case by the United States Circuit Court of Appeals for the Sixth Circuit,
rate on prime commercial paper has declined from 434 to 4% and the raising the question that State banks upon becoming members of the Federal
market for this paper has been excellent. In fact the amount of paper Reserve System were not agencies of the United States and therefore
available has been inadequate to meet the demand, particularly from the Congress lacked the power to punish officers, employees and agents of
such banks for embezzlement.
Interior.
In the bill market, on the other hand, the rates on bills are now at
approximately the same levels as in the early part of January. For a
time during the period the rate on 90
-days bills was reduced to 334%. Resolution Passed by Senate Calling for Investigat
ion
but due to a lack of demand the rate was later advanced again
to 3%%•
of Alleged Lobbying in Connection with McFadden
During most of this period the supply of bills has tended to be larger than
the demand and dealers' portfolios have been in the neighborhood of
Branch Banking Bill.
90 million dollars, which is considerably above the average, until the
On the final day's session of Congress, on March 4, Senator
past few days when there has been some reduction in these portfolios. .
.
In connection with the situation in the commercial paper market it Glass moved the adoption by the Senate of the resolution
should perhaps be noted that the limitation in the supply
available authorizing the Banking and Currency Committee of the
of
paper as compared with the demand is in part due to a tendency
for some
months past for the amount of paper offered in the open market dominish, Senate to investigate charges of alleged lobbying activities
to
in connection with the McFadden branch banking bill.
due to a number of causes which include competition
with direct loans
by banks and a considerable reduction in the amount
of borrowing in Without debate the Senate agreed on the 4th inst. to the
the textile industry, which has always been one of the
largest factors in adoption of the resolution. Its introductio
the commercial paper market. Reports to this bank
n in the Senate
of the commercial
paper outstanding through 26 dealers show total
outstandings at the on Feb. 16 by Senator Glass following final Congressional
end of January at 551 million dollars. This is an
increase of about 5% action on the McFadden bill was noted in these columns
from the end of December, In keeping with the usual
seasonal tendency, Feb. 19, page 996. It was announced
but it Is about 16% smaller than the amount of paper
this week that
outstanding a year
ago and there has been a steady decile in the amount of
paper outstanding. Senators Glass, Edge and Sackett have been tentatively
Rates in the call loan market have been unusually
steady for the first selected as the subcommittee of the Senate Banking and
two months of the year. In fact during the past month
the renewal rate Currency Committee
to conduct the investigation. The
has not departed from 4% except on Feb. 28 when the
rate was 434%•
On several days the rate rose as high as 434 or 5% for
a short time, or following is the resolution adopted by the Senate:
declined to 334. These rates for February represent a substantially
Resolved. That the Committee on Banking and Currency, or any duly
lower
level of rates than were maintained during February
1926, when rates of authorized Subcommittee thereof, is authorized and directed to conduct
a
434 to 5% prevailed.
thorough investigation of alleged lobbying activities in connection with the
Member Bank Credit.
banking bill (H. R. 2, Sixty-ninth Congress). For the purposes of
this
Loans on stocks and bonds by reporting member banks
in this district resolution such Committee or Subcommittee is authorized to hold such
were reduced about $80.000,000 further during the four
weeks ended Feb.16 hearings, to sit at such times and places, to employ such clerical stenoand commercial loans continued to decline gradually, but investments
were graphic, and other assistants, to require the attendance of such witnesses
Increased slightly. Compared with a year ago, however,
security loans of and the production of such books, papers, and documents, to administer
banks in this distruct show a decline of $160.000,000. Investments are such oaths and to take
such testimony, and to make such expenditures, as
practically unchanged, and commercial loans are $190.000.000
higher, it deems advisable. • The cost of stenographic services to report such
whereas reports from member banks in other districts show an increase of hearings shall not be in excess
of 25 cents per hundred words. The expenses
8140,000.000 in security loans, and an increase of similar amount in invest- of such Committee or Subcommittee
, which shall not exceed the sum of
ments, but little change in commercial loans.
$2,500, shall be paid from the contingent fund of the Senate. Such Committee or Subcommittee shall report to the Senate on or before Jan. 1 1928.
In its reference to the gold movement the Bank says:
The net import of gold in January amounting to $47,000,000 was nearly with such recommendations as it deems advisable.
half as large as during the entire year 1926. and, as the accompanying
According to the "Wall Street Journal" of March 9,
diagram shows,(we omit the diagram) was larger than in any previous
month since 1921. In the first 28 days of February the movement slack- Senator Glass is sending out letters to a number of financial
institutions and individuals for the purpose of obtaining
ened but gold imports continued to exceed exports, and
the net receipts
through the Port of New York and from Canada amounted
to about information to form the basis for his inquiry. It adds:
$13,000.000.
Senator Edge, one of the members of his Conunittee, has already left
The principal gold movements in J anu ary
and the greater part of Feb- for Nicaragua and Panama and the other member, Senator Sackett, 121
rusry are summarized below.
contemplating a trip to Europe. Therefore, Senator Glass does not expect
to be able to start hearings on his banking investigation until latein the
January
Feb. 1 to 26
summer.
New York and
Source or Destination.
United States
St. Lawrence Districts
Offering of $450,000,000 United States Treasury CertifiImports.
Exports.
Imports.
Exports.
cates of Which $300,000,000 Will Run for One Year
Canada
$37,975,000
$1,200,000
France
14,695.000
and $150,000,000 Will Mature in Six Months—
6,283,000
England
7,274.000
Chile
Books Closed—Issues Oversubscribed.
2,629,000
China
3,243,000
Extensive Government financing was announced this week
Japan
2,000,000
Germany
$12,500,000
81,065,00 —the regular March financing, (made known March 6),
1,420.000
All other
2.300,000
546,000
1,028,000
taking the form of an offering of Treasury Certificates of
F Total
561.962.000 $14800000 315,303,000
$2,093,000
McFadden Banking Act Gives Important New Source
for Real Estate Loans.
The National Association of Real Estate Boards, under
date of March 2, calls attention as follows to the provision
in:the McFadden branch banking Act under which national
banks may make loans on real estate:
Permission for national banks to make five-year loans on improved real
estate Is an important provision of the new McFadden Banking Act.
The provision, which opens a new source of first importance for financing
real estate development, covers both city property and farm land. Its
Indebtedness in two series, to an aggregate of $450,000,000
or thereabouts, of which about $300,000,000 will mature in
one year and $150,000,000 in six months. The latter certificates will bear 33% interest, while those running for
one year will carry interest at the rate of 33.4%. In addition
to the offering of these new issues of Certificates, the Treasury announced on March 7 that it would issue on March 15
a new 33% five year Treasury note in exchange for Second
Liberty Loan converted 45,4 bonds. Details of the 33'6%
Treasury notes are given in another item in this issue. On
March 8 the Treasury Department announced that the sub-
MAR. 12 1927.]
THE CHRONICLE
scription books for the current combined offering of $450,000,000, which were opened March 7 had been closed at the
close of business March 8. The two issues were oversubscribed to the extent of $799,000,000. Secretary Mellon
announced that according to the reports from the twelve
Federal Reserve banks the offering of ni% certificates
which was for $150,000,000 or thereabouts, brought total
subscriptions aggregating some $449,000,000, and that the
offering of 33j% certificates, which was for $300,000,000,
resulted in subscriptions totaling some $800,000,000. Hold4
ers of 43 % Treasury notes, series B-1927, maturing March
15 1927, were permitted to subscribe to the new issues to
the extent of 50% of their holdings of the maturing notes,
and on these exchange subscriptions about $24,000,000 have
been allotted.
Allotments on the other subscriptions for both the 334% and the 33j%
series were made as follows: All subscriptions in amounts not exceeding
$1.000 for any one subscriber were allotted 50%, but not less than $501)
on any one subscription; subscriptions in amounts over $1,000, but not
exceeding $1,000,000 for any one subscriber, were allotted 40%, but not
less than $500, on any one subscription, and subscriptions in amounts over
$1,000,000 were allotted 30%, but not less than $,400,000 on any one
subscription.
In announcing on March 6 the usual March financing,
Secretary Mellon said:
The Treasury is to-day announcing its regular March financing which
takes the form of an offering of Treasury certificates of indebtedness in
two series, both dated and bearing interest from March 15 1927, one series
at 33 % being for six months, maturing Sept. 15 1927 and the other series
at 34% being for one year, maturing March 15 1928. The amount of
the six months offering is $150,000,000 or thereabouts, and the amount
of the one year offering is $300,000,000 or thereabouts.
The Treasury willacceptin payment for the new certificates, at par,45i%
Treasury notes maturing March 15 1927. Subscriptions for which payment
is to be tendered in Treasury notes maturing March 15 1927 will be allotted
50% up to one-half the amount of the respective offerings.
About $660,000,000 of 454% Treasury notes will be retired on March 15
1927. The present offering is intended with the balances already on hand
and the March tax receipts, to cover the Treasury's further cash requirements until the June quarterly tax period.
1457
basis and up to the amounts indicated by the Secretary of the Treasury to
the Federal Reserve banks of the respective districts.
A. W. MELLON, Secretary of the Treasury.
Treasury Department,
Office of the Secretary,
March 7 1927.
Department Circular No. 378.
(Public Debt)
Issuance of New 3% Five-Year Treasury Notes in
Exchange for Second Liberty Loan Converted
W% Bonds.
In addition to the two new issues of Treasury Certificates
announced on March 6, Secretary of the Treasury Mellon
on March 7 made known the intention of the Treasury to
issue on March 15 a new 33% Five Year Treasury Note
in exchange for Second Liberty Loan converted 43(% Bonds.
Further reference to the offering of the two series of Treasury Certificates announced on the 6th, will be found elsewhere in this issue. With reference to the Treasury Notes
which are to be issued in exchange for the Second Liberty
Loan Converted 4.4% Bonds,Secretary Mellon on March 7,
said:
The second 44% Bonds are callable for redemption in whole or in part
on and after Nov. 15 1927, and it is the plan of the Treasury to call some
or all of these Bonds dependent upon conditions. The present offering
of Notes in exchange is in anticipation of such a call.
The Treasury offers to holders of Second 4 Hs the opportunity to exchange their bonds as of March 15 1927for Five Year Treasury Notes bearing 336% interest from March 15 1927. Those taking advantage of this
offer will receive, when the new Notes are delivered, interest to May 15
on their Second 4 'Is without deduction because of the earlier redemption.
This interest payment will compensate holders of these bonds for the
premium at which the Bonds are now selling.
The new Notes are Series A 1930-32, will be dated March 15 1927, will
mature March 15 1932,and are callable on and after March 15 1930.
The amount of the Treasury Notes of Series A 1930-32 to be issued will
accepted.
be limited by the amount of the Second 44s tendered and
at
The Secretary of the Treasury reserves the right to close the offering
any time without notice.
It is pointed out that the Treasury Department expects
The new certificates will be in denominations of $500, to effect a saving of $23,000,000 a year through the,con$1,000, $5,000, $10,000 and $100,000. Treasury Notes of version of the bonds, the Washington correspondent of the
Series B-1927, maturing March 15 1927 will be accepted "Times" alluding to this as follows:
This huge refunding operation looks to the retirement at an early date of
at par in payment for either of these two series. The followseconds, which were part of the issue of Nov. 15 1917. and
ing is the Treasury Department's circular offering the new the converted in 1942, but may be called any time after next Nov. 15.
which fall due
issues:
The "Second 44"Bonds outstanding Dec.311926,amounted to $3,083,UNITED STATES OF AMERICA.
Treasury Certificates of Indebtedness.
Dated and Bearing Interest from March 15 1927.
Series T S2-1927, 3%, due Sept. 15 1927.
Series T M-1928, 34%, due Mar. 15 1928.
The Secretary of the Treasury, under the authority of the Act approved
Sept. 24 1917, as amended, offers for subscription, at par and accrued
interest, through the Federal Reserve banks, Treasury certificates of
indebtedness, in two series, both dated and bearing interest from March 15
1927, the certificates of Series T £12-1927 being payable on Sept. 15 1927.
with interest at the rate of 3%% per annum, payable on a semi-annual
basis, and the certificates of Series T M-1928 being payable on March 15
1928, with interest at the rate of34% per annum,payable semi-annually.
Applications will be received at the Federal Reserve banks.
Bearer certificates will be issued in denominations of $500, $1,000.
$5,000. $10,000 and $100.000. The certificates of Series T S2-1927 will
have one interest coupon attached, payable Sept. 15 1927, and the certificates of Series T M-1928,two interest coupons attached, payable Sept. 15
1927 and March 15 1928.
The certificates of said series shall be exempt, both as to principal and
interest, from all taxation now or hereafter imposed by the United States,
any State, or any of the possessions of the United States, or by any local
taxing authority, except (a) estate or inheritance taxes, and (b) graduated
-profits
additional income taxes, commonly known as surtaxes, and excess
and war-profits taxes, now or hereafter imposed by the United States,
upon the income or profits of individuals, partnerships, associations, or
corporations. The interest on an amount of bonds and certificates authorized by said Act approved Sept. 24 1917, and amendments thereto, the
principal of which does not exceed in the aggregate $5,000, owned by
any individual, partnership, association, or corporation, shall be exempt
from the taxes provided for in clause (b) above. The certificates of these
series will be accepted at par, with an adjustment of accrued interest, during
such time and under such rules and regulations as shall be prescribed or
approved by the Secretary of the Treasury, in payment of income and
profits taxes payable at the maturity of the certificates. The certificates
of these series will be acceptable to secure deposits of public moneys, but
do not bear the circulation privilege.
The right is reserved to reject any subscription and to allot less than
the amount of certificates of either or both series applied for and to close
the subscriptions as to either or both series at any time without notice.
The Secretary of the Treasury also reserves the right to make allotment
in full upon applications for smaller amounts, and to make reduced allotments upon, or to reject, applications for larger amounts, and to make
classified allotments and allotments upon a graduated scale; and his action
in these respects will be final. Allotment notices will be sent out promptly
upon allotment, and the basis of allotment will be publicly announced.
Payments at par and accrued interest for certificates allotted must be
made on or before March 15 1927 or on later allotment. After allotment
and upon payment Federal Reserve barks may issue interim receipts pending
delivery of the definitive certificates. Any qualified depositary will be
permitted to make payment by credit for certificates allotted 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 the Federal Reserve bank of its
district. Treasury notes of Series B-1927, maturing March 15 1927, will
be accer ted at par,in payment for any certificates of the series now offered
which shall be subscribed for and allotted, with an adjustment of the
interest accrued, if any, on the certificates of the series so paid for.
As fiscal agents of the United States, Federal Reserve banks are authorized and requested to receive subscriptions and to make allotments on the
671.700• The original issue was $3,807,865,000. The Treasury has retired $703,344,950. and there remained of the "Second 4s" on Dec. 31,
which are not embraced in the refunding plan, a total of $20,848,350.
plan will result
It is estimated at the Treasury Department that the
at threein a saving of $23,000,000 a year, as the new notes will be issued
quarters of 1% less than the outstanding "Second 4 Hs."
Further commenting on the adjustment of the Government debt, the same paper in its issue of March 8, said:
The Treasury's financing, particularly the arrangements for refunding
the Second Liberty Bonds now outstanding to the amount of approximately $3.000,000,000. won high praise in the financial district. It is
taken for granted that all the Second Liberties will be called in, if noli
through exchange into the new five-year notes, then through purchases
by the sinking fund or from Treasury surplus. This will leave the Treasury
free to concentrate for the next year on the Third Liberty bonds, which
will mature in 1928. There are outstanding about $2,300,000,000 of the
Thirds, which compares with an original issue of $4,175,000,000. With
further reductions likely within the next year, it is probable that the
problem of retiring the Thirds will be solved a considerable time before the
maturity date. Incidentally, the savings in interest will provide for the
expansion of the operations of the sinking fund.
The following is Treasury Department Circular giving
details of the conversion of the Second Liberty Loan bonds
into 3% treasury notes.
UNITED STATES OF AMERICA.
33 % Treasury Notes, Series A 1930-32.
Offered only in exchange for Second Liberty Loan converted 44% bonds.
Dated and bearing interest from March 15 1927. Due March 15 1932.
Redeemable at the option of the United States at par and accrued
interest on and after March 15 1930. Interest payable March 15 and
Sept. 15 1927.
Department Circular No. 379. Public Debt.
Treasury Department, Office of the Secretary.
.
Washington, March 8 1927.
To Holders of Second Liberty Loan Converted 4 % Bonds of 1927-42:
1. Second Liberty Loan converted 44% bonds of 1927-42 are callable
for redemption, in whole or in part, on and after Nov. 15 1927.
2. The Secretary of the Treasury offers for subscription at par. through
the Federal Reserve Banks, in exchange for Second Liberty Loan converted
4 % bonds of 1927-42 (hereinafter referred to as Second 44's). Treasury
notes of series A 1930-32 of an issue of gold notes of the United States
authorized by the Act of Congress approved Sept. 24 1917, as amended.
The amount of the issue will be limited to the amount of Second 44's
tendered and accepted. The notes will be dated March 15 1927, and will
bear interest from that date at the rate of 3H% Per annum payable semiannually on March 15 and Sept. 15 in each year until the principal amount
becomes payable. The notes will mature March 15 1932, but may be redeemed at the option of the United States on and after March 15 1930, in
whole or in part, on any Interest day or days, on six months' notice of
redemption given in such manner as the Secretary of the Treasury may
prescribe. In case of partial redemption the notes to be redeemed will be
determined by such method as may be prescribed by the Secretary of the
Treasury. From the date of redemption designated in any such notice.
Interest on the notes called for redemption shall cease. The principal and
Interest ofof f value,henotes will be payable in United States gold coin of the present
ot
1458
THE CHRONICLE
3. Bearer notes with interest coupons attached will
be issued in denominations of $50, $100, $500, $1,000,
$5,000, $10,000 and $100,000. The
notes will not be issued in registered form.
The notes will be acceptable
to secure deposits of public moneys, but will
not bear the circulation
privilege.
4. Applications will be received at the Federal Reserve
banks. Payment
for any such notes subscribed for may be made
only through the surrender
of a like principal amount of Second 43s. Interest
on any such Second
434s so surrendered and accepted will be paid in full to
May 15 1927.
5. The notes of this series shall be exempt, both
as to principal and
Interest, from all taxation now or hereafter
imposed by the United States.
any State, or any of the possessions of the United
States, or by any local
taxing authority, except (a) estate or inheritanc
e taxes, and (b) graduated
additional income taxes, commonly known as surtaxes,
and excess profits
and War profits taxes, now or hereafter imposed
by the United States, upon
the income or profits of individuals, partnersh
ips, associations or corporations.
EvoL. 124.
Ovrnen J. Roberts. The unexpected
balance of their money will not be
available after June 30.
Senator Wadsworth (R., N. Y.), Chairman
of the Military Affairs Committee in the last session, forecast in
the debate that the army would have
to be reduced to between 15,000 and
20,000 men. It now stands at 112.000.
Secretary of War Davis to-day made this
statement:
Army Must Be Cut.
"While this is a very serious matter for the
army,I know the spirit of the
of the American officer and the American
soldier, having served with them,
fought with them and suffered with them.
I feel sure they will take off their
coats and put across whatever Is necessary
to carry on."
Mr. Davis indicated that while the
enlisted personnel of the army must
be largely reduced on account of the
fact that the Deficiency Bill carried
nearly $5,000,000 for pay of the
army, just how this is to be accomplished
remains to be determined. There
is a question whether the enlistment
contract is not a binding obligation upon
the Government.
The War Department has authority
under the law to create a deficiency
for subsistence and for transport
ation.
An item of $141,855 was included in
the bill for air corps reserve flying
during the remainder of the current
fiscal year and It is doubtful whether
this training can be given.
No orders have yet been issued to stop
recruiting.
Items involving a total of nearly $20,000,000 were
lost to the navy and
Secretary Wilbur announced that contingen
cies which will result will require
study. Modernization of the battleship
s Oklahoma and Nevada will be
delayed.
6. The hetes of this series will be accepted at par, with an adjustment
of accrued interest, during such time and under such
rules and regulations
as shall be prescribed or approved by the Secretary
of the Treasury, in payment of income and profits taxes payable
at the maturity of the notes, and,
with respect to any such notes that may
be called for prior redemption, will
be receivable in like manner and for
the same purpose at the redemption
date fixed.
7. The right is reserved to reject any subscription,
in whole or in part,
and to allot less than the amount of notes
applied for, and to close the subscriptions at any time without notice, and the act
of the Secretary of the
Treasury in these respects will be final. Payment for notes subscribed for
Other Utems Lost.
should be made when the subscription is tendered,
A fund of $1,000.000 for completion of
and may be made only
the submarine V-4 and the approIn Second 4 Xs, which will be accepted at par.
priation of $1.650,000 for now barracks at
If any subscription is reQuantico were lost.
jected in whole or in part, any bonds which
The Agricultural Department feels it
may have been tendered and
was struck severely by not receiving
not accepted will be returned to the subscriber.
an anticipated $10,031,000.
8. Surrender of Coupon Bonds.—Second 4s in coupon
Coast Guard officials say they Will keep
form tendered
up the liquor patrol forces unless
for exchange for Treasury notes issued hereunder
should be presented they run short on recruits.
and surrendered to a Federal Reserve bank.
Immigration authorities said the item of
The bonds must be delivered
$200,000 which was lost would
at the expense and risk of the holder.
Facilities for transportation of prevent an increased number of deportations. There will not be money
bonds by registred mail insured may be arranged between incorpora
ted to deport many persons now out on bond. A fund of $237,000 for repair
banks and trust companies and the Federal
Reserve banks, and holders of immigration stations, much of which was to be devoted to Ellis Island,
may take advantage of such arrangements when
available, utilizing such was lost.
incorporated banks and trust compaies as their agents. Incorpora
Included in the bill was $6,666.66 for salaries of
ted
ministers to the Irish
banks and trust companies are not agents of the
United States under Free State and Canada for the remainder of the fiscal year. State Departthis circular.
ment officials did not know whether arrangem
ent scould be made to supply
these diplomats with funds.
Coupons dated May 15 1927 and all coupons bearing
dates subsequent
thereto, must be attached to such coupon bonds when presented
Other agencies felt the loss of the Appropriation
. At
Bill, and small items for
the time of delivery of the Treasury notes of
Series A-1930-32 (or interim work over the country, such as $12,000 for reconstructing the roof of the
certificates) upon allotted subscriptions, Federal Reserve
New York Court House and Post Office, failed
banks will pay
along with the rest. The
to the subscriber or his authorized
agent the interest from Nov. 15 1926 departments will be busy for some time restoring order.
to May 15 1927 on the coupon second 4 Ms surrender
It is assumed at the Commerce Department that the Radio
ed in exchange.
Commission
9. Surrender of Registered Bonds.—Second
will organize in some manner.
43s in registered form,
tendered for exchange for Treasury
The "Times" on March 4, referring to the large amount
notes issued hereunder, should be
assigned by the registered payee or
assigns thereof to "The Secretary of of important
legislation left unfinished when Congress
the Treasury for Redemption," in accordanc
e with the general regulations
of the Treasury Department governing
assignments for transfer or exchange adjourned, noted that among the proposals that did not
into coupon bonds, and thereafter
should be presented and surrendered become law were the following:
to a Federal Reserve bank. The bonds
must be delivered at the expense
and risk of the holder. At the time of
Bills.
delivery of the Treasury notes of
Second Deficiency bill carrying $93,716,753.
Series A-1930-32 (or interim certificat
es) upon allotted subscriptions.
Public Buildings bill carrying $25,000,000 for Washington,and
Federal Reserve banks will pay to the subscribe
$100,000,r or his authorized agent
000 for buildings throughout the country.
the interest from Nov. 15 1926 to May
15 1927 on the registered second
43s surrendered in exchange.
Allen Property bill with funds to settle German and American
claims.
Disabled Emergency Officers Retirement bill.
10. The Federal Reserve banks, as fiscal agents
of the United States,
are hereby authorized and requested to
Medical Liquor bill to permit the Government to replenish
receive subscriptions for Treasury
stocks.
notes hereunder, to receive second
New House office building $6,500,000.
43s tendered in exchange, to make
allotments of subscriptions on the basis
Vote on Presidential veto of McNary-Haugen bill.
and up to the amounts indicated
to them by the Secretary of the Treasury, and
Muscle Shoals legislation.
to make delivery of Treasury
notes of full paid subscriptions allotted, and,
Measure to readjust postal rates.
pending delivery of definitive
notes, to issue interim certificates.
Resolutions.
11. Any further information, which may be
desired as to the exchange
To enlarge powers of Reed Investigating Committee.
of second 4Us for Treasury notes under the
provisions of this circular.
To investigate Administration policies toward Latin-Ame
may be obtained upon application to
rica.
a Federal Reserve bank. The
To investigate hydroelectric power company financing.
Secretary of the Treasury may at any time, or
from time to time, preTo investigate economic conditions.
scribe supplemental or amendatory rules and
regulations governing the
To investigate the alleged sale of Federal offices in South.
exchange, and may terminate the offer at any time in
his discretion.
The New York "Journal of Commerce" in its account
A. W. MELLON,
March 4 from Washington, regarding the proceedings in
Secretary of the Treasury.
Congress and its accomplishments during the session which
Legislation Enacted and Lost at Second Session of has just adjourned, said:
During the short session, Congress disposed of the troubleso
me Rivers
Sixty-ninth Congress—Pension Payments Affected
and Harbors Appropriation bill. Resale
price maintenance legislation,
by Failure to Enact Deficiency Bill—Work on
backed by the large manufacturing interests failed
consideration. Both
of
Senate and House refused to enact coal control legislation.
Public Building Projects to Continue.
The situation created by the failure of Congress, through
filibustering tactics, to enact before adjournment on March 4
important appropriation bills, chief among which was
the
second deficiency bill, has prompted a move
by the President
to effect measures to remedy the defect. Summari
zing the
situation created by the non-passage
of the deficiency bill,
the Washington correspondent of the New York
"World"
on March 4 said:
Five hundred thousand invalids, widows,
minor children and other
beneficiaries of Government pensions will
miss their May 4 and June 4
payments. There will be insufficient pay far
the army. The Department
of Justice is without fees for witnesses, and the Veterans'
Bureau will not
be able to make its bonus loans to World War veterans.
The newly created radio commission is left without one
penny to carry
on the important work of reorganizing the whole system
of radio broadcasting and the Bureau of Navigation, which might
have given it some
assistance, loses $120.000 it needed for its own functions,
including added
administrative work with the radio. All the commissio
n will
starting business will be a few vacant rooms, without furniture. have for
President Coolidge accepted the situation complacently. He
anticipates
inconveniences, but feels a plan may be worked out by which
the Government can continue all its important functions. He mentioned,
through his
spokesman, the inability to pay the May and June pensions, which
is
causing widespread comments of regret, but felt the regular
banking
facilities will be able to take care of the loans for World War veterans, now
that the initial pressure for advances on the bonus certificates has
passed.
Items in the deficiency bill ranged from a small sum to increase the size
of blueberries in North Carolina to appropriations of first importance, like
that for the special counsel prosecuting the oil cases, Atiee Pomerene
and
The Senate rejected the Lausanne treaty with Turkey after a lengthy
discussion, and it sent back to the Committee, the so-called "Poison
Gas
Treaty," against which much opposition was raised by the American
Legion. It adopted the Robinson resolution expressing the sense
of the
Senate that the differences between the United States and Mexico
over the
latter's land and all laws should be submitted to arbitration.
The foreign service of the Department of Commerce was safeguarded
by
the enactment of legislation giving it legal standing.
An historical feature of the session was the coalition of the farm
bloc and
the so-called bank bloc brought about in the interest of the passage of the
McNary-Haugen Farm Relief bill and the McFadden National Bank bill.
The former Was vetoed by the President and that veto was allowed to stand.
The McFadden bill survived a filibuster and by the application of cloture
was brought to a vote, passage and signature by the President.
The reorganization of the customs and prohibition services will now be
perfected under a new law. These will be made independent bureaus in
the Treasury Department, each under a director.
Last Act of Senate.
The House refused to grant authority to the Committee on Inter-State
and Foreign Commerce to hold sessions in advance of the convening of
Congress next December for the consideration of bus control legislation.
Almost the last act of the Senate was the granting of authority to
Ite
Committee on Banking and Currency for an investigation of the so-called
bank lobby which was alleged to be back of the opposition to the
branch
banking provisions of the McFadden Bill.
Loans on veterans' bonus certificates were authorized to be made by
the
Veterans' Bureau, but an appropriation putting that legislation into
effect
failed because of inclusion in the second defieiency bill.
Tares and Tariff.
The only tax legislation enacted at this session was the remission of the
tax on ocean steamship tickets in favor of the veterans of the World War
who are to make the pilgrimage to France next June.
MAR. 12 1927.]
THE CHRONICLE
1459
delivered until the transportation charges are paid; another relieves from
liability for the payment of additional charges that may be found due.
any consignee not having beneficial title to the property for which he pays
freight charges; the period of suspension by the Inter-State Commerce
Commission offreight rate changes was extended from five to seven nionths.
The radio law, which was tied up in conference for many months, created
a commission of five which is to have full control of the air for one year,
when such control automatically passes to the Secretary of Commerce
and the board thereafter becomes one of review for the consideration of
appeals taken from the Secretary's rulings. ...
Postal Rates.
The filibuster in the Senate prevented action on the conference report
on the postal rate legislation, which proposed to reinstate 1921 rates of
postage on newspapers, saving some 85,000,000 per annum; decreases in
the third class rate; permitting the collection, upon delivery postage on
business reply cards; restoring the 1-cent rate on private mailing cards and
the application of special delivery service to mail other than first class.
The House refused to act on the bill repealing existing law limiting entry
into the United States from abroad cigars in packages of less than 3,000 each.
The Berenger-Mellon French debt settlement pact, approved by the
House, remained unacted upon in the Senate because of the failure of the
French Parliament to ratify the agreement before adjournment. Similarly
the Greek debt settlement is for the consideration of a future session, due
to the disinclination of a number of Senators to accept the demands of the
Greek Government that additional money be advanced to It to complete
the original loan contract,as a precedent to settlement of the entire amount.
The French spoila.lon claims bill, designed to reimburse a considerable
number of persons for injuries and damages sustained by their ancestors a
century and a quarter ago, failed.
The foreign policy of the United States, by reason of the situations in
Mexico. Nicaragua and China, received a great deal of criticism during the
Farm Needs Met.
session. The strength of the Administration Senators of the Foreign RelaDespite the fact that Mr. Coolidge vetoed the McNary-Haugen bill, the tions Committee, alone blocked a resolution authorizing the Committee
beneficiaries of considerable relief to go to Mexico and Nicagagua for the purpose of making its own investigafarmers of the country were made the
tion.
through theoperation of other bilis which were enacted into law.
While the investigations ordered and conducted by the Senate did not
A fund of $2,000,000 was appropriated for the Inland Waterways Commission and of this, $1,120,000 is to be used in the construction of new reach the magnitude of some of the probes of previous sessions, they were
of this type
barges and towboats for use on the Upper Mississippi stretches to provide none the less spectacular at times. The outstanding matters
dealt with the slush fund probes, the final effect of which was to tie up the
for cheaper transportation for farm products.
The Federal Government also is enabled to enter the fight against the Senate in a gordian knot during the last hours from which there was no
corn borer with a fund of 810,000,000 set aside by Congress for that purpose. escape and no little legislation failed of passage because of it.
The investigation of the so-called Bread Trust produced little other than
These appropriations are all in the nature of unusual expenditures and are
entirely separate and apart from the items contained in the annual appro- perhaps some campaign material.
The Senate refused to confirm Cyrus E. Woods, of Pennsylvania, to be
priations for the Department of Agriculture. That supply bill is replete
a member of the Inter-State Commerce Commission and the President then
with provisions for farm aid, totalling as it does, $128,511,739.
The banking laws also were amended in the interest of agriculture. selected Ezra Brainard. of Oklahoma,for that office.
APPROPRIATION BILLS PASSED.
Under the Agricultural Credits Act of 1923 certain agricultural credit
corporations were provided for and empowered to make loans secured by
The same paper stated the bills appropriating funds for
on warehoused agricultural products and on live stock. They desired
liens
of the Government, passed during the short
also to make loans and crop mortgages and so there was added to the the operation
Agricultural Credits Act under the provisions setting forth the loan session which adjourned to-day, March 4, were as follows:
$128,511,739
authority, the phrase "or on agricultural crops being grown for markct."
Agricul ural Department
36.282.385
Aside from the action of Congress, efforts were made by the Administra- District of Columbia
518.903.808
the demands of the cotton farmer for further financial relief to Independent Offices
tion to meet
exist- Interior Department
260.305,020
aid in taking from the market a total of 4,000.000 bales of cotton,the
16.433.779
ence of which threatened the welfare of the cotton producing industry. Legislative
316,215.107
means provided for the financing Navy Department
Private corporations were formed and other
85,176.741
Commerce and Labor Departments
State, Justice,
of this undertaking.
the
359,781,729
War Department
Congress refused the pleas of the wool producers who demanded
892.917,293
Treasury and Post Office
passage of the so called French-Capper "truth-in-fabric" bill.
of *First Deficiency Appropriatian bill
185.612.334
by imports
The Taber-Lenroot bill setting up standards to be met
the farmers of the
milk and cream will afford the equal of traiff relief to
$2,794.139.935
Canadian producers to meet certain
Total
Northern section since it will compel
our
• Second Deficiency Appropriation bill failed.
requirements that will in part leaven the competition for the benefit of
domestic dairy industry.
Associated Press advices from Washington on March 5,
was enacted limiting to
Upon the demand of the cotton farmers legislation
hereafter to be issued by the Secretary reviewing the record of the Sixty-ninth Congress, said:
five the number of cotton crop reports
day of August. SeptemThe record of the Sixty-ninth Congress discloses that out of an avalanche
of Agriculture. These now will be issued on the first
of nearly 25,000 bills and resolutions only 998 succeeded in overcoming
ber, October and Nov ember.
of the carry- the legislative barriers to finally become laws.
and staple
Congress also provided for a report on the grades
cotton bill put New Orleans
In the number added to the statute books are hundreds of a purely
over of cotton on hand Aug. 1 1927. Another
and Chicago in the matter of making settlements private character and several hundred more pertaining to local or sectional
on a parity with New York
needs, so that the number of new laws affecting the nation as a whole is
on futures contracts,
granting of reduced freight probably not in excess of 200.
Authority has also been vested by law for the
and other emergency.
Members of the House far outstripped their less numerous colleagues in
rates by the railroads in cases of drouth,flood
dumping, without good the Senate in the bill-introducing melee. During the two sessions of the
Another farm law is to prevent the destruction or
received in interstate com- Sixty-ninth. House members offered 18,312 bills and resolutions, while the
and sufficient cause therefor, of farm produce
and to require them truly and number in the Senate was 6,417.
merce by commission merchants and others,
them.
Of this number President Coolidge signed 523 during the first session
correctly to account for all farm produce received by
from discriminating against and 475 in the session which terminated yesterday, affixing his signature
Similarly, boards of trade are prohibited
to 229 within the twenty-four hours before the gavela fell.
farmers' co-operative associations.
During the two sessions, also, How committees made 2,319 written
Transportation.
legisla- reports and Senate committees 1.717.
Rail and shipping legislation, including the railroad consolidation
President Coolidge sent an even 100 message to the Senate, including his
tion, are left for the next session of Congress to wrestle with.
annual messages, one explaining the Nicaraguan situation and another
making it unlawful for any railroad to preAdoption of the Gooding bill
outlining plans for another naval arms conference
scribe lower rates for long than for short hauls, was blocked, and neither
Heads of departments filed 1,055 reports with Congress.
home took up the bill designed to lower the interest rate upon obligations
As we reported last week in our reference (page 1297)
of the railroads due to the Government.
A conflict between the Senate and House over the future of the American to the adjournment of Congress, President Coolidge anmerchant marine may come next session. Senator Jones of Washington.
nounced that he had no intention of calling an extra session.
Chairman of the Senate Commerce Committee, was directed to favorably
report a bill for Government operation. There are bills pending also for On March 4 the question of meeting the situation caused
the payment of subsidy to United States ships and for heavy mall subven- by failure to make provision for the necessary appropriations
tions as an aid to the American shipping industry.
of Commerce was the subject of conferences at the White House in which
Consolidation of the marine activities in the Department
of Secretary Davis and the Chief of the Budget Bureau, General
failed of Congressional action, as did the proposal for the establishment
"Herald-Tribune''
uniform load lines for American vessels.
of Lord, participated. It was stated by the
The announced intention of the Shipping Board to negotiate the sale
that following a
includes the Leviathan, awakened a great Washington correspondent on March 8
the United States Lines, which
deal of interest in Congress and led to a Senatorial investigation of the sales general discussion of departmental financing at the Cabinet
Policy of the board.
meeting that day it had been announced on behalf of PresiAn increase in the limit of cost for the aircraft carriers Lexington and
dent Coolidge that the adjustments now being worked out
each was provided for.
Saratoga from $34,000,000 each to $40,000.000
The Longshoremen's Compensation Act, after the measure had been between Budget Director Lord and the Cabinet members
revamped to meet the objections that had been raised against it, was
probably will prevent any serious inconveniences to the
enacted.
In the last hours of the session a bill was passed authorizing the com- Government because of the failure of the second deficiency
pletion of the Shipping Board's construction loan fund so as to make availbill. The advices went on to say:
able the full $125.000,000 provided in the Merchant Marine Act of 1920.
For instance, it has been ruled that food of the army and fuel for the
vessel Derwent
American registry was granted the Norwegian sailing
be necessary, by purchasing on credit.
opposition of the Shipping Board. This action, however, is not to navy may be supplied, should it
over the
It will be more costly to reduce the army by thedischarge of 31,000 men
be construed as a precedent as to future cases.
present personnel. Secretary of War Davis
Legislation contemplating many changes to the transportation laws was than it would be to retain the
that the War Department was endeavoring to
adopted. One feature liberalized the requirement that freight may not be showed to-day. He added
Democratic campaigns in House and Senate for reduction of taxation
before adjournment came to naught. At the outset they had counted on
some support from the Republicans, at least from the Progressives, but
that was denied them and the petition filed in the House for the discharge
of the House Ways and Means Committee from further consideration of
the Garner bill reducing the corporation tax rate to 11% and eliminating
the automobile and admission and club dues levies failed of a sufficient
number of signatures to become effective.
One "reform" effected during the closing days of the session was the
adoption of a requirement that the Commissioner of Internal Revenue file
with the Joint Congressional Committee on Income Taxation a report on
all claims for the refund of taxes where the amount is in excess of $75.000,
withholding payments thereof for a period of sixty days from the date of
filing.
One of the features affecting the tariff was the probe of the Tariff Commission carried on by the special committee of the Senate under the chairmanship of Senator Joseph T. Robinson of Arkansas. This was a most
exhaustive investigation and may lead to new legislation at the next session,
particularly since the United States Court of Customs Appeals has upheld
the constitutionality of the flexible provisions of the Fordney-McCumber
act. The Robinson committee paid particular attention to these provisions and it was indicated that they had little faith in them as offering
the relief contemplated by their sponsors.
This investigation developed the fact that the opposition to the confirmation of Commissioner H. H. Glassie was so great that to continue him in
office was practically impossible. The opposition to him was based on his
attitude toward the tariff in general, being not in accordance with Demcratic views and his participation in the sugar investigation in particular.
Lincoln Dixon, former member of Congress and of the House Ways and
Means Committee, was selected by President Coolidge in his stead.
1460
THE CHRONICLE
Fox.. 124.
find means of retaining the present strength of the military forces until item calls for the expenditure of $16,600,000
for the construction and
July 1, when funds for the next fiscal year will be available.
repair of general naval vessels now in use.
Secretary Davis pointed out that there will be an actual saving to the
For the construction of hulls, etc., of vessels previously authorized,
government of $2,799,381 if a way is found to retain the present personnel. the bill appropriates $14,200,000,
plus $5,000,000 that may be transThis sum is the difference between the cost of discharging 31,000 men at ferred from other
accounts by the Secretary of the Treasury.
this time and re-enlisting the same number after July 1.
On March 2 the President also signed the bill carrying
The deficiency bill provided $2,697,859 to pay for the army up to July 1.
The cost of transportation, clothing allowances and final payments to an appropriation of $13,150,000 for elevating the guns and
31,000 men in the event of their discharge would amount to $3,014,750. otherwise modernizing
the battleships Oklahoma and
The additional cost required to replace these 31,000 men on July 1 by new
recruits, including transportation from their homes to the nearest military Nevada. The "Times" in its reference to this measure on
post, new clothing and equipment, would amount to $2,482,490. The total March 2 stated:
Cost, therefore, of discharge and replacements would amount to $5,497,240.
The bill carries $12,000,000 for completing the modern aircraft
whereas to pay these 31.000 men from now to July 1 would entail an outlay carriers Saratoga and
Lexington, which will cost $40,000,000 each,
of only $2,697,859, or a saving of $2,799,381.
also $1,000,00 to complete the construction of fleet submarine V-4.
Secretary Davis hopes to work outsome means of preventing the discharge
Whether Great Britain had withdrawn her objection to the elevation
of any of the standing army, probably through the transfer of funds from of guns on American
battleships or the United States is going ahead
sources where immediate funds are not required. He said, however, that it with the elevation anyhow
in order to effect a showdown, was a
was not possible to find means of carrying out of the army's housing program question on which Administration
officials declined to throw any light.
beyond the fund of $7,020.000 now available. The deficiency bill carried
Recently this Government has been in communication with London
an item of $6,166.00 for additional buildings, including the replacement of as to the details of the British
attitude, but the whole question is
barracks at Governors Island, which will have to go over until the next wrapped in secrecy so far as the Washington Government
is concerned.
session of Congress.
Responsible administrative officials of the Government refuse to disSo far as the Radio Board is concerned, the Presidential spokesman said cuss the subject or any phase of it
publicly or privately, beyond the
to-day that funds already appropriated for the work of the radio division admission that there have been communication with London.
in the Department of Commerce will be utilized for its expenses.
While the White House, State and Navy Departments maintain
Public building projects will not be deferred entirely as
a result of the failure of the Sixty-ninth Congress to provide
for initial work on the $165,000,000 program, Secretary
Mellon announced on March 5, it is reported in the "United
States Daily," which says:
More than $8,000,000 is available for construction in unexpended balances
for projects previously authorized. Work on 35 buildings will be begun
in the ensuing year Mr. Mellon said.
House Approved Projects.
secrecy about the American negotiations, Congress has provided for
gun elevation for the Oklahoma and Nevada, with the provision that
the changes are to be made if they are not in violation of the treaty,
and the President has signed the bill.
The same paper also noted that the President on March
2 had signed a bill appropriating $4,054,000 for improvements at the Coco Solo submarine base in the Panama
Canal zone, Pearl Harbor and other naval stations.
On March 7 the Navy Department invited bids for the
construction of six cruisers,—three being those for which
appropriation has just been made. In its advices from
Washington March 9 the "Times" said:
The public buildings program both as an authorization and as an appropriation failed in Congress as a rult of the final jam in the Senate. The
House approved projects totaling $165,000,000 and voted to appropriate
$19,000.000 for construction for the fiscal year ending June 30 1928.
These six cruisers were included in a program of eight authorized
Secretary Mellon's statement in full follows:
by act of Dec. 18, 1924. The first two, the Pensacola and the Salt
The failure of Congress to appropriate for public buildings, while retard- Lake City, are under construction,
the Pensacola at the New York
ing the building program, will not entirely stop building operations under yard and the Salt Lake City at Philadelphia.
the Treasury Department. Appropriation balances for deferred projects
The two airplane carriers probably will not be completed until
authorized prior to the recent Public Building Act aggregating $8,249.817-24 several months after the time originally set. The Saratoga
to
are available. Under these appropriations approximately 35 buildings can ready on July 1 and the Lexington on Oct. 1, but they wasnot be
will
be
be put under contract during the ensuing year.
ready before Oct. 1 and Jan. 1 respectively. The Saratoga is being
"The projects outside of the District of Columbia for the country at large built at Camden, N. J., and the Lexington at Quincy, Mass.
under Section 5 of the Public Building Act,for which appropriations aggreModernization of the Oklahoma and Nevada, including elevation of
gating $4,031,000 are available, can all be placed under contract. It will their big guns, will be postponed until Congress passes the Deficiency
also be possible to carry forward to a considerable extent preparation of bill at its next session. The work was planned to be begun in
plans for certain buildings under the District of Columbia program and to October. Congress will meet in December.
place under contract several of the buildings authorized. The appropriaA copyright cablegram from London on March 4 to the
tions avail..1.!:
the District of Columbia projects aggregate $5,575,000.'
President Coolidge Signs Naval Appropriation Bill Enabling
Construction of Three New Cruisers Despite His
Opposition to the Proposal—Gun Elevation
Bill Also Signed.
On March 2 President Coolidge signed the Naval Appropriation Bill appropriating $450,000 for beginning the work
of construction of three light cruisers. The three new
cruisers were among eight authorized in 1924, and without the appropriation for undertaking the work, the
authority for the construction of the three would have
lapsed. President Coolidge had been opposed to their construction and had recommended that no appropriation for
the purpose be made. On Jan. 7 the House, by a vote of
137 to 135, dropped from the bill an appropriation of
$450,000 to begin the work of construction. The Senate
Appropriations Committee on Jan. 17 voted to embody in
the bill an appropriation of $1,200,000 to initiate the work
on the three cruisers and the bill as passed by the Senate
on Feb. 1 carried this appropriation. The House in yielding on Feb. 24 to the Senate demand for the inclusion of
an appropriation for the start of the work reduced (by a
vote of 208 to 172) the amount to $450,000. The Senate
without a roll call concurred in the House amendment on
Feb. 25. As to the signing of the bill by the President on
March 2 the "Times" said:
But for the inclusion of this provision in the measure,
the authority
granted by Congress three years ago for these cruisers would have
lapsed on July 1 of this year. The President's signature followed
a
conference with Secretary Wilbur and his acquiescence in the action
taken by Congress makes it possible to go ahead with plans for building these vessels at any time.
President Coolidge was opposed in the beginning to the construction
of the three cruisers on the grounil that he did not consider it opportune to authorize funds for these particular vessels while plans for
a naval limitation conference at Geneva were in progress. Whether
he had changed his attitude because of the rejection of his proposal
by France and Italy was not disclosed, but, in any event, he
was
willing to yield to the majority view in Congress and sign the bill.
The action of France and Italy strengthened the hands of the
navy group in Congress and played a large part in the actionstronger
of the
House reversing itself and voting for these cruisers.
The total carried by the naval bill is $316,.000.000, of which
$450,000
is for the commencement of the construction of the three
cruisers.
One of the larger individual items in the bill is $19,808,000 for naval
aviation, distributed as follows:
New planes and equipment, $9,480,000; maintenance and repair of
planes, $8,000,000; to 'equip vessels with catapults, $300,000; to purchase helium. $308,000; for airplane experiments, $1,728,600. Another
"Times" regarding the attitude of Great Britain on the
question of gun elevation said in part:
Britain has not withdrawn her protest, made three years ago, against
the elevation of guns on American battleships, but in all probability
will make no further protest now that the United States has decided
to adopt this means for increasing range.
The correspondent of The New York Times received this informatiott today from an unquestionable official source. It probably represents a compromise between the British Admiralty and the Foreign
Office.
The British memorandum of three years ago protested against the
elevation of gains on six of the oldest battleships of the American
Navy.
Controversy Regarded Closed.
The American decision to elevate the battleship guns was
based on
the belief that British capital ships had been altered
to increase their battle range. This was denied by since the treaty
Britain and the
acting Secretary of the Navy afterward issued a retraction.
In 1924 it was stated that by flooding their "blister," their protection against submarines, British battleships had been able to fire
30,000 yards. President Coolidge, however, disapproved the elevation
plan, and it was then dropped.
Now President Coolidge has approved a bill authorizing appropriations for gun elevation. It is understood that Ambassador Haughton
indicated this intentio nto the British Foreign Office upon his recent
return from the United States.
No statement has been obtainable from the Foreign Office regarding
the nature of its reply, if any was made, to the Ambassador, but in
Admiralty circles it is stated that Britain certainly has not withdrawn
her protest.
It is admitted here that Japan has since increased the range of the
guns of some of her battleships, but the British Admiralty still maintains that such alterations are incompatible with at least the
spirit
of the Washington treaty.
U. S. Supreme Court Holds Unconstitutional Law Discriminating Against Negroes at Primary Elections.
Declaring that the Texas law barring Negroes from
voting at a primary election in the State is a "direct and
obvious infringement" of the Fourteenth Amendment, the
United States Supreme Court on March 7 described it as
"too clear for extended argument that color cannot be
made the basis of a statutory classification affecting the
right set up in this case." The Court quoted from a
previous ruling in which it was pointed out that the
Fourteenth Amendment "not only gave citizenship and the
privileges of citizenship to persons of color, but it denied
to any State the power to withhold from them the equal
protection of the laws." Justice Holmes delivered the
opinion handed down this week by the Supreme Court.
The findings were given in the proceedings brought by
L. A. Nixon, a resident of El Paso, against G. C. Herndon •
MAR. 12 1927.]
THE CHRONICLE
1461
or newspaper mail. The legislation, as it awaited action by
Congress at the time of its adjournment was in the nature
report, in which the differing provisions of
Dr. Nixon, a negro, sought to vote in the State-wide primary elec- of a conference
tion of July 26, 1924, at which both State and Federal candidates were the House and Senate had been adjusted.
selected, and the right was denied to him under Article 3903-A of the
The bill as it passed the House had provided only for
.
Texas statute of 1923, which provided that:
postage of one cent (instead
"In no event shall a negro be eligible to participate in a Democratic the restoration of the rate of
Party election held in the State of Texas, and should a negro vote.in of two cents as at present) on private mailing or post cards.
the Democratic primary election such a ballot shall be void, and election
officials are herein directed to throw out such ballot and not count the As it passed the Senate Feb. 14 it had been amended by
same."
reducing the rates on second-class matter, or newspapers,
Holmes 86 Years Old Today.
from two to one and one-half cents for the first and second
Justice Holmes read the opinion on the eve of his eighty-sixth birthday, a fact that was not realized by a majority of those who listened zones; reductions for the other zones are also provided
to the interpretation of the law by the venerable Massachusetts Jurist, for. A rate of one and one-fourth cent was made for cerwho was born in Boston on March 8, 1841.
publications.
Despite his years, the white-haired jurist, as distinguished in appear- tain charitable
ance today as at any time in his illustrious career, read the decision
The Senate and House conferees in reaching an agreein a firm voice that carried through the court room. The marvelous ment on March 1 restored newspaper rates to the 1921
vitality of the distinguished octogenarian was apparent to all and was
level, instead of the 1920 level, as proposed by the Senate
commented upon in whispers by many.
The opinion, setting aside the Texas "white primary" law, was con- said the New York "Journal of Commerce" which also
strued in some quarters here as a vindication of the theory that the
had the following to say regarding the conferees' action:
and Charles Porras, El Paso County election officials. In
Its account of the Court's findings the "Times" said:
Federal Government has authority to regulate primary elections, despite
the judgment to the contrary rendered by the high court in the Newberry case.
It was pointed out that the court appeared to have adopted the reasoning of Chief Justice White, who, in a dissent in the Newberry
case, held in effect that a primary could not be dissociated from a
general election and that Congress had power to pass legislation affecting both. It was suggested here that today's ruling might lead to the
introduction of bills in the new Congress bearing on primary elections.
The outstanding commentator on the ruling was Senator Borah of
Idaho, who said:
"Today's opinion indicates that the Federal Government has some
authority over State primary elections."
This is a point that has been discussed in connection with the Reed
investigation of conditions in Pennsylvania.
The opinion of the Court follows:
This is an action against the Judges of Elections for refusing to
permit the plaintiff to vote at a primary election in Texas. It lays the
damages at $5,000. The petition alleges that the plaintiff is a Negro,
S citizen of the United States and of Texas and a resident of El Paso,
and in every way qualified to vote, as set forth in detail, except that
the statute to be mentioned interferes with his right; that on July 26,
1924, a primary election was held at El Paso for the nomination of
candidates for a Senator and Representatives in Congress and State
and other offices, upon the Democratic ticket; that plaintiff, being a
member of the Democratic Party, sought to vote but was denied the
right by defendants; that the denial was based upon a Statute of
Texas enacted in May, 1923, and designated Article 3093a, by the
words of which "in no event shall a Negro be eligible to participate
in a Democratic Party primary election held in the State of Texas,"
etc., and that this statute is contrary to the Fourteenth and Fifteenth
Amendments to the Constitution of the United States.
The Senate also receded from its amendment providing a rate of 1%
cents per ounce for scientific, agricultural and religious publications, on
which a rate of PA cents was accepted.
The rate on circulars will be reduced from PA to PA cents per ounce
under the measure agreed upon today, with a rate of one cent for
each two ounces or fraction thereof on seed catalogues.
The Senate conferees were unable entirely to carry their demand
for repeal of the present 2c service charge on parcel post matter, but
did secure a compromise under which the charge of 2 cents will
apply only to parcels for delivery within the first, second or third
zones, with a charge of 1 cent on parcels for delivery in any of the
remaining five zones.
The Senate agrees to four measures passed by the House. These
provide for the transmission of business reply cards without prepayment of postage, the postage being collected upon delivery with a small
additional fee for the service; the imposition of a penalty of 1 cent
per ounce on first class mail on which the postage is short-paid more
than 2 cents; the restoration of the 1 cent rate for private mailing or
post cards, and graduated charges for special handling of parcel post
matter, ranging from 15 cents to 35 cents in lieu of the present fixed
charge of 25 cents.
The conference report failed to reach a vote in either
the House or Senate.
Campaign Under Way to Effect Passage of McNary-Haugen
Farm Relief Bill at Next Session of Congress.
The oral announcement on March 8 by Representative
Dickinson (Rep.) of Iowa that agricultural organizations
are already formulating an aggressive campaign to bring
Private Damage Caused.
about the enactment into law of the McNary-Haugen bill
The defendants moved to dismiss upon the ground that the subject
matter of the suit was political and not within the jurisdiction of the by the Seventieth Congress is reported in the "United
court and that no violation of the amendments was shown. The suit States Daily," from which we take the following:
was dismissed and a writ of error was taken directly to this court.
Mr. Dickinson said this just before his departure from New York
Here no argument was made on behalf of the defendants but a brief
for Panama, adding that the equalization fee, one of the issues in the
was allowed to be filed by the Attorney General of the State.
fight over farm legislation in the Sixty-ninth Congress, would be
The objection that the subject matter of the suit is political is little pressed even more vigorously than ever by the farm bloc in Congress.
more than a play upon words. Of course the petition concerns political
Mr. Dickinson said the fight is to be carried on by an educational
action but it alleges and seeks to recover for private damage. That campaign through literature and speeches by men to be sent to a
private damage may be caused by such political action and may be
number of States.
recovered for in a suit at law hardly has been doubted for over 200
Every effort, he said, will be made, as a part of the drive, to win
years, since Ashby v. White, 2 Ld. Raym. 938, 3 id. 320, and has been Presidential approval when the new Congress shall have taken final
recognized by this court. Wiley v. Sinkler, 179 U. S. 58, 64, 65. action.
Giles v. Harris, 189 U. S. 475, 485. See also Judicial Code, Section
"The supporters of farm relief legislation
Mr. Dickinson said:
24 (11), (12), (14). Act of March 3, 1911, c. 231; 36 Stat. 1087,
are formulating the following program:
1092. If the defendants' conduct was a wrong to the plaintiff the same
They will further the cause over the country during the summer
reasons that allow a recovery for denying the plaintiff a vote at a final intermission between the two ongresses, by an aggressive drive to
election allow it for denying a vote at the primary election that may acquaint the country with the real situation and the merits of the
determine the final result.
An active program will be advanced by the
proposed legislation.
Constitution In Question.
friends of farm relief by spreading over the country generally,
The important question is whether the statute can be sustained. But literature and campaign oratory. It will include use of newspapers,
although we state it as a question the answer does not seem to us magazines, and personal mailing lists. A special effort will be made,
open to a doubt. We find it unnecessary to consider the Fifteenth as part of these activities, to obtain the endorsement, editorially and
Amendment, because it seems to us hard to imagine a more direct and otherwise, of responsible publications.
obvious infringement of the Fourteenth. That Amendment, while it
Campaign of Speakers.
applied to all, was passed, as we know, with a special intent to protect
Speakers are being sent out, in a number of States, to encourage
the blacks from discrimination against them. Slaughter House Cases,
all kinds of farm organizations in this work, not only in the interest
16 Wall. 36. Strauder v. West Virginia, 100 U. S. 303.
That Amendment "not only gave citizenship and the privileges of of obtaining their approval of the plan for farm relief but to put
on through them an aggressive campaign to advance this line of
citizenship to persons of color, but it denied to any State the
power legislation among the membership of the two Houses of Congress.
to withhold from them the equal protection of the laws.
••• . What
With the increased sentiment thereby created those earnestly active
is this but declaring that the law in the States shall be
the same for
in behalf of the cause hope to present their program to the Seventieth
the black as for the white; that all persons, whether colored
or white, Congress at its first session, with additional strength behind it.
shall stand equal before the laws of the States, and, in
regard to the
The friends of farm relief legislation are encouraged by the steady
colored race, for whose protection the amendment was
primarily de- development of the strength behind the movement. In 1924, in the
signed, that no discrimination shall be made against them by
law, 68th Congress, we were defeated in the House by 75 votes. In the
because of their color?" Quoted from the last case in Buchanan
v. first session of the 69th Congress, we were defeated by 45 votes. In
Warley, 245 U. S. 60, 77. See Yick Wo v. Hopkins, 118 U. S.
356, the second session of the 69th Congress we passed the legislation by
374.
36 votes majority. There has been a similar change of sentiment in
The statute of Texas in the teeth of the prohibitions referred to
assumes to forbid Negroes to take part in a primary election, the impor- the Senate.
tance of which we have indicated, discriminating against
Two-Thirds Vote Sought.
them by the
distinction of color alone. States may do a good deal of classifying
The future program will be along two lines: (1) To secure suffithat it is difficult to believe rational, but there are limits,
and it is too cient strength behind farm relief legislation to assure a two-thirds
clear for extended argument that color cannot be made
the basis of a majority in both the House and the Senate; (2) if we should fail
statutory classifieation affecting the right set up in this
case.
to command two-thirds strength, the farm organizations will bring
Judgment reversed.
their influence to bear on the personnel of the White House. That
means not only an effort to get the President to sign this legislation
Senate Filibuster Blocks Action on Proposed
Legislation when passed but, failing that, an effort in the future to put some
one in the White House representative of the real sentiment in this
Reducing Postal Rates on Newspapers.
country for farm relief.
One of the measures which failed of enactment
Our country has established itself against more than eight years
at the
session of Congress which adjourned March 4
judgment this feeling will
through the in the White House for any man. In mythe 1928 Presidential cambecome one of the primary influences in
inability to bring it to a vote by reason of the
Senate fili- paign. The farm leaders are organizing to fight against a third term
buster was the bill reducing postal rates on second
class, for any President.
1462
THE CHRONICLE
We are going to reintroduce and pass in the next Congress the
McNary-Haugen bill. We are going to retain in it the equalization
fee.
The farm organizations are for that 100%.
There may be
some modification as to the selection of the Federal farm board by
removing the limitation placed on the President in the legislation of
the last session requiring him to select three of the members of that
board from farm groups. The plan in reintroducing the old McNaryHaugen bill in substantially the same form in which it passed Congress at the last session contemplates now that the farm groups may
recommend such appointments from their members, instead of making
such selection from among them compulsory.
The veto of the McNary-Haugen bill by President
Coolidge was noted in our issue of Feb. 26, page 1155.
Reed Committee Denied Funds for Continuance of Investigation of Campaign Expenditures.
According to Associated Press dispatches from Washington March 9 the Select Committee to Investigate Campaign Expenditures, of which Senator Reed of Missouri
Is chairman, and which had proposed to -proceed with the
impounding of ballot boxes in the last Pennsylvania election, despite failure of the Senate to act on the resolution continuing its life during the recess, learned on the
9th that no funds were available. The dispatches added:
Senator Keyes, Republican, New Hampshire, Chairman of the Committee on Audit and Control, declined to sign a voucher permitting
further use of the $65,000 authorized for the committee. At the committee's headquarters, however, it was stated "a substantial sum" of
the appropriation had not been expended.
Opponents of the move to continue the life of the Reed committee
took the position that the committee is dead and it is presumed that
it was on this ground that Senator Keyes refused to act when David
S. Barry, Senate sergeant at arms, who had received the order of
the committee directing the impounding of ballot boxes in the Counties
of Delaware, Lackawanna, Schuylkill and Luzerne, asked for funds.
Just what step the Reed committee will now take is problematical.
Chairman Reed and most of the members are out of the city.
[Vor.. 14.
Great Britain and Japan Accept Proposal of United
States for Three-Power Conference on Naval
Limitation.
Great Britain and Japan have indicated to the United
States their willingness to participate in a three-power
conference on naval limitation at Geneva, suggested by
President Coolidge following the declination of France
and Italy to take part in a conference of the five Powers,
which had been proposed by the President. It was made
known on March 7 that the British and Japanese Governments had been approached by the United States on the
question of the desirability of conducting a parley between
representatives of the three Powers. On March 10 the
British Government informally notified the United States
through Sir Esme Howard, the British Ambassador that
Great Britain will be pleased to participate in a three-Power
naval conference. That announcement was made orally
by Joseph C. Grew, Acting Secretary of State, following
a call by Sir Esme at the Department. The "United States
Daily," in reporting this, added:
Mr. Grew said he recently had informal conversations with both the
British and Japanese Ambassadors and had suggested to them that in
view of the difficulties of holding a five-Power naval conference, as first
suggested by President Coolidge, a three-Power conference should be
held. Both Ambassadors approached their respective Governments to
learn their views toward the proposal.
Understanding Informal.
The understanding with the British Government so far is informal, but
it is expected it will later be confirmed by a formal note, Mr. Grew stated.
Any such exchanges, he said, will be made public.
Suggestion for a three-Power conference was made to Great Britain
and Japan after both nations had accepted President Coolidge's original
Invitation to participate in a five-Power conference for the purpose of
extending the 5-5-3 provisions of the Washington Naval Treaty to all
classes of naval craft.
It was noted by the Washington correspondent of the
New York "Evening Post" on March 5 that although the
Japan's acceptance of the proposal for a three-Power
resolution extending its authority perished in the filibuster Conference was made known yesterday (March 11) in the
which closed the Sixty-ninth Congress, the committee re- following announcement issued by the State Department:
fused to consider itself dead and held a meeting on March
The Japanese Ambassador to-day informed the Acting Secretary of
4 at which it decided to demand the ballot boxes from State that the Japanese Government gladly accepts the invitation of the
American Government to hold a discussion at Geneva among the United
Delaware, Lackawanna, Luzerne and Schuylkill Counties, States, the British Empire and Japan on the question of the limitation
In addition to those of Philadelphia and Allegheny Coun- of naval armament.
They feel that the definite adjustments of the question would be greatly
ties which already have been impounded. In an accoont
facilitated if
co-operation of France and Italy could
of the filibuster and the part played by Senator Reed in be secured. the willing and active be found impossible to count on such
Should it, however,
seeking to have the life of his committee extended, the co-operation, the Japanese Government will nevertheless be ready to
Washington correspondent of the "Herald-Tribune" take part in the proposed discussion among the three Powers and to assist
in the endeavors for the furtherance of the desired end.
(March 2) said in part (copyrightr:
From Tokio
Associated Press reported the following
The filibuster of the closing days of the Senate arose out of a motion
of Senator Reed, of Missouri, who is the chairman and dominating
spirit of the special Senate committee that uncovered the Republican
primary scandals in Pennsylvania and Illinois and put in jeopardy the
seats of two Republican Senators-elect, Vare and Smith.
Mr. Reed asked the Senate to give his committee a new lease
of life
by authorizing it to continue its work after the
present session ends.
In addition he asked specifically that his committee be empowered to
"open any or all ballot boxes" and otherwise to investigate
the general
election in Pennsylvania in which Vare, on the face of the
returns,
had a majority over his Democratic opponent.
That request for an extension of time might not have encountered
insuperable opposition. But to that, Reed, of Missouri, in the resolution he framed, asked for an immense extension of scope rather disturbing to other Senators and Senators-elect besides Vare and Smith.
This clause of Reed's proposed resolution asked that his committee
be given "general authority . . to cover the nomination and election
.
of any Senator at any general election in 1926."
Clash of Two Reeds.
The Republican strategy for meeting this proposal of Mr. Reed and
for answering what he had already done is to point an accusing
"you
too" finger at the Democratic primaries in Southern
states, where
Negroes do not vote. This Republican strategy was
expressed by the
Republican Senator David A. Reed, of Pennsylvania, who is, so to
speak, the Republican cousin of Reed, of
Missouri, Reed, of Pennsylvania, proposed an amendment which
read:
The said committee is directed to
investigate whether in any
mary or general election for United ,
States Senator . . .
any voters
have been denied the right to vote or to have
their votes counted by
reason of their race or color."
That Republican Senator "Dave" Reed,
of Pennsylvania, should
accept leadership of the effort to check
Democratic Senator "Jim"
Reed of Missouri, is explained by the former's
concern to see to it
that his fellow-Senator from his own state, Vare,
shall be seated instead of Vare's Democratic opponent, William B. Wilson.
In the leadership against the further activities of
Reed of Missouri,
Reed of Pennsylvania is joined by Moses of New Hampshire.
Moses
is chairman of the committee charged with looking after
the election
of Republican Senators. In a sense it is Senator Moses's
official
party responsibility to keep the Senate Republican. That would
sufficiently account for his efforts to prevent a Democratic
Senator, and
such an able one as Reed of Missouri, from going about the
country
digging up the records of disagreeable aspects of Republican primaries.
-Man Inquiry.
Would Bar One
Another amendment asked by Moses and Reed, of Pennsylvania,
to limit the activities of Reed, of Missouri, is that "no business shall
be transacted" by the committee of which Reed, of Missouri, is
chairman, "unless three or more members are present."
This is designed to prevent Reed, of Missouri, from becoming, as
he did in Illinois, Indiana and elsewhere, a committee of one Democrat having a very good time diging up and giving out testimony
about Republicans. It should be said for Reed, of Misouri, that
he
did not seek to be a committee of one. The solitary role came to him
because of the illness or absence of other members of his committee.
the
yesterday (March 11):
Japan's reply, accepting President Coolidge's proposal of holding a threePower conference for naval disarmament was forwarded to Washington
to-day. The reply also was communicated verbally to Charles MacVeagh,
American Ambassador in Tokio.
The Cabinet voted unanimously to favor the project and cabled Ambassador Matsudara in Washington to notify Secretary Kellogg of its decision.
Associated Press advices were also reported as follows
from London, yesterday:
In connection with Japan's acceptance of the American proposal for a
further naval limitation conference, Reuter's Tokio correspondent to-day
telegraphs:
"I learn from an authoritative source that the decision was influenced by
the Japanese Government's desire to increase friendly relations with Great
Britain and demonstrate to the world that, despite apparent differences of
opinion regarding the policy of China and apparent signs of distrust regarding such matters as the Singapore naval base, Japan desires to prove that
there is no cooling of friendship."
Great Britain's acceptance to the invitation for a fivepower conference was given in our issue of March 5, page
1,299, and on page 1,125 of our Feb. 26 number we referred
to the acceptance by the Japanese Government. The
declination of France appeared in these columns Feb. 19,
page 1003, while that of Italy was given on page 1124
(Feb. 26). It was stated in Associated Press dispatches from
Washington, March 8 that in the event of acceptance by the
London and Tokio Governments, of the invitation of a three
power conference, France and Italy probably would be asked
to send representatives to the conference as observes.
Treaty of Alliance with United States Proposed by
President Diaz of Nicaragua.
An alliance with the United States whereby Nicaraguan
soveleignty would be guaranteed and American rights to
build an interoceanic canal across the country restated, has
been proposed by President Diaz of Nicaragua. The text
of the proposal, given out by the Nicaraguan Legation in
Washington, Feb. 25, is as follows:
A treaty of alliance between Nicaragua and the United States has for
some time past been deemed by the Nicaraguan Government essential to
the best interests of the country. The early negotiation of such a treaty
was proposed to the Department of State through the American Legation
in Managua on Feb. 20th. The treaty we desire would secure for us from
the United States two fundamental guarantees, one of incalculable benefit
for Nicaragua and the other of great advantage for the American nation.
MAR. 12 1927.]
THE CHRONICLE
1463
Brazil and Chile, have taken advantage of the service of American and
The first guarantee would assure to us our sovereignty and independence, as
European military and naval missions without any implication of a loss of
and the uninterrupted maintenance of a Government adequate for the proprestige thereby.
tection of life, property and individual liberty. The second guarantee
Through the establishment of permanent peace and order in Nicaragua,
would assure to the American people their rights under the Bryan-Chamoro
withdrawal of the large
to a naval in this manner we should make possible the early
Treaty to build an interoceanic canal through Nicaragua and
American armed forces now in Nicaragua for the protection of foreigners
base in this country.
against the recurrence of conditions which
should insure ourselves
In return for these guarantees, which would sound the death knell of and we
render their presence necessary again.
coups d'etat and revolutions in Nicaragua and open to its people new vistas might
The third provision in the treaty, or in the form of a convention annexed
of peace and prosperity, my Government would concede to the United
should allow for the co-operation of American technical experts
States the right to intervene in Nicaragua whenever it might be necessary, thereto,
conditions which
for sanitation and engineering work of public interest under
make effective the guarantees mentioned above.
in order to
insure the successful accomplishment of the ends sought.
As matters now stand, we have to-day, as we have had frequently in the would
The treaty and program of Joint co-operation with the United States to
past along with several of our Central American neighbors, the intervention
my Government has invited the consideration of the American
of American armed forces in our territory directed exclusively for the pro- which
humanitarian and public-spirited in its purposes and likely
American and foreign lives and property. Such interventions are Government is
tection of
It is also both practical and justified by reasons of self-interest for
In their essence de facto, and in their scope uncertain and most inadequate effects.
both countries.
for the achievement of ends associated with our own interests.
party or group,
It cannot fairly be said to favor one Nicaraguan political
We have taken due account of these facts of our history, and we see ourshould insure constitutional guarantees equal for
by the unhappy conditions—not theories—of our political since by its provisions we
selves obliged
elections. Under this program,the Liberals, rivals of the present
existence to contemplate periodically within our territory these fortuitous all and fair
Party, might come into power if the Liberals won the next
de facto American interventions, which only safeguard imperfectly American Government
In this event the Conservatives could and would relinquish the
and foreign lives during our spasmodic civil disturbances and which leave our elections.
power in the confidence of constitutional guarantees and the equal profundamental ills unremedied.
the laws, which confidence we could not enjoy were the present
We have, therefore, reached the conclusion that we want to derive for tection of
Government driven from office at this time by a triumphant
ourselves some definite and permanent advantage from American inter- constitutional
aided by Mexico.
vention, which we have thus far found inevitable, and at the same time Liberal revolution,
The Liberals, in the event of their victory at the polls in future elections,
transfer it from its somewhat vague de facto basis to a well-defined de jure
period in office under conditions of domestic transtatus with clearly stated responsibilities and apparent benefits for the could count on a full
successful
quillity or the absolute security of not being overthrown by a
Intervener and the intervened.
their term of office.
We feel no resentment toward our great American neighbor for mani- Conservative revolution during
Liberals, earnestly
A majority of the Nicaraguan people, including many
festing a very natural interest in the protection of its citizens within our
of this treaty and the program it embraces,
gates, and we rejoice that this concern has always proved untainted with desire the speedy realization
for the peace and progress of Nicaragua.
improper motives or sinister designs against our liberties and national rights. which would mean so much
I commend these
In the fervent hope of this happy consummation,
This concern of the American Government for the welfare of its nationals
to the American people and public opinion
In Nicaragua IS in no sense peculiar to the United States. My Government proposals and considerations
received yesterday a note from the British Cbarge d'Affaires in Managua throughout the world.
ADOLFO DIAZ, President of Nicaragua.
Informing us that in view of the lack of guarantee for British subjects by the
Nicaraguan or United States Government against street fighting, incendiarism and pillaging in the cities of Nicaragua, such as our Liberal adverCancelling Increased
saries were responsible for recently at Chinandega, his Majesty's Govern- Inter-State Commerce Commission In
ment reluctantly contemplated the dispatch of a warship to the west coast
Freight Rates on Northwestern Grain and Flax Seed
of Nicaragua.
Shipments Says Western Rate Structure
Being convinced, therefore, of our need of constructive help from the
Requires Thorough Investigation.
United States Government, we should like to have it, in giving the guarantees sought, also declare the purpose of lending efficacious co-operation
Cancelling Achedules proposing increased freight rates
toward the advancement of Nicaraguan interests in such ways as mightseem
on shipments of grain products from points in the NorthIndicated by the exigences of our situation.
ComWe have in mind most particularly co-operation along three lines to enable west to primary markets, the Inter-State Commerce
us (1) to effect the financial and economic rehabilitation of our country with
mission in a report made public March 8, bases its action
the aid of an American financial adviser and a receiver general of our
the ground that "respondent carriers have not sustained
revenues; (2) to preserve throughout the country peace and guarantee the on
security of individual rights and liberties under our Constitution and laws, the burden of justifying the proposed increases in rates."
as well as the observance of the provisions of the treaty;(3) to improve the The Commission refers, however, in its report to the fact
public health and general welfare of Nicaragua with the assistance of
that many fine qualities have been found to exist in the
specially selected American experts.
We should like to include adequate stipulations,either in the treaty proper rate structure in portions of the Western district which
or in special convention with the United States annexed thereto, to make should be corrected, and it adds: "It is evident, especially
possible effective American co-operation toward the end just mentioned.
Hoch-Smith resolution, that the rate
For the first problem, that is our financial and economic recovery, we in the light of the
require absolutely the co-operation of the American Government in order structure in the Northwestern and Western trunk line
to put into effect a financial plan with adequate guarantees, which would regions requires an analysis and investigation of a more
enable us to obtain a much needed constructive loan at a reasonable rate of
thorough and fundamental character than it has yet reinterest as well as to put our finances in order.
We believe that our situation calls for and warrants a financial operatiun ceived. • * * We have pending No. 17,000, Part 7, Grain
Involving some $20.000.000—first, some $7,000,000 for the refunding of
Grain Products within Western District, * * • which
our debt; second, some $3,000,000 or $4,000,000 for the settlement of and
claims arising out of recent disturbances, in which the losses of private embraces the rateq on grain and grain products in the enproperty of Nicaraguans and foreigners have been enormous; third, a loan tire Western grain district." That proceeding, the Comto bring our total indebtedness to not more than $20,000.000 for the conmission notes, will afford apportunity for the considerstruction of a railway to the Atlantic coast and for highways, &c.
In return for the advantages accruing to Nicaragua from such a loan we ation which the rates on grain and grain products, parare prepared No accept any measures of control by an American financial
ticularly to the primary markets, deserve. The proposed
adviser and receiver general which the American Government might conIncreases cancelled by the Commission ranged from 1 cent
sider proper.
We should thereby have the certainty that our country would not be to 6.5 cents per 100 pounds, in rates on grain and grain
exploited in a predatory manner by foreign capital. We should be able
products, including flaxseed, from, to and between points
to obtain needed capital in sufficient quantity which, as long as present
conditions continue, is unavailable to us on fair terms. Furthermore, we in Minnesota, North Dakota, South Dakota, Iowa, Wisshould be able probably to obtain needed capital at a rate of interest of6%, consin and Illineis, but principally from North Dakota
whereas we must now pay, along with our other Central American neighand Minnesota, to certain of the larger terminal markets.
bors,some 8% or more for capital.
All the foregoing considerations show that the arrangement we deeire, so From the "United States Daily" we take the following
far from forming part of an imperialistic scheme of American aggrandize- regarding the Commission's views:
ment in Central America, is nothing less than a highly humanitarian project
Commissioner Hall filed a dissenting opinion, saying that in his
sought by us and not by the United States, for the best interests of our
country, which interests, however, are linked with those of the United opinion the railroads had, in the main, justified the rates which they
States and of all foreign citizens in Nicaragua. For these reasons, I feel proposed. Commisioner Aitchison wrote a dissenting opinion, in which
confident the American people will give their approval to the measures Commissioners Woodlock and Taylor joined, saying that the Commission should have proceeded to remove the unlawful rate situation that
contemplated for the welfare of Nicaragua.
It is obvious, of course, that the financial co-operation accepted for the the majority has reserved for treatment in the general investigation.
way impair our national sovereignty or inde- Excerpts from the majority report, by Commissioner Eastman, follow:
purposes named would in no
The several complainants contend that we should not approve the
pendence and would only continue during a given period, at the end of
which we should hope to have obtained to a much higher degree ofeconomic increased rates proposed from North Dakota and South Dakota because
of the impoverished condition of the farmers in those States, and that
and national independence than we now enjoy.
The second problem for my country, for the solution of which we solicit this is ground for lower rather than higher rates. On the other hand,
co-operation, is that of the establishment of condi- the carriers urge that they are not earning the fair return contemAmerican Government
tions of peace and law and order, together with the assurance of the per- plated by section 15a of the act and are thus fairly entitled to the
manence ofadequate constitutional Government affording guarantees for all. increases. The evidence in support of these divergent views need
We need a well-organized, trained and equipped constabulary, which not be reviewed at length.
In Revenues in Western District, 113 I. C. C. 3, we discussed and
would be strictly non-political and the only armed force in Nicaragua.
Our present armies would be disbanded and all arms turned over to the considered, on a voluminous and exhaustive record, the condition of
constabulary. Such an effective non-political force we cannot achieve agriculture in the West, as well as the earnings of the western carriers.
without American co-operation. Under present conditions any armed The evidence here presented is along the same general lines as that then
force we maintain must, as a matter of self-defense for the existing Govern- before us. In that case we said that while there has been substantial
ment. be a political organization, or even so such a force cannot be a certain recovery from the pest-war depression in agriculture the effects thereof
are still in evidence. We also said that in the Northwestern region
guarantee of peace and order.
In order to bring into existence the constabulary force required by our and in Western trunk-line territory the revenues of certain of the
situation, we need the aid of all American military mission to direct and important carriers have not yielded 5.75% upon any rate bases that
train this corps during a period of some ten years or naore, while a capable can reasonably be adopted in advance of a final determination of
body of Nicaraguan officers was being formed to perpetuate the organization values for rate-making purposes. These conclusions are cogent as to
the condition of the grain farmers in North Dakota and South Dakota
so created.
We should like to make the extension of American assistance in this way and as to the earnings of the particular Northwestern carriers here.
and legislation. Our acceptance of before us.
the subject of special treaty provisions
the collaboration of the American military Would in no way be derogatory
According to computations of record, the proposed increases from,
to CMS national sovereignty and dignity. Other Latin-American countries. North Dakota points on wheat, rye, and flaxseed, based upon a five-
1464
THE CHRONICLE
[Vol,. 124.
year average yield, would aggregate in one year $1,058,575. Other ex- of the Western district
which should be corrected, and that it is the
hibits, purporting to show what the proposed increases from North "right and duty of the carriers
to take the steps necessary to correct
Dakota would amount to during a year's shipping period, .are based
improper rate relations as they may be found to exist, and to supply
upon reports from bankers and elevators at different shipping points revenue deficiencies by initiating
suitable changes in rates.
respecting the tonnage originated at such points in 1924. Not all the
Upon argument of that case the carriers expressed the opinion that
shipping points made the reports requested, and according to the car- class rates in western trunk-line territory
should be increased, and also
riers' records the tonnage actually shipped was approximately only 60% livestock rates throughout the
western district, but stated that, except
of that shown in the exhibits.
for livestock, they knew of no commodity rates which should
be inThe carriers' testimony shows that the typical wheat farmer of creased by other than a horizontal
advance applicable to all rates. They
North Dakota raises an average of 1,191 bushels per year. Not all .
of have here initiated substantial increases on grain and grain products,
this moves out of the State. Assuming that it does, each 1 cent in- and in another proceeding they
are proposing increased rates on cheese.
crease in the freight rate per 100 pounds amounts to an average of It will be noted that with the
exception of the class rates, all these
$7.15 per annum. From Minnesota and North Dakota the. average proposed increases relate
to agricultural products.
increase in the wheat rates proposed by the Great Northern is shown
It is evident, especially in the light of the Hoch-Smith resolution,
as 2.13 cents.
that the rate structure in the Northwestern and Western trunk-line
The complainants generally rely largely upon the so-called Hoch- regions requires an analysis
and investigation of a more thorough and
Smith resolution, Public Resolution No. 46, Sixty-eighth Congress. In fundamental character than it
has yet received. It is also clear from
our report in Revenues in Western District, supra, we considered that the record in this case that
the rates on grain and grain products, parresolution and construed it with respect to contentions (1) that the ticularly to the primary
markets, are deserving of a consideration, from
resolution had the effect of repealing portions of section 15a of the the standpoint of relative
earnings and fair share of the transportation
Interstate Commerce Act; (2) that the resolution constitutes a legis- burden, which perhaps has
.
not hitherto been sufficiently given them.
lative finding by Congress of the existence of a depression in the We have pending No. 17000,
Part 7, Grain and Grain Products within
agricultural and livestock industries, which finding is binding upon us Western District, hereinafter
.
called the general investigation, which
until we report the results of our investigation under the resolution; embraces the rates on grain
and grain products in the entire western
and (3) that the rates on agricultural products, including livestock, district and from that district
to the ports of the country for export.
in effect, at the time of the approval of the resolution, became in effect That proceeding will afford
the opportunity for such consideration.
the legislative maximum rates on those commodities which may not be
The conclusion above reached that
the suspended schedules have not
increased except upon a finding by us or by the courts that they are been justified makes it unnecessar
y to consider the particular objections
confiscatory.
offered by the Chicago and Milwaukee
interveners to the proposed inWe found that Congress could not have intended to repeal or sus- creases in rates to those
markets, by South Dakota interests to the
pend by indirection so important a provision of law as section 15a; and
proposed increases from Mobridge
and
that the resolution requires us to determine what products are affected
North Dakota interests to various special points west thereof, and by'
increases..
by "depression."
According to the Associated Press Commissioner AitchiWhen, therefore, the carriers in an investigation and suspension son, in the
dissenting opinion. declared:
proceeding propose what in substance amounts to a general increase in
The majority report leaves the farmer
in South Dakota and portions
rates over a large area on agricultural commodities which have been
of North Dakota with longer hauls to market,
paying rates on a relashown to be affected by depression, they must clearly demonstrate that tively higher
basis than his Minnesota neighbors. We should
such increase is justified under the law including the provisions of the to move the
proceed
unlawful rate situation that is here reserved
resolution.
for treatment
in the general investigation, should
put all these sections upon a comAs aforesaid, the intent of the resolution is that products of agri- parable basis,
and then when we come to solve the broader
culture affected by depression shall move at the "lowest possible lawful Minnesota
problem the
and
rates compatible with the maintenance of adequate transportation ser- ment as other North Dakota rates can receive the same general treatgrain rates in the West."
vice." It sets no new standard of lawfulness, but provides, in effect,
that to the extent that there are flexible limits to our discretion,
we
shall require the maintenance of the lowest rates falling within those San Francisco Clearing House Reports Increase of
$320,304,224 in 1926 Clearings Over Those
flexible limits.
of
Rates that may lawfully be required must in principle be high enough
1925—New High Record,
to cover all of the cost that may fairly be allocated to
the service plus
Frederick H. Colburn, Manager of the San Francisc
Its least some margin of profit. Northern Pacific Ry. v. North Dakota,
o
236 U. S. 585; Norfolk & Western Ry. v. West Virginia,
236 U. S., Clearing House, in his report (presented at the annual meet605. But it has always been recognized that the
burden of transpor- ing on Feb. 8) covering transactions
for the year ended
tation may reasonably be adjusted with some regard
to the value of Dec. 31
the service, in other words, that the higher
1926, announced total clearings for the year 1926
grade, more valuable commodities may be required to pay a greater margin
of profit than those of $9,799,768,682, compared with $9,479,464,458 for 1925,
that are of lower grade and less valuable. The
substance of the pro- representing an increase of $320,304
,224, or 3.06%. The
vision of the resolution quoted above is that
agricultural products 1926
clearings established a new high record. In only four
affected by depression shall in this respect be included
in the class of
most favored commodities, to such extent, at least, as
may be "compati- cities in the United States did the 1926 clearings exceed those
ble with the maintenance of adequate transportation service."
of San Francisco. according to Mr. Colburn's report,
As has been seen, the carriers' attempted justificati
which
on of the sus- also
pended rates depends primarily and chiefly upon
contains the foil wing figures relating to the year's
rate comparisons.
Considering this showing alone, they have made out a
operations of the Association:
strong case. The
comparisons are very numerous, cover a wide range,
and include many The daily average of clearings, 1926, was
rates which we ourselves have fixed. They warrant
332.665,895 61
the conclusion that, The daily average of clearings, 1925, was
judged by other rates from the grain fields of the
31,388,955 16
Western territory to
primary markets, the present rates on grain and
Being an average daily increase of
grain products from
North Dakota and Minnesota points to Minneapoli
81.276,940 45
s and Duluth are
in general low, and that the proposed rates are in
Balances.
general not unduly
high. There is less evidence as to the rates which
Total balances in 1926 were 20.5% of the
clearings, and
move these commodities out of the primary markets, and there
amounted to
seems some reason to
$2,002.379,445 95
believe that certain of these latter rates, which
The average daily balance for 1926 was
are more subject to
36.674.598 15
competitive influences, are rates to these markets.
The average daily balance for 1925 was
6.298.839 11
It is significant, however, that the carriers' case practically
ends with
this showing, however, that the carriers' endeavored
Being an average daily Increase during 1926 of
also to show that
$375,759 04
the movement of grain from the North Dakota and
The Clearing House, which was organized Feb. 1876,
Minnesota farms
4
is attended by various unfavorable transportation
conditions. But little began clearing March 111876,
attempt has been made to translate these conditions
from which date until Dec.31
into terms of cost 1926,
of service or to show that they are essentially
inclusive, the clearings aggregated $127,251,869,971,
more burdensome than
the conditions which attend the movement of
many other important and the balances aggregated $19,858,180,249. The report
forms of traffic. No evidence was offered by the
carriers, such as they also says:
frequently present in rate cases, with a view to
showing that the earnClearings for 42 years 9 2-3 months to
ings.of the rates which they are
Dec. 31 1918,totaled $62,244,847,seeking to increase are either in- 949. This sum was exceeded
by clearings of the next eight years ended
trinsically low, or low by comparison with
the earnings derived from Dec. 31 1926, which aggregated 365,007,02
the rates on other commodities. No
2,021.
attempt was made to show the
The record of highest
actual or the relative cost of service.
clearings is:
Day —Feb. 5 1926
Ori the ether hand, the evidence as
.
$51,500,119
to relative earnings and cost of Week —Sept. 16 1926
service which was presented by the
238.245,061
North Dakota complainants, while Month—December 1925
got free from defects and susceptible
909.212.963
to criticism, does clearly warrant Year —1926
the. conclusions that the present rates
9,799,768,682
of the respondent carriers on
grai nand Fain products are by no
Total Debits.
means unremunerative rates, and
that they yield earnings which compare
For several years Clearing House members and non-memb
quite favorably with the earner
banks have reported weekly the amount of "total debits," which Clearing
ings which these carriers derive from, the
rates on many other forms total
include
debits to accounts of individuals, firms and corporations other
of traffic and with the earnings which other
than
carriers in the Western banks,
group derive not only from other commodities but
debits to accounts of the United States Government, including
from grain and grain War
products as well.
Loan deposit accounts, debits to savings accounts, payments from
trust accounts and certificates of deposits paid. (Debits in settlement
Upon this record we must and do find that the
of
respondent carriers clearing house
have not sustained the .
burden of justifying the
balances, debits to bank accounts, payments of cashier's
proposed increases in checks,
rates. An order requiring the cancellation of the
charges to expense and miscellaneous accounts, corrections and simisuspended schedules lar charges
will, therefore, be entered.
are excluded.)
The yearly totals
The Hoch-Smith resolution has brought to the forefront
the question amounts as follows: for eight years last past are now reported in round
of the distribution among commodities of the
transportation burden, 1919
thus emphasizing the need for considering the relative
.
$9 118 012 000
.
1923
39.481.884.000
costs of service 1920
and the relative earnings of the various kinds of freight
11.367,537.000
1924
9,767.847.000
traffic, difficult 1921
as this task may be. The method which the carriers usually
9.288.703.000
1925
11.496.447.000
select to 1922
secure additional revenue, when needed, is to make a
8.637,958.000
1926
12,598.476,000
horizontal increase
The members of the San Francisco Clearing House Associatio
in all rates, thereby avoiding the embarrassment of
n are now
distinguishing be- as follows:
tween various kinds of traffic.
No. 1. The Bank of California, National Association.
In Revenue in Western District, supra, the carriers in
that district
3. British American Bank.
made such a proposal. We found that important carriers in
the North7. The Donohoe-Kelly Banking Co. of San Francisco.
western region and Western trunk-line territory were not
earning a
8. Crocker First National Bank of San Francisco.
fair return, but that no emergency had been shown justifying
the ex16. Wells Fargo Bank & Union Trust Co.
pedient of a horizontal increase in all rates. We further
found that
17. The Anglo & London Paris National Dank of
there are many inequalities in the rate structure existing in
San Francisco.
portions
24. American Trust Co.
MAR. 12 19271
27.
31.
34.
35.
37.
38.
39.
TH 14J
CHRONICLE
The Canadian Bank of Commerce.
Italian-American Bank.
United Bank & Trust Co. of California.
Bank of Italy.
Federal Reserve Bank of San Francisco.
French American Bank.
Pacific National Bank.
The following elections occurred at the annual meeting:
Crocker First National Bank.
For President, re-elected James J. Fagan,
Anglo dc London-Paris NaFor Vice-President, re-elected C. F. Hunt,
tional Bank.
elected:
For other members Clearing House Committee
Trust Co.
F. L. Lipman, Wells Fargo Bank & Union
N. A.
C. IC. McIntosh, The Bank of California,
Russel Lowry, American Trust Co.
A. J. Mount, Bank of Italy.
& Trust Co.
For Secretary, re-elected R. R. Yates. United Bank
Record Bank Clearings in Los Angeles in February—
Building Construction.
Marking up the highest record of bank clearings in any
as
February in the history of the city, with a gain of 14
compared with Feb. 1926, the month just closed was clearly
one of extraordinary business activity. Clearings for
February totaled $758,821,301 as compared with $664,588,010 in 1926. Coming at a time when practically all the major
cities of the country are reporting a decreased volume of
bank clearings as compared with last year, this it is noted will
emphasize the extraordinary rate at which Los Angeles is
growing. Another favorable factor noticed during the month
has been the number of people arriving in Southern California
from the East and North. Practically all of the hotels not
only in Los Angeles, but in the outlying Southern California
cities, report limit registration, while railroads and highways
are bringing in from 12% to 25% more passengers than last
year. The Research Department of the Chamber of Commerce after analysis of all available factors, including school
attendance, city directory listings, water, gas and electric
meters, passengers carried, annexations, &c., places the
population of Los Angeles City as of Jan. 1 1927 at 1,300,328
which establishes Los Angeles definitely in at least fifth
position amongst the cities of the Nation.
During the month highly beneficial rains were experiehced
throughout Southern California districts, bringing the total
precipitation well above normal and insuring adequate
supplies of water not only for agricultural but for domestic
and power purposes. The power companies report the
heaviest snow in the mountains for many years making up the
shortage which has been evident for several seasons up to
at least the normal quantity. While the rainfall caused
considerable temporary discomfort and interferred somewhat
with immediate sales in some retail lines, damage has been
almost negligible and many fold outweighed by the benefits.
The total volume of building permits in February amounted
to $7,574,354 as against $8,542,370 for Feb. 1926, while the
number of permits was 2,476 as against 2,738 last year. In
spite of this moderate decline the total volume for building
up to date for 1927 exceeds last year. Los Angeles has
passed both Detroit and Philadelphia which have been ahead
for a good many months. The building industry as a whole
considers conditions in a relatively satisfactory position.
1465
The New York Cotton Exchange membership of Tyre N.
Hutchinson was reported sold this week to Thomas J.
Beauchamp for another for $27,000. Last preceding sale
was for $27,750.
At the Bankers' Forum Meeting to be held on Wednesday,
March 16 at 6:30 p. m.at the Hotel Shelton, 49th Street and
Lexington Avenue, Dr. B. M. Anderson Jr., economist of
the Chase National Bank, will speak on "Underlying Figures
in the Business Situation."
At a special meeting of the stockholders of the Guaranty
Trust Co. of New York yesterday (March 11) the plan for
increasing the capital stock of the company from $25,000,000
to $30,000,000, which was voted by the board of directors
on Feb. 23, was approved. Following this authorization of
the capital stock increase, it was announced that an assignable subscription warrant for each stockholder's ratable
proportion of the increase will be mailed shortly after
March 14. No stock certificate will be issued for less than
a full share, but non-dividend bearing scrip representing
interests in fractional parts of shares of stock will be issued,
exchangeable for stock certificates (with accumulated dividends) when presented in amounts aggregating one share
or multiples of one share. The plans to increase the capital
were referred to in our issue of Feb. 26, pag 1176.
The newly organized Seward National Bank of this city
began business on March 7 in its temporary quarters at 443
Fourth Avenue, at 30th Street. The permanent location of
the new bank after Jan. 1 1928 will be in the building now
in course of construction at 2 Park Avenue. The Seward
National has been formed with a capital of $2,000,000 and
surplus of $1,000,000. Alexander Stewart Webb is President, Clayton Lawrence Moak is Vice-President, and Clayton L. Moak is Cashier. The directors are:
Howard E. Atterbury. President Atterbury Eros.; Charles C. Davis
Vice-President, Eaton, Crane & Pike Co.; Charles A. Ernst. former President, American Viscose Co.; R. W. Evans, President. R. NV. Evans & Co.;
Byron E. IIepler, Vice-President and Treasurer, Hope Engineering & Supply Co.; Patrick McGovern, President, Patrick McGovern, Inc.; Clayton
Lawrence Moak. Vice-President; Patrick F. Murphy. President. Mark
Cross Co.; ilm.ry W. Nuckols, Vice-President, Valvoline Oil Co.: Pasquale
I. Simonelli, President, Italian Savings Pack; Lionel F. Straus, President,
F. A. Straus & Co., Inc.; Arlen G. Swiger, Willcox & Swiger; William B.
Warner, President, McCall Corporation, and Alexander Stewart Webb.
President.
Items regarding the organization of the bank appeared in
these columns Dec. 18, page 3138, and Jan. 29, page 601.
James S. Alexander, Chairman of the board ,and J. Howard Ardrey, Vice-President of the National Bank of Commerce in New York have returned from an extended trip to
the Pacific Coast.
The National City Bank of New York will open its twelfth
Frooklyn branch about May 1 in the Bush Terminal district.
Plans for the opening on the Bush Terminal Branch were
revealed yesterday (March 11) with the announcement that
the National City Bank had purchased, through Gustave
Girard, broker, the parcel at the northeast corner of Thirtysixth St. and Third Ave., Brooklyn. The site, 42 x 100 feet,
is at present improved with a four story building. After
altering and renovating the premises, the bank will occupy
Transactions on San Francisco Stock and Bond the ground floor of the building.
Exchange During January.
Arthur W. Snow, Second Vice-President and Cashier of
Market value of stocks traded in during the month of
January on the San Francisco Stock and Bond Exchange the Garfield National Bank, of New York, died at his home
amounted to $28,190,428 on a turnover of 956,035 shares. in Newark, N. J. on March 9. He was in his sixty-second
This is the largest monthly market value since last Sep- year.
tember when 654,485 shares of $28,468,920 market value
At a meeting of the Board of Directors of Textile Banking
were traded in. The January figures compare favorably
was
with the average monthly volume of business on the Ex- Co., Inc., of this city on March 8, William H. Bisehof
100% than the appointed Assistant Secretary and R. G. Woodbury was
change during 1926, which was grated by
volume of any year in the history of the Exchange. January appointed Assistant Treasurer.
was more active than December, in which transactions of
Carl Muller, a member of the banking firm of William
451,106 shares totaled $23,849,675.
Schall & Co., 150 Broadway, died on March 7. Mr. Muller
was sixty-nine years of age.
ITEMS ABOUT BANKS, TRUST COMPANIES, &C.
On March 22 the stockholders of the Greenwich Bank of
The New York Stock Exchange membership of Joseph J.
convert the institution
for transfer this this city will vote on a proposition to
Manning, deceased, was reported posted
into a national bank under the name of the Greenwich
week to Walter N. Rosenau, the consideration being stated
National Bank of the City of New York. Such conv.,rsion
as $182,000. This is the same as the last preceding sale.
into a national bank is preliminary to a consolidation of
The "Wall Street Journal" states that the San Francisco the Greenwich Bank with the Hanover National Bank.
Stock & Bond Exchange membership of Carl Steyer was The acquisition of the Greenwich Bank by the Hanover
sold this week to Douglas Atkinson of Leib, Keystone National Bank was noted in our issue of Feb. 19, page 1005.
& Co. for $45,000. This is stated to be a new high record.
Thirty-eight hundred employees of the National City orLast preceding sale was at $42,500.
ganization, in a nine weeks' contest which ended March 8,
1466
THE CHRONICLE
[Vol.. 124.
obtained more than 52,000 accounts for the compound inter- structur
est department of the National City Bank of New York, interior e without disturbing the business of the Bank. The
of the new banking room is marble and bronze and
ranging in amount from $5 to $15,000, and aggregating more the
decorations made up of coloring of gold and blue. The
than $8,000,000. This, it is claimed, established a world's America
n
record for a contest of this character. The highest previous extensiv eagle, which is the bank's trade mark, is used
ely in the decorations. The officers of the bank are
record was made by the National City organization in 1923, Frank
M. Tichenor, President; Clement M. Biddle, Clinton
when the contest for compound interest accounts resulted in T. Taylor,
and Ephraim Samuels, Vice-Presidents; William
placing 45,226 new depositors on the department's books. C.
Thompson, Cashier; Norman D. Ellison, Charles H.
In neither contest were commercial and checking accounts Barnett
and Charles G. Sposato, Assistant Cashiers.
included. Final returns are now being tabulated to determire the winner of the contest just closed. The first prize
Following the closing of the Central National Bank of
will be $1,000 in gold and week's extra vacation, or, a de luxe Marietta, Ohio, on Feb. 23 (noted in the "Chroni
cle" of
trip for two to Bermuda or Yellowstone National Park, at Feb. 26, page 1177) Arthur Ward Fisk, a savings
teller and
the option of the winner. Every member of the National and employee of the bank for many years, was
arrested on
City organization will receive a prize or commission for taking Feb. 24 for alleged embezzlement of nearly
$8,000 of the
part in the drive, and in addition to several hundred indi- bank's funds and later was remanded
to the Washington
vidual awards, various departments and branches of the bank County jail in default of $10,000 bail, accordi
ng to a special
also will be recipients of special recognition by the manage- dispatch from Marietta on that date
to the Cleveland
ment. All branches of the bank as well as the head office "Plain Dealer."
at 55 Wall Street participated in the contest, accounts being
Judge Crosby in the Massachusetts Supreme Court on
opened at all of them. The National City Bank now has
March 8 authorized Roy A. Hovey, State Bank
eight branches in Manhattan and eleven in Brooklyn. On
Commisthe bank's plan, interest is compounded twelve times a year sioner, to pay a fifth dividend, amounting to 4%, to the
creditors in the commercial department
at an annual rate of 3%.
of the defunct
Cosmopolitan Trust Co. of Boston, accordi
ng to the Boston
"Iranscript" of March 8. Payment of this dividend,
At a meeting of the directors of the Interstate Trust Co.
it was
of this city on March 8, Herbert C. Lakin was elected a stated, would be made by maii from the liquidating offices
director. Mr. Lakin is President and director of Compania of the company at 53 State St., Boston, to-day (March 12).
Cubana, President and director of the Cuba Co., and a Dividends amounting to 90% in the avings department and
director of the Consolidated Railroads of Cuba, the Cuba 32% in the commercial department have previously been
declared and paid to the depositors of the defunct
Railroad Co., and the Long Island Railroad Co.
institution,
which was closed the latter part of 1920. Our
last reference
The recently organized Hayes Circle National Bank & to the affairs of the Cosmopolitan Trust Co.
appeared in
Trust Co. of Newark, N. J., began business in temporary the "Chronicle" of Aug. 7 1926, page 672.
quarters at 29 Elizabeth Avenue,Newark,N.J.,on March 1.
Ihe Bankers' Trust Co. of Philadelphia on Monday
The issuance of a charter for the company was noted in these
columns Dec. 18 1926, page 3140. The institution has a (March 7) opened handsome new banking quarters in the
capital and surplus of $750,000 each. The officers are: Bankers Trust Building at the corner of Walnut and Juniper
Frank J. Bock, Chairman of the Board; D. W. R. Mac- Sts. which is to be the main office of the institution. AccordDonald, President; Nathan H. Berger, William B. Harding, ing to the Philadelphia "Record" of March 3 throngs of
Albert Schurr, Vice-Presidents; Edward J. Moffett, Cashier; visitors inspected the new banking rooms, among them being
William S. Cherry, Assistant Cashier. The directors are: several hundred prominent eitizens of Philadelphia, who were
Nathan H.Berger,President Peoples Mortgage & Title Guar- the guests of the officers and directors of the company. The
anty Co.; director and counsel, Peoples National Bank & institution—which represents a consolidation of the recently
Trust Co., Belleville, N. J.; Frank J. Bock, Postmaster, organized Bankers' Trust Co. and the Bank & Trust Co. of
Newark, N.J.; President Ajax Fire Insurance Co.; James T. West Philadelphia, opened for business on Jan. 3 with capital
Boylan, President Peoples National Bank & Trust Co., of $1,000,000 and surplus of $250,000. It maintains branch
Belleville, N. J.; Dr. B. H. Greenfield, surgeon; Joseph L. offices at 17 South 52d St. and at 52d St. and Girard Ave.
Feibleman, President Joseph L. Feibleman & Co.; William The banking department, it is understood, is under the direcB. Harding, Vice-President Merchants & Manufacturers tion of E. Raymond Scott, Vice-President and Treasurer, and
National Bank; director South Orange Trust Co.; David Max Weinmann, Vice-President, at the main office, while
Harper, capitalist; George C. Heller, merchant, Centre Mar- J. Milton Lutz, Senior Vice-President, with C. E. Mayo,
ket; Michael A. Jackson, President. Meyer & Bush Co.; Secretary and Assistant '1 reasurer, are in charge of the
Henry Schreider;John A.Linnett, Linnett & Wolf; D.W.R. West Philadelphia offices. Samuel H. Barker is President
MacDonald, President Ellis Adding Machine Typewriting of the Institution. As noted in our issue Jan. 15, page 333,
Co.; Albert Schurr, Vice-President North American Life it is proposed shortly to increase the capital and surplus of
Insurance Co.; Charles Wagner, President Wagner Market the company to $2,000,000 and $500,000, respectively, by
the issuance of 20,000 additional shares of stock, of the par
Co.; Elmer D. Wilson, electrical contractor.
value of $50 a share, to be offered pro rata to stockholders
A charter was issued by th-e Comptroller of the Currency of record March 31 at the price of $62.50 a share. A meeting
to the Security National Bank of Trenton, N.J., on Feb. 8. of the stockholders to vote on the proposition is scheduled
The institution will have a capital of $200,000 and surplus of for March 21.
$50,t)00, its stock MOO per share) being placed at $125.
Consummation of the proposed consolidation of the ColumJ. Henry Fell will be President of the bank and Stephen
Wenczel will be Cashier. The institution will begin business bia National Bank of Pittsburgh and the Bank of Pittsburgh,
N. A., under the title and charter of the latter took place on
soon after July 1.
on Monday of this week, March 7, following the ratification
of the merger plan by the respective shareholders of the
The Americas National B- ank of Mt. Vernon, N.
Y., institutions on
formally opened its new building on Saturday, Feb.
March 4. According to the Pittsburgh
26. A
stringed orchestra was engaged for the occasion and souveni "Post" of March 5, the consolidation gives the Bank of
r Pittsburgh,
N. A. title to more than an store of land fronting
books entitled, "Historical Review of the City of
Mount on Fourth
and Third Avenues and Wood St. and has increased
Vernon" were presented to the guests. The opening of
the the deposits by $11,000
,000, making the total deposits of the
new building brings to the City a fur storage vault for
garments,a facility which it had heretofore lacked. Entrance new organization $65,000,000. The combined capital and
from the main banking room lobby leads to a spacious Safe surplus of the institution remains as heretofore, namely
Deposit department with coupon booths, trunk storage and $6,000,000. Harrison Nesbit continues as President. The
fur storage vaults. Since the date of the opening of the bank proposed union of these banks was noted in our issue of
on Oct. 4 1920 its deposits have grown from $144,000 to Feb. 5, page 746.
$6,517,000 on Jan. 3 1927. Total assets on Dec. 31 1926
The Ohio State Banking Department on March 5 closed
were $7,374,258,and it is stated that they have since increased the Citizens' State Bank of Pioneer,
Ohio, following a
to over $8,000,000. The bank has a capital of $250,000, "run" on the institution the previou
s day, acocrding to a
and surplus and undivided profits of $552,284 were reported special dispatch from Bryan, Ohio, to
the Ceveland "Plain
on Dec. 31, last. The bank originally began business in Dealer" on March 5. The dispatch
stated that D. H.
1920in an old landmark known as Gould's Hotel,in the center Claudon, former President,
and P. E. Throne, former
of the City, which building was remodeled and the new Cashier, charged with forgery,
had been arrested on March 4
building was erected around the old renovated wooden and following their plea of "guilty
" had been bound over
MAR. 12 1927.]
THE CHRONICLE
for the Williams County Grand Jury, which convenes on
March 28, their bonds being fixed at $7,500 each. Claudon
is said by officials, according to the advices, to have obtained about $12,000 over a year's time; the amount, however, with which Throne is charged was not divulged. The
Citizens' State Bank, the dispatch further stated, was
organized as a State institution four years ago and its last
statement showed resources of $272,000. The present
Cashier declared on the day of the closing that there would
be no loss to the depositors, it was said.
1467
of his employment with the Bureau, he was Secretary to
the Directors of the military census of New York city. Mr.
Edwards joined the army when the United States entered
the war. He served a year overseas in France and Italy.
He came out of the war with the rank of first lieutenant.
Following his discharge from the army, Mr. Edwards went
to Milwaukee with the Citizens' Bureau where he was
engaged in the work of salary revisions of city and county
employees and reorganization of the business administration
of the county institutions. He then became affiliated with
the First Wisconsin Co.
Failure of the First National Bank of Columbia City,
Ind., on March 7 was reported in a special dispatch from
At a meeting of the directors of the American National
Columbia City on that date to the Indianapolis "News," Bank of Nashville on March 2, Charles H.
Wetterau and
which reads as follows:
Morris E. Barr, heretofore Assistant Vice-Presidents of the
The First National Bank of Columbia City closed its doors to-day by
order of the board of directors, and is now in the charge of J. F. Mt, institution, were promoted to Vice-President and Cashier,
National Bank Examiner. The statement of Dec. 31 1926 showed the respectively, the latter to fill the vacancy caused by
the
total resources as $1,390,900.28 and deposits $1,097.809.28. The bank resignation of Frank Farris,
according to the Nashville
was organized in 1874 and was the largest bank in Columbia City. Plans
"Banner" of March 2. Another promotion was that of
are being devised for some form of reorganization.
Walpole Kaler is President of the bank and A. C. Smith is Cashier. P. D. Castleman, formerly head of the collection
departThe bank in its last statement showed that it carried $169,000 worth of ment, who
was made an Assistant Cashier. All three
real estate. Heavy withdrawals from the bank Saturday (March 5)
promotions, it is said, came as a distinct surprise to the men
precipitated the closing, it is said.
honored, and were in the nature of a reward for many years
The closing of two banks in Springfield, Ill., on March 3, of faithful service.
namely, the North Side State Bank and the Jefferson State
Three Florida banks—the First-American Bank & Trust
Bank, both controlled by the same interests, was reported
in a dispatch from that city on March 3, appearing in the Co. (capital $300,000), the Northwood Bank & Trust Co.
Chicago "Journal of Commerce" of the following day. of West Palm Beach (capital $50,000), and the First Bank
The dispatch also stated that the Lincoln Casualty .Co., & Trust Co. of Palm Beach (capital $50,000)—failed to
another institution controlled by the same interests, had open for business on Tuesday of this week (March 8). Two
closed and the policies held in the institution had lapsed on other institutions, both in West Palm Beach, the Farmers'
Bank & Trust Co. and the Citizens' Bank, sustained without
that date (March 3). The dispatch said in part:
difficulty heavy "runs" by their depositors. According to
Oscar Nelson. State Auditor, has begun an investigation of the
accounts
of the North Side Bank.
a special dispatch to the New York "Times" from West
When the Jefferson institution failed to open, State officials made an
Palm Beach on March 8, an armored car rushed $2,000,000
immediate probe. Ha affairs were said to be in excellent condition.
All
depositors and stockholders will be paid in full, it was announced. The in cash from Miami to check the runs on the two
banks.
North Side Bank. it was said, was in a less favorable condition.
Hundreds of frantic depositors thronged the streets in front
An Associated Press dispatch from the same city on of each bank and received their
money as fast as it could be
March 8, printed in the New York "Evening Post" of the handed out through the windows.
At 2 o'clock, the closing
same date, stated that the Marbold State Bank at Green- hour, more than 100 depositors,
it was stated, were still at
view, III., was closed on that day, following a "run" started the doors of the Farmers' Bank &
Trust Co. The Citizens'
the previous day, when it was rumored that the institution Bank remained open for another
hour. The three banks
had heavy holdings in the closed North Side Bank of Spring- which failed to open on the 8th had
the following signs, it
field.
was stated, posted on their doors:
The Board of Directors of this bank
Closing of the Arlington State Bank, the only bank in depositors that business be suspended.deem it to the best interest of the
Arlington, Ill., by the directors on March 8, was reported
Later in the day a second sign was placed beside the first,
in a dispatch by the Associated Press from Mendota, Ill., reading:
on that day, appearing in the New York "Evening Post" of
Slate of Florida. Comptroller's Office, Tallahassee.
This bank is now in the hands of the State Banking Department.
March 8. Frozen assets were assigned for the closing of the
T. C. HAWKINS. State Bank Examiner,
institution, whose clients we mostly farmers, it was stated.
The following statement (as contained in the dispatch)
The Detroit Trust Co., Fort and Shelby streets, transferred was issued through the newspapers by the directors of the
its office to its new 100 foot addition on Saturday March 5. First-American Bank & Trust Co.:
The failure of three Palm Beach banks in June, followed by the hurriThe formal opening to the public will take place in about
continued depression in
two months, when the wall separating the new portion from canes, thein city affairs, further real estate together with the unfortunate
upheaval
augmented by the failure of
the former quarters is removed and the old part is completely Bank & Trust Co. a few weeks ago in Lake Worth, have createdthe First
a feeling
renovated. In the meantime business will be carried on in of unrest and lack of confidence resulting in persistent and continual withdrawals on the part of depositors.
the new section. The complete building extends 140 feet
The First Ameri•lan has lost $10,500.000 in deposits from a peak of $13,on Fort Street and 138 feet on Shelby. With the idea in 500,000 a few months ago. The officers and directors have no apologies
mind for future expansion, the foundation and steel struc- to make in the face of such a situation, but are concerned chiefly with
protecting
tural work was designed to support 8 stories in all. Directly the bank. the interests of the depositors who have so loyally stood by
in front of the entrance is a bronze plaque indicating that the
Consistent withdrawals averaging $1.000,000 a month brought
deposits in
Detroit Trust Co. building stands on part of the site once the First American Bank & Trust Co. from $13,500,000 down to less than
$3,000.000 in ten months' time and was responsible for its failure
to open
occupied by Fort Shelby. The plaque shows the outline this
and the location of the old fort and carries the seals of the
Nonornf tg senior active officers owe the bank one penny, nor have
sm e o in he
they
State of Michigan and the city of Detroit, besides a perspecowed e ae bana. loans of the 16 directors, composed of some of the
Th th ggregkte
most
tive view of one of the fort's blockhouses and a broadside prominent business men in West Palm Beach, are
only about $100.000.
view of the "Griffin," the first vessel to sail above Niagara
According to C. D. Reese, President of the Farmers'
Falls. Palisades of Fort Shelby dug up during the excavating Bank & Trust Co.(the dispatch went on to say),
the following
for the new building wilt be on exhibit in the elevator lobby. wealthy Palm Beach residents have pledged
their support
The new addition was erected during the twenty-fifth to his s hippc
:
hank
P
John
Edward T. Stotesbury, Edward R. Bradley, Edward F.
anniversary year of the Detroit Trust Co. and is the fifth
Huttozi, Edward S. Moore. L. F. Bader, Anthony J. Drexel Biddle, Jr..
homo the company has had during its first quarter century Harris Hammond,L.
G. Kaufman, S.
of business. The financial structure of the company at the F. 0. Butler and George L. Meeker. Davies Warfield, Thomas A. Clarke,
beginning consisted of $500,000 capital and $500,000 surplus.
In this regard Mr. Reese said:
During its first twenty-five year period these figures combined
The support of these financiers is the best guarantee any one could offer
have grown to $8,000,000.
the public. They have agreed to throw their support behind the remaining
banks in West Palm Beach until the crisis is past. Their assurances of
Philip P. Edwards, manager of the buying department
practically unlimited
of of our depositors. resources we believe will serve to restore confidence
the First Wisconsin Co., of Milwaukee, was recently
elected
In an earlier statement Mr. Reese was reported as saying:
Vice-President of the First Wisconsin Trust Co , in charge
We have
in the world. If
of investments. Mr. Edwards became associated with the his deposits all the money to the bank in theany one feels nervous about
let him come
morning and we'll not only
First Wisconsin Co. in Jan. 1921. He is a native of Ohio. give him his money but give him a vault free of charge to lock it up in.
B. A. Maxfield, President of the Citizens' Bank, was also
He was engaged for about a year with the New York Citizens'
Bureau. His work consisted of surveys of the business reported in the dispatch as saying:
We have ample cash on hand to pay off every depositor in the
administration of public school systems. In the latter part
bank,
If we had window facilities we could pay off all deposits in a few hours.
1468
THE CHRONICLE
On Wednesday (March 9) advices by the Associated Press
from West Palm Beach, appearing in the "Times" ox Thursday, stated that bank officials felt the crisis had passed and
that both the banks would have no trouble withstanding a
run of any size should another start. This dispatch further
stated that a parade,organized by leading citizens, ma:ched
through the streets to lively airs played by the municipal
band, "Banners declaring 'We have faith in our banks'
were carried by business men. Arriving at the Farmers'
Bank & Trust Co. the parade halted while the band played
a march for the long line of depositors waiting to withdraw
their funds. Banners with the device 'Men or sheep—
Which?' were prominently displayed, and the parade blocked
traffic while it lasted." The dispatch also stated that the
Citizens' Bank did the "usual day's business," bankers said.
Plans to increase the capital stock of the Bank of Italy
National Trust & Savings Association, successor to the Bank
of Italy, from $20,000,000 to $30,000,000, and to split up
the present $100 par value shares into four of $25 par value,
were announced from San Francisco on March 10. A special
stockholders' meeting has been called for March 21 to act
on the proposed changes. A 300% stock dividend has also
been declared on shares of the Stockholders' Auxiliary Corporation, affiliated with the bank. This, it is stated, represents the first action of its kind taken under the provisions
of the McFadden Act. Bank of Italy shares this week sold
at a new high record of 675 on the San Francisco Stock &
Bond Exchange.
Two new records in American banking, resulting from the
merger in California of the Bank of Italy and the Liberty
Bank of America, are claimed in a statement issued on
March 6 by James A. Bacigalupi, President of the consolidated institution, now known as the Bank of Italy
National Trust & Savings Association, following its nationalization last week after the enactment of the McFadden
bill. The bank, Mr. Baeigalupi announced, has 1,087,OCO
depositors and more than 35,000 stockholders. This, it is
stated, is a greater number of depositors and also of shareholders than any other American banking institution can
boast. Mr. Bacigalupi's statement also points out that
the increase in the capital of the bank, effective March 15,
will advance the institution to second rank among American
banks and trust companies from the standpoint of invested
capital. After that date, when $30,000,000 new stock,
subscribed and paid for last November by stockholders, will
be issued, its capital, surplus and undivided profits will
aggregate $105,000,000. Only the National City Bank,
New York, it is noted, exceeds this figure. The deposits
of the consolidated institution exceed $575,000,000, a total
greater than that reported by any banking institution outside of New York City. The Bank of Italy was founded in
1904 by A. P. Giannini with an initial capital of $150,000.
to-day it operates 276 branches in 164 cities in California.
The Bank of Italy National Trust & Savings Association
is affiliated through the Bancitaly Corp. with the Bowery
& East River National Bank of New York and also with
the Commercial Exchange Bank of this city. This affiliation was established at the start of 1919 when the Bancitaly
Corp. acquired the East River National Bank having a capital
surplus and undivided profits of $359,327 and total resources
of $5,110,683. As of March 3 last, the Bowery & East
River National Bank, of which Dr. A. H. Giannini is
President, had capital, surplus and undivided profits of
$6,625,000 and total resources of more than $88,000,000,
following its absorption of the Discount National Bank,
which brought the number of its offices in the greater city
up to sixteen. The Commercial Exchange Bank of New
York, successor to the private banking busines of Lionello
Perera, reported capital, surplus and undivided profits of
$2,840,219 and aggregate resources of $18,389,965 as of
Feb. 19 last.
From the Brooklyn "Eagle" of March 9 we take the
following:
Sessa private banking business In Brooklyn
A merger of the Joseph
of 63 Wall St., Is forecast in the
with the Commercial Exchange Bank
Giannini of the Bowery and East River
announcement of President A. II.
chain of banks, that he had purchased the
National. one of the Bancitaly
action in that direction Is contemplated
Sessa business. No inunediate
Sessa interests will continue in charge.
and it was stated that the
business operates three offices in Breoklyn, at 131
The Joseph Sessa
6323 14th Ave. According to the latest
Union St., 211 4th Ave.. and
State Banking Department the Seaga
statement filed with the New York
surplus of $395,419 and deposits of
banks had a capital of $100.000. a
83,873.836.
The nationalization of the Bank of Italy was reported
in our issue of March 5, page 1307.
[Vol. 124.
THE WEEK ON THE NEW YORK STOCK EXCHANGE.
Speculative activity in this week's stock market again
centred largely in the railroad issues and various specialties,
though there were occasional manifestations of strength in
the oil group and mercantile stocks. On Saturday and
again in the forepart of the week, prices were inclined to sag
with sharp pressure on the industrial and railroad stocks.
Later in the week the market improved, and many of the
more active stocks moved forward to new high levels. On
Saturday last price movements continued irregular, the tone
alternating between weakness and strength during the
greater part of the two-hour session. Sharp pressure
developed early in the day among the industrial stocks and
numerous recessions, ranging from one to five points,
occurred in the early trading, though these were followed by
brisk rallies in the last hour and a number of important
issues recouped their losses to some extent. Houston Oil
was unusually strong and moved forward to a new high at
119%. Prices again turned downward on Monday and
while there were no important losses a number of the more
active issues were off from one to three or more points.
Some of the widest breaks occurred in stocks that have
moved close to the top during the past two.weeks, Houston
6
Oil receding nearly five points, Wabash 2%, International
Combustion Engineering 2% and United States Industrial
Alcohol nearly three points. Atlantic Refining was one of
the strong stocks and closed with a net gain of one point
and Mid-Continent was up about a point at its high for the
day.
On Tuesday speculative interest centred largely in Houston Oil, which had one of its spectacular jumps, with an
advance of 678 points into new high ground for the move/
ment. Hudson Motors was one of the strong stocks and
closed with a net gain of 2% points. Considerable activity
was also apparent in such stocks as General Motors, which
%
moved forward 23 points; Pierce-Arrow, and Mack Trucks.
Other strong features included United States Rubber, General Asphalt, International Combustion, Postum Cereal,
Commercial Solvents B, and a few others. The upward
movement of the stock market on Wednesday included most
of the.active speculative stocks. The advance was especially
vigorous in the railroad issues, particularly the so-called
merger stocks, Kansas City Southern going up 2 points to
49, while Missouri Kansas & Texas was conspicuous for its
advance of 2% points to 39%. Other strong stocks included
such issues as Gulf Mobile & Northern, which was up 3
points, Ontario & Western, Missouri Pacific, Western Maryland, Atlantic Coast Line, Chesapeake & Ohio, and Bangor
& Aroostook. Wabash common crossed 70 as compared
with the previous close at 67, and Atchison closed at 170,
%
compared with its previous final at 1673 . Hudson Motors
maintained its leadership of the motor group, with a gain
of 23 points, and in the final hour General Motors was
4
selling close to its high for the year. In the industrial
stocks, United States Steel at 160, was 2 points higher,
Crucible sold close to its top for the year, and Bethlehem
again touched 50; American Smelting & Refining crossed
150 and United States Cast Iron Pipe & Foundry reached 220.
On Thursday the market moved sharply forward, some
st cks again making new high records. Railroad shares
were particularly active, Atchison reaching the highest peak
in its history at 174. Gulf Mobile & Northern was up
nearly 7 points and Bangor & Aroostook made further progress to 66 at its high for the day. Motor shares continued
strong, General Motors moving up 2 points and again selling
at its high, made last December. Packard Motor Car gained
2 points End Mack Truck gained a point. Other notable
advances included such issues as Remington Typewriter, up
10 points, Coca Cola, Woolworth and Montgomery Ward.
In the final hour a wave of profit-taking swept over the market and some of the early gains were lost.
Railroad shares moved to the front on Friday, Atchison
leading the advance with a gain of over 6 points, which
carried it to a record high price. Gulf, Mobile & Northern
was also notable for its spectacular advance of 11 points to
65. New York Central improved 23 points, Norfolk &
Western gained 5 points and Norfolk Southern shot upward
9 points to 52%. Kelly Springfield was the leader of the
4
low-priced industrial stocks and spurted upward 23 points
to 197 . Motor issues did not do so well, General Motors
%
breaking more than 3 points and Hudson slipping back to
715., while most of the active stocks of the group closed
with fracti nal losses. Railroad equipment shares were
strong, such stocks as American Brake Shoe, General
MAR. 12 1927.]
THE CHRONICLE
Railway Signal, and Baldwin Locomotive improving a
point or more. The final tone was steady.
TRANSACTIONS AT TILE NEW YORK STOCK EXCHANGE
DAILY, WEEKLY AND YEARLY.
Stocks,
Number of
Shares.
Railroad,
&c.,
Bonds.
State.
Municipal &
Foreign Bonds.
914.190
1.566.491
1.708.747
1,783,735
1.913,881
2,128.200
$3361000
5,431,000
7.076.500
7,277.500
7,566.500
7,703.000
51,405.500
2,238.500
2,374.000
3.725.000
2.762.000
1,783,000
51,139,650
3,649.200
4.404.800
3,833.150
4.434.450
1,656.000
10.015.244
538.415.500
514.288.000
519 117 250
Week Ended Mar. 11.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
TWAT
Sales at
New York Stock
Exchange.
Week Ended Mar. 11.
1927.
Jan. 1 to Mar.11.
1926.
1927.
8,694,508
96,922,149
97,979.846
56,398.550
10.695.000
38,023.050
862.513.500
207.448.200
487,101.700
560.778.250
123.866.350
474,650.050
S71.820.750 $55.116.600
5757,063.400
$659,294,650
Stocks
-No. of shares_
10,015.244
Borzds.
Government bonds._ _ $19,117.250
State and foreign bonds 14.288.000
Railroad & misc. bonds 38,415,500
Total bonds
United
States
Bonds.
1926.
DAILY TRANSACTIONS AT THE BOSTON, PHILADELPHIA AND
BALTIMORE EXCHANGES.
Boston.
Week Ended
Mar. 11 1927.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Philadelphia.
Baltimore.
Shares. Bond Saks
Shares. Bond Sales
Shares. Bond Sales
•13.588
.27.676
.31.407
•30.425
.23.832
19,131
815,000
3.000
6.000
17.050
13.150
4,000
146,059
$58.200
19.038
23.778
40.610
22.508
30.541
23,059
6.500
21,400
6.000
62,400
33.700
8.000
2,242
2,430
3.246
4,048
11,210
7,196
$23.500
49.000
35.000
44.400
43.400
16.000
159.534 .138.000
30.372
183,078 $122,700 169.628 8217,750
10,830 $134,200
•In addition, sales of rights were: Saturday, 200* Monday, 700*
Tuesday, 300'
Wednesday, 1.500: Thursday, 2,100.
pr San Francisco Stock and Bond Exchange.-Record of
transactions at San Francisco Stock and Bond Exchange
Mc h. 5 to Mch. 11, both inclusive, compiled from official
sales lists:
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Par. Price. Low. High. Shares.
Alaska Packers' Assn
American Trust Co
365
Anglo Calif Trust Co
Anglo & London P Nat Bk_
Bancitaly Corporation _ _ _ 11334
.
Bank of California, N A.
Bank of Italy
675
Calamba Sugar
70
Calamba Sugar pref
California Copper
4.50
Calif-Oregon Power pref._ ......
California Packing Corp.__ 6635
California Petroleum COM, 2934
Caterpillar Tractor
2954
East Bay Water "A" pref._
9735
"B" preferred
Emporium Corp, Tho
36
Federal Brandeis
12
Fireman's Fund Insurance, 89
Foster & Klelser corn
Great Western Power, pref 10334
Haiku Fruit & Pack (free),
934
Haiku Fruit & Pack (pool)_
934
Hale Bros Stores
3434
Hawaiian Com'l & Sugar
49
Hawaiian Pineapple
51
Hawaiian Sugar
HOMe Fire& Marino Ins._ _
29
Honokaa Sugar
40
Honolulu cons 011
Hunt Bra Pack "A" corn_
2534
Hutchinson Sugar Plant'n. 14
Illinois Pacific Glass "A"... 3455
Key System Transit pr prof 47
Preferred
Langendorf Baking
1234
LA Gas& Electric pref
100
Magnavox Co
.50
Magnin I, corn
27
North American 011
45
Oahu Sugar
3734
Olaa Sugar
Pao Light Corp 6% pref.__
9834
Pacific Lighting Corp corn_
Pacific 011
Pacific Tel & Tel pref
104
Pacific Tel & Tel corn
125
Paraffin° Co's Inc corn
13234
Phillips Petroleum corn
5655
plagly Wiggly W States A
Pig'n Whistle pref
16
Pioneer M111
Richfield 011
2334
13 F Sacramento RR pref._ ......
13 J Lt & Pow. prior pret_
10755
"B" 6% pref
Schlesinger, B F, corn.
Preferred
Shell Union Oil. corn
3034
Sherman & Clay 7% pref.
Sierra Pacific Electric pref.
Southern Pacific
109
Sperry Flour Co pref
97
Sperry Flour Co, corn
Spring Valley Water
108
Standard 01101 Calif
5734
Texas Consolidated Oil..., 650
Union 011 Associates
4934
Union 01101 California
4934
Union Sugar. corn
1755
United Bank & Trust Co
160
U S Petroleum
1.85
Universal Cons 011
%Waal= AgrIcuit'l Co, Ltd
West Amer Finance. pref._
9
Yellow & checker Cab ____
9
Zellerbach Paper 6% pref__
9755
90L
•INo
par value.
THE MARKET CURB.
Business on the Curb Market this week was very quiet
and at times extremely dull. Weakness in the early part
of the week was followed by upward movement and the
close to-day a generally better tone. Several industrial
issues were prominent, Johns-Manville new common stock
in particular on active trading selling up from 6034 to 7034,
the close to-day being at 68%. Estey-Welte, class A, on the
other hand dropped on heavy selling from 205i to 123 , re4
/
cover to 15 and ends the week at 143/ Remington-Rand,
s
.
common rose from 353' to 37, the final transaction to-day
being at 3634. Rand-Kardox Bureau, common, after early
loss from 71 to 69% moved up to 7234. Borden Co., common declined from 1043' to 1013 and finished to-day at
4
102. Cities Serivce, common improved from 4934 to 523
%
and closed to-day at 51%. Fulton Syphon sold up from
41 to 463'I and at 45 finally. Utilities were about steady,
with very little change. In the oil issues Vacuum Oil was
somewhat of a sensation, jumping up from 1013 to 11034
4
and reacting finally to 1081g. Cumberland Pipe Line ad/
vanced from 123 to 128 and ends the week at 127. Humble
Oil & Refining, after early weakness from 55 to 54 sold up
to 57, the close to-day being at 56%. Prairie Pipe Line
weakened at first from 1433 to 1423 then rose to 148, with
4
4
the final transaction to-day at 137. Standard Oil (Indiana)
eased off from 68% to 6634, then improved to 69 8 and
closed to-day at 6834.
$211.300
Prey, week revised
Stocks-
1469
165 165
360 370
380 380
218 227
112 11354
255 255
671 67534
70
70
84
84
4.50 4.50
102)5 10255
66
67
293.4 30
2834 2934
9734 98
107 107
34
36
1034 12
89
90
1234 1235
103 10335
934 954
934 954
3435 35
'4835 4934
4955 Si
4155 4134
29
2934
2
2
3955 40
25
2555
14
14
3334 343.4
4755
47
17
17
1234 1235
9935 100
.60
50
28
27
4454 46
3 34 3734
7
10
1055
9855 9854
320 320
1.25 1.25
102 104
12354 125
13135 13254
5534 5654
20
20
16
16
2755 2734
2335
22
1454 1455
10734108
9734 98
2134 215I
90
92
2935 3035
9534 950
90.34 92
10755 109
96
97
48
4834
105 10834
5754 58
600
650
4854 5()
4834 6034
17
1735
153 160
1.85 1.90
1.15 1.15
39
3935
9
9
836 93,4
97
98
SOIL qn
Range Since Jan. 1.
Low.
High.
10 165
Mar 165
Mar
90 300
Jan 398
Feb
10 338
Jan 380
Mar
135 195
Jan 232
Feb
12,400 8934 Jan 11454 Feb
50 250
Feb 270
Jan
3,278 528
Jan 67555 Mar
50 70
Feb 7134 Jan
30 82
Jan 84
Jan
160
4
Feb
5
Jan
15 10234 Jan 10435 Jan
855 6535 Feb 6935 Jan
4.930 2934 Mar 33
Jan
6,380 2655 Feb 30
Feb
110 96
Jan 9834 Feb
25 10555 Jan 109
Feb
160 34
Mar 3655 Jan
6,605
935 Feb
12
Mar
260 89
Mar 9234 Jan
85 1234 Feb
1355 Jan
112 103
Mar 10454 Mar
45
835 Feb
SIX Feb
59
955 Mar
934 Mar
65 3435 Mar 3635 Jan
795 4834 Feb 50
Jan
1,135 4931 Feb 5554 Feb
65 4034 Jan 42
Feb
40 29
Feb 3234 Jan
25
2
Mar
3
Jan
1,040 3754 Jan 4255 Feb
370 25
Mar 2634 Jan
1.595 1254 Jan
14
Ma
1,890 3255 Feb 3434 &la
40 40
Feb 65
Jan
5 15
Feb3134 Jan
80 1234 Jan
1235 Jan
155 9835 Jan 10034 Feb
2,500 40c
Jan 75c
Feb
270 2534 Jan 2
834 Jan
1,895 4054 Jan 48
Feb
85 35
Jan 3755 Max
900
8
Jan
1054 mar
565 97
Feb99
Jan
35 311
Feb320
Mar
200
1.25 Mar
1,75 2a9
355 102
Mar 11434 Feb
115 125
Mar 139
Jar
625 11034 Jan 1321.4 Mar
3.270 5435 Jan •
•
955 Feb
10 1934 Jan 2054 Feb
330 1534 Jan
1634 Feb
25 27
Jan 2834 Feb
6,040 22
Mar 2635 Jar
10 10
Feb
1434 Mar
187 10634 Jan 10955 Fet
14 97
Jan 9934 Fet
140 21
Jan 23
Jar
169 8934 Feb 92
Jar
4,180 2835 Jan 3135 Fet
20 9335 Jan 96
Jar
25 87
Jan 9234 Fet
125 10654 Jan 112
Fet
mai
616 9235 Jan 97
110 44
Jan 4835 Jan
385 10154 Jan 10834 Mal
8,175 5734 Mar 13054 Jar
1,200 500
Jan 95c
Fel
4,402 48
Mar 5636 Jar
6,530 4834 Mar 5654 Jar
270 16
Jan
19
Jar
23 149
Jan 160
Mai
1,220 1.6735 Jan
1.90 Fat
393
1.15 Jan
1.15 Jar
125 3735 Jan 41
Jar
690
9
Jan
954 jar
724
855 Mar
954 Jar
75 9634 Feb 98
Fel
575
95
Tan
RIB, fa-
DAILY TRANSACTIONS AT THE NEW YORK CURB MARKET.
Week Ended Mar. 11.
STOCKS (No. Shares).
Ind&Mitc
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
BONDS(Par Value).
Domestic. Porn Goal.
80.010
111.338
125,212
149.270
147.150
160.030
69.720
95.130
99.060
82.705
81.580
76.880
773,010
505,075
39,300 81,181,000
65.910 2.201.000
54.350 2,062,000
88.910 2.778.000
59,401 2.236.000
43,700 2.105.000
8367.000
211,000
203.000
262.000
191,000
201,000
351,571'12,563,000 $1,435.000
COURSE OF BAN C CLEARINGS.
Bank clearings the present week will again show a decrease
compared with a year ago. Preliminary figures compiled by
us, based upon telegraphic advices from the chic)* cities of
the country, indicate that for the week ending to-day
(Saturday March 12) bank exchanges for all the cities of the
United States from which it is possible to obtain weekly
returns will be 3.1% below those for the corresponding week
last year. The total stands at $9,630,915,077, against
$9,941,158,609 for the same week in 1926. At this centre
there is a loss for the five days of 3.4%. Our comparative
summary for the week is as follows:
clearings-Returns by Telegraph.
Week Ended March 12.
1927.
1926,
Per
Cent.
New York
Chicago
Philadelphia
Boston
Kansas City
St. Louis
San Francisco
Los Angeles
Pittsburgh
Detroit
Cleveland
Baltimore
New Orleans
84,616.000.000
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
85.248098
88,462,102
57,513.186
$4,779,000,000
542.825.0:12
446.000,000
351,000.000
113.523,911
123.200.000
147.198,000
147.988,000
141.629,747
130,401,412
86.526,326
89.091,421
57,361,194
-3.4
+0.7
-8.8
+10.8
+7.7
-3.5
+9.1
+6.2
-3.0
-12.3
-1.5
-0.7
+0.3
Thirteen cities,5 days
Other cities, 5 days
37.000.771,449
1,014,991,115
87,155.745.043
1.076,843,865
-2.2
-5.8
Total all cities,5 days
All cities, 1 day
$8,025.762.564
1,605,152.513
$8,232,588,908
1,708,569,701
-2.6
-6.1
59.630.915.077
59.041
_1 1
mow all cities for week
I AR
coo
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 March 5. For
that week there is a decrease of 5.9%, the 1927 aggregate of
clearings being 811,300,181,367, and the 1926 aggregate
$12,011,610,960. Outside of New York City the decrease is
only 4.5%, the bank exchanges at this centre having declined
6.9%. We group the cities now according to the Federal
Reserve districts in which they are located, and from this it
appears that in the New York Reserve District (including
this city) there is a loss of 7.0%, in the Philadelphia Reserve
District of 11.4% and in the Richmond Reserve District of
9.2%. The Boston Reserve District has a gain of 6.0%
and the Cleveland Reserve District of 4.1%, but the Atlanta
Reserve District shows a decrease of 15.7%, the latter due
mainly to the falling off at the Florida points, Miami reporting a decrease of 73.7% and Jacksonville of 38.3%. In
the Chicago Reserve District the totals are smaller by 6.2%,
in the St. Louis Reserve District by 3.0% and in the Minneapolis Reserve District by 4.9%. In the Kansas CityReserve
District there is a trifling increase, namely, 0.6%, but
in the Dallas Reserve District an increase of 7.1%, while
the San Francisco Reserve District shows a trifling loss,
that is, of 0.1%.
In the following we furnish a summary by Federal Reserve
districts:
SUMMARY OF BANK CLEARINGS.
1927.
Week Ended Mar.5 1927.
1,56.0?
Dec.
1926.
1925.
•
1924.
S
%
+6.0
474,386,181
-7.0 6,203,213.095
-11.4
619,588,495
+4.1
382,740,377
210,363,243
-9.2
-15.7
236,227,981
-6.2 1,608,063,793
-3.0
236,234,735
142,202,509
-4.9
294,066,942
+0.6
80,092,479
+7.1
543,296,400
-0.1
S
482,953,779
4,642,057,035
498,002,583
352.823,023
190,583,514
186,788,563
872,659,374
,
212.670 865
121.931,798
246,541,043
66,203,093
474,323,629
129 cities 11,309,181,367 12,011,610,960 -6.9 10,430,466,230
Total
4,605,764,085 4,621,738,562 -4.5 4,347,167,263
Outside N. Y. City
8,348,538,299
3,823,812,028
son Lill rn
112242.788
Federal Reserve Diets.
let Boston_ __ _12 cities
2nd New York _11 "
3rd PhIladelphial0 "
4th Cleveland__ 8 "
6th Richmond _ 6 "
6th Atlanta_ __ _13 "
7th Chicago ___20 "
865 81. Louis __ 8 "
9th Minneapolis 7 "
10th Kansas CIty12 "
5 "
110 Dallas
1265 San Fran _17 "
Inisentla
[VOL. 124.
THE CHRONICLE
1470
S
555,472,513
6,823,954,242
630,174,072
434,661,258
211,111,636
199,389,222
1,101,486,041
238,433,438
124,468.791
286,199,813
84,334.902
600,495,409
29 eltlea
349.0213.480
$
533,263,686
7,333,831,888
711,365.179
417,478,239
232.555,027
268,283,235
1,173,667,127
245,792,051
130,849,278
284.410,193
78,772,544
601,312,525
342598.778 4-1 s
We now add our detailed statement, showing last week's
figures For each city separately, for the four years:
Week Ending March 5.
Clearings at
1927.
1926.
$
First Federal Reserve Dist rict-Boston
775,357
Maine-Bangor_ _
1,015,965
4,462.432
3.696.490
Portland
Mass.
-Boston _ _ .507,000,000 470,000,000
2,290,056
Fall River_ _ _ _
1,927,772
a
a
Holyoke
1,238,284
977,788
Litre!!
Lynn
a
1
1,343,774
1,285,657
New Bedford.._
5,303,899
6,477,972
Springfield _ _
3.746.427
3,740,235
Worcester _ _
-Hartford
16,443,939
19,992,467
Conn.
9,399.765
New Haven_ _ _
9.018.556
13,635,500
R.I.
13,461,000
-Providence
720.698
782.166
N.H.- Manehes'r
Total(12 cities)
565,472,513
533,263.686
Inc. or
Dec.
+31.0
-17.2
+7.9
-15.8
a
+24.6
a
+4.5
-18.1
+0.2
-17.8
+4.2
+1.3
-7.9
+6.0
1925.
698,276
3,510,645
417.000.000
2,603,196
a
1,231,788
a
1,653,787
6,156,238
4.042,278
13,593,697
8,647,140
14,341,900
907.236
474,386,181
1924.
786,399
3,132,894
433,000,000
2,235,708
a
1,140,308
a
1,279.088
5,193,508
3,678,000
13.137,258
7,056,902
11,401,200
912,514
482,953.779
Second Feder al Reserve D istrict-New
7,002,094
6.994,973
-Albany..
N. Y.
1,163,300
1,290,200
Binghamton _ _
61,619,079
50,433,343
Buffalo
1,016,477
Elmira
1,187,502
1,788,906
c1,543,060
Jamestown__ _
New York_ _ _ 6,694,417,282 7,189,872,398
14,647,475
15,799,367
Rochester
6.480,985
7,385,347
Syracuse
3,522,829
Conn.
-Stamford
c3,388,970
1,114,106
N. J.
864,500
-Montclair
45,611,358
40,642,577
Northern N.J_
York5,302.609
7,027.081
+0.1
1.027,800
1,198,700
+10.9
40,439,816
-18.2
49,840,276
835,198
972,121
+16.8
1.138.062
-13.9
1,807,084
-6.9 6.083,297.961 4,525,226.271
12,633,594
12,906,304
+7.9
5,955,825
5,926,553
+13.9
2,912,354
3,778,041
-3.8
718,130
618,955
-22.5
45,867.376
35,840,01()
-10.9
Total(11 cities) 6,823,954.242 7,333,831.886
-7.0 6,203.213,095 4,642,057,035
Third Federal Reserve Dis rict-Philad elphia.
1,516,753 +0.9
1,530.803
-Altoona _ _ _
Pa.
4,202,088 +31.8
5,539,240
Bethlehem._ _
1,523,855 -7.3
1,412,276
Chester
2,469,597 -14.4
2,115,032
Lancaster
Philadelphia _ _ 595,000,000 678,000.000 -12.3
4,118,604 +6.7
4,393,896
Reading
6,868,728 + 10.0
7,554,165
Scranton
3,964,761
+1.1
d4,007,453
Wilkes-Barre_ _
1,914,116 -1.9
1,877,739
York
6,786.677 -0.6
6,743,468
-Trenton..
N.2.
a
a
a
Del.-Wilming'n_
1,459,883
4,101,494
1,481,774
3,728,893
587,000,000
3,421,005
6,487,486
4,378,906
1,929,263
5,599,791
a
1,325,256
3,762,559
1,220,477
2,790,533
469,000,000
3,296,219
6,760,035
3,663,948
1,678,813
4,298,743
a
711,365,179 --11.4
619,588,495
408,002,583
Total(10 cities)
630,174.072
Fourth Feder in Reserve D !strict-Cle veland
5,763,000 +7.4
_
Ohio-Akron
d6,191,000
3,734,479 +26.2
4,714,462
Canton
80,206,217 -7.4
Cincinnati _ _
74,290.289
Cleveland
122,072,033 118,992,251 +2.6
15,823,300 +21.6
Columbus
19,237,900
a
a
Dayton
a
a
a
Lima
a
2,125,575 -45.9
Mansfield
c1,150,649
a
a
a
Springfield_ _
a
a
Toledo
a
Youngstown__ _
6,629,598
5,410,568 +22.5
a
a
-Erie
Pa.
'
Pittsburgh- - - 200,375,327 125,422,849 +8.0
Total(8 cities).
Fifth Federal
W.Va.-HUnt'g'n
Va.-Norfolk_
Richmond _ _ _
-Charleston
8.C.
Md.-Baltimore _
D.C.-Washing'n
Total(6 cities)-
5,055,000
4,698,893
73.106,379
111,227,054
15,726,600
a
a
1,804,282
a
a
4,780,969
a
166,253,300
7,330.000
4,327,031
65,164,975
106,373,000
14,814.600
a
a
1.779.978
a
a
4,168,708
a
149,864,731
+4.1
382,740,377
353,8230,23
Reserve Dist rIct-Rlchm ond1,518,497
1,595,368 -4.8
d5,616,737
10,004,331 -43.9
49,094,000
57,084.000 -14.0
3,213,930
3,33(1.089 -4.7
121,630,228 131,215,437 -7.3
30,038,244
29,349,802 +2.3
1,709.350
9,925,164
57,661,145
3,114,672
113,190,361
24,762,551
2,023,292
8.070,792
51,252,082
2,432,404
102,710,944
24,094,000
210.363.243
190,583,514
6,816,569
3,500,430
23,550,223
64,351,399
2,888,368
1,915,652
a
23,738.744
14,343,092
27,247,677
2.418,818
1,424,000
541,218
63,491,791
5,377,139
3,261,336
21,308,221
50,884,288
2,109,000
1,423,190
a
16,299.012
4,552,531
23,935,300
2.073,251
.1279.538
418,272
53,867,485
236,227,981
186.788,563
434,661,258
211,111.636
417,478,239
232.585,027
-9.2
Sixth Federal Reserve Dist rict-Mien is8,234.000 -1.0
8,150.846
Tenn.-Chatt'ga
3,658,846 -4.3
*3.500.000
Knoxville
24,556.919 +3.8
25,481,754
Nashville
72,347,006 -27.8
52,225,969
Ga.-Atlanta__ _ _
2,455,063 +4.4
2,564,296
Augusta
1,625,778 +28.9
2.096,541
Macon
a
a
a
Savannah
37,444,615 -38.3
23.099,018
6,999,874 119.271,378 -73.7
Miami
27,423.196 -15.1
23,282,122
Ala.-Birming'm.
2,514,919 -19.0
2,037,794
Mobile
1,800,000 -16.7
1,500.000
Miss -Jackson._
515,293 -8.6
471,095
Vicksburg
66,336,222 -27.7
47,979,913
La.-NewOrleans
Total(13 cities) 199.389,222 268.283,235 -15.7
Week Ending March 5.
Clearings at
1927.
Inc. or
Dec.
1926.
1925.
1924.
$
Seventh Feder al Reserve D istrict-Chi cagoMich.
364,834
-Adrian _ _
367,027
217,953
320,546 29.8
Ann Arbor_ _ _ _
879.133
968.183
1.006,862
1,212.726 17.0
Detroit
167,920,450 170.936,565 -1.8 140,442.342 130.196,953
Grand Rapids_
6,905,366
7,792,456
8,316,742
9,076,384 -8.4
Lansing
2,665,777
3,416,182
2.840,000
3.1
2,930,000 In I.-Ft.Wayne.
3,297.984
2,908,884
3,206.801
2.899,838 +10.6
Indianapolis_ _ _
21,145,000
17,401,000
28,591.000
24,941,000 +14.6
South Bend...
2.804,500
2,639.800
2,938,068
3,148,600
Terre Haute_ _ _
5,375,157
5,421,536
6,510,377
5,312,100 +22.5
41,407,069
46,151,235
Wis.-Milwaukee
48,923,707
44,895,290 +9.0
Iowa--Ced, Rap_
4,192,491
4.782,812
4,118,447
17.1
4.966,502 Des Moines_ _ _
15,945,496
17,692,604
13,430,074
18.0
16,382,447 Sioux City. _ _ _
9,561,799
8,735.198
13.4
7,754,797
8,954.877 Waterloo
1,922,719
1,947,037
1,615,601
1,540,203 +4.9
III.
-Bloomington
3,670,443
2,492,980
2,473,218
2,905,188 -14.9
Chicago
787,480,409 857,745,683 -8.2 726,811.283 611,967,282
Danville
a
a
a
a
a
Decatur
2,144,302
1,550,019
1,594,344
1,448,779 + 10.0
Peoria
6,987.953
6.008,005
5,986.501
6.574,650
2,822,077
Rockford
3,414,399
3,788,043
3,420.166 +10.7
2,981,336
Springfield__
3.532,516
2,772,647
31.6
4,055,583 Total(20 cities) 1,101,486,041 1,173,667,127 6.2 1,008,053,793
Eighth Fedora Reserve Dis trict-St. Lo iliaInd.
6,119,034
-Evansville.
5,685,204
5,583.730 + 1.8
Mo.-St. Louis_ _ 151,800.000 157,700,000 -3.8 153,800,000
Ky.-Louisville..
35.103.989
39,554,140
+1.1
39,105,378
Owensboro.
509,525
506,338
584,093 13.3
Tenn.- Memphis
24,938,237
23,713,978
25,598,767 -7.3
Ark.
-Little Rook
14,563,657
12,466,186
14,542,007 +0.1
Ill.- Jacksonville
690,319
558,728
609,089 -9.6
Quincy
2,059,393
2,607,445
2,068,987 -0.5
872,659.374
Total(8 cities) _ 238,433,438 245,792,051 -3.0
Ninth Federal Reserve Dist rict
spoils
-Duluth..
Minn.
7.736,109
7,576,468
+2.1
Minneapolis. _ _
74,926,465
82,944.363 -9.7
St. Paul
34.907,467
33,507,053 +4.2
No. Dak.-Fargo
2,086,167
1,907,861 +5.8
S. D.
-Aberdeen.
1,401,180 -16.4
1,186,188
Mont.
-Billings _
609,340 + 17.7
717,395
Helena
2.840,013 +2.4
2,909,000
236,234,735
212,670,865
8,712,455
91.941.008
34,245.758
2.232,637
1,647,348
666.132
2,757,171
7,270,051
71.592,301
37,108,193
1,787,155
1,189,877
469;976
2.514,245
Total(7 cities) _ 124.468.791 130,849,278 --4.9
Tenth Federal Reserve Dist rict-Kansa s CityNeb.-Fremont__
d556,471
587,333 --5.3
Hastings
-44.8
909,205 502.013
Lincoln
4.8
7,877,569
8,276,606 Omaha
50,302,411
54,109,882 --7.0
Kan.-Topeka
3,460,282
4,192,776 --17.5
Wichita
+4.3
8,452,301
8,819.749
Mo.-1Can. City- 151,349,417 140,600,000 +7.6
9,550,563 St. Joseph_ _
-10.7
8,524,202
a
a
a
Okla.
-Muskogee
Oklahoma City d30,512,645
31.477.417 --3.1
a
a
a
Tulsa
1,110,821
1,554,347 --28.5
Colo.
-Col. Spas
23,327,950 -6.7
21,761.261
Denver
1,371,803 +3.7
1,422,972
Pueblo
142,202,509
121.931,798
695,757
1,359,946
10,272,629
58,830,495
3,924,316
8,934.000
145,716,047
11.597.634
a
26,897,045
a
1,277,461
23,268,923
1,292,689
579,715
826,029
6,848,740
48,612,459
3,763,625
7,963.644
124,886,289
9,716,299
a
18,439,573
a
1,345.634
22,509,935
1,049,101
294,066,942
246,541,043
2,330,795
49,568,531
12,711,971
10,203,686
a
5,277,496
1,636,665
39.873.297
10,833,469
8,532,679
a
5,326,983
80,092,479
+7.1
78.772,544
84,334,932
Total(5 cities) _
Twelfth Feder al Reserve D istrict-San Franc! SCO40,616,637
46,234,850 +2.7
47,471,520
Wash -Seattle. _
10,867,000
11,711,000 +4.3
12,219,000
Spokane
a
a
a
a
Tacoma
1.707,290
1,489,487 +6.5
1,571.884
Yakima
37.491,212
9.5
40,136,904 _
36,312,527
-Portland.
Ore.
16,341,645
17,392,397 -0.4
17,326,590
Utah-S. L. City
a
a
a
a
Nev.-Reno
a
a
a
a
Arm -Phoenix..
3,636,566
4.03.5,444 +61.8
6,529.885
Calif.-Fresno_
7,675,133
4.8
7,841,847 7,467,651
Long Beach_ _
Los Angeles_ _ _ 213,971.000 192,942,000 + 10.9 170,890,000
22,441,480
24,799,591 -17.4
20,484,279
Oakland
7.944.238
1.4
7,730.510 7,626,434
Pasadena
9,028,575
8,923,869 +16.1
10,365,154
Sacramento
5,618.823
6,559,148 +19.2
7.819,216
San Diego... _
9.2 198.778,351
San Francisco_ 201,146,000 221,604,000 2.681,066
2.930,079 +20.2
3,521,480
San Jose
1,355,65'
1,687,252 -16.5
1.409,727
Santa Barbara_
2,072,420
2.4
2,252,447 2,198,262
Santa Monica_
3,650,300
1.2
3.041,700 3.004,800
Stockton
66,203,093
39,156,366
11,055,000
a
1,423,715
35,900,650
13,866,806
a
a
3,814,496
8,820,591
151,111,000
16,649,299
7,360,450
9,388,136
4,548,698
162.300,000
2,263,401
1,338,799
.9,604,622
2.721.600
543,296,400
474,323,629
Total(12 cities) 286,199,813 284,410,183
-Da
Eleventh Fede ral Reserve District
2,716,550
1,770,651
-Austin
Texas
49,397,428
52,210,590
Dallas
13,219.785
11,376,424
Fort Worth_ _ _
7,852,000
13,311,600
Galveston
a
a
Houston
5,586.781
5,665,667
La.
-Shreveport_
+0.6
las34.8
+5.7
-14.0
+69.5
a
+1.4
4,843,171
140,700,000
31,641,048
552,560
20,272,637
11,717.069
519,560
2.424,820
Total(17 cities) 600,495,409 601,312,525
Grand total (129
11300 181,367 12011 610,960
cities)
-0.1
Outside New York 4,605,764,085 4.821.738,562
-4.5 4,347.167,263 3,823,812,028
-5.9 10430466,230 8,348.638,299
Week Ended Mardi 3 1927.
.
._
1927.
1926.
Inc. or
Dec.
Canada$
106,816,735
Montreal
118,737,170
Toronto
46,041,478
Winnipeg
17,776,194
Vancouver
6,201,725
Ottawa
5,837,166
Quebec
2,901,388
Halifax
5,294,102
Hamilton
7,756,411
Calgary
2,377,967
St. John
2.206,791
Victoria
2.950.880
London
5.017,964
Edmonton
3,407,886
Regina
451,888
Brandon
445,607
Lethbridge
1,711,558
Saskatoon
1,084,877
Moose Jaw
1.206,141
Brantford
833.705
Fort William....
806,156
New Westminster
306,968
Medicine Hat_ _ _
796,233
Peterborough_ _ ...
866,749
Sherbrooke
1,202,087
Kitchener
3,820,972
Windsor
407,458
Prince Albert....
945,774
Moncton
717,030
Kingston
$
118,812.713
102,080.380
44,470,419
16,679,801
6,246,247
7,313,942
3,031.692
4,815,650
7,983,654
'2,711,601
1,902,477
2,680,922
5,016,350
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
%
-10.1
+16.3
+3.5
+6.6
-0.7
-20.2
-4.3
+9.9
-2.9
-12.3
+16.0
+10.1
-15.2
+10.6
-0.4
-15.1
-0.2
+0.4
+12.5
+2.8
-3.2
+28.0
+20.5
-8.1
+23.5
+9.4
+8.7
+4.7
+0.5
349,026,460
342,598,778
+1.9
Total(29 cities)
1925.
1924.
$
$
91,854,008 106,056,756
94,790,936
87,716,168
41,314,304
44.758,649
15,600,166
14,275,913
6,413.652
5,641,872
5491.997
6,735,754
2,708,925
2,960.802
5,078,537
4,408,079
5,864,355
5,821,615
2,463,548
2,462,375
2,093,367
1,866,702
2,740,137
2,542,521
4,362,308
4,717,307
3,207,212
3,120,332
514,821
539,073
633,729
498,806
1,726,630
1,389.610
1,088.582
1,122,106
911,330
963,861
859,865
706,010
501,930
621,098
359,273
356,989
808,215
766,241
715,436
846,208
949,882
851,233
3,364,399
2,547,661
385,180
323,065
800.129
563,652
628,946
594,880
290,448,323
312,242,790
figures. c Week
a No longer report clearings. b Do not respond to requests far 4. • Estimated
ended March 2. d Week ended March 3. e Week ended March
MAR. 121927.]
THE CHRONICLE
1471
THE ENGLISH GOLD AND SILVER MARKETS.
Sommtrcia1 andMiscenantonsBeltIS
We reprint the following from the weekly circular of
Samuel Montagu & Co. of London, written under date of
Breadstuffs figures brought from page 1550.
-All
Feb. 23 1927:
the statements below regarding the movement of grain
GOLD.
receipts, exports, visible supply, &c., are prepared by us
The Bank of England gold reserve against notes amounted to £148.877, from figures collected by the New York Produce
Exchange.
810 on the 16th inst. as compared with £148,943,250 on the previous
First we give the receipts at Western lake and river ports
Wednesday.
for the week ending last Saturday and since Aug.-1 for
About £420,000 bar gold was on offer in the open market yesterday.
India, the Straits Settlements and the trade absorbed £220,000,the balance each of the last three years.
being engaged for an unknown destination.
Owing to the large shipments of gold which have been made or arranged
from Durban. no appreciable amount of South African gold will be available
In London next week. The steamer leaving Durban next Monday for Bombay will carry about £750,000 in bar gold.
The following movements of gold to and from the Bank of England have
been announced:
Received.
Withdrawn.
nil
February 17
nil
nil
February 18
nil
February 19
nil
£5,000
February 21
nil
nil
February 22
nil
15,000
February 23
nil
31,000
The total withdrawals during the week, £51,000, were in sovereigns
destined as follows: Spain, £27,000, and India, £24,000. The net efflux
during this year is now £1,182,000, and since the resumption of an effective
gold standard £6,506,000, according to the daily bulletins at the Bank.
United Kingdom imports and exports of gold during the week ended
the 16th inst. were:
ImportsExports
Netherlands
£26,.50 Netherlands
£23,600
Belgian Congo
19,760 Spain
147,000
France
21.700 United States of America__ 601,000
British West Africa
25,094 Bombay via other Ports_ _ - 131,750
British South Africa
620,744 Straits Settlements
38,200
Other countries
898 Other countries
3,330
Total
£715,046
Total
£944,880
The Transvaal gold output for Jan. 1927 amounted to 839,782 fine
ounces, compared with 836,157 fine ounces for Dec. 1926 and 796,270 fine
ounces for Jan. 1926.
SILVER.
The market is in an uneasy condition, and cannot be described as healthy.
A sharp rise of 11-16d. took place on Saturday. preceded late on Friday by
American support in this market, which at the time was rather flabby.
The Indian Bazaars became somewhat excited and sent buying orders to
cover bear sales and for shipment. In the absence of much selling the
demand was unduly felt, but the rise was almost dissipated by yesterday.
As the offtake in India still does not exceed 150 bars a day. pressure from
that quarter is hardly likely to improve sensibly the market level. The
immediate future however is very uncertain; China speculation has been so
rife of late, that fresh developments may arise at any moment from a
renewal of such activity, either for the rise or the fall, and may upset the
most careful forecast as to the trend of prices.
United Kingdom imports and exports of silver during the week ended
the 16th inst. were:
ImportsExports
II. S. A
E185.171 Bombay via other ports_ _ _ _ £270,319
Mexico
39,534 Other countries
13,438
Other countries
14,778
£239,483
£283,757
The following statistics as to the increase of the silver holding against
Indian currency notes during the two and a half months ended Feb. 15
of these years, present points of interest:
Silver Holding Against Notes.
Feb. 15Lacs
Lacs.
10191
plus 1989
1927
8202
plus 640 compared with
1926
7562
minus 4971 the preceding
1925
1924
8059
minus 4581
year.
1923
plus 982
8517
plus 1195
1922
7535
Reduction During the Seasonal Demand Nov. 30
-Feb. 15.
Lacs.
Lacs.
1926-27
365 1923-24
1491
1925-26
523 1922-23
455
1924-25
900 1921-22
307
The above figures show that the holding during the above-mentioned
six years increased on the average 642 lees a year, and that the seasonal
strong tendency to diminish, the last figures being
requirements
cy
t
litatle ver haal the average.
taoh
A fair inference is that the inflow of silver rupees into the Treasury may
continue, quite apart from any results that may follow Government efforts
to discourage hoarding in silver coin, and whether the new Currency Bill
becomes law or not.
INDIAN CURRENCY RETURNS.
Jan. 31. Feb. 7. Feb. 15.
(In Lacs of Rupees)Notes in circulation
18047
18003
18157
Silver coin and bullion in India
10281
10237
10191
Silver coin and bullion out of India
Gold coin and bullion in India
2232
i55
ia5
Gold coin and bullion out of India
Securities (British Government)
4977
4977
ifffi
Securities (Indian Government)
557
557
557
Bills ofExchange2- 00
No silver coinage was reported during the week ended the 15th inst.
The stock in Shanghai on the 19th inst. consisted of about 60,900,000
ounces in sycee, 80.700.000 dollars, and 2,280 silver bars, as compared
with about 61,200.000 ounces in sycee, 78,300,000 dollars, and 3.100
silver bars on the 12th inst.
-Bar Silver per Oz. Std.Bar Gold per
Quotations2 Mos.
Cash.
Oz. Fine.
Feb. 17
26 11-16d.
263-i ti.
845. 10d.
Feb. 18
26 5-16d.
26A d.
84s. 10qd.
Feb. 19
27d.
27 3-16d.
848. 10 d.
Feb. 21
26 9-16d.
26%d.
84s. 11d.
Feb. 22
26 9-16d.
84s. 1031d.
263.d.
26 9-16d.
Feb. 23
26 ',11d.
845. 113. d.
26.583d.
Average
26.770d.
845. 10.8d.
The silver quotations to-day for cash and two months' delivery are
each iid. above those fixed a week ago.
Receipts at-
Tot. wk.'27
Same week '26
Same week '25
472.000
445,001
463.000
Corn.
Oats.
Barley.
Rye.
4,584,000
3,794.000
4.707,000
7,004,111
4,452,000
8,983,006
2,122,11 1
2,830,161
2,722,000
516,
843,
907,
k.561bs.
38,000
51,000
314.000
43,000
14.000
12,000
1,000
12.000
485,000
251.000
188,000
Since Aug.114,674,000254,996,000153,573,000 98,079,000 12,885.000 3,034,000
1926
14.157,000259,981,000157,930,111 162,824,111 58,510,611 18.580,000
1925
1091
14 900 onn42n 220 non 175 41141100202 4118 00051 451
0550(W1
Total receipts of flour and grain at the seaboard ports for
the week ended Saturday, March 5, follow:
-I Flour. I Wheat.
Receipts at
Barley. I Rye.
Barrels.
Bushels.
Bushels.
Bushels. Bushels. IBlithel,
t,
190,000
917,000
21,000
62,
New York
243.
87,000
36,000,
Philadelphia__
338,000
7,000
32.
5,000
10 0
, 001
421,000
75,000
15.000
14,000
Baltimore _ - _
43.000
44,000
4.000
Newport News
8,000
Norfolk
45,000
33,000
105,000
23,
New Orleans•
238,000
Galveston.
ontrisi...
56,000
16,000
88,000
Montreal..... 105,0001
29,000, 1,154,000
93.000
.
St.John,N.B.
60.000
32,0001
24,000
Boston
3,11,1,000
I
Tot. wk.'27 456,000 3.189.000
SinceJan.1'27 3,919,000, 42,563,000
224,000
2,054,000
315,000 472,000 197,000
3.172,000 8.746,000 2.039.000
161,000
Week 1928- 523,0001 2,224,000
546,000 530.000
86.000
SinceJan.1'26 4.884.000 28,866,000 5.265.000 5.712,000 5,159.000 1,241,000
•Receipts do not include grain passing through New Orleans for foreign ports
on through Id Is of lading.
The exports from the several seaboard ports for the week
ending Saturday, March 5 1927, are thown in the annexed
statement:
Wheat.
Corn.
Flour.
Oats.
Rye.
Barley.
Bushels. Bushels. Barrels. Bushels. Bushels, Bushels.
931,615 42,620 115,670
182,886 258,979
128,000
7.000
446,000
3.000
498.000
17.000
19,000
96,000 83,000
8,000
4,000
15,000
95,000
32,000
6,000 157.000
324,000 43,000
22,000
25,000
1,154,000
29,000
93.000
60.000 135,000
1,000
Exports fromNew York
Roston
Philadelphia
Baltimore
Norfolk
Newport News
New Orleans
Galveston
St. John. N. B
Halifax
-
.....-
615 205,620 232.670 99.000 495,686 501 979
Total week 1927.. 3
"'''''" ''''`--- •
'
496.
--'""
""-'^ "^"""" ------ ''
-----
The destinat'on of these exports for the week and since
July-1 1926 is as below:
'Flour.
Exportsfor Week
and SIAM
July 1 to--
Week
Mar. 5
1927.
Since
July 1
1928.
Wheat.
Week
Mar.5
1927.
Since
July 1
1926.
Corn.
Week
Mar.5
1927.
Since
July 1
1926.
Barrels. Barrels. Bushels.
Bushels. Bushels, Bushels.
United Kingdom_ 104,645 3,108,262 1,346.804 78,013.170
60.000
843,858
Continent
111,025 4,418.959 2,124,811 133,461,063 109,620
520.935
378,980
15,000 3.899,467
So.& Cent. Amer. 6,000
35,000 1,298,000
Indies
11,000
452.000
West
21,000
1,000 1,028,000
.
_ ___
510,227
Other countries_ _
1,180,350
Total 1927
Total 1928
232,670 8,868,428 3,496,815 216,575.050
170,947 7.812,395 2,731.856 167.755.369
205.620 3,890,793
nna non a 121.1 911
The visible supply of grain, comprising the stocks in
granary at principal points,of accumulation at lake and
seaboard ports Saturday, March 5, were as follows:
United StatesNew York
Boston
Philadelphia
Baltimore
New Orleans
Galveston
Fort Worth
-PER CABLE.
ENGLISH FINANCIAL MARKETS
Buffalo
Afloat
The daily closing quotations for securities, &o., at London, Toledo
as reported by cable, have been as follows the past week:
Afloat
Detroit
London.
Sat.,
Mon., Tues., Wed.. Thurs., Frt.,
Week Ended March 11.
.7. Mar.8. Mar. 9. Mar.10. Mar.11. Chicago
Mar.6. Mar.
Afloat
Sliver, Per Oa
d 26
26 1-16 25 9-16 257-16 2511-16 Milwaukee
254
Gold, per fine ounce
a 84.10% 84.10% 84.10% 84.10% 84.11% 84.1031
Afloat
Consols. 2% per cents
...... ____
55
5434
55
5434
5434
Duluth
British 5 per centa
10134101% 101%
101%
101%
Afloat
British 434per cents
9634
9634
9634
9634
9634
Minneapolis
French Rentes (in Paria)._fr_
52.25
52.40
52.60 52.70
53
Sioux City
FrenchWarLoan(InParis).fr.
65.75
65.85
66.05 66.05
66.40
St. Louis
The price of silver in New York on the same day has been: Kansas City
Wichita
Silver in N.Y., per oz.(cu.):
St. Joseph, Mo.
5634
Foreign
5534
5531
5534
55
as
Peoria
Wheat. I
Flour.
bbls.196Ibs.bush.60 lbs. bush.56 lbs.bush.32lbs.bush.481bs
784, II
275,000 3,333.001
251,000
126,161
Chicago
1,284,000
Minneapolis
252,000
244,001
184,000
641,000
2,000
Duluth
17,61 I
345,000
29,000
61.000
107,000 171,1,.
Milwaukee...
308,000
98,000
90,000
Toledo
51,000
87,000
8.000
Detroit
140,111
884,000
69,000
Indianapolis128,111
509,000
324,000
505,000
St. Louis_ _ _ 15,000
450,000
64,000
147,000
1 ,6 t 1
Peoria
324,000
74,000
687,000
Kansas City_
146,000
237,000
384,000
Omaha
22.000
57,000
226,000
St. Joseph...
8,000
7,000
Wichita
387.000
103,t 1 i
28,000
7,000
Sioux City_
1.00C
GRAIN STOCKS.
Wheat.
Corn.
Rye.
Oats.
Barley.
bush,
bush,
bush,
bush.
bush.
478,000
66,000
113,000
674,000
465,000
4,000
2,000
30,000
5.000
210,000
29,000
70,000
85,000
193,000
1,144,000
250.000
91,000
150.000
6 000
.
502,000
112.000
299,000
120,000
996,000
94.000
32.000
1,378,000
3,000
57,000
257,000 1,346,000
2.568,000 3,736,000 4.188.000
309,000
139.000
855.000
541,000
2,190,000
4,000
308,000
334.000
10,000
680,000
141,000
6,000
129.000
267.060
46,000
203.000
2,751.000 23.182,000 8.567.00 1,264.000
0
1,308,000
305.000
208,000
117,000 1,979,000 1,635.000
520.000
568,000
151,000 1,204,000
481.000
18,000 7,622,000 8.792.000
8.639.000
393,000
10,312,000 1,801.000 13,108,000 3.656.000 2,347.000
2,000
258.000
387,000
11,000
466,000
459,000
7,000
70,000
2,810,000 2,222,000
169,000
746.000
96.000
10,578,000 4,705.000
23,000
29,000
2,950,000
29,000
956,000
702,000
350,000
674,000
12,000
H It, CHRONICLE
1472
Rye.
bush.
Barley.
bush.
118,000
107,000
Wheat. t'P- Corn. EilrOcels.
0
I bush.r"11 bush. OP' bush,
391,000
IP 766,000 1.107,000
2,434,000 2,774,000 2,130,000
85,000
Indianapolis
Omaha
On Canal and Myer
30,000
Total March 5 1927_ _ _53,306,000 47,337,000 42,556,000 14,208,000 3,867,000
Total Feb. 26 1927
54,883.000 45,103,000 43,454.000 13,910,000 3,775.000
Total March 6 1926_ _ _ _38,925,000 35,213,000 58,308,000 13,904,000 5,858.000
Note.
-Bonded grain not included above: Oats, New York, 13,000 bushels; Buffalo,
109,000: Duluth, 26,000; total, 148,000 bushels, against 994,000 bushels in 1926.
Barley, New York, 911,000 bushels: Baltimore, 156,000; Buffalo, 146,000: Duluth,
55,000; Fairport, 122,000: total 1,390,000 bushels, against 1,830.000 bushels in
1926. Wheat, New York, 1,479,000 bushels; Boston,537,000; Philadelphia,960,000:
Baltimore, 1,207,000: Buffalo, 2,286,000: Duluth, 293,000; Toledo afloat, 215,000:
Fairport, 314,000; total, 7,291,000 bushels, against 11,617,000 bushels in 1926.
Canadian
Montreal
370,000 1,231,000
1,756,000
2,227,000
Ft. William & Pt. Arthur_39,341,000
2,848,000 2,186,000 4,499,000
102,000
121,000
Afloat
7,813,000
345,000
127,000
Other Canadian •
2,657,000
7,004,000
Total March 51927_ __ _55,914,000
7,725,000
Total Feb. 26 1927_ _56,067,000
7,831,000
Total March 6 1926_ __ _57,392,000
146,000 10,756,000
Summary
American
53,406,000 47,337,000 42,556,000
Canadian
7,725,000
55,914,000
2,804,000 6,177.000
2.8r3,o0e 6,234,000
1,972,000 8,249,000
14,208,000 3,867,000
2.804,000 6,177,000
Total March 5 1927__ _109,220,000 47,332,000 50,281,000 17,012,000 10,044,000
Total Feb. 26 1927.,_ _110,95,0000 45,103,000 51,285,000 16.769,000 10,009,000
Total March 6 1926_ _103,236,000 32,779,000 89,384.000 25,095,000 11,048,000
The world's shipments of wheat and corn, as furnished by
Broomhall to the New York Produce Exchange,for the week
ending Friday, March 4, and since July 1 1926 and 1925,
are shown in the following:
Wheat.
1926-27.
Week
Mar. 4.
Since
July 1.
Since
July 1.
1925-26.
1926-27.
Week
Mar. 4.
Since
July 1.
Since
July 1.
Bushels.
Bushels.
Bushels. Bushels.
Bushels.
Bushels.
North Amer_ 7,159.000 350,758,000 273,421,000 185.000 3,164,000 8,117,000
Black Sea_ _ _
696,000 37,108,000 19,208,000 510,000 22,822,000 20,335,000
Argentina_ __ 5,184,000 54,476,000 52,868,000 5,708,000174,664,000 107,220,000
Australia__ 2,840,000 45,560,000 50,351,000
4,416,000 5,768,000
India
880,000 119,000 2,220,000 33,850,000
0th. countr's 480,000 17,945,000
Total
16,359,000510.263,000402,496,000 6,522,000 202,870,000169,522,000
Pittsburgh Stock Exchange.
-Record of transactions
at Pittsburgh tock Exchange Mch. 5 to Mai. 11, both
inclusive, compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Par. Price. Low. High. Shares
Amer Virtified Prod corn 50
Amer Wind Gi Mach em100
Arkansas Nat Gas com_100
Blaw-Knox Co par
25
Byers(AM)Co pref__ _100
Carnegie Metals Co_ _10
Columbia Gas & Elec com_
Preferred
100
Devonian Oil
10
Duquesne Light 7% pf_100
Harbison-WalkerRefcm 100
*
Houston Gulf Gas
Jones & Laughlin St'l pf 100
Lone Star Gas
25
Nat Fireproofing corn.. _100
Preferred
100
Okla Nat Gas etfs of dep..
Peoples Say & Tr Co_ _100
Pittsb Brewing com____50
Pitts 011 & Gas
$5
Pitts Plate Glass com__100
Salt Creek Consol 011__ _10
Stand Plate Glass pref_100
Stand Saint Mfg com__25
Preferred
100
Tidal Osage Oil
100
Union Steel Casting com *
United States Glass Co_ _25
Washingrn Trust(new)100
Waverly Oil Wks cl A_ __ _*
West'house Air Brake__50
Range Since Jan. 1.
Low.
Mar. 4
-7882
-The Farmers National Bank of Goodiand, Kan
50.000
Effective Feb. 12 1927. Liquidating agents: F. S.
Brown and A. D. Stewart, Goodlands, Kan.
Absorbed by toe First National Bank of Goodland,
Kan., No. 603.
Mar. 5
-8201
-The Merchants National Bank of Dickinson,
No. Dak
50,000
Effective March 1 1927. Liquidating committee:
Paul Mann, Geo. A. Senour, T. A. Tollefson and
H. P. Johnson, Dickinson, No. flak.
Absorbed by the First National Bank of Dickinson,
No. Dak., No. 4384.
CONSOLIDATION.
Mar. 5
-5225
-The Bank of Pittsburgh National Association,
Pittsburgh, Pa
3,000.000
and
1910
-The Columbia National Bank of Pittsburgh.Pa. 600,000
Consolidated under the Act of Nov. 7 1918. under the
charter ana corporate title of "The Bank of Pittsburgh National Association" No. 5225. with capital
stock of $3,000.000.
Auction Sales.
-Among other securities, the following,
not actually dealt in at the Stock Exchange, were sold at auction
in New York, Boston and Philadelphia on Wednesday of
this week:
By Adrian H. Muller & Sons, New York:
Shares. Stocks.
$ per ski
$ er sh. Shares. Stocks.
1 Connecticut Valley Screen Co.
Sundry notes amounting to approxlSales Corp., pref., par $25
.55.500 lot
mately 820.01331
7 Lafayette Mot.Co.,corn., no par
1 membership certificate in New
28 Lafayette Motors Co., prat__ $8 lot
$1,900
York Produce Exchange
1 Commonwealth Hotel Construe.
Corp., corn
20 Nesbitt School of Languages,
Inc., corn., par $10
By Wise, Hobbs & Arnold Boston:
Corn.
1925-26.
ix
Nigh.
Shares. Stocks.
$ per oh. Shwes. Stocks.
Per Ms
3 National Shawmut Bank
26834 1 Commercial Finance Corp., pref.,
7 Webster AZ Atlas National Bank _ _225
par $50
2334
7 First National Bank
38414-385 50 Malden& Melrose Gas Light Co.
11 Atlantic National Bank_26134. ex-div.
par $25
50
20 National Shawmut Bank
26934 10 Heywood-Wakefield Co., 2d pf- 8434
40 Pepperell Manufacturing Co
116% 175 New Bedford Gas & Edison
30 Everett Mills
10
Light Co., par $25
8634
30 Naumkeag Steam Cotton Co---17134 1 unit First Peoples Trust
6136
20 Dartmouth Mfg. Corp., corn.- 9336 8 special units First Peoples Trust- 534
5 Farr Alpaca Co
15 Quincy Market Cold Storage de
164
5 Nashua Mfg. Co., pref
Warehouse Co.. pro(
94+
70
1 Continental Mills
13134
5334 1 unit First Peoples Trust
25 Great Falls Manufacturing Co_ - 1534 5 Eastern Mfg. Co., pref
31
14 Plymouth Cordage Co
12534 5 special units First Peoples Trust- 534
8 Merrimack Mfg. Co., prof
7434 10 Gen. Pub.Sery. Corp.,6% pref_ 98
1 Textile Securities Co
50 6 units First Peoples Trust
el
4 special units First Peoples Trust- 5)(
4 Edison Electric Illuminating Co.,
10 Turners Falls Power de Elec. Co.,
63
Brockton, par $25
20 Union Twist Drill Co., pref
certificate of deposit
19134
10434
3 Sullivan Machinery Co
2 Boston Railroad Holding Co.. pf_ 74
53
1 Central Maine Pow.Co.,7% pf 10314 3 wilts Mutual Finance Corp
68
100 Bette Elec. Mfg. Corp., pref.
1 Columbian National Life Ins. Co_213
710 Belle Elec. Mfg. Corp., corn_
15 Parker-Young Co., pref
80
4,012 Paramount Int. Rubber Co.
50 New Bedford Gas & Edison Lt.
of Canada. Ltd., corn
Co., par 825
8834
52,777 Paramount Rubber Cons.,
1 wilt Mutual Finance Corporation. 68
Inc., corn
15 State Street Exchange
3034
30 Kidder Participations, Inc., corn. 2434 7,504 Paramount Internat. Rub- $5,000
her Co. of Delaware
10 No.Boston Ltg. Prop., corn_
117g
lot
Poll les issued by Aetna Life Ins.
1 Mutual Fin. Corp., pref., par 190. 33
Co. as follows' $50,000, No.
7 units First Peoples Trust
70
402,320: $25,000, Nov. 402321
10 New BedfordGas de Edison Light
$25,000, No. 402322* $100,000,
Co., par $25
8634
4 units Mutual Finance Corp
No. N-500835
68
1 unit First Peoples Trust
$ Per TOL
6114 No. Rights.
.34 5- 8-3434
4 special units First Peoples Trust_ 514 415 Old Colony Trust Co.
5 Columbian Nat. Life Ins. Co
- 3014
8 Eastern Mfg. Co.. pref
31
Bonds.
Per cent,
10 Rockland Light & Power Co.,
pref., par $50
$2,000 Lockwood, Greene & Co..
59
Inc. 7s, March 1933, ctf. of dep.60 &Mt
1 unit Commercial Finance Corp.__ 47
Jan
Jan
Feb
Jan
Jan
Jan
Jan
8534
Mar
Jan
Jan
Feb
o
Mar
Jan
11934
44.14
Mar
Feb
8
Mar
By R. L. Day & Co., Boston:
Feb
Mar Shares. Stocks.
$ per sh. Shares. Stocks.
mit
$ Per
4
Jan 4 First National Bank
384
20 Real Estate Associates
Feb 20 Nat. Shawmut Bank
334
113
26836 27 Boston Wharf Co
Jan 7 Atlantic Nat. Bank
255
26134 ex-div. 16 Plymouth Cordage Co
Feb
Citizens National Bank
139 6 units First Peoples Trust
12534
Jan 2 American Trust Co
44714 3 Thomson Electric Welding Co., 8"4
Jan 3 Thames Nat. Bk., Norwich
86
38
par
Mar
Conn
142 ex-div. 50 Falla2
110
River Electric Light Co.,
Mar 25 Metacomet Nat. Bank, Fall
24
53
Par $25
Feb
River, Mass
15 Internat. Products Co., com_$114 lot
Jan 8 F
1534
Fail River National Bank, Fall
25 New England Pr. Ass'n, pref... 90g
Mar
River, Mass
__272
10
3 30 Malden Electric Co., par $25-104
Feb 25 Naumkeag Steam Cotton Co_
Per cent.
4214
Bonds.
Feb 3 Nonquitt Spinning Co
15314
32% $1,000 N. Y. Life Bldg. (Chicago),
77 & int.
10 Arlington Mills
68%
let 6Xs. Sept. 15 1932
Bonds46 Salmon Falls Mfg. Co
21% 82.000 N. Y. Life Bldg. (Chicago).
Pittsb Brewing as
1440
051e 05t4 31.000 9514 Feb 9534 Feb 16 Dartmouth Mfg. Co., corn
77 & int.
1st 6345, Sept. 15 1934
93
50 Farr Alpaca Co
-162 $1,000 N. Y. Life Bldg. (Chicago).
•No par value.
77 44 Mt.
100 New Bedford Gas & Edlson
1st d Sea, Sept. 15 1936
ial%
Light Co., par $25
g $1,000 Montague Court Office
15
Bldg , lot
No.
pref_109
85
National Banks.
-The following information regarding 2 untt Boston Ltg. Properties,com_118 Applle.,Elona6gs, JulyS. 1935_77 aC int.
for U.
Letters
1 No Boston
.
totunalLritgjnrcoepecnoiresp,
national banks is from the office of the Comptroller of the
coincontrolledan
ap_d
70clItennget
68
making, turnstile
1 unit First Peoples Trust
Currency, Treasury Department:
paratus, serial Nos. 685-581 mow
14 special units First Peoples Trust_ 534
APPLICATIONS TO ORGANIZE RECEIVED.
and 723-399 and serial No.1 lot
31 Edison Elec. Illum. Co., BrockCapital.
14.067 on coin receptacle
ton. par $25
6234
Mar. 5
-Long Island National Bank of Island Par, N. Y
$25,000 lA unite Mutual Finance Corp_ _ __ 68
Rights.
per
Correspondent; Humbert Miele, Island Park, N. Y.
o_.. 634
Ri ig
.
6 West Boston Gas Co., v. t. $
2 Provincetown Sea Food Co..corn_ 1
APPLICATION TO ORGANIZE APPROVED.
2 NewEglan
100 i
England Trus
peopes w roll, pref 90 8 Columbian Nat. Life Ins. Co____ 81
-Becker County National Barak of Detroit Lakes, Minn_
Mar. 3
50,000
1 Columbian Nat. Life Ins. Co..... 3011
61
NewFi
rst
Correspondent: P. S. Peterson, Detroit Lakes. Minn.
24 Columbian Nat. Life Ins. Co--- 3036
10 Quincy Mkt. Cold Storage de
APPLICATION TO CONVERT APPROVED.
19 Columbian Nat. Life Ins.Co 3034-3034
40
Warehouse Co., corn
634
100% 15 West Boston Gas Co
10 Biddeford & Saco Water Co
Mar. 3-The First National Bank of Ree Heights, So. Dak_
25.000
Conversion of the First State Bank of Ree Heights,
By Stocks,Bares & Lofland, Philadelphia:
So. flak.
$ per sib
CHARTERS ISSUED.
0 per oh. Shares. Stocks.
Shares,
36 Scranton Life Insurance Co.... 1434
468
-Bank of Italy National Trust & Savings Asso9 Ninth Bank & Trust Co
Mar. 1-13044
25 Manufacturers Casualty Insur.
740
ciation, San Francisco, Calif
20,000,000 4 Corn Exchange Nat. Bank
Co.. par $10
29
295
Conversion of Bank of Italy, San Francisco, Calif.
25 Nat. Bank of Commerce
20 Commonwealth Casualty Co.,
15 Continental Equitable Title &
President, J. A. Bacigalupi.
28
par $10
P
28734
-The Sevard National Bank of New York,N.Y. 2,000,000
Trust Co., par $50
Mar. 1-13045
9 United N.J. RR.& Canal Co_
210%
10 Bank of No. Amer.& Trust Co- _386
President, Alexander S. Webb; Cashier, Clayton L.
195 Glasgow Iron Co., Pottstown,
558
1 Integrity Trust Co., par $50
Moak.
50
CHANGES OF TITLES.
1 Fidelity-Phila, Trust Co
Pa
70
71
01 3 Industrial Rayon Corp., class A.
4 Fidellty-Phila. Trust Co
-The First National Bank of Middleton, N.Y.,to
Mar. 1-523
45no par
35
18 Com'wealth Title Ins. & Tr. Co_565
Bank & Trust Co.of Middletown."
"First National
Hancock Knitting Mills, par 150 12
k
9 Mitten Men & Management Bank
Bank, York, Pa,
1-604
-The York
20 Haverford Land & Impt. Co..... 72
141
az Trust Co., par $50
Bank
Mar.
4 Phila. Bourse. corn., par $50
205L
25 Manufacturers Title & Trust Co.,
VOLUNTARY LIQUIDATIONS.
1 170
127 Hare de Chase, Inc., prof
43
Dar 550
I lot
100.000 10 Oxford Bank & Tr. Co., Par $50.177% 183 Hare & Chase, Inc., corn
--The Durant National Bank, Durant,
Mar. 1-5590
240
1 Colonial Trust Co., par $50
Okla_Effective Feb. 8 1927. Liquidating agent: M. W.
Rights.
$ Per MOIL
10 Northeastern Title & Trust Co..
Fitzgerald, Durant, Okla.
7516 11-14 Second Nat. Bank, Frankford 240
Dar $50
Durant National Bank in Durant.
Succeeded by the
25 Mortgage Security Trust Co-_ 5
Co. pa 2 o
Northeast
an
10Nsthst Tacony Bank dr Trust
5
Okla., No. 13018.
Per cent.
Bonds101
25,000
--The First National Bank of Hanska, Minn_ _ _
Mar. 1-11288
$10.000 City of Phila. 4s reg., 1938_ 9834
5 Allegheny Title & Tr. Co., par 550 80
Effective Feb. 21 1927. Liquidating agent: Board of
82,000 Indianapolis Nor. Trao. lot
12 Lancaster County Nat. Bank,
Directors First National Bank of Hanska, Minn.
22
55, 1932, ctfs. of deposit
150
Lancaster, Pa
Absorbed by State Bank of Hanska, Minn.
734
71
107
10 2334
2334 2334
4114 4114
23 40
734 734 2,575
714
70
71
110 70
107 107
20 10634
225 1114
1234 1234
8534
300 8336
85
10114 10134
150 9934
80 1334
1334 1334
30 115
115 115
131 131
84 131
6
834 934 12,200
50 118
11934 11934
4211 4614 20,601 3734
270
8
8
8
29
2934
400 27
2134 2134 1,121 2014
410 410
5 400
4
4
320
4
350
344 334
336
125 239
255 265
50
734
734 734
30 15
15
15
180 85
85
87
13 116
116 116
25
250 22
24
195 3234
36
36
1514
360 13
15
240 240
17 240
42
4234
50 42
290 134
150 15334
Mar
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Feb
Mar
Mar
Feb
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Feb
Jan
Mar
Jan
Mar
Jan
Jan
Feb
Mar
Jan
Jan
27
52
834
73
108
1334
9134
10114
15
11634
138
914
120
4634
9
2914
23
410
414
311
270
8
18
9234
116
2614
36
1514
240
43
155
MAR. 12 1927.]
THE CHRONICLE
DIVIDENDS.
Dividends are grouped in two separate tables. In the
first we bring together all the dividends announced the
current week. Then we follow with a second table, in
which we show the dividends previously announced, but
which have not yet been paid.
The dividends announced this week are:
Name of Company.
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Railroads (Steam).
Alabama & Vicksourg
3
Apr. 1 Holders of rec. Mar. 8a
Beech Creek (quar.)
35 Apr. 1 Holders of rec. Mar. 15a
Boston Revere Beach & Lynn (quar.)__ _
1;4 Apr. 1 Holders of rec. Mar. 15a
Cleve. CM.Chic. as St. L., coin.(quar.)_ •144 Apr. 20 *Holders of rec. Mar. 31
Preferred (quar.)
*1M Apr. 20 *Holders of rec. Mar.31
Joliet & Chicago (quer.)
144 Apr. 4 Mar.25 to Apr. 4
New York Central RR.(quar.)
1.3( May 2 Holders of rec. Mar.31a
Pittsburgh Bessemer & Lake Erie, corn._ The. Apr. 1 Holders of rec. Mar. 15
MUM.Ft. Wayne & Chic., corn.(quar.) 144 Apr. 1 Holders of rec. Mar. 10a
13( Apr. 5 Holders of rec. Mar. 100
Preferred (quar.)
Southern Railway, corn. (quer.)
134 May 2 Holders of rec. Apr. 2
Preferred (quar.)
134 Apr. 15 Holders of rec. Mar.22
\ricks. Shreve. & Pao_ corn, and pref
234 Apr. 1 Holders of rec. Mar. 80
Wabash Railway, convertible pref. B__ _ 5
Apr. 1 Holders of rec. Mar. 19
Wart Jersey as Seashore
'
51.50 Ala. 1 *Holders of rec. Mar. 15
Public Utilities.
American & Foreign Power, pre!.(quar.) $1.75 Apr.
Holders of rec. Mar. 15
Amer.Gas& Electric, common (quar.)._ 25c. Apr.
Holders of rec. Mar. 14
Preferred (quar.)
134 May
Holders of rec. Apr. 9
American Power & Light, pref.(quar.)_ _
134 Apr.
Holders of rec. Mar. 12
Binghamton L., H.& P.,$6 pref.(quar.) 51.50 Apr.
Holders of rec. Mar. 15
Birmingham Electric Co., pref. (quar.)_ $1.75 Apr.
Holders of rec. Mar. 15
Brazilian Tr.. L. & P., pref. (guar.)._ _ _
134 Apr.
Holders of rec. Mar. 15
Capital Traction, Wash., D. C. (quar.)_
13( Apr.
Holders of rec. Mar. 14
Carolina Power & Light, $7 pref.(quar.) $1.75 Apr.
Holders of rec. Mar. 15
$6 preferred (guar.)
$1.50 Apr.
Holders of rec. Mar. 15
Cincinnati & Sub. Bell Telep.(quar.).. "51:13 Apr.
*Holders of rec. Mar. 19
Cleveland Railway (quar.)
134 Apr.
Holders of rec. Mar. 12
Continental Gas & Elec., corn. (quar.)._. 41.10 Apr.
Holders of rec. Mar. 11
Prior preference (quar.)
ul 34 Apr.
Holders of rec. Mar. 11
Participating preferred (quar.)
ul 34 Apr.
Holders of rec. Mar. 11
Participating preferred (extra
uM Apr.
Holders of rec. Mar. 11
Preferred (guar.)
ul 34 Apr.
Holders of rec. Mar. II
Denver Tramway, pref.(quar.)
13( Apr.
Holders of rec. Mar. 150
Duluth-Superior Tract., pref.(quar.)
1
Apr.
Holders of rec. Mar. 15
Eastern Mass. St. Ry., ad). stock
234 Apr.
Holders of rec. Mar. 15a
Elec. Bond & Share. Pref.((Man)
134 May
Holders of rec. Apr. 12
Elec. Bond & Share Secur.(quar.)
250. Apr. I Holders of rec. Mar. 16
Electric Public Service, pref.(quar.)...... 134 Apr.
'Holders of rec. Mar.21
Empire Gas& Fuel. 7% pref.(monthly)- 58 1-3c May
Holders of rec. Apr. 15a
8% preferred (monthly)
662-3c May
Holders of rec. Apr. 15a
Florida Power as Light, pre: (quar.)_ _ _ $1.75 Apr.
Holders of rec. Mar. 15
Florida Public Service, pref. (quar.)__
13( Apr.
Holders of rec. Mar. 15
General Elec.
(Germany),com.stk.tr.recta. $1.50 Mar.
Holders of rec. Mar. 2
Common stock (coupon No. 16)
6.3 Mar.
Hackensack Water, prof. A (quar.)
"4334c Mar.3 *Holders of rec. Mar. 15
Indianapolis Power as Light, pref. (qu.)
1M Apr.
Holders of roe. Mar. 10
Internat. Telep. & Teleg. (quar.)
1;4 Apr. 1 Holders of rec. Mar.28
Kansas City Pr. & Lt., 1st pf. A (qu.)_ _ $1.75 Apr.
.
Holders of rec. Mar. 14
Kentucky Securities Corp., coin.(quar.) 13( Apr.
Holders of rec. Mar. 180
Preferred (quar.)
134 Apr. 1 Holders of rec. Mar. 18a
Lone Star Gas (quar.)
"50o. Mar.3 "Holders of rec. Mar.21
Long Island Lighting. pref., ser. A(qu.)_
144 Apr.
Holders of rec. Mar. 17
Preferred, series B (guar.)
134 Apr.
Holders of rec. Mar. 17
Metropolitan Edison.$7 prof.(quar.)_ -- $1.75 Apr.
Holders of rec. Mar. 15
$6 preferred (quar.)
51.50 Apr.
Holders of rec. Mar. 15
Midland Utilities, pref., class A 0111.)
144 Apr.
Holders of rec. Mar.22
Prior lien stock (quar.)
134 Apr.
Holders of rec. Mar.22
Minnesota Power & Light, pref.(guar.)_
1.34 Apr.
Holders of rec. Mar. 15
Mohawk Valley Co.(guar.)
50c. Apr.
Holders of rec. Mar.2Ia
Mountain States Power, pref.(guar.)_ _ _
Apr. 20 *Holders of rec. Mar.31
Municipal Service, cum. corn. pref.(qu.) 50o. Apr.
Holders of rec. Mar. 15
New Jersey Power & Light,$6 pref.(qu.) 1.50 Apr.
Holders of rec. Mar. 15
N.Y.Central Elec. Corp., pref.(quar.).. 154 Apr.
Holders of rec. Mar. 17
N.Y.Steam Corp.,$7 pref. A (quar.)_ "$1.75 Apr.
*Holders of rec. Mar. 15
•$1.50 Apr.
$6 preferred (guar;
'Holders of rec. Mar. 15
Apr. 1 Holders of rec. Mar.31
Northern Mexico Power & Devel., coin._
1
13( Apr.
Preferred (quar.)
Holders of rec. Mar. 22
Apr. 1 Holders of rec. Mar. 31
Nor. Ontario Light & Pow., Ltd.(rm.)... 1
Northern Penna. Power, 57 pref.(quar.) *$1.75 Apr.
*Holders of rec. Mar. 15
$6 preferred (guar.)
•$1.50 Apr.
*Holders of rec. Mar. 15
Northern States Power. corn. Cl. A (qu.)
$2 May
Holders of rec. Mar. 31
141 Apr. 20 Holders of rec. Mar. 31
7% preferred (quar.)
134 Apr. 2 Holders of rec. Mar. 31
6% preferred (guar.)
134 Apr.
Northport Water Works. pref. (quar.)
Holders of rec. Mar. 17
134 Mar.3 Holders of rec. Mar. 150
Ottawa Light, Heat& Power (guar.)._ _
13( Apr.
Preferred (guar.)
Holders of rec. Mar. 150
Apr.
Ottawa Traction (guar.)
Holders of rec. Mar. 15
13( Apr.
Panama Power & Light, pref.(quar.)
Holders of rec. Mar. 15
Pennsylvania Gas& Elec.. prof (quar.)
Apr.
*Holders of rec. Mar. 21
*2
Public Service of Oklahoma, corn. (qu.)_
Apr.
*Holders of rec. Mar.24
*144 Apr.
Prior lien stock (guar.)
*Holders of rec. Mar.24
Puget Sound Pow.& Light, pref.(quar.) 134 Apr. 1
Holders of rec. Mar. 2Ia
Prior preference (qua?.)
13( Apr. 1 Holders of reo. Mar. 210
Savannah El. & Pow., deb. ser. A (au.)
2
Apr.
Holders of rec. Mar. 15a
Debentures series B (Misr.)
144 Apr. Holders of rec. Mar. 15a
Preferred
a Apr.
Holders of rec. Mar.
South Pittsburgh Water, pref. (quar.)_. 154 Apr. 1 Holders of rec. Apr. 154
2
Springfield Ry.& Light, pref. (quar.)_
134 Apr.
Holders of rec. Mar. 15
Superior Water Lt.& Pr., pref.(quar.)
134 Apr.
Holders of rec. Mar. 15
Toledo Edison, prior preferred (quar.). *2
Apr.
*Holders of rec. Mar. 15
Twin City Rapid Transit, Minneapolis
Common (quar.)
1
Apr.
Holders of rec. Mar. 15
Preferred (quar.)
Apr.
Holders of rec. Mar. 15
United Gas& Elec. Corp.,common
$1 Mar. I Holders of rec. Mar. 10
Preferred (quar.)
1;4 Apr.
Holders of rec. Mar. 16
United Light & Power, corn. A & B (qu.) •12o. May
*Holders of rec. Apr. 15
Preferred Class A (guar.)
•$1.63 Apr.
*Holders of rec. Mar. 15
Preferred Class B (quar.)
Apr.
*51
"Holders of rec. Mar. 15
Utah Power & Light, pref.(quar.)
134 Apr.
Holders of rec. Mar. 10
Western States Gas & El., pref. (guar.). 144 Apr. 1 Holders of rec. Mar.31
Western Union Teleg.(quar.)
Apr. I Holders of rec. Mar. 25a
2
Banks.
America, Bank of (guar.)
First National (quar.)
First Security Co. (guar.)
Manhattan Co., Bank of the (quar.)_
Mutual (quar.)
National City (Interim)
National City Co. (interim)
State (guar.)
United States, Bank of (quar.)
z3
20
Mar.28 *Holders of rec. Mar.21
Mar.28 Holders of rec. Mar. 26a
Mar.28 Holders of rec. Mar. 28a
Apr. 1 Holders of rec. Mar. I8a
52
Mar.28 Holders of rec. Mar. 14
3
Apr. 1 Holders of rec. Mar. 19a
2
*134 Apr. 1 *Holders of rec.
Mar. 19
Mar.28 *Holders of reo. Mar. 18
"4
Mar.30 Holders of rec. Mar. 21
3
5
Trust Companies.
American Exchange Irving Trust (quar.)
Bank of New York & Trust (guar.)
334 Mar.28 Holders of rec. Mar. 15a
6
Mar.30 Holders of pee. Mar. 18
Fire Insurance.
Rossi& (quar.)
134 Apr. I Holders of rec. Mar. 16a
Name of Company.
1473
PeWhen
Cent. Payable
Books Closed.
Days Inclusive.
Miscellaneous.
Aetna Rubber, common (quar.)
250. Apr. 1 Holder so! rec. Mar. 18
Preferred (guar.)
51.75 Apr. 1 Holders of rec. Mar. 16
Air Reduction (quar.)
51.25 Apr. 15 Holders of rec. Mar.31
Aluminum Co. of America, pref. (quar.) 134 Apr. 1 Holders of rec. Mar. 150
American Linseed, preferred (guar.)_11_
114 Apr. 1 Holders of rec. Mar. 18
American Wholesale Corp., pref. (quar.) 144 Apr. I Holders of rec. Mar.20
Art Loom Corporation, corn. (quar.)
*700. Apr. 1 *Holders of rec. Mar. 18
Auburn Automobile (guar.)
•
$1
Apr. 1 *Holders of rec. Mar.21
Autocar Co., pref. (quar.)
2
Mar. 15 Holders of rec. Mar. 5a
Bancroft(Joseph)& Sons Co.,corn.(qu.) 6234c. Mar .31 Holders of rec. Mar. 3
Barnsdall Corp., class A & B
"6234c Apr. 5 *Holders of rec. Mar.21
Big Lake 011
"1734 Mar.30 'Holders of rec. Mar.24
Bridgeport Machine, preferred (quar.) "51.75 Apr. 1 'Holders of rec. Mar.20
Brunswick-Balke-Collender, pref. ((fn.)._
1(4 Apr. I Holders of rec. Mar.20
Buckeye Incubator (quar.)
75c. Apr. 1 Holders of rec. Mar. 19
Preferred (quar.)
"2
Apr. 1 *Holders of rec. Mar.19
Canadian Canners, pref. (quar.)
1
Apr. 1 Holders of rec. Mar. 19
Canadian Car & Foundry, pref.(quar.)134 Apr. 9 Holders of rec. Mar.25
Canad.-Connecticut Cot. Mills, partic.pt 1
Apr. 1 Holders of rec. Mar.15
Canadian Fairbanks-Morse. pref.(quar.) 134 Apr. 15 Holders of roe. Mar.31
Canfieidd(. con3 (quar.)
134 Mar.31 Mar.21 to Apr. 4
Refun 0 quar .
11
134 Mar.31 Mar.21 to Apr. 4
Cluett, Peabody & Co., pref.(quar.).._
134 Apr. 1 Holders of rec. Mar.21
Celotex Co., corn.(quar.)
•
750. Apr. 1 "Holders of rec. Mar. 15
Preferred (guar.)
41.75 Apr. 1 *Holders of rec. Mar. 15
Chandler-Cleveland Motor, pref. (qu,). *623.4c Apr. 1 *Holders of rec. Mar.21
Chrysler Corp., corn. (qua?.)
"75c. Mar.31 *Holders of rec. Mar. 15
Preferred A (quar.)
Mar.31 *Holders of rec. Mar. 15
"52
Preferred A (quar.)
June 30 "Holders of rec. June 15
"52
Preferred A (quar.)
Sept.30 *Holders of rec. Sept. 15
"$2
Preferred A (guar.)
Jan 3'28 'Holders of rec. Dec. 15
•
$2
Conley Tank Car, preferred (quar.)
"2
Mar.31 "Holders of rec. Mar.21
Consolidated Cigar, corn. (qua?.)
51.75 Apr, 1 Holders of rec. Mar.2I6
Devoe & Reynolds, Inc., corn. A&B (qu) "We. Apr. 1 *Holders of rec. Mar.21
First and second preferred (quar.)"154 Apr. 1 *Holders of rec. Mar.21
Eagle Warehouse & Storage (quar.)
134 Apr. I Mar.29 to Mar.31
Eastern Steamship Lines, 1st pf.(qu.)
"134 Apr. 1 *Holders of rec. Mar.24
Preferred (guar.)
'8734c Apr. 15 *Holders of rec. Apr. 6
Electric Vacuum Cleaner. pref.(quar.)_ _ "134 Apr. 1 *Holders of rec. Mar.30
Emerson Elec. Mfg., pref.(quar.)
134 Apr. 1 Holders of rec. Mar.20
Empire Safe Deposit(quar.)
2
Mar.30 Holders of rec. Mar. 240
Fanny Farmer Candy Shops. pt.(quar.)_ *60c. Mar.31 *Holders of rec. Mar. 15
Faultless Rubber, corn. (qua?.)
50c. Apr. 1 Holders of rec. Mar. 15
Preferred (quar.)
*134 Apr. 1 *Holders of rec. Mar. 15
Firestone Tire& Rubber.7% pref.(qu.)_ •134 May 15 *Holders of rec. May 1
First National Stores, preferred (quar.)_ "2
Apr. I "Holders of rec. Mar. 16a
52
Flour Mills of Amer.. pref., ser. A
Apr. 1 Holders of rec. Mar. 15
Fulton Sylphon, common (quar.)
'87340 Apr. I *Holders of rec. Mar. 18
Preferred (quar.)
$1.50 Apr. 1 *Holders of rec. Mar. 18
Tank Car, 1st pref.(qu.)_ s1,4 Apr. I 'Holders of rec. Mar. 15
General Amer.
$1
May 2 Holders of rec. Apr. 206
General Cigar, corn. (quar.)
Preferred (quar.)
134 June 1 Holders of rec. May 246
Debenture preferred (quar.)
134 July 1 Holders of rec. June 246
$1
General Ice Cream
Apr. 15 Holders of rec. Apr. 1
$2.50 Mar.20 Holders of rec. Mar. 106
Glen-Alden Coal (quar.)
40. Mar. 10 Holders of rec. Feb. 28
Golden Cycle Mining as Reduction
Grasselli Chemical, corn.(quar.)
2
Mar.31 Holders of rec. Mar. 15a
Preferred (guar.)
134 Mar. 31 Holders of rec. Mar. 150
Great Lakes Towing,corn.(quar.)
114 Mar.31 Holders of rec. Mar. 15
Preferred (qua?.)
154 Apr. 1 Holders of rec. Mar. 15
80c. Apr. 1 Holders of rec. Mar. 15
Greif Bros. Cooperage, class A (guar.)
*2
Hathaway Baking, prof. A (quar.)
Apr. 15 *Holders of rec. Apr. 1
Holt Renfrew Co., pref.(quar.)
134 Apr. 1 Holders of rec. Mar.25
•30c. Apr. 1 *Holders of rec. Mar. 11
Humble Oil & Refining (guar.)
'20c. Apr. 1 *Holders of rec. Mar. II
Extra
Hydraulic Press Brick. pref. (quar.)
134 Apr, 1 Holders of rec. Mar.24
Imperial Tobacco of Canada, pref
3
Mar.31
Independent Pneumatic Tool (quar.)_
"$1
Apr. 1 *Holders of rec. Mar.21
Industries Development. pref. (quar.)_ "2
Mar. 31 *Mar.27 to Mar.31
Intercontinental Rubber
25e. Mar.31 Holders of rec. Mar. 190
Int. Button Hole Sewing Mach.(guar.). 15c. Apr. 1 Holders of rec. Mar. 15
Interntaional Nickel, corn. (quar.)
*50e. Mar.31 *Holders of rec. Mar.17
.e
Ins7 pre Pred (aor Corp., corn. (quar.)- 25c. Apr. 1 Holders of rec. Mar.21
rnte atf rroject uar
$1.75 Apr. 1 Holders of rec. Mar.21
•15„i Apr. 1 "Holders of
acm
cu
Jewelferredpreferred (quar.)
Tea,
rec. Mar. 17
.dividends). *
Preferred
la
Apr. 1 *Holders of rec. Mar. 17
Kaufmann Dept. Stores, pref. (quar.).
134 Apr. I Holders of rec. Mar.21
Lambert Company (guar.)
*51.25 Apr. 1 *Holders of rec. Mar.21
Lawyers Title & Guaranty
234 Apr, 1 Holders of rec. Mar.196
Liberty Baking Corp., pref. (quar.)
134 Apr. I Holders of rec. Mar.20
Lion Oil Refining, corn. (qua?.)
500. Apr. 27 Holders of rec. Mar.31
250. Apr. 27 Holders of rec. Mar.31
i
: corn.
Ludlins e (l,R &. (l ..r nc.. pr.(au.). *500. Apr. 1 *Holders of rec. Mar.22
mCeme teeextra)
anum (H. c
Co.,
144 Apr, 1 Holders of rec. Mar.21a
Manhattan Shirt, pref. (quar.)
1,4 Apr. 1 Holders of rec. Mar. 17
McLellan Stores, corn. A and B (No. 1) 250. Apr. 1 Holders of rec. Mar.21
Common A and B (quar.)
250. July 1 Holders of rec. June 20
Common A and B (quar.)
25c. Oct. 1 Holders of rec. Sept.20
Common A and B (qua?.)
25c. Jan 2'28 Holders of rec. Dec. 20
Common A & B (pay.in corn. A stock) *eh
Apr. 15 Holders of rec. Mar.21
Merrimac Chemical (quar.)
$1.25 Mar.31 Holders of rec. Mar. 12
erchants & Mfrs.Sec., part. pref.(qu.)•
6230 Apr. 1 'Holders of rec. Mar.15
Mid-Continent Petroleum (qua?.)
.75e. May 1 *Holders of rec. Apr. 1
Midland Steel Products. coin.(quar.)
*51
Apr. 1 'Holders of rec. Mar.18
Common (extra)
•
48c. Apr. 1 'Holders of rec. Mar. 18
Preferred (guar.)
•
$2
Apr. I *Holders of rec. Mar. 18
*$1
Apr. 1 *Holders of rec. Mar. 18
e
Prferred( xraa
e
Morgan Lith og trp ,common (quar.)_ _ _ $1.25 Apr. 1 Holders of rec. Mar. 18
National Dairy Products, corn.(qua?,)_ _ *75c. Apr. 1 'Holders of rec. Mar.21
Preferred A and B (quar.)
'134 Apr. 1 *Holders of rec. Mar. 21
National Licorice, preferred (quar.)_ _ _ _
134 Mar.31 Holders of rec. Mar. 15
National Refining, preferred (quar.)-*
2
Apr. 1 Holders of rec. Mar. 15
National Supply, preferred (quar.)
13( Mar.31 Holders of rec. Mar.21a
National Tea, common (quar.)
$1
Apr. 1 Holders of rec. Mar. 19
Nevada Consol. Copper (quar.)
3734c Mar.31 Holders of rec. Mar. 17
Northwestern Yeast (quar.)
'3
Mar. 15 'Holders of rec. Mar.12
Otis Steel, prior pref.(quar.)
"1M Apr. 1 *Holders of rec. Mar.19
Pacific Steel Boiler (quar.)
"250. Apr. 15 *Holders of rec. Apr. 1
Pet Milk, common (qua?.)
750. Apr. 1 Holders of rec. Mar. 11
Preferred (guar.)
134 Apr. 1 Holders of rec. Mar.11
Plymouth Oil
*50c. Mar.31 *Holders of rec. Mar.24
Pratt & Whitney, common
*$60 Mar.31 *Holders of rec. Mar. 17
Preferred (quar.)
Mar.31 *Holders of roe. Mar. 17
Premier Gold Mining, Ltd
8c. Apr. 4 Holders of rec. Mar. 15
Price Brothers, as Co., Ltd., com.(quar.)
34 Apr. 1 Holders of rec. Mar. 15
Preferred (quar.)
134 Apr.
Mar. 15
Pro-phy-lac-tic Brush, common (quar.)_ *50c. Apr. 1 Holders of roe. Apr. 1
15 *Holders of rec.
Rand-Kardex Bureau, Inc., corn. A (qu.) '75c. Apr.
1 *Holders of rec. Mar.15
Reece Button Hole Mach. (quar.)
35c. Apr. 1 Holders of rec. Mar. 15
Reece Folding Mach.(guar.)
Sc. Apr. 1 Holders of rec. Mar. 15
Reo Motor Car (quar.)
*20c. Apr. 1 *Holders of rec. Mar. 15
Royal Baking Powder, corn.(quar.).
*
2
Mar.31 "Holders of roe. Mar.15
Preferred
*134 Mar.31 'Holders of roe. Mar.15
Ryan rerredpretuar. (quar.)
Car, aerred
)
Mar.31 *Holders of rec. Mar.15
*2
Safeway Stores, common (guar.)
$2.50 Apr. 1 Holders of rec. Mar.20
51.75 Apr. 1 Holders of rec. Mar.20
St. Le. en y. Mt.&. ac. Co., corn.(qu.).
fRked
)
P
134 Mar.31 Holders of rec. Mar.150
Preferred (quar.)
34 Mar.31 Holders of rec. Mar.156
Schulz Baking. pref.(guar.)
134 Apr. 1 Holders of rec. Mar. 15
Convertible preference(No. 1)(qu.)
700. Apr. I Holders of rec. Mar. 15
Shaffer Oil& Rag., pref.(quar.)
134 Apr. 25 Holders of rec. Mar.31
Singer Manufacturing (guar.)
"244 Mar.31 *Holders of rec. Mar. 10
Extra
334 Mar.31 *Holders of rec. Mar. 10
•
Southern Acid & Sulphur (quar.)
75c. Mar.15 Holders of rec. Mar. 10
Sparks-Withington Co., corn,(quar.).
25e. Mar.31 Holders of rec. Mar. 19
Preferred (quar.)
134 Mar.31 Holders of rec. Mar.19
Spear & Co.. 20 pref.(quar.)
•1% Apr. 15 *Holders of rec. Apr. 1
Spicer Manufacturing. prof. (guar.)-Apr. 1 Holders of rec. Mar. 190
2
[WI. 124.
THE CHRONICLE
Name of Company.
Per
When
Cent. Payable.
Books Closed.
Days Inclusive
Name of Company.
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Public Utilities (Concluded).
Engineers Publi, Service
57 pref. and pref. allotment certifs.__ $1.75 Apr. 1 Holders of rec. Mar. 40
Federal Light & Traction, corn. (gnat.) 20c. Apr. 1 Holders of rec. Mar. 150
Common (payable in common stock)_ fl5c. Apr. 1 Holders of rec. Mar. 150
Frankford & Southwark Pass. Sty.(go.) $4.50 Apr. I Mar. 2 to Apr. 1
Galveston-Houston Elec. Co.. Prof
3
Mar. 15 Holders of rec. Mar. 4a
Gas & Electric Securities, corn. (mthly.)
% Apr. 1 Holders of rec. Mar. 15a
Common (payable in common stock). 134 Apr. I Holders of rec. Mar. 150
Preferred (monthly)
7-12 Apr. 1 Holders of rec. Mar. 150
General Gas & Elec. Corp. corn. A (qu.). 3734c. Apr. 1 Holders of rec. Mar. 150
$8 preferred class A (guar.)
Apr. 1 Holders of rec. Mar. Ha
$2
$7 preferred class A (guar.)
$1.75 Apr. 1 Holders of rec. Mar. 15a
Preferred class 13 (guar.)
$1.75 Apr. 1 Holders of rec. Mar. 150
Haverhill Gas Light (guar.)
Mc. Apr. 1 Holders of rec. Mar. 180
Illinois Bell Telephone (quar.)
"2
Mar.31 *Holders of rec. Mar. 30
Illinois Power & Light part. prof.(qu.).. 134 Apr. 1 Holders of rec. Mar. 10
Seven per cent preferred (guar.)
134 Apr. 1 Holders of rec. Mar. 10
Six per cent preferred (quar.)
13.4 Apr. I Holders of rec. Mar. 10
Illinois Traction, pref. (quar.)
'134 Apr. 1 *Holders of rec. Mar. 19
Indianapolis Water Co.. pref. (quar.)
1% Apr. 1 Holders of rec. Mar. 150
Indianapolis Water Works, pref
3% Apr. 1 Holders of rec. Mar. 12
Interstate Power, pref.(quar.)
51.75 Apr. 1 Holders of rec. Mar. 10
Jamaica Public Service, pref. (quar.)
$1.75 Apr. I Holders of rec. Mar. 15
Kansas City Pow. & Lt., 1st p1. A (qu.) $1.75 Apr. I Holders of rec. Mar. 140
Kansas Electric Power, pref. (quar.)_ _
1% Apr. 1 Holders of rec. Mar. 15
Kansas Power & Light. Cl. A pf. (qu.)._ *51.50 Apr. I *Holders of rec. Mar. 14
Kentucky Hydro-Elec., prof. Mari-- - *134 Mar.21 *Holders of rec. Feb. 28
Laclede Gas Light, corn. (guar.)
$3
Mar. 15 Holders of rec. May. la
Louisville Gas & Electric (Delaware)
Class A and B, corn.(guar.)
4331c. May. 25 Holders of rec. Feb. 284
Mackay Companies, common (guar.). _ _
1% Apr. 1 Holders of rec. Mar. 50
Preferred (guar.)
1
Apr. 1 Holders of rec. Mar. 50
134 Apr. 1 Holders of rec. Mar. 154
previous weeks Manhattan fly.(modified quar.)
Below we give the dividends announced in
Manila Electric Co., corn
62%c May 2 Holders of rec. May. 310
pref. (gnarl)... 51.75 Apr. 1 Holders of rec. Mar. 19
and not yet paid. This list does not include dividends an- Memphis Power & Light,(guar.)
Michigan Bell Telephone
*2
Mar. 31
being given in the preceding table. Middle West Utilities, prior lien (guar.) 2 Mar. 15 Holders of rec. Feb. 28
nounced this week, these
Mohawk & Hudson Power.2d pref
551.75 Apr. 1 Holders of rec. Mar. 19
Monongahela West Penn. P.S.. pf.(qu.) 4331c. Apr. 1 Holders of rec. Afar. 15
Per
When
Books Closed.
Montana Power, common (guar.)
1% Apr. 1 Holders of rec. Mar. 116
Days Inclusive.
Cent. Payable.
Name of Company.
1% Apr. 1 Holders of rec. Mar. Ila
Preferred (quar.)
National Electric Power.7% prof.
- 1% Apr. I Holders of rec. Mar. 21
National Power & Light, prof. (guar.)._ $1.75 Apr. 1 Holders of rec. Mar. 15
Railroads (steam).
National Public Service. corn. A (guar.). 400. Mar. 15 Holders of rec. Feb. 26
Bangor & Aroostock. common (guar.)-- 750. Apr. 1 Holders of rec. Mar. 150 New
England Public Service, corn.(qu.) *45c. Mar.31 *Holders of rec. Feb. 28
1% Apr. 1 Holders of rec. May. 150
Preferred (guar.)
Prior lien preferred (guar.)
*51.75 Mar. 15 *Holders of rec. Feb. 28
Mar. 31 Holders of rec. Feb. 28
2
Boston & Albany (guar.)
Mar. 31 Holders of rec. Mar. 10
2
Mar. la New England Telep. & Teleg.(guar.)
Canadian Pacific, corn. (guar.)
2% Apr. 1 Holders of roe.
New York Telephone. 8 A % pref. (go.).. 144 Apr. 15 Holders of rec. Mar. 19
Apr. 1 Holders of tee. May. 1
2
Preference
New York Water Service. prof.(quay.)- - $1.50 Mar. 15 Holders of rec. Mar. 5
Apr. 1 Holders of rec. Mar. 84
2
Chesapeake & Ohio, corn. (guar.)
*600. Mar.31 'Holders of rec. Mar. 15
84
3% July 1 Holders of rec. June 1104 Nlagara Falls Power, corn. (guar.)
Preferred
of rec. Mar. ma
Apr. 15
Preferred (guar.)
Mar.
g Mar.31 Holders of rec. Mar. 10a Mag. Lockp. dr Ont. Pow., corn. (guar.) 4331c May.31 Holders of rec. Mar. 15a
Chicago Rock Island & Pacific. com.(qu.)
Holders
75e.
134 Apr. 1 Holders of rec.
Consolidated ItIts. of Cuba. pref. (qu.)_
1% Apr. 1 Holders of roe. May. 154
Preferred (guar.)
Cuba SIR., common (guar.)
$1.20 Mar.21 Holders of rec. Mar. 21
e234 Apr. 1 Holders of rec. Mar. 54
Mar.21 Holders of rec. Feb. 260 North American Company. corn. (quar.) 75c. Apr. 1 Holders of rec. Mar. 56
Delaware dr Hudson Co. (guar.)
Preferred (guar.)
Fonda Johnstown dr Gloversv.. pt.(qu.)_
134 Mar. 1$ Holders of rec. Mar. 100
*134 Apr. 1 *Ilolders of rec. Mar. 19
Gulf Mobile & Northern, pref. (gust.)... I% Apr. 1 Holders of rec. Mar 170 North Amer. Light & Power, prof.(cm).
North American Utilities Securities
Hocking Valley (guar.)
Mar.31 Holders of rec. Mar. 86
2
Preferred and allotment certificates__ 411.50 May. 15 *Holders of rec. Feb. 28
Lehigh Valley. common (guar.)
87 Sic Apr. 1 Holders of rec. Mar. 120 North West Utilities, prior lien stk.(qu.) 51.75 Apr. 1 Holders of rec. May. 15
Preferred (guar.)
$1.25 Apr. 1 Holders of rec. Mar. 120 Northern Canada Power, pref. (guar.)
-- •11%, Apr. 15 *Holders of roe. mar. 25
N.Y. Chicago dr St. Louie, corn.(guar.) 234 Apr. 1 Holders of rec. Feb. 15a
Northern Ohlo Pow.& Lt.,6% pt.(cm.) 134 Apr. 1 Holders of rec. Mar. 15
Preferred (guar.)
134 Apr. 1 Holders of rec. Feb. 154
1% Apr. 1 Holders of rec. Mar. 15
Seven per cent pref. (quar.)
Holders of rec. Mar. 140
New York Lackawanna & Western (qu.)
Apr. 1
1% Apr. 1 Holders of rec. Mar.21
Ohio Bell Telephone, pref. (guar.)
Norfolk & Western. common (quar.)
Mar. 19 Holders of rec. Feb. 28a
2
28
Mar. 15 Holders of rec.
1% May 2 Mar. 18 to Apr. 12 Oklahoma Gas & Electric. pref. (guar.). 1% Apr. 15 'Holders of rec. Feb. 31
Northern Pacific (guar.)
Mar.
Mar. I20 Ottawa-Montreal Power, pref. (guar.)._
Old Colony RR.(guar.)
134 Apr. 1 Holders of rec.
Pacific Telep. & Teleg., common (guar.) 1% Mar.31 Holders of rec. Mar. 264
1% Apr. 1 Holders of rec. Mar. 14a
Pere Marquette, common (guar.)
1% Apr. 15 Holders of rec. Mar. 31a
Preferred (guar.)
Apr. 1 Holders of rec. Mar. 14a Penn-Central Light & Power. pref. (cm.) 11.25 Apr. I Holders of rec. Mar. 154
2
Common (extra)
May 2 Holders of rec. Apr. 140 Penn.
Prior preferred (guar.)
May 2 Holders of rec. Apr. 20
Lt.,8% pref. (qu.). 2
-Ohio Pow. &
Preferred (guar.)
g May 2 Holders of rec. Apr. 14a
I% May 2 Holders of rec. Apr. 20
Seven per cent preferred (quar.)
Reading Co., 2d pref. (guar.)
sea. Apr. 14 Holders of rec. Mar. 2I0
80c. Apr. I Holders of rec. Mar.21
7.2% preferred (monthly)
St. Joseph South Bend & Sou., corn
34 Mar. 15 Mar. 11 to Mar. 14
Me. May 2 Holders of rec. Apr. 20
7.2% preferred (monthly)
Preferred
234 Mar. 15 Mar. 11 to Mar. 14
550. Apr. 1 Holders of rec. Mar. 21
8.6% preferred (monthly)
Bt. Louis-San Francisco, common (on.). 1% Apr. 1 Holders of rec. Mar. 150
Mc. May 2 Holders of rec. Apr. 20
8.6% preferred (monthly)
Common (extra)
25e. Apr. 1 Holders of rec. Mar. 156 Pennsylvania Water & Power (quar.)_
Apr. 1 Holders of rec. Mar. 180
2
1% May 2 Holders of rec. Apr. 90
Preferred (guar.)
2
Apr. 18 Holders of rec. Apr. 4a
Peoples Gas Light dr Coke (guar.)
Preferred (guar.)
134 Aug. I Holders of rec. July 154 Philadelphia Electric Co. (guar.)
50c. Mar. 15 Holders of rec. Feb. isa
134 Nov. 1 Holders of rec. Oct. 15a
Preferred (guar.)
106
Apr. 1 Holders of rec.
St. Louis Southwestern, pref.(quar.)--1% Mar. 31 Holders of rec. Mar. II a Philadelphia Traction prior pref.(qu.) $2 Apr. I Holders of rec. Mar. 15
May.
1%
Portland Electric Power,
Southern Pacific Co.(guar.)
134 Apr. 1 Holders of rec. Feb. 25a
I% Apr. I Holders of rec. Mar. 15
First preferred (gnar.)
Mardi5a
Apr. 1 Holders of rec.
Southern Ry.,Ist & O.stk.tr.ctf (No.1)
.
Power Corp. of Canada, let pref. MO - I% Apr. 15 Holders of rec. Mar. 31
2% Apr. 1 Holders of rec. Mar. 1
Union Pacific, corn. (guar.)
Public Serv. Corp. of N.J., corn.(guar.) 500. Mar.31 Holders of rec. Mar. 40
Apr. 1 Holders of rec. Mar 1
2
Preferred
1% Mar. 31 Holders of rec. Mar. 44
Seven per cent preferred (guar.)
Mar. 31 Holders of rec. Mar. 40
2
Eight per cent preferred (guar.)
Public Utilities.
500. Mar. 31 Holders of rec. Mar. 40
Six per cent preferred (monthly)
Public Eery. Elec. & Gas,7% pref.(qu.) 1% Mar.31 Holders of too. Mar. 44
1% Apr. 1 Holders of rec. Mar. 15
Amer. Public Service. pref.(guar.)
134 Mar.31 Holders of rec. Mar. 4.
Six per cent preferred (guar.)
Amer. Public Utilities, prior pref.(quar.) $1.75 Apr. 1 Holders of rec. May. 15
1% Apr. 15 Holders of rec. Mar.31
Quebec Power (guar.)
$1.75 Apr. 1 Holders of rec. Mar. 15
Participating preferred (guar.)
8734c Apr. 1 Holders of rec. May. la
Radio Corp. of America. prof. A (guar.)
Amer. Superpower Corp.
San Joaquin Light & Pow., prof. B (go.) _
134 Mar. 15 Holders of tee. Feb. 28
30c. Apr. 1 Holders of rec. Mar. 1
Common class A dr B (guar.)
1% Mar. 15 Holders of rec. Feb. 28
Prior preferred, series A (guar.)
$1.50 Apr. 1 Holders of rec. Mar. 1
First preferred (guar.)
Apr. 1
Mar. 2 to
Apr.
2% Apr. 15 Holders of rec. Mar. 150 Second & 3d Sts. Pass. Fly_ Phila.(go.).. 53
American Tele°. & Teleg.(guar.)
Shawinigan Wat.& Pow., new. com.(gu) 50c. Apr. Ii Holders of rec. Mar. 25
12e. Apr. 1 Holders of rec. Mar. 90
Arkansas Natural Gas (guar.)
.Mar. 15 Holders of roe. Feb. 20
Southern California Edison. pref. A (go.) 43340
Associated Gas & Elec., orig. pf. (qu.).... 18734e Apr. 1 Holders of rec. Feb. 28
373-40.May. 15 Holders of rec. Feb. 20
Preferred B (guar.)
1i23 Apr. 1 Holders of roe. Feb. 28
Original series preferred (extra)
-4c
Mar. 15 Holders of rec. Feb. 28
1
Southern Canada Power (guar.)
51.75 Apr. 1 Holders of rec. Feb. 28
$7 dividend series (guar.)
Preferred (guar.)
134 Apr. 15 Holders of rec. Mar. 250
Apr. 1 Holders of rec. Mar. 10
Bangor Hydro-Elec.,6% pref. (quar.)....
Southern Colorado Power, prof. (guar.). 1% Mar. 15 Holders of rec. Feb. 284
May. 10
134 Apr. 1 Holders of rec.
Seven per cent preferred (guar.)
Apr. 1 Holders of rec. Mar. 31
Southern New England Telep. (guar.)-- 2
Apr. 15 Holders of rec. May. 23
Bell Telephone of Canada (guar.)
Holders of rec. May. 15
134 Apr.
Southwest Power. preferred (guar.)Bell Telephone of Pa.634% pref.(guar.) 154 Apr. 14 Holders of rec. Mar. 190
Holders of roe. May. 19
13-4 Apr.
Southwestern Bell Telep.. pref.(quar.).Birmingham Water Wks.,8% pl. (qu.).. 2
Mar. 15 Holders of rec. Mar. 1
*Holders of rec. May. 15
Apr.
*2
Southwestern Gas & Electric, corn.(go.)
1% Mar. 15 Holders of rec. Mar. 1
7% preferred (guar.)
*Holders of rec. Mar. 15
,
P1M Apr.
Seven per cent preferred (guar.)
rec. Mar. 10
Boston Elevated Ry., corn.(guar.)
134 Apr. 1 Holders of
*Holders of rec. May. 15
Apr.
*2
Eight per cent preferred (guar.)
Second preferred
3% Apr. 1 Holders of rec. Mar. 10
Holders of rec. Feb. 280
Mar. 1
Standard Gas & Elec., 8% pref. (goat.)
BkIn.-Manh.Transit, pref. ser. A (guar.) 134 Apr. 15 Holders of tee. Apr. 1
Holders of rec. May. 15
Ila Tennessee Elec. Power, 8% 1st pf. (4111 ) 134 Apr.
Brooklyn Union Gas(guar.)
Apr. 1 Holders of rec. Mar.
Si
frolders of rec. Mar. 15
114 Apr.
(guar.)._
Seven per cent first preferred
Central Illinois Pub. Bern'.. pref. (guar.) *51.50 Apr. 15 *Holders of rec. May. 31
Holders of rec. Mar. 15
1.80 Apr.
7.2% first preferred (guar.)
Central States Elec. Corp., corn.(quar.)_ 25e. Apr. 1 Holders of rec. Mar. 10
Holders of rec. Mar. 15
Six per cent first preferred (monthly).. 500. Apr.
Preferred (quar.)
1% Apr. 1 Holders of rec. Mar. 10
fielders of rec. Mar. 15
600. Apr.
7.2% first preferred (monthly)
Chic. Nor.Shore & Milw., prior lien(qu.) 131 Apr. 1 Holders of rec. Mar. 15
Apr. 1
Holders of rec. May. 310
$I
United Gas Impt. (guar.)
Preferred (guar.)
11.5 Apr. 1 Holders of rec. Mar. 15
Holders of rec. Mar. 70
Utilities Power & Light, el. A (gust.).... y500 Apr.
Chicago Rapid Tran., prior pref.(mthly) 85e. Apr. 1 *Holders of rec. Mar. 15
.
Holders of rm. Mar. 7a
y250. Apr.
Class B (guar.)
rec. Apr. 19
preferred A (monthly)
Prior
4435e. May 1 *Holders of
Holders of rec. May. 7a
$1.75 Apr.
Preferred (guar.)
Prior preferred A (monthly)
*85c. June 1 *Holders of rec. May 17
Virginia Elec.& Power,7% pref.(guar.) 1% Mar.2 Holders of rec. Feb. 28a
.
800. Apr. I *Holders of rec. Mar. 15
Prior preferred B (monthly)
1% Mar.2 Holden of rec. Feb. 280
Six per cent preferred (goar.)
4
600. May 1 *Holders of rec. Alm 19
Prior preferred B (monthly)
Holders of rec. Feb. 12
1% Mar.
Washington fly. Sc Elec., corn.(guar.)
*60e. June 1 *Holders of rec. May 17
Prior preferred B (monthly)
Holders of rec. Feb. 256
Washington Water Pow.,Spok.. pf.(qU.) 1% Mar. 1
.1% Mar. 15 *Fielders of rec. Feb. 28
Colorado Power. pref. (guar.)
West Penn Elec. Co., class A (quer.)._ _ _ $1.75 Mar.3 Holders of rec. Mar. 15a
Columbus Elec. & Pow., corn. (quar.)._ 50c. Apr. 1 Holders of rec. Mar. 86 West Penn Power Co., 6% pref.(quar.).. 13'4 May
Holders of rec. Apr. 50
51.75 Apr. 1 Holders of rec. Mar. 80
Preferred B (guar.)
Holders of rec. Apr. 50
1% May
Seven per cent preferred (guar.)
5 1.6234 Apr. 1 Holders of rec. Mar. 80 West Penn Railways.6% pref.(guar.).Preferred C(guar.)
134 Star.) Holders of rec. Feb 25
$1.75 Apr. 1 Holders of rec. Mar. 80
Second preferred (guar.)
•1% Apr.
*Holders of rec. Mar. 15
Winnipeg Electric. pref. (guar.)
6234c Apr. 1 Holders of rec. Mar. 15
P., Balt., com.
(QU.)
Consol. Gas,E.L.&
Wisconsin Power & Light. pref. ((War.). *$1.75 May. I *Holders of reo. Feb. 28
*2
Apr. 1 *Holders of rec. Mar. 15
Apr. 6 to Apr. 14
750. Apr. 1
8% Preferred series A (guar.)
York Railways. corn. (guar.)
'13.4 Apr. 1 *Holders of roe. Mar. 15
6234c Apr. 3 Apr. 21 to Apr. 29
7% Preferred series B (guar.)
Preferred (gust.)
•1% Apr. 1 *Holders of rec. Mar. 15
6 % preferred series C (guar.)
•1Si Apr. 1 *Holders of rec. May. 15
6% preferred series D (guar.)
Banks.
2
Apr. 15 Holders of rec. Mar. 210
Detroit Edison (guar.)
33.4 Mar. 28 Holders of rec. Mar. 126
Chase National (guar.)
•15,‘ Apr. 14 *Holders of rec. May. 19
Diamond State Telephone, pref.(guar.).
Star. 28 Holders of rec. Mar. 12a
51
(guar.)
134 Mar. 15 Holders of rec. Feb. 154 Chase Securities Corp. Bk. & Tr.(go.) 4
Co.. first pref.(quar.)
Mar.30 Mar. 17 to Mar. 29
Duquesne Light
Chatham & Phenix Nat.
Mar. 15 Holders of rec. Feb. 28
2
Apr. I Holders of rec. Mar. 180
East Kootenay Power, Ltd., pref.(WO - 1%
Chelsea Exchange (guar.)
Apr. 1 Holders of rec. Mar. 4
4
Apr. 1 Holders of roe. Mar. 184
Eastern Texas Elec. Co.. pref. (quar.):._
Commerce(Nat. Bank of)(guar.)
Abington &
23i Apr. 1 Holders of rec. Mar. 15
Elec. Lt. & Pr. Co. of
50c. Apr. 1 Holders of rec. Mar. 160 Commercial Exchange (guar.)
4
Apr. 1 Holders of rec. Mar. 21
Rockland (guar.)
51.75 Apr. 1 Holders of rec. Mar. lla Public National (guar.)
*4
Star. 28 *Holders of rec. Mar. 21
Electric Power & Light. prof. (quar.)..
Apr. 1 Holders of rec. Mar. Ila Seaboard (goar.)
1%
3
Allotment certificates (full paid)
Apr. 1 Holders of rec. Mar. 250
Standard (guar.)
70e. Apr. 1 Holders of rec. Mar. ha
Allotment certificates(40% paid)-oi Apr. 1 Holders of rec. Mar. 25a
coin. (goar.). P
58 I-3c Apr. 1 Holders of rec. Mar. 150 Standard National Corp..
Apr. 1 Holders of rec. Mar. 250
Empire Gas dr Fuel.7% pref.(monthly)Preferred (guar.)
88 2-3c Apr. 1 Holders of rec. Mar. 150
Eight per cent pref. (monthly)
Miscellaneous (Concluded).
Thompson (John It.) Co.(monthly)- -- - .30c. Apr. 1 *Holders of rec. Mar. 23
.30c. May 2 *Holders of rec. Apr. 22
Monthly
*30c. June 1 "Holders of rec. May 23
Monthly
15c. Apr. 1 Mar. 22 to Apr. 1
Timken-Detroit Axle, corn. (quar.)
90. Apr. 1 Mar. 22 to Apr. 1
Common (extra)
$1.75 Apr. 15 Holders of rec. Mar. 25
Tobacco Products Corp., com.(quar.)
750. Apr. 1 Holders of rec. Mar. 18
Torrington Co. (quar.)
Traveler Shoe (quar.)
37.35c. Apr. 1 Mar. 10 to Mar. 22
United Drug, corn. (guar.)
2% June 1 Holders of rec. May 16a
Apr. 30 Holders of rec. Mar. 31a
5
United Profit-Sharing, preferred
United Shoe Machinery, corn. (guar.)_ _ 62%c. Apr. 5 Holders of rec. Mar. 15
Preferred (quar.)
3734c. Apr. 5 Holders of rec. Mar. 15
U.S. Bobbin & Shuttle, pref.(quer.)_ _ _ *1% Mar.31 "Holders of rec. Mar. 9
"50c. Apr. 15 *Holders of rec. Apr. 1
U. S. Radiator, corn. (quar.)
*1% Apr. 15 Holders of rec. Apr. 1
Preferred (quar.)
Apr. 1 Holders of rec. Mar. 21
Universal Pictures, Inc., 1st pref.(quar.) 2
Universal Leaf Tobacco, corn. (quar.)_ _ *75c. May 1 *Holders of rec .Apr. 15
$1.50 Afar. 31 Holders of rec. Mar. 17a
Utah Copper Co.(quar.)
Apr. 1 *Holders of rec. Mar. 21
Warren Bros., common (quar.)
*El
First preferred (quar.)
"75c. Apr. 1 "Holders of rec. Mar. 21
Second preferred
*8734 Apr. 1 "Holders of rec. Mar. 21
Mar.21 *Holders of rec. Mar. 14
Washington 011
"52
Apr. 1 Holders of rec. Mar. 15
Wesson Oil & Snowdrift, corn. (quar.)-- Si
West Coast Oil(quar.)
"$1.5 Apr. 5 *Holders of rec. Mar. 21
Apr. 5 "Holders of rec. Mar. 21
Extra
*53
Western Auto Supply, partic. pref. (qu.) *50c. Apr. 1 'Holders of rec. Mar. 21
Mar. 25 Holders of rec. Mar. 10
$2
Westland 011 Corporation
"50c. Apr. 20 "Holders of rec. Mar. 31
White Eagle Oil & Refining (guar.)
Apr. 1 Holders of rec. Mar. 15
2
Will & Baumer Candle, pref.(quar.)
134
A
134
MAR. 12 1927.]
Name of Company.
Trust Companies.
Bankers (guar.)
Equitable (guar.)
Guaranty (guar.)
Manufacturers (guar.)
Title Guarantee & Trust, extra
United States (guar.)
Fire Insurance.
Home(quarterly)
United States (guar.)
THE CHRONICLE
Per ii When
Cent. Payable
Books Closed.
Days Inclusive.
Mar.28
Mar.29
4
Mar. 28
5
dMar30
Mar. 31
121e Apr. 1
Holders of rec. Mar. 11
Holders of rec. Mar.180
Holders of rec. Mar. 18
Holders of rec. Mar. 150
Holders of rec. Mar.22
Holders of rec. Mar. 210
a
*8
Apr. 11 Holders of rec. Mar. 5
May 2 *Holders of rec. Apr. 25
Miscellaneous.
Adams Express (guar.)
$1.50 Mu.31 Holders of rec. Mar. 150
*50e. Apr.
Adams Royalty Co. (guar.)
*Holders of rec. Mar. 16
Allied Chemical az Dye, pref.(guar.) ---134 Apr.
Holders of rec. Mar. 11
Allis Chalmers Mfg., pref. (guar.)
134 Apr. 15 Holders of rec. Mar. 24a
Amer. Art Works,Inc., com. az pt.(an.). 134 Apr. 15 Holders of rec. Mar. 31
American Bank Note, corn.(guar.)
50o. Apr.
Holders of rec. Mar. 170
Preferred (guar.)
750. Apr.
Holders of rec. Mar. 170
American Can, preferred (guar.)
134 Apr,
Holders of rec. Mar. 16a
American Car az Foundry, common (qu.) 21.50 Apr.
Holders of rec. Mar. 110
Preferred (guar.)
134 Apr.
Holders of rec. Mar. 110
American Cellulose & Chem. Mfg.. Ltd.,
First participating preferred (quar.)-- 11e Mar. 1 Holders of rec. Mar. 1
American Chain,8% pref. claw A (gu.). 50c. Mar.31 Mar.22 to Mar. 31
American Chicle,com.(guar.)
750. Apr.
Holders of rec. Mar. 15
lee Apr.
Prior preferred (guar.)
Holders of rec. Mar. 15a
American Cigar, preferred (guar.)
1% Apr,
Holders of rec. Mar. 15
Cyanamid, common A & B (au.). 20e. Apr,
Amer.
Holders of rec. Mar. 15
Common A & B (extra)
10e. Apr. 1 Holders of rec. Mar. 15
Preferred (guar.)
1% Apr. 1 Holders of rec. Mar. 15
American Express (guar.)
$1.50 Apr. 1 Holders of rec. Mar. 110
American Fork & Hoe. corn.(guar.).
- 1% Mar. 15 Holders of rec. Mar. 5
American Home Products(monthly).. 20e. Apr. 1 Holders of rec. Mar. 150
American International Corporation_
Apr. 4 Holders of rec. Mar. 150
$1
Amer. La France Fire Eng.,Ine.,ptequ.) lee Apr. 1 Holders of rec. Mar. 150
Amer. Laundry Machinery, com.(gu.). 81
June 1 Holders of rec. May 23
American Linseed, preferred (quar.)____ lee Apr. 1 Holders of rec. Mar. 18
American Locomotive, com.(guar.)__
Mar. 31 Holders of rec. Mar. 110
$2
Preferred (guar.)
1% Mar.31 Holders of rec. Mar. 110
American Mfg. Co., corn. (guar.)
1% Mar.31 Holders of rec. Mar. 160
Common (guar.)
1)4 July 1 Holders of rec. June 160
Common (guar.)
1% Oct. 1 Holders of rec. Sept. 180
Common (guar.)
1% Doe. 31 Holders of rec. Dec. 16a
Preferred (guar.)
I% Mar.31 Holders of rec. Mar. 160
Preferred (guar.)
111 July 1 Holders of rec. June 160
Preferred (guar.)
19e Oct. 1 Holders of tee. Sept. 160
Preferred (guar.)
114 Dec. 31 Holders of rec. Dec. 16e
American Plano, com. (guar.)
2% Apr. 1 Holders of rect. Mar. 15
Common (payable in common stock)-- f234 Apr. 1 Holders of roe. Mar. 15
Preferred (guar.)
159 Apr, 1 Holders of tee. Mar. 150
Amer. Pneumatic Service, let pre!
41.75 Mar.31
American Radiator, com. (guar.)
$1.25 Mar.31 Holders of roe. Mar. 15a
American Railway Express (guar.)
$1.50 Mar.31 Holders of rec. Mar. 15a
Amer. Safety Razor (guar.)
75e. Apr. 1 Holders of rec. Mar. 10a
Stock dividend
Apr. 1 Holders of rec. Mar. 100
1
American Sales Book,com.(guar.)
Apr. 1 Holders of rec. Mar. 15
$1
American Seating,com.(guar.)
75e, Apr, 1 Holders of rec. Mar. 15
Common (extra)
25e. Apr. 1 Holders of rec. Mar.20
Common (extra
25e. July 1 Holders of rec. June 20
Common (extra)
25e. Oct. 1 Holders of rec. Sept.20
American Snuff, common (guar.)
Apr. 1 Holders of rec. Mar. lb
3
Preferred (guar.)
1% Apr. 1 Holders of rec. Mar. ha
Amer. Steel Foundries, common (guar.)_ 75c. Apr. 15 Holders of rec. Apr. la
Preferred (guar.)
1% Mar.31 Holders of rec. Mar. 150
American Stores Co., common (guar.)._ 50c. Apr.
Mar. 22 to Apr. 1
American Sugar Refining, corn. (guar.). 1% Apr. 2 Holds& of rec. Mar. la
Preferred (guar.)
1% Apr. 2 Holders of tee. Mar. la
American Tobacco, pref. (guar.)
1% Apr.
Holders of rec. Mar. 90
American Woolen, preferred (guar.)---- 1% Apr. 1 Mar. 12 to Mar.23
Armour az Co. (Illinois). prof.(guar.) -- 134 Apr. 1 Holders of roe Mar.100
Armour az Co. of Delaware, pref. (guar.) 11( Apr. 1 Holders of rec. Mar. 100
Armstrong Cork, com.(guar.)
1% Apr. 1 Holders of rec. Mar. 18
Preferred (guar.)
1% Apr.
Holders of rec. Mar. 18
Associated Oil (guar.)
50e. Mar.26 Holders of rec. Mar. 5a
Extra
40e. Apr. 25 Holders of rec. Mar. 50
Atlantic Terra Cotta. pref. (guar.)
134 Mar. 15 Holders of rec. Mar. 5
Atlas Portland Cement, common (guar.) 500. Mar.
Holders of rec. Feb. 18
Babcock & Wilcox (guar.)
1% Apr.
Holders of rec. Mar.20
Balaban & Katz, corn.(monthly)
250. Apr.
Holders of rec. Mar.21
Preferred (guar.)
194 Apr,
Holders of rec. Mar.21
Beech-Nut Packing, corn. (guar.)
60o. Apr.
Holders of rec. Mar. 250
Preferred (guar.)
114 Apr. 1 Holders of rec. Apr. la
Belding-Corticelli, Ltd.. prof.(lear.)-- 119 Mar. 15 Holders of rec. Feb. 28
Beidlng-Ilemlnway Co., com. (guar.)._ 50c. AIM 1 Holders of
Mar.
Beige-Canadian Paper, COM.(gust.).... 134 Apr. 11 Holders of rec. Mar.21a
rec.
31
Preferred (gust,)
1% Apr. 1 Holders of rec. Mar. 4
Bendix Corporation, class A (gust.).... 80e. Apr.
Holders of rec. Mar. la
Bethlehem Steel, pref. (guar.)
1% Apr. 1 Holders of rec. Mar. 5a
Bloch Bros. Tobacco, common (gust.).. 3710 May 1 Holders of rec. May 10
Common (guar.)
3710 Aug. 1 Holders of roe. Aug. 10
Common (guar.)
3799c Nov. 16 Holders of rec. Nov. 10
Preferred (guar.)
1% Mar. 81 Holders of tee. Mar. 26
lee June 30 Holders of rec. Jane 25
Preferred (guar.)
134 Sept.30 Holders of rec. Sept.25
Preferred (guar.)
1% Dec. 3 Holders of rec. Dee. 26
Preferred (guar.)
Apr. 1 Holders of roe. Mar. 18
81
Borg & Beck (guar.)
$1
Apr. 15 Mar. 27 to Apr. 14
Borne Serymser Co
750. Apr. 15 Mar. 27 to Apr. 14
Extra
Boston Woven Hose & Bubb.,corn.(qu.) 81.50 Mar. 15 Holders of rec. Mar. 1
Brandram-Henderson, Ltd., prat.(au.). lee Apr. 1 Holders of roe. Mar. 1
Brill Corporation, class A (No. 1)
Apr. 1 Holders of rec. Mar.
21
Brine Manufacturing, class A (guar.) - 500. Apr. 1 Holders of rec. Mar. 15
15a
British-Amer. 011, new stock (No. I)
20c. Apr. 1 Mar. 15 to Mar.31
British-Amer.Tob.,ordinary (Interim)-- 10d Mar.31 zliolders of coup. No.
117
Buckeye Pipe Line (guar.)
Mar.15 Holders of rec. Feb. 18
$1
Bucyrus Co., new common (an.)(No. 1) 75c. Apr. 1 Holders of rec. Mar. 19
Preferred (guar.)
1% Apr. 1 Holders of rec. Mar. 19
Buffalo General Laundries, part pref._ _ *750. Apr. 1 *Holders of rec. Mar.
20
Burns Brothers, preferred (guar.)
1)4 Apr. 1 Holders of ree. Mar. 15a
Burroughs Adding Machine. corn. (qu.)- The. Mar.31 Holders of rec. Mar. 15a
Bush Terminal Co.,7% deb. elk.(guar.) 1% Apr. 15 Holders of rec. Apr. la
Bush Terminal Bldg.. prof. (guar.)
1% Apr. 1 Holders of rec. Mar. 150
Butte & Superior Mining (guar.)
50e. Mar.31 Holders of roe. Mar. 15a
By-Products Coke, com. (guar.)
we. Mar. 21 Holders of rec. Mar. 7a
Preferred (guar.)
$2.25 Apr. 1 Holders of rec. Mu.21
California Packing (guar.)
Mar. 15 Holders of rec. Feb. 28a
$1
Calumet & Arizona Mining (guar.)
81.50 Mar.21 Holders of rec. Mar. So
Calumet az Sleds Censor. Copper Co._. 500. Mar,15 Holders of rec. Feb. 28a
CambriaIron
Apr. 1 Holders of rec. Mar. 15a
SI
Canada Bread, 1st pref. az pref. B (MO *1% Apr. 1 *Holders of rec. Mar. 15
Canada Steamship Lines. prof. (guar.)-- 1% Apr. 1 Holders of rec. Mar. 15
Canadian General Electric, pref. (guar.) 1% Apr. 1 Holders of rec. Mar. 15
Canadian Locomotive. pref. (guar.).
- 1% Apr. 1 Holders of rec. Mar. 20
Canfield Oil, common (guar.)
'134 June 30 *Holders of rec. June 20
Common (Qar.)
*119 Sept. 30 *Holders of rec. Sept.20
Common (guar.)
*134 Dec. 31 *Holders of rec. Dee. 20
Preferred (guar.)
'134 June 30 *Holders of rec. June 20
•1% Sept.30 *Holders of rec. Sept.20
Preferred (guar.)
Preferred (guar.)
Dec. 31 'Holders of roe. Dec. 20
Carey (Philip) Mfg. (guar.)
4
12 Mar. 15 *Holders of rec. Mar. 12
Carter (William) Co.. pref. (guar.)
11e Mar. 15 Holders of rec. Mar. 10
Case (J. I.) Thresh. Mach.. corn
21.50 Apr. 1 Holders of tee. Mar. 140
Preferred (guar.)
134 Apr. 1 Holders of rec. Mar. 140
Century Electric. corn.(guar.)
1% Mar. 22 Holders of rec. Mar. I5a
Preferred %guar.)
lee Apr. 1 Holders of rec. Mar. 15a
Certain-teed Products Corp., core. (qu.) 21
Apr. 1 Holders of rec. Mar. 15a
First and second preferred (guar.)._ 1% Apr. 1 Holders of rec. Mel. 15a
Central Aguirre Sugar (guar.)
$1.50 Apr. 1 Holders of rec. Mar. 21
Central Alloy Steel, corn. (guar.)
50o. lApr. 10 Holders of rec. Mar. 25a
Preferred (guar.)
lee Apr. 1 Holders of rec. Mar. 13a
Name of Company.
14'75
Per
When
Cent. Payable.
Books Closed,
Days Inclutire.
Miscellaneous (Continued).
Chicago Fuse (guar.)
6234c Apr. 1 Holders of rec. Mar. 16
Chicago Mill & Lumber. pref. (guar.).- *1% Apr. 1 Holders of rec. Mar.23
Chicago Yellow Cab Co.(monthly).. 33 1-3e Apr. I Holders of tee. Mar.215
33 1-30 May 2 Holders of rec. Apr. 206
Monthly
33 1-3c June 1 Holders of rec. May 206
Monthly
Childs Company
Common (payable In no par com.stk.) fl
Apr. 1 Holders of rec. Feb. 25a
Common (payable in no par com.stk.) 11
July 1 Holders of rec. May 276
Common (payable in no par com.stk.) fl
Oct. 1 Holders of rec. Aug. 264
Dec. 30 Holders of rec. Nov.25e
Common (payable in no par com.stk.) fl
:
Chili Copper Co.(guar.)
r1 1 Holders of rec. Mar. 44
62h1ec
Holders of rec. Mar. 15
Cities Service. common (monthly)
34 Apr
Common (payable In common stock)._ 1% Apr. 1 Holders of tee. Mar. 15
es Apr. 1 Holders of roe. Mar. 15
Preferred and preferred B (monthly)..
% Apr. 1 Holders of rec. Mar. 15
Preferred BB (monthly)
19 Apr. 1 Holders of rec. Mar. 15
Cities Service bankers shares (mthly.)
Bankers' shares (payable in stock)__
19 Apr. 1 Holders of rec. Mar.15
50e. June 1 Holders of rec. May lOir
City Ice & Fuel (guar.)
Quarterly
50e. Sept. 1 Holders of rec. Aug. 10a
Cleveland Stone (guar.)
Holders of rec. Mar. 50
. 5
Extra
550* Mat. 15 Holders of rec. Mar. 5a
2° .
Quarterly
50e. June 15 Holders of rec. June 5,
Quarterly
50c. Sept.15 Holders of rec. Sept. 54
Coca-Cola Co.(guar.)
81.75 Alm 1 Holders of rec. Mar. 15.
75e. Apr. 1 Holder, of rec. Mar. 155
Extra
*e100 Apr. 25 *Holders of rec. Mar. 18
Stock dividend
Coca-Cola International (guar.)
$20 Apr. 1 Holders of rec. Mar. lba
550
2.
Commercial Credit, corn.(guar.)
Mar.31 Holders of rec. Mar. lla
Seven per cent preferred (guar.)
4334c Mar.31 Holders of rec. Mar. lie
50c. Mar.31 Holders of rec. Mar.lla
Eight per cent preferred (guar-)
61e% first preferred (guar.)
1% Mar.31 Holders of rec. Mar. Ila
Commercial Invest't Trust, com.(guar.) 20
Holders of rec. Mar. 15.
1% A p
First preferred (guar.)
e
. A; 1 Holders of rec. Mar. 15.
1% Apr. 1 Holders of rec. Mar.15.
634% first preferred (guar.)
Commercial Solvents, class B (gust.)... 52
.
Apn 30 Holders of rec. Mar. 18a
mar 1
1
Congress Cigar (guar.)
Holders of rec. Mar.150
$
Consumers Co., prior Prof. (qu.)(No. 1) •1M Apr, 1 *Holders of rec. Mar.31
Continental Can, preferred (guar.)
1% Apr. 1 Holders of rec. Mar,18.
Continental 011 (guar.)
*300. Mar. 15 *Holders of rec. Feb. 14
Cookeville Shale Brick Co., pref.(gear.) 1
Mar. 15 Holders of tee. Feb. 28
Cosgrove Export Brewery (ver.)
1% Mar. 15 Holders of rec. Feb. 28
Coty, Inc. (guar.)
$11h.25 Mar.Mar.3151 Holders of rec. Mar.210
Holders of roe. Mar. 1
Crane Company, com.(guar.)
1)4 Mar. 15 Holders of rec. Mar. 1
Preferred ((Mu.)
Crown Willamette Paper, let pref.(au.) $1.75 Apr. I Holders of roe. Mar.150
Crucible Steel, preferred (guar.)
le( Mar. 31 Holders of Me. Mar.15.
Cuban-American Sugar, corn.(gust.)... 260. Apr, 1 Holders of rec. Mar. 46
1% Apr. 1 Holders of tee. Mar. 4ce
Preferred (guar.)
Cumberland Pipe Line (guar.)
Mar.15 Holders of roe. Feb. 28
2
Mar. 15 Holders of rec. Feb. 28
33
Extra
Mar. 15 Holders of rec. Mar. 1
$I
Cuneo Press. class A (guar.)
June 15 Holders of tee. June 1
$I
Class A (guar.)
Curtiss Aeroplane & Motor, preferred..... $3.50 Mar.15 Holders of rec. Mar. 1
Cushman's Sons. Inc.
Common (payable in $8 pref. stock).. 41.50 Sept. 1 Holders of rec. Aug. 15a
1% Apr, 1 Holders of rec. Mar.19
Dalton Adding Mach., corn. (guar.)_
1% Apr. 1 Holders of rec. Mar.19
Preferred (dual%)
1
Mar.26 Holders of rec. Mar.125
Davis Mills (guar.)
Decker (Alfred) & Cohn, Inc., comegu.) 50o. Mar. 15 Holders of rec. Mar. 5ct
Detroit & Cleveland Navigation (guar.). 20c. Apr. 1 Holders of rec. Mar. 15
2
Mar.15 Holders of rec. Feb. 284
Diamond Match (guar.)
lee Apr. 1 Holders of rec. Mar. 15
Dominion Glass, common (guar.)
1% Apr. 1 Holders of rec. Mar. 15
Preferred (quar.)
60c. Apr, 1 Holders of ree. May 16
Dominion Stores (guar.)
Dominion Textile, common (guar.)._ 11.25 Apr. 1 Holders of roe. Mar. 15
lee Apr. 15 Holders of tee. Mar 31
Preferred (guar.)
Douglas
-Pectin Corporation (quit.).... 50e. Mar. 31 Holders of rec. Mar. la
25e. Mar.31 Holders of tee. Mar. la
Extra
$1
Mar.31 Holders of rec. Mar. 5
Draper Corporation (guar.)
Dunham (James H.)az Co.. oom.(guar.) 1% Apr. 1 Holders of tee. Mar. 19a
114 Apr. 1 Holders of rec. Mar.19.
First preferred (quit.)
1% Apr. 1 Holders of rec. Mar.196
Second preferred (guar.)
Mar. 15 Holders of Tee. Mar. la
DuPont(E.I.)de Nem.& Co., comegu.) $2
1% Apr. 25 Holders of rec. Apr. flar
Debenture stock (guar.)
*621ec Alin 1 *Holders of ree. Mar.20
Early & Daniels, common (guar.)
*25c. Apr. 1 *Holders of rec. Mar.20
Common (extra)
*1321ec July 1 *Holders of rec. June 20
Common (guar.)
Common (guar.)
*6234 Oct. 1 *Holders of roe. Sept.20
'62)40 Jan 1'28 *Holders of rec. Dec. 20
Common (guar.)
'81.76 Apr. 1 *Holders of rec. Mar.20
Preferved (gtrar.)
'$1.75 July 1 *Holders of rec. June 20.
Preferred (guar.)
'
81.76 Oct. 1 *Holders of rec. Sept.20
Preferred (guar.)
*Holders of rec. Dec. 20
Preferred (guar.)
an1'28
A
' 1
3 11e jpr. 1 Mar. 16 to Apr. 1
1
Eastern Rolling Mill(guar.)
1219e Apr. 1 Mar. 16 to Apr. 1
Extra
Eastman Kodak, cons.(guar.)
$1.25 Apr. 1 Holders of rec. Feb. 220
Common (extra)
75e. APR. 1 Holders of rec. Feb. 286
1% Apr. 1 Holders of rec. Feb. 28.
Preferred (guar.)
Eisenlohr (Otto) az Bros., pref.(gust.).. 1% Apr. 1 Holders of rec. Mar.210
Electric Auto-lite, corn. (guar.)
*21.50 Apr. 1 *Holders of roe. Mar. 15
Electric Controller & mfg. (guar.)
51.25 Apr. 1 Holders of rec. Mar. 19
Electric Storage Battery,com.& pf.(gu) 51.25 Apr. 1 Holders of rec. Mar. 7a
Mar 15 Holders of rec. Feb. 25
Elyria Iron & Steel (stock dividend).... ell)
Emporium Corp.(guar.)
50e. Mar.29 Holders of rec. Mar. 1
Endicott Johnson Corp., com. (guar.)- - 31.26 Apr. 1 Holders of rec. Mar. 180
11e Apr. 1 Holders of rec. Mar. 184
Preferred (gut.)
Equitable Office Building, com.(guar.). 81x A pr 1 Holders of roe. Mar. 15
.
1.50 Ap.
Holders of roe. Mar. 15a
Preferred Wear./
Eureka Vacuum Cleaner
Common (payable In common stock)
Aug. 1 Holders of rec. July 20.
16
20e, Apr. 1 Holders of rec.Mar. 21a
Fair(The)(monthly)
Monthly
20e May 2 Holders of rec. Apt. 20a
1u m
.
2
Preferred (guar.)
Holders of ree. Apr. 200
Fairbanks, Morse & Co., com.(gust.).. 75e. Mar.81 Holders of rec. Mar.154
Common ((Mar.)
75e. June 30 Holders of rec. June 15.
lee June
Preferred (guar.)
Holders of rec. May 14a
Famous Players-Lasky Corp., corn.(qu.) $2
Apr. 1 Holders of rec. Mar. 15.
*75e. May 1 *Holders of rec. Apr. 29
Fansteel Products Co.. new stock
Old common (payable In common stk.) 1300
*Holders of tee. Feb. 21
Federal Mining & Smelting, pref.(guar.) 11 Mar. 15 Holders of rec. Feb. 246
Federal Motor Truck (guar.)
220234. Apr.Ampar 361 Holders of reo. Mar. 19.
h
r 1
Stock dividend
Holders of rec. Mar.19.
Federal Terra Cotta, pref
Holders of rec. Mar.21
Feltman & Curme Shoe, class A
6234e Apr. 1 Holders of tee. Mar. 1
Preferred (guar.)
1% Apr, 1 Holders of tee. Mar. 1
Fifth Avenue Bus Securities (guar.)_ _ _ _ 16c. Apr. 16 Holders of rec. Apr. 26
Financial Investing of New York, Ltd.. 250. Apr. I Holders of roe. Mar. 1
Extra
15e. Apr, 1 Holders of tee. Mar. 1
First Federal Foreign Investment Trust. $1.75 May 15 Holders of tee. May 5
First National Stores, corn.(guar.)
d37;se Apr. dl Holders of rec. Mar. 166
First preferred (guar.)
$1.75 Apr. dl Holders of rec. Mar. 166
Flelschmann Co.. corn. (guar.)
750. Apr. 1 Holders of tee. Mar. 14.
Foote Bros. Gear & Mach., com.(qu.)._ 30e. Apr. 1 Holders of rec. Mar. 19
Common (guar.)
30c. July 1 Holders of tee. June 20
Common (guar.)
30e. Oct. 1 Holders of rec. Sept. 20
Common (guar.)
30c. Jan1'28 Holders of rec. Dec. 20
Preferred (guar.)
*1% Apr. 1 *Holders of ere. Mar. 19
Preferred (guar.)
nee July, 1 *Holders of rec. Arne 20
Preferred (guar.)
*Holders of rec. Sept.20
' Oct.
1 34
Preferred (guar.)
•15,4 Jan 1'28 *Holders of rec. Dec. 20
Forhan Co.. common (guar.)
250. Apr. 1 Holders of rec. Mar.615a
Class A (guar.)
40c. Apr. 1 Holders of rec. Mar.d156
Foundation Co. (guar.)
Mar. 15 Holders of tee. Mar. la
$2
Gabriel Snubber Mfg., corn. A az B (gu.) 8734e Apr. 1 Holders of rec. Mar. 126
Gamewell Co., com. (guar.)
$1.25 Man 15 Holders of roe. Mar. 5
General Baking, erase A (guar.)
$1.25 Apr. 1 Holders of ree. Mar. 19
Preferred (guar.)
. 1 Holders of tee. Mar. 194
31
215,1
General Cigar, debenture pref. (guar.)-Holders of rec. Mar.24a
Apr.
General Electric (guar.)
eee. Apr. 28 Holders of roe. Mar. 156
Special stock (guar.)
150. Apr. 28 Holders of rec. Mar. 15.
1476
Name of Company.
UTE CHRONICLE
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Continued).
General Motors Corp.. corn.(quar.)_ _ - $2
Mar. 12 Holders of rec. Feb. 190
Preferred (quar.)
1% May 2 Holders of rec. Apr. 9a
Six per cent debenture stock (quar.)
1Si May 2 Holders of rec. Apr. 90
Seven per cent debenture stock (guar.) 1% May 2 Holders of rec. Apr. 96
General Railway Signal, corn.(quar.)_
$1.25 Apr. 1 Holders of rec. Mar. 10a
Preferred (guar.)
1 h Apr. 1 Holders of ree. Mar. 10a
C.G.Spring & Bumper, pref. (quar.)--- 2
Apr. I Holders of rec. Mar. 10
Globe Soap. 1st, 2d & special pref. (qu.)_
Mar. 15
19 Afar. 15 Mar. 1 to
Gold Seal Electrical Co. (special)
15e. Mar. 14 Holders of rec. Mar. 40
Goodrich (B.F.) Co., preferred (guar.) 1% Apr. 1 Holders of rec. Mar. 150
Preferred (guar.)
1% July 1 Holders of rec. June 15a
Goodyear Tire & Rubber, Can., pr.(qu.) 1% Apr. I Holders of rec. Mar. 15
Goodyear T.& R.,8% prior pref.(quar.) 2
Apr. 1 Holders of rec. Mar. 13a
Seven per cent preferred (quar.)
1% Apr. 1 Holders of rec. Mar. la
Goasard (H. W.) Co., corn.(monthly).. 33 1-3c Apr. 1 Holders of rec. Mar.20
Preferred lunar.)
1% Apr. 1 Holders of rec. Mar. 20
Gotham Silk Hosiery, corn.(quar.)
62he Apr. 1 Holders of rec. Mar. 15a
Great Western Sugar, common (quar.)-- $2
Apr. d2 Holders of rec. Mar. 156
Preferred (quar.)
1% Apr. d2 Holders of rec. Mar. 150
Greenfield Tap & Die, 6% pref. (guar.) 1% Apr. 1 Holders of rec. Mar. 15
Eight per cent preferred (Galan)
2
Apr. 1 Holders of rec. Mar. 15
Group No. 1 Oil
*5750 Apr. 26 *Holders of rec. Mar.25
Guantanamo Sugar, pref. (guar.)
2
Apr. 1 Holders of rec. Mar. 156
Guenther Publishing Co.. pref.(quar.)-- 5
May 20
Quarterly
5
Aug. 20
Quarterly
5
Nov.20
Gulf States Steel, common (guar.)
1% Apr. 1 Holders of rec. Mar. 15a
First preferred (guar.)
131 Apr. 1 Holders of rec. Mar. 156
First preferred (guar.)
1% July 1 Holders of rec. June I56
First preferred (quar.)
1% Oct. 1 Holders of rec. Sept. 156
First preferred (quar.)
1% Jan.3'28 Holders of rec. Dec. 15a
Hamilton Bank Note
6c. Aug. 15 Holders of rec. Aug. I
Hamilton United Theatres(Can.), pref._
394 Mar. 31 Holders of rec. Feb. 28
Hammermill Paper, pref. (quar.)
•1% Apr. 1 *Holders of rec. Mar. 21
Hanes(P. H.) Knitting, pref. (quar.)__ _
1% Apr. 1 Holders of rec. Afar. 21
Harbison-Walker Refrac., pref. (quar.)- 131 Apr. 20 Holders of rec. Apr. 9a
Hartman Corporation. class A (quar.)_ 50c. June 1 Holders of rec. May 17a
Claris B (guar.) in class A stock
(o) June 1 Holders of rec. May 170
Hathaway Bak.. Inc..7% cony. pf.(qu.) 1% Mar. 15 Holders of rec. Mar. I
Hayes Wheel, preferred (quar.)
1 h Mar. lb Holders of rec. Feb. 250
Heels Mining (quar.)
25c. Mar. 16 Holders of rec. Feb. 15
Herne (George W.) Co.. corn. (quar.)- - 51
Apr, 1 Holders of rec. Mar. 146
Preferred (quar.)
1% Apr. 1 Holders of rec. Mar. 146
Hercules Powder, corn. (quar.)
2
Mar.25 Mar. 16 to Mar.24
HIbbard,Spencer,Bartlett & Co.(mthly.) 30c. Mar.25 Holders of rec. Mar. 18
131 Apr. 15 Holders of rec. Mar. 31
Hillcrest Collieries, corn. (quar.)
Preferred (quar.)
1% Apr. 15 Holders of rec. Mar.31
Hollinger Consolidated Gold mines__ _
2
Mar. 25 Holders of rec. Mar. 9
Holly Oil (guar.)
25c. Afar. 31 Holders of rec. Mar. 15
Homestake Mining (monthly)
50c. Mar. 25 Holders of rec. Mar. 196
Hood Rubber Co.. corn. (quar.)
$1
Mar. 31 Holders of rec. Mar. 21
Hudson Motor Car (quar.)
8731 Apr. 1 Holders of rec. Mar. 150
Illinois Brick (guar.)
60c. Apr. 15 Apr. 5 to Apr. 15
Quarterly
60c. July 15 July 3 to July 15
Quarterly
60e. Oct. 15 Oct. b to Oct. 16
Blinois Wire & Cable (No. 1)
50c. Apr. 1 *Holders of rec. Mar. 15
Imperial Tobacco of Canada. ordinary_ _
131 Mar.30
Independence Indemnity
$5
Mar. 15 Holders of rec. Mar. 1
Independent Oil & Gas(quar.)
25e. Apr. 18 Holders of rec. Mar. 31
•
Industrial Accep. Corp., lot pref.(quar.) $1.75 Apr. 1 Holders of rec. Mar. 18
Second preferred (guar.)
52
Apr. 1 Holders of rec. Mar. 18
Inland Steel, preferred (guar.)
1% Apr. 1 Holders of rec. Mar.15a
Inspiration Consol. Copper (quar.)
25e. Apr. 4 Holders of rec. Mar. 170
Interlake Steamship (quar.)
$1.50 Apr. 1 Holders of rec. Mar. 16
Internat. Business Machines (quar.)_ _ _ _ $1 Apr. 11 Holders of rec. Mar.236
International Cement, common (quar.)_ $1
Mar. 31 Holders of rec. Mar. 156
Preferred (quar.)
1% Mar.31 Holders of rec. Mar. 150
International Harvester corn. (quarj_
194 Apr, 15 Holders of rec. Mar. 250
International Paper, 7% pref. (quar.)
1% Apr. 15 Holders of rec. Apr. la
Six per cent preferred (quar.)
131 Apr. 15 Holders of rec. Apr. la
International Salt (quar.)
131 Apr. 1 Holders of rec. Mar. 150
International Shoe. corn. (guar.)
51.75 Apr. 1 Holders of rec. Mar. 156
Preferred (monthly)
Si Apr. 1 Holders of ree. Mar. 15
International Silver, preferred (guar.).- 1% Apr. 1 Ho'ders of rec. Mar. 23
IntertYPe Corporation, first pref. (qlian) 52
Apr. 1 Holders of roe. Mar. 23
Jones de Laughlin Steel. pref. (quar.).. 1% Apr. 1 Holders of rec. Mar 15a
Kayser (Julius) & Co., corn. (quar.)---- $I
May 2 Holders of rec. Apr. 150
Preferred (quar.)
Apr. I Holders of rec. Mar. 160
52
Keeley Silver Mines
8c. Mar. 15 Holders of rec. Feb. 28
Extra
40. Mar, 15 Holders of rec. Feb. 28
Kelsey Wheel, corn. (guar.)
131 Apr. 1 Holders of rec. Mar. 216
Preferred (quar.)
1% dMay 1 Holders of rec. Apr.d306
Kennecott Copper Corporation (quar.)
$1.25 Apr. 1 Holders of rec. Mar. 4,,
Keystone Watch Case (quar.)
1
Apr. 1 Holders of rec. Mar. 190
King Philip Mill (quar.)
131 Apr. 1 *Holders of rec. Mar. 19
Kirby Lumber, common (quar.)
I% June 10 Holders of rec. May 31
Common (quar.)
13-1 Sept. 10 Holders of rec. Aug. 31
Common (quar.)
1% Dec. 10 Holders of rec. Nov. 30
Knox Hat, Inc.. prior pref. (quar.)
51.75 Apr. 1 Holders of rec. Mar. 15
Prior preferred (quar.)
$1.75 July 1 Holders of rec. June 15
Prior preferred (quar.)
$1.75 Oct. 1 Holders of rec. Sept. 15
Second preferred
53.50 Aug. 1 Holders of rec. July 15
Kraft Cheese (guar.)
3731c Apr. 1 Holders of rec. Mar. 10a
Stock dividend
el 31 Apr. 1 Holders of rec. Mar. 100
Kresge (S. S.) Co., corn. (guar.)
30c. Mar. 31 Holders of rec. Mar. I66
Preferred (quar.)
1% Mar. 31 Holders of rec. Mar. 160
Kruskal & Kruskal, Inc. (Ouarterly)___ 50c. May 16 Holders of rec. Apr. 29a
Lake Shore Mines. Ltd
100. Mar. 15 Holders of rec. Mar. 1
Lamson & Hubbard, pf. (acct, arc. city.) 554
Apr. 8 Holders of rec. Apr. I
Lehigh Valley Coal Sales (quar.)
Apr. 1 Holders of rec. Mar. 17
52
Leonard, Fitzpatrick, Mueller Stores,
Preferred (quar.)
*52
Apr. 1 *Holders of rec. Mar. 21
Life Savers, Inc. (quar.)
40c. Apr. 1 Holders of rec. Mar. 140
Liggett dr Myers Tobacco, pref.(guar.)- 1% Apr. 1 Holders of rec. Mar. I50
Lindsay Light Preferred (in full of all scrum.dive.)
*h35c Mar. 15 *Holders of rec. Feb. 10
Loew's, Incorporated (quar}
50e. Mar.31 Ilolders of rec. Mar. 196
Long Bell Lumber, class A (guar.)
$1
Mar.31 Holders of rec. Mar. Ila
Loose-Wiles Biscuit
Old corn.(one share of new no par corn)
July 1 *Holders of rec. June 1
New no par common (guar.)(No. 1)_ _ *40c. Aug. 1 *Holders of rec. July 11
Lord & Taylor, common (quar.)
231 Apr. 1 Holders of rec. Mar. 17
Lorillard (P.) Co., corn.(stock dividend) (z) Apr. 1 Holders of rec. Mar. 150
Preferred (quar.)
1% Apr. 1 Holders of rec. Mar. 160
Mack Trucks, common (guar.)
$1.50 Mar. 31 Holders of rec. Mar. I50
First and second preferred (quae.)_ _ _ _
1% Mar. 31 Holders of rec. Mar. 156
Madison Square Garden Co. (quar.)
250. Apr. 15 Holders of rec. Apr. 5
Quarterly
25c. July 15 Holders of rec. July 5
Quarterly
25e. Oct. 15 Holders of rec. Oct. 5
Manhattan Electrical Supply (quar.).,_ _ 51.25 Apr. 1 Ilolders of rec. Mar. 216
Marland 011 (guar}
$1
Mar.31 Holders of rec. Mar. 190
Mathleson Alkali Works, corn.(quar.)
$1 Apr. 1 Holders of rec. Mar. 180
Preferred (quar.)
1% Apr, 1 Holders of rec. Mar. 180
May Department Stores, pref. (quar.)_ _
1% Apr. 1 Holders of rec. Mar. 150
McCord Radiator &Mfg.,class A (qu.) _ *750. Apr. 1 *Holders of rec. Mar. 18
1% May 2 Holders of rec. Apr. 200
McCrory Stores, preferred (guar.)
I% Aug. 1 Holders of rec. July 200
Preferred (quar.)
1% Nov. 1 Holders of rec. Oct. 200
Preferred (quar.)
'n
Merchants & Miners Transport (quar.) *13294c Mar. 31 *Holders of rec. Mar. 9
$1.25 Mar. 31 Holders of rec. Mar. ba
Mergenthaler Linotype (quar.)
25c. Mar. 31 Holders of rec. Mar. 50
Extra
Metro-Goldwyn Pictures. pref.(qua?.).. 4794c. Mar. 15 Holders of rec. Feb. 260
Metropolitan Paving Brick. pre!.(guar.) 1% Apr. I Holders of rec. Mar. 15
25c. Apr. 1 Holders of rec. Mar. 15
Midvale Co. (guar.)
50c. Apr. 25 Holders of rec. Apr. 50
Miller Rubber, corn. (queer.)
.Montgomery Ward dr Co., class A (qu.) $1.75 Apr. 1 Holders of rec. Mar.210
131 Mar. 15 Holders of rec. Feb. 28
Montreal Cottons, Ltd., corn, (quar.)__
1% Mar. 15 Holders of rec. Feb. 28
Preferred (guar.)
Motion Picture Capital Corp.. corn.(qtr.) 25c. Mar. 15 Holders of rec. Mar. lla
Apr. 15 Holders of rec. Apr. 1
Preferred (cmar.)
Name of Company.
[Vox» 124.
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Continued).
Moto Meter, class A (guar.)
900. Apr. 1 Holders of rec. Mar. 140
Class B (quar.)
25e. Apr. 1 Holders of rec. Mar. 14a
Motor Wheel Corporation, corn. (queer.).. 50c. Mar.21 Holders of rec. Mar. 100
Mountain Producers (quar.)
65c. Apr. 1 Holders of rec. Mar. 15a
National American Co., In0.(qu.) (No.) 1.75c. May 2 *Holders of rec. Apr 15
National Biscuit, common (quar.)
$1.25 Apr. 15 Holders of rec. Mar.31a
National Breweries, corn.(quar.)
Apr. 1 Holders of rec. Mar. 15
El
Preferred (Quar.)
1% Apr. 1 Holders of rec. Mar. 15
National Candy, corn,, 1st & 2d prof..... 394 Mar. 16 Holders of rec. Feb. 22
Nat. Enamel & Stamping, pref. rquar.)_ MIX Mar. 31 *Holders of rec. Mar. 11
National Lead, corn. (quar.)
2
Mar. 31 Holders of ree. Mar. lla
Preferred (quar.)
1% Mar. 15 Holders of rec. Feb. 18
National Standard Co.(queer.)
75c. Apr, 1 Holders of rec. Mar. 18
National Sugar Refining (guar.)
1% Apr. 2 Holders of rec. Mar. 7
National Surety (guar.)
2% Apr. 1 Holders of rec. Mar. 180
National Transit (guar.)
25c. Mar. 15 Holders of rec. Feb. 28
Neild Manufacturing (quar.)
*2
Mar. 15 *Holders of rec. Feb. 10
Extra
*1
Mar. 15 *Holders of rec. Feb. 10
Nelson (Herman) Corp. (quar.)
30e, Apr, 1 Holders of rec. Mar. 17
Stock dividend
el
Apr, 1 Holders of rec. Mar. 17
Quarterly
30e. July 1 Holders of rec. June 20
Stock dividend
July 1 Holders of rec. June 20
el
Quarterly
300, Oct. 1 Holders of rec. Sept.4
Stock dividend
el
Oct. I Holders of rec. Sept. 19
Neptune Meter, corn., class A (quar.)_ _ 50e. Mar. 15 Holders of rec. Mar. 1
New York Transportation (quar.)
50c. Apr. 15 Holders of rec. Apr. la
North American Provision, Prof. (quar.) 1% Apr. 1 Holders of rec. Mar. 10
Ohio 011 (quar.)
50c. Mar. 15 Holders of rec. Feb. 14
Extra
50c. Mar. 15 Holders of rec. Feb. 14
Ohio Seamless Tube, pref.(quar.)
$1.75 Apr. 1 Mar. 16 to Mar.31
011 Well Supply Co.. corn.(Misr.)
50c. Apr. 1 Holders of rec. Mar. 150
Preferred (queer.)
1% May 2 Holders of rec. Apr. 156
Omnibus Corporation. pref. (quar.)2
Apr. 1 Holders of rec. Mar. 180
Onomea Sugar Co
.20c. Mar. 20 *Holders of rec. Mar. 13
Extra
*60c. Mar. 20 *Holders of rec. Mar. 13
Orpheum Circuit. corn.(monthly)
16 2-3c Apr. 1 Holders of rec. Mar. 19
Preferred (guar.)
2
Apr, 1 Holders of rec. Mar. 160
Owens Bottle, coin.(guar.)
750. Apr. 1 Holders of rec. Mar. 16a
Preferred (quar.)
1% Apr. 1 Holders of rec. Mar.160
Packard Motor Car, monthly
20e. Mar. 31 Holders of rec. Mar. 15a
Monthly
20c Apr. 30 Holders of roe. Apr. 150
Monthly
20e May 31 Holders of rec. May 1441
Page
-Hershey Tubes, corn. (quar.)
75c
Apr, 1 Holders of rec. Mar. 190
Preferred (queer.)
1% Apr. 1 Holders of rec. Mar. 19
Paige-Detroit Motor, pref. (quar.)
*1% Apr. 1 *Holders of rec. Mar.15
Parafflne Companies, corn, (quar.)
$1.50 Mar,28 Holders of rec. Mar. 17
Stock dividend
*/20
Subj. to stockholders meet. Mar.15
Parke, Davis es Co. (quar.)
*25c. Afar. 31 *Mar. 11 to Mar.31
Special
*I0c. Mar.31 *Mar. 11 to Mar.31
Park-Utah Consol. Mines (quar.)
20c. Apr. 1 Holders of rec. Mar. 150
Patin° Mines & Enterprise ConsolAmerican shares
97s c Mar. lb Holders of rec. Mar. 1041
Penick & Ford. Ltd., Common (quar.)-- 25c. Apr. 1 Holders of rec. Mar. 154
Preferred (guar.)
I% Apr. I Holders of rec. Mar. 150
Pennok 011 (queer,)
25c. Mar,25 fielders of rec. Mar. 15
Pennsylvania-Dixie Cement, corn. (qu.) 800. Apr. 1 Holders of rec. Mar. lba
Convertible preferred series A (guar.)- 1% Mar. 15 Holders of rec. Feb. 280
Peoples Drug Stores, Inc., corn.(No. 1)
(queer,)
25c. Apr. 1 Holders of rec. Mar. 8
1% Apr. 1 Holders of rec. Mar.2Ia
Pettibone-AlullIken Co., 1st pref. (qu.)_
'1 91 Apr, 1 *Holders of rec. Mar.21
Second preferred (Quar.)
Phillips Petroleum (queer.)
75c. Apr. I Holders of rec. Mar. 146
Pierce-Arrow Motor Car, Prof. (quar.)_ _
2
Apr. 1 Holders of rec. Mar. 15a
Mar. 15 *Holders of rec. Feb. 24
Pilgrim Mills (guar.)
*52
Pioneer Petroleum, pref
17}10. Apr. 30 Holders of rec. Apr. 15
Pittsburgh Plate Glass (quar.)
2
Apr. I Holders of rec. Mar. 15
Mar.31
Pittsburgh Steel Foundry, pref. (quar.). 131 Mar, 31 Mar. 21 to
Port Alfred Pulp & Paper, pref. (quar.)- 1% Mar. 15 Holders of rec. Mar. 1
Pratt dr Lambert,corn.(guar.)
75c, Apr. 1 holders of rec. Mar. 15
1% Mar. 31 Holders of rec. Mar. la
Pressed Steel Car, preferred (quar)_ _
Procter & Gamble,6% pref. (quar.)____
194 Mar. 15 Holders of rec. Feb. 25
Provincial Paper Mills, corn.(quar.)---- 131 Apr. 1 Holders of rec. Mar. 15
Preferred (quar.)
134 Apr. 1 Holders of rec. Mar. 15
Pure 0118% preferred (guar.)
2
Apr, 1 Holders of rec. Mar. 100
6% preferred (quar.)
131 Apr. 1 Holders of rec. Mar. 10
5%% preferred (quar.)
194 Apr. 1 Holders of rec. Mar. 10
Q. R. S. Music. common (monthly)_
*I5c. Mar. 15 *Holders of rec. Mar. 1
Quaker Oats, corn, (quar.)
Apr. 15 Holders of rec. Apr. 1
St
Common (extra)
Apr. 15 Holders of rec. Apr. 1
$5
Preferred (quar.)
131 May 31 Holders of rec. May 2
Real Silk Hosiery Mills, Inc., com.(qu.) $1
Apr. 1 Holders of rec. Mar. 150
Preferred (quar.)
$1.75 Apr. 1 Holders of rec. Mar. 156
Reid Ice Cream. corn. (quar.)
75c. Apr. 1 Holders of rec. Mar. 196
Eels(Robert) dr Co.. first pref.(quar.)_ _
1% Apr, 1 Holders of rec. Mar. 170
Reliance Manufacturing. pref. (quar.)_ _
1% Apr. 1 Holders of rec. Mar.21a
Remington Typewriter, corn. (quar.)_ $1.25 Mar.31 Holders of ree. Mar. 120
1% Apr. 1 Holders of rec. Mar. lba
First preferred (guar.)
Second preferred (quar.)
2
Apr. 1 Holders of roe. Mar. lba
Republic Iron & Steel, preferred (quar.)_
1% Apr. 1 Mar. 14 to Apr. 13
Reynolds(R.J.) Tob.,corn. es corn.B(qu) $1.25 Apr. 1 Holders of rec. Mar. 186
Itich'son & Bo.nton Co., part. pref.(qu.) 75e. Apr. I Holders of rec. Mar. lb
St. Joseph Lead (quar.)
50o. Mar.21 Mar. 10 to Mar.21
Extra
25c. Mar. 21 Alan 10 to Mar.21
Quarterly
50e. June 2 June 10 to June 20
Extra
25e. June 2 June 10 to June 20
Quarterly
60e. Sept. 2 Sept. 10 to Sept.20
Extra
25e, Sept.2 Sept. 10 to Sept.20
Quarterly
50e, Dec. 2 Dec. 10 to Dec. 20
Extra
25e. Dec. 2 Dec. 10 to Dec. 20
Holders of rec. Feb. 10
Mar. 1
St. Mary's Mineral Land
$2
IIolders of rec. Mar. 15
St. Maur}e Valley Corp.. pref.(quar.) - 131 Apr,
*Holders of rec. Mar. lb
.20c. Apr.
Salt Creek Copsol Oil (queer.)
*Holders of rec. Mar. 16
Savage Arms, first preferred (guar.)._ *I% Apr.
4.1yi May I *Holders of roe. May 1
Second preferred (guar.)
Holders of rec. May lba
Schulte Retail Stores, common (queer.)-- 87 Sic June
Common (quar.)
87 Sic Sept.
Holders of rec. Aug. 154
Common (quar.)
87 hc Dec.
Holders of rec. Nov. 150
2
Apr.
Holders of rec. Mar. 124
Preferred (quar.)
Segal Lock & Hardware, corn. (quar.)_ 50e. Mar, 1
Holders of rec. Feb. 28
1% Apr. 1 Holders of rec. Feb. 28
Preferred (quar.)
Mar. 15 Holders of rec. Feb. 28
Seventeen Park Avenue, Inc., preferred_ 3
50c. Apr. 11 Holders of rec. Mar. 2I6
Shattuck (F. G.) Co.(quar.)
.1% Mar. 31 *Holders of rec. Mar. 21
Shawmut Mfg., prof. (guar.)
35c. Mar.31 Holders of rec. Mar. la
Shell Union 011, corn.(roar.)
Sherwin-Williams Co.. Can., corn. (qu.) 131 Mar.31 Holders of rec. Mar. 15
13( Mar. 31 Holders of rec. Mar. 15
Preferred (quar.)
75c. Mar. 31 holders of rec. Mar.21
Shredded Wheat, corn. (guar.)
Shreveport Eldorado Pipe Line (queer.).. 60c. Apr. 1 Holders of rec. Mar. 150
$1.25 Mar. 15 Holders of rec. Mar. la
Shubert Theatres(quar}
60c. Apr. 1 Holders of rec. Mar. lba
Simmons Company, corn, (quar.)
37}50 Apr. 1 Holders of rec. Mar. 145a
Simms Petroleum (quar.)
500. Mar. 16 Holders of rec. Feb. 15a
Skelly 011 (quar.)
134 Mar.21 Holders of rec. Mar. 10
Sloss-Sheffield Steel St I., corn.(quar.)__
1% Apr. 1 Holders of rec. Mar. 210
Preferred (quar.)
62}ic Mar. 15 Holders of rec. Mar, 5
Smallwood Stone (quar.)
Apr. 11 Holders of rec. Mar. 31
Smith (Howard) Paper Mills, pref. (qu.) 2
50c. Mard31 Holders of rec. Mar. 156
South Penn 011 (guar.)
134 Apr. 1 Holders of rec. Mar. 104
South Porto Rico Sugar, COM.(quar.)___
2
Apr, 1 Holders of rec. Mar. 100
Preferred (quar.)
Apr. 1 Holders of rec. Mar. 15
South West Pennsylvania Pipe Lines(qu) $1
50e. Apr, 1 Holders of rec. Mar.28
Southern Stores Corp., class A (No. 11
$3.50 Apr. 1 }Iolders of rec. Mar. 15
Standard Fruit & Steamship, first pref
194 Mar.31 Holders of rec. Mar. 186
Standard Milling. common (guar.)
131 Mar. 31 Holders of rec. Mar. 180
Preferred (quar.)
62}ic Mar, 15 Holders of rec. Feb. 15
Standard 011 (California) (quar.)
I2Sic Mar. 15 Holders of rec. Feb. 15
Extra
62he Mar. 15 Holders of rec. Feb. 16
Standard Oil (Indiana) (quar}
25e, Mar, 15 Holders of rec. Feb. 16
Extra
$1
Mar.31 Mar. 16 to Mar.31
Standard Oil(Kentucky)(quar.)
50e. Mar,31 Mar. 16 to Mar. 31
Extra
MAR. 12 1927.]
Name of Company.
THE CHRONICLE
When
Per
Cent. Payable
Books Closed.
Days Inclusive.
Miscellaneous (Concluded).
630. Mar.21 Mar. I to Mar.21
Standard 011 (Nebraska) (quar.)
Extra
25c. Mar. 21 Mar. I to Mar. 21
Standard 011(N. J.) corn.. par $25 (qu.) 250. Mar. 15 Holders of rec. Feb. 25a
Common, par value $25 (extra)
123ic. Mar. 15 Holders of rec. Feb. 250
Common, par value $100 (quar,)
1
Mar. 15 Holders of rec. Feb. 250
Common, par value $100 (extra)
50c. Mar. 15 Holders of rec. Feb. 25a
Preferred (quar.)
13i Mar. 15 Holders of roe. Feb. 250
400. Mar. 15 Holders of rec. Feb. 18a
Standard Oil of New York (quar.)
Standard 011 (Ohio), corn. (guar.)
2t4 Apr. I Holders of rec. Mar. 15
Stanley Company (guar.)
76e. Apr. I Mar. 6 to Mar. 31
Stock dividend
'20
Apr. 9 *Holders of rec. Mar. 5
Sterling 011 & Development
*100. Apr. 5 *Holders of rec. Mar.30
*1150. Apr. 5 *Holders of rec. Mar.30
Extra
"el
Stern Bros., class A (quar.)
Apr. 1 "Holders of rec. Mar.21
Stromberg Carburetor (quar.)
500. Apr. 1 Holders of rec. Mar. 140
Sullivan Machinery (quar.)
$1 Apr. 15 Apr. I to Apr. 14
Sun 011 (quar.)
250. Mar. 15 Holders of rec. Feb. 250
Swedish-Amer. Invest., part. pref.(qu.) 15 Apr. 1 Holders of rec. Mar. 15
Swift & Co. (quar.)
2
Apr. 1 Holders of rec. Mar. 10
Telautograph Co., pref.(quar.)
15$ Apr. 11 Holders of rec. Mar. 31
Tennessee Copper & Chemical (quar.)... 250. Mar. 15 Holders of rec. Feb. 280
Texas Company (quar.)
75o. Mar.31 Holders of rec. Mar. 40
Texas Corporation (quar.)
75e. Apr. 1 Holders of rec. Mar. 40
10
Stock dividend
Apr. 2 Holders of rec. Mar. 44
Texas Gulf Sulphur (quar.)
$1
Mar. 15 Holders of rec. Mar. la
Texas Pacific Coal & 011(guar.)
150. Mar.31 Mar. 11 to Mar.31
Texon Oil & Land (quar.)
*200. Apr. 26 *Holders of rec. Mar.25
Thompson-Starrett Co.. pref
4
Apr. 1 Holders of rec. Mar. 19
Tide Water-Associated Oil, pref. (qu.)__ 1% Apr. 1 Holders of rec. Mar. 11
Tide-Water 011 (quar.)
3750. Mar.31 Holders of rec. Mar. Ila
Todd Shipyards Corp. (quar.)
$1
Mar.21 Holders of rec. Mar. 4
Tonopah Mining of Nevada
734e. Apr. 21 Apr. 1 to Apr. 7
Tooke Bros.. Ldt.. Preferred (gust.).... 13( Apr. 15 Holders of rec. Mar.31
Underwood Typewriter, corn.(quar.)_
$1 Apr. 1 Holders of rec. Mar. a
Preferred (quar.)
1( Apr. 1 Holders of rec. Mar. 5 a
Union Carbide & Carbon (guar.)
$1.50 Apr. 1 Holders of rec. Mar. 40
Union Storage (quar.)
•13214c May 10'Holders of rec. May 1
Quarterly
5
62c Aug. 10'Holders of rec. Aug. 1
Quarterly
'6234c Nov. 10 *Holders of rec. Nov. 1
United Artists Theatre Circuit. allot.ctfs. 81.75 Mar. 15 Holders of rec. Mar. 1
United Cigar Stores of America, corn.
SOc. Mar. 31 Holders of rec. Mar. 100
Common (in common stook)
f13i Mar. 31 Holders of reo. Mar. 100
Preferred (quar.)
lg Mar. 15 Holders of roe. Mar. la
United Dyewood. preferred (guar.)
IA Apr. 1 Holders of rec. Mar. 156
United Fruit(quar.)
Apr. 1 Holders of rec. Mar. 5a
$1
Extra
$1.50 Apr. 1 Holders of rec. Mar. So
U.S.Cast Iron Plpe & Fdy.. corn.(qu.)_ 234 Mar. 15 Holders of rec. Mar. la
Common (quar.)
23.4 June 15 Holders of rec. June la
Common (quar.)
234 Sept. 15 Holders of rec. Sept. la
Common (quar.)
234 Dec. 15 Holders of rec. Dec. la
Preferred (quar.)
154 Max. 15 Holders of rec. Mar. la
Preferred (quar.)
154 June 15 Holders of rec. June la
Preferred (quar.)
154 Sept. 15 Holders of rec. Sept. la
Preferred (quar.)
154 Dec. 15 Holders of rec. Dec. la
U.S. Gypsum,corn.(quar.)
400. Mar.31 Holders of rec. Mar. 15
Preferred (quar.)
154 Mar.31 Holders of rec. Mar. 15
U.B. Playing Card, new common
$1
Apr. 1 Holders of rec. Mar. 2
U.S. Realty & Improvement (quar.)
$1
Mar. 15 Holders of rec. Feb. 238
Stock dividend
610
Mar. 15 Holders of rec. Feb. 230
United States Steel Corp., corn.(guar.). 154 Mar.30 Holders of rec. Feb. 280
Common (payable in common stock)._ *40
Subj,to stockholdere'meet.Apr.18
United States Tobacco, corn
75e. Apr. 1 Holders of rec. Mar. 140
Preferred (quar.)
154 Apr. 1 Holders of rec. Mar. 140
Universal Chain Theatres, let pref.(qu.) 2
Mar.15 Holders of rec. Mar. 1
Universal Pipe & Radiator, pref.(guar.) 15I May 2 Holders of rec. Apr. 15a
Preferred (quar.)
154 Aug. 1 Holders of rec. July 15a
Preferred (quar.)
1St Nov. 1 Holders of rec. Oct. 15a
Vacuum 011 (quar.)
50o. Mar. 19 Holders of rec. Feb. 28
Extra
ISOo. Mar. 19 Holders of rec. Feb. 28
Valvoline 011, corn. (quar.)
1 34 Mar. 17 Holders of rec. Mar. 11
Vlpond Consol. Mines, Ltd. (Interim).. 3
Apr. 15 Apr. 1 to Apr. 15
V. Vivaudou, Inc., corn. (quar.)
750. Apr. 15 Holders of rec. Apr. la
Preferred (quar.)
lyi May 2 Holders of rec. Apr. 15a
Vulcan Detinning. pref.(guar.)
154 Apr. 20 Holders of rec. Apr. Ida
Preferred (account Actium. div.)
52
Apr. 20 Holders of rec. Apr. 140
Preferred A (quar.)
134 Apr. 20 Holders of rec. Apr. 14a
Wabasso Cotton (quar.)
$1
Apr. 2 Holders of roe. Mar. 15
Bonus
500. Apr. 2 Holders of rec. Mar. 15
Wahl Company. pref. (acct. accum.).... h$1.75 Apr. 1 Holders of roe. Mar. 25
Waldorf System, common (quar.)
3730 Apr. 1 Holders of rec. Mar. 190
Preferred (quar.)
200. Apr. 1 Holders of rec. Mar. 19
Waiworth Co.. common (quar.)
300, Mar,15 Holders of rec. Mar. 5a
Preferred (quar.)
75c. Mar.31 Holders of rec. Mar.21
Wameutta Mills (quar.)
*1
Mar. 15 *Holders of rec. Feb. 9
Ward Baking, class A (quar.)
$2
Apr. 1 Holders of roe Mar. 15
Preferred (quar.)
154 Apr. 1 Holders of rec. Mar. 15
Warner-Quinlan Co.(quar.)
50c. Apr. 2 Holders of rec. Mar. 180
Waukesha Motor. corn. (quar.)
*1325te Apr. 1 *Holders of rec. Mar. 15
Weber & Heilbroner, corn.(quar.)
$1
Mar.30 Holders of rec. Mar. 150
Preferred (quar.)
154 June 1 Holders of rec. May 16a
Weeson 011 & Snowdrift, corn. (quar.)_. $1
Mar.30 Holders of rec. Mar. 15
Western Canada Flour Mills. corn. (qu.) *350. Mar. 15 *Holders of rec. Feb. 28
*1
Preferred (guar.)
Mar. 15'Holders of rec. Feb. 28
Western Electric (quar.)
*$2.50 Mar. 31 *Holders of rec. Mar.26
Western Grocers, new no par common.. $1
Mar. 15 Holders of rec. Feb. 28
WeetinghouseElec.& Mfg.,corn.(quar.) $1
Apr.d30 Holders of rec. Mar.310
Preferred (quar.)
Apr. 15 Holders of rec. Mar. 31a
51
Wheeling Steel Corp., cl. A pref. (qu.)._ 2
Apr. 1 Holders of rec. Mar. 12
5600. Apr. 1 Holders of rec. Mar. 12
Class A prof. (acct. accum.
Class!) preferred (quar.)
23.4 Apr. 1 Holders of rec. Mar. 12
Class B prof. (acct. accum.diva.).... /175c. Apr. 1 Holders of rec. Mar. 12
Whitaker Paper, pref. (quar.)
154 Apr. 1 Holders of rec. Mar.20
White Motor Co.(quar.)
Mar. 31 Holders of rec. Mar. Ilia
$1
Woodley Petroleum (quar.)
150. Mar.31 Holders of roe. Mar. 15
Woods Manufacturing, pref. (quar.)_._ I If Ain. 1 Holders of roc. Mar. 21
Wrigley (Wm.) Jr. & Co.(monthly).
11250. Apr. 1 *Holders of rec. Mar. 20
-.
Monthly
111250. May 2 *Holders of rec. Apr. 20
Monthly
*250. June 1 *Holders of roe. May 20
Monthly
*25c. July 1 *Holders of rec. June 20
Yale dr Towne Manufacturing (quar.)
Apr. 1 Holders of rec. Mar.10a
$1
Yellow Taxi Corp.(N. Y.) (quar.)
$1.25 Apr. 1 Holders of too. Mar. 15
Yellow Truck & Coach. pref. (quar.)... I 51 Apr. 1 Holders of roe. Mar. 150
Youngstown Sheet & Tube, corn. (quar.) $1.25 Apr. 1 Holders of roe. Mar. 140
Preferred (quar.)
I'd Aim. 1 Holders of rec. Mar. 14
1477
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. 5. The
figures for the separate banks are the averages of the daily
results. In the case of the grand totals, we also show the
actual figures of condition at the end of the week.
NEW YORK WEEKLY CLEARING HOUSE RETURNS.
(Stated in thousands of dollars
-that is, three ciphers (000) emitted.)
New
Capital
Week Ending
Mar, 5 1927. Nat'l,
State,
(000 omitted.) Tr.Cos
Froflts.l Loans,
Discount, Cash
with
Dec.311 /neatin
Legal
Nov.1 meets, Vault. Depot
Nov.1
dbc.
tortes.
Members of Fed. Res. Bank.
Bank of N Y
$
$
4.000 13.354
Bk of Manbat'nl 10.700 15,854
BankofAmeriC5 6,500 5.286
National City.- 75,000 65.029
Chemical Nat.. 4,500 19,061
Nat Bk of Corn_ 25,000 42.479
ChatPh NB &T 13,500 13,329
Hanover Nat.. 5,000 26.60
Corn Exchange. 10,000 15.269
National Park-- 10.000 24.319
Ei..5
Bowery & E ft. 3,000 3,524
First National.- 10,000 77,448
Am Ex Irving Tr 32.000 28,808
Continental_ - _ 1,000 1,269
Chase National_ 40,000 38,221
500 2,9
Fifth Avenue..
Commonwealth.
800
740
Garfield Nat'l-_ 1,000 1,830
Seaboard Nat'l- 6.000 11,007
Bankers Trust_ 20,000 35.540
IJ 13 Mtge & Tr_ 3.000 4.965
Guaranty Trust 25.000 25,202
Fidelity Trust__ 4.000 3,235
New York Trul 10,000 21,813
Farmers L & T 10.000 19.908
Equitable Trust 30,000 22.907
Average. Averag Aurae
$
$
$
490 7,732
78,5
170,084 3.096 17,198
77,598 1,087 11,352
724,704 4,136 74.629
137,031 1,094 16,329
778 40.046
357,298
217.722 2,562 22,725
123.830
530 14.313
203,795 4,805 24,404
157,342
763 16,486
67,419 2,067 6,632
291,514
502 25,935
429,621 4,267 51,553
7,644
105
891
562,073 8,703 67,060
25,445
706 3,377
12,990
501 1,285
18,117
519 2,33
127,203
806 15,922
979 35,619
339,798
733 7,614
56,768
437,524 1,380 45,748
41,777
644 4.884
653 18,339
170,966
138,552
473 14.544
282,907 1,682 29,494
Net
Demand
Devoms.
Time ismat
De- Circuposits. kaion.
Average. A,eragel dope.
$
$
$
56,267 9.574
125.862 25,170
85,799 3,678
*762,435139,766
95
124.499 3.158 348
301,445 26,420
162.676 44,511 6:109
108,495
171,693 31,223
126,074 6,494 4:711
45.595 20,619 2,983
196,797 11,801 6,488
386,715 40,177
6,243
430
*526,199 35,761 2:473
25,7171
8,812 4,322
17.070 1,058
120.941 3.116
47
*292,941 48,780
55,427 4,227
*422,832 85,104
36,329 4.214
134,289 24,671
*110,389 18,335
*309,361 31,339
Total of averages 360,5001540,7935,258.280 42,035576,448c4,264,813603,948 23,264
Totals, actual col nditIonlMar. 55,237,678 42.438500.721 c4.219,147 595,538 23,363
Totals, actual condition Feb. 265.238.622 45,502802,195c4.236.895605,50323.368
Totals, actual condition Feb. 195.157,920 42,769550,604104.152,384612,42722.467
State Banks Not Me mbers of Fed'I Res've Bank.
Greenwich Bank 1.0001 2,645 25,155 1,820 2,412
State Bank..
..l 5.000 5,761 106,681 4,492 2,386
Colonial Bsnk..l 1.4001 3,000 34,500 3,550 1,600
Totaiof008TafeJl7,4001 11,406 166,336 9,862 6,398
23,377 2,875
38.051 63,401
28,600 5.880
Totals, actual co ndition Mar. 5 166,318
Totals, actual condition Feb. 26 168,072
Totals, actual condition Feb. 19 167,404
89,119 72,232
91,888 72.009
91,383 71.930
9,876
9,985
9,840
5,817
6,639
6,459
Trust Compan lee Not Sfembe re of Fed'I Ree'v e Bank
Title Guar & Tr 10,000 19.306 64,000 1,751 4,118.
Lawyers Trust_ 3.000 3,429 26.757
882 2,724
90,028 72,156 -_
38,688
24,180
931
1,062
Total of averages 13.000 22,936
90,757
2,633
6,842
62,888
1,993 ----
Totals, actual condition Mar. 5
Totals, actual condition Feb. 26
Totals, actual condition Feb. 19
90,3741 2,686
90,403 2.519
92,244 2,633
6,762
6,997
6,979
62,502
60.930
63,157
1,969
2,015
2.055
Gr'd aggr., m0.380,900 575.139 5,515,3731 54,530 589.688 4,417.707678.09523,254
Comparison witb prey. week
+81,026,-1,830 +16498 +96,8881-2,678 -1-253
Ged aggr.. act'lleond'n Mar. 55,494,370 55,000573,300 4.370.768069,73923,363
Comparison with prey.week-- -2,727,-3,006-42.431-18,925,-9,788 -6
1
h______
Ged aggr., acticond'n Feb.26 5,497,0971 58,006615,731 4,389,693679,52723,368
Gr'd sggr., eelcond'n Feb. 19 5.417,574 55,242564,042 4,306,904686,412 22,467
peg &ger., acVlcoad'a Feb. 115.412.203 64.735600.958 4,361.691 681,911 21 441
(led aggr., acrIcond'n Feb. 65.420.259 56,739581,749 4,362,872685.796 21,237
Gr'd aggr.. act learnt a Jan. 295.477.3771 26.478565.889 4.388.301 687,969 20,861
Gr'd aggr.. act'lcond'n IJan. 225,416,635 52,966 626.168 4,413 350658,948 20,613
-U. S. deposits deducted from net demand deposits in the general totals
Note.
above were as follows: Average total Mar. 5, 824.546,000. Actual totals Mar. 5,
223,562,000; Feb. 26, 824,984,000; Feb. 19. 524,963,000; Feb. 11, 224,963,000:
Feb. 5. 829,169,000; Jan. 29, 529,168,000. Bills payable, rediscounts. acceptances
and other liabilities, average for week Mar. 5, $621.780,000; Feb. 28, 5615.645.000:
Feb. 19, $622,535,000: Feb. 11, 5611,265,000: Feb. 5, $601.731,000; Jan. 29. $598.869,000. Actual totals Mar. 5, $843,573.000; Feb. 26, $648,529,000; Feb. 19.
5611,579,000; Feb. 11, 5636,917,000: Feb. 5, 8603,344.000; Jan. 29. $614,355,000.
* Includes deposits in foreign branches not included In total footings as follows:
National City Bank, $231,497,000; Chase National Bank, $12,970,000; Bankers
Trust Co., $31,258,000; Guaranty Trust Co.. 586,241,000: Farmers' Loan & Trust
Co., $4,695,000: Equitable Trust Co., $89.428,000. Balances carried in banks In
foreign countries as reserve for such deposits were: National City Bank, 537,468,000:
Chase National Bank. $2,684,000; Bankers Trust Co., 81.279.000: Guaranty Trust
Co., 82,355,000; Farmers' Loan & Trust Co., $4,695,000; Equitable Trust Co..
56,430,000.
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:
•Prom unofficial sources. t The New York Stock Exchange has ruled that stock STATEMENT OF RESERVE POSITION OF CLEARING HOUSE BANKS
will not be quoted ex-dividend on this date and not until further notice. I Xlie
AND TRUST COMPANIES.
New York Curb Market Association has ruled that stock will not be quoted exdividend on this date and not until further notice.
Averages.
a Transfer books not closed for this dividend. d Correction. e Payable in stock.
Cash
Reserve
fl'ayable in common stock. tt Payable in scrip. h On account of accumulated
Reserve
in
Surplus
&WM
Total
dividends. m Payable in preferred stock.
in Vault. Depositaries Reserve.
Reserve.
Required.
s Dividend is four shillings per share.
$
$
Payable either In cash or in stock at rate of 2 7-100ths of a share of class A stock Members Federal
Reserve Bank_
576.448,000 578,448.000 572.644,070 3.903.930
for each share of original pref. and 4 72-100ths of a share of class A stock for each
State banks*
9,862.000 6,398,000 16,260.000 16.205.040
54.960
Share of $7 dividend series preferred stock.
Trust companies*._ _ 2,633,000 8,842,000 9,475,000 9,429,900
45,100
14 Declared dividend for full year 1927 on all classes of stocks, payable In quarterly
Installments as above, first payment to be made April 1.
Total Mar. S.... 12,495.000 589.688,000 602,183.000 598,179.010 4.003.990
Total Feb. 26_ _ _ _ 12,426,000 573,190,000 585.616.000 585.694,130
-78,130
e Payable in common stock at rate of one-fortieth of a share for each share held.
Total Feb. 19._ 12,563,000 578,981.000 591.544.000 586.259,010 5.284.999
Total Feb. 12_ _ _ 13.322,000 581.256,000 594,578.000 590.690,070 3.887.930
x Dividend is 10 pence per share. All transfers received in order In London on
,
or befo e March 3 will be in time for payment of dividend to transferees.
• Not members of Federal Reserve Bank.
y Class A stockholders In lieu of each may take additional class A stock at rate of
b This is the reserve required on net demand deposits In the case of State banks
one-fortieth of a share for each share held and class B stockholders one-fortieth of a and trust companies, but in the case of members of the Federal Reserve Bank.
Includes also amount of reserve required on net time deposits.which was as follows:
share of Cifts9 B stock.
Mar.5, $18,118.380: Feb. 26, $18,203,160 Feb. 19, $18,428.130: Feb. 11. $18.313e P.Lorillard stock dividend Is two shares of common stock for each 100 shares held. 110; Feb. 5,
818.202,280: Jan. 29, $17,981,850.
1478
Actual Figures.
ReS6700
Cash
in
Reserve
in Vault. Depositaries
Members Federal
Reserve Bank_
State hanks*
Trust companies*__
Total
Reserve.
a
Reserve
Required.
[VOL. 124.
CHRONICLE
T1-114,
Surplus
Reserve.
-In the
Boston Clearing House Weekly Returns.
following we furnish a summary of all the items in the
Boston Clearing House weekly statement for a series of weeks:
BOSTON CLEARING HOUSE MEMBERS.
560,721.000 560.721,000 566,355,250 --5,634,250
9,876.000 5,817.000 15,693,000 16,041,420 --348.420
72.700
2,086,000 6,762,000 9.448.060 9,375,300
5,909,970
12,582,000 573,300,000 585,862.000 591.771,970Total Mar. 5_
12,504,000 615,731,000 628,235,000 594.637,180 33.597,820
Total Feb. 26-7,587,620
584,102,620Total Feb. 19.... 12.473,000 584,042,000 576,515,000
Total Feb. 12_ _ 13.423,000 600,958.000 614,381.000 591,053,010 23,327,990
•Not members of Federal Reserve Bank.
a This Is the reserve required on net demand deposits In the case of State banks
Mid trust companies, but in the case of members of the Federal Reserve Bank includes also the amount of reserve required on net time deposits, which was as follows:
Mar.5, 317,866,140; Feb. 26, 318,165,090; Feb. 19, 518,372,810; Feb. 11, $18,241,710; Feb. 5. 318,385,670; Jan. 29, 518,429,690.
Mar.9
1927.
Changes from
,Week.
Previous
Feb. 23
1927.
Mar. 2
1927.
9
$
$
$
69,650,000
69,650,000
Capital
89,650,000 Unchanged
92,448,000
92,448,000
and profits__ _ _
Surplus
92,448,000 Unchanged
Loans. disc'ts et invest_ 1,009.350,000 Inc. 3,719,000 1.005.631,000 1,005,972.000
Individual deposits_
668,440,000 Dec. 563,000 669,003,000 668.386,000
.
Due to banks
145,985,000 Inc. 0,489,000 139,496,000 135,780,000
Time deposits
232,345,000 Inc. 2,268,000 230,077,000 230,265,000
10.754,000
10,755.000
United States deposits_
9,797,000 Dec. 968,000
27,469,000
32.551,000
Exchanges for Cl'g H'se
34,258,000 Inc. 1,707,000
78,788,000
81,501,000
Due from other banks
80,504.000 Dec. 997,000
79,239,000
78,919,000
Res've in legal deposles
341,000
79,260,000 Inc.
9,260,000
9.439,000
Cash in bank
114,000
9,325,600 Dec.
455.000
192,000
Res've excess in F.R.Bk
36,000
228,000 Inc.
State Banks and Trust Companies Not in Clearing
Philadelphia Banks.
-The Philadelphia Clearing House
House.
-The State Banking Department reports weekly
figures showing the condition of State banks and trust com- return for the week ending Mar. 5, with comparative figures
panies in New York City not in the Clearing House as follows: for the two weeks preceding, is given below. Reserve
requirements for members of the Federal Reserve System
SUMMARY OF STATE BANKS AND TRUST COMPANIES IN GREATER are
10% on demand deposits and 3% on time deposits, all
NEW YORK, NOT INCLUDED IN CLEARING HOUSE STATEMENT.
to be kept with the Federal Reserve Bank. "Cash in vaults"
State Banking Department.)
(Figures Furnished by
Differences from is
not a part of legal reserve. For trust companies not
Previous Week.
March 5.
31,254,911,901) Inc. $8,673,000 members of the Federal Reserve System the reserve required
Loans and investments
20,300
4,653,400 Dec.
Gold
24,549.100 Dec. 887,500 is 10% on demand deposits and includes "Reserve with
Currency notes
102.611,100 Dec. 2,938,500 legal
Deposits with Federal Reserve Bank of New York
depositaries" and "Cash in vaults."
1,302,985,500 Inc. 8,141,800
Total deposits
Deposits, eliminating amounts due from reserve depositaries and from other banks and trust comWeek Ended March 5 1927.
panies in N.Y.City exchange, and U.S.deposits_1,227,611,300 Dec. 743,500
Two Ciphers (00)
171.643,200 Dec. 537,200
Reserve on deposits
1927
Membersof Trust
omitted.
Percentage of reserves, 20.5%.
FR System Companies Total.
RESERVE.
- Capital
Companies
- -Trust
State Banks
$50,225,0 35,000,0 555,225,0
$38,785,400 17.18%
$93,028,200 15.21% Surplus and profits
152,996,0 17,812,0 170,808,0
Cash in vault.
28,496,900 4.66% Loans, cllsets & investm'ts 938.095,0 47,352,0 985,447,0
Deposits in banks and trust cos_ __ 11,332,700 5.02%
862,0 40,824,0
Exchanges for Clear. House 39,962,0
5121,525,100 19.87% Due from banks
$50,118,100 22.20%
108.188,0
16.0 108,184,0
Total
Bank deposits
990,0 138,398,0
137,408,0
638.187,0 27,543.0 885,730,0
•Includes deposits with the Federal Reserve Bank of New York, which for the Individual deposits
Time deposits
154,331,0
2,331,0 156,662,0
State banks and trust companies combined on Mar. 5 was 3102.611,100.
Total deposits
929,926,0 30,884,0 960,790,0
3.640,0
3,640,0
Res've with legal deposits_
71,031,0
71,031,0
Reserve with F. R.Bank
1,407,0 11,012,0
9,605,0
Cash in vault*
-The Total reserve& cash held
5,047,0 85,883,0
Banks and Trust Companies in New York City.
80,636.0
Reserve required
averages of the New York City Clearing House banks and Excess res. Si cash in vault_ 69,672,0 4,264,0 73,936,0
783.0 11,747,0
10,964.0
trust companies combined with those for the State banks and •Cash in vault not counted as reserve for Federal Reserve
Feb. 19
1927.
Feb. 26
1927.
855,225,0
170,808.0
985,005,0
38,179,0
103,925,0
133.570,0
661.842,0
156,257,0
951,878,0
3,617,0
68,478,0
11,215,0
83,310,0
73,517,0
9,793,0
members.
$55,225,0
170,808,0
982,495,0
44,300,0
113,461,0
140,668,0
671,367,0
154,687,0
968,720,0
3,729,0
69.844,0
11,043,0
84,618,0
73,923,0
10,893,0
trust companies in Greater New York City outside of the
Clearing House are as follows:
COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
GREATER NEW YORK.
Loans and
Investments.
Week EndedNov. 6
Nov. 13
Nov. 20
Nov. 27
Dec. 4
Dec. 11
Dec. 18
Dec. 25
Dec. 31
Jan. 8
Jan 15
Jan. 22
Jan 29
Feb 5
Feb. 11
Feb. 19
Feb. 26
Mar. 5
8
6,815,890,200
6,553,162,600
6.570,297,600
6,599.992,200
6,689,295,600
8,687,713,300
8,664.332,100
6,713,433,300
6,837,671,900
6,954,175,000
6,819.657,900
8.755,555,500
6,710,870,100
6,728,899,400
8,670,129,400
6,657,735,000
6,682.585,900
6.770.284.000
orstsmaisirat sfrwritt4s4
Demand
Total Cash
Deposits.
in VauUs.
$
5,562,041,000
5,511,751,000
5,551,891,300
5,556.878,300
5,716,914,900
5,586,288,800
5,630,977,600
5,636,517,700
5,741,187,400
5,898,416,700
5,789,308,200
5,801,064,500
5,714,684.400
5,721,854,900
5,642,353,800
5,545,046,000
5,549,193,800
5.845.318.380
Reserve in
Depositaries.
$
86,272,300
87,381,300
84,480,000
86,468,400
76,615,500
88.536.500
96,557,700
105,590,700
95.908,300
91,552,900
91,267,300
81,093,000
85,754,700
83,192.800
86,676,800
84,386,800
86,470.300
83.782.500
$
723,552,600
721.151,800
724,021.000
728,368,600
734,203.700
726.827,700
738.221.800
734,688,400
781,848,700
786,239,700
757.056,100
746,207.200
731,499,000
731,203,500
721,361,700
726,327,800
715,260,100
732.128.700
Week Ending
Mar. 5 1927.
Members of
Fed'I Res've Bank.
Grace Nat Bank__ _
State Banks.
Not Members of the
Federal Reserve Bank
Bank of Wash. Hts.
Trust Company.
Not Member of the
Federal Reserve Bank
Mech.Tr., Bayonne
Reserve
Net
Na
with
Cash
Legal Demand Time
in
Vault. Deposi- Deposits Deposits
tortes.
Average. Average. Average Average
3
$
3
$
3,865
7,372
1,151
58
$
1,950
$
13,793
400
1,028
10,094
867
411
6,862
3,263
500
660
9,268
303
192
3,836
5,829
1,900
Ged aggr., Mar.. 5
Comparison with prey, week
3,640
33,155
-810
1,228
+8
1,754 a18,070
+29
-18
12,957
+14
1,725
1,794
1,755
1,780
12,943
12,902
12.887
12,845
I:led
Drd
3rd
led
aggr.. Feb. 26
aggr., Feb. 15
aggr.. Feb.11
aver.. Feb. 5
$
1.000
339,750,000
225,385,000
366,457,000
Total gold reserves
Reserves other than gold
1,051,748,000 1,031,944,000
32,652.000
33,815.000
931,592,000
42,427,000
Total reserves
Non-reserve cash
Bills discounted
Secured by U.S.Govt. obligations
Other Ms discounted
1,085,551,000 1,084,598,000
20,505,000
21,026,000
974,019,000
37,074,000
90,801,000
22,321,000
88,103,000
28,610,000
115.039.000
40,979,000
113,122,000
76,340.000
114,713,000
79,839,000
156,018,000
69,1.40,000
4,595,000
11,059,000
38.464,000
3,263,000
15,809,000
38.546.000
1,934,000
41,202,000
18,161,000
54,118,000
57,618,000
61.297,000
2,411,000
243,580.000
252,170.000
288,866,000
659,000
142,197,000
18,276.000
2,892,000
659.000
158.083,000
1•,
,276,000
2,647.000
737,000
140,105,000
16,666,000
5,521,000
Gold held exclusively agin.F.R.notes- 382.898,000
Gold settlement fund with F. R. Board__ 139,379,000
Gold and gold certificates held by bank- 529,689,008
Total bills discounted
Bills bought In open market
U. S. Government securities-.
Bonds
Treasury notes
Certificates of indebtedness
Total U.S. Government securities
Foreign loans on gold
Total resources
1,900
1,901,
1.900
1.900
)
.
3.640 33,96511 -1,22(11
3,64i
1,31
3,540 34.1631
33,791
1.2721
1,253,
3 640 33,413
a18,086
519,009
518,411
518,565
1 512,191,000 1,524,910,000 1,452,988,000
LtabIllgesFedi Reserve notes In actual circulation. 414,408,000
-Member bank, reserve awl-- 849.194,000
Deposits
11,838,000
Government
788,000
Foreign bank (See Note)
12,926,000
Other deposits
Total deposits
Deterred availability Items
Capital paid in
Surplus
All other liabilities
Total liabilities
•United States deposits deducted, $19,000.
Bills payable, rediscounts, acceptances, and other liabilities, $3,065.000.
Excess reserve. $35.610 increase.
380,466,000
135,788,000
515.890,000
Total bills and securities (See Note)
RETURN OF NON-MEMBER INSTITUTIONS OF NEW YORK
CLEARING HOUSE.
(Stated in thousands of dollars that is three ciphers 10001 emitted)
Loans,
DieNa
counts,
Profits. Investnurnts,
etc.
Mar. 9 1927. Mar. 2 1927. Mar. 10 1926
Resources
372,279,000 388.798.000 329,315,000
Gold with Federal Reserve Agent
11,670,000
10,435,000
Gold redemp. fund with U. S. Treasury- 10,419,000
Due from foreign banks (See Note)
Uncollected items
Bank premises
All other resources
New York City Non-Member Banks and Trust Companies.
-The following are the returns to the Clearing
House by clearing non-member institutions and which are not
included in the "Clearing House Returns" in the foregoing:
CLEARING
NON-MEMBERS Capital.
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 Mar. 9 1926 in
comparison with the previous week and the corresponding
date last year:
874.726,000
120,719,000
38,152,000
61.614,000
2,572,000
416,331,000
846,802,000
5,814.000
1,047,C00
9,127.000
371,325,000
852,587,000
3,044,000
891,000
7,942,000
862,870,000 864,464,000
144,350,000 120,675,000
33,812,000
37,380,000
59,964,000
61,614,000
2,748,000
2,391,000
1,512,191.000 1,524,916,000 1,452,988,000
Ratio of total reserves to deposit and
78.8%
84.2%
83.2%
Fecri Res've note liabilities combined
Contingent lietniity on bills purchased
27,193,000
28.830.000 23,393,000
for foreign correspondence
NOTE.-BegInning with the statement of Oct. 7 1925. two new items were added
In order to show separately the amount of balances held abroad and amounts due to
foreign correspondents. In addition, the caption. "All other earning assets." lwa•
vlously made of Federal Intermediate credit bank debentures, was changed to "Other
seduritles," and the caption "Total earning assets" to "Total bills and securities."
The latter term was adopted as a more accurate description of the total of the diecounts. acceptances and securities acquired under the provisions of Sections 13 and 16
of i benders'Reser v e Act, which It was stated, are the only itemsIncluded therein.
THE CHRONICLE
MAR. 121927.]
1479
Weekly Return of the Federal Reserve Board.
The following is the return issued by the Federal Reserve Board Thursday afternoon, Mar. 9,and showing the condition
of the twelve Reserve banks at the close of business on Wednesday. In the first table we present the results for the system
as a whole in comparison with the figures for the seven preceding weeks and with those of the corresponding week last year.
The second table shows the resources and liabilities separately for each of the twelve banks. The Federal Reserve Agents'
Accounts (third table following) gives details regarding transactions in Federal Reserve notes between the Comptroller and
Reserve Agents and between the latter and Federal Reserve banks. The Reserve Board's comment upon the returns for the
latest week appears on page 1444 being the first item in our department of "Current Events and Discussions."
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE CLOSE OF BUSINESS MARCH 9 1927.
Mar.9 1927. Mar. 2 1927. Feb. 23 1927. Feb. 16 1927. Feb. 9 1927. Feb. 2 1927. Jan. 26 1927. Jan. 19 1927 Mar. 10 1926.
$
S
$
$
6
$
S
RESOURCES.
$
3
1,573,277,000 1,534,183,000 1.560.960,000 1,547,671,000 1,552,632.000 1,552,754,000 1,801,114.000 1,575.495,000 1,408,708,000
Gold with Federal Reserve agents
50,406,000
52,833,000
51.921,000
52,926.000
44,346,000
44,528,000
38,751,000
43.204.000
47,442,000
Gold redemption fund with U. EL Treas.
Gold held exclusively agst. F. R. notes 1.620,719,000 1,577,387.000 1,599,711,000 1,592,199,000 1,596,978,000 1.805,680,000 1.653,035,000 1,828,128,000 1,459,114,000
599,876.000 633,998,000 621,859,000 616,854.000 610,964,000 594.679,000 507.931.000 503,513,000 692,997.000
Gold settlement fund with F.R.Board
792,066,000 770,201,000 761,528,000 781,010,000 772,410,000 781.504.000 805,824,000 804.294,000 647,047,000
Gold and gold certificates held by banks
Total gold reserves
Reserves other than gold
3,012,661,000 2,981,586,000 2,983.098,000 2,990,063,000 2,980,352,000 2,961,863,000 2.968,790,000 2,935,935,000 2,799.158.000
160,619,000 182,328,000 157.938,000 168,013,000 167,906,000 168,788,000 166,072,000 159.568.000 151,682,000
Total reserves
Non-reserve cash
Bills discounted:
Secured by U.S. Govt. obligations
Other bills discounted
3,173,280,000 3,143,914,000 3 141,036,000 3.158,076.000 3,148,258,000 3,128,649.0003.132,862,000 3,095.501,000 2,950,840.000
,
81,174.000
79,109,000
71,849,000
74,783.000
74.980,000
68,998,000
68,554,000
66,128,000
86,755.000
240,074,000
175,865,000
248,505,000
188.139,000
210,357,000
187,572,000
230,954,000
165,516,000
202.048.000
177.017,000
203.681,000
189,810,000
189,939,000
175,218,000
201,611,000
214,448,000
263,904,000
238,521,000
Total bills discounted
BIM bought In open market
U. B. Government securities:
Bonds
Treasury notes
Certificates of indebtedness
415,939,000
284,685,000
434,644,000
289,023,000
397,929,000
280,189,000
398,470,000
314,985,000
379.065.000
302.505.000
393,271,000
329,072,000
365.157.000
301,827.000
416,059,000
337,360,000
502,425,000
284,520,000
65,413,000
80,251,000
161,265,000
58,888,000
94,687,000
157,399,000
56,788,000
93.075,000
155,345,000
57,370,000
94,807,000
159,646,000
58,148,000
93.408,000
155,122,000
53.351,000
93,320,000
157,208.000
51,327,000
93,395,000
158,043,000
55,463,000
97,774,000
159,505,000
60,437,000
187,335,000
111.894,000
Total U. S. Government securities
Other securities (see note)
Foreign loans on gold
306,929,000
2,000,000
310,974,000
2,000,000
305,208,000
2.000,000
311,823,000
2,000,000
304,678,000
2,500,000
303,879,000
2.500,000
302.765,000
2.500.000
312,742,000
2.500,000
359,666,000
3,150,000
8,798,000
Total bills and securities (see note)
Due from :oreign banks (see note)
Uncollected items
Bank premises
All other resources
989,553,000 1.038.841,000
658,000
659,000
816,499,000 893,213,000
58,460,000
58,381,000
12,730,000
12.735,000
Total resources
LIABILITIES.
F. R. notes in actual circulation
Deposits
Member banks
-reserve account
Government
Foreign banks (see note)
Other deposits
Total deposits
Deferred availability items
Capital paid in
Surplus
All other liabilities
985,326,000 1,025,278,000
658.000
659.000
610,228,000 798,547,000
58.350,000
58,351,000
12,322,000
12,577,000
988,748,000 1.028,722.000
657,000
658,000
581,732,000 838,827,000
58,269,000
58,329,000
12.438,000
12,195,000
972,249,000 1,068,661.000 1,158,559,100
857,000
657,000
737,000
627.768,000 722,746,000 628,454,000
58,231.000
58.258,000
59.406,000
12,189,000
12,053,000
17.775,000
4,919,734,000 5,012.298,000 4,874,303,000 5.128,211,000 4,864,946,000 4.937.188,000 4,883,090.000 5,039,023,000 4,884,769,000
1,718,893,000 1,718,956,000 1,708,330,000 1,685,431,000 1,894.120.000 1.686,515,000 1.C88.485,000 1,709,919,000 1,671,754,000
2,221,149,000 2,231,271,000 2,185.853,000 2,288,588,000 2,221,130,000 2,241,948,000 2,191,753,000 2,243,429,000 2.209.698.000
23,345,000
32,788,000
28,999,000
38,238,000
28.52100
48.554,000
15,189,000
27.727.000
35.265,000
4,866,000
4,959,000
5,487,000
5.699,000
5,388.000
4,784.000
4,650,000
4,929,000
4.707.000
17.612,000
18,631,000
19,072.000
16.116,000
32,429,000
19,848.000
18,253,000
18.595,000
19,767,000
2,260,755,000 2,289,581,000 2,214,882,000 2,342,343.000 2,267,048,000 2.298,211,000 2,245,311,000 2,317,795,000 2.281.289.000
572,160,000 639,342,000 584,874,000 734.963.000 538,629,000 587,680,000 584,540,000 648.976.000 577,943,000
127,700,000 128,788,000 126.509.000 126.099,000 125,825.000 125.748,000 125,523,000 125.480,000 119,993,000
228,775,000 228,775.000 228,775,000 228,775,000 228,775,000 228,775,000 228.775,000 228.775,000 220,310,000
10.551,000
10.239,000
10,078,000
10,600,000
10,458,000
13,480.000
11,133.000
11,451,000
10,858,000
4,919,734,000 5,012,298,000 4,874,303,000 5.128,211,000 4,884,948,000 4.937,168,000 4,883,090,000 5,039,023,000 4,884,769,000
Total liabilities
Ando of gold reserves to deposit and
75.2%
74.3%
75.4%
72.9%
74.2%
70.8%
F. R note liabilities combined
74.4%
75.7%
76.0%
Ratio of total reserves to deposit and
78.5%
79.5%
79.8%
78.9%
78.4%
74.6%
F. R. note liabilities combined
80.1%
78.5%
79.7%
Contingent liability on bills purchased
77,780,000
91,978,000
94,674,000
92,329.000
90.382,000
95,834,000
for foreign correspondents
92.002,000
83,009,000
96,480,000
-- $
$
$
$
Distribution by Maturities-$
$
$
$
3
1-15 days bills bought in open market. 111 474,000 142,585,000 140.345,000 175,233,000 137.494.000 153,851.000 123.999,000 147,001.000 126,376,000
.
390,088,000 347,065.000 309.200,000 310,434.000 288,204,000 296,490,000 266,642.000 310,773,000 325,347,000
1-15 days bills discounted
4,360,000
1,564,000
1-15 days U. B. certif. of indebtedness_
48,000
1,829,000
1-15 days municipal warrants
93,787.000
95,699.000
72,313.008
68,623.000
66,139,000
71,170.000
16-30 days bills bought in open market
81.531,000
65,828,000
57,834.000
28.748.000
26,493.000
24,462,000
16-30 days bills discounted
29,551,000
25,299,000
23,741,000
21,613,000
26,246,000
24,047,000
16-30 days U. S. certif. of indebtedness.
16-30 days municipal warrants
48,816,000
60,322,000
55,236,000
31-60 days bills bought in open market.
72,552,000
49.505,000
81.778,000
90,754.000
51,939,000
54,832.000
31-60 days bills discounted
38.305,000
43,601,000
41,069.000
38,881,000
34,118,000
43,411,000
35,088,000
35,922,000
35,699,000
81-60 days U. B. certif. of indebtedness_
81-60 days municipal warrants
61-90 days bills bought in open market_
29,571,000
21,815,000
15.775.000
18.734,000
17,618.000
18,810.000
21,060.000
23,234,000
22,587.000
61-90 days bills discounted
27,078,000
21.670.000
21,580,000
22,479,000
18.368,000
24.448,000
19.498.000
17,628,000
20,978.000
61-90 days U. S. certif. of indebtedness
5,421,000
61-90 days municipal warrants
4,784,000
open market
3,661,060
4,721.000
Over 90 days bills bought in
4,302,000
2,890,000
8,119,000
7,375,000
3,140,000
3,258.000
11,098,000
9,581,000
8,393,000
Over 90 days bills discounted
9,868,000
9,592,000
8,879,000
9,814,000
8,933,000
9,870,000
111,846,000 155,570,000 155.345,000 155,286.000 149,701,000 157,208,000 158,043,000 157,941,000 181,265.000
Over 90 days certif. of indebtedness._
Over 90 days municipal warrants
F. R. notes received from Comptroller
F. R. notes held by F. R. Agent
2,826,107,000 2,917,319.000 2.928,346.000 2.940.114,000 2.948,063.000 2,954.551.000 2,967.911.000 2.983,478,000 2,930,573 000
825,142,000 845,078,000 861.898,000 870.268,000 871,288,000 865.848,000 855,743,000 820,473.000 832.818:000
Issued to Federal Reserve Banks
2.000,965.0002,072,241.000 2,086,8487000 2,069,846.000 2,078,775,000 2.088,703.000 2.112,168.000 2,163.005,000 2,097.755,000
How Secured
By gold and gold certificates
Gold redemption fund
Gold fund-Federal Reserve Board....
By eligible paper
Tntal
310,846,000 367,952,000 362,953,000 357,928,000 357.927,000 357,927,000 321,246,000 306,280.000
000
107,962,000 107,685,000 101,470.000 101.453,000 100,744,000
96,904,000 102,401,000 105,659.000 371.534.
99.855'000
989,900,000 1,058,546,000 1,096.537.000 1,088.290,000 1,084,961,000 1,097,923,000 1.177.407,000 1.183.556.000 101888000
754,218,000 700,594.000 654.539.000 889.590,000 666,719.000 894,440,000 851,717,000 733,286,000 1.
657;73400
7 167 026 0110 2 2'14 777 nnn q 910 Ann nnn .,o',, nal nnn 9 910 RAI 11(10 2 947 104 nein 225" 5131 nnn 9 41111 0A1 nnn n not nv v
NOTE.
-Beginning with the statement of Oct. 7 1925, two new terns were added in order to show separately the amount of balances held abroad and
amounts due
to foreign correspondents. In addition, the caption. "All other earn ng assets,- Previously made up of Foreign Intermediate Credit Bank debentures, was
changed to
"Other securities," and the caption," -Total earning assets" to "Total bills and securities." The latter item was adopted as a more accurate description
the discounts, acceptances and securities acquired under the provisions of Sections 13 and 14 of the Federal Reserve Act, which, it was stated, are the only of the total o
items included
therein.
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS MAR. 9 1927.
Two ciphers (00) omitted.
Federal Reserve Bank of-
New York.
Phila. Cleveland. Richmond Atlanta. Chicago. Si. Louis. Minneap. Ran. City Dallas. San Fran.
Total.
$
$
$
3
$
$
$
$
$
$
$
3
372,279,0 120.216,0 186,330,0 68,451.0 157,537,0 197,385,0 32,395,0 60,879,0 66,818,0
37,725,0 173,266,0 1,573.277.0
10,419,0 6,898.0 4,415,0
851,0 2,146,0 8.202,0 1,094,0 1,517,0 3.261,0 1,211,0 2,254.0
47,442,0
Gold held excl. agst. F.R. notes 107,370,0 382.898,0 127,114,0 190,745,0 67,302,0 159,683,0 205,587,0 33,489,0 62,196,0 70,079,0 38.936,0 175,520,0 1.620.719.0
, .
3old settle't fund with F,R,Boasd 42 729 0 139,379,0 51,562,0 67,529,0 23,476,0 27,972,0 121.413,0 23,118,0 16,010,0
29.615,0 20,703,0 36.370,0 599,876,0
3old and gold certificates
34,329,0 529,669,0 27,913,0 54,425,0 12,134,0 4,455,0 58,720,0 15,902,0 6,759,0 7.306,0 8,762,0 31,692,0 792,066,0
Total gold reserves
1,051,746,0 208,589,0 312.699,0 102.912.0 192,110,0 385,720,0 72,509,0 84,965,0 107,000,0 68,401,0 243,582,0 3,012,681.0
184,428,0
Reserves other than gold
33,815,0 4,464.0 10.899,0 9,847,0 11,743,0 24.893,0 19,038,0 4,083,0 4,968,0 7,812,0 8,472,0 160.619,0
20.787,0
Total reserves
205,215,0 1,085,581,0 211,053,0 323,598,0 112,759,0 203,853,0 410.413,0 91,547,0 89.048,0 111,966,0 76,213,0 252,054.0 3.173,280.0
Non-reserve cash
21,026,0 1,871,0 3,908,0 5.807,0 4,448.0 9,563,0 4,001,0 1,10,0 2,437,0 2,507,0 3,917,0
7,966,0
88,554,0
Bills discounted:
.
90,801,0 19,366,0 19,184,0 8,279,0 3,554.0 49,011,0
See. by U.S. Govt. obligations 18,892 0
597,0 24.774.0 240.074,0
3,643,0
292,0 1,681,0
Other bills discounted
22,321,0 14,839,0 11,793,0 14,908,0 24,426,0 31,517,0 7,141,0 2,7590 5.370,0 2,112,0 20,971,0 175.865,0
17,908,0
Total bills discounted
36,800,0 113,122,0 34.005.0 30,977,0 23,187,0 27,980,0 80,528,0 10.874,0 3 051 0 7,051,0 2,709,0 45,745,0 415,039.0
32,215,0
76,340,0 13,981,0 23,620,0 9.845,0 11,391,0 32,583.0
Blds bought in open market
0
8,723.0 9:078: 12,068,0 9,286,0 25,712,0 264,685.0
Government securities:
Cf. B.
Bonds
4,595,0
1,246,0
887,0 3,143,0 1,548,0
267,0 21,538.0 5,404.0 8.106,0 9,794,0 7,002,0 1,883,0
85,413.0
Treasury notes
11,059,0 15.403,0 11,088,0 1,270,0 1,584,0 5,743,0 7,0680 1.869.0 4,197.0 3,870.0 14,963.0
2,139,0
80,251,0
6,389,0
38.464,0 3,638,0 22,387,0 4,241,0
Certificates of Indebtedness
469.0 19.260.0 10,360.0 6,506,0 14,078.0 13,463,0 22,030,0 161,285,0
Total U.8. Govt. seeturltlea.„ 9,774.0
54,118,0 19.928,0 36,598.0 7,059,0 2.320,0 46.541,0 22.830,0 18,481.0 29,069.0 24.335,0 38,876,0 306.929.0
Boston.
RESOURCES.
$
3o16;with Federal Reserve Agents 102.198,0
aoldred'n fund with U.S. Treas. 5,174,0
[Vox.. 124.
THE CHRONICLE
RESOURCES (Concluded)
Two ciphers (00) omitted.
Cleveland. Richmond Atlanta. Chicago. St. Louis. Minneap. Kan. City Dallas. Bars Fran.
Boston.
New York.
Phila.
$
$
$
2,000,0
Other securities
Total bills and securities
Due from foreign banks
Uncollected items
Bank premises
Al. other resources
$
$
$
$
3
8
$
S
2,000,0
243,580,0 69.914,0 91,195,0 39,891,0 41,691,0 159,652,0 42,337,0 28.610,0 47,188,0 36.330,0 110.333,0
658.0
142,197,0 51,255.0 54,290.0 49,871,0 28,438.0 82.718,0 31,436,0 11,931,0 43,522.0 27,267,0 39,155,0
16,276,0 1.714,0 7,118,0 2,149,0 2,894.0 7,972.0 3,957.0 2,774.0 4,459.0 1,752.0 3.449,0
374,0
746,0 2,071,0
444.0 1,078.0
2,893,0
960.0 1,979,0
531,0
449,0 1,134,0
78,832,0
54,419.0
3,946,0
71,0
Total resources
350,449,0 1,512,191,0 336,251,0 481,187,0 210,851,0 282.068,0 672,389,0 174,238,0
LIABILPTIES.
V. R. notes in actual circulation. 126,581.0 414,408,0 116,192,0 206.376,0 73,376,0 168,370,0 221,497,0 44,415,0
Deposits:
Member bank-reserve acc't 142,822,0 849.194,0 136,906,0 184,257.0 70,312,0 71,909,0 321,414,0 81,316,0
307,0
89,0
58,0
426,0
Government
383,0
11,838,0
315,0
480.0
279,0
569.0
220,0
Foreign bank
403.0
768,0
515,0
741,0
231,0
128.0
109.0
104,0
Other deposits
152,0 1,387,0
896,0
12,926,0
239,0
Total deposits
143,717,0 874.726,0 137,888,0 186,302.0 71,026,0 72,291,0 323,477,0 82,266.0
Deferred availability items
53,272,0 120.719.0 47,639,0 49,718,0 47,323,0 26,285,0 76,026,0 31,519,0
Capital paid in
8,888,0
38,152,0 12,917.0 13,860.0 6,178,0 5,029,0 16,981,0 5.290.0
Surplus
17,608.0
61,614.0 21,267.0 23,746,0 12,198,0 9,632,0 31,881,0 9,939.0
750,0
461,0 2,527,0
all other liabilities
385,0
2,572,0
348,0 1,185,0
809,0
Totes..
3
$
989,553,0
658.0
616,499,0
88,460.0
12,730.0
135.447,0 210,103,0 144,518,0 410,042,0 4,919.734,0
64,536,0 68,582,0 41.598,0 172,962,0 1,718,893,0
46,259,0 87,916,0 60,791,0 168,053.0 2,221,149,0
15,189,0
83.0
710.0
370,0
130.0
4.650.0
376.0
161,0
199.0
188.0
19,767,0
50,0 3,529.0
165,0
82,0
47,295,0 88.567,0 61.159.0172.041,0 2,260.755,0
12,102.0 39.166.0 28.815.0 39,576,0 572,160,0
3,017.0 4,207,0 4,294,0 8,887,0 127,700.0
7,527,0 9,029,0 8,215,0 16,121.0 228,775,0
437.0
155,0
11,451,0
970,0
552.0
Total liabilities
350,449,0 1,512,191,0 336,251,0 481,187,0 210,851,0 282,088,0 672,389,0 174,238.0 135,447,0 210.103,0 144,518,0 410,042.0 4.919.734,0
Memoranda.
78.1
84.7
Reserve ratio (per cent)
82.4
75.3
79.7
75.9
84.2
83.1
72.3
74.2
73.1
79.6
71.2
Contingent liability on bills purchased for foreign correspondls 7,188,0
96.480,0
27,193,0 9.200,0 10,158,0 4,983,0 3,929,0 13,225,0 4.121,0 2,875,0 3,546,0 3,354,0 6,708,0
F. R. notes on hand (notes rec'd
from F. R. Agent lees notes In
28,902,0 118,599,0 48,024,0 26,647,0 15.584,0 26.159,0 47,198,0 3,675.0 4,787,0 12,403,0 6,696,0 40,188,0 378,882,0
circulation)
FEDERAL RESERVE NOTE ACCOUNTS OF FEDERAL RESERVE AGENTS AT CLOSE OF BUSINESS MAR. 9 1927.
Federal Reserve Agent at-
Boston.
New York.
Phila.
Cleveland. Richmond Atlanta. Chicago. St. Louis. Minneap. Kan. City Dallas. San Pros.
Total.
(Two ciphers (00) omitted.)
$
F.R.notes rec'd from Comptroller 2
49,083
.0
F.R.notes held by F. R. Agent__ 39,600,0
$
$
$
$
$
$
$
$
$
$
$
$
825,087,0 192,916,0 275,963.0 114,074,0 255,154,0 424,595.0 71.190,0 86,865.0 107.155,0 65,841,0 262,650,0 2,930.573.0
292,080,0 28,700,0 42,940,0 25,114,0 60,625,0 155,900,0 23,100,0 17,542,0 26,170,0 17,547,0 49,500,0 832.818,0
F.R.notes lamed to F. R.Bank
Oollateral held as security for
Lit.notes issued to F. R. Bk.
Gold and gold certificates__
Gold redemption fund
Gold fund-F.R.Board
Eligible paper
533.007,0 164,216,0 233,023,0 88,960,0 194,529,0 268,695,0 48,090.0 69,323,0 80,985,0 48,294,0 213,150,0 2.097,755.0
155,483,0
7,750,0 13,507,0
8,780,0 28,805.0 15,422,0
18,308.0
213,662.0
22,617,0 10,539,0 12.550,0 3,646,0 8.115,0 2.385,0 2.345,0 1,172,0 3,958,0 4,417,0
136,000.0 109,677,0 165,000,0 34.000,0 134,000,0 195,000,0 22,300,0 46,000.0 62.860,0 15,000,0
28.729,0 38,835,0 112,758,0 19,078,0 11,782,0 18,846,0 11,878,0
176,453,0 45,313,0 53,782,0
35,300.0
12,896,0
54.000,0
69,058,0
Total collateral
171 954 n
30.000,0 371,534.0
15,215,0
99,855,0
128,051.0 1,101,888.0
71,222,0 657,734,0
848 7320 111A F99 n 240.112.0 95.180.0 196,372,0 310,143,0 51,473,0 72,461.0 85.664.0 49.603.0 244.488.0 2.231.011.0
Weekly Return for the Member Banks of the Federal Reserve System.
Following is the weekly statement issued by the Federal Reserve Board, giving the principal items of the resources
and liabilities of the 674 member banks from which weekly returns are obtained. These figures are always a week behind
1
those for the Reserve banks themselves. Definitions of the different items in the statement were given in the statement
of Dec. 12 1917, published in the "Chronicle" of Dec. 29 1917, page 2523. The comment of the Reserve Board upon the figures
for the latest week appears in our department of "Current Events and Discussions," on page 1444.
1. Data for all reportingmember banks In each Federal Reserve District at close of business MARCH 2 1927. (Three ciphers (000) omitted.)
Federal Reserve District.
Boston. New York
Phila.
Cleveland. Richmond Atlanta. Chicago. St. Louis. Minneap. Kan. City Dallas. San Fran.
$
5.289
151,536
361,142
97
31
3
$
3
5,632
21,712
4.863
109,759 871,662 190,165
389,999 1.254.736 306,259
$
3,382
79,049
160,056
$
$
4,478
2,492
75,076
115,215
302,419 249,290
793,020 1,358,282
517.967
505,390 2,148,110
501,287
242,487
422,112
86,545
282,353
269,590
376,477
68,552
72,358
72.958
122,344
65.306
54,999
103,717
97,347
368,898
646,067
Total loans and investments___ _ 1.378,750 7.362,529 1,161,918 2,004,349
Reserve balances with F.R.Bank
80,192 147,478
94,116 738,666
28,121
15,296
Cash In vault
18,470
69,632
Net demand deposits
904,468 5,601,297 770,932 1,019,539
Time deposits
422,999 1,372.613 252,273 892,028
7,854
31,116
14,758
10,096
Government deposits
69,139 114,951
Due from banks
54,788 148.867
143,762 1,189.688 180,297 247,882
Due to banks
BIID Pay. & redis. with F. R. Bk.:
14,882
8,507
72,495
5,626
Secured by U.S.Gov't obligations
7,825
3,561
10,591
15,853
All other
Total loans and discounts
Investments:
U. S. Government securtties
Other bonds, stocks and securities
Total investments
17....1.
•Not available.
92
49
72
67
3
$
51,745
7.591
336,657 2,313,998
643,119 2,812,900
5
10,360
411,040
371,620
5
20,868
557,955
779,459
987,367 5,178,643
134,482 956,740
256.901 1,227,146
391,383 2,183.886
Number of reporting banks
Loans and discounts. gross:
Secured by U.S.Gov't obligations
Secured by stocks and bonds
All other loans and discounts
37
ln /100
44 954
0 147
99 707
24
35
66
41,193
62,770
284,123
462,660
140,910
103,963
746,783
195,302
120,305
609,353 2,894,893
41,112 233,724
11,994
44,018
341,073 1,770,903
233,740 1,052,541
6,725
9,442
78.657 242,463
119,287 535,674
696.589
45,992
7,424
405,252
234,583
2,759
63,553
154,899
362,792
23,885
5,327
221,188
125,498
533
52,364
96,724
623,176
53.578
11,490
502,816
148,541
1,447
146,252
241,889
676
$
3
5,935
144,347
334,011 5,546,123
975,239 8,606,238
51,563
23,961
241,986 2,376,755
246,151 3,285.467
75,524
488,137 5,662,222
402,382 1,803,322 19,958,930
32,702 107.612 1,641,457
256,117
9,331
22,185
281,466 768,663 12,974,056
106,696 960,372 6,015.832
103,469
12,206
3,332
71,641 148,129 1,246.862
108,504 240,364 3,375.938
1,073
13,859
33,285
17,717
3.635
4,800
35
597
1,197
706
295
571
37,826
11,998
182,784
96,041
14039
3,928
7,963
1111111
Total.
61
326,858 1,315,185 14,296,708
201,084
658,877
42,400
12,829
386,459
213,948
3,201
56,058
116,968
45
,I
nno
Q 590
R.20
1 nnq
fiftli
45.824
278.825
2. Data of reporting member banks in New York City. Chicago, and for the whole country.
AU Reporting Member Banks.
Reporting Member Banks in N. F. City.
Reporting Member Banks ix Chicago.
Mar. 2 1927. Feb. 23 1927. Mar. 3 1926. Mar, 2 1927. Feb. 23 1927. Mar,31926. Mar.2 1927. Feb. 23 1927. Mar.3 1926.
712
54
Number of reporting banks
675
54
60
676
$
$
Loans and discounts, gross:
$
$
$
$
170,506,000
53,548,000
142,358,000
48,954,000
Secured by U. B. Gov't obligations
49,623,000
144,347,000
Secured by stocks and bonds
5,546,123,000 5,443,939,000 5,434,559,000 1,994,144,000 1,921,600,000 2,060,926,000
All other loans and diseounta
8,606,238,000 8,560,373,000 8,404,391,000 2,472,441,000 2,432,853,000 2,333,091,000
45
$
13,688,000
659,715,000
691,507,000
45
46
$
$
12,318,000
14,466,000
646,078,000 627,689,000
701,220,000 677,056.000
Total loans and discounts
14,296,708,000 14,146,670,000 14,009,456,000 4,515,539,000 4,404,076,000 4,447,565,000 1,364,910,000 1,359,616,000 1.319,211,000
Investments
U. B. Goverament securities
2,376,755,000 2,360.165,000 2,518,873,000 864,217,000 861,540,000 941.257,000 155,822,000 165,583,000 178,410,000
Other bonds, stocks sad securities_ 3,285,467,000 3,254,419,000 2,984,158,000 904,911,000 896,889,000 862,478,000 220,237,000 225,092,000 204,093,000
Total Investments
Total loans and investments
Reserve balances with F. R.Banks
Cash In vault
Net demand deposits
Time deposits
Government deposits
Due from banks
Due to banks
Bills payable and rediscounts with
Federal Reserve Banks:
Secured by U. S. Gov't obligations__
All other
Total borrowings from F. R.bks
5,662,222,000 5,614,584,000 5,503.031,000 1,769,128,000 1,768,429,000 1.803,735,000
19,958,930,000 19,761,254,000
1,641,457,000 1.588,751,000
282.826,000
256,117,000
12.974,056,000 12,818,360,000
6,015,832,000 5,955,426.000
103,569,000
103,489,000
1,246.862,000 1,171,490,000
3,375,938,000 3,252,901,000
•Revised limes.
380,675,000
382.503,000
182,784,000
96,041,000
147,212,000
95,767,000
237,278.000
166,437,000
59,875,000
13,951.000
40,800,000
13,154,000
93,332,000
26,004,000
15.755,000
4,545,000
5,420,000
4,785,000
29,610,000
10,405,000
278,825,000
242,979,000
403,715.000
73,826,000
53,954,000
119,336,000
20,300,000
10,205,000
40,015.000
Leans to brokers and dealers (secured by stocks and bonds) made by reporting
member banks in New York City:
922,050,000 856,066,000 1,125,071,000
For own account
1,070,482,000 1,106,654,000 1,321,265,000
For account of out-of-town banks
820,513,000 799 434,000 602,056,000
For account of others
Total
On demand
On time
376,059,000
19,512,487,000 6,284,667,000 6,162,505 000 6,251,300,000 1,740,969,000 1,740,291,000 1.701,714,000
1,650.520,000 672,238,000 858.714 000 692,303,000 162,309.000 150,884,000 170.316,000
.
21.894,000
19,337.000
22,090,000
65,206,000
278.250,000
55.541,000
60,854,000
13,007,657,000 5,018,921,0004.857,947,000 5,124,217,000 1,188,429,000 1,178,414,000 1.152,000,000
5,446,235,000 915.464,000 930,547,000 796.210,000 521,327,000 527.583,000 516,592,000
4,475,000
4,475,000
12,947,000
49,995,000
200,982,000
28,791,000
28.793,000
88,086,000 108,845,000 152,243,000 143,551,000 163,705.000
100,576,000
1,126.765,000 1,106,089,000 1,165,209,000 381,042,000 359,851,000 403.878,000
2,813,045,000 2,762 154,000 3,048 392,000
2.159,016,000 2,108,658.000 2,067,948,000
654,029,000 653.496.000 980,444.000
MAR. 12 1927.]
THE CHRONICLE
Vaulters'
Ij
New York City Banks and Trust Companies.
antic
AU prices dollars per share.
Wall Street, Friday Night, March 11 1927.
Railroad and Miscellaneous Stocks.
-The review of the
Stock Market is given this week on page 1468.
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 Mat. 11.
Sales
for
Week
Range for Week.
Lowest.
Highest.
Range Since Jan. 1.
Lowest.
Highest.
Par.
$ per share. $ per share. IS per share.$ per share.
Railroads
Ann Arbor pref
40 8934 Mar 8 6935 Mar , 6935 Jan 70
100
Mar
Buff Itoch & Pitts pf_100
250107 Mar 7110 Mar 10 103
Feb110
Mar
Buff & Snag pre v t c 100
70 4434 Mar 9 45 Mar 8 41
Feb 45
Feb
Carol Clinch & Ohlo.100
60, 85 Mar 5 85 Mar 5 8334 Jan 8534 Feb
Stamped
10 10234 Mar 810234 Mar 8 9834
100
Feb10234 Mar
Chic St Paul Min & 0100
90 60 Mar 8 6034 Mar 11 55
Jan 66
Feb
Hays& Elec Ry pf ett_. 200 9331 Mar 8 94 Mar 11 93
Mar 9534 Jan
Ill Cent Leased Line 100
20 8034 Mar 7 81
Mar 8 79
Jan 81
Mar
Iowa Central
360 234 Mar 11 334 Mar 11 1
100
Jan 615 Feb
Joliet & Chicago__ _100
1013434 Mar 713434 Mar 713434 Mar 134% Mar
Min & St L ctf
100 1,200; 2 Mar 11 235 Mar 11
1
Feb 234
N Y & Harlem
ao 5017034 Mar 9171 Mar 9,17034 Mar179 Mar
NY State Rys pref_ _100
150 4534 Mar 10 4535 Mar 10; 3434 Jan 4535 Feb
Mar
Northern Central_ _ - -50
2301 81
Mar 5 82 Mar S 81
Mar 82
Mar
Pacif Coast 1st pref_100
10, 51
Mar 8 51 Mar 8, 46
Jan' 62
Feb
Phila Rapid Transit_ _ _
201 53 Mar 11 53 Mar 111 53
Mar, 53
Mar
Twin City Rap Trans100
900 57 Mar 9 6034 Mar 5 57
Mar 6534 Feb
1
Industrial & Misc.
Albany Pref Wrap Pap_*
200 23 Mar 5 23 mar 5 23
Feb1 23
Feb
Preferred
100
100 98 Mar 11 98 Mar 111 98
Mar 10034 Jan
Alliance Realty
*
60i 50 Mar 10 50 Mar 10 50
Jan 63
Feb
Amalg Leather pref__100
200 104 Mar 7 104 Mar 7 10334 Feb 108
Feb
*
Am Chicle Prior pf
100; 93 Mar 9 93 Mar 9 90
Jan 93
Mar
Am Plano prat
100
70 104 Mar 5 105 Mar 6 10134 Jan 107
Feb
Radiator pref-100
Am
50 135 Mar 5 135 Mar 5 13334 Feb 135
Mar
American Snuff pref_100
190 9954 Mar 7 10034 Mar 9 9415 Jan 1
0034 Mar
AmType Founders Pr100
150 10934 Mar 5 110 Mar 8 10734 Feb 110
Autosales
•
100, 434 Mar 10 454 Mar 10 434 Feb 434 Feb
Feb
Barnet Leather
100 200 4954 Mar 11 5135 Mar 8 4an 59
0
J
% Feb
Bayuk Bros let pref _100
16010354 Mar 5 10334 Mar 10 101
Jan,104
Mar
Beech Nut Packing pf100
10 11834 Mar 10 11834 Mar 10 11434 Jan 118%
Mar
Blumenthal & Co pref100
10 48 Mar 10 48 Mar 10 44
Jail 50
Feb
British Emp St 2d pf _100
100 3 Mar 5 3 Mar 5 234 Jan 334 Feb
Burns Bros Prior pt._
10 116 34 Mar 11 11654 Mar 11 11634 Mar 11634
Mar
Byers & Co pref
100
4010631 Mar 7107 Mar 10 106
Jan 109
Feb
Central Leather ctfs_100
100 934 Mar 11 954 Mar 7 7% Jan 9% Jan
Preferred ctfs
100
800 5934 Mar 11 61
Mar 7 54
Jan 62% Feb
City Stores Class A___.*
200 4634 Mar 10 47 Mar 10 46,4 Mar 47
Mar
Class B
* 1,650 4214 Mar 11 4314 Mar 10 42% Mar
Consolidated Gas Rte.._ 145,965 334 Mar 7 4 Mar 6 3% Feb 43% Mar
4% Jan
Prior rights
62,752 1-32 Mar 7 3-16 Mar 10 1-32 Mar
% Jan
Continental Can pref 100
60 125 Mar
25 Mar 8 120
Jan 125
Mar
Crown Wmtte 1st prat*
300 9034 Mar 7 91 Mar 9 90
Jan 91
Jan
Cushman's Sons pf 8%_*
Mar 920834 Mar 7 103
5010634
Feb 109% Jan
7% preferred
100
100 10754 Mar 10108 Mar 10 10634 Jan 110
Jan
Deere & Co prat
100
20010634 Mar 11 10634 Mar 11 10535 Jan 109
Feb
Diamond March_ _ _ _100
50118 Mar 10 19 Mar 10 115
Feb 119
Mar
Eastman Kodak pref 100
310 120 Mar 10 121
Mar 7 11934 Jan 123
Jan
Elk Horn Coal Corp___*
100 1234 Mar 9 1234 Mar 9 9
Jan 12% Mar
Preferred
60
150, 23% Mar 9 2534 Mar 10 21
Feb 2535 Mar
Emerson-BrantinghamChnsB
• 1001 334 Mar 11 334 Mar 11 334.Maij 3% Mar
Franklin-Simon pref _100
3011234 Mar 511231 Mar 5 10935 Jan 114% Feb
Gen Baking pref
• 15012234 Mar 9 124 Mar 11 120
Jan 125
Jan
Gold & Stock Tele_100
10 11735 Mar 711734 Mar 7 11634 Jan 11735 Mar
Guantanamo Sug pf_100
40 98 Mar 8 98 Mar 8 9534 Jan 10034 Feb
Gulf States St 1st pf_100
1010534 Mar 910534 Mar 9 9934 Jan 106
Feb
Hackensack Water pfA25
10 2534 Mar 9 2534 Mar 9 2534 Ma
2534 Mar
Hayes Wheel pref....100
3010134 Mar 7 104 Mar 7 100
Feb 104
Feb
Heime(OW) pref___100
200 125 Mar 7 125 Mar 7 11834 Jan 127
Feb
Indian Motorcycle p1100
10 9335 Mar 7 9334 Mar 7 92
Jan 93% Mar
Indian Refining pref_100 1.4110 103 Mar 10 112 Mar 11 102
Feb 112
Mar
Internat Salt
100
50 70 Mar10 70 Mar10 65
Jan 72
Jan
Internat Silver
100 3,000 142% Mar 10114635 Mall0 14234 Mat 1
4634 Mar
Preferred
100
100 112 Mar 11 112 Mar311 112
M 112
Mar
Jonas& L Steel pref...100
390 11935 Mar 9120 Mar 7 117
Feb 120
Mar
Kayser & Co pref
*
10012134 Mar 912134 Mar 9 11135 Jan 121% Mar
(Stock) Rts
2,5001 1-16 Mar 71 1-16 Mar 7 1-16 Feb',
15 Feb
Kinney Co pref
80 8134 M 11 8234 Mar 10 80
100
Mar
Febl 8634 Jan
Kress Co new
* 5,800 65 Mar 5, 7454 Mar 11 59
Jan! 7434 Mar
Kuppenheimer
10 3954 Mar 111 3934 Mar 11 34
Jan', 3934 Mar
Laclede Gas pref_ _100
1011234 Mar 811234 Mar 8 95
Jan 128
Feb
McCrary Stores CA„...•
20 58 Mar 8 59 Mar 7 55
Mari 75
Jan
McCrory Stores pref.100 1,700 97 Mar 9 9934 Mar 5 97
Mar 11615 Jan
* 500138 Mar 513834 Mar 5 124
Macy Co
Jan 14234 Feb
Mallinson & Co prat100
100 67 Mar 11 67 Mar 11 67
Mari 6834 Feb
Mathieson Alkali pf _100
1010634 Mar 11 10634 Mar 11 103
Jan 106% Mar
May Dept Stores pf.100
1012534 Mar 712534 Mar 7 12434 Jan 12534 Mar
Rights
300 134 Mar 9 134 Mar 10 1
Jan 1% Mar
Montana Power pref_100
Mar 7121
100 121
Mar 7 1835 Jan 121
Mar
Nat Surety
280250 Mar 5256 Mar 11 38
100
Feb 256
Mar
N Y Steam 1st prat__ _•
100108 Mar 9106 Mar 9 05
Jan 106
Mar
Northwestern Tele_50
Mar 9 5134 Mar 10 4734 Jan
110 51
5234 Mar
Oil Well Supply pref 100
25010434 Mar 5 105 Mar 10 0234 Mar 108% Jan
Omnibus prof A
100 1,300 8134 Mar 9 8234 Mar 8 81
Jan' 89
Jan
Owens Bottle pref
100
50117 Mar 8117 Mar 8 15
Jan 117
Feb
Pacific Tel & Tel_ _ _100
140124 Mar 7 125 Mar 10 24
Mar 140
Jan
Preferred
100
3010334 Mar 11 10334 Mar 11 0334 Mar 112% Mar
Rights
1,390 9 Mar 7 934 Mar 8 9
Mar, 10
Mar
PatinoMines&Enter pf25 3,600 2514 Mar 11 2634 Mar 8 2354 Feb:
2734 Feb
Phillips Jones Corp pf100
100 8534 Mar 7 8534 Mar 7 85
Feb 85% Mar
Pitts Term Coal
100
400 33 Mar 7 34 Mar 5 33
Marl 4334 Jan
Rem Typewriter Ws 100 8,300 158% Mar 5 166 Mar 10 66
Marital
Mar
Sherwin Wm S pref.J00
30107 Mar 5 107 Mar 5 10534 Feb 110
Jan
Spalding Bros 1st pref100
60103 Mar 6 106 Mar 10 03
Jan 106
Mar
Stand Plate Glass p1.100
Mar 11 10% Mar 11
110 1034 Mar 7 11
Mar
Texas Pacif Land Tr_100
82,000 Mar 102,170 Mar 8 ,500 Jan 2,200 Mar
United Dyewood_ _100
250 634 Mar 10 7 Mar 10 6
Jan 10
Feb
Van Raalte 1st pref 100
60 62 Mar 10 8234 Mar 9 60
Feb 67% Jan
Victor Talk Mach
*12,100 36 Mar 8 3715 Mar 11 3334 Feb 3834 Jan
6% pref
* 1,400 9034 Mar 7 9034 Mar 7 90
Jan 92% Jan
7% prior pref
100 2,100 98 Mar 11 9834 Mar 9 97
Feb 99% Feb
Vir Coal & Coke pf 100
100 76 Mar 10 76 Mar 10 76
Feb 76
Feb
Vulcan Detinning....100
780 2034 Mar 11 2334 Mar 5 16% Jan 27
Feb
West Penn Pow 6%pf100
16010234 Mar 7 103 Mar 7 0034 Jan 103
Jan
Westinghouse El Istpf50
100 83 Mar 7 83 Mar 7 823-1 Jan 8334 Feb
•No par value.
New York City Realty and Surety Companies.
AU prices dollars per share.
1Bid.
Alliance R'Ity 50
Amer Surety- 218
Bond & M O.. 320
Lawyers Mtge 276
Lawyers Tit!
ll
ds Guarantee 292
Ask.
61 Mtge Bond__ 1
221 Nat Surety
325 N Y Title &
280
Mortgage__
II8 Casualty..
297
Bid.
147
250
444
325
Ask.
153 Realty Assoc',
(Bkiyn)corn
254
1st prof_ _
448
2d pref _ _
340 Westchester
Title & Tr_
1481
Bid. .405.
245
90
88
500
249
93
91
Banks-N.Y. Bid. Ask.
Banks.
America*._ __ 300 310 Harriman____
Amer Union*. 195 202 Manhattan *..
Bowery EastR 435 445 Mutual*
Bronx Boro*_ 1375 1450 National City
Bronx Nat__ 490 510 New Neth'ds*
Bryant Park* 210 225 Park
Capitol Nat__ 215 220 Penn Each
Cent Mercan. 283 287 Port Morris_
138
Central
145 Public
x436 440 Seaboard ____
Chase
Chath Phenix
Seventh
Nat Bk &Tr 394 400 Standard ___.
Chelsea Exch* 260 270 States
Chemical.- _ 840 855 Trade*
.
Colonial'____ 975 1050 United
Commerce_ _. 444 447 United States
Com'nwealth• 295 305 Wash'n Hts*.
Continental.* 265 280 Yorktown 5
._
Corn Exch_ _ _ 542 547
Brooklyn.
Cosmop'tany _ 300 ---Coney Island*
Fifth Avenue*2200 23011 Dewey•
First
2825 2875 First
Franklin
154 162 Mechanics"..
215 275 Montauk •___
Garfield
Globe Excho_ 235 250 Municipal •__
Grace
350
Nassau
Hamilton__ 197 204 People's
1170 1200
Hanover
Bid. Ask. I Trust Cos. Bid. AA.
635 655
New York.
262 266 Am Ex Iry Tr. 325 828
_ _ Bank of N
(510 531 I & Trust Co. 770 780
7
315 335 Bankers Trust 720
730
512 516 Bronx Co 'Pr_ 330 350
140
151) Central Union 985 995
350 375 County
320 330
542 550 Empire
378 383
720 730 Equitable Tr_ 305 308
187
172 Farm L & Tr.. 581 585
670 680 Fidelity
303 810
585 595 Fulton
470 480
193 203 Guaranty Tr_ 431 436
192 202 Interstate...... 202 208
332 440 Lawyers
700 1100 Manufacturer Ho 685
135 142 ,Murray Hill._ 215 320
'Mutual(West290 310 1 chaster)
225 250
215
NY Trust__ 553 557
385 5iii Terminal Tr. 198 205
275 1285 Times Square. 133 138
360 375 Title Gu &
690 695
93 298 U S Mtg & Tr. 410 415
320 330 United States 1925 1960
750 --es
.
5
50
Brooklyn.
Brooklyn_ __ _ 820 830
Kings County 2150 300
Mldwood_ _ _ _ 260 270
•Banks marked (*) are State banks. t New stock. x Ex-dly. a Ex-stock city.
y Ex-rights.
Quotations for U. S. Treas. Ctfs. of Indebtedness, &C
Maturity.
Rate.
Bid.
Mar. 15 1927___ 434% 100
June 151927... 54% 100 is
,
Asked.
100112
100%
Maturity.
Int.
Rate.
BM.
Asked.
Sept. 15 1927._ 334% 100 st 100%,
,
Dec. 15 1927_ 454% 100e's 101
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.5.Mar. 7)Mar.8.1.3far. 9. Mar.10 Mar.11
First Liberty LoanHigh 1010 ' 1011, , 1011 1 10114n 1011oss 10111n
n
821
%
334% bonds of 192347_.{Low. 10111aa 101"aa 101"n 101"as 101,4as 101103,
Close 101"as 101"aa' 101"aa 101,4n 10P4s, 101"as
(First 314s)
Total sales in $1,000 units_ _ _
2
2
53
28
11
18
Converted 4% bonds of(High
10Pas
Low_
1932-47 (First 4s). _
Close
181
1
--Total sales in $1,000 undo...
1
Converted 414% bondrigh 103ass 1031431 103"n 103"n 103 -- - -1133 I03"n
1932-47 (First 4%s) Low_ 10314,3 1031131 103,432 103"aa
of
103
,0ss
Close 103"n 1031431 103"n 1031
'n
103"as
Total sales in 21,000 units._ _
27
12
71
15
36
Second Converted 434%rah
1021412
bonds of 1932-47 (First( Low_
102"sa
Second 4Sis
Close
102"ss
Total sales in $1,000 units__
8
Second Liberty Loan
{High
4% bonds of 1927-42 _ ... _ Low.
---(Second 43)
Close
---Total sales in $1,000 units_ _ _
Converted 414% bondsilligh
1002iL lOOtS,,.
of 1927-42 (second
Low. 1002131 100t1,,100100",,10014as 10014as 10021n
Close 10011n 10011n 100
434s)
100"32 100"31 100"ss
Total sales in $1,000 writs__ _
136
146
140
510 1,418
425
Third Liberty LoanHigh 1011431 10114n 101"as 101"as
101"32 101uss
414% bonds of 1928_ _ _ _{Low. 10111,3 101" 101"as 10111
101" 10111n
(Third 434e)
Close 101,131 1011% 101"as 10111as 101"as 1011
:a
Total sales in 81,000 units_25
29
41
291
86
133
Fousch Liberty Loan
High 103"as 1041n 104"n 10415a1
434% bonds of 1933-38._ Low_ 103"n 103"n 104',, 104',, 1 104"as 104'n
104'n 1041as
(Fourth 434s)
Close 103"31 1044n 1041131 104"n, 104'n 1041as
Total sales in 51,000 units _ _ _
1.000 2.737 2,049 1.4991
332
81
Treasury
{High 111"32 111"n 112"n 113"n, 114
112"n
431s, 1947'52
Low. 1111, 111 11 111"as 11211n. 11311:1 1121111
32
,
Close 11111n 11124as 11211aa 11311nt 113"ss 1121
0n
Total sales in 81,000 units _ _ _
8
495 17022
991
545
168
{
High 1074n 1071as 1071
'n 1081 aa 108"as 108'n
4s, 1944-1954
Low_ 107 31 107 33 107 33 107
,
,
,
,4311 1081, 107"sa
n
Close 107 j, 107'31 1072412 108,, 1081512 108
,
nl
Total sales in 81.000 units _ _
.
1
38
382
199
238
56
righ 104,4as 10415,3 10424as 10411,3 105"n
105"33
3%s, 1948-1958
Low_ 104"n 104"as 104"aa 104"al 105433 10511ss
Close 10411n 104"as 10414,3 104"as 10514
:3 1051431
Total sales in 61 000 units _._
28
178
635
301
507
253
Note.
-The above table includes only sales of coupon
bonds. Transactions in registered bonds were:
3 1st 3158
41 26 414s
3d 451
,
1011, to 1011,
32
311 35 4th 434s
1001 to 1001, 310 Treas. 434s
%
31
1011as to 10111n
104
to 104%
103
,233 to
103",2
Foreign Exchange.-Sterhng exchange has ruled
but firm with a tendency to fractionally higher levels. quiet
The
Continental exchanges were dull and almost
stationary,
with the exception of Spanish pesetas and Argentine paper
pesos, which were both active and sharply higher.
To-day's (Friday's)
actual rates for sterling exchange
were 4 8434 for
checks and 4 8534 for cables. Commercial
on banks, sight. 48454; sixty
dayr,4 8054; ninety days,4 783-4, and
documents for payment (sixty days).
4 8'034; cotton for payment, 48454. and
To-day's 0‘riday's) actual rates for grain for payment. 4 84%•
for short. German bankers' marks are Paris bankers' francs were 3 8954
not yet quoted for long and short
bills. Amsterdam bankers' guilders
were 39.9934 for short.
Exchange at Paris on London.
124.03; week's range, 124.03 high and
124.09 low.
The range for foreign exchange for
the week follows:
Sterling ActualChecks.
Cables.
High for the week
4.84 1-16
4 85 5-16
Low for the week
4.84 23-32
4.84 7-32
Parts Bankers' Francs
High for the week
3.9054
3.9134
Low for the week
3.9054
3.9154
German Bankers' Marks
High for the week
23.71
23.72
Low for the week
23.6934
23.7054
Amsterdam Bankers' Guilders
High for the week
40.0154
40.0234
Low for the week
39.9954
40.0154
Domestic Exchange.
-Chicago, par. St. Louis, 15411. 25c. per $1.000
discount. Boston, par. San Frauds...ft. Par;
Montreal. $1.873 Per $1,000
discount. Cincinnati, par.
New York Stock Exchange-Stock Record, Daily, Weekly and Yearly
1482
OCCUPYING SIT PAGES
For sales during the week of stocks usually Inactive, see preceding pegs
-PER SHARE, NOT PER CENT.
HIGH AND LOW SALE PRICES
Saturday,
Mar.5.
$ per share
Monday,
Mar.7.
Tuesday,
Mar.8.
Wednesday, Thursday,
Mar. 10.
Mar.9.
Friday,
Mar. 11.
per share $ per share S per share 5 per share $ per share
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
Shares
Par
Railroads.
134,400 Atoll Topeka & Santa Fe__100
2,000 Preferred
100
Atlanta Birm & Atlantio_100
- -4 8914 18812 190 189 1893- - 5-ielo Atlantic Coast Line RII 100
187 186 1186T8
187
181 187 8
- - -7
100
4
8 1123
11034 11134 112 1121 11212 1137 *7512 114 20,100 Baltimore dr Ohio
4
/
11214 11212
500 Preferred
100
76
8
7512 7512 755
7518 7518 *75
76
*75
76
*75
50
6212 66% 26,700 Bangor dc Aroostook
66
8 62
613
.5612 5612 5612 5612 5612 5712 58
440 Preferred
100
4
1073 10814 10812 10812
1
/
4
4
8
10714 10714 10712 1077 1073 1073 1074 108
4
1
/ 6714 67% 4,200 Skin-Max:2h Trao v t o_No par
6814 6712 6712 6714 67
6714
4
8 683 69
8
687 687
300 Preferred v t o
No par
8612 8712
8612 8712 *
*
87
: 87
8712 871
*8712 58'
*8712 88
8 1,000 Brunswick Term & Ry Soc_100
8
8
8 105 105
4 103 103
113
10
11
1012 1018 1014 *10
11
4,116 Buffalo Rochester & Pitts_100
110 111
4 11414 115
104 1113
102 104
4
9212 9212 943 103
Canada Southern
60
100
*59
60
*59
60
*59
60
*59
60
60
*59
.59
100
18414 18614 18512 18714 185 18714 15,200 Canadian Pacific
1841 18514 18312 18412 182 184
:
400 Central RR of New Jersey _100
4
4
2943 2943 295 296
*285 295
*290 300 •285 295 *285 295
100
8
1463 15712 22,200 Chesapeake & Ohio
15814 157
4
1
/ 154 156
4
1
/
4
1557 15612 2153 154
1543 156
8
100
4
/
71 712 6,100 Chicago .4 Alton
712
7
712
71g
,
6 8 718
8 7
65
4
/
8 61
67
100
4 3,500 Preferred
103
10
1014
10
4
93 10
8
93
9
9 12
9
4
1
/
4
1
/ 9
9
C C C & St Louis
100
•280 300 *280 300 *275 300 *275 300 *275 300 *275 300
600 Chic & East Illinois RR
100
3314
33
35
35
35
*33
35
*33
35
*33
35
34
•
100
4812 1,200 Preferred
*47
48
48
46
46
46
471s 46
47
*47
48
15% 1712 65,400 Chicago Great Western._100
1511 16 4
3
,
4 1412 15 4
8 1412 143
1412 153
1512 15
4
1
/
100
8
4
/
8 261 273
4 2712 295 26,700 Preferred
2534 273
267
8 2534 2614
2612 27 4 26
,
4 13% 13% 10,900 Chicago 5111w & St Paul.....100
1
/
134 133
8 1212 1314
1312 13
4
1
/ 1314 1312 1278 133
100
1318 1314 3,100 Certificates
8
127 13
1212 12, 1314
2
1212 1212 12
4
1
/ 123
12
4
8
100
4
/
4
2 201 213 11,300 Preferred
8
2014 203 2114 203 21,
5
2012 21,
4 2014 20 8 20
4
2012 2018 2012 193 2053 4.500 Preferred certificates_ _ 100
4
/
8
193 191 20
2014 2012 1912 20
4
8212 833 21,600 Chicago & North Western.100
8214 8218 83
81
8114
,
82
4 8118 82 4 80
823
300 Preferred
100
127 127 •12612 12812 *126 129 *12612 129 *12612 129
128 128
4
4
1
/
8
8112 8112 82
4
1
/ 825 834 5823 84, 54,500 Chicago Rock Isl fic Pacific_100
8 8018 8114 80
4
/
801 807
900 7% preferred
100
107 107
107 107
4
/
1
/
8
8
10618 1061 1065 1065 *106 1064 10612 1061
4
/
9722 9818 2,800 6% preferred
100
4
1
/ 97% 98
97
97
97
9714 97
9712 9712 97
100 Colorado & Southern
100
92
89
*
92
*89
92
*89
91
*89
91
*89
91
91
First preferred
100
75
*72
75
*72
75
75 .72
*72
75
*72
75
*72
Second preferred
100
72
68
72
*
68
72 •
•68
71
68
72 •
*68
72
*68
900 Consul RR of Cuba pref
100
4
7212 723
7312 57212 73
*73
*7312 74
74
7314 7314 73
100
183% 9,400 Delaware de Hudson
8
3
8
8
4
/
180 1811 178 17912 17814 1807 1797 1807 18112 1825 182 151
9,800 Delaware Lack & Western. 50
14812
149 150
4
148 14318 147 1473 149 149
14812 149
1,600 Deny & Rio Or West pref100
5312 5312 5412 55
53
53
8
*5414 5412 5318 5418 525 53
100
4
4514 4412 45, 15,800 Erie
4512 45
45
4
1
/ 4414 45
45
8
453 4618 45
100
3
,
4
/
4
1
/ .561 57 4 55 4 5718 18,200 First preferred
8 5614 57
5512 565
4
1
/ 5612 .5718
57
57
100
5114 4,500 Second preferred
50
52
5114 5114 *5114
51
51
52
*51
53
52
•
22,200 Great Northern preferred _100
4
1
/ 8714 89
8
4
1
/ 8512 86,
2 865 87
4
4 843 85
853 8618 8518 853
4
8,400 Iron Ore Propertlea_ _No par
4
4
4
/
4
/ 2112 211 213 2218 213 22
4
/
4 211 2214 2112 211
8
223 223
68 108,300 Gulf Mobile & Northern..100
8 56
454 45 4 483
44
3
4 4812 543
46
4714 46
47
100
2,500 Preferred
4
/
1081 11014 11012 111
•107 108 •107 10814 *107 10812 108 108
100
4
8 513 534 11,600 Hudson & Manhattan
535
5218
4 5112 53
8 5018 513
5112 527
52
52
100
83
Preferred
*80
83
*80
83
*80
83
*80
33
83 .80
*80
100
8
12518 12514 12518 1251g 12512 1263 125% 125% 3,600 Illinois Central
12514 12514
8
1257 126
100
300 Preferred
12612
4
124 1243 12514 12514 •124
•124 127 *123 127 *123 126
Railroad See Series A_1000
8
*76% 7
8
*785 78
,
*76 8 78
8
*765 78
8
*765 78
8
*765 78
Int Rys of Cent America...100
,
26 4
2614 *25
2614 *23
2614 *23
2614 *23
*25
2614 *23
100
Preferred
*6412 67
*6412 67
*6412 67
67
*64
*6412 67
*6412 67
8 3,800 Interboro Rapid Tran v t 2.100
8 48
8 4712 48,
483
8 477 485
475
4814 47
47
4718 4718
100
5038 5212 51,100 Kansas City Southern
517
50
50
8
47
8
4814 453 47
8
477 4818 47
100
200 Preferred
8
8
667 667
*6612 6712 *6612 67
*6612 67
67
*6612 67
67
50
11712 11914 5,700 Lehtgh Valley
115 11612 11612 119
114 11458
4
1163 117
118 118
100
1,700 Louisville & Nashville
4
/
4
13412 13412 1341 1353 136 13612
134 134
8
1347 135
135 135
Manhattan Elevated guar_100
90
*88
90
90
*88
*88
90
*88
90
*88
90
88
•
100
Modified guaranty
4
/
8 511 511 2 5114 .5112 *5114 5112 2,700
4
8 51
5118 503 515
*5112 575
100
100 Market Street Railway
5
5
6
*4
6
*4
*412 6
*412 6
*412 6
100
Preferred
26
*16
26
•16
26
.16
26
*16
26
*16
26
•16
100
150 Prior preferred
*4112 43
*4112 43
43
*42
43
42
4212 4212 .
*4212 43
100
Second preferred
*1112 12
*1112 12
*1112 14
12
12
14
14
*12
•12
100
4
2% 33 17,100 Minneapolis de St Louls
4
4
1
/ 23
2
: 212 212
212 21
4
1
/
2
41258 2
4
1
/
2
4
1
/
Minn St Paul & SS Marle_100
35
*31
*31
35
35
*31
35
*31
36
*32
36
33
•
100
Preferred
56
*54
59
*54
60
*.53
56
*53
60
*53
59
*53
100
Leased lines
*6012 62
*6012 6238 *6012 61, *6012 6258
2
62
611 *61
"81
4
/
4012 16,000 Mo-Kan-Texas RR____No par
30
391g 3918 40
365* 3712 38
4
1
/ 39
4
383 39 4 37
,
100
8 5,200 Preferred
8
8
4
100 10014 100 1005 10014 1003 1005 1017
8
1
/
•10018 10012 1003 1004
100
8
507 5212 106,700 Missouri Pacific
4
/
4
4712 493
4 463 4814 4812 501 5012 52
4812 50
100
4
4
4
1
/ 973 1003 100 10112 100 101 1 4 17,400 Preferred
,
98 2 9714 98
8 98
993
99
500 Nat Rye of Met 1st pref_100
5
*4
418 412 *414 5
412
412
,
,
44 44
,
4 4 414
100
500 Second preferred
4 2
•13
1% 1%
4 2
*13
172 2
8 2
4
/
8 21 *17
•17
240 New On Texas & Mexico...100
134 138
133 134
13312 13312 *133 135
133 133 *13312 135
100
4
4 1433 14314 1443 81,400 New York Central
4
8
4
4
8
1403 14158 1393 1403 1395 14118 140 14178 1413
900 N Y Chic & St Louis Co100
4
190 19012 *189 19012 189 18914 18914 1893 *188 190
*19012 193
100
4
1
/ 2,000 Preferred
103 10312 10212 102
4 103 103
8
8
8
1025 1025 10214 1025 102 1023
100
1
/
4 5214 5314 129.500 NYNH& Hartford
,
4
/
511 52 2 5012 52 4 4912 5112 5113 5314 524 533
,
8
29
4 2812 295 15,300 N Y Ontario & Western__ A00
293
29
4
263 2812 28
1
/
284
8
283 28 4 28
,
500 N Y Railway, pref ctls_No par
1418
•137 14% 14
8
14
14
1414 *1212 13
*13
4
*123 14
200 New York State Railways.100
20
*18
20
20
20
*18
20
*18
20
*18
20
*18
100
4218 4318 *4212 4312 4312 43% 44% 52% 13,600 Norfolk Southern
433 44,
4
4
4
1
/ 43
43
4
1
/
100
4
8
1667 1703 169 17312 23,200 Norfolk & Western
4
/
165 16538 164 16514 16518 1661
165 166
100 Preferred
100
86
*84
86
*84
86
86 .84
*84
85
84
•
8514 85
100
1
/
1
/
864 87 2 8714 884 23,100 Northern Pacific
,
8528 8514 86
1
/
4
1
/ 864 8512 864 85
85
1
/
100
Pacific Coast
25
*18
25
*16
25
*16
25
*16
25
16
25 .
•16
50
23,000 Pennsylvania
1
/
4
1
/ 584 59
4
1
/ 58
57
8
4
/
581 5812 575 5818 577 577
58% 58%
100
3112 4,500 Peoria di Eastern
,
30 4 30
2714 2714 28
*2612 28
2512 2612 25 25
100
4 6,500 Pere Marquette
12112 122,
12112 12112 12112 122
122 122
12212 123
123 123
100
400 Prior preferred
9414
*94
94
4
1
/ 94
4
3
4 933 93
4
4
/
*931 943 *9312 93 4 934 933
1
/
100
8 9112 9112 2,500 Preferred
4
913 9134 *9118 915
91
9012 90 2 91
*9014 92
,
100
130 13212 13112 13312 *131 132% 6,300 Pittsburgh & West Va
126 130
122 127
128 130
50
10514 10412 106% 10528 1074 49,000 Reading
8
4
10112 1033 1025
4
1033 10412 10212 104
50
400 Filet preferred
4
8
8
8
405 405 *405 4112 *403 4112
405 403 *4012 42
8
*4012 42
4
40
200 Second preferred
47
47
*4612 48
47
47
48
*47
4
*473 4812 *4718 48
100
5612 58% 4,800 Rutland RR pref
5612 56 2 5512 5512
56
,
56
67
58
5714 .
*55
100
40,000 St Louis-San Francisco.
8
4
4
1
/
1104 1113 11038 11118 11014 1113g 111 1123 11214 1131s 1127 11412
100
400 Preferred A
9712 97 2 *9718 9712 971* 97% *9714 9712 97% 9712 *9718 9712 4,509 St Louis Southwestern
,
100
4
/
4
/
4
68 18 687
68
1
/
8 673 6914 6911 691
8 66
6812 6812 674 687
100
4 1,600 Preferred
4
4
/
*8112 82
4 813 8214 x8114 813
813
8218 8218 8018 801 *81
100
1
/
8 3618 364 8,600 Seaboard Air Line
367
35
8 35
355
3612 3612
1
/
3614 364 3512 36
100
2,600 Preferred
39
39
39
38
3712 37
37
377
4
/ 8
371 3
3812 39
100
4
4
1073 1083* 10814 1083 10814 109% 20,300 Southern Pacific Co
10712 107% 1073g 108
108 10812
100
8
8
8
4
1
/
4
123 1233 1224 12338 12234 12338 122 1237 1235 1247 15,400 Southern Railway
4
1
/
123 125
100
500 Preferred
*9412 95
94
94
95
95
*94
4 9412 9412 *94
4
943 943
100
4
4 6212 633 15,000 Texas & Pacific
4
1
/ 6212 633
6018 6118 6014 6112 6114 62
6114 62
100
1,400 Third Avenue
39
*38
39
4 30
39
383
39
38
38
,
100
3814 38 4 38
4
1
/ 16417 16412 166
166 16712 18512 167% 7,500 Union Pacific
100
16418 16458 164 16514 163
1,200 Preferred
80 18
*80
80
793 8038 80
80
*78
80
*73
78
100
77
241,000 Wabash
4
723
69
4
/
8
4
/
4
1
/ 673 701 701 73
67
4 65
100
4 6714 693
,
69 2 71,
27,900 Preferred A
94
9212 933
9214 9112 93
91
4 93
9112 92
100
4
92 923
500 Preferred 13
93
*90
93
90 90
*90
90
90
90
90
100
95
*90
33,700 Western Maryland
2814
27
8 261 2712 2718 28
4
/
4
1
/ 263
4
1
/ 25
1
/
100
2712 275s 264 27
1,000 Second preferred
4
1
/ *3112 3314
1
/
334 33
3314 3312 34
32
33
100
3412 33
*33
3218 7,000 Western Pacific new
1
/
1
/
4
1
/ 3018 294 3012 3014 304 3012
2912 3012 29
100
32
new
31
4,300 Preferred
1
/
1
/
724 724 72
723
73
4 70% 72
7312 73 2 73
,
74
*73
400 Wheeling dr Lake Erie Ry 100
66
86
651 6518 69
*62
4
/
70
•62
70
100
*57
64
64
300 Preferred
8312 *
8312
82
8312 *82
8212 *81
8112 8112 82
*8112 84
Industrial & Miscellaneous
pa
4
4
1
/ 9118 8912 9014 893 9014 7,100 Abitibi Power & Faper_No pa
4
P112 903 9112 90
90
91
100 Abraham & Straus___No
89
67
67
64
67 •
*64
*63
65
65
67
100
6712 *65
60 Preferred
*65
4
8
11112 11112 1115 •11112 1113 *11112 112
100
4
/
*1111 112 *11112 1115* 11112 16514 166 16612 1671 4 170
16914 17012 1,700 All America Cables
165
10
1.000 Adams EXpregS
*16612 16712 16612 16612 •133 137 *133 137
13412 13412 135 135
100
134 134
Advance Rumely
135
134
2,900
8
137 14
8
•137 14
1414
4
4
133 133 14
13% 1418
.
131 14
a Ex rights.
Ex-dieldend
•Bid and asked Priam •
4
4
168 16812 1663 16758 16618 1673 16812 17112 171
4
4 993 10014 100
4
993 993
4
4
993 993 100 100
iia- 11112
111i4
17.1% 181
174
4
10014 993 100
PER SHARE
Range Sines Jan. 1 1927
-share lots
On Oasis of 100
Lowest
Highest
PER SHARE
Range for Previous
Year 1926
Lowest
Highest
$ per share
$ per share $ Per share $ per shard
Jan 6
Jan 5
Jan 3
Feb 8
Jan 4
Jan 3
Jan 6
Jan 10
Feb 7
Jan 27
Jan 25
Jan 8
.59 Jan 18
165 Jan 6
285 Jan 4
1513 Jan 25
4
4
43 Jan 8
712 Jan 5
275 Jan 31
3012 Jan 10
43 Jan 6
812 Jan 6
2314 Jan 7
9 Jan 4
9 Jan 4
8
185 Jan 3
8
187 Jan 3
1
/
784 Jan 27
12414 Jan 3
6812 Jan 4
10234 Jan 4
95% Jan 28
84 Jan 3
70 Jan 4
68 Jan 14
6912 Jan 15
17118 Jan 28
14014 Jan 27
41 18 Jan 5
3912 Jan 3
5238 Jan 4
49 Jan 4
8
795 Jan 4
1914 Jan 13
3518 Jan 6
105 Jan 14
4012 Jan 3
78 Jan 6
121% Jan 10
1207 Jan 12
74 Jan 4
24 Jan 18
63 Jan 4
8
433 Feb 8
4114 Jan 4
64% Jan 7
9934 Jan 6
12818 Jan 14
85 Jan 28
48 Jan 6
412 Feb 2
18 Feb 10
8
415 Feb 7
12 Mar 8
138 Jan 13
27 Jan 6
51 Jan 12
59 Jan 6
3112 Jan 6
4
953 Jan 4
4
/
371 Jan 4
9018 Jan 4
4
/
41 Mar 9
154 Jan 7
121 Jan 8
13714 Jan 27
186 Jan 8
102 Mar 8
415* Jan 4
2314 Jan 15
1212 Jan 21
1818 Jan 26
3718 Jan 14
158 Jan 4
84 Feb 3
78 Jan 3
1514 Feb 3
4
563 Jan 3
20 Jan 25
13 Jai, 6
19412 Jan 22
181 Marl)
10118 Feb 24
178 Feb 3
205 Jan 3
4
1153 Feb 18
77 Feb 16
8
685 Mar 11
109 Feb 8
707 Jan 20
88 Jan 4
1518 Jan 7
115 Mar 10
5912 Jan 8
19212 Feb 28
30412 Feb 9
4
1623 Jan 5
10% Feb 9
137 Feb 8
302 Feb 16
8
377 Feb 8
5114 Feb 9
2212 Feb 9
3334 Feb 8
173* Feb 9
16 Feb 18
25 Feb 9
4
1
/
23 Feb 16
4
1
/
87 Feb 18
13412 Feb 3
8414 Mar 11
107 Mar 10
9818 Mar 11
93 Jan 15
747 Feb 15
7112 Jan 15
7414 Mar 4
1855* Feb 18
8
1547 Feb 16
58 13 Feb 17
4712 Feb 19
5912 Feb 19
5414 Feb 19
9118 Feb 19
231 Feb 4
68 Mar 11
111 Mar 11
8
567 Feb 24
82 Feb 21
8
1295 Feb 18
12812 Feb 18
7714 Mar 3
25 Jan 15
6512 Feb 0
5218 Feb 26
7
53 Feb 18
68 Feb 17
128 Feb 18
139 Feb 18
90 Feb 11
547 Feb 28
5 Feb 21
20 Feb 4
44% Jan 2
1212 Jan 24
4% Feb 3
40 Feb 4
4
583 Feb 8
63 Jan 13
44 Feb 18
101% Star 11
5514 Feb 17
8
1047 Feb 18
512 Feb 3
2% Feb 2
138 Feb 9
14738 Feb 18
1977 Feb 21
105 Jan27
583* Feb 16
3414 Feb 18
4
153 Jan 14
22 Feb 3
4
/
521 Mar 11
17358 Feb 18
86 Jan 3
91 12 Feb 18
2714 Feb 15
6112 Feb 18
3314 Feb 14
r 1
2632
193is j n 12
894 Jan 4
12212 Jan 18
94 Jan 4
4012 Jan 13
4
433 Jan 12
43 Jan 7
1003 Jan 6
96 Jan 28
61 Jan 6
76% Jan 8
3112 Jan 28
37 Star 8
10514 Jan 28
119 Jan 28
04 Star 10
4
537 Jan 7
3712 Jan 21
15912 Jan 27
77 Star 5
4012 Jan 4
76 Jan 3
65 Jan 15
134 Jan 6
23 Jan 7
274 Jan 12
703 Star 11
2712 Jan 3
4712 Jan 7
92 Feb 3
148 Feb 8
113 Feb 9
4212 Feb 16
50 Feb 16
594 Feb 8
11412 Star 11
0812 Jan 15
723* Fob 17
8314 Feb 28
4114 Feb 17
4
433 Feb 4
112 Feb 18
127 Jan 3
95!3 Feb 21
4
873 Feb 18
41 Feb 8
172 Feb 18
8212 Feb 11
3
75 4 Feb 28
95 Feb 28
9012 Mar 4
4
443 Feb 7
42% Feb 7
3912 Feb 0
763* Feb 7
130 Feb 8
93 Feb 8
16134
8
993
8
5
4
1823
10612
7314
44
101 12
6512
4
863
922
8014
83 Jan 27 9112 Mar 7
63 Jan 18 70 Jan 21
:
1101 Feb 1 11212 Feb 8
3
139 4 Feb 16 172 Feb 25
124 Jan 5 139 Feb 25
912 Jan 3 15 4 Feb 9
8
122 Mar 172 Dec
9418 Mar 102 Dec
Jan
10
12 May
18112 Mar 28212 Jan
4
8312 Mar 1093 Sept
737 Aug
6712 Jan
33 Mar 46 Feb
8
977 Feb 103 Dec
5418 Mar 777 Dec
78 Mar 89% Dec
8
812 Mar 185 Nov
4
4
693 Mar 873 July
Jan 61 June
58
14612 Jan 17014 Dec
240 Mar 305 Jan
112 Mar 1783* Sept
414 Sept 1158 Feb
618 May 1814 Feb
17314 Mar 275 Aug
30 Dec 37 Feb
4
3612 Mar 513 Feb
78 Mar 12% Sept
8
1614 Mar 315 Sept
1412 Jan
814 Dec
Jan
3
7 4 Dec 14
141g afar 24 Aug
52
14 Apr 23 Aug
6514 Mar 834 Sept
11812 Jan 12612 Apr
4012 Mar 7114 Dee
96 Mar 108 Dec
8314 Mar 98 Nov
52 Mar 9614 Oct
Oct
62 Mar 74
59 Jan 72 Bent
7212 Dee
4
683 Nov
15014 Mar 18312 Sept
129 Mar 15312 Jan
Jan
3712 May 47
2212 Mar 42 Dec
3334 Star 5514 Dec
30 Mar 5014 Des
6812 Mar 8418 Dec
18 Dec 2714 Feb
2518 Apr 4114 Sept
95 Mar 10912 Sept
345 Jan 4112 Dec
674 Mar 80 Dee
11312 Mar 131 Sept
11512 Mar 12912 Sept
71.14 Jan 77 June
Feb
24 Dec 31
62 Star 66 June
4
2412 Jan 533 Dec
3414 Mar 513* Sept
8
605 Mar 68% Sept
7512 Star 106 Deo
118 Mar 144 Sept
84 Mar 925 Apr
381 Jan 617 May
10 Feb
41s July
1912 Oct 40 Feb
8
3918 June 513 Feb
1134 Oct 2212 Feb
37 Jan
118 Dec
8
257 Dec 5212 Feb
50 Dec 79 Feb
Oct 66% Feb
60
2912 Oct 4718 Feb
82 Mar 961% Deo
27 Mar 45 Sept
7112 Star 95 Sept
84 Jan
4
43 Apr
412 Jan
4
13 Oct
120 Mar 13212 Jan
117 Mar 14712 Sept
130 Mar 20412 Sept
93 Mar 106 July
305* Star 48% July
8
287 Feb
1934 Ma
Jan 2014 Feb
6
13 Deer 2812 Jan
8
8
277 Apr 443 Sept
13914 Mar 17078 Oct
8312 Nov 853* Aug
4
653 Mar 8212 Aug
Oct 48
15
Jan
485 Star 571s Oct
157 Oct 268 Jan
7697 Starr 126 J ly
, ,
2 D o
Mae
703 Mar
85 Star
79 Mar
4
393 Dec
40 Star
42 Apr
85 Mar
8312 Apr
5712 Mar
72 Mar
2712 Mar
:
311 Mar
9618 Mar
8
1035 Mar
871: Apr
4218 Mar
1312 Jan
14112 Mar
743 Jan
4
337 Mar
68 Mar
57 Mar
11 Mar
16% Mar
2712 Dec
72 1)cc
18 Star
37 Mar
917 July
13514 Dee
10114 Deo
42 Apr
453 Dec
6114 Aug
10312 Dec
9712 Des
74 Feb
8014 July
Si
Des
48-3, Feb
11214 Dee
13114 Sept
9512 Aug
(1158 Jan
43 Apr
1683 Oct
8
8114 Aug
52
Jan
783 Jan
4
72
Jan
145 Jan
2638 se pt
8
3914 Jan
4
863 Sept
Jan
32
5012 Jaa
4
703 May 98 Sept
43 May 72 Dee
10412 Star 112 Dee
Jan 155 July
131
991 Mar 136 Sept
8 Dee 22 Sept
New York Stock Record-Continued--Page 2
- 1483
For sales during the week of stocks usually inactive, see second page preceding
HIGH AND LOtV SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday,
Mar. 5.
Monday,
Mar. 7.
Tuesday,
Mar. 8.
Wednesday, Thursday,
Mar. 9.
Mar. 10.
Friday,
Mar. 11.
8 per share $ per share 8 per share 8 per share $ per share $ per share
8614 3612 361 2 37
3612 3612 3614 3614 *36
37
.3512 36
47
58 512
518
518 518
47
8 58
5
5
43
4 48
14618 14734 146 14612 146 146
14512 146
146 149
1464 148
1158 12
1112 12
113 113
8
4
11 18 1133 11 14 1133 1114 1214
153
15g
134
134
12
4
17
8 97
8 2
17
8
17
8 5178
2
138 14018 13914 141
13858 1393 1373 1387 13633 139
8
8
4
140 14212
•121 122
12114 121 14 121 12 121 12 121 14 1213 121 14 121 12 z120 120
8
9.518 9518 947 96
04
8
953
4 95
9612 9512 9614 96
96
*110 1114 *110 III .1103 111 12 1103 1103 11012 11012 11012 11012
4
4
4
1758 1733
173 1712 1712 1712 18
175 17%
8
8
1814
1712 1812
34
3418 3318 34
4 3314 3334 33
3318 333
3312 32% 337
8
*123 125
8
8 1218 1214 124 1213 .1253 1234 124 1214
113 1218
4
4014 41
407 41
8
40
3918 40
41
407 41
3914 40
•47
48
473 474 47
4
47
4712 475
8 47 47
475 473
8
4
*57
5734 574 533 .58
5812 .58
4
5812 5812 5812 5812 5812
*2312 243
2
4 2312 23) .23
25 .2312 24
24
24
.2212 2312
Cl
*56
.55
.5.5
6014 .55
61
5612 •55
5612 .55
5612
1512 16
.154 17
1518 1514
1512 16
15% 153
8 1512 153
4
142 14212 142 1423 141 142
142 145
4
14412 148% 148 150
•11714 121 *11714 121 411714 121 *117 121
121 125
125 12514
35 3518 32
33% 3218 3318 32
3412 3233 3312 33
3213
*9412 98
*9512 9612 *9412 9612 .9412 9618 *9412 964,
.9412 98
4818 433
4 43
4812 474 48
477 4838 48
4834 4714 4814
8.1283 130 •12834 130 .12914 130
4
12953 130
12914 12914 12912 12912
104 1043 1043 1055 2103 10312
10412 1043 104 104
10414 105
4
4
4
8
•128 130 .128 130 .128 130
129 12912 12912 12912 .12614 128
3014 3014 3514 3014 3014 3014 3014 3014 3014 3014 304 3033
4612 47
47
45
46
46
46
47
453 47
4
467 467
8
*45
4512 4518 4512 •4314 463 .4512 46
4
*4512 46
.4512 46
10
1018
1014 101 1
10, 1014
s
10, 1014
8
10
1014
10
1014
13012 13012 130 131
131 131
131 131
13212 1334 *13112 132
20 12 2014 203
2014 2012 20
2053 20
4 2013 21 14 21
2153
90
90 90
90
90
903
4 9012 9012 90
90 12 9013 91
.85
8 9
.812 9
.812 9
9
9
.9
10
85
8 85
8
•49
*49
50
50
4912 50
51
52% 51 12 513
4 51
51
824 33
3212 324 3218 3212 3212 3233 3214 323
8 3212 32%
12912 1307 129 12912 13014 1303 130 130
130 131
4
129 130
•863 86% .863 867k 86% 867
4
4
86% 8712 .863 8712 *8612 87
4
•39
3912 39
39
3014 3914 3918 393* 39
393
8 39
3914
•83
8 012
812 812
84 83
3
8
84
84 84
8
8
! 223 24
4
2353 231
227 234 213 2312 217 223
2
2
*
8 2252 23
59
59
bra 58
57
5718 5314 5612 534 5412 5412 553
4
11218 1125 111 12 1125 111 18 112
8
8
11152 11214 11253 11312 211058 Ill's
•120 1217€ .120 122 .121 12258 •121 1225 12212 12218 .12014 1227
8
•80
83
.80
83
*81 14 83
.81
83
.81
844 .8112 8472
13139 145 .140 145
1421 1423 145 147 .141 147 •141 147
8
41% 413
4 415 413
8
4 41% 4112 4114 4114 .41% 414 4114 414
•109 11112 .109 111 12 *109 112 .109 112 *109 111 .109 111
5612 57
5634 5634 56
564 5633 5753 57
4 591
83
5812 5 4
1143 115
4
11418 11410 114 11518 11514 11634 11612 118
1177 11918
8
92,0 914 91 14 *91
9212 .91
*91
92
.91
92
.91
92
*46
46
50
46
.40
50
•46
49
*45
47
46
46
5312 5453 5212 533
52% 53 .524 53)2 532
52
5218 5214
5
5
*47
8 5
.47
8 5
453 47
45
45
8 45
8
47
e
14912 1513 1473 14978 147 149
8
4
14912 1505 14918 15033
8
14833 13053
121 121
12012 1201 12012 12058 12012 1201 .12018 12012 12012 1203
4
*128 12912 .128 12917 12934 1293 12912 12913 1297 1307 z12514 12514
4
8
8
*454 46
454 451
45
45% 4518 4518 4514 4512 4512 4512
•114 115 .114 115 .114 115 .114 115 .114 115 .114 115
83
8314 1183
83s 8214 834 837 8533 834 8514 833 84%
4
*108 110 *108 10912 .108 10912 11108 10912 109 109 .108 10912
41112 494 43 8 494 4814 4914 437 5014 497 503
5
8
3
4 49 1* 51 10
28
28
274 273 .2712 281 2 .2712 2812 .2712 2312 *2712 2812
4
1584 15918 1583 159
4
1533 15918 1587 159
,
4
159 159
1537 159
8
*12112 12212 1223 1223 •122 1223 1223 1224 1223 12253 •12212 1227
4
4
4
8
8
8
*112 11213 11212 11212 1123 115 z1123 1123 1133 1133 11312 1133
4
4
4
4
4
4
121 12112 123.2 12114 12012 121 14 121 12114 1204 12112 12118 12114
13612 13612 13712 138
136 136
13613 137
1363 138 *136 138
4
7312 74% 73
7418 715 734 733 7614 754 765
8
4
76
7714
•105 106
1053 10534 1054 1053 *1
4
4 ._ 108
1077 108 .106 108
8
2314 2312 2218 2333 228 2338 2234 237
8 23
8
2353 215 23
71 1€ 7312 7218 7312 72
717 73
733
7218 727 z673 7012
*
8
1
14
13
114
133
15
8
1 18
1 18
1 12
1 14
*1
1 14
95
8 958
9
9
.9
94
94 9 1
'
912 972
912
*9)4
.43
49
4712 48
4612 47
46% 4612 4712 4912 4812 4938
4718 4712 463 4712 4633 47
4
463 47
4
463 4714 4612 47
4
.40
4012 .40
41
4()
40
*40
401E ..40
4013 40
4012
•1063 1074 .1063 1073 .1063 1073 .106 1073 106 106 .106
4
4
4
4
4
4
1074
90
0618 961s 96% 9618 0618 9618 x94% 9418 9412 0412
96
12
133
4 123 1312 127 13
4
13
8
134 13
13
13
133
4
7
7
74 714
7% 74
714
733
712 714
7% 8N8
8514 8514 *85
.8512 87
86 .8512 86
*84
85
8312 8312
.2314 234 2314 2314 .225 23
22% 2233 23
8
23
*22
227
.2314 2312 2314 2314 2312 2312 24
2412 •25
26
25
25
5212 .51
•51
*51
52.2 51
53
51
•49
51
.40
51
•____ 11414 .____ 11414 •____ 11414 •____ 11414 •____ 11414 •____ 11414
8
8
4214 43
424 4318 417 4212 413 43
43
433
43
433
9914 9914 .99 103
•100 103 •100 103
.99 103
.99 103
•10613 10712 .10612 10712 .107 10712 .106 1210712 *10612 10712 .10610 1071.
4912 *4812 4912 .4812 4912 .48
1348% 5012 MS
50
*4812 4912
*3434 3612 *3412 3533 337 3412 3l 12 3334 3118 34
*3212 33
36
34
3412 .30
*3612 38 .3612 3712 35
35
.30
35
8
1123 1153 114 11714 114 1157 11312 11512 11412 115
8
4
1143 1167
8
8
117 117 .11612 117
*118 11614 1161 4 11614 .11612 117
118 118
60
60
60
60
59
60
.58
59
.58
60
*58
60
100 100
5994 1004
*993 10014 100 100
10014 1004 100 100
4
*8
81
.8
812 .8
812 .8
812
8
8
.8
812
8
gis *8
814
8
8
73
4 8%
6% 7%
714 712
5312 53 2 53
,
49
51
52
53
50
52
51 1
.____ 5312
-----.- 777- 18(c14 180 136 7 ---- 1877 -7-7 1907 ---185 187
18234 --- - -77" --184 -7-7 18714 -- -- 1853 18838
8
4
4
120 120 .116 120 .118 120 .116 120 .118 120 .118 120
333 34
3218 333
33% 34
4 323* 334 325 3334 323 3312
8
32
3214 3112 32
4 3012 313
31
4
31 12 303 313
4 3012 31 14
5414 544 55
5314 54
55
55
55
.5412 5512 5414 5512
*5812 59
5712 5712 584 553 *571 5814 5712 5713 573 555
8
8
237 237
8
8 2418 2418 2414 24% 2412 2412 2412 2412 243 247
4
8
4914 5038 49
50% 495 5012
495
8 4812 4914 484 5014 50
8
106 166
107 107
1053 106 .106 1068 1064 10612 10078 107
4
•373 33
8
373 373
4
4 374 3714 3712 3712 3712 3712 .373 3712
8
*11012 111 *11052 111 .11014 111 *11014 111 '11033111 .11014 111
5312 5313 5312 5414 5414 54's 5434 55
55
55
5514 5512
653 67
*912 7
63
4 6
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.
653 7
, 7
.633 7
*40
46
.40
46 .40
•40
46
46
1
.40
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46
46
•25
254 243 25
4
2212 2333 2214 24
2412 241
24
2514
3314 334 33
3334 325 33
3212 353
8 335 3414 334 34
•I
1% •1 Ile
I
1
1
•1
1 18
1
*I
1%
151 1513 151 151
4
1503 1503 15012 15012 1503 153
4
4
15212 1524
02
92
.9012 91 12 914 91)4 911e 9118 91 18 9212 .
9012 91
*3112 3212 *31
3212 31 14 31,
.31
3212 *31 13 324
31, 32
4
*1083 11314 .109 113 *109 113 *109 115 *109 113 *110 112
4
3212 3212 324 3212 317 32
32
.317 3214 32
32
32
112 113
11212 11212 .113 1141 11312 113)z 11412 11412 115 115
25 .24
•24
27
1
.24
26
25
25
25
25
2418 25
59758 983 *975 983 .9733 983 •
4
8
4
4 97% 973
9733 983 .973* 973 •
4
92
94
.92
933* 94
93
93
94
.9212 9312 9312 9312
41 12 42
41
40% 397 40% .
417
8 40
8
40% 4314 4318 44
9512 .95
*944 9512 .95
5912 9512 9533 97
97
.96
9712
109 109 *10812 10878 •10812 1087 1081s 1087 10812 10912 109 10912
8
s
•37
8 4
4
37
4
37
37
*37
2 4
37
*37
8 4
553
5512 54
4 35
5512 55
5433
56
53
54% 5212 53
*1 1
1112 11
ii
11
11
11
1114
1118 11 18
11
II
z7014 7014 .7012 74
74
*73
*7012 77
7212 743* 74
78
5512 5618 5514 56
57
56
5514 5612 5612 5812 574 6137
---- _-- ---_-. srlss, -- ---- - - - - ISU U5€eU On 11111 057.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PE.R SHARE
Range Since Jan. 1 1927
On baits of 100-share lots
Lowest
Highest
Shares Indus. & MIscelL (Con.) Par
100
000 Advance Rumely pref
1
5,000 Ahumada Lead
4.400 Ale Reduction, Inc____No par
No par
53,100 &lax Rubber, Inc
600 Alaska Juneau Gold Min__ 10
75.700 Allied Chemical & Dye_No par
700 Preferred
100
2.600 All:a-Chalmers Mfg
100
100
300 Preferred
2.300 Amalgamated Leather_No par
13,200 Amerada Corp
No par
2,800 Amer Agricultural Chem_ _100
4,900 Preferred
100
700 Amer Bank Note, new
10
110 Preferred
50
100
300 American Beet Sugar
100
Preferred
2,100 Amer Bosch Magneto__No par
8,700 Am Brake Shoe & F___No pat
$ per share
3914 Jan 25
418 Feb 16
131 12 Jan 26
9 Jan 4
1 14 Jan 6
131 Jan 25
120 Marl
88 Jan 25
109 Feb 9
16 Jan 25
31 12 Jan 6
11 14 Jan 13
39 Feb 23
41 Jan 6
5612 Jan 4
221 2 Mar 3
5514 Feb 25
13 Jan 20
134 Jan 28
2,500 Preferred
100
15,500 Amer Brown Boveri El_No par
100
Preferred
25
39,600 American Can w I
900 Preferred
100
5.100 American Car & Fdy ___No par
300 Preferred
100
5.309 American Chain, class A_..25
No par
3,500 American Chicle
200
No par
Do certificates
3,600 Amer Druggists Synclicate__10
2,200 American Express
100
17,500 Amer & Forn Pow new_No par
1,000 Preferred
No par
500 American Elide dc Leather 100
100
2,200 Preferred
7.300 Amer Home Producta__No par
100
5,400 American Ice
100
400 Preferred
2.500 Amer international Cori:LAO°
2.000 American La France F E___10
100
14.400 American Linseed
100
4,600 Preferred
11.800 American Locom new__No par
100
Preferred
100
Amer atachine& Fdy_No par
100
Preferred
30
11,300 Amer Metal Co Ltd___No par
100
Preferred
5.300 Am Power & Light__No par
25
8,600 American Radiator
100 Amer Railway Express__ _100
200 American Republics_ __No par
2,200 American Safety Rasor-- -100
,No par
1,000 Amer Ship & Comm.
99,300 Amer Smelting dr Refining. 100
100
1,200 Preferred
100
1.000 American Snuff
1.400 Amer Steel Foundries-NO Pa
100
Preferred
100
7,000 Amer Sugar Refining
100
100 Preferred
12.500 Am Sum Tob new ctfa_No par
300 Amer Telegraph & Cable 100
100
8.000 Amer Telep & Teleg
50
1,000 Amerlean Tobacco
100
1,900 Preferred
50
3,700 Common Claes B
1,200 American Type Founders__100
29,800 • m Water Works & Elee
20
100
400 let Preferred (7%)
100
20.600 A..)erican Woolen
100
8.800
Preferred
4.800 A mer writing Paper pref 100
500 Amer Zinc. Lead & Smelt___25
25
Preferred
2,800
6,100 Anaconda Copper MinIng 50
300 Archer. Danis, laticird_No par
10 Preferred
100
100
1,200 Armour & Co (Del) pref
10.300 Armour of Illinois Class A..25
13,800 Class B
25
200 Preferred
100
500 Amn Cons Corp [em ctf No par
700 Art Metal Construction_ __10
100 Artloorn
NO par
100
Preferred
100
15.700 Associated Dry 000ds
100 1st preferred
100
100
2d preferred
Associated 011
25
6,000 AU Gulf & W 1 El El Llne___100
1,700
100
preferred
36,900 Atlantic Refining
100
300 Preferred
100
503 Atlas Powder
No par
100
550 Preferred
300 Atlas Tack
No par
3,800 Austin, NIchole&Co vie No par
1,100 Preferred
100
Auto Knitter Hoslery__No par
-_88,500 Baldwin Locomotive Wk,.190
100 Preferred
100
92,300 Hamadan Corp class A
25
10,700 Class B
25
2,000 Ba,uk Cigars. Ino
No par
1.590 Beech Nut Packing
20
2,000 Beld'g Wway Co tern etfNo par
43,700 Bethlehem Steel Corp
100
1,200 Preferred (7%)
100
400 Bloomingdale Bros____No par
Preferred
100
2,900 Bon Am!, class A
No par
800 Booth Fisheries
No par
1st preferred
100
900 Botany Cone Mills clam A..50
19,700 Briggs Manufacturing__No par
3(10 British Empire Steel
100
2,600 Brooklyn Edison, Inc
100
1,400 13klyn Union Gas
No par
500 Brown Shoe Inc
No pa
Preferred
100
1,600 Brunsw-Balke-Collan'r_No par
1,700 Burns Bras new clAcom No pa
400 New class B com____Ar par
-0
Preferred
0
2,100 Burroughs Add Mach__No 10
pa
12,300 Bush Terminal new.. No par
200
Debenture
100
100 Bush Term Ridge. pref
100
300 Butte Cooper at Zino
5
3.900 Bottertek Co
100
1,500 Butte & Superior Mining
10
2,300 By-Products Coke.__ No par
10,300 Byers & Co (A M)_ _ No par
11714 Feb 7
32 Mar 7
9512 Feb 4
45 18 Jan 28
126 Jan 14
9913 Jan 28
1274 Feb 10
2514 Jan 7
36 Jan 26
35 Jan 4
95 Jan 3
8
127 Jan 17
18% Feb 17
8612 Feb 15
818 Jan 20
48 Mar 1
30% Jan 3
114 1$ Jan 26
84 Jan 7
3714 Jan 12
73 Jan 6
4
2014 Feb 4
5314 Mar 7
1054 Jan 19
11912 Feb 23
7314 Jan 3
12518 Jan 6
41 18 Mar 8
108 Jan 6
51 Jan 27
11012 Jan 21
,
881 Jan 7
3518 Jan 4
48 Jan 28
412 Feb 2
13253 Jan 25
12014 Jan 25
119344 Jan 17
44 Jan 3
113 Jan 7
79 Jan 25
1077 Mar 3
8
4112 Jan 3
27 Mar 4
14914 Jan 3
120 Jan 7
11018 Jan 4
11914 Jan 5
125 Jan 7
6214 Jan 3
104 13 Mar 1
215 Feb 18
;
673* Mar 1 1
1 Jan 3
812 Jan 3
42 Jan 5
45 Feb 9
40 Jan 27
106 Jan 4
9272 Jan 5
12 Mar 5
7 Mar 5
82 Jan 7
22 Jan Ii
22 Jan 11
4912 Feb 8
113 Feb S
3912 Feb 0
9712 Mar 3
10712 Feb 1
483 Jan 27
4
31 8 Mar 10
34 Mar 9
107 Jan 28
1151 2 Feb 1
59 Mar 7
98 Jan 6
8 Feb 28
652 Mar 10
49 Mar 9
14 Jan
14318 Jan 18
116 Jan 14
27 Jan 4
25 Jan 4
4912 Jan 25
511 2 Jan 24
203* Jan 26
434 Jan 27
1043 Jan 3
4
37 Jan 25
10912 .12.1120
5314 Jan 5
614 Jan 28
45 Jan 11
221 2 Mar 9
283 Jan 3
8
3 Jan 24
4
14812 Feb 11
89% Jan 28
3012 Feb 1
109 Feb 7
31 7 Mar 8
11012 Feb 9
2114 Feb 9
9733 Feb 14
x90 Star 2
293 Jan 12
4
9114 Jan 5
1033 Feb 14
8
372 Feb 14
5012 Jan 3
1012 Jan 3
66 Jan 29
42 Jan 3
$ per share
41 Feb 9
512 Mar 5
151 Feb 25
124 Feb 1
214 Feb IS
1437 Mar 1
122 Feb 18
9718 Mar I
11112 Mar 2
21 18 Feb 11
37% Feb 7
143 Feb 14
4
513 Jan 10
4
We J .1120
595 Jan 22
8
25 8 Feb 21
,
6018 Jan 3
1818 Feb 28
150 al,ar II
12514 afar 11
3912 Jan 5
98 Feb 1
5034 Feb 28
131 Mar 9
10714 Feb 28
130 Jan 17
3033 Mar 1
4714 Mar 3
46% Mar 3
11 12 Jan 13
138 Feb 26
23 Jan 6
91 Mar II
102 Feb 3
527 Jan 12
337 Feb 28
135 Mar 1
871 2 Mar 9
4014 Feb 8
10 Jan 3
3012 Jan 12
71 18 Jan 3
11514 Mar 1
1221e Mar 10
88 Feb 21
148 Feb 25
44 Jan 20
1101 2 Jan 24
61 12 Jan 3
11912 Mar 11
94 Feb 2
601 2 Feb 9
58 Mar 2
634 Jita 7
153 2 Mar 4
12) Jan 28
13053 Mar 10
4612 Feb 14
115 Jan 13
86, Feb 28
11014 Feb 25
51 1
851ar 4
29 Jan 7
16033 Feb 21
1233 Feb 7
4
115 Mar 8
1227 Feb 8
8
146 Feb 18
784 Feb 28
1107 Jan 21
8
3353 Jan 5
8612 Jan 7
15 Mar 7
8
1014 Feb 17
5114 Feb 18
4912 Jan 12
42 Jan 18
108 Feb 23
9618 Feb 16
157 Jan 7
912 Jan 6
8614 Jan 27
25 Jan 20
25 Mar II
543 Jan 5
4
113 Feb 8
4114 Feb 16
102 Jan 2
10734 Feb 7
5014 Feb 19
42 Jan 5
3811 Jan 8
11778 Misr 1
118 Mar 1 1
6212 Jan 20
10012 Mar 2
812 Jan 19
1014 Jan 3
61 Jan 5
'13 Jan 7
2013 Feb 23
4
123 Mar 5
3512 Feb 26
32% Feb 28
571 2 Feb 28
60% Feb 15
2714 Jan 7
5112 Mar 1
108% Jan 18
413 Jan II
8
112 Feb 1
551 2 Jan 13
712 Feb li
45 Jan II
2812 Jan 5
364 Feb 23
13 Feb 10
8
15414 Jan 5
933 Jan 8
4
3412 Jan 5
11212 Jan 7
2
387 Jan 10
1253 Jan 20
4
343 Jan 27
4
100 Jan 3
126 Feb 23
44 Mar II
97 Mar 10
10912 mar 10
412 Jan 4
4
613 Feb 15
114 J an 7
78 Star 11
613 Feb 18
4
PER SHARE
Range for Preslout
Year 1928
Lowest
Highest
$ per share $ per shard
287s Dec 653 Sept
4
43 Nov
4
918 Jan
10714 May 1463 Deo
4
718 Oct 16 Feb
78 Oct
2
Jan
106 Mar 1487 Dec
8
1133 Mar 1223 Dec
4
4
7814 Mar 9453 Jan
105
Apr 11112 Dee
143 Oct 21 Sept
4
2414 May 327 Aug
8
9
Oct 3453 Jan
3553 Oct 9612 an
345 Mar 46 ( at
8
55
Jan 5812 July
2012 Sept 383 Feb
4
55 Nov 83 Feb
16 May 343 Jan
8
110 May 180
Feb
11014 Mar 1284 Feb
3014 Mar 50 Aug
8612 Mar 9718 Jan
3878 Mar 6318 Aug
121
Jan 13018 Des
9112 Mar 1147 Jan
8
12012 Oct 13014 Dec
234 Mar 2614 July
31
Oct 51
Jan
Oct 474 Jan
28
414 Jan
1033 Aug
105% Mar 140
Jan
1414 Nov 423 Jan
1
79
Oct 98 Feb
7 May
1712 Feb
33's May 6714 Feb
2353 Oct 305 Dec
8
109 Mar 138 June
81 12 Oct 863 June
4
314 July 464 Feb
97 Dec 157 Jan
2533 Oct 527 Jan
2
673 Oct 87
4
Jan
9014 Mar 1197 Jan
116 Aug 12414 Deo
6514 Oct 8012 Aug
114 July 125 Dee
4314 Dec 57% Feb
11312 Apr 120
Feb
503 May 7212 Sept
4
101 14 May 1223 Aug
8
7733 Mar 90 Deo
397 Nov 74
Jan
42
Apr 7034 Aug
553 Dec
117 Mar
2
10933 Apr 152 Aug
112% Mar 1223 Dec
1213 Oct 165 Feb
4
40 May 47 Aug
11014 Sept 115 Feb
6514 Apr 874 Nov
100 June 11012 Nov
2914 Aug 44 Dec
2512 July 41 18 Feb
13933 June 151
Dee
11138 Mar 1243 Sept
4
10618 Jan 113 May
11018 Mar 124 Sept
114
Jan 135 Feb
43 4 Apr 74
3
Jan
10112 Mar 10814 Jan
19 June 427 Jan
66
Apr 9014 Dee
12 Aug
WI Jan
518 May
1218 Feb
20 May, 54 Dec
41 12 Mar 517 Aug
347, June 44% Jan
100 Mar 103
Oct
9014 May 977 Jan
1318 May 2512 Feb
53 May17 Jan
80
Apr 93 Feb
18
Apr 3134 Jan
1918 Jar
233 Oct
4
463 Sept 6312 Jan
4
108 Mar 113 Deo
3714 Mar 54% Jan
96 Mar 10212 Jan
102 May 110 Dec
4434 Jan 60 Mar
29
Oct68% Jan
3314 Oct5614 Jan
97 Mar 1283
2May
11518 Oct120 June
54 Mar 64 Nov
94
Jan 9753 Dee
8
Oct1712 Jan
718 Oct28 Jan
54 Nov93 Jan
14 Oct2% Feb
' 927 Mar 1673 Dec
8
4
105 Mar 11914 Nov
23% Slay 3312 Jan
2212 Oct3912 Jan
39 S1ar 553 Nov
5214 Oct717 Feb
26 Dec 393 Jan
4
3714 May 51 12 Sept
99 June 105% Dec
28 June 42 Dee
10414 June 110 Dec
5312 Dec 5618 Dec
934 Jan
418 Mar
4
343 Oct 5112 Jan
20 May 41% Jan
Oct 3712 Jan
24
11 May
3
Jan
133 Mar 163 Sept
68 Mar 98 Dec
2912June 4833 Jan
107 June 111 Mar
8
243 Mar 394 Sept
121 Mar 144 July
2612 Nov 44 Feb
97 Star 10312 June
7712 Apr 124 Deo
1634 Star 3414 July
Apr 93 Aug
86
9912 Jan 104 Nov
4 Dec
614 Feb
174 Mar 71 Sept
1614 JA12
7', May
53 June 90 Sept
28 Mar 447k NO!
New York Stock Record-continued-Page 3
1484 •
For males during the week of stocks uenally Inactive, see third page preceding
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday,
Mar.5.
Monday,
Mar.7.
Tuesday,
Mar.8.
1Veatesday, Thursday,
Mar. 10.
Mar.9.
Friday,
Mar. 11.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
8 per share $ per share $ per share $ per share $ Per share $ per share Shares Indus. & &flacon.(Con.) Par
1,600 California Packing____No par
664 6618 6618 668 664 6614 6614 6614 66
6614 6614 6614
15,900 California Petroleum
2954 30
8
8
2912 293 2912 295 297
2958 297
25
2914 2932 29
700 Callahan Zinc-Lead
2
2
*17
8 218
*178
2
*178 2
2
2
*2
218
10
900 Calumet Arlsona Mining
67
10
6614 671 ' 3 6712 6714 6714 67
4 1663
*66
6712 *6512 66
1458 1454 *1412 154 1,400 Calumet & Hecla
15
15
15
26
*1454 15
4
1518 143 15
413 413
4
4 4112 4112 413 413
4
4218 413 4218 4112 4214 2,900 Canada Dry Ginger Ale.No par
8
4 42
4,900 Case Thresh Machine
8
100
152 15312 153 155
152 15412 15014 15114 149 1517 151 153
100 Preferred
100
*11112 11212 113 113 *11214 113 *11214 113 *11214 11318 *11214 11318
2,200 Central Alloy Steel____No par
4
2612 2612 2614 2612 2614 2614 2618 2618 2618 263
4 283 267
700 Central Leather
*914 912
9
100
914 914
918
93* 94
914 914
88 914
400 Preferred
63
100
*61
*61
63
63
6212 *60
623 623 *6212 63
4
4
61
300 Century Ribbon Mills_-No par
1514
15
*14
*14
15
*145 1514
8
1512 14
*14
15
14
160 Preferred
*7712 SO
80
100
*77
80
SO
80
80
*80
83
82
82
4
6112 6112 6112 62
4 623 6312 9,900 Cerro de Pasco copper _No par
6112 615
4 611 6214 6214 623
475 4818 7,700 Certain-Teed Products_No par
47
47
465 46% 4612 468 463 4812 4712 4S3
8
4
100 let preferred
__
100
109
*10912 116
1103 1103 108 116 *109 116 *109
4
4
.
2001ChandlerCleveland MotNo par
*9 .
10
.
10
*9 .
10
912 93
*912 10
4 *9
9
93
4 *
No par
*22
2212 22
23
233
8 2212 2212 4,300 Preferred
2214 2112 22
2212 23
2,200 Chicago Pneumatic Tool_ 100
13112 132
129 130
8
12812 12914 12914, 13012 131 1325 *13112 132
1,700 Childs Co
50
No par
*503 51
4
5034 508 5018 5012 5012 508 504 5012 50
45,500 Chile Copper
3612 367
25
2
2 3512 3652 3512 35 2 3512 3612 357 3612 3534 36
7
Chino Copper
*2214 26
5
*2214 26
*2214 26
*2214 26
*2214 26
*2214 26
500 Christie-Brown certifs_No par
393 3912 3912 39 2 385 3852 38
8
40
2
*38
*38
39
38
424 434 84,500 Chrysler Corp new__ __No par
43
4258 42
4238 428 42
425
8 4112 4238 42
2,200 Preferred
No par
105 105
105 105
1047 105
8
'1043 105
4
105 105
105 105
2,200 Cluett. Peaboclit &Coil_ _100
64
64
*6412 6514 64
64
64
643
4 64
6514 *624 64
210 Preferred
100
*11614 11612 1163 1163 11614 11614 *11614 11612 11612 11712 *11712 118
s
2
20,000 Coca Cola Co
No par
2
2
182 18258 1813 1823 18052 1827 183 1897 18712 1937 191 193
4
8
8,000 COME18 & Aik028413
No par
8212 8312 8112 83
83
8012 823
2 82
81
82
82
83
go
100 Preferred
___
100
_ 160
165 165 *160
__ *160 165 *160 168
100
6012 58,700 Colorado Fuel & Iron
594 -.
6012 5812 5912 575 59
613 4 59
.
8
5814 59% 58% -- 3
8012 8012 3,000 Columbian Carbon v t 4 No par
81
80
81
81
787 79
8
80
793 8012 80
4
2 7,900 Colum Gas & Elec new_No par
85
855
847 857
8
8 8412 85 4 8514 857
2 8512 8552 8512 857
3
100
8
10118 10114 101 10114 101 10114 101 10114 10158 10112 1013 10112 2,100 Preferred new
4
4 1918 1912 z183 183
4 2,000 Commercial Credit„--No par
4
2 193 1934 1934 193
197 197
2
2 197 197
150 Preferred
25
*2138 2214
223
4 223 23
4
*22
223 *22
4
22
22
22 22
130 Preferred B
25
23
4
4
*2212 223
4
4 2214 2234 *2214 2234 223 223 *22
4 223 223
100 let preferred (1334)
100
83
*78
8212 8212 821, *80
83
*78
*78
83
*78
82
3,500 Comm Invest Trust- --No par
5112 5112 507 52
53
51
5218 5014 5114 5018 52
2
51
7% preferred
•9712 9812 *9712 9812 *974 9812 *9712 9812 *9712 9812 *9712 9812
100
300 Preferred (Olt)
100
92
83
92
93
*917 93
*91
93
93
*91
*9012 93
263 26712 24.200 Commercial Solvents B No par
26912 27214 265 271
261 270
264 269
26514 270
67,100 Congoleum-Nairn Ino_No pa
19
8
194 1912 20% 197 205
8 195 2058
1918 1958 1914 197
8
800 Congress Clear
No par
47
47
54
534 5313 5314 5312 5312 5312 5312 5312 54
Conley Tin Foil stpd
No par
*14
78
*Li
7
s
*14
7
s
7
s
*14
*14
%
7
8
*14
No par
600 Coneolidated Cigar
813 11.
4
8018 SIN 804 8114 81
82
825
8 8118 8178 8014 81
200 Preferred
100
100 100
*100 101
*995 10012 *9912 10012 *100 10014 *100 10014
4
8 2,100 Consolidated Distrib're No par
15
134
*158
134
13
134
112
112 *14
112 Ps
4
Da
3
983 9918 9818 9878 98
4
0414 9538 94 4 9512 42,800 Consolidated Gas(NY) No par
947
9858 a94
No pa
312 33
34 358
33
8 312
312 312
38 3*
3
5
2
314
314 9.400 Consolidated
Textile_.
58 107,900 Continental Baking clANo par
57
5814 6018 5912 63
58
638 5414 5712 554 58
38,700 Class B
No par
634 7
74 712
718 712
7
714
63
4 712
712 712
2,800 Preferred
100
92
9178 9212 917 9212 9112 9212 9112 9134 9152 913
8
4 92
6912 6952 6914 6912 6812 69
683 69
4
685 693
2
4 6852 6014 8,400 Continental Can. Inc_ _No par
25
300 Continental Insurance
1367 1367 *137 138 *135 138 *138 138
*137 138
4
8
1373 1374
8 7.700 Cent'l Motors tern ctfs_No par
1112 1158 114 113
1112 113
8 1112 115
4 1112 115
8
8 115 117
25
5118 513
505 5114 51
8
5118 52
5212 517 53
528 5314 58,100 Corn Products Refin w l
100
Preferred
*128 12912 *128 12912 *128 12912 *128 129 *128 129 *128 129
No par
6812 2,300 C082.'no
1
67
6712 68 68
68
6812 68
4
663* 6712 673 68
947 25,200 Crucible Steel of Amerioa_100
8
91
944 91
925
8 91
958 9314 958 91
928 92
100
Preferred
*107 10814 *107 110 *107 110 *10812 11012 *107 11012 *10812 110
No par
3214 323
2 3152 3214 4,200 Cuba Co
4 3152 32
3112 3112 3112 313
32
32
No par
918 912
912 3,300 Cuba Cane Sugar
952 *914
9
014
912 912
95
8
94 912
100
6,000 Preferred
4612 463
4 4614 4612 46
4612 47
4612 4612 4754 47
477
10
247 25
25 25
243 25
4
2512 2512 2512 6,200 Cuban-American Sugar
25
2514 25
100
Preferred
*10114 103 *10114 103 *10112 103 *10112 103 *102 103 *102 103
200 Cubanflorn'eanSugnewNopor
*15
•15
17
1614 *163 17
1612 167 •1612 17
*163 17
4
2
50
8
513* 5158 5138 517
51% 517
8 5112 52
5218 523 5212 4,800 Cudahy Packing new
8 52
700 Cushman's Sons
No par
*104 105 *104 105
105 105
104 104
105 106
105 105
No par
2,600 Cuyamel Fruit
3212 3212 32
8
3212 314 32
3118 317
8 3014 3012 305 31
283 2852 29
8
2812 29
2812 29
29
297
8 3,200 Davison Chemical v 1 o_No par
2912 2852 285
300 Detroit Edison
100
*138 139 *137 13812 1387 1387 15138 139 *137 139
1383 1384
8
8
2,100 Devoe & Itaynolds A__No par
40
*38
39
39
*3812 40
*384 4012 38
384 3812 39
2412 52,100 Dodge Bros Class A___No par
2412 247
8 2438 245
8 24
2414 2314 2
44 238 2458 24
.
4,700 Preferred certif
No par
8314 8312 83
8212 83
8314 827 8312 823 83
823 83
4
4
8
1,300 Dome Mines, Ltd
88
No par
*812 83
812 852
4
852 852
852 83
4
83
85
8 858
No par
5914 4,800 Douglas Pectin
5512 5614 5714 583
545 5514 55
55
55
58
55
8
200 Duquesne Light 1st pref___100
11412 11412 *11412 11514 115 115 *1143 1153 *115 11518
*114 115
8
4
No par
133 13412 13412 13912 8,800 Eastman Kodak Co
132 132
13214 13214 132 13212 132 132
2512 2,400 Eaton Axle & Spring__ _No par
25
25
25
25
2512 25
*254 253
4 2512 2512 25
190 19234 18812 19312 18812 1943 1937 1957 19514 10812 1954 19912 52,300 EIduPontdeNem new_No pa
8
8
4
500 8% non-vot deb
100
8
8
•108 10918 108 108 *10812 109 *10852 10918 1085 1085 1083 1084
900 Elsenlohr & Bros
25
4
4 1312 1312 1312 1312
4 133 133
•1334 1438 *133 1412 1334 133
4
No par
764 9,600 Electric Autolite
76
78
7712 77
7612 76
751.1
77
7712 76
78
No par
4
8
8 153 163 87,000 Electric Boat
145 147
8
8 145 165
4
143 15
8
14
15
137 14
No par
173 1814 17,300 Elec Pow & Lt etfs
4
1712 1734 1714 1712 17
1712 1714 1712 173 18
900 40% pr pd
8
10534 106 *10512 10712 10512 105 4 *1053 10614 10614 1067 *10514 107
4
3
Pref full pald
____ *10612
*1064 110 *10612 ___ 3106 -___ 9106
*105 --_1,300 Preferred carting
8
99
9912 x977 98
99
99
9878 99
*985 99
8
987 99
8
4
4
3278 3312 3312 3332 327 3312 327 33
343 358 59,000 Electric, Refrigeration_No par
2
32 4 347
3
2
16,400 Elea Storage Battery_ _No par
72
8 71
727
4 71
707
8 7018 713
6934 69
6814 718 x69
Emerson-Brant Class A .No pa
*73
4 9
*74 9
*712 9
*73
4 9
*712 9
*712 9
6714 6712 6712 6712 6712 1,300 Endicott-Johnson Corp___ 50
67 6718 67
6712 671 *6714 68
300 Preferred
100
11814 1181 '118121201., *11814 12014 *11814 12014 *11814 12014 *1184 12014
2318 2314 2358 1,800 Engineers Public Serv __No par
23
2318 2358 23 23
2358 231s 2312 23
900 Preferred
9814 9814 *9812 99
No par
9912 100
9914 100 100
987 987
8
2 99
26
5
2612 4,800 Erie Steam Shovel
2814 26
283
8 257 26
257 2618 26
8
2578 26
•
Preferred
100
_ *10612 10714 *106 1074 *105 1074 *10612 10714 *104 10718
500 Equitable Office Bldg pld_ MO
123 12312 *122 12334
I2212 *12012 12212 *12012 123 *12012 123
29,700 Eureka ViCiiiiiii Cletiii_YO 633 643
4
4 6312 6414 637 65
par
68
6612 87
8
65 8 65
5
65
600 Exchange Buffet Corp_No par
*1712 184 1712 1712 *1712 1814 51712 1814 51734 1814
1812 1812
1,000 Fairbanks Morse
4138 4158 4118 4118 4118 4112 *4114 413
No par
4
4
4 413 413 *4114 4134
100 Preferred
*112 11212 112 112 *108_ •108
100
- - *108 112
__ *108.
4
11118 1115 1103 1 1158 1103 .. 11112 112% 112 113
4
8 1 1 14
8
.
1105 112% 11,900 Famous Playere-Laalty_No par
.
121 121 *12012 122 *12012 122 *12012 122
400 Preferred (8%)
*121 122
12012 121
100
41
7,000 Federal Light & Trao
4012 4114 41
15
403 4112 40
423
4 4112 4212 4112 42
*93
9412 93
9378 *93
120 Preferred
93
No par
93
*9314 94
95
93
94
1,700 Federal Mining & Eimelt'g_100
85
90
85
•89
9912 109
91
90
96
96
91
*80
8012 8214 8214 843
20,700 Preftrred
8 803* 83
100
813 825
92
89
84% 88
4 28
2814 277 284 277 277
8 2815 283
8 7,400 Federal Motor Truck No par
g
2812 285
8
8
8 265 277
5 933 *934 95
*9312 95
4
9312 9312 •9312 9412
93
300 Fidel Phen Fire Ins of N Y_ 25
*9312 95
First Nat'l Pio, lit prel_ - _h00l
*100 10412 *100 10412 *100 10412 *102 10412 *100 10312 *100 101
28
28
28
2712 275
No par
2718 2712 2612 2714 2,200 First Nat'l Stores
2814 28
*28
1818 185
8 18
183* 184 183
37,600 Fisk Rubber
No par
4 1814 19
4 1814 19
183 183
s
*8512 86
85 4 88
3
88
5 86
*86
8614 8618 8618 1,000 1st preferred stamped-100
86
*85
100
200 1st preferred oonv
100 100
*100 10012 10012 10012 *100 101 *100 101 *100 101
52
5112 5212 5112 5212 5114 5172 69,000 Fleischman Co new_-__No par
2 51
,
8 51 2 523
5114 525
79
7912 78% 7912 774 794 7714 7912 794 80
80
No parr
•79
4,000 Foundation Co
6712 875 6914 6818 685
No par
8 87
8 8812 6812 3,700 Fox Film Class A
8
8 667 673
673* 873
4312 434 444 443 48
8 43
Ne par
8
47.200 Freeport Texas Co
4312 4212 435
434 4418 43
305 307
8
s 31
3114 23013 30% 2,700 Gabriel Snubber A_ _Ns par
3118 30% 31
3114 31
*31
No pay
714
74 71
7
7
7
7
•7
712
700 Gardner Motor
74 718 *7
4958 4914 4912 494 4912 5,900 Gen Amer Tank Car
4912 49
1001
4
4912 483 4938 49
49
100
1073* 1075 *108 109
8
100 Preferred
*107 109 *107 109 *107 109 *107 109
400
917
8 91
933
4 9058 9314 117,300 General Asphalt
874 904 89
914 9358 8914 917
400 Preferred
1001
137 138 *136 140 *130 140 •135 140 *135 142 *135 142
5 54
534 5312 5332 5313 1,000 General Cigar,Ina new-No part
4
5414 5414 5412 5412 5 4 5414 53
1
Preferred (7)
121 *11714 121 *11714 12014 *118 1201 *11818 12014 *118 12014
*11714
Debenture preferred (7)_lOOt
*118 117 0116 117 11116 117 *118 117 *116 117 *118 117
*57
57
574 5718 58
4 57
1,700 Oen Outdoor Adv A-No par
4
583 563
5712 564 57
*57
4258 4318
4
4312 43
444 4412 43% 4412 427 8412 837 431s 8458 8514 423 438* 9,400 Trust eertifloatea..--Ne pas
8 85
848 85% 10,800 General Mecum New_Ne porj
847
8 834
8412 8512 84
8
8 113* 1138 3,600 General Eleetrie IpeeIal___..10t
8 113 113
s
s
5113 1112 118 1112 113 1112 1158 113
8
43
44
44
4312 448
7,500 Gemara) Gash Elm A__N• pm
423 4312
4
44
4458 4212 44
-- - -en - aSt,
.
. •mad and added Woes;so sales Sat
PICK MARS
Range Sines Jan. 1 1927
On basis of 100
-share lots
Lowest
Highest
3 per share
64 Feb 7
29 Mar 8
112 Jan 3
653 Jan 3
8
1412 Jan 4
36 Jan 5
132 Jan 27
111 Feb 28
26 Feb 23
83 Jan 3
8
54 Jan 14
104 Jan 26
70 Jan 24
6018 Jan 29
42 Jan 25
106 Feb 1
818 Jan 6
2118 Jan 25
12012 Jan 3
50 Jan 29
343 Jan 3
8
2218 Jan 7
347 Jan 5
3818 Jan28
103 Jan 3
6018 Jan 4
11114 Jan 6
18712 Jan 4
63 Jan 4
128 Jan 4
425 Jan 4
8
667 Jan 3
8
827 Feb 11
9912 Jan 24
145 Feb 1
1912 Jan 28
19% Feb 19
80 Feb 9
50 Mar 4
9614 Jan 28
90 Feb 18
223 Jan 3
14
17 Jan 28
47 Mar 11
14 Feb I
7778 Jan 28
100 Feb 9
112 Jan 3
94 Mar 9
3 Jan 27
14
5414 Mar 9
4
63 Mar 101
9112 Mar sI
68 Feb 91
135 Jan271
113 Jan 281
*
s
487 Jan l2i
128 Jan 111
58 Jan 3l
77 Jan 4I
103 Jan 181
2814 Feb 21
9 Mar 2
454 Mar 3I
243 Mar 81
4
102 Jan 31
15 Feb 15
50 Jan 25
104 Mar 8
3014 Mar 10
2612 Feb 24
1334 Jan 21
371 Jan 25
4
2314 Mar 9
8112 Jan 4
812 Mar 1
46 Jan 3
11414 Mar 2
12614 Jan 28
2412 Jan 4
163 Jan 25
1053 Feb 5
117 Jan 3
8
6312 Jan 13
1312 Mar 2
1812 Jan 27
1037 Jan 28
8
$ Per share
70 Jan 5
327 Jan 18
258 Jan 17
89 Feb 24
1612 Jan 20
4414 Feb 25
158 Jan 28
117 Jan 12
287 Jan 4
8
103 Jan 7
6612 Feb 25
1512 Mar 3
82 Mar 8
6312 Feb 24
487 Feb 24
8
1103 Mar 7
4
11 Jan 13
244 Jan 12
13714 Mar 2
8
535 Jan 11
368 Feb 28
2318 Jan 6
42 Jan 18
431 Jan 6
105 Jan 12
683 Jan 24
4
11712 Mar 10
1937 Mar 10
8
8614 Feb 28
165 Mar 9
634 Mar 1
85 Feb 11
915 Jan 12
8
10112 Jan 19
20% Feb 21
23 Mar 10
23 Jan 7
8518 Jan 12
5512 Jan 24
9812 Jan 27
93 Mar 4
273 Mar 4
21 Jan 5
55 4 Feb 7
3
5 Jan 5
8
8512 Feb 17
102% Feb 2
212 Feb 4
10912 Jan 10
418 Jan 15
747 Jan 6
1014 Jan 5
9714 Jan 13
7312 Jan 3
14112 Jan 10
133 Jan 6
4
5314 Mar 11
12912 Feb 23
7014 Feb 28
984 Mar 4
108 Mar 3
344 Jan 8
103 Jan 5
503 Jan 4
4
2812 Jan .A
104 Feb 7
18 Jan 21
527 Feb 23
8
112 Jan 17
34 Jan 15
324 Mar 1
139 Mar 3
423 Feb 2
8
2712 Jan 5
85 Feb 14
1114 Jan 4
5914 Mar 11
11614 Jan 3
13912 Mar 11
275 Feb 24
2
19912 Mar 11
10912 Jan 4
1858 Feb 15
7858 Mar 4
163 Mar 11
4
183 Jan 6
4
1067 Mar 10
8
96 Jan 14
30 4 Feb 11
3
68 4 Mar 5
,
7ls Jan 4
6434 Jan 28
11638 Jan 5
213 Jan 11
4
93 4 Jan 8
3
243 Jan 3
10112 Jan 6
11814 Feb 5
8
607 Jan 25
1512 Jan 25
3818 Feb 10
10718 Feb 7
10714 Feb 10
120 Feb 18
3712 Jan 17
9112 Feb 23
60 Feb 9
7558 Jan 28
2812 Jan 4
9312 Feb 23
9712 Jan 13
27 Mar 11
16 Jan 24
81 Jan 5
97 Jan 24
4818 Feb 1
75 Feb 9
65 Jan 25
3414 Jan 4
2918 Jan 3
612 Jan 27
48 Jan 3
1083 Mar 1
8
774 Jan 27
120 Jan 25
52 Jan 213
118 Jan 5
116 Jan 11
55is Jan 25
37 Jan 18
81 Jan 27
3
8
407 Feb 10
Ping WAKE
Range for Prestos*
Year 1926
Lowest
Highest
$ Per share $ per Mari
8614 Oct 17912 Feb
2934 Oct 3818 Feb
25 Jan
8
112 Mar
5512 Mar 738 Aug
133 Mar 1812 Aug
8
3212 Oct 49 Sept
6212 Jan 176 Aug
96 Jan 11812 Aug
2812 Oct 3314 Aug
7 Nov 2012 Jan
4
4314 Apr 683 Jan
1014 Oct 328 Jan
Jan
7814 Dec 90
5712 Jan 7312 Aug
3618 May 4912 Jan
100 May 1084 Nov
812 Nov 26 Feb
20% Dec 4514 Feb
9412 Apr 12814 Dee
454 May 6658 Jan
*
30 Mar 363 Jan
16 Mar 28 Nov
4
2912 Oct 833 Jan
2812 Mar 547 Jan
Jan
93 Mar 108
60 Dec 6812 Jan
10314 Jan 116 Sept
128 Mar 17458 Dee
4
343 May 6912 flea
4
983 May 13812 Dec
*
273 Mar 498 Oct
8
4
555 Jan 703 Dec
8
855 Nov 91 Deo
8
8
987 Nov 1015 Nov
1612 Nov 4712 Jan
2114 Nov 264 Jan
4
20 Nov 273 Jan
8512 Dec 9912 Feb
5412 Dec 72 Jan
Jan
07 June 104
89 May 100 Jan
11814 Jan 237 Nov
1212May 293 Sept
8
4012May 57 flea
I Mar
58 Dec
4514 Apr 8714 flea
91 Mar 10758 July
812 Jan
14 Aug
8
87 Mar 1153 Aug
414 Nov
114 May
5012 Oct 937 Aug
758 Oct1518 Sept
89
Oct 9812 Aug
70 Mar 9212 Jan
122 Mar 14484 Jan
97 May 137 Deo
8
355 Mar 5152 Deo
8
12212 Jan 13014 flea
444 Mar 62 Dec
4
64 Apr 825 Deo
98 Mar 104 Dec
2
2814 Oct53 sJune
85 May 1112 Jan
8
8
3512June 503 Dec
8
2014 Aug 303 Jan
973 Jan 105 Nov
4
1512 Sept2014 June
5118 Nov 55 Deo
774 Mar 108 Deo
Jan
32 Nov 51
2318 Oct 4834 Feb
12312 Mar 14112 Dec
31
Oct 1044 Fob
214 May 474 Jan
794 May 90 July
8
Oct 20 Mar
19 Mar 46 Nov
11112 Mar 11834 Aug
4
1065 Mar 1363 Deo
8
23 Oct 3234 Feb
4
1543 Nov 18112 Deo
1003 Apr 11018 Doe
4
103 Oct 2012 Feb
4
4
613 Mar 82 Feb
4 Mar 16 Deo
154 Oct 3412 Feb
9912 Mar 115 Feb
10212 Oct 11012 Feb
8912 Mar 0814 Sept
994 Mar 1
8
333 Dec 7812June
378 Jan 3
7118 Mar 9418 Aug
794 Jan 6
814 Dee
614 Dec
9 Jan 25
8
6512 Mar 725 Feb
89 Feb 25
Jan 120 Sept
11812 Mar 5 114
194 Oct 2412 Jul,'
2412 Feb 3
9214 Nov 0612 Aug
100 Mar 10
8
2112 Oct 255 Nov
8
293 Jan 17
Oct 102 Nov
10712 Jan 17 100
997 June 13214 July
0
124,4 Feb 17
43 May 683 Deo
8
88 Mar 11
143 July
17 Apr
1812 Mar 11
4
375 Dec 593 Feb
8
427 Jan 22
112 Mar 2 10612 Nov 115 Feb
1143 Feb 24 10318 Jan 12712June
4
1243* Jan 12 115 Mar 12412 Dec
28 Mar 4712 Dec
4418 Feb 28
86 June 94 Deo
95 Feb 9
41 May 1113 Jan
4
109 Mar 11
61 Mar 105 Jan
92 Mar 11
8
23
Oct 343 Au,
307 Jan 10
8
193 Jan 6 160 Apr 2004 Jan
98 May 107 Feb
103 Mar 4
28 Nov 495 Feb
30 Feb 7
1414 May 264 Jan
19 Mar 4
787 Apr 8414 Mar
8
Jan 27
8812
94 June 107 Mar
10012 Mar 7
3214 Mar 5812 Feb
52% Mar 5
734 Dec 1795 Jan
853 Feb 28
4
554 Mar 85 Jan
7412 Jan 8
195 Jan 313 flea
8
46 4 Feb 24
3
254 Nov 42 Feb
32 Feb 11
91 Jan
53 No
7 4 Jan 11
3
39 Mar 555 Jan
50 s Feb 25
5
9912.1une 109 Deo
10812 Jan 12
,
50 Mar 94 4 AIM
3
98 4 Mar 2
943 Mar 1404 Aug
2
1447 Mar 2
8
46 Mar 594 Feb
897 Feb 24
8
134 Feb 24 109 Jan 118 Dec
1164 Feb 28 10914 Apr 1184 Feb
51 Mar 66% Aug
5812 Feb 9
s
28% Mar 397 Dee
467k Mar 2
79 June 954 Aug
874 Feb 25
Jan 11% Dm
11
11% Jan 6
Jan
34 Mar 59
474 Feb 25
New York Stock Record-Continued-Page 4
1485
For sales during the week of stocks uauelly Inactive, see fourth page preceding
-PER SHARE, NOT PER CENT.
HIGH AND LOW SALE PRICES
Saturday,
Mar.5.
Monday,
Mar.7.
Tuesday,
Mar.8.
Wednesday, Thursday,
Mar. 10.
Mar.9.
Friday,
Mar. 11.
Saes
for
the
Week.
STOCKS
NEW YORK STOOK
EXCHANGE
$ Per share $ Per share $ per share 5 per share $ per share
Per share Shares Indus. & Miscall.(Con.) Par
103 103 *101 106 13101 106
13101 103 31101 103 *101 103
100 Gen Gas& Eleo pf A (7)No par
13115 117 *115 117 *115 117 *115 117 *115 117 *115 117
Preferred A (8)
No par
*2812
99
99
99
*98
*991g -- *9812
99
1398
No par
100 Preferred B (7)
171% 17312 170 1727 834.900 General Motors Corp-No Par
165 16712 16412 169% 16314 172
16618 169
8
120 12018 118% 11912 11812 1185 11812 1184 5,300 7% preferred
120 120
120 129
8
/
1
100
_- *102 --__ *102
___ 104 104 *104
13104
*102
100
100 6% preferred
113 116 211212 1135 10912 1 1131.; 46,700 Gen Ry Signal new----No Par
11114 1133 110 34114
1113 115
4
- *44
45
45
*44
45
*44
45
45
*44
46
*44
46
400 General Refractories_.
-No par
4114 4114 41% 4158 41% 4112 414 4112 2.000 Gimbel Bros
4112 42
*413 42
4
No par
1027 103 *10214 103 *10214 103 *10214 103 *10234 103
g
103 103
409 Preferred
100
8 193 2112 2114 22
197 197
20
4
20
8 19% 197
203 215 56,500 Glidden Co
4
s
..No par
*44
45
42
4412 4312 4414 4312 4312 5,000 Gold Dust Corp v I a-No par
*44
45
45
*44
55
55% 54% 553
5618 5714 5512 568
4 55% 557
8 5512 5612 18,700 Goodrich Co (B F)
----No par
10018 100% *100 10012 *100 10014 *100 100%
100 IGO
100 100
400 Preferred
100
1003 101 *1013 102
4
8
•10112 1017 10118 10112 *101 102
8
102 10212
900 Goodyear T & Rub pf v t 0-100
*108 109 *108 1083 *108 10812 11108 10812 108 1083 •105 110
4
4
200 Prior prererrea
100
66 66
/ 65% 65% 6518 6518 6512 6512 65% 65% 2,000 Gotham Silk Hosiery-No par
1
4
65% 65
64% 65 4 *65
3
3
663 66% *65 4 66
8
6512 6512 6512 •65
6512 1.300 New
No par
10812 10812 *10814 1081 •10812 1085 *108 108% 108% 1087 109 109
5
8
8
600 Preferred new
100
812 812
812 81
*812 83
4
4 •812 83
812 812
*311 8
%
900 Gould Coupler A
No par
3518 36
34% 36
8
36
35
368 353 36
35% 343 35% 25,800 Granby Cons M Sm & Pr. 100
4
0 114 115 11514 11714 11614 116% 116 117
1133 114
4
11412 116
11,100 Great Western Sugar tern ctf25
4
119 119 *1183 11912 11912 1191 120 120
12014 12014 3112014 1203
4
150 Preferred
100
371, 3712 357 363
2712 38
8
9
35 4 377
3
33 8 3912 38% 40
5
12,400 Greene Cananea Copper
100
*812
814 81
814 814
8% 812 *8% 8%
400 Guantanamo Sugar---No Par
611
613 6214 62
4
6012 6012 6018 6012 60
*838878
63% 6238 6238 3,800 Gulf States Steel
100
61
*6012 61
61
*8014 61
•60
611
61
6112 62
62
180 Hanna 1st prat class A
100
25
25
25
*25
26
251 1325
26
26 14 26% 253 253
8
4
SOO Hartman Corp class A_No par
*243 2518 24% 253
4
2412 241
4 2412 241
2512 253
4 24% 243
4 1,300 Class B
No par
1712 1712 *18
1517
20
20
20
21
*20
21
*20
21
500 Hayes Wheel
No par
3818 8712 371
88
88
*87
89 89
89
90
9214
92
1,600 Helme(0 W)
25
8 304 3014 *23
291
303 303
8
2912 201
283 283 *28
4
4
2912
400 Hoe(R) & Co tern otla_No par
4
*6214 643 *6114 644 6112 611 *6114 62
61% 6112 *6114 64%
200 Homastake Mining
100
g
*477 4814 4814 481 48
48
/
48
4
481
4318 49
48% 49
2,500 Housell Prod,Ino.tem ctiNopar
111 ll97s 112 11712 11212 1243 11814 124
116 121
11618 1213 165,100 Houston Oil of Tex tern ctfs100
4
9*
3914 3912 3918 3 3 *39
3938 394 393
8 3918 39% 39
3912 2,000 Howe Sound
No par
6714 7012 684 717
681g 70
7112 74% 7112 74% 71
7312 463,000 Hudson Motor Csr
No par
8
215 2214 217 22
8
213 22
4
215 221
8
22
2214 22
22% 11,500 Hupp Motor Car Corp---10
283 295
4
8 275 283
8
4
4 253 27% 27% 277
27% 283
4 27% 28% 26,300 Independent Oil & Gaa_No par
•1414 1514 143 143 *1412 151 *1412 1514 1414 14% *1414 15
8
1
No par
300 Indian Motocycle
914 97
•13
814
2
8% 85
8 *85
8 87
812 9
9% 1014 9,900 Indian Refining
10
312
818 9
*8
8% 9
•85s 8%
9% 1014 30,000 Certificates
94 9%
10
*9214 9312 *9214 9312 *9214 9312 *924 931 1•9214 9312 *9214 9312
Ingersoll Rand new----NO Par
42
/ 424 42
1
4
4212 4218 424 *42% 421
42% 43
42% 423
..No par
4 2,100 Inland Steel
113 113 *11318 11614 3111318 11614 *113% 1161 •113% 11614 •11318 11614
100
100 Preferred
2114 2114 2118 2114 21
2112 207 21
g
203 20% 2012 203
4
4 4,700 Inspiration Cons Copper20
1418 1438 14
143
4 1413 144 1418 1438 14% 143
4 14% 15
5,900 Intercont'l Rubber-No par
912 912 *9% 10
*912 10
912 912
8
918
8% 8% 2,800 Internal Adrian'
No par
*61
64
62 62
61
61
60 60
5612 60
100
54% 5512 2,200 Prior preferred
60 60
595g 595s 59
5914 59% 60
60
6012 59% 60% 4,300 hat Business Machlnes-No par
513 518
51
4
51
5014 51
49% 51
504 51% 51
/
1
5114 13,000 International Cement
-No par
*10614 1063 *1061g 1063 *10618 1063 *106% 1063 1063 1063 1061g 10618
4
4
1
4
4
100
4
200 Preferred
5458 5712 5312 NI, 555 575
5714 59
5
8 5612 58
56% 5812 197,200 Inter Comb Hug Corp-No Par
158 1587 15614 158
15514 157% 15712 16114 1591 1613 159 18132 20,200 International Harvester-100
8
/
4
4
12734 12734 *127 1273 *127 1275 127% 128
8
128 128
4
100
128 12814
701i Preferred
*7
*74 712
714
7
7
*7
-J0°
714 71 718
/
4
7% 718
400 hat Mercantile Marine
421g 427
8 411, 4214 4012 41% 411g 42% 41% 423
8 41% 42
100
13,500 Preferred
62
62
6218 6218 623 62% 62% 63
8
83
6314 9314 6312 4,300 International Match pref-35
4034 4134 4018 41
40% 41
40% 42
41% 41% 414 41% 12,000 International Nickel (The)_25
*103 1043 11103 1043 *103 1043 10103 1043 *103 10438 *103 104%
2
8
8
100
8
Preferred
s
5812 5912 5312 607
4 58% 59
100
58
8 587 593
59
58
59
21,000 International Paper
*99
993
4 993 100 *10014 101
4
99% 997
103
g 99% 99% 997 99% 5,000 Preferred (7)
8
*167 168 *167 168
167 167 *16312 1664 11165 167 *165 167
100 International Shoe._--No par
1275, 12712 12612 1277 1257 12712 127 12814 128 1293 12818 130% 19,100 Internet Telep & Teleg-100
s
8
4
2318 235
8 23
23 •223 2312 2312 2312 225 225
4
NO par
8
8 23
23
1.200 IntertyPe Corp
59
8
5812 583
4 585 59
59
59
100
603
4 5814 60% 5814 5918 5,700 Jewel Tea, Ino
125 *124 125 *123 124
0124
125 12514 125 125 *124
100
__
300 Preferred
1612 1614 *1618 1612 16% 165
161g 165, 163g 167
g 16% 1614 2,400 Jones Bros Tea. Ino.stpd 100
8
1618 163
4 161s 167
18
4 167 1714 173, 18
18
181t4
No Par
1818 3,500 Jordan Motor Car
10
fa" 1121* 114 *Hilt* fii" *HA 114'*Hi"
1114
Ne pa
o pa;
Kan City
5058 52
515, 5112 5214 513 524 5174 5234 13,900 Kayser( P&CoLv18:01)-3-A-.:
503 5112 51
4
J)
Kansas Gulf
157 177
s
14
4 15
17
153
4 16
17% 1274 20% 151,500 Kelly-Springfield Tire
161, 14
25
5412 5412 52 52
54
54
54
54 12 3148
54
6212 1,100 8% preferred
100
54
60
557 58
8
*55
57
57
57
57
60
60
60
100
65
1,200 6% preferred
80 •77
*77
80
*78
80
803 82
4
83
83
8014 8014
100
500 KeleeY Wheel. Ille
s
625 627
8
4 623 63
623 62 4 6214 625
8
8 62% 62% 6212 6278 26,100 Kennecott Copper
3
No par
1,
5
8
3
4
8
4
8
4
ai
*8
8
as
3
4
3
4
3
4
1
6,600 Keystone 'Tire & Rabb-No Par
*25
*25
27
27
27
27
27 27
•2512 28
*26
27
No par
300 KInney Co
59
59
59
*58
58
58
5712 58
.56
58
*56
57
Kr60
new
25
Kraft Cheese
4812 49
483 4911 491 4914 49
4
482, 49
/
4
4912 49% 503
4 5,500 Kresge S
Co
10
11234 1123 1123 1123 1127 113
4
*112 1123 11112 112
4
g
4
4
11314 11312
100
540 Preferred
3115
*1514 16
*1514 16
153
4 154 15
/
1
/ 1514 15% 15
1
4
1514
700 Kresge Dept Stores---No par
75 *____ 74 *____ 74
1•___. 75 . --- 75
7418 7418
100 Preferred
100
*183 137 31182 1853 .182 185 *182 185 *182 185 *182 185
4
Laclede Gas L (St Lon18)_100
201 203
.
203 21
4 2012 2012 •1912 2012 *204 21%
21
•20
600 Lago Oil & Transport_No par
8
8 69
6913 6912 693 69
8
% 69% 6911 687 637
6914 6914 693
8 3,000 Lambert Co
No par
7% S
74 77
83
8 83
8
714 714 *7
2 1,900 Lee Rubber & Tire
814 83*
7%
No par
.
3512 36
35'2 3512 35
3514 3514 36
36
3518 355
2 1,400 Lehn & Fink
36
No par
24
*23
235, 235, 23% 24
•2312 24
2114 *23
24
24
No par
700 Life Savers
*92% 9231 925, 925, 9212 9312 937 94
623 9238 9134 93
8
8
3,900 Liggett & Myers Tob new-25
*128 12012 10128 129 *128 120 *128 129 *128 130 *128 130
Preferred
100
9212 9212 93
4 9212 927
9114 9212 9211 933
94% 93
/ 93% 16,800 "B" new
1
4
25
01 703
/
69 4 70
4
3
6912 7014 69% 701 7
4 70% 70% 693 70
4
No par
2,400 Limn Loa Wks
8
527 5318 53
54
5412 5412 533 5114 52
5314 52
4
/ 53
1
4
10,000 Liquid Carbonic certifs_No par
5012 597
56
4
57
59% 61% 593 6112 6014 613 120,200 Loew's Incorporated-No par
563 5712
8
4
6% 614
618 612
612 612
6114 618
618 6
814 614
%
1,600 Loft Incorporated. __..No par
42 12 4212 42
43
4214 42 4 4212 43
3
43
4214 *4012 4212 1,200 Long Bell Lumber A-- No.
par
:.
15618 157% 157 153
1597 1597 158 15978
157 160
8
8
160 182
2,700 Loose
-Meg Shaun
100
*156 185 *150 165 *150 165 *156 165
158 153
157 161
300 56 preferred
100
2912 *29
2912 2912 2938 2912 2914 2912 *29
2912 29
29
1,200 Lorillard
25
*114 1163 *114 1163 11612 11612'114 117 •116 117 •116 117
4
4
100 Preferred
100
15
1518 144 15
8
147 1514 14% 1512 14% 14% 14
/ 15
1
4
10,600 Louisiana 011 temp atfa_No par
*2612 97
955, 955, *9512 97
97
*9512 97
97
97
97
300 Preferred
100
2512 2512 2512 253
25% 25% 25% 25% 3,300 Louisville G & El A----No par
3
4 2512 25% 25 8 253
2918 2918 2818 29
29
2912 13283 2914 2,300 Ludlum Steel
2914 29
29
28
4
No par
*12214 12412 *123 12112 1221 12218 123 123 *123 126 *123 124
/
4
400 Mackay Companies
100
*70
*70
72
71
71
*70
72
*70
*70
71
*70
71
Preferred
100
10318 1057 10312 10512 10212 10514 10312 10518 104% 10812 104% 1064 61,700 Mack Trucks, me
8
No par
*110 113 *10914 113 51110 113 *110 112 •109% 112 •110 112
let preferred
100
*10411 106 *1043 106 *1043 100 *10412 106 •10412 106 *1044 106
8
8
/
1
26 preferred
100
354 954 354 353 353
/
1
8
36
8 3518 353
36
36
347 35
2,900, Magma Copper
No par
1334 14
1312 1312 *1312 14
1418 141.8 *13
*1312 15
14
500 Mani:mon (H R)& oo_NO par
76
76
77
*76
*7312 77
77
*73
753 75 4 *73
4
77
3
200 Manati Sugar prof
100
63% 64
64
6812 67
6312 6414 6312 63% 63% 64
6712 7.800 Manb Elea Supply---No par
*26
27
2612 *26
26
2612 21314 2614 *26
26
*26
2612
200 Manhattan Shirt
25
*40
48
*3678 46
46
*3678 48
31367 46
46
8
45
45
200 Manila Electrio Corp__hre par
1812 1812 *1814 19
111312 19
1812 *1812 19
1018
1812 1813
300 Maracaibo Oil Expl----No par
, 53% 5414 54
543 55
541i 54
533 5412 525 537
5412 69.100 Marland 011
No par
34
35
3418 35
333* 34
3
8
3412 35 8 345 35
3412 3412 4,300 Martin-Rockwell
par
'2212 23
2212 2212 2214 22% *2218 2212 *2218 2212 22
2218
400 Martin-Parry Corp__ I;froo
9012 913
4 90
90
9412 10014 9914 102
8813 90
91
91
13,0001Matbiaton Alkali Wka tem ctf50
70
694 703
/
1
70
691 7012 70
/
4
703
4 7012 71
705
8 70
7,400 May Dept Stores new
25
2514 2555 254 253* .253 26
253 26
4
4 26
253 263
4
8
2612 9,000 Maytag Co
No par
57
*5614 57
57
*5614 57
58
*581g 60
58
57
57
300 McCrory Stores Class B No par
261 264 *2012 27
/
4
8
/
1
*285 27
261 026
/
4
2812 2612 *26
2612
4001MoIntyre Porcupine Mines--5
•25 4 26
3
*2534 26
0 3 26
25 4
*2512 26
2512 251
*25% 26
1
200 Metro-Goldwyn Pictures pf-27
83
3 918
85
8 8%
834 8
/
1
4
8% 834
814 85,
8% 81
4.300 Mexican Seaboard 011-No par
164 1842 1614 163
2 1614 163
2 161* 1814
2 1614 163
Ws 1614 3.700 Miami Copper
3614 354 3635 3612 373
3 371 3714 3714 141,700 Mid-Cont1nent
34
3412 35
35
/
4
Petro_-No pal
4
105 105 *105 108
103 103 *1023 104 13103 105 31104 105
iMid-Cont Petrol pref
100
8
25
2%
23
4 2
25
/
1
4
2
2 4 2%
3
8
2
2
% 27
/ 27 13.800'Middle States Oil Corp
1
4
8
.10
113 17
8 17
I% •15
13
•13
4
17
/1
4
11 11
/
4
/
4
13
13
4 2,2001 Certificates
10
1153, 1191 1164 11734 117 117
11612 118
1174 1177 •1154 1171 1.100 Midland Steel
/
1
s
/
1
/
4
Prod rwel___100
•Bid and asked pilaw: me Wes ea Oki Slay. •Za4lh16ial. •
lareigkla.
PER SHARE
Range Since Jan. 1 1927
On basis of100
-share lots
Lowest
Highest
Per share
per share
100 Jan 3 10712 Jan 24
115 Jan 15 115 4 Jan 28
3
96 Jan 13 99 Mar 8
14512 Jan 25 17312 Mar 10
11812 Mar 9 122 Jan 7
104 Mar 7 105 Jan 3
824 Jan 14 116 Mar 4
38 Jan 14 45 Mar 9
40 Jan 4 4414 Jan 28
10214 Feb 7 1043 Jan 11
4
1812 Jan 26 22 Mar 10
42 Mar 9 4712 Feb 9
42 4 Jan 3 5834 Mar 3
3
95 Jan 3 1003
8Mar 8
981s Jan 27 10212 Feb 28
105 Jan 7 1083 Mar 10
4
573 Jan 12 67 Feb 24
8
58 Jan 12 67% Feb 24
101 Jar 26 109 Mar 11
9 8 Jan 13
5
814 Feb 17
311s Jan 27 3814 Feb 24
109 Jan 26 11914 Feb 28
11612 Feb 26 1217 Jan 17
s
2914 Jan 27 40 Mar 11
8 Jan 25 10 Jan 4
53 Jan 4 64 Feb 28
56 Jan 31 67 Jan 19
25 Jan 22 27 Jan 8
2312 Feb 9 2612 Jan 3
1512 Feb 15 22% Feb 25
7612 Jan 14 9214 Mar 11
3
22 Jan 31 33 4 Feb 15
60 Jan 25 634 Jan 12
4314 Jan 3 494 Feb 2
4
6018 Jan 11 1243 Mar 8
37% Feb 14 4014 Feb 2
/
1
4
4814 Jan 24 74 Mar 9
21 Jan 17 235 Jan 10
8
2534 Mar 8 32 4 Feb 1
3
144 Mar 3 1512 Feb 7
7% Jan 29 10% Feb 1
7 8 Jan 12 1014 Mar 11
5
3
92 Jan 10 95 4 Jan 3
41 Feb 15 43% Jan 3
111 Jan 3 113 Mar 2
2012 Mar 11 2512 Jan 12
1112 Jan 3 15 Feb 28
8
8 Mar 10 107 Feb 23
54 4 Mar 11 65 Feb 14
5
534 Jan 13 6114 Feb 21
454 J81)21 52 Feb 17
10214 Jan 21 10634 Mar 4
43% Jan 28 64 Mar 1
1354 Jan 18 163 Mar 1
/
1
4
1263 Jan 12 12814 Mar 11
4
614 Jan 4
8 8 Feb 7
5
3718 Jan 6 44 8 Feb 7
5
62 Mar 2 643 Jan 4
8
384 Jan 3 44 Feb 21
103 8 Mar 2 10614 Feb 2
5
5318 Jan 3 607 Mar 7
8
9612 Jan 3 100 Mar 7
160 Jan 21 167 Mar 8
12214 Jan 25 1323 Feb 21
8
1912 Jan 31 2412 Feb 23
5312 Jan 3 60% Mar 9
123 4 Jan 28 12514 Feb 9
3
10% Jan 3 17%Mar 1
1512Mar 3 2212 Jan 5
4 Jan 11
14 Jan 11
112 Feb 10 11418 Jan 13
50 Jan 4 5714 Jan 31
912 Jan 27 204 Marl!
/
1
35 Feb 2 6212 Mar 11
44 Jan 19 65 Mar 11
77 Jan 26 85 Jan 4
60 Feb 9 6412 Feb 24
1 Mar 11
12 Jan 3
214 Feb 11
45 Jan 5
50 Feb 10 62 8 Feb 25
7
45% Jan 28 55 Jan 7
11018 Feb 9 11312 Mar 11
1412 Jan 29 1712 Feb 8
7112Mar 3 80 Jan 4
1733 Jan 27 18912 Feb 23
4
2012 Jan 13 22% Feb 2
66 Jan 28 71% Feb 10
7 Jan 4
818 Mar 5
35 Mar 8 37% Jan 19
22 Jan 7 247 Feb 17
8
*8712 Feb 10 10278 Jan 4
1243 Jan 27 129 Feb 18
4
*865 Feb 10 1028 Jan 18
8
62 Jan 6 7412 Feb 11
51 Jan 5 59% Feb 14
46% Jan
61% Mar 11
6 Feb 23
758 Jan 20
4012 Jan 16 43 Mar 7
150 Jan 18 17312 Feb 26
157 Mar 11 1694 Feb 28
27% Feb 2
32% Jan 3
11612 Mar
1184 Jan 13
143 Mar
4
1818 Jan 5
95 Jan 10 97 Feb .5
23% Jan
2612 Feb 25
2818 Jan 1
31% Mar 1
120 Jan 14 1273, Feb 25
705 Jan
8
72 Jan 27
8814 Jan 24 108 Mar 1
109 Jan 25 111 Jan 4
102 Jan 1 10412 Feb 26
29 Feb
/
1
4
3612 Mar 7
13 Feb 24 16 Jan 6
72 Jan 1
77 Feb 23
5312 Jan 25 6812 Mar 10
24 Jan 1
/
1
4
28% Feb 26
40 Jan 22 46 Mar 10
18 Jan
22 4 Jan 18
3
5812 Jan 17
523 Mar
4
27 Jan 1
38 Feb 9
20% Jan
4
243 Feb 24
82 Jan
102 Mar 11
671 Jan 27 71 Feb 17
4
23 8 Jan 15 28 Feb 3
3
75h Jan 3
5611 Mar1
12
25 Jan 25 27 Feb 28
/
1
4
2614 Feb 21
3
24 4 Jan
914 Feb 16
6 2 Feb 1
3
143 Feb 8 1612 Feb 28
4
39% Jan 21
34 Mar
05 Feb 3
103 Jan 1
314 Feb 8
lh Jan
214 Feb 8
11 Jan 25
/
4
110 Jan 14 11912 Feb 17
PER SHARE
Range for Previous
Year 1926
Lowest
Highest
Per share
95 May
10512 Apr
924 Apr
11314 Mar
113 Jan
/
1
4
984 Apr
6012 Mar
36 May
411 Nov
/
4
100 Nov
15 8 June
3
4112 Mar
3912 Nov
94 Dec
/
1
4
9612 Dec
10414 Dec
334 Mar
/
1
4712 July
Per sham
100 Dec
113 Sept
96 Jan
225 4 Aug
3
12214 Dec
105 June
93 Aug
/
1
4
49 Jan
787 Jan
s
1113 Jan
2
25 4 Jan
3
56 2 Feb
7
7034 Feb
100 Feb
1097 Aug
s
109 Sept
6912 Nov
687 Nov
2
8
Oct 2112 Jan
1618 Mar 36h Dee
89 Apr 11312 Dec
10812 Mar 11814 July
9% Apr 3434 Dec
107 Feb
2
54 Jan
51% Oct 9332 Jan
45 Jane 6012 Dec
26
Oct 2812 Nov
245 Dec 30 Sept
8
1718 Dec 46 Jan
68 Mar 88 Dec
174 May 3512 Aug
4712 Jan 63
Oct
40 Mar 48 2 Jan
1
5014 Mar 71
Jan
27 Jan 45 Sept
403 Oct 12314 Jan
4
17 Mar 283 Jan
2
19% Mar 34 Jan
1412 Dec 2414 Feb
7 4 Oct 1314 Feb
3
712 Oct 1212 Feb
8014 Mar 104 Jan
344 May 43 4 Dec
3
1083 Mar 115 Feb
4
203 Mar 2852 Nov
4
12 Dec 213 Feb
4
918 Dec 2614 an
563 Dec 95 Jan
8
381g Mar 56 Dec
/
1
4
44% Oct 711 Jan
/
4
101% Oct 106
Jan
3312 Mar 6412 Jan
11214 Mar 15818 Dec
118
Jan 129 Dec
6 Sept 123 Feb
8
27 Mar 46% Feb
5312 Mar 66% Feb
32% Mar 464 Jan
10118 Jan 10412 Dec
4418 Apr 633 Aug
4
89 May 100 Dec
135 May 175 Jan
III Mar 133
Jan
1812 July 29
Jan
25 Jan 5612 Dec
11512 Jan 12712 Nov
9 Dec 1912 Feb
12 Nov 66 Feb
/ Mar
1
4
34 Jan
10714 Mar 115 Nov
3314 May 515 Deo
4
9 Oct 2112 Feb
43
/ Oct 74% Feb
1
4
45 Dec 734 Feb
76% Nov 126 Feb
49 4 Mar 6414 Nov
3
12 may
218 Jan
39 Nov 824 Jan
565 Dec 68 Nov
8
42 4 Mar 82 Jan
3
11212 Nov 1143 Feb
4
1518 Mar 33% Jan
704 Mar 93 Feb
/
1
4
146 Mar 19614 Dec
1918 May 2412 June
3912 May 72 Nov
614 Dec 14 Jan
30 4 Mar 4112 Jan
8
171 May 25 Deo
/
4
724 Mar 103 Dec
1193 Jan 129 4 May
4
3
71 Mar 723 Dec
4
534 Mar 69 4 Jan
3
4312 Oct587 Nov
8
344 Mar 48 8 Dec
3
6
Oct1114 Feb
418 Dec 50 Feb
/
1
4
88 Mar 177 Det)
/
1
4
12014 Mar 175 Dee
273 Oct42 Feb
14
11118 Apr 120 Aug
12 Mar 197 June
8
93 Dec 98 Dec
223 Mar 2618 Feb
4
225 Oct584 Feb
8
122 Oct138 Feb
68 Mar 734 Feb
8952 Nov159 Jan
10712 Nov113 June
Oct.1083 Sept
4
102
447 Feb
2
34 AP
125 Nov 2812 Jan
8
82 Feb
15 Jun
Oct 873 July
4
44
s
21% Oct .327 Jan
2712 Mar 452 Sept
3
16% Oct 28 Feb
4914 Ma
63 2 June
3
241 Oct 33 Mar
9
17 May 23 June
6212 May 1064 Jan
/
1
6912 Dec 70 Dec
19 Ma
2412 Sept
72 Mar 121
Jan
2214 Oct 30 Feb
2214 Jan 2$h Nov
8 Feb
13 July
/
1
4
11 Mar
17% Oct
2712 July 37
Jan
90 Ma 10414 Dee
2. Jan
% Nov
I Oct
11 Dee
/
4
107 Mar 13312 Feb
1486
New York Stock Record-Continued-Page 5
For sales during rb• week of stocks usually inactive, see fifth page preceding
111011 AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday,
Mar. 5.
Monday,
Mar.
.7.
Tuesday.
Mar 8.
Wednesday, Thursday, 1 Friday,
Mar. 11.
Mar. 10.
Mar. 9.
Sates
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Since Jan. 1 1927
On basis of 100 share tots
Lowest
Highest
8 Per share $ Per share $ Per share $ Per share $ Per share $ per share Shares Indus. & Miscall.(Con.) Par $ Per share $ per share
600 Miller Rubber etys__No par 31 8 Jan 2.
8
34 3 345 .34, 344 3318 34 14 .34
,
4
4
3412 .3414 343 *343 344
,
2
- 363 Feb 14
8
1.800 Montana Power
4
100 8112 Jan 28 8914 Feb 26
863
87
87
8612 877 *85
8
8712 87,2 86
864 8634 87
4
6318 6414 6312 6414 633 65
8
613 654 643 6712 663 673 46,600 Monts Ward & Co 111 corp__10 60 8 Feb 8 6814 Feb 24
8
,
1,000 Moon Motors
9
914
9
No par
9
84 Jan 23 1212 Jan 5
918 914
9
9
012 9;
*912 94
418 2.100 Mother Lode Coalition-Vo par
414 414
4
418 414
418
4
418 418
418
4 Feb 9
4
438 Jan 3
603 Motion Picture
8
1012 103 51012 1034
310 8 105
,
Vs par
4
11
11
11
II
11
11
94 Feb 17 13 Jan 17
800 Motor Meter A
353 35
36
36
8 36
357
No par 3318 Jan 31
8 357 357
36,
4
*3.534 36
8
31 *35
3718 Feb 3
8 5.200 Motor Wheel
2312 23 8 22
223 235
No par 20" Jan 3 245 Jan 7
4
,
223
4
4 2212 227
8 223 2318 •224 223
8
133
8 1,500 Mullins Body Corp
•1i
12
*11
13
1312 137
8
12
No par
*11
8
12
10 Jan 5 13g Mar 10
124 135
MunsIngwear Co
*3812 39
*3812 39
*3812 39
.3813 39
No par 36 Feb 25 394 Jan II
*3812 39
53812 39
35
35
No par 304 Jan 27 43 Feb 23
33'8 35
3318 347
3214 35
8 324 334 31 13 3212 17,790 Murray Body new
6612 67
4
6614 663
4 654 6612 6612 6712 6612 6714 653 664 33,800 Nash Motors Co
No par 63 Jan 28 7312 Jan 5
00 National Acme stamped___100
5
5412 5
*412 5
5
*412 5
*5
54
65 Jan 7
8
5 Feb 13
, *5
52
,
100 1017 10138 105
8
8
101 12 1035 103 104N 10318 10512 106 1074 51,300 National B1scult
25 913 Jan 27 1074 Mar 11
4
300
Preferred
•131 133
•133 140
132 132
131 18 131 18 13212 13212 *131
100 130 Jan 10 133 Feb 11
4018 4.000 Nat Cash Register A WINO par 397 Jan 3 42 Jan 2 I.
40
40
40
40
-18 40
40
40
40
40
4013 40
8
9,700 National Cloak & Suit,
34
3414 3353 3418 3414 34,2 333 3412 333 3414 333 34
100
4
18 Jan 22 35'2 Feb 21
4
ono
Preferred
90
90
90
90
90
90
100 61 Jan 31 93'1 Feb 21
90
90
8912 8912 8912 90
4
4
7714 7813 763 78
7133 77 8 763 7814 7612 7718 7612 764 10.000 Nat DalrY Prod tern etrallo par 703 Jan 3 78 4 Mar 4
8
,
8
,
1.800 Nat Department Stores No par 245 Eeb 7 27's Mar I
25
25
2514
25
25
25
253
4 25
25
.25
25
25
8
200
1st preferred
9112
*90
91
91
9112 *91
91
91 12 .91
.91
100 91 Feb 17 9414 Jan 10
91 12 *91
5,800 Nat Distill Prod etts...._No par
24
2412 254 2378 243
2414 24
8 2312 24
233 2414 24
4
17 Feb 8 272 Feb 16
500
Preferred temp ett__No par 4318 Feb 2 552 Feb 21
48
*47
4912 *45
48
48
47
48
51
51 18 *48
61
1.200 Nat Enarn a, Stamping
27
2712 264 2613 27
*2614 27
2712 *263 27
4
100 2412 Jan 11 3014 Fei• 28
.26
27
100
Preferred
84
*82
.8014 83
*82
84
8412 8212 8212 *82
•82
84
100 81 Jan 4 8312 Jan 28
5.000 National Lead
180 181
17812 181 .175 179
178 179
180 182
1743 181
1011 160 Jan 27 186'4 Mar 3
4
800
Preferred
*117 11814 *117 11814 11714 11711 118 11814 *1I712 11812 11812 11812
100 1174 Feb 3 1183 Jan 8
4
9.701 National Pr & Lt ctfs__No par
8
203 203
4
4 20 8 207
205 207
8
8 205 21
,
8 204 21
8 2014 207
19,8 Jan 28 22 Jan 6
5.400 National Supply
4 91 12 9312 9212 93
4
904 9014 903 913
91 18 91 18 9012 91
50 8212 Jan 3 11534 Feb 18
1,650 National Tea Co
116 116 .117 118
120 121
11712 1174 118 120 *12218 126
No par 11412 Jan 1 I 121 Mar 1 1
1412 1412 14
143 1412 1412 143* 143 1458 1412 14N 8,003 Nevada Coueol Copper
8
8
5 13'8 Feb 10 15 Jan 3
143*
,
8
4512 4e,
44 8 4514 4418 443
4 441$ 4412 445 453
,
8 4518 45 8 5.400 N Y Alr Brake
No par 403 Jan 3 474 Feb 11
8
11;12 7,000 NY ,
1634 18
..ancr-emp etfs_No par
1738 18
1618
133 Feb 16 214 Jan 3
4
171 4 18
17
1712 164 164
300
Preferred
50
50
.47
50
8
•47
*49
*47
50
*48
477 43
52
No par 474 Mar 8 72 Jan 13
8 403 4012 40 4 4012 6.600 New York Dock
8
*36
8
,
3914 3918 3914 387 403
37
37
100 34 Jan 14 402 Mar 10
1.600
Preferred
*72
75
75
74
7512 *7514 77
75
75
731* 7412 73
10(1 7218 Feb 9 752 Mar .0
100 Niagara Falls Power pi new.25 27. Jan 31
8
.2818 2854 .281, 28s, .2814 285 •2814 28 8 *284 285
8
8 287 287
8
,
29 Jan 5
14
29,300 North American Co
473 483
4
8
49
493
4 483 49
47313 474 4818 49
8 473 48
8
10 455 Jan 14 504 Feb 25
8
800
Preferred
51
2 51 18 51 18
*50
51
501, 505
8 5012 5012 51
513* 513
5118 Mar 1
50 50 Jan 11
1,100 No Amer Edison pret __No par 965 Jan 6 10014 Jan 2'.
5
974 9812 OS
983
8 984 981-1 934 9813 984 984 9812 994
8
47
$ 54
5
518
518 514 5,300 Norwalk Tire & Rubber
44 53* 547
10
44 5
4 Jan 31
8 5
53 Feb 10
8
900 Nunnally Co (The)____No par
•1212 123
4
121 123
8
12
1212 1212 1238 1238 1214 1214 12
12 Mar 10
13 Jan 19
341, 343
3412 35
344 *3413 344 1.000 011 Well Supply
4 3412 34; 3414 3412 34
25 3114 Jan 28 403 Feb 7
8
124 2.600 Omnibus Corp
1218
12
12
•1212 1234
1218
1214 123
1212 1234
8 12
No par
12 Feb II
143 Jan 6
8
63
643 65s 4,400 °embalm Outline & CoNo par 5812 Feb 8 67 18 Feb 28
4
633* 6312 6312 63
64,2 66
63
63
64
8 2.700 Orpheum Circuit, Inc
3214 321. 3212 323
3214 3214 3212 3314 3312 3314 334 333
,
1 3018 Jan 4 34 8 Jan 21
Preferred
•10512 10312.10512 108.2 .10513 108 5 10512 10812 *10512 10812 *10512 10812
100 105 Jan 20 107 Feb 10
1,900 Otis Elevator
•10714 108
4
107 10714 1063 1063 *106 10712 10712 1083 1084 109
4
4
50 3103 Feb 2 131 Jan 18
440
109 109
Preferred
109N 111
10912 110; *110 11012
10912 109 4 109 109
3
100 108 Feb 16 III Jan 14
8.500 Otis Steel,
10
85
9
2
84 872
g
8 9
833 87
87
o
87
No par
714 Feb 10
10 Mar 11
1,100
P or ,,ref
74
*69
71
7012 7012 71 12 73
724 744 74
73
74
100 61 12 Feb 8 7418 Mar 9
6.500 Owens Bottle
794 794 793* 82; 8112 84
*79
784 79
7912 7812 79
25 7518 Jan 18 84 Mar 11
4 2,000 Outlet Co
*57
58
•57
58
5712 593
58
.57
58
*57
563 57
No par 523 Jan 21 61 Feb 2:1
4
100
.106 115
1
,
_ •1116
_ _ .10718 _ _ *10718 108
107 8 107 8
Preferred
,
100 107 Jan 27 107; Feb 23
*323 33 *106- 4
8 1.500 Pacific Gas & Elec new
32; 32
32
323a - 12 321 4 32
8
3212 3212 323 323
25 31 Feb 18 33 Jan 10
I; 1,500 Pacific Oil
112
112
l's
1 12
l's
l3
13
8
8
lag
14
14
11
4
No par
17 Jan 7
8
13 Feb 28
8
345 34,
8
3 34 8 34; 344 345
,
8 3414 347
8 3414 3614 3514 363* 34,800 Packard Sinter Car
10 34 Jan 25 36N Jan 4
1.300 Paige Det Motor Car_ _No par
1014 1014
4
10
101 1 10
4 93
10
93
16
10
8
51/54 10
fiN Mar 11
117 Jan 6
10,100 Pan-Amer Parr & Trans
62
62
62
60
62
62
6014 6014 *61
4
62
613 6IN
50 60 Mar 7 657 Jan 19
8
23,000
623 627
Class B
8
8 60; 624 614 624 614 6212 62
623
8 6212 63
50 60;Mar 7 663 Jan 20
8
3012 30
304 30
3018 3034 30
30 8 3018 3012 7.800 Pan-Am West Petrol B.No par 39 Mar 8 374 Jan 24
,
304 31
1412 144 14; 4,300 Panhandle Prod & Ref-NO Par
14; 144 14
1413 144 1412
14; 134 14%
8
134 Mar 9 187 Jan 17
300
Preferred
71
*69
71
*71
*0814 73
73
72
72
71
*6812 71
100 7014 Jan 15 8l14 Jan 17
800 Park 44 Tliford tern ctfe_No par 20 Jan 27 25 Feb 28
22
22
22
21 12 21 12 *21 12 2212 *21 12 22
22
*21 12 22
.600 Park Utah (1 M
8
77
8 8
8
8
8
8
73
s
77
Vs
8 77
73
4 77
8
1
6 Jan 3
8 Mar 4
4312 9.500 Path, Exchange A____No par 37 Feb 14 433 Mar II
3812 3012 *384 39
39
3912 3912 3912 3912 4012 41
8 27 8 28
,
284 283
27
2712 2612 274 26
263
4 2612 2718 5,600 Peerless Motor Car
26 Mar 10 32 Jan 8
50
22; 2234 2218 234 2214 23
224 23
2312 8,200 Penick & Ford
224 23
23
No par 21 Jan 17 24 Feb 15
500 Penn Coal & Coke
13
*13
9212 1312 .1212 1312 13
134
13
13
13
13
50
1014 Jan 19 11 JUT1 2i
3 353
3.800 Penn-1)131e Cement...J./a par 3413 Jan 21 395 Jan 13
3614 37
36
3512 36
3614 303
4 354 3618 3512
35 4
8
Preferred
8 1,100
995 *99
09
994 9914 9914 9133 9914 9914 99; *90
995
8
4
100 98 14 Mar 8 994 Jan 13
7
8
78
7
8
7
8
7
8
i
s
78
I
78
7
8
4
7
8 4,600 Penn-Seaboard St'l vto No par
;
Jan 3
14 Feb 14
600 People's 0 L & C (Chic)_ _100 126 Jan 14 131 14 Fel)28
•12914 131
12914 12914 *129 131
12914 1293 130 130 *12912 131
4
91
91
91
.89
91
9234
91
91
1,500 Philadelphia Co (Pittsb)___60 8514 Jan 18 92 14 Mar 1.
00
.88
00 .85
100 6% preferred
51
51
*51
*5012 52
.51
52
.51
52
52
*51
52
50 Jan 6 63 Feb 10
51
4518 46
4414 4512 444 453
8
8
4 454 464 4514 46'4 155 463 55,300 Phil, & Read C & I___No par 415 Jan 28 47N Mar 4
8
400
*4412 46
.44
46
46
4414 4414 444 444 *4412 46
46
Certificates of Int___No par 4138 Jan 26 47 Mar 4
100 Phlillpa-Jones Corp____No par 47 Jan 3 52 Mar 7
513 .49
•4818 52 .49
4
52
52
52
52
•50
•4814 52
3712 3712 3713 3814 37
37
3712 38
38
4.500 Phillip Morris & Co, Ltd_.lb 3512 Jan 2; 4118 Jan 10
384 *3718 38
5518 56
5518 554 554 563 78,100 Phillips Petroleum---No Par 543 Jan 3 0014 Feb 16
8
5618 5634 56
4 553* 56
663
4
700 Phoenix Hosiery
3
3
47
3
4
453 453 *4512 453i 453 45 4 45 4 45 4 453 453 •46
4
4
5 42 Jan 7 4711 Feb 15
50
Preferred
__ 106 106 9
*105__ 106 106
0412 106
106 106 .106
ed
100 103 Jan 5 106 Mar 7
47,800 Pierce-Arrow Mot Car No par
4
207 - 8 22
2112 224 21 12 23N 23 -233
4 21 12 223
8
184 Jan 95 23', Mar 8
- 8 223 23,
4.000
98 9812 974 974 96
96
98
05
9712 97
95
Preferred
100 85 Jan 17 10212 Jan 3
. 9514
3
,„
58
5
8
5
8
58
5
8
58
58
58
1,400 Pierce 011 Corporation
5
8
;
Jan 6
26
34 Jan 4
3*
200
1412 •14
14
Preferred
1414 •14
15
*1414 15
.14
15
•144 15
100 14 Mar 9 17s Jan 24
3
3
3
3
3
9,600 Pierce Petrol'm tern ctfeNo par
3
8
234 27
278 3
3
318
34 Jan 13
23 Mar 8
4
500 Pittribunril Coal of Pa
36
347 347 *3412 36
$
8
4
36
36
3512 3512 3512 353 *35
I00 33 Feb 18 3612 Jan 3
1,300
7412 71
*71
71
71
71; 71
71
Preferred
0
703* 71
853
10070 ,, Meb 20 10 1 12 .1,i 18
00 9 , Far 15 74 Jan 7
1l 703* 71
Pittsburgh Steel pref
09812 13014 •9F112 10014 *9812 99 .98
*98
99
99
*98
99
97; 981 52.900 Poet'in Car Co Inc new_No pa
4
9512 9714 95
9334 954 9414 954 953 99
98
10234 Jan 14
9334 Mar
4 2.000 Pressed Steel Car new
5314 523 523
4
63
5212 53
8
5234 53
5212 5312 533 54
51 Feb 16
100 362 Feb
300
83
.82
83
83
82
82
*80
Preferred
8212 8212 8212 *81
82
81 Feb 17
100 761 2 Feb
25 4 2612 24
2412 251 14.500 Producers as Refiners Corp.50 163 Jan
3
32 Feb 10
26
25
253* 23
253
4 254 26
240
*4112 44
4612 4612 38
Preferred
*4112 44
44
44
43
4714 42
50 Feb 9
8
50 367 Jan
4
3412 34; 3414 343
344 343 10.700 PubServCorp of N J new No pa
3514 Feb 25
4 3412 347
8 34N 34; 3412 343
32 Jan
200 6% preferred
10018 10018 *100 101 •100 10012 .100 101 .100 101
101 101
100
•109 ____ •109 ____ *109
7% preferred
110 110
____ .109 110 *109 110
0 10 13 M ' 13
5, 10 E r 1
110928581; FebJanJ an : 11 274 M:ai : 28
1100
°
0
°
100
•12618 _ _ •1264
_
_ •1264
8% preferred
- •12618
_ 12618 12618 *12618
•103 10312 10312 I0312 10312 103
- -2 04
-4 10312 10312 1034 1- - -14 1037 1- - -14 1.000 Pub Serv Elec & Gas pfd.100 102 JUll 4 1051 2 Fel,24
03
_
300 Pub Service Elea Pr pref.100 113; Jan 18 1154 Mar 8
115 115; 11512 1157 *1157 _ •1157
544
_ .11578
*11514 116
8
8
8
181 181 14 17714 180 4 17714 170
3
3
4
18112 17912
17812 181
- 12 181 181 16.600 Pullman Company
100 17714 Mar 7 18912 Jan 3
8
4 4212 4212 4214 4212 43 43
1,600 Punta Alegre Sugar
423 423
4318
54318' 4312 43
50 4IN Jan 26 467 Jan 3
32 8 3112. 3212 3012 3134 3118 32
,
32
8
3138 317
8 3112 323 96,800 Pure 011 (The)
25 2714 Jan 3 333* Mar 4
300
•113 115 *113 115 *113 115 .113 115 31117 112 *11112 11212
8% Preferred
8
100 Ill's Jan 11 113 Feb 24
•5134 52
5I1 513
513 52
4 5134 513
51 12 513
8
4 5112 51 12 2,700 Purity Bakeries class A _...25 463 Jan 20 54 Feb 21
533 547
4
8 531/ 513
5312 4,300
8 533 633
2
534 54
Class II
4 5312 5312 *53
4134 Jan 3 57 Feb 23
No par
200
10318 1034 105 105 *10312 10518
*10318 110 *10314 105 .10318 104
Preferred
100 10114 Jan 8 105 Mar 10
4
51 12 523
5414 513* 53
4 524 5314 523 5412 533 553 71,700 Radlo Corp of Amer___No par 47,2 Jan 24 563 Mar 1
8
53
53 Feb 28,
,
1,0110
5112 513* 52
52; 52r; 5214 52 8 514 514 513 513
Preferred
52
50 5014 Feb 1
3
4 4412 444 4418 444 *44
444 4514 *443 443
360 Rand Mines, Ltd
47
par 40 Jan 5 4514 Mar 71
46
*4414
No
45
14; 14;
154 15
600 Ray Consolidated Copper_10 141 2 Feb 7 1512 Mar 1
153 *15
2
15
;*15
1518 154 •15
,
3
46
473
8 47
10 3918 Jan 25 48 4 Feb 23
4712 4612 4714 4.800 Real Silk Hosiery
4 45 4 4612 4512 46
453 453
4
f 08
.
99 .98
984 •98
9812 .98
9812 98
200
Preferred
WO 91 Jan 29 99 Mar 2
98
98
98
IS
4118 .4014 4 118 4014 40N 403 4034 *403 4112
300 Reid lee Cream
*4014
4
4
I *4014 42
No par 383* Jan 24 43 Feb 10
9 Jan
7 Feb 25
100 Reis (Robt) & Co
712
73
8 *7
No par
7
*7
7, 7
'
712 *7
712 *7
*7
15912 160
16014 170 316712 17012 12,900 Remington Typewriter____100 11212 Jan 12 17011Mar 11
16014 15914 1611
4
'158 1604 1593
4
1
113 11412 11412 115
1143 115
4
1.270
1143 1143
7% let preferred
100 110 Feb 18 11712 Feb 10
4
F 11312 11312 113 113
4
113 115 *l1318 115
650 8% 2,1 preferred
100 III Jan 6 110 Feb 10
3
•11412 114 4 1134 11412 11318 1143 115 115
12
1214
1214
1178 1238
1012 Jan 28 1312 Jan 10
1134 1218 10,700 Replogle Steel
No par
. 123 1233 1218 1212 12
8
s
7414 734 753, 74, 7578 35,500 Republic Iron & Steel
69; 71 12 71
100 5612 Jan 4 754 Mar 11
9934 71
If 71 18 72
4
10312 103; 1044 10414 10412 10414 10434 3,200
100 965s Jan 3 1043 Mar II
Preferred
8
I 10212 10212 133 103, 10314
43 Jan 13
4 Feb 21
414
4
4
4
4
4
4,110 Reynolds Spring
No par
4
4
414
• 4
418 *4
4
8
8
108 11112 10812 1097 1074 1083 108 1097 108; 1093* 34.200 Reynolds (1tJ) Toll Class B 25 0818 Feb 24 124 Jan 14
104 110
,
.7812 82
.7812 82
25 74 Jan 13 83 8 Jan 21
.7812 82
*7812 81
Roasts Insurance Co
82
•78
81
; *78
Feb
Jan
513* 513
513
4
5114
513
Royal
t 513 5134 5112 5138 4212 5112 *4114 4234 4112 52 4118 513 5,600 St Dutch Co(N Y shares)_ 5012 Feb 25 541 2 Mar 9
4
15 43/8
42
10 401 2
8
427
4112 2,400
Joseph Lead
8
427 427
*4212 43
4
6312 643
523 Jan 3 6412 Mar 9
641
8 634 633 23,80(1 Safety Cable
No par
62; 63
4
4 61 12 6314 61
; 6112 623
4
6914 694 7018 704 694 694 687 69
Arms CorPoratIon_100 613 Jan 28 7212Mar 5
, '; 8 000 Savage
.
7012 7212 6812 72
33 Jan 10
23 Jan 4
8
No par
23
4 23
4
23
4
4 2,300 Seneca Copper
2N
2 4 23
24 3
,
8
94 27
3 .27
1.,
8 3
5612 Jan12 66 Mar 10
65
64
66
64
6512 21.800 Shubert Theatre Corp_No par
6112 63
607
*5712 6014 60
8 60
M
47 Jan 18 50'2 Slur 4
4
4 49
4
No par
4018 20,500 Schulte Retail Stores
494 483 4914 483 493
4912 4813
4912 49
49
100 11614 Jun 22 119 Feb 7
200
Preferred
11712 11712 *11612 11712 4111612 11712 *11612 11712 511612 11712 117 117
134 Jan 3
1214 Feb 19
...
N'n po
_
4
4,
,
13
.1233 131 1 •123 13
e
,
I23* 1234
40 , cr..v.. Corn
3 Ex-dlyldend. a Ex-riants. a Er-dividend one share 01 standard 011 of California new.
•Bid and asked prices; no sales on this day
L
1
PER SHARE
Range for Previous
Year 1926
Lowest
Highest
$ per share 5 per share
30 May 443 Feb
4
694 Mar 8612 Nov
56 May 82 Jan
934 Nov 373 Feb
8
4 Nov
712 Feb
4
103 Dec 2312June
3334 May 53N Feb
1918 Nov 334 Feb
8 Nov
193 Feb
4
4
343 Apr 383 July
4
Mar 704 Dec
Nov
127 Jan
8
Jan 102 Dee
Jan 13112 Apr
Oct 54 Jan
Nov 57
Jan
Nov 9213 Jan
Apr 80 Jan
Oct 4238 Jan
24
Jan
89s Oct 97
1212 May 34 Jan
3712 Aug 7318 Jan
2118 July 4012 Jan
4
76 July 893 Jan
Apr 181
Dee
138
Jan 120 May
116
4
8
163 Mar 383 Jan
5.54 Jan 88 Dee
Jan
11612 Nov 238
1614 Nov
115 June
8
3612 Jan 46 2 Sept
,
2018 Nov 8434 Jan
7014 1)ec 85 Apr
32
On
457 Feb
8
69 May 77 Deo
275 Mar 2912 Dee
8
Jan
42 Mar 87
49
Jan 5214 Aug
91 18 Mar 97 Dee
418 Oct 154 Jan
1234 Dec
1712 Jan
8
30 July 363 Oct
12
Oct 2214 Feb
8
47
Jan 635 Sept
2712 Mar 3318 Nov
101
Jan 105 Apr
106 May 136 Dee
1023 Jan 10912 Aug
4
Oct 141 2 Jan
8
63 Nov 74 Sept
4
5334 Mar 903 flea
44 May 5514 Dee
9712 Apr 10712 Deo
...._ ...... -_ _
n1 May 8318 Feb
313 Mar 4514 July
4
9 Nov
2312 Jan
56,8 Mar 7614_ Jan
8
567 Mar 783 Jan
8
Jan
Oct 46
30
412 Jan 32 June
993 June
8
Jar
51
185 Oct 284 Jan
8
812 Feb
518 Sept
3214 Nov 83 Jan
233 Nov 3113 Nov
8
24 Dec
167 Jol
8
Oct
19
7 All g
41 DM
38 Dec
99 Nov 10012 Nov
214 Jan
;Oct
Dec
Jan 131
117
5918 Mar 91 Dec
Oct 51 14 July
45
3614 Apr 483* Feb
363 June 4612 Jan
4
45 Dec 55 4 Jan
3
16
Apr 41
Der
40 Mar 573 Dec
31 Mar 4614 Nov
Oci
94 Mar 103
19 May 4318 Jut
7612 Apr 12714 Aull
17 Jar
8
12 Oct
2718 Jar
11 18 Nov
7 Jar
214 Aug
29 June 4212 Ja,
94
70
ju ae 100 Del
Sln r 8518
7512 Mar 12478 Fel
3418 May 44 No3
4
7713 Dec 053 Jar
Mar 2034 Oci
iI
303 Slay 413 Oci
4
31 14 Oct 333* Noy
j y 110101
t ,
105:f
16
No,
1°3 o
Mar 12434 Nol
Jan 10418 Sep
97
106
Jan 114 AM
14514 Mar 19913 Sep
(
33
Apr 49 4 Dol
Jul
2514 Oct 31
106
Apr 1123 Juno
4
8
47
Oct 498 Nol
4112 Nov 44 Deo
99
Oct 103 De,
32 Mar 61; No'
44514 Mar 534 Do,
323 Apr 413 Oc
4
4
1012 Mar 1684 No'
3712 Nov 5014 Oc
9314 Dec 100 No'
Jul
3934 Dec 56
71/ July
183 Fel
4
8312 Apr 127 Fel
Apr 118
Oc
106
Apr 11534 Alb
105
8
Oct154 Jul
44 May 63; Jul
9114 Ma
99 Sep
414 Oct1052 Jul
8
90 Mar 1217 No
Jul
7618 Dec 100
s
473 Oct573 Jul
8
36 8 May 4818 Fel
,
4218 Slur 5512 No
6714 Nov10212 Fe'
1014 Ja
212 1)ee
j
52 Mar 70; Jul
4212 M a 1331/ a
11212 Jan 120 Set
144 Mi.
1219 Mar
52
5
74
126
3712
18
5818
53
1487
New York Stock Record—Continued—Page 6
,
For •silem during the week of •t clre ogual'y Inactive. see sixth vitae preceding
HIGH AND LOW SALE PRICES—PER SHARE. NOT PER CENT.
Saturday,
r Mar.5.
Monday,
Mar. 7.
.
Tuesday,
Mar.8.
Wednesday, Thursday,
Mar. 10.
Mar.O.
Friday,
Mar. 11.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Since Jan. 1 1927
On basis of 100-share tots
Lowest
Highest
PER SHARE
Range for Previous
Year 1926
Lowest
Ilishut
per share $ Per Share $ Per share
Per share
Per share Shares Indus. & MIscell.(Con.) Par
,
per share $ per sha e $ per share
per share
$ per share
4414 Mar 581 Sept
4
/
8
543 12.900 Sears,Itoebuck & Co newNopar 51 Jan 17 563 Feb25
4
5414 547
8 54
54
53
5218 52,
2 5214 53
5212 53
8
47 Mar 695 Jan
4
/
No par
8
563 Jan 17 661 Feb 23
637s 4,707 Shatuck (F 0)
62
62
623
4 62
60k 6118 62
627
62
8 6112 62
4012 July 4858 Jan
8
TradIng_£2 4412 Jan 4 477 Feb 10
200 Shell Transport &
4
1
/ 4712 *4714 477,
8
4 8 477g 47
173
8
473
8
*475 48 • 8 48 .473 48
24 Mar 31 Nov
4
4
No par 283 Jan 3 313 Feb 7
3018 3014 3012 3014 3059 7,500 Shell Union 011
8 3014 30
1
/
304 3018 3014 297
30
100 10712 Jan 27 10812 Jan 10 103 Mar 114 July
400 Preferred
8
8
8
g
10812 10812 •10812 1087 10812 10812 *10812 1087 *10812 1087 •10812 1087
4
1
/ Jan
1518 Aug 28
4
10 19 Jan 2 223 Feb 16
Petroleum
4
4 2018 2012 2012 214 2114 2112 203 2118 10,500 Simms
2018 2012 2014 203
2
283 Oct 5412 Jan
No par 3312 Jan 6 40 Feb 25
8
3812 393
8 387 387
8 5.500 Simmons Co
3912
3'J
40
38
3759 38
4
1
/ 38
37
100 10714 Jan 4 110 Feb 10 10512 Nov 10912 July
Preferred
811
4
4
4
,
,
10812 10812 •10812 109 4 •1083 109 4 1083 1083 10812 10812
109 109
4
/
4
163 Oct 241 Feb
8
1834 Mar 8 223 Jan 20
1912 1918 1912 1914 1912 39,400 Sinclair Cons 011 Corp_No par
19
1834 19
4
193
19
1912 19k
90 Mar 9912 June
100 97 Jan 6 10314 Jan 31
1,000 Preferred
993
*99 10018 9912 9912 10014 10014
99
99
993 993
4
4 99
4
/
8
265 Mar 371 June
8
1
/
25 334 Mar 8 373 Feb 21
335g 3378 16,400 Skelly 011 Co
8
4
,
8
337 3412 3378 3448 333 3418 333 34 2 333 34
Aug
100 Sloss-Sheffield Steel & Iron 100 12314 Jan 20 13212 Feb 24 103 Apr 14212
.
129 129 •127 129 •127 13012 127 130 •127 130
O127 130
Apr 16912 Dec
112
100 154 Jan 25 17614 Feb 23
169 171k 2169 17034 169 17012 4,600 South Porto Rico Sugar__
167 169
16812 16914 167 168
Oct 121 Deo
100 11812 Mar 4 12514 Mar 11 110
60 Preferred
4
/
125 •123 125 •I24 125 *123 12412 12412 1251
120 126 •120
•
30 Dec 33 July
8
25 315 Jan 3 3412 Feb 23
4
3314 3314 2,100 Southern Calif Edison
8
3312 323 3314 *323 33
,
8 33k 33 8 33
4
1
/ 335
33
Oct 5512 July
41
8
8
8
333 345 12.400 Southern Dairies el A_No par 33 Feb 4 453 Jan 13
4
4 3314 34
4 333 34,
1
/
3512 354 3414 3512. 3312 34,
4
1
/
1712 Oct 35 Mar
20 Jan 7
12 Feb 1
No par
4
/
1214 13,
16,001
8 121 13
4
1212 1214 123
4
1
/ 1312 1214
1212 1312 12
4
10 Dec 173 Feb
5
103 Feb 4 13 Jan 20
No par
Spear & Co
*1018 1012
*1018 1012 *1019 12
•101I 12
*1018 12
12
•10
72 Apr 8212 Jan
80 Feb 14
100 73 Feb 2
Preferred
74
74
78 .
78 •
78
*7212 78 .74
78
*7212
*7212 78
4
/
1
/
184 Apr 311 Feb
8
No par 2012 Jan 27 273 Mar 9
4 2614 267 12.200 Spicer Mfg Co
8
4 2612 2738 265s 263
2612 267g 2614 263
8
263 27
Jan 10714 Dec
100 104 Feb 21 108 Mar 9 101
300 Preferred
108 108 *108 109
108 108
107 107 *10618 108
*10612 108
Feb
51 Mar 69
37,200 Standard Gas & El Co.No par 54 Jan 25 58 Mar 11
58
5612 573
8 57
557
4 5612 57
4
/
561 561s 563
56
5512
4
1
/
53 Ma
575 Feb
8
50 5718 Jan 3 60 Feb 16
700 Preferred
59
5914
5914 5914 5918 5914 59
5914 59
5914 *59
*59
6718 Oct 9212 Feb
100 7014 Jan 4 7814 Feb 28
Milling
76
600 Standard
*74
76
75
,
74 4 74, *7414 77
4
7512 7512 7412 76
Feb
80 Ma
90
4
100 84 Jan 5 903 Feb 9
30 Preferred
4
893 *8912 893
4
8934 *89
•89
4
89
893 *89
89
89
89
1
/
1
/
524 May 634 Sept
4
8
g
573 5773 5712 577 16.100 Standard 01101 Cal new No par 5718 Mar 8 603 Jan 19
8 5712 577
4
/
5712 571 5714 5712 5718 573
1
/
4
/
371 Dec 464 Jan
4
/
Mar 8 411 Feb 5
4 38
381 56,000 Standard 011 of New Jereey_25 3714
8
374 373
14 3814 383
4 373 38
4
/
3814 371 38
38
100 1141 Feb 25 11614 Feb II 115 Nov 11918 May
4
/
4
4
600 Pref non-voting
1143 11434 1143 1143
2
8
8
1145 1143 1143 11459 •11434 115
1
/
*1144 115
3212 Dec 3314 Dec
8 31 12 31k 28,400 Standard 011 of New York _ _25 31 12 Mar 8 3418 Jan 18
4 31k 317
4 31 12 313
4
/
311 3178 31 12 313
4
313 32
4
/
101 Feb
,
414 Jan 3
3 2 Nov
2,2 Mar 8
8
212 27
234 3
3,400 Stand Plate Glass CoNo par
212 27
212 212
•272 3
8
8 3
27
*
9614 Nov
75 Ma
4
No par 9012 Jan 4 1013 Mar 11
Sterling Products
97 100
101 1013
9612 97
5.800
9614 9614 961g 97
9512 96
8
61 Nov 927 Jan
par 58'2 Mar 11 6734 Jan 5
62
5912 61
5812 61
61.100 Stewart-Warn Sp Corp_No
6014 6212 59
62
593 63
GO
4
1
/ Dec 7714 Jan
47
3472 35
35
4,000 Stromberg Carburetor_No par 33 Mar 10 542 Mar 1
3614 35
3512 33
3614 36
36
36
36
47 May 62 Sept
7 5159 5014 513 60.400 Studeb'rCorD(The) new No par 4914 Mar 4 5612 Jan 7
8
2
497 507
4
/
4
1
/
s 491 504 50, Si', 503 5112 50
100 118 Feb 10 122 Feb 23 11412 Feb 12212 June
100 Preferred
118 118 *11814 121 12
•120 121 1 •118 1211 •118 121 12 *118 120
3
3 4 Feb
1 12 Jul
334 Jan 8
212 Feb 28
No par
4 318
23
23
10,700 Submarine Boat
212 212
4 3
4
212 23
212 234
1
/
212 24 .
4
/
411 Jan
4
/
301 Ma
8
No par 31 Mar 9 347 Jan 17
313
315 313 *3112 32
8
31
1,400 Sun 011
32
32
321
*32
32
32
1 Jul
514 Dec
6:2 Feb 18
412 Jan 3
No par
518 512 14,900 Superior 011
,
5 4 51
,
518 5 4
,
58 5 4
,
512
5
3
4
/
51 53
347 Sept
1912 AD
s
100 193 Jan 25 2514 Jan 21
2i'* 23
22
23
22
21 18 21 1s .21
300 Superior Steel
*21 18 23
*21 13 2:1
17 Sept
8
83 Apr
4
1
/
8
4
/
50 111 Jan 27 133 Feb 3
Sweets Co of America
•113g 12
12
•11 14 12
*11
•1112 12
4
•113 121 •Ilk 12
1412 Jan
4 Nov
6 Jan 14
412 Feb
Symington temp ctfa__No par
412 41
412 412 1,100
412 412
412 41
*412 434
413 5
.
1
/
2
105 Oct 204 Feb
1
/
134 Jan 14
Mar
par
812
1,000 Class A temp ctfs____No
,
881/ 9
812 83
8
8
4
1
/ 83
812 8k
. 8
812 81
*812 9
Apr 147 Jan
8
11
4
/
1112 Mar 9 131 Jan 2'2
13
1112 113 •12
200 Telautograph Corp____No pa
*1212 13
*1212 13
•1212 13
*1212 13
16 Feb
4
/
101 Dec
1314 Jun 13
No pa
1059 Jan 4
1112 113
1112 1112 2,800 Tenn Copp & C
1112 113
4 1114 117
1134 113
4
•113 12
48 Mar 58 Aug
25 55 Mar 9 58 Jan 17
Company (The)
100 Texas
55
*54
*5412 55
55
55
55
*54
57
*54
57
•55
g
5312 Nov 577 Deo
2' 443 Mar 9 51i Jan 17
s
493 491 493 50
4
4
30.400 Texas Corporation
3
493 50
4
1
/
4
/
4
/
4 491 504 493 50
5014 603
1
/
Oct 524 Nov
39
4
/
49 Jan 3 571 Mar II
543 55 2 553 5718 92,800 Texas Gulf Sulphur new No pa
4
4
54, 547
8 5312 543
553
,
1
/
1
/
534 544 54
Oct 1912 Jan
12
8
163 Jan 12
Jan 27
10 1418
Coal & 011
4
/
8
4
/
4
/
1412 141 1414 141/ 1414 141 1412 143 2143 141 1414 1412 10,000 Texas Pacific
4
/
1512 Jan 25 211 Mar 1
1934 20k
1912 1978 26,690 Texas Pau Laud Trust new__1
19
2059 2018 2078
4
4
/
201 2118 193 20
Jan
3
;
18 Dec 34
31 18 Feb 24
2414 Jan 11
No pa
28
8
28
50 The Fair
4
283 *2712 2512 *2714 283 .2712 293
28
4
•283 29
4
/
421 May 5012 Sept
25 47 Jan 26 50 Feb 24
4912 4912 1,200 Thompson (.1 RI Co
4 403g 4912 493 497
8
4
493 497 .4912 493
*4911 493
4
27 Nov 3914 Jan
100 27 Feb 23 201s Jan 13
Water 011
27
4
27
700 Tide
*263 28
27
28
.27
27
27
27
28
3127
Jan
8714 Nov 103
100 8712 Feb 2 8912 Jan 19
_
Preferred
50
4
*873 88
4
8712 88 .8712 88
4
872 873
88
4
1
/ 873
87
4 88
8
4
1
/
85 Nov
4
/
447 Ma
78 Jan 3 951 Feb 16
4
/
881 82,90 Timken Roller BearIng_No pa
4 843 86s 8518 8712 87
1
/
8
844 863
8 845 863
4
833 89
9514 Apr 1165, Sept
8
100 105 Mar 3 1103 Jan 5
Products Corp
107 10714 6,300 Tobacco
1051 1061 10514 1061 1061g 10712 107 107
4
/
4
/
4
/
4
/
1061 107
100 11212 Mar 3 11612 Jan 18 103 Ma 11859 Sept
Class A
50
114 114
4
1
/
11312 113
•113 11312 113 113 *11214 114 •113 114
,
5 2 July
3 Ma
5 Feb 14
418 Jan 13
4
4 43 17,40 TranscTI 011 temctf newNopa
43
8
4 47
43
4
4 43
43
4
/
4
1
/ 41
4
4
/
41 5
8
4 47
43
27
Jan
15 Au
13 Feb 28 1514 Jan 6
8
10 Traneue it Williams SO No pa
8
8
13
4
/
*121 1312 •125 1312 •125 1312 •123 131
1312 13
13
•
4
1
/ Jan
1
/
434 Nov 63
1
/
45 Jan 29 484 Feb 28
Underwood Typewriter ____2
463
700
461 463 *4614
4
4
/
1
/
•4614 4714 •464 4714 .4614 4714 4614 47
35 May 71 14 Jan
Paper Corp 100 3812 Jan 25 52 Mar 7
10,700 Union Bag &
*4712 50
50
8
49
52
51
2 49
51
4
1
/ 497 50,
50
51
4
7712 Ma 1003 Dec
991s Jan 26 118 Mar 1
33.400 Union Carbide & Carb_No pa
115 1163 11414 116
8
11234 115
4
/
1111 113
112k 113,2 11214 114
4
1
/
3714 Jan 58 Sept
2
480 Mar 4 5612 Jan 6
8
8
4 4912 5014 497 503 16.000 Union Oil California
4
/
4
1
/ 4912 491 495s 4912 50,
4813 4812 48
4
/
93 Dec 951 Dec
4
94 Jan 3 1003 Mar 10
10
4,000 Union Tank Car new
4 9712 1003 100 100
4
*9518 973
97
*95
96
96
Uti
•95
1
/
1094 Aug
831s Fe
92 Mar 10 100 Jan 6
2
9212 2,100 United Cigar Stores
9412 292
9314 92
94
94
94
9418 9418 9312 94
8
100 125 Jan 5 12914 Mar II 1147 Ma 125 June
30 Preferred
12914 12914
•12812 132 92918 132 92918 132 •12918 132 •12918 132
100 159 Jan 25 17114 Jan 10 134 Mar 174 Dee
166 16612 165 16534 165 1661 2.600 United Drug
4
/
111512 1611
165 166
165 165
5512 Mar 59 July
50 5812 Jan 6 60 Jan 12
let Preferred
59
5918 1.000
59
59
59
59
59
59
59
59
59
59
Apr 126 Nov
98
No par 11312 Jan 26 12314 Feb 26
2,400 United Fruit new
4
4
4
11912 11912 11834 1183 118 11812 11812 1183 1183 11912 120 121
17 Dec 38's Slay
100 1612Mar 2 17 Feb 2
United Paperboard
•16
•16
19
19
18
•16
18
.16
18
•16
IS
•1612
90 Mar 9812 Dec
Universal PIcturee 1st pfd_ 100 98 Jan 14 10112 Feb 3
100 101 •100 101
•100 102 900 1011 .100 1011 •100 101 1 .
8
133 Mar 3412 Dec
Rad__No par 271 2 Jan 25 31 Fen 7
4
/
4
s
4 30
3012 303
4
/
301 3012 3114 307 3112 201 313 17,700 Universal Pipe &
3012 31
52 Mar 9012 Dec
4
100 813 Jan 27 90 Jan 11
200 Preferred
.8212 85
8212 851 *8212 85
*8312 8512 8312 83's 83 83 .
Cast Iron Pipe & Fdy _100 202 Jan 25 22812 Jan 3 150 May 24812 Aug
4
21612 21834 2174 2203 220 22259 218 22212 8,600 US
22014 22014 217 217
100 1137 Jan 28 115 Jan 5 10014 Mar 118 Dec
8
100 Preferred
8
11372 1137 •111 114 •110 114 •110 114
•110 114 .110 114
39 Mar 6112 Feb
4
/
4
1
/ 5514 564 5912 15,600 U 8 Distrlb Corp tem ctf No par 51 14 Feb 14 601 Jan 12
5612 55
8 5518 505
8 56
5412 553
1
/
5418 55
1
/
1
/
454 Jan 593 Feb
564 Jan 19
8
,
51 8 Feb I
Mach Corp vteNo par
2.200 U8 Hoff
52k 53
53
g
1
/
53
4 524 5314 527 537
4
1
/ 522
8
*523 5312 52
8
453 Mar 8412 Dec
100 7718 Jan 3 89 Feb 28
2
8012 82
803 8178 8114 8234
854 8114 837
2,2 40,200 0 8 Industrial Aleohol
10
84
1
/
18
8
9914 Apr 1147 Nov
1
/
100 1084 Jan 27 11014 Feb 15
Preferred
200
10912 10912 •109 1101 *100 1101 •109 11012 •10912 11012 18101'S
4818 Mar 711 Jan
8
4
/
8
553 554 3.200 US Realty & Impt new.No par 55 Mar 8 665 Feb 7
4
56
58
5612 553 56
1
/
4 55
8
4
/
1
/
564 561 553 563
5014 May 8814 Jan
4
100 563 Jan 25 6718 Feb 28
United States Rubber
6314
8
1
/
8
6212 643
613 624 613 6259 62
79,300
s
6418 653
Jan
100 10718 Jan 27 111 14 Mar 4 101 12 Mar 109
1st Preferred
10
4
/
1101 III
11012 1101 110 11014 11012 11012 162'2 1610432
90C
•11012 11 i
Oct 497 Jan
8
8
30
4
1
/
8 3614 3612 3614 3614
3514 3614 3614 363
1,800 US Smelting. Ref & Mln___50 33 Jan 13 367 Jan 4
3612 3514 361
36
Oct 50
42
Jan
1
/
50 454 Jan 18 49 Mar 4
487
Preferred
8
8
4812 4812 *477 487
4
/
4
1
/ 487 •47k
471 473 *47
200
4
•473 49
Apr 16012 Deo
8
1587 16118 15912 16078 214,300 United States Steel Corp__100 15312 Jan 28 16218 Feb 24 117
4
8
15612 1577 1563 1572 15612 15814 15712 160
8
11714 Mar 10 1137 Dec 117 Dec
Ill's Jan
New w 1
4
1153 1 1714 1153 1163 137,000
4
g
8
11434 11418 11412 1133 1147 1143 116
4
11418
4
,
100 129 Jan28 130 8 Jan 5 12412 Mar 1303 Dec
12912 1293 12934 1293
4
4
4
1,8110 Preferred
12912 12912 1293 I29g 129 1291 12912 130
5612 Jan 67 Dec
No pa
67 Jan 4 71 12 Mar II
71
71
*7012 7112 *7012 71 12 71,2 7112
400 U S Tobacco
7012 7012 .7012 71
10 123 Jan 14 125 Feb 16 112 Mar 123 Deo
•
Preferred
125
•125
*125
•125
______
•125
93 Apr 116 Nov
10 111 Feb 11 11312 Jan 4
Utah Copper
•112 120 •112 11518 *112 116 •112 120 •I12 115 •112 115
2738 Dec 37 Feb
27 Jan 8 30g Feb 28
8
28
28
2814 .283 30
ns
2812 28
29
700 Utilitlee Pow & Lt A___No pa
2912 :2818
*29
29 Mar 43 Aug
No pa
37 Jan 20 4412 Feb 28
433g 43
43
4314 4212 433
421/ 421
8 2,500 Vanadium Corp
8
4212 4312 425 43
1
/
434 July 52 Aug
No pa
48 Jan 3 55 Feb II
557 55
5514 67
5412 541
4 5.900 Vick Chemical
4
553 563
5412 55
5435 55
9
10 Feb 14
Oct 2512 Feb
4
1
/
4
1
/
7 Mar 1
918
*9
812 87g
9
9
4 812 4,409 Virg-Caro Chem new No pa
73
918 914
912
*9
4
/
311 Oct 69
4
363 Feb 14
100 27's Mar 11
Jan
3212 3212 31 18 313
8
4 275 31
3212 3118 311
7,900 6% pref w I
*31
,
32 8 .31
83
Oct 981 Jan
4
873 Feb II
100 73!, Mar I I
4
/
81
82
81
O81
82
*81
800 7% pref w I
82
7812 8014
*81
82
*81
40 May 6012 Nov
*10
50
*44
50
50
Virginia Iron Coal & Coke.100 43 Feb 9 51 Jan 4
*40
50
*44
50
•14
50
*44
4
1
/
26 Ma
3612 Dec
3212 Jan 24 35 Jan 31
8 337 34
341
8
1
/
3412 314 3412 343
3,300 Vivaudou (V) new____No pa
3412 34
344 3412 31
1
/
100 1043 Jan 27 108 Feb 3
1
/
944 Jan 11012 Dec
2
Preferred
•106 108 906 103 *106 108 •106 108 •106 108 *106 108
17
22 Mar 10 25 Feb 7
Jan
No pa
23 Dec
2314 22
223
4 23
23
2312 2312 23
1,300 Waldorf System
4
*233 24
*2334 24
8
1214 June 2314 Jan
18 Jan 14 217 Mar 2
No pa
8 2112 2158 211 215
4
/
4
/
4
/
8 2.300 Waiworth Co etre
4
/
1
*21 14 2112 21:8 211 2118 211 211 213
Jan
99 Jun
195
_ *105
*105
•105
Ward Flaking Class A No pa
•112
*105 140 *105
4
/
No pa
4
2114 Oct 853 Feb
/
261 Mar 9 331 Feb 18
8
2912 2812 287 13.600 Class B
4
8
8 263 2814 28
8 283 2912 2812 287
4
2912 297
8
913 Jan 7 953 Feb 3
No pa
4
8
*923 9328 933 934 1.600 Preferred (100)
8812 Oct 11012 Jan
92
1
/
8
92
93
92,2
93
0234 931s 92
8 38
12 Jun
39
,
69 4 Sent
1
/
384 3812 13,300 Warner Bros Pictures A___ _10 3718 Jan 26 4512 Jan 6
4 3912 397
3912 40
39's 3912 3812 39,
No pa
65 Jan 14 9014 Feb 18
1
/
434 Apr 69 Dec
,
8
8
797 82
3,000 Warren Bros.__
81
76
8314 833 8412 *82 4 83
8
76
763 84
5612 Jan 5 643 Feb
Apr 8512 Jan
53
59
4
s 59
59
59
1
/
900 Weber & Hellbr, new c_No pa
*5812 59
5812 5812 5812 58,2 584 583
4
/
600 Western Union Telegraph_100 14412 Jan 8 154-8 Feb 23 13412 Ma 1571 Sept
149 149 •148 149
14612 14612 14714 14714 15012 15012 •14912 15012
8
151 1527 15212 154
15212 1543 22,600 Weetinghouse Air Brake___50 13312 Jan 4 15514 Feb 25 10514 Ma 146 Deo
4
14814 151
14914 152
14934 151
7212 727
4
/
8 72,2 727 10.500 Westinghouse Elee & Mfg_ _50 6753 Jan 4 751 Feb 23
65 May 7912 Feb
8
8
,
723 7318 724 7318 708 72:53 7218 73
15 Jan 8
8 1714 177
4
1
/
13 May 1912 July
4
/
181 Feb 15
Weston Eloo Instrument
173g 17% 1712 173
,
8
g
177 177
1718 171a
g
•173 17k
3314 *33
*33
3014 Jan 6 341 Jan 28
33
2714 Jan 3212 Oct
4
/
3314
300 Class A
3312 33
33
3359 33
*33
*33
)
8812 Jan 9812 Oct
Jan 4 103 Feb 8
220 West Penn Elea cl A vtt No Mr
10112 101 12 10113 10112 901 10112 101 10112 10112 10112 10112 10112
10212 Dec
8
10618
9512 Ma
106 106
10618 10659 106 10618 1057 106
113344 l(1758 Jan 31
106 106
0
. p6,
•113 11312 11312
r
ig Power pref_ii _100 11 1a r 15 114 Jan 13 108 Ma 115 Sept
4
3,81.. ari
4
1
/
11312 113
1.NS West;
11312 114
4
113 113 .1133 114
4
1
/
29 Feb
8
8 254 26
1
/
4
1
/ 257 257
2.600 White Eagle 011
4
1
/ 25
8 25
8
255 257
26
2618 2614 26
4
1
/ 5112 5014 511
21 2 9
55;s Apr 90 Feb
50 491 Mar 10 57'2 F )26
4
/
4
/
1
84
4
/
8 2 / rei) 18
5214 5512 51
5214 5018 511 49
5512 66
4
/
Oct 381 Feb
22
tFet
' g
3014 3012 3012 301 113 ig8,111: s irnr.t i p S hetf__No par 26 Jan 26 32 2 Feb 28
,Z
`
, le i io t iacp
4
/
2912 31
*294 30
*2912 36
*2914 30
4612 Oct 6414 Oct
p No Par 46 Feb 18 59 Jan 17
1‘
w
, 00 h
48
4
/
4818 4812 4812 481 48
4
/
481 54818 49
4712 471/4 43
4
1
/ Jan
3
4
1
/ Dec
112 Feb 14
8
7
3
7
5
1
7
4
7
3
7
12 Jan 26
8
7
8
7
8 2,400 Wickwire Spencer Steel etf___
7
4
1
/
8
7
"4
Jan
18 May 34
3
8 9312 243 51,600 WIllye-Overland (The)
0
142
2
4
13
,142 14
2 1 2 23 2 2 8 917
2312 24
2314 231 23
4
/
2312 9314 ,14 .933 235
2
13-4 eb 4
15
100 8, pn f7 243 Mar
99 Feb
n
5.mi w creferr
91
8
917 0178 *9118 9112 91
8
143 Dec
May
6
88's
4
143
80. Inc. new_No par
1 Fa
dce(
11
17/ jen 1
4
/
8
8 137 1518 14
11 14 Jan 17 954 'b 2 I
1334 1412 131 1414
135g 133
8
14 May 305 Des
28
4
1
/
25
263 271 2 6.800 Class A
1
/
254 2714 27
26
No par 25 Mar 5 32 Feb 23
2612 2559 2638 26
813 Den
8
8
787 7914 7612 7612 6,100 Preferred
3
7518 78
7512 77
100 74 Mar 3 84 4 Feb 23
76
1
/
764 7612 79
Dec
40 Dec
8
127 1235 34,500 Woolworth Corp new w I
4
1
/ 125 128
8
4
1233 12434 12334 1241 1231 1255 1233 125
4
4
4
/
1173 Jan II 1291 Feb23 12214 I'ily 128
4
/
8
4
1
/ Jan
19 Nov 44
8 27
273
28t2 261 28
4
/
4
/
28
27
5,700 Worthington P & M
2514 2612 2718 271 27
100 2012 Jan 27 31 14 Feb 28
44 Nov 80 Feb
Mar I
5312 .48
*48
62
5312
•48
53
5212 *50
53
52
.48
600 Preferred A
100 46 Jan 22 542
65 Feb
23471,4s
8
,
42
2 3 14 je n 6
43
*41
4412 43
42
,100 Preferred B
43
44
*43
*41
Feb 3 45 Fat, 2
•41
43
4
1
/
Mar 39 July
4 3114 Ws 8 200 Wright Aeronautical___No par 3
3214 3118 313
8
3112 3234 303 3312 304 31 14 31
1
/
9
40
4
1
/ Feb
Apr 59
47
52
,
52
4
/
200 Wrigley (Wm Jr)
*5112 52
4
*503 5212 52 2 5212 *503 .52 2 *503 5
4 2
No par 501 Jan 4 52se Jan 21
,
7212 Aug
*7612 79
76
*74
76
*74
75
76
75
200 Yale & Towne
75
4 75
*733
4
1
/
28'2
80 May 39 Sept
fa r 5
J an 8
8
n 8 2 2N
8
8 267 2818 2714 273 42,400 Yellow Truck & Coach____100 251' Jan 14 797
8
8
263 263
4 2612 273
8
267 2718 2612 27
25 79
10712 Sept
98
9812 9812
98
981
a
98
9714 971 4 .9712 99
,
98
Preferred
97
1., 854 j 62,
p00 94 Jan 6
91'2 A24 r
an .
3 ja r 10
9914 M_ 3 —69—_M 9y 0514 Aug
8
913 93 4 924 93
4
3
9012 913
11.600 Youngstown Sheet & T_No
2
901s 0015 894 00
•Bid aid asked prices; no sales on thla day. b Ex-dividend and ex-rights —z Ex-divide
-ad.
7
10614
2
1g778
1488
New York Stock Exchange—Bond Record, Friday, Weekly and Yearly
Jan. 1 1909 Me Exchange method of guotirto bonds was changed and prices ore
now "and interesr—except for income and defaulted bonds.
BONDS
H.Y.STOCK EXCHANGE
Week Ended March 11.
Price
Friday.
Mar. 11.
Week's
Range or
Last Sale
Range
Since
Jan. 1.
BONDS
N. Y.STOCK EXCHANGE
Week Ended March 11,
I
Price
Friday,
Mar. 11.
Week's
Range or
Last Sale
Rang.
Since
Jan: le
U S. G
mint.
BM
Ask Low
High N o. Low
High
Bid
VIM Liberty Loan
Ask Low
High No, Low
High
lapaness Govt £ loan 4e
1931 J J 913 Sale 913
834% of 1932-1947
in 1011011 Sale 10113
4
203
4
92
90
92%
,110115n 117 1011
00111n
80
-year if 6346
Cony 4% of 1932-47
in 1011%10111n 101% 1011
1011a Sale 101
1013 240
8
997 102
8
1 1901%81013n
94
()Mental Development 64_11121 :1 ll 9612 Sale 953
Cony 431% of 1932-47
in 10321s2 Sale 103
4
94
9714 158
98
,02,103"n 120 102118110311u Leipzig (Germany)8 f
7s
1947 F A 1017 Sale 10112 10214 68 10014 102 8
2d cony 431% of 1932-47
in 10213 Sale 102'142102"n
8
,1
7
8 1021%210213u Lyons (City of) 15-year 66_ _1934 M
N 9512
Second Liberty Loan—
93% 97%
954 89
Marseilles(City of) 15-yr 68_1934 M N 954 Sale 9514
de of 1927-1942
MN
Sale 9514
1001001
9314 97%
101 Feb'27
96 4 80
3
Mexican Irrigation 4348......_1943 MN
Cony 434% of 1927-1942
MN 10014,1 Sale 100"n 100"n 2865 10013n101
30 Mar'26
.311
Assenting 6 4%e_
!
1943 -- -51; - - -3- 3012
Third Liberty Loan
56;
2 - 2 IA
31 4
3012
Mexico (II El) exti 58 oi1899 2'45 Q .1 40
MS 1011ss Sale 1013 1011Iss 233
434% of 1928
50 Feb'27
50
50
,1
101%10111n
Assenting be of 1899
1945
Fourth Liberty Loan
41 Sale 403
8
8
3912 50
41
Assenting 56 large
AO 104121 Sale 1032%10411n 6709 10313
414% of 1933-1938
4112 Mar'27
393 4114
2
810411n
Assenting 58 email
Treasury 431s
1947-1952 * 0 11230,1 Sale 1111%114
-1-- 37% May'25
637 1101 114
,1
Gold deb 46 of 1904
Treasury 45
1954.Iii
1944-1954 J D 1084, Sale 107111 10811 914 106%1108"n
34 July'26
:s
Assenting 48 of 1904
Treasury 34s
1946-1956
•S 105142 Sale 1041%1051%s 2002 1033n105"ts
2734 2914 273
9
4
i4 Wit
273
4
Assenting 45 of 1904 large_________
State and City Securities.
—
27 Dec'26
-—
Assenting 4.of 1904 small.........
X Y City-4Lis Corp stock_1960 M S 10118 Sale 100 4
_
255, Sept'28
— -3
1014 17 1004 10118
Assenting 4s of 1910
.1
434s Corporate stock
-27r2 18 - 2738 Jan'27
1964 MS 10212 103 1027
27% 27%
1 1024 1027
8 1024
8
Assenting 45 of 1910 large
&Ns Corporate stock
28 Sale 263
1966 AO 1024 103 1023
69
8
28
26% 31%
1 1024 1024
8 1023
8
Aesenting 45 of 1910 small- _ _
illds Corporate stock
-- 233
1972 *0 1023 103 1024 Feb'27
4
8
8
223 2856
243
4 47
1023 1024
8
Tress 6s of'31 assent(largo)'33 i—i _423_4 Sale 234
434s Corporate stock
2
1971 S D 10714 1077 1063 Oct'26
.
45_4 42
42
42
g
461s
4
Small
4348 Corporate stock_Ju1y1967 S i 10714 ---- 1065
4112 4812
8 Jan'27
106 8 1063 Montevideo 78
5
4
4348 Corporate stock
101 Sale 144 1‘110 2 lt)
1965 in 10718 __-- 1065 Jan'27
01
99% 102
5e27
8
1065 100% Netherlands 66 Mal Prieez).-1 72
s
4348 Corporate stock
1952 j D
9 M S
1963 M S 1067 ---- 107
106 108%
10612
s
20 106% 107
107
30-year external (Se Mao-1954 A 0 10618 Sale 106
6% Corporate stock
10312 Sale 10312 1033 104 103 1 7
1959 M N
8
14 03 8
9914 Jan'27
99
993 Norway 20-year extl 68
4
1943 F A 10214 Sale 10214 1024 33 10114 10212
6% Corporate stock
1958 M N 9914 993 9914 Feb'27
4
99
9914
20
-year external 65
6% Corporate stock
10214 Sale 102
1957 M N
10238 55 WI% 102%
9958 Jan'27 _
987 100
8
20
-year external 6e
4% Corporate Mock
ISN 1
5I
' 1024 Sale 10112 10212 20 100 102 8
A
5
9812 Nov•26 _
40
-year s I Op temp
96
D 1004 Sale 10014
4% Corporate stock
1003
4 65
98 4 101
3
987 Oct'26 ____ ---- ---- Oslo(City)30
2
-year.
616s-1955 M N 101% 1013 10112 1013
Corporate Mock
4
1936 MN
4 29 10058 1013
4
99 Mar'26
Sinking fund 5348
431% Corporate stock— _1957 MN
9918 Sale 99
97 100
9912 14
1063 Feb'27
8
105 8 1067 Panama (Rep) esti
5
8
42.1% Corporate stock _1957 MN
10212 1025 0212 1028
4
4 14 10218 1023
1063 Feb'27
8
105 4 107
3
Peru (Rep of) external 8e
1944 A 0 1063 Sale 105
834% Corporate ink-May 1954 MN
4
1063
4 25 10312 107
9012 Mar'27
89% 9012
Esti sink Id 7318 temp__1940 M N 1007 Sale
834% Corporate stk_Nov 1954 MN
8
36 100 2 1013
0038 101
4
3
89% Jan'27
89% 897 Poland (Rep of) gold Os
8
1940 A 0 82 8 Sale 824
8328 Corporate stock
7
1955 M N
8278 31
7612 85
89 Apr'26
Esti sink fd g 85
Xew York State CanalIm de.1961 J J
963
4
9314 99
14
9712 305
10212 Oct'26 ---- Porto Alegre(City of)8e_IV . g 10438 Sale 96
_
1
de Canal
Sale 1045, 1047
7 10354 105
1960
8
1025, Mar'27 ---- Hi; 102'8 Queensland (State) extl.17.1941 .1
A 0 112 1123 1115, 1125
de
4
1962
8 63 111 113
102 May'26
25
-year external 138
de Canal
106 Sale 105 4 10614 15 104 10614
8
1942 JJ
1023 Mar'25
8
Rio Grande do Sul extl e f 861 47 A O
9 F A
48
6348 Canal Rapt
1964 J J
105 8 27 1033 1013
3
8
---- 102 Apr'26
.--- Rio de Janeiro 25-yr 818e-1948 A 0 105 Sale 1043
de Highway impt regist'd_1958
10412 105 104
42 102% 106
1048
---1017 Mar'26
---25-yr extl 85
Highway Improv't 4341
1033 10414 104
8
1043
8 15 10214 10434
1963
Ill Dec'26
Rotterdam (City) exti 65—.191
4
7
Virginia 2-3s
10414 1043 10414 105
.9.5
4
19 1035s 105
1991
76% Feb'25
Sao Paulo(City)81 88
Foreign Gov't and Municipal's
10812
3 10712 108 4
3
„(San Paulo(State) ext 8 I &LIN PI 1043 Sale 10814 10812
r
4.atioquia (Dept) Col 74 A_ _1945 J J 981
4 10514 10434 70514 16 104% 10512
48810 IX%
C141 gatAccala i 5a int recta
NU 30 4
1950 1 J 1054 Sale 105 4 1053
External sf7.eer B
.1 9812 Sal
3
4 13 105 107%
1945
9
96%
I Hetrts!water loan 7e__ _1956 M S 994
96% 18 1
targentine Govt Pub Wks68_1960 AO 9812 Sale
Sale 984
993
4 33
98% 100
1*
9814
98 4 •111 I 2 I I9P4 Manta Fe (Prov Are IUD)12-1942 M S 953 Sale 95
,
4
A/patine Nation (Govt of)—
953
8 48
93% 9614
Siel30 Wands, ezz I 73
1942.9 J .10012 Sale 994 10012 140
Sink /und 68 of June 1925-1959 in 9852 sal I 982
97% 1023
4
9
I 96 I! 97 4
,
99
limbs, Crosse & Slovenes 85-1962 MN 102 Sale 10018
Extle f 6,01 Oct 1925_ _1959 AO 9912 Sal I 9814
10214 80
9714 1023
4
4
9934 52 li 973 99 ll)fielasons (City) extl 61
9414 Sale 94
22
Sink fund 61 Series A__
95
9114 97
1957 MS 10018 Sale 9914 30018 1192 i 971 100% Sweden 20
1
-year as
10418 Sale 1033
8 1044 19 103'2 104 4
External 68 series 13_ _Deo 1958 ID 9912 Sale
1
1 993
471 97
External loan 5345
1033 Sale 1033
8
Extls f6s of May 1926_ __ _1960
8 1037
e 55 102% 104
985
8 £1
9814 Sale 9814
97 4 99
3
Swiss Confedyn 20-yr if lite18:4 j. 11312
g
0
j
1
Ext1 t3s Sanitary Works
4 43 113 113%
1961 P A 9812 Sale 9
98 985 Switzerland Govt eat 530_1946 A 0 10312 Bale 11314 1133
9812 239
814
Sale 10318 1035
8 30 102% 104
ArgenUne Treasury 58 E
MS 897 Sale 9
1945
8
903 92
8
Tokyo City 5s loan of 19121952 MS 7838 Sale 7814
9012 11
012
7
Australia 30-yr 5s.._ July 15 1955 Ii 98 Sale 971
783
8
75
513 79%
4
9714 9812 Trondhjem (City) ext.' 63.48_1944 J J 1014 Sale 1013
122
98
3
8 1013
Austrian (Govt) a f 78
4
99% 101%
1943 iD
Sale 10312 105
40 10114 105
Upper Austria (Prov) 73
1945 J D 9714 971 963
8
Bavaria (Free State) 6346_1945 P A 10412 Sale
94
9712 55
9712
99 8
7
98% 100
9818 10014 Uruguay(Republic)extl 86_1946 F A 10912 Sale 1083
54
22 1083 112
4 10912
Belgium 25-yr ext 1 f734s 2_1945 in 112 Sale 111%
8
953 Sale 95l4
4
957
8 80
20
-year 6 f 86
95
96%
1941 P A 109 Sale 109
14
01
0
119 2 3
021% 22 118 10912 Yokohama (C 68 esti 68_117
B 11ty)
96 Sale 954
9618 363
25
9314 9712
-year external 6345
1949 MS 1003 Sale 10012 101
9634 10212
4
Railroad
98
Externals 1 6s
1955 ii 96 Sale 9512
92 8 98
5
Ala Gt Sou 1st cons A 5e
276
1943J D 1023 ____ 10318 Feb'27
4
102% 103%
External 30
-year s f 72.--1955 in 1043 Sale 10414 10
4
4
1928 M N 10012 102 10012 Jan'27
964344 189 1021* 1053 Ala Mid let guar gold 5e
1001 1001
8
Stabilization loan 713
1
1956 MN 10212 Sale 101 8
8
,
Alb & Sum cony 3Ns
023 234 1013 104
4
873 -4
873
3
4
873
4
1
87 s 8741
8
Bergen (Norway) 11 I 88
1945 MN 113 1133
4
8
11314
122
5 11218 1133 'klieg & West 1st g gu 45
858,
_
84% Jan'27
847 85
2
25
-year sinking fund 68_1949 A0 10012 Sale 113
ll
99%
9512
1
9512
_9514 98
Berlin (Germany) 631s
54 2
:
1950 AO 994 Sale 9914 105 4 48
5
9 8 100AAneg Fal r letg9ar g 45 July 19 5 Q 9 8012
894 99 5
;4
n Arbo gen g 4e
M2 2
9
4
1
8112 13
8112 80%
7912 8112
Bogota (City) eat% a I 8s
1945 * 0 104 Sale 103%
4
62 1023 10412 Atch Top & S Fe—Gen g 46-1995 A 0 94 Sale 93%
9414 77
923 94%
Bolivia (Republic of) 85.,. 1947
4
N 10414 Sale 104
Registered
1043
9° 4 65 10312 10512
A 0
93 Mar'27
92 93
Bordeaux (City of) 15-yr 66_1934 MN 9512 Sale
7
93% 97
Adjustment gold 4a__July 1995 Nov 883 Sale 883
95 4 83
3
9514
8
8
885
8 28
Brazil(U Sot)external 8e
87
14 9114
1941 in 107 Sale 108
2Nov 85
10714 81 104 1081
Registered
8714 8412 Sept'26
External s f 6310 of 1926..1957 * 0 934 Sale 92
3
4
8
912 Sg11
Stamped
933 390 : 93
4
July 1995 M N 883 Sale 88%
4
76 (Central Railway)
88% 21
1952 in 974 Sale 97
97% 101
Registered
M N 85
87
85 Jan'27
85 85
7348(coffee secur)£(flat)_1952 A0 105 Sale 105
105
1 101% 1013
Cony gold 48 1909
894 ____ 883
3
4
Bremen (State of) ext'l 781935 MS 10314 Sale 103%
8912
8812 8912
105
10414 61 10218
Cony 48 1905
10
89
Buenos Aires (city)
89
873 89
4
ext1831111955 Ji 10014 Sale
99% 100 4
,
4 20
Cony g 48 issue of 1910
9 l
g
E i Ii 873 _
8714 Mar'27
2
Bulgaria (Kingdom) 5 f 73..1967 is 913 Sale 10014 1003
86
87 2
7
9112
4
9414
East Okla Div 1st g 48
91
39
917
1928 M Ell 9914 995 9912
3
2
0912
9914 99%
Rocky Mtn Div 1st 4..,.,._1965i J 877 8972 89 4
2
Caldas Dept of(Colombia)7349'46 ii 973 Sale
3
2
893
4
89% 90
4
,
9714 98 4
47
98
Trans
9714
-Con Short L 1st 46_1958 J J
9112 913 Feb'27
Canada(Dominion of) 58-1931 AO 10114 Sale 10118
4
9013 91%
1013
8 13 10014 102
Cal-Ariz let & ref 434a A 1962 M S 9718 Sale 97%
10
984 10
-year 5348
97% 9914
1929 P A 1013 Sale 1013
4
4 102
37 10118 10214 Atl Knoxv & Nor let g 5a
1946 J D
1004 104,4
3
4
de
1952 MN 104 4 Sale 10418 10412 91 104 10512 All & Charl A List A 43.4._..1944 J J 1043 ---- 104 4 Jan'27
3
98% 993 994 Jan'27
4
995 100
8
43.4s
1936 P A 9814 9814 9814
9818 98'4
let 30
9812 43
-year 50 series B
1944 J J 103 10438 1043
Carlsbad (City) s I 88
8 104%
1 10412 105
1954 is 1053 --- 10512
4
10312 10512 Atlantic City let cons 4s
1951 J J 8518 897 86% Dec126
Chile (Republic)ext'l a f8e._1941 FA 1073 Sale 10712 Mar'27
8
4
108
20 107% 109% All Coast Line 1st cone 4.July '52 M H 95 Sale 9414
20
-year external 8 t 78......_1942 MN 10018 Sale 100
9512 27
64 lier
100% 72 100 101
10
-year secured 76
1930 M N 10314 Sale 10312 1033
25
-year external ef 8s.__ _1948 MN 10814 Sale 10814
8 15 10314 105%
3
10814 25 107 4 109
General unified 4345
1964 1 D 977 Sale 974
8
6
External sinking fund 68_1960 * 0 9318 Sale 9318
977
8
4
983
97
9214 931*
93% 284
L & N coil gold
91% 93
Externals 16s
68
93
9318 935, Atl & Dans 1st 4e____Oct 1952 MN 9214 Sale 9214
1961 FA 934 Sale 9318
933
8 59
,
548
19481 J 7918 Salo 7918
Chile Mtge 13k 6348 June 30 1957• D 95 Sale 943
34
79% 8112
80
4
94 4 9612
3
9514 61
2d 4s
19461 J 794 80
73% 75 4
f 631e of 1926_ _June 30 1961 in 9612 Sale 9612
744
2
7414
,
9814 Atl de Yad 1st g guar 46._ 1949 A 0 83
90
97
82
Chinese (If ukilang Ry)55_ _ _1951 in 28 Sale
3
8218 84
8314 83
8312
13
24% 30
273
29
4
Austin & N W 1st pi g 58- _1941 J J 10312 Sale 10212 1043
Christiania (Oslo) 30-yr s f 651954 MS 10114 Sale 10012
4 12 10212 101%
9934 101% Balt & Ohio 1st g 46__Juli 1948 A 0
10114 19
4
93% 95
943 Sale 937
8
Cologne(City) Germany634s1950 M
94% 51
14
993 Sale 9938
8
00
97;1 10012
18
99 4 47
3
Registered
July 1948 Q .1
02
92
Colombia (Republic) el.:a__ A927 AO 1014 Sale 003
92 Feb'27
99
8 10114
(112
2year cony 4348
8
1938 M S 983 Sale 977
99
97
8
9812 229
Copenhagen 25
-year a 1 5Xs_1944 J J 100 4 Sale 00
3
101
Registered
96i8 Nov'26
M 13
Cordoba (Prov) Argentina 7e1942 J J 974
6
7
9 4 191%
9 8 9
79
9
9811 2
984 973
Refund & gen 5s series A-1995 J D
4
Cuba 56 01 1904
tiiie" 004 10138 97 1E154 11021;
•S 1014 Sale 0012 10114
1944
3 100% 10112
1st g 55
1948 A 0 10512 Sale 0518 1054 91 1043 10612
4
External 5.9 of 1914 ser A.1949 FA 102
2 101% 102
102
10-year de
1929 J 1 102 8 Sale 021: 1027
8 91 100 4 103
3
External loan 431s ser C..1949 FA 95 Sale 02
,
9338 95
54
933
95
8
Ref & gen 65 series c
1995J 12 1083 Sale 0814 1083
4 62 1075 108%
8
Sinking fund 5348
4
ii 103 Sale 023
1953
8
4 10314 25 1011s 1033
P L E & W Va Sys ref 48-1941 MN 93% 938 9314
925 9514
Cundinamarea (Dept
8
934 41
-Col) 78 '46 ID 947
9412 96
8
53
95
Southw Div 1st 55
8 67 101% 102%
1950 1 J 102 Sale 017
8 1023
0sechosloyakia(Rep of)88_1951 * 0 1084 Sale 9412
4 108% 46 105 110
Sale
Tol & Cin Div let ref 43 A_1959 J J 84 Sale 8312
17
84
Sinking good 88 ger B _ _1952 AO 1083 Sale 081
82
84%
4
083
8 1083
4 22 1044 108%
Ref de gen 58 series D....2000 M 13 101% Sale 007
8 1017 133 1003 1023
External 817%e series A__1945 * 0
8
8
4
3
4 1078 134 104 4 10814 Battle Crk & Star let gu 3e.-1989 J D 6514 8512 65 Jan 27
*
Danish Cons Municip fts A._1946 P A 107 Sale 063
64
65
1104 Sale 1014 11012
8
7 1093 11112 Beech Creek 1st gu g 42.....1936 J J 95% 964 981: Jan'27
Series B f 138
95% 9512
1946 P A 11014 1103 1014 11014
5
4 10914 1111
8
Registered
.1 0 9412 ---- 944
Denmark 20-year tle
9412 9512
9412
1942 ii
8
4 29 1033 105
2d guar g 58
Dominican Rep Cost Ad 5316 '42 MS 1044 Sale 0414 1045
99
993a ---- 99 Jan'27
99
994 9912 9918
99 10012 Beech Crk Ext let s 3348
99%
5
Dresden (City) external 78...1945 MN 103
) A S
8
11 :7 j O 815 Sale 813
8
1
1
814
815a 814
Sale 023
4 10314 , 12 10012 10412 Big Sandy let Si
9112 Sale 9114
9112
Dutch East Indies esti 68_1947 .1 .1 10314
91
9112
Salo 0318 1035
8
4
8 74 1023 1033 Bost & NY Air Line let 4s-19 1 j D 803 8114 803
8
8
80%
3
4
195 F A
-year 66
784 8114
40
1962 MS 10318 Sale 0314
8
103% 57 10211 1035 Bruns & W let gu gold 4
95 4 Feb'27
3
95
1938J J 95 4 97
SO-year external 534e
3A 95 4
,
3
1953 MB 102 Sale 013
4 102
25 1003, 102
Buffalo R & P gen gold 5e-19 7 hi 7I 10212 1023 103 Mar 27
4
101 1031*
193 MS
5
80
-year external 5318
1953 MN 102 Sale 02
8 100% 10214
Consol 4318
9418 gem
9534 963 954
8
9612 51
El Salvador (Repub) 8s .-__1948 ii 10714 Sale 0712 102%
10714 13 10614 107%
Regtitered
90 Dee 26
MN
Vinland (Republic) extl 68- _1945 MS 943 Salo 947
8
2
9514 42
953 Burl C Et & Nor lst 5e
93
4
101
3 101 1W1
101 -- 101
-External sink fund 71
1950 M
1003 Sale 100
4
1907
8 35
9934 102
,
Canada Son cone pi A 56
O
4 105 106
1964
1932 A D 10512 Salle 195/12 10512
1956 MS 98 Sale 973
External s IBMs
4
9815 77
99% Carusdian Nat 4348-Sept 15 1954 M 8 97 Sale 9652
96
9714 31
95
9714
Finnish Mun Loan 6348 A-1954 * 0 983 Sale 9812
8
985
8
5
90
98 4
3
5
-year gold 434a—Feb 15 1930 F A 991s 99 9952
7
14
9912 100
99 4
3
External 6348 series B.....1954 * 0 9812 Sale 973
4
9812
8
957 99
2
Canadian North deb 8 f 78-1940 ./ D 1155 1153 11558 115% 21 1143 1157
4
8
4
8
Trench Repub 25-yr ext'l 86_1945 M S 110 Sale 10852 110
276 108% 110
20
-year a I deb 6345
1187 Sale 11812 1187
s 30 117% 1187
8
8
7345-1941 in 110 Sale 109
-year external loan
20
110
147 105 112%
10-yr gold 446.
98
1
97% 98%
35
45
--Feb lb 19 j A 98 Sale 98
9 r j
1949 J O 102 Sale 10112 10212 701
External Is of 1924
99 1041s
83% 85%
8412 78
German Republic ext'l 78_ _1949 A0 10714 Sale 10714 10734 180 1061 10912 Canadian Pao Ry 4% deb etock__ J J 8412 Salo 833,
:
Col tr 4341
9638 Sale 96
96
967 106
967
s
German Cent Agri(' Bank 75_1950 M S 102% Sale 10214 103
56 101 1033 Garb & Shaw let gold 46— _193 M S 95i2
8
955, Jan 27
9 42 M H
6
955 9 3
8 54
Graz (Municipality) 8e
1954 MN 102 Sale 1013
8 102% 10 10111 1023 Caro Cent
4
86 Feb 27
let cone g 4e
1949 J D
8312 85
P A 1043 Sale 10412 105
8
GS Brit & Ire'(UK of) 5341A937
147 10418 1053 Caro Clinch &0 lst 3-yr 56_1938 i'13 10212 Sale 10212 1021s
4
2 1023 103 4
2
1
1929 P A 118 Sale 118
10
-year cony 5318
118% 11 1163 11818
4
1s8 & con g 66 series A-1952 J D 108 Sale 108
1085,
9 108 109
Greater Prague(City) 734s.._1952 MN 1054 1061 105 4 106% 30 1035 10612 Cart
3
8
& Ad lst gu g 48
9012
901 Nov 27
:
9014 9014
1964 MN 964 Sale 9 4
Greek Government 78
53
9
6%
3
9314 9612 Cent Branch U P let g 48 _1981 1 D 824 8514 85 Jan 27
1944
8452 86
Haiti (Republic) a 1 65
1952 A0 100 Sale 9943 100
12
99 10014 Central of Oa 1st g 56.Nov 1945 F A 105 Salo 105
105
8 10412 10514
4
Heidelberg (Germany)ext 74050 Ji 10414 1043 10414 104%
9 10312 10514
Como!gold 55
10312 104'2 10312 1047
2
6 10312 10412
.1 10012 Sale 99% 10012 74
Hungarian Muni° Loan 7148.1945
974 1014
10
-year secured 6s_June 19 9 J D 10212 Sale 1023
8 1025
192 MN
5
5
s 16 102 1024
External f 75
97% 58
Sept 11948 Si 97 Sale 97
95% 99
Ref & gen 5348 series 13._ _1959 A 0 10514 Sale 105
10514 18 10412 10514
Hungary (Kingd of) if 7316_1944 P A 10212 Sale 10212 103% 43 10014 105
chats Div our money g 46.1951 J D 8gi4 91
8858 89
888
14
88%
8
Ind Bank of Japan 6% notes.1927 FA 1003 Sale 1003
2 100 8 50 100 1005
3
8
Mae & Nor Div let £ 56-1946 J .1 1017
*
- - 10214 Dec 26
Italy (Kingdom of) ext'l 78_ _1951 ID 95 4 Sale 945
8
3
95 4 795
3
9234 97
Mobile DIvigion Se
1946 .1 J 1023 10412 103 Mar 27
WA 103
4
aq
Cent New F,ng let au 4m _ .1061.9 .1 8238 Sale 82
781.
82% 19
6%
a
11 12 tit
9
5%._ 1:42I it
5
.
ofiki 998,,
a, 1%)
11:311 I'II
7il
1g
New York Bond Record-Continued-Page Z
BONDS
N.Y.STOCK EXCHANGE
Week Ended March 11.
Central Ohio reorg 454s__1930 M S
Central RR of Ga coil g 55_1937 M N
Central of NJ gen gold be_ _ _1987 J J
1987 Q J
Registered
1949 F A
Cent Pao 1st ref gu g 4s
F A
Registered
Mtge guar gold 3Hs_ _Aug 1929 J D
Through St L 1st gu 48_1954 A 0
1960 F A
Guaranteed g 5s
Charleston & Savannah 511_1936 J J
Chas & Ohio fund & impt te_1929 J J
1939 M N
let consol gold 55
1939 M N
Registered
1992 M S
.)t'gold 4548
1992 M 13
/gartered
1930 F A
a(2 cony 4555
,T
1946.7 J
.tale Valley 1st g bs
Potts Creek Branch 1st 48_1946 J J
R & A Div let con g 4s_ 1989 J J
1989.3 J
2d consol gold 48
Warm Springs V 1st g 5s_ _1941 M S
Chic & Alton RR ref g 35..1949 A 0
Ctf deD Mad Apr 1926 int_
Alamo first lien 354s_ _ _ _1950
Ctfs dep Jan '23 & sub coup
Chic Burl & Q--Ill Div 3548_1949 I";
J J
Registered
1949.3 J
Illinois Division 45
Nebraska Extension 42_ _1927 M N
MN
Registered
1958 M S
General 4.8
Registered
M 0
1971 F A
let & ref 5s serles A
Chicago & East III 1st 65_ _1934 A 0
0 & Ill Ry (new co) gen 58_1951 MN
1982 MN
ChM & Erie let gold 55
Chicago Great West 1st 45_1959 M S
Price
Friday.
Mar. 11.
Week's
Range or
Last Sale
1,1
;eta
Ask Low
814
High No. Low
High
9912 9912
5
9912 Sale 9912
9912
6 100 100 2
100 10114 100
100
,
113 4 Sale 1135
,
8 1133
4 10 112 11418
11258 Sale 1125
8 1125
8 12 112% 113
915 Sale 0138
8
917
8 23
9114 9212
8912 92
9012 Feb'27
90% 9012
9818
9818
9818
973 9818
4
2
9014 Sale 9014
9014
8912 923
4
10214 Sale 10134
10214 103 10112 103
118
11812 Oct'26
17 looT2 1611:2
,
10014 10114 100 4 101
10418
1044 104 4 10418
3 1035 1045
,
8
8
10212 10212
10212 10212
98 Sale 973
8
9818 73
9718 985
8
5
9438 Oct'26
9912 Sale 9918
995
8 62 -5512 Ws;
8
160,4
100 4 101
,
- 1007 Feb'27
8612
8712 Dec'26
4
87 4
,
88
87% 88
8734 88
8712 Mar'27
85 4 8712
3
10014
10018 Feb'27
997 1004
8
7212 73
7212
8
73
71
73
7134 Jan'27
7178
715 71%
4
65
65 4
,
67
67 -iao
6114 6814
6514 Mar'27
64
67
60
67
884 Sale 874
8812 17
865 8812
8
8614 Dec'26
85
9512 27
9512 Sale 94%
1E72
2
99 4 100
99 4
,
,
09 4
,
993 10014
4
9912 Nov'26
9414 Sale 9414
4
9414
9414
9312 9158
924 Mar'26
1057 Sale 10512 1053
8
4 41 10512 1667- -2
2 106 106
106 Sale 106
106
8114 Sale 8114
817 178
8
803 83 4
8
,
3 105 107 4
106 Sale 10512 106
,
7114 Sale 7014
7114 265
6914 7212
6
Ohio Ind & Loulev-Ref 68-1947 J J 11512 Sale 11418 1154
1035 Feb'27
8
,
Refunding gold be
1947.3 J 103 8
9038 Dec'26 -Refunding 4s Series C
1947 3 J 9012
9
8
General 55 A
1966 M N 997 Sale 9978
1003
8
M
May 1966.7 J 10718 10712 1074 10718
2
General 65 B
9312
-year 48_ _1956 J J 9318
Chic Ind & Sou 50
9312 10
Chic L S & East 1st 455s___ _1969 J D 964 9712 9658 Feb'27
2
OM & Puget Sd 1st gu 4s___1949 J J 5914 Sale 59 4
,
5914
,
5912 Sale 58 4
5912 33
US Tr centre of deposit ______ ____
Oh M & St P gen g 4s Ber A.e1989 J .1 8514 Sale 85
863
8 52
Registered
@ J --__ 7512 84 Dec'26
7612 Mar'27
General gold 3358 ser B._e1989 J J 7514 77
8
Gen 434s Series C__ _May 1989.3 J 957 Sale 9514
957
8 20
9234 Dec'26
Registered
8
Gen & ref ser A 454s_ _Jan 2014 A 0 604 Sale 603
60 4 10
,
605 Sale 60
8
Guar Tr certifs of deposit_ __
_
60 4 57
,
1
Gen ref cony ser B bs_Jan 2014 FA 583 593 5912
5912
4
_-4
5912 Sale 58 4
Guar Tr certifs of deposit_ _ _
,
59 4 45
,
1934 .1-J 10312 Sale 10312 1033
Ist see 6s
4 26
5912
Debenture 455/3
1932 J D 5912
6014 19
5912 6018 5914
6014 92
Bankers Tr certifs of deposit
11
5918
60
8
Debenture4s1921 i li 593 60
111
60
U 13 Mtge & Tr Ws of dep...... 60 Sale 5914
6018 Mar'27
1934 ;1; 594 60
25
-year debenture 4s
59 4 29
59% Sale 5918
Farm L & Tr Ws of deP-- ,
9912 June'26
Chic & Mo My Div 5s_ __ _1926 3-;
9
0010 & N'weet gen g 350_1987 MN -i5r8 16- 79
7918
Registered
Q F 7414
7412 Jan'27
14
92
General 4s
1987 M N 9112 Sale 9112
87 Aug'26
Registered
Q F 89 4
,
,
917
8 12
,
SEM 4s non-D Fed in tax '87 M N 91 4 Sale 91 4
9
4 106%
Gen 45(5 stpd Fed Me tax_1987 MN 10612 ____ 1063
27
General be stamped__ _ _1987 M N 110 Sale 10958 110
3
8
1879-1929 A 0 10318 1085 10312 1035
Sinking fund 68
8
101
Jan'27
Registered
A 0 10214
5
101
1879-1929 A 0 101 Sale 101
Sinking fund be
1879-1929 A o 10018 1003 10214 Feb'27
4
Registered
6
10114
Sinking fund deb 55
1933 M N 10114 10178 10114
Registered
MN 10114 -- 1014 Jan'27
1063
8
1930.3 D 1065 Sale 10618
8 30
10
-year secured 76 g
11212 21
15
-year secured 6558 g----1936 M S 11212 Sale 11134
let & ref g 5s
May 2037.3 D 10412 105 10412 1043
4 19
Chian I & P-Ratlwas gen 481988 J J 8912 Sale 89
8912 24
8712 Jan'27
Registered
.5 .1 8612
8
Refunding gold 48
1934 A 0 935 Sale 93
93 4 212
,
Registered
925 Jan'27
8
A 0
,
Ch St L & N 0 Mem Div 48_1951 J D 88 8 ____ 90
Jan'27
St L & P 1st cons g be_ _1932 A 0 10214 -- 10218 Jan'27
2
Chic St P M & 0 cons 68_1930 J D 10312 Sale 10312 1Q312
Cons 6s reduced to 355e_ _1930 J D 9478 954 95 Nov'26
4
8
,
1930 M S 995 99 4 99 4
,
Debenture be
99 4
,
99 8 10018 99% Mar'27
,
Stamped
902 43
Ohio T H & So East lst 5s__1960 J D 9612 Sale 9518
41
Deo 1 1960 M S 92 Sale 91,
8
92
Ino gu 58
9814 23
Chic Un Sta'n 1st gu 454s A-I963 J D 9814 Sale 974
1963.7 J 1041, sale 10414
10412 19
1st 58 series B
10338 14
1944.7 D 103 Sale 1034
Guaranteed g Eri
9
1903.7 J 11714 Sale 11714
11714
let 655s series C
,
Chic & West Ind gen g 6s-p1932 Q M 105 4 -- 106 Feb'27
8
1952.7 J 873 Sale 87
8712 41
Consol 50
-year 45
,
30
1962 M S 104 4 Sale 10412 105
1st ref 5558 ser A
Choc, Okla & Gulf cons 6& 1952 M N 10318 105 10414 Feb'27
,
Cin II & D 2d gold 4558_ _1937 J J 974 97 4 97% Feb'27
8
0I St L & C 1st g 46_ __Aug 1936 Q F 967 ____ 9534 Jan'27
95
Jan'27
Registered
Aug 1936 Q F
9212 Feb'27
Cln Leb & Nor gu 4s g
1942 M N 9214
10038 Feb'27
,
Cln BA Cl cons 1st g bs. _1928 J J 100 8
50
92
Cleve CM Ch & St L gen 4..1993J D 92 Sale 9014
0912
5
20
-year deb 434s
1931.3 .7 9914 ____ 9912
General 58 Series B
1993 J D 10918 111 10734 Mar'27
8
Ref & Inapt 6s series A
1929 J J 1027 Sale 10234 10314 27
8
1
107
68 series C
1941 J J 1027 107 107
10414 10
,
58 series D
1963.7 J 103 4 Sale 10338
8
94 4 18
,
,
Cairo Div 1st gold 4s_ ,,._19395 J 94 4 Sale 943
J
1
86
all W & M Div lst g 48_199i .1 J 874 88 4 86
,
884
5
883
8
St L Dtv let coll tr g g 4s_ _1990 MN 8814 89
8314 Feb.26
Registered
MN
8
,
Spr & Col Div lat g 4s_ __1940 M S 93 4 -- 917 Jan'27
8
W W Val Div 1st g 45_ _ _1940 J J 927 ____ 9314 Jan'27
8
00C&IgenconsgM____1934 .11 .1 1083 10912 108 Mar'27
,
Clef Lor & W con Ist g TM_ _1933 A 0 101 4 --- 10238 Jan'27
995 Sept'26
8
Cleve & Mahon Val g 58_ _ _1938 J J 10018
8
,
CI & Mar lst gu g 4545
1935 M N 9812 99 4 985 Jan'27
Cleve & P gen gu 4Xs ser 13_1942 A 0 10014 -- 994 Aug'26
Jan'27
4
Series 4558
1942 J J 883 ---- 100
8514 Oct'26
Series C 3548
1948 MN 10018
Aeries D 3355
1950 F A 8712 -- 8458 Sept'26
1017
Cleve Shor Line 1st gu 4546_1961 A 0 1017 Sale 10114
8 47
8
1093
Cleve Union Term 15515
4 19
1972 A 0 10954 Sale 10958
lst 6 f 5s ser B
10414 35
1973 A 0 10414 Sale 104
8
Coal River Ry let gu 4s
8
1945 J D 885 ____ 885 Jan'27
Colorado & South 1st a 45_1929 F A 9918 Sale 9918
6
9918
Refunding & exten 4555 1935 m N
974 82
9714 Sale 97
Col & H V 1st ext g 4s
1948 A 0 913 -- 92 Feb'27
4
Cot & Tol 1st ext 45
1955 F A 9012 ____ 9012 Mar'27
88 Nov'26
Conn & Passum Ely let 45_1943 A 0 96,
8
9318 ____ 9238 Dec'26
Congo! Ry deb 45
1930 F A
Non-cony 45
1954 J .1 7512 7812 77 Feb'27
70 Sept'26
Registered
J D
76 Sale 75%
76
Non-cony debenture M__.19555 J
4
77 Mar'27
Non-cony debenture 4s__.19565 J 7512 76
b Doe Feb
eDue May. r Due Dee.
Range
Since
Jan. 1.
BONDS
N.Y.STOCK EXCHANGE
Week Ended March 11,
Cuba RR 1st 50
-year 5 11-1952
11
let ref 754e
1936
let lien & ref 621 ser B
1936
'Juba Northern Ry let 613_1966
1931
Day & Mich mat cons 455s
1943
Del& Hudson 1st & ref 4s
-year cony re
30
1935
15
-year 55es
1937
10-year secured 78
1930
D RR & Bdge lat gu 40 6-1936
Den & R G-lst cons g 45_1936
Consol gold 4355
1936
Improvement gold 58-.1928
Den & R()West gen bs_Aug 1955
1935
Des M & Ft D lst gu 48
Temporary ctfe of depoelt____
Des Plaines Val 1st 434s_ _ 1947
Det & Mack-let lien g 45.._1995
Gold 48
1995
Detroit River Tunnel 43413_1961
Dul Missabe & Nor gen 58_1941
Dui & Iron Range mat 55
1937
Dul Sou Shore & Atl g 5e-1937
East Ry Minn Nor Div let 48_'48
East T Va & Ga Div g 5E1_1930
Cons 1st gold bs
1956
Elgin Joliet & East 1st g bs_ _1941
El Paso & S W let bs
1965
Erie 1st consol gold 75 ext_ _1930
1st cons g 48 prior
1996
Registered
1997
1st consol gen lien g 4s
1996
Registered
1996
Penn coil trust gold 4s
1951
50-year cony 48 series A I953
1953
Series B
Gen cony 48 series D
1953
113 8 1154
Erie & Jersey Ist f 68_ -- _1955
7
Genesee River 1st 5 1 55_1957
1033 103%
8
_1940
Erie & Pitts gu g 3545
1940
-567 1617- Series C 3148
2
2
1954
1063 10714 Est RR ex@ s f 7s
4
9218 9310
96% 965 Fla Cent & Penn 1st ext g 58_1930
8
1943
Consol gold bs
55% 60
55 4 6018 Florida East Coast let 4346_1959
5
1974
1st & ref 55 series A
85
88
Fonda Johns & Glov 41)4e,_1952
5 8 7612 Fort St U D Co let g 434s__ _1941
5
Ft WA Den C 1st g 5545_ _1961
9514 98
Ft Worth & Rio Or let g 4s 1928
Frem Elk & Mo Val let 68._ _1933
57
C
564 614
1931
5512 6012 GH &SA M&P lat 5s
1931
26 extens bs guar
55 4 803
3
4
10314 10612 Galv Hone & Hend 1st 5s_--1933
66
5611 61 12 Ga& Ala Ry 1st cons 58-00 1945
1
Ga Caro & Nor 1st gu g 58_1929
1946
5612 6014 Georgia Midland 1st 38
66
0032
5612 601 or R &'eat ist gu g 4348_1941
,
Grand Trunk of Can deb 78_1940
1936
15-years f 65
56% 6012
1947
Grays Point Term let 5s
16" Great Nor gen 75 series A__ _1936
Registered
7412 7612
let & ref 4345 series A_ _._1961
9012 92
1952
General 5545 Bernie B
1973
General Ee series C
9012 917
8
1976
General 4355 series D
105 10714
Green Bay A West deb ctfe A_ _ _
10814 110
Debentures ctfs B
10114 1035
8
Greenbrier Ry 1st gu 48____1940
101 101
100 101 4 Gulf Mob & Nor 1st 5558-A950
,
10214 10214 Gulf & S I let ref & ter g bs _51952
101 102
10118 10118 Hocking Val 1st cons g 4555_1999
1999
Registered
106 1065
8
1115 11212 HOU/MG/121C Ry cons a bs___ _1937
8
1937
10212 10614 1I&TC lst g int guar
1930
Waco & N W 1st Os
874 9012
8612 874 Houston Belt A Term let 5s_1937
9214 933 Houston E A W Tex lets 56_1933
4
1933
923 9258
8
let guar 58 red
90
91) Hud & /dentist bs series A1957
10114 10218
Registered
10314 104
Adjustment income be Feb1957
Illinois Central 1st gold 48......1951
0952
Regbrtered
1951
995 993
8
4
1951
lst gold 3358
93% 97
Registered
873 92 8
4
7
9714 98 4
Extended let gold 355e_1951
,
1951
10418 105
1st gold 35 sterling
54
10112 1054
Collateral trust gold 45-1952
Registered
1174 118 4
,
1955
10512 106
let refunding 45
8658 884
1952
Purchased lines 3555
Registered
10312 105
1044 10414
Collateral trust gold 4s---1953
974 97 4
Registered
,
0514 95 4
Refunding be
1955
3
9518 051,
1934
15-year secured 5555
9014 92,
15-year secured 634511-1936
2
100 1004
3
Aug 1 1966
-year 44s
40
89
1950
Cairo Bridge gold 45
92
9838 9914
Litchfield Div 1st gold 38_1951
1073 107%
4
Louis / Div & Term g 3343_1953
,
Registered
10238 10314
107 1073
Omaha Div 1st gold 3s____1951
4
10314 105
St Louis Div & Term g 35_1951
Gold 3546
1951
9312 943
4
Springfield Div let g 3345_1951
86
8712
8753 90
Western Lines 1st g 4s_1951
Registered
1951
914 917 III Central & Chic St L & N 0
8
91
Joint let ref be series A_.1963
9314
1074 108
Gold be
1951
1023 10238
8
Registered
Gold 3545
1951
-0;E89853 Ind Bloom & West let ext 4e-1940
Ind Ill A Iowa 1st g 45
1950
ioo- 116- Ind & Louisville let gu 40-1956
Ind Union Ry gen be ear A--1965
Gen & ref bs serles B
1965
101, 1017 In!& Or! Nor let Os ser A_ _1952
5
8
1085 11014
8
Adjustment Os sec A July 1952
10312 105
Stamped
88% 88% In! Rye Cent Amer let 56._ _1972
083 9912
4
let coll tr 6% notes
1941
9
6% 99
Iowa Central 1st gold 5e_
1938
91% 92
Certificates of deposit
9012 9012
Refundlng gold gg
1951
James Frank & Clear 1st 46_1959
-- -1- Ka A & G 1st gu g bs
7 s
8
Kan & M 1st gu g 441
6918 ii1'
4
2d 20
-year bs
agla 77
K Ft le & M cons g
1938
1990
1927
1489
Price
Friday.
Mar. 11.
Week's
Range or
Last Sate
Bid
Ask Low
High N.,
943 9514 9412
29
8
95
10812 Sale 108
4
10812
99 4 100 1005 Mar'27
,
_
8
10212 Sale 10218
1025
8 21
99 Sale 983
6
4
99
9312 Sale 93%
9312 14
12314 Sale 119% 12314 245
10412 Sale 10414
10412 12
106 4 107 10634
,
8
1067
8
1
96
96
9112 Sale 9114
91 4 77
,
94 Sale 94
5
94
10
993 100
4
99 4
, 100
80 Sale 79
805 954
8
353 39
8
35 Mar'27
3512 35 Feb'27
34
9418
963 Aug'26
4
72
7312 7312 Mar'27
65
6612 65
Feb'27
975 98
8
9712
97 4 11
,
103 4
,
1033 Jan'27
4
101 4 ---- 10212 Mar'27
,
9
82 Sale 8114
82
Range
Since
Jan. 1:
Low
High
94% 96
107 108%
99% 101
993 103
4
98% 99
9313 9412
11412 12314
103 105
106% 1077
s
96
96
91% 9213
94
95%
99% 100
73 8 8112
5
34
313
3318 35
65
97%
10334
1013
4
7518
711i
65
98
103 4
3
103
82
9212 Dec'26
9318 94
101
1015 Mar'27
8
10612 Sale 106
10612 11
1023 10484 10312 Jan'27
4
10484 10512 10514 Mar'27
9
10614 1063 10614
10614
4
17
8114
82
8112 82
79
Jan'27
7614 Sale 75
763 117
8
72
72
9812 Feb'27
98
99
8118 Sale 81
81 4 54
,
8118 Sale 81
8112 42
611
8
93 Sale 907
93
2
1125 113 11312 11312
8
12
11218 11212 112
112
884 ---_ 8812 Nov'26
89
883 Sept'26
8
994 Sale 987
8
99 8 182
,
-5E12 1- ;
0
8
10014 1005 1015
8
1015 1013 1015
8
8
4
9814 Sale 97 4
,
9912 Sale 9918
64 Sale 64
9438 ____ 9414
4
106 4 -- 1063
,
9814 981 984
10 '2 109 108
Mar'27
Feb'27
4
9814
995 345
8
20
64
Feb'27
Jan'27
Mar'27
3
10818
1015 1015
8
8
1013 101%
8
97% 9812
4812 101%
6114 65
94
94
14
106% 1063
4
97% 981a
10712 10816
1005 1008 10012
8
4
10018 10012 10018
98 Sale 98
995 100
8
995
8
100
100%
725 73
8
721
4
9712
9712
1155 Sale 1155
8
8
107 4 Sale 107 4
,
,
964
9514
114 Sale 1133
4
11338
97 4 983 98
,
8
1094 Sale 10914
10314 1035 10314
8
95 Sale 9412
83
85
90
2418 243 243
4
4
92
93
1055 107 1052
8 4
106 4 ---- 107
,
Mar'27
Feb'27
9812
7
995
8
1003
8
6
Feb'27
6
9712
11558 14
21
108
Oct'26
11418 102
Nov'26
2
98
10912 20
1037
8 27
182
95
Feb'27
247
8 15
Dec'26
10584
Jan'27
10012 101
1004 10012
9012 9812
9812 9912
99 100%
7212 72%
9718 97%
11518 116
1067 10814
8
983
8
9858
3
90 May'26
-- 9812 Jan'27
1015 Mar'27
8
4
---- 1018 Mar'26
994
100
17
10153 Feb'27
Sale 10018
10018
2
4
9912 112
Sale 983
97 Apr'26
8814 Sale 878
4
8814 282
97% 98%
985 Sale
8
99 4
,
1015
8
1013
4
100
10018
10018
9914
95 Mar'27
93 Mar'26
744 Jan'27
8284 Jan'25
8718
87 Mar'27
73
754 _
Jan'27
4
8914 - 1 913
913
4
2
91 4
803 Nov'25
4
944 Sale 934
9418 12
8514 89
8512
8512
2
8412 July'25 ____
887 Sale 884
8
887
8 24
8512 Oct'26
1073 109 1073
4
4
108
17
10212 Sale 10214
1028
4 44
11318 11314 1125
8
11314
6
9738 Sale 97
975 215
8
9318 Sale 93%
933
8
1
76 8
,
7612 Jan'27
8314 83 4 8314 Feb'27
1
8118 Aug'26
-7551 771- 7712 Mar'27
4
765
8
765 Feb'27
8
86 17 86
Jan'27
8614
84 Sept'26
903 ____ 90% Jan'27
4
84 Aug'25
9312 95
104 Sale 10318
10412 10712 10512
10312
10214
79 -- 7812
%
9214
933
8
94
94
86 84
87
10218 1027 1024
8
10218 103 1024
10612 Sale 106 2
,
,
9618 Sale 92 4
8618 8712 8614
76 Sale 76
,
94 Sale 94 4
52
52 4 57
,
52
5312 55
1912 Sale 184
9212 Sale 9212
23
104
Jan'27
Apr'26
Feb'26
Dec'26
Mar'27
4
8614
3
10212
2
10218
12
107
9612 584
60
87
763
8 15
9512 12
2
5214
Feb'27
8
1912
1
9212
Apr'26,
10212 10512 101
8
864 ____ I 867 Mar'27'
21
100
100 10012 100
8
1
8 1015
8
N 1015 Sale 1015
10034 102
106 106%
102 1035
3
104 4 1051e
3
106% 10711
81% 84
79
79
73% 77%
72
75
9814 1001
4
785 83
4
79
82%
84% 9412
111% 113 8
5
1115 1131a
8
jigs 1149;
9714 984
106 109 4
3
1023 103%
8
9418 95%
8318 85
2512
21
lOS5 106
s
107 107
- ;
0
10059 101%
"9914 166'
101% 1015
8
10018 100 4
3
98
99%
84
0;
94
95
741
743
k
"WI
8714
73
74%
9012 92
-6514
85
95
141a
88
88s
10711 1 ;
0
1017 10314
i
112,8 11314
963 97 4
8
7
9212 933
8
7612 161a
8314 8418
77
7714
761a 765
8
86
86
9013 -- ;
95
6
10318 104
10.511 10518
-figs IC
84
861
4
10214 10318
1021a 102 2
3
1053 1073
2
4
83 2 9612
3
8112 88 8
1
757 771e
8
94 4 9512
5
511 581
: :
5112 55
1718 21%
91% 92 8
7
"8553
87
100 100
/
1
4
101% 1017a
1490
BONDS
N.Y.STOCK EXCHANGE
Week Ended March 11.
New York Bond Record—Continued—Page 3
a.
8 C Ft El & M Ry ref g 4s__1936 AC
C&MR&B 1st
5s__1929 AO
Kansas City Sou let gold 3s_1950 AG
Ref & Impt be__ _ __Apr 1950 J J
Kansas City Term 1st 4s___1960 J J
Kentucky Central gold 4s__1987 J J
Kentucky dc Ind Term 4528_1961 J J
Stamped
1981 J J
Lake Erie & West 1st g 5s 1937 J J
2d gold be
1941 J
Lake Shr & Mich S g 3%11._1997 J D
Registered
1997 J D
Debenture gold 48
1928• S
-year gold 48
25
1931 MN
Registered
1931 MN
Leh Val Harbor Term 58
1954 FA
Leh Val N Y let go g 4)3e...1940 J J
Lehigh Val (Pa) cons g 45 2003 MN
MN
Registered
General cons 4345
2003 MN
Lehigh Val RR gen 55 series_2003 MN
Leh V Term Ry 1st gu g 5s_ _1941 AO
Leh & NY 1st guar gold 45 1945 MS
Lax & East 1st 50-yr be gu 1965 AO
Little Miami 45
1952 SIN
Long Dock consol g 65
1935 AO
Long laid 1st con gold 58July1931 Q
let consol gold 41____July1931 Q
General gold 48
1938 ID
Gold 48
1932 ID
Unified gold 45
1949 M
Debenture gold bs
1934 ID
20
-year p m deb 55
1937 MN
Guar refunding gold 4.s
1949 M
Nor Sh B 1st con gu 55.0c,'32 Q
Llutelana de Ark let g 55__A927 M
Lou & Jeff Bdge Co go g 45..1945 M
Louisville & Nashville
_1937 MN
'
Unifled gold 45
I
1940
Collateral trust gold 5a
1931 M N
10
-year secured 75
1930 MN
lit refund Vie series A2003 AO
let & ref 55 series 13
2003 AO
let & ref 48s series C
2003 AO
NO & M let gold 64
1930 ▪ I
2d gold 65
1930 J J
Paducah & Mem Div 45_1946 FA
St Louis Div 2d gold 38_1980
•B
Mob & Nlootg 1st g 4 Sig_ _1945 MS
South Ry Joint Motion 45_1952 J J
Atl Knorr & Cln Div 4s_ _1955 MN
Lousy Cin & Lex Div g IS4531 MN
Mahon Coal RR let Ss
1934 J J
Manila RR (South Lines) 48_1939 MN
lot 45
1959 MN
Manitoba S W Colonlza'n 55 1934 ID
Mr3n B & N W Ist 3345_ _ _ 1941 J J
Bleb Cent Del & Bay City 5s_'31 B M
Registered
Q Id
Mich Air Line 45
1940 .1
Registered
J J
L & 8 1st gold 3145
1951 MS
let gold 3 sis
1952 MN
B.)
-year debenture 48
1929 AG
Sild of N J 1st ext 58
1940 AO
Mllw L S & West Imp g 58_ _1929 FA
MS & Nor 1st ext 4 ti8(blue)1934 ID
Cons ext 4's (brown)_ _ _1934 ▪ D
Mil Spar & NW let go 45_1947 MS
1111w & State L let go 3;45_1941 II
Price
Friday.
Mar. 11.
Week's
Range or
Last Sale
Bid
Ask
9212 Sale
1003 ____
8
7314 Sale
100 Sale
89 Sale
8812 89
8518 86
8914
10214 Sale
10014 10414
81% Sale
Low
MO
92
925
8
._
3
10038 Feb'27 °
7314
733
4 17
997
10014 28
38
883
89
8112 Mar'27
8514 Dee'25
891 Mar'27
2
10214
10214
10012 Feb'27
81
81% 11
5
80
80
983 Sale 98%
8
9912 44
9812 Sale 9814
98 4 27
,
96 Dee'2.'
10514 ___ 105 Feb'27
9834 99% 98%
I
98 8
,
1
87 8712 87
87
84
3
Jan'27
983 9812 98
8
983
s
105 8 10614 105% 105%
,
1
102% ____ 10312 Mar'27 ____
90%
90% Feb'27 ---_
110 111 11014 Mar'27
87
90
Jan'27
10812 110 I0834 Feb'27
1004 ____ 10034 Feb'27
9614 ____ 98 Feb'27
92% Sale 92%
9314 20
94%
9438
943 :
8
8914
8912 Mar'27
993 100 10034 Mar'27
4
981s 083 9838
12
4
987
887 8914 8834
8918 28
0912 10014 100
2
100
100 Sale 100
6
100
90 Sale 893
1_
4
90
10311 ____ 1061t Mar'27
9612 Sale 963
, 49
8
961 ..
101 10114 10118 Feb'27
104 Sale 134
7
1043
4 25
108 108% 1077
109
2
10614 Sale 10614
10612
100% Sale 100 8
24
, 101
1037 104 1 el% Jan'27
s
1033 10412 1033 Jan'27
4
4
95
96
9414 Feb'27
6612 Sale 6611
6612
10014 ____ 100% Feb'27
88
25
8914 873
88
94% ____ 94 Mar'27
10018 10012 10018 Feb'27
10:3 Dec'26
1031s
28
6812 Sale 68%
69
1
7614 7612 7612
7612
100 10014 10012 Dec'26 _
87
,
834 Oct'26
_
10112 ____ 101% Jan'27
101
Dec'26
9514 Feb'27
9544
92 Nov'26
85 ____ 79 Nov'26
85%
8614 Jan'27
1
987 9918 99
8
99
9618 9814 98
Feb'27
101_ 101 Mar'27
98 9i% 9412 1)ee'25
950 Mar'27
9512 97
9314 9414 923 Feb'27
83
813 Dee'25
s
_2_
allnn & St LOUla 1st 7s
993 98
4
1927 ID 98
let guar g 7s
1927 J I) 100% 100% 100%
let consol gold be
53
1934 MN 5314 58
Temp ctfs of deposit
MN 52% 55
52%
let & refunding gold 4s_ __1949 MS 20 Sale 1912
Ref & ext 50-yr 55 ser A _ _1962 Q F
1314 14% 14
II St P&SSM con g 4,3 int gu'38 J J 8818 Sale 88,
8
1st cons 5s
1938 J J 9814 Sale 97
let cons 58 go as to Int_
97% 1)8
1938 I J 97
10
-year coil trust 6 Sis
4
1931 Id S 1013 Sale 10012
let & ref 6e series A
1946 J J 101 Sale 101
25
-year 5 sis
• S 86
8712 87
let Chicago Terms f 4s
2
1949 M N 963 ____ 9734
9
41
Mlea18
1,11)91 Central let 58_1949 J
9614 ____ 9614
Mo Kan & Tex—let gold 45_1990• D 8714 Sale 8634
Mo-K-T RR—Pr 15s ser A _ _1962 J J 10214 Sale 10134
40
-year 4s series B
1962 J J 8614 Sale 86
10
-year 8s series C
10312 Sale 103%
1932 .4
Cum adluet Si ser A Jan.1967 AO 10114 Sale 10044
Misnouri Pacific
1st & refunding 55 sea. A_1965 F A 100 Sale 100
let & refunding 68 sec D 1949 F A 107% Sale 1073
8
M_
1st hr refund 68 ser E_ _ _ _1955 __M
107% Sale 1075
8
General 45
77 Sale 7618
1975 1 ,
"
Mo Pac 3d 7s ext at 4% July 1938 . 92% 93% 93
4
983
4
Mar'27
5
53
2
52%
26
20
Mar'27
8818 10
5
9814
_
Feb'27
10134 31
3
101%
Mar'27
Jan'27
Mar'27
8714 39
40
103
5
8614
5
10312
101, 524
4
76
10014 84
108
1077
s 43
294
77
Jan'27
Mob & Bir prior lien g 5a___1945 J J
Mortgage gold 4s
1945 J J
Small
1945 J J
Mobile & Ohio new gold 6s._1927 J O
let extended gold 6a_Ju1y1927 Q
General gold 45
1938 • S
Montgomery Div let g 58_1947 FA
St LOWS DIV191011 513
1927 JO
Mob & Mar 1st go gold 411_1991 Id S
Mort C let gu g 65
1937 J
Registered
J J
1st guar gold 58
1937 J
Morrie& Essex let gu 3Sis_ _2000 J D
Nash', Chatt & St L lit ba_ _1928 AG
N Fla & 1st gu g (58
1937 FA
Nat Ry of Mex pr lien 4358._ .1957• I
July 1914 coupon off
Assent cash war rct No 3 on
Guar 70
-year s f 45
•
1977 -4)
Assent cash war rct No 3 on
flat RR Men prior lien 4 4e.1926 1-3
J 2
July 11514 coupon on
Assent cash war rct No 300.
1951 AO
let consol 48
AO
April 1914 coupon on
Assent cash war rdt No Son.
09 Sept'25
8518 Jan'27
8214
Jan'27
- 82
10114 Sale 10114
1013
8
10014 10012 10014 Mar'27
93% 9518 94
94
100% 101% 101% Feb'27
8
997 -- 997 Feb'27
8
90%
_ 9712
9712
111 8 11212 11112 Feb'27
, - -.
_
10914 Dec'26 10358
104
104
8012 81
8012
8012
10014 100% 10012 10012
103 10312 103% Jan'27
30 Sept'24
19 Apr'25
1612 1712 18 Feb'27
8712 Aug'25
203 22
4
24 Sept'26
3812 July'25
24 Sept'25
24% Mar'27
28
Apr'25
1812 June'26
14
14
1945 J J
New England cons 58
1945 J J
Consol guar is
NJ June RR guar let 48._._1986 FA
NO& N E 1st refatnap 4 148 A'52 .1 .1
New Orleans Term 1st 45
1953• J
N 0 Texas et Men n-c Inc 58_1935 AO
1954 AG
lat bs series 13
1954 A0
1st 5 Si s series A
N & C Bdge gen guar 4(is_ _1945 J
_ _ 1935 AO
Y Cent RR cony deb 6a_ _1935 M N
MN
Registered
997
8
1003 Feb'27
87% ____ 89
89
84%
8512 Jan'27
9714 18 9712 Mar'27
873 Sale 873
4
4
88
10018 1(11 100%
10014
1007 Sale 10012 101
8
105% Sale 10514
10512
97 4 98
,
97 4
,
9714
1003 102 101
4
Feb'27
10718 107 10718
/
1
4
10712
10614 May'26
Rance
Since
Jan. 1.
100%
2
4
3
1
2
10
4
18
21
1
8
BONDS
N.Y.STOCK EXCHANGE
Week Ended March 11.
Consol 45 series A
1998 FA
9
99 1° l
w212 0O
1i
: Ref & Impt 4348 A"
'
2013 AO
7318 741?
Ref & trent be eerier! C
2013 AO
9914 10012
Registered
AC
88
8914 N Y Central & Hudson River—
8112 8812
Mortgage 31111
1997 J
Registered
1997 J J
Debenture gold 4s
1934 MN
10214 10214
Registered
MN
100, 100,
8
30-year debenture 45
2
1942 12
8012 81%
Registered
80
8012
Lake Shore coll gold 3358_1998 FA
987 99%
s
Registered
1998 FA
Mich Cent coil gold 3185_1998 FA
973 987s
s
Registered
1998 FA
N Y Chic & St L lst g 4s
10412 11/ 1. - 4
1937 AO
9S 2 Ws
Registered
1937 AO
8614 88%
25-year debenture 45
1931 MN
84
0,14
94
87
2d 68 series A B C
1931 MN
Refunding 51is series A _1974 AG
,
10312 10618
Refunding 534s series 11.1975 J J
10212 1031 2 N Y Connect let gu 43 A 1953 FA
-Os
90%
let guar 55 series B
90
1953 F A
10093 I I0, N Y & Erie let ext gold 45_1947 MN
0030s I10,
; 0
4
3d ext gold 454s
86 s 90
,
1933 MS
4th ext gold 55
1930 AO
5th ext gold 4s
1928 J D
98
98
N Y & Greenw L gu g bs1948 MN
94% NY & Harlem gold 358s
92 s
,
2000 MN
)
94% 9,
8, 9 4
Registered
MN
99
981s
88%
100
100
89%
10618
957
101 18
1011
10 4
1003
4
99
89%
l004
1003
9012
1061 2
97
101 12
106
,
0
105% 1063
4
1
,,8 0
103 4 103
9A
4
1033 10344
9318
93 2
1, 1
6i
100%
8712
9114
67::
9
5
10012
88%
100
10014
611 - - -173% 77 4
69
161;8 ibIs.
554 VSI;
-554 8W3i
NY Lack & W 1st & ref 513_1973 M N
First & ref 43-80
1973 M N
NY LE&W:st7sext_1930 M S
N Y & Jersey 1st 5s
1932 F A
NY & Long Branch gene 461941 M S
NY&NE Bost Term 48_1939 A 0
N Y N Fl & H n-c deb 4s1947 M S
Registered
Non-cony debenture 3148_1947 M S
Non-cony debenture 3348.1954 A 0
Non-cony debenture 4s___1955 J J
Non-cony debenture 413___1956 MN
Cony debenture 330
1956 J J
Cony debenture 68
1948 J J
Registered
J J
Collateral trust 65
1940
Debenture 45
1957 M N
Harlem R & Pt Ches let 481954 M N
N Y & Northern 1st g bs_ _ _ _1927 A 0
NYO&W ref let g 4s_June 1992 M S
Registered $5,000 only
M S
General 4s
1955 1 D
N Y Providence& Boston 48.1942 A 0
N Y& Putnam lat. con gu4s 1993 A 0
N Y&R
1927 M S
let gold be
N Y 'luso & West lot ref 58_1937 J J
2d gold 4185
1937 F A
General gold 58
1940 F A
Terminal 1st gold 5s
1943 M N
NYW'ches&B 1st ser I 440'46 J 1
1950 A 0
Nord Ry ext'l a f 6 Sie
983 9914 Norfolk South 1st dr ref A 58_1961 F A
s
Norfolk dr South let gold 55_1941 M N
95
98
Norfolk & W.st gen gold 88_1931 M N
100% 101
Improvement & ext 6s1934 F A
3
9512 98 14
New River 1st gold (3s
1932 A 0
9214 92%
N Reg,4 red cons g 48.__1996 A 0
& W 7let
1996 A 0
DWI 1st lien dr gen g 48_1944 J J
4
983
10-yr cony. 0
98
1929 NI S
100 100 18
Pocah C ,k C joint 4a___1941 J
57
North Cent gen & ref be A..1974 M S
53
North Ohio 1st guar g 5s____1945 A 0
51, 55
4
1712 23
North Pacific prior lien 4a.....1997 Q J
13
1514
Registered
1997 Q J
8818
87
Gen'l lien gold 3s__ __Jan 2047 Q F
98%
97
Registered
Jan2047 Q F
9712 98 s
,
Ref & !rapt 4446 serlea A_2047 J J
,
10 ) 8 102
Registered
J J
1001s 102
Ref A impt 65 series B____2047 J .1
89
86
Registered
J
9734 973
4
Ref & impt 5e series C _2047 I
9512 97
Ref & !mot 5s series D __ _2047 J J
86% 88
Nor Pac Term Co 1st g 65_1933 J J
101 103
Nor of Call? guar g 5s
1938 A 0
8.512 87
North Wisconsin 1st Os
1930 J J
8
102% 1037
,
96 101 8 Og & L Chain 1st gu 48 g__ _1948 J J
Ohio Connecting Ity 1st 48_1943 M S
99% 101
Ohio River RR 1st g 58
1936 J D
40612 10814
General gold 55
1937 A 0
106 108
Oregon & Cal let guar g be_ _1927 J J
76
79% Oregon RR de Nay con g 40_1946 .1 1)
93
93
Ore Shore Line let cons g 58_1946 1 J
Guar cons he
1948 J
Guar refunding 45
"i5T8
Oregon-Wash 1st & ref 48_ 1°°.
96 1 .1
2 1
82
82
Pacific Coast Co 1st g be_
1946 J D
4
10014 1013 Pac RR of Me 1st exti g 45_1938 F A
99% 10012
2d extended gold be
1938 J J
14
0:3
Paducah & Ills let a I 4 34o..1955 J
1001 101% Paris-Lyons-Med RIO. 6s
3
1958 F A
99,8 10014
Sinking fund external 78_1958 M S
904 9712 Parle-Orleans RR 5 I 75
1954 M S
111,2 112
Patilista Railway 7s
1942 M S
Pennsylvania RR cons 1445_ _1943 M N
155T8 104
Consol gold 45
80
811e
48 sterl stpd dollar_May 1 1°48 M N
9
10014 1004
Consolidated 410
8
102% 103,
General 41-(,s series A
6
9 6° J A
_1 ° 5 F D
D
General 55 aeries B
1968
10-year secured 7s
A A
1930 F O
20
14
15
1936 F A
-year secured 6525
Registered
40-year gold ba
lEx 28
Pa Co go 334s coil tr A reg. _1914 NS
I
1 7M N
Guar 314e coll trust ser B_1941 F A
1042 J D
Guar 3348 trust ctfs C
J D
Guar 33 trust ctfs
-Is
1931 A 0
Guar 48,
15-253 dr;
gold 4s
Ms
2
Peo m m Eastern 1st cons 45_1°5)MN
Irria t4s
1941 A O
4
Apr.
0912 1003
0
88* 89
Peoria & Pekin Lin let ASi ti..1974 FA
5 Pra 1 99
reNarnr e n
8512 8512 PeIst 1 ite uleltelst ser A 55_1956 J
0618 9712
45
8718 88
Phila Halt & Wash 1st g 4s-119943 j N
50 Sii
4
100 1003
General 55 series 13
1001s 101 12 Philippine Ry let 30-yr s f 48 1 °77 J A
4
193 r 1
104% 105% Pine Creek registered Se....1932 J D
9714 9714 PCC&StLgu4ssA
1941) A 0
i
10034 101
1942 A 0
Series B 41.4s guar
10.;% 108
1942 Si N
Series C 4 1-is guar
Series D 48 guar
945 M N
Series E 3 -Os guar gold
1 949 FA
Series F 4s guar gold
1953 J D
1957 M ii
Series
4s guar
Price
Friday.
Mar, 11.
Bid
Ask
9112 Sale
9912 Sale
10612 Sale
Week's
Range or
Last Sale
Range
Since
Jan. 1,
No. Low
Low
91
0113 31
90
97%
08%
9912 29
106
10612 94 10514
10512 Jan'27
10512
803 Sale
4
80%
803
4
7912 Feb'27
-9714 Sale 9612
98
Feb'27
96
9412 9514 95 Feb'27
93 Feb'25
80 Sale 80
8012
7818 79
783 Jan'27
4
80 Sale 80
8018
79% 8012 8012 Feb'27
94% Sale 943
4
94%
9314 May'26
97 Sale 97
9712
103 Sale 103
10314
10512 Sale 105
105%
106 Sale 105 4
106
,
967 Sale 96%
8
967
8
1043 Sale 104%
4
104%
91% Oct'26
98 2 99, 9812 Jan'27
,
4
100, __-- 985 Feb'27
s
5
98,4 ---_ 99 Mar'26
99%
100, Feb'27
4
82
827 813 Jan'27
8
4
80 Dec'26
2
45
81%
79 2
,
08
96
9554
4
"i5T8
81
781
4
80%
8012
90
11
11
12
54
36
12
22
5
78%
79%
787
s
94 4
3
"9515 WI;
102% 103%
10418 10614
10412 10615
0438 9712
1033 1043
3
4
oi;
9838 loots
6572 100li
81% 511
4
112
9612 24
12
Feb'27 - -Jan'27
Dec'26 _ _ _ _
Dec'26
_
10
Ocr'l1
7
1°3
7(11' - 1(1
Feb'27
Jan'27
9
71
01 %2 143
92
1_1
Feb747 __6
9 2:3
6 2
'
.5
Feibi'327s
Mar'26
1033
4
10418
Mar'27
Jan'27
10312
i05i2
801s
78%
9612
96
9415
1027 ____ 80 July'25
2
1027 ____ 10214 Jan'27
8
105
,
_ 106
Feb'27
100% 10112 10034
2
8- _101
9012
_ 90 Dec'26
90
91% Oct'26
80 8012 8012 Feb'27
60 June'25
s -1- 74
78 4
Feb'27
72
7312 Mar'27
797 Sale 793
8
4
80
80 Sale 797
11
8
80
7218 Sale 7218
4
7212
107 Sale 107
10712 67
10512 Mar'27
-ale 1037
8
10412 46
743 Sale 7412
7514 32
3
89% 89% 894
893
4
997 1093 100 Alar'27
8
4
7712 777 77%
8
77% 15
7215 Dec'26
2
76 Salo 76
70
89
____ 8612 Dee'211
891
___ 9014 Mar'27
997 1003 997 Mar'27 - - 3 - 8
s
15
89
89 2 8912
00
7418 80
74
Feb'27
7
73% 763 76
4
7612
9914 ____ 9918 Jan'27
82 Sale 81%
82% 103
96'4 Sale 9614
92 Sale 91%
1007
s
10012
.14
106 116 1053
1093
4
108,
4
10712
107
9412 Sale 9314
91
9012
92
9314 Sale 9314
63
170 Sale 105
93
9312
10
06
6,4
105%
9512 95%
92t8 Sale 01 4
013
917, Sale
8
67 Sale 66¼
63 8
,
63 8 67
,
4
067 973 97
8
92%
1853
13,
4
2
113% Sale11014
111 8
,
3
4
4
104% 10i - 1033
10418 Sale 103%
1093
4
109%
10412
10512
102%
1027
s
High
92
993
4
1073
a
52
_
2
9
_
7
10214 10214
100 106
100% 101%
74
SIlls
72'l 74
693 7313
4
80%
76
7714 80%
69% 72%
10512 10912
103 1051s
10314 10514
69% 76
90
89
2
997 100
7614 79%
80's73
99%
8712
723.4
71,
8
981s
7812
78's
VOli
100
91%
75
77 4
,
99,
2
8314
7
93 4 97 8
,
90 4 9314
,
10012 ioul
losu 106
9212 9412
03's
158
927
2
105%
9412
9114
00%
655
8
(1352
90
931
4
170
96
100
96%
93
91%
67%
6514
97Is
113
114
i5iTs
10654
106%
109 4
3
10512
103ts
10318
109 4
3
10518
102%
818 83%
3
83% 85
8312 Mar'27 _ _
_
90% 1)ee'25 _ _ _
151 102
1
1
19212- -- 12,8 Feb'27
100 1041: 2
02 3
Feb'27 -- 10114 102%
8 100 100%
100
100 Sale
88% 93
92%
8
923 Sale 1803
4
08 3
2 107 107%
, 107%
4
10712 1073 1(17 8
1 1071s 108
10712 10712
107% Sale
pa% 1(12
98% 99
9812 Sale 9i312
74
86% 89 4
,
0983
! 89
1
!
887 Sale 1821,
9014 93
913
4
1
Jan'27 __-93% 941
4
102 102 2
,
1U2
9
°
4
434 Feb'27
98
98 4
,
9814 Feb'27 _ _
08% 99
8712 95
923 107
4
9612 101
99% 96
74
9514 10114
99
9
8
92°33''4 Sale °82%
°98 4 SSaaee 9 4
1 102 103
1
2
8
102,3 1073 10213 10212
963 9214 96 2
10
9512 96%
96
9512 11
9414 96
9512
2
94 3 9512
,
Eia-ie
10312 32 102 10312
e
.434
10312 Sa l- - 02
100
ale
III
9914 101
100
108%
10014
9 106% 109%
11111:
91: 106% 58 10614 107 s
,
37
8
106
65 11114 113
112
Ill's Sale
_
_
111 1s ____ 111 14
10318 68 102 103%
89
1
89
89
8l lz °24
°3
187'3 Sa9e 189
86
Feb'27 _—
86 4
,
88
Jan'27
__
85
864
12
884 2
f
_
% . :_z 808 Jan'26 _
8513 _88116
74
27
98
0711 - 168 1
_
88
8912
89's Mar'27
8'
87% 47
8514 87%
86¼
4512 28
417 4712
5
194 4 88-88aa-79 1° E Mar'27
104 105%
05s8'1:
488868 3
4896952738:
10442 Sale 184,3
8, 00,4 00
10412 46 103% 105
893
4 15
89
9014
9512
1
95
953 97
8
110'2 Feb'27
955
8
94;
1'
11014 III
43 Sale 423
43
43%
7
42
100% 1963
106% __ 1063 Feb'27
4
101 101 12 101 Mar'27
99% 101%
10014 101%
1003 ____ 10014
4
10014
1003 -___ 100 Dec'26
4
"65- 5596
955s
Feb'27
955 ----' 93 2 Nov'26
8
,
1554 10035
8
8
955 ---- 1003 Feb'27
97
07
Jan'27
07
95% -
5
1491
New York Bond Record—Continued--Page 4
BONDS
N.'Y.STOCK EXCHANGE
Week Ended March 11.
13
Price
Friday.
Mar. 11.
P784r8
Range or
Last Bale
High
All Low
High No. Low
SW
Pitts Cin Chic & St L (Concluded)
10012 10012
10012 Jan'27
1960 P A 954
Series 11 45
1
/
8
4
/
4
/
9958 1011
1963 FA 1011 1017 10132 Feb'27
Series I cone guar 4Ha..
9 100 1017
1984 ▪ N 102 Sale 10134 102
5
Series J 45(5
4 10634 110
1970 3D 10814 Sale 10772 10814
General M 5s series A
102 Oct'26
J D
Registered
1084 35 10834 110
1975 * 0 10814 Sale 108
Gen mtge 56 series B
997e 10078
Pitts & L Erie 2d g 5s___Jan 1928 AO 100 10014 1007s Feb'27
108 107 10578 Jan'27
1932
s
1057 1057
Pine McK & Y 1st gu 6s
s
1934• J 1033
4
2nd guar 6s
-- 10134 Noy'26
1 1017 fo2 4
1940 AO 10178 11312 10175 10178
--1PIttaSh & LE latg 5s
_ 10134 June'26
1943 3, 10012
let consol gold 58
9114 May'25
1943 MN 9238
Pitts Va & Char 1st 4a
PILOT & Ash let cons 5a...._1927 MN 1001s ---- 10014 Dec'26
1
/
924 Feb'27
04 I2
7;
1948• D 9238
let gen 45 series A
1
/
1084 Jan'27
10452 1085
1962 P A 106
let gen Is series B
5
75 Feb'27
72
1957 MN
75
Providence Secur deb 4s
8418
1
/
844 Aug'26
---- -1956 91
Providence Term let em
1997
3
' 9834 99 100 Jan'27 Reading Co gen gold 4e
4478 May'25 3
'
Registered
5
4
1
/
92
Jersey Central coil g 48-1951 AO 9214 99 9218
23
99
4
1
/
4
3
' 983 Sale 98
Gen & ref 4)28 series A_ _1997
100 Jan'27
Mani& Daily deb Is strand 1927 *0
1948 MN 7914 7912 814 Feb'27 -Bich & Meek let g 4m
4
/
10211 Feb'27
Itichm Term Ry let gu 5& 1952• J 1011
5
1
/
1
/
1004 10078
Rio Grande Juno let itU 5s..1939 3D 1004 _
74 Dec'26
Rio Grande Sou let gold Is 1940 J
214 12
• .1
May'25
Guaranteed (Jan 1922 coup on)
9112 92 9118
9134 15
Rio Grande West let gold 411_1939 3
4
1
/ 38
85
1949 *0 8512 Sale 844
Mtge & coil trust 4e A
4
1
/ 85
95
1934 MS 9558 Sale 9512
R I Ark & Louie let 412s
4
8318
J 8258 8334 83
-Canada let gu g 48_1949
Rut
4
1
/
1941 Ii 92 94 94 Feb'27 Rutland let con g 41(e
4
8734
3
' 8734 Sale 8734
St Joe & Grand let let g 4s 1947
100 Feb'27 ---1998 33 100
Ot Lawr & Adir let g 58
10518 Mar'27 ---1
/
1996 AO 1054
28 gold 6e
7
97
4
1
/
1931• J 9712 Sale 98
et L & Cairo guar g 4a
4
1
/
4
1
/ 100
StL Ir Mt & gen con g 641_1931 * 0 100 Sale 100
4
1
/ 13
10038 Sept'28 Stamped guar 55
1931 * 0
4 84
983
Unified & ref gold to
1929 3' 9838 Sale 984
Registered
984 93 Sept'25 3'
9414 95
Riv&0 Div let g 4s
1933 ▪ N 9414 Sale 9334
L M Bridge Ter gu g 5e-1930 AO 1004 101 10014 Feb'27
1
/
OIL & San Fran (reorg co)421950 3' 864 Sale 851:
8628 190
8212 Oct'28
Registered
99
101 Sale 997
Prior lien series 11 55
s 101
1950
4
/
3
Prior Hen series C fie
4
/
1928• JP 10158 Sale 1011 1011
4
/
Prior lien SifteerleeD -1942 33 1021 Sale 10218 10211 30
104
4
1
/ 100
Cum adjust rter A 6s._July 1955 A0 100 Sale 99
98 296
Income series A 8s_ _July 1980 Oct
4
1
/
97 Sale 9738
St Louts & Ban Fr Ry gen 64_1931 3' 10514 -- 10532 Jan'27 -General gold 5e
4
1931 33 1003 ---- 10178 Feb'27
St L Peer & N W 1st gu 6e 1948 3, 1034 107 10514 Feb'27 18
1
/
St Louis Sou 1st gu g 4s
9614
5
1931 MS 9818 974 9818
8
8714 11
St LB W lets 48 bond etts 1989 MN 861 87
4
/
4
1
/ 887
4
/
2d a 4,9 Inc bond ctts_Nov 1989 3
8112 821 811 Feb'27 -9812 32
Coneol gold 4e
1932 3D 9512 Sale 954
48
98
let terminal & unifying 58_1952
3
' 98 Sale 9714
4
/
941 132
4
1
/
81 Paul & K C Sh L 1M 43e_1941 P A 94 Sale 93
St Paul& Duluth let fa
10114 Sept'28
4
/
1931 P A 1011
let consol gold 4a
931 92 Feb'27
1968 3D 93
St Paul E Gr Trunk 4SOL_ 1947
J 9514 -- 98 Jan'27 -4
1
/ 981 9814 Feb'27 ---It Paul Minn & Man con 48.1933
97
let consol g (is
1
/
1074 1081 10778 Jan'27
1933
108 Aug'26 3 106
Registered
100
Se reduced to gold 454s.--1933
100 .._
9
4
.1 99 1001 9812 Aug'26 1933
Registered
5
1
/
984
Mont ext 1st gold 511
96
97 0818
1937 1
944
1
/
954 Jan'27 Registered
42
92
8
907 9214 92
Pacific ext guar 45 (sterling)'40
4
1
/ 10614 25
1
/
1054 Sale 105
It Paul Union Depot 55_ _1972
A & Ar Pass let gu g 4a____1943 33
Banta Fe Pres & Phen 5a___1942 MS
Say Fla & Weet 1st g 8s
1934 *0
lit gold be
1934 * 0
Soto V&NE 1st gu g 45_1989 MN
&
Seaboard Air Line g 45
1960 * 0
Gold 4e stamped
1950 * 0
Adjustment 51
Oct 1949 P A
Refunding 48
1959 AO
let & cons Ra series A
1945 MS
MI & Birm 30-yr let g 4e41933 M
Seaboard All Fla let gu (Ss A.1935 FA
Seaboard & Roan 58 extd
1931 J J
1929 MN
So Car & Oa 1st ext 545s
1930 FA
& N Ala cone gu g 5a
Gen cons guar 50-yr 55_ _ _19133 AO
So Pao coil 45(Cent Pao coil) k'49 3D
J D
Registered
June 1929 MS
20-year cony 4s
1934 3D
20-year cony te
1944 al N
-year gold 541
20
San Fran Terml let 4s.....1950 A 0
A0
Registered
1937 M N
10 Pao of Cal—Gu g 5a
So Pao Coast 1st gu 48-1937 J
So Pao RR let ref 4e
1958 3
1
/
894
8934 90 8912
10212 Dec'26
102
4
1
/
1085s -- 102 Jan'27
1023 Oct'28
10258
4
_ 9212 Feb'27
9314
8312
83 84 8312
4
/
83 Sale 811
83
1
/
87
8812 Sale 854
7358 Sale 7314
7334
1
/
9834
8
985 Sale 984
93 Sale 93
93
4
/
8
975 Sale 971
4
973
10058 Jan'27
100 _
4
/
1011 Sale 1011 10138
4
/
104 Feb'27
104
11014 111 11114 Feb'27
1
/
8
4
/
887 Sale 884
891
861: 89 87 Feb'27
99 Sale 9834
99
10118 10214 1004 10212
1
/
1
/
10034 Bale 10034 1004
90% Bale 9034
9078
86
8714 87 Mar'27
4
/
1051 _- 105 Feb'27
9514 -- -- 9512 Feb'27
8
945 Bale 9311
9458
1
/
Southern—let eons g 5a----1994 J J 107 Sale 1064 107
104 Jan'27
• J
Registered
8714
*0 87 Sale 8812
Devel & gen 414 series A
1958
4
1
/ 11418
Develop & gen 85
1958 *0 11412 Sale 113
Devel & gen 6t,
1958 *0 121 Sale 12012 121
1
/
Mem Div let g 55
.1998 3, 1064 Sale 10834 10712
91
91
St Louis Div let g 48
.1
1951
s
East Tenn retire lien g 5s_ _1938 MS 1015 -- 10018 Nov'28
Mob & Ohio coil tr 4a
1938 MS 9112 -- 92 Mar'27
4
,1 J 843 854 853 Mar'27
4
Spokane Internet len g
s
927 -- 9212 Jan'27
Sunbury & Lewiston let 4a....1936
10012 Sept'28
Superior Short Line let 6s...e1930 MB 9912
1
/
4
s
Term Assn of St L let g 4)25_1939 AO 987 993 984 Feb'27
1st cone gold 5a
1944 FA 10214
-- 103 Mar'27
88
8812 88
Oenrefundsfg4i
1953 33 88
4
1
/
104
Texarkena & Ft S let 544a A 1950 P A 10414 Sale 104
Tex & N 0oon gold te
1943 J 3 9934 101 10118 Jan'27
1
/
s
106 1064 1054 1057
Texas & Pac let gold 5a
2000 3D
La Div B L ist g 5a
1931 3, 10018 -- 10012 Mar'27
105
Tex Pao-Mo Pao Ter 540_1984 MS 1047
- 105
8
Tot & Ohio Cent let gu 55_1935 33 1011s -- 10118 Feb'27
Western Div let g 6e
1936 AO 10012
- 10012 Feb'27
General gold 5s
1935• D 100 101 10118 Mar'27
15 Jan'27
Toledo Peoria & Wart
• .11
90
Tol St L & W 60-yr g 46---.1950 * 0 89
89% 8934
99 Jan'27
1931 33 99
To1WV&Ogue311A
1
/
let guar 44e aeries B
- 984 Dec'25
3
' 994
1933
let guar 4e. series C
S 9314 _- 94 Jan'27
1942
4
1
/
Tor Ham & Buff let g 4e___1940 3D 9012 Sale 90
9012
8178
Ulster & Del let eons g 5I....1928 J D 58 Sale 58
40
42 40
let refunding g 4s
1962 A 0 40
9534
Union Pacific 18t RR & Id gt 45'47 J J 95 Sale 9514
4
1
/
Registered
944
J J 9414 Sale 9414
8
997
-year cony Is
20
1927 3 J 9978 Sale 9978
9414 Dee'28
__
Registered
J .1
9314
let lien & ref ea.—June 2008 M 8 93 Sale 9234
let lieu & ref as
June 2008 NI 8 110 Sale 10912 110
4
/
10
-yeas perm secured 61_1928 J J 10158 Sale 1011 102
I Due May. e Due June. k Due Aug
BONDS
'P.
N. STOCK EXCHANGE
Week Ended March 11.
Range
Since
Jan. 1.
100
1001s
Prim
Frtday,
Mar. 11.
Week's
Range or
Last Sale
Range
dines
Jan. la
in
ni
High No.
Ask Low
Bid
U N J RR & Can gen 413_1944 MS 941s 9614 9418 Jan'27
1
97
3, 97
9834 97
1933
Utah & Nor let ext 4s
9212 Jan'27
Vandal% cons g 4s series A 1955 FA
9012 Oct'28
1957 MN
series B
Consol 48
Vera Cruz & P let gu 440— -1934
24 Apr'28
33
July 1914 coupon on
2634 Mar'27
24
1934
26
Assenting let 4 Me
101 Sept'28
.
1931 MS 1003
Virginia Mid 58 eerie. F
8
1936 MN 10238 1027 1027 Jan'27
58
General
102 —__ 102 Feb'27
Va & Southw'n let ICU 58-2003 3
3
9534
1958 * 0 953 Sale 95
4
-year 58
let cons 50
4
1
/ 10514 199
A__1962 MN 105 Sale 103
Virginian 1st 5e series
1939 MN 103 104 10318 10312 10
4
1
/
Wabash let gold 58
4 10212 31
1013
1939 FA 102
2d gold 513
116
1975 MS 105 Sale 10418 105
Ref e f 5445 series A
8314 Feb'25
Debenture B 6s registered_ 1939 J J
term 48-1954 33 881 88 8512 Feb'27
4
lat lien 60-yr g
2
3
' 10312 105 10312 10312
1941
flat & Chi ext lst g 58
Dee Moines Div 1st g 48 1939 33 8914 ---- 89 Jan'27
8434 Feb'27
1941 AO
Om Div let g 3
9012 Feb'27
1941 131
Tot & Cb Div g 4s
2
82
Warren let ref gug 334a-2000 FA 82 Sale 82
8
881 875 Feb'27
87
1948 Q
Wash Cent let gold 46
1
/
1945 FA 854 881 844 Feb'27
Wash Term let gu 3445
-year guar 44-- —1945 FA 9114 ---- 9114 Feb'27
let 40
High
Low
9472 944
97 97
4
1
/ 9212
92
"ii" WI;
i6i; 10211
102 102
5
94 8 96
10212 10514
4
1
/
103 104
s
1005 1024
1031s 105
92 9234
98 1001:
100 100
811:
80
10212 10212
4
1
/ 991 99 Feb'27
e
1003* 1007 W Mhz W & NW let ECU 55-1930 P A 98
8014 270
AO 80 Sale 7958
West Maryland let g
4
/
10112 102 1011 Feb'27
West N Y& Pa let g 56-1937
88
Bale 88
1943 * 0 88
Gen gold 48
9l)l 93
45 Feb'25
Apr 1 1943 Nov
Income g 65
7
84 85 4
9912 54
Western Pm let ser A 5s__1948 MS 994 Sale 994
5
94 s 96
10418 Mar'27
1948 MB 10418
let gold Oa series B
824 83
4
1
/
26
88
2361 3' 88 Sale 8814
West Shore let 42 guar
911s 94
2
881
3
' 8814 ---- 8812
2361
Registered
8744 89
Wheeling & Lake Erie
100 100
Wheeling Div let gold 58_1928 3' 100 10014 100 Mar'27
4
/
1051 10518
1
100
1930 FA 100 Sale 100
Ext'n & Impt gold 58
9614 9712
4
Refunding 445e aeries A 1988 MS 9034 913 914 Feb'27
1004 1014
60
88
MS 8734 Sale 8738
48
1949
RR let consol
80
79
79
Eget let gu g
tiA gruk SF let gold 58ea 1942 3D 1041 Sale 104 Feb'27 9
4
/ 10412
1938 3D
WIll &
4
1
/ 87 8714 Feb'27
93; 94 4 Winston-Salem SB let 48_1960 3, 88
.1.
8314 32
100 101
WM Cent 50-yr let gen 4a__ _1949 33 8318 8314 8234
4
92
8
Sup & Dul div & term 1st es'36 MN 917 92 92
8412 562
89 Jan'27
3
'
Wor & Con East 1st 444s-1943
-9E414 1017;
- INDUSTRIALS
100 10214
9212 27
9212 Sale 9012
1021s 10234 Adams Express coil US 48__1948
12
10834 Sale 10812 107
99 10014 Ajax Rubber let 15-yr a t 84_1938 J
4
1
/ 312 Feb'27
34 3
9514 9914 Alaska Gold M deb es A____1925 M
34 312 31
1
312
4
/
1928 M
deb 68 series B
105 1057
Cony
8
1
/
944 Sale 94 4
1955 M
9514 21
3
10012 1017s Alpine-Montan Steel 7s
103 OeV26 -1928 A
105 10512 Am Agric Chem 181 58
10414 Sale 104
10414 19
1941F
Istrefsf 74411g
9818 971s
9712 96
97
9714 44
8612 8812 Amer Beet Sue eon, deb 65_1935 F
4
1
/ 1034 24
s
1027 Sale 102
American Chain deb e I 88._1933 A
83
81
9714 Sale 97
9714 51
1
/
944 984 Am Cot 011 debenture 59.-1931 M
1
/
_
19363 J 10558 __ 10534 Mar'27
95 99
Am Dock & Impt gu 8a
10
104
1939* 0 104 Bale 104
& Fdy s 68
1
/
927s 944 Am Mach
5
3
99 4
Am Republic Corp deb 65 1937 A 0 9918 9934 9912
1
/
1014 182
92 1i- Am Sm & R 1st 30-yr 5a ser A '47 A 0 10118 Sale 101
3
1
/
4
/
1947 A 0 10814 Sale 1084 1081
98 98
Ist M 6s series B
38,
984 9812 Amer sugar Ref 15-yr 68_1937 3 3 10414 Sale 10412 105 249
99
& Teleg coil U 45.1929 J .1 99 Sale 9834
4
1
/
107 108
Am Telep
a
95
4
1
/
1936 M S 9534 Sale 94
Convertible 4e
2
99 100 100
100
1933 M
20-year cony 4125
9934 1005
8
10312 68
19463 D 10314 Sale 103
-year colt It te
80
103 June'28
J D
Registered
951: 9618
4 1024 -306
19603 J 10214 Sale 1013
35-yr e f deb 5s
9512 9512
4
1
/ 10812 126
1943 M N 10614 Sale 105
-year f 5/25
20
92
91
1940 A 0 105 10514 10434 10514 18
10514 1084 Am Type Found deb 65
8
9812
987
8 15
Am Wat Wks & El col tr 58_1934 A 0 987 Sale 101
10112 60
1975 M N 10114 Sale
20
Deb g 6s SPX A
4
1
/
88 91
1939 J .1 62 65 6112 Mar'27
Paper 8 f 7-8e
Am Writ
1
/
4
inii 1E4 Temp interchangeable cite deP --- 6212 64 624 624 14
21
264
74
363
2
413
3
11
49
6
10
4
105
108
216
33
65
8
3
91 Vic
8114 8312
8112 834
834 8812
73
4
1
/
76
9712 993
2
9114 94
9834 984
1
/
10012 10058
10I14 1015*
1037 104
8
11014 11014
8814 90
87
88
9838 9918
10014 10212
100 102
904 9134
87
87
10412 105
9514 9512
4
1
/
93 9452
1081 10812
4
/
4
1
/
103 104
8812
88
11334 1153
4
11914 122
10614 10712
4
1
/ 92
89
92
92
8412 8514
9212 921:
4
59
6
2
7
955 952
1023s 103
s
877 8817
10344 105
101 12 10118
3
105 4 10732
100 10012
10414 10514
1011s 1021:
10014 1003*
100le ION
15
15
4
8958 903
99
99
94
90
33
5
28
6
57
18
25
30
ni
4
/
901
Anaconda Cop Mtn let 6e_A953 F A
Registered
1938 F A
-year cony deb 7s
15
Andes Cop Min cony deb 78_1943 J
Anglo-Chilean 7s without war_'45
Antal*(Comp(Asue) 7 >241_ _1932
Ark & Mem Bridge & Ter 55_1984 WI 13
Armour & Co let real est 4%e'39 J D
Armour & Co of Del 5)45_ _ _1943 .1 J
Associated 011845 gold notee 1935 NI S
19473 D
Atlanta Gas L lets.
Atlantic Fruit 75 ctfs dep_1934 J D
Stamped ctfa of deposit
Atl Gulf & W I SS L col tr 54_1959 3 J
1937 J
Atlantic Refg deb 65
10478
10414 Sale 104
10434 Dec'26
10818 Sale 108
10812
4
/
108 Sale 10712 1081
89
1
/
884 Sale 87
9512 Sale 96
984
101 Sale 10012 101
9238
1
/
9214 Sale 914
95l
1
/
95 Sale 944
4 1027s
I027
4
1027 Sale 1023
4
1
/
101 10314 99 Mar'25
4
153 ____ 155* Dec'26
18 Jan'27
1
/
174 24
75
7312 Sale 7312
4
/
10114 1011 10034 10112
85'2 873*
10312 105
8812 89
4
1
/
4
1
/ 84
83
91
90
8212
80
8714 87
52
1
s
85, 853
9114 9211
9814 9914
7814 8234
10112 102
89
SS
-9914 10111;
103 1044
884 88
87
86
9934 101
100 100
9012 93
4
1
/
8714 88
7214 80
104 104
1
/
884 875s
4
1
/ 844
82
93
89
89
89
89 9212
1057a 107
.
31
3
,
3 8 84
,
921 fIss
104 1043*
944 98
101 10312
95 9813
10512 10514
101 104
3
99 99 4
1
/
10015 1014
4
1
4
1
/ /
107 108
104 105
9814 9914
934 98
9812 100
1023 1034
4
3
ioi- 1634
-10534 1067
s
10312 1054
98
99
10034 10212
6112
68
8
s
587 633
245
1037 10484
s
132
134
232
11
16
83
198
17
laic. girl
106 10874
8612 90
9484 974
1004 101
4
911 931a
94h 954
10074 103
-Hi' Yr
41
22
7012 7611
100h 1017
8
4
107
Baldw Loco Works let 551940 N N 107 Sale 107
museua(comp As) 7448_1937 3 J 10758
10712 Mar'27
4
1
/ 1051 522
Barnacle!! Corp es with warr_1940 J D 10418 Sale 103
921 464
4
Deb 6s(without warrant)_1940 J D 9218 Sale 913
33
98
1
/
1936 3 J 954 Sale 9514
Belding-Hemingway 6s
29
1946 3 J 10338 Sale 10314 1031
Bell Telephone of Pa 58
29
1960 A 0 104 Sale 10334 104
let&reflssenieeC
1
/
Beth Steel let & ref 58 guar A '42 IA N 1014 Sale 1004 10112 17
30-yr p m & imp sf 5e_1938 33 9914 Sale 9914
9912 13
-year 8a serles A 1948 P A 10214 Sale 102
4
1
/ 77
102
Cons 30
1
/
1
/
Cons 30 year 6455 series B_1953 FA 994 Sale 984
1
/
994 57
7
1950 MS 9212 Sale 921
Bing & Bing deb 644s
4 --- 1011 Feb'27
4
/
n
Booth Fisheries deb if 65.-1926 * 0
Botany Cons Mills 644e._._1934 AO 8612 Sale 8434
8612 27
1942 * 0 10312 1037 1034 10314
Brier Hill Steel let 5448
1943 3D 76
763e 7514
B'way & 7th Ay lets g 5a
7614 10
73
7514 73 Feb'27 _
Ctfe of den stmPd Dec.'26 int
i 9358 Sale 9312 94 20
Brooklyn City RR 58
1941
4
Bklyn Edison Ins gen 5a A-1949 3' 1041s 105 10334 1033
a
General 68 scrim B
10318 10412 1034 10434
1930 J
Bklyn-Man It T sec Ge
1968 53 984 Sale 983*
1
/
99 228
Bklyn Qu Co & Sub con gtd 58'41 MN 8312 Sale 6312
5
83 s 11
1941 3, 7914 84 7912 Mar'27
let be
Brooklyn R Tr let cony g 42_2002 53
8812 Aug'26
3-yr 7% Secured notee_ --.1921
3
13812 Nov'25
'
'
9 25
Ctfe of deposit stamped......
82
9 . 2,
..i5i11 21 194142 Mar5 -9
Bklyn Un El let g 4-5a
1950 PA 95
Stamped guar 4-58
943* 13
1960 P A 95
4
/
Skip)UD Gas let cons g 6s1946 MN 10434 ____ 10418 1041 15
2
let lien & ref 65 series A..1947 MN 1144 11434 11412 11412
1
/
3
159 4 25
Cony deb 644e
3
' 159 181 158
1936
Jan'27
Buff & Sum Iron a I 6a
J D
1932
9 2 18
Bush Terminal let 45
'1
1
0
99 934 11
1952 * 0 9 51 91/ 92
9612
Consol tio
9812 Sale 964
1966 .1
4
1
/ 10012 21
Bush Term Bldg@ 58 gu tax-ex '60 A0 100 Sale 99
106 107h
10612 108
9812 1064
92 941,
9514 98h
1024 104
11127s 1043
e
100 102
981s 1001
4
1002 103
9714 100
:
921 9414
1014 1014
844 92
1031e 105
7215 7911
73 76
934 95
14
1034 105
4
4
1023 1043
9812 994
634 66
794 7911
7
s
4
/
s
4
1013 1017 1011 1017
10312 10358 10312 10312
985s 176
9814 Sale 96
s
1003 Sale 1001s 10034 93
3
99 4 20
9912 Sale 994
4
4 1023
10234 Sale 1023
4
983 Jan'27
97%
97
10
101% Sale 10112 102
8
1013 1021
4
10312 10414
g
987
98
10018 10214
9834 10014
10214 1035*
4
1
/
9634 98
101 102
Cal0& E Corp unit & ref 55_1937 MN
58
64 Cal Petroleum a f g 632a__1933 A
3934 411
Cony deb s f 5s
4
/
1939 P A
4
/
941 96
Cony deb 5 f 544e
1938 MN
93
4
1
/ 944 Camaguey Bug lets f g 7s_1942 AO
1
/
4
1
/
99 100 Cent Dist Tel let 30-yr 5s_ _ _1943 3D
Cent Foundry let a t 88.141n,y1931 FA
913* 945* Cent Leather let lien if 6s 1945 33
8
1085 110
1015 1023
8
8
1
94
95'I
94 951
,
4
1
/
102 1041
4
/
5
113 8 11434
158 182
9214 921
4
4
/
1
/
904 911
9512 97
9914 101
1492
BONDS
N.Y.STOCK EXCHANGE
Week Ended March 11.
New York Bond Record-Continued-Page 5
Price
Friday.
Mar. 11.
Week's
Range or
Last Sale
Range
Since
Jan. 1.
BONDS
N.Y.STOCK EXCHANGE
Week Ended March 11.
Price
Friday,
Mar. 11.
Week's
Range or
Last Said
co to
Range
Since
Jan. 1.
Bid
Ask Low
High No, Low
High
Rid
Ask Low
Central Steel let get 86__1941 MN 120 Sale 11812 120
High No. Low
High
21 1183 120
s
Kings County Elev 1st g 0_1949 F A 82
Cespedea Sugar Co 1st 6 f 7128'39 M S 99 Sale 99
823 8214
4
4
8214 86
8214
9812 100
Stamped guar 4e
9912 34
1949 F A 8212
8312
Chic City & Conn Rye 58Jan1927 AO 5814 5912 58
8
81
88
1
Kings County Lighting 55__ _1954 J J 103 Sale 8112
58
53
58
10312 Feb 27
Ch G L & Coke lst gu g 58__1937 J J 10218
- 1014 10312
102 Mar'27
102 103
First & ref 610
1954J J 11612
4 11214 117
Chicago Rye 1st 5e
11612
14
1927 FA 7714 Sale 77
743 7734 Kinney(GR)& Co 734% notes'38 J D 104 Sale 11618
4
773 -165
4
Chile Copper cony Os ser A_ _1932 AO 110 Sale 110
7 1007 10412
8
11018 60 109% 1103 Kresge Found'n coil tr 68_1936 J D 103 10514 1044 10412
4
Sale 103
Clncin Gas & Elea let & ref 55, AO 102 10214 101
10314 25 102 10312
56
8 101 10212 Lackawanna Steel let 56 A 1950 M S
102
995 Sale 99%
8
4
5326 8er 13 due
9914 101
095
8
Jan 1 1961 AO 10412 1043 10438 1044
6 1043 1047 Lac Gas L of St L ref&ext 58_1934 A 0
8
8
4
10012 10114 10012 10012
8 10012 1024
Cities Serv Pow & Laf6s1944 MN 10112 Sale 1004 1013 215
9738 104
Coll & ref 544e series C__ _1953 F A
4
4
Clearfield Bit Coal let 46_1940 ii
1044 63 1033 105
4
Lehigh C & Nave t 410 A 1954 J J 1043 Sale 10414
8512 82 May'26
98
Colo F & I Co gen e f 56___ _1943 FA 9712 99
983 9712
9712 984
97%
1
9812
658 984 Lehigh Valley Coal let g 5s 1933 J J 10138 102 4 10138 Mar'27
9812
Col Indus 1st & coll Es 01_1934 FA 9618 Sale 9534
10118 1017
8
9312 9612
lst 40-yr gu int red to 4% _1933 J J 963
964 37
8
Col & 9th Av let gu g 56___1993 M S
Jan'27
97
97
97
10
Oct'25
1st & ref s 58
1934 F A 101
101 Feb'27
Columbus Gas 1st gold 5a___1932 J J 962 9812 963 Mar'26
101 104
-oo; 9758 1st & ref 8 f 5s
8
1944 F A 993 10012 100 Feb'27
4
Commercial Cable let g 48_2397 Q
99% 10012
8012 Sale 7712
82
77
let & ref 55
8012 13
1954 F A 993 ---- 100 Feb'27
Commercial Credit s f 68__1934 MN 99
4
993 1004
4
9512 97
1
97
97
let & ref 58
97
1964 F A 10018 10012 10018 Feb'27
Col tr f 552% notes
993 10012
8
904 92
12
1935 J J 913 Sale 913
4
4
1st & ref s f 5s
913
4
1974 F A
100 10012
Commonwealth Power 6s__ _1947 MN 1043 Sale 1045
8
8 104% 44 1043 10512 Lex Ave & P F let gu g 50- _1993 MS 9912 100 100 Mar'27
8
4012 Feb.
26
Computing-Tab-Ree e f 68_1941 J J 10514
9 104% 10512 Liggett & Myers Tobacco 78..1944 A 0
105
10512
-12012 Sale 12012 12138 16 120 1225s
Conn By & L let & ref g 412s 1951
984 9618
9518 18
9618 Feb'27
Registered
A 0 1174 _
10212 May'26
Stamped guar 430
1951 ii 977 Sale 9618
8
8
943 981
4 ' 58
977
8
1951 F A 10312 Sale 103%
5 10212 10374
Consolidated Cigars f 68
10312
9812 lel%
63
1938 AO 10012 Sale 10018 1005
Registered
8
F A 9914 -- 10124 Feb'27
10 114 10114
Consolidated Hydro-Elec Works
Liquid Carbonic Corp 6s___1941 F A 10612
of Upper Wuertemberg 78_1956 .1 .1 10012 Sale 100
1073 123 104 112
8
3 100 101
Loew's Inc deb 68 with warr_1941 A 0 105 Sale 106
10012
Cone Coal of Md lst & ref 58_1950 J D 79 Sale 76
Sale 103%
1053 714 101 1057
8
8
834
76
8012 90
Without stock pun warrants..... 97 Sale 97
Consol Gas(NY)deb 5Hs_ _1945 FA 1055 Sale 10512 1053
99
97
97% 31
8
4 14 10512 10614 Lorillard (P) Co 78
1944 115 118 Sale 117
17 117 120
Cont Pap & Bag Mills 654s,,1944 FA 76 Sale 76
118
75
8118
4
7612
Registered
A 0
11812 June'26
Consumers Gas of Chic go 58 1936 J O 10114
10114 102
58
- 10214 Feb'27
1951 F A 98 Sale 97%
Consumers Power let 58_ _1952 MN 103 Sale- 1025
9814 26 -5514 foil;
99 102 103
8 103
Registered
9614 Oct'25
Copenhagen TeleP ext 68__ _1950 AO 101 10112 10012 Feb'27
97
97%
9912 10012 Louisville Gas & Elec (Ry)58 52 F A
M N 10014
Corn Prod Refg let 25-yr s f 58'34 MN 10118 10212 10112
10014 102
99% 10012
2 1014 103
10112
Louisville By let cons 53__1930 J J 96 Sale 100
Crown Cork & Beal 1st st 68_1942 FA 9814 9912 9712
9612 96
96
94
9612
9812 11
935 9812 LowerAustrian Hydro Elec Pow
4
Crown-Willamette Pap 6s
9938 101
1951 J J 10014 Sale 100
1st s f 6 yis
10014 32
1944F A 9438 Sale 9312
Cuba Cane Sugar cony 7a__.1930 J J 99 Sale 9812
897 954
8
9412 30
34
9914 Manati Sugar lets f 734B
95
99
1942 A 0 1057 Sale 10578
37 10412 108
s
Cony deben stamped 8%_1930 J J 1003 Sale 10014
89
4
9814 102
101
Manhat By(NY)cone g 48_1990 A 0 6912 Sale 6812 106
69i8 10
Uuban Am Sugar let coll 86_1931 M
6714 715
4
10818 10812 10818 1083
4 10712 10M4
2948
4
2013J D 55
60
3
61
Cuban Dom Sug let 7126_1944
63
60
N 993 Sale 9914 100
18
4
99 1003 Manila Elec By & Lt ef 58 1953 M 8 9612 61
4
97 97 Mar'27
Cumb T & T let & gen 58_1937 J J 1015 Sale 10138 102
93 4 97
3
12 10012 102 4 Market St fly 76 ser A Apr111940
8
,
@ 2 964 97
19
Vuyamel Fruit 1st f es A.._ _1940 AO 94 Sale 94
97
9612 971z
4
Metr Ed 1st & ref g 66 ser B.1952 F A 1081g 10812 9612
95
94
9412
0814
10814
Davison Chemical deb 610_1931 J J 9414 963 9414 Mar'27
8 10511 108%
9314 97 _
1st & ref 58 series C
4
1953 J J 10018 Sale 10018
Deny City Tramw let con M 1933 AG
1003
4 12 100 101
924 Aug'25
Metropolitan Power 1st 68 A1953 J D 10514 Sale 10514
Den Gm & EL let & ref s f g 5651 MN 98
106
6 10514 106
983 98
4
98
9812 10
99'z Metr West Side El(Chic)45_1938 F A 78
79
78
Jan'27
Stamped as to Pa tax
76
80
MN 9814 983 9814
9814 9914 Mid-Cont Petrol 1st 630
8
4
983
4
1940 M S 1047 Sale
e
10518 45 1043 10514
Dory Corp(D 0) 1st 81 78_1942 M S 7814 Sale 7814
4
7611 81
6
Midvale Steel &0cony I 561936 M S 9814 Sale l047s
79
9814
984 66
Detroit Edison let soil tr 56_1933 J J 1013 10214 10138 10214 18 1013 102% Milw Elec Ry&Lt
9714 99
8
8
ref&ext 4328'31 J J 9814 984 9812
3
0812
let & ref 513 series A _July 1940 MS 1027 Sale 10212 1023
98% 99
8
8
General & ref 58 A
4 14 102.2 1035
1951 J D 993 997 99 1
Gen & ref 56 series A
4
99 4 100%
,
8
993
4
11 10218 1043
8
1949 AO 1025 1023 1024
8
4
1st & ref
19612 D 99 Sale 983
4
let & ref 68 series B_July 1940 MS 1075 Sale 10712 102% 388 10712 10812 Milwaukee 56 B
98 100
99 4 66
,
8
108
Gas Light let 413_1927 M N 997 ____ 997
8
997
2
8
9812 100
Gen&reftnserll
8
8
1955 J D 1025 10318 10278 102% 25 1015 10314 Montana Power let 58 A
1943 .1 J 102 Sale 1013
21 10112 102%
Del United 1st cons g 434e_ _1032 J J 9312 Sale 9312
93
8
9512 Montreal Tram let & ref 5s...1941 J J 093 Sale 99 4 102
9414
8
995
8 16
95% 99%
Dodge Bros deb 6s
924 96
1940 MN 934 Sale 927
Clen et ref s 58 eertes A 1955 A 0
8
93
% 298
_
993 Mar'27
4
fold (Jacob) Pack 1st 66_1942 MN 87 Sale 87
9618 100%
895 Morris & Co 1st f 4 yis__ _1939 .1 .1 96188
87
87
887 8914 8914
8
8
8614 893
8914
Dominion Iron & Steel 56_1939 MS 523 Sale 52
4
48
22
Mortgage-Bond Co 413 ser 2_1966 A 0 82
8
57
57
____ 81 Dec'26
Certificates of deposit
4914 55
563 56
4
5112
10-25-year be series 3
8
5438
1932 J J 9758 Sale 975
8
97%
3 -5511 98
4
Donner Steel let ref 78
1942 J J 98 Sale 97 4
Murray Body let 8328
95% 99
6
98
,
19342 D 97% Sale 97%
9812 12
9658 9812
Duquesne Lt let & coil 68_,1949 J J 1055 Sale 10514
8
1055
8 35 105 10612 Mutual Fuel Gas let gt1 g 6e.1947 M N 10112 103 10112 Mar'27
10112 10112
1st coil trust 5328 series 11.1949 JJ 10514 1055 10518
8
8
10512 26 1047 10512 Mut Un Tel gtcl b ext 4% _1941 MN 1014 103 1013 Jan'27
4
1013 1013
4
4
Nassau Elec guar gold 4s__1951 J J 6112 Sale 604
Cut Cuba Sus 15-yr 51 g 710'37 MS
803 8212
4
6112 21
National Acme lets f 7545 1931 J D 9912 Sale 9912
4 10714 15 105% 108
Ed El III Ilkn let con g 4s.__1939 J J 10714 Sale 1053
9912
993
4 25
95
944 9518 Nat Dairy Prod 6% notes_ _ -1940 M N 1023 Sale 10158 10212 46 100 102
953 95 Mar'27
4
8
Ed Elea III 1st cone g 58. _1995 J J 10812 Sale 10812
10212
1 10678 10312 Nat Enam & Stamps let 58_1929 J
10812
10212 103 10212 Mar'27
1013 10212
8
Elea Pow Corp (Germany)63231
M
97
9712 98
9912 Nat Starch 20-year deb 58_ _1930 J J 993 101
9712
15
99
4
9914 Oct'26
Elk Horn Coal let & ref 6318 '50 J O 99
100
993 9812 Mar'27
4
National Tube 1st s f 5s___ _1952 M N 1033 104 10312 1033
9812
.1931
4
6 ioais fat;
4
Deb 7% notes (with warets'31 J O 9618 97
95
9614
96
Registered
3
M N
9614
t 26
;10 14 Sep'
Empire Gee dr Fuel 73.1a_1937 MN 10714 Sale 107
10712 102 1054 10912 Newark Consul Gas cons 53_1948 J D 10212 fa 102, Ma' 7
28 r2
152E2 113 1-0
ref 640(with wary le) 41 A 0 104 Sale 102,
98 11034 New England Tel gr Tel 58 A 1952 J I) 1033 Sale 10312 104
75
2 104
4
19 103 104
Equip Gas Light let con 58_1932
993 1005 10012 10012
3
8
4
99 4 101
1st g 440 series 13
M
1
19O1 MN 963 Sale 9614
3
9538 96%
96 2 92
,
Federal Light & Tr 1st 5s
95
1942 PA
95 Sale 95
96% New Orl Pub Serv let be A 1952 A 0 9514 95 4 95
9512
8
3
953
4 14
95
9612
lst lien s 1 5s Stamped_ __1942 M
95
9614
944 9514 95
First 6c ref 55 series B._ _1955 J D 953 Sale 95
1
95
4
19
96
95
964
let lien 68 stamped
1942 MS 10212 103 10318 Mar'27
4
103 1033 N Y Air Brake 1st cony 613._1928 M N 10158 10212 102% 10212
1 100% 1023
4
30
-year deb 6136er B
J O 9712 99
99
1954
N Y Dock 50
9818
97
99
-year let g 46._1951 F A 8512 Sale 8512
19
1
8512
84% 857
1
Federated Metals s 78
91
1939 J D 89 Sale 89
NY Edison 1st & ref OM A_1941 A 0 1157 Sale 11514
89
89
10
8
1157
s 32 11518 116
-Flat deb 78 (with warr)
4
1946 J J 1043 Sale 10112 1043 295
4
First Ilen & ref 58 B
9212 1043
4
1044A 0 10338 1033 10314
4
10312 14 1023 104
8
Without stock purch warrants_
9134 94
N Y Gas El Lt & Pow g 5a_ _1948 J D 1063 Sale 10612
933 Sale 93
4
200
94
4
1063
Fisk Rubber lets f 8s
4 21 106 1074
MS
Purchase money gold 48._1949 F A 923 Sale 923
14 115 116%
8
7
8
8
923
9214 93
Ft Smith Lt & Tr let g 58_ 1941 MS 116 Sale 11512 116
,
8812 Sale 8814
1936
8712 90 4 NY LE&WC&RR 5128_1942 MN 1014
3
883
4
101 July'26
Framerle Ind & Dev 20-yr 7320'42 J J 10318 Sale 1013
4
9812 1053 NYLE&WDock&Imp5a1943 J .1
8 10314 102
_
10112 Jan'27
1814 101 2
- 1Francisco Sugar let at 742
4
11-1942 MN 10812 10914 10812 10914 18 1063 10912 NY&QEIL&Plstg 5s-1930 F A
16 100'2 101
5 10012 10112
French Nat Mall SS Lines 781949 J O 9814 Sale 9738
4
943 10014 N Y Rye lat R E & ref 48... _1942 J J
983
4 66
6712 Dee'26
Gas & El of Berg Co cons g 561949 J D 102
1027 1027
8
8
1027 Feb'27
8
Certificates of deposit
67 63 Feb'27
Gen Asphalt cony 68
03
63
1939 AO 110 Sale 10912 111
36 10614 112,2
30-year ad) Inc be _ _ _ _Jan 1942 A 0
93
4 8 Dec'26
'Gen Electric deb g 310
9218
9218
1942 FA 9218 93
91
Certificates of deposit
7
8 Dec'26
---- -Gen Elec(Germany)78Jan 15_'45 j J 1043 Sale 10414 Mar'27
4
10434 10 103 10512 N Y Rys Corp Inc 68_ __Jan 1985 Apr
2718 Sale 27
277
32
2812 307
St deb 630 with war
2
4
1940 J O 1153 Sale 115
11612 25 11312 119
Prior lien 68 series A
1965 J J 8318 84
8312
84
2
8312 8514
Without warr'ta attach'd '40 J O 10112 Sale 10114
N Y & Richm Gas lst 68_ _ _1951 MN 1033 ___ 104
9914 102
10112 20
8
104
9 102 104
;Genl Petrol 1st a f 58
FA 10118 Sale 10014
102
NY State Rye 1st cons 4%s_1962 MN 563 Sale 564
1940
10118 42 10012
4
20
57
533 5912
4
Gen Refr let e f g 6s sec A
let cons 612s series B
1952 FA 10212 103 10112 10212
1 10112 10312
196251 N 80 Sale 7712
82
22
80
71
Good Hope Steel & I sec 7e..1045 AG 10214 Sale 10218
994 103,2
Y Steam let 25-yr 68 sec A.1947 MN 1053 106 1053
1027
8 27
4
4 10514 1087
4 106
8
Goodrich (B F) Co let 6146A947 J J 10614 Sale 10634 107
8
N Y Telep let & gene f 430_1939 M N
41 1057 108
9912 Sale 99
99 12 114
983 9912
8
Goodyear Tire & Rub let 88_1941 MN 1215 Sale 121
3
8
30
-year deben s t136._ _Feb 1949 F A 11058 1103 11012 111
12112 32 120 4 122
4
10 11014 1113
8
10
-year s f deb g 813_, ay 1931 P A 11014 Sale 11014
51
20
4
-year refunding gold 66.194IA
11012 35 11018 1105
10812 Sale 108
8
10812 72 1077 109
Gotham Silk Hosiery deb 68_1936 J O 9914 Sale 9914
9914 10018 Niagara Falls Power let 56_ _1932 .1 J 10134 105 10114
9912 14
10158 19 1001z 10111
Gould Coupler let e f 6s_ _ _ _1940 FA 85 Sale 84
8314 87
Ref & gen 6s
19
8514
Jan 1932 A 0 10412 106 10412 1047
3 10412 105%
s
Granby Cons M S& P con 68 A'28 MN 101 10214 102 Mar'27
Niag Lock &0 pr let 511 A _1955 A 0 101 Sale 10012 101
101 102
49 10014 1013
8
Stamped
101 102
No Amer Cement deb 632e A.1940 51 S 9014 Sale 9018
1928 MN 101 10512 102 Mar'27
911
90
46
984
Cony deb 76
MN 140 Sale 140
r27 15312 North American Edison 68_ _1952 M S 1063 10612 10614
1930
146
72
8
10688 13 10415 106%
Ot Como El Power(Japan)78_1944 FA
977 99 2
8
Secured s f g 610 Ber B194S M S
,
983 Sale 983
4
8
9914 85
1063 Mar'27
8
10518 108%
Great Falls Power let 5s
1023 10612 Nor Ohio Trae & Light Os_ _ _1947 M S 963 Sale 10538
4
8
1940 MN 1037 10412 10612 Feb'27
7
4
9512 9712
9614 10524
0
7
Hackensack Water let 4s.._ _1952 J J 8718 8814 8714
864 87 4 Nor% States Pow 25-yr 58 A.1941 A 0 1003 Sale_ 10014 se0330 84 100
,
4
8714
8
00
% 10 24
0
10114
Hartford St Ry let 48
1930 MS
90
Registered
A 0
Havana Elec consol g 5e_ _1952 FA 9312 -- 9714 Oct'26 30
9512 97 4
1
let & ref 25-yr 68 series 13.1941 A 0 10858 Sale
9712
8
4
7 ifii; 105
Deb 530 series of 1951_ 1951 M S 955 973
89
903 North W T 1st fd g 4;is gtd_1934 J
57
8
90 Sale 89
90
97% 9812 9812 Feb'27
98
9812
Hershey Choc 1st & coll 5)481940 J J
10212
floe(R)& Co 181 6348 ear A_1934 AO 10214 Sale 10178 10212 59 101% 101
Ohio Public Service 7325 A __1946 AO 115 Sale 1 1334
08
10012 25
11 5
15
414
17 11414 116
Holland-Amer Line 66(flat) _1947 MN 100 Sale 9934
let & ref 76 series B
1947 FA
9112 99
14 113% 11514
98,
2 45
Huddon Co Gas let g 56_ _1640 MN 9814 Sale 9814
Ohio River Edison 1st 63_1948 J J 10412 1077a 10612 1083
14
8 13 102% 103
16
4
8 1054 1063
4
Humble Oil & Refining 640_1932• .1 1013 -- 10238 1025
4
4
1044 P A 90 Sale 99
10214 10212 10214
1023
8 11 10218 1023 Old Ben Coal 1st (is
9018
7
90
91%
Illinois Bell Telephone 5e__ _1958 J D 10312
4
Sale 10312 1033
4 27 1023 10414 Ontario Power N F let 58-1943 FA 10118 Sale 1014 10118
1 101 102
Illinole Steel deb 432e
1940 AO 9712 Sale 97
9634 9814 Ontario Transmission Se._ _ -1045 MN 10118 Sale 1014
973
4 58
7 100 4 10114
10114
3
Ilseder Stec!Corp s f 7s
1046 AO 10212 Sale 10114
8
10212 20 1003 10212 Otis Steel 181 51 6s ser A__ _ _1941•S 94 Sale 9312
9414 32
0312 9612
Intl Nat Gas & Oil 56
1936 MN 98
Pacific Gas& El gen & ref 58.1942 J J 10018 Sale 100
9812 98
Feb'27
98
98
_
10012 68
903 1004
4
Indiana Steel let 58
MN 1033 Sale 10312 1033
1952
4
7 10312 10412 Pac Pow & Lt lst&ref 20-yr 513'80 P A 10014 1005 10014
8
1005
4
8
9
99 4 1014
3
Ingersoll-Rand lst Es Dec 311935 J J 1001
' 10212 Sale 1017
3
Pacific Tel & Tel let 56
1937
9934 Dec'25
4
10212 19 10114 1023
_
8
8
Inland Steel deb 540
1945 M N 1023 Sale 10214
MN 102 Sale 1013
8
Ref mtge Ets series A
1952
1023
4 21
4 102
72 10112 103
Inspiration Con Copper 6428..931 MS 10114 10112 10114
Pan-Amer P & T coin's 185.1934 MN 10412 Bale 1044 1043
10112
9
4 54 104 10615
Interboro Metrop coil 4 He_ _ iv 56 AO
11
181 lien cony 10-yr 78
1930 FA 105 Sale 105
Apr 25
14
8 1004 10514
105
Guaranty Tr Co ctts den
13
13 Nov'26
Pan-Am Pet Co(of Cal)conv 68'40 JO 973 Sale 9714
4
9714 1004
9814 57
dep stpd asstd 16 7. sub_ _ _
J 100 Sale 9912 100
1012 hlay'25
Paramount-Bway let 540._1951
29
98 1004
Interboro Rap 'Fran let 5s-1966 JJ 763 Sale 7612
4
773 302
4
7812 1141
- Park-Lox St leasehold 6348_1953 J
4
Sale 8612
4
8612 9313
8
90'l
ii 7612 Sale 7612
Stamped
7712 348
10224
7612 79, Pat & Passaic G & El cone 58.1949 M
4
100
92
le 103
103
1 10214 103
1932 AG 81 Sale 80
10
-year 66
81
39
10014 Sale 100
8212 Penn-Dixie Cemeut 63 A.._ _1941 NI
80
9912 101
1003
4 35
-year cony 7% notes_ _ _1932 MS 9818 Sale 87%
16
9818 163
Peep Gas & C lat cone g 68_ _1843 Al) 11312 _ 11312 11312
99
97
1134 113%
tat Agric Corp let 20-yr 56_ _1932 MN 90
9014 90 Mar'27
8712 90
Refunding gold 55
1947 MS 1013 Sale 1013
4
4
102
7 1013 1023
8
1
Stamped extended to 1942--- MN 7812 Sale 78
7812
Philadelphia Co coil tr 6e A_1944 FA 1035 Sale 1034
83
5
78
8
1033
4 51 10314 10412
Inter Mercan Marine 8 I 68._1941 AO 983 Sale 9812
4
99
•B 10034 10114 1003
95% 9914
15-year cony deb 532875
3 10118
10 1004 102
1938
International Paper be
1947• J 974 977 973
8
8
99
97
9912 Phila & Reading C & I ref 58..1973 ▪ J 101 Sale 101
55
10118 14 100 102
Ref 6 68 ser A
i955 MS 10112 Sale 10118
1017
8 57
99% 102% Pierce-Arrow Shot Car deb 801943 M
1055 Sale 1053
8
4
106
16 104% 10714
Int Telep & Teleg eons 5126 1 945 MS 10918 Sale 109
10912 284 109 1102 Pierce Oil deb f 8s_Dec 15 1931 • D 9912 10012 100 Mar'27
,
_ 100 103%
9412 283
'Italian Public Utility ext 78.1952 J J 9414 Sale 9314
90% 9512 Pillsbury Fl Mills 20-yr 60_1943 AO 10412 Sale 1023
8
10412 13 10214 10412
Pleasant Val Coal 1st gel 58.1928 J J
9912 Mar'27
9912 0912
Jtirgens Works 6stflat0103_1947 J J 106 Sale 106
106
25 1043 10912 Pocah Con Collieries Islet 581957 J J 9114 915 911s
4
9912- - 8
9118 024
914
8 104
Kansas City Pow & Lt 56-1952 M S 104 Sale 1037
17 103 1057 Port Arthur Can & Dk 65 A.1953 FA 104 10514 1053 Mar'27
8
s
1043t 105%
4
10514 Sale 1043
10514
Kamm Gas & Electric 6s-_1952 M
16 103 4 1053
3
let M 66 series B
4
1953 FA 10412 _-__ 1045s 1043
8
1043 1043
4
8
0
8 10814 12 1063 10812 Portland Elec Pow let 61 B_1947 MN 10112 Sale 10124
8
0 38 0
Kayser (Julius) & Co Islet 78'42 F A 10774 Sale 1077
4
10112
8 1004 102
9812
9834 11
Keith(B F) Corp let 66_1946 M 8
98
9912 Portland Gen Elea 1st 58_1935• J 10014 101 1001g
10012 11 100 101
8 104
Kelly-Spring(Tire8% notte _1931 MN 104 Sale 1023
54
99 10512 Portland By let & ref 10_ _1930 MN
953 Sale 953
8
9538
1
944 97
93 Mar'27
Keyston Teiep Co let 56___1935 J J
93
9312 Portland By L.& P let ref 56.1942 FA
9412 Sale 9414
013 944
8
9412 12
104 10312 Mar'27
Hinge County El & P 6 fte _ _1937 A 0
10312 10312
181 lien & ref 68 series B
1947 MN 1014 Sale 10118
10114 19 10012 10112
12514
Purehame. TOMMY Sic .
112095332 --1997 A 0 1251s 1944 - 12514
12414 12514
let & refund 74e wise 4.1946 MM 1073 10712 10714
8
8 10812 10712
1074
MAR. 12 1927.]
THE CHRONICLE
New York Bond Record-Concluded-Page 6
1493
Quotations of Sundry Securities
All bond prices are "and Interest" except where marked
BONDS
N. Y.STOCK EXCHANGE
Week Ended March 11.
1.2
mew Steel Car cony g 58_ _1933 J
Prod & Ref eft3e(with warts)'31 J D
Without warrants attached. .9 13
Pub Serv Corp of NJ sec 68_1944 F A
Pub Serv Else & Gas 1et55581959 A 0
1964 A 0
lat & ref 55413
Pub Serv El Pow St let 6s 1948 A 0
Punta Alegre Sugar deb 78.._1937 J .1
Rand Kardex &Hs(with warn)'31 .1
Without stock pur warrants_______
1937
Remington Arms 68
ReDub I & IS 10-30-yr 5s e f 1940 A 0
Ref & gen 555e series A _ 1953 J J
Rheinelbe Union 7e with war 1946 .1 J
Without etk purch warle.1946 J J
Rhine-Main-Danube 78 A__ _1950 M S
.
Rhine-Westphalia Elea Pow 78 50 M N
_1955 F A
Rims Steel let of 7s
D
Robbins & Myers 1st s f 7s__1952
Rochester Gas& El 7s ser 13_1946 M S
Gen mtge 554e series C___1948 M S
Roth & Pitts C &I pm 5s._1946 MN
-Drown Iron gen&ref 7e'42 Si N
Rogers
MN
Stamped
Price
Friday.
Mar.11.
Week's
Range or
Lase Bale
aa
Bid
Ask Low
Mob No, Low
High
9614 963 953
8
4
965
8 25
9412 965
8
1114
11012 Dec'26
3 110 11112
110
110
10434 Sale 1047
69 10334 10524
8
10512
11 1043 106
105 Sale 10478
105
4
105 Sale 10478
10518 23 104 10512
1073 Sale 1073
8
8
10712 18 1063 1073
4
4
6 1083 11112
10912 10912 10912
4
158 170 161
7 1304 165
161
101 10138 101
10112 16 100 10112
9614 9612 9614
51
97
954 97
101 Sale 1003
27 10018 1013
8
101
8
1003 Sale 10014
4
1003
985 100 4
8
4 20
3
120 121 119
56 11812 12614
121
1007 Sale 101
8
16
101
997 10412
8
10212 10312 10314
10312 22 102 10412
1025 Sale 1025
8
8
1027
8
8 1013 105
4
95 Sale 95
7
93 4 93
3
9614
59
60
60
60
8
60
65
11114
11114 Sale 11114
3 11114 11214
10514 1053 10518
4 105 10614
10518
4
9212 9212 Jan'27
90
9212 9213
38
43
43
2
43
43 497
8
40 Sale 39
43
59
41
38
St Joe Ry Lt & Pr let 6e____1937 M N
Ot Joseph Stk Yds 1st 4Hs__1930 J
BS L Rock Mt de P68 stmp(1_1955 J J
St Paul City Cable eons 68_1937 J J
Ban Antonio Pub Sem let 68_1952 J J
Saxon P1111 Wile (Germany) 78'45 F A
Gen eel VIM 6H8
1951 M N
&butes a.. guar r,
15403 J
Guar s f 6148 Series B. _1946 A 0
Sharon Steel Hoop let 8s ser A 41 m S
Sheffield Farms let & ref 6545'42 A 0
Sierra & San Fran Power 56.1949 F A
Silesia Elec Corp of 655s_ _1946 F A
Bllesian-Am Exp col tr 78__ _1041 ,
Simms Petrol 6% notes_ .... _1929 M N
Sinclair Cons 011 15-year 78-1937 M S
let l'n col tr 138 C with war_1927
Et
let lien 655e series B
1938J D
Sinclair Crude Oil 3-yr Os A.1928 F A
Sinclair Pipe Line s f 58
1942A 0
Smith (A 0)Corp let 65413_1933 M N
South Porto Rico Sugar 713_1941 J I)
South Bell Tel & Tel 1st f 581941 J J
Southern Colo Power Os A 1947 J J
S'west Bell Tel let & ref 58_1954 F A
11Pring Val Water let g 58_1943 MN
Standard Milling 1st 58
1930 MN
1st & ref 5He
Biases S
Stand Oil of N J deb 5e.Dee 15'46 F A
StandOi1ofNYdeb43.4s.1951j D
Stevens Hotel let 66 ser A
1945 J J
Sugar Estates (Oriente) 713_1942 M S
Superior Oil 1st e f 713
1929 F A
SyraeUse Lighting 1st g 55_ _.1951 J D
Tenn Coal Iron & RR gen 58_1951
.1
Tenn Copp & Chem deb 65_1041 A 0
Tennessee Else Powlet 68 1947 J D
Third Ave 1st ref 4e
1960.1 J
Adj Inc Se tax-ex N Y Jan 1960 A 0
Third Ave Ry let g 58
19373 J
Toho Else Pow 1st 7s
1955 Si S
6% gold notes __July 15 1929 J 1
Tokyo Elm Light 6% notes. 1028 F A
Toledo Edison let 78
1941 M S
Toledo Tr L & P 551% notes 1930 J J
Trenton
& El 1st g 5s_
1949 M 13
Trumbull Steel 1st Sf 6s__1940 M N
Twenty-third St Ry ref 56_ -1962 .1 J
Tyrol Hydro-Elec Pow 755e-1955 M N
96
963 96
4
973
4
973
4
8014 - - 8012
8114
8514
953
4
10414 10612 10612
103 Sale 1025
8
9914 Sale 985
8
10114 Sale 993
8
10014 Sale 99
1083 110 1083
8
4
1073 Sale 1073
4
4
9618 963 955
8
8
97
9714 97
100 Sale 100
10212 10312 10212
10014 Sale 9912
100 Sale 993
4
9834 Sale 9818
1007 Sale 1005
8
8
95 Sale 9412
102
102
1073 108 1073
4 4
10318 Sale 10318
1027 Sale 102
8
10312 Sale 10312
9912 Sale 9912
1003 1015 1017
4
8
8
10214 Sale 1017
8
1015 Sale 1013
8
4
955 Sale 9558
8
995 Sale 995
8
8
993 Sale 9912
4
100 1001 993
4
1031
1023
4
103 4104 10314
100 10012 10014
1057 Sale 1057
8
8
6512 Sale 65
6214 Sale 613
4
973 9814 98
4
9914 Sale 0 ,
84
9814 Sale 98
99 Sale 99
10812 Sale 10818
983 993 9918
4
2
10238 _
10218
9812 Sale 9812
594 66
67
102 Sale 1007
s
96
Feb'27
803
4
Feb'27
1063
4
10314
9938
10114
10012
109
1073
4
96 4
,
97
10012
1035
8
10012
10018
09 4
,
1007
8
95
102
108
10312
1027
8
1035
8
99 2
,
Mar'27
10214
102
953
4
995
8
100
100
Jan'27
10314
10012
106
653
4
6212
Mar'27
9912
994
993
8
1083
4
993
8
Dec'26
9912
Jan'27
102
Ujigawa El Pow a f 76
1945
S
Underged of London 454e-1933
Income fie
1948
Union Elea Lt & Pr(Mo)58_1932 M $
Ref & ext 58
1933
N
UnE L&P(III)letg 555e me A1954'.9
Union Eley Ry(Chic) tas
1945 A0
1931 '.9
Union 011 let lien sf58
May 1942 FA
30-yr 6e series A
let lien 5158 series C Feb _1936 AO
United Drug 20-yr 68.0et 15 1944 AO
United Fuel Gas let e f 6s___1936 J J
United Rye St List g 413._ _ _1934 3 .1
1937 MN
United SS Co 15-yr 65
United Stores Realty 20-yr fle '42 AO
J
U 8Rubber let & ret 5s ser A 1947
'I
Registered
10-yr 734% secured notes _1930 FA
U S Steel Corp f coupon Apr 1963 MN
If 10-60-yr 5eIregist_ Apr 1963 MN
Universal Pipe & Rad 88_1936 JD
Utah Lt &True let & ref 193._1944 A0
Utah Power dr Lt lot 58
1944 FA
Utica Eleo L & P let 58
1950'.9
Utica Gas& Elee ref & ext 58 19573,
Vertlentes Sugar let ref 7s._1942 Jo
Victor Fuel let e f 58
1953 J J
VS Iron Coal & Coke let g 5111949 MS
Va Ry Pow let & ref 5e
1934 .1 .1
Walwerth deb 6556(with war)'35 A0
1st sink fund tle series A._ _1945 AO
Warner Sugar RefIn let 7e.1041 Jo
Warner Sugar Corp let 78_ l939'.9
Wash Water Power a file._ _1939 J J
Westehes Ltg g 58 stmpd gtd 1950 JO
1944
N
West Ky Coal let 75
West Penn Power ser A 58.__1946 M
1963 MB
101 55 series E
1953 AO
let &He series F
1956 JD
let sea 58 series
1950'.9
Weet Va & C let
983
4
9512
967
8
1017
8
102
1023
8
8014
10112
1087
8
985
8
10718
Sale 9 4
83
9714 96
95
Sale 1017
8
Sale 1013
4
103 10212
83
8214
_ 1015
8
Sale 10812
Sale 985
8
10714 10718
104
-7618 77
10413- 76
9314 Sale 9214
10412 105 10378
9512 Sale 9518
943
8
106 Sale 106
1063 Sale 10613
4
106
-8958 90 8958
937 Sale 937
8
8
975 Sale 9712
8
1027
8
1034 Sale 10314
993 Sale 9912
4
5714 60
573
8
8
9412 _ _ 945
99 Sale 983
4
944 943 94
4
95
9514 95
8
10512 Sale 1053
043 Sale 9312
4
103 10312 1023
4
10318
103
10112 16i8 10112
- 310014 Sale 10018
1007 Sale 10014
8
105 Sale 105
10018 Sale 10018
79
7914 79
9918
Feb'27
Aug'26
102
10212
1023
4
83
1013
8
109
9834
10712
10412
76
93 4
,
10434
953
4
Feb'27
10612
107
106
90
9418
98
Oct'213
10314
100
Feb'27
Jan'27
99
9
514
953
8
10614
963
4
Feb'27
Feb'27
10112
10012
101
10514
10012
79
1944 A 0
Western Electric deb 5e
Western Union coil tr cur 58.1938 .1 J
N
Fund & real est g 430_ __ _1950
1938 F A
-year 651e g
15
1951 J D
25-year gold 55
Wee'house E & M 20-yr g 58_1946 7.1 S
Westphalia tin El Pow 6548.1950.9 D
Wheeling Steel Corp lst 5He 1948 .1 J
White Sew Mach 68(with war)'36
J
Wickwire Seen SPI let 7s__ _1935 .1 .1
wiekwlre Sp BO Co 78 Jan 1935 MN
Willye-Overland e f 6 He
1933 M S
Wilson & Co let 25-yr s f 68_1941 A 0
A 0
Registered
1941 A 0
Winchester Arms 754e
Tounirn Sheet le 'I' 20-yr 6...1943J J
1023 Sale 10152
8
10214 55
102 10312 103
1033
8
4
9812 Sale 975
8
983
4 47
1015 1013 1117
8
8
11178
4
8
1013 Sale 10112 1017 344
4
8
1013 Sale 10114
4
102
119
9712 973 9712
4
9813 20
0818 Sale 9712 100
42
1003 Sale 10052
4
101
66
M12 56
56
55
2
4312 Sale 4313
4638 38
10218 Sale 10218
10212 14
102 Sale 102
10238 63
93 Feb'25
106 Sale 106
106
7
10414 Sale 104
1043
8 60
Range
Since
Jan. 1.
8
17
74
72
16
74
6
3
8
7
32
33
190
132
227
73
48
6
9
3
22
59
2
5
242
252
3
13
2
15
7
21
74
125
27
46
73
19
21
24
30
21
23
12
51
4
1
10
28
19
14
6
109
10
102
47
153
1
27
38
25
27
9
10
20
86
151
5
14
12
4
23
1
955 9712
8
973 97 4
4
3
755 8114
8
9514 95 4
3
10512 107 8
6
10114 104
985 9912
8
993 10112
2
99 10114
10712 109
10718 10824
95
967
2
97
9814
9554 10113
10112 105
973 1023
4
4
993 10214
4
9214 1023
8
1003 10118
8
9214 953
8
1015 1023
8
4
107 109
10213 10312
1001s 1027a
1023 103 2
4
7
9812 100
100 102
1017 1033
8
4
1013 1023
4
4
953 96
8
99 10014
9812 10014
993 10114
4
1023 1023
4
4
10314 105 8
5
100 10114
10518 10614
63
6612
613 6512
4
97
9812
975 993
8
4
98
994
984 9912
107 4 1083
3
4
98 4 99 4
3
3
Standard Oil Stocks Par BM Alt.
2014
Anglo-Amer Oil votstock_El *20
1912
El *19
Non-voting stock
100 115 116
Atlantic Refining
100 11612 120
Preferred
Borne Scrymser Co new____ •58 60
4712
Buckeye Pipe Line Co----50 *47
25 *7914 81
Chesebrough Mfg
10 *2058 2034
Continental Oil v t c
50 *1412 16
Crescent Pipe Line Co
CumberlandPipe Line-100 126 128
50
Eureka Pipe Line Co._ 100 49
12
Galena Signal 011com___100 11
53
100 52
Preferred old
52
Preferre 1 new
100 48
Humble 011 & Ref1n1ng___25 *5618 5638
100 136 13612
Illinois Pipe Line
*4314 4312
Imperial 011
Indiana Pipe Line Co_ _ _50 *6412 66
8
International Petroleum---t *3238 325
8
National Transit Co _12.60 •137 1414
34
New York Transit CO_ -100 33
Northern Pipe Line Co__100 7812 80
25 *5812 5912
Ohio Oil
1612
25 *16
Penn Mex Fuel Co
4
25 *5112 513
Prairie Oil & Gas new_
Prairie Pipe Line new, 100 14614 117
100 138 194
Solar Refining
*16
1712
Southern Pipe Line Co
25 *3634 3714
South Penn Oil
63
Southwest Pa Pipe Linse.100 *57
Standard Oil (California)_ _ *5712 58
4
Standard 011 (Indiana)__25 *683 69
4
Standard Oil (Kansas)- 25 *1712 173
4
Standard 011 (Kentucky)
-25 11614 1163
25 *47
473
4
Standard Oil (Neb)
Standard 01101 New Jer.-25 38 3814
100 11434 115
Preferred
4
*38
383
New
8
Standard Oil of New York.25 *3112 315
100 317 323
Standard 011(Ohio)
100 11812 119
Preferred
100 16
1712
Swan & Finch
100 99 100
Union Tank Car Co
25 *10814 10812
Vacuum Oil new
10
Washington 011
Other 011 Stocks
Atlantic Lobos,011
50
Preferred
25
Gulf Oil
100
10
Mountain Producers
National Fuel Gas
Salt Creek Consol 011____10
Salt Creek Producers__ -10
Railroad Equipments
Atlantic Coast Line Os
Equipment6338
Baltimore dr Ohio 68
Equipment 4548 & 58___
Buff Koch & Pitts equip 6e_
Canadian Pacific 454e A 1313_
Central RR of N J 6s
Chesapeake & Ohio fis
Equipment654s
Equipment58
Chicago Burl & Quincy es
Chicago & North West 68
Equipment6548
Chic RI & Pac 454e & 58..„
Equipment65
Colorado & Southern 68
Delaware & Hudson 613
Erie 4545 & 58
9713 -6613
Equipment68
67
Great Northern (3s
67
Equipment58
99 102
Hocking Valley 55
Equipment Os
983 100
4
955 96
Illinois Central 434s & 58_
4
Equipment 62
1512. 112 4
Equipment'Ts& 6346
4
-110114 1025
8 Kanawha & Michigan Os_
1013 10234 Kansas City Southern $M..
4
8214 8412 Louisville & Nashville Os
Equipment 6335
10112 102
10812 109
Michigan Central 58 & 135_
9812 997
8 MinnStP&SSM 433s& 55
10612 10752
Equipment 63.4s & 7s....
10212 10412 Missouri Pacific 85 & 6345._
78
77
Mobile & Ohio 52
90
9312 New York Central 430 & 58
1037 10513
8
Equipment65
Equipment78
943 9612
4
913 943
8
8 Norfolk & Western 4315
106 1063
4 Northern Pacific 75
10134 108
Pacific Fruit Express 75...._
1053 1087
4
8 Pennsylvania RR eq 58 & Os
8714 90
Pittsb & Lake Erie 63315Equipment68
935a 95
973 994 Reading Co 4545 & 58
8
St Louis & San Francisco 5e_
10218 1031
; Seaboard Air Line 5545 & 6e
983 100
Southern Pacific Co 4 He_
4
5614 57 8
Equipment7e
3
9418 945
8 Southern Ry 434e & 58
9853 100
Equipment Os
92
9514 Toledo & Ohio Central (18.....
9314 95,
2 Union Pacific 78
Short Term Securities
917 1024
e
7818 963
4 Anaconda Cop Min the29J&J
1023 1023
4
4 Chic RI & Pao 5e 1929.J&J
1023 10312
8
MAJ
5% notes 1929
10112 10212
J&D
412% notes 1928
10018 10112 Federal Sue Ref 65'33 MAN
10014 10114 Missouri Pacific 5s'27_ _J&J
105 10514 Sloss-Sheff S & I 68'29.F&A
IOC 10112 Wise Cent 5345 Apr 15 1927_
Indus. & Miscall
79
80
American Hardware
25
10118 103
E )
100
Base( ksv W0
libcoc & C11cox
10138 10514
9812 9944
Preferred
50
11114 11214 Borden Company com____t
101 1017
me
8 Celluloid Company
101 10234
s cmn
ferred
9614 00:2 Childs Company
_101
1
06111 100
Hercules Powder
100
rered
9V4 10112
International Silver pref_100
507 5s
8
1 00
3913 52
Lehigh Valley Coal Sales_50
1013 10212 Phelps Dodge corp
4
100
10114 1027
3 Royal Baking Pow com_100
100
10412 1014 Singer M edufacturing._ _100
Preferran
,1033 10452 Singer Mfg Ltd
4
El
•118 114
*27
8 4
*9312 94
*26
2618
226 230
*758 re
*31
3118
5.03
4.75
5.05
4.75
5.00
4.95
5.00
5.00
4.80
4.70
5.00
5.05
4.90
4.83
5.15
5.20
5.00
5.00
5.25
5.05
4.65
4.75
5.05
4.65
5.03
4.75
5.20
5.10
5.00
4.75
4.95
5.10
5.10
5.20
4.90
4.65
4.95
4.75
4.65
4.80
4.80
4.95
4.90
5.03
4.65
4.80
5.25
4.65
4.75
4.85
5.05
5 10
4.70
4.90
4.65
4.90
4.60
4.80
4.65
4.90
4.90
4.70
4.62
4.90
4.90
4.75
4.65
5.00
5.00
4.90
4.75
5.00
4.95
4.55
4.65
4.90
4.55
4.90
4.65
5.00
4.85
4.90
4.65
4.75
4.85
4.80
4.90
4.70
4.55
4.85
465
4.55
4.75
4.70
4.60
4.70
4.80
4.55
4.70
4.95
4.55
4.65
4.70
4.95
4.95
4.65
10218 10212
10058 101
10012 1007
8
993 10018
4
82
86
10018 10014
102 10214
98
99
.84
118
*22
86
120
24
_
*56-99 101
21
19
72
68
189 121
15
_
05
1 1712 117l2
•98
*98
8
7
128 132
170
370 375
10012 10112
*5
Per et. Bali
Public Utilities
American Gas & Electrio--t *71, 72
4
*9712 9814
6% preferred new
Deb 6s 2014
MAN 10214 10234
Amer Light & Traci com_100 23012 231
Preferred
100 113 11434
Amer Pow & Light pref._100 98
99
Deb 135 2016
M&S 101 10114
Amer Public TItil com _100
70
7% prior preferred__-_100 16" 92
4% partic preferred _
82 84
Associated Gas(3‘ Elea Pre:-t *5134 5234
Blackstone Val G&E com.50 *105 108
Com'w'Ith Pow Corp new -t *47
4714
Preferred
100 9318 9338
Como! Gas 6% Pref
5612
50 *56
Elea Bond & Share pref _100 106 10612
Else Bond & Share Secur--t 69 6914
Lehigh Power Securities_ --t *18
I814
Mississippi Riv Pow pref.100 97
99
First mtge 58 1951_ _ _J&J 101 102
13 F g deb 7e 1935_ _MAN 102
National Pow & Light pref_t *10514 Ricr
North States Pow com_100 11118 112
Preferred
100 10312 10412
Nor Texas Else Co com_100 34
36
Preferred
100 68
71
Ohio Pub Serv, 7% pref-100 105 106
Pacific Gas& El let pref_ _25
251
1st pref new
25
t a5
Power Securities corn
8
•27
Second preferred
31
Coll trust fis 1949._ _J&D 90
93
Incomes June 1949.-F&A *84
86
Puget Sound Pow & Lt_ _100 2812 2912
100 85
8% preferred
87
100 3107 109
7% preferred
1st & ref 5548 1949__J&D 100 101
35
South Cal Edison 8% pf_ _25 .
37
Stand G de E 7% pr pf _ _100 10614 107
Tenn Elec Power 1st prof 7% 10612 107
Toledo Edison 7% pref 100 108 10812
100 11514 117
8% preferred
Western Pow Corp pref _100 100 102
Chic it Stk Ld Bk Bonds
5546 Nov 1 1951 opt 193I__ 101 10212
58 Nov 1 1951 opt 1931__ 99 4 10024
,
58 May 1 1952 opt 1932._
9912 101
434e Nov 1 1952 opt 1932__ 9
814 10034
454e Nov 1 1952 opt 1932... 96
99
98 100
431e May 1 1963 opt 1933__
9912 101
58 Nov 1 1963 opt 1933_
430 Nov 1 1964 opt 1934.. 97 100
434e Oct 1 1965 opt 1935__ 97 100
Pac Coast of Portland.Ore
5t3 1955 opt 1935___MAN 10114 103
58 1954 opt 1934___MAN 10118 1023s
Sugar Stocks
Caracas Sugar
50
3
Cent Aguirre Sugar eons_ _20 *10312 10412
Fajardo Sugar
100 155 157
Federal Sugar Ref com_100
40
Preferred
100
60
Godschaux Sugar. Ltla
3
t •1
Preferred
20
100 15
Holly Sugar Corp corn..... *30
35
Preferred
100 80
85
National Sugar Refining.100 126 129
New NIquero Sugar
100 65
70
Santa Cecilia Sue Corp 91100
Savannah Sugar corn
142
Preferred
100 117 120
Sugar Estates Oriente pf-100 72
75
Tobacco Stocks
American Cigar corn..-100 122 125
Preferred
100 100
British-Amer Tobac ord_ _El •
24
25
Bearer
El *24
25
Imperial Tob 010 B & Irel'd *25
27
Int Cigar Machinery._ -100 124 128
Johnson Tin Foil & Met_100 65
MacAndrews & Forbes- _100 4112 4222
Preferred
100 102
Mengel Co
100 28
Universal Leaf Tob corn __t *46
48
Preferred
100 103 105
Young (J 5) Co
100 108 112
Preferred
100 105 109
Rubb Stks (cieoe'a sworn)
•112 4
Falls Rubber corn
Preferred
25•
17
Firestone Tire & Rub comb0 *129 130
6% preferred
100 104 105
100 993
4
7% preferred
General Tire & Rub com__25
116Preferred
100 10212 1071y
Goody'r R & R of can Pf.100 no512
India Tire & Rubber new--1 *28
2812
Mason Tire & Rubber com-t *13
4 2
Preferred
100 18
20
Miller Rubber preferred. 100 10212 103
Mohawk Rubber
100
17
Preferred
65
Selberling Tire & Rubber--t
25
Preferred
100
100
W
Water Bonds.
Arkan Wallet 58'56 A A&O 951 961
4
Birm WW let 5342A.'54.A&I3 1041 105
1st M 581954 ser B__J&D 9914 100
Butler Wat Co s f Se'27.J&J 100
5e Sept 2 1931____M&S 1 961 98
CityW(Chatt)5543e54AJAD 10414 104$4
1st M Ess 1954
JAC) 97
973
4
City of New Castle Water
58 Dec 2 1941_ .._.1&D 1 93 95
Clinton WW 1st 55'39.F&A 95
Com'w'th Wat 1st 533sA '47 103 fa"
9312
Connellsv W 580ct2'39A&01 92
E St L & Int Wat 5s'42.J&J 9512 96
J&J 101 102
let M 65 1942
Huntington 1st 68'54-M&S 104
1954 9712 9814
58
1940 9534
Joplin Wat 54
85'36 MAN 100
Mid States WW
98
MonmConW lat 55'56AJ&D 95
Montn Vol Wt 5349 '50 J&J 9912 10012
Muncie WW 58 Oct 2'39 A01 92
4
St Joseph Water 5141941A&O 953
4 O 9414 95
Shenango ValWat 5s 56F&A
98
se PIM Wat let 581060.8.8.9 97
FAA 98
99
58 1955
1st
Ter H WW 65 '49 A_J&D 102
ist M 55 1956 ser B F&A 95
Wichita Wat let 68'49_MAS 103
let M 5s 1956 ser B F&A 95 ii"
7
4 Purchaser also pays accrued dividend,
'Per share. I No per value. S Basis
tNew stock. I Flat price. k Last sale. •Nominal. s Be-dividend. y Ex-rightly.
Canadian quotation. ,Sale twice.
1491
BOSTON STOCK EXCHANGE-Stock Record
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday,
Mar.5.
Monday,
Mar.7.
Tuesday,
Mar.8.
Wednesday,
Mar.9.
Thursday,
Mar. 10.
Friday,
Mar. It.
179 •2176 179'
175 176
176 176
▪176 178
8712 8712 88
874 8714 873
2863 897
4
8
4 87
101 •100 101 5100 101
100 100 5100 101
115
11412 11412 11412 11412 11434 115 •11512
107
107 107
107 107
107 107 s105 105
514 5314 53
53
53
5212 53
52
*___ _ 62
52
57
62 •____ 62
57
.83
85
5
83
85
5
83
•83
5
83
85
85
85
5125 135 •
125 135 •125
5125
512.5
O103
_ 5103
*103
5103
•103
*155
•155
+155
*155
*155
*106 108 106 10
-8 10612 10612 107 107
107 107
12
197 197
198 198
198 108 •198 210 '199 205
528
30
+28
30
28
528
2812 52818 30
30
5
66
68
566
68
68
68
5
65
*66
68
68
.60
6012 560
6112
6012 6012 60, 5
6112 561
2 61
*4412 4512 45
45
4512 4512 4512 4512 45
48
+62
63
63
63
63
6312 63
63
64
53
513 525
8
8 504 5218 493 5138 514 53 4 525 533
4
8
,
4
*10012
•10013
1014 10114 +10013 ---101 101
5136 138 +136 140 •136 138 •136 138 •136 138
*127 129
130 130
12812 130 +127 130 •127 130
5112 114
112 112 •111 112
112 112
11212 11212
178
873
4
5100
511412
•-___
334
518
15812
61
.
8112
*5712
334
312
3
4 33
4
19
19
19
19
1593 1583 15914 1583
8
4
4
6212 604 63
5912
85
82
85
82
5812 *5712 5812 *5712
'1713 1812 17 1/77
77
7814 7814
2
•134 2
2
76
76
76
76
218 2,8 52
3
612 64
8
64
483 49
4
4834 49
5
35
36
36
36
591
92 92
•1312
13
13
223 224
-- .- 224 225
2712 273
4 2712 2712
27
27
'z124 14 52123 14
4
1912 19
19
19
3712 371? 537
3712
9012 907
8 88114 90
12
12
12
12
•12
13
12
12
41
41
41
41
595
*95
__
110 - - 103,
3 10
10
612 612
612 6,
2
87 87
586
87
74
74
57212 74
*s10712109 521081210913
+9614 9812 .97
9812
212 212
212 2,
2
•2738 28
2712 2812
334
312
34 314
19
183 19
4
•
1812
15914 15918 15914 15834
6212 605
6114 60
8
580
*80
85
82
5812 55712 5812 *5712
7812 82
•134 2
7512 76
3
52
4512 612
49
49
3614 3614
9212 9212
513
15
224 225
273 28
4
28
21212
19
37
874
•1112
•12
4012
95
•10
5512
8612
7212
10812
.97
258
2712
'17
1812
84
80
•13
4 2
76
711
*2
3
612 612
8
48
487
*3512 36
92
589
•13
15
225 225
5273 28
4
174
88
175
89
jai
53
104
53
it5/ 16/19814 200
6
i-67- - 4
-48r2 -4-6-363
63
523 5314
8
- 135 135
-------
312
19
1912 19
15914 1584 159 4
,
62
6112 69
85
85
85
57
5812 57
;W' - -118 2
7914 80
14
178
57512 76
13
4
14
5612 7
49
49
53512 36
92
92
513
15
225 230
2712 28
p2712 2812
1212 1212
•I9
20
37
3712
8812 8912
512
13
512
13
42
4212
5954
__
10
10
63
4 63
4
86
87
7212 73
108 108
98
98
25
8 25
8
2712 275
8
283
4 284 283
4
1314 521214 1312
19
19
19
3714 3718 37,4
88
883 89
8
12
1212 12
•12
13
13
41
42
42
95
*95
10
103s 10
7
5612 7
87
86
86
724 725 74
8
10812 10S12 10812
99
99
597
23
4
212 25
8
2712 2714 2712
.10 .20
5
O_
_ 4
4
96
96 •z96
97
96
96 5
./96
97
100 100
100 100
1/103
100 10014 5
10012 1001_
+112 13
4 •112 2
11
4 15
8
1 18
118 *114
1 12
57
8
57
9
*7
9
57
9
9
57
123 12312 12312 12312 123 12312 123 12312 121 121
_ 5193
__ __
9212 9212 9214 9214 •291
_
45
5203-- 4512 45
4514 *x40
451 4 4512 4514 4514
46
41
4112 *4012 414 *405 4112 4114 41 12 405 413
8
8
4
28
28
525
30
525
30
30
525
525
28
16
16
16
16
4
•153 16
•153 16
4
164 16,
4
*
_
138 •____
138 5-- -51
13
8
154
i08 108
108 108
180 108
108 109
10812 1087
8
11912 120
11912 120
1193 120
120 120
4
11814 11812
6912 69
5
69
6012 569
70
6912 6912 69
69
414 414
412 43
8
43
43
4 514
8 412
5
5 14
•1712 1812 •1712 1812 18
1812 5218
18 *218
1812
•11
1212 •11
1212 511
1212 •11
1212 *II
1212
54
5418 534 5418 533 54
5314 533
4
4 534 5314
*284 285 52814 285
8
8 2814 28 4 2814 283 52812 29
8
,
5
8712 88
8712 8712 8712 8712 *S712 88
8712 87,2
81 12 811 •x80
,
81 5
SO *x60
82
.280
80
8012
237 237
8
8 2312 2314 233 2312 23
4
8
234 223 23
*45
47
46
45
46
45
4612 45
546
47
5
64
65
*63
564
66
65
63
5
64
65
63
*11212 115 *11212 115 52111 115 *7111 115
112 112
21 12 21 12 +r21 18 21 12 21
213 *12114 22
8
2112 214
75
7712 76
8214 843
831? 8012 84
4 8112 827
8
48
48 5____ 49 *___. 4812 •____ 4812 5_ _
4812
• - 513 •____ 504
4
51
51
;1812 16
*1512 1612 51514 1612 •1514 16
•1514 16
79
80
75
75
*612 7
493 503
4
4
38
36
230 232
274 28
28111128
3712 3712
ggs, 8912
-42- 14-in- -16612 612
87
87
7212 73
108 108
4
4
271 271-
oa pa
ioo- 106-
121
12112
4034 42
s
108 lOS7
11812 11812
70
70
54 54
12
534
283
4
8712
12
531
29
87 2
,
----
---iT2
813
8
79
------- --_____
Sales
for
the
1Veek.
STOCKS
BOSTON STOCK
EXCHANGE
Range Since Jan, 1.
Lowest
Highest
PER SHARI!
Range for Precious
Year 1926
Lowest
Mining.
.25
Adventure Consolidated_ -_-25 .05 Jan 14 .20 Feb 10 .05 Mar
.25
25
.25
.25
.25
5a.55 .60
100 Arcadian Consolidated____ 25 .50 Jan
.60 .60 5a.50 .55 5
(4.50 .65 *a.50 .65 *a.50 .65
.89 Jan 15 .25 Mar
8
8
1,055 Arizona Commercial
914 May
8
8
8
8
74 77
8
74 773
104 Jan 6
4
712 73
5
712 Mar 11
*43
45
41
4212 41
945 Bingham Mined
29 .111110
41
42
41
42
*4114 43
42
10 30 Jan 3 46 Feb 2
15
1518 147 1514
8
3,104 Caltunet & Hecla
143 15
1312 June
1434 15
4
1434 15
144 15
Jan 25
8
25 145 Jan 7 164
5
.11 .30 5
.11 .30 •.11 .30 •.11 .30 +.11 .30 +.11 .20
Carson Hill Gold
.20 Feb 2 .10 Dec
1 .10 Jan
135 1338 1312 134 1312 1312 1314 1312 1314 1312 1314 1312
8
930 Copper Range Co
13 Slay
25 1212 Jan 28 1414 Jan 10
• 8 212
23
8 .2% 212
23
8 23
East Butte Copper Mining_ 10
450
214 Oct
214 23
8
23 Jan 4
4
218 218 5214 212
2 Feb 9
'
6.50
1
5a 60
1
*(1.60
1
25 Franklin
1
1
1,
.60 .60 5a.50
1.50
25 .05 Feb 1 .60 Mar 10 .25 Nov
•.45 .75 •.45 .75 •.45 .75 •45 .75 •.45 .75 •.45 .75
Hancock Consolidated
26 .35 Feb 19 .75 Jan 13 .27 Dm
*153 161, •153 1614 9534 1612 154 154 51512 1612 •1512 1612
4
4
10 Hardy Coal Co
14 Mar
1
1514 Mar 9 18 Jan 7
•.85
1 - •.85
1
•8' 1
5.85
Oct
Helvetia
1
1
.8.
5.8.5
I
26 .75 Feb 9 .85 Jan 6 .75
240 240 5232 241
235 237
238 239
80 Island Creek Coal
*24814 249
1 19718 JAI/ 3 246 Feb 18 141 Mar
48
4814 4712 48
48
4814 48
New stock WI
483
8 48
4812 1,308
484 48
47 Feb 26 4912 Feb 16
10512 10512 *105
*105
- -- •105
18 Preferred
994 Jan
106 Jan 21
105 105 •105
_
1 105 Feb
10 -- 1104 5912 1014
10
10
1018 - --1018
912 June
8
289 fele Royale Copper
1012
94 94 *912 - 912 Feb 19 115 Jan 19
25
24 2 4 52
,
.
2
214
23
8
2
Jan
2
27 Feb 4 .50
8
.
250 Keweenaw Copper
2
23 .
8
2
23
4
14 Jan 6
25
5
.90
1 14 •.95 1, 5.95 114 •.95
4
1,
4 5.95
1 Jan 17 .60 Oct
50 Lake Copper Co
1
114
1
26 .80 Jan 7
•.75
•.75
1
5
.75
1
.75 .75 •.75
100 La Salle Copper
1
•.75
1
25 65 Feb 17 .80 Jan 24 .80 June
•112 2
•112 2
*112 2
•1 12 2
14 Jan
2 Jan 4
•112 2
Mamie Valley Mine
•112 2
2 Jan 4
6
.35 .50
.35 .35 5.35 .50 5.35 .50
•.35 .60 •.35 .50 5
100 Maas Consolidated
25 .25 Feb 2 .85 Jan 3 .15 Dec
.55 .55
.60 .55 •.55 .75
.55 .55
•.55 .65
1 12 Jan 11 .40 Dec
708 Mayflower-Old Colony
.55 .55
26 .45 Jan 3
40
4 40
3912 3912 39
*40
4012 4014 403
30 Mar
39
145 Mohawk
39
3912
25 37 Feb 18 4114 Jan 13
8
8
8 223 2212 224 223
1812 May
*2214 225
8 22
1,280 New Cornelia Copper
8 2214 2212 223 223
2214
6 22 Feb 5 24 Jan 20
Jan
.05 .15 •.05 .15 •.05 .15 •.05 .15 •.05 .15
5
New Dominion Copper
.06 Feb 1 .08 Feb 1 .05
•16
20
516
516
20
20
•16
20
518
20
18 Dec
New River Company
•16
20
100
88
68 .65
565
*65
08
68
69
65
5
O65
45 July
•65
Preferred
4
68
100 633 Jan 19 75 Feb -8
,
84 8 8
814 *75
8
814 814
812 812
5 July
470 Nipissing Mines
4
5
814 83
8 Mar 10 1018 Feb 2
8 8
5
211 212
212 23
8
24 238
212 212
8
212 25
33 Jan 5
2 Apr
8
24 23
244 Feb 10
4 2,210 North Butte Mining
10
112 .a.95
112 541.95
1, *a.95
4
5a.95
114 Jan 25 .50
Jan
0,11bway Mlning
1 12
1,2 5a.95
1,2 *3.95
26 .80 Jan 18
+13
•13
14
14
14
14
513
513
•13
14
513
13 Dec
Old Dominion Co
14
25 12 Feb 18 1412 Jan 3
1214
1214 1212 •12
1212 512
1212 12
•12
121? •12
1012 Mar
1212 1,060 P'd Cr'k Pocahontas Co No par
11 Jan 4 13 Feb 4
1412 1412 1412 1412 1412
•14
1412 15
•15
1712 Jan 3
1512 May
137 Quincy
153 •1412 15
4
25 1414 Feb 17
4
4
2418 2418 2418 233 2118 2358 233 5234 2412 2312 2312
310 St Mary's Mineral Land
24
25 Dec
25 2014 Feb 17 2514 Jan 6
524 3
•
212 3
*212 318 5212 3
23 Dec
4
Seneca Mining
.23
4 312 5212 3
3 Feb 3
312 Jan 14
.25 .25 •.30 .40 •.30 .40 •.30 .40
20 Shannon
5.30 .40 5.30 .40
10 .20 Jan 6 .40 Jan 12 .15 Dec
100 Superior & Boston Copper_ 10 .20 Jan 31 .40 Feb 23 .20 Nov
.25 .25 •.21 .40 •.2I .40 +.28 .40 •.25 .40
•.30 .40
,
612 65
8 6!1, 6111"4
612 612 2,590 Utah-Apex Mining
612 612
74 Feb 24
454 Oct
4
612 63
612 658
57 Jan 3
8
5
112
112
1.(, 1 61
138
14
5138
138
8 2,025 Utah Metal & Tunnel
13
8
14 13
2 Feb 2 .25 Dec
1 12
1
I Jan 3
.70 .70 I 5.65 .95 5.75 .95
50 Victoria
•.60 .95 •.65 .95 •.60 .95
25 .51 Feb 10 .85 Jan 11 .40 May
.15 •.14 .15
.03 .03
.15
140 Winona
15 • 05 .15
•05
25 .03 Mar 9 .21 Jan 17 .10 Sept
zg
•Bld and asked nztoe no said8 On this day. a Assessment paid. D Ex stock dividend. i New stook. I Ex-dividend. p Ex-rights. 4Kx-dividend and
Highest
Shares
Railroads.
283 Beaton dr Albany
100 171 Jan 7 183 Jan 26 159
Jan 17512 De*
799 Boston Elevated
100 83 Jan 4 94 Jan 16
77 May 554 July
10 Preferred
100 99 Jan 4 101 Feb 1
89 Feb 103 Dee
183 let preferred
100 11012 Jan 4 116 Jar 26 11212 Dec 122
Jan
189 20 preferred
100 101 Jan 20 10712 Feb 28
Jan
9812 Jan 112
1,315 Boston & Malne
100 51 18 Mar 7 81 Feb 7
35 Mar 5812 July
18 Preferred
100 56 Jan 22 6112 Jan 8
32 Apr 6112 Dee
Series A 1st prof
100 763 Jan 15 86 Feb 5
4
59 Apr 86 Dec
Series B 1st pref
100 125 Jan 8 130 Feb 28
84 Apr 130 Dec
Serles C 1st pref
100 104 Feb 15 113 Feb 4
74 Apr 110 Sept
Series D let pref
100 155 Jan 15 164 Feb 4 105 Jan 165 Dec
iio Prior preferred
105 Jan 13 107 Jan 25
Apr 10712 Dee
94
125 Boston & Providence
100 198 Jan 18 200 Jan 28 x17512 Mar 20712 Deo
125 East Mass Street By Co
Jan
160 25 Feb 4 30 Feb 26
Oct 61
28
310 let preferred
Jan
100 64 Feb 8 71 Jan 11
5912 Apr 71
20 Preferred B
100 6012 Mar 3 67 Jan 6
Jan
56 May 69
350 Adjustment
100 44 Feb 25 4814 Jan 4
Apr 494 Jan
40
600 Maine Central
100 4712 Jan 13 05 Jan 28
49 Sept 60 Feb
4,287 N Y N H & Hartford
100 4118 Jan 6 543 Feb 16
3178 Mar 48/8 July
4
47 Northern New Hampahlre_100 9212 Jan 13 10114 Mar 9
Apr 91312 Deo
81
10Norwich & Worcester pref_100 127 Jan 4 140 Feb 15 120 Apr 132 Dec
75010 Colony
100 122 Jan 4 130 Mar 7 111
Jan 125 Sept
40 Vermont & Maseachusetts_100 107 Jan 8 116 Jan 31
9934 Mar 107 Dec
Miscellaneous,
925Anaer Pneumati. Service
5 Jan
25
214 Jar 3
418 Mar 1
2 Nov
200 Preferred
50 1512 Jan 12 2012 Feb 21
18 Dec 2414 June
1,340Amer Telephone & Teleg_100 14912 Jan 3 16018 Feb 21 13912 June 1503 Feb
4
8,987Amoskeag Mfg
No par 48 Jan 17 69 Star 11
Jan
4812 July 71
68 Preferred
No par 735 Jan 10 85 Mar 7
8
7212 Nov 78 Feb
100Atlaa Plywood tr elf,
54 Jan 19 59 Feb 10
4
5212 Apr 633 JiL12
Atiaa Tack Corp
No par
8 Jan 22
84 Jan 31
814 Oct 174 Jan
25Beacon Oil Co corn tr etre__
17 Mar 7 2012 Jan 3
1418 Slay 2012 Jan
720131gelow-Hartf Carpet No par 77 Feb 17 8612 Jan 7
74 Nov 9812 Jan
2100,Id ik Corp., class A T C _ _ _
13 Mar 3
4
5 Jan 3
245Dominion Stores, Ltd No par 67 Jan 26 774 Mar 3
57 141;i
60East Boston Land
312 JAI/
1,2 Jan 26
10
33 Feb 3
4
112 Dec
325Eastern Manufacturing
312 Jan 11
5
73 Oct
64 Feb 14
8
312 Mar
375Eastern SS Linea, Inc,
25 45 Jan 4 5214 Jan 31
44 Nov 8812 Jan
135 Preferred
No par 35 Feb 15 3712 Jan 28
34 Nov 45 Jan
85 let preferred
4
100 873 Feb 17 9212 Mat 8
9014 Oct 9912 Jan
45Economy Grocery Store,
12 Feb 3 143 Jan 18
14 Nov
4
26 Feb
953Edison Electric Ilium
100 217 Feb 18 232 Mar Ii s207
Jan 250 Feb
1,013Federal Water Serv corn
2712 Feb 26 29 4 Jan 26
3
334 Galveston-Houston Eleo__100 2512 Jan 1
30 Jan 31
14 June 27
Oct
10 General Pub Fiery Corp corn_
113 Jan 11
4
14 Feb 3
11 Dec 17 Jan
270 Germ ere(' & Inv lot pref
19 Feb
21 12 Jan 4
156 Gilchrist Co
No par 354 Jan 24 373 Mar 1
4
344 Apr 405 Jan
8
2,606 011ette Safety Itaser
No par 8714 Mar
9514 Jan 11
8812 Mar 11312 Feb
75 Greenfield Tap & Die
25 11 Jan 10 1212 Mar 2
10 May 14 Sept
16 Hathaway Baking corn
12 Jan 1
1212 Feb 24
_
1,000 Hood Rubber
No par 4012 Mar
47 Jan 3
4514 Dec 688 Feb
70 Kidder. Peab Accep A pref_100 95 Jan 10 9512 Feb 3 203 Apr 96 July
124 Libby. McNeill & Libby____10
oh Feb ' 1012 Jan 6
1014 Deo
64 Aug
114 Loew's Theatres
25
6 Jan 3 10 Jan 18
1214 Jan
July
167 Massachusetts Gaa Cos___100 86 Feb 19 8912 Jar b
80 Apr 9412 Nov
331
Preferred
100 70 Jan 3 75 Jan 25
65 Jan 7018 Feb
91 Mergenthaler LinotyPe-No par 108 Feb 1
112 Jan 21 1104 June 1110 May
20 Miss Riv Pow steel pref__ 100 95 J211 2'
98 Mar 10
89 Apr 98 Jan
288 National Leather
2 Aug
8
10
411 Jan
23 Jan 4
4114 Jan 20
1,207 Nelson (Herman)
1512 Jan 2912 July
5 2312 Feb 14 281 2 Feb 28
New Eng 011 Ref Co tr etfs_
.20 Feb 1 .20 Feb 1 .20 Jan .95 Apr
_
Preferred tr etra
160
1012 Jan
312 Jan 11
4 Jan 4
3 July
___ 175 New England Pub Sul $7 pref 91 Jan 18 9614 Feb 8
,
85 Prior preferred
974 Jan 26 101 Jan 25
1
95 Sept 101 34/i
125 New Eng South Mills_No par .80 Jan 7
8 Feb
314 Fe), 23 .50 Dec
Preferred
Jan
100
4 Jan 5
84 Feb 28
2 Deo 28
985 New Eng Telep & Teleg___100 11512 Jan 4 1233 Mar 4 1107 Apr 1185 Feb
4
4
8
24 No Amer UCH 1st pi full paid__
89 Feb 96 Feb
90 Jan 5 95 Feb 29
let pref 50% paid
765
144 Dec 27 Feb
40 Jan 6 4612 Feb 23
565 Pacific Mills
100 397 Feb 9 4312 Jan 7
4
3512 July 55 Jan
8 Plant (Thos G), 1st pref
100 20 Feb 5 425 Jan 3
40 Mar 6814 Jan
8
105 Reece Button Hole
174 Aug
10 154 Jan 2('
161 2 Feb 10
15 Feb
Reece Folding Machine
10
2 Nov
1 Mar 4
158 Jan 11
Ds Dec
428 Swecl-Arner Inc part pref 100 10512 Jan 5 110 Jan 17
98 Slay 110 Aug
361 Swift & Co
Apr 11814 Dec
100 115 Jan 3 120 Feb 24 III
47 Torrington Co
25 66 Jan 3 701 1 Feb 23
54 Mar 72 Sept
1,760 rower Manufacturing_
4 Mar 3
94 Jan 31
25 Traveller Shoe Co T C
164 .1an 4 18 Jan 7
10 Union TWIdt DrIll
1512 -Feb
7 Jan
5 11 Jan 4 14 12 Jan 21
2,488 United Shoe Mach Corp
25 50 Jan 3 55 Feb 23
47 Mar 5314 Aug
95 Preferred
Jan 30 June
25 28 Jan 3 29 Mar 11
28
565 11 S & Foreign See 1st pref f pd 87 Feb 15 89 Jan 3
82 Nov 135 Feb
50
1st pref 75% pald
79 Jan 21 82 Feb 4
60 May 90 Ape
2,450 WaldorfSlyelne, new isb No par 2212 Jan 8 271 2 Feb 23
4
17 Jan 223 Oct
155 Waith Watch cl B com-No Par 4012 Jan 21
Jan 41 Dee
47 Mar 4
29
61
Preferred trust etfs
101) 61 Jan 3 63 Jan 31
4814 Nov 61 Dec
16
Prior preferred
100 112 Jan 10 115 Fe621 101 Sept 112 Del
480 Walworth Company
123 MaY 23 Jan
4
20 1754 Jan 18 22 Mar 2
6,689 Warren Bros
50 6518 Jan 13 91 Feb 18
44 Mar 69 Dec
50 let preferred
39 Apr 46 Dee
50 44 Jan 5 50 Feb 15
15 20 preferred
42 Apr 47 Feb
4
50 45 Jan 17 513 Mar 1
win & Stunner Candle own.-1714 Jan
1014 Aug
14 Jan 12 1614 Jan 22
.40 July
13 Aug
8
123 Jan
4
55 4 Jan
3
185 Aug
8
50 Jan
20
Jan
4 Feb
14 Jan
14 July
2114 Jan
2 Jan
1994 Del
los July
14 Aug
27 Sept
8
15 July
8
212 Mar
25, Sent
.75 July
112 Jan
46
Oct
24 Aug
.20 June
25 Feb
72 Feb
104 Dec
37 Sept
8
2 Nov
20 July
15 Jan
25 July
awl Feb
95 Jan
8
Jan
.80
1'A Mar
114, Feb
2% Mar
.75 Feb
.40 Jul*
right',
THE CHRONICLE
rriaay
'sates
Last Week's Range for
Week.
Sale
ofPrices.
Stocks (Concluded) Par Price. Low. High. Shares
Jan
Mar
Feb
Mar
Jan
Feb
Jan
Jan
Feb
Jan
75
100
104
94
10034
10134
10134
10435
102
10134
Feb
Mar
Jan
Mar
Jan
Jan
Jan
Feb
Jan
Jan
-Record of transactions
Philadelphia Stock Exchange.
at Philadelphia Stock Exchange, Mch. 5 to Mch. 11, both
inclusive, compiled from official sale lists:
Stocks-
Friday
Last Wears Range Sales
Sale
of Prices.
Week.
Par. Price. Low. High. Shares.
Abbot Al DaiMy prat _100
14
Almar Stores
10
Alliance Insurance
American Stores
• 7234
Baldwin Locomotive__.100
Bearings Co of Am pref _100 92
Bell Tel Coot Penn prat__ 114
Cambria Iron
50
*
Congoleum Co Inc
Consol Traction of N J_100 3834
Crystal Oil Ref Corp corn •
East Shore 0 & E 8% pf _25
Electric Storage Batt'y_100
Fairmount Park Tran Co.*
Fire Association new_ _ _10
General Asphalt
100
Giant Portland Cement_50
Preferred
50
Horn & Hardart(Phila)com
Horn dt Hardart(NY)corn
Insurance Co of N A_ _ _ _10 5554
Keyston Telephone
50
Preferred
50 18
Keyston Watch Case__ _ _• 80
Lake Superior Cor p_ _ _ _100
Lehigh Navigation
50 10834
Lehigh Pow Sec corn
• 18 34
Lit Brothers
10
MinehiII & Schuyl Hay_ _50
Penn Cent L & P cum pf_ _•
Pennsylvania RR
50
Pennsylvania Salt Mfg_ _50 76
Phila Co (Pitts)
Preferred (cumul 6%)_50
Phila Electric of Pa
25 4734
Warrants
25 2234
1135
Power receipts
Philo,Insulated Wire
•
Philo, Rapid Transit_ _ _ 50 5234
Milts & Read C & I Co..*
Philadelphia Traction_ _50
Phila & Western
50
Preferred
50
Reading Company
50
1st preferred
50
Shrev El Dorado Pipe L_25 23
Scott Paper Co pref ___ _100
-Stanley Co of America_ ....• 8334
Rights
334
Tono-Belmont Devel_ __I
Tonopah Mining
1
Union Traction
50 38
United Gas Impt
50 9134
United Lt & P "A" corn....
Victor Talk Mach new_ _ _
6%
7%
West Jersey & Sea Shore_50 43
Guaranteed
Westmoreland Coal new_50
50 3934
York Rys preferred
102
102 102
1334 1434
465
60
51
51
7134 7334 5,643
75
18334 18534
40
92
92
119
11334 114
4035 42
90
1934 2041 4,000
15
3834 3834
40
10
10
120
27
27
880
6834 7134
130
534 6
50
52
52
89
150
9334
40
0334 69
45
45
60
10
248 24834
51
730
5234
54 34 5535 2,231
4
4
300
18
57
18
50
80
80
1,476
134 254
2,570
10734 109
1734 1934 19,842
25
505
2534
5
5344 5344
10
73
73
5754 5834 24.600
26
76
7734
51
4834
2134
1135
64
5234
4434
5935
14
3834
10234
4034
23
98
8234
334
134
3
3754
00
1234
36 35
9031
9835
4234
51
5134
3734
51
4834
2335
12
65
5234
46
60
1434
37
10334
4034
2334
9834
84
374
134
334
38
9234
1234
37
9054
9834
43
51
5155
3934
109
17,631
21,216
1,157
30
710
995
45
230
150
32
12
605
30
5,986
20,424
850
1,030
210
10,228
130
1,025
100
193
490
15
135
455
Range Since Jan. 1.
Low.
10
13
48
70
147
92
112 34
4034
1734
3534
10
26
6834
534
5141
8034
63
34
242
61
5135
4
18
76
134
107
1534
2434
5335
7135
5634
7534
4934
4634
2034
9
63
52
4234
57
1134
3634
9454
4031
2134
9735
82
334
134
3
36
8934
1234
3354
8735
97
40
51
51
3734
Mar
Feb
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Mar
Jan
Mar
Mar
Feb
Jan
Mar
Jan
Mar
Mar
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Mar
Jan
Jan
Jan
High.
10334
1734
5454
7334
19734
92
114
42
2034
42
10
27
7934
6
55
9534
93
4834
261
55
5554
5
18
80
254
11934
1934
28
64
7334
6844
7934
Feb
Jan
Jan
Jan
Feb
Jan
Mar
Mar
Jan
Jan
Mar
Mar
Jan
Mar
Jan
Mar
Jan
Jan
Jan
Jan
Mar
Jan
Jan
Mar
Mar
Jan
Mar
Jan
Jan
Mar
Jan
Feb
Jan 52
Feb
Feb 54
Jan
Jan 24
Jan
12
Jan
Jan
Jan 66
Jan
Feb 5434 Jan
Feb 47
Mar
Jan 60
Mar
Jan
1534 Mar
Mar 3734 Jan
Jan 11134 Feb
Jan 4034 Jan
Jan 2434 Jan
Feb 9974 Jan
Jan 9034 Feb
Mar
434 Mar
Feb
254 Jan
Jan
33'16 Jan
Jan 39
Feb
Feb 9354 Jan
Mar 1554 Jan
Feb 3954 Jan
Jan 9234 Jan
Jan 9934 Feb
Jan 43
Mar
Mar 51
Mar
Feb 57
Jan
Mar 3931 Mar
Bonds90
90
Balt Spar P & C4qs__1953 90
94
94
City & Suburb= 1st 551922
Consolidated Gas 5s_.1939
102 102
1954
General 4%s
9914 9935
9915 9945
Cons G.E L dr P 4153_1935
6% notes series A__1949 10735 10754 10754
60
Danville Trac & P55._1941
50
0554 9534
Davison Chemical Co 63551945
Ga Sou & Fla 55
10134 10135
Render Creamery 6s._1948
100 100
99
99
Mary'd Else Ry 635s_1952
Monon Valley Trac 58_1942 9335 9334 9335
100 100
North Bait Trac 5s_ _1942
Southern Pacific 4s._.1925
9874 9874
Stand Gas EQUIP 1St 651929
10054 10034
United E L & P 4%s _1929
9954 9934
10054 10035
Unit Porto Rican Sug7s '31
United Ry & Elea 48..1949 7334 7234 7334
1949 53
53
Income 45
5354
1936
Funding bs
7854 79
1930 9935 9935 9915
68
1927
10054 10045
6% notes
9854 9835
65, when issued_ _1949
Wash Balt & Annan 5s 1941 7331 7344 7454
. No par value. z Ex-dlvidend.
0
High.
Jan
Jan
Jan
Jan
Mar
Feb
Feb
Jan
Jan
Jan
Jan
Feb
Jan
Feb
Feb
Mar
Mar
Jan
Feb
Mar
Mar
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Mar
Feb
Jan
Feb
Feb
5334
11234
11534
12834
3735
28
75
185
1034
1834
25
43
94
70
44
2234
22
116
23
95
43
25
1834
85
6334
185
109
19
70
3834
21
259
5254
Mar
Mar
Feb
Mar
Jan
Feb
Feb
Mar
Feb
Jan
Jan
Mar
Feb
Feb
Jan
Feb
Jan
Mar
Mar
Mar
Jan
Feb
Jan
Jan
Max
Feb
Mar
Mar
Mar
Jan
Mar
Jan
Mar
Jan
Mar
Mar
Jan
Jan
Jan
Mar
Mar
Mar
Jan
Jan
Jan
Jan
Mar
Jan
Jan
Mar
Jan
Jan
Jan
Mar
Jan
Jan
Jan
90
94
10435
9935
9954
10734
50
9534
10134
101
9934
94
100
9834
10035
9934
10141
7334
54
7934
9935
10014
9934
77
Feb
Mar
Feb
Feb
Mar
Jan
Max
Mar
Feb
Jan
Feb
Jan
Mar
Mar
Jan
Mat
Feb
Max
Feb
Feb
Mal
Feb
Feb
Jan
Chicago Stock Exchange.
-Record of transactions at
Chicago Stock Exchange Mch. 5 to Mch. 11, both inclusive,
compiled from official sales lists:
Stocks-
mug
"may
Last Week's Range for
ofPrices.
Sale
Week.
Par. Price. Low, High. Shares.
Adams Royalty Co com _ _•
All American Radio cl A..5
Amer Multlgraph cow_ _ _•
American Pub Serv pref 100
Am Pub Util Co par pfd 100
American Shipbuilding _100
Amer States Secur Corp A *
*
Class B
Armour & Co (Del) pref100
100
Armour & Co pref
Common el A v t c_ _ _25
Associated Investment Co•
Auburn Auto Co corn _25
Balaban & Katz v t c_ _ _25
Beaver Board v t c "A"_10
Voting trust certifs____•
.
Pref. vot. tr. ctfs_ _ _ _100
Bandit Corp el A
10
10
Borg & Beck corn
Brach dr Sons(E J) cora •
10
Bunte Bros corn
20
Butler Brothers
*
Celotex Co corn
BondsPreferred
100
10431 10434 $2,000 10431 Mar 10434 Mar Central 111 Pub Serv pref_*
Adv Bag & Paper 75...1913
12,400 95
9634 100
Amer Gas & Elea 56_2007 9954
Feb 100
Jan Central Ind Power pref_100
101 101
3.000 101
A T Bakers 6 355
1940
Mar 101
Mar Central Pub Serv (Del)...•
70
2.000 62
70
Cons Trac N J 1st 5s_ _1932
Jan 76
Jan Central 8 W Util corn ____•
5634 5734 25,500 54
Elea & Poop tr ctfs 4s_1945 57
Preferred
Jan 5834 Jan
•
93
93
24,000 93
Keystone Telep 1st 5E5.1935 93
•
Feb 93% Feb
Prior lien pref
1,000 9831 Mar 100
9834 9834
Leh C & N consol 4 35s 1954
Jan Chic City & Con Ry pt sh*
Phila Co cons & Coll trust55
•
Participation prat
100 10034 6,000 9934 Jan 10034 Feb Chicago Elect Mfg "A"..*
stmpd sk fd & red.1951
1.000 103
10334 10334
Philadelphia Elan 5s_ _1960
Jan 10334 Jan Chic Fuse Mfg Co corn_ •
1st 55
1966 iosit 10434 10531 25,700 10335 Feb 1055.4 Jan Chicago Nipple Mfg el A 50
3,000 105
107 107
Mar 107
1947
Feb Chic N S & Milw com__100
534s
10734 10734 2.000 105
Feb 10754 Jan
1953
Prior lien pref
100
65
1073.4 10734 4.000 107
Jan 10754 Jan
1941
Preferred
100
5%s
10354 10354 20.000 103
Jan 10534 Feb Chic RapTran pr pref A 100
1972
6751 10,000 63
United Rys gold tr cif 4s'49
67
Jan 6734 Feb Commonwealth Edison_100
Consumers Co corn
5
•Do par value.
Preferred
100
Continental Motors com_*
-Record of transactions at Crane Co cons
Baltimore Stock Exchange.
25
Baltimore Stock Exchange Mob. 5 to Mch. 11, both inPreferred
100
Cudahy Pack Co corn_ _50
clusive, compiled from official lists:
39
Cuneo Press A pref
Sales
Decker (Alf) & Cohn,Inc..•
Friday
Preferred
Range Since Jan. 1.
Last Week's Range for
100
Week.
Deere & Co pref
ofPrices.
Sale
100
Low.
StocksDiamond Match com _ _ 100
Par. Price. Low. High. Shares.
High.
El Household MB Corp_10
4.995 31% Jan 36
Arundel Corp new stock__• 35
3344 36
Mar Else Research Lab, Inc_ •
Atlan Coast L (Conn)_ _ _ 50
15 230
Jan 240
240 240
Feb Empire G & F CO 7% pf 100
Baltimore Brick pref__.100
17 90
Mar 90
8% preferred
90
90
100
Mar
Baltimore Trust Co___.50 13231 132 13235
41 12935 Feb 13235 Mar Evans & Co Inc, el A-_-_5
Baltimore Tube
100 10
10% 10%
Jan 12
Class"B"
100
Jan
5
Preferred
150 28
28
30
Mar 36% Jan Fair Co(The)corn
100 28
•
Benesch (I) corn
19 38
40
40
Feb 40
•
Preferred
100
Feb
Preferred
118 26% Jan 2735 Feb Fitz Simons & Connell
25
26% 2644
Central Fire Ins
1,201 26
10
2735 37
Jan 37
Dk & Dredge Co com_20
Mar
Central Teresa Sus prei_io .75
25 .75
Jan .90
.75
.75
Feb Foote Bros (GI & M)Co..5
Century Trust
59
20 170
Jan 198
19234 19234
Feb Godschaux Sug,Ine el"B".
Chas & Po Tel of Bait pf 100 116
48 115
Jan 117
116 116
• Jan Goasard Co (H W)com•
Commerce Trust
100 5634 5635 56%
25 58
Jan 5731 Jan Great Lakes D & D___100
Commercial Credit
281 1434 Feb 20
• 19
xI9
20
Feb Greif Bros Coop'ge A corn •
Preferred
61 20% Feb 22% Jan Hart,Sehaffner & Marx 100
25
22
22
111 20
Preferred B
2241 23
25
Feb 23
Jan) Hibbard,Spencer, Bart21 81
100
Jan 87
634% Preferred
8154 83
lett & Co corn
Jan
25
Low.
$6,000 87
1.000 94
5.000 102
1,000 99
20.000 9834
7,000 10735
2.000 50
1,000 0534
1.000 10135
7.000 100
3.00098
1.000 9334
1.000 9951
3.000 9835
1,000 100
1,000 9934
3.000 10054
77.000 7034
8.000 51
22,000 7551
1,000 9935
13,000 100
11.000 9734
11.000 65
2841
9934
82
334
354
9434
8354
1334
3754
97
6154
3
3834
4434
59
27
17
2254
7534
91
90
89
1834
5934
95
100
253.4
4434
35
101
70
142
634
1134
5034
2734
105
11834
96
102 34
3334
3134
2834
106
3035
734
19 34
9534
83
85
344
354
9654
8334 8554
1334
12
3754 3
734
96 100
60
6154
4
4
3
3
3
38
834
45
42
5754 60
27
26
17
17
22
2254
70
7531
9134
90
90
89
89
88
18
1835
5834 60
9435 95
99 100
44
45
534 534
2534 26
32
32
44
44 34
34
3534
100 101
6934 71
10334 104
14154 14234
634 634
7034 72
1154 1144
50
5034
11734 11734
52
52
4954 5034
2734 2735
105 105
10735 107%
11835 1193.4
1254 1334
10
10
95
96
10034 103
3335 3334
3135 3135
223.4 29
106 107
28 34
754
3934
9
834
79
84
354
334
9434
2734 2734
14
13
354 354
3434 3431 3435
140 142
3934 40
40
111 111
63
63
63
m w.
bb
obtb..00.4.ow
69
72
2.750 69
10,000 98
98 100
103 10334 8.000 103
94
94
2.000 94
100 100
2.000 9934
10134 10135 3.000 10034
101
101
5,000 10034
104 104
1,000 102
3.000 wog
1013410134
10034 10134 6,000 10035
wp
High.
.w
Low.
9834 9834 $1,000 9834 Jan 99
Mar
7,000 72
7341 7434
Jan 75
Jan
2,000 10034 Jan 10134 Jan
101 101
bb.
Amer Tel dr Tel 4s_ _ _1929
AU 0& W 1 SS L 5s1959
Chic Jct Ry & U S Y 5s1940 101
East Mass St RR
1948 72
58 ser B
1938
Hearst Mag 65w I
1937
Hood Rubber 75
1934
K CM & B 4s
1929
Mass Gas 4%s
Miss River Power 5_.195i
New Engl Tel & Tel 55 1932
P C Poeah Co 7s deb_1935
1944 10134
Swift dr Co 5s
Western Tel & Tel 5s_ _1932
Range Since Jan. 1.
Range Since Jan. 1.
53
5134 5334 1,398 51
22 111
11234 11234 11235
11431 11431 11434
18 11334
41 123
12834 128 12834
32
614 31
31
31
590 2334
24
24
2434
30 71
7434 7434
175
175 185
1,494 13534
10
1014
205
10
934
155 1731
1744 1744 1744
25
25
16 25
25
14 42
43
43
43
92
92
93
598 86
70
10 70
70
35
3444 35
155 3334
14 2034
2034 2014
36 20
2034 2035 2054
110
2,057 98
10334 116
23
23
21
298 1734
95
95
95
29 95
188 3834
39
3834 4.0
24
189 24
2454
20 1634
17
17
82
8135 8234
253 7834
59
5434 6334 10,232 5235
69 178
176 176
126 103
108 109
109
340 15
1634 17
125 6754
69
6754 70
10 37
37
37
1,073 20
21
2054 21
159 205
245 249
20 50
52
52
1, o
2
Bonds-
Consol Gas E L dr Pow_.
100
634% preferred
7% preferred
100
100
8% preferred
Consolidation Coal_ _ _ _100
East Roll Mill new stock_*
_25
Equitable Trust Co
50
Fidelity & Deposit
Finance Co of America_25
Finance Service. class A_10
•
Home Credit corn
Preferred
Houston 011 pf v t 0__100
Hurst(J E)first pref _ 100
Manufacturers Finance_25
25
1st preferred
25
2d pretsged
Maryland Casualty Co 25
MO Mortgage Co com___•
100
Preferred
•
March & Miners new__.
Monon Vail Trac pref- 25
Mt V-Woodb Mills v t r 100
100
Preferred v t r
New Amsterd'm Cas Co_10
Penns Water & Power 100
Sharpe & Dohme Inc pf 100
•
Silica Gel Corp
Standard Gas Equip_ __100
Unit Porto Rico Sug come
United Railway & Elec._50
U S Fidelity & Guaranty.50
West Md Diary,Inc, 0_60
wwwg.m.w. .w. ..o
-Transactions in bonds at Boston
Boston Bond Record.
Stock Exchange Mch. 5 to Mch. 11, both inclusive:
..w
Outside Stock Exchanges
Friday
Last Week's Range Sales
Sale
ofPrices.
for
Price. Low. High. Week.
1495
g 8r858g8
MAR. 12 1927.]
Range Since Jan. 1.
Low.
High.
253.4
73.4
1931
94
73
7934
33.4
334
9334
8334
12
3634
6834
60
334
3
38
3634
53
24
17
17
70
89
8834
8534
17
5634
9335
9834
31
334
2534
30
42
3354
99
68
10254
138
634
6934
1145
50
117
5151
4944
2735
10431
106
116
11
9
9234
10034
2834
2435
22 34
105
Jan
Mar
Mar
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Mar
Jan
Jan
Mar
Feb
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Mar
Jan
Mar
Jan
Jan
Feb
Feb
Jan
Jan
Feb
Mar
Jan
Feb
Jan
Mar
Jan
Mar
Jan
Jan
Jan
Jan
Mar
Mar
Jan
Jan
Mar
Feb
3234
10
20
100
83
86
434
434
9654
8654
16
3834
102
63
4
4
3854
4634
6154
3534
2034
2374
8334
9134
90
90
1834
6734
983.4
10134
Si
6
26
34 34
44 34
3
63.4
101
72
10454
14234
734
78
1334
52
11834
5234
51
28
105
109
11934
1434
12 34
9635
103
3454
3234
3134
107
Feb
Jan
Jan
Feb
Mar
Feb
Jan
Jan
Feb
Jan
Jan
Feb
Mar
Jan
Jan
Jan
Jan
Feb
Feb
Jan
Jan
Feb
Jan
Mar
Feb
Mar
Jan
Feb
Jam
Jan
Jan
Feb
Mai
Feb
Mai
Jar
2734
12
3
3354
140
3854
110
liar 29
1 1434
Jan
4
Jan 46
Mar 152
Jan 40
Jan 115
Jan
Jan
Mal
Jan
Jan
Jan
Feb
...
Mat
Feb
Feb
Mai
Jar
Jan
Jar
Jan
Jan
Jan
Jar
Jar
Jan
Feb
Mal
Jan
Jan
Feb
Mai
Feb
Feb
Feb
Jan
1496
T-FrE CHRONICLE
Friday
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Stocks (Concluded) Par Price. Low. High. Shares.
Friday
Bales
Last Week's Range for
Sale
ofPrices.
Week.
Stocks (Concluded) Par Price. Low. High. Shares.
Range Since Jan. 1.
Low.
High.
Hupp Mot Car Corp com 10
214 22
360 21
Jan 2334 Jan
Illinois Brick Co
25 5334 50% 5335 6,949 49
Jan 5334 Mar
Illinois Nor Utilities pf_100
94
96
80 92
Jan 97
Feb
Ill Wire & Cable Co corn _b
25
25
254
185 244 Jan 254 Feb
Kellogg Switchb'd com_10 1835 17
1834 2,070 1354 Jan 1935 Mar
Preferred
100
98
98
65 06
Jan
Jan 98
Ky Hydro-Elec pfd
100 9531 9534 9531
30 944'
Jan 974 Feb
Kentucky Util Jr cum pf.50 51
51
51
160 51
Jan 5135 Jan
Keystone St& Wire corn 100
45
4634
225 45
Mar 50
Jan
Preferred
100
90
90
Feb 92
Jan
10 89
Kraft Cheese Co com_ _25
58
56
Feb
75 51
Feb 63
La Salle Ext linty corn. 10
64 Jan
225
Jan
734 734
9
Libby, McNeill & Libby_10 1034 1034 104 2,810
934 Feb 1035 Jan
Lindsay Light coin
10
134
135
400
134
134 Mar
14 Mar
McCord Radiator Mfg A_• 40
394 40
Jan
Jan 40
400 38
McQuay-Norris Mfg
• 1935 19
Jan 21
1935
Jan
220 17
Mer & Mfrs Sec Co pt pf_25
28
30
60 28
Jan
Feb 31
Middle West Utilities_ _ _ _ • 10935 10835 1094
1,750 1083'4 Feb 11434 Feb
Preferred
100 108
108 10835 1,960 10534 Jan 11335 Feb
Prior lien preferred_100 1184 118 11834
Feb
832 11734 Jan 120
Midland Steel Prod com__• 46
44
46
405 41
Feb 4734 Feb
Midland Util prior lien_100 102
10134 102
195 98
Feb
Jan 102
Preferred A
100
99
99
30 07
Jan 9935 Feb
Morgan Lithograph com.• 624 614 6234 2,365 58
Feb
Jan 63
Mosser Leather Corp corn.*
16
75 11
1635 Mar
Jan
164
Nat Carbon prat
100 132
131 132
135 13035 Feb 132
Mar
Nat Elec Power A Mt._. 2434 24
2435
966 2334 Feb 254 Jan
7% preferred __....._100
964 064
10 9335 Jan 964 Mar
National Leather cool_ _ _10
2%
235 2%
435 Jan
300
234 Jan
National Standard com_ _• 3434 34
3435 2,330 3034 Jan 35
Feb
North American Car corn • 2835 284 29
470 2235 Jan 30
Jan
Nor West UM pr In pref 100 9934 9934 9934
Jan
40 9835 Jan 101
7% preferred
96
100
96
Feb
20 9434 Jan 100
Novadel Process Co pref_ •
26
26
25 2535 Jan 2735 Feb
Penn Gas & Elec A corn_*
194 194
Feb
50 19
Jan 21
Pick, Barth & Co part pf•
21
2135
350 104 Jan 2134 Feb
Pines Winterfront A com_5
41
42
900 41
Feb 5135 Jan
Pub Serv of Nor Ill com_ _• 13334 1334 13334
118 13035 Jan 136
Feb
Pub Serv of No Ili6% pf 100
103 103
46 102
Feb
Jan 105
7% preferred
114 114
100
Feb
20 11331 Jan 116
Q-R-S Music Co corn__ _ _• 364 3634 374
975 324 Jan 3934 Feb
Quaker Oats Co corn
• 185
205 180
18234 185
Jan 18635 Feb
Preferred
100
10835 10834
10 107
Jan 10834 Mar
Real Silk Hos Mills corn 100
46
4735
300 3934 Jan 4834 Feb
Reo Motor Car Co
10 2034 20
21
1,075 20
Jan 2334 Jan
Ryan Car Co (The) com_25
11
11
45 11
1234 Jan
Feb
Bo Cities UM class A com_•
2931 294
50 2535 Jan 293.4 Mar
So Colo Pow Elec A com _25 2731
27
28
1,930 2534 Jan 28
Mar
Southw G & E Co 7% pf100
9731 0731
10 9435 Jan 08
Feb
Sprague-Sells Corp Cl A_30
24
24
10 24
Mar 284 Jan
Standard Gas& Electric_ _• 58
58
58
Mar
50 55
Jan 58
8% preferred
50
59
59
Mar
50 5735 Feb 59
Stewart
-Warner Speedom.• 59
62
58
15,725 58
Mar 6735 Jan
Swift & Co
100 11834 z11831 12034 1,495 11534 Jan 12035 Mar
Swift International
15 2035 2031 2034 2,700 2031 Mar 23
Jan
Tenn Prod Corp, corn_ ..*
1135 13
1135
225 1135 Mar 13
Mar
Thompson (J R) com_ _ _25 494 4935 50
Feb
690 47
Jan 50
Union Carbide & Carbon.*
11235 118
90 99
Jan 11735 Mar
United Biscuit class A__ _5 40
40
42
120 3935 Jan 44
Feb
United Iron Works com__*
635
534 635 10.400
64 Feb
235 Jan
United Light & Power
Class A preferred
* 92
92
9215
Feb
85 87
Jan 93
Class B preferred
*
51
51
10 50
Jan 5231 Feb
Common class A new_ _• 1235 1234 1235
700 1231 Mar 1535 Jan
Common class B new_ •
17
17
loo 164 Jan 17 Jan
U S Gypsum
20 954 9335 96
Jan
1,335 9234 Jan 109
Vesta Battery Corp com_10 3435 34
35
Feb
'365 274 Jan 37
Wahl Co corn
• 1035
1035 1035
125
84 Jan 134 Jan
Ward(Montgemery)&Col0
634 6435
60 604 Jan 674 Feb
Class A
•
114 114
Jan
25 113
Feb 117
Williams 0110 Mat com _ _• 1434
1434 15
1635 Feb
615 1454 Feb
Wolverine Foal Cement_10
8
250
634
835 Jan
5
Feb
Wrigley(Wm Jr) Co cora _• 52
514 5231
Jan
1,230 51
Jan 53
Yates Machines part pref..• 2634 2534 2734 5,470 2434 Mar 2734 Mar
Yellow Cab Co Inc (Chic)• 4234 4234 43
800 4231 Feb 4535 Jan
Bonds
-Cent West PS con deb 8s'36
Chicago City Ry 5s _ _ 1927
Chic City & Con Rye '27
Chicago Railways 5s_.1927
5s, series A
1927
5s, series B
1927
Purchase money 55_1927
Commonw Edison 5s_1943
1st M 58 series "B".1954
Roue G GCo s f g 634s 1931
Loew'sT&R lst16% ef'47
Northwestern Elev 58_1941
Swift & Co 1st s f g 5s.1944
finInn M`balyeatcwi nu ka 1CIAS
9735
9735 9734
78
7835
58
5834
7734 7734
56
56
56
3735 374 3735
30
30
30
105 105
1024 10254
9935
9935 98
100 100
88
86
86
102 10234
52
52
89,000 96
23.000 75
30,000 5234
20,000 7435
8,000 52
8,000 35
1,000 29
1.000 103
1,000 1024
40,000 06
5,000 100
10,000 844
5,000 10135
29911 RT
Mar
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Mar
Jan
Mar
Jan
Jan
Mar
974
79
5835
78
56
3735
30
105
1024
9934
100
87
10235
5314
Feb
Jan
Mar
Feb
Mar
Mar
Jan
Mar
Mar
Mar
Mar
Mar
Mar
Jan
•No par value.
Cincinnati Stock Exchange.
-Record of transactions
at Cincinnati Stock Exchange Mch. 5 to Mch. 11, both
inclusive, compiled from official lists:
Stocks-
Friday
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Par. Price. Low. High. Shares.
Am Laundry Mach c0m_25
American Products
Amer Rolling Mill com- _25
Preferred
100
Baldwin common
100
Buckeye Ins
Burger common
Preferred
Carey (Philip) coin_ _100
Cincinnati Car
100
Champ Fibre pref
•
Churngold Corp
•
City Ice & Fuel
Cooper Corp. (new)_ _ _100
100
New preferred
Dalton Add Mach com_100
100
Preferred
Dow Drug common__ _..100
100
Preferred
Eagle-Picher Lead com 20
Early & Daniel pref_ __ _100
100
Fay & Egan pref
-Bauer pref.100
French Bros
*
Gibson Art common
Globe Wernicke pref.. _ _100
Gruen Watch common _ _•
100
Preferred
Hobart
Johnston Paint pref_ __ _100
Hahne 1st pref
Patric preferred
10
Kroger common
100
New preferred
114
50%
11335
18
23
24
10035
295
27
41
2834
101%
10135
45
129
11235 114
2235 2235
50
50%
113 11335
190 190
474 4734
15
16
5035 5035
200 200
2235 23
10335 10335
39
42
24
24
7034 7035
10035 10035
82% 84
10935 1114
295 295
11435 114%
2735
27
1034 10335
6035 604
99
99
4231
41
854 8535
48
48
III 111
2831
28
101% 101%
100% 101
45
44
12735 129
112 114
872
51
3,829
144
120
464
261
150
10
902
40
168
151
9
8
240
224
2
15
1,795
3
4
1
281
5
17
5
583
5
270
85
238
41
Range Since Jan. 1.
Low.
110
44
1104
190
44
134
50%
190
2134
103
3434
2234
63
1004
50
109
280
112%
2635
102
8014
90
41
85%
47
10931
26%
100
99
40
12435
112
High.
Jan 115%
Jan
504
114
198
4735
16
Feb
Feb
Feb
Jan
Mar
Feb
Mar
Jan
Feb
Jan
Feb
Feb
Jan
Mar
Mar
Mar
Mar
Jan
Mar
Jan
Mar
Feb
Jan
Jan
Mar
Jan
Feb
Mar
Mar
Feb
Mar
Jan
Feb
Jan
Jan
Feb
Feb
Jan
Feb
Jan
Feb
Jan
Jan
Mar
Jan
Feb
Jan
Jan
Feb
Feb
Feb
Jan
Mar
Mar
Mar
Feb
Feb
Jan
Jan
Jan
Jan
Mar
5034
200
24
10534
4135
25
73
103
84
11434
295
11431
2831
10315
81
99
44
8935
5435
111
2934
102
10135
45
129
114
[Vol.. 124.
Nash A
* 100
Paragon Refining com__25
Procter & Gamble com _ _20 1824
8% preferred
100
6% preferred
100 114
Pure Oil 8% pref
100
U S Can common
• 42
Preferred
100 98
U S Playing Card
20 94
U S Print & Light° com 100 76
Preferred
100 9735
Whitaker Paper corn
* 6231
Preferred
100
Western Paper
•
Vulcan
mg
100 1004
74 735
182 183
165 185
11235 114
99
9931
42
42
98
98
8734 93
76
76
97
9735
61
6235
99
99
2534 253.4
Range Since Jan. 1:
Low.
High.
loosi mg
114 08%
20
834
803 177
50 16335
103 112
42 97
2 3835
93 98
541 8534
29 75
5 924
127 51
1 054
15 2535
160 994
31735 325
345 347
259 260
10 3024 Jan 320
357 338
Jan 345
58 259
Mar 260
Jan
Mar
Mar
57 004
9 11235
359 0331
45 9835
56 70
20 1104
Feb
Jan
Mar
Jan
Jan
Jan
Feb
Feb
Feb
Jan
Jan
Feb
Feb
Mar
Feb
Jan
Jan
Jan
Feb
Mar
Jan
101
734
19135
165
114
9931
42
98
94
7835
10031
614
10234
29
Feb
Jan
Feb
Mar
Mar
Mar
Mar
Mar
Mar
Feb
Feo
Ma
Jan
Jan
wog mar
BanksFifth-Th ird-Un units_ _100
First National
100
Central Trust
100
Public Utilities
Cincinnati & Sub Tel_50
" 9635 97
Cin Gas & Flee
113
113 11334
Cin Gas Transportation 100 9534
9535 96
C N & C Lt& Trac com.100 9135 9134 91%
Preferred
100
7234 8234
Ohio Bell Tel prof
100 11235 1124 11231
Jan 97
Jan 114
Jan 96
Jan 924
Jan 73
Jan 1124
Tractions
Chi St'eet Ry
50
7.olumbus Ry Pr & Lt B....
40
984
3935 4035
984 98%
910
8
384 Jan
Jan
96
4034 Mar
9831 Mar
RailroadsCNO&TPcom
100
356
358
1
•No par value.
St. Louis Stock Exchange.
-Record of transaction&
at St. Louis Stock Exchange Mch. 5 to Mch. 11, both
inclusive, compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Par. Price, Low. High. Shares.
Bank Stocks
Boatmen's Bank
100 151
Nat'l Bank of Comm'ce 100 157
151
156
151
15734
Range Since Jan, 1.
Low.
15 160
142 155
High.
Mar 155
Feb 163
Jan
Jan
1634 16335
287 288
10 16335 Mar 165
25 285
Mar 290
Feb
Feb
34
33
10131 102
50 32
70 101
Mar
Mar
Trust Co. Stocks
American Trust
100
Mississippi Valley Trust100 288
Miscellaneous Stocks.
A S Aloe Co common_ __ _20
Preferred
100
Baer, Sternberg & Cohen
1st preferred
100
2d preferred
100
Best Clymer Co
•
Boyd-Welsh Shoe
•
Brown Shoe common. _100
Preferred
100
Elder Mfg, bat prat .100
Ely & Walker D G com _ _25
1st preferred
100
Fred Medart Mfg corn.. _.•
Fulton Iron Works corn __•
Hamilton-Brown Shoe25
Hussman Refr common_*
Huttig S & D common_ •
Hydraulic Press Brk pf _100
Independ Packing com..*
International Shoe com_ •
Preferred
160
Johnson-S & S Shoe
•
Laclede Gas Light, pref 100
McQuay-Norris
•
Mo Portland Cement__ _25
Maloney Electric pref...100
Nat Candy coin
100
Pedigo-Weber Shoe
.
Planters Realty, pref_ _100
Polar Wave I & F "A"_ _.
•
Rice-Stix Dry Goods coin_•
2d Preferred
100
Scruggs V-B D G com_25
Sheffield Steel corn
•
Skouraa Bros "A"
•
Southern Acid & Sul, corn •
Southw Bell Tel pref. _100
St Louis Amusement,A *
Stlx-Baer & Fuller com _ •
.
Wagner Electric cora_ •
Preferred
ioo
Wm Waltk & Co corn_ •
Union Biscuit pref
1118
35
404
112
3235
28
10
40
314
74
23
16634
115
48
904
3135
3335
1935
21
44
41
2934
2035
70
98
974
97
--__
35
35
4034
40
32
32
112 112
100 100
324 3231
112 112
28
28
10
10
3834 40
31
3135
28
28
74
74
23
23
166 168
1084 108%
564
54
115 115
19
19
48
49
102 102
8935 92
3034 3134
9335 9334
3335 3435
1934 2035
100 100
21
2235
27
27
44
44
444 4435
116% 117
43
41
2034 2934
2031 21
70
7135
70
70
105 105
80
40
400
190
105
56
65
405
30
25
100
95
105
5
40
100
124
50
405
105
150
770
20
625
310
10
110
988
18
95
310
20
20
22
20
100
580
106
120
40
96
97
35
40
32
10815
100
3131
111
28
10
36
31
28
74
23
158
108
504
96
1831
48
994
84
30
9335
3231
1934
89
2035
2531
42
44
11535
41
2931
1835
68
5135
10035
Feb 34
Mar 102
Mar
Mar
Mar
Mar
Mar
Feb
Mar
Feb
Feb
Mar
Mar
Feb
Mar
Mar
Mar
Mar
Feb
Feb
Feb
Jan
Jan
Mar
Jan
Feb
Mar
Mar
Feb
Mar
Feb
Jan
Feb
Feb
Mar
Jan
Mar
Mar
Jan
Feb
Jan
Jan
9735
99
41
42
3434
112
100
35
113
29
12
40
36
30
8135
25
16835
109
564
127
214
54
102
92
33
04
344
2235
100
2235
2731
48
4534
11731
45
314
24
74
70
105
Mar
Feb
Jan
Feb
Jan
Mar
Mar
Jan
Mar
Jan
Jan
Mar
Jan
Jan
Jan
Feb
Mar
Jan
Mar
Feb
Jan
Jan
Mar
Mar
Jan
Mar
Mar
Jan
Mar
Jan
Feb
Jan
Jan
Feb
Feb
Jan
Jan
Jan
Mar
Mar
Mining StocksConsol Lead & Zino"A"_.•
1,185
1815
1534 16
76
75%
82,009
90
90
75% 784 5,000
755-1 11,000
755(
13
Feb
17
Jan
Street Ry. Bonds
East St L & Sub Co 58_1932
United Railways, 4s. _1934
4s, C
-D
1934
864 Jan
75% Mar
7531 Mar
9014 Feb
773-4 Jan
Fet
77
Miscellaneous Bonds
Houston Oil 6148
1935
......, i on sn
10334 103% 4,000 103
43,000 10031
10035 101
Jan 1034 Mar
Jan 101
Mar
•No par value.
-For this week's record
San Francisco Stock Exchange.
of transactions on the San Francisco Stock Exchange see
page 1469.
-For this week's record of
Pittsburgh Stock Exchange.
transactions on the Pittsburgh Stock Exchange see page 1472.
MAR. 12 1927.]
CHRONICLE
TH
New York Curb Market.
-Below is a record of the
transactions in the New York Curb Market from Mar. 5 to
Mar. 11, both inclusive, as compiled from the official lists.
As noted in our issue of July 2 1921, the New York Curb
Market Association on June 27 1921 transferred its activities
from the Broad Street curb to its new building on Trinity
Place, and the Association is now issuing an official sheet
which forms the basis of the compilations below.
Friday
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Par. Price.. Low. High. Shares.
Week Ended March 11.
Stocks-
Indus. & Miscellaneous.
Aeolian Web Piano &
Pianola
100
Aero Supp Mfg class A_ •
Ala Gt Sou RR corn.
...50
Preferred
50
Alabama Power $7 pref._ •
Allied Pack tom
Alpha Portland Cement_.'
Aluminum Co common_ •
Preferred
ioo
American Arch Co
100 104
Am Brown Boyer' El Corp
Founders shares
•
Founders shares v I e__•
American Cigar com__ _100
Am Cyanamid cl 13 com 20
Preferred
100 8831
Amer Electrice Corp v t c_•
434
Class A
25
Amer Gas & Elee-Com (new ex-stk div)__• 7134
Preferred
• 9735
American Hawaiian SS_ _10
Amer Laundry Mach corn • 114
Amer Lt & Trac corn _ __100 231
Preferred
100 113
American Meter Co
• 94
American Plano, com_.100
Amer Pow & Lt pref___100 z9851
American Rayon Products*
6 55
Amer Rolling Mill com _ _25 5031
Amer Seating Co v t c_-• 4531
Amer Superpower Corp A.
2951
Class 13
• 2935
Partic preferred
25
First preferred
• 95
American Thread pref _._5 313r,
Amer Writ Paper v t o.
Preferred v t c
Roo -----Anglo-Chili Nitrate Corp.
• 1654
Arundel Corporation
• 35
Assoc Gas & Elea class A_• 4131
Atl Birm & Atl'Ry pref___- ----Atlantic Fruit & Sugar_ _.•
1
Atlas Portland Cement_ •
Auburn Automobile tom.25
Bamberger(L)634% pf 100 1064
Bancitaly Corp
25 11351
Bancroft(Joseph) & Sons.*
Blackstone Val GAL comb° 10754
Blitz(E NV) & Co. com_-_• 2331
Blyn Shoes Inc corn_ _ _ _10
8
Bohn Alumjnum & Brass..' 1655
Borden Co common_ _ __AC 102
Brazilian Tr, L & P. ord100 130
Bridgeport Machine corn.'
Brill Corp, chute A
•
Class 13
• 19
13rillo Manufacturing corn*
855
Class A
•
Brit
-Amer Tob ord bear_ CI
Brockway Motor Trk com •
Brooklyn City RR
10
554
Buff Matt & East Pr corn.* 2731
Preferred
25
Canada Cement, Ltd_ _100
Canadian Indus Alcohol_ _• 2631
Carolina Pr & Lt pref.
__IGO
Case (J I) Plow Wks cl
vtc
6
Caterpillar Tractor
• 29
Celluloid Co corn
100
Preferred
100 6834
Celotex Co common
•
100
7% preferred
Central Aguirre Sugar_ -50 10434
Cent Leath (new)cl A vtc.• 21
Cent & S W Utilities_..i00 59
Cent States El Co 8% pf100
Centrifugal Pipe Corp_ __ ..• 14
Chicago Nipple Mfg cl A 50 45
Childs Co preferred _ _ _ _100 119
Cities Service common20 5131
Preferred
100 8931
Preferred B
ti
8
Preferred BB
100 8231
Colombian Syndicate
255
Columbus Elm & Pow_ _ _• 69
Com'wealth-Edison Co 100
Com'wealth Power Corp
Common
• 4754
Preferred
100
Con Gas E L & P Balt com• 53
Consol Gas(N Y)
New common w
• 9551
New preferred w
• 9154
Consol Laundries
• 2051
Cent G & El 6% part pf 100
Copeland Products Inc
Class A with warrants_ •
Courtaulds Ltd
£1
Cuban Tobacco v t C. •
Curtiss Aeropl & M corn..' 2434
Preferred
100
Curtiss Aero Assets Corp
Ctrs of beneficial int 100
Curtis Pub Co corn
•
$7 preferred
• 116
Davies(Wm) class A.-- _•
Deere & Co corn
100
Do-Forest Radio Corp..'
954
vol tr etts of deposit__ -934
Dinkier Hotels Co CilVis A
with purch warrants__ _*
Dixon (Jos) Crucible_ __100 170
Mettler Die-Casting
• 214
Dominion Stores, Ltd_
•
Donner Steel new com___•
1)ubiller Condenser Corp_•
5
Dunhill International _ _ _
2734
Durant Motors Inc
•
731
Duz Co class A v Lc
•
7%
Class A
•
Eastern Rolling Mill
*
36
10
126
12751
110
1
39
71
1024
102%
38
10
127
12731
110%
134
3951
73
103
105
50
100
840
GO
35
500
50
300
800
450
Range Since Jan. 1.
Low.
34
8
124
12451
10835
1
37
Feb
Feb
Jan
Feb
Jan
Feb
Jan
.rog Feb
1014 Jan
102
Feb
1634 17%
164 1751
125 125
32% 32%
87% 8834
431 5
1355 15
800 164
300 164
10 v117
100 3255
230 86%
4,600
3
500 11
71
724
9751 97%
11
11%
1114 114
230 231
113 113
94
9751
250 255
x9734 99%
655 834
504 5035
45% 4651
284 2951
2831 29%
27% 27%
95
95
3
,31, 311::
10% 10%
284 30
14
16%
35
35
404 414
9331 93%
1
154
414 43
96 101 54
10531 106%
112% 113%
36% 3734
100% 110
214 234
74 834
16% 1635
1014 1044
130 130
5
5
424 4231
19. 19%
84 854
21
22%
24% 25
42
42
555 554
274 27%
254 254
131 133
26
2635
1074 10731
1,900
1,000
1,000
75
400
25
325
40
420
3,500
600
4,100
80C
1,400
1,000
100
7,600
2,300
500
1,600
50
6,700
50
3.100
200
375
2,100
1,700
125
700
1,000
8,400
50
1,70
10
20
100
GO
20
600
1,600
10
1,60
50
50
3
30
5
High.
39
1234
.
130
130
110%
135
4255
73
103
109
Feb
Feb
Feb
Jan
Feb
Jan
Jan
Feb
Mar
Jan
Mar 21
Jan
Mar 21
Jan
Jan 012431 Feb
Mar 3555 Jan
Feb 89
Jan
Feb
5
Mar
Feb 15
Afar
684 Jan
9555 Feb
9 Jan
111
Jan
22234 Jan
1124 Feb
894 Jan
241
Feb
9754 Jan
55' Feb
445$ Feb
42% Feb
274 Jan
284 Jan
2631 Jan
9354 Jan
335 Jan
10
Jan
28
Jan
14
Feb
3155 Jan
35
Jan
93
Feb
1
Feb
40
Jan
69
Jan
105
Feb
854 Jan
35
Jan
y98
Feb
20
Jan
35( Jan
13
Feb
101
Jan
107
Jan
45' Feb
40
Mar
18% Mar
735 Feb
20
Jan
2355 Feb
414 Jan
Jan
25;5 Jan
25% Jan
131
Jan
22
Jan
1064 Feb
7454 Jan
984 Feb
1135 Mar
115
Jan
235
Feb
11434 Jan
1004 Mar
285
Jan
10035 Feb
9
Feb
50% Mar
4631 Mar
294 Feb
30
Jan
284 Feb
95
Jan
3111* Mar
11
Feb
3135 Mar
164 Jan
35
Mar
4155 Feb
933.4 Mar
155 Jan
44
Jan
10154 Mar
10635 Feb
114
Feb
373.4 Mar
110
Mar
Mar
22
835 Mar
194 Feb
1084 Feb
130
Mar
551 Jan
4751 Jan
224 Feb
2234 Mar
934 Jan
25
Mar
444 Jan
634 Jan
284 Feb
2534 Jan
13835 Feb
2734 Feb
10934 Jan
6
4
1,00
334 Feb
6
Mar
29
294
300 274 Feb 31
Jan
20
204
7
17
Feb 2054 Mar
68% 68%
8
654 Jan 72
Jan
724 75
40
72
Feb 83
Jan
90
91
350 8751 Jan 91
Mar
102 10451
750 9755 Jan 10434 Mar
21
214
46
194 Jan 224 Feb
59
59
50 5755 Jan 67
Feb
934 9355
30 9235 Jan 954 Feb
1331 16% 6,900 3134 Ma
1834 Jan
4434 45
700 43% Jan 45
Mar
119 119
20 119
Feb 121
Feb
474 5231 108,500 4031 Ma
584 Feb
88
8954 5,500 87
Ma
9234 Jan
8
8
2,300
7% Ma
855 Feb
82
8234
400 81 54 Jan 8534 Mar
24 24 13,200
23
“ Jan
2
71, Feb
69
69
25 674 Fe
7234 Feb
140 1414
260 139
Jan 142
Jan
45
4751 11.500 424 Jan 4755 Mar
934 9334 1,000 9154 Jan 9355 Feb
514 5355 2,900 50% Jan 5354
Mar
94
9554 2,200 933411 Feb 97
9151 9151 24.600 9154 Mar 934 Jan
Jan
35,900 20
21
20
Feb 2231 Jan
1044 104%
50 100
Jan 107
Jan
10
265$
45
2351
89
10
26%
45
2551
92
37
177
115%
30%
74
731
754
37
17731
1164
32
75
9%
10
224
168
20
75
635
4
2631
100
100
100
3,800
300
8
244
45
19
8431
Jan
Jan
Mar
Jan
Jan
114
28%
60
255$
92
Jan
Feb
Feb
Mar
Mar
100 37
Mar 37
20 1704 Jan 180
410 114
Jan 118
125 27
Jan 32
150 70
Jan 8
5
7
2,200
Feb
10.4
5,400
74 Jan
1034
Mar
Feb
Jan
Mar
Jan
Jan
Jan
22%
200 21%
160 153
170
214 2,300 18
200 66
7631
655
100
64
555 4,900
331
1,500 22
2734
6% 835 16,400
6
700
734
6
731 751
200
754
24% 2454
25 2434
Jan 2234 Jan
Jan 17235 Feb
Jan 22
Feb
Jan 76% Mar
Mar
754 Feb
Feb
534 Mar
Jan 274 Mar
Jan
10
Feb
Mar 11
Jan
Mar
934 Jan
Feb 27
jail
1497
Friday
Sales
Last Week's Range for
ofPrices.
Sale
Week.
Stocks (Continued) Par Price. Low. High. Shares.
Eastern $ Lines com_ _5
Eitingon-Schild Co com_ •
Elm Bond A Share pfd_100 106
Elea Bond & Share Scour_• 6934
Elm Invest without war.' 3334
Ele? Pr & Lt 2d pf A
9031
Option warrants
Empire Pow Corp part stk• 344
Estey-Welte Corp class A.' 1434
*
Class B
Evans(E S)& Co Inc comA•
Class B common
5 31
.10
Fageol Motors Co corn.
234
Fajardo Sugar
100 15734
Fanny Farmer Candy St.. 27
Fansteel Products
•
Federated Metals
•
•
Film Inspect Mach
Firestone T & R 7% pf_100
Six per cent pref
100
Ford Motor Co of Can_100 466
•
Forhan Co, class A
•
Formica Insulation
Foundation Co
Foreign shares, class A.*
•
Fox Theatres el A com
Franklin (H H) Mfg corn_•
Preferred
100
Freed-Eisemann Radio__ •
Freshman (Chas) Co
• 1835
Fulton Sylphon Co
• 45
Galv-Hous Elec. corn__ 100
•
Garod Corp
134
General Baking el A
• 6054
•
Class B
534
General Electrie(Germany)
Warrants
Gen'l Fireproofing corn. •
General Ice Cream Corp..'
General Pub Sera corn_ _ _•
Gillette Safety Razor_ _ _ _• 8854
CO Spring A Bumper corn* 1031
Gleasonite Prod corn....10
951
• 16634
Glen Alden Coal
Gebel(Adolph) Inc corn..'
Goodyear T & R com _ _100 3634
1
Griffith (D vo class A.._•
Habirshaw Cable & Wire..
Happiness Candy St el A
634
Founders shares
•
6
•
Hazeltine Corp
Hellman (Richard) CoPartic pref with warets.•
Hercules Powder, com_100
100
Preferred
Hires(Chas) Co CIA corn •
Hobart Manufacturing_ •
•
Horn & Hardart com_
Imperial Tob of G B & I..1
•
India Tire & Rubber
7
Industrial Rayon class A..•
Insur Coot North Amer_10
14
lot Concrete Ind fdrs abs 10
Internal Silver, corn
Internat Tel & Tel new_100 127
Internat Utilities, class A_• 35
•
455
Cla.ss B
-Many,new corn WI.' 6831
Johns
•
Old common
New preferred w 1_ _ _100 11531
Kehler-Williams Stmpg__. 18
Landover Holding Corp
1
Class A stamped
Lehigh Coal & Navig'n _ 50
18
Lehigh Power Securities_
Lehigh vet Coal ctfs new.. 4034
Lehigh Valley Coal Sales.511 99
Libby. McNeill & Libby _10 104
Libby Owens Sheet Glass25
10
Lit Brothers Corp
Long Island Ltg, pref.
.190 109
Loose Wiles Biscuit new.25 40
Lowell Electric Light Co.25
MacAnd A Forbes, com_ •
Preferred
100 10234
Madison So Gard Co v to• 1754
Mansfield Min & Smelt war
Marconi Wire'Tel of Can..1
Marc Wird Tel of Loud_ Cl
4
Marmon Motor Car corn.' 5534
Massey-Harris Co, Ltd_loo 113
McCall Corporation
• 5734
4155
Mead Johnson & Co corn
Mercantile Stores Co__100 112
Preferred
105
Mesabi Iron
•
Middle West Utll coin_ _ _ •
Prior lien
100
7% preferred
100 1084
Midland Steel Prod
• 45
idvale Co
• 264
Miller Rubber pref... _100
Mirror (The). 7% pref_100
Mohawk A Bud Pow corn' 24
Second preferred
•
Mohawk Valley Co
• 38
Mu-Had Radio Corp
•
Nat Elm Power, class A...•
National Leather
10
Nat Power &Light. prat_
10551
Nat Pub fiery corn elase A.* 2134
Common.class B
• 1851
Warrants
Nelsner Bros, Inc,corn__.• 3834
Preferred
100
Nelson (Herman) Corp_ _5
Neptune Meter class A__• 23
Newberry (J J) pref...I00
New Lug Pow Assn new pf.
_
New Eng Telep & Teleg 100 122
New Me:& Ariz Land__ _1
New Orl Gt Norni.R__100 3451
New York Merchandise__•
N Y Telep 64% pref _100
Niles-Bement
-Pond, corn.. 2231
North American Cement.*
Northeast Power, com___• 1654
Northern Ohio Power Co.' 1134
Nor Ont L & P, pref _ _100
Nor States P Corp.com.100 1 1154
Preferred
100
Nor Texas Elm Co, pref100
•
Ohio Brass, class B
Oppenheim Collins&Co v te 20
Ovington Bros nartie pref_'
Pacific a & E 1st pref_ 25
Pacific Steel Boller
•
Parke Davis & Co new__ •
Pander (David) Groc cl A.• 47
Class B
•
Penney(JC)Co el A Df_ _100 30054
Range Sines Jan. 1.
Low.
High.
494 4934
10 48
Feb 4931 Mar
3455 3451
400 333$ Jan 3434 Mar
10555 107
1,810 10555 Mar 109
Jan
69
3,700 674 Feb 724 Jan
70
3331 3454 3,200 3235 Feb 37
Jan
90
9031
275 8935 Mar 9134 Jan
7
7
100
755 Feb
654 Jan
3035 3531 7,400 26
Jan 3551 Mar
124 2035 31,900 124 Star 4835 Jan
334 6
900
374 Mar
1834 Jan
200 3234 Feb 3454 Feb
3354 33%
3135
31
200 29 54 Feb 324 Feb
25-4 34 2,100
435 Jan
254 Mar
154 15735
490 15155 Feb 164
Jan
25.4 27
1,600 25
Mar 33
Jan
33
34
275 33
Mar 34 34 Mar
1334 13
700 1234 Jan
143-4 Jan
755 755
300
451 Jan
854 Feb
60 99
9934 100
Jan 10255 Feb
130 130
20 115
Feb 13(5
Afar
466 480
130 410
Jan 500
Feb
18% 18%
1,400 174 Jan
19
Jan
22
22
25 22
Mar 22
Mar
1851
2034
154
7935
4
1834
41
28
134
5931
535
2031 7,400
213-1 3,000
154
100
80
70
4;5
300
900
19
4631 11,200
26
50
2
3,300
6135 13,900
655 12,800
16
20;5
14
79
355
1835
394
26
75c
563.1
5%
Jan
Afar
Feb
Jan
Jan
Mar
Jan
Jan
Jan
Jan
Jan
204
2334
195$
80
755
234
464
3051
34
6354
74
Mar
Jan
Jan
Feb
Jan
Jan
Mar
Jan
Jan
Jan
Jan
Mar 170
Jan 65
Feb 44
Jan
145$
Mar 95
Jan
1155
Feb
1234
Mar 179
Jan 304
Jan 39
Feb
1
Jan 20%
Jan
7
Jan
634
Ma
13
Feb
Feb
Mar
Feb
Jan
Mar
Jan
Jan
Mar
Mar
Feb
Jan
Jan
Jan
Jan
30
30
100 2
854
176 200
40 176
1154 116
3 114
2251 223-1
40
215$
2735 28
70
2755
5151 52
17
514
10
2534 2.534
254
28
314
125 28
63.4
754 5,900
434
533-4 5534
1,450 51
1
134
1,700
1
12931 145
2,100 102
12535 128% 2,800 1254
33
35
3,000 28
431 454
1,700
3
6035 704 36,600 5.534
230 230
100 204
11534 11634
1,675 11434
17
18
46,200 17
Jan
Afa
Ma
Jan
Ma
Ma
Feb
Ma
Jan
Feb
Mar
Jan
Ma
Jan
Jan
Jan
Jan
Jan
Ma
31
200
11751
224
29
55
30
32
834
5535
455
145
12935
35
535
70%
230
1174
18
Feb
Mar
Jan
Feb
Jan
Jan
Jan
Mar
Feb
Feb
Jan
Mar
Mar
Mar
Jan
Mar
Mar
Jan
Afar
163-4 1654
200 14
108 108
50 106
174 18% 23,600 15
40;5 4135 8,100 4055
9835 99
250 96
10
103-4
300 10
133 135
120 133
254 25%
100 25
10855 109
70 10734
39
50
1,700 32
75
75
25 75
300 403$
4134 42
10 102
1023.4 10234
1655 17% 5,500 1634
76
2 76
8234
900 90c
800 79e
4
4
334
700
5555 554
500 4734
109 113
350 66
56
5754
300 52
414 42
1,200 3955
102 112
500 100
105 105
200 105
90e 90e
100 900
108 109
500 108
11834 11854
50 117%
80 105%
10734 1084
45
45
10
40
25
264
300 23%
101 102
oo 101
8731 8735
100 8731
24
243-4
1,700 2
054
96
96
125 94
3755 384
1,700 37
1
1
100 50c
2354 244 1,100 234
234 254
100
234
10435 10534
400 101
21
21% 11,500 1834
16% 18% 9.200 14
24 255
300
2
37% 3855
800 3855
963-4 96%
10 96
2755 2755
300 2334
23
23
100 2255
99
99
40 85
90
90
100 88
122 122
20 115
1134 1234 2,700 1134
29
3431
500 1955
29% 29%
200 27
114% 114%
200 1134
21% 22%
400 1855
10
10
100 10
16% 16%
1,900 1655
955
11% 12% 4,900
20 84
89
89
600 10951
111% 112
200 10034
102% 103%
100 66
66
66
50 74
83% 84
100 20
20
20
9
100
9% 9%
300 244
25
25
200 1134
1131 1151
100 273-4
274 274
300 46
47
46
200 - 22
2531 2535
20 100
10054 10054
Jan
Jan
Jan
Mar
Jan
Jan
Mar
Feb
Jan
Mar
Mar
Jan
Jan
Feb
Mar
Jan
Jan
Jan
Feb
Jan
Jan
Feb
Mar
Mar
Feb
Jan
Jan
Feb
Jan
Jan
Slur
Jan
Jan
Fe
Jan
Fe
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Feb
Feb
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Mar
Mar
Jan
Jan
Jan
Jan
Mar
Aug
Mar
Feb
Feb
Mar
Mar
Mar
Jan
Jan
3634 Mar
121
Jan
1854 Mar
46
Jan
99
Jan
104 Jan
1594 Jan
26 54 Feb
109
Jan
50
Mar
75
Mar
42 Mar
10254 Mar
1831 Jan
105
Feb
955 Feb
4% Jan
6251 Jan
113
Mar
5834 Mar
434 Feb
112
Afar
105
Mar
990
Jan
11455 Feb
119
Feb
1134 Feb
4534 Jan
26% Mar
1054 Feb
9134 Jan
Feb27
9654 Feb
39
Feb
1
Mar
2534 Feb
431 Jan
30534 Afar
z2154 Feb
1834 Mar
335 Jan
395$ Jan
9734 Feb
2854 Feb
2454 Feb
Mar
99
Mar
90
Mar
123
1334 Feb
3431 Mar
30
Feb
115
Jan
224 Feb
12
Afar
18% Jan
1331 Feb
894 Feb
11354 Feb
10355 Mar
6634 Mar
84
Afar
20
Mar
10
Jan
2635 Jan
1231 Jan
2835 Feb
48
Jan
274 Feb
102
Jan
140 140
6135 6135
434 44
1254 124
87
90
1034 1155
1034
165 16951
2931 2034
36
37
1
1
1731 1751
6% 634
6
634
11
12
3 123
25 51
200 4051
700 114
8,900 87
1,500
951
9
1,000
1,800 165
100 2551
8,800 28 34
100 75e
100 15
6
700
1,400
6
500 11
Friaap
Sales
Last Week's Range for
ofPrices.
Week.
Sale
Stocks (Concluded) Par Price. Low, High Shares.
Range Since Jan. 1.
Low.
Penn-Ohio Edis new cam.'" 2731
2735 28
1.100 27
260 9751
7% prior preferred__100 9951 9931 9934
$6 preferred
300 8035
• 8035 8055 81
Warrants
1155 1135
1.100 10%
8%
Fenn Ohio Secur Corp_
•
1.900
951 9%
Pa 0 & E el A part stk___• 1951
400 19
19% 1931
Penna Pow & Light pref_ •
25 106
108 108
Penn Water & Power 100 178% 176% 17855
170 17551
Peoples Drug Stores
500 29%
• 3055 30% 3154
Phelps
-Dodge Corp_ ___100 128
SO 116
126 128%
Phlia Electric common__25
125 46%
46% 4755
Phillip-Morr Cons Inc corn. 19%
3,200 17
1851 1955
Class A
25 19%
100 1 9%
1911 19%
Pick (Albert) Barth & Co—
Pre( el A (part pref)....• 1351
1.900 12%
13
1351
Pillsbury Flour Mills...50 z6754 :6751 76
1.050 52%
Pitney-Bowes Postage
6
Meter Co
•
400
83( 835
Pittsb & Lake Erie com_50 178% 174% 17955
830 167%
Pittsburgh Plate Glass_100
10 245
265 265
Porto Rican Tob corn B. •
100 30
313
30
Pratt & Lambert
100 51
• 5151 5151 5151
Procter & Gamble Corn.A0
182 182
20 178
6% preferred
100
10 111
11251 11234
Providence Gas Co
50
50 86
86
8735
Prudence Co 7% pref
25 10251
104 104
Puget Sound P&L.com.100
300 2851
28% 29
Six per cent pref
100
80 8355
84
8434
Pullman Co (new corp) w
71% 7355 8.800 7154
73
9
Pyrene ManufacturIng__10
951 9%
600
Rand-Kardex Bureau___-• 7234 69% 72% 9,700 67
2,100 70
Ctrs of deposit
70% 73
27 400
Warrants
600 650
Realty Associates corn__ _• 247
247 247
80 225
7
Remington Arms
200
7
731
751
Rem Nolsel Typew corn A • 35%
200 34
353.1 3554
73.200 33 34
Remington-Rand cow WI • 36% 3534 37
WO 99% 9951 100
2,000 9855
First preferred
100 100
100 100
Second preferred_ _100
iii 2055 20
21
8.900 20
Reo Motor Car
Richmond Radiator corn _• 24% 23% 25% 4.600 20%
5134 54
2.500 46
100
Preferred
11,000 35c
35o 45c
• 35c
Rickenbacker Motor
201 206
40 192
Rio Tinto Co Ltd erd'y_ £5
22
22
10 22
6% preference
£5
60 :9955
Royal Bak Powd, pref_ 100 z9955 :9934 99%
60 125%
129 129
Safety Car Heat & Ltg_100 129
264 284
1,160 232
Safeway Stores corn
• 268
200 40%
St Regis Paper Co
• 4031 4051 4135
100 1551
Schulte Real Estate Co_ •
16
16
200 27
Seeman Brothers com
• 2734 27% 27%
7%
9,300
Serval Corp (Del) com_•
9% 10
9%
Sherwin-Wins Co com_ _25
49
49
50 44
Shredded Wheat Co
100 56
6154 6154
•
Silica Gel Corp corn v t c.
100 1435
16% 16%
Singer Manufacturing...100 z370 z370 378
40 365
5
Singer ktfg Ltd
£1
500
5% 5%
Smith (A 0) Corp prof.100 108% 10851 10835
20 106
,
Seta Vlsconsa ord(200 lire)
5
Pep recut Chase Nat Ilk_
5
8% 835
600
Sou Calif Edison pref B_25
24% 24%
100 243.4
Sou Cities URI corn A _ _ _• 37% 30
1,100 2355
37%
Common A vot tr ctfs. •
3254 3451
300 2234
Preferred
100
8234 8255
25 8255
South Colo Pow,class A.25 27% 26% 2754
600 26
Sou Gas & Pow class A_ •
2055 2051
200 2054
Southern Groc Stores CIA •
34
34
50 34
Freastern Pow & L com__• 30% 29% 3055 11,900 2954
•
Corn vot trust ctfs
29
600 28
2955
$7 preferred
330 101%
• 10555 10351 10535
Participating preferred.• 71% 70% 71%
200 6756
Warrants to our corn stk.
834
8% 8%
1,800
Southern Bell Tel pref.100
115% nog
425 114%
Spalding(A0)& Bros, corn• 115
115 117
50 115
Sparks-Withington
17
200 15%
• 17.55
1755
Stana Comm'l Tobacco_ •
5,200 1955
25% 26
106% 106%
Stand Gas& Elec 7% pf 100
50 10435
Stand Power dr L class A_25
200 22
23
2331
Stand Publishing el A. _25
435
1,700
435 5
50 83%
Stanley Co of America • 84
84
84
3955 40
200 3955
Stromberg-Carlson Tel_ •
Stroock (S) dr Co
41
4254
350 4055
•
Stutz Motor Car
19% 20% 5.100 14
•
150 115%
11735 120%
Swift dr Co
100
203.1 2055
1,200 2031
Swift International
15 20%
Tampa Electric Co
• x5934
Thatcher Mfg cony pref " 4555
TImken-Detroit Axle_ __10 1254
335
Tobacco Prod Exports__.•
Trans
-Lux Day Pict Screen
•
Class A common
734
25 10%
Trumbull Steel corn
100
Preferred
Truscon Steel
10 26
Tublze Artificial Silk cl B_•
Tung Sol Lamp Wks com_•
951
Class A
• 19
Union & United Tob cona_• 8251
United Artists Theatre Co
Allot etre for corn & pfd_
United Biscuit, class B..
951
United Elec Coal Cos t c•
United Gas Im pt
50 9154
United Light &Power A__• 12%
Preferred A
• 91%
PreferredD
United Profit Sharing corn•
United Shoe Mach, com _25
U S Distributing com__ •
7% cony pref
.
100 8755
20 z95
U S Gypsum corn
U S Light & Heat com 10 4655
Preferred
10
U S Rubber Reclaiming •
Univ Leaf Tobacco com__• 4655
• 44%
Universal Pictures
14
Utilities Pr & Lt class B..
10
Utility Shares Corp corn.
•
Preferred
Van Camp Packing pref._ _ -----•
Warner Bros Pictures
• 2711
Warner-Quinlan Co
Wesson 0.413D corn v t o_• z58
•
Preferred
West Dairy Prod, class A.
17
to
ClassB v
Wheeling & L ERR pr 1100
Wheeling Steel com____100 37
100
Preferred 13
White Sewing Mach corn.• 19%
•
Yellow Taxi of New York.
Young'n Sheet & T. pf_100 :109
116%
59
59%
4451 46
1251 12%
355
351
7
1034
80
2555
185
931
1851
82
7%
1055
80
26%
190
955
1955
82%
99
955
23
89%
1255
91%
51
1051
53%
15
8655
9455
46%
8
1255
45
39
13%
10
17%
14
27
27
57%
96
49
16%
169
37
120
1934
3055
109
99
1034
23
923.4
1251
9255
51
10%
5355
1755
8731
95
48
8%
1251
47%
45%
14%
10
1715
14
28%
2735
5834
9755
50
17
169
37
120
2036
31
109
500
1,700
700
300
Feb
Jan
Jan
Jan
I Feb
Jan
Jan
Jan
Jan
Feb
Mar
Jan
Feb
Jan
Jan
Jan
Jan
Feb
Mar
Jan
Feb
Mar
Mar
Jan
Mar
Jan
Mar
Feb
Jan
Mar
Jan
Jan
Mar
Jan
Feb
Feb
Mar
Jan
Feb
Feb
Mar
Feb
Mar
Mar
Jan
Feb
Mar
Jan
Jan
Jan
Feb
Feb
Jan
Jan
Jan
Jan
Jai
Jan
Jan
Jan
Jan
Mar
Feb
Mar
Mar
Mar
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jai
Star
Jan
Jan
Jan
Jan
Jar
Mar
49
Jan
44% Mar
12
Jan
351 Feb
High.
28%
100
82
1154
1034
2151
109%
185
3131
131
53
2051
22
1351 Feb
Mar
76
854
18151
269
35
5334
19255
11255
87%
105
335(
8455
76%
14%
7255
73
650
255
1151
3951
37
100
100
23
2551
54
154
206
22
10155
129
284
46
17
28
10
51%
64%
19
38751
555
10855
10%
951
2551
3755
3434
86
27%
2254
3555
32%
31
10554
7131
9
118
118
17
26
107%
24%
655
90
42
44
21
12051
23
Jan
Jut
Jai
Feb
Star
Jai
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Mar
Feb
Mar
Jan
Jan
Mar
Feb
Feb
Feb
Feb
Mar
Jan
Nlar
Mar
Mar
Feb
Jan
Jan
Jan
Jan
Mar
Mar
Jan
Jan
Mar
Feb
Jan
Mar
Mar
Feb
Feb
Jan
Feb
Mar
Feb
Mar
Jan
Mar
Mar
Feb
Mar
Mar
Jan
Feb
Mar
Jan
Jan
Jan
Mar
Feb
Mar
Feb
Feb
Jan
Mar
Jan
Feb
Jan
Mar
klar
Feb
Mar
Jan
Feb
Jan
Jan
Mar
Mar
Jan
Jan
Feb
Mar
Feb
Feb
Jan
Jan
Feb
Jan
Jan
Mar
Mar
Jan
6251 Feb
Mar
46
1251 Jan
335 Jan
851
6% Feb
3.100
1134
951 Jai
1,100
25 7451 Jan 84
Jan
2634
300 24
Jar 201
180 145
9%
900
855 Feb
1,800 1751 Jan 1955
Ma
90
1,900 81
200 9554
7
11,800
200 23
5,500 89
15,900 12%
300 85
25 5034
300 10
125 51
21.000 12%
3,300 85%
150 94
1,300 29
7%
1,100
100 12
7.100 3751
8,950 29%
1,000 1351
9%
100
100 1751
100 14
1.700 26%
1,400 2534
800 52%
210 96
500 4735
800 15
10 163
100 34
20 120
3,900 1551
400 3055
20 109
Feb
Jan
Jan
Feb
1.1an
Feb
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Mar
Jan
Feb
Mar
Mar
Feb
Mar
99
Feb
13
2655 Jan
Jan
93
1554 Jan
Feb
93
Feb
52
10% Jan
5451 Feb
Feb
17
903.4 Jan
Jan
110
48% Feb
851 Feb
13% Feb
Mar
48
4531 Mar
15% Feb
1054 Jan
17% Mar
1655 Jan
33% Jan
2715 Mar
59% Jan
9934 Jan
Mar
51
18% Mar
Jan
171
Mar
37
Mar
120
2251 Feb
3451 Jan
Mar
109
Rights.
Bancitaly Corp
Borden Co
Flat
Philadelphia Electric
,Stanley Co
[VOL. 124.
THE CHRONICLE
1498
351
354
4
251
354
2%
3%
4
3% 4,100
3% 14.500
1,000
254
700
351
100
4
550
355
151
351
334
Jan
Mar
Feb
Feb
Mar
351
4
251
331
4
Mar
Feb
Mar
Feb
Mar
Friday
Sales
Last Week's Range for
Sleek.
Sale
of Prices.
Stocks (Concluded) Par Price. Low. High. Shares
Former Standard Oil
Subsidiaries.
Anglo-Amer 011(vot sh).£1
20
Voting stk cgs dep. .£1
Non-voting stock_ _.£1 19
Non-voting 8th etc dep £1
Borne-Scrymser Co____100 59
Buckeye Pipe Line
50 4755
Chesebrough Mfg Con.
.25
Continental Oily t C.
...10 20%
Cumberland Pipe Line.100 127
Eureka Pipe Line
100 49
Galena-Signal Oil, Corn.1(0 11
New preferred
100
Old preferred
100
Humble 011 & Refining_ _25 :5656
Illinois Pipe Line
100
Imperial 011 (Canada)...• 43%
Indiana Pipe Line
50
National
1435
New York Transit
100 33
Northern Pipe Line_ _100
Ohio 011
25 59
Penn-Mee Fuel
25
Prairie 011 & Gas
25 51%
Prairie Pipe Line
100 147
Solar Refining
100
South Penn 011
25 z3751
Standard 011 (Indiana) 25 68%
Standard 011 (Kansas) 25 1734
Standard 011(Ky)
25 z11651
Standard 011(Neb)
25
Standard 011 N J new par
paid sub receipts
Standard 011(0) corn_ _100
Preferred
100 118%
Vacuum 011
25 10851
20
2055
1951 20
19
1951
19
19
58
58
47
4734
81
81
21
20
120 128
49
4951
11
12
48
48
52
53
54
57
135% 13651
42
4354
64% 65%
13% 1455
33
33
7854 7951
5851 60%
1655 17
5055 5255
142% 148
190 191
3654 3735
6655 69%
1755 17%
116% 11831
4655 4735
37%
317
11835
10131
Range Since Jan. 1.
Low.
4,500 1911
1,100 19%
2,100 19
300 19
150 58
300 45
100 7654
14,700 20
530 106
150 47
500 1051
20 4554
50 50
13.000 54
350 123%
10,3.00 37%
200 61
1.400 1351
(*0 31%
150 70
3.900 5951
200 1635
16.700 5051
4,150 132
50 190
1)00 36%
55,000 86%
800 1735
1,800 z116%
600 4651
Jan
Mar
Mar
Mar
Mar
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Mar
Jan
Jan
Jan
Jan
Jan
Jan
Mar
Jan
Mar
Jan
Mar
Mar
Mar
Mar
Mar
Jan
High
2155 Jan
2134 Feb
20553 Jan
2051 Feb
Feb
69
49
Feb
8234 Feb
22% Jan
137
Jan
51
Feb
13% Feb
5951 Jan
6051 Jan
62% Jan
14034 Feb
46
Feb
69% Feb
14% Mar
36
Feb
80
Mar
64% Feb
19
Jan
5555 Jan
148
Feb
201% Feb
4155 Jan
7451 Jan
2031 Jan
12211 Jan
4954 Feb
38
300 3754 Jan 40% Feb
Jan
Mar 354
321
190 317
Feb
Jan 122
118%
40 118
11056 43,800 9531 Jan 110% Mar
Other Oil Stocks.
Amer Contr
950
Vie
Amer klaracalbo Co
•
435
451 5
Argo 011 Corporation__ _10
1%
1%
15
4
Arkansas Natural Gas....1
754
734
Atlantic I.obos Oil corn.•
151
134
Barnsdall Corp stk porch
warrants (deb rights)...
6%
Beacon 011 Co corn
• 1734
1734 17%
Cardinal Petroleum
10
26e 26e
Carib Syndicate
22
2051 22%
Certificates of deposit... ------ 2135 22%
Consolidated Royalties. 1
84 955
,
Creole Syndicate
• 12%
1254 13%
Crown Cent Petrol Corp__•
2,51
251
254
Darby Petroleum
•
10
12
Voting trust certificates_
115( 11%
Derby 011 & Refg cora_ •
151 1%
Gibson 011 Corporation__1
2%
255 255
Gilliland 011, corn. v t c__•
151
151 1%
Gulf 011 Corp of Penna__25 94
9355 943-1
Honolulu Cons
10
39% 3951
International Petroleum.* 3251 3134 3255
264% 270
Interstate Nat Gas warets_
155 151
•
Kirby Petroleum
851 955
Leonard 011 Develop't__25
834
• 2634 26% 26%
Lion Oil Refining
4451 4254 4655
Lone Star Gas Corp
Magdalena Syndicate_ .1
151
135
Mexican Panuco 011__10
235
2
236
•
Mexico Ohio 011 Co
1055 10%
Mexico 011 Corporation_10 22c
220 240
Mountain & Gulf 011
151
134
1
Mountain Producers___ _10 26
2551 2655
Nat Fuel Gas
226 240
100 226
551
5
New Bradford 011
531
6
451 635
New England Fuel OIL...
651
North Central Texas 011..• 12%
1255 12%
50
Northwest 011
40
Sc
1
Pandeni 011 Corporation.•
6
631
654
Pantepec 011of Venezuela.* 12
1111 12
Pennok 011 Corporation_ •
1035 10%
Red Bank 011
1951 20
25
Reiter Foster 011 Corp...
1051
814 1131
Richfield 01101 Calif_ _ _ _25 23
23
23
Royal-Can 011 SyndIcate_• 25c
250 25c
Salt Creek Consol 011 _10
734
734
Salt Creek Producers...10 31
30% 31
Savoy 011
53.4 555
22
Tidal Osage voting stock_
2335 25%
• 22
Non-voting stock
2151 2255
Tide Water Asaiclated011• 2034
2035 2151
Preferred
94%
100 293% z93
Transcontinental 6% pref.
75
76%
1231 12%
Venezuelan-Mex 011 Corp. 1251
Venezuela Petroleum_ __ 5
651 651
655
Wilcox (II F) 011 dr Gas..• 26%
26
2651
Woodley Petroleum
7
754
751
•
"Y" 011 dr 083
3% 331
22.700
11.300
1,000
200
300
90c Feb
43.4 Mar
151 Mar
734 Jan
135 Jan
5%
12,900
500 1751
2.000 240
18,400 2035
800 20
841
1.500
17.700 1255
2%
3.000
4%
2,600
834
700
13.4
200
12,400
234
930
1,400
2,600 92%
r3o 38
20,600 3151
20 239
151
1.500
851
13,000
2.300 24
14,900 37
1%
2.500
2
3,500
100 10%
6,000 200
151
200
9,800 25
180 192
5
900
455
1,700
2,600 1134
4e
2.000
5%
2,900
3,900 1111
900 1034
200 16
851
6.000
200 23
3.000 210
1.300
734
7,100 3054
3
100
800 21
3,400 1934
8,600 2055
1,500 z93
6354
42
100 1231
634
2,500
26
3.70
634
LSO
331
300
2 14
,
754
1%
851
134
Jan
Jan
Mar
Feb
Jan
Jan
7% Feb
Mar 20% Jan
Jan
Jan 260
Mar 2831 Jan
Jan
Star 26
Jan
951 Mar
Mar 14% Jan
Jan
Mar
3
Jan
12 I klar
Jan
1.1% Mar
Feb
234 Jan
Mar
351 Jan
Mar
Feb
2
Jan 9651 Jan
Jan 3931 Mar
Mar 34% Feb
Feb 290
Feb
Jan
254 Jan
Jan
10% Feb
Jan
2734 Feb
Jan 46%1 Mar
Jan
231 Jan
Jan
3
Jan
Mar 1254 Jan
Feb 380
Jan
Jan
134 Jan
Jan 26% Jan
Jan 240
Mar
Jan
53.4 Jan
Mar
655 Mar
Jan
1251 Feb
Jan
5c Feb
Mar
851 Jan
Jan
12
Jab
Mar 1354 Jan
Jan 2455 Jan
Mar 1554 Jan
Mar 2735 Jan
Jan 350 Feb
Jan
Feb
8
Feb
Mar 32
Feb
Jan
7
Jan 26% Feb
Jun 2351 Mar
Mar 2354 Jan
Mar 9554 Jan
Feb
Jan 80
Mar 1251 Mar
Mar
755 Jan
Mar 32% Jan
Jan
Mar
8
Jan
Feb
6
Mining Stocks—
Amer Corn'l Min &
-----bc
Sc
1
Amer Exploration Co____1
911c
84e
Sc
Arizona Globe Copper.
50
..l
Carnegie Metals
12% 1255
10
Consol Copper Mines__ __I
3
231 3
40
Consol Nevada Utah
4e
3
Cortez Silver Mines
150 210
21c
1
254
Cresson Consol C NI & 33.1
254
7e
60
Divide Extension
7e
1
Eagle-Picher Lead corn. _20
2754 2755
354
3
Engineer Gold Mines,Ltd 5
354
Sc
bo
Eureka Croesus
Sc
1
710 730
Falcon Lead kllnes
1
30
3c
First Thought Gold kline_l
60
lie
6o
Forty-Nino Mining
15
131
Golden Centre M Ines___ _5
be
4c
4c
Golden State Mining.
..10c
90 18e
160
Goldfield Consolidated -1
80
130
7c
1
Goldfield Florence
Sc
40
Sc
Hawthorne Mines, Inc_..l
1414
14
Hecla Mining
25c 1414
21%
21
Hollinger Cons Gold Min_5
48%
_1
Island Creek Coal new... ------ 48
Sc
5o
1
Jumbo Extension
83c 85c
5 83c
Kerr Lake
6 2254 2254 22%
New Cornelia
18151 186
100
New Jersey Zinc
72
71
Newmont Mining Corp 10 72
73.4 854
7%
Nipissing Slings
2035 2251
• 22%
Noranda Mines, Ltd
234 231
10
North Butte
400 480
1
Ohio Copper
123.1
1254 1251
Pond Creek Pocahontas_ -255 255
Premier Gold Shining.. _1
210 350
1 31e
Red Warrior Mining
bc
50
1
San Toy kilning
5% 551
5%
Shattuck Dann Min Corp.
3e
35
3c
Spearhead Gold kilning_ _1
2011 20c
Standard Silver-Lead....
655 6%
1
Teck-Hughes
1111.
134 liii
Tonopah Belmont Devel_ 1
Jan
6o Feb
5o
1,000
Jan
1
Mar
18,700 510
Jan
bo
70 Feb
6,000
Jan
1335 Jan
100 12
Jan
231 Feb
3
5,600
3o Feb 300 Feb
4C
1.000
70
Jill
45,800
Feb
234 Ma
1,600
21115 Jan
17,000
So
Jan
Jan
70
100 27
Fe
2755 Mar
3
4,700
Ma
534 Jan
19.000
Sc
Jai
ci
780 I eb
70 j n
5.500 700
Jun
5,000
20
Jan
4e
Jan70
1,000
Jan
5o
Jai
151 Fe
151 Jan
1.600
Feb
3o
Jan
8e
20.000
180
18,000
50 Feb
15.000
50 Feb
1
40 Mar 18
12,000
MarI‘ian
J ar
1551 Jan
2,400 12% Feb
9
Fa
,
200 2051 Jan 2254 Ieb
600 47
Feb 4
Jan
5o
Jan
Sc
1,000
Jan 95c1
1,00 76o
Feb
500 2254 Feb 24
Jan
170 18131 Mar 193
Jan
,
600 6751 Jan 72
10x Isar
kt eb
7,900
751 Mar
Jan
17,100 1935 Jan
300
234 Feb
33.4 Jan
Jan
n
2.000 40r) Mar 424
1255
Feb
600 13
1234 Mar
2'i,
100
154 Jan
6
38.000 160
Jan 390 Feb
Jan
60
Jan
30,000
be
Jan
500
551 Feb
Jan
10.000
20 Feb
an
eb
402670
m
Jan
5.000 16o
555 Jan
1,300
1% Feb 2•1. Jan
5.500
MAR. 12 1927.]
Mining Stocks.
(Concluded)
THE CHRONICLE
Friday
Sales
Last IVeek's Range for
Sale
ofPrices.
Week.
Fa? Price• Low. High. Shares.
Tonopah Extension _ _1
1
Tonopah Mining
United Verde Extension.50c
5
Utah Apex
Utah Metal & 'runnel__ A
Wenden Copper Mining_ _1
West End Consolidated_ A
Western Utah Copper_ _ _I
25%
255
28e 28c
3% 3%
25% 26%
635 6%
134 1%
2% 2%
12c
150
Sc
6c
2,000
300
1,600
1,600
100
1,900
8,000
6,000
Range Since Jan. 1.
Low.
24c Jan
2% Mar
22% Jan
535 Jan
P. Jan
2% Mar
Jan
Sc
Sc
Jan
High.
305
335
28
735
2%
15c
Sc
Feb
Jan
Feb
Feb
Feb
Jan
Mar
Mar
Bonds
Alabama Power 55_ ___1956 98% 98% 99% 54,000 e8% Mar 99% Jan
1951
105 105
1,000 104% Feb 105
6s
Mar
50
65 102,00(1 50
Mar 76
Allied Pack deb 85._ _ _1939 50
Jan
82,000 47% Ma
1939 47% 47% 54
Debenture 65
66
Jan
105 105
Ma 105% Jan
4,000 105
1933
Aluminum Co 75
100 100% 322,000 100
Feb 100% Mar
Sinking fund deb 58.1952 100
2014 102% 102% 102% 118,000 101% Jan 10335 Jan
Amer G & El 68
American Power & Light
Ma 103% Jan
68. without warr_ _.2016 101% 100% 101% 171,000 100
103% 103% 8,000 103
Jan 104
Amer Roll Mill 6s__ _1938
Feb
1936 10431 104 104% 65,000 101% Jan 105% IFeb
Amer Seating 68
101% 101%
- 600 101% Jo
American Thread 68.1928
102
Jan
85
85% 87,000 82
Jan 8635 Feb
Am Writing Paper 68_1947 85
Anaconda Cop Min 68.1929 102% 102% 102% 31,000 10134 Jan 10235 Feb
Andian Nat Corp 65_ _1940
Jan 102% Mar
102% 102% 20,000 101
Without warrants
Feb 9635 Jan
Appalachian El Pr 55_1956 95% 95% 95% 72,000 95
Arkansas Pr & Lt 5s_.1956 95% 95% 95% 53,000 9435 Feb 96
Jan
105 105
45,000 10254 Jan 105% Mar
Associated 0 & El 68.1955
Feb 97% Jan
Assoo'd Sim Hardw 63583
3 9435 93% 94% 58,000 93
18% 19% 8,000 18% Feb 20
1949
Atlantic Fruit 85
Jan
Batavian Petr deb 4355 '42 96% 96% 96% 86,000 98% Jan 96% Jan
Beacon Oil 68. with warr'36 101% 101 101% 26,000 101
Mar 10335 Jan
96
Beaverboard Co 88.. _ _1833 96
Mar 99
96% 14,000 96
Jan
Feb 10154 Jan
Bell Tel of Canada 55.1955 101% 101% 101% 11,000 101
97% 98 273,000 97% Feb 9935 Jan
Berlin City Elec 630.1951 98
Berlin Electric 6%s_ _.1928 100% 100% 101
12,000 10035 Jan 101
Mar
96% 97 124,000 96% Jan 9935 Jan
Berlin Elec Elev 6%8_1956 97
5,000 103
103 103
Boston Consol Gas 5e..1947
Feb 103
Feb
Boston & Maine RR 68 '33 102% 102% 102%
3,000 10035 Jan 102% Feb
Brunner 'Fur & Eq 735s '55 8635 8635 8735 17,00
8535 Jan
9235 Jan
Buffalo Genl Elec 55_ _1956
102% 10234 9.000 102% Ma 10335 Jan
Burmeister & Wain Co of
Copenhagen 15-yr 6s_'40 94% 94% 95% 6,000 94
Jan 95% Feb
Canadian Nat Rys 78_1935 111% 111 111% 12,000 111
Feb 111% Jan
100% 101% 52,000 100
Jan 10131 Feb
Carollna Pr & Lt 58_1956
95
Chia & NW Sty 435e._2027
Ma
2,000 95
95
9535 Mar
Chic Rye 5s ctf of dep..1927
3,000 74
74
75
Ma
76
Feb
Chlle Copper 55
1947 95% 94% 05% 324,000 9435 Feb 96% Jan
91% 91 34 91% 57,000 91.11 Ma
Cities Service 58
1956
91% Feb
101h 102 446,000 98% Jan 103% Feb
Cities Service 65
1966 102
122% 126
Cities Service 78, ear D 196
7,000 120% Ma 13334 Feb
104% 104%
Clev Elec Ilium User 13 '61
1,000 103% Jan 105
Feb
Cleve Term Bldg 6s1941
98% 99% 14,000 9831 Mar 100
Jan
Columbia Gas & El 55_1928
1,000 10035 Jan 10034 Jan
10035 10035
Commander-Larabee 6s '41 97% 97
9735 34,000 9535 Jan 98
Jan
ConeG El & P 6s. ser A'49 107% 107% 10735 16,000 107% Jan 1083( Jan
102 102% 47,000 101% Fe 10234 Jan
58, series F. new__ -.1965
535s series E
1952 106% 106% 106%
Jan 10635 Jan
3,000 106
98
Como) Publishers 63114 '36
2,000 9741 Feb
9834
99
Jan
94% 95
Consol Textile 85
1941 95
19,000 89% Jan 96% Jan
Container Corp 6s_ __ _1946 98% 98% 98% 13,000 9734 Fe
98% Jan
97
Cuba Co 8% notes
1929 97
7,000 96% Jan 98
97%
Jan
111% 111% 2,000 110% Jan 111% Feb
Cuban Telephone 7355 '41
Cudahy Pack deb 5%s 1937 97% 97% 98
54,000 94% Jan 98
Jan
55
1941' 10031 100 100% 31,000 9735 Jan 10034 Mar
106% 107
Detroit City Gas 68_1947 107
8,000 106% Jan 10735 Mar
58, series B
1950 99% 0934 9931 22,000 9935 Mar 10031 Jan
Detroit Edison deb 78_1928
136% 136% 1,000 133% Jan 136% Mar
Debenture 6s
1932 136% 136% 136% 2,000 133% Feb 136% mar
Duke-Price Pr 1st 68_1966 104% 104% 104% 54,000 104% Jan 105% Feb
99
E Term Oft Bldg 6;0_1943
Jan 99
16,000 99
99
Jan
Mar 97% Jan
11,000 97
EitIngon-Schild as__ _ _1938
9631 96% 15,000 92
Elec Refrigeration 65_1934
Jan 9734 Jan
Europ Mtge & Inv 7.t48 '50 9931 99% 99%
1,000 9935 Jan 100
Feb
93
1933 9235 92
Jan 9335 Feb
20,000 85
Federal Sugar Os
Falrb'ke, Mae & Co 551942 9735 9735 9735
10 9735 Mar 97% Mar
First Bohemian Glass Wks
9735 9731 10,000 9731 Feb 97% Mar
1st 78 with stk pur war'57
Fisk Rubber 5358.-1931 97% 9735 97% 73,000 9735 Jan 98
Jan
Florida Power & Lt 50_1954 93% 93% 94 194,000 9331 Jan 94% Jan
106% 107
Galt* (Robert) Co 78_1937 107
9,000 104% Jan 107
Mar
Galena-Signal Oil 7e_ _1930 90
90
91
Jan 93
25,000 oo
Feb
Gatineau Power 58_1956 96% 96% 96% 176,000 9435 Jan 9735 Jan
65
1941 99% 99% 99% 60,000 98% Jan 100
Jan
Gen Amer Invest 55... _1952 100% 100 100% 81,000 100
Feb 100% Mar
120 120
Gen'l Ice Cream 6;0_1935
Jan 120
4,000 115
Mar
Gen' Motor Accept 68_1937 100% 100 100% 112,000 100
Feb 100% Jan
101% 101% 18,000 100% Feb 101% Jan
General Petroleum 68_1928
Georgia & Fla RR fis_ _1946 97% 9735 97% 8,000 9735 Feb 98
Jan
97
Georgia Power ref 5s _1967
Mar 9035 Mar
9735 95,000 97
98
98% 28,000 9735 Jan 98% Mar
Goodyear T & R 58_1928
96
96
15,000 95
Jan 97% Jan
Goodyear T&R Cal 5351
431
Grand Trunk Sty 6h/1.1036 108% 10834 10831 27,000 10835 Jan 109
Jan
94% 95% 110,000 9335 Jan 97
Great Cons Elec 6%0_1950 95
Feb
1937 100% 100% 10035 7,000 100
Feb 100% Jan
Gulf Oil of Pa 58
100 10034 84,000 99% Feb 100% Jan
1947 100
58
100% 101
10,000 100% Jan 101
Serial 554s
1928
Mar
Gulf States Utile 58_.1956 05% 95% 95% 41,000 9454 Jan 9635 Feb
Hamburg Eieo Co 75_ _1935 100% 100% 100% 2,000 10034 Mar 103
Feb
95% Mar 98% Jan
Hood Rubb 53Se_Oct 16 '36 95% 9531 95% 10,000
103 103% 6,000 10235 Jan 104
75
1936 103
Feb
Indep Oil& Gaa 630_1931 103% 103% 103% 60,000 10135 Jan 104% Feb
55,000 97% Feb 9931 Jan
Indiana Limestone 6e_1941 98% 98% 99
6,000 100% Jan 104.35 Jan
104 104
Indianapolis P & L 68_1936
59,000 98
98
98
5e series A
Jan 98% Jan
1957 98
lnternat Gt Nor 5s 13_1956 99% 9934 99% 126,000 97% Jan 99% Jan
Internat Paper 6e
98% 380,000 9735 Feb 9851 Jan
1941
98% 98
Int Rye Cent Am 650.1947 92
92
6,000 92
Feb 92% Feb
92
Interstate Nat Gas 69_1926
Jati 130
20,00 124
127% 128
Feb
Without warrants
100% 101% 89,00 100% Jan r02% Feb
9735 Feb 97% Feb
Interstate Power 5s_ _ _1957 97% 9735 9735 35,00
jeddo-Highland Coal Os '41
Jan 103
1,00 102
102 102
Jan
9735 Jan 9935 Feb
Kan Gas & El deb 6s_ _2022 0831 9735 9831 8,00
97
Kayser(Julius)&Co5 As'47
Feb 97
29,00
96% 97
Feb
90
Keystone Telep 530 .1955
Mar 01
11,00
90
0034
Jan
9931 Jan 102% Jan
Krupp (Fried) Ltd Vs 1929
102% 1023i 39,00
Laclede Gas Light 5358 '35
9,00 10035 Feb 101% Jan
10035 101
Lehigh Pow Seeur 6s....2026 98
95% Jan 95% Jan
97% 98 140,00
Leonard Tietz Inc 7358 '46
12,000 109
With stk pur warrants. _
Jan 114% Jan
10935 110
Without stk pur warrants 10034 10035 10135 9,000 10034 Mar 101% Mar
Libby MeN & Libby 75 '31
13,000 103% Jan 10435 Feb
103% 104
LIgg Winchester 7s_ _ _1942 108% 108% 108% 3,000 108
Feb 109
Jan
Lombard Elec Co 78_ _1952 97% 95% 9835 598,000 943( Feb 98% Mar
Long %id Ltg Co 60.. _ _1945 103% 10335 104
8,000 10255 Jan 104% Feb
Manitoba Power 5315_1951 99
Jan 10
9831 99% 44,000 98
031 Jan
Mansfield Min & Smelting
(Germany)7s with war4 I 107% 107% 107% 6,00
104
Jan lii
Feb
Mass Gas Cos 53.s__ _1940 103% 10334 103% 27,00 103% Feb 104% Jan
McCrory Stores 535 a._ 1.941 98% 98
98
Jan 9834 Jan
98% 109,00
Wag Mill Mach 7s_ _1056 106% 10635 107
21,00
9734 Jan 109% Feb
Without etk pur warrants
Jan 98
96% 96%
93
2,00
Jan
Midwest Gas 7s A._ _.1936
Ma 100
5,000 97
97
97
Jan
Milwaukee C L 4 S0_.1067
93% 93% 5,000 9311 Ma
9331 Mar
100 10035 78,000 100
Mo Pac RR 5s, ser F__1977 100
Feb 100% Feb
Montecatini (Italy) 78.11137 101% 99% 101% 665,000 97
Feb 101% Mar
Montgomery Ward 59_1946 08% 98 ' 98% 23,000 9731 Jan
9835 Jan
Montreal L H & P 58 A '51 99% 0934 99% 41,000 9935 Jan 99% Jan
104% 104% 11,000 10231 Jan 104% Mar
Morris & Co 7359.- _1930
99
Narragansett Co col 5s 1957 99
99
51,000 99
Jan 99
Jan
-
Bonds (Concluded)
-
1499
Friday
Last Week's Range Sales
Sale
of Prices.
for
Price. Low. High. Week.
Range Since Jan. 1.
Low.
High.
98% 99%
8,000 983( Jan
Nat Dist Prod 6350_ _A945
Nat Pow & Lt 13s A..2020 100% 99% 100% 42.000 9835 Feb
Nat Pub Serv 635s____1955 99% 99% 100
38,000 9735 Jan
1941 9835 9835 99
12,000 95
Nevada Cons 5s
Feb
10234 103% 18,000 10234 Jan
New On Tex & M RR 5856
9731 9835 67,000 97% Feb
N Y Trap Rock let 6s.1940 98
Nichols & Shepard Co 63'37
With stock purch warets 98% 08% 9935 83,000 98
Feb
111
113 100,000 111
Nor States Pow 635s_1933 Ill
.1s.n
635% gold notes _ _ _1933 10235 102% 103% 10,000 10235 Mar
98
98% 118,000 98
Feb
North Amer Edits 5s A _1957 98
loui loom 10,000 100
Feb
Nor Cont't Util 6355_ _1942
Dm% 106% 4,000 105
Jan
Ohio Power 7s series A.1941
1952
9831 99% 31,000 97% Feb
5s series B
1956 90% 90
434s series D
9054 34,000 8931 Feb
os% 9831
5,000 97
Ohio River Edison 5s.1951 98%
Jan
102 103% 47,000 99
Okla Natural Gas 65..1941 102
Jan
99% 99% 5,000 99
Oswego River Pow 6s_1931
Jan
1927
1,000 100
100 100
Jan
Pennok 01165
95
95
4,000 95
Mar
Pa Ohio & Det RR 4%s'77
119 119
7,000 11534 Jan
Penn-Ohio Edison 6s...1953
96% 96
96% 63,000 953.4 Jan
Without warrants
15,000 99
Jan
Penn Pow & Light 58_ _1052 99% 99% 100
1953
99% 10035 3,000 99% Jan
5s series D
Phi% Elec Pow 535s__1972 103% 10335 103% 37,000 102% Feb
2,000 9934 Jan
100% 101
Phil& Rap Transit 13s. _1962
Porto Rican Am Tob 68'42 99% 994. 99% 145,000 9831 Feb
Potomac Edison 5s_ _.1956 9531 95% 95% 51,000 9531 Feb
993.1 10135 68.000 9934 Mar
Pub Serv Corp N J 5358'56 101%
9954 Mar
Pub Serv Elec & G 5s _1965 99% 99% 100 300,00
1933 10335 103% 103% 13,000 103
Jan
Pure 011 Co 6358
99
41,00
99
99
Jan
Richfield Oil of Calif 601941
Saud& Falls Co 58-1955 9835 9835 9934 49,000 97% Jan
9234 Mar
92% 9334 28,00
Schulte RE Co 6a__ -.1935
stock1935
Ma
85
85
85% 9,00
65 without corn
Seaboard Air L Sty 6s1945
98% Mar
98% 98% 6,00
77,000 70% Jan
88
Servel Corporation 68_1931 8735 85
Ma
53,000 97
Shawsheen Mills 78.....1931 98
97 101
10234 10235 2,000 101% Jan
Siemans & Ha/eke 75_1935
Siemens & Ilalske SS
10435 10535 264,000 98
Jan
6345 with warrants-1951 105
..1929
102% 10234 4,000 10134 Jan
Slose-Sheff S & 165.
9935 9935 25,000 9935 Feb
Solvay-Amer Invest 5s 1942
Southeast P & L 65.-2025
98% 9835 9835 230,000 90% Jan
Without warrants
Sou Calif Edison 58___1951 98% 98% 99% 227,000 9734 Jan
Jan
98% 98% 99% 155,000 98
New
1944
Jan
10131 102
7,000 101
58
Jan
9,000 102
103 103
Southern Gas Co 6358_1935
21,000 9931 Jan
Southwest'n P & L 68.2022 100% 10035 101
Ma
5,000 100
100 100
Stand Invest 55 with war'37
25,000 10454 Jan
Stand 011 of NY 6359_1933 104% 104% 105
Stinnes (Hugo) Corp 7%
100 100% 336,000 9935 Jan
notes Oct 1 '36 with warr 100
7s 1946 with warrants.-- 10035 100 100% 401,000 9931 Jan
9834 98% 12,000 9834 Feb
Sun Maid Raisin 635s 1942
1939 100% 9994 10035 31,000 99% Jan
Sun Oil 5358
Jan
Swift & Co 5e Oct 15 1932 9934 9935 00% 111,900 99
9935 9935 4,000 9935 Mar
Texas & Pac By 5s B _ _1977
Texas Power & Light 55'56 9635 95% 9635 27,000 95% Feb
10235 10254 12,000 10235 Mar
Thyssen (Aug)I & S 7s1930
9935 19,000 9731 Jan
Trans-Cont'l Oil 7s___1930 99% 99
99% 100
1936 100
13,000 9934 „Tan
Ulen & Co 635e
Jan
United El Serv (lines) 7856 98% 96% 9935 475,000 93
96% 97
57,000 96)5 Mar
United Industrial 6348.1941 97
73
6931 73
33,000 6034 Jan
United 011 Pro d 88_ _ _ _1931
110% 110% 2,000 109% Mar
Unit Rye (Havana)735s'36
10135 10134 7,000 10135 Feb
U Rubber 635% notes'28
10135 10135
1,000 10135 Mar
Serial 6 h% notes 1929
102 102% 29,000 102
Feb
Serial 635% notes_ _1930
Jan
102% 10234 4,000 102
Serial 634% notes_ _1931
102% 10231
Jan
3,000 102
Serial 634% notes_ _1932
102 102% 13,000 102
Feb
Serial 638% notes--1933
10234 10235 11,000 102% Jan
Serial 635% notea_ _1934
Serial 635% notes_ _1935
10235 10235 6,000 102% Jan
10235 103
3,000 102% Jan
Serial 6 h% notes_ _1936 103
10234 10234 2,000 1023( Jan
Serial 634% notes_ _1937
8,000 10235 Jan
Serial 635% notes_1939 103
1023.4 103
Serial 635% notes_ _1940 10335 103 10335 4,000 10235 Feb
10131 10235 38,000 10144 Jan
US Smelt de Ref 5318_1934
United Steel Wks Burlach
9844 Jan
Luxemburg 78
1951 102% 101% 102% 80,00
U S Steel Works A 63451951
with stk pur warr ger A_ 10531 104% 105% 275,00 102% Jan
1,000 9535 Jan
99% 99%
Without stock pun warr
Series C
10434 104 104% 203,000 102% Jan
106 106
2,000 104% Jan
1937
Valvoltne Oil 6s
Wabash Railway 55._.1976 100% 97% 100% 350,000 9731 Jan
Warner Bros Pie 6358_1928 10654 10635 107
Jan
43,000 105
93% 95% 24,000 93% Ma
Webster Mills 6)18...1933 94
9835 98% 17,000 9835 Ma
1930
Wise Cent Sty 55
100
10044
101%1
102%
103%
98%
Jan
Jan
Reb
Jan
Jan
Feb
99%
11435
10334
9831
10034
10635
9931
90%
9931
103%
100
100
95
121
97%
100
100%
10444
102
100
97
10144
100
10354
99%
9934
9544
87
98%
89
1015.4
103
Mar
Feb
Jan
Jan
Feb
Jan
Mar
Jan
Feb
Mar
Jan
Jan
Mar
Jan
Jan
Jan
Mar
Jan
Feb
Mar
Jan
Feb
Mar
Feb
Mar
Feb
Jan
Jan
Mar
Feb
Feb
Jan
1063( Feb
10244 Jan
9931 Jan
994
99%
99
102%
103
1013(
100%
105%
Jan
Mar
Mar
Jan
Feb
Feb
Feb
Feb
100% Mar
100% Mar
98% Feb
10034 Jan
99% Mar
9935 Mar
97% Jan
1033( Jan
99% Feb
100
Jan
9935 Mar
99
Jan
78
Jan
112
Jan
102
Feb
103
Jan
103
Jan
103
Feb
103
Jan
102)1 Feb
1023( Jan
103
Jan
103
Jan
103
Feb
103
Jan
10334 Jan
10244 Feb
10334
Jan
1103(
100%
110
105
100%
111%
99
99
Jan
Jan
Jan
Jan
Mar
Feb
Jan
Jan
Foreign Government
and Municipalities
Agrleul Mtg Ilk Rep of Col
1947
20 year s f 75
-year sink fd 75_ ..1946
20
Antioquia (Dept of) Col
1945
78 series C
Austria (Prey of Lower)
1950
7%s
Baden (Germany) 7s_ _1951
Bolivia (Repub) ext 7s 1958
Buenos Aires(Prov)7358 '47
7s
1936
1952
7s
1957
78
Costa Rica (Rep) 75.-1951
Danish Cons Munie 5358'55
Denmark (King•m) 5345'55
69
1970
German Cons Muni° 75 '47
Hamburg (State) Ger Os'46
Hungarian Land Mtge Dist
734s series A
1961
Indus Mtge Ilk of Finland
let mtge coil s 1 7s_ _1944
Medellin (Colombia) 85 '48
7s
1951
Mendoza (Prov) Argentina
•
7345
1951
Montevideo (City) 635e '59
Mtge Bk of Chile 630.1961
New So Wales(State)55'57
Peru 7358
1956
Prussia (Free State) 6358'51
Rio Grande Do Sul (State)
Brasil ext 7s
1966
Russian Govt 614% etfs'19
5%s
1921
5355 certificates_ _1921
Saxon State Mtge Inv 78'45
6355
1946
Switzerd Govt 5358_1929
97%
96
9734 9734 813,000
95% 9631 19,000
9731 Fe
9534 Mar
9635
9635 96%
9635 Feb
100% 100% 101
10035 101
101
98% 9835 98%
9935
9934 99
97% 97%
95% 9435 9531
9434 9435 0535
95% 95
95%
98% 98% 9935
100% 101%
101
100% 101
100% 100% 101
oog 99
9835
3,000
20,000 98%
22,000 99
51,000 98
85,000 97%
7,000 95%
14,000 9435
147,000 9435
161,000 95
24,000 9735
65,000 9955
12,00 100%
88,00
9935
42,000 95%
Jan
Jan
Feb
Jan
Jan
Feb
Mar
Feb
Jan
Jan
Feb
Jan
Jan
97% Mar
9644 Mar
96% Mar
101
10234
99
9934
97%
97%
96%
95%
99%
102%
101)1
102
9934
Mar
Jan
Feb
Feb
Mar
Feb
Jan
Feb
Jan
Feb
Jan
Jan
Jan
98%
Jan 100%
Feb
100,31 101
29,000 9931
104% 104% 104%
7,000 103
94
94
94% 42,000 9334
Jan 10131
Jan 104%
Jan 96
Jan
Feb
Feb
loo
160%
9,000
98%
92%
97
9631
00%
9935
99
9335
9735
96%
10035
9934
31,000
22,000
79,000
234,000
81,000
130,000
9831
9254
97
9631
9931
9835
Jan 9931 Jan
Feb 94% Feb
Mar 0931 Feb
Feb 95.4 Feb
Mar 10034 Jan
Jan 10054 Feb
97%
13
13%
13
100%
9835 98%
101% 10135
9735
13
13%
13%
101
9835
101%
14,000 9751
111,000 13
17,000 13
30,000 13
8,000 100
25,000 9755
61,000 101%
Feb 98% Jan
Mar 15
Jan
Jan
15
Feb
Feb 15% Jan
Jan 10235 Feb
Jan
Jan ,100
Jan 101% Feb
98%
92%
9735
96%
99%
9935
97%
* No par value. k Correction.
Listed on the Stock Exchange this week, where
additional transactions will be found. m Sold under the rule. in Sold for cub.
o New stock. r Ex 33 1-3% stock dividend: sold at 148% on Jan. 3 1927 with stock
dividend on. s Option sale. f Ex rights and bonus. v Ex cash and stock dividends
tt When Issued. z Ex dividend. v Ex rights lEg stock dividend
Inoestuunt anti Atailitorat luteIliffena.
1500
Latest Gross Earnings by Weeks.
-In the table which
follows we sum up separately the earnings for the first
week of March. The table covers 3 roads and shows
16.48% increase over the same week last year.
Bellefonte Central__Jan '27
'26
Interest &
GICAU
Net
Earnings. Earnings.
Taxes.
S
$
S
111
5,980
-195
115
6.623
-92
Balance,
Surplus.
$
-306
--207
- Deficit.
First Week of March.
1927.
Increase. Decrease.
1926.
Buffalo Rochester & Pittsburgh382,402
346,289
Canadian Pacific
3,527,000 2,963,000
Minneapolis & St. Louis
271,314
285,161
36,113
564,000
Total (3 roads)
Net increase(16.48%)
600,113
586.266
4,180.716 3,594,450
13,847
13,847
1927.
Increase. Decrease.
1926.
$
8,233,370
111,578
46,584
8,044
217,993
408,626
3.627
512,711
4.070,669
663,284
465,554
14,632.602 14,742.040
Total (13 roads)
Net decrease (0.74%)
512,241
$
$
454,406
Previously reported (3 roads)._ _ 8,68,776
Duluth South Shore & Atlantic_
95,834
Georgia & Florida
47,600
Mineral Range
7,276
Minneapolis & St. Louis
197,933
Mobile & Ohio
320,174
Nevada,
-California-Oregon
4.895
St. Louis Southwestern
441,300
Southern Railway System
3.661,226
Texas Pacific
718,835
Western Maryland
449,753
15,744
1,016
768
20,060
88,452
1,268
71.411
409,443
65,551
15,801
621,679
109,438
In the following we show the weekly earnings for a number
of weeks past:
Current
Year.
Week.
1st week Oct. (14 real __ _ _
2d week Oct. (14 roads ____
3d week Oct. (14 roads ____
4th week Oct. (14 roads)____
1st week Nov.(14 roads)____
2d week Nov.(14 roads ____
3d week Nov. 15 roads..__
4th week Nov. 14 roads _ _ _ _
1st week Dec. 14 roads)___
2d week Dec. r4 roads),__
3d week Dec. 13 roads)____
wk
4th week Dec. 11 roads)____
1s1 meek Jan. 11 roads)____
2d week Jan. 13 roads5____
3d week Jan. 13 roads _ _ _ _
4th week Jan. 13 roads).___
181 week Feb. 13 roads ____
2d week Feb. (13 roads).,__
3d week Feb. (13 roads)____
4th week Feb. (13 roads)____
1st week Mar. ( 3 roads). __ _
22,080,405
21,459,391
22,217.535
30,638.424
21,446.173
21,112.807
23,484,291
26,404,625
18,005,738
17,928,230
16,002.555
13,420,049
13,051,798
14,583.490
14.070,737
19,730,700
14,230,561
14,758,017
14,545,407
14,632,602
4.180.716
Previous
Year.
Increase or
Decrease.
%
--184.639 0.82
22,265,044
A-194,271 0.91
21,265.115
21.114.400 A-1,103,135 5.22
29.041,065 A-1,597,359 5.50
19,753.529 AH1.692,644 8.57
A-967.369 4.79
20,154,637
4 33.737 0.14
23,144,554
24.637,411 A-1,767,214 7.17
19,492,721 --1,486,983 7.63
19,351.698 -1,423,467 7.35
17,628.110 --1,625,555 9.22
-894,881 6.25
14,314,930
4-165,498 1.28
12.886.210
A-294,828 2.14
13,746.043
+124,534 0.87
14.195,271
A-532,244 2.77
19,198,456
A-49,577 0.35
14.180,984
4-194,932 1.33
14,563,085
A-4,418 0.03
14,540,989
-109,438 0.74
14,742,040
4-586.266 16.48
3.594.450
We also give'the following comparisons of the monthly
totals of railroad earnings, both gross and net (the net before
the deduction of taxes), both being very comprehensive.
They include all the Class A roads in the country, with a total
mileage each month as stated in the footnote to the table.
Gross Earnings.
Net Earnings.
Month
1926.
1925.
Increaseor
Decrease.
1926.
1925.
-Gross Earnings--Net Earnings
Previous
Current
Current
Previous
Year.
Year.
Year.
Year.
$
$
i
$
Brazilian Tr, L& P. Ltd_Jan 2,975,801 3,163.670 1,674,929 1,792,288
Balance,
Fixed
Net after
Gross
Burrs.
Charges.
Taxes.
Earnings.
Companies.
Atlantic Gulf &
/243,735 6-100,525
Dec '26 3,009.362 c3143.210
West Indies SS Lines '25 3,540,806 cj339.551
6101,081
1238,470
12 mos ending Dec 31 '26 36,874.959 cj3,287,922 k2.858,731
6429,191
'25 33.504,300 cj4,432,849 12,529,699 61,903.150
Eastern Steam67,332 -37.069
Jan '27
735.817
30.263
ship Lines
63.147 -108.925
'26
706,567 -45.778
6695.730
Engineers Public
279,300
Jan '27 2,481,414
975.030
6615.468
Service Corp (& Subs) '26 2.206.222
269.258
884,726
12 mos ending Jan 31 '27 26,902,879 10.202,623 3,196,490 67,606,133
Federal Lt & Trac- Jan '27
210,707
70.182
656,438
280.889
tion Co (& Subs)
181,107
'26
65,270
603.400
246,377
12 mos ending Jan 31 '27 6,676,626 2,662,081
831,531 1,830,550
750,445 1,471,846
'26 5.933.442 2,222,291
Ft Worth Power & Dec '26
114.494
16,932
247,75
*131 ,426
Light Co (& Subs)
101,124
16,852
'25
256,344
*117,976
12 mos ending Dec 31 '26 2,862,832 *1.458.770
206,757 1,252,013
'25 2,838,824 *1.401,509
202.305 1,199,204
Idaho Power Co
87,976
Dec '26
59,391
242,881
*147,367
69,598
'25
59,033
246,290
*128,631
12 mos ending Dec 31 '26 2,869,474 *1,549,651
867,462
682.189
814.167
'25 2.829,258 *1,501,827
687,660
Nebraska Power
161.732
Dec '26
425,213
*234,314
72,582
Co (& Subs)
126.779
.70,730
'25
394.024
*197,509
12 mos ending Dec 31 '26 4,397.178 *2.341,326
847,648 1,493.678
817,959 1.389,459
'25 4,165,173 *2,207.418
Now Orleans Pub- Dec '26 1,637,499
*636,122
421,401
214,721
lic Service Inc
373,784
211.441
'25 1.540.028
*585,225
12 mos ending Dec 31 '26 17,624.514 *6.545,937 2.528.261 4,017.676
'25 16.422,872 *5,844484 2,438,638 3.405,846
Pacific Power &
106,854
Dec '26
*168,020
61.166
326,773
Light (& Subs)
70,764
66.096
'25
320,997
*136,860
12 mos ending Dec 31 '26 3,751,266 *1,795.684
991,036
804,648
767,830
785.583
'25 3,545.421 *1,553,413
68,299
Portland Gas &
55.639
Dec '26
409,333
*123.938
77,671
Coke Co (& Subs)
51,694
'25
364,361
*129.365
831,938
12 mos ending Dec 31 '26 4,191,150 *1.477,232
645.294
868.513
553.929
'25 4.037.897 *1.422.442
262,003
Penn-Ohio Edison
1284,080
Jan '27 1,219,576
546,083
198,472
1250.572
Co
469,014
'26 1,079,776
12 mos ending Jan 31 '27 12.873.055 5.339,467 13,335,484 2.003,983
'26 11,326,307 4,418.480 13,074,471 1,344,009
399,690
153,204
*552.894
Texas Power &
Dec '26
895,485
267,536
83.273
Light Co (& Subs)
*350.809
'25
676,678
12 mos ending Dec 31 '26 7,794,378 *3,407,476 1,115.170 2,292.306
981.027 2,030,690
'25 6,898,306 *3,011,717
461,792
177.976
*639,768
Utah Power &
Dec '26
990.706
177,472
357,618
*535,090
Light Co (& Subs)
925.525
'25
12 mos ending Dec 31 '26 10,502.803 *5,974,489 2.126,552 3,847,937
'25 9,854,500 *5,370,356 2.139,345 3,231.011
-1,532
13,917
York
*j2,385
21,673
Jan '27
-1,788
13,806
Utilities
*j2,018
19.296
'26
-* Includes other Income. b Adler rents. c After depreciation. 1I3efore taxes. k Includes taxes. - Deficit. I Includes dividends on preferred stock of subsidiary companies in hands of public.
Companies.
In the table which follows we also complete our summary
of the earnings for the fourth week of February:
Fourth Week of February.
• 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:
Increase or
Decrease.
$
+946,994
101,323,883
-38.008
99.518,658
109,081,102 +24,561,652
11,764.296
102,920,855 +
112,904,074 -F 15.677,492
130,920,896 +18,571,582
139,644,601 +21.435.011
166,426,264 +12,989,753
176,936,230 +14,996,918
180,629,394 +13,361,419
148,132,228 + 10,065,218
134,504.698 -15,267,349
Note.-Percentago of Increase or decrease In net for above months has been:
1925
-Nov., 12.77% Inc.: Dec., 3.69% Inc. 1926-Jan., 0.93% Inc.; Feb., 0.04%
dec.; March,22.50% Inc.; April, 11.43% Inc.; May, 13.89% Inc.; June 14.18% Inc.:
July, 15.35% Ins.: Aug.. 7.86% Inc.; Sept., 8.48% Inc.; Oct., 7.35% Inc.
In November the length of road covered was 236,726 miles in 1925, against 235,917
miles In 1924: In December, 236,959 miles. against 236,057 miles; In JIMMY 1926,
236,944 miles, against 238,599 miles in 1925; in February, 2311,839 miles, against
236,529 miles:In March,236,774 miles, against 236,500 miles;in April,236,518 miles,
against 236,526 miles;In May,236,833 miles, against 236,858 miles; In June, 236,510
miles, against 236,243 miles: In July, 236,885 miles, against 235,348 miles; in August,
236,759 miles, against 236,092 miles; In September, 236.779 miles, against 235,977
miles; In October. 236,654 miles. against 236.858 miles.
-The Inter
Earnings of Large Telephone Companies.
State Commerce Commission at Washington has issued a
monthly statement of the earnings of large telephone companies having an annual operating revenue in excess of
$250,000. Below is a summary of the return:
-Gross from Railway- _Nei from Railway- -Nei after Taxes
1927.
1926.
1928.
1927.
1927.
1926.
5
Belt Ry of Chicago
119,841
January - _ _
561,487
102,586
572,852
148,972
161,968
Bellefonte Central
January ___
5,980
6,623
-92
-195
Chicago & Illinois Midland
January..... 212,118
38,483
63,919
93,962
72,173
42,483
Chicago Rock Island & Gulf
January ___
643,592
91,488
512,720
273,309
246,725
109,645
Denver & Salt Lake
January ___
344,989
376,276
94,658
80,633
74,596
100,658
Fonda Johns & Gloversville
103,006
January _
111,974
40,523
25,644
33,484
32,683
Kansas Okla & Gulf (Ind Kan Okla At Gulf Ry of Texas)
January
237,592 -27,921
215,729
23,570
29,909
37,664
Midland Valley
January ___
321.657
155,071
128,744
332,177
145,619
135,153
Pullman Co
January _ - 7.086,331 7,106,888 1.331,235 1,588,041
959,139 1,210,612
- Deficit.
Total Net
Fixed
Income.
Charges.
Balance.
$
$
$
Fonda Johns & Gloversv
Jan '27
*35.026
31.863
3,223
'26
*28.025
-3,572
31,597
NY N H At Hartford
Jan '27 *1.632.121 1,812,442 -180.321
'26 *1,835,765 1,829,389
6,376
* Includes other income. - Deficit.
showing is largely due to a substantial increase in freight revenue, which
was due to a larger volume of traffic. The decline In passenger revenue was
due to the continued development of hard surface roads and the constantly
Increasing use of public and private automobiles. This seriously affected
local passenger traffic. The other passenger train revenue, which includes
the Pullman surcharge, the earnings from Pullman cars, mail, express, milk
revenue and other passenger train receipts was an improvement over last
year.
The outstanding feature of the income account is the fact that traffic
representing an increase of over $6.000,000 in gross freight revenue was
accomplished, with a slight decrease in transportation expense. This is
largely a result of expenditures made in previous years for improvements,
that the property
which are beginning to show results. We point out also
was fully maintained. We spent $1,500,000 more than in the previous
and structures and $336,600 more for mainyear for maintenance of vra3
,
tenance of equipment.
The usual amount of additions and betterments work was completed, and
at this writing we have under construction two branch lines, one from
I3Illings to Ponca City, Okla., 28 miles, and one from Amarillo, Texas, to
the Canadian River, 46 unties. It is expected that both these lines will
furnish substantial freight traffic. We are completing the double tracking
of the Kansas Division, and the now track should be in operation by May 1
giving Us 150 miles of double track between Kansas City and Herington.
The property continues in excellent physical condition. Since the very
successful reorganization in 1917, when it was returned to the stockholders
without any foreclosure, more than $44,000,000 has gone into improvements and $32.000,000 into new equipment; the cumulative effect of which
has contributed very largely to the present gratifying showing. The maintenance is fully up to the standard of roads similarly situated, and the road
Is in shape to handle a large increase in its traffic without greatly increased
expenses.
In view of the foregoing, it was, a source of gratification to your board; o
0
directors to place the common stock upon a 551 dividend basis; which. we
$
Jan __ 480,062,657 484,022,695
Feb __ 459,227,310 454,198.055
March 28.905,183 485,236,559
April
98,448,309 472,629,820
May _ 16,467,480 487,952,182
June
38,758.797 506,124,762
July__ 55,471,276 521,596,191
Aug_ _ 77,791.746 553,933,904
Sept__ 588,945,933 564,756,924
Oct _ _ 04,052,017 586.008,436
Nov_ _ 59,935,895 531,199,465
Dec._ 25,411,572 522,467,600
-3,960,038 102,270,877
+5,029,255 99,480,650
+43.668,624 133,642,754
+25,818,489 114,685.151
+28,515,298 128,581,566
+32,634,035 149,492,478
+33,875,085 161,070,612
+23,857.842 179,416,017
+24,192,009 191,933,148
+18,043,581 193,990,813
+28,736,430 158,197,446
+2,943,972 119,237,349
December
December
12 months
12 months
192$____
1925____
1926_
1925____
No. of Co.
&alions in
Service.
Nov. 30.
13,870,287
13,025,038
13,870,287
13,025,038
Gross
awnings.
Operating
Expenses.
Net
()paroling
avenues.
Operating
Income.
77,966.184 52.561.181 25.405,003 18.856,678
71,068,128 49,119,278 21.948,850 16,146.844
877,822,374 587,814.627 290,007,747 211,343,215
792,472,642 539,083,236 253,389,406 186,777,700
FINANCIAL REPORTS
Chicago Rock Island ilk Pacific Railway.
(tintitml Report-Year Ended Dec. 31 19260
Charles Hayden, Chairman, and J. E. Gorman, Pres.,
Net Earnings Monthly to Latest Dates.
-The table Chicago, March 2, wrote in brief:
following shows the gross and net earnings for STEAM
The net Income from the operation of the property amounted to $10 62
per share on the common stock, after the payment of preferred dividends
railroads reported this week:
a result wnich speaks for itself. You vrill observe, the greatly increased
MAR. 12 1927.]
THE CHRONICLE
think, marks the return of the company to the prestige which it enjoyed
for so many years prior to its receivership in 1916. It is a result for which
we have hoped for many years, and which we believe is fully justified by the
company's record in the last few years and by its present prospects.
At the time of the receivership, many interests were urging the necessity
of a foreclosure of the refunding mortgage, but it seemed to the reorganization committee that the refunding bonds, bearing only 4% interest, should
not be disturbed, as in any readjustment of that security the interest charge
ahead of the stockholders would have been substantially greater. The
committee felt that by giving a good preferred stock to the shareholders for
their assessment, they would receive a security which ultimately would be
worth the amount of the assessment: and that, by foregoing dividends on
the common stock for a period of years and putting the money into improvements, the property would ultimately be in shape to be a regular and
steady dividend payer.
Your board of directors believes that the carrying out of that policy since
the reorganization is responsible for the company's present condition.
INCOME ACCOUNT FOR CALENDAR YEARS.
1501
Motor Securities Corp. and the White Motor Realty Co.
are also given.
COMPARATIVE INCOME ACCOUNT.
Calendar Years1925.
1926.
1924.
1923.
Oper. profit (after deducting mfg., selling,
service & adm.exp.)-- $1,959,538 $4,692,104 $3.866,110 $7,022,209
Discount on purch.,
int. earned & miscell..
582,029 1,129,772
other income-net _ _
948,180
876,073
Total income
82.541.567 85,821,876 $4,814,290 $7,898,282
Less-Int.& exp.on borrowed money
105.042
83,615
Estimated Fed. taxes_
765,000
358,000
625,000
850.000
Adj. earns, of subs
Cr.219,369
Cr.382.724
Net profit for year.... $2,566,291 $5,276,246 $4.084,248 $6,964,667
Previous surplus
14,810.403 11.534.157 9,425.739 4.461,073
1926.
1925.
1924.
1923.
102,203.024 95.923.398 95.185,730 93,109.327
Total surplus
$17,376,694 $16,810,403 $13,509.987
23.857.117 24,356.632 25.886,047 27,458.814 Dividends (8% cash)__ - 2,900,000 2,000,000 2,000,000 $11,425,740
2,000,000
2,597,828 2.515.758 2,576,690 2.636,220
do (20% stock) _
5,000.000
3.658,133 3.649.875 3,409,277 3.518,313 Provision for prior year's
2,292,088
1.786.406
1.756.728
Federal taxes in excess
1.710.990
814,136
817,825
707.012
659.895
of payment
Cr.24,170
2,488.191
1,633,352
1.359.027
1,309,527
Surplus Dec.31
89,476,694 $14,810,403 $11,534.157 89,425.739
Total operating rev 137,911,415 130,683,246 130,880,512 130,403.086 Shares capital stock outOperating Expenses-.
standing (par $50)
500.000
800.000
500.000
500,000
17,145,109 15,622,835 15,086,589 15.669,452 Earnen per share
Maint.of way &struct
$10.55
$3.21
$8.17
$13.93
Maint. of equipment... 28,607,808 28.271.705 27,937,080 29,153,666
BALANCE SHEET DEC. 31 (INCLUDING SUBSIDIARIES).
3,021.627 2.941,232 2.629,300 2,410,660
Traffic
1928.
1926.
1925.
Transportation
1925.
49.848,490 49.868.630 51,781,162 54,103.307
LtabtlatesAssets$
5
8
Miscellaneous operations 1.123,752 1.152.292
$
943,262
833.611
Capital stock
40,000,000 25,000,000
General
3.934,834 3,754.781
3,601,701
3,371.291 Bidgs., real estate,
a9,110,329 7,864,179 Acc'ts payable_ _ _ _ 3,325,173 4,408,656
&c
Transp. for investment_ Cr.869.364 Cr.841,989 Cr.772,549 Cr.551,852
Operating Revenues-
Pre*ht
Passenger
Mail
Express_ _ _
Other transportation
Dining & buffet car
Miscellaneous
Total ry. oper. exP-102,812.256 100,769,486 101,206,546 104.990,136
Net revenue from oper 35.099.160 29,913.760 29.673,966 25.412,950
7.490,680 7,037.771
Tax accruals
6,571,087 5,600.634
Uncollectible revenue.-68.620
76,044
56.722
17,002
Total railway oper.inc 27,539.860 22.799.945 23,046.156 19.795.314
Other Income
Rent from equip. (other
than freight cars)_ _
Joint facilities and misc.
rent income
Inc. from lease of road_
357,987
Miscellaneous income_ _ _
296,394
305,949
549,329
848,727
34,766
716.973
744,869
34,764
1.001,916
780,969
34.393
365,161
717,140
38.737
490,243
Gross income
29,498,308 24,877,887 24,532,629 21.590,763
Deductions
Hire of fgt.cars(deb.bal.) 3.761,215 3,328,423 3,758.492 3,317,118
Rent for equip't (other
than freight cars).....
472,823
404,794
564,580
865,166
Joint fedi. & misc. rents 1,953,235
1,989,765
1,908,417
1,855.778
Rent for leased roads....
161,009
172,734
265,831
408.554
Int. on fund. & unf. debt 11.475,619 11,861.206 11,030.796 10,483.184
Other charges
158,527
154.833
169,293
179.460
Total deductions
17,982.427 17,911,756 17,697.409 17,109.260
Net income
6.966,132 6,835,221
11,515.881
4,481,502
7% preferred dividends- 2,059,547 2,059.547 2,059.547
2.059.547
6% preferred dividends- 1,507,638
1.507.638
1,507.638
1,506,588
Balance, surplus
7,948.696
Per cent on common stk..
10.62%
3,398.947
4.54%
3,268.036
915.367
1.22%
4.36%
PROFIT AND LOSS ACCOUNT DECEMBER 31 1926.
Credit balance Dec. 31 1925
$21,251,161
Surplus for year 1926 (as above), $7.948.696; profit and loss on
property and securities sold, $21,801; sundry credit adjustaffecting current fiscal year. $33,785
ments, &c., not
8.004.282
Total credits
$29.255.443
--Depreciation on tracks removed. $251,552; structures
Less
sold, removed and destroyed, $163,668; equipment sold,
dismantled and destroyed. $603,739
1.018,959
Property abandoned-Homestead-Watonga, Preemption Cable
and Winnfield-Parkton lines
449,057
Expenses in connection with issuance of funded securities,
$3,422: Galveston Terminal Ry., advances, $39,797: sundry
debit adjustments, &c., not affecting current fiscal year,
$13,902
57.121
Credit balance Dec. 31 1926
$27.730.307
CONDENSED GENERAL BALANCE SHEET DECEMBER 31.
Assets-
1926.
$
1925.
Investments:
Road de equip.416 675,067
Imp.on leased
573,524
railway prop
Misc, physical
property__ 2,416,828
Affiliated cos_ 18,057,570
Other investm'is
766,064
Cash,time drafts
& special dep. 10,857,487
Loans & bills rec
20,348
Material & supp 10,368,840
0th. curr. assets 6,300,075
Other (lef. assets
91,682
Rents & insure°
premiums paid
In advance.._
205,753
0th. unadjusted
dahlia
2,770,212
409,703,663
524,661
2,467,581
18,155,978
168,187
6.247,442
3.489
11,404,616
19,235,543
81,300
39,211
1,747,041
Total(each side)469,193,446 489,778,732
-V. 124. p. 787.
1926.
Liabfflites7% pref stock__ 29,422,189
0% pref.stock__ 25,127,300
.
Common stock_ 74,482,522
Funded debt_ _ _256.058,235
Non-negot. debt
to affird cos__
87,100
Loans&bilis pay
Audited accts. &
wages payable 9,303,322
Interest & dim
matured unpd 1,175,431
Unmatured int.
& rents accr'd 2,495,241)
Misc. accts. pay 3,373,970
Other def'd liab_
639,556
Tax liability__
. 5,422,969
Accr.depr. equip 27,654,656
0th. unadl. cred 5,384,238
Addlis to prop.
through Inc.&
surplus
746,410
Profit and loss_ 27,730,307
1925.
29,422,189
25,127,300
74,482,522
265,374,815
62,100
1,584,600
10,032,796
1,182,541
2,676,443
2,976,491
90,677
4,258,095
25,119,764
5,536,977
701,461
21,251.161
General Motors Corporation.
(18th Annual Report-Year Ended Dec. 31 1926.)
The joint remarks of Chairman Pierre S. du Pont and
.
President Alfred P. Sloan Jr., together with a comparative
income account and balance sheet, and other tables, will
be found under "Reports and Documents" on subsequent
pages. The report also contains the balance sheet of General Motors Acceptance Corp. as of Dec. 31 1926.
Our usual comparative income account was given in
V. 124, p. 1211, and a comparative balance sheet in V.
124, p. 1367.
The White Motor Company, Cleveland, Ohio.
(Annual Report-Year Ended Dec. 31 1926.)
The remarks of President Walter C. White, together with
the income account and balance sheet as of Dec.31 1926, will
be found under "Reports and Documents" on subsequent
pages. The income accounts and balance sheets of White
0'd-will, pats.,&c 5,388,910
by.In Will. cos_ _b1,509.601
Inventories
21,573,949
U.S. Govt.secure.
White Motor Securities Corp_ _
Notes receivable__ 5,425,424
Acets receivable__ 5,884,883
Cash
2,329,258
MLscell. accounts
receivable, &c_. 273,788
Stock of other cos_ 2,100,844
Prepaid rentals,
taxes, int., &c__ 518,782
5.388,910
1,126,877
16,662,833
1.525,157
658,778
3,713,890
6,353,566
1,723,994
Deposits
69,199
113,917
Accr. taxes, &c_
104,698
97,012
Fed,taxes reserve. 358,000
765,000
White Motor
Realty Co
27,771
15,483
White Motor
Securities Corp_
138,805
Contingencies res. 615.429
698,187
Surplus
9.476,694 14,810.403
215,011
240,593
434,870
54,115,768 45,908,658
Total
Total
54,115,768 45.908,858
a After deducting $3,741,670 allowance for depreciation. b Includes
common stock of White Motor Securities Corp. (book value) $1,005.232
and capital stock of the White Motor Realty Co.(book value) $504,389.
-The White Motor Co. has guaranteed the principal amount of
Note.
$2,500,000 of 7% preferred shares of White Motor Securities Corp. and
tne payment of regular dividends thereon. There was a contingentliability
as of Dec. 31 1926 in connection with $11.975,414 of customers' notes
receivable sold to White Motor Securities Corp. under agreement to repurchase in case of makers' default. Al of these notes are secured by
-V. 122. p. 2226.
direct lien on trucks.
Lehigh Valley Railroad Company.
(73d Annual Report-Year Ended Dec. 31 1926.)
President E. E. Loomis, Feb. 23, reports in substance:
General Remarks to Owners of Railroad Securities.
--Wo7 amilreF yeer the railroads have
irlinited States what is
undoubtedly the best transportation service ever offered. Despite the
enormous traffic they were called upon to handle, with loadings averaging
in excess of a million cars a week, there was no general car shortage and no
Tthheanf
financial showing made by the railroads as a whole likewise was betcongestion.narecent years. However,they did not earn the 5%% on the value
in n
ter
of their properties used for transportation purposes, which rate the Interstate Commerce Commission has declared to be fair.
Whether the present position of the railroads can be continued in 1927 is
open to question. Business conditions at the beginning of the year seem
satisfactory and any serious reduction in traffic is not to be expected.
Special factors affecting the railroads particularly, however,serve materially
to increase their cost of doing business. There is, for instance, the problem
of meeting the wage increases to employees made either voluntarily, through
mediation, or as a result of an award of a Board of Arbitration. The
% advance awarded to conductors and trainmen alone is expected to
increase the annual payroll of the Eastern roads over $15,000,000, which
means, assuming a continuance of the present basis of operating expenses,
consuming 75% of revenues, that they must have additional gross revenues
of 860,000,000 if their financial showing is to be as good in 1927 as it was in
1926.
Another complication is the steady increase of State and local taxation,
which, while falling upon all, is a particular burden to the railroads. This
is especially true where carriers are confronted with the fact that every improvement they make for the benefit or convenience of the public immediately becomes the cause for increased taxation. Many of these improvements, too, are to be classed as non-revenue producing, that is, while they
entail a heavy expenditure to the carriers they do not serve to increase their
income or reduce their expenses.
Railroads pay taxes, for instance, which are used in many cases for the
construction ofimproved highways. As the use of these highways increases,
there are demands for the seapration of their grades from those of railways
which may intersect them. A large part of the cost of crossing elimination
is imposed upon the railroad company and the resulting new bridge frequently becomes a subject for new taxation.
The nation-wide drive for economy in the expenditures of State
governments is one warranting the interest and co-operation ofand local
all good
citizens. This does not indicate any disposition to stand still or retard
community development but means that officials charged with the duty of
expending public funds are put upon notice that such expenditures must be
justified and that no suspicion
fully
ated.
of waste or extravagance will be toler-
The legislative situation, from a national point of view, is an
one. Congress has concerned itself with other matters and theencouraging
transportation industry has benefited. There is still a disposition on the part of some
politicians to seek to make questions of freight and passenger rates
subject
for legislation rather than judicial determination at the hands of the wellqualified Inter-State Commerce Commission, but fortunately their efforts
have accomplished little. Unmistakable indications from the general public
that it was satisfied with existing railroad conditions and did not look with
favor upon political interference in the situation has had full effect. That
the public will continue this attitude promises much for the railroads and
for the prosperity of the country in 1927.
Financial.
-During the year the final installment of $500000 collateral
Trust 4% bonds matured and was paid. As a result securities amounting
to $4,410,150. which had been under pledge as collateral, were released
At the close of the year company held in its treasury unpledged securities
amounting to $38,287,101, and in addition $40,671,000 securities of its
own issue, viz.: General consolidated mortgage bonds, $38,071,000; consolidated Real Estate Co. bonds, $2,600,000.
Company has practically no maturities of outstanding obligations to
meet for the next 12 years, when an issue of 68,500,000 becomes due, the
refunding of which is provided for in the general consolidated mortgage.
Since Sept, 30
the date of the general consolidated mortgage, expenditures of approxim
1903.atel9 $69,000,000 have been made for additions and
betterments to the property and for other capital purposes, against which
no new or additional securities have been issued.
The bonds of the Lehigh Valley RR. and its subsidiaries in the hands of
the public as of Dec. 31 1926 amounted to 8125,989,000, a reduction of
$477,090 compared with a year ago. The average interest rate is 4.62%.
Company has no equipment trust obligations.
Road and Equipment.-Expendltures for additions and betterments to
road and equipment during 1926, including expenditures on properties of
subsidiary companies, amounted to $8,609.651
1502
THE CHRONICLE
Growth of business in the Borough of the Bronx, N. Y. City, has made
additional facilities necessary that company might handle its expanding
traffic efficiently. Improvements are now under way at the freight terminal at 149th Street and Harlem River which will increase its capacity from
27 to 171 cars.
Two additional inland freight stations for receiving and delivering freight
In New York City were opened. This brings the number of these stations
to four, which are in addition to the freight terminals located on the Hudson. East and Harlem rivers.
Other additions to the freight handling facilities were made at Pier 8,
Hudson River, New York; Claremont Terminal, Jersey City; Newark,
Perth Amboy, Allentown, Wilkes-Barre, Pittston and Sayre. Construction of a new brick and concrete freight house and office building at Suspension Bridge was begun.
Construction of a new double-track tunnel through Musconetcong
Mountain,immediately south of the present tunnel, was started. The new
tunnel will be 4.850 feet long and will provide ample clearance for the largest
locomotives and cars.
As a result of continued study of the advantages to be gained through the
substitution of motor equipment for steam trains on branch lines and where
-electric motor
passenger traffic demands are light, company added 4 gas
cars and 5 trailers to its equipment. Six additional motor cars and 8 trailers
have been ordered.
The 500 automobile cars. 500 steel coal cars and 100 mill type cars ordered
in 1925 were received and put la service and orders were placed during the
year for 500 box cars, 500 steel coal cars and 200 automoolle cars.
.General Remarks.
-Revenues from the operations in 1926 were the greatest in its history, and net income from railway operations also was larger
than in any previous year. As a result, it was possible to declare an extra
dividend of 3%,or $1 50 a share, in addition to the regular annual dividend
of 7%.
The strike of anthracite miners which prevailed at the close of 1925 continued in January and for a part of February, materially reducing earnings
from the transportation of coal. Resumption of mining, together with
Prosperous conditions prevailing throughout the country, enabled company
to offset these earlier losses.
-New industries located along the Lehigh Valley during
New Industries.
the year totaled 116. 91 of them with direct track connections. To serve
these and other manufacturing concerns, which enlarged their facilities or
made additions to their plants. 5.92 miles of new track were laid and 2.32
miles of new yard tracks and sidings were also constructed, a total of 8.24
miles.
Taxes.
-Taxes in 1926 amounted to $4,193,976, an increase over the preceding year of $589,794.
GENERAL STATISTICS FOR CALENDAR YEARS.
1923.
1924.
1925.
1926.
31,164,643
Tons revenue freight__ _ 31,987,676 28,090,749 30.224,907 5867909,828
Tons freight one mile---5965771928 5588344,125 5873147,686
666,782,592 $60,742,356 663,522,307 $63,122,821
Freight revenue
$2.02546
$2.10265
$2.16236
Average revenue per ton $2.08776
1.104 cts.
Avge.rev. per ten per m. 1.156 cts. 1.121 cts. 1.109 cts. 4,217,844
3,722,319 4.040,013 4,020,252
Passengers carried
Pass. carried one mlle__ _271,921,702 273,152.655 253,565,671 232,363,980
$7,936,047 68,034,040 $7,888,392 $7,406,346
Passenger revenue
$1.75696
$1.912
11.98962
$2.132
Avge.revenue per pass- _
Av.rev, per pass. per m_. 2.919 cts. 2.941 cts. 3.032 cts. 3.187 cts.
66,683
$11,208
$12,404
$14,295
Net op. rev. p.m.of road
INCOME ACCOUNT FOR CALENDAR YEARS.
1923.
1924.
1925.
1926.
1,374
1,375
1,370
1.364
Average miles operated..
Operating Revenues
623.148.359 $26,392,972
Anthracite coal freig,ht_ _622,870,175 617.888,896
1,722,397 2,233,608
1.696.396
Bituminous coal freight_ 2,274.316
41,638,101 41.157.064 38,681,551 34,496,241
Merchandise freight_
7,936,047 8.034.040 7,688,392 7,406,346
Passenger
298,641
304,396
307,770
305,265
Mall
1,139,562 1.370,422
1,444,285
1,382,808
Express
Other transp. revenue... 2,892,729 2,715,050 2,671,466 2.661,686
1,075,237
1.189,577 1,018,683
1,171,205
Incidental revenue
Total oper. revenue...180,453.150 $74.430.573
Operating ExpensesMarkt. of way & struc_ - $9,176,529 $8,574.787
Maintenance of equip't_ 17.190,980 15,910.834
1.491,868
1.573,921
Traffic expenses
Transportation expenses 30,935.758 29,361.230
373.274
421,508
Miscellaneous operations
1,674,232 1,735.378
General expenses
13.981
14.291
Transp'n for invest.-Cr
$76,374.805 $75,935,154
18,421,393 $7,812,892
18,609.488 23.782,227
1,176,966
1,400.377
30,558,447 32,140,661
302,
345,476
1.563,962
1,647,798
5,202
15,012
[vol.. 124.
Simms Petroleum Company.
(Annual Report-Year Ended Dec. 31 1926.)
The report of the directors, signed by Chairman Thos. W.
Streeter and President Edward T. Moore, together with a
comparative income account and balance sheet for the year
1926, will be found under "Reports and Documents" on subsequent pages.
INCOME ACCOUNT FOR CALENDAR YEARS.
[Including Simms Oil Co. and Trinity Drilling 00.1
Calendar Years1923.
1924.
1926.
1925.
Production (barrels)____ 3,692,770 4,252,967 4,054,362 3,959.057
Production revenue_ ___ $8,424,823 $8,643,836 $6,288,510 64,050,342
Operating expenses
1,620,539
3,790,543 2,939,550 2,019,569
784,754
Development expense
Net profit from oper $4,634,080 $5,704.288 $4,368,941 61,645,049
Tank car earns., int.,&c.
276,057
110,976
266,037
317,549
Gross income
94.951,629 65.970,323 64.379.916 $1.921,106
Rentals, franch., taxes,
Interest, &c
208,131
240,640
348,801
456,444
Labor & prod,drill. cost_
595,327
984,548
821,060
Prov.for Federal taxes_
160,000
252.347
238,452
Miscellaneous
243,056
377,369
670,768.
872,821
Depreciation
1,078,979
1,296,891
448.452
Depletion
510,459
518,202
508,468
Dividends paid
341,611
686,144
684,775
$341,408
Balance, surplus
$805.254 $1,951,960 $1,580,607
Capital & earned surplus $6,716.697 $6.683,247 $7.589.947 $6,800.371
Shares capital stock out664,042
standing (par $10)
683,251
684,492
686.585
$0.51
Earned per share
$2.81
$2.17
$3.85
CONSOLIDATED BALANCE SHEET DEC. 31.
(Including Simms Oil Co. and Trinity Drilling 00.1
1925.
1926.
1926.
1925.
5
Assets
LiabilitiesProperty, tanks,
Cap.stk.(par $10) 6,865,850 6,844,920
pipe lines, &c_ _xI2,705,120 11,031,645 3-yr. 65 gold notes 3.431,500
,
449,000
Cash
1,400,517 1,170,367 Equip, trust etre_ _
651,749
U.S. Treas. notes_ 1,500,000
701,582 Accounts payable_ 809,214
Call loans
129,527
Accr. tax., Int.,&c. 153,268
300,000
342.246
Cash in sk. Id. for
Divs. payable_ ___ 343,293
3-yr. gold notes..
Due to Mill. co......9,102
20,000
Investments
548,641
953,803 Res.for contin.,&c. 1,571,970 1,525.421
Accounts. notes &
Res've for canting.
160,000.
accruals reedy_ y1,246,334
850.122 Federal tax_ - 160,000
6,716,697 6,683,247
Inventories
2,113.783 1,956,707 Surplus
Deferred assets_
226,497
121,884
20.060,892 16.786,110.
Total
20,060,892 16,786,110 Total
x After depreciation and depletion, amounting to $10,948,312. y After
deducting $28,952 reserve for doubtful notes and accounts.
Note.-Sinuns Oil Co. had contingent liabilities of $277,716 at Dee. 31
1926 on account of deferred payments for sundry leases to be made if. when
and as oil is produced and sold.
-V. 124, p. 1233.
The Borden Company and All Subsidiaries.
-Year Ended Dec. 31 1926.)
(8th Annual Report
The remarks of President Arthur W. Milburn, together
with the income account and balance sheet, will be found
under "Reports and Documents" on subsequent pages of
this issue. President Milburn in his remarks says that
the year 1926 marked another period of progress of the
company and one in which record sales and earnings were
established and the company's financial position further
strengthened.
CONSOLIDATED INCOME AND PROFIT AND LOSS STATEMENT
FOR YEARS ENDED DECEMBER 31.
1923.
1924.
1925.
1928.
Total operating exp__$60,958,636 $57,433,390 660,967,969 $66,754.214
$
$
$
$
9,180,940
Net operating revenue__ 19,494,514 16,997.183 15,406.837 2,327,243 Gross sales
124,912,098 123,352,833 109,666,633 100,245,160
Total tax accruals, &c.._ 4,205.776 3,621.582 3,217.086
Net oper. profit (after deducting all oper.chgs.,
Operating income____$15,288,738 $13,375,601 612,189,751 $6,853,697
incl. deprec'n,insur.&
1,251,159 2,238,328 8,681,062
1,740,211
Dividend income
7,528,467 6,899,856 5,790,135 5,372,876
property taxes)
902.232
1,019,629
1,423,810 1.241.072
Miscellaneous income
Cr.544,202 Cr.395,178 Cr.284,672 Cr.256,305
Interest(net)
605.885
662.101
997.799
19,583,294 Federal tax (estimated).. 1.218.928
Total other income._ _ $3,164.021 $2.492.232
16,436,991
18,452,759 15,867.833
Total income
6,297,235 5,412,706 5,023,297
6,853,741
Net income
Income Charges
450,000
450,000
450,000
6428,875 Dividends-Pref. (6%)$044.061
$1.588.811 $1.154,456
Hire of equipment
do Common......
(1O%)3.154,479(8)1,940,387(10)2136,800(8)1,709,440
Cr.102.678 Cr.273.835 Cr.145,859 Cr.148,099
Joint facility rents
Rent for leased roads _ _ 2,342,039 2,345.825 2,301.307 1,870,970
3,699,262 3,906,848 2,825,906 2,863,857
315,893
Balance, surplus
336,057
298,496
321,659
Miscellaneous rents..
12,211,335 9,310,979 8,650,773 7,817,532
528.067 Previous surplus
455.139
386.986
534,714
Miscell. tax accruals_
Interest on funded debt_ 3,529.005 3,552,588 3,802,695 4,407,731 Earnings applicable to
560,973
prior period,&c •
31,549
115.066
107,330
36,457
33,124
Int. on unfunded debt
332,072 Prem. on sale cap. stk.. 1,974.960
294,941
320,296
184.972
Misc,income charges_ _ _
13,778,800 11,476,679 10,681,389
Total
Total deduc.from inc- 68.431,646 $7.821,269 $8,095,689 $7,850,377 Approp. to reserves........ 17,917,107 1,365,727
1,917,510
1.950,633
x1,366,803
10,021,113 8.046.564 7,352,038 8,586,612
Net income
10,630 Good-will reduction__
64,676
10,630
10,630
10.830
Preferred dividends_
65.985
79,716
28,798
6,050,170 4,235,119 4,235,119 4,235,119 Int.on subser. to cap. Ertic
Common dividends
113,106
149,080
122,022
Lesson prop. & sec. sold
68,868
Surplus
$3,960.313 63,800,814 63,106,288 64,340,863
12,211,335 9,310,979 8,650,773
P.& L.surp. Dec. 31_ 16,387.960
Shares common stock
1.210 034 Shares com, stock out1,210,034
1.210.034
outstanding (par $50)- 1,210,034
y213,681
y242,549
548,608
e.09
630,896
standing (par $50)...$6$8.07
Earned per share on com
$8.27
$21.411
$20.46
$10.65
$10.86
Earned per share
x Including as in previous years provision for profit sharing amounting
.64
DECEMBER 31.
BALANCE SHEET
$100.
for 1926 to $838,495. y Par value
1925.
1926.
1925.
1926.
$
s
Liabilities-Assetss
$
GENERAL BALANCE SHEET DECEMBER 31.
Road & equip-a109,445,761 106,332,473 Common stock.. 60,501,700 60,501,700
1925.
1926.
1925.
108,300
1926.
106,300
Preferred stock..
Impts. on leased
i
Liabilities$
$
77,727,000
Assets$
By. property_ 1.849,467 1.381,452 Funded debt--b77,250,000
31.544.800 27,430,300
Capital stock
Property account_34,221,996 34,359,397 Mortgages
170,502
misc. phys. prop 2.603,111 3,205.112 Traffic, &c., bal.
201.250
162,000
4
10,238,058 8,663,380
52'54
33,110 Accts. & wages_ 6,419.275 4,875.665 Cash
10,450
264,000
Sinking fund......
823,226 Receivables, .544 5,359,589 Pus', money notes_ 198,000 6,000,000
529,789
Misc. accts. pay
Inv. in Mill. cos.:
409,436 Marketable secur_ 8.218,526 5,022,491 Note due June 19276,198,815 6,228,493
401,315
53,520,689 53,520.698 Int. mat'd unpd.
Stocks
payable..
9,039 Finished goods...... 3,959,194 5,086.749 ACCOUntaAccounts.
20,856,130 20,856,130 Divs. mat'd unp
11,265
Bonds
Raw math.suppl_ 2,799,040 2,618,969 Accruals
Advances_ _ .- 21,403,764 17,969.635 Unmatured diva.
184.574 taxes (est.). &o_ 2,937,329 2,759,244
Deferred assets......
declared
21,383
3,282
Other Investm'ts 11,729,821 12,663,624 Funded debt ma- 2,876,488 1,061.437 Trade-marks, pat- 107,392
Deferred credits__
1,448.651
Agents & conduc 1,447.869 6,906.603 turn!
65,000
ents & good-will. 2,500.000 2,500.000 Insurance, contin- 9,286,562 8,659,143
15,000
unpaid- 6,145,541
Inventories gency, &c., res_
521,951
Unmet. Int. accr
511,408
16,387,960 12,211,335
Loans and bills
Surplus
2.351 Unmatur'd rents
2,152
receivable_ _515.151
55,630 accrued
515,067
38,511
66,718,749 63,775,149
Special deposits_ 8,752,407 4,963.874 Other curr. liabll
66,718,749 63,775,149 Total
346,798
Total
325,519
Cash
Hudson
269,712
176,829 Deferred Ilabil's.
129.966
697,946
a Property. plant and equipment (Including Madison Avenue andMadison
Traffic, &c., bals
mortgage on
1,220.185 Tax liability__ 3.290.955
Street office building properties), $49,809,695; less
Misc. accts. rec.. 1,669,157
2467 :81
259,777 Accrued deprec_ 23,917,342 22:3182211 Avenue office building of $1,890,000; reserve for depreciation, 613,697,699.
255,916
Int. & dim rec_
14,288 UnadJ. credits__ 2,013.456 1,225,232 -V. 124, p. 1223.
9,572
Rents receivable
175,859 Add'ns to prop't
275,214
Other curr assets
129,740
through sum_
Chrysler Corporation.
143,883
63,441
66,506
Deferred assets_
Profit and loss__ 63,094,673 59,260,895
UnadJus'd debits 1,443,918 1.642.064
-Year Ended Dec. 31 1926.)
(Annual Report
with
242,223,903 232,891,758
242,223,903 232,891.758 Total
The remarks of President W. P. Chrysler, together1926,
Total
of Lehigh Valley RR. proper (Phillipsa Represents only road property total road and equipment investment the income account and balance sheet as of Dec. 31
burg, N. J. to Wilkes-Barre). The subsidiaries owned by the company,
will be found under "Reports and Documents" on a subof the system, including transportation
shown after deducting $40.686.000 held
Is $247,743.518. b Funded debt is
sequent page.
-V. 124, p. 1216.
in treasury.
MOM
MAR. 12 1927.]
THE CHRONICLE
INCOME ACCOUNT FOR CALENDAR YEARS.
1926.
1925.
x1924.
Gross profitfrom sales ofauto.& parts$29,074,113 $28,630,038 $15,076,495
767,001
661,523
Interest and brokerage
177,539
Total income
$29,841,114 $29,291,561 $15,254,034
DeductAdmin., selling, adv.& gen. exps_ __ - 11,945,619
9,410,127
6,777,700
Interest paid & accrued
252,186
284.298
931,620
Portion of def. devel. exp. of Chrysler
cars charged off
424,124
Deprec. & amort. of tools & dies......
2,474.493
Loss from mach. sold or scrapped_
41,211
2,471,000
Prov. forest. U. S.& Canadian taxes 2,194,722
489,346
215,448,587 $17,126,136 $4,115,540
Net income for year
13,867,768
6,782 32,728,581
Balance Jan. 1
Cap.stk. sold, less misc, cap.stk. adj.
22,420
Total
629,316,355 $17,132,918 $36.866,541
Cost of class B stk. of Maxwell Motor
Corp. purch. & against which no
stock of Chrysler is issuable
1.514,750
Dividend on pref. stock
1,725,588
1,750,400
Dividend on common stock
8,121,240
Misc, surplus charges
121,925
Amt.of class A stk. issued in excess of
the principal amount of cony. s. f.
debs. cony, as of Dec. 31 1924
1,421,367
To ch'ge off bal. heretofore classified
as def. charges, incl. unamort, portion ofdevelopment exp.ofChrysler
•
car
1,173,307
Provision for special contingencies_
500.000
Reduction of good-will val. to $25.000,000
30,296
Surplus, Dec. 31
$19,347,602 $13,867,768y$33,741,571
Shs. com. stock outstanding (no par) 2,707,080
2,717.640
z617,948
Earned per share
$5.07
$5.67
23.56
x Predecessor company (Maxwell Motor Corp.). y Represented by (a)
class B stock (no par value) paid in or contributed capital, including sale
of class B stock, $33,734,769: (b) surplus resulting from activities of the
corporation between June 1 1921 and Dec. 31 1924, $6,782: total, $33,741,571. z Class B stock of no par value, Maxweh Motor Corp.
CONSOLIDATED BALANCE SHEET DECEMBER 31.
1926.
1925.
1926.
1925.
Assets
Liabilities--$
$
$
$
Land, bldgs., maInvested capital_ _y55,877,834 56,259.940
chin'y dr equip_x24,104,328 20,163,130 10-yr 5358
1,684,000 2,708,000
Good-will
25,000,000 25,000,000 Empl.dep. for stk.
Cash
8,500,427 4,643,101
purch
90,597
Marketable secure. 7,819,642 13,391,590 Accts. payable
6,702,560 7,380,035
Car ship'ts against
Prov. for Fed. tax 2,194,722 2,471,000
D of L drafts___ 3,798,469 3,212,997 Aecr. int., tax., &c 199,817
150,196
Notes receivable__ 2,400,669 1,439,436 Divs. payable__
2,492,667
439,662
Accts.recless allow 1,272,250 1,233,260 Dealers' & distrib.
Pref. stk. Bk. fund
170
deposits
304,019
271,195
Inventories
16,417,102 14,812,835 Reserves
1,319,825 2,054,702
Other assets
497,128
430,036 Surplus
z19,347,602 13,867,768
Deferred
403,459 1,276,113
Total
90,213,643 85,602,497
Total
90,213,643 85,602,497
x Land, buildings, machinery and equipment after deducting $10,856,525
reserve for depreciation. y Represented by 214,704 no par preferred A
shares and 39 shares deliverable under the Maxwell plan, and $2,693,665
no par common shares, and 13,415 shares deliverable under the Maxwell
plan. z Comprises appropriated surplus of $2,431,468 on account of
repurchase of capital stock; $169 on account of payments to sinking fund
and unappropriated surplus of $16,915,964 upon retirement or sale of capital
stock, $2,431,468 will become part of unappropriated surplus.
Note.
-Material in transit amounting to $1,314,014 was not included in
either assets or liabilities.
-V. 124, p. 240.
1503
Such a return is insufficient and non-compensatory, especially when it is
considered that the fair present value of our property upon which the rate
of return should be computed is in excess of its book cost.
Taxes on the telephone plant involved in furnishing service and on the
revenue derived from telephone operations for the year amounted to
$13,591,590, which is at a rate of $5.41 per telephone. Balance of earnings
before taxes was $18.04 per telephone. Thus it requires the earnings of
3 telephones out of every 10 to pay taxes.
On Jan. 2 1926, $75,908,000 common stock was sold and the proceeds
were devoted to liquidating a like amount borrowed from the American
Telephone & Telegraph Co. New money requirements for additions to
property during the year were financed by loans from that company.
The Rate Situation.
-The proceedings before the P. S. Commission was
State of New York.
the Commission on May 26 1926 by a divided vote of 3 to 2.
decided by
The dissenting Commissioners recommended rates for N. Y. City that
would yield substantially more than those prescribed by the majority
Commissioners effective on and after July 1 1926. These latter rates,
however, while still far from adequate, are intended by the Commission
to yield substantially more annually than the rates with surcharge which
the company was collecting under the temporary injunction order granted
In the Federal equity suit in 1924.
Company has in that suit, by supplemental bill of complaint,also attacked
the new rates effective July 1 1926, in N. Y. City as insufficient and confiscatory, and it is hoped that the trial of the suit may be concluded before
the end of the current year. In the event of the progress of the trial being
unreasonably delayed the company may be compelled to asu the Court
for temporary relief pending its final determination.
-As reported last year the exchange rates proposed
State of New Jersey.
by the company went into effect on June 1 1925 under a temporary injunction order made by the U. S. District Court, and this order Was affirmed
by the U. S. Supreme Court on April 12 1926. Subsequently, on Oct. 16
1926, a final decree was issued permitting the continuance of the company's
rates and cancelling the bond which had been furnished at the time they
became effective.
INCOME ACCOUNT FOR CALENDAR YEARS.
1925.
1924.
1926.
1923.
Operating Revenue
Exchange service
141.417,121 125,653,607 109,629,221 95,793,602
42,235,347 37,007,656 31,495,029 28.805,107
Toll service
221,402
Miscellaneous
202,999
213,981
259,975
Total
Operating Expenses
General
Operation
Maintenance
Rentals
Insurance
Taxes
183,855,467 162,882,666 141.338,231 124,858,684
3,881.124 3,610,971„
3,212,279
73,615.021 68,014,300 63,719,975 57,708,573
56,636,050 50,188,694 43.885.585 35,460,077
4,247,070
4,010,043
3,601,966
3,235,953
146,594
150,506
145,631
153,220
8,634,023
13,591.590 10,572,361
8,344,462
31,738018 26,335,789 .17,691,917 16,744,119
Net earnings
3,775,573
6,869,157
Div. & interest earnings.. 3,608,392
9,588.477
Miscellaneous earnings37,648
41,285
44,060
48,757
Total net earnings _ - _ 35,384.058 30,152,648 24,605,134 26,381,353
8,682,356 11,127,915
9,674,422 8.390,850
Interest
xSurcharge N.Y.City_
3,532,403
8,255.546
3,875,362
998,000
Approp. to employ. res_
Preferred dividends_ __ _ 1,625.699
1,625,765
1,593,521
1,198,581
22,448,000 16,375,360 16,375,360 16,375,360
Common dividends
Balance, surplus_ _ _ _def1,902,400def7,231,939 def6,913.530
416,562
Shares corn. stock outstanding (par $100)..- 2,806,000
2,046,920
2,046,920
2,046 920
$7.32
$4.46
$4.62
Earned Per share
el.20
x Subject to possible refund.
BALANCE SHEET DECEMBER 31.
1926.
1925.
1926.
1925.
Liabilities-Assets
90,360.580 66,918,918 Preferred stock_ 25,000,000 25,000,000
Beal estate
Telephone plant515,523,912 472,622,809 Common stock .280,600,000a204.692,000
Prem.on cap.stk
Construction in
171.244
171,244
10,841,735 21,713,437 Bonded debt _133,790,945 135,007,315
progress
New York Telephone Company.
Real est. mtges_
948,675
rum., fixtures,
121,750
14,724,952 13,766,763 Accts. payable_ 14,811,345 12,524,209
tools, &c
(Annual Report-Year Ended Dec. 31 1926.)
Cash & deposits 7,189,095 6.449,654 Accr. liabilities_ 8,328,508 6,366,445
Adv, from sysAdv. to system
Pres. J. S. McCulloh March 5 reported in substance:
tem corp'ns__ 38,263,315 85,488.554
corporations_
4,692,464
-Due to a period of general prosperity throughout the Bills and accts.
Station Growth.
Services billed in
country and to changed economic conditions, there has been, in the last
advance
receivable.
20.156,605 19,481,782
497,926
455,099
few years, an unusually large demand for telephone service which reacheo Stocks dr bonds_ 38,223,899 38,841,199 Res. for empl.
its peak in 1924 when 208,724 telephones were added to company's system. Sinking funds__
265,404
beneflt fund_ - 5,500.000 4,502,000
568,800
Since then, as was anticipated, the demand has receded slightly. In Unamortiz. debt
Deprec'n reserve157,845,958 139.545,178
1925 net station gain was 198,099; in 1926 it was 173.116,involving 542,613
disct. & exp_ 3.290,339 3,508,681 Coating. reserve 15,409,452 13,649,049
telephones installed and 369,497 disconnected. At the end of 1926 company
21.852,422 22,746,596
Prepaid expenses 2,139,872 2,008,324 Surplus
owned and operated 2,596.552 stations.
Growth in 1926. although less than in the preceding abnormal years,
703,019.789 650,269.439
Total
703,019,789 650,269.439
Total
is satisfactory evidence of normal progress since it represents an increase
a On Jan. 2 1926, $76,908,000 common stock was sold and proceeds
of 7.14% which is considerably in excess of the increase in population in
the area which we serve. Delayed installations on account of lack of applied toward liquidating a like amount of advances from system corpora-V. 124. p. 1361.
facilities were reduced to a negligible number and considerable progress tions.
was made in shortening the interval between the acceptance of an applicaMack Trucks, Inc., and Subsidiary Companies.
tion and the actual connection of the service.
-Company is constantly replacing and adding to
Additions to Plant.
(AnnUal Report
-Year Ended Dec. 31 1926.)
its plant. Gross expenditures for this purpose in 1926 were $76,515.000.
of which the principal items were as follows: Land and buildings, $11,President A. J. Brosseau, Feb. 23, wrote in substance:
central office equipment, $17,525,000; subscribers' station equip514,000;
-Sales for the year 1926 were $69,032,203.
Sales.
ment, $17,915,000: exchange lines, 223.592,000: toll lines. $4.767,000.
Results-The combined net earnings for the year were $8,852,453 which,
The budget for 1927 contemplates an expenditure of $77,705,000 for
after paying dividends of 7% on the first and second preferred stock,
similar purposes.
-The maintenance of friendly relations and mutual amount to $10 81 per share on the outstanding 713.434 shares of common
Public Relations.
understanding between the company and the public is an important factor stock.
During the year the regular dividends of 7% were paid on the first and
in providing service that is not only good, but satisfactory to its users.
second preferred stock amounting to $1,136,617, and four quarterly diviThis effort assumes various forms, a few of which may be mentioned here.
Newspaper advertising has been used extensively to acquaint the public dends of $1 50 (amounting to $6 for the year) on the common stock, or
with many phases of our business such as the advantages to be derived $3,977,286.
Excellent Financial Condition.
-Attention is called to the excellent finanfrom the speedy long distance service provided between large cities and the
revision of rates for inter-State long distance messages. Local and tell cial condition of company, with net quick assets amounting to $50,907,730
traffic has been stimulated by advertising calling attention to its use as an and particularly to the reduction in notes payable, the total of which, as
efficient aid to business.
of Dec.31 1926. amounted to only $1,805,000 as compared with $15,743.500
We continued in 1926 the so-called switchboard demonstrations and on Dec. 31 1925 (Mack Acceptance Corp.). As the $1,805,000 has been
nearly 200,000 more telephone users were made acquainted with the manner retired since the end of the year, company now enjoys the unique position
in which calls are put through. Our central offices were visited by 73.000 of being entirely without bank loans or discounted customers' paper.
persons who saw our operators at work and learned what they do and how
Maintenance-The plants have been fully maintained and the maintethey do it. Lectures on telephone topics of general interest were delivered nance cost charged to operating expense. In addition $1,615.259 has been
before audiences comprising a total of 229,800. Motion pictures, showing charged off as depreciation.
-Because the service rendered by trucks and buses is
Credit Policies.
various phases of our work, were widely used in many theatres as a part
income producing, the management and directors believe the sale of such
of their regular program.
Service.
-Improvement of apparatus, equipment and methods continued equipment on time is justified when safeguarded by sound credit policies.
In 1926 and, in general, service was better than ever before. An improved Company is especially fortunate in having ample capital to extend credit
method of switching local and short haul toll calls was put into operation to financially responsible and well-established operators.
which is less complicated than that formerly in use, is faster and reduces
During the year 1926 company has taken the leadership in correcting
the likelihood of error. Information service has been improv ed and the abuses which were creeping into the truck industry because of too easy
interception and rerouting of calls involving number changes has been credit terms. Early in the year the policy was adopted of confining its
accomplished with more speed and less irregularity. The average number sales to financially responsible and well-established individuals, or firms,
of calls made daily over the lines of the company in 1926 was 11,800,000, or to those whose prospects for successful operation justified the granting
of which 900,000 were tell calls.
of credit.
New Headquarters Building.
-The new headquarters building at 140
Such customers are required to make a substantial down payment and
West St., Now York City, was completed on schedule and was fully occupied to demonstrate their ability to pay the balance within a reasonable time.
early in June. The building, which accommodates 6,000 people, is There are indications that some of the other better managed truck and bus
admirably suited to its purposes and the advantages predicted have been manufacturers are endeavoring to improve the terms on which they sell
fully realized in actual use.
their product. The effect of the new terms has been to reduce, temporarily,
Financial.
-For the first 6 months of 1926, rates charged for service in the volume of sales to the extent that the less desirable class of business is
N. Y. City included the 10% surcharge allowed by the United States Court being eliminated. The ultimate effect of the new terms will be to improve
and $3,532.402 of the revenue so derived in that period is subject to possible conditions in the trucking and bus business by removing uneconomical comrefund. Should refund of this sum be later ordered by the Court, the petition and losses due to repossessions.
year's operations, after the payment of dividends, will show a deficit of
This new policy was not adopted by the company because of losses that
$904,400.
had been incurred, but because of the conviction that unless the tendency
If no refund is ordered, operating income in 1926 will be sufficient to toward unsound terms was corrected, losses would inevitably occur in the
provide for the payments of dividends at the usual rate on the common future.
and preferret. stocks and leave a balance of income of $2,628,000. This
Because of the better class of business taken since July 1926, and the
represents only 9 cents monthly per telephone in serv ice.
payments on sales previously made, and the repossession of trucks from
Including the New York City surcharge, net return from telephone opera- lauyers who were unable to pay, the notes and obligations now held by
tion on the book coat of the property and working capital was 5.12%. the company are of high quality and no losses are anticipated or expected.
THE CHRONICLE
1504
Leadership in Truck Field.
-Company retains its leadership in the high
quality field and produces more high-grade buses and heavy-duty trucks
tons and up
-than any other company.
Outlook.
-During the last five years the truck and the bus have greatly
enlarged their field of operation. This condition is likely to continue for
some years. The operation of trucks and buses is now recognized as a
business which in the future will be conducted by well-established and
financially sound concerns.
Operations for 1927 have been carefully budgeted. Expenses will be
materially reduced and many economies will be effected. In the event the
anticipated volume of business is secured the operations for the year should
be very satisfactory.
The income account was published in V. 124, p. 1229.
CONSOLIDATED BALANCE SHEET DEC. 31.
[Including Mack Acceptance Corp. and Mack Trucks Real Estate, Inc.
1925.
1926.
1926.
1925.
Liabilities-Assets
Capital stock_ __ _y20,164,225 19,619.790
Real estate, bldge.,
eq., mach.,&c__20,512,270 14,794,332 6% notes series A.z2,800,000 3,000,000
Cash
3,075,306 5,782,125 Equity of minority
Accts.& notes rec _30,418,458 33,828,393 stockholders in
12,728
10,010
Inventories
23,870,089 25,914,355 subsidiaries_
Due from employ.
Notes pay. (Mack
under stk. allot_ 2,012,954 1,725,197 Accept. Corp.)_ 1,805,000 15.743,500
Sundry invest'te
361,266
76,590 Accounts payable_ 1,479,475 3,439,794
Deferred charges
608,690 Accrued accounts_ 1,678,151 2,006,232
332.431
211.554
Customers' deps__ 108,798
Licenses, patents,
Res Fed.inc. taxes 1,384,700 1,568,500
patent rights &
Res. for conting_ _ 1,520,950 1,547,432
good-will
2,438,865 2,434,865
Capital surplus_ _ 29,606,703 19,289,937
Earned surplus_ _22,463,629 18,725,079
83,021,640 85,164,546
Total
83,021,640 85,164.546 Total
x After depreciation of $7,955,316 in 1926 and $6,840,057 in 1925.
y Represented by 109,219 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). z Of Mack Trucks Real Estate, Inc.
-V.124, p. 1229.
Kelly-Springfield Tire Co.
(Annual Report
-Year Ended Dec. 31 1926.)
Pres. Samuel Woolner Jr. Feb. 17 says in part:
The year 1926 was one of substantially declining prices of both rubber
and tires. In the beginning of the year, when cruae rubber was selling at
about 90 cents per pound, we had on hand and had commitments for less
than four months' supply based on normal business. However, the backward spring and summer, together with the necessity of rebuilding many
of our sizes, checked sales, resulting in the accumulation of inventory of
both finished product and crude rubber, the price of which began rapidly to
decline until it reached 40 cents per pound. In addition to this, there were
three price cuts in tires amounting to 50%.
,
tr 3144
During the year the Cumberland plant was thoroughly reorganized.
The changes were sweeping and during such reorganization it was necessary
to cut down production and to rebuild certain sizes with which to replace
certain defective goods. All stocks on hand were carefully inspected, and
all tires not fully first class were branded seconds ana sold as such. This
program of necessity resulted in a substantial operating loss for 1926.
Based upon the business which the con pany is now doing, the favorable
response which the buying public is making to our products and the fact
that the company is now freed from the causes which contributed to the
loss in 1926, the management believes that the business of the company
for the year 1927 will be satisfactory.
INCOME ACCOUNT FOR CALENDAR YEARS,
1923.
1926.
1924.
1925.
Gross profits
44,716,603 149,895.843 47,255,746 $9,559.804
Admin.,oper.exp.,&e d6,359.219 6,434,048 6.838,513 8,797,398
Net oper. income_ _def.$1,642,617 $3,461,795
Other income
224,610
224,846
Total oper.income_def.$1,418,007 $3.686,641
Int. on 10-yr.8% notes_
530,000
610,000
Miscell.deductions
319,042
395,325
Depreciation
1,172,751
1,228,738
$417,233
300,425
$762,406
345,130
1717,658 $1,107,536
770,000
690,000
354,062
301,033
1,149,759
1,252,374
Net income
def$3.439,800 $1,452.577df$1,525,749df$1,166,285
Previous surplus
4,216,989 3,792,580 5.638.045 8,231,956
28,136
Miscellaneous credits_ _ _
deb28,168 deb170,172
Total
Inc.& excess prof. taxes_
Adjustments
Retirement of pref.stock
Prov. for fluctuations in
crude rubber prices_ _
$777.189 $5,216,989 $3,942,124 $7,093,807
427.916
173,262
•
252.308
1,000,000
Total surplus
$777,189 $4,216,989 $3,942,124 $6,240,321
177.900
Divs. on 6° preferred_
44,250
424,376
Divs. on 8 c preferred_
105,294
Appr.sur.6% pf.stk.red_ Cr808.200 Cr808,200 Cr808.200 Cr808,200
do
8%
do
Cr595,500 Cr595,500 Cr595.500 Cr595,500
Balance, surplus
$2,180,889 $5,620,689 $5.196,280 $7,041.745
a Before depreciation and including $1.000.000 added reserve previously
providea for fluctuation of crude rubber prices. b Before aepreciation.
c Gross profits on sales before nepreciation, but after deduction of refunds
on account of price changes in 1924. d Selling, administrative and general
operating expenses, including cash discounts allowed customers, excise tax
on sales, interest on current loans, &c.
BALANCE SHEET DEC. 31.
1925.
1926.
1925.
1926.
AssetsLiabilities-$
$
Plant accts.. Pats,.
6% pref.stock_ ___ 2,950,000 2,950.000
equipment, &c.x19,549,130 20,077,605 8% cum. pref. stk. 5,264,700 5,264,700
Cash
1,844,855 1,699,127 Common stock... 9,096,003 9,096,003
Sale of Cumberrd
10-yr. 8% notes.- 6,000,000 7,000,000
homes
83,099
89,163 Accounts payable_ 1,089,755 2,460.041
Sundry invastmls
750.000
32,168
32,370 Notes pay, to bks_ 8,361,636
Notes & accounts
21.475
Bale. due custom's 156,312
receivable
y4,479.452 4.410,928 Accr'd taxes, &c... 246,921
254,974
Deferred charges
605,608
502,739 Acer. int. on notes
82.500
72,500
Inventories
9,207.775 8,051,957 Prem.on 10-yr.8%
249,547
gold notes red__ 255,258
Other reserves..,. 128,112 1,113,961
Surplus-general.. 777,189 4.216,989
do appropriated 1,403,700 1,403,700
[voL. 124.
year the market had advanced almost 300% to a peak of $1 20 per pound,
and in December 1925 was still as high as $1 09 per pound. A violent
recession then set in, and in January 1926 the market declined to 67c. per
pound and, with wide fluctuations, continued to recede throughout the
year, reaching 42c. per pound in July 1926, and at the close of the year
VMS about 38c. per pouna, or at practically the same level as when the
upward trena began two years before. As of the date of issue of this report
the market price is above 40c. per pound. This clearly shows that current
market quotations as of any date cannot be taken as a safe indication of the
value of crude rubber.
Reserve against Inventories.
-Stated on the basis of the actual conditions
which existed during 1926, the net surplus earnings for the year amounted
to $8,535,380 after all charges and after providing for dividends on the
preferred stock. In view of the continuing uncertainty of crude rubber
market prices, it was deemed advisable to set aside this entire amount as a
reserve against inventories.
Inventories of finished goods were taken at cost of production, which was
less than current selling prices. Approximately two-thirds of the finished
goods were located at the company's sales branches. Inventories of raw
materials and supplies were taken at cost prices, which, with the exception
of crude rubber, were below or approximately at market prices. Current
market quotations as of any date, as stated above, are not indicative of the
real value of crude rubber inventories. However,in view of the continuing
uncertinty of crude rubber market prices, the entire net surplus earning.
for the year, amounting to $8,535.380 after all charges and after providing
for dividends on the preferred stock, were set aside as a reserve against
inventories, as stated above.
Contractual liabilities,representing forward commitments for raw materials
and supplies, including crude rubber, were approximately at market prices,
and as to quantities covered future requirements for conservative periods.
Reserve.
-The reserve of $3,000.000 appropriated from the surplus earnings for 1925,"to be applied against the cost of crude rubber to be received
during the year 1926," was used during the year for the purpose for which it
was created.
Funded Debt
.-Company retired $2,893,000 offunded indebtedness during
the year,consisting of $709,000 of 5% bonds, and $184.000 of 7;4% notes,
retired througn the operation of the sinking funds, and $2,000,000 of 634%
serial gold notes paid March 1 1926.
Financial Position.
-Company c,osed the year in a strong financia, position.
INCOME ACCOUNT FOR CALENDAR YEARS.
1926.
1923.
1925.
1924.
$
$
$
Net sales
215,528,309 206,473,737 172,214,353 186,261,381
Net income before int__ 17,928,750 25,038,305 13.783,904 12,161,055
Interest charges
6,455,592 6,228,435 4,715,870 4,768,398
Net profits
11,473,158 18.809,870 9,068,035 7,392,657
Prov .for Fed .taxes(est.)
1,500,000
700,000
Preferred dividends_
5,208,800 5,208,800 5,208,800 5,520,000
Divs. of subsidiary cos._
17,689
18,718
18,718
18,718
Prov. for plant deprec
3,711,289
Divs. rec. U. S. Rubber
Plantations Inc
Cr6,000,000
Surplus
Previous surplus
8.535,380 12,082,352 3,140,517 1,853,939
41,061,686 34,178,466 32,584,590 32,097,821
Total surplus
49,597,066 46.260,818 35.725,107 33,951,760
Res. agst. cost of cr. rub x8,535,380 3,00C,000
Sundry adjustments
263,010 2,199,133 1,546,641
1,367,170
yP.& L. stir. Dec. 31_ 40,798,676 41,061,686 34,178,466 32,584,590
Shs. com. stk. outstanding (par 5100)
810,000
810.000
810 000
810 000
Earned per share
410.54
$14.92
$3.88
$.2.8
x Appropriated as a reserve against inventories due to the continuance of
uncertainty in crude rubber market prices. y See z below. z Earned
per share for 1926, including $6,000,000 dividends received from U. S.
Rubber Plantations. Inc.
CONSOLIDATED BALANCE SHEET DEC. 31.
1925.
1926.
1926.
Assets
Liabilities
Plants, prop. &
Preferred stock.a65.110,000
by.,incl. rubCommon stock_ 81,000,000
ber plant'ns_ _184,631,856 183,861,487 Minority Can'n
Cash
8,235,073 18,624,818 Consol. RubAcets¬es rec
ber Co. stock_
258,800
(customers) 47,418,811 50,308,020 Accts. payable,
Accts., notes &
incl. accept's
loans receivle
payable for im(others)
3,357,130
4,575.124 portations of
Finished goods_ 48,456,223 44,179,537 crude rubber_ 21,871,658
Mat'le & supp.,
Bank loans pay. 11,800,000
incl. goods In
1st & ref. M.bdsy60,739,800
process
46,491,575 36,442,257 Ten-year 7 %
Notes rec. of
notes 1930_ 18,888,000
empl. & corn.
Can. Cons. Rub.
stock held._ x6,249,790 6,308,624
Co.68, 1946._ 2,600,000
Sec. of corp. not
8)4% gold notes 28,000.000
incl. In U. S.
Reserve against
Rubber syst _ 6,019,904 4,447,592 crude rubber_ 8.535,380
Prepaid and deOpen acct. with
ferred assets
U. S. Rubber
4,972,136 4,769,404
Plant, Inc_ _ _ 4,310,105
General reserves 1,673.856
Insur. reserves_ 2,286,209
Pref. div. pay'le. 1,302,200
.
Fixed surpluses,
subsidiary cos 6,677,814
:40,798,676
Surplus
1925.
65,110,000
81,000,000
258,900
29,426,757
61,448,800
19,072,000
2,600,000
30,000,000
3,000,000
7,338,805
2,967,721
2,252,682
1,302,200
6,677,814
41,061,686
355,832,497 353,516.864
Total
355,832,497 353,516,864 Total
a Preferred capital stock. $69,000,000, less amount held by a subsidiary
company, 63,890,000. x Notes receivable of employees given for purchase
of common stock and secured by such stock; common stock of U. S. Rubber
Co. held under service contracts and agreements, and common stock of
U. S. Rubber Co. held by a subsidiary company. y U. 8. Rubber Co.
1st mtge. 5% gold bonds, due 1947, issued $69.000,000 less amount retired
through sinking fund, $6,260,200. and 22,000,000 held in treasury. z SubJect to final determination of Federal taxes for years subsequent to 1917.
United States Rubber Plantations, Inc.
The annual report of the United States Rubber Co. also
contains the following:
The rubber plantations owned by the company comprise a total area
of 134,164 acres, of which 104,232 acres are located in Sumatra and 29,932
acres in Malaya. Of the total acres, 82,574 acres have been planted and
about 18,000 acres are in the course of development. Of the present
planted areas, 51,828 acres are in bearing and the remainder of 30,646 acres
will come into bearing progressively during the next five years. Production amounted to 22,900,000 lbs. for the year 1926, an increase of
3,230,000 lbs. as compared with 1925.
These properties represent a total investment of $29,662,000. Of this
amount, $18,000.000 was invested by the United States Rubber Co., and
the remainder, amounting to $11,662,000, was provided from earnings of
United States Rubber Company.
the plantations companies.
The net profits of the plantations, atcording to cabled advices,amounted
(Annual Report-Year Ended Dec. 31 1926.)
to approximately $6,000,000 for the year 1926, after providing adequate
Chairman C. B. Seeger, New York, March 3, reports reserves for depreciation of plant and equipment and amortization a the
cost of development, and for foreign income taxes. A dividend amounting
in substance:
to $6,000,000, representing these profits, was declared, and paid to the
Sales for the year amoturted to $215,528,309, an Increase of $9,054,572 United States Rubber Co. as of Dec. 31 1926.
compared with 1925.
Rubber received from the plantations is taken into account by tke
Profits were adversely affected by the violent decline in crude rubber United States Rubber Co. at current market prices, and the plantations
prices during the first six months of 1926, which forced drastic reductions companies are credited in open acount. The plantations companies drawn
in selling prices, especially of tires, before high cost rubber, necessarily against this open account for current cash requirements, and the balance
carried in inventories er on commitment, could be converted Into finished not required for operating and development purposes is retained by the
In lit IF telp ips
goods and sold.
United States Rubber Co. and is comprised in its general :assets. The
Price Fluctuation.
-Crude rubber, the basic raw material of the industry, balance of the open account amounted to $4,310,105 as of Dec. 31 1926,
per pound in January 1925. By July of that after payment of the above-mentioned dividend.
was selling as lowias134hc.
35.802,087 34,863,889 Total
Total
35,802,087 34,863,889
x Property and equipment at plants and branches, patent rights, &c.,
less depreciation. y Customers' accounts receivable, $4,950,077; foreign
trade acceptances, $100,488; sundry debtors and other notes receivable,
$167,011; making a total of $5,217,577; less reserves of $738124
-Dividends paid to April 1 1924 on 6% preferred 'stock and to
Note.
-V.123, p.20N.
Feb. 15 1924 on 8% preferred stock.
MAR. 12 1927.]
THE CHRONICLE
1505
The consolidated general balance sheet of United States Rubber Planta- locomotives in storage on Feb. 15 totaled 4,817 compared with 4,666 on
tions, Inc. according to cabled advices, is given below. As indicated Feb. 1.
by this balance sheet, the unappropraited surplus, after payment of the
-Class I railroads on Feb. 23 had 273,153 surplus freight
Surplus Cars.
dividend of $6,000,000, amounted to $8,879,241 as of Dec. 31 1926, no cars in good repair and immediately available for service, the Car Service
part of which was included in the surplus of the United States Rubber Co. Division of the American Railway Association announced. This was an
Consolidated Balance Sheet
-Dec. 31 1926 (According to Cabled Advices). increase of 13,597 cars compared with Feb. 15 at which time there were
(United States Rubber Plantations, Inc., and Subsidiary Companies.] 259.556 cars. Surplus coal cars on Feb. 23 totaled 78,069, an increase of
9.696 cars within approximately a week while surplus box cars totaled
Assets
Cash
370,834 143,948, an increase of 2,991 for the same period. Reports also showed
Accounts receivable
185.997 27.447 surplus stock cars, an increase of 832 over the number reported on
Feb. 15 while surplus refrigerator cars totaled 12,876 an increase of 348
Inventories of crude rubber in preparation for shipment, and
other materials and supplies
2,764,098 within the same period.
Matters Covered in "Chronicle" March 5: (a) Revenue freight car loadings
Open account with United States Rubber Co
4,310,105
Land, development of properties and equipment
-p. 1277. (b) Death of
29,662,967 continue heavy by reason of large coal movement.
Ilywel Davies of RR. Board of Mediation-John Williams named sucPrepaid and deferred assets
381,107
cessor.
-p. 1305. (c) Inter-State Commerce Commission orders anthracite
rates cut
-Existing tariff from mines to northern New York held to be
Total
$37.675,108 coal
Liabilities
unjust.
-p. 1305. (d) Inter-State Commerce Commission holds reduced
Accounts payable
$1,248,032 rates on grain shipments from Minneapolis not justified. p. 1305.
Reserves for insurance
-p.1306. (f) Low rates have
74,974 (e) Through cotton rates restricted in South.
160,000,000, according to Security Holders'
Reserves for share of profits to staff and leave expenses
1,079,662 cost Northwestern roads
Committee.
-p. 1306. (g) Wage increase of 12% sought by clerks, station
Reserves for Dutch East Indies income tax
915.
764
employes and freight handlers of New York Central Lines.
Investment of U. S. Rubber Co., represented by the entire
-p. 1306.
capital stock of U. S. Rubber Plantations, Inc
18,000,000 (h) Locomotive engineers on roads in United States and Canada to seek
-p. 1307. (i) Attacks railway award-Boston &
Appropriated surplus: Reserves for amortization of properties
15% wage increase.
and for depreciation of equipment
-p. 1307.
7,477.436 Maine's arbitrator files minority report on wages.
Surplus ($14.879,241 less dfv. paid as of Dec.31 '26 $6.000.000) 8,879,241
Alabama Great Southern RR.
-Tentative
Total
-V.124, p. 387.
$37.675,108
Public Service Corporation of New Jersey.
(Report for Year Ended Dec. 31 1926.)
Valuation:
-S. C. Commission has placed a tentative valuation
The I.
of $21,150,000 on the owned and used properties of the
company, as of June 30 1918.-V. 124, p. 104.
Augusta & Summerville RR.
-Final Valuation.
-
-S. C. Commission has placed a final valuation of 8110,121 on the
The I.
EARNINGS OF PUBLIC SERVICE CORPORATION OF NEW JERSEY
property of the company, as of June 30 1916.-V. 108, p. 1164.
AND SUBSIDIARY COMPANIES FOR YEARS ENDING DEC. 31.
•
1926.
-Resignation.
Boston & Maine RR.
1925.
1924.
1923.
Gross earnings of leased
The resignation of B. R. Pollock, General Manager of the company
and controlled cos_ _ _6106,303,210 $94,715.525 $87,689.453 $79,107,882 for 14 years and a vice-president since 1920, was announced on March 7.
Oper. expenses and taxes 67,752,023 61,934,635 58,357,745 53,037.094 Action on his resignation has not been taken as yet.
-V.124. p. 1353, 1215.
Amortization charges__ - 9.098.964
7,741,009
6,642.972
5,949.666
Net earnings
$29,452,223 $25.039,881 $22,688,736 $20,121,122
Non-operating income- - 2,110.098
2,057,051
1,001,279
292,466
P.S.Corp. of N.J.
-Income from securities
pledged (excl. divs. on
stocks of oper. cos.) &
from misc. sources- *2,766,204 *2,208,837
2.742,240 *1,953,115
Total
634,328,525 $29,305,769 $26,432,255 $22,366,703
DeductBond,&c.,Int.ofsub.cos..$15,755,584 $13.965.558 $13.247,068 $12.838,264
Fixed charges of Public
Service Corp. of N. J. 4,891 784
4,743 836
5,326,066
4,182.564
Net income
$13.681,157 $10,596,375 $7.859.121
Adjustments (net)
Cr.3.224 0%228.477 Cr.153.997
Divs, ofsub. cos. excl. of
Inter
-company accts.._
979,487
829,527
Common dividends paid 6,067,034
4,781.700
2,959.330
Rate
x($4.25)
(34.25)
($5)
Preferred dividends_ __ _ 3,971,552 x3,223,729 x2,430,046
$5,345,875
Cr.321.460
2.400.000
($5)
x1,930,156
Balance, surplus
$2.666.318 $1,989,896 $2,623.742 $1,337,179
Shares of corn. outstanding (no par)
3,577,275
1,037,867
824.080
600,000
Earn, per share on com$2.33
$6.52$6.77
$6.20
* After deducting in 1926. 61,248,723: in 1925. $1,194,220: in 1924.
6758,775: and in 1923, 6653,817, for expenses, taxes, &c. x Being $3.75
per share on the old common before split up on a three-for-one basis, and
$.50 per share on the new common.
CONSOLIDATED BALANCE SHEET DECEMBER 31.
1925.
1926.
1926.
1925.
Assets
Liabilities$
Fixed capital_ A79.894.785 440,939.296 Comstk.(no par)y64,910.329 52.803.441
Cash
8% cum. pf.stk. 21,531,200 21,531,200
27,078.024
9,408,585
Marketable secs.
762.969 2,200.000 7% cum. pf. stk. 28,904,200 26,538.800
Notes receivable
18,191 6% cum. pf. stk. 8,756,500
3,600
1,606,500
Accounts reedy. 9,222,148 8,999,602 Cap.stl, of oper.
Int. & dive. rec.
23,907
27,068
gbco
k
Materials & Bunn 6,253,659 6,317.386
through stock
Misc.curr.assets.
319,901
287.012
ownership ___ 30,030,740 15,031,080
Subscribers to
Cap.stk.of lessor
capital stock_
cos. controlled
228,185
Purchase of pref.
through stock
stock under deownership__ __ 6,803,647 6,803,877
ferred paym't
Cap.stk.of lessor
plan
1,441,596
cos. not contr.
1,544,367
Investments
through stock
Subsidiary &
ownership__ _ 55,427,405 55,42 :000
2 205
3
8
affird cos
2,002,103 3,175.090 Prem.on cap.stk.
360,500
336.660
173,522 Cap.stk. subscr. 2,059.700
Other invest't
3,642.800
Sinking funds._
123,028
124,653 Funded debt_ _ _240,382,583 234,102:80
170 1 10
6
Miscell. special
Notes payable_
29,703 A ccts. payable_ 8,607,340 4,511,222
funds
28,553
446,419 2,767,355 Consumers'dep. 3,595,115 3,358.056
Special deposits_
388,059 Misc. ourr. liab_
Prepayments_ ....
411,887
81,425
7,082
Unamortiz. debt
Taxes accrued__ 3,043,485
3,830,818
Interest accrued 2,848,717
discount and
3,020,569
expense
3,693,810 2,983,329 Misc. accr. llab.
442.445
422.066
Misc. suspense_ 1,082,830
777,912 Reserve
136,797,912 32.080,608
Special (10KURS2.767.355 Misc.unadj.cred 1,563,230
1,163,945
Profit and loss_. 10,979,446 14,313,127
Total
Total
533,125,879 480,389,315
533,125,879 480,389,315
x Retirement reserve .31.770,151; contingent reserve, $144,000:
casualty:
and insurance reserve, $1,925.519: tmamortizod premium on debt, $6.940.
'
contributions for extensions. $200.429: miscellaneous reserves. $2.744.873.
y Represented by 3.577,275 shares of no par value.- V. 124. p. 922.
GENERAL INVESTMENT NEWS
STEAM RAILROADS.
Lehigh Valley RR. Grants Telegraphers Wage Increase of 1;i Cents Per
hour.
-"Sun" March 10.
Southern Ry. Conductors & Trainmen Will Receive Wage Increase of 731%
Effective March 15.
-"Sun" March 5. p. 24.
Detroit, Toledo et Ironton RR. Enforces 12
-Hour Day, Replacing 16
-Hour
Maximum Day Prescribed by Government Regulation.
-"Wall St. Journal"
March 4, p. 2.
Repair of Freight Cars.
-Freight cars in need of repair on Feb. 15 totaled
136.056 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 a decrease of 791 cars under the number reported on Feb. 1, at
which time there were 136,847 or 5.9%. It also was a decrease of
cars compared with the same date last year. Freight cars in need of26.026
heavy
repair on Feb. 15 totaled 95,443 or 4.2%, an increase of 606 compared with
Fob. 1 while freight cars in need of light repair totaled 40,613 or 1.8%, a
decrease of 1,397 compared with Feb. 1.
Repair of Locomotives.-Class I railroads on Feb. 15 had 9,866 locomotives
in need of repairs on 15.9% 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 610 compared with the number in
need of repair on Feb. 1, at which time there were 9,256 or 14.9%. Of the
total number of locomotives in need of repair on Feb. 15 6,146 or 83%
were in need of classified repairs, an increase of 373 compared with Feb. 1,
while 4,720 or 7.6% were in need of running repair, an increase of 237
compared with the number in need of such repairs on Feb.1. Serviceable.
Chesapeake & Ohio Ry.-Minority Stockholders Object to
-Give Five Grounds For Opposition to Control of
C. & 0. Plan.
-The stockholders' protective comErie and Pere Marquette.
mittee, George S. Kemp,Chairman, has addressed a letter to
the preferred and common stockholders of the C. & 0. It
follows in part:
You have no doubt received the letter of Pres. W. J. Harahan, dated
Feb. 24. announcing that the board of directors has authorized, and that
-S. C. Commission for authorapplications have been made by it to the I.
ity,(1) to acquire at least a nominal majority of the capital stock and conof the Erie RR. and the Pere Marquette Ry.. and (2) to issue 595,024
additional shares of its common stock of the aggregate par value of $59,502.400 at par for cash.
The aggregate cost of Erie and Pere Marquette stocks (excluding accrued
Interest charges) actually purchased is $23,519,737. and of those proposed
to be purchased under options from 0. P. Van Sweringen and the Nickel
Plate is $37.228,760, a total cost of $60,748.497.
In the application for authority to issue $59,502.400 par value of new
common stock it is stated that company will require $118,465,000 for
capital purposes during the years 1927 and 1928, of which $57,455,000 is
proposed to be used for the purpose of acquiring the securities of railroad
companies whose lines are complementary to and supplementary to the
lines of your company. It is assumed that this statement constitutes an
estimated cost of acquiring, in addition to the shares of Erie and Pere Marquette actually purchased, such additional shares of those companies as
the board of directors may determine to acquire. As heretofore shown,
company has already spent $23.519,737 in the acquisition of Erie and Pere
Marquette stocks. This amount, with the $57.455,000 estimated cost of
acquiring such additional shares as may be necessary to secure majority
stock control, will involve an expenditure of $80,974.737 in the accomplishment of the proposed plan.
Reasons for Opposition.
This committee is of opinion that the authority sought should not be
granted by the Commission and proposes to oppose the same upon the
following, among other, grounds:
(1) The proposal to acquire stock control of Erie and Pere Afarquette
is a revival in substance, though not in form,of the former plan of 0.P.and
M. J. Van Sweringen to create a new and fourth system in Eastern Trunk
Line Territory which the Commission disapproved in its opinion of March 2
1926.
(2) The C. & 0. and its subsidiary, the Hocking Valley, sere,e the great
bituminous coal fields of Virginia, West Virginia and eastern Kentucky,
which constitutes the largest reservoir of bituminous coal in America and
are actually and potentially the greatest of all the bituminous coal carrying
roads. This position of independence should be retained in the public
interest.
(3) Messrs.0.P.and M.J. Van Sweringen now own or control a majority
of the stock of the C. & 0. and the effect of the proposed plan is to transfer
from the Vaness Co. and the Nickel Plate (both of which companies are
also controlled by them) the Erie and Pere Marquette stocks owned by
those companies, at enormous profits. The aggregate profit to the Vaness
Co. and the Nickel Plate on the Erie and Pere Marquette stocks owned by
those companies at the time of the former Nickel Plate hearing, and now
proposed to be sold to;your company,is $13,345,678,plus dividends received
thereon, less interest charges. The Vaness Co. Is also deriving substantial
profits on the 6.500 shares and the Nickel Plate on the 54,900 shares of Pere
Marquette COMMOD stock, the cost of which Is not now known by this committee. Any proposal having this result it. in the opinion of this committee.
legally and morally unsound, and should never be approved by any Governmental agency.
(4) The acquisition of stock-control of Erie and Pere Marquette at the
prices paid for shares already acquired and at the prices proposed to be paid
in exercising the so-called options from 0. P. Van Sweringen and the Nickel
Plate, or in the present market. involves the payment of prices greatly in
excess of the fair value of the stocks proposea to be acquired. When the
Commission disapproved the prior unifying plan, the market value of the
common stock a your company advanced on the New York Stock Exchange from $112 on March 2 to $122 per share on March 3 1926. while the
market price of Erie's shares fell to $33 75 for the first preferred, $30 for
the second preferred and $22 25 for the common stock, clearly demonstrating that the proposed unified operation of the Erie with your company
was largely responsible fcr the prior advances in the market price of Erie
stocks. As a result of the very substantial purchases of these shares which
the directors of your company have made without formal action or approval
by its stockholders, and because of the proposed acquisition of control of
its stock by your company, the price of Erie first preferred has advanced
to $59 50. the second preferred to $54 25 and the common to $47 50 per
share. These prices are, in the opinion of this committee, purely artificial
and reflect the effect of the present and contemplated purchases by your co.
In the face of such a financial condition it is difficult to understand how
any board can justify the action taken and proposed to be taken by your
directors in attempting to acquire stock control of Erie. and their action has
resulted in the diversion of an enormous amount of your company's free
assets which should have been employed in capital expenditures for the betterment and improvement of its facilities, but it is not surprising that the
financial interests who have controlled this property should welcome an
opportunity to unload it on the Chesapeake & Ohio at the top of an artificial
market, at large profits to themselves.
(5) When the Commission disapproved the prior unification plan, the
common stock of your company, as heretofore stated, advanced from $112
on March 2 to $122 per share on March 3 1926. The prior preference
shares of the Pere Marquette fell to $79. the preferred to $70 75 and the
common to $67 per share, thus demonstrating that its proposed unified operation with your company was largely responsible for the prior advances in
market price of its stocks. The purchase of such additional shares.' Pare
Marquette stock in the prevailing market as is necessary to acquire the
proposed control by your company will necessarily involve the payment of
artificial and highly excessive prices that do not. in the opinion of this
committee. represent either present or potential values.
-V. 124. p. 1215.
1061.
1506
THE CHRONICLE
Chicago & Eastern Illinois Ry.-Preliminary Report.
Calendar YearsGross revenue
Expenses
Taxes, &c
1923.
1924.
1926.
1925.
$28,251,750 $26,574,508 $26,068,789 $28,405,408
22,605,950 22,083,610 22,453.256 24,279,112
1,562,865
1,459,616
1,651.934
1,406,643
$3,993,866 $3,084,255 $2,155,917 $2,563,431
Operating income
688,659 Cr.760,686
Equipment rents, &c_ _ _ 1,385,324
935,989
Net operating income- $2,608,542 $2,148,266 $1,467,258 $3,324,117
444,930
386.120
409,235
Other income
422,242
Total income
Interest, rents, &c
$3,030,784 $2,557,501 $1,853,378 $3,769,047
2,460,914
2,395,534 2,421,825
2,386,429
$161,967 def$568,447 81,308,133
196,171
209,104
215,251
Net income
Sinking fund, &c
$644,355
225,450
Surplus
Shares pref. stock outstanding (par $100)....
Earned per share
-V. 123, p. 1994.
$418.905 def$53,284 def$777,551
$1,111,962
220,461
Nil
220,461
$5.04
220,461
$1.90
220,461
Nil
-Earnings.
Detroit Toledo & Ironton RR.
1923.
1924.
Calendar Years1925.
1926.
455
468
Avge. miles ofroad oper_
471
486
Freight revenue
$12,594,960 $13,663,275 $11,673.038 $10,103.129
117,684
98,860
84,358
Passenger revenue
96,978
Total, incl. other rev_$12,891,530 $13,911,371 $11,995,758 $10.417,412
1,573,578
1,848,364
i
)
: 6N90 2,143,425
i n ,fyt4f ty ii: Ii A.7
.
Ex? -zyaiI
z ei
1,417.571
1.982,179
2,246.185
32
79.871
86.166
102,509
Traffic expenses
136,697
3,485,764
3,425,712
3,599,138
3,756,e98
Transportation exp
Total exp., incl. other $8,793,104 $8,427,413 $7,622.618 $6.766,472
3,650,940
4,373,140
5,483,958
4,098.426
Net from railroad
180,799
442,089
590,132
760,892
Taxes
2,010
892
2,608
3,748
Uncollectible revenue_ _ _
Net after taxes, &c
Equipment, rents
$3,334,926 $4,890,078 $3,930,159 $3.468,131
1.681,207
1,375,398
1,275,434
1,259,651
Net operating income_ $2,075,275 $3,614,644 82,554,761 $1,786.924
363,129
84,337
144,595
Other income
91.589
Total income
Interest, rents, &c
$2,166,864 $3,759,239 $2,639,098 $2.150,053
733.017
918,114
1.686,450
757,591
Balance, surplus
-V. 123, p. 1247.
$1,409,273 $2.072.789 $1,720,984 $1,417,036
Frankfort & Cincinnati Ry.-Sale.-
Property was sold at public auction Jan. 31 at Frankfort, Ky., by Master
Commissioner J. W. Jeffers to James P. Lewis, Georgetown, Ky. for
$100,000. The road, 41 miles long, was ordered sold to satisfy a bond
issue of $160,000. The Louisville & Nashville was eliminated as a prospective bidder by a judgment of the Franklin Circuit Court which found that
the L. & N. had been operating the F. & C. in violation of the Kentucky
constitution which forbids a railroad to operate competitive parallel lines.
-V.123, p. 2388.
Escanaba & Lake Superior RR.
-Final Valuation.
-S.
The I. C.Commission has p.aced a final valuation of $1.767,725 on the
property of the company as of June 30 1918.-V. 122. p. 1022.
Great Northern Ry.-Pres. Budd Champions Merger
Replies to Statement of St. Paul Receiver.
Replying to the objections of receivers of the Chicago Milwaukee &
St. Paul
Byram (V. 124,p. 1353) to the proposed
as voiced by H.
E.
RR..
unification of the Great Northern and Northern Pacific roads, Pres. Ralph
Budd has expressed his belief that the "moving cause" of the objection
Is "promotion of private interest or the interest of holders of the stock
of the St. Paul road rather than the public interest."
Referring to Mr. Byram's claim that the proposed merger would "restrict
competitive activities of the St. Paul road," Mr. Budd contends that
Mr. Byram has failed to make clear how these competitive activities
would be restricted.
"If the Bt. Paul road renders good service," Mr. Budd said, "it will
Certainly get an important share of the business, possibly a greater proportion of the total lyusiness than it gets at present. If it does not render
good service, it is certain that the competition of the Northern lines will
force owners of the St. Paul to reorganize it still further to the point where
it will be able to render good service, and this will be in public interest.
"It must be remembered that the St. Paul road has gross revenues of
more than $160,000,000 a year, or more than $14,000 joer mile, which is
a larger gross revenue than either of the two Northern lines has. Its net
,
railway operating income is $18.000,000 per year. It, therefore, is not
weak in business. If its fixed charges were not excessive, this amount of
net income will put it in position where it can raise all necessary capital
and make all necessary expenditures to give good service.
"The public is not in danger of losing good service by the St. Paul road.
If danger is involved, it is the danger that security holders who took a
chance of building the St. Paul into territory already served by the Northern
lines will have to shrink their returns. Indeed, that is the purpose of
the St. Paul receivership. If reorganization is properly made with fixed
charges sufficiently rained, the St. Paul would no longer be a weak road
financially and would not need to shrink further its fixed charges. But
the remote possibility of such result should not deprive the public of the
benefits from the proposed combination of the Northern companies.'
Mr. Byram's argument that the unification plan is "in all essential
,
aspects an unlawful consolidation," Mr. Budd dismisses as an argument
'without substance."
"Mr. Byram omits to make clear," Mr. Budd said, "that in 1920 the
law was fundamentally changed by the Transportation Act and that
combinations are permitted if, in the opinion of the I.
-S. C. Commission,
they are in the public interest. If, when the Northern Securities case was
decided, the law had been in the present shape, the then combination
would certainly have been approved because a strong showing of public
interest was made even at that time. The reasons in favor of the combination from the standpoint of public interest are much stronger now
than they were then."
Against Mr. Byram's contention that the St. Paul road is in a better
position in the matter of solicitation in competing with three separate
forces of solicitation-Great Northern, Northern Pacific and Burlington
than it would be if it were opposed to a single force, Mr. Budd places
"the general impression of traffic officers to the effect that in this mere
matter of solicitation the St. Paul certainly would not lose if instead of
confronting three solicitation forces it confronted only one."
Referring then to the possible effect of the proposed unification on
rates. Mr. Budd again indicates belief that Mr. Byram's objections are
prompted by private interests of St. Paul security holders and are not
supported by public interest.
Jur. Byram indicates, Mr. Budd said,"that the proposed new Northern
company will effect such economies as to be able to reduce rates substantially and that the St. Paul road will not be able to maintain itself
on these new rates. Again the question arises why the public benefit
should be subordinated to the private interest of the St. Paul's security
holders who voluntarily went into a territory already served by the Northern
lines. It is to be remembered, however, that the rate levels will not be
-S. C. Commission
determined by the new Northern company but by the I.
on a basis representing the general average of net railway operating income of all the railroads in the western territory. If the St. Paul road
cannot sustain its present capitalization and methods of operations on
rates fixed on this basis by the Conunission, does not this indicate that
the St. Paul ought to befurther reorganized as to its capitalization and
methods of operation?"
The effect of the proposed combination. in Mr. Budd's opirion, would
be to put producers and shippers of the Northwest in a stronger position
as against their competitors in the Southwest and in Canada, tending
thus to increase volume of business in the Northwest.
"And there is no reason why the St. Paul should not also participate
in that increased business." Mr. Budd said. "Thus, the proposed move
Is one so completely in the public interest that it will help the St. Paul
[Vol,. 124.
and increase its business along with the general help that is rendered to
the Northwestern territory. Certainly a short-sighted policy of opposition
on the part of the present officers of the St. Paul should not be permitted
to stand in the way of benefits of this character.
"It is clear that if the Burlington should lose either of its Northern
owners, the result would be highly disadvantageous to the Burlington
and to the public. If either of the Northern companies should sell its
Burlington stock and buy out the St. Paul stockholders instead, the result
would be that that Northern company would then turn away from the
Burlington important volumes of traffic now enjoyed by the Burlington.
This would greatly impair the Burlington's earning capacity, whereas the
real purpose of the Transportation Act was to conserve all existing railroad
strength and add still more to it through combination. Mr. Byram's
idea involves the destruction of existing railroad strength as the first
step in the gratification of the desire of his stockholders.
"IVIoreover, the practical situation cannot be ignored. It is impossible
to see how either Northern company would be willing to buy the other
Northern company's Burlington stock at a price satisfactory to the seller.
The purchasing company would know that by the mere fact of the purchase, the Burlington would lose a very important business, and hence
its earning capacity would be substantially impaired. How then could
the purchasing company afford to pay an attractive price for the Burlington
stock? Would the other Northern company, enjoying the benefits of
the Burlington stock on the basis of the present earning capacity of the
Burlington, be willing to sell at a low price which the other Northern
company would be willing to pay? Hence the likelihood of any trade
being possible is beyond the limits of probability.
"The result is that what Mr. Byram would accomplish if his opposition
were successful, would be to keep the situation in the Northwest where
It is now, when it is perfectly obvious that the people of the Northwest
and their territory would be greatly aidedby the combination which has
been proposed. Thus again we get to the conclusion that Mr. Byram
is opposing for the private interest of his stockholders an important measure
in the public interest and the only measure which has any aspect of
practicability.
"In another respect Mr. Byram seems to put himself at cross purposes
with the public interest. He urges in effect that no grouping take place
until a grouping can be made which will include his railroad and which
will 'create a finished rather than unfinished position.' Indeed, he goes
so far as to indicate what he wants is a 'grouping of all railroads.' In
other words, he seems to insist that the only sound method is that of postponing any grouping which might be of benefit to the public until all
railroads can be taken care of and a 'finished' situation obtained. The
Transportation Act designed two different methods of railroad grouping
One was a method by lease of stock control which could proceed as between
any given railroads whenever the Commission thought it was in the public
interest. This is the method which the Northern companies are proposing. The other method in the Transportation Act provided that the
second method could not be undertaken until the Commission had grouped
to Its satisfaction into different systems all of the railroads in the United
States. Apparently Mr. Byram is urging that only this second method
should be resorted to and that the first method provided by the Transportation Act should be abandoned.
"The Commission did in fact make a serious effort to adopt a plan
according to this second method of grouping all the railroads In the country
into a few railroad systems. But the Commission encountered so many
complexities that it finally recommended to Congress that instead of this
second method being carried out, the Commission be authorized by an
amendment to the law to authorize specific complete consolidations which
appeared to be in the public interest. That matter is now receiving the
serious attention of Congress and has the active support of the President.
In other words, the plan of not proceeding until all the railroads in the
country are taken care of and until a 'balance of power' is arrived at and
a 'finished position' is arrived at has been tried and found unsatisfactory
-e. C. Commission. This opposition therefore should not be
by the I.
permitted to interfere with a plan of unification which would result in
great public benefit and may be carried out under another provision of
the Transportation Act by a method through which other unifications
'
-S. C. Commission.
have been so consummated with the approval of the I.
-V. 124. p. 917. 1062, 1216.
-Interest Payment.
International-Great Northern RR.
,
The company will on April I pay to the holders of its adjustment mtge.
6% gold bonds, series A. an installment of 4% by way of interest on the
bonds for the year ended Dec. 311926, Payment of such interest will be
made at the office of the company, Room 1918. 120 Broadway, N. Y. City.
-V. 123, p. 839.
-Authority Denied Reading
Lehigh & New England RR.
-V. 123,
-See Reading Co. below.
Co. to Acquire Control.
p. 2651.
Louisiana & Mississippi RR. & Transfer Co.-FinaI
Valuation.
-S. C. Commission has placed a final valuation of $353,000 on the
The I.
property of the company as of June 30 1918.-V. 112, p. 162.
-Tentative Valuation.
New Orleans & Northeastern RR.
-S. C. Commission has placed a tentative valuation of 814.335,000
The I.
on the property of the company as of June 30 1318.-V. 119, p. 320.
-Final Valuation.
New Orleans Terminal Co.
The 1.-S.C. Commission has placed a final valuation of $6,675,000 on the
property of the company as of June 30 1918.-V. 117. p. 2770.
Minneapolis & St. Louis Ry.-Preliminary Earnings.
1924.
Calendar YearsGross revenues
Expenses,taxes,&c
1925.
1926.
$14,733,725 $15,074,273 $15,097,126
4,058,833 13.984,058 15,292,024
Operating income
Equipment, rights, &c
$674,892 $1,090,215 def$194,898
765,053
726,350
452.719
Net operating income
Other Income
$222,173
165,742
$363,865 def$959,951
278,927
147,728
Total income
Interest, rents, &c
$387,915
2,405,051
$511,593 loss$681,024
2,315,367
2,416,803
Deficit
-V. 124, p. 1062.
.
$2,017,136 81,905,210 $2,996,391
-Kuhn, Loeb
-Bonds Sold.
Northern Central Railway.
& Co. have sold at 963.I and int. to yield about 4.70%
gold bonds, series A.
$5,231,000 gen. and ref. mtge.
and re.
Dated March 1 1924; due March 1 1974. Donom. $1,000 0' without
payable
Int. payable M.& S. Both principal and interest will be taxes) which the
taxes (other than Federal income
deduction for any tax or
trustee may be required to pay
company or its successors or assigns, or the future law of the United States
or to retain therefrom under any present or
Pennsylvania and Maryland.
of America or of the States of
-S.
of the I.
Issuance and sale of these bonds are subject to the approval
C. Commission.
list these bonds on the New York
Ltsting.-Application will be made to
Stock Exchange.
7.
Data from Letter of Pres. W. W. Atterbury, March Northern
of the
Security -These bonds are to be the direct obligationconditions of the
under and subject to the terms and
Central Ky. and,
lease to the Pennsylvania RR., the latter company is obligated to provide
for the principal a and interest on these bonds.
$90.000 per
These bonds will be secured, subject only to a charge of mortgage on
annum payable to the State of Maryland, by a direct first double track,
railroad. all of which, except a small branch, is
142 miles of
branches
with some portions having third and fourth tracks, together with all
equipment
additions and extensions, and lands, buildings, shops, bridges, and yards
on valuable pier and elevator properties with the
and other appurtenances;
In the Canton Section of Baltimore; on the company's joint interest
interests in
Pennsylvania RR. in certain large freight yards, on leasehold important
on
lines comprising an additional 134.85 miles of railroad; and
miles of
operating and trackage agreements or grants covering 176.61
railroad.
Md.,to Marys-Company's main line extends from Baltimore.
Property.
Marysville
ville, Pa., and from Dauphin to Sunbury, Pa. (oonnectIon from
MAR. 12 1927.]
THE CHRONICLE
to Dauphin being made over the Rockville Bridge by trackage agreements
with the Pennsylvania RR.), and with its leaseholds and operating and
trackage arrangements forms an integral part of the Pennsylvania RR.
System. It therefore constitutes roan of the direct route for important
traffic of the system to and from Washington, D. C., and Baltimore, Md.,
and Pittsburgh, Cleveland, Chicago, St. Louis and other Western points,
and is likewise a part of the direct route between Erie, Pa. and Buffalo,
N. Y., and Baltimore, Md., as well as to and from points In the central
part of New York State.
-All of the above property, leaseholds and operating and trackage
Lease.
agreements or grants are leased to the Pennsylvania RR., under a lease
dated July 29 1914, and running for 999 years from Jan. 1 1911. The
Pennsylvania RR. agrees to pay as rent a sum sufficient to cover interest
charges on bonds and obligations, taxes, administration expenses and 8%
per annum on the present outstanding stock, amounting to $27,077.200,
of which $14,808,050 is owned by the Pennsylvania RR.
-Authorized amount limited to $30,000,000 at any one time
Bond Issue.
outstanding. Outstanding, after the present issue, $8,300,000 of 5% bonds
and $5,231,000 of 434% bonds, both of series A. The 434% bonds were
originally issued as 5% bonds but have been stamped to the effect that
Interest has been reduced to 434%. The balance of the authorized amount
may be issued for additions and betterments, for new properties, for new
equipment to the extent of $5,000.000 and for other corporate purposes,
all as provided in the mortgage.
Purpose.
-The purpose of the sale of the $5,231,000 bonds is to provide
cash to reimburse the Pennsylvania RR. for advances made by it for the
retirement of all the underlying bonds.
-V.123, p. 3316.
Old Colony RR.
-Stock Application.
The company has asked the 1.-S. C. Commission for authority to issue
$891,700 common stock which it proposes to sell at public auction at not
less than par. The proceeds from the sale of the stock will be used to pay
for improvements already made. V. 123, p. 3316.
Pennsylvania Ohio & Detroit RR.
-Bonds Sold.
-Kuhn,
Loeb & Co., New York, have sold at 95and interest, to yield
$22,000,000 first and ref. mtge. 4M% gold bonds,
4.76%,
series A. Guaranteed as to both principal and interest by
endorsement by the Pennsylvania RR.
Date April 1 1927; due April 11977. Denom. $1,000,
principal, exchangeable for fully registered bonds andregisterable as to
re-exchangeable
under conditions provided in the mortgage. Interest payable A. & O.
Series A 4Si% bonds redeemable as a whole only, upon 60 clays' notice, on
April 1 1932, or on any interest date thereafter to and including Apr
1972, at 10234 and interest, and thereafter on any interest date il 1
premium equal to 51% for each six months between the redemption at a
date
and the date of maturity. Both principal and interest payable without
deduction for any tax or taxes (other than Federal income taxes)
which
the company or the trustee may be required to pay or to retain therefrom
under any present or future law of the United States of America or of the
States of Ohio and Michigan.
Issuance, guaranty and sale of these bonds are subject to the approval
of
the I.
-S. C. Commission.
Listing.
-Application will be made in due course tolist these bonds on
the New York Stock Exchange.
Data from Letter of Pres. W. W.Atterbury, Philadelphia, Pa., Mar. 7.
Security.
-Secured by a direct mortgage upon all the lines of railroad and
app
nces thereo :ow owned, and upo allnI s
e of ang of e f
m: c opege ac aredte i
tg
ir
esnts ind b
r
the Issuance
h first and
mortgage bonds, upon completion of this financing, will be subject to
$8,852,000 of prior lion bonds which may not be extended or renewed, and
for the retirement of which, at or before maturity, first and ref. bonds
are
reserved.
Properties.
-The present properties, which are an integral part of the
Pennsylvania RR. System, include about 783 miles of railroad owned in the
States of Ohio and Michigan, extending (with trackage rights at certain
points over other lines of the Pennsylvania RR. System) from Cincinnati.
Columbus and Marietta, on the south, to Akron and to Sandusky and
Toledo on Lake Erie, on the north, and over its own rails and by trackage
rights over other lines from Toledo, 0., to Detroit, Mich. The Pennsylvania RR. System reaches the important tracffic centres of Akron, Sandusky and Toledo (from the east and south), and Detroit only over the
railroad of the Pennsylvania Ohio & Detroit RR.
Purpose.
-The purpose of the issue of these bonds is to reimburse
treasury of the Pennsylvania RR. for capital expenditures made by itthe
on
the property of the company covered by the first and ref. mtge., for the
retirement of maturing obligations and for other corporate purposes.
Lease.
-All of the properties of the company are leased to the Pennsylvania RR. under a lease running for 999 years from Dec. 10 1925. The
Pennsylvania RR. agrees under said lease to pay a sum sufficient to cover
interest on indebtedness, sinking funds, taxes, administration expenses and
5% dividends on the capital stock of the company,of which there is at present outstanding $28,410,000, all of which (except directors'
shares) is owned by the Pennsylvania RR. and its subsidiaries. qualifying
Mortgage.
-Authorized amount of the first and ref. mtge. bonds limited
so that the amount thereof at any one time outstanding, together with all
outstanding prior debts of the company, after deducting therefrom the
bonds reserved under the first and ref. mtge. to retire the prior debts, shall
not exceed twice the then outstanding paid-up capital stock of the company.
Of the authorized amount there will be outstanding in the hands of the public
the present issue of $22,000,000 series A 434% bonds. Of the balance of
the authorized amount, $8,852,000 bonds are to be reserved to retire like
amount of prior lien bonds and additional bonds may be issued fromatime
to time under the restrictions stated in the mortgage to reimburse or to
provide for expenditures after Dec. 10 1925,for the acquisition of additional
properties, or securities representative thereof, for additions, betterments
and improvements,for equipment, to the extent of 90% of the cost thereof,
and for refunding prior liens on after-acquired property.
-V.123, p. 1248.
1507
full text of the decision is given under "Current Events and Dlsciussons
on preceding pages.
-V. 124. p. 369.
Seaboard Air Line Ry.-Preliminary Earnings.
-
Calendar YearsGross revenue
Expenses
Taxes, &c
1926.
1925.
1924.
1923.
$67,024,854 $62,864,710 $53,384,173 $52,249,110
49,253,002 46,733,363 41,387,634 40,342,259
3,490,954
3,045,984 2,460,343
2,216,369
Operating income_
$14,280,898 $13,085,363 $9,536,196 $9,690,482
Equipment, rents, &c
2,266,720
2,262,632
522,682
1,732,519
Net operating income..$12,014,178 $10,822,731 $9,013,514 $7,957,963
Other income
1,899,944
1,100,397
1,035,318
516,757
Total income
$13,914,122 $11,923,128 $10,048,832 S8,474,720
Interest, rents, &c
9,485,452 8,088,153
6.969,889 6,455,280
Adjustment bond int
1,250,000
1,250,000
1,250,000
625,000
income
Net
$3,178,670 $2,584,975 $1,828,943 $1,394,440
Shares common stock
outstanding (par $100)
370,191
370,191
370,191
370 191
Earned per share
$5.99
$4.39
$2.36
$1.11
-V. 124, p. 1217.
Seaboard-All Florida - Ry.-Listing.The New York Stock Exchange has'authorized the listing of *2,000.000
1st mtge.6% gold bonds, Series B,due Aug. 1 1935.-V. 124. p. 1217.
Toledo Peoria & Western Ry. Co.
-Prelim. Earnings.
-
Calendar YearsGross revenues
Expenses,taxes,&c
Operating deficit
Equipmentrents,&c
1926.
1925.
1924.
$1,524,845 *1,617,067 $1,908,795
1,598,936
1,772,856 1,857,060
$74,091
53,105
$155,789 sur$51,735
81,150
123,475
Net operating deficit
Other income
$127,196
Cr.15,711
$236,939
$71,740
Cr.18,777 Def.90.117
Total deficit
Interest, rents, &c
$111,485
199,297
$218,162
197,490
$161,857
197,454
Deficit
-V. 123, p. 2652.
$310,782
$415,652
$359,311
Union & Glenn Springs RR.
-Final Valuation.
-
-S. C. Commission has roaced a final valuation of $429,500 on the
The I.
property of the company as of Tune 30 1918.-V. 122, p. 3208.
Western Maryland Ry.-Authorized to Issue Stock
Commerce Board Rules It Has Power Over Issues Preceding the
Transportation Act.
-In an order entered March 5 by the
I.-S. C. Commission, granting permission to the company to
issue 99,990 shares of new common stock, the Commission
held that it had authority under Section 20a of the Transportation Act to pass on the reclassification or conversion of
securities that had originally been issued prior to the passage
of the Act, despite an opinion to the contrary expressed by
the company.
The company applied for authority to issue 100,000 shares of common
stock (par $100 per share), to be exchanged, share for share, for second preferred stock, surrendered for that purpose, and then in an amended application requested the Commission to dismiss the original application for want
of jurisdiction. It contended that the Commission had no jurisdiction over
the proposed conversion, arguing that its obligation to convert the stock
became absolute prior to the effective date of Section 20a, and that it was
not the intention of Congress in giving the Commission control over the issue
of securities "to impair existing obligations or wipe out invested rights."
The company further urged that the proposed transaction was merely a
reclassification of stock already issued and not an issue of securities within
the provisions of Section 20a.
The opinion of the Commission follows:
The Western Maryland By., a common carrier by railroad engaged in
inter-State commerce, has duly applied for authority under Section 20a
of the Inter-State Commerce Act to issue 100,000 shares of common stock
of the par value of $100 per share, in exchange, share for share, for second
preferred stock surrendered for that purpose, and by a supplemental or
amended application requests that we dismiss the application for want of
jurisdiction. No objection to the granting of the application has been presented to us.
Claims Jurisdiction.
In support of its contention that we have no jurisdiction over the proposed
conversion, the applicant urges that its obligation to convert the stock became absolute and the right of the holders thereof to have it converted was
vested prior to the effective date of Section 20a: and that it was not the
Intention of Congress, in giving Us control over the issue of securities, to
Impair existing obligations or wipe out vested rights. It further urges that
the proposed transaction is merely a reclassification of stock alreaey issued
and not an issue of securities within the provisions of Section 20a. We are
of the opinion that the provisions of Section 20a are applicable to the proposed transaction and that we have jurisdiction.
Agreement Is Cited.
Article VI. of the agreement of consolidation dated Jan. 23 1917, under
which agreement the applicant was created, provides thatthe capital stock of
the company shall be $78.000.000, represented by 780,000 shares of a par
Pennsylvania RR.
-Number of Stockholders Increase.
The number of stockholders on Feb. 1 amounted to 142,251, an increase value of $100 each, divided into 180.000 shares of first preferred, 100.000
of 1,049 over Jan. 1, and also compares with 140.134 on Feb. 1 1926, an shares of second preferred and 500,000 shares of common, and further
Increase of 2,117. Average holding on Feb. 1 1927 was 70.19 shares, com- provides as follows:
The holders of the second preferred stock may at any time prior to the
pared with 70.70 shares on Jan. 1 1927 and with 71.25 on Feb. 1
Foreign holdings on Feb. 1 1927 amounted to 3.73%. an increase of 1926. call of the same for redemption, exchange the same for common stock of
0.06% said consolidated corporation at par
over a year ago.
-that is to say, for each
second preferred stock so exchanged one share of common stock. share of
Guaranty, &c.
Any second preferred stock which may be surrendered for exchange into
See Pennsylvania Ohio & Detroit RR. above.
-V: 124, p. 1335.
common stock may be re-Issued as common stock, and the amount of
authorized second preferred stock shall thereby
Reading Co.
-I.
-S. C. Commission Denies Company's and the amount of authorized common stock be correspondingly reduced
correspondingly increased,
Application for Authority to Lease Lehigh & New England but without reduction or Increase of the total authorized capital stock of
the consolidated corporation.
RR.
-The application of the Reading Co. for authority to
acquire control of the Lehigh & New England RR. was
denied by the I.-S. C. Commission in a decision made public
on March 9, holding that the proposed lease of the property
for 999 years would not be in the public interest. Final
disposition of the Lehigh & New England, control of which
has been sought by several of the Eastern lines, is a matter
that can wed be postponed, the Commission said, until it
can have before it fuller and better information in regard to
the larger plans that may be proposed for the consolidation
of the Eastern railroads.
99.990 Shares Outstanding.
The applicant has outstanding 99,990 shares of second preferred
Holders a this stock are entitled to non -cumulative dividends in eachstock.
fiscal
year up to the amount of 4% per annum after payment
of
dividend on the first preferred stock, but before any dividendsthe full 7%
are paid on
the common stock. The second preferred stock is
redeemable as an entirety
at the option of the applicant at any time upon four
notice at the
Price of $100 a share. As provided oy the agreement weeks'
of consolidation, all
outstanding certificates of second preferred stock may at any time prior
to call for redemption be exchanged for common stock at par.
The applicant represents that certain certificates
preferred stock
have been presented by the holders thereof to theofsecond Trust Co., the
Bankers
applicant's transfer agent, with the request that they be issued as common
stock, and that it was in order to comply
requests, and similar
requests which may be made hereafter, with these its original applicathat it filed
tion herein.
Issue Held Lawful.
We find that the issue by the
of 99.990 shares of common
stock, of the par value of $100 perapplicant exchange for second preferred
share, in
stock, share for share as aforesaid (a) is for a lawful object within its corporate purposes, and compatible with
interest, which is necessary
and appropriate for and consistent the public
with the Proper performance by it of
service to the public as a common carrier, and which will not impair its
ability to perform that service, and (b) is reasonably necessary and appropriate for such purpose.
-V.124, p. 1063.
The Commission also found that the annual payments
$1,639,815 that would be required of the Reading Co. underamounting to
the proposed
lease would amount to a "high price for control, which it does not
regard
in the public interest, saying that "the adoption of similar standards in
future transactions of the kind would impose upon the carriers too heavy
a burden of fixed charges."
"The sharp rivalry between great systems for the control of the line of the
Lehigh & New England," the Commission's report says, "emphasizes the
evidence as to the importance of the line in the transportation facilities of
the East. While apparently there is no present disposition on the partof
the New Haven to seek control of the Lehigh & New England,such control,
as Professor Ripley pointed out, would have many advantages as compared
Wheeling & Lake Erie Ry.-Listing.with acquisition by one of the rival trunk line systems, and the fact that
The New York Stock Exchange has authorized the listing of not to exceed
there seems no immediate prospect of the consummation of such
control $22,227,600 (total authorized issue of all classes of stock of $55.870,000)
ought not to govern our action here,if we believe union with a New England
additional common stock (par $100 per share) on official notice of issuance
system to be the best ultimate destination for this strategic line."
The In exchange for and retirement of such prior lien and preferred stock a
THE CHRONICLE
1508
[VoL. 124.
May be tendered for conversion into common stock under the regulations
prescribed by the board of directors and the provisions of the company's
charter, making the total amount of common stock applied for, in the event
of the conversion of all of said prior lien stock and all of said preferred stock,
not to exceed $55,870,000.
There is at present authorized and subject to conversion into common
stock prior lien stock of a par value of $11,882.600 and preferred stock of
a par value of $10,345,000. or a total of $22,227.600 of such stocks.
General Balance Sheet as of Dec. 31.
1925.
1926.
1925.
1926.
$
is
LiabilitiesAMU$
55,868,858 55,868,858
Inv. in rd.& se- 88,317,140 87.927,771 Capital stock___
Sinking funds__
270.000 Funded debt__ 28,200,700 34,204,300
Traffic & career.
Depos, in lieu of
26,602
37,709
bale. payable_
wed. prop'ty
35,145 Audited acc'ts &
sold
35,745
1.315,395 1,583,108
wages payable
Inv.in alai. cos.:
47,759
49,677
Stocks
1,030,469 1,030.469 Misc. Reels pay.
106,318
68,603
2,224.000 Int. mat'd unpd.
Bonds
2,224,000
330,845
287,303
507,443 Unmatint.accr.
Advances_ _
467,443
498,348
426,830
0th. def'd liab__
Other inven'ts:
100 Unadj. credits__ 5,617,247 4,702,943
Stocks
100
Bonds
1.037.205 2,405,606 Add'ns to prop.
through inc. 3c
Cash
1,474,555 1,135,100
1,188,007 1.334,045
Special deposits_
surplus
502,818
4.55,953
Funded debt ret.
Traffic & car service bal. reels
440.702
through inc.&
289,588
190,000
190,000
surplus
Net bal. rec. fr'm
270,000
205,110 Skg. fd. reserves
161,068
agents &cond.
12,845,477 8.982,703
Misc, aco'ts rec_
527,399 Profit and loss
563,673
Mall & supplies
954,093 1,004,727
53,040
Int. dr dive. roc_
50,028
7,521
8,023
Wkg.fund advs_
UnadJust. debits 9,026,723 9,868.877
106,095.805 108,145,827
Total
106.095,805 108,145,828
Total
-V. 124,p. 1356, 1064.
of transmission and distribution lines. The gas plants have a rated capacity
of 18.663,000 cu. ft. of gas per day and the gas distribution systems total
1,090 miles of mains.
Security.
-These bonds will be the direct obligation of Central Public
Service Company and also, by assumption, the direct obligation of Central
Public Service Corp., and will be secured by deposit of all of the common
stock of Central Gas & Electric Co. and Federal Utilities, Inc.
Purpose.
-Proceeds will be used in part to pay for the acquisition of properties, to retire indebtedness and for other corporate purposes.
Capitalization Outstanding (upon Completion of Present Financing).
Series A 6% collateral trust gold bonds (including this issue)_ __ 43.654,000
a
,
61i% secured gold notes
1.617.500
Five-year 6% notes
1,500.000
6
,
61 % debentures
198,000
Five-year 2% to 5% notes
63,789,500
Preferred stock
101.277 abs.
Class A stock (no par)
200,000 shs.
Common stock (no par)
a Closed issue, secured by 8350,000 debenture bonds of Michigan Water
Power Co. b Of this amount $1,853,000 is owned by Central Public Service Co.
Note.
-The above capitalization does not include funded debt and pref.
stock of subsidiary companies outstanding in the hands of the public with
a total par or liquidation value of $24.207.200.
Earnings.
-Consolidated earnings for the 12 months ended Dec. 311926,
Including estimated earnings of thesubsidiary, Michigan Water Power Co.
(gross. 5140.000, and net, $119,150), recently placed In operation, were as
follows:
$5.995,237
Gross earnings
Operating expense, including maintenance and taxes (other than
income taxes): but excluding depreciation and non-recurring 3,397,957
items In amount of $51,481
PUBLIC UTILITIES.
The Ohio P. U. Commission has authorized the company to issue $3.975.700 of prior lien and refunding mortgage 40
-year sinking fund gold bonds
and to transfer them to the Union Gas & Electric Co. Of the total amount
51.152.999 is to be turned over at once to satisfy the indebtedness of the
Cincinnati Gas & Electric Co. to the Union Gas & Electric Co. and $2,822.724 to be turned over from time to time to pay for the capitalizable cost of
-V.123
improvements made to the former's facilities by the latter company.
P. 3036.
New Cable Communication Between Germany and United Stales Opened.
Mar. 4 date of opening. Tests show transmission of 1.500 hitters Per
-New York "Times" March 5, p. 5.
minute.
-Chairman
-Exchange Offer.
All America Cables, Inc.
W. Emlen Roosevelt Feb. 28 said in substance:
$2,597,280
Net earnings
The balance of net earnings as shown above after deducting $1,407,566
for fixed charges of subsidiaries is 11.189,715
-over 5.42 times annual
Interest requirements on the total amount of these bonds to be presently
outstanding.
-Bonds Authorized.
Cincinnati (0.) Gas & Electric Co.
The International Telephone & Telegraph Corp. has offered to the
-Earnings
Cincinnati & Suburban Bell Telephone Co.
stockholders of All America Cables, Inc., to make an exchange of stock
Income Statement Year Ended Dec. 31 1926.
on the basis of 1 1-3 shares of the former for each share of the latter company. This offer is subject to the approval of the stockholders of the Telephone oper. rev., $8,112,876; telephone oper. exp., $5,293,$2,818,966
International corporation and is conditioned upon its acceptance through
910; net revenue
the deposit of stock by the holders of 66 2-3% of the outstanding stock of Uncollectible oper. rev., $67.896; taxes assignable to operations,
897,113
All America Cables, Inc.. on or before April 1 1927. The International
$829,218
percentage. Stock
corporation, however, has the option to take a smaller
$1,921,852
should be deposited with J. P. Morgan & Co., 23 Wall St., N.Y. City. for
Operating income
60.750
Under the agreement the committee is empowered to extend the time
cor- Net non-operating income
deposit of stock under the plan upon the request of the International plan
$1,982,602
and only if sufficient stock has not been deposited to make the
poration
Total gross income
the Inter- Other interest, $5,603;rent & miscellaneous, $47,648
53,252
operative, up to Dec. 31 1927. Until the plan is consummated
1,466,2:12
national corporation shall declare no dividends other than the regular Dividends
50,000
quarterly dividends at the rate of 6% per annum, nor shall the All Amer- Other appropriations from net income
diviica Cables, Inc. declare dividends other than the regular quarterly
$413,118
dends at the rate of 7% per annum. Neither company shall issue addifor corporate surplus
Balance
$10.53
tional stock until the plan is consummated.
Earnings per share on 183,279 shares of capital stock (par $100)At the request of the board. W. Emlen Roosevelt, John W. Auchincloss -V. 122. p. 1168.
(with Henry de la Montagne Jr., Secretary, 89
and Daniel P. Kingsford
of All
-Bonds Sold.Pa.
Citizens Water Co. of Washington
Broad St., N. Y. City) have formed a committee for the receipt
America stock.
'
P. W. Chapman & Co., Inc., have sold $410,000 additional
The regular dividend on the stock of All America Cables, Inc., Payable
the 1st mtge. 5% gold bonds, series B, at 95 and int. to yield
that
April 15 1927, will be distributed to the depositors. In the event Internais declared operative, depositors will receive the stock of the
plan
about 5.35%. Due July 1 1951.
tional corporation to which they are entitled under the plan. without exCompany.-Ilas been supplying the City of Washington. Pa., and
pense to them. Non-voting and non-dividend bearing scrip will be issued adjacent territory with water for domestic and industrial purposes for
shares will have a
for fractional shares. Scrip not earlier exchanged for full
date. over 39 years. The population served is estimated at over 45,000.
surrender value on and after Oct. 1 1927 based on market prices on that
Issued.
Authorized.
CapitalizationThe International corporation, organized in 1920, pays 6% dividends and
y$1,760,000
and13
has paid dividends quarterly at that rate ever since its organization. 1st mtge. gold bonds, series A
550,000
$750,000
preferred stock
Through subsidiary or associated companies it carries on telephone business 7% cumulative
10,000 shs.
10,000 she.
In Cuba, Porto Rico, Mexico and Spain and it expects to further extend its Common stock additional bonds limited by restrictions of the mortgage.
x Issuance of
operations in the countries of South and Central America. It owns 50%
bonds, and $410,000
3' Of this amount $1.350,000 are series A 53%
(jointly with American Telephone & Telegraph Co.) of the telephone cables
between Cuba and the United States. It also owns all of the capital stock are series It 5% bonds.
-12 Months Ended Dec. 311926.
Earnings
of International Standard Electric Corp. (formerly International Western
$305,626
Electric Co., acquired from Western Electric Co. Inc.), which has factories Gross earnings
115.858
in England. France, Belgium, Spain, Italy, Ausiria. China and Japan and Operating expenses, maintenance & taxes (excl. Fed. taxes)
a very widely distributed sales organization. The research department
$189,768
all forms of
Balance
and patent rights of the latter corporation are advantageous to
$94,750
Annual interest requirements on the entire mortgage debt
electrical communication.
the
Purpose.
-Proceeds will be used to reimburse the company for See
See International Telephone & Telegraph Corp. in last week's "Chronicorporate purposes.
acquisition of additional property and for other
cle," page 1359.-V. 124. p. 1356.
also V. 123, p. 3036.
-Retires Bonds.
Associated Gas & Electric Co.
-Stockholders to Receive Rights.
Commonwealth Edison Co.
The company has announced that it will purchase on or before April 1 any
In connection with the increase in the authorized capital stock from
secured gold bonds, 6% series of 1925, presented for such
or all of the
Broadway, 1125,000.000 to $150,000,000, President Samuel Instill stated: "We unpurchase at the Chase National Bank ofthe City of New York,57
stock this year.
N. Y. City, at a price equal to 105 and int, to date of redemption. See doubtedly will be offering our stockholders some additional
John J. Mitchell Jr. has been elected a director to succeed the late Benalso V. 124, p. 1356.
jamin Carpenter.
-Proposed Acquisition.
Balance Sheet Dedember 31.
Associated Public Utilities Corp.
1925.
1926.
G. V. Grace & Co. announce that the corporation will acquire water
1925.
1926.
5
Liabilitiescompanies serving Frankfort. Ind., and Jackson. Ohio, as well as a number
Assets
San Francisco, San Mateo and a Fixed capital_ 219,066.110 195,304,629 Capital stock._ _108,802,600 96,748,500
ofsuburbs of San Francisco,including South
094,500
portion of the city of Santa Rosa, Calif. With those additions, the corpora- Cash
11,283,057 10,091,307 Cap.stk., subsc. 1,680,8011
Funded debt.. _ _104,774,000 89,774,000
tion will serve 15 communities in 6 States.
-V. 124, p. 1356.
U. S. Treas. etre 1,700,000
5,769 Accts. payable_
3.597
- Notes receivable 8.257,524 7,899,522 Consumers' dep. 2,345,084 1,972,305
636.731
-Stock Authorized.
602,075
Astoria Light, Heat & Power Co.
Accts. receivable
628,238
998,558
-V. 115. p. 2908.
See Consolidated Gas Co. of New York below.
169,218 Misc. curr. liab.
Int. & dive. rec_
50,739
6,563,989 6,259,719
Mat. & supplies 3,015,240 2,503,753 Taxes accrued_
- Fuel(coal in
-Bonds Authorized.
Atlantic City (N. J.) Electric Co.
1,833,507 Munic.comp.accr 1,277,660 1,139,344
st'ge) 1,887,695
The New Jersey P. U. Commission has approved the issuance by the Prepayments_ _ _
378,669 Interest accrued 1,661,010 1,492,260
301,711
company of $1.262,000 5% gold bonds and 1,115 shares of no-par preferred Subs.to cap.stk_
179,448 Retirement res_ 28.136,276 24,708.828
703,277
2,302,348 2,047,154
stock. The proceeds are to be used to meet obligations incurred for ex- Misc .curr .assets
226,787 Insurance
297,623
tensions and improvements -V. 122. p. 2648.
Inv.In afdi.cos_ 29,401.100 13,815,121 Unamor. prem.
16,654
15,698
on debt
8.382,132
AlIse. Invest _ _ _ 1,474,526
-Acquisition.
Central Illinois Public Service Co.
Insurance fund_ 2,302,348 2,047,158 Service ann. res. 1,459,719 1,024,781
The company has purchased the Metropolis, Ill., ice plant and assumed Serv. ann.fund_ 1,459,719 1,024,781 Amortization res 2,307,300 1.767,300
309,282 1,018,999
control March 1. The company intends to enlarge the capacity of the Special deposits_
9,046 Mist). unad. cr
8,850
23,566,368 19,153,586
Surplus
plant.
Unam.debt disc.
The company has also purchased a two-story structure of the Marion
4,768,982 3,472,888
& expense _ _ _
125,050
Supply Co. at Marion, Ill. The building will be remodeled and used as a Jobbing accounts
224,899
-V. 124, p. 1218.
97,604
company office at that town.
55,875
Work in progress
539.893 1,816,516
Misc. def. debits
-Bonds Offered.
Central Public Service Corp., Chicago.
286,802,765 249,382,900
Total
286,802,765 249,382,900
Total
-Thompson, Ross & Co., Chicago, and E. R. Diggs & Co.,
The usual comparative income account was given in V. 124. p. 1357.
Inc., New York, are offering at 97 and interest, to yield
over 6.30%,$750,000 additional series A 6% collateral trust
gold bonds. Dated July 1 1925; due July 1 1940 (see original
offering in V. 121, p. 584).
Data from Letter of A. E. Pierce, President of the Company.
-A Maryland corporation. Will furnish, through oiperating
company.
propertiee, public utility service in 17 States of the Middle West, the
Atlantic seaboard and the Gulf coast, including Illinois, Wiscinson, Mehl.mn, Indiana, Kentucky, Tennessee, Maine, New Hampshire Now York,
Pennsylvania. the Virginias. North and South Carolina, Georgia, Alabama,
Florida,and New Brunswick,in Canada,supplying a population of approximately 850.000. The sources of net revenue of the properties are reported
gas,51.6%;
as follows: electric light and power, 34.5%;properties in water, 11.6%; railWisconsin, Lower
way and heat, 2.3%. A majority of the
Peninsula of Michigan, Maine and New Brunswick are hydro-electric.
capacity of the electric stations equals 34.879 h.p., of which
The present
20.4N h.p. is hydro-electric. Connected to these stations are 1,242 miles
-Listing.
Consolidated Gas Co. of New York.
720.000
The New York Stock Exchange has authorized the listing ofnotice of
additional shares of common stock (without par value) on official
shares.
issuance, making the total amount applied for 4,320.000been offered to the
The 720,000 additional shares of common stock have
on or before
holders of common stock of record Fob. 25 for subscription5 shares held.
every
Mar. 17 at $75 a share, at the rate of one new share forExchange on Mar. 7
the New York Stock
[The Committee on Securities of
March 9.1
ruled that the common stock shall be quoted ex-rights onoffer to the stockThe stock will be issued for cash and, by the terms of the
or in two subholders, may be 'paid either in full at the time of subscribing of subscribing
stantially equal instalments, the first to be paid at the time
18.
and the second on or before April
obligations
The proceeds of the issue of the stock will be used to discharge
reimburse such
of the company and certain of its affiliated companies, tocapital expendiincome for
companies for moneys actually expended out of
tures. and for the redemption of 300,000 shares of 6% cumulative Partici-
MAR. 12 1927.]
THE CHRONICLE
pating preferred stock presently outstanding, which stock is to be permanently retired.
The authorized capital stock consists of 7.620.000 shares, of which 300,000
shares (par $50 each) are 6% cumul. participating preferred stock (which
will be called for redemption May 1 1927 at $56.25 a share, whereupon the
authorized capital will be reduced by 300.000 shares); 3,000,000 shares
(without par value) are to be $5 cumulative preferred stock, and 4.320.000
shares without par value are common stock.
The combined income account and balance sheet of the
Consolidated Gas Co. of New York and its affiliated gas and
electric companies were given in V. 124, p. 1211. The statement of the Consolidated Gas Co. proper as reported to the
New York Stock Exchange follows:
Income Account Years Ended Dec. 31.
1926.
1925.
Operating revenues
$29,984,568 $25.854,621
Operating expenses
22,507.864 21,484,572
Retirement expense
1,120,514
1.062,636
Taxes
1,228.743
1,267.085
-Operating income
$5.127,447 82,040.327
Non-operating revenues
21,523.787 21,249,634
Non-operating revenue deductions
379,226
566.922
Non-operating income
$21.144,561 $20,682,712
Gross income
26,272,008 22,723,039
Interest on funded debt
2,750.000
2,375,806
Interest on unfunded debt
748,471
431.123
Net income
$22.773,536a$19,916.110
Adjustments of surplus (net)
bCr7,488,675
Dividends on 6% corn. nettle. pref. stock (7%)..- 1,050,241 Dr144,916
1,050.267
Common stock dividends ($5)
18.000,000 18,000,000
Net increase in surplus
$11.211.971
$720.927
Surplus beginning of the year
23.729.284 23.008.357
Surplus end of the year
$34,941,255 $23,729,284
a Excludes the net amount collected from sales of gas at rates in
excess of
$1 Per 1.000 cu. ft. during 1925. which amount was credited to suspense
account, pending the termination of proceedings before the U. S.
Supreme
Court, amounting to $2,937.358.
b Includes credit, representing the net amount collected in
statutory rate of $1 per 1.000 cu. ft. of gas sold during the excess of the
June 2 1923 to Dec. 31 1925. which amount was transferred toperiod from
surplus
count In accordance with the decision of the U. S. Supreme Court on acNov.
29 1926. amounting to $7,231,867, and net credit for Miscellaneous
Items of
$256,808.
Balance Sheet Dec. 31.
1926.
192$.
1925,
1923.
Assets
Flied capital._ _ 88,278,140 71,865,422 Common stock
investments ___242,179,485 231,629,857 6% pref. stock_6217,999,236 217,999,236
_ 15,000.000 15,000.000
Loans & advs. to
20-yr. 515% deb
affiliated cos_ 17,135,000 21,615.000 Adv.fr.affil.cos. 50,000.000 50,000,000
7,500.000
Cash
2,380,997 2,220,434 Notes payable__
Awls receivable 4,761,520 5,753.575 Adv. fr. fire and 10,000,000
•Int.receivable_ 90,056
388,773
liab. Ins. trus.
900,000
Mat'!& supplies 2,583.059 1,802,843 Acc'ts payable__
3,313,788 2,859.947
Unamort. debt
Consum. deposit 2,895,064 2.631,543
& exp._
. 1,900,791 2,005,904 Misc,cur. habil_ 1,276,779
655,232
Aband. proply.
804,942 1,053,945 Fed, taxes seer_ 1,076,843 1,055,060
Other, 2,232,491 2,211,514
taxes aeon
Interest accrued 2,461,812 2,218,266
Misc. acer.liab
12,182
15,717
Retirement res__
548.640
290,848
Coming. reserve 9,301,659 11,801.660
Fire Ms. partic
reserve
650,548
618.795
Misc. reserves_
1,694
Gas sales susp.
a7.248,651
Surplus
34,941.255 23.729,284
Total
360,111,990 338,335,753
Total
360,111,990 338,335,752
a The net amount transferred to surplus account in accordance
recent decision of the U. S. Supreme Court on Nov. 29 1926. afterwith the
a minor
adjustment of $16.783 amounted to $7,231,867.
b Represented by 3,600.000 shares of no par value.
Commission Approves Issue by Company and Subsidiaries
of Additional Stock.
The Now York P. S. Commission has authorized the
720,000 shares common stock (no par value), to be soldcompany to issue
at not less than
$75 per share, and 1,200,000 shares of $5 cum. pref. stock (no par value).
to be sold at not loss than $91 per share, and also authorized it to
acquire
obligations of the New York Edison Co., the Astoria Light,
Heat
Co., Westchester Lighting Co., New York & Queens Electric & Power
Light &
Power Co., and New York &
Gas Co., which the Commission
has authorized these companies to issue as follows:
(a) The Now York Edison Co., 1,800,000 shares of its common
stock
(no par value), to be sold at not less than $50 per share, which
proposes to acquire 260,000 shares of common stock without parcompany
value of
the United Electric Light & Power Co.
(b) The United Electric Light & Power Co., 260.000 shares of
common
stock without par value, to be sold at not less than $50 per share.
(c) The Astoria Light, Heat & Power Co., 40.000 shares of
stock without par value, to be sold at not less than $50 per share. common
(d) Westchester Lighting Co., 190,600 shares of common stock
without
par value, to be sold at not less than $50 per share.
(e) New York & Queens Electric Light & Power Co. $10.000.000 10-year
6' debentures, to be sold at not less than par.
(f) Now York & Queens Gas Co., 58,800 shares of common stock
without
par value, to be sold at not loss than $50 per share.
Hearings in the above matters were held by the Commission on
Feb. 23.
-V. 124, p. 1219, 1211.
1509
Data from Letter of E. Stenger, President of the Corporation.
Properties.
-Corporation successor to the Denver Tramway Co., owns
and operates the entire street railway system in Denver. Colo., together
with suburban lines. Trackage owned and operated totals approximately
250 miles,of which 200 miles are located within the City of Denver. The
U. S. District Court fixed a value, after deducting accrued depreciation,
as of Dec. 31 1922, of $23,514.769, upon the properties of the system used
for transportation purposes within the city limits of Denver. Depreciated
value of all properties owned by the system based on the above Court
valuation was $27,445,668 as of Dec. 311926.
Sinking Fund.
-During the year ending March 31 1928 and in each corresponding year thereafter, a sinking fund will retire $100.000 principal
amount of this issue either through purchase at or below 101, or through
call by lot at that price.
-The present financing will be effected by the extension of
Purpose.
$2,598,000 principal amount of underlying Hens (see V. 124, p. 1358) and
will result in decreasing the outstanding funded debt in the hands of the
public by $848,000. Such extension will consolidate into one maturity
three of the four underlying liens, with the result that as of Oct. 1 1933.
the total amount of obligations outstanding in the hands of the public.
secured by underlying liens, will be but $2,552.000. of which $2,317.000
will mature as of that date.
-Corporation has covenanted to deposit with the trustee, as
Security.
acquired. $2,598.000 1st (closed underlying) mtge. bonds as security for
these notes and has provided for the deposit of sufficient cash with the
trustee to acquire such bonds. The issues of bonds to be deposited, each
of which will be secured by a closed underlying lien upon a vital portion of
the System. are:
Denver City Tramway Co. 1st mtge. extended 6% gold bonds,
due Oct. 1 1933
$2,000,000
Denver Tramway Power Co. 1st mtge.improvement extended 6%
gold bonds, due Oct. 1 1933
598.000
Denver City Tranway Co. bonds are a first lien on 101 miles of
The
trackage which comprise the most important traffic arteries of the System.
These properties have a depreciated value, based upon Court valuation
of $8.041,000. In addition, the Denver City Tramway Co. bonds are
secured by a second lien on other important lines and properties. The
Denver Tramway Power Co. bonds are a first lien upon the central station,
having installed capacity of 40.000 h.p. 3 sub-stations, high tension transmission lines, &c., having a depreciated value, based on Court valuation,
of $2,318,000. Total depreciated value of combined properties, against
which collateral for these notes is a first lien, is $10,359.000. or over $5.900
for each $1,000 notes of this issue.
Capitalization of System upon Completion of this Financing.
Denver Tramway Corp. (this issue) 6% notes, 1933
$1,750,000
Denver Consol.'Tramway Co. 1st mtge. 5s. 1933
a1,167,000
Denver Tramway Terminals Co. 1st mtge. 55. due $60,000 annually on Sept. 1
655.000
penver Tramway Corp. gen. & ref. mtge.5s, 1950
b6,443,500
5% cumulative preferred stock (par $100)
10.416.400
par)
Common stock (no
61.2408 shs.
a $2,670.000 additional deposited as security for Denver Tramway Corp.
gen. and ref. mtge. bonds, Is $500.000 additional in treasury.
-Net earnings available for interest and depreciation (after
Earnings.
allowance for Federal taxes) for the year ended Dec. 311926. were $1.624,589. or 8.28 times the maximum interest charges on all issues secured by
underlying liens, including these notes. to be outstanding in the hands
of the public, upon completion of this financing. Including sinking fund
requirements upon this issue of $100,000 per annum, earnings were equal
to 5.48 times the combined charges.
-V.124, p. 1358.
Duquesne Light Co.
-Electric Energy Output.-
Month of FebruaryElectric energy output
-v. 124. p. 790. 234.
1927.
110,814,370 k.w.b.
1926.
111,506,400 k.w.h.
Eastern Massachusetts Street Ry.-New Directors.
-
At the annual meeting of the stockholders, it was voted to increase the
board of directors from 9 to 11 members. The following were elected
directors for the ensuing year: Charles Hayden, Lester Watson, Roger
Amory. Franklin T. Miller, Albert A. Harrison. Robert B. Stearns, Henry
G. Lapham, A. W. Pinkham, L. Sherman Adams, Cornelius J. Corcoran
and Willard H. Cross. Messrs. Amory, Miller and Adams were members
-V. 124, p. 1358.
of the retiring board.
Federal Water Service Corp.
-Acquisition.
-
President C.T. Chenery announces the completion of negotiations for the
Washington Water. Light & Power Co., supplying water to approximately
10,000 people in Washington, Ind., and vicinity. This addition has about
2,000 consumers, a number of which are important industries using large
quantities of water. A recent petition of the company for an increase in
rates was approved by the Indiana P.S. Commission.
-V.124, p. 1358.
Gatineau Power Co.
-Acquisition.
-
The company has acquired the Papineauville Electric Co., whicn serves
the towns of Papineauville, Montebello, Eassett and Ripon,P.Q.,and other
municipa.ities in the district. The property comprises a 1,200 la. p. hydroelectric plant at Ripon and three other power sites, with a total potential
capacity of 25.000 h. p. (Toronto "Financial Post.")
-V.123. p.580.
Georgia Power Co.
-Bonds Offered.
-Drexel & Co.;
Bonbright & Co., Inc., and Harris Forbes & Co. are offering
and int., to 3ield about 5.18%, $45,000,000 1st &
at 97
,
ref. mtge. gold bonds, 5% series, due '1967.
Dated March 1 1927; due March 1 1967. Interest payable M. & S.
without deduction for Federal income taxes not exceeding 2% per annum.
-mills tax refundable. Red. at any time on 30 days' notice
Penna. 4
at
105 on or before March 11937; thereafter at successively reduced premiums.
Denom. c• $1,000 and $500, and r* $1,000 and authorized multiples.
New York Trust Co., trustee.
-Subject to authorization by the Georgia P. S. Commission.
Issuance.
Data from Letter of Pres. P. S. Arkwright, Atlanta, Ga., March 8.
-Incorporated Feb. 25 1927 in Georgia. Has acquired
Company.
the
utility properties formerly owned by Georgia Ry. & Power Co. Georgia
Ry. & Electric Co. East Georgia Power Co., Rome Ry. & Light Co..
Athens Ry.& Electric Co., Athens Gas,Light & Fuel Co., Georgia
.
Power Co., Milledgeville Lighting Co., and Georgia U‘llities Co. Souther
Through
stock ownership it has acquired control of Atlanta Gas Light Co.
(the
property
also leases), Mutual Light
Continental Gas & Electric Corp.-Divs. for 1927.
Co.
- operating of which it of the Georgia Light, Power & Waterwhichand the
subsidiaries
The directors have declared the following dividends for the
&
include
year 1927 Macon Ry. & Light Co., Macon Gas Co., Central Rys.,
on the various classes of stock:
Georgia Power Co..
Central Georgia Transmission Co. and Georgia Public
A dividend of 7% on the prior preference stock, payable in
quarterly The electric properties of all of these companies (except Service Corp.
Installments of 1 Si% each.
the property of
Mutual Light & Water Co. which servos
A dividend of 6% on the participating preferred stock, payable in
quar- high-tension transmission lines forming aBrunswick) are connected with
terly installments of 13i% each, and an extra dividend of 2% for the
single inter-connected system
year which supplies service to substantially all the rapidly developing industrial
1927, payable in quarterly installments of Si% each.
A dividend of 6% on the preferred stock, payable in quarterly install- section of northern, central and eastern Georgia, including Atlanta, Macon.
Rome, Athens, Dublin, Elberton, Decatur, Gainesville
ments of 1%% each.
and Milledgeville.
The combined electric systems of these companies serve an estimated
A dividend of $4 40 per share on the no par common stock, payable
in population of over 1,750,000 in over 135 communities having more than
quarterly installments of $110 each.
The first installment of all the dividends will be paid April 1 to holders 107,000 customers' meters, of which meters more than 74,000 are served
directly by the company.
of record March 11.
The
Distributions of like amount were made on the respective stocks a year furnishgas systems operated by the company and its controlled companies
service to an estimated population
ago for 1926.-V. 124, p. 110.
400,000 in and
adjacent to Atlanta, Macon, Athens andof more than Those systems
Brunswick.
serve an aggregate of more than 48,600 customers' meters of which more
Dedham & Hyde Park Gas & Electric Co.
-Stock.
-than 42.000 are served directly by properties owned or leased by the
The company has applied to the Massachusetts Department of
company.
Utilities for authority to issue 5,000 additional shares of capital stockPublic
Street railway service is furnished by the company and its controlled
at par
($25), the proceeds to be used to pay for additions and extensions to
plant. companies in Atlanta, Macon. Rome and Athens. During 1926 these
-v. 118, p. 1017.
transportation systems carried more than 107,000.000 PassengersCapitalization Outstanding (After Giving Effect to the Consolidation and to
Denver Tramway Corp.
-Notes Offered.
-Boettcher &
this
Co. and the International Trust Co., Denver are offering at Common stock (no par value) Financing).
2,000,000 shs.
Preferred stock,
a285.445 shs.
98h and int. to yield 6% $1,750,000 6% 1st (underlying) Second preferred$6 cumulative (no par)
stock, $6 cative (no par)
450,000 shs.
cumulative
Underlying (closed) divLsional bonds
mtge. collateral trust sinking fund gold notes.
b$18.510.000
Date April 1 1927; due Oct. 11933. Denom.$1,000 and $500. Interest 1st & ref. mtge. bonds, 5% series due 1967 (this issue)._ 45.000.000
a Approximate. b Not including $2,112,000 outstanding bonds of
payable A. & 0. in Denver, or New York, without deduction for
Federal income tax, not in excess of 2%. Red. on the first day normal Atlanta Gas Light Co.
of any
Security.-Secured by a first mortgage on certain electric light and
month on 30 days' notice, in whole or in part at 101 and int. International
Power properties, which properties, in the opinion of engineers, have an
Trust Co., Denver, trustee.
estimated value of approximately one-half of the value of the entire fixed
1510
[VOL. 124.
THE CHRONICLE
properties of the company, and will be further secured by a direct mortgage
on the remaining fixed property of the company (except certain undeveloped land as stated in the mortgage), subject to closed divisional underlying mortgages securing $18,510,000 of bonds. The total value of the
company's fixed properties as they existed on Oct. 31 1926, exclusive of
the company's interest in the properties of Atlanta Gas Light Co., is estimated by independent engineers to be largely in excess of the total of the
present funded debt, aggregating on completion of this financing, $63,510,000 plus $15,000,000 additional bonds which may be issued against
the properties as they existed on Nov. 1 1926.
Purpose.
-This financing will result in the retirement of over $25,000,000
bonds of predecessor companies, the majority of which bear interest at
6% or 7%,and the reimbursement of expenditures incurred for construction
and for other corporate purposes.
Earnings-Years Ended Dec. 31.
(After giving effect to the consolidation and to this financing.]
1926.
1925.
$15,508,550 $17,178,011
Gross revenues (including non-operating)
8,776,312
Oper. exp., maint. & taxes (except Federal taxes).. 8,649,171
The bankers also notify holders of their interim receipts representing common stock that upon surrender of the same they will receive in exchange
the company's temporary certificates for common stock.
-V. 124, p. 1219.
791.
$6,859,379 $8,401,699
Net earnings
Ann.int, on funded debt(to be outstanding upon completion of
this financing, incl. int, on outstanding bonds of Atlanta
3,319,240
Gas Light Co.)
Calendar YearsOperating revenue
Operating expenses
Other charges,including taxes
1924.
1925.
1926.
$4,345,946 $3,855,889 $3,639,424
2,577,997
2,537.961
y2,893,623
245,659
263.588
301,056
$5,082,459
Balance
Of the net earnings, approximately 80% was derived from the electric
and gas business.
-The electric properties owned and operated by company
Properties.
Include 15 hydro-electric generating plants with an installed capacity of
over 330,000 h.p., and four steam electric generating plants of over 30,000
h.p. capacity. Company's water storage reservoirs have an aggregate
capacity of 7,500,000,000 cu. ft. and much of the capacity available may
be used by several power plants successively. The controlled companies
(Mutual Light & Water Co. and the subsidiaries of Georgia Light, Power
& Rys.) own and operate one hydro-electric and three steam generating
stations with an aggregate capacity of over 37,000 h.p. The total generating capacity of the system is over 397,000 h.p.
The electric system of the company and its controlled companies includes
over 2,100 circuit-miles of high-voltage transmission and primary dis-miles of secondary distribution
tribution lines, and more than 1,600 circuit
lines.
Company owns all of the stock (except directors' qualifying shares)
of Atlanta Gas Light Co. and leases from that company the gas system
In Atlanta having a daily capacity of 8,600,000 cu. ft., holder capacity
of 3,325,000 Cu. ft., and over 380 miles of gas mains. Company also
owns and operates the gas system in Athens, having a daily capacity of
300,000 cu. ft., holder capacity of 107,000 cu. ft. and over 20 miles of
gas mains.
Mutual Light & Water Co. and the companies controlled by Georgia
Light, Power & Rys. own in Brunswick and Macon, respectively, gas
systems having an aggregate capacity of 1,547,000 Cu. ft. per day, holder
capacity of 635,000 Cu, ft., and over 100 miles of mains.
Street railway service is furnished in Atlanta. Athens and Remo by the
company, and in Macon by Georgia Light, Power & Rys. system. Over
310 miles of single track equivalent are operated, of which more than 275
miles are owned by the company.
Franchises. In the opinion of counsel the franchises of the company
with minor exceptions are without limit as to time. With minor exceptions, all of the franchises are free from unusual or burdensome restrictions.
Mortgage Provisions -Mortgage will be dated March 1 1927 and will
provide that bonds may be issued thereunder in unlimited amount, in
one or more series, in such amounts and having such rates of interest,
such maturity dates and such other provisions within the limitations of
the mortgage as the board of directors may from time to time determine.
Such additional bonds of this or other series may only be issued, however,
for the purposes and in accordance with the restrictions provided in the
mortgage. No additional bonds, however, may be issued under the
mortgage except for refunding purposes unless not earnings (as defined
in the mortgage) for 12 consecutive calendar months with the 15 calendar
months immediately preceding a date not earlier than 15 days before
the application for issue shall have been at least equal to either (a) twice
the annual interest requirements on or (b) 12% of the aggregate principal
amount of all outstanding underlying bonds, prior lien bonds (as defined
In the mortgage), and outstanding Atlanta Gas Light Co. underlying
bonds (so long as the shares of stock of that company are pledged with
the trustee), and all bonds issued and outstanding under the mortgage,
including those proposed to be issued.
The mortgage will contain certain provisions permitting, on conditions
to be stated therein, the modification or alteration of the bonds or the
mortgage or of any supplemental indenture with the assent of the company
and of the holders of not less than 85% in aggregate principal amount
of the outstanding bonds, not including any bonds owned by the company;
provided that any such modification or alteration shall not permit, without
the consent of the holders affected, the extension of the maturity of any
bond, or the reduction in rate of interest thereon, or any other moMication
In the terms of payment of such princpal or interest.
-Company is controlled through stock ownership by
Management.
Southeastern Power & Light Co., which also controls Alabama Power
Co. Mississippi Power Co., Gulf Electric Co. and Gulf Power Co., all
located in contiguous territory and serving northern and central Georgia,
eastern Mississippi, west Florida and practically all of Alabama and
South Carolina Power Co., serving Charleston, So. Caro., and vicinity.
V. 124, p. 1359.
Net operating income
Other income
$1,151,267 $1.054,339
13,844
9,367
$815,768
Total income
Interest on funded debt
Preferred dividends
Common dividends
$1,160,634 $1,068,184
719,799
739,671
8,978
zl 19,076
159,466
242,069
$815,768
661,145
-Listing.
Havana Electric Railway Co.
The New York Stock Exchange has authorized the listing of(1)$5,000,000
full paid 6% cumul.preferred stock (par $100)upon official notice ofissuance
in exchange for outstanding interim receipts for allotment certificates therefor heretofore issued by Speyer & Co.; (2) 30.000 shares common stock
(no par value) on official notice of issuance in exchange for outstanding
Speyer & Co.Interim receipts for allotment certificates therefor;(3)170,000
shares common stock, upon official notice of issuance in exchange for outstanding Interim receipts therefor, and 126,500 shares common stock, upon
official notice of issuance and exercise of outstanding subscription warrants
therefor, making a total of 326.500 shares of said common stock, no par
value, applied for.
-year 5 %
The Exchange also authorized the listing of $5,500.000 25
gold debentures, series of 1926. due Sept. 1 1951 upon official notice of
bsuance in exchange for outstanding Speyer & Co.interim receipts therefor,
Statement of Income Five Months Ended Jan. 31 1927.
$2,659,559
Operating revenue
2,116,260
Operating expenses, including taxes
Net revenues from operation
Non-operating revenues
$543,299
16,019
Houston Gulf Gas Co.
-Tenders.
Tee Chatham Phenix National Bank & Trust Co., trustee, 149 Broadway, N. Y. City, will until March 16 receive bids for the sale to it of 1st
mtge. 61.6% siung fund gold bonds, due Jan. 1 1931, to an amount sufficient to exhaust$51,260 at prices not exceeding 104 and int.-V. 124, p.372.
Indiana Coke 8c Gas Co.
-Bonds Called.
All of the outstanding 1st mtge. 30
-year 6% s. f. gold bonds due April 1
1946 have been called for payment April 1 next at 10234 and hit, at the
Guaranty Trust Co., 140 Broadway, N. Y. City.
President Thos. D.Sheerin states: "Asfunds have already been deposited
with the Guaranty Trust Co. to cover this call, bondholders may, if they
desire, send in their bonds for immediate redemption without waiting until
April 1.-V. 123, p. 2900.
Indiana Service Corp.
-Annual Report.
$154,622
Balance to surplus
$179.940
$59,818
y Including charge for retirement of $273,407. z Includes $5,979 paid
on the 6% preferred stock and $113,097 paid on the 7% preferred stock.
The report states that sales of electricity were increased by 31.9%.
The total energy sold was 85,725,919 k.w.h., compared with the 65,003,112
kw.h. sold in 1925. An additional 29,232,274 kw.h. were utilized in the
company's railway service.
Company in 1926 furnished local and interurban transportation service
to 25,667,845 passengers, as compared with 25,648,155 carried in 1925.
Properties Merged.
-The electric light and power properties of the Bryant
Electric Co., Berne Electric Light Co. and Wells County Electric Co. and
the electric and transportation systems of the Marion & Bluffton Traction
Co. were purchased from those companies on Aug. 1 1926. These properties
are physically inter-connected and occupy territory contiguous to districts
previously served by the Indiana Service Corp.
Company Financing.
-A new issue of 8890 000 6% preferred stock was
offered to investors during the year. This issue is on a parity in every
respect with the 7% preferred stock issued in 1925, except as to annual
dividend rate and callable price. The proceeds of the sale of this stock
are being used to finance current corporate requirements.
Equipment trust certificates of series E in the principal amount of $160,000 and bearing interest at the rate of 6% per annum were issued in 1926
to finance the acquisition of the 5 new passenger coaches and 2 parlor-buffet
cars.
-V. 123, p. 2391.
-Bonds Called.
Indianapolis Light & Heat Co.
All of the outstanding cense]. mtge. 5% 35
-year gold bonds due April 1
1940 have been called for payment April 1 next at 102 and int, at the Amer-V. 124, P.
ican Trust Co., corporate trustee. 50 State St., Boston, Mass.
372.
-ConsoliInternational Telephone & Telegraph Corp.
dated Income Account.
Calendar YearsEarnings
Expenses
1926.
1925.
$22.680,845 $17,036,999
11,615,603
9,018,677
Net earnings
Charges of associated companies
Interest on debenture bonds
$11.065,242 $8,018,322
1.975,094
2,585.036
1,375,000
1.375.000
$7,105,206 $4,668.228
Net income
$11.90
$12.13
Earnings per share stock outstanding at end of year
$13.08
$16.03do Avge. stock outstdnding during year
Consolidated Surplus Account.
$5,367,956 $2,980,772
Earned surplus at beginning of year
4,668,228
7,105,206
Net income as above
Int, chges, deducted in 1925 above applicable to
1,079,877
period prior to acquisition of properties
1.341.213
Non-recurrent inc.from other than ord'y operations
$12,473,162 $10,070,090
Total
Portion of earnings ofsubsidiaries in 1925 applicable
2,457.461
to period prior to acquisition of properties
1,727,232
2,672,780
Dividends paid or accrued
636,174 ' 517,441
Sundry surplus charges (net)
Earned surplus at end of year
Capital surplus
Total surplus at end of year
-V. 124, p. 1359.
$9,164,209 $5,367.956
878,881
911.646
$10.075,855 $6,246,837
-Granted New Fares.
International Rys., Buffalo.
Changes in the rates of fare between points on the I. R. C. interurban
lines and in the city of Lockport, N. Y., became effective March 1 in accordance with an order of the New York P. S. Commission.
on the BuffaloRates on the Buffalo-Niagara Falls High-Speed Line and
Lockport-Olcott division are now based on 3c. a mile, with a minimum cash
fare of be. This is 16 2-3% less than the steam railroad rate. The new
rate in the city of Lockport is 8c. cash,2 tokens for 15c. There is no change
In former transfer privileges.
Sp
school and workmen's tickets,formerly sold at 3c., Sc,, 4 for 25c.,
17 for $1 and 36 for $2, have been discontinued and will be redeemed at
Buffalo, Niagara Falls and Lockport terminals, at Payne Avenue and
Goundry St. stations on the Lockport division and at the'leasurer's office.
Buffalo, N. Y.
-V. 124. p. 1219.
•
-Initial Dividend.
Kansas City Power & Light Co.
The directors have declared an initial quarterly dividend of $1 50 per
share on the class A preferred stock, payable April 1 to holders of record
March 14.-V. 124, p. 1066.
-Report on Progress, &c.
City Railways.
Kansas
The reorganization committee (Melvin A. Traylor, Chairman) has issued
a circular letter to the holders of certificates of deposit for first mortgage 5%
-year 6% collateral notes,advising
bonds, 3
-year 7% collateral notes and 2
giving a resume of
a$291,021 them in regard to the reorganization of the company andThe circular states
Net profit
the past nine months.
a No depreciation Is deducted in determining the amount of surplus and activities in the matter during
substantial progress has been made
net profit, for the reason that the amount of the charge to be made will not that since the last report to depositors,
of receiverin effecting reorganization. The property has been taken outorganized to
be determined until the end of the year.
ship and vested in the new Missouri and Kansas corporations
Balance Sheet as of Jan. 31 1927.
acquire it. Tho now securities have been approved by the proper public
s
8
LiabilitiesAssets
issued or in process ofissuance. Franchise negotia26,152,618 *Capital stock outstanding__ 12,953,830 authorities and are now Mo., are actively proceeding. The program for
Plant, &e
City,
2,074,804 Fund.debt(in handset public) 12,246,170 tions with Kansasimprovement of the property is well under way.
Current assets
and
106,255 Current liabilities
284.298 rehabilitation franchise negotiations and litigation still pending, the comMiscellaneous assets
In view of
41,747 Accrued liabilities
351,392
Deterred debits
inadvisable to distribute the new securities immediReserves
2,248,711 mittee has considered it hopes that this distribution may be effected within
but
28,375,423 Surplus
291,021 ately to depositors, together with such interest and dividends as may have
Total (each tide)
the next few months,
*There are outstanding subscription warrants entitling the holders thereof been paid thereon in the interim.
be dated
It is expected that the new bonds issued in reorganization will warrants
to subscribe for 126,500 shares of common stock at $45 per share at any
carry
and will bear interest from July 1 1926 of, if dated later, willequivalent to
time prior to Sept. 1 1951.
an amount of cash
to
holder
the
Exchange of Interim Certificates for Temporary Stock Cer- entitling the principal amount from July 1 1926 to such later date.
of 6% on
been
More than 99% of all outstanding first mortgage securities have
tificates.under and have become subject to the reorganization plan.
Speyer & Co. notify holders of their interim receipts representing allot- deposited
connection with
surrender of the same at their office, 24 and 26
ment certificates that, upon
A resume of the important activities in
Pine St. N. Y. City, they will receive in exchange, the company's tem- the reorganization during the past nine months follows:
porary certificates for 6% cumulative preferred stock and common stock.
Gross corporate income
Interest on bonds
Other deductions
$559.318
266,587
1,710
MAR.. 12 1927.]
THE CHRONICLE
1511
-Under date of April 29 1926, the com- Interest charges and other deductions
Situation at Time of Last Report.
2,102,518
mittee transmitted a circular letter to depositors reporting the situation as
Balance before reserves and dividends on preferred stock_ __ _ $2.650,484
of that date, and pointed out that while the property had been sold at forebought in by a representative of the committee, the sale was Annual dividend requirements on pref. stock (incl. this issue)__
closure and
635,940
being opposed by the second mortgage bondholders and the preferred stock- Capitalization as of Dec. 31 1926 (Including Present and Recent Financing).
holders and had not been confirmed.
6% cumul. pref. stock, par $100 (including this issue)
$2,000,000
-After extended hearings, the Federal Court duly 7% cumul. preferred stock, par $100
Confirmation of Sale.
7,370,700
confirmed the sale of the property on June 16 1926, and entered a decree Common stock (no par value)
300,000 shs.
to that effect. Appeals from this decree have been taken by junior bond- First mtge.5% sinking fund gold bonds, due March 1 1936....- $4,848,300
holders and stockholders.
Nassau Light & Power Co. first mtge. 5s, due Oct. 1 1927--- _
756.000
-On Sept. 30 1926 the purchase made payment First ref. mtge. gold bonds. series A,6%, due Jan. 1 1948_ 3,000,000
Delivery of Purchase Price.
Series B,5%, due Sept. 1 1955
for the property by duly delivering to the special master upwards of $24,do
4,500,000
500.000 first mortgage securities of the Kansas City Railways, together with 6% secured gold bonds, due July 1 1945
3,867,000
coupons and claims for unpaid interest. Since that date more than $300,000 -V. 124, p. 646.
additional first mortgage securities have been deposited under the plan and
Manila Electric RR. & Lighting Corp.
-Tenders.
delivered to the special master, thereby raising the percentage of such
deposited securities to more than 99% of all such securities outstanding.
The Equitable Trust Co.. trustee, 37 Wall St., New York City, until
-On Oct. 15 1926 the special master reported to the March 10, received bids for the sale to it of 5% 40
Transfer of Property.
-Year first lien & coll.
court that payment had been made for the property and he was directed trust sinking fund gold bonds of 1903, to an amount sufficient to exhaust
by court order to convey all properties, assets and franchises of the Kansas $84,017, at a price not exceeding 105 and interest.
-V.122, p. 1455.
City Railways in the States of Missouri and Kansas to Kansas City Public
Marconi's Wireless Telegraph Co., Ltd., London.
Service Co., the new Missouri corporation. This conveyance was made on
the same day, and the new management took control at midnight.
Recommended.
Contemporaneously, the Public Service Co. transferred the fixed physical Reduction in Capital Stock
A radiogram from the above company states that the report of the invesproperty in Kansas to its Kansas subsidiary corporation, the Wyandotte
Railways Co., and took a lease thereof, unified operation of the entire tigating accountants recommends a reduction of 10s. per share in nominal
value of ordinary shares which recommendation is to be submitted to the
system being conducted by the Public Service Co.
On Oct. 18 1926 the Public Service Co. issued and delivered to the com- shareholders at the ordinary general meeting which is to be held in London
mittee the securities provided for in the reorganization plan, to wit: 83,364 on March 15.
The directors state in their report that should the recommendation be
shares of preferred stock, 182,645.4 shares of common stock and $12,465,200
offirst mortgage6% bonds. These securities were issued in large denomina- accepted by the shareholders and approved by the Court, they will recom,
tions and in temporary form, pending completion of the reorganization and mend the payment of a dividend out of trading profits earned during 1926
the preparation of definitive certificates and bonds. These securities and as soon as the accounts for that year are available.- V. 123, p. 1996.
the mortgage securing the bonds were duly approved in advance of issuance
Midland Utilities Co.
-Preferred Stock Increased.
by the Public Service Commissions of Missouri and Kansas.
.
The stockholders on March 10 increased the authorized prior lien stock
On the same day, the Wyandotte Railways (Kansas subsidiary) issued and
delivered to the Public Service Co. 34,000 shares of its non-par common from 200,000 shares to 250,000 shares and the class A preferred stock from
stock and $1,750,000 of its first mortgage 6% bonds, all of which were 150,000 shares to 200,000 shares, par $100 each.
The company was also authorized to issue additional prior lien and class A
placed in the treasury of the Public Service Co. These securities and the
mortgage securing the bonds were duly approved prior to issuance by the preferred stocks carrying a higher or lower rate of dividend than 7%, but
-V. 124.
Public Service Commission of Kansas.
not exceeding 8%,the callable price not to exceed $120 per share.
-As provided in the reorganization plan, the proper- p. 646, 507.
Corporate Structure.
ties in Missouri and Kansas have been segregated for purposes of ownerMontreal Light, Heat & Power Consolidated.
-Deship,the Missouri property being vested in the Missouri corporation (Kansas
City Public Service Co.)and title to the Kansas fixed physical property being finitive Bonds.
held by the Kansas subsidiary corporation (the Wyandotte Railways).
Announcement is made by Wood, Gundy & Co. Inc., that definitivg
The Missouri corporation owns all rolling stock, leases the Kansas property,
bonds, series "A,'
-year sinking fund 5% 1st ref. and coll, trust
and conducts unified operations over all lines. The corporate structure of 25
due Oct. 11951, are now ready at the agency of the Royal Bank of Canada,
the two companies is as follows:
68 William St., N. Y. City. (For offering, see V. 123, p. 1876.)-V. 124.
Kansas City Public Service Co. (Missouri).
p.646.
CapitalizationAuthorized.
Issued.
Montreal Tramways & Power Co., Ltd.
-To Liquidate.
Prior preferred stock (non-par)
150,000 shs.
None
The stockholers will vote March 19 on approving a scheme of arrangeaPreferred stock (non-par)
250,000 shs.
83,364 shs.
Common stock (non-par)
250.000 shs.b183.645.4 shs. ment (sanctioned by the High Court of Justice on Feb. 22 1927) which
First mortgage 6% bonds
(Open mtge.) $12,465,200 provides that the company be wound up voluntary and that Frederick
be appointed
e Series A preferred stock issued bears preferential cumulative dividends H. Strouvelle, of London, England be authorized liquidator. The plan
the liquidator
to receive, distribute,
per annum, is redeemable at $107 50 a share and divi- further provides that of fully paid shares of
at rate of $7 a share
Consolidated Securities Ltd.
deal with and dispose
dends, and is entitled on dissolution or liquidation to $100 a share and
-V.120. p 1741
dividends. b 1,000 shares of common stock issued at time of incorporation; constituting part of the consideration under the agreement
the balance, 182,645.4 shares, issued under plan.
-Voting Trust.
New Bedford Gas & Edison Light Co.
Wyandotte Railways Co. (Kansas).
The directors have decided to recommend to the stockholders that they
-year period. (Boston "News Bupool their stock at $125 a share for a 10
CapitalizationAuthorized.
Issued.
-V. 123, p. 83.
reau.")
Common stock (non-par)
35,000 shs. a35,000
First mortgage 6% bonds
(Open mtge.) $1,750,000
-Permanent Stock Ctfs.New Jersey Power & Light Co.
a 1,000 shares issued at time of incorporation. The balance, 34,000
Permanent $6 preferred stock certificates are now ready for delivery at
shares issued in return for Kansas property.
Seaboard National Bank, New York. (See offering in V. 123, p. 3182.)
Allissued bonds and stock are held by Public Service Co., except direc- the
tors' qualifying shares. Company owns the fixed physical property in ___V. 124, P. 921.
Kansas not including rolling stock), and has leased same to the Public
-Stock Authorized.
New York Edison Co.
Service Co.
-V. 123. p. 2900.
See Consolidated Gas Co. of New York above.
Franchise Negotiations.
-On Oct. 4 1926 the Council of Kansas City,
Mo., granted an extension of the present franchise from July 7 1944 to
New York & Queens Electric Light & Power Co.-Stk.
June 1 1956, but this grant is subject to referendum and has not yet been
-V.122, p. 2652.
See Consolidated Gas Co. of New York above.
submitted to a vote of the people. In the meanwhile, a special committee
of the Council was appointed with a view to working out a new and modern
New York & Queens Gas Co.
-Stock Authorized.
franchise. Under date of Dec. 111926, the special committee presented a
-V. 118, p. 3087.
See Consolidated Gas Co. of New York above.
report to the Council suggesting a basis for a new franchise which it felt
would be fair to both the city and the company. This report was unaniNew York State Gas & Electric Corp.
-To Acquire
mously approved by the Council on Dec. 20 1926, and the special committee
empowered to draft a franchise along the suggested lines for submission Capital Stock of Staten Island Edison Corp.
to the Council and the company. The special committee is actively proThe New York P. S. Commission has authorized the corporation to
ceeding with this undertaking and expects to complete its draft shortly.
The salient features of the special committee's report are: No valuation acquire all of the capital stock of the Staten Island Edison Corp. The
of the property to be fixed, but the company to be entitled to earn $2,000.000 opinion of Chairman William A. Prendergast of the Public Service Commission states that the companies are controlled by the same interests,
a year on the property taken over and rehabilitated, plus 8% on new capital Associated Gas & Electric Co., owning 100% of the stock of the New the
York
additions, if it can under the present schedule of fares; the sum of $6,600.000
-V.123, p. 3183.
to be expended in rehabilitation and improvement during the next three State Gas & Electric Corp.
years, one half to be charged to deferred maintenance with no additional
Northern States Power Co.
-Acquisition.
return thereon and one half to capital additions with 8% return thereon;
H. M.Byllesby & Co. announce the merger of the Minnesota Power Co.
the present schedule of fares (with some decrease in cost of tickets purchased
in quantities) to be continued in effect, with provision that if more than with the Northern States Power Co., which has headquartersin Minneapolis,
the agreed income is earned, fare reductions shall be made;the city to select Minn. The Minnesota Power Co., with its head office at Excelsior, serves a
two members of the board of direttors, instead of five as at present; the considerable number of communities with a combined population of about
present Board of Control to be eliminated and a Street Railway Commis- 12.09010 the district surrounding Lake Minnetonka. The Northern States
sioner substituted, the Commissioner to have cognizance of expenditures and Power Co. has previously supplied electricity on a wholesale basis. There
-V.124, p. 1361.
are about 3,700 electric customers served.
accounting.
In Kansas the company has no franchise, the grant having expired in
Ottawa Light, Healt&6. Power Co., Ltd.
92
-Earnings.receivership. It is anticipated that negotiations will be
1922 during the
1924.
1925.
Calendar Years
Gro
1923.
shortly with a view to effecting fair arrangements in that State.
ces_ 31,854.383 $..787.183 $1,720,841 $1,718,403
rtagation.-There is now pending in the Federal Circuit Court of Appeals
be
1,112,102
1,097,550
1,060,857
.
Oper
for the Eighth Circuit, four appeals by junior bondholders, other creditors Fod.aptirngove.xs,
1,171.680
Prun. taxes
es
111,563
112,085
104,335
and stockholders from various decrees of the Court entered in the receiver
charges
142,374
136,526
125,428
Depre atioa
207,000
ship proceedings. The preferred stockholders and the holders of certain Intertt chnr
roserve_ _ _
105,284
104.950
109,951
notes have appealed from the final decree of foreclosure; and the second
mortgage bondholders and preferred stockholders have appealed from the Preferred dividends__(6%%)97,500 (63i)97.500 (6)97,500 (1i)24,375
9
757
4
210,000
Common dividends(6%)
210,000
decree confirming sale.
210,000
-V. 123, p. 1996.
210,000
Dominion income tax- _ _
30,013
33,237
17,772
25,581
Long Island Lighting Co.
-Preferred Stock Offered.
W.C. Langley & Co., New York, are offering at 100 and int.
$2,000,000 6% cumul. pref. (a. & d.) stock (par $100).
Redeemable, all or part, at any time after three years from date of issuance on any quarterly dividend date on 30 days' notice at 110 and divs.
Dividends payable Q.
-J. Transfer agent, Long Island Lighting Co., 50
Church St., New York. Registrar, Bankers Trust Co., New York. Under
the present Federal income tax law (Revenue Act of 1926) dividends are
exemptfrom the normal tax and are entirely exemptfrom all Federal income
taxes when held by an individual whose net income is 610,000 or less.
Dividends when received by corporations are entirely exempt from all
Federal income taxes.
Issuance.
-Authorized by the New York Public Service Commission.
Data from Letter of E. L. Phillips, President of the Company.
Company.-Supplles either directly or indirectly substantially the entire
electric light and power service on Long Island up to the New York City
Line and in addition the Rockaway District of the Borough of Queens.
Gas service is also rendered in the same territory except for a part of Nassau
County. Company, through its subsidiary Kings County Lighting Co.,
furnishes gas to a large and rapidly growing section in the Borough of
Brooklyn. Combined population in the territory served is in excess of
800.000.
The constituent companies include: Kings County Lighting Co., Queens
Borough Gas & Electric Co., East Hampton Electric Light Co., Sag Harbor
Electric Light & Power Co., Long Island Gas Corporation, Patchogue Gas
Co. and Sea Cliff & Glen Cove Gas Co., which latter companies are controlled by it through ownership of over 99% of their respective outstanding
common stocks.
Purpose.
-Proceeds will be used by the company for additions, extensions
and improvements to the properties of the company.
Consolidated Earnings, Twelve Months Ended December 31 1926.
Gross income
01,704.562
Operating expenses, maintenance and taxes
8.951,560
Net income
$4.753.002
Balance, surplus
-V. 122, p. 1456.
$45,545
$333
def$5,001
def$17,807
Ottawa (Ont.) Electric Co.
-To Increase Stock.
-
This company, controlled by the Ottawa Light, Heat & Power CO
Ltd., has applied for permission to increase its capital stock from $3,000,000
to 86,000.000.-V. 111, p. 1757.
Ottawa (Ont.) Gas Co.
-To Increase Stock.
-
This company, controlled by the Ottawa Light, Heat & Power Co.,
Ltd., has applied for permission to increase its capital stock from $2,000,000
to 85,000,000.-V. 114, P. 416.
Pacific Telephone & Telegraph Co.-Subscriptions..
Subscriptions to new common stock, which is offered to stockholders of
record March 7, are payable either at the office of the Treasurer. George J.
Petty, 140 New Montgomery St., San Francisco, Calif. or at the Bankers
Trust Co., 16 Wall St., N. Y. City. See V 124, P. 130.
Pittsfield (Mass.) Electric Co.
-Stock to Employees.
The Massachusetts Department of Public Utilities has authorized the
company to issue 1,600 shares of preferred stock at par (825), to be offered
to employees and customers.
-V. 124. P. 1361.
-Listing.
Public Service Corp. of New Jersey.
The New York Stock Exchange has authorized the listing of 1,327,855
additional shares, common stock (without par value) on official notice of
Issuance in exchange for stocks of the lessor companies; making the total
amount applied for 4,905,130 shares of common stock without par value.
-V.124, p. 922.
-Listing.
Public Service Electric & Gas Co.
The New York Stock Exchange has authorized the listing of 842,060.300
additional 6% cumul, preferred stock. 1925 series (auth. $130.000.000. of
which the amount authorized of 6% cumulative preferred stock, 1925
series, is $100,000,000), on official notice of issuance in exchange for stocks
1512
THE CHRONICLE
ofthe lessor companies, with further authority to admit to the list permanent
engraved certificates,on official notice ofissuance in exchange for temporary
certificates, making the total amount applied for $72,060,3006% cumulative
preferred stock, 1925 series.
Income Account Years Ended Dec. 31.
1925.
1926.
Operating revenue
$73,240,609 $64,197,606
Operating expenses & taxes
42.488,650 37,671,672
Retirement expenses (depreciation, &c.)
7.035,388 6,005.149
Operating income
23,716,570 20,520.785
Non-operating revenue
1,949,553
1,938.018
Non-operating revenue deductions
23,613
25.254
Non-operating income
81,925,940 $1,912,764
Gross income
$25,642,511 $22.433,550
Bond interest, rentals & misc. int. charges
10,492,104 8,772,767
Appropriation accounts; adjustments of surplus
accounts (excl. dive.) (credit)
19,160
41
Total
$15.150,449 $13,679.943
7 cumulative preferred stock dive.
1.400,000
1,400.000
6 cumulative pref. stock dive
977,500
827,500
Common stock
12.052,500 9,285.000
Surplus
Surplus beginning of period
$720,449 $2.167,443
12,326,940 10.159.496
Surplus end of period
$13,047,388 $12,326,939
Earnings per share on preferred stock outstanding
end of period
$39 08
$30 30
-V. 124, p. 1362.
[VoL. 124.
An increase in the production capacity of the company's two chemica
producing subsidiaries has been authorized by the directors.
Commenting on the development of the chemical industry, President
J. E. Aldred in a report to the stockholders says:
company is the
owner of two important manufacturing companies. "Thisof these, Canada
One
Carbide Co.,Ltd., produces carbide of calcium. Much of its output is used
in the manufacture of acetylene, and this product is delivered to the second
company, Canadian Electro Products Co., Ltd.,
tures various chemical productsfrom acetylene gas,which in turn manufacprincipally acetaldehyde
and acetic acid.
"In order to manufacture these
the NIACET Chemicals Corp. has chemical products in the United States,
been organized and has constructed
plant at Niagara Falls, N. Y. The Canadian Electric Products Co. Ltd,
has associated with it in this enterprise the Carbide & Carbon Chemicals
Corp. and Roessler & Hasslacher Chemical Co.
prominent in the manufacture and sale of chemicals."of New York, both1060.
-V.124. P. 1068,
Southern Gas Co.
-Annual Statement.
-
Calendar YearsGas sales
Cost of gas purchased
Operating expenses and taxes
Operating profit
Other income
1926.
$1,052,380
262,014
129.698
$660,669
7,640
Net income before amort., d192 ec depl. & dive_
epr . „
5
1926. Balance Sheet Dec. 31.
$396,042
137
$668.309
218,079
2.166
Gross income
Interest
Miscellaneous deductions
1925.
$701,13/
207,472
97,616
$396.179
164,522
$448.064
$231.657
Public Service Electric Power Co.-Pref. Stk. Called.
-1925.
Liabilities
- AssetsThe company has notified the New York Stock Exchange that it has WelLs,pipe lines,&c$5,685.420 85,005,301 Preferred stock__ 3750,000 8750,000
1926
Cash
called for redemption all of its outstanding 7% preferred stock on May 1
at 115 and diva.
-V. 124, p. 1362.
Quebec Power Co.
-Annual Report.
-
Calendar Years1926.
1925.
Gross inc. fr. all sources_ $1,238,302 $1,046,944
Oper. & maint. expense..
271,034
236,444
General interest
Int. on bonds & debent's
300,000
300,000
Depreciation
100,000
60,000
Divs.-Pub. Serv. Corp.
of Quebec stock
Divs.on preferred stock251.466
207,666
Divs, on common stock_
220,884
198,608
1924.
$908,471
230,284
300,000
30,000
156,185
157,352
40,000
76,494
$94,917
57,576
$44,226
36,006
$34,649
1.357
$64,396
96,961
Total
Div.of 1% on P.8. Corp
of Quebec, stock paid
in preferred stock
$152,493
$80,232
$36,006
$161,357
160.000
$1,357
38,185
$1.69
Radio Corporation of America.
-Annual Report.
-
Calendar Years1926.
1925.
1923.
1924.
Gross sales
856.009.608 $46,251,786 $50,747,202 $22,465,091
From transoceanic communications
3,599,686 3,418,179 3,358,584 3,191,559
From marine service_ _ _ _
828.168
735.179
742.345
738,140
Total gross income_ _ _$60,437.462 $50.405,144 $54,848,131 $26,394,790
Deduct-General oper. &
admin. exp., deprec'n
and cost of sales
53,568,666 45.431.937 45.838,398 21.833,040
Balance
$6.868.796 $4.973,207 $9,009,733 64,561.750
Other income
498,304
763,999
176.024
493,700
Net Income
$7,367.100 $5,737,206 $9.503,442 $4,737,774
Applied as Follows:
Res.for amort. of pat'ts. $944,590
$960,145
$931,460
$989,907
Reserve for Federal taxes
940.500
700.000 1,100,000
500,000
Bat. of org. exp. writ. off
277,805
275,000
Amt. vrrit.off for loss,&c.
x1.356,357
Res.eget.foreign invest_
100.000
524,068
414,236
General reserve
750.000
Amount written off construc'n, goodwid, &c.
700,000
626.699
Preferred dividend
1.368,265
Y1.384.591 y1,384,591
Transferred to surplus $3.263,745 82.852,993 $5,000,570 $1,643,91
8
Previous surplus
6.353,563 5,000.570
1,643.918
Goodwill written off
_ 3.500,(•00
1,500.000
Profit & loss. surplus- 86,117,308 $6,353,563 $5,000,570 31,643.918
Shares com, stock outstanding (no par).....1.155.400
1.155,400
1.155.400
1,155.400
Earned per share
$2 82
$1 27
$1 51
$2 90
Including (1) $768,513 written off on account of ascertained losses sustained on investments in associated and subsidiary companies taken over
from the Marconi Wireless Telegraph Co. of America: and (2) $587,844 set
aside for reserve against account due by Marconi Wireless Telegraph Co.
of America. y Dividends on pref. stock as shown in years 1923 and 1924
were paid in 1924 and 1925. respectively. No reserve for the 1926 dividends was set up in 1925.
Balance Sheet December 31.
1925.
1925.
1926.
1926.
Assets
Liabilities-$
:Plant & equipl..14,916,863 13,779,510 7% pref.stock_ _19,779,870 19,779,870
Patents, patent
Common stock_ _y13,787,264 13,767,264
rights, contracts
Curr. wets payle. 8,328,085 7,010,801
and goodwilL,_ _12,507,087 15,837,400 Accrued Fed'I tax_ 940,015
714,435
Invested in & adOther accruals_ __ _ '8,646
22,489
vances to subsId.
Divs. decl. & unpd 342.182
341,838
& associated cos. 7.191,340 4,379,609 Deferred liabilities 370,000
540,000
Deferred charges__ 375,629
264,885 Res've for amort.of
Installation work
pat'ta after writfor foreign cusing off pat'ta nip 5,490,745 4,849,497
tomers
200.802
261,295 Reeve for deprec'n
Cash at banks and
& obsol. of plant 5,463,009 4,599.775
,
on band- _ _ 4,235,755 6,155,763 Res've for inv. In &
Accounts & notes
adv. to other cos 1,653,471 1,541,897
7,128,647 9,414,299 Other reserves. __ 967,858
receivable
654,861
14.133,330 8,775,482 General reserve__
Inventories
750,000
1,286,998 1,308,062 Surplus
Investments
6,117,308 8,353,563
•
61,976,432 80,176,286
Total
Total
81,976,432 60,176,286
x Comprising high-power stations in operation with the necessary equiptogether with ship stations and sundry machinery. tools and furment,
niture. y Represented bY 1,155,400 shares .A common stock of no par
value.
-V. 123, p. 2262.
-Payment of $5 a Share
San Francisco-Sacremento RR.
Being Made for Common Stock.
Depositors of the first 40,000 shares of common stock placed with the
Wells Fargo Bank & Union Trust Co., San Francisco, Calif., under the
offer of Arthur Curtiss James made 90 days ago for a controlling interest in
-Sacramento RR. on March 1 were receiving through the
the San Francisco
bank $5 a share, according to the terms of the agreement. Some 5,009
shares deposited over and above the offer remain in the hands of the bank
as open holding. See V. 124, p. 113.
-Increases Capacity of
Shawinigan Water 8c Power Co.
Its Chemical Producing Subsidiaries.
139,278
159,588
145,169
138,103
13,287
918,798
42,000 Common stock__ 1,113,568 1,083,328
183,317 Funded debt
4,100,000 3,313,026
Current & accrued
99,448
219,810
4,735 Resac.cofourntadeprec'n,
684,781 amort., &c
654,334
1,016,264
1923.
$544,090
238.290
Total
87,199,642 85,900.134
50,748
50,156 -V. 123, p. 2141.
24,000
Surplus
Add sur from prey. year
Surplus
4152,493
480,232
436,006
Shares of corn. outstanding (par $100)
40 263
39.991
39.338
Earns, per sh. on com
it.84
$6.07
$4.88
x Subject to deduction for income tax.
-V. 124, p. 1067.
Accla & notes rec_
Interest deposited_
Sinking fund
Mat'ls &supplies_
Prepd.& def. items
Total
87,199,042 85,900,184
Southern Ohio Public Service Co., Philadelphia.
Bonds Sold.
-Harrison, Smith & Co. and Howe, Snow &
Bertles, Inc. have sold at 9634 and int., to yield about
5Wi%
$2,100,000 1st mtge. 536% gold bonds, series C.
Date March 11927; due March 1 1957. Denom. $1,000 and $500 c*.
Red. prior to
March 1 1937 at 105 and int., the redemption price being
reduced on March 1 1937, and on each March 1 thereafter, ),‘ of 1% to
maturity. Interest payable M.& S. in Philadelphia or N. Y. City without
deduction for the normal Federal income tax not exceeding 2%. company
agrees to reimburse the holders for the present personal property taxes of
the States of Penn., Conn., Calif., Maryland and the District of Columbia
and for the present Mass. Income tax, all as provided in the mortgage.
The Penn. Co.for Ins. on Lives & Granting Annuities, Phila., trustee.
Issuance.
-Authorized by the Ohio P. U. Commission.
Sinking Fund.
-Company will pay to the
and annually thereafter a stun equivalent trustee, beginning Jan. 1 1930.
of all bonds issued and outstanding, to beto 1% of the principal amount
applied to the purchase or redemption of bonds at not exceeding the then prevailing redemption price.
Should the company create a sinking fund for any subsequent series of
bonds in a larger proportionate amount than the
sinking fund
such additional sinking fund provisions shall applyaforesaid C bonds.
to series
Data from Letter of Vice-Pres. F. W. Woodcock, March 7 1927.
Compang.-Incorp. in Ohio. Supplies electric light and power without
competition in the city of Zanesville, 0., and a number of adjacent corn
munities. With its predecessors, the company has been in operation in
Zanesville since 1885. Its transmission system, 55 miles in length, extends
from Zanesville west through Hebron and to within a short distance of
Columbus. The system serves
customers in a terrtiory with
a total population in excess of9,863 electric
50,000. Company has steam generating
Wants with a capacity of4,500 k.w.:a1 o a hydro-electfic plant with a capac?av:j7b0y0
d
proerectedWaterIan
()overornmaeonyt
vided
the Federal
owns
POIZr Act. gealia.
ed
132,000 volt transmission line tying in with Ohio Power
unSer a contract
odo.o
for the purchase of power.
The substantial growth of the light and power business is shown by the
following results:
1922.
1926.
1925.
1924.
1923.
xIC.w.h. output_ _8,923,670 11,640,896 13,464,057 16,012,004 23,942,735
Customers served_
5.611
9,863
8.843
6,584
7,576
a Exclusive of railway use.
Company has recently closed a -year contract with the city of Zanesville for furnishing street lighting. 10
Company also operates a transportation
system in Zanesville, and an interurban system between Zanesville and
Columbus.
Capitalization
Authorized. Outstanding,
1st mtge.5M % gold bonds, series 0(this issue)
$2,100,W0
x
Gen. mtge.6% bonds due April 1 1937
625.000
8750,000
Equipment trust 6% certificates
77,748
7% cumulative preferred stock (Par $100)
691,750
2,000,000
Common stock (no par value)
26,500 shs. 25,928 ohs.
a Limited by conservative restrictions of the mortgage.
Securitg.-Secured by an absolute first mortgage on all fixed property.
The light and power properties, including the hydro-electric plant, have
been appraised low Day & Zimmerman, Inc., as having a depreciated value
as of Dec.31 1926. of$3,205,000. In addition, the transportation facilities,
including valuable real estate in the opinion of Day & Zimmermann, Inc..
have a minimum value of $1,000,000. These series 0 bonds will therefore
be outstanding for less than 50% of the aforesaid values.
Earnings Twelve Months Ended Jan. 31 1927.
Gross earnings
$1.477,493
Operating expenses, maintenance and local and State taxes_.. 1,244,837
Balance _______________________ $232,656
Annual. int, requirement on
mtge. 6s,
______ 115,500
Balance before Federal income taxes, amortiz., deprec.& dive.. 8117,156
The foregoing balance of 3232,656 is over twice the annual interest requirement on these bonds.
Purpose.
-proceeds from the sale of these bonds, together with other
funds, will be used to refund $2,023.000 mortgage debt bearing interest
at 6% or more.
-The management of the company is under
Management and Control.
the direction of Day & Zimmermann, Inc. of Philadelphia.
-V.123. p. 845.
-Control.
Staten Island Edison Corp.
See New York State Gas & Electric Corp. above.
-V.124, p. 375.
-Stock Increased.
Tampa (Fla.) Electric Co.
The stockholders have increased the authorized common stock, no par
value, from 465,802 shares to 800,000 shares, the additional stock to be
used to permit the payment of stock dividends in additilon to cash distributions on the common shares. See V. 124, p. 650, 508.
-Dividend Decreased.
Twin City Rapid Transit Co.
-
The directors have declared a quarterly dividend of 1% ($1 per share)
on the outstanding $22,000,000 common stock, par $100, payable April
to holders of record Mar. 15. In each of the preceding four quarters a dividend of 1 % was paid.
-V. 124, P• 1362.
Union Electric Light & Power Co.(Ill.).
-Earnings.
Calendar YearsGross earnings
Operating expenses and taxes
Interest charges
Preferred dividends
Common dividends
Depreciation reserve
1926.
1925.
$2,247,672 $2,558,993
13,890
9,634
742,838
793,502
402,362
325,130
528,720
863.251
Surplus
3207,935
41,119.406
a Balance before depreciation reserve and common divs.-V. 123, p. 2908
MAR. 12 1927.]
THE CHRONICLE
United Electric Light Co.(Mass.).
-Par Value.
The Massachusetts Department of Public Utilities has approved the
change in the par value of the $4.000,000 capital stock from $100 a share
to $25 a share, four new shares to be issued in exchange for each old share
held.
-V. 124, p. 1068.
United Electric Light & Power Co. of N. Y.
-Stock.
-See Consolidated Gas Co. of New York above.
-V. 124, p. 650.
United Gas & Electric Corp.
-51 Common Dividend.
The directors have declared a dividend of Si per share on the common
stock, no par value, payable March 14 to holders of record March 10. An
Initial dividend of like amount was paid June 19 1926 on this stock, 95%
-V. 122, p. 3456.
of which is owned by the Empire Power Corp.
1513
The People's Transportation Co. operates 40 busses through the Chester
Valley, Schuylkill Valley and between Norristown and Chester and Reading
and Wilmington. The 'West Chester Street Ry. owns a majority of the
stock.
Under the plan of reorganization, sufficient security and credit was offered
to more than offset the unsecured liabilities of 2102,000, which represented
indebtedness to local suppliers. The assets of the company, before the
reorganization plan was effected, were almost equal to the liabilities, without
Including the franchise rights. Secured loans from the parent company
total approximately $300,000, and liabilities of $250,000 included in
creditors statements have been offset by a like amount in equipment
values.
Mr. Grossman at the close of the meeting, stated that every creditor will
obtain the money owed in full, and that there will be no receivership nor
-V. 122, p. 2801.
bankruptcy proceedings necessary. (Phila. "Record.")
United Power & Light Corp. (of Kansas).
-Bonds OfWestern Massachusetts Cornpanies.-Offer Made of
-Harris, Forbes & Co., E. H. Rollins & Sons, New Easthampton Gas Co. Stock.
fered.
Peters Trust Co., Omaha, and Arthur Perry & Co.,
York;
The stockholders of the Easthampton Gas Co. are being offered for each
Boston, are offering at 96 and int. $1,000,000 1st mtge. share of stock held five shares of stock of the new Western Massachusetts
-V. 124. p. 1362.
Companies.
20-year 5% gold bonds, Series B.
Dated Feb. 1 1927; due Feb. 1 1947. Interest payable F. & A. at Harris
Wyandotte Rys. (Kan.).
-Organized to Acquire Kansas
Trust & Savings Bank, Chicago, trustee, and at Harris, Forbes & Co., Properties of Old Kansas City Rys.-Properties
Leased to
New York, without deduction, to the extent of not exceeding 2% of such
-See Kansas City Rys. above,
interest, for any normal Federal income tax. Penna. 4 mill tax refunded. Kansas City Public Service Co.
Denom. $1,000 and $500 c*. Redeemable on any interest date at 105 and
interest to and including Feb. 1 1937; the premium thereafter decreasing
% each year or portion of year, the bonds being redeemable Aug. 1 1946
at 100 and interest.
-Authorized by the Public Service Commission of Kansas.
Issuance.
-Owns and operates long-established electric power and light
Company.
properties in central Kansas, serving without competition 125 cities and
towns, including Hutchinson, Salina, Manhattan and Abilene. Population
estimated at over 130,000. Total generating capacity of the electric plants,
approximately 36,000 h.p. Company also supplies gas, water and ice to
some of the larger cities, and operates approximately 30 miles of street
and interurban railway.
-The mortgage securing these bonds is dated Jan. 1 1924 and
Security.
provides that all bonds issued thereunder be designated "first mortgage
bonds." The bonds issued immediately after the creation of the mortgage
were secured by a first mortgage on all of the company's properties then
owned. Subsequently properties were acquired at Hutchinson and Salina,
Kan., which were subject to the lien of 32,755600 bonds. The bonds of
this present IsS110 are, therefore, secured by a first mortgage on the entire
property, subject only to the liens aforesaid.
Capitalization After Giving Effect to This Financing.
Common stock
$2.215,350
7% cumulative preferred stock
5,736,900
Serial 63.% debentures, due 1927 to 1931
1,007,000
First mortgage bonds, series A 6% due 1944
4,600,000
do
Series B 5%, due 1947
is issue)
„
00
United Water, Gas & Electric Co.(Hutchinson)4%,due 19285% due 1941 (closed)
1,805,600
Gas Co.6%,due 1943 (closed)
Salina Light, Power &
950,000
Earnings of the Propertiesfor the Years Ended Dec. 31.
1925.
1926.
Gross earnings
$2,666,892 $2,873,501
Operating expenses, maintenance and taxes
1,632,692
1,691,083
INDUSTRIAL AND MISCELLANEOUS
American Smelting ev. Refining Co. Advances Price of Lead 10 Points to.
7.65e.
International Ladies' Garment Workers' Union Wins Five-Day Week of
-Replaces present 6
-New York "Times'
-day week of 44 hours.
42 Hours.
March 108. 12.
vered in "Chronicle" March 5.-(a) Losses are general among
Matters
cloth mills on styled output. Garment makers and clothing manufacturers
also feeling pinch. Hand-to-mouth buying one cause, p. 1281. (b) Greeley, Colo., agreement on contract sugar beet price for 1927. p. 1281.
(c) American Window Glass cuts prices, p. 1282. (d) Copper _prices at
new high for year, &c., p. 1284. (e) Sugar allotments; President Machado
of Cuba announces amounts producers can grind, p. 1292. (f) Involuntary
petition in bankruptcy filed against McCown & Co., p. 1296. (g) Brokerage firm of Dickinson & Walbank, Montreal, fails, p. 1297. (h) President
Coolidge announces appointments to new Federal Radio Commission, D.
1299. (i) U. S. Supreme Court holds unconstitutional New York State
law limiting charge for theatre tickets by agencies, p. 1300. (j) U. S. Supreme Court affirms decree of lower Court invalidating Elk Hills naval oil
reserve leases to Edward L. Doheny. p. 1301.
American Brake Shoe & Foundry Co.
-Annual Report.
1926.
1925.
1924.
Calendar Years1923. _
83,029,217 $2,786,607 32,454,905 $2,727,00f
*Net Profits
667,695
667,695
667,695
Preferred dividends(7%)
667,690
Common dividends_ -- -(86)947,137(85 g)829,900 (55)789,599 ($5)792,08
3
150
300
11,617
Divs, paid by sub. cos__
112
$1,414,235 $1,288,712
Balance, surplus
$985,994 81,267.206.
Shares of corn. outst d g
156.928
156.093
154,918
(no par)
154 160
$1505
ilA 36
Net earnings
$1,034,200 $1,182,418 Earn, per share on com.
l513 wn
deducting
*Net profits from operation of plants are shown after ducting manuAnnual interest requirements on 88,355,600 mortgage bonds__
$471,160 facturing, administration and selling expenses and depreciation of
tion
plants.
Over 92% of the present net earnings of the properties is derived from the
and equipment and including dividends received on stocks of associated
sale of electric power and light and gas.
-V. 120, p. 1749.
companies whose earnings are not incorporated herein and other inCoMe
Utah Power & Light Co.
-Bonds Offered.
-Harris, (net) less estimated Federal taxes.
Balance Sheet Dec. 31.
Forbes & Co., and Coffin & Burr, Inc. are offering at 98
1925.
1926.
1926.
1925.
and int., to yield about 5.18% $2,000,000 additional 1st
$
Liabilities$
Assets$
:
1 512 74 1 2 74 50
mtge. 5% gold bonds. Dated Feb. 2 1914; due Feb. 1 1944. Capital assets_ __x1S:603:8544 17:0282820 Preferred stock._ 9,538,500 9,538,500
Common stock_ _z7,848,400 7,804,650
Listing.
-Previous issues listed on the New York Stock Exchange and Cash
y2,007,149 2,431,131 Stock of sub. cos..
21,885
2,060
Call loans, &c
application will be made to list those now offered.
rec., less res 3,413,887 3,205,069 Accts. payable- _ _ 1,629,019 1,570,558
Data From Letter of D. F. McGee, Vice-President of the Company. Accts.& mtge. ree_ 665,688
790,649 Empl. tr. stock..,
50,875
101,99,5
Notes
3,775,200 3,911,230 Res.for contIng.,&c 1,011,871 1,239,740
Company.
-Operates without competition. Serves with electric power and Inventories
106,033 Fed. taxes (eat.).. 369,554
light an extensive and steadily growing territory rich in agricultural and Deferred assets_
130,449
370,345
Surplus
mineral resources in Utah, Southwestern Wyoming and Southeastern Idaho.
9,840,488 8,119,314
Also serves through its subsidiary, Western Colorado Power Co.,an
Total
important section in Southwestern Colorado. Business field embraces 249
30,108,591 28,747,182
30,108,591 28,747,182
Total
communities including many cities and towns, among them Salt Lake
x Land, buildings, machinery and equipment, patents,'cc., less depreciaCity and Ogden, Utah, Durango, Colo., and many rural districts. Present
tion and investments in associated companies (American Brake Shoe &
population of the territory served estimated at 409,000. The generating
Co.of Calif., New York Car Wheel Co.of Ind.,
plants now operated have a total installed capacity of 206,917 kvr., of Foundry Co. and Ramapo Ajax Corp.). y Call loans, American Manganmarketable sectiAties
which 16„627 kw. is hydro-electric. Company also has under construction ese Steel
Government bonds. z Represented by 156,928 no par value shares
and nearing completion an additional hydro-electric generating plant to and
-V. 123, p. 1636.
at $50 per share.
have an installed capacity of 30,000 kw.
Earnings of Company, including Western Colorado Power Co.
American Chain Co., Inc.
-To Retire Class A Stock.
1926.
12 Months Ended Jan. 311927.
The Boston Stock Exchange has been advised that the class A stock is
Gross earnings
$9,896,752 $10,560,623 being called for redemption on April 1 next at $30 per share and dividends.
Oper. exp., incl, maint. rentals & taxes
4,879,294
5,050,314 V. 124, p. 1363.
Net earnings
$5.017,458 $5,510,309
Annual interest on mtge. bonds to be outstanding with public
(Incl.this Issue)
1,722,350
Balance for other interest, depreciation, &c
$3,787,959
Authorized. Outstanding
Capitalizationf 835,000,000 $30,000,000
Common stock
7% cum. pref. stock
I 30.000,000 '2 021211)00
k x1. .
1
7% cum. 2d pref. stock
Debenture bonds, series A 6% due 2022
. ,
100,000,000 z27,847,000
lst mtge. 5s, due 1944 (incl. tIssue)
let lien & gen. mtge. bds.,ser. of"as due 1944 _
5,500,000
x A total of $7,837.000 2d pref.stock has been issued, of which $6,837,000
has ceased to be subordinated to, and has become, preferred stock. y Additional bonds may be issued only under the conservative restrictions of the
indenture. z $5,500,000 additional 1st mtge.5s pledged under the mortgage
securing the $5,500,000 let lien and gen. mtge. bonds, series of "es due
1944."
In connection with its ownership of the entire outstanding capital stock,
except directors' shares, of the Utah Light & Traction Co. and its operation
under a 99 year lease (effective 1915) of the electric and gas properties of
that company, the company guarantees as to principal and interest $13,872.000 bonds of the Utah Light & Traction Co.
Purpose.
-Proceeds will be used to retire the $500,000 let lien & gen.
mtge. bonds, series of"7s due 1941," which are to be called for redemption
on May 1 1927, and to reimburse the company for expenditures heretofore
made for extensions and additions to its property and for other corporate
purposes.
Supervision.
-The operation of the property is supervised (under the
direction and control of the board of directors of the company) by the
-V.123, p. 2263.
Electric Bond & Share Co.
American Cigar Co.
-Annual Report.
1924.
Calendar Years1926.
1925.
1923.
52.666,681 $2,209,922 $1,632,899 $1,724,712
aNet earnings
600,000
389,955
439,512
Prof. dive.(6%)
600.000
Common dividends-(8%)1,200,000 (6)900,000 (6)900,000 (6)900,000.
Balance, surplus
$4,076,726
$870,410
$132,899
$224,712
Profit and loss. surplus_x$2,300,871 $6,224,144 $5,353,734 685,220,835
Shares of corn. outst'd'g
200.000
(par $101)
150.000
150,000
150 000.
Earn. per share on corn_
$1138
$1185$689
$50
xThe surplus account for 1926 follows: Balance(as above)
e)for year 1926.
$2.300,871; previous surplus, $6.224,144, increase of surplus by revaluation of securities by Cuban Tobacco Co., Inc., $3,315,684; total, $10,616,554; deduct stock dividend on common stock (33 1-3%) 55,000006;
decrease of surplus by reduction of good will to Si, $3,315,684; profit &
less surplus Dec. 31 1926, $2.300,871.
a Net earnings of company and these companies all of whose stock is
owned by American Cigar Co., after deducting all charges for expenses,
management and Federal taxes. &c. b After deducting readjustment of
security values ,of Havana Tobacco Co., amounting to $4,381,051.
Consolidated Balance Sheet Dec. 31.
(Consolidated with companies all of whose stock is ovrxied.i
1926.
1925.
1926.
1925.
Assets$
$
Liabilities5
$
Real estate, mach.,
Preferred stock_ _y6,499,000 7,298.300
Common stock_ _20,000,000 15,000.000
"
(ait. dees d.res.) 3,296,657 2,985,318 Prov.for pref.div_
&c l edueePree.
97.481
109,414
Brands, pats.. &c_
131:32158:630085
dt ervee
re
saccts pay_ 1,302,992 1,007,418
.
Leal tobacco, am...13,380,822
1
Tax
436,753
483,740
Bonds & stocks.-- 6,454,703 2.989.451 Reserve for dePreCash
1,654,453 3,221.404
183,416
170,833
elation, &c
-New President, &c.
Virginia Electric & Power Co.
Due from cos
1,978,481
2,300,871 6,224,144
William E. Wood has been elected President and a director, succeeding Bills & accts. rec..x1,259,295 4,478,195 Surplus
to become President of the Rhode Prepaid Ins., &c__ 4,747,305
Luke C. Bradley, who recently resigned
61,885
72.673 Total(each side)_30,854,921 30.259.505
Island Public Service Co. J. Frank McLaughlin has been elected senior
x Amounts owing to this company by companies in which it directly or
Vice-President.
-V. 124, p. 1352.
indirectly owns part of the stock. y The Company now holds in its treasury
$3,501,000 pref. stock, leaving $6,490,000 outatanding.-V. 124, p. 238.
Westchester Lighting Co.
-Stock Approved.
See Consolidated Gas Co. of New York above.
-V. 122, p. 2654.
American Radiator Co.
-Acquisition.
The company has acquired the H11MIlle.r Engine
West Chester (Pa.) Street Ry.-Subs. Co. Reorganized.
- Ill., which was erected by Montgomery Ward & Co.Works at Springfield,
five years ago for the
Reorganization of the People's Transportation Co.. a suburban bus sub- production of gas engines but never
The property, which includes
sidiary, was arranged to the satisfaction of the creditors' committee on various plants, will be equipped byused.American Radiator Co. for the
the
March 4. The rearrangement of the bus company's affairs was completed manufacture of its specialty products.
-V. 123, p. 2143.
under the direction of Harry 0. Grossman, general attorney for the Yellow
Truck & Coach Mfg. Co. of Chicago, one of the largest creditors.
American Sales Book Co., Ltd.
-To Increase Stock.
During the friendly proceedings, participated in by representatives of
The stockholders will vote March 16 on increasing the authorized capital
so creditors with aggregate liability accounts of $500,000, the following stock from $3,687.960 (consisting of 30,733 shares of common stock, par
were elected officers to handle the affairs of the company: C. R. Cook, Jr., $20, and 30,733 shares of pref. stock, par $100), to 56,000,000, to consist
of Philadelphia, President; F. G. Wilson, Chicago, Treasurer and General of 50 100.-v 12f common stock. par 520. and 50,000 shares of pref. stock,
5000 shares o0 p 145
,
. .
9
Manager, and Eric H. Biddle, Philadelphia, Secretary.
par
1514
THE CHRONICLE
American Sugar Refining Co.
-Earnings.
Calendar Years1926.
1925.
Profit from operations__ $7,091,979 $4,477.143
Int.on loans & deposits_ 2,044,993
2,989,964
Inc. from sale of invest.
10,549
Net profit from invest't_
Total
Depr.,renew.& replac't.
Reserves
Interest on bonds
Preferred diva. (7%)
Common dividends
1924.
1923.
4327,637 41,693,070
1,644,615
2,955,674
2,593,049
5,552,488
8,209,380 4,542,631
$9,136,971 37,477,656 $12,119,407 311,357,724
1,000,000
1,000,000
1.000,000
4.542,631
1,800,000
1,800,000
1,800,000
1,800,000
3,149,986
3,149.986
3,149,986
3,149,986
2,249,995
562,498
Total deductions
$8.199,981 $6,512,484 $4.949,986 $10,492,617
Balance to surplus
$936.990
$965,172 $7,169.421
$865,107
Shares of corn. outst'd'g
(par $100)
450,000
450,000
450,000
450,000
Earn, per share on corn.
$7.08
$1.92
83.39
$15.71
x Loss.
-V. 123, 1 1765.
3•
Anglo-American Corp. of So. Africa Ltd.
-Div., &c.
Cabled advice was received Feb. 18 by the company's London office
that a dividend (No.8) of 123 % has been declared payable to shareholders
of record March 4 1927.
Of the accumulated unappropriated profit as at Dec. 31 1926. £485,000
will be required for the payment of dividend No. 8 of 1234%, as above,
£250.000 has been placed to general reserve, and a further E250,000 to
dividend equalization reserve, making the total reserve £1,250.000. After
providing for taxation paid during the year and appropriating £45,000
towards the estimated taxation payable in 1927 on the profits for 1926, the
unappropriated profit carried forward stands at £75,000.-V. 124. p. 1223,
1070.
Armour Grain Co.
-Arbitrator Awards $3,000,000 to
Rosenbaum Interests on Grain Marketing Deal
-Finds Fraud in
.Grading
A Chicago dispatch March 3 states: Finding the Armour Grain Co.
guilty of fraud and conspiracy against the now defunct Grain Marketing
Co. and the Rosenbaum Grain Corp. and Rosenbaum Brothers, the arbitrator, Edward E. Brown, a Chicago attorney and Vice-President of the
First National Bank, has ordered the Armour concern to pay approximately
$3,000,000 damages to the companies affected. The decision was the result
of arbitration proceedings that have been conducted in secret for almost a
year. Mr. Brown was selected as the arbitrator, both sides agreeing to
abide by his decision.
The award,it is said, will fall most heavily upon J. Ogden Armour,stated
by Mr. Brown to be the principal stockholder in the Armour Grain Co.,
together with P. D. Armour Jr., Lester Armour and their families. Mr.
Brown's findings threw additional light upon the failure in 1925 of the
Grain Marketing Co., described at the time as being the greatest co-operative project ever launched by American farmers.
Three separate acts of the Armour Grain Co. are cited in the decision,
the first in April 1924, when, anticipating a merger with the Grain Marketing Co., employees of the Armour concern changed the stock books at their
Northwestern elevators in South Chicago so as to show a greater amount
of grain than was actually on hand. This was done, Mr. Brown found.
so that they "would somehow result in the Armour Grain Co.'s later getting
a better price for the wheat from some farmers' organizations than would
otherwise be possible."
The second act, according to the decision, took place on July 1 or 2 1924.
when George E. Thompson, General Superintendent of the Armour Grain
Co. went to the Northwestern elevator and reclassified all the grain by
raising the grades. "The total grades so raised on the stock book aggregated over 2,000,000 bushels," the decision reads.
About a month later, the decision recites, Just before the Armour concern
was taken over by the Grain Marketing Co., samples of the wheat taken
from the Northwestern elevator by samplers of the Chicago Board of Trade
and left in the testing room of the elevator overnight were changed so that
samples of a better Fade of wheat would be shown. It had been agreed
that the wheat held by the Armour Grain Co. would be taken over by the
Grain Marketing Co. on the basis of the samples.
Mr. Brown found that this manipulation was done "either by substituting entirely different wheat, by picking out pin-burned kernels, or by
throwing out part of a sample containing damaged wheat and replacing
the part thrown out with good wheat. The testimony on this point is over
whelming and conclusive."
"The law makes the Armour Grain Co. responsible for the approximate
damages caused by their fraud," continues the decision; "this even if Marcy
(George E. Marcy, Chairman of the Board of the Armour concern) and the
other officers of the Armour Grain Co. had no knowledge of the change of
the samples and no complicity in the fraud perpetrated and did not subsequently discover it and conceal it. -V. 123, p. 2000.
-Earnings.
Atlantic Gulf & West Indies SS. Lines.
Period Ended Dec. 31.
Operating revenue
Net after depreciation
Gross income
Interest, rents and taxes
Net income
-V. 124, p. 651.
1926
-Month-1925.
1926-12 Mos.-1925.
$3.009,362 $3,540,805 $38,874,959 $33,504,299
3.988,933
loss56,507
198.836
2.284.092
4.432,849
143,209
339,551
3,287.921
2.529.698
243.734
238,470
2,858,730
def100.525
1,903.150
429.191
101.081
Automobile Finance Co.
-Listing.
The Pittsburgh Stock Exchange has approved for listing 500 additions
Shares, without par value, of common stock, and 2,000 additional shares
(par $25 per share) of preferred stock.
Statement of Income and Expenditures for Calendar Years.
1925.
1926.
Gross income
$299.155 $284.624
Less ordinary and necessary expenses
172.303
242,355
12,044
Depreciation,&c
21,842
Net profit from operations
Dividends received
$34,958 $100,277
7,000
4,000
Net income
Deduct Federal taxes
$41,958 $104,277
12,534
4,908
Net profit for the
$37,050 $91,742
-v. 123. p. 714. year
Barnsdall Corp.
-Dividend Rate Increased.-The directors
on March 10 declared a quarterly dividend of 23. % on the
class A and class B stock, par $25, payable April 5 to holders
of record March 21. This compares with quarterly dividends
of 2% paid quarterly since and including Jan. 2 1926.
An authoritative statement says: "An advance in the dividend rate to
a $3 basis was considered, but conservative judgment of the board decided
not to raise it beyond a $2.50 rate at present in view of the recent cuts in
crude oil prices and the somewhat unsettled condition of the oil market
generally. The company's earnings during the past year thoroughly justified the increase in ddend ordered by the looard. The current daily
production is about double that for 1926."-V. 124, p. 1349.
Bellas Hess & Co. Status -Consolidation.-H. Hellas
Hess, President of Bellas Hess & Co., in a letter to the
National Cloak & Suit Co. Feb. 23, said in substance
[VOL. 124.
addition, owing to the growth of the business, they have been obliged to
lease floors in adjoining buildings. Their business has grown to an annual
volume of about $12.000,000 in net sales.
They have concentrated and specialized from the inception of the business
in men's, women's and children's wearing apparel emphasizing the styles
of New York City.
They now issue 2.000,000 to 2,200,000 catalogues five times a year
-two
large semi-annual and three supplementary catalogues. These books are
distributed throughout the various States. During the period that they
have been in business over 825.000,000 has been spent in catalogues and
magazine advertising. They have shown a substantial profit for every year
that they have been in business with the exception of 1920 and 1921. when
due to declining values in merchandise, they showed a loss for these two years
similar to most business houses carrying a like character of merchandise.
The net sales of Belles Hess & Co.for the year 1926 were $11,881,844, and
the average net profits, after taxes, for the years 1923 to 1926, inclusive.
were approximately $568,000. We maintain buying offices in Paris.
London, Berlin and other fashion centres.
Balance Sheet December 31 1926.
AssetsLiabilities-Furn..fixtures & equipl_ - $91,470 Capital stock
x$2,429,570
Goodwill
654,924
100,000 Accounts payable'
ash
146.974 Dividends payable Jan. 15
Postage stamps
5,493 and Feb. 1 1927
157.903
Accounts receivable
33,335
50.410 Accrued accounts
Investments
1,527.094 Reserve for Federal income
Inventories
65,073
1,675,390 taxes
Trust receipts for sills goods
Surplus
684.066
In transit
7,425
Notes receivable
639
Accounts receivable
71,464
Advertising deferred
273.499
Other deferred items
$4,024,873
75,014 Total (each side)
x Represented by 63,904 shares of no par value class A stock, 2,000 shares
of no par value founders' dividend participating stock, and 108,180 shares
of no par value class B stock.
Note.
-Contingent liability: letters of credit unused, $19,175.
[For details of consolidation with National Cloak & Suit
Co., see below.]
Beech-Nut Packing Co.
-Balance Sheet Dec. 31.
1926.
1925.
1925.
1926.
Assets$
s
$
Liabilities$
Real estate, buildCommon stock__ 7,500,000 7,500,000
ings, &c
6,131,174 5,640,627 Pref. stock, el. A_
4,500
4,500
Mtges. and secured
Pref,stock, el. B._ 1,119,500 1,119,600
loans on real est.. 109,365
101,537 Min stk.const.cos_
82,450
82,450
Pref, treas. stock_ 124,000
124,000 Notes & acc'ts pay 1,252,126
973,685
Parts, trade-mks.,
Short term notes
&c
88
88
623
mat'd or called..
623
Securities owned
958,481 1,010,336 Dividends payable 242,500
242,500
Cash
432,690
609,445 Expenses & taxes_ 174,756
188,939
Cash for red. notes
623
623 Federal tax reserve 311,233
319,068
Securities
116,699
114,749 Other reserves_ _ _ 2,091,281 1,770,604
Ace Is & notes rec_ 837,008
893,120 Deferred liabilities
5,634
4,351
Inventories (cost). 7,664,157 6,549,124 Surplus paid in,
100,025
100,025
Deferred assets_
586,800
528,179 Earned surplus__ 4,077,741 3,264,301
Total
16,961,085 15,571,827
Total
16,961,085 15,571,827
The usual comparative income account was published in V. 124, p. 1364.
Bergner & Engel Brewing Co.
-Sale Is Demanded.
-
The sale of the buildings of the company in the vicinity of 31st, 32nd,
Thompson, Master and Jefferson streets, Philadelphia, for non-payment
of interest and principal of a $948,000 mortgage, is demanded in a petition
filed in Common Pleas Court at Philadelphia. More than 30 corner locations in Philadelphia, Atlantic City, Camden and other nearby cities are
declared subject to the mortgage and their sale also is requested.
The corner properties are held in the name of the Northwestern Realty
Co.. a subsidiary of the Brewing company.
Behind the request for a foreclosure of the mortgage, as sot forth in a petition of the Integrity Trust Co.,is the story of the collapse since prohibition
of the business of one of the oldest breweries in Philadelphia.
The bonds originally became due in 1921, but an agreement was reached
between a bondholders' committee and the brewing company to extend
payment for five years. The bondholders' committee consisted of William
Wallace, Ellison Perot, H. J. Patton, A. A. Jackson, Raymond Pitcairn,
Clarence M.Brown and Frank J. Sheble. The extension expired last July 1
and again there was default in payment. Another three-year extension
was arranged on condition that interest be paid regularly. The petition
of the Integrity Trust Co., representing the bondholders, states that the
interest due last Jan. 1 was not paid and that now the entire debt of $948.000 is payable.
-V. 114. p 630.
.
Berkey & Gay Furniture Co.-Pref. Stock Offered.
Peabody, Houghteling & Co., Chicago, are offering at 9936
,
and div. $400,000 7% cumulative prior preferred stock.
Free of present Federal normal income tax. Dividends payable Q.
-F.
Red. all or part, on any div. date at 105 and Wyo. Transfer agent,
Michigan Trust Co., Grand Rapids, Mich. Registrar, Grand Rapids
Trust Co., Grand Rapids, Mich.
Issued.
CapitalizationAuthorized,
1st mtge.6% serial gold bonds
$1,500,000
$2,500,000
7% cumulative prior preferred stock
1,500,000
2,000,000
8% cumulative preferred stock
1,100.000
2,000,000
.
40,000 shs
Common stock (no par value)
100,000 she.
Data from Letter of L. S. Wallace, Vice-President of the Company.
Company.
Michigan to succeed to the business
-Incorporated in 1926 in
of Berkey & Gay Furniture Co., Wallace Furniture Co. and Grand Rapids
Upholstering Co. Business was established in Grand Rapids, Mich.,
more than 70 years ago, and is generally conceded to be foremost in the
production of quality furniture in the United States.
Earnings.
-The average annual net profits available for dividends on
the prior preferred stock for the eight-year period 1919-1926 were 3365,137,
which is equivalent to $24 34 per share of prior preferred stock to be
presently outstanding. For the year 1926 net profits were equivalent
to $42 61 per share.
Sinking Fund.
-For the purpose of retiring the prior preferred stock,
company will pay into a sinking fund annually, beginning in 1928, a sum
of money equal to 10% of the net earnings of the company after deductions
of prior income charges and the dividends on such stock, but in any event
not less than 3% of the greatest amount of such stock at any time issued
and outstanding. Company may purchase and tender shares of such
stock to the sinking fund at their par value in 'Mu of cash.
-V.122,
Purpose.
-Proceeds will be used for additional working capital.
P. 2802.
-New President, &c.
Bigelow-Hartford Carpet Corp.
John A. S weetser, of Boston, has been elected President, succeeding
-V. 123, p. 1880.
John F. Norman, who has been elected Chairman.
-Dividends on New Stock
British-American Oil Co.
Inaugurated at the Rate of 80c. Per Annum.
The directors have declared a quarterly dividend of 20 cents per share
on the new no par value capital stock, payable April 1. This is at the rate of
$3.20 per share on the old stock of $25 par value, which was recently split
upon a basis of four new shares for one of old. Dividends on the $25 par
stock were paid at the rate of $2.50 per annum, and in addition, the com-V. 124, p. 1224.
pany on Jan. 2 last paid an extra of 50c. per share.
'
The business of Bellas Hess SeCo. was started by H. Bellas Hess on
Jan. 1 1907 in a small loft at 729 Broadway, N. Y. City, with a capital of
$200.000. With $275.000 later added to this capital, it has paid out in
-Balance Sheet Dec. 31.Buckeye Pipe Line Co.
dividends to its stockholders over a period of 20 years $2,654,812
-in other
1925.
1925.
1926.
1926.
words. $2.654,812 has been paid out with a total investment of $475,000.
$
$
In the spring of 1907 the business grew to such an extent that they were
Assets10,000,000 10,000,000
crowded out a these small quarters and were obliged to move to 568 Broad- Pipe line plant.. 19,529,677 19,224,006 Capital stock
212,108 a Accts. pay., &o. 2,053,240 1,812,425
way, where they acquired a loft containing 20,000 sq ft. In the course of Materials&supplies 178,877
.
Deprec. reserve.„10,144,576 8,446,044
the next two years they obtained two other lofts in the same building. In Cash, inv., & acts.
3,238,717 3,951,551
grown to such proportions that they were
4,773,906 Surplus
5,727,979
received
1911 the business had again
obliged to have a building built for them on the block bounded by Washing25,436,533 24,210,020
Total
Total
25,436,533 24,210,020
Morton and Barrow streets, N. Y. City. This is the building which
ton.
they,occupy to-day- an eight-story building containing 180,000 so. ft. In
Includes reserves for taxes.
-V.124, p. 1364; V. 123, P. 459.
MAR. 12 1927.]
TFITI
CHRONICLE
1515
data in connection with the offering are given in V. 124,
-New Pres.British Controlled Oil Fields Ltd.
Sir Richard Barnett has been elected President and E. A. Harney Vice.. Ti. 1365.
President, succeeding Lord Buckmaster and J. W. Dennis, respectively.
-Annual Report.--Canadian Locomotive Co., Ltd.
V. 124, p. 239.
18 mos. end. -Years Ended June 30
31.-Balance Sheet Dec.
Bucyrus Co.
1922-23.
1923-24.
Dec. 31 '26. 1924-25.
Period1925.
1926.
$538,441 loss352,665
1925.
def$40,695 x$166.549
1926.
Operating profits
61.231
Liabilities- .
60,066
101,530
94,226
AssetsInterest from invetrnent
3,900,000 3,900.000
Pref. stock
Land,b1dgs.,mach.,
$7,401
5599,672
5268.079
$47,531
8,388.937 8,024,880 Common stock... 4,000,000 4,000,000
Total income
&c
908,287 Deduct-Bond Interest...
90,000
90,000
90.000
425,010 Accts. & bills pay_ 963,233
135,000
501,829
Cash
239,756
100.000
100,000
Depreciation reserve_
Accts.& bills rec 2.759,837 2,930.350 Adv. pay. me_ _ _ _ 260,537
200,000 Adj. good-will
188,250
36.901
4,787,946 4,221.023 Divs. payable_
Inventories
305,621 Accr. tax & sundry
191,722
Pref. stk. romp
733,782
637,752
reserves
18,241
13,768
Balance, sur. or def....def$187,469 sur$78.078 sur$472,771 def$82.598
Securities
340,000 Previous surplus
Prof. stk. ret. fund 380,000
1.089.975
807,377
1,080,148
998,227
6,314,267 5,603,300
Surplus
$810.758 $1,158.226 $1,280,148 $1,007.377
Total surplus
16,644,039 15,925,125 Sinking fund
15,000
15.000
Total
15,000
22.500
16,644.039 15,925,125
Total
(7)105.000 (7)105,000 (7)105,000
divs
The usual comparative income account was published in V. 124. p. 1364. Preferred dividends (10.47)157,500 (2%)40,000
(4)80,000
(4)80,000
Common
-Earnings.
Bunte Brothers, Chicago.
Calendar YearsNet sales
Other income
1924.
1923.
1925.
1926.
$6,872,602 $6.278.966 $6,077,004 $6.284.263
4,962
3,540
22,142
30.186
Total income
Cost of goods sold, &c
Federal taxes
Preferred dividends._
$6.002,788 $6,301.108 $6,081,966 $6,287,803
5,531,307
5,739.859
5.882.291
6,470.953
70,336
68.086
55,624
58,830
66,500
66,500
65,786
61,020
Surplus for year
Previous surplus
$413,823
$297,408
3311,985
adj3,001,903adj2,694,043adj2.300.787
$413,359
1,887,472
x$3,313,887 $2.991,451 $2,714,610 $2,300,831
P. & L. surplus
Shares of corn. outstclg.
100,000
100.000
100,000
100,000
(par $10)
rim
$4.13
$4.13
$2.97
Earn, per sh. on com _
which $150,000 appropriated for retirement of preferred capital
x Of
-V. 124, p. 240.
stock.
-Consolidated Balance Sheet.
Burns Bros.(& Subs.).
Dec. 31'26. Mar. 3126.
Dec. 31'26. Mar. 3126.
Liabilities$
8
8
$
Assets7% cumul. prior
Real estate, bldgs.,
727,100
737,100
pref. stock
equip., &c. less
depreciation_ __ _ 6,668,695 5,455,305 7% cum. pref. stk. 2,580.000 2,580,000
684,789 1.149,550 Class"A"com.stk.x9,736,500 9,736,500
Cash
Class"A"coin.stk.y3,894,680 3,894,680
U. S. & Municipal
10,195 Accounts payable_ 3,028,038 2,689.255
10,620
sec. & accr. int_
217,588
Notes&accept.pay. 2,894,425
rec.,
Ous., acels.
12,724
12,899
6,115,325 6,321,303 Dividend payable_
less reserve
36,195
48,772
326,845 Accruals
Sundry Ace'ts rec. 377,113
307,878
151,232 Res. for inc. taxes_ 184,119
Notes 4;accept.ree. 73,967
251,250
5,158,851 2,908,061 Mtges.on real estate 253,250
Inventories
65,000 Res, for retire, of
73,514
Insurance fund...
prior pref.stk.&
Miscell.sec..mtges.,
374,718
246,085
dividends
2,160,506 2,288,764
&c
82,698 Rea. for dive, on
Deferred charges__ 222,753
200,000
prior pref. stock 200,000
Goodwill, contracts,
95,000
6,865,803 6,865,803 Res.for insurance_ 127,548
&c
Res. for conting.&
164,937
102,646
Miscellaneous__
4,247,395 4,455,388
Total(each side)28.411,916 25,624,756 Surplus
x Represented by 97,365 shares of no par value. y Represented by
97,367 shares of no par value. The income account was published in
V. 124. p. 1364.
-The
-Quarterly Report.
Butte & Superior Mining Co.
$807,377
$998,226 $1,080,148
$630.758
P. & L. surplus
Shares of pref. ourstdg.
15.000
15,000
15,000
15,000
(par $100)
NO
$5.20
$31.52
Nil
Earn. per share on pref._
-V. 123. p. 329.
After allowing for estimated Income tax.
x
-Balance Sheet
(J. I.) Case Threshing Machine Co.
Dec. 31.1925.
1926.
1925.
1926.
-$
Assets
Land, bldgs.,&c_a10,310,706 10,928,425 7% pref.stock _ _ _13,000,000 13,000,000
Common stock_ _13,000.000 13,000,000
Patents, designs,
816,618.
1,044.423 1,044,423 Accounts payable_ 882,347
devices, &c_
Treasury stock... 2.528,777 1,416,716 Taxes, royalties, 395,931
306,935.
&c., accrued _ _
10,793,541 8,573,054
Inventories
8(4,909
Notes receivable_.b8,125,715 6,992,270 Prof. stock diva_
875,000
518,399 Prov. for taxes.._ 1,037,395
547,185
Accts. receivable
76,778 Reserve for collecc22,468
Other notes
tion expa., &c_ 1,500.000 1,200,000
91,485
Real estate & prop. d47,054
1,748,326 2,848,904 Res.forinventories 750,000
Cash
Reserve for indus91,490
101.071
Deferred charges
trial accident lia100.000
100,000
bility
4,603,593 2,678,482
Surplus
35,269,266 32,581,944
Total
35.269,266 32,581,944
Total
a Land. buildings, Scc. 815,488,278: less reserve for depreciation and
notes receivable, including
accruing renewals. $5,171,573. b Customers'
interest accrued. $9,014,365: less commission certificates outstanding,
$888.650. c Due from officers and employees for capital stock purchased.
d Acquired under foreclosure and held for sale.
The usual comparative income account was published in V. 124. p. 1385.
--Listing.
Central Alloy Steel Corporation.
The New York Stock Exchange has authorized the listing of an additional
amount of 5510,700 7% cumul. pref. stock (par $100), upon official notice
of issuance and payment In full, making the total amount applied for
$10,000,000.
Income Account Year Ended December 31 1926 (Company and Subsidiaries),
Net sales, $74,516,788; cost of sales, $63,916.968; manufacturing
$10,599,820
profit
4,325,729
Selling and administrative expenses
Other deductions (net). $95.342; depreciation, $2,347,355; Fed2,942.698
taxes (estimated), $50i.000
eral
709,836
Preferred dividends
2,568.357
Common dividends paid and declared
9th quarterly report, covering the 4th quarter of 1926,shows:
$53,200
pBroalvanis
1st Quar.
2d Quar.
Earnings per share on common stock (1,320,625 shares), after
Zinc Operations (191 4th Quar. 3d Quar.
$2 02
79,228
73,628
70.350
76,651
on for 7% dividend on 94,893 shares of preferred stock_
(to
Zinc ore produced (tons)
400
479
578
525
123, p. 1881.
Aver.silver con tont (oz.
10 24
11 57
12 26
12 57
Aver, zinc content (%).
352,879
317.412
Century Electric Co., St. Louis, Mo.-Bonds Offered.
406.868
402,643
Total silver in ore (oz.)Total zinc in ore (lbs.).- 19,266,041 17,254.103 17.040.698 16,229,388 Federal Commerce Trust Co., St. Louis, is offering $750,000
Copper Operations
23,425
31,813 1st mtge. & secured 5% gold bonds at prices to yield from
21.389
18,011
Copper ore produced(tons)
6 07
604
5 86
5 77
Aver, silver content(oz)
according to maturity.
3 90
3 81
3 91 5% to 5%,
3 40
Aver, copper content(%)
125,354
Dated March 1 1927: due serially, March 1 1930-1933. Principal and
142,272
191,999
103,898
Total sliver in ore (oz.)60in
1.784,46'3
. (0Md..a&ys7.) payable at Federal Commerce Trust Co., St. Louis., trustee.
2.485,773 intn
1,669.749
D
one
Total copper in ore (lbs.) 1,226,264
ed
.
$100. $500 and $1,000c5 R., all or part on any int. date
Financial Resultsfor the Quarter, Compared with Three Previous Quarters.
notice at par and Int., plus a premium of M of 1% for each
2d Quar.
1st Quar.
4th Quar. 3d Quar.
1926thereof prior to maturity.
$641,212
$582,073
$590.946 year or part
Not value of zinc ore.._ 5659.599
Data from Letter of E. S. Pillsbury, President of the Company.
170.748
157,829
105.613
246.626
Net value of copper ore12.639
12,253
13.169
11.021
-Incorporated in 1901 in Missouri. Manufactures the wellMiscellaneous income_ _ Company.
known line of Century motors and fans, which it sells through its own
$765,460
$812,210
$777.465
$848,593 offices and agencies. It carries substantial stocks in 31 principal cities
Total income
640,061
631.083
686,273 of the United States, and also markets Its products through some 50 agents
600.651
Operating costs
• Depreciation, reserve for
in foreign countries. Principal factories, located in St. Louts Mo., have
39,443
35,929
36,520
37,766 a total ground area of about 10 acres, the buildings containing about
taxes, &c
12 acres of floor space.
$89.470
$172.116
5109,863
$124,555
Net to surplus
The business has had a steady and continued growth, its sales increasing
No provision has been made in the above figures for depletion.
from 5800.000 in 1915, to nearly 10 times that figure in 1926, as estimated
in Estimating Income.
Average Metal Prices Used
from first 10 months' billing in the latter year. working capital required
2d Quar.
1st Quar.
-To provide company with increased
Purpose.
4th Quar. 3d Quar.
62.25c.
65.00c.
53.98c.
66.66c. for the financing of the rapidly growing business and for additions to
Silver, per ounce
7.40c.
6.98c.
7.15c.
7.38e. plant, for which purpose the receipts from the sale of $250,000 of this
Zinc, per pound
14.05c.
13.65c.
13.64c.
13.89c. issue are to be reserved.
Copper,per pound
-For the six years ending Dec. 31 1925. the average net
Earnings.
A summary of the results for the four quarters shares an operating profit
$459,256, being
for the year 1926 of $645.661, after depreciation, reserves for taxes, &c., earnings after depreciation but before income taxes wereon funded debt.
the results for the year show a profit of $496,004, more than six times the greatest annual interest charge
amounting to $149,656,
$2,901,977 (par $10) stock and the first 10 months of 1926 showed a substantial increase over a like
equivalent to $1.71 a share earnedaon thewas made
on Dec. 31 1926 to Period for any previous year.
outstanding. A distribution of 50c. share
-Secured by a closed first mortgage on land and buildings in
Security.
holders of record Dec. 15 1926, making_a total distribution for the year of
p. 2394.
St. Louis. costing 51.350.000. Further secured by a mortgage on other
$2 per share amounting to 8580,395.-V
and buildings in St. Louis, costing 81.025,000. against which there
lands
-Bonds Called, &c.
California Petroleum Corp.
are prior first mortgages aggregating $545,000.
All of the outstanding $5,963,000 10-yr. sinking fund gold bonds, due
Capital Stock Outstanding.
payment April 1 next at 1033i and int.
Oct. 11033, have been called for
8250.000
cumulative preferred stock
The American Exchange Irving Trust Co. will deliver definitive con- 7%
3.504,800
Common stock
vertible 5%% sinking fund gold debentures, due 1938, in exchange for -V.123, p. 3041.
temporary bonds. (For offering, see V. 123, p. 2144.)-V. 124, p. 927.
-Copper Output.
-New Director.
Chicago Pneumatic Tool Co.
Calumet & Arizona Mining Co.
1925.
1926.
w. H. Callan, Operating Vice-President, has been elected a director,
1924.
1927.
Month of February-V. 124. n•
3.068,000
3,590,000
3,000,000
2,824.000 filling the vacancy caused by the death of J. R. McGinley.
(lbs.)
Production
653, 116.
-V.124, p. 927, 240.
Ltd.-Pref, Div. Childs Co.(N. Y.).
.
-New Director-Sale of Boos Bros. Stk.
Canadian Connecticut Cotton Mills, Ltd.
Pre
Ellsworth Childs has been elected a director to succeed the late 0. H.
The directors has declared a quarterly dividend of 1% on -the 8 cumul.
April 1 to holders of record March 15. T s is the
prof. stock. payable
Co.
same amount as has been paid In the previous eight quarters.
The
cMurtrie
MT stockholders have approved the sale to the Childs Dining Hall
3
Dividends in arrears now total $570,000, or 19%, on the $ .000.000 8% of stock of Boos Bros. Cafeteria Co. In exchange for the delivery to Childs
p. 2659.
Dining Hall Co. secured by
-V. 123,
s
f
preferred stock outstanding.
.
piedgf of th ue 0 4 yeas 5% notes
Co oean is e B00s Bror. stock. of the Childs
-Resumes PreCanadian Fairbanks-Morse Co., Ltd.
Sales for Month and Two Months Ended Feb. 28.
Increase.
ferred Dividend.
Increase.' 1927-2 Mos.-1926.
-Feb.
1927
-1926.
$810.805
$4,045,956
% on the 6Y,, cumul. pref.
5393,734154,856,761
The directors have declared a dividend of 1%
3
stock, payable April 15 to holders of record March 31. This Is the first -319,3. p. 12124715067023.
$2V. 124 7
a semi-annual distribution of 3% was
payment since Jan. 1924, when
-Acquires Boos Bros. Stock.
-V.122. p. 1922.
made.
Childs Dining Hall Co.
See Childs Co. above.
-V.124, p.1224.
-Bonds Offered. Taylor,
Carthage (Mo.) Marble Corp.
Ewart & Co., Inc., are offering at par and int. $1,800,000
-Regular Dividends.
Chrysler Corp.
dividend of
The directors on March 41 declared the regular quarterlyMarch 31 to
sinking fund gold bonds, series A, due March
1st mtge. 6
no par value, payable
to
per
onthe comm
The issue, part of an authorized issue of $3,000,000 holders share r march 13.on stock,
1 1942.
record
quarterly dividends of $2 per share on
is being brought out in connection with the consolidation of
The directors also declared four A, payable March 31, June 30, Sept.30
value
in the quarrying, milling,finishing the no parJan. 3pref. stock, seriesof record March 13, June 15, Sept. 15
several companies engaged
1928 to holders
1927 and
-V. 124, P. 240.
and sale of "Carthage marble" at Carthage, Mo. Further and Dec. 15 1927, respectively.
1516
THE CHRONICLE
City Stores Co.
-Listing.
-----
The New York Stock Exchange has authorized the listing of 80,796 shares
class A stock (without par value). and 163,318 shares of its class B stock
(without par value), with authority to add 985 shares of class B stock, on
official notice of issuance to employees and payment in full; making the total
amounts applied for 80.796 shares of class A (authorized 200,000 shares)
and 164,303 shares of class B stock (authorized 400.000 shares)•
Pt Company was incorporated in Delaware Nov. 5 1923. Company is a
holding company and owns the entire, or a controlling interest in the
various subsidiary corporations, which conduct'general department stores in
New Orleans. Birmingham. Memphis and Louisville, or hold and operate
real estate incidental thereto. Through consolidation substantial economies
have been and are being effected.
Subsidiary Corporations.
-Company controls the following corporations
through stock ownership:
Stock
Owned by
Stock
Authorized. Issued. CityStores Co
Maison Blanche Co., preferred
$256,000
$2,800
$250,000
Common
6,000,000 4,000,000 3,797,450
Loveman,Joseph & Loeb,preferred
1,000,000
1,000,000
------Common
2,000,000
1,610,400
1,622,000
Kaufman-Straus Co., preferred
750,000
234.600
499,500
Common
1,250,000
1,000,000
1,000,000
Kenville Realty Co..common
50.000
50,000
50,000
City Stores Mercantile Corp., common (no par)
500 shs.
500 shs.
50f shs.
City Stores Furniture Co..common
$100,000
$20,000
$20,000.
City Stores Millinery Co., Inc., corn_
100,000
10,000
10,000
Maison Blanche Co. in turn controls the following corporations through
stock ownership:
Owned
Stock
Maison
Stock
Authorized.
Blanche Co.
Issued.
Matson Blanche Realty Co., common $750,000
$700,700
$712,500
B.Lowenstein & Bros.,Inc., preferred $600,000
8500.000
$500,000
Common (no par)
25,000 shs. 25,000 shs. 25,000 shs.
Comparative Consolidated Income Account (Company and Subsidiaries).
13 Mos.End 11 Mos.End
Jan. 31 '26. Dec. 31 '26.
Net sales
$20,235,987 $16,665,334
Cost of sales
12,937,519 10,947,236
Operating expenses
4,802,493
6,411.254
Operating profit
8915,605
$887,214
Miscellaneous income
699.594
524,143
Total income
81,411.357 $1,615,199
Depreciation, Federal taxes, interest and reserves_
610,726
630.379
Net income
$780,979 $1,004,473
Adjustment of prior years
Cr.22.150
Total
Adjustment of prior years
Net before dividend
Dividends preferred stocks of subsidiaries
do Common stocks of subsidiaries
do Common-City Stores Co
do Class A-City Stores Co
Balance
Surplus at beginning of period
Charges against surplus
Surplus at close of period
Coca Cola Co.
-Dividend Ruling.-
$780,979 $1,026,624
Dr.0,431
Dr.76,297
$704,681 $1,021,143
$81.314
$113,496
10.446
77.128
460,797
211.495
$53,260
524,032
$717,888
577,292
51,827
$577,293 $1,243,353
[Vol,. 124.
Crown Willamette Paper Co.
-New Mill.-
The company reports that its entire newsprint output and the output of
the Pacific Mills, Ltd., in which it holds a major interest, is covered by contract for the years 1927 and 1928 at the same price as prevailed in 1926 and
that the bulk of the citrus fruit wrapping paper is under contract for the next
5 years. A new paper unit of Pacific Mills Ltd. will be in operation within
the next few weeks.
-V.124, p. 116.
Curtiss Aeroplane & Motor Co., Inc.
-Report.-
Calendar YearsSales
Cost of sales
1926.
1924.
1925.
$3,667,556 81,933,668 $3.385.850
3.121.869
1.707,103
3,034.008
Gross profit on sales
Other income
Profit of subsidiary comPanies
Gross profit
Selling, admin. and general expenses..
Income taxes. int. and special charges
$545.687
134.974
4,873
$226,565
114,224
18,644
$685,534
167.364
104,854
$359,433
71,156
138,128
Net profit
Previous surplus
$413,317
229,164
Total surplus
Dividends paid on pref.stock
$351.842
108.015
14.512
$474,370
78,876
239,266
_
$156,228
$150,149
230.401
225,559
$380.550
$642.481
$381,787
(7%)176.617 (6)151,386 (6)151.386
Surplus
8229.164
8230.401
8465,864
Ms, pref. stk. outstanding (par $100)
25.231
25.231
25,231
Earned per share
$6.19
85.95
$7.97
In 1926 earnings per share on 218.000 shares of no par common stock was
30.97.
Condensed Consolidated Balance Sheet, Dec. 31.
Assets-1926.
1925.
1925.
Liabilities1926.
Prop. accts. (net)_S1,159,338 $1,634,687 Preferred stock.. _ .$2,523,100 $2,523,100
Patents and goodCommon stock_ _ _ 938,268
938,268
will (net)
998,218 1,057,810 Mtges. payable__ 552,000
852,000
Investments
662,380
454,329 Accts. payable &
Inventories
783,041
881,780
41,407
56,403
accrued interest
Accts.& notes ree_ 608,306
387,733 Prov. for inc. tax_
6,631
50,000
Cash
280,092
168,712 Surplus
229.164
465,864
Deferred charges
94,261
105,51
Total
$4,585,635 $4.590,570 Total
$4,585,635 $4,590,570
The bonded debt was reduced during 1926 by $300,000. This reduction
came about in connection wtib a debt of $852.000 due to the United States
Government on Aug. 1 1926. Company offered to pay off $300,000 and
asked for an extension of the remainder to mature in the period 1929 to
1931. The Government accepted this offer. The payment to the Government was made out of current funds. The remaining mortgage $552,000
is more than covered by real estate mortgages owned, the terms of which
call for the payment of sufficient funds before 1931 to meet the principal
of this Government mortgage. The mortgages held pay the same rats
of interest paid to the Government so that neither principal nor interest of
the company's debt is a further burden on the company's manufacturing
resources.
-V. 124. P. 797.
Cuyamel Fruit Co.
-Annual Report.
[Including Cortes Development Co. and subsidiary.]
Calendar ears
1926.
1925.
xConsolidated earnings.. 81.984.146 $2,583,737 82.437.650 84.274.160
yAmort of concessions &
depreciation
1.001,957
989.330
1,105,443
1,156,021
zProv.for depr.on steamships
100,948
91.897
Interest paid
327.302
421.612
523,963
497,627
Prov. for Federal tax--55,345
8,296
236.204
The Committee on Securities of the New York Stock Exchange rules that
Consol. net earns, for
the common stock shall not be quoted ex the 100% stock dividend on Mar.
year
$612,170 $1,059,219
8708,051 82.384,307
18 and not until April 27. See V. 124.12. 1365.
Prey. capital & surplus
of consolidated cos__ _ 17,091,022 14,892.733 15,388,458 13.936,572
Columbia Textile Co.
-Sale.
The entire property will be sold at foreclosure sale April 8 at Lowell. Add-Proceeds of sale of
50,000 she, cap. stk_
2,398,517
Mass.. by Oscar W. Haussermann. The upset price for the entire property
Adj. of Fed. inc. taxes
15,000
has been fixed at $250,000. (For details of sale see "Evening Post" of
March 7.)-V. 117, p. 1352.
Total
$17,703.193 $18,365.471 $16,096,508 $16,320,879
Deduct
-Net earns, of
Conley Tank Car Co.
-Definitive Certificates Ready.
red. co bef. acquis'n
.
126,183
The Pennsylvania Co. for Insurances on Lives & Granting Annuities,
er val.of invin subs.
56.239
Philadelphia, trustee, is now prepared to make delivery of definitive 534%
Ad .of equity in cap.stk.
equipment trust certificates, Series 0, in exchange for interim receipts.
of Sagamo SS. Corp_
50.936
For offering see V. 123, p. 2907.
Loss of SS. Jamaica.._
152,839
148,750
Consolidated Mining & Smelting Co. of Canada Ltd. Prem.on 734 %bds•called
275,697
A Montreal dispatch, March 5, states: The claim made by the French Unamort. disc. on 7345'
500,000
300,000
600.000
500.000
Complex Ore Reducing Co.for damages of $8,000.000 that has been banging Divs.: Cuyamel Fruit Co
do Cortes Devel. Co.
550,000
600,000
500,000
250,000
over the Consolidated company since June 1924, was settled in the company's favor March 4. when the Exchequer Court of Canada decided
Capital & surplus of
that the patent under which the smelting company was being sued was
comb. cos. Dec. 31316.503.193 $17.091,022 814,892,733 815,388.458
invalid. The claim made for damages, therefore, automatically failed.
- Shares of capital stock
v. 123, P. 3189.
outstanding(no par). _
250.000
300.000
300.000
250 000
$9.54
Corn Products Refining Co.
52.04
$3.53
-Balance Sheet Dec. 31.- Earn.per sh.on cap.stockexpenses incident to operations, including repairs
x After deducting all
1926.
1925.
1925.
1926.
and maintenance and all other charges and losses (and in 1925 after adding
Assrts$
$
Liabilitiesb
$
Real est., bidgs..
Preferred stock_ 25,000,000 25,000.000 $151.972 income from other sources).
y Includes depreciation of farms, railroads, machinery and equipment.
machinery. &c 45,612,873 47.306,117 Common stock.. 63,250,000 63.250,000
Inv.in affil. cos_ 15,845.225 15,614,201 First mtge. 5s.._ 1,822,000 1,877.000 steamers and office building furniture and fixtures.
z Option canceled Dec. 31 1925.-V. 123, p. 2907.
Notes secured by
N.Y.Glue, 1st 6s
38,880
19,440
real estate__ 347,000
347.000 National Starch
-Bonds Called.
Cuyamaca Building Co.(Calif.).
150,000
Mtges. recelv'le.
241.900
1st Is
558,500
558,500
All of the outstanding 1st mtge. s. f. 7% gold bonds dated July 1 1922
Cash
1,698,541
1,968,233 Aud'd vouchers_
662,024 1,000.865 have been called
Acc'ts receivable 5,075,298 4,227,419 Acc'ts payable.. 1,573,206
for payment July 1 next at 104 and int. at the Pacific
989,264 Southwest
Trust & Savings Bank, northwest corner of 6th and Spring Sts.,
Notes receivable
737,586
817,997 Accrued interest
Demand loans
-V.115. p. 441.
1,685,850 2,400,000
on bonds. _ _ _
16,419 Los Angeles, Calif.
15,572
Time loans
2,925.000
3,323,520 Divs. payable__
-Graham Shipments.
Dodge Brothers, Inc.
Marketable secs. 29,804,613 20,561,228 Outstand'g stock 3,600,000 1,702,500
The corporation in January last shipped 4,255 Graham Bros. trucks
Accrued int.. &c.
355,359
315.083
of merged cos
4.300 and
4,300
Due from Willcommercial cars, compared with 3,765 in 1926.-V. 124, p. 797,784.
Reserves
6,523,387 5,771,637
ated cos
4,416,223 5.393,758 Surplus
12,690,290 10,096,409
-Annual Report.Eastern Rolling Mill Co.
Mdse.& supplies 6,615,979 7,229,937
1924.
1925.
1923.
Calendar YearsDeferred charges
1926.
449,172
559,383
Gross sales
$6,263.951 $7,723.590 $6,217,975 88,171,257
Cost of goods sold, incl.
Total
115,718,719 110.305.774
Total
115,718,719 110,305,774
6,403,758 4,950,014
6,139,634
admin.& gen. exp.,&c. 5.446.274
The usual comparative income account was published in V. 124,
P. 1365.
Profit from operations $817,677 $1,319,832 $1.267.961 $2,031,623
Courtaulds, Ltd.
-Makes Arrangements with Snia Viscosa
Harvey Fisk & Son's London office this week reported by cable as follows Inc. credits, incl. int. AC
78.345
36.004
61,109
79,330
cash discount earned"At the annual shareholders' meeting of Courtauld's, Ltd. the Chairman
stated that business was seriously affected by the coal strike during the
Gross income for year.. $897,007 $1,398,177 $1,329,070 $2,067,626
of 1926, causing the fall in the purchasing power resulting in
second half
178,219
136,217
151.914
115,680
aIncome
larger stock on hand,in spite oflower prices since last June. Further reduc- Provisioncharges
172,400
178,331
192.252
214,422
for doproc
tion in prices is not expected. There is already a good demand. Outlook Provision for Fed. taxes_
125,779
132.076
201.347
74,827
for more stability in prices as a result of arrangements with &Ile Viscose."
-V. 124, p. 1072.
8888,743 81,515,660
$921,935
$492,078
Net income
11,981
i 5,598
24,299
Deduct-Prof.& loss adj.
-New Directors, &c.
Crown Cork & Seal Co.
directors were elected to the board at the annual meeting of the Extraordinary charges to Cr.34,413
Three new
121.486
207,639
43,220
surplus
stockholders on March 3, viz.: F. E. Fusting, S. Dalsheimer and Edward Res. for contingencies_ 70,226
5,448
F. Weston (President of the Weston Electrical Instrument Corp.). They Preferred dividends__
157,846
222,910
600,000
succeeded Luther M. R. Willis. Eugene L. Norton and Donald Symington, Corn. dividends (old)--(83)89,374 443119.147
who have resigned. Mr. Willis, who was formerly Chairman of the board, Common stock (new)
194,908
445,
524
connection with the company.
severed his
(8734c.)
($2)
Rate
Donald M.Liddell was re-elected President and made acting Chairman of
the board, succeeding Mr. Willis. E. E. Fusting was re-elected Vice.
$848,141
$382,498
$327.066
$75.519
Surplus
and given executive authority. W. W. Shs, corn. for year
President and General Manager
stk. outstdg.
Abell was re-elected Treasurer and took over the duties ofsecretary formerly
y30,000
y30.000
239,200
239.200
(no par)
All other officers were re-elected.
$40.27
held by Mr. Fusting.
$14.87
83.20
$2.06
Earned per share
The report of operations for 1926 showed net profit of $440,761 after all
a Including cash discount on sales, interest, expenses, rental of leased
deductions, equivalent to $46 a share on the 9.500 shares of common stock land, provision for doubtful accounts and inventory adjustments. y Predeficit of $337.534 in 1925. The ferred stock and old common stock were retired in 1925. Of the authorized
outstanding. This compared with a
balance sheet showed an earned surplus on Dec. 31 1926, of $3,546,523. 500,000 shares of new common stock of no par value, 239,200 shares were
Current assets stood at 83.557.053. against current liabilities of $287,397. issued on the basis of four shares of new stock for each share of preferred
-V.124. p. 1225, 1072.
and old common stock. outstanding.
-V. 124, p. 1225.
Adl
MAR. 12 1927.]
THE CHRONICLE
1517
Outstanding.
Authorized.
Capitalization-Earnings.
Eaton Axle & Spring Co.
825,000,000
7% cum.pref.stock (incl. this issue)_ __ -$25,000.000
1926.
1925.
b1,500,000 she.
1.209,083 shs.
Calendar Yearsa Common stock (no par value)
goods sold, incl.
Mfg. profit after deducting cost of
a Amendments to the corporation's charter will provide for the rematerial, labor, factory expense & depreciation_ $1,732.458 $1,298,247 classification of all common stock into one class with full voting power.
633.821
645,050
Selling, general and administrative expense
b Includes shares reserved for the exchange of 100,000 preferred shares
under terms of outstanding purchase warrants.
81,098,637
$653.197 and for purchase
Operating profit
188,870 Data from Letter of George U. Tompers, President of the Company.
124.420
Other income
-Incorporated in January 1926 acquiring its assets from
Company.
31.223.057
8842.067 and succeeding to the invesmtent activities of certain predecessor syndicate
Total income
123,125
87.793 interests. During 1926 the corporation's activities were so successful
Other deductions
25,877
and expanded to such a degree that the corporation can now advantageously
Amortization of patent account
354.200 employ the additional capital provided by this financing.
499,958
Dividends paid and provided for
-Corporation's activities have been increasingly profitable
47.500
Earnings.
112.000
Provision for estimated Federal taxes
and, during its first year ended Jan. 31 1927, net earnings (not including
$352,574 a substantial appreciation in market prices of securities held) were $4.$462,096
Balance surplus
250,000
250.000 444,471, or over 2.5 times the dividend requirement on the total authorized
Shares of capital stock outstanding (no Par)
$2.83 issue of preferred stock. These earnings do not give effect to increased
$3.85
Earnings per share on capital stock
income from the employment of additional capital introduced through
Consolidated Balance Sheet Dec. 31.
the sale of this issue of preferred stock. During the year, the corporation
1926.
Liabilities1925.
1925.
1926.
Assetsearned over 14% on the average capital employed.
$4,245.001 $3,704,187 Capital & surp___x$7,794,089 $7,453,187
Fixed assets
-Any of the outstanding preferred shares, whether
Exchange Warrants.
568,244 presently or previously issued (but in no event more than 100.000 shares)
324,893 Accts. payable, &ts 581,424
266,928
Patents
125,000 when accompanied by an equal number of exchange warrants, maLlsi
64,135 Divs. pay Feb. L. 125,000
62,020
Cash
bl:
38.321
102.846 Res. for insur., &c.
26,193 exchanged, at the option of the holder, for common shares on the
U. B. Liberty Nis_ 659,430
744.377
Notes & accts. rec_ 537,243
of 8100 per share of preferred stock and $45 per share of common stock
1,797,649 2,103.274
Inventories
(2 2-9 common shares in exchange for one preferred share), if the exchange
39,654
23,144
Other assets
be made on or before Feb. 28 1928; if made thereafter and on or before
Inv. In attn. co.. 851,494 1,031.631
on the basis of 850 per share of common stock (two
Tot.(each side).58,538,834 88,172,624 Feb. 28 1929, then
57,647
95,925
Deferred charges
shares). Unexerdsed exchange warrants will be void and of no value
-V. 123 after Feb. 28 1929.
x Represented by 250,000 no par common shares outstanding.
-On Jan. 1 1927, in addition to the regular dividend on the
Dividends.
p. 3325.
preferred stock, an initial quarterly dividend of 50c. per share was paid
-Annual Report.
Electric Controller & Mfg. Co.
on the common stock, together with an extra dividend of 25c. a share.
The earnings for the calendar year 1926, after deducting Federal taxes -V.124, p. 1226.
and preferred dividends, amounted to $535.865, equal to $7.56 per share on
-New Subsidiary.
Firestone Tire & Rubber Co.
the 70,855 shares of common stock outstanding.
The company has formed the Firestone Tire & Rubber Co. de Cuba, a
Balance Sheet December 31.
subsidiary, with offices in Havana. Among the officers is Senor Jose
1926.
Liabilities1925.
1925.
1926.
Assdo
in
a Firestone
$361,200 Alvarez Fernandez, who for 25 years has been to be used asdistributor
5102.426 $128,874 Preferred stock.
Cash
headquarters
-story building is now being erected
481,852 Common stock.x__ $354,275
295,245 Cuba. A 3company.
U.S. Gov't scours_ 618,094
new
98.685
40,842 Accounts payable_
14,581
98,745 for the
Notes& accep.rec.
A dispatch from Akron,0.,states that construction work is being pushed
92,068
359,487 Unpaid dividends_
80,132
Acc'ts receivable._ 254.166
36,532
34,583 on a new 5-story wing to Plant No. 2 of the Firestone company. This
838.802 Accrued taxes,Sm.
578,888
Inventory
built
83,000
777.341 Res. for Fed. taxes
80.000 plant was -V.in 1917 for the exclusive production of tires and tubes for
,
Plat, equip., &c _ 676,446
124. P. 930.
10.149
68,502 Res, for conting's_
10.149 light cars.
73,873
Other assets
20.262 Surplus
1,659,887 1.555,709
16,124
Deferred assets_ _ _
-Joint Control.
First National Pictures, Inc.
-V. 124. p. 1366.
See Stanley Co. of America below.
Total
$2,334,598 $2,515,764
$2,334,598 82.515.764
Total
x Represented by 70,855 shares (no par value) with a declared value of
-Tenders.
Foote Bros. Gear & Machine Co.
-V. 123. p. 1255.
85.1ser share.
Holders of preferred stock have been requested to submit to the company
offers of sale of preferred stock in an amount not to exceed 30.000 par
-Sells Treasury Stock.
Electric Refrigeration Corp.
with accrued dividends to May 15. delivery thereof to be
The corporation last month sold privately 100,000 shares of additional value, together
Proposals will be received until May 14, at the officef
treasury stock, the proceeds to be used to round out the company's expan- made on May 16.
St., Chicago, Ill. A fund has been
additional working capital. It is expected that applica- the Secretary, 215 North Curtis in the sum of 22.493, it is announced.
sion plans and for
established to purchase pref. stock
tion will be made to list the additional shares on the New York Stock
-V. 124, p. 1226.
Exchange.
President A. H. Goss authorized the following statement: "The corpora-Initial Common Dividend.
Fulton Sylphon Co.
tion has sold privately 100,000 shares of its capital stock to a banking
The directors have declared an initial quarterly dividend of 873{ cents a
woup,headed by Prince & Whitely. The stock has been underwritten at
share on the comon stock, no par value, payable April 1 to holders of
$33 a share and has been placed privately for investment. This financing
18. The regular quarterly dividend of $1.50 a share on the
will replace in the treasury the capital expenditures during the last six record March was declared, payable on the same date. See anso V. 123.
stock
months at Detroit and Grand Rapids. The new Detroit building of the preferred
corporation will be ready for occupancy March 1. A large amount of new p. 3327.
machinery has been installed and additional machinery wil• be moved over
-Balance Sheet.
Galena Signal Oil Co. (Pa.).
from the present isolated Detroit plants when production get under way
-Also Consolidated Balance Shee
in the new plant. The various isolated plants now being operated by the Balance Sheet Dec. 31 of Company Proper Companies).
(Including Subsidiary
-V. 124, p. 654.
Kelvinator and Nizer divisions will be sold."
-Company Proper- -Consolidateel----1926.
1925.
-Sales Increase.
1926.
1925.
Endicott Johnson Corp.
Assets-1.212,790
472,205
788,683
836.619
Sales for the first two months of this year were reported to be 105% Cash
168,841
362,140
333,770
163.841
-V.124. p. 787.
Investment securities_ -above the figures for the same period last year.
625,025
1.671,431
Other securities
-Tenders.
15,721,319 15,810,559
Everlastik, Inc., Chelsea, Mass.
Securities of sub. cos
3,542,632
3,941.130
The First National Bank of Boston, corporate trustee, 67 Milk St., Accts. & bills receivable- 3,046,670 3,268,977
2,366.118
9,090,064 10.183,592
1,949.821
Boston, Mass., will until Mar. 14 receive bids for the sale to it of 1st mtge. Inventories
434,328
586,207
655,901
324,014
-year 7% s. f. gold bonds dated Nov. 1 1922, sufficient to substantially Deferred charges, &c
15
3,309.145 20,888.408 18.777,616
-V. 120, p. 336.
3.299,533
exhaust $60,343 now on deposit with it.
Plants, equiP • &c
6.950,000
6,500.000 6.500,000 6.950,0(0
Good-will, &c
-Sales.
47
24.929
47
85
Fanny Farmer Candy Shops, Inc.
Sinking fund
Increase. I 1927-2 Mos.-1926 Increase,
-1926-Feb.
1927
11459,849
343,69618531,199
31,793,967 32,523.520 43.487,395 42.951,607
$71,350
8246,467
8290,163
Total
-V. 124, P. 930, 241.
Liabilities
-Annual Report.
Federal Motor Truck Co.
1,424,475 $1.218,584 81,732.809 81.579,950
Accounts payable
1924.
1923.
1925.
1,987.413
2,354.825
1926.
1,745,000 2,270,000
Calendar YearsBills payable
2,489.000
2,800,000
Not reported$11.000,000 $7,339,367 87,496,824 First mortgage bonds_
Sales
1.254,799
684,670
4.519.700
1,102.130 Debenture bonds
4.203.900 4,519.700 4.203.900
Netprof. beforo Fed. tax x1413,543
1,158,492
1.029.359
1.794.177
Miscellaneous reserves
1.760.076
x Before deducting provision for Federal taxes amounting to $190,693,
7,101.580
8,342.068
Res, for deprec. & depi_
Balance Sheet Dec. 31.
168.363
152,644
100.254
110,511
1926.
1925.
1925.
Accrued int. taxes, &c_
1926.
AssetsPlant accounts...51.259,47E $947,904 Capital stock.-- _x$2.050,000 $2,000.000 Capital stock-Common 16,000,000 16.000.000 16.000.000 16.000.000
2,000.000 2.000,000 2,000.000 2.000.000
Preferred (old)
1,489,349 1,519,639 5% deben. notes- 1,375,000 1,500,000
Cash
4.000,000 4,000.000 4.000,000
556,873 Accts. payable_ _ _ 608,806
4,000,000
592,536
878,678
New preferred
Accts.receivable
1.534.483
1.284.417
620,805
539,401 Note pay. of subs_ 289,123
550.006
Surplus
84,78.5
Land contr'ts rec. 425,119
Dealers' deposits.20,037
20,005
Notes & trade ac50,611
50,679
778,715 Accrued taxes, &a831.793.967 $32,523.520 $43.487,395 342,951,607
Total
1,030,713
ceptances reale_
Res. for Fed. taxes 190,693
176,400 -V. 123. p. 3327.
Misc. notes, accts.,
104,740 Dividends payable
81,960
96,762
80,000
adv., &e
-New Director.
63,600 Reserves
Giant Portland Cement Co.
255,709
57,600
331,351
Investments
3.762,006 2,868,558
Clayton D. Quaw has been elected a director, increasing the members of
Mdse. inventories_ 3,614,271 3,370.569 Surplus
89,013
118,117
Deferred charges
the board to 12.-V. 124, p. 1076.
Total
58,683,945 $7,970,454
$8,883,945 87.970.455
Total
-V. 124, p. 654.
x Represented by 410,000 shares of no par value.
-Tenders.
Federal Sugar Refining Co.
The American Exchange Irving Trust Co., trustee, will until Mar. 21
-year 6%,,s. f. gold bonds due May 1 1933.
receive bids for the sale to it of 10
at prices not exceeding 102%
to an amount sufficient to exhaust $76,85,
and int.-V. 120, p. 1883.
Fidelity Union Title 8z Guaranty Co.(N. J.).
-Rights.
The stockholders of record March 8 have been given the right to subscribe
on or before March 30 for 10.000 additions' shares of capital stock (par
850) at $100 per share. Subscriptions are payable at the company's office,
755 Broad St., Newark, N. J.
The stockholders on March 1 increased the authorized capital stock
from $2,000,000 to 35,000,000, par $50.
This company commenced business July 1 1924. In Dec. 1925 it
declared a dividend of 8%, or 84 per share. During 1926 it declared
regular quarterly dividends of 2%, or $1 per share, and in Dec. 1926 an
extra dividend of 2%. On March 3 1920 the usual quarterly dividend
was declared, payable March 21.
Officers are: Uzal H. McCarter, Chairman of board; Morrison C.Colyer,
President; Edward W. Campbell, Simon P. Northrup, John B. Foster
and Edward C. Wyckoff, Vice-Presidents; Norman E. Rutan, Sec. SC Treas.
-Sale of Properties.
Go-Gas Co.
The properties of the company located in New York. New Jersey,
Massachusetts, Connecticut and Pennsylvania, have been ordered sold.
The names of the special masters, the date of sale, &c., arge given in the
New York "Evening Post" Feb. 18.-V. 124. p. 117.
-Acquisition,&c.
Golden Gate Ferries, Inc.
The purchase of the Monticello Steamship Co. by the above corporation
at a price understood to be approximately $2.000,000 was announced last
week by A. 0. Stewart, President of Golden Gate Ferries, Inc., and C. N.
Hatch, President of the Monticello company.
Net earnings of the Monticello company for 1926 were 8180,688. A total
of 113,225 automobiles and 711,042 passengers were carried last year.
Mr. Stewart states that he expects to effect important savings by the
unified operation of the Vallejo service of the Monticello company with the
present Sausalito service and the Berkeley service to be started this summer
by the Golden Gate Ferries, Inc. With the newly acquired vessels and the
Berkeley ferries the Golden Gate company will have a fleet of 14 boats
on the bay.
It is understood that the above transaction is to be financed in part by
the issuance of securities to be offered to the public by E. H. Rollins &
Sons.
-V. 124, p. 3191.
(W. T.) Grant Co. (Mass.).
-Sales.
1924.
1925.
1927.
1926.
Financial & Industrial Securities Corp.-Pref. Stock Month of February---- 82,248,718 31,951,069 81,795.897 $1,484.212
Two mos. ended Feb. 28 4, ,
3,611,939
2.821,670
453939 4,015,985
-Manufacturers' Trust Co. and Redmond & Co. New -v. 124.p. 1368, 1226.
Sold.
York, have sold $10,000,000 7% cumul. pref. (a. & d.) Stock
Graton 8c Knight Co.
-Bonds Auth.-Annual Report.
(with detachable exchange warrants). These preferred
The common stockholders have authorized an issue of $1,750.000
%
shares with exchange warrants were offered for resale in units 20-year bonds for the purpose offunding all or any part of the indebtedness
consisting of one share of 7% cumul. pref. stock, one exchange formerly owing by the Graton & Knight Mfg. Co. to banking institutions
which was assumed by this corporation upon the acquisition of the assets
warrant and M share of common stock at 1253i per unit.
of the Manufacturing Co. or of funding any renewal or renewals of all or
Entitled to preference to the extent of 110 and dive, in the event of
liquidation. Callable, all or part, on not less than 30 days' notice at
110 and diva. In the event of call, right of exchange expires 15 days
-J. Divs, free from
prior to the date of redemption. Divs. payable Q.
present Federal normal income tax. Manufacturers Trust Co., transfer
agent. National Bank of Commerce in New York, registrar.
any portion of said indebtedness.
President Frank II. Willard, in the report to stockholders for year ending
Jan. 1 1927. says in part: "I am able to report to you a continuation
of the progress which we have been making since 1922. Business conditions in 1926 were about the same as those in 1925, and our sale.
were within a few dollars of the same amount. The volume of sales in the
1518
THE CHRONICLE
[VoL. 124.
*Net
Gross
Ea *flings
Earnings.
$12.087,152 $2,638.417
1924 (10 months ended Dec. 31)
17.414.072 2.364.752
1925
3,513,864
20,167,597
1926
Maximum annual int. requirements on these debentures to be
$600.000
Presently outstanding
-Net after depreciation, interest and all taxes except Federal taxes.
The average annual gross earnings for the 2 years and 10 months ended
Dec.31 1926 amounted to $17.530.171 and the average annual net earnings,
as above, for this period, to $3.006,011.
-Indenture will further provide, so long
Provisions of Trust Indenture.
as any of these debentures are outstanding:
(1) For the monthly payment to Halsey, Stuart & Co., Inc., beginning
May 1 1927. of amounts sufficient to take care of the semi-annual interest
and payments of principal of these debentures, and that such payments
when so made shall to such extent satisfy the obligation of the company.
(2) That neither the company nor its subsidiary will pay dividends
(other than stock dividends) except out of earnings subsequent to March
1 1927.
(3) That neither Hearst Magazines, Inc., nor its subsidiary shall create
or cause to become outstanding any mortgage Indebtedness or funded
debt other than debentures issued pursuant to the indenture (but this shall
not profhibit the acquisition of additional property, subject to purchase
money mortgages or conditional sales agreements, to secure the balance of
the purchase price of property not in excess of 80% of the value thereof)
and will contract no other indebtedness nor pledge its credit nor make any
guarantees except in the usual course of business.
Consolidated Balance Sheet Dec. 31 1926 (After This Financing).
-J.S. Rip-Stock Offered.
LialttltaesGuaranty Co. of New Jersey.
Assets$3.855,274 Notes, trade acceptances &
50 per share Cash
pel & Co., Newark, N. J., are offering at $22
accounts payable
1,946,612
Accts. & notes rec., less res
21,038,389
300,000 shares (par $10) class A non-voting stock.
158,584
1,659,877 Newsdealers' deposits, &c___
Inventories
39,719 Accruals-not due (Incl. Fed.
Company has 100,000 shares (par 810) class B voting stock and 900.000 Investm'ts (attil. cos.& m1sc.)
tax 1926)
104,094
334,045
shares (par $10) class A non-voting stock. Except as to voting power Special cash deposit
Due from Mill. Hearst cos__ 1,392,418 Notes payable due subsequent
both classes of stock are identical in respect to assets and dividends.
200,000
2,700.000
to Dec. 31 1927
-Organized under general insurance Act to transact the Real estate
Company.
181.613
155.125 Due to affil. Hearst cos
business of examining titles to real property and loaning money on first Machinery, equip., &c
1,204,539 Unexp. subscrip., &c., adv.
mortgages on real estate and to buy, sell and deal in first mortgages on Deferred charges
3.261,671
collections
real estate and to issue bonds, debentures and certificates against such Good-will, reference libraries
10,000.000
13,214,844 6% gold debentures
& circulation
mortgages.
5,000,000
Capital stock
Company Is also authorized to invest its funds in Government, municipal,
a5.897.740
Capital surplus
first mortgage railroad, equipment trust, first mortgage gas, electric,
water, telephone and other bonds.
326,272,502
Total
$26,272,502
Total
Purpose.
-To purchase of existing mortgage companies guaranteed
mortgages, participations and debenture bonds secured by first mortgages
a Arisingfrom revaluation of good-will,reference libraries and circulation.
on real estate. No loans will be accepted that are based on specialized
-International Magazine Co Inc., Is contingently liable under a
Note.
properties. Loans will be made only to such companies as comply with joint and several lease to New York American, Inc., and International
this company's restrictions as to amount of guarantees outstanding and Magazine Co., Inc., running for a period of 17 years from Dec. 11925, and
financial strength.
amendments thereto, for a maximum rental of approximately $800,000 per
-The company is under the supervision of the Department annum,and for expenses of maintaining and operating the leased premises.
Supervision.
of Banking and Insurance of the State of New Jersey.
The Federal income tax returns of International Magazine Co., Inc.. for
the period from the commencement of operations March 1 1924 to Dec. 31
-Sales.
Hartman Corp., Chicago.
1926 have not been audited by the Treasury Department.
-V.124,P.1388.
Decrease.
-1926 Decrease. I 1927-2 Mos.-1926
1927-Feb.
-Record February Shipments.
895,493
Hudson Motor Car Co.
$2,089,391
$35,845181,993.898
$1,187,389
81,151.544
It is announced that Hudson-Essex has just completed the greatest Feb-V. 124, P. 122'7. 932.
ruary in its history and with March is stepping into a schedule of 37,000
cars. February shipments were 27,000 cars, compared with approximately
-Earnings.
Houston Oil Co. of Texas.
-V.124, p. 1077.
12,000 cars in January.
(Including Houston Pipe Line Co.1
5.
2
-19
Calendar Years
-Bonds Sold.-Eastman, Dillon
Hudson River Day Line.
2
,256
$719 8;069 84,851,595
Gross earnings
348.375 & Co., New York, have sold at 97 and int., to yield 6.35%,
552.837
Crude oil and gas purchases
685.451 $1,500,000 1st mtge. 6% gold bonds.
169,352
Decrease in crude oil and refinery inventories (net)
699,914
1,235,332
Producing and operating expenses
Dated March 1 1927; due March 1 1939. Int. payable M.& S. without
Taxes (other than F
Federal income tax)
deduction for any Federal Income tax not exceeding 2%. Company will
Administrative and general expenses
refund Penn. or Conn. personal property tax not in excess of 4 mills, any
Adj. of inventory of materials and supplies
District of Columbia personal property tax not in excess of 5 mills, any
3
2
.154 ,577
7 1 M Maryland securities tax not in excess of 414 mills or any Mass. income tax
6
52
313 261 2
1140 9 7
1, 8 , 31
Depreciation and depletion
not to exceed 6% per annum. Principal and int. payable at Bankers Trust
$3,141,378 81.683,913 Co., New York, trustee. Red. as a whole or in amounts of $100,000 or
Income from operations
307,223 multiples thereof on any int. date upon not less than 60 days' notice on or
407,462
Other Income credits
prior to March 1 1931 at 103 and int.; thereafter through March 1 1935 at
83.548,840 SI ,991.136 102 and int., and thereafter and prior to maturity at 101 and Int., except
Gross income
640.810 that bonds may be redeemed for sinking fund at par and mt.. upon not less
1,322.039
Income charges (including Federal taxes)
than 30 days' notice. Sinking fund provides for the redemption of $75,000
$2,226,801 $1,350,326 of bonds annually by lot commencing Sept. 11927. Bonds of an equivalent
Net income
12.489 par amount may be delivered to the trustee by the company, however, in
327,000
Profit and loss credit
lieu of cash sinking fund payments. Denom. $1,000 c*.
82,553,801 81,362,815
Gross surplus for the year
Data From Letter of E. E. Olcott, Pres, of the Company.
536.856
536.856
Dividends on preferred stock
-Hudson River Day Line, incorp. in l879,owns
125,923
Business tt; Properties.
Due under crude oil contract written off
and operates the following 6 steel passenger steamers in service on the
$700,036 Hudson River which have a total licensed passenger carrying capacity of
82,016,945
Surplus for the year
4.340,384 22,650 persons: Hendrick Hudson. Alexander Hamilton, Chauncey M.
5,040,420
Surplus Jan. 1
Depew, Robert Fulton, DeWitt Clinton, Albany.
In addition, a new steamer, the "Peter Stuyvesant," with a capacity or
$5,040.420
17,057,365
Surplus Dec. 31
249,686 approximately 3.500 passengers, has recently been launched and is expected
249,686
Shares of common outstanding (par $100)
$3.26 to be in operation in May of this year. Company's real estate, owned or
$6.77
Earned per share on common stock
leased, provides 15 docking points along the Hudson River between New
-V. 123. p. 2146.
York and Albany which are easily accessible and strategically located.
-Bonds, will be a direct and general obligation of the company'
Security.
-Halsey,
-Debentures Offered.
Hearst Magazines, Inc.
mtge. on the steamers now in operation
will be secured by
are offering and a first mortgage on a first pref.Stuyvesant" and real estate, all appraised
Stuart & Co., Inc., and Anglo-London-Paris Co.
the "Peter
and
maturity, at over $4.984.000 as of Dec. 31 1926. The vessels, Including the -Peter
at prices to yield from 6% to 6.27%, according to
Shipping Engineer and
were appraised by
$10,000,000 6% serial gold debentures of 1927. Uncondi- Stuyvesant,"of that date at over Robert S. Haight, real estate by George
23,984,000, and the
Surveyor, as
tionally guaranteed as to payment of principal and interest R. Read & Co. at over 51.0000. Upon completion and delivery to the
company, the "Peter Stuyvesant, which Is expected to cost approximately
by William Randolph Hearst.
8700,000, will be placed under the lien of the indenture as a first preferred
Dated March 1 1927, due $1,000,000 annually each March 1 from mortgage. In addition to the properties to be mortgaged, the company also
1929 to 1938, inclusive. Interest (M. & S.) and principal payable at the owns miscellaneous properties carried on its books at approximately
office of Halsey, Stuart & Co., Inc., in New York and Chicago. Interest $140,000.
payable without deduction for any normal Federal income tax not in
-To refund the existing funded and mortgage debt, to provide
Purpose.
excess of 2%. Denom. c* $1,000, $500 and $100, and r$1,000 and funds for use in the construction of the "Peter Stuyvesant" and to furnish
multiples thereof. Red. at any time in part at 10214 and int. (debentures additional working capital.
to be redeemed in inverse order of the respective series maturities), and as
Earnings.
-Earnings for the 8 years ended Dec. 31 1926, available for
a whole at par and int., in each case on 45 days' notice. Company agrees Interest after all charges including rentals, but before depreciation and Fed.
to reimburse the debenture holders for the Penn. 4 mills tax, the Calif. taxes, have been as follows: 1919, 8465,237; 1920, 8418.173: 1921. $397.413:
personal property tax not exceeding 4 mills, the District of Columbia 1922, 8404.717: 1923. $463,717; 1924. $541.562; 1925. $447,093; and in
personal property tax not exceeding 5 mills per dollar per annum, and the 1926. $.50,137. in which year the steady earning record of the company was
Mass, income tax on the Int. not exceeding 6% per annum.
adversely affected by extraordinarily poor weather conditions, especially
Data from Letter of Pres. Wm. Randolph Hearst, New York Feb 28. over week-ends, and by loss of one of the company's large steamers at the
per annum
These earnings have averaged
Company.
-Recently incorp. In Delaware. Will own all of the out- beginning of the season. with maximum annual interest $398.581
requirements on this
standing stock, except directors' qualifying shares, of International Maga- for the period,compared
maintenance and
zine Co., Inc.. publishing the following well established and successful Issue of $87,750. Company has made large outlays for the latter having
magazines: "Good Housekeeping" (est. 1885), "Cosmopolitan" (est. 1886). in addition has charged liberal amounts for depreciation,
"Ilarper's Bazaar" (est. 1867), "Motor" (eat.• 1903), "Motor Boating" averaged $164.775 annually for the past 8 years.
(est. 1907).
-New President, &c.
Hudson River Navigation Corp.
The diversified type of the various publications is a strong factor in
John %V. McKinnon has been elected President to succeed olifford S.
Hearst Magazines, Inc. These magazines have built up and maintained
McKinnon was in charge of the regular operation
Mr.
Sims,
large circulations and are ranked with the leaders of corresponding nationally of theresigned. 1909 to 1913 as President. James Fleming, ex-mayor
line from
known periodicals in circulation and advertising. The publications have of Troy, and George Coffing Warner. of N. Y. City, have been elected
their own distribution system and all of them have the advantage of the Vice-Presidents.
supervision of experts connected with the extensive Hearst organization.
The following directors nave been cbosen: James Fleming William C.
The publications comprising Hearst Magazines Inc., have had a remarkable Feathers (President of the Manufacturers' National Bank of'Troy) Peter
growth, the present combined net paid circulation being 3,160.000 monthly. Ten Eyck (ex-Congressman from Albany), Charles Wnitney (of'
Troy),
Outstanding.
CapitalizationAuthorized.
issue)_a
F. J. Lisman (of F. J. Lisman & Co.), Mitchell May (of F. J. Liman
$10,000.000
6% serial gold debentures of 1927 (this
& ('o.). H. L. Hayward (of Chicago), J. W. McKinnon, George Coffing
par value)
50,000 shs. Warner, Ellhu Church (former transportation engineer for the New York
Capital stock (without
a Issuance of additional debentures limited by the restrictions of the Port Authority), and J. Monroe Holland (President of the Chesapeake
indenture.
Bank of Baltimore. Donald Bayliss has been re-elected Assistant Treasurer
-Proceeds from the sale of these debentures will be used for and Secretary.
Purpose.
acquisition of property, the retirement of current and other liabilities
the
The company announced that it will operate two additional freight boats
of International Magazine Co., Inc., and other corporate purposes.
season to relieve some of the freight now carried by
Security.___A direct obligation of Hearst Magazines, Inc., and will be during the coming
passenger.boats. Bus service in New York City to make connections with
secured by deposit of all of the outstanding capital stock, except directors' the boats similar to that operated by the Baltimore & Ohio to connect with
qualifying shares, of its subsidiary, the International Magazine Co., Inc.. their trains at Jersey City, was said to be under consideration. President
and by deposit of first mortgages on well located, improved real estate in McKinnon also said that the company would also probably operate buses
N.Y. City, owned by International Magazines Co.,Inc., having a conserva- In Troy and Albany to connect with other transportation agencies.tive appraised value of $2,700,000.
-V. 123, p. 2147.
-The earnings of International Magazine Co., Inc., as reported
Earnings.
-Cent Extra Dividend.
-20
Humble Oil 8r Refining Co.
by independent auditors, after eliminating Interest on certain obligations
The directors on Mar.7 declared an extra dividend of 20 cents per share,
to be discharged through this financing, for the 2 years and 10 months
as follows:
the usual quarterly dividend of 30 cents per share, both pays.
in addition to
ended Dec. 31 1926, were
different commodities varied somewhat, increases being made in the more
profitable commodities
-thus enabling us to earn a larger net profit for
the year of 1926; this was offset, however, by our charging off the entire
legal and extraordinary expenses incident to the recapitalization this year,
thus making our showing of net profits somewhat less than last year's.
-Our total sales for the year amounted to $8,529,377 and the gross profit,
before interest and Federal taxes, was $550,788. After paying interest
(Including interest on 5750.000 debenture bonds) and Federal taxes, the
net income was 5315,265. This net income was equivalent to 515 27 per
share on the preferred stock; and after preferred dividend provision, it was
equivalent to $2 05 per share on common stock.
-Our bank indebtedness has been reduced during the year from $3,177,200
to $1,995.700-a net reduction for the year of 81,181,500. This has put
us into the position that we have been anticipating ever since 1921, where
we can fund our bank indebtedness at reasonable cost, hence our proposal
to you that we establish a bond issue of $1,750,000 for that purpose. This,
together with such payments as we can make in cash, will pay off our
entire bank indebtedness.
"Our ratio of current assets to current liabilities has increased from 1.93
at the end of 1925 to 2.57 at the end of 1926. Ample reserves have been
set up for depreciation, bad debts, and other possible losses.
"The banks holding our loans have continued the same friendly co-operative attitude as in the past."
Number of preferred stockholders at Jan. 1 1927 were 1.951, and common
stockholders, 2.051.
The Boston Stock Exchange has authorized the listing of the 31,750.000
offering
1st mt•ae• sinking fund 554% gold bonds, dated March 1 1927. See
In V. 124. p. 1367.
THE CHRONICLE
MAR. 12 1927.1
Like amounts were paid on July 1
ble April 1 to holders of record Mar. 11. 123, p. 3043.
-V.
and Oct. 1 1926 and on Jan. 1 last.
.-Bal. Sheet Dec.31.(& Subs.)
HuppMotor Car Corp.
1925.
1926.
1925.
1926.
$
$
Liabilities-
$
AssetsLand. buildings,
,
mach'y, &is_ _ _ _x7,056.242
1,250,695
Investments
Good-will, trade
1
names, arc
Cash. U.S.ctfs.,dre 8,753,450
Accts.receivable._ 176,086
5,025,630
Inventories
70.737
Deferred charges--
$
10,051,899 9,138,090
Capital stock
7,986.558 Accts. payable.... 1,251,060 3,082,575
791,700
1,391,318 Accr. Int.. tax.. Jrc 470.761
545,374
Res. for Fed. taxes 550,000
127,936
Dealers' dep., &c. 133.920
1
61,099
58.502
6,332.204 Accrued wages__
214.388 Res.unrealised prof.
312,099
312,099
6,020.716 cap. assets
9,504.599 7,947,953
61,642 Surplus
22,332.841 22.008,826
22.332,841 22,006,826 Total
Total
equipx Land, $490,211; buildnigs, $5.751,243; machinery, $1,946,080:
less
ment, $2,094,003; furniture and fixtures, $132,443; total, $10,413,981;
$3,357,739.
reserve for depreciation,
The usual comparative income account was given in V. 124. p. 1368.
-HempHuyler's of Delaware, Inc.-Pref. Stock Offered.
hill, Noyes & Co. and William R. Compton Co. are offering
$1,170,000 7% cumul. pref. stock at 98M (flat). Guaranteed by Schulte Retail Stores Corp.
1519
-Annual Report.International Nickel Co.
-Years End. Mar.31-
Year End. 9 Mos.End
1923-24.
Dec. 31 '26. Dec. 31 '25. 1924-25.
PeriodEarnings ofall properties
(mfg. and selling exp.,
38.195,141 38,325.810 $44,914,289 32,803.784
&c., deducted)
221,870
194,910
102.291
167.621
Other income
$8,362,762 $6,4211,101 $5.109,199 83,025.654
Total income
360.552
392,815
406,771
560.775
General expenses
Federal, franchise, &c.,
202.830
467,506
715.796
610,704
_
taxes (estimated)
979,846 1,200,442 1,138,457
1,528,861
Depreciation of plants
103,029
115.878
80.788
106,155
Shutdown, &c.,expenses
14,000
8.500
7.500
Foreign cos. not included
534.758
534.756
401.067
534,756
Preferred divs. (6%)--3,346,768(4)1,673.384
Common dividends(8%)
3672.031
31.674.744 32.162.949 82.389.302
Balance, surplus
Shares com. stock out1,673.384
1,673.384
standing (par $25)...._ 1,873,384 1,673,384
$0.40
$1.43
42.29
33.00
Earne I per share.
of
x Earned per share for the nine months, which is equivalent to a rate
83 05 per share per year.
Ending Dec. 311926.
Quarterly Consolidated Statement for 12 Months
'26.
Three Months Ended- Mar.31'26. June 30'26. Sept. 30'26. Dec.31
xEarnings of all prop's $2,118,275 $2,149,302 $2,002,612 31,924,952
40,054
41,880
38,648
49,240
Other income
Preferred over the common stock as to cumulative quarterly dividends
32.167.515 82,185.950 $2.044,292 31.965.006
at $100 per
Total
of
154.260
from July 1 1927 and as to assets in the event on liquidation, days' notice General income
127.476
138,405
140,634
office expense
at least 30
share and diva. Red. all or part at any time
and
Federal
present
Cr.59.764
at $105 per share and dive. Dividends free from Bank of normal Federal Reserve for taxes (est.)193,205
229.589
247.674
New York and
franchise
Transfer agents, Chemical National
26.389
Income tax.
26.484
26.647
y28.634
Central Union Orford Works prop. exp_
376,977
Hibernia Bank & Trust Co.. New Orleans. Registrars,New Orleans.
382,694
383.192
385,999
Depreciation & depletion
133.689
Trust Co., New York. and American Bank & Trust Co..
133.689
133.689
133,689
Preferred dividends_ _ -836.692
836.692
Data from Letter of D. A. Schulte, President of the Company.
836.692
836,692
dividends
Authorized. Outstanding. Common
Capitalization3496.764
$3344,052
$4,500,000 $4,500,000
8437.738
$396.192
7% cumulative preferred stock (par $100)
Balance
ordinary repairs and
200.000 shs. 200,000 abs.
Common stock (no par value)
x After deducting manufacturing, selling expense,
-Organized in Delaware for the purpose of owning, tnrough maintenance. y Insurance, taxes, etc., and pensions of ex-employees.
Company.
the entire business of Huyler's,makers of thefamous candies
subsidiaries,
Comparative Balance Sheet Dec. 31.
in 1876 and
and confections. The business was establishedof which 24 arehas grown
1925.
1926.
1925.
located in
1926.
until at the present time 51 stores are operated,
$
$
Liabilities-.
S
$
and the balance in Chicago, Philadelphia, Boston, Pittsburgh,
AssetsN. Y. City
Preferred stock-- 8,912.600 8,912,600
53,424.609 53,060,027
Cleveland, New Orleans and Atlanta. Huvler's of Delaware. Inc., is con- Property
_41,834,600 41.834,600
1,583,686 1,523,624 Common stock__
trolled through ownership of a majority of the common stock by Schulte Investments
9,701.477 8,386,182 10'yr.5% notes._ 2,300.000 2,844,444
Inventories
Retail Stores Corp. and affiliated interests.
-Schulte Retail Stores Corp. agrees that it will execute upon Accts. & bills rec_ 2,921,664 2,548,519 Accts. payable and 1,907.173 1,772,108
Guaranty.
tax reserve
150,957
129,757
every certificate of this preferred stock issued or to be issued up Advances
each and
355,556
Bills payable
to the authorized par value of $4,500,000 a guaranty which will provide by Govt.securities_ _ _ 3,258.294 3,232.412 Pref. dive. payable 133.689
133.689
600,000 1,800,000
its terms and the terms of the agreement of guaranty of Schulte Retail Loans on call
745,048
811,630
960,687 1,198,417 Reserves
unconditionally guarantees:
Stores Corp. that the guarantor,
Cash
16,680,482 15.302,092
Surplus
(1) That quarterly dividends at the rate of 7% per annum, or a sum of
money equivalent to such quarterly dividends, will be promptly paid upon
72,580,174 71,900,138
72,580,174 71,900,138 Total
outstanding shares on each quarterly dividend date beginning Oct. 11927:
Total
(2) That if the guarantor shall default in the performance of any of its -V. 122, p. 2399.
whether before or after liquidation,
covenants contained in the guaranty,
-Listing.
dissolution or winding up of the company or the sale of all or substantially
Intertype Corp.
authorized the listing of 565 additional
all of its assets pursuant to decree of any court of competent jurisdiction,
The New York Stock Exchange has
and such default shall continue for 60 days after written notice by any shares of common stock without par value on official notice of issuance,
-V. 124. p. 1228.
holder of preferred stock, the guarantor will forthwith purchase all of the making the total amount applied for 200.000 shares.
preferred stock at par and dividends;
-Listed.
(3) That if, while a default exists in such payment or payments, there
Island Creek Coal Co. has authorized the listing of $475,207
should occur any liquidation, dissolution or winding up of the company
The New York Stock Exchange
notice of issuances!,
(whether voluntary or involuntary) or any sale pursuant to the decree additional common stock (par $1 per share) on official for $625.207. The
of any court of competent jurisdiction of all or substantially all of the assets a stock dividend, making the total amount applied
provided in the agree- directors Feb. 15 declared a stock dividend of four shares of new common
of the company, the guarantor will pay, as and when
ment of guaranty, to the respective holders of all said shares then out- stock for each share of common stock held, payable March 10 to common
standing the par value thereof plus dividends.
holders of record Feb. 24.
Results for Calendar Years.
(4) That in the event tne guarantor is not in default as aforesaid, when
1923.
1924.
any such liquidation, dissolution or winding up or sale occurs, theguarantor
1925.
1926.
will continue quarterly payments equivalent to interest at the rate of
6,568.930 8,025,715 4.951.403 3,152.919
produced
7% per annum upon the par value of each share of preferred stock outstand- Net tons f'm operation. 84.030.418 $33,305.785 $3,432,105 $33.602.624
33571)4
ing, as reduced by payments in cash from the assets of the company,if any, Earnings
403.873
430,835
672,741
the
representing the return of capital, until it (the guarantor) pays to out- Other income
holders of said preferred stock the par value of all said shares then per
$3.835.978 $3.938.328
$44.703.159 $3,736,620
Total earnings
standing, plus a sum of money equivalent to interest at the rate of 7%
8263.759
8289.146
$306.541
sundry tax $329.651
552.023
annum on the par value of said shares from July 1 1927 to the date of such Exps., int. && depletion
770.262
904.130
984,409
return of capital, and on the par value thereof as reduced by such return Depreciation
350.000
400.000
315.000
464.396
and all amounts theretofore Reserve for Federal taxes
of capital to the date of payment, less any
299.196
299.198
299,198
299.196
diva. (6%)
received by the respective holders of such shares on account of principal, Preferred dividends
2.019.566
1,425.576
2.318,190 1.663.172
and (or) dividends. After such liquidation, dissolution, winding Common
Interest
on its guaranty
up or sale, the guarantor may terminate all its obligations
$403.783
8701.798
$248,581
$487.317
Balance, surplus
on not less than 30 nor more than 60 days' notice by mail and publication,
118.801
118,801
118.801
118.801
by paying to the holders of the shares of preferred stock then outstanding, Com.shs. out'g (par $1).
$2039
$1790
$1609
$2381
share
the amounts then required to be paid in accordance with the provisions Earnings Per1228.
-V.124. p.
of this paragraph.
has no funded debt. The
-Schulte Retail Stores Corp.
Guarantor.
-Report.
Jones & Laughlin Steel Corp.(& Subs.).
present market value of its preferred and common stocks on the New York
1923.
1924.
1925.
1926.
Stock Exchange is in excess of $63,000,000. Schulte Retail Stores Corp.
Calendar Years313.864.353 816.727.176
' Total earnings
421.210.206 315,671,582
through subsidiaries, is the second largest retail distributor of cigars,
1.066.430
999.675
925,037
850,481
cigarettes and other tobacco products in the United States. The business, Interest charges
4.792.050 4.238,449 4,746.868
founded about 40 years ago, to-day includes a chain of more than 280 Depreciation & deple'n_ 5,210.831
3.921.937 3.879.872
stores located in over 100 cities in 31 States. Additional stores are con- Prof. diva, paid (7%)..... 3.990,919 3,993.381
stantly being added in development of a careful expansion program.
Common dividends._ _ 2,579.940
Earnings.-Consolldated gross income of Schulte Retail Stores Corp.
38.578.235 35,961,113 84.704.291 $7.034.006
and subsidiaries has grown from $2,737,551 in 1917 to $30,542,204 in 1924
Surplus for year
before Federal Previous surplus
40.941.835 35,080.722 30,808.275 24.384,620
and $35.216,188 in 1925. Consolidated net earnings,number of
stores
income taxes, of the corporation and subsidiaries, and the
S49.520.070 $41,041.835 335.512.568 831.418.626
operated, have grown as follows:
Total surplus
610.350
431.845
1923.
1924.
1925.
1922.
1921.
Less-Adjustments. &c_
100.000
250.000
Earns.(as above).31.134.117 $2,844,096 $3.763,637 $44,341,615 $6,416.931 Approp.for pension fund
250
263
268
239
222
Stores
For the first 6 months of 1926 such earnings were $2,714.347, as comProfit & loss surplus..-$49,270.071 340.941.835 335.080.722 330.808,275
pared with $2.500,837 in the similar period of 1925.-V. 124. p. 1368.
Shares of com.stock out573.320
573.320
573.320
573.320
stending (par $100)_ _
$12.27
$8.21
$10.40
-Balance Sheet Dec. 31.519.46
Illinois Pipe Line Co.
Earn, per share on com_
incident to operations, including repairs
x After deducting all expenses
1928.
1925.
1925.
1926.
and maintenance of plants and estimated provision for all local, State
Assets
20,000,000 20,000.000 and Federal taxes.
Pipe line Inv
30,010,587 31,273,428 Capital stock
Balance Sheet Dee. 31.
885.539
Other Investments 4,253,373 2,726,000 Reserve for taxes. 782.437
1925.
1926.
1925.
1926.
Cash & accts. recle 3,706,176 3,340,492 Depreciation res_.11,675,342 11,645,292
$
$
Liabilitiest
273.164
$
Assets
892,499 Accounts payable. 109,071
Marls & supplies. 879,488
Preferred stock. 57,036.400 56,850,800
40,863
Unadjusted credits
44,646 Real estate, &c.
432,542
Derr! assets, Ae... 164,831
stock. 57,332,000 57,332,000
Common
Profit & loss sure. 6,406,743 5,816,321
(after deprec.
and deplet'n) _114,433,986 107,969,751 Jones & Laughlin Steel Co.
39,014,455 38,664,962 Bonds & stocks
Total
39,014,455 38,664,962 Total
752,900 first mtge. 58_ 13,775,000 14,700,000
752,900
of other cos..
-V. 123, p. 2003.
Shannopin Coal
estate sales
Real
Co. 6% serial
contracts and
-Annual Report-Rights.
1,800.000 2,400,000
Independent Oil 8c Gas Co.
notes
mtges. & due
Acels payable_ 6,784.424 5,459.009
(Including Owned Companies.)
prof
on sales of
999.063
1924.
1925.
998,137
1926.
Calendar Yearsstock to erne'. 3,440,611 3,264.746 Pref. stork div_.
140,500
128,292
$9,792,992 $6,213.120 $2.275.119 Accident comAccrued Interest
011 and gas sales, &c
39,952
545,816
148.670
Reserve for taxes 4,267.120 3,488.313
Sales ofleases and equipment
pensation. fire
Res. for accident
Ins. & pension
$9,941,663 $6,253,072 $2,820,934
compen'n, fire
Total
system fund
489,820
1,623,783
2,115,708 1,792,754 Insur. fund &
Cost of crude oil refined
assets
536.307 Cash
2,122.650 1,080.409
13.713,790 15.112,940 pens'n system 2.018,935 1.734,898
Oper., gen. & admin. expenses
Taxes, dry holes, abandoned wells &
s.00vt.obliga 21,080.200 24,039,900 Other reserves,
752,732
458.290 Oth market.sec_ 2,950.000
886.412
except deprec.
expired leases
4,183 Acc'ts receivable 8,661,864 9,903,982 and depletion_ 6,944.499 6,902,796
21,807
310,232
Interest and discounts (net)
1,183,985 Bills receivable_
171,515 Unapprop. suns. 49.270.071 40,941.835
1,916.209 1,271,839
289,207
Depreciation and depletion
75.000
100,447
Estimated reserve for Federal taxes
Inventories _ 32,911,098 27,933.858
6,885
6,870
Minority interest Seminole Oil Co
5,513
charges
474.750
447,425 Deferred
500.000
Dividends
200.354,877 190,949,216
200,354,877 190,949,215 Total
Total
$190,744
$2,475,044 $2,086,913
Net income
500.000
450.000 -V. 124. p. 380.
499,900
Shares of cap.stk. outstand.(no par)_
$5.12
$1.42
$5.95
Earnings per share on capital stock_
-$7 Dividend on Account of Arrearages
Jewel Tea Co.,Inc.
given the right to subscribe
The stockholders of record Mar. 1 have been convertible
-The directors have declared a dividend
debentures, due on Preferred Stock.
21 for 36.500.000 12-year 8%
on or before Mar.
stock, payable April 1 to
Mar. 15 1939, at 99 and int. Payment should be made at the National of $8.75 a share on the preferred
Bank of Commerce in New York, 31 Nassau St., N. Y. City. The entire holders of record March 17. Of the total dividend, $7 will
See also V. 124, D. 1227.
Issue of debentures will be underwritten.
1520
THE CHRONICLE
be credited to accumulated dividends due on this issue, and
$1.75 will be in the form of a regular quarterly disbursement.
After payment of the above, a total of $7 a share in back
dividends will still be due on the ipreferred stock.
Dividends were resumed on this issue on April 1 1925 by the payment of
a dividend of $4.25 a share; this was followed on July 1 by the payment of
$1.75 a share and by the distribution of $4 a share on Oct. 1 1925 and on
Jan. 2, April 1,July 1 and Oct. 1 1926,and $10.75 a share on Jan. 1 1927.V. 124, p. 1077.
Johns-Manville Corp.
-Initial Dividends.
-
The directors have declared an initial quarterly dividend of 75 cents per
share on the no par value common stock, payable April 15 to holders of
record April 1.
The directors also declared an initial quarterly dividend of 1M % on the
7% cumulative preferred stock, payable April 1 to holders of record March
19.-V. 124, p. 118.
Jones Brothers Tea Co., Inc.
-Annual Report.
-
Calendar Years1926.
1923.
1924.
1925.
Sales
Not reported $24,254,241 $24,295,885 $31,368,545
Operating profit
$418,652
$272,409
Other income
52,893
86,597
Total income
' $471,545
$359,006
Interest and discount.._ _
38.570
82,962
Depreciation
122.358
146,233
Net profits
$185,905
$310,718
3149.812 def$284,880
Preferred dividends..
(3hi)134,225 (7)266.350
Common dividend
(3)300,000
Balance
sur$310,718 sur$149,812 def$419,105 def$400,445
Profit & loss,sur.,Dec.31 $960,994
$650,276
$502,080
$500,484
Shares of pref. outstanding (Par $190)
37,600
37,600
37,600
37.600
Earned per share on pref.
$8.26
$4.68
Nil
34.15
-V. 1213,,p. 2863.
(Julius) Kayser 8c Co.
-Debentures Sold.
-Blair & Co.,
Inc. have sold at 964 and int. to yield about 5.80%,
t7,0b0,000 20
,
-year convertible 54% sinking fund gold debentures.
[VOL. 124.
Kellogg Switchboard 8c Supply Co.
-New President.
-
William L.Jacoby has been elected President, General Manager and director, succeeding Joseph B. Edwards.
-V. 122, p. 3350.
Kelvinator of Canada,Ltd.
-Earnings.
-
Company for the nine months ended Sept. 30 1926 reports net earnings of
$74,371 after charges, of which preferred dividends absorbed 328.000.
leaving a surplus of $46.371. Balance sheet shows current assets of $598,502
and,current liabilities of $13,950.-V. 123. p. 1513.
Keystone Watch Case Co.
-Annual Report.
-
Calendar YearsNet profits
Prey. undiv. profits
Amt.tr.fron reefer taxes
Amt.tr.from spec. res_
1926.
5285.036
1,554,870
1925.
$360,675
1,332,343
1924.
$153,615
898.728
150,000
280.000
1923.
$403,655
794,174
150.000
Total undiv. profits.... 31,839.906 31.843,018 31.482,343 $1,197,829
Dividends paid
240,000
Amt. Cr. to spec. reeves..
515.127
150,000
299.101
Mat% suppl.,&c.,wr.off
288,148
Bal. undiv. profits_... $1,084,779 $1.554,870 $1,332,343
$898,728
Shares of cap. stock outstanding (par $100)-60,000
60.000
mono
60.000
Earn. per sh.on cap.stk.
$4.75
56.01
$2.56
$6.73
Balance Sheet Dec. 31.
1926.
1925.
1926.
1925.
Assets$
Liabilities$
Real estate and
Capital stock
6,000.000 6,000,000
machinery
4,088,983 4,041,188 Acc'ts payable_
84,069
57,802
Inventories
4,020,474 4,328,990 Reserve for deprec. 2,305,454 2,183,928
Investments
2,771,940 2,268,082 Other reserves__
728,482
231,810
Ace'ts & notes rec_ 1,535,495 1,703,483 Undivided profits_ 1,084,779 1,554,870
Cash
787,873
688,664 Surplus
3,000,000 3,000,000
Total
13,182,764 13,028,406
Total
13,182,764 13,028,408
-V. 122, p. 3219.
(G. R.) Kinney Co., Inc.
-February Sales.
1927-Feb.
-1926.
Increase.
1927-2 Mos.-1926.
31_,023.770
$997,912
- 124, p. 1077. 515.
V.
$25,8581$1,396,787
$1.990.733
Decrease.
353446
Dated March 1 1927; due March 1 1947. Denom. $1,000 and $5000.
(S. S.) Kresge Co.-Sales.Interest payable (M. & S.) without deduction of Federal income taxes
Periodto the extent of 2% in any year. Penna. personal property tax and Calif.
1927.
1926.
1924.
1925.
personal property tax refundable up to 4 mills per dollar per annum: Month of February
$88,308,771 $7.496,429 38,644,378 $6.018,837
Mass. State income tax up to 6% per annum on income refundable. First 2 months
18,264459 14,947,189 13,316,191 11.475,631
The company reports 376 stores in operation at the end of Feb. 1927:
Red. all or part, at any time on 60 days' notice at 105 and int., if called
for red. on or before March 1 1928, the premium decreasing thereafter V. 124, p. 933. 800.
M of 1% during each successive 12-months period. Chase National Bank,
(S. H.) Kress 8c Co.
-Sales.
New York, trustee.
Period Ended Feb. 28 1927
-Month-1926. 1927---2214es.--1926.
Data from Letter of Edwin S. Bayer, President of the Company.
Sales
$3,534,634 $3.280.171 $6,826.884 $6,326,196
Company.
-Business originally established in 1880, comprises the manu- - 124, p. 933, 800.
V.
facture and sale of silk, woolen and fabric gloves,
and knit hosiery,
(Fried.) Krupp, Ltd.
-To Retire Notes.
silk and cotton ribbed underwear. Company rankssilk one of the world's
as
Goldman. Sachs & Co., fiscal agents, have given notice that the 77
three largest distributors of ladies' full-fashioned hosiery.
-year merchandise secured gold dollar notes will be redeemed and paid
The output during the past year was approximately 1,639,957 dozens 5
of the various articles manufactured, which compares with 1,271.000 June 15 1927 at 102 and int. Redemption and payment will be made
dozens manufactured in the year 1925, or an increase of 29%. Owing by Goldman, Sachs & Co., 30 Pine St., N. Y. City, out of funds to be
to the long successful record of the company and the established quality deposited by the company, upon presentation and surrender of the notes.
of its products, the trade name "Kayser" is widely and favorably known --V. 124. p. 800.
to the consuming public in the United States
countries, including
Lake Erie Bolt & Nut Co.
-Earnings.
Canada, Great Britain, Australia and South and other
Africa.
Income Account for the Year Ended Dec.
.
-Company proposes (1) to redeem its present outstanding
$3127(4e 1st mtge. 7% bonds, (2) to redeem the present outstanding Earnings after all expenses, including Federal taxes 31 1926. 8227,986
,8C10
66,115 shares of no par value $8 preferred stock. (3) to issue $7,000,000 Allowance for'depreciation
60.434
20
-year convertible 53 % debentures and 81.686
,,
par value Dividends paid (25c. per share)
15,000
common stock (v. t. c.). The proceeds from theshares of nodebentures
sale of the
and the common stock (v. t. c.) are to be applied In
Balance,surplus
$152,552
the above-mentioned Earned
redemption of the existhig 1st mtge. bonds and preferred stock.
per share (60.000 shares capital stock)
$2.79
Consolidated Net Profits Available for Interest and Federal Taxes, after -V.123. p. 3329.
Allowing for Depreciation-Years Ending Aug. 31.
Libbey-Owens Securities Corp.
-Organized.
-1917
31,906.196 1922
Announcement of the organization of the above corporation,incorporated
32,047,289
1918
2,335.630 1923
2,202,466 in Delaware with a paid-in capital of $7A00.000. to acquire an interest
1919
2,055.832 1924
459,534 In the Libbey-Owens Sheet GOISS Co., of Toledo, Ohio. at a cost of $10,1920
1, , • 1925
1,489,986 900.000, was made March 2 by the Graham Bros. Corp.
1921
1,300,399 1926 (10 mos.end.June 30) 1,472,273
The Libbey-Owens Securities Corp. has purchased stock from the execuThe annual average net profits shown above, after deducting inventory tors of the estate of Edward D.!Abbey, of Toledo. Ohio. The purchasers
adjustments. were $1.484.573. The annual interest requirements on this include the Solvay-American-Investment Co.. Graham Bros., Lehman
Issue of debentures are $385,000.
Bros. and Marshall Field, Glore, Ward & Co.
For the six months ended Dec. 31 1926 the consolidated
The Libbey-Owens Sheet Glass Co. was incorporated May 18 1918 in
computed on the same basis as above, were $1,197,767, or net profits. Ohlo, and manufactures all kinds of sheet glass by a patented process. The
at the annual company also
rate of $2,395,534.
manufactures plate glass and has stock and royalty interests
Convertible at the option of the holder on or
1 1932 into In a number of other enterprises. Its capital consists of $9,000,000, par
common stock (v. t. c.) at the following prices: before Mayshare if con- $25,common stock, and of 34.000.000 7% cumulative preferred, par $100.
$62 50 per
verted on or before May 1 1929: or $65 per share'if converted after May 1 The company holds a substantial stock interest, or has a royalty interest.
1929 and on or before May 1 1930: or $67 50 per share if converted after or both, in the American Japan Sheet Glass Co., Canadlan-Libbey-Owens
May 1 1930 and on or before May 1 1931: or $70 per share if converted Sheet CilM23 Co., United States Sheet & Window Glass Co. and the Fairafter May 1 1931 and on or before May 11932.
field sheet Glass Co. Compagnie Internationale Pour la Fabrication
Sinking fund commencing March 1 1928 sufficient to retire $200.000 Mecanique du Verre has been organized to develop the Libbey-0 wens process
principal amount of debentures annually or over half of the total Issue by throughout Europe. It has a factory at Moll, Belgium. in which LibbeyOwens has a substantial interest, and subsidiary manufacturing companies
maturity.
throughout Europe.
CapitalizationIssued.
Authorized.
20
-year cony.5% debentures, due 1947-37.000,000
The Toledo Art Museum will get the proceeds of the present sale,together
M
$7,000.000
Common stock (no par valuta)
198,336 shs. with the rest of Mr. Libbey's estate.
500,000 shs.
The outstanding common stock may be represented in whole or in part
Officers of the Libbey-Owens Securities Corp. are: Ray A. Graham,
by voting trust certificates. It is contemplated that the company may Pres.; Emmanuel Jansen. Robert Lehman,Edward P. Currier and John D.
authorize and presently Issue to officers and employees only, not exceeding Biggers, V.-Pres.; J. Donald Duncan, Sec.; C. W. Stanford, Treas., and
$150,000 of a special preferred stock, entitled to fixed dividends at not Edwin Gibbs, Asst. Sec. & Asst. Treas.
exceeding 8% per annum and possibly a further participation in earnings.
The directors are Gordon Auchincloss, James II. Perkins, J. Donald
On the redemption on Aug. 15 1927 of the 1st mtge. bonds, the cony. Duncan, Robert Lehman, Edward P. Currier, Elmer Schlesinger, Ray A.
o
54 T debentures will constitute the sole funded debt of the company Graham, Joseph B. Graham and John D. Biggers.
and its subsidiary and controlled companies except 366,400 obligations.
Voting Trust Certificates for No Par Value Common Stock
Listed.
The New York Stock Exchange has authorized the
voting trust certificates representing 48,332 shares listing of additional
of the common stock
without par value, on official notice of the issue and payment in full of the
shares of common stock represented thereby
and the deposit of said shares
under the voting trust agreement. The
Exchange
of additional voting trust certificates representingalso approved the listing
112,000 shares of common stock on official notice of the issue of
the shares represented thereby
upon the conversion of 20
-year convertible 5 % sinking fund gold debentures.
Financial Statement (Company and Affiliated Companies).
Fiscal Year End. Aug. 31 10 Mos.End 7 Mos.End.
1924.
1925.
June 30 '26. Dec. 31 '26.
Gross income
5917.168 $1,838,962 $1,813,928 $1,417,090
Depreciation
290,185
296,757
165.343
256,130
Interest
418,247
268,080
253,695
155,556
Taxes
1.783
99.482
132,837
165,008
Inventory adjustments_
633,475
Dividends paid pref. stk.
528,920
528,920
264,460
440,767
do Common stock..260055
.
173.375
Balance, surplus
def$955.442
$645.722
$525,519
$438,273
Balance Sheet Dec.31 1926(Adjusted to Give Effect to Proposed FinancialPlan)
AssetsLiabilities
Cash
$653,122 Notes payable
Customers' notes & accts.
Accts. payable, mdse. 31,500.°N
,
2,996,288
receivable (net)
payrolls, &c
395,696
293.481 Interest accrued
Other accts. receivable__
81,063
8,151 Federal taxes
Securities
254,158
Inventories
7,866,928 53 % sinking fund gold
,
4
,.
debentures
Deferred charges
7,000,000
Land, bldgs., mach'y. &c 5,262,095 Bds.& mtges. of affil. cos
66,400
Reserve for contingencies
-marks &
Patents, trade
500,000
5,644,000 Capital and surplus
good-will
x13,561,903
Total
$23,359.220
Total
$23,359,220
x Representing 198,336 shares of no par common
stock and surplus
account.
-V. 124, p. 1077.
Loft, Incorporated.
-February Sales.
Period Ended Feb. 28Sales
-1928.
-Feb.
1927-2 Mos.-1926.
1927
$613,277 5566,648 31.118,056 31.054,491
1925.
1924.
1926.
1923.
Net sales
$8.397,521 $8,169,673 $7,720,589 37306,292
Raw materials, labor.
&c., expenses
6083 7,647,696
8,2
7,045374
6,713.215
Depreciation
388.751
7.
249462
379,062
377,957
Operating ine,ome_def$119,424
$133,226
$296,052
$315,120
161,334
Miscellaneous Income.._ _
157,480
123,617
90,079
Profit for year
294,560
38,057
419,669
405,199
Federal taxes
5.138
39,600
52,303
50,477
$254,980
2,065,331
3367,366
1,697,965
3354,722
1.343,242
EaPrrno.fpiteransdhalreossosnurp6510u,- $2,353,210 $2,320,291
s
$2,065.331
.9
$1,697 .
1925 65
Balance, surplus
Previous surplus
32,919
2,320,291
$0.05
$0.39
000 no par she. cap.stk
$0.55
$
Comparative Balance Sheet December 31.109.2567.
1028
Liabilities-Assets8
Land, equip., &c.z5.796,551 5,61,467 Capital stock
y6,500.000 6,500,000
S
5
204.824 6% real est. mtge. 625.000
Gio
l.e wol.3acq'ns 3 9,491
o hluds
z
750,000
2.394,952 2,394,952 Accounts payable_ 253,158
168,960
203,050 Accrued liabilitiesCash
118,794
80,975
123,622
239,858 Instaill on mtge.
Accts.receivable.- 152.693
25.510
25,510
due
tooial oblig's
Gr vt.
125,000
125,000
ItjavSen.
1,208.377 1,145,670 Dep.on rent eget81,000
46.000
45,969 Cash dopes., preLieertd bonds:_._
prbpaly items.
60.969
114,593
82,287
paid rents. &e....
25.997
5,634 RC9. for Fed'I taxes
Investments
9,273
39,800
Equity in sugar
Reserve for contin38 134
4:2 9
44,547
margin
gencies
27,436
43,571
74,327 Surplus
Deferred charges._
2,351,795 2,320,292
Treasury stocks for
131.033
84,394 Total (each side)_ _10,359,631 10.102,796
employees
,x After deducting 32.070,183 reserve for depreciation. y Represented
by 650,000 shares of no par value.
-V. 124, p. P3.
1521
T H Pi CHRONICLE
MAR. 121927.]
-Extra Dividend of 25 Cents.
Lion Oil Refining Co.
The directors have declared an extra dividend of 25c. a share on the
capital stock, no par value, in addition to the regular quarterly dividend of
50e. a share, both payable April 27 to holders of record March 31. Like
amounts were paid on Jan. 27 last.
1927.
1926.
First Two Mntha of$393,000 $309,000
Earnings, before depletion (estimated)
-V. 123, p. 3193.
-Balance Sheet Dec. 31.McCall Corporation.
1926.
1925.
1926.
dividend of 75 cents per share on the common stock, no par
value, payable May 1 to bidders of record April 1. This is
the first dividend to be declared since Aug. 1922, when a
quarterly payment of$1 per share was made.
Consolidated Income Accountfor Years Ended Dec. 31.
1925.
1924.
1926.
$16,994,571 $15.929.232 $9,687.245
3.953,572
3,722.184
3,026.391
2,540,969
3.009.307
2,634.525
450,000
762.341
1.030,373
857.875
1.079.196
953,391
672.934
876,405
Operating profit
Depreciation
Depletion
Federal taxes
Leaseholds abandoned
Interest charges
1925.
Liabilities$
$
$
$
Assets7,200
Mach., bidgs., drc_x2,631,119 2,202,418 First pref. stock
Second pref. stock 9.54,600
954,600
Subscr. lists, good$8.615,711 $7.000,926 $1,424,964
Net income
6,172.752 6,208,894 Common stock_ ..y6,052,360 5,439,000
will, drc
479,261
464.477
452,065
Preferred dividends
5,001 Old corn. not yet
5,000
Investments
converted
7,200
890,504
Accts.& notes rec_ 941,069
$945,703
$8.163,846 $6,536,449
Balance, surplus
232,370
1,945,110 1,562,046 Notes payable_
Inventories
$22.043,620 $13.898.275 $14,953,289
300,615 Accounts payable_ 457,270
300,054 Profit and loss,surplus
Mdse. with dealers 140,831
364,458 Dividends payable 136,705
72,498 -V.124,p.516.
253,969
Cash
Accruals and misc_
162,050
147,376
Marketable bonds
-Extra DiviMidland Steel Products Co., Cleveland.
Reserve for taxes_ 215,068
160,292
& bank accept's- 298.333
159 Other reaerves.___
22.581
52,937 dend Declared on Common and Preferred Stocks.
Sinking fund, cash 141,292
25,085
39,719 Sink,fund reserve_
8.439
67,279
Deferred charges.declared extra dividends of 48 cents on the common
The directors have
Deferred credits__ 1,194,6,53 1,121,893 and $1 per share on the preferred stock, in addition to the regular quarterly
3,369,179 3,077,156 dividends of $1 per share on the common and $2 per share on the preferred,
Total(each side)12,596,753 11,573.813 Surplus
x Real estate, buildings, machinery and equipment at cost. $3,411.071, all payable April 1 to holders of record March 18. On July 1 and Oct. I
less reserve for depreciation, $779,952. y Represented by 239,712 shares 1926 and on Jan. 1 1927, an extra of 49 cents per share on the common and
or $1 per share on the preferred stock were paid.
of no par value.
A. Kemper has resigned as Vice-President. Frank K. Conrad has been
The income account was published in V. 124, p. 1078.
elected Treasurer, H. F. Kulas, Secretary, and Gordon Stoner, of Detroit.
-Earnings Year Ended as Vice-President.
-V. 124, p. 1230.
McCord Radiator & Mfg. Co.
Dec. 31 1928.
Net sales, $10.989,852: cost of sales, selling & administrative
$1.481.385
expense, $9,508,466_
167,787
Interest d taxes
Repairs, renewals. deprec. & amortization of tools & dies
426,557
Provision for contingencies, $110,000: prior period charges,
164,000
$54.000
Net profit
Shares of class A dc class B stock outstanding (no par)
Earnings per share
-V. 123, P. 989
.
$723,041
188.250
$3.84
-Dividends Inaugurated on Both
McLellan Stores Co.
Classes of Common Stock at Rate of $1 per Share per Annum
5% Stock Dividend-Earnings.
The directors have declared an initial quarterly dividend of 25 cents per
share on both the class A and class B common stocks, payable April 1 to
holders of record Mar. 21. Three additional quarterly dividends of like
amount were declared on these stocks, payable July 1 and Oct. 1 1927 and
Jan. 2 1928 to holders of record June 20, Sept. 20 and Dec. 20 1927. respectively.
In addition, a 5% stock dividend was declared on both the class A and
class B common stocks, payable in class A common stock April 15 to holders
of record Mar. 21. In the case of common stock holders entitled to fractions of a share, non-interest and non-dividend bearing scrip representing
such fractions will be issued.
1926.
Calendar Years1925.
Net sales
$9,486,548 $6.731,106
Costs, expenses, &c. (net)
6.030.199
8.462.606
Operating profit
Depreciation
Federal taxes
$1,023,942
120.608
115,675
$787.659
105,615
Net profits
Preferred dividends
$700.907
76,578
74.234
$550.095
75,796
$682,044
Surplus
$474,299
Shares of common outstanding (no par)
56,433
52 636
$12.09
Earned per share on common
The balance sheet Dec. 31 1926 shows current assets valued at $2,752,548
and current liabilities totaling $458,859, leaving working capital of 32,293,889. The profit and loss surplus on Dec. 31 1926 totaled $2.988,684.
During the year the number of stores operated passed the hundred mark,
bringing the total at Dec. 31 1926 to 112.-V. 124, p. 1369.
$6.ot
(I.) Magnin & Co., Inc., San Francisco.
-50% Stock
.Dividend-Capital Increase-Earnings
-Annual Report.
Miller Rubber Co. & Subs.
1923.
1924.
192.5.
1926.
Calendar Years$2,184,068 $5,318.677 $3,433,975 $3.272,522
:Operating profit
970.213
893.862
1.127,039
Reserve for depreciation. 1,044,393
Int., doubtful accts.,&c.
41.940
52.811
148,437
114.221
deductions (net)
320.797
302.579
510,000
Federal taxes(estimated)
860.569
Res. for contingencies
542,592
y698,138 Y1.329,179
983,568
Preferred dividends_ _ - _
364,053
520.182
Common dividends
$194.091
def$478.295 $1.785,988 $1,402,887
Balance, surplus
x After deducting cost of goods sold, selling, general and administrative
expense, adjustment of reserves, &c. y Includes dividends declared but
not paid.
Consolidated Balance Sheet Dec. 31.
1926.
1925.
1925.
1926.
$
$
, Liabilities2
$
AssetsPlant, equip., dec. 8,125,540 7,386 602 Preferred stock___12,163.800 12,451.500
515,089 Common stock_ ...x5.201,100 5.201.100
494.886
estate
Real
1 Notes payable_ _ 1.310.000
1
Patents
Acc'ts payable__ 3,665,913 2,494,714
Adv. on acc't of
675,746
502,424 Accr. Fed.,&c.,tax 161,037
360,000
purchases
130,044
.
Acc'ts receivable_ 3,764,875 4,19.5,093 Corn. div. payable. 130,050
231,964 Res. for gen. conNotcak:ccept. rec. 245,449
300,000 1,500,000
tingencies
1,438.856 1,280,088
Cash
3,397,394 3,879,561
11.441,787 11,678,849 Surplus
Inventory
274,114
Real est., mtg..&e. 227,843
268,540 Total(each side) _ _26,369,294 26.332,765
Deferred assets-- 270.055
-V. 123. P. 1123.
x Represented by 260.099 shares of no par value.
-Annual Report.
Monarch Knitting Co., Ltd.
Calendar YearsNet profits
Res. for depreciation
Preferred dividends
1926.
$32.682
sur$32,682
Balance
352.594
Previous surplus
xSpecial reserve account
1925.
$2,302
y4,375
1924.
317.675
70.000
(7)52,500
1923.
3184.888
70,000
(7)52.500
105532,073 loss$104,825 sur$62.388
547.104
609,492
504,667
150,060
$352,594
3385,276
$609.492
$504,667
P.& L.surp. Dec.31x Special reserve account to provide for the losses incidental to the closing
of the Buffalo plant. y Being one month's proportion of div. on prof.stock
-V.122. p. 1180.
paid Feb. 1 1925. No diva, have since been paid.
--Balance Sheet Dec. 31.
Monomac Spinning Co.
Liabilities1926.
1925.
1925.
1926.
Assets$5,000,000 35.000.000
$120,869 $230,522 Capital stock
Cash
459,700
290,055 Accts.& notes pay. 157.887
Accts.receivable_ _ 849,490
8,774
5.129
1,210,975 1,939,079 Accrued items..__
Inventories
1,100,051 1,100,051
62,933 Depreciation
Prepdins.,tax.,&e. .57,249
44,546
44,545
Federal taxes
bldgs..
Land &
64,737
41,278
mach'y & power 4,137,412 4.128,124 Surplus
At a special meeting of the stockholders held March 1 1927 the action
of the directors in authorizing an increase in the capital stock from 190.000
to 500,000 shares was ratified. At a directors' meeting held directly thereafter a stock dividend of 50%,payable to stockholders of record as of April 1
1927. was declared.
President Grover A. Magnin Feb. 28 says in part:
16.375,995 46,650,713
Total
$6,375,995 86,650,713
Total
y
T
The corporation now operates 8 stores, all served by its permanent p. 621.
buying offices in New York and all of the principal points in Europe. The
-Listing.
last store was opened at Seattle, Wash., Aug. 28 1926.
Montgomery Ward & Co., Inc.
The sales for 1926 were $7,225,263. compared to 35,980.564 in 1925. an
The New York Stock Exchange has authorized the listing of 1,141.251
increase of 20.8%. A part of this increased s due to the Seattle store. How- shares common stock (without par value), on official notice of issuance, on
ever. with Seattle sales excluded, we showed an increase of 13.8%, which is the basis of share for share in exchange for outstanding certificates of its
much larger than the average increase in volume for 1926. either locally common stock of the par value of $10 per share.
-V. 124. rs. 1370, 1230.
or nationally. The comparison for the last 5 years is as follows:
1925.
7
315
1924.
.
1923.
-Balance Sheet Dec.19 .
1926.
Cal. Years(&
1922.
Moto Meter Co.,Inc. Subs.).
$7,225.263 $5,980,564 $5,368,529 $5.195.041 $3,920.297
Sales
1925.
x1926.
AssetsThe net earnings for 1926, after paying 7% on preferred stock, deducting RI. est., equip.,,40 $864,031 $778,067 Capital stock
$750,000
Federal income tax and $40,955 non-recurring expenses incident to the Cash
0
231010
230: 9
95
(
1 0)0
1,406,455 1,420,633 Divs. payable_ _ _ _ y57
establishment of the Seattle store, were $3.545,742, against $448,067 for the Accts.receivable__ 240,374
48,202
70,687
353,683 Accounts payable_
previous year, or an increase of 22.3%. The comparison of the last 5 years Notes receivable._
18,976
26,441
46,941 Accrued royalties_
24,395
IS as follows:
4,545
530,569 Accrued payrolls__
715,070
Inventories
1924.
1923.
1926.
1925.
1922.
18,167
2,116 Accr.int payable_
396
Accr. int. rec
$280.201
$254,138
$545.742
$446,067
$122.150
150 Notes pay. (due
150
Securities
Income Account for Calendar Years.
after Sept. 1 '27) 1,000,000
Patent rights and
1926.
1925.
1 Res. for Fed. taxes 243,130
1
trade-marks..
256.180
$7.225,263 $5,980.564 Inv.In Nat.Gauge
Sales
Res. for deprec___ 404,499
390,955
Net profit
8700,578
$545,471
Res.for had debts_
1,500,000
29,382
33,804
& Equip. Co.
89.538
Federal income tax
67,505 Inv. in other cos
57.017 Surplus
52.952
2,160,157 1,533,829
24,342
Preferred dividends
31.899 Deferred charges__ 103,235
104,713
Write-off on entire non-recurring expense incident
to establishment of Seattle store
40.956
44,907,058 $3,293,891
Total
84,907,058 $3,293,891
Total
190,000
Common dividends
164,980
:The assets and liabilities of the National Guage & Equipment Co. are
not spread on this balance sheet but the entire common stock, consisting
Balance carried to surplus
$3355,742
1281.087
Common stock (no par value) outstanding
190.000 ehs. 190,000 shs. of 80.000 shares of no par value acquired Sept. 11 1926, is carried as an
cost.'namely $1.500,000. y Represented by 200.000 shares
$3.08
Earnings per common share (before write-off)
$2.35 investment at
class A stock and 200.000 shares class B stock,'both of no par value.
-V. 124, p. 657.
usual comparative income account was published in V. 124, 13. 1870
The
-Tenders.
Maple Leaf Milling Co., Ltd.
The Royal Trust Co., trustee, Toronto, Canada, will until April 5 receive
bids for the sale to it of 654% bonds, series A, to an amount sufficient to
exhaust $58,000. Each offer will be deemed to include accrued interest
and to be for the whole or any part of the amount offered at the rate specified in the offer. Delivery of bonds and payment therefor in Toronto funds
to be made at the office of the Royal Trust Co. on May 1 1927.-V. 122.
p. 3613.
Merchants &Manufacturers Securities Co.-NoExtra.
The directors have declared the regular quarterly dividend of 6234c. per
share on the partic. pref. stock, par $25, payable April 1 to holders of
record March 15. Previously the company paid, in addition to the usual
quarterly dividend, an extra of 25 cents per share on the panic. Prof.
stock. See V. 123, p. 2528.
Metropolitan Chain Stores, Inc.
-February Sales.
-Feb.
-1926.
1927
$583,308
$693.055
-V, 124, p. 1229. 1078.
•
Increase.] 1927- 2 Mos.-1926.
$109,747131.347.571
$1,150,724
Increase.
$196,847
Mid-Continent Petroleum Corp.
-Resumes Common
Dividend.-The directors on March 10 declared a quarterly
Motor Wheel Corporation(&Subs.).-Annv,a/ Report.
1923.
1926.
Calendar Years1924.
1925.
Sale of wheels,stpg.,&c- $3,072,533 $4,234,974 $3.408,445 $ :199,813
2
Interest earned and in53.645
39,033
come from investm'ts_
95,021
83,891
Total income
33.167,555 34,318.865 $3,447.478 $2,553.458
Sell., adv., gen., admin.
expenses. &c
$748,963
Interest paid and accrued
$839.376
156,190
3,758
Misc, losses. incl. mach.
58.559
185,279
and scrapped.. _ _ _
105.199
sold
96,367
289,759
Depreciation
356.072
422,415
360,000
Provision for Fed'I taxes
271.000
V11,968
121.204
Dividends on pref. stock
79,592
355.712
440.371
1,081,837
Dividends on corn. stock 1.100,000
$776.268
Balance. surplus
$445,460 $1.298,986 $1,211.755
Profit and loss surplua
$6,153,278 $5,778.918 64.099.565 62.887.810
Shares of com. outstandx442.057
490,891
550,000
ing (no par)
550,000
$256
$355
$433
Earn, per share on com_
$281
x Represented by shares of $10 par value.
8
tgi:211
$1R:82 $
iftir2
1522
THE CHRONICLE
Comparative Balance Sheet December 31.
1926.
1925.
1926.
1925.
Assets
$
Liabilities-3
$
$
Land, bldgs., maPreferred stock_ _ 978,900 1,008,200
.
chinery, &e____ 6,636,862 6,710,159 Common stock_ _ _x5,500,000 5,500,000
Cash, &c
1,695,030 1,129,721 Accounts payable.. 308,882
750,885
Customers' notes &
Accrued taxes, royaccounts reedy_ 962,219 1,611,480
alties & int., &c.
84,973
89.964
Inventories
3,120,514 3,067,648 Fed'i income tax__ 271,000
360.000
671,430
Other assets
717,910 Reserve for continPrepaid taxes,ins.,
gencies. &c
80,253
44,629
bond disc., &e.._ 291,231
295,679 Profit and loss
6,153.278 5.778,918
Total
13,377.286 13,532,596
Total
13,377,286 13,532,596
x Represented by 550.000 shares of no par value.
-V. 123. p. 2272.
Motion Picture Capital Corporation.
-Earnings.
Calendar Years
'otal income
T
Expenses and interest
Provision for taxes
Preferred dividends
Common dividends
1926.
$1,019.d05
660.010
63.446
48.864
241.204
$501,431
177.079
42.576
52.272
132.413
Balance.surplus
85.780
$97.090
Shares of common outstanding (no par)
175.464
141,774
Earnings per share on common
$1 41
$1 63
Balance Sheet December 31.
AssetsLiabilities1926.
1925.
1926.
1925.
Furn. & fixtures...
$4,253 8% cum. pref. stk. 8613,400 3613,400
$4,245
Investments
11,750 Common stock ___y2,078,230 1,575,393
36,250
Cash
708,646
875,926 5-yr.6% cony.s. f.
Motion pcture negdebit., series A_. 1,955,000
live
Sub. rec. for com.
194,512
Contract advances 195,786
stk. not yet iss'd
270.000
Notes, accounts &
Accounts payable_
13,071
927
commissions reBank loans
4,011,425 3,934,543
eetved
x7.458.058 5,814,722 Dividends payable
12,436
Accrued interest reAccrued taxes_ ___
43,034
65,025
calved
143.672
71.459 Accrued interest__
51,388
11,629
136,921 Guarantee deposits
Deferred charges__ 260,914
54,000
Deferred credits__
244,527
93,866
Total(each side)39,002.084 $6,915,031 Surplus
155,433
120,387
x After deducting $162.158 reserve for losses y Represented by 175,464
shares of no par value.
-V. 124. p. 120.
Motor Products Corporation.
-Annual Report.
Calendar Years1926.
Profits for year
$482.290
Prov. for Fedi & Canadian inc. taxes
Dividends on preferred stock
114.803
Dividends on common stock
195.609
1924.
1925.
$975,624 $1,183.734
159,500
250,040
231,566
Balance, surplus
8774.194
1171,878
$744,058
x Before making provision for United States and Canadian income taxes.
Balance Sheet December 31.
Assaf-1925
1926.
1925.
1026.
Land,b1dgs.,mach.,
6% debentures_ ...31,791,700 $3,226,100
equipment, &e.y$3,830,657 $44,214,347 Acc'ts pay'le, &c_. 316,262
790,654
Misc. invest'ts, &c.
325
424 Pref. diva. payable
Inventories
981,775 1,072,140
30,613
Feb. 1
Accts. receivable,
Reserve for continless reserve
200.000
496,022
877.714
gencies
223,654
Govt. & municipal
:Capital
}5,598,0981 3.745,432
securities & ac1,544.511
Surplus
crued interest_ 1,989.338 2,893.809
Cash
509,581
421,500
Deterred charges._ 122.015
57,376
Total(each side)37,929.714 $9,537,310
x Represented by 30,614 shares of preferred stock of no par value and
130.406 shares of common stock of no par value. y After deducting
$2,016.508 reserve for depreciation.
-V. 124. p. 657.
Nashawena Mills, Boston.
---Balance Sheet Dec. 31.-
1026.
1925.
1926.
AssetsLiabilities$
$
$
Plant &fixed assets10,068,799 8.965,250 Capital stock
7,500,000
Cash
536,666
696.306 New cap. (paid in)
Accts.receivable._ 344.728
299,037 Notes payable_ _ - 1,700,000
.
Inventories
2,009,771 2,575,379 Accounts payable_ 113,140
Investments
129,000
129.000 Reserve for Federal
Prepaid accounts_
taxes
74,465
77,310
Res. for depreen_ 2,815,488
Surplus
1,034,802
1925.
$
6,000.000
1,328,445
775,000
178,910
82,000
2,824,208
1,553.719
[VOL. 124.
and the added business which should come to it through this combination
should substantially increase its profits.
It is estimated that the resulting savings through this consolidation
will be substantially over $1,000.000 per annum, by the material reduction
of overhead, by the use of a combined catalogue in place of two catalogues
DB at present, thereby eliminating the cost of printing and distribution
of one series of catalogues, by the operating of the united businesses in the
same plant at New York City and at Kansas City, by combining the management of the two companies, thereby materially reducing the number of
executives and employees, by the saving in advertising, and by the greater
efficiency and economical operation through the active co-operation of the
two managements. The net earnings of your company will be substantially increased, in the opinion of the directors, as a result of this consolidation, to the benefit of the preferred and common stockholders.
It is proposed to accomplish the consolidation of the business of the two
companies through the acquisition by the company of substantially all of
the outstanding shares of stock of Bellas Hess & Co. and its assets, good-will,
trade name and business as a going concern, subject to its liabilities, all as
of Dec. 31 1926, In such manner as counsel shall approve. The consideration for such acquisition will be the issuance of 80,000 shares of the common stock without par value and the payment of approximately 52.300.000.
against which the National company will receive the net tangible assets as
of Dec. 31 1926 of Bellas Hess & Co. of approximately 52.960,000, together
with its good-will, trade name and business,subject to such changes in assets
and liabilities as have occurred since Dec. 31 1926 in the regular conduct of
its business.
In carrying out this plan, it is proposed to change the name of this company to the National Belles Hess Co.. Inc.. or some similar name, so as to
combine the name "National" by which the company is generally known,
and the name "Bellas Hess," and in order to advise the customers of both
companies and the public generally that the two businesses have been united.
and in that way maintain the good-will and trade name of both.
If the plan is approved,common stockholders will be notified in due course
of the time and place for the exchange of the present common stock with
par value for shares without par value, and proceedings will be duly taken
to list the stock without par value on the New York Stock Exchange.
The owners and representatives of large amounts of preferred and common shares have approved the plan.
(The New York Stock Exchange has received notice from the National
Cloak & Suit Co. of a proposed decrease in the authorized preferred stock
from $6,924,700 to $6.644700 and change in common stock from $100 Par
to no par and increase to 200,000 shares of no par value, each present share
to be exchanged for one new share.]
Balance Sheet of National Bellas Hess Co., Inc., Dec. 311926.
(After giving effect to the merging of the businesses of the National Cloak
& Suit Co. and Bellas Hess & Co. as of that date, and other transactions
incidental thereto.]
Liabilities
Plant equip., less deprecia'n_ $550,357 7% cumul. pref. stock
x36,924,700
Good-will
12,000,000 Common stock (no par)
y200,000
Inventories of merchandise__ 6,416,006 Accounts payable
1,244,751
Inv. of paper stk.& misc.sup.
1,141,321
457.122 Due to customers
Sundry debtors & adv. to
Dividends payable
211.669
mfrs., less reserves
363,017 Res. for Fed.income taxes__
95,073
Due from empl. on contr. to
Surplus:
Dutch. cap, stk. of co
63,931
3,087,853
Unappropriated
Postage inventory
21,434
Approp. par value of pref.
Marketable securities
33,251
stock canceled
2,075,300
Prepaid exp. for 1927
725,874
Capital surplus
12,460,797
Liberty bds & short term inv.
406,389
Cash and call loans
2,636,281
Inv. in & adv. to Caraleigh
Realty Corp
2,190,765
Int.in St adv. to Nat.Imp.Co 1,473,932
Inv.In Nat. Caraley Co., Inc.
10.000
Improvements to leaseholds,
Total (each side)
less amortization
93,105
$27,441,465
x Authorized and issued. 83.300 shares; less 14,053 shares retired and canceled. y Represented by 200.000 shares of no par value.
See also Hellas Hess & Co. above and annual report of
National Cloak & Suit Co. in V. 124, p. 1352.-V. 124, p.
1370, 1352, 1230.
National Enameling & Stamping Co., Inc.
-Earnings.
Calendar YearsProfits from operations
Repairs, renewals & maintenance
Depreciation
Increase in operating reserves
Bond interest
Interest on bank loans
Provision for Federal income taxes
Special charges
1925.
1926.
13.792,419 $3,875,912
1,466,593
1,605.762
1,107,811
1,120.615
96.061
48,142
37,710
74,626
13.013
58,000
12,705
246.708
Net profit for the year
$614,550 $1,166,034
Total
7,248.129
2,579.177
13.163,430 12.742,283
Total
13.163,430 12,742,283 Surplus. January 1
For the year ended Dec. 31 1926 the company shows a loss after all charges
13.193.727 $8,414,164
but depreciation of $16.067. which compares with a profit of $587.987 in
5,134.987
11,962
1925, after depreciation. The 1926 loss, together with the payment of Surplus adjustments during the year
700.000
700.000
$495.000 in dividends and $7,850 additional Federal taxes for previous Preferred stock dividends paid
years. caused a total reduction in surplus of $518.917, or from $1.553,719 at
Surplus, Dec. 31
32,481,765 52.579,177
the beginning of the year to 11.034.802 at the end.
155,918
155,918
Sales for the year totaled 29.051.000 yards, an increase over 1925 of 6%• Shares of common outst'd'g. (par $100)
$2 99
Nil
In dollars, sales were 86.608,299 against $7.249.271 in 1925. Actual loss Earn, per share on common
Comparative Balance Sheet Dec. 31.
from operations was $26.011, but this was reduced by income from investments of $9,944 to $16,067.-V. 124. p. 658.
1925.
1926.
1926.
1925.
$
Assets$
Liabilities$
$
National Cloak 8,r Suit Co.
Capital Stock Issued
-Proposed Consolidation-To Real estate, plant,
goodwill.dm._
Change Capital Structure.
-Stockholders will vote March 17: Investments _ _x17.638,839 18,241,120 & Outstanding:
Preferred stock_10,000,000 10,000,000
y2,779,785 2,746.915
(1) On approving a contract between this company and Mitts Hess & Inventories
Common stock _15,591,800 15,591,800
7,110,330 7,901,014
Co. which provides for the consolidation of the business of the two com- Acc'ts St notes rec. 1,797,729 2,193.058 First mtge.5% bds 699,000
907,000
panies and (or) taking such further action as the stockholders may approve Cash
1,600,000
782,996 1.112,270 Notes payable.._.
to consummate the uniting of the business of this company with the business Deferred charges__ 144,798
138,195 Acc'ts pay. & Payof Bellas Hess & Co., through purchase by this company of all the issued
888.734 1.285,430
rolls
and outstanding capital stock, and (or) the entire business and assets as a
Accrued prop.taxes
going concern of Bellas Hess & Co., or otherwise.
. 206,716
(State & local)_
150,636
(2) On reducing the amount of the preferred stock by $280,000 heretoAccrued interest
3,137
4,088
fore purchased and canceled by the company,or by such additional amount
Prot. for income
,
as the meeting may approve.
taxes (Fed. &
(3) On changing all of the previously authorized 170,000 shares of com126.398
State)
53,576
mon stock (par $100)into 200.000shares of common stock without par value.
Reserves
256.927
160.866
(4) On authorizing the substitution of 120,000 of the shares without par
Surplus
2,481,765 2,579,177
Value for the 120,000 present and outstanding shares of common stock;
and also on authorizing the corporation to issue and sell the remaining 80.000
30,254,477 32,332,573
Total(each side)30,254.477 32,332,573 Total
authorized common shares without par value from time to time for such conx After depreciation of $16,532,248. y St. Louis Coke & Iron Corp..
sideration as may be fixed by the directors, or for such consideration as the
preferred and common stock. $2,720,870; other stocks and bonds, $58,915.
stockholders may approve at the meeting; and further to provide that the
capital of the corporation shall be at least equal to the sum of the aggregate -V. 124, p. 1078.
par value of all issued shares having a par value, plus $1 in respect to every
-Annual Report.
National Leather Co.
issued share without par value, plus such amounts as from time to time, by
Fiscal Year Ended- Jan. 1 '27. Jan. 2 '26. Dec. 27 '24. Dec. 29 '23.
resolution of the directors, may be transferred thereto.
$24,556,398 $25,837.341 126.520.818 128.441.140
Net sales
(5) On changing the name of this company to National Belles Hess Co.,
Cost of sales, &c., deduc 24,796.221 25.116,782 25,569,431 30.690,841
Inc., or some similar name.
818.014
1,132.220
382.996
1,818,889
Int. on borr'd money,&c
Cr.72,022 Cr.113.617
Cr.87,989 Cr.201.147
S. G. Rosenbaum, Chairman of the National company,in Interest received
a letter to the stockholders says in substance:
The directors, after careful consideration, have adopted a plan for the
merging and consolidating of the business of the company with that of
Belles Hess & Co. (see below). which is engaged in the mail order business
of selling wearing apparel and dry goods,specializing in style merchandise.
The National company now issues approximately 3,750,090 catalogues.
It has been established for more than 38 years and has large and up-to-date
facilities at both New York and Kansas City for advantageously distributing its merchandise. Bellas Hess & Co. now issues over 2.000,000 catalogues. The combination of the two companies should give added business
to the New York plant of the National company and the Kansas City
branch of the latter company can be profitably and advantageously used
to distribute throughout the territory west of the Mississippi River the
merchandise for which Bellas Hess & Co. has built up a profitable business
and for which at the present time it has not adequate facilities for distribution in such territory. The Kansas City plant has been very profitable
$16,160 loss$92.843loss$3867442
Net profit for year__ _loss$550,798
3.806.726
3,622.951
Previous deficit
3,713,883 sur153,559
Cr.167,615
Surplus adjustments_
Profit & loss, deficit__ $4.173.749 $3,622,951 13,806,726 $3,713.883
Consolidated Balance Sheet.
Jan. 1 '27. Jan. 2'26.
Jan. 1 '27. Jan. 2'28
Assets
Liabilities-Real estate, bides.
Preferred stock._ _13,000,000 13.000.000
and machinery_ 5.229,276 5.161,975 Common stock__ 7,500,000 7.500,000
Cash
1,047.118 1,655,481 Notes de accts. pay. 5,789,627 7.931.768
Notes de accts. rec. 2,935,030 2,881,864 Reserve for contin10,834.993 12,852,252
Inventories
gencies, dtc
477,511
499,
870
Stock of MM. cos_ 2,546,971 2.607,114
Deficit
4,173.749 3.622.951 Total(each side)-.26,767,137 28,981,635
-v. 123, p. 335.
MAR. 12 1927.]
THE
CHRONICLE
1523
without
dends. Both principal and dividends are to be paid annum. deduction of
Certificates
normal Federal income tax not in excess of 2% per the trustee or at its
1924.
warrants (A. & 0.) payable at office of
1927.
and dividend
$4.412.540 $4,251.942 $3,659.255 $3,238,698 agency in New York City.
Month of February
8.976,356 8.796,937 7.588.482 6,487.836
Security.-Theso certificates are to be secured through assignment to the
First two months
cars (8.000
1923.
1924.
trustee of title to the following equipment: 300 new steel tank
1925.
1926.
Calendar Yearsbuildiers). and 200 new steel
$53.657,785 547.450.885 $39,058.830 $31.292,239 gallon capacity), (Bethlehem Steel Corp.,
Sales
$1.686,208 $1,244.387 underfrarne palace poultry cars (80.000 lbs. capacity), (Illinois Car &
$1,817.221 $1,804.474
Net profits
155.493 Manufacturing Co.. builders). The above all new equipment will cost
213.215
234,838
232,000
Federal taxes
55.000 in excess of 51,250.000. or more than 125% of the face amount of the cerCr.35.000
Sinking fund
5.542 tificates to be issued.
Addl Fed. taxes (1917)-Business consists primarily in'the ownership,operation and
64,632
90,058
Corporation.
111.030
210.781
___
Preferred dividends_
113,096 leasing of tank cars, refrigerator cars and live poultry cars to railroads, meat
376.060
450.000
596.275
Common dividends
shippers and other shippers of all
a150.000
packers, refrigerator companies, poultry Corporation owns 2.280 tank cars
Common stock dividend
kinds of perishable and liquid freight. built), 1.166 refrigerator cars, and
new cars now being
$850.624 (including the 300
$891,874
$778.166 $1,008,606
Balance, surplus
20.000 through its controlled subsidiary, the Palace Poultry Car Co., owns and
50.000
150.000
150.000
Shs.com.outst'g (no par)
$51.21 operates 400 live poultry cars, including the 200 cars now being built. In
$27.66
$9.72
$9.16
Earns. per share on com_
shops at Chicago,
addition, owns well-equipped car building and repairing
-V. 124. p. 1078.
a 30,000 shares of no par value.
Judson, Ind., where reCoffeyville, Kan.. West Tulsa, Okla., and North
repairing is
-70th Quarterly Report. pairs are made on its own cars and general caroh i storage done for railroads
Copper Co.
Nevada Consolidated
facilities at New
Corporation has
The report covering the fourth quarter of 1926 shows: company's opera- and private car owners. Chicago with a capacity of 20.000.000 gallons.
Orleans, West Tulsa and
The following summary covers the combined results of
mpany has never had an unprofitable year from the time
Earninys.-Co
tions and business in Nevada, Arizona and New Mexico for the fourth quarpredecessor companies,
of organization in 1908. Net earn logs of this and Dec. 31 1926, available
ter of the calendar and fiscal year 1926.
9
for the six years ending
-The net production of copper from all sources for the fourth not including subsidiaries,
Production.
and taxes, were:
depreciation
quarter, compared to that for the three preceding quarters, is shown in the for fixedcharges,
1925.
1924.
1923.
1922.
following tabulation:
5509.077
5550.964
3378.730
5440.398
1st Quar. $213,160
$258.230
2d Quar.
3d Quar.
4th Quar.
Year 1926Corporation is paying dividends at the annual rate of $2.50 per share on
Net lbs. copper produced 62,632,486 58,180.752 55,078.331 55.227.970
18.359.443 18,409.323 83,500 shares of no par value capital stock, which is listed on the Chicago
Avge. monthly produc'n 20.877.495 19,393,584 and smelted during the
-V. 124, p. 1079.
Stock Exchange.
The total quantity of company ores milled
quarter was 2.865.173 tons. Of this total 2,833,034 tons was concentrating
32,139 tons was shipped
-Report.
ore, averaging 1.31% copper. The difference of
Ohio Brass Co.(& Subs.).
of custom ore
Federal taxes,
direct to smelters. In addition to company ores, 54.700 tons daily
The company reports net earnings after depreciation and
tonnage
was milled or smelted at the Nevada plants. The average compared to for the year ended Dec. 31 1926. of 52,501.656. equal. after 5126.000 In
no par
of company ores milled at all concentrators was 30,794, as
dividends. to $8 23 a share on 288.387 shares ofto $7 19common
preferred
a share.
29,207 tons per day for the preceding quarter.
stock. This compares with 52.200.151 in 1925. equivalent
The average recovery in the form of concentrates from all company These figures include earnings of the Ohio Insulator Co., Barberton. 0.,
material milled during the period was 85.96% of the total copper contained and the Dominion Insulator & Manufacturing Co.. Ltd., Niagara Falls,
therein, corresponding to 22.48 lbs. of copper per ton treated, as compared Canada.
to a recovery of 86.09% and 22.07 lbs. per ton for the previous quarter.
Consolidated Balance Sheet Dec. 31.
The net cost per pound of copper produced, after crediting revenue from
1925.
1926.
1925.
1926.
gold and silver and other miscellaneous earnings and income from subLtabatttesAssetssidiaries. was 9.68 cents, as compared with 9.87 cents for the third quarter.
951 53,892,181 Preferred stock.._ 2,100,000 2,100,000
all operating and general charges of every kind except Mfg.plants&enuip.$4.135,
These costs include
1,195.563 1,162,557 Corn. stk. (no par
Cash
depreciation and reserve for Federal taxes.
288,387 shares). 8.379,269 7,781.652
Market. securities 1,398,761 1,306,979
Financial Results for 1926.
283,058
123.726 Accounts payable_ 388.074
receivable._ 250,043
Notes
lit Quar.
2d Quar.
300,000
3d Quar.
4th Quar.
Reserve for taxes. 390,000
Accts.receivable-. 1,676,336 1,710.016
Oper. profit from copper
2,600,687 2,269,251
$2.121,355 $1,967.384 $1,711,798 $1.882.957 Inventory
production
212.045
204,880
11,257.342 10,464,710
219,374
237.134
Total
Value of precious metals
11.257,342 10,464,710
Total
Misc, revs., incl. Income
against $2,200.151
187,274
Net profits for the year 1926 amounted to $2,501,657.
209.051
244,758
223.883
subsidiaries
from
-V. 124, p. 121.
for the previous year.
Total oper. Income__ $2.582.371 $2,431,516 $2,132.893 $2,275.111
-Registrar.
Co.
412.662
412,772
412,662
Oil Well Supply Investment has been appointed392,359
Depreciation
transfer agent
York
The Guaranty Trust Co. of Now -V. 124, p. 1371.
$2.190.012 $2.018,853 $1,720,121 $1.862,448 for the stock of the above company.
Not income
were continuous and
Operations at all the company's mines and plants
-Annual Report.
Orpheum Circuit Inc.(& Subs.).
practically uniform during the quarter and there were no occurrences in
1923.
1924.
connection with operations or company business that call for special com1925.
1926.
Calendar Yearsment.
-V. 123, p. 2912.
$18,650.248x518.205,789 819,136,233 316,759.001
Gross income
15,472,328 14,900.283 14,683.049 13,836.965
Expenses
-February Sales.
(J. J.) Newberry Co.
220,066
207.426
212.357
169.830
Increase. Amortiz of leaseholds_ _ _
922.433
Increase.] 1927-2 Mos.-1926.
907.645
-Feb.
--1926.
1927
701.035
621.911
equip_
8439,893 Depr. of bldgs. &
8775,618
,. 50
I
1
$242,884 1E1,215,511
$387.698
$630.582
Canadian taxes (est.)j
225.630
421.652
-V. 124, p. 934. 245.
}
Federal taxes
300,000
Res. for contingencies
-Copper Output.
New Cornelia Copper Co.
531.960
542,308
510.832
501.063
dividends..
Preferred
1924.
822.358
1925.
1926.
984.199
1927.
1,093,274
Production (Lbs.)3,512,831 Common dividends
7,328.120 6,906.512
January
5,540.400
8679,790 81.542.996 81,026.386
5,972,400 6,063,428 4.452,402
5491,841
February
4,746,920
surplus
Balance,
1,536,683
3,105,185
3,787,714
4,272,342
-V. 124, p. 934. 245.
Total surplus
Shares of common out-Earnings.
New York Air Brake Co.
549.170
549,170
549,170
549,170
standing (par 81)
1923.
1924.
$1.87
$4.31
1926.
1925.
$3.03
Calendar Years$2.89
sh.on common
82,586.888 $2,079.464 $2.164.068 $3,592,359 Earn,per
xGross profit
$64,951 profit on sale of property.
a Includes
421,339
194.130
196,592
294,414
Other income
Consolidated Balance Sheet Dec. 31.
1926.
1925.
1925.
Total income
1926.
82,881,302 $2.276.056 $2,358,198 54,013.698
8
458,397
$
Liabilities467.307
466,319
Admin.. &c.. expenses_ _
466.300
Assets
376.511
6,495.000 6.580.000
203,828
324,111
254.954
Taxes, franchises, &c_ _ _
4,588,967 4,501,802 Pref. stock
Land
413.428
549.170
246,879
130.141
Royalties
297.750
equip_12,092,393 14,992,348 Corn. stk. (par 31) 549,170
191,991 Bidgs. and fixtures 2,803.957 2,242,594 Capital surplus-26,763,778 30.653.641
197.179
197.029
Bond int. SE discount_ _ _
197,659
500.000 Furn. and rights 4,862,25.5 8,446.499 Gold notes
1,240.200
400,000
335.700
Class A dividends
y62,100
150.000
(54)800.000 ($3)600.000 Leasehold
Common dividends.._($2.
234.000 Mtge. on real est
50)639.703 (83)600.000
1,041,917
46.883 Lease deposits....
3.606
1.754
Sundry charges,&c
1.547
G'dwill,contr.,&c.18,230.474 18,230,474 Serial bds. of subs. 6,530,000 5,353.000
88.695
Accounts payable. 163,299
2,378,032
Special funds
18,095
18.536
$39,398 $1,426.488 Invest. In & adv.
Terits rental dePs_
$290.1.59
Balance, surplus
$892,131
37.652
30.224
Prey, cap. stk. & surplus 12,036.675 11,682.302 11.390,924 11.080.202
537,444 Accrued expenses_
701.576
affil. cos
95,331
91,602
314.400
Accrued interest.190.615
Trans. fr. spec.res.acc't_
Loans for constr.
198.913
104,636
Proceeds of sale com.stk. 3,500.000
800,000 Accr. local taxes
410,000
of theatres
217,293
Est. income taxes.
Cancellation of reserve
Secur. purch. for
iK000
Earnest mon. dep23,620
for bond purchase_ _ _ _
185.877
36,850
empl. bonus fd_
281,026 Res.for deprec...._ 4.069.077 4,130,152
Sundry credits, prior yr_
48.607
80,000
Treas.secur. purch
854.564 1,311,165 Res. for amort. of
811.744,422 $12.506.690 Cash
1,070.545 1,146,544
leaseholds
246.992
Total cap.stk.& sur__$16.663.290 512,163,076
553.062
115.765 Marketable secur_ 504.585
62,120
126.401
900,000 Res. tor bonus to
Adjustments
Notes rec.(secured)
42,700
39,542
employees
Prom, on rodemp. of
203,017
133.696
Accts. receivable.
300.000
class A stock
114,647 Res, for conting
832,300
82,400
500,000 Am.int. ree dep.
Res. for contingencies_
60,167 Earned surplus_ 4,272,342 3.787.714
90.274
&
500,000 Work.adv.& adv._ 232,067
Res.for purch. of bonds_
Pro . inv.
138,841
82.511
Prep'd Moor., &e_
Capital stock & surplus
Mans to empl. for
Dec. 31
65,271
515,830.991 $12,036,675 311,682.302 $11,390.924
purchase of stk_ 189,123
200.000
200,000
200.000
300,000
Shs.com.outst'g no par)
571.500
119.000
$4.20
$10.13 Contr.on rl.est.sold 221,481
$4.45
Earn, per share on corn
$5.10
155,663
Disc, on bds., &c..
x After deducting cost of manufacture, labor and materials, including
170.977
191,830
taxes._
repairs, renewals, depreciation, &c. y Class A stock redeemed July 1 1926 Deferred charges
Tot.(each side).50,523,637 54,278.510
30,468
42,621
Other def.
at $60 per share and div.-V. 123, p. 1390.
-V. 124. p. 383
-February Sales.
National Tea Co., Chicago. 1926.
1925.
Niles-Bement-Pond Co.
-To Receive Dividends.
See Pratt & Whitney Co. below.- V. 123, p. 1770.
Nonquitt Spinning Co.-Bal. Sheet Dec. 31.1925.
1926.
Liabilities
Assets1926.
1925.
$4,800,000 $4,800,000
Plant, mach'y, &c.$5,874,203 55,873,802 Capital stock
123
450,756
896,440 Accounts payable_
Inventories
123,000
123,000 Reserve for deprec. 1,660,397 1,660,397
Investments
921,965 1,108,795
36,935 Surplus
Accts. receivable
129,602
Cash
639,138
804,802
$7,382,363 $7,569,315
Total
Total
$7,382,363 $7,569,315
For the year ended Dec. 31 1926 the company lost before depreciation
$192,345, which compares with losses after depreciation (indicated by
balance sheet comparisons) of $44,047 in 1925 and $174.904 in 1924. Of
the 1926 loss, $59,712 VIM from operations and 5132.633 from inventory
markdown. Sales for the year totaled 1.470,926 pounds, valued at $1.511.686, while in 1925 sales were 1.503,161 poundis, valued at $1.08.010.
Production was 1,506,797 pounds in 1926 against 1,420,290 in 1925.V. 122. p. 2959.
-United
Pan American Petroleum & Transport Co.
States Supreme Court Affirms Decree of Lower Court Invalidating Elk Hills Naval Oil Reserve Lease to E. L. Doheny.Soo under "Current Events and Discussions" in last week's
"Chronicle," p. 1301.-V. 124, p. 1371.
-Ann. Report.
Paige-Detroit Motor Car Co.(& Subs.).
1923.
1924.
1926.
1925.
Calendar YearsSales, less returns-cars,
parts, &c., incl. inter836.833,471 362,763.787 $57,679,259 563,401.420
company sales
Cost of sales, incl. inter
company costs
32.315,505 55.208.061 50.473.773 55,123,106
58.278.314
Gross profit
$4.517.966 57,555.726 $7,205,486
4,611,861
4,714.861
4,705.853
Selling, adm.& goo.exp. 3,674.006
Cr.1.305 Cr.108.588
(net)
Miscellaneous
Dr.153,433 Dr.67,007
149.414
300.320
x
304,978
357,058
-Equipment Trusts Interest
North American Car Corporation.
Depreciation
434,912
246,467
345,000
Res. for Fed.
61,000
Offered.-Frooman & Co.,Now York, are offering S1,000,000 Sub-co. losses inc. tax
129,320
185,024
162.856
153,014
5% equipment trust gold certificates, series H. Issued under Preferred dividends_
131,207
480.000
720,000
905.357
Common dividends
the Philadelphia plan.
Principal and dividends unconditionally guaranteed by the North Ameri$705,229 $2,220,713
Balance, surplus
$368.999 $1,379,492
can Car Corp. Corporation agrees to reimburse to the holders of these
certificates the Penn. State tax not to exceed 4 mills annually. Girard Shares of corn. outst'd'g
Y600.000
y800.000
676,474
676.474
(no par)
$4 50
Trust Co., Philadelpnia, trustee.
$1 78
53 38
$0 55
Dated April 11927. Payable annually in serial installments of $100,000 Earn, per share on corn_
expenses. y Represented by shares
a Not shown separately, included in
each from April 1 1929 to April 11938, both inclusive. Denom. $1,000 c*.
against 39( in 1925.
Redeemable on any dividend date ass whole or in part at 101% and divi- of 510 par value. Sales of cars in 1926 totaled 37.065
1524
THE CHRONICLE
Balance Sheet Dec. 31.
1925.
1925.
1926.
Liabilities
Plant & equipm't_ 5,680,898 6,194,104 7% pref.stock_ 1,948,000 2,195,800
Cash
287,679 1.359,470 Common stock... _ y8,263,942 9,001,202
Collec. drafts
178,964
389,942 Notes payable_ _ _ 1,254,710
28,804
Market. WC „cost_ 255,749
715,996 Distributors,dealers
Notes receivable_ _1 578,050 {292,420 & cust. sundry
Accts. receivable_ _{
659,382 credit balances_ 350,537
Sundry receivables
83,170
228,022 Accounts payable_ 713,957 3,0611:456
Claims in adjust
127,346
Divs. declared _
342,840
32,809
Debit on suppliers
560,622
Accrued liabilities. x204,759
accounts
23,151
616% serial gold
,
Due from Paige,
deben. notes__ _ 500,000 1,000.000
Jewett Cars, Ltd 242,206
Over. reserves_ _ _ 149,912
152,125
Inventories
5,463,491 5,579,743
Investments
162,287
161,059
Def.& prep.chges. 271.888
577,095
Pref. stock purch.
for redemption_
63.750
190.610 Total (ea. side)A3,418.628 16,347,842
Includes reserve for Federal taxes. y 676,474 shares of no par value.
Contingent liabilities. Dealers' drafts and customers' notes W.tinted.
6301,435.-V. 124, p. 517.
1926.
Assets
-
Pacific Coast Steel Co.
-Acquisition.
-
The Seattle (Wash.) Steel Co. has filed a petition for an order to dissolve
and disincorporate. The company was merged with the Pacific Coast
Steel Co. Oct. 6 1926. It has $200.000 capital stock. E. M. Wilson is
President.
-V. 121, p. 2050.
Pearsons-Taft Land Credit Co.
-Bonds Called.
-
[Vol.. 124.
Pratt & Whitney Co.
-$60 Common Dividend.-
The directors have declared a dividend of
on the common
stock and the regular quarterly dividend of 1A fer share preferred stock,
$60ar
on
both payable March 31 to holders of record Marc o 17. the common stock
The
Is all held by the Niles-Bement
-Pond Co.
The Niles Tool Works, another company
all
owned by Niles-Bement-Pond Co., recently whose common stock is the
resumed
preferred stock. The last payment was 13I% regular dividends on
and 1H% extra,
paid Jan. 1. It is stated that it is the intention of the directors to pay off
the 103
,
5% accumulated dividends at a
% quarterly rate.- V. 123, P.
3047.
Rand Mines, Ltd.
-Gold Output (in Ounces).
Feb. 1927. Jan. 1927, Dec. 1926. Nov. 1926. Oct. 1926. Sept. 1926.
779,339
839,000
836,157
840,276
853,296
839,939
-V. 124, p. 1080, 384.
Reo Motor Car.
-No Extra Dividend.
-
The directors have declared the regular
April 1 to holders of record Mar. 15. Anquarterly dividend of 2%.payable
extra 01 2% and regular quarterly
dividends of 2% were paid on Oct. 1 1926 and Jan. 3 last. An extra of 1%
had been paid in each of the two preceding quarters.
-V. 123. p. 3048,3033
Richfield Oil Co. of California.
-Stock Sold.
-Bond &
Goodwin & Tucker, Inc., Hemphill, Noyes & Co., Aronson
Sz Co. and Hunter, Dulin & Co., have sold at par ($25)
/
and dividend 200,000 shares 7% cumulative pref. (a. & d.)
stock (with common stock purchase warrants).
Twenty-six series I bonds have been called for redemption April 1 next at
Preferred as
the office of Pearsons-Taft Co.,105 So. La Salle St., Chicago,Ill.
-V.123,P. and dividends to dividends, and as to assets to the extent of $28 25 Per share
in the event of liquidation. Cumulative dividends payable
3332.
Q.
-F. Redeemable, all or part, on any dividend date on sixty days notice
at $26 25 per share. Dividends free from present normal Federal income
(David) Ponder Grocery Co.
-Sales.
tax. Transfer agents: Merchants National Trust & Savings Bank, LOB
Period Ended Feb.28- 1927-M4:m1h-1927.
1927-2 Mos.-1926.
Angeles;
Sales
$893,220
$764,591 $1,823,858 $1.570.378 Bank of Anglo-California Trust Co., San Francisco and Chase National
the City of New York. Registrars: Pacific-Southwest Trust &
- 124. p. 1372. 1231.
V.
Savings Bank, Los Angeles: Wells Fargo Bank & Union Trust Co., San
Pennsylvania-Dixie Cement Corp.
-Permanent Bonds.
- Francisco, and Guaranty Trust Co. of New York.
Permanent 1st mtge. sinking fund 6% gold bonds, series A, due Sept. 15
Data from Letter of J. A. Talbot, President of the Company.
1941 are now exchangeable for outstanding temporary bonds at the National
CapitalizationAuthorized. Outstanding,
City Bank of New York. (For offering, see V. 123. p. 1842.)-V. 124, First
mortgage and collateral trust6% gold
P.934.
7% cumulative preferred stock (par $25) bonds420.000.000 612,000.000
10.000,000 5.833400
Common stock (par $25)
Peoples Drug Stores, Inc.
50.000,000 28.290.660
-Sales.
The United Oil Co. serial 6% gold notes
Period Ended Feb. 281,453,000
1927
-Month-1928. 1927-2 Mos.-1926.
Sales
Company.-Ineorp. in 1926 in De'aware and acquired several companies
5588.072 $437,216 $1.172,203 $863.838 engaged
- 124, p. 1079. 94.
in the petroleum industry, including over 99% of the capital
V.
3
stock of the United Oil Co. The results of these acquisitions and- the
natural growth of the business are indicated by a
Pettibone Mulliken Co.
-Annual Report.
production of
crude that is over 200% of that at a corresponding current of 1926, while
Calendar Yearsperiod
1926.
1923.
1925.
1924.
current sales amount to 135% of the sales of the same period in 1926.
Mfg. profits, less maint.
The operating facilities of
taxes, sell., &c., exps_ $486,118
$551,642 accommodate this growth. the company are being constantly increased to
$424.810
$177.056
Other income
The cracking plant capacity is being doubled
10,683
25,281
106,977
to a total of 10,000 bbls. per day. A fourth unit is being added to the
Elmo Refinery at Hynes, Calif., providing a total capacity of 57 500 bbis.
Net income
$496,802
$551,642 daily through-put of
$531,787
6202,337
crude oil. With additional casinghead gasoline plants
Res. for Fed. taxes
36,077
28,323
First pref. diva. (7%)_ _
38.047
48,902 recently completed the company now manufactures 75,000 gals. of "casing42,121
48,664
Second pref. diva. (7%)
16,640
14,088 head" per day. Extensions to pipe lines and marine equipment are being
13,741
15,744
provided.
Depreciation
240,181
225,012
199,788
Sales and Earnings.
-For the year ended Dec. 31
1st pref.stock sink.fund
175,000 company and its predecessors (including properties 1926, total sales of the
175,000
175,000
acquired during 1926),
and net profits after deducting depletion, depreciation, annual interest
Balance, surplus
$165,855
$313 653
$45,587
Profit and loss surplus_ _b$2,086,453 $1,908,954 def$232.856 4182,096,223 requirements on funded des now outstanding and miscellaneous interest
$1.863,367
charges, and Federal taxes computed at the present rate, were as follows:
Shares of corn. outst'd'g
Total sales
$32,070,888INet profits as above
(par $100)
$3.280,090
70.000
70.000
70.000
70,000
Net-profits as above for the year
Earn, per share on coin_
$2 36
$8 98 $14 05 per share of 7% cumulative ended Dec. 31 1926 are equivalent to
Nil
$3 15
preferred stock presently to be outa After adding $295,466 adjustment of Federal income and profits taxes
to 1919. inclusive. b After adding credit adjustment of $11,642 in con- standing, or over eight times the annual dividend requirement of such stock.
Stock Purchase Warrants.
-With each share of this preferred stock there
nection with settlement of Federal taxes for years 1920-1923.
will be issued a purchase warrant entitling the holder to subscribe for one
Balance Sheet Dec. 31.
share of the common stock of the company at the following prices: (1)
1926.
1925. I
1925.
1926.
327 50 per share from June 1 1927 to Feb. 29 1928, both inclusive;(2)$30 00
Assets
per share from March 1 1928 to Aug. 311928. both inclusive;(3) $32 50 per
Real est., bldg,. &
564,600 share from Sept. 1 1928 to Feb. 28 1929, both inclusive.
let pref. stock_ _ 544,000
equip., less res. _ 3,699,719 3,595,109 2d pref. stock__ 750,000
750.000
Warrants
Pat'ts & good-will. 5,157,472 5,157,431 Common stock_ _ 7,000,000 7,000,000 Los Angeles;may be exercised at Merchants National Trust & Savings Bank,
Anglo-California Trust Co., San Francisco; and Chase National
Cash
142,283
260,609 Notes payable_ ___ 900,000 1,000,000 Bank, New York.
Investments
4,200
4,500 Accounts payable_ 262,192
254,883
In order to exercise the common stock purchase warrant privilege, holders
Notes receivable
184,895
74,156 will be required to present, but not surrender, their preferred stock certifi83.683 Sundry liabilities_
76,678
Accts. receivable
628.667
550.354 Surplus
2,086,452 1,908,954 cates, unless the preferred stock shall have been previously called for
Inventory
1,112,912 1,211,669
redemption. In the event that the preferred stock is called for redemption
Treasury stock..
689,174
689,238
prior to March 1 1929, the purchase privilege of the warrant will remain
unchanged and may be exercised without presentation of the preferred stock
Total
11,619,322 11,552,593 Taal
11,619.322 11,552,593 certificates.
- 122. p. 3331.
V.
Proceeds of Stock Warrants.
-Funds arising out of the exercise of common
stock purchase warrants must, under the terms of the trust indenture securPrairie Oil & Gas Co.(Kan.).
-Earnings.
ing the first mortgage and collateral trust gold bonds, be used either in the
Calendar Years
1925.
1926.
redemption of bonds of that issue or for the acquisition
construction
z Net income
$15,982.387 $14,181.532 or purchase of additional properties or betterments. through
Dividends
3.806,456 2,400,000
Purpose.
-The funds made available through the sale of this preferred
stock will be used to supply additional working capital made necessary by
Surplus
$12.355,911 $11,781,532 the company's increased volume of business, and to reimburse the company
Previous surplus
79.435.262 66,033.624 for additional facilities made necessary by the company's greatly increased
Adjustments
Dr829,010 Cr1,620.106 production, and for other corporate purposes.
-Application will
Listing.
course to list this stock on the
Profit and loss surplus
$90,962,163 179,435.262 Los Angeles Stock Exchange be made in due
and San Francisco Stock and Bond Exchange.
Earn. on 2,400,000 shs. (par $25) capital stock_
66.65
$5.90
x After depletion, depreciation and Federal taxes. y Depeltion, doConsolidated Balance Sheet December 31 1926.
ration and taxes, prior years. I. o
4 l'• Or li• Muir p.410 0. Ile_,Nd
"
[After giving effect to the sale of 200.000 shares of 7% cumulative pref.
' 1°.
4
..,, Balance Sheet Dec. 31._sas ilv es. Ein b.Ili 10180iltria stock and the application of the proceeds, in part, to liquidation of current
Assets1926.
1923. leo liabilities and the balance to working capital.]
1925.
1924.
Personal property
Liabilities
Assets$43,371,337 $34,344.478 $29,501.935 $18.963,013
Real estate
684.498
$443.315,447 Preferred stock
623,386
608.533
623,991 Properties
Bills receivable
280,000
8 .830, 50
25 29 5W
8 36
189,717 Common stock
260,000 1,535,000 11,550,000 Sundry invest'ts & adv
Investments
21,987,103 23,500,754 18.748,802 17.246.055 Employees stock subscr-175.401 Surplus
2.273.468
Cash
Minority interests
2,433,273 4,517,710 3.584,619 4,136453 Fund for retirement of
531.296
Accounts receivablegold notes
883,000 First mtge.& coll. trust Os 12,000,000
19,974.178 19,102,068 22,491,128 24.660.284
Inventories
73.261,239 72,090,553 66,321.255 54,711.569 Prepaid expenses
234.494 Serial 6 o gold notes..... _ 2.136.000
Deferr payments
Total
3,659.148
$167,971,629$154,424,0965142,806.127 $131890,969 Cash and
Trade accounts payable_ 2,33 :02
Notes
Liabilities
accounts re2 4 482
42 9
3.361.760 Current purch. oblig'ns
Capital stock
ceivable,
714.700
580.000.000 $60,000,000 $60,000,000 860,000.000 Marketableless reserve
Capital sold to employees
40,000 Sundry accounts payable
bonds
36,828
157,300
40,125
4,271,079 State gasoline tax
Accounts payable
Inventories
867,869
16.852,166 14,948,709 16,772,503
Accruals for int., taxes,
Profit and loss.surplus_ _ 90,962,163 79,435.263 66,033.824 11,387.760
60.502.308
wages, &c
579.979
Total
5167.971.6291154.424,096$142,806,127$131.890.989
$55,930,046 Provision for Federal tax289,445
Total (each side)
- 122. p. 2666.
V.
-V. 124, p. 1373.
Prairie Pipe Line Co.
-Shipments.
-
Period End. Feb. 28- 192 7 Month-1926.
finials crude oil (bbls.)- 4,736.228 4.071.405
_V. 124, p. 934, 384.
1927-2 Mos.-1928.
9,587,020 8,258,795
Pullman Company.
-Quarterly Report.-
-Quar. End. Jan. 31- -6 Mos. End. Jan, 311927.
Period1926.
1927.
1926.
521,689,652 $21,986,607 $40,957,234 $47,424,163
Gross revenue
Exps., deprec. & taxes- - 18.738,821 18.027,722 37,549,654 35,687,385
32,950,831 $3,958,885 $9,407.580
1,819,827 1.795.216 4,696,507
51,131,004 $2,163,669 34,711,073
Net open income_ _
1,058,342 1,144,551
Other income
2,371,935
$2,189,346 $3,308,220 67,083,008
Net income
2,699,792 2,689,478 5.388,188
Dividends
def$510,446
$618,742 $1,894,822
Surplus
Earn, per sh. on 1,350.000 abs. of cap. stk.
$1.61
$2.40
Oar $100)
$5.24
-V. 124, p. 1350.
Balance
Amt. paid to railroads
811,736,778
4,920,883
68,815 895
.
2,293,550
59,109.445
5,374,212
-Earnings.
Rockland & Rockport Lime Corp.
Profit and Loss Statement Year Ending Dec. 31 1926.
Rockland c% Hoosac Val. Lime Rock Rockland
RockportLime Lime Co., Railroad Transport's;
Co?Inc.
Co.
Co.
Total.
Gross income_ _ -$1,635,787 $152,387 5137,750
860.000 81.985,923
134,523
107,581
Oper. expense__ 1.424.372
15,478 1.881,954
Net oper. profit.. 8211,415
24.354
Other inc. (net)deprec'n &
99,002
Federal taxes__
98,828
Dividends paid__
$17,864
Dr.566
$30,169
Dr.1,732
$44.522
Dr.1,119
$303,970
4,688
19,041
24,682
9,000
147,371
105,828
$39,940
22,178
468,245
812.632
78,213
69,395
Cr.60
125,330
$9,742
Cr.289
11,430
6111??
Sut . 3cp31 9 1 8486.006
! e . 97
; 112. .
t
6
.
$90,846
$134,785
821,461
6733,097
Surplus
Misc. deductions
Burp. Jan, 1 1926
20,938
$71.709
$3,735,233
$6.74
Ross Stores, Inc.
-New Vice-President.
George L. Brown has been elected Executive Vice-President in charge
of store management, organization and personnel.
-V. 124. P. 385.
1525
THE CHRONICLE
MAR. 12 1927.]
-Shipments Set Record.
Studebaker Corporation.
-Increases Common Dividend Rate.
Safeway Stores, Inc.
cars, following the corporation's
The heavy demand for
The directors have declared a quarterly dividend of 82 50 a share on the sweeping price reductions on Studebaker instrumental in establishing a new
Feb. 16, was
common stock, no par value, and the regular quarterly dividend of 1;1%
single day's shipments, 752 cars having been shipped from
on the preferred stock, both payable April 1 to holders of record March 20. record for aplants on Feb. 28. Between Feb. 26 and Feb. 28, shipments
The company on Jan. 2 last paid an initial dividend of 82 a share on the Studebaker and Erskine cars totaled 1,848 cars.
-V.124,p. 1210, 1082.
of Studebaker
-V. 123. p. 3048.
common stock.
-New Director.
Salt Creek Producers Assoc., Inc.
-Annual Report for Calendar Years.
Texas Co.
.
-Initial Div. on Cony. Pref. Stock.
Schultze Baking Co.
1925.
1924.
1923.
1926.
3
$
$
166,171.513 159,396.627 139,613,622 118.422,367
Gross earnings
Oper., admin., &c.,exp. 98,227,684 89,392,824 89,065,054 87.546.576
-Sale.
Seaconnet (Cotton) Mills.
67.945,829 70,003,803
Net earnings
Deduct
Depreciation & Fed. tax 22.510,056 22,084,402
8,314,322
9,392,441
inventory adjustment
Cash dividends (12%) 19,734,000 19,734.000
A. C. Campbell, of Cheyenne. Wyo., has been elected a director to
-V. 123. p. 1771.
succeed the late C. W. Burdick.
The directors have declared a regular quarterly dividend of 1 3 % on the
preferred stock and an initial quarterly dividend of 75c. per share on the
convertible preference stock, both payable April 1 to holders of record
March 15. See also V. 123, p. 3334.
The property and machinery of the above company were sold March 4
at auction to John T. Fyans, member of the machinery firm of Fyans,
Fraser & Blackvray of Providence, R. I., for $150,000.
Mr. Fyans, it is stated, contemplates reopening a part of the plant as
-V. 123. P. 3334.
early as possible.
-British Interests
(Joseph E.) Seagram & Sons, Ltd.
May Acquire Treasury Stock.
Directors have announced that "negotiations have been practically
completed with important British interests to acquire a holding in the
company for investment purposes." It was stated, further, that the
"parties in question have no connection with Distillers' Co., Ltd., or any
Canadian distillery interests."
It is understood that the British interests uill acquire treasury stock, of
which there is a total of 100,000 shares. The 200,000 shares in the hands
or the public were first offered last November at $15 the share. The
Lritish firm is said to be Johnny Walker.
The balance sheet of the Seagram company as at Dec. 31 1926, showed
total assets of $3,246,191. This included spirits valued at $921,613 and
barrels and supplies worth $448,400. The company has an agreement to
buy 1,000,000 gallons of matured spirit at $2 the gallon. This is shown
on the balance sheet as an asset worth $743.000 to the company. (Toronto
-V. 123. p. 2913.
"Financial Post.")
50,548,568 30.875,791
19.228.321 16,182.727
• 4,861,972 6.495.482
19,734,000 19,734,000
6,724.275df11,538,418
Balance to surplus__ - 16,309,331 19,871.078
113,466,023 95,201.709 88,477,435 94,476,397
Previous surplus
Cr5,537,456
Dr1,412,812 Dr1,606,765
Adjustments
Profit & loss, surplus_128,362,542 113,466,022 95,201.709 88,477.435
Shares of cap. stk. outstanding (par $25)- 6.578,000 6,578,000 6,578,000 6,578.000
Earn, per share on cap.
$6.02
$4.02
$1.25
$5.48
stock
-'if. 123, p.2533.
-Annual Report.
Texas Pacific Land Trust.
1924.
$39.940
1925.
$282,237
1923.
$28.335
Calendar YearsCash on hand Jan. 1_ _ _ _
Income fr rentals, min.
.A
sales, billsrec.,int c.
1926.
$75,983
575,134
486,723
372,924
422,875
Total receipts
Gen.exp. & other costs_
Govt., State, county &
municipal taxes
$651,118
197,407
$768,960
496,419
5412.864
47,492
$4451.210
339,647
90,784
196,558
83,135
71,624
$282,237
$39,940
$75.983
Cash on hand Dec.31- $362,928
Harold J. Abrams of Dallas, Tex., has been elected a trustee to succeed
-V. 124, p. 386, 247.
W. Forbes Morgan, resigned.
-Listing.
Sheridan-Wyoming Coal Co.
The Boston Stock Exchange has authorized the listing of the $3,000,000
let (closed) mtge. 6% s. f. gold bonds to be dated July 1 1927. See V.
124, p. 1374.
-Registrar.
Thatcher Mfg. Co., Elmira, N. Y.
The Central Union Trust Co. of New York has been appointed registrar
for 300,000 shares of common stock and 150,000 shares of preferred stock.
V. 124, p. 1082.
-Acquires Theatre.
Shubert Theatre Corp.
The corporation recently purchased the National Theatre at 208-216
West 41st St., N. Y. City, from the Sanjor Corp. The structure occupies
a plot 111 by 98.9 feet. The National Theatre property was conveyed
subject to mortgages of 3655,183.-V. 124. p. 804.
-The directors
-33i% Extra Dividend.
Singer Mfg. Co.
have declared an extra dividend of 3%% in addition to the
regular quarterly dividend of 25i% on the outstanding
$90,000,000 capital stock, par $100, both payable Mar. 31
to holders of record Mar. 10. The company on Dec. 31 last
paid an extra cash dividend of 13't,%, on Sept. 30 an extra
of 1%, on June 30 an extra of 2% and on March 31 1926 a
special cash dividend of 33 1-3%.-V. 123, p. 3049.
-No New Financing Expected in
Stanley Co. of America.
Connection with Acquisition of First National Pictures.
-February Sales.
(John R.) Thompson Co.
Increased 1927-2 Mos.-1926.
-1926.
-Feb.
1927
$2.210.815
3690132,342,585
31,117,150
81.117,840
-V. 124. p. 1375. 937.
No new financing is expected as result of acquisition of control by Stanley
Co. of America and West Coast Theatres Co. of First National Pictures.
Inc. The arrangement, which is nearing completion, is described as a
co-operative move which will involve no changes in present managements
ofthe various companies and will require no immediate capital.
Edward B.Smith & Co.,long the bankers for the Stanley Co.are conducting the negotiations. Those negotiations have been carried on with the
Officials of First National Pictures direct and with West Coast Theatres,
of which Hayden, Stone & Co. have acted as bankers.
The proposed $100,000,000 combination will be affected by joint acquisition by Stanley and West Coast of approximately 31.000 shares of the
common stock of First National Pictures, which shares wit be poe.ed.
First National has a total of 80,000 shares of common stock.
This merger will create the third great film producing and theatre owning
system in the United States. Stanley now is second only to Famous
Players-Lasky Corp. in the number of theatres under its control. First
National produced 52 films last year and reported gross rentals of over
$25,000,000.
-The annual reports shows that the company enjoyed
Annual Report.
the greatest year in its history, expanding its theatre holdings from 93 to
210 houses by acquisition of the Rowland Creek chain in Pennsylvania, the
Fabian chain in New Jersey, numerous private theatres, and through the
building of new houses. The major portion of the consolidations effected
took place during the last quarter so that the 1926 income account reflects
earnings of acquisitions for a very short period. The issuance of additional
stock to finance acquisitions increased the number of the company's shares
from approximately 334,000 shares at the beginning of the year to 616,000
at the close.
Results for Calendar Years.
1926.
1925.
$20,529,936 $9.567,682
Box office receipts
22.909,812
9,691.584
Total income
3,231,419
1,755,034
Net income
1,755,034
Net income available for deprec. and dividends._ 3,148.809
1,315,262
605,902
Dividends
-Earnings.
Tung-Sol Lamp Works, Inc.
Increase.
$131.770
1926.
$979,507
34,261
1925.
8795.349
90,885
81,013,767
186,335
117,784
$886.235
131.$90
101,877
Net income
Dividends on class A stock
Dividends on common stock
$709,628
270.000
120.000
8652.768
Balance
-V.123. p. 2534.
$319,628
$652,768
Calendar YearsNet operating profit
Other income
Gross income
Deductions,including discount and amortization
Federal tax provisions
-New Director.
Union Oil Associates, Los Angeles.
Ernest H. Lockwood has been elected a director to succeed the late
-V. 120, p. 1102.
E. F. Powers.
-Amends Certif. of Incorporation.
Union Oil Co. of Calif.
An amendment of the articles of incorporation was voted by the stockholders at the annual meeting, giving the company the right to issue stock
in exchange for or in purchase of properties when authorized by affirmative
vote of two-thirds of the board of directors, and the privilege to sell stock
to stockholders at a price to be fixed by similar vote. In effect the amendment facilitates negotiations for properties and signifies, apparently, an
aggressive policy On the part of directors.
Stanley W. Morshead of San Francisco and Malcolm McNaughten.
President of Borad way Department Store of Los Angeles, have been elected
-V. 124. p. 1351.
additional directors.
-Annual Repor
Union Sugar Co.,San Francisco, Calif.
Calendar Years
Net operating profit_ ___
DeductionsDisct. & commis. on sale
of preferred stock_
U. S. Beet Seed Co.
capital stock
Dividends
Deprec.& obsol
Fed.income tax reserve.
Miscellaneous
1926.
$146.359
1925.
$100.485
1924.
8569.809
1923.
5507.868
25.240
237,820
146.130
237,820
169,978
Cr.413
4,283
237.820
157,597
54,839
8.909
7.500
169,611
97.899
1.527
def8244,004 def$311.576 sur$110,644 sur$206,090
Balance
8904,284
Profit & loss sur. Dec.31 $785.405 $1.070,986 81.335432
-V. 122, p. 1325.
31,833,547 31.149,132
Balance
616,000
334.000
Capital stock shares (no par)
$5.11
$3.44
Earns per share
Balance Sheet Dec. 311926.
Liabilities
Assets$46,205,865 Mortgage bonds
Properties owned
$18.600,000
Properties leased
9,919.757 Mortgages payable
8.067.749
Investments
4,093,925 Notes and debentures-.- 5,200,000
Cash
3,629.806 Notes and accts. payable 1,438,065
Approp.for construction. 3,895,389 Deferred & accrued items
801.593
Loans, notes, accts., roc- 1.648,904 Dividends payable
469.974
Inventories
15,790 Reserves for deprec., &c.
taxes
and U. S.
Advance deposits
157,588
5,162,034
Deferred St prepaid items 2,102,359 Minority interests on associated cos
1.081.853
x30,848,116
Capital and surplus
-Dividend Rate on Common
United Drug Co. Boston.
to 9% per Annum.
-The directors on
Stock Increasedfrom
March 8 declared a quarterly dividend of 2%% on the common stock, payable Tune 1. Quarterly dividends of 2% were
paid on this issue in the previous four quarters. Record of
dividends paid on the common stock since 1918 follows:
Total liabilities
371,669,386
871,669,386
Total assets
The capital and surplus is represented by 616,135% shares of no par
stock.
-V. 124. p. 1374.
Consol. Earns.for Cal. YearsGross earnings
Expenses, interest, &c
Reserved for taxes
1926.
1153,440
223,281
808
1925.
$411,415
166,976
18,129
1924.
$414.034
150,894
101,678
Net earns, of par.co.(U.S.D.Corp.)
Net earnings of subsidiary companies
$229.351
932,502
$226,309
946,280
$161.462
568,300
81.161.853 81.172,589
111,216
61,905
$729.782
160,188
Balance, surplus
31 099 949 31.061,373
168.709
Shs. com. stk. outst'd'g (no par)... _ '186'076
86.29
Earned per share$h.91
-V. 124. p. 1376.
8569,574
145,097
83.93
Stewart
-Warner Speedometer Corp.-Bal. Sheet Dec. 31•
1926.
Assets$
Land, buidlings,
machinery, dm.:14,148,443
Pat'ts, rd-will, &o _
1
1,480,807
cash
U.S. Govt.secure. 1,369,856
Inv.In m'k't'le seo. 510,214
Accts.& notes rec. 4,719,746
6,207,381
Inventories
Deferred charges
309,367
1925.
$
13,521,364
1
2,298,950
1,546,721
615,880
4,379,973
5,887,990
784,789
1926
$
LiabilitiesCapital stock_ _ ..y19,155,459
BassIck Co. pref._ 783,000
Bass.-AlemIte 7%
1,000,000
notes
Accts. & vouchers
909,403
payable
Taxes, royalties,
&c., accrued... 440,289
91
71074
Fed. Inc. tax prov_ 5.
Surplus
1925.
$
19,155,459
879,300
1,125,000
1,066,613
778,068
71 7 )
5, /313?
28,745,815 29,035,668
Total
28,745,815 29,035,668
Total
x Land, buildings, machinery and equipment, Dec. 31 1925, $20,575,584,
depreciation. $6,427,141. y Representing 599,990 shares of no par
lees
value.
The income account was given in V. 124, p. 1082.
1918. 1919. 1920. 1921. 1922. 1923. 1924. 1925. 1926. 1927.
3%
0
6%
6% 05% y7;1%_gil
5% x7h% 731%
,
Includes an extra dividend of 1%. 3 Represents 2% paid on M
payable on June 1.
last. and 2
P. G. Hartz, of Aurora, Ill., has been elected a director, to succeed
--V. 124, p. 1350.
Stephen Heater, of Chicago. resigned.
United States Distributing Corp.
-Annual Report.-
Total income
Preferred dividends
United States
-Listing.
& Improvement Co.
Realty
The New York Stock Exchange has authorized the listing on and after
capital stock without par value,
March 15 of certificates for 66.645 shares of
total amount
on official notice of issuance as a stock dividend, making the 10 declared a
applied for to date 733,102 shares. The directors on Feb.
share of capital stock on each share of the
stock dividend of one-tenth of a
capital stock then issued and outstanding to be distributed and issued on
March 15 1927 to holders of record Feb. 23 1927.-V. 124. p. 1083.
1526
THE CHRONICLE
United States Radiator Corp.
-Annual Report.-
Yrs. End. Jan. 311927.
1926.
Gross earnings
$2,068.183 $1,978,648 $2,324.491 $2,275..301
Cash disci. on sales. &c.
200.516
178.571
188,215
191.749
Int. on bonds & notes
39,003
90,906
83.384
47.932
Depr. on plant & equip_
143,150
146.051
144,415
149.874
Reduction of inventories
to market value
142,825
Res. for Federal taxes &
contingencies
227.000
266.000
387.000
203.000
Preferred d ividends_ _ _ _
287.672
282.170
287.672
287,672
Common dividends
430.000
120.000
310.000
Balance, surplus
$740.842
$788.420 $1.113,805 $1,168,777
Shares of corn. outst d'g
(no par)
200,000
x40.000
x40.000
200,000
Earns, per share on corn.
$29.22
$30.85
z Represented by shares of $100 par value. 5 V. 124. p. 122.
$5.8549
3.
[VOL. 124.
Walworth Co.(& Subs.).
-Balance Sheet Dec. 31.1926.
1925.
1926.
1925.
AssetsPlant,equip..&c.x16,317.230 16,863.656
Lease purch. contr.
60,059
44,713
Leases, Wal.Munz
Ltd
77,815
76,319
Cash
992,154
840.939
Drafts & notes rec. 420,462
272.498
Accla receivable_ 3.685.978 3.979,518
Inventories
8,346,134 10,056,837
Prepaid insurance,
Interest & taxes_ 182,922
164.015
Sinking fund (cash)
12,803
Walworth Co. Ms, 200.000
Miscellaneous Becurities
48.131
34,155
Deferred charges
to operation
107,575
130,622
Treasury stock...y105,821
106,307
Good-wIll
426,410
426,410
Liabilities$
Pref.stk.(6% cum.) 1,000.000 1,000.000
Pref, stk. of subs- 392,500
402,5110
Int, of minority in
Wal.-Lai. Co_ _ _
183.951
Com.stk.& sur. _z15,019,216 15,432,194
Porch. obligations 470,854
470,854
Bonds & debens.:
Walworth Co_ _ _10,900,000 11.000,000
Subsidiary co.__ 649,606
772,550
Accts. payable &
accrued items__ 1,509,454 2.106.824
Bonds & debens.
(since paid) _ _
48,538
48,500
Reserve for Fed'I
tax (subsId.)___ 117.125
116.733
Notes payable:
United States Rubber Plantations, Inc.
-Report.
Walworth Co_ _
75,000
480.000
See United State. Rubber Co. under "Financial Reports- on a precedSubsidiary cos__ 165,000
325.000
page.-V. 108. p. 2131.
Mtge. notes pay__
22,000
8.000
Total (each side)30.970.691 33.008.793 Res. for conting's_ 601,397
661.687
United States Steel Corp.
-Unfilled Orders.
X After depreciation. y 5,464 shares common. z Represented by
See under "Indications of Business Activity" on a preceding page.
-V. 300,000 shares no par value. The usual
income account was given in
124. p. 1376. 938.
V. 124. p. 1235.
United Steel Works of Burbach-Eich-Dudelanzer.
Definitive Bonds Ready.
The Guaranty Trust Co. is prepared to deliver definitive 25
-year sinking
fund 7% gold bonds. due April 1 1951. in exchange for outstanding trust
receipts. See offering in V. 122. p. 1929.
United Verde Extension Mining Co.
-Output.
-
Period end. F
,b. 28- 1927
-Month- 1926.
Copper produced (lbs.) _ 2,303.758
3,528,765
-V. 124. p. 1234. 387.
1927-2 Mos.-1926.
7.502,875
5.709,730
Universal Leaf Tobacco Co.
-Common Divs. Resumed.
The directors have declared a quarterly dividend of 75 cents per share on
the new no par value common stock. payable May 1 to holders of record
April 15. The last dividend on the common stock was 2%,paid in January
1924 on the old $100 par shares which were recently exchanged for no par
stock on the basis of two no par shares for each $100 par common share
held.
-V. 123. p. 1646.
The Equitable Trust Co., trustee, 37 Wall St., N. Y. City, will until
March 17 receive bids for the sale to it of 15
-year 7% gold debentures, duo
May 1 1937, to an amount sufficient to exhaust $36,245, at prices not
exceeding 104 and int.-V. 123, p. 2008.
Van Raalte Co., Inc., N. Y. City.
-Annual Report.Calendar YearsGross profit on salesSelling, adm., &c.,exp
1926.
1925.
1924.
$1.583,898 $1,716.448 $1,231.846 $1102:560
4
,623
1,218,799
1,348,747
1,200,990
1.182,928
Net profit
Other income
See Stanley Co. of America above.
-V. 124. p. 1376.
Western Electric Co.-Egtimated Sales.
-
Utah Copper Co.
-751h Quarterly Report.
-
Valvoline Oil Co.
-Tenders.
-
West Coast Theatres, Inc.
-Joint Control of First
National Pictures, Inc.
-
Calendar Years1926.
1924.
1925.
Total sales billed
$263.000.000 $239.500.000 5247.000.000
Note.
-The above figures are exclusive of those made in the supply
department, which last year was incorporated as the Graybar Co. The
latter had aggregate sales in 1926 of 577,000.000.-V. 123. p. 2150.
The report covering the fourth quarter of 1926 shows:
Production.- The total net production of copper (in lbs.) from all sources
for the quarters is shown below, in comparison with the output for the
same period of 1925:
-Net Copper Produced- --Monthly Average
1926.
1925.
1925.
1926.
Fourth quarter
65.116.466 53.446.623 21.705.489 17,815,541
Third quarter
61.804,076 53.708,682 20,601.359 17.902,894
Second quarter
53,780.647 52.409,289 17.926.882 17,803.096
First quarter
53.472,436 53.597.545 17.824.145 17.865.848
During the quarter the Arthur plant treated 1.868.600 dry tons of ore
and the Magna plant 2,015.300 dry tons, a total for both plants of 3.884,100.
The average grade of ore treated at the mills was 1.01% copper and the
average mill recovery of copper in the form of concentrates was 86.72%
of that conteined In the ore, as compared with 1.03% copper and 88.24%
recovery, respectively, for the previous quarter.
The average cost per pound ot net copper produced, including depreciation
of plant and equipment and all fixed and general expenses and after crediting
gold, silver and miscellaneous earnings. was 7.4c., as compared with 7.8c.
for the preceding quarter. computed on the same basis.
Financial Results of Operations.
-guar. End. Dec. 31- -12 Mos. End. Dee. 311926.
1925.
Net prof.fr.copper Prod. $3.561,335 $2.812,490 $111926
8
,375
,7 9
8 ;335 $10192 :240
Misc. inc.. incl. gold &
silver
2,609.738
918.056
2.890.175
651.737
Bingham & ((mild(' Ry.
Co. dividend
300,000
75.000
75,000
300,000
Nev. Consol. Copper div
375,188
250.125
1.125.563
250.125
Inc., misc.securities, _.._
80.931
296,748
Total income
$5,010.511 $3,789.352 $16.586,380 $17,538,103
Depreciation
313.598
1.207,269
1,229,361
311.648
Balance
$4,696,913 $3,477.703 $15.357.019 $12,330,833
The total capping removed during the quarter was 1.855.009 cu. yds.,
as compared with 2.388.311 CU. yds. for the previous quarter.
The Bingham & Garfield Ry. Co transported a total of 441,060 tons of
freight, or an average of 4,794 tons per diem.
The ore delivery department transported a total of 4.085,287 tons of
ore, being an average of 44.405 tons per diem as compared with 3,692,243
tons and 40.133 tons, respectively, in the previous quarter.
-V.123. p. 2915,
Weetamoe Mills, Fall River, Mass.
-Acquisition.
-
The directors of the Mechanics Mills have declared a final dividend In
liquidation of assets to its stockholders of record Dec. 1 1926, at the rate of
one share of Weetamoe Mills stock for each share of Mechanics Mills stock
held. John S. Brayton, Treasurer of Mechanics Mills, has received from
Weetamoe Mills certificates of 7,500 shares of that company's stock. See
also V. 124, p. 123.
Westvaco Chlorine Products Corp.
-Bonds So'd.Taylor, Ewart & Co., New York, have sold at 98 and int.,
to yield over 53 17 $2,500,000 10-year 53.% sinking fund
/ 0,
gold debentures.
Dated March 1 1927: duo March 1 1937. Int. payable M. & S. In
New York and Chicago. Donom. $1,000 and $500c5. Red., all or
part, on 30 days' notice, at 104A and int. on or before March 1 1928,
thereafter at said price less A of 1% of the principal amount for each
full year expired after date of issue. Int, payable without deduction
for any Federal income tax up to 2%. Company agrees to refund all
personal property, securities and income taxes of any State and the District
of Columbia not exceeding five mills per annum on each dollar of principal
amount of the debentures. Guaranty Trust Co., New York, trustee.
Corporation.
-Owns all of the capital stock except directors' qualifying
shares of Westvaco Chlorine Products. Inc., a company engaged in the
manufacture and sale of chlorine, caustic soda, and related products.
Carbide & Carbon Chemical Corp., a whooly owned subsidiary of Union
Carbide & Carbon Corp., has contracted to pay monthly to the trustee
for these debentures, during the period commencing Jan. 1 1928 and
terminating Dec. 31 1937, or at such earlier date as all of said debentures
shall have been retired, the sum of $1.000 per day to be used by the trustee
for the payment of interest on these debentures and for their retirement.
The payments provided In the above-mentioned contract are sufficient
to cover Interest requirements on the debentures to be outstanding Jan. 1
1928 and to retire the entire amount before maturity at the existing redemption prices.
These payments have been guaranteed by the Union Carbide & Carbon
Corp. and this guarantee will be assigned to the trustee for these debentures.
Current net earnings of Westvaco Chlorine Products, Inc.. available
for interest and depreciation, are at the annual rate of $480,000 or over
four times the interest on these debentures for the 10 months' period
from March 1 1927 to Dec. 311927.
These debentures are listed on the Chicago Stock Exchange.
White Sewing Machine Corp.
-Earnings.
Calendar YearsSales
Cost of sales
1926.
1924.
1925.
I
Not
J$10.841,606 $8,532,225
3,793,844
f reported 1 4,627,113
Operating profit
$7.275,037 $6,214,493 $4.738.381
Operating and miscellaneous expenses 5,489,757
3,669.841
4,746,214
$1,785,280 $1,568,279 $1,068.539
40,314
38.783
57,207
Miscellaneous income
Net profit
$1,842.487 $1,507,061 $1,108,853
256.427
Interest paid
193,171
274,256
Provision for depreciation
203,116
158.262
198,166
Prov. for Fed'I taxes & contingencies_
30,000
172,500•
Surplus
$619,311
$1.197.565 $1.155,629
Balance at beginning of period
2.430,849
3,335,893
2,967.087
Other profits
328.120
$275,813
$365,099
$30,856
$533,521
160,129
105.388
82,227
90,392
Total
$4,165,552 $3,586.478 $4,283,323
Loss on (or
160,917
1,852,474
Gross income
$525.228
$381,201 Add'I prov.writing off) Investments..
$113,083
$623.913
for customers' installment
gIncome charges
389,502
244,212
581,939
345.634
accounts as of Dec. 31 1923
375,000
Federal taxes(mt.)
16,059 Additional removal expenses
20,262
1st pref. divs. (7%)--- 258.633
279.650 Dividends paid on preferred stock- (53)300,000
275,450
267.050
62,317
Balance, surplus
$11,229 def$744,306 def$158.720
$3,865,552 $2,967,987 $2,430,849
Surplus at end of year
Shs. of pref. stk. out-def$122,906
standing (par $100)The earnings per share on the outstanding 150,000 (no par) shares
36.665
39.950
37.375
38.675
Earn. per share on pref_.
corn. stock ii 1926, after allowing for prof. stock dividend requirements
$3.70
$3.03
Nil
$7.45
x Including $189,749 depreciation in 1926. $189,746 in 1925 and $366,662 of $4 per share, amounted to $5 31 per share, or $3 99 per share on the
present outstanding 200.000 shares of common stock -V. 124, p. 523.
In 1924.-V. 122. p. 1469.
Wabasso Cotton Co., Ltd.
-Rights.
--
The stockholders of record March 15 will be given the right to subscribe
on or before May 2 for 17.500 additional shares of capital stock (no par
value) at $60 per share, on the basis of ono now share for each two shares
held. Subscriptions may be payable either in full on or before May 2
or in installments of $10 each on or before May 2, June 1. July 4. Aug. 1,
Sept. 1 and Oct. 1, respectively, at the Quebec Savings & Trust Co., 120
St. James St., Montreal, Canada, or at the Bank of Montreal, 47 Threadneedle St., London, E. C. 2, England.
-V. 124. p. 1083.
Wakenva Coal Co., Inc.
-Tenders.
-
The First National Bank of Cincinnati, 0.. trustee will until April 14
receive bids for the sale to it of 1st mtge. (closed) 7% s. f. gold bonds,
dated Jan. 11926, to an amount sufficient to exhaust $55,000. The funds
to retire these bonds have been secured through the sale of a part of the
-V. 123, p. 858.
company's properties, it is said.
-Chairman of Board.
Ward Baking Corp.
-
William B. Ward has been elected chairman of the board, a newly created
office.
-V. 124, lj• 9 .
39
Washington Oil Co.
-$2 Dividend.
A dividend of$2 per share has been declared on the capital stock, par $25,
payable March 21 to holders of record March 14. A distribution of $4
per share was made on Dec. 20 last, compared with $1.50 per share on
Sept. 20 and SI per share on Juno 21 last.
-V. 123, p. 3336.
-Ann. Report.
Worthington Pump & Machinery Corp.
1923.
1925.
1924.
1926.
Cater der YearsBillings to customers___$17,141,458 $15,222.560 $16,572.096 $21.142,264
16.973.479 14.888,100 15,504.871 19.544,598
xCost of sales
Operating profit.--Int. received, &c., net._
Int. & diva, from invest_
$167,978
$90,637
157,048
$334,460 $1,067,196 $1,597,666
867,771
$87,479
586.187
217,893
210.574
219.998
Gross income
Int. on notes to U.S.,&c.
Reserve for Fed')taxes..
Dividends on
Class A pref.(7%)
class 43 pref.(3%)
$415.664
50.000
$620,124
$11,000
80,000
z293,624
z464,475
391,498
619,300
$1,365,249 $1,903,851
$17.469
$33,000
170,000
200.000
391,498
619,300
301,498
619,300
def$392.435 def$481,675 sur$166,981 sur$660,052
Balance
Profit & loss, surplus_ _ - $3.938,664 y$4,331,100 y$4,662.774 y$4.295.793
Shs. pref. A & B outst'g_
159.145
159.145
159.145
159,145
51050
Earned per share
$2.29
53.32
57.40
x Cost of sales includes all operating and maintenance charges, depreciation of plants and equipment. selling, general and administrative expenses.
y After adding $150,000 released from tax reserves in 1925, $200,000 in 1924
and $1,250.000 in 1923. z Dividends paid for the nine months to Sept. 30
1926.-V. 124. p. 1376.
For other Investment News, see page 1541.
MAR. 12 1927.]
1527
THE CHRONICLE
119o
1. rt6 anti giontittents.
111111.111•1110 aS MOVIIRUSAMIINTII
,
ON
GENERAL MOTORS CORPORATI
EIGHTEENTH ANNUAL REPORT—FOR
ER 31, 1920.
THE YEAR ENDED DECEMB
mber 11, 1926, a 50% dividend
share per annum. On Septe the Corporation. The regular
in common stock of
was paid
nued on the
$7 per share per annum was conti
To the Stockholders:—
regular divint of dividend of
capital stock. There was paid in
lidated balance sheet and income accou
increased
The conso
of $48,subsidiary companies are dends on the common stock during the year, a total
General Motors Corporation and
were dethe fact that 497,216. In addition, two extra cash dividends total decd to
submitted herewith. Attention is calle
33,777. There resulted a
ed in the accounts of clared, aggregating $55,4
year
certain subsidiaries are not consolidat
dividends on the common stock for the tnot consolidated, is laration of cash This includes the extra dividend amoun
Corporation. A list of subsidiaries,
the
of $103,930,993.
t].
ry 4, 1927, to stockholders of
displayed on page 21 [pamphlet repor
ing to $34,788,558 paid Janua
n net earnings for the year 1926 record November 20 1926.
General Motors Corporatio
rsement on account
Notwithstanding the very large disbufor reinvestment in
is included therein $10,146,038,
were $186,231,182. There
was added to surplus
rtion of the earnings of of dividends, there
which is the Corporation's propo
$64,508,864. This compares with
accruing to Gen- the business a total of
diary companies not consolidated but
subsi
$36,909,544 for the year 1925.
of dividends received.
Government securities, and
eral Motors Corporation in excess
Cash in banks, United States
is reflected directly in marketable securities at the close of the year, amounted to
(The difference, or $176,085,144,
the close
account and balance $135,398,386. This compares with $145,142,088 at
General Motors consolidated income
drafts were $12,073,434; invenregular quarterly dividends on of the previous year. Sight
sheet.) After paying the
nt assets $336,338,213; cur5,287 for the tories $156,263,663; total curre
s an excess of curpreferred and debenture stock requiring $7,64
liabilities $144,332,596. This leave
the amount earned rent
of $192,005,617 which
year, there remained $178,585,895, being
assets over current liabilities
g. This is equivalent to rent res with $181,826,881 as of December 31, 1925, an inon the common shares outstandin
compa
capital stock and surplus
on the common stock as against $14 per crease of $10,178,736. The total of
$21.80 per share
4 is accounted for
on a comparable basis increased $147,240,895 of which $64,508,86 the balance of
share for the year 1925 calculated
and
mber by earnings reinvested in the business, al and surplus inciend paid in Septe
giving effect to the 50% stock divid
increases to capit
ration, $186,231,- $82,732,031 represents n of the minority interest of Fisher
1926. The total net earnings of the Corpo
acquisitio
the earnings dent to the 30, 1926. Total real estate, plant and equipof
182, including the Corporation's proportion
Body at June
ed but accruing to ment accounts show a substantial increase over the previous
of subsidiary companies not consolidat
the purdividends received, year. Of this increase $86,423,456 results from balance
General Motors Corporation in excess of
assets of Fisher Body Corporation. The
of $116,016,277. chase of the
compares with net earnings for the year 1925
sion in the Corporation's manufacturing
r Body Corporation represents an expan ses and necessities of which are exOn June 30,1926,the assets of the Fishe
the purpo
in respect to the out- facilities, detail elsewhere in this report. Reserves for
were acquired, resulting in a payment,
plained in
20 shares of General depreciation of real estate, plants and equ!pment show a
standing minority interest, of 664.7
conof $32,266,911, of which $18,530,742 was in
g been paid from
Motors common stock; 26,319 shares havin of 638,401 shares net increase the acquisition of Fisher Body Corporation
nection with
ury and the balance
and equipstock held in the treas
12, 1926, there was properties. The net balance in real estate, plant
being newly issued stock. On August
ciation, shows an increase of
end of 50%, payable September 11. ment accounts, after depre
declared a stock divid
there has resulted $114,838,706 over last year.
Giving effect to these two transactions
mber 31 1926, to the
YEAR.
common stock outstanding as of Dece red with 5,161,599
AN OPERATING REVIEW OF THE
amount of 8,700,000 shares as compa
established a new record in number of cars
The year 1926
1925.
shares outstanding as of December 31, 231,182, referred to manufactured and sold, not only for the Corporation as a
The net earnings for the year of $186,
car manufacturing divisions indis Corporation propor- whole, but for each of the
manufactured and sold at retail, to
above, include only the General Motor
r Body Corporation for vidually. There were
through branches, distributers
tion of the net earnings of the Fishe
ngs accruing to the users at home and abroad This exceeded all former recthe first six months. If the net earni g that period were
and dealers, 1,215,826 cars.
durin
sented an increase of 47.0%
minority interest in Fisher Body
would have been ords by 388,770 cars and reprein turn established a record
added, the combined result for the year
over the previous year, which
ration's sales, excluding
$194,645,462.
31, over any prior period. The Corpo
to $1,058,153,338, an inIn the annual report for the year ending December
ngs for that all inter-company items, amounted ous year. As a matter
1925, it was stated that the comparison of earni
that crease of $323,560,746 over the previ ximate the aggregate
years indicated
appro
year with the earnings of previous
year the Corporation of fact, the sales for the year
the Corporation's his1925 was by far the most successful
of the entire first ten years in
ed up to that time. It is interesting to note that sales viz., for the years 1909 to 1918 inclusive. Stocks
had enjoy
of 1925 by $70,214,905, tory;
the earnings of 1926 exceeded thosengs of 1926 exceeded the of cars in the hands of the Corporation, its dealers and diswere normal. The policy
or 60.5% and further, that the earni
1925 by $114,222,227, or tributers at the close of the year a previous annual report,
former high record previous to
ration, dealt with in
of the Corpo
cars, has been rigidly ad158.6%.
above affecting the regarding stocking dealers withCorporation's dealer organiOn account of conditions mentioned
profit both to the
g, and due to the fact that hered to with
number of shares outstandin a part of the net
n itself.
earnings of zation and to the Corporatio n
ximately
ed
during the first half of the year
During 1924 the Corporatio manufactur approand Canan outstanding minority interest,
Fisher Body accrued to
six produced in the United States
applicable to General Motors com- one car in every
the earnings per share
to one car in every five;
by the following ada. In 1925 this was increased
mon stock for the year must be arrived at
one car in every four,
in the full year 1926, to better than
method:
ration's new series of cars
common stock for the first six and since the advent of the Corpo
ing year, the
There was earned on the
is equivalent to $17.33 per in August 1926, the beginning of the manufactur
months of 1926, $89,463,931. This
ved and it is
s outstanding through- Corporation's position has still further impro
in every
share, as there were 5,161,599 share
ase of the assets now manufacturing and selling almost one car The sales
out the six months period prior to purch 1926.
There were three produced in the United States and Canada.
30,
of Fisher Body Corporation as of June of Fisher Body Cor- of General Motors during the year under review represented
assets
other automoissued as part payment for the
of General Motors com- a greater aggregate value than those of any
poration 638,401 additional shares nt
manufacturer in the world.
outstanding immedi- bile
ed out that
mon stock, making the total amou shares. The
Annual reports of the last two years have point nts have
amount
ately after this acquisition 5,800,000
in real estate, plant and equipment accou tions.
last six months was increases
earned on the common stock for the 7 per share on the been offset by liquidation and charges against opera
to January 1, 1926,
$89,121,964. This is equivalent to $15.3
fore, the total As a matter of fact, from January 1, 1923, investment in real
5,800,000 shares referred to above. There on
$2,779,165 in net
(without there was a reduction of
earnings per share on General Motors comm
deducting depreciation
estate, plants and equipment after
reflecting the 50% stock dividend paid in September) is the
sales to dealers increased from
ves. On the other hand,
1926. Likewise
sum of $17.33 and $15.37 or a total of $32.70. Giving effect reser
55 cars in the year 1923 to 1,234,850 in -company items,
to the 50% stock dividend paid in September, the above cal- 798,5
ding all inter
the Corporation's sales, exclu
$1,058,153,338 in 1926.
culated earnings per share of $32.70 is equivalent to $21.80
ased from $698,038,947 in 1923 to
ment account, as of
per share on the basis of the present stock after the stock incre
While real estate, plants and equip over January 1, 1926,
dividend.
antially
was increased as of January 1,1927 increased substreflects added capacity which
The regular quarterly dividend
ase to a great extent
_March 12, 1926, to $1.75 per share, or to the rate of $7 per this incre
March 7, 1927.
1528
THE CHRONICLE
(Volk 124.
did not become productive in 1926.
Thus the last three December
years have shown a striking
increase in effectiveness of gram and 31, 1925. In the development of its financial proplant facilities.
to keep step with its rapidly increasing
business,
General Motors Acceptance Corpo
It is not difficult to appreciate
ration sold a note issue of
that the tremendous ex- $50,000,000
pansion in volume with a decrease
through J. P. Morgan & Co. in February,
in fixed investment ap1926.
General Motors Acceptance Corpo
plicable thereto, was only possible throu
ration was organized in
gh greatly increased 1919 under
operating efficiency. However, the
the banking law of the State of New
facilities of practically the purpo
York for
all the Corporation's various
se of assisting General Motors distri
activities have been taxed to and
customers in financing cars purchased buters, dealers
the utmost. In connection with incre
on
be pointed out that in dealing with ased facilities, It should was stated in the last annual report that this credit. It
production problems of assuming
activi
the magnitude under discussion,
an increasing importance in the opera ty was
it becom
difficult as volume increases to obtai es more and more General Motors to a degree that could hardly be tions of
overestin from outside sup- mated. Exact
pliers the quality, price and opera
ly the same remarks apply at this time.
ting efficiency essential conservati
to maintain the Corporation's
ve policy its officers follow in dealing with The
positi
the
comes desirable that the Corporatio on. Therefore, it be- subject of credit merchandising was also point
ed out in the
n should manufacture last annua
more of those products which it
uses if it is to properly pro- fied those l report. The year under review has fully justitect its position.
policies, and as a matte of fact, it is gratifying
to point out that there has been a r
In view of the above conditions,
marked tendency toward
it was considered desir- more
able during the year to provi
conservative policies on the part of all
de
pacity, also to increase the scope additional automobile ca- tutions handling business of this character. financial instiThe
of the products manufac- positi
tured, in order to protect the
on and standing of General Motors Accep financial
Corporatio
tance Corexpanding business both at home and n's future and its poration as a banking institution is unquestion
abroad. Authorized undou
ed, which
btedly has resulted from the strict adher
projects, large in the aggregate amoun
ence to sound
t, covered fixed cap- princi
ital expenditures in the car divisi
ples as well as from the highly efficient manne
ons, throughout the Fisher which
r in
Body operations and the accessory
and parts groups, as well ment the institution has been managed. A detailed stateas in the Corporation's overs
showing the financial position of Gener
eas operations. Among the
al Motors
Acceptance Corporation is presented on
most important projects was an
incre
page 22 [pamphlet
Chevrolet Division. The tremendous ase in capacity of the report].
gain in prestige and
sales of the Chevrolet car fully
justify this development
FISHER BODY DIVISION.
and the Corporation has confidence
that all the capacity
As mentioned elsewhere in this
provided so far and more too will
report, during the year the
be needed to take care assets of Fisher Body Corpo
of the growth and future possib
ration were acquired. Previous
ilities of Chevrolet. The annual reports pointed
• success following the introducti
out the importance of the then
on
advent of which was mentioned in of the Pontiac Six, the Fisher Body Corporation in the activities of General Motors
the last annual report, Corporation and emphasized
necessitated the construction of
the trend from the open to the
• will strengthen the position of an entirely new plant. This closed car. During the past year this trend has been even
the Pontiac through econo- further accentuated so
mies in production as well as
far as domestic business is concerned.
throu
Another important project was the gh increased capacity. Moreover, the trend from the open to the closed car in the
establishment of a plant Corporation's overseas activi
to be operated by Fisher Body
ties Is reflecting, although at a
for the purpose of producing Division in Flint, Michigan, less rapid trend, the same general tendency as the domestic
bodies for Buick heretofore market.
manufactured in Detroit. This
Many benefits will accrue through
standpoint of capacity and will was necessary from the
result in substantial econo- the two properties. Operating econo the consolidation of
mies in operation.
mies of important consequence will be developed through
Outside of the car manufactur
ing divisions and their sup- things which result in the lowes the ability to do those
porting operations, the
t possible cost, many of
devel
Delco-Light Company, which opment of the business of the which were impossible with the institutions operated sepElectric Refrigerator, deser manufactures Frigidaire, the arately. Of even greater importance, is the bringing into
ves special mention. In the the General Motors operating
annual report of last year the
organizati
statement was made: "The tionship, the Fisher brothers, through on in closer reladevelopment of the business of
whose constructive
year was outstanding." The this subsidiary during the ability, foresight and energy the institution bearing their
same remark applies again. name has been built up to the domin
As a matter of fact the
ating position is now
volume of this company in 1926 holds.
more than doubled that of
1926, its previous best year.
Profits were fully in line with the
increased volume, and the YELLOW TRUCK AND COACH MANUFACTURING CO.
return on capital employed
compared favorably with the
In the previous report it was stated that
average for the Corporation as
the Corporation
had, during 1925, purchased an intere
st in this institution
Investment in real estate, plant a whole. During 1926 the
and equipment and working and the manner in which that interest
capital increased $19,000,000.
was acquired was
Additional capacity will le stated in detail. In 1926, in order
come available in March,
1927. Through lack of adequate of its operations, $14,000,000 was to provide for expansion
acquired through the sale
capacity to take care of expanding
demand much business of capital stock. General Motor
was lost in the spring of
1926. It is hoped that in future the entire issue and secured its s Corporation underwrote
pro rata share.
this can be avoided. Further
capita
The earnings of the Yellow Truck
business requires it. Economies l will be supplied as the ing
& Coach ManufacturCo. for the year have been unsatisfacto
resulting from increased
effectiveness in engineering and
manufacture as well as by from several different causes—principa ry. This resulted
expanding volume have made it
lly the necessity of
possible to reduce prices. revamping and reconstructing the
During the year the business of
plants
Frigidaire—the Electric accomplishment of which will take more and products, the
Refrigerator—was separated, so far
or less time.
as distribution is concerned, from that of the electric
ETHYL GASOLINE CORPORATION.
lighting activities through
the creation of a new sales
subsidiary—the Frigidaire CorReference was made in the previous repor
poration.
t to the organization of this Corporation and
It is firmly believed that all the
a statement was set forth
projects involved in the as to its future activities and possib
expansion program, a few of Which
ilitie
are outlined above, will very substantial progress has been made.s. During the year
result in reduced operating costs
It is believed that
from improvement of manu- within another year Ethyl
gasoline will
facturing facilities as well as from
the standpoint of expand- out practically every part of the Unite be available throughing volume.
d States and Canada
and in many foreign countries. While
this
GENERAL MOTORS OVERSEAS
not contributed to the earnings of General institution has
.
Motors Corporation as yet, due to its being in a developmen
The Corporation's busin
ess
a very satisfactory condit in all overseas countries is in Indications are that it will come into earni t stage, present
ion. The development of over- the
ng power during
seas business on account of
year 1927. The Ethyl Gasoline Corporatio
the large amount of organization
n is owned
work, great distances and
jointly by the Standard 011 Company of New
more or less undeveloped markets,
Jersey and by
cannot be expected to reflec
General Motors Corporation, each having a
t the rapid increase that is posone-half interest.
sible in the domestic market.
GROUP INSURANCE PLAN.
ing the policy of developing itsThe Corporation is continuoverseas business by building In the most substantial manne
To encourage employees to protect their depen
r possible and by making
dents, there
itself a real factor in the industrial
was purchased during the year a group insur
ance policy
life of each country under
served.
which all employees of General Motors, its subsid
iaries and affiliated companies may be insured,
In line with this policy, new operations
provided they
were established have
during the year, as follows:
been employed for three months or more, for
$1,000
each and without medical examination. The
Five assembly plants were installed in
Austr
laide, Brisbane, Melbourne, Perth and Sydney;alia: at Ade- payable at death to a designated beneficiary, or insurance is
in the event
plant was inatalled at Montevideo, Uruguay; an assembly of permanent disability before the age of 60, to
the employee
operation was started In Alexandria, Egypt; a warehousing In twenty equal installments. The plan is
and
cooperative—
bly operations have been authorized at Osaka, new assem- the employees and General Motors share the cost.
Japan; Ba- than
tavia, Java; and Stockholm, Sweden.
100,000 employees have availed themselves of this More
plan.
It is needless to point out the econo
mic wisdo
GENERAL MOTORS ACCEPTANCE CORP
surance. It is an accepted fact that there m of life inORATION.
is a sense of
security leading to improved morale, both
To take care of a large expansion in its business,
at home and at
General work, in the case of the
Motors Acceptance Corporation increased its
man who has life insurance proteccapital and tion. Group insur
surplus to $31,250,000 as compared with $16,87
ance, as General Motors applies it, ia
5,000 as of comparatively speak
ing a recent development; it is co-
MAR. 121927.]
1529
THE CHRONICLE
GOODWILL AND PATENTS.
operative, its operations are non-technical, and its proviAs heretofore pointed out real estate, plant and equipsions liberal. It is believed it will contribute in an imporat many times
tant manner to the welfare of the Corporation's employees ment accounts are stated on the balance sheet
the value placed on goodwill, yet the intangible asset of
and hence to the welfare of the stockholders.
goodwill is invisible working capital having a greater earnBONUS PLAN.
ing power and real value, perhaps, than all the tangible
departmental
The Corporation allotted 85,634 shares of its common property of the Corporation. Coordination of constructive
stock as bonus awards to 1,513 employees for conspicuous and divisional activities, sound accounting,
distribution, the
service during the year. Under the terms of the plan, bonus engineering, efficiency of manufacture and
and its prodstock is purchased in the open market and the cost charged goodwill of the public toward the institution
earnings. Bonus awards by years from the incep- ucts, the organization comprising capable and loyal emagainst
the painstion of the plan, including the distribution for 1926, are set ployees, distributers and dealers—all represent will contaking development of many years. All add and
forth on page 29 [pamphlet report].
tinue to add immeasurable value to the worth and earning
EMPLOYEES' SAVINGS AND INVESTMENT PLAN.
power of the institution.
This plan was adopted in 1919. It provides that emIN GENERAL.
ployees may make monthly or semi-monthly payments to
In view of the fact that the year 1926 was the greatest
Employees' Savings Fund not to exceed 20% of their
the
in the history of the Corporation from every standpoint,
wages and not to exceed a yearly total of $300. For each
common stockholders have shared in this prosthis fund by an employee the Corporation and that the dividends amounting to more than ever paid
dollar put into
Employees' Investment Fund, which perity through by any corporation on its common stock in
puts fifty cents into the
in any one year
is credited to the employee over a period of five years. The the entire history of industrial enterprise, a few words as to
employees have the right to withdraw their savings from certain factors contributing to that result, might not be out
the Savings Fund, plus interest, but if they withdraw be- of order.
fore the end of five years, they are subject to certain forThe prosperity that General Motors has enjoyed, naturfeitures in respect to their participation in the Investment
ally, cannot be ascribed to any single influence, but on the
Fund, except that the savings may be applied to the pay- contrary, has resulted from the combined efforts of many.
ment of a home, without losing any benefits of the plan It can be attributed mainly to increased effectiveness and
whatsoever. Since this plan has been established, over efficiency within the institution itself. This means that the
7,500 employees have utilized it to assist in the buying or collective endeavor of each and every individual on the
building of homes.
payrolls of General Motors, its subsidiaries and affiliated
At the end of 1926 the third class, which was that of 1921, companies, in other words more intelligent work on the part
matured and as a result there was paid to the employees
of each and every workman as well as by those of the executhe following:
tive force, has been the dominating influence in the satisOn account of their savings
$1.109,880 factory progress of the Corporation.
On account of 6% interest on savings
417.786
It is not the purpose of this report to forecast or discuss
On account of amount accumulated in the Investment Fund,
representing accumulation on account of contributions made
prospects for the year 1927, but rather to record such imby the Corporation five years ago (this amount is represented
portant events occurring during 1926 as will be of interest
by 42,686 shares of common stock of the Corporation at market
value at the time of distribution plus the extra dividend of
the stockholders.
$4.00 per share paid Jan. 4 1927)
*6,733.716 to
By order of the Board of Directors,
This makes a total value of
88.261.382
ALFRED P. SLOAN, JR., President.
*Note: This amount is not the same as shown in Employees Savings and
PIERRE S. DU PONT, Chairman.
Investment statement on a subsequent page, because that statement
shows cost of stock to Corporation, whereas this amount represents the
market value of said stock at time of distribution as stated.
Although not a part of the record of 1926, two events of
This total value of $8,261,382 was received by 8,600 em- Importance have occurred to which reference should be
ployees of the Corporation on account of $1,109,880 of net made.
During 1926 General Motors Corporation expended over
payments which they made in the Savings and Investment
Fund Class of 1921. A summary of the results of the Sav- $100,000,000 in plant extensions and improvements, and in
ings and Investment Fund from inception to date is shown permanent investment in subsidiary companies. The direcelsewhere in this report.
tors felt that a portion of the cost of this should be met
through the sale of preferred stock. Accordingly, on FebruPREFERRED STOCK OFFERING FOR EMPLOYEES. ary 16 1927, there was sold through J. P. Morgan & Co. an
Recognizing the importance of affording a suitable in- issue of $25,000,000 par value General Motors Corporation
vestment for the Corporation's employees and the difficul- 7% preferred stock at $120 per share.
On February 1, 1927, the General Motors Acceptance Corties, naturally, of those unfamiliar with the subject in
selecting securities for investment, the Corporation has poration sold through J. P. Morgan & Co. $50,000,000 of tenadopted a plan of purchasing and reselling to such em- year sinking fund 6%.gold debentures. Including the note
ployees as desire it, General Motors preferred stock in Issue of similar amount sold in February, 1926, this makes a
amounts not to exceed ten shares, to be paid for through total of $100,000,000, which the Acceptance Corporation has
monthly installments over a period of one year, or through secured through this type of financing in order to properly
their participation in maturing classes of the Savings and provide for its rapidly increasing business.
Investment Funds. As a special inducement, the CorporaCONDENSED CONSOLIDATED INCOME ACCOUNT.
Year Ended
Year Ended
tion makes an extra payment of $2 per share each year for
311926.
Dec. 313925.
a period of five years to employees availing themselves of Profit from operations and investments. Dec.
this offer. The principle of promoting stock ownership
after all expenses incident thereto, but
before depreciation of real estate,
among employees is recognized as a thoroughly sound and
8243,141,474 63 1149.296.499 43
plants and equipment
constructive one. It is particularly desirable to have availProvision for depreciation of real estate,
20.259.973 51
17.236,506 84
plants and equipment
able for employees, as the Savings and Investment Fund
classes mature, securities of standing and worth in which Net Profit from operations and invest8222,881,501 12 $132,069,992 59
ments
such funds may be safely invested, otherwise the purpose
and value of that and similar plans is likely to be jeop- Less: Provision for:
88,274,099 29 $3,969,226 98
Employees' bonus
ardized. On page 26 [Pamphlet report] is recorded the
Amount due Managers Securities
number of shares purchased and subscribed to by the em8.274.099 29
4,633.535 16
Company
Employees' savings and investment
ployees under the plan in question.
3,461,992 43
fluid
2,355.524 09
payment to employees under
Special
MANAGERS SECURITIES COMPANY. '
32,984 00
17.190 00
stock subscription plan
Interest on Fisher Body notes (other
As will be noted from previous annual reports, a plan
304.644 01
interest in 1925)
101.984 47
was developed in 1923 enabling the more important execu840447.819 02 $11,077,460 70
tives of the Corporation to acquire a substantial interest In
$202,533,682 10 1120,982.531 89
the Corporation's common stock. This plan continues to
Less: Provision for United States and
more than justify its existence.
foreign income taxes
S25,834.939 06 813.912,000 00
HOUSING FOR EMPLOYEES.
Previous reports have from time to time dealt with this
subject. The situation has not particularly changed except
that the sale of property to employees has continued during
the year through the following activities conducted for the
Purpose: Modern Housing Corporation, Modern Dwellings
Limited, Bristol Realty Company and New Departure Realty
Company.
These'companies are not consolidated in the balance sheet
of General Motors Corporation, but the Corporation's investment in the same is included in the investment in affiliated
and miscellaneous companies not consolidated as itemized
on page 21 [pamphlet report]. The Corporation's investment
in housing facilities is being liquidated and the present outlook does not indicate any necessity for further investment
of a substantial amount.
Net Income
8176,698,743 04 1107.070.531 89
General Motors Corporation proportion of
net income
1176,085,144 55 $106,484,756 18
Seven per cent preferred stock dividends $7,352,290 74 $7.315.222 21
135.540 50
Six per cent preferred stock dividends
116,928 00
189.228 50
Six per cent debenture stock dividends- _
176,068 50
17,645.287 24
Amount Earned on Common Stock
17.639,991 21
*$168,439.857 31 •$98,844,764 97
*Note: Adding the General Motors Corporation's equity in the undivided profits
of General motors Acceptance Corporation (1007), Yellow Truck & Coach Manufacturing Co.(57%). Ethyl Gasoline Corporation (50%). and Fisher Body Corporation (60% prior to June 30 1926, after
which time the earnings are consolidated).
the amotmt earned on the common
$178,583,895 00 $108,376.226 44
stock is
1530
THE CHRONICLE
(VOL. 124.
SURPLUS ACCOUNT.
HASKINS & SELLS
Year Ended
Year Ended
Certified Public Accountants
Dec. 311926.
Dec. 31 1926.
Surplus at beginning of year
$119,020,472 84 582,110.929 08
Offices in the Principal Cities of
37 West 39th Street
General Motors Corporation proportion of
the United States of America
NEW YORK
Net Income,as per Income Account_ _ _ _ 176,085.144 55 106,484.756 18
-and inAddition arising through adjustment of the
holdings in Fisher Body Corporation,
London,Paris,Berlin,Shanghai,
prior to acquisition of minority interest,
Montreal, Havana, Mexico City
to the net asset value thereof as at June
30 1926
27,727,439 41
February 16, 1927.
Addition arising through acquisition of the
General Motors Corporation,
balance of the common stock of Fisher
Body Corporation not already owned
224 West 57th Street, New York.
(minority interest) for which there were
paid 638,401 shares original Issue and
We have audited your general accounts and those of your
26,319 shares out of treasury of General
subsidiary manufacturing companies for the year ended
Motors Corporation common stock_ .. 23,084,542 30
Capital surplus arising through exchange
December 31, 1926, and have satisfied ourselves as to the
of6% debenture and 6% preferred stock
for 7% preferred stock
272,075 00 general correctness of the accounts of foreign
107.100 00
assembly
This amount transferred to reserve for
sundry contingencies by order of the
plants as of that date. Certain foreign units where operaBoard of Directors
272,075 00
107,100 00
Total
$345,917.599 10 1188,595,685 26
Surplus capitalized through issuance of
2,900,000 shares of common stock at 150
per share as a stock dividend of A share
for each share of common stock outstanding, paid Sept. 11 1928
145,000.000 00
1200.917.599 10 $188.595,685 26
Less cash dividends paid on:
7% preferred stock
57,352.290 74 $7,315,222 21
6% preferred stock
135,540 50
116,928 00
6% debenture stock
189,228 50
176.068 50
57.645.287 24
Common stock:
Mar. 12 (11.75 on 5,161,298 shares
In 1926)
June 12 ($1.75 on 5.161.305 shares
in 1926)
July 2 ($4.00 extra on 6,161,305
shares in 1926)
Sept. 11 ($1.75 on 8.692.951 shares
In 1928)
.Dec. 11_,(51.75 on 8,697.139 shares
in 1926)
Dec. 11 ($4.00 extra on 8.697,139
shares in 1926, payable JAIL 41927)
17,639.991 21
59,032.270 68
$7.741,802 19
9.032,284 93
7,741.871 25
20.645,219 00
15,212,866 23 *12,903,183 31
15,219,994 88
*7,741.931 96
34,788,557 87 *25,806.432 50
5103.930.993 39 $61,935,221 21
Total cash dividends paid
5111.576.280 63 169,575.212 42
$89,341.318 47 $119,020,472 84
*Note: Sept. 12 1925, there was paid $1.50 regular and $1.00 extra per
share: Dec. 12 1925. 11.50 regular per share and Jan. 7 1926. /5.00 extra
per share.
Surplus at end of year
GENERAL MOTORS CORPORATION.
CONDENSED CONSOLIDATED BALANCE SHEET AS OF
DECEMBER 31 1926 AND 1925.
ASSETS.
Current and Working AssetsDec. 31 1925.
Dec. 311926.
Cash In banks and on hand
$117.825.372 05 $108,290,770 02
United States Government securities
12.840.580 65 25,141.317 68
Other marketable securities (including
temporary loans In 1925)
4,732,433 44 11,710,00000
Sight drafts with bills of lading attached,
and C. 0. D. items
8,195.397 90
12.073.433 68
Notes receivable
2.764.005 41
1,895,576 92
Accounts receivable and trade acceptances,
less reserve for doubtful accounts (in
1926. 51.716.038 96: in 1925. 51.798.693 65)
27,707,286 38 20.817,403 47
Inventories at cost or market, whichever is
lower
156,203.663 15 112.091,659 13
Prepaid expenses
1,858.584 43
3.059,866 96
tions commenced late in the year were not audited by us
and our audits of certain other foreign units have not yet
been completed to December 31, 1926.
We have verified your provision for current Federal tax
liability, but have made no study of the reserves which you
have established as sufficient to meet any tax adjustments
applicable to prior years, since the Corporation has a special department to handle such Federal tax matters.
We have not examined the minutes of your governing
bodies.
We Hereby Certify that, subject to the above, the accompanying Condensed Consolidated Balance Sheet, December
31, 1926, and related Summaries of Income and Surplus for
the year ended that date, in our opinion, are correct.
HASKINS & SELLS.
DETAILS 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 $79,715,822.88 as of December 31, 1926. 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
Shares.
General Motors Acceptance
Corporation
Common 250.000
Yellow Truck & CoachICommon 800.0(,0
Manufacturing Co
'Class B 404.550
Ethyl Gasoline Corporation Common 7,500
General Motors Building Corporation
General Exchange Insurance
Common 5,000
Corporation
Vauxhall Motors, Limited_ __Ordinary 300,000
December 31
1926.
$31.250.000 00
16,000.000 00
8.091,00000
750.000 00
7,222,481 72
1,5oo,eco oo
2.575,29090
Investments in Housing Facilities:
Total Current and Working Assets
2336.338.213 23 5290,869.088 04
Bristol Realty Co
Common 4,270 $425,000 00
Fixed Assets
House Financing Corporation
250,000 00
Investment in affiliated and miscellaneous
Modern Dwellings, Ltd
117,714 31
companies not consolidated
579.715.822 88 586,183.747 07
General Motors Corporation stocks held in
Modern Housing Corporation
7,453,849 42
treasury (in 1926. 191.116 shares comNew Departure Realty Co.Common 2,500 214,770 54
19.491,738 97 11,963,57838
8,461.334 27
Real estate, plants and equipment
434,373.903 49 287,268.286 41 Miscellaneous
3.885,715 99
Deferred expenses
5,119.837 95
7.404,422 37
Goodwill, patents, dm
_43,570.004 95 22.382.127 00 Total Investment in Affiliated and Miscellaneous Companies
579,715,822 88
not consolidated
18
Total Fixed Assets
-7 - 1
$5847555.892 66 $412,917,17 Total Assets
5920.894,105 89 5703.786,664 85
GENERAL MOTORS ACCEPTANCE CORPORATION.
LIABILITIES, RESERVES AND CAPITAL.
Dec. 311925.
Current LiabilitiesBALANCE SHEET AS OF DECEMBER 31 1926.
Dec. 311926.
Accounts payable
148,221.294 10 $44.829,843 16
ASSETS.
Taxes, payrolls and sundries accrued not
23,657.818 70 Cash:
due
29,723,532 81
$37.930.C88 09
In banks and on hand
United States and foreign income taxes
30,324,496 79 13,912.000 00
Notes and Bids Receivable:
Accrued dividends on preferred and deben$218,696.222 38
United States and Canada
ture stock
1.214.87284
1,274,714 63
13,428.857 26 232,125,079 64
Foreign
Extra dividend on common stock, payable
Jan. 4 1927 (for 1925. payable Jan. 7
505,410 13
1926)
34.788.557 67 25.427.672 50 Accounts Receivable
943.921 46
Furriture and Equipment, less depreciation
81.000 00
Total Current Liabilities
$144.332.596 00 $109,042.207 20 Investments
3,193,439 80
Deferred Charges
Reserves
Depreciation of real estate, plants and
1274.778.919 12
Total Assets
equipment5123,892,34001 591,825,429 38
Employees' investment fund
1,853,46000
2,856,797 50
Sundry contingencies
LIABILITIES.
8,305.945 55
4.613,921 28
Bonus to employees
3.981.382 23
8.520.447 42
525,000,000 00
Capital Stock
6,250,000 00
Total Reserves
$139.883,506 21 1105,766,217 16 Surplus
Undivided Profits:
Capital Stock
33,374,997 90
December 31 1925
Balance as of
Seven per cent preferred stock* (author5,193.202 86
Net profit for year ended Dec. 31 1926ized 2500.000.000)
5105.333.200 00 5104,619.200 00
Six per cent,preferred stock (outstanding
*8.568.200 76
and authorized)
2.175,70000
1,795.900 00
3,390.000 00 5,178,20076
Less dividends
Six per cent debenture stock (outstanding
and authorized)
3,121,100 00
2,786.900 00
$36,428,200 78
Common stock no par value (authorized
Serial Gold Notes:
10.000.000 shares. Issued 8.700.000
50.000,000 00
March 1 1927 to 1936
$5.000,000 due annually
shares: in 1925. 5,161.599 shares)
435,000,000 00 258.079,95000
Notes and Bills Payable:
5148,628,000 00
Total Capital Stock
Gold Notes, United States
1544,916,000 00 $367,995.950 00
7,593,107 22
Interest of minority stockholders in subDemand Notes. Canadian and Foreign-8.265,000 00
sidiary companies with respect to capital
Bankers Acceptances Discounted
1,059,514 60 165,545,621 82
2.420,68521
1,961,817 65
Bills of Exchange Discounted
and surplus
89.341,318 47 119,020.472 84
Surplus
4.912,240 40
Accounts Payable
4,640,41432
$636,678,003 68 1488,978,240 49 Dealers' Repossession Loss Reserves
Total Capital Stock and Surplus
851.883 32
on Serial Gold Notes
Accrued Interest
8.225.94031
89 1703,786.664 85 Unearned Income
Total Liabilities, Reserves and Capital_ _1920.894
4,174,618 19
Reserves
* The Seven Per Cent Preferred Stock is preferred as to assets and div 1
$274.778,919 12
Total Liabilities
dends over all other stocks of the Corporation under charter amendments
adopted June 16 1924.
1531
THE CHRONICLE
MAR. 12 1927.]
RECORD OF EARNINGS.
in dividends and the amount reinvested in the business since the beginning of
Net sales, net income, amount paid
General Motors are shown in the following table:
Income
% Cash DiaCash
Balance
Years Ended Dec. 311909*
1910*
19110
19126
1913b
19146
19156
1916b
1917b
1917e
1918
1919
1920
1921
1922
1923
1924
1925
1926
Net Sales.
$29,029,875
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
1,058.153,338
Net Income
after
Federal Taxes.
$9,114,498
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
51.496,135
62,067,526
45,330.888
106,484,756
176.085,144
Preferred
Dividends.
$417.621
642.947
842,074
1,040,211
1.048,534
1,048,679
1,048,964
1,048,964
1,048,964
491,890
1,920.467
4,212.513
5,620,426
6,310,010
6,429,228
6,887,371
7,272.637
7,639,991
7,645,287
Available
for Common
Stock.
$8,696,877
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
45,066.907
55,180,155
38,058,251
98,844,765
168.439,857
dends Paid to
Dividends
Amount Available
Paid on
Common Stock. for Common.
S10.730,159
7,430.302
2.294.199
11.237,310
17,324,541
17,893.289
20,468.276
10,177,117
24,772.026
25,030,632
61,935,221
103.930,993
38.68%
31.31%
16.62%
87.08%
31.05%
55.69%
22.58%
44.89%
65.77%
62.66%
61.70%
Reinvested
in the
Business.
$8,696,877
9,582,420
2,474,177
2,856.082
6,410,937
6.201.055
13,408,839
17,010,437
16.301,650
11.508,393
1.667.753
38.468.430
14,236,660
d65,459,056
34,889.790
30,408,129
13,027,619
36,909.544
64.508.864
$263,108,600
54.35%
$313,224,065
$576,332,665
$638,949,443
$62,616,778
$6.050,993.891
1908. •Fiscal years ended
Motors Corporation was incorporated Oct. 13 1916, succeeding General Motors Co., organized Sept. 161 to Dec.31 1917. d Deficit.
Notes: General
-Aug.
July 31st. c 5 months
Oct. 1st. a 10 monthsended July 31 1911. b Years 1912-1917,inclusive,are fiscal years ended
Total
this
•At a special meeting of stockholders In June 1924, the name of
stock was changed from 7% Debenture to 7% Preferred and the initial
dividend of $1.75 on the new 7% Preferred was paid November 1 1924.
(1) initial $1.50 quarterly paid February 1 1917.
(2) Initial $1.50 quarterly paid February 1 1919.
(3) Initial $1.75 quarterly paid May 1 1920.
and thereafter $3.00
(4) Initial $1.00 quarterly paid February 1 1917,
quarterly to and including February 1 1920.
1
,
(5) Final $2.50 cash and common stock dividend of ; share common
no par value paid May 1 1,420. On and after March 1 1920, ten shares
for each one share $100 par value.
no par value common exchanged
(6) Initial 25 cents quarterly cash and stock dividend of 1-40th share
common paid May 1 1920. wnich rate was paid August2 1920,and Novembe
1 1920.
(7) During 1921 on February, May, August and November first business
day, each quarterly dividend of 25 cents cash. Quarterly dividend due
February 1 1922, was passed at meeting held January 4 1922.
share paid December 20 1922,stock
(8) "Special" dividend of 50 cents a
of record November 27 1922.
on March 15, June 12, September 12 and December 12.
(9) During 1923.
continued during
a dividend of 30 cents cash was paid; and this rate was and September 12
March 12. June 12
1924 by a payment of 30 cents a share $10 a share.
the no par common capitalized at the number of shares of common
on
(10) On account of charter changes,
of old stock
stock was reduced in 1924, through the exhange of four sharesreducing the
common stock,
for one share of new no par value one-quarter of resulting in theretofore
the number
to
common shares outstanding
share on
outstanding. An Initial dividend of $1.25 a to $1.50.this new stock was
payable March 12
paid December 12 1924: this was increased
1925, and Was contirmcd through the year. $1.50 a share, an extra cash
In addition to quarterly dividends of 12, 1925,to stock of record
(11)
dividend of $1.00 a share Was paid September of $5.00 a share was paid
August 24 1925: also a special cash dividend 23 1925.
January 7 1926, to stock of record November
RECORD OF DIVIDEND PAYMENTS.
The regular quarterly dividend was increased as of March
12, 1926, to $1.75 per share, or to the rate of $7 per share per
annum. On September 11, 1926, a 50% dividend was paid in
common stock of the Corporation. The regular dividend of
$7 per share per annum was continued on the increased
capital stock. In addition, two extra cash dividemis wen
declared.
A detailed record of the dividends declared by qunrterA
during the year ended December 31, 1926, together with the
dates of payment, is as follows:
Date
Stock Corn.
Stock
Dale
6%
7%* 6%
of
of
Stock
of
of
Pref. Deb. Pref.
Record.
Periods. Stock. Stock. Stock. Patent. Record. No Par. Payment.
1st Quar.$1.75 $1.50 51.50 Feb. 1 Jan. 4 $1.75 Mar. 12 '26 Feb. 23 '26
1.50 May 1 Apr. 5 1.75 June 12'26 May 24 '26
2d Qum'. 1.75 1.50
a4.00 July 2 '26 May 24'26
1.50 Aug. 2 July 5 1.75 Sept. 11 '26 Aug. 21 '26
3d Quar.. 1.75 1.50
b
Sept. 11 '26 Aug. 21'26
1.50 Nov. 1 Oct. 4 1.75 Dec. 11 '26 Nov.20 '26
4th Quar.. 1.75 1.50
ac4.00 Jan. 4 '27 Nov. 20 '26
a Extra dividend. b 50% stock dividend. c The extra dividend of $4.00, payable
January 4 1927, to stock of record November 20 1926, was declared November 11
1928.
Tile payments by years since the organization of General
.Motors Corporation of Delaware, the present Corporation,
follow:
7%*
Preferred.
6%
Debenture.
(3)$5.25
7.00
7.00
7.00
5
()7.00
7.00
7.00
1917
1918
1919
1920
1921
1922
1923
1924
1925
1926
(2)$6.00
6.00
6.00
6.00
6.00
6.00
6.00
6.00
January
February
March
April
May
June
July
August
September
October
November
December
Grand Total
Common
6%
NoPar.
$100 Par.
Preferred.
(4)$10.00
(1)$6.00
12.00
6.00
12.00
6.00
(5) 5.50
(640.75
6.00
1.00
6.00
8) .50
6.00
9) 1.20
6.00
1) 2.15
6.00
(11)12.00
6.00
6.00 (see table above)
r)
1926.
53,698
64,971
106,051
136,643
141,651
117,176
101,576
122,305
118,224
99,073
101,729
52,729
1,215,826
SALES OF CARS AND TRUCKS.
The following tabulation shows sales of General Motors
cars by dealers to users, as well as sales by manufacturing
divisions of General Motors to their dealers:
Dealers' Sales to Users
1925.
1924
25,593
33,574
39,579
50,007
70,594
57,205
97,242
89.583
87,488
84,715
75,864
65,224
65,872
60,836
54.842
78,638
83,519
48,565
46.003
86,281
60,257
33,095
33,919
56,129
1923.
31,437
33,627
74,632
105.778
90,327
75,423
62.209
56.846
60.111
58,173
47,009
35,709
1926.
76,332
91.313
113.341
122,742
120,979
111,380
87,643
134,231
138.360
115,849
78,550
44,130
657,568
731.281
1.234,850
827,056
Divisions' Sales to Dealers
1924.
1925.
61,398
30.642
78.668
75.484
75:527
58,600
85,583
45,965
77,223
32,984
71,088
40,563
57,358
48,614
76.482
51,955
89,018
49,552
96,364
23,631
73,374
19,927
54,117
1923.
49,162
55,427
71,669
75.822
75,393
69,708
51,634
65.999
69.081
86,936
66,256
61,468
587,341
798,555
835,902
1926, compared with
The sales by makes of cars by General Motors divisions to dealers for the year ended Dec. 31,
the sales of preceding years, follow:
1920.
1919.
Passenger Cars
Buick
Cadillac
Chevrolet
Oakland
Pontiac
Oldsmobile
Commercial Cars
Chevrolet
Pontiac
Totals
Passenger
Commercial
Miscellaneous*
1926.
7".07009
27.489
620.364
58,537
75.836
59,536
1925.
208.75
22,773
466,485
45,380
1924.
166.952
17,905
295,456
36,512
1923.
218,286
22.201
464,800
35.974
1922.
138,501
22,021
240.390
20,853
1921.
83.888
11,130
75,667
12.661
116.213
19.790
144,502
37,244
119,853
19,851
132,710
54,451
43,935
45,728
33,356
21,216
20,245
26.241
33,345
2,932
1,489
4,938
2,682
203,591
1,489
9,719
343,990
4,938
44.147
360.210
2,682
28,846
111,781
1,298
45,824
19,277
15,326
1,121,771
113,079
787,148
45,824
2.930
562,553
19,277
5,511
774,617
15,326
8.612
442,981
2,932
10,850
391,738
456,763
393,075
214,799
798,555
835,902
1,234,850
587.341
Grand Total
• Miscellaneous includes G M C Trucks to end of April 1925, when 0 M 0 Truck Division was transferred to Yellow Truck & Coach Manufacturing
Co., the operations of which are not consolidated In the accounts of General Motors Corporation; also cars, trucks and tractors not now manufactured.
OVERSEAS SALES.
Sales of cars and trucks overseas by the Export Organizations of General Motors follow:
Year Ended
December 31
1922
1923
1924
1925
.1926
-Cars and Trucks
Value
Number
Wholesale.
of Units
21.872
S19.875.015
39,193,859
45,000
64.845
50,929.322
100.894
77,109,696
118.791
98.156,088
General Motors overseas assembly nlants are located in
Copenhagen, Denmark; Antwerp, Belgium; London, England; Berlin, Germany; Buenos Aires, Argentina; Sao
Paulo, Brazil; Montevideo, Uruguay; Adelaide, Brisbane,
Melbourne, Perth and Sydney, Australia; Wellington, New
Zealand; Port Elizabeth, South Africa; Osaka, Japan.
Warehousing operations are located in Malaga and Madrid,
Spain; Le Havre, France; and Alexandria, Egypt.
INVESTMENT IN 7% PREFERRED STOCK BY
EMPLOYEES.
Recognizing the importance of affording a suitable investment for the Corporation's employees and the difficulin seties, naturally, of those unfamiliar with the subject
has
lecting securities for investment, the Corporation emadopted a plan of purchasing and reselling to such in
ployees as desire it, General Motors preferred stock
through
amounts not to exceed ten shares, to be paid for through
monthly installments over a period of one year, or
1532
T El 144 CHRONICLE
their participation in maturing classes of the Savings and
Investment Funds. As a special inducement, the Corporation makes an extra payment of $2 per share each year for
a period of five years to employees availing themselves of
this offer. A record of the results of this plan by years
since its adoption follows:
124.
Offering Price
Per Share.
$99.00
99.00
114.00
119.00
* Returns incomplete at this date.
Year.
1924
1925
1926
1927
Number
Employees
Purchasing.
3,342
3,633
1,888
*3,375
Number
of Shares
Purchased.
10.993
14.005
8,025
*13,501
EMPLOYEES' SAVINGS AND INVESTMENT
FUNDS.
A summary of the results of Employees' Savings and Investment
Funds by Classes as at December 31 1926 since establishment of the plan in 1919, follows:
Class
Class
Class
Class
Employees' Savings Fund—
1919
1920
1921
1922
Net amount paid in by employees---$2,249,945 $4,488,970 $2,174,045
$2,288,410
Interest credited by Corporation _-- 368,127
624,154
528,122
471,077
Total
$2.618,072 $5,113,124 $2,702.167 $2,759,487
Withdrawals by employees
1.586,415 3,447.790
1,174,676
1,097,576
Balance to credit of employees--$1,031,657 $1,665,334 81,527.491
$1,661,911
Employees' Investment Fund—
Amount paid in and invested by Corp-32.249,945 $4,488.970 $2,174,045
$1,144,205
Income received
487,877
2049,688
1,635259
609,852
Total
$2.737,822 $6,538,658 $3,809,304 $1,754,057
Withdrawals by employees
302,622
503,502
351.746
146.182
Balance
$2,435.200 86,035.156 83,457,558 81,607,875
Amount guaranteed to employees____ 1,031,657
1,665,334
1,527.491
830.955
Balance reverting to Corporation
776,920
Class
1923
$3,052,415
464,225
Class
1924
Class
1925
$3,706.970
350,380
281.034
$2,823,250
Class
1926
Total
$5.713,595 826,497.600
125.965
3,213,084
$3,516,640 $3,173.630 $3,988,004 $5,839.560 $29,710,684
1,430.620
867.843
710.062
10,314.982
$2,086,020 $2,305,787 $3,277.942 $5,839.560 $19,395,702
$1.526,207
825,637
$1.411.625 81,853,485
588,348
274,707
$2,856,797 $17,705,279
6,471,368
$2,351,844 $1,999,973 $2,128.192 $2,856,797 $24,176.647
123,633
60,737
27,154
1,515.576
82,228,211 $1.939,236 $2,101,038 $2,856,797 $22,661,071
1,043,010
1,152,893
1,638,971
2,919,780
11,810,066
1,185,201
786,343
462,067
Note:—Under the 1919. 1920 and 1921 Plan the Corporation guaranteed to the
per cent of their credits in the Savings Fund. Forfeitures in the Investment Fund employees in the Investment Fund an amount equal to one hundred
on account of withdrawals did not revert to the Corporation. Beginning with the Class of 1922, the Plan was amended to provide that thereafter
the Corporation guarantee that the Investment Fund at maturity shall equalforfeitures in the Investment Fund revert to the Corporation and that
The amount paid into the 1926 Investment Fund Class was not invested until an amount equivalent to fifty per cent of the Savings Fund credits.
1927.
NUMBER OF EMPLOYEES.
its activities. These relations are indicated by numerals
During 1926 the payrolls of General Motors Corporation, appended after the name of the companies:
1. Assets owned by General Motors Corporation.
not including certain affiliated companies, such as Yellow
2. All stock owned by General Motors Corporation.
Truck & Coach Manufacturing Company and Fisher Body
3. All common stock owned by General Motors Corporation.
Corporation prior to acquisition of the minority interest as
4. Majority of stock owned by General Motors Corporation.
5. One-half interest owned by General Motors Corporation.
of June 30 1926, totaled $220,918,568, compared with $136,6. All stock owned by General Motors of Canada, Limited.
747,178 In 1925, $110,478,000 in 1924, $138,290,734 in 1923,
7. All stock owned by Delco-Light Company.
8. All stock owned by General Motors Export Company.
$95,128,435 in 1922 and $66,020,481 in 1921.
9. All stock owned by New Departure Manufacturing Co.
The number of employees of the Corporation, not includ10. Majority of stock owned by New Departure Manufacturing Co.
ing certain affiliated companies, for 1926 and prior years,
PASSENGER AND COMMERCIAL CAR GROUP.
has been as follows:
1909__14.250 1912__16.584 1916-25,666 *1920__80,612 1924— 73,642
1910...10.000 1913_ _20,042 1917--25.427 1921....45.965 1925-- 83.278
1911-11.474 1914_14,141 1918_49,118 1922_65,34501926__129,538
1915_21,599 1919-85,980 1923__91,265
•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 30th.
NUMBER OF STOCKHOLDERS.
The total number of stockholders, all classes, by quarters,
follows:
Year Ended
First
Fourth
Second
Third
Dec. 31—
Quarter.
Quarter.
Quarter.
Quarter.
1917
1.927
2.920
2,525
2.669
1918
3,918
3,737
4.739
3,615
1919
8.012
18.214
12,523
12,358
1920
24.148
*26.136
36.894
31,029
1921
49.035
59.059
66.837
65.324
1922
70,504
72.665
71.331
65,665
1923
68.063
68.281
1924
70:009
71:382
a66,097
69.428
1925
60.458
60,414
50.917
58.118
1926
54.85153.097
50.369
* In January, 1920,stockholders authorized the exchange of one share of
common stock, par value $100. for 10 shares of common stock without
par value, the first exchange having been made March 1 1920.
a In June, 1924, stockholders authorized the exchange of four shares of no
par value common (capitalized at $10) for one share of no par value common
(capitalized at $50); also the exchange of 7% debenture stock for 7%
preferred stock, share for share: and the exchange of 6% debenture and 6%
preferred stock for 7% Preferred.
BONUS AWARDS.
Each year there is credited to a bonus fund a percentage
of the Corporation's net earnings after deducting 7% on
the capital invested in the business. Prior to 1923 the sum
so credited to the bonus fund was 10% of the net earnings
of the Corporation. Since 1923, at which time the Managers Securities Company was organized, the amount set
aside for the bonus plan has been 5%. The fund is invested
in General 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
one-fourth at the time of the award and the balance in three
equal annual installments. A record of the awards
follows:
Buick Motor Division (1)
Fllnt, Mich.
Buick passenger cars.
Cadillac Motor Car Division (1)
Detroit, Mich.
Cadillac passenger cars.
Chevrolet Motor 'Division (1) (Including Subsidiaries 2) Detroit, Mich.
Chevrolet passenger and commercial cars produced in the
manufacturing and assembly plants located as follows:
Flint, Mich., motors, sheet metal and assembly:
Detroit, Mich., forgings, gears, axles, differentials
and wheels: Bay City, Mich., carburetors and hardened
and ground parts; Toledo. Ohio, transmissions:
assembly plants in these cities: St. Louis, Mo.,
Janesville, Wis., Oakland, Calif., Buffalo and Tarrytown, N. Y., Bloomfield, N. J. and Cinncinnati, Ohio.
Oakland Motor Car Division (1)
Pontiac, Mich.
Oakland passenger cars and Pontiac passenger and
commercial cars.
Olds Motor Works Division (1)
Lansing, Mich.
Oldsmobile passenger cars.
General Motors of Canada, Limited (2)
Oshawa, Ont.
Manufacture and sale in the Dominion of Canada of the
Cadillac, Chevrolet, Oakland, Pontiac, Oldsmobile and
Mc Laughlin-Buick passenger and commercial cars
and GMC trucks; also cars marketed in Great Britain,
Ireland and other overseas markets; plants at Oshawa
and Walkerville, Ont.
Yellow Truck & Coach Manufacturing Co. (4) DeliveryChIcago, Ill,
Coaches, 0 M C Heavy-Duty Trucks, Light
Trucks, Cabs and Hertz Dritturself Cars. Plants at
Chicago, East Moline, Ill., Pontiac, Mich., and
Orillia, Ontario, Canada.
Fisher Body Division (1)(Including Subsidiaries 2) _ _ Detroit, Mich.
Including Fisher Body Ohio Company (4). Fisher Bode
St. Louis Company (2), National Plate Glass Company (2), Ternstedt Manufacturing Company (2).
Fisher Lumber Corporation (2), Fisher-Delta Log Company (2), Fleetwood Body Corporation (2).
Automobile body plants in Detroit, Lansing, Pontiac
and Flint, Mich.: Cleveland and Cincinnati, Ohio;
Buffalo and Tarrytown, N. Y.: Fleetwood, Pa.:
iti Louis,
St.
Oakland, Calif.; Janesville, Wis.;
Plate glass plants in Blairsville, Pa., and Ottawa, Ill.
Automobile body hardware plants at Detroit, Mich.
hardwood lumber mills at Memphis, Tenn.; Ferriday
LL
r
SSORY
ACCESSORY AND PARTS GROUP.
C (o
AC Spark Plug Co.
Flint, Mich.
AC spark plugs, speedometers, air cleaners, oil filters.
mufflers and decorative tile.
Armstrong Spring Division (1)
Flint, Mich.
Springs for passenger cars and trucks.
Brown-Lipe-Capin Division (1)
Syracuse, N.Y.
Differential gears for passenger cars and trucks.
Number of
Anderson, Ind., and Dayton. Ohio
Delco-Rainy Corporation (2)
Number of
Number of
Deko and Remy starting, lighting and ignition systems
Shares of Common 7%Pres of d
Shar ferre
Bonus Awards. Stock Awarded.b Stock Awarded
for cars and trucks; Klaxon horns; automobile lamps.
Dayton, Ohio
Deldo-Light Company (2)
1918
3.884
98.047
14,191
Deko-Light lighting and power plants; water pumps.
1919
6.453
80.497
4,743
Dayton, Ohio
Frigidaire Corporation (2)
1920
6.578
31,862
Frigidaire electric refrigerators. ice cream cabinets and
1921.a
refrigerating units.
1922
550
35.946
Lockport, N.Y.
Harrison Radiator Corporation (2)
647
1923
45.255
Radiators for passenger cars and trucks.
678
1924
23.055
Newark, N. J.
Hyatt Dearfn Division (1)
943
1925
69.064
Hyatt anti-friction bearings.
1.513
1926
85.634
Inland Manufacturing Company (2)
Dayton, Ohio
Steering wheels and wood and hard rubber molded parts.
21,244
Total
469,360
18.934
Jackson, Mich.
a No bonus was available for the year 1921. b Equivalent number of Jason Steel Products Division (1)
shares on basis of present no par value common
Wheels,rims,tire carriers and rim parts,steel stampings.
stock.
Muncie Products DWision (1)
Muncie, Ind.
Transmissions, steering gears and chassis parts.
DIVISIONS, AFFILIATED AND MISCELLANEOUS
New Departure Manufacturing Company (3)
Bristol, Conn.
COMPANIES.
Bali bearings, coaster brakes, bells and bkycle hubs.
Products
General Motors Corporation Is primarily an operating 8aina steering gears for passenger cars and trucks; maacoz
concern owning the plants, properties and other assets of its
chining,grinding and baJaiWng crank shafts; gray iron
and
manufacturing operations, which are designated in this list United malleable castings.
Detrolt, Mich.
Motors Service, Inc. (2)
Remv,
as Divisions. It is also a holding company owning part or
Provides authorized national service for Delco,
Karon.Jazon,Harrison Radiator,New Departure Ball
all of the capital stock of other companies connected with
Bearings. Hyatt Roller Bearings, AC Speedometers.
MAR. 12 1927.]
T H L1 CHRONICLE
1533
Montevideo,
General Motors Uruguaya, S. A.(2)
Distribution of cars and trucks in Uruguay; assembly Uruguay
plant at Montevideo.
New York, N. Y.
General Motors Export Company (2)
London, England
Delco-Remy tic Hyatt, Ltd.(3)
Overseas distribution of General Motors cars and trucks in
Sales and Service on Delco, Remy and Hyatt products in
Motors
all overseas territories not covered by General
Ireland; technical and service headGreat Britain and
overseas operations; branch offices in important cities
quarters in London.
abroad.
New'
York, N. Y.
Overseas Motor Service Corporation (8)
Buenos Aires,
General Motors Argentina, S. A.(2)
Sales and service overseas on General Motors and other
Argentina
Distribution of car and truck lines in Argentine Republic
accessory lines,including electricalequipment. bearings.
and Paraguay; assembly plant at Buenos Aires.
etc.
Luton, England
Melbourne,
Vauxhall Motors, Ltd.(3)
General Motors (Australia) Pty. Ltd.(2)
Australia
trucks in Commonwealth of AusManufacture of Vauxhall motor cars and sale in Great
Distribution of cars and
Britain and Ireland; factory at Luton.
tralia; assembly plants at Adelaide. Brisbane, Melbourne, Perth and Sydney.
Brazil
Sao Paulo.
MISCELLANEOUS GROUP.
General Motors of Brazil, S. A.(2)
New York. N. Y.
Distribution of cars and trucks in Brazil; assembly plant at
General Motors Acceptance Corporation (2)
Sao Paulo; branches at Porto Alegre. Recife and Sao
Finances distribution of General Motors products.
Salvador.
New York, N. Y.
Corporation (2)
Antwerp,Belgium General Exchange Insurance
General Motors Continental, S. A.(2)
Insurance for General Motors dealers and purchasers
Distribution of cars and trucks in Belgium. Holland and
of General Motors cars.
Switzerland; assembly plant at Antwerp.
Detroit, Mich.
General Motors Building Corporation (2)
Paris, France
General Motors France, S. A.(2)
Owns and operates central office building in Detroit.
Distribution of cars and trucks in France, Algeria,French
Oshawa, Out.
Modern Dwellings, Limited (6)
Morocco and Tunisia; warehouse at Le Havre.
Housing for employees at Oshawa.
Berlin, Germany
General Motors, G.m.b.H.(2)
Detroit, Mich.
Modern Housing Corporation (2)
Distribution of cars and trucks in Germany, Austria and
Czechoslovakia; assembly plant at Berlin.
Housing for employees in Flint, Pontiac and Janesville.
Copenhagen,
Bristol, Conn.
General Motors International, A. S.(2)
Bristol Realty Company (10)
Distribution ofcars and trucks in Scandinavian countries, Denmark
Housing for employees in Bristol.
Finland, Northern Russia, Danzig, Poland, Latvia,
Bristol, Conn.
New Departure Realty Company (9)
Lithuania and Esthonia; assembly plant at Copenhagen.
Housing for employees in Bristol.
Osaka, Japan
General Motors Japan, Ltd.(2)
Distribution ofcars and trucks in Japan, Northern China,
SALES COMPANIES.
Korea, Manchuria and Siberia; assembly plant at Osaka.
London, England
General Motors Limited (2)
The following sales organizations sell the products of the
Distribution of cars and trucks in Great Britain and Iremanufacturing units. The capital stock of these selling
land; assembly plant at Hendon.
is owned by the General Motors Corporation, exAlexandria,Egypt companies
General Motors Near East, Ltd.(2)
cept in the cases noted:
Distribution of cors and trucks in Egypt, Abyssinia.
Flint, Mich.
Albania, Arabia, Bulgaria, Greece, Italy, Jugo-Slavia,
Buick Motor Company
Syracuse, N.Y.
,
Brown-Lipe-Chapin Company
Palestine, Persia, Roumania, Syria and Turkey; ware
Detroit, Mich.
Cadillac Motor Car Company
house at Alexandria.
Detroit, Mich.
Sales Companies
Chevrolet
Wellington,
New York, N. Y.
General Motors(New Zealand), Ltd.(2)
Ethyl Gasoline Corporation (8)
Newark. N. J.
New Zealand Hyatt Roller Bearing Company
Distribution of cars and trucks in Dominion of New
Jackson, Mich.
Company
islands; assembly plant at
Zealand and adjacent
Jaxon Steel Products
Anderson, Ind.
Wellington.
Klaxon Company
Pontiac. Mich.
Motor Car Company
Oakland
Madrid, Spain
General Motors Peninsular, S. A.(2)
Lansing, Mich.
Olds Motor Works
Distribution of cars and trucks in Spain, Portugal,
Cadillac Motor Car Company of Canada, Limited (6) Oshawa, Ont.
Oshawa, Ont,
Morocco, and adjacent islands; warehouses at Malaga
Motor Company of Canada, Limited (6)
Chevrolet
Oshawa, Out.
and Madrid.
General Motors Products of Canada, Limited (6)
Oshawa, Ont.
McLaughlin Motor Car Company, Limited (6)
Port Elizabeth;
General Motors South African, Ltd.(2)
Oakland Motor Car Company of Canada, Limited (6) Oshawa, Ont.
of South Africa South Africa
Oshawa, Ont.
Distribution of cars and trucks in Union
Olds Motor Works of Canada, Limited (6)(7)
Oshawa, Out.
and adjacent territories; assembly plant at Port
Delco-Light Company of Canada, Limited
Elizabeth.
EXPORT AND OVERSEAS GROUP.
SIMMS PETROLEUM COMPANY AND SUBSIDIARIES
R 31 1926.
ANNUAL REPORT—FOR YEAR ENDED DECEMBE
as of December 31 1926 and comparative statistics for the
To the Stockholders of Simms Petroleum Company:
of your Company for the year 1926, after all last five years.
Net income
PRODUCTION AND DEVELOPMENT.
charges, amounted to $1,491,398 70 or $217 per share on the
686,585 shares of stock outstanding at the end of the year.
During the year 176 wells were drilled, either by the
Operating revenues for 1926, after deducting cost of raw Company alone or in partnership with others, of which 130
materials refined, were $8,424,622 65. Operating exrienses were productive and 46 were dry holes. Forty-three prowere $3,790,542 79, leaving gross profit from operations of ducing wells, including one gas well, were purchased in 1926
$4,634,079 86. Income credits were $317,548 75 and income and 41 wells were abandoned, so that on December 31 1926
charges amounted to $3,460,229 91, of which $3,003,786 30 the Company owned 541 producing oil wells and 18 producwere for depreciation, depletion, labor and incidental cost ing gas wells, compared with 413 oil wells and 14 gas wells
of productive drilling, and current lease and property aban- on December 31 1925.
donments.
Unlike previous years, the Company did not participate
During the year, dividends of fifty cents a share were during 1926 in the development of any large flush fields and
paid on January 2 1926 and July 1 1926 and in November consequently did not realize the temporarily large produc1926, the Directors declared a dividend of fifty cents a share, tion which results from the completion of flowing wells in
payable January 3 1927.
such fields. The extent to which the Company's production
Net production of crude oil averaged 10,117 barrels daily, Is settled is indicated by the fact that for the month of
and crude oil refined averaged 4,114 barrels daily. The December 1926 the daily average gross production of its
number of producing wells increased from 427 at the begin- wells was 22 barrels each.
ning of the year to 559 at the end of the year.
At the end of this report is a tabulation showing net proAdditions to property aggregating $4,198,886 62 were made duction and producing wells by States, compared with simduring the year; including the cost of new wells and leases ilar statistics for preceding years.
acquired or developed ($2,654,997 97); additions to reOPERATING REVENUE AND EXPENSES.
fineries and marketing equipment ($618,804 62); investPrices received for crude oil were higher than in 1925.
ment in casinghead gasoline plants ($738,792 26), and other
your ComAniscellaneous items. As of December 31 1926, net book Based upon posted price as of the day produced,
of $225
value of the producing properties had been reduced, through pany's production of light oil had an average value
for depreciation, depletion, etc., to per barrel, compared with $195 per barrel in 1925 and $160
charges against income
had an aver$4,306,817 53, or less than $450 per barrel of daily net pro- per barrel in 1924. Its heavy Smackover crude
90 cents per
duction. In November 1926 an issue of $3,431,500 Three- age value of $104 per barrel, compared with
,
Year 13 70 Convertible Gold Notes was sold, which was offered barrel in 1925 and 89 cents in 1924. The total market value
to stockholders for subscription. After retiring $449,000 of of the Company's production based upon prices at the well
7% Equipment Trust Certificates, net quick assets were on the day produced aggregated $5,977,944 32, compared
increased during the year by $1,699,606 18 and amounted to with $6,202,639 80 in 1925.
As stated in the annual report to stockholders for 1925, a
$5,254,862 11 on December 81 1926.
a detailed Income substantial profit was realized in that year on the liquidaAt the end of this report will be found
the previous
Statement for the year 1926, together with Balance Sheet tion of inventory of crude oil carried over from
1534
THE CHRONICLE
year. Owing to the higher level of crude prices prevaili
ng
at the end of 1925, a similar inventory profit did not recur
in 1926. Revenue from pipe line and storage operations
in
1926, as a consequence, was approximately $695,000 less
than in 1925.
Operating expenses for the year totaled $3,790,542 79.
Production expenses amounted to $1,475,288 18. On account
of lack of substantial flush production, which reduces the
per barrel cost, production expenses were equivalent to
40
cents per barrel of net production compared with 35 cents
per barrel in the previous year. Dry hole expense was
$445,051 01, compared with $401,222 21 the previous year. Refinery and marketing expenses were $1,109,796
76, as compared with $432,231 46 in 1925, the increase being due to
the
fact that the 1925 figures represent only six months' operations, and also due to more extensive marketing operations
in 1926 than in the previous year.
APPLICATION OF INCOMING RESOURCES.
The profit for the year, before depreciation, depletio and
n
lease abandonments, amounted to $3,604,915 41. In addition, the net increase in capital stock outstanding was $20,930 and $3,431,500 of Three-Year 6% Convertible Gold Notes
were issued. The sum of these three items, $7,117,345 41,
was applied in the following manner:
Additions to property
Increase in net quick assets
Decrease in Equipment Trust Certificates
Sinking fund for 6% Convertible Notes
Increase in deferred charges
Dividends declared
$4,198.886 62
1,699,606 18
449.000 00
20,000 00
104.612 29
686.144 00
$7.158.249 09
Less—decrease in Investment in other companies (not
including loss charged to reserves)
40.903 68
$7.117.34541
•
ADDITIONS TO PROPERTY ACCOUNT.
A. LEASES, WELLS AND PRODUCTION FACILITI
ES.
[VoL. 124.
Smackover field. The installation includes two Cross
cracking units for the production of cracked gasoline
.
Additions to investment in refineries and marketing
facilities during 1926 amounted to $618,804 62.
C. CASINGHEAD GASOLINE PLANTS.
During 1926 the installation of two casinghead gasoline
plants in the Smackover field was undertak
en. The first
of these plants, located in the northern part of the
heavy oil
section of the Smackover field, has been in operatio
n for a
number of months, and the second plant, located
south of
Smackover Creek, went into operation in February 1927.
The
output of these plants can be economically utilized
in blending with the cracked gasoline produced
at the new refinery
at Smackover.
Additions to investment in casinghead gasoline plants
during 1926 amounted to $738,792 26.
D. NET ADDITIONS TO PROPERT
Y AFTER DEDUCTING ACCRUALS
FOR DEPRECIATION, DEPLETION, ETC.
In addition to the capital expenditures enumera
ted above,
other capital expenditures during the year for addition
s to
pipe line and storage facilities, drilling
tools and for miscellaneous equipment, totaled $186,291 77, making
the total
expenditures for property account $4,198,886 62. During the
year $2,173,516 71 was charged against income
for depreciation, depletion and current lease abandonments,
SD that the
net addition to book value of property,
after deducting depletion and depreciation reserves but before taking
into account items charged against the Reserve for Abandon
ment
of Leases and Contingencies, amounted to $2,025,3
69 91.
NET QUICK ASSETS.
In November 1926 the Company sold $3,431,500
of ThreeYear 6% Convertible Gold Notes, which were
offered to
stockholders for subscription. These Notes are convertible
into the capital stock of the Company at any time on or
before November 15 1928 at the rate of $25 per share. The
date of maturity is November 15 1929.
After retiring the $449,000 of the 7% Equipment Trust
Certificates which were outstanding on December 31 1925,
and after making provision for dividends declared and for
property additions enumerated above, net quick assets increased $1,699,606 18 during the year and stood at $5,254,862 11 on December 31 1926. Included in this was cash
or its equivalent (U. S. Government securities and call
loans) totaling $3,200,517 16.
Included in the additions to property for the year 1926 is
$1,749,971 52 for expenditures for active and Inactive leases
and royalties. Of this, $791,776 58 was
expended for properties which were productive at the time
of acquisition or in
liquidation of contingent payments out
of oil on producing
properties.
On December 31 1926 your Company owned
leases on an
aggregate of approximately 170,000 acres
(net, after deducting proportionate interests of partners
), of which 10,264
acres constituted leases producing on
that date. During the
past two years the reserves of undevelo
CHANGES IN BALANCE SHEET.
ped acreage of the
Company have been greatly strengthened
In June 1922 when the Company's accounts were readby the acquisition
of carefully selected leases in a large
justed incident to the change in the par value of the capital
number of districts in
stock from no par value to a par value of $10 per share, a
the States of Texas, Oklahoma, Arkansa
s and Louisiana.
Reserve for Abandonment of Leases and Contingencies was
During 1926 the Company increased its investme
nt in set up to provide for book losses on abandonment
and operawells and production facilities by $905,026 45,
which repre- tion of property acquired prior to June 1 1920, as of which
sents added investment in lease lines, tanks,
treating plants, date,the present management took charge. At the end of
power plants, and the physical equipment
in or pertaining 1925 there was a balance in this Reserve for Abandonment
of Leases and Contingencies amounting to $1,525,421 15.
to producing wells. Following its policy
of previous years, During
the past year a careful investigation was made of
the Company continued to charge off as operatin expense
g
the probable future losses chargeable against this Reserve,
the intangible costs of productive drilling
(labor, fuel, water, which indicate
freight, etc.) instead of capitalizing these items. The charge available in d that such losses would exceed the balance
the Reserve. Accordingly, $771,804 07 was
against income during 1926 for productive drilling amounte
d added to the Reserve for Abandonment of Leases and Conto $821,060 66.
tingencies in 1926 by transferring this sum from Capital
Surplus, increasing the amount available in the Reserve to
On December 31 1926 the net book value
of equipment in $2,297,225
82.
wells and on leases, after deducting deprecia
tion reserve,
During 1926 charges totaling $725,255 83 were made
amounted to $2,718,484 14, or approximately
$4,850 for each against the Reserve, leaving a balance remaining in the
producing well, compared with approxim
ately $6,200 for Reserve on December 31 1926 of $1,571,969 99, which it is
each producing well at the end of the
previous year. At the believed will be adequate for all charges which will occur
same date the net book value of
active leases was $1,588,- in the future.
33339 after deducting depletion
CONCLUSION.
reserve and the portion of
the Reserve for Abandonment of Leases
From the spring of 1925, when the development of the
and Contingencies
applicable thereto. The total of
these two items, or $4,306,- light oil pool at Wortham, Texas, was completed, to the end
817 53, represents the net value at which the
Company car- of 1926, your Company did not get any substantial flush
production in its completion of producing wells and its proried its producing properties, which yielded
an average of duction at
the end of 1926 was unusually well settled. In
10,117 barrels daily during 1926.
February 1927 your Company brought in very substantial
B. REFINING AND MARKETING FACILITI
flush production in the Crane-Upton area in west Texas.
ES.
During 1926 marketing facilities for the distribut
Your Company's settled production of crude oil, which given
ion of it
an assured, continuing income, and the results of recent
the output of the Dallas refinery were increased.
On De- developm
ent operations and of recent expenditures for addicember 31 1926 the Company directly owned and operated
tions to refineries and other physical facilities, should be
25 retail filling stations and 24 wholesale marketi
ng sta- reflected in net income during 1927.
tions, compared with 16 filling stations and 13 wholesale
At their meeting on February 25 1927, your Board of
stations owned at the end of the preceding year. This is Directors declared a quarterly dividend of thirty-seven and
a half cents (371
exclusive of stations operated under lease.
c.) a share, payable on April 1 1927 to
/
2
Construction of a refinery at Smackover was started in stockholders of record at the close of business March 15
1927.
the summer of 1926. The plant will soon be completed and
BY order of the Board of Directors,
ready for operation. This refinery has a capacity for reEDWARD T. MOORE, President.
fining 2,500 barrels of crude oil daily, which will be supTHOMAS W.STREETER, Chairman of the Board.
plied from the Company's production of heavy oil in the
March 4 1927.
THE CHRONICLE
MAR. 121927.]
SIMMS PETROLEUM COMPANY
SIMMS OIL COMPANY
TRINITY DRILLING COMPANY
COMPARATIVE CONDENSED INCOME STATEMENT
1922.
1923.
1924.
1925.
1926.
Gross operating
$8,424,623 $8,643,836 $6,288,510 $4,220,830 $3,925,085
revenue
211,907
105,569
110,975
266,037
Other income._ 317,549
Gross Income..$8,742.172 $8,909,873 $6.399,485 $4,326,399 $4.136,992
Oper. expenses $3,790.543 $2,939,550 $2,019,569 $1.744,055 $1,399,074
Productive drilling, taxes, interest,abandonments, etc____ 1,654,874 1.736,406 1,074,418 1.121,716 1,354,195
1535
SIMMS PETROLEUM COMPANY. INC., SIMMS OIL COMPANY,
TRINITY DRILLING COMPANY,DALLAS,TEXAS.
CERTIFICATE OF AUDIT.
We have made a general audit of the accounts of the Simms Petroleum
Company, Inc.. Simms Oil Company, and Trinity Drilling Company
for the year ended December 31 1926 and for a number of years prior thereto,
and
WE HEREBY CERTIFY that, in our opinion, the accompanying Consolidated Balance Sheet at December 31 1926 and Summary of Consolidated Income and Profit & Loss for the year ended that date are correct.
HASKINS & SELLS.
Dallas, Texas, February 15 1927.
SIMMS PETROLEUM COMPANY
Expenses and
SIMMS OIL COMPANY
Deductions -$5,445,417 $4,675,956 $3,093,987 $2,865,771 $2,753.269
TRINITY DRILLING COMPANY
Net income before depreciaCONSOLIDATED INCOME STATEMENT FOR YEAR ENDED
DECEMBER 31 1926.
tion and deple$3,296,755 $4,233,917 $3,305,498 $1,460,628 $1.383.723
tion
Gross Operating Revenue (after deducting cost of raw material
Depreciation and
$8,424,622 65
refined)
1,805,356 1.597,181 1,383.280 1,119,220 1,183.846
depletion
Expenses:
$341,408 $199,877 Operating
Net income-. _$1,491,399 $2,636,736 $1,922,218
$1,475.288 18
Production expenses
Shares of capital
445.051 01
Dry holes
stock outstand236,025 29
Transportation and storage expenses
ing at end of
57,938 58
expenses
Casinghead gasoline
664,042
683,251
673.280
684,492
686,585
each year
1,109,796 76
and marketing expenses
Refinery
Net income per
466,442 97
Administrative expenses
$.51
$2.81
$.30
$3.85
$2.17
share
3,790,542 79
Total Operating Expenses
ANNUAL NET REPRODUCTION OF CRUDE OIL BY STATES.
$4,634,079 86
Profit from Operations
1923.
1924.
1922.
1925.
1926.
Barrels279.696
233,901
460,104 Income Credits:
179,356
164,893
Louisiana
$91,771 63
Interest and discount
439,093
1,866,036 1,835,710 1,441,618 2,362,544
Arkansas
112,050 00
Profit on sale ofstock in other companies
1,468,767 2.183,546 2.375,973 1,316,817 1,778,917
Texas
113.727 12
Miscellaneous
2,870
54,355
193,074
Oklahoma
317,548 75
Total
3,692.770 4,252,967 4,054,362 3,959,057 2,678,114
Total
11.077
10,847
7,337 Income Before Charges
11.652
$4.951.628 61
10.117
Daily average__ _
Income Charges:
NUMBER OF PRODUCING OIL WELLS AT END OF YEARS.
Interest on gold notes, equipment trusts, &c__ $112,880 85
1924.
1925.
1923.
1922.
1926.
44,518 55
Cash discount on sales
91
92
92
82
87
Louisiana
75,940 87
Property, capital stock and franchise taxes_
76
112
65
38
141
Arkansas
93,789 20
Lease rentals, bad debts, &c
117
69
203
46
276
Texas
129.314 14
Leasing expenses
3
6
42
Oklahoma
Labor and incidental cost of productive drill821,060 66
ing
225
288
171
413
541
Total
Current lease and property abandonments_ _ - 377,369 23
6
5
4
14
18
Gas wells
1,296,890 71
Depreciation
508.465 70
Depletion of leases, based on cost
PIPE LINE AND STORAGE FACILITIES 0WNED AT END OF
YEARS.
3.460.229 91
Total Income Charges
1923.
1924.
1922.
1925.
1926.
$1,491,398 70
Net Income for Year
storage CaSteel
pacity-bbls _ _ 2,218.055 2.114,040 *1,826,000 1,606,000 01,385.000 Dividends on Capital Stock (of 50 cents per share each, paid
686.144 00
92
93
66
44
July 1 1926 and payable January 3 1927)
131
Pipelines-miles.
$805,254 70
* Including 220,000 barrels under construction at Mexia, Texas.
Year
Surplus for
a Including 220,000 barrels under construction at Smackover, Ark.
SIMMS PETROLEUM COMPANY
SIMMS OIL COMPANY
TRINITY DRILLING COMPANY
CONSOLIDATED BALANCE SHEET, DECEMBER 31 1926.
LIABILITIES.
Capital Stock (authorized 1.000.000 shares $10 00 par value.
in treasury 34.223 shares, outstandIssued 720.808 shares,
$6,865,850 00
ing 686,585 shares)
Three-Year 6% Convertible Gold Notes (due November 3,431.500 00
15 1929)
Current Liabilities:
$809,213 41
Accounts payable
153,266 37
Accrued interest, taxes. &c
343.292 50
Dividend payable January 3 1927
ASSETS.
Property:
$9.508,026 90
Active lease, at cost
Less reserve for depletion,
7,028.478 62
based on cost
$2,479,548 28
Net Value of Active Leases
2,540.572 93
Inactive leases, at cost
Physical equipment, at cost:
Wells and lease equipment- $4,943,125 41
1.662,87022
Tank cars
822,038 07
Storage tanks
1,086.150 24
Pipe lines
Refinery and marketing.-- 1.577.902 92
738.782 26
Cashinghead gasoline plants
253,037 52
Drilling tools
520,925 22
Miscellaneous
1,305,772 28
Total Current Liabilities
9,102 41
Due to Affiliated Company
Reserves:
Reserve for abandonment of leases and con$1,571,969 99
tingencies
Reserve for contingent Federal income taxes 160.000 00
$11,604,831 86
Total
Less reserve for depreda3.919,833 38
tion
Net Value of Physical Equipment
7,684.998 48
Total Property less Depletion and Depreciation
$12.705,119 69
Investment in Other Companies:
$488,891 70
Capital Stocks
59,749 69
Advances
Total Investment in Other Companies
Cash in Sinking Fund for Three-Year 6% Convertible
Gold Notes
Current Assets:
$1,400,517 16
Cash
300,000 00
Call loans
1.500,00000
U. S. Certificates of Indebtedness
Accounts receivable (less $23.547 44 reserve) 957.614 19
274,213 90
Notes receivable (less $5,404 63 reserve)
14,505 88
Accruals receivable
Inventories (at market values):
1,364,266 28
Crude oil
294.337 86
Refined products
455.179 12
Materials and supplies
548.641 39
20.000 00
1.731,969 99
Total Reserves
Surplus:
Capital Surplus. January 1
$2,569,185 00
1926
Less, transferred to Reserve
for Abandonment of Leases
771, 804 67
and Contingencies
Capital Surplus, December 31 1926-$1.797,380 33
Profit and Loss Surplus, Jan,
$4,114,062 33
1 1926
Net Income for Year 1926--- 1,491.398 70
Total
$5,605.461 03
Less dividends paid July 1 1926
and payable Jan. 3 1927-- 686,144 00
Net Profit and Less Surplus
Total Surplus
4,919,317 03
6,716.697 36
Total Current Assets
6,560.634 39
Deferred Debit Items:
$111,284 60
Prepaid expenses and advances
83,561 97
Unamortimi debt discount and expense___.
31,650 00
Items in suspense
Total Deferred Debit Items
Total
226,496 57
$20,060,892 04
Total
$20,060,892 04
for sundry leases to be
Nole.-Simms Oil Company had contingent liabilities of $277.715 70 at December 31 1926, on account of deferred payments
made if. when and as oil is produced and sold.
1536
THE CHRONICLE
(Vol.. 124.
THE WHITE MOTOR COMPANY
ANNUAL REPORT
-1926.
To the Stockholders:
The Net Profit for the year, after provision for estimate
d
The directors herewith submit the Combined Balance Federal Taxes, was $564,539 12, deductin
g $175,000—diviSheet and Surplus Account of the Company, as of Decem- dead of 7% paid on the Preferred Stock,
and $100,000 diviber 31 1926, together with the Balance Sheets and Surplus dend on Common Stock, which
is owned by The White Motor
Accounts of the White Motor Securities Corporation and of Company, leaves a balance of $289,539
12 to be carried to
The White Motor Realty Company.
surplus account, making the total of this account $505,371
73.
The Net Earnings of the Company, after provision for Increase in the surplus is included in the earnings
of The
Federal Taxes of $358,000, and giving effect, as has been White Motor Company.
customary, to the undistributed earnings of The White
THE WHITE MOTOR REALTY COMPANY.
Motor Securities Corporation and The White Motor Realty
Earnings of The White Motor Realty Company for the
Company, were $2,566,290 88. The Net Earnings on the
year, after provision for Federal Taxes, were $93,184 87.
same basis in the year 1925 were $5,276,245.
Gross Sales in 1926 were $64,578,088, being an increase of This amount is available for dividends on the Common
Stock, all of which is owned by The White Motor Company
11.9% over the previous year.
and is, therefore, included in the earnings of
The Capital of the Company was increased in April from
that Company.
The original issue of 3,000,000 of 6% Secured Serial Gold
$25,000,000 to $40,000,000 by the payment of a stock dividend of $5,000,000 and the sale of $10,000,000 of the stock of Debentures was reduced to $2,800,000 by the retirement of
the $200,000 maturing December 1 1926.
the Company at par.
From the Surplus of $14,810,402 61 as of December 31
GENERAL.
1925, and the Net Earnings of $256629088, have been deWhile the financial results of the year were unsatisfacducted the regular dividend of $2,900,000 and the stock tory, your
directors feel justified in their program of expandividend of $5,000,000, leaving the surplus as of December sion by the
outlook for business in 1927 and subsequent
31 1926 at $9,476,693 49.
years. Notwithstanding the decline in profits, the ComThe Reserve for Depreciation was increased by $575,- pany's
financial structure is such that it is in a position to
054 20, affecting the Property Account to this extent. A reflect
in its Balance Sheet the full extent of the competitive
further deduction of $267,822 17 was represented by the condition
s existing during the past year. The inventories
dismantling of certain obsolete machinery and realization are based on
cost or market, whichever is lower.
from the sale of real estate no longer required in branch
The markets for the Company's products are broadening
office cities. The Property Account was increased by ex- year by year,
and the high standard of these products is
penditures of $350,879 70 for additional property and addi- steadily gaining
greater recognition in the motor truck
tions to buildings, and $823,162 31 for plant and equipment trade.
at the factory; and further, by $914,984 20 for property and
Respectfully submitted,
necessary equipment acquired in various cities for the estabTHE BOARD OF DIRECTORS,
lishment of service stations. The Property Account was
By WALTER C. WHITE, President.
thus $9,110,328 97, as of December 31, as compared with
March 4 1927.
$7,864,179 13 on December 31 1925.
The decline in earnings was due in general to the overTHE WHITE MOTOR COMPANY, CLEVELAND.
valuing of used trucks taken in exchange and to heavy
THE WHITE COMPANY AND THE WHITE COMPANY, LIMITED
credit losses in two localities.
(Subsidiary Companies)
Despite this situation, the Company maintained and ex- BALANCE SHEET AS OF THE CLOSE OF
BUSINESS DEC. 31 1926
tended its trade outlets and in other ways promoted its
ASSETS
Current
-future growth.
Cash in Banks and on Hand
$2,329,257 70
During the year, the Company has amplified its line by a
Notes Receivable—Customers
5.425.424 39
Accounts Receivable—Customers
5,884,882 84
new truck model in the 2
Accounts Receivable—Miscellaneous
-ton class, a new 16
-passenger bus,
273.788 63
Inventories (Based on the lower of Cost or
a new six-cylinder 29-passenger bus, and a refined 5 to 7Y
Market)
221,573,948 61
ton truck. Also, as in other years, has embodied in all its
$35,487,302 17
Investments—
models those improvements which experience has proved
White Motor Securities Corporation—
Total Issued Common Stoat-(Book Value) 41,005.231 73
and has recently announced considerable reduction in its
The White Motor Realty Company—
Total Issued Capital Stock (Book Value)
light delivery trucks, which are in a competitive field where
504.369 08
Other Investments
2,100,844 00
buyers are most numerous.
3,610.444:81
Wide distribution and the annually increasing number of Property Account—
Land,Buildings,Machinery and Equipment 312,851.998 70
Less: Allowance for Depreciation
White Trucks and Busses in operation made advisable the
3,741,669 73 9,110.328 97
expansion of our sales and service facilities in order to ade- Cost of Good-Will, Patents, Models, Trade
Marks, Trade Names, Patterns and Drawings
5.388.909 68
quately care for our customers' requirements. This involved
additions and enlargements, both to buildings and to equip- Deferred— on Customers' Notes Sold
Discount
$359,26242
Prepaid Rentals, Taxes and Other Exment, in existing Branches, as well as the establishment of
penses, Unexpired Insurance, Premiums.
&c
additional sales and service branches at Worcester, Water159.519 50
518,781 92
bury, Brooklyn, Harrisburg, Reading, Wilkes-B
arre, Colum$54.115,767 53
bus and Fort Worth and parts and service stations
at Utica,
Norfolk, Camden, Lancaster, Scranton, Oklahom
LIABILITIES
a City,
Current—
Amarillo, San Diego, Wichita and Shrevepo
rt. With these
Accounts Payable for Purchases,Pay Rolls.
additions, we had, at the end of 1926, eighty-th
Expenses.&c$3,325.17343
ree direct
Deposits on Trucks
.
Branches located in as many different cities in this country
Accrued Federal Income Tax—Estimated
358.000 00
Accrued State and County Taxes
104.697 57
and Canada, together with a large number of dealers in
White Motor Securities Corporation
138,804 52
The White Motor Realty CompanY
27,771 48
other cities.
WHITE MOTOR SECURITIES CORPORATION.
During the year, this company continued to handle a large
portion of the time sales for The White Company. The Balance Sheet and Profit and Loss Statement for 1926 are
included in this report.
At the beginning of the year it had on hand $9,335,255 69
installment agreements and purchased during the year $17,595,48881, a total of $26,930,74450. Of these installment
agreements, $14,955,330 54 were liquidated, leaving a balance on December 31 1926 of $11,975,413 96.
Reserve—
For Contingencies
Stock of The White Motor Company—
0ta!
Authorized $50,0.000 00)
ssued and Outstanding: 800.000 shares
Surplus—
As set forth i.e annexed statement
Car
$409354554
615,428 50
40,000,000 00
9,476,693 49
$54.115,767 53
(Note.) The White Motor Company has guaranteed the principa
amount of $2,500,000 00 of 7% Preferred Shares of White Motor Securities
Corporation and the payment of regular dividends thereon. There was a
contingent liability as of December 31. 1926, in connection with $11,975.413 96 of Customers' Notes Receivable sold to White Motor Securities
Corporation under agreement to re-purchas
All these notes are secured by direct lien on e in case of Makers' default.
trucks.
1537
THE CHRONICLE
MAR. 121927.]
THE WHITE MOTOR COMPANY.
(and Subsidiary Companies)
YEAR ENDED
PROFIT AND LOSS AND SURPLUS FOR THE
DECEMBER 31. 1926
PROFIT AND LOSS ACCOUNT
Operating Profit (After deducting Manufacturing,Selling and
$1.959.537 89
Administrative Expense)
from InDiscount on Purchases, Interest Earned, Income
vestments and Other Income (after deducting Discount
of
on Notes sold, Expense in connection with the issuance
582,029 00
additional Capital Stock, Interest and Other Charges).—
$2.541.566 89
Profit before Providing for Federal Income Tax
358.000 00
Provision for Estimated Federal Income Tax
$2,183,566 89
Net Profit
Net Profit for year, after giving effect to increase in book
s
value of investment in Stock of White Motor Securitie
,
Corporation and The White Motor Realty Company
$2,566,290 88
represented by undistributed Earnings
PROFIT & LOSS ACCOUNT FOR THE YEAR ENDED
DECEMBER 31 1926.
Income—
Interest and Discount Earned
Less: Interest on Money Borrowed
$726,864 75
Expense—
Administrative and General
Taxes
$564.539 12
Board of Directors and Stockholders,
White Motor Securities Corporation:
the books of account
Gentlemen:—We Hereby Certify that we have audited
ion, as of the Close of
and record of the White Motor Securities Corporat
and the record pertaining
business December 31 1926. Cash on deposits
verified by direct correspondto United States Government Securities were
recorded unpaid installence, Notes Receivable Accounts were listed as to
otherwise accounted
and the relative contracts or notes inspected or
ments
ion
provision has been made for all known liability of the Corporat
for. Full
upon the records examined
as of the date named. In our opinion, based
Balance Sheet correctly
and information obtained by us, the accompanying
December 31 1926, and
reflects the financial position of the Corporation at
the relative Profit and Loss Account is correct.
Very truly yours,
ERNST & ERNST,
Certified Public Accountants.
February 1 1927.
COMPANY.
THE WHITE MOTORS REALTY
(CLEVELAND)
SS
BALANCE SHEET AS OF THE CLOSE OF BUSINE
DECEMBER 31 1926.
7.900,000 00
$9,476,693 49
Surplus December 31 1926
74,825 63
Board of Directors and Stockholders.
The White Motor Company,
Cleveland, Ohio.
of account
Gentlemen:—We hereby certify that we have audited the-books
The White
and record of the White Motor Company, Cleveland, also
s, as
Company and the White Company, Limited, Subsidiary Companie
of the close of business December 31, 1926. and that, in our opinion, based
subject
upon the records examined and information obtained by us and
for
to any necessary adjustment upon determination of final liability
Taxes, the accompanying Balance Sheet correctly reflects the financial
the annexed
position of the combined Companies at the date named and
and Loss and
statement summarizing the items entering into the Profit
r 31, 1926, is correct.
Surplus Accounts during the year ended Decembe
Very truly yours,
ERNST & ERNST.
Certified Public Accountants,
Cleveland. Ohio. February 24 1927.
ASSETS.
$11.975,413 96
447.910 04
12,423,324 00
Accounts Receivable:
138,804 52
The White Company...
The White Motor Company and
Deferred Charges:
60,479 42
Prepaid Interest
$16.152.134 15
LIABILITIES.
Notes Payable:
For Money Borrowed:
From Banks
Through Broker
19.700,000 00
2,500,000 00
$12.200,000 00
Reserve:
For Federal Taxes
Deferred Income:
Notes Receivable—Financing Charges
Capital Stock:
Preferred-7% Cumulative (Authorized
$5,000.000 00):
$2,500.000 00
Outstanding 25,000 shares
Common (No Par Value):
Authorized and Issued 25.000 shares:
500.000 00
Declared Common Capital
Profit and Loss—Surplus:
Balance January 1 1926
$564.539 12
Net Profit year 1926
Less: Dividends Paid:
On Pref. Stock_ 4175,000 00
On Corn. Stock- 100.000 00
275,000 00
$23,025 61
36.609 48
3.190,910 27
92,427 66
Cash in Bank
Due from The White Company
ion)
Land and Buildings (Cost less Depreciat
Unamortized Financing Expense
$3.343,473 02
LIABILITIES.
$14.000 00
Accrued Interest Payable
14.500 00
Accrued Federal Income Tax—Estimated
515 94
Accrued—Miscellaneous
8,838 00
Due The White Motor Company
Debentures
Six Per Cent Secured Serial Gold
(Maturing in equal annual installments—
00
December 11926to December 11940.inclusive.$3.000,000
200.000 00
December 31 1926 Installment Paid
Less:
2.800,000 00
Capital Stock (No Par Value):
Authorized 15,000 shares
5,000 shares
Issued
Represented by:
THE WHITE MOTORS SECURITIES CORPORATION.
Capital
Profit and Loss—Surplus:
BALANCE SHEET AS OF THE CLOSE OF BUSINESS DEC. 31 1926.
Balance January 1 1926
ASSETS.
Net Profit, Year 1926
Cash:
$795,409 33
In Banks
U. S. Government Securities:
2,734,116 88
At Cost and Accrued Interest
Notes Receivable:
Secured
Accrued Interest
$652.039 12
87.500 00
Net profit
$17.376,693 49
$2,900,000 00
5,000,000 00
$61,737 57
13,088 06
Profit Before Providing for Federal Taxes
Provision for Federal Taxes—Estimated
SURPLUS ACCOUNT
$14.810,402 61
Surplus January 1 1926
Addition:
Net Profit for Year. as above set forth in
$2,183,566 89
Profit and Loss Account
Adjustment of book value of investment in White Motor Securities Corporation and The
White Motor Realty Company.
to reflect undistributed Earnings of these Companies for
the year:
White Motor Securities Cor$289.539 12
poration
The White Motor Realty
93,184 87
Company
382.723 99
2,566.290 98
Less: Dividends Paid during year:
Regular 8% cash
Extra-20% Stock
$1,250,961 85
524.097 10
87,500 00
359.262 42
$408,897 47
$3,436 74
93,184 87
96,721 61
505.619 08
$3,343.473 02
PROFIT & LOSS ACCOUNT FOR THE YEAR
DECEMBER 31 1926.
Income—
Rental Income
Expense—
Interest on Debentures
Depreciation
Financing Expense (Amortization)
General Expense
Federal Income Tax Paid at source
Interest on Notes Payable
$430.000 00
$179,000 00
103.743 77
26.241 57
9.423 87
2,979 70
926 22
Profit Before Providing for Federal Income TaxProvision for Estimated Federal Income Tax
Net Profit..
ENDED
322.315 13
$107.684 87
14.50000
393.184 87
Board of Directors and Stockholders.
The White Motor Realty Company,
Cleveland, Ohio.
of account
Gentlemen:—We Hereby Certify that we have audited the books
3,000,000 00
and record of The White Motor Realty Company,Cleveland,as of the close
based upon the
$215,832 61
of business December 31 1926, and that. In our opinion,
accompanying Balrecords examined and information obtained by ea, the
of the Company et
ance Sheet correctly sets forth the financial position
Profit and Loss Account is correzt.
the date named and the relative
Very tray yours,
289.539 12
505,371 73
ERNST & ERNST,
Certified Public Accountants.
$16.152,134 15
February 24 1927.
1538
THE CHRONICLE
[VOL. 124.
THE BORDEN COMPANY
ESTABLISHED 1857
AND ALL SUBSIDIARY COMPANIES
ANNUAL REPORT—FOR THE FISCAL YEAR ENDED DECEMBER 31
1926.
DIRECTORS.
Union N. Bethell
Arthur W. Milburn
Lewis M. Borden
George L. Nichols
Albert T. Johnston
Henry C. Sherman
Albert G. Milbank
Wallace D. Strack
Robert Struthers
OFFICERS.
Albert G. Milbank, Chairman Board of Directors.
Arthur W. Milburn, President.
Albert T. Johnston, Vice-President.
Charles C. Lobeck, Vice-President.
Merritt J. Norton. Vice-President.
Wallace D. Strack, Vice-President.
William P. Marsh, Secretary and Treasurer.
George M. Waugh Jr., General Controller and:Assistant
Secretary.
Stephen J. De Baun, Assistant Treasurer.
GENERAL OFFICES.
The Borden Company
350 Madison Avenue, New York City.
510 North Dearborn Street, Chicago.
503 Market Street, San Francisco.
180 St. Paul Street West, Montreal, Canada.
Borden's Farm Products Company, Inc.
110 Hudson Street, New York City
326 West Madison Street, Chicago.
120 Murray Street, Montreal, Canada.
territory, in Chicago, 111., and its suburbs, and in Montreal,
Canada, is conducted by subsidiaries as follows:
Corporate Name—
Borden's Farm Products Co., Inc
Borden's Farm Products Co. of Ill
Borden's Farm Products Co., Ltd.(Canada)
Percentage of
Stock Owned.
100%
100%
100%
COMMENT.
The year 1926 marked another period of progress of our
Company and one in which record sales and earnings were
established and its financial position further strengthened.
Sales and Net Income.
Sales for the year amounted to $124,912,098.24 and Net
Income derived was $6,835,740.63, being 5.49% on sales
and $10.86 per share on Common Stock outstanding December 31 1926.
Current Assets.
Cash on hand December 31 1926 of $10,238,058.30
compares with $8,663,379.78 on hand at the close of the
previous year.
Marketable Securities on hand December 31, 1926 of
$8,218,525.84 compares with $5,022,491.25 on hand at
the close of the previous year. These security valuations
in no case exceed market values.
Inventories on hand December 31, 1926 of $6,758,233.31
compare with $7,705,717.98 on hand at the close of the
previous year. These are carried at cost or market, whichever is the lower.
Receivables are in excellent shape, collections having
continued good with very small credit losses.
Net Working Capital and Ratio of Current Assets.
Transfer Agent, Seaboard National Bank, 115 Broadway,
New York City.
Net Working Capital amounted on December 31 1926 to
Registrar, Bankers Trust Company, 16 Wall Street, New $20,753,217.67 as compared with $17,763,
441.19 on DeYork City.
cember 311925.
Counsel, Masten & Nichols, 49 Wall Street, New York City.
Current Assets as of December 31 1926 amounted to $3.27
for every $1.00 of Current Liabilities.
CORPORATE ORGANIZATION AND SCOPE.
Mortgages and Purchase Money Notes.
The business of your Company may be divided into two
These items have been reduced by $105,250 during the
parts:
(1) The manufacture and sale of milk products comprising year 1926, maturities having all been paid, and now total
$360,000, of which $162,000 tepresents mortgages assumed
principally:
in connection with property purchases.
Condensed Milk
Malted Milk
Evaporated Milk
Caramels
Property, Plant and Equipment.
Dried Milk
In addition to the usual betterment and extension ex(2) The purchase, preparation and distribution of fresh
milk, cream, butter, eggs and other dairy products by a penditures, during 1926 The Borden Southern Company
completed construction and put into operation a new
system of wagon deliveries.
condensery at Starkville, Mississippi—the first condensery
south of the Mason and Dixon line. During the year 1927
The manufacturing operations are conducte
d by The this same subsidiar will complete
y
construction and start
Borden Company (which dates back
to 1857 in the pro- production at
two new plants in Tennessee, located at
duction of Eagle Brand Condensed Milk),
and its following Lewisburg and Fayetteville. Condense
d milk and evapmanufacturing subsidiaries:
orated milk will be produced at the former and dry milk
Percentage of
Corporate Name—
at the latter. All three of these plants are located in rapidly
Stock Owned.
The Borden Sales Co., Inc
growing dairy sections of the South and will more advan100%
Borden's Premium Co., Inc
100%
tageously provide for the needs of that section of the country.
The Borden Western Company
100%
During 1927 The Borden Western Company also will
The Borden Southern Company
100%
The Borden Company of Pennsylvania
start evaporated milk operations at Tempe, Arizona, in
100%
The Borden Company, Ltd.(Canada)
100%
the Salt River Valley, which production will move into
Borden Realty Corporation
100%
Arizona markets at a considerable frei,ht saving over proDuring the year 1926, for administrative reasons only,
duction heretofore imported from California or other Western
the properties and business of The Borden Company of
producing States.
Utah were taken over and are now operated by The Borden
Borden's Farm Products Company, Inc. and subsidiaries
Western Company.
will, during the year 1927, add considerably to their pasThe fresh milk and dairy products distribution in the soteurizing and distributing facilities, particularly throughout
called Metropolitan District of New York City and adjacent the Metropol
itan District. These expenditures are in the
1539
THE CHRONICLE
MAR. 12 1927.]
be correct, all inventory valuations being based upon
interest of improved service and efficiency, as well as neces- to
cost or market, whichever was lower.
sarily enlarged capacity.
nying
which are
We hereby certify that, in our opinion, the accompa
Quite apart from items of the foregoing nature
and Statement of
y Consolidated General Balance Sheet
very properly treated as capital expenditures, the Compan
Loss correctly exhibit,
ns its properties in excellent physical Consolidated Income and Profit and
at all times maintai
financial condition of the Companies at
the
condition and constantly studies theii efficiency, making respectively,
1926 and the results of their operations for
such necessary outlay as will maintain the former and December 31,
all other property the year ended that date.
improve the latter. These as well as
HASKINS & SELLS.
expenditures are controlled by a conservative policy of
New York, March 1 1927.
accounting.
Capital Stock.
THE BORDEN COMPANY AND ALL SUBSIDIARY
Capital Stock account on December 31 1926 stands at
COMPANIES.
$31,544,800 and is represented by 630,896 shares of Common
CONSOLIDATED GENERAL BALANCE SHEET,
Stock of $50.00 par value outstanding as compared with
DECEMBER 31 1926.
ding on December
$27,340,300 and 548,606 shares outstan
ASSETS.
31 1925, 82,290 additional shares of Common Stock having Property, Plant and Equipment:
been issued to stockholders or their assignees as of FebIncluding Madison Avenue and Hudson Street Office
$49.809,694.87
Building Properties
15 1926 at $75.00 per share.
ruary
Less:
The net proceeds of this stock issue of 82,290 shares were
Mortgages—Madison Ave. Office Buildapplied to the payment of a note given in December 1925
$1.890.000.00
ing Properties
13,697,699.18
for $6,000,000, which, while not due until June 1927,
Reserve for Depreciation
15,587,699.18
was anticipated as permitted under its terms. The stock$34,221,995.69
holders will remember that, as previously reported, the
Net Sound Values
$6,000,000 realized upon this note row paid, was applied Current Assets:
$10,238,058.30
Cash
to the cost of redemption on December 15 1925 of the
Receivables—Less Reserve for Doubtful
d Stock issue, the balance of $2,250,000
Company's Preferre
4,674,544.38
Accounts
8.218,525.84
necessary to the financing of this retirement having been
Marketable Securities
3.959.193.67
Finished Goods
supplied by drawing upon the Company's cash balances.
2,799,039.64
Raw Materials and Supplies
was held by
The stook outstanding December 31 1926
29.889,361.83
107,391.80
5,371 stockholders with an average holding of about 117 Prepaid Items and Miscellaneous Assets
2,500.000.00
Trade Marks. Patents and Good Will
an aggregate of 63,030 shares.
shares. Employees held
Additional Stock to be Issued.
As in each of the three preceding years, the Directors
deem it wise and of advantage to the stockholders and the
Company to issue additional Common Stock from the remaining 369,104 shares authorized but not issued. As
advised in detail under date of February 9 1927, this stock
is offered to stockholders at $60.00 per share for an amount
of stock equal to 10% of their holdings, thus calling for the
issuance of not to exceed 63,090 shares of the above mentioned stock, leaving 306,014 shares still unissued.
$66,718.749.32
Total
LIABILITIES.
Mortgagee
Purchase Money Notes (Maturing in 1928 or thereafter)Current Liabilities:
86,198,815.27
Accounts Payable
Accrued Accounts—Taxes(Estimated), etc. 2,937.328.89
Deferred Credits
Total Liabilities to Other than Stockholders
Capital Stock—The Borden Company:
630,896 shares Common ($50.00 each)_
$162,000.00
198,000.00
9.136.144.16
3,283.04
$9.499.427.20
_$31,544,800.00
The Organization.
Reserves:
9.286,562.07
Insurance. Contingencies, etc
intelligent, experienced and hard-working organizaAn
16.387,960.05
Surplus
tion, working co-operatively, which has been further
$57.219,322.12
Total Capital Stock, Reserves and Surplus
atrengthened during the last• year, continues to be the
asset and their united efforts, making
$66,718.749.32
Company's greatest
Total
the within report possible, is acknowledged with grateful
appreciation.
STATEMENT OF CONSOLIDATED INCOME AND
Respectfully submitted,
PROFIT AND LOSS FOR THE YEAR ENDED
ARTHUR W. MILBURN, President.
DECEMBER 31 1926.
HASKINS & SELLS
Certified Public Accountants
47 West 39th Street, New York
Offices in the Principal Cities of
the United States of America
and in
London, Paris, Berlin. Shanghai,
Havana, Mexico City
Montreal,
CERTIFICATE OF AUDIT.
We have audited the books and accounts of The Borden
Company and its Subsidiary Companies for the year ended
December 31, 1926.
We have verified the accounts representing cash and
securities either by examination of such assets or by obtaining certifications of depositaries.
The charges to property accounts have been controlled
by a conservative policy. Adequate reserves have been
provided for depreciation of property and for possible
losses, and full provision has been made for all known
liabilities.
The inventories of finished goods and raw materials and
supplies represent book balances as shown by the inventory
records, which are adjusted from time to time to agree with
physical inventories, and which were examined and appear
$124.912,098.24
Gross Sales
Net Operating Profit:
(After deducting all operating charges, including De$7.528,466.73
preciation. Insurance and Property Taxes)
544,202.37
Other Income—Interest Received, Net, etc
Gross Income
Other Deductions—Income Taxes (Estimated)
$8.072.669.10
1.218,928.47
$6.853,740.63
Net income
Surplus Credits:
Surplus. January 1 1926
Earnings applicable to Prior Period
Net premium realized from sale of Capital Stock
12,211.335.26
31,548.60
1,974.960.00
$21,071,584.49
Gross Surplus
Charges:
Surplus
$3,154,478.75
Dividends—Common
28,798.11
Interest on Subscriptions to Capital Stock_
Loss on Property and Securities Sold (at
68,867.82
cost)
64,676.32
Good Will Reduction
1,366,803.44
Appropriations to Reserves
(Including as in former years provision for
profit sharing, amounting for 1926 to
4.683,624.44
$838,495.44)
Surplus, December 31
1926
$16,387,960.05
1540
THE CHRONICLE
[VOL. 124.
CHRYSLER CORPORATION
AND SUBSIDIARIES.
CONSOLIDATED BALANCE SHEET DECEMBER 31
1926.
To the Stockholders of
lines introduced in 1926, have put the Company in an exChrysler Corporation:
ceedingly strong position for 1927 business, and that there is
Detroit, Michigan, March 4 1927.
every indication that your Company will continue during the
Chrysler Corporation in 1926 sold 170,392 cars, and on present year further to develop and progress.
this volume of business attained fifth place in sales in dollars
WALTER P. CHRYSLER,
in the automobile industry and the rank of fourth in sales in
President and Chairman of the Board.
dollars in the National Automobile Chamber of Commerce.
As a measure of accomplishment, this should be compared
CONSOLIDATED BALANCE SHEET DECEMBER 31 1926.
with a standing of the business in 1925 of seventh in sales in
ASSETS.
Current—
dollars resulting from selling 137,668 cars; seventh in 1924
Cash on Hand,
in sales in dollars resulting from selling 82,289 cars; and Marketable in Transit and on Deposit_-- $8,500,426 60
Securities
7,819.641 95
ninth place in 1923 in sales in dollars, resulting from sales of Car Shipments against B /L Drafts
3,798.469 44
71,118 cars. Considering Chrysler cars only, the increase Customers' Notes Receivable—Secured by
Trust Receipts
2,400,668 61
is even more notable, sales for 1925 being 106,857 Chrysler Accounts Receivable,
less
cars, and those for 1924 only 31,429, upon which Chrysler Inventories (at the lower Allowances Market 1,272,249 72
of Cost or
Prices)
ranked eighteenth in the N. A. C. C.
16.417.102 02
340,208,558 34
The net profit earned in 1926 after provision for Federal
Preferred Stock Sinking Fund—
taxes was $15,448,586 84. This was earned during a year in Balance in hands of Trustee
169 50
Other Assets—
which the Company introduced three new lines of Chrysler
Real Estate and
cars—the Chrysler "50," the Chrysler "60," and the Imperial Miscellaneou Investments
$411,329 58
s Accounts,less Allowance
85,798 72
"80." The gaining by the Company of fifth place in the in497,128 30
Permanent—
dustry is due to its having introduced these three new lines of
Land, Buildings, Machinery, Equipment,
cars, which, together with the established Chrysler "70,"
Dies, &c
$34,960,852 59
have spread the market for Chrysler products over the entire Less: Allowances for Depreciation. Re
10.856,524 82
24,104.327 77
passenger automobile field. That Chrysler Corporation Good Will
25,000,000 00
now offers a car for every price class has made its franchise
Deferred—
very attractive, and the year has witnessed a remarkable Prepaid Insurance, Taxes, Royalties,&c
403,459 15
development in the quality and financial resources of its dis$90,213,643 06
tributors and dealers.
LIABILITIES.
This comprehensive merchandising policy and the continCurrent—
ued improvements required to increase efficiency and reduce Accounts Payable
$6,702,560 08
Dividends Payable
2,492.666 75
costs have called for substantial further investment in plant Accrued Interest, Taxes,
Insurance,
199,817 44
account. During the year the sum of $8,551,768 10 has been Distributors' and Dealers' Deposits &c
304,019 27
expended on gross additions to capital assets. After provid- Provision for Federal Taxes (Estimated)
2,194,722 25
ing for depreciation and plant retirements, the net increase Deposits under Employees' Preferred Stock Purchase Plan._$11,893,785 79
90,596 80
in permanent assets was $3,941,198 16. A conservative Ten-Year 5 % Serial Gold Bonds:
Outstanding—Not Matured
82,800.000 00
policy in amortizing special tools, dies, jigs, &c., has been
Less: In Treasury
1.116,000 00
followed,and all expenses incidental to creating the three new
1,684.000 00
Reserves: For Contingencies. fice
1,319.824 54
lines of cars have been written off against this year's profits.
Capital Stock—
The balance sheet submitted herewith shows net current Invested Capital
$55,877,834 26
assets of $28,314,772 55 with cash and marketable securities
Represented by:
—Number of Shares—
more than sufficient to pay all the liabilities. The net workNo-Par Value Stock
Preferred
Series A Common
ing capital position of the Company compared with that of
Outstanding
214,704 2,693,665
Deliverable under the
last year has improved by $293,641 28 notwithstanding the
Maxwell Corporation
Plan and Agreement
declaration of $9,846,828 00 in dividends; the expenditure
dated April 15 192530
13,415
of $8,551,768 CO on plant facilities; the retirement of $1,024,Delivered to the Trustee
of the Preferred Stock
000 00 of the Company's funded debt; and the meeting of
Sinking Fund
7,890
0
In Treasury
10,695
Preferred Stock Sinking Fund requirements of $812,124 00.
0
In Treasury—Reserved
for Employees' and OfThe Company acquired before maturity $674,000 00 of
ficers' Purchase and
the First Mortgage 10-year 5 % Serial Gold Bonds during
pensation
Compensation Plans_ 6.381
_
12,920
Unissued
35,300 480,000
the year. This, together with the $442,000 00 acquired last
Shares Authorized
year and the payment at maturity of the December series in
275,000 3,200,000
the amount of $350,000 00, leaves an outstanding bonded
Surplus—
indebtedness of only $1,684,000 00, a reduction of 961,024,- Appropriated:
*On account of Repurchase of
000 00 during the year. The declaration of dividends on the
Capital Stock$2.431,468 20
On account of
common stock required, under the certificate of incorporaPayments to
Sinking Fund
tion, payments into the Preferred Stock Sinking Fund equal
169 50
----82,431,637 70
to 10% of the dividends paid on the common stock. This Unappropriated
16,915,963 97
19.347,601 67
resulted in the payment of $812,124 00 into the Preferred
75.225,435 93
Stock Sinking Fund during the year,of which payment all
but
$90,213,643 06
$169 50 was made in Preferred Stock.
Export business in 1926 constituted 10.29% of the total •Upon retirement or sale of this stock, this item will become part of the
Unappropriated Surplus.
volume of business done, comparable with 8.28% in
1925, Note A.—Material in Transit not included in either Assets or Liabilities.
and 5.42% in 1924. Strong sales representation has been de- $1,314,013 72.
veloped in all of the principal markets of the world, and export business promises a continued increase in impor- CONSOLIDATED INCOME SUMMARY FOR THE YEAR ENDED
DECEMBER 31 1926.
tance. The business available in certain markets now justi- Gross
Profit from Sale of Automobiles and Parts
$29,074,112 92
fies creating arrangements for foreign assembly, and such Interest and Brokerage
767,001 10
facilities are being provided for Germany and Australia, and
Total Income
829,841,114 02
will be further extended as conditions warrant.
Deduct—
Selling,
During the past five years our business has shown an aver- Administrative, Engineering,ExpensesAdvertising, Service and General
$11,945,619 28
age annual rate of increase in sales of approximately 36% Interest Paid and Accrued
252855
------ 12,197,804 93
and it is gratifying to note that to date 1927 substantially
Income Before Provision for Federal Taxes
maintains this improvement over the corresponding period Less: Provision for United States and Canadian Income$17,643,309 09
Taxes
2,194,722 25
of 1926. I believe that the improvement in the Company's
Net Income for the Year Ended Dec. 31 1926
815,448,586 84
product, and the broadening of its market by the three new
MAR. 121927.]
THE CHRONICLE
1541
that has e already
were to be added the issues or portions of serial issues
larger, for in a number
matured and paid off, the aggregate would be much
their maturity anticipated.
of cases entire issues have been cancelled or
a number of issues yielding
The editors of the booklet say, "There are still
seem too well grounded both in respect
in excess of 7M % and some of these
issuing country and to its past
to the present financial condition of the
seems probable that the
financial history to justify present prices. It
and relatively doubtful
process of separation between relatively high-grade
feature of the foreign bond market
issues, which has been so marked a
are still a number
during the past three years, will continue, and that there will tend to work
neglected, which
of issues in the list, hitherto somewhat
class."
out of the speculative class into the investment
furnished what is
"Recent developments in the copper industry have
policies, as capstan
probably the first adequate test of America's new export
$19.347,601 67 ized under the Webb-Pomerene Act," according to the review published
-December 31 1926
Surplus
York. "Up to the present
by Throckmorton & Co., 100 Broadway, New
the Act. Copper, with the
time, 33 industries have taken advantage of
exponent of the
formation of Copper Exporters. Inc., became the leading are to compete
Chicago
Cable Address "Ernstaudit" New York
if they
New York
Milwaukee
doctrine that American producers must join hands
ERNST & ERNST
Philadelphia
Exporters,
Minneapolis
Certified Public Accountants
successfully in international markets. The success of Copper
Boston
St. Paul
has maintained the
Audits and Systems
Providence
Inc., is measurable in four direction 3; the association
Indianapolis
DETROIT
on costs, a shade
Baltimore
price of foreign copper, after allowing for transportati being conducted
Denver
First National Bank Bldg.
Washington
is now
above domestic prices: marketing of copper abroad
Geo. D Bailey, C.P.A., Resident Partner St. Louis
Richmond
virtually eliminated;
Kansas City
in orderly fashion: speculation in copper has been
Buffalo
Detroit
Toledo
metal abroad. The
Cleveland
Pittsburgh Wheeling
steps are being taken to stimulate consumption of the
Memphis
Omaha
Atlanta
the survey. "ProCincinnati Louisville
San Francisco Loa Angeles
immediate potential market in Europe is large." states
Worth Houston
Fort
Dallas
Italy and other Old
New Orleans
gress of super-power now in evidence in Germany,
s of copper wire,
February 16, 1927.
World countries, with its attendant heavy requirement
the metal abroad."
may be expected greatly to increase consumption of
Board of Directors and Stockholders,
Chrysler Corporation,
of enlarging
George M. Forman & Co. announce that for the purpose
Detroit, Mich.
they have acquired
their facilities and extending the scope of their activities
business of
Gent:mew
and record pertaining to the assets and consolidated with their business the general investment
We have audited the books of accountDetroit, and its
subsidiaries, as of Coffin, Forman & Co. The officers and board of directors of George M.
liabilities of Chrysler Corporation.
and
the close of business December 31, 1926. and submit herewith a Consoli- Forman & Co. will remain the same as heretofore and in addition Charles
dated Balance Sheet at that date, and the relative Surplus Account and Howells Coffin, formerly President of Coffin, Forman & Co., becomes a
Income Summary for the year.
M. Forman & Co., in charge of
We verified cash funds and securities at December 31 1926 and satisfied director and Vice-President of George
formerly Secand
ourselves that sufficient provision had been made for doubtful notespric- originating and purchasing new securities. John H. Ellis,
thoroughly tested the quantities, clerical accuracy and
& Co., becomes Vice-President, assisting in the
accounts. We
have been carefully valued on retary of Coffin, Forman
Chambers, formerly
ing of the inventories, which, in our opinion,
buying and syndicating department. Robert T.
the basis of the lower of cost or market prices.
been capitalized Manager of the New York office of Coffin, Forman & Co., becomes ViceOnly actual additions to the Permanent Assets have has been
charged President, in charge of the company's office in New Yfirk City. George
during the year and, In our opinion, sufficient provision
investment business in domestic
against earnings for the year for depreciation and amortization. all
determine, for
known M.Forman & Co. are conducting a general
Full provision has been made, as far as we could
purchasing whole issues of Government, municipal,
liabilities at December 31 1926. including estimated Federal income taxes and foreign securities, and industrial securities for distribution at wholefor the year. Merchandise in transit, amounting to 31,314,013 72, has, public utility, real estate
and participating in national underwritings.
however, not been included in either the assets or liabilities. Fund
Trustee sale and retail
Payments have been made to the Preferred Stock Sinking
the
Taylor, Ewart & Co., Inc., Investment Bankers, have announced
In amounts aggregating ten per cent of the dividends paid on the common stock.
of Charles J. Eastman,as advertising manager. Mr.Eastman
our opinion, based upon the records appointment
WE HEREBY CERTIFY that, in
engaged in advertising agency work for the past twelve years,
Balance
examined and information obtained by us, the accompanying Corpora- has been Williams & Cunningham, Chicago, until 1923 and since than
Sheet sets forth correctly the financial position of the Chrysler the Con- being with
of the same city. He will be located
and that
tion, Detroit, and its subsidiaries at December 31 1926.
an officer of the Brennan-Phelps Co.
& Co., Inc., but will be in charge
solidated Surplus Account and Income Summary are correct.
at the Chicago Office of Taylor, Ewart
yours.
Very truly
organization.
ERNST & ERNST.
of advertising and publicity for their entire
the Navy,
-Garvin Denby, brother of Edwin Denby,former Secretary of
Haines, Spencer & Chancellor of
has become associated with the firm of
First Commission to the Philippines
-Estimated March Production.
Whys Overland Co.
New York. Mr. Denby was Attache
Production of Whippet and Willys-Knight cars for March will be 30.000. In 1900: later, Assistant to President of Solvay Process Co., Secretaryto a statement by company factory officials. This will bring Treasurer of Federal Motor Truck Co.. and President of Denby Motor
according
the total production for the first quarter up to the rumber necessary at
the Guaranty Fire Insurance Co.of
this season to meet the 300,000 schedule set for the year. in excess of pro- Truck Co. Mr. Denby is a director in
•
J.
The March production, it is estimated, will oe 88%
in excess of February Newark. N.
and 60%
duction for the same month of last year production will be divided 60%
-Charles F. Spears is resigning from Brown Brothers & Co. on March 15
production for this year. This months'
Whippeta, including the Whippet Six, and 40% Willys-Knights.-V. to become associated with the financial department of the Consolidated
P. West. Mr. Spears
124, p. 1235, 1084.
Press Association as successor to the late Stuart
New York "Evening Mail."
-Sales.
was for over 20 years financial editor of the
(F. W.) Woolworth & Co.
& Co. and since 1923 has held
1924.
1925.
1926.
1927.
In 1919 he joined the staff of Brown Brothers
Month of February.--.$17,279,054 $15,478,525 $14,853.254 $13,431,292 the firm's full power of attorney.
33.493.471 30,640,686 29,054,482 25.560.076
First 2 months
S.
- Mayo Boyd, Varnum S. Evans and M. J. Develet announce the
The old stores contributed $1,394,377 of the gain of Feb. 1927 over
-V. 124, p. dissolution of Boyd, Evans & Develet, Incorporated. George M. Forman
Feb. 1926 and $1,916,113 of the gain for the two months.
.
.
.
.
& Co., Chicago and New York, announce that S. Mayo Boyd and Michael
807. 786.01swigil
York office and that
J. Develet are associated with them in their New
-Annual Report.
Co.
Yale & Towne Manufacturing
Varnum S. Evans is associated with them in their Chicago office.
1923.
1924.
1925.
1926.
Calendar Years-Belzer & Co.announce the opening of offices in the Land Title Building,
42,670,927 $2,652,024 $2,054,342 $3,052,240
Net earnings
289,063 Philadelphia, to conduct a general business in investment securities. The
271,141
268.725
257,219
Interest received
Trading Department is in charge of J. L. J. Belzer and assisted by J. L.
Total net earnings.... $2,928.146 $2,920,749 $2,325,483 $3,341,303 Merscher and Wm.J. McCullen. The Bank Stock Department is in charge
306,891
350.000
450,680
400,392
Reserve for taxes
Dividends(cash)(20%). 2.000.000 2,000,000 2,000,000 2,000,000 of Harold N. Nash.
-Announcement is made by the bond department of the Anglo-California
$18,592
$570,749
$890,623
$527,754
formerly connected
Balance, surplus
9,515,112 8,944,363 8,925,771 8.035,148 Trust Co., San Francisco, that Robert B. Hollomon,
surplus
Previous
with the Pacific coast office of the National City Co.. has joined its organizaAdjust, of tax reserve... Cr.421,179
Invent'y res. restored__ _Cr1,060,000
tion as Manager of its municipal department.
Trade-marks & patents_Dr1,999,999
-J. N. Casady, Russel Fitton and A. E. Minetor have formed the firm
Profit & loss surplus- $9,524,046 $9,515,112 $8,944,363 $8.925.771 of Casady & Fitton. with offices in the South Chicago Savings Bank Bldg.,
to handle municipal, drainage & tax exempt bonds.
Shares cap. stk. outst'g
400,000
400,000
400 000 South Chicago,
400.000
(par $25)
$6.42
$5.05
$t.23
$6.32
-Theodore Prince & Co.. members New York Stock Exchange, 120
Earned per share
operating expenses, incl. 8695,193 Broadway, New York, announce that Edward S. Walker is associated
z After deducting cost of production,
for repairs, maintenance, but charged to current expenses: after deducting with them in charge of the public utility department.
after charging all
and
$368,595 for depreciation on plant of to equipment and in previous years,
reserves set up
-The United States Mortgage & Trust Co. has been designated as
losses to current operations instead
-V. 123, p. paying agent of the principal and interest of $1,600,000 5% bridge and
earned and taxes accrued but not paid.
but excluding interest
2407.
highway bonds of Dade County. Fla.
Yellow & Checker Cab Co.-Consol. Annual Report.
-J. J. Stark announces the formation of J. J. Stark & Co., with offices
Results for 13 Months Ended Dec. 31 1926.
at 150 Broadway, New York, to conduct a general Investment business
$4,073.531 specializing in foreign bonds.
Gross revenue
3,439.258
Expenses
-'Charles C. Wetmore has become associated with the sales department
409,454
Depreciation, $377,454: Federal taxes, $32,000; total
144,003 of G. L. Ohrstrom & Co.. Inc., and will represent them in the central
series 1, corn., $120.004; series 2. corn., $2.400--Dividends,
of New York State.
$80,815 section
Balance, surplus
E.
- A. Pierce & Co.. successors to A. A. Housman-Gwathmey & Co..
180.000
Shares of series 1 and series 2 common outstanding (par $10)..
$1.25 are distributing a special letter outlining the present position and outlook
Earned per share on common stock
of the Barnsdall Corp.
-V. 122, p. 627.
McDonnell & Co. announce that Philip Stevenson has become associated with the Stock Exchange department of their New York office.
CURRENT NOTICES.
-Clark, Childs & Co. have opened a branch office at the New Hotel
M. Wadden.
-Brown Brothers & Co. have issued the ninth edition of their booklet Statler in Boston under the management of William
Co. of
"Foreign Dollar Bonds," which this year gives a brief account of nearly
William C. Giddings is now associated with J. Roy Prosser &
300 issues of foreign Governments, municipalities. States and corporations. New York in their investment department.
Government bonds showing
of their New
In the foreword of the booklet Is a list of 20
George M. Forman & Co., Inc., announce the removal
the January prices in the last four years and illustrating the great change York office to 120 Broadway.
come over the dollar bond market in that period. In 1924 these
of R. H.
that has
-Reginald A. Ward has joined the New York organization
20 IMMO represented an average price of a little under 953 and in January Moulton St Co., 14 Wall St.
Brown Brothers
1927. 103%. In preparing the material for the booklet
the Pittsburgh Office
--Harry B, Jewkes, has been appointed manager of
& Co. made a compilation of the bonds that have ben retired by sinking
these to have reached $280.000.000. If to this amount of A. B. Leach & Co., Inc.
fund and found
THE YEAR ENDED
CONSOLIDATED SURPLUS ACCOUNT FOR
DECEMBER 31 1926.
$13,867,768 07
Balance: January 1 1926
Add: Net Profit from Operations for the year
after Providing
ended December 31 1926,
$15,448,586 84
for Federal Income Taxes
Deduct:
Dividends Paid and Declared:
On common
$8,121.240 00
Stock
On Preferred
1,725,588 00
Stock
$9,846,828 00
Miscellaneous Surplus Charges 121,925 24 9,968.75324
5,479.833 60
1542
THE CHRONICLE
[Vor. 124.
The Commercial Markets and the Crops
COTTON-SUGAR-COFFEE-GRAIN-PROVISIONS
PETROLEUM-RUBBER-HIDES
-METALS
-DRY GOODS
-WOOL
-ETC.
COMMERCIAL EPITOME
January and March. It is pointed out that sugar has
advanced in price it,. in less than a year, from about 234c.
to 334c. per pound. They think the effect of this rise is
of the utmost importance to the sugar industry of Cuba and
the United States producing and refining companies. Some
Friday Night, March 111927.
COFFEE.
-Spot coffee was quiet for a time. Of late there think that the industry has definitely turned the corner from
has been better inquiry without much actual increase in the depression that prevailed during 1924-25 and 1925-26.
business. Still cost and freight offers were steady to 10 points The effect of the restriction will be apparent only in the
present season, leaving 1927-28 problematical, but President
higher. Prompt shipment offers included: Santos Bourbon Machada regards
restriction this season as a purely temporary
2-3s at 18.30c.; 3s at 17.60 to 18.150.,• 3-4s at 16.90 to 17%c.; expedient. He is said to contemplate an internati
onal sugar
3-5s at 16% to 17.3004 4-5s at 163c.; 5-6s at 16.35c. to conference some time this spring.
4
163/2c.; Bourbon separations 6-7s at 15.90c.; 7-8s at 14.600.;
Receipts for the week at Cuban ports were 215,334 tons,
Part Bourbon or flat bean 3-4s at 17.40 to 1 c.; 3-5s at 16.80 against 224,590 in the previous week,
to 17.20c.; 6s at 163/2c.; 6-7s at 16.20c.; Santos peaberry 194,094 two years ago; exports, 82,277195,110 last year and
tons, against
4-5s at 16.90c.; Rio 7s at 14.85c. to 15.05e. and Victoria in previous week, 114,954 last year and 134,126 127,894
two years
7-8s at 143'c.; Santos 4s, April
-May shipment 163/20. Spot ago; stock, 834,790, against 702,733 in previous week,
Rio 7s were 1534 to 153/2c. on the 9th inst. with Santos 4s 764,419 last year and 683,626 two years ago; centrals grind173 to 18c. on a light trade. Cost and freights were irregular ing, 176, against 175 in previous week, 175 last
4
year and 179
some unchanged; a very few were slightly lower. For prompt two years ago. Of the exports U. S. Atlantic ports received
shipment offerings consisted of Santos Burbon 3s at 17.40 48,119 tons; New Orleans, 11,579 tons; Galvesto 3,221;
n,
to 18.35e.;'3-5s at 163 to 17.30c.; 4-5s at 16.40 to 1634c.; Savannah, 1,665; Europe, 11,607, Canada, 1,785 and
5s at 163'c.; 5-6s at 15.90 to 16.30c.; 6s at 163c.; Part Kong, 4,301 tons; old crop exports none; stock, 16,187 Hong
tons.
Bourbon 3s at 173/i to 17.900.; 3-4s at 17.30c.; 3-5s at 16.65 Havana cabled: "Rain is wanted in Cuba." Accordin
to 17c.; 5-6s at 1634c.; 6s at 16.350.; Santos peaberry 3-4s at one report Cuban arrivals last week were 224,963 g to
17.35c.; 4-5s at 163 to 17.05c.; Rio 7s at 14.60c. to 14.80e. exports, 91,059 tons; stock, 916,337,• mills grinding, tons;
%
Future shipment offers included Santos 4s for March-April The exports in detail were to New York, 7,691 tons; 176.
Philat 163'c.; Bourbon 4s for April at 163'c.; 4s for July-Dec. at adelphia, 24,778 tons; Boston, 8,473 tons; New Orleans,
16.30c. (part Bourbon). Bourbon 3-5s for December ship- 17,083 tons; Savannah, 6,523 tons; Galveston, 9,014 tons;
ment at 15.40c.; Rio 7s for April-May at 14.60c.; 7
-es at Interior United States, 699; Canada, 2,321; United Kingdom,
14.45c.; 6s at 14.30c. and 7s at 13.30c.
5,800 tons; Belgium, 3,912 tons; Holland, 194 tons; China,
Cost and freight offers on the 7th inst. were lower. Santos 4,301 tons; old crop unchanged.
for prompt shipment were here at 1934c.. for Bourbon 2s,
Receipts at United States Atlantic ports for the week
17.100. for 3s, 16.95 to 17.353.for 3-4s, 16.80 to 17.35c. for 54,184 tons against 66,594 in the previous week, 93,623were
last
3-5s, 1634 to 16.700. for 4-5s, 163/i for 5s, 14.45 to
163/2c. year and 72,493 two years ago; meltings 64,000 against
for 5-6s; 190. for part Bourbon 38, 17.20c. for 3-4s, 16% to 59,000 in previous week, 68,000 last year and 79,000 two
17c. for 3-5s, 16.85c. for 4-5s, 16.45c. for 5s; 16c.
6-7s, years ago; stock 216,687 against 226,503 in previous week,
193c. for peaberry 2s, 17c. for 4s and 16.35e. tofor
17.050. 142,419 last year and 93,451 two years ago. Some state that
for 4-5s. Rios prompt shipment, 14.95e.
both Porto Rico and Philippines have been freer sellers this
According to the Department of Commerce, a new record year than Cuba. More than 50% of Cuba's crop has now
both for quantity and value was established for coffee been made and Cuba has not appeared as a large
at
imports into the United States during 1926, the amount any price ur der 334c. c. & f. It lo ks to some very seller as
much
brought in from Brazil alone being 7,676,846 bags, which if tuba were determined to get better prices for her crop and
represents an increase of 16.2% in comparison with 1925. sell only what she is forced to sell at present prices. The melt
Yet domestic stocks are generally small. The trade, it is for the first quarter of the year will it is believed contain a
suggested, may not find it easy to continue its hand-to- much higher percentage of sugars from Porto Rico than for
mouth policy of buying. Purchases of May were made at some years past. The fact that sugars continued to come out
the noticeable discount under March. The small local stocks at the 334c. c. & f. level for Cubas, acted at one time as a
of deliverable grades excite comment; also the fact that the deterrent on buying of futures here. Refined was quiet
present price is much below parity with cost and freight buyers hoping for lower prices. The quotations were
6 to
offers from Rio and Victoria for April shipment.
6.20c. Later 46,000 bags of Cuba sold at
5-32c.
Futures on the 10th inst. advanced 3 to 17 points with c. & f. or 3c. f. o. b.; possibly 5,000 in all. 33' to 3 on the
Futures
contracts scarce and cables higher. The sales were 26,000 10th inst. ended 2 points lower to 1 higher with the sales
bags, offerings being too small for extended _business. Ru- down to 35,000 tons. The trade and apt arently Cuban
mois were afloat that the proposed loan of $100,000,000 to interests bought May and September. It had a steadying
Brazil had been granted. Wall Street doubted and milreis effect. Refined was 6 to 6.20e. with new business light and
exchange fell. That seemed incompatible with the successful withdrawals none too satisfactory.
negotiation for a loan. At one time prices declined, owing
President Babst of the American Sugar Refining Co. said:
mainly to lower cables from both Brazil and Europe, and "Cuban producers and United States refiners both face the
liquidation for local and European account. Covering and same problem of finding employment for their excess capacity,
some buying by trade houses took the contracts. The large called out by the war efforts of this United States and of
Taps ahead cause exporters, it is said, to lean to the bear Cuba, but not safeguarded by either Government securing
side, although the restriction of receipts may check aggressive post-war markets. It is desirable that the Cuban crop
selling. Shippers indeed may have difficulty in filling coil- should be maintained at its present level of 5,000,000 tons
tracts calling for specific grades. A little puzzling to some is and over in order to afford ample supplies and fair prices to
the position of Rio coffee; some maintain that
the United States. It is essential to that end that
ceipts published at Rio indicate only Rio coffee,the daily re- should receive fair prices, as it is equally essential Cuba
while others
that
are positive that they include any coffee
going through the refiners should secure adequate earnings. All of these ends
port of Rip. From the absence of importan
would be aided and promoted, by the adoption by Cuban
t Rio offers,
assumed in certain quarters that the receipts include it is producers in co-operation with United States refiners
of a
any
coffee going through Rio. Offerings were at times rather systematic marketing plan to handle part of Cuba's surplus
large of future shipment Rio, based on the belief
the crop production in export markets. The excess capacity
will be earlier than ever in coming down from that interior. refineries would be used to assist Cuba in finding a of the
world
the
To what extent do present prices discount future supplies? market for its national crop and so serve domestic conThat is a query heard. Short and hedge selling may be over- sumers and be helpful to domestic sugar producers. During
done; future action of the Defense Committee may become 1926 less than 100,000 tons of sugar were exported from the
an important factor. Some think prices are cheap; especially United States, the smallest amount in 15 years, partly due
for the period up to September. To-day futures closed 10 to to lack of marketing co-operation. The price of sugar for
22 points higher, with sales of 45,500 bags. Shorts were the year is shown to be less than one-half the composite price
covering with the tendency of the Brazilian markets of late of milk, eggs, butter and potatoes, while the food value of
upward. Final prices show a nee for the week of 5 to 36 sugar for each cent of price is twice that of bread, more than
points, the latter on March, while May was up 19 points three times that of potatoes and four times that of butter,
and July 5.
milk, pork, mutton or cheese and five times that of beef."
To-day futures were rather irregular with later months ending
Prices follow:
Spot (unoffc'1)--154-161MaY
13.77
(P)13.801September
1121..8107 2 points lower. The sales were 55,350 tons. Spot Cuban
March
14.55 (July
12.87
December
raws ended at 334c., the same as a week ago. Final prices
SUGAR.
-Prompt raws sold to a moderate extent early on futures show a rise of 1 point on March
for the week and
in the week at 3%c. c. & f. The price was bid for more a decline on other months of 4 points.
and 3 5-32 to 3 3-100. asked. Futures were braced by the
Prices were as follows:
strong market for raws. Cuban interests were supposed to _spot (unofficial) _ 341July
3.27 December
3.25
be buying December. Some bought December and sold March
3.101September
V
3.38 a nuary
3.0
May
3.151
[The introductory remarks formerly appearing here will now be
found in an earl or part of the paper immediately following the
editorial matter, in a department headed "INDICATION
OF
BUSINESS ACTIVITY.")
MAR. 12 1927.]
THE CHRONICLE
1543
was asked. Consumption is increasing. Flaxseed
LARD on the spot waslower at one time. Prime Western, 11.1c. have recently advanced. Cocoanut, bbls., spot,
3
, 13%c.; South America, markets
13 to 13.10c.; refined Continent
3c..
to 1034c.; Manila, coast tanks, 8c.; spot tanks, 8Y
14%c.; Brazil, 153'c. To-day cash lard was steady with 10
32c.; April,
fell 10 to 13 points on the China,wood, New York, drums, spot and March,
prime Western 13.15e. Futures
Pacific Coast tanks, spot and March, 263te.; April,
5th inst. with cottonseed oil lower, hogs rather weak and 24Mc.; Corn, crude, tanks, plant,'low acid, 834c; edible,
Hog packing for the week 223,c.
liquidation rather general.
lots, 12c. Soya bean, coast tanks, 9Mc.; blown,
ending March 5th was 582,000, against 541,900 in the pre- 100-bbl.
to $2.50. Lard, prime, 153.Ic.;
9th inst. advanced 5 points. bbls., 14c. Olive oil, $2.25 York, 133 e. Cod, Newfoundvious week. Lard on the
%
to 8 points under persistent extra strained winter, New
On the 10th inst. lard fell 5
to 82e. Rosin, $10 to
off 10 to 15c. and corn lower. land, 63 to 65c. Turpentine, 77 including switches, 19,400
selling pressure with hogs
Cottonseed oil sales to-day,
Hog receipts were 114,200, against 107,400 a week ago and $17.
7
Crude S. E., 7/sc. Prices closed as follows:
104,800 last year. Liverpool lard advanced 3d. To-day bbls. P.
9.8709.90
I Aug
9.630
1May
9.501 5
higher with cotton oil up 13 to Spot
9.8809.90
futures closed 2 to 7 points
9.6909.75 Sept
9.60 9.75 June
March
9.700 _-Oct
9.8155
21 points, the latter on March, and shorts covering. Lard April
9.50 9.7 uly
n. But they were not
early showed the effects of liquidatio
10 to 30 points
RUBBER declined here on the 7th inst.
pronounced and later the firmness of hogs and the rise in
stock still increasing. Last week, 12,826
cotton oil dominated the market. There was a fair cash with the Londonto it. Trade was quieter here both at the
15 points higher with the top tons were added
demand. Hogs ended 10 to
and on the Street. An increase took place of .183
$12.30 Western receipts were 96,000 the same as a year• Exchange week in the average London spot price to 19.204d.
6,000. Final prices on point last
ago. On Saturday Chicago expects
' London cabled too that tonnage on unused coupons at the
lard show a decline for the week of 13 to 15 points.
February totaled only 7,000 tons. At the Exchange
IN CHICAGO ' end of
DAILY CLOSING PRICES OF LARD FUTURES
here on the 7th, March closed at 40.40c.• April at 40.90c.;
Fri.•
Wed. Thurs.
Tues.
Mon.
Sat.
'
12.32
12.37
12.37
12.35
May at 41.40e.; June at 41.70c.; July at 42.10c.• Sept. at
12.37
March delivery_ ---cts_12.40
12.47
12.55
12.55
12.50
12.52
12.60
42.40c.; October at 42.70c.• and December at 43.1bc. OutMay delivery
12.75
12.70
12.75
12.70
12.75
12.80
4
July delivery
'
side prices were as follows: Smoked spot and March,403 to
4
%
dull; mess, $36.50; family, $39.50 to $41.50; fat April, 4PA to 415 c.; April-June, 413 to 42c.; July-Sept.,
PORK
3
%
First latex
4
back pork, $30 to $33. Ribs, Chicago, cash, 16.50c. basis 4234 to 43e.; October-December, 43 to 433c.; to 3834c.;
4
60 pounds average. Beef steady, mess, $19 to $21; crepe, 4134 to 413 c.; clean thin brown crepe, 38 amber, 38
of 40 to
3
packet, $19 to $21; family, $21 to $22; extra India mess, $34 specky brown, 3734e.; No. 2 amber, 39c.; No. to 343/e.;
2
to $36; No. 1 canned corned beef, $2.50; No. 2, $4.25; to 3-.34c.; No. amber, 373'2c.; rolled brown, 3434 to 263.0.
South America,$12.75. Cut meats steady; pickled Paras, up-river, fine, spot, 33 to 3334o.; coarse, 26
6 pounds,
7th inst.
4
hams, 10 to 20 lbs., 22% to 223 c.; pickled bellies, 6 to 12 Caucho Ball, upper,28 to 28343. London on the
later.
4
4
lbs., 213 to 233e.• bellies, clear, dry salted, boxed, 18 to was % to %d. higher for a time though it reacted 4d.203
%
20 lbs., 18%c.; 14 t4 16 lbs., 19%e. Butter, lower grade to Spot and March, 2034 to 203 d.; April-June,02% to 21% to
high scoring, 47 to 52%c. Cheese, flats, 22 to 28c.; eggs, July-Septeniber, 2134 to 21%d.; October-December, against
4
medium to extras, 223' to 283'c.
213 d. The London rubber stock was 59,945 tons, year.
last month and 10,506 last
-Cased gasoline was reduced lc. by the 58,659 last week; 55,740 was quiet at an advance of A to
PETROLEUM.
on the 7th inst.
Standard Oil Co. of New Jersey early in the week. U. S. Singapore
st/
lid.; March, 19%d.; April-May-June, 2038d.; July-Augu
motor in cases was quoted at 25.65c. The same company September, 20%d.
d a cut of Mc. in the price of export kerosene
also announce
London cabled early in the week that there was conin cases; standard white in cases 18.15c.; water white 19.65c. siderable activity at advancing prices last week. Sellers
for gasoline was easier; U. S. motor in tank
The bulk market
and in Singapore were more reserved. Demand
4
cars 11% to 113 e. at refineries; delivered to trade 12M to therechiefly confined to near months for America and the
was offered, it was said, at 11c. was
12%c. Resale gasoline
Continent, Russia particularly. Speculative interest was
Jobbing demand has been small. Atlantic seaboard tank reviving. The sentiment was bullish in London. It is
despite the recent adwagon prices were reported easier,
pointed out that shipments from the East during February
vance in Florida and Georgia. Kerosene was easier with were surprisingly small, although the short month and
41-43 prime white at
demand light. Most refiners quoted
Chinese New Year accounted for it largely. March ship90. and 43-46 at 9%c. in tank cars ar refineries. It was ments are expected to fall off. In the face of the statistical
Yo. on a firm
intimated that these prices could be shaded
position in the past few months, the market has shown
bid. Tank wagon prices were weaker. Bunker oil has been surprising resistance.
quoted $1.75 for grade C
with
steady. New York harbor refiners
On the 10th inst. New York advanced 10 to 40 points sales
at refineries and $1.813, f.a.s. New York harbor refineries.
in London. The
. Gas oil was a better demand on a small advance
Diesel oil in better demand at $2.50 refineries
were 570 tons, largely May. Outside business was fiar.
more active. For 36-40 in bulk at local refineries 6%c. here
coarse, lc. to 2534c.,
The Magnolia Up-river Para advanced 1Mc.to 3234c.; March here ended
was quoted, while for 28-34 6c. was asked.
crude prices would but Caueho ball upper fell Mc. to 27c.
Petroleum Co. announced that Louisiana
10th inst. at 40.20c.; May at 41.40c., and July at
be lowered on March 17. Corning crude in the Buckeye on theOutside prices: Spot ribbed sheets, spot and March,
r 42e.
Pipe Line Co.'s lines was cut 20c. Oil run before Septembe
41c.; April, 41 to 41%c.. first latex crepe, 4134 to
is now $1.55 and for after that date $1.65. Gasoline in the 4034 toclean, tin, brown crepe, 373 to 38e.; specky brown
4
41%c.;
Gulf was weak. Export business has not been large. U.S.
4
363 e. London advanced Nd. though it was not
motor was quoted at 9%c.; for 64-66 gravity 375 end point crepe,active. Spot and March, 2034 to 2034d.; April-June,
10 8c. was asked. Kerosene was easy at 7e. for 41-43 at all
8d. Singapore on the 10th inst. was unchanged
/
gravity and 83e. for 44 water white. Stocks are large. 2034 to 205 March, 1934d.; April-May-June, 20d. To-day
%d. off;
Bunker oil steady at $1.55 for grade C in cargoes; in smaller to
London was %d. higher but ended steady; spot and March,
lots for bunkering purposes $1.65.
d.;
8.
/ Apirl-June, 20%d. New York moved up
Later on the Standard Oil Co. of New York cut the tank 2034 to 203
points. Consumers were buying early months.
wagon price of kerosene lc. throughout New York and 20 to 40 near months bought distant months. The Street
New England. .The Standard Oil Co. of New Jersey reduced Sellers of
better. Factories seem more disposed to
the price lc. throughout its territory. Most refiners quoted demand was predicts a rise in tire prices. March ended
4
2
11% to 113/c. in tank cars at refineries and 1234 to 121 c. buy. Akron
41.70c.
in tank cars delivered to the trade. It was understood that at 40.500.; April, 41.20c.; May,
-Of River Plate frigorifico sales last week were
these prices could be shaded, however. The Gulf market
HIDES.
/
continued dull, and weak. United States Motor 9e. and it 22,000, with prices quoted at 17 9-16c. to 177gc. c. & f.
4
was reported that 83 c. might be accepted on a firm bid. City packer, on the other hand, sold more freely; 30,000 the
New York export prices: Gasoline, cases, cargo lots, U. S. entire stock here„ are said to have brought 14c. for native
Motor specifications deodorized 25.65c.; bulk, refinery steersz 1334c. for butts and 13e. for Colorados. Common
4
11%e.• Kerosene, cargo lots, S. W. cases 18.15c.; bulk dry hides were reported steady; Orinoco, 203c.• Savanilla,
41-4334c.; W. W. 150 deg. cases 19.65c.; Furnace oil, bulk 2034c.; New York City calfskins 5-78, 1.90c.; 1-9s, 1.90c.;
refinery7%c.; Kerosene, tank wagon to store 16c.; Prime 9-12s, 2.70c.
white 41-43 del. tanks 9c.; refinery c.; Motor gasoline,
-A larger business in grain tonnage
OCEAN FREIGHTS.
garages (steel bbls.) 21c.; Up-State 21c.; Single cars del. was done at lower rates. Sugar was also lower. Russian
V. M. P. deodorized in steel bbls. 21.c
1234c.; Naphtha,
traffic increased.
11 55
iElk Basin
Oklahoma. Kansas and TexasCHARTERS included sugar from Cuba to Genoa, 26s., April 25 canI 42
81.20 Big Muddy
28-28.9
to
1 55 celing: Cuba, San Domingo to Venice. 27s.6d.. first half April: Cuba
1.35 i Lance Creek
32-32.9
Domingo1.44 United Kingdom-Continent. 23s. 6d., middle March; Santo Kingdom
1.95 Mexla 35-35.9
52 and above
United
Caddo
Cuba to United Kingdom-Continent, 24s. March; Cuba to Cuba to United
Louisiana and ArkansasBelow 28 deg
Continent. 23s., April 1-15; same. 23s.. March 5-20;
1.35
32
-32.9
Kingdom-Con32-32.9
Kingdom-Continent, 23s.. March 7-23: Cuba to United
1.44
35 35.9
West Italy,
38-38.9
tinent, 23s., first half April; coal from Hampton Roads to April; from
1.53
311 and above
lumber from Grays Harbor to New York. 114.75,
$2.85 Eureka
E3.oe $4, March:
$3.15 Buckeye
Pennsylvania
Time charter.: 663
1 73 Gulf to United Kingdom-Continent. 25s., March.
3 15 Illinois
Corning
1 51 Bradford
1,480 tons net, prompt
1 84 Crichton 40 40.9- 1 59 tons net, Canadian round trip. prompt, $2.25:
Cabe11
1 55 Lima
delivery north
round trip West Indies, $1.75; 3,200 tons, March 17-22.
1 7
I 61 Piymoui h
Wor ham. Re deg. 1.59 Indiana
9,000 tons, clean,
Il a ynesvIllc.,33 deg. 1.38 of Hatteras, West Indies, round. $1.75; tankers:
1.73
April-May,
Rock creek
1.42 Princeton
l. Gulf to United Kingdom-Continent, 51s.; same. tons net,
2 24 Gulf Coastal "A'. i .1. March-Apri
8mackovtr.27 deg. 1.50 Canadian
48%c.; 3,907
1.10 De Soto 44-44._. 1.71 50s.. 4.400 tons net; Gulf to north of Hatteras, barrels. Gulf to United
Corsicana heavy
eight trips inter-coastal, April, about 11.25: MOMand copper from Balti-June. 50s.: lead
clean, May
-Linseed demand has been rather more active of Kingdom-Continent. to Murmansk, April 1-12. 16 a ton.
OILS.
more and New York
late with leading crushers quoting 10.5e.for raw oil in carlots,
regards most
TOBACCO has been in fair demand as There is little
cooperage basis, though 10.3e. would be accepted in many
steady.
cases on a firm bid. Spot tanks quoted 9.7c. with intimations descriptions and prices are reported or less routine sort of
that 9.5c. could have been done. In 5-barrel lots and more activity in any kind, simply a more
•••••1,
1544
TIFF VI1RONTTC1T,F
[Vol.. 124.
business pending further developments. Wisconsin binders
25 to 30e.; Northern 40 to 450.; Southern 35 to 45c.; New and that low prices on steel sheets for one thing have disappeared. One large interest has refused orders for the
York State, seconds 45c.; Ohio, Gebhardt B 22 to 24e.; second
Little Dutch 21 to 22c.; Zimmer Spanish 30c.; Havana,first have quarter in rolled steel fearing a coal strike. Wages
Remedios 850.; second Remedios 70e.; Connecticut No. 1, to be been raised at Youngstown. Backlogs there are said
good.
See. 1925 crop 65e.; 1924 crop 34 to 400.; seed fillers 200.; more readily At Pittsburgh wire nails have recently sold
at the decline.
medium wrappers 65e.; dark wrappers 1925 crop 40c.;
PIG IRON has been slow here without general change in
1924 crop 28c.
COAL.
-Bunker prices were weak, irregular with ocean prices. Inquiries, however, are said to be larger in some
freights tending downward. New river at Colon is quoted at directions. One report is that the General Motors Co.
$9. At Hampton Roads there was a better business in coal wants 50,000 tons, Chicago 45,000, and St. Louis 20,000.
early in the week. European producers are making arrange- The West has recently got the business. And now it is
ments to establish depots in this country to take advantage of stated that in the Valley district makers are asking 50c.
any scarcity in April. At New York more storage buying per ton advance. On basic $18.50 to $19 furnace was
was reported. Reserve stocks of bituminous are said to be quoted, the latter for smaller lots. Malleable and foundry
large enough to preclude extensive or successful importations. iron, $18.50 to $19; Bessemer, $19.50. Lake Superior iron
Production it is believed will continue on a surplus scale; no ore operators are supposed to have given up hope of obshortage is expected. Anthracite coal is less active as usual taming higher prices than last year. Cheap pig iron bars
at about this time. The composite price of soft coal is that. It is $3 to $4 lower than a year ago. Later in the
$2.06 a decline of 10. In general coal prices are unchanged. week a low freight rate enabled Buffalo to encroach on
COPPER was quiet and weaker at 13%c. delivered to the eastern Pennsylvania territory. The freight rate was reValley. Most producers, however were sticking to 1334e. duced 500. per ton from Buffalo to points on the Reading
It is futile they claim to cut prices in the absence of demand. RR. It is now $4.41. It applies to points within 60 miles
A good export business was reported, at the official price of of Philadelphia. Fortunately for eastern Pennsylvania, its
13.65c. c.i.f. European ports. Standard copper in London makers, it appears, are well booked ahead. The future,
on the 9th inst. dropped 7s. 6d. to £55 15s. for spot and fu- however, is none too inviting for that section. Some
tures declined 6s. 3d. to £56 6s. 3d; sales, 300 tons spot and Buffalo makers quote $17; some want $17.50. Eastern
1,400 futures; electrolytic, unchanged at £62 100. spot and Pennsylvania is quoted at $20.50 to $21. Chicago, $20 to
$20.50; Valley, $18; Cleveland, $20 to $20.50 deivered.
£63 futures.
Later trading was light on the generally firm basis of Pittsburgh reported prices steadier with a somewhat better
133/80., though a sale at 13.35e. delivered to the Connecticut demand and No. 2 foundry quoted $18 to $18.25, though
Valley was reported. It is claimed that it was an exception it is admitted that sales have lately been made at under $18.
WOOL was in moderate demand and about steady.
that proved the rule. The decrease in zinc shipments in
February was regarded as no favorable presage for copper. Carpet wools were dull. Deliveries to mills were small.
Brass makers use both. In London on the 10th inst. spot East India sales in Liverpool commenced Monday when offerstandard advanced 5s. to £56 and futures were up 6s. 3d. ings were of 24,500 bales. Imports of wool at Boston last
to E56 12s. 6d.; sales, 1,100 futures; electrolytic,£62 10s. for week included 167,827 lbs. of greasy and 54,156 lbs. of
scoured East India; 13,154 lbs. of washed Egyptian;517,014
spot and futures £63.
TIN early on the 8th inst. declined in sympathy with a lbs. of greasy Argentine; 16,048 lbs.'of Welsh and 2,904 lbs.
lower London market, but rallied later and ended at about of Iceland. Consumption at the carpet mills for January was
unchanged compared with Monday's closing. The decline reported at 11,791,594 lbs. against 12,449,480 lbs.in Decemin London was due to Straits shipments of 2,050 tons. ber and 10,569,407 lbs. in January 1926. In Boston medium
Spot sold at 70c., March at 69%c., April 68%o., May grades of territory and bright fleeces of worsted sort sold a
673/8e., June 673/ge. There has been a noticeable falling 'We more readily. Boston was dull and unsettled in sharp
off in the demand. Yet on the 9th inst. prices ended about contrast with good foreign markets. Geelong sales were at
unchanged. London on the 9th inst. advanced 15s. to a rise of 5%. Sydney has been tending upward; New
£2 15c., the greater advance being on the spot. Later Zealand and South America's steadiness attracts attention.
trade was very dull and prices largely nominal. New York Prices:
Ohio and Pennsylvania fine delaine, 45c.; 34-blood, 45
was steady on the spot and weak for futures. Spot 70940., tory, clean basis, fine staple. $1.07 $1.10; fine medium to 45 W.; Territo
French combing.
March 7034e., April 69c., May 68e. and June 673 c. In $i to $1.05; Texas, clean basis, fine 12 months, $1.03 to $1.07; 8 months,
%
95 to 98c.;
London on the 10th inst. snot standard advanced to £316 15s. 85c.; 0,70fall. 80 to 85c.; pulled,scoured basis, A super,90 to 93c.; B,80 to
75c.; domestic
Texas,60 to 63o.; Australian,
and futures stood at £301 5s.; sales 600 futures. Spot Straits clean basis,to bond. 64-70s,mohair, original $1.05; 64-70s. combing, 90 to
in
combing, $1 to
advanced £1 to £329 5s. Eastern c.i.f. London up £2 105. 95c.; New Zealand,clean basis, in bond,58-60s,78 to 80c.,_• 56-58s,68 to 700.;
Montevideo, grease basis, in bond, 58-60s, 42 to 42%c.; I (56s), 39 to 40c.;
to £314.
Buenos Aires, grease basis, in bond, III (46-48s), 30 to 31c.; Cape. clean
LEAD was less active. Most of the buying was in small basis, in bond, host combings, 95c. to $1.
London cabled that about 166,400 bales are scheduled
lots for prompt delivery. Large consumers, it appears; are
ring
well covered on their March needs. Prices were 7.40o. for offering at the second series of the London Colonial
East St. Louis and 7.65e. New York. London on the 9th Wool auctions, which open there on March 15. It is
inst. advanced 2s. 6d. to £31 for spot and £31 5s. for futures; arranged to close on April 1. The offerings comprise 83,650
sales, 100 spot and 1,250 futures. Later the demand was bales Australian, 57,900 New Zealand, 4,450 Cape, 19,100
moderate and unchanged. Spot on the 10th inst. in London South American and 1,300 sundries. At Adelaide, Australia,
rican
was unchanged at £28 3s. 9d.; futures fell 3s. 9d. to £28 on March 4 offerings were 32,000 bales and mostly sold.
Demand general. Yorkshire and the Continent took the
Ds. 3d.; sales, 150 spot and 1,300 futures.
ZINC was lower at 6.75c. East St. Louis. Yet some most. America bought super lots. Compared with the
producers would not sell below 6.7734c. It was predicted sale of Feb. 11 super was very firm. burry sorts 5% higher;
that February statistics would show an increase in surplus average to good 5 to 7%% and skirtings 5 to 10% higher.
stocks, though not so large as for the two preceding months. In Liverpool on March 7 no good wool was offered at the
Production is expected to show a falling off. But demand opening of the auction there. Medium descriptions were
was small. London on the 9th inst. advanced 2s. 6d. to about unchanged. At Dunedin, N. Z., on March 9 26,900
£31 for spot and £31 5s. for futures; sales, 200 tons spot and bales offered and 26,500 sold. Demand sharp. Prices
900 futures. Later prices weakened though the bearish follow: Super merinos, 20 to 23d.; average merinos, 19 to
%
February statistics had been largely discounted. East St. 213 d.; crossbreds, 56-58s. 1834 to 23d.; 50-565 18 to 21d.•
;
Louis was quoted 6.72% to 6.75e. Galvanized sheets ad- 48-50s, 16% to 19%d.; 46-48s, 15% to 19d.; 44-46s, 13%
to
16d.; 40-44s, 113 to 14d., and 36-40s, 1134 to 134d. At
vanced $2 per ton. In London on the 10th inst. prices fell
%
is. 3d. to £30 18s. 9d. for spot and futures declined 3s. 9d. Invercargill on March 10, 4,900 bales offered and 4,800 sold.
to E31 is. 3d.; sales, 200 spot and 800 futures. Stocks in Prices ruled firm braced by the excellent demand.,
the United States gained 3,026 tons in February. ProducWorld production of wool in 1926 approximated 3,060,tion was 51,341 tons, a decrease of 5,557 tons.
730,000 lbs., an increase of 78,000,000 lbs. over the revised
STEEL has been steady with some gradual increase of figures for 1925, says the Department of Commerce. Probusiness reported. Uninterrupted consumption on a re- duction by grand divisions was: North America, 333,331,000
spectable scale is expected. Few seem to believe in a coal lbs., against 312,440,000 in 1925;South America,502,694,000
strike on April 1, except at Pittsburgh where there seems lbs., against 493,017,000; Europe, 558,605,000, against
some nervousness over the matter. Prices show more 546,395,000; Africa, 263,349,000, against 269,137,000, and
steadiness. The composite price was not changed for three Australasia, 975,801,000, against 932,538,000 lbs. Unweeks. Some makers are disposed to try for a rise of $2 official local estimates have been received for a number of
to $4 per ton for the second quarter over first quarter prices. other countries, placing the 1926 production at 426,950,000
How they will make out is another matter. But it is re- lbs., against 429,030,000 in the previous year. The most
hi
ported that sheets are $2 higher, cold rolled strips makers important of these countries was Russia (European and
are endeavoring to get an advance of $4. Shippers are, Asiatic), the production of w
which is placed at 195,000,000
of course, cool towards such attempts. They have not been lbs., the same as in 1925.
heavy buyers. It is noticed, however, that some increase
COTTON
in general business has taken plaza Irrespective of buying by
railroads and automobile companies which have not taken
Friday Night, March 11 1927.
much. Not but that some increase in railroad buying is
THE MOVEMENT OF THE CROP,as indicated by our
expected before long; 13,000 freight cars will be wanted telegrams from the South to-night, is given below. For the
in the next 60 days or 10 tons per car body, not to mention week ending this evening the total receipts have reached
what will be wanted for other parts. Various other inquiries 217,975 bales, against 196,159 bales last week and 210,193
for locomotives and cars of various kinds are wanted and bales the previous week, making the total receipts since the
70,000 tons of cast iron segments for 2 tunnels under the 1st of August 1926, 10,917,197 bales, against 8,112,350 bales
East River. Pittsburgh says that the price situation is still for the same period of 1926, showing an increase since
indifferent though the market is firmer than a month ago Aug. 1 1926 of 2,904,847 bales.
1545
THE CHRONICLE
MAR. 12 1927.]
-It has never been our practice to Include in the
-Exports to Canada.
NOTE.
being that virtually all
above tables reports of cotton shipments to Canada, the reason
get returns
the cotton destined to the Dominion comes overland and It Is impossible todistricts on
7,134 10,172 19,539 8,663 3,521 8,796 57,825 concerning the same from week to week, while reports from the customs
Galveston
447 3,447 the Canadian border are always very slow in coming to hand. In view, however, of
Texas City3,
6,693 13,456 7,839 9,919 4,866 5.934 48,707 the numerous Inquiries we are receiving regarding the matter, we wiU say that for the
Houston*
12,131 6,588 9,256 6,185 5,477 13,941 53,578 month of January the exports to the Dominion the present season have been 29,912
New Orleans
677 3,690 bales. In the corresponding month of the preceding season the exports were 31,127
349
131 1,105
603
825
Mobile
3,693 7,837 4,991 1,318 2,082 2,990 22,911 bales. For the six months ended Jan. 311927, there were 152.990 bales exported
Savannah
2.684 3,287 1,647 1,347 1,427 12,302 as against 147,402 bales for the corresponding six months of 1926.
1.910
Charleston
785 1,067 1,146 1,208 5.239
518
515
Wilmington
834 2,084 6552
516 1,141 1,147
830
In addition to above exports, our telegrams to-night also
Norfolk
-245
--------------245
of cotton on shipboard, not
New York
498 1,555 give us the following amounts
--__
167
265
110
515
Boston
1,914 1,914 cleared, at the ports named:
•
Baltimore
10
Philadelphia_ _
On Shipboard. Not Cleared for
42,916 217,975
Totals this week- 34,256 42.729 47,234 31,218 19,622
Leaving
GerOther Coast.
Great
the
Stock.
The following table shows the week's total receipts,
Britain. France. many. Foreign wise. Total.
Mar. 11 at
Receipts at-
Sat.
Mon.
Tues.
Wed.
Thurs.
Fri.
Total.
total since Aug. 1 1926 and the stocks to-night, compared
with last year:
LIMOrGi.
Receipts to
March 11.
Galveston
Texas City
Houston*
Port Arthur,&c
New Orleans
Gul
Mob e
Pensacola
Jacksonville
Savannah
Brunswick
Charleston
Georgetown
Wilmington
Norfolk
N'port News. &c_
New York
Boston
Baltimore
Philadelphia
-GO.
IMGO
This Since Aug This Since Aug
Week. 1 1926. Week. 1 1925.
OKICA.
1927.
1926.
57.825 2,928,091 25,592 2,749,712
2
18,096
3,447 150,132
48,707 3,470,670 10,822 1,427.790
610.715
50,418
847,049
546,247
4,611
a
53.5781,039,773 33.100 2,018,222
648,469
386,249
12,400
Galveston
10,529
New Orleans
Savannah
Charleston6:81515
Mobile
Norfolk
Other ports *-- 4,000
6,400 14.000 50,000
2,377 9,476 42,268
2,000
2,000
3,550
7,000
7,500 90,300 520,415
810 65,460 583,009
79.238
500
500
299
66,514
299
33,474
10,050
112,723
1,000 16,000 1,139,831
182,609
Total 1927_ 33,429 10,777 25,476 102,818 10,109 121,641 2,535,204
1,162,915
25,023 16,973 17,278 49,765 12,602
Total 1926
33,843 24,387 25,144 39,195 9,787 132,356 1.024,642
Total 1925•Estimated.
Speculation in cotton for future delivery has been on a
moderate scale and latterly at lower prices. Liquidation of
in
22,911
old accounts has contributed to the decline, notably that
in the
66,813
51,452 the October delivery. Some decline in the spot basis
12,302 461,481 6,868
has also had a certain effect. Large operators
19,028
27,216 Southwest
715 107,864
5,239 111,451
it is understood, have sold
6.552 363,754 4,505 411,532 112,723 119,422 and also some trade interests,
is pop279
the next crop months. Some of the selling was what
36,189
42,546 226,377
26,335 2,070
245
And the im1,685
3,103 ularly described as of "stale" long accounts.
22,546
810
21,912
1,555
1.554
1,149
33,158
851
57,192
1,914
steadily gains ground that there is to be no
9.110
4,714 pression
9,683
36
4,168
will
10
marked decrease in the acreage. The belief is that it
217,975 10917197 105.260 8,112,350 2,717,813 1,284.556 not be over 10% if as much as that. Meanwhile supplies
Totals
ending
•Houston statistics are no longer compiled on an interior basis, but only are large and the consumption for the six months
on a port basis. In the season's receipts 1926-27 we have included the stock Jan. 31 as published by International Statisticians is not up
bales.
carried over from the previous season, name y 236,036
these figures
a In 1926 Houston stocks, amounting to 665,140 bales, were included to expectations. It is true that many ignored
under interior towns.
since that date the consumption has evidently inthat comparison may be made with other years, because but as the case stands the consumption of American
In order
creased,
we give below the totals at leading ports for six seasons:
Federacotton up to Jan. 31 was put by the International 6,974,Spinners at only 7,224,000 bales, against
Receipts at- 1926-27. 1925-26. 1924-25. 1923-24. 1922-23. 1921-22. tion of Cotton
same time in the previous season. The consump45,227 000 for the
16,480
16,161
54,896
25,592
57,825
in different
Galveston_
1 tion of all kinds of cotton, that is of growths
12,327
1,569
42,890
10.822
48,707
*Houston,arc
at 12,934,000
15,897
23.839
15,256
37,200
33,100
53,578
New Orleans
parts of the world, up to Jan. 31 is stated
2,068
631
445
3,912
1,765
3,690
last year. The
Mobile
18,641 bales, against 12,338,000 for the same time
13,865
2,092
16,110
18,124
22,911
Savannah..
200 increase, as already stated, was smaller than had been ex158
Brunswick ..
2,214
4,494
2,012
11,850
6,868
12,302
would have had more effect but
Charleston_ _
1,333 pected. The statement
2,886
546
2.752
715
5,239
Wilmington_
4,537 for the very general belief that since Jan. 31 there has been
4,583
3,985
9,969
4,505
6,552
Norfolk ___..
in the world's consumption of the
N'port N.,&c
33,475 a very marked increase
2,742
1,743
5,452
3,769
7,171
All others_
American staple. This increase applies not only to the
28,005 123.593
buying by Eng43.809
217,975 105,260 185,061
Total this wk
United States but to Europe and Asia. The
India, China, Russia and Japan
Since Aug.1_ 10,917,197 8,112.350 8.135,043 5,803,528 5,026,444 4,408.359 land, the Continent and
scale so considerable as to
* Beginning with the season of 1926. Houston figures include movement is believed to have been on a
of cotton previously reported by Houston as an interior town. The dis- make a statement up to Jan. 31 of far less significance than
tinction betwoen port and town has been abandoned.
be the ease. But recently the daily sales
The exports for the week ending this evening reach a would otherwise
fallen off at the South very noticeably.
total of 191,965 bales, of which 46,961 were to Great Britain, of spot cotton have
, 12,067 to Italy, 16,900 The belief is that domestic and foreign consumers have so
11,349 to France, 52,752 to Germany
that their purchases are
to Russia, 38,565 to Japan and China, and 13,371 to other largely replenished their supplies
a time. The South of
destinations. In the corresponding week last year total likely to be smaller now, at least for
seller here. Hedge
exports were 70,055 bales. For the season to date aggregate late has been a steady if not very heavy Orleans and Wall
exports have been 7,806,570 bales, against 7,013,404 bales selling has increased somewhat. New
Street have sold more or less freely. The sales of October
in the same period of the previous season.
Exported to
on Thursday were of noteworthy size, including concenWeek Ended
trated selling, it is understood, of some 15,000 to 20,000
Japan&
Get'Mar. 11 1927. Great
been
bales. Latterly, moreover, not only has spot cotton yarn
Exportsfrom- Britain. France. many. Italy. Russia. China. Other. Total.
gray goods here have been quiet. The
16,900 5,639 5,286 34,677 less active, but
____
2,578 4,274
Galveston
____ 14,905 1,500 31,394 trade has been rather slow. Charlotte, N. C., reported trade
13,678 1,311
Houston
____ 5,523 4.653 61,944
New Orleans._ _ _ 23,584 7,196 10,282 10,706
dull. In Liverpool hedge sales and Bombay and London
Mobile
__ -- 23,506 selling have been noticeable features, and prices of late
--------10,988
---- 6,286
6,222
Savannah
98 9,786
Charleston
have been lower in Liverpool.
Wilmington
On the other hand, the decline has not been marked. For
Norfolk
80
--------684 7,158 trade buying has been persistent. Latterly, too, contracts
1,749 1,075 3.600
New York
50
50
position, after
------------100 4.186 have been in smaller supply. The technical
800
-_
Los Angeles_ . 3,286
--- 1.000 considerable liquidation, is better. Spot sales increased at
--------560
200
____
300
San Francisco__ 1,000
1,000
Seattle
the South late in the week. They have been large all the
46,981 11.349 52,752 12,067 16,900 38,565 13,371 191,988 week at Liverpool, I. e. 10,000 to 12,000 bales. Even on
Total
of course, large
____ 20.109 7.109 70,055 Saturday last they were 9,000, which was,
20,085 1,221 15,775 5,846
Total 1926
34.043 4.545 83,789 19.243 12,218 40.506 16.361 210.705 for that day. Manchester, moreover, has reported a better
Total 1925
Exported to
From
demand for cloths from India. Even the outlook for China
Aug.! 192510
Japan&
trade has improved. Recently the Continent and South
GerMar. 11 1927 Great
Total.
Exportsfrom- Britain. France. many. Italy. Russia. China. Other.
America have bought in Manchester rather more freely.
dyed yarn fabrics have been in good de519,127 317,768495.054 183,771 54,717 343,647 367,463 2,281,547 And washed and
Galveston...
Houston._ __ 462,838 315,812 498,459 179,421 77,450 238,701 143,930 1,916,611 mand here. Mill shares have recently risen at the North
--------------------6,162 51,652
Texas City.. 45,490
South. There have been sharp denials of reports
New Orleans 420,828 130,929 219,976 145,665 22,518 306,357 108,812 1,355,083 and the
____ 15,699 2,353 188,252 in some parts of the South, notably in the eastern belt, that
Mobile
71,856 4,385 80,379 1,600
341
been liberal
Jacksonville_
10,220 the basis was declining. The exports have
------------ ---340
_ _ _ _ 5,406
4,474
Pensacola.. _
987 758,032 and the total for the season to date is 7,806,570 bales, an
____ 76,520
Savannah_. _ 228,189 2,783 414,953 4,600
--------31,188 15,853 368,600
497 256,577
65,505
Charleston_ _
over the previous season. Trade
--------1,000
.797 increase of 1,793,166 bales
77
____ 35,647 30,150
11,000
Wilmington..
few
-.-. 8,550 4,606 218,172 interests have been buying on a scale down of every
500 109,062 12,990
Norfolk
82,464
100
379
the
279
N'port News
points. Some spot interests are supposed to be buying
____ 1,003 139,699 281.427
33,555 24.269 63.521 19,380
New York4,858 near months if they sold the distant.
------------2,405
475
__ _ _
1,978
Boston
------------3,657
found that spot
400
142
3,115
Baltimore..
On Thursday shorts covered when theyexpected. Rains
5,375
210____ 4,557
601
Philadelphia
-_:.-_-_ 11,843 2,547 117,571 markets were not breaking as had been
48,847 14,032 37,321 2,911
Los Angeles_
4,016
During the week they have
San Diego.
516
91,719 persisted in the Atlantic States,
____ 79,447
320 4,829 1,254
5,353
and have unSan Fran
82,661 been heavy in the western and central belts,
200
----------------82,461
Seattle
made
600
Ore
work. Fair progress has been
Portland,
avoidably delayed field
the belt as a whole needs is
2,005.121 814,600 2222129 582.212 154,683 1198295 831.5307,806,570 in parts of Texas. But what
Total
res have been
dry, warm weather. Recently the temperatu
temTotal '25-26 1.818,655 713.501 1418671 479,057 103,773 832,505 647,242 6,013,404
forecast was for rain and lower
'24-'25 2,192,653 734,205 1510414 524,984 98,563 750,189 637.808 6.448,816 too low. Thursday's
Total
3,690
335,491 1'765
13,220
____
617
932,631 18,124
020,840
15,900
12,961
776,284
400
264,816
43.524
15,342
610
79.738
556
88,306
•1111
1546
THE CHRONICLE
[vol.. 124.
peratures in the western section of the belt and rains in the
Range for Week.
Range Since Beginning of Option.
Eastern Gulf States. It is said that 50 steamers in the Option for
next four months will carry half a million bales of cotton Mar. I927__ 13.85 Mar. 1114.28 Mar. 7 11.80 Dec. 4 1926 18.50 Sept. 8 1926
1927
12.60 Oct. 22 1926 16.10 July 6 1926
from Galveston and New Orleans to the Far East. Of this Apr. 1927._ 14.00 Mar. 1114.43
May
Mar. 7 12.02 Dec. 4 1926 18.65 Sept. 8 1926
it is understood 15,000 bales are in process of shipment at June 1927
12.92 Oct. 27 1926 16.00 Sept.23 1926
1927._
the present time. Exports to Russia in April will be of July 1927_ 14.17 Mar. 11 14.58 Mar. 7 12.25 Dee. 4 1926 18.51 Sept. 2 1926
Aug.
13.03 Jan. 4 1927
some importance. Bombay has been buying the low grades Sept. 1927__ 14.42 Mar. 10 14.42 Mar. 10 12.00 Dec. 4 1926 14.88 Mar. 2 1927
14.60
1927
1927..
for a long time past, not only in this country but at Liver- Oct. 1927._ 14.31 Mar. 1114.72 Mar. 7 12.46 Dec. 4 1926 14.91 Feb. 26 1927
Mar. 2
Nov.
14.59 Mar. 5 14.75 Mar. 7 12.75 Dec.
1926
pool. American mills have also been taking the low grades. Dec. 1927.. 14.47 Mar. 1114.87 Mar. 7 13.36 Jan. 6 1927 14.75 Mar. 7 1927
3
15.01 Mar. 2 1927
Recently the discounts on some of these grades have been Jan. 1928.. 14.48 Mar. 11 14.86 Mar. 7 14.13 Feb. 2 1027 15.02 Mar. 2 1927
increased. Regrettable as the misfortune of Japan was in
VISIBLE SUPPLY OF COTTON.
the recent earthquake, it is not believed that it will have
March 111927.
1926.
1925.
1924.
any seriously detrimental effect on its trade. It is noticed Stock at Liverpool
bales_1.306.000 864.000
952,000 718.000
Stock at London
that the Bank of Japan has reduced its rate of discount to Stock at Manchester
2,000
4,000
165.000
81,000
145,000
119,000
about 5.85%. There is much talk about the final ginning
Total Great Britain
1,471.000 945,000 1,099.000 841.000
report, which will appear, it is understood, on the 22d. Stock at Hamburg
5,000
9,000
Estimates on it range from 17,500,000 to 18,300,000 bales; Stock at Bremen
641.000 268.000 231.000
137.000
Stock at Havre
perhaps 18,000,000 bales would be about the average, as con- Stock at Rotterdam
300.000
235,000 230,000
147,000
12.000
3.000
11.000
20,000
trasted with the Government crop estimate on Dec. 8 of 18,- Stock at Barcelona
115.000 106,000
82.000
59.000
Stock at Genoa
618,000 bales. Georgia is said to be two to three weeks Stock at Antwerp
mom
38.000
75,060
37,000
2.000
3,000
behindhand in field work owing to recent heavy rains. Stock at Ghent
2,000
12,000
There are delays also in Allabama, if not in Mississippi and
Total Continental stocks
1,133.000 650.000 638,000 424,000
Louisiana, as well as west of the Mississippi River, notably
Total European stocks
In Texas. Some suggest that these rains may help to propa- India cotton
2,604,000 1.595.000 1,737.000 1,265.000
afloat for Europe_ -92.000
124.000
gate the weevil. Finally, on days of liquidation it is noticed American cotton afloat for Europe 554.000 282,000 178,000 209,000
that the bulk of the contracts seem to find their way into Egypt,Brazil,&c.,afloat for Europe 120.000 110,000 517,000 268.000
91.000
72,000
Stock in Alexandria, Egypt
448,000 309,000
192,000 204,000
the hands of the trade. Moreover, many think there is too Stock in Bombay, India
882,000 841,000 729,000 919,000
Stock in U. S. ports
much skepticism about the possibility of an important acre- Stock
02,717,813 1,284,556 1.156.998 685,279
in U. S. interior
age decrease. The falling off in the use of fertilizers is U. S. exports to-day towns_ _01,168,286 1.810,852 969,348 696,682
1.950
4,366
estimated tentatively at 25% and upward. The South has
Total visible supply
8,286.099 6.358,358 5.574.712 4.318.961
suffered from the low price of cotton. It may be that both
Of the above, totals of American
and other descriptions are as follows:
American
the planted area and the use of fertilizers may decrease to
bales_ 989,000 601,000 780,000 455,000
a far greater extent than the generality of people are now Liverpool stock
Manchester
ready to believe. At any rate this is the idea in some quar- Continental stock60,000 127,600 95.000
stock
1,089:000 591,000
577.000 327,000
American
ters. Some, too, are inclined to believe that the climatic U. S. portafloat for Europe
554.000 282,000 517,000 268,000
stocks
02,717,813 1,284,556 1,156,998 685,279
and soil possibilities after two big crops will prevent the U. S. interior stocks
01,168,286 1,810,852 969.348 696,682
raising of a mammoth crop for the third year in succession. U. S. exports to-day
1,950
4,366
To-day prices ended at a small decline after being higher
Total American
6,663,099 4,631.358 4,131,712 2,526.961
East Indian, Brasil, &c.
at one time on rather better cables than due, covering of Liverpool
stock
317.000 263,000
172,000 263.000
shorts and some trade buying. Also, the weather was not London stock
2.000
4,000
altogether favorable; neither was the forecast. There was Manchester stock
20,000
21,000
18.000
24.000
Continental stock
44.000
59,600
61.000
some delay in field work. And no decisive break was re- Indian afloat for Europe
97,000
92,000
124.000
178.000 269.000
ported In the spot markets. Later on, however, liquidation Egypt, Brazil, &c., afloat
120,000
110,000
91,000
£2.000
Stock in Alexandria. Egypt
448,000 309,006
192,000 204.000
of October again reached proportions large enough to at- Stock in Bombay, India
582,000 841,000 729,000 919.000
tract attention. It was supposed to be for large interests
Total East India. &c
1.623,000 1,727.000 1.443,000 1.792.000
which entered the market some time back as an investment.
Total American
6,663.099 4.631,358 4.131,712 2.526,961
Spot houses and some others sold May and July, if not
Total visible supply
8,286.099 6,358,358 5,574,712 4,318.961
October. Wall Street was a seller. The South also sold. Middling uplands,
Liverpool_ _ _ _
7.704.
9.$0d.
The net decline in the end was only half a dozen points or Middling uplands, New York... 14.20c. 19.55c. 14.04d. 16.75d.
25.50c.
28.90c.
Egypt, good
even less, though the closing tone was rarely steady. A Peruvian. Sakel, Liverpool_ _ _ _ 15.404. 17.30d. 30.05d. 21.866.
rough good, Liverpool_ 11.50d.
18.00d.
20.756.
23.766.
check on the decline was imposed by scale-down buying or- Broach, fine. Liverpool
6.90d.
8.45d.
12.70d.
14.754.
Tinnevelly, good, Liverpool
ders from the mills and also, it is said,
7.354.
8.854.
13.354.
other standing deContinental imports for past week have been 234,000 15.654.
mand of importance for May at around 14 cents. Final
bales.
The above figures for 1927
prices show a decline for the week of 22
to 29 points, the week of 94,433 bales, a gain show a eecrease from last
latter on March. Spot cotton closed at 14.20e.
of 1,927,741 over 1926, an
for middling, ircrease of 2,711,387 bales over
a drop for the week of 30 points.
1925, and at i c ease of
3,c67 133 bales over 1924.
A petition is being circulated at the
Cotton Exchange reAT THE INTERIOR TOWNS the movement
questing President Hubbard to appoint a committ
-that is,
ee to the receipts for
report on the feasibility of establishing
the week and since Aug. 1, the shipments for
a futures market the week and
for trading in wool.
the stock to-night, and the same items for the
corresponding periods of the previous year, is set out in detail
The official quotation for middling upland
cotton in the below:
New York market each day for the past week
has been:
March 5 to March nMiddling upland
Sat. Mon. Tues. Wed. Thurs. Fri.
14.40 14.50 14.45 14.25 14.25 14.20
FUTURES.
-The highest, lowest and closing prices at
New York for the past week have been as follows:
Saturday,
Mar. 5.
Monday,
Mar. 7.
Tuesday, Wednesday, Thursday,
Mar. 8.
Mar. 9.
Mar. 10.
Frtday,
MaIT. 11.
March
Range.. 14.10-14.21 14.19-14.28 14.05-14.25
Closing 14.10 ---- 14.21 ---- 14.13-14.14 13.95-14.17 13.93-14.05 13.8. 14.02
13.97 ---- 13.95 ---- 13.81
April
Range..
Closing _ 14.1814.2714.2014.0414.00 ---- 13.9'
May
Range__ 14.19-14.31 14.25-14:13
14.19-14.37 14.06,14.29 14.05-14.16 14.01 14.14
Closing 14.2314.34-14.35 14.26-14.27 14.10-14.12 14.05.14.06 14.01 14.01
June
Range__
Closing. 14.31 ---- 14.44 ---14.34 ---- 14.19 ---- 14.13 ---- 14.01
July
Range_ _ 14.39-14.47 14.45-14.58
Closing. 14.40-14.42 14.54-14.55 14.39-14.54 14.24-14.46 14.21-14.33 14.11 -14.31
14.44-14.45 14.28-14.29 14.21-14.23 14.11 14.19
August
Range. _
Closing _ 14.48 ---- 14.81 ---- 14.51
---- 14.35 ---- 14.28 ---- 14.21
Septenther
Range_ _
14.42-14.42 ---14.51 ---- 14.66 ---- 14.55 ---Closing 14.43 ---- 14.40 ---- 14.3:
Oct,oberRange._ 14.55-13.63 14.57-14.72 14.55-14.68
Closing _ 14.53-14.54 14.69 ---- 14.58-14.59 14.43-14.61 14.36-14.48 14.31 -14.46
14.46-14.67 14.37 ---- 14.31
NoeentherRange_ - 14.59-14.59 14.75-14.75 ---Closing _ 14.59 ---- 14.73 ---- 14.62 ---- 14.50
---- 14.41 ---- 14.31
DecemaerRange_ _ 14.67-14.79 14.72-14.87 14.70-14.82 14.59-14.76
14.51-14.54 14.41-14.80
Closing - 14.67-14.69 14.84 ---- 14.72-14.73 14.62 ---- 14.53
---- 14.4i 14.48
January
Range. 14.71-14.81 14.75-14.86 14.74-14.86 14.63-14.81
---- 14.78 ---- 14.65 ---- 14.52-14.66 14.41 14.59
Closing _ 14.71-14.73 14.87
14.52-14.54 14.5(
Fe wuaryRange_ _
Closing
.
a Houston stocks are now included in the port stocks; in previous
years
they formed part of the interior stocks.
Range of future prices at New York for week ending
Mar. 11 192 and since trading began on each option:
Movement to March 111927.
Towns.
Receipts.
Week.
Ship- Stocks
ments. Mar.
Season. Week.
11.
I
Movement to March 12 1926.
Receipts.
Week.
Season.
I Ship- 1Stocks
meals. Mar.
Week. , 12.
Ala.. BirmIng'm 1,065
88,837
654 13,464
88,319
637
788 7,181
Eufaula
85
24,543
242 10,618
9:075
21 194
4
Montgomery
1,1:4
118,707
731 42,053
1:57 4 21,323
--9 6 101
"iii
Selma
566
92,791
88,120 2,604 17,173
798 30.693
330
Ark., Helena
1.797
91,203 3,842 29,696 1,249
95,333 1,175 35,201
Little Rock.. 2.166 198,124 4,152 48,842
220,998
Pine Bluff.... 1,779 176,124 5,710 45,476 2,074 172.620 3,945 58.879
2,544
3.846 62,043
Ga., Albany
7
8,745
7.899
422 3,107 1,968
20
6 2,184
Athens
350
46,707
855 20,827
2,141r 12,449
Atlanta
2,982 238,792 10,192 60.569 3,765 192 897 5,483 48,985
2 , 97
93
Augusta
7,058 333.935 6,040 102,680 3,668 322,620 6,293 87,668
Columbus...
300
44,654
2471 3,604 2.461
78.162 3,120 4,598
Macon
1,579
95,213 2,3311 8.053
781
64,239 1,767 20,728
Rome
334
49,430
900 26,620
149
49,406 1,000 13,050
La., Shreveport
916 161,314 2.282. 53,368
414 165,400
997, 22,709
Miss.,Columbu
121
41,552
634 8,501
43,819
Clarksdale
5,545 178,715 4,938 66,077 4:229 215,762 3:6111 777691
-- 78 6
:
Greenwood
1,488 175,347 6,978 61,073 4,000 214,215 3,000 67,623
Meridian._
273
50,869 1,899 9,543
511
85,026 1.816 14,848
Natchez
440
37 615 1,539 7,070
45 7
;1
500
57,346
500 13,993
VicksLurfC419
762 15,082
600
52,724
800 17.784
Yaz,x) City .. _
44,439 1,333, 17,008
273
267
52,440
900 15,467
Mo., St. Louis_ 15,465 475,074 15,737, 8,669 15,306 604,296 15,113 16,088
N.C.,Greenstfro 1,847
37 956 1,349 24,161
18 5
:13
701
55,631, 1,892 18,253
Raleigh
152
206 7,867
597
16.639
64 12,813
Okla., Altus
3,748 189,241 6,069 11,274
715 135,812 2.792 15,206
Chickasha_ _ _ 3,092 170.271 5,190 10,917 3,234 182.394 3,509 08,722
Oklahoma... 4,138 162,029 5.762 16,127 1,741 163.417 1.947 27,271
S.C.,Greenvill
6.688 278,678 7,057 88,007 5,991 251,274 5,816 62,511
Greenwood_ _
7,773
3.251
4,912
3,705
Tenn.,Memphis
1,838,214 74,270244.141 38,4751,628,812 38,315295.484
Nashville__ _ _
1971 1,209
6,400
5
7
3,329
39,
706
Texas, Abilene_
5,764
334 1,685
141
83,295
385
998
Brenham_ _ _ _
26,823
977 6,223
502
34
5,750
110 4,069
Austin
172
33,358
543 2,176
13
11.879
Dallas
.
2.979 176,872 9,274 41,333
382 146,097 1,613 17,685
•
Houston....
•
41,5084,461,731 46,820665,140
Paris
55,872
458
618 1,158
182 111,577
357 3,478
San Antonio_
60,398
310
636 3,470
138
25,549
426 1,243
Fort Worth.. 1,318 114.809 2,507 12,574
774
88,413 1,195 11,099
Total, 40 towns 133,6406.059,698188.2051168286 140,88210367518165.23218108
52
Less Houston, no Ion. ..,r reported
41,
5054,
461.73i1 46,820665,140
1
Total, 39 towns 133,6406,059,698 188.2051168286 99,3745,905.787118,4121145711
.
Houston statistics are no longer compiled on an intetior basis, L ut only on a
port basis. To make the comparisons with the previous year correct,
we educt
the Houston figures from last year's totals at the end of the table.
•
61:17
-Reports to
WEATHER REPORTS BY TELEGRAPH.
us by telegraph this evening denote that with the exception
of the southwestern section of the cotton belt, where good
progress has been made with farm work, the weather during
the week has been generally unfavorable and little work has
been accomplished.
-Some cotton has been planted in the extreme
Texas.
southern portion of this State and this early planted cotton
has made fair progress.
-Farm work has made fair progress. ShipMobile, Ala.
ments of fertilizer continue small. Acreage to be planted to
cotton is uncertain.
The above total shows that the interior stocks have decreased during the week 56,294 bales and are to-night
22,574 bales more than at the same time last year. The
receipts at all towns have been 34,274 bales more than the
same week last year.
NEW YORK QUOTATIONS FOR 32 YEARS.
1927
1926
1925
1924
1923
1922
1921
1920
26.85c. 1911
33.25c. 1910
18.25c. 1909
11.80c. 1908
8.85c. 1907
13.10c. 1906
12.400. 1905
10.80c. 1904
14.20c. 1919
19.25c. 1918
25.90c. 1917
28.90c. 1916
30.75c. 1915
18.65c. 1914
11.40c. 1913
41.000. 1912
10.15c9.12c.
8.75c9.69c.
6.44c.
6.19c.
7.25c.
7.75c.
14.65c. 1903
15.10c. 1902
9.80c. 1901
11.40c. 1900
11.35c. 1899
11.100. 1898
7.90c. 1897
16.65c. 1896
MARKET AND SALES AT NEW YORK.
SALES.
Futures
Spot Market
Closed.
Saturday___
Monday __ _
Tuesday __ _
Wednesday_
Thursday _ _
Friday
1547
THE CHRONICLE
MAR. 12 1927.]
Market
Closed.
Contr'ct Total.
Spot.
1,600
2,000
3,200
600
150
100
Quiet, 10 pts. dec_- Steady
Quiet, 10 pts. adv.,.. Steady
Quiet, 5 pts. dec___ Steady
Quiet, 20 pts. dec.... Steady
Quiet; unchanged __ Barely steady_ _
Quiet, 5 pts, dec._ Barely steady
1,000
100
3,100
200
1,600
3,000
3,300
3,700
350
100
7,650 4,400 12.050
384.208 539.400 923.608
Total_
Since Aug. 1
Rain. Rainfall.
dry
?)
(
dry
1 day 0.04 in.
3 days 3.06 in.
1 day 0.18 in.
3 days 1.56 in.
2 days 1.42 in.
3 days 1.71 in.
3 days 0.26 in.
3 days 1.90 in.
2 days 0.44 in.
1 day 0.93 in.
7 days 0.79 in.
?days 1.66 in.
Galveston,Texas
Abilene
Brownsville
Corpus Christi
Dallas
Delrio
Palestine
San Antonio
Taylor
New Orleans, La
Shreveport
Mobile, Ala
Savannah,Oa
Charleston, S.0
Charlotte, N. C
4 days
Thermometer
high 72 low 50 mean 61
high 80 low 42 mean 61
high 84 low 50 mean 67
low 48 mean 61
high 72 low 42 mean 57
high __ low 42 mean __
high 72 low 44 mean 58
high 74 low 44 mean 59
high __ low 38 mean -high __ low __ mean 61
high 77 low 31 mean 54
high 74 low 35 mean 58
high 76 low 34 mean 55
high 76 low 36 mean 56
high 66 low 23 mean 49
OVERLAND MOVEMENT FOR THE WEEK AND
The following statement we have also received by tele-We give below a statement showing the graph, showing the height of rivers at the points named at
SINCE AUG. 1.
since Aug. 1, as made
overland movement for the week and
8 a. m. of the dates given:
Mar. 11 1927 Mar. 12 1926.
up from telegraphic reports Friday night. The results for
Feet.
Feet.
years are as follows:
11.8
17.8
the week and since Aug. 1 in the last two
zero of gauge_
Above
----1926-27---Since
Week. Aug. 1.
15,739 484,575
7,150 270,900
17,751
551
43,327
1,505
6,064 190,548
16.069 450.189
26.2
32.4
----1925-26---- New Orleans
Above zero of gauge_
Memphis
Since
14.6
32.6
Above zero of gauge15.7
Week. Aug. 1. Nashville
25.3
Above zero of gauge_
Shreveport
36.0
46.0
65,113 586,744 Vicksburg
Above zero of gauge_
6,050 253,572
-The fol623
35,565
RECEIPTS FROM THE PLANTATIONS.
602
50,171
lowing table indicates the actual movement each week from
5,216 166,885
overland re9,543 331.783 the plantations. The figures do not include
47,078 1,457,290
37,147 1,424.720
101,500
17.755
655,759
3,767 108,568
571
17,913
24,527 0602,412
23,519
775,014
28,865 a728,893
Leaving total net overland *---23.559
682,276
8,282 0695.827
Mar. 11S/tippedVia St. Louis
Via Mounds,&c
Via Rock Island
Via Louisville
Via Virginia points
Via other routes, Stc
Total gross overland
Deduct Shipments
Overland to N.Y.,Boston, &a
Between interior towns
Inland, &c.,from South
Total to be deducted
3,724
529
19,266
ceipts nor Southern consumption; they are simply a stateof that
ment of the weekly movement from the plantationsthrough
part of the crop which finally reaches the market
the outports.
* Including movement by rail to Canada. a Figures revised.
The foregoing shows the week's net overland movement
this year has been 23,559 bales, against 8,282 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 13,551 bales.
-----1926-27
Since
/n Sight and Spinners'
Aug. 1.
Week.
Takings.
5 10,917.197
Receipts at ports to March 11____217,97
682,276
23.559
Net overland to March 11
Southern consumption to Mar.11-111,000 3,275,000
352,534 14,874,473
Total marketed
637,951
*56,294
Interior stocks in excess
Excess of Southern mill takings
663,972
____
consumption to Feb. 1_
over
Came into sight during week___296,240
16,176,396
Total in sight March 11
Receipts at Ports.
I
Ended, 1926. 1925. 1924.
Dee.
Stocks at Interior Towns. ISersiptsfrom Ptantations
1926.
1925.
1924.
I
1
19215.
1925.
1924.
"
3
2lign13:2,1111:21.1.g2}.2.1.241:21,1:77t01:2':"3 5:636
.
?
11 :: 51.7:1
345,938 299,671 251,964
23-A39,5 224,898 232,348 1,561.460 2,000.037 1.577,997 325,197 247.971 246.118
2,034.905 1,514.450
30- _ 23.796 213, 306,967 1.562,861 1926.
1925. I 1927. 1928. 1925.
1925. 1927.
Jan. 1927. 1926. 234,091 1,529.304 2,023,364 1,474,156 205,252 160.090198,591
9
7-.238,80 151.4
1,999,693 1.441,041 284,2201155,091 198 469
14._ 264,749 178.7 231.58 1 509,833
296,2 203,1 201,802 1,487.9911.979,161 1,383,826 274.402 182,628 144.187
21._
-----1925-26
258.93211.188200,371 1.467.42 1.966.783 1.306.792238,38 158,778 123,537
28.Since
Week.
Aug. 1. Feb.
. „ . . 1,2A8,0111171.958 136.731 121,118
4.... 235,198 173,22
1.912.997 1,199.953 174.431 131.064156,924
105,260 a8,112.350
11_ 228.441 148.3 204.9821,350,179 1,893,776 1,170,855 162,171 128,456 137.968
8.282 0695,827
06,770 148,404 167,066 1,305,58
18__
110,000 2,880,000
120,512l59.418 1,279,194 1,866,224 1.130,388 185,80 93.087118,931
25._ 210,193
1
223.542011,688,177 Mar._ 196,159 118,766 19933 1,224.5801,836,790 1,048,699 141.545 88,669117,964
6
4_
*25,938 1,654,767
061 1,168,286 1.810,852 969,348 101,6811 79,322105,710
11 __ 217,975105,260185:
____
702,398
above statement shows: (1) That the total receipts
The
are 11,267,823 bales:
from the plantations since Aug.1 1926 1924 were
8,917,594
in 1925 were 9,681,505 bales, and in at the outports the
That although the receipts
North. spinn's's takings to Mar.11 26,908 1,441,430 116,439 01,528,700 bales. (2)
from
past week were 217,975 bales, the actual movementtowns
•Decrease. a Figures revised.
plantations was 161,681 bales, stocks at interior
Movement into sight in previous years:
having decreased 56,294 bales during the week. Last year
Bales.
Bales. I Since Aug. 1Weekthe plantations for the week were 79,322
192,46411924-25
13.072.754 receipts from
-March 13
1925
9,946,519 bales and for 1925 they were 105,710 bales.
9
83, 8711923 24
-March 14
1924
119,2981922-23
9.523,163
-March 15
1923
WORLD SUPPLY AND TAKINGS OF COTTON.
QUOTATIONS FOR MIDDLING COTTON AT The following brief but comprehensive statement indicates
-Below are the closing quotations at a glance the world's supply of cotton for the week and
OTHER MARKETS.
cotton at Southern and other principal cotton since Aug. 1 for the last two seasons, from all sources from
for middling
which statistics are obtainable; also the takings or amounts
markets for each day of the week:
gone out of sight for the like period.
Closing Quotations for Middling Cotton on
1925-26.
Week Ended
March 11.
197,604
14.045.342
Saturday. Monday. Tuesday. Wed'day. Thursd'y. Friday,
Galveston
14.20
New Orleans__ _ 14.25
Mobile
13.60
Savannah
14.11.
14.13
Norfolk
14.40
Baltimore
14.00
Augusta
13.50
Memphis
14.15
Houston
13.60
Little Rock
13.30
Dallas
Fort Worth_ _ _ -
14.30
14.36
13.75
14.23
14.25
14.30
14.13
13.50
14.25
13.70
13.45
13.40
14.25
14.23
13.65
14.13
14.13
14.30
14.00
13.50
14.15
13.70
13.35
13.35
14.10
14.10
13.50
13.99
14.00
14.25
13.81
13.50
14.00
13.50
13.20
13.20
14.05
14.10
13.50
14.01
13.94
14.10
13.75
13.50
13.95
13.40
13.15
13.15
14.00
14.00
13.50
13.92
13.94
14.10
13.69
13.50
13.90
13.40
13.10
13.10
March_ _ _
April
May
June
July
August
September
October _
November
December_
January
February _
Tone
Spot
Options_ -
Monday.
Mar. 7.
Tuesday. Wednesday, Thursday,
Mar. 10.
Mar. 9.
Mar.8.
Total supply
Deduct
Visible supply March 11
Friday,
Mar. 11.
14.12-14.14 14.25-14.26 14.14 ---- 14.02 ---- 13.98-14.00 13.91
bid
14.24-14.25 14.35-14.36 14.22,14.24 14.10-14.11 14.07-14.08 14.00-14.01
14.3814.50-14.51 14.39 ---- 14.27-14.28 14.20-14.21 14.14-14.15
14.46-14.47 14.59 ---- 14.48 ---- 14.37 ---- 14.29-14.30 14.23-14.25
14.57-14.58 14.69 ---- 14.58 -- 14.47
14.59 bid 14.71 bid 14.60 bid 14.49
Steady
Steady
Steady
Steady
Steady
Steady
bid 14.39
bid 14.41
Steady
Steady
bld 14.33bid 14.35-14.38
Steady
Steady
1926-27.
Week,
Season.
Week.
Season.
6,536.298
8,380,532
Visible supply March 4
2,342,887
3,646,413
Visible supply Aug. 1
American in sight to March 11-- 296,240 16,176,396 197,604 c14045.342
99,000 2,328,000
to March 10-- 106,000 2,006.000
Bombay receipts
402,000
19,000
258,000
6,000
Other India shipls to March 10
26,000 1,346,200
48,000 1,332,400
Alexandria receipts to March 9563,000
10,000
521,000
11,000
Other supply to March 9 *6----
-The closing
NEW ORLEANS CONTRACT MARKET.
quotations for leading contracts in the New Orleans cotton
market for the past week have been as follows:
Saturday,
Mar. 5.
Cotton Takings.
Week and Season.
Steady
Steady
8,847,772 23,940,209 6,887,902(21027,429
8,286,099 8,286,099 6,358,358 6,358.358
561,673 15,654,110 529.544 c14669,071
Total takings to March 11-a
389,673 11.751,710 398,544 c10458,871
Of which American
172.000 3.902.400 131.000 4.212,200
Of which other
* Embraces receipts in Europe from Brazil, Smyrna, West Indies, &c.
by
a This total embraces since Aug. 1 the total estimated consumption -26
bales
Southern mills, 3,275.000 bales in 1926-27 and 2,880,000taken in 1925
by Northern
takings not being available-and the aggregate amounts11,789.071 bales in
and foreign spinners, 12,379.110 bales in 1926-27 and American.
1925-26. of which 8.476,710 bales and 7,576,871 bales
b Estimated. c Figures revised.
INDIA COTTON MOVEMENT FROM ALL PORTS.
The receipts of India cotton at Bombay and the shipments
from all India ports for the week and for the season from
Aug. 1, as cabled, for three years have been as follows:
1926-27.
March 10.
Receipts at
Bombay
Since
Week. Aug. 1.
1925-26.
1924-25.
Since
Since
Week. 1Aug. 1. Week. lAug. 1.
156.000 2,128,000
l06.00012.006.000 99.000 2,328,000
1548
Exports.
THE CHRONICLE
1.8
For the Week.
Since August 1.
Great Conti- Japan&
Great
reatn. neat. China.' Total. Britain.
Bombay
1926
-27_- ------ 9,000115,000124.000
1925-25-28,
70.000 98,000
1924-25 _ _ --:6456 27,000 35,000 64,000
2
Other India:
1926-27_
4,000 4.000
6,000
1925-26_ _ 14,000 5,000
19,000
1924-25
26,11126.
Continent.
Japan & Totalne.I
China. I
I
i
5,0001 209,000 1,066,000 1,280,000
28,0001 345,000 1,144,000 1,517,000
35,000V 302,000 1,066,000 1.403,000
27,000 231,
80,000 322,00
42,0001 205
258,000
402,000
247,000
Total all
1926-27_
4.0001 11,000 115,000130,000 32,000 440,000 1,066,000 1,538.000
1925-26__ 14,0001 33,000 70,000117,000 108,
667.0001,144,0001,919.000
1924-25._ 2.0001 53,000 35.000 90.000 77,
507,0001.066.0001.650,000
[VoL. 124,
Bales.
SAVANNAH
-To Liverpool
-Mar.5
-Coldwater, 4,687
4,687
To Manchester
-Mar.5
-Coldwater, 1,535
1.535
To Hamburg
-Mar. 5
-Progress, 2,986
2,986
To Bremen-Mar. 4-Gonzenheim, 3.300
To Japan-Mar.8
-Hamburg Marti,4,998; Atago Mara,6,000 3,300
MOBILE
-To Liverpool
-Feb. 25-Afoundria, 3,459__ _Mar .10- 10,998
Jeffress, 2.339
5,798
To Manchester-Feb. 25-Afoundria,
752
-Mar. 10
-Albert
Jeffress, 160
912
To Bremen-Mar.3
-Braddock,6,243
8,243
To Hamburg-Mar.3
-Braddock, 200
200
To Ghent-Isifar, 10
-Albert
98
SAN PEDHo-To Manchester Jeffress,98
-Mar.5
550
To Rotterdam-Mar,5-Eemdijk, -Pacific Trader,550
100
100
To Hamburg
-Mar.5-EemdUk.800
800
To Liverpool
-Mar. 7-Drechtdijk.
2,736
WILMINGTON-To Liverl-Mar,52,736
-Albert Jeffreas, 1.000.. 1,000
To Ghent
-Mar.S
-Albert Jeffress, 1,000
1,000
SAN FRANCISCO
-To Liverpool
--Pacific Trader, 300-300
To Bremen-Mar. 5-Eemdij-Mar.2
k, 200
200
To Japan
-Mar. 5
-President Pierce, 500
500
PHILADELPHIA-TO Rotterdam-Feb.26
-Ambridge,50
50
PORT TOWNSEND-To Japan-Fe
b. 28
-President Madison,
1,000
1.000
According to the foregoing, Bombay appears to show an
increase compared with last year in the week's receipts of
7,000 bales. Exports from all India ports record an ir crease
of 13,000 bales during the week, and since Aug. 1 show a
decrease of 381,000 bales.
191,965
ALEXANDRIA RECEIPTS AND SHIPMENTS.
-We
COTTON FREIGHT.
now receive weekly a cable of the movements of cotton at
-Current rates for cotton from
New York, as furnished by Lambert & Burrows, Inc.,
Alexandria, Egypt. The following are the receipts and
are
shipments for the past week and for the corresponding week as follows, quotations being in cents per pound:
High Standof the previous two years.
High StandHigh StandDensity. ard.
Density.
Alexandria. Egypt,
March 9.
Liverpool .40c.
55e. Oslo
Manchester .40c.
.550. Stockholm
Antwerp
.45e. .60c. Trieste
Ghent
.5234c. .6734c. Flume
Havre
.50e.
.65e. Lisbon
Rotterdam .60e. .75h. OpOrto
Genoa
.50c. .65e. Barcelona
Japan
1926-27.
1925-26.
1924-25.
240,000
6,655,758
130,000
6,719,283
65.000
6,742.001
This Since
Week. Aug. 1.
This Since
Week. Aug. 1.
This Since
Week. Aug. 1.
Receipts (cantors)
This week
Since Aug. 1
Exports (bales)T Livi ieol
To mo ersester. sto
7.000 161,533 7,500 146,090 7,750 163.789
11.000 135,915 9,000 145,293 8,500 185.792
Ro Continent & India__ _ 63,000251,412 10,500 244.137 13,250 286,875
To America
9,000 83,601
100 112.762
600 106,692
Total exports
42.000 632,461 27,100 648.282 30,100743,148
Note.
-A cantar Is 99 lbs Egyptian ba es weigh about 750 lbs.
This statement shows that the receipts for the week ending Mar.9 were
240,000 cantars and the foreign shipments 42,000 bales.
ant.
Density. ard.
.50c. .60e. Shanghai .70c. .85c.
.60c. .750. Bombay
.75e. .90e.
.50c. .65e. Bremen
.50e. .65e.
.50o. .65c. Hamburg .500. .65e.
.50e. .65e. Piraeus
.850. 1.00
.65e. .800. Salonica
.85e. 1.00
.300., .450. Venice
.60c. .750.
.67340. .82340.
LIVERPOOL.
-By cable from Liverpool we have the following statement of the week's sales, stocks, &c.,at that port:
Feb. 18. Feb. 25, Mar. 4. Mar. 11.
68,000
94,000
62.000
82,000
50,000
64,000
42,000
60,000
2,000
3,000
2.000
5,000
72,000
70.000
92,000
78,000
1,313,000 1,313,000 1.315,000 1,306,000
994,000 999,000 1,000,000 989.000
62.000
89,000
88,000
70.000
48,000
63,000
59,000
49.000
268,000 277,000 284,000 290,000
194,000 186.000 192.000
188.000
Sales of the week
Of which American
Actual exports
Forwarded
Total stocks
Of which American
Total imports
Of which American
Amount afloat
Of which American
MANCHESTER MARKET.
-Our report received by
cable to-night from Manchester states that the market in
The tone of the Liverpool market for spots and futures
both yarns and cloth is quiet. Manufacturers are generally each day of the past week and the daily closing prices of
well under contract. We give prices to-day below and leave spot cotton have 'been as follows: •
those for previous weeks of this and last year for comparison.
Spot.
Saturday.
1926-27.
32s Cop
Twist.
1925-26.
83( Lbs. Shirt- Cotton
lees, Common MiticU'g
to Finest.
Uyrds
Dec.
d.
d. s. d.
10-- 115i(§13 11 6
17____ 1134 @13 11 7
23-- 113(013 11 7
31.... 1134012% 11 6
Jan.
7-- 113401234 11 6
14___ 1131013 11 7
21.- 11)(013 12
28.... 12 1013 12 1
Peb4---- 114t@13( 12 1
11.-- 12 01336 12 2
17._ 1234014 12 3
25_ _ __ 1234@1434 12 4
Mar.
4.... 12301434 12 6
11
1210145c 12 5
323 Coy
Twist.
8(Lbs. Shirtleg,, Common
to Finest.
Cotton
Amur°
Uprdo
s. d.
@12 0
@12 1
012 1
012 0
d.
6.46
6.62
6.81
6.89
d.
d. s. d.
1614018 14 1
16 €0174 140
16 01734 14 1
161401734 14 3
s. d. d.
017 4
10.17
014 4
9 81
.
9.92
014 5
014 5
9.27
012 0
012 1
(g12 2
(4112 3
6.98
7.16
7.30
7.26
163.(03171( 14 3
1611(01734 14 3
17)4(41834 14 4
1634ig173( 14 4
014 5
014 5
014 8
014 6
10.54
10.84
10.76
10 63
.
012 3
012 4
012 6
012 6
7.47
7.69
7.76
7.77
16)1401734 14 0
161101734 14 0
16360173 14 0
16 01714 14 0
014 4
014 3
014 3
0114 3
10.80
10.52
10.67
10 33
.
013 0
612 7
7.93 1534(4171( 14 0 014 3
7.70 151.1 err 12 2 a 12 A
9.95
0.00
SHIPPING NEWS.
-As shown on a previous page, the
exports of cotton from the United States the past week have
reached 191,t65 bales. The shipments in detail, as made
up from mail and telegraphic returns, are as follows:
Bales.
NEW YORK
-To Liverpool
-Mar. 4-Carmania, 1,309; Baltic,
1,449
To Havre
-Mar. 3
-Independence Hall, 100.
-Mar. 9Rochambeau, 975
1.075
To Bremen-Mar. 4-Muenchen, 1,000_ Mar. -Presiden
8
t
Roosevelt,2,600
3,600
To Bombay
-Mar.5
-City of Cairo,650
650
To Manchester
-Mar. 4
-Stockholm, 300
300
To Antwerp
-Mar.4-Pennland, 34
34
To Genoa
-Mar.8-Cherca,50
50
NEW ORLEANS
-To Bremen-Mar. 2-Wildwood, 4,416.-.
Mar.4
-West Amamgoza,4,423
8.839
To Rotterdam-Mar. 2-Wildwood,
375_ _ -Mar. 4-Lakwn,
600
975
To Genoa
-Mar.3-Monstallo,5.124
5,124
To Porto Colombia
-Mar. 5-Parismina, 200
200
To Japan-Mar. 3-Murjek,
5,523
5.523
To Havre
-Mar. 5-Carplaka. 4,128; St.
Andre, 1,311...
Mar. 8
-Niagara, 1,557
6,996
To Dunkirk-Mar.5
-St. Andre,200
200
To Antwerp
-Mar.5
-St.Andre,950; Carplaka,200
1.150
To Ghent
-Mar. 5
-Car laka, 1 403
1,403
To Liverpool
-Mar.5
-West Totant, 8.046 .Mar.
8-Meltonlan. 10,185
-Mar.5
To Manchester
-West Totant,2,592_ _ _Mar.8-Mel- 18,231
tonian,2,761
5,353
-Mar. 4
To Hamburg
-West Amaragoza
1,443
1,443
-Mar. 7
To Venice
-West Cohas, 200:_ -Mar.
10--GiulLa
5,082----------------------------------------------.: 5,282
-Mar. 7
To Piraeus
-West Cohas, 200
200
-Mar. 10
To Trieste
-Giulia, 300
300
-Mar. 9
To Gothenburg
-Tortugas, 725
725
HOUSTON-To Bremen-Mar.3-Polam Hall,8,975_
_ _Mar.10
Deer Lodge, 4,703
13,678
-Mar. 5
To Barcelona
-Cadiz. 1,500
1,500
To Japan-Mar.8-Murjek, 2,780_ --Mar. 9-Argalla
, 12,125 14,905
To Genoa
-Mar.10-Monflore,1.311
1,311
GALVESTON-To Havre
-Mar.3
-Jacques Cartier, 2,578
2,578
-Mar. 3
To Barcelona
-Manuel Calvo, 1,899-Mar. 5
Cadiz, 3,387
5,286
To Bremen-Mar. 3-Polam Hall. 4,274
4.274
-San Francisco Mara, 5,639
To Japan-Mar.4
5,639
To Murmansk-Mar.4-Aalsum, 16,900
16,900
NORFOLK-To Manchester
-Mar. 5
-Manchester Corporation,
1,660_ _ _Mar. 7-Coelleda. 2,450
4,110
To Ilavre-Mar. 5
-Alaska, 500
500
CHARLESTON
-To Bremen-Mar.5-Gonzenheim, 1.650
1,650
To Hamburg
-Mar. 5-Gonzenheim, 5.539
5,539
Market,{
12:15
P.M.
Mid.Uprds
Sales
Monday.
Tuesday. Wednesday. Thursday.
Friday,
A fair
business
doing
Good
demand
Good
demand
A fair
business
doing
Good
demand
Good
demand
7.83
7.86
7.89
7.84
7.71
7.70
9,000
12,000
14,000
12,000
12,000
10,000
Futures.
Quiet
Quiet 1 pt. Steady
Quiet
Quiet onMarket _I 6 to 8 pts, decline to 1 to 4 pta. Quiet 1 pt.
decline to 7 to 9 pta. changed te
opened I decline
1 pt. adv. advance 1 pt. adv.
decline 2 pta. decl.
Market. _{ Steady
Firm
Barely stdy Barely aVy Quiet but
Quiet
400
5 pta.
to 11 pta. 4 to 7 pta. Ito 4 pta. steady 6 to 2 to 4 pta
P.M.
decline
advance
decline
declIne 7 pta. deel. decline
Prices of futures at Liverpool for each day are given below:
Sat.
Mon.
Tues.
Wed.
Thurs.
Fri.
1234 1234 1236 4
1234 4:11 1234 4:00 1234 1 4:00 1234 4:00
.. m p. m... m. p. m p m.p. m.p. m. p. mop. m.ip. m. p. m.p. m.
'
d.
d.
d.
d.
d.
d.
d. d.61 d.
d. d.
March ------- ____ 7.4 7.51 7.55 d.
7.54 7.48 7.4 7.44 7.3 7.37 7.3 7.35
April__ ----- ____ 7.54 7.58 7.63 7.62
7.58 7.58 7.53 7.45' 7.46 7.43 7.43
May
7.61 7.65 7.71 7.70 7.64 7.66 7.61 7.53 7.55 7.52 7.52
June
7.6 7.69 7.7 7.7. 7.68 7.7f 7.66 7.58 7.60 7.57 7.57
July
7.72 7.76 7.82 7.82 7.7 7.77 7.74 7.68 7.67 7.64 7.64
August
____ 7.74 7.78 7.84 7.84 7.78 7.79 7.76 7.68; 7.69 7.66 7.67
September_ _ _ _ ____ 7.76 7.
7.86 7.87 7.81 7.82 7.78 7.70 7.71 7
7.68
October
____ 7.77 7.82 7.88 7.8. 7.83 7.84 7.80 7.721 7.73 7.71 7.70
November
____ 7.79 7.84 7.90 6.91 7.85 7.88 7.82 7.74 7.75 7.7 7.72
December --------7.81 7.86 7.92 7.. 7.87
7.84 7.76, 7.77 7.75 7.74
7
January (1928) __-- 7.83 6.87 7.94
7.86 7.78 7.79 7.77 7.76
7.95 7.89
February(1928) --__ 7.84 7.88 7.9 7.97 7.91 7.
7.92 7.8: 7.80 7.81 7.7 7.78
March (1928)_ ____ 7.
7.90 7.97 7.9 7.93 7.94 7.91 7.83 7.84 7.82 7.80
Mar. 5
to
Mar. 11.
BREADSTUFFS
Friday Night, Mar. 11 1927.
Flour has been in the old rut. Nothing more than a fair
business at best has been done, and generally in most
grades it has been small. The buyer clings to his old policy;
everybody knows what it is; simply to take enough to last a
comparatively short time. He is supposed to be carrying
scanty stocks. Mill agents think that means that before
long the buyers will have to stock up on a larger scale. But
that is an old theory not always by any means verified by
the event. Meanwhile competition among the mills is sharp
for what business there is. Export demand has been small.
Germany, it is said, will probably increase the flour duty
25%; it is now 10% per sack of 280 pounds. At one time
the Northwest reported a little better trade.
Wheat declined on the 6th inst. owing partly to lower
prices in Liverpool. The only brace it got was from the
firmness of Winnipeg. Winnipeg May went further above
Chicago May, I. e. closing on the 5th inst. at 144%, against
141% in Chicago. On the previous day Chicago May closed
at 141% and Winnipeg at 143%. Prices declined on the 8th
inst. owing to the fact that the Government put the farm
reserves at some 11,000,000 to 12,000,000 bushels above some
MAR. 12 1927.]
THE CHRONICLE
1549
recent private estimates. The decline from the early level would be pretty large, I. e. 6,216,000 bushels, against 5,184,bushels last
of that day was 1 to 13ctc., but there was a rally of about %e. 000 actually exported last week and 2,495,000
before the close. The Government farm reserve figures for year. Black Sea shipments were 784,000 bushels, against
March 1 were 130,444,000 bushels, or 15.7% of the 1926 696,000 last week and 552,000 last year. Russia exported
goodcrop, against revised stocks on March 1 last year of 100,137, all this. Active chartering in Argentine pointed to
or 14.8% of the 1925 crop. About 68.3% of the 1926 sized shipments thence for six weeks to come.
bushels,
To-day prices closed /4 to %c. lower generally, with a
crop will be shipped out of counties where grown, against
some68.6 in 1925. Private farm estimates recently were in some fair trade. Early in the day there was a drop of
to 119,000,000. The total of wheat in thing more than this, on renewed liquidation, lower cables
cases 118,000,000
the
country mills and elevators March 1 1927 was about 85,941,- and the lack of any very liberal export demand. Later
or 10.3% of the 1926 crop, against 76,333,000 export sales were estimated at 400,000 to 500,000 bushels,
000 bushels,
on March 1 1926, or 11.3% of the 1925 crop. This total of Including domestic winters, durum and Manitoba. The
about 86,000,000 was a little smaller than the recent private interior had rather large receipts. The domestic cash deestimates. On the decline the market ran into good buying mand was slow. On the other hand, Argentine exports were
by commission houses. Southwestern receipts, it is true, not so large as had been expected, though the effect was
were still large and the demand was nothing great. Still, neutralized by unexpectedly heavy Australian shipments.
the mills took the higher grades at fair premiums, although Aside from North America the shipments are stated at 12,flour business still lagged. With the visible supply of 53,- 800,000 bushels. Bradstreet's stated the North American
for the world of at
306,000 bushels the available total of wheat was figured as total at 6,810,000. It looks like a total
least 19,500,000 bushels. Yet the domestic visible may show
269,692,000 bushels, against 222,913,000 last year.
some decrease on Monday, even if stocks afloat are larger.
At Winnipeg cash dealers at one time were reported so
Final prices show a decline for the week of 1% to 2%c.
much at sea regarding the action of May that they held
NEW YORK.
CLOSING PRICES OF DOMESTIC WHEAT AT
Sat. Mon. Tues. Wed. Thurs. Frit
aloof. There was a fair business over the week-end with
143% 143% 14231 142
cts14434 144
May delivery
136%
138% 137% 137
138% 138
the Continent and the United Kingdom. Spreads were un- July delivery
WHEAT IN BOND.
CLOSING PRICES AT NEW YORK FORTues. Wed. Thurs. Fri.
changed. Farmers were fair sellers of cash wheat. The
Sat. Mon.
cts_149% 148% 1485( 148% 147% 147
1.47 basis No. 1 Northern was cleaned up early in the week. May delivery
145% 146% 144% 144%
146% 146
July delivery
Favorable rains fell in the West and Southwest. Red wheat
YORK.
DAILY CLOSING PRICES OF WHEAT IN NEW Thurs. Fri.
Sat. Mon. Tues. Wed.
was depressed. The seaboard reported that No. 2 red had
cts_150% 149% 149% 148% 147% 147
No.2 red
sold at equal to 20c. under No. 2 Manitoba. Chicago stocks
IN CHICAGO.
DAILY CLOSING PRICES OF WHEAT FUTURES
Sat. Mon. Tues. Wed. Thurs. Fri.
are mostly soft wheat and other points undersold Chicago.
140% 139% 138%
140%
cts_141% 141
May delivery in elevator
Russian exports of all grains from July 1 1926 to Feb. 1 July delivery in elevator
13431 134% 134% 133% 132%
135
132% 131% 131% 1314 130% 130%
1927 amounted to 92,000,000 bushels, compared with 59,000,- September delivery
FUTURES IN WINNIPEG.
000 for the same period the year before. Grain loadings in DAILY CLOSING PRICES OF WHEAT
Sal. Mon. Tues. Wed. Thurs. Fri.
4
cts_144% 143% 143% 1433 1423 142g
Siberia during the first half of February were about one- May delivery in elevator
140% 141% 139% 139
141% 141
delivery in elevator
131% 130% 130% 130% 129% 1293k
third below expectations, which is not surprising in view July
in elevator
October delivery
in
of the transportation difficulties and poor weather 'condiIndian corn was weak on futures, due to depression
tions. Visible farm stocks reported for many districts of the cash market, larger receipts than the Chicago market
Russia were 71% above last year. These stocks are con- could cope with, and the indifference of the East to cash
of shipping demand told
centrated in the hands of rich peasants, who are presumably corn. Liquidation and the lack
on the 5th inst. Reports from Chicago
until prices are satisfactory. The against the price
able to hold their grain
recently
were that several points in Indiana which have
Russian wheat crop for 1926 is estimated in some quarters been re-sellers of corn to the East were forced to enter the
at 809,650,000 bushels, or 14% larger than the revised esti- market for supplies, owing to the sudden decrease of counmate for 1926. This is almost equal to the five-year average try offerings in both Ohio and Indiana.
an early decline.
of 1909-1913, which was 815,000,000 bushels. Exports of
On the 7th inst. prices rallied after
May was bought and
through the Bosphorus from Aug. 1 to Shorts covered and lifted the price.
wheat from Russia
at a difference of 5c. by cash people. The shipping
Feb. 18 amounted to 26,000,000 bushels, against less than July sold was still unsatisfactory. The sales to the East
demand
early con15,000,000 last year.
were partly, it was said, for storage and not for
On the 7th inst. weakness in Winnipeg helped to cause sumption. Chicago has 24,500,000 bushels. Receipts were
lower prices in the later trading elsewhere. There was an large, but bad weather was expected to curtail them. The
1
/
advance at first, for Liverpool rose % to id., Argentine 12c. United States visible supply last week increased 2,234,000
bushels last year. The total is
and Winnipeg opened firm. Export sales were 800,000 bushels, against 1,335,000however, against 35,213,000 last
47,337,000 bushels,
bushels. But later the offerings increased. Winnipeg fell still
were
year. On a single day the 7th inst., primary receipts
2c., despite the rather large export sales, mostly Manitoba, 1,167,000 bushels, against 1,319,000 a week ago and 774,000
even if they included some United States No. 2 red and last year. Shipments were 398,000 bushels, against 376,000
winter and some durum. Some thought the export sales a week ago and 378,000 last year.
t
On the 8th inst. prices fell 2c. as the Governmen report
were close to 1,000,000 bushels. The United States visible
55,000,000 bushels larger than
decreased 1,577,000 bushels for the week, against of farm reserves was about
supply
was 1,114,the average recent private estimates. The total
1,765,000 last year, making the total 53,306,000 bushels, 000,000 bushels. The total holdings in all positions includagainst 38,925,000 a year ago. Some sold or covered to ing farm reserves and the available supply is 1,162,000,000
even up for the farm reserves report of the 8th inst. World bushels, or curiously enough, precisely the same as the total
Oct. 31 last year,
shipments of 16,359,000 bushels for the week were about disappearance of grain from March 1 to
The total on passage brought the and compared with holdings at this time in 1926 of 1,366,what were expected.
bushels. Farm reserves of 1,114,000,000 bushels,
amount afloat up to 71,108,000 bushels. Southwestern re- 000,000
while 56,000,000 above the average of the recent private relarge. Kansas City had 265 cars. There is ports were 216,000,000 less than last year. The exact total
ceipts were
considerable subsoil moisture throughout the Northwest, it of farm reserves is 1,113,691,000 bushels. against 1,329,581,was reported. Export trade at one time was•small. Aus- 000 last year and 801,609,000 in 1925. Trading in futures
tralian shipments last week were 2,840,000 bushels, against on the 7th inst. was 14,283,000 bushels. On the 9th inst.
taken at a decline and later in the
4,032,000 for the preceding week, the decrease probably be- offerings were readily
rally occurred. The cash demand was not much betEurope bought some hard winter. day a
ing due to bad weather.
ter, however. A detailed Government report on farm reSoft wheat was weak. No kind sold freely.
serves of corn show that the 12 corn belt States have 708,On the 9th inst. prices declined and then rallied on the 000,000 bushels, compared with 1,051,000,000 last year.
howupward turn of cash prices and of premiums in the East. Stocks outside of the corn belt proper this year were, In
last year.
Export inquiry was said to have increased, though little ever, 406,000,000 bushels, against 278,000,000corn on Nov. 1
12 corn belt States the total supply or
business was reported. On the 10th inst. prices at Chicago the was 15% less than the previous year and on March 1
1926
fell 2c. or more from the early high. Liverpool was % to 1927 it had been reduced to 33% below a year ago. On the
2c. Winnipeg at first was 10th inst. prices fell % net after a firm opening. The de%d. higher and Buenos Aires Y
firm. Liverpool took nearby cargoes promptly. Future cline in wheat influenced corn. Receipts were smaller, but
of farm
shipments from the Southern hemisphere were in good de- still too large for current trade. The reduction
reserves in surplus States is offset by increases in other
mand. People are asking whether Europe's needs have not
sections that generally buy from the big States. Liquidabeen understated. But later Winnipeg declined. Profit
tion of May corn told.
The weather was
taking set in at Chicago and New York.
To-day the opening was weaker but an upturn came later.
in the main favorable. Big and beneficial snows occurred The weather was unsettled. Country offerings were small.
in the Northwest. Export sales were only 300,000 to 400,000 Receipts were nothing formidable. The country is not
There were some rumors of
bushels. Argentine shipments this week, it was estimated, pressing corn on the market.
1550
THE CHRONICLE
[VOL. 124.
export business, though they were not confirmed. The
AGRICULTURAL DEPARTMENT'S REPORT ON
speculative world is a little more friendly to corn, though
CEREAL STOCKS.
-The Agricultural Department's report
there is no pronounced buying movement. Scattered buying
was large enough in the aggregate to tell somewhat, how- on cereal stocks, &c., was issued on March 8 as follows:
The Crop Reporting Board of the
ever. Final prices show a decline for the week of % to 1c.
Department of Agriculture makes the following estimates United Statesand data
from reports
crop correspondents, field statisticians, and co-operatin furnished by
DAILY CLOSING PRICES OF CORN IN NEW YORK.
g
(or Departments) of Agriculture and Extension DepartmentState Boards
s:
Sat. Mon. Tues. Wed.
The amount of corn on farms March 1 1927,
No. 2 yellow
cts_ 874 87% 87% 87% Thurs. Fri. centages applied to the entire crop, was about based upon reported per884 88%
1,113,691,000 bushels or
42.1% of the 1926 crop, compared with March 1 1926 stocks
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO.
figures) of 1,329,581,000 bushels or 45.6% of the 1925 crop and (revised
Sat. Mon. Tues. Wed, Thurs. Fri.
March 1
1925 stocks (revised) of
May delivery in elevator
32.8%
cts_ 76% 76% 76
76% 76% 76% the 10-year average 1917757,890,000 bushels or About of the 1924 crop;
to 1926 being 38.8%.
July delivery in elevator
16.59"
81% 81
80V 81
80% 80
crop will be shipped out of the counties where grown, compared of the 1926
September delivery in elevator_ _ 844 85
with
844 85
844 844 of the 1925 crop and 18.1% of the 1924 crop so shipped; the 10-year 19.8%
average
being
Oats showed an individual firmness the result of a brisk about 18.8%. The proportion of the 1926 crop which is merchantable is
71.1%, compared with 78.89 of the 1925 crop and 66% of the 1924
demand for all grades, and some outside buying of the inte- crop; the 10-year average being 80.2%.
The
rior qualities. Shorts covered. At times oats disregarded a bushelsamount of wheat on farms March 1 1927, was about 130,444,000
or 15.7% of the 1926 crop,
decline in corn, as the demand increased for all grades. (revised) of 100,137,000 bushels or compared with March 1 1926 stocks
14.8% of the
1925
Even the lower grades were wanted by outside points. The the stocks (revised) of 112,095,000 bushels or 1925 crop, and March 1
13%
10-year
being 17%. About 68.3% of the of the 1924 crop;
1926 crop
United States visible supply decreased last week 898,000 shipped out averagecounties
of the
where grown, compared with 71.5% will be
bushels, against 665,000 in the same week last year. The 1925 crop and 73% of the 1924 crop so shipped; the 10-year averageof the
being
62.4%.
total is now 42,556,000 bushels, against 58,308,000 a year ago.
The amount of wheat
mills
about 85,942,000 bushelsin countryof the and elevators March 1 1927, was
On the 8th inst. prices fell 1 to 1%c. from the early high,
or 10.3%
1926 crop, compared with March
1 1926
with a net final drop of % to %c. in sympathy with the March stocks (revised) of 76,333,0100 bushels or 11.3% of the 1925 crop, and
1 1925 stocks (revised) of 67,673,000 bushels or 7.8% of the 1924
crop; the le-year average March 1 stocks being
decline in other grain. The total farm reserves on March
11.2%•
The
oats
1 as stated by the Government were 413,957,000 bushels, or bushelsamount of of on farms March 1 1927, was about 423,957,000
or 33.8% the 1926 crop, compared with March 1 1926 stocks
33.8% of the last crop, compared with 571,248,000 bushels, (revised) of 571,248,000 bushels or 38.49' of the 1925 crop, and March 1
1925 stocks (revised) of 538,832,000 bushels or 35.9% of
or 38.4% of the 1925 crop. About 22% of the 1926 crop will the 10-year average being
the 1924 crop;
36.9%.
be
with 24.8% in 1925. On the 9th inst. cash trade broadened shipped out of the counties where About 22.1% of the 1926 crop willthe
grown,
1925 crop and 28.1% of the 1924 crop so compared with 24.5% of
shipped; the 1a-year average
and the country movement was moderate. On the 10th inst. being 27%.
The amount of barley
prices declined on scattered liquidation. Cash business was
bushels or 21.4% of the on farms March 1 1927, was about 40,829,000
fair in all grades, but receipts are larger than were ex- (revised) of 52.915,000 1926 crop, compared with March 1 1926 stocks
bushels or
1925 stocks (revised) of 40,576,00024.4% of the 1925 crop, and March 1
pected.
bushels or 22.3% of
10-year average being 24.8%. About 29.1% of the the 1924 crop; the
To-day prices closed unchanged to %c. higher after some shipped out of the
1926 crop will be
counties where grown, compared
decline early in the day. Cash demand had slackened, but crop and 37.5% of the 1924 crop so shipped; the with 35.7% of the 1925
10-year average being
the firmness of corn helped oats in the later business. So
The amount of rye
did the dying down of liquidation. Covering did the rest. or 14.1% of the 1926on farms March 1 1927, was about 5,647,000 bushels
crop, compared with March 1
of 6,544,000 bushels or 14.1% of the 1925 crop, and 1926 stocks (revised)
Final prices show a decline for the week of 1 to VAC.
1 1925
(revised) of 8,263,000 bushels or 12.6% of the 1924 March About stocks
crop.
of the 1926 crop will be shipped out of the counties where grown, 45.69"
DAILY CLOSING PRICES OF DOMESTIC OATS IN NEW YORK.
compared
with 56.9% of the 1925 crop and 66% of the 1924 crop so
Sat, Mon. Tues. Wed. Thurs. Fri.
shipped.
May delivery
cts 504 504 504 50
48% 484
COMMENTS CONCERNING CROP REPORT.
DAILY CLOSING PRICES OF OATS IN NEW YORK.
-The
Agricultural Department at Washington, in giving out its
Sat. Mon. Tues. Wed. Thurs. Fri.
No. 2 white
cts_ 55
55
544 544 534 53% report on cereal stocks on March 8, also made the following
DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO.
comments:
Sat. Mon. Tues. Wed. Thurs. Fri.
On March 1 the stocks of
May delivery in elevator
cts- 47% 47% 464 463i 454 45% 15% lower than they were grain on the farms of this country were about
July delivery in elevator
a
47% 474 464 464 45
46
March 1 during recent yearsyear ago and slightly lower than on any other
September delivery in elevator
with the exception of 1925. Although farm
454 454 45
45
444 444 stocks
30,000,000
DAILY CLOSING PRICES OF OATS FUTURES IN WINNIPEG. stocks of wheat werea reduction bushels larger than they were a year ago,
of corn show
of 215,000,000 bushels, oats 147,000,000
bushels, barley 12,000,000 bushels and rye 1,000,000 bushels.
Sat. Mon. Tues. Wed. Thurs. Fri.
May delivery in elevator
eta.. 58% 584 58U 583.1 571 57%
Wheat.
-Stocks of wheat on farms and in country mills and elevators
July delivery in elevator
were about 40,000,000 bushels greater than a year ago. Stocks on
57
57
57
56
56
56
October delivery in elevator
are estimated to have oeen about 130,000,000 bushels, or 30,000,000 farms
52
51% 51
514 507 51
bushels
greater than last year. Stocks in country mills and elevators were 86,000,Rye was firm on the 5th inst., with some small business 000 bushels, or 10,000,000 bushels greater
than a
for export and hopes of something better. On the 7th inst. stocks are considerably above last year in some of theyear ago. Combined
Eastern States and in
the Southwest, notably in Pennsylvania, Ohio, Kansas, Oklahoma and
prices dropped Y to %c. from the early high in
4
companY Texas. Stocks in Montana are also considerably above a year ago,
with other grain. Future trading on the 7th inst. was 839,- Minnesota and the Dakotas tho relatively smaller production in while in
1926 is
000 bushels. Farm reserves on March 1 were 5,647,000 reflected by smaller stocks on March 1.
The proportion of the 1926 wheat crop shipped
shipped out of
bushels, or 14.1% of last year's crop, compared with 6,544,- country is reported about the same as for the 1925 and to bedecreased shipcrop,
ments from Minnesota and the Dakotas, where a low the was secured,
000, or 14.1% of the 1925 crop. About 45.6%
yield
of the 1926 being offset by heavier shipments from Texas and Oklahoma, where an
crop will be shipped out of counties where grown, com- unusually good yield was secured in 1926.
Corn.
pared with 56.5% of the 1925 crop. Barley on farms
-Farm stocks of corn for the United States were about 16% less
year ago,
amounted to 40,829,000 bushels, or 21.4% of last year's than awith aboutor about 1,114.000,000 bushels on March 1 1927, as compared
1,330,000,000 bushels
In the twelve corn belt
crop, compared with 52,915,000, or 24.4% of the 1925 crop. States farm stocks were reduced nearlylast year. with about 708,000,000
one-third
bushels on farms March 11927, as compared with 1,051,000,000 bushels a
About 29.1% of the 1926 crop will be shipped out of coun- Year ago. Southern
States show large
year in farm stocks
of corn. Farm stocks of corn outsideincreases over lastMarch 1 1927 were
ties where grown, compared with 35.3% of the 1925 crop.
the corn belt on
about 406,000,000
Prices on the 8th inst. were largely governed by those for ago, an increase of bushels as compared with 279,000,000 bushels a year
nearly 46%.
wheat; that is, they were higher early and lower later. The
The total supply of corn, including visible supply, in the United States on
Nov. 1
was
United States visible supply increased last week 298,000 supply 192615%4% less than Nov. 11925. while on March 1 1927 the total
was
less than a year ago. In
the
bushels, against a decrease last year of 77,000. The total is total supply on Nov. 1 1926 was nearly 15%the twelve corn belt Statesand
less than the year previous
March 1 1927
14,208,000 bushels, against 18,904,000 a year ago. On the onThe decreased it had been reduced to nearly 33% below a Year ago.
demand for corn in the South and Southwestern States is
9th inst. trade was small. Recent sales for export
were reflected in the decrease in shipments as compared with a year ago. The
for shipment at the opening of navigation, when terminal Percentage of corn shipped or to be shipped out of county where grown declined from 19.8% of the larger crop of 1925 to 16.5%
stocks will be noticeably reduced. On the 10th inst. lower In the corn belt States the decrease has been from about 24of the 1926 crop.
to 20%•
Only 71.1% of the 1926 corn crop is
wheat prices caused a decline in rye. And supplies do not
as compared with 78.8% of the 1925 estimated as of merchantable quality,
crop as reported in March 1926.
decrease much. The export demand pas not brisk.
Oats.
-Farm stocks of oats on March 1 were 423,957,000 bushels, which
To-day prices ended % to %c. lower
was
the
on a moderate busi- held 26% less than yearquantity on farms a year ago. The amount of oats
on farms this
ness. Further export sales were reported.
than in 1924 and 1925 and substanis
The decline in tially below the average also smaller
during recent years. With the exception of
wheat had some effect on rye. But cash
the
rye was firm. The Indiana andyear South, stocks of oats are nearly everywhere lower than
they were a
requirements in some States have been reago.
Continent bought small lots, possibly 25,000 bushels.
Bulls duced by the mildness Feedingwinter, but the reduction in stocks is due
of the
would feel better if the German
demand which had been chiefly to the 234,000,000 bushel decrease in production. It is estimated
that only 22% of
counted upon to brace prices would appear. Final
been or will be shipped out
prices grown, compared the crop has of the 1925 crop, and the 5of county where
with 24.8%
-year average of
show a decline for the week of 1% to
25.3%. The decrease in shipments compared with last year is due largely
2%c.
to the decreased demand from the South.
DAILY CLOSING PRICES OF RYE
FUTURES IN CHIGAGO.
Roam-Barley stocks on farms March 1 were 40,829,000 bushels. This
Sat. Mon. Tues. Wed.
Fri.
is 23%
May delivery in elevator
cts_107 1069 106 106 Thurs. 1044 ing theless than holdings last year, and nearly 10% below the average dur1054
July delivery in elevator
five years 1922-1926. 'rho 1926 crop was 12% smaller than that
September delivery in elevator.--1044 104 104 1044 1034 1034 of the previous year, and owing to shortage of other grain in several large
994 99
99
994 98% 98% Producing States, a larger percentage of the crop than usual has been
Closing quotations were as follows:
required for feeding stock.
Rae.
-Stocks of rye on farms March 1 were 5,647,000 bushels, substanGRAIN.
tially below holdings on March 1 during the past three years. Stocks are
Wheat, New York.
Oats, New York
particularly low in North Dakota, which is the largest producing State.
No.2 red f.o.b
1 47
No.2 white
53
No. 1 Northern
1 63
No. 3 white
WEATHER BULLETIN FOR THE WEEK ENDED
51@52
No. 2 hard winter,f.o.b-1 54 Rye, New York
Corn. New YorkNo. 2 f.o.b
-The general summary of the weather bulletin
115% MARCH 8.
88% Barley, New York
No. 2 yellow
No. 3 yellow
84% Malting as to quality..88 WO% issued by the Department of Agriculture, indicating the inFLOUR.
fluence of the weather for the week ended March 8, follows:
Spring patents
37 20 $7 50 Rye flour patents
At the beginning
depression was central over the
Clears, first spring
6 65 7 00 Seminola No. 2, pound-36 40@$0 65 southern portion of of the wok a moderate while higher pressure and much
the middle Gulf area,
6%
Soft winter straights
6 05 6 40 Oats goods
3 ma 315 colder weather had overspread the Southwest. The Gulf disturbance
Hard winter straights 7 00 740 Corn flour
2 05(4) 2 10 moved rapidly northeastward to the south Atlantic coast by the following
Hard winter patents
7 40 7 90 Barley good,
day, with markedly increased intensity, and passed thence northeastward
Hard winter clears
6 00 675 Coarse
as a severe storm, bringing precipitation quite
375
to the southFancy Minn.patents
8 80 9 75 Fancy pearl Nos. 2. 3
eastern portion of the country and snow to the southgenerallyarea. SucceedAtlantic
City mills
and 4
9 05 975
ing this, much colder weather overspread the Southeast, attending a marked
700
rise in pressure, and by the morning of March 3 freezing extended to the
For other tables usualy given here, see page 1471.
east Gulf coast. This was followed by a gradual rise in temperature, and
MAR. 12 1927.]
THE CHRONICLE
ception of the woolen division, prices were firm and sales
active. Business in woolen goods during the past week has
been most discouraging in both the men's and women's
wear sections and as a result, openings of some of the
women's dress goods lines are being withheld until conditions improve. As to silks, while competition has tended
to keep prices down, the undertone has been steady and
sales of certain fabrics, especially the higher grades, steadily increased. It was believed that the earthquake in
Japan will have but a negligible effect on the domestic
market. February statistics published by the Silk Association of America showed that while deliveries of raw silk
to American mills were less than in the preceding month
they were about 400 bales more than the total for the same
month last year. Shipments totaled 42,860 bales, which
were 5,447 bales below the January record of 48,307 bales.
This was considered quite favorable in view of the fact
that there were practically only 22 working days in the
month. Imports during February amounted to 33,991 bales,
which showed a decrease of 14,456 bales from January.
Storage stocks on hand March 1 totaled 43,758 bales, compared with 52,627 on Feb. 1. In the linen division, price
advances for flax have prompted buyers to anticipate their
future needs for various kinds of fabrics, as there is a general belief that domestic goods prices will advance after
the present stocks are exhausted. Sales of practically all
types of merchandise have increased satisfactorily in both
American and foreign centres.
DOMESTIC COTTON GOODS.—Markets for domestic
cotton goods continued firm and active during the week.
Demand has kept up surprisingly well, and business has
been increasing to such an extent that the current demand
exceeds production by a substantial volume. There has
been a great deal of pressure to secure prompt deliveries,
but only a few have been successful. In fact, certain constructions are quite scarce and have been commanding a
premium. Both finishers and mills are being rushed to get
out deliveries on time, and overtime operations have become even more general than they were. However, in
view of the apprehensions concerning the overproduction
The Weather Bureau also furnishes the following resume of gray cloths, it was thought possible that some mills will
of the conditions in the different States:
discontinue night work when the planting season opens in
Virginia.—Richmond: Cold first part of week, with heavy snows in
finished cotton goods busiSnow cover beneficial for winter the South. In the meantime,
south and southeast; warmer latter part.
congrains and truck. Not much farm work accomplished account wet condi- ness has continued very high and printers are being
tion of soil. Some damage to tobacco beds by cold first part of week. siderably rushed. As a result, but few are showing any
Fruit buds reported in good condition generally.
the near future,
North Carolina.—Raleigh: Heaviest snow on record for this time of year, eagerness to open their fall lines, due in
5to 25 inches,gradually melting, beneficial for small grains and soaking soil, despite the fact that the showings are already much later
peas, but
which needed more moisture. Some damage to lettuce and to peaches
than has been the case in other years. One of the imporpotatoes not up. Practically no damage to strawberries; damage
apparently slight in main producing areas.
developments of the week was the announcement by
Carohna.—Columbia: Freezes from 2d to 5th seriously damaged tant
South
prices would be continued through to
peaches and other tree fruits, except apples, in northwestern counties, printers that present
Growth
but elsewhere on lower elevations damage generally was much less. with no June. This, in conjunction with the fact that the leading
truck, gardens, and pastures checked by cold
of wheat, oats, rye,
will continue their current prices until
good and
serious damage, except possibly in northwest. Soil conditions and some gingham houses
plowing proceeded satisfactorily. Potato planting continues
fall lists are determined, and the fact that the raw cotton
sprouted.
and market continues relatively firm, has led factors to believe
Georgia.—Atlanta: Cold weather at beginning with freezing to coast
southern border and heavy to killing frosts on three mornings. Damage to that the current active demand for cotton goods will conand to truck, tobacco, and sweet
peaches and pears probably heavy,Cereals good to
excellent. Pastures tinue for some time to come. As to the gingham section,
potato plants in beds considerable.
far in advance of normal. Preparations for spring planting continue under there has been a steady improvement in sales, although no
favorable conditions.
made in any one particular
Florida—Jacksonville: Rain first day, followed by much sunshine and spectacular gains have been
killing frosts Wednesday to Friday. Damage to melons, berries, beans, quarter. Print cloths, 28-inch, 64 x 64's construction, are
potatoes, tomatoes, cucumbers, and other truck spotted; much killed or
41c. Gray goods
/0., and 27-inch, 64 x 60's, at 47
severely damaged in interior, except where protected or favorably located. quoted at 51
-Inch, 68 x 72's construction, are quoted at 8c., and
Large acreage of melons protected and some potato fields saved by flooding. in the 39
Oats fair to good. Citrus bloom not damaged. Farm work advanced.
-inch, 80 x 80's, at 10%c.
Alabama.—Montgomery: General freeze on 3d and 4th; cold delayed 39
farm work; rain at beginning and closing days. Oats continue to do well.
WOOLEN GOODS.—Markets for woolens and worsteds
in south portion where unprotected nipped by frosts. Cold
Potatoes
checked improvement of pastures, damaged tender vegetation, and killed were dull and uninteresting during the week. Buyers have
some. Frost damaged peaches, pears, and plums, and killed some in north;
needed, which in turn forced
elsewhere damage believed not serious, but undetermined. Satsuma elected to purchase goods as
oranges slightlyinjured. Strawberry plants survived freezes,but practically manufacturers to sit back and await such business. Conall bloom and small quantity of fruit killed.
by the unfavorable annual
Mississippi.—Vicksburg: Unseasonably cool Wednesday to Friday with siderable interest was attracted
gardens, and truck somewhat
freezing nearly to coast; fruit, beginning of week; moderate to injured. report of one of the leading mills of the country. This was
heavy in
precipitation at
Generally light
considered a graphic illustration of the difficult times wool
north and central at close. Farm work and pastures mostly poor to fair
have been experiencing the past year and they are now
progress.
General, unfavorably cold weather and wet men
Louisiana.—New Orleans:
corn injured wondering how much longer it can last. In the women's
soil interfered considerably with plowing and planting. Young
light damage to Wait wear division, openings of dress goods lines are still being
in central portion, necessitating some replanting.
bloom in north. Truck, sugar cane, and strawherries mostly doing well.
back by the leading producers, including the American
Texas.-11ouston: Fore part of week cold with hard freeze in north and held
frost nearly to coast, except in lower Rio Grande Valley; damage to fruit Woolen Co. It is expected, however, that announcements
fair progress, except in
and tender vegetation not great. Farm work madesoil and rain over
within the next week.
most concerning showings will be made
central and northeastern portions; delayed by wet pastures,
truck, straw- One of the most interesting developments of the week was
of State on last day. Progress and condition of
berries, wheat, and oats mostly good, although rain needed in portions of
growing interest in chemical "wool," which may take
south. Some corn planted during week; germination of early-planted slow the
account cold. But little cotton planted during week; progress of early- the place in the wool industry that rayon has in the silk and
fair in extreme south. Potato digging started in extreme south.
planted
cotton divisions. It was claimed that the new product,
Oklahoma.—Oklahoma City: Ground covered with snow and sleet early
and south. Plowing and which is imported from Italy, Germany and England, is
part of week and loft soil too wet to work in eastslowly.
Wheat generally
gardens progressed
planting oats, potatoes, and
as wool and contains 90% of the warmth of
southeast. Some twice as strong
in good to excellent condition. Corn planting begun in not yet
materially the animal fibre.
little cotton snapped. Fruits blooming in southeast and
damaged by frost.
FOREIGN DRY GOODS.—Local linen markets were firm
Arkansas.—Little Rock: Very unfavorable for farm work due to heavy
week. Favorable for wheat, oats,
rain and wet soil from rains of previousinjured much by freeze,
and active in view of a 50% advance in flax, 25% in yarn
except in a
rye, meadows, and pastures. Fruit not
and 15 to 20% in linens in some of the European centres
fow localities. Truck slow owing to low temperatures.of week
half
completely
large scale conTennessee.—Nashville: Freezing weather first buddings not far
enough within a very short time. A renewal of
destroyed buds on early fruit trees, while later
markets since
Wheat made considerable progress with covering sumer buying in both American and foreign
along for serious damage.
of snow several days. Oats, rye, and barley coming well and clover fair to the latter part of last month has prompted practically all
good. Pastures greening considerably in some sections. Weather unfavorof the local importers to advance their prices. Some houses
able for outdoor work.
Kentucky.—Louisville: Cold most days, but ending mild; several hard Increased values two cents a yard on crashes, dress linens
and considerable snow cover In central and south first half. Cold
freezes
Importers are forecasting
beneficial in holding back vegetation and no growth of consequence. No and certain other descriptions.
plowing as soil very wet and sowing awaits drier weather.
further advances and have advised their clients to place
orders anticipating their probable requirements in the near
future. It was estimated that approximately 75% of the
THE DRY GOODS TRADE.
local buyers are on their annual pilgrimage abroad. ConFriday Night, Mar. 11 1927.
ditions in the burlap market have improved. Although
Conditions surrounding the textile markets continued business was rather quiet, higher prices were maintained.
and heavies at 9.05c.
much the same as the previous week, when, with the ex- Light weights are quoted at 6.65c.,
over the eastern
the latter part of the week had much warmer weather
attending the passing
half of the country, with considerable precipitation, a couple of moderate
and Northeastern States of
eastward over Central
depressions.
was mostly of a local
Over the western half of the country precipitation
character, except for widespread rain or snow in the far Southwest about
were no marked changes in temperature.
the middle of the week, and therethe weekly mean temperatures were much
The table on page 3 shows that
southward,
below normal from the Ohio River and southern Great Plainsas 9 degrees.
to as much
with the deficiencies ranging generally from 3 degreeswas also comparatively
and far West the week
Locally in the Northeast
temperature, but elsewhere it was
cool, with slight minus departures of so from the Lake region westward.
warmer than normal, being markedly
northern Great Plains. and Northwest
In the upper Mississippi Valley,
higher
the temperatures averaged from 6 degrees to as much as 16 degreesand to
the east Gulf coast
than normal. Freezing weather extended to Gulf in the Central
-West,
northern Florida in the East, and nearly to the
one or two stations in the
but subzero temperatures were confined to
interior of the Northeastern area.
to rather heavy
The table shows also that precipitation was moderate
the extreme lower Misfrom the interior of eastern Texas. Arkansas, and
Ocean, with the weekly totals ranging
souri Valley eastward to the Atlantic The amounts were generally light
from 0.5 to more than 3.0 inches.
elsewhere, except in Pacific coast districts where rainfall was again moderate
to rather heavy.
Southeastern States
The frost and freezing temperatures that overspread caused
season,
considerable
early in the week, while not unusual for the
damage to early fruit bloom and some harm resulted to other tender vegof the nearly unprecedentedly warm weather during
etation. Because
South, especially in the Southeast,
February, vegetation throughout the weeks
ahead
was prematurely advanced, being twovarietiesor more were in of normal,
of fruit
full bloom
the early
and at the time of the freeze
heavy
has
over large areas. Damage to peaches and pears and apparently beenStates.
South Atlantic
but less extensive In other east Gulf
in Georgia.
have not been great.
In the west Gulf area losses apparently made conditions rather unfavorable
The frequent rainfall and cold weather
for field work in much of the South and plowing and planting were not
the northwestern Cotton
active, as a rule. Very little work was possbile in of Texas and very good
Belt, but fair progress was reported from most cotton was
districts. Some
planted in
advance in some southeastern
extreme southern Texas. and the early-planted made fair progress there,
corn was put in as far north as southeastern Oklahoma.
while a little
active
In most of the interior valley States the soil continued too wet for plantfor spring
field operations, and rather slow progress in preparation
was favorable,
ing was reported. In the Northwest the mild, open weather beneficial.
and the increased moisture in the more western States was melting snow
--In the western Wheat Belt rain and
SMALL GRAINS.
condition,
furnished abundant moisture and the soil is now in good sections. except
that the subsoil is still dry in some west-central Plains greening Wheat
and apin the Southwest. It is
made generally good progress
central and
;portions of
parently in satisfactory condition in most poor in someeastern Ohio Valley
upper
although condition is reported as
the belt,
districts. The cold, windy weather was rather unfavorable in parts of the
middle Atlantic area. Cereal crops made good growth in the South, but
were checked considerably by the cold weather, while recent precipitation
west of the Rocky Mountains has been favorable. The seeding a spring
oats made rather slow progress because of wet soil, but some were planted
in the Great Plains States as far north as Kansas.
1552
THE CHRONICLE
[VOL. 124.
Otate anti Tity pepartuxent
Page.
Name.
Rate. Maturity. Amount. Price. Basis.
1250__Georgia (State of)
1927 2,600.000
3.94
1403_ _Georgetown,Idaho
5
5,000
1250_ _Gleason, Tenn
1928-1947
30,000 104.16 5.51
1098_ _Glen Ridge, N.J.(2 iss.)_6
MUNICIPAL BOND SALES IN FEBRUARY.
4,810
1250_ _Good Haven, Mich
434 1929-1948 115,000 101.63 4.31
1250_ _Goodiand, Kan
5
We present herewith our detailed list of the municipal bond 1403__Grand Forks Co.
1927-1935 122,051
S. D.
No. 75, No. Dak ______ _ _ d20 yrs.
issues put out during the month of February, which the
42,000
1555_ _Grand Haven, Mich
4g 1 to 20 yrs. 115,000 101.63 4.31
crowded condition of our columns prevented our publishing 1403_ _Granville, Ohio
534 1928-1937
25,800 103.75 4.65
954.. Greenfield Exempted Vilat the usual time.
lage S. D.,Ohio
5
1927-1931
32,175 100.54
Co.,
The review of the month's sales was given on page 1400 of 1403- _Greenville MissSo. Car..-434 1929-1943 600,000 100.059 4.70
4.49
954__Gulfport,
534
40,000 100.60
the "Chronicle" of March 5. Since then several belated 1098._ Hamllton Co., N.Y
5
70,000 109.28 4.*0
1098_ _Helena Cons. S. D.,Miss_5X 1937-1950
100.32
February returns have been received, changing the total 1403_ _High Spire S. D., Pa....4X 1934-1950 25,000 102.65 4.25
5
1947
13,500 100.67 4.94
for the month to $73,682,778. The number of municipali- 1556....Hillsboro, Ore
954_ _Hillsborough 8.0.. Calif-5
1931-1944
40,000 106.26 4.31
1556_
ties issuing bonds in February was 339 and the number of 1251_ _ Homestead, Pa
434
1956
50,000 106.89 4.10
_Hoopestown S. D. Ill---5
1939-1946 115,000 108.54 822_ _ Houston Ind. 8. D., Tex-5
separate issues 450.
1942-1956 1,995,000 106.96 4.50
954__Humboldt, Kan
434 1928-1937
14.293
Name.
Rate. Maturity. Amount. Price. Basis. 1251_H
_unnewall. Kan
5
1927-1936
5,000 100
County, Ind
--435 1928-1937 $34,000 101.77 4.15 1098__Hysham, Mont
1554- _Allen County, Kan
1928-1047
16,000 100.37 ---43 1928-1947 140,000 101.10 ---- 1251....Jackson Co. S. D. No. 4,
952_ _Allen County, Ohio
5
1927-1935
56,500 101.59 4.57
Fla
6
1927-1953
140E _Amherst, N. Y.(4 issues) -- 1928-1957 2,643.000 100.261 4.48
25,000 100
1251__Jackson Co. S. D. No. 9,
1097_ _Anadarko, Okla
4X 8-22 years
---60,000 100
Ma
6
1097_ _Anadarko, Okla
1928-1957
15,000 100
534 2-19 years
---- 1251__Jackson Co. S. D. No.
40,000 100
952- _Atascosa Co. Road Dist.
118, Fla
6
16,000 95
No. 4. Tex
514 1927-1956 200,000 100
822_ _Jackson, Tenn
434 1932-1947 r125,000
952.. Atlanta, Ga
5
1928-1951 678,000 107.56 - :la' 1098__Jackson County, Miss_ _6
4
952_ _Atlanta, Ga.(12 issues)_ _4g 1928-1951
65,000 106.70 --77,000 101.65 4.17
954_ _Jackson Parish 8. D. No.
1249_ _AtlantleCity,N.J. iss.).4.40 1928-1954 1,456.000 100.69 4.33
(2
23, La
6
1401_ _Auburn, N. Y
1956
60,000 100.33 5.96
43( 1928-1937
55,369 100.319 4.18 1556_ _Jacicson Twp. Rut. S. D.,
1401_ _Avon Park. Fla
6
355,000 102.72 ---Ohio 2issues)
5
1927-1951
952_ _Bacon S. D., Ga
70,000
5
6.000 90
822_ _Jacksonville, Fla.(2 iss.)-5
1928-1930 150,000 101.43 4.24
1249 _ _Baldwin City. Ran
4X 1928-1946
68,463 100
1251.-Jacksonvllle, Fla.(2 iss.)-5
1929-1936 760,000 102.78 4.38
1401_ _Barberton, O.(4 iss.)_ _ - _5
1928-1936
4
15.650 100.90 - 7/8 1098_ _Jefferson County, Fla_ _ _5
1931-1945 250,000 96.51
1249_ _Barrington, N.J.(3 iss.)-5X 1932-1936
5.40
54.000
1098__Jefferson County,Kan952_ _Bartow,Fla.(2 issues)_ 6
130,000
1928-1937
84,000 101.70 ---- 1555_ _Jefferton County, Ohio__ _5
1928-1935
1554_ _Bay Saint Louis, Miss.--5X 1928-1937
26,840 102.33 4.49
50,000 100
1403_ _Jame stown, R.I.
1097__Bellefontaine, 0.(2 iss.)-5
25,000 101.02 4.39
1928-1936
4
36,653 101.69 - :85
822_ _Jefferson Parish Road434 1928-1952
1249_ _Beloit, Wis
4g 1928-1947 250,000 100.35 4.21
Dist. No.3. La
6
1097_ _Berryville, Va
13,000
5
1957
4.94 1251_ _Jersey City, N.J
55,000 101
431
1930
1554-Berlin, Md
2,900,0001100.000 4.14
5
1928-1941
26,000
1251_ _Jersey
.
4
1930
953_ _Birmingham, Mich
2,200,0001
43( 1928-1953 175.000 100.04. iii 1098_ _Jewell City, N J
Junction, Iowa- 4g 1933-1943
1249_ _Bexley, Ohio (4 issues)._ _5
10,500 100.90 439
1928-1932
46,025 100.88 • 4.73 1098_ _Jonesboro, Tenn
6
1931-1954 r20,000 100
1249__Biloxi, Miss
531
---1097_ _Blythe Con. S. D., Miss-6 1 to 20 years 223,000 100.91 ---- 1251__Kalamazoo Twp. Frac.
2,500 100
S. D.No.5, Mich
434 1928-1957
1401--Bou1der Co. S.D.No.44.
50,000
1099_ Kansas City S. D., Mo_ _4 X
1947
1,000,000 104.55 4.16
Colo
4X 1932-1947
15.500
1403....
454 1928-1949 125.700 102.64 4.43
953_ _Brenham Ind. S. D.,Tex-5g 1928-1967 180,000 108.72 1.90 1556_ Kenmore, Ohio
_Kennard, Neb
5
1928-1943 r10,000 100
953_ _ Butler Twp.Rur.S.D..0.5
-_-1927-1949
85,000 102.60 4.67 1251_ _Kerens, Tex
1249_ _Boone County.Ind
30,000
4X
:
10,000 101.88 :1 7 1251_ _Kernersville, No.Caro_ _5X 1928-1967
1401_ _Booneville Spec. S. D.,
100,000 101.57 5.36
1099....Kirkland Union Free S. b.
Ark
531 5-25 years
44,000 100
No.4, N.Y
5
1927-1935
1554- _Boyd Co. S. D.36, Neb--5
9,000 101.23 4.70
d1947 •
r21.000
822__ Klowa Co. S. D. No. 3,434 d20
-years
1401-Broward Co. Spec. Tax
25,000
1556_ _Kosciusko County, Ind_ _5
34,920 104.05
S. D. No. 3, Fla
6
1929-1955 200,000 95.50 6.42 1251 _La Grange Co.. Ind
434 1928-1937
1249_ _Brownsville, Tex.(3 iss.)-5
12,400 101.76 -4
.16
1928-1951 500,000 100.38
4.96 1403_ _Lagunitas S. D. Calif--5
1928-1947
1401- _Burieigh Co. S. D.No.33.
20,000 104.49 4.43
954_ _Lako County, hid
5
1927-1937
No. Dak
60,000 103.94 4.19
5
1403
1097__California (State of)
4g 1931-1947 2,501:888 101.136 4.09 1556_ _Lake County, NebRd. &434 1927-1947 500,000 103.45 4.06
_Lake Co. spec.
1097-Campbell, Mo
535 19 ears
000
Bdge. Dist. No.3, Pla-6
10
-years
1097- _Canyon, Tex
160,000
5
192/-1951
24:500
-the-Woods Co.,
954_ _Lake-of
821_ _Cape May County, N. J-4g 1928-1947 626,000 100
4
101.34 -- 55
.
Minn
6
1932-1942 115.000 100
1249-Cannon Falls, Minn
5
---1941
1403_ _Lake Tvrp.,Ind
34,000 101.77
434
1401_ _Canal Fulton Vill.S.D.,0.5
1928-1947
4.62 1403_ _Lakewood, N.Y
434 1927-1936
20,000 100.27 4.44
1401_ _Canton, 0.(2 issues)_ _ --5
1928-1936
1403_ _Lamont Ind. S. D.,Iowa-431
65,067
1936
8,000 100.95 4.40
1401.. Canton, 0.(3 issues)--- -5
1928-1936 168,041
822Larimer Co. S. D. No.
1097__Carl Junction, Mo
2 : 00 100
3 500
90
49. Colo
r9,000
1554--Carroll County, Ind
4X
1937
954_ _Lawrence Co. VIII. Creek
953--Carroll County, Ohio_ _ --5
1927-1936
81,802 102.20 4.54
Dr. Dist., Ark
6
5
-30-years 260,000 104.03 5.62
953_ _Cedar Keys, Ma
1927-1955 150,000 98
5.47 1404....Lenox Union Free S. D.
1402__Celoron, N. Y
1927-1948
22,000 100.07 4.49
No.9, N.Y
5
1928-1960 178,500 108.07 4.36
1249_ _Central City, Neb.(2 iss.)4X 1928-1937
28.000
1099_ _Lexington, Ky
1 to 10 years 8.050 100
1097_ _Charleston, So. Caro_.--5
---1929-1938
49,000 101.89 448 1251__Lexington, Miss
514 1927-1936
41.300 100
1402_ _Charleroi 8. D. Pa
---1945-1956 115,000 101.54 4.15 1556_Lincoln Park, Mich
5
155.000 106.87
953--Cheektowga S. D. No. 9.
1099_ _Lodi, N. J.(2 issues)._ -6
1-year
10,000
N. Y
4.30 1932-1956 360,000 100.28 4.27 1556- _Lo an Co. Corn.
S.D.NO.
1249__Cheyenne, Wyo
434
250,000 100
. Kan
5
1249..
100,000
..Clackamas Co. Un. High
1099_ _Logan County,Ohio
5
1928-1932
48,000 101.42 4.85
S. D. No. 1, Ore
434 1932-1947
82.500 100.162 4.67 1404_ Long Beach, Calif
1402__Clinton I. S. D.,Iowa- 434 1951-1955 455.000 100
-_-65,000 100.969
1404_ Long Beach, Calif
5
1951-1955
1097-_Columbia Co. Spec. Tax
45.000 100
955_ _Lucas County, Ohio
5
69,165 102.91
S. D.. Fla
6
1927-1955 121,000 105.336 5.47
955_ _Lucas County, Ohio
5
1928-1937
1097-Co1umbia, So. Caro. (2
59,569 103.87 iii
955_ _Lucas County, Ohio
5
1928-1935
Issues)
43,157 102.56 4.30
431
500,000 101.05
955_ _Lucas County. Ohio
5
1928-1935
953_ _Columbus Co., No. Caro-5
13,960 102.13 4.39
1939-1959 500,000
---955__Lucas County, Ohio
5
1928-1933
953_ _Coral Gables, Fla. iss.).6
9,738 101.65 4.40
1930-1957 3,732,000 100
---955_ _Lucas County, Ohio
5
1928-1933
953- _Coral Gables, Fla. 6 12E0.6
8,252 101.69 4.28
1930-1957 800,000 93.25 ---955_ _Lucas County, Ohio
5
1928-1933
8,046 101.70 4.27
953- _Crookston, Minn. iss.)-6
(
190 564 100
2:m
955_ _Lucas County, Ohio
5
1097 __Cudahy S. D.No. 1, Wis-434 1928-1942
5.567 101.42 ---I.55 1099_ _Lula, Miss
534 1927-1944
1402_ _Dade Co., Fla.(3 issue s)-5
18,000
1930-1974 1,600,000 197 132 5.18 1251_ _Luzerne County,Pa
01:31
434 1930-1939
100.959 Yiii
953_ _Dallas Co., Mo
5
1932-1938 r24.000
1099_ McAllen, Tex
1928-1966 r180,000 100
6
1250_ _Dallas Co., Tex
--- _
534 1928-1932
65,000 100
1556- Magdalena, N.M
40,000
1402_ _Deer Park, Ohio (3 iss.)--6
d1956
---1928-1935
10,799 104.82 4.90 1099_Margate City, N.J.(2 iss)4g 1928-1966 159,000 100
---1250__Dardanelle Paving Dist.
1404_ _Marlboro Twp. Rural
No. 1, Tex
1929-1947 125,000 100
8. D., Ohio
1928-1947
60,000 103.59 4.53
5
1555__Decatur Co. S. D. No. 1,
1404_ _Mamaroneck Union Free
Kan
434
83,000
8. D.No. 1, N.Y
41,000 100.13 4.22
431 1928-1937
1555__Delaware Twp., N. J. (3
955„Mansfield S. D., Ohio_ _5
1928-1952
50,000 105.15 4.44
Issues)
534 6 to 10 yrs.
1099.. Marianna Water Works
1250_ _De Soto County, Fla----5X 1928-1957 105,700 101
5.40
150,000
Impt. Dist. No.2, Ark_6
-years
125,000 106.815 5.43
20
1402__Detour, Mich
6
1936-1944
9,000 100
1557_ Marion County,Ind
26,800
454 19274936
1250__Dodge City, Kan
434
250,000 100.91 ---- 1099_ _Marion No.Caro
50.000 101.05 1.30
5g 1928-1957
1402_ _Dothan, .Ala
6
1957
100
1404...Marksville, La
1928-1947
821_ _Douglas Co., So. Dak---4X d1932-1947 r20,000 101.22
50,000 101.10 4.87
5
-- a3
4. . 955_ _Marshall, No. Caro
50.000
1555--Dumar Ind. S. D., Tex--5
534 1 to 20 years 65,000 100.69 5.66
10,000 100
1557_ _Martin County, N.
1928-1957
1098_ _Dumont S. D. N.J
_5
75,000 104.10 4.62
5
1928-1967
57.000 100.66 1:61 1557_ _Martin County,N.0- __ _5
1930-1950
1250.. _ Durham. No.Car.(3
C___
50.000 103.77 4.63
1929-1977
1928-1942
1402-Dyersburg, Tenn iss.)-4X 1928-1947 1,900,000 100.809 4.43 1557_ _Medina, Ohio
20,000 103.03 4.59
5
5
24,000 100
1099__Merchantville, N. J
1098--Earling, Iowa
70.000 100.46 4.64
434 1929-1937
4.000 100.75
1557_ _Metz S. D.,Mo
1098-East Bay Municipal Util.
30.000
1251_ _Midland, Tex
D1st.. Calif
5X 1928-1967
30,000 102
5
1935-1974 1,000,000 107.511 4.49 1252_ _Midland Twp.. N.J
1555--East Chicago,Ill
1927
5g
2,000 100
431
65,000
1557Millcreek Twp. Rur. S.
1250...Edgar. Neb
5,500
D..
534 1930-1935
Ohio
2,000 100
953-Edgecombe Co.. No,Car-434 1928-1960 330,000 100
100.02 4.49
1402_ _Effingham, Ill
823__Milton, Mass
1927-1956
4
85.000 101.53 3:44
5
1404_ _Minnewaukan, No. Dak-534
1250__Elkhart Co ,_. Ind
1947
13,000 100.76 5.44
434 1928-1947
-1
.. 1557_ _Mississippi Co.Lev. Dist,
92: 57 10 :0
2: 0
" 00 10 :1
50 0
0
0 2
3
5
1098_ _Elizabeth, N. J.(7 iss.) __ 6 years
---1929-1947 170.000
5
No. 3. i'do
1098_ _Ellistovrn Con.Sett. Dist.,
1099_ _Monroe Co., Fla.(21E84-5
19364955 340,000 95
Miss
I.85
6 1 to 20 yrs.
4,000 100
1252„Monterey Co., Monterey
1402..-Elmwood Place, Ohio-- 5
1928-1947
50.000 104.04 -4
.i8
19284957
8. P.. Calif
90,0001 105.35 4A6
5
.
_
954_ _Enid Sch. Dist., Okla_
50,000 104.71 ---- 1252Monterey Co., Bradley
4g
1098-Evan, Minn
5
S. D., Calif
1928-1942
7,500t
954_ _Fairview, N J
5
1928-1938 22 :00 01.03 4.79 1404_ _Mountain Lbkes, N.J-5
(0 0 1
1 8
32,000
954...Fairview, N J
5
2-14 yrs.
13,000 101.19 4.83 1557Mountain Lakes, N. J__ -5
1931
100,000 100.40 4.91
1250__Fairview, Ohio
6
1928-1932
5,766
955_ _Mount Ephraim, N. J....-53419324936
58,000
1403_ _Fayette Co., Pa
955_ _Mount Pleasant, N. Y..434
1928
9,350 100.29 4.43
1403_ _Fostoria, Ohio
t5t 1927-1947
3
7
1404_ _Mount Vernon, N. Y- _4
1929-1950
1403_ _Fox S. D.,Okla
101.87 4.05
500
1557_ _Mt. Orab VII. S. D.,01110.5
1928-1933
39,000 102.85 4.66
1250_ _Fort Myers, Fla.(5 iss.)-5
1956
875:000
7
955_Muscatine Inapt. Dist.
1403_ _Fort Wayne S. D.,Ind_ _ _4g 1928-1947 100,000 101.478 4.07
No. 46, Iowa
5.111
1403__Fort Worth Ind. S. D.,
1404_ _Muscogee
102.765 4.26
Tex
434 19284967 750,000 100.26 435 1404Nelsonvi County, Ga__ -434 1927-1956
lle Ohio
6
1928-1931
9,600 102.58 4.98
1250_ _Frankford, N. Y
1927-1929
6
9,000 100
1099..Neptune City, N. J
8
1928-1937 190,000
5
A
1250_ _Franklin Co., Ohio
4g 1928-1938
13,500 101.33 '
4.49 1099__Newark, N.7.(5 issues).4g 1928-1963 5,300,000 1.1.321 .i
1250...Franklin Rd. D., W. Va50,000 100
955_ _Newton County. Ind_ __ _6
---1928-1937
5,000
1098_ _Fruitdale S. D.,Colo_
18,000
1099 ..New Bedford, Mesas. (4
1928-1937
1403_ _ Fulton County, Ind
5
34,920 104.05 4.20
issues)
4
1928-1957 699,000 100.824 3.89
1250_ _Garfield Heights, Ohio._ _5
1928-1944
53,073 103.26 4.57 1557- _New Madrid, Mo.(2 iss.)5
1403_ _Garza County,Tex
531 1928-1967 r82,000
1404_ _Niles, Ohio
534 1928-1932
52:293
Page.
68;888 183.91
183:37 1:38
1
2g
388:888 181:183 113
a°
18332 -4:@..;
THE CHRONICLE
MAR. 12 1927.]
1553
Maturity. Amount. Price. Basis.
Rai
Name.
Rate. Maturity. Amount. Price. Basis. Page.
Name.
Page.
14 6_ _ Yavapai Co. S. 13. No.40, e.
5,378 100
1927-1936
6
1099-_Noble County, Ind
12,000 100.31 1927-1938
5
Ariz
_Nordhoff Union Grammar
1557_
48,000 100.22 4.97 1406_ _Yavapai Co.S.D. No.55,
1928-1937
5
S. D., Calif
2,500 100
1931
6
Ariz
30,000 103.51 4.22
41 1942-1951
1099__North Charleroi, Pa
_
16.895 101
d1947
434
---_ 1254_ _York, Neb
22,000
5
1405__Norwood, Minn
23.120
1-10 years
1254_ _ York, Neb
32,700
1099--Nutley, N. J.(4 issues)_
3,000 100.233 4.71
1406_ _ Yor.r Tvrp. Rur.S.D.,0-43( 1928-1937
4% 1928-1967
50.000 100
y S. D,N. J
1405-Nutle
1254„Yruna Co. S. D. No. 25,
90.000 100
1929-1941
1100_0akiand City S.D.,Ind_6
3,000
1937
5
Ariz
41111
1927-1976 209,400 104.46 43
965-Ogdensburg, N. Y
F1a_6
1929-1948 625,000 95.07 6.64
955_ _Okeechobee County,
Total bond sales for February (339 munici4
1937-1946 1,236,000 100
1405-Oregon (State of)
palities, covering 450 separate issues.. k173.682,778
4% 1937-1946 764,000 100
1405__Oregon (State of)
434 1932-1964 231,000 103.02 :177
955__Orchard Park, N.Y
Subject to call in and during the earlier years and to mature in the later
d
1405_0r1on Twp. 'rac. B. D.
loans. r Refunding bonds.
4.39 years. k Not including $115,195,000 temporary
434 1928-1957 170,000 101.21
No.3, Mich
y and other considerations.
100.000
5%
1100_ _Osage County, Okla
6,500 101.73 4.72
.
5
1252_ _Ottawa Hills, Ohio
We have also learned of the following additional sales for
4% 1928-1947 210,000 101.29 4.34
1252-Ottawa S. D., Kan
1100- _Oyster Bay Tin. Fr. S. D.
previous months:
4% 1928-1956 315,000 102.61
4.27
100.000
1555_ _Dillon,S. C. 2iss.) Dec.)60,000
1252_ _Pass Christian. Miss__ _53i 1927-1936
4% 1928-1960 1,194,000 100.503 4.46 1403_ _Everett, Wash.(Jan. 1926
1252__Perth Amboy, N. J
24,430
1938
7
3 issues)
1937-1956 3.000,000 100.701 4.18
D.,Pa__ _
1252„Philadelphia S.
1403_ _Everett, Wash.(Feb.1926
43,190
4)4
956_ _Pittsburg, Kan
75,303
1938
7
225,000 107.101
1252_ _Pittsburg S. D. Calif_ _ -5
1,623
3 issue
45,000 101.28 4.74 1403_ _Everett,Lsh.(Mar.'26)71933
1927-1937
1405- _Plains Twp. S. D., Pa_ _ -5
Wash. (April,
1929-1938 318,000 102
5.58 1403_ _Everett,
1252_Plant City, Fla.(2 iss.)_ _6
:9
7 06
33 194
1933-1938
7
4 issues)
Northville
..Plymouth &
1558.
1938
1403_ _Everett, Wash.(July) 7
Frac. S. D. No.
5,489
1938
434 1928-1956 148,000 102.27 4.13 1403_ _Everett, Wash.(Aug.) _7
1. OhIo
25.098
1938
1403_ _Everett, Wash. (Sept.) 7
956....Polk Co. Sp!. Road & Br.
1,255
1933
75,000 95.05 6.12 1403__Everett, Wash.(Oct.) 7
Dist. No. 11, Fla_ _ _ _ -5% 1931-1945
1403_ _Everett, Wash. (Nov.,
_Polk Co. Spl. Road & Br.
956_
3,224
1933-1938
7
2 issues)
534 1930-1954 350,000 90
6.56
Dist. No. 14, Fla
14,205
1938
1403_ _Everett, Wash.(Dec.)_ _ _7
1405-Portland S. D. No. L
6,000 100
5
1403_ _Kennewick,Wash
5
1930-1933 224.0001
Ore
100,011 4.416 1251Lake Co. Spl. Rd. & Br.
1405-Portland S. D. No, 1,
160,000
1937
6
Dist. No.3,Fla
45( 1934-1947 776,000
Ore
115,000 106.87
1251__LincolnPark,Mich.(July).5
1252-Port of Bellingham.
4.49 1557--Mountain Lakes, N. J.
434 1929-1947 250.000 100.11
Wash
100,0001 00.40 4.91
1931
5
Aug.)
22.805 105.42 5.29
1936
Ore.(2 issues)-6
1558-Portland,
r40,000 100.87 5.18
1947
6
._Newborn, Tenn
6
1936
200.000 105.45 5.29 1404
1558_ _Portland, Ore
61936
10,000 105.47 5.29 1405_ _Palm Beach Co.S.D.No.
I 558„Portland, Ore
5.85
80,000 101.31
1929-1954
6
Fla
9,
6
10,000 105.51
1936
5.29
1558__Portland, Ore
12.000
1405__Roscoe Ind. S. D., Tex 5
80.000
6
1405„Prairie Grove, Ark
Co.,Ind.(3 iss.)-454 1928-1937 123,200 101.81 :4.15 1559_ _Spokane, Wash. 55issues
1253-Putnam
y1931-1939 157.766
April to December)__ _6
4% 1928-1952 125.000 103.801 4.07
1253-Putnam Co., N.Y
1928-1951 250.000 103.45
1558--Redlands H.8. D.,Callf_4
above sales (except as indicated) are for January.
64.000
All of the
1100__ Revere, Mass.(2 issues)-4
4 4. 1932-1945 r28,000 104.06 -4.5o
1253_ _ Rice Landing, Pa
additional January issues will make the total sales
27.500 100
---- These
1253_ _Riverside. N. J.(7 issues)5
5
4.651
1928-1936
---- (not including temporary loans) for that month $171,368,218.
1558 -_Rocky River, Ohio
956_ _ Rogers Twp Union S. D.,
DEBENTURES SOLD BY CANADIAN MUNICIPALITIES IN
434 1929-1948 200.000 102.01
Mich
4.53
FEBRUARY.
6
52,000
____
1928-1951
824_ _ Rossville, Ga
99.92 5.02
5 10 ann.instal. $99.801
1101_ _Brockville, Ont
956_ _ Runnemede, N. J
534 1932-1936 159,000 100
Co. Border Utili826__Essex
29,160 101.82
434 1-10 years
1558 --Rush County, Ind
534 30 install. 250,000 102.26 5.27
ties Comm'n, Ont
29.160 101.82
434 1928-1937
1253_ _ Rush County, Ind
25,000 101.20 5.35
534 15 yrs.
434 1931-1945 420,000 102.52 4.21 1254_ _Fort Frances. Ont
1100_ _St. Joseph, Mo
97.20 4.84
10,000 100
826_ _Hamilton, Ont.(2iss.)- --4% 1928-1947 1,196.000 105.81
6
1100_ _ Saco, Mont
4.92
78,784
535 1-30 yrs.
26,555 100.63 1.55 1264__King Twp.. Out
956_ _Salamanca. N . Y.(2 iss.)-4.40 1928-1947
Ont.(2 issues)_5 120 and 301 141,600 100.068 4.99
5.58 1101Midland,
554 1328-1937 470,000 99.61
1405_ _Sanford, Fla
inst.'
lann.
75,000 105.73
1406_ _Santa Barbara S. D.,Cal _5
640.000 99.68 4.77
1937
1254__New Brunswick (Prov.of)434
956_ _Saranac Lake, N. Y. (2
18,000 100.15 4.67 1254North Vancouver Dist.,
Issues)
434 1927-1934
35,000 98.13 5.15
20 yrs.
B. C.
1100__Sarasota Co. Spl. Tax S.
85.800 99.36 4.98
5
25 Yrs.
50.000 101.03 5.39 1101__Pointe Claire, Quo
554 1929-1956
D. No. 1, Fla
586.000 99.02
1101_ _Point Grey Dist., B.C---5
14t6 Sarasota Co. Spl. Tax S.
104.807 5.21
40 yrs.
32.000 98.02 5.69 1497_ _portage La Prairie, Man_554 1928-1937 100.000 100
9 1 29-1956
D. No. 8, Fla
5.00
55.000
5
5.44
18,000 100.61
1941-1943
1253_ _ Scappoose, Ore
5% 15 ann. inst. 23,400 103.187 5.04
1254_ _Stayner, Ont
1253__ Scarsaale Un. Fr. S. D.
26.000 103.15 4.80
5
30 Yrs.
1407__Thornburg, Ont
32,500 101.59 4.28
434 1928-1944
No. 1, N.Y
400,000 93.51 ---434
1407_ _Vancouver, B.0 Dist.,
1100....Sedgwick Co. S. D. No.
1254__West Vancouver
5
8,000 100
1928-1931
35. Colo
115.000 98.45
5
B. C.
957Sedgwick Co. 8. D. No.
57.5'i
250,000 102.26 554 30 yr. inst.
11,500 100
1101_ _Windsor. Ont
5
11, Kan
957__Sedgsvick Co. S. D. No.
sold during Feb_ _- $3,107,385
454
19.000
Total amt. of debentures
15, Kan
45,000 101.93 4.14
1406_ _Seymour Sch. City, Ind_ _4% 1928-1937
6
1.310 100
1928-1935
956_ _Sharonvisle, Ohio
40.000
956_ _Shasvneetown S. D., Ill_
75.000 100
434 1928-1947
1559.._Shelbina, Mo
NEWS ITEMS
20,000 KO
51937
1406_ _Shidier, Okla
1928-1947 105,000 101.09
1100_ _Ssidels, La
-$130,000 Increase in Direct Tax
Kansas (State of).
70.000 100.57
1929-1947
1100_ _ Slicle.1 • La
80,000 100.80 - 715 Levies.
4341 to 8 years
4
-An increase of $130,000 in direct tax levies for the
1406- -Smitlafield. R. I
13,000
_
1100-Sparks B. D Kan
coming biennium to take care of soldiers' compensation bonds
956__Springwelis Twp. Unit S.
434 1928-1957 720.000 101.013 4.41 was approved March 2 by the Senate Ways and Means
D., Mich
6
1928-1937
2,583 100
_Starke County, Ind
1253_
Committee, accepting the State Auditor's estimates. The
50.000
1253_ _ Sterling. Colo
35,000 100
534 d1928-1947
1406__Stone County, Miss
total levy for 1928 is to be $2,392,500 and for 1929 it is
60.000 101.422 :::- placed at $2,392,500, as against $2,237,500 in 1926 and
1100-Stratford I. S. D.,Iowa_ _4% 1931-1947
36,000 101.61
434
957_ _Swift County. Minn
$2,192,500 in 1927.. The figures call for an additional
1253__Texarkana Paving Dist.
6
92,000 101.79 5.76 $200,000 in 1928 to offset reduction in assessed valuation
1928-1947
No. 45, Ark
16,000 102.36 4.20
1931-1941
1100_ _Titusville, Pa
in the last three years, and $20,000 in 1929 to take care of
70,000 100
111 1-10 years
1253_ _Topeka, Kan
1928-1935
64.971 105.28 - .54)
4
1253- _Toronto, Ohio(3issues)_ _6
other reductions which the Public Service Commission
434 1928-1947 100.000 103.60 4.06 any
N. Y
957-_Troy,
may order. Funds are provided to take care of claims still
6
9i
13,000 101.45
555 10 ?sear
957--Tuscaloosa, Ala
25,000
1100_Unicoi County, Tenn_ _ _ _534
but for which bonds are to be issued. The direct
12,000 102.34 4.16 unpaid
957Un1on School Twp., Ind-454 1928-1942
decrease $45,000
1928-1947 706,034 100.125 3.98 levies, under ordinary circumstances,should
1406_ _ Utica. N. Y.(9 issues)---4
43i 1928-1946 110.000 100.77 4.23 a year, according to Senator Snyder, Chairman of the Ways
1253_ _Valiey Stream, N. Y
7,600
1559- _Vanderburh County,Ind -454 1928-1937
and Means Committee.
35.000 102.91 434 1 to 10 Yrs.
1100_ _Vernal, Utah
1253__Vermilion Par. Rd. That,
-Banking Department Favors Public
80.000
New York State.
534 1927-1956
No. 5, La
321,000 95
1559_ -Vero Beach, Fla
-The State Banking De67.09 Utility Bonds for Legal Investment.
957_ _Vincennes S. D., Ind__ _45£ 1928-1957 220.000 101.70 4.10
partment formally announced on Wednesday its approval of
1406-Volusla Co. Spl. Tax S.D.
16.000 100.48 5.91 the Sargent bill, permitting savings banks and trustees to
1930-1937
No. 9, Fla
6
1406-Volusla Co. Spi. Tax S.D.
7.500 93.66 6.94 invest in public utility bonds. Similar recognition, it is
1920-1943
No. 27, Fla
6
1406-Volusia Co. Spl. Tax S.D.
believed, will follow for the Fearon-Dyckman bill, covering
30.000 99.25 6.08
1929-056
No. 28, Fla
6
11,000 102.36 4.58 railway equipment trust certificates, and the Mastick meas1928-1938
5
1559-Warren, Ohio
30,000 100
957_ _ Warren County, Miss__ _6
ure, increasing the list of eligible municipal bonds. The
16.000 103.53
825_ _Washburn. Ill
bills are now before the Legislature. The New York
1101_ _Washington County, Pa-434 1942-1956 350.000 102.86 4.07 three
"Times" of March 10 said with regard to the matter:
825_ _ Waterford Twp.S. D.No.
25.000 101.47 4.58
1928-1952
434
1, Mich
The announcement coining through the Banks Committee is believed to
5,500 100.83
534
1406._ Water ville, Ohio
others, In this seson
perhaps
8,5401 100,53 Kepi Indicate favorable action Nothe bill, and neon set on the
1928-1937
1406._ Waterville, Ohio (2 iss.)-5
date has yet
for a bearing on the Massion of the Legislature.
6,500f
1406..Waterville. Ohio
5% 1928-1937
tick bill, although hearings were hole on March 2 on he Sargent ana Fearon41,000
957_ _ Wathena, Kan
451
the Rules ComThe Mastick bill is now in the
450.000 1E0.02 4.49 Dyckman bills. believed the procedure will be tohands of bill before the
1928
1254_ _ Wayne County, N.0_ _ _4h
bring the
mittee and it is
7,000
1253_ _ Wauneta. Neb
Senate for a vote; then, if successful, to the Assembly.
1254-Weld Co. S. /3. No. 87.
The Mastick bill was introduced in the Assembly on Feb. 8. not its first
Colo
45£ 1930-1950 220,000
p?:ear
t os and
r e e u been
a p
12,500 101.20 4.74 opearance, apv hrenisicasure came before the Legislature
1928-1937
ofpects the
1254-Wellsville, Ohio
5
27.200
-- Masticlctll at this session,'
1254-- Westvi.le, N. J.(3 iss.)_ _ _
sonirs
inhens yn ortrters that the three bills
a
but it tgr mano CIllv
mow
1406-West Point. Nab
6 --difiti-affecting legality will be treated as a joint necessity.
50,000 104.82 4.23
1046-1956
957--West York S. D., Pa_ _ _ _4
short of the Mastick bill will
Municipal bond dealers declare that
1406--West Allis. Wis.(6 iss.)_ .4t4 1928-1947 265,000 101.54 4.30 cure the ills now existing in the laws. nothing
Such measures as the Campbell bill,
957_ _ Wharton, N.J
1929-1960 155,000 100.90 4.68 changing the law regarding bonds of municipalities as illegal where any de4
1101- _Wharton Co. Highway D.
of ninety days, to read that a bond
No. 12, Tex
534 1938-1957 100.000 106.08 4.92 fault has occurred since 1878 for a period
interested has defaulted in the last
1928-1967 850.000 101.10 4.66 is only illegal where the municipality are regarded as remedying only a
1101- _ Wilbarger County, Tex_ _4
i:fily smallsandforpaarfthoefl20 days,
period
1
32.000
434
1254_ _Winchester, Kan
of
ill.
16,000 108.80 4.gs re1at
1928-1943
1
- 25Ye is talk of an amendment to the Mastick bill regarding the feature
6
957_ _Woodsfield, Ohio
There
hold municipals
1254_ _Wright Co. 8. 13. No.34,
by which savings banks and trustees are permitted toNew York State outand
Minn60,000
State only up to 50% of their holdings of
(5
1101_ _Yonkers, N.Y. issues)_lf 1928-1967 1.500,000 101.02 4.65 side the issues.
municipal
El
1554
THE CHRONICLE
[vol.. 124.
Some discuss.,on has been heard on the possibility of a new bill which offered on March
2-V.
-were awarded to the Davies
-Bertram
would in effect declare a moratorium on the cities on the present legal list Co. of Cincinnati, at a 124, p. 1249
premium of
so that current changes in the debt limit, as in the case of Richmond, Va., 4.87%. Date April 1 1927. Due $45, equal to 100.300, a basis of about
$2,000, April and Oct. 1 1928 to April
would not place them in the non-legal category. However, those interested 1 1931, incl. and
$1,000. Oct. 1 1931.
in the passage of the Mastick bill believe that no temporary measures
BOYD COUNTY (P. 0. C tlettsbure), KY.
should be allowed to defeat action on a principal measure which will correct
,
-BOND SALE.
$100,000 series F road and bridge bonds offered on March 2-V. -The
the present antiquated laws.
124,
1097
-were awarded to Walter, Woody & Heimerdinger of Cincinnati, IL
as
4345 at a premium of $1,560, equal to 100.015, a basis of abour 4.49%.
Date March 1 1927. Due March 1 as follows: $2,000, 1933 to 1938, incl.;
13,000. 1939 to 1941, incl.: 14,000. 1942 to 1947, incl.; 35,000. 1948 to
1952. incl., and $6,000, 1953 to 1957, incl.
BOYNTON,Palm Beach County, Fla.
ABBEVILLE COUNTY (P.O. Abbeville), So. Caro.
-BOND SALE.
-BOND SALE.-The $350,000
Braun, Bosworth & Co. of Toledo, have purchased an issue of $80,000 5% 6% coupon street improvement bonds offered on Feb.23-V. 124, p. 1097
(on which date all bids were rejected) were sold to the White Construction
highway bonds.
Co. of Chicago, at par. Date Oct. 1 1926. Due $35,000 Oct. 1 1927 to
AKRON, Erie County, N. Y.
-BOND SALE.
-The $252,000 coupon 1936, incl.
or registered water bonds offered on March 7-V. 124, p. 1401-were
BRADFORD, McKean County, Pa.
awarded to Batchelder, Wack & Co. and R. F. DeVoe & Co., both of
-BOND SALE.
-The $30,000
New York, jointly, as 41.4s at 102.28, a basis of about 4.32%. Date 434% coupon city bonds offered on March 7-V.124, p. 821-were awarded
to A. B.Leach & Co.of Philadelphia at a premium of$393, equal to 101.13,
March 1 192'7. Due $7,000, March 1 1931 to 1966. incl.
a basis of about 4.26%. Due $3,000 April 1 1928 to 1937, inclusive.
ALABAMA (State of).
-BOND ELECTION.
-An election will be held
BRIGANTINE, Atlantic County, N. J.
on April 12 for the purpose of voting on the question of issuing 125,000,000
-PRICE PAID.
-The price
paid for the following two issues of6% temporary'inapt. bonds, aggregating
public improvement bonds.
$482,000, sold to R. M. Grant & Co.o of New York
-V. 124, p. 1401
ALBION SCHOOL DISTRICT, Calhoun County, Mich.
-BOND was par.
SALE.
-The $100,000 41, % school bonds, offered on March 4-V. 124. $250,000 water system bonds.
4
p. 1248
-were awarded to Whittlesey, McLean & Co. of Detroit at a
232,000 sewer system bonds.
premium of $2,104, equal to 102.10. a basis of about 4.36%. Date July 1
Due in 1 33.
1927. Due July 1 as follows: $2,000. 1930; $2,500, 1931 to 1938, incl.:
BRIGHTON (P. 0. Rochester), Monroe Courity, N. Y.
$3,000, 1939 to 1944, incl.: $3,500. 1945 to 1947, incl.: $4,000. 1948 and
-BOND
SALE.
-A syndicate composed of A. B. Leach & Co., R. F. De Voe & Co.
1049;$4,500, 1950;$5,000, 1951 to 1955,incl., and $6,000, 1958 and 1957.
and Batchelder, Wack & Co., all of New York, purchased on March 8
ALLEN COUNTY (P. 0. Iola), Kan.
-BOND SALE.
-Stern Bros. & $556,000 434% additional water, street and sewer improvement bonds.
Co. of Kansas City, Mo.. purchased on Feb. 15 an issue of 1140,000 414%
road bonds at 101.10. Dated Feb. 11927. Denom. $1,000. Due serially Date March 11927. Denom. 11,000. Due March 1 as follows: $10,000
1928, $20,000 1929 to 1931, incl.; $34.000 1932 to 1935, incl.; $35,000 1938
1928 to 1947 inclusive. Interest payable J. & J.
to 1939, incl.: $38,000 1940, 144.000 1941, $16,000 1942 to 1946, incl., and
ALLEN COUNTY (P. 0. Lima), 0.
-The $1,490.19 $10,000 1947 to 1951, incl. Principal and interest (M. & S.) payable in
-BOND SALE.
6% ditch bonds offered on March 3-V. 124, p. 952
-were awarded to New York. Legality approved by Clay, Dillon & Vandewater, New York.
Blanchett, Bowman & Wood of Toledo, at par. Date March 1 1927.
BROWNSVILLE, Cameron County, Tex.
-INTEREST RATE
Due as follows: $150 Sept. 11927; $150 March and Sept. 1 1928 to 1931, MATURITY,
-The following three issues of bonds aggregating $500.000
incl., and $140.19 March 1 1932.
awarded to A. C. Allyn & Co. of Chicago at 100.38-V. 124, p. 1249-a
ALLISON INDEPENDENT SCHOOL DISTRICT, Butler County, basis of about 4.96%, bear interest at the rate of5% and mature as follows
Iowa.
-BOND SALE.
-George M. Bechtel & Co. of Davenport have pur- $300,000 street bonds. Due Nov. 1 as follows: 16,000, 1927 to 1931, incl.;
chased an issue of $20,000 school bonds at a premium of $174, equal to
19.000, 1932 to 1936, incl.;$12,000, 1937 to 1941,incl.;$15,000.
100.87.
1942 to 1946, incl., and 118.000, 1947 to 1951, incl.
100,000 sewer bonds. Due Nov. 1 as follows: $2,000. 1927 to 1931, incl.
ASHTABULA, Ashtabula County, Ohio.
-The fol-BOND SALE.
13.000, 1932 to 1936, incl.: $4,000. 1937 to 1941. fuel.; $5,000,
lowing eight issues of 5% coupon bonds, aggregating $172,000, offered on
1942 to 1946, incl., and $6,000, 1947 to 1951, incl.
March 1-V. 124, p. 1097
-were awarded to the Herrick Co. of Cleveland
100,000 water and light extension bonds. Due Nov. 1 as follows: $2,000,
at a premium of $3,905, equal to 102.27, a basis of about 4.44%.
1927 to 1931. incl.; 13.000, 1932 to 1936, incl.: 14,000, 1937 to
$10.000 Lake St., impt. bonds. Denom. $500. Due $500, Oct. 1 1927 to
1941, incl.; $5,000. 1942 to 1946, incl., and $18,000, 1947 to
1946, incl.
1951, incl.
16,000 Main sanitary sewer, East Side, city's portion bonds. Denom.
Date Nov. 1 1926.
$1,000. Due $1,000 Oct. 1 1927 to 1942, incl.
9,000 Main sanitary sewer, East Side, special assessment bonds. DeBUCKANNON UPSHUR COUNTY, W. Va.-BOND SALE.
-The
nom. $900. Due $900 Oct. 1 1927 to 1936, incl.
State Sinking Fund Commission, has purchased an issue of $35,000 street
20,000 Main St., hunt., city's portion bonds. Denom. $1,000. Due and sewer bonds.
12.000 Oct. 1 1927 to 1936, incl.
BURLESON COUNTY (P. 0. Caldwell), Tex.
-BONDS REGIS25,000 Bell St., !rapt., special assessment bonds. Denom. $1,000. Due
-The State Comptroller of Texas registered on March 3, an issue
Oct. 1 as follows: $3,000 1927 to 1931, incl., and $2,000 1932 to TERED.
of $30,000 534% road and bridge bonds. Due serially.
1936, incl.
49,000 Main St., boot., special assessment bonds. Denom. $1,000.
BUTLER TOWNSHIP,Butler County,Pa.
-BOND OFFERING.
-Les
Due Oct. 1 as follows: $4.000 1927 and $5000 1928 to 1936 .incl.
McLaughlin, Secretary Board of Commissioners, will receive sealed bid.
11,000 Ontario St., impt., special assessment bonds. Denom. $1,000. until 10 a. m., March 18, for $98,000 434% township bonds. Denom.
Due Oct. 1 as follows: $2,000 1928 to 1931 incl. and $3000 1932.
$1.000.
32,000 Ontario St., impt., city's portion bonds. Denom. $1,000. Due
CALIFORNIA (State of).
-BOND OFFERING.
-Charles Cl. Johnson*
Oct. 1 as follows: $8,000 1928 to 1931 incl. and $8,000 1932.
State Treasurer, will sell at public auction, at 2 p.m. March 31, $1,250,000
ASTORIA, Clatsop County, Ore.
-BOND SALE.-Seasongood & 434% State buildings and State University buthling bonds. Date Jan. 2
Mayer of Cincinnati purchased on March 5 an
514% re- 1927. Denom. $1,000. Due $250,000, Jan. 2 1932 to 1938. incl. Prin.
funding general improvement bonds at a premiumissue of $96.000 t,o 101.10. and int. (J. & J. 2) payable in gold at the office of the above mentioned
of $1,057,equal
official, or at the fiscal agency of the State in New York City.
ATLANTIC COUNTY (P. 0. Atlantic City), N. J.
-BOND SALE.
The following two issues of 414% coupon or registered bonds, aggregatillii
CARLISLE SCHOOL DISTRICT, Cumberland County, Pa.
$626.000, offered on Mar.5(V. 124, p. 1097) were awarded to the Bankers BOND SALE.
-The 378,000
% coupon school bonds offered on March
Trust Co. of Atlantic City:
19-V. 124, p. 1249
-were awarded to the Farmers' Trust Co. of Carlisle,
$567,000 ($582,000 offered) bridge bonds at 102.77, a basis of about 4.24 70. at a premium of $156, equal to 100.20, a basis of about 4.20%. Date
Due Mar. 1 as follows: $20,000, 1J29 to 1956 incl., and $7,000. March 11927. Due March 1 as follows: $8,000, 1928 to 1936, incl., and
1957.
$6,000, 1937.
59,000 ($60,000 offered) building bonds at 102.13.a basis of about 4.31%.
CARROLL COUNTY (P. 0. Delphi), Ind.
-BOND SALE.
-The
Due $2,000 Mar. 1 1929 to 1957 incl. and $1,000, 1958.
$29,000 434% coupon road bonds offered on Feb. 28-V. 124, P. 1249Date Mar. 1 1927.
were awarded to a local investor. Date Feb. 8 1927. Due in 1937.
ATTLEBORO, Bristol County, Mass.
-The
-TEMPORARY LOAN.
CENTERVILLE FIRE DISTRICT, Allegany County, N. Y.
Old Colony Corp. of Boston has purchased a $200,000 temporary loan on a
-BOND
SALE.
-An issue of $5,000 fire truck bonds has been sold to a local in3.69% discount basis plus a premium of $2.
vestor at a premium of $100, equal to 102.
AUBURNDALE, Polk County, Fla.
-BOND SALE.
-W. V. MontCHANDLER, Maricopa County, Ariz.
gomery of Lakeland has purchased an issue of $35,000 6% street improve-F. V.
-BOND OFFERING.
ment bonds at 92.50, a basis of about 7.79%. Dated Mar. 1 1927. Due Howey, Town Clerk, will receive sealed bids until 10 a. m. March 28 for
$3,500 Mar. 1 1928 to 1937 incl. These are the bonds offered on Feb. 21 $15,000 554% water works improvement bonds. Date March 1 1927.
Due $5,000, March 1 1950 to 1952, incl. Interest payable M. & S. A
(V. 124, p. 673) on which date all bids were rejected.
certified check for $1,000 required.
AQUSA, Los Angeles County, Calif.
-BOND ELECTION.
-An elecCHELSEA, Suffolk County, Mass.
tion wili be held Mar. 15 to vote on the question of issuing $75,900 city hail
-NOTE SALE.
-The Old Colony
Corp. of Boston has been awarded $1,000,000 notes. Due March 4 1928.
bonds.
CHESTERFIELD COUNTY SCHOOL DISTRICT NO. 20 (P. 0.
BANGOR, Penobscot County, Me.
-TEMPORARY LOAN.
-The
Easton Trust & Banking Co.of Bangor has been awarded a $150,000 tem- Chesterfield), So. Caro.
-NOTE SALE.
-An issue of $12,000 school
notes has been disposed of recently.
porary loan on a 3.59% discount basis. Due Oct. 1 1927.
BEACH CITY VILLAGE SCHOOL DISTRICT, Stark County,0.
CHICAGO, Cook County, III.
-An election will
-BOND ELECTION.
BOND OFFERING.
-A. T. Messer, Clerk Board of Education, will receive be held on April 5 for the purpose of voting on the question of issuing
sealed bids until 12 m., March 26 for $48,000 5% school bonds. Date 121.000,000 public improvement-bonds.
March 1 1926. Denom. $1,000. Due March 1, $2,000. 1928 to 1951,
CLARK COUNTY (P. 0. Neilsville), Wis.-BOND ELECTION.
incl. Interest payable M. & S. A certified check for 5% of the amount An
election will be held on April 5 for the purpose of voting on the question
of bonds bid for payable to the Board of Education is required.
of issuing $2,300,000 road bonds.
BEAUFORT, Carteret County, No. Caro.
-BOND OFFERING.
-'CLINTON COUNTY (P. 0. Plattsburg), N. Y.
-BOND OFFERING.
W,L. Stencil, Town Treasurer, will receive sealed
for 2125,000 514% coupon public improvementbids until 12 m.March 21 -Samuel D. Healey, County Treasurer, will receive sealed bids until
bonds. Date March 1
1927. Denom. $1,000. Due as follows: $4.000, 1928 to'1952, incl., and 11 a. m. March 15 for $42,000 5% coupon or registered highway construc$5.000, 1953 to 1957. Incl. Prin. and int.(M.& S.) payable in gold at the tion bonds. Date April 1 1927. Denom. $1,000. Due 17,000, April 1
office of the above-mentioned official, or at the Hanover National Bank, 1928 to 1933, incl. A certified check for 10% of the amount of the bid
is required.
New York City. A certified check payable to the Town
of the bid, required. Legality approved by Thomson, Treasurer, for 2%
COLLEGE HILL SCHOOL DISTRICT (P. 0. Beaver Falls), B
Wood & Hoffman,
New York City.
County, Pa.
-Della E. Campbell, Secretary Board of
-BOND OFFERING.
Directors, will receive sealed bids until 7:30 p. m. April 4 for $125,000 434%
BELLVILLE, Richland County, 0.
-BOND OFFERING.-Franets coupon school bonds. Date May 1 1927. Denom. 11.000. Due May 1
M. Hess, Village Clerk, will receive sealed
bids until
$2,600 6% coupon School Ave. improvement bonds.12 m., March 26, for as follows: $5,000, 1933 to 1945, inclusive; $6.000, 1948; $7,000, 1947 to
Date April 1
Denom. $500, except one for $600. Due Oct. 1 as follows: $600,1927. 1950, inclusive; $8,000, 1951, and $9,000, 1952 and 1953. Principal and
1928 Interest (M. & N.) payable in Beaver Falls. A certified chock for $2,500,
and $500, 1929 to 1932, incl. A certified check for 10%
of
bonds bid for payable to the Village Treasurer is required. the amount of payable to the School District, is required.
COLUMBIA SCHOOL DISTRICT, Richland County, So. Caro.BERLIN. Worcester County, Md.-BOND DESCRIPTION.
-The
-W. H. Hand, Secretary of Board of School Corn
$26,000 street improvement bonds reported sold to Townsend Scott & BOND OFFERING.
missioners, will receive sealed bids until 6 p. m. March 25 for $200,000 not
-V. 124. P. 1249
Son of Baltimore
-bear interest at the rate of 5% and exceeding 5% coupon school bonds. Date April 1 1927. Denom.$1,000. Due
are described as follows: Date July 1 1926. Denom. $1,000. Due $2,000,
April 1 as follows: $5,000, 1928 to 1937, incl., and $10,000, 1938 to 1952,
1928 to 1941. Int. payable J. & J.
The above firm has also purchased an issue of $10,000 5% coupon electric incl. Interest rate to be in multiples of 14 of 1%. Prin. and int.(A.& 0.)
payable in New York City. A certified check, payable to the Board of
light improvement bonds. Date July 1 1926. Denom.$500. Due 11,000,
School Commissioners, for 2% of the bid required. Legality approved by
1928 to 1937, incl.
Reed, Dougherty, Hoyt & Washburn of New York City.
BEVERLY, Essex County, Mass.
-LOAN OFFERING.
-John C.
COLUMBIANA COUNTY (P. 0. East Liverpool), Ohio.
-BOND
Lovett, City Treasurer, will receive sealed bids until 5 p. m.
for the purchase on a discount basis of a $200,000 temporary loan. March 16 OFFEWN0.-L. If. Johnson, Clerk Board of County Commissioners, will
Denom.
$10,000 and $500. Due Nov. 14 1927. The notes will be receive sealed bids until 10 a. m. Mar. 23 for $33,000 5_% coupon bridge
$25,000,
prepared under the supervision of the Old Colony Trust Co., Boston. bonds. Date April 11927. Denom.$1,000 and $300. DUO $3,300 Oct. 1
1927 to 1936, inclusive. Principal and interest (A. & 0.) payable at the
Legality approved by Ropes, Gray. Boyden & Perkins, Boston.
County Treasurer's office. Legality will be approved by Squire, Sanders
BLEDSOE COUNTY (P. 0. Pikeville), Tenn.
- & Dempsey, of Cleveland. A certified check for 5% of the amount of
-BOND SALE.
Caldwell & Co. of Nashville have purchased an issue of $57,000 5% re- bonds bid for, payable to the Board, is required.
funding bonds at 102.37. a basis of about 4.79%. Date Dec. 1 1926.
COOK COUNTY SCHOOL DISTRICT NO.156(P.O. Calumet City),
Denom. 11,000. Due Dec. 1 as follows: $1,000, 1927 to 1931 incl.;
WARRANT
$2,000, 1932: $3,000, 1941: 15,000. 1942 to 1953 incl., and $7,000, 1954. chased an issue of SALE.-Casady & Fitton of South Chicago have pur$80,000 6% school warrants. Due in 1932.
Prin. and int.(J.& D.) payable at the Chemical National Bank, N.Y.City.
Legality approved by Charles & Rutherford of St. Louis.
COTTONWOOD COUNTY (P.O. Windom), Minn.
-BOND SALE.
The $95,000 refunding bonds offered on March 2 (V. 124, p. 1097) were
BOARDMAN TOWNSHIP (P. 0. Poland R. D. No. 2), Mahoning
to Paine, Webber & Co. and the Minnesota Loan & Trust Co
County,0.-B'OND SALE.
-The $15,000 5% coupon fire protection bonds awarded Minneapolis,
both of
jointly, as 414s, atlaipremium of $260, equal to
BOND PROPOSALS AND NEGOTIATIONS
this week have been as follows:
MAR. 12 1927.]
THE CHRONICLE
1555
Co. of Indianapolis. Date Jan. 3 1927.
the Fletcher Savings & Trust
March 1 1927. Due March 1 as to Jan. 2 1937.
ve. Due
-a basis of about 4.21%. Date
100.27
-The
-NOTE SALE.
ve, and $8,000, 1939 to 1942, inclusi
y, Mass.
follows:$7,000, 1930 to 1938, inclusi
EASTHAMPTON, Hampshire Count P. 1402
-were awarded to the
124,
Other bidders were:
$30,000 notes offered on March 9-V. mpton on a 3.64% discount basis.
% Bonds.
For
Co. of Northa
Premium. Hampshire County Trust
$5 Due Nov. 4 1927.
BidderPaul
-BOND OFFERING.
145
Merchants Trust Co., St.polis
ence County, R. I.
Minnea
EAST PROVIDENCE,Provid will receive sealed bids until 7:30 p. m.
150
Wells-Dickey Co.,
Town Clerk,
polis
145 -William E. Smythe, 4%% coupon or registered school building bonds.
Minneapolis Trust Co., Minnea
255 Mar. 15 for $500.000 Denom.$1,000. Due $17.000 1928 to 1956 incl.
Kalman & Co., St. Paul St. Paul
Dated April 1 1927.
e in Providence or BosNorthwestern Trust Co.,
Prin. and int. (A. & 0.) payabl
For 4%% Bonds.
779 and $7,000 1957. check for 2% of the amount bid is required.
ed
o
126 ton. A certifi TA SPECIAL SCHOOL DISTRICT, Stark County,
Blyth, Witter & Co., Chicago
EAST SPAR
g bonds offered on
Seipp, Princell & Co., Chicag
-The $55,789 205% school buildin of Cleveland at a
- Ohio.
-BOND SALE.
k Co.
t County, Oh10.-BOND OFFERING.
CUYAHOGA FALLS, Summi receive sealed bids until 12 m. April 5 Mar.5(V. 124, p. 1098) were awarded to the Herric 4.69%. Date Mar. 1
r, will
a basis of about
101.92,
1T. 0. Bolich, City Audito of 5% bonds, aggregating $226,250:
premium of $1,072, equal to : $3,789 20, 1928, and $4,000. 1929 to 1941
• for the following three issues
1926. Due Mar. 1 as follows
bonds. Denom. $1,000 except one for $750.
$125,750 general impt. bonds. Denom. $1,000 except one for $500. Due inclusive.
-The Clay County State
25,500 general impt.
BOND SALE.
and $2,000 Oct. 1 1928, and
EDGAR, Clay County, Neb.- of $4.000 5% fire truck bonds at par.
as follows: $1,500, April 1 1928,
inclusive.
an issue
$1,000 April and Oct. 1 1929 to 1939, $500. Due $500 Oct. 1 Bank of Edgar has purchased
The above supersedes the report given in
.
bonds. Denom
Date May 1 1926. Due 1931.
5,000 rubbish disposal siteve.
p. 1250.
1928 to 1937, inclusi
and interest (A. & 0.) payable at the V. 124,
-TEMPORARY LOAN.
Salem), Mass.
Dated April 1 1927. Principal d check for 5% of the bonds bid for,
ESSEX COUNTY (P. 0. of Salem has purchased a $7,000 industrial
Bank
Treasurer's office. A certifie
City
The Merchants National
plus a premium of $1 28.
Treasurer, is required.
payable to the City
3.70% discount basis
-The McLeod Con- farm loan on a
-BOND SALE.
y, Fla.
-Arthur Gilmore.
-BOND OFFERING.
DADE CITY,Pasco Count
EUGENE, Lane County, Ore.
the following two issues of bonds,
m. March 14 for $5.000
sealed bids until 7:309.Bonds to be in denomion Co. of Tampa has purchased
structi
City Recorder, will receive
00. at par:
station bonds.
comfort
aggregating $128,0
from
not exceeding 5% public
nor more than $1,000. Due in 20 years
$87,000 improvement bonds.
nation of not less than $100 check for 2% of the bid required.
41,000 curb bonds.
certified
-The $50,000 date of bonds'. A
-BOND SALE.
-The $15.-BOND SALE.
N. Y.
DAYTON, Montgomery County, Ohio. extension bonds offered on
FAIRPORT, Monroe County,
g, widening and
March 7-V. 124, p. 1403
4%% coupon street openin awarded to the City Trust & Savings Bank 283 45 coupon pavement bonds offered on Rochester as 4.40s.
Wolcott & Steele of
8 (V. 124. p. 953) were
Sage,
March
-a basis of about
premium of $1,255 55 equal to 102.51to 1952. inclusive. were awarded to
-The
of Dayton at a
-TEMPORARY LOAN.
y, Mass.
Sept. 1 1928
FALL RIVER, Bristol Count
0. Date March 11927. Due $2,000
4.247
has been awarded a $500,000 temporary
Other bidders were:
Rate Bid. First National Bank of Boston Due Nov. 10 1927.
nt basis.
Rate. Bid. loan on a 3.59% discou
-BONDS REGISTERED.
Bidder
102.36
FAYETTEVILLE, Fayette County, Tex.Feb. 28, an issue of $35,000
The Herrick Co., Cleveland
102.18
Comptroller of Texas registered on
Cincinnati
State
Title Guarantee & Trust Co.,
102.03 The water works bonds. Due serially.
%
Guardian Trust Co., Cleveland
101.87
DISTRICT, Genesee County, Mich.
Otis & Co., Cleveland
FLINT UNION SCHOOL list of the bids received for the three issues
101.69
Asset, Goetz & Moerlein
2 to a syndicate
B/DS.-Following is a complete
101.21
00, awarded on March
Blyth, Witter & Co., San Francisco
101.13 of 43% bonds, aggregating $980.0 101.60.a basis of about 4.30% (V.124.
nati
Co.at
Provident Savings Bank & Trust Co., Cincin
101.06 headed by the Guardian Trust
Premium.
Detroit Trust Co., Detroit
100.10 p. 1403):
Seasongood & Mayer, Cincinnati
MerBidder-The $13,- Guardian Trust Co. Stranahan, Harris & Oatis, Illinois
$15.682 00
O. Auburn), 1nd.-BOND SALE.
DE ICALB COUNTY (P.
Bank. Chicago
on March 8 (V. 124 p. 1097) were
chants' Trust & Savings Trust & Savings Bank,Halsey,Stuart
700 4%% coupon road bonds offered
& Commercial
Trust Co. of Indianapolis at a premium
15,681 00
awarded to the Fletcher Savings St of about 4.18%. Date March 1 1927. Continental Northern Trust Co
Co.,
Co. and
&
of $221, equal to 101.60-a basis 1937,inclusive. Other bidders were:
Detroit,Bank of Detroit, Detroit Trust
15,150 00
First National Co.of and Industrial Savings Bank of Flint
$685 May and Nov. 15 1928 to
Due
Rate Bid.
Security Trust Co.
ty Co_ _ - 14,560 00
Bidder101.50 Watling Lerchen & Co., Bankers Trust Co.and Guaran
Co.
Meyer-Kiser Bank of Indianapolis
E. H. Rollins & Sons and First Trust
101.47 W.R. dompton & Co.,
14.500 00
La Plante, Welsh & Risacher
101.22
Webster &
& Savings Bank
City Securities Corporation, Indianapolis
101.19 Howe, Snow & Bertles, Curtis & Sanger, Stone,
12.400 00
F. Wild & Co
J.
101.10
12.250 00
Blodgett
Fletcher-American Co
&
- Vandersall & Co
-BONDS OFFERED.
n), Ind.
Keane, Taylor Sc Co. and Phelps. Fenn
Co.,
11,800 00
DE KALB COUNTY (P. 0. Aubur
until March 10 E. E. MacCrone
sealed bids
Ward Jackman, County Treasurer, received
Co
Date March 1 1927.
-The follow-BOND SALE.
Caro.
% Union Township road bonds. to 1937 incl.
for $5,800
FLORENCE,Florence County,So.
1928
00 offered on March 3-V. 124
Denom. $290. Due $290 May and Nov. 15
issues of bonds aggregating $250,0
& Moerlein, I'M. of Cincinnati, as
-We are now informed ing three
-ERROR.
-were awarded to Asset, Goetz
0.44%.
LAND, Volusia County, Fla. sale of $52,000 6% improvement p. 1250
DE
of $338, equal to 100.13. a basis of about
by the City Auditor that the reportedWichita, report of which appeared 45-1s, at a premium and sewer extension bonds. Due March 1 as follows
of
$190,000 water works to 1937. incl., and $6.000, 1938 to 1957. incl.
bonds to the Brown-Cruituner Co. 261) is erroneous.
$7.000, 1928
In our issue of Jan. 8 (V. 124, p.
Due March 1 as follows: $1,000.
-BONDS
t County, Minn.
vox,storm drainage system bonds. , 1948 to 1957, incl.
52,000
DELANO SCHOOL DISTRICT, Wrigh ized the issuance of $60,000
1928 to 1947, incl., andMarch 1 as follows: $1,000, 1928. 1930,
n the voters author
-At a recent electio
VOTED.
Due
20,000 sidewalk bonds. 1938. 1940, 1942, 1944, 1946, 1248, and 1950
school bonds by a count of 372 to 59.
1932. 1934, 1936.
-The
-BOND SALE.
re), 0.
to 1956, incl., and $2,000, 1957.
DELAWARE COUNTY (P. 0. Delawa $72,800. were awarded to the
aggregating
following two issues of bonds, bus at a premium of $1,383.61. equal to
Date March 11927.
-BOND OFFERING.
rd County.Fla.
First Citizens' Corp. of Colum
FORT LAUDERDALE,Browa
sealed bids until March 29 for $2,and
101.88:
Date March 8 1927. Due $2,000. March 1932 The City Commissioners will receive
$26.000 5% road bonds.1931, incl., and $1,000, March and Sept. 1
bonds.
000,000 harbor improvement
Sept. 1 1928 to
ENT SCHOOL DISTRICT, Tarrant
to 1936, incl.
FORT WORTH INDEPEND
-The State Comptroller of Texas
serially.
-BONDS REGISTERED.
46,800 road bonds. Due
County, Tex.
$750,000 4 % school bonds. Due
-The following
-BOND SALE.
red on March 4, an Issue of
DILLON Dillon County, So. Caro.
of During December: registey.
two woes dbonda,aggregating $100,000,were disposed
seriall
-The
-BOND SALE.
bus), 0.
bonds.
FRANKLIN County (P. 0. Colum $200,000 refunding court house
• $75,000 storm sewerage system
issue of
25,000 street improvement bonds.
Sinking Fund has purchased an
-Otto refunding bonds at par.
D OFFERING.
-BON
Iowa.
DUBUQUE, Dubuque County,
-An
sealed bids until 10 a. m. March 12
-BOND ELECTION.
y, 111.
Puls, City Treasurer, will receive
FREEPORT, Stephenson Count the question of issuing $20,000 fire
% dock bonds. Date Jan. 1 1927.
(to-day) for $65,000 not exceeding 4
n will be held April 5 to vote on
1929; $6,000, 1930 and
. Due July 1 as follows: $5,000,1935, and $9,000, 1936 electio ment bonds.
Denom. $1,000
depart
, 1934 and
-BIDS REGalveston), Texas.
1931; $7,000_, 1932 and 1933; $8,000 payable at the office of the aboveint. (J. & J.)
GALVESTON COUNTY (P. 0.
00 5% road bonds offered
and 1937. Prin, andA certified check for $2,500 required. Legality
-All bids were rejected for the $150,0
.
JECTED.
mentioned official
of Chicago.
Parker
on March 1-V. 124. p. 1403.
approved by Chapman, Cutler &
-The
-TEMPORARY LOAN.
-A. H.
-BOND OFFERING.
Minn.
GARDNER, Worcester County, Mass.
DULUTH, St. Louis County, sealed bids until 2 p. m. March 28 for
purchased a $200,000 temporary loan
Clerk, will receive
First National Bank of Gardner has
Davenport, City
impt. bonds. Dated April 1 1927. Denom. on a 3.63% discount basis.
$200.000 4%7, permanent 1 1928 to 1947 incl. Prin. and int.(A. & 0.)
-C. V.
April
-BOND OFFERING.
$1,000. Due $10,000 American Exchange Irving Trust Co. of N. Y.City.
GARRETT, Be Kalb County, Ind.
p. m. March 29 for
payable in gold at the of the bid, payable to the city, required. Legality Bowers, City Clerk, will receive sealed bids until 7
Denom. $500.
A certified check for 2% & Oakley of Chicago.
refunding bonds. Date April 1 1927.
$330,000 4%%
to be approved by Wood
Due 1937.
Financial Statement.
-NOTE SALE.a County,0.
GENOA SCHOOL DISTRICT, Ottaw have purchased $17:,000 534%
ty-Actual true value of proper
$152.707,594
Stranahan, Harris & Oatis, Inc. of Toledo, 100.03, a basis of about 5.48%•
Real
to
58,402,320
school notes at a premium of $66, equal
Personal
51,439,584
April 1 1927. Due April 1 1928.
Money and credits
$262,549,498 Date
-PRICE PAID-The
-NOTE DESCRIPTION
(State of).
GEORGIA
purchased by the Atlanta & Lowry
Assessed value of property
$60.807.457
price paid for the $2,600,000 notes
-V. 124_,
sold in
Real
Bank of .Atlanta, on a 3.94% discount basis 00, Jan. 10 1928
,290
19,859
National
mature as follows: $650,0
Personal
51.439484
p. 1250 was par. The notes.000, on Feb. 11928.
Money and credits
132,106,331 and Jan. 20 1928, and $1,350
A.
-BOND OFGERING.-John for
GLEN RIDGE, Essex County, N. J.
Bonded debt
$3,027.000
8 p. m., March 28
Brown, Borough Clerk, will receive sealed bids untilnot exceeding $56,000,
General
669,000
bonds
Special assessment bonds
an issue of 4%% coupon or registered water e a premium of $1,000 over
3,433,000
produc
Water and light
no more bonds to be awarded than will. $1,000. Due April 1 as follows:
int.
556,000. Date April 1 1927. Denom
$7,129,000
to 1967. incl. Prin. and
$2,000, 1929 to 1945, incl. and $1,000, 1946Trust Co. The bonds will be
Total outstanding debt
A. & 0., payable in gold at the Glen Ridge States Mortgage & Trust Co.,
Less deductions allo wed
$669,000
prepared under the supervision of the United genuineness of the officials'
Special assessment
3,433,000
ed by
New York City, which will certify as to the
Water and light department debt
5,674
n. Legality will be approv for
Sinking fund
674 signatures and the seal impressed thereo
4.107,
City. A certified check
Hawkins, Delafield & Longfellow, New York the Borough is required.
payable to
$3.021,326 2% of the amount of bonds bid for
-The
-BOND SALE.
Y.
Not indebtedness
115,000
GLOVERSVILLE, Fulton County, N.
offered on March 8-V. 124.
Population (1927 estimated)
$18,500 4%% registered street impt. bonds Fulton Co., Gloversville, at
Co. of
SCHOOL DISTRICT, Moore County, Tex. p. 1098
-were awarded to the Trust March 151927. Due March 15 as
DUMAS INDEPENDENT
registered in V. 124, p.
-The $10.000 5% school bonds
a basis of about 4.31%. Date
-BOND SALE.
State at par. Date Nov. 6 1926. 100.438,$5,000, 1928 and 1929; 53,000. 1930 and 1931, and 52,500, 1932.
953, were purchased on Feb. 15 by the payable IC & N.
follows:
t
Ga.-BOND OFFERING.
Denom. $500. Due serially. Interes
GLYNN COUNTY (P. 0. Brunswick),
OL DISTRICT NO. 3 (P. 0.
Commissioners, will receive sealed bids
bonds.
EASTCHESTER UNION FREE SCHO
A. 0. Townsend Clerk Board of
-The following
-BOND SALE.
coupon or registered road
County, N. Y,
Bronxville), Westch
until 12 m. April 4 for $250,000 5% Due $10,000 Jan. 1 1930 to 1954.
aggregating $179.000,
in. $lstt (
p
. ll927 Denomtere 000. & 3.) payable in gold in New York
prindal
.
two issues of coupon or registered school bonds,to Batchelder, Wack & Date
awarded
and
jan
offered on March 7 (V. 124. p. 1250) were
inclusive.
Trust Co. of New York City will
-a basis of about 4.17%:
Co. of New York as 4s at 100.97as follows: $1,000. 1928 to 1939, incl.; City. The United States Mortgage &
Legality to be approved by
Dec. 1
$76,000 series A bonds. Dueincl.; $3,000. 1949 to 1952. incl.; $8.000, 1953 certify as to the genuineness of the bonds.
$2,000. 1940 to 1948,
Chester B. Masslich of New York City.
-A. T.
$10,000, 1956.
-BOND SALE.
to 1955, incl., and
y, Mich.
1 as follows: $3,000, 1928 to 1949, incl.;
GRAND HAVEN, Ottawa Count
during February an issue of $115.000
100,000 series B bonds. Due Dec. 1951 to 1956, incl.
Bell & Co. of Cleveland purchased um of $1,876, equal to 101.63, a basis
, 1950, and $5,000,
$4,000
4%% water works bonds at a premi to 20 years. The above supersedes
Date Dec. 11926.
in 1
-The $65,000 of about 4.31%. Due serially
-BOND SALE.
Ind.
EAST CHICAGO, Lucas County, 24 (V. 124, p. 953) were awarded the report in V. 124. p. 1403.
park bonds offered on Feb.
44% coupon
1556
THE CHRONICLE
[Vol... 124.
GRANTS PASS, Josephine Coun
ty, Ore.
-BOND SALE.
$17,854 96 coupon street
-The
JAC
-were awarded to Ferriimpt. bonds offered on March 3-V. 124, P• 954 Bish KSONVILLE, Duval County, Fla.
s & Hardgrove of Portland
-BOND
op, Secre
-M.W.
Date Jan. 1 1927.
as 53 s at 101.75. March 23, tary City Commission, will receive seale OFFERING.
,
d bids until
for the following two issue
s of 5% bonds, aggregating3:30 P.In,
GREENE COUNTY (P. 0. Gree
$258,000 street improvem
$347,000:
neville) Tenn.-BOND OFFE
ent bonds. Date Sept. 1192
-J. R. Todd, Chairman, County
89,000 19eet improvem
str 0
RING.
3
Court, will sell between 1
ent bonds. Date March 6. Due Sept. 1 1936.
on march 28, the following
and 3 p. m.
1 1927. Due March 1
two issue
$100,000 4%% refunding road bond s of bonds, aggregating $122,000:
Denom. $1,000. Coup
on bonds registerable as to princ
s.
and interest payable
22,000 5% highway, State and
federal aid bonds.
In New York City in Jacksonville, or at the fiscal agency ipal. Principal
of Jacksonvil
GREEN SPRINGS, Sene
2 New eord,req . A certified check, payable to the City Treasurer, le
o% of thybik city
f
ca County, Ohio.
350,000 6% general water
uk d. Legality approved
-BOND SALE.
e
for
-The
works
by Thomson, Wood & Hoffman
p. 822) were awarded to the Well impt. bonds offered on Mar. 7 (V. 124,
Mar. 1 1927. Due $1,000 Mar. . Roth & Irving Co. of Cincinnati. Date
JASPER COUNTY
and Sept. 1 1928 to 1952 incl.
(P. 0. Rensselaer), Ind.
$11.600 5% coupon road
GREENVILLE SCHOOL
-The
bonds offered on March-BOND SALE.
were awarded
DISTRICT, Montcalm Coun
5-V. 124, p. 1251
BOND SALE.
ty, Mich - premium of to the Fletcher Savings & Trust Co. of India
-The $45,000 4%% coupon
napolis, at a
refunding bonds offered .
$438.80, equal to 103.7
March 5-V. 124, D. 1403
on $580. Due 1937
8, a basis of about 4.54%. Denom.
-were awarded to a local inves
. Int. payable M.& N.
April 1 1928 to 1936, inclusive.
tor. Due $5,000
JEFFERSON COU
GULFPORT, Harrison
County, Miss.
The $26,839 91 5% NTY (P.O. Steubenville), Ohio.
-BOND DESCRIPTION.
$40,000 534% paving bond
-BOND SALE.
-The
I. C. H.
New Orleans at 100.60-V s purchased by the Hibernia Securities Co. of offered on Feb. 15-V. 124,No. 7, Section It, road improvement bonds
. 124. p. 954-a basis of abou
p. 675
-were awarded
Moerleln of Cinci
scribed as follows: Date Marc
h 1 1927. Coupon bonds in t 5.18% are de- of about 4.49%. nnati at a premium of $626, equal to Assel, Goetz &
$1.000. Due $4,000, Marc
to 102.33, a basis
denomination of 1928
Date March 1 1927. Due
h 1 1928 to 1937, incl.
to 1933. $4,000 1934
Sept. 1 as follows: $3,000
and 34,839 91 1935.
HASTINGS, Adams Coun
ty'Neb
TION.
JEFFERSON COUNTY
-The price paid for the follo .-PRICE PAID
-BOND DESCRIPvring two issues
SCHOOL DISTRICT NO. 10 (P.
vale), Ga.
$83,000 purchased by the
0. Loui
United States Trust Co.of bonds, aggregating will recei -BOND OFFERING.
-Roy V. Harris, Attorney for Distr s'
p. 1251-was a premium
of
ve sealed bids
-V. 124. Date
ict.
of $398, equal to 100.47. kThe Omaha.
ed as follows:
March 5 1927. until 12 m. March 31 for 318,000 69' school bonds.
bonds are describDenom. $1,000. Due March 5
1930, 1933, 1935
$50,000
as follows: $1,0
% paving district oonds. Due
and 1937 to 1951, inci.
Feb. 1 1937; optional anytime. Payable at a bank
33,000 4%% intersection pavi
Principal and interest (M.& 00
designated by
ng bonds. Due Feb. 1 1947 optio
El
of the
1932.
;
nal Feb.1 and bid required. Successful the purchaser. A certified check for 5 0
bidder to pay for the printing of the
Date Feb. 1 1927. Coup
legal opinion as to
bonds
their validity.
on
(F. & A.) payable at the offic bonds in denom. 31,000. Prin. and int.
e of the Treasurer of Adam
Financial Statement.
Hastings. Legality approved
Asses
by Stout, Rose, Wells & Mart s County, at Actu sed valuation
al valuation (esti
in of Omaha.
$285,673
mated)
Financial Statement.
Total bonded debt
Assessed valuation (192
bo
(this issue only)
1,2181:0005 0
00000
,
0
8)
Total bonded debt
$17,024,765 Population
Water debt
563.000
JOHNSON COUNTY
Net bonded debt (less than
55,000 3.0.
(P. 0. Franklin), Ind.
3.4%)
Population (est.), 13.500.
508.000 4%%McClain, County Treasurer,received sealed -BONDS OFFERED.
road bond
bids March
March and Sept. s. Date March 10 1927. Denom. $56010 for $11,200
HASTINGS UNION FREE
SCHOOL DISTRICT NO.4(P.O
1 1928 to 1937, inclusive.
. Due $5580
Square), Oswego Coun
.Central
ty, N. Y.
-BOND OFFERING.
Yorkey, President Board of
KENNARD, Washingt
-Charles J.
Education, will receive seale
on County, Neb.-PRICE
TION.
March 22 for 315.000
-The price paid
d bids until 7 P.
PAID-DESCRIP$1,000. Due 31,000 434% school bonds. Date May 1 1927. Denom• transmission line bond for the $10,000 5% refunding
m.
(M. & N.) payable May 1 1928 to 1942,inclusive. Principal and interest are described as follo s, sold, in V. 124, la. 1251, was electric light and
par. The bond
at the First National Bank
ws: Date Dec. 1 1926.
certified check payable
of Central Square. A tion of $500. Due
Coupon bonds in denominas
of the bid, Is required. to Abigail Snow, Treasurer, for 5% of the amount payable J. & D. serially 1928 to 1942,incl.; optional after 1932. Inter est
HIGHLAND COUNTY
KEENE,Cheshire
(P. O. Hillsboro), Ohio.
-N. E. Calvert, Coun
-BOND OFFERING. National Bank has County, N. H.
-TEMPORARY LOAN.
ty Auditor, will receive seale
-The Keene
purchased a $100,000 temporar
March 21 for
'
count basis.
d bids until
y loan on a 3.63%
Denom.$800 813.292.605% road improvement bonds. Date July1 P. m•
disexcept
1 1928.
31,292.60 and $800 one for $1,292.60. Due March and Sept. 1 as follows:
KOSCIUSKO COUNTY
1927 and $800 1928 to 1934
(P.
$200 is required.
. A certified check for 334,920 5% coupon road bond 0. Warsaw), Ind.
-BOND SALE.
-The
s offered
were awarded to
the Fletcher Savings &on Feb. 28-V. 124, p. 1251
HIGHLANDS,
premium of
Trust Co.
Indianapolis at a
J. E. Root, Town Macon County, No. Caro.
17,
-BOND OFFERING
otatedle Mbe $1,452 equal to 104.05. Date Marchof 1927
payab to .&$.19
Cler
S 3 .0.At the time of
4.
15
. Interest
$35,000 6% electric k, will receive sealed bids until 11 a. m. March 21 .
the offering the amount was erron
for
light and power system
eously
Denom. $1,000. Due
bonds. Date Jan. 1 1927.
$2,000 1951 to 1957, Jan. 1 as follows: $1,000 1930 to 1950, incl., and
LAFAYETTE, Tipp
United States Mort incl. Principal and interest (J. & J.) payable at the Carolyn Koerner, City ecanoe County, Ind.
-BO
Comptroller, will receive seale ND OFFERING.
gage & Trust Co., N. Y.
prepared by the Bray
March 21 for $52,000
d bids until 10 a. an.
City. The bond will
Bros. Co. of Greensbo
to the Town Treasure
be
ro. A certified chec s payable March 21 1927. Deno43.49 parking ground improvement bonds. Date
m. $1,000. Due Jan. 15 as
by Storey, Thonadik r for 2% of the bid, required. Legalityk,
follows: 35,000 1929 to
approved 1932, incl.; $6,000 1933. 55.000 1934
e,
to 1937, incl., and
offered without succe Palmer & Dodge of Boston. These are the bond
Principal and interest (J. &
ss on Jan. 11-V.
s A certi
J.) payable at the City Compt 38,000 1938.
124. p. 262.
fied check for $1.500. paya
roller's office.
HILLSBORO, Wash
ble to the city, is required.
ington County,
purchaser of
-PURCHASER. The
Ore.
LAFAYETTE COUNTY
report of whicthe 313,500 5% coupon refunding park bond
h appeared in an issue
-BOND SALE.
100.67. $250,000 5% road and bridge(P. 0. Mayo), Fla.
s at
-The
of about 4.94% was
bond
of Feb. 12-V. 124,
954-a basis were awarded to Spitzer, Rorick s offered on March 7-V. 124, p. 675
1927. Denom.$500 the A. D. Wakeman Co. of Portland. P.
Date Feb. 10 7.07%. Due April 1 as follows: & Co. of Toledo at 90, a basis of about
. Due Feb. 10 1947. Inter
$100.000 1931 and $25,000
est payable F.& A.
inclusive.
HOLLAND SCHOOL
1932 to 1937,
DISTRICT, Ottawa Coun
OFFERING.-Re
LAKE COU
-BOND
ty, Mich.
sealed bids until nry Geerlings, Secretary Board of Education will receive following two NTY P. 0. Crown Point, Ind.
-BOND
7 p.
-The
April 1 1927. Deno an. March 14 for $40,000 4%% school bonds. Date -V.124, p. issues of 5% bonds, aggregating $151,000 offer SALE.
ed on March 8.
1403
-were awarded to
int. payable at the m. 31.000. Due April 11927. Prin and semi-ann
.
ual at a premium of $6,045, equal to the People's State Bank of Crown Points
City Treasurer's office.
payable to the Boar
104:
A certified check for $2,000, $79,000 road bonds.
d of Education is required.
years!.000 road bonds.
.72
Due semi-annually in
HOLYOKE,
1 to 10
Eaton & HowardHampden County, Mass.
-TEMPORARY LOAN.
LA PORTE COUNTY
of Boston have purchase
a 3.57% discount
(P. 0. La Porte), Ind.
d a $300,000 temporary loan on Neva Line, Coun
-BOND OFFERING.
basis.
ty Trea
15 for $59,000 5% roadsurer, will receive sealed bids until 11 a. m. Marc
HOMESTEAD, Alleghen
h
bonds. Date March 15
Due $2,950 May and
y County, Pa.
434% coupon boro
-BOND SALE.
Nov. 15 1928 to 1937, incl. 1927. Denom. $1,475.
-The $50,000 A certified
ugh bonds offered on
Int. payable M.& N. 15.
awarded to the Mell
check for 2% of the amou
Feb. 7-V. 123, p. 3353
on National Bank of Pitts
nt of bonds bid for Is requi
-were
5344 57, equal to
red.
LAS VEGAS, San Migu
burgh at a prem
el County,
Due Jan. 1 1956. 106.89, a basis of about 4.10%. Date Jan. ium of
1 1927. of $13,000 fire protection bonds was N. Mex.-BOND SALE.
-An issue
disposed of recently.
HORACE, Greeley
LEWISTON, Niagara
County,
Fund Commission, hasCounty, Kan.
-BOND
-BONDS OFFERED.
-The State Schoo Hull, Village Clerk, received seale N. Y.
purchased an issue of SALE.
-Harry
bonds.
$15,000 5% electric light registered fire equipment bond d bids March 11 for $6,500 5% couponH.
or
s. Date March 1 1927
Due April 1 as follo
. Denom. $500.
HOWEY, Lake Coun
ws: 51,000, 1927 to 1931
ty, Fla.
Principal and int.(M.&
, incl. and $1,500, 1932.
-BOND OFFERING.
Town Clerk, will
S.) payable
-A. K. Mare,
6% coupon impr receive sealed bids until 11 a. m. March 22 for $300,000 and int, payable to the registered at the Bank of Niagara, Niagara Falls,
ovement bonds. Date Sept
holder In New York exchange.
Due $100,000 Sept.
. 1 1925. Denom._ $1,000.
LIMA, Allen Coun
1
ty, Ohio.
-BOND SALE.
payable in gold at the1935,1945 and 1955. Principal and interest
sewe
-The 3200,000 5%
Hanover National Bank,New
(M • & S. awarr district, series K, bonds offered on Marc
)
check for 2% of the
ded to A. E. Aub. &
York City. A certified
h 4-V. 124 n. 954
-were
Co of Cinncinati at a premium
& Parker of Chic bid required. Legality approved by Chapman, Cutle
a $8,141, equa
r to 104.07, a basis of about 4.58
ago.
%. Date March 1 1927. Due $8,0 l
March 1 1929 to 1953
HUNTINGDON SCHOOL
00
. inclusive.
DIST
BOND SALE -M.
LISBON
M. Freeman & RICT, Huntingdon County, Pa.
-BONDS REGISTERED.
an issue of .
Co. of Philadelphia, have purchased Texas regis, Tex.
-The State Comptroller of
tered on Feb. 28, an issue
Due Jan. 1535.000434% school bonds. Date Jan. 1192
of $65,000 534% water works bond
as
Denom. 31,000. Duo serially.
s.
Jan. 1 1932. follows: $1,000, 1932 and $2,000. 1933 to 7.
1949 incl., optional
Legality approved by Saul,
LOC
delphia.
Ewing, Remick & Saul, Phila- Gibb KPORT, Niagara County, N. Y.
-BOND SALE.
ons & CO., Inc., of New
-00
York, have been awarded an issue 0. B.
HUNTINGTON COU
309 32 5% bonds at
of $23_,
NTY (P. 0. Huntingt
101.5
SALE.
-The 36,500
on), Ind.
-BOND Due Feb.23;as follows:$2,53, a basis of about 4.65%. Date Feb. 23 1927.
89 92 1928 to 1935,inclusive, and
p. 1403
-were awarded% coupon road bonds offered on March 5-V. 124,
$2,589 98 1936
to a local investor.
LONE WOLF SCHOOL
$325 May and Nov.
Date Fob. 15 1927. Due SALE.
DISTRICT, Kiowa County,
15 1928 to 1937, inclu
-The Orient State Bank
Okla.-BONI;
sive.
of Lone Wolf has purchase
INDIANAPOLIS
of $33,000 school bond
d an issue
SCHOOL DISTRICT,
s.
BOND SALE.
Marion
-The
LOS
March 7-V. 124, p.3970.000 4% coupon school buildingCounty, Ind.
bonds offered - Robert ANGELES, Los Angeles County, Calif.
on
1098
-were awarded to
-BOND OFFERING
Dominguez, City
Co. of Indianapolis at
the
.
99.57, a basis of abou Fletcher Savings & Trust March 15 for S378,000 Clerk, will receive sealed bids until 10.3
1927. Due March 10 as
0 a. m.
. not exceeding 6%, District
follows: 358,000, 1932t 4.03%. Date March 10 Improvement bonds. Date
No.
Inclusive.
March 1 1927. Denom. $1,00 45 municipal
and $38,000, 1933 to 1956, 1 as follo
ws: $11,000
Following Is a complete
0. Due March
list of other bidde
Principal and interest1928 to 1933. incl., and $13,000 1934 to 1957,
Bidder
(M.
rs:
at Kountze Bros. of New & S.) payable at the City Treasurer's officincl.
City Securities Corp., Meyer
York City. A certified
e, or
& Price Bid.
City Treasurer, for 2%
-Kiser Bank,
check, payable to the
Harrison, all of Imila
of
Breed,
O'Melveny, Millikin & Tull the bid, required. Legality approved by
Wm. R. Compton Co., napoLis
ey of Los Angeles,
Chicago
Harris Trust & Savings Bank
LYNN, Essex County, Mass
957,681.00
, Chicago, and Illin
.
-LOAN OFFE
Trust Co
received
ois Merchants
-The City Treasure
$964,675.50 a 3300 sealed bids until March 11 for the purcRED.
Fletcher Ameilcan ao.
hase on a discount basis r
,000 temporary loan. Due
962,589.00
J.
of
Nov. 3 1927.
The National City Co., Chicago,
oilnillinaiolis 961,987.00
and Halsey, Stua
McINTOSH,Marion County,
rt & Co.,
Fla.
-BOND OFFERI
ahan, Town Clerk, will recei
Thehigo--C North
ca
ve sealed bids until 8 NG.-Ida W.Mon-961,068.30 540,000_ 6% coup
p. m. March 24 for
-on improvem
and the Detroit Trust Co
31,000. Due Jan. 1 1957. ent bonds. Date Jan. 1 1927
JACKSON, Jackson County,
,v 4 00 gold at the Town Treasurer' Principal and interest (J. & J.). Denom,
N9 .
4. p.
payable in
Ohio.
s office, or at the Nati
-BOND OFFE
Turner, City Auditor, will recei
York City. A certified chee
RIN0 .
k, payable to the abov onal City Bank of New
6% street improvement speci ve sealed bids until 12 m. April 19 $7,8
for
al assessment bonds.
70 2% of the bid required. Legality approved by e-mentioned official, for
Denom. 3500. except one
man, New York City.
Date April 1 1927
Thomson, Wood & Hoff
$500 1929, $1.000 1930 to for $370. Due April 1 as follows: $870 1928.
1935
MAGADALENA,
for 5% of the amount of bond . incl., and $500 1938. A certified chec ,
s bid for, payable to
k $40,000 water work Socorro County, N. Mex.-BOND
is reauired.
the City Treasurer,
SALE.
s bonds offered unsuccessfully
-The
p. 877
-were sold recently. Date
on Sept
July 1 1926. Due July . 15-V. 123,
JACKSON TOWNSHIP RUR
after July 1193
11956, optional
AL SCHOOL DIS
Campbellstown), Preble Coun
iiiter 0 otNew6. ork
TRICT (P. 0. flall 00t in givon o Principal and interest (J. & J.), payable at the Villa
. ro
ty, Ohio.
Y
-BOND SALE.
City, or Chicago, at option
ge
two Wales of 5% coupon school bond
-Th
of purchaser. (Rate
s, aggregating $70,000,e following
of
Feb. 15-V. 124,_p. 822
offered on
-were awar
MANATEE, Manatee Coun
$30,000 bonds. Due 31,000 April ded to W.K. Terry & Co. of Tole
t3r, Fla.
do:
two issues of bonds,
-BOND SALE.
-The following
40,000 bonds. Due Sept. 1 as 1 and Oct. 1 1927 to 1941 incl.
aggregating $115.000, offer
follows: 31,000. 1927 to
1251
$2,000, 1937 to 1951 incl.
1936 incl., and follo) were awarded to the William 11. Comptoned on March 4 (V. 124. P•
ws:
Co. of New York City as
Date Jan. 1 1927.
$100.000 6% street impr
ovement
15.000 5%% street improvem bonds. Due over a peried of tal years.
ent bonds. Due Sept. 1 1951
.
MAR. 12 1927.]
1557
THE CHRONICLE
Date
to 105.14, a basis of about 4.54%. e, and
-TEMPORARY premium of $70680, equal
1929 to 1940, inclusiv
County, N. H.
MANCHESTER, Hillsborough .anchester, has purchased a $300.000 Feb. 1 1927. Due Feb. 1 as follows: $2,000
'
1957, inclusive.
Amoskeag Trust Co. of
-The
LOAN.
$3,000 1941 to
plus a premium of $2.50.
temporary loan on a 3.73% discount basis,
-BOND OFFERING.-Edward
METUCHEN,Middlesex County, N.J.
18
ga County, Ohio.
receive sealed bids until 8 p. m.MarchexHEIGHTS (P. 0. Bedford), Cuyaho
MAPLE
A.Burroughs, Borough Clerk, will
Village Clerk, will receive sealed bids for an issue of 5% coupon or registered temporary impt. bonds, not m
-F. J.
BOND OFFER NO. followinVasek, of 534% coupon special assessment
than will produce a premiu
to be awarded
g 12 issues
until April 6 ft.r the
ceeding $390,0u3 no more bonds March 1 1927. Denom. $1,000. Due
er $390,000. Date
bonds, aggregal og $97.554.80: bonds. Denom.$1,000 and one for $880. of $1,000
approved by Clay, Dillon & Vandewater
wood Ave.sewer
March 1 1 28. Legality will be
$13.880.00 Dal,
is required.
the years 1928, 1929,
Din Oct. 1 as follows: $1,000 in each of in each of the years of Now 7. ork City. A certified check for $5,000
and 1936, and $2,000
1931, 1932. 1934
CT, Vernon County, Mo.-PURCHASER.in 1937.
METZ SCHOOL DISTRI school bonds sold in
1930, 1033 and 1935. and $1,880 Denom. $1.000 and one for
-V. 124, p. 1251-were
purchasers of the $30,000
13,772.00 South Boulevard1sewer bonds.
City, at par. The bonds bear interest at the
in each of the years 1928, The
$772. Due Oct. as follows: $1,000$2,000 in each of the years Stern Bros & Co. of Kansas
in 20 Years.
rate of 434% and mature serially
1929, 1931. 1932, 1934 and 1936. and 1937.
1930, 1933 and 1935, and $1,772 in k bonds. Denom.$1,000
RURAL SCHOOL DISTRICT (P. 0.
sidewal
MILLCREEK TOWNSHIP ton County, Ohio.
-The
-BOND SALE.
12,857.90 Maple Heights Boulevard and 1 as follows: $1,000 in each of
Fresno R. F. D. No.3), Coshoc on Feb. 26 (V. 124, p. 823) were awarded
one for $857.90. Due Oct.
and
and $2,000 in each $2,000 534% school bonds offered
1 as
the years 1928. 1929, 1930, 1932 and 1933,
National Bank of Coshocton at par Due Sept.
$1,857.90 in 1937.
of the years 1931, 1934, 1935 and 1936, and Denom. $1,000 and to the Commercial and $300. 1930 to 1935 incl.
follows: $200. 1929.
Boulevard and sidewalk bonds.
0,109.00 Oak Park
-The
incl.', and $1,109
Ohlo.-BOND SALE.
one for $1,109. Due $1,000. 1928 to 1936,
MILLERSBURG, Holmes County, nt bonds offered on March 5
in 1937.
5% coupon fire fighting equipme Commercial & Savings Bank,
to the
water bonds. Denom. $1,000 and one for g6,000
-were awarded
9,780.10 Dalewood Ave.
1928; $1,000. 1929 to -V. 124. p. 1404
1927. Due $300 April and Oct. 1
$780.10. Due Oct. 1 as follows: $500,
Millersburg, at par. Date April 1
1936, Incl., and $1,280.10 in 1937.
incl.
bonds. Denom. $1,000 and one for 1928 to 1937
DISTRICT, Holmes
8,151.00 South Boulevard water
in each of the years 1928,
MILLERSBURG-HARDY VILLAGE H. Lange. Clerk Board of Edu$651. Due Oct. 1 as follows: $500 each of the years 1929,
NG.-Geo
-BOND OFFERIuntil 12 m., March 17 for $11,943 5% school
County, 0.
1930, 1933 and 1936, and $2,000 in
in 1937.
sealed bids
cation, will receive
$1,000, except one for
1931, 1932, 1934 and 1935, and $1,151
bonds. Date Feb. 1 1927. Denom.
bonds. Denom. $500 and one for
7,014.70 Northwood Ave. sidewalkfollows: $500 in each of the years improvementMarch and Sept. 1 as follows: $943 and 81,000. 1927 and
of Board of
$943. Due
$514.70. Due Oct. 1 as
$1,000 in each of $1.000. 1928 to 1932. incl. Int. payable M. & S. at office for, payable
1928. 1929, 1931, 1933. 1934 and 1936. and
1937.
check for 5% of amount of bonds bid
$1.014.
the years 1930. 1932 and 1935, andDenom. 70 in and one for Education. A certified is required.
$500
on,
6,278.80 Lee Road and sidewalk bonds.$500 in each of the years 1928, to Board of Educati
-On
Wis.-BOND ELECTION.
$778.80. Due Oct. 1 as follows: 1936, and $1.000, 1931 and
MILWAUKEE, Milwaukee County,
the purpose of voting on the question of
1929. 1930, 1932, 1933, 1934 and
April 5 an election will be held for
and police stations bonds.
1935, and V78.80 in 1937.
bonds. Denom. $500 and one issuing $200,000 fire houses
5,265.70 Maple Heights Boulevard water
ICT NO. 3 (P. 0. Charles.
to 1936, inMISSISSIPPI COUNTY LEVEE DISTR coupon or reg. levee bonds
for $265.70. Due Oct. 1 as follows: $500, 1928
-The $170,000 5%
clusive, and $765.70 in 1937.
ton), Mo.-BOND SALE.
-were awarded to the Burkholder
$450 and one for $785.60.
124._p. 676
.835.60 East 141st St. water bonds. Denom. 1936, incl., and $785.60 offered on Feb. 4-V.Date eb. 11927. Due Feb. 1 as follows: 34,000,
Due Oct. 1 as follows: $450, 1928 to
Bond Co.of St. Louis.
1936;$5.000: 1937
l.• 35,000, 1932 to 1935 incl.; 36,000,
$8,000,
in 1937.
1929 to 1931
Denom. $330. Due $330 and 1938; 37.000, 1939 to 1941 incl.; $8,000. 1942; $7,000, 1943;
inc'
3,300.00 Hansen Road improvement bonds.
, 1947.
$36,000
Oct. 1 1928 to 1937, incl.
1944 and 1945; 834,000, 1946, and
Denom. $231. Due $231,
DISTRICT, Brown County,
2,310.00 Watson Road improvement bonds.
MOUNT ORAB VILLAGE SCHOOL
offered on
Oct. 1 1928 to 1937, incl.
-The $39,000 5% school building bonds
at the Central
-BOND SALE.
April 1 1927. Principal and int.(A. & 0.) payablethe amount of Ohio. (V. 124. p. 955) were awarded to W.L. Slayton & Co. of Toledo at
• Date
Feb. 28
A certified check for 5% of
about 4.66%. Dated
a basis of
National Bank, Cleveland.
required.
a premium of $1,112, equal to 102.85.
to 1933 incl. and $500
bonds bid for, payable to the Village Treasurer,
1927. Due $1,000 Mar. and Sept. 1 1928
NO. 1 (P. 0. Phoenix), Jan. 1 and $1,000 Sept. 1 1934 to 1951 incl.
MARICOPA COUNTY SCHOOL DISTRICT
Mar. 1
-Rottman
0 5% school bonds offered on March 7
-BOND SALE.
-The 8200.00
N. J.
Ariz.
-BOND SALE.
MOUNTAIN LAKES, Morris County,
Becker & Co. of Chicago, at a
(V. 124. P. 1251) were awarded to A. G. basis of about 4.45%. Date
purchased during August an issue of $100,000
& Co. of New York City 5s at 100.40, a basis of about 4.91%. Due
$14,541, equal to 107.27-a
premium of
temporary water bonds as
March 1 1927. Due March 1 1947.
BOND OFFERING.- Aug. 1 1931.
-George
-BOND OFFERING.
MARION COUNTY(P.O.Indianapolis) Ind.- bids until 10 a. m.
MOUNTVILLE,Lancaster County,Pa.
until 12 m.,
receive sealed
E. A. Ramsay, County Treasurer, willton Township road bonds. Date W. Brubaker, Borough Secretary, will receive sealed bids April 1 1927.
Date
borough bonds.
March 18 for $28,600 4% Washing
and Nov. 15 1928 to March 21, for $15,000 434% coupon
A certified check for 2% of the
April
Jan. 1 1927. )Denom. $715. Due $1,430 May
Denom. $1,000. Due to the 1 1957. , is required.
Borough
1937, inclusive.
bid for, payable
-The bonds
-BOND SALE.
-BOND
polis), Ind.
Natchitoches, La.
MARION COUNTY (P. 0. Indiana
NATCHITOCHES PARISH P. 0. road bonds offered on March 7
on Feb. 18 (V. 124, p.
ed
$26,800 434% highway construction bonds offered
-The $25,000 coupon or registerE. French & Co. of Alexandria, as
Savings & Trust Co. of Indianapolis. SALE.
823) were awarded to the Fletcher
-were awarded to L.
to 1936, inclusive.
-V. 124. p. 1405 March 1 1927. Denom. $500. Due serially March 1
Date Jan. 1 1927. Due $1,340 May and Nov. 1 1927
par. Date
-The Brown-Crurruner 6s at 1947, incl. Interest payable M.& S.
-BOND SALE.
192. to
MARLIN, Falls County, Tex.
of bonds, aggregating
DISTRICT (P. 0. Ocean Grove;
Co. of Wichita has purchased the following two issues
NEPTUNE TOWNSHIP SCHOOL
$9,600 funding bonds.
-Stedman A. Hall, District Clerk,
-BOND OFFERING.
$33,600, at par: $24,000 funding bonds, and
J.
- County, N.
7:30 March 24 for an issue of 5% coupon or
-BOND SALE.
until
N. Caro.
MARTIN COUNTY (P. 0. Williamston),aggregating $125,000 offered will receive sealed bids not exceeding $50,000, no more bonds to be awarded
registered school bonds,
Date Feb. 1 1927.
The following two issues of 5% coupon bonds as follows:
a premium of $1,000 over 1650.000.
-were awarded
on Feb. 25-V..124, p. 955
than will produce Due $2,000 Feb. 1 1928 to 1952. incl. Prin. and int.
Salem:
Winston
To the Wachoria Bank de Trust Co. of of $3.075, equal to 104.10, Denom. $1,000.
l Bank. The bonds
Nationa
a premium
payable in gold at the Ocean Grove United States Mortgage &
875.000 courthouse and Jail bonds at
of the
1 as follows: 82.000, 1928 (F. & A.)
will be prepared under the supervisioncertify as to the genuineness of the
a basis of about 4.62%. Due March incl.
Co., New York City, which wilt
1942, incl.; and $3,000, 1943 to 1957, Louis:
to
Trust
impressed thereon. Legality will be
To Kauffman, Smith & Co. of St.
signatures of the officials and the seal
d & Longfellow, New York City. A certified
$1,887, equal to 103.77, a
50.000 county home bonds at a premium of 1 as follows: 31.000, 1930 furnished by Hawkins, Delafielof bonds bid for, payable to the Board of
of the amount
basis of about 4.63%. Due March
1939 to check for 2%
to 1933, incl.; $2,000, 1934 to 1938, incl.; and $3,000.
Education is required.
1950, incl.
Financial Statement (As of March 1 1927.)
818.091.655
Date March 11927. Other bidders were:
For
Assessed valuation
For
376.000
bonded debt (incl. this issue)
25,606
$75,000. $50,000. Total
Premium. Premium. Sinkingfund
BidderPopulation (est.), 11,500.
$2,865 55 81,647 50
W.L. Slayton Jc Co., Toledo_
ORARY LOAN.
-TEMP
, Mass.
1.540,77
2,777 77
NEW BEDFORD, Bristol County purchased a $1.000,000 temporary
The Hanc.hett Bond Co., Chicago
of Boston has
Federal Commerce Trust Co. and W. F. Schaffner & 2,902 50
The First National Bank t basis plus a premium of $11.
1,775 00
a 3.59% discoun
& Co. Winston-Salem
-The
1.02000 loan on
1.90000
-BOND SALE.
County, Conn.
Waiter,'Woody & Ileimerdinger, Cincinnati
1,364 00
NEW BRITAIN, Hartford
2.274 00
aggregating $450,000 offered on
W. K. Terry & Co., Toledo
1,545 00 following two issues of 4% coupon bonds,to R. M. Grant & Co. of Boston,
2.527,50
& Co., Toledo
A. T. Bell
-were awarded
1,471 60 March 7-V. 124, p. 1404
2,409 90
Caldwell & Co., Nashville
1,08000 at 100.326, a basis of about 3.98%:
1,80000
810.000 Aug. 1 1927 to 1956, incl.
E. P. MeMakin & Co., Chicago
1.727 00 $300,000 school, series 22, bonds. Due Due $5,000 Aug. 1 1927 to 1956.
2,852 CO
Cincinnati
Seasongood & Mayer,
438
2,542 50
150,000 water fund, series 12, bonds.
N. S. Hill & Co., Cincinnati
e.
inclusiv
1
2,856 00
The Well, Roth & Irving Co., Cincinnati .Greensboro 2,583 00
Date Feb. 11927.
Drake-Jones Co.and Merchants Trust Co.
.1 2 50
OS
DISTRICT, Lawrence County, Pa.
ile Trust Co.. St. Louis
NEW CASTLE SCHOOL
Mercant
series B, bonds offered on
1.28000
2,165 00
-The $600,000 434% school,
SALE.
Assel, Goetz & Morelein Inc., Cincinnati
1,860 00 BOND 8-V. 124, p. 1252-were awarded to the Guaranty Co. of New
3.030.00
Otis & Co., Cleveland
1.18000 March 102.507, a basis of about 4.09%. Due April 1 as follows: $10,000.
1,905 00
'Taxon lean & Inv. Co., Greensboro
incl., and $50,000,
1,06000 York at
1,74000
1948 to 1950, incl.; $80,000, 1951 to 1956,
A. B. Leach & Co., New York
0
1.64000 1947;$20,000, bidders were:
2.5650
Seipp, Princell & Co., Chicago
Premium.
Bidders2,726 00
1,63600 1957. Other
Premium.
Detroit Trust Co., Detroit
Bidders1,77500
2,872 50
00 Graham, Parsons & Co.,
Stranahan, Harris dc Ostia, Toledo
J. H. Holmes Co., Pittsb413,600.60
13,680.00
Philadelphia
ollowing is a complete Mellon Nat. Bank,Pittsb. 12,849.
MEDINA Medina County, Ohic..-BIDS.-F
14,680.00 Peoples Savings & Trust
')00 5% water-works bonds awarded on A. B.Leech. Phila N.Y_ _ 12,594.00
14,640.00
Pittsburgh
of the bids received for the 8
list
Co.,
Co..
Feb. 23 to the Guardian Savings a Trust Co. of Cleveland at 103.03-a National City Co.,Phila 14,634.00 Union Trust Co., Pittsb__ 7,563.00
M.M.Freeman
basis of about 4.59% (V. 124, p. 1404):
Premium.
Madrid County, Mo.-PURCHASERS-PRICE
Bidders
NEW MADRID, New of the following two issues of bonds aggregating
$431
A. E. Aub & Co., Cincinnati
-The purchasers
426 PAID. sold, in V. 124. P. 1099, were the William R. Compton Co. and
Assel Goetz & Morrlin, Inc. Cincinnati
was
354 $50,000,
Valley Trust Co., both of St. Louis. The price paid
Well, Roth & Irving Co., Cincinnati
408 the Mississippi of interest 5%.
Breed, Elliott & Harrison, Cincinnati
Rate
382 102.32. sanitary sewer bonds.
ti
Seasongood & Mayer, Cincinna
506 831,000
Poor & Co., Cincinnati
19,000 water works system bonds.
382
-BOND OFFERTitle Guarantee & Trust Co., Cincinnati
, Ohio.
361
NEW PHILADELPHIA, Tuscarawas County sealed bids until 12 m.
,_Toledo
W. L. Slayton & Co.
357 ING.
-Russell E. Seibert. City Auditor, will receive
Date April 1 1927.
W. K. Terry & Co., Toledo
449 April 1 for $12.100 5% coupon fire engine bonds.
1 as follows:
-Bertram Co., Toledo
Davies
321 Denom. $500. except one for $500. Due April and Oct.
incl., and $500.
Ryan, Sutherland Co., Toledo
94 $600 and $1,000, 1928; $500 and 81.000, 1929 to 1931
amount of bonds bid
& Wood, Toledo
Blanchet, Bowman
451 1932 to 1937 incl. A certified check for 5% of the
Pearl Street Savings & Trust Co., Cleveland
408 for, payable to the City Treasurer, is required.
Otis & Co., Cleveland
-BOND OFFERING.367
Ohio.
nd
The Herrick Co., Clevela
NORTH CANTON, Stark County,
until 12 m. April 2 for
-The Ed McCarty, Village Clerk, will receive sealed bids
-TEMPORARY LOAN.
1 1927. DI3110111.
MELROSE, Middlesex County, Mass.
ed a $200,000 temporary $25,000 5% water works system bonds. Dated April and 1929; $1.000.
1928
Merchants' National Bank of Boston has purchas 8100,000 Nov. 15 and
$1,500,
81,000 and $500. Due Soot. 1 as follows: 81,500. 1934 and 1935; 31.000.
revenue loan on a 3.52% discount basis. Duo
1930; 81.500, 1931 and 19.2; $1,000, 1933; 81,500, 1940 and 1941; $1,000,
$100,000 Dec. 15 1927.
1939;
Int. payable
-C, C. 1936; $1,500, 1937 and 1938; $1,000.
-BOND OFFERING.
31.000. 1945 and 1946.
MEMPHIS, Shelby County, Tenn.
March 22 for 1942; $1.500. 1943 and 1944, and the amount of bonds bid for is required.
Pashby, City Clerk, will receive sealed bids until 2:30 P. m.1
of
for 5%
of 1927. Date Jan. 1927. Due M.& S. A certified check
$500,000 434% revenue notes series
SCHOOL DISTRICT (P. 0. Vow
NORDHOFF UNION GRAMMAR
Sept. 6 1927. The City will deliver and make payment of notes in New
-The $48,000 5% school
-BOND SALE.
York City, also furnish legal opinion as to the validity of the notes by tura), Ventura County, Calif. p. 1099) were awarded to the Bank of
bonds offered on Feb. 15 (V. 124, of 81,108, equal to 100.22. a basis of
Thomson, Wood & Hoffman of New York City.
m
-BONDS REGISTERED. Italy, San Francisco, at a premiu
Due Feb. 1 as follows: 83.000, 1928;
MENARD COUNTY (P. 0. Menard), Tex.
4, an issue of $130,- about 4.97%. Dated Feb. 11927.
-The State Comptroller of Texas registered on March
and $5,000, 1929 to 1937 inclusive.
serially.
-TEMPORARY LOAN.
000 5% special road bonds. Due
County, Mass.
NORTHAMPTON,Hampshire Co. of Northampton has purchased a
County,
Trust
METUCHEN SCHOOL DISTRICT, Middlesex offered on N.
March 1 -The Hampshire County a 3.73% basis
-The $75,000 5% coupon school bonds
SALE.
BOND
temporary loan on
-were awarded to Outwater & Wells, Jersey City, at a $250.000
-V. 124, p. 1099
SCHOOL
88
1118
1558
THE CHRONICLE
[VoL. 124.
NUTLEY SCHOOL DISTRICT,
-BOND SALE. BOND SALE.
-The following two 12381108 of 4%% Essex County, N. J.
-The $148,000 school bonds offered on
coupon or registered bonds offered
Feb. 28 (V. 124, P.
March 9-V. 124, p. 1252
1252) wree awarded to the Bank of
-were awarded to the First National Bank on of
D-roit,
of
Nutley as follows:
$3,360 04, equal to 102.27-a basis of of Detroit. as 4315 at a premium
about 4.13%. Date April 11927.
1646.000 school bonds ($650,000 offered) at
Denom. 81.000. Due April 1 as follows:
100.65, a basis of about 4.45%. $4.000,
$3,000, 1928 to 1933. inclusive:
567,000 school bonds ($570,000 offered)
1934 to 1939,inclusive:$5,000, 1940
at 100.56, a basis of about 4.44%• to 1949,
to 1945,inciwive;$6,000, 1946
Date Feo. 1 1927.
inclusive;$7,000, 1950 to 1953,inclusive,
and $8,00\ 1954 to 1956.
Other bidders were:
inclusive.
BiddersPORT HURON, St. Clair
Amt.Bid on Rate Bid.
H. L. Allen & Co., A. B. Leach &
County, Mich.
-BOND OFFERING.
Thomas H. Malloy, Commissioner
Co. and Old $646.000
100.64
Colony Corp.(all er none)
of Finance, will receiver
568,000
100.39 2:30 p. m. Mar. 14 for the following five issues of not aled bids until
Lehman Bros., E. H. Rollins & Sons, Kean,
(acceding 431%
bonds, aggregating $36,200:
Taylor 648,000
100.41
& Co. and Phelps, Fenn & Co
1 569.000
100.28 $3,472 special assessment (private portion) paving bonds.
Denom. $300.
except one for $472. Due $300
648,000
100.36
Bank ofNutley
Mar. 1 1928 to 1937 incl., and $472
1938.
100.12
1 570,000
OHIO COUNTY (P. 0. Rising Sun),
7,434 special assessment (private
-BOND SALE.
-The following two issues of 43(% coupon bonds, Ind.
except one for $434. Due portion) sewer bonds. Denom. $1,000,
aggregating $14,944.90, offered
Mar. 1, $1,000 1928 to 1933 incl., and
on March 5-V. 124, p. 1252
awarded to the Fletcher Savings & 15,859 $1,434 in 1934.
Trust Co. of Indianapolis at a -were m
special assessment (private portion)
premiu of $61.50, equal to 100A1, a basis
street
of about 4.177:
$1,000, $500 and one for $359. Due Mar.repair bonds. Denom.
0
1, $1.500 1928 to 1936
$8,922.00 road bonds.
incl. $1,000 1937 and $1,359
$6,022.90 road bonds.
Date March 11927. Due semi annuall
Prin. and: int. (M. & S.) payable 1938.
at the
y in 1 to 10 years.
$4,500 city's portion sewer bonds. Denom.City Treasurer's office.
OMAHA, Douglas County, Neb.-BOND
SALE.
Mar. 1 1928 and 1929 and $500 1930 11.000 and $500. Due $1,000
-The following two
Issues of coupon bonds, aggrega
to 1934 incl.
ting $793,000, offered on March 7
4,935 city's portion street repair
124,
p. 1405) were awarded to
bonds. Denom.
$435. Due $500 Mar. 1 1928 to 1936 incl., $500, except one for
Phelps, Fenn & Co., both a syndicate composed of Remick, Hodges .5t Co,
(V.
and $435 1937.
of New York City: R. L. Day & Co. of Boston,
Dated Mar. 1 1927. Prin. and int.
and the United States Trust Co. of Omaha,
(M. & S.) payable at the Hanove
at
100.01-a basis of about 4.305%, as follows: a premium of $100, equal to National Bank, N. Y. City. A certified check for $1,000 is requiredr
.
Successful bidder to furnish legal opinion
$721,000 series No.4 special improvement bonds,
and printed bonds.
taking $180,000 bonds as
PORTLAND, Multnomah County
43s, and $541,000 bonds as 4%,s. Due
, Oregon.
-BOND SALE.
April 1 as follows: following issues of
-The
$60,000. 1928 to 1938, inclusiv
6% bonds aggregating $242,805 were sold on Feb.
as follows:
4
72,000 land acquisition bonds as 4%5e, and $61,000. 1939.
Leavenworth to Dodge streets).(for widening 20th Street from
To R. C. Bradshaw of Portland.
Date April 1 1927. Other bidders were: Due April 1 1947.
$200,000 improvement bonds at 105.45,
a basis
BiddersTo the Freeman, Smith c% Camp Co.of about 5.29% •
Amt. Bid On. Premium.
*Kountze Bros., New York City, and the First
of Portland.
$10,000 improvement bonds at 105.51,
$560.000 as 4501 $100.00
National Bank of Omaha
10,000 improvement bonds at 105.47, a basis of about 5.29%.
233,000 as 4s J
First Trust Co., and Ware Hall & Co., both
10,000 improvement bonds at 105.42, a basis of about 5.29%.
a basis of about 5.29%•
Omaha; Illinois Merchants Trust Co., of
To Abe Tichner of Portland.
the Continental & Commercial Trust & and
Say- 600,000 as 4 Ms1 300.00
$12,805 Improvement bonds at 105.42.
hags Bank, both of Chicago, and William
a basis of about 5.29%.
R. 193,000 as 4s J
Date Dec. 1 1926. Denom.
Compton Co. St. Louis
$1,000. Due Dec. 1 1936.
Omaha National Bank,and W.A. Harriman
PORTLAND,Multnomah County,Ore.
& I 600.000 as 43.s
100.00 R.
Co. of New York City
-George
Funk, City Auditor, will receive sealed -BOND OFFERING.
1
Peters Trust Co., Omaha; Harris Trust & Say-I 193,000 as 4s
bids until 11 a. m. Mar.
721.000 as 4'.1s 1,372.00 $1.000.0.104% water bonds. Dated April 11927. Denom. $1,000. 29 for
hags Bank. Chicago, and Halsey, Stuart
Due
$50,000 April 1 1938 to 1957 incl. Alternat
&I 72,000 as 43.s
ive or separate bids are requested
Co., New York City
based upon point of delivery. If
delivery is to be effected outside of Portland, all expenses are to be paid for
540,000 as 43•55
by the successful bidder. Prin. and int.
United States National Bank, Galveston
181.000 as 4315
176.46 (A.& 0.)payable in gold at the City Treasurer's office or at the fiscal agency
of Portland in New York.
72,000 as is
Omaha Trust Co., Omaha; Barr Bros. &
the bid required. LegalityA certified check payable to the city for 5% of
CO., 360.000 as 4s
approved by Storey, Thorndike, Palmer &
The Detroit Co., both of New York City
253,000 as 430 2,196.61 Dodge, of Boston.
180,000 as 431s
The National City Co. New York City,
QUITMAN, Brooks County, Ga.-B
and 721,000 as 4155 4,432.87 Quitman
OND SALE.
-The Bank of
the Northern Trust Co., Chicago
,
purchased on March 1 an
t 72,000 as 4s
bonds at a premium of $1,200, equal issue of $24,000 5% street paving
Guaranty Co. of New York City
to 105.
674,000 as 430
100.00
RAMSEY, Bergen County,
119,000 as 4s
James T. Wachob & Co., of Omaha
-BOND SALE.
-Otto Saalfield,
Borough Clerk, will receive sealed N. J.
793,000 as 43
A. M.Lamport & Co., Inc., of New York
,
0 7,550.00 of 5%
bids
City{ 433,000 as 43Is
coupon or registered municipal until 8 p. m., March 29,for an issue
126.88
more bonds to be awarded than willsite bonds not exceeding $24.000, no
1 360,000 as
* Owing to a technicality in bid, was
produce a premium of $1,000 over
not considered.
$24,000. Date April 1 1927. Denom. $1,000.
Due $1,000, April 1
OREGON CITY, Clackamas
1928 to 1951, incl. Prin. and int. (A. &
e
8
-BOND SALE.
- National Bank & Trust Co. of Ramsey 0.Lpayable in gold at the First
Ferris & Hardgrove of Spokane, and County, Oregon.
the Ralph Schneelock Co. of Portlan
.
silty will be approved by
jointly, purchased an issue of
$29,917.42 improvement bonds at 104.32. d, Hawkins, Delafield & Longfellow, New York ity. A certified check for
2% of the amount of bonds bid for, payable to the Borough
OYSTER BAY WATER DISTRI
, is required.
CT,
BOND SALE.
REDLANDS HIGH SCHOOL
-The $180,000 coupon water Nassau County. N. Y.
bonds offered on March 8- San Bernardino County, Calif. DISTRICT (P. 0. San Bernardino),
V. 124, p. 1405
-were awarded to Sherwood
-BOND DESCRIPTION.
-The $250,000
& Merrifield of New York as
4.20s at a premium of $594, equal
to 100.33, a basis of about 4.17%• 431% school bonus awarded to the Bank of Italy, of San Francisco, at
Date May 15 1925. Due $12,000
103.45-V. 124, p. 1405-are described as follows: Date
, May 1 1930 to 1944,
Denom.$1,000. Due serially 1928 L.) 1951,incl. Interest March 1 1927.
incl.
payable M.& S.
Financial Statement.
REIDSVILLE, Rockingham County,
Assessed value of the Town of
-BOND SALE.
$45.126.721 The 1100,000 coupon or registered water, No. Caro.
Assessed value of Oyster Bay Oyster Bay
sewer and municipal building
Water District
4,329,100 bonds offered on March 8-V. 124, p.
Detailed statement of town indebted
-were awarded to the Weil,
ness:
Roth & Irving Co. of Cincinnati, Its 5s,1405
Oyster Bay sidewalk bonds
at a premium of
101.59, a basis of about 4.87%. Date Feb. 11927. Due $1,590, equal to
Almshouse bonds
$9,000
Feb. 1 as follows:
8,000
$2.000 1930 to 1947, incl.: $4,000 1948
Voting machines
to 1958, incl., and $5,000 1959 to
1962, incl.
5,205
22,205
Special Water Districts:
Other bidders were:
Locust Valley Water District
BiddersPrem.
Bidders$395,000
Prem.
Central Park Water District
For 5% Bonds.
135,000
Hicksville Water District
W.K. Terry & Co., To1-$2,215.0 Vandersa For 5% Bonds.
0
ll & Co., Toledo_- $310.00
410,000
Jericho Water District
Caldwell & Co. Nashville1.485,000
Provident Savings Bank & 1,452.00 W.L. Slayton & Co., Tol-- 205.00
For 531 7 Bonds.
2,425,000
Trust Co., Cincinnati_
PASADENA CITY HIGH SCHOOL
1,415.00 N.S. Hill & Co., Cincinnati 2,210.00
DISTRICT (P. 0.
Los Angeles County, Calif.
), Walter, Woody & HelmerOtis & Co,. Cincinnati_ _
-BOND OFFERINO.-L. Los Angelesn,
2,160.00
dinger, Cincinnati
E. Lampto
County Clerk, will receive sealed bids
until 2 p. m. March 28 for $9,000 Seasongood & Mayer. Cin- 1,307.75 Braun,Bosworth & Co., Tol 1,667.00
48,j%
school bonds. Date
Stranahan, Harris & Oatis,
1924. Denom. $1,000. Due $1,000
cinnati
as follows: Jan. 1 1927 andJuly 1 July
1,023.00
Inc., Toledo
1928;
1,445.00
1948 to 1950. Prin. and int. (J. & J.) 11928, Jan 1 1930, 1939, 1940, E.P.McMaidn & Co., Chic 575.00
For 53137 Bonds.
mentioned official, or at the offices of payable at the office of the above- First National Bank, Det
350.00 A. E. Aub & Co., Cin
313.00
Kountze Bros. of N. Y. City. A
certified check, payable to the Charima
RENSSELAER, Rensselaer County, N.
n Board of Supervisors, for 3%
-The
-BOND SALE.
of the bid, required.
$34,500
% coupon or registered Washington Y. paving bonds offered
St.
on March 4 (V. 124, p. 1253) were
PASADENA CITY SCHOOL DIST.(P.O.
Los Angeles), Los Angeles of Rensselaer at 102.79-a basis of awarded to the Rensselaer County Bank
County, Calif.
about 4.51%. Date Jan. 1 1927. Due
-BOND OFFERING.
-L.
receive sealed bids until 2 p. m. March 28 E. Lampton, County Clerk, will Jan. 1 as follows: 32.000. 1927 to 1945, inclusive, and $500, 1946.
for $150.000 431% school bonds.
Other bids received were:
Date Oct. 1 1925. Denom. $1,000.
Due as follows: 34,000, Oct. 1
Bidder1927; $4,000, April and Oct. 1
Price Bid.
BidderPrice Bid.
1930 to 1940 incl.: $2,000, April 1928 and 1929: $2,000, April and Oct. 1 National Bank, Rensselaer_ _100.00 Parson, Son & Co
1 1941; $3,000, Oct. 1 1941: $3,000, April Sherwood &
102.077
and Oct. 1 1942 to 1954 incl., and
Merrifield, Inc_ _102.07 Pulleys & Co
101.68
$3,000, April 11955. Prin. and int. Graham,Parsons
(A. & 0.) payable at the office of
& Co
the
offices of Kountze Bros. of N. Y. above mentioned official, or at the Geo. B. Gibbons & Co., Inc.102.668 Rensselaer County Bank---102.793
102.083
the Chairman Board of Supervisors,City. A certified check, payable to
for 3% of the bid, required.
Financial Statement.
Assessed valuation,real estate
PHOENIX, Maricopa County, Ariz.
111,475,864 CO
-BOND ELECTION.
-An elec- Special franchise
tion will be held to-day (March
600,540 00
12)
$750,000 street railway system bonds. to vote on the question of issuing
Total
112,076.404 00
PITMAN, Gloucester County
,
-BOND SALE.
-The following
18 issues of 5% temporary improve N. J.
ment bends, aggregating $89,225 were Present bonded debt
recently sold:
Certificates of indebtedness outstanding, which includes the $590,700 00
amount of the present bond offering
$30,000 storm water sewer bonds.
113,509 81
19.000 sidewalks, curbs and
Total
15,000 water system bonds. gutters bonds.
$704,209 81
Population (State Census of 1925)
6,000 sidewalks, curbs, and gutters
11.394
5,000 Broadway and Pitman Ave. bonds.
RIVERSIDE (P. 0. River Edge), Bergen County, N. J.
4,550 sidewalks, curbs and gutters widening bonds.
-BOND
SALE.
-The $25,000 5% coupon or registered street impt. bonds offered
bonds.
2,525 sidewalks, curbs and gutters bonds
on March 5
-V. 124, p. 1100
(Local impt. No. 2.)
-were awarded to Barr Bros. It Co. of
1,200 liquid asphalt purchase bonds.
York at a premium of $190, equal to 100.76, a basis of about 4.84%. New
Date
1,100 street impt. bonds.
Dec. 1 1927. Due Dec. 1 as follows: 12.500, 1927 to 1930, incl.,
and
1,000 storm water sewer bonds.
$3.000. 1931 to 1935, had.
1,000 layne well construction bonds.
RIVERVIEW, Mich.
-BOND OFFERING.
-James L. Hale, Village
750 public highway truck impt. bonds.
Clerk, will receive sealed bids until
Mar. 15 for
550 storm water sewer bonds.
issues of not exceeding 6% bonds,7:30 p. m. $16,360: the following two
aggregating
525 street impt. bonds.
$9,600 sewer bonds.
500 water extension bonds.
6.760 sewer bonds.
200 storm water sewer impt. bonds.
A certified check for $1,000, payable to the Village, is required
175 water extension bonds
.
ROBINSON TOWNSHIP (P. 0. Robinson), Wis.-BOND
150 sanitary sewer construction bonds (Local impt.
No. 2).
TION.-A vote wili be taken on April 5 on the question of issuing ELM:$90,000
PITTSBURGH SCHOOL DISTRICT (P. 0.
Martinez), Contra road bonds.
Costa County, Calif.
-MATURITY
-BASIS.
ROCKY RIVER, Cuyahoga County, 0.
bonds awarded to the Central National Bank of-The $225,000 57 school $4,651
-BOND SALE.
-The
Oakland at 107.01
5% coupon storm sewer bonds offered on Feb. 15-V.
124,
p. 1252). a basis of about 4.43%, mature Feb. 1 as follows:
124, p. 405
were awarded
12,000, 1930; $3,000, 1931; $4,000, 1932; $5,000. 1933 and $1,00 , 1929; follows: $151, to Geo. W. York & Co., Inc. of Cleveland. Duo Oct. 1 as
1928; $500, 1929 to 1934, incl., and $1,000, 1936.
1935 to 1937 incl.; 17.000. 1938 to 1943 incl.; 18,000, 1944 1934; $8,000.
to 1947 incl.:
ROYAL OAK TOWNSHIP SCHOOL DISTRICT
$10.000, 1948 to 1952 incl.; $12,000, 1953 and 1954, and
NO. 8, Oakland
$13,000, 1955 to County, Mich.
-BONDS OFFERED -Sam Durbin, Secretary Board of
1957. incl. Dated Feb. 1 1927.
Education, received sealed bias until March 9 for $140,00
0. not exceeding
PLATTEVILLE, Grant County, Wis.-BOND
ELECTION.
-The 5% school bonds. Date Feb. 15 1927. Denom. $1,000. Due 1957.
proposition of issuing $175,000 city itall bonds will be
voted on at an Legality approved by Miller, Canfield, Paciaock & Stone. Detroit.
election to be held April 5.
RUSH COUNTY (P.O. Rushville), Ind.
-The $29,160
431% road bonds offered on Feb. 21 (V. -BOND SALE.
PLYMOUTH AND NORTHVILLE TOWNSHIPS
awarded to the
FRACT
SCHOOL DISTRICT NO.1(P.O.Plymouth), Wayne County IONAL City Securities Corp. of Indianapolis at a 124, p. 1100) wereequal
premium of $531,
to 101.82.
,Ohio.
- Due semi-annually in one to ten
years.
1
LV.
MAR. 12 1927.)
THE CHRONICLE
RUTHERFORD COUNTY (P. 0. Rutherfordton), No. Caro.
-Ames, Emerich & Co. of Chicago have purchased an issue
BOND SALE.
of $300,000 45(% road and bridge bonds. Date Feb. 21 1927. Coupon
bonds in denomination of $1000. Due $30,000, 1947 to 1956, incl. Prin.
mt. (F. & A.) payable in New York City. Legality to be approved
and i
by Storey, Thorndike, Palmer & Dodge of Boston.
Financial Statement (as Officially Reported).
Actual valuation (estimated)
$50.000,000
Assessed valuation (1925)
32.868,021
Total bonded debt (Including this issue)
1,315,000
Population, 1920 Census, 31,426.
RUTHERFORDTON,Rutherford County, No. Caro.
-BOND SALE.
-C. W. McNear & Co. of Chicago have purchased an issue of $50.000
531% town bonds at par. Due as follows: $1,000, 1929 to 1936 incl.,
and $2,000, 1937 to 1957 incl.
-BOND OFFERING.
ST. AUGUSTINE, St. Johns County, Fla.
C. G. Oldfather, City Auditor, will receive sealed bids until 12 m. April 11
for $48,000 5% series A refunding bonds. Date Jan. 1 1925. Denom.
$1,000. Due Jan. 1 1935. Coupon bonds, registerable as to principal
only,. Prin. and hit. (J. & JO payable in gold in St. Augustine or in
N. Y. City. A certified check, payable to the City Treasurer and Collector,
for 5% of the bid, required. Legality approved by Thomson, Wood &
Hoffman of N. Y. City.
SAULT STE. MARIE SCHOOL DISTRICT, Chippewa County,
-Chas. G.Clarke, Secretary Board of Trustees.
-BOND OFFERING.
Mich.
will receive sealed bids until 12 m. March 15 for 8190,000 43.1% school
bonds. Date Jan. 15 1927. Denom. $1,000. Due $10,000 Jan. 1 1933
to 1951 incl. Int. payable J. & J. A certified check for 5% of the total
amount of bonds is required. These are the bonds which were scheduled
to be sold on March 1.
SAN BENITO, Cameron County, Tex.
-BOND OFFERING.
-Richard
'I'. Collins, City Secretary, will receive sealed bids until 8 p. m. March 23
for $120,000 city bonds.
SHEBOYGAN FALLS,Sheboygan County, Wis.-BIDS REJECTED.
-Erhart A. Demand, City Clerk, informs us that all bids were rejected
for the $25,000 5% water works impt. bonds offered on March 3-V.
124, P. 1253. The bonds will be sold later.
SHELBINA, Shelby County, Mo.-BOND SALE.
-Stern Bros. &
Co. of Kansas City, Mo., purchased on Feb. 11 an issue of $75,000 434%
school bonds at par. Date Feb. 111927. Denom. $1,000. Due serially,
1928 to 1947 incl. Interest payable semi-annually.
SHENANDOAH, Page County, Va.-INTEREST RATE.
-The
$20000 water bonds sold to Walter, Woody & Ilelmerdinger of Cincinnati
subject to the result of an election to be held on March 12-V. 124, p.
-bear interest at the rate of 6% and were sold at par.
1406
SOMERSET, Bristol County, Mass.
-BOND SALE.
-The $550.000
4% coupon Water Loan Act of 1914-bonds offered on March 4-V. 124,
p. 1253-were awarded to the B. M. C.Durfree Trust Co. of Fall River
at 100.77, a basis of about 3.92%. Date Oct. 1 1926. Due Oct. 1 as
follows: $20,000, 1928 to 1945 hal., and $19,000, 1946 to 1955 incl.
Other bids were:
BidderRate Bid.
Metacomet National Bank
100.55
Stone. Webster & Blodget, Inc., and Merrill, Oldham & Co
100.50
SOUTH AMBOY, Middlesex County, N. J.
-BOND OFFERING.
George A. Kress, City Treasurer, will receive sealed bids until 8 p. m.
March 22 for $50,000 5 %coupon or registered water bonds. Date April 1
1927. Due April 1 as follows: $2,000, 1928, and $3,000, 1929 to 1944.
Inclusive. Prfficipal and interest (A. & 0.) payable in gold at the City
Treasurer's office. Legality approved by Caldwell & Raymond, of New
York City. A certified chock for 2% of the par value of the bonds bid for.
payable to the City, is required.
SOUTH EUCLID, Cuyahoga County, Ohio.
-BOND OFFERING.
Paul H. Prasse, Village Clerk, will receive sealed bids until 12 m. Aprll 11
for $45,420 5% coupon special assessment street improvement bonds.
Date April 11927. Denom. $1,000, except one for $420. Due Oct. 1 as
follows:$4,420. 1928;84,000. 1929;$5,000, 1930:$4,000. 1931;$5,000, 1932;
$4.000, 1933:$5.000. 1934:$4,000, 1935,and $5,000, 1936 and 1937. Prin1ial and interest(A.& 0.) payable at the Cleveland Trust Co., Cleveland.
certified check for 5% of the amount of the bid, payable to the Village
Treasurer, required.
SPOKANE, Spokane County, Wash.
-BOND SALES.
-The following is a complete list of special improvement bonds bearing interest at the
rate of 6%, aggregating $157,766, sold by the City of Spokane from April
to December, inclusive, during the year 1926
Sold During. Dist. No. Amount.
Purpose.
Dated.
Due.
April
$11,326
1458
Grade
April 15 1927
1934
Grade
1510
1.618
April 15 1927
1931
May
1482
Walk
2,688
May 1 1927
1934
1512
928
Grade
May 15 1927
1932
1506
2,300
Walk
May 15 1927
1932
June
Sewer
1511
5,800
June 1 1927
1933
Grade
1500
4,975
June 1 1927
1932
Walk
150E3
1,483
June 1 1927
1932
Walk
1509
626
June 15 1927
1932
1517
Grade
1.538
June 15 1927
1934
Grade
1503
3,938
June 15 1927
1932
1499
July
869
Grade
July 1 1927
1932
1513
6.414
Grade
July 1 1927
1934
Walk
3.482
1504
July 1 1927
1931
Grade
1515
4.709
July 1 1927
1938
Sewer"
1,419
1521
July 15 1927
1934
Grade
935
1518
July 15 1927
1932
2,046
Walk
1516
July 15 1927
1932
Sewer
5.307
1520
July 15 1927
1937
Grade
6,913
July 15 1927
1514
1937
2,166
Grade
1522
July 15 1927
1934
Sewer
August
12.875
12
Aug. 1 1927
1934
Grade
1,003
Aug. 1 1927
1523
1931
Grade
587
Aug. 15 1927
1524
1932
Walk
September_
324
Sept. 1 1927
1528
1932
766
Walk
Sept. 1 1927
1529
1931
Grade
2,993
Sept. 1 1927
1525
1935
Grade
1526
1,181
Sept. 15 1927
1934
Sept. 15 1927
1527
3,781
Sewer
1934
Grade
1531
Sept. 15 1927
1,356
1934
October
3,757
Grade
1530
Oct. 1 1927
1,350
Grade
1532
Oct. 1 1927
Grade
1533
Oct. 1 1927
1,725
1934
Walk
Oct. 1 1927
1539
294
1931
903
Grade
Oct. 15 1927
1534
1931
1519
Oct. 15 1927
1,305
Walk
1932
1537
Oct. 15 1927
4,106
Pavingl
1939
Grade
Oct. 15 1927
1536
743
1932
November_
1542
Sewer
Nov. 1 1927
1.083
1933
1543
Grade
Nov. 1 1927
2,713
1933
Sewer
Nov. 1 1927
1541
1,305
1932
Paving
Nov. 15 1927
1548
1,556
1932
666
Walk
Nov. 15 1927
1546
1932
Walk
Nov. 15 1927
1535
1,407
1931
1,095
Nov. 15 1927
Grade
1547
1932
December:
Grade
Dec. 1 1927
1555
524
1931
Grade
Dec. 1 1927
1550
761
1932
1551
Walk .
Dec. 1 1927
983
1931
Dec. 1 1927
1554
Walk
1,045
1933
1552
Walk
Dec. 15 1987
439
1931
1553
Paving]
3,361
Dec. 154927
1939
1556
Grade
1,706
Dec. 15 1927
1933
1545
Dec. 15 1927
3.517
Sevenl
1934
1549
Grade
3,417
Dec. 15 1927
1934
1538
21.629
Grade
Dec. 15 1927
1931
The bonds are subject to call yearly.
SUFFOLK COUNTY (P. 0. Riverhead), N. Y.
-BOND OFFERING.
-Shepherd M. Scudder County Treasurer, will receive sealed bids until
2 p. m. March 16 for i378,000 434% registered highway bonds. Date
April 11927. Denom. 1,000. Duo $12,000 April 1 1928 to 1939, incl.,
and $13,000, 1940 to 1957, incl. Prin. and int. (A. & 0.) payable at the
County Treasurer's office. A certified check for 2% of the par value of the
number of bonds bid for, payable to the County Treasurer is required.
5
INI
1559
SUMMIT COUNTY(P.O. Akron), Ohio.
-BOND OFFERING.
-E.C.
Loomis, Clerk Board of County Commissioners, will receive sealed bids
until 1 p. m.(eastern standard time) March 30 for the following two issues
of 5% bonds, aggregating $69,300:
$56,800 bridge bonds. Denom. $1,000, except one for $800. Due Oct. 1
as follows: $4,000. 1927 to 1934, inclusive; $3,000, 1935; 84.000,
1936: $3,000, 1937; $4,000, 1938; $3,000, 1939; $4,000, 1940. and
,
$3,80al a941.
specj0 lssessm
ent, road improvement bonds. Denom. $1.000.
12,500
except one for $500. Due Oct. 1 as follows: $3,000. 1927; $2,000. 1928;
$3,000, 1929; $2,000, 1930, and $2,500, 1931.
Date Jan. 1 1927. Principal and interest(A.& 0.)payable at the County
Treasurer's office. A certified check for 5% of the amount of bonds bid
for, payable to the Board of County Commissioners, is required.
SWAMPSCOTT, Essex County, Mass.
-NOTE SALE.
-The Central
National Bank of Lynn has purchased $100.000 revenue notes on a 3.45%
discount basis.
-BONDS REGISTERED.-The State Comptroller
TEXAS (State of).
of Texas registered for the week ending March 4,the following two issues of
6%_ school Lands, aggregating $2,700:
Place-Amount.
Due,
Maribelle Independent School District
$1,200
serially
Lamar County Corn. School District No.6.-1,500
1 to 2 years
THE DALLES, Wasco County, Ore.
-BOND SALE.
-The following
three issues of bonds, aggregating $43,500, have been disposed of as follows:
$17,000 5% city auditorium bonds to Frank A. French at 100.37 a
basis of about 4.79%. Due March 1 as follows: $5.500,
1928 and 1929, and $6.000, 1930.
15,000 4A % tuberculosis hospital bonds to Hugh B. McGuire & Co. of
Portland at 100.02, a basis of about 4.74%. Due $5,000,
1928 to 1940 incl.
11,500 5% impt. bonds to the Citizens National Bank of The Danes
at 100.28.
Date March 1 1927. Principal and int. (M. & S.) payable in gold at
the City Treasurer's office. Legality approved by Teal, Winfree, McCulloch & Shuler of Portland.
TISKILWA, Bureau County, Ill.
-BOND DESCRIPTION.
-The
$2,000 534% coupon impt. bonds reported sold in V. 124. p. 1253, were
purchased by the Farmers' State Bank, Tisldlwa. at par, and are described
as follows: Date Oct. 1 1926. Denom.$500. Due serially 1928 to 1931,incl.
TOLEDO, Lucas County, 0.
-BOND SALE.
-The following nine
issues of 4% coupon bonds, aggregating $2,765,000, offered on March
-were awarded to Roosevelt & Son of New York at 102.91,
V. 124. P. 957
a basis of about 4.18%:
$1,000,000 intercepting sewers and pumping stations bonds. Due $40.000
March 1 1929 to 1953. incl.
25.000 boulevards bonds. Due $1.000, March 1 1929 to 1953, Incl.
30.000 fire apparatus purchase bonds. Due $3,000, March 1 1929
to 1938, incl.
200,000 street and highway widening and extension bonds. Due $8,000,
March 1 1929 to 1953, incl.
1.000.000 sewage disposal works bonds. Due $40,000. March 1 1929 to
1953, incl.
280,000 garbage disposal plant bonds. Due March 1 as follows: $19,000,
1929 to 1938, incl.. and $18,000. 1939 to 1943, incl.
50.000 public bridge repair bonds. Due $10,000, March 1 1929 to
33dincikment building bonds. Due March 1 as follows:
lg
200,000 fire ,epa
14.000, 1928 to 1932, incl., and $13,000. 1934 to 1943, incl.
170,000 public bridge construction bonds. Due $6,800, March 1 1929
to
1953ici
department signal apparatus bonds. Due $2.000. March 1
30,000
r
8
lton crush2 el
46,000 s92 eic' 194e.ipilant bonds. Due April 1 as follows: $11.000,
1929 to 1932, incl., and $2.000, 1933.
180,000 park building bonds. Due $12,000. March 1 1929 to 1943, incl.
Date March 1 1927.
Financial Statement.
Assessed valuation (1926)
$572,573,160
Water debt and sinking fund (included in above)
5,228,619
Total bonded debt
31.176,688
Population, 1920 (Census), 243,109.
TULSA SCHOOL DISTRICT,Tulsa County, Okla.
-BOND SALE.
The $750.000 5% school bonds offered on March 8-V. 124, p. 1253
were awarded to a syndicate composed of the Producers National Bank
of Tulsa, the Brown-Crummer Co. of Wichita and the Prescott, Wright
Snider Co. of Kansas City, at a premium of $47,670, equal to 106.35, a
basis of about 4.50%. Date Feb. 11927. Due Feb. 1 as follows: $300,000
1942, $250,000 1947 and $200,000 1952.
TURLOCK IRRIGATION DISTRICT (P. 0. Turlock), Stanislaus
--BOND OFFERING.
County, Calif.
-Anna Sorensen, Secretary Board of
Directors, will receive sealed bids until 2 p. m. March 21 for $600.000 5%
irrigation bonds. Date Dec. 31 1926. Denom. $1,000. Due July I as
follows:$25.000. 1932 to 1937,inclusive.and 150000. 1938 to 1946. inclusive. A certified check for 2% of the bid, payable to the District, required.
UPPER BERN TOWNSHIP SCHOOL DISTRICT (P. 0. Shartlesvine), Barks County, Pa.
-BOND OFFERING.
-John S. Berger, Secretary of Board of School Directors, will receive sealed bids until 7 p. m.
March 19 for $30,000 434% coupon school bonds. Date April 1 1927.
Denom. 81,000. Due April 1 as follows: $1,000. 1932 to 1938, Incl.;
$2.000, 1939:$1,000, 1940 to 1942,incl.; $2,000, 1943 to 1945, incl.;$1,000,
1946: $2,000, 1947 to 1950, incl., and $3,000, 1951. A ce -titled check for
2% of the bonds bid for, payable to the Secretary, Is requited.
VANDERBURG COUNTY (P. 0. Evansburg), Ind.
-BOND SALE.
-The $7,600 434% Pigeon Twp. road bonds offered on Feb. 28-V. 124,
-were awarded to La Plante, Welsh & Risacher of Vincennes.
p. 1,100
Due $380 May and Nov. 15 1928 to 1937, incl.
WADSWORTH, Medina County, Ohio.
-BOND SALE.
-The $16,000
North Lyman St. impt. bonds offered on March 1-V. 124, p. 678
-were
awarded to W. L. Slayton & Co. of Toledo at a premium of $548. equal to
103.42. Due $2,000, Oct. 11 1928 to 1935, inclusive.
WARREN, Trumbull County, Ohio.
-BOND SALE.
-The $11,000
5% water-works, city's share, bonds offered on Feb. 28 (V.
-were awarded to Assel, Goetz & Moerlein of Cincinnati at a214, p. 957)
premium of
$260. equal to 102.36-a basis of about 4.58%. Date Sept. 11926.
$1,000 Sept. 1 1928 to 1938. inclusive. Other bids received were: Due
BidderRate Bid
Rate Bid.
Davies-Bertram Co
102.21 The Herrick Co
101.64
Guardian Say. & Trust Co---102.19 Seasongood & Mayer
101.60
Well, Roth & Irving Co
101.87 Taylor, Wilson & Co
101.56
Warren State Bank
101.70
Other bidders were:
BidderRate Bid. BidderRyan, Sutherland & Co., T0l_171.60 Seasongood & Mayer, CInc_Rate Bid.
_ -177.00
Warren State Bank, Warren_ _197.50 Taylor, Wilson & Co., CInc__224.40
Davis-Bertram Co.,Cinc
246.00 Well, Roth &
Guardian Trust Co., Cleve.._ _241.00 Herrick Co., Irving, Cinc205.80
Cleveland
180.50
WAYNESFIELD SCHOOL DISTRICT, Auglaize County., 0.
BOND OFFERING.
-J. C. Stooker, Clerk Board of Education will receive
sealed bids until March 11 for $8,000 school bonds.
WEEHAWKEN TOWNSHIP SCHOOL DISTRICT, Hudson County,
N. J.
-BOND SALE.
-The 434% coupon or registered school bonds offered
on March 9-V. 124, p. 1254-were awarded to Outwater &Wells of
Jersey City, taking $40'7,000 $440,000 offered at a premium of $3,296.70,
equal to 100.81. a basis of about 4.42%. Date March 15 1927. Denom,
$1,000. Due March 15 as follows: $10,000. 1929 and 1930, and $15.000.
1931 to 1956. incl.
WESTFIELD, Hampden County, Mass.
-TEMPORARY LOAN.
The $300,000 temporary loan offered on March 5-V. 124, P. 1406
--was
awarded to the First National Bank of Boston on a 3.64% discount basis
plus a premium of $4.
WEST READING (P. 0. Reading), Barks County Pa.
-BOND
OFFERING.
-D. C. Wagner, Borough Secretary, will receive sealed bids
tull lating $165 moo 8 for the following two issues of
amtre p m. March :
( .
1
% coupon bonds.
[VOL. 124.
THE CHRONICLE
1560
$100,000 series E oorough bonds. Date Feb. 1 1927. Due Feb. 1 as
follows: $1,000, 1937 and 1938; 32.000, 1939 and 1940; 33,000.
1941 and 1942; $4,000, 1943 and 1944; $5,000, 1945 and 1946,
and $7,000, 1947 to 1956. incl. Int. payable F. & A.
65.000 first mortgage water bonds. Date April 1 1927. Due April 1
1942, optional after April 1 1929.
Denom. $1,000. A certified check for 5% of the amount of bonds bid
for, payable to the borough, is required.
-The
WEST UNIVERSITY PLACE, Tex.
-BONDS REGISTERED.
State Comptroller of Texas registered on March 2,an issue of$370,000 5%%
funding bonds. Due serially.
WEYMOUTH,Norfolk County, Mass.
-LOAN OFFERED.
-The Town
Treasurer received bids on March 11 for the purchase on a discount basis
of a $100,000 temporary loan. Due Dec. 22 1927.
-BOND
WHITE SULPHUR SPRINGS, Meagher County, Mont.
-A. G. Wright, Town Clerk, will sell at public auction at
OFFERING.
not exceeding 5% water bonds. Date Feb. 1
8 p. m. April 11,
$10,000'
1927. Alternate bids are requested for amortization or serial bonds. If
serial bonds are issued they will be in denomination of $500, maturing
$500. Feb. 1 1928 to 1947,incl., the town reserving the right to redeem bonds
numbered from 11 to 20, inclusive, on or after Feb. 1 1937. Prin. and int.
(J. & J.) payable at the office of the TOWn Treasurer, or at the fiscal agency
of the State in New York City. A certified check payable to the 'Town
Treasurer, for $500, required. Legality approved by Edward Horsky of
Helena.
WILDWOOD CREST (P.O. Wildwood), Cape May County, N. J.
BOND SALE.
-The following issues of coupon or registered bonds, aggre-were awarded to
gating $64,000, offered on March 7-V. 124, p, 1254
the Marine National Bank of Wildwood:
350,000 sewer bonds. Due Feb. 15 as follows: $1,000, 1928 to 1947, incl.,
and $1,500. 1948 to 1967, incl.
14.000 fire apparatus bonds. Due Feb. 15 as follows: $1,000, 1928 and
1929, and $1,500, 1930 to 1937, incl.
Date Feb. 15 1927.
-BOND
WINAMAC SCHOOL DISTRICT, Pulaski County, Ind.
SALE.
-The $26,000 4%% coupon school bonds offered on March 7V. 124, p. 1101-were awarded to J. F. Wild & Co. of Indianapolis. Date
March 1 1927. Due $886 July 1 1928 and $866 Jan. and July 1 1929 to
1942, incl., and $866. Jan. 1 1943.
-NOTE SALE.
-Salomon
WORCESTER, Worcester County, Mass.
Bros. & Hutzler of Boston have purchased $1,000,000 revenue notes on a
3.49% discount basis plus a premium of 17.
YAKIMA COUNTY CONSOLIDATED SCHOOL DISTRICT NO.
-BOND SALE.
-The $20,000 coupon school
113 (P. 0. Yakima), Wash.
-were awarded to the Old National
bonds offered on Feb.26-V. 124, p.826
Bank and the Union Trust Co., both of Spokane, jointly, as 471s, at a
premium of $75, equal to 100.37, a basis of about 4.70%. Date March 1
1927. Due serially March 1 1929 to 1947, incl.
YAKIMA COUNTY CONSOLIDATED SCHOOL DISTRICT NO.
115 (P. 0. Yakima).
-The $35,000 coupon school bonds
-BOND SALE.
offered on March 5-V. 124, p. 1406-were awarded to the State of
Washington, as 474s, at par. Date April 1 1927. Due serially April 1
1929 to 194'7, incl.
YORK COUNTY (P. O York), So. Caro.
-BOND OFFERING.
T. B. Spratt, Secretary Permanent Road Commission, will receive sealed
bids until 11 a. m. March 22 at the Andrew Jackson Hotel at Rock Hill,
for $1,000,000 471% highway bonds. Date April 1 1927. Denom. $1,000.
Due April 1 as follows: $20,000, 1936;840,000. 1937;345,000, 1938;$50,000,
l. and
1939; $55,000, 1940 to 1943, incl.; $130,000, 1944 to 1947,
inc'
3105.000, 1948. Coupon bonds registerable as to principal only. Prin.
and int. (A. & 0.) payable in gold in New York City. A certified check
payable to the County. for $20,000. required. Legality approved by
Reed, Dougherty, Hoyt & Washburn of New York City.
CANADA, its Provinces and Municipalities.
BAGOTVILLE, Que.-BOND SALE.
-The $35,000 53 % impt. bonds
offered on March 7-V. 124, p. 1407
-were awarded to the Credit AngloFrancais Co. of Montreal at 101.34,a basis of about 5.41%. ,.Due in 30
years.
CARLETON COUNTY (P. 0. Ottawa), Ont.-BOND SALE.
-The
following three issues of 5% bonds, aggregating $147,540, offered on
March 3-V. 124, p. 1407
-were awarded to the Bank of Toronto, Toronto,
at 100.16, a basis of about 4.96%:
$65,800 improvement bonds. Due in five equal annual installments of
principal and interest.
40,000 improvement bonds. Due in ten equal annual installments of
principal and interest.
41,740 improvement bonds. Due in twenty equal annual installments of
principal and interest.
FOREST HILL, Ont.-BONDS APPROVED.
-The council passed on
a number of debenture by-laws, aggregating $79,138.
HULL, Que.-BOND ELECTION.
-Ratepayers will be asked to vote
on a $600,000 debenture by-law.
LA SALLE, Que.-BOND OFFERING.
-G. Berube, Secretary
Treasurer, will receive sealed bids until 7:30 p. m. March 14 for $15,000
534% 30
-year improvement bonds. Date Feb. 1 1927. Denom. $500.
NORTH YORK TOWNSHIP (P. 0. Willowdale), Ont.-BONDS
OFFERED.
-H. D. Goode, received sealed bids March 7 for $261,267
5%% local improvement bonds.
ONTARIO COUNTY (P. 0. Whitby), Ont.-BOND SALE -The
$25,000 5% 20
-installment bonds offered on March 1-V. 124, p. 1254
were awarded to Stewart, Scully & Co. of Toronto. at 100.361, a basis of
about 4.94%. Following is a complete list of the bids:
Rate Bid.
Bidder
Rate Bid.
Bell, Guinlock & Co
100.06
100.33 R. A. Daly & Co
Wood, Gundy & Co
100.06
100,157 Fry, Mills, Spence & Co
McDonagh, Somers & Co_100.128 J. L. Graham & Co
99.87
Dyment, Anderson & Co___ _100.081 C. H. Burgess & Co
99.87
Brous°, Mitchell & Co
100.08 McLeod, Young, Weir & Co.... 99.83
Royal Securities Corp
100.07 Harris, MacKeen & Co
99 81
11
SASKATCHEWAN, Sask.-BOND SALES.
-The following is a .st
of debentures reported sold by the Local Government Board, according
to the "Monetary Times," during February:
School Districts: Coronach, $3.000 5% 15 years to H. M. Turner &
Co.; Gogol, $1,000 5j% 10 years to 0. C. Cross & Co.; Budwels, $1,500
5i% 10 years to C. C. Cross & Co.; and Val Marie, 81.1007% 10 Years
to Houston, Willoughby & Co.
Rural telephones: Creek Valley, $1.325 6% 10 years to If. M. Turner
& Co.; Froude, 8960 6% 10 years, locally and East Mllden, $1,200 5i%
15 years to H. M. Turner & Co.
BONDS AUTHORIZED.
-The following is a list of authorizations granted
by the Local Government Board from Feb. 5 to 19, inclusive:
School Districts: Albert, not exceeding 6% 15 years; Melaval, $6,000 not
exceeding 7% 10 years; Boldenhurst, $2,000 not exceeding 7% 10
-installments; Emsdale, $1,700 not exceeding 7% 10
-years; Tetlock, $4,000 not
exceeding 7% 15 years; Melba,$2,500 not exceeding 7% 15 years; Aylesbury.
$14.000 not exceeding 7% 20 years.
SASKATOON, Sask.-BOND OFFERING.
-Andrew Leslie, City
Comptroller, will receive sealed bids until 12 m. March 23 for the following
16 issues of 5% improvement bonds aggregating $256,500:
360.000 collegiate institute extension bonds. Due in 30 years.
45,000 graveling road bonds. Due in 10 years.
25,000 electric light and power extension bonds. Due in 10 years.
20,000 children's shelter bonds. Due in 30 years.
20,000 electric light extension bonds. Due In 15 years.
19,000 concrete sidewalk bonds. Due in 20 Years.
•
17,000 fire apparatus bonds. Due in 10 years.
10,000 water main and 25th St. bridge. Due in 30 years.
9,000 water connections bonds. Due in 10 years.
6.000 sewer connections bonds. Due in 10 years.
6,000 automatic half interlocking plant and 20th St. bonds. Due In
p
ep years
l ty hos.
ital improvement bonds. Duo in 10 years.
5,500
5,000 water meters bonds. Due in 15 years.
3,500 water meters bonds. Due in 15 years.
3,000 auxiliary connection to pumping plant bonds. Duo in 30 years.
2,500 city hospital Improvement bonds.
Date May 1 1927. Bids may be submitted for principal, interest being
pyable as follows: (a) At the Bank of Montreal in Montreal, Toronto,
Winnipeg, Vancouver and Saskatoon, or (b) at the Bank of Montreal in
Toronto, Winnipeg, Vancouver and Saskatoon and at the agency of the
Bank of Montreal in New York City.
NEW LOANS
FINANCIAL
$500,000
We Specialize in
City of Memphis, Tennessee
City of Philadelphia
REVENUE NOTES
Memphis, Tennessee, March 9, 1927.
Bids are invited by C. C. Pashby, City Clerk,
Memphis, Tennessee, until 2:30 o'clock p.m.
Tuesday, March 22nd, 1927 for five hundred
thousand dollars of revenue notes, series of 1927.
These notes are dated January 1, 1927 and
mature September 6, 1927. There is one coupon
attached for six and one-sixth months interest
at 47i %•
The full faith and credit of the city Is pledged.
The City furnishes notes, legal opinion of
Thomson, Wood and Hoffman, makes payment
in New York City, and delivers in New York
except that cost of transmitting is considered in
comparing bids.
Bids may be mailed or wired naming premium
or basis rate.
The right is reserved to reject all bids.
C. C. PASHBY,
City Clerk.
3s
31 28
/
4s
41 48
/
41 25
/
58
14
5/s
52
/
1
s
Biddle & Henry
1522 Locust Street
Philadelphia
Private Wire to New York
Call Canal 8437
BO N D S
MUNICIPAL
and
CORPORATION
WHITTLESEY.
McLEAN & CO.
Exempt
From Federal Income Taxes
%
/
2
51
Municipal Trust
Ownership Certificates
Secured by
Tax Liens on Improved Property
St. Louis, Mo.
Oklahoma City, Okla.
To Yield 5.50%
Sixty Wall Street
New York
Tel. Hanover 0267
MUNICIPAL BONDS
PENOBSCOT BLDG., DETROIT
CHICAGO
NEW YORK
BOSTON SAN FRANCISCO
Southern Municipal Bonds
Correspondent of
Domestic Bonds
Foreign Bonds
DETROIT TRUST COMPANY
J. E. W.THOMAS & CO.
$500,000
HERBERT C.HELLER &CO,
INCORPORATED
THE DETROIT COMPANY
Incorporated
DETROIT, MICH.
FINANCIAL
Fidelity Union Building
DALLAS, TEXAS
Telephone X-8332
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